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Were not in probably the worst economic outlook that maybe we feared a few months ago, but things arent good. Just about everything is worse within the leading indicators and it continues to suggest that, yes, we are going to have some kind of a recession. The market has been buying into this far better than expected story for Europe. We have basically a call for a recession in the US starting in Q3. Everyone is saying, look, earnings expectations are still too high. I dont disagree with that, but I disagree with the sequencing. I disagree with the timing. This is Bloomberg Surveillance with Tom Keene, Jonathan Ferro and Lisa Abramowicz. Good morning, everyone. Jonathan Ferro in London. Lisa Abramowicz Tom Keene in New York. It is a time of new accommodation and Alisa Roth Semple, the Bloomberg Financial Crisis, the Bloomberg Financial Conditions Index screams. Jay Powell, do something. Well, it screams that were going to get perhaps less rate hikes, fewer rate hikes, and perhaps
