“We expect to ramp up in the latter part of this year. But in terms of moving the needle for the firm's revenues, it's just another happy clients wanting to do business with BNY and it's going to come into the run rate latter part of this year. So it will be in the full year numbers next year.”

In context

“, good morning. Robin Vince: Good morning, Betsy. Betsy Graseck: A couple of questions. One, just on the Treasury Direct Express program that's moving over to your platform. I just want to confirm that already started and wanted to get a sense as to anything you can share on how we should expect that's going to roll through and impact, if at all, visible P&L? Dermot McDonogh: So, I don't think -- Betsy, the P&L won't be visible in terms of size or lumpiness. We're very excited to have won the business. It was really to be honest with you, that was a real strength of the platform operating model in terms of our ability to bring the firm together to win that mandate. So that was a real kind of nice proof point for us that we're on the right track as it relates to the treasury service model. We expect to ramp up in the latter part of this year. But in terms of moving the needle for the firm's revenues, it's just another happy clients wanting to do business with BNY and it's going to come into the run rate latter part of this year. So it will be in the full year numbers next year. Betsy Graseck: Okay. And then as I'm looking at the deposit in the SKU NIB IB, I thought in the past NIB were thinking that might move down towards $44 billion. And is that the case still or not? And if that changed, why? Dermot McDonogh: So we were a little bit higher than that. And so our current we kind of believe that that's -- it's going to roughly hang into the ZIP code that it's currently in, may moderate a little bit from here due to some cash sorting. But we don't expect any meaningful change on it, and that kind of feeds the 5% guide. Betsy Graseck: Okay. And then you mentioned if the Fed cuts 50 bps tomorrow, there's no NII impact. What should we be keeping an eye out for that would drive an NII impact? Is it flattening of the curve, sharp flattening? Anything or you're good in”