Fall Regulatory Summit

Internal Use Only

10-Year less Fed Funds Rate (source: Board of Governors of Federal Reserve)

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

-8.0%

Jul-78

Jul-89

Jul-00

Jul-11

Jul-22

Jan-73

Jan-84

Jan-95

Jan-06

Jan-17

Sep-76

Sep-87

Sep-98

Sep-09

Sep-20

Mar-82

Mar-93

Mar-04

Mar-15

Nov-74

Nov-85

Nov-96

Nov-07

Nov-18

May-80

May-91

May-02

May-13

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only Fed: Securities Held Outright (in millions, source: Board of Governors of Federal Reserve)

$9,000,000

$8,000,000

$7,000,000

$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0

Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23

Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023