i'm happy to say john haggerty from redburn is joining us.el the results we got on friday from citi and jpmorgan chase and wells fargo were a good start to the earnings season. maybe the expectations have moved higher ahead of the next bunch? >> that is right. the bar has been raised for the banks about to report. as you say, the results on friday were good news. the three were positive and it was a beat on guidance for the year. credit remains better for this cycle. on capital, the banks are building on the capital as well. there is good news for the banks results on friday. >> banks that are more commer commercially geared. do you get a sense that the comments means we have reached net interest income? >> i think the banks are prepared for the rates to go up. from the banks perspective, they are trying to make sure they are well positioned to benefit from the higher rates. what is interesting is if you look back, the net interest income has moved from the lows of 2021. if they do come down a little bit, they will generate higher net interes