“The beta assumptions that we have built in are for betas to continue to increase outside of the U.S.”

In context

“rter, after the second quarter and then trend down a bit towards the end of the year, down a bit to something like 450 or so, 450 or so. So, we may have one rate increase and then flat and then down to about 450. That could change. But candidly, if it changes a little bit here or there, it’s unlikely to have a meaningful impact in 2023. That’s likely to have more of an impact in 2024. So, we can debate that curve, but that’s kind of what we have thus far in our outlook. The second point I would make is around – and that’s U.S. rates. We are assuming – I don’t have specifics in front of me in terms of the rate curves around the globe, but we are assuming kind of continued rate increases there, not of significant magnitude, but some assumptions there depending on where we are talking about. The beta assumptions that we have built in are for betas to continue to increase outside of the U.S. But again, they run lower than the U.S. in general, for our multinational clients. We expect that we will see in the PBWM retail banking or with PBWM client segment space that clients are likely to move towards either higher-yielding deposit products or investment products. And so we have factored those things into how we think about the outlook. And could that change or evolve? Absolutely, but that’s kind of what’s behind what we have assumed here. Vivek Juneja: And just as a clarification, with the inflows you have seen recently in deposits with the crisis systems in the U.S., obviously, any other betas, the tempering a little bit, how much those are going up? Are you – is that slowing down or not any change so far? Mark Mason: So, a couple of things I have mentioned. So, one, we did se”