“we would expect them to continue to increase, but of course, more so for non-dollar balances.”

In context

“ter, probably followed by a pause until the end of the year. The curves outside the US assume about 125 basis points to 150 basis points worth of hikes by both the BOE and the ECB. So, as a result of these curves and rising rates as well as, I would say, all of the actions that we've taken in the securities portfolio, and by that, I don't just mean the rebalancing that we did in December, but we, obviously, positioned the portfolio throughout the year, meaningfully shortening duration, adding floaters, et cetera, so with all of that, we do continue to expect to benefit from significantly higher reinvestment yields. Now tempering that a bit, we do expect deposits to decline modestly, call it, low to mid single digit from fourth quarter average. And finally, as it relates to marginal betas, we would expect them to continue to increase, but of course, more so for non-dollar balances. So that's really what's behind the 20% guide year-on-year. But I would also say there's a lot of uncertainty in the market and certainly, we're prepared for many different outcomes. It will be highly dependent upon deposit levels and there's some upside there if we retain more NIBs. Brennan Hawken: Great. That's very helpful. Thank you, Emily. Capital accretion was really encouraging this quarter. You guys have the rather large buyback announced and you made some positive comments on it in your prepared remarks, Emily. So, how should we -- AOCI was really, I think, the source of the big surprise from my perspective. How should we be thinking about AOCI accretion if yields remain stable from here? What does that timeline look like? Emily Portney: Sure. So, assuming the portfolio doesn't ch”