WEBVTT #Elemental Media Engine(TM) 2.17.1.0 00:00:02.435 --> 00:00:02.869 MORNING, 00:00:02.869 --> 00:00:03.403 MORNING, SCHWAB 00:00:03.403 --> 00:00:04.604 MORNING, SCHWAB ASSET 00:00:04.604 --> 00:00:04.938 MORNING, SCHWAB ASSET MANAGEMENT 00:00:04.938 --> 00:00:05.138 MORNING, SCHWAB ASSET MANAGEMENT CIO 00:00:05.138 --> 00:00:06.339 MORNING, SCHWAB ASSET MANAGEMENT CIO AND 00:00:06.339 --> 00:00:07.073 MORNING, SCHWAB ASSET MANAGEMENT CIO AND CEO 00:00:07.073 --> 00:00:07.340 MORNING, SCHWAB ASSET MANAGEMENT CIO AND CEO OMAR 00:00:07.340 --> 00:00:07.374 MORNING, SCHWAB ASSET MANAGEMENT CIO AND CEO OMAR AGUILLAR. 00:00:07.374 --> 00:00:07.474 CIO AND CEO OMAR AGUILLAR. 00:00:07.474 --> 00:00:07.607 CIO AND CEO OMAR AGUILLAR. DO 00:00:07.607 --> 00:00:07.774 CIO AND CEO OMAR AGUILLAR. DO YOU 00:00:07.774 --> 00:00:08.274 CIO AND CEO OMAR AGUILLAR. DO YOU CONSIDER 00:00:08.274 --> 00:00:08.775 CIO AND CEO OMAR AGUILLAR. DO YOU CONSIDER THIS 00:00:08.775 --> 00:00:08.808 CIO AND CEO OMAR AGUILLAR. DO YOU CONSIDER THIS MORNING'S 00:00:08.808 --> 00:00:08.975 DO YOU CONSIDER THIS MORNING'S 00:00:08.975 --> 00:00:09.309 DO YOU CONSIDER THIS MORNING'S NUMBER 00:00:09.309 --> 00:00:09.909 DO YOU CONSIDER THIS MORNING'S NUMBER SORT 00:00:09.909 --> 00:00:10.143 DO YOU CONSIDER THIS MORNING'S NUMBER SORT OF 00:00:10.143 --> 00:00:10.443 DO YOU CONSIDER THIS MORNING'S NUMBER SORT OF A 00:00:10.443 --> 00:00:11.244 DO YOU CONSIDER THIS MORNING'S NUMBER SORT OF A PUSH 00:00:11.244 --> 00:00:11.678 DO YOU CONSIDER THIS MORNING'S NUMBER SORT OF A PUSH OR 00:00:11.678 --> 00:00:11.845 DO YOU CONSIDER THIS MORNING'S NUMBER SORT OF A PUSH OR SOME 00:00:11.845 --> 00:00:13.113 NUMBER SORT OF A PUSH OR SOME 00:00:13.113 --> 00:00:13.446 NUMBER SORT OF A PUSH OR SOME MARGINAL 00:00:13.446 --> 00:00:13.546 NUMBER SORT OF A PUSH OR SOME MARGINAL IMPROVEMENT 00:00:13.546 --> 00:00:14.180 NUMBER SORT OF A PUSH OR SOME MARGINAL IMPROVEMENT IN 00:00:14.180 --> 00:00:14.481 NUMBER SORT OF A PUSH OR SOME MARGINAL IMPROVEMENT IN THE 00:00:14.481 --> 00:00:14.681 MARGINAL IMPROVEMENT IN THE 00:00:14.681 --> 00:00:14.714 MARGINAL IMPROVEMENT IN THE PICTURE? 00:00:14.714 --> 00:00:14.914 PICTURE? 00:00:14.914 --> 00:00:15.482 PICTURE? >> 00:00:15.482 --> 00:00:15.815 PICTURE? >> WELL, 00:00:15.815 --> 00:00:16.182 PICTURE? >> WELL, IT'S 00:00:16.182 --> 00:00:16.483 PICTURE? >> WELL, IT'S CERTAINLY 00:00:16.483 --> 00:00:16.750 PICTURE? >> WELL, IT'S CERTAINLY MORE 00:00:16.750 --> 00:00:16.950 PICTURE? >> WELL, IT'S CERTAINLY MORE OF 00:00:16.950 --> 00:00:17.017 >> WELL, IT'S CERTAINLY MORE OF 00:00:17.017 --> 00:00:17.250 >> WELL, IT'S CERTAINLY MORE OF A 00:00:17.250 --> 00:00:17.650 >> WELL, IT'S CERTAINLY MORE OF A PUSH 00:00:17.650 --> 00:00:18.685 >> WELL, IT'S CERTAINLY MORE OF A PUSH AND 00:00:18.685 --> 00:00:19.019 >> WELL, IT'S CERTAINLY MORE OF A PUSH AND CERTAINLY 00:00:19.019 --> 00:00:19.119 >> WELL, IT'S CERTAINLY MORE OF A PUSH AND CERTAINLY MORE 00:00:19.119 --> 00:00:19.686 >> WELL, IT'S CERTAINLY MORE OF A PUSH AND CERTAINLY MORE OF 00:00:19.686 --> 00:00:19.719 >> WELL, IT'S CERTAINLY MORE OF A PUSH AND CERTAINLY MORE OF A 00:00:19.719 --> 00:00:20.420 A PUSH AND CERTAINLY MORE OF A 00:00:20.420 --> 00:00:20.653 A PUSH AND CERTAINLY MORE OF A TIE 00:00:20.653 --> 00:00:22.022 A PUSH AND CERTAINLY MORE OF A TIE BETWEEN 00:00:22.022 --> 00:00:22.322 A PUSH AND CERTAINLY MORE OF A TIE BETWEEN THE 00:00:22.322 --> 00:00:22.756 A PUSH AND CERTAINLY MORE OF A TIE BETWEEN THE DOVISH 00:00:22.756 --> 00:00:22.789 A PUSH AND CERTAINLY MORE OF A TIE BETWEEN THE DOVISH AND 00:00:22.789 --> 00:00:23.023 TIE BETWEEN THE DOVISH AND 00:00:23.023 --> 00:00:23.223 TIE BETWEEN THE DOVISH AND HAWKISH 00:00:23.223 --> 00:00:23.423 TIE BETWEEN THE DOVISH AND HAWKISH VIEWS 00:00:23.423 --> 00:00:23.590 TIE BETWEEN THE DOVISH AND HAWKISH VIEWS OF 00:00:23.590 --> 00:00:23.890 TIE BETWEEN THE DOVISH AND HAWKISH VIEWS OF THE 00:00:23.890 --> 00:00:24.257 TIE BETWEEN THE DOVISH AND HAWKISH VIEWS OF THE MARKET 00:00:24.257 --> 00:00:24.424 HAWKISH VIEWS OF THE MARKET 00:00:24.424 --> 00:00:24.457 HAWKISH VIEWS OF THE MARKET TODAY. 00:00:24.457 --> 00:00:24.557 TODAY. 00:00:24.557 --> 00:00:24.991 TODAY. YOU 00:00:24.991 --> 00:00:25.191 TODAY. YOU CAN 00:00:25.191 --> 00:00:25.325 TODAY. YOU CAN BASICALLY 00:00:25.325 --> 00:00:25.492 TODAY. YOU CAN BASICALLY TAKE 00:00:25.492 --> 00:00:25.625 TODAY. YOU CAN BASICALLY TAKE ANY 00:00:25.625 --> 00:00:25.792 TODAY. YOU CAN BASICALLY TAKE ANY SIDE 00:00:25.792 --> 00:00:25.892 YOU CAN BASICALLY TAKE ANY SIDE 00:00:25.892 --> 00:00:25.992 YOU CAN BASICALLY TAKE ANY SIDE AND 00:00:25.992 --> 00:00:26.259 YOU CAN BASICALLY TAKE ANY SIDE AND LOOK 00:00:26.259 --> 00:00:26.626 YOU CAN BASICALLY TAKE ANY SIDE AND LOOK AT 00:00:26.626 --> 00:00:26.793 YOU CAN BASICALLY TAKE ANY SIDE AND LOOK AT THIS 00:00:26.793 --> 00:00:27.394 YOU CAN BASICALLY TAKE ANY SIDE AND LOOK AT THIS REPORT 00:00:27.394 --> 00:00:27.427 YOU CAN BASICALLY TAKE ANY SIDE AND LOOK AT THIS REPORT TO 00:00:27.427 --> 00:00:27.694 AND LOOK AT THIS REPORT TO 00:00:27.694 --> 00:00:28.028 AND LOOK AT THIS REPORT TO CONFIRM 00:00:28.028 --> 00:00:28.328 AND LOOK AT THIS REPORT TO CONFIRM YOUR 00:00:28.328 --> 00:00:28.561 AND LOOK AT THIS REPORT TO CONFIRM YOUR VIEWS 00:00:28.561 --> 00:00:28.795 AND LOOK AT THIS REPORT TO CONFIRM YOUR VIEWS ONE 00:00:28.795 --> 00:00:28.928 AND LOOK AT THIS REPORT TO CONFIRM YOUR VIEWS ONE WAY 00:00:28.928 --> 00:00:29.262 AND LOOK AT THIS REPORT TO CONFIRM YOUR VIEWS ONE WAY OR 00:00:29.262 --> 00:00:29.596 CONFIRM YOUR VIEWS ONE WAY OR 00:00:29.596 --> 00:00:29.629 CONFIRM YOUR VIEWS ONE WAY OR ANOTHER. 00:00:29.629 --> 00:00:30.530 ANOTHER. 00:00:30.530 --> 00:00:30.597 ANOTHER. ON 00:00:30.597 --> 00:00:30.864 ANOTHER. ON THE 00:00:30.864 --> 00:00:31.097 ANOTHER. ON THE ONE 00:00:31.097 --> 00:00:31.464 ANOTHER. ON THE ONE HAND, 00:00:31.464 --> 00:00:32.065 ANOTHER. ON THE ONE HAND, THE 00:00:32.065 --> 00:00:32.232 ANOTHER. ON THE ONE HAND, THE REPORT 00:00:32.232 --> 00:00:32.699 ON THE ONE HAND, THE REPORT 00:00:32.699 --> 00:00:33.166 ON THE ONE HAND, THE REPORT SUGGESTS 00:00:33.166 --> 00:00:33.333 ON THE ONE HAND, THE REPORT SUGGESTS THAT 00:00:33.333 --> 00:00:34.801 ON THE ONE HAND, THE REPORT SUGGESTS THAT INFLATION 00:00:34.801 --> 00:00:35.135 ON THE ONE HAND, THE REPORT SUGGESTS THAT INFLATION IS 00:00:35.135 --> 00:00:35.168 ON THE ONE HAND, THE REPORT SUGGESTS THAT INFLATION IS STILL 00:00:35.168 --> 00:00:35.301 SUGGESTS THAT INFLATION IS STILL 00:00:35.301 --> 00:00:35.769 SUGGESTS THAT INFLATION IS STILL HIGH, 00:00:35.769 --> 00:00:36.202 SUGGESTS THAT INFLATION IS STILL HIGH, AND, 00:00:36.202 --> 00:00:36.469 SUGGESTS THAT INFLATION IS STILL HIGH, AND, THEREFORE, 00:00:36.469 --> 00:00:36.703 SUGGESTS THAT INFLATION IS STILL HIGH, AND, THEREFORE, THAT 00:00:36.703 --> 00:00:36.736 SUGGESTS THAT INFLATION IS STILL HIGH, AND, THEREFORE, THAT GIVES 00:00:36.736 --> 00:00:36.936 HIGH, AND, THEREFORE, THAT GIVES 00:00:36.936 --> 00:00:37.170 HIGH, AND, THEREFORE, THAT GIVES THE 00:00:37.170 --> 00:00:37.437 HIGH, AND, THEREFORE, THAT GIVES THE FED 00:00:37.437 --> 00:00:37.670 HIGH, AND, THEREFORE, THAT GIVES THE FED AND 00:00:37.670 --> 00:00:38.304 HIGH, AND, THEREFORE, THAT GIVES THE FED AND ALL 00:00:38.304 --> 00:00:38.538 HIGH, AND, THEREFORE, THAT GIVES THE FED AND ALL FED 00:00:38.538 --> 00:00:38.705 HIGH, AND, THEREFORE, THAT GIVES THE FED AND ALL FED OFFICIALS 00:00:38.705 --> 00:00:42.075 THE FED AND ALL FED OFFICIALS 00:00:42.075 --> 00:00:42.108 THE FED AND ALL FED OFFICIALS MORE 00:00:42.108 --> 00:00:42.242 THE FED AND ALL FED OFFICIALS MORE AM 00:00:42.242 --> 00:00:42.275 THE FED AND ALL FED OFFICIALS MORE AM NATION 00:00:42.275 --> 00:00:42.475 THE FED AND ALL FED OFFICIALS MORE AM NATION TO 00:00:42.475 --> 00:00:43.243 THE FED AND ALL FED OFFICIALS MORE AM NATION TO CONTINU 00:00:43.243 --> 00:00:43.276 THE FED AND ALL FED OFFICIALS MORE AM NATION TMUNITION 00:00:43.276 --> 00:00:43.443 THE FED AND ALL FED OFFICIALS MORE AM NATION TMUNITION TO 00:00:43.443 --> 00:00:43.510 THE FED AND ALL FED OFFICIALS MORE AM NATION TMUNITION TO CON 00:00:43.510 --> 00:00:43.543 THE FED AND ALL FED OFFICIALS MORE AM NATION TMUNITION TO CONS 00:00:43.543 --> 00:00:43.710 MORE AM NATION TMUNITION TO CONS 00:00:43.710 --> 00:00:43.843 MORE AM NATION TMUNITION TO CONS HIKING 00:00:43.843 --> 00:00:43.877 MORE AM NATION TMUNITION TO CONS HIKING PATH. 00:00:43.877 --> 00:00:45.245 HIKING PATH. 00:00:45.245 --> 00:00:45.311 HIKING PATH. ON 00:00:45.311 --> 00:00:45.412 HIKING PATH. ON THE 00:00:45.412 --> 00:00:45.812 HIKING PATH. ON THE OTHER 00:00:45.812 --> 00:00:46.279 HIKING PATH. ON THE OTHER HAND, 00:00:46.279 --> 00:00:46.513 HIKING PATH. ON THE OTHER HAND, YOU'LL 00:00:46.513 --> 00:00:46.679 HIKING PATH. ON THE OTHER HAND, YOU'LL SAY 00:00:46.679 --> 00:00:46.780 ON THE OTHER HAND, YOU'LL SAY 00:00:46.780 --> 00:00:46.946 ON THE OTHER HAND, YOU'LL SAY THE 00:00:46.946 --> 00:00:47.047 ON THE OTHER HAND, YOU'LL SAY THE LONG-TERM 00:00:47.047 --> 00:00:47.280 ON THE OTHER HAND, YOU'LL SAY THE LONG-TERM TREND 00:00:47.280 --> 00:00:47.647 ON THE OTHER HAND, YOU'LL SAY THE LONG-TERM TREND ON 00:00:47.647 --> 00:00:47.680 ON THE OTHER HAND, YOU'LL SAY THE LONG-TERM TREND ON INFLATION 00:00:47.680 --> 00:00:47.947 THE LONG-TERM TREND ON INFLATION 00:00:47.947 --> 00:00:48.048 THE LONG-TERM TREND ON INFLATION IS 00:00:48.048 --> 00:00:48.348 THE LONG-TERM TREND ON INFLATION IS COMING 00:00:48.348 --> 00:00:48.581 THE LONG-TERM TREND ON INFLATION IS COMING DOWN 00:00:48.581 --> 00:00:49.015 THE LONG-TERM TREND ON INFLATION IS COMING DOWN AND, 00:00:49.015 --> 00:00:49.049 THE LONG-TERM TREND ON INFLATION IS COMING DOWN AND, THEREFORE, 00:00:49.049 --> 00:00:49.516 IS COMING DOWN AND, THEREFORE, 00:00:49.516 --> 00:00:49.783 IS COMING DOWN AND, THEREFORE, THE 00:00:49.783 --> 00:00:49.983 IS COMING DOWN AND, THEREFORE, THE POSSIBILITY 00:00:49.983 --> 00:00:50.083 IS COMING DOWN AND, THEREFORE, THE POSSIBILITY THAT 00:00:50.083 --> 00:00:50.450 IS COMING DOWN AND, THEREFORE, THE POSSIBILITY THAT THE 00:00:50.450 --> 00:00:50.483 IS COMING DOWN AND, THEREFORE, THE POSSIBILITY THAT THE ECONOMY 00:00:50.483 --> 00:00:50.617 THE POSSIBILITY THAT THE ECONOMY 00:00:50.617 --> 00:00:50.683 THE POSSIBILITY THAT THE ECONOMY WILL 00:00:50.683 --> 00:00:51.184 THE POSSIBILITY THAT THE ECONOMY WILL STAY 00:00:51.184 --> 00:00:51.317 THE POSSIBILITY THAT THE ECONOMY WILL STAY IN 00:00:51.317 --> 00:00:51.785 THE POSSIBILITY THAT THE ECONOMY WILL STAY IN A 00:00:51.785 --> 00:00:51.918 THE POSSIBILITY THAT THE ECONOMY WILL STAY IN A SOFT 00:00:51.918 --> 00:00:52.352 THE POSSIBILITY THAT THE ECONOMY WILL STAY IN A SOFT LANDING 00:00:52.352 --> 00:00:52.385 THE POSSIBILITY THAT THE ECONOMY WILL STAY IN A SOFT LANDING WILL 00:00:52.385 --> 00:00:52.852 WILL STAY IN A SOFT LANDING WILL 00:00:52.852 --> 00:00:53.019 WILL STAY IN A SOFT LANDING WILL PROBABLY 00:00:53.019 --> 00:00:53.253 WILL STAY IN A SOFT LANDING WILL PROBABLY BE 00:00:53.253 --> 00:00:53.553 WILL STAY IN A SOFT LANDING WILL PROBABLY BE THE 00:00:53.553 --> 00:00:54.120 WILL STAY IN A SOFT LANDING WILL PROBABLY BE THE BEST 00:00:54.120 --> 00:00:54.154 WILL STAY IN A SOFT LANDING WILL PROBABLY BE THE BEST CASED 00:00:54.154 --> 00:00:54.354 PROBABLY BE THE BEST CASED 00:00:54.354 --> 00:00:54.387 PROBABLY BE THE BEST CASED SCENARIO 00:00:54.387 --> 00:00:54.487 SCENARIO 00:00:54.487 --> 00:00:55.121 SCENARIO YOU 00:00:55.121 --> 00:00:55.288 SCENARIO YOU CAN 00:00:55.288 --> 00:00:55.455 SCENARIO YOU CAN BASICALLY 00:00:55.455 --> 00:00:55.855 SCENARIO YOU CAN BASICALLY PLAY 00:00:55.855 --> 00:00:56.189 SCENARIO YOU CAN BASICALLY PLAY BOTH 00:00:56.189 --> 00:00:56.356 YOU CAN BASICALLY PLAY BOTH 00:00:56.356 --> 00:00:56.389 YOU CAN BASICALLY PLAY BOTH SIDES. 00:00:56.389 --> 00:00:56.489 SIDES. 00:00:56.489 --> 00:00:56.556 SIDES. >> 00:00:56.556 --> 00:00:56.689 SIDES. >> ARE 00:00:56.689 --> 00:00:57.090 SIDES. >> ARE YOU 00:00:57.090 --> 00:00:57.524 SIDES. >> ARE YOU A 00:00:57.524 --> 00:00:57.791 SIDES. >> ARE YOU A PROPONENT 00:00:57.791 --> 00:00:58.324 SIDES. >> ARE YOU A PROPONENT OR 00:00:58.324 --> 00:00:58.491 SIDES. >> ARE YOU A PROPONENT OR A 00:00:58.491 --> 00:00:58.691 >> ARE YOU A PROPONENT OR A 00:00:58.691 --> 00:00:58.825 >> ARE YOU A PROPONENT OR A FOLLOWER 00:00:58.825 --> 00:00:58.925 >> ARE YOU A PROPONENT OR A FOLLOWER OF 00:00:58.925 --> 00:00:59.059 >> ARE YOU A PROPONENT OR A FOLLOWER OF THIS 00:00:59.059 --> 00:00:59.492 >> ARE YOU A PROPONENT OR A FOLLOWER OF THIS VIEW 00:00:59.492 --> 00:00:59.526 >> ARE YOU A PROPONENT OR A FOLLOWER OF THIS VIEW THAT 00:00:59.526 --> 00:00:59.692 FOLLOWER OF THIS VIEW THAT 00:00:59.692 --> 00:00:59.993 FOLLOWER OF THIS VIEW THAT GETTING 00:00:59.993 --> 00:01:00.460 FOLLOWER OF THIS VIEW THAT GETTING TO 00:01:00.460 --> 00:01:00.960 FOLLOWER OF THIS VIEW THAT GETTING TO FOUR, 00:01:00.960 --> 00:01:01.194 FOLLOWER OF THIS VIEW THAT GETTING TO FOUR, LET'S 00:01:01.194 --> 00:01:01.261 FOLLOWER OF THIS VIEW THAT GETTING TO FOUR, LET'S SAY, 00:01:01.261 --> 00:01:01.361 FOLLOWER OF THIS VIEW THAT GETTING TO FOUR, LET'S SAY, CAN 00:01:01.361 --> 00:01:01.494 GETTING TO FOUR, LET'S SAY, CAN 00:01:01.494 --> 00:01:02.729 GETTING TO FOUR, LET'S SAY, CAN BE 00:01:02.729 --> 00:01:03.196 GETTING TO FOUR, LET'S SAY, CAN BE DONE 00:01:03.196 --> 00:01:03.396 GETTING TO FOUR, LET'S SAY, CAN BE DONE BUT 00:01:03.396 --> 00:01:04.264 GETTING TO FOUR, LET'S SAY, CAN BE DONE BUT GETTING 00:01:04.264 --> 00:01:04.497 GETTING TO FOUR, LET'S SAY, CAN BE DONE BUT GETTING TO 00:01:04.497 --> 00:01:04.731 GETTING TO FOUR, LET'S SAY, CAN BE DONE BUT GETTING TO TWO 00:01:04.731 --> 00:01:04.898 GETTING TO FOUR, LET'S SAY, CAN BE DONE BUT GETTING TO TWO WILL 00:01:04.898 --> 00:01:04.998 BE DONE BUT GETTING TO TWO WILL 00:01:04.998 --> 00:01:05.398 BE DONE BUT GETTING TO TWO WILL BE 00:01:05.398 --> 00:01:05.532 BE DONE BUT GETTING TO TWO WILL BE A 00:01:05.532 --> 00:01:05.799 BE DONE BUT GETTING TO TWO WILL BE A MULTIPLE 00:01:05.799 --> 00:01:07.067 BE DONE BUT GETTING TO TWO WILL BE A MULTIPLE IN 00:01:07.067 --> 00:01:07.467 BE DONE BUT GETTING TO TWO WILL BE A MULTIPLE IN TERMS 00:01:07.467 --> 00:01:07.967 BE DONE BUT GETTING TO TWO WILL BE A MULTIPLE IN TERMS OF 00:01:07.967 --> 00:01:08.268 BE A MULTIPLE IN TERMS OF 00:01:08.268 --> 00:01:08.301 BE A MULTIPLE IN TERMS OF DIFFICULTY 00:01:08.301 --> 00:01:08.535 DIFFICULTY 00:01:08.535 --> 00:01:08.768 DIFFICULTY IF 00:01:08.768 --> 00:01:08.902 DIFFICULTY IF SO, 00:01:08.902 --> 00:01:09.035 DIFFICULTY IF SO, DOES 00:01:09.035 --> 00:01:09.202 DIFFICULTY IF SO, DOES THE 00:01:09.202 --> 00:01:09.736 DIFFICULTY IF SO, DOES THE MARKET 00:01:09.736 --> 00:01:10.003 DIFFICULTY IF SO, DOES THE MARKET HAVE 00:01:10.003 --> 00:01:10.170 DIFFICULTY IF SO, DOES THE MARKET HAVE A 00:01:10.170 --> 00:01:10.336 IF SO, DOES THE MARKET HAVE A 00:01:10.336 --> 00:01:10.603 IF SO, DOES THE MARKET HAVE A MOMENT 00:01:10.603 --> 00:01:10.904 IF SO, DOES THE MARKET HAVE A MOMENT OF 00:01:10.904 --> 00:01:11.071 IF SO, DOES THE MARKET HAVE A MOMENT OF CLARITY 00:01:11.071 --> 00:01:11.204 IF SO, DOES THE MARKET HAVE A MOMENT OF CLARITY WHEN 00:01:11.204 --> 00:01:11.638 IF SO, DOES THE MARKET HAVE A MOMENT OF CLARITY WHEN THEY 00:01:11.638 --> 00:01:11.671 IF SO, DOES THE MARKET HAVE A MOMENT OF CLARITY WHEN THEY COME 00:01:11.671 --> 00:01:11.771 MOMENT OF CLARITY WHEN THEY COME 00:01:11.771 --> 00:01:12.105 MOMENT OF CLARITY WHEN THEY COME TO 00:01:12.105 --> 00:01:12.305 MOMENT OF CLARITY WHEN THEY COME TO THE 00:01:12.305 --> 00:01:12.505 MOMENT OF CLARITY WHEN THEY COME TO THE REALIZATION 00:01:12.505 --> 00:01:13.073 MOMENT OF CLARITY WHEN THEY COME TO THE REALIZATION THAT 00:01:13.073 --> 00:01:13.206 MOMENT OF CLARITY WHEN THEY COME TO THE REALIZATION THAT THAT 00:01:13.206 --> 00:01:13.239 MOMENT OF CLARITY WHEN THEY COME TO THE REALIZATION THAT THAT MAY 00:01:13.239 --> 00:01:13.373 TO THE REALIZATION THAT THAT MAY 00:01:13.373 --> 00:01:13.606 TO THE REALIZATION THAT THAT MAY BE 00:01:13.606 --> 00:01:14.007 TO THE REALIZATION THAT THAT MAY BE THE 00:01:14.007 --> 00:01:14.040 TO THE REALIZATION THAT THAT MAY BE THE CASE? 00:01:14.040 --> 00:01:14.140 BE THE CASE? 00:01:14.140 --> 00:01:14.407 BE THE CASE? >> 00:01:14.407 --> 00:01:14.574 BE THE CASE? >> WE 00:01:14.574 --> 00:01:15.041 BE THE CASE? >> WE HAVE 00:01:15.041 --> 00:01:15.275 BE THE CASE? >> WE HAVE SEVERAL 00:01:15.275 --> 00:01:15.809 BE THE CASE? >> WE HAVE SEVERAL FORCES 00:01:15.809 --> 00:01:15.842 BE THE CASE? >> WE HAVE SEVERAL FORCES ON 00:01:15.842 --> 00:01:15.975 >> WE HAVE SEVERAL FORCES ON 00:01:15.975 --> 00:01:16.376 >> WE HAVE SEVERAL FORCES ON THIS, 00:01:16.376 --> 00:01:16.409 >> WE HAVE SEVERAL FORCES ON THIS, CARL 00:01:16.409 --> 00:01:16.509 THIS, CARL 00:01:16.509 --> 00:01:16.709 THIS, CARL ON 00:01:16.709 --> 00:01:16.943 THIS, CARL ON ONE 00:01:16.943 --> 00:01:17.177 THIS, CARL ON ONE HAND 00:01:17.177 --> 00:01:17.610 THIS, CARL ON ONE HAND WE 00:01:17.610 --> 00:01:17.710 THIS, CARL ON ONE HAND WE HAVE 00:01:17.710 --> 00:01:18.511 THIS, CARL ON ONE HAND WE HAVE THE 00:01:18.511 --> 00:01:18.545 THIS, CARL ON ONE HAND WE HAVE THE MARKET 00:01:18.545 --> 00:01:18.745 ON ONE HAND WE HAVE THE MARKET 00:01:18.745 --> 00:01:19.946 ON ONE HAND WE HAVE THE MARKET DYNAMICS 00:01:19.946 --> 00:01:20.180 ON ONE HAND WE HAVE THE MARKET DYNAMICS THAT 00:01:20.180 --> 00:01:20.346 ON ONE HAND WE HAVE THE MARKET DYNAMICS THAT BASICALLY 00:01:20.346 --> 00:01:20.513 ON ONE HAND WE HAVE THE MARKET DYNAMICS THAT BASICALLY TELLS 00:01:20.513 --> 00:01:20.647 DYNAMICS THAT BASICALLY TELLS 00:01:20.647 --> 00:01:20.847 DYNAMICS THAT BASICALLY TELLS THEM 00:01:20.847 --> 00:01:21.047 DYNAMICS THAT BASICALLY TELLS THEM THE 00:01:21.047 --> 00:01:21.614 DYNAMICS THAT BASICALLY TELLS THEM THE EQUITY 00:01:21.614 --> 00:01:22.916 DYNAMICS THAT BASICALLY TELLS THEM THE EQUITY MARKET, 00:01:22.916 --> 00:01:23.049 DYNAMICS THAT BASICALLY TELLS THEM THE EQUITY MARKET, THEY'RE 00:01:23.049 --> 00:01:23.450 THEM THE EQUITY MARKET, THEY'RE 00:01:23.450 --> 00:01:23.583 THEM THE EQUITY MARKET, THEY'RE BASICALLY 00:01:23.583 --> 00:01:24.150 THEM THE EQUITY MARKET, THEY'RE BASICALLY GIVING 00:01:24.150 --> 00:01:24.517 THEM THE EQUITY MARKET, THEY'RE BASICALLY GIVING ONE 00:01:24.517 --> 00:01:24.684 THEM THE EQUITY MARKET, THEY'RE BASICALLY GIVING ONE PARTICULAR 00:01:24.684 --> 00:01:24.851 BASICALLY GIVING ONE PARTICULAR 00:01:24.851 --> 00:01:25.118 BASICALLY GIVING ONE PARTICULAR VIEW 00:01:25.118 --> 00:01:25.218 BASICALLY GIVING ONE PARTICULAR VIEW OF 00:01:25.218 --> 00:01:25.418 BASICALLY GIVING ONE PARTICULAR VIEW OF WHAT 00:01:25.418 --> 00:01:25.852 BASICALLY GIVING ONE PARTICULAR VIEW OF WHAT THESE 00:01:25.852 --> 00:01:26.086 BASICALLY GIVING ONE PARTICULAR VIEW OF WHAT THESE MIGHT 00:01:26.086 --> 00:01:26.119 BASICALLY GIVING ONE PARTICULAR VIEW OF WHAT THESE MIGHT LOOK. 00:01:26.119 --> 00:01:26.252 VIEW OF WHAT THESE MIGHT LOOK. 00:01:26.252 --> 00:01:27.087 VIEW OF WHAT THESE MIGHT LOOK. WHAT 00:01:27.087 --> 00:01:27.287 VIEW OF WHAT THESE MIGHT LOOK. WHAT THAT 00:01:27.287 --> 00:01:27.654 VIEW OF WHAT THESE MIGHT LOOK. WHAT THAT BASICALLY 00:01:27.654 --> 00:01:28.221 VIEW OF WHAT THESE MIGHT LOOK. WHAT THAT BASICALLY TELLS 00:01:28.221 --> 00:01:28.421 VIEW OF WHAT THESE MIGHT LOOK. WHAT THAT BASICALLY TELLS US 00:01:28.421 --> 00:01:28.588 VIEW OF WHAT THESE MIGHT LOOK. WHAT THAT BASICALLY TELLS US IS 00:01:28.588 --> 00:01:28.688 WHAT THAT BASICALLY TELLS US IS 00:01:28.688 --> 00:01:28.888 WHAT THAT BASICALLY TELLS US IS IT 00:01:28.888 --> 00:01:29.289 WHAT THAT BASICALLY TELLS US IS IT PROBABLY 00:01:29.289 --> 00:01:29.456 WHAT THAT BASICALLY TELLS US IS IT PROBABLY THINKS 00:01:29.456 --> 00:01:29.556 WHAT THAT BASICALLY TELLS US IS IT PROBABLY THINKS THAT 00:01:29.556 --> 00:01:29.956 WHAT THAT BASICALLY TELLS US IS IT PROBABLY THINKS THAT THE 00:01:29.956 --> 00:01:30.223 IT PROBABLY THINKS THAT THE 00:01:30.223 --> 00:01:30.390 IT PROBABLY THINKS THAT THE RATE, 00:01:30.390 --> 00:01:30.590 IT PROBABLY THINKS THAT THE RATE, WE'RE 00:01:30.590 --> 00:01:30.790 IT PROBABLY THINKS THAT THE RATE, WE'RE GOING 00:01:30.790 --> 00:01:31.057 IT PROBABLY THINKS THAT THE RATE, WE'RE GOING TO 00:01:31.057 --> 00:01:31.391 IT PROBABLY THINKS THAT THE RATE, WE'RE GOING TO GET 00:01:31.391 --> 00:01:31.791 IT PROBABLY THINKS THAT THE RATE, WE'RE GOING TO GET TO 00:01:31.791 --> 00:01:31.825 IT PROBABLY THINKS THAT THE RATE, WE'RE GOING TO GET TO THAT 00:01:31.825 --> 00:01:32.158 RATE, WE'RE GOING TO GET TO THAT 00:01:32.158 --> 00:01:33.059 RATE, WE'RE GOING TO GET TO THAT 2% 00:01:33.059 --> 00:01:33.093 RATE, WE'RE GOING TO GET TO THAT 2% FASTER. 00:01:33.093 --> 00:01:33.293 2% FASTER. 00:01:33.293 --> 00:01:34.127 2% FASTER. CERTAINLY 00:01:34.127 --> 00:01:34.294 2% FASTER. CERTAINLY THE 00:01:34.294 --> 00:01:34.627 2% FASTER. CERTAINLY THE EQUITY 00:01:34.627 --> 00:01:34.661 2% FASTER. CERTAINLY THE EQUITY MARKETS 00:01:34.661 --> 00:01:34.794 CERTAINLY THE EQUITY MARKETS 00:01:34.794 --> 00:01:34.828 CERTAINLY THE EQUITY MARKETS SEEM 00:01:34.828 --> 00:01:35.395 CERTAINLY THE EQUITY MARKETS SEEM TO 00:01:35.395 --> 00:01:35.495 CERTAINLY THE EQUITY MARKETS SEEM TO BE 00:01:35.495 --> 00:01:35.695 CERTAINLY THE EQUITY MARKETS SEEM TO BE FAIRLY 00:01:35.695 --> 00:01:35.962 CERTAINLY THE EQUITY MARKETS SEEM TO BE FAIRLY OPTIMISTIC 00:01:35.962 --> 00:01:36.129 CERTAINLY THE EQUITY MARKETS SEEM TO BE FAIRLY OPTIMISTIC AT 00:01:36.129 --> 00:01:36.262 SEEM TO BE FAIRLY OPTIMISTIC AT 00:01:36.262 --> 00:01:36.763 SEEM TO BE FAIRLY OPTIMISTIC AT LEAST 00:01:36.763 --> 00:01:36.896 SEEM TO BE FAIRLY OPTIMISTIC AT LEAST UP 00:01:36.896 --> 00:01:37.163 SEEM TO BE FAIRLY OPTIMISTIC AT LEAST UP UNTIL 00:01:37.163 --> 00:01:37.664 SEEM TO BE FAIRLY OPTIMISTIC AT LEAST UP UNTIL YESTERDAY 00:01:37.664 --> 00:01:37.831 SEEM TO BE FAIRLY OPTIMISTIC AT LEAST UP UNTIL YESTERDAY THAT 00:01:37.831 --> 00:01:38.031 LEAST UP UNTIL YESTERDAY THAT 00:01:38.031 --> 00:01:38.398 LEAST UP UNTIL YESTERDAY THAT BASICALLY 00:01:38.398 --> 00:01:38.765 LEAST UP UNTIL YESTERDAY THAT BASICALLY THINK, 00:01:38.765 --> 00:01:38.965 LEAST UP UNTIL YESTERDAY THAT BASICALLY THINK, YES, 00:01:38.965 --> 00:01:39.199 LEAST UP UNTIL YESTERDAY THAT BASICALLY THINK, YES, WE'LL 00:01:39.199 --> 00:01:39.232 LEAST UP UNTIL YESTERDAY THAT BASICALLY THINK, YES, WE'LL BE 00:01:39.232 --> 00:01:39.332 BASICALLY THINK, YES, WE'LL BE 00:01:39.332 --> 00:01:39.399 BASICALLY THINK, YES, WE'LL BE IN 00:01:39.399 --> 00:01:39.766 BASICALLY THINK, YES, WE'LL BE IN THE 00:01:39.766 --> 00:01:40.033 BASICALLY THINK, YES, WE'LL BE IN THE SOFT 00:01:40.033 --> 00:01:40.266 BASICALLY THINK, YES, WE'LL BE IN THE SOFT LANDING 00:01:40.266 --> 00:01:40.533 BASICALLY THINK, YES, WE'LL BE IN THE SOFT LANDING OR 00:01:40.533 --> 00:01:40.700 BASICALLY THINK, YES, WE'LL BE IN THE SOFT LANDING OR NO 00:01:40.700 --> 00:01:40.867 IN THE SOFT LANDING OR NO 00:01:40.867 --> 00:01:42.268 IN THE SOFT LANDING OR NO LANDING 00:01:42.268 --> 00:01:42.302 IN THE SOFT LANDING OR NO LANDING SCENARIO 00:01:42.302 --> 00:01:42.402 LANDING SCENARIO 00:01:42.402 --> 00:01:42.469 LANDING SCENARIO ON 00:01:42.469 --> 00:01:42.569 LANDING SCENARIO ON THE 00:01:42.569 --> 00:01:42.669 LANDING SCENARIO ON THE OTHER 00:01:42.669 --> 00:01:42.836 LANDING SCENARIO ON THE OTHER HAND 00:01:42.836 --> 00:01:43.136 LANDING SCENARIO ON THE OTHER HAND YOU 00:01:43.136 --> 00:01:43.269 LANDING SCENARIO ON THE OTHER HAND YOU HAVE 00:01:43.269 --> 00:01:43.303 LANDING SCENARIO ON THE OTHER HAND YOU HAVE THE 00:01:43.303 --> 00:01:43.436 ON THE OTHER HAND YOU HAVE THE 00:01:43.436 --> 00:01:43.536 ON THE OTHER HAND YOU HAVE THE BOND 00:01:43.536 --> 00:01:43.870 ON THE OTHER HAND YOU HAVE THE BOND MARKET 00:01:43.870 --> 00:01:44.270 ON THE OTHER HAND YOU HAVE THE BOND MARKET AND 00:01:44.270 --> 00:01:44.571 ON THE OTHER HAND YOU HAVE THE BOND MARKET AND IT'S 00:01:44.571 --> 00:01:44.737 ON THE OTHER HAND YOU HAVE THE BOND MARKET AND IT'S GIVING 00:01:44.737 --> 00:01:45.038 ON THE OTHER HAND YOU HAVE THE BOND MARKET AND IT'S GIVING US 00:01:45.038 --> 00:01:45.071 ON THE OTHER HAND YOU HAVE THE BOND MARKET AND IT'S GIVING US A 00:01:45.071 --> 00:01:45.271 BOND MARKET AND IT'S GIVING US A 00:01:45.271 --> 00:01:46.039 BOND MARKET AND IT'S GIVING US A VERY 00:01:46.039 --> 00:01:46.172 BOND MARKET AND IT'S GIVING US A VERY DIFFERENT 00:01:46.172 --> 00:01:46.473 BOND MARKET AND IT'S GIVING US A VERY DIFFERENT PICTURE, 00:01:46.473 --> 00:01:46.506 BOND MARKET AND IT'S GIVING US A VERY DIFFERENT PICTURE, VERY 00:01:46.506 --> 00:01:46.639 VERY DIFFERENT PICTURE, VERY 00:01:46.639 --> 00:01:46.706 VERY DIFFERENT PICTURE, VERY MUCH 00:01:46.706 --> 00:01:47.107 VERY DIFFERENT PICTURE, VERY MUCH IN 00:01:47.107 --> 00:01:47.407 VERY DIFFERENT PICTURE, VERY MUCH IN THE 00:01:47.407 --> 00:01:47.574 VERY DIFFERENT PICTURE, VERY MUCH IN THE CAMP 00:01:47.574 --> 00:01:48.208 VERY DIFFERENT PICTURE, VERY MUCH IN THE CAMP OF 00:01:48.208 --> 00:01:48.341 VERY DIFFERENT PICTURE, VERY MUCH IN THE CAMP OF AN 00:01:48.341 --> 00:01:48.508 VERY DIFFERENT PICTURE, VERY MUCH IN THE CAMP OF AN INVERTED 00:01:48.508 --> 00:01:48.775 MUCH IN THE CAMP OF AN INVERTED 00:01:48.775 --> 00:01:48.942 MUCH IN THE CAMP OF AN INVERTED YIELD 00:01:48.942 --> 00:01:49.109 MUCH IN THE CAMP OF AN INVERTED YIELD CURVE 00:01:49.109 --> 00:01:49.409 MUCH IN THE CAMP OF AN INVERTED YIELD CURVE THAT 00:01:49.409 --> 00:01:50.176 MUCH IN THE CAMP OF AN INVERTED YIELD CURVE THAT IS 00:01:50.176 --> 00:01:50.343 MUCH IN THE CAMP OF AN INVERTED YIELD CURVE THAT IS REALLY, 00:01:50.343 --> 00:01:52.545 YIELD CURVE THAT IS REALLY, 00:01:52.545 --> 00:01:52.745 YIELD CURVE THAT IS REALLY, REALLY 00:01:52.745 --> 00:01:53.279 YIELD CURVE THAT IS REALLY, REALLY HISTORICALLY 00:01:53.279 --> 00:01:53.613 YIELD CURVE THAT IS REALLY, REALLY HISTORICALLY HIGH, 00:01:53.613 --> 00:01:53.646 YIELD CURVE THAT IS REALLY, REALLY HISTORICALLY HIGH, IN 00:01:53.646 --> 00:01:53.813 REALLY HISTORICALLY HIGH, IN 00:01:53.813 --> 00:01:53.947 REALLY HISTORICALLY HIGH, IN BETWEEN 00:01:53.947 --> 00:01:54.147 REALLY HISTORICALLY HIGH, IN BETWEEN THE 00:01:54.147 --> 00:01:54.280 REALLY HISTORICALLY HIGH, IN BETWEEN THE TWOS 00:01:54.280 --> 00:01:54.514 REALLY HISTORICALLY HIGH, IN BETWEEN THE TWOS AND 00:01:54.514 --> 00:01:54.714 REALLY HISTORICALLY HIGH, IN BETWEEN THE TWOS AND THE 00:01:54.714 --> 00:01:54.881 REALLY HISTORICALLY HIGH, IN BETWEEN THE TWOS AND THE TENS 00:01:54.881 --> 00:01:55.381 BETWEEN THE TWOS AND THE TENS 00:01:55.381 --> 00:01:55.949 BETWEEN THE TWOS AND THE TENS THAT 00:01:55.949 --> 00:01:56.149 BETWEEN THE TWOS AND THE TENS THAT BASICALLY 00:01:56.149 --> 00:01:56.316 BETWEEN THE TWOS AND THE TENS THAT BASICALLY SUGGESTS 00:01:56.316 --> 00:01:56.483 BETWEEN THE TWOS AND THE TENS THAT BASICALLY SUGGESTS THERE 00:01:56.483 --> 00:01:56.616 THAT BASICALLY SUGGESTS THERE 00:01:56.616 --> 00:01:56.816 THAT BASICALLY SUGGESTS THERE WILL 00:01:56.816 --> 00:01:57.217 THAT BASICALLY SUGGESTS THERE WILL BE 00:01:57.217 --> 00:01:57.383 THAT BASICALLY SUGGESTS THERE WILL BE A 00:01:57.383 --> 00:01:58.184 THAT BASICALLY SUGGESTS THERE WILL BE A RECESSION 00:01:58.184 --> 00:01:58.218 THAT BASICALLY SUGGESTS THERE WILL BE A RECESSION AND, 00:01:58.218 --> 00:01:58.451 WILL BE A RECESSION AND, 00:01:58.451 --> 00:01:58.518 WILL BE A RECESSION AND, THEREFORE, 00:01:58.518 --> 00:01:58.585 WILL BE A RECESSION AND, THEREFORE, THE 00:01:58.585 --> 00:02:00.520 WILL BE A RECESSION AND, THEREFORE, THE FED 00:02:00.520 --> 00:02:00.720 WILL BE A RECESSION AND, THEREFORE, THE FED WILL 00:02:00.720 --> 00:02:00.753 WILL BE A RECESSION AND, THEREFORE, THE FED WILL PROBABLY 00:02:00.753 --> 00:02:00.887 THEREFORE, THE FED WILL PROBABLY 00:02:00.887 --> 00:02:00.920 THEREFORE, THE FED WILL PROBABLY NEED 00:02:00.920 --> 00:02:01.020 THEREFORE, THE FED WILL PROBABLY NEED TO 00:02:01.020 --> 00:02:01.054 THEREFORE, THE FED WILL PROBABLY NEED TO STAY 00:02:01.054 --> 00:02:01.855 THEREFORE, THE FED WILL PROBABLY NEED TO STAY A 00:02:01.855 --> 00:02:02.422 THEREFORE, THE FED WILL PROBABLY NEED TO STAY A LITTLE 00:02:02.422 --> 00:02:02.655 THEREFORE, THE FED WILL PROBABLY NEED TO STAY A LITTLE BIT 00:02:02.655 --> 00:02:02.822 THEREFORE, THE FED WILL PROBABLY NEED TO STAY A LITTLE BIT AWARE 00:02:02.822 --> 00:02:02.922 NEED TO STAY A LITTLE BIT AWARE 00:02:02.922 --> 00:02:02.989 NEED TO STAY A LITTLE BIT AWARE OF 00:02:02.989 --> 00:02:03.456 NEED TO STAY A LITTLE BIT AWARE OF THE 00:02:03.456 --> 00:02:03.790 NEED TO STAY A LITTLE BIT AWARE OF THE FINANCIAL 00:02:03.790 --> 00:02:03.823 NEED TO STAY A LITTLE BIT AWARE OF THE FINANCIAL CONDITIONS. 00:02:03.823 --> 00:02:03.923 OF THE FINANCIAL CONDITIONS. 00:02:03.923 --> 00:02:04.090 OF THE FINANCIAL CONDITIONS. THE 00:02:04.090 --> 00:02:04.190 OF THE FINANCIAL CONDITIONS. THE LAST 00:02:04.190 --> 00:02:04.457 OF THE FINANCIAL CONDITIONS. THE LAST THING 00:02:04.457 --> 00:02:04.591 OF THE FINANCIAL CONDITIONS. THE LAST THING YOU 00:02:04.591 --> 00:02:04.791 OF THE FINANCIAL CONDITIONS. THE LAST THING YOU HAVE 00:02:04.791 --> 00:02:05.058 OF THE FINANCIAL CONDITIONS. THE LAST THING YOU HAVE IS 00:02:05.058 --> 00:02:05.091 OF THE FINANCIAL CONDITIONS. THE LAST THING YOU HAVE IS THE 00:02:05.091 --> 00:02:05.592 THE LAST THING YOU HAVE IS THE 00:02:05.592 --> 00:02:05.892 THE LAST THING YOU HAVE IS THE ECONOMIC 00:02:05.892 --> 00:02:05.925 THE LAST THING YOU HAVE IS THE ECONOMIC DATA. 00:02:05.925 --> 00:02:06.025 ECONOMIC DATA. 00:02:06.025 --> 00:02:06.292 ECONOMIC DATA. AS 00:02:06.292 --> 00:02:06.459 ECONOMIC DATA. AS YOU 00:02:06.459 --> 00:02:06.593 ECONOMIC DATA. AS YOU SAID, 00:02:06.593 --> 00:02:06.826 ECONOMIC DATA. AS YOU SAID, IF 00:02:06.826 --> 00:02:07.026 ECONOMIC DATA. AS YOU SAID, IF YOU 00:02:07.026 --> 00:02:07.227 ECONOMIC DATA. AS YOU SAID, IF YOU LOOK 00:02:07.227 --> 00:02:07.627 ECONOMIC DATA. AS YOU SAID, IF YOU LOOK AT 00:02:07.627 --> 00:02:07.660 ECONOMIC DATA. AS YOU SAID, IF YOU LOOK AT THIS 00:02:07.660 --> 00:02:07.861 AS YOU SAID, IF YOU LOOK AT THIS 00:02:07.861 --> 00:02:08.361 AS YOU SAID, IF YOU LOOK AT THIS MORNING'S 00:02:08.361 --> 00:02:08.561 AS YOU SAID, IF YOU LOOK AT THIS MORNING'S DATA, 00:02:08.561 --> 00:02:09.028 AS YOU SAID, IF YOU LOOK AT THIS MORNING'S DATA, THAT 00:02:09.028 --> 00:02:09.062 AS YOU SAID, IF YOU LOOK AT THIS MORNING'S DATA, THAT WOULD 00:02:09.062 --> 00:02:09.229 MORNING'S DATA, THAT WOULD 00:02:09.229 --> 00:02:09.329 MORNING'S DATA, THAT WOULD SUGGEST 00:02:09.329 --> 00:02:09.429 MORNING'S DATA, THAT WOULD SUGGEST THAT 00:02:09.429 --> 00:02:10.163 MORNING'S DATA, THAT WOULD SUGGEST THAT THE 00:02:10.163 --> 00:02:10.597 MORNING'S DATA, THAT WOULD SUGGEST THAT THE PACE 00:02:10.597 --> 00:02:10.630 MORNING'S DATA, THAT WOULD SUGGEST THAT THE PACE FORGETTING 00:02:10.630 --> 00:02:10.730 SUGGEST THAT THE PACE FORGETTING 00:02:10.730 --> 00:02:10.797 SUGGEST THAT THE PACE FORGETTING TO 00:02:10.797 --> 00:02:11.164 SUGGEST THAT THE PACE FORGETTING TO THAT 00:02:11.164 --> 00:02:11.397 SUGGEST THAT THE PACE FORGETTING TO THAT 2% 00:02:11.397 --> 00:02:11.498 SUGGEST THAT THE PACE FORGETTING TO THAT 2% IS 00:02:11.498 --> 00:02:11.731 SUGGEST THAT THE PACE FORGETTING TO THAT 2% IS GOING 00:02:11.731 --> 00:02:12.465 SUGGEST THAT THE PACE FORGETTING TO THAT 2% IS GOING TO 00:02:12.465 --> 00:02:12.499 SUGGEST THAT THE PACE FORGETTING TO THAT 2% IS GOING TO GET 00:02:12.499 --> 00:02:12.665 TO THAT 2% IS GOING TO GET 00:02:12.665 --> 00:02:12.699 TO THAT 2% IS GOING TO GET LONGER 00:02:12.699 --> 00:02:12.832 LONGER 00:02:12.832 --> 00:02:12.899 LONGER SO 00:02:12.899 --> 00:02:13.233 LONGER SO OUR 00:02:13.233 --> 00:02:16.669 LONGER SO OUR POINT 00:02:16.669 --> 00:02:17.904 LONGER SO OUR POINT OF 00:02:17.904 --> 00:02:17.971 LONGER SO OUR POINT OF VOOU 00:02:17.971 --> 00:02:18.104 LONGER SO OUR POINT OF VOOU IS, 00:02:18.104 --> 00:02:18.138 LONGER SO OUR POINT OF VOOU IS, BECAUSE 00:02:18.138 --> 00:02:18.238 SO OUR POINT OF VOOU IS, BECAUSE 00:02:18.238 --> 00:02:18.304 SO OUR POINT OF VOOU IS, BECAUSE WE 00:02:18.304 --> 00:02:18.404 SO OUR POINT OF VOOU IS, BECAUSE WE HAVE 00:02:18.404 --> 00:02:18.538 SO OUR POINT OF VOOU IS, BECAUSE WE HAVE THESE 00:02:18.538 --> 00:02:18.671 SO OUR POINT OF VOOU IS, BECAUSE WE HAVE THESE ROLLING 00:02:18.671 --> 00:02:18.705 SO OUR POINT OF VOOU IS, BECAUSE WE HAVE THESE ROLLING PIECES 00:02:18.705 --> 00:02:18.771 SO OUR POINT OF VOOU IS, BECAUSE WE HAVE THESE ROLLING PIECES OF 00:02:18.771 --> 00:02:18.872 WE HAVE THESE ROLLING PIECES OF 00:02:18.872 --> 00:02:19.005 WE HAVE THESE ROLLING PIECES OF THE 00:02:19.005 --> 00:02:19.139 WE HAVE THESE ROLLING PIECES OF THE ECONOMY 00:02:19.139 --> 00:02:19.272 WE HAVE THESE ROLLING PIECES OF THE ECONOMY MOVING, 00:02:19.272 --> 00:02:19.572 WE HAVE THESE ROLLING PIECES OF THE ECONOMY MOVING, IT'S 00:02:19.572 --> 00:02:19.606 WE HAVE THESE ROLLING PIECES OF THE ECONOMY MOVING, IT'S GOING 00:02:19.606 --> 00:02:19.739 THE ECONOMY MOVING, IT'S GOING 00:02:19.739 --> 00:02:19.873 THE ECONOMY MOVING, IT'S GOING TO 00:02:19.873 --> 00:02:20.340 THE ECONOMY MOVING, IT'S GOING TO PROBABLY 00:02:20.340 --> 00:02:20.406 THE ECONOMY MOVING, IT'S GOING TO PROBABLY TAKE 00:02:20.406 --> 00:02:20.740 THE ECONOMY MOVING, IT'S GOING TO PROBABLY TAKE SOME 00:02:20.740 --> 00:02:20.773 THE ECONOMY MOVING, IT'S GOING TO PROBABLY TAKE SOME TIME 00:02:20.773 --> 00:02:20.940 TO PROBABLY TAKE SOME TIME 00:02:20.940 --> 00:02:21.007 TO PROBABLY TAKE SOME TIME BEFORE 00:02:21.007 --> 00:02:21.274 TO PROBABLY TAKE SOME TIME BEFORE WE 00:02:21.274 --> 00:02:21.508 TO PROBABLY TAKE SOME TIME BEFORE WE CAN 00:02:21.508 --> 00:02:21.741 TO PROBABLY TAKE SOME TIME BEFORE WE CAN GET 00:02:21.741 --> 00:02:21.908 TO PROBABLY TAKE SOME TIME BEFORE WE CAN GET DOWN 00:02:21.908 --> 00:02:23.376 TO PROBABLY TAKE SOME TIME BEFORE WE CAN GET DOWN TO 00:02:23.376 --> 00:02:23.543 TO PROBABLY TAKE SOME TIME BEFORE WE CAN GET DOWN TO 2%, 00:02:23.543 --> 00:02:23.676 BEFORE WE CAN GET DOWN TO 2%, 00:02:23.676 --> 00:02:24.010 BEFORE WE CAN GET DOWN TO 2%, MAYBE 00:02:24.010 --> 00:02:24.277 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 00:02:24.277 --> 00:02:24.744 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 3% 00:02:24.744 --> 00:02:25.111 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 3% TO 00:02:25.111 --> 00:02:25.178 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 3% TO 4% 00:02:25.178 --> 00:02:25.411 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 3% TO 4% AT 00:02:25.411 --> 00:02:25.512 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 3% TO 4% AT SOME 00:02:25.512 --> 00:02:25.678 BEFORE WE CAN GET DOWN TO 2%, MAYBE TO 3% TO 4% AT SOME POINT 00:02:25.678 --> 00:02:25.845 MAYBE TO 3% TO 4% AT SOME POINT 00:02:25.845 --> 00:02:25.912 MAYBE TO 3% TO 4% AT SOME POINT DURING 00:02:25.912 --> 00:02:26.346 MAYBE TO 3% TO 4% AT SOME POINT DURING THIS 00:02:26.346 --> 00:02:26.379 MAYBE TO 3% TO 4% AT SOME POINT DURING THIS YEAR 00:02:26.379 --> 00:02:26.613 DURING THIS YEAR 00:02:26.613 --> 00:02:26.846 DURING THIS YEAR BUT 00:02:26.846 --> 00:02:27.013 DURING THIS YEAR BUT IT 00:02:27.013 --> 00:02:27.147 DURING THIS YEAR BUT IT WILL 00:02:27.147 --> 00:02:27.413 DURING THIS YEAR BUT IT WILL TAKE 00:02:27.413 --> 00:02:27.614 DURING THIS YEAR BUT IT WILL TAKE MUCH 00:02:27.614 --> 00:02:27.881 DURING THIS YEAR BUT IT WILL TAKE MUCH LONGER 00:02:27.881 --> 00:02:28.047 DURING THIS YEAR BUT IT WILL TAKE MUCH LONGER TO 00:02:28.047 --> 00:02:28.148 BUT IT WILL TAKE MUCH LONGER TO 00:02:28.148 --> 00:02:28.248 BUT IT WILL TAKE MUCH LONGER TO GET 00:02:28.248 --> 00:02:28.681 BUT IT WILL TAKE MUCH LONGER TO GET TO 00:02:28.681 --> 00:02:29.115 BUT IT WILL TAKE MUCH LONGER TO GET TO THAT 00:02:29.115 --> 00:02:29.249 BUT IT WILL TAKE MUCH LONGER TO GET TO THAT 2%. 00:02:29.249 --> 00:02:30.016 GET TO THAT 2%. 00:02:30.016 --> 00:02:30.150 GET TO THAT 2%. >> 00:02:30.150 --> 00:02:30.383 GET TO THAT 2%. >> OMAR, 00:02:30.383 --> 00:02:30.450 GET TO THAT 2%. >> OMAR, WHERE 00:02:30.450 --> 00:02:30.617 GET TO THAT 2%. >> OMAR, WHERE DOES 00:02:30.617 --> 00:02:30.917 GET TO THAT 2%. >> OMAR, WHERE DOES THAT 00:02:30.917 --> 00:02:30.950 GET TO THAT 2%. >> OMAR, WHERE DOES THAT LEAVE 00:02:30.950 --> 00:02:31.050 >> OMAR, WHERE DOES THAT LEAVE 00:02:31.050 --> 00:02:31.284 >> OMAR, WHERE DOES THAT LEAVE YOU 00:02:31.284 --> 00:02:31.618 >> OMAR, WHERE DOES THAT LEAVE YOU IN 00:02:31.618 --> 00:02:31.885 >> OMAR, WHERE DOES THAT LEAVE YOU IN TERMS 00:02:31.885 --> 00:02:32.018 >> OMAR, WHERE DOES THAT LEAVE YOU IN TERMS OF 00:02:32.018 --> 00:02:32.318 >> OMAR, WHERE DOES THAT LEAVE YOU IN TERMS OF TRYING 00:02:32.318 --> 00:02:32.719 >> OMAR, WHERE DOES THAT LEAVE YOU IN TERMS OF TRYING TO 00:02:32.719 --> 00:02:32.752 >> OMAR, WHERE DOES THAT LEAVE YOU IN TERMS OF TRYING TO ASSESS 00:02:32.752 --> 00:02:33.386 YOU IN TERMS OF TRYING TO ASSESS 00:02:33.386 --> 00:02:34.187 YOU IN TERMS OF TRYING TO ASSESS THE 00:02:34.187 --> 00:02:34.387 YOU IN TERMS OF TRYING TO ASSESS THE RISK-REWARD 00:02:34.387 --> 00:02:34.687 YOU IN TERMS OF TRYING TO ASSESS THE RISK-REWARD WHEN 00:02:34.687 --> 00:02:35.321 YOU IN TERMS OF TRYING TO ASSESS THE RISK-REWARD WHEN IT 00:02:35.321 --> 00:02:35.722 YOU IN TERMS OF TRYING TO ASSESS THE RISK-REWARD WHEN IT COMES 00:02:35.722 --> 00:02:35.755 YOU IN TERMS OF TRYING TO ASSESS THE RISK-REWARD WHEN IT COMES TO 00:02:35.755 --> 00:02:35.922 THE RISK-REWARD WHEN IT COMES TO 00:02:35.922 --> 00:02:38.725 THE RISK-REWARD WHEN IT COMES TO THINGS 00:02:38.725 --> 00:02:40.093 THE RISK-REWARD WHEN IT COMES TO THINGS LIKE 00:02:40.093 --> 00:02:40.126 THE RISK-REWARD WHEN IT COMES TO THINGS LIKE EQUITIES 00:02:40.126 --> 00:02:40.226 THINGS LIKE EQUITIES 00:02:40.226 --> 00:02:40.593 THINGS LIKE EQUITIES IF 00:02:40.593 --> 00:02:40.827 THINGS LIKE EQUITIES IF THEY'VE 00:02:40.827 --> 00:02:42.395 THINGS LIKE EQUITIES IF THEY'VE PRICED 00:02:42.395 --> 00:02:43.696 THINGS LIKE EQUITIES IF THEY'VE PRICED IN 00:02:43.696 --> 00:02:44.063 THINGS LIKE EQUITIES IF THEY'VE PRICED IN A 00:02:44.063 --> 00:02:44.230 THINGS LIKE EQUITIES IF THEY'VE PRICED IN A FAIRLY 00:02:44.230 --> 00:02:44.430 IF THEY'VE PRICED IN A FAIRLY 00:02:44.430 --> 00:02:44.564 IF THEY'VE PRICED IN A FAIRLY FRIENDLY 00:02:44.564 --> 00:02:44.797 IF THEY'VE PRICED IN A FAIRLY FRIENDLY SCENARIO 00:02:44.797 --> 00:02:45.298 IF THEY'VE PRICED IN A FAIRLY FRIENDLY SCENARIO AND 00:02:45.298 --> 00:02:45.465 IF THEY'VE PRICED IN A FAIRLY FRIENDLY SCENARIO AND THEBOND 00:02:45.465 --> 00:02:45.765 FRIENDLY SCENARIO AND THEBOND 00:02:45.765 --> 00:02:46.332 FRIENDLY SCENARIO AND THEBOND ISSUE 00:02:46.332 --> 00:02:47.634 FRIENDLY SCENARIO AND THEBOND ISSUE IS 00:02:47.634 --> 00:02:47.734 FRIENDLY SCENARIO AND THEBOND ISSUE IS TAKING 00:02:47.734 --> 00:02:48.034 FRIENDLY SCENARIO AND THEBOND ISSUE IS TAKING ISSUE 00:02:48.034 --> 00:02:48.067 FRIENDLY SCENARIO AND THEBOND ISSUE IS TAKING ISSUE WITH 00:02:48.067 --> 00:02:48.201 ISSUE IS TAKING ISSUE WITH 00:02:48.201 --> 00:02:48.401 ISSUE IS TAKING ISSUE WITH THAT 00:02:48.401 --> 00:02:48.568 ISSUE IS TAKING ISSUE WITH THAT -- 00:02:48.568 --> 00:02:48.668 THAT -- 00:02:48.668 --> 00:02:49.202 THAT -- >> 00:02:49.202 --> 00:02:49.802 THAT -- >> THE 00:02:49.802 --> 00:02:50.069 THAT -- >> THE EQUITY 00:02:50.069 --> 00:02:50.270 THAT -- >> THE EQUITY MARKET 00:02:50.270 --> 00:02:51.638 THAT -- >> THE EQUITY MARKET HAS 00:02:51.638 --> 00:02:51.671 THAT -- >> THE EQUITY MARKET HAS THESE 00:02:51.671 --> 00:02:51.905 >> THE EQUITY MARKET HAS THESE 00:02:51.905 --> 00:02:52.172 >> THE EQUITY MARKET HAS THESE PARTICULAR 00:02:52.172 --> 00:02:52.572 >> THE EQUITY MARKET HAS THESE PARTICULAR CHARACTERISTICS 00:02:52.572 --> 00:02:52.739 >> THE EQUITY MARKET HAS THESE PARTICULAR CHARACTERISTICS TO 00:02:52.739 --> 00:02:52.872 PARTICULAR CHARACTERISTICS TO 00:02:52.872 --> 00:02:53.006 PARTICULAR CHARACTERISTICS TO LOOK 00:02:53.006 --> 00:02:53.072 PARTICULAR CHARACTERISTICS TO LOOK THROUGH 00:02:53.072 --> 00:02:53.139 PARTICULAR CHARACTERISTICS TO LOOK THROUGH AND 00:02:53.139 --> 00:02:53.673 PARTICULAR CHARACTERISTICS TO LOOK THROUGH AND TRY 00:02:53.673 --> 00:02:53.840 PARTICULAR CHARACTERISTICS TO LOOK THROUGH AND TRY TO 00:02:53.840 --> 00:02:54.407 LOOK THROUGH AND TRY TO 00:02:54.407 --> 00:02:54.807 LOOK THROUGH AND TRY TO EXTRAPOLATE 00:02:54.807 --> 00:02:55.175 LOOK THROUGH AND TRY TO EXTRAPOLATE THE 00:02:55.175 --> 00:02:55.642 LOOK THROUGH AND TRY TO EXTRAPOLATE THE FUTURE 00:02:55.642 --> 00:02:55.808 LOOK THROUGH AND TRY TO EXTRAPOLATE THE FUTURE PROBABLY 00:02:55.808 --> 00:02:55.975 EXTRAPOLATE THE FUTURE PROBABLY 00:02:55.975 --> 00:02:56.242 EXTRAPOLATE THE FUTURE PROBABLY DOWN 00:02:56.242 --> 00:02:56.876 EXTRAPOLATE THE FUTURE PROBABLY DOWN THE 00:02:56.876 --> 00:02:57.243 EXTRAPOLATE THE FUTURE PROBABLY DOWN THE ROAD 00:02:57.243 --> 00:02:57.644 EXTRAPOLATE THE FUTURE PROBABLY DOWN THE ROAD REGARDLESS 00:02:57.644 --> 00:02:57.710 EXTRAPOLATE THE FUTURE PROBABLY DOWN THE ROAD REGARDLESS OF 00:02:57.710 --> 00:02:57.810 EXTRAPOLATE THE FUTURE PROBABLY DOWN THE ROAD REGARDLESS OF HOW 00:02:57.810 --> 00:02:57.977 DOWN THE ROAD REGARDLESS OF HOW 00:02:57.977 --> 00:02:58.278 DOWN THE ROAD REGARDLESS OF HOW LONG 00:02:58.278 --> 00:02:58.444 DOWN THE ROAD REGARDLESS OF HOW LONG THE 00:02:58.444 --> 00:02:58.745 DOWN THE ROAD REGARDLESS OF HOW LONG THE ECONOMY 00:02:58.745 --> 00:02:59.045 DOWN THE ROAD REGARDLESS OF HOW LONG THE ECONOMY AND 00:02:59.045 --> 00:02:59.078 DOWN THE ROAD REGARDLESS OF HOW LONG THE ECONOMY AND THE 00:02:59.078 --> 00:02:59.412 LONG THE ECONOMY AND THE 00:02:59.412 --> 00:02:59.946 LONG THE ECONOMY AND THE ECONOMIC 00:02:59.946 --> 00:03:00.146 LONG THE ECONOMY AND THE ECONOMIC DATA 00:03:00.146 --> 00:03:00.413 LONG THE ECONOMY AND THE ECONOMIC DATA ACTUALLY 00:03:00.413 --> 00:03:00.446 LONG THE ECONOMY AND THE ECONOMIC DATA ACTUALLY TAKES 00:03:00.446 --> 00:03:00.880 LONG THE ECONOMY AND THE ECONOMIC DATA ACTUALLY TAKES TO 00:03:00.880 --> 00:03:01.047 ECONOMIC DATA ACTUALLY TAKES TO 00:03:01.047 --> 00:03:01.080 ECONOMIC DATA ACTUALLY TAKES TO LOOK 00:03:01.080 --> 00:03:01.281 LOOK 00:03:01.281 --> 00:03:01.648 LOOK SO 00:03:01.648 --> 00:03:02.048 LOOK SO IT'S 00:03:02.048 --> 00:03:02.148 LOOK SO IT'S USUALLY 00:03:02.148 --> 00:03:02.315 LOOK SO IT'S USUALLY AHEAD 00:03:02.315 --> 00:03:02.949 LOOK SO IT'S USUALLY AHEAD OF 00:03:02.949 --> 00:03:02.982 LOOK SO IT'S USUALLY AHEAD OF THE 00:03:02.982 --> 00:03:03.416 SO IT'S USUALLY AHEAD OF THE 00:03:03.416 --> 00:03:03.449 SO IT'S USUALLY AHEAD OF THE CURVE. 00:03:03.449 --> 00:03:03.583 CURVE. 00:03:03.583 --> 00:03:04.417 CURVE. NOW, 00:03:04.417 --> 00:03:04.717 CURVE. NOW, THE 00:03:04.717 --> 00:03:04.851 CURVE. NOW, THE CHALLENGE 00:03:04.851 --> 00:03:05.118 CURVE. NOW, THE CHALLENGE WITH 00:03:05.118 --> 00:03:05.485 CURVE. NOW, THE CHALLENGE WITH THAT 00:03:05.485 --> 00:03:05.518 CURVE. NOW, THE CHALLENGE WITH THAT IS, 00:03:05.518 --> 00:03:05.652 NOW, THE CHALLENGE WITH THAT IS, 00:03:05.652 --> 00:03:05.818 NOW, THE CHALLENGE WITH THAT IS, IN 00:03:05.818 --> 00:03:06.052 NOW, THE CHALLENGE WITH THAT IS, IN ORDER 00:03:06.052 --> 00:03:06.586 NOW, THE CHALLENGE WITH THAT IS, IN ORDER FOR 00:03:06.586 --> 00:03:06.786 NOW, THE CHALLENGE WITH THAT IS, IN ORDER FOR THE 00:03:06.786 --> 00:03:06.986 NOW, THE CHALLENGE WITH THAT IS, IN ORDER FOR THE EQUITY 00:03:06.986 --> 00:03:07.020 NOW, THE CHALLENGE WITH THAT IS, IN ORDER FOR THE EQUITY MARKET 00:03:07.020 --> 00:03:07.120 IN ORDER FOR THE EQUITY MARKET 00:03:07.120 --> 00:03:07.153 IN ORDER FOR THE EQUITY MARKET TO 00:03:07.153 --> 00:03:07.453 IN ORDER FOR THE EQUITY MARKET TO BE 00:03:07.453 --> 00:03:07.620 IN ORDER FOR THE EQUITY MARKET TO BE A 00:03:07.620 --> 00:03:07.820 IN ORDER FOR THE EQUITY MARKET TO BE A LITTLE 00:03:07.820 --> 00:03:07.954 IN ORDER FOR THE EQUITY MARKET TO BE A LITTLE MORE 00:03:07.954 --> 00:03:08.354 IN ORDER FOR THE EQUITY MARKET TO BE A LITTLE MORE CLEAR 00:03:08.354 --> 00:03:08.388 IN ORDER FOR THE EQUITY MARKET TO BE A LITTLE MORE CLEAR ON 00:03:08.388 --> 00:03:08.521 TO BE A LITTLE MORE CLEAR ON 00:03:08.521 --> 00:03:08.621 TO BE A LITTLE MORE CLEAR ON WHERE 00:03:08.621 --> 00:03:08.688 TO BE A LITTLE MORE CLEAR ON WHERE THAT 00:03:08.688 --> 00:03:08.855 TO BE A LITTLE MORE CLEAR ON WHERE THAT IS 00:03:08.855 --> 00:03:09.189 TO BE A LITTLE MORE CLEAR ON WHERE THAT IS GOING 00:03:09.189 --> 00:03:09.422 TO BE A LITTLE MORE CLEAR ON WHERE THAT IS GOING TO 00:03:09.422 --> 00:03:09.455 TO BE A LITTLE MORE CLEAR ON WHERE THAT IS GOING TO GO, 00:03:09.455 --> 00:03:09.589 TO BE A LITTLE MORE CLEAR ON WHERE THAT IS GOING TO GO, WE 00:03:09.589 --> 00:03:09.889 WHERE THAT IS GOING TO GO, WE 00:03:09.889 --> 00:03:10.423 WHERE THAT IS GOING TO GO, WE NEED 00:03:10.423 --> 00:03:10.623 WHERE THAT IS GOING TO GO, WE NEED A 00:03:10.623 --> 00:03:10.890 WHERE THAT IS GOING TO GO, WE NEED A LITTLE 00:03:10.890 --> 00:03:11.257 WHERE THAT IS GOING TO GO, WE NEED A LITTLE BIT 00:03:11.257 --> 00:03:11.658 WHERE THAT IS GOING TO GO, WE NEED A LITTLE BIT OF 00:03:11.658 --> 00:03:11.691 WHERE THAT IS GOING TO GO, WE NEED A LITTLE BIT OF STABILITY 00:03:11.691 --> 00:03:11.758 NEED A LITTLE BIT OF STABILITY 00:03:11.758 --> 00:03:11.858 NEED A LITTLE BIT OF STABILITY I 00:03:11.858 --> 00:03:12.125 NEED A LITTLE BIT OF STABILITY I THINK 00:03:12.125 --> 00:03:12.825 NEED A LITTLE BIT OF STABILITY I THINK FROM 00:03:12.825 --> 00:03:12.959 NEED A LITTLE BIT OF STABILITY I THINK FROM OUR 00:03:12.959 --> 00:03:13.193 NEED A LITTLE BIT OF STABILITY I THINK FROM OUR POINT 00:03:13.193 --> 00:03:13.927 NEED A LITTLE BIT OF STABILITY I THINK FROM OUR POINT OF 00:03:13.927 --> 00:03:14.093 NEED A LITTLE BIT OF STABILITY I THINK FROM OUR POINT OF VIEW, 00:03:14.093 --> 00:03:14.194 I THINK FROM OUR POINT OF VIEW, 00:03:14.194 --> 00:03:14.360 I THINK FROM OUR POINT OF VIEW, THE 00:03:14.360 --> 00:03:14.627 I THINK FROM OUR POINT OF VIEW, THE STABILITY 00:03:14.627 --> 00:03:15.028 I THINK FROM OUR POINT OF VIEW, THE STABILITY OF 00:03:15.028 --> 00:03:15.395 I THINK FROM OUR POINT OF VIEW, THE STABILITY OF YIELDS 00:03:15.395 --> 00:03:15.695 I THINK FROM OUR POINT OF VIEW, THE STABILITY OF YIELDS IN 00:03:15.695 --> 00:03:15.728 I THINK FROM OUR POINT OF VIEW, THE STABILITY OF YIELDS IN THE 00:03:15.728 --> 00:03:15.862 THE STABILITY OF YIELDS IN THE 00:03:15.862 --> 00:03:16.062 THE STABILITY OF YIELDS IN THE BOND 00:03:16.062 --> 00:03:16.896 THE STABILITY OF YIELDS IN THE BOND MARKET 00:03:16.896 --> 00:03:17.230 THE STABILITY OF YIELDS IN THE BOND MARKET IS 00:03:17.230 --> 00:03:17.430 THE STABILITY OF YIELDS IN THE BOND MARKET IS EXACTLY 00:03:17.430 --> 00:03:17.697 THE STABILITY OF YIELDS IN THE BOND MARKET IS EXACTLY WHAT 00:03:17.697 --> 00:03:17.730 THE STABILITY OF YIELDS IN THE BOND MARKET IS EXACTLY WHAT WILL 00:03:17.730 --> 00:03:17.931 BOND MARKET IS EXACTLY WHAT WILL 00:03:17.931 --> 00:03:18.097 BOND MARKET IS EXACTLY WHAT WILL PROBABLY 00:03:18.097 --> 00:03:18.865 BOND MARKET IS EXACTLY WHAT WILL PROBABLY DETERMINE 00:03:18.865 --> 00:03:19.032 BOND MARKET IS EXACTLY WHAT WILL PROBABLY DETERMINE THAT 00:03:19.032 --> 00:03:20.133 PROBABLY DETERMINE THAT 00:03:20.133 --> 00:03:20.500 PROBABLY DETERMINE THAT INFLECTION 00:03:20.500 --> 00:03:20.533 PROBABLY DETERMINE THAT INFLECTION POINT 00:03:20.533 --> 00:03:20.633 INFLECTION POINT 00:03:20.633 --> 00:03:21.367 INFLECTION POINT IF 00:03:21.367 --> 00:03:21.634 INFLECTION POINT IF YOU 00:03:21.634 --> 00:03:21.768 INFLECTION POINT IF YOU LOOK 00:03:21.768 --> 00:03:22.468 INFLECTION POINT IF YOU LOOK AT 00:03:22.468 --> 00:03:22.902 INFLECTION POINT IF YOU LOOK AT THE 00:03:22.902 --> 00:03:23.069 INFLECTION POINT IF YOU LOOK AT THE TEN-YEAR 00:03:23.069 --> 00:03:23.303 IF YOU LOOK AT THE TEN-YEAR 00:03:23.303 --> 00:03:23.436 IF YOU LOOK AT THE TEN-YEAR YIELD 00:03:23.436 --> 00:03:25.672 IF YOU LOOK AT THE TEN-YEAR YIELD AND 00:03:25.672 --> 00:03:25.872 IF YOU LOOK AT THE TEN-YEAR YIELD AND THE 00:03:25.872 --> 00:03:25.905 IF YOU LOOK AT THE TEN-YEAR YIELD AND THE VOLATILITY 00:03:25.905 --> 00:03:26.072 IF YOU LOOK AT THE TEN-YEAR YIELD AND THE VOLATILITY OF 00:03:26.072 --> 00:03:26.105 IF YOU LOOK AT THE TEN-YEAR YIELD AND THE VOLATILITY OF THAT 00:03:26.105 --> 00:03:26.306 YIELD AND THE VOLATILITY OF THAT 00:03:26.306 --> 00:03:26.439 YIELD AND THE VOLATILITY OF THAT TEN-YEAR 00:03:26.439 --> 00:03:26.806 YIELD AND THE VOLATILITY OF THAT TEN-YEAR YIELD 00:03:26.806 --> 00:03:26.940 YIELD AND THE VOLATILITY OF THAT TEN-YEAR YIELD IN 00:03:26.940 --> 00:03:27.207 YIELD AND THE VOLATILITY OF THAT TEN-YEAR YIELD IN THE 00:03:27.207 --> 00:03:27.240 YIELD AND THE VOLATILITY OF THAT TEN-YEAR YIELD IN THE LAST 00:03:27.240 --> 00:03:27.440 TEN-YEAR YIELD IN THE LAST 00:03:27.440 --> 00:03:27.874 TEN-YEAR YIELD IN THE LAST COUPLE 00:03:27.874 --> 00:03:28.174 TEN-YEAR YIELD IN THE LAST COUPLE WEEKS, 00:03:28.174 --> 00:03:28.775 TEN-YEAR YIELD IN THE LAST COUPLE WEEKS, IT'S 00:03:28.775 --> 00:03:28.942 TEN-YEAR YIELD IN THE LAST COUPLE WEEKS, IT'S BEEN 00:03:28.942 --> 00:03:29.175 COUPLE WEEKS, IT'S BEEN 00:03:29.175 --> 00:03:29.242 COUPLE WEEKS, IT'S BEEN INCREDIBLE 00:03:29.242 --> 00:03:29.409 COUPLE WEEKS, IT'S BEEN INCREDIBLE TO 00:03:29.409 --> 00:03:29.475 COUPLE WEEKS, IT'S BEEN INCREDIBLE TO SEE 00:03:29.475 --> 00:03:29.676 COUPLE WEEKS, IT'S BEEN INCREDIBLE TO SEE HOW 00:03:29.676 --> 00:03:30.076 COUPLE WEEKS, IT'S BEEN INCREDIBLE TO SEE HOW MUCH 00:03:30.076 --> 00:03:30.109 COUPLE WEEKS, IT'S BEEN INCREDIBLE TO SEE HOW MUCH AND 00:03:30.109 --> 00:03:30.210 INCREDIBLE TO SEE HOW MUCH AND 00:03:30.210 --> 00:03:30.310 INCREDIBLE TO SEE HOW MUCH AND HOW 00:03:30.310 --> 00:03:30.376 INCREDIBLE TO SEE HOW MUCH AND HOW FAST 00:03:30.376 --> 00:03:30.977 INCREDIBLE TO SEE HOW MUCH AND HOW FAST THAT 00:03:30.977 --> 00:03:31.010 INCREDIBLE TO SEE HOW MUCH AND HOW FAST THAT MOVES. 00:03:31.010 --> 00:03:31.144 HOW FAST THAT MOVES. 00:03:31.144 --> 00:03:31.344 HOW FAST THAT MOVES. IT'S 00:03:31.344 --> 00:03:31.477 HOW FAST THAT MOVES. IT'S NOT 00:03:31.477 --> 00:03:31.644 HOW FAST THAT MOVES. IT'S NOT UNTIL 00:03:31.644 --> 00:03:31.878 HOW FAST THAT MOVES. IT'S NOT UNTIL WE 00:03:31.878 --> 00:03:32.312 HOW FAST THAT MOVES. IT'S NOT UNTIL WE GET 00:03:32.312 --> 00:03:32.545 HOW FAST THAT MOVES. IT'S NOT UNTIL WE GET A 00:03:32.545 --> 00:03:32.579 HOW FAST THAT MOVES. IT'S NOT UNTIL WE GET A LITTLE 00:03:32.579 --> 00:03:32.779 IT'S NOT UNTIL WE GET A LITTLE 00:03:32.779 --> 00:03:32.946 IT'S NOT UNTIL WE GET A LITTLE MORE 00:03:32.946 --> 00:03:33.046 IT'S NOT UNTIL WE GET A LITTLE MORE STABILITY 00:03:33.046 --> 00:03:35.348 IT'S NOT UNTIL WE GET A LITTLE MORE STABILITY OF 00:03:35.348 --> 00:03:35.615 IT'S NOT UNTIL WE GET A LITTLE MORE STABILITY OF THOSE 00:03:35.615 --> 00:03:35.648 IT'S NOT UNTIL WE GET A LITTLE MORE STABILITY OF THOSE YIELDS 00:03:35.648 --> 00:03:35.982 MORE STABILITY OF THOSE YIELDS 00:03:35.982 --> 00:03:36.115 MORE STABILITY OF THOSE YIELDS AND 00:03:36.115 --> 00:03:36.449 MORE STABILITY OF THOSE YIELDS AND PRICES 00:03:36.449 --> 00:03:36.749 MORE STABILITY OF THOSE YIELDS AND PRICES ON 00:03:36.749 --> 00:03:37.217 MORE STABILITY OF THOSE YIELDS AND PRICES ON INFLATION 00:03:37.217 --> 00:03:37.250 MORE STABILITY OF THOSE YIELDS AND PRICES ON INFLATION THAT 00:03:37.250 --> 00:03:37.383 AND PRICES ON INFLATION THAT 00:03:37.383 --> 00:03:37.550 AND PRICES ON INFLATION THAT WE'LL 00:03:37.550 --> 00:03:37.717 AND PRICES ON INFLATION THAT WE'LL ACTUALLY 00:03:37.717 --> 00:03:37.984 AND PRICES ON INFLATION THAT WE'LL ACTUALLY GET 00:03:37.984 --> 00:03:38.184 AND PRICES ON INFLATION THAT WE'LL ACTUALLY GET A 00:03:38.184 --> 00:03:38.351 AND PRICES ON INFLATION THAT WE'LL ACTUALLY GET A BETTER 00:03:38.351 --> 00:03:38.484 WE'LL ACTUALLY GET A BETTER 00:03:38.484 --> 00:03:38.551 WE'LL ACTUALLY GET A BETTER SENSE 00:03:38.551 --> 00:03:38.885 WE'LL ACTUALLY GET A BETTER SENSE OF 00:03:38.885 --> 00:03:39.219 WE'LL ACTUALLY GET A BETTER SENSE OF THE 00:03:39.219 --> 00:03:39.252 WE'LL ACTUALLY GET A BETTER SENSE OF THE MARKET. 00:03:39.252 --> 00:03:39.586 SENSE OF THE MARKET. 00:03:39.586 --> 00:03:39.786 SENSE OF THE MARKET. WE 00:03:39.786 --> 00:03:40.420 SENSE OF THE MARKET. WE EXPECT 00:03:40.420 --> 00:03:40.587 SENSE OF THE MARKET. WE EXPECT MORE 00:03:40.587 --> 00:03:41.254 SENSE OF THE MARKET. WE EXPECT MORE VOLATILITY 00:03:41.254 --> 00:03:41.287 SENSE OF THE MARKET. WE EXPECT MORE VOLATILITY IN 00:03:41.287 --> 00:03:41.554 WE EXPECT MORE VOLATILITY IN 00:03:41.554 --> 00:03:41.754 WE EXPECT MORE VOLATILITY IN EQUITIES 00:03:41.754 --> 00:03:42.088 WE EXPECT MORE VOLATILITY IN EQUITIES UNTIL 00:03:42.088 --> 00:03:42.322 WE EXPECT MORE VOLATILITY IN EQUITIES UNTIL WE 00:03:42.322 --> 00:03:42.822 WE EXPECT MORE VOLATILITY IN EQUITIES UNTIL WE GET 00:03:42.822 --> 00:03:42.855 WE EXPECT MORE VOLATILITY IN EQUITIES UNTIL WE GET MORE 00:03:42.855 --> 00:03:43.056 EQUITIES UNTIL WE GET MORE 00:03:43.056 --> 00:03:43.122 EQUITIES UNTIL WE GET MORE STABILITY 00:03:43.122 --> 00:03:43.323 EQUITIES UNTIL WE GET MORE STABILITY ON 00:03:43.323 --> 00:03:43.456 EQUITIES UNTIL WE GET MORE STABILITY ON BOND 00:03:43.456 --> 00:03:43.656 EQUITIES UNTIL WE GET MORE STABILITY ON BOND YIELDS 00:03:43.656 --> 00:03:44.257 EQUITIES UNTIL WE GET MORE STABILITY ON BOND YIELDS AND 00:03:44.257 --> 00:03:44.290 EQUITIES UNTIL WE GET MORE STABILITY ON BOND YIELDS AND A 00:03:44.290 --> 00:03:44.457 STABILITY ON BOND YIELDS AND A 00:03:44.457 --> 00:03:45.325 STABILITY ON BOND YIELDS AND A LITTLE 00:03:45.325 --> 00:03:45.625 STABILITY ON BOND YIELDS AND A LITTLE MORE 00:03:45.625 --> 00:03:45.758 STABILITY ON BOND YIELDS AND A LITTLE MORE CLARITY 00:03:45.758 --> 00:03:46.192 STABILITY ON BOND YIELDS AND A LITTLE MORE CLARITY ON 00:03:46.192 --> 00:03:46.626 STABILITY ON BOND YIELDS AND A LITTLE MORE CLARITY ON THIS 00:03:46.626 --> 00:03:46.659 STABILITY ON BOND YIELDS AND A LITTLE MORE CLARITY ON THIS RATE 00:03:46.659 --> 00:03:46.893 LITTLE MORE CLARITY ON THIS RATE 00:03:46.893 --> 00:03:47.560 LITTLE MORE CLARITY ON THIS RATE OF 00:03:47.560 --> 00:03:47.860 LITTLE MORE CLARITY ON THIS RATE OF INFLATION 00:03:47.860 --> 00:03:47.894 LITTLE MORE CLARITY ON THIS RATE OF INFLATION DECAY 00:03:47.894 --> 00:03:48.194 OF INFLATION DECAY 00:03:48.194 --> 00:03:48.761 OF INFLATION DECAY >> 00:03:48.761 --> 00:03:48.928 OF INFLATION DECAY >> SO 00:03:48.928 --> 00:03:49.729 OF INFLATION DECAY >> SO DOES 00:03:49.729 --> 00:03:50.063 OF INFLATION DECAY >> SO DOES THAT 00:03:50.063 --> 00:03:50.396 OF INFLATION DECAY >> SO DOES THAT MEAN 00:03:50.396 --> 00:03:50.663 OF INFLATION DECAY >> SO DOES THAT MEAN AT 00:03:50.663 --> 00:03:50.697 OF INFLATION DECAY >> SO DOES THAT MEAN AT THIS 00:03:50.697 --> 00:03:50.830 >> SO DOES THAT MEAN AT THIS 00:03:50.830 --> 00:03:50.964 >> SO DOES THAT MEAN AT THIS POINT 00:03:50.964 --> 00:03:51.097 >> SO DOES THAT MEAN AT THIS POINT THAT 00:03:51.097 --> 00:03:51.364 >> SO DOES THAT MEAN AT THIS POINT THAT YOU 00:03:51.364 --> 00:03:51.598 >> SO DOES THAT MEAN AT THIS POINT THAT YOU ARE 00:03:51.598 --> 00:03:52.065 >> SO DOES THAT MEAN AT THIS POINT THAT YOU ARE NOT 00:03:52.065 --> 00:03:52.098 >> SO DOES THAT MEAN AT THIS POINT THAT YOU ARE NOT WARMING 00:03:52.098 --> 00:03:52.198 POINT THAT YOU ARE NOT WARMING 00:03:52.198 --> 00:03:52.999 POINT THAT YOU ARE NOT WARMING UP 00:03:52.999 --> 00:03:53.199 POINT THAT YOU ARE NOT WARMING UP TO 00:03:53.199 --> 00:03:53.399 POINT THAT YOU ARE NOT WARMING UP TO INCREASING 00:03:53.399 --> 00:03:54.067 POINT THAT YOU ARE NOT WARMING UP TO INCREASING YOUR 00:03:54.067 --> 00:03:54.234 POINT THAT YOU ARE NOT WARMING UP TO INCREASING YOUR WEIGHT, 00:03:54.234 --> 00:03:54.367 UP TO INCREASING YOUR WEIGHT, 00:03:54.367 --> 00:03:54.567 UP TO INCREASING YOUR WEIGHT, LET'S 00:03:54.567 --> 00:03:55.668 UP TO INCREASING YOUR WEIGHT, LET'S SAY, 00:03:55.668 --> 00:03:56.536 UP TO INCREASING YOUR WEIGHT, LET'S SAY, IN 00:03:56.536 --> 00:03:56.569 UP TO INCREASING YOUR WEIGHT, LET'S SAY, IN EQUITIES 00:03:56.569 --> 00:03:56.703 LET'S SAY, IN EQUITIES 00:03:56.703 --> 00:03:57.003 LET'S SAY, IN EQUITIES SOME 00:03:57.003 --> 00:03:57.136 LET'S SAY, IN EQUITIES SOME OF 00:03:57.136 --> 00:03:58.571 LET'S SAY, IN EQUITIES SOME OF THESE 00:03:58.571 --> 00:03:59.105 LET'S SAY, IN EQUITIES SOME OF THESE SIX-MONTH 00:03:59.105 --> 00:03:59.138 LET'S SAY, IN EQUITIES SOME OF THESE SIX-MONTH T-BILLS, 00:03:59.138 --> 00:03:59.272 SOME OF THESE SIX-MONTH T-BILLS, 00:03:59.272 --> 00:04:00.273 SOME OF THESE SIX-MONTH T-BILLS, DOES 00:04:00.273 --> 00:04:00.406 SOME OF THESE SIX-MONTH T-BILLS, DOES THAT 00:04:00.406 --> 00:04:00.640 SOME OF THESE SIX-MONTH T-BILLS, DOES THAT REMAIN 00:04:00.640 --> 00:04:00.807 SOME OF THESE SIX-MONTH T-BILLS, DOES THAT REMAIN A 00:04:00.807 --> 00:04:00.907 SOME OF THESE SIX-MONTH T-BILLS, DOES THAT REMAIN A NICE 00:04:00.907 --> 00:04:01.407 SOME OF THESE SIX-MONTH T-BILLS, DOES THAT REMAIN A NICE PLACE 00:04:01.407 --> 00:04:01.441 SOME OF THESE SIX-MONTH T-BILLS, DOES THAT REMAIN A NICE PLACE TO 00:04:01.441 --> 00:04:01.608 DOES THAT REMAIN A NICE PLACE TO 00:04:01.608 --> 00:04:01.641 DOES THAT REMAIN A NICE PLACE TO PARK 00:04:01.641 --> 00:04:01.741 PARK 00:04:01.741 --> 00:04:01.774 PARK >> 00:04:01.774 --> 00:04:01.941 PARK >> I 00:04:01.941 --> 00:04:02.075 PARK >> I THINK 00:04:02.075 --> 00:04:02.208 PARK >> I THINK THE 00:04:02.208 --> 00:04:02.442 PARK >> I THINK THE ABILITY 00:04:02.442 --> 00:04:02.775 PARK >> I THINK THE ABILITY FOR 00:04:02.775 --> 00:04:04.577 PARK >> I THINK THE ABILITY FOR US 00:04:04.577 --> 00:04:04.611 PARK >> I THINK THE ABILITY FOR US TO 00:04:04.611 --> 00:04:05.378 >> I THINK THE ABILITY FOR US TO 00:04:05.378 --> 00:04:06.279 >> I THINK THE ABILITY FOR US TO ACTUALLY 00:04:06.279 --> 00:04:06.846 >> I THINK THE ABILITY FOR US TO ACTUALLY OPEN 00:04:06.846 --> 00:04:07.413 >> I THINK THE ABILITY FOR US TO ACTUALLY OPEN THE 00:04:07.413 --> 00:04:07.447 >> I THINK THE ABILITY FOR US TO ACTUALLY OPEN THE POSSIBILITIES. 00:04:07.447 --> 00:04:07.547 ACTUALLY OPEN THE POSSIBILITIES. 00:04:07.547 --> 00:04:07.747 ACTUALLY OPEN THE POSSIBILITIES. WE 00:04:07.747 --> 00:04:08.081 ACTUALLY OPEN THE POSSIBILITIES. WE HAVE 00:04:08.081 --> 00:04:08.248 ACTUALLY OPEN THE POSSIBILITIES. WE HAVE BEEN 00:04:08.248 --> 00:04:08.381 ACTUALLY OPEN THE POSSIBILITIES. WE HAVE BEEN DISCUSSING 00:04:08.381 --> 00:04:08.548 ACTUALLY OPEN THE POSSIBILITIES. WE HAVE BEEN DISCUSSING THESE 00:04:08.548 --> 00:04:08.715 WE HAVE BEEN DISCUSSING THESE 00:04:08.715 --> 00:04:09.415 WE HAVE BEEN DISCUSSING THESE EVEN 00:04:09.415 --> 00:04:11.384 WE HAVE BEEN DISCUSSING THESE EVEN FROM 00:04:11.384 --> 00:04:11.484 WE HAVE BEEN DISCUSSING THESE EVEN FROM THE 00:04:11.484 --> 00:04:11.618 WE HAVE BEEN DISCUSSING THESE EVEN FROM THE LAST 00:04:11.618 --> 00:04:11.684 WE HAVE BEEN DISCUSSING THESE EVEN FROM THE LAST QUARTER, 00:04:11.684 --> 00:04:11.718 WE HAVE BEEN DISCUSSING THESE EVEN FROM THE LAST QUARTER, IN 00:04:11.718 --> 00:04:11.818 EVEN FROM THE LAST QUARTER, IN 00:04:11.818 --> 00:04:12.552 EVEN FROM THE LAST QUARTER, IN THE 00:04:12.552 --> 00:04:12.785 EVEN FROM THE LAST QUARTER, IN THE KWAUR 00:04:12.785 --> 00:04:13.086 EVEN FROM THE LAST QUARTER, IN THE KWAUR QUARTER 00:04:13.086 --> 00:04:13.319 EVEN FROM THE LAST QUARTER, IN THE KWAUR QUARTER WE 00:04:13.319 --> 00:04:13.453 EVEN FROM THE LAST QUARTER, IN THE KWAUR QUARTER WE SAY 00:04:13.453 --> 00:04:14.053 EVEN FROM THE LAST QUARTER, IN THE KWAUR QUARTER WE SAY T 00:04:14.053 --> 00:04:14.220 EVEN FROM THE LAST QUARTER, IN THE KWAUR QUARTER WE SAY T IS 00:04:14.220 --> 00:04:14.387 THE KWAUR QUARTER WE SAY T IS 00:04:14.387 --> 00:04:14.520 THE KWAUR QUARTER WE SAY T IS PRETTY 00:04:14.520 --> 00:04:15.255 THE KWAUR QUARTER WE SAY T IS PRETTY MUCH 00:04:15.255 --> 00:04:15.755 THE KWAUR QUARTER WE SAY T IS PRETTY MUCH THERE 00:04:15.755 --> 00:04:16.089 THE KWAUR QUARTER WE SAY T IS PRETTY MUCH THERE AND 00:04:16.089 --> 00:04:16.122 THE KWAUR QUARTER WE SAY T IS PRETTY MUCH THERE AND IT'S 00:04:16.122 --> 00:04:16.289 PRETTY MUCH THERE AND IT'S 00:04:16.289 --> 00:04:16.322 PRETTY MUCH THERE AND IT'S OPENED 00:04:16.322 --> 00:04:16.889 PRETTY MUCH THERE AND IT'S OPENED UP 00:04:16.889 --> 00:04:16.923 PRETTY MUCH THERE AND IT'S OPENED UP TO 00:04:16.923 --> 00:04:16.990 PRETTY MUCH THERE AND IT'S OPENED UP TO A 00:04:16.990 --> 00:04:17.156 PRETTY MUCH THERE AND IT'S OPENED UP TO A LOT 00:04:17.156 --> 00:04:17.890 PRETTY MUCH THERE AND IT'S OPENED UP TO A LOT OF 00:04:17.890 --> 00:04:17.924 PRETTY MUCH THERE AND IT'S OPENED UP TO A LOT OF GOOD 00:04:17.924 --> 00:04:18.224 OPENED UP TO A LOT OF GOOD 00:04:18.224 --> 00:04:18.258 OPENED UP TO A LOT OF GOOD POSSIBILITIES. 00:04:18.258 --> 00:04:18.358 POSSIBILITIES. 00:04:18.358 --> 00:04:18.491 POSSIBILITIES. THE 00:04:18.491 --> 00:04:18.625 POSSIBILITIES. THE YIELDS 00:04:18.625 --> 00:04:18.958 POSSIBILITIES. THE YIELDS YOU 00:04:18.958 --> 00:04:19.158 POSSIBILITIES. THE YIELDS YOU GET 00:04:19.158 --> 00:04:19.425 POSSIBILITIES. THE YIELDS YOU GET ON 00:04:19.425 --> 00:04:19.726 POSSIBILITIES. THE YIELDS YOU GET ON THE 00:04:19.726 --> 00:04:19.892 POSSIBILITIES. THE YIELDS YOU GET ON THE SHORT 00:04:19.892 --> 00:04:20.026 THE YIELDS YOU GET ON THE SHORT 00:04:20.026 --> 00:04:20.059 THE YIELDS YOU GET ON THE SHORT PART 00:04:20.059 --> 00:04:20.326 THE YIELDS YOU GET ON THE SHORT PART OF 00:04:20.326 --> 00:04:21.160 THE YIELDS YOU GET ON THE SHORT PART OF THE 00:04:21.160 --> 00:04:21.427 THE YIELDS YOU GET ON THE SHORT PART OF THE CURVE, 00:04:21.427 --> 00:04:21.594 THE YIELDS YOU GET ON THE SHORT PART OF THE CURVE, IT'S 00:04:21.594 --> 00:04:21.794 PART OF THE CURVE, IT'S 00:04:21.794 --> 00:04:22.061 PART OF THE CURVE, IT'S SOMETHING 00:04:22.061 --> 00:04:22.195 PART OF THE CURVE, IT'S SOMETHING THAT'S 00:04:22.195 --> 00:04:22.462 PART OF THE CURVE, IT'S SOMETHING THAT'S VERY 00:04:22.462 --> 00:04:22.595 PART OF THE CURVE, IT'S SOMETHING THAT'S VERY OPEN 00:04:22.595 --> 00:04:22.629 PART OF THE CURVE, IT'S SOMETHING THAT'S VERY OPEN NOW 00:04:22.629 --> 00:04:22.762 SOMETHING THAT'S VERY OPEN NOW 00:04:22.762 --> 00:04:23.329 SOMETHING THAT'S VERY OPEN NOW THAT 00:04:23.329 --> 00:04:23.463 SOMETHING THAT'S VERY OPEN NOW THAT WE 00:04:23.463 --> 00:04:23.696 SOMETHING THAT'S VERY OPEN NOW THAT WE DIDN'T 00:04:23.696 --> 00:04:23.830 SOMETHING THAT'S VERY OPEN NOW THAT WE DIDN'T HAVE 00:04:23.830 --> 00:04:24.264 SOMETHING THAT'S VERY OPEN NOW THAT WE DIDN'T HAVE BEFORE 00:04:24.264 --> 00:04:24.297 SOMETHING THAT'S VERY OPEN NOW THAT WE DIDN'T HAVE BEFORE AND 00:04:24.297 --> 00:04:24.530 THAT WE DIDN'T HAVE BEFORE AND 00:04:24.530 --> 00:04:24.964 THAT WE DIDN'T HAVE BEFORE AND YOU 00:04:24.964 --> 00:04:25.398 THAT WE DIDN'T HAVE BEFORE AND YOU ACTUALLY 00:04:25.398 --> 00:04:25.565 THAT WE DIDN'T HAVE BEFORE AND YOU ACTUALLY WAIT 00:04:25.565 --> 00:04:26.032 THAT WE DIDN'T HAVE BEFORE AND YOU ACTUALLY WAIT PROBABLY 00:04:26.032 --> 00:04:26.065 THAT WE DIDN'T HAVE BEFORE AND YOU ACTUALLY WAIT PROBABLY FOR 00:04:26.065 --> 00:04:26.466 YOU ACTUALLY WAIT PROBABLY FOR 00:04:26.466 --> 00:04:26.599 YOU ACTUALLY WAIT PROBABLY FOR 12 00:04:26.599 --> 00:04:26.799 YOU ACTUALLY WAIT PROBABLY FOR 12 MONTHS 00:04:26.799 --> 00:04:26.899 YOU ACTUALLY WAIT PROBABLY FOR 12 MONTHS TO 00:04:26.899 --> 00:04:27.767 YOU ACTUALLY WAIT PROBABLY FOR 12 MONTHS TO 18 00:04:27.767 --> 00:04:27.800 YOU ACTUALLY WAIT PROBABLY FOR 12 MONTHS TO 18 MONTHS 00:04:27.800 --> 00:04:27.967 12 MONTHS TO 18 MONTHS 00:04:27.967 --> 00:04:28.101 12 MONTHS TO 18 MONTHS YOU'RE 00:04:28.101 --> 00:04:28.167 12 MONTHS TO 18 MONTHS YOU'RE PROBABLY 00:04:28.167 --> 00:04:28.334 12 MONTHS TO 18 MONTHS YOU'RE PROBABLY NOT 00:04:28.334 --> 00:04:28.501 12 MONTHS TO 18 MONTHS YOU'RE PROBABLY NOT GOING 00:04:28.501 --> 00:04:28.901 12 MONTHS TO 18 MONTHS YOU'RE PROBABLY NOT GOING TO 00:04:28.901 --> 00:04:28.935 12 MONTHS TO 18 MONTHS YOU'RE PROBABLY NOT GOING TO GET 00:04:28.935 --> 00:04:29.035 YOU'RE PROBABLY NOT GOING TO GET 00:04:29.035 --> 00:04:29.202 YOU'RE PROBABLY NOT GOING TO GET AS 00:04:29.202 --> 00:04:29.335 YOU'RE PROBABLY NOT GOING TO GET AS MUCH 00:04:29.335 --> 00:04:29.569 YOU'RE PROBABLY NOT GOING TO GET AS MUCH AS 00:04:29.569 --> 00:04:29.869 YOU'RE PROBABLY NOT GOING TO GET AS MUCH AS YOU 00:04:29.869 --> 00:04:30.003 YOU'RE PROBABLY NOT GOING TO GET AS MUCH AS YOU CAN 00:04:30.003 --> 00:04:30.303 YOU'RE PROBABLY NOT GOING TO GET AS MUCH AS YOU CAN ACTUALLY 00:04:30.303 --> 00:04:30.903 YOU'RE PROBABLY NOT GOING TO GET AS MUCH AS YOU CAN ACTUALLY GET 00:04:30.903 --> 00:04:31.070 AS MUCH AS YOU CAN ACTUALLY GET 00:04:31.070 --> 00:04:31.104 AS MUCH AS YOU CAN ACTUALLY GET TODAY. 00:04:31.104 --> 00:04:31.204 TODAY. 00:04:31.204 --> 00:04:31.337 TODAY. IN 00:04:31.337 --> 00:04:32.038 TODAY. IN MANY 00:04:32.038 --> 00:04:32.272 TODAY. IN MANY CASES, 00:04:32.272 --> 00:04:32.505 TODAY. IN MANY CASES, OPENING 00:04:32.505 --> 00:04:32.905 TODAY. IN MANY CASES, OPENING UP 00:04:32.905 --> 00:04:32.939 TODAY. IN MANY CASES, OPENING UP TO 00:04:32.939 --> 00:04:33.773 IN MANY CASES, OPENING UP TO 00:04:33.773 --> 00:04:34.140 IN MANY CASES, OPENING UP TO DIFFERENT 00:04:34.140 --> 00:04:34.307 IN MANY CASES, OPENING UP TO DIFFERENT DIVERSIFICATION 00:04:34.307 --> 00:04:35.141 DIFFERENT DIVERSIFICATION 00:04:35.141 --> 00:04:35.541 DIFFERENT DIVERSIFICATION OPTIONS 00:04:35.541 --> 00:04:36.843 DIFFERENT DIVERSIFICATION OPTIONS INCLUDING 00:04:36.843 --> 00:04:37.310 DIFFERENT DIVERSIFICATION OPTIONS INCLUDING BONDS 00:04:37.310 --> 00:04:37.343 DIFFERENT DIVERSIFICATION OPTIONS INCLUDING BONDS IS 00:04:37.343 --> 00:04:37.543 OPTIONS INCLUDING BONDS IS 00:04:37.543 --> 00:04:37.744 OPTIONS INCLUDING BONDS IS PROBABLY 00:04:37.744 --> 00:04:38.044 OPTIONS INCLUDING BONDS IS PROBABLY MORE 00:04:38.044 --> 00:04:38.111 OPTIONS INCLUDING BONDS IS PROBABLY MORE OPEN 00:04:38.111 --> 00:04:38.311 OPTIONS INCLUDING BONDS IS PROBABLY MORE OPEN THAN 00:04:38.311 --> 00:04:38.344 OPTIONS INCLUDING BONDS IS PROBABLY MORE OPEN THAN NOT. 00:04:38.344 --> 00:04:38.678 PROBABLY MORE OPEN THAN NOT. 00:04:38.678 --> 00:04:38.978 PROBABLY MORE OPEN THAN NOT. >> 00:04:38.978 --> 00:04:39.012 PROBABLY MORE OPEN THAN NOT. >> RIGHT 00:04:39.012 --> 00:04:39.078 >> RIGHT 00:04:39.078 --> 00:04:39.212 >> RIGHT I 00:04:39.212 --> 00:04:39.278 >> RIGHT I ALWAYS