“And look, there's probably some upside. I mean, certainly based on what we're seeing in terms of volatility and rates, and EBITDA movements by, for example, the Bank of England, etc.”

In context

“ng the size of our MVX portfolio as well as the fact that prepayment speeds did slow down quarter-to-quarter. Your (ph) full-year guidance, you just rightfully pointed out remains that down 14% for the full year in terms of kind of what's baked into the fourth-quarter , I think we have more or less hit the trough. What's baked in there. Certainly, we'll still have the impact of lower reinvestment yields as a headwind. We are expecting a further reduction in interest earning assets because we will continue to work with our clients in terms of managing excess deposits. So perhaps, we expect them to go down by about 5 to 10 billion. With respect to premium amortization, it's likely our expectation forecasts based on rates is that it will be pretty much flat fourth quarter to third quarter. And look, there's probably some upside. I mean, certainly based on what we're seeing in terms of volatility and rates, and EBITDA movements by, for example, the Bank of England, etc. So, there could be some upside. Steven Chubak : That's great color, Emily. And just for a follow-up on expenses, I was hoping you could speak to the expense growth outlook. We've seen a number of upward revisions to the expense guidance over the course of the year. I just want to gauge whether the current level of expense it's about 2.85 billion litigation cost is the right jumping off point for 4Q and maybe just longer term, what level of expense inflation we should be underwriting on a more normal basis just given the continued investments you cited in the business. Emily Portney : Sure. So, within the quarter -- so yes, expenses overall up 6%, We're still guiding for the full-year expenses to be up 5% versus last year, obviously . When you the third quarter, about is attributable to”