Are We Going to Call the Bottom?

I think what we need before we can sort of convincingly call the bottom is convincing signals that the rate of change in the economic momentum has bottomed. If you look at the most recent signals on lagging indicators or coinciding indicators, we've actually had almost an acceleration through Q3. But right now we clearly see a dissederation again. So I'm not yet willing to call the bottom,. Even though you're honestly right, that if everything starts falling apart at the same time, it's usually at least a decent bill.

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