Raymond James CEO: We're very optimistic about the economy going forward

Market Outlook - The overall market sentiment is optimistic, with the Dow reaching a record high and expectations of 2% GDP growth driven by lower rates and tax cuts [2][6] - There is anticipation surrounding the end of the government shutdown and its potential impact on market stability [1] Regulatory Environment - There is ongoing speculation about deregulation, but no significant rule changes have been observed yet [4][5] - The asset threshold for regulations has not been indexed to inflation, with the current threshold set over a decade ago at $100 billion, which poses challenges for banks like Raymond James [5][6] Company Performance - Raymond James reported record client assets of $1.7 trillion and a 10% increase in revenues to just over $14 billion for the fiscal year [7] - Consumer sentiment is strong, with client engagement in equity markets at near all-time highs, contributing to high client satisfaction with financial advisors [7][8] Market Volatility - The current environment is characterized by tight spreads and low volatility, which may lead to increased spread volatility in the coming year [8][9] - Recent issues in the loan markets have created short-term spread volatility, although Raymond James was not directly involved [10] Long-term Expectations - The credit environment has been stable, but there are expectations of potential credit issues over the next 5 to 10 years, which banks are preparing for [10][11] - The company emphasizes a long-term decision-making approach rather than attempting to time market cycles [11]