“We saw a flight to our balance sheet. People wanted to use our platform. And so we saw deposits elevate. Now that's largely moderated, albeit we're a little bit above our forecast, we expect that to moderate further like the rest of the industry in the coming quarters as our clients are sophisticated and they will look for yield.”

In context

“that you posted this quarter? Dermot McDonogh: Sure. So, if you kind of take a step back on deposits and think about coming out of the pandemic and as people started to focus on inflation and having better yield opportunities and you look at the system in total, you see over the course of the last 15 months across the industry, deposits leaving the system, we're kind of tracking that. And we're the same really as everybody else. We're down 3% in terms of average deposits and maybe if I kind of double-click on what happened in the quarter, a little bit, up to March, we were in line with our forecast, which kind of gave us the 20% year-over-year growth. We kind of had a blip to the upside for deposits in the latter part of March as a result of a little bit of the turmoil that happens there. We saw a flight to our balance sheet. People wanted to use our platform. And so we saw deposits elevate. Now that's largely moderated, albeit we're a little bit above our forecast, we expect that to moderate further like the rest of the industry in the coming quarters as our clients are sophisticated and they will look for yield. But look, I refer you to Robin's comments in his remarks where he talked about the cash ecosystem and we kind of touched $1.3 trillion of a cash ecosystem, we want to point them to our products and services. So while they may not use our deposit platform, we want them to use other products within our ecosystem. So, we feel very good about where our deposit balances are and the trajectory for the rest of the year. Operator: And our next question will come from Steven Chubak with Wolfe Research. Steven Chubak: So, I wanted to start off with just a question on some of the buyback commentary. We saw a strong capital return in the quarter. You noted plans to temper the pace of buyback, was hoping to get some more context as to what's informing that decision. If I think about some of the key in”