“Yes. We really decided a few more of a full year guide for the second quarter. But I mean to size what you are thinking about, I think specifically on waivers, we do see the Fed raise rates by 50 basis in May as I think we are all kind of expecting. Obviously, that will be a nice uptick in terms of recouping waivers and it’s to the tune of, call it, like $100 million or so is what I – is how I would estimate it.”

In context

“m for the future. And so this is an investment in the medium to long-term, we think it’s important our customers very much want it, and we are excited for it. Ryan Kenny: Thanks. Operator: We will now take our next question from Brian Bedell from Deutsche Bank. Please go ahead. Brian Bedell: Hello. Hi, can you hear me? Todd Gibbons: Hi Brian. Brian Bedell: Great. Well, first of all, congrats again, Todd and Robin. And Robin looking forward to working with you. The first question is just on the short-term second quarter outlook. I know Emily, you gave the outlook for the full year. Maybe just to focus a little bit on the pace coming into the second quarter on the recruitment of fee waivers, and any commentary on the sort of near-term trajectory of NIR for the second quarter? Emily Portney: Yes. We really decided a few more of a full year guide for the second quarter. But I mean to size what you are thinking about, I think specifically on waivers, we do see the Fed raise rates by 50 basis in May as I think we are all kind of expecting. Obviously, that will be a nice uptick in terms of recouping waivers and it’s to the tune of, call it, like $100 million or so is what I – is how I would estimate it. Brian Bedell: Okay. And then to focus a little bit longer term on the organic revenue growth outlook, the 1% plus. Just I guess if we do get a better – let’s say, if we get a risk on backdrop in the second half as opposed to the current sort of view of a challenging market backdrop, how might that influence that organic revenue growth outlook? Is that enough to put you back in that 2% area, or do you really – there is a lot of things you are working on to really build that organically. And if you could just remind us the sensitivity of fee revenue to equity markets, global equity markets improvement? And then just lastly, whether you would be considering any type of major acquisitions to accelerate revenue growth, or really, it’s just going to be a focus on organic? Emily Portney: So, I w”