“So we're neutrally positioned in the outlook for 2024 on balance if rates -- if the rates happen -- happen this year, we might expect balances to go up. If it's higher for longer, we expect people to optimize and we say continued outflow of deposits.”

In context

“ur questions where why did deposit costs go up, I think our NIM for Q4 was in the 1.26% range, and that really is -- balances rolling off and new balances coming on at market rates, and we ran strong to the tape at the year-end. And look, I have to say how we did on deposits in Q4 was a little bit of one BNY Mellon effort between lines of business, our deposit team, our treasurer and our CIO book. So we feel very good about how we finished the year and we outperformed $1.1 billion of revenue. So all in all, we feel very good about that. This year again, I think the Fed and the markets are a little bit at odds. We had a Fed commentator talked a couple of days ago about March being too early. Notwithstanding that, the market think there's an 80% probability of a rate cut happening in March. So we're neutrally positioned in the outlook for 2024 on balance if rates -- if the rates happen -- happen this year, we might expect balances to go up. If it's higher for longer, we expect people to optimize and we say continued outflow of deposits. Well, we started the year strong with $273 billion of average deposits in Q4. We feel good about our NIM for 2024. So we feel we're set up nicely but the balance of outcomes we think down 10% for 2024. Brennan Hawken: Okay. Thanks for taking my questions and thanks for the patience with multiparter. Operator: Our next question comes from the line of Mike Mayo with Wells Fargo Securities. Please go ahead. Mr. Mayo, your line is unmuted. Please go ahead. Check your mute button. Robin Vince: Mike, we can't hear you. So we'll come back to you. Maybe we have an issue connecting. Mike Mayo: Actually, I'm here. Hey, can you hear me now? Robin Vince: Yeah. Just in the nick of time Mike Mayo: Okay. Okay, just made it. So let me see if I did okay in my math class in school. So in 2024, you're guidi”