“So as I then pull that into thinking about NIM over time, that is likely a potential headwind for us, particularly in the near term given the lag of deposit pricing, where wholesale funding costs go could also be a headwind.”

In context

“ast month that makes predicting betas a challenge. Everything from product mix to the market in competitive pricing, if there's really intense competition from more insured deposits and just the sheer magnitude and pace of Fed fund hikes is unprecedented and what happens to on the other side when the Fed eventually starts lowering rates, and all of this is happening in the context of a Fed that's executing QT. So where we go from here is going to be impacted by a number of factors, customers' appetite for different deposit products, our focus on customer relationships, industry competition, funding needs. But I will say, given deposit pricing tends to lag asset yield resets. I wouldn't be surprised if there's at least some upward pressure on beta from where we were in the first quarter. So as I then pull that into thinking about NIM over time, that is likely a potential headwind for us, particularly in the near term given the lag of deposit pricing, where wholesale funding costs go could also be a headwind. And as credit continues to normalize, we could continue to see revenue suppression. So those are a few things that will potentially provide a headwind to NIM from where we sit today. But on the other hand, there's definitely some tailwinds even though my response to Sanjay's question in the real near term, I would think our average cash position will stay elevated relative to pre-pandemic levels, not necessarily relative to what we saw in the first quarter. But over a longer period of time, that will almost assuredly come back down and eventually be a tailwind for NIM. We also could see a growing percentage of revolving card balances and in the immediate term, keep in mind, we'll have one more day in the second quarter. So I know that that's a lot of headwinds and tailwinds, but just wa”