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The Credit Impulse in the US
The overall credit impulse and I'm looking always at like six months one, which is more of a leading indicator than goes obviously faster than the one year one. So what you're seeing in the US is because obviously demand is not only the income you're making. And we're actually stabilizing for now at this level, at very strong level, which is telling me that the animal spirit is intact. It's really interesting because it leads consumption. The Fed will be able to hike without shooting itself in the foot by basically strengthening the dollar and in turn shrinking the global monetary base.