“Certainly, the back-loaded cuts, all else equal, from a run rate perspective introduce a little bit of a headwind on an exit rate going into next year, we'll just have to see how the balances play out through the next three quarters.”

In context

“contingent on a variety of external variables and we always make our guidance contingent on that. So -- and that comes... Jamie Dimon: The yield curve you're using, which we know will not happen. Jeremy Barnum: And the particular nuance as you recall from last quarter where we went into some detail about the various drivers of the NII outlook, including a little bit of a suggestion about the quarterly trajectory is that it's both the timing of rates and the -- our expected evolution of deposit growth in the different businesses and how evolved and how that was all going to interact, producing potential trough in different moments and then so on and so forth. I think that given everything that's going on, on that one, probably we'll wait for next quarter to give you any more color on that. Certainly, the back-loaded cuts, all else equal, from a run rate perspective introduce a little bit of a headwind on an exit rate going into next year, we'll just have to see how the balances play out through the next three quarters. Jim Mitchell: Right. And maybe just... Jamie Dimon: It will not happen that way. And we have a lot of options and we want to do change our exposure to interest rate. Jim Mitchell: Right. And maybe just on that point on volumes and deposits, obviously, this kind of volatility tends to drive -- as corporates and investors go to cash, tends to drive higher deposits. Did you see that trend in March and particularly in April? What are the trends like in the deposit side of the equation? Jeremy Barnum: It's a little hard to tell, to be honest. It is true that wholesale deposit this quarter outperformed for us relative to our expectations. I don't think I can say with any confidence that that's a result of the environment that we're in. So, I think next quarter will probably be a better time to”