“And what I would also just flag is that by the end of the year, it’s not – it’s likely – actually not out of the normal possibility, but frankly, probably likely that our binding constraint will become CET1 versus Tier 1 leverage.”

In context

“e case. And you will see more of that when we actually release the Q. Gerard Cassidy: Okay. Very good. And then following up on the Tier 1 leverage ratio, I think last quarter, you mentioned that you guys trying to manage to 5.5%. Obviously, you are slightly below that today. Where do you think – how low can it go from where we are today, or just your views on how you are managing that number? Emily Portney: So, in terms of Tier 1 leverage, we have always said that given the extraordinary circumstances we are in and all of the excess liquidity in the system that we would be – it makes perfect sense to dip into our buffer to a degree, which is what we have done. We would expect, of course as we start to see some probably deposit runoffs that will take a lot of pressure off Tier 1 leverage. And what I would also just flag is that by the end of the year, it’s not – it’s likely – actually not out of the normal possibility, but frankly, probably likely that our binding constraint will become CET1 versus Tier 1 leverage. And frankly, I think if you are toggling between Tier 1 and turn leverage in CET1, that actually is very good. It means you are managing your balance sheet optimally. Gerard Cassidy: Great. And then just quickly, on the HTM, I think you said you lifted your HTM portfolio of 40% of total securities. Is there a limit on how high you would take that, too? Emily Portney: There isn’t a limit per se, but we obviously do that very with our partners in risk, and we are always making sure that whatever we move there is high-quality liquid assets that generally speaking, you can repo it. Repo those assets, etcetera. So, I wouldn’t expect it to increase a lot more from here. Gerard Cassidy: Okay. Thank you. Todd Gibbons: Gerard, it’s Todd. I will follow-up. I just want to add to – I mean, Emily made”