“From an FX perspective, the total company had a 55 basis point headwind from FX in the first half. At current FX rates, that actually flips to a 25 basis point tailwind.”

In context

“re just under 1% in the first half, do a little better than 1% in the back half, gets us to that 1% guide for the year. So we feel really good about our ability to do that, particularly with the broader engagement across the portfolio. And Richard, there's some FX. Richard McPhail: Sure. Just to tick out what Ted said, recall when we established guidance at the beginning of the year, our guidance assumed a slight improvement and, frankly, a continuation in the momentum that we had seen in 2024 to continue gradually through the year 2025. That's what we've seen to date, and so that is still embedded in the assumptions underlying our guidance. So just to tick it out, we were a positive 0.9% in the U.S. in the first half. And as Ted said, we're assuming slight improvement in that trajectory. From an FX perspective, the total company had a 55 basis point headwind from FX in the first half. At current FX rates, that actually flips to a 25 basis point tailwind. And so for those reasons, we feel confident in our guide. I think it's also important to note that the momentum that we saw through the second quarter has continued through the first two weeks of the third quarter. Zach Fadem: Thanks, Richard and Ted, for all the color there. And then just a follow-up, there's been a lot more talk about the potential for rate cuts later this year. And we also have some tax reform dynamics as well. So just curious to what extent these could be positive catalysts for your business. And if you have any thoughts on the level of rate cut you'd need to see to begin seeing that impact? Ted Decker: Yeah. Certainly, some relief on mortgage rates in particular could help. I think referring to it as a bit of a frozen housing market with, you know, forty-plus year lo”