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The amount of momentum that we saw in January was distinctly different from anything that we've seen over the last four years.

Unfortunately for us, for the US and the near term, when it comes to manufacturing, we still see some headwinds.

The market is effectively recalibrating.

It is taking back the losses that it made in anticipation of a much steeper fed trajectory.

Bloomberg surveillance, your link to the world of economics, finance and investment on Bloomberg

Radio.

Good morning, it is 7 a.m. on Wall Street.

It is noon in Leicester where the foxes have pulled off the impossible winning the

Premier League as a 5,000 to one underdog. It is 9 PM in Sydney where the

Reserve Bank of Australia has pulled off the unexpected cutting rates and setting off a global debate

on the outlook for inflation and growth. All that. The weather forecast on

surveillance today, I'm Michael McKee along with Tom Keene.

The RBA move cutting rates to a record low of 1.3 quarter percent coupled with a cut in the economic

forecast for Europe by the European Commission and lousy European bank earnings has markets on the wrong foot worldwide.

Notice Tom how we're using English idioms today in honor of Lester.

Australia finished up 2.1% of the rate cut and fiscal stimulus from the government.

But Europe is lower right now.

...