Philip Patrick

That's a tough one.

Listen, this is a crazy climate we're in.

There's no question about it.

I think President Trump today did a very good job highlighting the successes so far of his administration.

He highlighted how capital investment has surged under Trump, how

Growth has accelerated without massive new entitlement spending, as we saw under the Biden administration.

Energy costs, very importantly, have stayed contained.

That is a tax cut for working families.

I think there's definitely a lot of work to do still, right?

Growth, although accelerating, GDP numbers are strong.

It's highly concentrated on the back of AI infrastructure and data centers worldwide.

It's going to take time.

That's capital intensive growth.

It's not yet wage driven growth.

So I think it's going to take time for people to start feeling that.

But we're heading in the right direction.

Trump needs the Federal Reserve to start playing ball.

I know there's questions over Trump's pressure on the Fed and their independence.

I think Scott Besson had a small freak out about that.

Definitely the administration's not going to do anything to threaten the Fed's independence.