Subject: Thank you
From: "Atkinson, Caroline M. EOP" <[email-masked]>
To: "[email-masked]'" <[email-masked]>
Date: Tue, 1 Sep 2015 21:32:42 +0000

John: thanks for taking time for breakfast yesterday: I always learn a lot. Am in NY today to talk about China and markets among other things. Need to be prepared for the rockiness to continue; makes their policy actions/commitments to reform more important; will hurt emerging markets, especially commodity exporters, like Brazil; and could begin to dampen US growth slightly below what it would otherwise have been, if everything else stays unchanged. But the risk of crisis, "financial spasm" still seen as low: tail risk not baseline. 
Thanks
Caroline