“we do expect some modest runoff in balances as well in money market funds.”

In context

“of touched that whole ecosystem in multiple different ways, can you help us frame how BK's fees overall and servicing fees specifically could benefit from an improved outlook for our -- from fixed income flows, both mutual funds and ETFs? Is there a particular difference, when it's like inflows versus outflows? Just hoping to get a little more granularity as we think about the fee outlook for '23. Emily Portney: Sure. So, just as we think about the fee outlook, what I would say is just our base case assumption is that there's a relatively soft landing in the U.S., so that would be average equity markets as well as fixed income markets are not that far off from what we've seen averages in 2022. You are correct that our money market platform does benefit that to a degree. Having said that, we do expect some modest runoff in balances as well in money market funds. And what I would also just highlight is that any strength in the fixed income market really does play to the strengths of our investment management business. Robin Vince: Yes, Alex, I -- it's Robin. I would just add a couple of things to that. Just as you think across the breadth of our franchise, and Emily mentioned a couple of them, we have a lot of oars in the water on fixed income generally. So, our asset servicing business is fixed income heavy, that gives rise to a fixed income heavy, security lending business. We have a $1.3 trillion worth of cash on our investment platform. So that plays in the short end of the market, which obviously has an overlap with fixed income as well. We have our Dreyfus money market fund, which has done -- which has performed really quite well over the co”