Hi, it's Andy. Today we're bringing you another one of our conversations from Davos,

this one between Barron's editor-in-chief Dave Cho and Adina Friedman, the chair and CEO of NASDAQ.

Hope you enjoy. My name is David Cho. You're at At Barron's with Adina Friedman.

Adina Friedman, of course, is the chair and CEO of NASDAQ. She's one of the most powerful people in finance, so it's such a privilege to have her.

She's also a black belt in Tequandot, so she's powerful in many ways. So please welcome to the adina freeman adena it's great to be here

yeah very nice to have you let me start with your assessment your outlook for the economy where do you

think it's going you've kind of put out there some more measured comments about what the fed should do, a little bit of caution.

We heard earlier today someone who was more encouraging the Fed to cut rates.

But I'd like to hear your view on this, the kind of caution that you're sending to the Fed.

And why is that?

Sure.

Well, I think first let's just say overall, we come into 2024, I would say,

it's cautiously optimistic. So we have the cautious because it's still a very dynamic

macro political world. There are still a lot of challenges that every economy and every government

are facing. And we have to kind of expect

the unexpected as we go, you know, in the fourth year in a row of expecting the unexpected.

The optimistic part is because of the fact that it, I think we feel pretty confident

that rates are not likely to continue to go up. We also see that inflation is coming down, and it's starting, and it's being relatively

consistent in that way. And so those two factors make it so that if you're an investor and you're

trying to underwrite risk, you have two of these external factors that are becoming more known.

And that helps them then say, okay, well, how do I then underwrite an IPO how do I look at the

future potential earnings of a company and I have both the cost of capital

...