“Also, we are expecting some healthy loan growth and for premium amortization to reduce a bit.”

In context

“here's talk about the first one being a bit more and we can talk about the sensitivity there. Deposit betas obviously come back into play. The expectation in our outlook is that betas will largely retrace what we saw in the last cycle. They could be a little bit higher just given the change in our deposit mix. So for example, Treasury Services, the deposit base there is about twice as big as it was in 2015, and obviously, that business has higher betas. We expect our securities portfolio to be roughly flat. Most of the reduction on the asset side will be coming from cash held at central banks and lower-yielding HQLA. We do continue to be cautious on duration. In fact, over the last six weeks, we've brought duration in a bit, and we've actually moved some HQLA into HTM to preserve capital. Also, we are expecting some healthy loan growth and for premium amortization to reduce a bit. The one - just, Glenn, one thing I do want to just point out is that for the first quarter, just given that the first rate hike is not until March, also it's just worth mentioning we've already seen deposits come down a bit from the fourth quarter average where they were really at elevated levels due to kind of market dynamics. So you won't see much of that benefit sequentially in Q1. Glenn Schorr: Okay. Got a lot there. Thank you. And maybe just one other big picture. I think I heard you say in the prepared, 2% organic growth in '22-ish, which would be in line with '21 and obviously better than '20 and '19. So I guess the question is, when you look at investments you're making and combined with your fee outlook. I'm just curious how you can contextualize what's there related to markets t”