2024 Supervisors Symposium

Internal Use Only

Fed Cuts 25bps (Nov ‘24) What Happened at the Other End of the Yield Curve When the Fed Cut Rates in Late 2024?

Fed Cuts 50bps (Sep ‘24)

9

Internal Use Only

Recessions Often Follow Fed Rate Cuts

10 12 14 16 18 20

0 2 4 6 8

Fed Funds Rate (%)

Jul-64

Jul-73

Jul-82

Jul-91

Jul-00

Jul-09

Jul-18

Jan-60

Jan-69

Jan-78

Jan-87

Jan-96

Jan-05

Jan-14

Jan-23

Oct-66

Oct-75

Oct-84

Oct-93

Oct-02

Oct-11

Oct-20

Apr-62

Apr-71

Apr-80

Apr-89

Apr-98

Apr-07

Apr-16

10