From your vantage point. You agree that if 10
year yields start to rise. If people's longer term
inflation expectations and rate expectations rise, that will be
the game changer for risk assets. I think it
would, Lisa. That's one of the big reasons
why tech had the rally that it had earlier this
year is because of multiple expansion as the 10 year
yield was declining. I mean, I do agree
that the 10 year starts to rise. We're now
repricing the longer term inflation expectations. And fortunately in
the United States, you know what we've been recently
reprising is the growth expectations. That's what drove the
10 year yield from 3.4 to 3% 0.7%. But
to the extent that the 10 year starts to rise
because, you know, all of a sudden the
inflation expectations start to become more drenched, that would
certainly cause a problem for risk assets. And you
know, to kind of go back to the point
Lisa you were making about the UK CPI. I
mean, it is stunningly high. But I also
think it kind of showcases how the Fed has actually
done a good job of getting ahead of the curve
. Finally, I mean, if you look at
the UK, you've got the inflation rate at 8.7%
and their fed funds rate equivalent of 4.5%. Now
, that means that the rate is below the rate
of inflation, that's not the case anymore in the
United States and the fed at five out of four
or 5.5% that's over and above the core PC inflation
of 4.7%. So that to me, really sort
of demonstrates that the FED actually has finally done a
good job of getting ahead. And I think that
notion will give the FED the opportunity to pause over
time. And for investors global, you know,
seeking to allocate to global equities, that's why they're
going to continue to prioritize us equity.