David Solomon

And so that's slightly below trend, but still in pretty good shape.

I think that as the trade policies are absorbed and you have the continued stimulus and the continued kind of tech spend, you've got a pretty good tailwind.

You know, I hear as I talk to CEOs that would kind of have their finger on the pulse, certainly the upper end of the economy is still spending quite strongly, a little bit more constraint on the downside, on the lower part of the economy.

But I think the things you have to watch, you have to watch labor.

There's no question labor is a little bit softer.

The Fed's watching labor carefully.

And I think you've also got to watch inflation and whether or not the impact of trade is just a one-time price movement or there's something more significant that comes through.

And it's too early to know.

It's a little bit softer.

And I think you can step back and you can understand why when you think about big enterprises and what's going on with technology, people are pausing hiring to really kind of evaluate how as they bring this technology into the enterprise, they can automate, create efficiencies, reinvest.

And so, you know, I think at the moment that's slowed hiring.

And as a result, you know, the labor number is a little bit softer.

I think it's in the distribution of outcomes.

I think we'll have to watch.

I know there's a great parlor game of people kind of predicting what the world's going to look like six months, 12 months out.

If you think about what the world looked like in April and where markets were in April and think about where they are today, I'd just be cautious.

I think that...

I think that we've got competing forces between labor and inflation, and how they balance, which is still a little bit uncertain, will have an impact on whether we get one more cut or we get two or three more cuts.

Am I comfortable?

I sleep very well.