 So I think the Fed is probably on track now. I think they want to cut rates. They want to cut rates more than 25 or 50 because the curve is inverted by a significant amount. So 25 basis points doesn't do a lot. I don't think 25, 50 basis points changes this dynamic that we're seeing in the equity market, meaning the kind of scarcity of growth paying up for growth in a way that we've been seeing. Now, if we were to get 100 basis points or 150 basis points of cuts without a hard landing,