Joumanna Bercetche

It seems as though the bank is really firing on all cylinders, whether it's trading, markets activity, deal making, advisory, wealth management.

So everything seems to be going quite well at the moment.

How long do you expect these favorable market conditions to last for?

So one thing I was thinking about this morning, you know, if you just took a snapshot of where everything is trading, you have equities at all time highs.

You have, you know, U.S.

economy tracking north at 3 percent.

If you look at the real time indicators, you've got inflation at 3 percent as well.

And yet somehow the Fed are going to be cutting interest rates by 25 basis points tomorrow.

Do you see this as the beginning of a sequential easing cycle or just more of an insurance cut?

Do you believe that this is a K-shaped economy?

Lots of academic circles have been talking about that and sense that, you know, upper income earners seem to be thriving, whereas lower income earners are struggling to keep up with inflation and they're worried about potential job cuts to come.

Yeah.

Another thing that needs to be watched carefully is perhaps the credit situation.

A couple of weeks ago, we were talking about tricolor first brands.

One of your peers in the industry described there being cockroaches, potentially cockroaches around.

I don't know if there's a certain insect reference that you want to pick up on.

But

Ultimately, how worried are you about some of these individual idiosyncratic credit incidents actually becoming systemic?

Yeah.

And that's trickling down to private credit as well.