"Yes, fine. It was by and large a political week in the news in this country. But once again, and for the record a this is a global economy and be one neglects economic news at one's peril. So with that five maybe six minutes now on the past five days in business and this economy Jane, smiling late of Bloomberg's soon to be in a couple of weeks the Federal Reserve reporter for the New York Times. The honorable is the markets editor at axios holiday, both ak-. Hey guy. So let me start with you. And the global economy as it were. I wanna talk about China the news we got this week that growth there was actually up a little bit. I actually saw the freeze green shoots about the Chinese economy. Could we perhaps be turning a corner on the much rumored, but never yet arrived global recession and slowdown? Ooh. Yeah. That's a that's a good question. A good way to frame that. I I we could be. But here's the thing. I I don't know. And China was always the big deal. Right. But look out at the world, and you've got gotta take a global view as you said Europe is still slowing Japan is still slowing there. They've said they're going to go ahead and do this raise to ten percent sales tax in the fourth quarter and people are expecting them to potentially vol into recession. You could have Germany and recession Italy in recession. The u k in recession, those are some big issues, and the thing with China is they're pushing the stimulus the whole idea was supposed to be pulling back stimulus unloving or delivering their economy and actually doing just the opposite. They were doing that for reason because they're on an unsustainable debt path. So yes, definitely this is good news. The the data we've seen at a China. Also, I think it is interesting that in a in a while, I think over the past six seven months avenue. Anyone questioned the date out of China as they were for years. Seems like investors have really just kind of forgotten all about that. All right, Gina smile at bringing back home because retail sales were up this week in the American economy, the Americans should shoot consumer is still buying could we perhaps be leading the way avoiding a global slowdown. Yeah. So I think it's an interesting question. And again, I think it's one that you've just gotta take with a grain of salt. If you look at a bar chart of retail sales over the last six months, they have just been gyrating wildly, you know, it's down it's up it's down again. And so I think it's really hard to take a really significant reading from retail sales. Just because we've seen a lot of payback from that really weak December number and we were kind of waiting for that. So it's hard to take too much of a not from that. I think the good news story on the US economy might be the labor market is still chugging along. You know, we saw some signs of slowdown that seems to have abated at this point. And so I think if you continue to see solid wage gains. If you continue to see really low unemployment an initial jobless claims and unemployment you could see a pretty positive consumer story. Dion this week. There were record low first time claims for unemployment and continuing claims for unemployment benefits were down as well. Yeah. And the four-week trend was at its lowest since I think it was November of nineteen sixty nine which I thought was really interesting wrote about that in the Axial markets newsletter. I actually was really interesting is there was a lot. I got a good deal of blowback from that. With people saying, hey, you know, this metric doesn't really isn't Representative of what's going on in the real economy. You also I put it a story earlier in the week about how the gig economy is distorting some of these numbers, you talk, the Dallas fed actually put out a paper saying that the gig economy has a lot of people who are working gigs or who are between jobs, but who still report themselves as employed, and that's actually sort of reducing not just the number of people who are reported unemployed, but the people who file for these kind of benefits, and that's pushing the the number down below where stoically has been. Yeah. Gina can we get away from the the headline numbers for minute here. And and I'm going to get all anecdotal on you inflation in this economy one. Again, not really a huge issue. According to the headline numbers out this week. But if you go out there gas, I mean, you know, here in California, we we run expensive on gas anyway, but I'm paying four zero nine for a gallon. Yes. Tell me about it. So so the consumers are feeling things that maybe you're not Gina shown up in the numbers. Yeah. I think it's an interesting point. I think one thing that is worth keeping in mind is that those sort of those fuel gauges food and fuel they are nosy. That's why the fed doesn't on of attention to them when it's thinking about monetary policy. But of course, consumers do feel them, which is what you can't ignore them entirely. But I think what what really matters is whether those pump prices you're seeing now whether those are sustained or whether those come down later in the year, and I think we'll have to wait and see how that plays out or I I want to do two things about the Federal Reserve number one. Robert Kaplan, the president of the Dallas fed. So this week, you know, what no matter what growth numbers do in this to me. I don't I don't think the Fed's going to change its stance on interest rates, which is as we know right now to sort of take it easy in and sit for a minute. And then I want to know what you say about that just in terms of the cost of money in this economy. Yeah. It makes sense though. Because I think the real change that was made was the fed really step back and said, you know, what inflation's not going up we don't need to keep raising rates. And if you can keep inflation at bay, which is one half of the feds mandate and unemployment isn't taking out which is the other half. Then there's no reason for them to move forward and make these moves. So I I completely understand what he was saying. All right, fair enough, gene. I'm going to turn to you and ask you the political question about the economy this week the markets and generally speaking everybody who's not a political reporter looked at the Muller report and kind of went. Yeah. You know, the economy strong. We're good would that's probably you at all. You know, I think that that's what a lot of communists were expecting going into the mall. A report I think people just kind of thought that we basically knew what we were going to know and markets just weren't anticipating a lot of news out of that. And I don't think that they saw anything that's prize them in a significant way was still making money. Right. The on. So so Soviet, right. So v and you look at what's the worst possible outcome, which is Trump gets impeach which is highly unlikely then you've got president Pence and he's good for the markets too. So I don't really know if there was a lot to take from this the bone at actually and Gina smiling soon to be of the New York Times. Thanks you too. Thank you have a nice weekend. On Wall Street today. Things are actually pretty quiet March closed for Good Friday."