Goldman Sachs reversed its recession forecast just moments after President Donald Trump announced a 90-day pause on his “Liberation Day”

Goldman Sachs raised the odds of a U.S. recession to 45% from 35%, the second time it has increased its forecast in a week, amid a growing chorus of such predictions by investment banks due to an escalating trade war.

"Historical comparisons show that recessions are usually associated with larger equity drawdowns than we have seen," Goldman Sachs said.