No, we wouldn't expect three; still in line with one. January data noisy with seasonality; jobs show underlying strength, points to needing less cuts. Today's action may be overreaction to one month.

Jobs data skewed to healthcare; seasonality there, revisions possible. January data gets lot of seasonality, hard to make big judgment.

Not seeing outflows from US, but pickup into ex-US flows to Europe, Japan, EM. Dollar fundamentals (rate differentials) point to firmer dollar, but recently disconnected after Liberation Day; question is whether shift in global allocation persists or returns to fundamentals (rangebound to firmer).

Official SAFE holdings declining, but state bank holdings steady/increasing. Haven't shied away from Treasuries as much as headlines suggest.

Focus more on fundamentals, underlying data, flow and positioning data, not technicals/moving averages—too short-term.

No, we don't think so. Tariff pass-through different vs 2017-18; absorbed across channel (exporters, corporate margins). Seen most categories pass through by year-end; some delay but won't upset inflation view overall.

Not something we spend lot of time worrying about, but sheer cutbacks in jobs numbers in government hard to parse.