“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.”

In context

“grated 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 how long can this go on before things tip, like the hard data goes to soft data, soft data goes back to hard data. Do we have one month as a country and economy, one month, three months, six months, 12 months? Kind of what's your sense there? And what is the risk of being an international company and being a services company and potential retaliation there? I don't know how you think or frame that, but I'll take any thoughts you have. Thanks. Robin Vince: Sure. I love that you ask unanswerable questions. But nonetheless, I'll give them both a whirl. Okay. So first o”