The energy markets continued with their gyrations, and Brent has been sitting at the top of the range we’ve outlined heading into year end. We believe $68-$74 is where brent will live over the next several months, but it doesn’t mean we can’t get shifts higher depending on the broad geopolitical backdrop. We believe that it will settle between $71-$73 in the tighter range as we head into the new year. The overhang heading into next year remains the economic fundamentals facing the consumer, federal governments, and general economic activity. U.S. inflation data all points to a large acceleration into year end, which we believe will gain pace in Q1’25. This won’t help U.S. TSY bonds as inflation fears have already driven the back-end of the curve higher, but the budget deficit is now accelerating at the fastest rate on record. The Treasury will have to issue MORE debt to cover the shortfall- so not only do we have inflation driving up yields, but we now have MORE paper coming to market that has to be absorbed and find a “clearing” price.