David Solomon

But the policy rate has been higher.

I think they're looking to move more toward neutral, and so we'll take a step in that direction.

But I think the Fed always is an observer.

What's going on in the real-time economy the real-time economy can shift very quickly at the moment I would say the US economy is in quite good shape But I wouldn't I wouldn't jump forward.

There are lots of forward Prognostications about the path of interest rates.

I would just highlight mostly, you know, I'd look at the moment You can project forward but just because there's a forward projection.

It doesn't mean that's why we're one There's a lot of uncertainty

I wouldn't I wouldn't use that term.

But what I would say is businesses that are

particularly sensitive to lower income or paycheck to paycheck consumers have been a little softer and i would say you know consumers that are paycheck to paycheck feel more pressure in an environment with three percent inflation and so there's no question inflation is very very difficult for people

who live paycheck to paycheck.

And so it's something I think we have to watch very carefully.

You know, I know there's been progress from where we were a few years ago on inflation, but it's important that we get inflation back to target because in any environment where it runs hotter, certainly people in that income strata feel it more acutely.

But I'd still say overall, the U.S.

consumer is in good shape.

Most of the data that I see around the U.S.

consumer is still quite constructive.

But I think you're highlighting something that needs to be watched carefully.

I would put the three situations that you mentioned in the category at the moment of idiosyncratic events.

But what I would highlight is I think there's a great opportunity for people that are in credit businesses and are deploying significant capital as lenders in credit businesses to look at their procedures, their practices, their underwriting standards, look through their portfolio, and really take a strong evaluation of where they are.