Sara Devereux: We do think we're in that new era for fixed income. There was a long period of time where rates were close to zero. The income wasn't there. The diversification benefits weren't there. So we've reset to a higher level of rates, which really sets the market up for success in the base case and across scenarios. So our base case: elevated starting yields, powerful income, bonds will outperform cash because the yield curve is upward sloping. And in the near term, we really do think rates are going to be range-bound this year. So most of the returns are going to come from that income, not so much price appreciation.