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WEVE BEEN LOOKING FOR NOT A TECHNICAL RECESSION BUT A docHub ENOUGH SLOWDOWN. THE UNDERLYING FUNDAMENTALS ARE STILL PRETTY GOOD. THE NEXT NEWSLINE BATTLE IS GOING TO BE BETWEEN EARNINGS AND INFLATION. OVER ALL WE ARE LOOKING AT AN ECONOMY LOSING MOMENTUM FASTER THAN WHAT WE ANTICIPATED. THIS IS BLOOMBERG SURVEILLANCE WITH TOM, JONATHAN FERRO AND LISA ABRAMOWICZ. JONATHAN: GOOD MORNING. THIS IS BLOOMBERG SURVEILLANCE ON TV AND RADIO. I AM JONATHAN FERRO WITH MATT. WE HAVE TO START WITH THIS FX MARKET. TOM: FX IS REALLY FRONT AND CENTER. BITCOIN IS NOT A CURRENCY, JUST TO KEEP MATT IN ORDER. FX IS A LITMUS PAPER OF THE SYSTEM. MAYBE THREE TIMES IN EVERY DECADE IT REALLY MATTERS. IM GOING TO GO BACK TO DEUTSCHE BANK, THE DAY OF THE PUTIN INVASION OF UKRAINE, HE SAID STRONG DOLLAR WILL BREAK THE SYSTEM. ARE WE THERE YET? JONATHAN: LOOK AT THE CONSEQUENCES ALREADY. THE TRADE BALANCE IN GERMANY TURNING NEGATIVE. YOU THROW IN THE BUNDESBANK, TO THE ECB AND THE EXECUTIVE