Lou Whiteman

But again, I think they're saying who they are and where they need to go.

I do think this management team has earned some benefit of the doubt here with

We shall see, right?

I mean, what it means, and

So much is made of the Fed, and especially in this last year, the way the president has been badgering the Fed.

We are seeing the limits of what the Fed can do and what short-term interest rate policy can do.

We've been saying this for a while, but we're seeing it now play out in real time.

No, they set overnight rates.

Right.

And theoretically, everything should move together as this goes, but real world is not theoretical.

I think it's interesting, if you just look at the last few days, what has happened with long-term rates, it has basically reversed about $400 billion in mortgage buying that tried to bring the mortgage rate down in an election year.

So, it's just good to show you that, you know, I keep saying this, I'm an equity investor,

not a bond investor.

I say this very humbly, the bond market is smarter than the equity market, or at least it's more forward-looking.

By default, you have to be.

There are so many fewer variables.

You're just looking at long-term trends.

Right now, whether it's the U.S., whether it's Japan,

We are looking at an uncertain macro environment.

We are looking at a lot of concerns about deficits all over the world.