Goldman Sachs on Monday revealed its latest financial results and outlook for the future, and in a deft feat of linguistics, its executives managed not to utter the word “tariff” once.

Instead, in a call with analysts, David Solomon, the bank’s CEO, said that there had been “landscape changes,” “uncertainty about how certain things that are close will proceed forward” and a change in “constructs” that impacted how international businesses “interact to the U.S. and global economic system.”

Asked directly about how the investment bank’s trading business was faring this month, Solomon stated, “On April 2, a handful of things happened that shifted perspective, but I would say there were things going on before April 2 that shifted perspective,” as well.

That was the day that President Donald Trump unveiled a wide swath of global tariffs, sending stock markets crashing and creating angst across the international economy.

As one of the world’s largest elite investment banks, Goldman finds itself very much in the middle of the market and economic turmoil that Trump’s tariff policies have unleashed. Those realities did emerge Monday when Solomon, reading from prepared remarks, acknowledged that the chance of a recession was increasing and that “uncertainty around the path forward and fears over the potentially escalating effects of a trade war have created material risks to the U.S. and global economy.”

But based on their comments Monday, the leadership at Goldman Sachs is not only avoiding the appearance of criticizing Trump, they are steering clear of mentioning him and the specifics of his policies all together.

The reticence from Goldman was particularly jarring given that last week several major Wall Street chieftains, including Jamie Dimon of JPMorgan Chase and BlackRock’s Larry Fink, were more direct in their assessment of the turmoil. Other Wall Street titans have publicly blamed Trump’s tariff rollout for pushing the economy to the brink of a recession.

Big banks began to report their latest earnings last week, a quarterly ritual that has taken on new importance during the market turmoil that has accompanied the escalating trade war between the United States and its trading partners. Banks have historically been considered a barometer for the economy overall.

Goldman has long enjoyed close ties to Washington, a status quo that once gave it the nickname “Government Sachs.” And there is understandable reason for the bank’s executives not to want to touch the stove. The New York bank reported higher-than-expected revenue and profit for the quarter that ended March 31, with a profit of $4.6 billion, up 17% from the same period last year. Its shares were up roughly 2% on Monday, in line with the rise for stocks overall.