“on the margin you're going to have a little bit of NII impact over the next 12-months, but that's really not the real game.”

In context

“James Gorman: No, I definitely don't think there's a structural issue. I mean, my goodness, the business is generating, I'm talking about wealth 26% margins with the various costs in there, and I think it's 28% Sharon without them. If you'd told me a few years ago, I mean, I thought we'd get to 28%, but pretty much nobody else in the world did. So, no, there's no structural issue here -- there. I'm just saying as a -- and I do think if, at the risk of making prediction, I suspect the Fed will do one more rate increase at some, you know, by the end of the year, I guess November. But that's likely to be it. And I do not expect the Fed to cut rates in 2024, but I do expect going forward after that. So given that, we're talking about 12-months. The cash is largely moved. It's moved, you know, on the margin you're going to have a little bit of NII impact over the next 12-months, but that's really not the real game. The real game is go forward after that. So, and the minute you see the Fed indicate they've stopped raising rates, the M&A and underwriting calendar will explode, because there is enormous pent-up activity. But Boards of directors are sitting there and saying, until we understand the cost of financing, it is very difficult to pull the trigger on some of these capital transactions. So I think you're heading into, and unfortunately I'm not going to be around to enjoy it, but you're heading into a really good patch here. And I don't know if it's six months out or nine months out or it starts three months out, but this thing is going to start turning and then rates will be the kick when they start coming down. And as I said people will be less focused on cash and accounts and more focused on”