• As the stock market remains volatile amid the aftermath of President Donald Trump’s so-called “Liberation Day” tariffs, consumer spending has not been significantly impacted, at least not yet. During quarterly earnings calls, credit card companies offered strong outlooks in regard to consumer spending, but many have taken measures to mitigate losses amid a potential economic downturn. 

As President Donald Trump’s trade policies have contributed to stock market unrest, the fallout from his so-called “Liberation Day” tariffs has yet to hit the quarterly financial reports of the country’s largest lenders where consumer spending patterns are often first to emerge

Earnings reports for credit card companies remained strong as consumers borrowed, spent, and opened credit cards more so than the year prior. 

“The consumer continues to be resilient and discerning in their spend,” Citigroup’s chief financial officer Mark Mason said during the company’s quarterly earnings call last week. Mason also emphasized a revised consumer sentiment. 

“We’ve seen a shift towards essentials and away from travel and entertainment,” Mason said. 

JPMorgan Chase reported a 7% increase in credit- and debit-card spending year-over-year, but noted people were carrying elevated credit-card balances. Additionally, Bank of America outlined a 4% bump in credit- and debit-card spending from a year earlier coupled by a decline in late payments from loan holders over the previous quarter. 

Despite positive growth, major credit card companies are preparing for an economic downturn and delinquencies are already rising to their highest level in five years. 

“The focus right now is on the future, which is obviously unusually uncertain,” JPMorgan Chase finance chief Jeremy Barnum said during the bank’s most recent earnings call on April 11.

As JPMorgan holds the risk of a recession at 60%, the bank added to its rainy day funds in case of any future losses by increasing its allowance for credit losses (ACL) by $973 million, bringing its net reserve total to $27.6 billion.The ACL acts as a buffer to cover those losses if customers don’t pay their credit card bills.

Additionally, the company allocated $3.3 billion into its loan loss provisions— a 73% increase from the $1.9 billion issued to combat unpaid loans from a year prior. JPMorgan also maintains $1.5 trillion in cash and marketable securities. 

JPMorgan did not immediately respond to Fortune’s request for comment.

In addition to JPMorgan, Citi is maintaining security if an economic downturn happens. The bank increased its cost of credit by more than 15% from the year before to $2.7 billion.

Additionally, Citi boosted its total reserves by $1 billion in the first quarter, from $21.8 billion to $22.8 billion, seeking security if the U.S. economy goes south. The bank also maintains a strong liquidity and capital position with cash levels reaching $960 billion.

Citi did not immediately return Fortune’s request for comment.

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• Richard Branson took issue with President Donald Trump’s tariff policy for being “erratic” and upending a good economy. The tariffs risked stoking inflation across the U.S., which would only make the Federal Reserve less likely to cut interest rates, which is what Trump wants, Branson said. Continuing the policy, he added, could risk rearranging the global economy as other countries exclude the U.S. from trade. 

British billionaire Richard Branson renewed his criticism of President Donald Trump’s tariff policies. 

Having previously called the widespread tariff policy, which targets practically every country in the world, a “mistake,” Branson lately labeled it “erratic and unpredictable” at an event Wednesday at London’s Heathrow Airport for his airline, Virgin Atlantic. 

In his remarks, Branson lamented that Trump’s tariff policies upended what had otherwise been a strong global economy. 

“It’s just such a pity, because everything was going so bloody well up to about three months ago,” he said. 

Branson’s own company, the Virgin Group, saw its own businesses directly affected by the tariffs, he said. Virgin Group operates an array of businesses, some of which are particularly vulnerable to Trump’s tariffs and the ensuing economic downturn. For example, Virgin’s airline, health clubs, and cruises were “full” prior to the tariffs; now, business is just “okay,” according to Branson.  

“If he continues he’s in such danger of doing so much damage in the world,” he said. 

Trump’s announcement of the policy on April 2 immediately sent the global market into a tailspin. Equities across the world plummeted. In the U.S., virtually no corner of the economy was spared: Stock and bond prices fell, and the dollar weakened, plunging to a three-year low. Branson warned there was still more to come in the U.S. 

“Inflation hasn’t started kicking in in America,” he said. “It will once these tariffs start kicking in.” 

Tariffs are widely seen as inflationary because they raise the prices for importers, who then often pass those costs on to consumers. That expected inflation hasn’t yet been recorded in official economic data, but the threat of it has influenced the decision-making of key leaders in the corporate world and at the Federal Reserve. 

Fed Chair Jerome Powell has refrained from further cutting interest rates because of the prospect inflation could come roaring back. That decision has infuriated Trump in recent weeks: He wants rates to come down, which he believes would spur economic activity that came to a halt after his tariff announcement. Branson believes Trump is unlikely to get what he wants. 

“If Powell reduces interest rates, inflation will get even worse, so it’s unlikely that he is going to do what Trump wishes there,” Branson said.   

Much of Trump’s inner circle backs the president’s hard-line stance on global trade. But those views are not widely shared among most Americans, Branson said. 

“I honestly think this is a fairly small elite [group] of people around Trump,” Branson said. “I don’t think he is carrying the vast majority of Americans in what he is doing.”

In fact, most Americans were feeling the brunt of Trump’s trade policy, he added. 

“Most American people are decent individuals,” Branson said. “I’m just sad, incredibly sad. And many, many, many Americans I know are just very sad.”

Trump has since pulled back on his initial policy that saw tariffs north of 10% levied on almost all of the U.S.’s trading partners. Earlier this month, Trump announced a 90-day pause on his tariff plans in order to begin negotiating trade deals with the other countries. Doing so was a smart move, according to Branson, so that the U.S. didn’t risk isolating itself from the rest of the world.  

“You can see a world where Europe, Australia, Japan, Korea, Vietnam, China, all trade together and build a powerhouse in years to come,” he said. “There is a big market out there, which you could find America gets excluded from, a lot of imports and exports.”

This story was originally featured on Fortune.com

More older adults are staying in the workforce. 

As people live longer, many older adults are forgoing retirement at the traditional age of 65. While many want to continue working to stay engaged and connected, others can not afford any alternative. 

Today, over 11 million older adults are in the workforce. By 2030, when all baby boomers are 65 and older, nearly 10% of the workforce will comprise older adults. 

With significant demographic changes already at play in the five-generation workforce, finding a place to work into older age is more relevant than ever.

Seniorly, a digital senior living directory platform, analyzed data from the Bureau of Labor Statistics, the Census Bureau, and the Federation of Tax Administrators to rank the best and worst states (plus the District of Columbia), for older workers. 

Factoring in a state’s median income, income tax, remote-work policies, labor-force participation, business growth rate, and age-related workplace discrimination, states in the Northeast and West were rated highest as the best places for older adults to work, while Southern states were at the bottom. 

Washington topped the list “due to its strong business environment, with no personal income tax and the highest rate of new business growth last year (88.6%),” according to the report. “It also has a high median income for senior households ($63,963) and a strong work-from-home culture (22.4% of older adults are remote).”

It was followed by New Hampshire and Alaska. 

In Mississippi, the worst state for older workers, labor participation among older workers was low, and there were 188 complaints of age-based discrimination per 100,000 workers. 

Here are the top 10 best states for older workers: 

Here are the top 10 worst states for older workers: 

For more on aging:

• The healthiest agers followed this diet, according to a sweeping 30-year longevity study
• These are the top 3 regrets at the end of life, according to a death doula at the bedside of over 1,000 past patients
• JPMorgan warns one major demographic shock rattling the world will lead to a Social Security cliff by 2033

This story was originally featured on Fortune.com