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	147.67	153.33
January 2017	178.33	177.33
February 2017	201.00	192.00
March 2017	166.00	161.67
April 2017	152.00	151.33
May 2017	120.67	126.33

Note: The data extend through May 2017.

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 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
February 2017	62.95	59.99
March 2017	62.97	60.14
April 2017	62.93	60.16
May 2017	62.72	60.02

Note: The data extend through May 2017. Both series are a percentage of the population aged 16 and over.

Source: Department of Labor, Bureau of Labor Statistics.

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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
February 2017	4.7	5.0	5.7	9.2
March 2017	4.5	4.8	5.4	8.9
April 2017	4.4	4.7	5.3	8.6
May 2017	4.3	4.5	5.2	8.4

Note: The data extend through May 2017. 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
February 2017	4.1	8.1	3.4	5.6
March 2017	3.9	8.0	3.3	5.1
April 2017	3.8	7.9	3.2	5.2
May 2017	3.7	7.5	3.6	5.2

Note: The data extend through May 2017. 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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Does Education Determine Who Climbs the Economic Ladder?: Figure A. Percent of workers in top quartile of earnings among all young adults

Annual
Percent

Period	White	Black or African American	Asian or Pacific Islander	Hispanic or Latino
1991-1995	28.8	14.2	30.3	13.7
2011-2015	29.7	15.2	38.1	14.8

Note: Data cover the preceding calendar year. Young adults include those aged 25 to 34. Earnings include wages, salaries, business income, and farm income. Threshold for crossing into the top earnings quartile is based on workers aged 25 to 34 only. The black dashed line marks 25 percent, the fraction of each group that would be in the top quartile if each group were equally represented in proportion to its population size.

Source: U.S. Census Bureau, Current Population Survey, March 1992-2016.

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Does Education Determine Who Climbs the Economic Ladder?: Figure B. Percent of young adults with a bachelor's degree or higher

Annual
Percent

Period	White	Black or African American	Asian or Pacific Islander	Hispanic or Latino
1991	26.1	11.8	47.1	9.6
1992	26.8	13.0	48.8	9.0
1993	26.9	12.7	46.7	9.0
1994	29.0	14.7	42.0	9.6
1995	30.6	13.8	49.8	10.3
1996	31.3	13.9	49.7	11.5
1997	31.9	15.4	48.2	11.0
1998	33.6	16.1	52.2	10.8
1999	34.6	17.8	51.4	9.7
2000	34.6	18.1	56.4	11.2
2001	36.4	19.3	57.9	10.6
2002	35.7	17.9	58.2	11.0
2003	35.6	19.1	59.1	11.3
2004	35.9	19.4	61.6	11.3
2005	35.1	20.5	61.3	11.2
2006	36.7	20.3	61.3	12.4
2007	38.2	21.7	61.6	13.4
2008	38.4	20.9	60.6	12.9
2009	38.9	21.4	58.8	14.6
2010	39.6	21.4	58.7	13.7
2011	40.4	23.2	59.8	15.2
2012	40.7	23.5	62.0	15.4
2013	41.1	22.2	61.8	16.1
2014	42.5	22.9	62.5	16.5
2015	43.0	24.7	64.4	18.0

Note: Data cover the preceding calendar year. Young adults include those aged 25 to 34.

Source: U.S. Census Bureau, Current Population Survey, March 1992-2016.

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Does Education Determine Who Climbs the Economic Ladder?: Figure C. Percent of workers with a bachelor's degree in top quartile of earnings among all young adults

Annual
Percent

Period	White	Black or African American	Asian or Pacific Islander	Hispanic or Latino
1991-1995	48.3	32.8	44.3	37.0
2011-2015	44.2	33.6	52.9	35.5

Source: U.S. Census Bureau, Current Population Survey, March 1992-2016.

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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	2.13	2.33
2011:Q3	2.32	2.14
2011:Q4	2.15	2.22
2012:Q1	1.49	2.12
2012:Q2	1.50	1.84
2012:Q3	1.39	1.92
2012:Q4	2.74	1.83
2013:Q1	2.77	1.90
2013:Q2	2.75	1.89
2013:Q3	2.84	1.88
2013:Q4	1.35	1.96
2014:Q1	1.97	1.70
2014:Q2	1.89	2.02
2014:Q3	1.95	2.27
2014:Q4	2.63	2.35
2015:Q1	2.06	2.75
2015:Q2	2.46	1.90
2015:Q3	2.67	1.89
2015:Q4	2.80	1.88
2016:Q1	3.04	1.79
2016:Q2	2.87	2.35
2016:Q3	2.83	2.26
2016:Q4	2.44	2.17
2017:Q1	2.40	2.31

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	2.85	3.5
January 2017	2.56	3.2
February 2017	2.84	3.2
March 2017	2.63	3.4
April 2017	2.51	3.5
May 2017	2.46	3.4

Note: For average hourly earnings, change is from 12 months earlier, and the data extend through May 2017; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a three-month moving average of the 12-month percent change and extend through May 2017.

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	1.58
1996-2000	3.08
2001-2007	2.60
2008-present	1.15

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 2017:Q1.

Source: Department of Labor, Bureau of Labor Statistics.

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Productivity Developments in the Advanced Economies: Figure A. Labor productivity growth

Annual
Percent, annual rate

Period	United States	Canada	Japan	Euro area	United Kingdom
1990-2004	2.07	1.40	2.12	1.66	2.26
2005-2016	0.98	0.95	0.89	0.70	0.47

Note: Labor productivity is constructed as real gross domestic product per hour worked.

Source: The Conference Board, Total Economy Database.

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Productivity Developments in the Advanced Economies: Figure B. Change in private real research and development

Annual
Percent, annual rate

Period	U.S.	Advanced foreign economy minimum	Advanced foreign economy maximum
1999	5.92	-0.34	10.06
2000	4.86	-0.19	13.31
2001	1.31	2.86	12.35
2002	-2.65	-6.35	2.61
2003	-0.72	-0.76	3.33
2004	1.02	-2.45	4.00
2005	5.73	0.14	8.36
2006	6.09	2.61	5.70
2007	5.82	-1.57	6.34
2008	3.30	-4.60	3.79
2009	-2.80	-12.29	-1.37
2010	2.32	-4.34	2.68
2011	0.96	3.48	6.01
2012	2.59	-3.28	2.16
2013	4.52	-5.65	5.66
2014	2.75	-2.86	6.11
2015	3.41	-1.32	4.37

Note: "Advanced foreign economy range" is the min-max range for Canada, Japan, the euro area, and the United Kingdom. U.S. data refer to real research and development (R&D) spending. Advanced foreign economy data refer to nominal R&D spending (in national currency) deflated by the gross domestic product (GDP) deflator. The shaded bars indicate periods of global recession defined as 55 percent of world GDP in recession: January 2001-November 2001 and May 2008-August 2009.

Source: Department of Commerce, Bureau of Economic Analysis for the United States; advanced foreign economies data downloaded from OECD Science, Technology and R&D Statistics, June 7, 2017; recession data are from Economic Cycle Research Institute (ECRI).

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Productivity Developments in the Advanced Economies: Figure C. World trade as a share of gross domestic product

Annual
Percent

Period	Nominal	Real
1980	21.0	15.00
1981	20.7	14.91
1982	19.9	14.49
1983	18.9	14.41
1984	19.3	14.98
1985	18.7	14.95
1986	17.3	15.26
1987	17.9	15.73
1988	18.4	16.26
1989	19.2	16.99
1990	19.4	17.40
1991	18.8	17.17
1992	19.6	17.30
1993	18.6	17.29
1994	19.2	18.30
1995	20.6	19.45
1996	21.1	20.16
1997	21.9	21.34
1998	21.7	21.96
1999	21.9	22.32
2000	23.7	23.99
2001	23.2	23.72
2002	23.2	23.79
2003	24.0	24.25
2004	25.7	25.72
2005	26.9	26.86
2006	28.6	27.91
2007	29.3	28.82
2008	30.7	29.06
2009	25.9	26.07
2010	28.0	28.01
2011	30.0	29.10
2012	29.8	29.15
2013	29.7	29.11
2014	29.6	29.18
2015	28.0	29.11

Note: The shaded bars indicate periods of global recession defined as 55 percent of world gross domestic product in recession: April 1982-October 1982, January 2001-November 2001, and May 2008-August 2009.

Source: World Development Indicators, World Bank; recession data are from Economic Cycle Research Institute (ECRI).

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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	Trimmed mean
January 2010	2.19	1.56	1.26
February 2010	1.98	1.54	1.15
March 2010	2.19	1.56	1.07
April 2010	2.02	1.33	0.95
May 2010	1.93	1.34	0.91
June 2010	1.38	1.31	0.86
July 2010	1.55	1.35	0.90
August 2010	1.42	1.33	0.91
September 2010	1.35	1.19	0.93
October 2010	1.27	0.97	0.82
November 2010	1.20	0.99	0.85
December 2010	1.39	0.95	0.88
January 2011	1.43	0.99	0.97
February 2011	1.70	1.08	1.09
March 2011	1.97	1.09	1.23
April 2011	2.43	1.31	1.39
May 2011	2.71	1.43	1.53
June 2011	2.69	1.46	1.59
July 2011	2.77	1.58	1.69
August 2011	2.86	1.69	1.76
September 2011	2.93	1.72	1.82
October 2011	2.75	1.78	1.93
November 2011	2.73	1.84	1.98
December 2011	2.50	1.96	2.06
January 2012	2.57	2.09	2.11
February 2012	2.52	2.06	2.04
March 2012	2.37	2.11	2.05
April 2012	2.06	2.03	2.02
May 2012	1.66	1.91	1.95
June 2012	1.60	1.90	1.90
July 2012	1.44	1.84	1.82
August 2012	1.55	1.68	1.78
September 2012	1.71	1.73	1.78
October 2012	1.94	1.84	1.76
November 2012	1.68	1.78	1.70
December 2012	1.66	1.72	1.62
January 2013	1.55	1.67	1.59
February 2013	1.71	1.66	1.65
March 2013	1.35	1.56	1.58
April 2013	1.13	1.44	1.43
May 2013	1.24	1.43	1.39
June 2013	1.44	1.45	1.46
July 2013	1.51	1.44	1.50
August 2013	1.31	1.50	1.50
September 2013	1.11	1.50	1.50
October 2013	0.96	1.43	1.49
November 2013	1.23	1.49	1.55
December 2013	1.42	1.55	1.60
January 2014	1.46	1.47	1.57
February 2014	1.13	1.43	1.50
March 2014	1.43	1.54	1.54
April 2014	1.74	1.67	1.68
May 2014	1.83	1.74	1.73
June 2014	1.75	1.71	1.70
July 2014	1.78	1.77	1.71
August 2014	1.62	1.71	1.68
September 2014	1.62	1.72	1.67
October 2014	1.51	1.64	1.64
November 2014	1.29	1.55	1.61
December 2014	0.91	1.50	1.58
January 2015	0.26	1.41	1.52
February 2015	0.36	1.46	1.59
March 2015	0.37	1.44	1.59
April 2015	0.23	1.40	1.61
May 2015	0.31	1.35	1.58
June 2015	0.39	1.36	1.61
July 2015	0.36	1.31	1.60
August 2015	0.38	1.36	1.61
September 2015	0.24	1.38	1.63
October 2015	0.28	1.34	1.62
November 2015	0.45	1.38	1.64
December 2015	0.56	1.39	1.62
January 2016	1.10	1.61	1.70
February 2016	0.87	1.66	1.70
March 2016	0.76	1.55	1.70
April 2016	1.01	1.60	1.71
May 2016	0.96	1.64	1.73
June 2016	0.91	1.60	1.70
July 2016	0.85	1.64	1.71
August 2016	1.00	1.74	1.74
September 2016	1.25	1.70	1.74
October 2016	1.38	1.75	1.81
November 2016	1.34	1.67	1.78
December 2016	1.60	1.75	1.86
January 2017	1.94	1.78	1.89
February 2017	2.13	1.76	1.85
March 2017	1.83	1.56	1.75
April 2017	1.67	1.50	1.70
May 2017	1.44	1.39	1.66

Note: The data extend through May 2017; changes are from one year earlier.

Source: For trimmed mean, Federal Reserve Bank of Dallas; for all else, U.S. Department of Commerce, Bureau of Economic Analysis.

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Figure 8. Brent spot and futures prices

Series: Spot price and 24-month-ahead futures contracts

Horizon: January 5, 2012, to July 5, 2017

Description: The data are weekly averages of daily data and are plotted as two lines. Units for both the spot price and the futures contracts are in dollars per barrel along the right axis. Both series start in 2012 above 100. 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 the latter half of 2014, when they decrease sharply. The series fluctuate over the first half of 2015 and then decline steadily over the second half of 2015. Both series begin to increase in early 2016 but then start to level off in early 2017. Over the remainder of the horizon, both series decline, but they experience a slight uptick in the final month. Spot prices decline more rapidly than futures prices over 2017:Q2, ending the horizon below futures prices.

The spot price starts at just above 110 at the beginning of 2012 and increases fairly rapidly through the first quarter before peaking at about 125. The series then falls dramatically to about 90 before recovering to about 110 in early August. The series fluctuates around 110 through the first half of 2014, with the most dramatic change being a fall from about 120 to 100 in the beginning of 2013. In the second half of 2014, the series declines dramatically from above 110 to below 50 in January 2015. In 2015:Q1, the series increases steeply to 60 before making a slight drop to near 55. In the second quarter, 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 2016:Q1, the series declines from about 50 to just under 30. The series gradually increases over 2016 and the beginning of 2017 to about 55 by the beginning of February. The series then falls to about 45 in mid-June and experiences a slight uptick to just below 50 at the end of the horizon.

The 24-month-ahead futures contracts series starts just above 100 in 2012 and is relatively unchanged with little volatility until the middle of 2014. Starting in the third quarter until January 2015, the series drops dramatically to about 70. The series stays around 70 before a steeper decline to about 60 in the third quarter. The series remains at around 60 in the beginning of the fourth quarter but then declines to just below 40 between the middle of the fourth quarter and the beginning of 2016:Q1. The series gradually increases over the first half of 2016 to about 55 by the middle of June, then fluctuates between 50 and 60 from the middle of June until early February 2017. The series declines from its peak of just above 55 to about 50 by the end of May, finally experiencing a slight uptick to just above 50 at the end of the horizon.

Note: The data are weekly averages of daily data and extend through July 5, 2017.

Source: NYMEX via Bloomberg.

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Figure 9. Nonfuel import prices and U.S. dollar exchange rate

Monthly
July 2014 = 100

Period	Nonfuel import prices	Broad nominal dollar
January 2011	97.91	96.58
February 2011	98.41	95.84
March 2011	99.16	94.93
April 2011	100.00	93.35
May 2011	100.33	93.32
June 2011	100.33	93.29
July 2011	100.50	92.65
August 2011	100.75	93.18
September 2011	101.00	95.97
October 2011	100.75	96.86
November 2011	100.50	97.48
December 2011	100.58	98.40
January 2012	100.75	97.79
February 2012	100.75	96.09
March 2012	101.17	96.68
April 2012	101.34	96.99
May 2012	101.25	98.68
June 2012	100.92	100.09
July 2012	100.50	99.62
August 2012	100.33	98.75
September 2012	100.58	97.21
October 2012	100.84	96.94
November 2012	100.67	97.56
December 2012	100.58	96.99
January 2013	100.75	96.91
February 2013	100.84	97.70
March 2013	100.75	98.56
April 2013	100.58	98.21
May 2013	100.17	98.63
June 2013	99.92	99.43
July 2013	99.50	99.97
August 2013	99.33	99.86
September 2013	99.42	99.65
October 2013	99.50	98.65
November 2013	99.50	99.52
December 2013	99.42	99.68
January 2014	99.67	100.63
February 2014	99.67	100.87
March 2014	100.00	100.79
April 2014	100.00	100.41
May 2014	100.00	100.09
June 2014	99.92	100.24
July 2014	100.00	100.00
August 2014	100.00	100.90
September 2014	99.83	102.42
October 2014	99.75	103.74
November 2014	99.50	105.50
December 2014	99.42	108.09
January 2015	98.75	110.39
February 2015	98.58	111.80
March 2015	98.16	113.83
April 2015	97.83	112.71
May 2015	97.83	111.84
June 2015	97.66	112.71
July 2015	97.41	114.66
August 2015	97.08	116.80
September 2015	96.83	117.69
October 2015	96.57	116.66
November 2015	96.32	118.44
December 2015	95.99	119.64
January 2016	95.91	122.33
February 2016	95.82	121.27
March 2016	95.74	118.83
April 2016	95.82	116.94
May 2016	96.07	118.17
June 2016	95.91	118.60
July 2016	96.24	119.43
August 2016	96.24	118.33
September 2016	96.24	119.24
October 2016	96.24	120.35
November 2016	96.16	123.18
December 2016	96.16	125.08
January 2017	96.07	124.96
February 2017	96.41	123.16
March 2017	96.57	122.65
April 2017	96.83	121.76
May 2017	96.83	121.25
June 2017	ND	119.72

Note: The data are monthly, and the data for nonfuel import prices extend through May 2017.

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	2.0
2007:Q2	2.0
2007:Q3	2.1
2007:Q4	2.1
2008:Q1	2.2
2008:Q2	2.2
2008:Q3	2.2
2008:Q4	2.2
2009:Q1	2.2
2009:Q2	2.3
2009:Q3	2.2
2009:Q4	2.1
2010:Q1	2.1
2010:Q2	2.2
2010:Q3	2.1
2010:Q4	2.0
2011:Q1	2.1
2011:Q2	2.3
2011:Q3	2.3
2011:Q4	2.2
2012:Q1	2.2
2012:Q2	2.2
2012:Q3	2.2
2012:Q4	2.1
2013:Q1	2.0
2013:Q2	2.0
2013:Q3	2.0
2013:Q4	2.0
2014:Q1	2.0
2014:Q2	2.0
2014:Q3	2.0
2014:Q4	2.0
2015:Q1	2.0
2015:Q2	2.0
2015:Q3	2.0
2015:Q4	1.9
2016:Q1	2.0
2016:Q2	2.0
2016:Q3	2.0
2016:Q4	2.0
2017:Q1	2.1
2017:Q2	2.1

Note: The SPF data for inflation expectations for personal consumption expenditures are quarterly and extend from 2007:Q1 through 2017:Q2.

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

Michigan survey expectations for next 5 to 10 years

Period	Percent
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
March 2017	2.4
April 2017	2.4
May 2017	2.4
June 2017	2.5

Note: The Michigan survey data are monthly.

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 rates

Horizon: January 2009 to June 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, 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 2.5 and 3.25 through mid-2014. The series then sharply declines over the latter half of 2014 to almost 2, briefly rises to 2.4 in mid-2015, and then declines on average through mid-2016 to a low of approximately 1.75. The series begins to climb over the second half of 2016 to a high of approximately 2.5 in December. In 2017, the series reaches a high of about 2.4 in late January before falling to around 2.1 in mid-June. The series inches back up at the end of June and ends at around 2.2.

The TIPS breakeven series starts at approximately 2 for the first week of January 2009, spikes to approximately 2.75 later that month, and subsequently follows a path similar to the inflation swaps series. The series continues to fluctuate between 2.25 and 3.25 from early 2009 through mid-2014. The series then sharply declines to 1.75 over the latter half of 2014 and increases modestly to 2.1 in 2015:Q2. The series stays below 2 for the rest of 2015 and 2016 and then climbs mostly at the end of 2016 to reach a high of just over 2 in January 2017 before falling back under 2 in March. Similar to the inflation swaps series, the TIPS breakeven series inches back up at the end of June to reach about 1.75.

Note: The data are weekly averages of daily data and extend through June 30, 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	1.96	1.26
2017:Q1	1.42	1.01

Source: Department of Commerce, Bureau of Economic Analysis.

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

Percent, annual rate

Period	Personal consumption expenditures	Disposable personal income
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	3.10	1.91
2017:H1	1.98	3.07

Note: The values for 2017:H1 are the annualized May/Q4 changes.

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	12.92	10.64	14.81
February 2006	12.09	10.20	13.97
March 2006	11.04	9.87	12.62
April 2006	9.97	9.57	11.06
May 2006	8.75	8.97	9.40
June 2006	7.29	8.10	7.52
July 2006	6.04	7.18	5.90
August 2006	4.83	6.58	4.49
September 2006	3.72	6.04	3.32
October 2006	2.97	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	-1.45
March 2007	-0.30	2.56	-2.78
April 2007	-0.82	2.18	-3.67
May 2007	-1.35	1.76	-4.37
June 2007	-1.63	1.29	-4.72
July 2007	-1.96	0.72	-5.08
August 2007	-2.26	0.31	-5.70
September 2007	-2.76	-0.26	-6.68
October 2007	-3.54	-0.92	-7.92
November 2007	-4.61	-1.38	-9.15
December 2007	-5.39	-1.99	-10.28
January 2008	-6.37	-2.66	-11.55
February 2008	-7.27	-3.57	-12.75
March 2008	-7.84	-4.48	-13.46
April 2008	-8.13	-5.39	-14.08
May 2008	-8.17	-6.01	-14.19
June 2008	-8.26	-6.53	-14.22
July 2008	-8.44	-6.70	-14.55
August 2008	-8.85	-7.03	-14.94
September 2008	-9.60	-7.35	-15.72
October 2008	-10.35	-7.38	-16.48
November 2008	-10.90	-7.37	-16.96
December 2008	-12.00	-7.20	-17.78
January 2009	-12.69	-6.98	-18.20
February 2009	-12.75	-6.72	-17.68
March 2009	-12.74	-6.40	-16.83
April 2009	-12.18	-6.24	-15.51
May 2009	-11.28	-6.23	-13.70
June 2009	-10.05	-6.16	-11.89
July 2009	-9.03	-6.20	-10.30
August 2009	-8.29	-6.18	-8.91
September 2009	-7.59	-6.10	-7.65
October 2009	-6.65	-6.13	-5.98
November 2009	-5.21	-6.10	-3.95
December 2009	-3.85	-6.18	-2.23
January 2010	-2.93	-6.38	-1.39
February 2010	-3.10	-6.52	-1.40
March 2010	-2.00	-6.32	-0.18
April 2010	-1.07	-6.08	0.93
May 2010	-0.78	-5.66	1.10
June 2010	-1.42	-5.35	0.67
July 2010	-2.13	-5.15	-0.22
August 2010	-2.83	-5.17	-1.26
September 2010	-3.37	-5.26	-2.17
October 2010	-3.69	-5.40	-2.84
November 2010	-4.15	-5.49	-3.61
December 2010	-4.12	-5.39	-3.69
January 2011	-4.10	-5.18	-3.64
February 2011	-3.71	-5.03	-3.58
March 2011	-4.05	-5.11	-4.37
April 2011	-4.29	-5.07	-4.56
May 2011	-4.32	-5.32	-4.45
June 2011	-3.89	-5.34	-3.89
July 2011	-3.53	-5.36	-3.04
August 2011	-3.16	-5.15	-2.32
September 2011	-3.06	-4.80	-1.63
October 2011	-3.30	-4.46	-1.37
November 2011	-3.64	-4.23	-1.36
December 2011	-3.90	-3.99	-0.99
January 2012	-3.51	-3.62	-0.36
February 2012	-2.72	-3.07	0.62
March 2012	-1.39	-2.56	1.96
April 2012	-0.47	-2.25	2.77
May 2012	0.28	-1.62	3.48
June 2012	0.89	-0.97	3.84
July 2012	1.38	-0.26	4.21
August 2012	2.08	0.33	4.80
September 2012	3.01	0.85	5.42
October 2012	4.04	1.45	6.13
November 2012	5.36	2.04	7.11
December 2012	6.46	2.51	7.92
January 2013	7.57	2.90	8.72
February 2013	8.34	3.23	9.35
March 2013	8.91	3.49	9.97
April 2013	9.03	4.08	10.07
May 2013	9.09	4.60	9.89
June 2013	9.27	4.91	9.48
July 2013	9.72	5.29	9.52
August 2013	10.16	5.73	9.71
September 2013	10.62	5.98	10.09
October 2013	10.85	6.09	10.35
November 2013	10.73	6.20	10.31
December 2013	10.74	6.31	10.12
January 2014	10.48	6.35	10.11
February 2014	10.17	6.32	10.11
March 2014	8.97	6.23	9.24
April 2014	7.97	5.88	8.22
May 2014	7.05	5.59	7.22
June 2014	6.27	5.43	6.48
July 2014	5.60	5.15	5.86
August 2014	5.07	4.81	5.41
September 2014	4.75	4.66	5.17
October 2014	4.62	4.52	5.22
November 2014	4.59	4.38	5.17
December 2014	4.51	4.24	5.06
January 2015	4.31	4.10	5.12
February 2015	4.23	3.90	5.23
March 2015	4.28	4.13	5.38
April 2015	4.31	4.36	5.45
May 2015	4.38	4.52	5.45
June 2015	4.38	4.68	5.40
July 2015	4.43	4.84	5.23
August 2015	4.50	5.00	5.20
September 2015	4.70	5.16	5.42
October 2015	4.92	5.26	5.46
November 2015	5.13	5.36	5.53
December 2015	5.25	5.46	5.73
January 2016	5.34	5.56	5.77
February 2016	5.24	5.72	5.62
March 2016	5.11	5.63	5.58
April 2016	5.06	5.55	5.59
May 2016	5.00	5.58	5.32
June 2016	4.94	5.72	5.05
July 2016	4.95	5.80	5.08
August 2016	5.06	5.88	5.10
September 2016	5.17	6.02	5.16
October 2016	5.23	6.33	5.29
November 2016	5.29	6.69	5.48
December 2016	5.41	6.94	5.38
January 2017	5.56	7.02	5.37
February 2017	5.64	7.05	5.65
March 2017	5.63	7.24	5.87
April 2017	5.50	7.48	6.03
May 2017	ND	7.39	6.59

Note: The data for the S&P/Case-Shiller index extend through April 2017. The data for the CoreLogic and Zillow indexes extend through May 2017.

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 and 34, 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 division of S&P Global, 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.)

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Figure 15. Nominal house prices and price-rent ratio

Monthly
Index

Period	Price-rent ratio	CoreLogic price index
January 1990	100.32	75.22
February 1990	100.53	75.50
March 1990	100.46	75.72
April 1990	100.26	75.85
May 1990	100.08	75.88
June 1990	99.60	75.84
July 1990	98.93	75.77
August 1990	98.30	75.67
September 1990	97.71	75.56
October 1990	97.19	75.43
November 1990	96.87	75.30
December 1990	96.39	75.15
January 1991	96.09	74.98
February 1991	95.69	74.84
March 1991	95.23	74.76
April 1991	94.90	74.77
May 1991	94.81	74.86
June 1991	94.81	74.97
July 1991	94.39	75.02
August 1991	94.36	74.99
September 1991	93.61	74.90
October 1991	93.46	74.79
November 1991	93.08	74.71
December 1991	92.91	74.69
January 1992	92.82	74.72
February 1992	92.76	74.78
March 1992	92.29	74.84
April 1992	92.45	74.86
May 1992	92.31	74.81
June 1992	91.97	74.70
July 1992	91.57	74.61
August 1992	91.52	74.57
September 1992	91.41	74.59
October 1992	90.96	74.66
November 1992	90.68	74.75
December 1992	90.79	74.83
January 1993	90.69	74.91
February 1993	90.64	74.98
March 1993	90.74	75.05
April 1993	90.45	75.13
May 1993	90.45	75.24
June 1993	90.37	75.38
July 1993	90.53	75.54
August 1993	90.52	75.73
September 1993	90.67	75.96
October 1993	90.72	76.19
November 1993	90.89	76.42
December 1993	90.94	76.61
January 1994	90.91	76.74
February 1994	90.63	76.83
March 1994	90.49	76.92
April 1994	90.58	77.04
May 1994	90.77	77.19
June 1994	90.91	77.34
July 1994	90.77	77.49
August 1994	90.54	77.61
September 1994	90.36	77.72
October 1994	90.37	77.83
November 1994	90.25	77.93
December 1994	90.33	78.05
January 1995	90.22	78.16
February 1995	90.18	78.28
March 1995	90.14	78.40
April 1995	90.11	78.53
May 1995	90.17	78.68
June 1995	90.20	78.85
July 1995	90.20	79.05
August 1995	90.27	79.25
September 1995	90.31	79.44
October 1995	90.26	79.60
November 1995	90.20	79.75
December 1995	90.21	79.91
January 1996	90.20	80.10
February 1996	90.22	80.32
March 1996	90.38	80.55
April 1996	90.47	80.77
May 1996	90.52	80.96
June 1996	90.41	81.12
July 1996	90.29	81.28
August 1996	90.28	81.42
September 1996	90.21	81.56
October 1996	90.15	81.71
November 1996	90.11	81.88
December 1996	90.17	82.08
January 1997	90.19	82.30
February 1997	90.22	82.52
March 1997	90.31	82.75
April 1997	90.36	82.99
May 1997	90.45	83.26
June 1997	90.51	83.57
July 1997	90.67	83.90
August 1997	90.77	84.24
September 1997	90.90	84.59
October 1997	91.12	84.98
November 1997	91.33	85.42
December 1997	91.65	85.89
January 1998	92.00	86.40
February 1998	92.36	86.92
March 1998	92.69	87.41
April 1998	92.98	87.87
May 1998	93.24	88.31
June 1998	93.39	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	95.73	92.91
March 1999	96.04	93.41
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	99.07	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	104.29
July 2000	103.40	105.06
August 2000	103.74	105.82
September 2000	104.08	106.58
October 2000	104.37	107.36
November 2000	104.74	108.15
December 2000	105.08	108.98
January 2001	105.54	109.84
February 2001	105.93	110.68
March 2001	106.27	111.47
April 2001	106.60	112.19
May 2001	106.77	112.85
June 2001	107.04	113.51
July 2001	107.28	114.20
August 2001	107.49	114.92
September 2001	107.69	115.63
October 2001	107.85	116.29
November 2001	107.97	116.91
December 2001	108.03	117.51
January 2002	108.26	118.14
February 2002	108.51	118.86
March 2002	108.95	119.69
April 2002	109.59	120.64
May 2002	110.30	121.68
June 2002	110.93	122.76
July 2002	111.55	123.83
August 2002	112.16	124.84
September 2002	112.67	125.79
October 2002	113.09	126.70
November 2002	113.44	127.59
December 2002	113.89	128.48
January 2003	114.18	129.36
February 2003	114.64	130.22
March 2003	115.09	131.06
April 2003	115.55	131.92
May 2003	116.05	132.84
June 2003	116.72	133.87
July 2003	117.35	135.04
August 2003	118.07	136.34
September 2003	118.85	137.75
October 2003	119.78	139.23
November 2003	120.57	140.75
December 2003	121.47	142.29
January 2004	122.38	143.87
February 2004	123.26	145.49
March 2004	124.25	147.22
April 2004	125.27	149.09
May 2004	126.35	151.06
June 2004	127.40	153.03
July 2004	128.40	154.92
August 2004	129.23	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	134.12	166.60
February 2005	135.25	168.90
March 2005	136.43	171.29
April 2005	137.58	173.68
May 2005	138.69	175.94
June 2005	139.71	178.07
July 2005	140.55	180.15
August 2005	141.46	182.21
September 2005	142.28	184.23
October 2005	143.01	186.16
November 2005	143.66	187.98
December 2005	144.30	189.62
January 2006	144.86	191.03
February 2006	145.11	192.11
March 2006	145.10	192.71
April 2006	144.88	192.80
May 2006	144.44	192.55
June 2006	143.84	192.08
July 2006	143.19	191.53
August 2006	142.48	191.01
September 2006	141.88	190.62
October 2006	141.37	190.41
November 2006	140.92	190.29
December 2006	140.36	190.16
January 2007	139.84	189.82
February 2007	139.08	189.14
March 2007	138.17	188.04
April 2007	137.13	186.49
May 2007	135.86	184.58
June 2007	134.51	182.51
July 2007	133.11	180.50
August 2007	131.82	178.61
September 2007	130.46	176.75
October 2007	128.92	174.86
November 2007	127.37	172.92
December 2007	125.81	170.91
January 2008	124.23	168.75
February 2008	122.60	166.35
March 2008	120.78	163.72
April 2008	118.84	160.98
May 2008	117.04	158.32
June 2008	115.10	155.82
July 2008	113.26	153.44
August 2008	111.36	151.05
September 2008	109.39	148.55
October 2008	107.22	145.92
November 2008	105.07	143.30
December 2008	103.15	140.91
January 2009	101.47	138.96
February 2009	100.33	137.56
March 2009	99.57	136.71
April 2009	99.21	136.36
May 2009	99.17	136.39
June 2009	99.33	136.63
July 2009	99.55	136.87
August 2009	99.67	137.05
September 2009	99.82	137.23
October 2009	100.00	137.43
November 2009	100.13	137.61
December 2009	100.16	137.72
January 2010	100.12	137.74
February 2010	100.16	137.72
March 2010	100.14	137.73
April 2010	100.13	137.68
May 2010	99.97	137.41
June 2010	99.52	136.83
July 2010	98.86	136.00
August 2010	98.20	135.06
September 2010	97.43	134.21
October 2010	96.88	133.60
November 2010	96.30	133.20
December 2010	95.82	132.92
January 2011	95.36	132.60
February 2011	94.92	132.17
March 2011	94.46	131.73
April 2011	94.15	131.36
May 2011	93.94	131.17
June 2011	93.90	131.22
July 2011	93.87	131.44
August 2011	93.69	131.68
September 2011	93.55	131.82
October 2011	93.17	131.85
November 2011	92.88	131.83
December 2011	92.57	131.85
January 2012	92.53	132.06
February 2012	92.70	132.53
March 2012	93.12	133.28
April 2012	93.74	134.30
May 2012	94.48	135.46
June 2012	95.26	136.60
July 2012	95.72	137.61
August 2012	96.14	138.49
September 2012	96.47	139.34
October 2012	96.63	140.26
November 2012	97.09	141.25
December 2012	97.55	142.31
January 2013	98.11	143.42
February 2013	98.75	144.64
March 2013	99.45	145.97
April 2013	100.32	147.34
May 2013	101.01	148.68
June 2013	101.72	149.94
July 2013	102.32	151.16
August 2013	102.76	152.41
September 2013	103.33	153.65
October 2013	103.78	154.81
November 2013	104.19	155.87
December 2013	104.45	156.84
January 2014	104.76	157.70
February 2014	105.04	158.39
March 2014	105.09	158.89
April 2014	105.08	159.24
May 2014	105.04	159.53
June 2014	105.05	159.90
July 2014	105.05	160.45
August 2014	105.22	161.18
September 2014	105.41	162.04
October 2014	105.61	162.94
November 2014	105.74	163.81
December 2014	105.97	164.63
January 2015	106.20	165.42
February 2015	106.38	166.21
March 2015	106.56	166.95
April 2015	106.80	167.62
May 2015	106.97	168.28
June 2015	107.10	168.97
July 2015	107.16	169.69
August 2015	107.25	170.43
September 2015	107.27	171.20
October 2015	107.34	172.00
November 2015	107.53	172.85
December 2015	107.74	173.73
January 2016	107.94	174.57
February 2016	108.12	175.34
March 2016	108.26	176.01
April 2016	108.36	176.61
May 2016	108.39	177.18
June 2016	108.44	177.77
July 2016	108.49	178.45
August 2016	108.58	179.24
September 2016	108.73	180.14
October 2016	108.77	181.07
November 2016	108.87	181.98
December 2016	108.99	182.88
January 2017	109.29	183.87
February 2017	109.66	185.02
March 2017	110.17	186.36
April 2017	110.73	187.78
May 2017	111.16	189.15

Note: The data extend through May 2017. 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.

Return to text

Figure 16. Wealth-to-income ratio

Quarterly
Ratio

Period	Ratio
1997:Q1	5.18
1997:Q2	5.38
1997:Q3	5.49
1997:Q4	5.46
1998:Q1	5.61
1998:Q2	5.62
1998:Q3	5.42
1998:Q4	5.70
1999:Q1	5.72
1999:Q2	5.87
1999:Q3	5.78
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	5.70
2001:Q3	5.39
2001:Q4	5.65
2002:Q1	5.57
2002:Q2	5.38
2002:Q3	5.22
2002:Q4	5.30
2003:Q1	5.28
2003:Q2	5.42
2003:Q3	5.42
2003:Q4	5.63
2004:Q1	5.80
2004:Q2	5.84
2004:Q3	5.88
2004:Q4	6.04
2005:Q1	6.18
2005:Q2	6.27
2005:Q3	6.35
2005:Q4	6.43
2006:Q1	6.46
2006:Q2	6.40
2006:Q3	6.38
2006:Q4	6.49
2007:Q1	6.48
2007:Q2	6.47
2007:Q3	6.42
2007:Q4	6.24
2008:Q1	5.91
2008:Q2	5.60
2008:Q3	5.48
2008:Q4	5.14
2009:Q1	5.04
2009:Q2	5.07
2009:Q3	5.23
2009:Q4	5.27
2010:Q1	5.33
2010:Q2	5.18
2010:Q3	5.28
2010:Q4	5.43
2011:Q1	5.43
2011:Q2	5.42
2011:Q3	5.18
2011:Q4	5.31
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	6.29
2014:Q1	6.28
2014:Q2	6.30
2014:Q3	6.25
2014:Q4	6.33
2015:Q1	6.45
2015:Q2	6.41
2015:Q3	6.26
2015:Q4	6.34
2016:Q1	6.33
2016:Q2	6.31
2016:Q3	6.42
2016:Q4	6.52
2017:Q1	6.60

Note: 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.

Return to text

Figure 17. Changes in household debt

Billions of dollars, annual rate

Period	Mortgages	Consumer credit	Sum
2007	699.58	152.76	852.34
2008	-20.76	34.31	13.56
2009	-144.35	-88.77	-233.12
2010	-484.54	91.79	-392.74
2011	-216.35	110.98	-105.37
2012	-206.60	161.92	-44.68
2013	-87.86	175.84	87.98
2014	-16.73	221.89	205.15
2015	100.57	219.30	319.87
2016	212.45	228.67	441.12
2017:Q1	269.46	189.73	475.75

Note: Changes are calculated from year-end to year-end except 2017 changes, which are calculated from Q1 to Q1.

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

Period	Real income expectations (Diffusion index)	Consumer sentiment (Index)
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	84.00	96.30
March 2017	85.33	96.90
April 2017	86.33	97.00
May 2017	88.67	97.10
June 2017	87.67	95.10

Note: 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. New and existing home sales

Monthly
Millions, annual rate

Period	Existing home sales	New home sales
January 2005	7.10	1.20
February 2005	6.89	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	7.26	1.24
October 2005	7.11	1.34
November 2005	7.02	1.21
December 2005	6.85	1.24
January 2006	6.70	1.17
February 2006	6.85	1.06
March 2006	6.84	1.12
April 2006	6.70	1.12
May 2006	6.58	1.09
June 2006	6.48	1.07
July 2006	6.31	0.97
August 2006	6.34	1.04
September 2006	6.29	1.02
October 2006	6.35	0.94
November 2006	6.34	1.00
December 2006	6.42	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	4.42	0.31
February 2011	4.16	0.27
March 2011	4.26	0.30
April 2011	4.17	0.31
May 2011	4.14	0.31
June 2011	4.23	0.30
July 2011	4.15	0.30
August 2011	4.38	0.30
September 2011	4.33	0.30
October 2011	4.34	0.32
November 2011	4.39	0.33
December 2011	4.35	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	4.76	0.45
February 2014	4.78	0.42
March 2014	4.75	0.41
April 2014	4.79	0.40
May 2014	4.90	0.45
June 2014	4.94	0.42
July 2014	4.98	0.40
August 2014	4.97	0.45
September 2014	5.00	0.47
October 2014	5.12	0.47
November 2014	4.99	0.45
December 2014	5.09	0.49
January 2015	4.96	0.52
February 2015	5.09	0.55
March 2015	5.27	0.48
April 2015	5.17	0.50
May 2015	5.25	0.50
June 2015	5.35	0.48
July 2015	5.45	0.50
August 2015	5.33	0.51
September 2015	5.40	0.46
October 2015	5.28	0.48
November 2015	4.83	0.51
December 2015	5.43	0.54
January 2016	5.48	0.52
February 2016	5.20	0.53
March 2016	5.39	0.53
April 2016	5.48	0.57
May 2016	5.47	0.56
June 2016	5.48	0.56
July 2016	5.33	0.63
August 2016	5.34	0.57
September 2016	5.47	0.57
October 2016	5.53	0.58
November 2016	5.60	0.58
December 2016	5.51	0.55
January 2017	5.69	0.60
February 2017	5.47	0.62
March 2017	5.70	0.64
April 2017	5.56	0.59
May 2017	5.62	0.61

Note: The data extend through May 2017. 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 20. Mortgage rates and housing affordability

Housing affordability index

Period	Index
January 2008	128.89
February 2008	133.31
March 2008	132.02
April 2008	133.28
May 2008	133.49
June 2008	133.47
July 2008	135.46
August 2008	135.97
September 2008	142.83
October 2008	144.93
November 2008	147.29
December 2008	160.83
January 2009	164.94
February 2009	161.53
March 2009	163.24
April 2009	174.03
May 2009	173.68
June 2009	171.66
July 2009	168.76
August 2009	169.77
September 2009	164.54
October 2009	169.06
November 2009	172.62
December 2009	175.17
January 2010	166.42
February 2010	166.04
March 2010	167.02
April 2010	165.30
May 2010	169.04
June 2010	170.95
July 2010	174.60
August 2010	177.44
September 2010	177.34
October 2010	176.68
November 2010	177.31
December 2010	174.92
January 2011	177.35
February 2011	178.42
March 2011	178.36
April 2011	181.73
May 2011	180.15
June 2011	184.44
July 2011	191.31
August 2011	188.46
September 2011	188.69
October 2011	194.48
November 2011	189.18
December 2011	191.48
January 2012	191.59
February 2012	191.84
March 2012	198.72
April 2012	190.32
May 2012	192.64
June 2012	194.36
July 2012	197.31
August 2012	197.88
September 2012	197.76
October 2012	198.91
November 2012	197.71
December 2012	199.30
January 2013	198.86
February 2013	194.81
March 2013	187.99
April 2013	184.63
May 2013	184.60
June 2013	179.48
July 2013	170.39
August 2013	165.01
September 2013	165.78
October 2013	164.35
November 2013	167.88
December 2013	164.88
January 2014	162.21
February 2014	163.71
March 2014	165.56
April 2014	166.11
May 2014	164.78
June 2014	165.32
July 2014	165.44
August 2014	165.08
September 2014	166.90
October 2014	164.78
November 2014	166.31
December 2014	167.20
January 2015	170.78
February 2015	169.12
March 2015	167.40
April 2015	167.93
May 2015	167.50
June 2015	166.88
July 2015	166.32
August 2015	165.63
September 2015	166.02
October 2015	166.50
November 2015	165.50
December 2015	162.67
January 2016	162.14
February 2016	163.54
March 2016	165.79
April 2016	164.68
May 2016	166.23
June 2016	166.34
July 2016	170.32
August 2016	169.90
September 2016	167.04
October 2016	166.36
November 2016	163.35
December 2016	160.15
January 2017	152.29
February 2017	149.88
March 2017	152.78
April 2017	155.96

Note: The housing affordability index data are monthly through April 2017. 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
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
16 February 2017	4.15
23 February 2017	4.16
2 March 2017	4.10
9 March 2017	4.21
16 March 2017	4.30
23 March 2017	4.23
30 March 2017	4.14
6 April 2017	4.10
13 April 2017	4.08
20 April 2017	3.97
27 April 2017	4.03
4 May 2017	4.02
11 May 2017	4.05
18 May 2017	4.02
25 May 2017	3.95
1 June 2017	3.94
8 June 2017	3.89
15 June 2017	3.91
22 June 2017	3.90
29 June 2017	3.88
6 July 2017	3.96

Note: The mortgage rate data are weekly through July 6, 2017.

Source: Freddie Mac Primary Mortgage Market Survey.

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Figure 21. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
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	0.35	0.62	0.66
April 2015	0.46	0.75	0.68
May 2015	0.37	0.70	0.69
June 2015	0.51	0.69	0.70
July 2015	0.38	0.76	0.70
August 2015	0.40	0.74	0.71
September 2015	0.47	0.74	0.71
October 2015	0.36	0.70	0.72
November 2015	0.40	0.78	0.74
December 2015	0.37	0.76	0.73
January 2016	0.35	0.77	0.73
February 2016	0.37	0.84	0.74
March 2016	0.38	0.75	0.73
April 2016	0.40	0.77	0.74
May 2016	0.39	0.73	0.74
June 2016	0.42	0.77	0.74
July 2016	0.45	0.77	0.72
August 2016	0.44	0.73	0.74
September 2016	0.28	0.78	0.75
October 2016	0.46	0.87	0.78
November 2016	0.33	0.82	0.79
December 2016	0.46	0.81	0.83
January 2017	0.42	0.82	0.81
February 2017	0.41	0.88	0.83
March 2017	0.37	0.82	0.83
April 2017	0.33	0.83	0.79
May 2017	0.30	0.79	0.78

Note: The data extend through May 2017.

Source: Department of Commerce, Bureau of the Census.

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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	1.85	-0.58
2017:Q1	22.58	7.21

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
2007	19.76	9.99	0.94	30.69
2008	15.31	9.64	0.64	25.59
2009	-28.00	17.61	-6.09	-16.49
2010	-8.65	14.86	2.04	8.25
2011	10.47	13.50	2.78	26.74
2012	13.84	27.04	1.17	42.05
2013	8.01	23.16	1.18	32.34
2014	13.08	22.76	3.12	38.97
2015	14.67	33.16	-0.45	47.38
2016	10.16	22.33	0.34	32.83
2017:Q1	9.83	35.24	0.43	45.50

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: 1998 to 2017

Description: Data are plotted as three curves. Units are percentage points along the right axis. Frequency is daily. All three curves follow a similar pattern.

The high-yield series starts at the beginning of 1998 at just above 9. The series increases generally to about 13 by the end of 2000, reaching a high of about 13.7 in December 2000. The series then decreases, bottoming out at around 7.3 in early 2005. The series 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 reaches nearly 20 in 2009. The series then declines quickly to about 14, experiences another jump to about 17, 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 2017, reaching about 5.6 by the end of the horizon.

The Triple-B series starts at the beginning of 1998 at about 6.5. The series fluctuates between about 6 and about 8 until mid-2003, when it decreases generally to around 5. The series gradually climbs back up to 7 by mid-2008 and then increases quickly, reaching nearly 10 later that year. Throughout 2009 the series sharply declines, 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. Then the series increases, reaching about 5 in late 2013 before falling to just above 4 by mid-2014. The series falls below 4 in early 2015 before rising to almost 4.75 in early 2016. In 2016, the series declines, remaining mostly below 4 until November. At the end of 2016:Q4, it increases and reaches a high of about 4.4 in March 2017. The series continues to fluctuate between 3.8 and 4.25 in the first half of 2017 before reaching about 4 by the end of the horizon.

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 in mid-2003. The series remains between about 5 and about 6 through the beginning of 2008. Then the series 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 2014 to around 4 but then falls through January 2015 to just under 3. The series rises to about 3.75 by mid-2015 before falling below 3 for most of 2016. In late 2016, the series jumps to about 3.6 and then gradually declines throughout 2017, reaching about 2.2 by the end of the horizon.

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	2.62	1.50
2017:Q1	4.02	7.01

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	-3.79
2000:Q2	-3.5	-3.77
2000:Q3	-3.8	-4.05
2000:Q4	-3.8	-4.08
2001:Q1	-3.7	-4.01
2001:Q2	-3.4	-3.56
2001:Q3	-3.4	-3.88
2001:Q4	-3.3	-3.23
2002:Q1	-3.5	-3.77
2002:Q2	-3.8	-4.14
2002:Q3	-3.9	-4.09
2002:Q4	-4.3	-4.42
2003:Q1	-4.5	-4.77
2003:Q2	-4.4	-4.53
2003:Q3	-4.3	-4.47
2003:Q4	-4.3	-4.28
2004:Q1	-4.6	-4.57
2004:Q2	-5.0	-5.13
2004:Q3	-5.2	-5.14
2004:Q4	-5.4	-5.71
2005:Q1	-5.3	-5.29
2005:Q2	-5.3	-5.53
2005:Q3	-5.5	-5.65
2005:Q4	-5.9	-6.28
2006:Q1	-5.7	-5.81
2006:Q2	-5.7	-5.87
2006:Q3	-5.8	-6.21
2006:Q4	-5.1	-5.39
2007:Q1	-5.1	-5.56
2007:Q2	-5.1	-5.20
2007:Q3	-4.9	-4.63
2007:Q4	-4.8	-4.28
2008:Q1	-5.2	-4.93
2008:Q2	-5.1	-4.75
2008:Q3	-5.2	-4.71
2008:Q4	-4.1	-4.12
2009:Q1	-2.7	-2.66
2009:Q2	-2.4	-2.41
2009:Q3	-2.8	-2.53
2009:Q4	-3.0	-2.73
2010:Q1	-3.3	-2.87
2010:Q2	-3.5	-2.99
2010:Q3	-3.6	-3.06
2010:Q4	-3.3	-2.60
2011:Q1	-3.7	-3.02
2011:Q2	-3.8	-3.03
2011:Q3	-3.7	-2.67
2011:Q4	-3.8	-2.74
2012:Q1	-3.8	-2.89
2012:Q2	-3.6	-2.77
2012:Q3	-3.3	-2.47
2012:Q4	-3.3	-2.43
2013:Q1	-3.2	-2.30
2013:Q2	-3.1	-2.19
2013:Q3	-2.9	-2.12
2013:Q4	-2.6	-1.78
2014:Q1	-3.0	-2.14
2014:Q2	-3.0	-2.03
2014:Q3	-2.8	-2.09
2014:Q4	-3.0	-2.32
2015:Q1	-3.0	-2.43
2015:Q2	-2.8	-2.37
2015:Q3	-2.9	-2.57
2015:Q4	-2.9	-2.27
2016:Q1	-2.8	-2.61
2016:Q2	-2.7	-2.35
2016:Q3	-2.5	-2.36
2016:Q4	-2.9	-2.42
2017:Q1	-3.0	-2.46

Note: 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	-0.18	0.44
2017:Q1	-2.03	-0.18

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
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	20.36	17.55
2015	20.60	18.15
2016	20.93	17.75
2017	20.63	17.40

Note: Through 2016, receipts and expenditures are for fiscal years (October to September); gross domestic product (GDP) is for the four quarters ending in Q3. For 2017, receipts and expenditures are for the 12 months ending in May, and GDP is the average of 2016:Q4 and 2017:Q1. Receipts and expenditures are on a unified-budget basis.

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
2016:Q4	76.45
2017:Q1	75.46

Note: 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	19.480
January 2017	19.494
February 2017	19.506
March 2017	19.499
April 2017	19.506
May 2017	19.489

Note: The employment data are monthly and extend through May 2017.

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	237.80
2017:Q1	233.30

Note: The structures data are quarterly.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 31. Market-implied federal funds rate

Quarterly
Percent

Period	July 5, 2017	Dec. 30, 2016
2017:Q1	ND	0.65
2017:Q2	ND	0.70
2017:Q3	1.15	0.83
2017:Q4	1.20	0.99
2018:Q1	1.29	1.15
2018:Q2	1.39	1.28
2018:Q3	1.47	1.41
2018:Q4	1.54	1.53
2019:Q1	1.60	1.62
2019:Q2	1.65	1.70
2019:Q3	1.70	1.77
2019:Q4	1.75	1.82
2020:Q1	1.79	1.88
2020:Q2	1.83	1.92
2020:Q3	1.87	1.96
2020:Q4	1.90	2.00

Note: The federal funds rate path is implied by quotes on overnight index swaps--a derivative contract tied to the effective federal funds rate. The implied path as of July 5, 2017, is compared with that as of December 30, 2016. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The data extend through 2020:Q4.

Source: Bloomberg; Federal Reserve Board staff estimates.

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Figure 32. Yields on nominal Treasury securities

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

Horizon: January 2000 to July 5, 2017

Description: Data are plotted as three curves. Units are percent along the right axis. Frequency is daily. 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 to roughly 5 by 2006, where it stays until the end of 2007 before dropping to 1.5 by late 2008. The series increases in the beginning of 2009 to roughly 2.5, and it remains between 2 and 3 until declining to 1 in 2010. The series rises back above 2 in early 2011 but falls again below 1 in mid-2011, where it stays until mid-2013. In mid-2013, the series increases sharply to roughly 1.5. The series generally stays between 1 and 2 between mid-2013 and the end of 2016, when it increases sharply again to 2. The series ends at around 2 in July 2017.

The 10-year Treasury yield curve starts in 2000 slightly above 6.5 and then falls less steeply than the 5-year Treasury yield curve to reach a low of roughly 3.5 in 2003. The series gradually increases to roughly 5 by 2006, once again at the same level as the 5-year Treasury yield curve. At the end of 2007, the series 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 to 2.5 in 2010. The series rises back above 3 in early 2011 but falls again below 2 in late 2011, where it stays until mid-2013. In mid-2013, the series sharply increases to 2.75. Aside from a slight uptick in mid-2015, the series has a gradual decline from the 2.75 peak to a low of 1.5 in mid-2016 before sharply increasing to 2.5 at the end of 2016. The series ends at about 2.5 in July 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 it rapidly spikes down to 2.5. The series rises back above 4 in mid-2009, where it remains until declining to 3.75 in late 2010. The series rises to nearly 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 2.25 by early 2015, reaching a level close to the 10-year Treasury yield. By mid-2015, the series rises to slightly more than 3 and gradually declines to 2.5 by the end of 2016, when it sharply increases again to slightly more than 3. The series ends just below 3 in July 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 33. Yield and spread on agency mortgage-backed securities

Series: Yield and spread

Horizon: January 2000 to July 5, 2017

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

The yield series starts at just below 8 at the beginning of 2000, sharply increasing to about 8.5 in mid-2000 before declining to approximately 4.25 by mid-2003. The series then increases to approximately 6.25 by mid-2006 before declining 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 2.5 before slightly increasing to 3 in mid-2015. The series declines to 2.5 at the end of 2016, when it increases sharply to slightly more than 3. From the start of 2017, the series fluctuates between 3 and 3.5 and ends at around 3 in July 2017.

The spread series starts at approximately 125 in 2000. A rise to about 175 occurs in mid-2000, and then the series hovers around 150 throughout 2001. The series increases to approximately 175 by late 2002. The series declines to approximately 100 by early 2007, then spikes to approximately 275 by the beginning of 2008, 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 July 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 34. Equity prices

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

Horizon: January 2000 to July 5, 2017

Description: Daily data are plotted as three curves. Units for all series have been indexed to 100 based on their respective values on December 31, 1999.

The Dow Jones bank index series starts in January 2000 at 100. The series increases to approximately 125 by mid-2002 and returns to 100 in early 2003. The series rebounds and steadily increases to its peak, just below 175, in mid-2007 and crashes to about 25 by early 2009. From 2009 through 2011, the series fluctuates between 50 and 75, and it steadily rises to about 100 by the end of 2015. After a drop to about 75 in early 2016, the series rises sharply at the end of 2016 and ends at about 125 in July 2017.

The S&P 500 index series starts in January 2000 at 100. The series steadily decreases to around 67 in mid-2003 and recovers to about 100 in late 2007 before falling again to approximately 50 by the beginning of 2009. The series has a steady increase to just under 150 in 2015 and fluctuates between 125 and 150 in late 2015 and 2016. The series finishes a little below 175 in July 2017.

The NASDAQ index series starts in January 2000 at 100. After a brief increase in early 2000 to 125, the series decreases to about 25 by 2003. The series has a steady increase to just below 75 in 2008 and drops again to just above 25 in early 2009. The series steadily increases to just above 125 in early 2015 and fluctuates between 100 and 125 in 2015 and 2016. The series then increases and ends at about 150 in July 2017.

Source: Standard & Poor's Dow Jones Indices and NASDAQ index 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. Selected funding for large banks

Series: Commercial paper from money market mutual funds and FHLB advances

Horizon: 2011 to 2017

Description: Commercial paper from money market mutual funds data are monthly, and FHLB advances data are quarterly; both are plotted as curves. Units for both series are billions of dollars, along the right axis. The curves follow a similar pattern until 2016, when they diverge significantly.

The commercial paper from money market mutual funds series starts at around 150 in January 2011. The series slowly rises to around 185 in late 2012 before falling back to fluctuate around 155. In late 2014 and 2015, the series jumps to approximately 190. The series then sharply declines in 2016 until it levels out at 50, where it remains for the first half of 2017, reaching about 43 on May 31, 2017.

The FHLB advances series begins in 2011 at approximately 140. The series drops moderately through mid-2012, dipping below 100. The series then slowly rises until late 2014, reaching approximately 230. The series falls slightly and fluctuates around 200 in 2015 before beginning to rise again through 2016, peaking at around 300. The series then falls to about 270 in 2017:Q1.

Note: Commercial paper from money market mutual fund data are monthly and extend through May 2017. Federal Home Loan Bank (FHLB) data are quarterly and are seasonally adjusted. FHLB advances data for different subsets of Comprehensive Capital Analysis and Review banks depending on their use of each funding source.

Source: U.S. Securities and Exchange Commission, Form N-MFP, "Monthly Schedule of Portfolio Holdings of Money Market Funds," accessed via the Office of Financial Research; Federal Financial Institutions Examinations Council, Call Report Form FFIEC 031, "Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices."

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

Quarterly
Ratio

Period	Ratio
1980:Q1	0.972
1980:Q2	0.983
1980:Q3	0.982
1980:Q4	0.965
1981:Q1	0.942
1981:Q2	0.960
1981:Q3	0.955
1981:Q4	0.968
1982:Q1	0.991
1982:Q2	0.993
1982:Q3	0.997
1982:Q4	0.998
1983:Q1	0.995
1983:Q2	0.989
1983:Q3	0.986
1983:Q4	0.988
1984:Q1	0.993
1984:Q2	1.003
1984:Q3	1.014
1984:Q4	1.035
1985:Q1	1.051
1985:Q2	1.065
1985:Q3	1.073
1985:Q4	1.099
1986:Q1	1.110
1986:Q2	1.128
1986:Q3	1.145
1986:Q4	1.168
1987:Q1	1.173
1987:Q2	1.179
1987:Q3	1.186
1987:Q4	1.175
1988:Q1	1.189
1988:Q2	1.191
1988:Q3	1.195
1988:Q4	1.198
1989:Q1	1.197
1989:Q2	1.200
1989:Q3	1.201
1989:Q4	1.213
1990:Q1	1.211
1990:Q2	1.209
1990:Q3	1.213
1990:Q4	1.225
1991:Q1	1.222
1991:Q2	1.214
1991:Q3	1.201
1991:Q4	1.194
1992:Q1	1.183
1992:Q2	1.167
1992:Q3	1.158
1992:Q4	1.148
1993:Q1	1.149
1993:Q2	1.149
1993:Q3	1.153
1993:Q4	1.149
1994:Q1	1.151
1994:Q2	1.146
1994:Q3	1.150
1994:Q4	1.152
1995:Q1	1.160
1995:Q2	1.172
1995:Q3	1.175
1995:Q4	1.178
1996:Q1	1.185
1996:Q2	1.180
1996:Q3	1.182
1996:Q4	1.178
1997:Q1	1.182
1997:Q2	1.181
1997:Q3	1.187
1997:Q4	1.193
1998:Q1	1.208
1998:Q2	1.225
1998:Q3	1.227
1998:Q4	1.231
1999:Q1	1.247
1999:Q2	1.258
1999:Q3	1.273
1999:Q4	1.272
2000:Q1	1.294
2000:Q2	1.292
2000:Q3	1.308
2000:Q4	1.315
2001:Q1	1.325
2001:Q2	1.336
2001:Q3	1.366
2001:Q4	1.373
2002:Q1	1.379
2002:Q2	1.383
2002:Q3	1.389
2002:Q4	1.407
2003:Q1	1.414
2003:Q2	1.428
2003:Q3	1.422
2003:Q4	1.419
2004:Q1	1.432
2004:Q2	1.438
2004:Q3	1.447
2004:Q4	1.463
2005:Q1	1.464
2005:Q2	1.481
2005:Q3	1.489
2005:Q4	1.505
2006:Q1	1.520
2006:Q2	1.543
2006:Q3	1.560
2006:Q4	1.581
2007:Q1	1.595
2007:Q2	1.615
2007:Q3	1.634
2007:Q4	1.653
2008:Q1	1.681
2008:Q2	1.674
2008:Q3	1.686
2008:Q4	1.700
2009:Q1	1.706
2009:Q2	1.702
2009:Q3	1.684
2009:Q4	1.645
2010:Q1	1.626
2010:Q2	1.595
2010:Q3	1.576
2010:Q4	1.548
2011:Q1	1.549
2011:Q2	1.526
2011:Q3	1.512
2011:Q4	1.498
2012:Q1	1.488
2012:Q2	1.481
2012:Q3	1.477
2012:Q4	1.486
2013:Q1	1.477
2013:Q2	1.479
2013:Q3	1.476
2013:Q4	1.462
2014:Q1	1.473
2014:Q2	1.468
2014:Q3	1.459
2014:Q4	1.464
2015:Q1	1.472
2015:Q2	1.475
2015:Q3	1.475
2015:Q4	1.486
2016:Q1	1.501
2016:Q2	1.502
2016:Q3	1.501
2016:Q4	1.496
2017:Q1	1.504

Note: 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"; Department of Commerce, Bureau of Economic Analysis, national income and product accounts (NIPA), Table 1.1.5: Gross Domestic Product; Board staff calculations.

Return to text

Recent Developments in Corporate Bond Market Liquidity: Figure A. Mean bid-ask spread and market effect for corporate bonds

Percent
Ratio

Date	Bid-ask spread	Price effect
3 January 2005	0.78	0.50
4 January 2005	0.77	0.50
5 January 2005	0.77	0.49
6 January 2005	0.77	0.50
7 January 2005	0.76	0.50
10 January 2005	0.76	0.50
11 January 2005	0.76	0.50
12 January 2005	0.75	0.50
13 January 2005	0.75	0.50
14 January 2005	0.75	0.51
17 January 2005	0.75	0.51
18 January 2005	0.75	0.51
19 January 2005	0.75	0.50
20 January 2005	0.75	0.50
21 January 2005	0.75	0.50
24 January 2005	0.75	0.50
25 January 2005	0.75	0.50
26 January 2005	0.74	0.49
27 January 2005	0.74	0.49
28 January 2005	0.73	0.49
31 January 2005	0.73	0.49
1 February 2005	0.73	0.49
2 February 2005	0.73	0.48
3 February 2005	0.73	0.49
4 February 2005	0.73	0.48
7 February 2005	0.73	0.48
8 February 2005	0.73	0.48
9 February 2005	0.73	0.48
10 February 2005	0.73	0.47
11 February 2005	0.73	0.47
14 February 2005	0.73	0.47
15 February 2005	0.73	0.47
16 February 2005	0.73	0.47
17 February 2005	0.73	0.47
18 February 2005	0.72	0.46
21 February 2005	0.72	0.46
22 February 2005	0.72	0.46
23 February 2005	0.72	0.46
24 February 2005	0.72	0.46
25 February 2005	0.72	0.46
28 February 2005	0.72	0.46
1 March 2005	0.71	0.46
2 March 2005	0.71	0.46
3 March 2005	0.71	0.46
4 March 2005	0.71	0.46
7 March 2005	0.71	0.46
8 March 2005	0.71	0.46
9 March 2005	0.71	0.46
10 March 2005	0.71	0.46
11 March 2005	0.71	0.47
14 March 2005	0.72	0.47
15 March 2005	0.72	0.46
16 March 2005	0.73	0.46
17 March 2005	0.73	0.47
18 March 2005	0.74	0.48
21 March 2005	0.75	0.48
22 March 2005	0.77	0.48
23 March 2005	0.77	0.49
24 March 2005	0.78	0.49
25 March 2005	0.78	0.49
28 March 2005	0.80	0.49
29 March 2005	0.80	0.49
30 March 2005	0.81	0.49
31 March 2005	0.82	0.49
1 April 2005	0.82	0.49
4 April 2005	0.83	0.50
5 April 2005	0.83	0.50
6 April 2005	0.84	0.50
7 April 2005	0.85	0.51
8 April 2005	0.86	0.51
11 April 2005	0.87	0.52
12 April 2005	0.87	0.53
13 April 2005	0.88	0.54
14 April 2005	0.89	0.54
15 April 2005	0.90	0.55
18 April 2005	0.91	0.55
19 April 2005	0.91	0.55
20 April 2005	0.91	0.55
21 April 2005	0.91	0.55
22 April 2005	0.90	0.55
25 April 2005	0.91	0.55
26 April 2005	0.91	0.55
27 April 2005	0.91	0.55
28 April 2005	0.92	0.55
29 April 2005	0.92	0.55
2 May 2005	0.92	0.55
3 May 2005	0.93	0.56
4 May 2005	0.93	0.56
5 May 2005	0.94	0.56
6 May 2005	0.95	0.56
9 May 2005	0.95	0.56
10 May 2005	0.95	0.56
11 May 2005	0.95	0.56
12 May 2005	0.96	0.55
13 May 2005	0.96	0.56
16 May 2005	0.95	0.55
17 May 2005	0.95	0.55
18 May 2005	0.95	0.55
19 May 2005	0.94	0.55
20 May 2005	0.94	0.55
23 May 2005	0.95	0.55
24 May 2005	0.95	0.55
25 May 2005	0.94	0.55
26 May 2005	0.94	0.55
27 May 2005	0.94	0.55
30 May 2005	0.94	0.55
31 May 2005	0.94	0.55
1 June 2005	0.94	0.55
2 June 2005	0.93	0.54
3 June 2005	0.92	0.55
6 June 2005	0.91	0.55
7 June 2005	0.90	0.54
8 June 2005	0.89	0.54
9 June 2005	0.88	0.53
10 June 2005	0.87	0.53
13 June 2005	0.86	0.53
14 June 2005	0.85	0.53
15 June 2005	0.84	0.52
16 June 2005	0.84	0.53
17 June 2005	0.83	0.53
20 June 2005	0.83	0.53
21 June 2005	0.83	0.53
22 June 2005	0.82	0.52
23 June 2005	0.81	0.52
24 June 2005	0.81	0.52
27 June 2005	0.81	0.52
28 June 2005	0.81	0.51
29 June 2005	0.80	0.51
30 June 2005	0.80	0.51
1 July 2005	0.80	0.51
4 July 2005	0.80	0.51
5 July 2005	0.80	0.51
6 July 2005	0.79	0.51
7 July 2005	0.79	0.51
8 July 2005	0.79	0.50
11 July 2005	0.79	0.50
12 July 2005	0.79	0.49
13 July 2005	0.78	0.50
14 July 2005	0.78	0.50
15 July 2005	0.78	0.50
18 July 2005	0.78	0.49
19 July 2005	0.78	0.49
20 July 2005	0.77	0.48
21 July 2005	0.77	0.48
22 July 2005	0.77	0.48
25 July 2005	0.78	0.49
26 July 2005	0.78	0.49
27 July 2005	0.78	0.49
28 July 2005	0.78	0.49
29 July 2005	0.78	0.49
1 August 2005	0.78	0.49
2 August 2005	0.78	0.49
3 August 2005	0.78	0.49
4 August 2005	0.78	0.49
5 August 2005	0.78	0.49
8 August 2005	0.79	0.49
9 August 2005	0.79	0.50
10 August 2005	0.79	0.50
11 August 2005	0.79	0.50
12 August 2005	0.79	0.50
15 August 2005	0.80	0.50
16 August 2005	0.80	0.50
17 August 2005	0.79	0.50
18 August 2005	0.79	0.51
19 August 2005	0.79	0.51
22 August 2005	0.80	0.52
23 August 2005	0.80	0.52
24 August 2005	0.80	0.52
25 August 2005	0.80	0.52
26 August 2005	0.80	0.52
29 August 2005	0.80	0.52
30 August 2005	0.81	0.52
31 August 2005	0.81	0.52
1 September 2005	0.82	0.53
2 September 2005	0.82	0.53
5 September 2005	0.82	0.53
6 September 2005	0.82	0.53
7 September 2005	0.82	0.52
8 September 2005	0.82	0.52
9 September 2005	0.82	0.52
12 September 2005	0.83	0.52
13 September 2005	0.82	0.53
14 September 2005	0.83	0.52
15 September 2005	0.83	0.52
16 September 2005	0.83	0.52
19 September 2005	0.83	0.51
20 September 2005	0.83	0.51
21 September 2005	0.83	0.50
22 September 2005	0.83	0.49
23 September 2005	0.84	0.49
26 September 2005	0.84	0.49
27 September 2005	0.84	0.49
28 September 2005	0.84	0.49
29 September 2005	0.83	0.48
30 September 2005	0.84	0.48
3 October 2005	0.83	0.48
4 October 2005	0.83	0.48
5 October 2005	0.82	0.47
6 October 2005	0.82	0.47
7 October 2005	0.82	0.47
10 October 2005	0.82	0.47
11 October 2005	0.83	0.47
12 October 2005	0.85	0.47
13 October 2005	0.86	0.48
14 October 2005	0.87	0.49
17 October 2005	0.89	0.50
18 October 2005	0.90	0.51
19 October 2005	0.90	0.51
20 October 2005	0.90	0.52
21 October 2005	0.90	0.52
24 October 2005	0.90	0.52
25 October 2005	0.90	0.53
26 October 2005	0.91	0.53
27 October 2005	0.91	0.53
28 October 2005	0.91	0.53
31 October 2005	0.92	0.54
1 November 2005	0.92	0.54
2 November 2005	0.93	0.54
3 November 2005	0.94	0.54
4 November 2005	0.94	0.55
7 November 2005	0.94	0.54
8 November 2005	0.94	0.54
9 November 2005	0.92	0.53
10 November 2005	0.92	0.53
11 November 2005	0.91	0.53
14 November 2005	0.91	0.52
15 November 2005	0.91	0.51
16 November 2005	0.91	0.51
17 November 2005	0.93	0.51
18 November 2005	0.94	0.51
21 November 2005	0.95	0.52
22 November 2005	0.96	0.52
23 November 2005	0.97	0.52
24 November 2005	0.97	0.52
25 November 2005	0.97	0.52
28 November 2005	0.99	0.53
29 November 2005	0.98	0.52
30 November 2005	0.99	0.53
1 December 2005	1.00	0.52
2 December 2005	1.00	0.53
5 December 2005	1.01	0.53
6 December 2005	1.01	0.53
7 December 2005	1.01	0.54
8 December 2005	1.02	0.54
9 December 2005	1.02	0.54
12 December 2005	1.01	0.54
13 December 2005	1.01	0.54
14 December 2005	1.01	0.55
15 December 2005	1.01	0.54
16 December 2005	1.00	0.54
19 December 2005	0.99	0.54
20 December 2005	0.99	0.54
21 December 2005	0.99	0.54
22 December 2005	0.99	0.54
23 December 2005	0.99	0.54
26 December 2005	0.99	0.54
27 December 2005	1.00	0.55
28 December 2005	1.01	0.55
29 December 2005	1.02	0.55
30 December 2005	1.02	0.57
2 January 2006	1.03	0.57
3 January 2006	1.03	0.57
4 January 2006	1.02	0.57
5 January 2006	1.02	0.57
6 January 2006	1.01	0.56
9 January 2006	1.01	0.56
10 January 2006	1.00	0.56
11 January 2006	0.99	0.56
12 January 2006	0.98	0.56
13 January 2006	0.97	0.56
16 January 2006	0.97	0.56
17 January 2006	0.97	0.55
18 January 2006	0.95	0.55
19 January 2006	0.93	0.54
20 January 2006	0.92	0.53
23 January 2006	0.92	0.53
24 January 2006	0.91	0.53
25 January 2006	0.88	0.52
26 January 2006	0.87	0.51
27 January 2006	0.85	0.50
30 January 2006	0.85	0.48
31 January 2006	0.84	0.48
1 February 2006	0.83	0.48
2 February 2006	0.82	0.47
3 February 2006	0.81	0.47
6 February 2006	0.82	0.47
7 February 2006	0.81	0.47
8 February 2006	0.81	0.46
9 February 2006	0.81	0.46
10 February 2006	0.81	0.46
13 February 2006	0.81	0.46
14 February 2006	0.81	0.46
15 February 2006	0.81	0.46
16 February 2006	0.80	0.46
17 February 2006	0.80	0.46
20 February 2006	0.80	0.46
21 February 2006	0.80	0.46
22 February 2006	0.80	0.47
23 February 2006	0.80	0.46
24 February 2006	0.80	0.47
27 February 2006	0.81	0.47
28 February 2006	0.80	0.46
1 March 2006	0.80	0.46
2 March 2006	0.80	0.46
3 March 2006	0.81	0.47
6 March 2006	0.81	0.47
7 March 2006	0.80	0.47
8 March 2006	0.80	0.47
9 March 2006	0.80	0.47
10 March 2006	0.80	0.47
13 March 2006	0.80	0.47
14 March 2006	0.79	0.47
15 March 2006	0.79	0.47
16 March 2006	0.79	0.47
17 March 2006	0.79	0.47
20 March 2006	0.79	0.48
21 March 2006	0.79	0.48
22 March 2006	0.79	0.48
23 March 2006	0.78	0.47
24 March 2006	0.78	0.47
27 March 2006	0.78	0.48
28 March 2006	0.78	0.47
29 March 2006	0.78	0.47
30 March 2006	0.78	0.48
31 March 2006	0.79	0.48
3 April 2006	0.78	0.48
4 April 2006	0.78	0.47
5 April 2006	0.78	0.47
6 April 2006	0.78	0.47
7 April 2006	0.78	0.48
10 April 2006	0.78	0.48
11 April 2006	0.78	0.48
12 April 2006	0.78	0.47
13 April 2006	0.78	0.48
14 April 2006	0.78	0.48
17 April 2006	0.78	0.47
18 April 2006	0.78	0.47
19 April 2006	0.78	0.47
20 April 2006	0.78	0.46
21 April 2006	0.78	0.46
24 April 2006	0.78	0.47
25 April 2006	0.78	0.46
26 April 2006	0.77	0.47
27 April 2006	0.77	0.47
28 April 2006	0.76	0.47
1 May 2006	0.77	0.46
2 May 2006	0.76	0.47
3 May 2006	0.76	0.46
4 May 2006	0.76	0.46
5 May 2006	0.76	0.46
8 May 2006	0.76	0.46
9 May 2006	0.76	0.46
10 May 2006	0.76	0.45
11 May 2006	0.75	0.45
12 May 2006	0.75	0.45
15 May 2006	0.76	0.45
16 May 2006	0.75	0.44
17 May 2006	0.75	0.44
18 May 2006	0.76	0.44
19 May 2006	0.75	0.44
22 May 2006	0.76	0.44
23 May 2006	0.76	0.43
24 May 2006	0.75	0.43
25 May 2006	0.76	0.43
26 May 2006	0.76	0.43
29 May 2006	0.76	0.43
30 May 2006	0.76	0.43
31 May 2006	0.76	0.43
1 June 2006	0.76	0.42
2 June 2006	0.77	0.43
5 June 2006	0.77	0.43
6 June 2006	0.77	0.42
7 June 2006	0.77	0.43
8 June 2006	0.77	0.43
9 June 2006	0.78	0.43
12 June 2006	0.77	0.43
13 June 2006	0.77	0.43
14 June 2006	0.77	0.43
15 June 2006	0.77	0.44
16 June 2006	0.76	0.44
19 June 2006	0.77	0.44
20 June 2006	0.77	0.44
21 June 2006	0.76	0.44
22 June 2006	0.76	0.44
23 June 2006	0.76	0.44
26 June 2006	0.76	0.44
27 June 2006	0.76	0.44
28 June 2006	0.76	0.44
29 June 2006	0.76	0.44
30 June 2006	0.76	0.44
3 July 2006	0.76	0.44
4 July 2006	0.76	0.44
5 July 2006	0.76	0.44
6 July 2006	0.75	0.44
7 July 2006	0.75	0.44
10 July 2006	0.75	0.44
11 July 2006	0.76	0.44
12 July 2006	0.76	0.44
13 July 2006	0.75	0.44
14 July 2006	0.76	0.44
17 July 2006	0.76	0.44
18 July 2006	0.76	0.44
19 July 2006	0.76	0.43
20 July 2006	0.76	0.43
21 July 2006	0.77	0.44
24 July 2006	0.77	0.44
25 July 2006	0.77	0.44
26 July 2006	0.78	0.44
27 July 2006	0.77	0.44
28 July 2006	0.77	0.45
31 July 2006	0.77	0.45
1 August 2006	0.77	0.45
2 August 2006	0.77	0.45
3 August 2006	0.77	0.44
4 August 2006	0.77	0.44
7 August 2006	0.77	0.45
8 August 2006	0.77	0.45
9 August 2006	0.77	0.44
10 August 2006	0.77	0.44
11 August 2006	0.77	0.44
14 August 2006	0.77	0.44
15 August 2006	0.76	0.44
16 August 2006	0.76	0.44
17 August 2006	0.76	0.44
18 August 2006	0.76	0.44
21 August 2006	0.76	0.44
22 August 2006	0.76	0.44
23 August 2006	0.76	0.44
24 August 2006	0.76	0.44
25 August 2006	0.76	0.44
28 August 2006	0.76	0.44
29 August 2006	0.76	0.44
30 August 2006	0.76	0.44
31 August 2006	0.77	0.45
1 September 2006	0.77	0.45
4 September 2006	0.77	0.45
5 September 2006	0.77	0.45
6 September 2006	0.77	0.45
7 September 2006	0.77	0.45
8 September 2006	0.76	0.45
11 September 2006	0.77	0.45
12 September 2006	0.76	0.45
13 September 2006	0.76	0.45
14 September 2006	0.77	0.45
15 September 2006	0.76	0.45
18 September 2006	0.77	0.45
19 September 2006	0.76	0.45
20 September 2006	0.76	0.45
21 September 2006	0.76	0.45
22 September 2006	0.76	0.45
25 September 2006	0.76	0.44
26 September 2006	0.75	0.44
27 September 2006	0.74	0.44
28 September 2006	0.74	0.43
29 September 2006	0.74	0.43
2 October 2006	0.74	0.44
3 October 2006	0.74	0.44
4 October 2006	0.74	0.43
5 October 2006	0.74	0.44
6 October 2006	0.74	0.44
9 October 2006	0.75	0.44
10 October 2006	0.75	0.44
11 October 2006	0.75	0.44
12 October 2006	0.75	0.44
13 October 2006	0.74	0.44
16 October 2006	0.75	0.44
17 October 2006	0.75	0.44
18 October 2006	0.74	0.44
19 October 2006	0.74	0.44
20 October 2006	0.74	0.44
23 October 2006	0.74	0.44
24 October 2006	0.74	0.44
25 October 2006	0.74	0.44
26 October 2006	0.74	0.44
27 October 2006	0.74	0.44
30 October 2006	0.74	0.45
31 October 2006	0.74	0.44
1 November 2006	0.73	0.44
2 November 2006	0.73	0.44
3 November 2006	0.73	0.43
6 November 2006	0.73	0.43
7 November 2006	0.73	0.44
8 November 2006	0.72	0.43
9 November 2006	0.71	0.43
10 November 2006	0.72	0.43
13 November 2006	0.72	0.43
14 November 2006	0.71	0.43
15 November 2006	0.71	0.43
16 November 2006	0.71	0.43
17 November 2006	0.71	0.43
20 November 2006	0.72	0.43
21 November 2006	0.72	0.43
22 November 2006	0.71	0.43
23 November 2006	0.71	0.43
24 November 2006	0.71	0.43
27 November 2006	0.72	0.43
28 November 2006	0.72	0.43
29 November 2006	0.72	0.44
30 November 2006	0.73	0.44
1 December 2006	0.73	0.44
4 December 2006	0.74	0.44
5 December 2006	0.74	0.45
6 December 2006	0.74	0.45
7 December 2006	0.74	0.45
8 December 2006	0.74	0.45
11 December 2006	0.74	0.45
12 December 2006	0.74	0.45
13 December 2006	0.74	0.45
14 December 2006	0.74	0.45
15 December 2006	0.74	0.45
18 December 2006	0.75	0.45
19 December 2006	0.74	0.45
20 December 2006	0.74	0.45
21 December 2006	0.74	0.45
22 December 2006	0.74	0.45
25 December 2006	0.74	0.45
26 December 2006	0.75	0.45
27 December 2006	0.75	0.46
28 December 2006	0.76	0.46
29 December 2006	0.76	0.46
1 January 2007	0.76	0.46
2 January 2007	0.76	0.47
3 January 2007	0.76	0.47
4 January 2007	0.76	0.47
5 January 2007	0.76	0.47
8 January 2007	0.76	0.47
9 January 2007	0.76	0.47
10 January 2007	0.75	0.47
11 January 2007	0.76	0.47
12 January 2007	0.76	0.47
15 January 2007	0.76	0.47
16 January 2007	0.76	0.48
17 January 2007	0.76	0.48
18 January 2007	0.76	0.47
19 January 2007	0.75	0.47
22 January 2007	0.75	0.47
23 January 2007	0.75	0.47
24 January 2007	0.73	0.46
25 January 2007	0.72	0.46
26 January 2007	0.71	0.45
29 January 2007	0.71	0.45
30 January 2007	0.71	0.45
31 January 2007	0.71	0.44
1 February 2007	0.71	0.44
2 February 2007	0.71	0.44
5 February 2007	0.71	0.44
6 February 2007	0.70	0.44
7 February 2007	0.70	0.44
8 February 2007	0.70	0.44
9 February 2007	0.69	0.44
12 February 2007	0.70	0.44
13 February 2007	0.70	0.44
14 February 2007	0.69	0.43
15 February 2007	0.69	0.43
16 February 2007	0.69	0.43
19 February 2007	0.69	0.44
20 February 2007	0.69	0.44
21 February 2007	0.69	0.43
22 February 2007	0.69	0.44
23 February 2007	0.69	0.44
26 February 2007	0.69	0.44
27 February 2007	0.69	0.44
28 February 2007	0.69	0.43
1 March 2007	0.69	0.44
2 March 2007	0.69	0.43
5 March 2007	0.70	0.43
6 March 2007	0.70	0.43
7 March 2007	0.70	0.43
8 March 2007	0.70	0.43
9 March 2007	0.71	0.44
12 March 2007	0.71	0.44
13 March 2007	0.71	0.44
14 March 2007	0.72	0.44
15 March 2007	0.73	0.44
16 March 2007	0.73	0.45
19 March 2007	0.74	0.45
20 March 2007	0.74	0.45
21 March 2007	0.74	0.45
22 March 2007	0.74	0.45
23 March 2007	0.74	0.45
26 March 2007	0.75	0.45
27 March 2007	0.75	0.45
28 March 2007	0.75	0.45
29 March 2007	0.75	0.45
30 March 2007	0.75	0.45
2 April 2007	0.76	0.45
3 April 2007	0.75	0.45
4 April 2007	0.75	0.45
5 April 2007	0.76	0.46
6 April 2007	0.76	0.46
9 April 2007	0.76	0.46
10 April 2007	0.76	0.46
11 April 2007	0.76	0.46
12 April 2007	0.76	0.46
13 April 2007	0.75	0.46
16 April 2007	0.76	0.46
17 April 2007	0.75	0.46
18 April 2007	0.75	0.45
19 April 2007	0.75	0.45
20 April 2007	0.75	0.46
23 April 2007	0.75	0.46
24 April 2007	0.75	0.46
25 April 2007	0.75	0.46
26 April 2007	0.74	0.46
27 April 2007	0.74	0.46
30 April 2007	0.75	0.46
1 May 2007	0.74	0.46
2 May 2007	0.74	0.46
3 May 2007	0.74	0.46
4 May 2007	0.73	0.46
7 May 2007	0.73	0.46
8 May 2007	0.73	0.45
9 May 2007	0.73	0.45
10 May 2007	0.73	0.45
11 May 2007	0.72	0.45
14 May 2007	0.73	0.45
15 May 2007	0.73	0.45
16 May 2007	0.73	0.45
17 May 2007	0.73	0.45
18 May 2007	0.72	0.45
21 May 2007	0.72	0.45
22 May 2007	0.72	0.44
23 May 2007	0.72	0.44
24 May 2007	0.71	0.44
25 May 2007	0.72	0.44
28 May 2007	0.71	0.44
29 May 2007	0.71	0.44
30 May 2007	0.71	0.43
31 May 2007	0.71	0.44
1 June 2007	0.71	0.44
4 June 2007	0.71	0.43
5 June 2007	0.71	0.43
6 June 2007	0.71	0.43
7 June 2007	0.71	0.43
8 June 2007	0.71	0.43
11 June 2007	0.71	0.43
12 June 2007	0.70	0.44
13 June 2007	0.71	0.43
14 June 2007	0.70	0.43
15 June 2007	0.70	0.43
18 June 2007	0.71	0.44
19 June 2007	0.71	0.44
20 June 2007	0.71	0.44
21 June 2007	0.71	0.44
22 June 2007	0.71	0.44
25 June 2007	0.71	0.44
26 June 2007	0.71	0.44
27 June 2007	0.71	0.44
28 June 2007	0.72	0.44
29 June 2007	0.72	0.45
2 July 2007	0.72	0.45
3 July 2007	0.72	0.45
4 July 2007	0.73	0.45
5 July 2007	0.73	0.46
6 July 2007	0.74	0.46
9 July 2007	0.74	0.46
10 July 2007	0.74	0.46
11 July 2007	0.74	0.46
12 July 2007	0.74	0.46
13 July 2007	0.75	0.47
16 July 2007	0.75	0.47
17 July 2007	0.75	0.47
18 July 2007	0.76	0.47
19 July 2007	0.76	0.47
20 July 2007	0.77	0.47
23 July 2007	0.78	0.47
24 July 2007	0.78	0.47
25 July 2007	0.78	0.47
26 July 2007	0.79	0.47
27 July 2007	0.80	0.48
30 July 2007	0.82	0.48
31 July 2007	0.82	0.48
1 August 2007	0.82	0.48
2 August 2007	0.82	0.48
3 August 2007	0.82	0.47
6 August 2007	0.83	0.47
7 August 2007	0.83	0.47
8 August 2007	0.83	0.47
9 August 2007	0.84	0.47
10 August 2007	0.85	0.48
13 August 2007	0.85	0.48
14 August 2007	0.86	0.48
15 August 2007	0.86	0.48
16 August 2007	0.87	0.49
17 August 2007	0.89	0.50
20 August 2007	0.90	0.50
21 August 2007	0.90	0.50
22 August 2007	0.90	0.50
23 August 2007	0.90	0.51
24 August 2007	0.90	0.51
27 August 2007	0.91	0.51
28 August 2007	0.91	0.51
29 August 2007	0.91	0.51
30 August 2007	0.91	0.51
31 August 2007	0.92	0.51
3 September 2007	0.92	0.51
4 September 2007	0.92	0.52
5 September 2007	0.92	0.52
6 September 2007	0.92	0.51
7 September 2007	0.92	0.51
10 September 2007	0.92	0.51
11 September 2007	0.92	0.51
12 September 2007	0.91	0.51
13 September 2007	0.91	0.50
14 September 2007	0.90	0.50
17 September 2007	0.89	0.50
18 September 2007	0.89	0.49
19 September 2007	0.88	0.49
20 September 2007	0.88	0.48
21 September 2007	0.87	0.48
24 September 2007	0.87	0.48
25 September 2007	0.86	0.48
26 September 2007	0.85	0.47
27 September 2007	0.85	0.47
28 September 2007	0.84	0.47
1 October 2007	0.84	0.47
2 October 2007	0.84	0.47
3 October 2007	0.83	0.46
4 October 2007	0.82	0.46
5 October 2007	0.82	0.46
8 October 2007	0.82	0.46
9 October 2007	0.81	0.46
10 October 2007	0.81	0.46
11 October 2007	0.80	0.46
12 October 2007	0.80	0.46
15 October 2007	0.80	0.46
16 October 2007	0.80	0.46
17 October 2007	0.79	0.46
18 October 2007	0.79	0.45
19 October 2007	0.80	0.46
22 October 2007	0.80	0.46
23 October 2007	0.81	0.46
24 October 2007	0.81	0.46
25 October 2007	0.81	0.46
26 October 2007	0.80	0.46
29 October 2007	0.81	0.46
30 October 2007	0.81	0.46
31 October 2007	0.81	0.46
1 November 2007	0.81	0.46
2 November 2007	0.82	0.46
5 November 2007	0.82	0.46
6 November 2007	0.83	0.46
7 November 2007	0.83	0.46
8 November 2007	0.84	0.46
9 November 2007	0.84	0.46
12 November 2007	0.85	0.46
13 November 2007	0.86	0.46
14 November 2007	0.86	0.46
15 November 2007	0.87	0.46
16 November 2007	0.87	0.47
19 November 2007	0.88	0.46
20 November 2007	0.88	0.46
21 November 2007	0.88	0.46
22 November 2007	0.89	0.47
23 November 2007	0.90	0.47
26 November 2007	0.91	0.47
27 November 2007	0.92	0.47
28 November 2007	0.93	0.47
29 November 2007	0.94	0.47
30 November 2007	0.95	0.47
3 December 2007	0.95	0.48
4 December 2007	0.96	0.48
5 December 2007	0.96	0.48
6 December 2007	0.96	0.48
7 December 2007	0.96	0.48
10 December 2007	0.96	0.48
11 December 2007	0.96	0.48
12 December 2007	0.96	0.48
13 December 2007	0.96	0.47
14 December 2007	0.96	0.47
17 December 2007	0.97	0.47
18 December 2007	0.97	0.47
19 December 2007	0.97	0.47
20 December 2007	0.97	0.47
21 December 2007	0.98	0.47
24 December 2007	0.98	0.47
25 December 2007	0.97	0.47
26 December 2007	0.98	0.47
27 December 2007	0.98	0.48
28 December 2007	0.99	0.49
31 December 2007	0.99	0.49
1 January 2008	1.00	0.49
2 January 2008	1.00	0.49
3 January 2008	0.99	0.49
4 January 2008	0.99	0.49
7 January 2008	0.99	0.49
8 January 2008	0.99	0.49
9 January 2008	0.99	0.49
10 January 2008	0.99	0.49
11 January 2008	1.00	0.49
14 January 2008	1.00	0.49
15 January 2008	1.00	0.49
16 January 2008	0.99	0.49
17 January 2008	0.99	0.49
18 January 2008	0.99	0.49
21 January 2008	0.98	0.49
22 January 2008	1.00	0.50
23 January 2008	1.00	0.50
24 January 2008	0.99	0.49
25 January 2008	0.99	0.49
28 January 2008	0.98	0.48
29 January 2008	0.98	0.48
30 January 2008	0.97	0.48
31 January 2008	0.97	0.48
1 February 2008	0.97	0.48
4 February 2008	0.97	0.48
5 February 2008	0.96	0.48
6 February 2008	0.96	0.48
7 February 2008	0.95	0.48
8 February 2008	0.95	0.48
11 February 2008	0.95	0.48
12 February 2008	0.94	0.47
13 February 2008	0.94	0.47
14 February 2008	0.93	0.47
15 February 2008	0.93	0.47
18 February 2008	0.93	0.47
19 February 2008	0.93	0.48
20 February 2008	0.92	0.47
21 February 2008	0.91	0.47
22 February 2008	0.90	0.47
25 February 2008	0.91	0.47
26 February 2008	0.90	0.46
27 February 2008	0.90	0.46
28 February 2008	0.90	0.46
29 February 2008	0.91	0.46
3 March 2008	0.91	0.47
4 March 2008	0.91	0.46
5 March 2008	0.92	0.46
6 March 2008	0.92	0.46
7 March 2008	0.93	0.47
10 March 2008	0.94	0.47
11 March 2008	0.95	0.48
12 March 2008	0.96	0.48
13 March 2008	0.97	0.48
14 March 2008	0.99	0.48
17 March 2008	1.01	0.49
18 March 2008	1.02	0.49
19 March 2008	1.03	0.49
20 March 2008	1.03	0.49
21 March 2008	1.04	0.50
24 March 2008	1.06	0.50
25 March 2008	1.07	0.51
26 March 2008	1.08	0.51
27 March 2008	1.08	0.51
28 March 2008	1.09	0.51
31 March 2008	1.09	0.52
1 April 2008	1.09	0.52
2 April 2008	1.09	0.52
3 April 2008	1.09	0.52
4 April 2008	1.09	0.52
7 April 2008	1.09	0.52
8 April 2008	1.08	0.52
9 April 2008	1.08	0.51
10 April 2008	1.07	0.51
11 April 2008	1.06	0.51
14 April 2008	1.06	0.52
15 April 2008	1.03	0.51
16 April 2008	1.02	0.51
17 April 2008	1.00	0.51
18 April 2008	1.00	0.51
21 April 2008	0.99	0.51
22 April 2008	0.97	0.50
23 April 2008	0.96	0.50
24 April 2008	0.95	0.50
25 April 2008	0.94	0.50
28 April 2008	0.94	0.50
29 April 2008	0.93	0.49
30 April 2008	0.93	0.49
1 May 2008	0.92	0.49
2 May 2008	0.92	0.49
5 May 2008	0.91	0.49
6 May 2008	0.91	0.49
7 May 2008	0.90	0.49
8 May 2008	0.89	0.49
9 May 2008	0.89	0.49
12 May 2008	0.88	0.49
13 May 2008	0.87	0.49
14 May 2008	0.87	0.48
15 May 2008	0.87	0.48
16 May 2008	0.86	0.48
19 May 2008	0.86	0.48
20 May 2008	0.86	0.48
21 May 2008	0.86	0.48
22 May 2008	0.85	0.48
23 May 2008	0.86	0.48
26 May 2008	0.86	0.48
27 May 2008	0.86	0.48
28 May 2008	0.87	0.48
29 May 2008	0.87	0.48
30 May 2008	0.87	0.49
2 June 2008	0.87	0.49
3 June 2008	0.87	0.49
4 June 2008	0.87	0.49
5 June 2008	0.87	0.49
6 June 2008	0.87	0.49
9 June 2008	0.88	0.49
10 June 2008	0.88	0.49
11 June 2008	0.88	0.49
12 June 2008	0.88	0.49
13 June 2008	0.89	0.49
16 June 2008	0.90	0.50
17 June 2008	0.90	0.50
18 June 2008	0.91	0.50
19 June 2008	0.91	0.50
20 June 2008	0.91	0.50
23 June 2008	0.92	0.50
24 June 2008	0.93	0.50
25 June 2008	0.93	0.50
26 June 2008	0.93	0.50
27 June 2008	0.94	0.51
30 June 2008	0.95	0.51
1 July 2008	0.96	0.51
2 July 2008	0.97	0.52
3 July 2008	0.97	0.52
4 July 2008	0.98	0.52
7 July 2008	0.99	0.53
8 July 2008	1.01	0.53
9 July 2008	1.02	0.54
10 July 2008	1.03	0.55
11 July 2008	1.04	0.55
14 July 2008	1.05	0.55
15 July 2008	1.06	0.56
16 July 2008	1.08	0.56
17 July 2008	1.09	0.57
18 July 2008	1.10	0.57
21 July 2008	1.11	0.57
22 July 2008	1.10	0.57
23 July 2008	1.10	0.57
24 July 2008	1.10	0.57
25 July 2008	1.11	0.58
28 July 2008	1.10	0.58
29 July 2008	1.10	0.57
30 July 2008	1.10	0.57
31 July 2008	1.09	0.57
1 August 2008	1.08	0.57
4 August 2008	1.08	0.57
5 August 2008	1.07	0.56
6 August 2008	1.07	0.56
7 August 2008	1.06	0.56
8 August 2008	1.06	0.55
11 August 2008	1.05	0.55
12 August 2008	1.05	0.55
13 August 2008	1.04	0.54
14 August 2008	1.03	0.54
15 August 2008	1.02	0.54
18 August 2008	1.02	0.54
19 August 2008	1.02	0.54
20 August 2008	1.01	0.54
21 August 2008	1.02	0.53
22 August 2008	1.02	0.54
25 August 2008	1.03	0.53
26 August 2008	1.03	0.54
27 August 2008	1.02	0.54
28 August 2008	1.03	0.54
29 August 2008	1.03	0.54
1 September 2008	1.03	0.54
2 September 2008	1.03	0.54
3 September 2008	1.04	0.54
4 September 2008	1.04	0.54
5 September 2008	1.04	0.54
8 September 2008	1.04	0.54
9 September 2008	1.04	0.54
10 September 2008	1.05	0.55
11 September 2008	1.06	0.55
12 September 2008	1.07	0.56
15 September 2008	1.10	0.56
16 September 2008	1.15	0.57
17 September 2008	1.21	0.58
18 September 2008	1.26	0.59
19 September 2008	1.29	0.59
22 September 2008	1.32	0.60
23 September 2008	1.35	0.61
24 September 2008	1.38	0.61
25 September 2008	1.42	0.62
26 September 2008	1.47	0.63
29 September 2008	1.50	0.63
30 September 2008	1.52	0.63
1 October 2008	1.56	0.63
2 October 2008	1.61	0.64
3 October 2008	1.65	0.65
6 October 2008	1.71	0.66
7 October 2008	1.75	0.67
8 October 2008	1.81	0.67
9 October 2008	1.87	0.68
10 October 2008	1.90	0.68
13 October 2008	1.93	0.69
14 October 2008	1.98	0.69
15 October 2008	2.01	0.69
16 October 2008	2.01	0.69
17 October 2008	2.01	0.69
20 October 2008	2.04	0.69
21 October 2008	2.05	0.69
22 October 2008	2.06	0.69
23 October 2008	2.07	0.68
24 October 2008	2.08	0.68
27 October 2008	2.07	0.68
28 October 2008	2.06	0.67
29 October 2008	2.05	0.67
30 October 2008	2.04	0.67
31 October 2008	2.01	0.66
3 November 2008	1.99	0.66
4 November 2008	1.96	0.65
5 November 2008	1.93	0.65
6 November 2008	1.89	0.64
7 November 2008	1.86	0.64
10 November 2008	1.86	0.64
11 November 2008	1.86	0.64
12 November 2008	1.85	0.63
13 November 2008	1.82	0.64
14 November 2008	1.80	0.63
17 November 2008	1.80	0.63
18 November 2008	1.78	0.63
19 November 2008	1.79	0.63
20 November 2008	1.82	0.63
21 November 2008	1.84	0.64
24 November 2008	1.85	0.64
25 November 2008	1.86	0.64
26 November 2008	1.87	0.64
27 November 2008	1.87	0.64
28 November 2008	1.88	0.65
1 December 2008	1.89	0.65
2 December 2008	1.90	0.65
3 December 2008	1.92	0.65
4 December 2008	1.94	0.65
5 December 2008	1.96	0.65
8 December 2008	1.98	0.65
9 December 2008	1.97	0.65
10 December 2008	1.96	0.65
11 December 2008	1.94	0.64
12 December 2008	1.94	0.64
15 December 2008	1.95	0.64
16 December 2008	1.94	0.64
17 December 2008	1.93	0.64
18 December 2008	1.92	0.64
19 December 2008	1.90	0.64
22 December 2008	1.87	0.64
23 December 2008	1.85	0.64
24 December 2008	1.84	0.64
25 December 2008	1.84	0.64
26 December 2008	1.84	0.64
29 December 2008	1.83	0.65
30 December 2008	1.87	0.65
31 December 2008	1.88	0.65
1 January 2009	1.88	0.65
2 January 2009	1.87	0.66
5 January 2009	1.85	0.66
6 January 2009	1.84	0.66
7 January 2009	1.82	0.66
8 January 2009	1.80	0.66
9 January 2009	1.78	0.66
12 January 2009	1.74	0.65
13 January 2009	1.72	0.65
14 January 2009	1.71	0.65
15 January 2009	1.71	0.65
16 January 2009	1.70	0.65
19 January 2009	1.68	0.65
20 January 2009	1.67	0.64
21 January 2009	1.66	0.64
22 January 2009	1.66	0.64
23 January 2009	1.65	0.64
26 January 2009	1.64	0.63
27 January 2009	1.62	0.63
28 January 2009	1.57	0.62
29 January 2009	1.56	0.62
30 January 2009	1.54	0.62
2 February 2009	1.53	0.61
3 February 2009	1.51	0.61
4 February 2009	1.50	0.60
5 February 2009	1.49	0.60
6 February 2009	1.48	0.60
9 February 2009	1.48	0.61
10 February 2009	1.48	0.61
11 February 2009	1.47	0.61
12 February 2009	1.46	0.61
13 February 2009	1.44	0.61
16 February 2009	1.44	0.61
17 February 2009	1.45	0.61
18 February 2009	1.45	0.61
19 February 2009	1.44	0.61
20 February 2009	1.44	0.61
23 February 2009	1.45	0.61
24 February 2009	1.46	0.61
25 February 2009	1.46	0.61
26 February 2009	1.47	0.61
27 February 2009	1.48	0.61
2 March 2009	1.50	0.62
3 March 2009	1.53	0.62
4 March 2009	1.56	0.62
5 March 2009	1.60	0.63
6 March 2009	1.64	0.63
9 March 2009	1.68	0.63
10 March 2009	1.71	0.64
11 March 2009	1.75	0.64
12 March 2009	1.76	0.64
13 March 2009	1.78	0.64
16 March 2009	1.78	0.64
17 March 2009	1.77	0.64
18 March 2009	1.78	0.64
19 March 2009	1.78	0.64
20 March 2009	1.79	0.64
23 March 2009	1.79	0.64
24 March 2009	1.78	0.63
25 March 2009	1.77	0.63
26 March 2009	1.76	0.63
27 March 2009	1.76	0.63
30 March 2009	1.75	0.63
31 March 2009	1.74	0.62
1 April 2009	1.72	0.62
2 April 2009	1.70	0.62
3 April 2009	1.67	0.62
6 April 2009	1.63	0.61
7 April 2009	1.59	0.61
8 April 2009	1.57	0.60
9 April 2009	1.55	0.60
10 April 2009	1.54	0.60
13 April 2009	1.53	0.60
14 April 2009	1.52	0.60
15 April 2009	1.51	0.61
16 April 2009	1.49	0.61
17 April 2009	1.48	0.61
20 April 2009	1.47	0.61
21 April 2009	1.46	0.61
22 April 2009	1.45	0.61
23 April 2009	1.44	0.61
24 April 2009	1.43	0.61
27 April 2009	1.43	0.61
28 April 2009	1.42	0.61
29 April 2009	1.41	0.61
30 April 2009	1.41	0.61
1 May 2009	1.41	0.61
4 May 2009	1.40	0.61
5 May 2009	1.39	0.60
6 May 2009	1.39	0.60
7 May 2009	1.37	0.60
8 May 2009	1.37	0.60
11 May 2009	1.37	0.60
12 May 2009	1.36	0.60
13 May 2009	1.35	0.59
14 May 2009	1.35	0.59
15 May 2009	1.35	0.59
18 May 2009	1.35	0.59
19 May 2009	1.34	0.58
20 May 2009	1.33	0.58
21 May 2009	1.33	0.58
22 May 2009	1.33	0.59
25 May 2009	1.33	0.59
26 May 2009	1.33	0.59
27 May 2009	1.32	0.58
28 May 2009	1.32	0.58
29 May 2009	1.32	0.58
1 June 2009	1.31	0.58
2 June 2009	1.31	0.58
3 June 2009	1.31	0.58
4 June 2009	1.30	0.58
5 June 2009	1.30	0.58
8 June 2009	1.30	0.58
9 June 2009	1.28	0.57
10 June 2009	1.27	0.57
11 June 2009	1.26	0.57
12 June 2009	1.25	0.57
15 June 2009	1.24	0.57
16 June 2009	1.23	0.57
17 June 2009	1.22	0.57
18 June 2009	1.22	0.57
19 June 2009	1.21	0.56
22 June 2009	1.21	0.56
23 June 2009	1.20	0.56
24 June 2009	1.19	0.56
25 June 2009	1.18	0.56
26 June 2009	1.16	0.56
29 June 2009	1.15	0.56
30 June 2009	1.15	0.56
1 July 2009	1.14	0.56
2 July 2009	1.13	0.56
3 July 2009	1.13	0.56
6 July 2009	1.13	0.56
7 July 2009	1.12	0.55
8 July 2009	1.11	0.55
9 July 2009	1.11	0.55
10 July 2009	1.11	0.55
13 July 2009	1.12	0.56
14 July 2009	1.12	0.55
15 July 2009	1.12	0.55
16 July 2009	1.13	0.56
17 July 2009	1.14	0.56
20 July 2009	1.15	0.57
21 July 2009	1.15	0.57
22 July 2009	1.15	0.57
23 July 2009	1.16	0.57
24 July 2009	1.17	0.57
27 July 2009	1.18	0.58
28 July 2009	1.19	0.58
29 July 2009	1.19	0.58
30 July 2009	1.19	0.57
31 July 2009	1.19	0.58
3 August 2009	1.19	0.57
4 August 2009	1.19	0.57
5 August 2009	1.19	0.57
6 August 2009	1.19	0.57
7 August 2009	1.19	0.57
10 August 2009	1.19	0.57
11 August 2009	1.18	0.57
12 August 2009	1.17	0.57
13 August 2009	1.17	0.57
14 August 2009	1.16	0.56
17 August 2009	1.15	0.56
18 August 2009	1.14	0.56
19 August 2009	1.13	0.55
20 August 2009	1.13	0.55
21 August 2009	1.12	0.55
24 August 2009	1.11	0.55
25 August 2009	1.11	0.54
26 August 2009	1.10	0.54
27 August 2009	1.09	0.54
28 August 2009	1.09	0.55
31 August 2009	1.08	0.54
1 September 2009	1.08	0.55
2 September 2009	1.07	0.55
3 September 2009	1.07	0.55
4 September 2009	1.07	0.55
7 September 2009	1.07	0.55
8 September 2009	1.06	0.55
9 September 2009	1.06	0.55
10 September 2009	1.05	0.54
11 September 2009	1.04	0.54
14 September 2009	1.04	0.54
15 September 2009	1.03	0.54
16 September 2009	1.02	0.53
17 September 2009	1.02	0.53
18 September 2009	1.02	0.53
21 September 2009	1.01	0.53
22 September 2009	1.00	0.53
23 September 2009	1.00	0.52
24 September 2009	0.99	0.52
25 September 2009	0.99	0.52
28 September 2009	0.98	0.51
29 September 2009	0.98	0.51
30 September 2009	0.97	0.51
1 October 2009	0.97	0.51
2 October 2009	0.96	0.50
5 October 2009	0.96	0.50
6 October 2009	0.96	0.50
7 October 2009	0.96	0.49
8 October 2009	0.95	0.49
9 October 2009	0.95	0.49
12 October 2009	0.95	0.49
13 October 2009	0.95	0.49
14 October 2009	0.94	0.49
15 October 2009	0.94	0.49
16 October 2009	0.93	0.49
19 October 2009	0.93	0.50
20 October 2009	0.93	0.49
21 October 2009	0.92	0.49
22 October 2009	0.92	0.49
23 October 2009	0.92	0.49
26 October 2009	0.92	0.49
27 October 2009	0.92	0.49
28 October 2009	0.91	0.49
29 October 2009	0.91	0.49
30 October 2009	0.91	0.49
2 November 2009	0.91	0.49
3 November 2009	0.91	0.49
4 November 2009	0.91	0.49
5 November 2009	0.90	0.49
6 November 2009	0.90	0.49
9 November 2009	0.90	0.49
10 November 2009	0.90	0.49
11 November 2009	0.90	0.49
12 November 2009	0.90	0.49
13 November 2009	0.90	0.49
16 November 2009	0.90	0.49
17 November 2009	0.90	0.49
18 November 2009	0.90	0.49
19 November 2009	0.90	0.49
20 November 2009	0.90	0.49
23 November 2009	0.90	0.49
24 November 2009	0.90	0.50
25 November 2009	0.90	0.50
26 November 2009	0.90	0.50
27 November 2009	0.90	0.50
30 November 2009	0.90	0.50
1 December 2009	0.90	0.50
2 December 2009	0.89	0.50
3 December 2009	0.89	0.50
4 December 2009	0.89	0.50
7 December 2009	0.89	0.50
8 December 2009	0.89	0.50
9 December 2009	0.89	0.50
10 December 2009	0.88	0.49
11 December 2009	0.88	0.49
14 December 2009	0.88	0.49
15 December 2009	0.88	0.49
16 December 2009	0.88	0.49
17 December 2009	0.87	0.49
18 December 2009	0.87	0.49
21 December 2009	0.87	0.49
22 December 2009	0.87	0.49
23 December 2009	0.87	0.49
24 December 2009	0.87	0.48
25 December 2009	0.87	0.48
28 December 2009	0.87	0.49
29 December 2009	0.88	0.49
30 December 2009	0.88	0.49
31 December 2009	0.88	0.49
1 January 2010	0.88	0.49
4 January 2010	0.89	0.50
5 January 2010	0.89	0.50
6 January 2010	0.89	0.50
7 January 2010	0.89	0.50
8 January 2010	0.89	0.50
11 January 2010	0.89	0.50
12 January 2010	0.89	0.50
13 January 2010	0.89	0.50
14 January 2010	0.88	0.50
15 January 2010	0.88	0.50
18 January 2010	0.88	0.50
19 January 2010	0.88	0.50
20 January 2010	0.87	0.49
21 January 2010	0.87	0.49
22 January 2010	0.87	0.49
25 January 2010	0.88	0.49
26 January 2010	0.87	0.49
27 January 2010	0.87	0.48
28 January 2010	0.87	0.48
29 January 2010	0.86	0.48
1 February 2010	0.87	0.48
2 February 2010	0.86	0.47
3 February 2010	0.86	0.47
4 February 2010	0.86	0.47
5 February 2010	0.86	0.47
8 February 2010	0.86	0.47
9 February 2010	0.86	0.47
10 February 2010	0.86	0.48
11 February 2010	0.86	0.48
12 February 2010	0.87	0.48
15 February 2010	0.87	0.48
16 February 2010	0.87	0.48
17 February 2010	0.87	0.48
18 February 2010	0.87	0.48
19 February 2010	0.86	0.48
22 February 2010	0.87	0.48
23 February 2010	0.87	0.48
24 February 2010	0.87	0.48
25 February 2010	0.86	0.48
26 February 2010	0.86	0.48
1 March 2010	0.86	0.48
2 March 2010	0.85	0.48
3 March 2010	0.85	0.48
4 March 2010	0.85	0.48
5 March 2010	0.84	0.48
8 March 2010	0.84	0.48
9 March 2010	0.84	0.48
10 March 2010	0.83	0.48
11 March 2010	0.82	0.47
12 March 2010	0.82	0.47
15 March 2010	0.82	0.47
16 March 2010	0.82	0.47
17 March 2010	0.81	0.47
18 March 2010	0.80	0.47
19 March 2010	0.80	0.47
22 March 2010	0.80	0.46
23 March 2010	0.80	0.46
24 March 2010	0.79	0.46
25 March 2010	0.78	0.46
26 March 2010	0.78	0.46
29 March 2010	0.78	0.46
30 March 2010	0.78	0.46
31 March 2010	0.78	0.46
1 April 2010	0.77	0.46
2 April 2010	0.77	0.46
5 April 2010	0.77	0.46
6 April 2010	0.77	0.46
7 April 2010	0.77	0.46
8 April 2010	0.77	0.46
9 April 2010	0.77	0.46
12 April 2010	0.77	0.46
13 April 2010	0.76	0.46
14 April 2010	0.76	0.46
15 April 2010	0.76	0.46
16 April 2010	0.76	0.46
19 April 2010	0.76	0.46
20 April 2010	0.76	0.46
21 April 2010	0.76	0.46
22 April 2010	0.76	0.46
23 April 2010	0.76	0.46
26 April 2010	0.75	0.46
27 April 2010	0.76	0.46
28 April 2010	0.76	0.46
29 April 2010	0.75	0.46
30 April 2010	0.76	0.46
3 May 2010	0.76	0.46
4 May 2010	0.76	0.46
5 May 2010	0.76	0.46
6 May 2010	0.77	0.46
7 May 2010	0.77	0.46
10 May 2010	0.78	0.46
11 May 2010	0.79	0.46
12 May 2010	0.79	0.46
13 May 2010	0.79	0.46
14 May 2010	0.80	0.46
17 May 2010	0.80	0.46
18 May 2010	0.80	0.46
19 May 2010	0.81	0.46
20 May 2010	0.81	0.47
21 May 2010	0.82	0.47
24 May 2010	0.83	0.47
25 May 2010	0.84	0.48
26 May 2010	0.84	0.48
27 May 2010	0.85	0.48
28 May 2010	0.85	0.48
31 May 2010	0.86	0.48
1 June 2010	0.86	0.48
2 June 2010	0.87	0.48
3 June 2010	0.87	0.49
4 June 2010	0.87	0.49
7 June 2010	0.86	0.49
8 June 2010	0.86	0.49
9 June 2010	0.86	0.49
10 June 2010	0.86	0.49
11 June 2010	0.87	0.49
14 June 2010	0.87	0.49
15 June 2010	0.87	0.49
16 June 2010	0.87	0.49
17 June 2010	0.86	0.49
18 June 2010	0.86	0.49
21 June 2010	0.86	0.49
22 June 2010	0.85	0.49
23 June 2010	0.84	0.48
24 June 2010	0.84	0.48
25 June 2010	0.84	0.48
28 June 2010	0.84	0.48
29 June 2010	0.83	0.48
30 June 2010	0.83	0.48
1 July 2010	0.82	0.48
2 July 2010	0.82	0.48
5 July 2010	0.82	0.48
6 July 2010	0.82	0.48
7 July 2010	0.82	0.48
8 July 2010	0.82	0.48
9 July 2010	0.81	0.47
12 July 2010	0.81	0.47
13 July 2010	0.80	0.47
14 July 2010	0.80	0.47
15 July 2010	0.79	0.47
16 July 2010	0.79	0.47
19 July 2010	0.79	0.47
20 July 2010	0.79	0.47
21 July 2010	0.78	0.47
22 July 2010	0.78	0.47
23 July 2010	0.77	0.47
26 July 2010	0.77	0.47
27 July 2010	0.77	0.47
28 July 2010	0.77	0.47
29 July 2010	0.77	0.47
30 July 2010	0.77	0.47
2 August 2010	0.76	0.47
3 August 2010	0.76	0.46
4 August 2010	0.75	0.46
5 August 2010	0.74	0.46
6 August 2010	0.74	0.46
9 August 2010	0.74	0.46
10 August 2010	0.74	0.46
11 August 2010	0.74	0.46
12 August 2010	0.74	0.45
13 August 2010	0.73	0.45
16 August 2010	0.73	0.45
17 August 2010	0.73	0.45
18 August 2010	0.73	0.45
19 August 2010	0.73	0.45
20 August 2010	0.73	0.45
23 August 2010	0.74	0.45
24 August 2010	0.74	0.45
25 August 2010	0.74	0.45
26 August 2010	0.73	0.45
27 August 2010	0.74	0.45
30 August 2010	0.74	0.45
31 August 2010	0.74	0.45
1 September 2010	0.74	0.45
2 September 2010	0.74	0.45
3 September 2010	0.75	0.46
6 September 2010	0.75	0.46
7 September 2010	0.75	0.46
8 September 2010	0.74	0.45
9 September 2010	0.74	0.46
10 September 2010	0.74	0.45
13 September 2010	0.74	0.46
14 September 2010	0.74	0.46
15 September 2010	0.73	0.45
16 September 2010	0.73	0.45
17 September 2010	0.73	0.45
20 September 2010	0.72	0.45
21 September 2010	0.72	0.45
22 September 2010	0.71	0.44
23 September 2010	0.71	0.44
24 September 2010	0.70	0.44
27 September 2010	0.70	0.44
28 September 2010	0.69	0.44
29 September 2010	0.69	0.43
30 September 2010	0.69	0.43
1 October 2010	0.68	0.43
4 October 2010	0.68	0.43
5 October 2010	0.68	0.43
6 October 2010	0.67	0.42
7 October 2010	0.67	0.42
8 October 2010	0.67	0.42
11 October 2010	0.67	0.42
12 October 2010	0.67	0.42
13 October 2010	0.67	0.42
14 October 2010	0.67	0.42
15 October 2010	0.67	0.42
18 October 2010	0.67	0.42
19 October 2010	0.68	0.42
20 October 2010	0.68	0.42
21 October 2010	0.68	0.42
22 October 2010	0.68	0.42
25 October 2010	0.68	0.42
26 October 2010	0.68	0.42
27 October 2010	0.68	0.42
28 October 2010	0.68	0.42
29 October 2010	0.68	0.42
1 November 2010	0.68	0.42
2 November 2010	0.68	0.42
3 November 2010	0.68	0.42
4 November 2010	0.68	0.42
5 November 2010	0.68	0.42
8 November 2010	0.68	0.42
9 November 2010	0.69	0.42
10 November 2010	0.68	0.42
11 November 2010	0.68	0.42
12 November 2010	0.69	0.42
15 November 2010	0.69	0.42
16 November 2010	0.69	0.42
17 November 2010	0.69	0.42
18 November 2010	0.69	0.42
19 November 2010	0.69	0.42
22 November 2010	0.69	0.43
23 November 2010	0.69	0.43
24 November 2010	0.69	0.43
25 November 2010	0.69	0.43
26 November 2010	0.69	0.43
29 November 2010	0.69	0.43
30 November 2010	0.70	0.43
1 December 2010	0.70	0.43
2 December 2010	0.70	0.43
3 December 2010	0.70	0.44
6 December 2010	0.70	0.44
7 December 2010	0.70	0.44
8 December 2010	0.70	0.44
9 December 2010	0.70	0.44
10 December 2010	0.70	0.44
13 December 2010	0.70	0.43
14 December 2010	0.70	0.43
15 December 2010	0.69	0.43
16 December 2010	0.69	0.43
17 December 2010	0.69	0.43
20 December 2010	0.69	0.43
21 December 2010	0.69	0.43
22 December 2010	0.69	0.43
23 December 2010	0.69	0.43
24 December 2010	0.69	0.43
27 December 2010	0.70	0.43
28 December 2010	0.70	0.44
29 December 2010	0.70	0.44
30 December 2010	0.71	0.44
31 December 2010	0.71	0.44
3 January 2011	0.71	0.44
4 January 2011	0.71	0.45
5 January 2011	0.71	0.45
6 January 2011	0.71	0.45
7 January 2011	0.71	0.45
10 January 2011	0.70	0.45
11 January 2011	0.70	0.45
12 January 2011	0.70	0.45
13 January 2011	0.70	0.45
14 January 2011	0.69	0.45
17 January 2011	0.70	0.45
18 January 2011	0.70	0.45
19 January 2011	0.70	0.45
20 January 2011	0.69	0.45
21 January 2011	0.69	0.45
24 January 2011	0.69	0.45
25 January 2011	0.68	0.44
26 January 2011	0.67	0.44
27 January 2011	0.66	0.43
28 January 2011	0.65	0.43
31 January 2011	0.65	0.43
1 February 2011	0.65	0.43
2 February 2011	0.65	0.42
3 February 2011	0.65	0.42
4 February 2011	0.64	0.42
7 February 2011	0.64	0.42
8 February 2011	0.64	0.42
9 February 2011	0.64	0.41
10 February 2011	0.64	0.41
11 February 2011	0.63	0.41
14 February 2011	0.63	0.41
15 February 2011	0.63	0.41
16 February 2011	0.63	0.40
17 February 2011	0.63	0.40
18 February 2011	0.63	0.40
21 February 2011	0.63	0.40
22 February 2011	0.63	0.40
23 February 2011	0.63	0.40
24 February 2011	0.63	0.41
25 February 2011	0.63	0.41
28 February 2011	0.63	0.41
1 March 2011	0.63	0.41
2 March 2011	0.63	0.41
3 March 2011	0.63	0.41
4 March 2011	0.63	0.41
7 March 2011	0.63	0.41
8 March 2011	0.63	0.41
9 March 2011	0.63	0.41
10 March 2011	0.63	0.41
11 March 2011	0.63	0.41
14 March 2011	0.63	0.41
15 March 2011	0.63	0.41
16 March 2011	0.63	0.41
17 March 2011	0.63	0.41
18 March 2011	0.63	0.41
21 March 2011	0.63	0.41
22 March 2011	0.63	0.41
23 March 2011	0.63	0.41
24 March 2011	0.62	0.41
25 March 2011	0.62	0.41
28 March 2011	0.62	0.41
29 March 2011	0.62	0.41
30 March 2011	0.62	0.41
31 March 2011	0.62	0.41
1 April 2011	0.62	0.41
4 April 2011	0.62	0.41
5 April 2011	0.62	0.41
6 April 2011	0.62	0.41
7 April 2011	0.61	0.41
8 April 2011	0.61	0.41
11 April 2011	0.61	0.41
12 April 2011	0.61	0.41
13 April 2011	0.61	0.41
14 April 2011	0.61	0.41
15 April 2011	0.60	0.41
18 April 2011	0.60	0.41
19 April 2011	0.60	0.41
20 April 2011	0.60	0.41
21 April 2011	0.60	0.41
22 April 2011	0.60	0.41
25 April 2011	0.61	0.41
26 April 2011	0.60	0.41
27 April 2011	0.60	0.42
28 April 2011	0.60	0.42
29 April 2011	0.60	0.42
2 May 2011	0.60	0.42
3 May 2011	0.60	0.42
4 May 2011	0.60	0.42
5 May 2011	0.60	0.42
6 May 2011	0.60	0.42
9 May 2011	0.60	0.42
10 May 2011	0.60	0.42
11 May 2011	0.60	0.42
12 May 2011	0.60	0.41
13 May 2011	0.60	0.41
16 May 2011	0.60	0.41
17 May 2011	0.60	0.41
18 May 2011	0.60	0.41
19 May 2011	0.60	0.41
20 May 2011	0.60	0.41
23 May 2011	0.60	0.41
24 May 2011	0.60	0.41
25 May 2011	0.60	0.41
26 May 2011	0.60	0.41
27 May 2011	0.60	0.41
30 May 2011	0.60	0.41
31 May 2011	0.60	0.41
1 June 2011	0.60	0.41
2 June 2011	0.60	0.41
3 June 2011	0.61	0.41
6 June 2011	0.61	0.41
7 June 2011	0.61	0.41
8 June 2011	0.61	0.41
9 June 2011	0.61	0.41
10 June 2011	0.61	0.42
13 June 2011	0.61	0.42
14 June 2011	0.61	0.41
15 June 2011	0.61	0.41
16 June 2011	0.61	0.42
17 June 2011	0.61	0.42
20 June 2011	0.62	0.42
21 June 2011	0.62	0.42
22 June 2011	0.62	0.42
23 June 2011	0.62	0.42
24 June 2011	0.62	0.42
27 June 2011	0.62	0.42
28 June 2011	0.62	0.42
29 June 2011	0.62	0.42
30 June 2011	0.62	0.42
1 July 2011	0.62	0.42
4 July 2011	0.62	0.42
5 July 2011	0.62	0.43
6 July 2011	0.63	0.43
7 July 2011	0.62	0.43
8 July 2011	0.62	0.43
11 July 2011	0.63	0.43
12 July 2011	0.63	0.43
13 July 2011	0.63	0.43
14 July 2011	0.63	0.43
15 July 2011	0.63	0.43
18 July 2011	0.63	0.43
19 July 2011	0.63	0.43
20 July 2011	0.63	0.43
21 July 2011	0.63	0.43
22 July 2011	0.63	0.42
25 July 2011	0.63	0.42
26 July 2011	0.63	0.43
27 July 2011	0.63	0.43
28 July 2011	0.63	0.43
29 July 2011	0.63	0.43
1 August 2011	0.63	0.42
2 August 2011	0.63	0.43
3 August 2011	0.63	0.43
4 August 2011	0.64	0.43
5 August 2011	0.65	0.43
8 August 2011	0.66	0.43
9 August 2011	0.67	0.43
10 August 2011	0.69	0.44
11 August 2011	0.70	0.44
12 August 2011	0.71	0.44
15 August 2011	0.71	0.44
16 August 2011	0.72	0.44
17 August 2011	0.72	0.44
18 August 2011	0.73	0.45
19 August 2011	0.75	0.45
22 August 2011	0.76	0.45
23 August 2011	0.77	0.45
24 August 2011	0.78	0.46
25 August 2011	0.79	0.46
26 August 2011	0.80	0.47
29 August 2011	0.81	0.47
30 August 2011	0.82	0.47
31 August 2011	0.82	0.47
1 September 2011	0.82	0.47
2 September 2011	0.83	0.47
5 September 2011	0.83	0.47
6 September 2011	0.82	0.47
7 September 2011	0.82	0.47
8 September 2011	0.81	0.47
9 September 2011	0.80	0.47
12 September 2011	0.80	0.47
13 September 2011	0.80	0.47
14 September 2011	0.80	0.47
15 September 2011	0.79	0.47
16 September 2011	0.79	0.47
19 September 2011	0.79	0.47
20 September 2011	0.78	0.47
21 September 2011	0.77	0.47
22 September 2011	0.77	0.47
23 September 2011	0.77	0.47
26 September 2011	0.77	0.46
27 September 2011	0.77	0.46
28 September 2011	0.77	0.46
29 September 2011	0.77	0.46
30 September 2011	0.78	0.46
3 October 2011	0.78	0.46
4 October 2011	0.79	0.46
5 October 2011	0.79	0.46
6 October 2011	0.79	0.46
7 October 2011	0.80	0.46
10 October 2011	0.80	0.46
11 October 2011	0.80	0.46
12 October 2011	0.80	0.46
13 October 2011	0.80	0.46
14 October 2011	0.80	0.46
17 October 2011	0.80	0.46
18 October 2011	0.80	0.46
19 October 2011	0.80	0.46
20 October 2011	0.80	0.46
21 October 2011	0.79	0.46
24 October 2011	0.78	0.45
25 October 2011	0.78	0.45
26 October 2011	0.78	0.45
27 October 2011	0.77	0.45
28 October 2011	0.77	0.45
31 October 2011	0.77	0.45
1 November 2011	0.76	0.45
2 November 2011	0.76	0.45
3 November 2011	0.75	0.45
4 November 2011	0.74	0.45
7 November 2011	0.74	0.45
8 November 2011	0.74	0.45
9 November 2011	0.73	0.44
10 November 2011	0.73	0.44
11 November 2011	0.73	0.44
14 November 2011	0.74	0.44
15 November 2011	0.74	0.44
16 November 2011	0.74	0.44
17 November 2011	0.74	0.44
18 November 2011	0.74	0.45
21 November 2011	0.74	0.45
22 November 2011	0.75	0.45
23 November 2011	0.75	0.45
24 November 2011	0.75	0.45
25 November 2011	0.76	0.45
28 November 2011	0.76	0.45
29 November 2011	0.76	0.45
30 November 2011	0.77	0.45
1 December 2011	0.76	0.45
2 December 2011	0.76	0.45
5 December 2011	0.77	0.45
6 December 2011	0.76	0.45
7 December 2011	0.77	0.45
8 December 2011	0.76	0.45
9 December 2011	0.76	0.45
12 December 2011	0.76	0.45
13 December 2011	0.75	0.45
14 December 2011	0.75	0.45
15 December 2011	0.75	0.45
16 December 2011	0.75	0.45
19 December 2011	0.75	0.45
20 December 2011	0.75	0.45
21 December 2011	0.74	0.45
22 December 2011	0.74	0.45
23 December 2011	0.74	0.45
26 December 2011	0.74	0.45
27 December 2011	0.74	0.45
28 December 2011	0.74	0.46
29 December 2011	0.74	0.46
30 December 2011	0.74	0.46
2 January 2012	0.75	0.46
3 January 2012	0.75	0.46
4 January 2012	0.74	0.46
5 January 2012	0.74	0.46
6 January 2012	0.73	0.46
9 January 2012	0.73	0.46
10 January 2012	0.73	0.46
11 January 2012	0.72	0.46
12 January 2012	0.72	0.46
13 January 2012	0.71	0.46
16 January 2012	0.71	0.46
17 January 2012	0.71	0.46
18 January 2012	0.70	0.45
19 January 2012	0.69	0.45
20 January 2012	0.68	0.44
23 January 2012	0.68	0.44
24 January 2012	0.68	0.44
25 January 2012	0.67	0.44
26 January 2012	0.66	0.43
27 January 2012	0.65	0.43
30 January 2012	0.65	0.43
31 January 2012	0.65	0.42
1 February 2012	0.64	0.42
2 February 2012	0.64	0.42
3 February 2012	0.64	0.42
6 February 2012	0.64	0.42
7 February 2012	0.64	0.42
8 February 2012	0.63	0.41
9 February 2012	0.63	0.41
10 February 2012	0.63	0.41
13 February 2012	0.63	0.41
14 February 2012	0.62	0.41
15 February 2012	0.62	0.41
16 February 2012	0.62	0.41
17 February 2012	0.62	0.41
20 February 2012	0.62	0.41
21 February 2012	0.62	0.41
22 February 2012	0.62	0.41
23 February 2012	0.62	0.40
24 February 2012	0.61	0.40
27 February 2012	0.61	0.40
28 February 2012	0.61	0.40
29 February 2012	0.60	0.40
1 March 2012	0.60	0.40
2 March 2012	0.60	0.40
5 March 2012	0.60	0.40
6 March 2012	0.60	0.40
7 March 2012	0.59	0.40
8 March 2012	0.59	0.40
9 March 2012	0.59	0.40
12 March 2012	0.59	0.39
13 March 2012	0.59	0.39
14 March 2012	0.59	0.39
15 March 2012	0.59	0.39
16 March 2012	0.59	0.39
19 March 2012	0.59	0.39
20 March 2012	0.59	0.39
21 March 2012	0.58	0.39
22 March 2012	0.58	0.39
23 March 2012	0.58	0.39
26 March 2012	0.58	0.39
27 March 2012	0.58	0.39
28 March 2012	0.58	0.39
29 March 2012	0.58	0.39
30 March 2012	0.58	0.39
2 April 2012	0.58	0.39
3 April 2012	0.58	0.39
4 April 2012	0.58	0.39
5 April 2012	0.58	0.39
6 April 2012	0.58	0.39
9 April 2012	0.58	0.39
10 April 2012	0.58	0.39
11 April 2012	0.58	0.40
12 April 2012	0.58	0.40
13 April 2012	0.58	0.40
16 April 2012	0.58	0.40
17 April 2012	0.58	0.40
18 April 2012	0.58	0.40
19 April 2012	0.58	0.40
20 April 2012	0.58	0.40
23 April 2012	0.58	0.40
24 April 2012	0.58	0.40
25 April 2012	0.57	0.40
26 April 2012	0.57	0.40
27 April 2012	0.57	0.40
30 April 2012	0.57	0.40
1 May 2012	0.57	0.40
2 May 2012	0.56	0.40
3 May 2012	0.56	0.40
4 May 2012	0.56	0.40
7 May 2012	0.56	0.40
8 May 2012	0.56	0.40
9 May 2012	0.55	0.39
10 May 2012	0.55	0.39
11 May 2012	0.55	0.39
14 May 2012	0.55	0.39
15 May 2012	0.55	0.39
16 May 2012	0.56	0.39
17 May 2012	0.56	0.39
18 May 2012	0.56	0.39
21 May 2012	0.56	0.39
22 May 2012	0.56	0.39
23 May 2012	0.56	0.39
24 May 2012	0.57	0.39
25 May 2012	0.57	0.39
28 May 2012	0.57	0.39
29 May 2012	0.57	0.40
30 May 2012	0.57	0.40
31 May 2012	0.58	0.40
1 June 2012	0.58	0.40
4 June 2012	0.59	0.40
5 June 2012	0.59	0.40
6 June 2012	0.59	0.40
7 June 2012	0.59	0.40
8 June 2012	0.59	0.40
11 June 2012	0.60	0.41
12 June 2012	0.60	0.41
13 June 2012	0.60	0.41
14 June 2012	0.60	0.41
15 June 2012	0.60	0.41
18 June 2012	0.60	0.41
19 June 2012	0.60	0.41
20 June 2012	0.60	0.41
21 June 2012	0.60	0.41
22 June 2012	0.60	0.41
25 June 2012	0.61	0.41
26 June 2012	0.61	0.41
27 June 2012	0.60	0.41
28 June 2012	0.60	0.41
29 June 2012	0.60	0.41
2 July 2012	0.60	0.41
3 July 2012	0.60	0.41
4 July 2012	0.60	0.41
5 July 2012	0.60	0.41
6 July 2012	0.59	0.41
9 July 2012	0.60	0.41
10 July 2012	0.59	0.41
11 July 2012	0.59	0.41
12 July 2012	0.59	0.41
13 July 2012	0.58	0.41
16 July 2012	0.58	0.41
17 July 2012	0.58	0.40
18 July 2012	0.58	0.40
19 July 2012	0.58	0.40
20 July 2012	0.58	0.40
23 July 2012	0.58	0.40
24 July 2012	0.58	0.40
25 July 2012	0.58	0.40
26 July 2012	0.58	0.40
27 July 2012	0.58	0.40
30 July 2012	0.58	0.40
31 July 2012	0.57	0.40
1 August 2012	0.58	0.40
2 August 2012	0.57	0.40
3 August 2012	0.58	0.39
6 August 2012	0.58	0.39
7 August 2012	0.58	0.39
8 August 2012	0.58	0.39
9 August 2012	0.58	0.39
10 August 2012	0.58	0.39
13 August 2012	0.58	0.39
14 August 2012	0.58	0.39
15 August 2012	0.58	0.39
16 August 2012	0.58	0.39
17 August 2012	0.58	0.39
20 August 2012	0.58	0.39
21 August 2012	0.57	0.39
22 August 2012	0.57	0.39
23 August 2012	0.57	0.39
24 August 2012	0.57	0.39
27 August 2012	0.57	0.39
28 August 2012	0.57	0.39
29 August 2012	0.57	0.39
30 August 2012	0.58	0.39
31 August 2012	0.58	0.39
3 September 2012	0.58	0.39
4 September 2012	0.58	0.39
5 September 2012	0.58	0.39
6 September 2012	0.57	0.39
7 September 2012	0.57	0.39
10 September 2012	0.57	0.39
11 September 2012	0.57	0.39
12 September 2012	0.57	0.39
13 September 2012	0.56	0.39
14 September 2012	0.56	0.38
17 September 2012	0.56	0.38
18 September 2012	0.56	0.38
19 September 2012	0.56	0.38
20 September 2012	0.56	0.38
21 September 2012	0.56	0.38
24 September 2012	0.56	0.37
25 September 2012	0.55	0.37
26 September 2012	0.55	0.37
27 September 2012	0.55	0.37
28 September 2012	0.55	0.37
1 October 2012	0.55	0.36
2 October 2012	0.54	0.36
3 October 2012	0.54	0.36
4 October 2012	0.54	0.36
5 October 2012	0.54	0.36
8 October 2012	0.54	0.36
9 October 2012	0.54	0.36
10 October 2012	0.54	0.36
11 October 2012	0.54	0.36
12 October 2012	0.54	0.36
15 October 2012	0.54	0.36
16 October 2012	0.54	0.36
17 October 2012	0.53	0.36
18 October 2012	0.53	0.36
19 October 2012	0.54	0.36
22 October 2012	0.53	0.36
23 October 2012	0.54	0.36
24 October 2012	0.53	0.36
25 October 2012	0.53	0.36
26 October 2012	0.53	0.36
29 October 2012	0.53	0.38
30 October 2012	0.53	0.38
31 October 2012	0.54	0.38
1 November 2012	0.54	0.38
2 November 2012	0.54	0.39
5 November 2012	0.54	0.38
6 November 2012	0.54	0.38
7 November 2012	0.54	0.38
8 November 2012	0.54	0.38
9 November 2012	0.54	0.38
12 November 2012	0.54	0.38
13 November 2012	0.54	0.38
14 November 2012	0.55	0.38
15 November 2012	0.55	0.38
16 November 2012	0.55	0.39
19 November 2012	0.55	0.39
20 November 2012	0.55	0.39
21 November 2012	0.55	0.39
22 November 2012	0.55	0.39
23 November 2012	0.55	0.39
26 November 2012	0.55	0.39
27 November 2012	0.55	0.38
28 November 2012	0.55	0.38
29 November 2012	0.54	0.38
30 November 2012	0.54	0.37
3 December 2012	0.54	0.37
4 December 2012	0.54	0.37
5 December 2012	0.54	0.37
6 December 2012	0.54	0.37
7 December 2012	0.54	0.37
10 December 2012	0.54	0.37
11 December 2012	0.54	0.37
12 December 2012	0.53	0.37
13 December 2012	0.53	0.37
14 December 2012	0.53	0.37
17 December 2012	0.53	0.37
18 December 2012	0.53	0.37
19 December 2012	0.53	0.36
20 December 2012	0.53	0.36
21 December 2012	0.53	0.36
24 December 2012	0.53	0.36
25 December 2012	0.53	0.36
26 December 2012	0.53	0.37
27 December 2012	0.53	0.37
28 December 2012	0.53	0.38
31 December 2012	0.53	0.38
1 January 2013	0.53	0.38
2 January 2013	0.53	0.38
3 January 2013	0.53	0.38
4 January 2013	0.53	0.38
7 January 2013	0.53	0.38
8 January 2013	0.52	0.38
9 January 2013	0.52	0.38
10 January 2013	0.52	0.38
11 January 2013	0.52	0.38
14 January 2013	0.52	0.37
15 January 2013	0.52	0.37
16 January 2013	0.52	0.37
17 January 2013	0.51	0.37
18 January 2013	0.51	0.37
21 January 2013	0.51	0.37
22 January 2013	0.51	0.37
23 January 2013	0.51	0.37
24 January 2013	0.50	0.36
25 January 2013	0.50	0.36
28 January 2013	0.49	0.35
29 January 2013	0.49	0.35
30 January 2013	0.49	0.35
31 January 2013	0.49	0.35
1 February 2013	0.49	0.35
4 February 2013	0.49	0.35
5 February 2013	0.49	0.35
6 February 2013	0.49	0.34
7 February 2013	0.48	0.34
8 February 2013	0.49	0.34
11 February 2013	0.49	0.34
12 February 2013	0.48	0.34
13 February 2013	0.48	0.34
14 February 2013	0.48	0.34
15 February 2013	0.48	0.34
18 February 2013	0.48	0.34
19 February 2013	0.48	0.34
20 February 2013	0.48	0.34
21 February 2013	0.48	0.34
22 February 2013	0.48	0.34
25 February 2013	0.48	0.34
26 February 2013	0.48	0.34
27 February 2013	0.48	0.34
28 February 2013	0.48	0.34
1 March 2013	0.48	0.34
4 March 2013	0.48	0.34
5 March 2013	0.48	0.34
6 March 2013	0.47	0.34
7 March 2013	0.47	0.34
8 March 2013	0.47	0.34
11 March 2013	0.47	0.34
12 March 2013	0.47	0.34
13 March 2013	0.47	0.34
14 March 2013	0.47	0.34
15 March 2013	0.46	0.34
18 March 2013	0.46	0.34
19 March 2013	0.46	0.34
20 March 2013	0.46	0.34
21 March 2013	0.46	0.34
22 March 2013	0.46	0.34
25 March 2013	0.46	0.34
26 March 2013	0.46	0.34
27 March 2013	0.46	0.34
28 March 2013	0.46	0.34
29 March 2013	0.46	0.34
1 April 2013	0.46	0.34
2 April 2013	0.46	0.34
3 April 2013	0.46	0.34
4 April 2013	0.46	0.34
5 April 2013	0.46	0.34
8 April 2013	0.46	0.34
9 April 2013	0.46	0.34
10 April 2013	0.46	0.34
11 April 2013	0.45	0.34
12 April 2013	0.46	0.34
15 April 2013	0.46	0.34
16 April 2013	0.46	0.34
17 April 2013	0.46	0.34
18 April 2013	0.45	0.34
19 April 2013	0.45	0.34
22 April 2013	0.45	0.35
23 April 2013	0.45	0.34
24 April 2013	0.45	0.34
25 April 2013	0.45	0.34
26 April 2013	0.45	0.34
29 April 2013	0.45	0.34
30 April 2013	0.45	0.34
1 May 2013	0.45	0.34
2 May 2013	0.45	0.34
3 May 2013	0.45	0.34
6 May 2013	0.45	0.35
7 May 2013	0.45	0.34
8 May 2013	0.45	0.34
9 May 2013	0.45	0.34
10 May 2013	0.45	0.34
13 May 2013	0.45	0.34
14 May 2013	0.45	0.34
15 May 2013	0.45	0.34
16 May 2013	0.45	0.34
17 May 2013	0.45	0.34
20 May 2013	0.45	0.34
21 May 2013	0.45	0.34
22 May 2013	0.45	0.34
23 May 2013	0.45	0.34
24 May 2013	0.45	0.34
27 May 2013	0.45	0.34
28 May 2013	0.45	0.34
29 May 2013	0.45	0.34
30 May 2013	0.45	0.34
31 May 2013	0.45	0.34
3 June 2013	0.46	0.34
4 June 2013	0.46	0.34
5 June 2013	0.46	0.34
6 June 2013	0.46	0.34
7 June 2013	0.47	0.34
10 June 2013	0.47	0.34
11 June 2013	0.48	0.35
12 June 2013	0.48	0.35
13 June 2013	0.48	0.35
14 June 2013	0.49	0.35
17 June 2013	0.49	0.35
18 June 2013	0.49	0.35
19 June 2013	0.50	0.35
20 June 2013	0.50	0.35
21 June 2013	0.51	0.36
24 June 2013	0.52	0.36
25 June 2013	0.52	0.36
26 June 2013	0.52	0.36
27 June 2013	0.52	0.36
28 June 2013	0.53	0.36
1 July 2013	0.53	0.36
2 July 2013	0.53	0.36
3 July 2013	0.53	0.37
4 July 2013	0.54	0.37
5 July 2013	0.54	0.38
8 July 2013	0.54	0.38
9 July 2013	0.54	0.38
10 July 2013	0.54	0.38
11 July 2013	0.54	0.38
12 July 2013	0.54	0.38
15 July 2013	0.54	0.38
16 July 2013	0.54	0.38
17 July 2013	0.54	0.38
18 July 2013	0.54	0.38
19 July 2013	0.53	0.38
22 July 2013	0.53	0.38
23 July 2013	0.52	0.38
24 July 2013	0.52	0.38
25 July 2013	0.51	0.38
26 July 2013	0.51	0.37
29 July 2013	0.51	0.37
30 July 2013	0.51	0.37
31 July 2013	0.51	0.37
1 August 2013	0.51	0.36
2 August 2013	0.50	0.36
5 August 2013	0.50	0.36
6 August 2013	0.50	0.36
7 August 2013	0.50	0.35
8 August 2013	0.50	0.35
9 August 2013	0.49	0.35
12 August 2013	0.49	0.35
13 August 2013	0.49	0.35
14 August 2013	0.49	0.35
15 August 2013	0.49	0.35
16 August 2013	0.49	0.35
19 August 2013	0.49	0.35
20 August 2013	0.49	0.35
21 August 2013	0.49	0.35
22 August 2013	0.49	0.36
23 August 2013	0.49	0.36
26 August 2013	0.50	0.36
27 August 2013	0.50	0.36
28 August 2013	0.50	0.36
29 August 2013	0.50	0.37
30 August 2013	0.50	0.37
2 September 2013	0.50	0.37
3 September 2013	0.50	0.37
4 September 2013	0.50	0.37
5 September 2013	0.50	0.37
6 September 2013	0.50	0.37
9 September 2013	0.50	0.37
10 September 2013	0.50	0.37
11 September 2013	0.50	0.37
12 September 2013	0.50	0.37
13 September 2013	0.50	0.37
16 September 2013	0.50	0.37
17 September 2013	0.50	0.37
18 September 2013	0.50	0.36
19 September 2013	0.50	0.36
20 September 2013	0.50	0.36
23 September 2013	0.50	0.36
24 September 2013	0.49	0.36
25 September 2013	0.49	0.36
26 September 2013	0.49	0.36
27 September 2013	0.49	0.35
30 September 2013	0.49	0.35
1 October 2013	0.49	0.35
2 October 2013	0.48	0.35
3 October 2013	0.48	0.35
4 October 2013	0.48	0.35
7 October 2013	0.48	0.35
8 October 2013	0.48	0.35
9 October 2013	0.48	0.35
10 October 2013	0.48	0.35
11 October 2013	0.48	0.35
14 October 2013	0.48	0.35
15 October 2013	0.48	0.35
16 October 2013	0.48	0.35
17 October 2013	0.47	0.34
18 October 2013	0.47	0.34
21 October 2013	0.47	0.34
22 October 2013	0.47	0.34
23 October 2013	0.47	0.34
24 October 2013	0.47	0.34
25 October 2013	0.46	0.34
28 October 2013	0.47	0.34
29 October 2013	0.46	0.34
30 October 2013	0.46	0.33
31 October 2013	0.46	0.33
1 November 2013	0.46	0.33
4 November 2013	0.46	0.33
5 November 2013	0.46	0.33
6 November 2013	0.46	0.33
7 November 2013	0.46	0.33
8 November 2013	0.46	0.33
11 November 2013	0.46	0.33
12 November 2013	0.46	0.33
13 November 2013	0.46	0.33
14 November 2013	0.46	0.33
15 November 2013	0.46	0.34
18 November 2013	0.46	0.34
19 November 2013	0.46	0.34
20 November 2013	0.46	0.34
21 November 2013	0.46	0.34
22 November 2013	0.46	0.34
25 November 2013	0.46	0.34
26 November 2013	0.46	0.34
27 November 2013	0.47	0.34
28 November 2013	0.47	0.34
29 November 2013	0.47	0.35
2 December 2013	0.47	0.35
3 December 2013	0.47	0.35
4 December 2013	0.47	0.35
5 December 2013	0.47	0.35
6 December 2013	0.47	0.35
9 December 2013	0.47	0.35
10 December 2013	0.46	0.35
11 December 2013	0.46	0.34
12 December 2013	0.46	0.34
13 December 2013	0.46	0.34
16 December 2013	0.46	0.34
17 December 2013	0.46	0.34
18 December 2013	0.46	0.34
19 December 2013	0.46	0.34
20 December 2013	0.47	0.34
23 December 2013	0.47	0.35
24 December 2013	0.47	0.35
25 December 2013	0.47	0.35
26 December 2013	0.47	0.35
27 December 2013	0.47	0.35
30 December 2013	0.48	0.36
31 December 2013	0.48	0.36
1 January 2014	0.48	0.36
2 January 2014	0.49	0.36
3 January 2014	0.49	0.36
6 January 2014	0.49	0.36
7 January 2014	0.49	0.36
8 January 2014	0.49	0.36
9 January 2014	0.49	0.36
10 January 2014	0.49	0.36
13 January 2014	0.49	0.37
14 January 2014	0.48	0.36
15 January 2014	0.48	0.36
16 January 2014	0.48	0.36
17 January 2014	0.48	0.36
20 January 2014	0.47	0.36
21 January 2014	0.47	0.36
22 January 2014	0.46	0.36
23 January 2014	0.46	0.35
24 January 2014	0.46	0.35
27 January 2014	0.46	0.34
28 January 2014	0.45	0.34
29 January 2014	0.45	0.34
30 January 2014	0.45	0.34
31 January 2014	0.44	0.34
3 February 2014	0.44	0.34
4 February 2014	0.44	0.34
5 February 2014	0.44	0.34
6 February 2014	0.44	0.34
7 February 2014	0.44	0.34
10 February 2014	0.44	0.34
11 February 2014	0.44	0.34
12 February 2014	0.44	0.33
13 February 2014	0.44	0.34
14 February 2014	0.44	0.34
17 February 2014	0.44	0.34
18 February 2014	0.44	0.34
19 February 2014	0.44	0.34
20 February 2014	0.44	0.34
21 February 2014	0.44	0.34
24 February 2014	0.44	0.34
25 February 2014	0.44	0.34
26 February 2014	0.44	0.34
27 February 2014	0.44	0.34
28 February 2014	0.44	0.34
3 March 2014	0.44	0.33
4 March 2014	0.44	0.33
5 March 2014	0.44	0.33
6 March 2014	0.44	0.33
7 March 2014	0.44	0.33
10 March 2014	0.44	0.33
11 March 2014	0.44	0.33
12 March 2014	0.44	0.33
13 March 2014	0.44	0.33
14 March 2014	0.44	0.33
17 March 2014	0.44	0.33
18 March 2014	0.44	0.32
19 March 2014	0.44	0.32
20 March 2014	0.44	0.32
21 March 2014	0.44	0.32
24 March 2014	0.44	0.32
25 March 2014	0.44	0.32
26 March 2014	0.43	0.32
27 March 2014	0.43	0.32
28 March 2014	0.43	0.32
31 March 2014	0.43	0.32
1 April 2014	0.43	0.32
2 April 2014	0.43	0.32
3 April 2014	0.43	0.32
4 April 2014	0.43	0.32
7 April 2014	0.43	0.32
8 April 2014	0.42	0.32
9 April 2014	0.42	0.32
10 April 2014	0.42	0.32
11 April 2014	0.42	0.33
14 April 2014	0.42	0.33
15 April 2014	0.42	0.33
16 April 2014	0.42	0.33
17 April 2014	0.42	0.33
18 April 2014	0.42	0.33
21 April 2014	0.42	0.33
22 April 2014	0.42	0.33
23 April 2014	0.42	0.33
24 April 2014	0.42	0.33
25 April 2014	0.42	0.33
28 April 2014	0.42	0.33
29 April 2014	0.42	0.33
30 April 2014	0.42	0.33
1 May 2014	0.42	0.33
2 May 2014	0.42	0.33
5 May 2014	0.42	0.33
6 May 2014	0.42	0.33
7 May 2014	0.42	0.33
8 May 2014	0.42	0.33
9 May 2014	0.42	0.32
12 May 2014	0.42	0.32
13 May 2014	0.42	0.32
14 May 2014	0.42	0.32
15 May 2014	0.42	0.32
16 May 2014	0.42	0.32
19 May 2014	0.42	0.32
20 May 2014	0.41	0.32
21 May 2014	0.41	0.32
22 May 2014	0.41	0.32
23 May 2014	0.41	0.32
26 May 2014	0.41	0.32
27 May 2014	0.41	0.32
28 May 2014	0.41	0.32
29 May 2014	0.42	0.32
30 May 2014	0.42	0.32
2 June 2014	0.42	0.32
3 June 2014	0.42	0.32
4 June 2014	0.41	0.32
5 June 2014	0.42	0.32
6 June 2014	0.41	0.32
9 June 2014	0.41	0.32
10 June 2014	0.41	0.32
11 June 2014	0.41	0.32
12 June 2014	0.41	0.32
13 June 2014	0.41	0.32
16 June 2014	0.41	0.32
17 June 2014	0.41	0.32
18 June 2014	0.41	0.32
19 June 2014	0.41	0.32
20 June 2014	0.41	0.32
23 June 2014	0.41	0.32
24 June 2014	0.41	0.32
25 June 2014	0.41	0.32
26 June 2014	0.41	0.32
27 June 2014	0.41	0.32
30 June 2014	0.41	0.32
1 July 2014	0.41	0.32
2 July 2014	0.41	0.32
3 July 2014	0.41	0.32
4 July 2014	0.41	0.32
7 July 2014	0.41	0.32
8 July 2014	0.41	0.32
9 July 2014	0.41	0.32
10 July 2014	0.41	0.32
11 July 2014	0.41	0.32
14 July 2014	0.41	0.32
15 July 2014	0.41	0.32
16 July 2014	0.40	0.32
17 July 2014	0.40	0.32
18 July 2014	0.40	0.32
21 July 2014	0.41	0.32
22 July 2014	0.41	0.32
23 July 2014	0.41	0.32
24 July 2014	0.41	0.32
25 July 2014	0.41	0.32
28 July 2014	0.41	0.32
29 July 2014	0.41	0.32
30 July 2014	0.41	0.32
31 July 2014	0.41	0.32
1 August 2014	0.41	0.32
4 August 2014	0.41	0.32
5 August 2014	0.41	0.32
6 August 2014	0.41	0.32
7 August 2014	0.41	0.32
8 August 2014	0.41	0.32
11 August 2014	0.41	0.32
12 August 2014	0.42	0.32
13 August 2014	0.42	0.32
14 August 2014	0.42	0.32
15 August 2014	0.42	0.32
18 August 2014	0.42	0.33
19 August 2014	0.42	0.32
20 August 2014	0.42	0.33
21 August 2014	0.43	0.33
22 August 2014	0.43	0.33
25 August 2014	0.43	0.33
26 August 2014	0.43	0.33
27 August 2014	0.43	0.33
28 August 2014	0.44	0.33
29 August 2014	0.44	0.34
1 September 2014	0.44	0.34
2 September 2014	0.44	0.34
3 September 2014	0.44	0.34
4 September 2014	0.44	0.34
5 September 2014	0.44	0.34
8 September 2014	0.44	0.34
9 September 2014	0.44	0.33
10 September 2014	0.43	0.33
11 September 2014	0.43	0.33
12 September 2014	0.43	0.33
15 September 2014	0.43	0.33
16 September 2014	0.43	0.32
17 September 2014	0.43	0.32
18 September 2014	0.43	0.32
19 September 2014	0.42	0.32
22 September 2014	0.42	0.32
23 September 2014	0.42	0.32
24 September 2014	0.42	0.32
25 September 2014	0.42	0.31
26 September 2014	0.42	0.31
29 September 2014	0.42	0.31
30 September 2014	0.42	0.31
1 October 2014	0.42	0.31
2 October 2014	0.42	0.31
3 October 2014	0.42	0.31
6 October 2014	0.42	0.31
7 October 2014	0.42	0.31
8 October 2014	0.42	0.31
9 October 2014	0.42	0.32
10 October 2014	0.42	0.32
13 October 2014	0.42	0.32
14 October 2014	0.43	0.32
15 October 2014	0.43	0.32
16 October 2014	0.43	0.32
17 October 2014	0.43	0.32
20 October 2014	0.44	0.32
21 October 2014	0.44	0.32
22 October 2014	0.44	0.32
23 October 2014	0.44	0.33
24 October 2014	0.44	0.33
27 October 2014	0.44	0.33
28 October 2014	0.44	0.33
29 October 2014	0.44	0.33
30 October 2014	0.43	0.33
31 October 2014	0.44	0.33
3 November 2014	0.44	0.33
4 November 2014	0.44	0.33
5 November 2014	0.44	0.33
6 November 2014	0.44	0.33
7 November 2014	0.44	0.32
10 November 2014	0.44	0.33
11 November 2014	0.44	0.33
12 November 2014	0.43	0.32
13 November 2014	0.43	0.32
14 November 2014	0.43	0.32
17 November 2014	0.43	0.32
18 November 2014	0.43	0.32
19 November 2014	0.43	0.32
20 November 2014	0.43	0.32
21 November 2014	0.43	0.32
24 November 2014	0.43	0.32
25 November 2014	0.43	0.32
26 November 2014	0.43	0.32
27 November 2014	0.43	0.32
28 November 2014	0.43	0.32
1 December 2014	0.43	0.33
2 December 2014	0.44	0.32
3 December 2014	0.44	0.32
4 December 2014	0.44	0.32
5 December 2014	0.44	0.33
8 December 2014	0.45	0.33
9 December 2014	0.45	0.33
10 December 2014	0.45	0.32
11 December 2014	0.45	0.32
12 December 2014	0.46	0.33
15 December 2014	0.46	0.33
16 December 2014	0.47	0.33
17 December 2014	0.48	0.33
18 December 2014	0.48	0.33
19 December 2014	0.49	0.33
22 December 2014	0.49	0.34
23 December 2014	0.50	0.34
24 December 2014	0.50	0.34
25 December 2014	0.50	0.34
26 December 2014	0.51	0.34
29 December 2014	0.52	0.35
30 December 2014	0.52	0.35
31 December 2014	0.53	0.36
1 January 2015	0.54	0.36
2 January 2015	0.54	0.37
5 January 2015	0.54	0.37
6 January 2015	0.54	0.37
7 January 2015	0.54	0.37
8 January 2015	0.54	0.37
9 January 2015	0.54	0.37
12 January 2015	0.54	0.37
13 January 2015	0.53	0.37
14 January 2015	0.53	0.37
15 January 2015	0.52	0.37
16 January 2015	0.52	0.37
19 January 2015	0.52	0.37
20 January 2015	0.52	0.37
21 January 2015	0.51	0.37
22 January 2015	0.51	0.36
23 January 2015	0.50	0.36
26 January 2015	0.50	0.36
27 January 2015	0.49	0.35
28 January 2015	0.48	0.35
29 January 2015	0.48	0.34
30 January 2015	0.48	0.34
2 February 2015	0.48	0.34
3 February 2015	0.47	0.33
4 February 2015	0.47	0.33
5 February 2015	0.47	0.33
6 February 2015	0.47	0.33
9 February 2015	0.47	0.33
10 February 2015	0.47	0.33
11 February 2015	0.47	0.33
12 February 2015	0.47	0.33
13 February 2015	0.47	0.33
16 February 2015	0.46	0.32
17 February 2015	0.47	0.32
18 February 2015	0.46	0.32
19 February 2015	0.46	0.31
20 February 2015	0.46	0.32
23 February 2015	0.46	0.32
24 February 2015	0.46	0.31
25 February 2015	0.46	0.31
26 February 2015	0.46	0.31
27 February 2015	0.46	0.31
2 March 2015	0.46	0.31
3 March 2015	0.46	0.31
4 March 2015	0.46	0.31
5 March 2015	0.46	0.31
6 March 2015	0.45	0.31
9 March 2015	0.45	0.31
10 March 2015	0.45	0.31
11 March 2015	0.45	0.30
12 March 2015	0.45	0.30
13 March 2015	0.45	0.30
16 March 2015	0.45	0.30
17 March 2015	0.44	0.32
18 March 2015	0.44	0.32
19 March 2015	0.44	0.32
20 March 2015	0.44	0.32
23 March 2015	0.44	0.31
24 March 2015	0.44	0.32
25 March 2015	0.44	0.31
26 March 2015	0.44	0.32
27 March 2015	0.44	0.31
30 March 2015	0.44	0.31
31 March 2015	0.44	0.31
1 April 2015	0.44	0.31
2 April 2015	0.44	0.32
3 April 2015	0.44	0.32
6 April 2015	0.44	0.32
7 April 2015	0.44	0.33
8 April 2015	0.44	0.33
9 April 2015	0.44	0.33
10 April 2015	0.44	0.33
13 April 2015	0.45	0.34
14 April 2015	0.45	0.33
15 April 2015	0.45	0.33
16 April 2015	0.44	0.34
17 April 2015	0.45	0.34
20 April 2015	0.45	0.34
21 April 2015	0.45	0.34
22 April 2015	0.44	0.34
23 April 2015	0.44	0.34
24 April 2015	0.44	0.34
27 April 2015	0.44	0.34
28 April 2015	0.44	0.34
29 April 2015	0.44	0.34
30 April 2015	0.44	0.34
1 May 2015	0.44	0.34
4 May 2015	0.44	0.34
5 May 2015	0.44	0.34
6 May 2015	0.44	0.33
7 May 2015	0.43	0.33
8 May 2015	0.44	0.33
11 May 2015	0.44	0.33
12 May 2015	0.43	0.33
13 May 2015	0.43	0.33
14 May 2015	0.44	0.33
15 May 2015	0.43	0.33
18 May 2015	0.43	0.33
19 May 2015	0.43	0.33
20 May 2015	0.43	0.33
21 May 2015	0.43	0.33
22 May 2015	0.43	0.33
25 May 2015	0.44	0.33
26 May 2015	0.44	0.33
27 May 2015	0.44	0.33
28 May 2015	0.44	0.33
29 May 2015	0.44	0.33
1 June 2015	0.44	0.33
2 June 2015	0.44	0.33
3 June 2015	0.44	0.33
4 June 2015	0.44	0.33
5 June 2015	0.44	0.33
8 June 2015	0.44	0.33
9 June 2015	0.44	0.33
10 June 2015	0.44	0.33
11 June 2015	0.44	0.33
12 June 2015	0.44	0.33
15 June 2015	0.45	0.33
16 June 2015	0.44	0.33
17 June 2015	0.45	0.33
18 June 2015	0.45	0.33
19 June 2015	0.45	0.33
22 June 2015	0.45	0.33
23 June 2015	0.45	0.33
24 June 2015	0.45	0.33
25 June 2015	0.45	0.33
26 June 2015	0.45	0.34
29 June 2015	0.45	0.34
30 June 2015	0.45	0.34
1 July 2015	0.45	0.34
2 July 2015	0.45	0.35
3 July 2015	0.45	0.35
6 July 2015	0.46	0.35
7 July 2015	0.46	0.35
8 July 2015	0.46	0.36
9 July 2015	0.46	0.35
10 July 2015	0.46	0.36
13 July 2015	0.46	0.36
14 July 2015	0.46	0.36
15 July 2015	0.47	0.36
16 July 2015	0.46	0.36
17 July 2015	0.47	0.36
20 July 2015	0.47	0.36
21 July 2015	0.47	0.36
22 July 2015	0.47	0.36
23 July 2015	0.47	0.36
24 July 2015	0.47	0.36
27 July 2015	0.48	0.36
28 July 2015	0.47	0.36
29 July 2015	0.47	0.36
30 July 2015	0.48	0.36
31 July 2015	0.47	0.35
3 August 2015	0.47	0.35
4 August 2015	0.47	0.35
5 August 2015	0.47	0.35
6 August 2015	0.47	0.35
7 August 2015	0.47	0.35
10 August 2015	0.47	0.35
11 August 2015	0.47	0.35
12 August 2015	0.47	0.35
13 August 2015	0.47	0.35
14 August 2015	0.47	0.35
17 August 2015	0.47	0.35
18 August 2015	0.47	0.35
19 August 2015	0.47	0.35
20 August 2015	0.47	0.36
21 August 2015	0.47	0.36
24 August 2015	0.48	0.36
25 August 2015	0.48	0.36
26 August 2015	0.49	0.37
27 August 2015	0.49	0.37
28 August 2015	0.49	0.37
31 August 2015	0.50	0.37
1 September 2015	0.50	0.37
2 September 2015	0.50	0.37
3 September 2015	0.50	0.37
4 September 2015	0.50	0.38
7 September 2015	0.51	0.38
8 September 2015	0.51	0.38
9 September 2015	0.51	0.38
10 September 2015	0.51	0.38
11 September 2015	0.51	0.38
14 September 2015	0.51	0.38
15 September 2015	0.51	0.37
16 September 2015	0.51	0.37
17 September 2015	0.51	0.37
18 September 2015	0.51	0.37
21 September 2015	0.51	0.37
22 September 2015	0.50	0.37
23 September 2015	0.50	0.37
24 September 2015	0.50	0.37
25 September 2015	0.50	0.37
28 September 2015	0.50	0.37
29 September 2015	0.50	0.37
30 September 2015	0.50	0.37
1 October 2015	0.50	0.37
2 October 2015	0.51	0.37
5 October 2015	0.51	0.37
6 October 2015	0.51	0.37
7 October 2015	0.51	0.37
8 October 2015	0.51	0.37
9 October 2015	0.51	0.37
12 October 2015	0.51	0.37
13 October 2015	0.51	0.37
14 October 2015	0.51	0.37
15 October 2015	0.51	0.37
16 October 2015	0.52	0.37
19 October 2015	0.51	0.37
20 October 2015	0.51	0.37
21 October 2015	0.51	0.37
22 October 2015	0.51	0.37
23 October 2015	0.51	0.37
26 October 2015	0.51	0.37
27 October 2015	0.50	0.37
28 October 2015	0.50	0.37
29 October 2015	0.50	0.36
30 October 2015	0.50	0.36
2 November 2015	0.50	0.36
3 November 2015	0.50	0.36
4 November 2015	0.50	0.36
5 November 2015	0.50	0.36
6 November 2015	0.50	0.36
9 November 2015	0.50	0.36
10 November 2015	0.50	0.36
11 November 2015	0.50	0.36
12 November 2015	0.50	0.36
13 November 2015	0.50	0.36
16 November 2015	0.50	0.36
17 November 2015	0.50	0.36
18 November 2015	0.51	0.36
19 November 2015	0.51	0.36
20 November 2015	0.51	0.36
23 November 2015	0.51	0.36
24 November 2015	0.51	0.36
25 November 2015	0.52	0.37
26 November 2015	0.52	0.37
27 November 2015	0.52	0.37
30 November 2015	0.52	0.37
1 December 2015	0.52	0.37
2 December 2015	0.52	0.37
3 December 2015	0.52	0.37
4 December 2015	0.52	0.37
7 December 2015	0.52	0.37
8 December 2015	0.52	0.37
9 December 2015	0.53	0.37
10 December 2015	0.53	0.37
11 December 2015	0.53	0.37
14 December 2015	0.54	0.37
15 December 2015	0.54	0.38
16 December 2015	0.55	0.38
17 December 2015	0.56	0.38
18 December 2015	0.57	0.38
21 December 2015	0.57	0.38
22 December 2015	0.58	0.38
23 December 2015	0.59	0.38
24 December 2015	0.59	0.38
25 December 2015	0.59	0.38
28 December 2015	0.60	0.39
29 December 2015	0.61	0.39
30 December 2015	0.61	0.40
31 December 2015	0.62	0.40
1 January 2016	0.63	0.40
4 January 2016	0.63	0.40
5 January 2016	0.63	0.40
6 January 2016	0.62	0.40
7 January 2016	0.62	0.40
8 January 2016	0.62	0.40
11 January 2016	0.62	0.40
12 January 2016	0.62	0.40
13 January 2016	0.61	0.40
14 January 2016	0.61	0.40
15 January 2016	0.61	0.40
18 January 2016	0.60	0.40
19 January 2016	0.60	0.40
20 January 2016	0.60	0.40
21 January 2016	0.60	0.39
22 January 2016	0.60	0.39
25 January 2016	0.60	0.39
26 January 2016	0.59	0.39
27 January 2016	0.59	0.38
28 January 2016	0.58	0.37
29 January 2016	0.58	0.37
1 February 2016	0.58	0.37
2 February 2016	0.58	0.37
3 February 2016	0.59	0.37
4 February 2016	0.59	0.37
5 February 2016	0.60	0.37
8 February 2016	0.60	0.37
9 February 2016	0.61	0.38
10 February 2016	0.61	0.37
11 February 2016	0.61	0.38
12 February 2016	0.62	0.38
15 February 2016	0.62	0.37
16 February 2016	0.62	0.38
17 February 2016	0.62	0.37
18 February 2016	0.62	0.37
19 February 2016	0.62	0.37
22 February 2016	0.61	0.37
23 February 2016	0.62	0.37
24 February 2016	0.61	0.37
25 February 2016	0.61	0.37
26 February 2016	0.61	0.37
29 February 2016	0.61	0.37
1 March 2016	0.61	0.37
2 March 2016	0.61	0.37
3 March 2016	0.61	0.37
4 March 2016	0.60	0.37
7 March 2016	0.60	0.38
8 March 2016	0.60	0.37
9 March 2016	0.59	0.37
10 March 2016	0.59	0.37
11 March 2016	0.58	0.37
14 March 2016	0.58	0.37
15 March 2016	0.57	0.37
16 March 2016	0.57	0.37
17 March 2016	0.57	0.37
18 March 2016	0.56	0.37
21 March 2016	0.56	0.37
22 March 2016	0.56	0.37
23 March 2016	0.55	0.37
24 March 2016	0.55	0.37
25 March 2016	0.55	0.37
28 March 2016	0.55	0.37
29 March 2016	0.55	0.37
30 March 2016	0.55	0.37
31 March 2016	0.55	0.37
1 April 2016	0.54	0.37
4 April 2016	0.54	0.37
5 April 2016	0.53	0.37
6 April 2016	0.53	0.36
7 April 2016	0.53	0.36
8 April 2016	0.53	0.36
11 April 2016	0.52	0.36
12 April 2016	0.52	0.36
13 April 2016	0.52	0.36
14 April 2016	0.51	0.36
15 April 2016	0.51	0.36
18 April 2016	0.51	0.36
19 April 2016	0.51	0.36
20 April 2016	0.50	0.36
21 April 2016	0.50	0.36
22 April 2016	0.50	0.36
25 April 2016	0.51	0.36
26 April 2016	0.50	0.36
27 April 2016	0.50	0.36
28 April 2016	0.50	0.36
29 April 2016	0.50	0.36
2 May 2016	0.50	0.36
3 May 2016	0.50	0.36
4 May 2016	0.50	0.36
5 May 2016	0.50	0.36
6 May 2016	0.50	0.36
9 May 2016	0.50	0.36
10 May 2016	0.50	0.36
11 May 2016	0.50	0.35
12 May 2016	0.50	0.36
13 May 2016	0.50	0.35
16 May 2016	0.50	0.35
17 May 2016	0.50	0.35
18 May 2016	0.50	0.35
19 May 2016	0.50	0.35
20 May 2016	0.50	0.35
23 May 2016	0.50	0.35
24 May 2016	0.49	0.35
25 May 2016	0.49	0.35
26 May 2016	0.49	0.35
27 May 2016	0.49	0.35
30 May 2016	0.49	0.35
31 May 2016	0.49	0.35
1 June 2016	0.49	0.35
2 June 2016	0.48	0.35
3 June 2016	0.48	0.35
6 June 2016	0.48	0.35
7 June 2016	0.48	0.35
8 June 2016	0.47	0.35
9 June 2016	0.47	0.35
10 June 2016	0.47	0.35
13 June 2016	0.47	0.35
14 June 2016	0.47	0.35
15 June 2016	0.47	0.35
16 June 2016	0.47	0.35
17 June 2016	0.47	0.35
20 June 2016	0.47	0.36
21 June 2016	0.47	0.36
22 June 2016	0.47	0.36
23 June 2016	0.47	0.36
24 June 2016	0.47	0.36
27 June 2016	0.48	0.36
28 June 2016	0.48	0.36
29 June 2016	0.48	0.36
30 June 2016	0.48	0.36
1 July 2016	0.48	0.36
4 July 2016	0.48	0.36
5 July 2016	0.48	0.36
6 July 2016	0.48	0.36
7 July 2016	0.48	0.36
8 July 2016	0.49	0.36
11 July 2016	0.49	0.36
12 July 2016	0.49	0.36
13 July 2016	0.48	0.36
14 July 2016	0.49	0.36
15 July 2016	0.48	0.36
18 July 2016	0.48	0.36
19 July 2016	0.48	0.35
20 July 2016	0.48	0.35
21 July 2016	0.48	0.35
22 July 2016	0.48	0.35
25 July 2016	0.47	0.35
26 July 2016	0.47	0.35
27 July 2016	0.47	0.35
28 July 2016	0.47	0.35
29 July 2016	0.47	0.35
1 August 2016	0.47	0.35
2 August 2016	0.47	0.35
3 August 2016	0.47	0.35
4 August 2016	0.47	0.35
5 August 2016	0.47	0.35
8 August 2016	0.46	0.35
9 August 2016	0.46	0.35
10 August 2016	0.46	0.35
11 August 2016	0.46	0.35
12 August 2016	0.46	0.35
15 August 2016	0.46	0.35
16 August 2016	0.46	0.35
17 August 2016	0.46	0.35
18 August 2016	0.46	0.35
19 August 2016	0.46	0.35
22 August 2016	0.46	0.35
23 August 2016	0.46	0.35
24 August 2016	0.45	0.35
25 August 2016	0.45	0.36
26 August 2016	0.46	0.36
29 August 2016	0.45	0.36
30 August 2016	0.45	0.36
31 August 2016	0.45	0.36
1 September 2016	0.45	0.36
2 September 2016	0.45	0.36
5 September 2016	0.45	0.36
6 September 2016	0.45	0.36
7 September 2016	0.45	0.36
8 September 2016	0.45	0.36
9 September 2016	0.45	0.36
12 September 2016	0.45	0.36
13 September 2016	0.45	0.35
14 September 2016	0.45	0.36
15 September 2016	0.44	0.36
16 September 2016	0.44	0.36
19 September 2016	0.44	0.35
20 September 2016	0.44	0.35
21 September 2016	0.44	0.35
22 September 2016	0.44	0.35
23 September 2016	0.44	0.35
26 September 2016	0.43	0.35
27 September 2016	0.43	0.35
28 September 2016	0.43	0.34
29 September 2016	0.43	0.34
30 September 2016	0.42	0.34
3 October 2016	0.42	0.34
4 October 2016	0.42	0.34
5 October 2016	0.42	0.33
6 October 2016	0.41	0.33
7 October 2016	0.41	0.33
10 October 2016	0.41	0.34
11 October 2016	0.41	0.34
12 October 2016	0.41	0.34
13 October 2016	0.41	0.33
14 October 2016	0.40	0.33
17 October 2016	0.40	0.33
18 October 2016	0.40	0.33
19 October 2016	0.40	0.33
20 October 2016	0.40	0.33
21 October 2016	0.40	0.33
24 October 2016	0.40	0.33
25 October 2016	0.40	0.33
26 October 2016	0.39	0.33
27 October 2016	0.39	0.33
28 October 2016	0.39	0.33
31 October 2016	0.39	0.33
1 November 2016	0.39	0.33
2 November 2016	0.39	0.33
3 November 2016	0.39	0.33
4 November 2016	0.39	0.33
7 November 2016	0.39	0.33
8 November 2016	0.39	0.33
9 November 2016	0.39	0.33
10 November 2016	0.40	0.33
11 November 2016	0.40	0.33
14 November 2016	0.40	0.33
15 November 2016	0.40	0.33
16 November 2016	0.40	0.33
17 November 2016	0.40	0.33
18 November 2016	0.40	0.33
21 November 2016	0.41	0.33
22 November 2016	0.40	0.33
23 November 2016	0.41	0.33
24 November 2016	0.41	0.33
25 November 2016	0.41	0.33
28 November 2016	0.41	0.33
29 November 2016	0.41	0.33
30 November 2016	0.42	0.33
1 December 2016	0.42	0.33
2 December 2016	0.42	0.33
5 December 2016	0.42	0.33
6 December 2016	0.42	0.33
7 December 2016	0.42	0.33
8 December 2016	0.41	0.33
9 December 2016	0.41	0.33
12 December 2016	0.41	0.33
13 December 2016	0.41	0.33
14 December 2016	0.41	0.33
15 December 2016	0.41	0.33
16 December 2016	0.41	0.33
19 December 2016	0.41	0.33
20 December 2016	0.41	0.33
21 December 2016	0.41	0.33
22 December 2016	0.41	0.33
23 December 2016	0.41	0.33
26 December 2016	0.41	0.33
27 December 2016	0.42	0.33
28 December 2016	0.43	0.33
29 December 2016	0.43	0.34
30 December 2016	0.43	0.34
2 January 2017	0.43	0.34
3 January 2017	0.43	0.34
4 January 2017	0.43	0.34
5 January 2017	0.43	0.34
6 January 2017	0.43	0.34
9 January 2017	0.43	0.34
10 January 2017	0.43	0.34
11 January 2017	0.43	0.34
12 January 2017	0.42	0.34
13 January 2017	0.42	0.34
16 January 2017	0.42	0.34
17 January 2017	0.42	0.34
18 January 2017	0.42	0.34
19 January 2017	0.41	0.34
20 January 2017	0.41	0.34
23 January 2017	0.41	0.34
24 January 2017	0.40	0.34
25 January 2017	0.40	0.34
26 January 2017	0.39	0.34
27 January 2017	0.38	0.33
30 January 2017	0.38	0.33
31 January 2017	0.38	0.33
1 February 2017	0.38	0.33
2 February 2017	0.38	0.33
3 February 2017	0.37	0.33
6 February 2017	0.37	0.33
7 February 2017	0.37	0.33
8 February 2017	0.37	0.33
9 February 2017	0.37	0.33
10 February 2017	0.37	0.33
13 February 2017	0.37	0.33
14 February 2017	0.37	0.33
15 February 2017	0.37	0.33
16 February 2017	0.37	0.32
17 February 2017	0.37	0.33
20 February 2017	0.37	0.33
21 February 2017	0.37	0.33
22 February 2017	0.37	0.33
23 February 2017	0.37	0.33
24 February 2017	0.36	0.33
27 February 2017	0.37	0.33
28 February 2017	0.36	0.33
1 March 2017	0.36	0.32
2 March 2017	0.36	0.33
3 March 2017	0.36	0.32
6 March 2017	0.36	0.32
7 March 2017	0.36	0.32
8 March 2017	0.36	0.32
9 March 2017	0.36	0.32
10 March 2017	0.36	0.32
13 March 2017	0.36	0.32
14 March 2017	0.36	0.33
15 March 2017	0.37	0.33
16 March 2017	0.37	0.33
17 March 2017	0.37	0.33
20 March 2017	0.37	0.33
21 March 2017	0.37	0.33
22 March 2017	0.37	0.33
23 March 2017	0.37	0.33
24 March 2017	0.37	0.33
27 March 2017	0.37	0.33
28 March 2017	0.37	0.33
29 March 2017	0.37	0.33
30 March 2017	0.37	0.33
31 March 2017	0.37	0.33
3 April 2017	0.37	0.33
4 April 2017	0.37	0.33
5 April 2017	0.37	0.33
6 April 2017	0.37	0.33
7 April 2017	0.37	0.33
10 April 2017	0.37	0.33
11 April 2017	0.37	0.33
12 April 2017	0.36	0.33
13 April 2017	0.36	0.33
14 April 2017	0.36	0.33
17 April 2017	0.36	0.33
18 April 2017	0.36	0.33
19 April 2017	0.36	0.33
20 April 2017	0.36	0.33
21 April 2017	0.36	0.33
24 April 2017	0.36	0.33
25 April 2017	0.36	0.33
26 April 2017	0.36	0.33
27 April 2017	0.36	0.33
28 April 2017	0.36	0.33
1 May 2017	0.36	0.33
2 May 2017	0.35	0.33
3 May 2017	0.35	0.33
4 May 2017	0.35	0.33
5 May 2017	0.35	0.33
8 May 2017	0.35	0.33
9 May 2017	0.35	0.33
10 May 2017	0.35	0.33
11 May 2017	0.35	0.33
12 May 2017	0.35	0.33
15 May 2017	0.35	0.33
16 May 2017	0.35	0.33
17 May 2017	0.35	0.32
18 May 2017	0.35	0.32
19 May 2017	0.35	0.33
22 May 2017	0.35	0.32
23 May 2017	0.35	0.32
24 May 2017	0.34	0.32
25 May 2017	0.34	0.32
26 May 2017	0.35	0.33
29 May 2017	0.35	0.33
30 May 2017	0.35	0.33
31 May 2017	0.35	0.33
1 June 2017	0.35	0.33
2 June 2017	0.35	0.33
5 June 2017	0.35	0.33
6 June 2017	0.35	0.33
7 June 2017	0.35	0.33
8 June 2017	0.35	0.34
9 June 2017	0.35	0.33
12 June 2017	0.35	0.33
13 June 2017	0.35	0.33
14 June 2017	0.35	0.34
15 June 2017	0.35	0.33
16 June 2017	0.35	0.33
19 June 2017	0.34	0.33
20 June 2017	0.34	0.33
21 June 2017	0.34	0.33
22 June 2017	0.34	0.33
23 June 2017	0.34	0.33
26 June 2017	0.34	0.33
27 June 2017	0.34	0.33
28 June 2017	0.34	0.33
29 June 2017	0.34	0.33
30 June 2017	0.34	0.33
3 July 2017	0.34	0.33
4 July 2017	0.34	0.33
5 July 2017	0.34	0.33

Note: The data are daily. The bid-ask spread is the 21-day moving average of the difference between trade size weighted-average dealer bid prices and ask prices of non-defaulted bonds on the secondary market, scaled by the midprice. Price effect data are the 21-day moving average of the Amihud (2002) measure (see footnote 2), which is defined as the daily average of the ratio of the absolute value of the percentage price changes to transaction volume for non-defaulted bonds on the secondary market that traded at least 10 times between 10:30 a.m. and 3:30 p.m. Excludes 144a bonds. Several events are marked by dashed vertical lines: Bear Stearns sale to JP Morgan, March 16, 2008; Lehman Brothers bankruptcy filing, September 15, 2008; flash crash, May 6, 2010; QE2, November 3, 2010; QE3, September 13, 2012; and taper tantrum, May 22, 2013.

Source: FINRA Trade Reporting and Compliance Engine; Thomson Reuters SDC Platinum; Mergent Fixed Income Securities Database; Moody's Default and Recovery Database.

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Recent Developments in Corporate Bond Market Liquidity: Figure B. Broker-dealer holdings of corporate and foreign bonds

Quarterly
Billions of dollars

Period	Broker Dealer Holding
2005:Q1	256.10
2005:Q2	277.76
2005:Q3	279.55
2005:Q4	315.70
2006:Q1	319.76
2006:Q2	327.41
2006:Q3	340.12
2006:Q4	355.49
2007:Q1	400.26
2007:Q2	418.03
2007:Q3	416.97
2007:Q4	382.79
2008:Q1	362.69
2008:Q2	264.96
2008:Q3	208.21
2008:Q4	123.79
2009:Q1	102.23
2009:Q2	120.56
2009:Q3	152.26
2009:Q4	154.39
2010:Q1	162.83
2010:Q2	161.87
2010:Q3	170.34
2010:Q4	189.55
2011:Q1	202.42
2011:Q2	187.39
2011:Q3	133.70
2011:Q4	104.52
2012:Q1	149.29
2012:Q2	130.78
2012:Q3	139.25
2012:Q4	140.03
2013:Q1	147.99
2013:Q2	134.79
2013:Q3	134.10
2013:Q4	128.95
2014:Q1	128.12
2014:Q2	135.20
2014:Q3	134.08
2014:Q4	115.47
2015:Q1	114.53
2015:Q2	111.17
2015:Q3	96.41
2015:Q4	92.12
2016:Q1	62.93
2016:Q2	74.07
2016:Q3	75.07
2016:Q4	80.02
2017:Q1	83.41

Note: Several events are marked by dashed vertical lines: Bear Stearns sale to JP Morgan, March 16, 2008; Lehman Brothers bankruptcy filing, September 15, 2008; flash crash, May 6, 2010; QE2, November 3, 2010; QE3, September 13, 2012; and taper tantrum, May 22, 2013.

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States," L.130 Security Brokers and Dealers, June 8, 2017.

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Recent Developments in Corporate Bond Market Liquidity: Figure C. CDS (credit default swap)-bond basis

Series: Investment-grade and high-yield

Horizon: 2005 to 2016

Description: Daily data are plotted as two curves. Units for both series are basis points, shown on the right axis. The two curves follow a similar pattern, with the investment-grade series running above the high-yield curve beginning in 2008.

The investment-grade series starts in January 2005 at approximately 7; the series fluctuates around negative 15 until mid-2008. The series drops sharply in 2008 to a low of approximately negative 275 in December. The series then begins to recover through 2009 and briefly reaches a positive value in June 2010. The series fluctuates around zero until late 2015 and early 2016, when it dips to around negative 70. The series slowly recovers through 2016 and reaches about negative 20 on December 30, 2016.

The high-yield series starts in January 2005 at approximately 10 and climbs to 30 in March. The series fluctuates around the zero line until mid-2007, when it rises to around 55 before dropping sharply in late 2008 and early 2009. The series drops to almost negative 700 in December 2008 and then begins to climb in early 2009 to around negative 300. The series drops again in March 2009 to approximately negative 570 and then climbs for the rest of 2009. For 2010 and 2011, the series fluctuates between negative 50 and negative 150 before rising to the zero line in early 2016; it then drops to around negative 160. The series slowly recovers for the rest of 2016 and reaches about negative 20 on December 30, 2016.

Note: Data extend through December 30, 2016. The figure plots the CDS-bond basis for investment-grade and high-yield bonds. The CDS-bond basis is from J.P. Morgan and is computed for investment-grade and high-yield corporate bonds as the average difference between each bond's market CDS spread (interpolated to the bond maturity) and the theoretical CDS spread implied by the bond yield. See Boyarchenko and others (2016) in footnote 6 for details.

Source: J.P. Morgan, CDS Data. (For additional information about the data from J.P. Morgan, see the note on the Contents page: For figure C in the box "Recent Developments in Corporate Bond Market Liquidity," J.P. Morgan notes that information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright © 2017, J.P. Morgan Chase & Co. All rights reserved.)

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Figure 35. Ratio of total commercial bank credit to nominal gross domestic product

Quarterly

Period	Percent
2000:Q1	57.44
2000:Q2	57.52
2000:Q3	58.27
2000:Q4	58.03
2001:Q1	58.65
2001:Q2	58.53
2001:Q3	59.12
2001:Q4	59.00
2002:Q1	58.69
2002:Q2	58.50
2002:Q3	59.14
2002:Q4	61.31
2003:Q1	62.36
2003:Q2	63.39
2003:Q3	62.71
2003:Q4	61.28
2004:Q1	61.51
2004:Q2	62.13
2004:Q3	62.08
2004:Q4	62.25
2005:Q1	62.82
2005:Q2	63.59
2005:Q3	64.09
2005:Q4	64.37
2006:Q1	64.45
2006:Q2	65.57
2006:Q3	66.46
2006:Q4	66.63
2007:Q1	67.25
2007:Q2	67.67
2007:Q3	68.69
2007:Q4	69.76
2008:Q1	70.97
2008:Q2	70.66
2008:Q3	70.68
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	60.99
2012:Q1	60.89
2012:Q2	60.87
2012:Q3	61.18
2012:Q4	61.39
2013:Q1	61.21
2013:Q2	61.15
2013:Q3	60.40
2013:Q4	59.85
2014:Q1	60.64
2014:Q2	60.82
2014:Q3	60.90
2014:Q4	61.34
2015:Q1	62.50
2015:Q2	62.92
2015:Q3	63.23
2015:Q4	63.91
2016:Q1	64.93
2016:Q2	65.37
2016:Q3	65.71
2016:Q4	65.95
2017:Q1	65.69

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 36. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
2000:Q1	1.29	17.63
2000:Q2	0.91	12.52
2000:Q3	1.16	15.99
2000:Q4	1.12	14.99
2001:Q1	0.98	13.19
2001:Q2	0.93	12.15
2001:Q3	0.85	10.96
2001:Q4	0.92	11.81
2002:Q1	1.14	14.54
2002:Q2	1.13	14.22
2002:Q3	1.14	14.17
2002:Q4	1.03	13.14
2003:Q1	1.13	14.30
2003:Q2	1.26	15.98
2003:Q3	1.28	16.45
2003:Q4	1.35	17.23
2004:Q1	1.24	16.03
2004:Q2	1.02	13.07
2004:Q3	1.21	14.91
2004:Q4	1.18	14.33
2005:Q1	1.14	13.63
2005:Q2	1.19	14.31
2005:Q3	1.30	15.72
2005:Q4	1.21	14.86
2006:Q1	1.10	13.72
2006:Q2	1.17	14.60
2006:Q3	1.31	16.31
2006:Q4	1.32	16.36
2007:Q1	0.97	11.92
2007:Q2	1.08	13.67
2007:Q3	0.82	10.58
2007:Q4	-0.14	-1.82
2008:Q1	0.09	1.38
2008:Q2	-0.14	-1.84
2008:Q3	-0.57	-7.66
2008:Q4	-1.61	-21.58
2009:Q1	0.00	0.27
2009:Q2	-0.07	-0.83
2009:Q3	0.19	2.30
2009:Q4	0.10	1.20
2010:Q1	0.39	4.53
2010:Q2	0.53	6.16
2010:Q3	0.45	5.06
2010:Q4	0.50	5.53
2011:Q1	0.59	6.16
2011:Q2	0.43	4.68
2011:Q3	0.94	9.99
2011:Q4	0.59	6.19
2012:Q1	0.58	5.64
2012:Q2	0.71	7.05
2012:Q3	0.72	7.13
2012:Q4	0.89	8.58
2013:Q1	0.81	7.64
2013:Q2	0.86	8.22
2013:Q3	0.82	7.76
2013:Q4	0.93	8.73
2014:Q1	0.85	7.87
2014:Q2	0.82	7.59
2014:Q3	0.87	7.96
2014:Q4	0.82	7.56
2015:Q1	0.96	8.75
2015:Q2	0.95	8.63
2015:Q3	0.98	8.73
2015:Q4	0.85	7.51
2016:Q1	0.82	7.15
2016:Q2	0.92	8.12
2016:Q3	0.95	8.64
2016:Q4	0.94	8.50
2017:Q1	0.96	8.63

Note: The data are quarterly and are seasonally adjusted.

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

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Figure 37. Equity indexes for selected foreign economies

Series: Advanced foreign economies and emerging market economies

Horizon: January 8, 2014, to July 5, 2017

Description: The data are weekly averages of daily data, plotted as two curves. The units along the right axis are an index with the week of January 8, 2014, equal to 100. The advanced foreign economies (AFE) and the emerging market economies (EME) series move roughly in the same direction. The EME series is higher through most of 2014 and begins to decline around May 2015, while the AFE series begins to fall off in the middle of 2015. Both series reach a trough around the beginning of 2016 before increasing through May 2017. While the EME series continues to rise throughout the end of the period, the AFE series ticks downward at the end of the horizon.

The AFE series fluctuates between 95 and 102 in the beginning of 2014. The series then drops significantly around 2014:Q4 before steadily increasing to around 115 in early 2015. The series fluctuates around 115 until 2015:Q3, when it suddenly drops to around 100. After regaining some ground, the series falls again around the beginning of 2016 to below 95. It then fluctuates around 100, gradually increasing through the third quarter. The series then begins to rise quickly around end-2016 to about 117 in May 2017 before falling to just above 115 in July.

The EME series fluctuates between 95 and 100 in the beginning of 2014 before gradually rising above 110 in 2014:Q3. The series then decreases below 105 before rebounding to around 115 in early 2015. It falls dramatically in 2015:Q3, regains some ground, and falls again to a trough of about 87 in early 2016. The series then rises, ending at around 118.

Note: The data are weekly averages of daily data and extend through July 5, 2017.

Source: For advanced foreign economies, MSCI EAFE Index via Thomson Reuters Eikon with Datastream for Office; for emerging market economies, MSCI Emerging Markets Index via Thomson Reuters Eikon with Datastream for Office.

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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 to July 5, 2017

Description: The JP Morgan Emerging Market Bond Index Plus (or EMBI+) is an index of total returns of foreign currency denominated debt of selected emerging market economies. 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. EPFR fund flows are flows into dedicated emerging market economy bond and equity mutual funds and ETFs. EPFR 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 falling off at the end of the year. Total fund flows are volatile but are generally negative for 2015 and early 2016. They are then generally positive through October before falling off at the end of the year. They become positive again in 2017 and increase before falling slightly in June 2017. 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 in late 2015 and falling off in early 2016. The series continues to trend downward before a slight uptick near the end of the horizon.

EMBI+ data begin around 340 before rapidly increasing to around 390 in early February 2014 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 rising to about 450 in August and falling back to around 380 in November. The series rises again in early 2016, reaching about 470 in February, and then decreases, reaching 340 in October before rising to around 380 in December. The series declines through the beginning of 2017, reaching a low point of just above 320 before moving up to around 340, then closer to 335 in the final few months of the horizon.

Both bond and equity fund flows are negative for 2014:Q1, 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, with equity flows slightly negative in October. The data are negative with significant magnitudes in December and in January 2015, with equity fund flows especially large. After a brief period with both equity and bond fund flows near zero, the data again show significant outflows for both equity and bond funds from the middle of 2015 through early 2016, except for one month of positive equity fund flows in October 2015. 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. For the duration of the horizon, total bond and equity fund flows gradually increase to more than 15 in May but then fall below 15 in June.

Note: The EMBI+ data are weekly averages of daily data and extend through July 5, 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. Nominal 10-year government bond yields in selected advanced economies

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

Horizon: January 8, 2014, to July 5, 2017

Description: The data are weekly averages of daily data, plotted as four curves. Units for the 10-year benchmark yields are in percent along the right axis. The lines generally move in the same direction from 2014 to 2016, with the United States and United Kingdom tracking closely until the middle of 2016, when the United Kingdom falls considerably below the United States. Both remain above Germany and Japan over the entire horizon. The series for the United States, United Kingdom, and Germany decline from 2014 to early 2015, when they rise sharply. They then decline until mid-2016 and start to climb in late 2016, with particularly sharp moves in the United Kingdom and United States. Germany starts considerably higher than Japan but briefly dips below Japan twice, around 2015:Q2 and 2016:Q4. Japanese yields fall slightly throughout 2014, increase through mid-2015, then trend downward until mid-2016. After mid-2016, they trend upward through the end of the horizon. Germany ends the horizon above Japan in July 2017, experiencing a much sharper uptick in the final weeks of the series.

The series for the United States starts in January 2014 at approximately 3 and gradually decreases to about 1.7 by midway through 2015:Q1. The series then climbs to around 2.4 by the beginning of the third quarter. It fluctuates between 2 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 2 through the beginning of June. The series dips below 1.5 before beginning to rise substantially around November. The series peaks above 2.5 near the beginning of 2017 before trending downward to about 2.2 at the end of June. Finally, it rises to about 2.25 at the beginning of July, when the series ends.

The series for the United Kingdom starts in January 2014 at about 3. In the first quarter, it gradually declines to slightly below 1.5, increases to about 1.9, and decreases to around 1.5. The series then climbs to 2.1 by the beginning of the third quarter and fluctuates between 1.75 and just above 2 until the end of 2015. The series declines to about 1.4 in the middle of 2016:Q1 before fluctuating between about 1.4 and 1.6 through the end of May. The series begins to fall rapidly in June and bottoms out in the third quarter at around 0.5. The series then begins to recover, peaking at nearly 1.5 in early 2017 before trending down to around 1 at the end of June. The series then ticks up to about 1.25 at the beginning of July.

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 around 2015:Q2. Then the series increases to about 0.9 before declining below 0.2 in 2016:Q1. It then 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; it then fluctuates between 0.2 and 0.5 for the remainder of the horizon, ending with an uptick around 0.5 at the beginning of July 2017.

The series for Japan starts in January 2014 at 0.7 and gradually declines to about 0.25 in early 2015. It then slowly increases to almost 0.5 by the end of 2015:Q2. The series then declines to its lowest value of near negative 0.25 in 2016:Q3 before gradually rising just above zero by the series' end. The series for Japan does not rise as sharply as the other three series at the end of the horizon.

Note: The data are weekly averages of daily benchmark yields and extend through July 5, 2017.

Source: Bloomberg.

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Figure 40. U.S. dollar exchange rate indexes

Weekly
Week ending January 8, 2014 = 100

Period	Mexican peso	Broad dollar	Euro
8 January 2014	100.00	100.00	100.00
15 January 2014	99.95	100.12	99.89
22 January 2014	101.59	100.68	100.43
29 January 2014	102.27	100.92	99.64
5 February 2014	102.18	101.18	100.77
12 February 2014	101.53	100.75	100.01
19 February 2014	101.39	100.44	99.30
26 February 2014	101.29	100.72	99.33
5 March 2014	101.43	100.73	99.07
12 March 2014	100.90	100.47	98.20
19 March 2014	100.83	100.47	97.87
26 March 2014	100.76	101.00	98.84
2 April 2014	99.83	100.53	98.94
9 April 2014	99.58	100.28	99.04
16 April 2014	99.80	100.04	98.38
23 April 2014	99.74	100.30	98.64
30 April 2014	100.19	100.39	98.45
7 May 2014	99.38	99.97	98.07
14 May 2014	98.85	99.87	98.98
21 May 2014	98.77	99.92	99.45
28 May 2014	98.36	100.05	100.00
4 June 2014	98.55	100.21	100.03
11 June 2014	99.08	100.24	100.29
18 June 2014	99.60	100.21	100.52
25 June 2014	99.37	99.97	100.13
2 July 2014	99.16	99.58	99.78
9 July 2014	99.21	99.58	100.06
16 July 2014	99.11	99.73	100.29
23 July 2014	98.95	99.90	100.91
30 July 2014	99.46	100.18	101.47
6 August 2014	101.12	100.75	101.72
13 August 2014	100.79	100.74	101.84
20 August 2014	99.87	100.55	102.08
27 August 2014	100.16	100.94	103.04
3 September 2014	100.09	101.01	103.62
10 September 2014	100.33	101.66	105.37
17 September 2014	100.88	102.13	105.16
24 September 2014	101.34	102.60	106.06
1 October 2014	102.67	103.47	107.47
8 October 2014	102.68	103.72	107.97
15 October 2014	102.72	103.49	107.36
22 October 2014	103.38	103.47	106.88
29 October 2014	103.18	103.54	107.18
5 November 2014	103.35	104.48	108.67
12 November 2014	103.69	105.22	109.61
19 November 2014	103.72	105.38	108.99
26 November 2014	104.26	105.55	109.30
3 December 2014	106.99	106.62	109.82
10 December 2014	109.61	107.35	110.10
17 December 2014	112.44	108.03	109.40
24 December 2014	112.02	108.56	111.40
31 December 2014	112.52	108.73	112.11
7 January 2015	113.53	109.80	114.27
14 January 2015	111.49	109.65	115.34
21 January 2015	111.87	109.90	117.80
28 January 2015	111.64	110.77	120.15
4 February 2015	113.54	111.59	119.89
11 February 2015	113.87	111.63	120.15
18 February 2015	113.85	111.49	119.62
25 February 2015	114.55	111.82	119.97
4 March 2015	114.43	112.20	121.90
11 March 2015	117.85	114.02	126.19
18 March 2015	117.86	114.89	128.61
25 March 2015	114.88	113.19	125.61
1 April 2015	115.91	113.32	125.83
8 April 2015	113.85	112.45	124.90
15 April 2015	116.28	113.45	128.23
22 April 2015	117.25	112.65	126.68
29 April 2015	116.76	111.73	124.49
6 May 2015	117.80	111.57	121.60
13 May 2015	116.54	111.24	121.04
20 May 2015	115.54	111.05	120.83
27 May 2015	116.96	112.47	124.07
3 June 2015	117.81	112.97	123.34
10 June 2015	119.08	112.84	121.20
17 June 2015	117.75	112.41	121.07
24 June 2015	117.32	112.03	120.60
1 July 2015	119.44	112.89	122.14
8 July 2015	120.47	113.69	123.32
15 July 2015	120.24	113.93	123.46
22 July 2015	121.87	114.88	125.20
29 July 2015	123.88	115.15	123.52
5 August 2015	124.04	115.74	124.47
12 August 2015	124.25	116.09	123.60
19 August 2015	125.42	116.88	122.91
26 August 2015	129.52	117.02	119.65
2 September 2015	128.67	117.26	121.40
9 September 2015	128.41	117.59	122.27
16 September 2015	127.90	117.19	120.62
23 September 2015	128.08	117.36	121.28
30 September 2015	129.91	118.08	121.45
7 October 2015	127.82	117.07	121.22
14 October 2015	126.15	115.91	119.86
21 October 2015	126.16	115.82	119.92
28 October 2015	126.11	116.85	123.12
4 November 2015	126.07	117.00	124.22
11 November 2015	128.04	118.16	126.53
18 November 2015	128.00	118.77	127.39
25 November 2015	126.21	118.42	127.86
2 December 2015	126.64	118.86	128.67
9 December 2015	128.88	118.70	125.02
16 December 2015	131.61	119.44	124.25
23 December 2015	130.86	120.08	125.16
30 December 2015	131.94	119.91	124.51
6 January 2016	132.45	120.87	126.24
13 January 2016	136.45	121.89	125.39
20 January 2016	139.27	122.66	124.87
27 January 2016	141.07	122.62	125.69
3 February 2016	140.11	122.10	124.69
10 February 2016	142.03	121.02	121.59
17 February 2016	143.74	121.04	121.43
24 February 2016	138.87	120.77	123.23
2 March 2016	137.70	120.82	124.95
9 March 2016	136.02	119.47	123.82
16 March 2016	136.33	119.14	122.43
23 March 2016	132.82	117.57	121.05
30 March 2016	133.49	118.11	121.48
6 April 2016	133.55	117.17	119.57
13 April 2016	134.94	116.97	119.76
20 April 2016	132.82	116.54	120.38
27 April 2016	133.27	116.78	120.66
4 May 2016	132.77	116.02	118.93
11 May 2016	137.16	117.36	119.38
18 May 2016	139.07	117.99	120.32
25 May 2016	141.01	119.14	121.83
1 June 2016	141.02	119.15	122.12
8 June 2016	141.21	118.14	120.37
15 June 2016	142.81	118.29	120.91
22 June 2016	143.16	118.19	121.03
29 June 2016	143.24	118.86	122.32
6 July 2016	142.13	118.98	122.92
13 July 2016	141.52	119.12	123.10
20 July 2016	141.24	119.12	123.25
27 July 2016	143.08	119.78	123.99
3 August 2016	144.11	118.80	122.00
10 August 2016	142.13	118.60	122.57
17 August 2016	138.75	117.61	121.47
24 August 2016	139.79	117.63	120.48
31 August 2016	141.99	118.56	121.66
7 September 2016	141.63	118.33	121.56
14 September 2016	144.99	118.87	121.17
21 September 2016	150.07	119.70	121.81
28 September 2016	149.93	119.29	121.35
5 October 2016	147.49	119.20	121.42
12 October 2016	146.17	120.04	122.76
19 October 2016	143.92	120.14	123.88
26 October 2016	142.03	120.45	125.00
2 November 2016	144.86	120.80	123.94
9 November 2016	145.44	120.58	123.31
16 November 2016	156.52	123.62	126.64
23 November 2016	156.25	124.47	128.45
30 November 2016	157.14	124.78	128.60
7 December 2016	156.80	124.14	127.33
14 December 2016	154.96	123.95	128.37
21 December 2016	156.43	125.57	130.77
28 December 2016	158.07	125.94	130.53
4 January 2017	159.63	125.67	129.96
11 January 2017	164.29	125.44	128.99
18 January 2017	165.55	124.66	127.71
25 January 2017	164.29	124.48	127.14
1 February 2017	160.01	123.69	127.10
8 February 2017	156.82	122.91	126.79
15 February 2017	155.37	123.14	128.32
22 February 2017	154.97	123.16	128.58
1 March 2017	151.73	122.73	128.59
8 March 2017	149.96	123.47	129.05
15 March 2017	149.85	123.44	128.04
22 March 2017	145.88	121.91	126.51
29 March 2017	144.17	121.36	125.95
5 April 2017	143.27	121.62	127.55
12 April 2017	143.01	121.84	128.28
19 April 2017	142.03	121.30	127.73
26 April 2017	144.33	121.48	125.89
3 May 2017	144.22	121.61	124.98
10 May 2017	145.48	121.95	124.67
17 May 2017	142.94	121.24	123.90
24 May 2017	142.83	120.65	121.79
31 May 2017	141.86	120.24	121.62
7 June 2017	140.80	119.76	121.13
14 June 2017	138.34	119.44	121.46
21 June 2017	137.85	119.77	122.13
28 June 2017	137.23	119.52	121.20
5 July 2017	138.35	119.13	119.51

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily data and extend through July 5, 2017.

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

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Figure 41. Real gross domestic product growth in selected advanced foreign economies

Percent, annual rate

Period	United Kingdom	Japan	Euro area	Canada
2013	2.42	2.75	0.75	3.55
2014	3.46	-0.25	1.35	2.19
2015	1.70	1.00	1.94	0.35
2016	1.93	1.62	1.84	2.04
2017:Q1	0.85	1.01	2.35	3.71

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 42. 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	2.29
June 2014	1.90	3.63	0.50	2.28
July 2014	1.59	3.42	0.38	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	2.03
December 2014	0.55	2.36	-0.17	1.54
January 2015	0.28	2.57	-0.60	0.97
February 2015	0.03	2.26	-0.27	1.05
March 2015	-0.01	2.36	-0.08	1.20
April 2015	-0.12	0.70	0.01	0.72
May 2015	0.11	0.60	0.34	0.96
June 2015	-0.04	0.40	0.22	1.12
July 2015	0.15	0.20	0.23	1.28
August 2015	0.01	0.10	0.13	1.27
September 2015	-0.12	0.00	-0.09	1.03
October 2015	-0.11	0.20	0.12	1.03
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	2.00
February 2016	0.28	0.20	-0.15	1.35
March 2016	0.46	0.00	-0.04	1.35
April 2016	0.29	-0.30	-0.24	1.59
May 2016	0.31	-0.50	-0.10	1.50
June 2016	0.46	-0.40	0.08	1.42
July 2016	0.56	-0.40	0.16	1.18
August 2016	0.64	-0.50	0.24	1.10
September 2016	0.98	-0.40	0.41	1.34
October 2016	0.91	0.10	0.51	1.42
November 2016	1.17	0.50	0.57	1.18
December 2016	1.56	0.30	1.14	1.49
January 2017	1.82	0.50	1.76	2.12
February 2017	2.30	0.30	1.98	2.04
March 2017	2.32	0.20	1.54	1.49
April 2017	2.71	0.40	1.89	1.72
May 2017	2.87	0.40	1.40	1.33
June 2017	ND	ND	1.26	ND

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

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.

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Figure 43. Real gross domestic product growth in selected emerging market economies

Percent, annual rate

Period	China	Korea	Mexico	Brazil
2013	7.60	3.48	1.04	2.64
2014	7.12	2.77	2.66	-0.24
2015	6.76	3.25	2.46	-5.72
2016	6.78	2.41	2.33	-2.43
2017:Q1	7.31	4.32	2.69	4.26

Note: The data for China are seasonally adjusted by Board staff. The data for Korea, Mexico, and Brazil are seasonally adjusted by their respective government agencies.

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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Last Update: October 03, 2017

Monetary Policy Report – July 2017