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|  | **FYI: An Update on Emerging Issues in Banking**Subscribe    Unsubscribe
**What        the Yield Curve Does (and Doesn’t) Tell Us**
February 22, 2006 
Historically, the           yield curve spread, or the difference between short-term and long-term        interest rates, has had some predictive power for the performance of          the  U.S. economy and banking industry. In the past, a narrowing, or          flattening,        of the spread has tended to foretell both slower economic growth and          increased  pressure on bank earnings. Furthermore, the yield curve          generally has          *inverted*—a condition where short-term rates exceed          long-term rates—up to two years ahead of a recession. Based on this          historical context,          the        flattening in the yield curve since mid-2004 has been on the minds of          many  economists and banking analysts. Sometimes, however, the yield          curve flattens        or inverts for reasons that may not necessarily foreshadow slower economic           growth.

The shape of the yield curve spread also has held implications for bank margins and profits. Historically, bank net interest margins have tended to decline one to two quarters after a decline in the yield curve spread. While many banks have found ways of reducing their sensitivity to changes in yield curve spreads in recent years, the largest banks have seen their margins squeezed substantially by the recent flattening in the yield curve. And although smaller banks have been less affected so far, the earnings of all lenders will likely be affected should the yield curve remain flat for several more quarters. This issue of *FYI* examines the historical relationships of the yield curve with economic growth and how changes in the spread have affected banks.

**The        Yield Curve and the U.S. Economy**A        yield  curve is simply a graph depicting the yields of similar debt instruments        of differing maturities. There are many yield curves and many ways of         measuring the difference, or spread, in short- and long-term interest        rates along these curves. A common measure of this difference is the        spread  between the federal funds rate, which is set by the Federal Reserve        and        used in pricing overnight interbank loans, and the 10-year Treasury note         yield, which is linked to the pricing of traditional fixed-rate mortgages.        Two other common measures of the spread take the difference between 3-month         and 10-year Treasury yields or the difference between 2-year and 10-year        Treasury yields. Some research indicates that calculating spreads using         very short-term rates, such as the federal funds rate or 3-month Treasury        yield, is a more useful indicator of future economic activity than using         a 2-year Treasury yield as a short-term rate.1        In keeping with this prior research, we will focus on the spread between         the federal funds rate and the 10-year Treasury yield when measuring        the      shape of the yield curve. 

***Inverted               Yield Curves Sometimes Precede Recessions***Historically, the           shape of the yield curve has been a useful leading indicator of economic          growth. For instance, the beginning of a recession has seldom followed           a period with a steep (positively sloped) yield curve within two years          (see Chart 1). In fact, during months in which the spread has measured           at least 200 basis points (2 percentage points), a recession has ensued          within two years only 5 percent of the time. The shape of the yield           curve has also told us when recessions may be more likely. In Chart          1, we see that the yield curve has inverted significantly, or by at           least 100 basis points, within two years prior to each of the past          six      recessions. 

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However, the slope             of the yield curve does not have a perfect track record when it            comes          to foretelling the future. Chart 1 shows that the yield curve did not             invert before the two recessions that occurred in the late 1950s            and          early 1960s, a period when long-term yields were exceptionally low,             as they are today. The inverted yield curve during 1966, the near-inversions          in both 1987 and 1995, and the inversion in 1998 are also examples            of  inaccurate growth signals. Surging job growth and falling unemployment          contributed to a spike in inflation in 1966. As the Federal Reserve             decreased money supply growth in response, the effective federal            funds          rate rose and the yield curve inverted briefly between mid-1966 and             early 1967. The near-inversion in 1987 occurred during the stock            market          crash that year, known as Black Monday. The near-inversion during the             mid-1990s reflected an economic soft patch that followed a 3 percentage          point increase in the federal funds rate over a 13-month period. And,             the inversion in 1998 came during the financial market turmoil surrounding          the collapse at Long-Term Capital Management. These episodes passed             without any recession beginning in the next two years. What this            tells          us is that a flattening yield curve may be a necessary, but not a sufficient,             condition for recession. 

***The               Yield Curve Can Invert for Reasons Not Related to Future Economic              Growth***While inversions           of the yield curve spread generally precede a recession, the yield          curve          can also invert for reasons not related to slower economic growth.          Historically,  short- and long-term yields tended to move in the same          direction, but          since the 1990s this relationship has been disappearing. More recently,           between June 2004 and January 2006, the Federal Reserve gradually          increased          its target federal funds rate by 350 basis points, from 1 percent to           4.5 percent.2 Yet over the same period,            10-year Treasury yields fell from 4.7 percent to 4.5 percent, which          resulted in a pronounced flattening of the yield curve (see Chart 1).            The relatively stable and low level of long-term interest rates in           the          presence of strong economic growth and rising short-term interest rates            has been somewhat of a mystery to economists, even prompting former          Federal Reserve Chairman Alan Greenspan to famously label their behavior            a "conundrum."3 Several            explanations  have been suggested for the flattening of the yield            curve during the      past two years.
**Low                 Term Premium**First,             some have speculated that increased stability in global financial            markets has resulted in a low term premium. The term premium is the             additional yield required by investors for purchasing long-term            securities.            To compensate for the fact that an investor is exposed to more risks             over a 10-year investment horizon relative to a 3-month investment            horizon, yields on longer-dated securities tend to be greater than             the yields on similar, but shorter-dated, securities. Research by            the Federal Reserve indicates that investors may have become more             willing to invest long term in recent years, perhaps encouraged            by            recent stability in economic conditions and financial markets.4            Alternatively, financial market innovations such as derivatives may             provide investors the means to reduce long-term investment risk.            As            a result, increased demand for long-term securities has            caused  yields on these securities to fall.
**Low                 Inflation Expectations**Second, the flatness             of the yield curve could be due to the easing of long-term inflation            expectations, which are an important component of the term premium.             Since inflation erodes the future value of an investment, investors            require an inflation premium in the form of higher long-term interest             rates to compensate for this lost value. However, according to the            Philadelphia Fed survey of professional economic forecasters, long-term             inflation expectations have steadily declined over the past 10 years.            If market participants expect inflation to remain low in the future,             then they will require a lower inflation premium to compensate them            for future inflation.
**Demand                 from Foreign Central Banks****Third,             foreign central banks have continued to maintain strong demand for            U.S. securities, especially long-term Treasuries. Central banks in             Japan, China, and Europe have been major purchasers of Treasuries            and have generally purchased Treasury notes and bonds rather than             short-term bills.5 For example,             at  the end of 1999, China held $52 billion worth of U.S. Treasury             securities.            By November 2005, China’s holdings of these securities totaled             $250 billion, an increase of nearly 400 percent. Similarly, Japan            increased its holdings from $320 billion at year-end 1999 to $682             billion by November 2005. Central banks in many large European countries            also have increased their holdings of U.S. Treasury securities. This             steady source of demand has, by supporting the price of Treasury            securities,            kept a lid on long-term interest rates.
**Investment                 Activities by Pension Funds and Hedge Funds****Fourth,             investment activities by pension funds and hedge funds could be            depressing            long-term yields. Pension funds across the United States and Europe             have increasingly sought to match the durations of their liabilities            with their assets.6 Given the long             durations of pension liabilities, many funds have sought to invest            in long-term Treasury bonds to better match the timing of their future             liabilities. Hedging and investment activities by funds and corporations            have tended to flatten the yield curve as well. For example, many             hedge funds may take positions in long-term U.S. Treasury securities            in order to execute investment strategies, thus generating extra            demand.7

Although these explanations clarify why long-term interest rates              have  remained comparatively low, their influence is hard to isolate              from              investor concerns about a possible slowdown in economic growth. It               is important to understand the reasons why the yield curve flattens            or inverts so that we can fully grasp its predictive power as a leading               economic indicator. Because of our uncertainty, it is essential              to              view the yield curve in conjunction with other economic and financial               statistics to avoid misreading the tea leaves. At this time, other            leading economic indicators are not raising recession concerns.8

**The        Yield Curve and Banks**Just as the yield        curve is not a perfect indicator of future economic growth, it also does        not        provide perfect foresight as to how bank net interest margins (NIMs)        and earnings will fluctuate. The traditional view of the banking business        holds that banks pay interest on their deposits based upon shorter-term        interest rates while making loans tied to longer-term interest rates.        Thus, the difference between interest paid and received—the margin—should        be influenced by the slope of the yield curve. There is some empirical        support for this view. For instance, Chart 2 shows that, until recently,        overall bank NIM declined over a period of three to six months following        a drop in the yield curve spread. 

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The fairly          tight correlation between changes in the yield curve and NIMs, however,          generally held true only through the mid-1990s. It has weakened since          then. The correlation between changes in the yield curve        spread and bank NIMs with a two-quarter lag was 70 percent between 1984          and 1994. Since 1994, the correlation has fallen to negative 17 percent,          suggesting that there has been very little systematic relationship          between        NIMs and changes in the yield curve spread over the past decade. For          example, since the yield curve began to flatten during mid-2004, NIMs          at FDIC-insured        institutions have risen from just under 4.00 percent to 4.14 percent          in third quarter 2005.

Some analysts          assert that bank earnings have become less sensitive to changes in          the        slope of the yield curve. Recent FDIC research finds that banks react          differently to changes in interest rates based on their asset size          and        their ability to offer various types of customer products.9        International research supports this finding. Banks in major industrialized         countries have become better able to shield themselves against adverse        changes in the slope of the yield curve over time.10        As a result, the yield curve appears to have lost some of its usefulness         as an indicator of the banking industry’s overall health and profitability.

***Large          Bank Net Interest Margins Have Been Squeezed by the Flat Yield Curve***A flat or inverted yield curve spread          can impact individual banks in different ways. For example, looking          at Chart 3, we can see that median NIMs have behaved differently based          on bank size. Since mid-2004, the median NIM for banks with total assets          over $10 billion has fallen in tandem with the flattening yield curve,          while those for institutions with total assets under $10 billion have          increased. But why have only the largest banks responded in typical          fashion to a flatter yield curve? Chart 4 adds some insight to this          disparity. The median yield on assets at banks exceeding $10 billion          in size has consistently been about 50 basis points below that of smaller          banks since 2004. At the same time, the relative cost of funding those          assets at the largest banks has risen faster over the same period. As          a result, median large bank NIMs have been compressed relative to their          smaller peers. These two aspects are discussed in more detail below.      

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**Yields            on Assets Have Been Lower for Large Banks****In            2000, banks in varying size groups had similar median asset yields,            but the rate of decline in asset yields between 2001 and 2003 was            the greatest for the largest institutions. Further, these large institutions            have been slow to close the resulting gap since yields began to rise            again in 2004. This may be due to the fact that larger banks have            a different asset composition than smaller banks. For example, large            banks tend to have higher concentrations of commercial and industrial            (C&I) loans and credit card receivables. The C&I lending environment,            especially for large loans exceeding $1 million, has been very competitive            in recent years.11 Not only do banks            compete against other banks, but they also compete against capital            markets, which have become a popular source of funding for corporations.            Lending standards, and particularly the rates charged on business            loans, have generally fallen because of this highly competitive environment.            In addition, many corporations have experienced increases in their            cash balances in recent years, creating less incentive to reach out            to banks for financing. This strong corporate cash position has weighed            on C&I loan growth. Thus, it is likely that weaker pricing and            volume growth have together caused the median asset yield at large            commercial lenders to lag behind that of their smaller peers. 
**Funding            Costs Have Risen More Quickly for Large Banks****The second factor that explains why large            and small bank NIMs have behaved differently concerns the cost of            funding assets. Chart 4 indicates that funding costs at large banks            were below that of small banks between 2001 and 2003. However, since            early 2004, funding costs at large banks have risen much faster relative            to small banks. Large banks have a greater reliance on overnight and            wholesale funding than smaller banks. These funds tend to reprice            faster than longer-term deposits, such as certificates of deposit            and money market accounts, when short-term interest rates rise. As            a result, smaller institutions may be able to reprice their deposits            at a slower rate relative to larger institutions, thus preserving            (and even boosting) their margins, at least for a time.

***Banks          Have Reduced Their Exposure to Changes in the Yield Curve***Major          changes in the past two decades have greatly reduced the effect of shifts          in the yield curve on banks. Changing banking regulations, product differentiation,          new asset/liability management practices, and increased use of non-interest-bearing          funding sources have helped financial institutions mitigate the yield          curve’s effects on profits. 
**Changing                 Banking Regulations Have Allowed Banks to Find New Sources of                Income****During             the 1980s, the banking industry went through a series of structural            changes that had meaningful economic and financial impacts.12            The Depository Institutions and Deregulation and Monetary Control             Act of 1980 allowed banks to pay interest on time and savings deposits,            expanded lending and investment powers for institutions, and removed             restrictions on statewide banking. In 1982, the Garn–St. Germain              Depository Institutions Act increased loan limits and removed restrictions            on the ability of national banks to make real estate loans. Interstate              banking and interstate branching were fully adopted through the             Riegle-Neal            Interstate Banking and Branching Efficiency Act of 1994. More recently,              the Gramm-Leach-Bliley Act of 1999 removed restrictions on the             mergers            of banks, insurance companies, and brokerages. Together, these changes              allowed banks to develop a vast array of customer products beyond            traditional lending services. As a result, the makeup of bank revenues              has changed since the 1980s (see Table 1). Non-interest income             has            become a larger factor in total income, especially since 1990. The              importance of non-interest income has been more noticeable for             larger            banks with assets exceeding $1 billion.
Table         1**Non-interest           income has become a more important source of earnings, especially          for larger      banks.** Ratio         = Non-Interest Income / (Non-Interest Income + Interest Income)Bank         Size 19851990199520002005Under      $100 Million5.2%5.7%7.3%6.7%9.1%$100 million         to $1 billion6.4%5.8%8.1%7.9%10.8%$1 billion         to $10 billion8.9%9.4%12.8%10.8%14.1%Over $10         billion9.7%11.9%17.9%19.8%25.1%Ratio is year-end median data        for each asset size group.      Source:FDIC 
**Product                 Differentiation Has Allowed Banks of All Sizes to Increase Non-Interest            Income****            Although the largest banks have traditionally benefited most from             non-interest income, this trend may be changing.  Increased telecommunication            speeds and the development            of new information technologies have reduced the cost of offering             new products to customers for banks of all sizes. These technologies            also allow bankers to maximize fee-based revenues across a diverse             customer base. In recent years,            smaller banks have increasingly sought to diversify into non-traditional             banking services. In part because of cheaper and better technologies,            some small- and medium-sized lenders have expanded their product            mix  to include insurance and investment activities, further diversifying            their sources of non-interest income. 
**New                 Asset/Liability Management Techniques Have Helped Reduce the                Risks            of Changes in the Yield Curve Spread****On             top of an increased reliance on fee and other non-interest income,            banks have additional means to reduce the impact of yield curve changes             on profits. For example, many banks, especially the large ones,            have            been able to hedge their interest rate exposure by using derivatives             such as interest rate swaps.13 Banks              have also been able to reduce the effect of interest rate moves             by            directly selling their fixed-rate loans to investors or by securitizing              the loans into financial instruments such as mortgage-backed securities.            Further, banks have been able to more narrowly adjust the costs and              durations of deposits and loans. Federal Home Loan Bank advances             have            provided banks a flexible source of fixed-rate funding with average              durations exceeding that of their core deposits. Access to these             alternative            funding sources has helped insulate bank funding from interest rate              shifts, as traditional deposits may be more exposed to the risks             of            short-term interest rate volatility. On the asset side, banks have              been increasingly offering variable-rate loans, such as adjustable-rate            mortgages (ARMs), where in the past they may have only offered loans              tied to a long-term fixed rate. Since ARMs reprice faster than             traditional            fixed-rate mortgages, NIMs may not contract by as much as they otherwise              would when the yield curve flattens. 
**Use                 of Non-Interest-Bearing Liabilities Has Helped Support Net Interest            Margins****Finally,             greater use of non-interest-bearing funding sources, such as demand            deposits and equity, may be supporting NIMs. Chart 5 divides NIM            into  two separate components to help explain why margins have risen            despite            a flattening yield curve.14 The            first  component, the NIM on interest-bearing liabilities, is the            net return            on assets funded by interest-bearing liabilities (for example, certificates             of deposits and money market accounts). In essence, this component            represents the traditional view of the banking business. Since 2001,             the NIM on interest-bearing liabilities has steadily weighed on            net            interest margins as the spread between the prices paid on liabilities             and the yield received on assets narrowed. 
The               second component of NIM, the NIM on non-interest-bearing liabilities,            is the net return on assets funded by non-interest liabilities (for               example, equity and demand deposits). Because            market rates on assets increased and these liabilities carried no               explicit interest cost, this component helped to offset the reduction            in overall NIMs resulting from the first component. Thus, banks may               have been able to offset at least some of the compression in the              total            NIM by funding more of their assets through non-interest-bearing              liabilities.  In particular, corporate demand deposits that would              normally be swept            into interest-bearing, non-deposit investments have accumulated on               bank balance sheets during a period of historically low short-term            interest rates. But as is evident in the scales of the two charts,               the overall industry impact has been small. The share of NIM tied            to non-interest-bearing liabilities has only risen to 24 percent,               from 18 percent in 2003, accounting for an increase in NIMs of              only            17 basis points versus a drop of 26 basis points in the NIM associated               with interest-bearing liabilities.
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**Conclusion**History suggests that the odds of recession increase        when the yield curve spread flattens or becomes inverted. But past recessions        only occurred with a high frequency after the curve inverted by a significant        amount for a sustained period of time. Further, the yield curve spread        can invert for reasons other than the possibility of slower economic growth.        We have presented some of these possible explanations, which include expectations        of lower long-term inflation, a recent reduction in the term premium,        strong demand for longer-term debt by foreign central banks, and investment        activities by pension and hedge funds. As a result, the flat yield curve        spread may not be signaling increased odds of a recession at present.        By the same token, the structural forces holding long-term interest rates        down may be with us for some time, even as the cyclical increase in short-term        rates subsides. The presence of these structural forces suggests that      a flat yield curve could persist for some time.

Similarly        for banks, flat or inverted yield curves have historically been associated        with narrowing NIMs and lower earnings. Many smaller banks thus far have        been able to insulate themselves from changes in the yield curve spread,        because they have only slowly raised the interest rates they pay on their        liabilities. In contrast, the largest banks have seen their liability        costs rise more rapidly, while at the same time their asset yields have        lagged those for smaller banks. This situation has resulted in a classic        margin squeeze for the largest banks as the yield curve has flattened.        Even so, it may be just a matter of time before margins for smaller banks        begin to be squeezed, especially if the flat yield curve persists. Regardless        of the slope of the existing yield curve—positive, flat, or negative—bankers        will benefit from strategies designed to cope with the uncertainty of        changing interest rates.

**Endnotes**

1        Arturo Estrella and F.S. Mishkin, “Predicting U.S. Recessions: Financial        Variables as Leading Indicators,” Review of Economics and Statistics,        February 1998. Also see: Arturo Estrella, “The        Yield Curve as a Leading Indicator: Frequently Asked Questions,”        October 2005.

2        Statements from the Federal Open Market Committee indicate that the committee        began to raise its target interest rate in June 2004 to remove accommodative        monetary policy. See: http://www.federalreserve.gov/fomc/.        

3        Testimony of Alan Greenspan, Federal        Reserve Board's Semiannual Monetary Policy Report to the Congress,        February 16, 2005.

4        Testimony of Alan Greenspan, Federal        Reserve Board's Semiannual Monetary Policy Report to the Congress,        July 20, 2005.

5        U.S. Treasury, Treasury International Capital System (TIC) data.

6        “U.K. 50-Year Borrowing Cost to Fall on Pension Demand,” Bloomberg,        December 5, 2005.

7        This extra demand is evidenced by strong demand of U.S. Treasuries by        Caribbean banking centers, which some analysts believe largely consist        of offshore hedge funds. Some of these hedge funds may be engaging in        the carry trade, which involves taking a long position in a long-term        Treasury security while simultaneously taking a short position in a short-term        Treasury security.

8        For example, the Economic Cycle Research Institute’s weekly leading        index moved higher in January, and the Index of Leading Economic Indicators,        which includes the yield curve spread as one of its components, was not        signaling recession in late 2005.

9        Furthermore, bank earnings are more sensitive to changes in credit conditions        than to changes in interest rates. See: Gerald Hanweck and Lisa H. Ryu,        “The        Sensitivity of Bank Net Interest Margins and Profitability to Credit,        Interest-Rate, and Term-Structure Shocks across Bank Product Specializations,”        Federal Deposit Insurance Corporation, Working Paper 05-02, January 2005.

10        For example, banks have adopted new ways of selecting assets and liabilities,             modifying the manner in which they set rates on core deposits and            retail        loans, and engaging in hedging activities. See: William B. English, “Interest         Rate Risk and Bank Net Interest Margins - PDF,” Bank of International          Settlements Quarterly Review, December 2002.    836k (PDF Help) 

11        See: Federal Reserve, Senior        Loan Officer Opinion Survey on Bank Lending Practices, October 2004.

12History        of the 1980s – Lessons for the Future, Vol. I, Federal Deposit        Insurance Corporation, December 1997. 

13        While almost 900 institutions report holdings of derivatives, the vast        majority of these holdings are at banks with assets over $10 billion.        See: FDIC        Quarterly Banking Profile, Federal Deposit Insurance Corporation,        Third Quarter 2005.

14        This analysis updates work originally published in: “Profits and        Balance Sheet Developments at U.S. Commercial Banks in 2003,” Federal        Reserve, Federal Reserve Bulletin, Spring 2004.
**About      the Author**Nathan      Powell is a Financial Economist in the Economic Analysis Section of the      Division of Insurance and Research, FDIC.**Comments      and Inquiries**Send      comments or questions on the *FYI* to Norm Williams [email protected]      Send feedback and technical questions about the *FYI* series to:[email protected]      All media inquiries should be addressed to: David Barr, FDIC Office of Public      Affairs, [email protected]**About      *FYI****FYI*      is an electronic bulletin summarizing current information about the trends      that are driving change in the banking industry, plus links to the wide      array of other FDIC publications and data tools. **Disclaimer**The views      expressed in *FYI* are those of the authors and do not necessarily      reflect official positions of the Federal Deposit Insurance Corporation.      Some of the information used in the preparation of this publication was      obtained from publicly available sources that are considered reliable. However,      the use of this information does not constitute an endorsement of its accuracy      by the Federal Deposit Insurance Corporation.FYI      Home    Subscribe    Unsubscribe |
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|  | Last Updated	02/22/2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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