Steve Saretsky

But it goes to the – Yeah.

I would side with you too.

Obviously, listen, fixed mortgage rates today are call it 4%.

If you have the yield curve blowing out and governments lose control of –

the bond market and mortgage rates push up to six, seven, 8%.

Of course, like you have to immediately shift your viewpoint on housing.

Like if I got mortgage rates, you know, nine months from now at 7%, I mean, you're not bottoming in June of 2027.

That's the thing.

Typically, I feel like a lot of economists and people in general, Keith, will tend to extrapolate.

For example, I would be extrapolating mortgage rates pretty much staying around, call it 4%.

Maybe they go up and down 30, 40, 50 basis points, but that doesn't really make much of a difference.

I think people tend to extrapolate.

Obviously, I don't think anyone's extrapolating a bond market crisis.

I don't know.

I'm curious...

How do you weigh the probabilities of it?

And that's the challenge.

It's like what are the probabilities of having this crisis?

And then what is the timing of that crisis, right?

I think we can all agree like at some point there's going to be a bond market crisis similar to like what the UK had there a few years ago.