Ed Elson

It does seem like that's the business to be in right now.

And that's possibly going to put...

I mean, I guess I'd pose the question, maybe the most amount of pressure on prices is as, I mean, insurance is the best example, we are going to have to price the uncertainty of this moment.

Yes, maybe ships can pass through right now, but how do you price the risk that perhaps they will not be able to pass through tomorrow?

And how do you put that into your model?

And do you put that into your model?

Those are the questions that seem to be significant and very, very hard to answer.

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I do want to also get your reactions to some of the jobs data.

We've been seeing jobs report for March, 178,000 jobs added following a very different February where we lost

I believe it was more than 90,000 jobs, and then we revised it further to the downside, losing 133,000 jobs.

What do you make of the labor market right now, and how did that report adjust your expectations?

How do we explain the lack of hiring in the US right now?

I mean, the first thing that comes to mind is AI, but maybe I'm sort of jumping the gun there.

What are some of the forces that are causing businesses not to hire, do you think?

And then the question becomes, what would it take to trigger that change?

And I just want to go back to the inflation expectations that, I mean, we started this with a Bank of America's expectation that inflation would hit 4% by the end of the year.

We started this year, the official numbers coming out on the CPI were below 3%.