“But I think right now we would view the kind of the third quarter outlook would be somewhere in this vicinity or maybe the average of Q1 and Q2.”

In context

“nly an RIS. We were 132 all in. And if you exclude VI, we're a healthy 142. And probably if you kind of normalize for VII, that puts us at the high end of the range, it's very much in line with what we gave at our outlook. We thought the first half of the year, even though the Ford curves have moved around and things like that, that we would have kind of a higher level in Q1 and Q2. I think as you look forward, we would think spreads kind of hover around this point. I'm not so sure it would kind of -- now, why it does that is not necessarily exactly, I'd say, perfectly aligned with the pass-through comment you made. I think there's a variety of other factors. I think it's just as the curve begins to shift, how the impact of the caps versus the long end start to manifest itself in spreads. But I think right now we would view the kind of the third quarter outlook would be somewhere in this vicinity or maybe the average of Q1 and Q2. Michel Khalaf: And my comment was around this competition as well because there's a limit, obviously, to how much they can reasonably improve. Jamminder Bhullar: Yes, what I meant was if the rates keep going up, you're already at a pretty good point in terms of spread. So I'm assuming it's unreasonable to assume that they keep improving a lot more from here. John McCallion: Yes, that's fair. I think the key for us is, I'd say to your point, new business pricing is, that's where I think your point lies. I think, we still are on an overall basis have some -- we're short. So I think as there's roll-off reinvest, that's where my point was. Jamminder Bhullar: Okay. And then in Japan, you've been selling a lot of 4x products some of your peers have as well. And I think with changes in the econo”