“Regarding NIM, we still feel good about the ability to expand NIM.”

In context

“ilitate that. Operator: Our next question comes from Devin Ryan with Citizens Bank. Devin Ryan: Would love to just unpack the NIM commentary a bit on the year. I appreciate there's a lot of moving parts here and market expectations are kind of moving day-to-day. But just curious, does it imply faster supplemental pay down of transactional cash builds here with volatility, does it reflect changes in margin utilization? It just seems like the balance sheet is actually performing a bit better than we had modeled at least at the beginning of the year. So it would just be great to just get some thoughts on that. And then just also just more broadly, if Fed funds do drop faster than maybe the market baked in the year or some of the other areas in the model that might flex a bit? Mike Verdeschi: Regarding NIM, we still feel good about the ability to expand NIM. And of course, the interest rate environment is evolving. As I mentioned in my prepared remarks, when we came into the year in our financial scenario, we assumed one cut in May and now the market is as much as four cuts over the course of the year. So when you take some of the puts and takes here, you're right, the pickup in cash, we performed a little bit better in cash that's enabled a faster reduction of supplemental borrowings. Of course, that could continue over the course of the year, remains to be seen how the environment evolves. So that's a tailwind. Of course, the headwind is the fact that we are still asset sensitive and therefore, in a lower rate environment on those floating rate assets do reset lower. But putting that all together, we still feel very good about the ability t”