Worrying once again that a recession might be on tap

Looks like a growth trade

The story of the week was growth worries across all markets and across assets. It for sure looked & felt like a growth trade. The question the market needs to get clarity around now is if growth really is about to turn lower. This email will go over some of the weakness observations. Our conclusion is that there is not yet "the house is on fire" weakness but we are for sure right to worry.