Gita Gopinath

you know, with a significant amount of certainty.

There is a very high degree of uncertainty and there are several who also believe that it's yet to be seen whether there is going to be any major productivity gain of the kind that, you know, there are analysts who believe that productivity could go up by two percentage points a year over and above where it is right now, which is around two percentage point a year.

I mean, that is huge.

There is no evidence right now of that kind of a productivity wave coming through.

So it's early, but you know, I use the technology and I find it terrific.

I mean, it's been really great for my own productivity.

It's not affecting my wages or anything so far,

But it's there.

It is very valuable technology.

But there is a lot of uncertainty, which is what is very curious about the markets, right?

Because on the one hand, it is impressive where the stock markets are, again, at close to a record high.

And maybe one can explain that by saying that, well, there is a scenario where everything goes perfectly well.

But there are so many other scenarios that could play out between now and next year or even two years from now.

And you barely see that being priced in markets.

And I think that's frankly more surprising than just looking at what's happening with just the level of the stock market.

No, we don't have a global savings glut anymore.

And proof of that is real rates going up, interest rates going up.

So that's that.

What we certainly seem to have in the U.S.

is, I don't know what to call it, but gluttonous demand for U.S.