Kai Risdahl

Right.

And so there's the war, but there's also, you know, in the backdrop, the trade war is

and tariffs that might be going higher.

The president has made it very clear that what the Supreme Court scrapped, he wants to replace in full.

So you have those two forces and many other forces kind of coming together and making the environment look more expensive for consumers who are already very upset about how expensive things are.

They don't really care about inflation, right?

They care about price level and prices are high and they just don't want to see prices go even higher.

Right.

So, Sadiq, that gets me to the next point I think I want to talk about, which is I've said over the past couple of days, when will the markets hit the president's pain point?

And let me flip that on its head and ask you when you think we get to the consumer pain point, right?

Because both oil benchmarks are now above 91-ish something dollars.

Gas is up, as you said, you know, like 30, 40 cents in the last four days.

There's a consumer pain point here.

And let's remember, consumers have been incredibly resilient.

When does that start getting beaten down?

Historically, consumer pain builds in the background.

It happens first to lower income consumers.

We're seeing some of that.

We're seeing it in delinquency rates for certain types of loans.

You start to see it.