What's the Biggest Risk to Fed Funds?

The biggest risk that we're thinking about is that the Fed pauses in Q1, which is our expectation. The labor market remains more resilient than we expect. And so my guess here is that we're going to see some sort of day of reckoning here sooner rather than later. How are you thinking about the potential for a default cycle this year? Wow. That's not our base case. But as Kay mentioned, we're always looking for clouds on the horizon.