Finance and Economics Discussion Series: Accessible versions of figures for 2018-055

The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror

Accessible version of figures


Figure 1: Long-term Yield Spread and Near-term Forward Spread

period effective lower bound recession 10y/2y yield spread near-term forward spread
1972M3     1.18 2.22
1972M6     0.87 2.18
1972M9     0.70 1.89
1972M12     0.50 1.33
1973M3     0.03 0.86
1973M6     -0.17 -0.01
1973M9     -0.68 -1.37
1973M12   1 -0.21 -1.03
1974M3   1 0.01 -1.00
1974M6   1 -0.52 -0.44
1974M9   1 -0.51 -0.08
1974M12   1 -0.08 0.10
1975M3   1 0.68 1.27
1975M6     0.70 2.27
1975M9     0.17 1.83
1975M12     0.70 2.14
1976M3     0.98 2.50
1976M6     0.82 2.23
1976M9     1.05 1.97
1976M12     1.46 1.52
1977M3     1.23 2.00
1977M6     1.25 1.73
1977M9     0.82 1.25
1977M12     0.47 1.10
1978M3     0.50 1.27
1978M6     0.24 1.61
1978M9     -0.02 0.97
1978M12     -0.59 0.01
1979M3     -0.73 -0.47
1979M6     -0.46 -0.52
1979M9     -0.47 -0.97
1979M12     -0.97 -1.77
1980M3   1 -1.19 -1.66
1980M6   1 0.36 -0.00
1980M9     0.50 1.31
1980M12     -0.73 -1.66
1981M3     -0.41 -2.16
1981M6     -0.92 -1.50
1981M9   1 -1.26 -0.43
1981M12   1 0.05 1.91
1982M3   1 -0.24 1.11
1982M6   1 -0.38 1.21
1982M9   1 0.21 3.54
1982M12   1 0.82 2.67
1983M3     1.19 1.99
1983M6     1.02 1.69
1983M9     0.93 2.09
1983M12     1.18 2.33
1984M3     1.15 2.13
1984M6     0.96 2.88
1984M9     0.43 2.31
1984M12     0.92 2.53
1985M3     1.37 2.85
1985M6     1.60 2.70
1985M9     1.69 2.58
1985M12     1.52 1.92
1986M3     1.01 1.18
1986M6     0.78 1.39
1986M9     1.25 1.49
1986M12     1.44 1.31
1987M3     1.14 1.06
1987M6     1.07 2.23
1987M9     1.28 2.23
1987M12     1.27 2.65
1988M3     1.39 1.97
1988M6     1.30 2.01
1988M9     0.85 1.59
1988M12     0.38 0.87
1989M3     -0.19 0.64
1989M6     -0.13 0.24
1989M9     0.13 -0.06
1989M12     0.16 -0.01
1990M3     0.16 0.56
1990M6     0.21 0.85
1990M9   1 0.72 0.73
1990M12   1 0.91 0.77
1991M3   1 1.19 1.38
1991M6     1.41 1.98
1991M9     1.64 1.76
1991M12     2.17 1.58
1992M3     2.34 2.34
1992M6     2.50 2.51
1992M9     2.96 1.91
1992M12     2.70 2.33
1993M3     2.57 1.93
1993M6     2.38 1.67
1993M9     1.94 1.53
1993M12     1.82 1.56
1994M3     1.78 1.94
1994M6     1.43 2.56
1994M9     1.28 2.35
1994M12     0.76 2.35
1995M3     0.47 1.67
1995M6     0.62 0.62
1995M9     0.63 0.59
1995M12     0.51 0.25
1996M3     0.81 0.44
1996M6     0.76 1.45
1996M9     0.68 1.40
1996M12     0.66 1.03
1997M3     0.63 1.24
1997M6     0.55 1.51
1997M9     0.48 1.01
1997M12     0.28 0.70
1998M3     0.28 0.37
1998M6     0.18 0.58
1998M9     0.18 0.29
1998M12     0.48 0.15
1999M3     0.47 0.55
1999M6     0.58 1.05
1999M9     0.63 1.19
1999M12     0.55 1.03
2000M3     0.14 1.09
2000M6     -0.18 0.75
2000M9     -0.15 -0.03
2000M12     0.01 -0.67
2001M3     0.69 -0.26
2001M6   1 1.32 0.96
2001M9   1 1.60 1.00
2001M12   1 2.28 1.85
2002M3     2.32 2.56
2002M6     2.27 2.56
2002M9     2.48 1.18
2002M12     2.55 1.08
2003M3     2.65 1.05
2003M6     2.52 0.80
2003M9     2.88 1.43
2003M12     2.74 1.68
2004M3     2.61 1.41
2004M6     2.42 2.24
2004M9     2.01 1.64
2004M12     1.58 1.18
2005M3     0.99 1.26
2005M6     0.62 1.00
2005M9     0.34 0.70
2005M12     0.23 0.55
2006M3     0.05 0.12
2006M6     0.15 0.20
2006M9     0.04 -0.21
2006M12     -0.02 -0.47
2007M3     0.00 -0.50
2007M6     0.12 -0.14
2007M9     0.46 -0.07
2007M12     0.98 -0.06
2008M3   1 1.98 -0.03
2008M6   1 1.82 1.10
2008M9   1 1.81 1.14
2008M12   1 2.85 0.87
2009M3 1 1 2.54 0.90
2009M6 1 1 2.81 1.37
2009M9 1   2.94 1.54
2009M12 1   2.97 1.43
2010M3 1   3.13 1.45
2010M6 1   2.90 1.28
2010M9 1   2.50 0.64
2010M12 1   2.63 0.57
2011M3 1   3.01 1.05
2011M6 1   2.88 0.92
2011M9 1   2.31 0.41
2011M12 1   1.90 0.39
2012M3 1   1.85 0.33
2012M6 1   1.58 0.30
2012M9 1   1.43 0.21
2012M12 1   1.48 0.23
2013M3 1   1.76 0.27
2013M6 1   1.78 0.37
2013M9 1   2.47 0.68
2013M12 1   2.56 0.53
2014M3 1   2.52 0.70
2014M6 1   2.30 0.85
2014M9 1   2.05 1.08
2014M12 1   1.80 1.06
2015M3 1   1.42 1.09
2015M6 1   1.63 1.07
2015M9 1   1.59 1.09
2015M12 1   1.42 1.11
2016M3     1.15 0.81
2016M6     1.04 0.73
2016M9     0.87 0.61
2016M12     1.18 0.92
2017M3     1.27 1.05
2017M6     1.01 0.62
2017M9     0.92 0.49
2017M12     0.70 0.68
2018M3     0.61 0.85
2018M6     0.45 0.89
2018M9     0.27 0.83
2018M12     0.25 0.60
2019M1     0.17 0.12

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Figure 2: Near-term Forward Spread and Market-Expected Paths of Short Rates

period effective lower bound recession slope near-term Blue Chip near-term forward spread
1972M3     NaN 2.22
1972M6     NaN 2.18
1972M9     NaN 1.89
1972M12     NaN 1.33
1973M3     NaN 0.86
1973M6     NaN -0.01
1973M9     NaN -1.37
1973M12   1 NaN -1.03
1974M3   1 NaN -1.00
1974M6   1 NaN -0.44
1974M9   1 NaN -0.08
1974M12   1 NaN 0.10
1975M3   1 NaN 1.27
1975M6     NaN 2.27
1975M9     NaN 1.83
1975M12     NaN 2.14
1976M3     NaN 2.50
1976M6     NaN 2.23
1976M9     NaN 1.97
1976M12     NaN 1.52
1977M3     NaN 2.00
1977M6     NaN 1.73
1977M9     NaN 1.25
1977M12     NaN 1.10
1978M3     NaN 1.27
1978M6     NaN 1.61
1978M9     NaN 0.97
1978M12     NaN 0.01
1979M3     NaN -0.47
1979M6     NaN -0.52
1979M9     NaN -0.97
1979M12     NaN -1.77
1980M3   1 NaN -1.66
1980M6   1 NaN -0.00
1980M9     NaN 1.31
1980M12     NaN -1.66
1981M3     NaN -2.16
1981M6     NaN -1.50
1981M9   1 NaN -0.43
1981M12   1 NaN 1.91
1982M3   1 NaN 1.11
1982M6   1 NaN 1.21
1982M9   1 NaN 3.54
1982M12   1 -0.07 2.67
1983M3     0.47 1.99
1983M6     0.55 1.69
1983M9     -0.04 2.09
1983M12     0.47 2.33
1984M3     0.60 2.13
1984M6     1.17 2.88
1984M9     0.70 2.31
1984M12     0.94 2.53
1985M3     1.19 2.85
1985M6     0.80 2.70
1985M9     0.60 2.58
1985M12     0.30 1.92
1986M3     0.29 1.18
1986M6     0.48 1.39
1986M9     0.27 1.49
1986M12     0.36 1.31
1987M3     0.36 1.06
1987M6     0.26 2.23
1987M9     0.47 2.23
1987M12     0.12 2.65
1988M3     0.51 1.97
1988M6     0.79 2.01
1988M9     0.30 1.59
1988M12     -0.28 0.87
1989M3     -0.88 0.64
1989M6     -1.27 0.24
1989M9     -0.99 -0.06
1989M12     -0.57 -0.01
1990M3     -0.20 0.56
1990M6     -0.12 0.85
1990M9   1 -0.63 0.73
1990M12   1 -0.78 0.77
1991M3   1 0.03 1.38
1991M6     0.65 1.98
1991M9     0.61 1.76
1991M12     0.41 1.58
1992M3     0.93 2.34
1992M6     1.26 2.51
1992M9     1.06 1.91
1992M12     1.10 2.33
1993M3     0.92 1.93
1993M6     0.88 1.67
1993M9     0.84 1.53
1993M12     0.72 1.56
1994M3     0.96 1.94
1994M6     1.07 2.56
1994M9     1.09 2.35
1994M12     1.43 2.35
1995M3     0.78 1.67
1995M6     0.21 0.62
1995M9     -0.32 0.59
1995M12     -0.50 0.25
1996M3     -0.46 0.44
1996M6     -0.06 1.45
1996M9     0.26 1.40
1996M12     0.04 1.03
1997M3     -0.03 1.24
1997M6     0.09 1.51
1997M9     0.03 1.01
1997M12     -0.05 0.70
1998M3     -0.21 0.37
1998M6     -0.10 0.58
1998M9     -0.26 0.29
1998M12     -0.50 0.15
1999M3     -0.17 0.55
1999M6     0.04 1.05
1999M9     0.06 1.19
1999M12     0.14 1.03
2000M3     0.46 1.09
2000M6     0.34 0.75
2000M9     -0.09 -0.03
2000M12     -0.42 -0.67
2001M3     -0.61 -0.26
2001M6   1 -0.13 0.96
2001M9   1 0.31 1.00
2001M12   1 1.09 1.85
2002M3     1.44 2.56
2002M6     1.94 2.56
2002M9     1.33 1.18
2002M12     1.12 1.08
2003M3     1.17 1.05
2003M6     0.86 0.80
2003M9     0.93 1.43
2003M12     1.27 1.68
2004M3     1.39 1.41
2004M6     1.96 2.24
2004M9     2.06 1.64
2004M12     1.70 1.18
2005M3     1.54 1.26
2005M6     1.29 1.00
2005M9     0.91 0.70
2005M12     0.59 0.55
2006M3     0.26 0.12
2006M6     0.02 0.20
2006M9     -0.34 -0.21
2006M12     -0.42 -0.47
2007M3     -0.29 -0.50
2007M6     -0.28 -0.14
2007M9     -0.39 -0.07
2007M12     -0.45 -0.06
2008M3   1 -0.34 -0.03
2008M6   1 0.49 1.10
2008M9   1 0.91 1.14
2008M12   1 0.50 0.87
2009M3 1 1 0.59 0.90
2009M6 1 1 0.62 1.37
2009M9 1   0.94 1.54
2009M12 1   1.13 1.43
2010M3 1   1.36 1.45
2010M6 1   1.27 1.28
2010M9 1   0.82 0.64
2010M12 1   0.50 0.57
2011M3 1   0.74 1.05
2011M6 1   1.07 0.92
2011M9 1   0.06 0.41
2011M12 1   0.06 0.39
2012M3 1   0.06 0.33
2012M6 1   0.12 0.30
2012M9 1   0.08 0.21
2012M12 1   0.03 0.23
2013M3 1   0.04 0.27
2013M6 1   0.05 0.37
2013M9 1   0.08 0.68
2013M12 1   0.08 0.53
2014M3 1   0.15 0.70
2014M6 1   0.38 0.85
2014M9 1   0.77 1.08
2014M12 1   1.00 1.06
2015M3 1   1.30 1.09
2015M6 1   1.31 1.07
2015M9 1   1.35 1.09
2015M12 1   1.19 1.11
2016M3     1.02 0.81
2016M6     0.94 0.73
2016M9     0.72 0.61
2016M12     0.82 0.92
2017M3     0.91 1.05
2017M6     0.94 0.62
2017M9     0.87 0.49
2017M12     0.92 0.68
2018M3     1.03 0.85
2018M6     1.01 0.89
2018M9     0.95 0.83
2018M12     0.73 0.60
2019M1     NaN 0.12

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Figure 3: Estimated Recession Probabilities

period effective lower bound recession probit results for 10y/2y spread probit results for near-term forward spread
1972M3     0.06 0.00
1972M6     0.11 0.00
1972M9     0.16 0.00
1972M12     0.23 0.03
1973M3     0.44 0.13
1973M6     0.55 0.58
1973M9     0.78 0.99
1973M12   1 0.57 0.96
1974M3   1 0.46 0.96
1974M6   1 0.71 0.81
1974M9   1 0.71 0.62
1974M12   1 0.50 0.52
1975M3   1 0.17 0.04
1975M6     0.16 0.00
1975M9     0.38 0.00
1975M12     0.16 0.00
1976M3     0.09 0.00
1976M6     0.13 0.00
1976M9     0.08 0.00
1976M12     0.03 0.02
1977M3     0.05 0.00
1977M6     0.05 0.01
1977M9     0.13 0.04
1977M12     0.24 0.07
1978M3     0.23 0.04
1978M6     0.34 0.01
1978M9     0.47 0.10
1978M12     0.74 0.57
1979M3     0.79 0.82
1979M6     0.68 0.84
1979M9     0.69 0.95
1979M12     0.87 1.00
1980M3   1 0.92 1.00
1980M6   1 0.29 0.57
1980M9     0.23 0.03
1980M12     0.79 1.00
1981M3     0.66 1.00
1981M6     0.86 0.99
1981M9   1 0.93 0.80
1981M12   1 0.43 0.00
1982M3   1 0.58 0.07
1982M6   1 0.65 0.05
1982M9   1 0.36 0.00
1982M12   1 0.13 0.00
1983M3     0.06 0.00
1983M6     0.08 0.01
1983M9     0.10 0.00
1983M12     0.06 0.00
1984M3     0.06 0.00
1984M6     0.09 0.00
1984M9     0.26 0.00
1984M12     0.10 0.00
1985M3     0.03 0.00
1985M6     0.02 0.00
1985M9     0.01 0.00
1985M12     0.02 0.00
1986M3     0.08 0.05
1986M6     0.14 0.03
1986M9     0.05 0.02
1986M12     0.03 0.03
1987M3     0.06 0.08
1987M6     0.07 0.00
1987M9     0.04 0.00
1987M12     0.04 0.00
1988M3     0.03 0.00
1988M6     0.04 0.00
1988M9     0.12 0.01
1988M12     0.28 0.12
1989M3     0.55 0.21
1989M6     0.53 0.43
1989M9     0.40 0.61
1989M12     0.38 0.58
1990M3     0.38 0.25
1990M6     0.36 0.13
1990M9   1 0.16 0.18
1990M12   1 0.11 0.16
1991M3   1 0.05 0.03
1991M6     0.03 0.00
1991M9     0.02 0.01
1991M12     0.00 0.01
1992M3     0.00 0.00
1992M6     0.00 0.00
1992M9     0.00 0.00
1992M12     0.00 0.00
1993M3     0.00 0.00
1993M6     0.00 0.01
1993M9     0.01 0.02
1993M12     0.01 0.01
1994M3     0.01 0.00
1994M6     0.03 0.00
1994M9     0.04 0.00
1994M12     0.15 0.00
1995M3     0.24 0.01
1995M6     0.19 0.22
1995M9     0.19 0.24
1995M12     0.23 0.42
1996M3     0.13 0.31
1996M6     0.15 0.02
1996M9     0.17 0.02
1996M12     0.18 0.08
1997M3     0.18 0.04
1997M6     0.22 0.02
1997M9     0.24 0.09
1997M12     0.32 0.19
1998M3     0.32 0.35
1998M6     0.37 0.24
1998M9     0.37 0.40
1998M12     0.24 0.48
1999M3     0.24 0.26
1999M6     0.20 0.08
1999M9     0.19 0.05
1999M12     0.21 0.08
2000M3     0.39 0.07
2000M6     0.55 0.17
2000M9     0.53 0.59
2000M12     0.45 0.89
2001M3     0.17 0.72
2001M6   1 0.04 0.10
2001M9   1 0.02 0.09
2001M12   1 0.00 0.00
2002M3     0.00 0.00
2002M6     0.00 0.00
2002M9     0.00 0.05
2002M12     0.00 0.07
2003M3     0.00 0.08
2003M6     0.00 0.15
2003M9     0.00 0.02
2003M12     0.00 0.01
2004M3     0.00 0.02
2004M6     0.00 0.00
2004M9     0.00 0.01
2004M12     0.02 0.05
2005M3     0.09 0.04
2005M6     0.19 0.09
2005M9     0.30 0.19
2005M12     0.35 0.26
2006M3     0.43 0.50
2006M6     0.38 0.45
2006M9     0.44 0.70
2006M12     0.47 0.82
2007M3     0.46 0.83
2007M6     0.40 0.65
2007M9     0.25 0.62
2007M12     0.09 0.61
2008M3   1 0.00 0.59
2008M6   1 0.01 0.07
2008M9   1 0.01 0.06
2008M12   1 0.00 0.12
2009M3 1 1 0.00 0.12
2009M6 1 1 0.00 0.03
2009M9 1   0.00 0.01
2009M12 1   0.00 0.02
2010M3 1   0.00 0.02
2010M6 1   0.00 0.04
2010M9 1   0.00 0.21
2010M12 1   0.00 0.24
2011M3 1   0.00 0.08
2011M6 1   0.00 0.11
2011M9 1   0.00 0.33
2011M12 1   0.01 0.34
2012M3 1   0.01 0.37
2012M6 1   0.02 0.39
2012M9 1   0.03 0.45
2012M12 1   0.02 0.43
2013M3 1   0.01 0.41
2013M6 1   0.01 0.35
2013M9 1   0.00 0.20
2013M12 1   0.00 0.26
2014M3 1   0.00 0.19
2014M6 1   0.00 0.13
2014M9 1   0.00 0.07
2014M12 1   0.01 0.07
2015M3 1   0.03 0.07
2015M6 1   0.02 0.07
2015M9 1   0.02 0.07
2015M12 1   0.03 0.06
2016M3     0.06 0.15
2016M6     0.08 0.18
2016M9     0.12 0.22
2016M12     0.06 0.11
2017M3     0.04 0.08
2017M6     0.08 0.22
2017M9     0.10 0.28
2017M12     0.16 0.20
2018M3     0.19 0.13
2018M6     0.25 0.12
2018M9     0.33 0.14
2018M12     0.34 0.23
2019M1     0.38 0.50

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Figure 4: Estimated Shape of the Probit curve

period probability
1972M3 1.00
1972M6 1.00
1972M9 1.00
1972M12 1.00
1973M3 0.99
1973M6 0.99
1973M9 0.96
1973M12 0.96
1974M3 0.95
1974M6 0.89
1974M9 0.84
1974M12 0.83
1975M3 0.82
1975M6 0.82
1975M9 0.81
1975M12 0.80
1976M3 0.72
1976M6 0.70
1976M9 0.65
1976M12 0.62
1977M3 0.62
1977M6 0.61
1977M9 0.61
1977M12 0.59
1978M3 0.59
1978M6 0.58
1978M9 0.58
1978M12 0.57
1979M3 0.57
1979M6 0.52
1979M9 0.50
1979M12 0.50
1980M3 0.48
1980M6 0.45
1980M9 0.45
1980M12 0.43
1981M3 0.43
1981M6 0.42
1981M9 0.41
1981M12 0.40
1982M3 0.39
1982M6 0.37
1982M9 0.35
1982M12 0.35
1983M3 0.34
1983M6 0.33
1983M9 0.31
1983M12 0.28
1984M3 0.26
1984M6 0.26
1984M9 0.26
1984M12 0.25
1985M3 0.24
1985M6 0.24
1985M9 0.24
1985M12 0.23
1986M3 0.22
1986M6 0.22
1986M9 0.22
1986M12 0.21
1987M3 0.21
1987M6 0.20
1987M9 0.20
1987M12 0.19
1988M3 0.19
1988M6 0.19
1988M9 0.18
1988M12 0.18
1989M3 0.17
1989M6 0.16
1989M9 0.15
1989M12 0.15
1990M3 0.14
1990M6 0.13
1990M9 0.13
1990M12 0.13
1991M3 0.13
1991M6 0.12
1991M9 0.12
1991M12 0.12
1992M3 0.12
1992M6 0.11
1992M9 0.11
1992M12 0.10
1993M3 0.10
1993M6 0.09
1993M9 0.09
1993M12 0.09
1994M3 0.08
1994M6 0.08
1994M9 0.08
1994M12 0.08
1995M3 0.08
1995M6 0.08
1995M9 0.08
1995M12 0.07
1996M3 0.07
1996M6 0.07
1996M9 0.07
1996M12 0.07
1997M3 0.07
1997M6 0.07
1997M9 0.07
1997M12 0.07
1998M3 0.07
1998M6 0.06
1998M9 0.06
1998M12 0.05
1999M3 0.05
1999M6 0.05
1999M9 0.05
1999M12 0.05
2000M3 0.04
2000M6 0.04
2000M9 0.04
2000M12 0.04
2001M3 0.04
2001M6 0.04
2001M9 0.03
2001M12 0.03
2002M3 0.03
2002M6 0.03
2002M9 0.03
2002M12 0.03
2003M3 0.02
2003M6 0.02
2003M9 0.02
2003M12 0.02
2004M3 0.02
2004M6 0.02
2004M9 0.02
2004M12 0.02
2005M3 0.02
2005M6 0.02
2005M9 0.01
2005M12 0.01
2006M3 0.01
2006M6 0.01
2006M9 0.01
2006M12 0.01
2007M3 0.01
2007M6 0.01
2007M9 0.01
2007M12 0.01
2008M3 0.01
2008M6 0.01
2008M9 0.00
2008M12 0.00
2009M3 0.00
2009M6 0.00
2009M9 0.00
2009M12 0.00
2010M3 0.00
2010M6 0.00
2010M9 0.00
2010M12 0.00
2011M3 0.00
2011M6 0.00
2011M9 0.00
2011M12 0.00
2012M3 0.00
2012M6 0.00
2012M9 0.00
2012M12 0.00
2013M3 0.00
2013M6 0.00
2013M9 0.00
2013M12 0.00
2014M3 0.00
2014M6 0.00
2014M9 0.00
2014M12 0.00
2015M3 0.00
2015M6 0.00
2015M9 0.00
2015M12 0.00
2016M3 0.00
2016M6 0.00
2016M9 0.00
2016M12 0.00
2017M3 0.00
2017M6 0.00
2017M9 0.00
2017M12 0.00
2018M3 0.00
2018M6 0.00
2018M9 0.00
2018M12 0.00
2019M1 0.00

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Figure 5: Cumulative Log Returns to Market Timing Strategies

period hold market strategy near-term forward spread strategy asterisk (near-term forward spread) 10y/1qtr yield spread strategy asterisk (10y/1qtr yield spread) 10y/2y yield spread strategy asterisk (10y/2y yield spread)
1972M3 1.0006 1.0006   1.0006   1.0006  
1972M6 1.0243 1.0243   1.0243   1.0243  
1972M9 1.0968 1.0968   1.0968   1.0968  
1972M12 1.0113 1.0113   1.0113   1.0113  
1973M3 0.9274 0.9274   0.9274   0.9274  
1973M6 1.0024 0.9428 1 0.9428 1 0.9428 1
1973M9 0.8911 0.9627 1 0.9627 1 0.9627 1
1973M12 0.8762 0.9809 1 0.9809 1 0.9809 1
1974M3 0.7825 0.9998 1 0.9998 1 0.9998 1
1974M6 0.5904 1.0204 1 1.0204 1 1.0204 1
1974M9 0.6421 1.0415 1 1.0415 1 1.0415 1
1974M12 0.7993 1.0609 1 1.0609 1 1.0609 1
1975M3 0.928 1.0763 1 1.0763 1 1.0763 1
1975M6 0.8191 1.0909 1 1.0909 1 1.0909 1
1975M9 0.882 1.1747   1.1747   1.1083 1
1975M12 1.0273 1.3682   1.3682   1.2908  
1976M3 1.0519 1.4009   1.4009   1.3217  
1976M6 1.0694 1.4243   1.4243   1.3438  
1976M9 1.1181 1.4892   1.4892   1.405  
1976M12 1.0507 1.3994   1.3994   1.3203  
1977M3 1.0982 1.4626   1.4626   1.3799  
1977M6 1.0714 1.4269   1.4269   1.3462  
1977M9 1.0849 1.4449   1.4449   1.3632  
1977M12 1.05 1.3985   1.3985   1.3194  
1978M3 1.1509 1.5329   1.5329   1.4462  
1978M6 1.259 1.6768   1.6768   1.582  
1978M9 1.1776 1.5684   1.5684   1.6111 1
1978M12 1.2818 1.7071   1.6023 1 1.646 1
1979M3 1.3349 1.7476 1 1.6404 1 1.6851 1
1979M6 1.4446 1.7891 1 1.6792 1 1.725 1
1979M9 1.4651 1.8328 1 1.7203 1 1.7672 1
1979M12 1.3749 1.8878 1 1.7719 1 1.8203 1
1980M3 1.5916 1.9519 1 1.8321 1 1.882 1
1980M6 1.7936 1.9994 1 1.8766 1 1.9278 1
1980M9 1.9521 2.0456 1 1.92 1 1.9724 1
1980M12 1.9908 2.1163 1 1.9864 1 2.0406 1
1981M3 1.9746 2.1937 1 2.059 1 2.1151 1
1981M6 1.7392 2.2768 1 2.1371 1 2.1953 1
1981M9 1.8742 2.3641 1 2.219 1 2.2795 1
1981M12 1.7143 2.4348 1 2.2853 1 2.3476 1
1982M3 1.6965 2.5139 1 2.3595 1 2.4239 1
1982M6 1.8906 2.5932 1 2.434 1 2.5003 1
1982M9 2.257 3.0958   2.9057   2.5592 1
1982M12 2.5065 3.438   3.2269   2.6103 1
1983M3 2.8313 3.8835   3.6451   2.6638 1
1983M6 2.7955 3.8344   3.599   2.6301  
1983M9 2.7681 3.7968   3.5637   2.6043  
1983M12 2.6604 3.6491   3.4251   2.503  
1984M3 2.5867 3.548   3.3302   2.4337  
1984M6 2.82 3.868   3.6306   2.6531  
1984M9 2.8557 3.9169   3.6765   2.6867  
1984M12 3.1473 4.317   4.0519   2.9611  
1985M3 3.3723 4.6255   4.3415   3.1727  
1985M6 3.2216 4.4189   4.1476   3.031  
1985M9 3.7527 5.1473   4.8313   3.5306  
1985M12 4.2833 5.8751   5.5144   4.0298  
1986M3 4.5291 6.2123   5.8309   4.2611  
1986M6 4.1818 5.7359   5.3837   3.9343  
1986M9 4.3366 5.9483   5.5831   4.08  
1986M12 5.2498 7.2007   6.7587   4.9391  
1987M3 5.4134 7.4252   6.9694   5.0931  
1987M6 5.7411 7.8747   7.3913   5.4014  
1987M9 4.416 6.0572   5.6853   4.1547  
1987M12 4.7722 6.5457   6.1439   4.4898  
1988M3 5.0752 6.9613   6.534   4.7749  
1988M6 5.0794 6.9671   6.5393   4.7788  
1988M9 5.1913 7.1206   6.6834   4.8841  
1988M12 5.5603 7.6267   7.1585   5.2313  
1989M3 6.0282 8.2684   7.7608   5.3443 1
1989M6 6.627 9.0898   8.5318   5.4577 1
1989M9 6.6673 9.2699 1 8.5837   5.5659 1
1989M12 6.4441 9.4489 1 8.2963   5.6733 1
1990M3 6.7901 9.6341 1 8.7417   5.7845 1
1990M6 5.7792 9.8225 1 7.4403   4.9233  
1990M9 6.2617 10.0078 1 8.0614   5.3343  
1990M12 7.2716 11.622   9.3616   6.1947  
1991M3 7.2586 11.6012   9.3449   6.1836  
1991M6 7.7164 12.3329   9.9342   6.5736  
1991M9 8.3684 13.3751   10.7737   7.1291  
1991M12 8.2694 13.2168   10.6463   7.0448  
1992M3 8.2718 13.2206   10.6493   7.0468  
1992M6 8.5276 13.6295   10.9786   7.2647  
1992M9 9.1272 14.5877   11.7505   7.7755  
1992M12 9.5259 15.225   12.2638   8.1151  
1993M3 9.6107 15.3606   12.3731   8.1874  
1993M6 9.9886 15.9646   12.8596   8.5094  
1993M9 10.185 16.2784   13.1124   8.6766  
1993M12 9.7815 15.6335   12.5929   8.3329  
1994M3 9.6885 15.4849   12.4732   8.2537  
1994M6 10.2194 16.3334   13.1567   8.706  
1994M9 10.1078 16.155   13.013   8.6109  
1994M12 11.0125 17.601   14.1777   9.3816  
1995M3 12.036 19.2369   15.4954   10.2535  
1995M6 13.1031 20.9423   16.8692   11.1626  
1995M9 13.7145 21.9195   17.6563   11.6834  
1995M12 14.4869 23.1541   18.6508   12.3415  
1996M3 15.128 24.1787   19.4761   12.8876  
1996M6 15.5621 24.8725   20.035   13.2574  
1996M9 16.6187 26.5612   21.3953   14.1575  
1996M12 16.7031 26.6961   21.5039   14.2294  
1997M3 19.4806 31.1353   25.0797   16.5956  
1997M6 21.3923 34.1908   27.5409   18.2242  
1997M9 21.6629 34.6232   27.8893   18.4547  
1997M12 24.5537 39.2435   31.6109   20.9174  
1998M3 24.9548 39.8846   32.1273   21.2591  
1998M6 21.8348 34.898   28.1106   18.6011  
1998M9 26.485 42.3303   34.0974   22.5627  
1998M12 27.4596 43.8879   35.3521   23.3929  
1999M3 29.6452 47.3811   38.1659   25.2549  
1999M6 27.7978 44.4285   35.7875   23.6811  
1999M9 33.1766 53.0254   42.7123   28.2633  
1999M12 34.634 55.3547   44.5887   29.5049  
2000M3 32.9218 52.6181   42.3843   28.0462  
2000M6 32.9864 52.7213   42.4674   28.4498 1
2000M9 29.4743 53.5207 1 37.9458   28.8811 1
2000M12 25.6616 54.3323 1 38.5212 1 29.3191 1
2001M3 27.6103 54.9894 1 38.9871 1 29.6737 1
2001M6 23.173 55.4942 1 39.345 1 29.9461 1
2001M9 26.153 55.9443 1 39.6642 1 33.7972  
2001M12 26.3017 56.2127 1 39.8897   33.9894  
2002M3 22.9961 49.1479   34.8764   29.7176  
2002M6 19.1704 40.9715   29.0742   24.7737  
2002M9 20.7031 44.2472   31.3987   26.7544  
2002M12 20.1129 42.9857   30.5036   25.9916  
2003M3 23.5366 50.303   35.6961   30.4161  
2003M6 24.4572 52.2705   37.0922   31.6057  
2003M9 27.5623 58.9067   41.8014   35.6184  
2003M12 28.3283 60.5438   42.9631   36.6082  
2004M3 28.6364 61.2024   43.4305   37.0064  
2004M6 28.2005 60.2708   42.7694   36.4431  
2004M9 31.1447 66.5632   47.2346   40.2479  
2004M12 30.4798 65.1421   46.2262   39.3886  
2005M3 31.1953 66.6713   47.3114   40.3133  
2005M6 32.6969 69.8805   49.5887   42.2537  
2005M9 33.4204 71.4269   50.686   43.1887  
2005M12 35.3624 75.5774   53.6313   45.6984  
2006M3 34.6954 74.1519   52.6197   44.8364  
2006M6 36.1874 77.3405   54.8824   46.7644  
2006M9 38.8377 78.295 1 58.902   50.1894  
2006M12 39.5428 79.2608 1 59.6285 1 50.8085 1
2007M3 42.0872 80.2535 1 60.3753 1 51.4449 1
2007M6 42.9081 81.2091 1 61.0942 1 52.0574 1
2007M9 41.6588 82.0899 1 61.7568 1 52.622 1
2007M12 37.8255 82.7918 1 62.2849 1 47.7799  
2008M3 37.5112 83.2189 1 61.7674   47.3829  
2008M6 33.7372 83.5572 1 55.5529   42.6157  
2008M9 25.7383 83.8703 1 42.3816   32.5117  
2008M12 23.2207 83.9347 1 38.2362   29.3317  
2009M3 27.42 99.1135   45.1508   34.636  
2009M6 31.9777 115.588   52.6557   40.3932  
2009M9 33.7923 122.1472   55.6437   42.6854  
2009M12 35.8124 129.4491   58.9701   45.2371  
2010M3 31.9337 115.4288   52.5832   40.3376  
2010M6 35.7082 129.0723   58.7984   45.1054  
2010M9 39.7764 143.7775   65.4973   50.2442  
2010M12 42.2254 152.6297   69.5299   53.3377  
2011M3 42.0023 151.8233   69.1626   53.0559  
2011M6 35.4154 128.014   58.3163   44.7356  
2011M9 39.3518 142.2426   64.7981   49.7078  
2011M12 44.2245 159.8557   72.8217   55.8629  
2012M3 42.6122 154.0279   70.1669   53.8263  
2012M6 45.3533 163.9359   74.6804   57.2888  
2012M9 45.554 164.6616   75.011   57.5424  
2012M12 50.1264 181.1892   82.5401   63.3181  
2013M3 51.065 184.5816   84.0855   64.5036  
2013M6 54.3345 196.3999   89.4693   68.6336  
2013M9 59.4235 214.7948   97.849   75.0618  
2013M12 60.5751 218.9575   99.7453   76.5165  
2014M3 63.633 230.0105   104.7805   80.3791  
2014M6 63.2031 228.4568   104.0727   79.8361  
2014M9 65.6687 237.369   108.1326   82.9506  
2014M12 66.7558 241.2983   109.9226   84.3237  
2015M3 66.7226 241.1783   109.8679   84.2817  
2015M6 61.3377 221.7138   101.0009   77.4797  
2015M9 64.5642 233.3764   106.3138   81.5553  
2015M12 65.2165 235.7346   107.3881   82.3794  
2016M3 67.1395 242.6854   110.5545   84.8084  
2016M6 70.1454 253.5508   115.5042   88.6054  
2016M9 72.7465 262.9527   119.7872   91.891  
2016M12 76.9467 278.135   126.7034   97.1966  
2017M3 79.1532 286.1107   130.3367   99.9838  
2017M6 82.8075 299.3194   136.3539   104.5997  
2017M9 87.7598 317.2206   144.5087   110.8554  
2017M12 86.9335 314.2336   143.148   109.8116  
2018M3 90.109 325.7119   148.3769   113.8227  
2018M6 96.4944 348.7928   158.8913   121.8885  
2018M9 82.6285 298.6726   136.0592   104.3736  

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