It cannot be said that what BlackRock's CEO said is necessarily right, but at least I believe that: 1. It is impossible to cut interest rates four to five times unless it is an economic recession. I don't think it's very likely to raise interest rates. If the inflation caused by tariffs is based on the April 2nd version, it is indeed possible to generate even greater inflation, but in reality, it is unlikely to implement this version of the tariff plan. If the economy experiences a recession, a 20% drop is not much.