CVB Financial (CVBF) Q2 2025 Earnings Call July 24, 2025 10:30 AM ET Company ParticipantsE. Allen Nicholson - EVP & CFODavid Brager - Director, President & CEOAndrew Terrell - Managing DirectorDavid Feaster - Director - BankingKelly Motta - Managing DirectorConference Call ParticipantsMatthew Clark - MD & Senior Research AnalystGary Tenner - MD & Senior Research AnalystOperatorGood morning, ladies and gentlemen, and welcome to the 2025 CVB Financial Corporation and its subsidiary Citizens Business Bank Earn ...

President Trump is considering announcing and naming Fed Chair Powell's successor as early as this summer. What did you think of that. And what would that mean for monetary policy if that announcement were to be made sooner than expected.>> Well, the first thing I thought is I wish I didn't have to go to the Wall Street Journal podcast and talk about it. No. Um I I don't know what the president will or won't do.Um, you know, I'll just say that, uh, you know, we're in the business as the Federal Reserve of, ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the economic and trade dynamics in Emerging Asia, focusing on the implications of the 90-day tariff deadline and its potential outcomes for various countries including China, Japan, India, and South Korea [2][11]. Core Insights and Arguments 1. **Tariff Deadline Scenarios**: The 90-day tariff pause is set to expire on July 9, with three potential outcomes: - Announce deals/frameworks with some trade partners - Extend deadlines with certain partners - Set new tariff rates for remaining partners [2][5]. 2. **Base Case Scenario**: The most likely outcome is an extension of the current status quo, maintaining a 10% baseline tariff for a longer period. This scenario suggests limited market reactions, with a slight risk-on sentiment but constrained upside [3][5]. 3. **Bull Case Scenario**: If trade deals are announced, effective tariffs may decrease, leading to a more optimistic market outlook. This could result in equities outperforming and a stronger performance from export-oriented currencies like KRW and TWD [6][9]. 4. **Bear Case Scenario**: If tariffs increase significantly, particularly above 15%, it could lead to a risk-off market reaction, with a stronger USD and concerns about global growth impacting Asia FX negatively [7][9]. 5. **Market Reactions**: The actual announcements regarding tariffs may be complex, potentially incorporating elements from all scenarios. The focus will remain on effective tariff rates and the risks of subsequent increases, alongside ongoing diversification from USD overweight positions [8][9]. Important but Overlooked Content 1. **Japan's Industrial Production**: Japan's industrial production increased by 0.5% MoM in May, which was below expectations. Companies are reportedly curbing production in anticipation of potential negative impacts from US tariffs [11]. 2. **China's Economic Indicators**: Both manufacturing and non-manufacturing PMIs in China exceeded expectations in June, indicating continued growth momentum. However, domestic demand, particularly in property sales, may be waning [11][12]. 3. **India's Trade Dynamics**: Reciprocal tariffs have led to a front-loading of exports to the US, with a notable 25% YoY increase in Indian exports to the US from January to May 2025. However, this has not improved the overall trade balance due to a decline in exports to other regions [12]. 4. **South Korea's GDP Forecast**: The GDP forecast for South Korea has been adjusted downwards for Q2 2025 to 0.3% QoQ, but expectations for Q3 and Q4 have been revised upwards due to anticipated recovery in consumption and positive fiscal measures [12]. 5. **Inflation and Interest Rate Forecasts**: The report includes projections for inflation and interest rates across various countries in the region, indicating a cautious outlook for monetary policy adjustments in response to evolving economic conditions [20][21]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current economic landscape in Emerging Asia.

Bessant himself specifically said he's not attacking CBO employees, but the White House press secretary Carolyn Leit did say that CBO is a partisan and political agency. And she said that staff haven't contributed to a Republican since 2000 and have for Democrats. You know, there is some advocacy group that put out a report along those lines that I think she's leaning on is just a completely madeup number.Um, and the people who work with CBO, you know, our counterparts on the Hill, they know our staff, they ...