David Solomon

And we haven't yet been able to crack the code of higher growth to justify the spending levels and the debt levels.

And so, you know, these are things that we have to wrestle with.

A lot of talk about monetary policy.

You know, you'd notice that the policy rates down 1% in 2025, but the 10-year really didn't move.

Stayed kind of stuck over the entire year between 4.1 and 4.2%.

You'd notice in 2024, you know, we saw interest rate cuts, but you actually saw a steepening of the curve and long rates moved up a little bit.

So, you know, the market is telling you that, you know, proceed with caution.

And, you know, I think in the short run,

We have a tremendous ability, because of the headroom we have, because of the dollar, to be less concerned about this.

But ultimately, these are issues we're going to have to wrestle with, in my humble opinion.

You know, I think at the margin, Scott, you can see moves around treasuries, but vulnerable is a big word, and vulnerable to me, and correct me if you're not thinking about it in this, when you say vulnerable, the fundamental structure of the world

is that for lots of people in the world that have excess reserves, there's not a lot of places they can go.

We've obviously seen gold rally, but vulnerable would mean you have very, very significant moves that change the fundamental structure of the way people think about reserves, and the dollar is still a reserve currency.

I think the chance of that getting offset in the short run because of this political noise, even though I hear the frustration too,

And I think we're going to hear a lot of it this week, Scott.

I think the chance of the short run of that getting really set off in a significant way is very, very low.

But, you know, I think longer term, if we continue to grow the debt

We are not going to have the same latitude to have everyone around the world finance it.

And so ultimately, we ourselves in the United States will have to finance that.

To finance that, you have to ask, how does that get attractive where savers and investors that have been very, very tied to the equity markets, think about the fact that the S&P over the last 40 years has compounded by 11%-ish, people have been trained