The risk that we're running is actually stagflation. Pivot happens right before we go into a recession or pivot happens when we're already in a recession. And the Fed is just late. That's kind of the worst case scenario. It's possible. Energy prices have come down. Goods inflation, not going to stall too much about this. But to your point about the pivot, there is this assumption that the pivots actually always going to be positive for risk assets but that's not even necessarily true because it depends whether or not the pivot was too late. Right.

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