 Let's go to John in Michigan. Hey, John, what's going on? Hey, good morning, gentlemen. Love listening to you guys. Morning, John. Thanks for listening. Appreciate it. First thing is not a question. I want to comment on Tommy's beard. As it comes in, he reminds me of Rembrandt and Vincent Van Gogh. You know what that is. Well, that's a good one. We'll see how long I keep it for. It's a little itchy, and I'll play it a little. We'll see, but thanks for noticing, John. I can see that. I love the look, Tommy. Thanks, man. Thanks. My question today is about the dollar and interest rates. I believe yesterday or the day before you were talking about the chance that the Fed is now going to cut us up to about 60% at the next meeting possibly. And I was wondering if you'd comment on if the Fed cuts rates, what does that have to do? What kind of impact does that have on the dollar? And I'll hang on and listen. The dollar is still, I mean, our rates are so much higher than the world rates. So I don't see the dollar getting smoked. I see it going down. But you can see when you're kind of looking at this, we're at 1.63 today, right? France is still negative. This is on the 10 year. Germany's negative. The Netherlands and Switzerland have been negative forever, so I almost can't even bring those up. Yeah, not sure. But when you look at the percentage wise, it's dramatic. So I suspect the dollar does want to back off. What's so intriguing about this is that what continues to be out there, that rates continue to go down when you're at all-time highs. Do you know what I'm saying? It looks like it is what it is. And as we're talking today, I expect what we're going to see here is this 10 year is going to reject lower price again. And if it does, it is going to absolutely blow minds again. And it seems to do this consistently on a basis. The bond market comes down hard for a couple of days. All of a sudden, it flips around again, goes to another higher high. And even though we're at 1.61, I mean, we're close to that all-time low of 1.31. That's the other side of it. We were just at 1.5. Right, yeah. So historically, though, when rates get cut, does that make the dollar get strong or weak, which is it? Weak. But what happens is that it supposedly gets weaker. But what's going on is that this is a worldwide event. So what's happening is that would still be the stronger currency in a huge way compared to the other currencies, because everyone else is going down also. Sure. Do you know what I mean? So you still want your money in the dollar, even if it pulls back. Because all that's saying is that if we're pulling back, then what you have is that I don't expect it to get destroyed. What has happened here, and this is where the pound and the euro are getting some traction. So I expect that you're going to have, I suspect they're going to go up somewhat in comparison to the US dollar. But when you take a look at it overall, the dollar will still be a lot stronger. May I throw something else in there? I heard a statistic this past summer that 80% of all of the bond yield in the universe, in the world, is coming out of the United States because of things that you already pointed out, that so many currencies, interest rates, not currency, but so many interest rates are at zero or below zero. That bond investors around the world have been getting killed in their own countries, so they're coming here. So again, if we cut rates, I understand that the rest of the world is begging the Fed not to cut rates because of that interest rate differential for bond investors. They have their institutional people that have pensions that have to get so much of some sort of a yield. And they're afraid of their stock markets. You know what I'm saying? Yeah, no, you're absolutely right. I still need to be rambling like this. But I appreciate your insights all the time, guys. No, no, and you hit it when you said institutional. I mean, all of us, I think, you know, up until like two or three years ago, I had a hard time comprehending this. And I've been bullish in bonds for maybe six or seven years now. But I still had a hard time comprehending it. But then when you start looking at the amount of institutions, I'm talking about overseas now, and pensions, and states, and you look at our yield, that's where they have to go. And guess what? If you put your money in the United States, it's pretty cool. You know what I mean? You might lose money, but the bottom line is you're going to get your money back. And so it looks to me, and what I can't figure out yet, and this is what's like really kind of weird, it would seem that if there's this much cash running around, that inflation should be kicking in. But the core inflation now, that's excluding food and housing, which I don't agree with, but is not kicking in. But I suspect that at some point it's gonna because that's what seems to be happening in the bond market, meaning there's so much money chasing that yield that it's not operating as it normally would. Normally you would not be at all time highs and the yields would be at all time lows. Sure, right, right. And it's a dry that money up. It's not like it's gonna be overnight that all of a sudden all that money's gone, you know? Well, you know, on the flip side, if you look at this way too, Americans are paying less for their mortgages because rates are so low. It's huge. Gasoline prices are down, so we're getting a break there. So there are some advantages to the downside that are keeping inflation low, but I don't know, food always seems to be getting more expensive. It is, but when you just brought up mortgages, that's a monster number for all of us. And then what happens there, as long as the landlord doesn't get too greedy, you can keep the rents low and keep your tenant in there. I mean, if you're just doing a worksheet on expenses versus what's coming in, you know, that would say that it would be stable somewhat. Now that being said, what happened in the headlines out here today, where we live, this place is going up double digits. I don't know if you saw it yet, but you're gonna be happy. So Tampa, St. Pete and the Clearwater area folks, it's one of the fastest rent increases across the country right now. It would make sense because we were at a lower level, but they're at double digits to last year, which I was in shock actually this morning. And I mean, I know the market, but that's a big number. You're talking about 18 to 20. Well, I think Tampa's 10%, St. Pete's 18%. Overall, it's like a mix of 17%. And one year, that's the same. That is, that's huge. That's a, you know, that's a big number. But we were coming off a small number. We're certainly not coming off of Boston or Seattle, you know, and all of that. Well, you know, Martin Armstrong, a big institutional advisor, lives down in the Tampa area. And he was talking about how real estate has got nuts down there. Yes, yeah. Well, it's, you know, we're prejudiced, of course, because we live here, but what happens because it's central Florida, we have it, and what I mean by that folks, if you look at Florida, we're kind of in the middle. And for me, what it means more than anything is that what happens when it gets too hot and when it gets too cold in the winter, we're right in the middle. So we seem to get three weeks on the fall side and three weeks on the summer side before it gets too hot. Like if you go down to Naples, it gets hot much quicker and stays hot longer. And that makes a difference when people stop picking that up, you know what I mean? Because I'd say the downside is, you know, the heat when it comes in, it's pretty intense and, you know, it stays for quite a while, you know? So when you can get both sides of it, it's even if it's weeks, in this case, it's six weeks, I think that we have better temperatures than whether it's too far north or too far south, you know? You a little biased on that one? Yeah, I'm totally biased. Come on down to St. Pete and buy a house. Let's go. There we go. Well, thanks very much, guys. Okay, man. John, thanks, man. Have a great one. Have a great one. You too. Stay right there, folks. Tommy and I are coming right back. That was up 260, Nasdaq's up seven, S&P's up 19 and a half are coming right back.