photo from“The suppression of interest rates at close to zero for most of the last two years has also boosted banks’ income, enabling them to borrow money at almost no cost and lend at higher rates.”

“Bank Bailout Returns 8.2% Beating Treasury Yields”

as per the previous cycle, 1991:
“The fall in short-term interest rates puts the yield curve back into its usual territory, short rates below the long bond. Borrowing short to lend long puts the US banks back into profit.”

Quoting from James Grant, The Trouble with Prosperity, p.184:

“Borrowing at a low rate, an investor was able to earn a slightly higher rate
… For $10 million down, a well-to-do speculator was able to purchase $500
million of two year Treasury notes. His or her bank would lend the $490
million difference. The cost of the loan was 5.125 percent. The yield on the
notes was 5.89 percent. The difference between the yield and the cost
worked out to approximately $4 million per annum. Thus, the rate of return
on the speculator’s down payment amounted to approximately 40 percent.”

The Secret Life of Real Estate and Banking, pp 298 / 299: