The China credit impulse indicator has turned sharply downward. During the past decade this would normally be considered a dire signal for the global economy. Indeed, even if we look at other indicators such as the fiscal impulse and broader monetary conditions indicators (as mentioned in our latest weekly report ), we find China zigging on policy while the rest of the world is zagging. Strategists have relied on this indicator because over the past decade it’s signaled turns in the global economic pulse like clockwork. But as I noted last week ( divergence between China vs global PMIs ),...