“So, look, noninterest-bearing deposits, I think, are roughly in line with where we don't really expect them to go meaningfully higher or meaningfully lower from where they are now, which reinforces our guide.”

In context

“ring our top line growth and our efficiency growth. And so you're beginning to see those investments paying off. And I'm pleased that you highlighted the headcount number, which just generally means that we're able to do more with less in a digitally empowered way. And as Robin mentioned in his prepared remarks, we still haven't really unlocked the power of AI. So, when you think about where AI is going to be on our platform, as a financial platform company, where you see 20% of the world's investable assets flowing through our pipes, when we kind of get the AI strategy integrated into the strategy of the firm, we see a lot of dividends coming in that. Mike Mayo: And then the noninterest-bearing deposit question, which might not be answerable, but just any thoughts there? Dermot McDonogh: So, look, noninterest-bearing deposits, I think, are roughly in line with where we don't really expect them to go meaningfully higher or meaningfully lower from where they are now, which reinforces our guide. Like -- so NII is made up of what we've done on the asset side and what we think the forecast is going to be in terms of the mix and the overall level of the deposits. At the end of the year, we ran about 35 different scenarios. We did the same thing at Q1. We feel we've kind of cut the tails off the risk of what we believe the reasonable outcome of NII is going to be. And to give you a little bit of an indication like up down -- if the Fed were to cut rates by 50 basis points tomorrow, it wouldn't really impact how we think about NII for the balance of the year. Mike Mayo: That's great. And my second question is for Robin. I saw you on CNBC and you talked about the hard data is good, but the soft data is bad, and they'll converge one way or another. I guess it's unanswerable also, but ho”