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Is the Nominal Number More Important Than the Number?
The level of the spread is giving you a sort of inflationy or deflationary metric. It's also telling you, hey, g is the economy broadly kind of healthy, in working, or is the financial accelerator a risk? And then the the direction matters. Right now we're in this moment where spreads are wide and they're rising, and that's not a good general scenario for the economy. So i think that paying attention about the level and direction is really important.