On Friday, soothing words from the Fed’s Williams caused the market to decide a December rate cut was back on the table, moving odds from under a third to 69%. Why should we care so much about one man’s opinion? Historically, Williams and Powell tend to have similar opinions, so this seems like a meaningful shift, meant to be a message to the market.

Most people think “recession” and immediately picture falling interest rates, fleeing to bonds, and dusting off the old 60/40 playbook like it’s 1995.But the world has changed. The math has changed. And—most importantly—the government’s debt load has changed. Today’s environment sets up a strange but very real possibility: A recession where long-term interest rates rise, not fall.

For decades, we planned around the idea that there were three stages of life: Grow. Work. Retire. But medicine, tech, GLP-1s, and biohacking are basically rewriting that script like a Hollywood reboot.