Martina Cheung: Jeff, thanks so much for the question. Actually, we saw an improvement across a number of the sub-asset classes in structured finance overall. And we’re just, frankly, very, very pleased. Certainly, a lot of this is related to additional investments in capacity. And what I have been saying and will continue to say it’s not just about capacity. It’s about the strength and the expertise and the talent. And that is really incredibly important in these asset classes. The overall asset class is also experiencing some growth in part driven by the private credit issuers. And we’ve made sure that we have been on the street talking to everybody we need to talk to, making sure that all of the issuers are aware of the talent and the capacity that we have and we continue to remain highly relevant in this space. I would say just very pleased with the execution from the team so far this year in this area.
Ewout Steenbergen: And just to the second part of your question, our effective tax rate is lower in the quarter, primarily due to some new guidance came out during this quarter with respect to the way how to apply foreign tax credits would help impact our medium-term outlook with respect to the tax rate.
Operator: We will now take our final question from Heather Balsky from Bank of America. Your may ask your question.
Heather Balsky: I actually wanted to ask a question about the Commodity Insights business. And if you can just talk about the drivers that you expect to, I guess, help you maintain your current level of growth? And just help put in perspective how much commodity prices do or do not impact the growth in that business.
Doug Peterson: Thanks, Heather. This is Doug. Well, first of all, when we look at this industry, it’s being driven by incredible amount of transformation. We talked earlier in a different context about energy transition. And you take what are the traditional oil, gas commodity products, which we have a very strong position in both from price benchmarks as well as news research and analytics. And we announced that we have just launched this Platts Connect, which is a platform where we take the 2 services from what had been Platts and would have been ENR from IHS Markit and put them together in a single platform. That means that we can continue to serve all of the traditional markets in a way with a very high-quality platform with — it’s easy to use, it’s easy to search on.
We’ll be enhancing it with AI tools over time. And so that’s just the beginning of where we already see the traditional markets growing. And we’re able to serve them better and faster in ways that are much more compelling all the time. And that into that, that there’s a mix of new commodities, new energy sources. There’s areas like the metals, which are used for energy transition, that we already have a position in that we’re getting stronger all the time. And then you have the energy transition products related to things like carbon intensity, carbon markets, how we look at the transportation related to that, the infrastructure that’s related to that. And then on top of that, there’s an incredible amount of synergies across all of S&P Global with S1, for example, with new data sets, which are being added to the Marketplace and Market Intelligence, new data sets, which can be added to Cap IQ Pro.
So we look at this as a business that is in the right place at a time when the markets need transparency. They need comparability. They need high-quality data, and they need it delivered in a way that’s easy for them to use. And they can build it into their workflow. So we’re really, really very pleased with our progress, and this is a business that we’re going to continue to invest in. So thank you very much, Heather. And let me just give a couple of closing remarks. I want to, first of all, thank everyone for joining the call today and your excellent questions, as always. I’m really proud, as you can hear, about the progress we’ve made with the merger with IHS Markit and all of the integration that’s taking place. And now we’re able to talk more and more about the revenue side and the product launches.
And you saw them this quarter with Platts Connect and into the insights, and there’s a lot more to come. And this is combining the best across both businesses to create the new S&P Global. I also want to thank Martina for providing her perspective today, and thank you for joining us. And as always, I want to thank our people for a great quarter. Their excitement and passion continue to inspire me personally and want to thank all of them for what they do. So again, thank you for joining the call today, and have a great day. Thank you very much.
Operator: That concludes this morning’s call. A PDF version of the presenter slides is available for downloading from investor.spglobal.com. Replays of the entire call will be available in about 2 hours. The webcast with audio and slides will be maintained on S&P Global’s website for one year. The audio-only telephone replay will be maintained for 1 month. On behalf of S&P Global, we thank you for participating and wish you a good day.
