What's top of mind at the moment?

Yeah.

So I think the US real rates is a very important component of the story.

It's worth bearing in mind that up until now, emerging markets have been very resilient in the face of what has been a pretty significant sell off in core rates.

So, you know, as we're speaking now, the US 10 year is above 5%.

What could change that and could EM become a little bit more vulnerable? I think there are two schools of thought.

Are we seeing this big sell-off in rates because the world is worried about inflation? Are we worried about dollar debasement? Is that feeding itself into a weaker dollar? The dollar cycle, when we get a weaker dollar cycle, is usually very supportive of emerging markets.

How does that play into the bigger pattern of supply shocks we've seen in recent years?