“as I said, we’re assuming a roughly normal credit environment at that point. So that would mean card charge-off rates back into the sort of low to mid-3s type of thing.”

In context

“overall card loan growth therefore contributes its fair share of revolving loan growth. And so, the kind of central case that we put on the page for the balance sheet contribution to NII growth in 2022 has, very roughly speaking, revolving balances getting back to the pre-pandemic levels by the end of 2022, roughly. And then, sorry, Steve, I think you had another -- was there another part of that question that I forgot? Steve Chubak: No, no. That’s sufficient. That’s perfect. Operator: Next, we have Matt O’Connor from Deutsche Bank. Matt O’Connor: Good morning. As we think about the 17% medium-term target, can you help frame what you think or what’s being assumed on the efficiency ratio, and then maybe on credit costs as well, please? Jeremy Barnum: Yes, sure. So, in terms of credit cost, as I said, we’re assuming a roughly normal credit environment at that point. So that would mean card charge-off rates back into the sort of low to mid-3s type of thing. As we said, pre-pandemic, we were assuming we would get to, especially as we underwrite some slightly higher loss vintages over time. Jamie Dimon: And building reserves as the loan books grow. Jeremy Barnum: Importantly, Yes, exactly. So, I mean, I would just broadly describe, and consistently with the way we’re describing it, which is kind of medium-term guidance in a normalized environment that the charge-off environment should, in turn, be normal. So, that’s that. And then, you’re kind of asking me, I guess, about the overhead ratio a little bit. So personally, I kind of don’t love that measure. I think it’s more of an output than an input. And more often than not, it’s driven by revenues, not expenses. And more often than not, in the short term, the revenue number that’s swinging is a”