I don't see complacency. There's a lot of uncertainty around the conflict's direction and resolution. Market reactions have been relatively benign, but participants are assessing scenarios. Risk premiums could change with more information in the coming week or two.

For portfolio allocation, no one is saying to change fundamental allocation because of the conflict. Traders think about risk premium daily.

We run a global business and accept uncertainty. We have base beliefs but are prepared to risk-manage and pivot when facts change.

In the Middle East, our primary focus is safety of our people. It's not business as usual; operations are work-from-home.

AI is a fabulous technology that will drive massive productivity gains. There's a lot of capital deployed; some will get returns, some won't. We're early in the process. I look at the glass half full.

Uncertainty affects sentiment, but US trade policy isn't that uncertain now. The administration has been clear. The Supreme Court decision affects certain tariff discharges, but there are other avenues.

Australia is always an important market and economy for Goldman Sachs. We have 400 people here and important clients.

China is one of the largest economies. I'm focused on the US-China bilateral relationship. Looking forward to Trump's visit with Xi. More clarity on the relationship going forward is needed.

Credit formation correlates with economic growth. In the US, we've had a long time without a credit cycle. When cycles are long, credit spreads narrow, lending standards can deteriorate. We're watching for too much aggression/froth.