The Fed - Monetary Policy: Monetary Policy Report

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

Monthly
Thousands of jobs

Period	Total nonfarm (3-month)	Total nonfarm (12-month)
January 2012	230.3	200.8
February 2012	273.7	204.9
March 2012	285.0	205.4
April 2012	194.3	185.6
May 2012	140.0	185.9
June 2012	84.7	172.3
July 2012	108.0	180.0
August 2012	131.7	184.0
September 2012	170.7	180.1
October 2012	172.3	176.3
November 2012	168.3	178.4
December 2012	184.3	181.2
January 2013	196.7	167.8
February 2013	237.0	169.3
March 2013	203.3	160.8
April 2013	202.3	169.8
May 2013	184.0	180.3
June 2013	199.0	189.3
July 2013	170.0	185.3
August 2013	176.0	191.3
September 2013	178.7	191.3
October 2013	218.7	196.9
November 2013	227.0	206.0
December 2013	186.3	191.8
January 2014	170.3	190.3
February 2014	137.3	181.1
March 2014	198.3	190.6
April 2014	248.3	201.8
May 2014	266.0	201.6
June 2014	290.7	213.5
July 2014	257.3	223.7
August 2014	246.3	219.2
September 2014	242.0	229.3
October 2014	252.3	232.1
November 2014	285.0	233.7
December 2014	271.0	250.5
January 2015	256.0	253.5
February 2015	243.3	260.2
March 2015	179.3	245.8
April 2015	208.3	243.5
May 2015	232.0	251.7
June 2015	263.0	238.8
July 2015	260.7	244.3
August 2015	195.0	238.8
September 2015	182.7	224.0
October 2015	198.0	230.8
November 2015	235.7	226.5
December 2015	284.7	227.4
January 2016	201.7	217.2
February 2016	200.7	215.8
March 2016	185.3	228.9
April 2016	225.7	221.5
May 2016	153.3	196.2
June 2016	169.3	205.5
July 2016	211.0	209.1
August 2016	251.0	210.2
September 2016	247.0	221.6
October 2016	177.7	204.0
November 2016	189.3	198.6
December 2016	171.0	193.2
January 2017	212.3	206.7
February 2017	202.7	199.1
March 2017	173.3	190.2
April 2017	160.3	190.3
May 2017	156.0	199.8
June 2017	190.0	195.3
July 2017	187.0	184.3
August 2017	206.7	188.7
September 2017	136.3	167.7
October 2017	155.0	178.7
November 2017	166.0	182.8
December 2017	218.0	179.4
January 2018	188.3	172.7
February 2018	225.0	188.4
March 2018	227.7	193.0
April 2018	236.0	191.6
May 2018	216.0	203.4
June 2018	242.7	206.2
July 2018	236.7	204.0
August 2018	240.7	211.9
September 2018	189.3	219.4
October 2018	222.3	220.8
November 2018	193.7	218.8
December 2018	233.3	223.3
January 2019	245.0	235.0
February 2019	198.3	212.2
March 2019	173.7	209.8
April 2019	144.3	212.1
May 2019	150.7	195.8

Note: The data are 3-month and 12-month moving averages.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 2. Measures of labor underutilization

Monthly
Percent

Period	Unemployment rate	U-4	U-5	U-6
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	14.6
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	8.2	9.1	14.2
July 2013	7.3	7.9	8.7	13.8
August 2013	7.2	7.8	8.6	13.6
September 2013	7.2	7.7	8.6	13.5
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	7.6	12.2
June 2014	6.1	6.5	7.3	12.0
July 2014	6.2	6.6	7.5	12.1
August 2014	6.1	6.6	7.4	12.0
September 2014	5.9	6.4	7.3	11.7
October 2014	5.7	6.2	7.1	11.5
November 2014	5.8	6.2	7.1	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	5.9	6.8	11.0
March 2015	5.4	5.9	6.7	10.8
April 2015	5.4	5.9	6.7	10.8
May 2015	5.6	5.9	6.7	10.9
June 2015	5.3	5.6	6.4	10.4
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	5.1	5.4	6.1	10.0
December 2015	5.0	5.4	6.1	9.9
January 2016	4.9	5.3	6.1	9.8
February 2016	4.9	5.3	6.0	9.7
March 2016	5.0	5.3	6.0	9.8
April 2016	5.0	5.3	6.0	9.7
May 2016	4.8	5.1	5.8	9.9
June 2016	4.9	5.2	6.0	9.5
July 2016	4.8	5.2	6.0	9.7
August 2016	4.9	5.2	5.9	9.6
September 2016	5.0	5.3	6.0	9.7
October 2016	4.9	5.2	5.9	9.6
November 2016	4.7	5.0	5.8	9.4
December 2016	4.7	4.9	5.7	9.2
January 2017	4.7	5.1	5.8	9.3
February 2017	4.7	5.0	5.7	9.1
March 2017	4.4	4.7	5.4	8.7
April 2017	4.4	4.7	5.3	8.6
May 2017	4.4	4.6	5.2	8.5
June 2017	4.3	4.6	5.3	8.5
July 2017	4.3	4.6	5.3	8.5
August 2017	4.4	4.7	5.3	8.6
September 2017	4.2	4.5	5.1	8.3
October 2017	4.1	4.4	5.0	8.0
November 2017	4.2	4.4	5.0	8.0
December 2017	4.1	4.4	5.1	8.1
January 2018	4.1	4.4	5.1	8.2
February 2018	4.1	4.4	5.1	8.2
March 2018	4.0	4.3	4.9	7.9
April 2018	3.9	4.2	4.7	7.8
May 2018	3.8	4.0	4.6	7.7
June 2018	4.0	4.2	4.9	7.8
July 2018	3.9	4.2	4.7	7.5
August 2018	3.8	4.1	4.7	7.4
September 2018	3.7	3.9	4.6	7.5
October 2018	3.8	4.1	4.6	7.5
November 2018	3.7	4.0	4.7	7.6
December 2018	3.9	4.1	4.8	7.6
January 2019	4.0	4.3	4.9	8.1
February 2019	3.8	4.1	4.7	7.3
March 2019	3.8	4.1	4.6	7.3
April 2019	3.6	3.9	4.4	7.3
May 2019	3.6	3.8	4.4	7.1

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

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 3. Labor force participation rates and employment-to-population ratio

Monthly
Percent

Period	Labor force participation rate	Employment-to-population ratio	Prime-age labor force participation rate
January 2005	65.84	62.38	82.70
February 2005	65.93	62.38	82.80
March 2005	65.88	62.45	82.60
April 2005	66.06	62.66	82.70
May 2005	66.14	62.75	82.90
June 2005	66.06	62.73	82.60
July 2005	66.08	62.80	82.80
August 2005	66.15	62.91	82.90
September 2005	66.15	62.82	82.90
October 2005	66.09	62.81	82.70
November 2005	66.05	62.72	82.70
December 2005	65.97	62.77	82.70
January 2006	66.01	62.91	82.80
February 2006	66.14	62.99	82.90
March 2006	66.15	63.05	83.00
April 2006	66.12	63.00	82.80
May 2006	66.13	63.08	82.80
June 2006	66.19	63.13	82.80
July 2006	66.13	62.99	83.00
August 2006	66.20	63.11	82.90
September 2006	66.11	63.12	82.90
October 2006	66.20	63.27	82.90
November 2006	66.29	63.30	83.00
December 2006	66.37	63.44	83.10
January 2007	66.40	63.31	83.40
February 2007	66.27	63.27	83.20
March 2007	66.25	63.33	83.20
April 2007	65.92	62.96	83.00
May 2007	65.95	63.03	83.00
June 2007	66.05	63.04	82.90
July 2007	65.98	62.90	82.90
August 2007	65.78	62.74	82.90
September 2007	66.00	62.91	82.80
October 2007	65.82	62.71	82.70
November 2007	66.04	62.93	82.90
December 2007	66.02	62.74	83.10
January 2008	66.23	62.93	83.30
February 2008	66.00	62.78	83.20
March 2008	66.06	62.70	83.30
April 2008	65.94	62.66	83.10
May 2008	66.11	62.51	83.10
June 2008	66.05	62.38	83.10
July 2008	66.05	62.23	83.10
August 2008	66.06	62.02	83.20
September 2008	65.95	61.90	83.10
October 2008	66.01	61.72	83.00
November 2008	65.85	61.36	83.00
December 2008	65.80	61.00	82.80
January 2009	65.69	60.56	82.80
February 2009	65.79	60.29	82.80
March 2009	65.56	59.85	82.60
April 2009	65.67	59.78	82.80
May 2009	65.72	59.57	82.90
June 2009	65.65	59.41	82.90
July 2009	65.50	59.31	82.80
August 2009	65.36	59.08	82.80
September 2009	65.09	58.74	82.50
October 2009	65.01	58.52	82.50
November 2009	65.00	58.57	82.40
December 2009	64.62	58.25	82.00
January 2010	64.81	58.45	82.40
February 2010	64.85	58.47	82.30
March 2010	64.92	58.51	82.40
April 2010	65.15	58.69	82.60
May 2010	64.88	58.63	82.30
June 2010	64.63	58.54	82.20
July 2010	64.61	58.51	81.90
August 2010	64.72	58.56	82.00
September 2010	64.61	58.49	82.00
October 2010	64.41	58.32	81.80
November 2010	64.56	58.25	82.00
December 2010	64.32	58.31	81.90
January 2011	64.21	58.34	81.70
February 2011	64.15	58.36	81.60
March 2011	64.17	58.43	81.70
April 2011	64.20	58.37	81.70
May 2011	64.13	58.34	81.70
June 2011	64.03	58.20	81.70
July 2011	63.96	58.21	81.40
August 2011	64.10	58.34	81.60
September 2011	64.20	58.39	81.50
October 2011	64.08	58.42	81.30
November 2011	64.10	58.57	81.50
December 2011	64.01	58.57	81.60
January 2012	63.72	58.44	81.50
February 2012	63.80	58.51	81.50
March 2012	63.79	58.55	81.50
April 2012	63.66	58.45	81.40
May 2012	63.74	58.53	81.40
June 2012	63.78	58.56	81.50
July 2012	63.67	58.47	81.40
August 2012	63.54	58.42	81.40
September 2012	63.65	58.68	81.50
October 2012	63.76	58.79	81.60
November 2012	63.62	58.70	81.20
December 2012	63.69	58.66	81.40
January 2013	63.66	58.57	81.10
February 2013	63.44	58.56	81.00
March 2013	63.27	58.50	81.00
April 2013	63.38	58.58	81.00
May 2013	63.39	58.64	81.20
June 2013	63.43	58.64	81.20
July 2013	63.31	58.70	81.20
August 2013	63.26	58.68	81.00
September 2013	63.24	58.67	81.00
October 2013	62.78	58.26	80.60
November 2013	62.97	58.60	81.00
December 2013	62.89	58.68	80.80
January 2014	62.92	58.79	80.90
February 2014	62.93	58.74	81.10
March 2014	63.10	58.91	81.10
April 2014	62.79	58.87	80.80
May 2014	62.87	58.89	80.70
June 2014	62.83	59.01	81.00
July 2014	62.90	59.03	80.80
August 2014	62.90	59.03	81.10
September 2014	62.81	59.08	80.80
October 2014	62.90	59.29	80.90
November 2014	62.89	59.24	80.90
December 2014	62.78	59.28	80.90
January 2015	62.89	59.33	81.00
February 2015	62.69	59.25	80.90
March 2015	62.63	59.23	80.80
April 2015	62.74	59.33	81.00
May 2015	62.93	59.41	81.00
June 2015	62.64	59.35	80.90
July 2015	62.58	59.32	80.70
August 2015	62.59	59.41	80.70
September 2015	62.37	59.23	80.60
October 2015	62.49	59.34	80.80
November 2015	62.56	59.39	80.90
December 2015	62.75	59.60	81.00
January 2016	62.75	59.68	81.20
February 2016	62.83	59.76	81.10
March 2016	62.93	59.80	81.40
April 2016	62.81	59.68	81.20
May 2016	62.68	59.67	81.10
June 2016	62.71	59.63	81.30
July 2016	62.75	59.72	81.20
August 2016	62.86	59.78	81.30
September 2016	62.89	59.77	81.50
October 2016	62.82	59.75	81.60
November 2016	62.71	59.77	81.40
December 2016	62.72	59.78	81.40
January 2017	62.85	59.87	81.50
February 2017	62.87	59.95	81.60
March 2017	62.90	60.12	81.60
April 2017	62.91	60.16	81.70
May 2017	62.77	60.02	81.60
June 2017	62.80	60.08	81.60
July 2017	62.86	60.14	81.80
August 2017	62.93	60.15	81.70
September 2017	63.07	60.42	81.80
October 2017	62.73	60.15	81.60
November 2017	62.76	60.15	81.80
December 2017	62.72	60.16	81.90
January 2018	62.75	60.16	81.80
February 2018	63.01	60.41	82.10
March 2018	62.87	60.35	82.00
April 2018	62.79	60.33	81.90
May 2018	62.79	60.41	81.80
June 2018	62.93	60.39	82.10
July 2018	62.91	60.49	82.10
August 2018	62.70	60.30	82.00
September 2018	62.74	60.42	81.80
October 2018	62.93	60.57	82.30
November 2018	62.94	60.61	82.20
December 2018	63.05	60.62	82.30
January 2019	63.21	60.68	82.60
February 2019	63.15	60.74	82.50
March 2019	63.03	60.63	82.50
April 2019	62.80	60.55	82.20
May 2019	62.83	60.56	82.10

Note: The data are monthly. The prime-age labor force participation rate is a percentage of the population aged 25 to 54. The labor force participation rate and the employment-to-population ratio are percentages of the population aged 16 and over.

Source: Bureau of Labor Statistics via Haver Analytics.

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How Have Lower-Educated Workers Fared since the Great Recession?: Figure A. Prime-age employment and wages by education, 2007–18

Employment-to-population ratios
Annual
Percentage point change from 2007

Period	High school or less	College plus
2007	0.00	0.00
2008	-1.42	-0.11
2009	-5.59	-2.01
2010	-6.19	-2.65
2011	-6.47	-2.39
2012	-5.95	-2.00
2013	-5.94	-1.97
2014	-4.83	-1.62
2015	-4.85	-1.21
2016	-4.06	-0.89
2017	-3.12	-0.66
2018	-2.27	-0.28

Source: Staff calculations using the Current Population Survey.

Real wages
Annual
Percent change from 2007

Period	High school or less	College plus
2007	0.00	0.00
2008	-0.68	0.12
2009	1.01	1.77
2010	-0.87	1.33
2011	-2.82	-1.32
2012	-3.26	-1.71
2013	-4.23	-1.51
2014	-3.74	-3.22
2015	-2.21	-0.30
2016	-1.01	1.57
2017	0.82	1.34
2018	1.35	1.43

Source: Staff calculations using the Current Population Survey.

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How Have Lower-Educated Workers Fared since the Great Recession?: Figure B. Response of EPOP by education to state-level recessions

Percentage points

Years relative to shock	High school or less	College plus	High school or less upper bound	High school or less lower bound	College plus upper bound	College plus lower bound
-1	0.00	0.00	0.00	0.00	0.00	0.00
0	-0.35	-0.05	-0.19	-0.51	0.06	-0.17
1	-0.44	-0.18	-0.22	-0.65	-0.04	-0.33
2	-0.50	-0.09	-0.21	-0.79	0.03	-0.22
3	-0.43	-0.08	-0.18	-0.68	0.03	-0.20
4	-0.44	-0.02	-0.15	-0.73	0.12	-0.17
5	-0.37	-0.02	-0.07	-0.66	0.18	-0.23
6	-0.18	-0.01	-0.01	-0.35	0.18	-0.21
7	-0.05	0.02	0.16	-0.27	0.21	-0.17
8	-0.00	0.04	0.23	-0.23	0.27	-0.20
9	-0.03	0.06	0.29	-0.35	0.32	-0.20
10	-0.04	0.18	0.23	-0.31	0.39	-0.04

Note: EPOP refers to the employment-to-population ratio. Shaded areas are 95 percent confidence bands. Data extend from 1978 through 2018.

Source: Tomaz Cajner, John Coglianese, and Joshua Montes (2019), "Cyclical Dynamics of the U.S. Labor Market," unpublished paper, Board of Governors of the Federal Reserve System, Division of Research and Statistics, March.

Return to text

Figure 4. Unemployment rate by race and ethnicity

Monthly
Percent

Period	White	Black or African American	Asian	Hispanic or Latino
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	13.8	6.0	9.7
March 2013	6.7	13.0	5.1	9.3
April 2013	6.7	13.3	5.3	9.0
May 2013	6.7	13.4	4.5	9.0
June 2013	6.6	14.2	4.7	9.1
July 2013	6.5	12.6	5.3	9.4
August 2013	6.4	12.8	5.1	9.2
September 2013	6.3	13.0	5.4	8.8
October 2013	6.3	12.8	5.4	9.1
November 2013	6.1	12.3	5.2	8.7
December 2013	5.9	11.9	4.3	8.3
January 2014	5.7	12.1	4.7	8.3
February 2014	5.8	11.8	5.9	8.2
March 2014	5.8	12.1	5.5	7.9
April 2014	5.3	11.6	5.9	7.2
May 2014	5.4	11.4	5.7	7.7
June 2014	5.3	11.0	4.7	7.8
July 2014	5.3	11.6	4.2	7.7
August 2014	5.3	11.4	4.5	7.4
September 2014	5.1	11.0	4.4	6.8
October 2014	4.9	10.6	5.1	6.8
November 2014	5.0	10.9	4.8	6.6
December 2014	4.7	10.6	4.4	6.4
January 2015	4.9	10.3	4.0	6.7
February 2015	4.7	10.1	4.0	6.8
March 2015	4.8	9.9	3.2	6.8
April 2015	4.7	9.8	4.4	6.8
May 2015	4.8	10.3	4.1	6.8
June 2015	4.6	9.6	3.8	6.8
July 2015	4.5	9.1	4.0	6.9
August 2015	4.4	9.4	3.4	6.6
September 2015	4.4	9.3	3.5	6.2
October 2015	4.4	8.9	3.5	6.3
November 2015	4.4	9.4	3.9	6.4
December 2015	4.4	8.5	4.1	6.2
January 2016	4.3	8.8	3.7	5.8
February 2016	4.2	8.6	3.8	5.4
March 2016	4.3	8.9	4.0	5.5
April 2016	4.4	8.9	3.8	6.1
May 2016	4.2	8.2	4.1	5.6
June 2016	4.3	8.7	3.5	5.9
July 2016	4.2	8.4	3.8	5.5
August 2016	4.4	8.0	4.2	5.6
September 2016	4.4	8.4	3.8	6.4
October 2016	4.4	8.3	3.4	5.7
November 2016	4.2	8.0	3.1	5.7
December 2016	4.2	7.9	2.7	5.9
January 2017	4.3	7.7	3.7	5.8
February 2017	4.0	8.0	3.5	5.5
March 2017	3.9	7.9	3.3	5.0
April 2017	3.8	7.9	3.2	5.1
May 2017	3.8	7.7	3.7	5.1
June 2017	3.8	7.1	3.6	4.9
July 2017	3.7	7.4	3.8	5.2
August 2017	3.8	7.6	4.0	5.1
September 2017	3.7	7.1	3.6	5.1
October 2017	3.5	7.3	3.0	4.9
November 2017	3.7	7.3	3.0	4.8
December 2017	3.7	6.7	2.5	4.9
January 2018	3.5	7.7	3.0	5.0
February 2018	3.7	6.8	3.0	4.9
March 2018	3.6	6.8	3.1	5.1
April 2018	3.5	6.5	2.8	4.8
May 2018	3.5	5.9	2.2	4.9
June 2018	3.5	6.5	3.2	4.6
July 2018	3.3	6.6	3.1	4.5
August 2018	3.4	6.3	3.0	4.7
September 2018	3.3	6.0	3.5	4.5
October 2018	3.3	6.2	3.1	4.4
November 2018	3.4	6.0	2.7	4.5
December 2018	3.4	6.6	3.3	4.4
January 2019	3.5	6.8	3.1	4.9
February 2019	3.3	7.0	3.1	4.3
March 2019	3.4	6.7	3.1	4.7
April 2019	3.1	6.7	2.2	4.2
May 2019	3.3	6.2	2.5	4.2

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

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 5. Prime-age labor force participation rate by race and ethnicity

Monthly
Percent

Period	White	Black or African American	Asian	Hispanic or Latino
January 2007	83.8	80.3	81.4	80.5
February 2007	83.8	80.3	81.5	80.5
March 2007	83.7	80.5	81.0	80.5
April 2007	83.6	80.6	80.2	80.4
May 2007	83.6	80.6	80.2	80.5
June 2007	83.6	80.2	80.6	80.5
July 2007	83.6	79.9	81.1	80.6
August 2007	83.6	79.7	81.3	80.7
September 2007	83.6	79.8	80.8	80.8
October 2007	83.7	79.7	80.5	80.6
November 2007	83.8	79.8	80.4	80.5
December 2007	83.9	79.6	80.7	80.5
January 2008	83.9	79.7	81.2	80.4
February 2008	83.8	79.9	81.4	80.3
March 2008	83.7	80.4	82.0	80.2
April 2008	83.6	80.6	82.5	80.3
May 2008	83.6	80.8	82.5	80.7
June 2008	83.6	80.7	82.4	80.9
July 2008	83.6	80.8	82.0	80.9
August 2008	83.7	80.9	81.8	80.7
September 2008	83.8	80.7	81.5	80.6
October 2008	83.8	80.5	81.4	80.6
November 2008	83.8	80.2	81.2	80.3
December 2008	83.8	80.1	81.1	80.2
January 2009	83.7	79.8	81.0	80.1
February 2009	83.7	79.7	81.2	80.2
March 2009	83.6	79.3	81.5	80.4
April 2009	83.6	79.1	81.8	80.4
May 2009	83.5	79.1	81.6	80.4
June 2009	83.5	79.2	81.6	80.1
July 2009	83.5	79.3	81.6	80.0
August 2009	83.5	79.2	81.6	79.9
September 2009	83.4	79.0	81.5	79.8
October 2009	83.3	78.7	81.3	79.8
November 2009	83.3	78.7	81.1	79.9
December 2009	83.2	78.8	81.0	79.9
January 2010	83.2	79.2	80.5	80.2
February 2010	83.2	79.3	80.2	80.3
March 2010	83.4	79.4	79.8	80.7
April 2010	83.4	79.2	80.3	80.4
May 2010	83.2	79.2	80.6	80.3
June 2010	83.0	79.1	80.6	80.2
July 2010	82.8	78.8	80.0	80.3
August 2010	82.8	78.5	79.5	80.3
September 2010	82.8	78.4	79.6	80.4
October 2010	82.8	78.5	79.8	80.6
November 2010	82.8	78.6	79.9	80.6
December 2010	82.7	78.7	79.7	80.4
January 2011	82.7	78.5	79.5	80.1
February 2011	82.7	78.2	79.4	79.5
March 2011	82.6	77.9	79.8	79.1
April 2011	82.6	77.8	79.7	79.1
May 2011	82.6	77.7	80.1	79.3
June 2011	82.5	77.6	79.9	79.4
July 2011	82.5	77.5	80.0	79.4
August 2011	82.5	77.5	79.8	79.7
September 2011	82.4	77.7	79.7	79.8
October 2011	82.3	77.8	80.0	79.8
November 2011	82.3	77.9	80.2	79.5
December 2011	82.2	78.1	80.4	79.6
January 2012	82.3	78.3	80.0	79.6
February 2012	82.3	78.3	79.2	79.6
March 2012	82.4	78.0	78.8	79.5
April 2012	82.3	77.8	78.4	79.4
May 2012	82.3	77.6	78.8	79.4
June 2012	82.3	77.6	79.1	79.4
July 2012	82.4	77.7	79.8	79.3
August 2012	82.3	78.3	80.1	79.3
September 2012	82.3	78.5	80.1	79.2
October 2012	82.3	79.0	79.7	79.4
November 2012	82.2	78.7	79.6	79.2
December 2012	82.2	78.6	79.8	79.1
January 2013	82.1	78.0	79.9	78.8
February 2013	82.0	77.8	80.0	78.8
March 2013	81.8	77.6	79.6	78.8
April 2013	81.8	77.6	79.4	78.5
May 2013	81.9	77.8	79.2	78.6
June 2013	81.9	78.0	79.4	78.6
July 2013	82.0	78.1	79.7	79.1
August 2013	81.9	77.8	80.2	78.9
September 2013	81.9	77.7	80.4	78.8
October 2013	81.7	77.5	80.4	78.4
November 2013	81.7	77.7	80.2	78.4
December 2013	81.7	77.5	79.8	78.5
January 2014	81.8	77.4	79.7	78.9
February 2014	81.8	77.6	79.4	79.0
March 2014	81.8	78.0	79.4	79.2
April 2014	81.8	78.1	79.1	79.2
May 2014	81.8	77.6	78.8	79.1
June 2014	81.8	77.6	78.0	79.1
July 2014	81.8	78.1	77.6	79.0
August 2014	81.8	78.6	77.5	79.0
September 2014	81.8	78.6	77.7	79.0
October 2014	81.8	78.2	77.9	79.1
November 2014	81.8	78.0	78.0	79.1
December 2014	81.8	78.1	78.4	79.0
January 2015	81.8	78.2	78.5	78.9
February 2015	81.8	78.4	78.6	78.8
March 2015	81.7	78.5	78.3	78.8
April 2015	81.6	79.0	78.4	78.9
May 2015	81.6	79.2	78.7	79.1
June 2015	81.7	79.1	78.7	79.0
July 2015	81.7	78.6	78.4	78.9
August 2015	81.6	78.4	77.4	78.7
September 2015	81.6	78.1	76.9	78.5
October 2015	81.7	78.2	76.3	78.4
November 2015	81.7	78.1	77.0	78.5
December 2015	81.8	78.2	77.6	78.6
January 2016	81.9	78.3	78.2	78.6
February 2016	81.9	78.5	78.4	78.5
March 2016	82.0	78.7	78.6	78.7
April 2016	82.0	78.6	79.1	78.5
May 2016	82.1	78.5	79.0	78.4
June 2016	82.1	78.4	78.8	78.2
July 2016	82.1	78.5	78.5	78.4
August 2016	82.2	78.7	78.2	79.1
September 2016	82.2	78.9	78.5	79.4
October 2016	82.3	79.2	78.7	79.6
November 2016	82.2	79.4	79.0	79.4
December 2016	82.2	79.5	78.8	79.1
January 2017	82.1	79.5	79.0	79.2
February 2017	82.2	79.4	79.3	79.3
March 2017	82.2	79.4	79.4	79.5
April 2017	82.3	79.5	79.4	79.5
May 2017	82.3	79.6	79.5	79.4
June 2017	82.3	79.7	79.6	79.3
July 2017	82.4	79.8	79.5	79.3
August 2017	82.4	79.8	79.5	79.3
September 2017	82.4	80.0	79.7	79.3
October 2017	82.3	79.9	79.8	79.1
November 2017	82.4	80.1	79.5	79.1
December 2017	82.5	80.1	79.2	79.1
January 2018	82.6	80.0	79.1	79.2
February 2018	82.6	80.1	79.1	79.4
March 2018	82.6	80.0	79.2	79.5
April 2018	82.6	80.0	79.3	79.8
May 2018	82.6	79.9	79.5	79.8
June 2018	82.7	79.9	79.9	79.9
July 2018	82.7	80.0	80.3	79.8
August 2018	82.7	80.0	80.6	79.7
September 2018	82.6	80.1	80.5	79.4
October 2018	82.7	80.3	80.3	79.5
November 2018	82.8	80.3	80.4	79.6
December 2018	83.1	80.3	80.1	80.1
January 2019	83.2	80.0	79.9	80.2
February 2019	83.3	79.9	79.7	80.2
March 2019	83.2	79.9	80.1	80.2
April 2019	83.1	79.9	80.0	79.9
May 2019	83.0	80.1	79.9	79.7

Note: The prime-age labor force participation rate is a percentage of the population aged 25 to 54. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. The data are seasonally adjusted by Board staff and are 3-month moving averages. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: December 2007-June 2009.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 6. Measures of change in hourly compensation

Quarterly
Percent change from year earlier

Period	Compensation per hour, business sector	Employment cost index, private sector
2003:Q1	2.32	3.63
2003:Q2	3.38	3.48
2003:Q3	4.15	3.90
2003:Q4	5.27	4.00
2004:Q1	4.61	3.83
2004:Q2	4.55	3.90
2004:Q3	5.02	3.76
2004:Q4	4.41	3.85
2005:Q1	5.05	3.48
2005:Q2	3.47	3.13
2005:Q3	3.01	2.90
2005:Q4	3.04	2.88
2006:Q1	4.54	2.65
2006:Q2	4.09	2.83
2006:Q3	2.92	3.02
2006:Q4	3.89	3.20
2007:Q1	4.28	3.17
2007:Q2	4.62	3.15
2007:Q3	4.91	3.12
2007:Q4	4.08	3.00
2008:Q1	2.53	3.17
2008:Q2	2.46	2.96
2008:Q3	2.89	2.84
2008:Q4	2.94	2.45
2009:Q1	-0.65	1.86
2009:Q2	1.62	1.48
2009:Q3	1.44	1.20
2009:Q4	1.05	1.19
2010:Q1	2.98	1.65
2010:Q2	1.58	1.92
2010:Q3	1.36	2.00
2010:Q4	1.23	2.09
2011:Q1	3.70	1.98
2011:Q2	2.11	2.33
2011:Q3	2.26	2.14
2011:Q4	0.52	2.22
2012:Q1	1.19	2.12
2012:Q2	2.27	1.84
2012:Q3	1.75	1.92
2012:Q4	5.87	1.83
2013:Q1	2.09	1.90
2013:Q2	2.29	1.89
2013:Q3	1.81	1.88
2013:Q4	-0.25	1.96
2014:Q1	3.39	1.70
2014:Q2	1.80	2.02
2014:Q3	2.54	2.27
2014:Q4	2.83	2.35
2015:Q1	1.71	2.75
2015:Q2	3.51	1.90
2015:Q3	3.69	1.89
2015:Q4	2.46	1.88
2016:Q1	1.30	1.79
2016:Q2	0.40	2.35
2016:Q3	0.48	2.26
2016:Q4	2.14	2.17
2017:Q1	3.10	2.31
2017:Q2	3.36	2.38
2017:Q3	4.18	2.52
2017:Q4	3.07	2.59
2018:Q1	3.22	2.81
2018:Q2	2.98	2.86
2018:Q3	2.38	2.92
2018:Q4	2.24	2.99
2019:Q1	1.54	2.81

Note: Business-sector compensation is on a 4-quarter percent change basis. For the private-sector employment cost index, change is over the 12 months ending in the last month of each quarter.

Source: Bureau of Labor Statistics via Haver Analytics.

Monthly
Percent change from year earlier

Period	Average hourly earnings, private sector	Atlanta Fed's Wage Growth Tracker
January 2003	ND	3.7
February 2003	ND	3.9
March 2003	ND	3.7
April 2003	ND	3.5
May 2003	ND	3.5
June 2003	ND	3.6
July 2003	ND	3.7
August 2003	ND	3.5
September 2003	ND	3.5
October 2003	ND	3.4
November 2003	ND	3.3
December 2003	ND	3.3
January 2004	ND	3.3
February 2004	ND	3.4
March 2004	ND	3.4
April 2004	ND	3.4
May 2004	ND	3.4
June 2004	ND	3.3
July 2004	ND	3.4
August 2004	ND	3.5
September 2004	ND	3.7
October 2004	ND	3.7
November 2004	ND	3.7
December 2004	ND	3.6
January 2005	ND	3.6
February 2005	ND	3.5
March 2005	ND	3.6
April 2005	ND	3.5
May 2005	ND	3.6
June 2005	ND	3.8
July 2005	ND	4.0
August 2005	ND	4.0
September 2005	ND	4.1
October 2005	ND	4.1
November 2005	ND	4.2
December 2005	ND	4.1
January 2006	ND	4.0
February 2006	ND	3.8
March 2006	ND	3.8
April 2006	ND	3.8
May 2006	ND	3.9
June 2006	ND	3.8
July 2006	ND	3.7
August 2006	ND	3.8
September 2006	ND	3.8
October 2006	ND	3.8
November 2006	ND	3.9
December 2006	ND	4.0
January 2007	ND	4.2
February 2007	ND	4.1
March 2007	3.44	4.3
April 2007	3.08	4.1
May 2007	3.48	4.1
June 2007	3.56	4.0
July 2007	3.25	4.2
August 2007	3.35	4.3
September 2007	3.14	4.4
October 2007	3.08	4.3
November 2007	3.07	4.3
December 2007	2.97	4.1
January 2008	2.91	3.9
February 2008	2.80	3.9
March 2008	3.04	4.0
April 2008	2.84	4.1
May 2008	3.07	4.1
June 2008	2.77	4.1
July 2008	3.05	4.1
August 2008	3.33	4.0
September 2008	3.23	4.0
October 2008	3.27	4.0
November 2008	3.60	4.0
December 2008	3.59	3.8
January 2009	3.63	3.6
February 2009	3.43	3.4
March 2009	3.28	3.3
April 2009	3.42	3.2
May 2009	2.93	3.3
June 2009	2.83	3.1
July 2009	2.69	2.9
August 2009	2.44	2.5
September 2009	2.44	2.3
October 2009	2.53	2.1
November 2009	2.19	2.1
December 2009	1.91	1.7
January 2010	2.05	1.6
February 2010	2.09	1.7
March 2010	1.81	1.9
April 2010	1.76	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	1.65	1.7
December 2010	1.79	1.7
January 2011	1.92	1.9
February 2011	1.87	1.9
March 2011	1.87	1.9
April 2011	1.91	1.9
May 2011	2.04	2.0
June 2011	2.13	2.0
July 2011	2.30	2.1
August 2011	1.99	2.2
September 2011	1.94	2.1
October 2011	2.07	2.2
November 2011	2.02	2.0
December 2011	1.98	2.0
January 2012	1.71	1.9
February 2012	1.79	1.9
March 2012	2.10	2.0
April 2012	2.09	2.2
May 2012	1.78	2.1
June 2012	2.00	2.3
July 2012	1.77	2.1
August 2012	1.86	2.1
September 2012	2.03	2.1
October 2012	1.51	2.1
November 2012	1.90	2.3
December 2012	2.24	2.3
January 2013	2.24	2.3
February 2013	2.15	2.3
March 2013	1.93	2.2
April 2013	2.05	2.2
May 2013	2.14	2.2
June 2013	2.13	2.1
July 2013	2.00	2.3
August 2013	2.26	2.3
September 2013	2.04	2.4
October 2013	2.25	2.2
November 2013	2.24	2.0
December 2013	1.85	2.2
January 2014	1.89	2.3
February 2014	2.27	2.5
March 2014	2.10	2.4
April 2014	1.93	2.3
May 2014	2.09	2.3
June 2014	1.96	2.3
July 2014	2.04	2.4
August 2014	2.16	2.4
September 2014	2.08	2.6
October 2014	2.03	2.8
November 2014	2.03	2.9
December 2014	1.99	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	2.34	3.3
June 2015	2.25	3.2
July 2015	2.17	3.2
August 2015	2.20	3.1
September 2015	2.28	3.0
October 2015	2.52	2.9
November 2015	2.43	3.1
December 2015	2.47	3.1
January 2016	2.55	3.1
February 2016	2.42	3.2
March 2016	2.45	3.2
April 2016	2.61	3.4
May 2016	2.40	3.5
June 2016	2.60	3.6
July 2016	2.76	3.4
August 2016	2.55	3.3
September 2016	2.63	3.6
October 2016	2.66	3.9
November 2016	2.61	3.9
December 2016	2.65	3.5
January 2017	2.40	3.2
February 2017	2.72	3.2
March 2017	2.55	3.4
April 2017	2.47	3.5
May 2017	2.54	3.4
June 2017	2.50	3.2
July 2017	2.57	3.3
August 2017	2.57	3.4
September 2017	2.83	3.6
October 2017	2.32	3.4
November 2017	2.47	3.2
December 2017	2.74	2.9
January 2018	2.81	3.0
February 2018	2.57	2.9
March 2018	2.80	3.3
April 2018	2.79	3.3
May 2018	2.94	3.2
June 2018	2.93	3.2
July 2018	2.85	3.3
August 2018	3.18	3.5
September 2018	2.98	3.5
October 2018	3.32	3.7
November 2018	3.31	3.9
December 2018	3.34	3.8
January 2019	3.18	3.7
February 2019	3.40	3.4
March 2019	3.24	3.5
April 2019	3.23	3.6
May 2019	3.11	3.7

Note: For private-sector average hourly earnings, the data are 12-month percent changes and begin in March 2007; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a 3-month moving average of the 12-month percent change.

Source: Bureau of Labor Statistics; Federal Reserve Bank of Atlanta, Wage Growth Tracker; all via Haver Analytics.

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Figure 7. Change in business-sector output per hour

Percent, annual rate

Period	Percent change
1948-1973	3.21
1974-1995	1.59
1996-2000	3.19
2001-2007	2.67
2008-2017	1.33
2018	1.77
2019	2.42

Note: Changes are measured from Q4 of the year immediately preceding the period through Q4 of the final year of the period except 2019 changes, which are calculated from 2018:Q1 to 2019:Q1.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 8. Change in the price index for personal consumption expenditures

Monthly
12-month percent change

Period	Total	Excluding food and energy	Trimmed mean
January 2012	2.63	2.13	2.10
February 2012	2.58	2.10	2.03
March 2012	2.35	2.11	2.02
April 2012	2.06	2.04	2.00
May 2012	1.63	1.89	1.93
June 2012	1.59	1.88	1.90
July 2012	1.45	1.82	1.85
August 2012	1.54	1.67	1.79
September 2012	1.70	1.72	1.80
October 2012	1.99	1.91	1.78
November 2012	1.72	1.80	1.70
December 2012	1.65	1.71	1.62
January 2013	1.47	1.59	1.58
February 2013	1.60	1.55	1.62
March 2013	1.28	1.48	1.57
April 2013	1.07	1.41	1.43
May 2013	1.25	1.42	1.40
June 2013	1.53	1.49	1.50
July 2013	1.62	1.51	1.55
August 2013	1.43	1.57	1.54
September 2013	1.16	1.55	1.52
October 2013	1.03	1.52	1.53
November 2013	1.25	1.58	1.61
December 2013	1.46	1.63	1.66
January 2014	1.47	1.52	1.63
February 2014	1.14	1.45	1.56
March 2014	1.48	1.58	1.60
April 2014	1.77	1.69	1.76
May 2014	1.85	1.74	1.81
June 2014	1.76	1.69	1.78
July 2014	1.80	1.77	1.81
August 2014	1.63	1.69	1.76
September 2014	1.62	1.71	1.76
October 2014	1.43	1.58	1.74
November 2014	1.23	1.52	1.72
December 2014	0.84	1.46	1.68
January 2015	0.17	1.34	1.58
February 2015	0.27	1.39	1.64
March 2015	0.28	1.35	1.62
April 2015	0.14	1.32	1.63
May 2015	0.24	1.28	1.61
June 2015	0.33	1.30	1.63
July 2015	0.27	1.22	1.61
August 2015	0.30	1.28	1.67
September 2015	0.13	1.29	1.67
October 2015	0.15	1.22	1.62
November 2015	0.31	1.26	1.60
December 2015	0.41	1.25	1.58
January 2016	0.97	1.47	1.69
February 2016	0.75	1.55	1.71
March 2016	0.68	1.48	1.70
April 2016	0.96	1.56	1.71
May 2016	0.89	1.60	1.75
June 2016	0.86	1.58	1.72
July 2016	0.85	1.69	1.75
August 2016	1.00	1.78	1.77
September 2016	1.25	1.72	1.78
October 2016	1.49	1.86	1.88
November 2016	1.46	1.78	1.89
December 2016	1.74	1.85	1.96
January 2017	2.05	1.90	2.02
February 2017	2.18	1.87	1.97
March 2017	1.86	1.64	1.90
April 2017	1.78	1.64	1.86
May 2017	1.61	1.59	1.82
June 2017	1.51	1.62	1.81
July 2017	1.48	1.50	1.74
August 2017	1.54	1.41	1.72
September 2017	1.77	1.48	1.73
October 2017	1.71	1.58	1.73
November 2017	1.87	1.61	1.76
December 2017	1.81	1.64	1.78
January 2018	1.75	1.63	1.79
February 2018	1.85	1.66	1.80
March 2018	2.07	1.96	1.86
April 2018	2.05	1.89	1.84
May 2018	2.25	1.98	1.91
June 2018	2.28	1.95	1.97
July 2018	2.36	2.04	2.03
August 2018	2.21	1.95	2.02
September 2018	1.99	1.96	1.99
October 2018	2.02	1.84	1.95
November 2018	1.84	1.93	2.00
December 2018	1.76	1.95	1.97
January 2019	1.37	1.79	1.85
February 2019	1.31	1.65	1.89
March 2019	1.48	1.54	1.92
April 2019	1.56	1.62	2.02
May 2019	1.52	1.60	1.99

Source: For trimmed mean, Federal Reserve Bank of Dallas; for all else, Bureau of Economic Analysis; all via Haver Analytics.

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Figure 9. Spot and futures prices for crude oil

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

Horizon: January 1, 2014, to July 1, 2019

Description: A line chart with two curves over January 1, 2014, to July 1, 2019. Units are dollars per barrel, and data are weekly. The Brent spot price curve starts at about 110, increases to about 115 by mid-2014, decreases to about 30 by early 2016, increases to about 85 by late 2018, decreases to about 50 by early 2019, increases to a little above 70 around the start of the second quarter, decreases to just over 60, and ends at around 65. The 24-month-ahead futures contracts curve, following a similar pattern, starts at around 100, decreases to about 40 by early 2016, increases to about 75 by late 2018, decreases to about 55 by early 2019, increases to about 65 around the start of the second quarter, decreases to just under 60, and ends at slightly above 60.

Note: The data are weekly averages of daily data. The weekly data begin on Thursdays and extend through July 1, 2019.

Source: ICE Brent Futures via Bloomberg.

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Figure 10. Nonfuel import prices and industrial metals indexes

Monthly
January 2014 = 100

Period	Nonfuel import prices	Industrial metals
January 2014	100.00	100.00
February 2014	100.00	98.33
March 2014	100.34	95.89
April 2014	100.34	98.90
May 2014	100.34	100.23
June 2014	100.25	101.31
July 2014	100.34	106.34
August 2014	100.34	106.53
September 2014	100.17	104.33
October 2014	100.08	101.23
November 2014	99.83	102.29
December 2014	99.75	97.77
January 2015	99.08	91.10
February 2015	98.91	90.33
March 2015	98.49	90.09
April 2015	98.16	92.20
May 2015	98.16	95.08
June 2015	97.99	88.40
July 2015	97.74	83.67
August 2015	97.40	78.54
September 2015	97.15	78.83
October 2015	96.90	77.98
November 2015	96.65	73.01
December 2015	96.31	72.05
January 2016	96.23	70.26
February 2016	96.14	72.82
March 2016	96.06	75.95
April 2016	96.14	76.31
May 2016	96.40	74.94
June 2016	96.23	75.92
July 2016	96.56	79.82
August 2016	96.56	79.59
September 2016	96.56	79.14
October 2016	96.56	80.66
November 2016	96.48	88.34
December 2016	96.48	89.97
January 2017	96.40	91.53
February 2017	96.73	95.17
March 2017	96.90	94.66
April 2017	97.15	92.84
May 2017	97.23	91.40
June 2017	97.32	91.57
July 2017	97.23	95.48
August 2017	97.49	102.56
September 2017	97.82	105.05
October 2017	97.90	108.19
November 2017	97.90	107.82
December 2017	97.74	107.69
January 2018	98.24	112.95
February 2018	98.66	112.51
March 2018	98.74	108.09
April 2018	98.83	110.99
May 2018	98.99	111.84
June 2018	98.74	111.93
July 2018	98.58	101.00
August 2018	98.41	98.87
September 2018	98.41	97.55
October 2018	98.49	99.23
November 2018	98.32	95.93
December 2018	98.32	94.66
January 2019	98.07	93.64
February 2019	98.16	97.54
March 2019	97.99	98.98
April 2019	97.90	98.31
May 2019	97.65	93.02
June 2019	ND	91.30

Note: The data for nonfuel import prices are monthly. The data for industrial metals are a monthly average of daily data and extend through June 28, 2019.

Source: For nonfuel import prices, Bureau of Labor Statistics; for industrial metals, S&P GSCI Industrial Metals Spot Index via Haver Analytics.

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Figure 11. Median inflation expectations

SPF expectations for next 10 years

Period	Percent
2007:Q1	2.00
2007:Q2	2.00
2007:Q3	2.10
2007:Q4	2.10
2008:Q1	2.20
2008:Q2	2.20
2008:Q3	2.20
2008:Q4	2.20
2009:Q1	2.20
2009:Q2	2.27
2009:Q3	2.15
2009:Q4	2.10
2010:Q1	2.10
2010:Q2	2.15
2010:Q3	2.10
2010:Q4	2.00
2011:Q1	2.10
2011:Q2	2.27
2011:Q3	2.25
2011:Q4	2.15
2012:Q1	2.15
2012:Q2	2.20
2012:Q3	2.20
2012:Q4	2.10
2013:Q1	2.00
2013:Q2	2.00
2013:Q3	2.00
2013:Q4	2.00
2014:Q1	2.00
2014:Q2	2.00
2014:Q3	2.00
2014:Q4	2.00
2015:Q1	2.00
2015:Q2	1.98
2015:Q3	2.00
2015:Q4	1.90
2016:Q1	1.97
2016:Q2	2.00
2016:Q3	2.00
2016:Q4	2.00
2017:Q1	2.10
2017:Q2	2.09
2017:Q3	2.00
2017:Q4	2.00
2018:Q1	2.00
2018:Q2	2.00
2018:Q3	2.00
2018:Q4	2.00
2019:Q1	2.00
2019:Q2	2.00

Note: The SPF data for inflation expectations for personal consumption expenditures are quarterly and extend from 2007:Q1 through 2019: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
July 2017	2.6
August 2017	2.5
September 2017	2.5
October 2017	2.5
November 2017	2.4
December 2017	2.4
January 2018	2.5
February 2018	2.5
March 2018	2.5
April 2018	2.5
May 2018	2.5
June 2018	2.6
July 2018	2.4
August 2018	2.6
September 2018	2.5
October 2018	2.4
November 2018	2.6
December 2018	2.5
January 2019	2.6
February 2019	2.3
March 2019	2.5
April 2019	2.3
May 2019	2.6
June 2019	2.3

Note: The Michigan survey data are monthly and extend through June 2019.

Source: University of Michigan Surveys of Consumers.

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Figure 12. 5-to-10-year-forward inflation compensation

Series: Inflation swaps and TIPS breakeven rates

Horizon: January 7, 2011, to June 28, 2019

Description: A line chart with two curves over January 7, 2011, to June 28, 2019. Units for both series are percent, and data are weekly averages of daily data. The inflation swaps curve starts at about 3, decreases to about 2.25 by late 2014, decreases further to about 1.75 in mid-2016, wavers between about 2 and 2.5 until 2019, and ends at around 2. The TIPS breakeven rates curve falls below the inflation swaps series but maintains the same general trend over the time period.

Note: The data are weekly averages of daily data and extend through June 28, 2019. TIPS is Treasury Inflation-Protected Securities.

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

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Figure 13. Change in real gross domestic product and gross domestic income

Percent, annual rate

Period	Gross domestic product	Gross domestic income	Private domestic final purchases
2012	1.47	2.88	2.60
2013	2.61	1.50	2.60
2014	2.70	3.95	4.33
2015	2.00	1.38	2.65
2016	1.88	1.22	2.69
2017	2.47	2.25	3.29
2018	2.97	2.45	2.98
2019:Q1	3.13	1.00	1.34

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 14. Change in real private nonresidential fixed investment

Percent, annual rate

Period	Structures	Equipment and intangible capital
2012	3.96	6.13
2013	6.70	5.05
2014	8.81	5.61
2015	-10.73	2.61
2016	2.48	1.57
2017	2.85	7.27
2018	4.90	7.62
2019:Q1	4.33	4.48

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 15. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
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	0.49
May 2012	0.19	0.52	0.49
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	0.58
January 2013	0.28	0.60	0.59
February 2013	0.31	0.65	0.61
March 2013	0.39	0.62	0.61
April 2013	0.25	0.59	0.62
May 2013	0.32	0.61	0.62
June 2013	0.23	0.61	0.63
July 2013	0.29	0.59	0.62
August 2013	0.29	0.63	0.63
September 2013	0.27	0.58	0.63
October 2013	0.33	0.60	0.62
November 2013	0.40	0.70	0.64
December 2013	0.36	0.65	0.61
January 2014	0.32	0.57	0.62
February 2014	0.35	0.59	0.61
March 2014	0.32	0.65	0.62
April 2014	0.40	0.65	0.62
May 2014	0.36	0.65	0.63
June 2014	0.31	0.60	0.65
July 2014	0.43	0.66	0.65
August 2014	0.34	0.64	0.65
September 2014	0.36	0.66	0.66
October 2014	0.38	0.70	0.65
November 2014	0.34	0.66	0.66
December 2014	0.35	0.72	0.67
January 2015	0.39	0.71	0.66
February 2015	0.30	0.59	0.63
March 2015	0.34	0.63	0.66
April 2015	0.45	0.74	0.68
May 2015	0.38	0.71	0.70
June 2015	0.50	0.70	0.70
July 2015	0.38	0.76	0.70
August 2015	0.40	0.74	0.72
September 2015	0.47	0.75	0.71
October 2015	0.35	0.71	0.72
November 2015	0.39	0.78	0.73
December 2015	0.39	0.77	0.72
January 2016	0.35	0.77	0.73
February 2016	0.37	0.84	0.73
March 2016	0.36	0.76	0.73
April 2016	0.39	0.77	0.75
May 2016	0.39	0.74	0.74
June 2016	0.43	0.77	0.75
July 2016	0.46	0.78	0.72
August 2016	0.44	0.72	0.75
September 2016	0.28	0.78	0.75
October 2016	0.45	0.87	0.78
November 2016	0.33	0.83	0.78
December 2016	0.47	0.82	0.82
January 2017	0.42	0.80	0.80
February 2017	0.41	0.88	0.83
March 2017	0.35	0.83	0.83
April 2017	0.33	0.83	0.80
May 2017	0.33	0.79	0.78
June 2017	0.38	0.86	0.81
July 2017	0.35	0.84	0.82
August 2017	0.29	0.87	0.80
September 2017	0.33	0.84	0.83
October 2017	0.38	0.88	0.85
November 2017	0.35	0.95	0.86
December 2017	0.37	0.85	0.88
January 2018	0.45	0.88	0.87
February 2018	0.39	0.91	0.89
March 2018	0.44	0.89	0.85
April 2018	0.38	0.89	0.86
May 2018	0.40	0.94	0.84
June 2018	0.33	0.85	0.85
July 2018	0.32	0.86	0.87
August 2018	0.39	0.89	0.83
September 2018	0.36	0.88	0.85
October 2018	0.35	0.87	0.85
November 2018	0.40	0.80	0.85
December 2018	0.33	0.81	0.83
January 2019	0.33	0.97	0.82
February 2019	0.36	0.79	0.82
March 2019	0.37	0.83	0.82
April 2019	0.41	0.88	0.79
May 2019	0.45	0.82	0.81

Source: U.S. Census Bureau via Haver Analytics.

Return to text

Figure 16. New and existing home sales

Monthly
Millions, annual rate

Period	Existing home sales	New home sales
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	0.45
February 2013	5.06	0.45
March 2013	5.07	0.44
April 2013	5.09	0.44
May 2013	5.14	0.43
June 2013	5.11	0.47
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	0.43
January 2014	4.76	0.44
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	0.46
September 2014	5.00	0.47
October 2014	5.12	0.48
November 2014	4.99	0.44
December 2014	5.09	0.50
January 2015	4.92	0.52
February 2015	5.08	0.54
March 2015	5.25	0.48
April 2015	5.17	0.50
May 2015	5.25	0.50
June 2015	5.36	0.48
July 2015	5.44	0.50
August 2015	5.36	0.52
September 2015	5.41	0.46
October 2015	5.28	0.48
November 2015	4.78	0.51
December 2015	5.44	0.55
January 2016	5.43	0.51
February 2016	5.26	0.52
March 2016	5.34	0.53
April 2016	5.47	0.56
May 2016	5.44	0.56
June 2016	5.47	0.56
July 2016	5.37	0.63
August 2016	5.40	0.59
September 2016	5.47	0.57
October 2016	5.56	0.58
November 2016	5.51	0.57
December 2016	5.52	0.56
January 2017	5.64	0.59
February 2017	5.52	0.60
March 2017	5.59	0.63
April 2017	5.53	0.59
May 2017	5.59	0.60
June 2017	5.50	0.62
July 2017	5.47	0.56
August 2017	5.44	0.57
September 2017	5.40	0.64
October 2017	5.48	0.63
November 2017	5.64	0.72
December 2017	5.57	0.66
January 2018	5.40	0.63
February 2018	5.61	0.64
March 2018	5.51	0.65
April 2018	5.43	0.63
May 2018	5.40	0.65
June 2018	5.39	0.62
July 2018	5.39	0.61
August 2018	5.35	0.60
September 2018	5.18	0.61
October 2018	5.22	0.56
November 2018	5.21	0.62
December 2018	5.00	0.56
January 2019	4.93	0.64
February 2019	5.48	0.67
March 2019	5.21	0.71
April 2019	5.21	0.68
May 2019	5.34	0.63

Note: Data are monthly. 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, U.S. Census Bureau; for existing home sales, National Association of Realtors; all via Haver Analytics.

Return to text

Figure 17. Mortgage rates and housing affordability

Monthly

Period	Housing affordability index
January 2010	166.43
February 2010	166.08
March 2010	167.13
April 2010	165.46
May 2010	169.05
June 2010	171.01
July 2010	174.63
August 2010	177.57
September 2010	177.49
October 2010	176.75
November 2010	177.05
December 2010	174.30
January 2011	177.40
February 2011	178.51
March 2011	178.49
April 2011	181.92
May 2011	180.16
June 2011	184.52
July 2011	191.39
August 2011	188.61
September 2011	188.82
October 2011	194.59
November 2011	188.78
December 2011	190.81
January 2012	190.68
February 2012	191.23
March 2012	198.41
April 2012	190.13
May 2012	192.36
June 2012	194.04
July 2012	196.99
August 2012	197.62
September 2012	198.05
October 2012	199.53
November 2012	198.53
December 2012	200.81
January 2013	199.30
February 2013	194.78
March 2013	188.29
April 2013	185.17
May 2013	184.88
June 2013	179.61
July 2013	170.46
August 2013	164.90
September 2013	165.54
October 2013	164.15
November 2013	167.31
December 2013	164.05
January 2014	162.31
February 2014	164.14
March 2014	166.59
April 2014	166.53
May 2014	165.07
June 2014	165.44
July 2014	165.29
August 2014	164.84
September 2014	166.53
October 2014	164.18
November 2014	165.74
December 2014	165.88
January 2015	171.05
February 2015	170.22
March 2015	169.41
April 2015	168.76
May 2015	168.12
June 2015	167.43
July 2015	165.91
August 2015	165.30
September 2015	165.28
October 2015	165.34
November 2015	164.61
December 2015	160.09
January 2016	163.29
February 2016	165.93
March 2016	170.14
April 2016	167.44
May 2016	168.40
June 2016	168.51
July 2016	170.87
August 2016	170.92
September 2016	168.69
October 2016	168.16
November 2016	167.32
December 2016	162.66
January 2017	156.09
February 2017	155.16
March 2017	160.02
April 2017	161.44
May 2017	163.40
June 2017	159.79
July 2017	160.23
August 2017	159.70
September 2017	158.79
October 2017	159.04
November 2017	157.66
December 2017	157.96
January 2018	155.69
February 2018	152.98
March 2018	150.79
April 2018	148.51
May 2018	147.63
June 2018	147.97
July 2018	147.48
August 2018	146.38
September 2018	146.31
October 2018	143.55
November 2018	141.48
December 2018	144.35
January 2019	146.69
February 2019	148.69
March 2019	151.32
April 2019	153.85

Note: The housing affordability index data are monthly through April 2019. 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 via Haver Analytics.

Weekly

Period	Mortgage rates (percent)
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	3.94
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
13 July 2017	4.03
20 July 2017	3.96
27 July 2017	3.92
3 August 2017	3.93
10 August 2017	3.90
17 August 2017	3.89
24 August 2017	3.86
31 August 2017	3.82
7 September 2017	3.78
14 September 2017	3.78
21 September 2017	3.83
28 September 2017	3.83
5 October 2017	3.85
12 October 2017	3.91
19 October 2017	3.88
26 October 2017	3.94
2 November 2017	3.94
9 November 2017	3.90
16 November 2017	3.95
23 November 2017	3.92
30 November 2017	3.90
7 December 2017	3.94
14 December 2017	3.93
21 December 2017	3.94
28 December 2017	3.99
4 January 2018	3.95
11 January 2018	3.99
18 January 2018	4.04
25 January 2018	4.15
1 February 2018	4.22
8 February 2018	4.32
15 February 2018	4.38
22 February 2018	4.40
1 March 2018	4.43
8 March 2018	4.46
15 March 2018	4.44
22 March 2018	4.45
29 March 2018	4.44
5 April 2018	4.40
12 April 2018	4.42
19 April 2018	4.47
26 April 2018	4.58
3 May 2018	4.55
10 May 2018	4.55
17 May 2018	4.61
24 May 2018	4.66
31 May 2018	4.56
7 June 2018	4.54
14 June 2018	4.62
21 June 2018	4.57
28 June 2018	4.55
5 July 2018	4.52
12 July 2018	4.53
19 July 2018	4.52
26 July 2018	4.54
2 August 2018	4.60
9 August 2018	4.59
16 August 2018	4.53
23 August 2018	4.51
30 August 2018	4.52
6 September 2018	4.54
13 September 2018	4.60
20 September 2018	4.65
27 September 2018	4.72
4 October 2018	4.71
11 October 2018	4.90
18 October 2018	4.85
25 October 2018	4.86
1 November 2018	4.83
8 November 2018	4.94
15 November 2018	4.94
22 November 2018	4.81
29 November 2018	4.81
6 December 2018	4.75
13 December 2018	4.63
20 December 2018	4.62
27 December 2018	4.55
3 January 2019	4.51
10 January 2019	4.45
17 January 2019	4.45
24 January 2019	4.45
31 January 2019	4.46
7 February 2019	4.41
14 February 2019	4.37
21 February 2019	4.35
28 February 2019	4.35
7 March 2019	4.41
14 March 2019	4.31
21 March 2019	4.28
28 March 2019	4.06
4 April 2019	4.08
11 April 2019	4.12
18 April 2019	4.17
25 April 2019	4.20
2 May 2019	4.14
9 May 2019	4.10
16 May 2019	4.07
23 May 2019	4.06
30 May 2019	3.99
6 June 2019	3.82
13 June 2019	3.82
20 June 2019	3.84
27 June 2019	3.73

Note: The mortgage rate data are weekly through June 27, 2019.

Source: Freddie Mac Primary Mortgage Market Survey.

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Figure 18. Change in real personal consumption expenditures and disposable personal income

Percent, annual rate

Period	Personal consumption expenditures	Disposable personal income
2013	1.87	-2.49
2014	3.76	5.15
2015	3.02	3.11
2016	2.77	1.59
2017	2.70	2.78
2018	2.57	3.01
2019:H1	2.38	1.66

Note: The values for 2019:H1 are the annualized May/Q4 changes.

Source: Department of Commerce, Bureau of Economic Analysis via Haver Analytics.

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Figure 19. Personal saving rate

Monthly
Percent

Period	Personal saving rate
January 2006	4.20
February 2006	4.20
March 2006	4.20
April 2006	4.00
May 2006	3.80
June 2006	4.00
July 2006	3.40
August 2006	3.60
September 2006	3.60
October 2006	3.60
November 2006	3.90
December 2006	3.70
January 2007	3.70
February 2007	4.10
March 2007	4.40
April 2007	4.20
May 2007	4.00
June 2007	3.80
July 2007	3.70
August 2007	3.40
September 2007	3.50
October 2007	3.40
November 2007	3.10
December 2007	3.60
January 2008	3.70
February 2008	4.10
March 2008	4.00
April 2008	3.40
May 2008	7.80
June 2008	5.50
July 2008	4.40
August 2008	3.80
September 2008	4.70
October 2008	5.50
November 2008	6.40
December 2008	6.40
January 2009	6.20
February 2009	5.50
March 2009	5.90
April 2009	6.80
May 2009	8.20
June 2009	6.70
July 2009	6.00
August 2009	4.90
September 2009	5.90
October 2009	5.40
November 2009	5.90
December 2009	5.90
January 2010	6.10
February 2010	5.80
March 2010	5.70
April 2010	6.40
May 2010	7.00
June 2010	6.90
July 2010	6.80
August 2010	6.90
September 2010	6.70
October 2010	6.60
November 2010	6.60
December 2010	7.10
January 2011	7.40
February 2011	7.60
March 2011	7.00
April 2011	6.90
May 2011	6.90
June 2011	7.20
July 2011	7.30
August 2011	7.20
September 2011	6.80
October 2011	6.80
November 2011	7.00
December 2011	7.80
January 2012	8.00
February 2012	8.00
March 2012	8.50
April 2012	8.70
May 2012	8.80
June 2012	9.10
July 2012	8.20
August 2012	8.00
September 2012	8.20
October 2012	8.80
November 2012	9.70
December 2012	12.00
January 2013	6.30
February 2013	5.80
March 2013	5.90
April 2013	6.40
May 2013	6.70
June 2013	6.80
July 2013	6.60
August 2013	6.70
September 2013	6.80
October 2013	6.30
November 2013	6.20
December 2013	6.40
January 2014	7.10
February 2014	7.30
March 2014	7.40
April 2014	7.40
May 2014	7.40
June 2014	7.40
July 2014	7.50
August 2014	7.20
September 2014	7.40
October 2014	7.20
November 2014	7.30
December 2014	7.60
January 2015	7.70
February 2015	7.90
March 2015	7.40
April 2015	7.60
May 2015	7.50
June 2015	7.60
July 2015	7.60
August 2015	7.70
September 2015	7.70
October 2015	7.60
November 2015	7.20
December 2015	7.30
January 2016	7.70
February 2016	7.20
March 2016	7.50
April 2016	7.00
May 2016	6.60
June 2016	6.20
July 2016	6.40
August 2016	6.30
September 2016	6.30
October 2016	6.40
November 2016	6.40
December 2016	6.30
January 2017	6.70
February 2017	7.20
March 2017	7.00
April 2017	6.70
May 2017	6.90
June 2017	6.60
July 2017	6.70
August 2017	6.80
September 2017	6.60
October 2017	6.50
November 2017	6.20
December 2017	6.20
January 2018	7.00
February 2018	7.40
March 2018	7.20
April 2018	6.80
May 2018	6.60
June 2018	6.50
July 2018	6.40
August 2018	6.40
September 2018	6.40
October 2018	6.20
November 2018	6.00
December 2018	7.40
January 2019	6.80
February 2019	7.10
March 2019	6.20
April 2019	6.10
May 2019	6.10

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 20. 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 2008	-6.37	-3.20	-11.18
February 2008	-7.28	-4.00	-12.34
March 2008	-7.84	-4.85	-13.01
April 2008	-8.13	-5.79	-13.62
May 2008	-8.17	-6.73	-13.74
June 2008	-8.26	-7.45	-13.78
July 2008	-8.44	-7.93	-14.10
August 2008	-8.85	-8.42	-14.48
September 2008	-9.61	-8.95	-15.30
October 2008	-10.35	-9.25	-16.09
November 2008	-10.90	-9.56	-16.59
December 2008	-12.00	-9.76	-17.41
January 2009	-12.69	-9.83	-17.88
February 2009	-12.75	-9.85	-17.42
March 2009	-12.74	-9.87	-16.58
April 2009	-12.18	-9.90	-15.29
May 2009	-11.29	-9.89	-13.52
June 2009	-10.06	-9.89	-11.74
July 2009	-9.04	-9.65	-10.19
August 2009	-8.29	-9.30	-8.82
September 2009	-7.59	-8.89	-7.58
October 2009	-6.65	-8.46	-5.91
November 2009	-5.21	-7.85	-3.90
December 2009	-3.85	-7.18	-2.22
January 2010	-2.93	-6.48	-1.38
February 2010	-3.10	-5.66	-1.39
March 2010	-1.99	-5.13	-0.21
April 2010	-1.05	-4.82	0.89
May 2010	-0.78	-4.21	1.06
June 2010	-1.40	-3.24	0.66
July 2010	-2.12	-2.90	-0.21
August 2010	-2.83	-2.85	-1.23
September 2010	-3.36	-2.93	-2.15
October 2010	-3.67	-3.12	-2.82
November 2010	-4.14	-3.37	-3.59
December 2010	-4.12	-3.93	-3.67
January 2011	-4.10	-4.72	-3.59
February 2011	-3.72	-5.45	-3.54
March 2011	-4.05	-5.71	-4.33
April 2011	-4.30	-5.62	-4.53
May 2011	-4.32	-5.70	-4.42
June 2011	-3.91	-6.07	-3.89
July 2011	-3.54	-6.22	-3.04
August 2011	-3.17	-6.06	-2.31
September 2011	-3.07	-5.84	-1.61
October 2011	-3.30	-5.50	-1.33
November 2011	-3.64	-5.20	-1.31
December 2011	-3.90	-4.73	-0.95
January 2012	-3.52	-4.19	-0.33
February 2012	-2.72	-3.63	0.63
March 2012	-1.39	-3.06	1.95
April 2012	-0.48	-2.42	2.75
May 2012	0.27	-1.77	3.43
June 2012	0.87	-1.12	3.82
July 2012	1.37	-0.40	4.17
August 2012	2.07	0.27	4.73
September 2012	3.00	1.00	5.36
October 2012	4.02	1.54	6.05
November 2012	5.35	2.01	7.02
December 2012	6.45	2.61	7.84
January 2013	7.57	3.29	8.68
February 2013	8.33	3.77	9.31
March 2013	8.90	4.30	9.92
April 2013	9.02	4.76	9.95
May 2013	9.08	5.08	9.78
June 2013	9.27	5.47	9.39
July 2013	9.72	5.99	9.44
August 2013	10.16	6.30	9.61
September 2013	10.62	6.54	9.94
October 2013	10.84	6.78	10.15
November 2013	10.70	6.89	10.09
December 2013	10.71	6.86	9.92
January 2014	10.45	6.96	9.90
February 2014	10.15	6.93	9.88
March 2014	8.96	6.77	9.03
April 2014	7.97	6.59	8.06
May 2014	7.04	6.49	7.08
June 2014	6.26	6.20	6.35
July 2014	5.58	5.90	5.75
August 2014	5.06	5.74	5.34
September 2014	4.74	5.46	5.11
October 2014	4.61	5.18	5.15
November 2014	4.59	5.10	5.11
December 2014	4.52	4.95	5.01
January 2015	4.33	4.87	5.05
February 2015	4.24	4.85	5.14
March 2015	4.29	4.83	5.26
April 2015	4.30	4.80	5.30
May 2015	4.35	4.84	5.28
June 2015	4.36	5.06	5.25
July 2015	4.42	5.16	5.12
August 2015	4.48	5.07	5.11
September 2015	4.68	5.06	5.30
October 2015	4.90	5.22	5.39
November 2015	5.12	5.37	5.48
December 2015	5.23	5.47	5.67
January 2016	5.30	5.51	5.74
February 2016	5.19	5.55	5.68
March 2016	5.06	5.70	5.64
April 2016	5.02	5.79	5.60
May 2016	4.95	5.87	5.40
June 2016	4.90	5.95	5.16
July 2016	4.91	5.98	5.18
August 2016	5.01	6.23	5.19
September 2016	5.12	6.66	5.27
October 2016	5.15	6.91	5.40
November 2016	5.22	6.93	5.56
December 2016	5.33	7.07	5.53
January 2017	5.53	7.26	5.55
February 2017	5.60	7.50	5.74
March 2017	5.66	7.52	5.79
April 2017	5.67	7.69	5.74
May 2017	5.70	7.81	5.80
June 2017	5.74	7.65	5.92
July 2017	5.78	7.66	5.95
August 2017	5.87	7.66	6.02
September 2017	5.95	7.50	6.07
October 2017	6.04	7.30	6.13
November 2017	6.11	7.26	6.19
December 2017	6.24	7.27	6.18
January 2018	6.25	7.28	6.12
February 2018	6.47	7.49	6.39
March 2018	6.51	7.60	6.64
April 2018	6.46	7.49	6.62
May 2018	6.30	7.49	6.45
June 2018	6.18	7.60	6.15
July 2018	5.96	7.51	5.88
August 2018	5.70	7.51	5.58
September 2018	5.46	7.56	5.33
October 2018	5.31	7.77	5.17
November 2018	4.98	7.97	4.77
December 2018	4.56	8.13	4.36
January 2019	4.16	8.03	4.08
February 2019	3.87	7.58	3.83
March 2019	3.65	6.97	3.42
April 2019	3.54	6.27	3.29
May 2019	ND	5.39	3.60

Note: The data for the S&P/Case-Shiller index extend through April 2019.

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 20 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 © 2019 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 21. Wealth-to-income ratio

Quarterly
Ratio

Period	Ratio
1999:Q1	5.78
1999:Q2	5.90
1999:Q3	5.82
1999:Q4	6.08
2000:Q1	6.08
2000:Q2	5.95
2000:Q3	5.96
2000:Q4	5.83
2001:Q1	5.65
2001:Q2	5.80
2001:Q3	5.54
2001:Q4	5.79
2002:Q1	5.71
2002:Q2	5.56
2002:Q3	5.42
2002:Q4	5.50
2003:Q1	5.47
2003:Q2	5.63
2003:Q3	5.63
2003:Q4	5.83
2004:Q1	6.01
2004:Q2	6.01
2004:Q3	6.08
2004:Q4	6.22
2005:Q1	6.36
2005:Q2	6.45
2005:Q3	6.55
2005:Q4	6.58
2006:Q1	6.65
2006:Q2	6.57
2006:Q3	6.57
2006:Q4	6.64
2007:Q1	6.62
2007:Q2	6.58
2007:Q3	6.55
2007:Q4	6.39
2008:Q1	6.10
2008:Q2	5.79
2008:Q3	5.61
2008:Q4	5.32
2009:Q1	5.25
2009:Q2	5.28
2009:Q3	5.47
2009:Q4	5.49
2010:Q1	5.54
2010:Q2	5.40
2010:Q3	5.51
2010:Q4	5.62
2011:Q1	5.61
2011:Q2	5.63
2011:Q3	5.43
2011:Q4	5.53
2012:Q1	5.58
2012:Q2	5.54
2012:Q3	5.74
2012:Q4	5.64
2013:Q1	6.09
2013:Q2	6.14
2013:Q3	6.30
2013:Q4	6.44
2014:Q1	6.42
2014:Q2	6.44
2014:Q3	6.38
2014:Q4	6.45
2015:Q1	6.54
2015:Q2	6.48
2015:Q3	6.34
2015:Q4	6.44
2016:Q1	6.45
2016:Q2	6.52
2016:Q3	6.62
2016:Q4	6.62
2017:Q1	6.66
2017:Q2	6.73
2017:Q3	6.80
2017:Q4	6.88
2018:Q1	6.83
2018:Q2	6.89
2018:Q3	6.94
2018:Q4	6.59
2019:Q1	6.85

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, Bureau of Economic Analysis via Haver Analytics.

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Figure 22. Indexes of consumer sentiment

Monthly

Period	Conference Board (Index)	Michigan survey (Index)
January 2000	144.7	112.0
February 2000	140.8	111.3
March 2000	137.1	107.1
April 2000	137.7	109.2
May 2000	144.7	110.7
June 2000	139.2	106.4
July 2000	143.0	108.3
August 2000	140.8	107.3
September 2000	142.5	106.8
October 2000	135.8	105.8
November 2000	132.6	107.6
December 2000	128.6	98.4
January 2001	115.7	94.7
February 2001	109.2	90.6
March 2001	116.9	91.5
April 2001	109.9	88.4
May 2001	116.1	92.0
June 2001	118.9	92.6
July 2001	116.3	92.4
August 2001	114.0	91.5
September 2001	97.0	81.8
October 2001	85.3	82.7
November 2001	84.9	83.9
December 2001	94.6	88.8
January 2002	97.8	93.0
February 2002	95.0	90.7
March 2002	110.7	95.7
April 2002	108.5	93.0
May 2002	110.3	96.9
June 2002	106.3	92.4
July 2002	97.4	88.1
August 2002	94.5	87.6
September 2002	93.7	86.1
October 2002	79.6	80.6
November 2002	84.9	84.2
December 2002	80.7	86.7
January 2003	78.8	82.4
February 2003	64.8	79.9
March 2003	61.4	77.6
April 2003	81.0	86.0
May 2003	83.6	92.1
June 2003	83.5	89.7
July 2003	77.0	90.9
August 2003	81.7	89.3
September 2003	77.0	87.7
October 2003	81.7	89.6
November 2003	92.5	93.7
December 2003	94.8	92.6
January 2004	97.7	103.8
February 2004	88.5	94.4
March 2004	88.5	95.8
April 2004	93.0	94.2
May 2004	93.1	90.2
June 2004	102.8	95.6
July 2004	105.7	96.7
August 2004	98.7	95.9
September 2004	96.7	94.2
October 2004	92.9	91.7
November 2004	92.6	92.8
December 2004	102.7	97.1
January 2005	105.1	95.5
February 2005	104.4	94.1
March 2005	103.0	92.6
April 2005	97.5	87.7
May 2005	103.1	86.9
June 2005	106.2	96.0
July 2005	103.6	96.5
August 2005	105.5	89.1
September 2005	87.5	76.9
October 2005	85.2	74.2
November 2005	98.3	81.6
December 2005	103.8	91.5
January 2006	106.8	91.2
February 2006	102.7	86.7
March 2006	107.5	88.9
April 2006	109.8	87.4
May 2006	104.7	79.1
June 2006	105.4	84.9
July 2006	107.0	84.7
August 2006	100.2	82.0
September 2006	105.9	85.4
October 2006	105.1	93.6
November 2006	105.3	92.1
December 2006	110.0	91.7
January 2007	110.2	96.9
February 2007	111.2	91.3
March 2007	108.2	88.4
April 2007	106.3	87.1
May 2007	108.5	88.3
June 2007	105.3	85.3
July 2007	111.9	90.4
August 2007	105.6	83.4
September 2007	99.5	83.4
October 2007	95.2	80.9
November 2007	87.8	76.1
December 2007	90.6	75.5
January 2008	87.3	78.4
February 2008	76.4	70.8
March 2008	65.9	69.5
April 2008	62.8	62.6
May 2008	58.1	59.8
June 2008	51.0	56.4
July 2008	51.9	61.2
August 2008	58.5	63.0
September 2008	61.4	70.3
October 2008	38.8	57.6
November 2008	44.7	55.3
December 2008	38.6	60.1
January 2009	37.4	61.2
February 2009	25.3	56.3
March 2009	26.9	57.3
April 2009	40.8	65.1
May 2009	54.8	68.7
June 2009	49.3	70.8
July 2009	47.4	66.0
August 2009	54.5	65.7
September 2009	53.4	73.5
October 2009	48.7	70.6
November 2009	50.6	67.4
December 2009	53.6	72.5
January 2010	56.5	74.4
February 2010	46.4	73.6
March 2010	52.3	73.6
April 2010	57.7	72.2
May 2010	62.7	73.6
June 2010	54.3	76.0
July 2010	51.0	67.8
August 2010	53.2	68.9
September 2010	48.6	68.2
October 2010	49.9	67.7
November 2010	57.8	71.6
December 2010	63.4	74.5
January 2011	64.8	74.2
February 2011	72.0	77.5
March 2011	63.8	67.5
April 2011	66.0	69.8
May 2011	61.7	74.3
June 2011	57.6	71.5
July 2011	59.2	63.7
August 2011	45.2	55.8
September 2011	46.4	59.5
October 2011	40.9	60.8
November 2011	55.2	63.7
December 2011	64.8	69.9
January 2012	61.5	75.0
February 2012	71.6	75.3
March 2012	69.5	76.2
April 2012	68.7	76.4
May 2012	64.4	79.3
June 2012	62.7	73.2
July 2012	65.4	72.3
August 2012	61.3	74.3
September 2012	68.4	78.3
October 2012	73.1	82.6
November 2012	71.5	82.7
December 2012	66.7	72.9
January 2013	58.4	73.8
February 2013	68.0	77.6
March 2013	61.9	78.6
April 2013	69.0	76.4
May 2013	74.3	84.5
June 2013	82.1	84.1
July 2013	81.0	85.1
August 2013	81.8	82.1
September 2013	80.2	77.5
October 2013	72.4	73.2
November 2013	72.0	75.1
December 2013	77.5	82.5
January 2014	79.4	81.2
February 2014	78.3	81.6
March 2014	83.9	80.0
April 2014	81.7	84.1
May 2014	82.2	81.9
June 2014	86.4	82.5
July 2014	90.3	81.8
August 2014	93.4	82.5
September 2014	89.0	84.6
October 2014	94.1	86.9
November 2014	91.0	88.8
December 2014	93.1	93.6
January 2015	103.8	98.1
February 2015	98.8	95.4
March 2015	101.4	93.0
April 2015	94.3	95.9
May 2015	94.6	90.7
June 2015	99.8	96.1
July 2015	91.0	93.1
August 2015	101.3	91.9
September 2015	102.6	87.2
October 2015	99.1	90.0
November 2015	92.6	91.3
December 2015	96.3	92.6
January 2016	97.8	92.0
February 2016	94.0	91.7
March 2016	96.1	91.0
April 2016	94.7	89.0
May 2016	92.4	94.7
June 2016	97.4	93.5
July 2016	96.7	90.0
August 2016	101.8	89.8
September 2016	103.5	91.2
October 2016	100.8	87.2
November 2016	109.4	93.8
December 2016	113.3	98.2
January 2017	111.6	98.5
February 2017	116.1	96.3
March 2017	124.9	96.9
April 2017	119.4	97.0
May 2017	117.6	97.1
June 2017	117.3	95.0
July 2017	120.0	93.4
August 2017	120.4	96.8
September 2017	120.6	95.1
October 2017	126.2	100.7
November 2017	128.6	98.5
December 2017	123.1	95.9
January 2018	124.3	95.7
February 2018	130.0	99.7
March 2018	127.0	101.4
April 2018	125.6	98.8
May 2018	128.8	98.0
June 2018	127.1	98.2
July 2018	127.9	97.9
August 2018	134.7	96.2
September 2018	135.3	100.1
October 2018	137.9	98.6
November 2018	136.4	97.5
December 2018	126.6	98.3
January 2019	121.7	91.2
February 2019	131.4	93.8
March 2019	124.2	98.4
April 2019	129.2	97.2
May 2019	131.3	100.0
June 2019	121.5	98.2

Note: The data are monthly and extend through June 2019. The Conference Board data are indexed to 100 in 1985; the Michigan survey data are indexed to 100 in 1966.

Source: University of Michigan Surveys of Consumers; Conference Board.

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Figure 23. Changes in household debt

Quarterly
Percent change from year earlier

Period	Mortgages	Consumer credit	Sum
2007:Q1	9.81	5.65	8.97
2007:Q2	8.38	5.88	7.89
2007:Q3	7.67	6.32	7.40
2007:Q4	7.20	6.11	6.98
2008:Q1	5.92	6.53	6.04
2008:Q2	4.04	5.69	4.36
2008:Q3	2.19	3.45	2.44
2008:Q4	0.75	1.31	0.86
2009:Q1	0.31	-0.92	0.07
2009:Q2	0.40	-2.95	-0.26
2009:Q3	0.43	-3.44	-0.34
2009:Q4	0.88	-3.58	-0.01
2010:Q1	-0.32	-3.67	-0.97
2010:Q2	-0.76	-2.91	-1.18
2010:Q3	-1.18	-2.29	-1.39
2010:Q4	-1.50	-1.10	-1.42
2011:Q1	-0.89	0.76	-0.57
2011:Q2	-0.91	2.36	-0.28
2011:Q3	-0.73	3.29	0.06
2011:Q4	-0.68	4.15	0.33
2012:Q1	-0.76	4.45	0.33
2012:Q2	-0.74	5.27	0.53
2012:Q3	-0.65	5.57	0.70
2012:Q4	-0.74	5.77	0.69
2013:Q1	-0.66	6.23	0.85
2013:Q2	-0.56	6.09	0.93
2013:Q3	-0.16	6.32	1.32
2013:Q4	0.06	6.10	1.47
2014:Q1	0.00	6.29	1.48
2014:Q2	0.11	6.90	1.73
2014:Q3	0.02	7.03	1.71
2014:Q4	0.21	7.15	1.92
2015:Q1	0.29	7.09	1.97
2015:Q2	0.79	7.18	2.39
2015:Q3	1.10	7.13	2.64
2015:Q4	1.33	7.06	2.81
2016:Q1	1.59	7.18	3.04
2016:Q2	1.78	6.82	3.11
2016:Q3	2.13	6.72	3.36
2016:Q4	2.34	6.84	3.52
2017:Q1	2.87	6.43	3.81
2017:Q2	2.99	5.94	3.78
2017:Q3	3.04	5.03	3.58
2017:Q4	3.28	5.04	3.76
2018:Q1	3.09	4.63	3.50
2018:Q2	3.14	4.42	3.49
2018:Q3	3.18	4.93	3.66
2018:Q4	2.95	4.74	3.44
2019:Q1	2.79	5.03	3.40

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

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Figure 24. Selected components of net debt financing for nonfinancial businesses

Billions of dollars, monthly rate

Period	Bank loans	Bonds	Commercial paper	Sum
2007	19.70	9.87	0.94	30.52
2008	15.22	9.68	0.64	25.54
2009	-27.53	17.79	-6.09	-15.83
2010	-8.48	15.05	2.04	8.62
2011	10.08	13.58	2.78	26.44
2012	13.71	27.24	1.17	42.12
2013	6.27	23.30	1.18	30.75
2014	15.38	23.99	3.13	42.50
2015	13.81	34.78	-0.25	48.33
2016	10.03	22.59	0.15	32.77
2017	6.77	22.90	2.16	31.82
2018	14.33	10.30	-0.85	23.78
2019:Q1	8.49	25.27	8.93	42.69

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

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

Percent, annual rate

Period	Imports	Exports
2015	3.36	-1.57
2016	3.07	0.78
2017	5.41	4.68
2018	3.35	2.30
2019:Q1	-1.90	5.42

Source: Bureau of Economic Analysis via Haver Analytics.

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

Annual
Percent of nominal GDP

Period	Trade	Current account
2001	-3.5	-3.68
2002	-3.9	-4.12
2003	-4.4	-4.53
2004	-5.1	-5.17
2005	-5.5	-5.72
2006	-5.6	-5.83
2007	-5.0	-4.92
2008	-4.9	-4.63
2009	-2.7	-2.58
2010	-3.4	-2.88
2011	-3.7	-2.87
2012	-3.5	-2.64
2013	-2.9	-2.08
2014	-2.9	-2.08
2015	-2.9	-2.24
2016	-2.8	-2.29
2017	-3.0	-2.26
2018	-3.1	-2.40
2019:Q1	-2.9	-2.48

Note: GDP is gross domestic product. The dots refer to the current account and trade balances in the first quarter of 2019.

Source: Bureau of Economic Analysis via Haver Analytics.

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

Percent, annual rate

Period	Federal	State and local
2012	-2.58	-1.73
2013	-6.13	0.16
2014	-1.23	1.14
2015	1.23	2.79
2016	0.18	1.36
2017	1.27	-0.52
2018	2.73	0.84
2019:Q1	-0.05	4.61

Note: The federal value for 2019:Q1 is -0.05.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 28. Federal receipts and expenditures

Annual
Percent of nominal GDP

Period	Expenditures	Receipts
1997	18.95	18.69
1998	18.50	19.28
1999	17.95	19.28
2000	17.68	20.02
2001	17.70	18.91
2002	18.56	17.11
2003	19.14	15.80
2004	19.07	15.63
2005	19.26	16.78
2006	19.47	17.65
2007	19.09	17.97
2008	20.23	17.12
2009	24.37	14.59
2010	23.30	14.57
2011	23.39	14.95
2012	21.96	15.26
2013	20.81	16.71
2014	20.23	17.43
2015	20.41	17.96
2016	20.77	17.62
2017	20.66	17.21
2018	20.31	16.46
2019	20.82	16.12

Note: Through 2018, receipts and expenditures are for fiscal years (October to September); gross domestic product (GDP) is for the four quarters ending in Q3. For 2019, receipts and expenditures are for the 12 months ending in May; GDP is the average of 2018:Q4 and 2019:Q1. Receipts and expenditures are on a unified-budget basis.

Source: Office of Management and Budget via Haver Analytics.

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Figure 29. Federal government debt held by the public

Quarterly
Percent of nominal GDP

Period	Percent of nominal GDP
1969:Q1	29.09
1969:Q2	27.40
1969:Q3	27.29
1969:Q4	27.54
1970:Q1	27.38
1970:Q2	26.39
1970:Q3	26.61
1970:Q4	27.37
1971:Q1	26.42
1971:Q2	26.08
1971:Q3	26.36
1971:Q4	27.13
1972:Q1	26.57
1972:Q2	25.35
1972:Q3	25.26
1972:Q4	25.44
1973:Q1	25.14
1973:Q2	24.02
1973:Q3	23.61
1973:Q4	23.37
1974:Q1	23.36
1974:Q2	22.38
1974:Q3	22.23
1974:Q4	22.32
1975:Q1	23.31
1975:Q2	23.83
1975:Q3	24.39
1975:Q4	25.13
1976:Q1	25.66
1976:Q2	25.72
1976:Q3	26.21
1976:Q4	26.47
1977:Q1	26.64
1977:Q2	25.72
1977:Q3	25.88
1977:Q4	26.27
1978:Q1	26.74
1978:Q2	25.37
1978:Q3	25.32
1978:Q4	25.07
1979:Q1	24.98
1979:Q2	24.18
1979:Q3	23.96
1979:Q4	24.12
1980:Q1	24.18
1980:Q2	24.34
1980:Q3	24.81
1980:Q4	24.60
1981:Q1	24.60
1981:Q2	24.23
1981:Q3	24.05
1981:Q4	24.99
1982:Q1	26.03
1982:Q2	25.86
1982:Q3	27.30
1982:Q4	28.84
1983:Q1	29.86
1983:Q2	30.29
1983:Q3	30.65
1983:Q4	30.75
1984:Q1	31.11
1984:Q2	31.09
1984:Q3	31.82
1984:Q4	32.88
1985:Q1	33.25
1985:Q2	33.82
1985:Q3	34.18
1985:Q4	35.77
1986:Q1	36.10
1986:Q2	36.93
1986:Q3	37.68
1986:Q4	38.77
1987:Q1	38.84
1987:Q2	38.82
1987:Q3	38.65
1987:Q4	38.93
1988:Q1	39.24
1988:Q2	38.74
1988:Q3	38.81
1988:Q4	38.98
1989:Q1	38.88
1989:Q2	38.35
1989:Q3	38.46
1989:Q4	39.17
1990:Q1	39.33
1990:Q2	39.38
1990:Q3	40.07
1990:Q4	41.60
1991:Q1	42.23
1991:Q2	42.30
1991:Q3	43.30
1991:Q4	44.32
1992:Q1	44.94
1992:Q2	45.18
1992:Q3	45.67
1992:Q4	46.11
1993:Q1	46.66
1993:Q2	47.02
1993:Q3	47.18
1993:Q4	47.57
1994:Q1	47.61
1994:Q2	46.85
1994:Q3	46.82
1994:Q4	46.84
1995:Q1	47.30
1995:Q2	47.27
1995:Q3	46.90
1995:Q4	46.79
1996:Q1	47.24
1996:Q2	45.98
1996:Q3	45.91
1996:Q4	45.78
1997:Q1	45.80
1997:Q2	44.14
1997:Q3	43.53
1997:Q4	43.40
1998:Q1	43.20
1998:Q2	41.80
1998:Q3	40.79
1998:Q4	40.37
1999:Q1	39.92
1999:Q2	38.34
1999:Q3	37.53
1999:Q4	37.18
2000:Q1	36.52
2000:Q2	33.80
2000:Q3	33.04
2000:Q4	32.43
2001:Q1	32.55
2001:Q2	30.68
2001:Q3	31.33
2001:Q4	31.70
2002:Q1	31.79
2002:Q2	31.68
2002:Q3	32.21
2002:Q4	32.85
2003:Q1	33.09
2003:Q2	33.65
2003:Q3	33.83
2003:Q4	34.26
2004:Q1	34.96
2004:Q2	34.75
2004:Q3	34.89
2004:Q4	35.09
2005:Q1	35.73
2005:Q2	34.98
2005:Q3	34.91
2005:Q4	35.26
2006:Q1	35.70
2006:Q2	34.78
2006:Q3	34.80
2006:Q4	34.80
2007:Q1	35.45
2007:Q2	34.25
2007:Q3	34.61
2007:Q4	34.88
2008:Q1	36.32
2008:Q2	35.61
2008:Q3	39.09
2008:Q4	43.68
2009:Q1	47.42
2009:Q2	49.91
2009:Q3	52.29
2009:Q4	53.34
2010:Q1	56.24
2010:Q2	57.78
2010:Q3	59.78
2010:Q4	61.56
2011:Q1	63.08
2011:Q2	62.82
2011:Q3	64.94
2011:Q4	66.16
2012:Q1	67.72
2012:Q2	68.40
2012:Q3	69.37
2012:Q4	70.86
2013:Q1	71.99
2013:Q2	71.59
2013:Q3	71.10
2013:Q4	72.30
2014:Q1	73.74
2014:Q2	72.11
2014:Q3	72.11
2014:Q4	72.97
2015:Q1	72.81
2015:Q2	71.72
2015:Q3	71.54
2015:Q4	74.46
2016:Q1	75.60
2016:Q2	74.70
2016:Q3	75.35
2016:Q4	76.01
2017:Q1	74.93
2017:Q2	74.15
2017:Q3	74.87
2017:Q4	74.65
2018:Q1	76.91
2018:Q2	75.72
2018:Q3	76.24
2018:Q4	77.11
2019:Q1	76.89

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, Bureau of Economic Analysis via Haver Analytics; for federal debt, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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Figure 30. Market-implied federal funds rate path

Quarterly
Percent

Period	July 1, 2019	Dec. 28, 2018
2019:Q1	ND	2.41
2019:Q2	2.42	2.42
2019:Q3	1.92	2.41
2019:Q4	1.66	2.38
2020:Q1	1.53	2.31
2020:Q2	1.45	2.24
2020:Q3	1.38	2.19
2020:Q4	1.33	2.16
2021:Q1	1.31	2.16
2021:Q2	1.32	2.17
2021:Q3	1.33	2.19
2021:Q4	1.36	2.21
2022:Q1	1.40	2.23
2022:Q2	1.44	2.26
2022:Q3	1.49	2.28
2022:Q4	1.53	2.30
2023:Q1	1.57	ND

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 1, 2019, is compared with that as of December 28, 2018. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The July 1, 2019, path extends through March 2023 and the December 28, 2018, path through December 2022.

Source: Bloomberg; Federal Reserve Board staff estimates.

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Figure 31. Yields on nominal Treasury securities

Daily
Percent

Date	2-year	5-year	10-year
5 January 2004	1.95	3.39	4.41
6 January 2004	1.84	3.26	4.29
7 January 2004	1.84	3.25	4.27
8 January 2004	1.85	3.24	4.27
9 January 2004	1.68	3.05	4.11
12 January 2004	1.68	3.04	4.11
13 January 2004	1.63	2.98	4.05
14 January 2004	1.65	2.96	4.01
15 January 2004	1.67	2.97	3.99
16 January 2004	1.70	3.03	4.04
19 January 2004	ND	ND	ND
20 January 2004	1.69	3.05	4.08
21 January 2004	1.69	3.02	4.05
22 January 2004	1.66	2.96	3.99
23 January 2004	1.71	3.06	4.09
26 January 2004	1.75	3.13	4.16
27 January 2004	1.70	3.07	4.11
28 January 2004	1.87	3.22	4.22
29 January 2004	1.88	3.22	4.22
30 January 2004	1.84	3.17	4.16
2 February 2004	1.83	3.18	4.18
3 February 2004	1.78	3.12	4.13
4 February 2004	1.80	3.15	4.15
5 February 2004	1.85	3.21	4.20
6 February 2004	1.77	3.12	4.12
9 February 2004	1.76	3.08	4.09
10 February 2004	1.82	3.13	4.13
11 February 2004	1.73	3.03	4.05
12 February 2004	1.75	3.07	4.10
13 February 2004	1.70	3.01	4.05
16 February 2004	ND	ND	ND
17 February 2004	1.70	3.02	4.05
18 February 2004	1.72	3.03	4.05
19 February 2004	1.70	3.02	4.05
20 February 2004	1.75	3.08	4.10
23 February 2004	1.69	3.03	4.05
24 February 2004	1.69	3.01	4.04
25 February 2004	1.67	2.98	4.02
26 February 2004	1.69	3.01	4.05
27 February 2004	1.66	3.01	3.99
1 March 2004	1.67	2.98	4.00
2 March 2004	1.74	3.04	4.05
3 March 2004	1.74	3.06	4.07
4 March 2004	1.73	3.02	4.04
5 March 2004	1.57	2.81	3.85
8 March 2004	1.52	2.74	3.78
9 March 2004	1.51	2.68	3.73
10 March 2004	1.54	2.71	3.74
11 March 2004	1.52	2.72	3.74
12 March 2004	1.54	2.73	3.78
15 March 2004	1.56	2.74	3.78
16 March 2004	1.51	2.65	3.70
17 March 2004	1.53	2.66	3.71
18 March 2004	1.55	2.72	3.76
19 March 2004	1.56	2.75	3.80
22 March 2004	1.52	2.69	3.74
23 March 2004	1.52	2.69	3.73
24 March 2004	1.50	2.68	3.73
25 March 2004	1.51	2.70	3.75
26 March 2004	1.59	2.81	3.85
29 March 2004	1.63	2.86	3.91
30 March 2004	1.63	2.86	3.91
31 March 2004	1.60	2.80	3.86
1 April 2004	1.65	2.87	3.91
2 April 2004	1.86	3.15	4.15
5 April 2004	1.91	3.24	4.24
6 April 2004	1.86	3.19	4.19
7 April 2004	1.87	3.19	4.19
8 April 2004	1.88	3.22	4.21
9 April 2004	ND	ND	ND
12 April 2004	1.91	3.26	4.25
13 April 2004	2.01	3.37	4.35
14 April 2004	2.13	3.44	4.40
15 April 2004	2.10	3.45	4.42
16 April 2004	2.03	3.39	4.37
19 April 2004	2.07	3.42	4.39
20 April 2004	2.11	3.45	4.43
21 April 2004	2.22	3.52	4.45
22 April 2004	2.15	3.46	4.40
23 April 2004	2.29	3.58	4.48
26 April 2004	2.28	3.57	4.46
27 April 2004	2.21	3.52	4.43
28 April 2004	2.30	3.60	4.50
29 April 2004	2.34	3.66	4.55
30 April 2004	2.31	3.63	4.53
3 May 2004	2.34	3.63	4.53
4 May 2004	2.32	3.66	4.56
5 May 2004	2.34	3.71	4.61
6 May 2004	2.39	3.72	4.63
7 May 2004	2.64	3.96	4.79
10 May 2004	2.61	3.95	4.81
11 May 2004	2.61	3.94	4.79
12 May 2004	2.62	3.96	4.83
13 May 2004	2.67	4.01	4.85
14 May 2004	2.59	3.92	4.79
17 May 2004	2.51	3.83	4.70
18 May 2004	2.58	3.87	4.74
19 May 2004	2.61	3.93	4.79
20 May 2004	2.55	3.86	4.72
21 May 2004	2.60	3.91	4.76
24 May 2004	2.59	3.90	4.75
25 May 2004	2.58	3.89	4.73
26 May 2004	2.52	3.81	4.67
27 May 2004	2.46	3.74	4.60
28 May 2004	2.54	3.81	4.66
31 May 2004	ND	ND	ND
1 June 2004	2.60	3.86	4.71
2 June 2004	2.65	3.91	4.74
3 June 2004	2.63	3.89	4.71
4 June 2004	2.70	3.97	4.78
7 June 2004	2.67	3.95	4.78
8 June 2004	2.73	3.96	4.78
9 June 2004	2.79	4.01	4.82
10 June 2004	2.81	4.00	4.81
11 June 2004	ND	ND	ND
14 June 2004	2.97	4.10	4.89
15 June 2004	2.77	3.90	4.69
16 June 2004	2.84	3.96	4.74
17 June 2004	2.81	3.93	4.71
18 June 2004	2.81	3.94	4.72
21 June 2004	2.80	3.91	4.70
22 June 2004	2.80	3.92	4.72
23 June 2004	2.78	3.90	4.71
24 June 2004	2.74	3.85	4.66
25 June 2004	2.74	3.85	4.66
28 June 2004	2.86	3.97	4.76
29 June 2004	2.83	3.92	4.70
30 June 2004	2.70	3.81	4.62
1 July 2004	2.64	3.74	4.57
2 July 2004	2.54	3.62	4.48
5 July 2004	ND	ND	ND
6 July 2004	2.56	3.65	4.49
7 July 2004	2.56	3.67	4.50
8 July 2004	2.55	3.65	4.49
9 July 2004	2.55	3.64	4.49
12 July 2004	2.53	3.62	4.46
13 July 2004	2.58	3.66	4.50
14 July 2004	2.62	3.68	4.50
15 July 2004	2.64	3.69	4.50
16 July 2004	2.54	3.56	4.38
19 July 2004	2.56	3.57	4.38
20 July 2004	2.67	3.68	4.47
21 July 2004	2.71	3.72	4.50
22 July 2004	2.69	3.71	4.48
23 July 2004	2.69	3.69	4.45
26 July 2004	2.75	3.73	4.49
27 July 2004	2.82	3.85	4.62
28 July 2004	2.78	3.82	4.61
29 July 2004	2.75	3.80	4.60
30 July 2004	2.68	3.71	4.50
2 August 2004	2.66	3.68	4.48
3 August 2004	2.66	3.67	4.45
4 August 2004	2.66	3.66	4.45
5 August 2004	2.64	3.64	4.43
6 August 2004	2.40	3.40	4.24
9 August 2004	2.45	3.45	4.28
10 August 2004	2.55	3.52	4.32
11 August 2004	2.54	3.51	4.30
12 August 2004	2.52	3.47	4.27
13 August 2004	2.47	3.42	4.22
16 August 2004	2.51	3.45	4.26
17 August 2004	2.44	3.39	4.21
18 August 2004	2.44	3.41	4.23
19 August 2004	2.43	3.39	4.22
20 August 2004	2.46	3.42	4.24
23 August 2004	2.50	3.46	4.28
24 August 2004	2.50	3.46	4.28
25 August 2004	2.51	3.46	4.26
26 August 2004	2.48	3.42	4.22
27 August 2004	2.48	3.43	4.23
30 August 2004	2.47	3.40	4.19
31 August 2004	2.41	3.33	4.13
1 September 2004	2.41	3.32	4.13
2 September 2004	2.46	3.40	4.20
3 September 2004	2.61	3.52	4.30
6 September 2004	ND	ND	ND
7 September 2004	2.58	3.48	4.26
8 September 2004	2.50	3.40	4.18
9 September 2004	2.50	3.41	4.22
10 September 2004	2.50	3.40	4.19
13 September 2004	2.50	3.38	4.16
14 September 2004	2.47	3.35	4.15
15 September 2004	2.51	3.39	4.18
16 September 2004	2.44	3.29	4.08
17 September 2004	2.53	3.35	4.14
20 September 2004	2.46	3.28	4.07
21 September 2004	2.49	3.28	4.05
22 September 2004	2.50	3.26	4.00
23 September 2004	2.57	3.30	4.02
24 September 2004	2.62	3.33	4.04
27 September 2004	2.59	3.29	4.01
28 September 2004	2.55	3.28	4.02
29 September 2004	2.61	3.37	4.10
30 September 2004	2.63	3.38	4.14
1 October 2004	2.63	3.44	4.21
4 October 2004	2.65	3.44	4.19
5 October 2004	2.65	3.44	4.18
6 October 2004	2.70	3.51	4.23
7 October 2004	2.72	3.53	4.26
8 October 2004	2.61	3.39	4.15
11 October 2004	ND	ND	ND
12 October 2004	2.56	3.35	4.12
13 October 2004	2.53	3.32	4.09
14 October 2004	2.48	3.26	4.03
15 October 2004	2.53	3.31	4.07
18 October 2004	2.55	3.31	4.07
19 October 2004	2.57	3.32	4.07
20 October 2004	2.53	3.26	4.01
21 October 2004	2.57	3.29	4.01
22 October 2004	2.55	3.26	4.00
25 October 2004	2.54	3.25	3.99
26 October 2004	2.54	3.26	4.01
27 October 2004	2.63	3.37	4.11
28 October 2004	2.59	3.34	4.09
29 October 2004	2.56	3.30	4.05
1 November 2004	2.61	3.36	4.11
2 November 2004	2.60	3.34	4.10
3 November 2004	2.60	3.35	4.09
4 November 2004	2.63	3.37	4.10
5 November 2004	2.80	3.51	4.21
8 November 2004	2.80	3.51	4.22
9 November 2004	2.80	3.53	4.22
10 November 2004	2.82	3.56	4.25
11 November 2004	ND	ND	ND
12 November 2004	2.86	3.53	4.20
15 November 2004	2.89	3.53	4.20
16 November 2004	2.91	3.56	4.21
17 November 2004	2.85	3.47	4.14
18 November 2004	2.86	3.48	4.12
19 November 2004	2.95	3.57	4.20
22 November 2004	2.95	3.56	4.18
23 November 2004	2.98	3.58	4.19
24 November 2004	3.01	3.61	4.20
25 November 2004	ND	ND	ND
26 November 2004	3.03	3.64	4.24
29 November 2004	3.07	3.72	4.34
30 November 2004	3.02	3.72	4.36
1 December 2004	3.01	3.72	4.38
2 December 2004	3.04	3.75	4.40
3 December 2004	2.94	3.61	4.27
6 December 2004	2.93	3.59	4.24
7 December 2004	2.95	3.60	4.23
8 December 2004	2.91	3.53	4.14
9 December 2004	2.93	3.54	4.19
10 December 2004	2.95	3.52	4.16
13 December 2004	2.98	3.54	4.16
14 December 2004	2.99	3.53	4.14
15 December 2004	2.97	3.48	4.09
16 December 2004	3.01	3.58	4.19
17 December 2004	3.03	3.59	4.21
20 December 2004	3.06	3.59	4.21
21 December 2004	3.05	3.57	4.18
22 December 2004	3.04	3.57	4.21
23 December 2004	3.02	3.58	4.23
24 December 2004	ND	ND	ND
27 December 2004	3.07	3.65	4.30
28 December 2004	3.08	3.66	4.31
29 December 2004	3.12	3.69	4.33
30 December 2004	3.10	3.64	4.27
31 December 2004	3.08	3.63	4.24
3 January 2005	3.10	3.64	4.23
4 January 2005	3.20	3.72	4.29
5 January 2005	3.22	3.73	4.29
6 January 2005	3.18	3.71	4.29
7 January 2005	3.20	3.73	4.29
10 January 2005	3.23	3.75	4.29
11 January 2005	3.24	3.73	4.26
12 January 2005	3.22	3.72	4.25
13 January 2005	3.21	3.68	4.20
14 January 2005	3.24	3.71	4.23
17 January 2005	ND	ND	ND
18 January 2005	3.26	3.72	4.21
19 January 2005	3.26	3.73	4.20
20 January 2005	3.21	3.68	4.17
21 January 2005	3.16	3.65	4.16
24 January 2005	3.20	3.65	4.14
25 January 2005	3.23	3.71	4.20
26 January 2005	3.27	3.73	4.21
27 January 2005	3.28	3.75	4.22
28 January 2005	3.25	3.69	4.16
31 January 2005	3.29	3.71	4.14
1 February 2005	3.29	3.71	4.15
2 February 2005	3.32	3.73	4.15
3 February 2005	3.34	3.76	4.18
4 February 2005	3.29	3.68	4.09
7 February 2005	3.31	3.67	4.07
8 February 2005	3.33	3.68	4.05
9 February 2005	3.24	3.58	4.00
10 February 2005	3.29	3.65	4.07
11 February 2005	3.34	3.70	4.10
14 February 2005	3.38	3.70	4.08
15 February 2005	3.37	3.71	4.10
16 February 2005	3.41	3.78	4.16
17 February 2005	3.38	3.78	4.19
18 February 2005	3.45	3.86	4.27
21 February 2005	ND	ND	ND
22 February 2005	3.46	3.88	4.29
23 February 2005	3.46	3.87	4.27
24 February 2005	3.52	3.91	4.29
25 February 2005	3.54	3.91	4.27
28 February 2005	3.59	4.00	4.36
1 March 2005	3.59	4.02	4.38
2 March 2005	3.57	4.00	4.38
3 March 2005	3.59	4.02	4.39
4 March 2005	3.57	3.97	4.32
7 March 2005	3.61	3.99	4.31
8 March 2005	3.62	4.05	4.38
9 March 2005	3.66	4.16	4.52
10 March 2005	3.68	4.13	4.48
11 March 2005	3.73	4.22	4.56
14 March 2005	3.75	4.20	4.52
15 March 2005	3.75	4.22	4.54
16 March 2005	3.72	4.18	4.52
17 March 2005	3.70	4.14	4.47
18 March 2005	3.72	4.18	4.51
21 March 2005	3.72	4.18	4.53
22 March 2005	3.86	4.31	4.63
23 March 2005	3.84	4.30	4.61
24 March 2005	3.88	4.30	4.60
25 March 2005	ND	ND	ND
28 March 2005	3.90	4.33	4.64
29 March 2005	3.87	4.30	4.60
30 March 2005	3.86	4.26	4.56
31 March 2005	3.80	4.18	4.50
1 April 2005	3.75	4.13	4.46
4 April 2005	3.74	4.13	4.47
5 April 2005	3.75	4.15	4.48
6 April 2005	3.70	4.09	4.44
7 April 2005	3.72	4.13	4.49
8 April 2005	3.77	4.17	4.50
11 April 2005	3.75	4.13	4.45
12 April 2005	3.71	4.05	4.38
13 April 2005	3.66	4.03	4.38
14 April 2005	3.60	3.99	4.37
15 April 2005	3.54	3.90	4.27
18 April 2005	3.55	3.90	4.27
19 April 2005	3.50	3.85	4.21
20 April 2005	3.52	3.86	4.22
21 April 2005	3.65	3.97	4.32
22 April 2005	3.62	3.92	4.26
25 April 2005	3.64	3.94	4.26
26 April 2005	3.67	3.96	4.28
27 April 2005	3.64	3.92	4.25
28 April 2005	3.59	3.85	4.19
29 April 2005	3.66	3.90	4.21
2 May 2005	3.64	3.88	4.21
3 May 2005	3.68	3.90	4.21
4 May 2005	3.63	3.87	4.20
5 May 2005	3.58	3.82	4.19
6 May 2005	3.73	3.95	4.28
9 May 2005	3.76	3.99	4.29
10 May 2005	3.69	3.93	4.23
11 May 2005	3.68	3.91	4.21
12 May 2005	3.66	3.87	4.18
13 May 2005	3.61	3.83	4.12
16 May 2005	3.61	3.83	4.13
17 May 2005	3.61	3.82	4.12
18 May 2005	3.56	3.77	4.07
19 May 2005	3.64	3.84	4.11
20 May 2005	3.69	3.88	4.13
23 May 2005	3.65	3.83	4.07
24 May 2005	3.61	3.78	4.04
25 May 2005	3.61	3.81	4.08
26 May 2005	3.64	3.82	4.08
27 May 2005	3.64	3.82	4.08
30 May 2005	ND	ND	ND
31 May 2005	3.60	3.76	4.00
1 June 2005	3.50	3.63	3.91
2 June 2005	3.52	3.65	3.89
3 June 2005	3.57	3.73	3.98
6 June 2005	3.59	3.73	3.96
7 June 2005	3.57	3.70	3.92
8 June 2005	3.60	3.73	3.95
9 June 2005	3.64	3.76	3.98
10 June 2005	3.71	3.84	4.05
13 June 2005	3.71	3.87	4.09
14 June 2005	3.71	3.89	4.13
15 June 2005	3.72	3.90	4.12
16 June 2005	3.70	3.87	4.09
17 June 2005	3.72	3.88	4.09
20 June 2005	3.72	3.88	4.11
21 June 2005	3.71	3.84	4.06
22 June 2005	3.62	3.72	3.95
23 June 2005	3.63	3.74	3.96
24 June 2005	3.59	3.69	3.92
27 June 2005	3.60	3.69	3.90
28 June 2005	3.65	3.76	3.97
29 June 2005	3.65	3.77	3.99
30 June 2005	3.66	3.72	3.94
1 July 2005	3.76	3.84	4.06
4 July 2005	ND	ND	ND
5 July 2005	3.79	3.90	4.11
6 July 2005	3.77	3.86	4.08
7 July 2005	3.71	3.83	4.05
8 July 2005	3.78	3.89	4.11
11 July 2005	3.81	3.91	4.11
12 July 2005	3.82	3.94	4.15
13 July 2005	3.84	3.96	4.17
14 July 2005	3.86	3.98	4.19
15 July 2005	3.86	3.98	4.18
18 July 2005	3.89	4.01	4.22
19 July 2005	3.88	3.99	4.20
20 July 2005	3.90	3.99	4.17
21 July 2005	3.96	4.09	4.28
22 July 2005	3.92	4.04	4.23
25 July 2005	3.95	4.06	4.25
26 July 2005	3.95	4.06	4.24
27 July 2005	3.99	4.09	4.27
28 July 2005	3.96	4.04	4.20
29 July 2005	4.02	4.12	4.28
1 August 2005	4.04	4.16	4.32
2 August 2005	4.06	4.17	4.34
3 August 2005	4.02	4.13	4.30
4 August 2005	4.04	4.15	4.32
5 August 2005	4.11	4.24	4.40
8 August 2005	4.16	4.28	4.42
9 August 2005	4.13	4.25	4.41
10 August 2005	4.13	4.24	4.40
11 August 2005	4.10	4.18	4.32
12 August 2005	4.05	4.11	4.24
15 August 2005	4.08	4.15	4.27
16 August 2005	4.03	4.10	4.23
17 August 2005	4.07	4.15	4.28
18 August 2005	4.01	4.08	4.21
19 August 2005	4.03	4.08	4.21
22 August 2005	4.03	4.08	4.22
23 August 2005	4.01	4.07	4.20
24 August 2005	3.99	4.06	4.19
25 August 2005	4.00	4.06	4.18
26 August 2005	4.06	4.09	4.20
29 August 2005	4.06	4.08	4.20
30 August 2005	3.97	4.03	4.16
31 August 2005	3.84	3.87	4.02
1 September 2005	3.72	3.85	4.02
2 September 2005	3.75	3.85	4.03
5 September 2005	ND	ND	ND
6 September 2005	3.80	3.89	4.09
7 September 2005	3.87	3.93	4.15
8 September 2005	3.87	3.94	4.15
9 September 2005	3.88	3.94	4.14
12 September 2005	3.92	3.98	4.18
13 September 2005	3.88	3.93	4.14
14 September 2005	3.90	3.96	4.17
15 September 2005	3.90	3.99	4.22
16 September 2005	3.97	4.05	4.26
19 September 2005	3.93	4.02	4.25
20 September 2005	4.00	4.06	4.26
21 September 2005	3.96	4.01	4.19
22 September 2005	3.95	3.99	4.19
23 September 2005	4.02	4.07	4.25
26 September 2005	4.07	4.11	4.30
27 September 2005	4.08	4.13	4.30
28 September 2005	4.09	4.11	4.26
29 September 2005	4.13	4.14	4.29
30 September 2005	4.18	4.18	4.34
3 October 2005	4.21	4.25	4.39
4 October 2005	4.22	4.24	4.38
5 October 2005	4.21	4.23	4.36
6 October 2005	4.20	4.23	4.37
7 October 2005	4.18	4.23	4.35
10 October 2005	ND	ND	ND
11 October 2005	4.22	4.27	4.39
12 October 2005	4.24	4.32	4.45
13 October 2005	4.24	4.32	4.48
14 October 2005	4.27	4.34	4.48
17 October 2005	4.29	4.36	4.50
18 October 2005	4.27	4.34	4.49
19 October 2005	4.25	4.32	4.47
20 October 2005	4.27	4.33	4.46
21 October 2005	4.22	4.26	4.39
24 October 2005	4.25	4.32	4.45
25 October 2005	4.34	4.41	4.54
26 October 2005	4.38	4.46	4.60
27 October 2005	4.36	4.43	4.57
28 October 2005	4.40	4.46	4.58
31 October 2005	4.40	4.45	4.57
1 November 2005	4.42	4.47	4.58
2 November 2005	4.43	4.50	4.61
3 November 2005	4.47	4.55	4.65
4 November 2005	4.47	4.56	4.66
7 November 2005	4.47	4.55	4.65
8 November 2005	4.43	4.49	4.57
9 November 2005	4.49	4.55	4.64
10 November 2005	4.44	4.49	4.55
11 November 2005	ND	ND	ND
14 November 2005	4.50	4.54	4.61
15 November 2005	4.47	4.51	4.56
16 November 2005	4.42	4.43	4.49
17 November 2005	4.37	4.39	4.46
18 November 2005	4.40	4.43	4.50
21 November 2005	4.39	4.39	4.46
22 November 2005	4.32	4.34	4.43
23 November 2005	4.36	4.38	4.47
24 November 2005	ND	ND	ND
25 November 2005	4.33	4.34	4.43
28 November 2005	4.33	4.32	4.41
29 November 2005	4.40	4.40	4.48
30 November 2005	4.42	4.42	4.49
1 December 2005	4.45	4.45	4.52
2 December 2005	4.43	4.45	4.52
5 December 2005	4.47	4.50	4.57
6 December 2005	4.42	4.42	4.49
7 December 2005	4.42	4.43	4.52
8 December 2005	4.37	4.36	4.47
9 December 2005	4.43	4.44	4.54
12 December 2005	4.45	4.46	4.56
13 December 2005	4.43	4.44	4.54
14 December 2005	4.37	4.36	4.45
15 December 2005	4.37	4.38	4.47
16 December 2005	4.37	4.36	4.45
19 December 2005	4.38	4.37	4.45
20 December 2005	4.42	4.40	4.47
21 December 2005	4.43	4.42	4.49
22 December 2005	4.40	4.38	4.44
23 December 2005	4.37	4.32	4.38
26 December 2005	ND	ND	ND
27 December 2005	4.35	4.30	4.34
28 December 2005	4.37	4.32	4.38
29 December 2005	4.38	4.33	4.37
30 December 2005	4.41	4.35	4.39
2 January 2006	ND	ND	ND
3 January 2006	4.34	4.30	4.37
4 January 2006	4.31	4.28	4.36
5 January 2006	4.32	4.29	4.36
6 January 2006	4.36	4.32	4.38
9 January 2006	4.36	4.32	4.38
10 January 2006	4.41	4.36	4.43
11 January 2006	4.44	4.39	4.46
12 January 2006	4.39	4.35	4.42
13 January 2006	4.34	4.28	4.36
16 January 2006	ND	ND	ND
17 January 2006	4.33	4.27	4.34
18 January 2006	4.33	4.28	4.34
19 January 2006	4.37	4.31	4.38
20 January 2006	4.37	4.31	4.37
23 January 2006	4.35	4.30	4.36
24 January 2006	4.37	4.32	4.40
25 January 2006	4.46	4.41	4.49
26 January 2006	4.49	4.44	4.53
27 January 2006	4.51	4.45	4.52
30 January 2006	4.52	4.46	4.54
31 January 2006	4.54	4.47	4.53
1 February 2006	4.59	4.51	4.57
2 February 2006	4.59	4.51	4.57
3 February 2006	4.59	4.50	4.54
6 February 2006	4.62	4.51	4.55
7 February 2006	4.61	4.52	4.57
8 February 2006	4.64	4.55	4.56
9 February 2006	4.66	4.55	4.54
10 February 2006	4.69	4.59	4.59
13 February 2006	4.68	4.58	4.58
14 February 2006	4.69	4.61	4.62
15 February 2006	4.71	4.60	4.61
16 February 2006	4.69	4.59	4.59
17 February 2006	4.66	4.55	4.54
20 February 2006	ND	ND	ND
21 February 2006	4.71	4.59	4.57
22 February 2006	4.68	4.57	4.53
23 February 2006	4.72	4.63	4.56
24 February 2006	4.74	4.64	4.58
27 February 2006	4.74	4.66	4.59
28 February 2006	4.69	4.61	4.55
1 March 2006	4.71	4.63	4.59
2 March 2006	4.72	4.68	4.64
3 March 2006	4.76	4.71	4.68
6 March 2006	4.77	4.76	4.74
7 March 2006	4.77	4.76	4.74
8 March 2006	4.72	4.75	4.73
9 March 2006	4.72	4.75	4.74
10 March 2006	4.74	4.77	4.76
13 March 2006	4.74	4.78	4.77
14 March 2006	4.66	4.68	4.71
15 March 2006	4.69	4.69	4.73
16 March 2006	4.62	4.60	4.65
17 March 2006	4.65	4.62	4.68
20 March 2006	4.65	4.61	4.66
21 March 2006	4.72	4.68	4.71
22 March 2006	4.74	4.69	4.70
23 March 2006	4.77	4.73	4.73
24 March 2006	4.72	4.66	4.67
27 March 2006	4.72	4.69	4.70
28 March 2006	4.81	4.79	4.79
29 March 2006	4.82	4.79	4.81
30 March 2006	4.84	4.83	4.86
31 March 2006	4.82	4.82	4.86
3 April 2006	4.86	4.85	4.88
4 April 2006	4.84	4.82	4.87
5 April 2006	4.81	4.79	4.84
6 April 2006	4.84	4.84	4.90
7 April 2006	4.89	4.89	4.97
10 April 2006	4.89	4.89	4.97
11 April 2006	4.88	4.86	4.93
12 April 2006	4.91	4.91	4.98
13 April 2006	4.96	4.97	5.05
14 April 2006	ND	ND	ND
17 April 2006	4.91	4.93	5.01
18 April 2006	4.84	4.87	4.99
19 April 2006	4.86	4.91	5.04
20 April 2006	4.89	4.92	5.04
21 April 2006	4.90	4.92	5.01
24 April 2006	4.89	4.90	4.99
25 April 2006	4.95	4.98	5.07
26 April 2006	4.99	5.02	5.12
27 April 2006	4.91	4.95	5.09
28 April 2006	4.87	4.92	5.07
1 May 2006	4.94	4.99	5.14
2 May 2006	4.92	4.98	5.12
3 May 2006	4.94	5.01	5.15
4 May 2006	4.97	5.03	5.16
5 May 2006	4.94	4.99	5.12
8 May 2006	4.97	5.01	5.12
9 May 2006	4.97	5.01	5.13
10 May 2006	5.01	5.03	5.13
11 May 2006	4.99	5.04	5.14
12 May 2006	5.01	5.08	5.19
15 May 2006	4.99	5.04	5.15
16 May 2006	4.96	4.99	5.10
17 May 2006	4.97	5.03	5.16
18 May 2006	4.94	4.96	5.08
19 May 2006	4.96	4.96	5.05
22 May 2006	4.94	4.94	5.04
23 May 2006	4.97	4.98	5.07
24 May 2006	4.94	4.93	5.03
25 May 2006	4.98	4.97	5.07
26 May 2006	4.96	4.95	5.06
29 May 2006	ND	ND	ND
30 May 2006	4.99	4.99	5.09
31 May 2006	5.04	5.04	5.12
1 June 2006	5.04	5.03	5.11
2 June 2006	4.92	4.90	5.00
5 June 2006	4.99	4.95	5.02
6 June 2006	4.99	4.95	5.01
7 June 2006	5.02	4.97	5.02
8 June 2006	5.01	4.95	5.00
9 June 2006	5.01	4.95	4.98
12 June 2006	5.02	4.95	4.99
13 June 2006	5.02	4.93	4.97
14 June 2006	5.11	5.03	5.05
15 June 2006	5.14	5.08	5.10
16 June 2006	5.16	5.10	5.13
19 June 2006	5.19	5.12	5.14
20 June 2006	5.19	5.13	5.15
21 June 2006	5.20	5.14	5.16
22 June 2006	5.23	5.18	5.20
23 June 2006	5.27	5.21	5.23
26 June 2006	5.27	5.22	5.25
27 June 2006	5.24	5.19	5.21
28 June 2006	5.29	5.23	5.25
29 June 2006	5.21	5.17	5.22
30 June 2006	5.16	5.10	5.15
3 July 2006	5.17	5.11	5.15
4 July 2006	ND	ND	ND
5 July 2006	5.24	5.19	5.23
6 July 2006	5.22	5.15	5.19
7 July 2006	5.17	5.10	5.14
10 July 2006	5.17	5.10	5.13
11 July 2006	5.17	5.07	5.10
12 July 2006	5.17	5.08	5.10
13 July 2006	5.12	5.04	5.08
14 July 2006	5.08	5.02	5.07
17 July 2006	5.12	5.04	5.07
18 July 2006	5.19	5.10	5.13
19 July 2006	5.12	5.02	5.06
20 July 2006	5.06	4.98	5.03
21 July 2006	5.08	4.99	5.05
24 July 2006	5.10	4.99	5.05
25 July 2006	5.11	5.02	5.07
26 July 2006	5.06	4.99	5.04
27 July 2006	5.07	4.98	5.07
28 July 2006	4.98	4.92	5.00
31 July 2006	4.97	4.91	4.99
1 August 2006	4.97	4.90	4.99
2 August 2006	4.97	4.88	4.96
3 August 2006	4.98	4.90	4.96
4 August 2006	4.91	4.84	4.91
7 August 2006	4.96	4.86	4.93
8 August 2006	4.91	4.85	4.93
9 August 2006	4.91	4.86	4.92
10 August 2006	4.93	4.86	4.93
11 August 2006	4.96	4.91	4.97
14 August 2006	5.01	4.95	5.00
15 August 2006	4.94	4.88	4.93
16 August 2006	4.87	4.81	4.87
17 August 2006	4.89	4.82	4.87
18 August 2006	4.87	4.78	4.84
21 August 2006	4.85	4.77	4.82
22 August 2006	4.87	4.77	4.82
23 August 2006	4.87	4.77	4.82
24 August 2006	4.88	4.78	4.81
25 August 2006	4.86	4.76	4.79
28 August 2006	4.88	4.77	4.80
29 August 2006	4.87	4.77	4.79
30 August 2006	4.83	4.72	4.76
31 August 2006	4.79	4.70	4.74
1 September 2006	4.77	4.68	4.73
4 September 2006	ND	ND	ND
5 September 2006	4.80	4.73	4.78
6 September 2006	4.82	4.75	4.80
7 September 2006	4.82	4.74	4.80
8 September 2006	4.80	4.71	4.78
11 September 2006	4.83	4.74	4.80
12 September 2006	4.82	4.71	4.78
13 September 2006	4.80	4.70	4.77
14 September 2006	4.83	4.74	4.79
15 September 2006	4.87	4.76	4.80
18 September 2006	4.88	4.77	4.81
19 September 2006	4.79	4.69	4.74
20 September 2006	4.81	4.70	4.73
21 September 2006	4.71	4.60	4.65
22 September 2006	4.67	4.55	4.60
25 September 2006	4.63	4.51	4.56
26 September 2006	4.68	4.55	4.59
27 September 2006	4.66	4.56	4.60
28 September 2006	4.68	4.57	4.63
29 September 2006	4.71	4.59	4.64
2 October 2006	4.66	4.56	4.62
3 October 2006	4.67	4.56	4.62
4 October 2006	4.60	4.50	4.57
5 October 2006	4.65	4.55	4.61
6 October 2006	4.74	4.64	4.70
9 October 2006	ND	ND	ND
10 October 2006	4.82	4.71	4.75
11 October 2006	4.85	4.75	4.78
12 October 2006	4.85	4.74	4.79
13 October 2006	4.87	4.77	4.81
16 October 2006	4.85	4.76	4.79
17 October 2006	4.83	4.73	4.78
18 October 2006	4.85	4.74	4.77
19 October 2006	4.85	4.75	4.79
20 October 2006	4.87	4.76	4.79
23 October 2006	4.90	4.80	4.83
24 October 2006	4.91	4.81	4.83
25 October 2006	4.88	4.75	4.78
26 October 2006	4.81	4.69	4.73
27 October 2006	4.76	4.64	4.68
30 October 2006	4.78	4.64	4.68
31 October 2006	4.71	4.57	4.61
1 November 2006	4.66	4.52	4.57
2 November 2006	4.67	4.55	4.60
3 November 2006	4.82	4.70	4.72
6 November 2006	4.82	4.69	4.71
7 November 2006	4.77	4.63	4.66
8 November 2006	4.75	4.61	4.64
9 November 2006	4.75	4.60	4.62
10 November 2006	4.73	4.57	4.59
13 November 2006	4.76	4.60	4.61
14 November 2006	4.74	4.57	4.57
15 November 2006	4.80	4.62	4.61
16 November 2006	4.85	4.67	4.66
17 November 2006	4.76	4.60	4.61
20 November 2006	4.76	4.60	4.60
21 November 2006	4.75	4.58	4.58
22 November 2006	4.74	4.57	4.57
23 November 2006	ND	ND	ND
24 November 2006	4.73	4.55	4.55
27 November 2006	4.71	4.54	4.54
28 November 2006	4.67	4.50	4.51
29 November 2006	4.69	4.51	4.52
30 November 2006	4.62	4.45	4.46
1 December 2006	4.52	4.39	4.43
4 December 2006	4.52	4.39	4.43
5 December 2006	4.52	4.39	4.45
6 December 2006	4.59	4.44	4.48
7 December 2006	4.58	4.45	4.49
8 December 2006	4.68	4.53	4.56
11 December 2006	4.67	4.50	4.52
12 December 2006	4.61	4.45	4.49
13 December 2006	4.70	4.54	4.58
14 December 2006	4.73	4.58	4.60
15 December 2006	4.73	4.57	4.60
18 December 2006	4.71	4.57	4.60
19 December 2006	4.71	4.57	4.60
20 December 2006	4.71	4.57	4.60
21 December 2006	4.66	4.52	4.55
22 December 2006	4.71	4.59	4.63
25 December 2006	ND	ND	ND
26 December 2006	4.71	4.58	4.61
27 December 2006	4.77	4.64	4.66
28 December 2006	4.82	4.69	4.70
29 December 2006	4.82	4.70	4.71
1 January 2007	ND	ND	ND
2 January 2007	4.80	4.68	4.68
3 January 2007	4.76	4.66	4.67
4 January 2007	4.71	4.61	4.62
5 January 2007	4.76	4.65	4.65
8 January 2007	4.78	4.66	4.66
9 January 2007	4.79	4.65	4.66
10 January 2007	4.81	4.68	4.69
11 January 2007	4.86	4.73	4.74
12 January 2007	4.88	4.76	4.77
15 January 2007	ND	ND	ND
16 January 2007	4.86	4.74	4.75
17 January 2007	4.91	4.78	4.79
18 January 2007	4.89	4.75	4.75
19 January 2007	4.93	4.78	4.78
22 January 2007	4.91	4.77	4.76
23 January 2007	4.94	4.81	4.81
24 January 2007	4.93	4.81	4.81
25 January 2007	4.98	4.85	4.87
26 January 2007	4.99	4.87	4.88
29 January 2007	4.99	4.89	4.90
30 January 2007	4.98	4.86	4.88
31 January 2007	4.94	4.82	4.83
1 February 2007	4.96	4.84	4.84
2 February 2007	4.94	4.82	4.83
5 February 2007	4.92	4.80	4.81
6 February 2007	4.90	4.76	4.77
7 February 2007	4.87	4.74	4.74
8 February 2007	4.87	4.73	4.73
9 February 2007	4.92	4.78	4.79
12 February 2007	4.94	4.80	4.80
13 February 2007	4.95	4.81	4.82
14 February 2007	4.87	4.72	4.74
15 February 2007	4.83	4.68	4.70
16 February 2007	4.83	4.68	4.69
19 February 2007	ND	ND	ND
20 February 2007	4.81	4.67	4.68
21 February 2007	4.82	4.68	4.69
22 February 2007	4.87	4.72	4.73
23 February 2007	4.82	4.67	4.68
26 February 2007	4.77	4.62	4.63
27 February 2007	4.59	4.46	4.50
28 February 2007	4.65	4.52	4.56
1 March 2007	4.63	4.50	4.56
2 March 2007	4.56	4.46	4.52
5 March 2007	4.53	4.45	4.51
6 March 2007	4.58	4.48	4.53
7 March 2007	4.54	4.45	4.50
8 March 2007	4.56	4.45	4.51
9 March 2007	4.66	4.55	4.59
12 March 2007	4.62	4.50	4.56
13 March 2007	4.52	4.41	4.50
14 March 2007	4.54	4.44	4.53
15 March 2007	4.57	4.46	4.54
16 March 2007	4.58	4.47	4.55
19 March 2007	4.61	4.50	4.58
20 March 2007	4.60	4.47	4.56
21 March 2007	4.51	4.43	4.53
22 March 2007	4.58	4.49	4.60
23 March 2007	4.60	4.52	4.62
26 March 2007	4.56	4.48	4.60
27 March 2007	4.58	4.50	4.62
28 March 2007	4.53	4.50	4.62
29 March 2007	4.58	4.53	4.64
30 March 2007	4.58	4.54	4.65
2 April 2007	4.60	4.54	4.65
3 April 2007	4.63	4.56	4.67
4 April 2007	4.61	4.55	4.66
5 April 2007	4.63	4.57	4.68
6 April 2007	4.75	4.67	4.76
9 April 2007	4.73	4.66	4.75
10 April 2007	4.71	4.63	4.73
11 April 2007	4.73	4.66	4.74
12 April 2007	4.73	4.66	4.74
13 April 2007	4.76	4.68	4.76
16 April 2007	4.74	4.67	4.74
17 April 2007	4.68	4.61	4.69
18 April 2007	4.64	4.56	4.66
19 April 2007	4.64	4.57	4.68
20 April 2007	4.64	4.57	4.68
23 April 2007	4.62	4.55	4.66
24 April 2007	4.58	4.51	4.63
25 April 2007	4.63	4.55	4.66
26 April 2007	4.67	4.59	4.69
27 April 2007	4.67	4.59	4.71
30 April 2007	4.60	4.51	4.63
1 May 2007	4.63	4.54	4.64
2 May 2007	4.65	4.55	4.65
3 May 2007	4.71	4.59	4.68
4 May 2007	4.68	4.55	4.65
7 May 2007	4.68	4.55	4.64
8 May 2007	4.68	4.54	4.63
9 May 2007	4.73	4.58	4.67
10 May 2007	4.70	4.56	4.65
11 May 2007	4.71	4.58	4.67
14 May 2007	4.73	4.61	4.69
15 May 2007	4.75	4.63	4.71
16 May 2007	4.73	4.62	4.71
17 May 2007	4.78	4.68	4.76
18 May 2007	4.82	4.74	4.81
21 May 2007	4.81	4.71	4.79
22 May 2007	4.83	4.76	4.83
23 May 2007	4.85	4.79	4.86
24 May 2007	4.85	4.79	4.86
25 May 2007	4.85	4.80	4.86
28 May 2007	ND	ND	ND
29 May 2007	4.88	4.82	4.88
30 May 2007	4.89	4.83	4.88
31 May 2007	4.92	4.86	4.90
1 June 2007	4.97	4.92	4.95
4 June 2007	4.97	4.91	4.93
5 June 2007	4.99	4.96	4.98
6 June 2007	4.97	4.94	4.97
7 June 2007	5.03	5.05	5.11
8 June 2007	5.01	5.06	5.12
11 June 2007	5.01	5.07	5.14
12 June 2007	5.08	5.18	5.26
13 June 2007	5.08	5.13	5.20
14 June 2007	5.10	5.16	5.23
15 June 2007	5.05	5.10	5.16
18 June 2007	5.01	5.07	5.15
19 June 2007	4.94	5.00	5.09
20 June 2007	4.97	5.05	5.14
21 June 2007	4.98	5.06	5.16
22 June 2007	4.92	5.02	5.14
25 June 2007	4.87	4.97	5.09
26 June 2007	4.90	4.99	5.10
27 June 2007	4.91	4.97	5.09
28 June 2007	4.96	5.02	5.12
29 June 2007	4.87	4.92	5.03
2 July 2007	4.86	4.90	5.00
3 July 2007	4.89	4.95	5.05
4 July 2007	ND	ND	ND
5 July 2007	4.99	5.05	5.16
6 July 2007	4.99	5.10	5.19
9 July 2007	4.97	5.07	5.16
10 July 2007	4.85	4.93	5.03
11 July 2007	4.89	4.98	5.09
12 July 2007	4.94	5.03	5.13
13 July 2007	4.94	5.01	5.11
16 July 2007	4.89	4.95	5.05
17 July 2007	4.91	4.98	5.08
18 July 2007	4.84	4.91	5.02
19 July 2007	4.87	4.94	5.04
20 July 2007	4.79	4.85	4.96
23 July 2007	4.80	4.86	4.97
24 July 2007	4.77	4.82	4.94
25 July 2007	4.74	4.80	4.92
26 July 2007	4.56	4.61	4.79
27 July 2007	4.56	4.60	4.80
30 July 2007	4.59	4.64	4.82
31 July 2007	4.56	4.60	4.78
1 August 2007	4.56	4.60	4.76
2 August 2007	4.59	4.62	4.77
3 August 2007	4.46	4.52	4.71
6 August 2007	4.46	4.52	4.72
7 August 2007	4.56	4.60	4.77
8 August 2007	4.64	4.69	4.84
9 August 2007	4.49	4.58	4.79
10 August 2007	4.47	4.59	4.81
13 August 2007	4.46	4.57	4.78
14 August 2007	4.39	4.51	4.73
15 August 2007	4.27	4.41	4.69
16 August 2007	4.08	4.26	4.60
17 August 2007	4.18	4.35	4.68
20 August 2007	4.11	4.32	4.64
21 August 2007	4.05	4.27	4.60
22 August 2007	4.15	4.34	4.63
23 August 2007	4.20	4.36	4.62
24 August 2007	4.30	4.42	4.63
27 August 2007	4.28	4.39	4.60
28 August 2007	4.13	4.25	4.53
29 August 2007	4.14	4.31	4.57
30 August 2007	4.08	4.21	4.51
31 August 2007	4.15	4.25	4.54
3 September 2007	ND	ND	ND
4 September 2007	4.13	4.26	4.56
5 September 2007	4.03	4.16	4.48
6 September 2007	4.08	4.20	4.51
7 September 2007	3.90	4.03	4.38
10 September 2007	3.87	4.00	4.34
11 September 2007	3.95	4.07	4.37
12 September 2007	3.95	4.11	4.41
13 September 2007	4.08	4.22	4.49
14 September 2007	4.05	4.18	4.47
17 September 2007	4.08	4.21	4.48
18 September 2007	4.00	4.19	4.50
19 September 2007	4.00	4.20	4.53
20 September 2007	4.10	4.35	4.69
21 September 2007	4.06	4.31	4.64
24 September 2007	4.05	4.31	4.63
25 September 2007	4.00	4.26	4.63
26 September 2007	3.97	4.27	4.63
27 September 2007	3.95	4.22	4.58
28 September 2007	3.97	4.23	4.59
1 October 2007	4.02	4.24	4.56
2 October 2007	3.98	4.20	4.54
3 October 2007	4.02	4.24	4.55
4 October 2007	4.00	4.22	4.54
5 October 2007	4.08	4.33	4.65
8 October 2007	ND	ND	ND
9 October 2007	4.15	4.38	4.67
10 October 2007	4.15	4.37	4.65
11 October 2007	4.13	4.36	4.66
12 October 2007	4.23	4.42	4.70
15 October 2007	4.22	4.40	4.69
16 October 2007	4.12	4.34	4.66
17 October 2007	4.00	4.22	4.57
18 October 2007	3.93	4.17	4.52
19 October 2007	3.80	4.03	4.41
22 October 2007	3.85	4.08	4.42
23 October 2007	3.81	4.06	4.41
24 October 2007	3.74	3.99	4.36
25 October 2007	3.74	4.01	4.37
26 October 2007	3.77	4.04	4.41
29 October 2007	3.79	4.04	4.39
30 October 2007	3.82	4.06	4.40
31 October 2007	3.94	4.16	4.48
1 November 2007	3.77	4.02	4.36
2 November 2007	3.66	3.93	4.31
5 November 2007	3.69	3.96	4.35
6 November 2007	3.70	3.99	4.38
7 November 2007	3.61	3.92	4.34
8 November 2007	3.47	3.81	4.28
9 November 2007	3.42	3.77	4.23
12 November 2007	ND	ND	ND
13 November 2007	3.54	3.84	4.26
14 November 2007	3.57	3.86	4.28
15 November 2007	3.35	3.71	4.17
16 November 2007	3.33	3.68	4.15
19 November 2007	3.18	3.57	4.07
20 November 2007	3.14	3.52	4.06
21 November 2007	2.99	3.40	4.00
22 November 2007	ND	ND	ND
23 November 2007	3.07	3.42	4.01
26 November 2007	2.92	3.23	3.83
27 November 2007	3.05	3.38	3.95
28 November 2007	3.17	3.50	4.03
29 November 2007	3.06	3.42	3.94
30 November 2007	3.04	3.41	3.97
3 December 2007	2.90	3.28	3.89
4 December 2007	2.90	3.28	3.89
5 December 2007	2.90	3.28	3.92
6 December 2007	3.03	3.39	4.02
7 December 2007	3.12	3.51	4.12
10 December 2007	3.17	3.54	4.15
11 December 2007	2.94	3.32	3.98
12 December 2007	3.07	3.41	4.05
13 December 2007	3.21	3.54	4.18
14 December 2007	3.31	3.63	4.24
17 December 2007	3.24	3.57	4.20
18 December 2007	3.19	3.53	4.14
19 December 2007	3.12	3.46	4.06
20 December 2007	3.09	3.45	4.04
21 December 2007	3.19	3.58	4.18
24 December 2007	3.24	3.65	4.23
25 December 2007	ND	ND	ND
26 December 2007	3.31	3.72	4.30
27 December 2007	3.24	3.64	4.21
28 December 2007	3.12	3.52	4.11
31 December 2007	3.05	3.45	4.04
1 January 2008	ND	ND	ND
2 January 2008	2.88	3.28	3.91
3 January 2008	2.83	3.26	3.91
4 January 2008	2.74	3.18	3.88
7 January 2008	2.76	3.16	3.86
8 January 2008	2.76	3.16	3.86
9 January 2008	2.69	3.10	3.82
10 January 2008	2.71	3.16	3.91
11 January 2008	2.59	3.06	3.82
14 January 2008	2.58	3.08	3.81
15 January 2008	2.53	3.00	3.72
16 January 2008	2.51	3.00	3.74
17 January 2008	2.44	2.90	3.66
18 January 2008	2.36	2.86	3.66
21 January 2008	ND	ND	ND
22 January 2008	2.08	2.64	3.52
23 January 2008	2.09	2.64	3.51
24 January 2008	2.25	2.85	3.68
25 January 2008	2.23	2.81	3.61
28 January 2008	2.20	2.80	3.61
29 January 2008	2.29	2.87	3.69
30 January 2008	2.30	2.96	3.78
31 January 2008	2.17	2.82	3.67
1 February 2008	2.09	2.75	3.62
4 February 2008	2.08	2.78	3.68
5 February 2008	1.93	2.66	3.61
6 February 2008	1.96	2.67	3.61
7 February 2008	1.99	2.79	3.74
8 February 2008	1.93	2.69	3.64
11 February 2008	1.93	2.67	3.62
12 February 2008	1.94	2.71	3.66
13 February 2008	1.91	2.71	3.70
14 February 2008	1.93	2.81	3.85
15 February 2008	1.91	2.76	3.76
18 February 2008	ND	ND	ND
19 February 2008	2.06	2.93	3.89
20 February 2008	2.14	3.02	3.93
21 February 2008	1.98	2.80	3.77
22 February 2008	1.98	2.81	3.79
25 February 2008	2.13	2.98	3.91
26 February 2008	2.04	2.92	3.88
27 February 2008	2.01	2.89	3.85
28 February 2008	1.87	2.73	3.71
29 February 2008	1.65	2.50	3.53
3 March 2008	1.61	2.48	3.54
4 March 2008	1.65	2.53	3.63
5 March 2008	1.66	2.59	3.70
6 March 2008	1.53	2.50	3.62
7 March 2008	1.53	2.45	3.56
10 March 2008	1.47	2.37	3.46
11 March 2008	1.74	2.61	3.60
12 March 2008	1.63	2.49	3.49
13 March 2008	1.63	2.53	3.56
14 March 2008	1.47	2.37	3.44
17 March 2008	1.35	2.23	3.34
18 March 2008	1.58	2.42	3.48
19 March 2008	1.54	2.36	3.38
20 March 2008	1.59	2.36	3.34
21 March 2008	ND	ND	ND
24 March 2008	1.84	2.64	3.56
25 March 2008	1.79	2.61	3.51
26 March 2008	1.71	2.55	3.51
27 March 2008	1.73	2.61	3.56
28 March 2008	1.67	2.51	3.47
31 March 2008	1.62	2.46	3.45
1 April 2008	1.80	2.65	3.57
2 April 2008	1.88	2.72	3.60
3 April 2008	1.91	2.75	3.61
4 April 2008	1.83	2.63	3.50
7 April 2008	1.95	2.75	3.57
8 April 2008	1.87	2.72	3.58
9 April 2008	1.77	2.59	3.49
10 April 2008	1.84	2.66	3.55
11 April 2008	1.76	2.57	3.49
14 April 2008	1.78	2.60	3.53
15 April 2008	1.84	2.68	3.60
16 April 2008	1.98	2.82	3.72
17 April 2008	2.13	2.90	3.75
18 April 2008	2.19	2.95	3.77
21 April 2008	2.20	2.95	3.75
22 April 2008	2.24	2.96	3.74
23 April 2008	2.22	2.98	3.77
24 April 2008	2.41	3.15	3.87
25 April 2008	2.44	3.20	3.91
28 April 2008	2.36	3.14	3.86
29 April 2008	2.35	3.11	3.85
30 April 2008	2.29	3.03	3.77
1 May 2008	2.37	3.06	3.78
2 May 2008	2.47	3.18	3.89
5 May 2008	2.42	3.14	3.88
6 May 2008	2.38	3.15	3.93
7 May 2008	2.31	3.09	3.87
8 May 2008	2.25	2.99	3.79
9 May 2008	2.25	2.98	3.77
12 May 2008	2.30	3.00	3.78
13 May 2008	2.47	3.17	3.90
14 May 2008	2.53	3.22	3.92
15 May 2008	2.45	3.10	3.83
16 May 2008	2.47	3.12	3.85
19 May 2008	2.42	3.09	3.83
20 May 2008	2.34	3.02	3.78
21 May 2008	2.41	3.09	3.81
22 May 2008	2.56	3.24	3.92
23 May 2008	2.46	3.15	3.85
26 May 2008	ND	ND	ND
27 May 2008	2.55	3.25	3.93
28 May 2008	2.62	3.36	4.03
29 May 2008	2.67	3.41	4.08
30 May 2008	2.66	3.41	4.06
2 June 2008	2.51	3.28	3.98
3 June 2008	2.45	3.21	3.92
4 June 2008	2.47	3.26	3.98
5 June 2008	2.52	3.34	4.06
6 June 2008	2.40	3.20	3.94
9 June 2008	2.73	3.41	4.02
10 June 2008	2.91	3.54	4.11
11 June 2008	2.83	3.49	4.10
12 June 2008	3.03	3.68	4.23
13 June 2008	3.05	3.73	4.27
16 June 2008	3.02	3.73	4.25
17 June 2008	2.94	3.66	4.23
18 June 2008	2.89	3.57	4.16
19 June 2008	2.99	3.67	4.22
20 June 2008	2.88	3.57	4.16
23 June 2008	2.98	3.65	4.19
24 June 2008	2.87	3.52	4.10
25 June 2008	2.82	3.54	4.12
26 June 2008	2.68	3.44	4.07
27 June 2008	2.65	3.36	3.99
30 June 2008	2.63	3.34	3.99
1 July 2008	2.63	3.33	4.01
2 July 2008	2.60	3.31	3.99
3 July 2008	2.54	3.28	3.99
4 July 2008	ND	ND	ND
7 July 2008	2.47	3.23	3.95
8 July 2008	2.47	3.19	3.91
9 July 2008	2.41	3.11	3.85
10 July 2008	2.44	3.10	3.83
11 July 2008	2.59	3.27	3.96
14 July 2008	2.47	3.20	3.90
15 July 2008	2.39	3.12	3.87
16 July 2008	2.44	3.20	3.97
17 July 2008	2.58	3.35	4.07
18 July 2008	2.66	3.42	4.11
21 July 2008	2.66	3.41	4.09
22 July 2008	2.74	3.48	4.14
23 July 2008	2.81	3.51	4.16
24 July 2008	2.61	3.37	4.03
25 July 2008	2.70	3.45	4.13
28 July 2008	2.59	3.34	4.06
29 July 2008	2.65	3.39	4.09
30 July 2008	2.64	3.36	4.07
31 July 2008	2.52	3.25	3.99
1 August 2008	2.51	3.23	3.97
4 August 2008	2.53	3.23	3.98
5 August 2008	2.54	3.28	4.04
6 August 2008	2.56	3.30	4.06
7 August 2008	2.43	3.16	3.92
8 August 2008	2.51	3.21	3.94
11 August 2008	2.56	3.27	3.99
12 August 2008	2.45	3.16	3.91
13 August 2008	2.50	3.21	3.94
14 August 2008	2.45	3.15	3.89
15 August 2008	2.40	3.11	3.84
18 August 2008	2.35	3.07	3.82
19 August 2008	2.32	3.07	3.83
20 August 2008	2.25	3.00	3.79
21 August 2008	2.33	3.08	3.84
22 August 2008	2.42	3.14	3.87
25 August 2008	2.33	3.04	3.79
26 August 2008	2.35	3.06	3.79
27 August 2008	2.31	3.02	3.77
28 August 2008	2.37	3.09	3.79
29 August 2008	2.36	3.10	3.83
1 September 2008	ND	ND	ND
2 September 2008	2.26	3.00	3.74
3 September 2008	2.26	2.95	3.71
4 September 2008	2.20	2.87	3.64
5 September 2008	2.23	2.91	3.66
8 September 2008	2.30	2.96	3.66
9 September 2008	2.23	2.90	3.62
10 September 2008	2.22	2.91	3.65
11 September 2008	2.18	2.87	3.64
12 September 2008	2.23	2.97	3.74
15 September 2008	1.78	2.59	3.47
16 September 2008	1.89	2.64	3.48
17 September 2008	1.64	2.52	3.41
18 September 2008	1.78	2.67	3.54
19 September 2008	2.16	3.01	3.78
22 September 2008	2.13	3.04	3.83
23 September 2008	2.11	3.03	3.85
24 September 2008	2.03	2.91	3.80
25 September 2008	2.16	3.09	3.88
26 September 2008	2.11	3.05	3.85
29 September 2008	1.70	2.70	3.61
30 September 2008	2.00	2.98	3.85
1 October 2008	1.82	2.87	3.77
2 October 2008	1.62	2.68	3.66
3 October 2008	1.60	2.64	3.63
6 October 2008	1.43	2.45	3.48
7 October 2008	1.47	2.45	3.50
8 October 2008	1.65	2.70	3.72
9 October 2008	1.65	2.79	3.84
10 October 2008	1.62	2.77	3.89
13 October 2008	ND	ND	ND
14 October 2008	1.82	3.01	4.08
15 October 2008	1.64	2.90	4.04
16 October 2008	1.61	2.84	3.99
17 October 2008	1.64	2.83	3.98
20 October 2008	1.71	2.82	3.91
21 October 2008	1.58	2.63	3.76
22 October 2008	1.53	2.56	3.65
23 October 2008	1.54	2.57	3.63
24 October 2008	1.57	2.64	3.76
27 October 2008	1.59	2.67	3.79
28 October 2008	1.65	2.75	3.89
29 October 2008	1.58	2.77	3.93
30 October 2008	1.59	2.84	4.00
31 October 2008	1.56	2.80	4.01
3 November 2008	1.45	2.71	3.96
4 November 2008	1.39	2.56	3.81
5 November 2008	1.36	2.50	3.73
6 November 2008	1.28	2.46	3.75
7 November 2008	1.33	2.56	3.83
10 November 2008	1.27	2.51	3.82
11 November 2008	ND	ND	ND
12 November 2008	1.19	2.37	3.75
13 November 2008	1.24	2.43	3.84
14 November 2008	1.22	2.33	3.72
17 November 2008	1.22	2.32	3.68
18 November 2008	1.15	2.22	3.53
19 November 2008	1.09	2.08	3.38
20 November 2008	1.00	1.94	3.10
21 November 2008	1.09	2.02	3.20
24 November 2008	1.31	2.24	3.35
25 November 2008	1.15	2.06	3.11
26 November 2008	1.09	2.01	2.99
27 November 2008	ND	ND	ND
28 November 2008	1.00	1.93	2.93
1 December 2008	0.90	1.71	2.72
2 December 2008	0.90	1.65	2.68
3 December 2008	0.87	1.60	2.67
4 December 2008	0.82	1.51	2.55
5 December 2008	0.93	1.67	2.67
8 December 2008	0.97	1.76	2.77
9 December 2008	0.84	1.61	2.67
10 December 2008	0.86	1.62	2.69
11 December 2008	0.79	1.55	2.64
12 December 2008	0.78	1.55	2.60
15 December 2008	0.75	1.50	2.53
16 December 2008	0.65	1.34	2.37
17 December 2008	0.73	1.35	2.20
18 December 2008	0.68	1.26	2.08
19 December 2008	0.74	1.35	2.13
22 December 2008	0.87	1.40	2.16
23 December 2008	0.90	1.53	2.18
24 December 2008	0.90	1.54	2.20
25 December 2008	ND	ND	ND
26 December 2008	0.89	1.51	2.16
29 December 2008	0.78	1.45	2.13
30 December 2008	0.75	1.47	2.11
31 December 2008	0.76	1.55	2.25
1 January 2009	ND	ND	ND
2 January 2009	0.88	1.72	2.46
5 January 2009	0.78	1.67	2.49
6 January 2009	0.80	1.68	2.51
7 January 2009	0.82	1.66	2.52
8 January 2009	0.83	1.60	2.47
9 January 2009	0.75	1.51	2.43
12 January 2009	0.74	1.45	2.34
13 January 2009	0.76	1.44	2.33
14 January 2009	0.73	1.36	2.24
15 January 2009	0.73	1.36	2.23
16 January 2009	0.73	1.47	2.36
19 January 2009	ND	ND	ND
20 January 2009	0.73	1.48	2.40
21 January 2009	0.78	1.60	2.56
22 January 2009	0.75	1.61	2.62
23 January 2009	0.83	1.64	2.65
26 January 2009	0.85	1.67	2.70
27 January 2009	0.87	1.59	2.59
28 January 2009	0.89	1.70	2.71
29 January 2009	0.95	1.87	2.87
30 January 2009	0.94	1.85	2.87
2 February 2009	0.89	1.75	2.76
3 February 2009	0.96	1.88	2.89
4 February 2009	0.98	1.91	2.95
5 February 2009	0.98	1.89	2.95
6 February 2009	0.99	1.97	3.05
9 February 2009	1.05	1.99	3.07
10 February 2009	0.92	1.79	2.90
11 February 2009	0.93	1.76	2.78
12 February 2009	0.89	1.73	2.75
13 February 2009	0.97	1.88	2.89
16 February 2009	ND	ND	ND
17 February 2009	0.87	1.65	2.64
18 February 2009	0.97	1.81	2.74
19 February 2009	1.01	1.89	2.85
20 February 2009	0.96	1.81	2.78
23 February 2009	0.96	1.84	2.78
24 February 2009	1.03	1.89	2.80
25 February 2009	1.09	2.06	2.95
26 February 2009	1.08	2.07	2.98
27 February 2009	1.00	1.99	3.02
2 March 2009	0.89	1.86	2.91
3 March 2009	0.91	1.87	2.93
4 March 2009	0.97	1.97	3.01
5 March 2009	0.90	1.82	2.83
6 March 2009	0.91	1.83	2.83
9 March 2009	0.96	1.90	2.89
10 March 2009	1.01	1.99	2.99
11 March 2009	1.03	1.96	2.95
12 March 2009	1.03	1.92	2.89
13 March 2009	0.98	1.87	2.89
16 March 2009	1.00	1.91	2.97
17 March 2009	1.05	2.00	3.02
18 March 2009	0.82	1.54	2.51
19 March 2009	0.87	1.64	2.61
20 March 2009	0.89	1.66	2.65
23 March 2009	0.93	1.69	2.68
24 March 2009	0.93	1.70	2.68
25 March 2009	0.96	1.84	2.81
26 March 2009	0.90	1.80	2.76
27 March 2009	0.90	1.79	2.78
30 March 2009	0.84	1.72	2.73
31 March 2009	0.81	1.67	2.71
1 April 2009	0.83	1.65	2.68
2 April 2009	0.88	1.74	2.77
3 April 2009	0.96	1.87	2.91
6 April 2009	0.94	1.90	2.95
7 April 2009	0.91	1.87	2.93
8 April 2009	0.93	1.83	2.86
9 April 2009	0.96	1.90	2.96
10 April 2009	ND	ND	ND
13 April 2009	0.89	1.81	2.88
14 April 2009	0.86	1.71	2.80
15 April 2009	0.86	1.71	2.82
16 April 2009	0.91	1.79	2.86
17 April 2009	0.99	1.91	2.98
20 April 2009	0.93	1.82	2.88
21 April 2009	0.96	1.87	2.94
22 April 2009	1.00	1.92	2.98
23 April 2009	0.97	1.89	2.96
24 April 2009	0.99	1.96	3.03
27 April 2009	0.90	1.87	2.95
28 April 2009	0.95	1.97	3.05
29 April 2009	0.94	2.01	3.12
30 April 2009	0.91	2.02	3.16
1 May 2009	0.92	2.03	3.21
4 May 2009	0.94	2.03	3.19
5 May 2009	0.98	2.05	3.20
6 May 2009	0.96	2.06	3.18
7 May 2009	1.00	2.15	3.29
8 May 2009	1.00	2.15	3.29
11 May 2009	0.92	2.04	3.17
12 May 2009	0.90	2.02	3.17
13 May 2009	0.89	1.98	3.11
14 May 2009	0.87	1.98	3.10
15 May 2009	0.88	2.01	3.14
18 May 2009	0.93	2.09	3.22
19 May 2009	0.91	2.12	3.25
20 May 2009	0.87	2.05	3.19
21 May 2009	0.89	2.16	3.35
22 May 2009	0.92	2.23	3.45
25 May 2009	ND	ND	ND
26 May 2009	0.96	2.30	3.50
27 May 2009	0.96	2.43	3.71
28 May 2009	0.97	2.46	3.67
29 May 2009	0.92	2.34	3.47
1 June 2009	0.97	2.55	3.71
2 June 2009	0.96	2.52	3.65
3 June 2009	0.91	2.43	3.56
4 June 2009	0.96	2.56	3.72
5 June 2009	1.32	2.85	3.84
8 June 2009	1.42	2.95	3.91
9 June 2009	1.33	2.86	3.86
10 June 2009	1.38	2.93	3.98
11 June 2009	1.35	2.87	3.88
12 June 2009	1.30	2.81	3.81
15 June 2009	1.26	2.75	3.76
16 June 2009	1.23	2.70	3.67
17 June 2009	1.19	2.69	3.68
18 June 2009	1.28	2.86	3.86
19 June 2009	1.25	2.82	3.79
22 June 2009	1.17	2.75	3.72
23 June 2009	1.14	2.71	3.65
24 June 2009	1.19	2.74	3.72
25 June 2009	1.12	2.58	3.55
26 June 2009	1.10	2.53	3.52
29 June 2009	1.11	2.53	3.51
30 June 2009	1.11	2.54	3.53
1 July 2009	1.05	2.51	3.55
2 July 2009	0.98	2.43	3.51
3 July 2009	ND	ND	ND
6 July 2009	0.96	2.40	3.52
7 July 2009	0.98	2.36	3.47
8 July 2009	0.91	2.23	3.33
9 July 2009	0.94	2.33	3.44
10 July 2009	0.91	2.22	3.32
13 July 2009	0.92	2.27	3.38
14 July 2009	0.97	2.37	3.50
15 July 2009	1.03	2.52	3.63
16 July 2009	1.00	2.46	3.59
17 July 2009	1.02	2.52	3.67
20 July 2009	0.99	2.46	3.61
21 July 2009	0.96	2.36	3.50
22 July 2009	0.98	2.43	3.58
23 July 2009	1.08	2.60	3.72
24 July 2009	1.05	2.57	3.70
27 July 2009	1.08	2.63	3.75
28 July 2009	1.12	2.63	3.72
29 July 2009	1.17	2.69	3.69
30 July 2009	1.19	2.66	3.67
31 July 2009	1.13	2.53	3.52
3 August 2009	1.18	2.66	3.66
4 August 2009	1.20	2.68	3.70
5 August 2009	1.23	2.73	3.80
6 August 2009	1.22	2.73	3.79
7 August 2009	1.32	2.84	3.89
10 August 2009	1.24	2.75	3.80
11 August 2009	1.21	2.69	3.71
12 August 2009	1.18	2.70	3.72
13 August 2009	1.12	2.58	3.59
14 August 2009	1.07	2.51	3.55
17 August 2009	1.04	2.43	3.48
18 August 2009	1.06	2.48	3.51
19 August 2009	1.01	2.43	3.45
20 August 2009	1.03	2.43	3.42
21 August 2009	1.13	2.58	3.56
24 August 2009	1.05	2.50	3.48
25 August 2009	1.05	2.48	3.45
26 August 2009	1.06	2.46	3.44
27 August 2009	1.04	2.48	3.47
28 August 2009	1.01	2.46	3.46
31 August 2009	0.97	2.39	3.40
1 September 2009	0.92	2.33	3.38
2 September 2009	0.89	2.26	3.29
3 September 2009	0.91	2.29	3.33
4 September 2009	0.94	2.36	3.45
7 September 2009	ND	ND	ND
8 September 2009	0.93	2.38	3.47
9 September 2009	0.93	2.38	3.48
10 September 2009	0.90	2.29	3.36
11 September 2009	0.90	2.29	3.34
14 September 2009	0.94	2.37	3.42
15 September 2009	0.96	2.41	3.47
16 September 2009	1.01	2.46	3.48
17 September 2009	0.98	2.41	3.42
18 September 2009	1.03	2.49	3.49
21 September 2009	1.02	2.47	3.49
22 September 2009	1.02	2.45	3.46
23 September 2009	0.96	2.40	3.44
24 September 2009	0.93	2.37	3.40
25 September 2009	0.98	2.36	3.34
28 September 2009	0.98	2.33	3.31
29 September 2009	1.00	2.34	3.31
30 September 2009	0.95	2.31	3.31
1 October 2009	0.87	2.20	3.21
2 October 2009	0.88	2.22	3.24
5 October 2009	0.88	2.21	3.24
6 October 2009	0.91	2.25	3.27
7 October 2009	0.87	2.16	3.21
8 October 2009	0.90	2.22	3.27
9 October 2009	0.98	2.36	3.40
12 October 2009	ND	ND	ND
13 October 2009	0.91	2.28	3.34
14 October 2009	0.96	2.36	3.45
15 October 2009	0.97	2.41	3.49
16 October 2009	0.97	2.37	3.43
19 October 2009	0.99	2.36	3.41
20 October 2009	0.95	2.30	3.35
21 October 2009	1.00	2.38	3.42
22 October 2009	0.97	2.39	3.44
23 October 2009	1.04	2.46	3.51
26 October 2009	1.06	2.53	3.59
27 October 2009	0.99	2.41	3.49
28 October 2009	0.95	2.37	3.44
29 October 2009	0.98	2.44	3.53
30 October 2009	0.90	2.31	3.41
2 November 2009	0.92	2.33	3.45
3 November 2009	0.92	2.36	3.50
4 November 2009	0.91	2.39	3.57
5 November 2009	0.90	2.35	3.57
6 November 2009	0.86	2.30	3.54
9 November 2009	0.87	2.31	3.52
10 November 2009	0.85	2.31	3.50
11 November 2009	ND	ND	ND
12 November 2009	0.82	2.28	3.45
13 November 2009	0.82	2.28	3.43
16 November 2009	0.78	2.19	3.33
17 November 2009	0.78	2.19	3.33
18 November 2009	0.77	2.21	3.36
19 November 2009	0.73	2.18	3.35
20 November 2009	0.75	2.20	3.36
23 November 2009	0.77	2.20	3.37
24 November 2009	0.73	2.15	3.32
25 November 2009	0.73	2.11	3.28
26 November 2009	ND	ND	ND
27 November 2009	0.68	2.03	3.21
30 November 2009	0.67	2.01	3.21
1 December 2009	0.67	2.03	3.28
2 December 2009	0.72	2.09	3.32
3 December 2009	0.74	2.14	3.39
4 December 2009	0.84	2.24	3.48
7 December 2009	0.78	2.19	3.44
8 December 2009	0.73	2.12	3.40
9 December 2009	0.76	2.15	3.45
10 December 2009	0.78	2.19	3.49
11 December 2009	0.83	2.26	3.55
14 December 2009	0.87	2.30	3.56
15 December 2009	0.88	2.35	3.60
16 December 2009	0.85	2.35	3.61
17 December 2009	0.77	2.24	3.50
18 December 2009	0.82	2.30	3.55
21 December 2009	0.89	2.43	3.69
22 December 2009	0.95	2.49	3.76
23 December 2009	0.96	2.51	3.77
24 December 2009	1.00	2.57	3.82
25 December 2009	ND	ND	ND
28 December 2009	1.09	2.62	3.85
29 December 2009	1.09	2.62	3.82
30 December 2009	1.08	2.61	3.80
31 December 2009	1.14	2.69	3.85
1 January 2010	ND	ND	ND
4 January 2010	1.09	2.65	3.85
5 January 2010	1.01	2.56	3.77
6 January 2010	1.01	2.60	3.85
7 January 2010	1.03	2.62	3.85
8 January 2010	0.96	2.57	3.83
11 January 2010	0.95	2.58	3.85
12 January 2010	0.92	2.49	3.74
13 January 2010	0.97	2.55	3.80
14 January 2010	0.94	2.51	3.76
15 January 2010	0.89	2.44	3.70
18 January 2010	ND	ND	ND
19 January 2010	0.93	2.48	3.73
20 January 2010	0.92	2.45	3.68
21 January 2010	0.87	2.38	3.62
22 January 2010	0.84	2.37	3.62
25 January 2010	0.86	2.39	3.66
26 January 2010	0.87	2.38	3.65
27 January 2010	0.90	2.43	3.66
28 January 2010	0.87	2.41	3.68
29 January 2010	0.82	2.34	3.63
1 February 2010	0.86	2.38	3.68
2 February 2010	0.86	2.37	3.67
3 February 2010	0.88	2.40	3.73
4 February 2010	0.80	2.29	3.62
5 February 2010	0.77	2.23	3.59
8 February 2010	0.79	2.26	3.62
9 February 2010	0.84	2.32	3.67
10 February 2010	0.91	2.39	3.72
11 February 2010	0.91	2.39	3.73
12 February 2010	0.84	2.35	3.69
15 February 2010	ND	ND	ND
16 February 2010	0.82	2.32	3.66
17 February 2010	0.87	2.40	3.74
18 February 2010	0.90	2.46	3.79
19 February 2010	0.95	2.48	3.78
22 February 2010	0.91	2.47	3.80
23 February 2010	0.87	2.37	3.69
24 February 2010	0.87	2.40	3.70
25 February 2010	0.82	2.33	3.64
26 February 2010	0.81	2.30	3.61
1 March 2010	0.80	2.28	3.61
2 March 2010	0.80	2.27	3.62
3 March 2010	0.82	2.27	3.63
4 March 2010	0.86	2.28	3.61
5 March 2010	0.91	2.35	3.69
8 March 2010	0.90	2.36	3.72
9 March 2010	0.89	2.34	3.71
10 March 2010	0.92	2.39	3.73
11 March 2010	0.97	2.43	3.73
12 March 2010	0.97	2.42	3.71
15 March 2010	0.96	2.42	3.71
16 March 2010	0.93	2.37	3.66
17 March 2010	0.95	2.38	3.65
18 March 2010	0.98	2.44	3.68
19 March 2010	1.02	2.48	3.70
22 March 2010	1.01	2.43	3.67
23 March 2010	1.02	2.44	3.69
24 March 2010	1.08	2.62	3.84
25 March 2010	1.10	2.65	3.91
26 March 2010	1.04	2.59	3.86
29 March 2010	1.04	2.60	3.88
30 March 2010	1.06	2.60	3.88
31 March 2010	1.02	2.55	3.84
1 April 2010	1.05	2.59	3.89
2 April 2010	1.11	2.67	3.96
5 April 2010	1.18	2.75	4.01
6 April 2010	1.14	2.71	3.98
7 April 2010	1.06	2.62	3.89
8 April 2010	1.09	2.64	3.91
9 April 2010	1.08	2.65	3.90
12 April 2010	1.07	2.60	3.87
13 April 2010	1.07	2.58	3.84
14 April 2010	1.07	2.61	3.88
15 April 2010	1.04	2.57	3.86
16 April 2010	0.98	2.49	3.79
19 April 2010	1.01	2.54	3.83
20 April 2010	1.05	2.56	3.82
21 April 2010	1.03	2.52	3.77
22 April 2010	1.07	2.57	3.80
23 April 2010	1.10	2.61	3.84
26 April 2010	1.09	2.60	3.83
27 April 2010	1.03	2.46	3.71
28 April 2010	1.03	2.53	3.80
29 April 2010	1.01	2.49	3.76
30 April 2010	0.97	2.43	3.69
3 May 2010	1.00	2.47	3.72
4 May 2010	0.96	2.38	3.63
5 May 2010	0.88	2.31	3.58
6 May 2010	0.75	2.13	3.41
7 May 2010	0.83	2.17	3.45
10 May 2010	0.87	2.27	3.57
11 May 2010	0.85	2.26	3.56
12 May 2010	0.89	2.29	3.56
13 May 2010	0.87	2.27	3.55
14 May 2010	0.79	2.16	3.44
17 May 2010	0.81	2.20	3.47
18 May 2010	0.76	2.11	3.38
19 May 2010	0.80	2.13	3.36
20 May 2010	0.76	2.04	3.25
21 May 2010	0.76	2.02	3.20
24 May 2010	0.77	2.04	3.23
25 May 2010	0.81	2.01	3.18
26 May 2010	0.82	2.06	3.21
27 May 2010	0.87	2.18	3.34
28 May 2010	0.76	2.10	3.31
31 May 2010	ND	ND	ND
1 June 2010	0.78	2.09	3.29
2 June 2010	0.82	2.14	3.35
3 June 2010	0.82	2.17	3.39
4 June 2010	0.72	1.98	3.20
7 June 2010	0.74	1.95	3.17
8 June 2010	0.74	1.98	3.18
9 June 2010	0.74	1.99	3.20
10 June 2010	0.79	2.12	3.33
11 June 2010	0.75	2.03	3.24
14 June 2010	0.77	2.07	3.28
15 June 2010	0.79	2.10	3.32
16 June 2010	0.75	2.06	3.27
17 June 2010	0.72	2.01	3.21
18 June 2010	0.74	2.04	3.24
21 June 2010	0.74	2.05	3.26
22 June 2010	0.71	1.98	3.18
23 June 2010	0.66	1.93	3.13
24 June 2010	0.67	1.93	3.14
25 June 2010	0.65	1.90	3.12
28 June 2010	0.62	1.83	3.05
29 June 2010	0.61	1.78	2.97
30 June 2010	0.61	1.79	2.97
1 July 2010	0.63	1.80	2.96
2 July 2010	0.63	1.82	3.00
5 July 2010	ND	ND	ND
6 July 2010	0.62	1.76	2.95
7 July 2010	0.63	1.79	3.00
8 July 2010	0.63	1.80	3.04
9 July 2010	0.63	1.85	3.07
12 July 2010	0.65	1.85	3.08
13 July 2010	0.67	1.90	3.15
14 July 2010	0.62	1.82	3.07
15 July 2010	0.61	1.76	3.00
16 July 2010	0.61	1.70	2.96
19 July 2010	0.61	1.73	2.99
20 July 2010	0.61	1.71	2.98
21 July 2010	0.58	1.66	2.90
22 July 2010	0.60	1.69	2.96
23 July 2010	0.60	1.75	3.02
26 July 2010	0.62	1.76	3.03
27 July 2010	0.65	1.82	3.08
28 July 2010	0.61	1.75	3.03
29 July 2010	0.59	1.70	3.03
30 July 2010	0.55	1.60	2.94
2 August 2010	0.56	1.64	2.99
3 August 2010	0.53	1.55	2.94
4 August 2010	0.56	1.62	2.98
5 August 2010	0.53	1.57	2.94
6 August 2010	0.50	1.51	2.86
9 August 2010	0.54	1.54	2.86
10 August 2010	0.52	1.46	2.79
11 August 2010	0.54	1.44	2.72
12 August 2010	0.55	1.48	2.74
13 August 2010	0.54	1.47	2.68
16 August 2010	0.51	1.40	2.58
17 August 2010	0.52	1.44	2.64
18 August 2010	0.51	1.46	2.64
19 August 2010	0.49	1.41	2.58
20 August 2010	0.49	1.47	2.62
23 August 2010	0.49	1.43	2.60
24 August 2010	0.50	1.36	2.50
25 August 2010	0.53	1.40	2.54
26 August 2010	0.51	1.38	2.50
27 August 2010	0.56	1.49	2.66
30 August 2010	0.50	1.39	2.54
31 August 2010	0.47	1.33	2.47
1 September 2010	0.50	1.41	2.58
2 September 2010	0.50	1.43	2.63
3 September 2010	0.52	1.49	2.72
6 September 2010	ND	ND	ND
7 September 2010	0.49	1.41	2.61
8 September 2010	0.52	1.46	2.66
9 September 2010	0.57	1.57	2.77
10 September 2010	0.58	1.59	2.81
13 September 2010	0.53	1.51	2.74
14 September 2010	0.50	1.43	2.68
15 September 2010	0.50	1.46	2.74
16 September 2010	0.48	1.48	2.77
17 September 2010	0.48	1.46	2.75
20 September 2010	0.47	1.43	2.72
21 September 2010	0.43	1.34	2.61
22 September 2010	0.44	1.33	2.56
23 September 2010	0.45	1.34	2.56
24 September 2010	0.45	1.37	2.62
27 September 2010	0.44	1.31	2.54
28 September 2010	0.37	1.25	2.48
29 September 2010	0.44	1.28	2.52
30 September 2010	0.42	1.27	2.53
1 October 2010	0.42	1.26	2.54
4 October 2010	0.41	1.23	2.50
5 October 2010	0.41	1.21	2.50
6 October 2010	0.38	1.16	2.41
7 October 2010	0.36	1.14	2.41
8 October 2010	0.35	1.11	2.41
11 October 2010	ND	ND	ND
12 October 2010	0.37	1.14	2.44
13 October 2010	0.37	1.13	2.46
14 October 2010	0.38	1.18	2.52
15 October 2010	0.37	1.20	2.59
18 October 2010	0.38	1.14	2.52
19 October 2010	0.37	1.11	2.50
20 October 2010	0.35	1.11	2.51
21 October 2010	0.37	1.15	2.57
22 October 2010	0.35	1.17	2.59
25 October 2010	0.37	1.20	2.59
26 October 2010	0.40	1.27	2.67
27 October 2010	0.40	1.34	2.75
28 October 2010	0.37	1.23	2.69
29 October 2010	0.34	1.17	2.63
1 November 2010	0.34	1.17	2.66
2 November 2010	0.34	1.15	2.63
3 November 2010	0.34	1.11	2.67
4 November 2010	0.33	1.04	2.53
5 November 2010	0.38	1.10	2.58
8 November 2010	0.41	1.13	2.60
9 November 2010	0.46	1.27	2.72
10 November 2010	0.44	1.23	2.65
11 November 2010	ND	ND	ND
12 November 2010	0.51	1.35	2.76
15 November 2010	0.53	1.51	2.92
16 November 2010	0.51	1.49	2.85
17 November 2010	0.50	1.49	2.89
18 November 2010	0.52	1.51	2.90
19 November 2010	0.52	1.54	2.88
22 November 2010	0.49	1.44	2.80
23 November 2010	0.45	1.40	2.77
24 November 2010	0.53	1.56	2.93
25 November 2010	ND	ND	ND
26 November 2010	0.51	1.53	2.87
29 November 2010	0.52	1.51	2.84
30 November 2010	0.45	1.47	2.81
1 December 2010	0.53	1.64	2.97
2 December 2010	0.55	1.68	3.01
3 December 2010	0.49	1.64	3.03
6 December 2010	0.42	1.53	2.95
7 December 2010	0.54	1.74	3.15
8 December 2010	0.63	1.87	3.26
9 December 2010	0.64	1.90	3.23
10 December 2010	0.64	1.98	3.32
13 December 2010	0.61	1.91	3.29
14 December 2010	0.66	2.08	3.49
15 December 2010	0.68	2.11	3.53
16 December 2010	0.66	2.06	3.47
17 December 2010	0.61	1.97	3.33
20 December 2010	0.62	1.99	3.36
21 December 2010	0.63	1.99	3.35
22 December 2010	0.65	2.02	3.36
23 December 2010	0.67	2.09	3.41
24 December 2010	ND	ND	ND
27 December 2010	0.71	2.08	3.36
28 December 2010	0.75	2.18	3.50
29 December 2010	0.64	2.03	3.35
30 December 2010	0.66	2.06	3.38
31 December 2010	0.61	2.01	3.30
3 January 2011	0.61	2.02	3.36
4 January 2011	0.63	2.01	3.36
5 January 2011	0.71	2.14	3.50
6 January 2011	0.68	2.09	3.44
7 January 2011	0.60	1.96	3.34
10 January 2011	0.59	1.93	3.32
11 January 2011	0.60	1.98	3.37
12 January 2011	0.61	1.99	3.40
13 January 2011	0.59	1.93	3.34
14 January 2011	0.59	1.95	3.35
17 January 2011	ND	ND	ND
18 January 2011	0.60	1.97	3.39
19 January 2011	0.60	1.95	3.37
20 January 2011	0.65	2.06	3.47
21 January 2011	0.63	2.04	3.44
24 January 2011	0.65	2.03	3.43
25 January 2011	0.62	1.96	3.35
26 January 2011	0.62	2.03	3.45
27 January 2011	0.59	1.98	3.42
28 January 2011	0.54	1.92	3.36
31 January 2011	0.58	1.95	3.42
1 February 2011	0.61	2.02	3.48
2 February 2011	0.67	2.10	3.52
3 February 2011	0.71	2.18	3.58
4 February 2011	0.77	2.27	3.68
7 February 2011	0.78	2.29	3.68
8 February 2011	0.86	2.39	3.75
9 February 2011	0.81	2.33	3.65
10 February 2011	0.85	2.40	3.70
11 February 2011	0.85	2.38	3.64
14 February 2011	0.87	2.37	3.62
15 February 2011	0.84	2.35	3.61
16 February 2011	0.86	2.37	3.62
17 February 2011	0.80	2.30	3.58
18 February 2011	0.78	2.30	3.59
21 February 2011	ND	ND	ND
22 February 2011	0.74	2.16	3.46
23 February 2011	0.74	2.21	3.49
24 February 2011	0.73	2.19	3.46
25 February 2011	0.72	2.16	3.42
28 February 2011	0.69	2.13	3.42
1 March 2011	0.66	2.11	3.41
2 March 2011	0.69	2.16	3.46
3 March 2011	0.79	2.30	3.58
4 March 2011	0.68	2.17	3.49
7 March 2011	0.70	2.19	3.51
8 March 2011	0.73	2.22	3.56
9 March 2011	0.70	2.16	3.48
10 March 2011	0.65	2.05	3.37
11 March 2011	0.64	2.06	3.40
14 March 2011	0.61	2.00	3.36
15 March 2011	0.63	2.00	3.33
16 March 2011	0.58	1.87	3.22
17 March 2011	0.60	1.91	3.25
18 March 2011	0.61	1.96	3.28
21 March 2011	0.67	2.04	3.34
22 March 2011	0.68	2.07	3.34
23 March 2011	0.69	2.07	3.36
24 March 2011	0.72	2.14	3.42
25 March 2011	0.79	2.20	3.46
28 March 2011	0.81	2.23	3.47
29 March 2011	0.81	2.25	3.50
30 March 2011	0.80	2.21	3.47
31 March 2011	0.80	2.24	3.47
1 April 2011	0.80	2.24	3.46
4 April 2011	0.77	2.20	3.45
5 April 2011	0.84	2.28	3.50
6 April 2011	0.85	2.32	3.56
7 April 2011	0.81	2.29	3.58
8 April 2011	0.83	2.31	3.59
11 April 2011	0.85	2.31	3.59
12 April 2011	0.77	2.22	3.52
13 April 2011	0.75	2.19	3.49
14 April 2011	0.77	2.23	3.51
15 April 2011	0.71	2.14	3.43
18 April 2011	0.69	2.09	3.40
19 April 2011	0.68	2.09	3.39
20 April 2011	0.69	2.15	3.43
21 April 2011	0.68	2.14	3.42
22 April 2011	ND	ND	ND
25 April 2011	0.67	2.10	3.39
26 April 2011	0.65	2.05	3.34
27 April 2011	0.65	2.06	3.39
28 April 2011	0.62	2.00	3.34
29 April 2011	0.61	1.97	3.32
2 May 2011	0.61	1.96	3.31
3 May 2011	0.61	1.96	3.28
4 May 2011	0.60	1.95	3.25
5 May 2011	0.58	1.88	3.18
6 May 2011	0.57	1.87	3.19
9 May 2011	0.57	1.84	3.17
10 May 2011	0.59	1.91	3.23
11 May 2011	0.56	1.87	3.19
12 May 2011	0.57	1.89	3.22
13 May 2011	0.57	1.86	3.18
16 May 2011	0.54	1.83	3.15
17 May 2011	0.55	1.80	3.12
18 May 2011	0.58	1.87	3.18
19 May 2011	0.55	1.85	3.17
20 May 2011	0.55	1.82	3.15
23 May 2011	0.55	1.80	3.13
24 May 2011	0.56	1.81	3.12
25 May 2011	0.54	1.81	3.13
26 May 2011	0.48	1.72	3.07
27 May 2011	0.48	1.71	3.07
30 May 2011	ND	ND	ND
31 May 2011	0.45	1.68	3.05
1 June 2011	0.44	1.60	2.96
2 June 2011	0.45	1.65	3.04
3 June 2011	0.42	1.60	2.99
6 June 2011	0.43	1.60	3.01
7 June 2011	0.39	1.59	3.01
8 June 2011	0.39	1.52	2.98
9 June 2011	0.43	1.60	3.01
10 June 2011	0.41	1.58	2.99
13 June 2011	0.40	1.59	3.00
14 June 2011	0.45	1.70	3.11
15 June 2011	0.38	1.55	2.98
16 June 2011	0.38	1.52	2.93
17 June 2011	0.38	1.53	2.94
20 June 2011	0.38	1.55	2.97
21 June 2011	0.40	1.57	2.99
22 June 2011	0.39	1.58	3.01
23 June 2011	0.35	1.48	2.93
24 June 2011	0.35	1.40	2.88
27 June 2011	0.41	1.47	2.95
28 June 2011	0.48	1.62	3.05
29 June 2011	0.47	1.70	3.14
30 June 2011	0.45	1.76	3.18
1 July 2011	0.50	1.80	3.22
4 July 2011	ND	ND	ND
5 July 2011	0.44	1.70	3.16
6 July 2011	0.43	1.66	3.12
7 July 2011	0.49	1.74	3.17
8 July 2011	0.40	1.57	3.03
11 July 2011	0.37	1.49	2.94
12 July 2011	0.37	1.47	2.92
13 July 2011	0.37	1.45	2.92
14 July 2011	0.38	1.51	2.98
15 July 2011	0.37	1.46	2.94
18 July 2011	0.37	1.45	2.94
19 July 2011	0.39	1.45	2.91
20 July 2011	0.40	1.49	2.96
21 July 2011	0.40	1.56	3.03
22 July 2011	0.40	1.53	2.99
25 July 2011	0.42	1.55	3.03
26 July 2011	0.41	1.51	2.99
27 July 2011	0.44	1.56	3.01
28 July 2011	0.42	1.52	2.98
29 July 2011	0.36	1.35	2.82
1 August 2011	0.38	1.32	2.77
2 August 2011	0.33	1.23	2.66
3 August 2011	0.33	1.25	2.64
4 August 2011	0.27	1.12	2.47
5 August 2011	0.28	1.23	2.58
8 August 2011	0.27	1.11	2.40
9 August 2011	0.19	0.91	2.20
10 August 2011	0.19	0.93	2.17
11 August 2011	0.19	1.02	2.34
12 August 2011	0.20	0.96	2.24
15 August 2011	0.19	0.99	2.29
16 August 2011	0.20	0.95	2.23
17 August 2011	0.19	0.92	2.17
18 August 2011	0.20	0.90	2.08
19 August 2011	0.20	0.90	2.07
22 August 2011	0.22	0.94	2.10
23 August 2011	0.22	0.95	2.15
24 August 2011	0.23	1.05	2.29
25 August 2011	0.22	0.98	2.23
26 August 2011	0.20	0.94	2.19
29 August 2011	0.20	0.99	2.28
30 August 2011	0.20	0.94	2.19
31 August 2011	0.20	0.96	2.23
1 September 2011	0.19	0.90	2.15
2 September 2011	0.20	0.88	2.02
5 September 2011	ND	ND	ND
6 September 2011	0.21	0.88	1.98
7 September 2011	0.21	0.92	2.05
8 September 2011	0.19	0.88	2.00
9 September 2011	0.17	0.81	1.93
12 September 2011	0.21	0.87	1.94
13 September 2011	0.21	0.89	2.00
14 September 2011	0.19	0.91	2.03
15 September 2011	0.21	0.95	2.09
16 September 2011	0.18	0.94	2.08
19 September 2011	0.16	0.85	1.97
20 September 2011	0.18	0.85	1.95
21 September 2011	0.21	0.88	1.88
22 September 2011	0.20	0.79	1.72
23 September 2011	0.23	0.89	1.84
26 September 2011	0.25	0.92	1.91
27 September 2011	0.25	0.97	2.00
28 September 2011	0.27	0.99	2.03
29 September 2011	0.27	0.98	1.99
30 September 2011	0.25	0.96	1.92
3 October 2011	0.24	0.87	1.80
4 October 2011	0.25	0.90	1.81
5 October 2011	0.25	0.96	1.92
6 October 2011	0.29	1.01	2.01
7 October 2011	0.30	1.08	2.10
10 October 2011	ND	ND	ND
11 October 2011	0.32	1.14	2.18
12 October 2011	0.29	1.17	2.24
13 October 2011	0.29	1.11	2.19
14 October 2011	0.28	1.12	2.26
17 October 2011	0.28	1.08	2.18
18 October 2011	0.28	1.07	2.19
19 October 2011	0.28	1.05	2.18
20 October 2011	0.28	1.07	2.20
21 October 2011	0.30	1.08	2.23
24 October 2011	0.30	1.10	2.25
25 October 2011	0.26	1.01	2.14
26 October 2011	0.28	1.09	2.23
27 October 2011	0.31	1.20	2.42
28 October 2011	0.28	1.13	2.34
31 October 2011	0.25	0.99	2.17
1 November 2011	0.23	0.90	2.01
2 November 2011	0.23	0.89	2.03
3 November 2011	0.24	0.91	2.09
4 November 2011	0.22	0.88	2.06
7 November 2011	0.25	0.88	2.04
8 November 2011	0.25	0.92	2.10
9 November 2011	0.24	0.88	2.00
10 November 2011	0.24	0.90	2.04
11 November 2011	ND	ND	ND
14 November 2011	0.24	0.91	2.04
15 November 2011	0.26	0.93	2.06
16 November 2011	0.26	0.90	2.01
17 November 2011	0.27	0.88	1.96
18 November 2011	0.29	0.94	2.01
21 November 2011	0.27	0.92	1.97
22 November 2011	0.26	0.91	1.94
23 November 2011	0.26	0.88	1.89
24 November 2011	ND	ND	ND
25 November 2011	0.28	0.93	1.97
28 November 2011	0.26	0.91	1.97
29 November 2011	0.27	0.93	2.00
30 November 2011	0.25	0.96	2.08
1 December 2011	0.27	0.97	2.11
2 December 2011	0.25	0.92	2.05
5 December 2011	0.27	0.93	2.04
6 December 2011	0.25	0.94	2.08
7 December 2011	0.24	0.89	2.02
8 December 2011	0.22	0.86	1.99
9 December 2011	0.22	0.89	2.07
12 December 2011	0.24	0.87	2.03
13 December 2011	0.24	0.85	1.96
14 December 2011	0.25	0.86	1.92
15 December 2011	0.26	0.86	1.92
16 December 2011	0.24	0.81	1.86
19 December 2011	0.24	0.82	1.82
20 December 2011	0.26	0.88	1.94
21 December 2011	0.28	0.91	1.98
22 December 2011	0.28	0.91	1.97
23 December 2011	0.28	0.97	2.03
26 December 2011	ND	ND	ND
27 December 2011	0.30	0.96	2.02
28 December 2011	0.28	0.91	1.93
29 December 2011	0.28	0.88	1.91
30 December 2011	0.25	0.83	1.89
2 January 2012	ND	ND	ND
3 January 2012	0.27	0.89	1.97
4 January 2012	0.25	0.89	2.00
5 January 2012	0.27	0.88	2.02
6 January 2012	0.25	0.86	1.98
9 January 2012	0.26	0.85	1.98
10 January 2012	0.24	0.86	2.00
11 January 2012	0.24	0.82	1.93
12 January 2012	0.22	0.84	1.94
13 January 2012	0.24	0.80	1.89
16 January 2012	ND	ND	ND
17 January 2012	0.21	0.79	1.87
18 January 2012	0.24	0.82	1.92
19 January 2012	0.26	0.87	2.01
20 January 2012	0.26	0.91	2.05
23 January 2012	0.26	0.93	2.09
24 January 2012	0.24	0.92	2.08
25 January 2012	0.22	0.81	2.01
26 January 2012	0.22	0.77	1.96
27 January 2012	0.22	0.75	1.93
30 January 2012	0.22	0.73	1.87
31 January 2012	0.22	0.71	1.83
1 February 2012	0.23	0.72	1.87
2 February 2012	0.23	0.71	1.86
3 February 2012	0.23	0.78	1.97
6 February 2012	0.24	0.76	1.93
7 February 2012	0.25	0.82	2.00
8 February 2012	0.27	0.82	2.01
9 February 2012	0.27	0.86	2.04
10 February 2012	0.27	0.81	1.96
13 February 2012	0.29	0.85	1.99
14 February 2012	0.29	0.81	1.92
15 February 2012	0.29	0.81	1.93
16 February 2012	0.29	0.87	1.99
17 February 2012	0.29	0.88	2.01
20 February 2012	ND	ND	ND
21 February 2012	0.31	0.92	2.05
22 February 2012	0.29	0.88	2.01
23 February 2012	0.31	0.88	1.99
24 February 2012	0.31	0.89	1.98
27 February 2012	0.30	0.84	1.92
28 February 2012	0.30	0.84	1.94
29 February 2012	0.30	0.87	1.98
1 March 2012	0.30	0.89	2.03
2 March 2012	0.28	0.84	1.99
5 March 2012	0.31	0.87	2.00
6 March 2012	0.30	0.83	1.96
7 March 2012	0.30	0.85	1.98
8 March 2012	0.32	0.89	2.03
9 March 2012	0.33	0.90	2.04
12 March 2012	0.33	0.92	2.04
13 March 2012	0.35	0.99	2.14
14 March 2012	0.40	1.13	2.29
15 March 2012	0.37	1.11	2.29
16 March 2012	0.37	1.13	2.31
19 March 2012	0.39	1.20	2.39
20 March 2012	0.41	1.22	2.38
21 March 2012	0.39	1.15	2.31
22 March 2012	0.37	1.13	2.29
23 March 2012	0.37	1.10	2.25
26 March 2012	0.36	1.09	2.26
27 March 2012	0.33	1.04	2.20
28 March 2012	0.34	1.05	2.21
29 March 2012	0.33	1.01	2.18
30 March 2012	0.33	1.04	2.23
2 April 2012	0.33	1.03	2.22
3 April 2012	0.36	1.10	2.30
4 April 2012	0.35	1.05	2.25
5 April 2012	0.35	1.01	2.19
6 April 2012	0.32	0.89	2.07
9 April 2012	0.32	0.90	2.06
10 April 2012	0.28	0.85	2.01
11 April 2012	0.30	0.89	2.05
12 April 2012	0.29	0.90	2.08
13 April 2012	0.27	0.86	2.02
16 April 2012	0.27	0.85	2.00
17 April 2012	0.27	0.88	2.03
18 April 2012	0.27	0.86	2.00
19 April 2012	0.27	0.84	1.98
20 April 2012	0.29	0.86	1.99
23 April 2012	0.27	0.83	1.96
24 April 2012	0.27	0.86	2.00
25 April 2012	0.26	0.86	2.01
26 April 2012	0.26	0.83	1.98
27 April 2012	0.26	0.82	1.96
30 April 2012	0.27	0.82	1.95
1 May 2012	0.27	0.84	1.98
2 May 2012	0.27	0.82	1.96
3 May 2012	0.28	0.82	1.96
4 May 2012	0.27	0.78	1.91
7 May 2012	0.27	0.79	1.92
8 May 2012	0.27	0.77	1.88
9 May 2012	0.27	0.77	1.87
10 May 2012	0.27	0.79	1.89
11 May 2012	0.27	0.75	1.84
14 May 2012	0.29	0.73	1.78
15 May 2012	0.29	0.74	1.76
16 May 2012	0.30	0.75	1.76
17 May 2012	0.32	0.74	1.70
18 May 2012	0.32	0.75	1.71
21 May 2012	0.30	0.75	1.75
22 May 2012	0.30	0.78	1.79
23 May 2012	0.28	0.74	1.73
24 May 2012	0.29	0.77	1.77
25 May 2012	0.30	0.76	1.75
28 May 2012	ND	ND	ND
29 May 2012	0.30	0.76	1.74
30 May 2012	0.27	0.69	1.63
31 May 2012	0.27	0.67	1.59
1 June 2012	0.25	0.62	1.47
4 June 2012	0.25	0.68	1.53
5 June 2012	0.25	0.68	1.57
6 June 2012	0.26	0.73	1.66
7 June 2012	0.27	0.72	1.66
8 June 2012	0.28	0.71	1.65
11 June 2012	0.27	0.69	1.60
12 June 2012	0.30	0.75	1.67
13 June 2012	0.30	0.71	1.61
14 June 2012	0.30	0.73	1.64
15 June 2012	0.29	0.68	1.60
18 June 2012	0.29	0.69	1.59
19 June 2012	0.30	0.71	1.64
20 June 2012	0.32	0.74	1.65
21 June 2012	0.32	0.73	1.63
22 June 2012	0.31	0.76	1.69
25 June 2012	0.31	0.72	1.63
26 June 2012	0.31	0.75	1.66
27 June 2012	0.31	0.73	1.65
28 June 2012	0.31	0.69	1.60
29 June 2012	0.33	0.72	1.67
2 July 2012	0.30	0.67	1.61
3 July 2012	0.30	0.69	1.65
4 July 2012	ND	ND	ND
5 July 2012	0.28	0.68	1.62
6 July 2012	0.27	0.64	1.57
9 July 2012	0.27	0.63	1.53
10 July 2012	0.27	0.63	1.53
11 July 2012	0.27	0.64	1.54
12 July 2012	0.25	0.63	1.50
13 July 2012	0.25	0.63	1.52
16 July 2012	0.24	0.60	1.50
17 July 2012	0.25	0.62	1.53
18 July 2012	0.22	0.60	1.52
19 July 2012	0.22	0.62	1.54
20 July 2012	0.22	0.59	1.49
23 July 2012	0.22	0.57	1.47
24 July 2012	0.22	0.57	1.44
25 July 2012	0.22	0.56	1.43
26 July 2012	0.23	0.58	1.45
27 July 2012	0.25	0.65	1.58
30 July 2012	0.23	0.61	1.53
31 July 2012	0.23	0.60	1.51
1 August 2012	0.24	0.63	1.56
2 August 2012	0.24	0.61	1.51
3 August 2012	0.24	0.67	1.60
6 August 2012	0.24	0.65	1.59
7 August 2012	0.27	0.71	1.66
8 August 2012	0.29	0.73	1.68
9 August 2012	0.29	0.74	1.69
10 August 2012	0.27	0.71	1.65
13 August 2012	0.27	0.71	1.65
14 August 2012	0.27	0.75	1.73
15 August 2012	0.27	0.80	1.80
16 August 2012	0.29	0.83	1.83
17 August 2012	0.29	0.81	1.81
20 August 2012	0.29	0.80	1.82
21 August 2012	0.31	0.80	1.80
22 August 2012	0.26	0.71	1.71
23 August 2012	0.26	0.71	1.68
24 August 2012	0.28	0.72	1.68
27 August 2012	0.28	0.70	1.65
28 August 2012	0.27	0.69	1.64
29 August 2012	0.27	0.69	1.66
30 August 2012	0.27	0.66	1.63
31 August 2012	0.22	0.59	1.57
3 September 2012	ND	ND	ND
4 September 2012	0.23	0.62	1.59
5 September 2012	0.25	0.62	1.60
6 September 2012	0.27	0.68	1.68
7 September 2012	0.25	0.64	1.67
10 September 2012	0.25	0.66	1.68
11 September 2012	0.25	0.67	1.70
12 September 2012	0.25	0.70	1.77
13 September 2012	0.24	0.65	1.75
14 September 2012	0.27	0.72	1.88
17 September 2012	0.25	0.73	1.85
18 September 2012	0.25	0.71	1.82
19 September 2012	0.27	0.70	1.79
20 September 2012	0.27	0.70	1.80
21 September 2012	0.27	0.68	1.77
24 September 2012	0.27	0.68	1.74
25 September 2012	0.27	0.66	1.70
26 September 2012	0.26	0.63	1.64
27 September 2012	0.25	0.64	1.66
28 September 2012	0.23	0.62	1.65
1 October 2012	0.25	0.62	1.64
2 October 2012	0.23	0.61	1.64
3 October 2012	0.23	0.61	1.64
4 October 2012	0.23	0.63	1.70
5 October 2012	0.27	0.67	1.75
8 October 2012	ND	ND	ND
9 October 2012	0.25	0.67	1.74
10 October 2012	0.27	0.66	1.72
11 October 2012	0.28	0.67	1.70
12 October 2012	0.27	0.67	1.69
15 October 2012	0.27	0.67	1.70
16 October 2012	0.27	0.70	1.75
17 October 2012	0.30	0.78	1.83
18 October 2012	0.29	0.79	1.86
19 October 2012	0.30	0.77	1.79
22 October 2012	0.32	0.79	1.83
23 October 2012	0.29	0.77	1.79
24 October 2012	0.29	0.76	1.80
25 October 2012	0.31	0.82	1.86
26 October 2012	0.30	0.76	1.78
29 October 2012	0.30	0.74	1.74
30 October 2012	ND	ND	ND
31 October 2012	0.30	0.72	1.72
1 November 2012	0.30	0.73	1.75
2 November 2012	0.28	0.73	1.75
5 November 2012	0.28	0.70	1.72
6 November 2012	0.30	0.75	1.78
7 November 2012	0.27	0.67	1.68
8 November 2012	0.27	0.65	1.62
9 November 2012	0.27	0.65	1.61
12 November 2012	ND	ND	ND
13 November 2012	0.27	0.63	1.59
14 November 2012	0.25	0.63	1.59
15 November 2012	0.24	0.62	1.58
16 November 2012	0.24	0.62	1.58
19 November 2012	0.25	0.64	1.61
20 November 2012	0.27	0.67	1.66
21 November 2012	0.27	0.69	1.69
22 November 2012	ND	ND	ND
23 November 2012	0.29	0.70	1.70
26 November 2012	0.27	0.68	1.66
27 November 2012	0.27	0.66	1.64
28 November 2012	0.27	0.64	1.63
29 November 2012	0.25	0.63	1.62
30 November 2012	0.25	0.61	1.62
3 December 2012	0.25	0.63	1.63
4 December 2012	0.25	0.63	1.62
5 December 2012	0.25	0.61	1.60
6 December 2012	0.25	0.60	1.59
7 December 2012	0.25	0.63	1.64
10 December 2012	0.24	0.62	1.63
11 December 2012	0.24	0.64	1.66
12 December 2012	0.25	0.66	1.72
13 December 2012	0.27	0.70	1.74
14 December 2012	0.24	0.70	1.72
17 December 2012	0.25	0.74	1.78
18 December 2012	0.28	0.78	1.84
19 December 2012	0.28	0.77	1.82
20 December 2012	0.28	0.77	1.81
21 December 2012	0.26	0.75	1.77
24 December 2012	0.26	0.77	1.79
25 December 2012	ND	ND	ND
26 December 2012	0.26	0.76	1.77
27 December 2012	0.26	0.72	1.74
28 December 2012	0.27	0.72	1.73
31 December 2012	0.25	0.72	1.78
1 January 2013	ND	ND	ND
2 January 2013	0.27	0.76	1.86
3 January 2013	0.27	0.81	1.92
4 January 2013	0.27	0.82	1.93
7 January 2013	0.27	0.82	1.92
8 January 2013	0.25	0.79	1.89
9 January 2013	0.24	0.77	1.88
10 January 2013	0.26	0.80	1.91
11 January 2013	0.26	0.78	1.89
14 January 2013	0.26	0.78	1.89
15 January 2013	0.26	0.75	1.86
16 January 2013	0.26	0.75	1.84
17 January 2013	0.28	0.79	1.89
18 January 2013	0.26	0.77	1.87
21 January 2013	ND	ND	ND
22 January 2013	0.26	0.76	1.86
23 January 2013	0.26	0.76	1.86
24 January 2013	0.23	0.78	1.88
25 January 2013	0.28	0.87	1.98
28 January 2013	0.29	0.89	2.00
29 January 2013	0.30	0.90	2.03
30 January 2013	0.27	0.88	2.03
31 January 2013	0.27	0.88	2.02
1 February 2013	0.27	0.88	2.04
4 February 2013	0.25	0.85	2.00
5 February 2013	0.27	0.88	2.04
6 February 2013	0.27	0.84	2.00
7 February 2013	0.25	0.83	1.99
8 February 2013	0.25	0.84	1.99
11 February 2013	0.27	0.85	1.99
12 February 2013	0.29	0.88	2.02
13 February 2013	0.29	0.92	2.05
14 February 2013	0.27	0.86	2.00
15 February 2013	0.29	0.87	2.01
18 February 2013	ND	ND	ND
19 February 2013	0.29	0.89	2.03
20 February 2013	0.27	0.88	2.02
21 February 2013	0.26	0.86	1.99
22 February 2013	0.27	0.84	1.97
25 February 2013	0.25	0.78	1.88
26 February 2013	0.25	0.78	1.88
27 February 2013	0.27	0.78	1.91
28 February 2013	0.25	0.77	1.89
1 March 2013	0.25	0.75	1.86
4 March 2013	0.24	0.76	1.88
5 March 2013	0.25	0.77	1.90
6 March 2013	0.25	0.81	1.95
7 March 2013	0.25	0.85	2.00
8 March 2013	0.27	0.90	2.06
11 March 2013	0.27	0.90	2.07
12 March 2013	0.27	0.88	2.03
13 March 2013	0.27	0.89	2.04
14 March 2013	0.27	0.88	2.04
15 March 2013	0.25	0.84	2.01
18 March 2013	0.26	0.81	1.96
19 March 2013	0.24	0.79	1.92
20 March 2013	0.26	0.81	1.96
21 March 2013	0.27	0.81	1.95
22 March 2013	0.26	0.80	1.93
25 March 2013	0.24	0.80	1.93
26 March 2013	0.25	0.79	1.92
27 March 2013	0.25	0.76	1.87
28 March 2013	0.25	0.77	1.87
29 March 2013	ND	ND	ND
1 April 2013	0.23	0.76	1.86
2 April 2013	0.25	0.78	1.88
3 April 2013	0.24	0.73	1.83
4 April 2013	0.22	0.69	1.78
5 April 2013	0.24	0.68	1.72
8 April 2013	0.24	0.71	1.76
9 April 2013	0.24	0.70	1.78
10 April 2013	0.24	0.74	1.84
11 April 2013	0.24	0.74	1.82
12 April 2013	0.22	0.70	1.75
15 April 2013	0.22	0.69	1.72
16 April 2013	0.24	0.71	1.75
17 April 2013	0.24	0.71	1.73
18 April 2013	0.24	0.71	1.72
19 April 2013	0.24	0.72	1.73
22 April 2013	0.24	0.70	1.72
23 April 2013	0.23	0.71	1.74
24 April 2013	0.23	0.70	1.73
25 April 2013	0.23	0.71	1.74
26 April 2013	0.22	0.68	1.70
29 April 2013	0.20	0.68	1.70
30 April 2013	0.22	0.68	1.70
1 May 2013	0.20	0.65	1.66
2 May 2013	0.20	0.65	1.66
3 May 2013	0.22	0.73	1.78
6 May 2013	0.22	0.74	1.80
7 May 2013	0.22	0.75	1.82
8 May 2013	0.22	0.75	1.81
9 May 2013	0.22	0.75	1.81
10 May 2013	0.26	0.82	1.90
13 May 2013	0.24	0.83	1.92
14 May 2013	0.26	0.85	1.96
15 May 2013	0.26	0.84	1.94
16 May 2013	0.23	0.79	1.87
17 May 2013	0.26	0.84	1.95
20 May 2013	0.26	0.85	1.97
21 May 2013	0.26	0.84	1.94
22 May 2013	0.26	0.91	2.03
23 May 2013	0.26	0.91	2.02
24 May 2013	0.26	0.90	2.01
27 May 2013	ND	ND	ND
28 May 2013	0.29	1.02	2.15
29 May 2013	0.30	1.02	2.13
30 May 2013	0.31	1.01	2.13
31 May 2013	0.30	1.05	2.16
3 June 2013	0.30	1.03	2.13
4 June 2013	0.32	1.05	2.14
5 June 2013	0.30	1.02	2.10
6 June 2013	0.30	1.01	2.08
7 June 2013	0.32	1.10	2.17
10 June 2013	0.32	1.13	2.22
11 June 2013	0.34	1.12	2.20
12 June 2013	0.34	1.15	2.25
13 June 2013	0.32	1.11	2.19
14 June 2013	0.29	1.04	2.14
17 June 2013	0.27	1.06	2.19
18 June 2013	0.27	1.07	2.20
19 June 2013	0.31	1.24	2.33
20 June 2013	0.33	1.31	2.41
21 June 2013	0.38	1.42	2.52
24 June 2013	0.42	1.48	2.57
25 June 2013	0.43	1.49	2.60
26 June 2013	0.39	1.45	2.55
27 June 2013	0.36	1.38	2.49
28 June 2013	0.36	1.41	2.52
1 July 2013	0.34	1.39	2.50
2 July 2013	0.34	1.38	2.48
3 July 2013	0.36	1.42	2.52
4 July 2013	ND	ND	ND
5 July 2013	0.40	1.60	2.73
8 July 2013	0.37	1.51	2.65
9 July 2013	0.37	1.50	2.65
10 July 2013	0.38	1.54	2.70
11 July 2013	0.34	1.40	2.60
12 July 2013	0.37	1.43	2.61
15 July 2013	0.34	1.40	2.57
16 July 2013	0.34	1.38	2.55
17 July 2013	0.32	1.33	2.52
18 July 2013	0.32	1.35	2.56
19 July 2013	0.32	1.31	2.50
22 July 2013	0.32	1.32	2.50
23 July 2013	0.33	1.33	2.53
24 July 2013	0.34	1.40	2.61
25 July 2013	0.32	1.38	2.61
26 July 2013	0.31	1.36	2.58
29 July 2013	0.33	1.37	2.61
30 July 2013	0.33	1.39	2.63
31 July 2013	0.31	1.38	2.60
1 August 2013	0.35	1.49	2.74
2 August 2013	0.30	1.36	2.63
5 August 2013	0.32	1.39	2.67
6 August 2013	0.32	1.39	2.67
7 August 2013	0.32	1.38	2.61
8 August 2013	0.30	1.36	2.58
9 August 2013	0.32	1.36	2.57
12 August 2013	0.32	1.39	2.61
13 August 2013	0.34	1.49	2.71
14 August 2013	0.34	1.48	2.71
15 August 2013	0.36	1.54	2.77
16 August 2013	0.36	1.60	2.84
19 August 2013	0.36	1.63	2.88
20 August 2013	0.36	1.57	2.82
21 August 2013	0.38	1.64	2.87
22 August 2013	0.42	1.71	2.90
23 August 2013	0.40	1.66	2.82
26 August 2013	0.41	1.61	2.79
27 August 2013	0.38	1.56	2.72
28 August 2013	0.40	1.62	2.78
29 August 2013	0.39	1.60	2.75
30 August 2013	0.39	1.62	2.78
2 September 2013	ND	ND	ND
3 September 2013	0.43	1.68	2.86
4 September 2013	0.46	1.74	2.90
5 September 2013	0.52	1.85	2.98
6 September 2013	0.46	1.77	2.94
9 September 2013	0.45	1.71	2.90
10 September 2013	0.50	1.78	2.96
11 September 2013	0.47	1.72	2.93
12 September 2013	0.45	1.72	2.92
13 September 2013	0.45	1.71	2.90
16 September 2013	0.41	1.65	2.88
17 September 2013	0.39	1.62	2.86
18 September 2013	0.34	1.43	2.69
19 September 2013	0.34	1.49	2.76
20 September 2013	0.34	1.50	2.75
23 September 2013	0.35	1.48	2.72
24 September 2013	0.35	1.44	2.67
25 September 2013	0.36	1.41	2.63
26 September 2013	0.34	1.43	2.66
27 September 2013	0.34	1.40	2.64
30 September 2013	0.33	1.39	2.64
1 October 2013	0.33	1.42	2.66
2 October 2013	0.31	1.38	2.63
3 October 2013	0.33	1.36	2.62
4 October 2013	0.33	1.41	2.66
7 October 2013	0.37	1.41	2.65
8 October 2013	0.40	1.43	2.66
9 October 2013	0.37	1.43	2.68
10 October 2013	0.35	1.44	2.71
11 October 2013	0.35	1.42	2.70
14 October 2013	ND	ND	ND
15 October 2013	0.37	1.45	2.75
16 October 2013	0.34	1.41	2.69
17 October 2013	0.33	1.35	2.61
18 October 2013	0.33	1.35	2.60
21 October 2013	0.33	1.38	2.63
22 October 2013	0.31	1.30	2.54
23 October 2013	0.31	1.30	2.51
24 October 2013	0.33	1.32	2.53
25 October 2013	0.32	1.30	2.53
28 October 2013	0.32	1.31	2.54
29 October 2013	0.31	1.29	2.53
30 October 2013	0.33	1.30	2.55
31 October 2013	0.31	1.31	2.57
1 November 2013	0.33	1.37	2.65
4 November 2013	0.32	1.36	2.63
5 November 2013	0.32	1.39	2.69
6 November 2013	0.30	1.34	2.67
7 November 2013	0.29	1.31	2.63
8 November 2013	0.32	1.42	2.77
11 November 2013	ND	ND	ND
12 November 2013	0.34	1.47	2.80
13 November 2013	0.32	1.41	2.75
14 November 2013	0.29	1.34	2.69
15 November 2013	0.31	1.36	2.71
18 November 2013	0.31	1.33	2.67
19 November 2013	0.29	1.37	2.71
20 November 2013	0.28	1.39	2.80
21 November 2013	0.29	1.38	2.79
22 November 2013	0.31	1.37	2.75
25 November 2013	0.30	1.37	2.74
26 November 2013	0.29	1.34	2.71
27 November 2013	0.28	1.36	2.74
28 November 2013	ND	ND	ND
29 November 2013	0.28	1.37	2.75
2 December 2013	0.30	1.43	2.81
3 December 2013	0.28	1.40	2.79
4 December 2013	0.30	1.45	2.84
5 December 2013	0.30	1.49	2.88
6 December 2013	0.30	1.51	2.88
9 December 2013	0.30	1.50	2.86
10 December 2013	0.30	1.46	2.81
11 December 2013	0.31	1.50	2.86
12 December 2013	0.34	1.55	2.89
13 December 2013	0.34	1.55	2.88
16 December 2013	0.34	1.55	2.89
17 December 2013	0.34	1.52	2.85
18 December 2013	0.32	1.55	2.89
19 December 2013	0.35	1.63	2.94
20 December 2013	0.37	1.66	2.89
23 December 2013	0.38	1.68	2.94
24 December 2013	0.38	1.73	2.99
25 December 2013	ND	ND	ND
26 December 2013	0.42	1.74	3.00
27 December 2013	0.40	1.74	3.02
30 December 2013	0.39	1.71	2.99
31 December 2013	0.38	1.75	3.04
1 January 2014	ND	ND	ND
2 January 2014	0.39	1.72	3.00
3 January 2014	0.41	1.73	3.01
6 January 2014	0.40	1.70	2.98
7 January 2014	0.40	1.69	2.96
8 January 2014	0.43	1.77	3.01
9 January 2014	0.44	1.75	2.97
10 January 2014	0.39	1.64	2.88
13 January 2014	0.39	1.60	2.84
14 January 2014	0.39	1.65	2.88
15 January 2014	0.41	1.68	2.90
16 January 2014	0.41	1.66	2.86
17 January 2014	0.40	1.64	2.84
20 January 2014	ND	ND	ND
21 January 2014	0.40	1.67	2.85
22 January 2014	0.44	1.72	2.87
23 January 2014	0.39	1.62	2.79
24 January 2014	0.37	1.58	2.75
27 January 2014	0.37	1.61	2.78
28 January 2014	0.38	1.59	2.77
29 January 2014	0.36	1.52	2.69
30 January 2014	0.36	1.55	2.72
31 January 2014	0.34	1.49	2.67
3 February 2014	0.30	1.44	2.61
4 February 2014	0.31	1.46	2.64
5 February 2014	0.32	1.50	2.70
6 February 2014	0.33	1.52	2.73
7 February 2014	0.30	1.47	2.71
10 February 2014	0.32	1.48	2.70
11 February 2014	0.35	1.54	2.75
12 February 2014	0.35	1.59	2.80
13 February 2014	0.32	1.51	2.73
14 February 2014	0.32	1.53	2.75
17 February 2014	ND	ND	ND
18 February 2014	0.31	1.50	2.71
19 February 2014	0.33	1.53	2.73
20 February 2014	0.34	1.57	2.76
21 February 2014	0.33	1.56	2.73
24 February 2014	0.35	1.57	2.75
25 February 2014	0.34	1.53	2.70
26 February 2014	0.33	1.50	2.67
27 February 2014	0.33	1.49	2.65
28 February 2014	0.33	1.51	2.66
3 March 2014	0.32	1.46	2.60
4 March 2014	0.33	1.54	2.70
5 March 2014	0.33	1.54	2.70
6 March 2014	0.37	1.57	2.74
7 March 2014	0.38	1.65	2.80
10 March 2014	0.37	1.64	2.79
11 March 2014	0.37	1.62	2.77
12 March 2014	0.37	1.59	2.73
13 March 2014	0.34	1.53	2.66
14 March 2014	0.36	1.55	2.65
17 March 2014	0.38	1.58	2.70
18 March 2014	0.36	1.56	2.68
19 March 2014	0.47	1.75	2.78
20 March 2014	0.45	1.73	2.79
21 March 2014	0.45	1.73	2.75
24 March 2014	0.47	1.76	2.74
25 March 2014	0.47	1.76	2.75
26 March 2014	0.45	1.70	2.71
27 March 2014	0.45	1.70	2.69
28 March 2014	0.45	1.74	2.73
31 March 2014	0.44	1.73	2.73
1 April 2014	0.44	1.74	2.77
2 April 2014	0.47	1.80	2.82
3 April 2014	0.46	1.79	2.80
4 April 2014	0.43	1.71	2.74
7 April 2014	0.41	1.68	2.71
8 April 2014	0.40	1.67	2.69
9 April 2014	0.37	1.65	2.71
10 April 2014	0.37	1.59	2.65
11 April 2014	0.37	1.58	2.63
14 April 2014	0.37	1.61	2.65
15 April 2014	0.39	1.63	2.64
16 April 2014	0.39	1.67	2.65
17 April 2014	0.43	1.75	2.73
18 April 2014	ND	ND	ND
21 April 2014	0.42	1.74	2.73
22 April 2014	0.45	1.76	2.73
23 April 2014	0.43	1.73	2.70
24 April 2014	0.43	1.74	2.70
25 April 2014	0.43	1.72	2.68
28 April 2014	0.44	1.73	2.70
29 April 2014	0.44	1.74	2.71
30 April 2014	0.42	1.69	2.67
1 May 2014	0.41	1.66	2.63
2 May 2014	0.42	1.67	2.60
5 May 2014	0.43	1.68	2.63
6 May 2014	0.43	1.68	2.61
7 May 2014	0.41	1.65	2.62
8 May 2014	0.40	1.63	2.61
9 May 2014	0.40	1.63	2.62
12 May 2014	0.41	1.67	2.66
13 May 2014	0.39	1.62	2.61
14 May 2014	0.39	1.57	2.54
15 May 2014	0.38	1.55	2.50
16 May 2014	0.38	1.56	2.52
19 May 2014	0.36	1.56	2.54
20 May 2014	0.35	1.53	2.52
21 May 2014	0.37	1.55	2.54
22 May 2014	0.37	1.57	2.56
23 May 2014	0.37	1.55	2.54
26 May 2014	ND	ND	ND
27 May 2014	0.39	1.56	2.52
28 May 2014	0.37	1.50	2.44
29 May 2014	0.37	1.52	2.45
30 May 2014	0.37	1.54	2.48
2 June 2014	0.39	1.60	2.54
3 June 2014	0.41	1.65	2.60
4 June 2014	0.41	1.65	2.61
5 June 2014	0.40	1.63	2.59
6 June 2014	0.41	1.66	2.60
9 June 2014	0.43	1.69	2.62
10 June 2014	0.45	1.71	2.64
11 June 2014	0.44	1.70	2.65
12 June 2014	0.42	1.66	2.58
13 June 2014	0.45	1.70	2.60
16 June 2014	0.49	1.71	2.61
17 June 2014	0.51	1.77	2.66
18 June 2014	0.48	1.71	2.61
19 June 2014	0.48	1.71	2.64
20 June 2014	0.50	1.71	2.63
23 June 2014	0.48	1.72	2.63
24 June 2014	0.49	1.70	2.59
25 June 2014	0.48	1.68	2.57
26 June 2014	0.46	1.64	2.53
27 June 2014	0.45	1.64	2.54
30 June 2014	0.47	1.62	2.53
1 July 2014	0.47	1.66	2.58
2 July 2014	0.49	1.71	2.64
3 July 2014	0.52	1.74	2.65
4 July 2014	ND	ND	ND
7 July 2014	0.52	1.74	2.63
8 July 2014	0.51	1.70	2.58
9 July 2014	0.51	1.68	2.57
10 July 2014	0.46	1.66	2.55
11 July 2014	0.48	1.65	2.53
14 July 2014	0.48	1.68	2.55
15 July 2014	0.49	1.70	2.56
16 July 2014	0.50	1.71	2.55
17 July 2014	0.47	1.65	2.47
18 July 2014	0.51	1.69	2.50
21 July 2014	0.51	1.70	2.49
22 July 2014	0.49	1.68	2.48
23 July 2014	0.50	1.67	2.48
24 July 2014	0.53	1.72	2.52
25 July 2014	0.53	1.69	2.48
28 July 2014	0.54	1.73	2.50
29 July 2014	0.54	1.70	2.47
30 July 2014	0.56	1.77	2.57
31 July 2014	0.53	1.76	2.58
1 August 2014	0.47	1.67	2.52
4 August 2014	0.47	1.66	2.51
5 August 2014	0.47	1.66	2.49
6 August 2014	0.48	1.66	2.49
7 August 2014	0.44	1.60	2.43
8 August 2014	0.45	1.62	2.44
11 August 2014	0.47	1.62	2.44
12 August 2014	0.45	1.63	2.46
13 August 2014	0.43	1.59	2.43
14 August 2014	0.42	1.58	2.40
15 August 2014	0.42	1.55	2.34
18 August 2014	0.44	1.58	2.39
19 August 2014	0.46	1.59	2.40
20 August 2014	0.49	1.65	2.43
21 August 2014	0.49	1.64	2.41
22 August 2014	0.53	1.68	2.40
25 August 2014	0.53	1.69	2.39
26 August 2014	0.52	1.68	2.39
27 August 2014	0.51	1.65	2.37
28 August 2014	0.50	1.63	2.34
29 August 2014	0.48	1.63	2.35
1 September 2014	ND	ND	ND
2 September 2014	0.53	1.69	2.42
3 September 2014	0.52	1.69	2.41
4 September 2014	0.54	1.71	2.45
5 September 2014	0.52	1.69	2.46
8 September 2014	0.54	1.72	2.48
9 September 2014	0.56	1.76	2.50
10 September 2014	0.58	1.79	2.54
11 September 2014	0.58	1.79	2.54
12 September 2014	0.58	1.83	2.62
15 September 2014	0.58	1.80	2.60
16 September 2014	0.55	1.78	2.60
17 September 2014	0.59	1.82	2.62
18 September 2014	0.59	1.85	2.63
19 September 2014	0.59	1.83	2.59
22 September 2014	0.58	1.80	2.57
23 September 2014	0.57	1.78	2.54
24 September 2014	0.59	1.82	2.57
25 September 2014	0.56	1.75	2.52
26 September 2014	0.59	1.80	2.54
29 September 2014	0.58	1.77	2.50
30 September 2014	0.58	1.78	2.52
1 October 2014	0.53	1.69	2.42
2 October 2014	0.53	1.70	2.44
3 October 2014	0.57	1.73	2.45
6 October 2014	0.54	1.70	2.43
7 October 2014	0.52	1.64	2.36
8 October 2014	0.46	1.57	2.35
9 October 2014	0.46	1.58	2.34
10 October 2014	0.45	1.55	2.31
13 October 2014	ND	ND	ND
14 October 2014	0.39	1.45	2.21
15 October 2014	0.34	1.37	2.15
16 October 2014	0.35	1.39	2.17
17 October 2014	0.39	1.44	2.22
20 October 2014	0.37	1.41	2.20
21 October 2014	0.38	1.44	2.23
22 October 2014	0.41	1.46	2.25
23 October 2014	0.41	1.52	2.29
24 October 2014	0.41	1.52	2.29
27 October 2014	0.41	1.51	2.27
28 October 2014	0.42	1.53	2.30
29 October 2014	0.48	1.61	2.34
30 October 2014	0.48	1.58	2.32
31 October 2014	0.50	1.62	2.35
3 November 2014	0.52	1.63	2.36
4 November 2014	0.52	1.63	2.35
5 November 2014	0.52	1.63	2.36
6 November 2014	0.54	1.67	2.39
7 November 2014	0.51	1.60	2.32
10 November 2014	0.55	1.65	2.38
11 November 2014	ND	ND	ND
12 November 2014	0.55	1.65	2.37
13 November 2014	0.53	1.64	2.35
14 November 2014	0.54	1.62	2.32
17 November 2014	0.54	1.64	2.34
18 November 2014	0.53	1.63	2.32
19 November 2014	0.54	1.66	2.36
20 November 2014	0.53	1.64	2.34
21 November 2014	0.53	1.63	2.31
24 November 2014	0.53	1.62	2.30
25 November 2014	0.51	1.58	2.27
26 November 2014	0.53	1.56	2.24
27 November 2014	ND	ND	ND
28 November 2014	0.47	1.49	2.18
1 December 2014	0.49	1.52	2.22
2 December 2014	0.55	1.59	2.28
3 December 2014	0.57	1.61	2.29
4 December 2014	0.55	1.59	2.25
5 December 2014	0.65	1.69	2.31
8 December 2014	0.64	1.67	2.26
9 December 2014	0.64	1.63	2.22
10 December 2014	0.59	1.58	2.18
11 December 2014	0.62	1.62	2.19
12 December 2014	0.56	1.53	2.10
15 December 2014	0.60	1.58	2.12
16 December 2014	0.58	1.53	2.07
17 December 2014	0.62	1.61	2.14
18 December 2014	0.67	1.68	2.22
19 December 2014	0.67	1.66	2.17
22 December 2014	0.71	1.67	2.17
23 December 2014	0.73	1.76	2.26
24 December 2014	0.73	1.76	2.27
25 December 2014	ND	ND	ND
26 December 2014	0.73	1.75	2.25
29 December 2014	0.72	1.72	2.22
30 December 2014	0.69	1.68	2.20
31 December 2014	0.67	1.65	2.17
1 January 2015	ND	ND	ND
2 January 2015	0.66	1.61	2.12
5 January 2015	0.68	1.57	2.04
6 January 2015	0.65	1.50	1.97
7 January 2015	0.62	1.47	1.96
8 January 2015	0.62	1.50	2.03
9 January 2015	0.59	1.45	1.98
12 January 2015	0.56	1.39	1.92
13 January 2015	0.54	1.37	1.91
14 January 2015	0.51	1.33	1.86
15 January 2015	0.44	1.22	1.77
16 January 2015	0.49	1.29	1.83
19 January 2015	ND	ND	ND
20 January 2015	0.53	1.31	1.82
21 January 2015	0.53	1.35	1.87
22 January 2015	0.53	1.39	1.90
23 January 2015	0.52	1.33	1.81
26 January 2015	0.54	1.36	1.83
27 January 2015	0.54	1.34	1.83
28 January 2015	0.50	1.25	1.73
29 January 2015	0.51	1.28	1.77
30 January 2015	0.47	1.18	1.68
2 February 2015	0.49	1.19	1.68
3 February 2015	0.52	1.28	1.79
4 February 2015	0.52	1.29	1.81
5 February 2015	0.52	1.30	1.83
6 February 2015	0.65	1.48	1.95
9 February 2015	0.65	1.49	1.96
10 February 2015	0.67	1.52	2.01
11 February 2015	0.67	1.53	2.00
12 February 2015	0.61	1.50	1.99
13 February 2015	0.66	1.53	2.02
16 February 2015	ND	ND	ND
17 February 2015	0.70	1.62	2.14
18 February 2015	0.62	1.52	2.07
19 February 2015	0.67	1.58	2.11
20 February 2015	0.67	1.61	2.13
23 February 2015	0.64	1.56	2.06
24 February 2015	0.60	1.47	1.99
25 February 2015	0.61	1.47	1.96
26 February 2015	0.66	1.54	2.03
27 February 2015	0.63	1.50	2.00
2 March 2015	0.66	1.57	2.08
3 March 2015	0.68	1.61	2.12
4 March 2015	0.66	1.60	2.12
5 March 2015	0.65	1.57	2.11
6 March 2015	0.73	1.70	2.24
9 March 2015	0.70	1.66	2.20
10 March 2015	0.70	1.62	2.14
11 March 2015	0.70	1.60	2.11
12 March 2015	0.67	1.59	2.10
13 March 2015	0.68	1.60	2.13
16 March 2015	0.66	1.57	2.10
17 March 2015	0.70	1.56	2.06
18 March 2015	0.57	1.41	1.93
19 March 2015	0.63	1.48	1.98
20 March 2015	0.60	1.42	1.93
23 March 2015	0.60	1.41	1.92
24 March 2015	0.58	1.37	1.88
25 March 2015	0.59	1.41	1.93
26 March 2015	0.61	1.47	2.01
27 March 2015	0.58	1.42	1.95
30 March 2015	0.58	1.41	1.96
31 March 2015	0.56	1.37	1.94
1 April 2015	0.55	1.32	1.87
2 April 2015	0.55	1.35	1.92
3 April 2015	0.49	1.26	1.85
6 April 2015	0.51	1.31	1.92
7 April 2015	0.52	1.32	1.89
8 April 2015	0.54	1.35	1.92
9 April 2015	0.56	1.40	1.97
10 April 2015	0.57	1.41	1.96
13 April 2015	0.54	1.38	1.94
14 April 2015	0.53	1.34	1.90
15 April 2015	0.51	1.33	1.91
16 April 2015	0.50	1.31	1.90
17 April 2015	0.51	1.31	1.87
20 April 2015	0.55	1.33	1.90
21 April 2015	0.55	1.35	1.92
22 April 2015	0.57	1.41	1.99
23 April 2015	0.55	1.37	1.96
24 April 2015	0.54	1.34	1.93
27 April 2015	0.54	1.36	1.94
28 April 2015	0.56	1.39	2.00
29 April 2015	0.56	1.43	2.06
30 April 2015	0.58	1.43	2.05
1 May 2015	0.60	1.50	2.12
4 May 2015	0.60	1.51	2.16
5 May 2015	0.62	1.54	2.19
6 May 2015	0.65	1.58	2.25
7 May 2015	0.63	1.55	2.18
8 May 2015	0.59	1.50	2.16
11 May 2015	0.62	1.59	2.28
12 May 2015	0.61	1.58	2.28
13 May 2015	0.59	1.57	2.27
14 May 2015	0.56	1.51	2.23
15 May 2015	0.55	1.46	2.14
18 May 2015	0.58	1.54	2.23
19 May 2015	0.63	1.60	2.27
20 May 2015	0.60	1.57	2.26
21 May 2015	0.60	1.53	2.19
22 May 2015	0.64	1.57	2.21
25 May 2015	ND	ND	ND
26 May 2015	0.64	1.54	2.14
27 May 2015	0.64	1.53	2.14
28 May 2015	0.62	1.51	2.13
29 May 2015	0.61	1.49	2.12
1 June 2015	0.64	1.55	2.19
2 June 2015	0.64	1.61	2.27
3 June 2015	0.69	1.69	2.38
4 June 2015	0.66	1.65	2.31
5 June 2015	0.73	1.75	2.41
8 June 2015	0.70	1.72	2.39
9 June 2015	0.72	1.74	2.42
10 June 2015	0.75	1.80	2.50
11 June 2015	0.73	1.74	2.39
12 June 2015	0.74	1.75	2.39
15 June 2015	0.72	1.71	2.36
16 June 2015	0.71	1.68	2.32
17 June 2015	0.67	1.63	2.32
18 June 2015	0.66	1.65	2.35
19 June 2015	0.65	1.59	2.26
22 June 2015	0.68	1.68	2.37
23 June 2015	0.70	1.71	2.42
24 June 2015	0.68	1.69	2.38
25 June 2015	0.68	1.70	2.40
26 June 2015	0.72	1.75	2.49
29 June 2015	0.64	1.62	2.33
30 June 2015	0.64	1.63	2.35
1 July 2015	0.69	1.70	2.43
2 July 2015	0.64	1.64	2.40
3 July 2015	ND	ND	ND
6 July 2015	0.60	1.56	2.30
7 July 2015	0.58	1.55	2.27
8 July 2015	0.55	1.50	2.22
9 July 2015	0.60	1.58	2.32
10 July 2015	0.65	1.68	2.42
13 July 2015	0.69	1.71	2.44
14 July 2015	0.66	1.67	2.41
15 July 2015	0.64	1.63	2.36
16 July 2015	0.67	1.66	2.36
17 July 2015	0.68	1.67	2.34
20 July 2015	0.71	1.72	2.38
21 July 2015	0.71	1.69	2.35
22 July 2015	0.75	1.69	2.33
23 July 2015	0.71	1.65	2.28
24 July 2015	0.70	1.64	2.27
27 July 2015	0.68	1.58	2.23
28 July 2015	0.69	1.61	2.26
29 July 2015	0.70	1.62	2.29
30 July 2015	0.72	1.62	2.28
31 July 2015	0.67	1.54	2.20
3 August 2015	0.68	1.52	2.16
4 August 2015	0.74	1.60	2.23
5 August 2015	0.73	1.65	2.28
6 August 2015	0.71	1.62	2.23
7 August 2015	0.73	1.59	2.18
10 August 2015	0.73	1.62	2.24
11 August 2015	0.68	1.53	2.15
12 August 2015	0.67	1.52	2.14
13 August 2015	0.72	1.58	2.19
14 August 2015	0.73	1.61	2.20
17 August 2015	0.72	1.58	2.16
18 August 2015	0.74	1.60	2.20
19 August 2015	0.67	1.50	2.12
20 August 2015	0.69	1.50	2.09
21 August 2015	0.64	1.44	2.05
24 August 2015	0.59	1.39	2.01
25 August 2015	0.67	1.48	2.12
26 August 2015	0.67	1.49	2.18
27 August 2015	0.68	1.49	2.18
28 August 2015	0.72	1.52	2.19
31 August 2015	0.74	1.54	2.21
1 September 2015	0.70	1.49	2.17
2 September 2015	0.72	1.52	2.20
3 September 2015	0.71	1.49	2.18
4 September 2015	0.71	1.47	2.13
7 September 2015	ND	ND	ND
8 September 2015	0.74	1.53	2.20
9 September 2015	0.75	1.53	2.21
10 September 2015	0.75	1.55	2.23
11 September 2015	0.71	1.52	2.20
14 September 2015	0.73	1.51	2.18
15 September 2015	0.82	1.61	2.28
16 September 2015	0.82	1.62	2.30
17 September 2015	0.70	1.50	2.21
18 September 2015	0.69	1.45	2.13
21 September 2015	0.72	1.51	2.20
22 September 2015	0.69	1.44	2.14
23 September 2015	0.70	1.47	2.16
24 September 2015	0.67	1.44	2.13
25 September 2015	0.70	1.48	2.17
28 September 2015	0.67	1.42	2.10
29 September 2015	0.64	1.37	2.05
30 September 2015	0.64	1.37	2.06
1 October 2015	0.64	1.37	2.05
2 October 2015	0.58	1.29	1.99
5 October 2015	0.61	1.35	2.07
6 October 2015	0.61	1.34	2.05
7 October 2015	0.65	1.37	2.08
8 October 2015	0.65	1.40	2.12
9 October 2015	0.65	1.41	2.12
12 October 2015	ND	ND	ND
13 October 2015	0.64	1.36	2.06
14 October 2015	0.57	1.29	1.99
15 October 2015	0.61	1.34	2.04
16 October 2015	0.61	1.36	2.04
19 October 2015	0.61	1.35	2.04
20 October 2015	0.66	1.40	2.08
21 October 2015	0.64	1.37	2.04
22 October 2015	0.61	1.36	2.04
23 October 2015	0.66	1.43	2.09
26 October 2015	0.66	1.41	2.07
27 October 2015	0.65	1.38	2.05
28 October 2015	0.73	1.47	2.10
29 October 2015	0.75	1.53	2.19
30 October 2015	0.75	1.52	2.16
2 November 2015	0.77	1.57	2.20
3 November 2015	0.80	1.59	2.23
4 November 2015	0.84	1.64	2.25
5 November 2015	0.85	1.65	2.26
6 November 2015	0.90	1.73	2.34
9 November 2015	0.89	1.75	2.36
10 November 2015	0.87	1.72	2.32
11 November 2015	ND	ND	ND
12 November 2015	0.89	1.73	2.32
13 November 2015	0.86	1.67	2.28
16 November 2015	0.88	1.66	2.27
17 November 2015	0.86	1.66	2.25
18 November 2015	0.90	1.69	2.27
19 November 2015	0.91	1.68	2.24
20 November 2015	0.93	1.70	2.26
23 November 2015	0.94	1.70	2.25
24 November 2015	0.93	1.66	2.24
25 November 2015	0.93	1.66	2.23
26 November 2015	ND	ND	ND
27 November 2015	0.92	1.64	2.22
30 November 2015	0.94	1.65	2.21
1 December 2015	0.91	1.59	2.15
2 December 2015	0.94	1.63	2.18
3 December 2015	0.96	1.74	2.33
4 December 2015	0.96	1.71	2.28
7 December 2015	0.94	1.67	2.23
8 December 2015	0.94	1.68	2.24
9 December 2015	0.93	1.64	2.22
10 December 2015	0.95	1.68	2.24
11 December 2015	0.88	1.56	2.13
14 December 2015	0.97	1.66	2.23
15 December 2015	0.98	1.71	2.28
16 December 2015	1.02	1.75	2.30
17 December 2015	1.00	1.73	2.24
18 December 2015	0.97	1.67	2.19
21 December 2015	0.96	1.67	2.20
22 December 2015	0.99	1.71	2.24
23 December 2015	1.01	1.74	2.27
24 December 2015	1.03	1.73	2.25
25 December 2015	ND	ND	ND
28 December 2015	1.05	1.73	2.24
29 December 2015	1.09	1.81	2.32
30 December 2015	1.08	1.80	2.31
31 December 2015	1.06	1.76	2.27
1 January 2016	ND	ND	ND
4 January 2016	1.02	1.73	2.24
5 January 2016	1.04	1.73	2.25
6 January 2016	0.99	1.65	2.18
7 January 2016	0.96	1.61	2.16
8 January 2016	0.94	1.57	2.13
11 January 2016	0.94	1.58	2.17
12 January 2016	0.93	1.55	2.12
13 January 2016	0.91	1.51	2.08
14 January 2016	0.90	1.52	2.10
15 January 2016	0.85	1.46	2.03
18 January 2016	ND	ND	ND
19 January 2016	0.88	1.49	2.06
20 January 2016	0.85	1.44	2.01
21 January 2016	0.84	1.44	2.02
22 January 2016	0.88	1.4

Monetary Policy Report – July 2019

Accessible Version

Part 1: Recent Economic and Financial Developments

Figure 1. Net change in payroll employment

Figure 2. Measures of labor underutilization

Figure 3. Labor force participation rates and employment-to-population ratio

How Have Lower-Educated Workers Fared since the Great Recession?: Figure A. Prime-age employment and wages by education, 2007–18

How Have Lower-Educated Workers Fared since the Great Recession?: Figure B. Response of EPOP by education to state-level recessions

Figure 4. Unemployment rate by race and ethnicity

Figure 5. Prime-age labor force participation rate by race and ethnicity

Figure 6. Measures of change in hourly compensation

Figure 7. Change in business-sector output per hour

Figure 8. Change in the price index for personal consumption expenditures

Figure 9. Spot and futures prices for crude oil

Figure 10. Nonfuel import prices and industrial metals indexes

Figure 11. Median inflation expectations

Figure 12. 5-to-10-year-forward inflation compensation

Figure 13. Change in real gross domestic product and gross domestic income

Figure 14. Change in real private nonresidential fixed investment

Figure 15. Private housing starts and permits

Figure 16. New and existing home sales

Figure 17. Mortgage rates and housing affordability

Figure 18. Change in real personal consumption expenditures and disposable personal income

Figure 19. Personal saving rate

Figure 20. Prices of existing single-family houses

Figure 21. Wealth-to-income ratio

Figure 22. Indexes of consumer sentiment

Figure 23. Changes in household debt

Figure 24. Selected components of net debt financing for nonfinancial businesses

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

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

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

Figure 28. Federal receipts and expenditures

Figure 29. Federal government debt held by the public

Figure 30. Market-implied federal funds rate path

Figure 31. Yields on nominal Treasury securities