Jason Hall

I don't think he's really making predictions as much as just trying to buffer the worst tendencies of the market to swing to those extremes of sentiment, either bearish or bullish.

Honestly, I was a little surprised that he was a little more middle path with his comments after this quarter.

pointing out that while there are soft spots, he wasn't as doom and gloomy, pointing out that the consumer and the economy have remained really resilient.

It's actually the comments that he made and Wells CEO Charlie Scharf made, they said almost the exact same thing.

Yeah, Jeff, that's right.

Banks are extremely cyclical.

They go as the economy goes.

Honestly, that's the case for commercial banks and investment banks, those different sides of the banks that the universal banks have a little bit of both.

We're in this weird place where everything's working really, really well.

Those who have the capacity to spend and borrow continue to do so.

That's both individuals and businesses.

If we look at JPMorgan's investment bank, it did exceptionally well.

Dealmaking is picking up.

That's not just the strength of the economy, but it's also the product of an administration that's willing to let big M&A happen, plus the stock market that's good.

You talked about trading volume.

But IPOs are a big deal, too.

Morgan was in on Circle and Figma's IPO that happened recently.

It also advised on the Walgreens deal that took that company private.

Look at Goldman Sachs.

It just had one of its best quarters ever, benefited from the exact same trends.