“From here, the path of rates, if you look at the forwards is, of course, rates heading lower. We tend to pick up cash in that environment, how much remains to be seen.”

In context

“rters here? Because obviously, it's a pretty important component to the overall earnings growth profile. Michael Verdeschi: Alex, thank you for the question. As we've said, we've looked at deposits this year, and we're seeing really that normal environment play out. In that normal environment means you're seeing us attract deposits just from the core growth, of course, where -- as we're growing net new assets, a component of that is going to be in cash. We typically see seasonality, of course, as well. And so that's played out from quarter-to-quarter. And then, of course, client sentiment plays a big part in that as well, where early in the year, you saw a more pronounced selling and then subsequent months, cash going back into the market as clients began to continue to engage and invest. From here, the path of rates, if you look at the forwards is, of course, rates heading lower. We tend to pick up cash in that environment, how much remains to be seen. But we feel really good about what we've seen this year. Cash still operating in that normal environment, again, with an ability to pick up cash as rates begin to trend lower from here. So we think that will be supportive of continued strong earnings as we go into next year and conduct activity throughout the year. Operator: Our next question comes from Ken Worthington with JPMorgan. Kenneth Worthington: Are you looking at crypto as a driver of near-term profit? Or is crypto really about bringing in the next generation of future Schwab investors? And to what extent is aggressive pricing below the level of competitors like Coinbase and Robinhood, a factor that you're using to drive crypto clients to Schwab? Richard Wurster: Ken, great to hear from you, and thanks for the question. First, w”