Fathom’s new central scenario suggests developed markets are converging on pre-COVID trends without a major recession For now the market remains in risk-on mood as investors are happy to ride the wave created by the positive macroeconomic momentum China faces prolonged housing-related deleveraging and rising uncertainty, as prices and economic activity remain pressured by large property oversupply In the ‘making up for lost time’ risk scenario, the global economy could be set for a short-term acceleration that reignites inflation, prompts…