2016 was the year when, in the aftermath of the Fed’s first tightening cycle in a decade, the yield curve was supposed to not only rise substantially but also steepen, providing a much needed NIM arbitrage for commercial banks. That has not only not happened, but as a result of the Fed’s relent according to which the Fed will no longer hike 4 times in 2016 but at peast 2, and according to the market 0, yields have tumbled.