EXPECT CREDIT CYCLE

“Yeah. I think right now there's pretty clear consensus that it would be the wrong thing to do. Until the, Iran conflict is clear what the end is in sight, there's there's real risk out there. I mean, I think as you hear voting committee members talk about it, there's a high degree of consistency, including, I think, from, treasury secretary in terms of, you know, waiting to see how this all plays out.”

“Wanna know the the the the truth? Yes. I get to Wells, and first thing I wanna do is get a Wells Fargo credit card, and so I get the new card, and I was out to dinner with some good friends who run some big companies, and I pull out my card and it got denied.”

“It's been a bull market for a long time. There's a huge amount of liquidity in the system. There's this underlying current that things are gonna be fine for a long period of time. There are a lot of people in the financial services space, in banks and outside of banks, that have never been through cycles, like a real cycle in terms of what that means, and there's a point in which that's gonna turn, and that's gonna have a whole bunch of impacts that I'm not sure we all really understand.”

“It's very, very hard. So there are things you can't do, and there are things you can do. You've got to be, first of all, very selective in looking at your balance sheet and saying, okay, it's not the worst thing in the world to say we need to become more efficient on our balance sheet, what's less efficient, where do we make less money, how do we reallocate that balance sheet usage. You then turn to certain things and say, we're just not going to be active about soliciting loans, we're not going to be active about soliciting deposits. We were very careful not to throttle consumer deposits, because you tell a consumer to please bring your deposit elsewhere, you've lost that relationship.”

“Right now, from everything that we see, the economy is still extremely strong. We just we all just reported our first quarter results in the banking space. Loan demand is decent. Delinquencies on the consumer side, are extremely well controlled. Consumer spend is growing on a year over year basis. They're spending more money on gas, but making adjustments in some of the other categories. Businesses have gone into this in strong financial shape. So those are all the good things, but then when you ask them how they feel, everyone's nervous.”

“The independence of the Fed is critically important, not just here in The US, but in other parts of the country. And when you think about just the way our our governing system works, you know, it's different than a place like China where there's long term management, long term goals, high coordination across all the different areas of government. You know, here we have, you know, a political infrastructure that turns over, which has points of views, and we have a more long term structure in place at the Fed.”

“No. I don't think private credit's about to crumble. I mean, when you look at private credit, when you just look at the size of private credit, it's not big enough to be a systemic risk broadly the way we think about systemic risks, that have existed in the past. But it's credit. And there's been a huge amount of money that's flown into these products, both institutional and retail, and we've all seen this in the past when there's just when there's a lot of money that needs to get invested because that's the only way that these firms get paid is to actually invest, it doesn't always work out well.”

“Johns Hopkins. I wanted to be a research chemist. Really? And it's I loved science in in high school. I loved math and I loved science. My parents were always encouraging of learning broad things and trying to find what you wanted, and both my brother and I were both very much math and science people, and I go to Hopkins, and I, first semester I take organic chemistry, where you're in with all the Hopkins premeds, which was probably the worst experience of my life.”

“I think it's incredibly important, and I really dislike when people talk about lobbying like it's some awful, horrible thing. Showing up and trying to convince a senator or a congressperson at the last minute that what I think is right, when it's clear that it's just gonna benefit me, goes nowhere. What really matters is over a period of time, building a relationship with members and their staffs where you're where you're honest about about what works, what doesn't work, what the risks are, and so that when they need to actually have a position on something, they're more educated.”