Over the weekend, it finally dawned on Goldman that a protracted trade war – which it not really a trade but a defining clash of the world’s two most advanced superpowers – is bad for the US economy. Yes, the bank which for the longest time was expecting 4 rate hikes this year and for the US-China “trade war” to magically end with an amicable handshake and a hug some time in the next few months, and which only changed its forecast to a rate cut after Powell said he would engage in “mid-cycle easing”, has now once again flip-flopped and in a report published on Saturday warned that it now expects a “bigger hit from the trade war” for the US economy. Read More.