Joe, what do you think the market is correctly pricing in at the moment, and where do you think it might be getting comfortable in ways that are concerning to you?

So we began the year quite bullish about risk assets and equities, in particular US and Japan being the areas that we're most bullish about.

You had a confluence, uh, or a combination of factors, the cumulative effect of a couple of hundred basis points of rate cuts over the course of the last several years.

You had deregulation going on in the US and other regions.

You had fiscal stimulus in the US and other regions like Germany and parts of Asia.

So you had a lot of factors that resulted in that level of bullishness, and then, you know, March comes along, and you have a geopolitical disruption and conflict breakout in the Middle East.

One of the things that has helped the market be more resilient has been the reality of the more energy efficient nature of the US economy and global economy.

Joe, where do you think the market is ahead of itself on AI, and where do you think it's underestimating the opportunity?

How much flexibility does the chairman have later on this afternoon?

Well, he's got a couple of his, uh, uh, team members who are dissenting, so that, uh, that puts, I think, him in a little bit more of an awkward, uh, awkward spot.

But, but I think the Fed has been in a process to normalize rates over the course of the last period of time, and it got derailed a bit by, of course, the tariff announcement.

So I think there's still a movement toward, uh, toward that normalization process, which we think they're going to get back on track on.

We think, uh, there'll probably be a couple of cuts this year, not o- f- today, of course, but, but probably in September and later in the year, uh, reflecting the fact that, uh, inflation, while edging up a bit, has still been under control.

And the labor market, while again solid, still showing some signs of weakening.

The number coming in Friday is going to be one of the lower numbers we've had over the course of the last number of months.

She's already connected to you now (laughs).