38 unchanged sentences
Twelve Month Projection
−Removed: September 30, 2020
+Added: March 31, 2021
Twelve Month Projection
22 unchanged sentences
Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions, the shape of the interest yield curve, and the application and timing of various strategies.
−Removed: Interest rates are at historical lows and as such, we believe rate decrease scenarios of -100, -200 and -300 are not as relevant as Treasury rates are under 1%, except for the 30 year Treasury.
+Added: The -100, -200, and -300 basis point change in market interest rates no longer reflects viable interest rate changes as interest rates would have to go negative since the Fed Funds rate target range is set at 0.00% to 0.25%.
+Added: Until rates increase, these rate shock scenarios may not reflect what may happen to net interest income if interest rates were to go negative.
Impact of Inflation
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.