“We continue to expect expenses, excluding notable items for the full year to be within the range of up 5% to 5.5% that we had guided you throughout the year.”

In context

“values. Page 10 shows the results of the other segments. As always, I'd like to close with a few comments on our outlook for the remainder of the year as we see it today, acknowledging the heightened uncertainty about the macroeconomic environment and continued market volatility. Based on current market implied interest rates, we now expect net interest revenue for the full year to be up approximately 30% compared to 2021 as we expect another quarter of sequential NIR growth. Given the continued decline in equity and fixed income markets as well as the continued strengthening of the U.S. dollar, we now expect fee revenue for the full year to be down slightly compared to 2021, assuming equity and fixed income values as well as currency stay at the levels where they ended the third quarter. We continue to expect expenses, excluding notable items for the full year to be within the range of up 5% to 5.5% that we had guided you throughout the year. That being said, we are intensely focused on disciplined expense management and are working hard to drive this towards the bottom half of that range and we still expect an effective tax rate between 19.5% and 20% in the fourth quarter. And finally, I'll note that we continue to manage to a Tier 1 leverage ratio target of 5.5% as well as ACET1 ratio target of 10%. As we think about the right timing for a resumption of buybacks in the coming months, we will continue to be prudent and considered capital levels, the expected trajectory of deposit balances at AOCI as well as the economic outlook at that time. With that, operator, can you please open the line for questions? Operator: Thank you. [Operator Instructions] Our first question comes from the line of Glenn Schorr from Evercore. Please”