Goldman Sachs Group Inc. COO John Waldron on Thursday characterized the U.S. economic environment as possibly the most complex, dynamic environment he’s seen in his career, according to a transcript of his comments at the Bernstein Strategic Decisions Conference. “I’m not going to use any weather analogies,” Waldron said, in refence to remarks about a coming “hurricane” from JPMorgan Chase & Co. CEO Jamie Dimon on Wednesday. “You have demand inconsistency and supply inconsistency,” Waldron said. “And you have now massive inflation on the back of that, which leads to a significant tightening in policy.” Despite these headwinds, Waldron said the subsequent asset price revaluation and wider credit spread in financial markets have been “relatively orderly” to date. “So, while it’s painful to watch and investors are not performing as well as they would like to perform for sure, it actually has been relatively orderly so far,” he said. Shares of Goldman Sachs rose 0.2% on Thursday. The stock is down 15.8% this year, compared to a loss of 13.6% by the S&P 500 .
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