“But the way to think about it is moderation in terms of volume. We are going to maintain the strong yield that you see now and very, very limited impact from any change in the rate environment from a Fed fund rate standpoint.”

In context

“ces. And the revolve rates that we see now are starting to stabilize and moderate. So I think we are -- this – I’d say, this normalization is -- for the most part, is behind us. And so you expect now the growth rate to very much moderate. And from a yield standpoint, there are two things here, right? The first one is we are -- we keep shifting the funding of those balances towards high-yield savings accounts, which is the lowest funding cost for us. And so this creates a positive impact or positive effect on the yield. And on the interest income, we keep working in terms of making sure we have the right price points, we constantly compare our price as well against our peers, and we make sure that we are well-positioned there. And so we should expect the yield to benefit from this dynamic. But the way to think about it is moderation in terms of volume. We are going to maintain the strong yield that you see now and very, very limited impact from any change in the rate environment from a Fed fund rate standpoint. Operator: Thank you. The next question is coming from Terry Ma of Barclays. Please go ahead. Terry Ma: Hi, thank you. Good morning. So your card acquisitions continue to run at a pretty healthy level and your net card fee growth this quarter has already exceeded the exit rate of last year. I guess are you running ahead of your expectations for some of these product refreshes in terms of adoption or engagement in general? Stephen Squeri: No, I think it is what we really expected from an adoption and engagement perspective. As I said, there'll be a few more product refreshes. This is where we pretty much expected the overall growth rate to be little bit -- obviously higher than when we entered the year because that's what happens, right? People get attracted -- I think -- get attracted to t”