Mark Zandi

And they're a big part of what's going on in both the corporate equity market and the bond market.

But even abstracting from that, it doesn't feel like

investors that are pricing in that risk, which one perspective on that is, well, maybe you guys are just overstating the case.

The uncertainty isn't as big a deal as you think it is.

The other is, well, markets kind of move in a very discontinuous way.

They're okay until they're not.

And you don't know exactly what the catalyst for not is.

What is it going to tip the psychology in the marketplace and everyone kind of runs for the door at the same time?

That kind of feels like – that, again, goes back to those recession probabilities.

They're close, but they're not quite there.

But if people lose faith and start running for the doors, which is a real distinct possibility, that's the fodder for an economic downturn.

But that's the one –

you know, a holdout for the argument that, no, you know, this isn't great.

You know, it's not bad.

You know, this is not, this is not, no one wants to pay higher prices and see weaker growth, but we're still going to be able to navigate through.

That's what the stock market is saying.

That's what the corporate bond market seems to be saying, at least at this point.

It didn't change anything for me.

I mean, I think the job market's like flat on its back.

It's not going anywhere.