With that eye on inflation, how do you feel that central banks would be responding? What do you see playing out for the rest of 2026?

I think it's also important to understand that unlike prior periods where central banks tended to move together, I think we're on the cusp of, let's say, a new regime where central banks are probably going to detrend from one another.

So what that means in effect is you could have instances where central bank A is hiking rates and central bank B is probably staying on hold for an extended period of time.

And maybe central bank C is cutting rates.

And that will introduce some degree of volatility in the exchange rate market.

But that's over the long term.

So let's talk about 2026.

on.