English transcript

Why aren't we seeing this sentiment? Why are people feeling better?

Well, you know, when I was in the investment business, there are consumer surveys,

but I used to look at what are the people really doing.

So at Treasury, we have loads of CEOs come through, whether they're in retail, credit card, the banks.

And the consumer, while they may be sounding grim, is actually quite buoyant.

So we are seeing spending has been very solid across most categories.

So they might not feel good, but...

Well, look, in their heart of hearts, they feel good.

I'm not sure what they're telling the survey people.