Richard Clarida

I really can't emphasize enough, folks, that phrase there to see into the middle of the year.

Then, Bob Michael, with that, with an interest rate strategy and given all the upset at the Fed, how far out is the Bob Michael vision at J.P.

Morgan?

Can you get out to Q3 or, dare I say, model out a fixed income portfolio to 2027?

You can, and you have to.

You can't invest a lot of assets without having some view on the short term, the medium term, and the longer term.

Right now, things look pretty good.

On Monday, I said that the yield curve looked about as perfectly priced as you could have it.

So does the bond market.

It seems to incorporate reasonably good economic activity this year.

It seems to incorporate what we think could be disinflationary forces coming from both the headwinds of tariffs on spending and also the impact of AI.

It's sort of an ideal market for bonds, including credit.

Well, we've seen a lot of sectors in the past access the markets for a lot of funding.

And the lesson from that is to wait until the supply starts to weigh on prices, and that's your opportunity to go in.

I think what we do understand is there's an enormous need of capital because there's an enormous productive use for it to build the infrastructure that's going to power everything.

What we do see at JPMorgan Chase is every line of business is using AI and how it operates.

And it is creating a lot of efficiencies.

It allows us to scale very, very efficiently.

So it's not going away.

It only seems to be accelerating.