By Yoruk Bahceli (Reuters) – Traders are slashing their bets on how far central banks will be able to lift interest rates this cycle, reflecting growing fears in financial markets of economic slowdown or even outright recession. Data on Thursday showed U.S. and euro zone business activity growth slowing much more than expected in June, sending bond yields tumbling. Germany meanwhile triggered the alarm stage of its emergency gas plan amid warnings of recession if Russian energy supplies are halted. And on Wednesday, U.S. Federal Reserve Chairman Jerome Powell said the bank was committed to cur…