“So if you think about what's underneath this, we'll continue to benefit from higher rates across currencies.”

In context

“s from Jim Mitchell with Seaport Global. Jim Mitchell: Hi, good morning. Mark, maybe on the revenue discussion there, let's talk about NII a little bit. You guys have a very unique deposit base, a lot smaller footprint in low-cost consumer. Betas have been already been high. So it doesn't seem like there's as much beta catch-up risk for you. It's 50% non-U.S. roughly. How do you think about the trajectory of NII as we -- do you think it stabilizes next year before rate cuts? How do we think about the puts and takes on your NII into next year? Mark Mason: Yes. Thanks for the question. Look, I'm not going to give guidance for 2024. We'll do that obviously at the fourth quarter '23 earnings. But I think it's reasonable to expect that some of the trends that we've seen so far, we'll continue. So if you think about what's underneath this, we'll continue to benefit from higher rates across currencies. I think we'll continue to see benefits from card interest-earning balance growth. Recall that when you look at our U.S. dollar IRE position, it's relatively neutral at this point. And interest-earning balance growth is expected to be driven by continued card spend and lower payment rates. And so I think what's important to remember as it relates to our business is that it's global that we've got, while you're right in that on the U.S. dollar side, we've seen betas kind of reach -- particularly for our corporate clients reach terminal levels at the end of last year. On the non-U.S. dollar side, betas run lower, they lag and there's still upside there because it's a different rate curve and a different pace of increases. And so those will be some of the puts and takes to think about volumes”