The PNC Financial Services Group, Inc. (NYSE:PNC) Goldman Sachs 2024 U.S. Financial Services Conference Transcript November 10, 2024 1:00 PM ET
Company Participants
William Demchak – CEO and Chairman
Robert Reilly – Vice President & Chief Financial Officer
Conference Call Participants
Richard Ramsden – Goldman Sachs
Richard Ramsden
Okay, so I’m delighted to be joined by Bill Demchak. Bill is the CEO and Chairman of PNC. On my calculations, I think it’s the 10 time that you have presented this in a row, although I would say we both lost track. But I think it is number 10.
So, Bill, thank you so much for coming back.
Question-and-Answer Session
Q – Richard Ramsden
Look, we always start with a discussion about the macro. This year is particularly interesting. So maybe we can just start off with your views on the economy as it currently stands. What are you focused on from a macro perspective as we head into 2025? And obviously, given that we’ve just had the election, it would be really useful if you could just put the election into some sort of context in terms of how important that is as you think about the economic trajectory for next year?
William Demchak
That’s a long question. I don’t know that our forecast is going to be wildly different than others. We have them going by ’25 in December and then, recently cut the amount of cuts they would do in ’25, partly because of the election, to 2. So, we see funds sort of troughing at 3.75, 4, which is a bit of a change and a reflection on the fact that inflation appears to be more-sticky than we thought. And with the new administration and the deficit and some of the stuff that might be happening, I think inflation is a bit more of a fear than we had had
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