Happy New Year. I’m Angelo Manzo with Meeder. For our January Private Wealth Monthly Insights, we’re gonna cover this in five minutes or less. First, we’re gonna talk about policy, specifically fiscal policy. We’ll touch on oil markets in Venezuela. Then lastly, our twenty twenty six expectations. What are gonna be the key drivers for equity and fixed income markets? Alright, let’s start with the one big beautiful bill. Here we show tax refunds and there will be a significant increase in individual tax refunds in twenty twenty six in the neighborhood of one hundred and sixty billion. In addition to this, there’s also gonna be accelerated depreciation for businesses to the tune of two hundred billion. We are gonna see a benefit from fiscal policy. This is gonna be fiscal stimulus. This will help provide a built in cushion should we see economic momentum soften during the year. We talked about monetary policy previously which is decreasing interest rates. We’re also going to have fiscal stimulus in twenty twenty six as well. These dynamics are going to provide a constructive backdrop for earnings growth and market conditions as we head into twenty twenty six. I want to touch briefly on Venezuela and the market impact. This slide here looks at global oil production and it may shock many that Venezuela is actually twenty first and only produces one percent of global world oil. They are first in reserves, but it would take years of infrastructure and investment for there to be a significant increase in output. Overall, it’s a great reminder that this is a midterm election year. There’s going to be political headlines that continue to drive markets that ultimately drive volatility in these types of situations and with these headlines, markets tend to look through these events especially when the fundamentals remain intact. This reinforces the importance of staying disciplined and not reacting to the short term volatility that may be driven by political headlines. Okay. Let’s tie these slides together. For twenty twenty six, our first expectation is that US earnings continue to grow. Earnings have been a key driver of the strong returns we’ve seen in the market in twenty twenty five. Our expectations for earnings to continue to grow. However, we’re gonna see broader participation. Earnings will growth will not be as dependent on the Magnificent Seven or technology. Should that be the case, diversification will truly matter for portfolios, ensure that we have broad participation in various US and global markets. In terms of interest rates, while they’re likely to drift lower, we believe that the long end of the curve will remain higher. And the main reason is that the US, given the favorable fiscal and monetary policies, will have stronger growth and higher inflation relative to the rest of the world. In this environment, fixed income will provide an excellent hedge to equity portfolios given the higher income. Lastly, it is a midterm election year. It is very common to see larger drawdowns in midterm election years relative to other presidential years. This will be something that we continue to monitor, but also it’s worth noting that this volatility has historically been a buying opportunity, especially when the fundamentals and economy are on solid footing as we see today. Please reach out to our team to review portfolios to ensure they’re properly positioned given our expectations. And there it is five minutes as promised. If you have any questions for our team, reach out to us. We are happy to assist you with any clients or prospects that you have. We greatly appreciate the trust you’ve placed with Meeder.