第九期【屹立不倒的摩根大通】

DAY 18 答案及原文

「答案」

（1）58-60

（2）offset re-priced

（3）C

「聽力錄音」

「聽力原文」

Saul: Hey. Good morning. Couple of questions. First, on the NII outlook beyond this year and I fully appreciate you're not giving guidance beyond this year, but you do have the guidance from Investor Day out there of a sustainable NII of $58 billion to $60 billion that was said in a very, very different rate environment. If we were to see multiple rate cuts, how do we think about that guidance? And I mean what are some of the moving parts that might get you perhaps to the lower-end of that $58 billion to $60 billion? Is it simply dependent on how the economy responds, deposit pricing? If you can just kind of outline what you think some of those moving parts are.

嘿早上好。幾個問題首先，關於今年之後的淨利潤收入展望，我非常感謝你沒有給出今年之後的指導，但你確實有投資者日的指導，在一個非常非常不同的利率環境中，可持續的淨利潤收入為580億至600億美元。如果我們看到多次降息，我們如何看待這一指導？我的意思是，哪些活動部分可能會讓你達到580億到600億美元的低端這僅僅取決於經濟的反應，存款定價嗎？如果你能大致勾勒出你認為那些運動的部分是什麼。

Jennifer: Sure. So, (1) the guidance we gave at Investor Day, steady-state $58 billion to $60 billion, I would say largely still stands. (2) Importantly, because when we talked about that at Investor Day, we weren't assuming any further benefit from rates. So, we were assuming that any incremental increases in rates would be offset and re-priced. And so, the majority of that growth was going to come from balance sheet growth and mix.

當然所以，我們在投資者日給出的指導，穩定的580億到600億美元，我認為基本上仍然有效。重要的是，當我們在投資者日討論這一點時，我們並不認為利率會帶來任何進一步的好處因此，我們假設利率的增量增長將被抵消並重新定價。因此，增長的大部分將來自資產負債表的增長和組合。

And if you remember the slide, there were a number of arrows on the slide. Even at that time, which was obviously a different rate environment, we were implying that there were a number of different paths to get there. And so, that obviously continues to be true. And so, there may be a different path to get there. (3) It may take a little bit longer, but we still believe in that steady-state number, because we still believe in the growth of the franchise.

如果你還記得幻燈片，幻燈片上有很多箭頭即使在當時，這顯然是一個不同的速率環境，我們暗示有許多不同的路徑可以到達那裡。所以，這顯然仍然是事實所以，可能會有不同的途徑。這可能需要更長的時間，但我們仍然相信這個穩定的數字，因為我們仍然相信特許經營權的增長。

注意：原文下劃線部分為答案出處