Mike Wilson

So we think there's sort of this tug-of-war going back and forth, but ultimately it resolves in a more dovish policy path.

I don't think it's showing anything new.

I think this has been there the whole time.

People waking up to the idea that liquidity is important for the market, I mean, obviously, I don't know what they're doing.

I mean, that's kind of crazy.

Of course liquidity matters.

I mean, liquidity is, and especially the last 10 years or so.

I think that the hard part about liquidity is it's sort of this nebulous thing.

It's hard to measure.

And I've spent the last two or three years trying to develop a better skill set around that.

And I think we've got a better handle, but I would say it still is one of these things that's sort of the invisible hand.

And so what you have to do is you have to look at the market to tell you when liquidity is tight or not.

Well, they may not call it QE, but yeah, the balance sheet needs to expand, not only to support financial markets, but to support the better growth that I think is coming next year, right?

So if CapEx really picks up for the first time in 10 years, okay, let's be honest, we haven't seen much capital spending, but the big beautiful bills incenting that, that's a usage of capital that needs to be supplied by somebody.

So the balance sheet needs to grow just to help the economy and the markets.

And so we can call it QE, call it not QE, but generally they need to expand that.

It's very important.

I mean, I would say if we don't get at least one of those items surprising the markets, meaning more than three cuts or we get more balance sheet expansion, call it QE, call it something else.

OK, yield curve control, whatever you want to call it.

OK, if we don't get some combination of that, then we're not going to reach our target.