“Although based on current projections, we expect to end the third quarter at or above our internal capital ratio target.”

In context

“continue to manage towards a year-over-year increase in the 5% to 5.5% range. Continuously strong inflationary headwinds are expected to largely offset the favorable impact of the stronger US dollar. Revenue-related expenses are increasing, as fee waivers abate and we're onboarding our strong sales pipeline. And we continue to invest in the targeted growth and efficiency initiatives that we've highlighted before. Due to the impact of the notable item in the second quarter, we now expect our effective tax rate for the year to be closer to 19.5%. Taken together with our 16.7% tax rate in the first quarter, our expectation for a 19.5% to 20% tax rate in the second half of this year remains unchanged. And last but not least, we continue to be cautious on buybacks in this volatile environment. Although based on current projections, we expect to end the third quarter at or above our internal capital ratio target. With that, operator, can you please open the line for questions? Operator: Jim Mitchell from Seaport Global. Please go ahead. Jim Mitchell: Hey good morning. Emily, that was sort of intriguing, I guess, talking about your thoughts now on betas and the deposit declines and the higher NII. So, can you kind of talk about a little bit -- unpack that a little bit more in terms of what's changed over the last few weeks? What you're seeing with -- after the latest rate hike and how you're thinking about NII from here? Emily Portney: Sure. Good morning Jim. So, as you rightly point out, we've increased our NIR guide. We now expect NIR to grow in the low 20% range year-on-year. And really, the main things which have changed from a couple of weeks ago is that deposits haven't run off as fast as we”