Central Bank Credibility

Since Q4, we've had hedge fund degrosing that is cutting both their long and short positions. That's been accompanied by retail investor speculation on a par with any extreme environment of greed and manic risk taking in history. The second thing is central bank credibility. You look at price stability and they've lost it. They want to gain it back. And depending on which central bank you're talking about, some are legitimizing sort of the fight of all things.