“Given where rates are and where they're projected to be we would expect to continue to see a lift in that yield as more of the securities are rolled over and reinvested.”

In context

“Mike Verdeschi: Mike, in terms of the securities, yes, we've seen good momentum in terms of that yield pickup. A couple of things I would say. You probably see $6-7-8 billion of cash flows coming off of that portfolio. Again, I touched on earlier how with lending that has been we've been happy to meet that client need given the pickup in economics. Within the investment portfolio, we are seeing that yield shift. We continue to allocate in a way that we've discussed before, U.S. Treasuries being the primary set of purchases. We also did some asset-backed securities as well, very high credit quality allocations, just as a means of diversification. Given where rates are and where they're projected to be we would expect to continue to see a lift in that yield as more of the securities are rolled over and reinvested. Again, if we're reinvesting less because we continue to meet lending needs such as PAL we're more than happy to do that. Meets client needs and the economics are even more favorable. Thank you for the question.”