“So we didn't this expectation expectations that we will achieve three percent managed margin over the medium term. 2026 or 2027.”

In context

“hn, I'll just add, Erica, we are very committed to the overall distribution levels and getting to that in due course. So this is really a matter of managing the transition especially in a time like that prudently and not being in a rush to do something small, but very committed to the long-term distribution targets we have. Erika Najarian: Got it. Thank you. Operator: Our next question comes from Ebrahim Poonawala from Bank of America. Please go ahead. Your line is open. Ebrahim Poonawala: Good morning. I guess, first, just want to echo what Betsy and Gerard said. So but in terms of the question, John, just want to make sure I'm not putting words in your mouth, but did you bless that you believe that absent any macro shocks, the margin should be three percent average for 2027? John Stern: So we didn't this expectation expectations that we will achieve three percent managed margin over the medium term. 2026 or 2027. Those are the two dates that we have in mind. It's not an average or anything. It's just achieving that achieving that level. The speed and pace in which we can get there really depend on with respect to at least the last one. The curve shape, deposit environment, and then bonus would be loan growth as well, which we have a very modest amount in our forecast. Given the environment that we're in. The first two are fairly mechanical and are very much in our control. And so that's the the third is more of the flip, is the more of the the item that we're watching more. And so that's kinda what we meant by that. Those comments. Ebrahim Poonawala: Got it. I guess just a separate question on expenses. So laser focus on operating leverage, It's been flat. Is it fair to assume that we could see mu”