00:00So, another drop. Morgan Stanley's up about 4.5%. Bank of America's up about 2.3%. We've got some regionals,
00:06which are often in their own category. Forgive, because we're squeezed, but we've only got a couple minutes. But this
00:10looks, investors like this. Is it different from what we got from the other ones, or are they all the
00:14same?
00:15A lot of it was the same, given the really strong trading results from Morgan Stanley across both fixed income
00:21and equities. And Bank of America was strong also, more so on the equity side than fixed income. But on
00:27the other hand, Bank of America gave really solid guidance in terms of net interest income, with growth up to
00:346% to 8% for the year. So, I think the market's really enthused about that.
00:39Did Brian Moynihan at Bank of America have anything to say about the consumer?
00:41Yeah, the consumer is something that they said was resilient. So, nothing untoward versus what everybody else is saying. They're
00:50holding in there, nothing. The credit quality for the consumer side is still very pristine. So, nothing to make on
00:58that front.
00:58How do you explain that, given that these energy prices have gone up so much and that consumers don't have
01:04that same buffer that they had back in 2022?
01:06Yeah, that's right. We do have lower savings rates. So, you can point to that as a potential risk.
01:12Wells Fargo mentioned yesterday that there are spending patterns for the consumer. Gasoline prices are up like 1% versus
01:194%. It's now 5% versus 4% prior to the issues in the Middle East.
01:24So, it's muted so far. If we get a prolonged higher gas prices and prolonged Middle East turmoil, then that's
01:36when we sort of tend to worry. But at this point, the consumers are sort of absorbing the issues.
01:42Net net, 20 seconds. These big banks are important. They tell us a lot about the economy and the health
01:46of the U.S. We're doing okay?
01:47Yeah, we're doing great. We're seeing strong loan growth across the board, specifically in commercial lending.
01:54And a lot of the banks have talked about increasing line usage, which means that your core commercial customers are
02:00being aggressive, which bodes well for the overall economy.
02:03All right.
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