Oil Prices - What Are You Most Focused On?

The market is pricing this as though there is very severe cyclical growth risk, downside risk in russia and the immediate vicinity. I think that one thing that we have to be aware of from a global acid perspective is that if that perception of cyclical risk dens out, i think risky assets like e m asets could see more pressure. The second is oil prices. A much more significant move hih in oil prices that worsens the trade off that policy maker's face between growth and inflation. That just simply worsens the terms of trade for large parts of the global economy that import oil. Think about large parts of asia, for example, and ore big oil importers.