by immigration policies of the last four years and productivity appears to be a productivity miracle in place. That's generating trend growth that might be to an 1.25%, but we're still higher than that. Inflation is in my view, sticky and still above target, but is going in the right direction. And labor is in great shape, historically great shape, but not as hot as it was in mid COVID and post. And assuming also this latest NFP print is also very noisy and doesn't, let's say, suggest a deeper trend because it wasn't a good print. Yeah, no doubt. I'm not a big believer in over analyzing individual prints and I look at the panoply of data that represents the job market and I don't see a reason to be extremely concerned. So, okay, so let's dig in on the government's finances. What is the state of the government's finances? How has the yield on long-term debt been suppressed in your view? Because I think that's an argument you've made with respect to how the Treasury has managed its (24/40)
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