The fact that AI has been a less interest rate sensitive theme could protect the market from potential disruptions to easing expectations, which could stem from upside risk to inflation.

And in my view, we're right at right near the bottom of what I would consider to be a credible ten year range for this cycle, which is between 4 and 4.8%. So from here, I actually think that we could see a little bit of pressure upward, not only because of potential concerns about fed independence, but because of the huge amount of fiscal spending that we still have on our plates.