JPM ($335.79) Holds $330 as NII Guide Rises to $106.2B but Expenses Climb to $108.6B — $345 Breakout Opens $366.50

JPMorgan Chase (NYSE:JPM) closed Tuesday at $335.79, up $1.75 or 0.52% from Monday’s $334.04 close. The stock opened at $337.38, touched $337.50 early, faded to $334.51, then recovered into the close. Volume came in at 4.58 million shares against a 6.99 million average, about 66% of normal, a quiet session that matched the stock’s sideways drift since mid-October.

The gain was respectable, but it lagged the market. The S&P 500 rose 0.68% to 7,728.90 and the Nasdaq Composite climbed 1.33%, led by a 3% jump in semiconductors on the AI capital-raising wave. Banks participated without leading. JPMorgan’s 0.52% gain placed it behind the broad index on a day when capital flowed toward chips and AI infrastructure.

The bigger picture shows a stock stalled below its high. JPM trades 8.38% below its 52-week high of $366.50 and 20.3% above its 52-week low of $279.10. It is up 4.21% year to date, roughly a third of the S&P 500’s gain, down 0.24% over the past month and down 2.59% over the quarter. The stock sits 0.65% above its 20-day moving average, 2.48% below its 50-day and 4.10% above its 200-day.

The quarter that set the tone came on October 13. JPMorgan reported third-quarter net income of $15.3 billion, or $5.57 per share, up 6% from $14.4 billion a year earlier, but short of the $5.90 consensus. Excluding $658 million of losses on investment securities, earnings were $5.75 per share, still below estimates. Revenue of $50.9 billion on a managed basis rose 8%, while the bank raised its 2026 net interest income guidance to $106.2 billion and its expense guidance to $108.6 billion.

The thesis for this forecast is direct. JPMorgan is the highest-quality franchise in global banking, producing a 20% return on tangible equity with $304 billion of capital, but the stock is caught between three forces: rising expenses that eat into operating leverage, a rate environment that helps net interest income while threatening credit, and a market that is directing its risk appetite toward AI rather than banks. At $335.79, JPM trades near 13.6 times forward earnings, cheap for its quality, but it needs a catalyst to retake $350.

The Q3 Miss: $5.57 Against $5.90, and Why the Stock Held

JPMorgan’s third-quarter report broke a long streak. The bank had beaten earnings estimates in 16 of the prior 20 quarters, and the $5.57 print fell 33 cents short of the $5.90 consensus. Even excluding the one-time item, the $5.75 adjusted figure landed 15 cents below estimates.

The headline numbers, from the third-quarter 8-K filing, were solid. Net income reached $15.3 billion, up 6% from $14.4 billion a year earlier. Diluted EPS of $5.57 rose 10% from $5.07. Return on tangible common equity was 20%, or 21% excluding the securities losses. Managed revenue rose 8% to $50.9 billion, or 9% excluding the losses.

The miss came from three sources. First, the $658 million of net investment securities losses, $498 million after tax, were a discretionary decision to sell lower-yielding bonds and reinvest at higher rates, which hurts this quarter but helps future income. Second, expenses rose faster than revenue, prompting a higher full-year guide. Third, revenue on a reported basis came in at $50.17 billion against $51.23 billion expected, a $1.06 billion shortfall.

The stock’s reaction told a more forgiving story. JPM dipped on the release, then turned positive during the day as investors focused on the higher NII guidance and the strength of the core businesses. The securities losses were seen as a deliberate investment in future earnings, not a sign of weakness.

The quarter’s quality was better than the headline. Net interest income rose 13% to $27.1 billion. The Corporate & Investment Bank’s net income rose 20% to $8.2 billion. Consumer & Community Banking earned $5.7 billion, up 13%. Asset & Wealth Management took in $51 billion of long-term net inflows. These are the numbers of a franchise firing across every business line, not one in decline.

The comparison to earlier quarters adds context. JPMorgan earned $16.5 billion in the first quarter, $5.94 per share, with record markets revenue of $11.6 billion and investment banking fees up 28%. The second quarter was a record for revenue and profitability. Q3’s $15.3 billion was strong by any standard except JPMorgan’s own recent pace.

For the forecast, the miss reset expectations rather than broke the thesis. The stock has traded sideways near $330 to $340 since, digesting the shortfall and waiting for evidence that expense growth will slow.

Net Interest Income: $106.2 Billion Guide and the Higher-Rate Tailwind

Net interest income, the spread between what JPMorgan earns on loans and investments and what it pays on deposits, remains the bank’s biggest earnings engine, and the guidance is moving higher. The bank raised its 2026 NII forecast to approximately $106.2 billion from $105.5 billion. NII excluding markets, the measure that strips out trading-related interest, was raised to $97.2 billion from $96.5 billion.

The guidance has climbed all year. After the second quarter, JPMorgan lifted total NII guidance to $105.5 billion from $103 billion and NII ex-markets to $96.5 billion from $95 billion. The October raise is the third upward revision in 2026, a trajectory driven by balance-sheet growth and a rate environment that has moved in the bank’s favor.

The third quarter showed the drivers. NII of $27.1 billion rose 13% year over year, supported by higher deposit balances and loan growth across consumer and wholesale businesses. NII excluding markets reached $24.7 billion, up 6%, benefiting from higher card balances and wholesale lending, partially offset by the impact of lower rates earlier in the year.

The 2027 framework is the bigger signal. Management offered a preliminary central case of approximately $107 billion of NII excluding markets for 2027, up roughly 10% from the 2026 guide of $97.2 billion. The bank attributed the growth to balance-sheet expansion and the impact of higher interest rates.

Rates have turned in JPMorgan’s favor. The Federal Reserve raised rates in September, holds at 3.75%-4.00% heading into Wednesday’s decision, and has a December hike close to fully priced. The 10-year Treasury yield sits at 5.00%. Higher short-term rates lift the yield on JPMorgan’s floating-rate loans and cash holdings, while the bank’s enormous deposit base reprices more slowly. Higher long-term yields let the bank reinvest maturing securities at better rates, which is why it accepted $658 million of losses to sell lower-yielding bonds.

The risk is deposit costs. If rates keep rising, depositors demand higher yields, and the bank’s cost of funding rises. JPMorgan’s deposit franchise is the strongest in the country, which limits that pressure, but it is not immune.

For the forecast, NII is the strongest pillar of the bull case. A $107 billion ex-markets framework for 2027 supports earnings growth even if trading and investment banking normalize.

Expenses: $108.6 Billion and the Operating-Leverage Problem

Expenses are the main reason JPMorgan stock has stalled, and the trend has been one-directional all year. The bank raised its 2026 expense guidance to approximately $108.6 billion from $107.5 billion in October, the latest in a series of increases.

The climb has been steady. JPMorgan started 2026 guiding to about $105 billion. Dimon said at a conference earlier in the year that costs would come in a “good extra billion” higher, lifting the guide to about $106 billion, and the stock fell nearly 3% that day. After the second quarter, guidance rose to $107.5 billion. Now it sits at $108.6 billion, $3.6 billion above the starting point.

The drivers are growth and technology. Higher volumes in trading and investment banking lift compensation. The bank continues heavy investment in technology, including AI tools, and in real estate, including its new Manhattan headquarters. Branch expansion and marketing for card and consumer products add further costs.

The math matters for the stock. With NII guided to $106.2 billion and expenses to $108.6 billion, the gap between revenue growth and cost growth has narrowed. Operating leverage, the difference between revenue growth and expense growth, is what drives earnings per share higher over time. When expenses grow nearly as fast as revenue, earnings growth slows even if the business is healthy.

Dimon has framed the spending as investment. JPMorgan has argued for years that investing through cycles builds the franchise’s lead over competitors, and that technology spending, including AI, will eventually lower costs. Dimon said in January that JPMorgan would soon need fewer employees because of AI. If that efficiency materializes in 2027 and 2028, the expense curve could flatten while revenue keeps growing.

The market wants evidence first. Investors will watch the 2027 expense guide, typically issued in January with fourth-quarter results, as the key test. A 2027 expense outlook that grows less than 3% would signal operating leverage returning. A guide above $112 billion would extend the stock’s sideways action.

For the forecast, expenses are the main reason the stock trades below $350. A credible plan to slow cost growth is the catalyst that could lift JPM back toward its $366.50 high.

Corporate & Investment Bank: $8.2 Billion Profit and the Deal Boom

The Corporate & Investment Bank delivered the quarter’s strongest results. CIB net income rose 20% to $8.2 billion on revenue of $22.7 billion, up 14% year over year, with strong performance across trading, investment banking and payments.

Markets revenue drove much of the gain. Equities trading was strong, as heightened volatility from the U.S.-Iran war, AI-related swings and record retail participation kept clients active. Fixed income trading benefited from the rate environment and active hedging by corporate clients. Earlier this year, JPMorgan posted record markets revenue of $11.6 billion in the first quarter.

Investment banking fees rose as deal activity accelerated. Wall Street has entered one of its busiest capital-raising stretches in years. Anthropic filed for an IPO this week that could be among the largest ever, Meta sold $25 billion of stock at $625 a share, Broadcom arranged $63 billion of chip financing, and EQT agreed to buy Range Resources in a deal valued above $50 billion. Dimon described Wall Street clients earlier this year as “gung ho,” and the pipeline of mega-deals supports fee revenue into the fourth quarter and 2027.

Payments add steady growth. JPMorgan processes trillions of dollars a day through its treasury services and payments network, a fee business that grows with the economy and benefits from higher rates on client balances.

The regulatory backdrop has eased. Banking rules on capital and consolidation have become more permissive under the current administration, and Dimon has hinted at the possibility of major deals as rules ease. Lighter capital requirements could free billions for buybacks, dividends or acquisitions.

The risk in CIB is cyclicality. Trading and investment banking revenue can swing sharply with markets. A sustained selloff in AI stocks, a collapse in deal activity or a spike in credit spreads could cut CIB revenue quickly. The segment earned $8.2 billion in Q3 but could fall toward $6 billion in a weak quarter.

For the forecast, CIB is the swing factor. The deal boom supports strong fourth-quarter results, and a record IPO and M&A calendar would lift earnings beyond current estimates.

Consumer Banking: $5.7 Billion Profit, 36% ROE, and Card Credit

Consumer & Community Banking is JPMorgan’s most stable earnings engine. CCB earned $5.7 billion in the third quarter, up 13%, on revenue of $21.2 billion, up 9%. Return on equity reached 36%, a level few retail banks anywhere can match.

The drivers were broad. Higher card balances and yields lifted interest income. Asset management fees in the wealth business grew with markets. Deposit balances rose. Auto lease income added to revenue. The segment benefited from a resilient U.S. consumer: consumer confidence jumped to 91.7 in October, the highest since June, and the labor market remains firm, with jobless claims near 194,000.

Credit is the variable to watch. JPMorgan guided to a card net charge-off rate of about 3.2% for 2026 after the second quarter, lowered from 3.4%, signaling credit performance better than expected. Charge-offs measure loans written off as uncollectible, and a 3.2% rate on cards is within the normal range for prime card portfolios.

The rate environment is a two-sided risk. Higher rates help card yields and deposit spreads, but they also raise borrowing costs for consumers carrying balances. With inflation near 3.7% and gasoline prices elevated by the oil shock, lower-income households face pressure. If unemployment rises from current levels, card losses could climb quickly.

JPMorgan’s credit exposure is high quality. The bank’s card customers skew toward prime borrowers, and its mortgage book is largely jumbo loans to wealthy households. That limits losses compared with banks serving subprime customers. SoFi, by contrast, reported credit card charge-offs of 7.77% this quarter, more than double JPMorgan’s guide.

The deposit franchise is the foundation. JPMorgan holds the largest deposit base in the country, much of it in low-cost checking accounts. That funding advantage lets the bank earn wide spreads when rates rise.

For the forecast, CCB provides the earnings floor. A 36% return on equity and contained credit support steady profits even if trading and investment banking slow.

Asset & Wealth Management: $51 Billion of Inflows

Asset & Wealth Management delivered strong growth. AWM earned $1.8 billion in the third quarter, up 11%, on revenue of $6.9 billion, up 14%. The pretax margin was 36%. Long-term net inflows reached $51 billion, driven largely by fixed income.

The inflows reflect the rate environment. With the 10-year Treasury at 5.00%, investors are moving into bond funds and fixed-income strategies that offer yields not seen in nearly two decades. JPMorgan’s asset management arm has captured a large share of those flows.

Fee growth tracks markets. Management fees rise with asset values, and the S&P 500 near 7,700 keeps assets under management elevated. Higher average market levels lifted fees across equity and multi-asset strategies.

The wealth business is a strategic priority. JPMorgan has expanded its private bank and wealth advisory businesses to compete with Morgan Stanley and Goldman Sachs for high-net-worth clients. Wealth management produces stable, recurring fees that are valued more highly by investors than volatile trading revenue.

The segment’s growth matters for valuation. Banks with larger fee-based businesses tend to trade at higher multiples because their earnings are less sensitive to rates and credit. AWM’s 14% revenue growth helps diversify JPMorgan away from pure lending.

The risk is a market downturn. A sustained decline in equity and bond prices would cut fees and could trigger outflows. AWM revenue fell in past bear markets, though inflows typically recovered.

For the forecast, AWM is a steady contributor that supports a premium multiple. Continued inflows above $40 billion a quarter would reinforce the case that JPMorgan’s earnings are becoming more fee-driven and less cyclical.

The Fortress Balance Sheet: $304 Billion of Capital

JPMorgan’s capital position is the strongest in global banking. The bank held $304 billion of common equity tier 1 capital at the end of the third quarter. The CET1 ratio stood at 13.9%, well above its regulatory requirement near 11.5%, an excess of roughly $52 billion. Total assets sat near $5.0 trillion and stockholders’ equity near $375 billion at mid-year.

Excess capital gives JPMorgan options. The bank can return capital through buybacks and dividends, fund acquisitions, or hold a buffer against a downturn. The board raised the quarterly dividend to $1.65 from $1.50, a 10% increase, equal to $6.60 a year and a yield near 2.0%. The payout ratio sits near 28%, leaving most earnings for buybacks and growth.

Buybacks are the main capital-return tool. JPMorgan has repurchased billions of dollars of stock this year, reducing the share count to about 2.66 billion. With $52 billion of excess capital, the bank could accelerate buybacks if management sees the stock as undervalued.

Regulatory relief could free more capital. Proposed changes to capital rules, including adjustments to the supplementary leverage ratio and stress-test requirements, would lower JPMorgan’s required buffers. Every percentage point of CET1 relief frees roughly $20 billion.

The fortress also positions JPMorgan for acquisitions. Dimon has said healthy companies find opportunities in downturns, and a more permissive regulatory stance on consolidation could open the door to deals that were blocked in prior years.

Security spending adds a strategic angle. JPMorgan’s Security and Resiliency Initiative, launched a year ago to finance industries tied to national security, has financed about $230 billion in its first year. The program positions the bank in defense, energy, critical minerals and advanced manufacturing, sectors receiving heavy government support.

For the forecast, capital strength supports a premium multiple and limits downside. JPM’s balance sheet means it can withstand a credit cycle that would hurt weaker banks, and its excess capital can be deployed to support the stock on dips.

Valuation: 13.6x Forward Earnings for a 20% ROTCE

JPMorgan trades at a valuation that looks reasonable for its quality but demanding against peers. At $335.79, the stock trades at about 14.0 times trailing earnings of $23.88 per share and roughly 13.6 times the 2026 consensus of $24.73. On the 2027 estimate of $25.56, the multiple falls to about 13.1 times. Market capitalization sits near $893 billion, within reach of $1 trillion, a milestone no bank has reached.

The price-to-tangible-book multiple exceeds 3.0 times, the highest among large U.S. banks. That premium reflects JPMorgan’s return on tangible equity of 20% to 24%, well above peers. ROTCE reached 24% for the first nine months of 2026. A bank that earns 20% on tangible equity justifies a much higher book multiple than one earning 12%.

Analyst targets show modest upside. The average 12-month price target across 31 analysts sits near $373.92, 11.4% above Tuesday’s close. Another consensus measure places it at $368.10. After the Q3 report, one firm raised its target to $425 from $420 with an overweight rating, another to $377 from $370 with an equal-weight rating, and a third cut its target to $350 from $360 with a neutral rating. The split reflects the debate between quality and valuation.

The comparison to the market favors JPMorgan. The S&P 500 trades near 23 times forward earnings, and Nvidia near 25 times. JPMorgan at 13.6 times earns a discount that partly reflects banking’s cyclical risk and regulatory constraints.

The dividend adds support. A 2.0% yield, raised 10%, with a payout ratio near 28%, gives income investors a floor. Combined with buybacks, total shareholder yield runs near 5% to 6%.

Short interest is minimal. Only 0.97% of the float is sold short, with a short ratio of 3.66 days, which means there is little bearish positioning to fuel a squeeze but also little pressure from short sellers.

For the forecast, valuation supports a gradual move higher. A return to 15 times 2026 earnings would put the stock near $371, close to the consensus target.

The Rate and Macro Backdrop: Fed Hike Bets and a 5% Ten-Year

JPMorgan’s outlook depends heavily on the macro environment, and the backdrop is mixed. The Federal Reserve announces its decision Wednesday at 2:00 p.m. ET, with a hold at 3.75%-4.00% priced above 90% and a December hike close to fully priced. The 10-year Treasury yield sits at 5.00%, near multi-year highs.

Higher rates help NII. JPMorgan’s balance sheet is positioned to benefit from rising rates, as loan and securities yields reprice faster than deposit costs. The 2027 NII framework of $107 billion ex-markets explicitly assumes higher rates.

Higher rates also raise risks. They increase borrowing costs for consumers and businesses, which can lift loan losses. Commercial real estate, particularly office buildings, remains under pressure as higher rates lower property values. Leveraged corporate borrowers face higher refinancing costs.

The economy remains strong. Consumer confidence jumped to 91.7 in October, durable goods orders rose 1.8% in September, and the flash composite PMI sits near a five-year high. Jobless claims near 194,000 show a tight labor market. That backdrop keeps credit losses contained and supports loan demand.

The U.S.-Iran war adds uncertainty. Brent crude near $114 lifts inflation and feeds Fed hike expectations, while war-related volatility keeps trading desks busy. A ceasefire would lower oil and rates, helping credit but reducing NII tailwinds. An escalation would raise volatility and trading revenue but threaten the broader economy.

The AI capital wave is a direct benefit. Mega-deals such as Anthropic’s IPO, Meta’s stock sale and data-center financing generate fees for investment banks and lending opportunities. JPMorgan is positioned to capture a share of that activity.

The midterm elections on November 3 add a political variable. Bank regulation, taxes and the regulatory approach to consolidation could shift depending on the outcome.

For the forecast, the macro backdrop supports earnings through 2027 but caps the multiple. Higher rates help NII but raise credit risk, and investors pay less for bank earnings when rates are elevated.

Technical Map: $330 Floor, $345 Pivot, $366.50 Record

JPM’s chart shows a stock consolidating below resistance after a pullback from its record.

Support begins at $334.51, Tuesday’s intraday low, and $334.04, Monday’s close. Below that, $330.40 marks Monday’s intraday low, and $330 is a key level that has held through the post-earnings pullback. A daily close below $330 would open a move toward $320, near the 200-day moving average, which sits roughly 4% below the current price at about $322.50. Below that, $300 is a round-number support and the next major level before the 52-week low at $279.10.

Resistance starts at $337.50, Tuesday’s high, and $340, a round number. The 50-day moving average, about 2.5% above the current price near $344, is the first major resistance. A daily close above $345 would break the post-earnings range and signal the start of a recovery. Above that, $350 is a psychological level, and $366.50, the 52-week high, is the major ceiling.

The trend is neutral. JPM has traded between $330 and $345 since the Q3 report, with the 20-day moving average flat and the 50-day declining. The relative strength index sits at 47.79, near neutral, showing neither overbought nor oversold conditions. The 14-day average true range is $6.04, implying daily moves near 1.8%.

The longer trend remains intact. The stock trades 4.1% above its 200-day moving average and is up 10.4% over the past year and 147% over three years. The pullback from $366.50 is an 8.4% correction within a long-term uptrend.

The trading range for the coming weeks is $328 to $345, with a mild bullish bias as long as JPM holds above $330. A break above $345 would target $366.50; a break below $328 would target $320.

What Could Break the Range: Expenses, Credit, Deals, Rates

The $330 to $345 range reflects a market waiting for direction. Four developments could break it.

The first is the 2027 expense outlook. JPMorgan typically provides next-year expense guidance with fourth-quarter results in January, though Dimon and other executives often preview it at December conferences. A 2027 expense guide below $111 billion, growth under 2.5%, would signal returning operating leverage and could lift the stock toward $366.50. A guide above $113 billion would extend the sideways action.

The second is credit. A rise in card charge-offs above 3.5%, a jump in commercial real estate losses or a spike in corporate defaults would hit earnings and the stock. JPMorgan’s fortress balance sheet limits the damage, but credit fears tend to hit all bank stocks.

The third is deal activity. A record fourth quarter for IPOs and M&A, including Anthropic’s listing and the EQT-Range merger, would lift investment banking fees above estimates. A collapse in deal activity on an AI stock selloff would cut fees and trading revenue.

The fourth is rates and regulation. A Fed hike in December, as priced, would support NII. Capital rule relief would free billions for buybacks. A surprise policy shift on bank regulation after the midterm elections could swing sentiment either way.

On the upside, the triggers are a credible plan to slow expense growth, strong fourth-quarter investment banking fees, capital rule relief and continued credit strength. On the downside, the risks are expenses running above guidance, a rise in credit losses, a sharp decline in deal activity and a broad market selloff.

Big Tech earnings this week add volatility. Microsoft and Alphabet report Wednesday and Amazon Thursday. A disappointment could trigger a market-wide selloff that drags banks lower, though JPMorgan’s lower valuation would cushion the impact.

JPMorgan Stock Price Forecast: Three Scenarios Into Year-End

The forecast splits into three paths, with the Fed decision, Big Tech earnings, credit trends and December conference commentary deciding which plays out.

The base case, with the highest probability, is a range between $330 and $350 through year-end. The Fed holds Wednesday and hikes in December as priced. Credit remains contained, with card charge-offs near 3.2%. Investment banking fees stay strong on the deal boom. Expense commentary at December conferences points to moderate 2027 growth. In this scenario, JPM trades near $340 to $350 by the end of 2026, supported by its 2% dividend and buybacks.

The bull case requires a daily close above $345. The triggers would be a strong fourth-quarter investment banking pipeline, capital rule relief, a credible plan to slow expense growth and continued NII upgrades. In that scenario, JPM would clear $345 and target $366.50, its 52-week high, within 60 days, a gain of 9.1%. A break above the record would open $375, near the analyst consensus target, and a market value above $1 trillion.

The bear case requires a daily close below $328. The triggers would be a rise in credit losses, a sharp drop in deal activity on an AI selloff, expenses running above the $108.6 billion guide and a broad market correction. In that scenario, JPM would fall toward $320, near the 200-day moving average, a decline of 4.7%. A deeper selloff could extend toward $300.

Weighing the scenarios, the balance tilts mildly bullish. JPMorgan’s 20% return on tangible equity, $304 billion of capital, rising NII guidance and a valuation near 13.6 times forward earnings support the stock. Expense growth and the risk of credit deterioration cap the upside in the near term.

The 30-day price target is $350, 4.2% above Tuesday’s close. A daily close above $345 would shift the target to $366.50. A daily close below $328 would shift it to $320.

Verdict: Quality at a Fair Price, Range-Bound Until Expenses Slow, $350 Target

JPMorgan at $335.79 is the highest-quality bank in the world trading at a fair price with no immediate catalyst. The third quarter showed a franchise firing across every business: net income of $15.3 billion, up 6%; net interest income of $27.1 billion, up 13%; Corporate & Investment Bank profit of $8.2 billion, up 20%; Consumer & Community Banking profit of $5.7 billion with a 36% return on equity; and $51 billion of asset management inflows. The bank raised its 2026 NII guidance to $106.2 billion and set a 2027 framework of $107 billion ex-markets.

The problems are real but manageable. The $5.57 EPS missed the $5.90 consensus, the first miss in a long run of beats, partly on $658 million of deliberate securities losses. Expenses have climbed from a $105 billion guide at the start of the year to $108.6 billion, narrowing operating leverage. Higher rates help NII but raise credit risk, and the stock sits 8.4% below its $366.50 record while capital flows toward AI.

The verdict is mildly bullish. JPM’s 13.6 times forward earnings, 2.0% dividend yield after a 10% raise, $52 billion of excess capital and minimal short interest provide a floor near $330. The 30-day target is $350, with $366.50 the 60-day target if the stock closes above $345 on strong deal activity or a credible plan to slow expense growth. A daily close below $328 would invalidate the setup and target $320. JPMorgan remains a core holding for investors who want quality and capital strength, and the post-earnings range near $330 is an accumulation zone for anyone willing to wait for the expense story to turn.

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