Rob Kaplan

And so the curve has gotten steeper.

So, yeah, the market sets rates along the curve and the further out the curve, the more their market determined.

And so the Fed's got to be aware that has to have credibility for its actions.

There is going to be a firming, we believe, at Goldman Sachs.

We believe that in 26, GDP growth is likely to firm here.

I think there's there's clearly enormous infrastructure spending for AI data centers power.

We're in the early stages of AI adoption.

I think there's a lot of worry.

Gee, is the AI infrastructure build overdone?

I don't think it's overdone yet.

We'll get to the point where we will think it's overdone.

But we're in the early stage of downstream adoption.

And so I think we see firming growth.

I don't see an overheating.

But when you have firming growth, you've got to be worried.

Inflation is running two and three quarters, three percent.

And so the Fed just got to be very mindful of that.

When we're sitting here talking five years from now, I would guess that you're going to see productivity growth in the United States and globally.

But let's take the United States.

It could be a half a percentage point, we believe, higher.