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Introduction
This is Alf speaking the founder of the macro compass and as always every week with me. We are recording on Friday the 14th of April hot on the heels of JP Morgan delivering a positive surprise in their quarterly earnings report. And I think it kind of emphasizes the mood or the spirit I see in financial markets right now that all the sudden the crisis doesn't seem as imminent as it did just a few weeks ago. So why don't we start with the discussion on when to actually expect the ramifications of the liquidity crisis that we were at least partially through during March to actually hit and kick in the real economy? What's your take on when how and if we will actually see this credit issue