So we’re not really expecting meaningful growth away from card. But of course, we’re there for the right deals, right products, right terms, we went through-the-cycle. So, I see that as more of a demand-driven narrative, which will be a function of the economy rather than any tightening on our side.
Ken Usdin: That makes sense. And as a follow-up to that. On the consumer side, you mentioned that consumers continue to spend, albeit a little more slowly and you mentioned that consumers are also using their excess deposits, a little bit more as well. Could you just elaborate a little bit more on just your feeling about the state-of-the consumer and is that is that car growth continued to be driven by people needing to revolve as opposed to wanting to have more in their deposits just kind of what the trade-off on that side to.
Jeremy Barnum: Yes. I mean to us, I think we still see this as a normalization not deterioration story when we talk about consumer products. Actually revolve per account has still not gotten to pre pandemic levels actually. So, I would definitely say there’s a wanting rather than needing at least for our portfolio at this point. And yes, I think that consumer continues to surprise on the upside here.
Ken Usdin: Got it. Okay, thank you.
Operator: Next we’ll go to the line of Gerard Cassidy from RBC Capital Markets. Please go ahead.
Gerard Cassidy: Good morning, Jeremy and good morning, Jamie. Jeremy, can you give us your view on how you’re measuring the treasury functions and the asset-liability of your balance sheet as we go forward versus the way you guys were positioning and managing it a year-ago in view of the fact that it looks like maybe we’re approaching the terminal rate on Fed funds rates?
Jeremy Barnum: Yes. Gerard, I would say, honestly, not much change there actually, no. We’ve been pretty consistently concerned about the risk of higher rates. Of course, we always try to position things to produce reasonable outcomes across a broad range of scenarios. But at the margin, we’ve been biased towards higher rates and that maybe a little less true at these levels than it was before, although lot of that is just the consequence of deposit comp actually playing out in modeling. But in any case, all else equal, I think we are going to continue to focus on making sure we’re fine in a higher-rate scenario, while staying balanced across a range of scenarios. So not really a lot of change in our positioning and that’s obviously, including the fact that we took on First Republic, which even net of some of the liabilities, had a long structural interest rate position.
We did not actually want to get longer as part of the deal, and so as a result, we took actions to ensure that now we are still about the same as we were last quarter.
Gerard Cassidy: Very good. And then as a follow-up, you mentioned in giving us the read-through on the Commercial Banking segment of the business that you’d had some reserve building tied to some office real-estate and also some downgrades in the middle-market area. Can you go a little deeper? What are you guys seeing in this area of both commercial real estate but at also the C&I loans, what’s happening in that segment as well?
Jeremy Barnum: Yes, so. I would caution you from drawing too broad a conclusion from this. I mean. I think that when we talk about office versus, for example. Our portfolio, as you know is quite small, and our exposure to sort of so-called urban dense office is even smaller. The vast majority of our overall portfolio is multiply lending. So as resolved like our sample size observed valuations on office properties is quite small, but you know, we’d like to be sort of ahead of the cycle. And based on everything that we saw this quarter. So it’s reasonable to build a little bit there to get to what felt like a comfortable coverage ratio. Across the rest of the Middle Market segment, we saw downgrades and excess of upgrades. But, I don’t see that as sort of necessarily indicative of anything terribly significant in the broader read-across.
Gerard Cassidy: Thank you.
Operator: Next we’ll go to the line of Steve Chubak from Wolfe Research. Please go ahead. Steve you there? It looks like his line dropped. Next we’ll go to the line of Ebrahim Poonawala from Bank of America. You may proceed.
