granularity -- the granularity is leland miller. w does washington react to what they see in beijing? lelandl: you've obviously got -- leland: you've obviously got these nasty crackdowns on the tech and education sector. at the same time, some of the numbers we are look at are not as bad. you had a recent rr cut, and that made people think they must be doing poorly. services are doing a little bit better, so we are not as negative on the actual underlying economy because of these awful headlines coming from every direction. tom: what do you do if you are advising tim cook of apple? what is the leland miller perspective for bank of america companies who have this codependency with beijing? leland: apple is almost unique in that it figured out a bunch of years ago that it needed to have a contingency plan, but it's need for production in china is so big that it really can't just move things. so i think that apple is doing is what they can in terms of trying to create other markets where they can produce so they don't have so much of an

to me with leland miller and the china beige book saying it is not happening.abriella nails it. the noise is so strong. we going to work on your blue look tonight? please send pictures. she is looking to the noise from slowing growth, from the regulatory pressure, from trade, from the covid pandemic, trying to reconcile all of these aspects. the currency is managed. it has not been an indication of any of this noise. when you talk about the supply chain ramifications coming out of china, there could be serious issues. tom: kailey, what is interesting , to me what we have not talked about is emerging markets drifting away. kailey: i always pay attention when i see a stronger dollar to what emerging-market currencies are doing come into chinese yuan is not immune from. yesterday or wednesday we saw the yuan reach its strongest level. in five years, even as it was weaker against the dollar. lisa: you say to kailey, have you been watching emerging markets. i look at everything. we have will be talking about the implications of the stronger dollar as well as yields

leland miller.gainst sirius object take -- serious obstacles. beijing hasn't allowed an investigation to commence. they haven't released information on the wuhan lab, they haven't released most information needed in terms of early transmissibleity. so what the report was is trying to piece together what we do know, the anecdotal evidence, other evidence and it came to the conclusion that a preponderance of evidence suggests there was a lab leak. we will never know conclusively one way or the other because it's china and they control the information but i think beijing should not be surprised they that others came to this conclusion, considering they put a stop on the information and what did they expect was going to happen here. dagen: bees there are a couple -- but there's a couple things in terms of anecdotal evidence. in the past, when viruses originated the an a malls they got to -- animals, scientists got to the bottom of that origin relatively quickly. it would be in china's best interest in t