Terms that severely limit its marketing and sales practices. I'm Michael kassner. Market analysis that goes beyond the ordinary. Again, I learn another function for Matt Miller today. Bloomberg markets with polls weenie and Matt Miller. Why is this stock so unloved? Weekdays at 10 a.m. eastern on Bloomberg radio. We've moved from a world where in the last two or three months, we've been worried about a U.S. led global recession to now one where the combination of European problems with energy and China weakening is now the more significant problem. British cast him in a JPMorgan did not sound constructive on the global economy Lisa. What's the weather yesterday? I think it's fair to say. Yeah, and you tried to start trouble by recommending Marco Kalani back. And I just wondered whether they'd had a conversation. Kind conversation. Perish the one was on the economy and how bullish the other is. On the equity market, necessarily have to be the same thing as we know, the economy is not the stock market Kelly. You know that too. Yeah, it's proved it time and time again. But I wonder if those two things are going to come in this case. Eventually. I wasn't suggesting they go for lunch. Good job, they want features down attempt and 1%. It's a free world parameter. And a little more than a tenth of 1%. Marco's welcome any time. Yields down a basis point. Never comes on. Three 33. On a ten year on a ten year right now, three 33. There we go. Coming back by a couple of basis points on a ten year yield. Pretty good to win this with a charter today. Morning, credit. Well, good morning, John. The story of the day has to be that currency strengths are seeing in the dollar around the flip side. You're also seeing that fixing on the Chinese you want and that's crucial as we talk about this race for a stronger currency between really the two largest economies in the world, which kind of rings a familiar bell, one of the trade war, perhaps for my chart of the day for our radio audience here. We're looking at a histogram of Chinese exports to the United States. It is shrinking for the first time in two years. The last time we were in negative territory, it was early 2020, mostly 2019. That was a trade wartime tariffs really hurting that prospect, but keep in mind, this is priced in dollars now. So if you actually were to convert this, for example, into the Chinese yuan, pick your pick your phrasing, that would actually be a positive number. Which once again really speaks to the currency strength you are starting to see affect the trade picture, what happens when you start to see those exports decline even further on a year over year basis. And that actually exacerbate the supply chain issues into the currency issues you're already seeing. John, that's going to be the question. Could he thank you on somebody FX story there? Credit Gupta. It's been fascinating to go over the cross current in this FX market. And H this morning, dollar China, 6 99 20 getting closer and closer to that 7 handle. Joining us now a man who knows more than something about China, tamale, the chief economist for Bloomberg, economics. Tom, I want to start here. A lot of people approach the Chinese economy as a situation that they control, that they can just flick a switch, COVID on, lock down on, lock down off, do all of that. We're okay. We struggle. We're okay. We struggle, but ultimately, it's up to them. How much are some of the forces that have been unleashed in the Chinese economy this year? How much of it is out of their control? So I think what we're seeing right now, Jonathan, is the limits of China's state control. We're seeing that in COVID zero, where the new, more infectious variants of the virus slipping through China's grip, forcing them to lock down entire cities to maintain their COVID zero strategy. And we're seeing it in real estate as well, where yes, China's policymakers retain tools to offset or prevent the worst outcome of a crash and financial crisis