“we are just reiterating our expectation that quarter two would be the bottom for the NII in the rate cycle that we have been in. And our trajectory remains the same, the belief that our NII will begin to rise in Q3 compared to Q2 and then rise again in Q4.”

In context

“I think we'll stop there, and we'll jump into questions. Lee McEntire: All right, Alistair, Brian, I just wanted to -- I did hear some feedback that maybe the audio from the call got interrupted for a moment. So at the point at which it got interrupted, I just want to reiterate a couple of points that Alistair was making. If you go back to slide nine, where I think we lost the audio, was where we started beginning a discussion about the performance from Q1 to Q2 of net interest income. That was driven by higher funding costs and the rotation of deposits seeking higher yield alternatives. And while higher again in Q2, both the rotation and the rate paid increases did continue to slow down. On the slide 10, I think the only points that I would make that Alistair began to discuss there was, we are just reiterating our expectation that quarter two would be the bottom for the NII in the rate cycle that we have been in. And our trajectory remains the same, the belief that our NII will begin to rise in Q3 compared to Q2 and then rise again in Q4. We provided the range of expectations that Alistair covered. And we expect Q4 NII to be around the $14.5 billion level, plus or minus. That would be approximately 4% to 5% higher than this quarter's NII. And he began that discussion by making sure that you know that we pick up an extra day of net interest income in the Q3, providing about $125 million of additional NII that also carries through into Q4. You see that on the slide. It also assumes that the current forward curve will materialize. That says that interest rate cuts will start in September. We will expect another one in November and December in the curve. And the waterfall includes an estimated impact of those rates to quarterly net interest income. And so then we started the discussion. He began the discussion on the fixed ass”