As set out in our latest Global Economic and Markets Outlook, Fathom’s central scenario envisages a continued pause in global trade growth, brought about as a result of continued uncertainty and US/Sino trade tensions. While this has led – and will continue to lead – to a slowing in growth, we see investors’ fears of a global recession as overdone. In this note, we outline two scenarios – a relatively benign central scenario in which the pause in global trade...