I believe that during the first half of 2026, we will remain in the 80k/120k range. I don't expect an all-time high or a crash to hell.

In April, we will see what the Fed does, whether it continues with RMP (Reserve Management Purchases) or not, and in the second half of 2026, things will get tense because the debt refinancing wall will arrive until 2028.

If there is no black swan (which would benefit us in the medium term), things are pretty clear.