“we expect to continue to expand net interest margin in 2025.”

In context

“ntinue to make progress in building of our balance sheet cash and anticipate that as we move forward taking into account the seasonality that Mike previously referenced. Mike, let me turn it over to you for NIM. Michael Verdeschi: Thank you, Walt. And sure, there’s been a lot of focus on NIM. And that previous outlook of NIM approaching 3% by the end of 2025, that endpoint, December ‘25, if you will, that was informed by a rate path from earlier in the year that was much higher than the rate path that we see in, say, today’s dot plot. So, it’s reasonable to expect with that much lower expected rate trajectory for NIM to be modestly below that approaching 3% level that we talked about for the end of 2025. But what’s important to convey is that even in that lower expectation for rates, that we expect to continue to expand net interest margin in 2025. And a key driver of that is going to be our confidence in making that sustained progress in reducing that high cost supplemental funding at the bank. And so, what we’re talking about for fourth quarter is NIM into the well into the 220s and importantly, further meaningful expansion in 2025 as well. Now, we’ll be back in January as we typically do with the financial scenario at that time. Between now and then, we have two more FOMC meetings, where the outcome of those meetings still remains uncertain in terms of their decisioning. So we’ll have more information between now and January when we’ll come back to you and talk more about NIM at that time. Jeff Edwards: Great. Thanks. Operator, I think we have time for one final question. Operator: And for our last question, we’ll go to the line”