“And I've highlighted in the past that our current levels of cash are likely above where we think they will eventually settle out. And if we were to see a steepening of the yield curve, that's also a good guide to us, all else equal.”

In context

“anks. Andrew Young: Yes, Ryan. Look, as I think about the NIM in the near term, I enumerated the driving forces of what led to the increase this quarter. But in the near term outside of seasonal effects, we have one modest likely headwind, which as you can see in our disclosures, is that we're asset sensitive and so that will put a bit of pressure on NIM in the immediate term, but we also have one potential tailwind, I'll call it, and that is the pace of card growth relative to the rest of the balance sheet. And you've seen the tailwind to NIM all else equal over the last few quarters. Longer term, I think there's a few headwinds and tailwinds. The tailwind being again card even beyond the next few quarters, we've seen strong growth, particularly relative to the rest of our balance sheet. And I've highlighted in the past that our current levels of cash are likely above where we think they will eventually settle out. And if we were to see a steepening of the yield curve, that's also a good guide to us, all else equal. On the headwind side, I think there's a question of where betas go from here and there's a possibility that they could be slower or lower depending on a host of factors. We could maintain cash levels for some period of time at least, especially in light of the strong deposit growth we're seeing. And then always there's a little bit of a wildcard of the path of credit, right? And so if for some reason it stays elevated, the potential revenue suppression could be a headwind. But overall, I would say taking all of those factors into account, you've kind of seen the stability over the last few quarters prior to this one and the step-up here in the third quarter. And so I'll let you kind of weigh all of the headwinds and tailwinds that I just laid out for you. Ryan Nash: Thank you. Richard Fai”