“typically as well, it's a seasonal factor at American Express, we've seen operating expenses pick-up a little bit towards the end of the year.”

In context

“. But your math is -- we've done the math as well and we're looking at those numbers and you need to factor as well into account the fact that last quarter, we had like about $200 million of one-off gain as well. You might remember linked to the URR model. But when -- as you think about the balance of the year, there are a couple of additional items to bake into your forecast. The first thing is that, as I said it was one of previous question, I think it was from Jeff, we expect to build some balances in the balance of the year for credit reserves, CECL balance -- CECL reserves, sorry. And so, that will put a bit of pressure on the EPS. The second thing is that OpEx, we're investing in technology. As I said in my remarks as well, we're investing in our control management capabilities. And typically as well, it's a seasonal factor at American Express, we've seen operating expenses pick-up a little bit towards the end of the year. So when you bake all of this into account, including a bit more marketing that we are projecting at this at this point in time, in the balance of year, you actually get back on your feet and you'll see that the EPS cadence or run rate is actually not moving that much and remains like very high. Operator: Thank you. The next question is coming from Moshe Orenbuch of TD Cowen. Please go ahead. Moshe Orenbuch: Great. Thanks. And is there, Kartik, as you look at the net interest income, that did decelerate about six points in the quarter from the first quarter level, but still the growth rate of NII is still well above the growth rate in loans. As you kind of approach the end of the year, do you think that those two kind of converge or will there be margin pressure? And could that net interes”