to interest rates They're balance sheet over the next three to six months This way there's no surprises Because what happens when we see a surprise move by the Fed the most powerful nation in the world where if they get it Wrong the entire global economy falls into recession people lose their jobs people die if they get it wrong We see the markets what for 11 to 12 weeks Right this happened in November where they totally like transitory transitory transitory said holy shit We are so wrong inflation's out of control and we're gonna have to raise rates super aggressively over the next 12 months to try to control it and stop we Don't know we're doing and what happened markets crashed That's like felt 30% many stocks 60 70 80 percent because massive deleveraging holy cow You're not just like slowly raising rates. You're talking about going from zero to two and a half three percent immediately Remember in November where we're going you look at the reports. Oh, we're gonna be at 1% the end (9/35)