“So any potential asset sales we do are likely to be very limited and opportunistic.”

In context

“ons. So we thought it would be helpful to share a few facts. First, we have access to roughly $100 billion to $150 billion of readily available cash over the next 15 months. Roughly half of that from excess cash on hand or that the investment portfolio will generate, and the other half from cash that comes in through our net new assets. Second, we also have access to a very large amount of funding from the FHLB, from retail CDs we’re looking to offer, and various forms of supplemental funding. In the last 2 weeks, we initiated borrowings from the FHLB of roughly $10 billion. We expect the usage of these to be quite limited, perhaps no more than a mid-single-digit percent of our liabilities and quite temporary. But the capacity to do more and for a longer period of time is certainly there. So any potential asset sales we do are likely to be very limited and opportunistic. It’s really important to recognize that even after we reach peak rates this cycle, we have the ability to continue expanding our net interest margin over the following years as our fixed investment portfolio rolls over. And this NIM expansion would be additive to the through-the-cycle financial formula we have delivered over the years and expect to continue moving forward. I don’t think I need to spend much time on capital return. We’ve been certainly discussing for a while our expectation for a higher level of capital return, and you saw that begin in the third quarter. Before I close, I want to pull out from some of our near-term dynamics and remind everyone about that through-the-cycle financial formula, which has worked over multiple decades, and we’d expect to continue working in the”