So what red flags are flying at the moment other than the Spanish one? Spanish one's flying high

right now.

Three things I'll say.

And this is what I would call the macro consensus, macro positioning.

Most people think that the Fed is not hiking.

And if they are hiking, it's a hike or two maximum and probably not until after the midterms.

Two, the chance of a very aggressive cut cycle is much higher than the chance of a very aggressive hike cycle.

How would you trade that in terms of the Fed right now?