“We do think the lion's share of the runoff will be behind us by the end of this year.”

In context

“n flexibility and also certainly want the flexibility around not only managing interest rate risk, but of course, liquidity as well. Gerard Cassidy: Very good. And then just as a follow-up question, I know you've touched a lot about your deposits today in your answers to questions. Just one last question on deposits. QT now is in full speed operation here in the United States. Have you noticed any change in the deposit outflows since we've gone to the $94 billion, $95 billion a month? And how do you -- I know you out deposits are going to come down in the fourth quarter. But when you look out to next year, is that going to change your thinking at all? Or is it behaving as you expected? Emily Portney: Yes. I think as I indicated, deposit outflows are behaving pretty much as we anticipated. We do think the lion's share of the runoff will be behind us by the end of this year. Why we think that our client base is predominantly institutional in the past and even now. They've proven to be much more sensitive to rates than actually just the size of the Fed's balance sheet. Also, just as a reminder, our businesses are much -- are much bigger. They've grown significantly since what we've seen in the last cycle. So treasury services is much bigger, AUCA and asset servicing is much bigger where that comes, just naturally more deposits. And even what we've seen in the runoff, as I suggested or said it's been mostly non-operational. So I think we feel pretty good about our expectations here and that the large majority is behind us. Having said that, could there be more runoff? Yes, I mean there's so much uncertainty, whether it's interest rate volatility, the levels of”