Jeff Campbell: Well, so what I’d say is that when you look at lending, I’m going to go back to that 70% number. And I do think it’s an important one to think about the implications. I think occasionally people look at our loan growth and say, is that all the new customers you’re acquiring and what do you know about them? And so we actually draw a lot of comfort from the fact that you have 70% of that loan growth coming from just our existing customers that we know well, we have history with really just rebuilding more towards historical levels. If you think about spending, in our model, we talk a lot about the fact that we have, I think, by the standards of most industries, remarkably high retention rates in the high 90% range.
And that’s a real key strength of our model. Once we get someone into the franchise, they intend to stay. That group, depending on the economy is growing organically a little bit. When you think about adding our new customers that is a key engine at any point in time of adding another normal environment. And it varies over time, but I might anchor around an 8% to 10% kind of number. So it’s a mixture of super low retention what we are doing to spur more spending by our existing customers and that steady flow of new customers. And so one of the things again, that Steve and I have both just talked about, because I think people seem a little surprised to you by the 15% to 17% is a key driver, why we are comfortable with that is our tremendous success over the last year, and in the first weeks of 2023 and bringing great new customers into the franchise.
Steve Squeri: Yes. And the other thing that I would say is and I said this in my remarks, this virtuous cycle that we talk about, the more card members we bring in, the more merchant and partner offers that we can get. And so the engagement €“ the increased engagement from existing cardholders is a really important driver of growth. So that €“ the membership model is we just don’t bring our card members in and sort of watch them hope they grow. We bring our card members in and we want to work with them to grow. We do that from a small business perspective with our account development teams, making sure that they are taking advantage of all the benefits of the card, making sure that they are spending in categories that they can spend in, maximizing rewards and so forth.
And we do that with our card base from an offer perspective through Amex offers through other direct offers from partners embedded offers within the model. And so a lot of our engagement not only from a customer service perspective is to making sure that our card members are taking advantage of all the aspects of the card that are out there. And so we really look to grow same-store sales, right. I mean so from existing card members, we are constantly looking to grow that share of their wallet. And again, that gets easier as the cycle gets bigger because more and more merchants want to reach more and more of our card members.
Operator: Thank you. The next question is coming from Brian Foran of Autonomous Research. Please go ahead.
