David Solomon

And we've obviously been seeing that in a more significant way over the course of the last five years.

Well, I appreciate that.

We certainly had a strong quarter and our client franchise is in terrific shape, but I really think that the firm is benefiting from a bunch of strategic decisions that we made five, six, seven years ago to reposition the firm for growth.

to really grow our core business of investment banking and markets, put more financial resources into the business so that we could take more wallet share with our clients and be in a position to better serve our clients as they were increasingly active.

And also to pull a group of businesses together to create our asset and wealth management platform, which now supervises $3.5 trillion.

We've said publicly we think it can grow in terms of its durable revenue, high single digits.

It's growing better than that.

And the combination of those activities has materially uplifted the returns of the firm.

So the environment is conducive at the moment.

There will be times when the environment is a little less conducive.

We live in a cyclical world.

But we think we have the firm position that over the next five, 10 years, we can continue to grow our earnings, grow our client footprint, and continue to compete at the highest levels in the businesses that we're in.

What I would say with respect to the Fed is the Fed will cut rates tomorrow, and then we'll see.

I know the consensus is you'll get another cut before the end of the year.

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.