Gerard Cassidy: Good morning, gentlemen. Terry, you talked a bit about a normalization in net charge-offs moving into 2024. Can you share with us what kind of assumptions you’re using to get to that normalization rate in charge-offs, both economic and just the way the customer base may behave?
Terry Dolan: You want to talk about that?
Andy Cecere: From an economic standpoint – Gerard, I’ll start. This is Andy. We think there’s probably a fairly equal weight probability that we’ll either see a soft landing or a mild recession. And if we do get a recession, our models would indicate it would be short and shallow either late this year or early in 2024. You know there’s still pricing pressure and the inflation’s not solved. So, we have one more rate hike by the end of the year modeled in. And then – but on the other hand, as Terry mentioned, excess savings has come down significantly, and consumer spending is slowing. So, the Fed is getting its desired outcomes. So, big picture, we think the Fed’s close to being done. And as I said, sort of this probability of either shallow and soft or mild recession and or a soft landing is what we’ve modeled in to get to those assumptions Terry has articulated
Terry Dolan: A couple of things I would just add maybe from a portfolio dynamic perspective. We’re seeing nice growth in terms of credit card balances. And as credit card balances both increase and it normalizes, you’ll start to see that ratio going up because that’s a little higher mix for us. And then I think it may be somewhat lumpy, but it’s kind of incorporated into it as just continuing to work through commercial real estate office space over the course of the next few years.
Gerard Cassidy: Very good. And then I apologize if you addressed this question, but with the expectation of the Basel III end gain capital requirements coming shortly in this week, the disclosures, that it seems like residential mortgages may be exposed to higher risk-weighted assets. How are you guys thinking about that in terms of risk of RWA strategies, if mortgages do get a bigger weight and other areas are greater than expected?
Terry Dolan: Yes. Well, certainly, a lot of our actions, for example, with respect to mortgages and that particular business, is just continuing to de-risk, so to speak. So, we’re kind of trying to take that into consideration. Our expectation right now, Gerard, is that it’s probably going to be fairly neutral to maybe just a little bit of a benefit it based upon everything that we’re seeing in terms of the end game, but we really have to wait and see what the final rules say and then apply it to our specific portfolio.
Gerard Cassidy: Thank you, Terry. Thank you, Andy.
Operator: And next, we go to Betsy Graseck with Morgan Stanley.
Betsy Graseck: Hi, good morning. Just a couple of quick follow-ups. One, the asset sales that you did this quarter, was that at the beginning of the quarter or the end? I’m just trying to understand how much like revenue from that portfolio you have in 2Q.
Terry Dolan: Yes. Most of them were completed the end of the – closer to the end of the second quarter, so in the June timeframe.
Betsy Graseck: Okay. And then the revenue outlook for the full year, is that based on June 30 balance sheet or is that also including the RWA actions you’re planning on taking between now and year end?
Terry Dolan: Both. It incorporates our capital actions in terms of what we expect to execute on between now and the end of the year.
Betsy Graseck: Okay. Got it. All right. Okay. Thank you. That’s it.
Operator: And next, we can move to Mike Mayo with Wells Fargo Securities. Please go ahead.