Robert Blabey

I think they would also steepen the curve, which means bring the short end of the curve down even more.

But they could suppress the entire curve versus where it sits today.

In an environment like that, if they then opened up banking regulations, particularly for the middle market banks here in the U.S., you would promote more lending into the sort of middle market.

This would all fit very well with the administration's goal of

opening up and broadening manufacturing in the United States, the whole reshoring play, everything that's going on, you would depress, I believe, the value of the dollar versus foreign currencies, but this would actually be a net positive for exporters.

And so now with the growth of reshoring and on property, we'll call it manufacturing and whatnot, you'd have...

added opportunity to compete in the global export market.

What does that mean for asset values and whatnot?

I think that has the potential to benefit certainly asset-heavy companies.

Any company that has substantial debt loads would get some relief.

I think you'd have discount rates would obviously be lowered, so you'd have a potential for a trade-up, if you will, in the tech space and high-growth equity category.

I think

in the specialized kind of credit world, whether it be private credit or even the syndicated credit markets, I think you'd find that those probably performed pretty well.

Again, I think there would be the risk certainly of inflation.

So while inflation's come down a bit, obviously it hasn't been expunged at all.

And so you have an opportunity for inflation to,

to sort of ramp up a bit.

And in that instance, you know, you'd probably have gold and precious metals and other precious metals perform pretty well.

You'd probably have certain cryptocurrencies perform pretty well in that environment.

But I think that that's kind of the backdrop I'm looking at.