Jane Fraser

Look, I don't think we're out of the woods yet.

And there's a sense that there may be another shoe to drop.

It could be in tariffs or in the labor market.

It could be in the asset prices that are quite high in the States.

But all of that said, we're quite optimistic about 26%.

The challenge for the Fed right now is with the government shutdown, we all have a dearth of up-to-date data which we could do with.

It's hard to make these calls of exactly what's going on whilst we're waiting for the information.

But as we look further out into next year, I think the resiliency of the corporate balance sheets, the strength,

companies leaning in to innovation, investing in AI, there is some, I think the doomsdayers will be proven wrong.

Our balance sheet is pristine, but I think part of that is because it's very heavily investment grade on the corporate side.

We're over 80% investment grade globally.

And when we look at the consumer side, it's about 86% prime.

So we tend to see the most resilient, healthiest parts of the economy on the balance sheet.

All of that said, we haven't seen a thing that is concerning us.

The consumer in the States is being fiscally responsible.

Companies have been building up some more cash, either for a rainy day if it proves necessary, but most of them for investment.

And they're acting from a position of strength.

We'll keep an eye on the labor market.

We'll keep an eye on some of the areas of mid-tier players in private credit and the like.

But as far as we're concerned, that second, third order affects.