on that. Maybe. Looks like I'm still getting in now here. I can wait. No problem. I know it'll fix you guys can fix it in about two seconds. Yeah, no worries. Well, on our end, we can see things working. So I'll try again. Sharing not turned on. Yeah, no, they're troubleshooting right now. I'll let you know a definitive if I see it on this side. Okay. I guess yes, we might as well roll into it because we do have printouts here too so we can look at those. Okay, well, sure, like I said, you know, there are there are periods of time I was trying to figure out who to attribute the saying to whether it's a philosopher or I think it was a I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start out who to attribute the saying to, whether it's a philosopher or I think it was, it might have been Winston Churchill that decades happen in months and that sometimes, and we're certainly in one of those periods right now, that's for sure. I mean, it's been a month and the last time we spoke and again, so much has changed anyway. For the economic update, sake, let's start with CPI, CPI in January came in hot. Came in hot with headline up 0.5% month over month. That's significant if you were to annualize that, that's 6%. So the Fed does not want to that. It came in at 3% year over year. And then core CPI came in hot as well at 3.3% year over year. So CPI in Placet and as gauge by CPI came in a little bit higher than the Fed would like to see. That's going to make the personal consumption expenditures index that we get, I believe, tomorrow, a hot data point to see if we did a, that's the Fed's preferred gauge for the 2% inflation target. So we'll see if that comes in higher than anticipated as well. GDP slowed for the fourth quarter. We actually got the second revision of fourth quarter GDP today and it was unchanged from the first to 2.3%. That was below the original consensus estimate of 2.6% and that slowed from just over 3% and that kind of 3% area that we had seen for the last quarters. And you might wonder, you know, that seems like the economy has been slowing, but it's not due to the consumer. The consumer remains resilient. We had a good, a solid holiday shopping season. And personal consumption expenditures actually increased from 2.5% to 2.9% in the fourth quarter. And that's a lot, that's a mouthful, but what detracted from GDP was actually a private inventory fell and it was down 0.9% that when private inventory falls when businesses sell more than they produce. So you can almost argue that the shopping season was so strong that it pulled forward consumption to a degree. But needless to say, it was a little bit slower, but still at that 2.3%. Then to counter that, retail sales fell short of expectations before January. It dropped 0.9% month over month, and that's off the 0.7% increase in December. So that's the first drop we've seen in retail sales for quite a few months here. It's certainly worth noting. It might be, you know, just again, the a result of consumption pulled forward in the holiday, the strong holiday season and one data point doesn't make a trend, so we'll see how that will be monitoring that moving forward in the next few months. Again, you know, it seems kind of like dismal news right now, but the U.S. added a surprisingly low amount of 143,000 jobs in January, and that was lower than the consensus estimates of 175,000. We're coming off of a gangbusters 265,000 jobs created in December, so that was unexpected to have lower amount of jobs. that could have been affected by, of course, the, you know, the fires in the south, the inclement of the weather, there's a lot of factors that could have been affecting the job creation in January, so that's going to be something that we're going to keep monitoring. And of course, uncertainty in the fiscal government and fiscal policy is is its toll on the direction of monetary policy. But our view of Chandler moving forward in 2025 is that the Federal Reserve will slow the pace of easing monetary policy. Until of course there's more clarity on the changes to fiscal policy, whether that be the implementation of tariffs, which it seems like you're juggling here, whether it's tariffs or no tariffs. And the labor market continues to remain strong. That's a bright spot in our economy. We're not seeing any material decline in labor. And again, the federal government is affecting that with what's going on, with the buyouts being offered at the federal government employee level and I've heard anecdotal stories filtering into local governments with uncertainty regarding grants and budgets and whether or not that's going to affect local government hiring as well. So needless to say, all of that needs to be, we need a little bit more clarity on that. So the Fed's not gonna be any hurry to cut rates in the immediate future. Where we believe that six months hence, depending on the labor market, and of course, when the fiscal certainty or fiscal policy certainty starts coming around, the Fed may cut about 25 basis points about six months from now. We'll see how the progress is done on inflation. But again, we're already 100 basis points are 1% below. A peak of 5.5% on the Fed funds rate. So the Fed does have a little bit of breathing room here, and let me see if I can share my screen, and I still cannot. Yeah. Oh, we'll keep winging it. All right. So to, at this point, I'll just transition over to our portfolio performance. So on a consolidated basis for the month of January, the end of January, the total market value of all reported financial assets and portfolio holdings for the city of Tusson is 206,877,000. The modified duration of the on a consolidated basis was 0.96, and the purchase yield of the consolidated is a full 4.05%. So we still have that forehandle on a consolidated basis, and the average maturity of all financial assets is 1.08 years. Moving on to the Chandler managed 1-5-year duration strategy. The total market value as of January 31st was 83,409,509. the modification of that was 2.3 years. The purchase yield on the Chandler Matataggi was 3.32% and the average maturity is 2.62 years on that portfolio. And happy to take questions. I was really all I was going to, I was planning on reporting today. I think it makes a little a lot more sense with my graphics, my nice charts and everything. But let me see if I can get those going now. Yeah, and there was Adrian and I can luckily thank you that we have the printed statements out on that. So, yeah, I think the answer to me, it seems like, you know, overall from your aspect and from what I know, we're going to be kind of in a holding pattern here for the next few months to see what goes down economically. And obviously with Powell saying, you know, we're probably going to be in a holding pattern for at least two or three months. Because when you look at the CME group's data points, it looks like the bet is that 25 basis isn't going to happen till June or July at this point in time. So that was a question, but you'd already answered it. So it seems like also maturity distribution is going out a little bit longer from the, you know, we used to be really short last year. And now it looks like you've sent it up to be a little bit longer in duration, which I think is, you know, locking those rates for that long term. Now that the curve is flattened a little bit too, or re-uninverted, so to speak. So I imagine that will probably be somewhat a strategy moving forward for at least a least a half a year. Yes. six months. Yeah, if we're looking at a six month horizon, we like the portfolio. And we're not changing any tactical strategy or strategy or tactics in the portfolio. We're still, you know, we still like to be relatively overweight or tactically overweight benchmark duration and we think there's gonna be still bare steepening in the yield curve meaning lower interest rates on the front end of the curve and we might just have lingering where we're looking at the 10-year and beyond for the longer end of the curve is probably gonna stay kind of where it is. So, you know, even from a money market perspective, the, you know, different money market vehicles that the city's in, and, you know, I think that we have a good barbell strategy from a liquidity perspective, and, you know, you'll still get that money market yield given this kind of holding pattern we're seeing in fiscal policy but again you know at the end of the day you know we can talk about the the ramifications or the externalities of the fiscal policy and you know we can talk about it all day and what it could really lead to but if it really leads to any kind of material weakening in the labor market the Fed is going to pick up on that pretty quickly and then start protecting or I should say you know fostering improvement in the labor market by easing monetary policy and that, and it self-boats well for the portfolio strategy. Yeah, I know I agree with you on that, Carl too. I mean, that's what we're seeing from my perspective as well. And money markets have been holding kind of tight after that initial down draft last year. year so it's going to be some interesting times when this watching wait season so to speak so aging you have any questions? No I'm good. Of course Carl as always thank you very much next time I'm sure we'll be able to go full screen on this but if you don't have anything further we'll let you get back to your evening here. And enjoy and say anything. All right, thank you a lot. Yeah, appreciate it, John. We'll see you guys next month. And we'll have a turn in the plate of information. I'm sure there'll be more to talk about. All right, thanks, Scott. Appreciate it. Thank you, Carl. Yeah. Thank you. All right, I I hear a motion to approve the 2025 January 2025 investment report? I move to approve. Second that. Roll call, vote. Adrian Henson. Approved. John Wendi, approve. Motion passes to Zip. Moving on to next agenda item. is there any committee or staff comments? No other comments? All righty. Sounds good to me. The next meeting of the investment subcommittee is scheduled for 5 p.m. on Thursday, March 20, 25 orth, sorry, 2025. At this time, we'll call the meeting to close at 5.14 PM. So we're 27th. Thank you. you