“Generally speaking, in a lower rate environment, we see inflows, right, of sweeps.”

In context

“some of them may be more hidden gems, like a Solium, which I thought was ingenious, that can be brought in to actually help transform where the Firm is going to go with clients. Glenn Schorr: I appreciate that. Sharon, if I could ask a quick follow-up on your comment around NII, around steady and the current rate backdrop. There's like 5 or so rate cuts expected through now through the end of next year. I mean you have offsets, your business probably does well if rates are going down. But can you talk about the NII in a forward curve setting or however else we should think about the balancing of lower rates? Sharon Yeshaya: Sure. I won't give a specific guidance as you probably expect, Glenn, as it relates to next year. But I will highlight to you that, if you use the word offsets, yes. Generally speaking, in a lower rate environment, we see inflows, right, of sweeps. I think that there are places that you can certainly better understand where we are today and we look ahead, I've stated that we're in a similar range, largely because we haven't really seen sweeps move, and you're in a position where there are stable rates. But what you will also gain over time is the increases from lending balances, which is why I've paid -- I spent a lot of time talking about that in the prepared remarks because, in my mind, that's an incredible forward-looking indicator for just the strength of the business and how we've seen an increase in household penetration from a lending perspective, so more and more of those advisers and users are thinking about our lending products on the Wealth Management side. As it will play out specifically from an interest rate perspectiv”