Accessible Version

Summary Part 1: Recent Economic and Financial Developments Part 2: Monetary Policy Part 3: Summary of Economic Projections Abbreviations

Accessible Version

Part 1: Recent Economic and Financial Developments

Figure 1. Net change in payroll employment

3-month moving averages
Thousands of jobs

Period	Total nonfarm	Private
January 2009	-751.00	-761.00
February 2009	-729.67	-735.00
March 2009	-772.67	-774.00
April 2009	-737.33	-770.00
May 2009	-619.67	-633.33
June 2009	-502.33	-507.67
July 2009	-383.00	-331.00
August 2009	-337.67	-311.00
September 2009	-254.00	-212.33
October 2009	-212.33	-213.33
November 2009	-142.00	-140.67
December 2009	-160.33	-170.67
January 2010	-84.67	-73.67
February 2010	-106.67	-87.67
March 2010	39.67	27.67
April 2010	113.00	87.00
May 2010	310.33	137.00
June 2010	210.00	136.00
July 2010	106.33	106.33
August 2010	-80.33	111.67
September 2010	-52.00	112.33
October 2010	58.00	148.67
November 2010	109.67	154.00
December 2010	156.00	149.67
January 2011	83.00	96.00
February 2011	106.33	130.33
March 2011	152.33	177.00
April 2011	253.33	278.00
May 2011	216.00	244.67
June 2011	216.00	225.33
July 2011	123.67	168.67
August 2011	134.67	172.00
September 2011	142.33	202.67
October 2011	189.00	206.00
November 2011	199.33	214.67
December 2011	186.33	196.00
January 2012	236.00	253.33
February 2012	268.00	276.00
March 2012	276.00	279.67
April 2012	182.67	187.67
May 2012	142.00	154.00
June 2012	89.67	94.00
July 2012	111.33	117.33
August 2012	132.00	130.33
September 2012	174.33	176.00
October 2012	175.33	178.67
November 2012	160.33	171.33
December 2012	174.00	186.67
January 2013	195.67	206.00
February 2013	247.00	244.33
March 2013	209.00	215.00
April 2013	204.33	204.67
May 2013	184.33	196.33
June 2013	195.00	205.33
July 2013	170.00	189.00
August 2013	181.67	189.00
September 2013	191.00	190.67
October 2013	221.00	213.33
November 2013	220.00	216.00
December 2013	172.33	179.00
January 2014	165.00	175.67
February 2014	129.33	138.67
March 2014	204.33	201.33
April 2014	250.67	233.00
May 2014	282.33	270.67
June 2014	293.00	270.00
July 2014	250.67	245.67
August 2014	245.33	241.00
September 2014	237.33	233.67
October 2014	245.67	229.67
November 2014	273.00	251.00
December 2014	264.67	252.00
January 2015	267.00	256.33
February 2015	242.33	229.67
March 2015	186.00	182.00
April 2015	195.33	184.67
May 2015	230.67	218.67
June 2015	270.67	251.33
July 2015	268.00	252.67
August 2015	205.67	183.00
September 2015	170.33	156.67
October 2015	192.67	181.67
November 2015	231.00	230.00
December 2015	277.33	263.67
January 2016	212.33	195.67
February 2016	200.67	182.67
March 2016	196.00	173.33
April 2016	205.00	189.33
May 2016	140.33	121.33
June 2016	164.33	148.00
July 2016	210.33	178.33
August 2016	254.67	220.33
September 2016	238.67	205.00
October 2016	183.00	166.00
November 2016	179.00	177.67
December 2016	148.33	158.33
January 2017	182.67	193.33

Source: Department of Labor, Bureau of Labor Statistics.

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Figure 2. Labor force participation rate and employment-to-population ratio

Monthly
Percent

Period	Labor force participation rate	Employment-to-population ratio
January 2000	67.29	64.59
February 2000	67.33	64.56
March 2000	67.26	64.55
April 2000	67.33	64.74
May 2000	67.09	64.37
June 2000	67.11	64.45
July 2000	66.90	64.20
August 2000	66.93	64.19
September 2000	66.86	64.22
October 2000	66.83	64.24
November 2000	66.95	64.31
December 2000	67.02	64.39
January 2001	67.23	64.42
February 2001	67.12	64.27
March 2001	67.16	64.29
April 2001	66.92	64.00
May 2001	66.74	63.84
June 2001	66.69	63.68
July 2001	66.76	63.70
August 2001	66.51	63.24
September 2001	66.77	63.45
October 2001	66.74	63.17
November 2001	66.74	63.04
December 2001	66.71	62.89
January 2002	66.46	62.68
February 2002	66.76	62.97
March 2002	66.64	62.81
April 2002	66.69	62.73
May 2002	66.73	62.86
June 2002	66.61	62.75
July 2002	66.54	62.68
August 2002	66.56	62.75
September 2002	66.73	62.95
October 2002	66.55	62.75
November 2002	66.37	62.47
December 2002	66.32	62.37
January 2003	66.37	62.49
February 2003	66.37	62.46
March 2003	66.28	62.38
April 2003	66.42	62.41
May 2003	66.36	62.30
June 2003	66.54	62.34
July 2003	66.21	62.13
August 2003	66.11	62.10
September 2003	66.07	62.05
October 2003	66.08	62.14
November 2003	66.13	62.27
December 2003	65.94	62.20
January 2004	66.10	62.33
February 2004	65.98	62.31
March 2004	66.03	62.21
April 2004	65.92	62.26
May 2004	65.96	62.27
June 2004	66.07	62.36
July 2004	66.10	62.46
August 2004	65.97	62.40
September 2004	65.83	62.29
October 2004	65.92	62.33
November 2004	66.02	62.49
December 2004	65.91	62.38
January 2005	65.84	62.38
February 2005	65.93	62.38
March 2005	65.88	62.45
April 2005	66.06	62.66
May 2005	66.14	62.75
June 2005	66.06	62.73
July 2005	66.08	62.80
August 2005	66.15	62.91
September 2005	66.15	62.82
October 2005	66.09	62.81
November 2005	66.05	62.72
December 2005	65.97	62.77
January 2006	66.01	62.91
February 2006	66.14	62.99
March 2006	66.15	63.05
April 2006	66.12	63.00
May 2006	66.13	63.08
June 2006	66.19	63.13
July 2006	66.13	62.99
August 2006	66.20	63.11
September 2006	66.11	63.12
October 2006	66.20	63.27
November 2006	66.29	63.30
December 2006	66.37	63.44
January 2007	66.40	63.31
February 2007	66.27	63.27
March 2007	66.25	63.33
April 2007	65.92	62.96
May 2007	65.95	63.03
June 2007	66.05	63.04
July 2007	65.98	62.90
August 2007	65.78	62.74
September 2007	66.00	62.91
October 2007	65.82	62.71
November 2007	66.04	62.93
December 2007	66.02	62.74
January 2008	66.23	62.93
February 2008	66.00	62.78
March 2008	66.06	62.70
April 2008	65.94	62.66
May 2008	66.11	62.51
June 2008	66.05	62.38
July 2008	66.05	62.23
August 2008	66.06	62.02
September 2008	65.95	61.90
October 2008	66.01	61.72
November 2008	65.85	61.36
December 2008	65.80	61.00
January 2009	65.69	60.56
February 2009	65.79	60.29
March 2009	65.56	59.85
April 2009	65.67	59.78
May 2009	65.72	59.57
June 2009	65.65	59.41
July 2009	65.50	59.31
August 2009	65.36	59.08
September 2009	65.09	58.74
October 2009	65.01	58.52
November 2009	65.00	58.57
December 2009	64.62	58.25
January 2010	64.81	58.45
February 2010	64.85	58.47
March 2010	64.92	58.51
April 2010	65.15	58.69
May 2010	64.88	58.63
June 2010	64.63	58.54
July 2010	64.61	58.51
August 2010	64.72	58.56
September 2010	64.61	58.49
October 2010	64.41	58.32
November 2010	64.56	58.25
December 2010	64.32	58.31
January 2011	64.21	58.34
February 2011	64.15	58.36
March 2011	64.17	58.43
April 2011	64.20	58.37
May 2011	64.13	58.34
June 2011	64.03	58.20
July 2011	63.96	58.21
August 2011	64.10	58.34
September 2011	64.20	58.39
October 2011	64.08	58.42
November 2011	64.10	58.57
December 2011	64.01	58.57
January 2012	63.72	58.44
February 2012	63.80	58.51
March 2012	63.79	58.55
April 2012	63.66	58.45
May 2012	63.74	58.53
June 2012	63.78	58.56
July 2012	63.67	58.47
August 2012	63.54	58.42
September 2012	63.65	58.68
October 2012	63.76	58.79
November 2012	63.62	58.70
December 2012	63.69	58.66
January 2013	63.64	58.54
February 2013	63.42	58.54
March 2013	63.26	58.50
April 2013	63.37	58.57
May 2013	63.38	58.63
June 2013	63.43	58.65
July 2013	63.34	58.72
August 2013	63.26	58.67
September 2013	63.26	58.69
October 2013	62.79	58.27
November 2013	63.00	58.62
December 2013	62.88	58.66
January 2014	62.89	58.75
February 2014	62.93	58.73
March 2014	63.14	58.93
April 2014	62.79	58.87
May 2014	62.82	58.89
June 2014	62.82	59.00
July 2014	62.94	59.05
August 2014	62.89	59.02
September 2014	62.83	59.11
October 2014	62.89	59.29
November 2014	62.86	59.22
December 2014	62.74	59.24
January 2015	62.88	59.29
February 2015	62.73	59.27
March 2015	62.69	59.28
April 2015	62.75	59.35
May 2015	62.86	59.41
June 2015	62.63	59.34
July 2015	62.63	59.35
August 2015	62.57	59.38
September 2015	62.39	59.26
October 2015	62.46	59.34
November 2015	62.51	59.35
December 2015	62.70	59.55
January 2016	62.74	59.64
February 2016	62.91	59.80
March 2016	63.01	59.86
April 2016	62.83	59.70
May 2016	62.61	59.67
June 2016	62.70	59.63
July 2016	62.81	59.75
August 2016	62.83	59.74
September 2016	62.90	59.79
October 2016	62.77	59.73
November 2016	62.64	59.73
December 2016	62.67	59.71
January 2017	62.86	59.86

Note: Both series are a percentage of the population aged 16 and over.

Source: Department of Labor, Bureau of Labor Statistics.

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The Recovery from the Great Recession and Remaining Challenges: Figure A. Median household income, by race and ethnicity

Annual
Inflation-adjusted dollars

Period	Asian	White	Hispanic or Latino	Black or African American
2007	75,305	59,575	44,215	38,971
2008	72,180	57,588	41,737	37,809
2009	71,886	57,291	42,022	36,179
2010	69,061	56,213	40,909	34,957
2011	68,497	55,027	40,705	34,110
2012	70,385	55,442	40,265	34,808
2013	68,547	56,226	41,681	35,385
2014	74,915	56,931	42,540	35,694
2015	76,761	60,109	45,148	37,211

Note: Race refers to the race of the head of household. The Hispanic and Latino ethnicity and race categories are not mutually exclusive. Some individuals, for example, are both Hispanic and white, and they are represented in both lines.

Source: Department of Commerce, Bureau of the Census (2016), Income and Poverty in the United States: 2015, Table A-1: Households by Total Money Income, Race, and Hispanic Origin of Householder: 1967 to 2015 (Washington: Census Bureau, September), www.census.gov/library/publications/2016/demo/p60-256.html.

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The Recovery from the Great Recession and Remaining Challenges: Figure B. Indexed household income, by percentile

Annual
Inflation-adjusted dollars, 2007 = 100

Period	10th	20th	50th (median)	80th	90th
2007	100.00	100.00	100.00	100.00	100.00
2008	96.29	98.30	96.44	96.53	97.93
2009	96.30	97.41	95.76	96.64	97.80
2010	92.74	93.74	93.29	95.13	97.04
2011	90.96	92.06	91.86	93.65	97.35
2012	90.85	91.68	91.72	94.00	96.95
2013	90.76	91.68	92.04	94.27	98.18
2014	88.40	92.51	93.55	98.32	101.41
2015	95.37	98.30	98.42	102.35	104.32

Source: Department of Commerce, Bureau of the Census (2016), Income and Poverty in the United States: 2015, Table A-2: Selected Measures of Household Income Dispersion: 1967 to 2015 (Washington: Census Bureau, September), www.census.gov/library/publications/2016/demo/p60-256.html.

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The Recovery from the Great Recession and Remaining Challenges: Figure C. Real gross domestic product in international context

Annual
Percent change from 2009

Period	United States	United Kingdom	Euro area	Japan
2009	0.0	0.0	0.0	0.0
2010	2.5	1.9	2.0	4.7
2011	4.2	3.5	3.6	4.2
2012	6.5	4.8	2.7	6.1
2013	8.1	6.8	2.5	7.5
2014	10.8	10.1	3.7	7.5
2015	13.7	12.5	5.3	8.1
2016	15.5	14.8	7.0	8.9

Source: Organisation for Economic Co-operation and Development (2017), "OECD Economic Outlook No. 100 (Edition 2016/2)," OECD Economic Outlook: Statistics and Projections (database), http://dx.doi.org/10.1787/7fa317bf-en (accessed January 2017).

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The Recovery from the Great Recession and Remaining Challenges: Figure D. Unemployment rate in international context

Annual
Percentage point change from 2009

Period	United States	United Kingdom	Euro area	Japan
2009	0.0	0.0	0.0	0.0
2010	0.4	0.3	0.5	0.0
2011	-0.3	0.5	0.6	-0.5
2012	-1.2	0.4	1.8	-0.7
2013	-1.9	0.0	2.4	-1.0
2014	-3.1	-1.4	2.0	-1.5
2015	-4.0	-2.2	1.3	-1.7
2016	-4.4	-2.7	0.5	-1.9

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The Recovery from the Great Recession and Remaining Challenges: Figure E. Real gross domestic product in historical context

Quarterly
Percent change from business cycle trough

Quarters after trough	1975	1982	1991	2002	2009
0	0.00	0.00	0.00	0.00	0.00
1	0.77	1.31	0.78	0.92	0.33
2	2.44	3.62	1.26	1.48	1.30
3	3.82	5.65	1.70	1.97	1.74
4	6.16	7.83	2.90	2.04	2.72
5	6.96	9.97	4.04	2.57	3.41
6	7.51	11.90	5.05	3.52	4.06
7	8.31	13.00	6.10	5.25	3.66
8	9.57	13.91	6.30	6.48	4.42
9	11.73	15.04	6.93	7.09	4.64
10	13.70	16.09	7.45	7.88	5.81
11	13.71	17.90	8.89	8.86	6.52
12	14.11	18.78	9.96	9.80	7.01
13	18.55	19.88	11.46	10.97	7.14
14	19.71	20.43	12.12	11.55	7.17
15	21.31	21.65	13.39	12.49	7.92
16	21.55	22.28	13.78	13.13	8.12
17	21.70	23.13	14.17	14.49	8.96
18	22.57	24.51	15.15	14.83	10.02
19	22.89	25.64	15.97	14.93	9.69
20	23.29	27.72	16.73	15.83	10.76
21	ND	28.43	18.77	15.91	12.11
22	ND	30.13	19.87	16.79	12.76
23	ND	30.88	21.13	17.58	13.33
24	ND	32.62	22.06	18.00	14.06
25	ND	33.95	23.90	ND	14.62
26	ND	35.01	25.47	ND	14.87
27	ND	36.01	26.45	ND	15.11
28	ND	36.30	27.70	ND	15.52
29	ND	37.79	28.94	ND	16.52
30	ND	38.33	30.62	ND	17.06
31	ND	38.36	32.77	ND	ND
32	ND	ND	33.83	ND	ND
33	ND	ND	34.93	ND	ND
34	ND	ND	36.63	ND	ND
35	ND	ND	39.00	ND	ND
36	ND	ND	39.41	ND	ND
37	ND	ND	42.04	ND	ND
38	ND	ND	42.21	ND	ND
39	ND	ND	43.02	ND	ND
40	ND	ND	42.61	ND	ND

Note: Real gross domestic product indexed to business cycle trough as dated by the National Bureau of Economic Research. The x-axis shows the number of quarters since the business cycle trough.

Source: Department of Commerce, Bureau of Economic Analysis.

ND No data. Return to table

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Figure 3. Measures of labor underutilization

Monthly
Percent

Period	Unemployment rate	U-4	U-5	U-6
January 2005	5.3	5.6	6.4	9.3
February 2005	5.4	5.7	6.4	9.3
March 2005	5.2	5.5	6.2	9.1
April 2005	5.2	5.4	6.1	8.9
May 2005	5.1	5.4	6.0	8.9
June 2005	5.0	5.3	6.0	9.0
July 2005	5.0	5.3	5.9	8.8
August 2005	4.9	5.1	5.9	8.9
September 2005	5.0	5.3	5.9	9.0
October 2005	5.0	5.2	5.9	8.7
November 2005	5.0	5.3	5.9	8.7
December 2005	4.9	5.1	5.8	8.6
January 2006	4.7	5.0	5.7	8.4
February 2006	4.8	5.0	5.7	8.4
March 2006	4.7	5.0	5.6	8.2
April 2006	4.7	5.0	5.5	8.1
May 2006	4.6	4.8	5.5	8.2
June 2006	4.6	4.9	5.6	8.4
July 2006	4.7	5.0	5.7	8.5
August 2006	4.7	5.0	5.7	8.4
September 2006	4.5	4.7	5.3	8.0
October 2006	4.4	4.6	5.3	8.2
November 2006	4.5	4.7	5.4	8.1
December 2006	4.4	4.6	5.2	7.9
January 2007	4.6	4.9	5.6	8.4
February 2007	4.5	4.8	5.4	8.2
March 2007	4.4	4.6	5.3	8.0
April 2007	4.5	4.7	5.4	8.2
May 2007	4.4	4.7	5.3	8.2
June 2007	4.6	4.8	5.5	8.3
July 2007	4.7	4.9	5.5	8.4
August 2007	4.6	4.9	5.5	8.4
September 2007	4.7	4.8	5.5	8.4
October 2007	4.7	4.9	5.6	8.4
November 2007	4.7	4.9	5.5	8.4
December 2007	5.0	5.2	5.8	8.8
January 2008	5.0	5.3	6.0	9.2
February 2008	4.9	5.1	5.9	9.0
March 2008	5.1	5.3	5.9	9.1
April 2008	5.0	5.2	5.8	9.2
May 2008	5.4	5.7	6.3	9.7
June 2008	5.6	5.8	6.5	10.1
July 2008	5.8	6.1	6.7	10.5
August 2008	6.1	6.3	7.1	10.8
September 2008	6.1	6.4	7.1	11.0
October 2008	6.5	6.8	7.5	11.8
November 2008	6.8	7.2	8.0	12.6
December 2008	7.3	7.7	8.4	13.6
January 2009	7.8	8.3	9.1	14.2
February 2009	8.3	8.8	9.5	15.2
March 2009	8.7	9.1	9.9	15.8
April 2009	9.0	9.4	10.2	15.9
May 2009	9.4	9.8	10.6	16.5
June 2009	9.5	10.0	10.8	16.5
July 2009	9.5	9.9	10.8	16.4
August 2009	9.6	10.0	10.9	16.7
September 2009	9.8	10.2	11.0	16.7
October 2009	10.0	10.5	11.4	17.1
November 2009	9.9	10.4	11.2	17.1
December 2009	9.9	10.4	11.3	17.1
January 2010	9.8	10.4	11.3	16.7
February 2010	9.8	10.5	11.3	17.0
March 2010	9.9	10.5	11.2	17.1
April 2010	9.9	10.6	11.3	17.1
May 2010	9.6	10.3	10.9	16.6
June 2010	9.4	10.1	10.9	16.4
July 2010	9.4	10.1	11.0	16.4
August 2010	9.5	10.2	10.9	16.5
September 2010	9.5	10.2	10.9	16.8
October 2010	9.4	10.2	11.0	16.6
November 2010	9.8	10.5	11.2	16.9
December 2010	9.3	10.1	10.9	16.6
January 2011	9.1	9.7	10.8	16.2
February 2011	9.0	9.6	10.6	16.0
March 2011	9.0	9.5	10.4	15.9
April 2011	9.1	9.7	10.5	16.1
May 2011	9.0	9.5	10.3	15.8
June 2011	9.1	9.7	10.7	16.1
July 2011	9.0	9.6	10.6	15.9
August 2011	9.0	9.6	10.5	16.1
September 2011	9.0	9.7	10.5	16.4
October 2011	8.8	9.4	10.3	15.8
November 2011	8.6	9.3	10.1	15.5
December 2011	8.5	9.1	10.0	15.2
January 2012	8.3	8.9	9.9	15.2
February 2012	8.3	8.9	9.8	15.0
March 2012	8.2	8.7	9.6	14.5
April 2012	8.2	8.8	9.6	14.6
May 2012	8.2	8.7	9.6	14.7
June 2012	8.2	8.7	9.6	14.8
July 2012	8.2	8.7	9.6	14.8
August 2012	8.1	8.6	9.6	14.6
September 2012	7.8	8.3	9.3	14.8
October 2012	7.8	8.3	9.2	14.4
November 2012	7.7	8.3	9.2	14.4
December 2012	7.9	8.5	9.4	14.4
January 2013	8.0	8.5	9.4	14.5
February 2013	7.7	8.2	9.2	14.4
March 2013	7.5	8.0	8.9	13.8
April 2013	7.6	8.1	8.9	14.0
May 2013	7.5	8.0	8.8	13.8
June 2013	7.5	8.1	9.0	14.2
July 2013	7.3	7.9	8.7	13.8
August 2013	7.3	7.8	8.6	13.6
September 2013	7.2	7.7	8.6	13.7
October 2013	7.2	7.7	8.5	13.6
November 2013	6.9	7.4	8.2	13.1
December 2013	6.7	7.3	8.1	13.1
January 2014	6.6	7.1	8.1	12.7
February 2014	6.7	7.1	8.0	12.6
March 2014	6.7	7.1	7.9	12.6
April 2014	6.2	6.7	7.5	12.3
May 2014	6.3	6.7	7.5	12.1
June 2014	6.1	6.5	7.3	12.0
July 2014	6.2	6.6	7.5	12.2
August 2014	6.2	6.6	7.4	12.0
September 2014	5.9	6.3	7.3	11.8
October 2014	5.7	6.2	7.0	11.5
November 2014	5.8	6.2	7.0	11.4
December 2014	5.6	6.0	6.9	11.2
January 2015	5.7	6.1	7.0	11.3
February 2015	5.5	6.0	6.8	11.0
March 2015	5.4	5.9	6.7	10.9
April 2015	5.4	5.9	6.7	10.8
May 2015	5.5	5.8	6.6	10.7
June 2015	5.3	5.6	6.4	10.5
July 2015	5.2	5.6	6.4	10.3
August 2015	5.1	5.5	6.2	10.2
September 2015	5.0	5.4	6.2	10.0
October 2015	5.0	5.4	6.2	9.8
November 2015	5.0	5.4	6.1	9.9
December 2015	5.0	5.4	6.1	9.9
January 2016	4.9	5.3	6.2	9.9
February 2016	4.9	5.3	6.0	9.8
March 2016	5.0	5.4	6.0	9.8
April 2016	5.0	5.3	6.0	9.7
May 2016	4.7	5.0	5.7	9.7
June 2016	4.9	5.2	6.0	9.6
July 2016	4.9	5.2	6.0	9.7
August 2016	4.9	5.3	5.9	9.7
September 2016	4.9	5.3	6.0	9.7
October 2016	4.8	5.1	5.9	9.5
November 2016	4.6	5.0	5.8	9.3
December 2016	4.7	5.0	5.7	9.2
January 2017	4.8	5.1	5.8	9.4

Note: Unemployment rate measures total unemployed as a percentage of the labor force. U-4 measures total unemployed plus discouraged workers, as a percentage of the labor force plus discouraged workers. Discouraged workers are a subset of marginally attached workers who are not currently looking for work because they believe no jobs are available for them. U-5 measures total unemployed plus all marginally attached to the labor force, as a percentage of the labor force plus persons marginally attached to the labor force. Marginally attached workers are not in the labor force, want and are available for work, and have looked for a job in the past 12 months. U-6 measures total unemployed plus all marginally attached workers plus total employed part time for economic reasons, as a percentage of the labor force plus all marginally attached workers. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: December 2007-June 2009.

Source: Department of Labor, Bureau of Labor Statistics.

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Figure 4. Unemployment rate by race and ethnicity

Monthly
Percent

Period	White	Black or African American	Asian	Hispanic or Latino
January 2005	4.5	10.6	4.1	6.0
February 2005	4.6	10.9	4.3	6.3
March 2005	4.5	10.5	3.9	5.8
April 2005	4.4	10.3	4.2	6.4
May 2005	4.4	10.1	4.2	6.0
June 2005	4.3	10.2	3.6	5.7
July 2005	4.2	9.2	4.8	5.5
August 2005	4.2	9.7	3.7	5.8
September 2005	4.4	9.4	4.3	6.4
October 2005	4.4	9.1	3.2	6.0
November 2005	4.3	10.6	3.6	6.1
December 2005	4.2	9.2	3.8	6.1
January 2006	4.1	8.9	3.0	5.5
February 2006	4.1	9.5	3.0	5.4
March 2006	4.0	9.5	3.5	5.2
April 2006	4.1	9.4	3.9	5.5
May 2006	4.1	8.7	3.3	5.0
June 2006	4.1	8.9	3.1	5.2
July 2006	4.1	9.5	2.4	5.2
August 2006	4.1	8.8	3.0	5.3
September 2006	3.9	9.0	3.0	5.5
October 2006	3.9	8.4	2.8	4.8
November 2006	4.0	8.5	3.1	5.1
December 2006	3.9	8.3	2.5	5.0
January 2007	4.2	7.9	3.1	5.5
February 2007	4.1	8.0	2.6	5.1
March 2007	3.8	8.4	3.0	5.0
April 2007	4.0	8.3	3.5	5.6
May 2007	3.9	8.3	3.2	5.8
June 2007	4.1	8.5	2.7	5.5
July 2007	4.2	8.1	2.7	5.9
August 2007	4.2	7.6	3.5	5.5
September 2007	4.2	8.0	3.4	5.9
October 2007	4.1	8.5	3.8	5.7
November 2007	4.2	8.5	3.6	5.9
December 2007	4.4	9.0	3.7	6.3
January 2008	4.4	9.1	3.1	6.3
February 2008	4.4	8.4	2.9	6.2
March 2008	4.5	9.2	3.6	6.9
April 2008	4.4	8.6	3.5	7.1
May 2008	4.8	9.6	4.1	6.9
June 2008	5.0	9.4	4.2	7.6
July 2008	5.2	10.0	3.7	7.5
August 2008	5.4	10.6	4.5	8.0
September 2008	5.4	11.3	4.0	8.0
October 2008	5.9	11.4	3.9	8.8
November 2008	6.2	11.5	4.8	8.7
December 2008	6.7	12.1	5.1	9.4
January 2009	7.1	12.7	6.1	10.1
February 2009	7.6	13.7	6.7	11.3
March 2009	8.0	13.7	6.5	11.7
April 2009	8.1	15.0	6.8	11.4
May 2009	8.5	15.0	7.0	12.3
June 2009	8.7	14.8	7.9	12.1
July 2009	8.7	14.8	8.1	12.5
August 2009	8.9	14.8	7.6	13.0
September 2009	8.9	15.3	7.6	12.6
October 2009	9.2	15.8	7.6	12.8
November 2009	9.2	15.7	7.2	12.4
December 2009	9.0	16.1	8.4	12.8
January 2010	8.8	16.5	8.3	12.9
February 2010	8.9	16.1	8.2	12.7
March 2010	8.9	16.8	7.6	12.9
April 2010	9.0	16.6	7.0	12.5
May 2010	8.7	15.5	7.8	12.0
June 2010	8.6	15.2	7.4	12.3
July 2010	8.5	15.6	7.9	12.2
August 2010	8.6	15.9	7.3	12.0
September 2010	8.6	16.0	6.6	12.3
October 2010	8.6	15.6	7.2	12.3
November 2010	8.9	16.2	7.5	12.9
December 2010	8.5	15.5	7.2	12.9
January 2011	8.1	15.8	6.8	12.3
February 2011	8.1	15.5	6.7	11.8
March 2011	8.0	15.8	7.3	11.6
April 2011	8.1	16.5	6.5	11.9
May 2011	7.9	16.3	7.2	11.6
June 2011	8.1	16.2	6.5	11.5
July 2011	8.0	15.9	7.4	11.2
August 2011	7.9	16.4	7.2	11.2
September 2011	7.9	15.9	8.0	11.2
October 2011	7.9	14.6	7.4	11.3
November 2011	7.7	15.6	6.4	11.2
December 2011	7.5	15.4	6.8	11.1
January 2012	7.4	13.6	6.7	10.7
February 2012	7.4	14.0	6.2	10.9
March 2012	7.3	14.0	6.4	10.6
April 2012	7.4	13.3	5.4	10.3
May 2012	7.4	13.5	5.5	10.9
June 2012	7.3	14.5	6.1	10.9
July 2012	7.3	14.2	5.9	10.2
August 2012	7.2	13.8	5.9	10.1
September 2012	7.0	13.6	4.9	9.7
October 2012	6.9	14.1	4.9	10.0
November 2012	6.8	13.3	6.3	9.9
December 2012	6.9	14.0	6.6	9.6
January 2013	7.1	13.7	6.4	9.7
February 2013	6.8	13.9	6.0	9.8
March 2013	6.7	13.0	5.1	9.3
April 2013	6.7	13.2	5.3	9.0
May 2013	6.7	13.4	4.5	9.0
June 2013	6.6	14.0	4.7	9.0
July 2013	6.5	12.6	5.4	9.4
August 2013	6.4	12.8	5.2	9.3
September 2013	6.3	13.1	5.4	8.8
October 2013	6.3	12.9	5.3	9.1
November 2013	6.1	12.4	5.2	8.7
December 2013	6.0	11.9	4.2	8.4
January 2014	5.7	12.1	4.8	8.3
February 2014	5.8	11.9	5.9	8.2
March 2014	5.8	12.1	5.5	7.9
April 2014	5.3	11.5	5.8	7.3
May 2014	5.4	11.4	5.5	7.7
June 2014	5.3	10.9	4.8	7.6
July 2014	5.3	11.6	4.2	7.7
August 2014	5.3	11.4	4.6	7.5
September 2014	5.1	11.0	4.5	6.8
October 2014	4.8	10.8	5.0	6.8
November 2014	4.9	11.0	4.7	6.6
December 2014	4.8	10.5	4.3	6.4
January 2015	4.9	10.3	4.1	6.8
February 2015	4.8	10.3	4.0	6.8
March 2015	4.7	9.9	3.2	6.8
April 2015	4.7	9.6	4.4	6.8
May 2015	4.7	10.2	4.1	6.8
June 2015	4.6	9.6	3.8	6.7
July 2015	4.6	9.1	4.0	6.9
August 2015	4.4	9.4	3.5	6.7
September 2015	4.3	9.2	3.6	6.2
October 2015	4.3	9.1	3.5	6.3
November 2015	4.3	9.4	3.9	6.4
December 2015	4.5	8.4	4.0	6.2
January 2016	4.3	8.8	3.7	5.9
February 2016	4.3	8.8	3.8	5.5
March 2016	4.3	8.9	4.0	5.6
April 2016	4.3	8.8	3.8	6.1
May 2016	4.1	8.2	4.1	5.6
June 2016	4.4	8.6	3.5	5.8
July 2016	4.3	8.4	3.8	5.4
August 2016	4.4	8.1	4.2	5.7
September 2016	4.4	8.3	3.9	6.4
October 2016	4.3	8.6	3.4	5.7
November 2016	4.2	8.0	3.0	5.7
December 2016	4.3	7.8	2.6	5.9
January 2017	4.3	7.7	3.7	5.9

Note: Unemployment rate measures total unemployed as a percentage of the labor force. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: December 2007-June 2009.

Source: Department of Labor, Bureau of Labor Statistics.

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Figure 5. Measures of change in hourly compensation

Quarterly
Percent change from year earlier

Period	Compensation per hour, business sector	Employment cost index
2010:Q1	1.87	1.65
2010:Q2	1.86	1.92
2010:Q3	1.82	2.00
2010:Q4	1.82	2.09
2011:Q1	2.01	1.98
2011:Q2	2.12	2.33
2011:Q3	2.30	2.14
2011:Q4	2.13	2.22
2012:Q1	1.49	2.12
2012:Q2	1.52	1.84
2012:Q3	1.44	1.92
2012:Q4	2.76	1.83
2013:Q1	2.78	1.90
2013:Q2	2.73	1.89
2013:Q3	2.83	1.88
2013:Q4	1.36	1.96
2014:Q1	1.97	1.70
2014:Q2	1.90	2.02
2014:Q3	1.95	2.27
2014:Q4	2.64	2.35
2015:Q1	2.10	2.75
2015:Q2	2.48	1.90
2015:Q3	2.69	1.89
2015:Q4	2.79	1.88
2016:Q1	3.02	1.79
2016:Q2	2.84	2.35
2016:Q3	2.75	2.26
2016:Q4	2.74	2.17

Note: Business-sector compensation is the four-quarter percentage change of the four-quarter moving average. For the employment cost index, change is over the 12 months ending in the last month of each quarter.

Source: Department of Labor, Bureau of Labor Statistics.

Monthly
Percent change from year earlier

Period	Average hourly earnings	Atlanta Fed's Wage Growth Tracker
January 2010	2.09	1.6
February 2010	2.09	1.7
March 2010	1.81	1.9
April 2010	1.81	1.9
May 2010	1.90	1.6
June 2010	1.76	1.7
July 2010	1.85	1.8
August 2010	1.75	2.0
September 2010	1.84	1.9
October 2010	1.93	1.7
November 2010	1.79	1.7
December 2010	1.74	1.7
January 2011	1.92	1.9
February 2011	1.83	1.9
March 2011	1.83	1.9
April 2011	1.87	1.9
May 2011	2.04	2.0
June 2011	2.13	2.0
July 2011	2.30	2.1
August 2011	1.95	2.2
September 2011	1.94	2.1
October 2011	2.07	2.2
November 2011	1.98	2.0
December 2011	2.07	2.0
January 2012	1.79	1.9
February 2012	1.79	1.9
March 2012	2.14	2.0
April 2012	2.09	2.2
May 2012	1.74	2.1
June 2012	1.96	2.3
July 2012	1.69	2.1
August 2012	1.86	2.1
September 2012	1.99	2.1
October 2012	1.51	2.1
November 2012	1.94	2.3
December 2012	2.11	2.3
January 2013	2.06	2.4
February 2013	2.19	2.3
March 2013	1.88	2.2
April 2013	1.97	2.2
May 2013	2.14	2.2
June 2013	2.17	2.1
July 2013	2.04	2.3
August 2013	2.26	2.3
September 2013	2.08	2.4
October 2013	2.25	2.2
November 2013	2.20	2.0
December 2013	1.98	2.2
January 2014	2.02	2.3
February 2014	2.23	2.5
March 2014	2.14	2.4
April 2014	2.01	2.3
May 2014	2.13	2.3
June 2014	2.00	2.3
July 2014	2.09	2.4
August 2014	2.21	2.4
September 2014	2.04	2.6
October 2014	2.03	2.8
November 2014	2.03	2.9
December 2014	1.86	2.9
January 2015	2.19	3.0
February 2015	1.93	3.0
March 2015	2.22	3.2
April 2015	2.26	3.3
May 2015	2.30	3.3
June 2015	2.09	3.2
July 2015	2.21	3.1
August 2015	2.24	3.1
September 2015	2.32	3.0
October 2015	2.56	2.9
November 2015	2.39	3.1
December 2015	2.52	3.1
January 2016	2.51	3.1
February 2016	2.38	3.2
March 2016	2.45	3.2
April 2016	2.61	3.4
May 2016	2.52	3.5
June 2016	2.64	3.6
July 2016	2.76	3.4
August 2016	2.55	3.3
September 2016	2.75	3.6
October 2016	2.74	3.9
November 2016	2.65	3.9
December 2016	2.81	3.5
January 2017	2.48	ND

Note: For average hourly earnings, change is from 12 months earlier; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a three-month moving average and extend through December 2016.

Source: Department of Labor, Bureau of Labor Statistics; Federal Reserve Bank of Atlanta, Wage Growth Tracker.

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Figure 6. Change in business-sector output per hour

Percent, annual rate

Period	Percent change
1948-1973	3.20
1974-1995	1.59
1996-2000	3.09
2001-2007	2.61
2008-present	1.17

Note: Changes are measured from Q4 of the year immediately preceding the period through Q4 of the final year of the period. The final period is measured from 2007:Q4 through 2016:Q4.

Source: Department of Labor, Bureau of Labor Statistics.

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Figure 7. Change in the price index for personal consumption expenditures

Monthly
12-month percent change

Period	Total	Excluding food and energy
January 2010	2.19	1.56
February 2010	1.98	1.54
March 2010	2.19	1.56
April 2010	2.02	1.33
May 2010	1.93	1.34
June 2010	1.38	1.31
July 2010	1.55	1.35
August 2010	1.42	1.33
September 2010	1.35	1.19
October 2010	1.27	0.97
November 2010	1.20	0.99
December 2010	1.39	0.95
January 2011	1.43	0.99
February 2011	1.70	1.08
March 2011	1.97	1.09
April 2011	2.43	1.31
May 2011	2.71	1.43
June 2011	2.69	1.46
July 2011	2.77	1.58
August 2011	2.86	1.69
September 2011	2.93	1.72
October 2011	2.75	1.78
November 2011	2.73	1.84
December 2011	2.50	1.96
January 2012	2.57	2.09
February 2012	2.52	2.06
March 2012	2.37	2.11
April 2012	2.06	2.03
May 2012	1.66	1.91
June 2012	1.60	1.90
July 2012	1.44	1.84
August 2012	1.55	1.68
September 2012	1.71	1.73
October 2012	1.94	1.84
November 2012	1.68	1.78
December 2012	1.66	1.72
January 2013	1.55	1.67
February 2013	1.71	1.66
March 2013	1.35	1.56
April 2013	1.13	1.44
May 2013	1.24	1.43
June 2013	1.44	1.45
July 2013	1.51	1.44
August 2013	1.31	1.50
September 2013	1.11	1.50
October 2013	0.96	1.43
November 2013	1.23	1.49
December 2013	1.42	1.55
January 2014	1.46	1.47
February 2014	1.13	1.43
March 2014	1.43	1.54
April 2014	1.74	1.67
May 2014	1.83	1.74
June 2014	1.75	1.71
July 2014	1.78	1.77
August 2014	1.62	1.71
September 2014	1.62	1.72
October 2014	1.51	1.64
November 2014	1.29	1.55
December 2014	0.91	1.50
January 2015	0.26	1.41
February 2015	0.36	1.46
March 2015	0.37	1.44
April 2015	0.23	1.40
May 2015	0.31	1.35
June 2015	0.39	1.36
July 2015	0.36	1.31
August 2015	0.38	1.36
September 2015	0.24	1.38
October 2015	0.28	1.34
November 2015	0.45	1.38
December 2015	0.56	1.39
January 2016	1.10	1.61
February 2016	0.87	1.66
March 2016	0.76	1.55
April 2016	1.01	1.60
May 2016	0.96	1.64
June 2016	0.91	1.60
July 2016	0.85	1.64
August 2016	1.00	1.74
September 2016	1.25	1.70
October 2016	1.43	1.76
November 2016	1.38	1.66
December 2016	1.62	1.70

Note: The data extend through December 2016; changes are from one year earlier.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 8. Brent spot and futures prices

Series:
Spot price and December 2018 futures contracts
Horizon: January 5, 2012, to February 9, 2017

Description: The data are weekly averages of daily data and are plotted as two curves. Units for both the spot price and the futures contracts are in dollars per barrel along the right axis. In the early part of 2012, there is a notable increase and then a sharp decrease in the spot price. Both series remain fairly constant from late 2012 until mid-2014, when both series decrease sharply. Spot and futures prices are little changed, on net, over the first half of 2015 but then decline over the second half. Both series begin to increase in early 2016. In late 2016 and early 2017, the spot price increases while the futures prices begin to level off. As a result, the gap between futures contracts and the spot price narrows until the series are nearly identical in February 2017.

The spot price starts at just above 110 at the beginning of 2012 and then increases fairly rapidly through the first quarter before peaking at around 125. The price then falls dramatically to around 90 before recovering to around 110 through the middle of 2012. The price then fluctuates around 110 through the first half of 2014, with the most dramatic change being a fall from around 120 to around 100 in the beginning of 2013. In the second half of 2014, the series declines dramatically from above 110 to below 50. In the first quarter of 2015, the series increases steeply to 60 before making a slight drop to near 55. In the second quarter of 2015, the series increases to above 65, then declines to about 45 in the middle of the third quarter. From the beginning of the fourth quarter to the beginning of the first quarter of 2016, the series declines from about 50 to just under 30. The series gradually increases over 2016 and the start of 2017 to about 55 by the beginning of February, where the series ends.

The December 2018 future contracts series starts just above 90 in 2012 and is relatively unchanged with little volatility until the middle of 2014, when the series gradually increases to just under 100. Starting in the third quarter of 2014 until January 2015, the series drops dramatically to about 70. It then stays around 70 before a steeper decline to about 60 occurs in the third quarter. The series remains around 60 in the beginning of the fourth quarter but then declines to just below 45 between the middle of the fourth quarter and the beginning of the first quarter of 2016. The series then gradually increases over the first half of 2016 to about 55 by the middle of June. The series then fluctuates between 50 and 60 for the period from the middle of June until early February, when the series ends.

Note: The data are weekly averages of daily data and extend through February 9, 2017.

Source: NYMEX via Bloomberg.

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Figure 9. Non-oil import prices and U.S. dollar exchange rate

Monthly
12-month percent change

Period	Non-oil import prices	Broad nominal dollar
January 2011	2.99	-2.73
February 2011	3.62	-4.90
March 2011	4.26	-5.00
April 2011	4.60	-6.11
May 2011	4.68	-8.68
June 2011	5.15	-9.20
July 2011	5.43	-8.39
August 2011	5.51	-7.14
September 2011	5.41	-3.42
October 2011	4.76	0.07
November 2011	3.65	0.43
December 2011	3.37	0.71
January 2012	2.46	1.25
February 2012	1.66	0.26
March 2012	1.48	1.84
April 2012	0.69	3.89
May 2012	0.17	5.75
June 2012	-0.09	7.29
July 2012	-0.52	7.52
August 2012	-0.86	5.98
September 2012	-0.85	1.29
October 2012	-0.17	0.08
November 2012	0.09	0.08
December 2012	0.09	-1.43
January 2013	0.17	-0.90
February 2013	0.26	1.68
March 2013	-0.17	1.95
April 2013	-0.17	1.26
May 2013	-0.43	-0.05
June 2013	-0.52	-0.66
July 2013	-0.78	0.35
August 2013	-0.86	1.11
September 2013	-1.03	2.51
October 2013	-1.29	1.76
November 2013	-1.20	2.02
December 2013	-1.12	2.77
January 2014	-0.77	3.84
February 2014	-0.51	3.25
March 2014	0.00	2.26
April 2014	-0.34	2.24
May 2014	-0.09	1.48
June 2014	0.09	0.81
July 2014	0.70	0.03
August 2014	0.78	1.05
September 2014	0.70	2.78
October 2014	0.44	5.17
November 2014	0.09	6.01
December 2014	-0.09	8.43
January 2015	-1.21	9.70
February 2015	-1.72	10.83
March 2015	-2.58	12.93
April 2015	-2.67	12.25
May 2015	-2.67	11.74
June 2015	-2.59	12.44
July 2015	-2.85	14.66
August 2015	-3.11	15.76
September 2015	-3.20	14.90
October 2015	-3.38	12.45
November 2015	-3.39	12.26
December 2015	-3.74	10.69
January 2016	-3.15	10.81
February 2016	-3.07	8.47
March 2016	-2.73	4.40
April 2016	-2.30	3.75
May 2016	-1.86	5.66
June 2016	-2.04	5.23
July 2016	-1.33	4.16
August 2016	-0.89	1.31
September 2016	-0.63	1.32
October 2016	-0.45	3.16
November 2016	-0.18	4.01
December 2016	0.00	4.55
January 2017	ND	2.15

Note: The data for non-oil import prices extend through December 2016.

Source: Department of Labor, Bureau of Labor Statistics; Federal Reserve Board, Statistical Release H.10, "Foreign Exchange Rates."

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Figure 10. Median inflation expectations

SPF expectations for next 10 years

Period	Percent
2007:Q1	2.00
2007:Q2	2.00
2007:Q3	2.10
2007:Q4	2.10
2008:Q1	2.20
2008:Q2	2.20
2008:Q3	2.20
2008:Q4	2.20
2009:Q1	2.20
2009:Q2	2.28
2009:Q3	2.15
2009:Q4	2.10
2010:Q1	2.10
2010:Q2	2.15
2010:Q3	2.11
2010:Q4	2.00
2011:Q1	2.10
2011:Q2	2.27
2011:Q3	2.25
2011:Q4	2.16
2012:Q1	2.15
2012:Q2	2.20
2012:Q3	2.20
2012:Q4	2.10
2013:Q1	2.00
2013:Q2	2.00
2013:Q3	2.00
2013:Q4	2.00
2014:Q1	2.00
2014:Q2	2.00
2014:Q3	2.00
2014:Q4	2.00
2015:Q1	2.00
2015:Q2	1.98
2015:Q3	2.00
2015:Q4	1.90
2016:Q1	1.97
2016:Q2	2.00
2016:Q3	2.00
2016:Q4	2.00
2017:Q1	2.10

Note: The SPF data for inflation expectations for personal consumption expenditures are quarterly and extend from 2007:Q1 through 2017:Q1.

Source: Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters (SPF).

Michigan survey expectations for next 5 to 10 years

Period	Percent
January 2003	2.7
February 2003	2.7
March 2003	2.8
April 2003	2.7
May 2003	2.8
June 2003	2.7
July 2003	2.7
August 2003	2.7
September 2003	2.7
October 2003	2.8
November 2003	2.7
December 2003	2.8
January 2004	2.8
February 2004	2.9
March 2004	2.9
April 2004	2.7
May 2004	2.8
June 2004	2.9
July 2004	2.8
August 2004	2.7
September 2004	2.8
October 2004	2.8
November 2004	2.7
December 2004	2.8
January 2005	2.7
February 2005	2.8
March 2005	2.9
April 2005	3.0
May 2005	2.9
June 2005	2.8
July 2005	2.9
August 2005	2.8
September 2005	3.1
October 2005	3.2
November 2005	3.0
December 2005	3.1
January 2006	2.9
February 2006	2.9
March 2006	2.9
April 2006	3.1
May 2006	3.2
June 2006	2.9
July 2006	2.9
August 2006	3.2
September 2006	3.0
October 2006	3.1
November 2006	3.0
December 2006	3.0
January 2007	3.0
February 2007	2.9
March 2007	2.9
April 2007	3.1
May 2007	3.1
June 2007	2.9
July 2007	3.1
August 2007	2.9
September 2007	2.9
October 2007	2.8
November 2007	2.9
December 2007	3.1
January 2008	3.0
February 2008	3.0
March 2008	2.9
April 2008	3.2
May 2008	3.4
June 2008	3.4
July 2008	3.2
August 2008	3.2
September 2008	3.0
October 2008	2.9
November 2008	2.9
December 2008	2.6
January 2009	2.9
February 2009	3.1
March 2009	2.6
April 2009	2.8
May 2009	2.9
June 2009	3.0
July 2009	3.0
August 2009	2.8
September 2009	2.8
October 2009	2.9
November 2009	3.0
December 2009	2.7
January 2010	2.9
February 2010	2.7
March 2010	2.7
April 2010	2.7
May 2010	2.9
June 2010	2.8
July 2010	2.9
August 2010	2.8
September 2010	2.7
October 2010	2.8
November 2010	2.8
December 2010	2.8
January 2011	2.9
February 2011	2.9
March 2011	3.2
April 2011	2.9
May 2011	2.9
June 2011	3.0
July 2011	2.9
August 2011	2.9
September 2011	2.8
October 2011	2.7
November 2011	2.7
December 2011	2.7
January 2012	2.7
February 2012	2.9
March 2012	3.0
April 2012	2.9
May 2012	2.7
June 2012	2.8
July 2012	2.7
August 2012	3.0
September 2012	2.8
October 2012	2.7
November 2012	2.8
December 2012	2.9
January 2013	2.9
February 2013	3.0
March 2013	2.8
April 2013	2.9
May 2013	2.9
June 2013	2.9
July 2013	2.8
August 2013	2.9
September 2013	3.0
October 2013	2.8
November 2013	2.9
December 2013	2.7
January 2014	2.9
February 2014	2.9
March 2014	2.9
April 2014	2.9
May 2014	2.8
June 2014	2.9
July 2014	2.7
August 2014	2.9
September 2014	2.8
October 2014	2.8
November 2014	2.6
December 2014	2.8
January 2015	2.8
February 2015	2.7
March 2015	2.8
April 2015	2.6
May 2015	2.8
June 2015	2.6
July 2015	2.8
August 2015	2.7
September 2015	2.7
October 2015	2.5
November 2015	2.6
December 2015	2.6
January 2016	2.7
February 2016	2.5
March 2016	2.7
April 2016	2.5
May 2016	2.5
June 2016	2.6
July 2016	2.6
August 2016	2.5
September 2016	2.6
October 2016	2.4
November 2016	2.6
December 2016	2.3
January 2017	2.6
February 2017	2.5

Note: The Michigan survey data are monthly and extend through February; the February data are preliminary.

Source: University of Michigan Surveys of Consumers.

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Figure 11. 5-to-10-year-forward inflation compensation

Series: Inflation swaps and TIPS breakeven 5-to-10-year-forward inflation compensation

Horizon: January 2009 to February 2017

Description: Weekly data are plotted as two curves. Units for both series are percent and are along the right axis. Broadly speaking, the two curves tend to run parallel, with the inflation swaps series running a little higher than the TIPS breakeven series after 2011. The two series are largely indistinguishable between 2009 and 2011.

The inflation swaps series starts in January 2009 at approximately 2.75 percent, spiking to approximately 3.5 in mid-2009, declining to approximately 2.5 in mid-2010, and spiking again to approximately 3 in mid-2011. The series continues to fluctuate between about 2.5 and 3.1 from late 2011 through mid-2014. The series then sharply declines over the latter half of 2014, briefly rises in mid-2015, and then declines, on average, through mid-2016 to a low of approximately 1.75. The series then begins to climb over the second half of 2016 to end at almost 2.5 on February 10, 2017.

The TIPS breakeven series starts at approximately 2.3 percent for the first week of January 2009, spiking to approximately 2.75 later that month, and subsequently follows a path similar to the inflation swaps series. The series continues to fluctuate between about 2.25 and 3.25 from early 2009 through mid-2014. The series then sharply declines over the latter half of 2014 and increases modestly in the second quarter of 2015. The series stays below 2 for the rest of 2015 and 2016, and then mostly climbs in late 2016 to end at almost 2.0 on February 10, 2017.

Note: The data are weekly averages of daily data and extend through February 10, 2017. TIPS is Treasury Inflation-Protected Securities.

Source: Federal Reserve Bank of New York; Barclays; Federal Reserve Board staff estimates.

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Figure 12. Change in real gross domestic product and gross domestic income

Percent, annual rate

Period	Gross domestic product	Gross domestic income
2010	2.73	2.59
2011	1.68	2.09
2012	1.28	2.85
2013	2.66	1.28
2014	2.49	3.97
2015	1.88	1.51
2016:H1	1.12	0.76
2016:H2*	2.69	ND

* Gross domestic income is not yet available for 2016:H2. Return to table

Source: Department of Commerce, Bureau of Economic Analysis.

Return to text

Figure 13. Change in real personal consumption expenditures and disposable personal income

Percent, annual rate

Period	Personal consumption expenditures	Disposable personal income
2010	3.05	2.62
2011	1.48	1.66
2012	1.32	5.05
2013	2.00	-2.84
2014	3.51	4.54
2015	2.56	3.03
2016:H1	2.95	2.52
2016:H2	2.73	2.08

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 14. Prices of existing single-family houses

Monthly
Percent change from year earlier

Period	S&P/Case-Shiller national index	Zillow index	CoreLogic price index
January 2006	12.93	10.64	14.82
February 2006	12.09	10.20	13.97
March 2006	11.05	9.87	12.62
April 2006	9.97	9.57	11.07
May 2006	8.76	8.97	9.42
June 2006	7.29	8.10	7.53
July 2006	6.04	7.18	5.91
August 2006	4.83	6.58	4.50
September 2006	3.72	6.04	3.33
October 2006	2.96	5.39	2.40
November 2006	2.20	4.49	1.42
December 2006	1.74	3.93	0.33
January 2007	1.05	3.38	-0.59
February 2007	0.53	3.10	-1.46
March 2007	-0.30	2.56	-2.78
April 2007	-0.82	2.18	-3.67
May 2007	-1.35	1.76	-4.38
June 2007	-1.63	1.29	-4.72
July 2007	-1.96	0.72	-5.08
August 2007	-2.26	0.31	-5.72
September 2007	-2.75	-0.26	-6.70
October 2007	-3.54	-0.92	-7.95
November 2007	-4.60	-1.38	-9.17
December 2007	-5.39	-1.99	-10.31
January 2008	-6.36	-2.66	-11.57
February 2008	-7.27	-3.57	-12.79
March 2008	-7.84	-4.48	-13.50
April 2008	-8.13	-5.39	-14.12
May 2008	-8.17	-6.01	-14.23
June 2008	-8.26	-6.53	-14.26
July 2008	-8.44	-6.70	-14.59
August 2008	-8.85	-7.03	-14.96
September 2008	-9.60	-7.35	-15.75
October 2008	-10.35	-7.38	-16.52
November 2008	-10.90	-7.37	-17.01
December 2008	-12.00	-7.20	-17.84
January 2009	-12.69	-6.98	-18.27
February 2009	-12.75	-6.66	-17.76
March 2009	-12.74	-6.40	-16.90
April 2009	-12.17	-6.29	-15.58
May 2009	-11.28	-6.23	-13.81
June 2009	-10.05	-6.16	-11.99
July 2009	-9.03	-6.20	-10.39
August 2009	-8.28	-6.18	-8.99
September 2009	-7.60	-6.10	-7.72
October 2009	-6.65	-6.13	-6.04
November 2009	-5.21	-6.10	-4.02
December 2009	-3.85	-6.18	-2.28
January 2010	-2.93	-6.38	-1.41
February 2010	-3.10	-6.57	-1.39
March 2010	-2.00	-6.32	-0.16
April 2010	-1.08	-5.91	0.97
May 2010	-0.79	-5.66	1.17
June 2010	-1.43	-5.35	0.73
July 2010	-2.14	-5.15	-0.18
August 2010	-2.85	-5.17	-1.23
September 2010	-3.38	-5.26	-2.14
October 2010	-3.69	-5.40	-2.82
November 2010	-4.15	-5.49	-3.58
December 2010	-4.13	-5.39	-3.64
January 2011	-4.11	-5.18	-3.61
February 2011	-3.72	-4.97	-3.58
March 2011	-4.05	-5.05	-4.38
April 2011	-4.29	-5.18	-4.57
May 2011	-4.31	-5.26	-4.46
June 2011	-3.89	-5.28	-3.89
July 2011	-3.53	-5.36	-3.05
August 2011	-3.16	-5.21	-2.32
September 2011	-3.06	-4.80	-1.63
October 2011	-3.30	-4.46	-1.36
November 2011	-3.64	-4.23	-1.34
December 2011	-3.89	-3.99	-1.01
January 2012	-3.50	-3.62	-0.39
February 2012	-2.71	-3.13	0.59
March 2012	-1.38	-2.63	1.95
April 2012	-0.47	-2.19	2.77
May 2012	0.28	-1.55	3.50
June 2012	0.89	-1.04	3.85
July 2012	1.38	-0.33	4.23
August 2012	2.07	0.39	4.83
September 2012	3.01	0.85	5.44
October 2012	4.04	1.38	6.15
November 2012	5.36	1.98	7.12
December 2012	6.47	2.44	7.95
January 2013	7.58	2.90	8.75
February 2013	8.34	3.29	9.38
March 2013	8.90	3.55	10.01
April 2013	9.03	4.08	10.09
May 2013	9.09	4.53	9.92
June 2013	9.28	4.98	9.52
July 2013	9.73	5.29	9.56
August 2013	10.17	5.67	9.76
September 2013	10.63	5.91	10.13
October 2013	10.85	6.09	10.40
November 2013	10.72	6.20	10.36
December 2013	10.74	6.31	10.17
January 2014	10.47	6.35	10.17
February 2014	10.17	6.25	10.17
March 2014	8.98	6.23	9.32
April 2014	7.97	5.94	8.30
May 2014	7.05	5.65	7.28
June 2014	6.27	5.43	6.51
July 2014	5.60	5.21	5.90
August 2014	5.07	4.75	5.43
September 2014	4.75	4.60	5.19
October 2014	4.62	4.52	5.25
November 2014	4.59	4.38	5.22
December 2014	4.51	4.24	5.10
January 2015	4.32	4.04	5.18
February 2015	4.23	3.90	5.27
March 2015	4.29	4.13	5.40
April 2015	4.32	4.35	5.45
May 2015	4.38	4.46	5.45
June 2015	4.39	4.68	5.40
July 2015	4.44	4.84	5.23
August 2015	4.52	5.06	5.21
September 2015	4.72	5.16	5.43
October 2015	4.93	5.26	5.46
November 2015	5.15	5.36	5.48
December 2015	5.27	5.46	5.66
January 2016	5.36	5.62	5.65
February 2016	5.25	5.83	5.49
March 2016	5.12	5.80	5.47
April 2016	5.07	5.71	5.50
May 2016	5.01	5.69	5.21
June 2016	4.94	5.77	4.96
July 2016	4.95	5.85	5.00
August 2016	5.12	5.88	5.09
September 2016	5.31	6.02	5.27
October 2016	5.46	6.16	5.78
November 2016	5.64	6.53	6.49
December 2016	ND	6.78	7.17

Note: The data for the S&P/Case-Shiller index extend through November 2016. The data for the Zillow and CoreLogic indexes extend through December 2016.

Source: CoreLogic Home Price Index; Zillow; S&P/Case-Shiller U.S. National Home Price Index. The S&P/Case-Shiller Index is a product of S&P Dow Jones Indices LLC and/or its affiliates. (For Dow Jones Indices licensing information, see the note on the Contents page: For figures 14, 33, and 37, note that the S&P 500 Index and the Dow Jones Bank Index are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the Board. Copyright © 2017 S&P Dow Jones Indices LLC, a subsidiary of the McGraw Hill Financial Inc., and/or its affiliates. All rights reserved. Redistribution, reproduction, and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor's Financial Services LLC, and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent, and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.)

Return to text

Figure 15. Nominal house prices and price-rent ratio

Monthly
Index

Period	Price-rent ratio	CoreLogic price index
January 1990	100.36	75.25
February 1990	100.57	75.52
March 1990	100.49	75.74
April 1990	100.28	75.86
May 1990	100.10	75.89
June 1990	99.63	75.86
July 1990	98.95	75.79
August 1990	98.33	75.70
September 1990	97.75	75.58
October 1990	97.23	75.46
November 1990	96.90	75.32
December 1990	96.41	75.17
January 1991	96.13	75.01
February 1991	95.73	74.87
March 1991	95.28	74.80
April 1991	94.95	74.81
May 1991	94.86	74.90
June 1991	94.85	75.00
July 1991	94.42	75.05
August 1991	94.38	75.01
September 1991	93.63	74.92
October 1991	93.49	74.81
November 1991	93.10	74.73
December 1991	92.93	74.71
January 1992	92.84	74.74
February 1992	92.78	74.80
March 1992	92.31	74.85
April 1992	92.47	74.87
May 1992	92.34	74.82
June 1992	92.00	74.73
July 1992	91.59	74.63
August 1992	91.54	74.58
September 1992	91.43	74.61
October 1992	90.98	74.67
November 1992	90.69	74.76
December 1992	90.80	74.84
January 1993	90.70	74.92
February 1993	90.66	74.99
March 1993	90.75	75.06
April 1993	90.46	75.14
May 1993	90.46	75.24
June 1993	90.39	75.39
July 1993	90.54	75.55
August 1993	90.53	75.75
September 1993	90.69	75.97
October 1993	90.74	76.20
November 1993	90.90	76.43
December 1993	90.94	76.61
January 1994	90.91	76.74
February 1994	90.64	76.83
March 1994	90.50	76.93
April 1994	90.59	77.05
May 1994	90.78	77.19
June 1994	90.92	77.35
July 1994	90.78	77.50
August 1994	90.56	77.62
September 1994	90.38	77.74
October 1994	90.38	77.84
November 1994	90.26	77.95
December 1994	90.34	78.06
January 1995	90.23	78.17
February 1995	90.19	78.29
March 1995	90.14	78.40
April 1995	90.11	78.53
May 1995	90.17	78.68
June 1995	90.21	78.86
July 1995	90.21	79.05
August 1995	90.27	79.26
September 1995	90.32	79.44
October 1995	90.27	79.61
November 1995	90.20	79.75
December 1995	90.21	79.91
January 1996	90.20	80.10
February 1996	90.23	80.32
March 1996	90.39	80.55
April 1996	90.47	80.77
May 1996	90.52	80.96
June 1996	90.42	81.13
July 1996	90.30	81.28
August 1996	90.28	81.42
September 1996	90.21	81.56
October 1996	90.15	81.71
November 1996	90.12	81.89
December 1996	90.18	82.09
January 1997	90.20	82.30
February 1997	90.22	82.53
March 1997	90.32	82.75
April 1997	90.37	82.99
May 1997	90.45	83.26
June 1997	90.51	83.57
July 1997	90.67	83.90
August 1997	90.78	84.24
September 1997	90.90	84.60
October 1997	91.12	84.99
November 1997	91.34	85.42
December 1997	91.66	85.90
January 1998	92.01	86.41
February 1998	92.37	86.92
March 1998	92.70	87.41
April 1998	92.99	87.87
May 1998	93.25	88.31
June 1998	93.40	88.75
July 1998	93.63	89.22
August 1998	93.86	89.74
September 1998	94.13	90.29
October 1998	94.48	90.87
November 1998	94.75	91.43
December 1998	95.10	91.96
January 1999	95.39	92.44
February 1999	95.72	92.90
March 1999	96.03	93.40
April 1999	96.41	93.97
May 1999	96.90	94.59
June 1999	97.36	95.24
July 1999	97.80	95.88
August 1999	98.24	96.52
September 1999	98.61	97.15
October 1999	99.06	97.81
November 1999	99.21	98.50
December 1999	99.66	99.22
January 2000	100.00	100.00
February 2000	100.61	100.83
March 2000	101.20	101.71
April 2000	101.91	102.60
May 2000	102.53	103.47
June 2000	103.04	104.28
July 2000	103.40	105.06
August 2000	103.74	105.81
September 2000	104.07	106.57
October 2000	104.37	107.35
November 2000	104.74	108.15
December 2000	105.07	108.98
January 2001	105.53	109.83
February 2001	105.93	110.67
March 2001	106.26	111.46
April 2001	106.59	112.18
May 2001	106.76	112.84
June 2001	107.03	113.50
July 2001	107.27	114.19
August 2001	107.48	114.91
September 2001	107.68	115.62
October 2001	107.84	116.28
November 2001	107.96	116.90
December 2001	108.02	117.50
January 2002	108.25	118.13
February 2002	108.50	118.85
March 2002	108.94	119.68
April 2002	109.58	120.63
May 2002	110.29	121.67
June 2002	110.92	122.75
July 2002	111.54	123.82
August 2002	112.15	124.83
September 2002	112.66	125.78
October 2002	113.08	126.68
November 2002	113.43	127.58
December 2002	113.88	128.47
January 2003	114.16	129.34
February 2003	114.63	130.20
March 2003	115.08	131.04
April 2003	115.53	131.90
May 2003	116.03	132.82
June 2003	116.71	133.85
July 2003	117.34	135.02
August 2003	118.06	136.32
September 2003	118.84	137.73
October 2003	119.76	139.21
November 2003	120.56	140.73
December 2003	121.46	142.27
January 2004	122.36	143.85
February 2004	123.24	145.46
March 2004	124.23	147.19
April 2004	125.25	149.06
May 2004	126.33	151.04
June 2004	127.40	153.02
July 2004	128.40	154.92
August 2004	129.24	156.74
September 2004	130.15	158.56
October 2004	131.14	160.44
November 2004	132.17	162.40
December 2004	133.09	164.44
January 2005	134.11	166.59
February 2005	135.24	168.87
March 2005	136.41	171.26
April 2005	137.56	173.64
May 2005	138.67	175.91
June 2005	139.69	178.04
July 2005	140.53	180.11
August 2005	141.44	182.18
September 2005	142.27	184.21
October 2005	143.00	186.15
November 2005	143.66	187.98
December 2005	144.31	189.64
January 2006	144.89	191.10
February 2006	145.17	192.22
March 2006	145.17	192.83
April 2006	144.94	192.90
May 2006	144.47	192.61
June 2006	143.84	192.10
July 2006	143.18	191.51
August 2006	142.46	190.98
September 2006	141.87	190.60
October 2006	141.36	190.39
November 2006	140.90	190.27
December 2006	140.35	190.12
January 2007	139.82	189.78
February 2007	139.05	189.09
March 2007	138.14	188.00
April 2007	137.11	186.46
May 2007	135.83	184.54
June 2007	134.47	182.45
July 2007	133.08	180.43
August 2007	131.79	178.55
September 2007	130.43	176.70
October 2007	128.89	174.81
November 2007	127.35	172.88
December 2007	125.78	170.86
January 2008	124.19	168.69
February 2008	122.55	166.28
March 2008	120.72	163.63
April 2008	118.79	160.89
May 2008	116.99	158.24
June 2008	115.06	155.76
July 2008	113.22	153.37
August 2008	111.31	150.98
September 2008	109.33	148.46
October 2008	107.15	145.81
November 2008	104.98	143.17
December 2008	103.05	140.76
January 2009	101.36	138.80
February 2009	100.20	137.38
March 2009	99.43	136.52
April 2009	99.06	136.15
May 2009	99.01	136.17
June 2009	99.18	136.41
July 2009	99.40	136.66
August 2009	99.52	136.85
September 2009	99.68	137.03
October 2009	99.85	137.22
November 2009	99.98	137.40
December 2009	100.02	137.52
January 2010	99.98	137.55
February 2010	100.04	137.56
March 2010	100.02	137.57
April 2010	100.02	137.53
May 2010	99.87	137.27
June 2010	99.42	136.70
July 2010	98.76	135.87
August 2010	98.10	134.91
September 2010	97.32	134.05
October 2010	96.76	133.44
November 2010	96.19	133.05
December 2010	95.71	132.77
January 2011	95.25	132.46
February 2011	94.82	132.03
March 2011	94.35	131.58
April 2011	94.03	131.20
May 2011	93.82	131.02
June 2011	93.77	131.06
July 2011	93.75	131.28
August 2011	93.57	131.52
September 2011	93.43	131.66
October 2011	93.06	131.69
November 2011	92.76	131.67
December 2011	92.46	131.70
January 2012	92.41	131.91
February 2012	92.59	132.38
March 2012	93.00	133.13
April 2012	93.63	134.14
May 2012	94.37	135.31
June 2012	95.15	136.46
July 2012	95.63	137.48
August 2012	96.05	138.37
September 2012	96.38	139.22
October 2012	96.54	140.13
November 2012	96.99	141.11
December 2012	97.45	142.15
January 2013	97.99	143.26
February 2013	98.63	144.47
March 2013	99.33	145.80
April 2013	100.22	147.20
May 2013	100.93	148.56
June 2013	101.67	149.86
July 2013	102.29	151.11
August 2013	102.73	152.37
September 2013	103.31	153.61
October 2013	103.74	154.75
November 2013	104.13	155.78
December 2013	104.37	156.72
January 2014	104.67	157.56
February 2014	104.96	158.25
March 2014	105.01	158.78
April 2014	105.04	159.17
May 2014	105.03	159.52
June 2014	105.07	159.94
July 2014	105.10	160.51
August 2014	105.27	161.25
September 2014	105.44	162.09
October 2014	105.61	162.94
November 2014	105.69	163.74
December 2014	105.89	164.51
January 2015	106.11	165.28
February 2015	106.31	166.08
March 2015	106.52	166.87
April 2015	106.79	167.60
May 2015	106.98	168.30
June 2015	107.12	169.00
July 2015	107.19	169.75
August 2015	107.30	170.51
September 2015	107.30	171.26
October 2015	107.33	171.98
November 2015	107.43	172.67
December 2015	107.53	173.37
January 2016	107.67	174.10
February 2016	107.86	174.88
March 2016	108.07	175.69
April 2016	108.27	176.44
May 2016	108.36	177.11
June 2016	108.41	177.74
July 2016	108.48	178.43
August 2016	108.64	179.36
September 2016	108.96	180.56
October 2016	109.27	181.98
November 2016	109.69	183.48
December 2016	110.08	184.90

Note: The data extend through December 2016. The CoreLogic price index is seasonally adjusted by Federal Reserve Board staff. The price--rent ratio is the ratio of nominal house prices to the consumer price index of rent of primary residence. The data are indexed to 100 in January 2000.

Source: For prices, CoreLogic; for rents, Department of Labor, Bureau of Labor Statistics.

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Figure 16. Wealth-to-income ratio

Quarterly
Ratio

Period	Ratio
1993:Q1	5.01
1993:Q2	5.02
1993:Q3	5.08
1993:Q4	5.10
1994:Q1	5.06
1994:Q2	5.02
1994:Q3	5.03
1994:Q4	4.98
1995:Q1	5.00
1995:Q2	5.08
1995:Q3	5.14
1995:Q4	5.20
1996:Q1	5.22
1996:Q2	5.22
1996:Q3	5.22
1996:Q4	5.20
1997:Q1	5.18
1997:Q2	5.38
1997:Q3	5.48
1997:Q4	5.45
1998:Q1	5.61
1998:Q2	5.62
1998:Q3	5.41
1998:Q4	5.70
1999:Q1	5.72
1999:Q2	5.87
1999:Q3	5.77
1999:Q4	6.09
2000:Q1	6.10
2000:Q2	5.96
2000:Q3	5.95
2000:Q4	5.77
2001:Q1	5.55
2001:Q2	5.69
2001:Q3	5.39
2001:Q4	5.64
2002:Q1	5.57
2002:Q2	5.38
2002:Q3	5.22
2002:Q4	5.30
2003:Q1	5.27
2003:Q2	5.41
2003:Q3	5.41
2003:Q4	5.63
2004:Q1	5.79
2004:Q2	5.83
2004:Q3	5.88
2004:Q4	6.04
2005:Q1	6.17
2005:Q2	6.26
2005:Q3	6.35
2005:Q4	6.43
2006:Q1	6.46
2006:Q2	6.39
2006:Q3	6.38
2006:Q4	6.49
2007:Q1	6.48
2007:Q2	6.47
2007:Q3	6.41
2007:Q4	6.23
2008:Q1	5.90
2008:Q2	5.59
2008:Q3	5.47
2008:Q4	5.12
2009:Q1	5.02
2009:Q2	5.06
2009:Q3	5.21
2009:Q4	5.26
2010:Q1	5.32
2010:Q2	5.17
2010:Q3	5.27
2010:Q4	5.42
2011:Q1	5.43
2011:Q2	5.41
2011:Q3	5.18
2011:Q4	5.30
2012:Q1	5.38
2012:Q2	5.35
2012:Q3	5.50
2012:Q4	5.42
2013:Q1	5.87
2013:Q2	5.96
2013:Q3	6.11
2013:Q4	6.28
2014:Q1	6.27
2014:Q2	6.29
2014:Q3	6.24
2014:Q4	6.31
2015:Q1	6.44
2015:Q2	6.41
2015:Q3	6.25
2015:Q4	6.35
2016:Q1	6.34
2016:Q2	6.34
2016:Q3	6.39

Note: The data extend through 2016:Q3. The series is the ratio of household net worth to disposable personal income.

Source: For net worth, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States"; for income, Department of Commerce, Bureau of Economic Analysis.

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Homeownership by Race and Ethnicity: Figure A. Homeownership rates, by race and ethnicity

Percent

Period	White	Black or African American	Asian	Hispanic or Latino	All
1900	49.06	20.98	ND	ND	45.84
1910	48.12	22.90	ND	ND	45.35
1920	48.12	22.54	ND	ND	45.47
1930	49.02	23.61	ND	ND	46.50
1940	45.57	22.99	ND	ND	43.54
1960	64.38	38.14	ND	ND	61.88
1970	65.38	41.62	ND	ND	62.89
1980	67.74	45.17	52.92	44.40	65.03
1990	68.19	43.50	52.61	42.34	64.24
2000	71.30	46.29	53.46	45.98	66.20
2006	72.34	46.54	60.17	49.52	67.27
2009	70.97	44.64	59.43	48.31	65.96
2012	69.29	42.73	57.34	46.05	64.01
2015	68.59	41.20	57.74	45.43	63.15

Note: The data are every 10 years through 2000, except 1950; after 2000, the data are for 2006, 2009, 2012, and 2015. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

Source: Department of Commerce, Bureau of the Census.

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Homeownership by Race and Ethnicity: Figure B. Homeownership rates, by race and ethnicity, for households headed by persons aged 30 to 39

Percent

Period	White	Black or African American	Asian	Hispanic or Latino
1900	38.25	17.04	ND	ND
1910	37.19	17.72	ND	ND
1920	36.52	16.12	ND	ND
1930	36.59	16.63	ND	ND
1940	30.94	13.26	ND	ND
1960	63.60	29.42	ND	ND
1970	65.58	35.13	ND	ND
1980	67.87	40.25	51.19	43.17
1990	61.79	32.48	47.18	37.56
2000	63.66	36.36	44.95	41.60
2006	63.31	35.49	52.04	43.78
2009	59.45	32.79	49.42	39.42
2012	54.32	26.27	44.35	34.92
2015	52.99	23.57	42.28	33.46

Note: The data are every 10 years through 2000, except 1950; after 2000, the data are for 2006, 2009, 2012, and 2015. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

Source: Department of Commerce, Bureau of the Census.

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Figure 17. Changes in household debt

Billions of dollars, annual rate

Period	Mortgages	Consumer credit	Sum
2007	702.82	153.16	855.99
2008	-17.52	34.30	16.79
2009	-141.93	-88.79	-230.72
2010	-482.70	91.81	-390.88
2011	-214.94	111.06	-103.88
2012	-206.22	162.09	-44.14
2013	-82.95	175.85	92.89
2014	-5.74	221.79	216.05
2015	86.12	217.74	303.85
2016	183.23	214.64	397.86

Note: Changes are calculated from year-end to year-end except 2016 changes, which are calculated from Q3 to Q3.

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

Return to text

Figure 18. Indexes of consumer sentiment and income expectations

Monthly
Index

Period	Real income expectations (Diffusion index)	Consumer sentiment (Index)
January 2000	96.00	112.00
February 2000	96.00	111.30
March 2000	95.33	107.10
April 2000	94.00	109.20
May 2000	93.67	110.70
June 2000	93.33	106.40
July 2000	92.33	108.30
August 2000	93.00	107.30
September 2000	93.00	106.80
October 2000	92.00	105.80
November 2000	90.33	107.60
December 2000	92.00	98.40
January 2001	92.67	94.70
February 2001	93.67	90.60
March 2001	91.33	91.50
April 2001	90.00	88.40
May 2001	87.00	92.00
June 2001	86.67	92.60
July 2001	88.33	92.40
August 2001	91.33	91.50
September 2001	91.33	81.80
October 2001	90.67	82.70
November 2001	89.33	83.90
December 2001	92.33	88.80
January 2002	94.67	93.00
February 2002	95.67	90.70
March 2002	94.33	95.70
April 2002	93.00	93.00
May 2002	91.67	96.90
June 2002	89.33	92.40
July 2002	87.33	88.10
August 2002	88.67	87.60
September 2002	90.00	86.10
October 2002	90.33	80.60
November 2002	89.67	84.20
December 2002	90.67	86.70
January 2003	91.00	82.40
February 2003	87.33	79.90
March 2003	85.67	77.60
April 2003	86.00	86.00
May 2003	89.00	92.10
June 2003	89.33	89.70
July 2003	89.33	90.90
August 2003	88.33	89.30
September 2003	88.67	87.70
October 2003	88.33	89.60
November 2003	90.33	93.70
December 2003	89.00	92.60
January 2004	90.67	103.80
February 2004	88.00	94.40
March 2004	89.00	95.80
April 2004	85.00	94.20
May 2004	83.33	90.20
June 2004	81.67	95.60
July 2004	82.67	96.70
August 2004	83.67	95.90
September 2004	83.33	94.20
October 2004	81.33	91.70
November 2004	81.00	92.80
December 2004	83.33	97.10
January 2005	84.67	95.50
February 2005	85.67	94.10
March 2005	83.33	92.60
April 2005	80.67	87.70
May 2005	78.33	86.90
June 2005	77.67	96.00
July 2005	80.33	96.50
August 2005	80.00	89.10
September 2005	78.67	76.90
October 2005	75.00	74.20
November 2005	74.33	81.60
December 2005	77.33	91.50
January 2006	78.67	91.20
February 2006	79.00	86.70
March 2006	76.33	88.90
April 2006	78.67	87.40
May 2006	77.67	79.10
June 2006	76.33	84.90
July 2006	75.67	84.70
August 2006	78.33	82.00
September 2006	81.00	85.40
October 2006	84.33	93.60
November 2006	85.00	92.10
December 2006	86.33	91.70
January 2007	84.00	96.90
February 2007	83.67	91.30
March 2007	82.00	88.40
April 2007	80.33	87.10
May 2007	78.33	88.30
June 2007	76.00	85.30
July 2007	75.00	90.40
August 2007	74.00	83.40
September 2007	73.33	83.40
October 2007	73.00	80.90
November 2007	76.00	76.10
December 2007	77.00	75.50
January 2008	78.00	78.40
February 2008	73.67	70.80
March 2008	72.67	69.50
April 2008	67.00	62.60
May 2008	66.00	59.80
June 2008	60.33	56.40
July 2008	62.33	61.20
August 2008	61.33	63.00
September 2008	67.33	70.30
October 2008	67.00	57.60
November 2008	69.00	55.30
December 2008	65.67	60.10
January 2009	67.00	61.20
February 2009	67.33	56.30
March 2009	68.67	57.30
April 2009	68.00	65.10
May 2009	66.00	68.70
June 2009	65.67	70.80
July 2009	65.00	66.00
August 2009	66.00	65.70
September 2009	67.67	73.50
October 2009	66.67	70.60
November 2009	66.33	67.40
December 2009	66.33	72.50
January 2010	67.67	74.40
February 2010	67.00	73.60
March 2010	66.33	73.60
April 2010	65.67	72.20
May 2010	66.00	73.60
June 2010	65.67	76.00
July 2010	64.33	67.80
August 2010	64.00	68.90
September 2010	64.33	68.20
October 2010	66.00	67.70
November 2010	67.67	71.60
December 2010	66.33	74.50
January 2011	64.33	74.20
February 2011	61.33	77.50
March 2011	59.33	67.50
April 2011	58.67	69.80
May 2011	57.00	74.30
June 2011	56.00	71.50
July 2011	58.33	63.70
August 2011	59.67	55.80
September 2011	59.33	59.50
October 2011	57.67	60.80
November 2011	57.33	63.70
December 2011	58.67	69.90
January 2012	58.67	75.00
February 2012	60.00	75.30
March 2012	61.33	76.20
April 2012	61.00	76.40
May 2012	62.33	79.30
June 2012	59.67	73.20
July 2012	60.67	72.30
August 2012	58.33	74.30
September 2012	60.33	78.30
October 2012	60.33	82.60
November 2012	63.00	82.70
December 2012	62.33	72.90
January 2013	63.00	73.80
February 2013	60.33	77.60
March 2013	63.33	78.60
April 2013	64.33	76.40
May 2013	67.00	84.50
June 2013	67.33	84.10
July 2013	68.00	85.10
August 2013	68.67	82.10
September 2013	66.33	77.50
October 2013	66.33	73.20
November 2013	64.67	75.10
December 2013	66.00	82.50
January 2014	67.00	81.20
February 2014	68.67	81.60
March 2014	69.00	80.00
April 2014	66.67	84.10
May 2014	65.33	81.90
June 2014	67.00	82.50
July 2014	68.33	81.80
August 2014	69.33	82.50
September 2014	69.67	84.60
October 2014	69.67	86.90
November 2014	70.33	88.80
December 2014	72.67	93.60
January 2015	77.00	98.10
February 2015	78.33	95.40
March 2015	76.67	93.00
April 2015	76.33	95.90
May 2015	77.33	90.70
June 2015	78.00	96.10
July 2015	77.33	93.10
August 2015	78.00	91.90
September 2015	77.00	87.20
October 2015	76.33	90.00
November 2015	76.33	91.30
December 2015	79.33	92.60
January 2016	81.00	92.00
February 2016	81.67	91.70
March 2016	81.67	91.00
April 2016	79.33	89.00
May 2016	79.67	94.70
June 2016	80.33	93.50
July 2016	81.00	90.00
August 2016	80.67	89.80
September 2016	81.33	91.20
October 2016	82.00	87.20
November 2016	84.67	93.80
December 2016	84.67	98.20
January 2017	85.00	98.50
February 2017	84.33	95.70

Note: The data extend through February 2017; the February data are preliminary. The consumer sentiment data are monthly and are indexed to 100 in 1966. The real income expectations data are calculated as the net percentage of survey respondents expecting family income to go up more than prices during the next year or two plus 100 and are shown as a three-month moving average.

Source: University of Michigan Surveys of Consumers.

Return to text

Figure 19. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
January 2003	0.32	1.54	1.42
February 2003	0.33	1.30	1.36
March 2003	0.33	1.40	1.36
April 2003	0.27	1.37	1.39
May 2003	0.36	1.39	1.39
June 2003	0.35	1.51	1.46
July 2003	0.36	1.54	1.48
August 2003	0.35	1.48	1.52
September 2003	0.38	1.56	1.53
October 2003	0.34	1.63	1.57
November 2003	0.39	1.69	1.51
December 2003	0.41	1.65	1.55
January 2004	0.35	1.56	1.54
February 2004	0.37	1.48	1.56
March 2004	0.37	1.63	1.65
April 2004	0.36	1.65	1.62
May 2004	0.33	1.65	1.68
June 2004	0.30	1.53	1.62
July 2004	0.33	1.68	1.62
August 2004	0.33	1.69	1.61
September 2004	0.35	1.56	1.59
October 2004	0.41	1.66	1.59
November 2004	0.32	1.46	1.57
December 2004	0.33	1.71	1.61
January 2005	0.41	1.74	1.65
February 2005	0.42	1.79	1.63
March 2005	0.28	1.58	1.58
April 2005	0.40	1.66	1.65
May 2005	0.31	1.71	1.64
June 2005	0.35	1.72	1.68
July 2005	0.33	1.72	1.72
August 2005	0.37	1.73	1.72
September 2005	0.36	1.79	1.80
October 2005	0.33	1.74	1.74
November 2005	0.34	1.81	1.73
December 2005	0.37	1.63	1.66
January 2006	0.45	1.82	1.69
February 2006	0.32	1.80	1.64
March 2006	0.37	1.60	1.55
April 2006	0.31	1.51	1.50
May 2006	0.37	1.57	1.45
June 2006	0.35	1.45	1.39
July 2006	0.31	1.42	1.31
August 2006	0.29	1.36	1.28
September 2006	0.34	1.38	1.22
October 2006	0.28	1.21	1.18
November 2006	0.28	1.29	1.16
December 2006	0.40	1.25	1.20
January 2007	0.28	1.13	1.17
February 2007	0.29	1.19	1.14
March 2007	0.29	1.20	1.15
April 2007	0.29	1.20	1.06
May 2007	0.29	1.13	1.04
June 2007	0.32	1.13	1.00
July 2007	0.31	1.04	0.98
August 2007	0.37	0.96	0.92
September 2007	0.25	0.94	0.86
October 2007	0.39	0.88	0.82
November 2007	0.36	0.83	0.80
December 2007	0.23	0.81	0.74
January 2008	0.31	0.77	0.71
February 2008	0.38	0.72	0.66
March 2008	0.28	0.73	0.64
April 2008	0.33	0.68	0.66
May 2008	0.29	0.68	0.63
June 2008	0.40	0.65	0.61
July 2008	0.31	0.62	0.57
August 2008	0.24	0.61	0.54
September 2008	0.28	0.54	0.53
October 2008	0.24	0.54	0.47
November 2008	0.19	0.46	0.42
December 2008	0.16	0.40	0.36
January 2009	0.13	0.36	0.34
February 2009	0.22	0.36	0.38
March 2009	0.15	0.35	0.36
April 2009	0.09	0.39	0.39
May 2009	0.13	0.41	0.43
June 2009	0.10	0.48	0.46
July 2009	0.09	0.51	0.49
August 2009	0.10	0.49	0.49
September 2009	0.08	0.51	0.48
October 2009	0.06	0.48	0.47
November 2009	0.09	0.50	0.48
December 2009	0.10	0.48	0.51
January 2010	0.10	0.51	0.50
February 2010	0.08	0.53	0.51
March 2010	0.09	0.54	0.54
April 2010	0.12	0.57	0.48
May 2010	0.13	0.46	0.44
June 2010	0.09	0.45	0.43
July 2010	0.12	0.43	0.41
August 2010	0.18	0.42	0.40
September 2010	0.15	0.45	0.40
October 2010	0.11	0.44	0.41
November 2010	0.09	0.45	0.42
December 2010	0.11	0.43	0.45
January 2011	0.20	0.43	0.42
February 2011	0.13	0.39	0.38
March 2011	0.17	0.43	0.40
April 2011	0.14	0.42	0.40
May 2011	0.15	0.41	0.41
June 2011	0.17	0.44	0.41
July 2011	0.19	0.43	0.42
August 2011	0.16	0.42	0.43
September 2011	0.23	0.42	0.43
October 2011	0.17	0.44	0.44
November 2011	0.25	0.47	0.45
December 2011	0.17	0.52	0.46
January 2012	0.21	0.52	0.46
February 2012	0.24	0.47	0.49
March 2012	0.22	0.47	0.48
April 2012	0.25	0.50	0.48
May 2012	0.19	0.52	0.50
June 2012	0.23	0.52	0.50
July 2012	0.22	0.52	0.52
August 2012	0.22	0.54	0.52
September 2012	0.25	0.59	0.56
October 2012	0.30	0.61	0.57
November 2012	0.26	0.57	0.57
December 2012	0.36	0.62	0.59
January 2013	0.28	0.61	0.59
February 2013	0.31	0.66	0.61
March 2013	0.38	0.62	0.61
April 2013	0.25	0.58	0.62
May 2013	0.32	0.60	0.62
June 2013	0.25	0.61	0.63
July 2013	0.29	0.60	0.62
August 2013	0.27	0.62	0.63
September 2013	0.28	0.58	0.62
October 2013	0.33	0.59	0.62
November 2013	0.39	0.71	0.65
December 2013	0.36	0.65	0.61
January 2014	0.32	0.58	0.62
February 2014	0.35	0.60	0.61
March 2014	0.32	0.65	0.62
April 2014	0.39	0.65	0.62
May 2014	0.35	0.64	0.63
June 2014	0.33	0.60	0.65
July 2014	0.43	0.65	0.64
August 2014	0.35	0.64	0.64
September 2014	0.34	0.66	0.66
October 2014	0.38	0.72	0.65
November 2014	0.33	0.66	0.66
December 2014	0.36	0.72	0.68
January 2015	0.39	0.71	0.67
February 2015	0.30	0.59	0.64
March 2015	0.34	0.63	0.66
April 2015	0.45	0.75	0.68
May 2015	0.37	0.69	0.69
June 2015	0.53	0.69	0.70
July 2015	0.39	0.76	0.69
August 2015	0.40	0.73	0.71
September 2015	0.45	0.74	0.71
October 2015	0.36	0.71	0.73
November 2015	0.39	0.79	0.74
December 2015	0.40	0.77	0.74
January 2016	0.35	0.78	0.73
February 2016	0.37	0.85	0.73
March 2016	0.36	0.75	0.73
April 2016	0.39	0.76	0.74
May 2016	0.39	0.74	0.73
June 2016	0.43	0.76	0.74
July 2016	0.45	0.77	0.71
August 2016	0.44	0.72	0.74
September 2016	0.27	0.78	0.74
October 2016	0.45	0.87	0.77
November 2016	0.27	0.83	0.78
December 2016	0.43	0.80	0.83

Note: The data extend through December 2016.

Source: Department of Commerce, Bureau of the Census.

Return to text

Figure 20. New and existing home sales

Monthly
Millions, annual rate

Period	Existing home sales	New home sales
January 2003	6.03	1.00
February 2003	6.02	0.94
March 2003	5.86	1.00
April 2003	5.84	1.01
May 2003	5.94	1.08
June 2003	5.94	1.19
July 2003	6.27	1.17
August 2003	6.52	1.21
September 2003	6.58	1.13
October 2003	6.39	1.14
November 2003	6.23	1.09
December 2003	6.49	1.13
January 2004	6.23	1.17
February 2004	6.41	1.16
March 2004	6.66	1.28
April 2004	6.73	1.19
May 2004	6.85	1.24
June 2004	6.92	1.18
July 2004	6.84	1.09
August 2004	6.70	1.18
September 2004	6.68	1.21
October 2004	6.85	1.31
November 2004	6.96	1.18
December 2004	6.89	1.24
January 2005	7.10	1.20
February 2005	6.88	1.32
March 2005	6.96	1.33
April 2005	7.12	1.26
May 2005	7.08	1.29
June 2005	7.18	1.27
July 2005	7.14	1.39
August 2005	7.23	1.26
September 2005	7.25	1.24
October 2005	7.10	1.34
November 2005	7.03	1.21
December 2005	6.84	1.24
January 2006	6.72	1.17
February 2006	6.84	1.06
March 2006	6.83	1.12
April 2006	6.70	1.12
May 2006	6.58	1.09
June 2006	6.48	1.07
July 2006	6.32	0.97
August 2006	6.34	1.04
September 2006	6.28	1.02
October 2006	6.36	0.94
November 2006	6.34	1.00
December 2006	6.40	1.00
January 2007	5.74	0.89
February 2007	5.79	0.83
March 2007	5.46	0.83
April 2007	5.29	0.89
May 2007	5.27	0.84
June 2007	5.12	0.79
July 2007	5.07	0.78
August 2007	4.87	0.70
September 2007	4.58	0.69
October 2007	4.43	0.73
November 2007	4.46	0.64
December 2007	4.41	0.62
January 2008	4.17	0.63
February 2008	4.12	0.59
March 2008	4.16	0.54
April 2008	4.11	0.54
May 2008	4.14	0.50
June 2008	4.09	0.49
July 2008	4.15	0.48
August 2008	4.19	0.44
September 2008	4.27	0.43
October 2008	4.09	0.39
November 2008	3.77	0.39
December 2008	4.01	0.38
January 2009	3.82	0.34
February 2009	3.97	0.37
March 2009	3.86	0.34
April 2009	3.90	0.34
May 2009	4.00	0.38
June 2009	4.10	0.39
July 2009	4.37	0.41
August 2009	4.45	0.42
September 2009	4.62	0.39
October 2009	5.02	0.40
November 2009	5.44	0.38
December 2009	4.40	0.35
January 2010	4.19	0.35
February 2010	4.27	0.34
March 2010	4.49	0.38
April 2010	4.82	0.42
May 2010	4.88	0.28
June 2010	4.45	0.31
July 2010	3.45	0.28
August 2010	3.68	0.28
September 2010	3.84	0.32
October 2010	3.83	0.29
November 2010	4.02	0.29
December 2010	4.27	0.33
January 2011	4.45	0.31
February 2011	4.15	0.27
March 2011	4.24	0.30
April 2011	4.15	0.31
May 2011	4.13	0.31
June 2011	4.19	0.30
July 2011	4.15	0.30
August 2011	4.41	0.30
September 2011	4.34	0.30
October 2011	4.35	0.32
November 2011	4.40	0.33
December 2011	4.37	0.34
January 2012	4.48	0.34
February 2012	4.58	0.37
March 2012	4.52	0.35
April 2012	4.59	0.35
May 2012	4.60	0.37
June 2012	4.47	0.36
July 2012	4.53	0.37
August 2012	4.76	0.38
September 2012	4.71	0.39
October 2012	4.79	0.36
November 2012	4.96	0.39
December 2012	4.89	0.40
January 2013	4.98	0.44
February 2013	5.06	0.44
March 2013	5.07	0.45
April 2013	5.09	0.45
May 2013	5.14	0.43
June 2013	5.11	0.46
July 2013	5.27	0.38
August 2013	5.26	0.38
September 2013	5.14	0.40
October 2013	5.04	0.44
November 2013	4.92	0.45
December 2013	4.86	0.44
January 2014	4.74	0.45
February 2014	4.72	0.42
March 2014	4.74	0.41
April 2014	4.78	0.40
May 2014	4.90	0.45
June 2014	4.97	0.42
July 2014	4.99	0.40
August 2014	4.96	0.45
September 2014	5.03	0.47
October 2014	5.14	0.47
November 2014	5.04	0.45
December 2014	5.07	0.49
January 2015	4.93	0.52
February 2015	4.97	0.55
March 2015	5.25	0.49
April 2015	5.14	0.50
May 2015	5.29	0.51
June 2015	5.41	0.47
July 2015	5.48	0.50
August 2015	5.29	0.51
September 2015	5.44	0.46
October 2015	5.29	0.48
November 2015	4.86	0.51
December 2015	5.45	0.54
January 2016	5.47	0.53
February 2016	5.07	0.53
March 2016	5.36	0.54
April 2016	5.43	0.57
May 2016	5.51	0.57
June 2016	5.57	0.56
July 2016	5.38	0.62
August 2016	5.30	0.56
September 2016	5.49	0.57
October 2016	5.57	0.57
November 2016	5.65	0.60
December 2016	5.49	0.54

Note: The data extend through December 2016. New home sales includes only single-family sales. Existing home sales includes single-family, condo, townhome, and co-op sales.

Source: For new home sales, Census Bureau; for existing home sales, National Association of Realtors.

Return to text

Figure 21. Mortgage rates and housing affordability

Housing affordability index

Period	Index
January 2006	104.21
February 2006	105.60
March 2006	105.63
April 2006	104.51
May 2006	104.08
June 2006	107.43
July 2006	108.15
August 2006	109.42
September 2006	108.39
October 2006	109.61
November 2006	112.15
December 2006	110.70
January 2007	112.14
February 2007	110.76
March 2007	112.33
April 2007	113.19
May 2007	114.99
June 2007	114.28
July 2007	115.05
August 2007	115.00
September 2007	120.45
October 2007	123.54
November 2007	123.53
December 2007	126.22
January 2008	128.80
February 2008	133.29
March 2008	132.16
April 2008	133.37
May 2008	133.54
June 2008	133.47
July 2008	135.49
August 2008	136.17
September 2008	142.79
October 2008	144.83
November 2008	147.21
December 2008	160.48
January 2009	164.86
February 2009	161.53
March 2009	163.45
April 2009	174.24
May 2009	173.75
June 2009	171.72
July 2009	168.85
August 2009	169.90
September 2009	164.44
October 2009	168.88
November 2009	172.48
December 2009	174.73
January 2010	166.38
February 2010	166.08
March 2010	167.30
April 2010	165.60
May 2010	169.09
June 2010	171.06
July 2010	174.84
August 2010	177.34
September 2010	177.17
October 2010	176.42
November 2010	177.20
December 2010	174.44
January 2011	177.39
February 2011	178.51
March 2011	178.64
April 2011	182.08
May 2011	180.19
June 2011	184.59
July 2011	191.72
August 2011	188.16
September 2011	188.49
October 2011	194.18
November 2011	189.14
December 2011	191.13
January 2012	189.55
February 2012	189.69
March 2012	196.59
April 2012	188.21
May 2012	190.35
June 2012	192.06
July 2012	195.16
August 2012	197.59
September 2012	197.67
October 2012	198.69
November 2012	197.80
December 2012	198.90
January 2013	198.71
February 2013	194.84
March 2013	188.00
April 2013	184.70
May 2013	184.46
June 2013	179.64
July 2013	170.93
August 2013	165.00
September 2013	165.95
October 2013	164.36
November 2013	168.08
December 2013	164.66
January 2014	161.72
February 2014	163.54
March 2014	165.44
April 2014	165.98
May 2014	164.54
June 2014	165.47
July 2014	166.02
August 2014	165.38
September 2014	167.38
October 2014	165.00
November 2014	166.66
December 2014	167.05
January 2015	169.79
February 2015	168.70
March 2015	167.18
April 2015	167.64
May 2015	167.18
June 2015	167.05
July 2015	166.90
August 2015	166.26
September 2015	166.79
October 2015	166.92
November 2015	165.94
December 2015	162.61
January 2016	160.80
February 2016	162.92
March 2016	165.52
April 2016	164.28
May 2016	165.92
June 2016	166.53
July 2016	170.92
August 2016	170.78
September 2016	168.00
October 2016	166.89
November 2016	163.80

Note: The housing affordability index data are monthly through November 2016. At an index value of 100, a median-income family has exactly enough income to qualify for a median-priced home mortgage. Housing affordability is seasonally adjusted by Board staff.

Source: National Association of Realtors.

Mortgage rates

Period	Percent
5 January 2006	6.21
12 January 2006	6.15
19 January 2006	6.10
26 January 2006	6.12
2 February 2006	6.23
9 February 2006	6.24
16 February 2006	6.28
23 February 2006	6.26
2 March 2006	6.24
9 March 2006	6.37
16 March 2006	6.34
23 March 2006	6.32
30 March 2006	6.35
6 April 2006	6.43
13 April 2006	6.49
20 April 2006	6.53
27 April 2006	6.58
4 May 2006	6.59
11 May 2006	6.58
18 May 2006	6.60
25 May 2006	6.62
1 June 2006	6.67
8 June 2006	6.62
15 June 2006	6.63
22 June 2006	6.71
29 June 2006	6.78
6 July 2006	6.79
13 July 2006	6.74
20 July 2006	6.80
27 July 2006	6.72
3 August 2006	6.63
10 August 2006	6.55
17 August 2006	6.52
24 August 2006	6.48
31 August 2006	6.44
7 September 2006	6.47
14 September 2006	6.43
21 September 2006	6.40
28 September 2006	6.31
5 October 2006	6.30
12 October 2006	6.37
19 October 2006	6.36
26 October 2006	6.40
2 November 2006	6.31
9 November 2006	6.33
16 November 2006	6.24
23 November 2006	6.18
30 November 2006	6.14
7 December 2006	6.11
14 December 2006	6.12
21 December 2006	6.13
28 December 2006	6.18
4 January 2007	6.18
11 January 2007	6.21
18 January 2007	6.23
25 January 2007	6.25
1 February 2007	6.34
8 February 2007	6.28
15 February 2007	6.30
22 February 2007	6.22
1 March 2007	6.18
8 March 2007	6.14
15 March 2007	6.14
22 March 2007	6.16
29 March 2007	6.16
5 April 2007	6.17
12 April 2007	6.22
19 April 2007	6.17
26 April 2007	6.16
3 May 2007	6.16
10 May 2007	6.15
17 May 2007	6.21
24 May 2007	6.37
31 May 2007	6.42
7 June 2007	6.53
14 June 2007	6.74
21 June 2007	6.69
28 June 2007	6.67
5 July 2007	6.63
12 July 2007	6.73
19 July 2007	6.73
26 July 2007	6.69
2 August 2007	6.68
9 August 2007	6.59
16 August 2007	6.62
23 August 2007	6.52
30 August 2007	6.45
6 September 2007	6.46
13 September 2007	6.31
20 September 2007	6.34
27 September 2007	6.42
4 October 2007	6.37
11 October 2007	6.40
18 October 2007	6.40
25 October 2007	6.33
1 November 2007	6.26
8 November 2007	6.24
15 November 2007	6.24
22 November 2007	6.20
29 November 2007	6.10
6 December 2007	5.96
13 December 2007	6.11
20 December 2007	6.14
27 December 2007	6.17
3 January 2008	6.07
10 January 2008	5.87
17 January 2008	5.69
24 January 2008	5.48
31 January 2008	5.68
7 February 2008	5.67
14 February 2008	5.72
21 February 2008	6.04
28 February 2008	6.24
6 March 2008	6.03
13 March 2008	6.13
20 March 2008	5.87
27 March 2008	5.85
3 April 2008	5.88
10 April 2008	5.88
17 April 2008	5.88
24 April 2008	6.03
1 May 2008	6.06
8 May 2008	6.05
15 May 2008	6.01
22 May 2008	5.98
29 May 2008	6.08
5 June 2008	6.09
12 June 2008	6.32
19 June 2008	6.42
26 June 2008	6.45
3 July 2008	6.35
10 July 2008	6.37
17 July 2008	6.26
24 July 2008	6.63
31 July 2008	6.52
7 August 2008	6.52
14 August 2008	6.52
21 August 2008	6.47
28 August 2008	6.40
4 September 2008	6.35
11 September 2008	5.93
18 September 2008	5.78
25 September 2008	6.09
2 October 2008	6.10
9 October 2008	5.94
16 October 2008	6.46
23 October 2008	6.04
30 October 2008	6.46
6 November 2008	6.20
13 November 2008	6.14
20 November 2008	6.04
27 November 2008	5.97
4 December 2008	5.53
11 December 2008	5.47
18 December 2008	5.19
25 December 2008	5.14
1 January 2009	5.10
8 January 2009	5.01
15 January 2009	4.96
22 January 2009	5.12
29 January 2009	5.10
5 February 2009	5.25
12 February 2009	5.16
19 February 2009	5.04
26 February 2009	5.07
5 March 2009	5.15
12 March 2009	5.03
19 March 2009	4.98
26 March 2009	4.85
2 April 2009	4.78
9 April 2009	4.87
16 April 2009	4.82
23 April 2009	4.80
30 April 2009	4.78
7 May 2009	4.84
14 May 2009	4.86
21 May 2009	4.82
28 May 2009	4.91
4 June 2009	5.29
11 June 2009	5.59
18 June 2009	5.38
25 June 2009	5.42
2 July 2009	5.32
9 July 2009	5.20
16 July 2009	5.14
23 July 2009	5.20
30 July 2009	5.25
6 August 2009	5.22
13 August 2009	5.29
20 August 2009	5.12
27 August 2009	5.14
3 September 2009	5.08
10 September 2009	5.07
17 September 2009	5.04
24 September 2009	5.04
1 October 2009	4.94
8 October 2009	4.87
15 October 2009	4.92
22 October 2009	5.00
29 October 2009	5.03
5 November 2009	4.98
12 November 2009	4.91
19 November 2009	4.83
26 November 2009	4.78
3 December 2009	4.71
10 December 2009	4.81
17 December 2009	4.94
24 December 2009	5.05
31 December 2009	5.14
7 January 2010	5.09
14 January 2010	5.06
21 January 2010	4.99
28 January 2010	4.98
4 February 2010	5.01
11 February 2010	4.97
18 February 2010	4.93
25 February 2010	5.05
4 March 2010	4.97
11 March 2010	4.95
18 March 2010	4.96
25 March 2010	4.99
1 April 2010	5.08
8 April 2010	5.21
15 April 2010	5.07
22 April 2010	5.07
29 April 2010	5.06
6 May 2010	5.00
13 May 2010	4.93
20 May 2010	4.84
27 May 2010	4.78
3 June 2010	4.79
10 June 2010	4.72
17 June 2010	4.75
24 June 2010	4.69
1 July 2010	4.58
8 July 2010	4.57
15 July 2010	4.57
22 July 2010	4.56
29 July 2010	4.54
5 August 2010	4.49
12 August 2010	4.44
19 August 2010	4.42
26 August 2010	4.36
2 September 2010	4.32
9 September 2010	4.35
16 September 2010	4.37
23 September 2010	4.37
30 September 2010	4.32
7 October 2010	4.27
14 October 2010	4.19
21 October 2010	4.21
28 October 2010	4.23
4 November 2010	4.24
11 November 2010	4.17
18 November 2010	4.39
25 November 2010	4.40
2 December 2010	4.46
9 December 2010	4.61
16 December 2010	4.83
23 December 2010	4.81
30 December 2010	4.86
6 January 2011	4.77
13 January 2011	4.71
20 January 2011	4.74
27 January 2011	4.80
3 February 2011	4.81
10 February 2011	5.05
17 February 2011	5.00
24 February 2011	4.95
3 March 2011	4.87
10 March 2011	4.88
17 March 2011	4.76
24 March 2011	4.81
31 March 2011	4.86
7 April 2011	4.87
14 April 2011	4.91
21 April 2011	4.80
28 April 2011	4.78
5 May 2011	4.71
12 May 2011	4.63
19 May 2011	4.61
26 May 2011	4.60
2 June 2011	4.55
9 June 2011	4.49
16 June 2011	4.50
23 June 2011	4.50
30 June 2011	4.51
7 July 2011	4.60
14 July 2011	4.51
21 July 2011	4.52
28 July 2011	4.55
4 August 2011	4.39
11 August 2011	4.32
18 August 2011	4.15
25 August 2011	4.22
1 September 2011	4.22
8 September 2011	4.12
15 September 2011	4.09
22 September 2011	4.09
29 September 2011	4.01
6 October 2011	3.94
13 October 2011	4.12
20 October 2011	4.11
27 October 2011	4.10
3 November 2011	4.00
10 November 2011	3.99
17 November 2011	4.00
24 November 2011	3.98
1 December 2011	4.00
8 December 2011	3.99
15 December 2011	3.94
22 December 2011	3.91
29 December 2011	3.95
5 January 2012	3.91
12 January 2012	3.89
19 January 2012	3.88
26 January 2012	3.98
2 February 2012	3.87
9 February 2012	3.87
16 February 2012	3.87
23 February 2012	3.95
1 March 2012	3.90
8 March 2012	3.88
15 March 2012	3.92
22 March 2012	4.08
29 March 2012	3.99
5 April 2012	3.98
12 April 2012	3.88
19 April 2012	3.90
26 April 2012	3.88
3 May 2012	3.84
10 May 2012	3.83
17 May 2012	3.79
24 May 2012	3.78
31 May 2012	3.75
7 June 2012	3.67
14 June 2012	3.71
21 June 2012	3.66
28 June 2012	3.66
5 July 2012	3.62
12 July 2012	3.56
19 July 2012	3.53
26 July 2012	3.49
2 August 2012	3.55
9 August 2012	3.59
16 August 2012	3.62
23 August 2012	3.66
30 August 2012	3.59
6 September 2012	3.55
13 September 2012	3.55
20 September 2012	3.49
27 September 2012	3.40
4 October 2012	3.36
11 October 2012	3.39
18 October 2012	3.37
25 October 2012	3.41
1 November 2012	3.39
8 November 2012	3.40
15 November 2012	3.34
22 November 2012	3.31
29 November 2012	3.32
6 December 2012	3.34
13 December 2012	3.32
20 December 2012	3.37
27 December 2012	3.35
3 January 2013	3.34
10 January 2013	3.40
17 January 2013	3.38
24 January 2013	3.42
31 January 2013	3.53
7 February 2013	3.53
14 February 2013	3.53
21 February 2013	3.56
28 February 2013	3.51
7 March 2013	3.52
14 March 2013	3.63
21 March 2013	3.54
28 March 2013	3.57
4 April 2013	3.54
11 April 2013	3.43
18 April 2013	3.41
25 April 2013	3.40
2 May 2013	3.35
9 May 2013	3.42
16 May 2013	3.51
23 May 2013	3.59
30 May 2013	3.81
6 June 2013	3.91
13 June 2013	3.98
20 June 2013	3.93
27 June 2013	4.46
4 July 2013	4.29
11 July 2013	4.51
18 July 2013	4.37
25 July 2013	4.31
1 August 2013	4.39
8 August 2013	4.40
15 August 2013	4.40
22 August 2013	4.58
29 August 2013	4.51
5 September 2013	4.57
12 September 2013	4.57
19 September 2013	4.50
26 September 2013	4.32
3 October 2013	4.22
10 October 2013	4.23
17 October 2013	4.28
24 October 2013	4.13
31 October 2013	4.10
7 November 2013	4.16
14 November 2013	4.35
21 November 2013	4.22
28 November 2013	4.29
5 December 2013	4.46
12 December 2013	4.42
19 December 2013	4.47
26 December 2013	4.48
2 January 2014	4.53
9 January 2014	4.51
16 January 2014	4.41
23 January 2014	4.39
30 January 2014	4.32
6 February 2014	4.23
13 February 2014	4.28
20 February 2014	4.33
27 February 2014	4.37
6 March 2014	4.28
13 March 2014	4.37
20 March 2014	4.32
27 March 2014	4.40
3 April 2014	4.41
10 April 2014	4.34
17 April 2014	4.27
24 April 2014	4.33
1 May 2014	4.29
8 May 2014	4.21
15 May 2014	4.20
22 May 2014	4.14
29 May 2014	4.12
5 June 2014	4.14
12 June 2014	4.20
19 June 2014	4.17
26 June 2014	4.14
3 July 2014	4.12
10 July 2014	4.15
17 July 2014	4.13
24 July 2014	4.13
31 July 2014	4.12
7 August 2014	4.14
14 August 2014	4.12
21 August 2014	4.10
28 August 2014	4.10
4 September 2014	4.10
11 September 2014	4.12
18 September 2014	4.23
25 September 2014	4.20
2 October 2014	4.19
9 October 2014	4.12
16 October 2014	3.97
23 October 2014	3.92
30 October 2014	3.98
6 November 2014	4.02
13 November 2014	4.01
20 November 2014	3.99
27 November 2014	3.97
4 December 2014	3.89
11 December 2014	3.93
18 December 2014	3.80
25 December 2014	3.83
1 January 2015	3.87
8 January 2015	3.73
15 January 2015	3.66
22 January 2015	3.63
29 January 2015	3.66
5 February 2015	3.59
12 February 2015	3.69
19 February 2015	3.76
26 February 2015	3.80
5 March 2015	3.75
12 March 2015	3.86
19 March 2015	3.78
26 March 2015	3.69
2 April 2015	3.70
9 April 2015	3.66
16 April 2015	3.67
23 April 2015	3.65
30 April 2015	3.68
7 May 2015	3.80
14 May 2015	3.85
21 May 2015	3.84
28 May 2015	3.87
4 June 2015	3.87
11 June 2015	4.04
18 June 2015	4.00
25 June 2015	4.02
2 July 2015	4.08
9 July 2015	4.04
16 July 2015	4.09
23 July 2015	4.04
30 July 2015	3.98
6 August 2015	3.91
13 August 2015	3.94
20 August 2015	3.93
27 August 2015	3.84
3 September 2015	3.89
10 September 2015	3.90
17 September 2015	3.91
24 September 2015	3.86
1 October 2015	3.85
8 October 2015	3.76
15 October 2015	3.82
22 October 2015	3.79
29 October 2015	3.76
5 November 2015	3.87
12 November 2015	3.98
19 November 2015	3.97
26 November 2015	3.95
3 December 2015	3.93
10 December 2015	3.95
17 December 2015	3.97
24 December 2015	3.96
31 December 2015	4.01
7 January 2016	3.97
14 January 2016	3.92
21 January 2016	3.81
28 January 2016	3.79
4 February 2016	3.72
11 February 2016	3.65
18 February 2016	3.65
25 February 2016	3.62
3 March 2016	3.64
10 March 2016	3.68
17 March 2016	3.73
24 March 2016	3.71
31 March 2016	3.71
7 April 2016	3.59
14 April 2016	3.58
21 April 2016	3.59
28 April 2016	3.66
5 May 2016	3.61
12 May 2016	3.57
19 May 2016	3.58
26 May 2016	3.64
2 June 2016	3.66
9 June 2016	3.60
16 June 2016	3.54
23 June 2016	3.56
30 June 2016	3.48
7 July 2016	3.41
14 July 2016	3.42
21 July 2016	3.45
28 July 2016	3.48
4 August 2016	3.43
11 August 2016	3.45
18 August 2016	3.43
25 August 2016	3.43
1 September 2016	3.46
8 September 2016	3.44
15 September 2016	3.50
22 September 2016	3.48
29 September 2016	3.42
6 October 2016	3.42
13 October 2016	3.47
20 October 2016	3.52
27 October 2016	3.47
3 November 2016	3.54
10 November 2016	3.57
17 November 2016	4.03
24 November 2016	4.03
1 December 2016	4.08
8 December 2016	4.13
15 December 2016	4.16
22 December 2016	4.30
29 December 2016	4.32
5 January 2017	4.20
12 January 2017	4.12
19 January 2017	4.09
26 January 2017	4.19
2 February 2017	4.19
9 February 2017	4.17

Note: The mortgage rate data are weekly through February 9, 2017.

Source: Freddie Mac Primary Mortgage Market Survey.

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Figure 22. Change in real private nonresidential fixed investment

Percent, annual rate

Period	Structures	Equipment and intangible capital
2010	-3.96	11.98
2011	8.01	9.21
2012	4.12	5.53
2013	5.78	4.51
2014	8.01	4.14
2015	-8.78	3.77
2016:H1	-1.00	-1.32
2016:H2	3.14	1.55

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 23. Selected components of net debt financing for nonfinancial businesses

Billions of dollars, monthly rate

Period	Bank loans	Bonds	Commercial paper	Sum
2006	11.44	6.12	1.87	19.43
2007	19.76	10.00	0.94	30.71
2008	15.31	9.57	0.64	25.52
2009	-28.00	17.65	-6.09	-16.45
2010	-8.65	14.86	2.04	8.25
2011	10.47	13.54	2.78	26.78
2012	13.84	27.14	1.17	42.15
2013	8.01	23.05	1.18	32.23
2014	13.08	22.64	3.12	38.84
2015	14.67	33.20	-0.45	47.41
2016:H1	15.89	34.11	1.93	51.92
2016:Q3	13.95	28.47	-11.28	31.15

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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Figure 24. Corporate bond yields, by securities rating

Series: High-yield, triple-B, and double-A

Horizon: January 1998 to February 2017

Description: Daily data are plotted as three curves. Units are percentage points along the right axis. The behavior of all three curves follows a similar pattern.

The high-yield series starts at the beginning of 1998 at just above 9. The series increases generally to about 13.5 by the end of 2000. The series then decreases, bottoming out around 7.3 in early 2004. It fluctuates in small increments around 8 before beginning to increase in mid-2007. At the beginning of 2008:Q4, the series jumps quickly, and it nearly reaches 20 in 2009. It then declines quickly to around 14, experiences another jump to about 17 in 2009:Q1, and then continues to decline generally, landing near 7 in early 2012. After increasing slightly to around 7.7 in mid-2012, the series resumes its fall, reaching below 6 in 2013:Q2. The series increases to slightly below 7 through 2014:Q4 before falling again in early 2015. The series rises starting in mid-2015 and climbs above 8 in early 2016 before falling for the remainder of 2016 and early 2017, reaching just below 6 by February 9, 2017.

The triple-B series starts at the beginning of 1998 at about 6.5. The series fluctuates between about 6 and 9 until mid-2003, when it decreases generally to around 5. It gradually climbs back up to 7 by mid-2008 and then increases quickly, reaching near 10 later in that year. The series sharply declines throughout 2009, reaching about 6 by the end of the year; it then continues to decline more gradually, dipping below 4 near the end of 2012 and again in 2013:Q1. The series increases, reaching about 5 by mid-2013 before falling below 4 in early 2015 and then rising to almost 4.75 in early 2016. The series declines in 2016 and remains mostly below 4 until late 2016. The series increases at the end of 2016 and early 2017, reaching about 4.25 by February 9, 2017.

The double-A series starts at the beginning of 1998 at about 6.25. The series declines generally to about 5.5 in 1998:Q4 before increasing generally to about 8 in 2000:Q2. The series then decreases generally to just above 4 by mid-2003. It remains between about 5 and 6 through the beginning of 2008. Then it increases quickly, reaching about 8.5 by 2008:Q4. The series sharply declines in late 2008 and early 2009, and then continues to fall more gradually until it reaches about 2.5 by the end of 2012. The series increases through the beginning of 2013 to around 4 but then falls through early 2015 to just under 3. It then rises to about 3.75 by mid-2015 before falling below 3 for most of 2016. The series then increases in late 2016, reaching about 3.25 by February 9, 2017.

Note: The yields shown are yields on 10-year bonds.

Source: BofA Merrill Lynch Global Research, used with permission.

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Figure 25. Change in real imports and exports of goods and services

Percent, annual rate

Period	Imports	Exports
2011	3.49	4.16
2012	0.27	2.18
2013	2.45	5.92
2014	6.09	3.05
2015	2.54	-2.16
2016:H1	-0.20	0.52
2016:Q3	2.19	9.97
2016:Q4	8.25	-4.30

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 26. U.S. trade and current account balances

Quarterly
Percent of nominal GDP

Period	Trade	Current account
2000:Q1	-3.5	-3.86
2000:Q2	-3.5	-3.84
2000:Q3	-3.8	-4.12
2000:Q4	-3.8	-4.14
2001:Q1	-3.7	-4.07
2001:Q2	-3.4	-3.61
2001:Q3	-3.4	-3.93
2001:Q4	-3.3	-3.28
2002:Q1	-3.5	-3.84
2002:Q2	-3.8	-4.21
2002:Q3	-3.9	-4.16
2002:Q4	-4.3	-4.47
2003:Q1	-4.5	-4.81
2003:Q2	-4.4	-4.55
2003:Q3	-4.3	-4.49
2003:Q4	-4.3	-4.29
2004:Q1	-4.6	-4.59
2004:Q2	-5.0	-5.15
2004:Q3	-5.2	-5.16
2004:Q4	-5.4	-5.73
2005:Q1	-5.3	-5.30
2005:Q2	-5.3	-5.53
2005:Q3	-5.5	-5.64
2005:Q4	-5.9	-6.27
2006:Q1	-5.7	-5.80
2006:Q2	-5.7	-5.87
2006:Q3	-5.8	-6.21
2006:Q4	-5.1	-5.41
2007:Q1	-5.1	-5.60
2007:Q2	-5.1	-5.25
2007:Q3	-4.9	-4.69
2007:Q4	-4.8	-4.34
2008:Q1	-5.2	-4.99
2008:Q2	-5.1	-4.81
2008:Q3	-5.2	-4.77
2008:Q4	-4.1	-4.19
2009:Q1	-2.7	-2.73
2009:Q2	-2.4	-2.48
2009:Q3	-2.8	-2.62
2009:Q4	-3.0	-2.82
2010:Q1	-3.3	-2.95
2010:Q2	-3.5	-3.06
2010:Q3	-3.6	-3.13
2010:Q4	-3.3	-2.68
2011:Q1	-3.7	-3.10
2011:Q2	-3.8	-3.13
2011:Q3	-3.7	-2.78
2011:Q4	-3.8	-2.86
2012:Q1	-3.8	-3.01
2012:Q2	-3.6	-2.90
2012:Q3	-3.3	-2.60
2012:Q4	-3.3	-2.55
2013:Q1	-3.2	-2.40
2013:Q2	-3.1	-2.29
2013:Q3	-2.9	-2.21
2013:Q4	-2.6	-1.88
2014:Q1	-3.0	-2.22
2014:Q2	-3.0	-2.18
2014:Q3	-2.8	-2.18
2014:Q4	-3.0	-2.44
2015:Q1	-3.0	-2.58
2015:Q2	-2.8	-2.49
2015:Q3	-2.9	-2.71
2015:Q4	-2.9	-2.49
2016:Q1	-2.8	-2.88
2016:Q2	-2.7	-2.56
2016:Q3	-2.5	-2.42
2016:Q4	-2.9	ND

Note: The data for the current account extend through 2016:Q3. GDP is gross domestic product.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 27. Change in real government expenditures on consumption and investment

Percent, annual rate

Period	Federal	State and local
2009	3.94	1.30
2010	3.25	-4.03
2011	-4.01	-2.35
2012	-2.14	-2.27
2013	-6.67	-0.11
2014	-1.31	1.32
2015	1.69	2.48
2016:H1	-0.94	0.49
2016:H2	0.60	1.19

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 28. Federal receipts and expenditures

Annual
Percent of nominal GDP

Period	Expenditures	Receipts
1996	19.56	18.21
1997	18.87	18.62
1998	18.45	19.23
1999	17.89	19.22
2000	17.63	19.96
2001	17.63	18.85
2002	18.49	17.04
2003	19.06	15.73
2004	18.97	15.55
2005	19.18	16.71
2006	19.40	17.59
2007	19.05	17.93
2008	20.22	17.11
2009	24.40	14.60
2010	23.36	14.61
2011	23.43	14.98
2012	22.07	15.29
2013	20.92	16.80
2014	20.35	17.55
2015	20.60	18.15
2016	20.94	17.75

Note: The receipts and expenditures data are on a unified-budget basis and are for fiscal years (October through September); gross domestic product (GDP) data are for the four quarters ending in Q3.

Source: Office of Management and Budget.

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Figure 29. Federal government debt held by the public

Quarterly

Period	Percent of nominal GDP
1967:Q1	31.43
1967:Q2	30.29
1967:Q3	30.72
1967:Q4	31.29
1968:Q1	30.96
1968:Q2	29.73
1968:Q3	30.05
1968:Q4	29.78
1969:Q1	29.03
1969:Q2	27.34
1969:Q3	27.23
1969:Q4	27.47
1970:Q1	27.32
1970:Q2	26.32
1970:Q3	26.55
1970:Q4	27.30
1971:Q1	26.36
1971:Q2	26.01
1971:Q3	26.30
1971:Q4	27.06
1972:Q1	26.50
1972:Q2	25.27
1972:Q3	25.19
1972:Q4	25.38
1973:Q1	25.08
1973:Q2	23.96
1973:Q3	23.56
1973:Q4	23.33
1974:Q1	23.31
1974:Q2	22.32
1974:Q3	22.18
1974:Q4	22.27
1975:Q1	23.26
1975:Q2	23.76
1975:Q3	24.34
1975:Q4	25.08
1976:Q1	25.60
1976:Q2	25.65
1976:Q3	26.16
1976:Q4	26.42
1977:Q1	26.59
1977:Q2	25.67
1977:Q3	25.83
1977:Q4	26.21
1978:Q1	26.67
1978:Q2	25.32
1978:Q3	25.28
1978:Q4	25.02
1979:Q1	24.93
1979:Q2	24.14
1979:Q3	23.93
1979:Q4	24.06
1980:Q1	24.12
1980:Q2	24.32
1980:Q3	24.78
1980:Q4	24.53
1981:Q1	24.54
1981:Q2	24.19
1981:Q3	24.05
1981:Q4	24.97
1982:Q1	26.04
1982:Q2	25.86
1982:Q3	27.29
1982:Q4	28.80
1983:Q1	29.80
1983:Q2	30.25
1983:Q3	30.63
1983:Q4	30.74
1984:Q1	31.07
1984:Q2	31.04
1984:Q3	31.80
1984:Q4	32.89
1985:Q1	33.20
1985:Q2	33.76
1985:Q3	34.12
1985:Q4	35.70
1986:Q1	36.03
1986:Q2	36.85
1986:Q3	37.58
1986:Q4	38.67
1987:Q1	38.72
1987:Q2	38.70
1987:Q3	38.53
1987:Q4	38.82
1988:Q1	39.11
1988:Q2	38.60
1988:Q3	38.69
1988:Q4	38.89
1989:Q1	38.76
1989:Q2	38.24
1989:Q3	38.35
1989:Q4	39.06
1990:Q1	39.21
1990:Q2	39.29
1990:Q3	39.98
1990:Q4	41.47
1991:Q1	42.09
1991:Q2	42.19
1991:Q3	43.21
1991:Q4	44.21
1992:Q1	44.82
1992:Q2	45.03
1992:Q3	45.53
1992:Q4	45.99
1993:Q1	46.53
1993:Q2	46.87
1993:Q3	47.03
1993:Q4	47.44
1994:Q1	47.47
1994:Q2	46.71
1994:Q3	46.68
1994:Q4	46.71
1995:Q1	47.15
1995:Q2	47.12
1995:Q3	46.76
1995:Q4	46.63
1996:Q1	47.09
1996:Q2	45.82
1996:Q3	45.75
1996:Q4	45.63
1997:Q1	45.58
1997:Q2	43.97
1997:Q3	43.39
1997:Q4	43.29
1998:Q1	43.09
1998:Q2	41.68
1998:Q3	40.67
1998:Q4	40.23
1999:Q1	39.80
1999:Q2	38.21
1999:Q3	37.41
1999:Q4	37.08
2000:Q1	36.42
2000:Q2	33.70
2000:Q3	32.92
2000:Q4	32.32
2001:Q1	32.44
2001:Q2	30.56
2001:Q3	31.20
2001:Q4	31.58
2002:Q1	31.66
2002:Q2	31.56
2002:Q3	32.08
2002:Q4	32.74
2003:Q1	32.93
2003:Q2	33.46
2003:Q3	33.65
2003:Q4	34.11
2004:Q1	34.76
2004:Q2	34.54
2004:Q3	34.70
2004:Q4	34.97
2005:Q1	35.57
2005:Q2	34.80
2005:Q3	34.74
2005:Q4	35.13
2006:Q1	35.58
2006:Q2	34.65
2006:Q3	34.69
2006:Q4	34.72
2007:Q1	35.38
2007:Q2	34.15
2007:Q3	34.53
2007:Q4	34.87
2008:Q1	36.27
2008:Q2	35.59
2008:Q3	39.07
2008:Q4	43.71
2009:Q1	47.45
2009:Q2	49.95
2009:Q3	52.43
2009:Q4	53.57
2010:Q1	56.41
2010:Q2	57.93
2010:Q3	59.87
2010:Q4	61.61
2011:Q1	63.29
2011:Q2	62.98
2011:Q3	64.96
2011:Q4	66.21
2012:Q1	67.92
2012:Q2	68.53
2012:Q3	69.50
2012:Q4	71.13
2013:Q1	72.40
2013:Q2	72.01
2013:Q3	71.53
2013:Q4	72.66
2014:Q1	74.09
2014:Q2	72.70
2014:Q3	72.73
2014:Q4	73.58
2015:Q1	73.58
2015:Q2	72.61
2015:Q3	72.29
2015:Q4	75.00
2016:Q1	76.13
2016:Q2	75.48
2016:Q3	75.86

Note: The data extend through 2016:Q3. The data for gross domestic product (GDP) are at an annual rate. Federal debt held by the public equals federal debt less Treasury securities held in federal employee defined benefit retirement accounts, evaluated at the end of the quarter.

Source: For GDP, Department of Commerce, Bureau of Economic Analysis; for federal debt, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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Figure 30. State and local employment and structures investment

Employment

Period	Employees in millions
January 2008	19.650
February 2008	19.670
March 2008	19.691
April 2008	19.695
May 2008	19.726
June 2008	19.758
July 2008	19.801
August 2008	19.801
September 2008	19.769
October 2008	19.777
November 2008	19.782
December 2008	19.781
January 2009	19.793
February 2009	19.781
March 2009	19.763
April 2009	19.755
May 2009	19.757
June 2009	19.762
July 2009	19.695
August 2009	19.712
September 2009	19.625
October 2009	19.681
November 2009	19.691
December 2009	19.651
January 2010	19.631
February 2010	19.604
March 2010	19.595
April 2010	19.585
May 2010	19.580
June 2010	19.547
July 2010	19.518
August 2010	19.475
September 2010	19.378
October 2010	19.431
November 2010	19.421
December 2010	19.396
January 2011	19.384
February 2011	19.339
March 2011	19.315
April 2011	19.314
May 2011	19.258
June 2011	19.304
July 2011	19.187
August 2011	19.167
September 2011	19.137
October 2011	19.148
November 2011	19.129
December 2011	19.118
January 2012	19.113
February 2012	19.119
March 2012	19.115
April 2012	19.105
May 2012	19.088
June 2012	19.106
July 2012	19.098
August 2012	19.096
September 2012	19.103
October 2012	19.079
November 2012	19.074
December 2012	19.081
January 2013	19.064
February 2013	19.080
March 2013	19.076
April 2013	19.079
May 2013	19.080
June 2013	19.069
July 2013	19.053
August 2013	19.079
September 2013	19.087
October 2013	19.093
November 2013	19.102
December 2013	19.081
January 2014	19.072
February 2014	19.088
March 2014	19.100
April 2014	19.133
May 2014	19.126
June 2014	19.169
July 2014	19.142
August 2014	19.130
September 2014	19.172
October 2014	19.184
November 2014	19.190
December 2014	19.204
January 2015	19.209
February 2015	19.223
March 2015	19.211
April 2015	19.236
May 2015	19.253
June 2015	19.265
July 2015	19.275
August 2015	19.313
September 2015	19.296
October 2015	19.305
November 2015	19.310
December 2015	19.324
January 2016	19.343
February 2016	19.353
March 2016	19.385
April 2016	19.392
May 2016	19.396
June 2016	19.417
July 2016	19.455
August 2016	19.485
September 2016	19.505
October 2016	19.491
November 2016	19.483
December 2016	19.470
January 2017	19.456

Note: The employment data are monthly.

Source: Department of Labor, Bureau of Labor Statistics.

Real structures

Period	Billions of chained (2009) dollars, annual rate
2008:Q1	290.07
2008:Q2	293.95
2008:Q3	294.25
2008:Q4	289.16
2009:Q1	288.72
2009:Q2	294.66
2009:Q3	293.35
2009:Q4	282.38
2010:Q1	273.59
2010:Q2	284.21
2010:Q3	285.58
2010:Q4	274.46
2011:Q1	265.67
2011:Q2	261.38
2011:Q3	258.57
2011:Q4	257.89
2012:Q1	248.86
2012:Q2	246.08
2012:Q3	238.48
2012:Q4	230.27
2013:Q1	228.32
2013:Q2	228.83
2013:Q3	228.83
2013:Q4	225.73
2014:Q1	222.69
2014:Q2	227.97
2014:Q3	228.90
2014:Q4	232.70
2015:Q1	233.63
2015:Q2	246.30
2015:Q3	246.93
2015:Q4	241.79
2016:Q1	253.90
2016:Q2	239.77
2016:Q3	232.43
2016:Q4	243.91

Note: The structures data are quarterly.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 31. Yields on nominal Treasury securities

Series: 5-, 10-, and 30-year yields on nominal Treasury securities

Horizon: January 2000, to February 9, 2017

Description: Daily data are plotted as three curves. Units are percent. The curves follow similar patterns and rarely intersect.

The 5-year Treasury yield curve starts in 2000 at 6.5 and declines steeply to just above 2 in 2003. The series gradually increases over the next three years to roughly 5 in 2006, where it stays until dropping to about 1.5 in late 2008. The series increases in the beginning of 2009 to roughly 2.5, and it remains between 2 and 3 until declining and returning to 1 during 2010. The series rises back above 2 in early 2011 but falls again below 1 in late 2011, where it stays until mid-2013. It then increases sharply to roughly 1.5. The series generally stays between 1 and 2 until the end of 2016, when it increases sharply again to 2. The 5-year Treasury yield curve ends at around 2 in February 2017.

The 10-year Treasury yield curve starts in 2000 slightly above 6.5 but does not fall as steeply as the 5-year Treasury yield curve and reaches a low of roughly 3 in 2003. The series gradually increases over the next three years to roughly 5 in 2006, once again at the same level as the 5-year Treasury yield curve. After 2007, the 10-year Treasury yield curve remains above the 5-year Treasury yield curve by roughly 1 percentage point. The curve drops below 2.5 in late 2008. The series then increases in the beginning of 2009 to nearly 4, and it remains between 3 and 4 until declining and returning to 2.5 during 2010. The series rises back above 3 in early 2011 but falls again below 2 in late 2011, where it stays until mid-2013. It then sharply increases to about 2.75. With a slight uptick in mid-2015, the series gradually declines from its 2.75 peak to a low of 1.5 at the end of 2016 before sharply increasing to about 2.5. The 10-year Treasury yield curve ends at about 2.5 in February 2017.

The 30-year Treasury yield curve starts in 2000 slightly above 6.5 and gradually falls to just above 5.25 in early 2002, when the series breaks until early 2006. The series resumes at roughly 4.5 and hovers around this value until late 2008, when the series rapidly spikes down to about 2.5. The series rises back above 4 in mid-2009, where it remains until declining to 3.75 during 2010. The series rises back near 4.5 in early 2011 but falls below 3 in late 2011, where it stays until mid-2013. In mid-2013 the series sharply increases to nearly 4. The series falls gradually to about 2.25 in early 2015, reaching a level close to the 10-year Treasury yield. In mid-2015, the series rises to slightly more than 3 and gradually declines to about 2.5 at the end of 2016, when it sharply increases again to slightly more than 3. The 30-year Treasury yield curve ends at around 3 in February 2017.

Note: The Treasury ceased publication of the 30-year constant maturity series on February 18, 2002, and resumed that series on February 9, 2006.

Source: Department of the Treasury.

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Figure 32. Yield and spread on agency mortgage-backed securities

Series: Yield and spread on agency mortgage-backed securities

Horizon: January 1999, to February 9, 2017

Description: Daily data are plotted as two curves. Units for the yield series are percent along the left axis. Units for the spread series are basis points along the right axis.

The yield series starts in January 1999 around 6.25 and quickly increases to approximately 8.5 in 2000 before declining to approximately 4.25 by mid-2003. The series increases to approximately 6.25 by mid-2006 and then declines to approximately 4 by early 2009 and approximately 2 by late 2012. The series increases again to approximately 3.75 by late 2013, gradually declining to about 2.5 before slightly increasing to about 3 in mid-2015. The series declines to about 2.5 in late 2016, when it increases sharply to slightly more than 3. The series ends at around 3 in February 2017.

The spread series starts in January 1999 at approximately 150, drops to 125 in mid-1999, and returns to 150 in 2000. A similar decline and rise occurs in mid-2000 before the series hovers around 150 throughout 2001. The series increases to approximately 175 by late 2002. The series declines to approximately 100 by early 2005, where it hovers for about two years, then spikes to approximately 275, where it remains throughout 2008 before declining to approximately 150 by mid-2009. The series then fluctuates between 100 and 150 from late 2009 through early 2015, with a brief decline below 100 in late 2012. The series flattens to roughly 100 by mid-2015 and ends at approximately 100 in February 2017.

Note: The data are daily. Yield shown is for the Fannie Mae 30-year current coupon, the coupon rate at which new mortgage-backed securities would be priced at par, or face, value. Spread shown is to the average of the 5- and 10-year nominal Treasury yields.

Source: Department of the Treasury; Barclays.

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Figure 33. Equity prices

Series: Dow Jones bank index and S&P 500 index

Horizon: January 1994, to February 9, 2017

Description: Daily data are plotted as two curves. Units for both series have been indexed to 100 based on their respective values on December 31, 2007.

The Dow Jones bank index series starts in January 1994 at approximately 30. The series increases to approximately 110 in 1998, after which it fluctuates between about 70 and 100 from 1999 through 2003. The series then increases to approximately 140 in early 2007 before falling sharply to approximately 20 in early 2009. The series gradually recovers over the next several years, rising to approximately 80 in mid-2015 before dropping slightly to approximately 65 in early 2016. The series sharply increases at the end of 2016 to about 100, where it ends in February 2017.

The S&P 500 index series starts in January 1994 at approximately 30. The series increases to approximately 100 in 2000 before falling to approximately 50 by the end of 2002. The series increases to approximately 100 in early 2007, then sharply falls to approximately 50 in early 2009. The series generally increases over the next several years to about 140 in 2015 before fluctuating between approximately 120 and 140 until the end of 2016, when it increases to nearly 160. The series ends just below 160 in February 2017.

Source: Standard & Poor's Dow Jones Indices via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page, or Figure 14.)

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Developments Related to Financial Stability: Figure A. Private nonfinancial sector credit-to-GDP ratio

Period	Ratio	Year-over-year growth (Percent)
1980:Q1	0.972	2.85
1980:Q2	0.983	3.09
1980:Q3	0.982	2.41
1980:Q4	0.965	0.03
1981:Q1	0.942	-3.05
1981:Q2	0.960	-2.40
1981:Q3	0.955	-2.78
1981:Q4	0.968	0.36
1982:Q1	0.991	5.16
1982:Q2	0.993	3.51
1982:Q3	0.997	4.34
1982:Q4	0.998	3.06
1983:Q1	0.995	0.44
1983:Q2	0.989	-0.48
1983:Q3	0.986	-1.02
1983:Q4	0.988	-1.01
1984:Q1	0.993	-0.25
1984:Q2	1.003	1.42
1984:Q3	1.014	2.83
1984:Q4	1.035	4.75
1985:Q1	1.051	5.91
1985:Q2	1.065	6.21
1985:Q3	1.073	5.83
1985:Q4	1.099	6.21
1986:Q1	1.110	5.64
1986:Q2	1.128	5.94
1986:Q3	1.145	6.69
1986:Q4	1.168	6.24
1987:Q1	1.173	5.65
1987:Q2	1.179	4.48
1987:Q3	1.186	3.56
1987:Q4	1.176	0.70
1988:Q1	1.189	1.39
1988:Q2	1.191	1.05
1988:Q3	1.195	0.77
1988:Q4	1.198	1.89
1989:Q1	1.197	0.63
1989:Q2	1.200	0.77
1989:Q3	1.201	0.49
1989:Q4	1.213	1.25
1990:Q1	1.211	1.20
1990:Q2	1.210	0.79
1990:Q3	1.213	0.99
1990:Q4	1.225	1.00
1991:Q1	1.223	0.95
1991:Q2	1.214	0.38
1991:Q3	1.201	-0.98
1991:Q4	1.194	-2.57
1992:Q1	1.183	-3.25
1992:Q2	1.168	-3.86
1992:Q3	1.159	-3.54
1992:Q4	1.148	-3.80
1993:Q1	1.149	-2.86
1993:Q2	1.149	-1.57
1993:Q3	1.154	-0.43
1993:Q4	1.149	0.07
1994:Q1	1.151	0.18
1994:Q2	1.147	-0.25
1994:Q3	1.151	-0.25
1994:Q4	1.152	0.28
1995:Q1	1.161	0.84
1995:Q2	1.172	2.24
1995:Q3	1.175	2.14
1995:Q4	1.179	2.27
1996:Q1	1.185	2.11
1996:Q2	1.180	0.68
1996:Q3	1.183	0.63
1996:Q4	1.179	-0.01
1997:Q1	1.182	-0.27
1997:Q2	1.182	0.15
1997:Q3	1.187	0.39
1997:Q4	1.194	1.29
1998:Q1	1.209	2.24
1998:Q2	1.225	3.68
1998:Q3	1.228	3.42
1998:Q4	1.231	3.15
1999:Q1	1.247	3.21
1999:Q2	1.258	2.68
1999:Q3	1.274	3.72
1999:Q4	1.273	3.37
2000:Q1	1.295	3.78
2000:Q2	1.293	2.73
2000:Q3	1.309	2.79
2000:Q4	1.316	3.36
2001:Q1	1.326	2.42
2001:Q2	1.337	3.42
2001:Q3	1.366	4.36
2001:Q4	1.374	4.43
2002:Q1	1.380	4.08
2002:Q2	1.384	3.50
2002:Q3	1.390	1.73
2002:Q4	1.407	2.44
2003:Q1	1.415	2.53
2003:Q2	1.429	3.26
2003:Q3	1.422	2.34
2003:Q4	1.420	0.90
2004:Q1	1.433	1.27
2004:Q2	1.439	0.72
2004:Q3	1.447	1.75
2004:Q4	1.463	3.03
2005:Q1	1.464	2.14
2005:Q2	1.481	2.91
2005:Q3	1.489	2.86
2005:Q4	1.504	2.80
2006:Q1	1.519	3.79
2006:Q2	1.542	4.14
2006:Q3	1.560	4.77
2006:Q4	1.580	5.05
2007:Q1	1.595	5.00
2007:Q2	1.616	4.75
2007:Q3	1.634	4.78
2007:Q4	1.653	4.59
2008:Q1	1.682	5.43
2008:Q2	1.674	3.61
2008:Q3	1.686	3.19
2008:Q4	1.700	2.87
2009:Q1	1.706	1.45
2009:Q2	1.703	1.72
2009:Q3	1.684	-0.12
2009:Q4	1.646	-3.20
2010:Q1	1.626	-4.69
2010:Q2	1.595	-6.30
2010:Q3	1.576	-6.40
2010:Q4	1.548	-5.91
2011:Q1	1.549	-4.72
2011:Q2	1.527	-4.30
2011:Q3	1.513	-4.04
2011:Q4	1.498	-3.24
2012:Q1	1.488	-3.94
2012:Q2	1.481	-2.98
2012:Q3	1.478	-2.30
2012:Q4	1.487	-0.78
2013:Q1	1.477	-0.74
2013:Q2	1.479	-0.16
2013:Q3	1.477	-0.09
2013:Q4	1.462	-1.62
2014:Q1	1.474	-0.22
2014:Q2	1.469	-0.68
2014:Q3	1.461	-1.08
2014:Q4	1.465	0.18
2015:Q1	1.473	-0.06
2015:Q2	1.476	0.48
2015:Q3	1.476	1.04
2015:Q4	1.485	1.38
2016:Q1	1.502	1.94
2016:Q2	1.503	1.84
2016:Q3	1.502	1.74

Note: The data on the credit-to-GDP ratio and its year-over-year growth are quarterly and extend through 2016:Q3. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States"; Bureau of Economic Analysis, national income and product accounts (NIPA); Board staff calculations.

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Figure 34. Ratio of total commercial bank credit to nominal gross domestic product

Quarterly

Period	Percent
2005:Q1	62.84
2005:Q2	63.57
2005:Q3	64.06
2005:Q4	64.40
2006:Q1	64.46
2006:Q2	65.56
2006:Q3	66.44
2006:Q4	66.65
2007:Q1	67.26
2007:Q2	67.65
2007:Q3	68.68
2007:Q4	69.77
2008:Q1	70.98
2008:Q2	70.65
2008:Q3	70.67
2008:Q4	72.59
2009:Q1	72.26
2009:Q2	71.60
2009:Q3	69.66
2009:Q4	67.10
2010:Q1	65.52
2010:Q2	63.64
2010:Q3	62.90
2010:Q4	62.28
2011:Q1	61.97
2011:Q2	60.94
2011:Q3	60.94
2011:Q4	61.00
2012:Q1	60.89
2012:Q2	60.86
2012:Q3	61.18
2012:Q4	61.40
2013:Q1	61.21
2013:Q2	61.14
2013:Q3	60.40
2013:Q4	59.87
2014:Q1	60.63
2014:Q2	60.81
2014:Q3	60.90
2014:Q4	61.36
2015:Q1	62.48
2015:Q2	62.88
2015:Q3	63.23
2015:Q4	63.97
2016:Q1	64.91
2016:Q2	65.33
2016:Q3	65.72
2016:Q4	66.06

Source: Federal Reserve Board, Statistical Release H.8, "Assets and Liabilities of Commercial Banks in the United States"; Department of Commerce, Bureau of Economic Analysis.

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Figure 35. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
1996:Q1	1.07	14.15
1996:Q2	1.23	15.73
1996:Q3	1.18	14.80
1996:Q4	1.27	16.05
1997:Q1	1.25	15.99
1997:Q2	1.17	15.18
1997:Q3	1.21	15.53
1997:Q4	1.24	16.07
1998:Q1	1.14	15.06
1998:Q2	1.21	15.83
1998:Q3	1.04	13.21
1998:Q4	1.04	14.61
1999:Q1	1.26	16.58
1999:Q2	1.27	17.08
1999:Q3	1.37	18.03
1999:Q4	1.31	17.55
2000:Q1	1.29	17.56
2000:Q2	0.91	12.63
2000:Q3	1.19	16.21
2000:Q4	1.13	15.26
2001:Q1	0.99	13.12
2001:Q2	0.92	12.24
2001:Q3	0.86	11.01
2001:Q4	0.92	11.94
2002:Q1	1.15	14.51
2002:Q2	1.11	14.19
2002:Q3	1.14	14.22
2002:Q4	1.03	13.13
2003:Q1	1.16	14.35
2003:Q2	1.24	16.07
2003:Q3	1.28	16.39
2003:Q4	1.34	17.22
2004:Q1	1.27	16.24
2004:Q2	1.02	13.31
2004:Q3	1.19	14.47
2004:Q4	1.24	15.34
2005:Q1	1.18	13.93
2005:Q2	1.20	14.25
2005:Q3	1.25	14.94
2005:Q4	1.20	15.55
2006:Q1	1.16	14.20
2006:Q2	1.20	14.14
2006:Q3	1.24	15.26
2006:Q4	1.31	17.57
2007:Q1	1.02	12.50
2007:Q2	1.12	12.77
2007:Q3	0.74	9.55
2007:Q4	-0.12	-0.04
2008:Q1	0.14	2.07
2008:Q2	-0.09	-2.92
2008:Q3	-0.66	-8.84
2008:Q4	-1.61	-20.03
2009:Q1	0.04	0.90
2009:Q2	-0.02	-1.80
2009:Q3	0.13	1.27
2009:Q4	0.09	2.43
2010:Q1	0.41	5.13
2010:Q2	0.57	5.50
2010:Q3	0.41	4.11
2010:Q4	0.50	6.36
2011:Q1	0.60	6.63
2011:Q2	0.46	4.44
2011:Q3	0.92	9.36
2011:Q4	0.58	6.48
2012:Q1	0.57	5.95
2012:Q2	0.73	7.19
2012:Q3	0.72	6.54
2012:Q4	0.88	8.73
2013:Q1	0.80	7.79
2013:Q2	0.88	8.44
2013:Q3	0.82	7.34
2013:Q4	0.93	8.90
2014:Q1	0.83	7.90
2014:Q2	0.83	7.69
2014:Q3	0.87	7.68
2014:Q4	0.83	7.83
2015:Q1	0.93	8.67
2015:Q2	0.97	8.58
2015:Q3	0.99	8.60
2015:Q4	0.87	7.93
2016:Q1	0.78	6.94
2016:Q2	0.94	8.05
2016:Q3	1.00	8.80

Note: The data, which are seasonally adjusted, are quarterly and extend through 2016:Q3.

Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Bank Holding Companies.

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Figure 36. 10-year nominal benchmark yields in selected advanced economies

Series: United States, United Kingdom, Germany, and Japan 10-year benchmark yields

Horizon: January 9, 2014, to February 9, 2017

Description: The data are weekly averages of daily data and are plotted as four curves. Units are in percent along the right axis. The curves generally move in the same direction from 2014 to 2016, with the United States and United Kingdom tracking closely until the middle of 2016 and both remaining above Germany and Japan. Germany starts considerably higher than Japan but dips briefly below Japan twice, in the first half of 2015 and near the end of 2016.

The series for the United States starts in January 2014 at approximately 3 and gradually decreases to about 1.7 by midway through the first quarter of 2015. The series then climbs to around 2.4 by the beginning of the third quarter. It then fluctuates between 2.0 and just above 2.3 until the end of 2015. The series then declines to just above 1.7 in February 2016 before fluctuating between 1.7 and 1.95 through the beginning of June. The series dips to below 1.5 in the middle of 2016 before beginning to rise substantially around November 2016. The series peaks above 2.5 near the beginning of 2017.

The series for the United Kingdom starts in January 2014 at just below 3 and gradually declines to about 1.45 by the middle of the first quarter of 2015. The series then increases to about 1.85 and decreases again back to around 1.5 in the end of the first quarter of 2015. The series then climbs to about 2.1 by the beginning of the third quarter and fluctuates between 1.75 and just above 2.0 until the end of 2015. The series then declines to about 1.4 by the middle of the first quarter of 2016 before fluctuating between about 1.4 and 1.6 through the end of May. The series then begins to fall rapidly around June of 2016, with the trough coming in the third quarter at around 0.5. The series then begins to recover, ending around 1.3.

The series for Germany starts in January 2014 at around 1.9 and steadily decreases to just above 0.9 by midway through the third quarter. The series rebounds slightly to almost 1.1 at the end of the third quarter before continuing its steady decline to about 0.1 by the beginning of the second quarter of 2015. Then the series increases to about 0.9 by the end of the second quarter before declining to below 0.2 by the middle of the first quarter of 2016. It fluctuates between 0.1 and 0.3 through the beginning of June. The series dips below zero around the middle of 2016 and fluctuates near zero until the fourth quarter, when the series begins to rise, ending at just below 0.5.

The series for Japan starts in January of 2014 at 0.7 and gradually declines to about 0.25 in early 2015. Beginning in February 2015, it slowly increases to almost 0.5 by the end of the second quarter of 2015. The series then declines to its lowest value of near -0.25 in the third quarter of 2016 before gradually rising just above zero by the series' end.

Note: The data are weekly averages of daily data and extend through February 9, 2017.

Source: Bloomberg.

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Figure 37. Equity indexes for selected foreign economies

Series: Advanced foreign economies, emerging market economies, euro-area banks

Horizon: January 9, 2014, through February 9, 2017

Description: The data are weekly averages of daily data, plotted as three curves. The unit along the right axis is an index with the week of January 9, 2014, equal to 100. The advanced foreign economies series and the emerging market economies series move roughly in the same direction, with the euro-area banks series tracking closely through the middle of 2015 before falling off substantially. The EME series extends higher than the AFE series through most of 2014. The EME series begins to decline around the end of the first quarter of 2015, while the AFE series also begins to fall off in the middle of 2015. Both series reach a trough around the beginning of 2016 before increasing gradually through the end of the series.

The advanced foreign economies series fluctuates between about 95 and 102 in the beginning of 2014. The series then drops significantly around the beginning of the fourth quarter of 2014 before steadily increasing to around 115 in early 2015. The series then fluctuates around 115 until the third quarter of 2015, when the series suddenly drops to around 100. After regaining some ground, the series falls again around the beginning of 2016 to below 95. The series then fluctuates around 100, gradually increasing through the third quarter. The series then begins to rise quickly around end-2016 before steadying around 110 at the series' end.

The emerging market economies series fluctuates between about 95 and 100 in the beginning of 2014 before gradually rising to above 110 through the third quarter of 2014. The series then decreases to below 105 before gradually rising to around 115 in early 2015. The series then falls off dramatically through mid-2015, regains some ground, and then falls off again with the trough just above 85 in early 2016. The series then begins to gradually increase, ending at around 110.

The euro-area banks series shows volatility throughout the period. It has an upward trajectory through the beginning of 2014 before falling off beneath 95 in the middle of the year. The series then goes back up to around 105 before falling rapidly back below 95. It then decreases to almost 85 in early 2015 before rapidly rebounding to around 110 in the beginning of the second quarter. The series then stays near 105 until beginning a rapid fall in the third quarter, ending in the first quarter of 2016 around 65. The series falls off again in June until it reaches just above 55 in July. The series then trends up through the end of the series, with the pace accelerating in early December, before leveling out above 80.

Note: The data are weekly averages of daily data and extend through February 9, 2017.

Source: For advanced foreign economies, MSCI EAFE Index via Thomson Reuters Datastream; for emerging market economies, MSCI Emerging Markets Index via Thomson Reuters Datastream; for euro-area banks, Dow Jones Euro STOXX Bank Index via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page, or Figure 14.)

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Figure 38. Emerging market mutual fund flows and spreads

Series: Bond fund flows, equity fund flows, and EMBI+

Horizon: January 2014 through February 9, 2017

Description: EMBI+ data are weekly averages of daily data and are plotted as a curve. The units for EMBI+ are in basis points along the left axis. Bond and equity fund flows data are plotted as stacked bars. The units for both bond and equity fund flows are billions of dollars along the right axis. Both bond and equity fund flows are negative in early 2014 before becoming positive in the middle of the year and then falling off at the end of the year. The fund flows data are volatile, but they are generally negative for much of 2015 and early 2016. Fund flows are then positive through October 2016 before falling off at the end of the year. For EMBI+, the data fall for much of the first half of 2014 before trending up in the second half of the year. The EMBI+ series then shows significant volatility through 2015 before rapidly increasing and then falling off in early 2016.

EMBI+ data begin around 340 before rapidly increasing to around 390 in early February and then trending down to around 275 in the middle of 2014. The data then trend up through the end of 2014, with the pace rapidly accelerating in December. The series falls off again in early 2015 before trending up and reaching about 445 in August and then falling back to around 380. The series trends up again in early 2016, reaching about 470 in February. The series then decreases through the rest of 2016, reaching 340 in October before trending up to around 380 in early December. The series then decreases through the end of the period, and ends at about 340.

Both bond and equity fund flows are negative for the first quarter of 2014, with the magnitudes for equities larger than those for bonds each month. The data turn positive in the second quarter before decreasing to near zero in October and November. The data are negative with significant magnitudes in December and January, with especially large equity fund flows. After a brief period with both equity and bond fund flows near zero, the data once again show significant outflows for both equity and bond funds from the middle of 2015 through early 2016, except for a single month of positive equity fund flows in October. Beginning in the middle of 2016, there is a brief period of positive and large inflows into both equity and bond funds. In late 2016, there are pronounced outflows from both equity and bond funds before a return to moderate inflows in January 2017.

Note: The EMBI+ data are weekly averages of daily data and extend through February 9, 2017. The EPFR data are monthly sums of weekly data. The fund flows data exclude funds located in China.

Source: For bond and equity fund flows, EPFR Global; for EMBI+, J.P. Morgan Emerging Markets Bond Index Plus via Bloomberg.

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Figure 39. U.S. dollar exchange rate indexes

Weekly
Week ending January 9, 2014 = 100

Period	Mexican peso	Chinese renminbi	Broad dollar	British pound
9 January 2014	100.00	100.00	100.00	100.00
16 January 2014	100.13	99.93	100.06	100.21
23 January 2014	101.66	99.98	100.66	99.49
30 January 2014	102.10	100.01	100.88	99.36
6 February 2014	101.98	100.13	101.00	100.57
13 February 2014	101.65	100.16	100.62	99.61
20 February 2014	101.25	100.36	100.38	98.43
27 February 2014	101.24	101.02	100.63	98.64
6 March 2014	101.14	101.39	100.50	98.30
13 March 2014	100.97	101.41	100.41	98.69
20 March 2014	100.82	102.25	100.54	99.02
27 March 2014	100.40	102.59	100.77	99.38
3 April 2014	99.87	102.62	100.46	98.81
10 April 2014	99.38	102.56	99.98	98.44
17 April 2014	99.76	102.75	100.01	98.06
24 April 2014	99.74	103.03	100.26	97.85
1 May 2014	100.06	103.38	100.24	97.56
8 May 2014	99.15	103.08	99.76	97.11
15 May 2014	98.84	102.94	99.83	97.68
22 May 2014	98.57	103.03	99.81	97.57
29 May 2014	98.24	103.17	99.95	98.05
5 June 2014	98.54	103.28	100.17	98.04
12 June 2014	99.18	102.97	100.10	97.84
19 June 2014	99.56	102.85	100.11	96.79
26 June 2014	99.35	102.90	99.83	96.68
3 July 2014	99.02	102.59	99.44	96.02
10 July 2014	99.21	102.48	99.47	95.96
17 July 2014	99.01	102.53	99.70	96.03
24 July 2014	98.87	102.49	99.80	96.44
31 July 2014	99.83	102.13	100.22	97.03
7 August 2014	101.11	101.96	100.69	97.56
14 August 2014	100.43	101.71	100.57	98.11
21 August 2014	99.84	101.53	100.51	98.71
28 August 2014	100.13	101.60	100.85	99.15
4 September 2014	100.02	101.50	101.05	99.78
11 September 2014	100.43	101.37	101.69	101.58
18 September 2014	100.86	101.46	102.09	100.86
25 September 2014	101.50	101.42	102.64	100.61
2 October 2014	102.65	101.43	103.45	101.34
9 October 2014	102.59	101.41	103.59	102.40
16 October 2014	102.98	101.23	103.41	102.72
23 October 2014	103.26	101.14	103.43	102.13
30 October 2014	102.97	101.03	103.41	102.01
6 November 2014	103.57	101.03	104.72	102.95
13 November 2014	103.61	101.18	105.12	103.97
20 November 2014	103.67	101.18	105.31	104.95
27 November 2014	104.26	101.37	105.46	104.56
4 December 2014	107.07	101.62	106.55	104.77
11 December 2014	110.46	102.03	107.45	104.93
18 December 2014	112.15	102.37	108.00	104.76
25 December 2014	112.15	102.79	108.52	105.54
1 January 2015	112.45	102.61	108.62	105.64
8 January 2015	113.07	102.66	109.68	108.19
15 January 2015	111.40	102.42	109.51	108.30
22 January 2015	111.82	102.62	109.99	108.73
29 January 2015	112.00	103.17	110.94	108.83
5 February 2015	113.27	103.33	111.33	108.58
12 February 2015	114.02	103.16	111.60	107.66
19 February 2015	113.87	103.29	111.43	106.68
26 February 2015	114.49	103.38	111.77	106.44
5 March 2015	114.72	103.61	112.28	107.15
12 March 2015	118.07	103.47	114.24	109.43
19 March 2015	117.70	103.09	114.75	111.48
26 March 2015	114.48	102.59	112.76	110.32
2 April 2015	115.81	102.50	113.21	110.77
9 April 2015	113.77	102.41	112.40	110.46
16 April 2015	116.46	102.56	113.19	111.35
23 April 2015	117.35	102.42	112.52	109.76
30 April 2015	116.77	102.50	111.46	107.35
7 May 2015	117.65	102.52	111.44	108.27
14 May 2015	116.14	102.55	110.95	105.03
21 May 2015	115.69	102.50	111.16	105.10
28 May 2015	117.11	102.46	112.74	106.90
4 June 2015	118.01	102.43	112.79	107.39
11 June 2015	118.77	102.53	112.66	106.79
18 June 2015	117.49	102.58	112.11	104.84
25 June 2015	117.57	102.58	112.13	104.20
2 July 2015	119.68	102.52	112.92	104.74
9 July 2015	120.59	102.60	113.73	106.40
16 July 2015	120.18	102.59	113.95	105.59
23 July 2015	122.31	102.60	114.88	105.48
30 July 2015	124.33	102.60	115.18	105.45
6 August 2015	123.79	102.60	115.68	105.39
13 August 2015	124.20	104.18	116.07	105.60
20 August 2015	125.79	105.62	116.82	105.07
27 August 2015	129.77	105.81	116.97	105.32
3 September 2015	128.44	105.22	117.20	107.24
10 September 2015	128.28	105.24	117.44	107.08
17 September 2015	127.57	105.23	116.96	106.44
24 September 2015	128.72	105.33	117.51	106.83
1 October 2015	129.57	105.15	117.87	108.38
8 October 2015	127.15	105.02	116.66	107.79
15 October 2015	125.94	104.84	115.53	106.94
22 October 2015	126.21	104.98	115.99	106.39
29 October 2015	126.19	104.98	116.89	107.24
5 November 2015	125.94	104.46	116.87	106.88
12 November 2015	128.25	104.97	118.31	108.65
19 November 2015	127.68	105.38	118.60	107.90
26 November 2015	126.04	105.54	118.36	108.68
3 December 2015	126.78	105.58	118.62	109.32
10 December 2015	129.37	106.01	118.73	108.82
17 December 2015	131.57	106.84	119.64	109.17
24 December 2015	131.02	107.04	119.80	110.40
31 December 2015	131.70	107.09	119.86	110.95
7 January 2016	133.24	108.25	121.12	112.27
14 January 2016	136.73	108.70	121.91	113.55
21 January 2016	140.28	108.73	122.69	115.69
28 January 2016	140.75	108.70	122.34	114.92
4 February 2016	139.89	108.64	121.66	113.98
11 February 2016	143.42	108.58	121.02	113.70
18 February 2016	141.70	107.94	120.82	114.53
25 February 2016	138.72	107.83	120.65	116.73
3 March 2016	137.27	108.14	120.56	117.48
10 March 2016	135.92	107.55	119.18	115.34
17 March 2016	135.48	107.40	118.64	114.94
24 March 2016	133.09	107.25	117.72	115.13
31 March 2016	132.78	107.20	117.60	115.05
7 April 2016	134.53	106.97	117.25	115.95
14 April 2016	134.02	106.89	116.72	115.81
21 April 2016	132.81	106.91	116.37	114.77
28 April 2016	132.89	107.24	116.54	113.15
5 May 2016	133.56	107.19	116.12	112.89
12 May 2016	137.46	107.51	117.34	113.77
19 May 2016	139.77	107.89	118.19	113.37
26 May 2016	140.77	108.28	118.96	112.66
2 June 2016	141.28	108.64	119.17	113.38
9 June 2016	140.60	108.45	117.64	113.27
16 June 2016	143.79	108.74	118.50	115.82
23 June 2016	142.03	108.73	117.68	112.40
30 June 2016	143.45	109.68	119.09	122.85
7 July 2016	142.78	110.30	118.97	126.08
14 July 2016	140.59	110.48	118.84	125.15
21 July 2016	141.60	110.48	119.16	124.53
28 July 2016	143.44	110.20	119.69	125.27
4 August 2016	143.92	109.63	118.51	123.98
11 August 2016	141.16	109.81	118.32	126.27
18 August 2016	138.35	109.58	117.33	126.46
25 August 2016	140.29	109.88	117.69	124.92
1 September 2016	142.49	110.29	118.65	125.00
8 September 2016	141.14	110.20	117.97	123.19
15 September 2016	145.86	110.30	119.00	124.19
22 September 2016	150.45	110.18	119.52	126.07
29 September 2016	149.58	110.20	119.17	126.56
6 October 2016	147.18	110.19	119.22	128.43
13 October 2016	145.72	110.84	120.08	134.04
20 October 2016	143.14	111.32	119.97	134.23
27 October 2016	142.29	111.93	120.50	134.75
3 November 2016	145.40	111.82	120.60	133.95
10 November 2016	147.29	111.99	120.92	131.87
17 November 2016	155.83	113.38	123.76	132.04
24 November 2016	156.66	113.96	124.49	132.32
1 December 2016	157.30	113.96	124.63	131.58
8 December 2016	156.16	113.67	123.88	129.87
15 December 2016	155.23	114.18	124.19	130.35
22 December 2016	156.48	114.82	125.45	132.75
29 December 2016	157.91	114.85	125.77	134.24
5 January 2017	160.91	114.51	125.41	133.33
12 January 2017	164.67	114.33	125.27	134.78
19 January 2017	165.81	113.42	124.64	133.59
26 January 2017	163.05	113.46	124.16	130.92
2 February 2017	158.89	113.63	123.28	130.90
9 February 2017	156.41	113.50	122.86	131.49

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily data and extend through February 9, 2017.

Source: Federal Reserve Board, Statistical Release H.10, "Foreign Exchange Rates."

Return to text

Figure 40. Real gross domestic product growth in selected advanced foreign economies

Percent, annual rate

Period	United Kingdom	Japan	Euro area	Canada
2013	2.42	2.70	0.70	3.55
2014	3.46	-0.33	1.31	2.19
2015	1.70	1.16	1.98	0.35
2016:H1	1.97	2.30	1.64	0.70
2016:Q3	2.26	1.33	1.75	3.47
2016:Q4	2.42	ND	2.02	ND

Note: The data for the United Kingdom incorporate the flash estimate for 2016:Q4. The data for the euro area incorporate the preliminary flash estimate for 2016:Q4. The data for Japan and Canada extend through 2016:Q3.

Source: For the United Kingdom, Office for National Statistics; for Japan, Cabinet Office, Government of Japan; for the euro area, Eurostat; for Canada, Statistics Canada; all via Haver Analytics.

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Figure 41. Inflation in selected advanced foreign economies

Monthly
12-month percent change

Period	United Kingdom	Japan	Euro area	Canada
January 2014	1.89	1.35	0.77	1.47
February 2014	1.72	1.56	0.71	1.14
March 2014	1.61	1.67	0.47	1.38
April 2014	1.77	3.54	0.71	2.21
May 2014	1.49	3.64	0.49	2.37
June 2014	1.90	3.63	0.50	2.37
July 2014	1.59	3.42	0.37	2.12
August 2014	1.55	3.31	0.36	2.12
September 2014	1.23	3.20	0.32	2.11
October 2014	1.29	2.89	0.38	2.36
November 2014	0.97	2.47	0.28	1.95
December 2014	0.55	2.36	-0.17	1.46
January 2015	0.28	2.57	-0.60	1.05
February 2015	0.03	2.26	-0.27	0.97
March 2015	-0.01	2.36	-0.08	1.29
April 2015	-0.12	0.70	0.01	0.72
May 2015	0.11	0.60	0.34	0.88
June 2015	-0.04	0.40	0.22	1.04
July 2015	0.15	0.20	0.24	1.28
August 2015	0.01	0.10	0.13	1.20
September 2015	-0.12	0.00	-0.09	0.95
October 2015	-0.11	0.20	0.12	0.95
November 2015	0.11	0.20	0.15	1.35
December 2015	0.20	0.10	0.23	1.59
January 2016	0.29	-0.10	0.33	1.92
February 2016	0.28	0.20	-0.15	1.51
March 2016	0.46	0.00	-0.04	1.27
April 2016	0.29	-0.30	-0.24	1.67
May 2016	0.31	-0.50	-0.10	1.58
June 2016	0.46	-0.40	0.08	1.42
July 2016	0.56	-0.40	0.16	1.26
August 2016	0.64	-0.50	0.24	1.18
September 2016	0.98	-0.40	0.41	1.42
October 2016	0.91	0.10	0.51	1.49
November 2016	1.17	0.50	0.57	1.26
December 2016	1.56	0.30	1.14	1.49
January 2017	ND	ND	1.76	ND

Note: The data for the euro area incorporate the flash estimate for January 2017. The data for Canada, Japan, and the United Kingdom extend through December 2016.

Source: For the United Kingdom, Office for National Statistics; for Japan, Ministry of International Affairs and Communications; for the euro area, Statistical Office of the European Communities; for Canada, Statistics Canada; all via Haver Analytics.

Return to text

Figure 42. Real gross domestic product growth in selected emerging market economies

Percent, annual rate

Period	China	Korea	Mexico	Brazil
2013	7.60	3.49	1.06	2.58
2014	7.12	2.69	2.66	-0.32
2015	6.76	3.12	2.45	-5.82
2016:H1	6.84	2.63	1.06	-1.79
2016:Q3	6.80	2.49	4.01	-3.29
2016:Q4	6.63	1.56	2.42	ND

Note: The data for Mexico incorporate the flash estimate for 2016:Q4. The data for China are seasonally adjusted by Board staff. The data for Mexico, Brazil, and Korea are seasonally adjusted by their respective government agencies. The data for Brazil extend through 2016:Q3.

Source: For China, China National Bureau of Statistics; for Korea, Bank of Korea; for Mexico, Instituto Nacional de Estadistica y Geografia; for Brazil, Instituto Brasileiro de Geografia e Estatistica; all via Haver Analytics.

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Part 2: Monetary Policy

Figure 43. Selected interest rates

Target range for the federal funds rate
Percent

Period	Target federal funds rate	Upper target federal funds rate	Lower target federal funds rate
11 December 2007	4.25	ND	ND
22 January 2008	3.50	ND	ND
30 January 2008	3.00	ND	ND
18 March 2008	2.25	ND	ND
30 April 2008	2.00	ND	ND
25 June 2008	2.00	ND	ND
5 August 2008	2.00	ND	ND
16 September 2008	2.00	ND	ND
8 October 2008	1.50	ND	ND
29 October 2008	1.00	ND	ND
16 December 2008	ND	0.25	0.00
28 January 2009	ND	0.25	0.00
18 March 2009	ND	0.25	0.00
29 April 2009	ND	0.25	0.00
24 June 2009	ND	0.25	0.00
12 August 2009	ND	0.25	0.00
23 September 2009	ND	0.25	0.00
4 November 2009	ND	0.25	0.00
16 December 2009	ND	0.25	0.00
27 January 2010	ND	0.25	0.00
16 March 2010	ND	0.25	0.00
28 April 2010	ND	0.25	0.00
23 June 2010	ND	0.25	0.00
10 August 2010	ND	0.25	0.00
21 September 2010	ND	0.25	0.00
3 November 2010	ND	0.25	0.00
14 December 2010	ND	0.25	0.00
26 January 2011	ND	0.25	0.00
15 March 2011	ND	0.25	0.00
27 April 2011	ND	0.25	0.00
22 June 2011	ND	0.25	0.00
9 August 2011	ND	0.25	0.00
21 September 2011	ND	0.25	0.00
2 November 2011	ND	0.25	0.00
13 December 2011	ND	0.25	0.00
25 January 2012	ND	0.25	0.00
13 March 2012	ND	0.25	0.00
25 April 2012	ND	0.25	0.00
20 June 2012	ND	0.25	0.00
1 August 2012	ND	0.25	0.00
13 September 2012	ND	0.25	0.00
24 October 2012	ND	0.25	0.00
12 December 2012	ND	0.25	0.00
30 January 2013	ND	0.25	0.00
20 March 2013	ND	0.25	0.00
1 May 2013	ND	0.25	0.00
19 June 2013	ND	0.25	0.00
31 July 2013	ND	0.25	0.00
18 September 2013	ND	0.25	0.00
30 October 2013	ND	0.25	0.00
18 December 2013	ND	0.25	0.00
29 January 2014	ND	0.25	0.00
19 March 2014	ND	0.25	0.00
30 April 2014	ND	0.25	0.00
18 June 2014	ND	0.25	0.00
30 July 2014	ND	0.25	0.00
17 September 2014	ND	0.25	0.00
29 October 2014	ND	0.25	0.00
17 December 2014	ND	0.25	0.00
28 January 2015	ND	0.25	0.00
18 March 2015	ND	0.25	0.00
29 April 2015	ND	0.25	0.00
17 June 2015	ND	0.25	0.00
29 July 2015	ND	0.25	0.00
17 September 2015	ND	0.25	0.00
28 October 2015	ND	0.25	0.00
16 December 2015	ND	0.25	0.00
17 December 2015	ND	0.50	0.25
27 January 2016	ND	0.50	0.25
16 March 2016	ND	0.50	0.25
27 April 2016	ND	0.50	0.25
15 June 2016	ND	0.50	0.25
27 July 2016	ND	0.50	0.25
21 September 2016	ND	0.50	0.25
2 November 2016	ND	0.50	0.25
14 December 2016	ND	0.50	0.25
15 December 2016	ND	0.75	0.50
1 February 2017	ND	0.75	0.50

Source: Federal Reserve Board.

2-Year and 10-Year Treasury Rates
Daily
Percent

Date	2-year Treasury rate	10-year Treasury rate
2 January 2008	2.88	3.91
3 January 2008	2.83	3.91
4 January 2008	2.74	3.88
7 January 2008	2.76	3.86
8 January 2008	2.76	3.86
9 January 2008	2.69	3.82
10 January 2008	2.71	3.91
11 January 2008	2.59	3.82
14 January 2008	2.58	3.81
15 January 2008	2.53	3.72
16 January 2008	2.51	3.74
17 January 2008	2.44	3.66
18 January 2008	2.36	3.66
21 January 2008	ND	ND
22 January 2008	2.08	3.52
23 January 2008	2.09	3.51
24 January 2008	2.25	3.68
25 January 2008	2.23	3.61
28 January 2008	2.20	3.61
29 January 2008	2.29	3.69
30 January 2008	2.30	3.78
31 January 2008	2.17	3.67
1 February 2008	2.09	3.62
4 February 2008	2.08	3.68
5 February 2008	1.93	3.61
6 February 2008	1.96	3.61
7 February 2008	1.99	3.74
8 February 2008	1.93	3.64
11 February 2008	1.93	3.62
12 February 2008	1.94	3.66
13 February 2008	1.91	3.70
14 February 2008	1.93	3.85
15 February 2008	1.91	3.76
18 February 2008	ND	ND
19 February 2008	2.06	3.89
20 February 2008	2.14	3.93
21 February 2008	1.98	3.77
22 February 2008	1.98	3.79
25 February 2008	2.13	3.91
26 February 2008	2.04	3.88
27 February 2008	2.01	3.85
28 February 2008	1.87	3.71
29 February 2008	1.65	3.53
3 March 2008	1.61	3.54
4 March 2008	1.65	3.63
5 March 2008	1.66	3.70
6 March 2008	1.53	3.62
7 March 2008	1.53	3.56
10 March 2008	1.47	3.46
11 March 2008	1.74	3.60
12 March 2008	1.63	3.49
13 March 2008	1.63	3.56
14 March 2008	1.47	3.44
17 March 2008	1.35	3.34
18 March 2008	1.58	3.48
19 March 2008	1.54	3.38
20 March 2008	1.59	3.34
21 March 2008	ND	ND
24 March 2008	1.84	3.56
25 March 2008	1.79	3.51
26 March 2008	1.71	3.51
27 March 2008	1.73	3.56
28 March 2008	1.67	3.47
31 March 2008	1.62	3.45
1 April 2008	1.80	3.57
2 April 2008	1.88	3.60
3 April 2008	1.91	3.61
4 April 2008	1.83	3.50
7 April 2008	1.95	3.57
8 April 2008	1.87	3.58
9 April 2008	1.77	3.49
10 April 2008	1.84	3.55
11 April 2008	1.76	3.49
14 April 2008	1.78	3.53
15 April 2008	1.84	3.60
16 April 2008	1.98	3.72
17 April 2008	2.13	3.75
18 April 2008	2.19	3.77
21 April 2008	2.20	3.75
22 April 2008	2.24	3.74
23 April 2008	2.22	3.77
24 April 2008	2.41	3.87
25 April 2008	2.44	3.91
28 April 2008	2.36	3.86
29 April 2008	2.35	3.85
30 April 2008	2.29	3.77
1 May 2008	2.37	3.78
2 May 2008	2.47	3.89
5 May 2008	2.42	3.88
6 May 2008	2.38	3.93
7 May 2008	2.31	3.87
8 May 2008	2.25	3.79
9 May 2008	2.25	3.77
12 May 2008	2.30	3.78
13 May 2008	2.47	3.90
14 May 2008	2.53	3.92
15 May 2008	2.45	3.83
16 May 2008	2.47	3.85
19 May 2008	2.42	3.83
20 May 2008	2.34	3.78
21 May 2008	2.41	3.81
22 May 2008	2.56	3.92
23 May 2008	2.46	3.85
26 May 2008	ND	ND
27 May 2008	2.55	3.93
28 May 2008	2.62	4.03
29 May 2008	2.67	4.08
30 May 2008	2.66	4.06
2 June 2008	2.51	3.98
3 June 2008	2.45	3.92
4 June 2008	2.47	3.98
5 June 2008	2.52	4.06
6 June 2008	2.40	3.94
9 June 2008	2.73	4.02
10 June 2008	2.91	4.11
11 June 2008	2.83	4.10
12 June 2008	3.03	4.23
13 June 2008	3.05	4.27
16 June 2008	3.02	4.25
17 June 2008	2.94	4.23
18 June 2008	2.89	4.16
19 June 2008	2.99	4.22
20 June 2008	2.88	4.16
23 June 2008	2.98	4.19
24 June 2008	2.87	4.10
25 June 2008	2.82	4.12
26 June 2008	2.68	4.07
27 June 2008	2.65	3.99
30 June 2008	2.63	3.99
1 July 2008	2.63	4.01
2 July 2008	2.60	3.99
3 July 2008	2.54	3.99
4 July 2008	ND	ND
7 July 2008	2.47	3.95
8 July 2008	2.47	3.91
9 July 2008	2.41	3.85
10 July 2008	2.44	3.83
11 July 2008	2.59	3.96
14 July 2008	2.47	3.90
15 July 2008	2.39	3.87
16 July 2008	2.44	3.97
17 July 2008	2.58	4.07
18 July 2008	2.66	4.11
21 July 2008	2.66	4.09
22 July 2008	2.74	4.14
23 July 2008	2.81	4.16
24 July 2008	2.61	4.03
25 July 2008	2.70	4.13
28 July 2008	2.59	4.06
29 July 2008	2.65	4.09
30 July 2008	2.64	4.07
31 July 2008	2.52	3.99
1 August 2008	2.51	3.97
4 August 2008	2.53	3.98
5 August 2008	2.54	4.04
6 August 2008	2.56	4.06
7 August 2008	2.43	3.92
8 August 2008	2.51	3.94
11 August 2008	2.56	3.99
12 August 2008	2.45	3.91
13 August 2008	2.50	3.94
14 August 2008	2.45	3.89
15 August 2008	2.40	3.84
18 August 2008	2.35	3.82
19 August 2008	2.32	3.83
20 August 2008	2.25	3.79
21 August 2008	2.33	3.84
22 August 2008	2.42	3.87
25 August 2008	2.33	3.79
26 August 2008	2.35	3.79
27 August 2008	2.31	3.77
28 August 2008	2.37	3.79
29 August 2008	2.36	3.83
1 September 2008	ND	ND
2 September 2008	2.26	3.74
3 September 2008	2.26	3.71
4 September 2008	2.20	3.64
5 September 2008	2.23	3.66
8 September 2008	2.30	3.66
9 September 2008	2.23	3.62
10 September 2008	2.22	3.65
11 September 2008	2.18	3.64
12 September 2008	2.23	3.74
15 September 2008	1.78	3.47
16 September 2008	1.89	3.48
17 September 2008	1.64	3.41
18 September 2008	1.78	3.54
19 September 2008	2.16	3.78
22 September 2008	2.13	3.83
23 September 2008	2.11	3.85
24 September 2008	2.03	3.80
25 September 2008	2.16	3.88
26 September 2008	2.11	3.85
29 September 2008	1.70	3.61
30 September 2008	2.00	3.85
1 October 2008	1.82	3.77
2 October 2008	1.62	3.66
3 October 2008	1.60	3.63
6 October 2008	1.43	3.48
7 October 2008	1.47	3.50
8 October 2008	1.65	3.72
9 October 2008	1.65	3.84
10 October 2008	1.62	3.89
13 October 2008	ND	ND
14 October 2008	1.82	4.08
15 October 2008	1.64	4.04
16 October 2008	1.61	3.99
17 October 2008	1.64	3.98
20 October 2008	1.71	3.91
21 October 2008	1.58	3.76
22 October 2008	1.53	3.65
23 October 2008	1.54	3.63
24 October 2008	1.57	3.76
27 October 2008	1.59	3.79
28 October 2008	1.65	3.89
29 October 2008	1.58	3.93
30 October 2008	1.59	4.00
31 October 2008	1.56	4.01
3 November 2008	1.45	3.96
4 November 2008	1.39	3.81
5 November 2008	1.36	3.73
6 November 2008	1.28	3.75
7 November 2008	1.33	3.83
10 November 2008	1.27	3.82
11 November 2008	ND	ND
12 November 2008	1.19	3.75
13 November 2008	1.24	3.84
14 November 2008	1.22	3.72
17 November 2008	1.22	3.68
18 November 2008	1.15	3.53
19 November 2008	1.09	3.38
20 November 2008	1.00	3.10
21 November 2008	1.09	3.20
24 November 2008	1.31	3.35
25 November 2008	1.15	3.11
26 November 2008	1.09	2.99
27 November 2008	ND	ND
28 November 2008	1.00	2.93
1 December 2008	0.90	2.72
2 December 2008	0.90	2.68
3 December 2008	0.87	2.67
4 December 2008	0.82	2.55
5 December 2008	0.93	2.67
8 December 2008	0.97	2.77
9 December 2008	0.84	2.67
10 December 2008	0.86	2.69
11 December 2008	0.79	2.64
12 December 2008	0.78	2.60
15 December 2008	0.75	2.53
16 December 2008	0.65	2.37
17 December 2008	0.73	2.20
18 December 2008	0.68	2.08
19 December 2008	0.74	2.13
22 December 2008	0.87	2.16
23 December 2008	0.90	2.18
24 December 2008	0.90	2.20
25 December 2008	ND	ND
26 December 2008	0.89	2.16
29 December 2008	0.78	2.13
30 December 2008	0.75	2.11
31 December 2008	0.76	2.25
1 January 2009	ND	ND
2 January 2009	0.88	2.46
5 January 2009	0.78	2.49
6 January 2009	0.80	2.51
7 January 2009	0.82	2.52
8 January 2009	0.83	2.47
9 January 2009	0.75	2.43
12 January 2009	0.74	2.34
13 January 2009	0.76	2.33
14 January 2009	0.73	2.24
15 January 2009	0.73	2.23
16 January 2009	0.73	2.36
19 January 2009	ND	ND
20 January 2009	0.73	2.40
21 January 2009	0.78	2.56
22 January 2009	0.75	2.62
23 January 2009	0.83	2.65
26 January 2009	0.85	2.70
27 January 2009	0.87	2.59
28 January 2009	0.89	2.71
29 January 2009	0.95	2.87
30 January 2009	0.94	2.87
2 February 2009	0.89	2.76
3 February 2009	0.96	2.89
4 February 2009	0.98	2.95
5 February 2009	0.98	2.95
6 February 2009	0.99	3.05
9 February 2009	1.05	3.07
10 February 2009	0.92	2.90
11 February 2009	0.93	2.78
12 February 2009	0.89	2.75
13 February 2009	0.97	2.89
16 February 2009	ND	ND
17 February 2009	0.87	2.64
18 February 2009	0.97	2.74
19 February 2009	1.01	2.85
20 February 2009	0.96	2.78
23 February 2009	0.96	2.78
24 February 2009	1.03	2.80
25 February 2009	1.09	2.95
26 February 2009	1.08	2.98
27 February 2009	1.00	3.02
2 March 2009	0.89	2.91
3 March 2009	0.91	2.93
4 March 2009	0.97	3.01
5 March 2009	0.90	2.83
6 March 2009	0.91	2.83
9 March 2009	0.96	2.89
10 March 2009	1.01	2.99
11 March 2009	1.03	2.95
12 March 2009	1.03	2.89
13 March 2009	0.98	2.89
16 March 2009	1.00	2.97
17 March 2009	1.05	3.02
18 March 2009	0.82	2.51
19 March 2009	0.87	2.61
20 March 2009	0.89	2.65
23 March 2009	0.93	2.68
24 March 2009	0.93	2.68
25 March 2009	0.96	2.81
26 March 2009	0.90	2.76
27 March 2009	0.90	2.78
30 March 2009	0.84	2.73
31 March 2009	0.81	2.71
1 April 2009	0.83	2.68
2 April 2009	0.88	2.77
3 April 2009	0.96	2.91
6 April 2009	0.94	2.95
7 April 2009	0.91	2.93
8 April 2009	0.93	2.86
9 April 2009	0.96	2.96
10 April 2009	ND	ND
13 April 2009	0.89	2.88
14 April 2009	0.86	2.80
15 April 2009	0.86	2.82
16 April 2009	0.91	2.86
17 April 2009	0.99	2.98
20 April 2009	0.93	2.88
21 April 2009	0.96	2.94
22 April 2009	1.00	2.98
23 April 2009	0.97	2.96
24 April 2009	0.99	3.03
27 April 2009	0.90	2.95
28 April 2009	0.95	3.05
29 April 2009	0.94	3.12
30 April 2009	0.91	3.16
1 May 2009	0.92	3.21
4 May 2009	0.94	3.19
5 May 2009	0.98	3.20
6 May 2009	0.96	3.18
7 May 2009	1.00	3.29
8 May 2009	1.00	3.29
11 May 2009	0.92	3.17
12 May 2009	0.90	3.17
13 May 2009	0.89	3.11
14 May 2009	0.87	3.10
15 May 2009	0.88	3.14
18 May 2009	0.93	3.22
19 May 2009	0.91	3.25
20 May 2009	0.87	3.19
21 May 2009	0.89	3.35
22 May 2009	0.92	3.45
25 May 2009	ND	ND
26 May 2009	0.96	3.50
27 May 2009	0.96	3.71
28 May 2009	0.97	3.67
29 May 2009	0.92	3.47
1 June 2009	0.97	3.71
2 June 2009	0.96	3.65
3 June 2009	0.91	3.56
4 June 2009	0.96	3.72
5 June 2009	1.32	3.84
8 June 2009	1.42	3.91
9 June 2009	1.33	3.86
10 June 2009	1.38	3.98
11 June 2009	1.35	3.88
12 June 2009	1.30	3.81
15 June 2009	1.26	3.76
16 June 2009	1.23	3.67
17 June 2009	1.19	3.68
18 June 2009	1.28	3.86
19 June 2009	1.25	3.79
22 June 2009	1.17	3.72
23 June 2009	1.14	3.65
24 June 2009	1.19	3.72
25 June 2009	1.12	3.55
26 June 2009	1.10	3.52
29 June 2009	1.11	3.51
30 June 2009	1.11	3.53
1 July 2009	1.05	3.55
2 July 2009	0.98	3.51
3 July 2009	ND	ND
6 July 2009	0.96	3.52
7 July 2009	0.98	3.47
8 July 2009	0.91	3.33
9 July 2009	0.94	3.44
10 July 2009	0.91	3.32
13 July 2009	0.92	3.38
14 July 2009	0.97	3.50
15 July 2009	1.03	3.63
16 July 2009	1.00	3.59
17 July 2009	1.02	3.67
20 July 2009	0.99	3.61
21 July 2009	0.96	3.50
22 July 2009	0.98	3.58
23 July 2009	1.08	3.72
24 July 2009	1.05	3.70
27 July 2009	1.08	3.75
28 July 2009	1.12	3.72
29 July 2009	1.17	3.69
30 July 2009	1.19	3.67
31 July 2009	1.13	3.52
3 August 2009	1.18	3.66
4 August 2009	1.20	3.70
5 August 2009	1.23	3.80
6 August 2009	1.22	3.79
7 August 2009	1.32	3.89
10 August 2009	1.24	3.80
11 August 2009	1.21	3.71
12 August 2009	1.18	3.72
13 August 2009	1.12	3.59
14 August 2009	1.07	3.55
17 August 2009	1.04	3.48
18 August 2009	1.06	3.51
19 August 2009	1.01	3.45
20 August 2009	1.03	3.42
21 August 2009	1.13	3.56
24 August 2009	1.05	3.48
25 August 2009	1.05	3.45
26 August 2009	1.06	3.44
27 August 2009	1.04	3.47
28 August 2009	1.01	3.46
31 August 2009	0.97	3.40
1 September 2009	0.92	3.38
2 September 2009	0.89	3.29
3 September 2009	0.91	3.33
4 September 2009	0.94	3.45
7 September 2009	ND	ND
8 September 2009	0.93	3.47
9 September 2009	0.93	3.48
10 September 2009	0.90	3.36
11 September 2009	0.90	3.34
14 September 2009	0.94	3.42
15 September 2009	0.96	3.47
16 September 2009	1.01	3.48
17 September 2009	0.98	3.42
18 September 2009	1.03	3.49
21 September 2009	1.02	3.49
22 September 2009	1.02	3.46
23 September 2009	0.96	3.44
24 September 2009	0.93	3.40
25 September 2009	0.98	3.34
28 September 2009	0.98	3.31
29 September 2009	1.00	3.31
30 September 2009	0.95	3.31
1 October 2009	0.87	3.21
2 October 2009	0.88	3.24
5 October 2009	0.88	3.24
6 October 2009	0.91	3.27
7 October 2009	0.87	3.21
8 October 2009	0.90	3.27
9 October 2009	0.98	3.40
12 October 2009	ND	ND
13 October 2009	0.91	3.34
14 October 2009	0.96	3.45
15 October 2009	0.97	3.49
16 October 2009	0.97	3.43
19 October 2009	0.99	3.41
20 October 2009	0.95	3.35
21 October 2009	1.00	3.42
22 October 2009	0.97	3.44
23 October 2009	1.04	3.51
26 October 2009	1.06	3.59
27 October 2009	0.99	3.49
28 October 2009	0.95	3.44
29 October 2009	0.98	3.53
30 October 2009	0.90	3.41
2 November 2009	0.92	3.45
3 November 2009	0.92	3.50
4 November 2009	0.91	3.57
5 November 2009	0.90	3.57
6 November 2009	0.86	3.54
9 November 2009	0.87	3.52
10 November 2009	0.85	3.50
11 November 2009	ND	ND
12 November 2009	0.82	3.45
13 November 2009	0.82	3.43
16 November 2009	0.78	3.33
17 November 2009	0.78	3.33
18 November 2009	0.77	3.36
19 November 2009	0.73	3.35
20 November 2009	0.75	3.36
23 November 2009	0.77	3.37
24 November 2009	0.73	3.32
25 November 2009	0.73	3.28
26 November 2009	ND	ND
27 November 2009	0.68	3.21
30 November 2009	0.67	3.21
1 December 2009	0.67	3.28
2 December 2009	0.72	3.32
3 December 2009	0.74	3.39
4 December 2009	0.84	3.48
7 December 2009	0.78	3.44
8 December 2009	0.73	3.40
9 December 2009	0.76	3.45
10 December 2009	0.78	3.49
11 December 2009	0.83	3.55
14 December 2009	0.87	3.56
15 December 2009	0.88	3.60
16 December 2009	0.85	3.61
17 December 2009	0.77	3.50
18 December 2009	0.82	3.55
21 December 2009	0.89	3.69
22 December 2009	0.95	3.76
23 December 2009	0.96	3.77
24 December 2009	1.00	3.82
25 December 2009	ND	ND
28 December 2009	1.09	3.85
29 December 2009	1.09	3.82
30 December 2009	1.08	3.80
31 December 2009	1.14	3.85
1 January 2010	ND	ND
4 January 2010	1.09	3.85
5 January 2010	1.01	3.77
6 January 2010	1.01	3.85
7 January 2010	1.03	3.85
8 January 2010	0.96	3.83
11 January 2010	0.95	3.85
12 January 2010	0.92	3.74
13 January 2010	0.97	3.80
14 January 2010	0.94	3.76
15 January 2010	0.89	3.70
18 January 2010	ND	ND
19 January 2010	0.93	3.73
20 January 2010	0.92	3.68
21 January 2010	0.87	3.62
22 January 2010	0.84	3.62
25 January 2010	0.86	3.66
26 January 2010	0.87	3.65
27 January 2010	0.90	3.66
28 January 2010	0.87	3.68
29 January 2010	0.82	3.63
1 February 2010	0.86	3.68
2 February 2010	0.86	3.67
3 February 2010	0.88	3.73
4 February 2010	0.80	3.62
5 February 2010	0.77	3.59
8 February 2010	0.79	3.62
9 February 2010	0.84	3.67
10 February 2010	0.91	3.72
11 February 2010	0.91	3.73
12 February 2010	0.84	3.69
15 February 2010	ND	ND
16 February 2010	0.82	3.66
17 February 2010	0.87	3.74
18 February 2010	0.90	3.79
19 February 2010	0.95	3.78
22 February 2010	0.91	3.80
23 February 2010	0.87	3.69
24 February 2010	0.87	3.70
25 February 2010	0.82	3.64
26 February 2010	0.81	3.61
1 March 2010	0.80	3.61
2 March 2010	0.80	3.62
3 March 2010	0.82	3.63
4 March 2010	0.86	3.61
5 March 2010	0.91	3.69
8 March 2010	0.90	3.72
9 March 2010	0.89	3.71
10 March 2010	0.92	3.73
11 March 2010	0.97	3.73
12 March 2010	0.97	3.71
15 March 2010	0.96	3.71
16 March 2010	0.93	3.66
17 March 2010	0.95	3.65
18 March 2010	0.98	3.68
19 March 2010	1.02	3.70
22 March 2010	1.01	3.67
23 March 2010	1.02	3.69
24 March 2010	1.08	3.84
25 March 2010	1.10	3.91
26 March 2010	1.04	3.86
29 March 2010	1.04	3.88
30 March 2010	1.06	3.88
31 March 2010	1.02	3.84
1 April 2010	1.05	3.89
2 April 2010	1.11	3.96
5 April 2010	1.18	4.01
6 April 2010	1.14	3.98
7 April 2010	1.06	3.89
8 April 2010	1.09	3.91
9 April 2010	1.08	3.90
12 April 2010	1.07	3.87
13 April 2010	1.07	3.84
14 April 2010	1.07	3.88
15 April 2010	1.04	3.86
16 April 2010	0.98	3.79
19 April 2010	1.01	3.83
20 April 2010	1.05	3.82
21 April 2010	1.03	3.77
22 April 2010	1.07	3.80
23 April 2010	1.10	3.84
26 April 2010	1.09	3.83
27 April 2010	1.03	3.71
28 April 2010	1.03	3.80
29 April 2010	1.01	3.76
30 April 2010	0.97	3.69
3 May 2010	1.00	3.72
4 May 2010	0.96	3.63
5 May 2010	0.88	3.58
6 May 2010	0.75	3.41
7 May 2010	0.83	3.45
10 May 2010	0.87	3.57
11 May 2010	0.85	3.56
12 May 2010	0.89	3.56
13 May 2010	0.87	3.55
14 May 2010	0.79	3.44
17 May 2010	0.81	3.47
18 May 2010	0.76	3.38
19 May 2010	0.80	3.36
20 May 2010	0.76	3.25
21 May 2010	0.76	3.20
24 May 2010	0.77	3.23
25 May 2010	0.81	3.18
26 May 2010	0.82	3.21
27 May 2010	0.87	3.34
28 May 2010	0.76	3.31
31 May 2010	ND	ND
1 June 2010	0.78	3.29
2 June 2010	0.82	3.35
3 June 2010	0.82	3.39
4 June 2010	0.72	3.20
7 June 2010	0.74	3.17
8 June 2010	0.74	3.18
9 June 2010	0.74	3.20
10 June 2010	0.79	3.33
11 June 2010	0.75	3.24
14 June 2010	0.77	3.28
15 June 2010	0.79	3.32
16 June 2010	0.75	3.27
17 June 2010	0.72	3.21
18 June 2010	0.74	3.24
21 June 2010	0.74	3.26
22 June 2010	0.71	3.18
23 June 2010	0.66	3.13
24 June 2010	0.67	3.14
25 June 2010	0.65	3.12
28 June 2010	0.62	3.05
29 June 2010	0.61	2.97
30 June 2010	0.61	2.97
1 July 2010	0.63	2.96
2 July 2010	0.63	3.00
5 July 2010	ND	ND
6 July 2010	0.62	2.95
7 July 2010	0.63	3.00
8 July 2010	0.63	3.04
9 July 2010	0.63	3.07
12 July 2010	0.65	3.08
13 July 2010	0.67	3.15
14 July 2010	0.62	3.07
15 July 2010	0.61	3.00
16 July 2010	0.61	2.96
19 July 2010	0.61	2.99
20 July 2010	0.61	2.98
21 July 2010	0.58	2.90
22 July 2010	0.60	2.96
23 July 2010	0.60	3.02
26 July 2010	0.62	3.03
27 July 2010	0.65	3.08
28 July 2010	0.61	3.03
29 July 2010	0.59	3.03
30 July 2010	0.55	2.94
2 August 2010	0.56	2.99
3 August 2010	0.53	2.94
4 August 2010	0.56	2.98
5 August 2010	0.53	2.94
6 August 2010	0.50	2.86
9 August 2010	0.54	2.86
10 August 2010	0.52	2.79
11 August 2010	0.54	2.72
12 August 2010	0.55	2.74
13 August 2010	0.54	2.68
16 August 2010	0.51	2.58
17 August 2010	0.52	2.64
18 August 2010	0.51	2.64
19 August 2010	0.49	2.58
20 August 2010	0.49	2.62
23 August 2010	0.49	2.60
24 August 2010	0.50	2.50
25 August 2010	0.53	2.54
26 August 2010	0.51	2.50
27 August 2010	0.56	2.66
30 August 2010	0.50	2.54
31 August 2010	0.47	2.47
1 September 2010	0.50	2.58
2 September 2010	0.50	2.63
3 September 2010	0.52	2.72
6 September 2010	ND	ND
7 September 2010	0.49	2.61
8 September 2010	0.52	2.66
9 September 2010	0.57	2.77
10 September 2010	0.58	2.81
13 September 2010	0.53	2.74
14 September 2010	0.50	2.68
15 September 2010	0.50	2.74
16 September 2010	0.48	2.77
17 September 2010	0.48	2.75
20 September 2010	0.47	2.72
21 September 2010	0.43	2.61
22 September 2010	0.44	2.56
23 September 2010	0.45	2.56
24 September 2010	0.45	2.62
27 September 2010	0.44	2.54
28 September 2010	0.37	2.48
29 September 2010	0.44	2.52
30 September 2010	0.42	2.53
1 October 2010	0.42	2.54
4 October 2010	0.41	2.50
5 October 2010	0.41	2.50
6 October 2010	0.38	2.41
7 October 2010	0.36	2.41
8 October 2010	0.35	2.41
11 October 2010	ND	ND
12 October 2010	0.37	2.44
13 October 2010	0.37	2.46
14 October 2010	0.38	2.52
15 October 2010	0.37	2.59
18 October 2010	0.38	2.52
19 October 2010	0.37	2.50
20 October 2010	0.35	2.51
21 October 2010	0.37	2.57
22 October 2010	0.35	2.59
25 October 2010	0.37	2.59
26 October 2010	0.40	2.67
27 October 2010	0.40	2.75
28 October 2010	0.37	2.69
29 October 2010	0.34	2.63
1 November 2010	0.34	2.66
2 November 2010	0.34	2.63
3 November 2010	0.34	2.67
4 November 2010	0.33	2.53
5 November 2010	0.38	2.58
8 November 2010	0.41	2.60
9 November 2010	0.46	2.72
10 November 2010	0.44	2.65
11 November 2010	ND	ND
12 November 2010	0.51	2.76
15 November 2010	0.53	2.92
16 November 2010	0.51	2.85
17 November 2010	0.50	2.89
18 November 2010	0.52	2.90
19 November 2010	0.52	2.88
22 November 2010	0.49	2.80
23 November 2010	0.45	2.77
24 November 2010	0.53	2.93
25 November 2010	ND	ND
26 November 2010	0.51	2.87
29 November 2010	0.52	2.84
30 November 2010	0.45	2.81
1 December 2010	0.53	2.97
2 December 2010	0.55	3.01
3 December 2010	0.49	3.03
6 December 2010	0.42	2.95
7 December 2010	0.54	3.15
8 December 2010	0.63	3.26
9 December 2010	0.64	3.23
10 December 2010	0.64	3.32
13 December 2010	0.61	3.29
14 December 2010	0.66	3.49
15 December 2010	0.68	3.53
16 December 2010	0.66	3.47
17 December 2010	0.61	3.33
20 December 2010	0.62	3.36
21 December 2010	0.63	3.35
22 December 2010	0.65	3.36
23 December 2010	0.67	3.41
24 December 2010	ND	ND
27 December 2010	0.71	3.36
28 December 2010	0.75	3.50
29 December 2010	0.64	3.35
30 December 2010	0.66	3.38
31 December 2010	0.61	3.30
3 January 2011	0.61	3.36
4 January 2011	0.63	3.36
5 January 2011	0.71	3.50
6 January 2011	0.68	3.44
7 January 2011	0.60	3.34
10 January 2011	0.59	3.32
11 January 2011	0.60	3.37
12 January 2011	0.61	3.40
13 January 2011	0.59	3.34
14 January 2011	0.59	3.35
17 January 2011	ND	ND
18 January 2011	0.60	3.39
19 January 2011	0.60	3.37
20 January 2011	0.65	3.47
21 January 2011	0.63	3.44
24 January 2011	0.65	3.43
25 January 2011	0.62	3.35
26 January 2011	0.62	3.45
27 January 2011	0.59	3.42
28 January 2011	0.54	3.36
31 January 2011	0.58	3.42
1 February 2011	0.61	3.48
2 February 2011	0.67	3.52
3 February 2011	0.71	3.58
4 February 2011	0.77	3.68
7 February 2011	0.78	3.68
8 February 2011	0.86	3.75
9 February 2011	0.81	3.65
10 February 2011	0.85	3.70
11 February 2011	0.85	3.64
14 February 2011	0.87	3.62
15 February 2011	0.84	3.61
16 February 2011	0.86	3.62
17 February 2011	0.80	3.58
18 February 2011	0.78	3.59
21 February 2011	ND	ND
22 February 2011	0.74	3.46
23 February 2011	0.74	3.49
24 February 2011	0.73	3.46
25 February 2011	0.72	3.42
28 February 2011	0.69	3.42
1 March 2011	0.66	3.41
2 March 2011	0.69	3.46
3 March 2011	0.79	3.58
4 March 2011	0.68	3.49
7 March 2011	0.70	3.51
8 March 2011	0.73	3.56
9 March 2011	0.70	3.48
10 March 2011	0.65	3.37
11 March 2011	0.64	3.40
14 March 2011	0.61	3.36
15 March 2011	0.63	3.33
16 March 2011	0.58	3.22
17 March 2011	0.60	3.25
18 March 2011	0.61	3.28
21 March 2011	0.67	3.34
22 March 2011	0.68	3.34
23 March 2011	0.69	3.36
24 March 2011	0.72	3.42
25 March 2011	0.79	3.46
28 March 2011	0.81	3.47
29 March 2011	0.81	3.50
30 March 2011	0.80	3.47
31 March 2011	0.80	3.47
1 April 2011	0.80	3.46
4 April 2011	0.77	3.45
5 April 2011	0.84	3.50
6 April 2011	0.85	3.56
7 April 2011	0.81	3.58
8 April 2011	0.83	3.59
11 April 2011	0.85	3.59
12 April 2011	0.77	3.52
13 April 2011	0.75	3.49
14 April 2011	0.77	3.51
15 April 2011	0.71	3.43
18 April 2011	0.69	3.40
19 April 2011	0.68	3.39
20 April 2011	0.69	3.43
21 April 2011	0.68	3.42
22 April 2011	ND	ND
25 April 2011	0.67	3.39
26 April 2011	0.65	3.34
27 April 2011	0.65	3.39
28 April 2011	0.62	3.34
29 April 2011	0.61	3.32
2 May 2011	0.61	3.31
3 May 2011	0.61	3.28
4 May 2011	0.60	3.25
5 May 2011	0.58	3.18
6 May 2011	0.57	3.19
9 May 2011	0.57	3.17
10 May 2011	0.59	3.23
11 May 2011	0.56	3.19
12 May 2011	0.57	3.22
13 May 2011	0.57	3.18
16 May 2011	0.54	3.15
17 May 2011	0.55	3.12
18 May 2011	0.58	3.18
19 May 2011	0.55	3.17
20 May 2011	0.55	3.15
23 May 2011	0.55	3.13
24 May 2011	0.56	3.12
25 May 2011	0.54	3.13
26 May 2011	0.48	3.07
27 May 2011	0.48	3.07
30 May 2011	ND	ND
31 May 2011	0.45	3.05
1 June 2011	0.44	2.96
2 June 2011	0.45	3.04
3 June 2011	0.42	2.99
6 June 2011	0.43	3.01
7 June 2011	0.39	3.01
8 June 2011	0.39	2.98
9 June 2011	0.43	3.01
10 June 2011	0.41	2.99
13 June 2011	0.40	3.00
14 June 2011	0.45	3.11
15 June 2011	0.38	2.98
16 June 2011	0.38	2.93
17 June 2011	0.38	2.94
20 June 2011	0.38	2.97
21 June 2011	0.40	2.99
22 June 2011	0.39	3.01
23 June 2011	0.35	2.93
24 June 2011	0.35	2.88
27 June 2011	0.41	2.95
28 June 2011	0.48	3.05
29 June 2011	0.47	3.14
30 June 2011	0.45	3.18
1 July 2011	0.50	3.22
4 July 2011	ND	ND
5 July 2011	0.44	3.16
6 July 2011	0.43	3.12
7 July 2011	0.49	3.17
8 July 2011	0.40	3.03
11 July 2011	0.37	2.94
12 July 2011	0.37	2.92
13 July 2011	0.37	2.92
14 July 2011	0.38	2.98
15 July 2011	0.37	2.94
18 July 2011	0.37	2.94
19 July 2011	0.39	2.91
20 July 2011	0.40	2.96
21 July 2011	0.40	3.03
22 July 2011	0.40	2.99
25 July 2011	0.42	3.03
26 July 2011	0.41	2.99
27 July 2011	0.44	3.01
28 July 2011	0.42	2.98
29 July 2011	0.36	2.82
1 August 2011	0.38	2.77
2 August 2011	0.33	2.66
3 August 2011	0.33	2.64
4 August 2011	0.27	2.47
5 August 2011	0.28	2.58
8 August 2011	0.27	2.40
9 August 2011	0.19	2.20
10 August 2011	0.19	2.17
11 August 2011	0.19	2.34
12 August 2011	0.20	2.24
15 August 2011	0.19	2.29
16 August 2011	0.20	2.23
17 August 2011	0.19	2.17
18 August 2011	0.20	2.08
19 August 2011	0.20	2.07
22 August 2011	0.22	2.10
23 August 2011	0.22	2.15
24 August 2011	0.23	2.29
25 August 2011	0.22	2.23
26 August 2011	0.20	2.19
29 August 2011	0.20	2.28
30 August 2011	0.20	2.19
31 August 2011	0.20	2.23
1 September 2011	0.19	2.15
2 September 2011	0.20	2.02
5 September 2011	ND	ND
6 September 2011	0.21	1.98
7 September 2011	0.21	2.05
8 September 2011	0.19	2.00
9 September 2011	0.17	1.93
12 September 2011	0.21	1.94
13 September 2011	0.21	2.00
14 September 2011	0.19	2.03
15 September 2011	0.21	2.09
16 September 2011	0.18	2.08
19 September 2011	0.16	1.97
20 September 2011	0.18	1.95
21 September 2011	0.21	1.88
22 September 2011	0.20	1.72
23 September 2011	0.23	1.84
26 September 2011	0.25	1.91
27 September 2011	0.25	2.00
28 September 2011	0.27	2.03
29 September 2011	0.27	1.99
30 September 2011	0.25	1.92
3 October 2011	0.24	1.80
4 October 2011	0.25	1.81
5 October 2011	0.25	1.92
6 October 2011	0.29	2.01
7 October 2011	0.30	2.10
10 October 2011	ND	ND
11 October 2011	0.32	2.18
12 October 2011	0.29	2.24
13 October 2011	0.29	2.19
14 October 2011	0.28	2.26
17 October 2011	0.28	2.18
18 October 2011	0.28	2.19
19 October 2011	0.28	2.18
20 October 2011	0.28	2.20
21 October 2011	0.30	2.23
24 October 2011	0.30	2.25
25 October 2011	0.26	2.14
26 October 2011	0.28	2.23
27 October 2011	0.31	2.42
28 October 2011	0.28	2.34
31 October 2011	0.25	2.17
1 November 2011	0.23	2.01
2 November 2011	0.23	2.03
3 November 2011	0.24	2.09
4 November 2011	0.22	2.06
7 November 2011	0.25	2.04
8 November 2011	0.25	2.10
9 November 2011	0.24	2.00
10 November 2011	0.24	2.04
11 November 2011	ND	ND
14 November 2011	0.24	2.04
15 November 2011	0.26	2.06
16 November 2011	0.26	2.01
17 November 2011	0.27	1.96
18 November 2011	0.29	2.01
21 November 2011	0.27	1.97
22 November 2011	0.26	1.94
23 November 2011	0.26	1.89
24 November 2011	ND	ND
25 November 2011	0.28	1.97
28 November 2011	0.26	1.97
29 November 2011	0.27	2.00
30 November 2011	0.25	2.08
1 December 2011	0.27	2.11
2 December 2011	0.25	2.05
5 December 2011	0.27	2.04
6 December 2011	0.25	2.08
7 December 2011	0.24	2.02
8 December 2011	0.22	1.99
9 December 2011	0.22	2.07
12 December 2011	0.24	2.03
13 December 2011	0.24	1.96
14 December 2011	0.25	1.92
15 December 2011	0.26	1.92
16 December 2011	0.24	1.86
19 December 2011	0.24	1.82
20 December 2011	0.26	1.94
21 December 2011	0.28	1.98
22 December 2011	0.28	1.97
23 December 2011	0.28	2.03
26 December 2011	ND	ND
27 December 2011	0.30	2.02
28 December 2011	0.28	1.93
29 December 2011	0.28	1.91
30 December 2011	0.25	1.89
2 January 2012	ND	ND
3 January 2012	0.27	1.97
4 January 2012	0.25	2.00
5 January 2012	0.27	2.02
6 January 2012	0.25	1.98
9 January 2012	0.26	1.98
10 January 2012	0.24	2.00
11 January 2012	0.24	1.93
12 January 2012	0.22	1.94
13 January 2012	0.24	1.89
16 January 2012	ND	ND
17 January 2012	0.21	1.87
18 January 2012	0.24	1.92
19 January 2012	0.26	2.01
20 January 2012	0.26	2.05
23 January 2012	0.26	2.09
24 January 2012	0.24	2.08
25 January 2012	0.22	2.01
26 January 2012	0.22	1.96
27 January 2012	0.22	1.93
30 January 2012	0.22	1.87
31 January 2012	0.22	1.83
1 February 2012	0.23	1.87
2 February 2012	0.23	1.86
3 February 2012	0.23	1.97
6 February 2012	0.24	1.93
7 February 2012	0.25	2.00
8 February 2012	0.27	2.01
9 February 2012	0.27	2.04
10 February 2012	0.27	1.96
13 February 2012	0.29	1.99
14 February 2012	0.29	1.92
15 February 2012	0.29	1.93
16 February 2012	0.29	1.99
17 February 2012	0.29	2.01
20 February 2012	ND	ND
21 February 2012	0.31	2.05
22 February 2012	0.29	2.01
23 February 2012	0.31	1.99
24 February 2012	0.31	1.98
27 February 2012	0.30	1.92
28 February 2012	0.30	1.94
29 February 2012	0.30	1.98
1 March 2012	0.30	2.03
2 March 2012	0.28	1.99
5 March 2012	0.31	2.00
6 March 2012	0.30	1.96
7 March 2012	0.30	1.98
8 March 2012	0.32	2.03
9 March 2012	0.33	2.04
12 March 2012	0.33	2.04
13 March 2012	0.35	2.14
14 March 2012	0.40	2.29
15 March 2012	0.37	2.29
16 March 2012	0.37	2.31
19 March 2012	0.39	2.39
20 March 2012	0.41	2.38
21 March 2012	0.39	2.31
22 March 2012	0.37	2.29
23 March 2012	0.37	2.25
26 March 2012	0.36	2.26
27 March 2012	0.33	2.20
28 March 2012	0.34	2.21
29 March 2012	0.33	2.18
30 March 2012	0.33	2.23
2 April 2012	0.33	2.22
3 April 2012	0.36	2.30
4 April 2012	0.35	2.25
5 April 2012	0.35	2.19
6 April 2012	0.32	2.07
9 April 2012	0.32	2.06
10 April 2012	0.28	2.01
11 April 2012	0.30	2.05
12 April 2012	0.29	2.08
13 April 2012	0.27	2.02
16 April 2012	0.27	2.00
17 April 2012	0.27	2.03
18 April 2012	0.27	2.00
19 April 2012	0.27	1.98
20 April 2012	0.29	1.99
23 April 2012	0.27	1.96
24 April 2012	0.27	2.00
25 April 2012	0.26	2.01
26 April 2012	0.26	1.98
27 April 2012	0.26	1.96
30 April 2012	0.27	1.95
1 May 2012	0.27	1.98
2 May 2012	0.27	1.96
3 May 2012	0.28	1.96
4 May 2012	0.27	1.91
7 May 2012	0.27	1.92
8 May 2012	0.27	1.88
9 May 2012	0.27	1.87
10 May 2012	0.27	1.89
11 May 2012	0.27	1.84
14 May 2012	0.29	1.78
15 May 2012	0.29	1.76
16 May 2012	0.30	1.76
17 May 2012	0.32	1.70
18 May 2012	0.32	1.71
21 May 2012	0.30	1.75
22 May 2012	0.30	1.79
23 May 2012	0.28	1.73
24 May 2012	0.29	1.77
25 May 2012	0.30	1.75
28 May 2012	ND	ND
29 May 2012	0.30	1.74
30 May 2012	0.27	1.63
31 May 2012	0.27	1.59
1 June 2012	0.25	1.47
4 June 2012	0.25	1.53
5 June 2012	0.25	1.57
6 June 2012	0.26	1.66
7 June 2012	0.27	1.66
8 June 2012	0.28	1.65
11 June 2012	0.27	1.60
12 June 2012	0.30	1.67
13 June 2012	0.30	1.61
14 June 2012	0.30	1.64
15 June 2012	0.29	1.60
18 June 2012	0.29	1.59
19 June 2012	0.30	1.64
20 June 2012	0.32	1.65
21 June 2012	0.32	1.63
22 June 2012	0.31	1.69
25 June 2012	0.31	1.63
26 June 2012	0.31	1.66
27 June 2012	0.31	1.65
28 June 2012	0.31	1.60
29 June 2012	0.33	1.67
2 July 2012	0.30	1.61
3 July 2012	0.30	1.65
4 July 2012	ND	ND
5 July 2012	0.28	1.62
6 July 2012	0.27	1.57
9 July 2012	0.27	1.53
10 July 2012	0.27	1.53
11 July 2012	0.27	1.54
12 July 2012	0.25	1.50
13 July 2012	0.25	1.52
16 July 2012	0.24	1.50
17 July 2012	0.25	1.53
18 July 2012	0.22	1.52
19 July 2012	0.22	1.54
20 July 2012	0.22	1.49
23 July 2012	0.22	1.47
24 July 2012	0.22	1.44
25 July 2012	0.22	1.43
26 July 2012	0.23	1.45
27 July 2012	0.25	1.58
30 July 2012	0.23	1.53
31 July 2012	0.23	1.51
1 August 2012	0.24	1.56
2 August 2012	0.24	1.51
3 August 2012	0.24	1.60
6 August 2012	0.24	1.59
7 August 2012	0.27	1.66
8 August 2012	0.29	1.68
9 August 2012	0.29	1.69
10 August 2012	0.27	1.65
13 August 2012	0.27	1.65
14 August 2012	0.27	1.73
15 August 2012	0.27	1.80
16 August 2012	0.29	1.83
17 August 2012	0.29	1.81
20 August 2012	0.29	1.82
21 August 2012	0.31	1.80
22 August 2012	0.26	1.71
23 August 2012	0.26	1.68
24 August 2012	0.28	1.68
27 August 2012	0.28	1.65
28 August 2012	0.27	1.64
29 August 2012	0.27	1.66
30 August 2012	0.27	1.63
31 August 2012	0.22	1.57
3 September 2012	ND	ND
4 September 2012	0.23	1.59
5 September 2012	0.25	1.60
6 September 2012	0.27	1.68
7 September 2012	0.25	1.67
10 September 2012	0.25	1.68
11 September 2012	0.25	1.70
12 September 2012	0.25	1.77
13 September 2012	0.24	1.75
14 September 2012	0.27	1.88
17 September 2012	0.25	1.85
18 September 2012	0.25	1.82
19 September 2012	0.27	1.79
20 September 2012	0.27	1.80
21 September 2012	0.27	1.77
24 September 2012	0.27	1.74
25 September 2012	0.27	1.70
26 September 2012	0.26	1.64
27 September 2012	0.25	1.66
28 September 2012	0.23	1.65
1 October 2012	0.25	1.64
2 October 2012	0.23	1.64
3 October 2012	0.23	1.64
4 October 2012	0.23	1.70
5 October 2012	0.27	1.75
8 October 2012	ND	ND
9 October 2012	0.25	1.74
10 October 2012	0.27	1.72
11 October 2012	0.28	1.70
12 October 2012	0.27	1.69
15 October 2012	0.27	1.70
16 October 2012	0.27	1.75
17 October 2012	0.30	1.83
18 October 2012	0.29	1.86
19 October 2012	0.30	1.79
22 October 2012	0.32	1.83
23 October 2012	0.29	1.79
24 October 2012	0.29	1.80
25 October 2012	0.31	1.86
26 October 2012	0.30	1.78
29 October 2012	0.30	1.74
30 October 2012	ND	ND
31 October 2012	0.30	1.72
1 November 2012	0.30	1.75
2 November 2012	0.28	1.75
5 November 2012	0.28	1.72
6 November 2012	0.30	1.78
7 November 2012	0.27	1.68
8 November 2012	0.27	1.62
9 November 2012	0.27	1.61
12 November 2012	ND	ND
13 November 2012	0.27	1.59
14 November 2012	0.25	1.59
15 November 2012	0.24	1.58
16 November 2012	0.24	1.58
19 November 2012	0.25	1.61
20 November 2012	0.27	1.66
21 November 2012	0.27	1.69
22 November 2012	ND	ND
23 November 2012	0.29	1.70
26 November 2012	0.27	1.66
27 November 2012	0.27	1.64
28 November 2012	0.27	1.63
29 November 2012	0.25	1.62
30 November 2012	0.25	1.62
3 December 2012	0.25	1.63
4 December 2012	0.25	1.62
5 December 2012	0.25	1.60
6 December 2012	0.25	1.59
7 December 2012	0.25	1.64
10 December 2012	0.24	1.63
11 December 2012	0.24	1.66
12 December 2012	0.25	1.72
13 December 2012	0.27	1.74
14 December 2012	0.24	1.72
17 December 2012	0.25	1.78
18 December 2012	0.28	1.84
19 December 2012	0.28	1.82
20 December 2012	0.28	1.81
21 December 2012	0.26	1.77
24 December 2012	0.26	1.79
25 December 2012	ND	ND
26 December 2012	0.26	1.77
27 December 2012	0.26	1.74
28 December 2012	0.27	1.73
31 December 2012	0.25	1.78
1 January 2013	ND	ND
2 January 2013	0.27	1.86
3 January 2013	0.27	1.92
4 January 2013	0.27	1.93
7 January 2013	0.27	1.92
8 January 2013	0.25	1.89
9 January 2013	0.24	1.88
10 January 2013	0.26	1.91
11 January 2013	0.26	1.89
14 January 2013	0.26	1.89
15 January 2013	0.26	1.86
16 January 2013	0.26	1.84
17 January 2013	0.28	1.89
18 January 2013	0.26	1.87
21 January 2013	ND	ND
22 January 2013	0.26	1.86
23 January 2013	0.26	1.86
24 January 2013	0.23	1.88
25 January 2013	0.28	1.98
28 January 2013	0.29	2.00
29 January 2013	0.30	2.03
30 January 2013	0.27	2.03
31 January 2013	0.27	2.02
1 February 2013	0.27	2.04
4 February 2013	0.25	2.00
5 February 2013	0.27	2.04
6 February 2013	0.27	2.00
7 February 2013	0.25	1.99
8 February 2013	0.25	1.99
11 February 2013	0.27	1.99
12 February 2013	0.29	2.02
13 February 2013	0.29	2.05
14 February 2013	0.27	2.00
15 February 2013	0.29	2.01
18 February 2013	ND	ND
19 February 2013	0.29	2.03
20 February 2013	0.27	2.02
21 February 2013	0.26	1.99
22 February 2013	0.27	1.97
25 February 2013	0.25	1.88
26 February 2013	0.25	1.88
27 February 2013	0.27	1.91
28 February 2013	0.25	1.89
1 March 2013	0.25	1.86
4 March 2013	0.24	1.88
5 March 2013	0.25	1.90
6 March 2013	0.25	1.95
7 March 2013	0.25	2.00
8 March 2013	0.27	2.06
11 March 2013	0.27	2.07
12 March 2013	0.27	2.03
13 March 2013	0.27	2.04
14 March 2013	0.27	2.04
15 March 2013	0.25	2.01
18 March 2013	0.26	1.96
19 March 2013	0.24	1.92
20 March 2013	0.26	1.96
21 March 2013	0.27	1.95
22 March 2013	0.26	1.93
25 March 2013	0.24	1.93
26 March 2013	0.25	1.92
27 March 2013	0.25	1.87
28 March 2013	0.25	1.87
29 March 2013	ND	ND
1 April 2013	0.23	1.86
2 April 2013	0.25	1.88
3 April 2013	0.24	1.83
4 April 2013	0.22	1.78
5 April 2013	0.24	1.72
8 April 2013	0.24	1.76
9 April 2013	0.24	1.78
10 April 2013	0.24	1.84
11 April 2013	0.24	1.82
12 April 2013	0.22	1.75
15 April 2013	0.22	1.72
16 April 2013	0.24	1.75
17 April 2013	0.24	1.73
18 April 2013	0.24	1.72
19 April 2013	0.24	1.73
22 April 2013	0.24	1.72
23 April 2013	0.23	1.74
24 April 2013	0.23	1.73
25 April 2013	0.23	1.74
26 April 2013	0.22	1.70
29 April 2013	0.20	1.70
30 April 2013	0.22	1.70
1 May 2013	0.20	1.66
2 May 2013	0.20	1.66
3 May 2013	0.22	1.78
6 May 2013	0.22	1.80
7 May 2013	0.22	1.82
8 May 2013	0.22	1.81
9 May 2013	0.22	1.81
10 May 2013	0.26	1.90
13 May 2013	0.24	1.92
14 May 2013	0.26	1.96
15 May 2013	0.26	1.94
16 May 2013	0.23	1.87
17 May 2013	0.26	1.95
20 May 2013	0.26	1.97
21 May 2013	0.26	1.94
22 May 2013	0.26	2.03
23 May 2013	0.26	2.02
24 May 2013	0.26	2.01
27 May 2013	ND	ND
28 May 2013	0.29	2.15
29 May 2013	0.30	2.13
30 May 2013	0.31	2.13
31 May 2013	0.30	2.16
3 June 2013	0.30	2.13
4 June 2013	0.32	2.14
5 June 2013	0.30	2.10
6 June 2013	0.30	2.08
7 June 2013	0.32	2.17
10 June 2013	0.32	2.22
11 June 2013	0.34	2.20
12 June 2013	0.34	2.25
13 June 2013	0.32	2.19
14 June 2013	0.29	2.14
17 June 2013	0.27	2.19
18 June 2013	0.27	2.20
19 June 2013	0.31	2.33
20 June 2013	0.33	2.41
21 June 2013	0.38	2.52
24 June 2013	0.42	2.57
25 June 2013	0.43	2.60
26 June 2013	0.39	2.55
27 June 2013	0.36	2.49
28 June 2013	0.36	2.52
1 July 2013	0.34	2.50
2 July 2013	0.34	2.48
3 July 2013	0.36	2.52
4 July 2013	ND	ND
5 July 2013	0.40	2.73
8 July 2013	0.37	2.65
9 July 2013	0.37	2.65
10 July 2013	0.38	2.70
11 July 2013	0.34	2.60
12 July 2013	0.37	2.61
15 July 2013	0.34	2.57
16 July 2013	0.34	2.55
17 July 2013	0.32	2.52
18 July 2013	0.32	2.56
19 July 2013	0.32	2.50
22 July 2013	0.32	2.50
23 July 2013	0.33	2.53
24 July 2013	0.34	2.61
25 July 2013	0.32	2.61
26 July 2013	0.31	2.58
29 July 2013	0.33	2.61
30 July 2013	0.33	2.63
31 July 2013	0.31	2.60
1 August 2013	0.35	2.74
2 August 2013	0.30	2.63
5 August 2013	0.32	2.67
6 August 2013	0.32	2.67
7 August 2013	0.32	2.61
8 August 2013	0.30	2.58
9 August 2013	0.32	2.57
12 August 2013	0.32	2.61
13 August 2013	0.34	2.71
14 August 2013	0.34	2.71
15 August 2013	0.36	2.77
16 August 2013	0.36	2.84
19 August 2013	0.36	2.88
20 August 2013	0.36	2.82
21 August 2013	0.38	2.87
22 August 2013	0.42	2.90
23 August 2013	0.40	2.82
26 August 2013	0.41	2.79
27 August 2013	0.38	2.72
28 August 2013	0.40	2.78
29 August 2013	0.39	2.75
30 August 2013	0.39	2.78
2 September 2013	ND	ND
3 September 2013	0.43	2.86
4 September 2013	0.46	2.90
5 September 2013	0.52	2.98
6 September 2013	0.46	2.94
9 September 2013	0.45	2.90
10 September 2013	0.50	2.96
11 September 2013	0.47	2.93
12 September 2013	0.45	2.92
13 September 2013	0.45	2.90
16 September 2013	0.41	2.88
17 September 2013	0.39	2.86
18 September 2013	0.34	2.69
19 September 2013	0.34	2.76
20 September 2013	0.34	2.75
23 September 2013	0.35	2.72
24 September 2013	0.35	2.67
25 September 2013	0.36	2.63
26 September 2013	0.34	2.66
27 September 2013	0.34	2.64
30 September 2013	0.33	2.64
1 October 2013	0.33	2.66
2 October 2013	0.31	2.63
3 October 2013	0.33	2.62
4 October 2013	0.33	2.66
7 October 2013	0.37	2.65
8 October 2013	0.40	2.66
9 October 2013	0.37	2.68
10 October 2013	0.35	2.71
11 October 2013	0.35	2.70
14 October 2013	ND	ND
15 October 2013	0.37	2.75
16 October 2013	0.34	2.69
17 October 2013	0.33	2.61
18 October 2013	0.33	2.60
21 October 2013	0.33	2.63
22 October 2013	0.31	2.54
23 October 2013	0.31	2.51
24 October 2013	0.33	2.53
25 October 2013	0.32	2.53
28 October 2013	0.32	2.54
29 October 2013	0.31	2.53
30 October 2013	0.33	2.55
31 October 2013	0.31	2.57
1 November 2013	0.33	2.65
4 November 2013	0.32	2.63
5 November 2013	0.32	2.69
6 November 2013	0.30	2.67
7 November 2013	0.29	2.63
8 November 2013	0.32	2.77
11 November 2013	ND	ND
12 November 2013	0.34	2.80
13 November 2013	0.32	2.75
14 November 2013	0.29	2.69
15 November 2013	0.31	2.71
18 November 2013	0.31	2.67
19 November 2013	0.29	2.71
20 November 2013	0.28	2.80
21 November 2013	0.29	2.79
22 November 2013	0.31	2.75
25 November 2013	0.30	2.74
26 November 2013	0.29	2.71
27 November 2013	0.28	2.74
28 November 2013	ND	ND
29 November 2013	0.28	2.75
2 December 2013	0.30	2.81
3 December 2013	0.28	2.79
4 December 2013	0.30	2.84
5 December 2013	0.30	2.88
6 December 2013	0.30	2.88
9 December 2013	0.30	2.86
10 December 2013	0.30	2.81
11 December 2013	0.31	2.86
12 December 2013	0.34	2.89
13 December 2013	0.34	2.88
16 December 2013	0.34	2.89
17 December 2013	0.34	2.85
18 December 2013	0.32	2.89
19 December 2013	0.35	2.94
20 December 2013	0.37	2.89
23 December 2013	0.38	2.94
24 December 2013	0.38	2.99
25 December 2013	ND	ND
26 December 2013	0.42	3.00
27 December 2013	0.40	3.02
30 December 2013	0.39	2.99
31 December 2013	0.38	3.04
1 January 2014	ND	ND
2 January 2014	0.39	3.00
3 January 2014	0.41	3.01
6 January 2014	0.40	2.98
7 January 2014	0.40	2.96
8 January 2014	0.43	3.01
9 January 2014	0.44	2.97
10 January 2014	0.39	2.88
13 January 2014	0.39	2.84
14 January 2014	0.39	2.88
15 January 2014	0.41	2.90
16 January 2014	0.41	2.86
17 January 2014	0.40	2.84
20 January 2014	ND	ND
21 January 2014	0.40	2.85
22 January 2014	0.44	2.87
23 January 2014	0.39	2.79
24 January 2014	0.37	2.75
27 January 2014	0.37	2.78
28 January 2014	0.38	2.77
29 January 2014	0.36	2.69
30 January 2014	0.36	2.72
31 January 2014	0.34	2.67
3 February 2014	0.30	2.61
4 February 2014	0.31	2.64
5 February 2014	0.32	2.70
6 February 2014	0.33	2.73
7 February 2014	0.30	2.71
10 February 2014	0.32	2.70
11 February 2014	0.35	2.75
12 February 2014	0.35	2.80
13 February 2014	0.32	2.73
14 February 2014	0.32	2.75
17 February 2014	ND	ND
18 February 2014	0.31	2.71
19 February 2014	0.33	2.73
20 February 2014	0.34	2.76
21 February 2014	0.33	2.73
24 February 2014	0.35	2.75
25 February 2014	0.34	2.70
26 February 2014	0.33	2.67
27 February 2014	0.33	2.65
28 February 2014	0.33	2.66
3 March 2014	0.32	2.60
4 March 2014	0.33	2.70
5 March 2014	0.33	2.70
6 March 2014	0.37	2.74
7 March 2014	0.38	2.80
10 March 2014	0.37	2.79
11 March 2014	0.37	2.77
12 March 2014	0.37	2.73
13 March 2014	0.34	2.66
14 March 2014	0.36	2.65
17 March 2014	0.38	2.70
18 March 2014	0.36	2.68
19 March 2014	0.47	2.78
20 March 2014	0.45	2.79
21 March 2014	0.45	2.75
24 March 2014	0.47	2.74
25 March 2014	0.47	2.75
26 March 2014	0.45	2.71
27 March 2014	0.45	2.69
28 March 2014	0.45	2.73
31 March 2014	0.44	2.73
1 April 2014	0.44	2.77
2 April 2014	0.47	2.82
3 April 2014	0.46	2.80
4 April 2014	0.43	2.74
7 April 2014	0.41	2.71
8 April 2014	0.40	2.69
9 April 2014	0.37	2.71
10 April 2014	0.37	2.65
11 April 2014	0.37	2.63
14 April 2014	0.37	2.65
15 April 2014	0.39	2.64
16 April 2014	0.39	2.65
17 April 2014	0.43	2.73
18 April 2014	ND	ND
21 April 2014	0.42	2.73
22 April 2014	0.45	2.73
23 April 2014	0.43	2.70
24 April 2014	0.43	2.70
25 April 2014	0.43	2.68
28 April 2014	0.44	2.70
29 April 2014	0.44	2.71
30 April 2014	0.42	2.67
1 May 2014	0.41	2.63
2 May 2014	0.42	2.60
5 May 2014	0.43	2.63
6 May 2014	0.43	2.61
7 May 2014	0.41	2.62
8 May 2014	0.40	2.61
9 May 2014	0.40	2.62
12 May 2014	0.41	2.66
13 May 2014	0.39	2.61
14 May 2014	0.39	2.54
15 May 2014	0.38	2.50
16 May 2014	0.38	2.52
19 May 2014	0.36	2.54
20 May 2014	0.35	2.52
21 May 2014	0.37	2.54
22 May 2014	0.37	2.56
23 May 2014	0.37	2.54
26 May 2014	ND	ND
27 May 2014	0.39	2.52
28 May 2014	0.37	2.44
29 May 2014	0.37	2.45
30 May 2014	0.37	2.48
2 June 2014	0.39	2.54
3 June 2014	0.41	2.60
4 June 2014	0.41	2.61
5 June 2014	0.40	2.59
6 June 2014	0.41	2.60
9 June 2014	0.43	2.62
10 June 2014	0.45	2.64
11 June 2014	0.44	2.65
12 June 2014	0.42	2.58
13 June 2014	0.45	2.60
16 June 2014	0.49	2.61
17 June 2014	0.51	2.66
18 June 2014	0.48	2.61
19 June 2014	0.48	2.64
20 June 2014	0.50	2.63
23 June 2014	0.48	2.63
24 June 2014	0.49	2.59
25 June 2014	0.48	2.57
26 June 2014	0.46	2.53
27 June 2014	0.45	2.54
30 June 2014	0.47	2.53
1 July 2014	0.47	2.58
2 July 2014	0.49	2.64
3 July 2014	0.52	2.65
4 July 2014	ND	ND
7 July 2014	0.52	2.63
8 July 2014	0.51	2.58
9 July 2014	0.51	2.57
10 July 2014	0.46	2.55
11 July 2014	0.48	2.53
14 July 2014	0.48	2.55
15 July 2014	0.49	2.56
16 July 2014	0.50	2.55
17 July 2014	0.47	2.47
18 July 2014	0.51	2.50
21 July 2014	0.51	2.49
22 July 2014	0.49	2.48
23 July 2014	0.50	2.48
24 July 2014	0.53	2.52
25 July 2014	0.53	2.48
28 July 2014	0.54	2.50
29 July 2014	0.54	2.47
30 July 2014	0.56	2.57
31 July 2014	0.53	2.58
1 August 2014	0.47	2.52
4 August 2014	0.47	2.51
5 August 2014	0.47	2.49
6 August 2014	0.48	2.49
7 August 2014	0.44	2.43
8 August 2014	0.45	2.44
11 August 2014	0.47	2.44
12 August 2014	0.45	2.46
13 August 2014	0.43	2.43
14 August 2014	0.42	2.40
15 August 2014	0.42	2.34
18 August 2014	0.44	2.39
19 August 2014	0.46	2.40
20 August 2014	0.49	2.43
21 August 2014	0.49	2.41
22 August 2014	0.53	2.40
25 August 2014	0.53	2.39
26 August 2014	0.52	2.39
27 August 2014	0.51	2.37
28 August 2014	0.50	2.34
29 August 2014	0.48	2.35
1 September 2014	ND	ND
2 September 2014	0.53	2.42
3 September 2014	0.52	2.41
4 September 2014	0.54	2.45
5 September 2014	0.52	2.46
8 September 2014	0.54	2.48
9 September 2014	0.56	2.50
10 September 2014	0.58	2.54
11 September 2014	0.58	2.54
12 September 2014	0.58	2.62
15 September 2014	0.58	2.60
16 September 2014	0.55	2.60
17 September 2014	0.59	2.62
18 September 2014	0.59	2.63
19 September 2014	0.59	2.59
22 September 2014	0.58	2.57
23 September 2014	0.57	2.54
24 September 2014	0.59	2.57
25 September 2014	0.56	2.52
26 September 2014	0.59	2.54
29 September 2014	0.58	2.50
30 September 2014	0.58	2.52
1 October 2014	0.53	2.42
2 October 2014	0.53	2.44
3 October 2014	0.57	2.45
6 October 2014	0.54	2.43
7 October 2014	0.52	2.36
8 October 2014	0.46	2.35
9 October 2014	0.46	2.34
10 October 2014	0.45	2.31
13 October 2014	ND	ND
14 October 2014	0.39	2.21
15 October 2014	0.34	2.15
16 October 2014	0.35	2.17
17 October 2014	0.39	2.22
20 October 2014	0.37	2.20
21 October 2014	0.38	2.23
22 October 2014	0.41	2.25
23 October 2014	0.41	2.29
24 October 2014	0.41	2.29
27 October 2014	0.41	2.27
28 October 2014	0.42	2.30
29 October 2014	0.48	2.34
30 October 2014	0.48	2.32
31 October 2014	0.50	2.35
3 November 2014	0.52	2.36
4 November 2014	0.52	2.35
5 November 2014	0.52	2.36
6 November 2014	0.54	2.39
7 November 2014	0.51	2.32
10 November 2014	0.55	2.38
11 November 2014	ND	ND
12 November 2014	0.55	2.37
13 November 2014	0.53	2.35
14 November 2014	0.54	2.32
17 November 2014	0.54	2.34
18 November 2014	0.53	2.32
19 November 2014	0.54	2.36
20 November 2014	0.53	2.34
21 November 2014	0.53	2.31
24 November 2014	0.53	2.30
25 November 2014	0.51	2.27
26 November 2014	0.53	2.24
27 November 2014	ND	ND
28 November 2014	0.47	2.18
1 December 2014	0.49	2.22
2 December 2014	0.55	2.28
3 December 2014	0.57	2.29
4 December 2014	0.55	2.25
5 December 2014	0.65	2.31
8 December 2014	0.64	2.26
9 December 2014	0.64	2.22
10 December 2014	0.59	2.18
11 December 2014	0.62	2.19
12 December 2014	0.56	2.10
15 December 2014	0.60	2.12
16 December 2014	0.58	2.07
17 December 2014	0.62	2.14
18 December 2014	0.67	2.22
19 December 2014	0.67	2.17
22 December 2014	0.71	2.17
23 December 2014	0.73	2.26
24 December 2014	0.73	2.27
25 December 2014	ND	ND
26 December 2014	0.73	2.25
29 December 2014	0.72	2.22
30 December 2014	0.69	2.20
31 December 2014	0.67	2.17
1 January 2015	ND	ND
2 January 2015	0.66	2.12
5 January 2015	0.68	2.04
6 January 2015	0.65	1.97
7 January 2015	0.62	1.96
8 January 2015	0.62	2.03
9 January 2015	0.59	1.98
12 January 2015	0.56	1.92
13 January 2015	0.54	1.91
14 January 2015	0.51	1.86
15 January 2015	0.44	1.77
16 January 2015	0.49	1.83
19 January 2015	ND	ND
20 January 2015	0.53	1.82
21 January 2015	0.53	1.87
22 January 2015	0.53	1.90
23 January 2015	0.52	1.81
26 January 2015	0.54	1.83
27 January 2015	0.54	1.83
28 January 2015	0.50	1.73
29 January 2015	0.51	1.77
30 January 2015	0.47	1.68
2 February 2015	0.49	1.68
3 February 2015	0.52	1.79
4 February 2015	0.52	1.81
5 February 2015	0.52	1.83
6 February 2015	0.65	1.95
9 February 2015	0.65	1.96
10 February 2015	0.67	2.01
11 February 2015	0.67	2.00
12 February 2015	0.61	1.99
13 February 2015	0.66	2.02
16 February 2015	ND	ND
17 February 2015	0.70	2.14
18 February 2015	0.62	2.07
19 February 2015	0.67	2.11
20 February 2015	0.67	2.13
23 February 2015	0.64	2.06
24 February 2015	0.60	1.99
25 February 2015	0.61	1.96
26 February 2015	0.66	2.03
27 February 2015	0.63	2.00
2 March 2015	0.66	2.08
3 March 2015	0.68	2.12
4 March 2015	0.66	2.12
5 March 2015	0.65	2.11
6 March 2015	0.73	2.24
9 March 2015	0.70	2.20
10 March 2015	0.70	2.14
11 March 2015	0.70	2.11
12 March 2015	0.67	2.10
13 March 2015	0.68	2.13
16 March 2015	0.66	2.10
17 March 2015	0.70	2.06
18 March 2015	0.57	1.93
19 March 2015	0.63	1.98
20 March 2015	0.60	1.93
23 March 2015	0.60	1.92
24 March 2015	0.58	1.88
25 March 2015	0.59	1.93
26 March 2015	0.61	2.01
27 March 2015	0.58	1.95
30 March 2015	0.58	1.96
31 March 2015	0.56	1.94
1 April 2015	0.55	1.87
2 April 2015	0.55	1.92
3 April 2015	0.49	1.85
6 April 2015	0.51	1.92
7 April 2015	0.52	1.89
8 April 2015	0.54	1.92
9 April 2015	0.56	1.97
10 April 2015	0.57	1.96
13 April 2015	0.54	1.94
14 April 2015	0.53	1.90
15 April 2015	0.51	1.91
16 April 2015	0.50	1.90
17 April 2015	0.51	1.87
20 April 2015	0.55	1.90
21 April 2015	0.55	1.92
22 April 2015	0.57	1.99
23 April 2015	0.55	1.96
24 April 2015	0.54	1.93
27 April 2015	0.54	1.94
28 April 2015	0.56	2.00
29 April 2015	0.56	2.06
30 April 2015	0.58	2.05
1 May 2015	0.60	2.12
4 May 2015	0.60	2.16
5 May 2015	0.62	2.19
6 May 2015	0.65	2.25
7 May 2015	0.63	2.18
8 May 2015	0.59	2.16
11 May 2015	0.62	2.28
12 May 2015	0.61	2.28
13 May 2015	0.59	2.27
14 May 2015	0.56	2.23
15 May 2015	0.55	2.14
18 May 2015	0.58	2.23
19 May 2015	0.63	2.27
20 May 2015	0.60	2.26
21 May 2015	0.60	2.19
22 May 2015	0.64	2.21
25 May 2015	ND	ND
26 May 2015	0.64	2.14
27 May 2015	0.64	2.14
28 May 2015	0.62	2.13
29 May 2015	0.61	2.12
1 June 2015	0.64	2.19
2 June 2015	0.64	2.27
3 June 2015	0.69	2.38
4 June 2015	0.66	2.31
5 June 2015	0.73	2.41
8 June 2015	0.70	2.39
9 June 2015	0.72	2.42
10 June 2015	0.75	2.50
11 June 2015	0.73	2.39
12 June 2015	0.74	2.39
15 June 2015	0.72	2.36
16 June 2015	0.71	2.32
17 June 2015	0.67	2.32
18 June 2015	0.66	2.35
19 June 2015	0.65	2.26
22 June 2015	0.68	2.37
23 June 2015	0.70	2.42
24 June 2015	0.68	2.38
25 June 2015	0.68	2.40
26 June 2015	0.72	2.49
29 June 2015	0.64	2.33
30 June 2015	0.64	2.35
1 July 2015	0.69	2.43
2 July 2015	0.64	2.40
3 July 2015	ND	ND
6 July 2015	0.60	2.30
7 July 2015	0.58	2.27
8 July 2015	0.55	2.22
9 July 2015	0.60	2.32
10 July 2015	0.65	2.42
13 July 2015	0.69	2.44
14 July 2015	0.66	2.41
15 July 2015	0.64	2.36
16 July 2015	0.67	2.36
17 July 2015	0.68	2.34
20 July 2015	0.71	2.38
21 July 2015	0.71	2.35
22 July 2015	0.75	2.33
23 July 2015	0.71	2.28
24 July 2015	0.70	2.27
27 July 2015	0.68	2.23
28 July 2015	0.69	2.26
29 July 2015	0.70	2.29
30 July 2015	0.72	2.28
31 July 2015	0.67	2.20
3 August 2015	0.68	2.16
4 August 2015	0.74	2.23
5 August 2015	0.73	2.28
6 August 2015	0.71	2.23
7 August 2015	0.73	2.18
10 August 2015	0.73	2.24
11 August 2015	0.68	2.15
12 August 2015	0.67	2.14
13 August 2015	0.72	2.19
14 August 2015	0.73	2.20
17 August 2015	0.72	2.16
18 August 2015	0.74	2.20
19 August 2015	0.67	2.12
20 August 2015	0.69	2.09
21 August 2015	0.64	2.05
24 August 2015	0.59	2.01
25 August 2015	0.67	2.12
26 August 2015	0.67	2.18
27 August 2015	0.68	2.18
28 August 2015	0.72	2.19
31 August 2015	0.74	2.21
1 September 2015	0.70	2.17
2 September 2015	0.72	2.20
3 September 2015	0.71	2.18
4 September 2015	0.71	2.13
7 September 2015	ND	ND
8 September 2015	0.74	2.20
9 September 2015	0.75	2.21
10 September 2015	0.75	2.23
11 September 2015	0.71	2.20
14 September 2015	0.73	2.18
15 September 2015	0.82	2.28
16 September 2015	0.82	2.30
17 September 2015	0.70	2.21
18 September 2015	0.69	2.13
21 September 2015	0.72	2.20
22 September 2015	0.69	2.14
23 September 2015	0.70	2.16
24 September 2015	0.67	2.13
25 September 2015	0.70	2.17
28 September 2015	0.67	2.10
29 September 2015	0.64	2.05
30 September 2015	0.64	2.06
1 October 2015	0.64	2.05
2 October 2015	0.58	1.99
5 October 2015	0.61	2.07
6 October 2015	0.61	2.05
7 October 2015	0.65	2.08
8 October 2015	0.65	2.12
9 October 2015	0.65	2.12
12 October 2015	ND	ND
13 October 2015	0.64	2.06
14 October 2015	0.57	1.99
15 October 2015	0.61	2.04
16 October 2015	0.61	2.04
19 October 2015	0.61	2.04
20 October 2015	0.66	2.08
21 October 2015	0.64	2.04
22 October 2015	0.61	2.04
23 October 2015	0.66	2.09
26 October 2015	0.66	2.07
27 October 2015	0.65	2.05
28 October 2015	0.73	2.10
29 October 2015	0.75	2.19
30 October 2015	0.75	2.16
2 November 2015	0.77	2.20
3 November 2015	0.80	2.23
4 November 2015	0.84	2.25
5 November 2015	0.85	2.26
6 November 2015	0.90	2.34
9 November 2015	0.89	2.36
10 November 2015	0.87	2.32
11 November 2015	ND	ND
12 November 2015	0.89	2.32
13 November 2015	0.86	2.28
16 November 2015	0.88	2.27
17 November 2015	0.86	2.25
18 November 2015	0.90	2.27
19 November 2015	0.91	2.24
20 November 2015	0.93	2.26
23 November 2015	0.94	2.25
24 November 2015	0.93	2.24
25 November 2015	0.93	2.23
26 November 2015	ND	ND
27 November 2015	0.92	2.22
30 November 2015	0.94	2.21
1 December 2015	0.91	2.15
2 December 2015	0.94	2.18
3 December 2015	0.96	2.33
4 December 2015	0.96	2.28
7 December 2015	0.94	2.23
8 December 2015	0.94	2.24
9 December 2015	0.93	2.22
10 December 2015	0.95	2.24
11 December 2015	0.88	2.13
14 December 2015	0.97	2.23
15 December 2015	0.98	2.28
16 December 2015	1.02	2.30
17 December 2015	1.00	2.24
18 December 2015	0.97	2.19
21 December 2015	0.96	2.20
22 December 2015	0.99	2.24
23 December 2015	1.01	2.27
24 December 2015	1.03	2.25
25 December 2015	ND	ND
28 December 2015	1.05	2.24
29 December 2015	1.09	2.32
30 December 2015	1.08	2.31
31 December 2015	1.06	2.27
1 January 2016	ND	ND
4 January 2016	1.02	2.24
5 January 2016	1.04	2.25
6 January 2016	0.99	2.18
7 January 2016	0.96	2.16
8 January 2016	0.94	2.13
11 January 2016	0.94	2.17
12 January 2016	0.93	2.12
13 January 2016	0.91	2.08
14 January 2016	0.90	2.10
15 January 2016	0.85	2.03
18 January 2016	ND	ND
19 January 2016	0.88	2.06
20 January 2016	0.85	2.01
21 January 2016	0.84	2.02
22 January 2016	0.88	2.07
25 January 2016	0.88	2.03
26 January 2016	0.85	2.01
27 January 2016	0.84	2.02
28 January 2016	0.83	2.00
29 January 2016	0.76	1.94
1 February 2016	0.81	1.97
2 February 2016	0.75	1.87
3 February 2016	0.72	1.88
4 February 2016	0.70	1.87
5 February 2016	0.74	1.86
8 February 2016	0.66	1.75
9 February 2016	0.69	1.74
10 February 2016	0.71	1.71
11 February 2016	0.64	1.63
12 February 2016	0.71	1.74
15 February 2016	ND	ND
16 February 2016	0.74	1.78
17 February 2016	0.74	1.81
18 February 2016	0.71	1.75
19 February 2016	0.76	1.76
22 February 2016	0.78	1.77
23 February 2016	0.76	1.74
24 February 2016	0.75	1.75
25 February 2016	0.72	1.71
26 February 2016	0.80	1.76
29 February 2016	0.78	1.74
1 March 2016	0.85	1.83
2 March 2016	0.85	1.84
3 March 2016	0.85	1.83
4 March 2016	0.88	1.88
7 March 2016	0.91	1.91
8 March 2016	0.88	1.83
9 March 2016	0.90	1.90
10 March 2016	0.93	1.93
11 March 2016	0.97	1.98
14 March 2016	0.97	1.97
15 March 2016	0.98	1.97
16 March 2016	0.87	1.94
17 March 2016	0.87	1.91
18 March 2016	0.84	1.88
21 March 2016	0.87	1.92
22 March 2016	0.91	1.94
23 March 2016	0.87	1.88
24 March 2016	0.89	1.91
25 March 2016	ND	ND
28 March 2016	0.89	1.89
29 March 2016	0.78	1.81
30 March 2016	0.76	1.83
31 March 2016	0.73	1.78
1 April 2016	0.76	1.79
4 April 2016	0.75	1.78
5 April 2016	0.72	1.73
6 April 2016	0.73	1.76
7 April 2016	0.70	1.70
8 April 2016	0.70	1.72
11 April 2016	0.70	1.73
12 April 2016	0.74	1.79
13 April 2016	0.75	1.77
14 April 2016	0.77	1.80
15 April 2016	0.74	1.76
18 April 2016	0.75	1.78
19 April 2016	0.77	1.79
20 April 2016	0.80	1.85
21 April 2016	0.82	1.88
22 April 2016	0.84	1.89
25 April 2016	0.85	1.91
26 April 2016	0.86	1.94
27 April 2016	0.83	1.87
28 April 2016	0.78	1.84
29 April 2016	0.77	1.83
2 May 2016	0.80	1.88
3 May 2016	0.75	1.81
4 May 2016	0.75	1.79
5 May 2016	0.72	1.76
6 May 2016	0.74	1.79
9 May 2016	0.72	1.77
10 May 2016	0.72	1.77
11 May 2016	0.74	1.73
12 May 2016	0.76	1.75
13 May 2016	0.76	1.71
16 May 2016	0.79	1.75
17 May 2016	0.82	1.76
18 May 2016	0.90	1.87
19 May 2016	0.89	1.85
20 May 2016	0.89	1.85
23 May 2016	0.91	1.84
24 May 2016	0.92	1.86
25 May 2016	0.92	1.87
26 May 2016	0.87	1.83
27 May 2016	0.90	1.85
30 May 2016	ND	ND
31 May 2016	0.87	1.84
1 June 2016	0.91	1.85
2 June 2016	0.89	1.81
3 June 2016	0.78	1.71
6 June 2016	0.80	1.73
7 June 2016	0.78	1.72
8 June 2016	0.78	1.71
9 June 2016	0.77	1.68
10 June 2016	0.73	1.64
13 June 2016	0.73	1.62
14 June 2016	0.74	1.62
15 June 2016	0.69	1.60
16 June 2016	0.70	1.57
17 June 2016	0.70	1.62
20 June 2016	0.74	1.67
21 June 2016	0.76	1.71
22 June 2016	0.75	1.69
23 June 2016	0.78	1.74
24 June 2016	0.64	1.57
27 June 2016	0.61	1.46
28 June 2016	0.61	1.46
29 June 2016	0.62	1.50
30 June 2016	0.58	1.49
1 July 2016	0.59	1.46
4 July 2016	ND	ND
5 July 2016	0.56	1.37
6 July 2016	0.58	1.38
7 July 2016	0.58	1.40
8 July 2016	0.61	1.37
11 July 2016	0.66	1.43
12 July 2016	0.69	1.53
13 July 2016	0.68	1.48
14 July 2016	0.68	1.53
15 July 2016	0.71	1.60
18 July 2016	0.68	1.59
19 July 2016	0.70	1.56
20 July 2016	0.73	1.59
21 July 2016	0.70	1.57
22 July 2016	0.71	1.57
25 July 2016	0.72	1.58
26 July 2016	0.75	1.57
27 July 2016	0.73	1.52
28 July 2016	0.72	1.52
29 July 2016	0.67	1.46
1 August 2016	0.67	1.51
2 August 2016	0.67	1.55
3 August 2016	0.67	1.55
4 August 2016	0.64	1.51
5 August 2016	0.72	1.59
8 August 2016	0.74	1.59
9 August 2016	0.71	1.55
10 August 2016	0.69	1.50
11 August 2016	0.76	1.57
12 August 2016	0.71	1.51
15 August 2016	0.72	1.55
16 August 2016	0.76	1.57
17 August 2016	0.74	1.56
18 August 2016	0.71	1.53
19 August 2016	0.76	1.58
22 August 2016	0.76	1.55
23 August 2016	0.74	1.55
24 August 2016	0.76	1.56
25 August 2016	0.78	1.58
26 August 2016	0.84	1.62
29 August 2016	0.81	1.57
30 August 2016	0.80	1.57
31 August 2016	0.80	1.58
1 September 2016	0.78	1.57
2 September 2016	0.80	1.60
5 September 2016	ND	ND
6 September 2016	0.74	1.55
7 September 2016	0.74	1.54
8 September 2016	0.78	1.61
9 September 2016	0.79	1.67
12 September 2016	0.79	1.68
13 September 2016	0.80	1.73
14 September 2016	0.77	1.70
15 September 2016	0.74	1.71
16 September 2016	0.77	1.70
19 September 2016	0.79	1.70
20 September 2016	0.79	1.69
21 September 2016	0.79	1.66
22 September 2016	0.79	1.63
23 September 2016	0.77	1.62
26 September 2016	0.76	1.59
27 September 2016	0.75	1.56
28 September 2016	0.75	1.57
29 September 2016	0.73	1.56
30 September 2016	0.77	1.60
3 October 2016	0.80	1.63
4 October 2016	0.82	1.69
5 October 2016	0.85	1.72
6 October 2016	0.86	1.75
7 October 2016	0.83	1.73
10 October 2016	ND	ND
11 October 2016	0.87	1.77
12 October 2016	0.87	1.79
13 October 2016	0.85	1.75
14 October 2016	0.84	1.80
17 October 2016	0.81	1.77
18 October 2016	0.82	1.75
19 October 2016	0.81	1.76
20 October 2016	0.84	1.76
21 October 2016	0.84	1.74
24 October 2016	0.84	1.77
25 October 2016	0.86	1.77
26 October 2016	0.86	1.79
27 October 2016	0.87	1.85
28 October 2016	0.86	1.86
31 October 2016	0.86	1.84
1 November 2016	0.83	1.83
2 November 2016	0.81	1.81
3 November 2016	0.81	1.82
4 November 2016	0.80	1.79
7 November 2016	0.82	1.83
8 November 2016	0.87	1.88
9 November 2016	0.90	2.07
10 November 2016	0.92	2.15
11 November 2016	ND	ND
14 November 2016	1.00	2.23
15 November 2016	1.02	2.23
16 November 2016	1.00	2.22
17 November 2016	1.04	2.29
18 November 2016	1.07	2.34
21 November 2016	1.08	2.33
22 November 2016	1.07	2.31
23 November 2016	1.12	2.36
24 November 2016	ND	ND
25 November 2016	1.12	2.36
28 November 2016	1.11	2.32
29 November 2016	1.09	2.30
30 November 2016	1.11	2.37
1 December 2016	1.14	2.45
2 December 2016	1.11	2.40
5 December 2016	1.13	2.39
6 December 2016	1.12	2.39
7 December 2016	1.10	2.34
8 December 2016	1.12	2.40
9 December 2016	1.15	2.47
12 December 2016	1.15	2.49
13 December 2016	1.17	2.48
14 December 2016	1.27	2.54
15 December 2016	1.29	2.60
16 December 2016	1.28	2.60
19 December 2016	1.24	2.54
20 December 2016	1.25	2.57
21 December 2016	1.21	2.55
22 December 2016	1.22	2.55
23 December 2016	1.22	2.55
26 December 2016	ND	ND
27 December 2016	1.28	2.57
28 December 2016	1.26	2.51
29 December 2016	1.22	2.49
30 December 2016	1.20	2.45
2 January 2017	ND	ND
3 January 2017	1.22	2.45
4 January 2017	1.24	2.46
5 January 2017	1.17	2.37
6 January 2017	1.22	2.42
9 January 2017	1.21	2.38
10 January 2017	1.19	2.38
11 January 2017	1.20	2.38
12 January 2017	1.18	2.36
13 January 2017	1.21	2.40
16 January 2017	ND	ND
17 January 2017	1.17	2.33
18 January 2017	1.23	2.42
19 January 2017	1.25	2.47
20 January 2017	1.20	2.48
23 January 2017	1.16	2.41
24 January 2017	1.21	2.47
25 January 2017	1.23	2.53
26 January 2017	1.21	2.51
27 January 2017	1.22	2.49
30 January 2017	1.22	2.49
31 January 2017	1.19	2.45
1 February 2017	1.22	2.48
2 February 2017	1.21	2.48
3 February 2017	1.21	2.49
6 February 2017	1.16	2.42
7 February 2017	1.16	2.40
8 February 2017	1.15	2.34
9 February 2017	1.20	2.40

Note: The 2-year and 10-year Treasury rates are the constant-maturity yields based on the most actively traded securities.

Source: Department of the Treasury.

Return to text

Figure 44. Federal Reserve assets and liabilities

Assets
Weekly
Values for each component are in billions of dollars; charted totals are in trillions of dollars

Period	Treasury securities held outright	Agency debt and mortgage-backed securities holdings	Credit and liquidity facilities	Other assets	Sum
2 January 2008	740.63	0.00	68.92	112.64	922.19
9 January 2008	728.20	0.00	65.02	87.54	880.75
16 January 2008	728.26	0.00	69.57	95.76	893.58
23 January 2008	723.31	0.00	74.02	79.92	877.25
30 January 2008	718.37	0.00	74.05	107.85	900.26
6 February 2008	713.38	0.00	84.46	73.19	871.02
13 February 2008	713.37	0.00	84.04	85.60	883.00
20 February 2008	713.36	0.00	71.37	94.22	878.95
27 February 2008	713.36	0.00	70.69	109.78	893.83
5 March 2008	713.39	0.00	60.04	107.78	881.21
12 March 2008	703.44	0.00	60.03	133.10	896.56
19 March 2008	660.48	0.00	108.93	119.24	888.65
26 March 2008	612.31	0.00	117.61	164.05	893.97
2 April 2008	581.24	0.00	165.80	136.67	883.71
9 April 2008	560.11	0.00	154.84	178.08	893.03
16 April 2008	548.63	0.00	170.51	162.76	881.90
23 April 2008	548.66	0.00	168.04	169.08	885.78
30 April 2008	548.69	0.00	165.76	173.68	888.13
7 May 2008	536.71	0.00	163.79	188.72	889.23
14 May 2008	515.66	0.00	204.90	159.61	880.18
21 May 2008	502.86	0.00	205.87	189.75	898.49
28 May 2008	491.09	0.00	241.22	171.74	904.05
4 June 2008	486.94	0.00	232.79	176.21	895.94
11 June 2008	482.07	0.00	234.04	174.50	890.61
18 June 2008	478.73	0.00	233.89	189.68	902.30
25 June 2008	478.80	0.00	227.40	186.51	892.71
2 July 2008	478.87	0.00	253.81	170.28	902.96
9 July 2008	478.95	0.00	254.28	164.81	898.03
16 July 2008	479.04	0.00	257.21	174.43	910.68
23 July 2008	479.12	0.00	258.89	161.66	899.66
30 July 2008	479.21	0.00	258.48	180.94	918.63
6 August 2008	479.33	0.00	258.64	163.74	901.71
13 August 2008	479.43	0.00	258.83	176.37	914.63
20 August 2008	479.54	0.00	264.77	154.30	898.61
27 August 2008	479.64	0.00	265.25	165.09	909.98
3 September 2008	479.73	0.00	260.38	165.15	905.25
10 September 2008	479.78	0.00	264.88	181.06	925.72
17 September 2008	479.84	0.00	362.66	152.59	995.09
24 September 2008	476.58	10.00	583.65	141.60	1211.83
1 October 2008	476.62	14.50	874.40	138.47	1503.99
8 October 2008	476.58	14.11	944.54	156.37	1591.59
15 October 2008	476.55	14.11	1140.87	139.28	1770.81
22 October 2008	476.51	14.11	1175.21	136.78	1802.60
29 October 2008	476.47	13.62	1341.64	137.35	1969.09
5 November 2008	476.46	13.24	1446.42	138.10	2074.21
12 November 2008	476.44	12.97	1585.33	138.11	2212.85
19 November 2008	476.43	12.50	1563.89	134.32	2187.14
26 November 2008	476.41	12.22	1483.21	134.28	2106.12
3 December 2008	476.35	11.57	1514.22	134.77	2136.92
10 December 2008	476.25	15.81	1622.55	135.40	2250.01
17 December 2008	476.14	17.62	1623.08	138.15	2254.98
24 December 2008	476.01	20.88	1596.47	138.95	2232.31
31 December 2008	475.92	19.71	1605.85	137.98	2239.46
7 January 2009	475.72	19.26	1508.61	117.85	2121.44
14 January 2009	475.51	29.79	1445.63	98.78	2049.71
21 January 2009	475.32	30.15	1452.64	79.01	2037.11
28 January 2009	475.13	35.74	1356.38	59.84	1927.08
4 February 2009	474.98	37.29	1280.36	58.80	1851.44
11 February 2009	474.87	39.53	1269.91	59.09	1843.40
18 February 2009	474.76	98.87	1283.96	57.97	1915.56
25 February 2009	474.64	107.08	1276.22	58.17	1916.12
4 March 2009	474.62	107.14	1262.55	57.00	1901.32
11 March 2009	474.66	113.39	1253.34	58.13	1899.51
18 March 2009	474.70	284.76	1245.94	61.54	2066.94
25 March 2009	474.75	286.55	1246.29	63.97	2071.56
1 April 2009	492.33	290.25	1231.40	64.96	2078.94
8 April 2009	508.41	292.94	1219.10	68.12	2088.57
15 April 2009	526.10	417.08	1171.06	72.26	2186.50
22 April 2009	534.97	432.10	1156.24	73.50	2196.81
29 April 2009	549.05	434.31	1008.69	74.66	2066.71
6 May 2009	560.60	437.29	1004.43	77.44	2079.76
13 May 2009	577.09	504.50	1033.08	81.68	2196.35
20 May 2009	583.27	508.15	1009.59	80.62	2181.63
27 May 2009	600.14	507.30	889.50	83.17	2080.12
3 June 2009	606.17	509.60	877.70	84.23	2077.70
10 June 2009	628.69	513.79	825.07	84.76	2052.30
17 June 2009	638.67	545.73	802.15	85.98	2072.53
24 June 2009	653.19	563.85	720.93	87.59	2025.57
1 July 2009	663.47	560.27	693.31	88.57	2005.63
8 July 2009	673.50	560.28	668.70	90.26	1992.74
15 July 2009	684.03	628.12	670.22	90.08	2072.45
22 July 2009	692.73	648.15	606.85	91.28	2039.00
29 July 2009	695.76	648.80	564.70	91.29	2000.55
5 August 2009	705.33	650.95	539.17	93.75	1989.20
12 August 2009	728.97	652.89	537.71	95.33	2014.90
19 August 2009	736.09	721.32	511.95	91.28	2060.64
26 August 2009	744.88	740.26	497.98	91.79	2074.90
2 September 2009	752.84	744.59	493.58	92.71	2083.72
9 September 2009	757.77	748.39	487.07	94.71	2087.95
16 September 2009	759.80	810.21	473.31	96.45	2139.78
23 September 2009	765.63	822.80	468.97	101.23	2158.63
30 September 2009	769.16	823.54	448.07	100.25	2141.02
7 October 2009	769.19	826.10	441.40	101.40	2138.09
14 October 2009	773.46	899.37	411.98	107.97	2192.79
21 October 2009	773.49	916.71	405.07	105.85	2201.12
28 October 2009	774.56	915.67	365.83	105.48	2161.54
4 November 2009	776.51	921.35	361.14	106.06	2165.07
11 November 2009	776.52	925.25	325.62	107.65	2135.04
18 November 2009	776.53	1000.09	326.61	105.50	2208.72
25 November 2009	776.54	1007.19	316.88	105.76	2206.36
2 December 2009	776.54	1007.24	314.46	105.83	2204.07
9 December 2009	776.55	1010.46	290.61	108.76	2186.38
16 December 2009	776.56	1058.92	290.62	109.66	2235.76
23 December 2009	776.58	1070.31	278.34	110.58	2235.80
30 December 2009	776.59	1068.14	280.28	109.06	2234.07
6 January 2010	776.60	1068.62	280.65	109.45	2235.30
13 January 2010	776.60	1129.42	271.62	114.06	2291.70
20 January 2010	776.61	1133.10	229.88	112.21	2251.81
27 January 2010	776.62	1133.40	225.46	111.41	2246.89
3 February 2010	776.61	1134.99	225.91	111.80	2249.32
10 February 2010	776.59	1141.81	224.52	113.75	2256.68
17 February 2010	776.57	1191.13	201.45	108.43	2277.57
24 February 2010	776.55	1199.09	199.77	110.72	2286.13
3 March 2010	776.55	1194.34	199.90	109.35	2280.15
10 March 2010	776.59	1198.18	197.17	110.53	2282.47
17 March 2010	776.63	1233.93	186.52	110.92	2308.00
24 March 2010	776.67	1241.29	183.75	111.45	2313.15
31 March 2010	776.70	1237.69	182.65	110.11	2307.15
7 April 2010	776.71	1237.72	181.86	111.28	2307.58
14 April 2010	776.71	1270.78	177.70	114.16	2339.35
21 April 2010	776.71	1270.83	176.92	113.09	2337.56
28 April 2010	776.72	1265.32	176.99	111.44	2330.47
5 May 2010	776.75	1265.53	171.60	112.29	2326.16
12 May 2010	776.79	1266.47	179.16	113.68	2336.10
19 May 2010	776.83	1287.06	178.45	108.54	2350.89
26 May 2010	776.88	1280.29	169.69	107.19	2334.04
2 June 2010	776.91	1280.33	171.25	107.72	2336.22
9 June 2010	776.93	1280.39	165.18	109.03	2331.53
16 June 2010	776.95	1293.80	164.31	109.25	2344.32
23 June 2010	776.97	1294.27	162.86	110.39	2344.50
30 June 2010	776.99	1282.89	162.78	108.19	2330.85
7 July 2010	777.00	1283.05	161.41	110.56	2332.02
14 July 2010	777.00	1290.67	161.13	111.91	2340.72
21 July 2010	777.01	1283.97	160.18	111.16	2332.32
28 July 2010	777.02	1276.86	160.82	110.60	2325.30
4 August 2010	777.02	1277.12	160.49	111.85	2326.48
11 August 2010	777.01	1278.84	158.47	113.21	2327.53
18 August 2010	779.55	1270.23	156.90	106.98	2313.66
25 August 2010	784.50	1259.67	151.08	105.77	2301.02
1 September 2010	786.28	1259.67	148.80	107.24	2302.00
8 September 2010	789.89	1259.67	147.19	109.05	2305.80
15 September 2010	794.65	1246.75	146.24	108.44	2296.08
22 September 2010	805.11	1245.98	144.95	111.13	2307.17
29 September 2010	811.67	1232.64	143.55	110.83	2298.69
6 October 2010	819.07	1232.64	143.17	113.21	2308.09
13 October 2010	821.16	1230.72	143.08	114.92	2309.88
20 October 2010	832.12	1216.49	141.92	114.70	2305.23
27 October 2010	837.85	1200.72	142.78	114.05	2295.39
3 November 2010	842.01	1200.72	142.49	115.13	2300.35
10 November 2010	853.04	1200.72	141.54	117.47	2312.77
17 November 2010	873.62	1187.27	140.90	112.97	2314.76
24 November 2010	901.24	1185.98	140.63	118.15	2346.00
1 December 2010	917.45	1170.83	140.90	117.73	2346.92
8 December 2010	949.61	1170.83	139.56	122.29	2382.29
15 December 2010	967.55	1156.73	138.70	122.78	2385.75
22 December 2010	1007.24	1155.86	138.11	126.72	2427.92
29 December 2010	1016.10	1139.60	138.19	126.67	2420.57
5 January 2011	1030.98	1139.60	137.89	127.59	2436.06
12 January 2011	1062.06	1138.47	137.31	130.29	2468.13
19 January 2011	1079.58	1126.04	89.20	130.35	2425.16
26 January 2011	1114.45	1109.70	88.89	130.49	2443.53
2 February 2011	1138.17	1109.70	88.83	132.73	2469.42
9 February 2011	1167.09	1109.70	88.50	135.19	2500.48
16 February 2011	1190.34	1102.81	87.72	127.99	2508.87
23 February 2011	1213.43	1102.32	86.70	130.78	2533.22
2 March 2011	1236.26	1092.18	85.94	130.74	2545.12
9 March 2011	1266.07	1092.18	85.83	133.00	2577.08
16 March 2011	1280.39	1084.10	85.02	133.55	2583.05
23 March 2011	1305.24	1076.34	84.64	135.12	2601.34
30 March 2011	1333.44	1069.65	84.43	135.00	2622.52
6 April 2011	1358.21	1069.65	83.65	137.17	2648.68
13 April 2011	1374.69	1068.04	83.08	139.59	2665.41
20 April 2011	1402.49	1061.68	81.56	140.04	2685.78
27 April 2011	1413.47	1053.21	83.40	140.91	2690.98
4 May 2011	1441.86	1052.14	81.39	143.37	2718.76
11 May 2011	1466.21	1052.14	80.58	145.56	2744.50
18 May 2011	1495.17	1044.34	79.49	139.02	2758.01
25 May 2011	1519.33	1036.95	78.88	139.84	2775.00
1 June 2011	1532.24	1036.95	78.40	141.14	2788.72
8 June 2011	1554.66	1036.95	75.72	143.88	2811.21
15 June 2011	1575.94	1032.87	74.48	144.26	2827.55
22 June 2011	1601.96	1032.69	74.34	147.41	2856.40
29 June 2011	1617.06	1025.56	74.23	148.40	2865.25
6 July 2011	1624.51	1023.92	72.95	148.72	2870.10
13 July 2011	1630.41	1023.92	72.99	150.75	2878.07
20 July 2011	1634.09	1018.22	69.01	149.98	2871.30
27 July 2011	1638.16	1009.72	65.23	150.46	2863.58
3 August 2011	1640.92	1009.72	65.13	151.45	2867.21
10 August 2011	1644.74	1009.72	65.19	152.77	2872.42
17 August 2011	1647.63	1003.23	62.43	144.62	2857.91
24 August 2011	1648.44	1002.13	62.57	146.30	2859.43
31 August 2011	1652.11	994.72	62.15	144.91	2853.89
7 September 2011	1655.60	994.72	62.06	146.28	2858.66
14 September 2011	1658.96	994.72	62.10	147.76	2863.54
21 September 2011	1663.10	987.51	59.41	147.72	2857.75
28 September 2011	1664.65	979.15	59.42	147.69	2850.92
5 October 2011	1671.78	979.15	59.25	149.51	2859.70
12 October 2011	1668.77	979.15	59.32	153.58	2860.82
19 October 2011	1670.26	969.74	57.69	154.70	2852.39
26 October 2011	1678.01	956.93	54.07	156.68	2845.68
2 November 2011	1654.19	956.93	53.82	157.09	2822.03
9 November 2011	1668.11	956.93	53.83	160.92	2839.79
16 November 2011	1675.84	949.48	51.42	154.84	2831.58
23 November 2011	1664.80	947.51	50.86	158.81	2821.98
30 November 2011	1672.04	932.96	50.88	158.36	2814.23
7 December 2011	1675.03	932.96	50.52	162.18	2820.69
14 December 2011	1673.47	963.99	98.89	166.13	2902.49
21 December 2011	1684.25	956.42	107.14	168.28	2916.09
28 December 2011	1672.09	941.29	143.96	168.75	2926.09
4 January 2012	1663.44	941.73	143.78	168.74	2917.69
11 January 2012	1650.84	942.68	135.16	170.48	2899.15
18 January 2012	1651.51	948.93	146.46	172.52	2919.42
25 January 2012	1661.53	937.12	146.34	174.55	2919.55
1 February 2012	1662.46	937.51	147.62	177.36	2924.95
8 February 2012	1660.69	937.53	149.27	180.79	2928.27
15 February 2012	1667.07	949.30	148.68	172.83	2937.89
22 February 2012	1656.58	953.86	147.24	175.13	2932.81
29 February 2012	1661.60	941.61	147.52	174.99	2925.72
7 March 2012	1659.28	940.60	107.45	177.42	2884.75
14 March 2012	1659.77	953.69	99.51	180.59	2893.56
21 March 2012	1663.48	950.25	96.61	182.30	2892.65
28 March 2012	1664.91	933.26	95.85	184.11	2878.14
4 April 2012	1669.37	933.27	77.35	185.49	2865.48
11 April 2012	1681.09	933.27	63.40	189.44	2867.20
18 April 2012	1672.14	950.56	61.51	191.26	2875.47
25 April 2012	1667.77	942.37	63.38	193.05	2866.56
2 May 2012	1667.63	942.39	59.30	194.96	2864.28
9 May 2012	1665.94	942.40	58.49	197.33	2864.15
16 May 2012	1656.79	952.39	52.67	189.12	2850.98
23 May 2012	1656.82	958.24	52.14	192.29	2859.50
30 May 2012	1656.67	945.00	47.67	193.31	2842.65
6 June 2012	1664.29	945.01	47.78	194.94	2852.02
13 June 2012	1660.16	961.19	48.91	198.82	2869.07
20 June 2012	1663.58	959.52	45.23	202.51	2870.85
27 June 2012	1666.53	946.46	47.79	202.76	2863.55
4 July 2012	1666.37	946.51	48.78	204.19	2865.86
11 July 2012	1662.64	946.54	50.57	206.53	2866.28
18 July 2012	1648.69	954.04	44.17	208.89	2855.81
25 July 2012	1651.43	944.39	41.07	209.86	2846.76
1 August 2012	1649.29	944.51	45.05	212.27	2851.12
8 August 2012	1652.42	944.52	44.06	215.18	2856.18
15 August 2012	1646.36	943.26	37.85	205.85	2833.32
22 August 2012	1637.15	946.52	33.67	208.32	2825.66
29 August 2012	1639.41	930.81	32.51	210.08	2812.81
5 September 2012	1648.86	930.92	30.35	212.04	2822.17
12 September 2012	1650.85	930.94	25.73	215.93	2823.45
19 September 2012	1646.10	937.24	20.80	217.43	2821.57
26 September 2012	1648.40	918.38	19.08	218.59	2804.46
3 October 2012	1652.94	918.40	16.79	220.38	2808.51
10 October 2012	1653.74	917.75	17.18	222.96	2811.62
17 October 2012	1659.08	945.05	16.84	225.94	2846.92
24 October 2012	1646.52	950.82	15.99	227.64	2840.96
31 October 2012	1645.33	933.94	16.67	227.19	2823.14
7 November 2012	1651.29	933.96	16.14	229.40	2830.79
14 November 2012	1656.83	970.92	15.65	233.84	2877.24
21 November 2012	1650.49	979.87	15.61	225.20	2871.16
28 November 2012	1646.65	962.82	15.60	226.29	2851.36
5 December 2012	1653.59	962.93	15.51	227.77	2859.81
12 December 2012	1660.81	1008.08	15.57	232.80	2917.26
19 December 2012	1658.85	1012.67	14.78	233.92	2920.23
26 December 2012	1656.93	1003.34	11.85	235.18	2907.30
2 January 2013	1666.12	1003.47	11.83	235.77	2917.19
9 January 2013	1676.31	1003.07	11.90	237.44	2928.73
16 January 2013	1688.89	1022.72	11.00	241.21	2963.81
23 January 2013	1696.69	1058.29	10.99	245.73	3011.70
30 January 2013	1710.06	1040.89	10.95	246.80	3008.70
6 February 2013	1717.18	1040.99	7.70	249.10	3014.98
13 February 2013	1728.48	1084.28	7.63	253.84	3074.23
20 February 2013	1736.46	1107.32	7.63	243.74	3095.15
27 February 2013	1749.54	1089.50	6.58	244.97	3090.60
6 March 2013	1761.76	1089.53	10.62	246.89	3108.81
13 March 2013	1769.99	1134.46	10.27	250.68	3165.40
20 March 2013	1784.65	1157.93	10.24	254.06	3206.89
27 March 2013	1794.46	1143.35	10.54	253.90	3202.26
3 April 2013	1805.64	1143.40	10.34	256.06	3215.43
10 April 2013	1814.48	1143.14	11.07	259.07	3227.76
17 April 2013	1825.04	1198.17	9.84	262.05	3295.11
24 April 2013	1836.23	1208.06	9.87	264.49	3318.65
1 May 2013	1847.98	1193.59	10.90	264.72	3317.19
8 May 2013	1854.33	1193.60	9.60	267.08	3324.62
15 May 2013	1864.51	1222.55	9.60	257.61	3354.27
22 May 2013	1877.15	1250.84	9.57	261.15	3398.71
29 May 2013	1883.56	1235.82	4.09	261.66	3385.13
5 June 2013	1898.01	1235.88	4.00	262.30	3400.18
12 June 2013	1906.08	1235.90	3.94	264.92	3410.84
19 June 2013	1918.71	1279.64	3.92	268.26	3470.53
26 June 2013	1928.42	1278.77	3.65	267.83	3478.67
3 July 2013	1942.68	1277.32	3.82	268.92	3492.74
10 July 2013	1952.53	1277.33	3.62	270.62	3504.10
17 July 2013	1961.67	1301.06	3.61	271.52	3537.86
24 July 2013	1970.00	1327.45	3.59	273.53	3574.57
31 July 2013	1982.41	1313.49	3.64	272.26	3571.80
7 August 2013	1993.37	1313.49	3.57	274.93	3585.36
14 August 2013	2001.09	1365.54	3.61	276.08	3646.32
21 August 2013	2012.17	1368.90	2.37	262.23	3645.67
28 August 2013	2023.61	1357.05	2.38	261.41	3644.46
4 September 2013	2033.29	1357.11	2.37	261.42	3654.18
11 September 2013	2041.09	1355.69	2.29	262.96	3662.03
18 September 2013	2052.05	1403.42	2.26	264.46	3722.19
25 September 2013	2062.00	1405.66	2.22	264.14	3734.02
2 October 2013	2076.93	1402.79	2.46	265.22	3747.39
9 October 2013	2086.74	1402.81	2.12	266.99	3758.66
16 October 2013	2095.03	1447.91	2.21	268.44	3813.60
23 October 2013	2106.47	1459.75	2.20	270.61	3839.03
30 October 2013	2117.75	1452.77	2.19	270.68	3843.40
6 November 2013	2125.55	1452.77	2.16	271.13	3851.62
13 November 2013	2137.04	1493.63	2.16	274.59	3907.42
20 November 2013	2150.96	1492.26	2.15	261.25	3906.62
27 November 2013	2163.67	1498.23	2.16	261.83	3925.88
4 December 2013	2169.79	1498.24	2.15	262.45	3932.63
11 December 2013	2185.72	1540.19	2.16	265.89	3993.95
18 December 2013	2197.29	1542.63	2.17	265.98	4008.06
25 December 2013	2208.83	1554.16	2.20	267.38	4032.58
1 January 2014	2208.78	1547.38	2.18	265.30	4023.64
8 January 2014	2212.92	1545.82	2.11	267.32	4028.18
15 January 2014	2220.95	1580.12	2.11	268.35	4071.53
22 January 2014	2231.43	1594.38	2.12	269.99	4097.91
29 January 2014	2243.18	1587.13	2.16	269.67	4102.14
5 February 2014	2252.97	1583.64	2.23	270.44	4109.28
12 February 2014	2261.10	1583.65	2.23	272.49	4119.47
19 February 2014	2267.87	1620.10	2.23	259.02	4149.22
26 February 2014	2278.26	1621.48	2.23	258.01	4159.97
5 March 2014	2288.45	1621.53	2.33	259.45	4171.76
12 March 2014	2295.94	1621.54	2.34	261.55	4181.36
19 March 2014	2305.79	1650.33	2.36	263.60	4222.08
26 March 2014	2311.54	1650.45	2.34	262.65	4226.97
2 April 2014	2320.65	1650.45	2.28	263.06	4236.44
9 April 2014	2326.09	1650.45	2.27	265.38	4244.19
16 April 2014	2335.99	1679.22	2.27	266.48	4283.97
23 April 2014	2341.77	1684.10	2.28	268.20	4296.34
30 April 2014	2350.27	1676.84	2.25	266.68	4296.05
7 May 2014	2354.92	1676.84	2.29	269.10	4303.14
14 May 2014	2361.33	1700.99	2.26	272.07	4336.65
21 May 2014	2367.24	1699.90	2.28	258.15	4327.56
28 May 2014	2370.72	1692.06	2.14	257.72	4322.65
4 June 2014	2378.19	1692.06	2.17	258.50	4330.92
11 June 2014	2385.80	1692.08	2.19	260.83	4340.90
18 June 2014	2391.48	1712.04	2.17	262.47	4368.17
25 June 2014	2396.97	1707.56	2.23	261.59	4368.35
2 July 2014	2404.58	1707.56	2.15	262.75	4377.03
9 July 2014	2408.51	1707.56	2.13	265.21	4383.40
16 July 2014	2410.34	1719.63	2.17	266.07	4398.20
23 July 2014	2413.62	1726.91	2.13	268.08	4410.75
30 July 2014	2420.29	1716.49	2.14	267.73	4406.64
6 August 2014	2422.57	1716.49	2.14	268.92	4410.11
13 August 2014	2427.65	1730.13	2.15	272.00	4431.92
20 August 2014	2431.40	1723.46	2.16	255.90	4412.92
27 August 2014	2435.93	1719.87	2.21	255.72	4413.74
3 September 2014	2436.99	1719.88	2.23	256.49	4415.59
10 September 2014	2440.64	1719.88	2.22	258.66	4421.41
17 September 2014	2446.57	1740.50	2.10	260.41	4449.59
24 September 2014	2448.63	1746.29	2.06	262.08	4459.05
1 October 2014	2451.74	1736.43	2.18	259.92	4450.26
8 October 2014	2454.46	1736.43	1.92	262.60	4455.40
15 October 2014	2455.35	1753.18	1.93	263.90	4474.36
22 October 2014	2459.20	1755.14	1.93	265.34	4481.62
29 October 2014	2461.58	1757.59	1.91	265.68	4486.75
5 November 2014	2461.58	1757.60	1.85	265.56	4486.58
12 November 2014	2461.60	1757.60	1.81	267.89	4488.90
19 November 2014	2461.62	1774.59	1.81	254.74	4492.76
26 November 2014	2461.64	1768.47	1.79	254.03	4485.93
3 December 2014	2461.63	1768.48	1.78	254.30	4486.19
10 December 2014	2461.56	1768.49	1.80	257.01	4488.87
17 December 2014	2461.49	1780.63	1.77	258.35	4502.25
24 December 2014	2461.42	1786.05	1.83	260.16	4509.46
31 December 2014	2461.36	1775.51	3.35	257.44	4497.66
7 January 2015	2461.22	1775.52	3.23	259.56	4499.52
14 January 2015	2461.08	1790.41	1.71	262.87	4516.08
21 January 2015	2460.94	1788.12	1.85	262.03	4512.94
28 January 2015	2460.80	1776.26	1.72	261.28	4500.06
4 February 2015	2460.65	1776.27	1.70	261.73	4500.35
11 February 2015	2460.49	1775.57	1.70	263.92	4501.69
18 February 2015	2460.33	1785.90	1.69	248.93	4496.85
25 February 2015	2460.17	1777.08	1.70	247.78	4486.72
4 March 2015	2460.03	1777.10	1.70	248.75	4487.58
11 March 2015	2459.91	1777.13	1.70	250.54	4489.28
18 March 2015	2459.79	1782.79	1.70	251.61	4495.89
25 March 2015	2459.67	1768.79	1.71	250.44	4480.60
1 April 2015	2459.58	1768.81	2.56	250.85	4481.80
8 April 2015	2459.69	1768.81	1.72	253.20	4483.42
15 April 2015	2459.81	1770.33	1.73	253.50	4485.37
22 April 2015	2459.92	1772.96	1.75	255.06	4489.70
29 April 2015	2460.03	1754.74	1.75	254.97	4471.50
6 May 2015	2460.18	1754.75	1.75	256.02	4472.70
13 May 2015	2460.33	1779.73	1.78	259.34	4501.19
20 May 2015	2460.49	1773.36	1.79	244.75	4480.38
27 May 2015	2460.64	1758.33	1.80	243.22	4463.98
3 June 2015	2460.75	1758.33	1.82	244.46	4465.36
10 June 2015	2460.80	1758.33	1.83	247.04	4468.00
17 June 2015	2460.86	1776.77	2.00	248.18	4487.82
24 June 2015	2460.91	1782.29	2.02	249.84	4495.05
1 July 2015	2460.98	1767.96	2.50	247.70	4479.13
8 July 2015	2461.11	1767.96	2.03	250.20	4481.29
15 July 2015	2461.24	1779.70	2.19	250.47	4493.61
22 July 2015	2461.37	1784.55	2.55	252.03	4500.50
29 July 2015	2461.50	1769.93	2.26	251.79	4485.48
5 August 2015	2461.60	1769.95	2.21	252.56	4486.33
12 August 2015	2461.69	1769.98	2.17	255.41	4489.25
19 August 2015	2461.78	1783.17	2.16	240.10	4487.21
26 August 2015	2461.88	1771.70	2.09	239.44	4475.11
2 September 2015	2461.94	1771.78	2.09	240.08	4475.89
9 September 2015	2461.94	1771.80	2.09	242.39	4478.21
16 September 2015	2461.94	1780.21	2.11	243.54	4487.81
23 September 2015	2461.95	1787.71	2.67	245.16	4497.48
30 September 2015	2461.95	1776.33	2.64	243.20	4484.11
7 October 2015	2461.91	1776.34	2.07	245.86	4486.18
14 October 2015	2461.87	1791.58	2.07	249.18	4504.70
21 October 2015	2461.84	1789.34	2.03	248.16	4501.37
28 October 2015	2461.80	1778.24	2.02	247.28	4489.34
4 November 2015	2461.76	1778.25	1.99	247.71	4489.70
11 November 2015	2461.72	1778.25	1.97	250.08	4492.01
18 November 2015	2461.68	1786.45	1.97	236.63	4486.72
25 November 2015	2461.63	1777.73	1.95	235.77	4477.09
2 December 2015	2461.60	1777.73	1.92	236.81	4478.07
9 December 2015	2461.59	1777.74	1.93	239.17	4480.44
16 December 2015	2461.58	1786.10	1.93	239.99	4489.59
23 December 2015	2461.57	1790.70	2.71	241.54	4496.52
30 December 2015	2461.55	1780.41	3.35	241.27	4486.59
6 January 2016	2461.51	1780.41	2.87	241.82	4486.61
13 January 2016	2461.45	1793.55	1.86	244.83	4501.70
20 January 2016	2461.40	1781.59	1.86	243.99	4488.84
27 January 2016	2461.34	1775.50	1.95	243.56	4482.35
3 February 2016	2461.27	1775.50	1.82	244.91	4483.49
10 February 2016	2461.17	1775.50	1.82	247.78	4486.28
17 February 2016	2461.08	1788.09	1.89	232.57	4483.63
24 February 2016	2461.21	1792.24	1.83	234.52	4489.80
2 March 2016	2461.15	1783.15	1.82	232.37	4478.49
9 March 2016	2461.20	1783.15	1.83	234.91	4481.08
16 March 2016	2461.24	1787.34	1.83	235.92	4486.33
23 March 2016	2461.28	1792.19	1.79	237.59	4492.86
30 March 2016	2461.33	1782.34	1.80	237.37	4482.84
6 April 2016	2461.34	1782.34	1.91	238.47	4484.07
13 April 2016	2461.37	1795.38	1.81	241.17	4499.73
20 April 2016	2461.39	1786.71	1.82	240.21	4490.13
27 April 2016	2461.41	1771.92	1.78	239.55	4474.67
4 May 2016	2461.49	1771.92	2.97	240.88	4477.27
11 May 2016	2461.60	1771.92	1.78	243.10	4478.41
18 May 2016	2461.72	1779.83	2.79	229.40	4473.74
25 May 2016	2461.64	1768.17	2.84	228.47	4461.11
1 June 2016	2461.76	1768.17	2.60	228.86	4461.39
8 June 2016	2461.90	1768.18	1.81	231.66	4463.54
15 June 2016	2462.03	1776.42	1.84	232.52	4472.82
22 June 2016	2462.17	1783.60	1.86	234.38	4482.01
29 June 2016	2462.30	1768.64	1.87	233.67	4466.48
6 July 2016	2462.43	1768.64	4.85	234.69	4470.60
13 July 2016	2462.54	1768.64	4.22	236.80	4472.20
20 July 2016	2462.65	1779.75	2.10	236.48	4480.97
27 July 2016	2462.76	1763.58	2.18	235.97	4464.50
3 August 2016	2462.86	1763.60	2.82	237.51	4466.79
10 August 2016	2462.96	1763.60	2.48	239.89	4468.93
17 August 2016	2463.45	1775.85	2.02	225.16	4466.48
24 August 2016	2463.54	1781.51	1.96	226.83	4473.84
31 August 2016	2463.65	1766.47	3.27	224.52	4457.91
7 September 2016	2463.60	1766.48	2.24	227.07	4459.39
14 September 2016	2463.55	1785.96	1.93	230.19	4481.64
21 September 2016	2463.51	1777.83	1.94	229.75	4473.03
28 September 2016	2463.46	1757.37	2.24	228.93	4452.00
5 October 2016	2463.47	1757.37	8.88	229.68	4459.41
12 October 2016	2463.50	1757.37	5.08	231.75	4457.70
19 October 2016	2463.52	1769.23	1.98	232.65	4467.38
26 October 2016	2463.54	1754.33	5.32	231.13	4454.33
2 November 2016	2463.59	1754.34	2.76	232.40	4453.09
9 November 2016	2463.65	1754.34	2.74	234.35	4455.09
16 November 2016	2463.72	1766.28	2.71	220.92	4453.63
23 November 2016	2463.80	1777.53	1.95	222.50	4465.78
30 November 2016	2463.86	1759.17	3.09	220.19	4446.31
7 December 2016	2463.50	1759.17	3.12	222.84	4448.62
14 December 2016	2463.53	1778.91	3.23	225.30	4470.97
21 December 2016	2463.57	1774.66	6.49	224.37	4469.09
28 December 2016	2463.60	1757.57	6.58	223.70	4451.45
4 January 2017	2463.59	1757.57	7.31	224.63	4453.10
11 January 2017	2463.55	1757.58	4.34	227.05	4452.51
18 January 2017	2463.50	1767.12	2.37	227.76	4460.76
25 January 2017	2463.46	1760.77	2.18	226.43	4452.84
1 February 2017	2463.43	1760.82	2.11	227.53	4453.88
8 February 2017	2463.44	1760.82	1.98	230.00	4456.24

Note: Data values are rounded and may not sum to totals. "Credit and liquidity facilities" consists of primary, secondary, and seasonal credit; term auction credit; central bank liquidity swaps; support for Maiden Lane, Bear Stearns, and AIG; and other credit facilities, including the Primary Dealer Credit Facility, the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, and the Term Asset-Backed Securities Loan Facility. "Other assets" includes unamortized premiums and discounts on securities held outright. The data extend through February 8, 2017.

Source: Federal Reserve Board, Statistical Release H.4.1, "Factors Affecting Reserve Balances."

Liabilities and capital
Weekly
Values for each component are in billions of dollars; charted totals are in trillions of dollars

Period	Federal Reserve notes in circulation	Deposits of depository institutions	Capital and other liabilities	Sum
2 January 2008	791.68	39.77	90.73	922.19
9 January 2008	781.80	12.89	86.06	880.75
16 January 2008	775.50	28.25	89.83	893.58
23 January 2008	774.71	15.98	86.56	877.25
30 January 2008	774.28	38.50	87.48	900.26
6 February 2008	777.11	9.46	84.46	871.02
13 February 2008	778.94	18.02	86.04	883.00
20 February 2008	780.50	10.32	88.12	878.95
27 February 2008	779.45	22.12	92.25	893.83
5 March 2008	780.77	9.73	90.71	881.21
12 March 2008	781.25	25.01	90.30	896.56
19 March 2008	781.20	10.17	97.27	888.65
26 March 2008	780.63	21.57	91.77	893.97
2 April 2008	779.56	11.42	92.73	883.71
9 April 2008	778.90	25.76	88.37	893.03
16 April 2008	777.51	12.74	91.65	881.90
23 April 2008	776.64	17.10	92.04	885.78
30 April 2008	777.09	20.30	90.74	888.13
7 May 2008	779.43	19.37	90.43	889.23
14 May 2008	780.79	10.57	88.81	880.18
21 May 2008	783.35	27.75	87.39	898.49
28 May 2008	787.70	26.89	89.47	904.05
4 June 2008	787.10	15.75	93.09	895.94
11 June 2008	786.40	14.37	89.84	890.61
18 June 2008	786.53	24.15	91.62	902.30
25 June 2008	787.96	12.83	91.92	892.71
2 July 2008	795.09	16.23	91.64	902.96
9 July 2008	795.66	11.01	91.36	898.03
16 July 2008	793.42	23.93	93.33	910.68
23 July 2008	794.24	10.97	94.45	899.66
30 July 2008	795.56	28.71	94.35	918.63
6 August 2008	795.85	10.86	95.00	901.71
13 August 2008	795.10	25.34	94.19	914.63
20 August 2008	793.70	10.46	94.45	898.61
27 August 2008	795.69	19.38	94.91	909.98
3 September 2008	799.72	10.94	94.60	905.25
10 September 2008	797.60	32.07	96.05	925.72
17 September 2008	796.09	89.10	109.90	995.09
24 September 2008	799.42	95.30	317.10	1211.83
1 October 2008	803.98	179.29	520.72	1503.99
8 October 2008	811.69	183.31	596.58	1591.59
15 October 2008	818.50	271.88	680.43	1770.81
22 October 2008	819.90	226.90	755.80	1802.60
29 October 2008	823.71	425.97	719.40	1969.09
5 November 2008	826.88	503.59	743.74	2074.21
12 November 2008	828.45	594.35	790.05	2212.85
19 November 2008	828.62	630.49	728.03	2187.14
26 November 2008	835.08	611.19	659.84	2106.12
3 December 2008	835.83	655.18	645.92	2136.92
10 December 2008	837.56	777.84	634.61	2250.01
17 December 2008	840.74	801.74	612.50	2254.98
24 December 2008	849.72	819.40	563.19	2232.31
31 December 2008	853.17	860.00	526.29	2239.46
7 January 2009	847.96	846.14	427.34	2121.44
14 January 2009	844.07	827.51	378.13	2049.71
21 January 2009	848.20	808.30	380.61	2037.11
28 January 2009	848.79	740.40	337.88	1927.08
4 February 2009	852.30	647.00	352.14	1851.44
11 February 2009	856.00	600.06	387.34	1843.40
18 February 2009	858.49	709.13	347.94	1915.56
25 February 2009	858.74	701.14	356.23	1916.12
4 March 2009	860.47	619.71	421.13	1901.32
11 March 2009	862.26	632.49	404.76	1899.51
18 March 2009	862.73	780.31	423.90	2066.94
25 March 2009	863.09	822.41	386.05	2071.56
1 April 2009	864.52	837.46	376.96	2078.94
8 April 2009	866.08	841.59	380.91	2088.57
15 April 2009	865.23	894.90	426.37	2186.50
22 April 2009	862.96	915.77	418.08	2196.81
29 April 2009	863.09	812.93	390.70	2066.71
6 May 2009	865.87	825.62	388.27	2079.76
13 May 2009	865.51	931.74	399.10	2196.35
20 May 2009	866.47	955.22	359.95	2181.63
27 May 2009	870.02	877.01	333.09	2080.12
3 June 2009	868.77	844.68	364.24	2077.70
10 June 2009	868.43	815.66	368.21	2052.30
17 June 2009	867.52	743.95	461.05	2072.53
24 June 2009	867.27	745.17	413.13	2025.57
1 July 2009	871.29	726.26	408.08	2005.63
8 July 2009	872.76	749.15	370.83	1992.74
15 July 2009	870.33	808.82	393.30	2072.45
22 July 2009	869.23	781.39	388.38	2039.00
29 July 2009	870.58	747.12	382.85	2000.55
5 August 2009	872.15	724.65	392.40	1989.20
12 August 2009	872.80	777.03	365.07	2014.90
19 August 2009	871.49	818.81	370.35	2060.64
26 August 2009	870.41	861.95	342.54	2074.90
2 September 2009	872.81	822.33	388.57	2083.72
9 September 2009	876.68	878.00	333.27	2087.95
16 September 2009	873.94	862.83	403.02	2139.78
23 September 2009	872.32	903.04	383.27	2158.63
30 September 2009	873.50	848.09	419.44	2141.02
7 October 2009	876.12	966.54	295.43	2138.09
14 October 2009	877.79	1051.95	263.05	2192.79
21 October 2009	875.32	1059.57	266.23	2201.12
28 October 2009	874.84	1083.45	203.25	2161.54
4 November 2009	877.49	1065.12	222.46	2165.07
11 November 2009	880.88	1044.24	209.92	2135.04
18 November 2009	879.36	1109.27	220.09	2208.72
25 November 2009	883.03	1168.57	154.76	2206.36
2 December 2009	882.42	1122.01	199.65	2204.07
9 December 2009	883.19	1106.67	196.52	2186.38
16 December 2009	883.39	1073.30	279.08	2235.76
23 December 2009	888.79	1082.52	264.50	2235.80
30 December 2009	889.68	1025.27	319.12	2234.07
6 January 2010	884.45	1024.50	326.36	2235.30
13 January 2010	879.22	1135.25	277.23	2291.70
20 January 2010	879.32	1063.04	309.44	2251.81
27 January 2010	878.38	1110.74	257.77	2246.89
3 February 2010	883.46	1116.26	249.59	2249.32
10 February 2010	889.09	1163.60	203.99	2256.68
17 February 2010	892.98	1205.16	179.42	2277.57
24 February 2010	892.06	1248.92	145.14	2286.13
3 March 2010	892.78	1186.08	201.28	2280.15
10 March 2010	893.62	1190.76	198.10	2282.47
17 March 2010	893.26	1118.09	296.64	2308.00
24 March 2010	893.04	1147.75	272.37	2313.15
31 March 2010	894.15	1053.88	359.13	2307.15
7 April 2010	896.30	1114.29	296.99	2307.58
14 April 2010	895.45	1063.98	379.91	2339.35
21 April 2010	894.76	1059.29	383.50	2337.56
28 April 2010	895.34	1048.80	386.33	2330.47
5 May 2010	897.52	1032.74	395.91	2326.16
12 May 2010	898.68	1092.84	344.58	2336.10
19 May 2010	897.57	1095.74	357.58	2350.89
26 May 2010	899.78	1088.40	345.86	2334.04
2 June 2010	903.73	1038.83	393.66	2336.22
9 June 2010	901.39	1078.09	352.04	2331.53
16 June 2010	899.86	1020.68	423.78	2344.32
23 June 2010	899.73	1063.50	381.26	2344.50
30 June 2010	904.13	973.49	453.23	2330.85
7 July 2010	907.70	1061.24	363.08	2332.02
14 July 2010	904.54	1073.38	362.79	2340.72
21 July 2010	902.26	1052.53	377.54	2332.32
28 July 2010	903.33	1055.13	366.83	2325.30
4 August 2010	905.77	1042.34	378.37	2326.48
11 August 2010	906.92	1060.35	360.27	2327.53
18 August 2010	906.76	1043.91	362.99	2313.66
25 August 2010	906.28	1055.46	339.28	2301.02
1 September 2010	909.87	1015.10	377.02	2302.00
8 September 2010	913.69	1054.52	337.59	2305.80
15 September 2010	911.26	936.72	448.10	2296.08
22 September 2010	910.62	984.61	411.94	2307.17
29 September 2010	913.76	986.26	398.67	2298.69
6 October 2010	918.61	1002.13	387.35	2308.09
13 October 2010	922.58	1033.88	353.42	2309.88
20 October 2010	921.38	1000.15	383.70	2305.23
27 October 2010	922.33	1015.72	357.35	2295.39
3 November 2010	927.73	987.84	384.79	2300.35
10 November 2010	933.75	1006.82	372.20	2312.77
17 November 2010	932.38	988.87	393.51	2314.76
24 November 2010	937.34	1027.83	380.83	2346.00
1 December 2010	936.39	1010.84	399.69	2346.92
8 December 2010	937.53	1066.37	378.40	2382.29
15 December 2010	938.44	1002.17	445.15	2385.75
22 December 2010	942.42	1040.64	444.86	2427.92
29 December 2010	943.75	1025.84	450.98	2420.57
5 January 2011	940.31	1033.17	462.59	2436.06
12 January 2011	936.96	1097.84	433.33	2468.13
19 January 2011	937.40	1063.96	423.80	2425.16
26 January 2011	935.34	1086.33	421.86	2443.53
2 February 2011	941.62	1081.32	446.48	2469.42
9 February 2011	947.26	1189.25	363.97	2500.48
16 February 2011	951.43	1225.13	332.31	2508.87
23 February 2011	956.01	1297.90	279.30	2533.22
2 March 2011	957.71	1303.78	283.63	2545.12
9 March 2011	959.95	1386.41	230.71	2577.08
16 March 2011	961.87	1336.62	284.56	2583.05
23 March 2011	962.52	1410.47	228.35	2601.34
30 March 2011	963.99	1458.16	200.37	2622.52
6 April 2011	968.05	1505.14	175.49	2648.68
13 April 2011	969.78	1539.27	156.35	2665.41
20 April 2011	970.58	1470.40	244.80	2685.78
27 April 2011	972.35	1457.27	261.36	2690.98
4 May 2011	975.72	1480.56	262.47	2718.76
11 May 2011	976.79	1546.65	221.06	2744.50
18 May 2011	976.33	1538.70	242.98	2758.01
25 May 2011	979.16	1592.09	203.75	2775.00
1 June 2011	984.20	1593.13	211.39	2788.72
8 June 2011	983.09	1668.05	160.06	2811.21
15 June 2011	982.36	1574.32	270.87	2827.55
22 June 2011	981.75	1602.05	272.60	2856.40
29 June 2011	985.79	1627.48	251.98	2865.25
6 July 2011	990.86	1663.02	216.22	2870.10
13 July 2011	988.29	1687.51	202.27	2878.07
20 July 2011	987.62	1627.20	256.48	2871.30
27 July 2011	989.02	1658.32	216.24	2863.58
3 August 2011	993.06	1652.95	221.20	2867.21
10 August 2011	992.79	1633.15	246.48	2872.42
17 August 2011	992.38	1652.25	213.28	2857.91
24 August 2011	991.61	1615.13	252.69	2859.43
31 August 2011	996.06	1592.00	265.84	2853.89
7 September 2011	1001.53	1610.24	246.90	2858.66
14 September 2011	998.15	1620.66	244.73	2863.54
21 September 2011	995.06	1549.46	313.23	2857.75
28 September 2011	996.32	1614.07	240.53	2850.92
5 October 2011	1000.67	1631.67	227.36	2859.70
12 October 2011	1003.32	1640.47	217.03	2860.82
19 October 2011	1001.15	1576.76	274.47	2852.39
26 October 2011	1001.57	1588.04	256.07	2845.68
2 November 2011	1008.44	1521.76	291.83	2822.03
9 November 2011	1015.19	1593.64	230.96	2839.79
16 November 2011	1016.37	1577.57	237.64	2831.58
23 November 2011	1020.75	1496.88	304.34	2821.98
30 November 2011	1020.45	1492.31	301.48	2814.23
7 December 2011	1022.09	1555.04	243.56	2820.69
14 December 2011	1024.63	1620.22	257.64	2902.49
21 December 2011	1028.52	1506.56	381.01	2916.09
28 December 2011	1034.52	1569.27	322.31	2926.09
4 January 2012	1032.53	1581.55	303.61	2917.69
11 January 2012	1026.59	1584.78	287.79	2899.15
18 January 2012	1026.12	1548.54	344.76	2919.42
25 January 2012	1024.68	1582.32	312.55	2919.55
1 February 2012	1028.91	1577.03	319.01	2924.95
8 February 2012	1036.97	1636.81	254.49	2928.27
15 February 2012	1044.26	1673.84	219.80	2937.89
22 February 2012	1048.00	1622.80	262.01	2932.81
29 February 2012	1049.88	1607.11	268.74	2925.72
7 March 2012	1053.26	1604.06	227.43	2884.75
14 March 2012	1055.15	1566.19	272.22	2893.56
21 March 2012	1055.47	1544.63	292.54	2892.65
28 March 2012	1056.42	1568.04	253.68	2878.14
4 April 2012	1059.52	1565.41	240.55	2865.48
11 April 2012	1059.84	1571.86	235.50	2867.20
18 April 2012	1058.55	1518.36	298.56	2875.47
25 April 2012	1058.31	1526.32	281.93	2866.56
2 May 2012	1060.63	1483.14	320.50	2864.28
9 May 2012	1062.15	1510.34	291.66	2864.15
16 May 2012	1061.64	1515.70	273.64	2850.98
23 May 2012	1063.77	1529.20	266.52	2859.50
30 May 2012	1068.15	1529.14	245.36	2842.65
6 June 2012	1067.82	1549.91	234.28	2852.02
13 June 2012	1067.22	1569.72	232.13	2869.07
20 June 2012	1066.76	1461.72	342.37	2870.85
27 June 2012	1067.92	1491.99	303.64	2863.55
4 July 2012	1075.91	1507.95	282.00	2865.86
11 July 2012	1073.73	1527.56	264.99	2866.28
18 July 2012	1070.22	1537.29	248.30	2855.81
25 July 2012	1069.71	1570.91	206.14	2846.76
1 August 2012	1072.59	1544.04	234.49	2851.12
8 August 2012	1074.52	1563.26	218.40	2856.18
15 August 2012	1075.22	1566.53	191.57	2833.32
22 August 2012	1075.75	1509.85	240.06	2825.66
29 August 2012	1081.17	1531.19	200.45	2812.81
5 September 2012	1086.61	1528.38	207.18	2822.17
12 September 2012	1083.84	1502.90	236.72	2823.45
19 September 2012	1083.31	1423.68	314.59	2821.57
26 September 2012	1085.81	1473.58	245.07	2804.46
3 October 2012	1091.28	1467.67	249.57	2808.51
10 October 2012	1094.79	1472.83	244.00	2811.62
17 October 2012	1093.84	1506.25	246.83	2846.92
24 October 2012	1092.84	1433.24	314.88	2840.96
31 October 2012	1099.57	1434.40	289.16	2823.14
7 November 2012	1104.77	1511.30	214.73	2830.79
14 November 2012	1106.92	1509.83	260.50	2877.24
21 November 2012	1111.19	1515.96	244.01	2871.16
28 November 2012	1110.45	1542.56	198.35	2851.36
5 December 2012	1112.32	1526.98	220.50	2859.81
12 December 2012	1113.53	1548.23	255.50	2917.26
19 December 2012	1117.46	1482.70	320.07	2920.23
26 December 2012	1124.58	1532.69	250.04	2907.30
2 January 2013	1126.86	1508.67	281.66	2917.19
9 January 2013	1118.35	1565.50	244.88	2928.73
16 January 2013	1112.82	1604.29	246.71	2963.81
23 January 2013	1113.88	1599.36	298.46	3011.70
30 January 2013	1113.86	1648.03	246.81	3008.70
6 February 2013	1118.59	1670.75	225.63	3014.98
13 February 2013	1123.00	1699.72	251.51	3074.23
20 February 2013	1127.72	1668.38	299.04	3095.15
27 February 2013	1128.86	1754.36	207.38	3090.60
6 March 2013	1132.65	1745.31	230.84	3108.81
13 March 2013	1133.30	1802.59	229.51	3165.40
20 March 2013	1132.56	1759.27	315.06	3206.89
27 March 2013	1135.09	1832.66	234.50	3202.26
3 April 2013	1136.94	1840.87	237.62	3215.43
10 April 2013	1137.09	1854.41	236.27	3227.76
17 April 2013	1136.35	1849.23	309.53	3295.11
24 April 2013	1137.60	1749.49	431.56	3318.65
1 May 2013	1139.97	1813.60	363.62	3317.19
8 May 2013	1142.53	1869.66	312.42	3324.62
15 May 2013	1143.32	1952.30	258.65	3354.27
22 May 2013	1145.26	1975.18	278.28	3398.71
29 May 2013	1149.34	2033.09	202.71	3385.13
5 June 2013	1147.52	2036.75	215.91	3400.18
12 June 2013	1146.60	2051.22	213.02	3410.84
19 June 2013	1146.88	1938.89	384.76	3470.53
26 June 2013	1150.33	2017.73	310.61	3478.67
3 July 2013	1159.06	2051.98	281.70	3492.74
10 July 2013	1156.86	2083.05	264.19	3504.10
17 July 2013	1152.59	2140.44	244.83	3537.86
24 July 2013	1151.99	2111.24	311.35	3574.57
31 July 2013	1154.32	2132.76	284.72	3571.80
7 August 2013	1156.92	2172.90	255.55	3585.36
14 August 2013	1156.36	2210.77	279.19	3646.32
21 August 2013	1156.38	2200.19	289.10	3645.67
28 August 2013	1160.51	2264.58	219.37	3644.46
4 September 2013	1166.70	2274.20	213.29	3654.18
11 September 2013	1163.47	2275.64	222.92	3662.03
18 September 2013	1161.85	2265.69	294.65	3722.19
25 September 2013	1162.80	2318.67	252.54	3734.02
2 October 2013	1166.48	2340.82	240.09	3747.39
9 October 2013	1170.91	2374.56	213.19	3758.66
16 October 2013	1173.13	2383.43	257.04	3813.60
23 October 2013	1173.97	2382.59	282.47	3839.03
30 October 2013	1175.55	2434.95	232.90	3843.40
6 November 2013	1177.48	2450.03	224.11	3851.62
13 November 2013	1178.74	2489.02	239.66	3907.42
20 November 2013	1176.94	2470.18	259.50	3906.62
27 November 2013	1183.99	2501.92	239.97	3925.88
4 December 2013	1185.26	2524.16	223.21	3932.63
11 December 2013	1186.44	2554.25	253.26	3993.95
18 December 2013	1189.18	2479.46	339.42	4008.06
25 December 2013	1195.20	2450.73	386.64	4032.58
1 January 2014	1197.92	2249.07	576.65	4023.64
8 January 2014	1190.76	2490.13	347.29	4028.18
15 January 2014	1183.54	2560.08	327.91	4071.53
22 January 2014	1182.67	2507.55	407.69	4097.91
29 January 2014	1183.14	2538.60	380.40	4102.14
5 February 2014	1187.15	2559.72	362.41	4109.28
12 February 2014	1191.69	2614.61	313.17	4119.47
19 February 2014	1202.56	2610.62	336.04	4149.22
26 February 2014	1207.57	2610.54	341.86	4159.97
5 March 2014	1215.07	2659.07	297.62	4171.76
12 March 2014	1218.57	2676.23	286.56	4181.36
19 March 2014	1223.18	2629.18	369.72	4222.08
26 March 2014	1224.80	2626.58	375.59	4226.97
2 April 2014	1226.95	2626.02	383.47	4236.44
9 April 2014	1227.77	2697.89	318.53	4244.19
16 April 2014	1227.49	2670.80	385.67	4283.97
23 April 2014	1227.12	2583.72	485.51	4296.34
30 April 2014	1228.71	2514.44	552.90	4296.05
7 May 2014	1231.36	2597.05	474.73	4303.14
14 May 2014	1232.06	2647.63	456.96	4336.65
21 May 2014	1233.59	2658.13	435.84	4327.56
28 May 2014	1237.98	2704.87	379.80	4322.65
4 June 2014	1237.06	2750.97	342.89	4330.92
11 June 2014	1236.06	2768.34	336.50	4340.90
18 June 2014	1235.77	2715.35	417.04	4368.17
25 June 2014	1236.20	2720.75	411.39	4368.35
2 July 2014	1243.67	2697.20	436.16	4377.03
9 July 2014	1244.20	2757.94	381.26	4383.40
16 July 2014	1241.29	2807.01	349.90	4398.20
23 July 2014	1240.23	2788.00	382.52	4410.75
30 July 2014	1241.97	2785.80	378.87	4406.64
6 August 2014	1244.47	2789.41	376.24	4410.11
13 August 2014	1244.87	2799.35	387.70	4431.92
20 August 2014	1243.75	2769.84	399.33	4412.92
27 August 2014	1246.22	2778.39	389.12	4413.74
3 September 2014	1250.07	2813.75	351.77	4415.59
10 September 2014	1247.98	2788.95	384.47	4421.41
17 September 2014	1244.96	2751.91	452.72	4449.59
24 September 2014	1245.12	2707.19	506.75	4459.05
1 October 2014	1246.84	2685.95	517.47	4450.26
8 October 2014	1249.64	2765.62	440.14	4455.40
15 October 2014	1252.22	2820.74	401.41	4474.36
22 October 2014	1252.92	2789.64	439.06	4481.62
29 October 2014	1255.07	2799.13	432.55	4486.75
5 November 2014	1262.99	2819.36	404.24	4486.58
12 November 2014	1268.94	2832.80	387.15	4488.90
19 November 2014	1267.71	2794.04	431.01	4492.76
26 November 2014	1273.19	2814.01	398.73	4485.93
3 December 2014	1274.49	2814.17	397.54	4486.19
10 December 2014	1277.42	2831.09	380.36	4488.87
17 December 2014	1282.56	2739.11	480.58	4502.25
24 December 2014	1294.25	2609.63	605.58	4509.46
31 December 2014	1298.73	2378.00	820.94	4497.66
7 January 2015	1293.70	2710.27	495.55	4499.52
14 January 2015	1286.58	2760.38	469.11	4516.08
21 January 2015	1286.57	2671.70	554.66	4512.94
28 January 2015	1285.82	2662.58	551.67	4500.06
4 February 2015	1290.77	2708.81	500.77	4500.35
11 February 2015	1298.11	2746.30	457.28	4501.69
18 February 2015	1304.19	2742.82	449.84	4496.85
25 February 2015	1306.85	2751.15	428.73	4486.72
4 March 2015	1310.42	2770.74	406.42	4487.58
11 March 2015	1311.67	2799.92	377.68	4489.28
18 March 2015	1311.85	2726.32	457.72	4495.89
25 March 2015	1312.91	2737.80	429.89	4480.60
1 April 2015	1315.26	2667.66	498.88	4481.80
8 April 2015	1318.71	2792.91	371.80	4483.42
15 April 2015	1317.08	2748.95	419.33	4485.37
22 April 2015	1315.04	2617.38	557.28	4489.70
29 April 2015	1315.98	2581.07	574.45	4471.50
6 May 2015	1319.63	2610.06	543.02	4472.70
13 May 2015	1320.02	2643.84	537.32	4501.19
20 May 2015	1321.44	2588.15	570.80	4480.38
27 May 2015	1324.88	2616.84	522.26	4463.98
3 June 2015	1323.78	2635.75	505.83	4465.36
10 June 2015	1322.05	2661.66	484.29	4468.00
17 June 2015	1320.36	2575.51	591.95	4487.82
24 June 2015	1320.47	2493.53	681.05	4495.05
1 July 2015	1325.15	2504.53	649.45	4479.13
8 July 2015	1326.79	2585.34	569.15	4481.29
15 July 2015	1325.70	2655.15	512.76	4493.61
22 July 2015	1325.71	2645.46	529.33	4500.50
29 July 2015	1327.71	2632.83	524.94	4485.48
5 August 2015	1330.07	2624.01	532.25	4486.33
12 August 2015	1331.79	2621.86	535.61	4489.25
19 August 2015	1331.40	2676.85	478.96	4487.21
26 August 2015	1333.21	2705.16	436.73	4475.11
2 September 2015	1337.30	2694.82	443.77	4475.89
9 September 2015	1342.14	2734.65	401.42	4478.21
16 September 2015	1339.72	2643.76	504.32	4487.81
23 September 2015	1339.84	2602.20	555.45	4497.48
30 September 2015	1342.39	2197.66	944.06	4484.11
7 October 2015	1345.84	2678.79	461.55	4486.18
14 October 2015	1347.75	2719.98	436.97	4504.70
21 October 2015	1347.01	2675.59	478.77	4501.37
28 October 2015	1349.74	2668.19	471.41	4489.34
4 November 2015	1355.85	2689.85	444.00	4489.70
11 November 2015	1360.33	2659.34	472.34	4492.01
18 November 2015	1359.95	2611.97	514.81	4486.72
25 November 2015	1365.31	2574.96	536.82	4477.09
2 December 2015	1366.60	2532.19	579.28	4478.07
9 December 2015	1367.34	2553.85	559.25	4480.44
16 December 2015	1368.99	2460.05	660.55	4489.59
23 December 2015	1376.35	2371.08	749.09	4496.52
30 December 2015	1380.76	2208.68	897.14	4486.59
6 January 2016	1376.50	2353.50	756.60	4486.61
13 January 2016	1370.22	2450.83	680.64	4501.70
20 January 2016	1369.05	2412.08	707.71	4488.84
27 January 2016	1368.19	2399.27	714.90	4482.35
3 February 2016	1370.25	2441.28	671.96	4483.49
10 February 2016	1373.93	2483.14	629.21	4486.28
17 February 2016	1382.64	2490.02	610.96	4483.63
24 February 2016	1385.08	2489.95	614.76	4489.80
2 March 2016	1387.97	2496.58	593.93	4478.49
9 March 2016	1391.87	2533.23	555.98	4481.08
16 March 2016	1393.95	2455.52	636.86	4486.33
23 March 2016	1395.80	2431.83	665.24	4492.86
30 March 2016	1397.64	2336.09	749.11	4482.84
6 April 2016	1400.04	2467.09	616.94	4484.07
13 April 2016	1399.28	2509.84	590.61	4499.73
20 April 2016	1399.87	2404.66	685.60	4490.13
27 April 2016	1402.60	2353.26	718.81	4474.67
4 May 2016	1405.51	2383.37	688.39	4477.27
11 May 2016	1406.82	2409.77	661.83	4478.41
18 May 2016	1406.58	2399.63	667.53	4473.74
25 May 2016	1408.49	2406.81	645.82	4461.11
1 June 2016	1413.56	2400.97	646.87	4461.39
8 June 2016	1412.46	2448.82	602.27	4463.54
15 June 2016	1411.28	2404.90	656.63	4472.82
22 June 2016	1411.17	2318.59	752.24	4482.01
29 June 2016	1416.75	2199.12	850.61	4466.48
6 July 2016	1420.86	2308.28	741.46	4470.60
13 July 2016	1418.59	2327.30	726.31	4472.20
20 July 2016	1416.60	2318.25	746.12	4480.97
27 July 2016	1416.58	2332.24	715.68	4464.50
3 August 2016	1418.93	2403.06	644.79	4466.79
10 August 2016	1419.38	2382.78	666.77	4468.93
17 August 2016	1418.60	2394.47	653.41	4466.48
24 August 2016	1419.07	2341.22	713.55	4473.84
31 August 2016	1422.62	2230.61	804.68	4457.91
7 September 2016	1427.44	2382.03	649.93	4459.39
14 September 2016	1424.42	2349.29	707.93	4481.64
21 September 2016	1422.49	2170.32	880.23	4473.03
28 September 2016	1423.92	2085.24	942.84	4452.00
5 October 2016	1429.02	2063.38	967.01	4459.41
12 October 2016	1432.67	2162.09	862.95	4457.70
19 October 2016	1430.69	2105.81	930.88	4467.38
26 October 2016	1431.38	2113.62	909.32	4454.33
2 November 2016	1438.34	2137.21	877.54	4453.09
9 November 2016	1443.38	2190.08	821.62	4455.09
16 November 2016	1444.55	2177.58	831.50	4453.63
23 November 2016	1448.36	2103.18	914.24	4465.78
30 November 2016	1448.63	2015.31	982.36	4446.31
7 December 2016	1450.91	2133.60	864.11	4448.62
14 December 2016	1452.10	2123.56	895.32	4470.97
21 December 2016	1456.50	1962.77	1049.82	4469.09
28 December 2016	1462.57	1942.98	1045.89	4451.45
4 January 2017	1462.56	1998.17	992.37	4453.10
11 January 2017	1457.60	2110.93	883.98	4452.51
18 January 2017	1456.78	2118.82	885.16	4460.76
25 January 2017	1452.88	2137.01	862.95	4452.84
1 February 2017	1453.72	2172.09	828.07	4453.88
8 February 2017	1458.90	2237.46	759.88	4456.24

Note: Data values are rounded and may not sum to totals. "Capital and other liabilities" includes reverse repurchase agreements, the U.S. Treasury General Account, and the U.S. Treasury Supplementary Financing Account. The data extend through February 8, 2017.

Source: Federal Reserve Board, Statistical Release H.4.1, "Factors Affecting Reserve Balances."

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Part 3: Summary of Economic Projections

Figure 1. Medians, central tendencies, and ranges of economic projections, 2016-19 and over the longer run

Medians, central tendencies, and ranges of economic projections for years 2016 through 2019 and over the longer run. Actual values for years 2011 through 2015.

Change in real GDP
Percent

	2011	2012	2013	2014	2015	2016	2017	2018	2019	Longer run
Actual	1.7	1.3	2.7	2.5	1.9	-	-	-	-	-
Upper End of Range	-	-	-	-	-	2.0	2.4	2.3	2.2	2.2
Upper End of Central Tendency	-	-	-	-	-	1.9	2.3	2.2	2.0	2.0
Median	-	-	-	-	-	1.9	2.1	2.0	1.9	1.8
Lower End of Central Tendency	-	-	-	-	-	1.8	1.9	1.8	1.8	1.8
Lower End of Range	-	-	-	-	-	1.8	1.7	1.7	1.5	1.6

Unemployment rate
Percent

	2011	2012	2013	2014	2015	2016	2017	2018	2019	Longer run
Actual	8.7	7.8	7.0	5.7	5.0	-	-	-	-	-
Upper End of Range	-	-	-	-	-	4.8	4.7	4.7	4.8	5.0
Upper End of Central Tendency	-	-	-	-	-	4.8	4.6	4.7	4.8	5.0
Median	-	-	-	-	-	4.7	4.5	4.5	4.5	4.8
Lower End of Central Tendency	-	-	-	-	-	4.7	4.5	4.3	4.3	4.7
Lower End of Range	-	-	-	-	-	4.7	4.4	4.2	4.1	4.5

PCE inflation
Percent

	2011	2012	2013	2014	2015	2016	2017	2018	2019	Longer run
Actual	2.7	1.8	1.2	1.2	0.4	-	-	-	-	-
Upper End of Range	-	-	-	-	-	1.6	2.0	2.2	2.2	2.0
Upper End of Central Tendency	-	-	-	-	-	1.5	2.0	2.0	2.1	2.0
Median	-	-	-	-	-	1.5	1.9	2.0	2.0	2.0
Lower End of Central Tendency	-	-	-	-	-	1.5	1.7	1.9	2.0	2.0
Lower End of Range	-	-	-	-	-	1.5	1.7	1.8	1.8	2.0

Core PCE inflation
Percent

	2011	2012	2013	2014	2015	2016	2017	2018	2019	Longer run
Actual	1.9	1.8	1.5	1.6	1.4	-	-	-	-	-
Upper End of Range	-	-	-	-	-	1.8	2.0	2.2	2.2	n.a.
Upper End of Central Tendency	-	-	-	-	-	1.8	1.9	2.0	2.0	n.a.
Median	-	-	-	-	-	1.7	1.8	2.0	2.0	n.a.
Lower End of Central Tendency	-	-	-	-	-	1.7	1.8	1.9	2.0	n.a.
Lower End of Range	-	-	-	-	-	1.6	1.7	1.8	1.8	n.a.

Note: Definitions of variables and other explanations are in the notes to table 1. The data for the actual values of the variables are annual.

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Figure 2. FOMC participants' assessments of appropriate monetary policy: Midpoint of target range or target level for the federal funds rate

Number of participants with projected midpoint of target range or target level

Midpoint of target range or target level (Percent)	2016	2017	2018	2019	Longer run
0.125
0.250
0.375
0.500
0.625	17
0.750
0.875		2	1	1
1.000
1.125		4
1.250
1.375		6
1.500
1.625		3	1
1.750		1
1.875			5
2.000
2.125		1	3	1
2.250
2.375			2	2
2.500					1
2.625			2	3
2.750					6
2.875				2
3.000			1	2	7
3.125				2
3.250			1	2
3.375			1
3.500					1
3.625				1
3.750					1
3.875				1

Note: Each shaded circle indicates the value (rounded to the nearest 1/8 percentage point) of an individual participant's judgment of the midpoint of the appropriate target range for the federal funds rate or the appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. One participant did not submit longer-run projections for the federal funds rate.

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Figure 3.A. Distribution of participants' projections for the change in real GDP, 2016-19 and over the longer run

Histograms, five panels.

Number of participants

Percent range	2016		2017		2018		2019		Longer run
Percent range	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections
1.4 - 1.5	0	0	0	0	0	1	1	0	0	0
1.6 - 1.7	0	5	1	2	1	2	2	7	3	5
1.8 - 1.9	15	9	3	3	4	3	7	4	8	6
2.0 - 2.1	2	3	5	5	8	9	6	5	4	4
2.2 - 2.3	0	0	6	5	4	2	1	1	1	1
2.4 - 2.5	0	0	2	2	0	0	0	0	0	0

Note: Definitions of variables and other explanations are in the notes to table 1.

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Figure 3.B. Distribution of participants' projections for the unemployment rate, 2016-19 and over the longer run

Histograms, five panels.

Number of participants

Percent range	2016		2017		2018		2019		Longer run
Percent range	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections
4.0 - 4.1	0	0	0	0	0	0	1	0	0	0
4.2 - 4.3	0	0	0	0	4	3	3	3	0	0
4.4 - 4.5	0	0	9	6	9	6	5	4	1	1
4.6 - 4.7	9	4	8	9	4	5	4	6	7	7
4.8 - 4.9	8	13	0	2	0	3	4	2	4	4
5.0 - 5.1	0	0	0	0	0	0	0	2	4	4

Note: Definitions of variables and other explanations are in the notes to table 1.

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Figure 3.C. Distribution of participants' projections for PCE inflation, 2016-19 and over the longer run

Histograms, five panels.

Number of participants

Percent range	2016		2017		2018		2019		Longer run
Percent range	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections
1.1 - 1.2	0	8	0	0	0	0	0	0	0	0
1.3 - 1.4	0	6	0	0	0	0	0	0	0	0
1.5 - 1.6	17	2	0	3	0	0	0	0	0	0
1.7 - 1.8	0	1	8	5	1	4	1	1	0	0
1.9 - 2.0	0	0	9	9	14	13	12	15	17	17
2.1 - 2.2	0	0	0	0	2	0	4	1	0	0

Note: Definitions of variables and other explanations are in the notes to table 1.

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Figure 3.D. Distribution of participants' projections for core PCE inflation, 2016-19

Histograms, four panels.

Number of participants

Percent range	2016		2017		2018		2019
Percent range	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections
1.5 - 1.6	1	8	0	2	0	0	0	0
1.7 - 1.8	16	8	9	8	1	3	1	1
1.9 - 2.0	0	1	8	7	14	14	13	15
2.1 - 2.2	0	0	0	0	2	0	3	1

Note: Definitions of variables and other explanations are in the notes to table 1.

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Figure 3.E. Distribution of participants' judgments of the midpoint of the appropriate target range for the federal funds rate or the appropriate target level for the federal funds rate, 2016-19 and over the longer run

Histograms, five panels.

Number of participants

Percent range	2016		2017		2018		2019		Longer run
Percent range	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections	December projections	September projections
0.38 - 0.62	0	3	0	0	0	0	0	0	0	0
0.63 - 0.87	17	10	0	2	0	1	0	1	0	0
0.88 - 1.12	0	3	2	1	1	0	1	0	0	0
1.13 - 1.37	0	1	4	7	0	0	0	0	0	0
1.38 - 1.62	0	0	6	1	0	0	0	0	0	0
1.63 - 1.87	0	0	4	3	1	2	0	0	0	0
1.88 - 2.12	0	0	0	2	5	7	0	0	0	0
2.13 - 2.37	0	0	1	1	3	1	1	1	0	0
2.38 - 2.62	0	0	0	0	2	0	2	3	1	3
2.63 - 2.87	0	0	0	0	2	4	3	6	6	5
2.88 - 3.12	0	0	0	0	1	1	4	3	7	6
3.13 - 3.37	0	0	0	0	1	1	4	1	0	0
3.38 - 3.62	0	0	0	0	1	0	0	1	1	1
3.63 - 3.87	0	0	0	0	0	0	1	1	1	1
3.88 - 4.12	0	0	0	0	0	0	1	0	0	0

Note: Definitions of variables and other explanations are in the notes to table 1.

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Figure 4. Uncertainty and risks in economic projections

Histograms, eight panels.

Uncertainty about GDP growth
Number of participants

	Lower	Broadly similar	Higher
December projections	0	11	6
September projections	1	15	1

Uncertainty about the unemployment rate
Number of participants

	Lower	Broadly similar	Higher
December projections	0	12	5
September projections	1	15	1

Uncertainty about PCE inflation
Number of participants

	Lower	Broadly similar	Higher
December projections	0	13	4
September projections	0	15	2

Uncertainty about core PCE inflation
Number of participants

	Lower	Broadly similar	Higher
December projections	0	14	3
September projections	1	16	0

Risks to GDP growth
Number of participants

	Weighted to downside	Broadly balanced	Weighted to upside
December projections	1	12	4
September projections	4	12	1

Risks to the unemployment rate
Number of participants

	Weighted to downside	Broadly balanced	Weighted to upside
December projections	3	14	0
September projections	2	12	3

Risks to PCE inflation
Number of participants

	Weighted to downside	Broadly balanced	Weighted to upside
December projections	2	12	3
September projections	5	11	1

Risks to core PCE inflation
Number of participants

	Weighted to downside	Broadly balanced	Weighted to upside
December projections	2	12	3
September projections	5	11	1

Note: For definitions of uncertainty and risks in economic projections, see the box "Forecast Uncertainty." Definitions of variables are in the notes to table 1.

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Last Update: April 17, 2017

Monetary Policy Report – February 2017