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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Accessible version


Data for figures presented with speech given by Governor Duke on June 15, 2009.

Figure 1: Federal Reserve Board Balance Sheet

Billions of dollars
Date Liquidity Programs Support for Specific Institutions Direct Lending to Borrowers and Investors Large-Scale Purchases of High-Quality Assets Other Assets Total
10-Jan-2007 0.04 0.00 0.00 0.00 858.65 858.69
17-Jan-2007 0.29 0.00 0.00 0.00 862.93 863.22
24-Jan-2007 0.31 0.00 0.00 0.00 855.27 855.58
31-Jan-2007 0.21 0.00 0.00 0.00 869.35 869.56
7-Feb-2007 0.02 0.00 0.00 0.00 858.85 858.87
14-Feb-2007 0.04 0.00 0.00 0.00 870.97 871.01
21-Feb-2007 0.03 0.00 0.00 0.00 873.03 873.06
28-Feb-2007 0.04 0.00 0.00 0.00 881.23 881.27
7-Mar-2007 0.04 0.00 0.00 0.00 868.34 868.38
14-Mar-2007 0.06 0.00 0.00 0.00 879.93 879.99
21-Mar-2007 0.04 0.00 0.00 0.00 866.91 866.95
28-Mar-2007 0.08 0.00 0.00 0.00 873.60 873.68
4-Apr-2007 0.12 0.00 0.00 0.00 866.07 866.19
11-Apr-2007 0.04 0.00 0.00 0.00 869.23 869.27
18-Apr-2007 0.05 0.00 0.00 0.00 865.08 865.13
25-Apr-2007 0.11 0.00 0.00 0.00 883.35 883.46
2-May-2007 0.07 0.00 0.00 0.00 894.55 894.62
9-May-2007 0.08 0.00 0.00 0.00 878.92 879.00
16-May-2007 0.09 0.00 0.00 0.00 863.24 863.33
23-May-2007 0.15 0.00 0.00 0.00 877.53 877.68
30-May-2007 0.12 0.00 0.00 0.00 880.59 880.71
6-Jun-2007 0.12 0.00 0.00 0.00 876.33 876.45
13-Jun-2007 0.15 0.00 0.00 0.00 868.60 868.75
20-Jun-2007 0.28 0.00 0.00 0.00 869.58 869.86
27-Jun-2007 0.17 0.00 0.00 0.00 868.70 868.87
4-Jul-2007 0.20 0.00 0.00 0.00 880.20 880.40
11-Jul-2007 0.24 0.00 0.00 0.00 872.96 873.20
18-Jul-2007 0.36 0.00 0.00 0.00 876.35 876.71
25-Jul-2007 0.24 0.00 0.00 0.00 867.44 867.68
1-Aug-2007 0.25 0.00 0.00 0.00 873.86 874.11
8-Aug-2007 0.25 0.00 0.00 0.00 869.06 869.31
15-Aug-2007 0.27 0.00 0.00 0.00 868.63 868.90
22-Aug-2007 1.54 0.00 0.00 0.00 865.21 866.75
29-Aug-2007 1.58 0.00 0.00 0.00 875.19 876.77
5-Sep-2007 1.34 0.00 0.00 0.00 873.71 875.05
12-Sep-2007 3.16 0.00 0.00 0.00 887.05 890.21
19-Sep-2007 2.43 0.00 0.00 0.00 869.16 871.59
26-Sep-2007 0.31 0.00 0.00 0.00 893.38 893.69
3-Oct-2007 0.21 0.00 0.00 0.00 872.56 872.77
10-Oct-2007 0.26 0.00 0.00 0.00 889.76 890.02
17-Oct-2007 0.24 0.00 0.00 0.00 872.88 873.12
24-Oct-2007 0.29 0.00 0.00 0.00 884.68 884.97
31-Oct-2007 0.28 0.00 0.00 0.00 886.65 886.93
7-Nov-2007 0.25 0.00 0.00 0.00 888.98 889.23
14-Nov-2007 0.57 0.00 0.00 0.00 892.45 893.02
21-Nov-2007 0.48 0.00 0.00 0.00 893.99 894.47
28-Nov-2007 0.06 0.00 0.00 0.00 882.79 882.85
5-Dec-2007 0.34 0.00 0.00 0.00 885.82 886.16
12-Dec-2007 3.05 0.00 0.00 0.00 882.05 885.10
19-Dec-2007 4.62 0.00 0.00 0.00 886.66 891.28
26-Dec-2007 38.83 0.00 0.00 0.00 854.93 893.76
2-Jan-2008 69.78 0.00 0.00 0.00 855.32 925.10
9-Jan-2008 65.52 0.00 0.00 0.00 817.98 883.50
16-Jan-2008 65.23 0.00 0.00 0.00 831.07 896.30
23-Jan-2008 74.75 0.00 0.00 0.00 805.16 879.91
30-Jan-2008 74.03 0.00 0.00 0.00 828.82 902.85
6-Feb-2008 84.14 0.00 0.00 0.00 789.41 873.55
13-Feb-2008 84.06 0.00 0.00 0.00 801.45 885.51
20-Feb-2008 70.22 0.00 0.00 0.00 811.31 881.53
27-Feb-2008 70.18 0.00 0.00 0.00 826.18 896.36
5-Mar-2008 60.36 0.00 0.00 0.00 823.34 883.70
12-Mar-2008 60.11 0.00 0.00 0.00 838.85 898.96
19-Mar-2008 93.52 0.00 0.00 0.00 797.23 890.75
26-Mar-2008 113.48 0.00 0.00 0.00 782.29 895.77
2-Apr-2008 166.14 0.00 0.00 0.00 719.26 885.40
9-Apr-2008 163.76 0.00 0.00 0.00 730.90 894.66
16-Apr-2008 168.67 0.00 0.00 0.00 714.82 883.49
23-Apr-2008 169.40 0.00 0.00 0.00 717.95 887.35
30-Apr-2008 166.18 0.00 0.00 0.00 723.51 889.69
7-May-2008 164.21 0.00 0.00 0.00 726.53 890.74
14-May-2008 208.04 0.00 0.00 0.00 673.55 881.59
21-May-2008 204.79 0.00 0.00 0.00 695.23 900.02
28-May-2008 240.33 0.00 0.00 0.00 665.22 905.55
4-Jun-2008 236.26 0.00 0.00 0.00 661.16 897.42
11-Jun-2008 233.87 0.00 0.00 0.00 658.19 892.06
18-Jun-2008 234.01 0.00 0.00 0.00 669.73 903.74
25-Jun-2008 232.88 0.00 0.00 0.00 661.26 894.14
2-Jul-2008 228.77 29.82 0.00 0.00 645.79 904.38
9-Jul-2008 225.02 28.90 0.00 0.00 645.52 899.44
16-Jul-2008 226.30 28.95 0.00 0.00 656.82 912.07
23-Jul-2008 228.51 29.02 0.00 0.00 643.51 901.04
30-Jul-2008 229.65 29.06 0.00 0.00 661.28 919.99
6-Aug-2008 229.46 29.11 0.00 0.00 644.56 903.13
13-Aug-2008 229.80 29.15 0.00 0.00 657.09 916.04
20-Aug-2008 234.61 29.18 0.00 0.00 636.32 900.11
27-Aug-2008 235.57 29.22 0.00 0.00 646.69 911.48
3-Sep-2008 231.07 29.26 0.00 0.00 646.41 906.74
10-Sep-2008 231.89 29.29 0.00 0.00 666.02 927.20
17-Sep-2008 253.97 35.34 0.00 0.00 707.22 996.53
24-Sep-2008 434.60 67.75 0.00 0.00 710.97 1213.32
1-Oct-2008 696.86 82.59 0.00 0.00 726.07 1505.52
8-Oct-2008 787.83 94.60 0.00 0.00 710.67 1593.10
15-Oct-2008 1021.65 106.59 0.00 0.00 644.19 1772.43
22-Oct-2008 1074.79 116.47 0.00 0.00 612.95 1804.21
29-Oct-2008 1103.89 116.36 40.82 0.00 709.61 1970.68
5-Nov-2008 1111.17 107.10 226.01 0.00 631.54 2075.82
12-Nov-2008 1227.64 109.15 249.92 0.00 627.75 2214.46
19-Nov-2008 1190.97 112.13 265.69 0.00 619.90 2188.69
26-Nov-2008 1089.54 112.52 282.20 0.00 623.39 2107.65
3-Dec-2008 1108.47 104.09 297.58 12.06 616.26 2138.46
10-Dec-2008 1214.59 104.73 308.52 13.10 610.59 2251.53
17-Dec-2008 1187.90 108.36 315.27 16.59 628.37 2256.49
24-Dec-2008 1121.26 115.06 325.79 19.93 651.76 2233.80
31-Dec-2008 1152.22 113.95 332.41 20.27 622.10 2240.95
7-Jan-2009 1096.69 112.90 334.27 19.59 559.47 2122.92
14-Jan-2009 1011.22 112.87 334.59 21.90 570.61 2051.19
21-Jan-2009 994.41 112.33 349.94 29.94 551.97 2038.59
28-Jan-2009 993.38 112.05 316.20 33.49 473.43 1928.55
4-Feb-2009 916.35 111.23 259.32 36.40 529.60 1852.90
11-Feb-2009 908.08 109.75 256.15 39.21 531.67 1844.86
18-Feb-2009 933.12 109.51 250.36 95.63 528.42 1917.04
25-Feb-2009 923.57 110.29 246.23 104.40 533.09 1917.58
4-Mar-2009 912.82 114.00 242.05 107.12 526.81 1902.80
11-Mar-2009 897.79 114.35 240.66 109.42 538.77 1900.99
18-Mar-2009 892.78 115.79 241.03 271.96 547.06 2068.62
25-Mar-2009 886.33 115.91 241.48 285.76 543.75 2073.23
1-Apr-2009 862.98 117.11 249.00 298.72 552.60 2080.41
8-Apr-2009 851.88 117.78 255.29 322.10 542.96 2090.01
15-Apr-2009 813.47 117.10 255.42 384.67 617.30 2187.96
22-Apr-2009 795.42 117.08 247.27 478.86 559.64 2198.27
29-Apr-2009 707.46 116.66 229.30 501.53 513.20 2068.15
6-May-2009 705.14 116.31 171.12 514.18 574.51 2081.26
13-May-2009 744.48 107.75 176.04 550.30 619.27 2197.84
20-May-2009 731.61 107.86 176.70 610.22 556.77 2183.16
27-May-2009 622.09 106.39 170.14 632.81 550.23 2081.66
3-Jun-2009 616.41 106.00 160.58 638.85 557.40 2079.24
10-Jun-2009 560.46 105.16 158.89 657.87 571.44 2053.82

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances



Figure 2: Interbank Term-Funding Markets and Fed Facilities

Left Panel
Libor Spreads over OIS Rates

Data are plotted as two curves and are expressed in basis points. The curves for the one-month and the three-month Libor to OIS spread start at under 25 basis points and remain at about that level until early August 2007, when they begin a sharp increase that reaches about 90 basis points in early September. The curves then vacillate between 25 and 125 basis points, with the one-month being more volatile, until May 2008. In late April 2008, the one-month spread begins to narrow to about 50 basis points, while the three-month spread starts to steadily increase to roughly 100 basis points. Then, in late September 2008, both the one-month and three-month spreads sharply spike to approximately 325 and 375 basis points, respectively. After mid-October, the one-month spread dramatically narrows to around 25 basis points in the beginning of 2009, and the three-month spread slowly decreases to about 175 basis points in the beginning of the year. Beginning in March 2009, the one-month spread slowly decreases to around 10 basis points by mid-June 2009. The three-month spread also slowly decreases beginning in March 2009, and falls to around 40 basis points by mid-June 2009.

There are two dates labeled with vertical lines on the chart. They are, in chronological order:

  • December 12, 2007: TAF initiated
  • September 29, 2008: TAF expanded

Source: British Bankers Association and Prebon

Top-right panel
Term Auction Facility

Billions of dollars
Date TAF
12-Dec-2007 0.00
19-Dec-2007 0.00
26-Dec-2007 20.00
2-Jan-2008 40.00
9-Jan-2008 40.00
16-Jan-2008 40.00
23-Jan-2008 50.00
30-Jan-2008 50.00
6-Feb-2008 60.00
13-Feb-2008 60.00
20-Feb-2008 60.00
27-Feb-2008 60.00
5-Mar-2008 60.00
12-Mar-2008 60.00
19-Mar-2008 80.00
26-Mar-2008 80.00
2-Apr-2008 100.00
9-Apr-2008 100.00
16-Apr-2008 100.00
23-Apr-2008 100.00
30-Apr-2008 100.00
7-May-2008 100.00
14-May-2008 125.00
21-May-2008 125.00
28-May-2008 150.00
4-Jun-2008 150.00
11-Jun-2008 150.00
18-Jun-2008 150.00
25-Jun-2008 150.00
2-Jul-2008 150.00
9-Jul-2008 150.00
16-Jul-2008 150.00
23-Jul-2008 150.00
30-Jul-2008 150.00
6-Aug-2008 150.00
13-Aug-2008 150.00
20-Aug-2008 150.00
27-Aug-2008 150.00
3-Sep-2008 150.00
10-Sep-2008 150.00
17-Sep-2008 150.00
24-Sep-2008 150.00
1-Oct-2008 149.14
8-Oct-2008 149.00
15-Oct-2008 263.09
22-Oct-2008 263.09
29-Oct-2008 301.36
12-Nov-2008 415.30
19-Nov-2008 415.30
26-Nov-2008 406.51
3-Dec-2008 406.51
10-Dec-2008 447.96
17-Dec-2008 447.96
24-Dec-2008 420.81
31-Dec-2008 450.22
7-Jan-2009 406.80
14-Jan-2009 371.39
21-Jan-2009 416.03
28-Jan-2009 415.86
4-Feb-2009 412.88
11-Feb-2009 412.88
18-Feb-2009 447.56
25-Feb-2009 447.56
4-Mar-2009 493.15
11-Mar-2009 493.15
18-Mar-2009 468.59
25-Mar-2009 468.59
1-Apr-2009 467.28
8-Apr-2009 467.28
15-Apr-2009 455.80
22-Apr-2009 455.80
29-Apr-2009 403.57
6-May-2009 403.57
13-May-2009 428.84
20-May-2009 428.84
27-May-2009 372.54
3-Jun-2009 372.54
10-Jun-2009 336.57

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances

Bottom-right panel
Central Bank Liquidity Swaps

Billions of dollars
Date Swaps
26-Dec-2007 14.00
2-Jan-2008 24.00
9-Jan-2008 24.00
16-Jan-2008 24.00
23-Jan-2008 24.00
30-Jan-2008 24.00
6-Feb-2008 24.00
13-Feb-2008 24.00
20-Feb-2008 10.00
27-Feb-2008 10.00
5-Mar-2008 0.00
12-Mar-2008 0.00
19-Mar-2008 0.00
26-Mar-2008 0.00
2-Apr-2008 21.00
9-Apr-2008 21.00
16-Apr-2008 36.00
23-Apr-2008 36.00
30-Apr-2008 36.00
7-May-2008 36.00
14-May-2008 52.00
21-May-2008 52.00
28-May-2008 62.00
4-Jun-2008 62.00
11-Jun-2008 62.00
18-Jun-2008 62.00
25-Jun-2008 62.00
2-Jul-2008 62.00
9-Jul-2008 62.00
16-Jul-2008 62.00
23-Jul-2008 62.00
30-Jul-2008 62.00
6-Aug-2008 62.00
13-Aug-2008 62.00
20-Aug-2008 67.00
27-Aug-2008 67.00
3-Sep-2008 62.00
10-Sep-2008 62.00
17-Sep-2008 62.00
24-Sep-2008 135.23
1-Oct-2008 233.10
8-Oct-2008 283.82
15-Oct-2008 398.12
22-Oct-2008 480.45
29-Oct-2008 503.27
5-Nov-2008 531.05
12-Nov-2008 571.69
19-Nov-2008 564.03
26-Nov-2008 479.44
3-Dec-2008 502.34
10-Dec-2008 582.76
17-Dec-2008 571.76
24-Dec-2008 543.61
31-Dec-2008 553.16
7-Jan-2009 543.09
14-Jan-2009 518.23
21-Jan-2009 468.53
28-Jan-2009 465.85
4-Feb-2009 388.79
11-Feb-2009 389.67
18-Feb-2009 379.69
25-Feb-2009 374.59
4-Mar-2009 320.39
11-Mar-2009 313.87
18-Mar-2009 329.59
25-Mar-2009 327.69
1-Apr-2009 309.83
8-Apr-2009 312.84
15-Apr-2009 293.53
22-Apr-2009 286.27
29-Apr-2009 250.22
6-May-2009 249.30
13-May-2009 246.50
20-May-2009 236.46
27-May-2009 184.93
3-Jun-2009 176.83
10-Jun-2009 165.85

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances



Figure 3: Repurchase Agreement Markets and Fed Facilities

Left Panel
Agency and MBS Repo Rate Spreads over Treasury General Collateral Repo Rate

Data are plotted as two curves and are expressed in basis points. The curves for the agency spread and the MBS spread over Treasury General Collateral Repo Rate start at -1.5 and zero, respectively, and remain at about that level until early August 2007, when they begin a sharp increase that reaches about 2 basis points in early September. The MBS spread then vacillates between 0 and 1 basis points, and the agency spread between -1.5 and 1 basis points, with the agency spread being more volatile. Then, in late September 2008, both the MBS spread and agency spread sharply spike to approximately 2 and 3 basis points, respectively. After mid-October, the MBS spread narrows to around 0.5 basis points in the beginning of 2009, and the agency spread slowly decreases to about -1 basis points in the beginning of the year. Beginning in March 2009, the MBS spread continues decreasing to around 0 basis points, and has stayed there through mid-June 2009. The agency spread also continues to decrease beginning in March 2009, and falls to around -1.5 basis points, and has stayed there through mid-June 2009.

There are three dates labeled with vertical lines on the chart. They are, in chronological order:

  • March 11, 2008: TSLF initiated
  • March 16, 2008: PDCF initiated
  • September 14, 2008: TSLF and PDCF expanded

Source: Bloomberg

Top-right panel
Term Securities Lending Facility

Billions of dollars
Date TSLF
7-Nov-2007 7.25
14-Nov-2007 8.10
21-Nov-2007 8.99
28-Nov-2007 8.01
5-Dec-2007 5.75
12-Dec-2007 7.92
19-Dec-2007 10.75
26-Dec-2007 14.13
2-Jan-2008 16.50
9-Jan-2008 9.69
16-Jan-2008 7.07
23-Jan-2008 10.43
30-Jan-2008 11.51
6-Feb-2008 11.98
13-Feb-2008 9.75
20-Feb-2008 16.02
27-Feb-2008 14.46
5-Mar-2008 19.02
12-Mar-2008 11.64
19-Mar-2008 12.23
26-Mar-2008 9.94
2-Apr-2008 85.61
9-Apr-2008 109.70
16-Apr-2008 138.42
23-Apr-2008 169.68
30-Apr-2008 163.38
7-May-2008 164.90
14-May-2008 150.54
21-May-2008 131.07
4-Jun-2008 115.62
11-Jun-2008 106.70
18-Jun-2008 119.37
25-Jun-2008 112.07
2-Jul-2008 117.48
9-Jul-2008 109.78
16-Jul-2008 104.27
23-Jul-2008 116.56
30-Jul-2008 126.65
6-Aug-2008 132.86
13-Aug-2008 131.15
20-Aug-2008 124.81
27-Aug-2008 121.18
3-Sep-2008 126.10
10-Sep-2008 118.06
17-Sep-2008 125.67
24-Sep-2008 204.95
1-Oct-2008 255.80
8-Oct-2008 211.34
15-Oct-2008 220.40
22-Oct-2008 223.13
29-Oct-2008 222.57
5-Nov-2008 220.65
12-Nov-2008 218.35
19-Nov-2008 205.50
26-Nov-2008 196.32
3-Dec-2008 197.08
10-Dec-2008 189.97
17-Dec-2008 187.15
24-Dec-2008 184.57
31-Dec-2008 179.66
7-Jan-2009 169.64
14-Jan-2009 140.77
21-Jan-2009 140.80
28-Jan-2009 132.45
4-Feb-2009 126.99
11-Feb-2009 123.37
18-Feb-2009 121.41
25-Feb-2009 117.84
4-Mar-2009 117.85
11-Mar-2009 112.33
18-Mar-2009 109.75
25-Mar-2009 93.41
1-Apr-2009 90.74
8-Apr-2009 65.56
15-Apr-2009 57.17
22-Apr-2009 48.71
6-May-2009 37.83
13-May-2009 38.02
20-May-2009 36.72
27-May-2009 31.47
3-Jun-2009 33.91
10-Jun-2009 27.48

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances

Bottom-right panel
Primary Dealer Credit Facility

Billions of dollars
Date PDCF
5-Mar-2008 0.00
12-Mar-2008 0.00
19-Mar-2008 13.43
26-Mar-2008 32.92
2-Apr-2008 38.12
9-Apr-2008 32.56
16-Apr-2008 24.80
23-Apr-2008 22.63
30-Apr-2008 18.57
7-May-2008 16.52
14-May-2008 16.59
21-May-2008 14.21
28-May-2008 12.33
4-Jun-2008 8.26
11-Jun-2008 8.44
18-Jun-2008 8.57
25-Jun-2008 6.10
2-Jul-2008 1.74
9-Jul-2008 0.00
16-Jul-2008 0.01
23-Jul-2008 0.00
30-Jul-2008 0.00
6-Aug-2008 0.00
13-Aug-2008 0.00
20-Aug-2008 0.00
27-Aug-2008 0.00
3-Sep-2008 0.00
10-Sep-2008 0.00
17-Sep-2008 20.27
24-Sep-2008 88.15
1-Oct-2008 147.69
8-Oct-2008 134.07
15-Oct-2008 131.12
22-Oct-2008 111.26
29-Oct-2008 87.39
5-Nov-2008 77.02
12-Nov-2008 64.93
19-Nov-2008 50.17
26-Nov-2008 52.42
3-Dec-2008 57.20
10-Dec-2008 52.80
17-Dec-2008 50.49
24-Dec-2008 45.68
31-Dec-2008 38.48
7-Jan-2009 35.98
14-Jan-2009 33.69
21-Jan-2009 32.68
28-Jan-2009 32.05
4-Feb-2009 30.26
11-Feb-2009 25.81
18-Feb-2009 26.00
25-Feb-2009 25.62
4-Mar-2009 23.80
11-Mar-2009 19.73
18-Mar-2009 19.68
25-Mar-2009 20.09
1-Apr-2009 19.49
8-Apr-2009 17.60
15-Apr-2009 12.89
22-Apr-2009 9.21
29-Apr-2009 5.48
6-May-2009 0.64
13-May-2009 0.48
20-May-2009 0.00
27-May-2009 0.00
3-Jun-2009 0.00
10-Jun-2009 0.00

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances



Figure 4: Commercial Paper Spreads and Volumes

Left Panel
Overnight New-Issue Spreads to Fed Funds Target (5 Day Moving Average)

Data are plotted as curves and are expressed as basis points. The spreads on AA-rated asset-backed commercial paper (ABCP) and on A2/P2-rated nonfinancial commercial paper start in June 2008 at approximately 90 and 95 basis points, respectively. Both spreads stay fairly constant through September 2008. In mid-September, ABCP and A2/P2 spreads shot up to almost 250 and 350 basis points, respectively. The ABCP spread gradually narrowed to around 25 basis points in 2009. During that time, the A2/P2 initially widened more to peak at around 400 basis points, then narrowed to approximately 100 basis points in February 2009. Since February, both the ABCP and A2/P2 spreads have continued to narrow and they now stand at approximately 25 and 40 basis points, respectively.

The other two curves in the plot, spreads on AA-rated non-financial and AA-rated financial, follow each other closely. Both spreads begin in June 2008 at around 10 basis points. They stay there until mid-September 2008, where they both rise to approximately 100 basis points. Beginning in October 2008, both rates fall dramatically and remain negative, between approximately -50 and -100 basis points through the end of 2008, and through January 2009. In February 2009, both spreads rise above the zero basis point level, and remain relatively stable between zero and about 5 basis points through mid-June 2009.

There are four dates labeled with vertical lines on the chart. They are, in chronological order:

  • September 16, 2008: Reserve primary money fund falls below $1
  • September 19, 2008: AMLF initiated
  • October 7, 2008: CPFF initiated
  • October 21, 2008: MMIFF initiated

Source: Depository Trust and Clearing Corporation

Top-right panel
ABCP MMMF Liquidity Facility

Billions of dollars
Date AMLF
3-Sep-2008 0.00
10-Sep-2008 0.00
17-Sep-2008 0.00
24-Sep-2008 21.76
1-Oct-2008 122.10
8-Oct-2008 145.89
15-Oct-2008 129.62
22-Oct-2008 114.22
29-Oct-2008 99.90
5-Nov-2008 91.73
12-Nov-2008 80.24
19-Nov-2008 69.80
26-Nov-2008 57.32
3-Dec-2008 51.94
10-Dec-2008 40.83
17-Dec-2008 29.27
24-Dec-2008 24.86
31-Dec-2008 23.80
7-Jan-2009 22.87
14-Jan-2009 18.77
21-Jan-2009 15.48
28-Jan-2009 14.59
4-Feb-2009 16.98
11-Feb-2009 15.11
18-Feb-2009 13.87
25-Feb-2009 11.38
4-Mar-2009 9.53
11-Mar-2009 7.55
18-Mar-2009 9.23
25-Mar-2009 7.18
1-Apr-2009 6.65
8-Apr-2009 4.94
15-Apr-2009 2.69
22-Apr-2009 0.95
29-Apr-2009 3.36
6-May-2009 10.67
13-May-2009 28.78
20-May-2009 28.12
27-May-2009 26.42
3-Jun-2009 25.09
10-Jun-2009 21.16

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances

Bottom-right panel
Commercial Paper Funding Facility

Billions of dollars
Date CPFF
1-Oct-2008 0.00
8-Oct-2008 0.00
15-Oct-2008 0.00
22-Oct-2008 0.00
29-Oct-2008 40.82
5-Nov-2008 226.01
12-Nov-2008 249.91
19-Nov-2008 265.69
26-Nov-2008 282.20
3-Dec-2008 297.58
10-Dec-2008 308.52
17-Dec-2008 315.27
24-Dec-2008 325.80
31-Dec-2008 332.41
7-Jan-2009 334.27
14-Jan-2009 334.58
21-Jan-2009 349.94
28-Jan-2009 316.20
4-Feb-2009 259.32
11-Feb-2009 256.15
18-Feb-2009 250.36
25-Feb-2009 246.23
4-Mar-2009 242.05
11-Mar-2009 240.66
18-Mar-2009 241.03
25-Mar-2009 240.80
1-Apr-2009 244.30
8-Apr-2009 250.60
15-Apr-2009 250.25
22-Apr-2009 240.90
29-Apr-2009 222.92
6-May-2009 164.74
13-May-2009 166.93
20-May-2009 160.78
27-May-2009 154.69
3-Jun-2009 145.14
10-Jun-2009 140.83

Source: Federal Reserve Board of Governors, Factors Affecting Reserve Balances



Figure 5: ABS and CMBS Issuance

Top-left panel
Gross Credit Card ABS Issuance

Data are plotted as bar charts in billions of dollars. The amount of Credit Card ABS issuance begins in January 2008 and goes through June 2009. Prior to March 2009, all data are non-TALF issuance. Beginning in January 2008, the amount of non-TALF issuance is about 11 billion dollars. In February 2008, $6 billion, March 2008, $7 billion, April $9 billion, May $12 billion, June $5 billion, July $3 billion, August $4 billion, September $2 billion, October $0 billion, November $0 billion, December $0 billion, January 2009, $0 billion, February $0 billion. Beginning in March 2009, the amount of issuance is broken up between TALF and non-TALF issuance. In March 2009, non-TALF issuance is $0 billion and TALF issuance is $3 billion. In April 2009, non-TALF issuance is about $0 billion and TALF issuance is $2 billion. In May 2009, non-TALF issuance is $1 billion and TALF issuance is $6 billion. In June 2009, non-TALF issuance is $3 billion and TALF issuance is $7 billion.

Source: Bloomberg, Commercial Mortgage Alert

Top-right panel
Gross Auto ABS Issuance

Data are plotted as bar charts in billions of dollars. The amount of Auto ABS issuance begins in January 2008 and goes through June 2009. Prior to March 2009, all data are non-TALF issuance. Beginning in January 2008, the amount of non-TALF issuance is about 6 billion dollars. In February 2008, $3 billion, March 2008, $2 billion, April $4 billion, May $11 billion, June $8 billion, July $3 billion, August $0 billion, September $6 billion, October $0.5 billion, November $0.5 billion, December $2 billion, January 2009, $1 billion, February $1 billion. Beginning in March 2009, the amount of issuance is broken up between TALF and non-TALF issuance. In March 2009, non-TALF issuance is $0 billion and TALF issuance is $5 billion. In April 2009, non-TALF issuance is about $1.5 billion and TALF issuance is $2 billion. In May 2009, non-TALF issuance is $0 billion and TALF issuance is $4 billion. In June 2009, non-TALF issuance is $0 billion and TALF issuance is $6 billion.

Source: Bloomberg, Commercial Mortgage Alert

Bottom-left panel
Gross Student Loan ABS Issuance

Data are plotted as bar charts in billions of dollars. The amount of Student Loan ABS issuance begins in January 2008 and goes through June 2009. Prior to March 2009, all data are non-TALF issuance. Beginning in January 2008, the amount of non-TALF issuance is about 1.5 billion dollars. In February 2008, $3 billion, March 2008, $3 billion, April $7 billion, May $1 billion, June $5 billion, July $2 billion, August $6 billion, September $0 billion, October $0 billion, November $0 billion, December $0 billion, January 2009, $0 billion, February $0.5 billion. Beginning in March 2009, the amount of issuance is broken up between TALF and non-TALF issuance. In March 2009, non-TALF issuance is $1.5 billion and TALF issuance is $0 billion. In April 2009, non-TALF issuance is about $5 billion and TALF issuance is $0 billion. In May 2009, non-TALF issuance is about $0.01 billion and TALF issuance is $2.5 billion. In June 2009, non-TALF issuance is $0 billion and TALF issuance is $0 billion.

Source: Bloomberg, Commercial Mortgage Alert

Bottom-right panel
Gross CMBS Issuance

Data are plotted as bar charts in billions of dollars. The amount of CMBS issuance begins in January 2008 and goes through June 2009. Prior to March 2009, all data are non-TALF issuance. Beginning in January 2008, the amount of non-TALF issuance is about 0.5 billion dollars. In February 2008, $1 billion, March 2008, $4 billion, April $4 billion, May $1 billion, and June 2008, $2 billion. Since June 2008, there has been no CMBS issuance (neither TALF nor non-TALF).

Source: Bloomberg, Commercial Mortgage Alert



Figure 6: Mortgage Rate Spread over Treasury Rate

Four-week moving average Percent
Date Spread
4-Jun-2008 2.8550
11-Jun-2008 2.9075
18-Jun-2008 3.0150
25-Jun-2008 3.0675
2-Jul-2008 3.1200
9-Jul-2008 3.1500
16-Jul-2008 3.1400
23-Jul-2008 3.2025
30-Jul-2008 3.2900
6-Aug-2008 3.3450
13-Aug-2008 3.3900
20-Aug-2008 3.3175
27-Aug-2008 3.2650
3-Sep-2008 3.2150
10-Sep-2008 3.1725
17-Sep-2008 3.2275
24-Sep-2008 3.3025
1-Oct-2008 3.3775
8-Oct-2008 3.4925
15-Oct-2008 3.6075
22-Oct-2008 3.6600
29-Oct-2008 3.7800
5-Nov-2008 3.8475
12-Nov-2008 3.9050
19-Nov-2008 3.9250
26-Nov-2008 3.8950
3-Dec-2008 3.8050
10-Dec-2008 3.7100
17-Dec-2008 3.5850
24-Dec-2008 3.5250
31-Dec-2008 3.5050
7-Jan-2009 3.4675
14-Jan-2009 3.4650
21-Jan-2009 3.4150
28-Jan-2009 3.3425
4-Feb-2009 3.2450
11-Feb-2009 3.2050
18-Feb-2009 3.1225
25-Feb-2009 3.1750
4-Mar-2009 3.1750
11-Mar-2009 3.1625
18-Mar-2009 3.1550
25-Mar-2009 3.0725
1-Apr-2009 3.0400
8-Apr-2009 2.9500
15-Apr-2009 2.8850
22-Apr-2009 2.8275
29-Apr-2009 2.8000
6-May-2009 2.7275
13-May-2009 2.7475
20-May-2009 2.6925
27-May-2009 2.6667
3-Jun-2009 2.7600
10-Jun-2009 2.6600

Notes:

Spread equal to the difference between the 30-year fixed mortgage rate and the 5-year constant maturity treasury rate.

The long-run average, 2000-2007, is plotted as a horizontal line on the chart at 2.2093 percent.

There are two dates labeled with vertical lines on the chart. They are, in chronological order:

  • November 25, 2008: Large-scale asset purchase program initiated
  • March 18, 2009: Large-scale asset purchase program expanded

Source: Freddie Mac, Federal Reserve Board of Governors Selected Interest Rates



Figure 7: Four Types of Credit

Four-quarter percent change
Date Home Mortgages Commercial Mortgages Consumer Credit Nonfinancial Business Credit
31-Dec-1952 12.92 6.74 20.40 5.63
31-Mar-1953 12.96 6.91 25.24 7.13
30-Jun-1953 13.49 7.27 21.19 6.99
30-Sep-1953 13.32 7.42 19.09 6.53
31-Dec-1953 12.86 8.11 13.41 -1.24
31-Mar-1954 12.18 8.32 5.95 -1.90
30-Jun-1954 12.74 9.27 4.08 -3.65
30-Sep-1954 12.55 10.32 2.68 -4.53
31-Dec-1954 14.18 11.24 3.90 0.25
31-Mar-1955 16.01 11.87 8.92 0.68
30-Jun-1955 16.32 11.88 13.82 6.29
30-Sep-1955 17.56 12.14 18.16 9.58
31-Dec-1955 16.70 11.91 19.43 14.75
31-Mar-1956 15.47 12.32 18.12 18.78
30-Jun-1956 14.23 12.70 14.20 18.71
30-Sep-1956 13.10 12.65 10.76 17.58
31-Dec-1956 12.30 12.53 8.45 14.94
31-Mar-1957 11.63 11.86 6.95 11.72
30-Jun-1957 10.42 10.75 6.59 10.54
30-Sep-1957 9.60 10.75 6.49 8.40
31-Dec-1957 8.75 11.26 5.66 6.28
31-Mar-1958 8.08 11.16 3.21 4.12
30-Jun-1958 7.86 11.85 1.02 0.95
30-Sep-1958 8.19 11.61 -0.12 0.07
31-Dec-1958 9.14 12.21 0.55 1.80
31-Mar-1959 10.06 11.89 4.56 4.01
30-Jun-1959 10.96 11.99 8.64 9.41
30-Sep-1959 11.38 11.75 12.37 12.29
31-Dec-1959 11.03 11.04 15.61 12.23
31-Mar-1960 10.53 11.30 13.57 14.79
30-Jun-1960 9.72 10.91 12.82 12.31
30-Sep-1960 9.11 11.09 10.43 10.01
31-Dec-1960 8.67 10.52 7.05 9.51
31-Mar-1961 8.34 10.43 6.20 6.03
30-Jun-1961 8.28 11.07 3.26 2.45
30-Sep-1961 8.38 10.92 2.47 3.33
31-Dec-1961 8.95 11.96 3.57 3.98
31-Mar-1962 8.94 12.46 4.30 4.14
30-Jun-1962 9.28 12.54 7.80 7.01
30-Sep-1962 9.44 12.88 8.97 8.04
31-Dec-1962 9.27 12.84 9.32 8.59
31-Mar-1963 9.49 12.44 10.86 9.19
30-Jun-1963 9.69 12.40 10.23 8.28
30-Sep-1963 9.94 12.53 11.52 7.65
31-Dec-1963 9.98 12.08 12.30 8.68
31-Mar-1964 10.17 10.85 12.97 9.05
30-Jun-1964 9.98 9.39 13.18 10.23
30-Sep-1964 9.65 8.76 13.05 11.34
31-Dec-1964 9.31 8.19 12.18 10.38
31-Mar-1965 9.06 8.68 12.15 13.57
30-Jun-1965 8.76 9.30 12.72 14.84
30-Sep-1965 8.59 9.16 12.12 15.33
31-Dec-1965 8.46 8.76 11.60 17.49
31-Mar-1966 8.47 9.69 10.69 16.22
30-Jun-1966 8.03 10.53 8.66 17.35
30-Sep-1966 7.10 10.85 6.96 16.79
31-Dec-1966 6.06 10.43 6.09 13.88
31-Mar-1967 4.85 9.15 4.38 13.02
30-Jun-1967 4.32 8.13 3.99 10.79
30-Sep-1967 4.89 7.64 4.49 8.64
31-Dec-1967 5.66 7.78 4.97 9.20
31-Mar-1968 6.43 8.53 5.86 8.20
30-Jun-1968 6.97 8.71 7.11 8.52
30-Sep-1968 6.90 9.25 8.16 10.82
31-Dec-1968 6.90 10.22 9.91 11.90
31-Mar-1969 6.19 10.10 10.83 13.51
30-Jun-1969 6.33 9.66 11.08 16.29
30-Sep-1969 6.33 8.94 10.14 17.93
31-Dec-1969 6.00 8.26 8.30 17.15
31-Mar-1970 6.52 6.16 6.57 15.98
30-Jun-1970 5.45 7.21 4.72 13.12
30-Sep-1970 4.79 8.78 4.40 9.10
31-Dec-1970 4.86 9.43 3.43 6.16
31-Mar-1971 5.42 11.08 5.90 4.47
30-Jun-1971 6.58 10.88 7.37 2.95
30-Sep-1971 7.97 11.03 8.91 4.51
31-Dec-1971 8.98 12.12 11.66 4.63
31-Mar-1972 9.88 14.06 10.96 7.14
30-Jun-1972 10.67 15.78 12.44 7.85
30-Sep-1972 11.44 16.08 12.45 7.86
31-Dec-1972 12.24 17.72 13.08 11.73
31-Mar-1973 12.33 18.21 15.25 16.59
30-Jun-1973 12.66 18.89 15.51 19.65
30-Sep-1973 12.31 19.11 15.47 22.68
31-Dec-1973 11.88 17.11 14.35 21.90
31-Mar-1974 11.52 16.24 11.20 18.75
30-Jun-1974 10.89 14.81 9.16 19.42
30-Sep-1974 10.05 12.41 7.64 19.47
31-Dec-1974 8.84 10.90 4.64 18.88
31-Mar-1975 7.98 9.43 3.00 12.18
30-Jun-1975 7.76 7.76 -0.42 4.90
30-Sep-1975 7.97 8.28 -0.15 0.51
31-Dec-1975 8.92 8.59 2.51 -2.31
31-Mar-1976 10.64 8.52 4.62 -1.09
30-Jun-1976 11.28 8.42 8.66 2.42
30-Sep-1976 12.17 8.33 9.52 3.85
31-Dec-1976 12.87 8.18 10.61 6.82
31-Mar-1977 13.29 8.72 11.50 10.98
30-Jun-1977 15.03 8.41 13.90 12.58
30-Sep-1977 16.34 9.20 15.43 13.31
31-Dec-1977 17.33 10.95 15.69 14.58
31-Mar-1978 17.42 11.56 16.36 14.90
30-Jun-1978 17.15 12.75 17.64 15.49
30-Sep-1978 17.30 12.42 17.91 15.96
31-Dec-1978 17.61 11.00 17.52 16.97
31-Mar-1979 17.97 10.72 17.39 17.20
30-Jun-1979 17.76 11.00 15.15 18.58
30-Sep-1979 17.18 11.72 14.65 20.46
31-Dec-1979 15.92 11.63 13.91 20.24
31-Mar-1980 15.68 11.29 11.31 19.45
30-Jun-1980 13.33 10.26 5.69 13.39
30-Sep-1980 12.28 8.77 2.60 9.89
31-Dec-1980 11.94 8.54 0.97 10.36
31-Mar-1981 9.80 9.68 1.19 8.42
30-Jun-1981 10.49 11.91 4.63 14.62
30-Sep-1981 8.94 13.83 6.15 18.76
31-Dec-1981 7.55 15.31 5.54 17.44
31-Mar-1982 7.09 14.62 5.55 18.23
30-Jun-1982 5.89 13.34 5.31 16.27
30-Sep-1982 4.05 12.41 4.01 13.92
31-Dec-1982 3.88 11.34 4.98 8.68
31-Mar-1983 4.55 12.95 4.99 6.68
30-Jun-1983 5.86 14.12 6.04 3.71
30-Sep-1983 9.20 15.15 8.75 3.83
31-Dec-1983 10.84 16.71 12.14 8.02
31-Mar-1984 11.96 18.00 15.41 12.75
30-Jun-1984 12.43 19.29 18.77 18.09
30-Sep-1984 11.78 20.80 19.28 19.06
31-Dec-1984 11.38 21.18 18.37 19.50
31-Mar-1985 14.05 19.65 18.66 16.03
30-Jun-1985 13.82 18.20 16.70 11.23
30-Sep-1985 14.70 16.22 16.79 9.59
31-Dec-1985 15.53 14.80 15.95 8.70
31-Mar-1986 12.37 13.90 13.23 7.15
30-Jun-1986 13.06 11.95 12.25 7.29
30-Sep-1986 14.05 10.99 10.94 7.55
31-Dec-1986 13.32 11.26 9.14 9.44
31-Mar-1987 13.56 15.29 6.17 7.24
30-Jun-1987 14.11 15.76 5.23 7.31
30-Sep-1987 12.77 15.23 4.70 6.84
31-Dec-1987 11.46 15.12 4.85 5.42
31-Mar-1988 11.42 10.44 7.58 8.77
30-Jun-1988 10.81 11.10 7.58 9.61
30-Sep-1988 10.84 10.56 6.92 9.53
31-Dec-1988 12.16 10.41 6.67 9.37
31-Mar-1989 10.74 10.49 8.47 9.99
30-Jun-1989 9.94 8.04 8.43 11.03
30-Sep-1989 10.00 7.77 8.17 9.87
31-Dec-1989 10.39 4.56 8.60 8.68
31-Mar-1990 12.47 3.60 5.19 8.16
30-Jun-1990 12.57 3.10 3.95 6.10
30-Sep-1990 11.47 2.30 3.78 6.23
31-Dec-1990 9.91 2.47 1.87 4.84
31-Mar-1991 7.83 2.08 1.36 -0.62
30-Jun-1991 7.34 2.08 0.55 -3.50
30-Sep-1991 6.12 0.14 -0.98 -6.54
31-Dec-1991 6.36 -1.64 -1.07 -8.99
31-Mar-1992 6.41 -3.68 -0.92 -6.45
30-Jun-1992 5.31 -4.82 -0.91 -5.68
30-Sep-1992 6.22 -4.87 0.06 -3.43
31-Dec-1992 5.93 -5.39 1.13 -0.62
31-Mar-1993 4.88 -5.20 1.90 -2.23
30-Jun-1993 5.65 -5.63 3.44 -1.16
30-Sep-1993 5.58 -4.89 5.14 -1.60
31-Dec-1993 5.38 -3.12 7.44 -1.74
31-Mar-1994 6.12 -3.10 9.60 2.71
30-Jun-1994 5.77 -1.85 12.21 4.27
30-Sep-1994 5.57 -0.84 13.91 6.96
31-Dec-1994 5.72 -1.69 15.23 9.83
31-Mar-1995 5.52 0.12 15.96 11.12
30-Jun-1995 5.49 0.46 15.70 12.46
30-Sep-1995 5.59 0.96 15.58 11.64
31-Dec-1995 5.10 1.57 14.39 11.28
31-Mar-1996 5.87 1.85 13.13 9.07
30-Jun-1996 6.23 2.72 11.86 7.99
30-Sep-1996 6.21 2.50 10.09 8.50
31-Dec-1996 6.46 4.19 9.05 5.84
31-Mar-1997 6.20 4.27 7.26 6.59
30-Jun-1997 5.82 5.32 6.36 6.76
30-Sep-1997 6.59 7.28 5.92 7.02
31-Dec-1997 6.37 8.17 5.52 10.25
31-Mar-1998 7.07 9.27 5.31 9.89
30-Jun-1998 7.78 9.22 6.99 10.48
30-Sep-1998 7.51 9.43 7.27 11.66
31-Dec-1998 9.10 11.06 7.22 10.87
31-Mar-1999 9.44 12.07 8.87 12.42
30-Jun-1999 9.70 12.24 7.55 9.67
30-Sep-1999 10.51 16.02 7.92 8.66
31-Dec-1999 9.95 15.06 7.80 8.47
31-Mar-2000 9.29 14.77 7.69 8.28
30-Jun-2000 9.41 15.16 8.85 12.89
30-Sep-2000 9.06 10.78 10.30 11.08
31-Dec-2000 9.08 10.03 12.08 10.97
31-Mar-2001 9.39 9.25 12.55 4.80
30-Jun-2001 10.15 8.58 11.36 -1.06
30-Sep-2001 10.62 9.29 8.91 -2.70
31-Dec-2001 10.77 9.50 8.66 -6.69
31-Mar-2002 11.46 8.97 7.63 -5.47
30-Jun-2002 11.38 8.93 7.62 -5.89
30-Sep-2002 12.01 7.97 7.62 -5.76
31-Dec-2002 13.32 7.76 5.70 -5.13
31-Mar-2003 13.18 7.99 5.58 -5.12
30-Jun-2003 13.67 8.32 5.19 -5.03
30-Sep-2003 13.49 9.14 5.36 -5.68
31-Dec-2003 12.34 9.19 5.22 -4.79
31-Mar-2004 12.72 10.06 5.43 -3.49
30-Jun-2004 12.99 10.17 4.81 -0.96
30-Sep-2004 13.19 10.35 4.91 1.52
31-Dec-2004 14.38 11.35 5.47 4.98
31-Mar-2005 13.85 11.38 5.11 8.28
30-Jun-2005 13.51 12.45 5.46 10.38
30-Sep-2005 13.67 13.69 5.15 10.77
31-Dec-2005 13.45 14.87 4.26 10.92
31-Mar-2006 14.22 15.87 3.69 10.08
30-Jun-2006 14.06 15.80 3.86 10.69
30-Sep-2006 12.90 15.31 3.95 10.66
31-Dec-2006 11.30 14.24 4.51 11.93
31-Mar-2007 9.73 12.70 5.06 13.60
30-Jun-2007 8.33 12.95 5.07 14.75
30-Sep-2007 7.03 13.27 5.72 20.70
31-Dec-2007 6.63 12.35 5.53 21.37
31-Mar-2008 5.13 11.79 5.47 20.46
30-Jun-2008 2.99 9.45 5.08 16.92
30-Sep-2008 1.11 6.05 3.58 12.49
31-Dec-2008 -0.90 4.07 1.73 7.39
31-Mar-2009 -1.58 2.26 -0.34 0.11

Note: As shown in the chart, shaded bars denote the recession periods of 1953:Q2-1954:Q2, 1957:Q3-1958:Q2, 1960:Q2-1961:Q1, 1969:Q4-1970:Q4, 1973:Q4-1975:Q1, 1980:Q1-1980:Q3, 1981:Q3-1982:Q4, 1990:Q3-1991:Q1, 2001:Q1-2001:Q4, and 2007:Q4-present, as defined by the National Bureau of Economic Research (NBER).

Source: Federal Reserve Board of Governors Flow of Funds



Figure 8: Lending around Business Cycle Peaks: 1990:Q3 and 2007:Q4

Top-left panel
Home Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3
-16 73.15 74.93
-15 74.82 76.45
-14 76.84 78.16
-13 78.94 80.59
-12 81.03 82.20
-11 82.44 82.84
-10 84.76 84.63
-9 86.83 86.44
-8 88.84 87.86
-7 91.10 89.58
-6 93.38 90.11
-5 94.99 91.36
-4 96.18 93.29
-3 97.08 95.51
-2 98.42 97.81
-1 99.22 99.07
0 100.00 100.00
1 99.92 100.88
2 99.41 101.37
3 97.83 102.73
4 97.09 102.70
5 96.30 104.08
6 ND 105.23
7 ND 105.64
8 ND 106.80

ND No data Return to table

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Top-right panel
Commercial Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3
-16 68.62 81.77
-15 69.84 84.02
-14 70.86 88.77
-13 72.45 90.50
-12 74.00 91.65
-11 75.29 94.02
-10 77.44 95.28
-9 79.70 97.32
-8 82.14 97.72
-7 84.40 100.08
-6 86.61 101.21
-5 89.05 101.08
-4 91.29 101.66
-3 92.38 101.07
-2 95.19 101.20
-1 98.43 100.38
0 100.00 100.00
1 101.10 99.53
2 102.18 99.29
3 101.80 99.00
4 101.96 96.92
5 101.22 94.95
6 ND 93.30
7 ND 92.01
8 ND 90.26

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-left panel
Consumer Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2007:Q4
(incl. HELOCs*)
1990:Q3
-16 92.89 82.54 91.39
-15 93.52 83.58 92.02
-14 93.44 85.02 90.81
-13 94.20 87.09 91.93
-12 94.89 88.75 93.08
-11 95.14 89.56 93.79
-10 95.76 91.30 94.94
-9 95.84 91.98 95.72
-8 95.59 92.46 95.97
-7 95.43 92.99 96.45
-6 96.06 94.71 99.01
-5 96.53 95.88 99.79
-4 97.19 97.05 100.21
-3 97.38 97.18 101.16
-2 98.20 98.17 100.52
-1 99.59 99.63 99.92
0 100.00 100.00 100.00
1 100.55 100.10 99.04
2 101.21 100.46 97.93
3 100.59 99.46 97.07
4 99.66 98.73 95.83
5 98.11 97.01 95.03
6 ND ND 94.66
7 ND ND 93.93
8 ND ND 93.87

* Includes loans made under home equity lines of credit and home equity loans secured by junior liens. Return to table

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-right panel
Nonfinancial Business Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3
-16 71.21 84.09
-15 70.60 87.08
-14 70.45 85.47
-13 70.89 86.18
-12 72.40 87.40
-11 73.99 89.23
-10 75.57 90.34
-9 75.98 91.43
-8 77.60 92.31
-7 78.79 94.09
-6 80.80 95.53
-5 81.46 97.59
-4 84.50 97.90
-3 86.93 98.76
-2 90.21 99.74
-1 95.95 99.74
0 100.00 100.00
1 102.52 99.50
2 103.45 95.27
3 105.26 92.99
4 105.21 90.45
5 100.49 87.84
6 ND 86.94
7 ND 85.65
8 ND 85.52

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds



Figure 9: Lending around Business Cycle Peaks

Top-left panel
Home Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 73.15 74.93 82.66 85.55 92.52
-15 74.82 76.45 84.23 85.62 93.86
-14 76.84 78.16 86.22 84.96 94.45
-13 78.94 80.59 87.95 85.24 94.66
-12 81.03 82.20 90.32 85.45 94.79
-11 82.44 82.84 92.34 85.92 95.26
-10 84.76 84.63 94.55 86.24 95.65
-9 86.83 86.44 95.68 87.47 96.45
-8 88.84 87.86 97.29 88.95 97.12
-7 91.10 89.58 98.51 90.11 97.69
-6 93.38 90.11 100.33 91.75 98.10
-5 94.99 91.36 99.72 93.74 98.85
-4 96.18 93.29 100.34 95.50 99.23
-3 97.08 95.51 100.53 97.17 99.20
-2 98.42 97.81 99.97 98.31 99.51
-1 99.22 99.07 100.30 99.17 99.82
0 100.00 100.00 100.00 100.00 100.00
1 99.92 100.88 99.82 100.71 100.08
2 99.41 101.37 100.03 100.52 99.30
3 97.83 102.73 99.89 99.66 99.63
4 97.09 102.70 98.22 98.42 99.88
5 96.30 104.08 98.61 97.96 100.43
6 ND 105.23 99.99 98.37 100.80
7 ND 105.64 101.59 98.76 102.24
8 ND 106.80 103.44 99.59 103.96

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Top-right panel
Commercial Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 68.62 81.77 89.37 72.59 82.72
-15 69.84 84.02 90.97 71.47 84.18
-14 70.86 88.77 91.82 72.56 86.08
-13 72.45 90.50 92.62 74.47 87.38
-12 74.00 91.65 93.59 75.66 88.24
-11 75.29 94.02 94.12 75.57 88.94
-10 77.44 95.28 94.50 76.62 90.36
-9 79.70 97.32 94.97 78.58 91.38
-8 82.14 97.72 96.12 81.02 92.22
-7 84.40 100.08 96.70 82.28 93.00
-6 86.61 101.21 96.46 85.28 94.18
-5 89.05 101.08 96.29 87.72 95.70
-4 91.29 101.66 96.03 91.23 97.15
-3 92.38 101.07 95.68 93.37 97.93
-2 95.19 101.20 96.01 96.43 98.52
-1 98.43 100.38 98.11 98.42 99.02
0 100.00 100.00 100.00 100.00 100.00
1 101.10 99.53 101.87 100.88 98.46
2 102.18 99.29 102.82 102.09 99.96
3 101.80 99.00 104.58 101.03 102.59
4 101.96 96.92 106.11 100.28 104.23
5 101.22 94.95 107.86 99.44 104.11
6 ND 93.30 111.03 99.91 105.56
7 ND 92.01 114.65 100.41 108.26
8 ND 90.26 117.83 101.16 111.61

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-left panel
Consumer Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2007:Q4
(incl. HELOCs*)
1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 92.89 82.54 91.39 94.39 82.22 88.62
-15 93.52 83.58 92.02 95.80 81.87 90.32
-14 93.44 85.02 90.81 97.93 81.26 90.79
-13 94.20 87.09 91.93 101.43 81.59 90.64
-12 94.89 88.75 93.08 103.67 81.00 90.82
-11 95.14 89.56 93.79 104.94 82.53 91.26
-10 95.76 91.30 94.94 106.87 83.10 91.65
-9 95.84 91.98 95.72 107.91 84.46 92.01
-8 95.59 92.46 95.97 109.26 86.38 92.45
-7 95.43 92.99 96.45 110.02 87.40 93.08
-6 96.06 94.71 99.01 109.11 89.82 94.12
-5 96.53 95.88 99.79 104.87 91.33 95.41
-4 97.19 97.05 100.21 102.97 93.43 97.11
-3 97.38 97.18 101.16 101.27 96.71 98.65
-2 98.20 98.17 100.52 100.19 98.68 99.73
-1 99.59 99.63 99.92 99.89 99.34 99.81
0 100.00 100.00 100.00 100.00 100.00 100.00
1 100.55 100.10 99.04 98.68 99.95 99.58
2 101.21 100.46 97.93 98.82 99.32 98.84
3 100.59 99.46 97.07 98.95 97.65 99.24
4 99.66 98.73 95.83 98.18 94.62 98.52
5 98.11 97.01 95.03 98.52 92.74 100.38
6 ND ND 94.66 99.18 89.83 101.07
7 ND ND 93.93 100.79 89.49 102.72
8 ND ND 93.87 102.97 90.10 105.06

* Includes loans made under home equity lines of credit and home equity loans secured by junior liens. Return to table

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-right panel
Nonfinancial Business Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 71.21 84.09 76.23 81.16 72.06
-15 70.60 87.08 77.36 82.07 74.36
-14 70.45 85.47 79.72 83.17 77.11
-13 70.89 86.18 81.28 83.11 78.47
-12 72.40 87.40 82.35 82.07 79.28
-11 73.99 89.23 84.34 81.61 81.34
-10 75.57 90.34 86.86 81.55 82.93
-9 75.98 91.43 89.04 82.55 82.82
-8 77.60 92.31 91.19 82.01 83.94
-7 78.79 94.09 93.33 83.46 84.80
-6 80.80 95.53 95.16 84.55 86.29
-5 81.46 97.59 92.84 85.62 87.99
-4 84.50 97.90 92.05 87.65 89.78
-3 86.93 98.76 93.90 93.42 92.05
-2 90.21 99.74 93.63 96.21 95.72
-1 95.95 99.74 96.88 98.95 98.55
0 100.00 100.00 100.00 100.00 100.00
1 102.52 99.50 101.81 103.11 101.12
2 103.45 95.27 103.44 105.94 102.48
3 105.26 92.99 105.95 107.95 102.40
4 105.21 90.45 107.53 107.50 101.12
5 100.49 87.84 105.22 104.20 100.56
6 ND 86.94 105.50 100.93 100.48
7 ND 85.65 105.56 99.58 101.71
8 ND 85.52 107.68 97.55 101.05

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds



Figure 10: Depository Lending around Business Cycle Peaks

Top-left panel
Home Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 74.35 84.67 93.75 81.31 93.02
-15 77.23 85.36 95.51 80.51 94.17
-14 80.04 84.01 97.10 80.00 94.74
-13 82.62 86.29 99.13 80.43 94.76
-12 85.74 88.15 101.50 80.58 94.63
-11 87.57 88.29 103.05 80.79 94.73
-10 90.08 91.91 103.90 81.69 95.36
-9 91.78 93.38 104.75 83.46 96.28
-8 92.91 95.95 105.65 85.05 96.94
-7 94.47 97.89 105.84 86.34 97.12
-6 96.39 98.18 105.43 88.92 97.61
-5 96.65 98.71 103.79 91.75 98.47
-4 97.52 99.04 103.37 93.97 98.98
-3 97.09 98.94 102.76 95.98 99.60
-2 97.62 102.14 101.30 98.30 100.17
-1 98.77 101.30 100.91 99.66 100.56
0 100.00 100.00 100.00 100.00 100.00
1 100.03 97.88 98.46 100.10 99.02
2 97.72 96.33 96.89 100.21 98.39
3 95.00 95.08 94.95 99.13 98.91
4 94.17 92.52 91.39 97.21 99.10
5 93.34 91.76 88.47 96.02 99.36
6 ND 91.23 87.83 96.45 100.46
7 ND 89.47 88.10 96.75 102.64
8 ND 88.53 89.35 97.18 104.60

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Top-right panel
Commercial Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 71.01 79.40 95.59 67.68 78.70
-15 72.40 83.74 97.16 67.17 80.55
-14 73.64 91.87 98.34 66.95 82.67
-13 75.43 94.62 100.17 67.71 83.89
-12 77.17 96.90 101.14 68.81 84.54
-11 78.34 99.53 101.11 69.24 85.03
-10 80.48 98.50 101.22 71.25 86.93
-9 83.04 99.86 101.99 74.20 88.58
-8 85.00 98.09 103.26 77.25 89.83
-7 87.10 99.96 103.47 79.12 91.14
-6 89.51 102.57 102.20 82.84 93.28
-5 91.69 103.57 101.45 86.32 95.43
-4 93.57 104.76 100.54 89.54 97.42
-3 93.42 104.24 99.45 92.58 98.27
-2 95.58 103.44 98.47 96.09 99.15
-1 97.49 101.14 99.29 98.71 99.84
0 100.00 100.00 100.00 100.00 100.00
1 101.95 99.36 100.08 101.04 99.24
2 104.11 98.79 100.32 102.97 98.92
3 104.34 98.02 101.97 102.52 100.04
4 105.97 95.23 103.78 100.79 101.67
5 105.64 93.67 104.55 99.59 102.31
6 ND 91.31 107.73 100.56 105.27
7 ND 90.01 112.44 102.01 109.63
8 ND 88.17 116.66 103.46 114.13

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-left panel
Consumer Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2007:Q4
(incl. HELOCs*)
1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 94.96 78.75 98.39 99.35 76.19 81.05
-15 95.92 80.12 99.11 101.41 76.23 82.45
-14 96.60 82.65 98.07 103.93 76.03 83.75
-13 97.34 85.59 99.27 108.43 76.47 83.90
-12 97.56 87.37 99.83 111.16 76.02 84.16
-11 97.18 88.07 100.59 112.02 76.73 84.41
-10 97.86 90.45 102.27 113.49 78.03 85.99
-9 99.54 92.10 103.50 114.14 79.71 87.00
-8 97.42 91.55 104.00 115.61 81.97 87.98
-7 97.19 91.89 104.13 116.10 83.69 88.47
-6 97.20 93.67 104.00 113.90 86.63 90.63
-5 97.67 94.84 104.56 107.56 88.28 93.23
-4 97.18 95.32 104.97 105.31 91.24 95.39
-3 96.88 95.03 104.78 103.26 95.41 96.72
-2 98.27 96.89 103.04 101.13 97.87 99.04
-1 99.20 98.73 100.94 100.78 98.98 99.56
0 100.00 100.00 100.00 100.00 100.00 100.00
1 100.56 100.31 98.02 98.41 99.61 100.06
2 102.27 101.73 96.57 98.49 99.05 99.80
3 102.23 101.26 94.55 98.17 97.71 100.38
4 103.99 102.49 92.28 97.69 94.84 99.78
5 102.97 101.11 91.34 97.77 92.69 100.71
6 ND ND 90.29 98.21 91.49 102.43
7 ND ND 88.76 99.47 92.08 104.62
8 ND ND 88.00 102.51 93.24 107.59

* Includes loans made under home equity lines of credit and home equity loans secured by junior liens. Return to table

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-right panel
Nonfinancial Business Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 1990:Q3 1981:Q3 1973:Q4 1969:Q4
-16 71.05 85.78 78.31 81.25 73.89
-15 70.34 89.82 79.33 81.74 76.37
-14 70.05 88.19 81.93 82.96 79.13
-13 70.59 88.90 83.65 82.86 80.25
-12 71.85 90.10 84.76 81.46 80.78
-11 73.28 91.40 86.37 80.79 82.35
-10 75.24 93.12 88.97 81.44 83.54
-9 75.80 94.22 90.99 82.44 83.57
-8 77.64 94.89 92.77 81.97 84.67
-7 79.10 95.96 94.42 82.94 85.49
-6 81.01 97.30 95.93 83.76 87.02
-5 81.90 98.78 92.98 85.25 87.93
-4 84.15 98.70 93.15 87.61 89.99
-3 86.56 99.61 94.82 94.17 92.20
-2 89.66 99.96 94.64 96.97 95.91
-1 95.90 100.15 97.53 99.86 98.47
0 100.00 100.00 100.00 100.00 100.00
1 102.30 100.01 101.17 103.06 100.60
2 103.91 95.95 102.47 105.76 102.11
3 105.32 93.71 105.31 107.04 101.98
4 105.26 91.63 107.55 106.55 100.26
5 101.57 88.88 105.96 102.87 99.43
6 ND 87.64 106.13 100.41 100.23
7 ND 86.36 107.06 99.11 101.46
8 ND 86.29 109.21 97.60 100.88

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds



Figure A.1: Lending around Business Cycle Peaks*

Top-left panel
Home Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 73.15 76.20 74.93 82.66 72.94 85.55 92.52
-15 74.82 77.08 76.45 84.23 74.00 85.62 93.86
-14 76.84 78.42 78.16 86.22 75.25 84.96 94.45
-13 78.94 79.04 80.59 87.95 76.30 85.24 94.66
-12 81.03 80.72 82.20 90.32 77.93 85.45 94.79
-11 82.44 82.17 82.84 92.34 79.98 85.92 95.26
-10 84.76 83.38 84.63 94.55 82.39 86.24 95.65
-9 86.83 85.26 86.44 95.68 83.96 87.47 96.45
-8 88.84 87.21 87.86 97.29 85.93 88.95 97.12
-7 91.10 88.83 89.58 98.51 87.66 90.11 97.69
-6 93.38 90.82 90.11 100.33 90.02 91.75 98.10
-5 94.99 92.32 91.36 99.72 92.03 93.74 98.85
-4 96.18 93.41 93.29 100.34 94.24 95.50 99.23
-3 97.08 95.17 95.51 100.53 95.37 97.17 99.20
-2 98.42 96.83 97.81 99.97 96.97 98.31 99.51
-1 99.22 98.47 99.07 100.30 98.19 99.17 99.82
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 99.92 102.25 100.88 99.82 99.39 100.71 100.08
2 99.41 104.59 101.37 100.03 100.01 100.52 99.30
3 97.83 106.41 102.73 99.89 100.20 99.66 99.63
4 97.09 109.21 102.70 98.22 99.64 98.42 99.88
5 96.30 112.05 104.08 98.61 99.98 97.96 100.43
6 ND 115.30 105.23 99.99 99.67 98.37 100.80
7 ND 118.61 105.64 101.59 99.50 98.76 102.24
8 ND 121.08 106.80 103.44 99.71 99.59 103.96

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Top-right panel
Commercial Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 68.62 69.53 81.77 89.37 88.61 72.59 82.72
-15 69.84 70.95 84.02 90.97 89.35 71.47 84.18
-14 70.86 72.47 88.77 91.82 90.16 72.56 86.08
-13 72.45 73.69 90.50 92.62 90.65 74.47 87.38
-12 74.00 75.16 91.65 93.59 90.85 75.66 88.24
-11 75.29 76.65 94.02 94.12 91.02 75.57 88.94
-10 77.44 78.43 95.28 94.50 92.64 76.62 90.36
-9 79.70 80.92 97.32 94.97 94.31 78.58 91.38
-8 82.14 83.16 97.72 96.12 95.18 81.02 92.22
-7 84.40 84.78 100.08 96.70 96.01 82.28 93.00
-6 86.61 89.68 101.21 96.46 97.02 85.28 94.18
-5 89.05 91.69 101.08 96.29 97.57 87.72 95.70
-4 91.29 93.52 101.66 96.03 97.96 91.23 97.15
-3 92.38 95.60 101.07 95.68 98.46 93.37 97.93
-2 95.19 97.12 101.20 96.01 99.64 96.43 98.52
-1 98.43 98.65 100.38 98.11 100.24 98.42 99.02
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 101.10 101.26 99.53 101.87 99.82 100.88 98.46
2 102.18 103.65 99.29 102.82 99.55 102.09 99.96
3 101.80 105.38 99.00 104.58 99.19 101.03 102.59
4 101.96 106.77 96.92 106.11 99.53 100.28 104.23
5 101.22 108.51 94.95 107.86 101.70 99.44 104.11
6 ND 110.13 93.30 111.03 103.67 99.91 105.56
7 ND 111.70 92.01 114.65 105.60 100.41 108.26
8 ND 112.96 90.26 117.83 106.59 101.16 111.61

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-left panel
Consumer Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2007:Q4
(incl. HELOCs*)
2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 92.89 82.54 76.83 91.39 94.39 78.10 82.22 88.62
-15 93.52 83.58 77.81 92.02 95.80 78.93 81.87 90.32
-14 93.44 85.02 78.65 90.81 97.93 79.64 81.26 90.79
-13 94.20 87.09 79.75 91.93 101.43 80.93 81.59 90.64
-12 94.89 88.75 80.04 93.08 103.67 82.13 81.00 90.82
-11 95.14 89.56 82.34 93.79 104.94 84.47 82.53 91.26
-10 95.76 91.30 83.43 94.94 106.87 86.51 83.10 91.65
-9 95.84 91.98 84.55 95.72 107.91 87.80 84.46 92.01
-8 95.59 92.46 86.03 95.97 109.26 89.75 86.38 92.45
-7 95.43 92.99 87.27 96.45 110.02 92.97 87.40 93.08
-6 96.06 94.71 88.74 99.01 109.11 95.02 89.82 94.12
-5 96.53 95.88 89.75 99.79 104.87 96.18 91.33 95.41
-4 97.19 97.05 90.79 100.21 102.97 97.95 93.43 97.11
-3 97.38 97.18 93.02 101.16 101.27 98.90 96.71 98.65
-2 98.20 98.17 95.68 100.52 100.19 100.14 98.68 99.73
-1 99.59 99.63 98.36 99.92 99.89 100.84 99.34 99.81
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 100.55 100.10 101.05 99.04 98.68 96.12 99.95 99.58
2 101.21 100.46 101.76 97.93 98.82 94.38 99.32 98.84
3 100.59 99.46 104.26 97.07 98.95 92.82 97.65 99.24
4 99.66 98.73 105.46 95.83 98.18 91.83 94.62 98.52
5 98.11 97.01 106.99 95.03 98.52 91.55 92.74 100.38
6 ND ND 107.78 94.66 99.18 91.65 89.83 101.07
7 ND ND 108.41 93.93 100.79 90.45 89.49 102.72
8 ND ND 109.07 93.87 102.97 90.57 90.10 105.06

* Includes loans made under home equity lines of credit and home equity loans secured by junior liens. Return to table

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-right panel
Nonfinancial Business Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 71.21 76.15 84.09 76.23 74.18 81.16 72.06
-15 70.60 77.57 87.08 77.36 74.73 82.07 74.36
-14 70.45 79.17 85.47 79.72 75.13 83.17 77.11
-13 70.89 81.42 86.18 81.28 75.65 83.11 78.47
-12 72.40 82.78 87.40 82.35 77.64 82.07 79.28
-11 73.99 84.77 89.23 84.34 79.05 81.61 81.34
-10 75.57 87.43 90.34 86.86 80.11 81.55 82.93
-9 75.98 89.26 91.43 89.04 81.29 82.55 82.82
-8 77.60 91.88 92.31 91.19 83.78 82.01 83.94
-7 78.79 91.61 94.09 93.33 85.41 83.46 84.80
-6 80.80 93.63 95.53 95.16 86.53 84.55 86.29
-5 81.46 95.35 97.59 92.84 88.62 85.62 87.99
-4 84.50 97.49 97.90 92.05 91.27 87.65 89.78
-3 86.93 101.27 98.76 93.90 93.57 93.42 92.05
-2 90.21 101.67 99.74 93.63 95.82 96.21 95.72
-1 95.95 103.46 99.74 96.88 98.07 98.95 98.55
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 102.52 97.74 99.50 101.81 97.56 103.11 101.12
2 103.45 96.60 95.27 103.44 96.72 105.94 102.48
3 105.26 94.17 92.99 105.95 98.67 107.95 102.40
4 105.21 92.62 90.45 107.53 98.39 107.50 101.12
5 100.49 90.49 87.84 105.22 101.81 104.20 100.56
6 ND 89.60 86.94 105.50 105.08 100.93 100.48
7 ND 87.89 85.65 105.56 106.99 99.58 101.71
8 ND 86.08 85.52 107.68 108.70 97.55 101.05

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds


* The 1980:Q1 and 2001:Q1 recessions were not associated with credit crunches. The other recession periods were associated with credit crunches. Return to text



Figure A.2: Depository Lending around Business Cycle Peaks*

Top-left panel
Home Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 74.35 79.80 84.67 93.75 77.25 81.31 93.02
-15 77.23 81.45 85.36 95.51 79.02 80.51 94.17
-14 80.04 82.51 84.01 97.10 80.80 80.00 94.74
-13 82.62 82.92 86.29 99.13 81.90 80.43 94.76
-12 85.74 85.27 88.15 101.50 83.20 80.58 94.63
-11 87.57 85.06 88.29 103.05 86.04 80.79 94.73
-10 90.08 84.83 91.91 103.90 88.92 81.69 95.36
-9 91.78 86.54 93.38 104.75 90.59 83.46 96.28
-8 92.91 86.43 95.95 105.65 92.09 85.05 96.94
-7 94.47 87.14 97.89 105.84 94.02 86.34 97.12
-6 96.39 89.96 98.18 105.43 96.26 88.92 97.61
-5 96.65 91.88 98.71 103.79 97.74 91.75 98.47
-4 97.52 94.39 99.04 103.37 98.54 93.97 98.98
-3 97.09 97.48 98.94 102.76 99.36 95.98 99.60
-2 97.62 98.90 102.14 101.30 100.20 98.30 100.17
-1 98.77 98.34 101.30 100.91 100.38 99.66 100.56
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 100.03 100.54 97.88 98.46 98.44 100.10 99.02
2 97.72 99.85 96.33 96.89 98.04 100.21 98.39
3 95.00 101.66 95.08 94.95 97.46 99.13 98.91
4 94.17 101.10 92.52 91.39 96.08 97.21 99.10
5 93.34 102.90 91.76 88.47 95.71 96.02 99.36
6 ND 107.99 91.23 87.83 94.85 96.45 100.46
7 ND 112.72 89.47 88.10 93.38 96.75 102.64
8 ND 115.56 88.53 89.35 91.89 97.18 104.60

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Top-right panel
Commercial Mortgages

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 71.01 72.42 79.40 95.59 87.46 67.68 78.70
-15 72.40 73.52 83.74 97.16 88.77 67.17 80.55
-14 73.64 74.84 91.87 98.34 90.12 66.95 82.67
-13 75.43 75.44 94.62 100.17 90.78 67.71 83.89
-12 77.17 75.80 96.90 101.14 91.09 68.81 84.54
-11 78.34 76.34 99.53 101.11 91.56 69.24 85.03
-10 80.48 78.06 98.50 101.22 93.54 71.25 86.93
-9 83.04 80.08 99.86 101.99 95.07 74.20 88.58
-8 85.00 81.69 98.09 103.26 96.23 77.25 89.83
-7 87.10 83.72 99.96 103.47 98.02 79.12 91.14
-6 89.51 86.22 102.57 102.20 98.96 82.84 93.28
-5 91.69 89.25 103.57 101.45 98.93 86.32 95.43
-4 93.57 92.10 104.76 100.54 99.04 89.54 97.42
-3 93.42 94.77 104.24 99.45 99.80 92.58 98.27
-2 95.58 96.57 103.44 98.47 101.04 96.09 99.15
-1 97.49 98.34 101.14 99.29 101.25 98.71 99.84
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 101.95 101.57 99.36 100.08 99.27 101.04 99.24
2 104.11 104.30 98.79 100.32 98.38 102.97 98.92
3 104.34 106.07 98.02 101.97 97.32 102.52 100.04
4 105.97 108.06 95.23 103.78 96.36 100.79 101.67
5 105.64 110.22 93.67 104.55 97.15 99.59 102.31
6 ND 112.25 91.31 107.73 97.85 100.56 105.27
7 ND 114.01 90.01 112.44 97.93 102.01 109.63
8 ND 115.58 88.17 116.66 98.17 103.46 114.13

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-left panel
Consumer Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2007:Q4
(incl. HELOCs*)
2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 94.96 78.75 94.00 98.39 99.35 75.76 76.19 81.05
-15 95.92 80.12 95.34 99.11 101.41 77.36 76.23 82.45
-14 96.60 82.65 95.02 98.07 103.93 78.92 76.03 83.75
-13 97.34 85.59 93.55 99.27 108.43 80.12 76.47 83.90
-12 97.56 87.37 92.38 99.83 111.16 81.71 76.02 84.16
-11 97.18 88.07 92.83 100.59 112.02 84.62 76.73 84.41
-10 97.86 90.45 93.59 102.27 113.49 87.23 78.03 85.99
-9 99.54 92.10 93.17 103.50 114.14 89.04 79.71 87.00
-8 97.42 91.55 93.41 104.00 115.61 91.25 81.97 87.98
-7 97.19 91.89 92.19 104.13 116.10 95.20 83.69 88.47
-6 97.20 93.67 92.14 104.00 113.90 97.60 86.63 90.63
-5 97.67 94.84 94.00 104.56 107.56 98.35 88.28 93.23
-4 97.18 95.32 94.82 104.97 105.31 99.64 91.24 95.39
-3 96.88 95.03 96.89 104.78 103.26 100.21 95.41 96.72
-2 98.27 96.89 99.17 103.04 101.13 101.51 97.87 99.04
-1 99.20 98.73 99.75 100.94 100.78 101.93 98.98 99.56
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 100.56 100.31 100.77 98.02 98.41 94.44 99.61 100.06
2 102.27 101.73 100.31 96.57 98.49 92.46 99.05 99.80
3 102.23 101.26 100.81 94.55 98.17 90.66 97.71 100.38
4 103.99 102.49 101.86 92.28 97.69 88.79 94.84 99.78
5 102.97 101.11 102.41 91.34 97.77 88.48 92.69 100.71
6 ND ND 104.65 90.29 98.21 87.80 91.49 102.43
7 ND ND 103.70 88.76 99.47 86.41 92.08 104.62
8 ND ND 104.25 88.00 102.51 86.47 93.24 107.59

* Includes loans made under home equity lines of credit and home equity loans secured by junior liens. Return to table

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds

Bottom-right panel
Nonfinancial Business Credit

Business cycle peak = 100
Quarters to and from
Business Cycle Peak
2007:Q4 2001:Q1 1990:Q3 1981:Q3 1980:Q1 1973:Q4 1969:Q4
-16 71.05 75.77 85.78 78.31 75.52 81.25 73.89
-15 70.34 77.08 89.82 79.33 75.95 81.74 76.37
-14 70.05 78.77 88.19 81.93 76.69 82.96 79.13
-13 70.59 81.11 88.90 83.65 77.00 82.86 80.25
-12 71.85 81.99 90.10 84.76 79.09 81.46 80.78
-11 73.28 84.14 91.40 86.37 80.52 80.79 82.35
-10 75.24 86.05 93.12 88.97 81.64 81.44 83.54
-9 75.80 88.62 94.22 90.99 82.69 82.44 83.57
-8 77.64 90.83 94.89 92.77 85.41 81.97 84.67
-7 79.10 90.60 95.96 94.42 87.20 82.94 85.49
-6 81.01 92.25 97.30 95.93 88.35 83.76 87.02
-5 81.90 93.65 98.78 92.98 90.04 85.25 87.93
-4 84.15 95.75 98.70 93.15 92.74 87.61 89.99
-3 86.56 98.63 99.61 94.82 94.85 94.17 92.20
-2 89.66 98.47 99.96 94.64 96.71 96.97 95.91
-1 95.90 100.54 100.15 97.53 98.43 99.86 98.47
0 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1 102.30 99.12 100.01 101.17 96.92 103.06 100.60
2 103.91 98.42 95.95 102.47 97.11 105.76 102.11
3 105.32 95.30 93.71 105.31 98.85 107.04 101.98
4 105.26 94.51 91.63 107.55 98.66 106.55 100.26
5 101.57 92.85 88.88 105.96 101.67 102.87 99.43
6 ND 92.44 87.64 106.13 104.25 100.41 100.23
7 ND 91.15 86.36 107.06 105.47 99.11 101.46
8 ND 89.45 86.29 109.21 106.82 97.60 100.88

Note: Each lending series was deflated using the gross domestic product deflator.

Source: Federal Reserve Board of Governors Flow of Funds


* The 1980:Q1 and 2001:Q1 recessions were not associated with credit crunches. The other recession periods were associated with credit crunches. Return to text

Last update: August 2, 2013