Nancy Lazar

And so there is liquidity in the economy.

think about this whole ai thing how do you put that into context because you know prior to this war that was it for the market it was all ai it's all we talked about how do you think about it in terms of how big is it going to be for this economy so as tom often uh reminds viewers i i've been in the business a long time and i started in the uh 19 in the 1980s when there were computers yes remember the first hewlett packard calculator oh yeah yeah yeah only the rich kids had that was in the 70s okay

In the 80s, I remember that, too, in high school.

In the 80s, we went from a typewriter in a terminal to a computer, and it was IBM at the time.

And that was very, very disruptive.

I mean, accountants, et cetera, all of a sudden you could do things very quickly on computers.

And the productivity that created for the firm I worked at, C.J.

Lawrence, was tremendous.

It did make a huge difference.

And over the past 45 years, every level of technological innovation has gotten smarter and smarter and more and more productive.

And I'm excited about AI as far as, again, we're making these leaps and bounds in other countries.

I do believe in the bond market vigilante big, big, big, big time.

And I don't believe that the Fed's going to do financial market repression.

And yeah, I think the bond market bond yields have moved up some.

I think that's, quite frankly, not the right call.

I don't think inflation is a problem.

I don't think the Fed has to raise rates.

But at the margin, are these higher yields a little bit of a signal to Washington to be careful?

Well, it has to be in the uncertainty about what's going on in the Middle East.

That is my, to be sure, my single biggest concern.