Webinar: Decision 2024 – Investors focus on election outcome
BILL NORTHEY: Hello, and welcome. I'm Bill Northey, senior investment director with the Asset Management group at U.S. Bank Wealth Management. I'd like to welcome you and thank you for joining us today. In our webinar today, we're going to be considering some of the potential policy and market implications surrounding the recent results of the 2024 election, as well as contemporary monetary policy changes and the health of the broader economy. 
As always, we seek to contextualize and relate the factors to make them applicable to our clients and their portfolios. More than ever, it's critical for you to focus on your goals and priorities, and it helps to have a financial plan to be your guide as you move through these next several years. Our wealth management teams are always here to help you. If you have any questions, and talk through the specifics of your financial situation. 
So as we begin our discussion today, I'd like to go over just some of the mechanics associated with our webinar platform today. You have the ability to customize your screen by dragging the modules around. You can change the size by selecting the corner and dragging that to make it either larger or smaller. 
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Importantly-- and this is something I really want to emphasize-- on the bottom of your screen, there is a tab labeled Questions. And we want to hear from you. If you have a question, you just simply click on that tab and submit the questions that you have. If we don't get to your question during the course of our conversation today, we'll be sure to follow up with you afterwards. 
So with that, I'd like to get to our presenters and I'm absolutely pleased and honored to be joined by two of our repeat guests on this webinar series. And if we could bring them up on screen, we'd very much appreciate the opportunity to introduce Mr. Eric Freedman, Chief Investment Officer for the U.S. Bank Asset Management Group, and Kevin MacMillan, head of government relations at U.S. Bank. Kevin, Eric, welcome. Thank you in being here for our conversation again today. 
KEVIN MACMILLAN: Thanks, Bill. 
ERIC FREEDMAN: Great to be here, Bill. Thank you. 
BILL NORTHEY: So today, our goal is to have you walk away with some key insights and practical guidance that you may want to consider in the current environment, to help you both capitalize on opportunities, but also to keep risk in mind, and help to mitigate those risks considerations. 
So to start our conversation, we're going to have Kevin discuss some of the outcomes of the elections and the implications that we're seeing as we're still in the tail end of counting all those votes that could potentially tip the balance of the House. And then Eric is going to come back in and talk to us about the capital markets and the updates on that, in the context of a two-stage framework that we have put out about assessing the impact of the election, and as we look beyond the election period, into the balance of 2024. 
And then finally, we'll do a little bit of a Q&A session, where I'll pepper these gentlemen with some really good questions to draw out their insights. And we look forward to that engagement. So Kevin, with that, thank you for being here from Washington, DC, sir. And I'll turn the floor over to you. 
KEVIN MACMILLAN: Thanks, Bill. It's wonderful to be with everybody today, and look forward to connecting with this group, and always enjoy our time together. So I thought what we'd do is-- two days since the poll closed-- we'd talk a little bit about what the outcomes are, what to be expected in the coming weeks and months, and then a few things on the horizon for 2025. 
And so if we go to our first slide, we had a presidential election close out just a couple of days ago. And I think one of the things that was particularly of interest was the ability for Donald Trump to actually win over 270 electoral college votes in a fairly short period of time. 
I think a lot of people expected that there may be some delays in the final counts and there may be a couple of challenges, here and there. But it was a fairly definitive election for President Trump. 
So if we go to the first slide there, and we can see the map of the country with the variety of outcomes, if you will-- I don't know if we can see those slides yet or not. And if we can't see the slides, we'll just proceed forward and think about really, what occurred in the White House. 
And so the result here, I think is fascinating. We've got President Trump now, President-elect Trump, with over 270 votes in the electoral college. We're still waiting on a couple of states to come in, but not enough to really make a difference for him. He will be the president. And he will be inaugurated. 
So what does that mean? That means the issues that he ran on will be front and center for the country as his administration takes office and he is moving into the White House. If we go to the next slide and we think about the House of Representatives, we've seen this slide in various forms and formats. The House is currently controlled by the Republicans. This was very much in toss-up land, as we were moving into election day. 
It looks very much like there is a high likelihood that the Republicans will likely retain this chamber. They need to have 218 votes in order to control that chamber. They're about in the neighborhood of 208, 206 or so. 
And I think that will have a better likelihood, a better understanding in the next couple of days as to whether the Democrats are able to flip the House or whether Republicans will continue to control that chamber. 
If they are, Mike Johnson, I expect, will be named speaker. They will be having their leadership votes next week. So both the Republicans and Democrats will be in Washington, deciding who will lead them into the new Congress. And then if you think about the going-forward basis, if Republicans do control that chamber, they will be very much connected with the Trump administration and their agenda. 
Why does this really matter? This matters mainly because in the House of Representatives, that's where tax law germinates from. And so as we think about tax reform and moving forward into 2025, the first bills will be written in the House. 
So if Republicans control it, they will write the first bills. If Democrats control it, the Democrats would write those bills. So still yet to be determined, but I put a high likelihood-- it feels like it's trending towards Republicans. And if you look at a lot of the exit polling, Republicans seem to have turned out quite actively for their candidates. 
If we go to the next slide and think about the United States Senate, we had always had a base case that the Republicans would flip the Senate. And that is what's occurred, particularly with the flips in Montana and in West Virginia, that gave the Republicans control of that chamber. This slide is slightly maybe, dated by a couple of hours because I think that they have seen Nevada go for the Democrats. 
And so now, we're just waiting really, on Pennsylvania and Arizona. If I was to make a prediction today, right now at this moment, I would say Pennsylvania is likely to go flip Republican. So that would give them 53. And Arizona is likely to remain Democratic. So that would give them a 47. And that would be Republican control of that chamber. 
Now, why is that important? This is the chamber that confirms nominees to the administration positions and to the judiciary and what have you. That's one of their very important roles. And so if Republicans do control that chamber, we'll see Trump administration officials moving fairly smoothly through the process, if you will, as they look to build out their cabinets. 
So right now, we're operating on a base case of a Trump White House, a Republican Senate and a likely Republican House of Representatives. So you've got a trifecta there, a complete control by Republican Party. 
Now, that doesn't mean that bills and legislation just flies through either chamber because recall, Republicans have a lot of back and forth within their own party as to who will lead it, and even different views as to what the key policy matters are. So there'll be a lot of back and forth there. 
And then in the Senate, other than confirming nominees and what have you, you need to have 60 votes in order to pass legislation. So there will be a lot of back and forth there, and opportunities for Democrats to put their stamp on things as legislation is considered in that body. 
If we go to the last slide here, and we think about what to expect in 2025, there's really only a couple of things that we can basically guarantee. One is that the fiscal-cliff matters will be coming to the floor. And that is the renewal or the meeting of the debt ceiling and the government funding of the government. 
So those two things are going to be very much at the fore for the new Congress. They will have to address those matters in a timely way in order to ensure that A, we don't hit the debt ceiling and B, that the government is funded. And so look forward to a lot of back and forth there. 
And then tax reform, certainly a big issue. The Tax Cuts and Jobs Act is going to sunset next year. And so I would fully-- we absolutely, without a doubt, will see tax reform legislation moving next year. And it will be likely that the Republicans will put more of a stamp into that. 
The last one I would put on this slide here, is crypto. I think it's important. One of the takeaways from this election is that crypto was very successful in their efforts to elect candidates. And so the crypto industry has been very resurgent. So just pay attention to that as the year turns out, and we'll see what direction cryptocurrency and crypto regulation, if you will, takes. 
And so that's our outlook. We are looking forward to engaging with the new administration and others. And we'll look forward to speaking with you about this in the future. So I'll turn it over to Bill and we can continue forward. 
BILL NORTHEY: Well, Kevin, thank you. And thank you for keeping your finger on the pulse of what's going on in Washington and across the country. It's always important to have those insights. And with that, we'll go ahead and bring in Mr. Freedman to talk about some capital market updates. 
And Eric, capital markets are rarely quiet. But this has been a week that is a unique combination of events. Obviously, the US elections, monetary policy actions by the Federal Reserve and the European Central Bank today, conclusion of third quarter corporate earnings. Lots to think about, lots to process as we position portfolios and manage capital for our clients. So with that, I'll turn it over to you and have you guide us through your part of the conversation. 
ERIC FREEDMAN: Well, Bill, thanks so much. And really great to spend some time with the group today. Thanks for taking the time to be with us. I think that one of the things that's helpful, when you go through a consideration set like what's in front of us right now, is just to try to sift through the information in as cogent a fashion as possible. 
And so one of the things that really jumps off the page, if you will, is the idea that this analogy we've given, this idea of the economy being like a runner on the treadmill, is still something that we think is imagery that hopefully makes sense for the audience. And so the concept is that the runner in this example is the economy, both businesses and consumers who are again, hopefully keeping pace and keeping a decent pace as they traverse. 
You'll notice that on the treadmill, there is a ramp associated with it that actually is representative of interest rates. And as we've seen, in fact, as we saw 14 minutes ago, that ramp has actually changed, yet again. So central banks will move that ramp up and down depending on the pace the runner is currently experiencing. And again, when times are tough, when perhaps inflation is high, unemployment's high, the runner isn't moving very fast. 
And of course, the reverse happens, as well. When the economy is going quite quickly, when the profit cycle is positive, and there's low unemployment, then the reverse happens. And so literally, as this call is beginning, we did have a phenomenon where the Federal Reserve as the quote, unquote, "personal trainer" overseeing the ramp height, if you will, did lower interest rates by another 0.25%. 
Now, you recall that in the middle of September they did so by half a percent. And so this is, again, a fairly consistent message from the central bank of the United States, which is, hey, we certainly recognize inflation is coming down to some extent, and we want to lower that interest rate environment again, lower that ramp on the treadmill. 
The next slide actually shows you a history of just how high that ramp has been. And so if you look at it, you can see that the red line actually represents the current, or I should say, the just-ended interest rate hiking cycle that, of course, ended in September of this past year. And that ramp has never been as high, nor did it, Bill, move up as quickly, in terms of the last 20, 25 years of interest rate activity. 
And so that runner is really feeling, if you will, the weight of those cumulative interest-rate hikes. Even though we are seeing some relief right now, that personal trainer has eased up a bit, it is still, again, at an absolute level that we have not seen in some time. 
And so part of our analysis, part of what we're thinking about as investors is, what's the marginal change for that runner? Can we see both corporate profits continue, consumers continue to spend? We'll spend a little time looking at that. Just to maybe flash forward one more slide, you'll also notice that the market has taken a fairly measured perspective on just how much this interest-rate decrease cycle will occur. It's actually-- again, the red line is where we are right now. 
You can see that currently speaking, the market is not expecting a ton of relief from the personal trainer, that, yes, the economy is slowing down at the margin, but not really enough to cause the central bank to really ease up on interest rates. Again, there's been some conjecture back and forth about the pace for next year, but needless to say, this is still, in our opinion, a good economy. 
So maybe just give our upfront conclusions. We do think that this is still a very constructive environment for diversified portfolios. We certainly pay close attention. I spent a lot of time with Kevin MacMillan and his team. They do a fantastic job for the firm. And again, policy is critical. We still feel that growth and inflation remain the key capital market drivers. But policy certainly has a heightened interplay, which we'll spend some time talking about in just a little bit. 
So if you go to the next slide, again, still with that glass half full, bullish perspective on the prospects for diversified portfolios, some of that is contingent on the forward view on growth. Now, again, we want to be clear about this. We don't invest in economies. We invest in markets. It's not as easy as saying, hey, this economy is going to go up, therefore its stock market will do well or its bond market do well or whatever. If it were that easy, you wouldn't need us. 
But the punch line is simply this. The expectations that the global economy is going to really go into a tough period, that we see recessions on a more rolling basis, that has not been the case. That has not been the viewpoint of the U.S. Bank Economics Group. That's not been the viewpoint of the team that I work on, either. And so we've really, again, seen some positive momentum that we think will continue, although we have to again, pay attention to if that runner will slow down. 
And if you go to the next slide, you can see inflation, as I said earlier, is a key driver of capital market forward pricing and how people are thinking about the stock and the bond market. And you can see that again, we're still seeing inflation hang around. 
There's a lot of questions about, will a strong push right, both in the executive branch, as well as within the legislative branch, lead to more inflationary policies? And that is not yet a conclusion we can drive. We're still waiting for clarity because we have to see who ends up in the cabinet. We have to see what trade relations look like. 
But we're certainly paying close attention to why we have such a, again, a great relationship with our Washington team, because this really will matter. And so understanding the trajectory of inflation will be important to potentially challenge our glass half full, optimistic view. 
And the last slide I want to share is what we look at on one of the key runners, if you will, on these proverbial treadmills, is the consumer. And that represents, again, depending on which Western economy or even Eastern economy you're paying attention to, that represents 2/3 to 75% of most economic activity. And so how goes the consumer will obviously, go the economy. 
So what we're seeing at the margin is some deterioration in consumer behavior, especially lower-income consumers are really feeling the pinch of that cumulative high interest-rate environment. We're seeing the labor market soften a little bit, less jobs available for people looking. The diversification of jobs open has actually narrowed a bit, as well. 
So we pay attention to many metrics, whether that's delinquencies or borrowing trends or employment trends. The bottom line is that we are seeing at the margin, again, a slowdown in activity-- again, it doesn't necessarily thwart our glass-half-full perspective, but we have to really respect the fact that, again, these things can oscillate and change quite quickly. So Bill, looking forward to dialogue through the Q&A portion. I'll pass it back over to you. 
BILL NORTHEY: Excellent. Thank you, Eric. And welcome, Kevin, back in here. Appreciate the insights on all topics covered thus far. And Kevin, maybe this is a question that I'll direct at you because as we think about now, the makeup of the White House and the makeup of the Senate and likely, as you pointed out, the makeup of the House, what are some of the implications across regulatory M&A, tax, trade considerations, that we might be thinking about as kind of the top topics on the front of our minds? 
KEVIN MACMILLAN: Sure, Bill. So let's take it in order, there. So I think what we'll see is as far as regulatory agencies go, a complete reshuffling of the heads of those agencies, so from the Department of Justice, all the way through the bank regulators and otherwise. The only one that will likely remain steadfast is the Federal Reserve chairman. 
He has a term that goes into 2026. And so Jay Powell is not required to leave. And at this point, I don't expect that he'll leave, necessarily. So it'll be up to him, to whether he wants to or not. But the vast majority of the other, if you will, non-independent regulators will be moved on. And there'll be new Trump appointees that will go through the appointments process, there. 
As far as M&A goes, and mergers and combinations, if you will, I think that we should really remember that the Republicans have developed very much a populist message, where large-scale combinations aren't necessarily at the top of their wish list for Christmas. So there's still going to be skepticism for some deals. I think that it's possible that we'll see things move through, though, a little bit more smoothly. You hear a lot of talk about the changes at the FTC and again, the DOJ. 
So I think you'll see the ability for M&A to occur. But large macro questions will still remain. And you've got lots of senators and members of the administration who are skeptical of big tech, if you will, and otherwise. So that's something to pay attention to. 
And then finally, on taxes and trade, I think the President-elect has run on tariffs. I mean, there is no doubt that he's going to impose some sort of tariff program. He's going to view this election as a mandate for that. So he will proceed, I would fully anticipate, in a trade-related adjustment in that manner. 
And then as far as taxes go, again, with the Tax Cuts and Jobs Act expiring, and with Republican control of both chambers, I think we're going to see tax bills move fairly smoothly through those chambers, and then be approved. So I think you'll see either a retention of the corporate rate or a reduction possibly, of the corporate rate, and other tax changes on the horizon. 
BILL NORTHEY: Yeah, thank you, Kevin. And Eric, I'd ask you to maybe think about that in the context of how those same factors might impact the way that we're viewing the regulatory environment, that maybe as it plays through to capital markets, most importantly. 
ERIC FREEDMAN: Yeah, it's a great thread, Bill. I think that when we look at the key variables that really drive the stock market or the bond market, certainly, corporate profits for the stock market is key, and one of the variables that, from a regulatory standpoint, there are some concerns about it, as Kevin elucidated, with more of a populist potential approach. 
That's why it's really important for us to understand where might there be again, some pent-up demand for M&A activity. Certainly a lot of speculation from the technology sector within financial services, as a broad category, including other areas. 
And so if you look at the trends that we've seen, have been, the big keep getting bigger. And that is a variable that we think is going to certainly interplay with policy, in particular. The other thing that's really important is what happens with trade policy. And as Kevin mentioned, the opportunity for tariffs, and really what that looks like. And also, how uniform might that tariff policy be? 
If you look at a very common refrain from both Vice President Harris, as well as from our president and President-elect Trump, the idea that China would be one of the first recipients is obviously, key. That interplay, not just across semiconductors, but across lots of different goods that traverse across our borders and into Chinese borders, that interplay will be important. 
We also have to keep in mind that relations with Mexico and Canada-- Mexico and Canada are our two largest trading partners. And so understanding those dynamics will be really key. This remains a globally connected world from a profit standpoint. Any changes, if you will, that appear adverse to the flow of capital, as well as the return of capital to shareholders, from an equity-holder standpoint, is potentially not a good thing. 
Last thing I'll say is this. Inflation remains, again, as we said, a very front-seat driver of capital market activity. And so trade policy, foreign policy, the potential for onshoring supply chains, all of those variables do drive what happens with inflation. Central banks do not like inflation. Back to the notion of the personal trainer, they are more than happy to blow their whistle and increase that ramp should we see inflationary pressures rise. That's something that we think we have to keep an eye on and again, part of our connected approach across the firm. 
BILL NORTHEY: And Eric, I'm going to have you continue on with that specific topic as we think about the personal trainer and the height of the ramp. And over the past several years, investors have been able to sit in cash and earn a reasonably good rate of return, at least relative to the last couple of decades. 
And as we think about the Federal Reserve now, beginning to ease monetary policy, that also has some implications for what cash is expected to earn. And what are you communicating out to clients and prospects with respect to moving from cash, and where to move, how to get fully invested in an environment like this? 
ERIC FREEDMAN: Yeah, I think it's a very timely question. And if I may, I'm reminded of my youth. And my mom would always remind me that when a plate of cookies is passed around, make sure you take it, but recognize that plate of cookies will not be there in perpetuity. And so that's the way we think about higher yields within cash and within the cash markets. 
Again, looking at the Federal Reserve's activity today, they've lowered the effective rate that most people will get on cash. And over time, cash is a very unproductive asset. It tends not to keep up with inflation. Look, I get it, people looking at a 5% or even an upper 4% type of cash return without taking a lot of quote, unquote, "investment risk," that seems to make sense. You are taking on a lot of purchasing power risk when you sit in cash. 
And so one of the things that we've really emphasized for clients across our very diversified book of clients is to think through different-- again, depending on risk appetites-- different ways to stage out. In some cases, it makes sense to take a slice of that cash holding and put it into, again, a broad portfolio. 
In other cases, it's perhaps a bit of a migration higher into shorter-duration fixed-income securities. There's also a lot of opportunities in what we call structured credit, which again, is not something that the audience is necessarily overly familiar with in all cases. But that's part of the universe that we spend a lot of time looking at. 
So our advice is to, number one, as you led with, make sure that you are in touch with a plan, with an investment policy statement that makes sense for you. And then secondly, to be very mindful of the purchasing power that you have to retain. We don't think inflation is going to dissipate necessarily, but we do anticipate that the front end of the yield curve, in other words, the very short-dated cash type of rates that people are experiencing, that plate of cookies will gradually go away. And it's time to look for other opportunities. 
BILL NORTHEY: Well, between plates of cookies and Kevin's reference to the upcoming holiday season, I feel less prepared than ever for the next several months. But with that, so Kevin, during your commentary, you talked about the fiscal cliff and potentially, reaching a debt ceiling as we move into next year. 
There are 36 trillion reasons out there why it's very important for all of our elected officials to tackle this. What do you anticipate in terms of the possibility to move this forward? And what are some of the implications if we hit a bit of a turmoil early next year? 
KEVIN MACMILLAN: Absolutely. So the debt ceiling is the ability and the limit that the federal government has to borrow against itself. And so when we look at the timetable around that, right now, it looks like it's going to expire early in 2025, or we're going to hit it early in 2025. 
What happens at that point is, the Treasury Department undertakes what they call extraordinary measures, where they delay the payment of interest on certain obligations and they do other things to hoard cash or keep below the debt ceiling. And then tax season occurs, and there's more money flowing into the government, and the debt ceiling is abated a bit. 
Our X date that we're looking at and hearing about is mid-June right now, where the extraordinary measures would be exhausted and the tax receipts would have been exhausted, as well. And so mid-June is the date in which we're looking for, preparing for, when Congress would need to act and increase the debt ceiling. 
Now, Congress has never not increased the debt ceiling, but they've gotten very close. They've gotten close within days and maybe weeks, at the most. But that's something that is watched very closely by the markets. It's watched very closely by the foreign governments. It's watched very closely by investors. And it's something that we, as a company, prepare for, throughout that process. 
Again, it's never occurred, but that doesn't mean that people don't prepare for it and think about it. I anticipate that they will increase the debt ceiling. There will be a lot of political discussion and noise around it, but we'll definitely get there. 
When I was at the Treasury Department, I remember we would be looking at receipts every day, and back and forth, and making determinations whether or not we were going to actually hit that X date, and never got there because Congress raised the debt ceiling. So I think that they will do that. And it's just a question of whether it will be right up to the precipice or very close to the precipice, if you will. 
BILL NORTHEY: Yeah, great. And I'll extend that same question then, to Eric, in the context of capital markets. Obviously, it's very important to understand that the functioning of the federal government and ability to continue to operate is certainly important. 
Would ask that as you think about the potential capital market implications, inclusive of some of the reactions that we've seen in this early post-election period of time, across stocks and bonds and commodities and currencies, is that an indication of what we might see next year, or maybe a way to think about that in this framework? 
ERIC FREEDMAN: Yeah, no, it's a really thoughtful point. One of the things that we've emphasized-- and you teed it up at the start, but I didn't follow through with the messaging-- is this idea of clients adopting what we call a two-phased absorption cycle of information. What I mean by that is that phase one is, whenever there's news that occurs, whether that's in the bond markets, if there's a broad geopolitical issue, if it's something specific to the oil market or what have you, the initial reaction tends to be really brought on by very short-term capital. 
Perhaps it's position-induced. If people are again, forced to trade out of a position because they were on the wrong side of the news flow, if you will, that's when you can see some of what we call phase-one immediate type of reactions. 
And so sometimes, those immediate reactions are people extrapolating, probably too far out, about what may happen. And that's why we think that, again, this phase two, which is the more gradual, slow absorption cycle, is really key for investors. 
And what I mean by that-- and again, Kevin has done an outstanding job. He and his team have a great job of signaling, What are some of the big issues that are out there, like tax reform? Like what's going to happen potentially, with tariffs? And so because we don't have those details yet, our preference is to, again, be mindful of some of the short-term opportunities that market dislocations can provide. 
At the same time, we don't want to draw conclusions before we think there's enough evidence. Again, in our business, if you wait until you have perfect evidence, it's usually too late. So we tend to look at things on more of a probabilistic basis. But tying back to the notion of having a plan, one of the things that we think is really helpful is to, one, just be aware that in phase one of this quick reflection, if you will, there will be lots of noise. The news cycle doesn't help. The flashy imagery, the urgency to do something is always there. 
We really encourage clients to just take a deep breath, go back to the plan. If you don't have one, make sure we're talking about it. And then we spend a lot of time-- again, that's why you pay us-- to pay attention to some of these slower, more gradual absorption cycle type of considerations that we think will again, move the odds of your success up if we're again, on the right side of them. 
So I think that two-phase absorption cycle, it's important for us, as investors. I think it's certainly something that a lot of clients can adopt, as well, to help sift through some of the very noisy news flow that we've had over the last couple of days, and will likely have for some time. 
BILL NORTHEY: Yeah, thanks, Eric. And I'll take a commercial moment here, and just guide our audience. If you go to us usbank.com/marketnews, the asset management group put out a paper on this two-phase methodology, in the way that we're looking at capital markets responses. Please take a look at that. We certainly encourage you to take advantage of those digital resources. 
So Eric, maybe I'll conclude our questions to you here, with-- you're senior leader in our Asset Management group and within our Wealth Management broader organization. Why U.S. Bank Wealth Management as your key provider? 
ERIC FREEDMAN: Bill, this is the research person making the sales pitch, I guess. But look, one of the things I love about our approach is that number one, it's team based. Kevin and I have the opportunity to be in front of the camera today, alongside you, which we always appreciate. We have very deep teams. And this is the cumulative insights of again, a lot of people from across the country and the globe, that are providing perspectives. 
So number one is that we take an incredibly team-based approach. Number two is that we have a very comprehensive offering. I think that, again, if you look at the usual suspects, if you will, that participate in our industry, it's kind of like investing and maybe some light planning. And they'll send you some flowers on your birthday, if you will. 
We get much more involved. Again, not overly involved. We want to, again, give clients choice about what services they provide. But, we're big enough that we can handle any question. We're small enough that we really care. And you're going to get that personalized service. 
So I think team-based, comprehensive and also just the idea of having that really ingrained in-touch client feel is critical. Look, this is complicated stuff. And it's stuff that we have a great passion for. Hopefully, you see that. But it doesn't matter if it isn't translatable for you, as a client. 
So I think that-- and again, Kevin and I get up every day, excited to hopefully, distill things down to hopefully, actionable items that will make a difference for a client. And that's something that we really look forward to bringing in. So Bill, a chance to share that passion is certainly a treat today. 
BILL NORTHEY: Yeah, and just underscore and emphasize the commitment to continue to do this on a go-forward basis, sharing these insights. Eric, Kevin, thank you for your insights here, today. So as we begin to move towards the end of our conversation, if we could bring our slides back up, one of the things that Eric mentioned on a couple of different occasions is, understanding goals and creating a plan is just absolutely critical to having an understanding of where you're going and how to adapt to the news cycle that comes forward at us. 
We see elections happen. We see changes in monetary policy. Should that disrupt you from your current path? Or are you on path? It's important to have a plan to help you guide through that process. 
And that's why we take a very integrated wealth-planning approach here, at US Bank Wealth Management, to understand your goals, your unique situation. And whether it's growing, creating, growing, or protecting your wealth, or ultimately passing that wealth on to next-generation or charitable needs, it's important to have that mapped out in an appropriate fashion for you. 
And as we think about the planning experience, it's more than just something that you do once and sit on a shelf. It's an interactive and collaborative process. And we have some tools that can really help our clients understand where they are in that journey, and even do things like real-time progress against goals, and stress testing it against past scenarios that may cause angst and concern about reaching the goals that they've clearly articulated. 
So as we end our time today, I'd like to offer some additional resources and next steps if you're interested in learning more about the topics today. I mentioned earlier in our discussion, usbank.com/marketnews. We encourage you to stay up to date with our views and insights, and accessing our digital resources at that website. 
If you're interested in a recap of today's conversation within the next 24 hours, you can also access a replay of this webinar at the same site. And while you're on this call, you can navigate directly to the Resources tab at the bottom of your screen, right now. And this will also take you to some of those latest insights, analysis, and guidance on the markets. 
So if you're not currently a U.S. Bank Wealth Management client, but are interested in knowing how to apply some of today's insights to your personal situation, or you just want a second opinion to get started on that financial plan, we're here to help. 
A couple of ways you can reach out to us. Here's a phone number on your screen, 844-233-5836, and one of our colleagues will help guide you to an advisor or banker near you. You can also find your advisor or banker near you by going to usbank.com/advisor. And also, within our webinar platform here, there is a Contact Me tab. And if you put your contact information in there, we'll have a team member reach out to you directly. 
So again, as we end our time here today, I would like to encourage you to watch out for the next in this webinar series. Invitations will be forthcoming in the near future. But thank you again, to Eric and Kevin for all of your great insights, returning to the program so many times. And thank you to the audience for sharing your time with us today. Have a great balance of the day. Take care.