And there it is: a little over a year since Goldman boldly predicted 4 rate hikes in 2019 on expectations of a global, coordinated, reflating recovery, the Fed cut its fed funds rate to zero and unleashed a historic QE/repo bazooka meant to unclog frozen funding, Treasury and credit markets, moments ago Goldman's chief economist capitulated declaring in a note that the world is in a recession.

While it's hardly news for anyone who has followed the actual newsflow, and not just from the coronavirus but events leading into the current crisis, Goldman still has a certain cache on Wall Street, and now that the most reputable bank has broken the seal, watch for every other sellside researcher to follow suit.

Here are some of the highlights from his post: