“And ultimately, there are other headwinds as well, inflation as I just mentioned, look, we're seeing. It's a good thing, but return to more normalized travel rates. So CNI (ph) is likely to go up.”

In context

“rganic growth that we are seeing. About a third of that is split evenly between the impact of the weaker U.S. dollar as well as the incremental investment that we have pulled forward. So those are the investments in both -- in growth, in infrastructure as well as efficiency. Well, also, it's worth mentioning that in the third quarter, we are starting to see an impact of a tighter labor market, both in terms of competition and in terms of cost. And also in the third quarter, there was an impact of merit increase which took effect in June. As we kind of look out, it's certainly too early to really comment on 2022, where in the middle of the planning process, what I would say is that, yes, the uptick you're seeing in the Second Half of the year is really the jumping off point for next year. And ultimately, there are other headwinds as well, inflation as I just mentioned, look, we're seeing. It's a good thing, but return to more normalized travel rates. So CNI (ph) is likely to go up. We're when as we reopen and the offices and return to -- return to the office will be some additional expenses associated with that. Of course, we will continue to also achieve and identify efficiencies. We're working through the investment spend as we speak, going through the proverbial food fight. Because as always, there's lots that we want to do, but what I would say is we are intensely focused on expense management. We will continue to be focused on expense management, but we're also going to invest through the cycle. And if I were to just give some color, I would just say that expenses in 2022, if I'm standing here today, will be modestly up from 2021. Steven Chubak : Very helpful , Emily. Thanks so much for taking my questions. Operator: Our next question comes from the line of Mi”