joining us now is francisco blanch, strategist at bank of america.nk you for being with us today. energy is a bright spot. what's being priced in here? >> well, we have seen really a lot of the recent price trends flip on their head. remember, we came from a very high price in 2022, down to around $70 a barrel the second half of the year. since then, we've seen stability in prices, coupled with those increased deployable tensions you referred to, they're starting to firm up the outlook for oil. plus, we have low inventories, and economic activity doesn't seem to be decelerating by much higher interest rates. so things are looking up, and i think the last few days, the tensions in the middle east have really played a role in pushing prices higher. >> so the geopolitical tensions are playing out on the supply side. talk about the demand side. i was just talking about china's economic recovery, at least the data in recent weeks shows the economy may be picking back up. is that priced in yet? >> i don't think it's very much priced in. i think the -- it's