Matt Lozetti

Yeah, to be honest, I think in terms of the statement, the SEP, the dissents, I think it was very much in line with expectations.

You know, certainly there was scope to get greater dissents from a hawker's direction than what we got.

I think four regional Fed presidents, potentially Governor Barr, was also leaning against this cut.

But we always thought that it was the job of Chair Powell through the statement, the language change that we got there.

But then I think coming up through the press conference signals that he sends to try to rein in some of those dissents, to have a hawkish message that allows those officials to speak through that.

And so I think we probably got that as well.

You know, you're seeing markets respond by taking rates down.

I don't think that's really anything that we saw in the statement or the SEP or the dissents.

I think it really was the Fed ramping up reserve management purchases, these T-bill purchases a little bit earlier than was expected.

Yeah, I think the good thing about how we do it here, it's internally consistent.

So I think Binky takes our economic growth forecasts, our global economic growth forecasts, and builds that into his earning projections.

We have 2.4 percent growth for the U.S.

economy over the next year.

That was sounding, I think, quite bullish relative to consensus expectations.

But I would note the Fed median forecast came up to 2.3 percent today.

I think it was revised higher than what many anticipated and is now much closer to our own expectations.

expectations.

So I think these two things are mutually reinforcing.

We see a stronger growth backdrop.

We see financial conditions easing through Binky's equity channel and those two things reinforcing each other over the next year.