DIC ~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% 1 3.4% —1 3.2% 0% 3.0% .1%