“As we look to the future, we would expect deposit betas to be no higher than they were during the last rising rate cycle.”

In context

“evel. This decision to hold more cash wasn't about market timing. Though in hindsight, it was good we didn't deploy the cash earlier in the quarter when rates were much lower than where they are now. But it does give us more flexibility and increases our upside to higher rates. We're also repositioning the portfolio and targeting our investments to ensure we have a lot of maturities in the next 2 to 3 years. And while the yield curve is quite flat, we are sacrificing some amount of current net interest revenue to maintain this higher level of liquidity. But I emphasize current because this is just a timing difference. If the Fed follows through its plan that the yield trade-off will decrease steadily and this approach obviously increases our asset sensitivity and upside to higher rates. As we look to the future, we would expect deposit betas to be no higher than they were during the last rising rate cycle. And that is a function of our cash strategy through which we offer our clients access to higher-yielding cash alternatives within their brokerage accounts for their investment cash, allowing us in our flagship bank suite product, which is the repository of what we call transaction cash or cash awaiting investment to offer a yield that is somewhat lower, but still quite compelling relative to the checking account rates offered by the big banks. And finally, a word or two on capital. With the continued growth on our balance sheet, our consolidated Tier 1 leverage ratio declined slightly to 6.1%, below our operating objective but well above the regulatory minimum. I've read some commentary on our negative AOCI mark and the potential impact that could have on our regulatory capital. As a rem”