But do you think we're headed in that direction, or is this still going to be very, very, let's say, dollar centric? I don't wanna say, you know, the dollar's gone as a reserve currency, but let's say, you know, is there more room for, you know, a market that's, you know, really about relative value as opposed to being dollar-driven?

There's certainly a possibility.

I mean, I'm-- My own personal op- We get asked this question, uh, you know, quite often from, from our clients, and I'm sure it comes up in your discussions as well with, with clients about, you know, the dollar hegemony story and, and whether there is an, an end to that in sight.

And, and realistically, I think, you know, the, the US dollar is so deeply embedded in the, in the global financial infrastructure, um, you know, commodity pricing, um, emerging market bonds, global trade, trade finance.

It's gonna be very difficult to remove the dollar from that dominant position, I think, over, over a timeframe that's kind of relevant for, for us in, in this discussion.

But I think around the edges of that story, you can see that, um, you know, central banks are certainly holding fewer dollars and dollar assets these days.

There are various reasons for that.

Just to clarify, so that would mean Canadian dollar strengthening relative to the US, uh, dollar for those of you that aren't a hundred percent comfortable with the way FX is quoted.