EFTA Document EFTA01459634

8 February 2016 US Equity Insights [Figure 21: Banks NIM vs. Fed Funds Target Rate I EMAllgggg ti tteRecession - FF Tamer Rats (Ies) - Net nierest Margin ot Ali FCC Insteutons (nM) Saute FDIC ~ea' Ante" Dan:A* ~It r Figure 23: Banks MM vs. the spread of 10 year Treasury yield •- Fed Funds Target Rate 6% 5% 1 .1% EMAgggk -; ~Rea -10ye Tr.ssury Yield • FE Target Raba (es) Net Intent Margin of All FCC InstIlutorMODM Sov« PAC JAIN Illi~1{ ~Mg* f 4 6% 4.4% t 4 2% 40% 3.6% 3.6%