The way China opens up and the way they stimulate could have a significant implications for inflation, particularly in the second half of 23 and earlier part of 2024. But more likely, they will be mildly inflationary, but no major dislocation, primarily because of what China is trying to do. And how does China recover? And what sort of growth rate China will be able to maintain after their recover from COVID? A lot of people say, wouldn't you include policy errors? My answer is no. I think the probability of perpetuation of policy errors right now is actually very low.