And we have a news alert [music] here on the Fed. The board of governors has voted unanimously to reappoint the regional bank presidents for five-year terms beginning on March 1st, 2026. Typically a routine vote.There have been speculation about whether the administration would try to influence the reappoint process, but today's announcement was unanimous, meaning even my on loan from the administration was in favor of these appointments. Now, in recent years, reappointments have taken place in January or F ...

Let's start with your word of the day. Your word of the day today is inflection. What inflection are you seeing.>> So inflection in terms of market leadership shifting from US equities more towards international equities. Inflection also when it comes to movement of capital more away from cash more towards dividend paying companies and inflection also when it comes to China where their policy is changing more from control more towards supporting growth. >> Okay.I know you gave us these notes yesterday. I do ...