Lisa Abramowitz

Thank you so much, Carol.

I am here with somebody who does not need an introduction, Jamie Dimon, who is the CEO and chairman of JP Morgan.

It's a really interesting day to have this.

First of all, huge turnout.

But the focus, at least in the news world, is very much in the geopolitics.

And I'm wondering, from your perspective, you talked about geopolitics for a long time.

Are you surprised that the market has been so sanguine to any kind of response or any kind of geopolitical disruption?

How offsides would this market be if there were truly a stagflationary shock, given the fact that there seems to be comfort with the idea of disinflation right now?

I was surprised because things were kind of gloomy coming into today, and the mood here is not that.

Actually there's a lot of optimism, there are a lot of different companies that are building things and investing things.

I mean, how vulnerable really is the US economy right now to some sort of geopolitical shock?

Yeah, well, and this actually speaks to something that people are wondering, which is what's going to potentially crash the party.

Before we get into credit more significantly, I know that JPMorgan has been expanding significantly in the Middle East, particularly in Riyadh and Dubai.

If you take a longer term view, does any of what we're seeing now have the potential to shape that effort to expand either in the positive direction or potentially to withdraw in the effort?

You were talking about credit, and I do want to return to it, and what could potentially cause the credit cycle to crack.

Even if we don't know the catalyst, do you have a sense of what this credit cycle is going to look like?

If it's going to be akin to something that we've seen in the past, or if it's going to have a new kind of dynamic?

So you don't think the private credit's the epicenter?

Do you think, given the fact that J.P.

Morgan is lending significantly as well, I'm just wondering how you sort of guard against a credit cycle that you think is going to be worse than people expect at the same time that there are opportunities and there's a growing economy.