 And it feels like it's restrictive, but not severely restrictive. So it tells me that rates, at least for now, the neutral rate must have risen, probably has risen from where it was during the inter-crisis period. And I think instinctively, I can't prove this. We're going to learn about this empirically. But it seems to me that the neutral rate is probably higher than it was during the inter-crisis period. And so rates will be higher.