“we are assuming at this point in time something consistent with what we've seen in the previous quarters and we'll see where we are at the end of the year.”

In context

“up. We probably got a trend to 0.7 on the way down, but not immediately, and it's hard to say exactly at this point in time where are we going to be when the Fed starts cutting rates. We are making assumptions with that we think are conservatives, but we don't know for sure and we'll see where we are. So there is a bit of uncertainty here, but what is -- what you know for sure is that you should not expect a big impact on NII depending on the rate curve. Going back to your first question around revenue, I just -- I don't have a lot to say on top of what I said earlier and what I've said in my prepared remarks. I'm happy to be surprised on the upside if billed business is stronger and card fees, we have good visibility. NII, I think the trend is very established. And on billing, as I said, we are assuming at this point in time something consistent with what we've seen in the previous quarters and we'll see where we are at the end of the year. But if the economy re-bounce, if the growth is a bit stronger than what is expected by economists and our card members are optimistic and keep spending, you know, I'd be delighted to have a higher billed business to report. Operator: Thank you. The next question is coming from Dominick Gabriele of Oppenheimer & Co. Please go ahead. Dominick Gabriele: Hey, good morning, Steve and Christophe. Thanks so much for taking my question. Thanks so much for taking my question. I was just curious about the total card growth. We all know that you've seen some really excellent account acquisitions over the last number of years so I was just curious about total card growth versus proprietary cards-in-force growth, in particular this quarter. If there is any color you can provide on why that may diverge”