“But at some point soon, that will start to -- we would expect that to stabilize, but we'll see exactly where it does.”

In context

“what's the long-term normalization level for non-interest-bearing deposits as you look out over the 12-month horizon? Assuming rates do not go up, we have stable rates, maybe they come down a little bit? Mike Santomassimo: Yeah. Look, I mean, it's a hard thing to say with a whole lot of certainty, Gerard, in terms of exactly where it's going to stabilize. It will stabilize at some point, particularly as you look at the underlying mix of the consumer deposit base, right? A good chunk of our consumer deposits are in accounts less than [2.50] (ph). They are generally operating accounts for a lot of people, and so this thing will stabilize as we go. But as you've seen, we've had some pretty consistent, plus or minus a little bit, each quarter as we've gone through the last number of quarters. But at some point soon, that will start to -- we would expect that to stabilize, but we'll see exactly where it does. Gerard Cassidy: And is it fair to assume that the rate of change in the deposit betas is declining, where eventually those deposit betas flatten out as well? Mike Santomassimo: Yeah. Once you start seeing more stabilization in the mix, that's when you'll see deposit costs on the consumer side stabilize, right? Because what you're seeing now is people -- as I mentioned earlier, people are spending money in their checking account, low interest cost for us. And then you're seeing growth in CDs and some of the savings accounts, which are higher cost. And that mix shift will stabilize. It's very related to your first question around non-interest-bearing, right? Once -- they're kind of related together, right? Once you get to sort of that core operating balance in people's accounts, then that's”