Dan Ivascyn

And unfortunately, I was going to get to that.

So again, from the standpoint of where the inflation rate may go, it's probably positive.

It could even be positive for our debt picture.

We didn't spend much time talking about it.

We talked about all the corporate investment, but we're still spending way too much money

You know, at the government level.

I don't see that changing this year.

We'll find more.

We'll come back.

We'll cover that.

But we do think, you know, unfortunately, we do think it's going to lead to some displacement of workers that particularly the middle income professional cohort group could see more uncertainty than they've experienced in quite some time.

White collar unemployment.

I agree, and that could lead to higher precautionary savings, a little bit less consumption, which can have a moderating impact on inflation and be good for the markets as a whole, both stocks and bonds.

But it can also lead to more political uncertainty, the risk of regulatory backlash, and

a lot of tension.

So we do think that it's hard to accomplish all of this in a neat and clean way where you can retrain folks fast enough to not create some frictions, some unpredictability, and perhaps even a pretty big reaction against what is perceived to be a technology in companies that are creating this disruption.

So it's likely to be bumpy.

So high-level macro and financial market impact

we're fairly constructive while realizing that we got a lot of uncertainty.

And again, when I take my investment hat off and look at the potential disruption that, yeah, on a textbook basis, ultimately, it's probably fine.