“And of course, the yield on that portfolio today is sub-2%. And so at least based on where the rates are today that would be accretive. So all those things continue to point to good earnings growth and the organic growth of capital.”

In context

“nging down the supplemental borrowings. And we feel very confident about the continued progress that we'll make over the course of the year. Of course, the -- our focus on supporting clients and their engagement with us. We've seen good take up in lending certainly in the bank, in our PAL product. We talked about the margin growth recently as well. And of course, that will vary based on the market dynamics. If you're heading for a lower rate environment, it's possible you could see more growth in the mortgage portfolio, we haven't seen as much there. But we're going to continue to manage the balance sheet in a way to support that lending activity. And of course, over time, as we pay down those supplemental borrowings, we have a securities portfolio that we will begin to roll and reinvest. And of course, the yield on that portfolio today is sub-2%. And so at least based on where the rates are today that would be accretive. So all those things continue to point to good earnings growth and the organic growth of capital. And that's why when we talk about capital and that framework we're confident in returning capital, whether it's through dividends. Of course, we have an important decision this quarter around the preferred security and whether we call that and then, of course, to be able to opportunistically return capital in the form of buybacks as well. So it's all part of the set of considerations. And again, we're going to continue to support that loan growth and those client needs. Jeff Edwards: We're going to answer the question from the console. This one comes from Michael Cypress at Morgan Stanley. A question for Mike around risk exposure. Can you talk a little bit about how the firm manages exposure in a more volatile environment? Perhaps what steps are taking on the balance sheet, liquidity mana”