“The net effect will be some upward pressure on the efficiency ratio in the near term.”

In context

“es. And we have indicated that collectively, these investments will put upward pressure on the efficiency ratio in the near term, and we continue to lean into those. With the acquisition of Brex now, we have additional investments, and those investments we are making are directly in service of driving growth. But it's also the case that we already had dollars set aside for pursuing this market organically, which will be replaced by the Brex investment. So there is some offset there, and we've also tightened up in some other areas. So but the net effect of all these investments across Capital One Financial Corporation in pursuit of opportunities that collectively are really as good as I've seen in my journey of founding Capital One Financial Corporation and being there for all these years. The net effect will be some upward pressure on the efficiency ratio in the near term. Now importantly, we still expect our earnings power on the other side of the Discover integration to be consistent with what we expected at the time we announced the Discover deal, inclusive of Brex. Next question, please. Operator: Our next question comes from Terry Ma with Barclays. You may proceed. Terry Ma: Maybe a question for Rich. Credit card delinquencies are now down year over year, thirteen, fourteen months in a row. There is consumer stimulus in the form of tax refunds this spring. You re-highlighted some of the comments you made around the loan growth brownout. Maybe just help us tie all that together and just kinda talk about how you think about the outlook for consumer health and growth at Capital One Financial Corporation? And any color you can provide on how long the brown”