“And in terms of betas, in particular, just speaking specifically about betas, which is what I think you're probably getting at, we do think they'll be largely in line with the past. Like I said before, maybe a little bit higher, Treasury Services deposit balances are higher.”

In context

“ors. Market appreciation is kind of a little over 2%, but it's offset by lower fund fees and some currency headwinds just based on the average for FX rates over the course of 2021. Brian Bedell: Got it. Got it. And then if I could just circle back on the NIR deposit runoff assumptions in terms of the magnitude that you're expecting and then also just the assumptions for global short-term rates, I guess, particularly in the UK and how that might influence the NIR assumption. Emily Portney: Sure. So ultimately, from a deposit perspective, we don't really expect much runoff in deposits from here until kind of, again, third or fourth rate hike or the Fed starts to actually tighten. So it's - ultimately, balances, as I mentioned, have already come down a bit from average fourth quarter levels. And in terms of betas, in particular, just speaking specifically about betas, which is what I think you're probably getting at, we do think they'll be largely in line with the past. Like I said before, maybe a little bit higher, Treasury Services deposit balances are higher. Also just always keep in mind that our deposit base is largely institutional. Also in the '15, '16 period, we were trying to come into compliance with SLR, so we were pushing some deposits off balance sheet. But all of that is baked into the NIR guide that we gave. Brian Bedell: And then just the global rate, like the Bank of England assumptions for... Emily Portney: Yes, it's all the forward curve. It's all the forward curve. Brian Bedell: Okay, great. Okay, thank you so much. Operator: We'll go next to Betsy Graseck with Morgan Stanley. Betsy Graseck: Hi, good morning. Todd Gibbons: Hi, Betsy. Betsy Graseck: I wanted to follow up on that discussion we just had and ask about how you're thinking about the impact of QT, quantitative tightening, on deposits with the Fed expected to shrink t”