“So, I wouldn’t expect it to increase a lot more from here.”

In context

“e 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, I think all the right points around the capital ratios and the Tier 1 leverage. But remember, we are probably too precise when we give you a number of something like 550. If you remember, that’s a 150 basis point bunker to what the requirement is. And the reason it’s there is because we recognize that you could have a spike in the balance sheet and for us, it’s not a risk spike. It’s because deposits have increased, and we have certainly seen that through the quantitative easing over the past couple of years or you could have a sell-off and some impact in the OCI. That’s exactly why the buffer is there. So, eating into the buffer in this type of situation is exac”