“And I think the other thing is, over time, as the cuts happen, then that implies a more upward sloping curve, which should help us in our trajectory going forward as well.”

In context

“thinking about the next several quarters here, does NIM expand further as rates continue to cut-down -- come down, or is there a catch-up on the asset side that we should be skewing to? John Stern: Yeah. I think broadly speaking, rate cuts are a positive thing for us in the sense that we're able -- we have a deposit base that's conducive really to cuts. We have the ability, as you know, we have 50% of our deposit base is institutional and 50% is retail. We're able to cut institutional rates fairly quickly. And so the beta for this particular juncture was around that, I'll call it, 30% area for this particular cut, and we expect that to continue to migrate closer to or up to -- just north of 50% as we kind of get through the cycle and that sort of thing. And so that's going to be helpful. And I think the other thing is, over time, as the cuts happen, then that implies a more upward sloping curve, which should help us in our trajectory going forward as well. So, those are the two pieces that I would point to. Betsy Graseck: Right. And the 30% and 50% that's on total IB deposits or total deposits, what's your denominator? John Stern: Total IB, total interest-bearing deposits. Yeah. Betsy Graseck: Yeah. Super. Thanks so much. John Stern: You bet, Betsy. Operator: Your next question comes from Erika Najarian from UBS. Your line is now open. Erika Najarian: Hi, good morning. Just a few follow-up questions. First, on John's previous question. Operator: Sorry, Erika, can you just -- we're having a hard time hearing you. Erika Najarian: Can you hear me better now? Andy Cecere: Yeah, that's better. Thank you. Erika Najarian: Okay. Sorry about that. Just wanted to follow-up on John's question. You mentioned $10 billion of notional was sold. Could you”