And Dheeraj, any market reaction to these types of concerns?

Well, I think on the fiscal front, if we think about an outlook where you look at the next two years and think there's less scope for something as big in terms of fiscal expansion as the big, beautiful bill or even under previous administrations, not having that potential upside is scope for upside surprise to deficits is something that you would expect the treasury market to like.

And in fact, the idea that there could be less room for upside surprises in the amount the treasury has to issue is something that investors would appreciate.

However, I would say in terms of the market's reaction, we've already seen the market in the past few months come to this baseline expectation that the Democrats would at least take the House of Representatives.

And in doing so, create this sort of divided government outcome that Ryan was talking about.

So sort of that aspect of market pricing had already played out in our view.

But overnight, we did see treasury yields across the curve come down quite considerably.

And so any delays to that monetization, because they can't build out this capacity, starts to put a lot of issues on some of these companies.

And Dheeraj, any market reaction to these types of concerns?

Well, I think on the fiscal front, if we think about an outlook where you look at the next two years and think there's less scope for something as big in terms of fiscal expansion as the big, beautiful bill or even under previous administrations, not having that potential upside.

scope for upside surprise to deficits is something that you would expect the Treasury market to like.

And in fact, the idea that there could be less room for upside surprises in the amount the Treasury has to issue is something that investors would appreciate.

However, I would say in terms of the market's reaction, we've already seen the market in the past few months come to this baseline expectation that the Democrats would at least take the House of Representatives.

And in doing so, create this sort of divided government outcome that Ryan was talking about.

So sort of that aspect of market pricing had already played out in our view.

And so any delays to that monetization, because they can't build out this capacity, starts to put a lot of issues on some of these companies.