We feel constructive for next year. We think AI spending continues. We think there's benefits to the American taxpayer from tax rebates, lower taxes due to the tax bill going through. And we think the expensing of bonuses for businesses are good.

The American consumer is in pretty good shape. Consumer spending was up about 5% last quarter, tracking around 4.5% in Q4. Credit quality is strong. Even the lower income third is still growing.

The labor market has gotten a little soft, with unemployment around 4.5-4.6%, but this is a normalization. A 4.5% unemployment rate is a very strong relative rate historically.