Stephanie Aliaga

We think that six-month mark is really going to be the point where you might see more volatility, just even a greater supply in the markets, and then that increasing over time gradually over the course of the year, particularly given the S&P taking a more temperate pace there.

Right now, we're just looking at a small fraction of it, right?

4.5% was that first day's volume, and that's going to ramp up over time.

We think that six-month mark is really going to be the point where you might see more volatility, just even a greater supply in the markets.

And then that increasing over time gradually over the course of the year, particularly given the S&P taking a more temperate pace there.

Right now, we're just looking at a small fraction of it, right?

Four and a half percent was that first day's volume, and that's going to ramp up over time.

We think that six-month mark is really going to be the point where you might see more volatility, just even a greater supply in the markets.

And then that increasing over time gradually over the course of the year, particularly given the S&P 500.

taking a more temperate pace there.

Right now, we're just looking at a small fraction of it, right?

Four and a half percent was that first day's volume.

And that's going to ramp up over time.

We think that six-month mark is really going to be the point where you might see more volatility, just even a greater supply in the markets.

And then that increasing over time gradually over the course of the year, particularly given the S&P taking a more temperate pace there.

What the data has shown us is a relatively constructive backdrop, right?

The labor market, it's not strong by any means, but it is tight.

And that's what the Fed is most concerned about.

Q4 GDP may have actually seen an acceleration, even despite the fact that we had a record-long government shutdown, which is kind of remarkable.