Frame out what this interest rate environment, what does it mean for this economy? What does it mean for these markets?

Yeah, I think that, um, people are generally misinterpreting what's going on.

So number one, um, the rate, uh, the yield on the 10-year is statistically, uh, the highest we've seen in 25 years.

But you need to keep the context in mind, that during the past 25 years, we've had these extraordinary events like the global financial crisis and COVID that drove the rate down to unusually low levels.

And where we are right now is about average if you look at a longer history.

And you're correct, that many people have not seen rates this high.

But you need to have a historical perspective that the rate that we're seeing today is not abnormal.

[laughs]