The Fed's Liquidity Model

I don't know that anyone has a real foundational basis because on one hand, you're going to likely see the economy, at least for mega cap tech continue to be relatively resilient. On the flip side, we do have, you know, pretty severe inflection and global liquidity in our view. And I think over the very near term, it's going to be hard for asset markets to crack particularly on that factor alone. But I think we're kind of missing the point right now. We've seen such large deltas emanating from global central banks and global economy.