Balance your trading strategy by adding futures. CME group helps you manage risk and capture opportunities in all market environments.

Capitalize on around the clock access to highly liquid global futures and options market across all major asset classes.

Just visit your online broker and get started.

Plug into valuable educational materials and trading tools and see what adding futures can do for you at cMEgroup.com slash on the tape.

IConnections is the largest membership only platform for the alternative investment industry.

Bringing together thousands of fund managers and allocators in one powerful hub.

IConnections re-images how the industry connects through its digital offerings and premier in-person events,

empowering allocators and managers to meet, build relationships, and do business anytime, anywhere.

To explore more about IConnections, its events, and gain access to the members-only platform, visit iConnections.io.

Welcome to the Risk Reversal podcast. I am Dan Nathan. That is Guy Adami. Guy. We got a guest here.

And I don't know how it happened, but he has not been on with us, I think, for two and a half years.

His name is Urian Timmer. He is the director of global macro research at Fidelity Investments. Uh, Yaron, welcome back to the podcast. Thank you. Nice to be here.

October 2020, if memory serves, and I will tell you, because I remember the conversation.

Urien was very constructive on things and it proved to be prescient and obviously

extraordinarily correct. October 2023 was when the 10-year hit 5%. And the S&P was down 10% because

when the risk-free rate goes to five, the stock market has to listen. So I remember that time very well.

I do. And I remember how, you know, I listen, you know, I was probably, and I remember this,

quite concerned. And I will say that you'd sort of talk me off the ledge. And the things you said

made a lot of sense. And they stayed with me from then until today. But a lot's

changed over that period of time. Specifically, the markets come a long way. And, you know, let's

start with the bond market because obviously with the Fed cutting rates, we just had a Fed meeting that

nothing came out of, which we didn't expect, which we did expect. We didn't expect that didn't

...