“Having said that, it's very important to note that as waivers dissipate, we also do see a rise in distribution expense, and that's been captured in the expense outlook.”

In context

“umption - equity market return assumptions within that market, that 1% market impact? Emily Portney: Sure. So a bunch there. So let me take the waiver outlook first. So remember, waivers are a function of both balances also and rates. And you're correct, we are just looking at the full - and our guidance is baked in the forward curve with three rate hikes. We have pointed out in the past that with the first 25 basis point hike, we would expect to recoup about 50% of the waivers. Having said that, we do also expect that balances to begin to decline a bit, especially by, call it, the third or fourth hike. So we do see -- expect some runoff in balances. So when you put it all together, we would expect money market fund waivers to be a little less than half of what they actually were in 2021. Having said that, it's very important to note that as waivers dissipate, we also do see a rise in distribution expense, and that's been captured in the expense outlook. To give you an idea just - sorry. To answer the second question, which was more about sensitivity, just I think something that would probably be helpful. If we size the impact of both waivers and, frankly, NIR, if we had, say, a 50 basis point hike in March versus a 25 basis point hike, that would be about $100 million more in recouping waivers than what's in our guidance. And it'd probably be about $50 million more in NIR. So a total - if the March hike was 50, not 25, it'd be about another $150 million more in terms of revenues versus what I've guided. And then I think you had one more part, but... Brian Bedell: The equity market return assumptions within that 1% of fee contribution from sort of markets. Emily Portney: Sure. So just to step back, total fees - total fee revenue up 7%, ro”