Jeff Rosenberg

And, you know, it goes back, you know, Jonathan, even in the comment that I just made, you know, how does the Fed address these things in their policy framework?

It's financial conditions.

And the Fed does affect financial conditions, and they are affected by financial conditions.

And so, you know, when the Fed made a policy choice back in the GFC last

through the portfolio channel to try to address the challenges of the collapse in the housing market, they kind of pushed up into their transmission mechanism toolkit transmission through financial conditions.

And so that's really the problem that we've been inheriting for the last two decades.

And so, yes, it is something that they're part of.

It's part of Besson's, you know, criticism in the gain of function.

And it's part of the kind of, you know, future potential for Fed policy review of, you know, how do we extract or how does the institution extract itself from those things?

At a simple level, it's what should the portfolio look like?

What should the holdings look like?

Should we still have mortgages?

And that's one example of how you could, you know, change some of those functions in a new policy setting.