“Last but not least, we continue to expect our effective tax rate for the year to be approximately 19%.”

In context

“sia, market value, currency and other factors. For expenses, ex notable items, we now expect an increase of approximately 5%, slightly lower than our previous guidance. With regards to Capital Management, we’ve taken a number of actions to reposition our portfolio to reduce the impact of higher rates and credit spreads. For example, we lowered duration in the AFS portfolio, reduced credit exposure and moved assets to HTM. These actions have reduced our AOCI rate sensitivity by about 25% going forward. Having said that, we remain cautious on buybacks in the near-term. And based on the environment we described earlier, we ultimately expect to return at least 75% of earnings to shareholders this year. We do continue to expect to return close to 100% of earnings to our shareholders over time. Last but not least, we continue to expect our effective tax rate for the year to be approximately 19%. With that, operator, can you please open the line for questions. Operator: Thank you. We will now take our first question from Brennan Hawken from UBS. Please go ahead. Brennan Hawken: Good morning. Thank you for taking my questions. First, Todd, congrats on your pending retirement and Robin, congrats on the new role. I look forward to working closer with you. Before a question though for Robin, I’d love to drill down a little bit MOI what you talked about. More tactically around the actions you’ve taken with the balance sheet to reduce the AOCI sensitivity. Could you maybe expand on that a bit and touch on some of the specific actions in greater detail and what impact we could expect on the outlook for NIR and how that might inform your updated expectation? Emily Portney: So Brennan, go”