ds Target Rate 12% 10% 6% 6% »; R 0 25% 20% 15% 10% 5% 0% -5% o is er • 1€4 MIIIMIRecession —FF Target Rate Ohs) —ROE of S&P 500 Bafla (rlis) ~or MC Frenil Raw" Onto. Os* Figure 24: Banks ROE vs. the spread of 10 year Treasury yield - Fed Funds Target Rate 6%, • 25% 5% 4% 3%