“I would expect that, that level of cash will come down over time through some of the purchase activity that we outlined in one of those pages there.”

In context

“re is a benefit of being able to invest for higher rates in the future. How much cash do you want to or feel you need to have on hand in coming quarters to meet these needs? And is this 15% level that we saw in the first quarter the right level that you would expect to be at in future quarters? Or should it go higher before it starts to go lower? Peter Crawford: Yes. Thanks, Ken, for the question. So I would expect that level of cash. It's not like we're holding the cash because we think that sorting is going to happen this quarter or next quarter. It's really looking out over the next several years and thinking about how do we want to make sure we position the portfolio such that we have ample liquidity to be able to support a range of possible outcomes around this client cash sorting. I would expect that, that level of cash will come down over time through some of the purchase activity that we outlined in one of those pages there. For example, we're considering deploying some of it into kind of a treasury ladder, for example, that would be an alternative to that cash would lock in some of the forward rates, protect us from some of the downside in case rates don't climb as expected. But I would still expect -- even that, I would expect that our cash levels will still remain higher than that 5% to 7% typical level that we target. Kenneth Worthington: Okay. And then can you help us think about the timing of investing some of the cash as it goes into your built-up cash? At what point do you start to invest and maybe further take advantage of the better rate environment? So I know you said it wasn't your goal to time the market, but you've built up cash. Do we start to see more deployment of this cash in the next 1 to”