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joining me now is derek scissors asia economist along with nancy lazar at piper sandler. me start with you because the autos piece of this is starting to get more attention and what are china's ambitions here and does it pose a potential problem for tesla. >> china is trying to become self-sufficient, quite frankly, no different than what we're trying to do in the united states and we're both trying to be less dependent on one another. the bottom line is china is done driving multinational earnings as they've been doing say for the past 20 years. the transition actually started the last cycle, but it's obviously intensifying here as we moved through 2023 into 2024. so the message to u.s. companies in china is tread lightly. they want to become self-sufficient and that means using less u.s. products and they would continue to be a major headwind to multinationals. >> this is getting more attention. the journal is leading how byd is the biggest carmaker and the vehicles are showing up everywhere and is there a difference with the competitive market where they have an edge a

maria: nancy lazar is one of our regular guests here and she said that she pushed out her recession expectationof year next year. so chris, at some point, you know, you've got to face the reality of what's going on. maybe the employment numbers held up this year, maybe we p don't get a recession until next year and coming to your point forcing the fed to cut at some point. >> in reality, what's a recession, you've got to get the high priest in cambridge that automatically decide we're in a recession. we had two quarters of economic growth. i'm looking at based upon my clients, not based upon what the government or high priests are telling us. am i selling everything? no, i'm taking a look right now you to rotate assets. assets have done very well over the past year, you want to rotate, you want to take some profits off the table and look for value. maria: that makes sense. thank you so much, chris markowski, for joining the conversation, we appreciate you. rebecca, you're sticking with us all morning. and we're grateful. thank you. great word on wall street. quick break and then a president bid