Brian Bedell: Maybe you could talk a little bit, shifting gears a bit to a scenario in which we don’t have a soft landing, let’s say, we do have a recession and a lot of pressure on markets. In that scenario, if we assume that there still is actually pretty good allocation to fixed income, which of course, you benefit from. Can you just talk about throughout your platform, to what extent you would expect to be resilient against that? And some of the areas, I’m thinking of or even in deposits where the deposit growth could outperform the expectations that you described Emily? And then if you could also just remind us on the fee revenue sensitivity to equity market declines, I think it’s 1% plus through every 10%, I think.
Emily Portney: So a couple of comments there, and I think Robin will add on probably. So just in terms of our sensitivity overall, our fee sensitivity to fixed income market. Just remember for every 5% or so gradual change in fixed income markets that impacts annual fee revenue to the tune of about $40 million, so that gives you some idea on how to that. And then certainly, as Robin pointed out earlier, we have many different businesses that ultimately would benefit from also strength in fixed income market.
Robin Vince: But Brian, let me just add something else. One of the things that — we’re a trust bank, we often get obviously compared to trust banks, and I understand why. But have a broader portfolio that I think is quite relevant in answer to your question, particularly, and they happen to be higher growth, higher margin businesses for us. So things like Pershing, things like Treasury Services, our Clearance Business, our Collateral Management Business. And those really do contribute to the underlying diversification that we have as a firm and that portfolio helps us with the stability of underlying revenues through different market conditions because they’re essentially driven by different things, and so we get a balance for that.
Now on top of that, we’re, of course, thinking about how to make sure that we are increasing the mix of the types of revenues that we have as well. So yes, we have feed. Yes we have net NIR but we’re also powered by transaction volumes, and we’re also powered by subscription fees. And so the combination of the diversification of the businesses and the diversification of the types of revenue streams, we think helps us quite a bit in these different market conditions, and that’s why you’ve seen us, in fact, perform in an effective and relatively stable way through some pretty significant gyrations.
Brian Bedell: And then maybe, Robin, if you just want to continue on the growth initiatives that you’ve outlined, Pershing X, the payments venture with digital payments, especially in terms of — these are definitely long term investments and trajectories. But maybe if you can sort of think or sort of telegraph what you think might be the contribution this year or just outline what you think might be a reasonable organic growth rate — revenue growth rate for this year?
Robin Vince: So we’ve talked about the fact that these are medium term initiatives and they are and the contribution to revenues today from real time payments is really small. But we do see this as rails of the future, and we see it as creating an opportunity for a connected set of services. Think of fraud prevention and account validation and bill pay related things. So there’s an ecosystem that builds around the actual capability. And we think that that’s a significant opportunity for us, you’ve seen some announcements that we’ve made. But if I tick through very briefly, and I will try to be quick about it, but for each of our businesses. Look, in Pershing, we’ve had a strong year of net new asset growth. We talked about it in my prepared remarks.
