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

「听力录音」

「听力原文」

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。几个问题首先，关于今年之后的净利润收入展望，我非常感谢你没有给出今年之后的指导，但你确实有投资者日的指导，在一个非常非常不同的利率环境中，可持续的净利润收入为580亿至600亿美元。如果我们看到多次降息，我们如何看待这一指导？我的意思是，哪些活动部分可能会让你达到580亿到600亿美元的低端这仅仅取决于经济的反应，存款定价吗？如果你能大致勾勒出你认为那些运动的部分是什么。

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.

当然所以，我们在投资者日给出的指导，稳定的580亿到600亿美元，我认为基本上仍然有效。重要的是，当我们在投资者日讨论这一点时，我们并不认为利率会带来任何进一步的好处因此，我们假设利率的增量增长将被抵消并重新定价。因此，增长的大部分将来自资产负债表的增长和组合。

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.

如果你还记得幻灯片，幻灯片上有很多箭头即使在当时，这显然是一个不同的速率环境，我们暗示有许多不同的路径可以到达那里。所以，这显然仍然是事实所以，可能会有不同的途径。这可能需要更长的时间，但我们仍然相信这个稳定的数字，因为我们仍然相信特许经营权的增长。

注意：原文下划线部分为答案出处