WASHINGTON, DC - APRIL 16: Bill Demchak (Chairman and CEO - PNC)speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Bill Demchak (Chairman and CEO - PNC) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: David Schwimmer (CEO - London Stock Exchange Group ) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Carlos Cuerpo (Deputy Prime Minister and Minister of Economy, Trade and Business - Spain) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Bill Demchak (Chairman and CEO - PNC), David Schwimmer (CEO - London Stock Exchange Group) and Liz Hoffman (Business & Finance Editor - Semafor) speak on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Michelle Fleury (Business Correspondent - BBC News) and Carlos Cuerpo (Deputy Prime Minister and Minister of Economy, Trade and Business - Spain) speak on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Michelle Fleury (Business Correspondent - BBC News) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Michelle Fleury (Business Correspondent - BBC News) and Carlos Cuerpo (Deputy Prime Minister and Minister of Economy, Trade and Business - Spain) speak on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)