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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: The latest developments in the Middle East. Who the militants

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Speaker 3: and Yemen have fired missiles once again at an American

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Speaker 3: owned commercial vessel, and we get the latest from Bloomberg's

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Speaker 3: Rosalind Matheson.

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Speaker 4: Most of these attacks have not done significant damage. Some

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Speaker 4: of them actually have hit ships but not prevented them

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Speaker 4: continuing their journey. But what it really shows is that

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Speaker 4: they're succeeding and continuing to disrupt shipping because if there's

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Speaker 4: any risk at all that some of these things might land,

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Speaker 4: ships are having to take the long way round. And

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Speaker 4: that's not just including things like commodities, oil and gas,

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Speaker 4: but increasingly perishable stuff fruit and vegetables, livestock.

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Speaker 3: Bloomberg's ros Mathieson says this latest attack comes on the

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Speaker 3: same day President Biden acknowledged that US air strikes have

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Speaker 3: not halted the Red Sea attacks.

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Speaker 2: Meanwhile, Nathan Israeli Prime Minister Benjamin Netanya, who is rejecting

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Speaker 2: calls from the US to scale back his military offensive

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Speaker 2: Gaza or to push for a two state solution with

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Speaker 2: the Palestinians after the war. Netanyahu's spoke through an interpreter

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Speaker 2: at a news conference.

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Speaker 5: In any future arrangement, settlement or no settlement, Israel needs

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Speaker 5: security control over all territory west of Georgia.

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Speaker 2: Prime Minister inn At Yeaho's comments came a day after

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Speaker 2: Secretary of State Anthony Blincoln said Israel will never have

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Speaker 2: genuine security without a path toward Palestinian independence.

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Speaker 3: I'm back here in the US Karen. Congress has done

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Speaker 3: it again, passing a temporary spending bill to avoid a

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Speaker 3: partial government shut down this weekend. Details from Bloomberg's Amy

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Speaker 3: Morris in Washington.

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Speaker 6: The measure will finance some federal agencies through March first,

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Speaker 6: and others through March eighth. House Speaker Mike Johnson squashed

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Speaker 6: a last minute effort by members of the House Freedom

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Speaker 6: Caucus to stymy the legislation by tacking on immigration policy demands.

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Speaker 6: Some GOP hardliners are angry that the Speaker went back

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Speaker 6: on his promise to not allow any more stopgap funding measures.

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Speaker 6: The White House says President Biden will sign the continuing resolution,

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Speaker 6: but urges Congress to set along long term funding to

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Speaker 6: keep the government open. In Washington, Amy Moore as Bloomberg Radio.

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Speaker 2: All right, Amy, thanks we all lawmaker's pass that spending

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Speaker 2: bill just in time for another winter storm to head

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Speaker 2: toward the East Coast. It's on its way now, and

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Speaker 2: we get the very latest from Bloomberg meteorologist Rob Caerala

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Speaker 2: and Rob Karen and Nathan.

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Speaker 7: Today's storm is going to bring a light to moderate

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Speaker 7: snowfall from the district in Baltimore all the way to Boston.

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Speaker 7: Looks like the district in Baltimore pick up the most.

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Speaker 7: They'll see one to three inches today. It'll taper off

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Speaker 7: during the evening hours between five and seven pm and

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Speaker 7: the district in Baltimore, so it certainly affects the commute.

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Speaker 7: New York City will see the snow ending same time

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Speaker 7: period five to seven pm. New York City sees about

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Speaker 7: an inch or two. It's less in the Hudson River

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Speaker 7: Valley and also is less in southern Connecticut could see

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Speaker 7: three inches south of the city as this storm system

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Speaker 7: passes through the region today. Boston, being further north, doesn't

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Speaker 7: see the type of snow that the city gets or

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Speaker 7: that we see in the district in Baltimore. Snow will

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Speaker 7: arrive late in the day in the Boston area. Less

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Speaker 7: than an inch of accumulation in Boston went to trenches

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Speaker 7: for the South shore and in the Boston area. The

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Speaker 7: snow's all done by ten pm.

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Speaker 2: And as Bloomberg meteorologist Rob, Carolyn will be checking in

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Speaker 2: with Rob throughout the morning with weather updates.

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Speaker 3: Okay, Karen, let's turn back to the markets. Get an

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Speaker 3: update there. The NASDAC enters this last day of the

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Speaker 3: trading week in record territory despite data underscoring labor market

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Speaker 3: strength and signs that the FED could delay rate cuts.

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Speaker 3: We talked about the economy in the markets with Blackstone

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Speaker 3: chairman Steve Schwartzman.

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Speaker 8: The economy is slowing a bit. That's normal with high

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Speaker 8: interest rates, So on the other side of the latcher,

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Speaker 8: the expectation that interest rates are going down is creating

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Speaker 8: animal spirits again.

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Speaker 3: Blackstone Steve Schwartzman spoke with Bloomberg from the World Economic

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Speaker 3: Forum in Davos and said the timing on rate cuts

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Speaker 3: from the FED is not clear.

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Speaker 2: Well, Nathan asked for commercial banks, US regulators are getting

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Speaker 2: ready to require them to tap the Fed's discount window

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Speaker 2: at least once a year, And we get the latest

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Speaker 2: from Bloomberg's John Tucker John A bank.

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Speaker 9: Taps into the fed's discount window to borrow money in

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Speaker 9: a pinch, but it's been something of a badge of shame.

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Speaker 9: The new requirement is an attempt to reduce that stigma.

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Speaker 9: This comes after the regional bank crisis last year. FED

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Speaker 9: officials found that some of the lenders weren't even set

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Speaker 9: up operationally to quickly borrow from the window even when

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Speaker 9: they needed it or The Acting Controller of the Currency

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Speaker 9: says the changes regulators will propose aim to ensure banks

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Speaker 9: are more prepared to respond to sudden flights of deposits.

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Speaker 9: He says, it's almost like doing a fire drill. If

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Speaker 9: it's required when a real liquidity fire comes, then the

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Speaker 9: banks can do it in real life. I'm John Tucker,

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Speaker 9: Bloomberg Radio.

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Speaker 3: Well John One Banks given quite the payday to Jamie Diamond.

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Speaker 3: JP Morgan Chase raised the CEOs paid to thirty six

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Speaker 3: million dollars in twenty twenty three. That's up four point

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Speaker 3: two percent from the year before. That boost came in

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Speaker 3: a year in which JP Morgan Chase not the biggest

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Speaker 3: profit in the history of American banking.

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Speaker 2: Nathan is a big day for the future of Apple now,

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Speaker 2: So this morning, the tech giant is taking pre orders

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Speaker 2: for its long awaited Vision Pro headset. This will be

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Speaker 2: the first real taste of consumer demand for the thirty

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Speaker 2: four hundred and ninety nine dollars device it arrives in

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Speaker 2: stores February second. Sorry, Nathan, thanks time not for a

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Speaker 2: look at some of the other stories making news around

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Speaker 2: the world, and for that we're joined by Bloomberg's Amy

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Speaker 2: Morris Say good morning.

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Speaker 6: Good morning, Caaren. President Biden is for giving nearly five

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Speaker 6: billion dollars an additional student debt as the administration seeks

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Speaker 6: to deliver on one of his signature initiatives. Almost seventy

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Speaker 6: four thousand student loan borrowers will see debt canceled as

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Speaker 6: a result of administrative changes by the Education Department in

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Speaker 6: the latest round of relief now. Those affected include borrowers

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Speaker 6: enrolled in the government's income driven Repayment and Public Service

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Speaker 6: loan forgiveness programs. Each program requires at least a decade

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Speaker 6: of payment or service to be eligible for relief. Thousands

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Speaker 6: of pro life activists are in the nation's capital today

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Speaker 6: for the twenty twenty four March for Life. Linda Bell

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Speaker 6: as President of the Florida Right to Life, and she

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Speaker 6: says she expects thousands of people to speak out this weekend.

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Speaker 5: You know, that's amazing.

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Speaker 10: How many people at the own expense, you know, take planes,

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Speaker 10: stay in hotels.

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Speaker 1: I'm a nursed in upward of one hundred thousand people

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Speaker 1: in these marches.

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Speaker 6: This is the second march since the Supreme Court overturned

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Speaker 6: rov Waite. Hunter Biden has agreed to appear before House

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Speaker 6: Republicans for a private deposition next month. The move ends

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Speaker 6: months of defiance from the President's son, he had insisted

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Speaker 6: on testifying publicly. The House Oversight Committee says the younger

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Speaker 6: Biden will sit for a deposition on February twenty eighth.

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Speaker 6: Committee chair James Comer, You've done this the right way.

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Speaker 3: We are in a position to win in court.

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Speaker 6: If we were, he.

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Speaker 11: Wouldn't be coming in to do this deposition. We have

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Speaker 11: done everything the right way.

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Speaker 3: We've been transparent, we followed the law.

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Speaker 6: Hunter Biden's attorney, Abby Lowell says his client's cooperation is

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Speaker 6: dependent on the Committee issuing a new subpoena, which they

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Speaker 6: will now do the updated deposition date. A new poll

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Speaker 6: shows just over half of Americans worth thriving. In twenty

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Speaker 6: twenty three, a Gallop survey finds that more than fifty

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Speaker 6: two percent of Americans evaluated their lives positively enough last

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Speaker 6: year to be thriving. That's according to the poll, and

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Speaker 6: that's a decline from previous years, where between fifty two

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Speaker 6: and fifty five percent of Americans were shown to be thriving.

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Speaker 6: The only years the amount of thriving Americans were lower

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Speaker 6: was during the Great Recession between two thousand and eight

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Speaker 6: and in twenty twenty during the onset of the COVID

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Speaker 6: nineteen pandemic. Global news twenty four hours a day and

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Speaker 6: whenever you want it with Bloomberg News Now. I'm Amy Morris,

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Speaker 6: and this is Bloomberg Karen.

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Speaker 2: All right, Amy, thank you, and we do bring you

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Speaker 2: news throughout the day right here on Bloomberg Radio. But

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Speaker 2: now you can get the latest news on demand. That

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Speaker 2: Get informed on your schedule. You can listen and subscribe

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Speaker 2: to Bloomberg News Now on the Bloomberg Business app, Bloomberg

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Speaker 2: dot Com, plus apples, Spotify, and anywhere else you get

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Speaker 2: your podcasts. Time now for the Bloomberg Sports Update. Here's

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Speaker 2: John Stashauer John.

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Speaker 12: Karen indications the Atlanta Falcons are serious about trying to

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Speaker 12: hire Bill Belichick as their new coach. They interviewed him

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Speaker 12: earlier this week. They just had them in for a

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Speaker 12: second interview. NFL Division Playoffs begin tomorrow. The first game

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Speaker 12: is Houston at Baltimore. The Texans have been a you

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Speaker 12: surprised this season with eleven wins. That's as many games

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Speaker 12: as they won in the previous three seasons combined, but

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Speaker 12: there are nine point hundred o of The Ravens have

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Speaker 12: outscored the opposition the season by more than two hundred points.

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Speaker 12: The Packers tomorrow go to San Francisco. It's the fifth

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Speaker 12: time the two teams have met in the playoffs in

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Speaker 12: the last eleven years. On Sunday, Tampa Bay at Detroit,

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Speaker 12: Lions just won a playoff game. Could they win two

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Speaker 12: in the same year. That hasn't happened since nineteen fifty seven.

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Speaker 12: And then it's Kansas City at Buffalo. The Bill six

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Speaker 12: game winning Street began with a win over the Chiefs.

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Speaker 2: Hockey.

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Speaker 12: The Capitals and Bruins both won by the same score

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Speaker 12: of five to two. Both teams got hat tricks and

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Speaker 12: victories tj Oshie for the Caps and the win over

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Speaker 12: Saint Louis. David Fostermach for the Bruins in a home

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Speaker 12: win over Colorado. At the Australian Open, American tailor Fritz,

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Speaker 12: who won his match in four sets. He's into the

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Speaker 12: fourth round. The fourth seed, yannicks Seener lost only four

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Speaker 12: games in advancing Coco Goff won her match six love

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Speaker 12: six twos. He won the US Open in a final

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Speaker 12: over Arena Sabolanka. Sabalanka won her match six loves six

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Speaker 12: Love Warriors game tonight against Dallas post Bone, second game

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Speaker 12: in a row that the game has been postponed because

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Speaker 12: of the death of Golden State assistant Coche Dejon Elosevich.

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Speaker 12: Johns Deshawer.

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Speaker 11: Bloomberg Sports from coast to coast, from New York to

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Speaker 11: San Francisco, Boston to Washington, DC, nationwide on Syrias Exam

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Speaker 11: the Bloomberg Business Appen Bloomberg dot Com. This is Bloomberg

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Speaker 11: Day Break.

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Speaker 9: Good morning.

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Speaker 3: I'm Nathan Hager on a morning where red sea shipping

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Speaker 3: remains under threat from houthy militants.

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Speaker 11: In Yemen.

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Speaker 3: The Iran backed group fired missiles yesterday at another US

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Speaker 3: owned vessel for the third time in as many days,

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Speaker 3: and it came on the same day that President Biden

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Speaker 3: admitted that US and UK led air strikes against that

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Speaker 3: militant group have not deterred the attacks. So let's get

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Speaker 3: more now. We're joined by Bloomberg's news director for Europe,

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Speaker 3: the Middle East and Africa, Roslind Matheson and roz It

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Speaker 3: does appear that deterrence is proving very difficult in the

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Speaker 3: Red Sea.

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Speaker 7: What is the.

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Speaker 3: Latest, Well, that's right.

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Speaker 4: Basically, what you have from the US is an acknowledgment

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Speaker 4: of reality, and that is that despite a series of

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Speaker 4: air strikes from the US and in some cases the

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Speaker 4: UK on Houthy targets inside Yemen, they haven't really degraded

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Speaker 4: the Houthis to the point that they're going to stop

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Speaker 4: attacking or trying to attack ships in the Red Sea.

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Speaker 4: And of course the Houthis have been at this game

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Speaker 4: for many, many years. They dealt with aerial bombardments from

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Speaker 4: Saudi Arabia for a long time, and their stuff is

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Speaker 4: quite mobile and they're very astute at hiding it and

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Speaker 4: moving it. Around, so it's always going to be difficult.

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Speaker 4: But what we've got is really an acknowledgment from the

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Speaker 4: US President that they haven't managed to achieve very much

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Speaker 4: despite quite a few serious strikes on their targets. Inside Yemen,

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Speaker 4: we've seen yet another attempt to attack a ship in

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Speaker 4: the Red Sea. We're seeing shipping still having to divert

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Speaker 4: a long way around, and that's not just aill in gas,

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Speaker 4: but that's also increasingly produced fruit and vegetables, livestock, things

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Speaker 4: that don't do very well on very long trips on

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Speaker 4: ships and can end up degrading as a result. And

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Speaker 4: it just points again to the reality the US has

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Speaker 4: kind of boxed in on two fronts. One is what

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Speaker 4: to do about the Houthis and secondly, what to do

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Speaker 4: with Israel and the war in Gaza.

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Speaker 3: Now that box gets even tighter when we've just heard

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Speaker 3: once again from Israeli Prime Minister Benjamin Netanyahu yesterday that

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Speaker 3: he's going to keep up his war against Thamas until

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Speaker 3: it's completely destroyed, and he's rejecting the idea of a

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Speaker 3: two state solution after the war's over.

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Speaker 4: And that's right, and that's the issue really fundamentally a

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Speaker 4: disagreement about what the future might look like for Gaza,

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Speaker 4: and if Israel is insisting that cannot be a two

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Speaker 4: state solution, and the starting point for the US and

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Speaker 4: countries in the region is that you have to have

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Speaker 4: a two state solution to have a proper resolution of

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Speaker 4: this issue in the longer term. So they can't agree

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Speaker 4: on that, they won't be able to agree then or

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Speaker 4: who's going to rule or manage Gaza in the aftermath

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Speaker 4: of this conflict Benjamin who is now saying it can

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Speaker 4: be a civil authority, but it has to be the

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Speaker 4: one that he's comfortable with. And so there's a lot

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Speaker 4: of obstacles in the way here to getting some kind

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Speaker 4: of resolution to that conflict. And despite all the US

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Speaker 4: trips to the region, despite the US pressure, and we're

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Speaker 4: really talking about the biggest ally for Israel on the planet,

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Speaker 4: militarily and economically, to some extent that Benjamin and you know,

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Speaker 4: he's just not paying any heed to that. He's saying,

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Speaker 4: I need to do what I need to do for Israel.

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Speaker 4: And you're seeing that hardening in general in Israel now

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Speaker 4: publicly also not just with the with the politicians, but

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Speaker 4: a sense that they feel that this war has to

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Speaker 4: play out.

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Speaker 3: So in our last minute, Roz, what can we foresee

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Speaker 3: that could get the US out of this box.

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Speaker 4: It's very difficult to see what that is. I mean,

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Speaker 4: in reality, the thing that will probably wind a lot

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Speaker 4: of it for the US is for the conflict in

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Speaker 4: Gaza to wind down, for Israel to slow down the

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Speaker 4: fighting there, to accept some kind of conversation around a

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Speaker 4: solution for Gaza, because that might then slow the houthy attacks,

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Speaker 4: for example on ships in the Red Sea. It might

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Speaker 4: stop Hasbalah and their aerial attacks from Lebanon. So things

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Speaker 4: might sort of slowly unwind in all those directions. But

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Speaker 4: that's really dependent on the on the conflict in Gaza

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Speaker 4: slowing down.

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Speaker 3: Okay, Roslind Mathis and our EMEA news director for Bloomberg News, Roz,

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Speaker 3: thank you as always. Now we want to take you

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Speaker 3: to Davos for a conversation with Bank of America CEO

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Speaker 3: Brian moynihan from the World Economic Forum. He says four

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Speaker 3: interst rate cuts could be coming from the Federal Reserve

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Speaker 3: in twenty twenty four and twenty twenty five. He also

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Speaker 3: says proposed regulatory changes that would require an increase in

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Speaker 3: capital at major US banks need to be altered. Brian

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Speaker 3: moynihan sat down with Bloomberg's Jonathan Ferrell and Lisa Bromwitz

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Speaker 3: for an extended conversation from the World Economic Forum in Davos.

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Speaker 13: Let's talk about this economy and the consumer. You are

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Speaker 13: the number one small business lender in the country. You've

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Speaker 13: got a massive retail business. What do you see him

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Speaker 13: right now versus where we were, say, twelve months ago.

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Speaker 5: So we got sixty six million consumers and we track

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Speaker 5: every week sort of how they move money in another

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Speaker 5: accounts to credit, debit, card, spending, checks, written cash on

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Speaker 5: the atm xell payments and everything, and so over the

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Speaker 5: last twelve months, they've gone from a year of year

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Speaker 5: growth rate in the first part of twenty three versus

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Speaker 5: twenty two of ten percent, down a year of year

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Speaker 5: growth right now, four and a half five percent in December,

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Speaker 5: in the first part of January, pretty consistent since the midsummer.

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Speaker 5: Now that's good news and bad news. The good news

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Speaker 5: is it's slowed down because it's more consistent where it

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Speaker 5: was sixteen seventeen eighteen, sort of low inflation, lower growth economy,

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Speaker 5: meaning the drag effect is starting to tame their behavior,

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Speaker 5: which helps feel inflation. The bad news is as they're

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Speaker 5: slowing down. You know, our core prediction by our research team,

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Speaker 5: which is the best in the world, is we go

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Speaker 5: from almost a four and a half whatever it was

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Speaker 5: in the third quarter growth rate to a one percent

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Speaker 5: positive soft landing. That's still a quick slowdown.

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Speaker 13: Mike Gaben, who leads that team on the economic side

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Speaker 13: of things, looking for that early rate cut from the

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Speaker 13: FEDA reserve insame March. Based on what you are seeing,

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Speaker 13: do you think that's necessary that the Fellaw Reserve would

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Speaker 13: need to be doing that as early as March.

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Speaker 5: You've seen the marketplay out here a pretty good swing

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Speaker 5: on that debate.

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Speaker 9: But it's great.

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Speaker 5: Our core team has four cuts and four cuts twenty

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Speaker 5: four and twenty five, and so if you sort of

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Speaker 5: sort that through, people would interpret that. But that is

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Speaker 5: actually higher for longer because you came off of twenty

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Speaker 5: five basis points and if you end up at three

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Speaker 5: and a half next year, eight quarters away from now,

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Speaker 5: so I think the team might get the team they

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Speaker 5: basically they're saying they're going to have to start cutting

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Speaker 5: because they have a space to cut and the economy

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Speaker 5: can keep growing and the last thing you want to

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Speaker 5: do is tip this thing over. And so the consumer

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Speaker 5: spending good shape, their credits some pretty good shape. The

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Speaker 5: credit statistics for everybody's all. It's normalizing. It's normalized in

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Speaker 5: nineteen and eighteen. Those are like fifty year good records

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Speaker 5: in our companies. It's not normalized in too stress. It's normalized.

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Speaker 5: And then the base case. So if you think about that,

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Speaker 5: they've got access to credit. Inflation hurts, especially meetia income.

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Speaker 5: That's tough on people. That's what you read about. But

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Speaker 5: in the end of the day, they've got to set

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Speaker 5: up so they have to start cutting lest the drag

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Speaker 5: gets too strong. And the housing market's got to get

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Speaker 5: a little more oof to it. You've got to get

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Speaker 5: a car purchases up. You've got these things that kind

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Speaker 5: of keep the economy roll along.

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Speaker 10: Just on the housing point, how much do rates have

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Speaker 10: to drop before you really see the mortgage.

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Speaker 13: Market come back.

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Speaker 5: Well, I think there'll be two parts of that equation.

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Speaker 5: If you've got to all the people in the consumers, say,

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Speaker 5: if you get a six handle consistently, even you know,

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Speaker 5: I five's low sixes, then people sort of get just

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Speaker 5: need time too, and so when I got my first

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Speaker 5: mortgage eight and a half, I thought I had a deal.

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Speaker 5: You know, I first went into business in the primary

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Speaker 5: was twenty three and so, but I was everybody's used

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Speaker 5: to that. People aren't used to. So it's going to

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Speaker 5: just take time for them to think about it differently

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Speaker 5: and get used to the pricing. It's got to flatten

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Speaker 5: out and adjust. Their wages have to come up. But

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Speaker 5: the good news is, you know, most Americans have a

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Speaker 5: fixed rate mortgage, which in an inverse sort of is

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Speaker 5: a is an asset right now and to have against

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Speaker 5: the market. And so it's going to be slow in

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Speaker 5: the first part of next year. It should start picking

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Speaker 5: up as people get more and more used to this.

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Speaker 5: And frankly, there's just a turn of in a housing

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Speaker 5: because people get divorced, gets sick, you die, move to

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Speaker 5: bigger house. Those are very pleasant things. But the rallities,

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Speaker 5: that's what happened.

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Speaker 8: Here.

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Speaker 5: So there's always an activity. It's just that the refinance

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Speaker 5: activities were mortgage driven. But that's that's done.

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Speaker 9: For a while.

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Speaker 5: But the purchase activity will pick up because people have

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Speaker 5: kids in one houses and things like that.

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Speaker 10: I'm curious you know in your in your earnings call,

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Speaker 10: you express some cautiousness around your outlook. Other CEOs of

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Speaker 10: certain financial firms have been less so, particularly at this

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Speaker 10: defic speeding you talked about hiring, talking about the incredible

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Speaker 10: boom and m and a IPOs, everything coming back. How

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Speaker 10: do you explain the difference.

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Speaker 5: Well, we're cautious because economy is slowing down and that's

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Speaker 5: just how you have to manage expenses. You know, we

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Speaker 5: have a big enterprise. We over the course last year

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Speaker 5: probably went down four or five thousand headcount. We still

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Speaker 5: hired fifteen thousand people last year, so we are always

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Speaker 5: hired people hire a thousand to fifteen hundred people a

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Speaker 5: month and with a turn of a rate which has

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Speaker 5: actually gone down to six percent now probably the lowest

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Speaker 5: we've ever had. And reason why numal times in the

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Speaker 5: company's history that we can find you don't have to

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Speaker 5: hire as many as you did in the Great resignation.

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Speaker 5: So we looked three years out for headcount. We plan

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Speaker 5: into but it's how you keep the expensive At the

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Speaker 5: end of day, our expense phase sixty three billion, thirty

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Speaker 5: eight to forty billion is people and so it's all

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Speaker 5: about managing people and using AI and technology and applied

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Speaker 5: technologies take work away and then migrate people to other

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Speaker 5: places we need to work. And so are we hiring

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Speaker 5: commercial bankers absolutely, Financial advice is absolutely middle market investment

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Speaker 5: bankers will probably double that staff for the next couple

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Speaker 5: of years. Will be hiring salespeople in the branches. Yes,

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Speaker 5: but at the same time, the service side of that

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Speaker 5: keeps going more digitized and automated. Even deep in we

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Speaker 5: had a billion two digital reactions and consumer last quarter.

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Speaker 5: Just think about that, and you still have a lot

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Speaker 5: that isn't so you can you always get an a

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Speaker 5: bene for that. So it's a balance. Core economy we

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Speaker 5: think is solid. Most people think I'm optimistic and just

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Speaker 5: giving the facts of whether our talent team tells us.

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Speaker 5: But you know, at the end of the day, you

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Speaker 5: have to manage expenses because it's ani flattens out and

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Speaker 5: then starts growing, and that's income that's sixty percent of

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Speaker 5: the revenue. So you've got to make sure the expenses

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Speaker 5: are in line with the next question, Bazil three, end game.

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Speaker 5: It sounds like a bad movie. Let's talk about it.

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Speaker 13: Given what's proposed, do you think it will go through

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Speaker 13: as proposed, and let's start with what's proposed. What are

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Speaker 13: the conversations, what do they sound like between you? And

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Speaker 13: regulates to the moment. I think there's an openness.

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Speaker 5: You don't have to really take what I say, just

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Speaker 5: listen to the people who are going to actually have

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Speaker 5: the vote, that people actually have to prove it. And

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Speaker 5: the difference of opinion, which which is a bit unusual. Honestly,

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Speaker 5: I've been doing this stuff around forty years and I've

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Speaker 5: never seen that the board itself have out in the

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Speaker 5: open divergence of opinion. And that's because what it affects

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Speaker 5: is so penetrative across the society. A small business, lending,

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Speaker 5: you know, mortgages, tax credit, equity deals, trading things. So

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Speaker 5: a lot of what you heard after financial crisis really

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Speaker 5: had about ten or twelve of us that you know,

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Speaker 5: we're making adjustments that then another group came behind this

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Speaker 5: goes deep and saying that's what you're hearing more noise,

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Speaker 5: And of course they're going to their Congress team people,

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Speaker 5: they're going to the regulars and saying, wait a second,

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Speaker 5: is this what you want to do? And so I

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Speaker 5: think that means there's going to be debate around changing

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Speaker 5: and probably change, but we'll see a play out and

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Speaker 5: even you know, even the Fed self has said that

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Speaker 5: do they have to change it? Yes, because I don't

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Speaker 5: think it's the right balance. And that's why the comment

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Speaker 5: letters flooded in to this day or whatever. It was

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Speaker 5: all over the place. And you know, we've made the

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Speaker 5: points clear. Twenty percent increase our capital doesn't seem to

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Speaker 5: make sense given where we are now. We have one

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Speaker 5: hundred ninety five billion dollars of regatory capital.

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