for more, we bring in phil drury, head of technology and communication at citigroup.st question, is it going to last? philip: i hope it lasts and increases. whenever you say it's a great start, what is the benchmark? if the benchmark is 2022-2023, it is a pretty low bar for ipo volumes. if the benchmark is 2021 or even frankly 2020, we are well below the volumes we were seeing. our view is we will continue to see a rise in the level of ipo's. we think that will pick up meaningfully in 2025 and 2026. technology and health care have really driven the recent reemergence of ipo's. i think the aftermarket performance has been viewed as mixed. but pricing has been strong when you look at relative value to where the public markets are treating. we think with more volume the spirit of volatility will start to come in and we will see more confidence in the ipo market. sonali: i noticed you said 2025, 2026, right after the u.s. election cycle. how much is the election creating uncertainty for the second half of the year? philip: i don't think it is about what the outcome is of