WASHINGTON, DC - OCTOBER 24: (L-R) Liz Hoffman, Business and Finance Editor, Semafor, and Sergio P. Ermotti, Group CEO UBS, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: (L-R) Liz Hoffman, Business and Finance Editor, Semafor, and Sergio P. Ermotti, Group CEO UBS, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: (L-R) Liz Hoffman, Business and Finance Editor, Semafor, and Sergio P. Ermotti, Group CEO UBS, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: (L-R) Liz Hoffman, Business and Finance Editor, Semafor, and Sergio P. Ermotti, Group CEO UBS, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: Justin B. Smith, Co-Founder and CEO, Semafor, speaks onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: (L-R) Justin B. Smith, Co-Founder and CEO, Semafor, and Bernard Mensah, President of International, Bank of America and CEO, Merrill Lynch International, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: (L-R) Justin B. Smith, Co-Founder and CEO, Semafor, and Bernard Mensah, President of International, Bank of America and CEO, Merrill Lynch International, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)

WASHINGTON, DC - OCTOBER 24: (L-R) Justin B. Smith, Co-Founder and CEO, Semafor, and Bernard Mensah, President of International, Bank of America and CEO, Merrill Lynch International, speak onstage during Semafor World Economy Summit Fall - Day 1 at Gallup Great Hall on October 24, 2024 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor Inc.)