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And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

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Bloomberg.

Carl Weinberg is with us.

He writes for high frequency economics,

and he's written a separate note on China

for a good number of years as well.

I think Lisa's point is a foundational Monday conversation, which is does a guy like you look at economic

growth dynamics or do you look separately at inflation dynamics when you link the central

bank into all this.

Well, I think at the moment the Central Bank is focused on the financial system and on the economy.

There's no doubt about it, and that's what Fed Chair Powell told us on Friday in a statement that was remarkably similar

to Alan Greenspan statement in 1987 when the stock market took a huge tumble downward,

you know, saying signaling to everybody, you know, we're everybody, you know, we're here for the

economy, we're here for the financial system, we see what's going on and we'll do what's

appropriate.

The Bloomberg Financial Conditions Index made by Michael Rosenberg and his team is the legendary Michael Rosenberg is

really important two weeks after it came out the IMF picked it up and it's a drama

chart right now like everything else moving from optimism down to 1.5 standard deviations.

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