FRB: Monetary Policy Report to the Congress--July 18, 2007

Monetary Policy Report submitted to the Congress on July 18, 2007, pursuant to section 2B of the Federal Reserve Act

Table for figure of Implied S&P Volatility, 2000-07
Percent
Period	Implied S&P volatility
7-Jan-00	21.72
14-Jan-00	19.66
21-Jan-00	20.82
28-Jan-00	26.14
4-Feb-00	21.54
11-Feb-00	24.42
18-Feb-00	26
25-Feb-00	25.2
3-Mar-00	19.21
10-Mar-00	21.24
17-Mar-00	22.37
24-Mar-00	23.31
31-Mar-00	23.67
7-Apr-00	24.39
14-Apr-00	33.49
21-Apr-00	25.85
28-Apr-00	26.2
5-May-00	27.53
12-May-00	26.05
19-May-00	25.44
26-May-00	24.47
2-Jun-00	21.48
9-Jun-00	22.14
16-Jun-00	20.5
23-Jun-00	22.34
30-Jun-00	19.54
7-Jul-00	19.22
14-Jul-00	19.32
21-Jul-00	18.94
28-Jul-00	20.84
4-Aug-00	18.62
11-Aug-00	18.55
18-Aug-00	17.05
25-Aug-00	16.53
1-Sep-00	17.53
8-Sep-00	18.46
15-Sep-00	18.52
22-Sep-00	20.74
29-Sep-00	20.57
6-Oct-00	22.71
13-Oct-00	27.6
20-Oct-00	24.24
27-Oct-00	26.47
3-Nov-00	23.67
10-Nov-00	28.53
17-Nov-00	24.81
24-Nov-00	26
1-Dec-00	27.48
8-Dec-00	22.41
15-Dec-00	26.55
22-Dec-00	27.55
29-Dec-00	26.85
5-Jan-01	28.67
12-Jan-01	24.56
19-Jan-01	23.24
26-Jan-01	22.57
2-Feb-01	23.19
9-Feb-01	22.03
16-Feb-01	22.12
23-Feb-01	27.21
2-Mar-01	27.43
9-Mar-01	25.62
16-Mar-01	29.91
23-Mar-01	30.45
30-Mar-01	28.64
6-Apr-01	31.69
13-Apr-01	26.12
20-Apr-01	25.38
27-Apr-01	26.61
4-May-01	23.91
11-May-01	23.54
18-May-01	21.23
25-May-01	20.6
1-Jun-01	21.59
8-Jun-01	19.92
15-Jun-01	22.81
22-Jun-01	20.02
29-Jun-01	19.06
6-Jul-01	21.63
13-Jul-01	21.14
20-Jul-01	22.34
27-Jul-01	22
3-Aug-01	19.89
10-Aug-01	20.55
17-Aug-01	23.84
24-Aug-01	19.71
31-Aug-01	24.92
7-Sep-01	30.99
14-Sep-01	31.84
21-Sep-01	42.66
28-Sep-01	31.93
5-Oct-01	33.39
12-Oct-01	35.27
19-Oct-01	34.11
26-Oct-01	28.42
2-Nov-01	30.71
9-Nov-01	27.44
16-Nov-01	25.07
23-Nov-01	23.25
30-Nov-01	24.92
7-Dec-01	23.49
14-Dec-01	24.63
21-Dec-01	22.5
28-Dec-01	21.4
4-Jan-02	20.45
11-Jan-02	22.6
18-Jan-02	22.52
25-Jan-02	21.01
1-Feb-02	21.12
8-Feb-02	23.26
15-Feb-02	22.37
22-Feb-02	22.86
1-Mar-02	19.96
8-Mar-02	19.27
15-Mar-02	18.42
22-Mar-02	17.77
29-Mar-02	17.4
5-Apr-02	19.13
12-Apr-02	19.42
19-Apr-02	18.3
26-Apr-02	22.14
3-May-02	20.19
10-May-02	22.41
17-May-02	17.7
24-May-02	18.9
31-May-02	19.98
7-Jun-02	23.51
14-Jun-02	25.96
21-Jun-02	27.23
28-Jun-02	25.4
5-Jul-02	27.11
12-Jul-02	32.94
19-Jul-02	38.17
26-Jul-02	35.51
2-Aug-02	41.29
9-Aug-02	35.33
16-Aug-02	28.81
23-Aug-02	29.32
30-Aug-02	32.64
6-Sep-02	36.33
13-Sep-02	35.82
20-Sep-02	38.98
27-Sep-02	36.97
4-Oct-02	39.46
11-Oct-02	35.7
18-Oct-02	33.53
25-Oct-02	30
1-Nov-02	29.3
8-Nov-02	29.41
15-Nov-02	26.65
22-Nov-02	23.16
29-Nov-02	27.5
6-Dec-02	28.88
13-Dec-02	28.18
20-Dec-02	26.71
27-Dec-02	29.55
3-Jan-03	24.68
10-Jan-03	24.32
17-Jan-03	25.7
24-Jan-03	31.51
31-Jan-03	31.17
7-Feb-03	34.01
14-Feb-03	32.62
21-Feb-03	30.25
28-Feb-03	29.63
7-Mar-03	31.08
14-Mar-03	30.98
21-Mar-03	28.67
28-Mar-03	27.75
4-Apr-03	29.13
11-Apr-03	24.44
18-Apr-03	21.5
25-Apr-03	20.8
2-May-03	20.63
9-May-03	19.69
16-May-03	18.4
23-May-03	19.17
30-May-03	19.47
6-Jun-03	21.25
13-Jun-03	20.66
20-Jun-03	19.14
27-Jun-03	19.16
4-Jul-03	19.39
11-Jul-03	18.47
18-Jul-03	19.11
25-Jul-03	17.75
1-Aug-03	20.75
8-Aug-03	19.59
15-Aug-03	18.27
22-Aug-03	18.55
29-Aug-03	18.63
5-Sep-03	18.17
12-Sep-03	18.68
19-Sep-03	19.08
26-Sep-03	22.23
3-Oct-03	19.5
10-Oct-03	18.45
17-Oct-03	17.62
24-Oct-03	17.71
31-Oct-03	16.1
7-Nov-03	16.93
14-Nov-03	16.94
21-Nov-03	18.98
28-Nov-03	16.32
5-Dec-03	17.09
12-Dec-03	16.41
19-Dec-03	16.42
26-Dec-03	17.45
2-Jan-04	18.22
9-Jan-04	16.75
16-Jan-04	15
23-Jan-04	15.5
30-Jan-04	16.63
6-Feb-04	16
13-Feb-04	15.63
20-Feb-04	16.25
27-Feb-04	14.55
5-Mar-04	14.48
12-Mar-04	18.3
19-Mar-04	19.15
26-Mar-04	17.33
2-Apr-04	15.64
9-Apr-04	16.26
16-Apr-04	14.94
23-Apr-04	14.01
30-Apr-04	16.82
7-May-04	18.13
14-May-04	18.47
21-May-04	18.49
28-May-04	15.5
4-Jun-04	16.78
11-Jun-04	15.04
18-Jun-04	14.99
25-Jun-04	15.19
2-Jul-04	15.08
9-Jul-04	15.78
16-Jul-04	14.34
23-Jul-04	16.5
30-Jul-04	15.32
6-Aug-04	19.34
13-Aug-04	17.98
20-Aug-04	16
27-Aug-04	14.71
3-Sep-04	13.91
10-Sep-04	13.76
17-Sep-04	14.83
24-Sep-04	14.28
1-Oct-04	12.75
8-Oct-04	15.05
15-Oct-04	15.04
22-Oct-04	15.28
29-Oct-04	16.27
5-Nov-04	13.84
12-Nov-04	13.33
19-Nov-04	13.5
26-Nov-04	12.79
3-Dec-04	12.96
10-Dec-04	12.76
17-Dec-04	11.95
24-Dec-04	11.23
31-Dec-04	13.29
7-Jan-05	13.49
14-Jan-05	12.43
21-Jan-05	14.36
28-Jan-05	13.24
4-Feb-05	11.21
11-Feb-05	11.43
18-Feb-05	11.33
25-Feb-05	11.49
4-Mar-05	11.94
11-Mar-05	12.8
18-Mar-05	13.14
25-Mar-05	13.42
1-Apr-05	14.09
8-Apr-05	12.62
15-Apr-05	17.74
22-Apr-05	15.38
29-Apr-05	15.31
6-May-05	14.05
13-May-05	16.32
20-May-05	13.14
27-May-05	12.15
3-Jun-05	12.15
10-Jun-05	11.96
17-Jun-05	11.48
24-Jun-05	12.18
1-Jul-05	11.4
8-Jul-05	11.45
15-Jul-05	10.33
22-Jul-05	10.52
29-Jul-05	11.57
5-Aug-05	12.48
12-Aug-05	12.74
19-Aug-05	13.42
26-Aug-05	13.72
2-Sep-05	13.57
9-Sep-05	11.98
16-Sep-05	11.22
23-Sep-05	12.96
30-Sep-05	11.92
7-Oct-05	14.59
14-Oct-05	14.87
21-Oct-05	16.13
28-Oct-05	14.25
4-Nov-05	13.17
11-Nov-05	11.9
18-Nov-05	11.12
25-Nov-05	10.88
2-Dec-05	11.01
9-Dec-05	11.69
16-Dec-05	10.68
23-Dec-05	10.27
30-Dec-05	12.07
6-Jan-06	11
13-Jan-06	11.23
20-Jan-06	14.56
27-Jan-06	11.97
3-Feb-06	12.96
10-Feb-06	12.87
17-Feb-06	12.01
24-Feb-06	11.46
3-Mar-06	11.96
10-Mar-06	13.59
17-Mar-06	12.12
24-Mar-06	11.19
31-Mar-06	11.39
7-Apr-06	12.26
14-Apr-06	12.38
21-Apr-06	11.59
28-Apr-06	11.59
5-May-06	11.62
12-May-06	13.59
19-May-06	17.18
26-May-06	14.26
2-Jun-06	14.32
9-Jun-06	18.12
16-Jun-06	17.25
23-Jun-06	15.89
30-Jun-06	13.08
7-Jul-06	13.97
14-Jul-06	18.05
21-Jul-06	17.53
28-Jul-06	14.33
4-Aug-06	14.34
11-Aug-06	14.3
18-Aug-06	11.64
25-Aug-06	12.31
1-Sep-06	11.96
8-Sep-06	13.16
15-Sep-06	11.78
22-Sep-06	12.6
29-Sep-06	11.98
6-Oct-06	11.56
13-Oct-06	10.75
20-Oct-06	10.63
27-Oct-06	10.8
3-Nov-06	11.16
10-Nov-06	10.79
17-Nov-06	10.05
24-Nov-06	10.73
1-Dec-06	11.66
8-Dec-06	12.07
15-Dec-06	10.05
22-Dec-06	11.36
29-Dec-06	11.56
5-Jan-07	12.14
12-Jan-07	10.15
19-Jan-07	10.4
26-Jan-07	11.13
2-Feb-07	10.08
9-Feb-07	10.44
16-Feb-07	10.02
23-Feb-07	10.58
2-Mar-07	18.61
9-Mar-07	14.09
16-Mar-07	16.79
23-Mar-07	12.95
30-Mar-07	14.64
6-Apr-07	13.23
13-Apr-07	12.2
20-Apr-07	12.07
27-Apr-07	12.45
4-May-07	12.91
11-May-07	12.95
18-May-07	12.76
25-May-07	13.34
1-Jun-07	12.78
8-Jun-07	14.84
15-Jun-07	13.94
22-Jun-07	15.75
29-Jun-07	16.23
6-Jul-07	14.72
13-Jul-07	15.15

Note: The data are weekly and extend through July 13, 2007. The series shown--the VIX--is the implied thirty-day volatility of the S&P 500 stock price index as calculated from a weighted average of options prices.

Source: Chicago Board Options Exchange.

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