“We do expect another step-up in the fourth quarter and even beyond the fourth quarter based on a lot of the factors that you mentioned. We do expect that NIM will continue to expand but probably at a slower rate.”

In context

“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, you're going to largely see some stabilization because that's what kicks off most of your deposit re-pricing. And then you've got a tailwind from reinvestment that continues to flow through into 2023. Is there anything wrong with thinking about things that way? And how long do you think it might take for the NIM to? Is it possible to retrace the last cycle? And how long do you think that might take? Emily Portney: Well, there's a lot there, so let me try to unpack it a bit. As you have seen from our financials, we've seen several consecutive quarters of sharp increases in NIM. We do expect another step-up in the fourth quarter and even beyond the fourth quarter based on a lot of the factors that you mentioned. We do expect that NIM will continue to expand but probably at a slower rate. In terms of portfolio positioning, we do actually think that rates will continue to surprise to the upside. And so, we're therefore really positioned for greater asset sensitivity. But of course, we can continue to be nimble there. And as we think about the portfolio overall, obviously, we're managing it with the objective of optimizing capital liquidity as well as NIR. Operator: We will now take our next question from Brian Bedell from Deutsche Bank. Please go ahead. Brian Bedell: That was kind of my question on net interest income as well. Maybe just one point on that just technical on the Fed funds purchased spread, that's on the asset and liability side. I see that spread went up to about $72 million in 3Q versus 38% in the second quarter. I guess how should we think about that book a”