Annmarie Hordern

There's also a question about the reaction function.

We've been talking about the data that we're going to be getting tomorrow.

What would you have to see to change your view?

I mean, if we saw, let's say, the unemployment rate go down to 4.4%, would you start to question whether 150 basis points of cuts is really necessary this year?

So are you saying this is all an inflation issue and not anything to do with the labor market?

Just to hone in a little bit on the housing aspect, since that has been a really hot topic, how much signal would you take if you did start cutting more aggressively at the Federal Reserve and 10-year yields rose, and that actually created an issue for mortgage rates and the pass-through there?

It might actually help with the disinflation, but it might not exactly be the outcome that you're looking for.

There's been this fear that some of the biggest banks have really taken the wealthiest and the highest credit ratings in terms of customer base, and that mid-tier banks are stuck with everybody else, and that that's where the credit problems have really come.

Has there been anything that you've seen that proves that to be true?

If there's no real weakness that they're seeing with respect to consumers or smaller businesses, does it make sense?

And does it really help the case to have the Fed cutting rates at the same time that inflation is still a concern?

He's running.

Well, when you see what's going on in Washington, I want to go back to your EA deal.

It's not just the size and scope that got a ton of people's attention.

There's concern in Washington, given some of the players involved.

Have you heard from politicians about that?

But with the Saudi PIF being involved, some people think Jared Kushner was brought in just to get the Czech government seal of approval.

John mentioned the WN Connecticut team.

Do you think that there potentially could be a future for you in that team?