Oil production was up a hundred thousand barrels a day. And when i talked to people in the energy patch, it ain't coming. I think one of the sort of still wildly under appreciated dynamics is this peak cheap energy view. The united states government cannot afford positive real rates. They need negative real rates, which means they need inflation well above their interest rate,. or else they will default on their obligations. These two king hongs in the corner are going to reverberate back and forth and drive secular inflation much higher over the next three to five years than most people believe it's possible at the moment.