The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: And I apologize in advance as it feels like everyone's asking the same question, but I think it's important for your investors to have clarity. Mike, just
on the net interest income trajectory, I apologize that we're asking you to spoon-feed it to us. I'm sure everybody could model it later, but investors
are really thinking about what the exit rate for the fourth quarter will be and potentially overlay your net interest income sensitivity that you
disclosed in your Q, which at down 100, just down 70 basis points would imply pretty good stability from fourth quarter levels.
So I guess I'm wondering from the [3, 6, 7, 9], what is the range of NII outcomes that you expect for the fourth quarter? And do you agree with that
notion that if the Fed does cut 100 basis points, which a lot of investors are putting in their models, there is going to be relative stability in terms
of your net interest income power next year?
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: And within your guide -- go ahead, Bill.
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Got it. And just a follow-up question, and then I'll step aside. Mike, I guess, let me ask it a different way, within the down or up 1% to 2% in terms
of adjusted revenue, what is the NII outlook there -- embedded there?
|
