The financial markets are in a state of panic over the spread of the coronavirus outside of China and its impact on global growth. Stock markets are under tremendous pressure with extreme volatility as bond yields plummet to unheard of levels as investors seek safety at any price. Program trading is compounding the problem as selling occurs as rates fall and yield curves flatten/invert which are historic precursors for a recession.
While we clearly see a big slowdown in global growth in the first half of the year, we still see sequential improvement later on