Jeff Brown: Yes. I mean Bill, what I would say is look, we €“ across the enterprise, we embrace this essentialism mindset, which is disciplined pursuit of less. There is a number of the items let our sort of non-controllable, what I think Brad pointed out, FDIC piece being a big driver. The insurance line item creates a decent-sized pop and your headline expense number. But as Brad mentioned in his prepared remarks, that’s the direct offset in revenues there. And so then when you get into kind of controllable space, you got a number of 1% to 2%, which we think in light of the environment is pretty reasonable. I mean as I talk to other CEOs in financial services, I think everyone is kind of grappling with higher people costs and human capital costs.
And so we are trying to manage through that. What I would say is, as an enterprise in the end of the summer last year, we more or less hit the pause on hiring. You have seen other financials do that as well. I would say there are some special exceptions to that new talent, entry-level talent you want to continue to build a pipeline and allow those people to come into the company, that doesn’t end up being a big driver of expenses, but we have added to the headcount there. And then with respect to the technology space and cyber space, things like that, we think these are areas that you have to constantly invest in. And we think it’s kind of interesting what’s going on in the world of technology, more layoff announcements throughout this week more this morning, and that may provide us an opportunity to bring in incremental talent.
So, all of these things kind of balance out the way we are thinking through. I mean we recognize revenues, as Brad talked about, are going to be pressured in the near-term. But I think our focus is trying to create that right balance for the long run. And I think what we have done in hiring has been very responsible and very disciplined in what I think our long-term holders would expect us to be doing. But I mean I would start with there is a big essentialism push to drive efficiencies wherever we can.
Operator: Thank you. And one moment for our last question. And it comes from the line of Betsy Graseck with Morgan Stanley. Please proceed.
Betsy Graseck: Hi. Good morning.
Jeff Brown: Hi Betsy. Good morning.
Betsy Graseck: Two questions. One, just wanted to dig in a little bit on the guide for how you are thinking about the OSA rate and the NIM and all that. And I know that you indicated there were several different scenarios in a range of potential outcomes. So, can you help us understand how you are thinking about working through the scenario where perhaps OSA rate becomes a little more competitive than what you are baking into the baseline that you have got here?
Jeff Brown: Yes. Betsy, I will start and Brad, feel free to dive in. So, what I would say, certainly the direct bank market has been hypercompetitive as of late €“ I think there is a bigger thrust for deposits. So, we take the point. I think where we are priced at right now at 3.3 on OSA is in line with what I would say are other kind of top name direct banks and big banks. And so we are kind of right in line with the pack. There are certain names that are priced higher than us, and we are not seeing big outflows. And so all this ends up being kind of a €“ a balancing act on the competitive environment and the rate environment. I think the guide that Brad tried to point out is, I mean we €“ I think most of the universe is starting to think that the Fed is getting closer to being done, maybe there is another 50 basis points to go.
