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What changed 10-K
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
2022-03-01 compared with 2021-03-01 · 1 added, 2 removed, 38 unchanged (7% of the section changed)
2 unchanged sentences
Interest rates are partly a function of decisions by the Federal Open Market Committee (FOMC) on the target range for the federal funds rate, and these decisions are sometimes difficult to anticipate.
−Removed: In response to the pandemic, in March the FOMC lowered the range 150 basis points to 0 to 1/4 percent.
−Removed: The FOMC recently indicated that the target range will remain at this level for some time, but the FOMC is not locked into this result.
+Added: In response to the economic and financial effects of COVID-19, the FOMC reduced interest rates through 2020 and 2021 and instituted quantitative easing measures as well as domestic and global capital market support programs although the FOMC has suggested that it may take steps to raise interest rates in 2022.
In order to manage the risks associated with changes or possible changes in interest rates, we rely primarily on our asset/liability structure.
34 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.