Goldman Sachs is searching for an Analyst within the Global Banking & Markets division's Short Term Interest Rate Trading (STIR)/Repo Trading desk, a professional position requiring substantive knowledge in the field of Economics. The candidate will conduct economic research and prepare reports rooted in economic data analysis, monetary policy (as it relates to both policy interest rates and reserve management activities), and fiscal policy (particularly in public finance economics). These reports will be in service of both macroeconomic analysis and projecting and interpreting financing conditions at the short end of the yield curve. They will orient in the direction of offering insight into the primary, secondary, and financing markets for Government, Corporate, and Agency bonds, as well as unsecured financing needs for various other financial entities.

RESPONSIBILITIES 

Conduct analysis in monetary and public finance economics in service of projecting and
understanding the dynamics of short-dated financing across instruments. Communicate insights with the desk's clients, who often request the desk's opinion on these topics in real time. Monitor and interact with Repo and Short-Term Interest Rate product markets across end users. Optimize the STIR/Repo Trading Desk's inventory in anticipation of client demand. Research models and fund flows that drive the quantum and timing of various issuances of debt and how that issuance affects the evolution of short term interest rates; particularly Repo, Treasury bill, and Treasury coupon rates. Monitor data on unsecured borrowing and cross currency fund flows to help the desk better follow multicurrency unsecured borrowing rates.Form opinions on the size and composition of the Federal Reserve's balance sheet and discuss implications for interest rate markets, particularly financing supply and demand. The candidate will conduct analysis for clients and the Trading desk on a frequent basis. Common examples include analyzing how the economy and short term interest rates will evolve in response to Federal Reserve (Fed) actions, including policy rate and size/ composition of balance sheet actions. Each of these would have important implications for everything from mortgage rates applicable to residential homebuyers to corporate borrowing activity as American businesses make capital investments in areas such as office space and manufacturing plants, as well as the interest rates paid by the U.S. Treasury on the nation's debt.The candidate will help the STIR/Repo Trading Desk to forecast how individual investors around the world will alter their investment approach in Sovereign bonds in response to a range of factors (including overall yield levels, the shape of the Sovereign yield curve and the cost of financing their investments). Having this understanding is critically important for the Trading desk as this behavior drives the overall cost of financing. Moreover investors investing in the Sovereign bond market often rely on the STIR/Repo Trading Desk's economic insights and ideas in this regard.Create and maintain models and methods for deploying the desk's financing resources; based on constraints such as customer demand, return on resource, jurisdiction, regulatory calculus, maturity, volatility, and credit. Use that optimization framework to drive trading resource allocation. Where the trading desk is responsible for both valuing client demand as well as deploying excess liquidity held within the Bank, the Beneficiary would work to advise the desk on the optimal deployment of the firm's Global Core Liquid Asset ("GCLA") portfolio. This includes regular evaluation of global government bond yields and foreign currency bases, taking into account a view of global macroeconomic trends.STIR/Repo Trading Desk's forecast for a variety of economic variables and interest rates over time. The Beneficiary will ensure that they are presented in a professional and easy to read format for the benefit of clients. Moreover, he will utilize charts and tables to share information about the franchise to market the wide range capabilities of the STIR/Repo Trading Desk. The candidate will also collaborate with the salesforce on how to articulate the Trading Desk's current views on the market and economic trends. Finally, he will mentor and teach junior members of the team economic principles and applications, and readily provide career advice in the field of economics.Track incoming economic data including, but not limited to, major releases such as Federal Reserve Open Market Committee meetings and minutes, Labor market data, Inflation releases, ISMs and PMIs, Retail Sales reports, and GDP releases. The candidate will also interact with some of Firm's own high frequency indicators tracking current activity, and current financing conditions across markets. Actively contribute to publishing newsletters and commentaries for clients to get a sense of the Trading Desk's views on the U.S. economy, financing conditions and the outlook for the government bond market. Consult with adjacent businesses and groups (e.g., Corporate Treasury, Engineering, Control Functions, Bond Trading) to ensure the STIR/Repo desk's business functions well within the Firm environment. 

 

BASIC QUALIFICATIONS

Interest in capital marketsAbility to work in a fast-paced environment and think clearly under pressureAbility to multi-task and work with numerous colleagues and desks across the FirmStrong verbal and written communication skillsStrong organizational skillsStrong interpersonal skillsDesire to work hard and develop capital markets acumen in a team environment
 

ABOUT GOLDMAN SACHS

At Goldman Sachs, we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, we are a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices around the world. 

We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally, from our training and development opportunities and firmwide networks to benefits, wellness and personal finance offerings and mindfulness programs. Learn more about our culture, benefits, and people at GS.com/careers. 

We’re committed to finding reasonable accommodations for candidates with special needs or disabilities during our recruiting process. Learn more: https://www.goldmansachs.com/careers/footer/disability-statement.html

 

Benefits 
Goldman Sachs is committed to providing our people with valuable and competitive benefits and wellness offerings, as it is a core part of providing a strong overall employee experience. A summary of these offerings, which are generally available to active, non-temporary, full-time and part-time US employees who work at least 20 hours per week, can be found here.

Salary Range 
The expected base salary for this New York, New York, United States-based position is $150000-$225000. In addition, you may be eligible for a discretionary bonus if you are an active employee as of fiscal year-end.