Philip Patrick

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.

I'm sure of that.

The problem in my mind with the Federal Reserve.

Listen, not dramatic.

Look at what happened in France and the UK.

The bond markets are not revolting in that respect.

You're absolutely correct.

Flip side, though, we've had five rate cuts in the last two years.

Borrowing rates have stayed fairly firm.