So I think that the US China discussions were in line with expectations. I mean, both sides had choreographed that they wanted a successful outcome. I think it's a fragile stability. I think it's important, not just the fundamental tears, but what China's doing itself, it's doing more stimulus as well. So I think you could see some growth upsides, not so much from the tariff rate, but one of the really good things about this discussion is both sides signal that they're going to continue the discussion with state visits. Xi Jinping coming to the US, Trump going to China. And I think that will keep things on track so that we don't get much divergence.

Well, I think the rate cut in the US though is definitely a hawkish cut. And I think the language that you saw out of the Fed basically saying a growing chorus, it really put December into question right now. So I think what you're seeing is just the market reaction today is, well, China, there was anticipation of this but no big surprises. We had thought that Treasury yields were probably about 20 basis points too low. And so you've seen the move. QT ended as we had expected, but I think the language that Powell chose was very blunt saying there is a growing chorus, and a dissenter was a bit of a surprise. It does put December more into question.

I think the bigger picture is that we see growth revisions going up. So if you're looking at 3% growth in real terms at inflation around 3%, that's just not a recipe to keep on easing.