Banking system is well-capitalized. A good deal of thought is going into how to shore up liquidity, access to Fed's discount window. US labor market, inflation suggests were on a path to a soft landing. There is a bit more slacking a labor market than previously Appears to be an expectation among Fed that rates will come down further Over time if we stay on that path rates will decline to neutral It will be necessary to get US deficits down in order to keep the interest costs manageable The last mile of inflation is housing.