Chart 2

Net interest margins have become less sensitive to changes in the yield curve spread over the past 10 years.
Date (YYYYMM)	Median net interest margin for all insured institutions (percent)	Yield curve spread: 10-year Treasury yield minus effective federal funds rate (basis points)
198403	4.16	225.667
198406	4.4	264.333
198409	4.39	147.667
198412	4.25	247.667
198503	4.31	310.667
198506	4.49	289
198509	4.55	243.667
198512	4.44	165.667
198603	4.3	73
198606	4.26	68.333
198609	4.17	110
198612	4.11	99.667
198703	4.06	97.333
198706	4.14	169.333
198709	4.17	203.333
198712	4.16	220.667
198803	4.04	175.333
198806	4.1	175.333
198809	4.23	111.667
198812	4.22	48.667
198903	4.23	-23.333
198906	4.26	-95.333
198909	4.18	-97.667
198912	4.16	-70.667
199003	4.09	17.333
199006	4.18	43.333
199009	4.2	54.333
199012	4.2	65.333
199103	4.09	159
199106	4.2	226.667
199109	4.33	229.667
199112	4.31	253
199203	4.39	328
199206	4.52	360.667
199209	4.62	336
199212	4.63	370.667
199303	4.52	324
199306	4.58	299
199309	4.56	255.667
199312	4.48	261.667
199403	4.35	285.333
199406	4.5	314.333
199409	4.61	284.667
199412	4.61	267
199503	4.52	167.333
199506	4.48	60
199509	4.46	52.667
199512	4.46	17.333
199603	4.35	54.667
199606	4.43	147.667
199609	4.49	147.333
199612	4.48	106.333
199703	4.38	128.667
199706	4.48	117.333
199709	4.49	71
199712	4.45	40
199803	4.325	6.667
199806	4.35	9.667
199809	4.35	-33
199812	4.25	-19
199903	4.13	25
199906	4.23	79.333
199909	4.32	79
199912	4.33	83.333
200003	4.28	80.333
200006	4.34	-9.667
200009	4.28	-62.667
200012	4.2	-90.667
200103	4.06	-54.333
200106	4.05	94.333
200109	4.09	148.333
200112	4.12	263.667
200203	4.12	334.333
200206	4.25	335
200209	4.26	252
200212	4.16	256.333
200303	4	267
200306	3.99	237.333
200309	4	321.667
200312	4.02	329
200403	3.96	301.667
200406	3.99	359
200409	4.07	287
200412	4.09	222.333
200503	4.03	182.667
200506	4.1	121.667
200509	4.14	75.333

Source: FDIC