David Solomon

that are investors and savers to think about equity markets, not 10-year treasuries or 30-year treasuries of 4% to 5%.

At what rate do you start shifting savers and investors from the S&P to longer treasuries?

It's not 4% or 5%.

So that can create pressure over time, but I don't think it happens dramatically in the short run.

In the short run, it's marginal.

At the end of the day, we compete in a big global world.

I do think at the margin there can be behavioral changes, but the economy is very globally interconnected.

Over time, for resilience, for security, people change supply chains, but those shifts are five, 10 years in the making.

Political cycles are shorter and generally things balance.

I hear some noise about some of this stuff, too.

I don't see it in the facts at this point in time.

We watch it carefully, Scott.

But ultimately, the economies are very, very interconnected.

It's hard to pull them apart.

And I'm not a big believer in deglobalization.

I am a big believer that as geopolitics and policies shift, that there are marginal changes in the way people think about, you know, the economic structure of their nation.

I think we're at a moment where more nationalism is being bred.

I don't think that's great.

But when you step back and talk about big structural changes, they're much harder and they take a long time and they certainly outlive what I'll call shorter political cycles.

There's a lot of noise at the moment around these issues.