Totally agree with what Kitty said—focus on oil and debt. Right now, oil isn’t just America’s problem anymore. The whole world is dealing with the surge in oil prices caused by the Iran-U.S. conflict. If this continues, we might see inflation rising across most countries globally. As for debt, that’s even trickier, especially given the current situation in the U.S. The short-term U.S. Treasury yields are dropping, which usually points to two possibilities: 1. U.S. inflation is declining, and the Fed proactively cuts rates. 2. The U.S. economy is in recession, forcing the Fed to cut rates. Honestly, it feels like option 2 is more likely right now. Because long-term U.S. Treasury yields are rising, it shows that from a long-term perspective, investors don’t think the Fed can cut rates smoothly or decisively. Instead, there might be bumps along the way, which feels more like concerns about stagflation.