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00:00Drew, I want to build on the rest of the equity market. It's not all about tech. We've seen a rebound as small caps, a bounce to the banks. The homebuilders saying the same thing with the airlines as well so far this month, Drew. Do you think the economic data in the months to come is going to back that up? I don't. I actually think that, you know, I think the labor market is in the process of weakening and will continue to weaken. I think a few Fed rate cuts because the economy is weakening is not usually a good thing. Right. What you want the Fed to be able to cut for is because productivity is accelerating and there's limited danger of inflation. And while we're not really so worried about the inflation story, even if we expect it to be a little high, the growth story just isn't that great. You know, who who actually are going to be buying these things? Who's going to be doing these things? Are people going to feel confident going out and spending? And I think the answer is increasingly that, you know, people are trying to find ways to cut back in order to basically, you know, pay for higher energy costs, for example, try to build on that. And I think this is so important. We often say this not all rate cuts are created equally. Some are because of a softer labor market, others because inflation is contained. And we certainly don't have the latter at the moment. So let's say on the format, if you believe that. What do you think the correlation is going to look like between stocks and bonds over the next quarter? I mean, I actually think that the long end of the curve is kind of stuck where it is, and any kind of cuts are going to come with a steeping. So, you know, it's going to be a bull steepening, but it's going to be a steepening. And but I do think the long end is pretty much locked where it is today. You know, maybe you get down to four, but, you know, by and large, I think ten year yields are going to be where they are right now, plus or -25 basis points.

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