Goldman: Market stress elevated but not at level to force Fed to intervene

Higher volatility has led to increased market stress this week, Goldman Sachs economists highlighted in a Tuesday note.

"Most of the tightening has been driven by higher expected volatility in the equity and bond markets, while conditions in short-term funding markets have remained broadly stable,” economists wrote in the note. Since the weak July employment report last Friday, the equity market has declined by about 5%, and the 10-year Treasury rate has decreased by 21 basis points.

"This implies that, from a starting GDP growth pace of over 2%, it would likely take a large further sell-off to singlehandedly push the economy into recession."

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