“I wouldn't necessarily assume that the evolution from the current run-rate into that mid-70s number is that sensitive to the rate outlook in particular.”

In context

“, we don't consider this level of NII generation to be sustainable and we talked previously about the medium-term run-rate in the mid-70s that was before First Republic and you know you could argue that maybe that number should be a little higher, but whatever it is, it's a lot lower than the current number. We don't know when that's going to happen. We're not going to predict the exact moment. That's going to be a function of competitive dynamics in the marketplace, but we want to be clear that we do expect it at some point. Jim Mitchell: Okay. But, I guess I just one to follow-up on that, just if we don't get rate cuts until middle of next year or later, does that sort of give some confidence to the outlook for next year or are you still worried about significant reprice? Jeremy Barnum: I wouldn't necessarily assume that the evolution from the current run-rate into that mid-70s number is that sensitive to the rate outlook in particular. When we put that number out there, we looked at a range of different types of rate environments and the reprice that we think would be associated with that. It was really meant to capture more of what we consider to be a through-the-cycle sustainable number. So, I wouldn't think of it as being particularly rate dependent. Jim Mitchell: Okay, great. Thanks. Operator: Next, we'll go to the line of Erika Najarian from UBS. You may proceed. Erika Najarian: Hi, good morning, Jeremy. And I'm just laughing to myself, because I said to you at Investor Day, do you have any more NII rabbits to pull out of the hat and I guess you do. So I guess, I want to ask a broader question really here, and maybe Jamie I'd like to get your thoughts. So you earned 23% ROTCE on 13.8% CET1 and we hear you loud and”