Our core view is that we would expect a sort of modest downward trend to reassert itself from this higher starting point broadly as a function of QTS with the system. But, noting that we do have some hope for offset by taking share, just to get a couple of examples like in consumer. We’ve got some of our branch expansion markets seasoning. And so their share over increase their and in wholesale, we’ve obviously invested a lot in products and services. And so we think we have compelling offerings that are helping us win mandates. And so there are potentially some share offsets there. but broadly we are core view remains modest deposit declines across the franchise. Within that, you know, the same thing, we have noted that as we got through the desk fueling and the CGA build it has come into effect a lot of bill issuance.
The big question in the market about whether that was going to come out of reserves have come out of RFP. And so-far, with most of the GTA, they’re on I guess the targeting 600, and they’re at 550 or something almost done.
Jeremy Barnum: You know more of it and some people feared has kind of RFPs. So, as you say. I think that’s a relatively good sign and highlights. So the system works better when you’ve got ample supply of short video collateral the front-end of the yield curve. So that whole RFP TGI reserve dynamics is going to continue to be significant, but it is good to see RFPs coming down.
Steve Chubak: Helpful color. And just follow-up on card income revenues were muted in the quarter. I was hoping you could unpack just the sources of pressure, maybe more specifically, how much of a drag is associated with batch 91 versus some other factors.
Jeremy Barnum: Yes, so actually that card income number Steve has a little bit of a one-off thing. So we had a rewards liability adjustment this quarter kind of a technical thing. So that’s just a temporary headwind and also the sequential comparison is also getting hurt by a small positive one-off item in the prior periods. So and obviously, I know you guys look better the card income is sort of thing that we look at that much ourselves.
Steve Chubak: Can you size the reward liability impact?
Jeremy Barnum: Why don’t you get Michael to get that to you. It’s not that significant, but it’s enough to just make the sequential number look a little bit lumpy. .
Steve Chubak: Great, thanks for taking my questions.
Operator: Next, we’ll go to the line of Glenn Schorr from Evercore ISI. You may proceed.
Glenn Schorr: Thank you. Just want to follow up on this pricing power conversation. Because you’ve been consistent over time that you have a limited ability to sustain pricing power due to the competitive landscape. But I guess my question is, if not now when, meaning a lot has changed on the institutional side, the European bank side, the regional bank side — and I would think that there’d be certain businesses that you have a greater ability and willingness to push price on? And then maybe you could tie that to your comments in the press release on what are the material — what are the real-world consequences for markets and end users that you’re referring to when talking about material regulatory changes? Thanks a lot.
Jeremy Barnum: Sure. So look, on pricing power, you’re right. It really depends on the product, and it depends on the competitive landscape across different banks. And so it’s very granular. It’s very product specific. And in some cases — we’ll have more pricing power than in other cases. I think the overall point that we’re trying to make in connection with Basel end game is just that like we think the capital increases are excessive. Does it put pressure on returns, all else equal that obviously puts pressure on us to increase price where we can. That is generally a bad thing for the real economy. — and how all of that plays out in detail across different products and services remains to be seen. Importantly, since we don’t actually have the proposal yet. So we need those details. I’m sorry, Glenn, I forgot the second half of your question. What was it?
