“I mean, I think fundamentally, we have had confidence in delivering our 17% ROTCE through the cycle.”

In context

“date on this at Investor Day. Betsy Graseck: Okay. And then, just a follow-up here is on the NII outlook, where you indicated the curve suggests the plus side and is it a couple of billion. And I guess the question I have is historically, you've been looking to reinvest that benefit from rising rates. You did that last cycle as well. What I hear -- what I'm hearing is that maybe you don't want to size it for us right now today because you plan on investing it and explaining that at Investor Day. Is that a fair takeaway? Jamie Dimon: No, no, no. We don't look at that way like we're reinvesting NII. We -- the investing stuff, we look at all the time we're investing, and we're investing a lot of money for the future kind of across the board. But that's not why you're saying... Jeremy Barnum: I mean, I think fundamentally, we have had confidence in delivering our 17% ROTCE through the cycle. We talked a little bit over the last couple of quarters about at the time, some short-term headwinds to that, mostly as a function of the rate environment and a couple of other things. The investment plan is a strategic plan that recognizes that sort of confidence in the 17%. The fact that that moment may be getting pulled forward as a result of the Fed's reaction to the economy has no impact on how we think about spending. Operator: The next question is coming from Steve Chubak from Wolfe Research. Steve Chubak: So, I wanted to start off with a question on QT. In the past, you've spoken about the linkage between Fed balance sheet reduction and deposit outflow expectation for yourselves in the industry. And with the Fed just outlining a more aggressive glide path per balance sheet reducti”