Catalysts for Investors' Portfolio Strategies in the Late Cycle Environment

We're late cycle in a lot of these type of metrics, but what we haven't had is negative macro-mentome. So we need to just follow the data set with regards to growth and see if there's a new kind of negative momentum emerging. The big focus is, of course, the labor market and the consumer, which has been remarkably strong. And I think we start to see investors really think about hedges, think about their portfolio exposures - that debt ceiling is definitely another thing we're watch out for.