Is the Bond Market Really Wrong?

I'm really surprised insurance companies haven't blown up here because somebody's got the bond market very wrong. And my guess is the insurance company somewhere down the track. There is absolutely no doubt that small banks have done a lot of lending to commercial real estate. So this is that linkage. Do you see any threat of inflation or higher energy prices against the backdrop that you described, Andreas? I'm going to start with you. We've seen oil dropping significantly this week. That was a lot of people anticipating that structurally higher inflation scenario. we had people talking about it throughout our series this week,. still thinking that that was the case.