And I'm wondering if you feel some of my worries are unfounded or you kind of feel the same thing.

I feel the same thing.

And I'm particularly worried about this dynamic as well.

You know, one, you know, the optimistic version earlier on would have said, it's only four years, right? You know, we'll get past it.

But, you know, there may have been some permanent damage ultimately that's been done.

And, you know, I do worry about this dynamic.

And there's a couple of lenses to sort of look at this from.

right

And I'm wondering if you feel some of my worries are unfounded or you kind of feel the same thing.

I feel the same thing.

And I'm particularly worried about this dynamic as well.

You know, one, you know, the optimistic version earlier on would have said, it's only four years, right? You know, we'll get past it.

But, you know, there may have been some permanent damage ultimately that's been done.

And, you know, I do worry about this dynamic.

And there's a couple of lenses to sort of look at this from.

right

So how are you thinking about the interplay between policy, making a best guess as to where it lands, and then how the markets are priced for it?

You know, it's been really interesting.

I think the markets are trying to find to this Trump put.

I don't think it's really out there.

It seems the administration has a very high pain threshold.

And, you know, the truth is I fully anticipate that we are going to get some sort of round of tariffs come into play on April 2nd.

And so I think we're probably at best looking at a bit of a choppy sideways market.

But what's your baseline assumption for how the Fed policy proceeds for this year?