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00:00Obviously, I have to start with what Trump has called his big, beautiful bill, a new landmark tax bill for the U.S.
00:06I'd love to hear your take on the affairs.
00:08Well, it's still over an increase to the deficit of $3 trillion.
00:13So it's going to get a lot of pushback in the next phase of negotiations because there's a lot of fiscal hawks in the U.S.
00:21that don't approve of this bill conceptually because there's not enough cutting of spending.
00:26And so we're at the beginning of a process.
00:29I don't anticipate this will become law until sometime in July or August.
00:33So there's a tremendous amount of negotiation to go on now.
00:38You know, you've really got a lot of a lot of debate about when does the U.S. balance its budget?
00:45And we just had recent downgraded Moody's on the Treasury, which is putting pressure on rates on both the short and long end.
00:53So it's not over yet.
00:55It's the beginning of something, but it's I would say it's really only in the second inning.