 Welcome folks. It's Jacob Shoup again, milling in for Tom O'Brien. Let's take a look at what we got going on right now. So we're kind of trading a little bit down right now in the S-mini. Of course, in the day we had a pretty steady decline from open. Then we shot back up around about $12.30. And then we're coming back down again, probably testing the lows of the day again. Let's take a look. The Russell is off about 0.78% right now, trading at $0.1967.30 and accused at $17,675 off about 1.15%. The Dow futures kind of sideways currently trading right under that $38,000 market and the gold contract were actually off a little bit right now as well, trading at $2,388.90, silver up modestly. And then copper as well, getting back to that $434 area, which was nice. It was a little disheartened to see it kind of come down from around the $435, but we're right back up there. Take a look at crude oil. How about this, right? So down right now at $312, excuse me, down at $312, about $8,270. There's a lot of conversation and I've been talking about it too, how I was concerned with some of the global outlook and conflict we've been seeing around the world. And then additionally, with the reintroduction of embargo against Venezuelan oil, how this is going to impact, of course, the price of crude and really by extension energy, and then really affect CPI. And what we found is that some of the supplies from the U.S. are kind of outweighing the demand on all of that, which is pretty fantastic going forward. And of course, the Brent is down moderately as well. All the bonds are up slightly. Tesla trading at $156.82. One of the headlines I saw is that Cathie Woods continues to buy Tesla even down at these levels. And that is some pretty strong conviction. I would say still dynamics trading at $138.90 and then the dollar back down below that $106 level, trading at $105.97. Google at $157. Of course, Metta, just under that $500 right now, and the Disney trading at $113. You know, let's be, let's just talk about what's going on and is that Powell comes out and says that rate cuts will likely come later than expected. And I think this is interesting because one, I had kind of assumed that this might happen. But then two, you know, it's we've, we went through, I mean, over a decade of quantitative easing with just constant money being injected into the market. And, you know, this idea some and then again, you know, additionally with supply chain disruptions because COVID and all that. And this idea that maybe in in a year or a little bit over that we would, you know, kind of combat inflation effectively to the point where we could go back down to lower rates. I don't know. I, of course, I was in the minority thinking that, but it seems like this might stay the case for a little bit longer. Powell said legitimately lack of further progress on inflation means that central bank likely won't cut interest rates at its upcoming policy meeting just two weeks away. We kind of knew this. We knew this going into May as well. Now there's discussion that this might not even happen in June or even July. Meanwhile, the two year Treasury yield top 5% on Tuesday before retreating below the threshold to about 4.96. I think the average mortgage rate as well is trading about 7.15, of course, trading. It's at 7.15%, which is pretty high. And the question is too, is when you start cutting rates, what do we go back down to? I mean, I totally do not foresee any circumstance where we go back to quantitative easing levels, you know, at something like zero or close to that. I mean, do we settle at like 5%, 4% and then how does the market shake out from that? It'll be interesting to see what kind of happens. So the recent data has not given us greater confidence. It is likely to take longer than expected to achieve that confidence right now, given the strength of the labor market and progress on inflation so far. It's appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us. And I think you've seen that too, where you've seen some cash flow going into bonds and kind of other fixed income like that as well. Anyways, we'll have to see, of course, what the next CPI report is. And of course, that job market is still really strong. And I have said this a few times before, but I do think that we're kind of in a new, not a new, I mean, there's a lot of new stuff going on in the economy. And I think there's some major structural changes happening. But I wonder if this, again, this approach that the Fed has, which is really to control demand side, kind of metrics, is that going to be effective going forward? A lot of this problem, again, was supply chains, right? And so they're trying to balance everything by decreasing demand. But was that really the issue? And we're seeing at least in the job market that the economy needs more workers. And they're comfortable with that. So is increasing the unemployment rate, which in effect is going to have an influence on demand? Is that really the way to do it? I'm not sure. But it's kind of what the Fed has going right now. And I'd be interesting to see years down the line, kind of what the way they've changed their approach to it. Of course, let me pull this up when I can get it loaded. Fantastic. You know, I like steel dynamics a lot. I talk about it. One of the interesting things, this is a new story coming out, is Biden is seeking actually higher tariffs on Chinese steel. We could talk a little bit about this, not only just steel, but aluminum as well. They're going to protect American producers from a flood of cheap imports and will pitch his election year plan during a visit Wednesday with steel workers in Pennsylvania. This is, you said this today, the current tariff is 7.5% for both steel and aluminum. But there's some suggestion that it could climb up to 22.5%. Additionally, with this, you've had, give me one moment here. You've had discussions at pretty high levels, you know, at least in policy decision making. Here we go. This is the U.S. Trade Representative Catherine Tai on Wednesday as well. She said she expects to include a review on tariffs on Chinese goods very soon. And this is going to be an action, essentially, to shield the EV sector from China. You know, I wonder if America really is trying to pivot back into, you know, you know, I suppose more industrial output, right? That kind of gets shot in the 80s, but you're seeing it come back with chip manufacturing. And I think really to remain competitive with the amount of people that we have in this nation, it's going to be something like, you know, production of these kind of cutting edge things, I would say EV. And Elon Musk had said it pretty succinctly a few months ago, where it's like, we don't do anything about China. They're going to flood the market. And you can see Volkswagen now going and basically outsourcing to China to produce their EVs. So anyways, folks, stay tuned. We'll be right back. We have a guest on the next break. Stay tuned.