“yes, there is room for an inflection as you continue to move higher.”

In context

“ly benefited short term rates rose in in prior years. And I heard Sharon's comment for a modest increase in NII in 4Q even as the Fed is now starting to lower rates. And so I think what's becoming more clear is there's a lot of natural hedges in the model there. Balances, sec lending, pledged assets, stabilization and kind of the brokerage sweep balances. So I'm just curious, as we think about rates now starting to move lower and perhaps the first 100 basis points of cuts, do you see a scenario where GWM NII can actually grow? And then can you just talk a little bit more about some of these hedge impacts as we get the other side of this? Yeah. Absolutely. I'll take the question. There you know, we'll we will review 2026 guidance in 2026. But sitting for where we are today, Sharon Yeshaya: yes, there is room for an inflection as you continue to move higher. You could ask me, well, how could you you know, to your point, well, what are these offsets? And how can you get there even if rates begin to move down? Of course, it will depend on how quickly rates move, you know, and if it's prices is from the forward curve we sit in today. So all of my answers are predicated on that on kind of this moment in time. But at this moment in time, the reason that you can have that outlook really has to do with the lending balances that we've seen and the consistent growth in lending balances SBLs, for example, is something that I talked about this quarter. I think we've talked about it over the course of the last couple of quarters. In a place of growth. And that is coming not just from existing clients. So you could say, well, your existing clients, aren't”