Jeff Rosenberg

It's much bigger.

It's much deeper.

There's a lot more impact in terms of price and substitution effects that can happen.

He talked about it in terms of the fiscal side.

You know, the

The debt level is sustainable, but the path is unsustainable at some point.

You know, no one really knows where that point is.

We used to talk about it in the context of small open market economies, around 100 percent, 80 percent debt to GDP.

That's a very different setup than for the U.S.

economy.

And we don't really know.

I think it's a much longer-term process in terms of building a risk premia.

slowly and less of this kind of tipping point argument.

But we don't really know for the U.S.

bond market what that will look like.

I mean, I don't know if it's as clear as no.

I mean, I think that they shifted in the summer, and Waller was ahead of it with regards to the payroll side, the labor market side.

They were validated in that shift by the slowdown in the labor market.

And they told us today that slowdown in the labor market is kind of stabilized.

So if you look at the response function, at least for consistency, they paused the cutting