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Single best idea. We'll be quick about it. David Seaf joined us with Murrah.

And we talked about the economics at hand, the economics of the moment. Here's David Seif on the view forward. I think this is an increasing

investor concern, and I would say a concern of mine as well, over the past couple of months. We've

seen, I'd say, really starting in April with sort of post-Liberation Day announcement and then,

you know, events in the UK, events in Japan. Red Sox Scott Bregman, yeah. Exactly. We've seen crisis happens. The back end sells off. The crisis then is resolved. And the back end doesn't come back. So the yield spikes. And then when the crisis is solved, it just sort of stays there. It doesn't get any worse. But we've seen this steady steepening of the curve. And it's not the good kind of steepening. It's not the kind of steepening where people are like, oh, you know, the economy is going to be growing better, and therefore longer, longer term rate should be or yield should be higher. It's the kind of steepening where people are like, uh-oh, I'm a little worried about what inflation is going to be like

globally. I'm a little worried about, you know, what the future holds in terms of risk, and

therefore I demand a higher risk premium for locking my money up, even with these very safe,

developed market economies, like in the U.S., UK, Japan.

...