The Dollar Cycle and the Dollar Negative

I think the bigger issue is whether like what is the dollar cycle that we're in and we have some homegrown bank intentions that might lower what the term will rate is going to be. So that's the dollar negative that is coming into play. And I would say from a capital flow perspective and an asset allocation perspective, like we have had a just extraordinary cycle, right? Where US risk assets was almost like the sole focus of all investing in the world. We've had many weeks of underperformers, not every single week, but like this is not an unusual year. European banks outperforming US banks dramatically. That's also not something that happens so often.

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