Fall Regulatory Summit

Internal Use Only

Market’s “Expected FFR”

3/8/23

4/10/23 7/7/2023 9/1/2023

6.0%

6/7/2023 8/6/2023 9/23/2023

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

11/1/2023

1/31/2024

3/20/2024

12/13/2023

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only

10-Year Treasury Bonds (source: Board of Governors of Federal Reserve)

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5%

Jul-13

Jul-20

Jan-10

Jan-17

Jun-09

Oct-11

Sep-14

Jun-16

Oct-18

Sep-21

Jun-23

Feb-14

Feb-21

Apr-15

Apr-22

Dec-12

Dec-19

Aug-10

Mar-11

Aug-17

Mar-18

Nov-15

Nov-22

May-12

May-19

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023