anyway,

it's kind of a clean view that strips out, okay, what does inflation look like? What does, you know, risk premiums look like? What's just the true cost of, the true economic cost of capital? So, you know, by taking it apart and see which, you know, part of the nominal figure is moving the most or the least, you can get some kind of idea of what's happening in the economy.

So in this case, going back to what I was saying earlier, real rates were driving nominal rates higher up until July 27th.

That was kind of the economy responding and front-running to growth expectations.

I don't follow the Oh God, what's that? I think it's the Atlanta Fed GDP Now, Nowcast.

You know, it's kind of a crappy Nowcast.

I prefer the New York Fed one, but that doesn't really matter.

Yeah.

Like, how is that working?

Yeah.

So, so there's, there's, there's a couple of things, uh, uh, to consider.

Um, one is, um, and I wrote about this, uh, like just last week, is the idea that, um, um, you know, the boomer cohort, um, of consumers are funding a lot of their adult children's, uh, lifestyles and expenses.

So whether it's things like, you know, the family vacation, you go on a cruise on a cruise liner, or you take that trip to Italy and France or, or whatever, a lot of, you know, a lot of cases, e- especially at the upper-K part of the economy, as they call it, um, you know, you, you have that phenomenon of, you know, someone else is paying for the, the, the, the big-ticket vacation.

And, and then more prosaically, you know, you have things like, um, you know, boomers helping out with, uh, childcare.

You know, one of a lot, a lot, you know, the, your big expense buckets when you're, let's say, you know, in your early to mid-30s, starting a family, you know, it's your, your, obviously your, your, your mortgage, your housing, but another big expense, and I can say this, I went through it myself, is childcare.

How are you thinking about that? [laughs]