Rick Rieder

If you get the mortgage rate, by the way, you don't have to get it down that much, but if you

If you got it down 25, 50 basis points, you increase labor mobility.

Your point is right.

Companies, we're in a productivity revolution.

Companies are gonna cut jobs.

But if you increase labor mobility because people can sell their house, move to another state where they get a job, if we actually put people to work in building houses, you bring down shelter inflation, the Fed can't create jobs, but you can ameliorate some of the stress that's happening because of productivity.

And people talk about productivity, it's like AI.

It is happening everywhere.

We talk about freight, how we do logistics, how we do inventory management, how we do customer procurement.

Productivity is exploding.

We don't need as much labor collectively in the country.

You know, bringing that rate down in the places that can actually help will actually at the margin help a labor dynamic that I think today you'll see not just what you're seeing in the last four months, but what you're going to see for the next couple of years.

No, I can't, you know, I can't really comment.

I wake up in the morning and I try to figure out the spline of the yield curve and what your comments about fast food versus Fed, like should we be buying this stock or that stock?

That's what I got to focus on that.

And so anyway, that's what I'm doing today.

It's an exciting time to do it.

You know, listen, I'll point to what I've said for many months now, is I think there are some things that you can do to create velocity in the system.

Nobody borrows off the overnight funds rate anymore.

Velocity happens where financing happens out the yield curve.