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\usepackage[labelsep=period,labelfont=bf]{caption}
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\begin{document}
	\begin{figure}[tbph]
		\caption{Response of 2-Year Emerging Market Yield to U.S. Monetary Policy Surprises} \label{fig:LPEM2Y}
		\begin{center}
			\begin{minipage}{\linewidth}
				\begin{center}
					\begin{subfigure}[t]{\linewidth}
						\includegraphics[trim={0cm 0cm 0cm 0cm},clip,height=0.24\textheight,width=\linewidth]{../Figures/LPs/LagDep-FX/Target/EM/TargetEMnomyptpphi24m.eps} \\
						\vspace{-0.35cm}
						\caption{Target Surprise: 2000-2008} \label{subfig:LPEM2Ytarget}
						\vspace{0.4cm}
					\end{subfigure}
					
					\begin{subfigure}[t]{\linewidth}
						\includegraphics[trim={0cm 0cm 0cm 0cm},clip,height=0.24\textheight,width=\linewidth]{../Figures/LPs/LagDep-FX/Path/EM/PathEMnomyptpphi24m.eps} \\
						\vspace{-0.35cm}
						\caption{Forward Guidance Surprise: 2000-2019} \label{subfig:LPEM2Ypath}
					\end{subfigure}
					
					\begin{subfigure}[t]{\linewidth}
						\includegraphics[trim={0cm 0cm 0cm 0cm},clip,height=0.24\textheight,width=\linewidth]{../Figures/LPs/LagDep-FX/LSAP/EM/LSAPEMnomyptpphi24m.eps} \\
						\vspace{-0.35cm}
						\caption{Asset Purchase Surprise: 2009-2019} \label{subfig:LPEM2Ylsap}
					\end{subfigure}
				\end{center}
				\fignotes{This figure shows the response following \cite{Jorda:2005} of the 2-year emerging market nominal yield and its components to U.S. monetary policy surprises. The nominal yield is decomposed into an expected future short-term interest rate (ER), a term premium (TP) and a credit risk premium (CRP). The target, forward guidance and asset purchase surprises are identified using high-frequency data around Fed's monetary policy announcements, see section \ref{sec:USMPS} for details.}
			\end{minipage}
		\end{center}
	\end{figure}
	
	\pagebreak[4]
	
	\begin{figure}[tbph]
		\caption{Response of 10-Year Emerging Market Yield to U.S. Monetary Policy Surprises} \label{fig:LPEM10Y}
		\begin{center}
			\begin{minipage}{\linewidth}
				\begin{center}
					\begin{subfigure}[t]{\linewidth}
						\includegraphics[trim={0cm 0cm 0cm 0cm},clip,height=0.24\textheight,width=\linewidth]{../Figures/LPs/LagDep-FX/Target/EM/TargetEMnomyptpphi120m.eps} \\
						\vspace{-0.35cm}
						\caption{Target Surprise: 2000-2008} \label{subfig:LPEM10Ytarget}
						\vspace{0.4cm}
					\end{subfigure}
					
					\begin{subfigure}[t]{\linewidth}
						\includegraphics[trim={0cm 0cm 0cm 0cm},clip,height=0.24\textheight,width=\linewidth]{../Figures/LPs/LagDep-FX/Path/EM/PathEMnomyptpphi120m.eps} \\
						\vspace{-0.35cm}
						\caption{Forward Guidance Surprise: 2000-2019} \label{subfig:LPEM10Ypath}
					\end{subfigure}
					
					\begin{subfigure}[t]{\linewidth}
						\includegraphics[trim={0cm 0cm 0cm 0cm},clip,height=0.24\textheight,width=\linewidth]{../Figures/LPs/LagDep-FX/LSAP/EM/LSAPEMnomyptpphi120m.eps} \\
						\vspace{-0.35cm}
						\caption{Asset Purchase Surprise: 2009-2019} \label{subfig:LPEM10Ylsap}
					\end{subfigure}
				\end{center}
				\fignotes{This figure shows the response following \cite{Jorda:2005} of the 10-year emerging market nominal yield and its components to U.S. monetary policy surprises. The nominal yield is decomposed into an expected future short-term interest rate (ER), a term premium (TP) and a credit risk premium (CRP). The target, forward guidance and asset purchase surprises are identified using high-frequency data around Fed's monetary policy announcements, see section \ref{sec:USMPS} for details.}
			\end{minipage}
		\end{center}
	\end{figure}
\end{document}
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