“The other thing is we expect slightly less contribution from credit just with tougher comps in the second half of last year.”

In context

“about that on a go-forward basis? Jamie S. Miller: Sanjay, with respect to transaction margin, what we're really seeing this year, and I would say are durable, consistent drivers between branded checkout, PSP and VaaS, Venmo and credit. We saw credit as a strong driver in the first half. When you get into the second half, those drivers really continue very consistently. There is a couple of dynamics I would maybe call out. One is that in the second half, we expect about a 2-point interest rate headwind in third quarter and in fourth quarter, about $125 million. Just as you get into the second half, we had rate cuts in the last half of last year. We're expecting a couple of rate cuts in the second half of this year. So that we expect to decel, which will impact transaction margin dollars. The other thing is we expect slightly less contribution from credit just with tougher comps in the second half of last year. So that is the TM dollars piece of it. The other part -- oh, TL. With respect to transaction loss, yes, we saw an uptick in transaction loss this quarter. It was about 9 bps. And I'd say there's 2 things that are happening here. Number one, and we talked about this, I think, when we have given our guidance at a couple of points earlier this year. Number one is normalization in transaction loss rates after what was a strong year last year. And second was as we've been implementing and launching new products, we're just seeing a little bit of an uptick there and things we have to work out and put more rules around and get those back into the flow. We expect the full year run rate to be about 8 bps, so up from last year, but not as high as the second quarter. And the other thing I would just”