00:00Just a final word on what kinds of retaliation could come in terms of whether some of the risk haven
00:06aspect of bonds could be tested or whether this just supports it.
00:11You know, I think whether it's this risk around export license, I think this is just reinforcing policy uncertainty.
00:19And, you know, maybe this is a negotiating tool as we have trade deals or at least trade frameworks with
00:25a lot of our trading partners.
00:27Is this a way to say we stand behind the U.S. stands behind these trade deals?
00:31You should as well. You should ratify it, not freeze it.
00:35I mean, I would think that to your point, maybe this is the nuclear option.
00:39I mean, I think ultimately we think about businesses.
00:43And if you've held back on hiring because you're concerned about trade uncertainty, this is not making it better because,
00:49you know, I was listening on Friday.
00:50People said, well, peak tariff is behind us. Peak uncertainty is behind us.
00:54No, I think we're in a plateau of uncertainty and we're going to stay in one.
00:58And that's going to be a headwind for hiring as well as CapEx.
01:01So I think we just focus on fundamentals and the economy is resilient.
01:05But I don't see signs of any re-acceleration.
01:08And so the Fed should still continue to, over time, get rates closer to neutral, potentially accommodative territory.
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