Very good to see you as well. Is that a fair way to frame your view on jobs right now outside of recession? I think that's probably right. Certainly, it really depends on what you look at. For example, the expected change in the unemployment rate in the University of Michigan numbers is really low reading you don’t see outside of recession. Other indicators about current employment or unemployment look better. So you have to triangulate a lot. But timely indicators are looking weak, very weak. Employment growth looks close to zero, openings and hiring are weak and potentially still getting weaker. Layoff claims look good but layoff announcements are up, which is concerning. GDP looks okay on paper but it's distorted by front-loading effects so labor market numbers are more reliable for now. The Challenger layoffs number was an outlier and suggests labor market may be weaker than hoped. AI risks to labor market exist but so far impact looks limited and delayed. Inflation numbers have been relatively good, with tariff pass-through being a known issue. Core PCE less tariffs is closer to 2%, so inflation is encouraging. Labour market news is more concerning but inflation is manageable. I'm comfortable that the Fed will deliver a rate cut at the December meeting despite uncertainty injected in Chair Powell’s press conference.