in the marketplace about stronger growth, more inflation. The Fed would respond and that led that dollar strengthened. Then I think we had, but that was at the same time, dollar strengthened and the US consumers started importing more goods. The US trade deficit with a number of countries, if anything, actually increased under the Trump administration, despite the president coming to power sort of arguing against it. There are a lot of different moving factors, but the point is that story has faded away from the FX markets as they sort of focus on the balance sheet of the Federal Reserve, but it hasn't. That sort of growth story of variety of factors haven't really faded away as much from the equity markets. The geopolitical risks may be complicated, added some noise, added some volatility, but I think the story on growth, the story on expectations there have been a big part of the story there. Then with US yields coming down, European yields coming down, people say, well, where do I (20/45)
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