Chris Gorman: So, the answer is, Mike, it depends. And when I say it depends, it depends on kind of what the customer strata is. So 50% of our loans are to investment-grade customers. And the adjustments there are immediate. There’s a bunch of different inputs, whether people are hedging, putting a swap on, there’s multiple people looking at it, et cetera. Where there’s a disconnect, and I don’t really think the disconnect goes away, is in those kind of quality middle-market companies that one bank or one fund can finance. And I don’t think we’ve seen — not I don’t think, we haven’t seen the adjustment there that you would expect.
Mike Mayo: Okay. Do you expect that to change coming up? And just your general outlook on capital markets, that’s a nice tailwind at times, recently a headwind.
Chris Gorman: Sure. So I think — look, I think, ultimately, things get repriced and it takes time, whether you’re talking about bank debt going into the middle market or you’re talking about people doing major strategic acquisitions. My experience is it takes literally over a year for people to kind of readjust their expectations. And so, we’re obviously easily six months into this. But I think the first half in capital markets is going to be challenging because people still remember what the business or the financing was worth, say, six or eight or nine months ago. But eventually — and by the way, anyone that’s a buyer is acutely aware of how things have been repriced. But those will converge. And I think it’s going to be — I think it will be challenging in the first half of the year, Mike, and I think this big pent-up backlog will start to kind of — as people go through price discovery, will start to clear out in the second part of — second half of the year.
Operator: Your next question comes from the line of Ken Usdin from Jefferies. Please go ahead.
Ken Usdin: Hey. Good morning. And Don, best wishes as well from me. I just have to come back and just super clarify, Don, the 27%, 28% beta for cumulative, that is interest-bearing that compares to the 19% through three quarters?
Don Kimble: Absolutely yes.
Ken Usdin: Okay, cool. And then, so just — I guess, the comparison question that I think continues to come up is just that many peers are talking mid-30s, even low-40s in some of the calls that we’ve heard so far. So, can you just kind of go one step deeper into the type of pricing assumptions and, I guess, within products and businesses that just gives you that much better relative confidence to peers? Thanks.
Clark Khayat: Sure. Ken, it’s Clark. So, I’ll pick that up. Again, for us, what we saw in the fourth quarter and what we’re looking at in €˜23 is much less about new to Key deposits where those kind of new business rates are much higher and necessarily have to be higher to bring them in versus motion in the book of noninterest-bearing, interest-bearing or from different accounts to different account where we can manage that transition a little more comfortably. And given that what we’re avoiding, we think, in large part, is the significant marginal cost of funds that the new price or new offer dollar requires in repricing the larger book.
Don Kimble: The only other thing I would add, Ken, is that right now, we’re at 19% cumulative. I think most of our peers are close to 30%. And so, by them going to 40%, it’s the same thing as us going to high-20s. So, the incremental change from this point forward is probably fairly consistent. It’s just that we’re at a better starting point than peers.
Ken Usdin: Yes. That makes sense. It does seem like though to get to that point, your incremental interest-bearing deposit costs have to be — the betas have to be lower than the 33% in the fourth quarter to square to that.
