“Yes, I'll go ahead. We've been pretty consistent in targeting dividends around 30%, Alex. So I think probably you will see the adjustment come in the form of a buyback, if there is one.”

In context

“cle 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 that's overall on average across all of our businesses. Alex Blostein: Got it. Okay. That probably explains some of the deltas people are asking about on NII. So that helps. My follow-up, just around capital management. Again, thanks for the color around AOCI. Sorry if I missed the dividend versus buyback expectations. So as you're thinking forward within a 100% payout ratio, what are you guys thinking in terms of dividend growth versus the buyback and the preference there? Todd Gibbons: Yes, I'll go ahead. We've been pretty consistent in targeting dividends around 30%, Alex. So I think probably you will see the adjustment come in the form of a buyback, if there is one. Alex Blostein: Got it, okay. Thanks very much. Operator: Our final question comes from the line of Steven Chubak with Wolfe Research. Steven Chubak: Hi. Thanks for squeezing me in here. Emily I just want - I know you spoke about deposit beta assumptions underpinning the NII guidance. You gave some color on deposit runoff. I was hoping you could just provide some color specifically on what you're assuming in terms of non-interest-bearing deposit declines and some deposit remixing over the course of the year. Emily Portney: Sure. So when we think about NID, if you will, what we call non-interest-bearing deposits, we probably think we still have anywhere - well, actually, sorry, when you think about it, and it's actually disclosed, so actually I can talk about real numbers, I think net inter”