From the opinion pages of the Wall Street Journal, this is Free Expression with Jerry Baker.

Hello and welcome back to Free Expression from the opinion pages of the Wall Street Journal.

After a short summer break, I'm Jerry Baker, editor at large of the journal.

If you're not already subscribing to Free Expression, please do so at Apple Podcast, Spotify, wherever you do you're listening. And please do leave us a nice review. If you're not already subscribing to free expression, please do so at Apple Podcast, Spotify,

wherever you do you're listening. And please do leave us a nice review. Well, summer is pretty well

over, and there's a lot to think about as the nights draw in and the mercury drops. We'll be covering

on free expression, all the big issues over the next few months, and most importantly, exploring what lies behind the big developments in politics, economy, business and culture, and all the big issues over the next few months, and most importantly, exploring what lies behind

the big developments in politics, economy, business and culture, and all those developments that are

driving the major news events. We're going to start this week with a look at the economy and

financial markets. The post-Labor Day action seems to be focused very much on government debt,

in particular bond yields, are rising sharply around the world, once again,

on renewed concerns about inflation. And they are rising too in the United States, where, of course,

people are wondering what Donald Trump may have in store for the Federal Reserve as he continues

his effort to fire a Fed governor and then, of course, ultimately to replace Jay Powell, the Fed chairman.

Later this week, we'll get new jobs numbers, to replace Jay Powell, the Fed chairman. Later this week,

we'll get new jobs numbers, which will tell us whether the sharp slowdown in employment that we saw over the summer was just a blip or the start of something much more worrying. Donald Trump,

of course, has also got to deal with various legal issues over challenges to his tariffs and

various other uncertainties. So there's a tremendous

amount of uncertainty confronting the economy, probably reflected in the fact that gold is surging,

the dollar has been struggling. But even so, stocks have continued to set record highs over the last

few weeks. So what's the outlook now as we enter the fall? I'm pleased to be joined this week by Brian Moynihan, Chief Executive of Bank of America. Brian's led one of America's, of course, largest financial institutions for 15 years now, but he started out professional life as a lawyer, although we won't hold that against him. And Brian Moynihan joins me now. Brian, thanks very much indeed for joining free expression. That's great to be here, Jared. Good to hear from you. Thank you. The world is coming back, or the U.S. is coming back from its summer break. Let's look at the state of the economy and markets, if we can, if we can start off with that. It just seemed to be a little bit of rising concern about fiscal positions of governments around the world. European countries are people getting really concerned there. You've seen a lot of increase in bond yields in Europe. Here in the United States,

we've seen a little bit of that action. We're recording this now on Tuesday afternoon,

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