“What we did say is that the next quarter, we have said, will be lower.”

In context

“f muted. I mean fixed income, yes we had a sequential nice run, equities at 3.5%, these are nowhere near top levels. I don't see any of the global competitors challenging the top of the U.S. tree, the top three or four firms. So and I think what's going on, as I said earlier, with the Middle East and India, Japan, parts of LATAM , you're going to see non-U.S. growth over the next several years. So, yes, I feel actually really pretty good about the outlook. And I'll let Sharon, I think we've touched on a lot of the NII stuff. And obviously, you can't model this stuff. You don't know exactly how people behave, because it's a function of how they feel about where rates are and other opportunities at any point in time. But Sharon? Sharon Yeshaya: Yes, we're not given 2024 guidance right here. What we did say is that the next quarter, we have said, will be lower. And that's a function, mathematically, of the exit rates of deposits where we entered the quarter. But what is encouraging is that as we ended September and then we looked into October, client behavior is in line with our modeled expectations. Operator: We'll move on to Gerard Cassidy with RBC. Gerard Cassidy: Thank you. Good morning, Sharon. Good morning, James. I'll just ask a single question in view of the time. Can you guys give us a view of the outlook for your mergers and acquisitions, your appetite? Obviously, James, over your tenure you guys have done a number of successful acquisitions and as you look out over the next three to five years. I know James you won't be here, but what's the appetite? Is it still something opportunistic if something comes up? It seems like you have all”