“Other items to keep in mind, on the other income and expense line, we are at an expense run rate of approximately $115 million per quarter given the prevailing interest rates.”

In context

“pending, including a modest improvement in cross-border travel spending trends relative to 2019, reduced FX-related revenues as a result of lower anticipated FX volatility and finally, the lapping of a stronger year ago quarter as the recovery took hold last year. Acquisitions are forecasted to add about one ppt to this growth, while foreign exchange is expected to be a headwind of approximately seven to eight ppt for the quarter. From an operating expense standpoint, we expect Q3 operating expenses to grow at the high end of a low-double-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about five ppt to this growth. Foreign exchange is expected to be a tailwind of approximately five ppt for the quarter. Other items to keep in mind, on the other income and expense line, we are at an expense run rate of approximately $115 million per quarter given the prevailing interest rates. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics and finally, we expect a tax rate of between 19% and 21% in Q3, which includes a discrete tax item related to an unfavorable court judgment, the details of which we are still assessing. We expect a tax rate of approximately 19% in Q4. And with that, I will turn the call back over to Warren. Warren Kneeshaw : Thank you, Sachin. Julie, we are now ready for the question-and-answer session. Operator: Thank you. [Operator Instructions] And your first question comes from Harshita Rawat from Bernstein. Please go ahead. Harshita Rawat: Hi, good morning. So, Mike or Sachin, can you comment on the media reports yesterday that a potential bill for introducing routing choice for credit cards? I kno”