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Is the fed back in play. Hi, everyone. Welcome to this extended real-vision daily briefing with me today's Paul Hodges chairman of new normal consulting. Hi, Paul. It's great to see you.

Yeah, I'd love to be back. Thank you Maggie.

So before we jump in, just a reminder to everyone, this is the extended daily briefing. So the back half is exclusively for real vision members.

So if you're watching or listening and you are not already a part of our community, get on it. Come join us.

You can just scan the QR code or hit a link that Brian will put in the chat. So Paul, lots of red on the screen, all the major US equities,

markets were down today, treasure yields up. It seems like investors were a little spooked by some of the ISM readings. Should they be?

I don't think they should be spooked or surprised by them.

I think they should, however, be pretty worried about what's really going on.

We've been floating along on a sort of a bubble of euphoria, really, for a while.

But in the real world, as you know, Maggie, I come from the chemical industry.

And we've said over the years, the chemical industry is the best leading indicator for the global economy, because we're right at the start of the value chain.

We're third biggest industry in the world after energy and agriculture, we've been around a long time, 150 years.

And so, I mean, everything in the, in the viewers, runs and so on.

We're all behalf chemicals in them.

So we see all these things a long time before, usually six to nine months or so.

And I can tell you, I've been in this game, you know, decades rather than years.

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