The most outstanding thing was the steepening of the Treasury yield curve. There was significant steepening once people came to the idea that Warsh was going to be the choice.

That's a suggestion of higher yields for longer, particularly affecting the 30-year part of the curve, heading back in the direction of around 5%.

That's beginning to look pretty optimistic now. The idea that we're still gonna get two cuts before the end of the year is beginning to look a bit optimistic.

Traders may need to dial back on that, and that will affect currencies and the equity market. If you take away some of that boost to markets, we could be in for a slightly rougher ride than people had been expecting.