Yahoo Finance

That is the closing bell on Wall Street, and now it is Mar domination overtime sponsored by Tasty Trade. We are joined by Jared Blickery to get you up to speed on the action from today's trade. Let's start with where the major averages ended up. We're gonna have some red on the screen here. The Dow is gonna finish down about 390. You broad gauge the S&P 500 down about 0.1%. Tech heavy Nasdaq down about 9%. There were some different cross currents today. Trade, of course, front and center. Treasury Secretary Scott Besson telling House lawmakers that the Trump.The announce trade deals with some of our largest trading partners as soon as this week, but also did note that negotiations negotiations have not started with China. And of course all this is coming for the Fed's decision tomorrow. We know President Trump has been applying pressure there. We also know that Jay Pao has signaled monetary policy is on hold. Now to Jared for a closer look at today's sector action. Jared,

thank you, Josh. Let's dial up the Wi Fi interactive behind me and I will show you. I'll begin with the price action in the Dow.Started off the day negative. Didn't quite reach into unchanged territory, never got green, and then we finished the day lower, pretty close to where we started the day. And you take a look at the S&P 500, pretty similar story there, down about 0.75%, and then the Nasdaq that is down 87 basis points, just a little bit more. And if you're counting, that's two straight down days for the major indices, and then that follows that 9 day upstreak that we had in the S&P 500. Nothing too worrying here, but we're going to talk about some technical.Reasons why the market might be pausing. Josh, you and I in about 30 minutes. Here's VIX that has been trending up over the last two days as equities have been falling, but not a lot. I show you the year to date here and you can see that 2 day up move is just a tiny, tiny blip, nothing in comparison to what we saw at the beginning of April. And then just taking a quick look at the bond market, here's a year to date of the 1010 year T Note yield that is down 3 basis points to 4.31%.Now let's get a check of the sector action. Only utilities finishing in the green there. That's a pretty defensive move. Healthcare leading to the downside saw a lot of weakness in biotech today. Consumer discretionary and industrials and tech also underperforming. And if we take a look at the NASDAQ, pretty red picture there. Not a lot of outliers to the upside. Looks like CEG up about 10%, but Palantirer 12% to the downside, DoorDash down 7%.Vertex down about 10% and just taking a look at the leaders, you're going to see biotech at the bottom. Both IBB and XBI are biotech ETFs, and those are down about 56, 7% apiece. Also seeing a lot of weakness in Arc and if we take a peek inside the Ark Innovation Fund components, Tesla is a big one there, but the biggest loser looks like CRISPR, Beam, and then Shopify down 4%. Back to you, Josh. Thank

you, Jared.Joe Mazzola, Charles Schwab, head of trading and derivatives strategist, still here with me. Uh, Joe, earning season rolls on waiting for AMD. That's gonna hit the wires any minute here. I'm just curious, big picture, earnings season, what did you make of it, Joe? What were the lessons learned?

I mean, if you're looking at EPS beats, you know, you're over 70%. That's pretty good. Let's say revenues come in a little bit lighter than, uh, you know, there may be hoped in terms of the beats there.It's the guidance, right? It's all gonna come down to guidance, you know, you've got companies like Ford that are pulling guidance or or at least lowering guidance. There's a lot of companies across the board that just don't know what the next 3 to 6 to 9 months are gonna look like. And as an investor, I think what you're seeing is investors are pulling back a little bit until they get a little bit more clarity, maybe not on the earnings front, but maybe how the the trade and tariff policy may affect these companies.

So when AMD reports you obviously on the call there's gonna be a lot of talk and interest about what, what does CO Lisa Su have to say about the AI opportunity. Of course another way investors play that AI opportunity was the Mag 7. I'm just curious, those Charles Schwab customers, what kind of retail investor interests are you seeing those big tech names?

So those primarily are the are the biggest buys, right, is the AI names, but I will say this what we've seen in the past is we've seen AMD on that list. We've seen, uh, a broad come on that list and video on that list, but this time.It was just Nvidia, so it was really Nvidia, uh, Amazon and Tesla, where the, you know, the three big buys, and we just didn't really see, um, as much of the AI interest from, yeah, there are ancillary plays, right? If you look at like a Microsoft, you know, that made the list as well, um, but in, in terms of what we would consider just kind of straight AI, it wasn't as much interest in this time, this time around. Mag 7 really just kind of dominated thepurchases.

Finally, Joe, I know you have to go. I'm just very curious. I know it's a little into the weeds, margin balances for those Charles Schwab.Customers, what are the trends you're seeing there and what does it tell you?

Well, what's interesting is you're seeing the margin balances go down a little bit, and I, and I think what's interesting about that is it just kind of says that look, if there were margin calls, people weren't stepping back and buying with both hands, right? They, they weren't kind of over levering themselves and waiting for that next big move. If anything, uh, they're kind of sticking with what they have and just kind of waiting for things to kind of play out a little bit before they start adding a little bit more. I don't think that's a bad thing. I just, I think it's just something to be mindful of, um.Does kind of tell me a little bit that some of this momentum that has built up since that, you know, April 7th drop might be waning a bit, and I would keep an eye on things like equity ETF inflows. I keep an eye on if you're looking at technicals, I don't know if you're gonna talk about this later, we're looking at things like divergence between the RSI and then maybe what you're seeing, uh, with the overall S&P 500, those will give you some indicators as to whether or not, uh, the, the flows are continuing and the rally's got some legs. Joe,

I know you got a flight to catch, but it was great having you here, brother. It's perfect. Thank you. I appreciate it.Our next guest, no stranger to the ups and downs, the finance world. His new book is out today. It is aptly titled Surviving Wall Street A Tale of Triumph, Tragedy, and Timing. It explores dramatic changes in investment banking over the time and his personal experience navigating and leading at some of those changes. Scott Bach is the author and is also a senior advisor at M&A advisory firm Green Hill Company, an independent.Investment bank. Scott, thank you so much forjoining us.

Thank you, my pleasure to be here.

So the new book, walk us through it. When you wrote it, Scott, what was the point and purpose of it? What are you trying toaccomplish?

I mean, the point is I looked at the at my career, the length of my career, and at the beginning of it when I graduated from college, uh, the Dow was under 1000, which was lower than it had been more than a decade earlier, so kind of a dead decade. Interest rates were 20% of the federal funds rate.Mergers and acquisitions almost weren't really happening at all. Uh, phrases like private equity and hedge fund and activist shareholder didn't even exist. And yet you look at what happened over the course of my career. I mean, you had, you know, M&A now trillions of dollars worth every year. Private equity owns 30,000 companies. Uh, you know, investment banking is sort of pervades every single industry we've got politics, sports, and all the rest. So it's been this an amazing growth in the industry.But yet at the same time, more than half of the firms that existed when I started are gone, long gone. So what's the, you know, what, what, what's, what's the drama behind that tale that has that explosive growth and yet it's such kind of a Darwinian industry that most firms don't survive and that's why the title of the book is Surviving Wall Street.Uh, and most of their CEOs have a lifetime that's even shorter than those firms, so it's, uh, that, that's the theme of thebook.

Scott, I, I happened today to be going back and forth with a good friend of mine, very well known, very successful, uh, venture capitalist, and I was talking to him and I said, you know, if you were giving advice to a young American kid, this person, they're smart, they're talented, would you say to go work on Wall Street? And I thought his answer was interesting. I wanna run it by you, and he said to me.Um, Wall Street matters, he said finance matters, he said, but you know what, if I was talking to that young American kid, smart, talented, drive, you know, a lot of ambition, I would say he said go learn tech and go learn how to build. He said that is the smarter move. What's your, what's your response to that?

Look, I think for a lot of kids coming out of college or something, Wall Street's still a great place and not necessarily to spend a whole career 40 years, uh, like I did.But maybe you do something else and we have people from passed through Greenhill over the years. I mean one guy's CEO of the National Football League team, one guy's got his own clothing brand and and company that that he built from scratch. And so there are a lot of things you can do, but I think they have that building block of how are things valued? How do we make value go up and down through strategy? How do you maneuver through crises? I mean, you learn a lot of that on Wall Street. It's useful whatever you end up doing.

Let me ask you a broader trend here about M&A because I saw a report from Reuters and want to get your take on it. They noted the number of M&A contracts announced across the world fell in April. They said it's got lowest level in more than 20 years. In the US, they pointed out just 555 deals were signed last month, the fewest for any month since May 2009. You hear those stats, and I'm, I'm sure you already knew them, familiar with them. What do you make of it?

I think you know, look, it's an overused word right now, but it happens to be the right word, which is uncertainty and people particularly don't know where the policy is going to be in terms of international trade and you know you think about a huge portion of M&A over the last couple of generations, that period of that explosive growth I talked about, you know, really was cross border deals. I mean, it's essentially, you know, I I think of it this way when I was a kid.You know, every, every little town had its own newspaper, had its own bank, every region had its own soft drink brands, it's own ice cream brands, and what happened through M&A activity over the decades was, you know, the creation of national and then international, uh, brands and you know if that's gonna be shifted into reverse, I think, you know, I think that's a, a real, uh, you know, challenging unknown for the market to figure out, you know, how do I invest in that.Particularly how do I invest the big dollars involved in in an M&A deal, or do I just hold off and I think that's what most companies are doing right now.

If you sawmore clarity and certainty on trade deals and and that, and then you saw a pick up in M&A Scott, are there certain sectors where you would expect to see more activity out of that? I mean, healthcare, energy, tech, where would you expect to see it?

You know, I, I think it'll be more across the board. I mean, almost every industry is going to have to adapt to new policy. Clearly we're gonna have somewhat of a different trade policy, and almost every one of those industries is going to figure out how do I adapt to that? Do I need to have more manufacturing capability in the places where I'm selling, you know, do I need to shift the global portfolio of uh of uh.Uh, you know, brands that you're selling or products that you're selling or markets you're selling into and, you know, I think companies are going to have to really readjust, but they don't know what to adjust to quite yet.

Final question.Uh, Scott, you know, you, you are well known for this celebrated career on Wall Street. I think you also became well known, uh, for playing this role in the, in the crisis at UPenn in 2023. Mark Rowan of Apollo, our parent company, right, called for your resignation. You did resign. It was all about the response or reaction, of course, the anti-Semitism on that campus. What did you learn from that experience?

You know, I learned a lot of things. I would say one of those things is that boards in the nonprofit world, including major universities are very much like boards in the corporate world. They're not really ready for a crisis when it comes and it becomes very challenging to build a consensus on that board and figure out what you need to do and.You know, in the nonprofit world, people have strong opinions, right? They didn't get on those boards thinking they were gonna be embroiled in controversy. So when it comes, it's very challenging to figure out, you know, how to drive the, the, the institution forward and that's kind of why I stepped aside. I think I got to the point where I didn't think.I could lead that board. I'm not sure anybody could have really, but I think my leaving was a bit of a wake up call for that board to sort of unify and come together and figure out how to really work their way through what continues to be a very difficult crisis. I mean, frankly more difficult than even when I left 18 months ago. Why do you say that?Well, you look what's happening with, you know, Columbia with Johns Hopkins with Harvard. I mean, you know, you see significant layoffs happening in, in a number of places because government money is being withdrawn. There's a threat of a endowment tax, uh, you know, potentially even tax exempt status which would really be, I think the nuclear weapon.Because then not only do you end up having to pay property taxes and think how much land Columbia, Harvard, Penn, etc. own, uh, but you also lose the tax deductibility of, uh, of alumni donations, and I have to think that's gonna really make those dry up. Scott,

thank you so much for joining us and congrats on the book.

Thank you very much.

Upstart reporting a revenue beat for the first quarter. The AI lending platform also posting adjusted IEA of $42.6 million. Here to discuss the quarter and more. Let's get to Upstart CEO Dave Gerard. Dave, you just reported results. Uh, heading into this program, we should remind us, listen, the stock was down about 25% this year. You were up though about 100% in the past 12 months, Dave, but walk us through the through the quarter. I'm interested in what you're seeing in the business.

Yeah, thanks. Great to be here. Um, you know, a few things about the quarter, I'd say, first and most importantly, because we have, you know, more than 100 banks and credit unions andUh, private credit investors on our platform, the credit is performing exceptionally well, um, and it has been, uh, for quite some time, all the way back to Q3, Q4 of 2023. All of our cohorts are performing better than expectations, and we don't see any, uh, you know, I think it's important to kind of say in the world of today, we don't see any weakening in the consumer credit performance. So, so that's number one, that's the most important thing. Secondly, we're in growth mode. We grew, uh, our transactions 89% year on year. We grew.Revenue 67% year on year. And you mentioned, uh, our adjusted EBITA. The, the margin on that was 20% for the first time in three years. And then lastly, and also really importantly, our business is pretty rapidly diversifying. About a third of our core loans and our core personal loan product were super prime loans, that is people with credit scores higher than 720. And, uh, that means, you know, that's a, that's a segment of the market that we weren't even in not very long ago. And also, our home product is growing.Uh, or, or grew, I should say 52% quarter to quarter and our auto products grew 42% quarter to quarter. So very rapid diversification and, uh, I feel like we're doing exceptionally well right now.

Let me ask you, uh, David, one issue, and the stock is under some pressure here. The revenue guide here for Q2, um, it does look like it came in 225. The street was more like a 228. Were there certain puts and takes that maybe analysts hadn't factored in?

You know, we, we provided annual guidance and, and of course, this is the first time we're providing Q2 guidance, so people will kind of extrapolate that as, as they wish. And, you know, we are, of course, being, being reasonably cautious given there's a lot of unknowns out there. Our guidance does not assume for the year, does not assume any rate cuts from the Fed, which I think is a good place, uh, to stand, and, uh, doesn't assume any massive change in the macro from where it stands today. But we'll always take a, you know, position we feel.Good about and, you know, analysts can, can be a little off that. But, you know, our business is growing quite rapidly. It's, it's on the very edge of being gap net income profitable, and, uh, the credits performing exceptionally well. So I, you know, I, I couldn't be happy with the actual numbers. I

thought, you know, you do have a line of sight there, David, into the consumer, and you're saying, and correct me if I'm wrong, you, you don't see big changes versus let's say 6 months ago or 12 months ago right now?

No, we don't. In that time frame, the consumer financial health has actually improved pretty significantly. What we call the upstart macro index is how we measure that, and it's really in the grander scheme of the last 12 months or so come down a lot, which is a good thing. It means the consumer health is getting better. Now, now realize of course that our interests are a little different than say a retailer who just wants consumers to keep spending. In our case, we like consumers who are either saving more, spending less, being responsible because that's uh accretive to credit performance.So our interests are a little different, but from that perspective, consumers are actually doingquite well.

And Dave, listen, I got plenty of economists coming on the show. They tell me the odds of a recession are rising. If we did see that, Dave, if the, if the US economy is slip into contraction, that would mean what for your company?

Well, again, it's a little bit, a bit of a mix. It means, and, and it depends how, how it plays out. But, you know, a modest recession where GDP kind of shrinks a little bit as it might have last quarter, might be right now, that doesn't actually mean much to us. What we really care about again.Is consumer financial health and oftentimes in a recession, what's going on is consumers are spending less that can be net good for us. So, so generally speaking, um, a recessions OK unless it leads to pretty dramatic increase in unemployment, which is of course negative to credit, but you know, 4%.Unemployment to 4.5%, that's not really all that meaningful to us. If it went 4 to 8% or 9%, you know, that is meaningful to us. But we've also gotten really good. Our, our technology is getting better and better at tracking and, and responding to changes in the macro environment extremely quickly.

You're talking about the tech, uh, Dave, you know, you are an AI lending platform. I'm curious, how, how do you see the technology evolving? You know, if you are, we're talking 12 months from now, David, how does it evolve and has it evolved in ways that benefit you?

Well, the, the, the sort of the way it's been on is it creates more accuracy of risk models, and that means, uh, more separation between good borrowers and bad borrowers, more automation of the process. Whenever these models get upgraded, it generally leads to higher conversions through our funnel, and, and that's how we grow.So what I expect to see in the next 12 months is our core product will continue to grow fairly rapidly as we're expanding into new segments, and then our newer products, as I mentioned earlier, the auto product, the home product are on very robust growth paths. So we're getting more diverse. We're applying the same AI technology to to more segments.And, uh, so we're at the very early days. I think just the segments we're in today, just the products we have on the market today have years and years of growth in front of them, and our, our goal, frankly is to be number one in market share in every category we're in, and I think we have the technology and the team to do just that. Dave,

thank you so much for joining us today. I appreciate your time as always.

Thank you.

Well, Ring out with their latest earnings report, let's get to Yahoo Finance's prize. Suerian with the latest results their prize. Yes,

Rivian reported better than expected results and posted a second straight quarter of gross profits, but Trump's tariffs on auto parts will push Regan's capex higher. So the good part, gross profit of $206 million a second straight quarter for the company actually unlock an initial $1 billion payment from VW as part of their joint venture. So good news there, but the uncertainty from tariffs means the company cut its.2025 delivery out like 240 to 46,000 units and will push that capex higher at 1.8 to 1.9 billion this year. Ruvian maintained its 2025 adjust adjusted even a loss projection of 1.7 to 1.9 billion. So that was good, but they kind of added it there to the capex. Now for Q1, uh, reported revenue of $1.24 billion versus $981 million estimated and posted an EPS loss of 48 cents, narrower than the 92 cents estimate, that's an EPS not not adjusted there.

Thank you Praz. Appreciate it, sir. You're welcome. AMD's first quarter results, they are just hitting the wire. Let's take a look at those numbers. Shares about 7% initially in the after hours. Q1 adjusted EPS 96 cents versus the estimate of 94 cents. That's a beat on the bottom line. Revenue $7.44 billion. The stream is at 7.12 billion. So beats on the bottom and the top. Just looking at Q2 revenue, what they're calling for between 7.1 and 7.7 billion, she was closer to 7.23%.billion and they are modeling Q2 adjusted gross margins 43% and they say that it is inclusive of export charges. Remember the stock was under some pressure here, of course. It was down year to date, about 20% heading into this. It was down nearly 40% over the past 12 months. We're higher here in the after hours. Big picture questions obviously how does AMD talk about the AI opportunity ahead? Any more color and commentary about the.Trump tariffs and their impact on this company's bottom line. Computers we know exempt from Trump tariffs, but the administration saying it could impose duties on semiconductors. China angle, AMD and April, remember talking about the Trump administration instituting tighter export controls. You can be sure there'll be more questions about that as well. And of course always more color and commentary about the PC market, how that they see that evolving over 2025 shipments ahead. We'll stick on it. Stick around. Much more market domination over time that's coming right up.That's one more check on the market sponsored by Tasty Trade. Stocks closed the day lower here. Just look at the major averages. The Dow down about 390 points. The S&P 500 down about 0.1%, and the Nasdaq down about 0.1%. Of course trade as always was front and center today. Treasury Secretary Scott Besson did tell House lawmakers that the Trump administration could announce trade deals with some of our largest trading partners as soon as this week. They also note though that negotiations have not.That started with China and of course it's all coming before the Fed's decision tomorrow. Yahoo Finance is bringing you live coverage. Meanwhile all week long from the Milken Institute global conference in Los Angeles. Let's get it back out there to Brian Sai as he catches up with Robin Vince, BNY CEU.

Yahoo Finance descending on the Milken conference once more. Joining us now is BNY CEO Robin. Vince, Robin, good to see you. Feels like I just saw you a couple months ago at the World Economic Forum.

Yeah, it wasn't long ago, Brian. It's great to be here. Great to be with you. Um,

last time we talked was actually on your earnings a couple of weeks ago, and you made a great point that there's a lot of risks and uncertainty right now because of the trade war.But the market has rallied back pretty aggressively. Where's the disconnect?

Well, I think there are a few things to note. So number one, we've essentially made a round trip in the stock market since the election. If you look at where the S&P is today versus the S&P the day before the presidential election, and actually it's about the same level as it was on Liberation Day. So there's a lot ofTalk about the anxiety in the stock market and it's understandable because there's a lot going on, but actually in terms of actual levels we're sort of unchanged. Now of course the world's a complicated place right now and there is a difference between the sentiment in the economy, which is pretty poor, and the facts of the economy which have actually held up pretty well.

Then is the market wrong if conditions are poor.Maybe the market just has this whole thing

not correct. Well, the market looks through to the future. It always does. And so the question is that the market is trying to answer, which is maybe a little different than the question you and I are answering. It's not where are we today, but where are we going to be? And so Secretary Besants here at Milken as well, talking about the three legs of the stool of the administration's policy.About trade, including the non-tariff barriers, so it's not just about tariffs, also about deregulation and unlocking business potential and then about taxes. And so what we're seeing, I think with the market moves is the first leg of the market down was focused on one of the three legs of the stool, but there are two other legs, and so now the question is, the market is looking and saying, I wonder how this is going to come together. Now what will beMost helpful would be a really good trade deal because that's going to start showing the path if that can happen and I think the market would take a lot of confidence from that. If we don't see that over the course of the next couple of months, the market is probably going to start to question that again.

Is themarket too optimistic on a trade deal?

Well, the market is looking at more than just one thing, and we all should look at more than one thing because the ultimate.The question here is how is the US economy going to do over time and are those three legs of the stool going to come together to be successful. I was just in Europe two weeks ago. I was in the Middle East last week. I was in India last week as well, really getting out there, connecting with clients, talking to our clients, understanding how they're seeing the world and so it also depends on where you are and who you talk to.

A lot of, uh of course big international contention here at the Milken conference as always. A lot of CEOs that I talked to, global CEOs, they are concerned that there has been damage done to the US brand because of everything happening on trade. Do you share that sentiment?

I think it's a little bit more complicated than that. We saw in the first Trump administration that there was just a change of approach, and some of the European allies, foreign partners just weren't used to that. We're seeing the same change of approach again and this time there's definitely a question on people's minds, but it is different region by region.In terms of, OK, what does that mean? What does it mean for the dollar? What does it mean for treasury markets? What does it mean for the US as a reliable global partner? and you know you get different answers to that question as you travel around the world. There's clearly more anxiety in Europe. That's probably peak anxiety on this question right now. I think in the Middle East they were a little bit more sanguine.To be honest, and that reflects their place in the world both geographically and geopolitically.

Howdisruptive would it be if the international community begins to lose trust in the US brand and they start to sell treasuries, for example?

Well, you know, you have to remember what the treasuries represent. They represent the safest investment on the planet.And there's a reason why they are considered to be the risk free go to asset, and it's all very well to say, hey, let's go and find another one, but there are a lot of things that underpin that US resiliency, that trust, the legal system over a long period of time.All of the big financial institutions in the world that help that market, the depth, the liquidity, the predictability of the process, and so there are a bunch of different legs underpinning that stool. There are many countries that would would love to be able to replicate that, but it's a little easier said than done.

Is the Treasury, is the US Treasury bill, is it still risk free? Is it still safe?

So it's always the case that any asset in the world has some element of risk or uncertainty associated with it. There's no such thing as the absolute perfect answer. You can buy gold, but somebody could steal the gold. You can buy treasuries, people can call into question aspects of the treasury market. The right question, I think, is what is the most risk-free asset in the world and what is the one that offers the liquidity associated with it. We do a lot of things for the US Treasury market.We have a very good vantage point on that. We're settling over $20 trillion a day of US Treasuries on our various different platforms as a company, and I think you can see with the volumes, with the movements that the market is a very robust market, and it's worked really well.

are things still functioning correctly? Have you seen signs of stressat all.

The only thing that we've seen that other market participants have seen is that there has been at various times, reduced liquidity because of the volatility in the markets, but that's normal for markets.When you have a fast moving market, people are going to make bid offers in smaller size. The liquidity at the top of the order book, the depth at the top of the order book, that's going to reduce. It has did it for equities as well as for treasuries, but the underlying infrastructure, the rails of the financial system, they've been rock solid and they haven't wavered through the process atall.

And of course this week we'll have a key Federal Reserve meeting. You've of course been in this industry for a while. You've seen a lot of Fed moves, things they have done and haven't done.Do you view right now as the most challenging or one of the most challenging periods for the Federal Reserve?I think that the financial crisis.

I think that falls into the question of it always feels more challenging to deal with the situation when you're in the middle of it. And then with a little bit of the distance of time, you sort of forget how challenging the last one was. We've had a lot of challenges, you know, COVID was, I'm sure, a very challenging time for the Federal Reserve. It was only a few years ago, so we have these these these periods and each one when you're in it probably feels like the worst, but the Fed's having to navigate this.It's clearly tricky and there is an issue here back to this point about the facts of the economy compared to the sentiment of the economy. Sentiment is not great on the economy because the administration is taking some difficult decisions that are creating some resets, create anxiety on the expectation and hope of a future payoff from that. And if that's successful, it could be a great strategy, but there's an if in that statement. So the Fed's navigating that, but the reality is the economy isActually been performing and so you saw that with the jobs report last week. GDP was obviously more negative, but there's expectation that it will rebound in the 2nd quarter. So the Fed's probably be my expectation that the Fed will do what they've indicated they're going to do, which is wait for more data and wait to see how things develop. There's no particular advantage for them to go rush ahead of the game, although I understand that that's a complicated question, lots of points of views.

Lastly, Robin.Amidst this turmoil in markets, have you been able to push through your business initiatives as a CEO? I can't tell you how many leaders I've been talking to where they've had to put a halt on that big project they're working on or reassess how many employees they have in their business. I know you're pivoting to more of a platform-based company. Have you made anychanges?

Well, we've been forging ahead. I mean, our people are excited about the change.We are on as a company. We're serving clients clients want more things from us actually at times of uncertainty. They want more help. They want more advice. They want to be able to use our platforms as they challenge their own expense models. There's outsourcing opportunities for us because we're a platforms provider. So the short story is we're going through a transformation. Of course one has to be careful, one has to prepare.For the worst, we're all risk managers at heart across all industries, but particularly in the financial services industry, but we're plowing forward and we're optimistic about our business model and we feel we've got the right platforms to help our clients move forward. So that's exactly what we're doing. We're focused on goingforward.

All right, good luck at the conference. We'll talk to you soon. BNYEL Robin Vince, thanks for coming on. Appreciate it. Good to

be with you. Thanks, Brian.

All right guys, back toyou.