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Hello and welcome to another episode of the Adlots podcast. I'm Joe Weisenthal.

And I'm Tracy Alloway.

Tracy, you know, one of the big things, big themes I think that has, especially in the last year,

pervaded our episodes. It's really just this idea of like the 40-year trend, more or less starting

in the early, vulgar years, years of declining rates, monetary policy dominant. And the question

now is, are we at some sort of turn in the direction of the economy? Some meaningful sustained

change in how we approach economic policy? Yeah, I guess the low rates aspect of it is still

up for debate. But certainly we have seen this talk of a handoff from monetary policy to fiscal

policy. There seems to be a lot more room in certainly the US political landscape to actually

talk about things that the government could do on this front in a way that got stamped out

much, much more quickly in earlier years, I think.

Yeah, I think that's exactly right. I mean, like we look back at this period and think so many of

these discussions, they really do come back to politics, political choices. And whether something

is in the air, something in the water, something fundamental shifting, such that we could sort of

break out of the old expectations about what government can and can't do, how much it can

really spend. And whether that will really produce a policy shift that would meaningfully

changing, maybe it would meaningfully result in higher rates, maybe result in higher inflation,

maybe result in higher sustained wages, fuller employment, so far, and so forth, all kinds of

questions like that. And so we seem to be at a moment where a lot of these questions, a lot of

...