We've had considerable developments of a geopolitical nature. We were just talking about the relationship there between between India and China and Russia comes into that. And then elsewhere, we've been focused very much on the White House and all the meetings that have taken place there with regards to Ukraine.Does any of that cut through into markets. You know, some people are suggesting there's a little bit of upside maybe for Europe, but it seems too early to be really making that call. I wonder how we ...

Group 1 - The divergence between stock prices and bond prices indicates differing market outlooks, with stocks reflecting optimism and bonds showing pessimism about the economy [7][27][28] - The iShares 20+ Year Treasury Bond Fund (TLT) has decreased by 8% over the past six weeks, while the S&P 500 has increased significantly, suggesting a potential misalignment in market expectations [3][14] - The U.S. national debt is approaching $37 trillion, with a debt-to-GDP ratio of 123%, raising concerns about fiscal sustainability and potential economic collapse [15][16][18] Group 2 - The "Bond Vigilantes" are reacting to perceived irresponsible fiscal policies, particularly the proposed $3.8 trillion budget bill by the Trump Administration, which could exacerbate the national debt [10][12][13] - The Federal Reserve is likely to maintain its current stance on interest rates due to ongoing economic uncertainty and inflation concerns, influenced by trade policies and tariffs [25][26] - The stock market may present opportunities despite the debt concerns, as historical trends show that market performance can thrive even amid rising national debt [20][21][22] Group 3 - The upcoming "Liberation Day 2.0" economic framework under the Trump Administration is expected to favor sectors such as tax, tech, and energy, potentially benefiting specific stocks [32][33] - Companies like Kohl's Corp. are identified as potential losers due to their lack of pricing power and vulnerability to rising input costs from tariffs [34][35] - The market is advised to focus on identifying winners and losers within the context of the new economic policies, rather than adopting a binary view of the stock and bond markets [30][31]