Michael Nadeau

If the markets process worse as a hawk and we have a sell-off, how does that impact the labor market?

Does it lead to a recession?

And then are his policies...

going to just bring rates all the way down, but there's no yield curve control, there's no buying of long-end treasuries and adding to the Fed balance sheet.

What does that look like?

We haven't seen this since pre-2008 or so.

Yeah, I think so.

You know, the view has been, you know, we have another chart in here too that just showing U.S.

in particular global liquidity, which I think is more of an indicator for the crypto market.

So that's rolling over.

We've seen the global liquidity line actually start to go up again a little bit because China, there's a lot of liquidity right now in China and Japan.

So kind of in the Asian markets, we've seen them doing well.

And that's like helping gold, we think.

Yeah.

Right.

Yeah, and I think that's sort of the regime that we're in currently.

When we look at the fiscal side of things, we're not suggesting that we're balancing the budget or anything like that, but we did come down.

So the fiscal year ends in September 30th.

We came down in 2025, and it looks like we're going to be at kind of a similar level

this year.