Mike Wilson

But the missing piece there, going back to the Fed again, not to put too much pressure on them, but we do need lower rates for that private economy to get moving.

The good news is, Nathan, is that in the third quarter so far, the reporting season, we are now seeing double-digit earnings growth on a year-over-year basis for the

median stock, and that's the first time we've seen that kind of growth in four years.

So I think there are early signs that we're seeing a broadening of the earnings story, and that's what ultimately will lead to better, broader performance in the stock market next year.

Well, I mean, I think the consensus right now is low double digits, and we think that's very achievable.

We'll leave it at that.

We're actually working on our year ahead piece that will come out at the end of next week.

Well, I don't think the market's necessarily in trouble if they don't exceed expectations.

But I do think the broadening story requires the Fed to get ahead of the curve, as I'd like to say.

And I measure...

kind of the Fed in market terms, are they ahead or behind the curve

by looking at the two-year Treasury yield.

So right now, the Fed funds is still about 40, 50 basis points above the two-year Treasury yield.

And I would like to see the Fed get below that level.

And then you'll see that broadening out.

But, you know, the economy is not in bad shape at this point.

I think the worst of the economy, you know, sort of slowdown is behind us.

And that was, you know, we priced all that in April.

We've written about this.

That was the end of this rolling trend.