This actually demonstrates some building pressure as you would think with the rate spread going up by 300+ bps from your 4s assertion inventory would be much lower but there will always be people who need to sell or choose to sell and prices are set at the margin. Once the Chinese money is forced to repatriate the inventory picture will start looking very different. With the current geopolitical instability in the ME and Ukraine Xi might just make a quick move on Taiwan. Nothing I want to see but he’s insane.Inventory levels in Irvine (which I track closely) have been flattish in the past 3 months, basically around the level of inventory that we had at the end of 2022. There will not be any material price declines unless inventory increases significantly.