SPEAKER_01 0:00

Have you ever like really thought about the sheer chaotic scale of what it takes to get a simple package to your front door?

SPEAKER_00 0:08

Oh, I mean constantly. But most of us just, you know, look out for the cardboard box on the porch.

SPEAKER_01 0:13

Right. But picture this jarring contrast for a second. On one side, you have this local, gritty uh $44,000 metal bar heist unforging at a warehouse in Pennsylvania.

SPEAKER_00 0:26

Wow. Yeah.

SPEAKER_01 0:26

And on the exact same day, you have global AI customs software rerouting supply chains and uh autonomous ghost ships preparing to cross the oceans, not to mention massive geopolitical standoffs over international data collection. Trevor Burrus, Jr.

SPEAKER_00 0:41

It's a lot happening all at once. Trevor Burrus, Jr.

SPEAKER_01 0:42

It really is. So how do those massive extremes actually connect?

SPEAKER_00 0:46

Well, they connect because they're all nodes on the exact same hidden network. I mean, the logistics industry isn't just about moving boxes anymore. Right. It's really the central nervous system of the global economy. When one node twitches, uh, the whole system feels it.

SPEAKER_01 0:58

Aaron Powell Exactly. And today we are digging into a stack of global trade intelligence, specifically the logistics intelligence and global trade report for May 26, 2026.

SPEAKER_00 1:09

Aaron Powell A really fascinating report, honestly.

SPEAKER_01 1:11

Aaron Powell Oh, absolutely. We're using it to figure out how that nervous system is currently rewiring itself. So our mission today is to take this incredibly dense, multifaceted analysis and well, decode it.

SPEAKER_00 1:24

Yeah, break it down for you.

SPEAKER_01 1:25

Right. We want to expose the invisible high-stakes web that brings every single thing you buy right to your doorstep. So, okay, let's unpack this, starting with the physical ground game.

SPEAKER_00 1:37

Aaron Powell Yeah, the ground game is where the friction is most visible to us. You know, it's the delivery trucks you see on the highway, uh the tracking status on your phone.

SPEAKER_01 1:45

Right, the stuff we actually interact with.

SPEAKER_00 1:46

Exactly. But looking at the internal mechanics right now, that physical network is undergoing a massive stress test.

SPEAKER_01 1:53

Aaron Powell So let's look at FedEx to see that stress test in action. Their stock is hovering around 388 bucks today, up about like half a percent.

SPEAKER_00 2:00

Very calm, very normal corporate metrics on the surface.

SPEAKER_01 2:02

Yeah, totally normal. But beneath that, you have this bizarre story out of Dauphin County, Pennsylvania. Police are hunting for a Russian national named Sharina Diskamaya.

SPEAKER_00 2:13

Which is just a wild story.

SPEAKER_01 2:15

Right. She allegedly walked into a FedEx facility, posed as a legitimate package recipient, and walked out with over forty-four thousand dollars worth of metal bars.

SPEAKER_00 2:25

But notice what actually caught her here. It wasn't uh some billion-dollar biometric security system or a blockchain verification protocol. No, not at all. The report notes that employees were tipped off by her nervous demeanor and poor English. Wow. Yeah, a purely human interaction, human intuition flagged a massive vulnerability in an otherwise hyper-optimized corporate machine.

SPEAKER_01 2:48

Aaron Powell It's just wild that a multi-billion dollar network gets tripped up by someone just acting nervous at a counter.

SPEAKER_00 2:54

It really is.

SPEAKER_01 2:55

But while that local analog drama is playing out, FedEx is making these monumental macro level corporate moves. I mean, they are leading a consortium that just floated a $9 billion offer for a European locker company called Inpost.

SPEAKER_00 3:09

That's a huge play.

SPEAKER_01 3:10

Huge. And even bigger than that, on June 1st, they are spinning off FedEx freight into a completely standalone operation.

SPEAKER_00 3:17

And that spin-off is, well, arguably the most significant indicator of where the domestic trucking industry is heading right now.

SPEAKER_01 3:24

Aaron Powell Really? Why is that?

SPEAKER_00 3:26

Because for the first time in three years, the first quarter data is showing incredibly favorable trends for carriers. The balance of power is shifting back to the people who actually own the trucks.

SPEAKER_01 3:38

Aaron Powell Wait, if the freight division is finally making solid money and seeing favorable trends, why kick them out of the house?

SPEAKER_00 3:44

Aaron Powell That's the big question.

SPEAKER_01 3:45

I look at this and I think of like a band's lead guitarist going solo. They were great playing under the main brand, but now they're out there on their own, suddenly competing within their old genre.

SPEAKER_00 3:56

Aaron Powell Yeah, that's a great way to look at it.

SPEAKER_01 3:58

So if capacity is tightening up and profits are the main goal, does a solo FedEx freight mean that you, the listener, are ultimately going to pay more for shipping?

SPEAKER_00 4:07

Aaron Powell What's fascinating here is the underlying mechanics of how freight actually operates, which perfectly answers your question. The short answer is yes.

SPEAKER_01 4:15

Ah, I was afraid you'd say that.

SPEAKER_00 4:17

Yeah, sorry. The era of subsidizing cheap shipping with endless truck capacity is basically over. Let's look at the mechanism. FedEx Freight doesn't just haul full trailers from one warehouse to another. They specialize in less than truckload or LTL shipping.

SPEAKER_01 4:34

Meaning you only need to rent a portion of the truck's space because you just don't have enough product to fill the whole 53-foot trailer.

SPEAKER_00 4:40

Right, that sounds simple, but logistically it is a nightmare.

SPEAKER_01 4:43

Oh, we bet.

SPEAKER_00 4:44

LTL means a carrier has to pick up three pallets from Company A, four from Company B, and two from Company C.

SPEAKER_01 4:50

Just driving all over town?

SPEAKER_00 4:51

Exactly. Then they have to drive all of that to a central sorting hub, unload it, figure out which pallets are heading to the same destination region, reload them onto new trucks in the correct delivery sequence, and drive them out again.

SPEAKER_01 5:03

That sounds incredibly complicated.

SPEAKER_00 5:06

It is. Doing that efficiently requires massive, capital-intensive physical infrastructure. You know, you need terminals, cross-docks, highly specialized routing software. Trevor Burrus, Jr.

SPEAKER_01 5:17

So the barrier to entry for LTL is huge. Like a a random guy with a pickup truck can't just start an LTL company.

SPEAKER_00 5:24

Precisely. Which is why established LTL specialists like ArcBest and Old Dominion Freight Line are seeing incredibly strong contract renewals right now.

SPEAKER_01 5:33

They already have the infrastructure.

SPEAKER_00 5:35

Exactly. Plus, the supply of available drivers is actively shrinking. Satish Jindel from SJ Consulting points out on the report that the federal government has been aggressively cracking down on non-domiciled CDL holders.

SPEAKER_01 5:48

Aaron Powell Meaning uh commercial truck drivers who got their licenses in a state where they don't actually live. Trevor Burrus, Jr.

SPEAKER_00 5:54

Right. People were crossing state lines to find easier testing standards or maybe to skirt specific state level regulations.

SPEAKER_01 6:01

Oh, I see.

SPEAKER_00 6:01

The government closed those loopholes, which yanked a significant number of drivers right out of the labor pool. So when you have fewer trucks legally allowed on the road, but a high demand for complex LTL shipping, the carriers suddenly hold all the pricing power.

SPEAKER_01 6:16

Which brings us back to why the lead guitarist is going solo. By spinning off on June 1st, FedEx Freight takes off the corporate gloves.

SPEAKER_00 6:22

You really do.

SPEAKER_01 6:23

They aren't tied to the broader FedEx package delivery ecosystem anymore. The incoming president and CEO of FedEx Freight, John Smith, gave a quote in the report that is just wonderfully blunt.

SPEAKER_00 6:36

I love this quote.

SPEAKER_01 6:37

He said, We're not hauling freight for practice, we're here to make money and grow profitably.

SPEAKER_00 6:42

It is a definitive statement that the industry is pivoting from aggressive expansion to ruthless margin protection.

SPEAKER_01 6:50

Absolutely.

SPEAKER_00 6:51

But you know, if the U.S. domestic market is about squeezing out profit, the international scene feels much more like a high-stakes land grab. Legacy carriers are fighting a global war over physical infrastructure and data.

SPEAKER_01 7:04

Okay, let's talk about DHL's physical bets because they are building infrastructure on a massive scale.

SPEAKER_00 7:08

Oh, definitely.

SPEAKER_01 7:09

The report details a new project in Holton, Netherlands. They just broke ground on a 17,000 square meter European EV battery logistics hub.

SPEAKER_00 7:19

Which is massive.

SPEAKER_01 7:20

Yeah, that goes live in early 2027. Just imagine a facility the size of three football fields, but it is dedicated exclusively to handling high-voltage batteries for electric vehicles and stationary storage.

SPEAKER_00 7:31

And they are parking this facility right next to their existing automotive operation to create an integrated e-mobility campus.

SPEAKER_01 7:39

Which makes total sense.

SPEAKER_00 7:41

Right, because handling high voltage EV batteries isn't like storing pallets of t-shirts.

SPEAKER_01 7:46

No, I wouldn't think so.

SPEAKER_00 7:47

It requires specialized climate controls, intense fire suppression systems, strict hazmat compliance. By building this campus, DHL is essentially installing the physical nervous system for Europe's transition to electric vehicles.

SPEAKER_01 8:02

Wow.

SPEAKER_00 8:03

And they're pairing that physical infrastructure with a major corporate restructuring under their strategy 2x30 growth plan.

SPEAKER_01 8:11

Yeah, the report highlights a whole new leadership slate to execute that 2x30 plan. Jim Monkmeyer is taking over as global head of LOP and supply chain orchestration. Right. Adam Ruff steps in as President of Transportation for North America, and Dave Moss becomes head of real estate solutions for North America.

SPEAKER_00 8:27

Now look at those specific titles. Head Real Estate Solutions tells you everything you need to know about modern logistics. How so? Moving the box is the easy part. Owning the optimal physical square footage near major population centers, the real estate, that is the ultimate bottleneck.

SPEAKER_01 8:43

Oh, that makes sense. You need someone to put the stuff.

SPEAKER_00 8:45

Exactly. And Monkmeyer's role leading LLP, which stands for LID Logistics Provider, means DHL doesn't just want to drive the trucks. They want to design and orchestrate the entire supply chain architecture for other corporations.

SPEAKER_01 8:59

They want to own the master blueprint.

SPEAKER_00 9:00

Exactly.

SPEAKER_01 9:01

But while DHL builds battery hubs and orchestrates supply chains, the political heat surrounding international logistics is spiking.

SPEAKER_00 9:09

It really is.

SPEAKER_01 9:10

U.S. Senator Tom Cotton, a Republican from Arkansas, is pushing for a Department of Justice probe into Chinese-controlled parcel delivery firms operating in the U.S. Now, the intelligence report outlines two distinct perspectives on this issue, and we just want to present what the report says without taking a side here. Trevor Burrus, Jr.

SPEAKER_00 9:28

Right. Our job is just to analyze the intel. So Senator Cotton is framing this heavily around national security and supply chain vulnerability.

SPEAKER_01 9:34

Wait, what's his main argument?

SPEAKER_00 9:35

Aaron Powell His argument is that these foreign-controlled firms are leaning on unfair state subsidies to artificially lower their shipping rates.

SPEAKER_01 9:42

So they're coming in cheaper.

SPEAKER_00 9:44

Exactly. And by doing that, they undercut domestic legacy carriers like FedEx and UPS, which he argues directly threatens American jobs and creates a dangerous reliance on foreign logistics.

SPEAKER_01 9:55

Aaron Powell He's also raising massive red flags about data collection.

SPEAKER_00 9:59

Yes. But you know, the the report also features pushback from logistics analysts who view this through a strictly economic lens.

SPEAKER_01 10:07

And again, just reporting their viewpoint impartially.

SPEAKER_00 10:10

Of course. These analysts argue that we are simply witnessing aggressive standard business strategies as international firms try to capture market share.

SPEAKER_01 10:18

Aaron Powell Just capitalism at work?

SPEAKER_00 10:20

Right. They suggest the actual national security threat of a delivery company is being overstated for political purposes.

SPEAKER_01 10:26

It is a fascinating debate between viewing logistics as a geopolitical weapon versus viewing it as a free market competition.

SPEAKER_00 10:34

It really is.

SPEAKER_01 10:35

But here's where it gets really interesting for me, and I want to push back on the analysts who say the data threat is overstated. We are talking about delivering consumer goods, phone cases, sneakers, paper towels.

SPEAKER_00 10:47

Yeah, everyday stuff.

SPEAKER_01 10:49

Does the delivery company, knowing my address and what size shoe I wear, actually constitute a unique national security threat? Every social media and shopping app on my phone already harvests my data. Why is a delivery truck any different?

SPEAKER_00 11:02

That's a great question. Social media data tells a company what you want to buy.

SPEAKER_01 11:06

Okay.

SPEAKER_00 11:07

Logistics data tells an entity what an entire nation is actually doing. If you control the delivery logistics, you aren't just looking at isolated purchases.

SPEAKER_01 11:16

You see the big picture.

SPEAKER_00 11:17

You're capturing a live streaming aggregate data set of human behavior and economic health. You know exactly when supply chains are bottlenecking in specific industrial sectors. Oh wow. You know the inventory levels of key manufacturing components in real time before the financial markets do.

SPEAKER_01 11:33

So it's the difference between knowing my personal shopping habits and possessing a real-time radar of the entire American economy's operational health.

SPEAKER_00 11:41

Exactly. And that macro level visibility is incredibly powerful. When you realize that the data flowing through a supply chain is arguably more valuable than the physical goods inside the trucks, you start to understand why crossing borders has suddenly become so incredibly difficult.

SPEAKER_01 11:58

Which pulls us right into the next major theme of the report trade walls and tech.

SPEAKER_00 12:02

Yes, the borders.

SPEAKER_01 12:03

Because if you want to move goods and capture that data, you have to cross sovereign borders. And based on this intel, getting freight across a border in 2026 requires navigating an absolute minefield.

SPEAKER_00 12:14

It really does. The friction at borders is compounding because it's happening on three different fronts simultaneously.

SPEAKER_01 12:20

Yeah.

SPEAKER_00 12:20

Digital, economic, and political.

SPEAKER_01 12:22

Okay, let's start with the digital friction at the U.S.-Mexico border. On June 1st, which is the same day FedEx freight spins off, by the way, U.S. companies are facing a massive new customs crackdown.

SPEAKER_00 12:33

A really big shift.

SPEAKER_01 12:34

Yeah. Mexico is making its manifestation De Valor Electronica, or MVE, completely mandatory. It is an electronic customs value declaration that has to be filed and approved before your freight can even think about clearing customs.

SPEAKER_00 12:48

And the critical shift here is liability. Historically, if there was a typo or a misclassification on a customs manifest, the customs broker might take the heat.

SPEAKER_01 12:59

The person filing the paperwork.

SPEAKER_00 13:00

Right. But under this new MVE rule, the legal and financial liability falls squarely on the importer.

SPEAKER_01 13:07

I look at this like taking a high-stakes pop quiz, where getting a single answer wrong doesn't just result in a bad grade. If you mess up one line item on a commercial invoice, you trigger massive financial fines and your freight is impounded, halting millions of dollars of your company's business.

SPEAKER_00 13:24

And let's be honest, human beings are inherently terrible at taking that kind of pop quiz.

SPEAKER_01 13:28

Oh, absolutely.

SPEAKER_00 13:29

A standard cross-border manifest might contain hundreds of individual line items, each requiring specific harmonized system classification codes, origin certificates, exact valuation.

SPEAKER_01 13:39

It's just a sea of numbers.

SPEAKER_00 13:40

A human broker will eventually make a typo. It's inevitable.

SPEAKER_01 13:43

Which explains why tech companies are suddenly pivoting into customs compliance. The report mentions a supply chain tech provider called Distella.

SPEAKER_00 13:51

Yeah, an interesting company. Trevor Burrus, Jr.

SPEAKER_01 13:52

They are launching an autonomous AI platform specifically designed to handle this Mexican MVE compliance crunch. But uh how does AI actually solve a paperwork problem better than a seasoned human broker?

SPEAKER_00 14:05

Two things. Speed and pattern recognition.

SPEAKER_01 14:08

Okay.

SPEAKER_00 14:09

Distella's platform can ingest hundreds of pages of commercial invoices, cross-reference every single line item against Mexican customs law, validate the supplier data, and generate a flawless MVE declaration in milliseconds.

SPEAKER_01 14:22

That's incredible.

SPEAKER_00 14:23

It removes the human error rate from a process where human error is now legally penalized. Basically, we're using artificial intelligence just to survive human bureaucracy.

SPEAKER_01 14:32

Wow. So that's the digital wall in Mexico. But if we look over at Europe, the wall is purely economic. Yes. Five EU countries, France, Italy, Spain, the Netherlands, and Lithuania, are circulating a draft document known as a joint non-paper.

SPEAKER_00 14:46

And again, we're just reporting their claims here.

SPEAKER_01 14:48

Right. Impartially reporting the facts of the document, they are demanding that Brussels deploy broader tariffs and defensive trade weapons against what they label abusive trade practices.

SPEAKER_00 14:57

Aaron Powell The language in that document is very specific. While they intentionally avoid naming China directly in the draft, they cite trading partners who are contributing to systemic and structural industrial overcapacity.

SPEAKER_01 15:10

Aaron Powell Meaning they believe a foreign government is heavily subsidizing its own manufacturing, producing way more goods than their domestic market can consume, and then flooding European markets with those cheap goods, which breaks the local competition.

SPEAKER_00 15:24

Aaron Ross Powell Exactly. And their proposed solution is to raise an economic shield via tariffs. So we have digital walls in Mexico, tariff walls in Europe.

SPEAKER_01 15:34

And back here in the U.S., we have a political wall stalling everything out. A Hill report notes that Republicans are growing incredibly anxious because a major immigration enforcement funding bill is delayed.

SPEAKER_00 15:44

A huge political sticking point.

SPEAKER_01 15:46

And because that border funding bill is stuck in gridlock, they might have to completely punt on other major legislative priorities, including massive reconciliation package, and that blunts momentum ahead of the midterms.

SPEAKER_00 15:58

If we connect this to the bigger picture, the theme is really clear. Domestic political gridlock over physical borders is bleeding into broader legislative momentum right before the midterms.

SPEAKER_01 16:11

Yeah, everything is connected.

SPEAKER_00 16:12

Global trade requires fluidity, but every nation is currently incentivized to build friction points to protect their own economies and data.

SPEAKER_01 16:21

But the moment you leave the land and move to the ocean, that friction turns into outright volatility.

SPEAKER_00 16:27

Oh, definitely.

SPEAKER_01 16:28

The high seas are where the disruptions get bigger, vastly more expensive, and honestly a lot more futuristic.

SPEAKER_00 16:34

The ocean remains the primary artery of global trade. I mean, if you want to move heavy volume, it has to go on a ship.

SPEAKER_01 16:40

Right.

SPEAKER_00 16:40

And right now, the cost of putting a container on a ship is surging.

SPEAKER_01 16:44

Let's look at the shipping rates from East Asia and China to the US. We're entering peak season, but the broader conflict with Iran is sending absolute shockwaves through the pricing models.

SPEAKER_00 16:55

Yeah, the data in the report is actually a bit split on this.

SPEAKER_01 16:57

Oh, really?

SPEAKER_00 16:58

Yeah. The online freight marketplace Frados showed a tiny 1% drop in rates recently. But the research firm IC is reporting a massive $1,000 increase per 40-foot container.

SPEAKER_01 17:12

A thousand dollar jump on a single container is staggering for importers.

SPEAKER_00 17:16

It really is. The discrepancy between Frados and ICS often comes down to the difference between momentary spot market blips and the harder reality of contract rates adjusting to sustain risk.

SPEAKER_01 17:28

That makes sense.

SPEAKER_00 17:29

But the long-term trend is undeniable. Compared to the start of the war, shipping rates to the U.S. West Coast are up 56%.

SPEAKER_01 17:35

Wow.

SPEAKER_00 17:36

And rates to the East Coast are up 41%.

SPEAKER_01 17:38

I mean, you can't absorb a 56% increase in transit costs without passing it down the line. That cost eventually hits the consumer's wallet.

SPEAKER_00 17:45

Exactly.

SPEAKER_01 17:46

And this isn't just numbers on a spreadsheet. The geopolitical reality of this conflict is highly visceral. The U.S. Treasury just granted a massive permit to a ship recycling company called GMS, led by CEO Anil Sharma.

SPEAKER_00 17:59

Yeah, a really unprecedented move.

SPEAKER_01 18:00

They received the first U.S. licenses to literally scrap four sanctioned Iranian container ships.

SPEAKER_00 18:06

The ships were named the Yohi, the Tieman, the Ranton Plan, and the Bigley.

SPEAKER_01 18:11

Such weird names for ships caught in this.

SPEAKER_00 18:13

I know. And they were targeted specifically because the Treasury Department tied them to the fleet of Hossein Shankani, the son of a senior advisor to Iran's Ayatollah Khamenei.

SPEAKER_01 18:23

Aaron Powell So they are towing multi-million dollar steel vessels into a shipyard and ripping them apart piece by piece because of international sanctions. Yes. It is a heavy metal, destructive consequence of human conflict. But here is the bizarre contrast. While those human wars are getting ships torn apart, the global regulators sitting in boardrooms are quietly planning a future where humans aren't even on the ships to begin with.

SPEAKER_00 18:47

This is perhaps the most transformative development in the entire intelligence brief.

SPEAKER_01 18:51

Really?

SPEAKER_00 18:52

Yeah. During their recent meeting in London, the International Maritime Organization, the IMO, which governs global shipping, officially approved a landmark global framework for autonomous commercial vessels.

SPEAKER_01 19:04

Autonomous commercial vessels. We are talking about oceanfaring Roombas, but instead of vacuuming dust in your living room, they are carrying 20,000 containers filled with billions of dollars of electronics across the Pacific Ocean.

SPEAKER_00 19:19

That is exactly what they are.

SPEAKER_01 19:21

My brain immediately goes to the liability. Like if a massive autonomous ship loses its navigation array and runs aground in a critical canal or collides with a fishing boat, who actually gets a ticket?

SPEAKER_00 19:34

This raises an important question about accountability in the age of automation. Is the software developer liable?

SPEAKER_01 19:40

Right.

SPEAKER_00 19:40

The company that owns the server pinging the ship. The IMO's new framework is attempting to untangle that exact nightmare. They are establishing the legal and safety boundaries for accountability before the technology fully deploys.

SPEAKER_01 19:53

So they're trying to write the rules of the road before the ocean is filled with robots.

SPEAKER_00 19:57

Exactly.

SPEAKER_01 19:57

Think about the jaw and contrast between those two ocean narratives. On one hand, you have incredibly messy, human-driven geopolitical conflict, causing rates to spike by 50%, and sanctioned ships being torn apart for scrap metal.

SPEAKER_00 20:11

Yeah, very analog.

SPEAKER_01 20:12

And on the other hand, you have regulators paving the way for this cold, sterile, highly automated future.

SPEAKER_00 20:19

It perfectly encapsulates the transition phase the logistics industry is trapped in right now.

SPEAKER_01 20:24

So what does this all mean? We started this deep dive talking about a woman nervously tricked to steal metal bars from a warehouse in Pennsylvania, a totally analog, fundamentally human crime.

SPEAKER_00 20:36

Right.

SPEAKER_01 20:36

But when you zoom out and look at the full intelligence report, you realize what her heist was actually interrupting.

SPEAKER_00 20:43

She was a tiny point of friction in a massive shifting organism.

SPEAKER_01 20:47

Exactly. The next time you're sitting on your couch and you click buy now on your phone, think about the chain reaction you just triggered.

SPEAKER_00 20:53

It's massive.

SPEAKER_01 20:54

You are summoning a network where massive domestic trucking companies are splitting apart for ruthless profitability. You are engaging with corporations, building battery hubs the size of small towns, and triggering international debates over who gets to mine your data.

SPEAKER_00 21:08

And your package might be cleared through a Mexican border by an AI customs platform in milliseconds.

SPEAKER_01 21:15

Right. Or delayed by European tariff walls or loaded onto a ship navigating a war zone, a ship that a few years from now might not have a single human being on board.

SPEAKER_00 21:26

We are rapidly accelerating toward a reality of autonomous ships navigating the oceans, AI brokers clearing international customs, and automated battery hubs charging the trucks.

SPEAKER_01 21:37

It's coming fast.

SPEAKER_00 21:38

The efficiency gains will be staggering. But if the physical movement of global trade and all the complex administrative paperwork behind it are entirely handed over to machines, what happens to the millions of human beings who currently make their living in the messy middle of that supply chain?

SPEAKER_01 21:55

That is the ultimate lingering question we're gonna have to leave you with today. The logistics web is is invisible, but it dictates the shape of the global economy and touches every part of our lives. Thank you so much for joining us as we unpack the intelligence today. Keep your eyes on the horizon and we will catch you on the next deep dive.