Can you go a little bit more into that? A, why does it matter? And also what you think if the Fed has anything to prove to markets in the next few meetings?

I do think it matters that the Fed has credibility.

And the reason is simply that their position as the primary arbiter of what the appropriate amount of inflation and growth is and their participation in money markets and other things with Fed funds and creating liquidity and overseeing banks and credit It's important that for the market to function well, that they believe there is a rational, credible entity at the center of that.

I think that's important.

To me, the best indicator of the Fed's credibility probably is TIPS yields.

TIPS are Inflation Protected Treasury Securities or Treasury Inflation Protected Securities, T-I-P-S.

And they, unlike regular treasuries, they actually break out how much is paid as an inflation part of the income, which based on CPI, and then how much of what's left is a real yield.

So based on your outlook and everything you've said today, how are you positioning your portfolio?