Or is it the opposite view where things are going to pass over and this is going to be fairly short-lived? What are you seeing out there? I could be convinced either way, to be perfectly honest.

Well, I think there's a couple of dynamics.

And if you look at issuance, year to date right we were and again this is a global dynamic doesn't matter which market you look we're in excess of where we were last year anywhere from 10 to nearly 25 percent in most markets that were up year over year uh similarly if you went back last year um you saw again a a staggering amount of volume uh that was being issued so the demand from the buy side uh for um for investment grade fixed income product is there globally.

That's not unique.

I think specific to the question that you asked, are we seeing issuers look at what is going on geopolitically and taking a view in the way that they want to, if we think about their capital raising needs on the course of the year, Does it feel like we've seen some issuers taking advantage of a strong tone earlier in this year that they could see more volatility built into the back end of the year? Absolutely.

There's no doubt that we've seen financing brought forward.

I would even argue we saw financing brought forward because the market was so strong last summer and last fall that was anticipated for, for 2026.

How have the markets changed according to you? And I always ask this question, to credit people like very senior people is, will we see another Verizon trade, right? Like, is the market grown in capacity over these years, to a level where if there is a lot of dollar issuance away from higher interest environments, do you think the market has capacity to double the size it already is, which is massive?