“To sum up and as Todd alluded to earlier, we expect to generate positive operating leverage on the back of continued organic growth and higher rates translating into higher NIR and lower fee waivers, while continuing to invest in the future growth and efficiency of our businesses.”

In context

“ich include higher distribution and servicing expenses associated with fee waivers and the impact of inflationary pressures. The remainder is driven by investments, roughly half of which is just the annualization of incremental investment in the second half of last year. Specific to the first quarter, I'd like to remind you that staff expenses are typically elevated due to long-term incentive compensation expense for retiring eligible employees. As a result, we expect first quarter expenses, ex notables, to be up approximately 6% year-over-year. With regards to capital management, we expect to return roughly 100% of earnings, subject to changes in AOCI and deposit balances. And for the sake of completeness, we continue to expect our effective tax rate for the year to be approximately 19%. To sum up and as Todd alluded to earlier, we expect to generate positive operating leverage on the back of continued organic growth and higher rates translating into higher NIR and lower fee waivers, while continuing to invest in the future growth and efficiency of our businesses. With that, operator, please open the line for questions. Operator: Yes. Our first question comes from the line of Glenn Schorr with Evercore ISI. Glenn Schorr: Hi. Thanks very much. I wonder if you could unpack the net interest revenue comment outlook of around 10%, maybe just trajectory wise, meaning I'm assuming you're assuming the forward curve. And so just talk about the timing as that comes in, and you can combine that with how quickly the fee waiver recapture happens along that forward curve. Thanks. Todd Gibbons: Emily? Emily Portney: Sure. Good morning, Glenn, and happy New Year. I'm actually really glad you kicked off with NIR because it's the first time in a long time we've got something positive to say. So NIR, as we mentioned, is expected to be up about 10% year-on-year. To g”