Don't think we're out of the woods yet, sense that there may be another shoe to drop in tariffs, labor market, or asset prices

Challenge for Fed is government shutdown creating data gaps, hard to make calls while waiting for information

Looking further out into next year, resiliency of corporate balance sheets, strength of companies leaning into innovation and AI investment

Balance sheet pristine, over 80% investment grade globally on corporate side, 86% prime on consumer side

Haven't seen anything concerning, consumer being fiscally responsible, companies building cash for investment

Not a full-on AI bubble but some real pockets of frothiness in the market, more around the edges

Strong demand for AI infrastructure and energy investments for next couple of years

Core infrastructure investments are important and companies will start getting productivity benefits