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      "text": "Primary driver of stress scenario is unemployment rate (UER)\nLosses typically lag UER, and will vary depending on when UER peaks and shape of recovery\nTable on the right shows annualized average losses over the two-year period 1Q24-4Q25, and cumulative losses over the same period",
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      "text": "Net credit losses: ~$18.8B",
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      "text": "1 Federal Reserve's 2022 DFAST Results and Methodology Disclosure remains instructive data point for more severe recession",
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      "text": "Estimated 2-Year net credit losses (2024-2025) Central case ~3.5% ~$15.5B Moderate recession scenario ~4.8% ~$18.8B Incremental +130bps +$3.3B",
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