“I think you'll certainly see us continue to deploy more cash into securities, at least at some modest levels as we look forward over the next quarter.”

In context

“'ve seen over the last couple of years is that every time you have this strong reaction, either up or down in expectation for rates, that reaction tends to moderate a little bit over a pretty short period of time. And so we'll see how that plays out. Betsy Graseck: Okay. And obviously, we've had quite a bit of activity volatility on the long end of the curve. How do you think about that? And is there opportunity set for maybe pulling in some more deposits and reinvesting in securities given the slightly improved long end rates here? Mike Santomassimo: Yeah. And we've started to do that to some degree in the first quarter where we have been starting to buy some securities, mainly mortgages, given where rates and levels have been. And that's been a good trade, I think, for us so far. And so I think you'll certainly see us continue to deploy more cash into securities, at least at some modest levels as we look forward over the next quarter. Betsy Graseck: Okay, super. Thanks so much, Mike. Operator: The next question will come from Erika Najarian of UBS. Your line is open. Erika Najarian: Hi, good morning. Just to follow up on Betsy's question, on the net interest income outlook, you had a peer that had a more modest upgrade to that outlook than expected. You held firm on your NII guide. I guess to that end, as we think through whether or not there are [three cuts] (ph) or no cuts, above and beyond just marking to market, the NII to the rate curve is the implication to volumes, right? Like, you mentioned in response to Betsy's question, the client behavior. And so I guess I just wanted to understand in terms of the range of outcomes of zero, which is being talked about a couple of days ago, to -- with three embedded in your”