“But ultimately, I think those excess deposits will come down with mitigated somewhat by just normal growth.”

In context

“fferent view? Or have the excess deposit levels changed? Maybe if you could add a little color around some of those assumptions to help us square that circle would be helpful. Todd Gibbons: Sure. So I think your estimate of excess deposits is probably pretty close to what we're currently thinking. But you got to remember, underneath it, there is some organic growth as well. So if you take the 10% to 15% and then you're growing 2% to 4% organically, and then you don't look to see the Fed really contracting their balance sheet very aggressively until later in this year, we don't see a huge impact on this year. It's really going to depend around the betas. So you might see money bouncing around based on what we and others are willing to actually pay for it. So that's what's factored into it. But ultimately, I think those excess deposits will come down with mitigated somewhat by just normal growth. Brennan Hawken: Okay, got it. Thanks for taking my questions. Operator: We'll go next to Alex Blostein with Goldman Sachs. Alex Blostein: Good morning, everybody. Just a couple of questions at this point. The - I heard the discussion around deposit betas perhaps being slightly higher this time around because is on the Treasury Services side of the business. Is there a way you can flush that out a little bit more, just to give us a sense of what you expect for deposit betas in this cycle versus the prior cycle? Emily Portney: Yeah. I'm not going to break it out by line of business. But in the last cycle, I think the first 25 - with the first 25 basis point hike, it was about - betas were about 25%. And in this, we're kind of expecting closer to like, I guess, 35 to 40-ish percent, and tha”