Some of Wall Street's top economists and strategists see last week's trade war escalation as an ominous sign for the economy and markets.
Some Wall Street strategists are warning clients about elevated recession risks and market dangers after the U.S. and China escalated their trade war last week.
The global economy would fall into recession six to nine months after the U.S. and China enforce their new round of tariffs, wrote Morgan Stanley Chief Economist Chetan Ahya. For his part, Ahya believes the revelation that the trade fight could last far longer could depress corporate sentiment even further.
"We continue to take risk on income-enhancing strategies, which benefit from central bank easing as global growth slows," he wrote. "This includes overweight positions to European investment grade bonds and ... an overweight to US dollar-denominated emerging market sovereign bonds."
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