“That is a trend that we -- in terms of commercial volumes, that is embedded into -- our expectations are embedded into our Q2 guidance. We anticipate they remain steady, stable, and strong through the remainder of the year.”

In context

“vement expected or I guess, sustainable here in the '25 outlook relative to what you saw in '24? Chris Suh: Thanks for the question. You got the numbers right. Commercial volumes were up from Q4, a little over 1 point. And that Q1 growth was aided by a couple of things, favorable days mix in the US and internationally, which was the inverse of what I talked about in Q4 where days mix was a little bit of a headwind. I also referenced stronger commercial cross-border volumes as well. And maybe the third one, it's small, but there was less of a drag from ATS as it continues to evolve. I also referenced strong results from client portfolios that helped cross-border volumes in Europe and AP that also benefited commercial. This all contributed nicely to our strong new flows revenue performance. That is a trend that we -- in terms of commercial volumes, that is embedded into -- our expectations are embedded into our Q2 guidance. We anticipate they remain steady, stable, and strong through the remainder of the year. Jennifer Como: Next question, please? Operator: Dan Perlin with RBC Capital Markets. Please go ahead. Dan Perlin: Thanks. I was wondering if you could just speak to the point around the strength of the dollar and really like the purchasing power parity associated with that. So for -- I guess it plays into cross-border, obviously for outbound US, but higher for people to come into the United States, but also just in terms of just spending patterns. I mean, obviously, this is going to be a strong period for a little while. And I'm just wondering to what extent there is a proportional benefit to your business. Thank you. Ryan McInerney: Yeah. I mean clearly, the dollar has strengthened meaningfully and quickly. You got it right, which is all else equal with a stronger dollar, you have strong”