Alexander Saeedy

Yeah, it's very representative of I think the view among executives in banks, hedge funds, asset managers that the independence of the Federal Reserve is a third rail, not something you want to interfere with because as we've seen in many countries around the world when –

politics become a factor in how central bankers set monetary policy.

You lose trust from investors and that's exactly what has set America apart from a lot of other countries historically and that's what

the stewards of these large financial institutions want to ensure remains.

Without it, their ability to invest is curtailed.

The appetite for investment goes down.

So it's not surprising to hear Diamond come out swinging on this.

And he was probably one of the first big Wall Street executives to speak out since the news of the subpoenas went public over the weekend.

JP Morgan's customer leans a little affluent.

They're the biggest bank in the country, so they cover a lot of people.

So there's a slight bias in what they report towards your sort of upper middle class segment.

But overall, they were reporting really good credit metrics.

You know, 90-day plus delinquencies were down versus a year ago on credit cards.

Spending is up 7% year over year on debit and credit cards.

And the bank executives were saying consumers are spending.

They seem confident.

Most income groups in the country seem to be improving or at least having more confidence, which is a little different from the alternative economic narrative of the very wealthy are doing well while those in lower income segments are doing worse.

According to the executives, it seems like in general the trajectory is good.

Thank you.