David Solomon

Well, I was at the business roundtable yesterday, and I'd start, Maria, by just observing that one of the things that I do like is that the president is engaged with the business community. The administration is engaged with the business community. And that's a different experience than what we've had over the course of the last four years.

I'd also observe, you know, his sense of optimism in the engagement yesterday at the BRT. I think the business community understands what the president is trying to do with tariffs. Now, the business community is always going to want lower tariffs everywhere, everywhere in the world. At the moment, there's some uncertainty. The market's digesting that.

But we're going to have to watch and see how this all plays out.

There's no question that activity levels are slightly better than they've been over the course of the last 24 months, but there's still an enormous amount of pent-up demand, Maria, both for capital markets activity and M&A activity. I would say at this moment the level of uncertainty is a little bit higher, and that has kept some things on the sidelines.