Fed Policy Matters to Private Markets?

Most of private credit is in a libor plus typ lining or floating rate structure. So i you have somea some ability to manage that rates duration risk, which is really going to reflect fed policy much more so than you would with public market. Butte implication in that transmission from ships in fed policy are going to take some time. They're going to take a multiple quarters. And ultimately, i guess that goes back to why we've seen such a huge object in demand in interest is to mitigate some of tha volatility around a number of variables.