Deputy Seminar, Chicago, IL

Net Interest Margin and Federal Funds Rate

3.80%

4.00%

3.69%

3.66%

3.70%

3.50%

3.64%

3.56%

3.60%

3.00%

3.50%

2.50%

3.40%

3.36%

3.40%

2.00%

1.75%

3.30%

1.50%

1.50%

3.20%

1.00%

0.75%

0.50%

3.10%

3.10%

0.50%

0.25%

0.25%

0.25%

3.00%

0.00%

2012

2013

2014

2015

2016

2017

2018Q1

NIM (Left Axis)

FF Rate (Right Axis)

Figure—16