And with that in mind, we're going to begin with the U.S. Ben, over to you.

Thanks, Ken.

So let me expand on the theme of U.S. resilience and just a quick reminder of about what the U.S. economy has expanded through.

The tariff rate reached an historic high last fall and uncertainty about trade policy surged.

Then this spring, the war in the Middle East brought surging energy prices.

The combination of elevated tariff rates and energy prices raised consumer prices and is weighing on real measures of income and wealth, which are the two key drivers of consumer spending.

Still, the U.S. economy has remained resilient.