The Inflationary Environment for Political Parties

Liz Trust stepping down highlights the tenuousness of an inflationary environment for political parties globally. When you have fiscal experiments overseas that Trust put forward and that are not sensible on policies, what it means for global risk assets is really, really sort of magnify here. What I'm saying here is that the range of big, weird outcomes for the markets is much higher when you have this collision of bad fiscal policy with what the Fed is doing right now. And I think that's very, very important.