“Looking ahead, we do expect marginal betas to continue to ramp higher as rates continue to rise, but at the end of the day, we do think that they will largely retrace what we saw in the last cycle and so ultimately end up higher than where they are today.”

In context

“ou normally see lower deposit levels in the third quarter. For the fourth quarter, we are anticipating a decline of about 3% to 4%. And as I mentioned before, we expect it to be mostly in NIB as the percentage of NIBs as a total of our deposit base kind of reverts back to pre-pandemic levels. And like anything, there's a lot of uncertainty out there. So, this is what we are anticipating based on the forward curve and ultimately, the forward curve and what we have been seeing so far this year. In terms of betas, betas do continue to be a little better than we had anticipated. Just as a note, they do vary widely by line of business. So treasury services and markets are certainly have much higher betas than say, asset servicing or corporate trust. So it's just important to keep that in mind. Looking ahead, we do expect marginal betas to continue to ramp higher as rates continue to rise, but at the end of the day, we do think that they will largely retrace what we saw in the last cycle and so ultimately end up higher than where they are today. And again, I would just say that's just another factor, whether it's deposit balances or betas, those are all factors that are somewhat uncertain based upon the macroeconomic backdrop. Brennan Hawken: Yes. Okay. And then another sort of related question. Helpful to get full year 2022 NII expectation for sure. But when we step back a bit and think about I know it's too early to comment on next year, but just sort of generally speaking, at this point, we've gotten back to triple-digit NIM. Rates continue to be pretty robust. You think your beta is going to largely replace last cycle, as you just said, Is there any reason why the NIM can't retrace the prior cycle NIM? And when we think about the security reinvestment tailwinds for 2023, any reason why once policy rates stop moving higher, yo”