“Our credit reserve adjustments do include the latest economic forecast, which has unemployment ticking up a little bit next year, and that's included in all of our forward-looking comments.”

In context

“g on in spending. There is no correlation in our history of that. The thing that you do worry about is unemployment and in particular, white collar unemployment. And so as we think about professionals that could potentially be laid off, that's something that you look at. But again, our models take all that into account. And we've been through this -- we've been through that kind of stuff before, and I think we're very well prepared for it. Jeff Campbell: Before I get to credit reserve, Sanjay, I can't resist just adding though. You said, well, what would you do in a mild recession. I don't want to get into the cool debate here about semantics, but some could argue that from a growth perspective. We're in a mild recession and we just grew revenues 27% and to turn it to our credit reserves. Our credit reserve adjustments do include the latest economic forecast, which has unemployment ticking up a little bit next year, and that's included in all of our forward-looking comments. As you point out and maybe to help everyone, Sanjay, I think it's on Slide 12 in our deck today. Our day one credit reserve percentages of total loans were 4.6%. This quarter, they were all the way down at 3.2%. I will point out that if you look across the industry that is by far the lowest percentage. It's also the lowest percentage relative to day one. There's differential timing that all the different financial institutions have had over the last couple of years just due to the vagaries of the way the accounting works here. But as you sit here today, our reserve balance both on an absolute basis and relative to that day one basis is below the industry. And that makes sense, Sanjay, because we have, by far, the most premium book in the industry. We have, by far, the strongest credit met”