Interviewer:
Let's turn to monetary policy real quick. And Kevin, I'm going to turn to you on this one. Nadia mentioned that we've already seen some significant rate cuts. We're standing still now, but how much more wiggle room does the Fed really have moving forward?

Kevin Flanagan:
It's a great question because we're always trying to figure out are they going to go in March, June, September? Maybe the better way of looking at it is given the 175 basis points we already have in rate cuts, we're no longer in risk management mode. That's what Powell talked about as this process began. If you were looking at why the Fed resumed their cuts in September of last year, it was because we got some unexpected cooling, the major downward revisions to non-farm payrolls in the jobs market. And to look at what was mentioned in their policy statement at the January meeting in Powell's presser, the Fed is acknowledging that perhaps things are stabilizing in the market. They actually removed, not to go crazy into the rabbit hole here, but they actually removed their assessment that downside risks to the employment area or scenario. And to me, that gets you back to, are we thinking now that the Fed could be at or near the end of this rate cut cycle?