Accessible Version

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

Accessible Version

Part 1: Recent Economic and Financial Developments

Figure 1. Nonfarm payroll employment

Monthly
Millions of jobs

Period	Total
January 2005	132.8
February 2005	133.0
March 2005	133.2
April 2005	133.5
May 2005	133.7
June 2005	133.9
July 2005	134.3
August 2005	134.5
September 2005	134.6
October 2005	134.7
November 2005	135.0
December 2005	135.1
January 2006	135.4
February 2006	135.7
March 2006	136.0
April 2006	136.2
May 2006	136.2
June 2006	136.3
July 2006	136.5
August 2006	136.7
September 2006	136.8
October 2006	136.9
November 2006	137.1
December 2006	137.2
January 2007	137.5
February 2007	137.6
March 2007	137.8
April 2007	137.8
May 2007	138.0
June 2007	138.1
July 2007	138.0
August 2007	138.0
September 2007	138.1
October 2007	138.2
November 2007	138.3
December 2007	138.4
January 2008	138.4
February 2008	138.3
March 2008	138.3
April 2008	138.0
May 2008	137.9
June 2008	137.7
July 2008	137.5
August 2008	137.2
September 2008	136.8
October 2008	136.3
November 2008	135.5
December 2008	134.8
January 2009	134.1
February 2009	133.3
March 2009	132.5
April 2009	131.8
May 2009	131.5
June 2009	131.0
July 2009	130.7
August 2009	130.5
September 2009	130.2
October 2009	130.0
November 2009	130.1
December 2009	129.8
January 2010	129.8
February 2010	129.7
March 2010	129.9
April 2010	130.1
May 2010	130.7
June 2010	130.5
July 2010	130.4
August 2010	130.4
September 2010	130.4
October 2010	130.6
November 2010	130.8
December 2010	130.8
January 2011	130.8
February 2011	131.1
March 2011	131.3
April 2011	131.6
May 2011	131.7
June 2011	131.9
July 2011	132.0
August 2011	132.1
September 2011	132.4
October 2011	132.6
November 2011	132.7
December 2011	132.9
January 2012	133.3
February 2012	133.5
March 2012	133.8
April 2012	133.8
May 2012	133.9
June 2012	134.0
July 2012	134.2
August 2012	134.3
September 2012	134.5
October 2012	134.7
November 2012	134.8
December 2012	135.1
January 2013	135.3
February 2013	135.5
March 2013	135.7
April 2013	135.9
May 2013	136.1
June 2013	136.3
July 2013	136.4
August 2013	136.6
September 2013	136.8
October 2013	137.0
November 2013	137.3
December 2013	137.4
January 2014	137.5
February 2014	137.7
March 2014	138.0
April 2014	138.3
May 2014	138.5
June 2014	138.8
July 2014	139.1
August 2014	139.3
September 2014	139.6
October 2014	139.8
November 2014	140.1
December 2014	140.4
January 2015	140.6
February 2015	140.8
March 2015	140.9
April 2015	141.2
May 2015	141.5
June 2015	141.7
July 2015	142.0
August 2015	142.1
September 2015	142.3
October 2015	142.6
November 2015	142.8
December 2015	143.1
January 2016	143.2
February 2016	143.4
March 2016	143.7
April 2016	143.9
May 2016	143.9
June 2016	144.2
July 2016	144.5
August 2016	144.7
September 2016	145.0
October 2016	145.1
November 2016	145.2
December 2016	145.4
January 2017	145.6
February 2017	145.8
March 2017	145.9
April 2017	146.2
May 2017	146.3
June 2017	146.5
July 2017	146.7
August 2017	146.9
September 2017	147.0
October 2017	147.2
November 2017	147.4
December 2017	147.6
January 2018	147.7
February 2018	148.0
March 2018	148.2
April 2018	148.4
May 2018	148.7
June 2018	148.9
July 2018	149.0
August 2018	149.3
September 2018	149.4
October 2018	149.6
November 2018	149.7
December 2018	149.9
January 2019	150.1
February 2019	150.1
March 2019	150.3
April 2019	150.5
May 2019	150.5
June 2019	150.7
July 2019	150.9
August 2019	151.1
September 2019	151.3
October 2019	151.5
November 2019	151.8
December 2019	151.9
January 2020	152.2
February 2020	152.5
March 2020	150.8
April 2020	130.2
May 2020	133.0
June 2020	137.8
July 2020	139.6
August 2020	141.1
September 2020	141.9
October 2020	142.5
November 2020	142.8
December 2020	142.5
January 2021	142.7
February 2021	143.3
March 2021	144.1
April 2021	144.3
May 2021	144.9
June 2021	145.8

Note: The data extend through June 2021.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 2. Civilian unemployment rate

Monthly
Percent

Period	Rate
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.9
March 2008	5.1
April 2008	5.0
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.1
October 2008	6.5
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.3
March 2009	8.7
April 2009	9.0
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.6
September 2009	9.8
October 2009	10.0
November 2009	9.9
December 2009	9.9
January 2010	9.8
February 2010	9.8
March 2010	9.9
April 2010	9.9
May 2010	9.6
June 2010	9.4
July 2010	9.4
August 2010	9.5
September 2010	9.5
October 2010	9.4
November 2010	9.8
December 2010	9.3
January 2011	9.1
February 2011	9.0
March 2011	9.0
April 2011	9.1
May 2011	9.0
June 2011	9.1
July 2011	9.0
August 2011	9.0
September 2011	9.0
October 2011	8.8
November 2011	8.6
December 2011	8.5
January 2012	8.3
February 2012	8.3
March 2012	8.2
April 2012	8.2
May 2012	8.2
June 2012	8.2
July 2012	8.2
August 2012	8.1
September 2012	7.8
October 2012	7.8
November 2012	7.7
December 2012	7.9
January 2013	8.0
February 2013	7.7
March 2013	7.5
April 2013	7.6
May 2013	7.5
June 2013	7.5
July 2013	7.3
August 2013	7.2
September 2013	7.2
October 2013	7.2
November 2013	6.9
December 2013	6.7
January 2014	6.6
February 2014	6.7
March 2014	6.7
April 2014	6.2
May 2014	6.3
June 2014	6.1
July 2014	6.2
August 2014	6.1
September 2014	5.9
October 2014	5.7
November 2014	5.8
December 2014	5.6
January 2015	5.7
February 2015	5.5
March 2015	5.4
April 2015	5.4
May 2015	5.6
June 2015	5.3
July 2015	5.2
August 2015	5.1
September 2015	5.0
October 2015	5.0
November 2015	5.1
December 2015	5.0
January 2016	4.8
February 2016	4.9
March 2016	5.0
April 2016	5.1
May 2016	4.8
June 2016	4.9
July 2016	4.8
August 2016	4.9
September 2016	5.0
October 2016	4.9
November 2016	4.7
December 2016	4.7
January 2017	4.7
February 2017	4.6
March 2017	4.4
April 2017	4.5
May 2017	4.4
June 2017	4.3
July 2017	4.3
August 2017	4.4
September 2017	4.2
October 2017	4.1
November 2017	4.2
December 2017	4.1
January 2018	4.0
February 2018	4.1
March 2018	4.0
April 2018	4.0
May 2018	3.8
June 2018	4.0
July 2018	3.8
August 2018	3.8
September 2018	3.7
October 2018	3.8
November 2018	3.8
December 2018	3.9
January 2019	4.0
February 2019	3.8
March 2019	3.8
April 2019	3.7
May 2019	3.7
June 2019	3.6
July 2019	3.6
August 2019	3.7
September 2019	3.5
October 2019	3.6
November 2019	3.6
December 2019	3.6
January 2020	3.5
February 2020	3.5
March 2020	4.4
April 2020	14.8
May 2020	13.3
June 2020	11.1
July 2020	10.2
August 2020	8.4
September 2020	7.8
October 2020	6.9
November 2020	6.7
December 2020	6.7
January 2021	6.3
February 2021	6.2
March 2021	6.0
April 2021	6.1
May 2021	5.8
June 2021	5.9

Note: The data extend through June 2021.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 3. Ratio of job openings to job seekers

Monthly

Period	Ratio
January 2005	0.56
February 2005	0.56
March 2005	0.60
April 2005	0.61
May 2005	0.56
June 2005	0.62
July 2005	0.66
August 2005	0.64
September 2005	0.67
October 2005	0.64
November 2005	0.64
December 2005	0.67
January 2006	0.71
February 2006	0.69
March 2006	0.77
April 2006	0.77
May 2006	0.74
June 2006	0.77
July 2006	0.70
August 2006	0.76
September 2006	0.79
October 2006	0.79
November 2006	0.79
December 2006	0.80
January 2007	0.78
February 2007	0.80
March 2007	0.84
April 2007	0.80
May 2007	0.80
June 2007	0.80
July 2007	0.75
August 2007	0.75
September 2007	0.74
October 2007	0.75
November 2007	0.74
December 2007	0.68
January 2008	0.70
February 2008	0.66
March 2008	0.63
April 2008	0.62
May 2008	0.57
June 2008	0.51
July 2008	0.48
August 2008	0.45
September 2008	0.40
October 2008	0.39
November 2008	0.35
December 2008	0.32
January 2009	0.26
February 2009	0.25
March 2009	0.21
April 2009	0.19
May 2009	0.20
June 2009	0.19
July 2009	0.17
August 2009	0.18
September 2009	0.19
October 2009	0.18
November 2009	0.18
December 2009	0.19
January 2010	0.21
February 2010	0.20
March 2010	0.20
April 2010	0.23
May 2010	0.22
June 2010	0.21
July 2010	0.23
August 2010	0.23
September 2010	0.22
October 2010	0.24
November 2010	0.24
December 2010	0.24
January 2011	0.24
February 2011	0.26
March 2011	0.26
April 2011	0.26
May 2011	0.25
June 2011	0.27
July 2011	0.29
August 2011	0.26
September 2011	0.30
October 2011	0.29
November 2011	0.29
December 2011	0.32
January 2012	0.34
February 2012	0.31
March 2012	0.34
April 2012	0.33
May 2012	0.33
June 2012	0.34
July 2012	0.33
August 2012	0.34
September 2012	0.36
October 2012	0.34
November 2012	0.36
December 2012	0.36
January 2013	0.35
February 2013	0.37
March 2013	0.39
April 2013	0.38
May 2013	0.39
June 2013	0.39
July 2013	0.38
August 2013	0.40
September 2013	0.41
October 2013	0.44
November 2013	0.42
December 2013	0.44
January 2014	0.45
February 2014	0.47
March 2014	0.47
April 2014	0.53
May 2014	0.54
June 2014	0.59
July 2014	0.56
August 2014	0.63
September 2014	0.59
October 2014	0.62
November 2014	0.60
December 2014	0.66
January 2015	0.67
February 2015	0.72
March 2015	0.69
April 2015	0.74
May 2015	0.72
June 2015	0.73
July 2015	0.84
August 2015	0.78
September 2015	0.79
October 2015	0.83
November 2015	0.80
December 2015	0.84
January 2016	0.89
February 2016	0.86
March 2016	0.87
April 2016	0.81
May 2016	0.86
June 2016	0.87
July 2016	0.89
August 2016	0.83
September 2016	0.85
October 2016	0.82
November 2016	0.89
December 2016	0.92
January 2017	0.88
February 2017	0.93
March 2017	0.94
April 2017	0.98
May 2017	0.94
June 2017	1.07
July 2017	1.07
August 2017	1.04
September 2017	1.06
October 2017	1.12
November 2017	1.08
December 2017	1.11
January 2018	1.17
February 2018	1.15
March 2018	1.20
April 2018	1.22
May 2018	1.29
June 2018	1.33
July 2018	1.37
August 2018	1.36
September 2018	1.42
October 2018	1.38
November 2018	1.44
December 2018	1.32
January 2019	1.37
February 2019	1.32
March 2019	1.37
April 2019	1.38
May 2019	1.43
June 2019	1.41
July 2019	1.39
August 2019	1.38
September 2019	1.43
October 2019	1.44
November 2019	1.35
December 2019	1.33
January 2020	1.39
February 2020	1.41
March 2020	1.12
April 2020	0.91
May 2020	0.96
June 2020	0.86
July 2020	0.95
August 2020	0.88
September 2020	0.84
October 2020	0.88
November 2020	0.85
December 2020	0.88
January 2021	0.96
February 2021	0.97
March 2021	1.08
April 2021	1.19
May 2021	1.23

Note: The data are the ratio of job openings to unemployed excluding temporary layoffs.

Source: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.

Return to text

Figure 4. Labor force participation rate and employment-to-population ratio

Monthly
Percent

Period	Labor force participation rate	Employment-to-population ratio
January 2005	65.84	62.38
February 2005	65.93	62.38
March 2005	65.88	62.45
April 2005	66.06	62.66
May 2005	66.14	62.75
June 2005	66.06	62.73
July 2005	66.08	62.80
August 2005	66.15	62.91
September 2005	66.15	62.82
October 2005	66.09	62.81
November 2005	66.05	62.72
December 2005	65.97	62.77
January 2006	66.01	62.91
February 2006	66.14	62.99
March 2006	66.15	63.05
April 2006	66.12	63.00
May 2006	66.13	63.08
June 2006	66.19	63.13
July 2006	66.13	62.99
August 2006	66.20	63.11
September 2006	66.11	63.12
October 2006	66.20	63.27
November 2006	66.29	63.30
December 2006	66.37	63.44
January 2007	66.40	63.31
February 2007	66.27	63.27
March 2007	66.25	63.33
April 2007	65.92	62.96
May 2007	65.95	63.03
June 2007	66.05	63.04
July 2007	65.98	62.90
August 2007	65.78	62.74
September 2007	66.00	62.91
October 2007	65.82	62.71
November 2007	66.04	62.93
December 2007	66.02	62.74
January 2008	66.23	62.93
February 2008	66.00	62.78
March 2008	66.06	62.70
April 2008	65.94	62.66
May 2008	66.11	62.51
June 2008	66.05	62.38
July 2008	66.05	62.23
August 2008	66.06	62.02
September 2008	65.95	61.90
October 2008	66.01	61.72
November 2008	65.85	61.36
December 2008	65.80	61.00
January 2009	65.69	60.56
February 2009	65.79	60.29
March 2009	65.56	59.85
April 2009	65.67	59.78
May 2009	65.72	59.57
June 2009	65.65	59.41
July 2009	65.50	59.31
August 2009	65.36	59.08
September 2009	65.09	58.74
October 2009	65.01	58.52
November 2009	65.00	58.57
December 2009	64.62	58.25
January 2010	64.81	58.45
February 2010	64.85	58.47
March 2010	64.92	58.51
April 2010	65.15	58.69
May 2010	64.88	58.63
June 2010	64.63	58.54
July 2010	64.61	58.51
August 2010	64.72	58.56
September 2010	64.61	58.49
October 2010	64.41	58.32
November 2010	64.56	58.25
December 2010	64.32	58.31
January 2011	64.21	58.34
February 2011	64.15	58.36
March 2011	64.17	58.43
April 2011	64.20	58.37
May 2011	64.13	58.34
June 2011	64.03	58.20
July 2011	63.96	58.21
August 2011	64.10	58.34
September 2011	64.20	58.39
October 2011	64.08	58.42
November 2011	64.10	58.57
December 2011	64.01	58.57
January 2012	63.72	58.44
February 2012	63.80	58.51
March 2012	63.79	58.55
April 2012	63.66	58.45
May 2012	63.74	58.53
June 2012	63.78	58.56
July 2012	63.67	58.47
August 2012	63.54	58.42
September 2012	63.65	58.68
October 2012	63.76	58.79
November 2012	63.62	58.70
December 2012	63.69	58.66
January 2013	63.66	58.57
February 2013	63.44	58.56
March 2013	63.27	58.50
April 2013	63.38	58.58
May 2013	63.39	58.64
June 2013	63.43	58.64
July 2013	63.31	58.70
August 2013	63.26	58.68
September 2013	63.24	58.67
October 2013	62.78	58.26
November 2013	62.97	58.60
December 2013	62.89	58.68
January 2014	62.92	58.79
February 2014	62.93	58.74
March 2014	63.10	58.91
April 2014	62.79	58.87
May 2014	62.87	58.89
June 2014	62.83	59.01
July 2014	62.90	59.03
August 2014	62.90	59.03
September 2014	62.81	59.08
October 2014	62.90	59.29
November 2014	62.89	59.24
December 2014	62.78	59.28
January 2015	62.88	59.32
February 2015	62.68	59.24
March 2015	62.64	59.23
April 2015	62.76	59.34
May 2015	62.95	59.42
June 2015	62.66	59.37
July 2015	62.58	59.32
August 2015	62.59	59.41
September 2015	62.36	59.22
October 2015	62.48	59.33
November 2015	62.55	59.37
December 2015	62.73	59.59
January 2016	62.71	59.69
February 2016	62.81	59.76
March 2016	62.97	59.82
April 2016	62.91	59.72
May 2016	62.72	59.69
June 2016	62.73	59.68
July 2016	62.77	59.76
August 2016	62.86	59.79
September 2016	62.86	59.73
October 2016	62.76	59.69
November 2016	62.66	59.70
December 2016	62.68	59.73
January 2017	62.82	59.88
February 2017	62.85	59.95
March 2017	62.96	60.16
April 2017	63.03	60.20
May 2017	62.82	60.06
June 2017	62.84	60.15
July 2017	62.88	60.20
August 2017	62.92	60.15
September 2017	63.04	60.36
October 2017	62.66	60.07
November 2017	62.71	60.07
December 2017	62.69	60.10
January 2018	62.70	60.17
February 2018	62.96	60.39
March 2018	62.92	60.39
April 2018	62.93	60.39
May 2018	62.88	60.47
June 2018	62.96	60.46
July 2018	62.95	60.57
August 2018	62.67	60.28
September 2018	62.71	60.38
October 2018	62.85	60.46
November 2018	62.89	60.53
December 2018	63.01	60.55
January 2019	63.15	60.65
February 2019	63.09	60.72
March 2019	63.05	60.65
April 2019	62.91	60.59
May 2019	62.91	60.61
June 2019	62.94	60.66
July 2019	63.11	60.80
August 2019	63.16	60.85
September 2019	63.15	60.94
October 2019	63.22	60.94
November 2019	63.24	60.97
December 2019	63.26	61.01
January 2020	63.37	61.14
February 2020	63.34	61.14
March 2020	62.64	59.88
April 2020	60.21	51.32
May 2020	60.84	52.77
June 2020	61.41	54.61
July 2020	61.48	55.22
August 2020	61.72	56.52
September 2020	61.39	56.59
October 2020	61.60	57.36
November 2020	61.49	57.38
December 2020	61.47	57.36
January 2021	61.40	57.52
February 2021	61.40	57.58
March 2021	61.52	57.80
April 2021	61.66	57.90
May 2021	61.61	58.05
June 2021	61.64	58.01

Note: The labor force participation rate and the employment-to-population ratio are percentages of the population aged 16 and over and extend through June 2021.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 5. Employment-to-population ratio, by age

Monthly
Percent

Period	Ages 16-24	Ages 25-54	Ages 55+
January 2014	46.8	76.4	38.0
February 2014	46.3	76.4	38.2
March 2014	47.4	76.5	38.0
April 2014	47.4	76.5	38.1
May 2014	47.6	76.4	38.2
June 2014	47.4	76.9	38.2
July 2014	47.8	76.7	38.2
August 2014	47.4	76.9	38.1
September 2014	47.6	76.8	38.3
October 2014	49.1	76.9	38.3
November 2014	48.7	76.9	38.3
December 2014	48.3	77.1	38.4
January 2015	48.4	77.1	38.4
February 2015	48.6	77.2	38.0
March 2015	47.8	77.1	38.4
April 2015	48.1	77.2	38.5
May 2015	48.7	77.2	38.5
June 2015	48.4	77.4	38.4
July 2015	48.6	77.1	38.5
August 2015	49.1	77.3	38.3
September 2015	48.4	77.2	38.2
October 2015	48.9	77.2	38.5
November 2015	48.8	77.4	38.5
December 2015	49.5	77.4	38.6
January 2016	49.2	77.7	38.6
February 2016	49.4	77.8	38.6
March 2016	49.4	77.9	38.6
April 2016	49.1	77.8	38.7
May 2016	49.5	77.9	38.5
June 2016	49.1	77.9	38.6
July 2016	49.1	78.0	38.7
August 2016	50.1	77.9	38.5
September 2016	49.4	78.0	38.5
October 2016	49.1	78.1	38.5
November 2016	49.6	78.1	38.5
December 2016	49.9	78.1	38.3
January 2017	49.9	78.2	38.6
February 2017	50.0	78.3	38.6
March 2017	50.6	78.5	38.8
April 2017	50.6	78.6	38.7
May 2017	50.4	78.5	38.7
June 2017	50.4	78.6	38.8
July 2017	50.7	78.8	38.8
August 2017	51.0	78.5	38.8
September 2017	50.9	79.0	38.8
October 2017	50.3	78.8	38.6
November 2017	49.6	79.0	38.7
December 2017	49.8	79.0	38.5
January 2018	50.6	78.9	38.4
February 2018	50.8	79.2	38.6
March 2018	51.1	79.2	38.6
April 2018	50.6	79.1	38.8
May 2018	50.4	79.3	39.0
June 2018	50.6	79.4	38.9
July 2018	50.9	79.6	38.9
August 2018	49.4	79.4	39.0
September 2018	50.2	79.4	38.9
October 2018	50.2	79.7	38.9
November 2018	50.3	79.6	39.0
December 2018	50.3	79.6	39.1
January 2019	50.4	79.8	39.0
February 2019	50.3	79.8	39.3
March 2019	50.8	79.8	39.0
April 2019	50.8	79.7	38.9
May 2019	51.3	79.7	38.8
June 2019	51.9	79.8	38.8
July 2019	52.1	79.6	39.4
August 2019	51.2	80.1	39.3
September 2019	51.4	80.2	39.3
October 2019	51.7	80.3	39.2
November 2019	51.2	80.3	39.3
December 2019	51.2	80.4	39.3
January 2020	51.7	80.5	39.2
February 2020	52.2	80.4	39.3
March 2020	49.2	79.5	38.3
April 2020	36.0	69.6	33.3
May 2020	38.9	71.3	33.9
June 2020	41.3	73.6	35.2
July 2020	42.6	73.9	35.9
August 2020	45.3	75.3	36.4
September 2020	47.0	75.1	36.3
October 2020	48.9	76.0	36.7
November 2020	48.8	76.0	36.5
December 2020	48.4	76.3	36.3
January 2021	48.7	76.4	36.3
February 2021	49.1	76.5	36.2
March 2021	49.0	76.8	36.5
April 2021	49.7	76.9	36.4
May 2021	50.0	77.1	36.5
June 2021	50.0	77.2	36.5

Note: The data are monthly, extend through June 2021, and are seasonally adjusted.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 6. Unemployment rate, by race and ethnicity

Monthly
Percent

Period	White	Black or African American	Asian	Hispanic or Latino
January 2005	4.5	10.6	4.1	6.0
February 2005	4.6	10.9	4.3	6.3
March 2005	4.5	10.5	3.9	5.8
April 2005	4.4	10.3	4.2	6.4
May 2005	4.4	10.1	4.2	6.0
June 2005	4.3	10.2	3.6	5.7
July 2005	4.2	9.2	4.8	5.5
August 2005	4.2	9.7	3.7	5.8
September 2005	4.4	9.4	4.3	6.4
October 2005	4.4	9.1	3.2	6.0
November 2005	4.3	10.6	3.6	6.1
December 2005	4.2	9.2	3.8	6.1
January 2006	4.1	8.9	3.0	5.5
February 2006	4.1	9.5	3.0	5.4
March 2006	4.0	9.5	3.5	5.2
April 2006	4.1	9.4	3.9	5.5
May 2006	4.1	8.7	3.3	5.0
June 2006	4.1	8.9	3.1	5.2
July 2006	4.1	9.5	2.4	5.2
August 2006	4.1	8.8	3.0	5.3
September 2006	3.9	9.0	3.0	5.5
October 2006	3.9	8.4	2.8	4.8
November 2006	4.0	8.5	3.1	5.1
December 2006	3.9	8.3	2.5	5.0
January 2007	4.2	7.9	3.1	5.5
February 2007	4.1	8.0	2.6	5.1
March 2007	3.8	8.4	3.0	5.0
April 2007	4.0	8.3	3.5	5.6
May 2007	3.9	8.3	3.2	5.8
June 2007	4.1	8.5	2.7	5.5
July 2007	4.2	8.1	2.7	5.9
August 2007	4.2	7.6	3.5	5.5
September 2007	4.2	8.0	3.4	5.9
October 2007	4.1	8.5	3.8	5.7
November 2007	4.2	8.5	3.6	5.9
December 2007	4.4	9.0	3.7	6.3
January 2008	4.4	9.1	3.1	6.3
February 2008	4.4	8.4	2.9	6.2
March 2008	4.5	9.2	3.6	6.9
April 2008	4.4	8.6	3.5	7.1
May 2008	4.8	9.6	4.1	6.9
June 2008	5.0	9.4	4.2	7.6
July 2008	5.2	10.0	3.7	7.5
August 2008	5.4	10.6	4.5	8.0
September 2008	5.4	11.3	4.0	8.0
October 2008	5.9	11.4	3.9	8.8
November 2008	6.2	11.5	4.8	8.7
December 2008	6.7	12.1	5.1	9.4
January 2009	7.1	12.7	6.1	10.1
February 2009	7.6	13.7	6.7	11.3
March 2009	8.0	13.7	6.5	11.7
April 2009	8.1	15.0	6.8	11.4
May 2009	8.5	15.0	7.0	12.3
June 2009	8.7	14.8	7.9	12.1
July 2009	8.7	14.8	8.1	12.5
August 2009	8.9	14.8	7.6	13.0
September 2009	8.9	15.3	7.6	12.6
October 2009	9.2	15.8	7.6	12.8
November 2009	9.2	15.7	7.2	12.4
December 2009	9.0	16.1	8.4	12.8
January 2010	8.8	16.5	8.3	12.9
February 2010	8.9	16.1	8.2	12.7
March 2010	8.9	16.8	7.6	12.9
April 2010	9.0	16.6	7.0	12.5
May 2010	8.7	15.5	7.8	12.0
June 2010	8.6	15.2	7.4	12.3
July 2010	8.5	15.6	7.9	12.2
August 2010	8.6	15.9	7.3	12.0
September 2010	8.6	16.0	6.6	12.3
October 2010	8.6	15.6	7.2	12.3
November 2010	8.9	16.2	7.5	12.9
December 2010	8.5	15.5	7.2	12.9
January 2011	8.1	15.8	6.8	12.3
February 2011	8.1	15.5	6.7	11.8
March 2011	8.0	15.8	7.3	11.6
April 2011	8.1	16.5	6.5	11.9
May 2011	7.9	16.3	7.2	11.6
June 2011	8.1	16.2	6.5	11.5
July 2011	8.0	15.9	7.4	11.2
August 2011	7.9	16.4	7.2	11.2
September 2011	7.9	15.9	8.0	11.2
October 2011	7.9	14.6	7.4	11.3
November 2011	7.7	15.6	6.4	11.2
December 2011	7.5	15.4	6.8	11.1
January 2012	7.4	13.6	6.7	10.7
February 2012	7.4	14.0	6.2	10.9
March 2012	7.3	14.0	6.4	10.6
April 2012	7.4	13.3	5.4	10.3
May 2012	7.4	13.5	5.5	10.9
June 2012	7.3	14.5	6.1	10.9
July 2012	7.3	14.2	5.9	10.2
August 2012	7.2	13.8	5.9	10.1
September 2012	7.0	13.6	4.9	9.7
October 2012	6.9	14.1	4.9	10.0
November 2012	6.8	13.3	6.3	9.9
December 2012	6.9	14.0	6.6	9.6
January 2013	7.1	13.7	6.4	9.7
February 2013	6.8	13.8	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	9.7	4.4	6.8
May 2015	4.8	10.3	4.1	6.8
June 2015	4.6	9.7	3.9	6.7
July 2015	4.5	9.1	3.9	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	9.0	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	4.2	8.5	3.6	5.9
February 2016	4.2	8.6	3.8	5.5
March 2016	4.3	8.9	3.9	5.6
April 2016	4.4	8.8	3.8	6.2
May 2016	4.2	8.2	4.1	5.7
June 2016	4.3	8.7	3.6	6.0
July 2016	4.2	8.2	3.8	5.4
August 2016	4.4	8.0	4.1	5.6
September 2016	4.4	8.5	3.8	6.2
October 2016	4.4	8.5	3.4	5.7
November 2016	4.2	8.2	3.1	5.6
December 2016	4.2	8.0	2.7	5.8
January 2017	4.2	7.4	3.7	5.8
February 2017	4.0	8.0	3.4	5.6
March 2017	3.9	7.9	3.3	5.0
April 2017	3.9	7.8	3.3	5.2
May 2017	3.8	7.6	3.6	5.2
June 2017	3.8	7.1	3.7	5.0
July 2017	3.7	7.2	3.8	5.1
August 2017	3.9	7.5	3.9	5.1
September 2017	3.7	7.2	3.6	5.1
October 2017	3.6	7.6	3.0	5.0
November 2017	3.7	7.5	3.0	4.9
December 2017	3.7	6.9	2.5	5.0
January 2018	3.5	7.5	3.0	4.9
February 2018	3.6	6.8	2.9	4.9
March 2018	3.5	6.6	3.1	4.9
April 2018	3.6	6.5	2.9	4.8
May 2018	3.5	5.8	2.2	4.8
June 2018	3.5	6.5	3.3	4.6
July 2018	3.3	6.4	3.1	4.5
August 2018	3.4	6.2	2.9	4.7
September 2018	3.3	6.2	3.5	4.6
October 2018	3.3	6.4	3.1	4.4
November 2018	3.4	6.2	2.8	4.6
December 2018	3.4	6.8	3.3	4.5
January 2019	3.5	6.9	3.0	4.8
February 2019	3.2	7.0	3.1	4.3
March 2019	3.3	6.5	3.1	4.5
April 2019	3.2	6.6	2.3	4.1
May 2019	3.3	6.1	2.5	4.1
June 2019	3.3	6.0	2.2	4.3
July 2019	3.3	5.6	2.8	4.4
August 2019	3.4	5.2	2.8	4.2
September 2019	3.2	5.4	2.5	4.0
October 2019	3.3	5.6	2.9	4.2
November 2019	3.3	5.7	2.6	4.3
December 2019	3.1	6.2	2.6	4.3
January 2020	3.0	6.1	3.1	4.3
February 2020	3.0	6.0	2.4	4.4
March 2020	3.9	6.8	4.1	6.0
April 2020	14.1	16.7	14.5	18.9
May 2020	12.3	16.7	14.9	17.6
June 2020	10.1	15.3	13.9	14.5
July 2020	9.2	14.4	11.9	12.7
August 2020	7.4	12.8	10.6	10.5
September 2020	7.0	12.0	8.8	10.3
October 2020	6.0	10.8	7.6	8.8
November 2020	5.9	10.3	6.7	8.4
December 2020	6.0	9.9	5.9	9.3
January 2021	5.7	9.2	6.6	8.6
February 2021	5.6	9.9	5.1	8.5
March 2021	5.4	9.6	6.0	7.9
April 2021	5.3	9.7	5.7	7.9
May 2021	5.1	9.1	5.5	7.3
June 2021	5.2	9.2	5.8	7.4

Note: The data extend through June 2021. 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. Small sample sizes preclude reliable estimates for Native Americans and other groups for which monthly data are not reported by the Bureau of Labor Statistics.

Source: Bureau of Labor Statistics via Haver Analytics.

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The Uneven Recovery in Labor Force Participation: Figure A. Change in employment-to-population ratio, by demographic group

Percentage points

Reason	Overall	Men	Women	Less than a high school diploma	High school graduates, no college	Some college or associate's degree	Bachelor's degree and higher	16–24	25–54	55+	White	Black or African American	Asian	Hispanic or Latino
Nonparticipation	-1.70	-1.70	-1.60	-3.60	-2.40	-1.50	-0.90	-1.40	-1.20	-1.90	-1.90	-1.50	-0.90	-2.50
Unemployment	-1.42	-1.63	-1.24	-1.73	-1.87	-1.72	-1.14	-0.72	-2.01	-0.83	-1.29	-1.88	-2.13	-1.86

Note: The data are seasonally adjusted and extend from February 2020 to June 2021. Small sample sizes preclude reliable estimates for Native Americans and other groups for which monthly data are not reported by the Bureau of Labor Statistics.

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 7. Measures of change in hourly compensation

Quarterly
Percent change from year earlier

Period	Compensation per hour, business sector	Employment cost index, private sector
2013:Q1	2.09	1.90
2013:Q2	2.32	1.89
2013:Q3	1.76	1.88
2013:Q4	-0.31	1.96
2014:Q1	3.09	1.70
2014:Q2	1.83	2.02
2014:Q3	2.66	2.27
2014:Q4	2.98	2.35
2015:Q1	2.19	2.75
2015:Q2	3.65	1.90
2015:Q3	3.47	1.89
2015:Q4	2.41	1.88
2016:Q1	1.20	1.79
2016:Q2	0.47	2.35
2016:Q3	0.63	2.26
2016:Q4	2.09	2.17
2017:Q1	2.87	2.31
2017:Q2	3.22	2.38
2017:Q3	4.14	2.52
2017:Q4	4.05	2.59
2018:Q1	3.88	2.81
2018:Q2	3.68	2.86
2018:Q3	3.46	2.92
2018:Q4	2.50	2.99
2019:Q1	4.15	2.81
2019:Q2	4.16	2.63
2019:Q3	2.95	2.69
2019:Q4	3.42	2.68
2020:Q1	3.28	2.80
2020:Q2	8.56	2.71
2020:Q3	7.29	2.40
2020:Q4	8.68	2.61
2021:Q1	8.95	2.80

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; for private-sector average hourly earnings, the data are 12-month percent changes and extend through June 2021; 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.

Monthly
Percent change from year earlier

Period	Average hourly earnings, private sector	Atlanta Fed's Wage Growth Tracker
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	2.17	2.1
July 2013	2.00	2.3
August 2013	2.30	2.3
September 2013	2.08	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	2.31	2.5
March 2014	2.10	2.4
April 2014	1.97	2.3
May 2014	2.13	2.3
June 2014	2.00	2.3
July 2014	2.09	2.4
August 2014	2.21	2.4
September 2014	2.08	2.6
October 2014	2.03	2.8
November 2014	2.03	2.9
December 2014	1.99	2.9
January 2015	2.15	3.0
February 2015	1.89	3.0
March 2015	2.18	3.2
April 2015	2.26	3.3
May 2015	2.30	3.3
June 2015	2.17	3.2
July 2015	2.17	3.1
August 2015	2.20	3.1
September 2015	2.24	3.0
October 2015	2.52	2.9
November 2015	2.39	3.1
December 2015	2.52	3.1
January 2016	2.55	3.1
February 2016	2.46	3.2
March 2016	2.46	3.2
April 2016	2.57	3.4
May 2016	2.44	3.5
June 2016	2.60	3.6
July 2016	2.72	3.4
August 2016	2.47	3.3
September 2016	2.63	3.6
October 2016	2.70	3.9
November 2016	2.65	3.9
December 2016	2.65	3.5
January 2017	2.60	3.2
February 2017	2.72	3.2
March 2017	2.55	3.4
April 2017	2.55	3.5
May 2017	2.54	3.4
June 2017	2.50	3.2
July 2017	2.61	3.3
August 2017	2.57	3.4
September 2017	2.83	3.6
October 2017	2.32	3.4
November 2017	2.43	3.2
December 2017	2.70	2.9
January 2018	2.69	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	2.88	3.3
August 2018	3.18	3.5
September 2018	3.06	3.5
October 2018	3.32	3.7
November 2018	3.35	3.9
December 2018	3.42	3.8
January 2019	3.26	3.8
February 2019	3.48	3.4
March 2019	3.47	3.5
April 2019	3.31	3.6
May 2019	3.30	3.7
June 2019	3.40	3.9
July 2019	3.39	3.9
August 2019	3.45	3.7
September 2019	3.08	3.6
October 2019	3.22	3.5
November 2019	3.28	3.7
December 2019	2.94	3.7
January 2020	3.04	3.8
February 2020	3.00	3.7
March 2020	3.53	3.5
April 2020	8.17	3.3
May 2020	6.67	3.5
June 2020	4.97	3.8
July 2020	4.74	3.9
August 2020	4.65	3.5
September 2020	4.80	3.5
October 2020	4.53	3.5
November 2020	4.52	3.7
December 2020	5.47	3.4
January 2021	5.24	3.4
February 2021	5.23	3.4
March 2021	4.28	3.4
April 2021	0.33	3.2
May 2021	1.88	3.0
June 2021	3.58	ND

Source: Bureau of Labor Statistics; Federal Reserve Bank of Atlanta, Wage Growth Tracker; all 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 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	1.46	1.52	1.62
February 2014	1.15	1.46	1.57
March 2014	1.48	1.55	1.60
April 2014	1.74	1.65	1.75
May 2014	1.84	1.71	1.80
June 2014	1.73	1.65	1.76
July 2014	1.75	1.71	1.78
August 2014	1.58	1.63	1.73
September 2014	1.56	1.63	1.74
October 2014	1.37	1.51	1.71
November 2014	1.13	1.45	1.69
December 2014	0.77	1.39	1.66
January 2015	0.12	1.28	1.56
February 2015	0.23	1.33	1.61
March 2015	0.22	1.29	1.61
April 2015	0.12	1.29	1.61
May 2015	0.20	1.25	1.60
June 2015	0.29	1.27	1.62
July 2015	0.23	1.18	1.59
August 2015	0.26	1.23	1.63
September 2015	0.09	1.24	1.62
October 2015	0.11	1.18	1.57
November 2015	0.26	1.19	1.53
December 2015	0.35	1.18	1.52
January 2016	0.92	1.42	1.64
February 2016	0.69	1.48	1.64
March 2016	0.66	1.45	1.63
April 2016	0.92	1.52	1.68
May 2016	0.83	1.55	1.70
June 2016	0.84	1.54	1.69
July 2016	0.81	1.63	1.73
August 2016	0.97	1.74	1.77
September 2016	1.25	1.70	1.79
October 2016	1.48	1.84	1.86
November 2016	1.45	1.78	1.89
December 2016	1.73	1.84	1.94
January 2017	2.01	1.89	2.01
February 2017	2.18	1.88	1.96
March 2017	1.89	1.67	1.91
April 2017	1.79	1.65	1.85
May 2017	1.61	1.60	1.78
June 2017	1.54	1.63	1.79
July 2017	1.52	1.53	1.72
August 2017	1.59	1.45	1.71
September 2017	1.83	1.53	1.71
October 2017	1.77	1.65	1.73
November 2017	1.90	1.66	1.74
December 2017	1.85	1.68	1.77
January 2018	1.80	1.70	1.78
February 2018	1.92	1.74	1.82
March 2018	2.15	2.04	1.85
April 2018	2.13	2.00	1.87
May 2018	2.36	2.11	1.99
June 2018	2.40	2.07	2.02
July 2018	2.45	2.13	2.07
August 2018	2.29	2.03	2.05
September 2018	2.10	2.07	2.06
October 2018	2.08	1.91	2.02
November 2018	1.97	2.04	2.09
December 2018	1.88	2.08	2.07
January 2019	1.47	1.85	1.93
February 2019	1.37	1.69	1.94
March 2019	1.50	1.58	2.01
April 2019	1.62	1.69	2.09
May 2019	1.49	1.60	1.99
June 2019	1.46	1.71	1.97
July 2019	1.53	1.74	2.02
August 2019	1.52	1.87	2.05
September 2019	1.39	1.72	2.00
October 2019	1.43	1.74	2.03
November 2019	1.44	1.58	1.96
December 2019	1.64	1.62	1.96
January 2020	1.88	1.75	2.10
February 2020	1.84	1.87	2.11
March 2020	1.34	1.65	1.98
April 2020	0.48	0.93	1.87
May 2020	0.54	1.01	1.92
June 2020	0.92	1.14	1.87
July 2020	1.01	1.26	1.89
August 2020	1.24	1.43	1.92
September 2020	1.35	1.53	1.92
October 2020	1.20	1.40	1.82
November 2020	1.12	1.34	1.75
December 2020	1.23	1.41	1.75
January 2021	1.37	1.43	1.61
February 2021	1.57	1.43	1.62
March 2021	2.42	1.95	1.71
April 2021	3.62	3.11	1.79
May 2021	3.91	3.39	1.85

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

Return to text

Recent Inflation Developments: Figure A. Personal consumption expenditures price indexes

Monthly
Percent change from a year ago

Period	Energy	Food and beverages	Goods ex. food, beverages, and energy	Services ex. energy
January 2017	11.98	-1.49	-0.48	2.67
February 2017	17.33	-1.47	-0.62	2.71
March 2017	12.56	-0.73	-0.64	2.44
April 2017	9.71	-0.65	-0.93	2.51
May 2017	5.30	-0.19	-0.93	2.44
June 2017	2.36	-0.08	-0.71	2.41
July 2017	3.71	0.21	-0.60	2.23
August 2017	7.16	0.33	-0.93	2.24
September 2017	11.49	0.45	-1.08	2.39
October 2017	6.69	0.55	-0.91	2.50
November 2017	9.81	0.67	-0.83	2.48
December 2017	7.39	0.86	-0.83	2.51
January 2018	5.72	0.85	-0.91	2.55
February 2018	8.36	0.57	-0.96	2.63
March 2018	7.68	0.43	-0.75	2.96
April 2018	8.01	0.53	-0.46	2.80
May 2018	12.17	0.28	-0.23	2.88
June 2018	13.50	0.54	-0.46	2.90
July 2018	13.84	0.46	-0.56	3.01
August 2018	11.46	0.47	-0.77	2.95
September 2018	5.29	0.55	-0.60	2.95
October 2018	9.11	0.31	-0.69	2.76
November 2018	2.84	0.61	-0.44	2.85
December 2018	-0.30	0.72	-0.51	2.93
January 2019	-5.20	0.79	-0.46	2.60
February 2019	-5.22	1.34	-0.76	2.49
March 2019	-0.11	1.40	-0.92	2.40
April 2019	1.47	0.77	-1.05	2.59
May 2019	-0.41	1.25	-1.00	2.46
June 2019	-3.29	1.08	-0.59	2.46
July 2019	-1.83	0.90	-0.63	2.52
August 2019	-4.47	0.81	-0.21	2.54
September 2019	-4.78	0.82	-0.38	2.41
October 2019	-4.31	1.10	-0.42	2.44
November 2019	-0.83	0.95	-0.55	2.29
December 2019	3.71	0.77	-0.50	2.32
January 2020	6.60	0.87	-0.72	2.56
February 2020	2.99	0.89	-0.32	2.59
March 2020	-5.89	1.28	-0.60	2.39
April 2020	-16.96	4.03	-1.60	1.77
May 2020	-18.13	4.59	-1.65	1.90
June 2020	-12.76	5.16	-1.19	1.91
July 2020	-11.43	4.32	-0.50	1.83
August 2020	-9.43	4.28	-0.02	1.89
September 2020	-8.10	3.86	-0.10	2.06
October 2020	-9.12	3.88	-0.29	1.97
November 2020	-9.14	3.72	-0.12	1.83
December 2020	-8.21	3.93	0.02	1.89
January 2021	-4.47	3.55	0.25	1.83
February 2021	1.27	3.29	0.29	1.82
March 2021	12.97	2.89	0.99	2.30
April 2021	24.80	0.86	3.29	3.03
May 2021	27.43	0.38	4.22	3.06

Note: The data are monthly.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Recent Inflation Developments: Figure B1. Personal consumption expenditures prices and pre-COVID-19 trends: Motor vehicles

Monthly
February 2020 = 100

Period	Total	Trend
January 2017	101.29	101.00
February 2017	100.98	100.98
March 2017	100.84	100.95
April 2017	100.60	100.92
May 2017	100.50	100.89
June 2017	100.20	100.87
July 2017	99.88	100.84
August 2017	99.79	100.81
September 2017	99.61	100.79
October 2017	99.95	100.76
November 2017	99.73	100.73
December 2017	100.02	100.70
January 2018	99.75	100.68
February 2018	99.36	100.65
March 2018	99.66	100.62
April 2018	99.39	100.60
May 2018	99.59	100.57
June 2018	99.90	100.54
July 2018	100.23	100.51
August 2018	100.34	100.49
September 2018	100.10	100.46
October 2018	99.97	100.43
November 2018	100.16	100.41
December 2018	100.22	100.38
January 2019	99.91	100.35
February 2019	99.55	100.32
March 2019	99.89	100.30
April 2019	100.27	100.27
May 2019	100.21	100.24
June 2019	100.42	100.22
July 2019	100.26	100.19
August 2019	100.39	100.16
September 2019	100.45	100.13
October 2019	100.16	100.11
November 2019	99.99	100.08
December 2019	100.03	100.05
January 2020	99.89	100.03
February 2020	100.00	100.00
March 2020	99.57	99.97
April 2020	97.26	99.95
May 2020	99.31	99.92
June 2020	102.08	99.89
July 2020	103.00	99.87
August 2020	104.06	99.84
September 2020	105.22	99.81
October 2020	105.21	99.78
November 2020	104.36	99.76
December 2020	104.25	99.73
January 2021	103.17	99.70
February 2021	104.46	99.68
March 2021	105.20	99.65
April 2021	109.14	99.62
May 2021	112.18	99.60

Note: Trend is calculated from February 2017 to February 2020.

Source: Bureau of Economic Analysis via Haver Analytics; FRB staff calculations.

Recent Inflation Developments: Figure B2. Personal consumption expenditures prices and pre-COVID-19 trends: Durables excluding motor vehicles

Monthly
February 2020 = 100

Period	Total	Trend
January 2017	106.72	106.86
February 2017	106.67	106.67
March 2017	106.07	106.48
April 2017	105.85	106.29
May 2017	105.57	106.10
June 2017	105.43	105.91
July 2017	105.13	105.72
August 2017	104.80	105.53
September 2017	104.58	105.34
October 2017	104.61	105.15
November 2017	104.06	104.96
December 2017	103.69	104.77
January 2018	104.15	104.59
February 2018	103.74	104.40
March 2018	103.58	104.21
April 2018	103.85	104.02
May 2018	103.45	103.84
June 2018	102.85	103.65
July 2018	102.96	103.47
August 2018	102.45	103.28
September 2018	102.35	103.10
October 2018	102.33	102.91
November 2018	102.13	102.73
December 2018	102.14	102.54
January 2019	102.57	102.36
February 2019	102.30	102.18
March 2019	101.75	101.99
April 2019	101.39	101.81
May 2019	101.52	101.63
June 2019	102.02	101.44
July 2019	101.17	101.26
August 2019	100.84	101.08
September 2019	100.88	100.90
October 2019	100.76	100.72
November 2019	100.29	100.54
December 2019	99.59	100.36
January 2020	99.80	100.18
February 2020	100.00	100.00
March 2020	99.57	99.82
April 2020	98.74	99.64
May 2020	98.74	99.46
June 2020	98.80	99.29
July 2020	99.15	99.11
August 2020	99.69	98.93
September 2020	99.13	98.75
October 2020	98.91	98.58
November 2020	98.93	98.40
December 2020	99.24	98.22
January 2021	99.69	98.05
February 2021	99.68	97.87
March 2021	100.21	97.70
April 2021	101.00	97.52
May 2021	101.88	97.35

Note: Trend is calculated from February 2017 to February 2020.

Source: Bureau of Economic Analysis via Haver Analytics; FRB staff calculations.

Recent Inflation Developments: Figure B3. Personal consumption expenditures prices and pre-COVID-19 trends: Airline fares

Monthly
February 2020 = 100

Period	Total	Trend
January 2017	96.90	97.47
February 2017	97.53	97.53
March 2017	91.92	97.60
April 2017	96.04	97.67
May 2017	95.46	97.74
June 2017	96.58	97.80
July 2017	93.93	97.87
August 2017	93.84	97.94
September 2017	95.02	98.01
October 2017	95.95	98.08
November 2017	97.88	98.14
December 2017	92.93	98.21
January 2018	91.00	98.28
February 2018	93.98	98.35
March 2018	95.62	98.42
April 2018	96.13	98.49
May 2018	96.45	98.55
June 2018	96.32	98.62
July 2018	96.63	98.69
August 2018	96.93	98.76
September 2018	99.47	98.83
October 2018	99.29	98.90
November 2018	102.60	98.96
December 2018	99.89	99.03
January 2019	100.21	99.10
February 2019	98.59	99.17
March 2019	96.90	99.24
April 2019	100.27	99.31
May 2019	102.01	99.38
June 2019	99.74	99.45
July 2019	101.19	99.52
August 2019	99.77	99.58
September 2019	100.32	99.65
October 2019	101.04	99.72
November 2019	99.10	99.79
December 2019	105.23	99.86
January 2020	99.53	99.93
February 2020	100.00	100.00
March 2020	89.27	100.07
April 2020	77.84	100.14
May 2020	87.11	100.21
June 2020	93.00	100.28
July 2020	83.03	100.35
August 2020	80.08	100.42
September 2020	85.15	100.49
October 2020	87.90	100.56
November 2020	82.95	100.63
December 2020	80.01	100.70
January 2021	80.43	100.77
February 2021	79.10	100.84
March 2021	80.56	100.91
April 2021	88.28	100.98
May 2021	86.38	101.05

Note: Trend is calculated from February 2017 to February 2020.

Source: Bureau of Economic Analysis via Haver Analytics; FRB staff calculations.

Recent Inflation Developments: Figure B4. Personal consumption expenditures prices and pre-COVID-19 trends: Hotel accommodations

Monthly
February 2020 = 100

Period	Total	Trend
January 2017	97.37	97.39
February 2017	97.46	97.46
March 2017	94.95	97.53
April 2017	96.08	97.60
May 2017	96.09	97.67
June 2017	95.43	97.74
July 2017	91.65	97.81
August 2017	95.60	97.88
September 2017	96.44	97.95
October 2017	99.30	98.02
November 2017	97.55	98.09
December 2017	97.59	98.16
January 2018	95.74	98.23
February 2018	95.40	98.30
March 2018	97.12	98.37
April 2018	97.01	98.44
May 2018	99.76	98.51
June 2018	96.63	98.58
July 2018	96.43	98.65
August 2018	97.70	98.72
September 2018	96.30	98.79
October 2018	96.40	98.86
November 2018	95.73	98.93
December 2018	98.17	99.01
January 2019	98.38	99.08
February 2019	99.50	99.15
March 2019	99.85	99.22
April 2019	100.99	99.29
May 2019	100.75	99.36
June 2019	100.58	99.43
July 2019	101.03	99.50
August 2019	99.63	99.57
September 2019	101.27	99.64
October 2019	98.65	99.71
November 2019	99.26	99.79
December 2019	97.68	99.86
January 2020	97.78	99.93
February 2020	100.00	100.00
March 2020	92.32	100.07
April 2020	84.84	100.14
May 2020	83.33	100.21
June 2020	84.47	100.29
July 2020	85.60	100.36
August 2020	86.55	100.43
September 2020	86.13	100.50
October 2020	83.46	100.57
November 2020	86.18	100.64
December 2020	85.86	100.72
January 2021	84.00	100.79
February 2021	81.72	100.86
March 2021	85.33	100.93
April 2021	92.83	101.00
May 2021	93.23	101.08

Note: Trend is calculated from February 2017 to February 2020.

Source: Bureau of Economic Analysis via Haver Analytics; FRB staff calculations.

Return to text

Figure 9. Nonfuel import prices and industrial metals indexes

Monthly
January 2014 = 100

Period	Nonfuel import prices
January 2014	100.00
February 2014	100.00
March 2014	100.34
April 2014	100.34
May 2014	100.34
June 2014	100.25
July 2014	100.34
August 2014	100.34
September 2014	100.17
October 2014	100.08
November 2014	99.83
December 2014	99.75
January 2015	99.08
February 2015	98.91
March 2015	98.49
April 2015	98.16
May 2015	98.16
June 2015	97.99
July 2015	97.74
August 2015	97.40
September 2015	97.15
October 2015	96.90
November 2015	96.65
December 2015	96.31
January 2016	96.23
February 2016	96.14
March 2016	96.06
April 2016	96.14
May 2016	96.40
June 2016	96.23
July 2016	96.56
August 2016	96.56
September 2016	96.56
October 2016	96.56
November 2016	96.48
December 2016	96.48
January 2017	96.40
February 2017	96.73
March 2017	96.90
April 2017	97.15
May 2017	97.23
June 2017	97.32
July 2017	97.23
August 2017	97.49
September 2017	97.82
October 2017	97.90
November 2017	97.90
December 2017	97.74
January 2018	98.24
February 2018	98.66
March 2018	98.74
April 2018	98.83
May 2018	98.99
June 2018	98.74
July 2018	98.58
August 2018	98.41
September 2018	98.41
October 2018	98.49
November 2018	98.32
December 2018	98.32
January 2019	98.07
February 2019	98.16
March 2019	97.99
April 2019	97.90
May 2019	97.65
June 2019	97.40
July 2019	97.40
August 2019	97.32
September 2019	97.23
October 2019	96.98
November 2019	96.90
December 2019	96.98
January 2020	97.23
February 2020	97.40
March 2020	97.40
April 2020	96.90
May 2020	96.98
June 2020	97.23
July 2020	97.40
August 2020	98.07
September 2020	98.58
October 2020	98.58
November 2020	98.41
December 2020	98.83
January 2021	99.75
February 2021	100.17
March 2021	101.09
April 2021	101.84
May 2021	102.77

Note: The data for nonfuel import prices are monthly. The data for industrial metals are weekly averages of daily data and extend through July 2, 2021.

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

Weekly
January 2014 = 100

Period	Industrial metals
3 January 2014	100.00
10 January 2014	98.58
17 January 2014	99.98
24 January 2014	99.29
31 January 2014	96.91
7 February 2014	95.83
14 February 2014	96.98
21 February 2014	98.44
28 February 2014	97.43
7 March 2014	97.41
14 March 2014	93.74
21 March 2014	93.43
28 March 2014	94.07
4 April 2014	95.83
11 April 2014	97.26
18 April 2014	98.04
25 April 2014	99.05
2 May 2014	97.50
9 May 2014	97.45
16 May 2014	99.59
23 May 2014	99.62
30 May 2014	100.27
6 June 2014	99.85
13 June 2014	98.83
20 June 2014	99.52
27 June 2014	101.49
4 July 2014	103.47
11 July 2014	104.56
18 July 2014	104.71
25 July 2014	105.87
1 August 2014	105.52
8 August 2014	105.25
15 August 2014	104.13
22 August 2014	105.29
29 August 2014	106.24
5 September 2014	106.14
12 September 2014	104.37
19 September 2014	102.63
26 September 2014	100.65
3 October 2014	99.41
10 October 2014	100.05
17 October 2014	99.42
24 October 2014	99.67
31 October 2014	101.41
7 November 2014	101.32
14 November 2014	100.94
21 November 2014	101.08
28 November 2014	100.63
5 December 2014	98.83
12 December 2014	97.99
19 December 2014	95.88
26 December 2014	94.56
2 January 2015	93.94
9 January 2015	92.12
16 January 2015	88.97
23 January 2015	89.64
30 January 2015	88.38
6 February 2015	90.16
13 February 2015	89.33
20 February 2015	88.38
27 February 2015	88.77
6 March 2015	88.61
13 March 2015	87.99
20 March 2015	88.14
27 March 2015	90.78
3 April 2015	89.72
10 April 2015	89.83
17 April 2015	90.62
24 April 2015	90.68
1 May 2015	94.71
8 May 2015	96.83
15 May 2015	95.61
22 May 2015	91.93
29 May 2015	89.85
5 June 2015	89.07
12 June 2015	89.00
19 June 2015	86.07
26 June 2015	85.87
3 July 2015	85.61
10 July 2015	83.01
17 July 2015	84.31
24 July 2015	81.66
31 July 2015	80.16
7 August 2015	78.68
14 August 2015	78.47
21 August 2015	76.82
28 August 2015	76.13
4 September 2015	78.00
11 September 2015	79.96
18 September 2015	78.97
25 September 2015	76.31
2 October 2015	75.70
9 October 2015	76.96
16 October 2015	78.98
23 October 2015	76.78
30 October 2015	75.74
6 November 2015	74.94
13 November 2015	73.39
20 November 2015	70.42
27 November 2015	69.58
4 December 2015	70.45
11 December 2015	70.54
18 December 2015	70.52
25 December 2015	71.93
1 January 2016	72.50
8 January 2016	70.10
15 January 2016	68.06
22 January 2016	68.79
29 January 2016	70.45
5 February 2016	71.76
12 February 2016	70.62
19 February 2016	71.77
26 February 2016	73.10
4 March 2016	75.14
11 March 2016	75.76
18 March 2016	75.08
25 March 2016	74.86
1 April 2016	73.73
8 April 2016	72.77
15 April 2016	74.04
22 April 2016	77.03
29 April 2016	77.83
6 May 2016	76.75
13 May 2016	73.47
20 May 2016	73.03
27 May 2016	72.86
3 June 2016	73.57
10 June 2016	73.96
17 June 2016	74.40
24 June 2016	75.89
1 July 2016	77.28
8 July 2016	77.46
15 July 2016	79.38
22 July 2016	79.54
29 July 2016	78.58
5 August 2016	78.90
12 August 2016	78.88
19 August 2016	79.43
26 August 2016	77.99
2 September 2016	77.27
9 September 2016	77.06
16 September 2016	76.96
23 September 2016	78.51
30 September 2016	80.20
7 October 2016	80.12
14 October 2016	79.86
21 October 2016	78.15
28 October 2016	79.97
4 November 2016	82.56
11 November 2016	86.51
18 November 2016	87.08
25 November 2016	89.98
2 December 2016	90.71
9 December 2016	90.93
16 December 2016	90.25
23 December 2016	87.20
30 December 2016	85.95
6 January 2017	86.55
13 January 2017	90.01
20 January 2017	91.25
27 January 2017	92.37
3 February 2017	92.46
10 February 2017	93.22
17 February 2017	95.13
24 February 2017	94.21
3 March 2017	94.65
10 March 2017	91.92
17 March 2017	93.14
24 March 2017	93.78
31 March 2017	94.39
7 April 2017	93.53
14 April 2017	91.43
21 April 2017	90.28
28 April 2017	91.41
5 May 2017	90.65
12 May 2017	88.97
19 May 2017	90.08
26 May 2017	91.23
2 June 2017	90.39
9 June 2017	89.44
16 June 2017	89.31
23 June 2017	90.37
30 June 2017	92.67
7 July 2017	93.24
14 July 2017	93.13
21 July 2017	93.87
28 July 2017	96.18
4 August 2017	96.92
11 August 2017	99.93
18 August 2017	101.41
25 August 2017	103.44
1 September 2017	104.84
8 September 2017	105.15
15 September 2017	103.13
22 September 2017	103.59
29 September 2017	102.86
6 October 2017	104.81
13 October 2017	106.75
20 October 2017	107.58
27 October 2017	108.04
3 November 2017	108.05
10 November 2017	106.95
17 November 2017	105.54
24 November 2017	106.68
1 December 2017	105.34
8 December 2017	102.60
15 December 2017	104.07
22 December 2017	108.08
29 December 2017	111.88
5 January 2018	111.74
12 January 2018	110.69
19 January 2018	110.86
26 January 2018	112.29
2 February 2018	112.44
9 February 2018	109.92
16 February 2018	111.39
23 February 2018	111.93
2 March 2018	109.85
9 March 2018	107.98
16 March 2018	107.49
23 March 2018	105.66
30 March 2018	104.52
6 April 2018	104.73
13 April 2018	109.48
20 April 2018	114.28
27 April 2018	110.06
4 May 2018	109.23
11 May 2018	110.60
18 May 2018	110.67
25 May 2018	110.73
1 June 2018	111.09
8 June 2018	114.48
15 June 2018	113.05
22 June 2018	108.12
29 June 2018	106.23
6 July 2018	102.27
13 July 2018	99.95
20 July 2018	97.70
27 July 2018	99.45
3 August 2018	98.81
10 August 2018	99.01
17 August 2018	95.93
24 August 2018	96.86
31 August 2018	98.49
7 September 2018	95.01
14 September 2018	95.14
21 September 2018	96.46
28 September 2018	98.45
5 October 2018	100.13
12 October 2018	98.46
19 October 2018	98.03
26 October 2018	97.26
2 November 2018	95.23
9 November 2018	95.16
16 November 2018	94.16
23 November 2018	95.01
30 November 2018	94.23
7 December 2018	95.20
14 December 2018	94.05
21 December 2018	92.99
28 December 2018	91.79
4 January 2019	90.20
11 January 2019	91.54
18 January 2019	92.04
25 January 2019	93.72
1 February 2019	95.06
8 February 2019	96.49
15 February 2019	94.14
22 February 2019	96.85
1 March 2019	98.53
8 March 2019	97.39
15 March 2019	97.69
22 March 2019	98.14
29 March 2019	97.56
5 April 2019	98.05
12 April 2019	97.48
19 April 2019	97.24
26 April 2019	96.24
3 May 2019	94.37
10 May 2019	92.66
17 May 2019	92.31
24 May 2019	90.78
31 May 2019	90.33
7 June 2019	89.21
14 June 2019	89.65
21 June 2019	90.20
28 June 2019	91.59
5 July 2019	90.32
12 July 2019	91.30
19 July 2019	93.56
26 July 2019	92.85
2 August 2019	91.72
9 August 2019	89.93
16 August 2019	91.07
23 August 2019	90.53
30 August 2019	90.31
6 September 2019	91.97
13 September 2019	93.64
20 September 2019	92.80
27 September 2019	91.79
4 October 2019	90.93
11 October 2019	91.96
18 October 2019	91.84
25 October 2019	92.83
1 November 2019	93.71
8 November 2019	94.32
15 November 2019	91.61
22 November 2019	90.06
29 November 2019	90.27
6 December 2019	89.46
13 December 2019	91.19
20 December 2019	92.50
27 December 2019	93.24
3 January 2020	92.88
10 January 2020	92.87
17 January 2020	93.88
24 January 2020	91.94
31 January 2020	86.94
7 February 2020	86.21
14 February 2020	87.25
21 February 2020	86.93
28 February 2020	85.38
6 March 2020	85.80
13 March 2020	83.68
20 March 2020	78.35
27 March 2020	75.17
3 April 2020	75.23
10 April 2020	75.68
17 April 2020	77.43
24 April 2020	77.48
1 May 2020	77.71
8 May 2020	77.46
15 May 2020	77.70
22 May 2020	79.47
29 May 2020	79.34
5 June 2020	82.00
12 June 2020	84.40
19 June 2020	84.32
26 June 2020	84.92
3 July 2020	86.33
10 July 2020	89.15
17 July 2020	91.42
24 July 2020	91.74
31 July 2020	92.32
7 August 2020	93.95
14 August 2020	93.83
21 August 2020	95.75
28 August 2020	96.21
4 September 2020	97.14
11 September 2020	96.43
18 September 2020	97.64
25 September 2020	95.17
2 October 2020	94.48
9 October 2020	95.63
16 October 2020	98.02
23 October 2020	99.44
30 October 2020	98.12
6 November 2020	100.12
13 November 2020	101.55
20 November 2020	104.68
27 November 2020	106.33
4 December 2020	109.75
11 December 2020	110.51
18 December 2020	111.81
25 December 2020	110.32
1 January 2021	110.04
8 January 2021	112.86
15 January 2021	111.62
22 January 2021	111.62
29 January 2021	110.74
5 February 2021	109.82
12 February 2021	114.85
19 February 2021	118.72
26 February 2021	124.02
5 March 2021	121.21
12 March 2021	119.78
19 March 2021	121.52
26 March 2021	121.54
2 April 2021	119.94
9 April 2021	121.60
16 April 2021	123.18
23 April 2021	126.25
30 April 2021	130.99
7 May 2021	134.03
14 May 2021	136.50
21 May 2021	134.01
28 May 2021	133.36
4 June 2021	133.91
11 June 2021	133.58
18 June 2021	130.35
25 June 2021	129.14
2 July 2021	131.40

Note: The data for nonfuel import prices are monthly. The data for industrial metals are weekly averages of daily data and extend through July 2, 2021.

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 10. Spot and futures prices for crude oil

Series: Brent spot price and 24-month-ahead futures contracts

Horizon: December 29, 2005 to July 2, 2021

Description: A line chart with two curves over December 29, 2005, to July 2, 2021. Units are dollars per barrel, and the data are weekly. The Brent spot price series starts at about 60, rises steadily to about 140 by mid-2008, slumps to about 40 by late 2008, increases to about 130 by early 2011, fluctuates between about 90 and 130 through 2014, decreases to about 30 by early 2016, increases to about 85 by late 2018, fluctuates between about 50 and 75 through 2019, slides to about 20 in early 2020, and rises to about 80 in mid-2021. The 24-month-ahead futures contracts series, following a similar pattern, starts at about 60, rises to about 140 in mid-2008, drops to about 60 by late 2008, increases to 120 by 2010, fluctuates between 100 and 110 through 2014, decreases to about 40 by early 2016, increases to about 80 by late 2018, decreases to about 50 by early 2019, fluctuates between 55 and 65 through 2019, slides to about 40 in early 2020, and rises to end at about 65 in mid-2021.

Note: The data are weekly averages of daily data and extend through July 2, 2021.

Source: ICE Brent Futures via Bloomberg.

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Supply Chain Bottlenecks in U.S. Manufacturing and Trade: Figure A. Customer inventories and order backlogs

Monthly
Diffusion index

Period	Customer inventories	Order backlogs
January 2007	49.20	46.00
February 2007	51.40	56.50
March 2007	47.10	49.60
April 2007	44.60	54.10
May 2007	48.60	53.70
June 2007	47.50	53.50
July 2007	49.80	54.50
August 2007	50.70	51.50
September 2007	51.10	50.20
October 2007	52.50	50.40
November 2007	49.50	41.70
December 2007	49.80	43.70
January 2008	48.90	46.00
February 2008	50.30	46.90
March 2008	50.70	46.30
April 2008	44.10	52.30
May 2008	47.20	45.60
June 2008	55.70	47.90
July 2008	46.20	44.00
August 2008	52.50	48.20
September 2008	52.40	38.70
October 2008	55.80	30.60
November 2008	54.30	27.70
December 2008	54.00	23.40
January 2009	51.40	32.20
February 2009	50.90	33.60
March 2009	50.90	37.60
April 2009	49.90	40.90
May 2009	43.60	46.10
June 2009	44.80	48.60
July 2009	42.20	49.40
August 2009	38.80	50.90
September 2009	34.90	52.60
October 2009	40.00	50.50
November 2009	39.30	51.80
December 2009	32.50	50.10
January 2010	35.10	53.20
February 2010	35.20	58.80
March 2010	39.50	54.70
April 2010	35.00	57.00
May 2010	33.20	56.30
June 2010	35.80	57.60
July 2010	39.20	54.00
August 2010	43.90	51.50
September 2010	43.00	44.40
October 2010	43.50	45.10
November 2010	44.80	48.70
December 2010	39.00	46.30
January 2011	47.10	57.10
February 2011	41.50	55.60
March 2011	41.20	52.80
April 2011	41.10	59.20
May 2011	39.80	50.10
June 2011	44.20	52.50
July 2011	40.40	49.80
August 2011	46.90	46.30
September 2011	50.20	43.70
October 2011	43.40	48.00
November 2011	47.10	46.80
December 2011	42.70	48.20
January 2012	43.70	52.00
February 2012	44.30	50.40
March 2012	42.40	52.00
April 2012	43.90	47.60
May 2012	44.30	44.20
June 2012	47.70	41.20
July 2012	48.20	42.10
August 2012	48.30	41.90
September 2012	49.10	46.40
October 2012	47.40	42.40
November 2012	42.60	42.10
December 2012	47.40	47.30
January 2013	49.90	45.20
February 2013	45.70	53.10
March 2013	47.60	49.70
April 2013	45.10	51.40
May 2013	46.30	48.10
June 2013	45.90	45.10
July 2013	46.60	45.40
August 2013	42.40	46.40
September 2013	44.00	50.10
October 2013	46.70	51.20
November 2013	46.40	54.10
December 2013	46.40	51.00
January 2014	43.30	46.60
February 2014	47.00	50.50
March 2014	42.30	57.00
April 2014	42.80	54.00
May 2014	46.30	51.50
June 2014	47.80	46.00
July 2014	43.00	49.50
August 2014	50.00	53.60
September 2014	44.30	46.80
October 2014	47.10	52.50
November 2014	50.90	53.70
December 2014	45.80	52.00
January 2015	42.50	45.80
February 2015	47.10	50.10
March 2015	46.50	47.40
April 2015	44.10	48.20
May 2015	44.10	52.90
June 2015	49.70	45.20
July 2015	43.30	43.60
August 2015	53.50	46.60
September 2015	54.10	40.70
October 2015	51.60	44.40
November 2015	50.80	43.30
December 2015	49.40	41.70
January 2016	50.40	42.60
February 2016	46.90	48.30
March 2016	50.30	50.60
April 2016	46.80	49.70
May 2016	49.10	46.30
June 2016	51.20	52.70
July 2016	51.40	48.50
August 2016	49.10	47.40
September 2016	52.50	48.60
October 2016	49.80	45.80
November 2016	49.40	48.70
December 2016	49.60	48.60
January 2017	47.70	48.60
February 2017	48.40	57.10
March 2017	48.60	57.50
April 2017	46.60	56.90
May 2017	49.10	54.00
June 2017	49.90	56.50
July 2017	48.00	54.30
August 2017	42.30	56.50
September 2017	43.00	56.90
October 2017	43.50	53.90
November 2017	45.10	54.30
December 2017	42.90	54.90
January 2018	45.60	56.20
February 2018	43.70	59.80
March 2018	42.00	59.80
April 2018	44.30	62.00
May 2018	39.60	63.50
June 2018	39.70	60.10
July 2018	39.40	54.70
August 2018	41.00	57.50
September 2018	40.50	55.70
October 2018	43.30	55.80
November 2018	41.50	56.40
December 2018	41.70	50.00
January 2019	42.80	50.30
February 2019	39.00	52.30
March 2019	42.70	50.40
April 2019	42.60	53.90
May 2019	43.70	47.20
June 2019	44.60	47.40
July 2019	45.70	43.10
August 2019	44.90	46.30
September 2019	45.50	45.10
October 2019	47.80	44.10
November 2019	45.00	43.00
December 2019	41.10	43.30
January 2020	43.80	45.70
February 2020	41.80	50.30
March 2020	43.40	45.90
April 2020	48.80	37.80
May 2020	46.20	38.20
June 2020	44.60	45.30
July 2020	41.60	51.80
August 2020	38.10	54.60
September 2020	37.90	55.20
October 2020	36.70	55.70
November 2020	36.30	56.90
December 2020	37.90	59.10
January 2021	33.10	59.70
February 2021	32.50	64.00
March 2021	29.90	67.50
April 2021	28.40	68.20
May 2021	28.00	70.60
June 2021	30.80	64.50

Note: The data extend through June 2021.

Source: Institute for Supply Management, Manufacturing ISM Report on Business.

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Supply Chain Bottlenecks in U.S. Manufacturing and Trade: Figure B. Reasons production is below capacity

Quarterly
Percent

Period	Insufficient supply of materials	Insufficient supply of labor
1998:Q1	ND	ND
1998:Q2	ND	ND
1998:Q3	ND	ND
1998:Q4	4.79	18.15
1999:Q1	ND	ND
1999:Q2	ND	ND
1999:Q3	ND	ND
1999:Q4	4.89	20.43
2000:Q1	ND	ND
2000:Q2	ND	ND
2000:Q3	ND	ND
2000:Q4	4.78	15.87
2001:Q1	ND	ND
2001:Q2	ND	ND
2001:Q3	ND	ND
2001:Q4	3.82	8.67
2002:Q1	ND	ND
2002:Q2	ND	ND
2002:Q3	ND	ND
2002:Q4	3.80	7.60
2003:Q1	ND	ND
2003:Q2	ND	ND
2003:Q3	ND	ND
2003:Q4	4.39	7.94
2004:Q1	ND	ND
2004:Q2	ND	ND
2004:Q3	ND	ND
2004:Q4	6.41	11.85
2005:Q1	ND	ND
2005:Q2	ND	ND
2005:Q3	ND	ND
2005:Q4	6.27	14.24
2006:Q1	ND	ND
2006:Q2	ND	ND
2006:Q3	ND	ND
2006:Q4	5.63	14.49
2007:Q1	ND	ND
2007:Q2	ND	ND
2007:Q3	ND	ND
2007:Q4	ND	ND
2008:Q1	6.64	9.90
2008:Q2	5.43	8.97
2008:Q3	4.66	6.09
2008:Q4	2.92	2.85
2009:Q1	3.60	2.15
2009:Q2	3.15	1.43
2009:Q3	3.29	1.82
2009:Q4	3.42	1.51
2010:Q1	4.18	3.95
2010:Q2	5.89	5.68
2010:Q3	6.54	5.28
2010:Q4	5.82	5.23
2011:Q1	6.37	6.19
2011:Q2	7.40	6.89
2011:Q3	6.40	6.76
2011:Q4	5.50	6.61
2012:Q1	6.58	7.59
2012:Q2	5.37	7.70
2012:Q3	4.57	6.91
2012:Q4	4.50	5.42
2013:Q1	5.33	6.34
2013:Q2	5.42	6.17
2013:Q3	5.97	6.38
2013:Q4	4.63	6.51
2014:Q1	5.22	7.42
2014:Q2	5.10	9.15
2014:Q3	5.56	9.54
2014:Q4	5.34	7.99
2015:Q1	4.12	9.02
2015:Q2	5.52	13.76
2015:Q3	4.51	13.08
2015:Q4	5.18	11.19
2016:Q1	4.90	12.67
2016:Q2	4.79	12.32
2016:Q3	4.27	10.47
2016:Q4	3.82	11.73
2017:Q1	4.76	12.50
2017:Q2	6.26	14.26
2017:Q3	6.46	17.37
2017:Q4	6.60	15.64
2018:Q1	6.62	17.15
2018:Q2	8.78	22.22
2018:Q3	10.29	23.45
2018:Q4	7.30	19.70
2019:Q1	7.50	18.80
2019:Q2	7.10	21.00
2019:Q3	7.30	19.90
2019:Q4	7.40	16.30
2020:Q1	9.80	16.10
2020:Q2	9.40	15.20
2020:Q3	11.00	18.60
2020:Q4	13.50	21.80
2021:Q1	21.60	28.00

Note: Gaps in series represent the end of the Annual Survey of Plant Capacity in 2006 and the start of the Quarterly Survey of Plant Capacity in 2008.

Source: Census Bureau, Manufacturing and Construction Division, Quarterly Survey of Plant Capacity Utilization.

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Supply Chain Bottlenecks in U.S. Manufacturing and Trade: Figure C. Prices paid by manufacturers for materials

Monthly
Diffusion index

Period	Prices paid by manufacturers for materials
January 2007	53.60
February 2007	62.50
March 2007	65.50
April 2007	73.00
May 2007	72.60
June 2007	67.10
July 2007	67.40
August 2007	62.90
September 2007	60.40
October 2007	63.90
November 2007	72.00
December 2007	65.70
January 2008	76.20
February 2008	75.70
March 2008	83.10
April 2008	83.90
May 2008	88.10
June 2008	91.40
July 2008	90.40
August 2008	76.50
September 2008	55.10
October 2008	39.80
November 2008	28.40
December 2008	17.10
January 2009	29.00
February 2009	29.90
March 2009	31.60
April 2009	31.40
May 2009	45.00
June 2009	47.90
July 2009	52.80
August 2009	62.30
September 2009	63.30
October 2009	64.30
November 2009	55.40
December 2009	63.80
January 2010	68.00
February 2010	65.10
March 2010	75.20
April 2010	78.00
May 2010	77.00
June 2010	54.90
July 2010	55.60
August 2010	61.80
September 2010	69.80
October 2010	73.80
November 2010	69.00
December 2010	73.30
January 2011	79.60
February 2011	80.20
March 2011	82.30
April 2011	82.60
May 2011	77.90
June 2011	70.30
July 2011	59.10
August 2011	57.50
September 2011	57.00
October 2011	41.40
November 2011	48.10
December 2011	45.40
January 2012	53.50
February 2012	60.10
March 2012	62.30
April 2012	61.00
May 2012	47.20
June 2012	35.70
July 2012	39.40
August 2012	54.40
September 2012	60.00
October 2012	55.50
November 2012	52.10
December 2012	54.00
January 2013	56.90
February 2013	62.20
March 2013	53.70
April 2013	48.50
May 2013	49.90
June 2013	50.70
July 2013	48.40
August 2013	52.80
September 2013	57.40
October 2013	55.00
November 2013	51.70
December 2013	51.70
January 2014	60.30
February 2014	59.80
March 2014	59.00
April 2014	55.90
May 2014	58.70
June 2014	57.00
July 2014	60.10
August 2014	56.90
September 2014	58.70
October 2014	52.70
November 2014	44.40
December 2014	37.80
January 2015	35.10
February 2015	35.20
March 2015	40.10
April 2015	41.60
May 2015	49.00
June 2015	49.70
July 2015	45.10
August 2015	38.80
September 2015	37.60
October 2015	39.80
November 2015	35.70
December 2015	33.90
January 2016	33.90
February 2016	38.30
March 2016	52.10
April 2016	57.90
May 2016	61.40
June 2016	59.80
July 2016	54.90
August 2016	53.60
September 2016	53.10
October 2016	54.80
November 2016	53.50
December 2016	64.20
January 2017	67.90
February 2017	66.90
March 2017	68.80
April 2017	68.30
May 2017	59.50
June 2017	53.00
July 2017	61.70
August 2017	61.70
September 2017	71.50
October 2017	68.10
November 2017	64.80
December 2017	68.30
January 2018	72.70
February 2018	74.20
March 2018	78.10
April 2018	79.30
May 2018	79.50
June 2018	76.80
July 2018	73.20
August 2018	72.10
September 2018	66.90
October 2018	71.60
November 2018	60.70
December 2018	54.90
January 2019	49.60
February 2019	49.40
March 2019	54.30
April 2019	50.00
May 2019	53.20
June 2019	47.90
July 2019	45.10
August 2019	46.00
September 2019	49.70
October 2019	45.50
November 2019	46.70
December 2019	51.70
January 2020	53.30
February 2020	45.90
March 2020	37.40
April 2020	35.30
May 2020	40.80
June 2020	51.30
July 2020	53.20
August 2020	59.50
September 2020	62.80
October 2020	65.50
November 2020	65.40
December 2020	77.60
January 2021	82.10
February 2021	86.00
March 2021	85.60
April 2021	89.60
May 2021	88.00
June 2021	92.10

Note: Values greater than 50 indicate that more respondents paid higher prices for material inputs relative to a month earlier than reported lower prices. The data extend through June 2021.

Source: Institute for Supply Management, Manufacturing ISM Report on Business.

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Supply Chain Bottlenecks in U.S. Manufacturing and Trade: Figure D. Ships waiting at anchor (Port of Los Angeles)

Series: Ships waiting at anchor

Horizon: January 1, 2020, to July 6, 2021

Description: A line chart with one curve over January 1, 2020, to July 6, 2021. Units are ships. The data are seven-day moving averages. The series remains between about 0 and 1.3 through mid-October 2020. From that point, the series moves rapidly upward with some fluctuation until reaching almost 22 by the beginning of February 2021. The series trends down from that point, falling below 13 by mid-March, moving back up to about 18 at the end of March, and decreasing below 8 by the end of April 2021. From May 2021 onward, the series fluctuates between about 7 and 12 before ending close to 9 at the beginning of July.

Note: The data are 7-day moving averages.

Source: Port of Los Angeles.

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Supply Chain Bottlenecks in U.S. Manufacturing and Trade: Figure E. Container flows at U.S. ports

Series: Inbound loaded and outbound loaded

Horizon: January 2017 to April 2021

Description: A line chart with two curves over January 2017 to April 2021. The units are millions of 20-foot equivalent units, and the data are monthly. The inbound-loaded series begins slightly below 1.6, dips to about 1.3 in February, and remains between 1.5 and 1.7 from May through the end of 2017 before dropping to about 1.4 in March 2018. The series increases to 1.7 by June 2018, ranging between about 1.7 and 1.9 through 2018 before decreasing to about 1.5 by March 2019. The series fluctuates between 1.5 and 1.8 through 2019 before dropping to 1.2 in March 2020. The series then jumps to 2 by October 2020, decreases to 1.7 by February 2021, and ends near 2 in April 2021. The outbound-loaded series starts around 0.8 in January 2017, fluctuating around 0.8 and 0.9 through the end of 2019. The series slides from 0.9 in March 2020 to about 0.8 in April 2020, remaining between 0.7 and 0.9 until March 2021 and ending near 0.8 in April 2021.

Note: The data extend through April 2021. The data include the ports of Baltimore, Charleston, Houston, Los Angeles, Long Beach, New York and New Jersey, Oakland, Savannah, Seattle, and Tacoma, which accounted for 91 percent of total throughput at U.S. ports in 2019. TEUs are 20-foot equivalent units.

Source: Maryland Port Administration; South Carolina Ports Authority; Port of Houston Authority; Port of Los Angeles; Port of Long Beach; Port of New York and New Jersey; Port of Oakland; Georgia Ports Authority; Northwest Seaport Alliance; all via Haver Analytics; Federal Reserve Board staff calculations.

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Assessing the Recent Rise in Inflation Expectations: Figure A. Inflation compensation implied by Treasury Inflation-Protected Securities

Series: 5-to-10-year and 5-year

Horizon: January 4, 2010, to July 6, 2021

Description: A line chart with two curves over January 4, 2010, to July 6, 2021. Units are percent, and the data are daily. The 5-to-10-year series begins around 3.25 in January 2010, decreases to about 2.25 by mid-August 2010, and then increases back to about 3.25 by December 2010. The series then fluctuates between approximately 2.75 and 3.25 throughout 2011 before dropping to about 2.25 in September 2011, reaching nearly 3 in March 2012, and dropping to about 2.5 in July 2012. The series then moves up to about 3 by January 2013 before it decreases to a bit below 1.5 in June 2016. The series then increases to about 2 in January 2018, steadily drops to about 1.5 by the end of February 2020, and then falls below 1 in March 2020 before increasing to about 1.5 in April 2020. The series then steadily climbs to about 2.5 by May 2021 before ending at around 2.25 in July 2021. The 5-year series has a nearly identical path to the fluctuation of the 5-to-10-year series, except that it starts at about 2, nearly 1 percent lower than the 5-to-10-year series. The series follow a similar path until 2016, and from 2016 through February 2020, they are nearly identical. The 5-year series then falls to just above 0 by mid-March 2020 and slowly increases through the rest of the year, ending at around 2.5 in July 2021.

Note: The data are at a business-day frequency and are based on smoothed nominal and inflation-indexed Treasury yield curves.

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

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Assessing the Recent Rise in Inflation Expectations: Figure B. Survey-based measures of personal consumption expenditures inflation expectations

Annual
Percent

Period	BC Dec. 2020	BC June 2021	SPD Jan. 2021	SPD June 2021	SPF 2021:Q1	SPF 2021:Q2
2021	1.90	3.00	1.90	3.35	2.00	2.80
2022	1.90	2.30	1.90	2.05	1.90	2.20
2023	2.00	2.20	2.00	2.15	2.00	2.20
2024	2.10	2.10	ND	ND	ND	ND
2025	2.10	2.10	ND	ND	ND	ND
2026	2.10	2.10	ND	ND	ND	ND
Longer-run	2.10	2.10	2.00	2.00	2.10	2.00

Note: The data are for expectations of year-over-year percent changes. The mean of Blue Chip (BC) survey responses and medians of the Survey of Professional Forecasters (SPF) and Survey of Primary Dealers (SPD) are shown. Longer-run expectations are 5-to-10-year expectations for the BC survey and SPF. Gaps represent unreported forecast horizons, and dots represent the longer-run value of the series that have a gap after 2023. The BC and SPF 2021:Q1 series end at 2.1 percent in the longer run, and the SPF 2021:Q2 and the SPD series end at 2.0 percent.

Source: Blue Chip Financial Forecasts; Federal Reserve Bank of Philadelphia, SPF; Federal Reserve Bank of New York, SPD.

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Assessing the Recent Rise in Inflation Expectations: Figure C3. Survey measures of consumers' inflation expectations

Monthly
Percent

Period	Michigan survey, next 12 months	Michigan survey, next 5 to 10 years	NY Fed survey, 3 years ahead
January 2005	2.90	2.70	ND
February 2005	2.90	2.80	ND
March 2005	3.20	2.90	ND
April 2005	3.30	3.00	ND
May 2005	3.20	2.90	ND
June 2005	3.20	2.80	ND
July 2005	3.00	2.90	ND
August 2005	3.10	2.80	ND
September 2005	4.30	3.10	ND
October 2005	4.60	3.20	ND
November 2005	3.30	3.00	ND
December 2005	3.10	3.10	ND
January 2006	3.00	2.90	ND
February 2006	3.00	2.90	ND
March 2006	3.00	2.90	ND
April 2006	3.30	3.10	ND
May 2006	4.00	3.20	ND
June 2006	3.30	2.90	ND
July 2006	3.20	2.90	ND
August 2006	3.80	3.20	ND
September 2006	3.10	3.00	ND
October 2006	3.10	3.10	ND
November 2006	3.00	3.00	ND
December 2006	2.90	3.00	ND
January 2007	3.00	3.00	ND
February 2007	3.00	2.90	ND
March 2007	3.00	2.90	ND
April 2007	3.30	3.10	ND
May 2007	3.30	3.10	ND
June 2007	3.40	2.90	ND
July 2007	3.40	3.10	ND
August 2007	3.20	2.90	ND
September 2007	3.10	2.90	ND
October 2007	3.10	2.80	ND
November 2007	3.40	2.90	ND
December 2007	3.40	3.10	ND
January 2008	3.40	3.00	ND
February 2008	3.60	3.00	ND
March 2008	4.30	2.90	ND
April 2008	4.80	3.20	ND
May 2008	5.20	3.40	ND
June 2008	5.10	3.40	ND
July 2008	5.10	3.20	ND
August 2008	4.80	3.20	ND
September 2008	4.30	3.00	ND
October 2008	3.90	2.90	ND
November 2008	2.90	2.90	ND
December 2008	1.70	2.60	ND
January 2009	2.20	2.90	ND
February 2009	1.90	3.10	ND
March 2009	2.00	2.60	ND
April 2009	2.80	2.80	ND
May 2009	2.80	2.90	ND
June 2009	3.10	3.00	ND
July 2009	2.90	3.00	ND
August 2009	2.80	2.80	ND
September 2009	2.20	2.80	ND
October 2009	2.90	2.90	ND
November 2009	2.70	3.00	ND
December 2009	2.50	2.70	ND
January 2010	2.80	2.90	ND
February 2010	2.70	2.70	ND
March 2010	2.70	2.70	ND
April 2010	2.90	2.70	ND
May 2010	3.20	2.90	ND
June 2010	2.80	2.80	ND
July 2010	2.70	2.90	ND
August 2010	2.70	2.80	ND
September 2010	2.20	2.70	ND
October 2010	2.70	2.80	ND
November 2010	3.00	2.80	ND
December 2010	3.00	2.80	ND
January 2011	3.40	2.90	ND
February 2011	3.40	2.90	ND
March 2011	4.60	3.20	ND
April 2011	4.60	2.90	ND
May 2011	4.10	2.90	ND
June 2011	3.80	3.00	ND
July 2011	3.40	2.90	ND
August 2011	3.50	2.90	ND
September 2011	3.30	2.80	ND
October 2011	3.20	2.70	ND
November 2011	3.20	2.70	ND
December 2011	3.10	2.70	ND
January 2012	3.30	2.70	ND
February 2012	3.30	2.90	ND
March 2012	3.90	3.00	ND
April 2012	3.20	2.90	ND
May 2012	3.00	2.70	ND
June 2012	3.10	2.80	ND
July 2012	3.00	2.70	ND
August 2012	3.60	3.00	ND
September 2012	3.30	2.80	ND
October 2012	3.10	2.70	ND
November 2012	3.10	2.80	ND
December 2012	3.20	2.90	ND
January 2013	3.30	2.90	ND
February 2013	3.30	3.00	ND
March 2013	3.20	2.80	ND
April 2013	3.10	2.90	ND
May 2013	3.10	2.90	ND
June 2013	3.00	2.90	3.42
July 2013	3.10	2.80	3.31
August 2013	3.00	2.90	3.80
September 2013	3.30	3.00	3.55
October 2013	3.00	2.80	3.20
November 2013	2.90	2.90	3.31
December 2013	3.00	2.70	3.30
January 2014	3.10	2.90	3.05
February 2014	3.20	2.90	3.18
March 2014	3.20	2.90	3.38
April 2014	3.20	2.90	3.20
May 2014	3.30	2.80	3.20
June 2014	3.10	2.90	3.30
July 2014	3.30	2.70	3.22
August 2014	3.20	2.90	3.09
September 2014	3.00	2.80	3.02
October 2014	2.90	2.80	3.02
November 2014	2.80	2.60	3.03
December 2014	2.80	2.80	3.00
January 2015	2.50	2.80	3.00
February 2015	2.80	2.70	3.00
March 2015	3.00	2.80	2.92
April 2015	2.60	2.60	2.98
May 2015	2.80	2.80	2.98
June 2015	2.70	2.60	3.00
July 2015	2.80	2.80	2.96
August 2015	2.80	2.70	2.87
September 2015	2.80	2.70	2.84
October 2015	2.70	2.50	2.78
November 2015	2.70	2.60	2.68
December 2015	2.60	2.60	2.78
January 2016	2.50	2.70	2.45
February 2016	2.50	2.50	2.62
March 2016	2.70	2.70	2.50
April 2016	2.80	2.50	2.79
May 2016	2.40	2.50	2.73
June 2016	2.60	2.60	2.86
July 2016	2.70	2.60	2.50
August 2016	2.50	2.50	2.71
September 2016	2.40	2.60	2.62
October 2016	2.40	2.40	2.58
November 2016	2.40	2.60	2.71
December 2016	2.20	2.30	2.83
January 2017	2.60	2.60	2.90
February 2017	2.70	2.50	2.98
March 2017	2.50	2.40	2.71
April 2017	2.50	2.40	2.91
May 2017	2.60	2.40	2.47
June 2017	2.60	2.50	2.78
July 2017	2.60	2.60	2.71
August 2017	2.60	2.50	2.62
September 2017	2.70	2.50	2.80
October 2017	2.40	2.50	2.81
November 2017	2.50	2.40	2.78
December 2017	2.70	2.40	2.89
January 2018	2.70	2.50	2.79
February 2018	2.70	2.50	2.88
March 2018	2.80	2.50	2.91
April 2018	2.70	2.50	2.97
May 2018	2.80	2.50	2.96
June 2018	3.00	2.60	3.00
July 2018	2.90	2.40	2.88
August 2018	3.00	2.60	3.00
September 2018	2.70	2.50	3.00
October 2018	2.90	2.40	3.00
November 2018	2.80	2.60	2.88
December 2018	2.70	2.50	2.98
January 2019	2.70	2.60	2.97
February 2019	2.60	2.30	2.77
March 2019	2.50	2.50	2.86
April 2019	2.50	2.30	2.69
May 2019	2.90	2.60	2.59
June 2019	2.70	2.30	2.66
July 2019	2.60	2.50	2.58
August 2019	2.70	2.60	2.50
September 2019	2.80	2.40	2.37
October 2019	2.50	2.30	2.38
November 2019	2.50	2.50	2.52
December 2019	2.30	2.20	2.54
January 2020	2.50	2.50	2.54
February 2020	2.40	2.30	2.59
March 2020	2.20	2.30	2.40
April 2020	2.10	2.50	2.62
May 2020	3.20	2.70	2.61
June 2020	3.00	2.50	2.47
July 2020	3.00	2.60	2.73
August 2020	3.10	2.70	2.98
September 2020	2.60	2.70	2.74
October 2020	2.60	2.40	2.70
November 2020	2.80	2.50	2.82
December 2020	2.50	2.50	2.98
January 2021	3.00	2.70	3.03
February 2021	3.30	2.70	3.00
March 2021	3.10	2.80	3.09
April 2021	3.40	2.70	3.10
May 2021	4.60	3.00	3.57
June 2021	4.20	2.80	ND

Note: The series are medians of the survey responses. The NY Fed data begin in June 2013. The Michigan survey data extend through June 2021.

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of New York, Survey of Consumer Expectations.

Return to text

Assessing the Recent Rise in Inflation Expectations: Figure D. Survey of Professional Forecasters inflation expectations and Index of Common Inflation Expectations

Quarterly
Percent

Period	SPF, 6 to 10 years ahead	SPF, 10 years ahead	CIE, projected onto 10-year SPF
2005:Q1	ND	ND	2.11
2005:Q2	ND	ND	2.11
2005:Q3	ND	ND	2.10
2005:Q4	ND	ND	2.11
2006:Q1	ND	ND	2.11
2006:Q2	ND	ND	2.12
2006:Q3	ND	ND	2.11
2006:Q4	ND	ND	2.10
2007:Q1	2.05	2.00	2.09
2007:Q2	2.05	2.00	2.08
2007:Q3	2.00	2.10	2.09
2007:Q4	2.00	2.10	2.11
2008:Q1	2.10	2.20	2.13
2008:Q2	2.10	2.20	2.13
2008:Q3	2.07	2.20	2.11
2008:Q4	2.25	2.20	2.08
2009:Q1	2.40	2.20	2.07
2009:Q2	2.40	2.27	2.09
2009:Q3	2.50	2.15	2.12
2009:Q4	2.40	2.10	2.13
2010:Q1	2.30	2.10	2.12
2010:Q2	2.30	2.15	2.10
2010:Q3	2.30	2.10	2.09
2010:Q4	2.30	2.00	2.11
2011:Q1	2.20	2.10	2.13
2011:Q2	2.40	2.27	2.13
2011:Q3	2.25	2.25	2.11
2011:Q4	2.25	2.15	2.09
2012:Q1	2.20	2.15	2.09
2012:Q2	2.18	2.20	2.09
2012:Q3	2.20	2.20	2.10
2012:Q4	2.20	2.10	2.10
2013:Q1	2.10	2.00	2.10
2013:Q2	2.10	2.00	2.09
2013:Q3	2.15	2.00	2.08
2013:Q4	2.30	2.00	2.08
2014:Q1	2.20	2.00	2.08
2014:Q2	2.10	2.00	2.06
2014:Q3	2.10	2.00	2.04
2014:Q4	2.10	2.00	2.01
2015:Q1	2.00	2.00	2.00
2015:Q2	2.00	1.98	2.00
2015:Q3	2.10	2.00	1.99
2015:Q4	2.10	1.90	1.97
2016:Q1	2.05	1.97	1.95
2016:Q2	2.01	2.00	1.94
2016:Q3	2.00	2.00	1.95
2016:Q4	2.05	2.00	1.97
2017:Q1	2.05	2.10	1.98
2017:Q2	2.03	2.09	1.98
2017:Q3	2.10	2.00	1.98
2017:Q4	2.00	2.00	1.98
2018:Q1	2.10	2.00	1.99
2018:Q2	2.08	2.00	2.00
2018:Q3	2.07	2.00	2.00
2018:Q4	2.02	2.00	1.98
2019:Q1	2.00	2.00	1.97
2019:Q2	2.00	2.00	1.96
2019:Q3	2.04	2.00	1.96
2019:Q4	2.00	2.00	1.95
2020:Q1	2.00	2.00	1.93
2020:Q2	2.00	1.86	1.93
2020:Q3	2.00	1.85	1.94
2020:Q4	2.10	1.90	1.97
2021:Q1	2.08	2.03	2.01
2021:Q2	2.05	2.10	ND

Note: The Survey of Professional Forecasters (SPF) data begin in 2007:Q1 and extend through 2021:Q2.

Source: Federal Reserve Bank of Philadelphia, SPF; Federal Reserve Board, Index of Common Inflation Expectations (CIE).

Return to text

Figure 11. Real gross domestic product and gross domestic income

Quarterly
Billions of chained 2012 dollars

Period	Gross domestic product	Gross domestic income
2005:Q1	14.77	14.76
2005:Q2	14.84	14.89
2005:Q3	14.97	15.00
2005:Q4	15.07	15.24
2006:Q1	15.27	15.50
2006:Q2	15.30	15.53
2006:Q3	15.33	15.60
2006:Q4	15.46	15.65
2007:Q1	15.49	15.64
2007:Q2	15.58	15.68
2007:Q3	15.67	15.56
2007:Q4	15.76	15.55
2008:Q1	15.67	15.55
2008:Q2	15.75	15.51
2008:Q3	15.67	15.45
2008:Q4	15.33	15.13
2009:Q1	15.16	14.88
2009:Q2	15.13	14.95
2009:Q3	15.19	15.01
2009:Q4	15.36	15.20
2010:Q1	15.42	15.27
2010:Q2	15.56	15.45
2010:Q3	15.67	15.69
2010:Q4	15.75	15.73
2011:Q1	15.71	15.75
2011:Q2	15.83	15.87
2011:Q3	15.82	15.92
2011:Q4	16.00	16.06
2012:Q1	16.13	16.40
2012:Q2	16.20	16.46
2012:Q3	16.22	16.37
2012:Q4	16.24	16.53
2013:Q1	16.38	16.54
2013:Q2	16.40	16.64
2013:Q3	16.53	16.65
2013:Q4	16.66	16.77
2014:Q1	16.62	16.86
2014:Q2	16.84	17.11
2014:Q3	17.05	17.32
2014:Q4	17.14	17.47
2015:Q1	17.31	17.59
2015:Q2	17.42	17.65
2015:Q3	17.49	17.69
2015:Q4	17.51	17.70
2016:Q1	17.61	17.80
2016:Q2	17.67	17.73
2016:Q3	17.76	17.83
2016:Q4	17.88	17.92
2017:Q1	17.98	18.08
2017:Q2	18.05	18.23
2017:Q3	18.19	18.31
2017:Q4	18.36	18.44
2018:Q1	18.53	18.60
2018:Q2	18.65	18.64
2018:Q3	18.75	18.85
2018:Q4	18.81	18.88
2019:Q1	18.95	18.98
2019:Q2	19.02	19.04
2019:Q3	19.14	19.08
2019:Q4	19.25	19.23
2020:Q1	19.01	19.11
2020:Q2	17.30	17.31
2020:Q3	18.60	18.27
2020:Q4	18.79	19.10
2021:Q1	19.09	19.46

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 12. Real personal consumption expenditures

Monthly
Billions of chained 2012 dollars

Period	Goods	Services
January 2005	3.32	6.58
February 2005	3.34	6.60
March 2005	3.34	6.62
April 2005	3.38	6.64
May 2005	3.35	6.66
June 2005	3.41	6.69
July 2005	3.47	6.71
August 2005	3.41	6.73
September 2005	3.36	6.75
October 2005	3.39	6.74
November 2005	3.40	6.77
December 2005	3.42	6.79
January 2006	3.49	6.77
February 2006	3.48	6.81
March 2006	3.47	6.84
April 2006	3.48	6.84
May 2006	3.48	6.87
June 2006	3.49	6.86
July 2006	3.52	6.88
August 2006	3.49	6.88
September 2006	3.53	6.90
October 2006	3.55	6.93
November 2006	3.55	6.94
December 2006	3.59	6.95
January 2007	3.59	6.96
February 2007	3.58	6.98
March 2007	3.59	6.97
April 2007	3.59	6.99
May 2007	3.61	6.97
June 2007	3.59	6.99
July 2007	3.61	7.00
August 2007	3.61	7.04
September 2007	3.63	7.03
October 2007	3.63	7.03
November 2007	3.63	7.05
December 2007	3.62	7.05
January 2008	3.59	7.07
February 2008	3.55	7.08
March 2008	3.56	7.08
April 2008	3.56	7.10
May 2008	3.57	7.10
June 2008	3.55	7.10
July 2008	3.51	7.10
August 2008	3.52	7.08
September 2008	3.44	7.10
October 2008	3.40	7.11
November 2008	3.38	7.11
December 2008	3.36	7.09
January 2009	3.41	7.09
February 2009	3.39	7.07
March 2009	3.35	7.07
April 2009	3.34	7.06
May 2009	3.37	7.05
June 2009	3.37	7.06
July 2009	3.40	7.06
August 2009	3.48	7.08
September 2009	3.38	7.07
October 2009	3.39	7.07
November 2009	3.39	7.05
December 2009	3.41	7.09
January 2010	3.40	7.09
February 2010	3.41	7.11
March 2010	3.46	7.10
April 2010	3.47	7.11
May 2010	3.46	7.14
June 2010	3.48	7.15
July 2010	3.48	7.18
August 2010	3.50	7.19
September 2010	3.51	7.19
October 2010	3.54	7.19
November 2010	3.55	7.21
December 2010	3.55	7.22
January 2011	3.57	7.22
February 2011	3.56	7.23
March 2011	3.57	7.26
April 2011	3.57	7.25
May 2011	3.54	7.28
June 2011	3.55	7.29
July 2011	3.55	7.31
August 2011	3.54	7.32
September 2011	3.57	7.31
October 2011	3.58	7.31
November 2011	3.57	7.30
December 2011	3.58	7.30
January 2012	3.61	7.33
February 2012	3.64	7.36
March 2012	3.62	7.36
April 2012	3.62	7.37
May 2012	3.63	7.37
June 2012	3.62	7.36
July 2012	3.63	7.38
August 2012	3.64	7.35
September 2012	3.65	7.37
October 2012	3.64	7.39
November 2012	3.67	7.40
December 2012	3.68	7.39
January 2013	3.74	7.38
February 2013	3.73	7.38
March 2013	3.72	7.40
April 2013	3.72	7.39
May 2013	3.74	7.39
June 2013	3.73	7.40
July 2013	3.76	7.39
August 2013	3.75	7.41
September 2013	3.77	7.43
October 2013	3.78	7.45
November 2013	3.80	7.48
December 2013	3.80	7.49
January 2014	3.77	7.48
February 2014	3.83	7.48
March 2014	3.86	7.51
April 2014	3.87	7.53
May 2014	3.88	7.55
June 2014	3.90	7.57
July 2014	3.91	7.59
August 2014	3.94	7.64
September 2014	3.94	7.65
October 2014	3.96	7.70
November 2014	3.99	7.71
December 2014	4.00	7.73
January 2015	4.01	7.76
February 2015	4.02	7.78
March 2015	4.06	7.78
April 2015	4.06	7.80
May 2015	4.08	7.83
June 2015	4.08	7.84
July 2015	4.11	7.86
August 2015	4.12	7.88
September 2015	4.13	7.89
October 2015	4.11	7.92
November 2015	4.14	7.92
December 2015	4.16	7.94
January 2016	4.16	7.95
February 2016	4.20	7.99
March 2016	4.19	7.98
April 2016	4.19	8.00
May 2016	4.22	8.01
June 2016	4.26	8.02
July 2016	4.26	8.03
August 2016	4.26	8.05
September 2016	4.27	8.07
October 2016	4.27	8.08
November 2016	4.27	8.11
December 2016	4.32	8.13
January 2017	4.32	8.15
February 2017	4.32	8.15
March 2017	4.35	8.19
April 2017	4.37	8.17
May 2017	4.37	8.17
June 2017	4.40	8.17
July 2017	4.40	8.19
August 2017	4.41	8.19
September 2017	4.46	8.21
October 2017	4.47	8.22
November 2017	4.51	8.25
December 2017	4.54	8.29
January 2018	4.52	8.29
February 2018	4.53	8.28
March 2018	4.55	8.31
April 2018	4.55	8.34
May 2018	4.61	8.34
June 2018	4.58	8.37
July 2018	4.60	8.39
August 2018	4.62	8.41
September 2018	4.61	8.40
October 2018	4.64	8.43
November 2018	4.70	8.42
December 2018	4.57	8.42
January 2019	4.66	8.44
February 2019	4.64	8.45
March 2019	4.71	8.48
April 2019	4.73	8.48
May 2019	4.76	8.49
June 2019	4.78	8.52
July 2019	4.80	8.53
August 2019	4.81	8.54
September 2019	4.81	8.56
October 2019	4.81	8.57
November 2019	4.81	8.59
December 2019	4.81	8.59
January 2020	4.84	8.62
February 2020	4.82	8.63
March 2020	4.79	7.85
April 2020	4.19	6.89
May 2020	4.79	7.29
June 2020	5.06	7.74
July 2020	5.11	7.84
August 2020	5.13	7.93
September 2020	5.22	8.00
October 2020	5.21	8.03
November 2020	5.15	8.00
December 2020	5.04	7.98
January 2021	5.41	8.04
February 2021	5.22	8.04
March 2021	5.72	8.18
April 2021	5.70	8.23
May 2021	5.59	8.26

Note: The data are monthly.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 13. Indexes of consumer sentiment

Monthly
2018 average = 100

Period	Conference Board	Michigan survey
January 2005	80.8	97.1
February 2005	80.2	95.7
March 2005	79.2	94.2
April 2005	74.9	89.2
May 2005	79.2	88.4
June 2005	81.6	97.6
July 2005	79.6	98.1
August 2005	81.1	90.6
September 2005	67.2	78.2
October 2005	65.5	75.4
November 2005	75.5	83.0
December 2005	79.8	93.0
January 2006	82.1	92.7
February 2006	78.9	88.2
March 2006	82.6	90.4
April 2006	84.4	88.9
May 2006	80.5	80.4
June 2006	81.0	86.3
July 2006	82.2	86.1
August 2006	77.0	83.4
September 2006	81.4	86.8
October 2006	80.8	95.2
November 2006	80.9	93.6
December 2006	84.5	93.2
January 2007	84.7	98.5
February 2007	85.5	92.8
March 2007	83.2	89.9
April 2007	81.7	88.6
May 2007	83.4	89.8
June 2007	80.9	86.7
July 2007	86.0	91.9
August 2007	81.2	84.8
September 2007	76.5	84.8
October 2007	73.2	82.3
November 2007	67.5	77.4
December 2007	69.6	76.8
January 2008	67.1	79.7
February 2008	58.7	72.0
March 2008	50.6	70.7
April 2008	48.3	63.6
May 2008	44.6	60.8
June 2008	39.2	57.3
July 2008	39.9	62.2
August 2008	45.0	64.1
September 2008	47.2	71.5
October 2008	29.8	58.6
November 2008	34.4	56.2
December 2008	29.7	61.1
January 2009	28.7	62.2
February 2009	19.4	57.2
March 2009	20.7	58.3
April 2009	31.4	66.2
May 2009	42.1	69.9
June 2009	37.9	72.0
July 2009	36.4	67.1
August 2009	41.9	66.8
September 2009	41.0	74.7
October 2009	37.4	71.8
November 2009	38.9	68.5
December 2009	41.2	73.7
January 2010	43.4	75.6
February 2010	35.7	74.8
March 2010	40.2	74.8
April 2010	44.3	73.4
May 2010	48.2	74.8
June 2010	41.7	77.3
July 2010	39.2	68.9
August 2010	40.9	70.1
September 2010	37.3	69.3
October 2010	38.3	68.8
November 2010	44.4	72.8
December 2010	48.7	75.7
January 2011	49.8	75.4
February 2011	55.3	78.8
March 2011	49.0	68.6
April 2011	50.7	71.0
May 2011	47.4	75.5
June 2011	44.3	72.7
July 2011	45.5	64.8
August 2011	34.7	56.7
September 2011	35.7	60.5
October 2011	31.4	61.8
November 2011	42.4	64.8
December 2011	49.8	71.1
January 2012	47.3	76.3
February 2012	55.0	76.6
March 2012	53.4	77.5
April 2012	52.8	77.7
May 2012	49.5	80.6
June 2012	48.2	74.4
July 2012	50.3	73.5
August 2012	47.1	75.5
September 2012	52.6	79.6
October 2012	56.2	84.0
November 2012	54.9	84.1
December 2012	51.3	74.1
January 2013	44.9	75.0
February 2013	52.3	78.9
March 2013	47.6	79.9
April 2013	53.0	77.7
May 2013	57.1	85.9
June 2013	63.1	85.5
July 2013	62.2	86.5
August 2013	62.9	83.5
September 2013	61.6	78.8
October 2013	55.6	74.4
November 2013	55.3	76.4
December 2013	59.6	83.9
January 2014	61.0	82.6
February 2014	60.2	83.0
March 2014	64.5	81.3
April 2014	62.8	85.5
May 2014	63.2	83.3
June 2014	66.4	83.9
July 2014	69.4	83.2
August 2014	71.8	83.9
September 2014	68.4	86.0
October 2014	72.3	88.4
November 2014	69.9	90.3
December 2014	71.5	95.2
January 2015	79.8	99.7
February 2015	75.9	97.0
March 2015	77.9	94.6
April 2015	72.5	97.5
May 2015	72.7	92.2
June 2015	76.7	97.7
July 2015	69.9	94.7
August 2015	77.8	93.4
September 2015	78.8	88.7
October 2015	76.2	91.5
November 2015	71.2	92.8
December 2015	74.0	94.2
January 2016	75.2	93.5
February 2016	72.2	93.2
March 2016	73.9	92.5
April 2016	72.8	90.5
May 2016	71.0	96.3
June 2016	74.9	95.1
July 2016	74.3	91.5
August 2016	78.2	91.3
September 2016	79.5	92.7
October 2016	77.5	88.7
November 2016	84.1	95.4
December 2016	87.1	99.8
January 2017	85.8	100.1
February 2017	89.2	97.9
March 2017	96.0	98.5
April 2017	91.8	98.6
May 2017	90.4	98.7
June 2017	90.1	96.6
July 2017	92.2	95.0
August 2017	92.5	98.4
September 2017	92.7	96.7
October 2017	97.0	102.4
November 2017	98.8	100.1
December 2017	94.6	97.5
January 2018	95.5	97.3
February 2018	99.9	101.4
March 2018	97.6	103.1
April 2018	96.5	100.5
May 2018	99.0	99.6
June 2018	97.7	99.8
July 2018	98.3	99.5
August 2018	103.5	97.8
September 2018	104.0	101.8
October 2018	106.0	100.3
November 2018	104.8	99.1
December 2018	97.3	99.9
January 2019	93.5	92.7
February 2019	101.0	95.4
March 2019	95.4	100.0
April 2019	99.3	98.8
May 2019	100.9	101.7
June 2019	95.5	99.8
July 2019	104.4	100.0
August 2019	103.1	91.3
September 2019	97.1	94.8
October 2019	96.9	97.1
November 2019	97.4	98.4
December 2019	98.5	101.0
January 2020	100.2	101.5
February 2020	101.9	102.7
March 2020	91.3	90.6
April 2020	65.9	73.0
May 2020	66.0	73.5
June 2020	75.5	79.4
July 2020	70.5	73.7
August 2020	66.3	75.3
September 2020	77.8	81.7
October 2020	77.9	83.2
November 2020	71.4	78.2
December 2020	66.9	82.1
January 2021	66.9	80.3
February 2021	73.2	78.1
March 2021	88.3	86.3
April 2021	90.3	89.8
May 2021	92.2	84.3
June 2021	97.8	86.9

Note: The data extend through June 2021.

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

Return to text

Figure 14. Wealth-to-income ratio

Quarterly

Period	Ratio
2005:Q1	6.42
2005:Q2	6.50
2005:Q3	6.58
2005:Q4	6.61
2006:Q1	6.63
2006:Q2	6.59
2006:Q3	6.64
2006:Q4	6.71
2007:Q1	6.70
2007:Q2	6.69
2007:Q3	6.72
2007:Q4	6.59
2008:Q1	6.33
2008:Q2	6.03
2008:Q3	5.89
2008:Q4	5.64
2009:Q1	5.58
2009:Q2	5.55
2009:Q3	5.71
2009:Q4	5.69
2010:Q1	5.73
2010:Q2	5.60
2010:Q3	5.74
2010:Q4	5.81
2011:Q1	5.78
2011:Q2	5.78
2011:Q3	5.59
2011:Q4	5.65
2012:Q1	5.66
2012:Q2	5.61
2012:Q3	5.80
2012:Q4	5.69
2013:Q1	6.13
2013:Q2	6.18
2013:Q3	6.34
2013:Q4	6.45
2014:Q1	6.45
2014:Q2	6.49
2014:Q3	6.45
2014:Q4	6.51
2015:Q1	6.57
2015:Q2	6.57
2015:Q3	6.44
2015:Q4	6.51
2016:Q1	6.53
2016:Q2	6.61
2016:Q3	6.69
2016:Q4	6.65
2017:Q1	6.71
2017:Q2	6.76
2017:Q3	6.82
2017:Q4	6.89
2018:Q1	6.83
2018:Q2	6.84
2018:Q3	6.88
2018:Q4	6.57
2019:Q1	6.86
2019:Q2	6.99
2019:Q3	6.98
2019:Q4	7.13
2020:Q1	6.67
2020:Q2	6.52
2020:Q3	7.02
2020:Q4	7.59
2021:Q1	6.92

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.

Return to text

Figure 15. Personal saving rate

Monthly
Percent

Period	Personal saving rate
January 2005	3.60
February 2005	3.20
March 2005	3.40
April 2005	3.00
May 2005	3.50
June 2005	2.80
July 2005	2.20
August 2005	2.60
September 2005	2.60
October 2005	3.00
November 2005	3.50
December 2005	3.60
January 2006	4.20
February 2006	4.20
March 2006	4.20
April 2006	3.90
May 2006	3.70
June 2006	3.90
July 2006	3.30
August 2006	3.60
September 2006	3.50
October 2006	3.50
November 2006	3.90
December 2006	3.70
January 2007	3.60
February 2007	4.00
March 2007	4.30
April 2007	4.10
May 2007	3.90
June 2007	3.70
July 2007	3.60
August 2007	3.30
September 2007	3.50
October 2007	3.30
November 2007	3.10
December 2007	3.50
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	6.50
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	7.20
August 2011	7.20
September 2011	6.80
October 2011	6.80
November 2011	6.90
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	7.90
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	6.20
November 2013	6.10
December 2013	6.40
January 2014	7.10
February 2014	7.10
March 2014	7.20
April 2014	7.20
May 2014	7.40
June 2014	7.50
July 2014	7.50
August 2014	7.30
September 2014	7.50
October 2014	7.30
November 2014	7.40
December 2014	7.70
January 2015	8.10
February 2015	8.20
March 2015	7.70
April 2015	7.60
May 2015	7.50
June 2015	7.40
July 2015	7.30
August 2015	7.30
September 2015	7.40
October 2015	7.50
November 2015	7.20
December 2015	7.30
January 2016	7.60
February 2016	7.20
March 2016	7.50
April 2016	7.10
May 2016	6.90
June 2016	6.50
July 2016	6.70
August 2016	6.60
September 2016	6.60
October 2016	6.80
November 2016	6.70
December 2016	6.40
January 2017	6.70
February 2017	7.00
March 2017	7.00
April 2017	7.10
May 2017	7.60
June 2017	7.40
July 2017	7.50
August 2017	7.60
September 2017	7.30
October 2017	7.40
November 2017	7.00
December 2017	6.60
January 2018	7.50
February 2018	7.80
March 2018	7.80
April 2018	7.70
May 2018	7.70
June 2018	7.90
July 2018	7.90
August 2018	7.80
September 2018	7.90
October 2018	7.60
November 2018	7.40
December 2018	9.10
January 2019	8.50
February 2019	8.60
March 2019	8.00
April 2019	7.50
May 2019	7.30
June 2019	7.10
July 2019	7.00
August 2019	7.30
September 2019	7.30
October 2019	7.20
November 2019	7.50
December 2019	7.20
January 2020	7.60
February 2020	8.30
March 2020	12.90
April 2020	33.70
May 2020	24.70
June 2020	19.00
July 2020	18.40
August 2020	14.60
September 2020	14.10
October 2020	13.50
November 2020	13.10
December 2020	14.20
January 2021	20.70
February 2021	14.80
March 2021	27.60
April 2021	14.50
May 2021	12.40

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 16. Consumer credit flows

Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
2008	0.20	-1.92	7.22
2009	-7.33	-4.83	8.02
2010	-5.83	-3.40	7.09
2011	0.09	1.37	8.80
2012	-0.02	4.98	7.99
2013	1.18	5.72	7.61
2014	2.77	6.41	7.53
2015	4.20	6.49	7.04
2016	5.17	6.01	7.10
2017	4.73	3.29	6.97
2018	3.11	2.80	6.82
2019	3.18	3.71	6.34
2020	-10.17	3.35	4.89
2021:Q1	-3.03	6.64	3.77
April 2021	-1.96	9.90	6.15

Note: The data are seasonally adjusted by the Federal Reserve Board.

Source: Federal Reserve Board, Statistical Release G.19, "Consumer Credit."

Return to text

Figure 17. Mortgage rates

Weekly
Percent

Period	Mortgage rates
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
4 July 2019	3.75
11 July 2019	3.75
18 July 2019	3.81
25 July 2019	3.75
1 August 2019	3.75
8 August 2019	3.60
15 August 2019	3.60
22 August 2019	3.55
29 August 2019	3.58
5 September 2019	3.49
12 September 2019	3.56
19 September 2019	3.73
26 September 2019	3.64
3 October 2019	3.65
10 October 2019	3.57
17 October 2019	3.69
24 October 2019	3.75
31 October 2019	3.78
7 November 2019	3.69
14 November 2019	3.75
21 November 2019	3.66
28 November 2019	3.68
5 December 2019	3.68
12 December 2019	3.73
19 December 2019	3.73
26 December 2019	3.74
2 January 2020	3.72
9 January 2020	3.64
16 January 2020	3.65
23 January 2020	3.60
30 January 2020	3.51
6 February 2020	3.45
13 February 2020	3.47
20 February 2020	3.49
27 February 2020	3.45
5 March 2020	3.29
12 March 2020	3.36
19 March 2020	3.65
26 March 2020	3.50
2 April 2020	3.33
9 April 2020	3.33
16 April 2020	3.31
23 April 2020	3.33
30 April 2020	3.23
7 May 2020	3.26
14 May 2020	3.28
21 May 2020	3.24
28 May 2020	3.15
4 June 2020	3.18
11 June 2020	3.21
18 June 2020	3.13
25 June 2020	3.13
2 July 2020	3.07
9 July 2020	3.03
16 July 2020	2.98
23 July 2020	3.01
30 July 2020	2.99
6 August 2020	2.88
13 August 2020	2.96
20 August 2020	2.99
27 August 2020	2.91
3 September 2020	2.93
10 September 2020	2.86
17 September 2020	2.87
24 September 2020	2.90
1 October 2020	2.88
8 October 2020	2.87
15 October 2020	2.81
22 October 2020	2.80
29 October 2020	2.81
5 November 2020	2.78
12 November 2020	2.84
19 November 2020	2.72
26 November 2020	2.72
3 December 2020	2.71
10 December 2020	2.71
17 December 2020	2.67
24 December 2020	2.66
31 December 2020	2.67
7 January 2021	2.65
14 January 2021	2.79
21 January 2021	2.77
28 January 2021	2.73
4 February 2021	2.73
11 February 2021	2.73
18 February 2021	2.81
25 February 2021	2.97
4 March 2021	3.02
11 March 2021	3.05
18 March 2021	3.09
25 March 2021	3.17
1 April 2021	3.18
8 April 2021	3.13
15 April 2021	3.04
22 April 2021	2.97
29 April 2021	2.98
6 May 2021	2.96
13 May 2021	2.94
20 May 2021	3.00
27 May 2021	2.95
3 June 2021	2.99
10 June 2021	2.96
17 June 2021	2.93
24 June 2021	3.02
1 July 2021	2.98

Note: The data are contract rates on 30-year, fixed-rate conventional home mortgage commitments and extend through July 1, 2021.

Source: Freddie Mac Primary Mortgage Market Survey.

Return to text

Figure 18. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
January 2005	0.41	1.74	1.65
February 2005	0.42	1.79	1.63
March 2005	0.28	1.58	1.58
April 2005	0.40	1.66	1.65
May 2005	0.31	1.71	1.64
June 2005	0.35	1.72	1.68
July 2005	0.33	1.72	1.72
August 2005	0.37	1.73	1.72
September 2005	0.36	1.79	1.80
October 2005	0.33	1.74	1.74
November 2005	0.34	1.81	1.73
December 2005	0.37	1.63	1.66
January 2006	0.45	1.82	1.69
February 2006	0.32	1.80	1.64
March 2006	0.37	1.60	1.55
April 2006	0.31	1.51	1.50
May 2006	0.37	1.57	1.45
June 2006	0.35	1.45	1.39
July 2006	0.31	1.42	1.31
August 2006	0.29	1.36	1.28
September 2006	0.34	1.38	1.22
October 2006	0.28	1.21	1.18
November 2006	0.28	1.29	1.16
December 2006	0.40	1.25	1.20
January 2007	0.28	1.13	1.17
February 2007	0.29	1.19	1.14
March 2007	0.29	1.20	1.15
April 2007	0.29	1.20	1.06
May 2007	0.29	1.13	1.04
June 2007	0.32	1.13	1.00
July 2007	0.31	1.04	0.98
August 2007	0.37	0.96	0.92
September 2007	0.25	0.94	0.86
October 2007	0.39	0.88	0.82
November 2007	0.36	0.83	0.80
December 2007	0.23	0.81	0.74
January 2008	0.31	0.77	0.71
February 2008	0.38	0.72	0.66
March 2008	0.28	0.73	0.64
April 2008	0.33	0.68	0.66
May 2008	0.29	0.68	0.63
June 2008	0.40	0.65	0.61
July 2008	0.31	0.62	0.57
August 2008	0.24	0.61	0.54
September 2008	0.28	0.54	0.53
October 2008	0.24	0.54	0.47
November 2008	0.19	0.46	0.42
December 2008	0.16	0.40	0.36
January 2009	0.13	0.36	0.34
February 2009	0.22	0.36	0.38
March 2009	0.15	0.35	0.36
April 2009	0.09	0.39	0.39
May 2009	0.13	0.41	0.43
June 2009	0.10	0.48	0.46
July 2009	0.09	0.51	0.49
August 2009	0.10	0.49	0.49
September 2009	0.08	0.51	0.48
October 2009	0.06	0.48	0.47
November 2009	0.09	0.50	0.48
December 2009	0.10	0.48	0.51
January 2010	0.10	0.51	0.50
February 2010	0.08	0.53	0.51
March 2010	0.09	0.54	0.54
April 2010	0.12	0.57	0.48
May 2010	0.13	0.46	0.44
June 2010	0.09	0.45	0.43
July 2010	0.12	0.43	0.41
August 2010	0.18	0.42	0.40
September 2010	0.15	0.45	0.40
October 2010	0.11	0.44	0.41
November 2010	0.09	0.45	0.42
December 2010	0.11	0.43	0.45
January 2011	0.20	0.43	0.42
February 2011	0.13	0.39	0.38
March 2011	0.17	0.43	0.40
April 2011	0.14	0.42	0.40
May 2011	0.15	0.41	0.41
June 2011	0.17	0.44	0.41
July 2011	0.19	0.43	0.42
August 2011	0.16	0.42	0.43
September 2011	0.23	0.42	0.43
October 2011	0.17	0.44	0.44
November 2011	0.25	0.47	0.45
December 2011	0.17	0.52	0.46
January 2012	0.21	0.52	0.46
February 2012	0.24	0.47	0.49
March 2012	0.22	0.47	0.48
April 2012	0.25	0.50	0.49
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	0.64
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	0.60
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	0.38	0.70	0.66
February 2015	0.30	0.58	0.63
March 2015	0.33	0.63	0.66
April 2015	0.45	0.74	0.68
May 2015	0.37	0.71	0.70
June 2015	0.51	0.70	0.71
July 2015	0.39	0.76	0.70
August 2015	0.40	0.73	0.72
September 2015	0.48	0.75	0.71
October 2015	0.35	0.71	0.72
November 2015	0.40	0.77	0.73
December 2015	0.38	0.77	0.72
January 2016	0.34	0.75	0.73
February 2016	0.37	0.86	0.73
March 2016	0.36	0.75	0.73
April 2016	0.39	0.78	0.75
May 2016	0.40	0.75	0.75
June 2016	0.43	0.77	0.75
July 2016	0.47	0.77	0.72
August 2016	0.44	0.73	0.75
September 2016	0.29	0.78	0.75
October 2016	0.45	0.86	0.77
November 2016	0.32	0.82	0.78
December 2016	0.45	0.80	0.81
January 2017	0.40	0.79	0.80
February 2017	0.41	0.87	0.82
March 2017	0.35	0.84	0.83
April 2017	0.32	0.82	0.80
May 2017	0.33	0.83	0.79
June 2017	0.38	0.86	0.82
July 2017	0.36	0.84	0.82
August 2017	0.29	0.87	0.81
September 2017	0.34	0.84	0.82
October 2017	0.38	0.87	0.85
November 2017	0.35	0.93	0.86
December 2017	0.35	0.83	0.87
January 2018	0.43	0.88	0.86
February 2018	0.39	0.90	0.88
March 2018	0.44	0.89	0.86
April 2018	0.37	0.92	0.87
May 2018	0.40	0.96	0.86
June 2018	0.33	0.87	0.86
July 2018	0.33	0.86	0.88
August 2018	0.39	0.90	0.83
September 2018	0.37	0.87	0.85
October 2018	0.35	0.86	0.84
November 2018	0.40	0.79	0.84
December 2018	0.32	0.78	0.82
January 2019	0.30	0.94	0.81
February 2019	0.35	0.79	0.81
March 2019	0.36	0.84	0.83
April 2019	0.40	0.88	0.80
May 2019	0.46	0.84	0.83
June 2019	0.37	0.86	0.84
July 2019	0.34	0.89	0.85
August 2019	0.47	0.90	0.90
September 2019	0.38	0.91	0.89
October 2019	0.43	0.89	0.92
November 2019	0.43	0.92	0.94
December 2019	0.54	1.01	0.94
January 2020	0.60	0.99	0.98
February 2020	0.53	1.06	1.01
March 2020	0.38	0.90	0.90
April 2020	0.25	0.69	0.67
May 2020	0.31	0.73	0.75
June 2020	0.37	0.90	0.85
July 2020	0.50	1.00	0.99
August 2020	0.35	1.02	1.06
September 2020	0.34	1.11	1.12
October 2020	0.35	1.16	1.14
November 2020	0.37	1.18	1.16
December 2020	0.35	1.32	1.23
January 2021	0.48	1.14	1.27
February 2021	0.38	1.07	1.15
March 2021	0.47	1.26	1.19
April 2021	0.46	1.05	1.15
May 2021	0.47	1.10	1.13

Source: Census Bureau via Haver Analytics.

Return to text

Figure 19. New and existing home sales

Monthly
Millions, annual rate

Period	Existing home sales	New home sales
January 2006	6.70	1.17
February 2006	6.85	1.06
March 2006	6.84	1.12
April 2006	6.70	1.12
May 2006	6.58	1.09
June 2006	6.48	1.07
July 2006	6.31	0.97
August 2006	6.34	1.04
September 2006	6.29	1.02
October 2006	6.35	0.94
November 2006	6.34	1.00
December 2006	6.42	1.00
January 2007	5.74	0.89
February 2007	5.79	0.83
March 2007	5.46	0.83
April 2007	5.29	0.89
May 2007	5.27	0.84
June 2007	5.12	0.79
July 2007	5.07	0.78
August 2007	4.87	0.70
September 2007	4.58	0.69
October 2007	4.43	0.73
November 2007	4.46	0.64
December 2007	4.41	0.62
January 2008	4.17	0.63
February 2008	4.12	0.59
March 2008	4.16	0.54
April 2008	4.11	0.54
May 2008	4.14	0.50
June 2008	4.09	0.49
July 2008	4.15	0.48
August 2008	4.19	0.44
September 2008	4.27	0.43
October 2008	4.09	0.39
November 2008	3.77	0.39
December 2008	4.01	0.38
January 2009	3.82	0.34
February 2009	3.97	0.37
March 2009	3.86	0.34
April 2009	3.90	0.34
May 2009	4.00	0.38
June 2009	4.10	0.39
July 2009	4.37	0.41
August 2009	4.45	0.42
September 2009	4.62	0.39
October 2009	5.02	0.40
November 2009	5.44	0.38
December 2009	4.40	0.35
January 2010	4.19	0.35
February 2010	4.27	0.34
March 2010	4.49	0.38
April 2010	4.82	0.42
May 2010	4.88	0.28
June 2010	4.45	0.31
July 2010	3.45	0.28
August 2010	3.68	0.28
September 2010	3.84	0.32
October 2010	3.83	0.29
November 2010	4.02	0.29
December 2010	4.27	0.33
January 2011	4.42	0.31
February 2011	4.16	0.27
March 2011	4.26	0.30
April 2011	4.17	0.31
May 2011	4.14	0.31
June 2011	4.23	0.30
July 2011	4.15	0.30
August 2011	4.38	0.30
September 2011	4.33	0.30
October 2011	4.34	0.32
November 2011	4.39	0.33
December 2011	4.35	0.34
January 2012	4.48	0.34
February 2012	4.58	0.37
March 2012	4.52	0.35
April 2012	4.59	0.35
May 2012	4.60	0.37
June 2012	4.47	0.36
July 2012	4.53	0.37
August 2012	4.76	0.38
September 2012	4.71	0.39
October 2012	4.79	0.36
November 2012	4.96	0.39
December 2012	4.89	0.40
January 2013	4.98	0.45
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	0.51
August 2015	5.36	0.52
September 2015	5.41	0.46
October 2015	5.28	0.48
November 2015	4.78	0.50
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	0.58
May 2016	5.44	0.57
June 2016	5.47	0.56
July 2016	5.37	0.63
August 2016	5.40	0.58
September 2016	5.47	0.56
October 2016	5.56	0.58
November 2016	5.51	0.57
December 2016	5.52	0.56
January 2017	5.67	0.58
February 2017	5.45	0.60
March 2017	5.61	0.64
April 2017	5.56	0.60
May 2017	5.59	0.63
June 2017	5.49	0.61
July 2017	5.46	0.55
August 2017	5.39	0.55
September 2017	5.45	0.62
October 2017	5.46	0.63
November 2017	5.62	0.72
December 2017	5.57	0.66
January 2018	5.41	0.61
February 2018	5.48	0.64
March 2018	5.53	0.68
April 2018	5.47	0.66
May 2018	5.43	0.68
June 2018	5.45	0.60
July 2018	5.38	0.60
August 2018	5.31	0.58
September 2018	5.20	0.58
October 2018	5.16	0.55
November 2018	5.18	0.62
December 2018	5.01	0.57
January 2019	4.95	0.63
February 2019	5.34	0.68
March 2019	5.25	0.72
April 2019	5.25	0.69
May 2019	5.41	0.62
June 2019	5.35	0.71
July 2019	5.40	0.64
August 2019	5.42	0.68
September 2019	5.36	0.71
October 2019	5.36	0.70
November 2019	5.32	0.70
December 2019	5.51	0.73
January 2020	5.41	0.76
February 2020	5.70	0.73
March 2020	5.35	0.62
April 2020	4.37	0.58
May 2020	4.01	0.70
June 2020	4.77	0.84
July 2020	5.90	0.97
August 2020	5.97	0.98
September 2020	6.44	0.97
October 2020	6.73	0.97
November 2020	6.59	0.87
December 2020	6.65	0.94
January 2021	6.66	0.99
February 2021	6.24	0.82
March 2021	6.01	0.89
April 2021	5.85	0.82
May 2021	5.80	0.77

Note: The data are monthly. New home sales include only single-family sales. Existing home sales include single-family, condo, and co-op sales.

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

Return to text

Figure 20. Real prices of existing single-family houses

Quarterly
2005:Q1 = 100

Period	S&P/Case-Shiller national index	Zillow index	CoreLogic price index
2005:Q1	100.00	100.00	100.00
2005:Q2	102.97	102.23	103.75
2005:Q3	105.03	104.14	106.63
2005:Q4	107.18	106.15	109.07
2006:Q1	108.88	107.84	110.36
2006:Q2	108.41	108.74	109.84
2006:Q3	106.95	109.04	108.41
2006:Q4	107.62	109.60	108.55
2007:Q1	107.06	108.66	106.19
2007:Q2	104.58	107.53	102.90
2007:Q3	102.07	106.10	100.16
2007:Q4	99.44	103.85	95.91
2008:Q1	96.48	101.17	90.51
2008:Q2	92.77	97.70	86.02
2008:Q3	89.22	94.17	82.46
2008:Q4	87.26	92.95	78.99
2009:Q1	84.43	90.93	75.07
2009:Q2	82.85	88.41	74.96
2009:Q3	82.46	86.36	75.94
2009:Q4	81.68	85.01	74.83
2010:Q1	80.48	84.54	72.64
2010:Q2	80.32	84.28	74.17
2010:Q3	78.98	83.28	73.99
2010:Q4	77.56	81.42	71.44
2011:Q1	76.01	79.35	68.66
2011:Q2	74.89	77.20	69.16
2011:Q3	74.17	75.91	70.19
2011:Q4	72.86	75.16	68.72
2012:Q1	72.24	74.38	67.46
2012:Q2	73.70	74.50	70.20
2012:Q3	74.63	74.93	72.35
2012:Q4	75.40	75.46	72.17
2013:Q1	77.02	76.50	72.68
2013:Q2	79.39	78.04	76.01
2013:Q3	81.18	79.50	78.21
2013:Q4	82.48	80.80	78.41
2014:Q1	83.33	81.71	78.49
2014:Q2	83.54	82.19	79.97
2014:Q3	84.10	82.71	81.09
2014:Q4	85.28	83.63	81.47
2015:Q1	86.60	84.98	82.34
2015:Q2	87.03	85.72	83.95
2015:Q3	87.87	86.61	85.07
2015:Q4	89.32	87.80	85.67
2016:Q1	90.26	88.93	86.31
2016:Q2	90.62	89.59	87.69
2016:Q3	91.47	90.53	88.56
2016:Q4	92.47	91.49	88.92
2017:Q1	93.28	92.38	89.34
2017:Q2	94.25	93.65	91.17
2017:Q3	95.35	94.74	92.21
2017:Q4	96.29	95.69	92.57
2018:Q1	97.21	96.64	93.07
2018:Q2	97.94	97.69	94.63
2018:Q3	98.59	98.71	95.13
2018:Q4	99.02	99.41	95.23
2019:Q1	99.47	100.34	95.53
2019:Q2	99.77	100.68	96.70
2019:Q3	100.27	101.25	97.17
2019:Q4	100.89	101.59	97.51
2020:Q1	101.98	102.48	98.14
2020:Q2	103.55	104.42	100.37
2020:Q3	104.96	105.19	101.59
2020:Q4	109.12	107.88	104.08
2021:Q1	112.45	110.66	106.24

Note: Series are deflated by the personal consumption expenditures price index.

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.)

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Figure 21. Real business fixed investment

Quarterly
Billions of chained 2012 dollars

Period	Structures	Equipment and intangible capital
2005:Q1	467.31	1215.17
2005:Q2	465.40	1241.68
2005:Q3	463.37	1276.40
2005:Q4	468.16	1285.46
2006:Q1	485.66	1327.27
2006:Q2	500.69	1345.29
2006:Q3	510.14	1367.78
2006:Q4	510.32	1386.92
2007:Q1	529.39	1403.41
2007:Q2	558.80	1419.16
2007:Q3	585.61	1425.47
2007:Q4	600.60	1442.04
2008:Q1	603.28	1447.41
2008:Q2	613.27	1442.23
2008:Q3	609.55	1408.14
2008:Q4	595.50	1306.12
2009:Q1	551.28	1207.32
2009:Q2	508.95	1194.50
2009:Q3	474.32	1216.57
2009:Q4	434.14	1264.07
2010:Q1	405.11	1302.48
2010:Q2	416.76	1347.05
2010:Q3	410.71	1399.91
2010:Q4	418.56	1427.40
2011:Q1	387.83	1453.89
2011:Q2	414.76	1475.46
2011:Q3	439.40	1539.49
2011:Q4	454.53	1574.88
2012:Q1	476.04	1605.26
2012:Q2	487.37	1640.60
2012:Q3	481.81	1639.02
2012:Q4	472.52	1671.49
2013:Q1	462.12	1709.74
2013:Q2	475.77	1701.91
2013:Q3	499.77	1714.89
2013:Q4	504.17	1755.90
2014:Q1	521.89	1769.31
2014:Q2	540.34	1812.02
2014:Q3	542.16	1858.25
2014:Q4	550.96	1863.53
2015:Q1	545.06	1867.00
2015:Q2	549.09	1873.82
2015:Q3	531.81	1901.79
2015:Q4	510.55	1905.32
2016:Q1	491.83	1919.04
2016:Q2	500.93	1923.65
2016:Q3	520.58	1930.61
2016:Q4	528.46	1930.98
2017:Q1	538.54	1955.74
2017:Q2	537.62	1971.75
2017:Q3	522.31	2002.46
2017:Q4	528.39	2053.37
2018:Q1	554.85	2100.62
2018:Q2	561.65	2134.52
2018:Q3	553.19	2162.42
2018:Q4	534.89	2217.98
2019:Q1	545.54	2234.84
2019:Q2	547.75	2232.58
2019:Q3	552.55	2240.31
2019:Q4	545.14	2246.66
2020:Q1	540.01	2203.11
2020:Q2	487.50	2048.85
2020:Q3	464.69	2214.95
2020:Q4	457.32	2310.13
2021:Q1	455.04	2393.04

Note: Business fixed investment is known as "private nonresidential fixed investment" in the national income and product accounts. The data are quarterly.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 22. Selected components of net debt financing for nonfinancial businesses

Billions of dollars, monthly rate

Period	Bank loans	Bonds	Commercial paper	Sum
2007	32.88	10.40	0.94	44.22
2008	16.27	10.49	0.64	27.40
2009	-32.03	17.51	-6.09	-20.62
2010	-10.77	15.60	2.04	6.87
2011	11.08	13.25	2.78	27.12
2012	16.12	29.50	1.17	46.78
2013	19.57	21.36	1.18	42.11
2014	29.33	23.64	3.12	56.09
2015	18.29	33.35	-0.55	51.10
2016	9.49	22.75	0.43	32.67
2017	8.11	23.77	2.17	34.06
2018	29.63	12.36	-0.85	41.14
2019	9.03	21.47	-0.16	30.33
2020	20.78	62.11	-5.20	77.69
2021:Q1	-0.40	38.66	3.92	42.18

Source: Mergent Inc., Fixed Income Securities Database; S&P Global, Leveraged Commentary & Data; DTCC Solutions LLC, an affiliate of the Depository Trust & Clearing Corporation. This publication includes data licensed from DTCC Solutions LLC, an affiliate of the Depository Trust & Clearing Corporation. (For the DTCC licensing disclaimer, see the note on the Contents page.)

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Figure 23. Real imports and exports of goods and services

Quarterly
Billions of chained 2012 dollars

Period	Imports	Exports
2007:Q1	2634.23	1761.35
2007:Q2	2650.76	1788.42
2007:Q3	2661.52	1842.13
2007:Q4	2637.38	1897.39
2008:Q1	2645.61	1913.51
2008:Q2	2621.78	1974.66
2008:Q3	2587.99	1961.16
2008:Q4	2492.83	1852.40
2009:Q1	2246.49	1702.73
2009:Q2	2153.13	1707.89
2009:Q3	2242.93	1769.97
2009:Q4	2351.75	1874.47
2010:Q1	2408.56	1902.61
2010:Q2	2520.18	1947.62
2010:Q3	2612.58	2001.56
2010:Q4	2633.74	2059.62
2011:Q1	2650.84	2077.11
2011:Q2	2666.56	2110.78
2011:Q3	2696.96	2133.15
2011:Q4	2734.13	2155.16
2012:Q1	2749.00	2168.54
2012:Q2	2762.53	2192.18
2012:Q3	2777.31	2203.60
2012:Q4	2750.56	2200.80
2013:Q1	2758.61	2225.90
2013:Q2	2798.46	2252.66
2013:Q3	2818.65	2266.77
2013:Q4	2834.07	2333.16
2014:Q1	2866.20	2316.68
2014:Q2	2939.02	2366.79
2014:Q3	2946.58	2377.34
2014:Q4	3018.21	2400.29
2015:Q1	3065.59	2382.05
2015:Q2	3084.39	2388.04
2015:Q3	3111.15	2367.36
2015:Q4	3118.05	2363.54
2016:Q1	3114.89	2357.90
2016:Q2	3112.58	2366.61
2016:Q3	3151.83	2406.65
2016:Q4	3204.23	2397.88
2017:Q1	3238.35	2446.02
2017:Q2	3266.90	2451.90
2017:Q3	3281.00	2467.96
2017:Q4	3383.20	2536.24
2018:Q1	3386.12	2553.17
2018:Q2	3385.40	2565.25
2018:Q3	3451.28	2530.95
2018:Q4	3486.04	2548.79
2019:Q1	3467.79	2560.41
2019:Q2	3482.85	2531.42
2019:Q3	3486.79	2536.56
2019:Q4	3419.33	2557.85
2020:Q1	3283.11	2495.10
2020:Q2	2702.47	1927.42
2020:Q3	3185.54	2166.52
2020:Q4	3400.49	2278.52
2021:Q1	3478.74	2266.40

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 24. U.S. trade and current account balances

Quarterly
Percent of nominal GDP

Period	Trade	Current account
2002:Q1	-3.50	-3.80
2002:Q2	-3.80	-4.21
2002:Q3	-3.90	-4.18
2002:Q4	-4.30	-4.48
2003:Q1	-4.50	-4.84
2003:Q2	-4.40	-4.57
2003:Q3	-4.30	-4.50
2003:Q4	-4.30	-4.33
2004:Q1	-4.60	-4.60
2004:Q2	-5.00	-5.16
2004:Q3	-5.20	-5.25
2004:Q4	-5.50	-5.79
2005:Q1	-5.30	-5.35
2005:Q2	-5.40	-5.60
2005:Q3	-5.60	-5.73
2005:Q4	-5.90	-6.29
2006:Q1	-5.70	-5.87
2006:Q2	-5.70	-5.96
2006:Q3	-5.80	-6.30
2006:Q4	-5.10	-5.52
2007:Q1	-5.10	-5.64
2007:Q2	-5.10	-5.38
2007:Q3	-4.90	-4.84
2007:Q4	-4.80	-4.55
2008:Q1	-5.20	-4.98
2008:Q2	-5.10	-4.86
2008:Q3	-5.20	-4.80
2008:Q4	-4.20	-4.29
2009:Q1	-2.80	-2.76
2009:Q2	-2.40	-2.43
2009:Q3	-2.80	-2.53
2009:Q4	-3.00	-2.79
2010:Q1	-3.30	-2.80
2010:Q2	-3.50	-2.99
2010:Q3	-3.50	-3.09
2010:Q4	-3.40	-2.64
2011:Q1	-3.70	-3.12
2011:Q2	-3.80	-3.08
2011:Q3	-3.70	-2.74
2011:Q4	-3.80	-2.78
2012:Q1	-3.80	-2.84
2012:Q2	-3.60	-2.72
2012:Q3	-3.30	-2.43
2012:Q4	-3.30	-2.33
2013:Q1	-3.10	-2.19
2013:Q2	-3.10	-2.14
2013:Q3	-2.90	-2.03
2013:Q4	-2.60	-1.73
2014:Q1	-3.00	-2.13
2014:Q2	-2.90	-2.00
2014:Q3	-2.80	-2.01
2014:Q4	-2.90	-2.30
2015:Q1	-2.90	-2.21
2015:Q2	-2.80	-2.19
2015:Q3	-3.00	-2.40
2015:Q4	-2.90	-2.17
2016:Q1	-2.80	-2.26
2016:Q2	-2.60	-2.16
2016:Q3	-2.60	-2.13
2016:Q4	-2.90	-1.94
2017:Q1	-2.80	-1.77
2017:Q2	-2.90	-2.17
2017:Q3	-2.80	-1.72
2017:Q4	-2.90	-1.75
2018:Q1	-2.90	-1.92
2018:Q2	-2.70	-1.82
2018:Q3	-3.10	-2.31
2018:Q4	-3.10	-2.44
2019:Q1	-2.90	-2.41
2019:Q2	-3.00	-2.32
2019:Q3	-2.90	-2.18
2019:Q4	-2.50	-1.91
2020:Q1	-2.30	-2.13
2020:Q2	-2.80	-3.15
2020:Q3	-3.50	-3.26
2020:Q4	-3.70	-3.26
2021:Q1	-4.00	-3.55

Note: GDP is gross domestic product.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 25. Federal receipts and expenditures

Monthly
Percent change from year earlier

Period	Expenditures	Receipts
January 2005	5.83	8.39
February 2005	6.88	8.73
March 2005	6.31	8.91
April 2005	6.01	12.78
May 2005	7.18	14.09
June 2005	6.83	13.88
July 2005	5.27	13.63
August 2005	7.04	13.14
September 2005	7.83	14.55
October 2005	8.53	15.16
November 2005	8.40	14.39
December 2005	8.30	14.03
January 2006	8.60	14.46
February 2006	8.14	14.55
March 2006	8.69	14.40
April 2006	6.93	13.00
May 2006	8.38	12.90
June 2006	8.92	13.21
July 2006	9.17	13.64
August 2006	8.44	12.61
September 2006	7.39	11.76
October 2006	8.07	11.96
November 2006	6.65	12.06
December 2006	5.60	11.55
January 2007	5.51	11.53
February 2007	5.11	11.27
March 2007	4.41	10.57
April 2007	5.75	11.75
May 2007	3.71	8.62
June 2007	2.67	7.77
July 2007	3.30	7.42
August 2007	5.28	8.03
September 2007	2.80	6.69
October 2007	2.69	6.32
November 2007	3.95	6.23
December 2007	4.85	6.14
January 2008	4.89	4.61
February 2008	6.10	3.71
March 2008	4.27	4.13
April 2008	5.31	2.12
May 2008	7.61	1.69
June 2008	6.57	0.55
July 2008	8.10	-0.26
August 2008	5.05	-1.12
September 2008	9.13	-1.71
October 2008	11.52	-2.63
November 2008	11.05	-3.07
December 2008	12.80	-5.21
January 2009	14.06	-6.14
February 2009	12.41	-6.32
March 2009	17.17	-8.69
April 2009	17.08	-14.66
May 2009	15.31	-13.61
June 2009	19.11	-14.79
July 2009	19.17	-14.81
August 2009	19.08	-14.94
September 2009	18.19	-16.61
October 2009	14.61	-17.35
November 2009	13.32	-17.59
December 2009	11.79	-17.04
January 2010	8.66	-16.91
February 2010	10.14	-15.44
March 2010	3.92	-12.62
April 2010	3.82	-8.17
May 2010	2.58	-6.55
June 2010	0.38	-3.00
July 2010	-1.93	-2.41
August 2010	-1.21	-1.03
September 2010	-1.82	2.73
October 2010	-2.30	4.70
November 2010	-0.55	6.02
December 2010	-1.00	7.87
January 2011	1.01	10.04
February 2011	-0.21	9.10
March 2011	6.27	7.70
April 2011	5.08	10.96
May 2011	4.35	10.74
June 2011	3.28	8.80
July 2011	2.69	8.76
August 2011	3.95	8.06
September 2011	4.15	6.51
October 2011	4.19	6.78
November 2011	2.55	6.18
December 2011	2.72	5.46
January 2012	1.47	4.80
February 2012	1.39	4.32
March 2012	-1.13	5.35
April 2012	-3.11	4.59
May 2012	0.27	3.56
June 2012	1.79	4.08
July 2012	1.74	5.03
August 2012	2.20	5.21
September 2012	-1.69	6.37
October 2012	0.19	6.50
November 2012	1.69	6.74
December 2012	-0.16	7.87
January 2013	0.46	9.14
February 2013	0.16	10.31
March 2013	-2.82	9.98
April 2013	0.09	12.33
May 2013	-1.09	12.75
June 2013	-5.96	13.36
July 2013	-3.86	12.80
August 2013	-6.58	12.62
September 2013	-2.38	13.27
October 2013	-3.96	12.88
November 2013	-5.57	13.30
December 2013	-5.20	12.58
January 2014	-4.37	11.84
February 2014	-3.81	11.83
March 2014	-2.84	12.35
April 2014	-3.39	8.93
May 2014	-4.39	8.36
June 2014	2.25	8.67
July 2014	1.29	8.58
August 2014	2.06	8.65
September 2014	1.43	8.88
October 2014	3.18	8.81
November 2014	1.63	8.32
December 2014	5.81	9.51
January 2015	5.19	8.97
February 2015	4.66	7.98
March 2015	6.90	7.50
April 2015	6.70	9.20
May 2015	5.91	9.53
June 2015	4.51	8.81
July 2015	6.05	8.65
August 2015	4.99	8.88
September 2015	5.25	7.56
October 2015	4.29	7.02
November 2015	6.94	7.14
December 2015	4.76	5.87
January 2016	2.40	5.72
February 2016	3.41	6.85
March 2016	3.78	6.02
April 2016	4.02	3.04
May 2016	4.45	3.02
June 2016	4.17	1.99
July 2016	0.93	1.16
August 2016	3.97	1.27
September 2016	4.46	0.56
October 2016	1.93	0.94
November 2016	3.24	0.36
December 2016	1.93	-1.01
January 2017	4.68	-0.28
February 2017	3.89	-1.10
March 2017	4.06	-1.25
April 2017	2.04	0.28
May 2017	3.94	0.39
June 2017	5.88	1.08
July 2017	6.06	2.23
August 2017	4.19	1.44
September 2017	3.33	1.47
October 2017	6.35	1.56
November 2017	4.71	1.98
December 2017	5.26	3.14
January 2018	4.81	2.70
February 2018	4.94	2.12
March 2018	4.10	2.30
April 2018	6.28	3.44
May 2018	5.77	2.23
June 2018	2.05	1.27
July 2018	3.97	0.40
August 2018	6.59	0.33
September 2018	3.19	0.42
October 2018	3.75	0.53
November 2018	5.08	0.20
December 2018	4.44	-0.39
January 2019	4.44	-1.52
February 2019	5.00	-0.70
March 2019	3.24	0.01
April 2019	4.59	-0.87
May 2019	5.54	0.26
June 2019	5.32	1.46
July 2019	6.30	2.45
August 2019	3.68	2.93
September 2019	8.25	4.01
October 2019	7.47	3.26
November 2019	6.39	3.91
December 2019	7.52	5.02
January 2020	8.77	6.66
February 2020	8.51	6.91
March 2020	9.16	6.57
April 2020	21.25	-2.95
May 2020	22.18	-5.11
June 2020	41.23	-8.34
July 2020	44.83	0.08
August 2020	44.88	-0.32
September 2020	47.35	-1.22
October 2020	49.63	-1.24
November 2020	47.32	-1.95
December 2020	49.68	-2.31
January 2021	50.39	-2.85
February 2021	52.62	-1.72
March 2021	65.72	-1.07
April 2021	40.39	13.87
May 2021	37.33	24.98

Note: The data are 12-month moving sums.

Source: Office of Management and Budget via Haver Analytics.

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Figure 26. Federal government debt and net interest outlays

Quarterly
Percent of nominal GDP

Period	Debt held by the public
1901:Q1	ND
1901:Q2	ND
1901:Q3	ND
1901:Q4	5.70
1902:Q1	ND
1902:Q2	ND
1902:Q3	ND
1902:Q4	5.40
1903:Q1	ND
1903:Q2	ND
1903:Q3	ND
1903:Q4	5.00
1904:Q1	ND
1904:Q2	ND
1904:Q3	ND
1904:Q4	4.70
1905:Q1	ND
1905:Q2	ND
1905:Q3	ND
1905:Q4	4.30
1906:Q1	ND
1906:Q2	ND
1906:Q3	ND
1906:Q4	4.00
1907:Q1	ND
1907:Q2	ND
1907:Q3	ND
1907:Q4	4.00
1908:Q1	ND
1908:Q2	ND
1908:Q3	ND
1908:Q4	4.30
1909:Q1	ND
1909:Q2	ND
1909:Q3	ND
1909:Q4	3.80
1910:Q1	ND
1910:Q2	ND
1910:Q3	ND
1910:Q4	3.70
1911:Q1	ND
1911:Q2	ND
1911:Q3	ND
1911:Q4	3.60
1912:Q1	ND
1912:Q2	ND
1912:Q3	ND
1912:Q4	3.40
1913:Q1	ND
1913:Q2	ND
1913:Q3	ND
1913:Q4	3.20
1914:Q1	ND
1914:Q2	ND
1914:Q3	ND
1914:Q4	3.50
1915:Q1	ND
1915:Q2	ND
1915:Q3	ND
1915:Q4	3.30
1916:Q1	ND
1916:Q2	ND
1916:Q3	ND
1916:Q4	2.70
1917:Q1	ND
1917:Q2	ND
1917:Q3	ND
1917:Q4	13.30
1918:Q1	ND
1918:Q2	ND
1918:Q3	ND
1918:Q4	30.20
1919:Q1	ND
1919:Q2	ND
1919:Q3	ND
1919:Q4	33.40
1920:Q1	ND
1920:Q2	ND
1920:Q3	ND
1920:Q4	27.30
1921:Q1	ND
1921:Q2	ND
1921:Q3	ND
1921:Q4	31.60
1922:Q1	ND
1922:Q2	ND
1922:Q3	ND
1922:Q4	31.10
1923:Q1	ND
1923:Q2	ND
1923:Q3	ND
1923:Q4	25.20
1924:Q1	ND
1924:Q2	ND
1924:Q3	ND
1924:Q4	23.50
1925:Q1	ND
1925:Q2	ND
1925:Q3	ND
1925:Q4	21.60
1926:Q1	ND
1926:Q2	ND
1926:Q3	ND
1926:Q4	19.00
1927:Q1	ND
1927:Q2	ND
1927:Q3	ND
1927:Q4	18.00
1928:Q1	ND
1928:Q2	ND
1928:Q3	ND
1928:Q4	17.00
1929:Q1	ND
1929:Q2	ND
1929:Q3	ND
1929:Q4	14.80
1930:Q1	ND
1930:Q2	ND
1930:Q3	ND
1930:Q4	16.30
1931:Q1	ND
1931:Q2	ND
1931:Q3	ND
1931:Q4	22.00
1932:Q1	ND
1932:Q2	ND
1932:Q3	ND
1932:Q4	34.00
1933:Q1	ND
1933:Q2	ND
1933:Q3	ND
1933:Q4	38.60
1934:Q1	ND
1934:Q2	ND
1934:Q3	ND
1934:Q4	43.50
1935:Q1	ND
1935:Q2	ND
1935:Q3	ND
1935:Q4	42.30
1936:Q1	ND
1936:Q2	ND
1936:Q3	ND
1936:Q4	42.40
1937:Q1	ND
1937:Q2	ND
1937:Q3	ND
1937:Q4	39.60
1938:Q1	ND
1938:Q2	ND
1938:Q3	ND
1938:Q4	42.20
1939:Q1	ND
1939:Q2	ND
1939:Q3	ND
1939:Q4	42.40
1940:Q1	ND
1940:Q2	ND
1940:Q3	ND
1940:Q4	43.60
1941:Q1	ND
1941:Q2	ND
1941:Q3	ND
1941:Q4	41.50
1942:Q1	ND
1942:Q2	ND
1942:Q3	ND
1942:Q4	45.90
1943:Q1	ND
1943:Q2	ND
1943:Q3	ND
1943:Q4	69.20
1944:Q1	ND
1944:Q2	ND
1944:Q3	ND
1944:Q4	86.40
1945:Q1	ND
1945:Q2	ND
1945:Q3	ND
1945:Q4	103.90
1946:Q1	ND
1946:Q2	ND
1946:Q3	ND
1946:Q4	106.10
1947:Q1	ND
1947:Q2	ND
1947:Q3	ND
1947:Q4	85.01
1948:Q1	ND
1948:Q2	ND
1948:Q3	ND
1948:Q4	76.72
1949:Q1	ND
1949:Q2	ND
1949:Q3	ND
1949:Q4	80.43
1950:Q1	ND
1950:Q2	ND
1950:Q3	ND
1950:Q4	67.67
1951:Q1	ND
1951:Q2	ND
1951:Q3	ND
1951:Q4	60.66
1952:Q1	59.65
1952:Q2	59.30
1952:Q3	59.09
1952:Q4	58.14
1953:Q1	56.30
1953:Q2	55.68
1953:Q3	57.44
1953:Q4	59.19
1954:Q1	58.27
1954:Q2	57.87
1954:Q3	57.62
1954:Q4	57.75
1955:Q1	54.89
1955:Q2	53.31
1955:Q3	52.60
1955:Q4	52.63
1956:Q1	51.33
1956:Q2	49.32
1956:Q3	48.90
1956:Q4	48.67
1957:Q1	47.36
1957:Q2	45.79
1957:Q3	45.89
1957:Q4	46.71
1958:Q1	47.20
1958:Q2	47.20
1958:Q3	45.95
1958:Q4	46.15
1959:Q1	45.08
1959:Q2	44.06
1959:Q3	44.59
1959:Q4	44.87
1960:Q1	43.00
1960:Q2	42.68
1960:Q3	42.57
1960:Q4	43.45
1961:Q1	42.69
1961:Q2	41.89
1961:Q3	41.90
1961:Q4	41.63
1962:Q1	40.79
1962:Q2	40.32
1962:Q3	39.82
1962:Q4	40.56
1963:Q1	40.05
1963:Q2	39.47
1963:Q3	38.52
1963:Q4	38.54
1964:Q1	37.65
1964:Q2	36.96
1964:Q3	36.64
1964:Q4	37.01
1965:Q1	35.93
1965:Q2	34.84
1965:Q3	33.82
1965:Q4	33.64
1966:Q1	32.70
1966:Q2	31.79
1966:Q3	31.38
1966:Q4	31.60
1967:Q1	31.50
1967:Q2	30.37
1967:Q3	30.77
1967:Q4	31.35
1968:Q1	31.02
1968:Q2	29.79
1968:Q3	30.09
1968:Q4	29.85
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	72.08
2014:Q3	72.10
2014:Q4	72.93
2015:Q1	72.68
2015:Q2	71.71
2015:Q3	71.48
2015:Q4	74.36
2016:Q1	75.35
2016:Q2	74.64
2016:Q3	75.27
2016:Q4	75.79
2017:Q1	74.63
2017:Q2	74.07
2017:Q3	74.75
2017:Q4	74.25
2018:Q1	76.14
2018:Q2	75.20
2018:Q3	75.93
2018:Q4	76.95
2019:Q1	76.69
2019:Q2	75.85
2019:Q3	78.00
2019:Q4	78.87
2020:Q1	81.92
2020:Q2	105.15
2020:Q3	99.28
2020:Q4	100.64
2021:Q1	99.63

Note: The data for net interest outlays are annual, begin in 1948, and extend through 2021. Net interest outlays are the cost of servicing the debt held by the public. 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. The data for federal debt are annual from 1901 to 1951 and quarterly thereafter. GDP is gross domestic product.

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."

Annual
Percent of nominal GDP

Period	Net interest outlays on federal debt
1948	1.61
1949	1.65
1950	1.67
1951	1.38
1952	1.30
1953	1.33
1954	1.24
1955	1.17
1956	1.15
1957	1.14
1958	1.18
1959	1.12
1960	1.29
1961	1.22
1962	1.16
1963	1.23
1964	1.22
1965	1.19
1966	1.18
1967	1.21
1968	1.21
1969	1.27
1970	1.36
1971	1.30
1972	1.24
1973	1.25
1974	1.42
1975	1.41
1976	1.46
1977	1.48
1978	1.56
1979	1.66
1980	1.88
1981	2.19
1982	2.57
1983	2.54
1984	2.81
1985	3.04
1986	3.01
1987	2.91
1988	2.95
1989	3.04
1990	3.13
1991	3.19
1992	3.11
1993	2.93
1994	2.83
1995	3.07
1996	3.03
1997	2.89
1998	2.70
1999	2.42
2000	2.20
2001	1.96
2002	1.58
2003	1.36
2004	1.33
2005	1.43
2006	1.66
2007	1.66
2008	1.71
2009	1.30
2010	1.32
2011	1.49
2012	1.37
2013	1.33
2014	1.32
2015	1.23
2016	1.29
2017	1.36
2018	1.60
2019	1.77
2020	1.65
2021	1.49

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."

Return to text

Figure 27. State and local tax receipts

Series: Total state taxes and property taxes

Horizon: June 2012 to April 2021

Description: A line chart with two curves over June 2012 to April 2021. Units are year-over-year percent changes. The total state taxes data are monthly and extend from June 2012 to April 2021. The property taxes data are quarterly and extend from 2012:Q2 to 2021:Q1. The total state taxes series starts near 4 in June 2012, moves up to 8 in September 2013, and decreases to 1.5 in September 2014. The series then climbs to about 5.9 in May 2015 before dropping to about 0.3 around the end of 2016. The series then steadily increases to 8 by September 2018 and falls to 3.6 in January 2019 before rebounding to 6.8 in May 2019. The series decreases to 5 by the end of 2019 and rises to about 8.3 in January 2020. The series then plummets to about negative 4.5 in June 2020 before increasing to negative 0.1 and remaining between negative 1.0 and 0.0 throughout 2020. The series then jumps to 13.4 by the end of the series in April 2021. The property taxes series starts around negative 0.7 and gradually increases to about 5.2 by 2016:Q2. The series then moves down to 3.5 by 2017:Q2 and rises to 6 by 2017:Q4. The series decreases through 2018:Q4 to 1.8 and then increases to a peak of nearly 6 in 2019:Q4. The series then lowers to 3.6 in 2020:Q2 and ends near 5.2 in 2021:Q1.

Note: State tax data are year-over-year percent changes of 12-month moving averages, begin in June 2012, extend through April 2021, and are aggregated over all states except Wyoming, for which data are not available. Revenues from Washington, DC, are also excluded. Data for March and April are missing for New Mexico, as this state has longer reporting lags than others. Property tax data are year-over-year percent changes of 4-quarter moving averages, begin in 2012:Q2, and are primarily collected by local governments.

Source: State Tax and Economic Review, State and Local Finance Initiative at Urban Institute; Census Bureau.

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Figure 28. State and local government payroll employment

Monthly
Millions

Period	State and local government payroll employment
January 2005	19.008
February 2005	19.016
March 2005	19.007
April 2005	19.029
May 2005	19.047
June 2005	19.030
July 2005	19.129
August 2005	19.132
September 2005	19.113
October 2005	19.094
November 2005	19.120
December 2005	19.146
January 2006	19.120
February 2006	19.145
March 2006	19.170
April 2006	19.186
May 2006	19.192
June 2006	19.186
July 2006	19.233
August 2006	19.278
September 2006	19.350
October 2006	19.337
November 2006	19.354
December 2006	19.358
January 2007	19.364
February 2007	19.399
March 2007	19.418
April 2007	19.443
May 2007	19.460
June 2007	19.478
July 2007	19.444
August 2007	19.488
September 2007	19.542
October 2007	19.563
November 2007	19.590
December 2007	19.620
January 2008	19.650
February 2008	19.670
March 2008	19.691
April 2008	19.695
May 2008	19.726
June 2008	19.758
July 2008	19.801
August 2008	19.801
September 2008	19.769
October 2008	19.777
November 2008	19.782
December 2008	19.781
January 2009	19.793
February 2009	19.781
March 2009	19.763
April 2009	19.755
May 2009	19.757
June 2009	19.762
July 2009	19.695
August 2009	19.712
September 2009	19.625
October 2009	19.681
November 2009	19.691
December 2009	19.651
January 2010	19.631
February 2010	19.604
March 2010	19.595
April 2010	19.585
May 2010	19.580
June 2010	19.547
July 2010	19.518
August 2010	19.475
September 2010	19.378
October 2010	19.431
November 2010	19.421
December 2010	19.396
January 2011	19.384
February 2011	19.339
March 2011	19.315
April 2011	19.314
May 2011	19.258
June 2011	19.304
July 2011	19.187
August 2011	19.167
September 2011	19.137
October 2011	19.148
November 2011	19.129
December 2011	19.118
January 2012	19.113
February 2012	19.119
March 2012	19.115
April 2012	19.105
May 2012	19.088
June 2012	19.106
July 2012	19.098
August 2012	19.096
September 2012	19.103
October 2012	19.079
November 2012	19.074
December 2012	19.081
January 2013	19.063
February 2013	19.075
March 2013	19.076
April 2013	19.075
May 2013	19.089
June 2013	19.069
July 2013	19.054
August 2013	19.077
September 2013	19.082
October 2013	19.091
November 2013	19.097
December 2013	19.079
January 2014	19.078
February 2014	19.094
March 2014	19.105
April 2014	19.125
May 2014	19.104
June 2014	19.166
July 2014	19.170
August 2014	19.120
September 2014	19.162
October 2014	19.182
November 2014	19.192
December 2014	19.204
January 2015	19.215
February 2015	19.231
March 2015	19.222
April 2015	19.242
May 2015	19.259
June 2015	19.261
July 2015	19.294
August 2015	19.300
September 2015	19.281
October 2015	19.297
November 2015	19.315
December 2015	19.321
January 2016	19.343
February 2016	19.360
March 2016	19.395
April 2016	19.399
May 2016	19.407
June 2016	19.383
July 2016	19.489
August 2016	19.481
September 2016	19.517
October 2016	19.491
November 2016	19.479
December 2016	19.489
January 2017	19.494
February 2017	19.507
March 2017	19.514
April 2017	19.536
May 2017	19.526
June 2017	19.538
July 2017	19.557
August 2017	19.569
September 2017	19.584
October 2017	19.571
November 2017	19.597
December 2017	19.599
January 2018	19.564
February 2018	19.604
March 2018	19.610
April 2018	19.624
May 2018	19.640
June 2018	19.661
July 2018	19.665
August 2018	19.684
September 2018	19.690
October 2018	19.689
November 2018	19.668
December 2018	19.704
January 2019	19.707
February 2019	19.681
March 2019	19.709
April 2019	19.741
May 2019	19.731
June 2019	19.735
July 2019	19.779
August 2019	19.809
September 2019	19.837
October 2019	19.853
November 2019	19.872
December 2019	19.887
January 2020	19.937
February 2020	19.972
March 2020	19.895
April 2020	18.943
May 2020	18.437
June 2020	18.477
July 2020	18.659
August 2020	18.920
September 2020	18.740
October 2020	18.608
November 2020	18.600
December 2020	18.564
January 2021	18.691
February 2021	18.599
March 2021	18.654
April 2021	18.694
May 2021	18.771
June 2021	18.964

Note: The data are seasonally adjusted and extend through June 2021.

Source: Bureau of Labor Statistics, National Compensation Survey via Haver Analytics.

Return to text

Figure 29. Market-implied federal funds rate path

Quarterly
Percent

Period	February 19, 2021	July 6, 2021
2021:Q1	0.058	ND
2021:Q2	0.083	ND
2021:Q3	0.089	0.095
2021:Q4	0.095	0.091
2022:Q1	0.103	0.093
2022:Q2	0.097	0.103
2022:Q3	0.103	0.133
2022:Q4	0.131	0.216
2023:Q1	0.194	0.316
2023:Q2	0.285	0.424
2023:Q3	0.388	0.526
2023:Q4	0.500	0.624
2024:Q1	0.617	0.722
2024:Q2	0.736	0.818
2024:Q3	0.853	0.910
2024:Q4	0.965	0.997
2025:Q1	1.068	1.075
2025:Q2	ND	1.142
2025:Q3	ND	1.198

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 February 19, 2021, is compared with that as of July 6, 2021. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The February 19, 2021, path extends through 2025:Q1 and the July 6, 2021, path through 2025:Q3.

Source: Bloomberg; Federal Reserve Board staff estimates.

Return to text

Figure 30. Yields on nominal Treasury securities

Daily
Percent

Date	2-year	5-year	10-year
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	1.49	2.07
25 January 2016	0.88	1.47	2.03
26 January 2016	0.85	1.45	2.01
27 January 2016	0.84	1.43	2.02
28 January 2016	0.83	1.40	2.00
29 January 2016	0.76	1.33	1.94
1 February 2016	0.81	1.38	1.97
2 February 2016	0.75	1.28	1.87
3 February 2016	0.72	1.27	1.88
4 February 2016	0.70	1.25	1.87
5 February 2016	0.74	1.25	1.86
8 February 2016	0.66	1.16	1.75
9 February 2016	0.69	1.15	1.74
10 February 2016	0.71	1.15	1.71
11 February 2016	0.64	1.11	1.63
12 February 2016	0.71	1.20	1.74
15 February 2016	ND	ND	ND
16 February 2016	0.74	1.23	1.78
17 February 2016	0.74	1.26	1.81
18 February 2016	0.71	1.21	1.75
19 February 2016	0.76	1.24	1.76
22 February 2016	0.78	1.25	1.77
23 February 2016	0.76	1.23	1.74
24 February 2016	0.75	1.21	1.75
25 February 2016	0.72	1.16	1.71
26 February 2016	0.80	1.23	1.76
29 February 2016	0.78	1.22	1.74
1 March 2016	0.85	1.31	1.83
2 March 2016	0.85	1.34	1.84
3 March 2016	0.85	1.33	1.83
4 March 2016	0.88	1.38	1.88
7 March 2016	0.91	1.42	1.91
8 March 2016	0.88	1.34	1.83
9 March 2016	0.90	1.39	1.90
10 March 2016	0.93	1.45	1.93
11 March 2016	0.97	1.49	1.98
14 March 2016	0.97	1.49	1.97
15 March 2016	0.98	1.50	1.97
16 March 2016	0.87	1.41	1.94
17 March 2016	0.87	1.39	1.91
18 March 2016	0.84	1.34	1.88
21 March 2016	0.87	1.38	1.92
22 March 2016	0.91	1.42	1.94
23 March 2016	0.87	1.37	1.88
24 March 2016	0.89	1.39	1.91
25 March 2016	ND	ND	ND
28 March 2016	0.89	1.37	1.89
29 March 2016	0.78	1.29	1.81
30 March 2016	0.76	1.26	1.83
31 March 2016	0.73	1.21	1.78
1 April 2016	0.76	1.24	1.79
4 April 2016	0.75	1.22	1.78
5 April 2016	0.72	1.17	1.73
6 April 2016	0.73	1.20	1.76
7 April 2016	0.70	1.14	1.70
8 April 2016	0.70	1.16	1.72
11 April 2016	0.70	1.16	1.73
12 April 2016	0.74	1.22	1.79
13 April 2016	0.75	1.22	1.77
14 April 2016	0.77	1.26	1.80
15 April 2016	0.74	1.22	1.76
18 April 2016	0.75	1.24	1.78
19 April 2016	0.77	1.26	1.79
20 April 2016	0.80	1.32	1.85
21 April 2016	0.82	1.35	1.88
22 April 2016	0.84	1.37	1.89
25 April 2016	0.85	1.38	1.91
26 April 2016	0.86	1.40	1.94
27 April 2016	0.83	1.33	1.87
28 April 2016	0.78	1.28	1.84
29 April 2016	0.77	1.28	1.83
2 May 2016	0.80	1.32	1.88
3 May 2016	0.75	1.25	1.81
4 May 2016	0.75	1.23	1.79
5 May 2016	0.72	1.20	1.76
6 May 2016	0.74	1.23	1.79
9 May 2016	0.72	1.20	1.77
10 May 2016	0.72	1.20	1.77
11 May 2016	0.74	1.20	1.73
12 May 2016	0.76	1.24	1.75
13 May 2016	0.76	1.22	1.71
16 May 2016	0.79	1.26	1.75
17 May 2016	0.82	1.29	1.76
18 May 2016	0.90	1.41	1.87
19 May 2016	0.89	1.38	1.85
20 May 2016	0.89	1.38	1.85
23 May 2016	0.91	1.38	1.84
24 May 2016	0.92	1.41	1.86
25 May 2016	0.92	1.40	1.87
26 May 2016	0.87	1.35	1.83
27 May 2016	0.90	1.39	1.85
30 May 2016	ND	ND	ND
31 May 2016	0.87	1.37	1.84
1 June 2016	0.91	1.39	1.85
2 June 2016	0.89	1.36	1.81
3 June 2016	0.78	1.23	1.71
6 June 2016	0.80	1.25	1.73
7 June 2016	0.78	1.23	1.72
8 June 2016	0.78	1.23	1.71
9 June 2016	0.77	1.22	1.68
10 June 2016	0.73	1.17	1.64
13 June 2016	0.73	1.14	1.62
14 June 2016	0.74	1.15	1.62
15 June 2016	0.69	1.10	1.60
16 June 2016	0.70	1.10	1.57
17 June 2016	0.70	1.13	1.62
20 June 2016	0.74	1.17	1.67
21 June 2016	0.76	1.22	1.71
22 June 2016	0.75	1.20	1.69
23 June 2016	0.78	1.25	1.74
24 June 2016	0.64	1.08	1.57
27 June 2016	0.61	1.00	1.46
28 June 2016	0.61	1.00	1.46
29 June 2016	0.62	1.03	1.50
30 June 2016	0.58	1.01	1.49
1 July 2016	0.59	1.00	1.46
4 July 2016	ND	ND	ND
5 July 2016	0.56	0.94	1.37
6 July 2016	0.58	0.95	1.38
7 July 2016	0.58	0.97	1.40
8 July 2016	0.61	0.95	1.37
11 July 2016	0.66	1.03	1.43
12 July 2016	0.69	1.10	1.53
13 July 2016	0.68	1.07	1.48
14 July 2016	0.68	1.10	1.53
15 July 2016	0.71	1.15	1.60
18 July 2016	0.68	1.14	1.59
19 July 2016	0.70	1.12	1.56
20 July 2016	0.73	1.15	1.59
21 July 2016	0.70	1.11	1.57
22 July 2016	0.71	1.13	1.57
25 July 2016	0.72	1.15	1.58
26 July 2016	0.75	1.15	1.57
27 July 2016	0.73	1.10	1.52
28 July 2016	0.72	1.09	1.52
29 July 2016	0.67	1.03	1.46
1 August 2016	0.67	1.06	1.51
2 August 2016	0.67	1.07	1.55
3 August 2016	0.67	1.07	1.55
4 August 2016	0.64	1.03	1.51
5 August 2016	0.72	1.13	1.59
8 August 2016	0.74	1.15	1.59
9 August 2016	0.71	1.11	1.55
10 August 2016	0.69	1.07	1.50
11 August 2016	0.76	1.16	1.57
12 August 2016	0.71	1.10	1.51
15 August 2016	0.72	1.14	1.55
16 August 2016	0.76	1.16	1.57
17 August 2016	0.74	1.15	1.56
18 August 2016	0.71	1.12	1.53
19 August 2016	0.76	1.17	1.58
22 August 2016	0.76	1.15	1.55
23 August 2016	0.74	1.15	1.55
24 August 2016	0.76	1.13	1.56
25 August 2016	0.78	1.16	1.58
26 August 2016	0.84	1.23	1.62
29 August 2016	0.81	1.18	1.57
30 August 2016	0.80	1.18	1.57
31 August 2016	0.80	1.19	1.58
1 September 2016	0.78	1.18	1.57
2 September 2016	0.80	1.20	1.60
5 September 2016	ND	ND	ND
6 September 2016	0.74	1.13	1.55
7 September 2016	0.74	1.12	1.54
8 September 2016	0.78	1.19	1.61
9 September 2016	0.79	1.23	1.67
12 September 2016	0.79	1.21	1.68
13 September 2016	0.80	1.26	1.73
14 September 2016	0.77	1.21	1.70
15 September 2016	0.74	1.20	1.71
16 September 2016	0.77	1.21	1.70
19 September 2016	0.79	1.22	1.70
20 September 2016	0.79	1.20	1.69
21 September 2016	0.79	1.20	1.66
22 September 2016	0.79	1.18	1.63
23 September 2016	0.77	1.16	1.62
26 September 2016	0.76	1.13	1.59
27 September 2016	0.75	1.12	1.56
28 September 2016	0.75	1.13	1.57
29 September 2016	0.73	1.12	1.56
30 September 2016	0.77	1.14	1.60
3 October 2016	0.80	1.18	1.63
4 October 2016	0.82	1.22	1.69
5 October 2016	0.85	1.26	1.72
6 October 2016	0.86	1.28	1.75
7 October 2016	0.83	1.26	1.73
10 October 2016	ND	ND	ND
11 October 2016	0.87	1.30	1.77
12 October 2016	0.87	1.31	1.79
13 October 2016	0.85	1.27	1.75
14 October 2016	0.84	1.28	1.80
17 October 2016	0.81	1.26	1.77
18 October 2016	0.82	1.24	1.75
19 October 2016	0.81	1.24	1.76
20 October 2016	0.84	1.26	1.76
21 October 2016	0.84	1.25	1.74
24 October 2016	0.84	1.27	1.77
25 October 2016	0.86	1.29	1.77
26 October 2016	0.86	1.30	1.79
27 October 2016	0.87	1.33	1.85
28 October 2016	0.86	1.33	1.86
31 October 2016	0.86	1.31	1.84
1 November 2016	0.83	1.30	1.83
2 November 2016	0.81	1.26	1.81
3 November 2016	0.81	1.26	1.82
4 November 2016	0.80	1.24	1.79
7 November 2016	0.82	1.29	1.83
8 November 2016	0.87	1.34	1.88
9 November 2016	0.90	1.49	2.07
10 November 2016	0.92	1.56	2.15
11 November 2016	ND	ND	ND
14 November 2016	1.00	1.66	2.23
15 November 2016	1.02	1.68	2.23
16 November 2016	1.00	1.68	2.22
17 November 2016	1.04	1.73	2.29
18 November 2016	1.07	1.80	2.34
21 November 2016	1.08	1.79	2.33
22 November 2016	1.07	1.77	2.31
23 November 2016	1.12	1.83	2.36
24 November 2016	ND	ND	ND
25 November 2016	1.12	1.83	2.36
28 November 2016	1.11	1.80	2.32
29 November 2016	1.09	1.78	2.30
30 November 2016	1.11	1.83	2.37
1 December 2016	1.14	1.90	2.45
2 December 2016	1.11	1.84	2.40
5 December 2016	1.13	1.84	2.39
6 December 2016	1.12	1.84	2.39
7 December 2016	1.10	1.80	2.34
8 December 2016	1.12	1.83	2.40
9 December 2016	1.15	1.89	2.47
12 December 2016	1.15	1.90	2.49
13 December 2016	1.17	1.92	2.48
14 December 2016	1.27	2.02	2.54
15 December 2016	1.29	2.10	2.60
16 December 2016	1.28	2.07	2.60
19 December 2016	1.24	2.03	2.54
20 December 2016	1.25	2.06	2.57
21 December 2016	1.21	2.04	2.55
22 December 2016	1.22	2.04	2.55
23 December 2016	1.22	2.04	2.55
26 December 2016	ND	ND	ND
27 December 2016	1.28	2.07	2.57
28 December 2016	1.26	2.02	2.51
29 December 2016	1.22	1.96	2.49
30 December 2016	1.20	1.93	2.45
2 January 2017	ND	ND	ND
3 January 2017	1.22	1.94	2.45
4 January 2017	1.24	1.94	2.46
5 January 2017	1.17	1.86	2.37
6 January 2017	1.22	1.92	2.42
9 January 2017	1.21	1.89	2.38
10 January 2017	1.19	1.89	2.38
11 January 2017	1.20	1.89	2.38
12 January 2017	1.18	1.87	2.36
13 January 2017	1.21	1.90	2.40
16 January 2017	ND	ND	ND
17 January 2017	1.17	1.84	2.33
18 January 2017	1.23	1.93	2.42
19 January 2017	1.25	1.97	2.47
20 January 2017	1.20	1.95	2.48
23 January 2017	1.16	1.88	2.41
24 January 2017	1.21	1.94	2.47
25 January 2017	1.23	1.99	2.53
26 January 2017	1.21	1.95	2.51
27 January 2017	1.22	1.94	2.49
30 January 2017	1.22	1.94	2.49
31 January 2017	1.19	1.90	2.45
1 February 2017	1.22	1.93	2.48
2 February 2017	1.21	1.92	2.48
3 February 2017	1.21	1.93	2.49
6 February 2017	1.16	1.86	2.42
7 February 2017	1.16	1.85	2.40
8 February 2017	1.15	1.81	2.34
9 February 2017	1.20	1.88	2.40
10 February 2017	1.20	1.89	2.41
13 February 2017	1.20	1.92	2.43
14 February 2017	1.25	1.98	2.47
15 February 2017	1.27	2.01	2.51
16 February 2017	1.22	1.95	2.45
17 February 2017	1.21	1.92	2.42
20 February 2017	ND	ND	ND
21 February 2017	1.22	1.93	2.43
22 February 2017	1.22	1.92	2.42
23 February 2017	1.18	1.87	2.38
24 February 2017	1.12	1.80	2.31
27 February 2017	1.20	1.87	2.36
28 February 2017	1.22	1.89	2.36
1 March 2017	1.29	1.99	2.46
2 March 2017	1.32	2.03	2.49
3 March 2017	1.32	2.02	2.49
6 March 2017	1.31	2.02	2.49
7 March 2017	1.32	2.05	2.52
8 March 2017	1.36	2.08	2.57
9 March 2017	1.37	2.13	2.60
10 March 2017	1.36	2.11	2.58
13 March 2017	1.40	2.14	2.62
14 March 2017	1.40	2.13	2.60
15 March 2017	1.33	2.02	2.51
16 March 2017	1.35	2.05	2.53
17 March 2017	1.33	2.03	2.50
20 March 2017	1.30	2.00	2.47
21 March 2017	1.27	1.96	2.43
22 March 2017	1.27	1.95	2.40
23 March 2017	1.26	1.95	2.41
24 March 2017	1.26	1.93	2.40
27 March 2017	1.27	1.93	2.38
28 March 2017	1.30	1.97	2.42
29 March 2017	1.26	1.93	2.39
30 March 2017	1.28	1.96	2.42
31 March 2017	1.27	1.93	2.40
3 April 2017	1.24	1.88	2.35
4 April 2017	1.25	1.88	2.36
5 April 2017	1.24	1.85	2.34
6 April 2017	1.24	1.87	2.34
7 April 2017	1.29	1.92	2.38
10 April 2017	1.29	1.91	2.37
11 April 2017	1.24	1.84	2.32
12 April 2017	1.24	1.81	2.28
13 April 2017	1.21	1.77	2.24
14 April 2017	ND	ND	ND
17 April 2017	1.21	1.79	2.26
18 April 2017	1.18	1.71	2.18
19 April 2017	1.19	1.74	2.21
20 April 2017	1.21	1.78	2.24
21 April 2017	1.20	1.77	2.24
24 April 2017	1.25	1.81	2.28
25 April 2017	1.29	1.87	2.35
26 April 2017	1.28	1.84	2.32
27 April 2017	1.25	1.81	2.30
28 April 2017	1.28	1.81	2.29
1 May 2017	1.28	1.84	2.33
2 May 2017	1.27	1.81	2.29
3 May 2017	1.30	1.86	2.33
4 May 2017	1.32	1.88	2.36
5 May 2017	1.32	1.89	2.36
8 May 2017	1.33	1.91	2.39
9 May 2017	1.37	1.94	2.42
10 May 2017	1.35	1.94	2.41
11 May 2017	1.35	1.93	2.39
12 May 2017	1.29	1.85	2.33
15 May 2017	1.31	1.86	2.34
16 May 2017	1.29	1.86	2.33
17 May 2017	1.26	1.76	2.22
18 May 2017	1.27	1.78	2.23
19 May 2017	1.28	1.79	2.23
22 May 2017	1.29	1.80	2.25
23 May 2017	1.31	1.84	2.29
24 May 2017	1.29	1.79	2.26
25 May 2017	1.30	1.78	2.25
26 May 2017	1.30	1.79	2.25
29 May 2017	ND	ND	ND
30 May 2017	1.28	1.76	2.21
31 May 2017	1.28	1.75	2.21
1 June 2017	1.28	1.76	2.21
2 June 2017	1.28	1.71	2.15
5 June 2017	1.32	1.74	2.18
6 June 2017	1.30	1.71	2.14
7 June 2017	1.32	1.74	2.18
8 June 2017	1.33	1.75	2.19
9 June 2017	1.35	1.77	2.21
12 June 2017	1.35	1.78	2.21
13 June 2017	1.38	1.79	2.21
14 June 2017	1.35	1.74	2.15
15 June 2017	1.35	1.76	2.16
16 June 2017	1.32	1.75	2.16
19 June 2017	1.36	1.80	2.19
20 June 2017	1.36	1.77	2.16
21 June 2017	1.36	1.78	2.16
22 June 2017	1.34	1.76	2.15
23 June 2017	1.34	1.77	2.15
26 June 2017	1.36	1.77	2.14
27 June 2017	1.38	1.83	2.21
28 June 2017	1.34	1.81	2.22
29 June 2017	1.38	1.85	2.27
30 June 2017	1.38	1.89	2.31
3 July 2017	1.41	1.93	2.35
4 July 2017	ND	ND	ND
5 July 2017	1.41	1.92	2.33
6 July 2017	1.40	1.94	2.37
7 July 2017	1.40	1.95	2.39
10 July 2017	1.40	1.93	2.38
11 July 2017	1.37	1.92	2.37
12 July 2017	1.35	1.88	2.33
13 July 2017	1.37	1.89	2.35
14 July 2017	1.35	1.87	2.33
17 July 2017	1.36	1.86	2.31
18 July 2017	1.36	1.82	2.27
19 July 2017	1.37	1.83	2.27
20 July 2017	1.37	1.82	2.27
21 July 2017	1.36	1.81	2.24
24 July 2017	1.37	1.83	2.26
25 July 2017	1.40	1.90	2.33
26 July 2017	1.36	1.83	2.29
27 July 2017	1.36	1.84	2.32
28 July 2017	1.34	1.83	2.30
31 July 2017	1.34	1.84	2.30
1 August 2017	1.34	1.80	2.26
2 August 2017	1.36	1.82	2.27
3 August 2017	1.34	1.79	2.24
4 August 2017	1.36	1.82	2.27
7 August 2017	1.36	1.81	2.26
8 August 2017	1.36	1.84	2.29
9 August 2017	1.33	1.81	2.24
10 August 2017	1.33	1.78	2.20
11 August 2017	1.30	1.74	2.19
14 August 2017	1.33	1.77	2.22
15 August 2017	1.35	1.83	2.27
16 August 2017	1.33	1.79	2.23
17 August 2017	1.32	1.76	2.19
18 August 2017	1.33	1.77	2.19
21 August 2017	1.32	1.76	2.18
22 August 2017	1.33	1.80	2.22
23 August 2017	1.32	1.76	2.17
24 August 2017	1.33	1.78	2.19
25 August 2017	1.35	1.77	2.17
28 August 2017	1.33	1.74	2.16
29 August 2017	1.33	1.70	2.13
30 August 2017	1.33	1.72	2.15
31 August 2017	1.33	1.70	2.12
1 September 2017	1.35	1.73	2.16
4 September 2017	ND	ND	ND
5 September 2017	1.30	1.65	2.07
6 September 2017	1.30	1.69	2.10
7 September 2017	1.27	1.63	2.05
8 September 2017	1.27	1.64	2.06
11 September 2017	1.32	1.71	2.14
12 September 2017	1.33	1.75	2.17
13 September 2017	1.35	1.78	2.20
14 September 2017	1.37	1.79	2.20
15 September 2017	1.39	1.81	2.20
18 September 2017	1.40	1.83	2.23
19 September 2017	1.40	1.84	2.24
20 September 2017	1.45	1.89	2.28
21 September 2017	1.45	1.89	2.27
22 September 2017	1.46	1.88	2.26
25 September 2017	1.44	1.85	2.22
26 September 2017	1.45	1.87	2.24
27 September 2017	1.47	1.91	2.31
28 September 2017	1.45	1.89	2.31
29 September 2017	1.47	1.92	2.33
2 October 2017	1.49	1.94	2.34
3 October 2017	1.47	1.92	2.33
4 October 2017	1.47	1.92	2.33
5 October 2017	1.49	1.94	2.35
6 October 2017	1.54	1.97	2.37
9 October 2017	ND	ND	ND
10 October 2017	1.51	1.95	2.35
11 October 2017	1.51	1.95	2.35
12 October 2017	1.51	1.95	2.33
13 October 2017	1.51	1.91	2.28
16 October 2017	1.54	1.95	2.30
17 October 2017	1.54	1.97	2.30
18 October 2017	1.59	1.99	2.34
19 October 2017	1.58	1.98	2.33
20 October 2017	1.60	2.03	2.39
23 October 2017	1.58	2.01	2.38
24 October 2017	1.60	2.05	2.42
25 October 2017	1.61	2.06	2.44
26 October 2017	1.63	2.07	2.46
27 October 2017	1.59	2.03	2.42
30 October 2017	1.58	2.00	2.37
31 October 2017	1.60	2.01	2.38
1 November 2017	1.61	2.01	2.37
2 November 2017	1.61	2.00	2.35
3 November 2017	1.63	1.99	2.34
6 November 2017	1.61	1.99	2.32
7 November 2017	1.63	1.99	2.32
8 November 2017	1.65	2.01	2.32
9 November 2017	1.63	2.01	2.33
10 November 2017	1.67	2.06	2.40
13 November 2017	1.70	2.08	2.40
14 November 2017	1.68	2.06	2.38
15 November 2017	1.68	2.04	2.33
16 November 2017	1.72	2.07	2.37
17 November 2017	1.73	2.06	2.35
20 November 2017	1.77	2.09	2.37
21 November 2017	1.77	2.11	2.36
22 November 2017	1.74	2.05	2.32
23 November 2017	ND	ND	ND
24 November 2017	1.75	2.07	2.34
27 November 2017	1.74	2.06	2.32
28 November 2017	1.75	2.07	2.34
29 November 2017	1.78	2.09	2.37
30 November 2017	1.78	2.14	2.42
1 December 2017	1.78	2.13	2.37
4 December 2017	1.80	2.15	2.37
5 December 2017	1.83	2.15	2.36
6 December 2017	1.78	2.11	2.33
7 December 2017	1.80	2.14	2.37
8 December 2017	1.80	2.14	2.38
11 December 2017	1.82	2.16	2.39
12 December 2017	1.83	2.18	2.40
13 December 2017	1.79	2.12	2.36
14 December 2017	1.82	2.14	2.35
15 December 2017	1.84	2.16	2.35
18 December 2017	1.84	2.17	2.39
19 December 2017	1.87	2.23	2.46
20 December 2017	1.87	2.24	2.49
21 December 2017	1.89	2.26	2.48
22 December 2017	1.91	2.26	2.48
25 December 2017	ND	ND	ND
26 December 2017	1.92	2.25	2.47
27 December 2017	1.89	2.22	2.42
28 December 2017	1.91	2.23	2.43
29 December 2017	1.89	2.20	2.40
1 January 2018	ND	ND	ND
2 January 2018	1.92	2.25	2.46
3 January 2018	1.94	2.25	2.44
4 January 2018	1.96	2.27	2.46
5 January 2018	1.96	2.29	2.47
8 January 2018	1.96	2.29	2.49
9 January 2018	1.98	2.33	2.55
10 January 2018	1.98	2.32	2.55
11 January 2018	1.98	2.32	2.54
12 January 2018	1.99	2.35	2.55
15 January 2018	ND	ND	ND
16 January 2018	2.03	2.36	2.54
17 January 2018	2.05	2.39	2.57
18 January 2018	2.05	2.43	2.62
19 January 2018	2.06	2.45	2.64
22 January 2018	2.08	2.46	2.66
23 January 2018	2.06	2.43	2.63
24 January 2018	2.08	2.43	2.65
25 January 2018	2.08	2.41	2.63
26 January 2018	2.13	2.47	2.66
29 January 2018	2.11	2.49	2.70
30 January 2018	2.13	2.51	2.73
31 January 2018	2.14	2.52	2.72
1 February 2018	2.16	2.56	2.78
2 February 2018	2.15	2.58	2.84
5 February 2018	2.08	2.50	2.77
6 February 2018	2.10	2.52	2.79
7 February 2018	2.15	2.57	2.84
8 February 2018	2.13	2.57	2.85
9 February 2018	2.05	2.52	2.83
12 February 2018	2.09	2.56	2.86
13 February 2018	2.10	2.54	2.83
14 February 2018	2.17	2.65	2.91
15 February 2018	2.19	2.65	2.90
16 February 2018	2.21	2.63	2.87
19 February 2018	ND	ND	ND
20 February 2018	2.25	2.65	2.88
21 February 2018	2.26	2.69	2.94
22 February 2018	2.25	2.66	2.92
23 February 2018	2.25	2.62	2.88
26 February 2018	2.22	2.60	2.86
27 February 2018	2.27	2.67	2.90
28 February 2018	2.25	2.65	2.87
1 March 2018	2.22	2.58	2.81
2 March 2018	2.25	2.63	2.86
5 March 2018	2.24	2.65	2.88
6 March 2018	2.25	2.65	2.88
7 March 2018	2.25	2.65	2.89
8 March 2018	2.25	2.63	2.86
9 March 2018	2.27	2.65	2.90
12 March 2018	2.27	2.64	2.87
13 March 2018	2.26	2.62	2.84
14 March 2018	2.26	2.61	2.81
15 March 2018	2.29	2.62	2.82
16 March 2018	2.31	2.65	2.85
19 March 2018	2.31	2.65	2.85
20 March 2018	2.34	2.69	2.89
21 March 2018	2.31	2.69	2.89
22 March 2018	2.29	2.63	2.83
23 March 2018	2.28	2.61	2.82
26 March 2018	2.33	2.64	2.85
27 March 2018	2.26	2.58	2.78
28 March 2018	2.28	2.59	2.77
29 March 2018	2.27	2.56	2.74
30 March 2018	ND	ND	ND
2 April 2018	2.25	2.55	2.73
3 April 2018	2.28	2.60	2.79
4 April 2018	2.28	2.61	2.79
5 April 2018	2.30	2.64	2.83
6 April 2018	2.27	2.58	2.77
9 April 2018	2.29	2.60	2.78
10 April 2018	2.32	2.62	2.80
11 April 2018	2.32	2.62	2.79
12 April 2018	2.34	2.67	2.83
13 April 2018	2.37	2.67	2.82
16 April 2018	2.39	2.69	2.83
17 April 2018	2.41	2.68	2.82
18 April 2018	2.42	2.73	2.87
19 April 2018	2.44	2.77	2.92
20 April 2018	2.46	2.80	2.96
23 April 2018	2.49	2.83	2.98
24 April 2018	2.48	2.83	3.00
25 April 2018	2.49	2.84	3.03
26 April 2018	2.49	2.82	3.00
27 April 2018	2.49	2.80	2.96
30 April 2018	2.49	2.79	2.95
1 May 2018	2.50	2.82	2.97
2 May 2018	2.49	2.80	2.97
3 May 2018	2.49	2.78	2.94
4 May 2018	2.51	2.78	2.95
7 May 2018	2.49	2.78	2.95
8 May 2018	2.51	2.81	2.97
9 May 2018	2.54	2.84	3.00
10 May 2018	2.54	2.83	2.97
11 May 2018	2.54	2.84	2.97
14 May 2018	2.55	2.85	3.00
15 May 2018	2.58	2.92	3.08
16 May 2018	2.58	2.94	3.09
17 May 2018	2.57	2.94	3.11
18 May 2018	2.55	2.90	3.06
21 May 2018	2.58	2.90	3.06
22 May 2018	2.59	2.90	3.06
23 May 2018	2.53	2.83	3.01
24 May 2018	2.50	2.82	2.98
25 May 2018	2.48	2.76	2.93
28 May 2018	ND	ND	ND
29 May 2018	2.32	2.58	2.77
30 May 2018	2.42	2.67	2.84
31 May 2018	2.40	2.68	2.83
1 June 2018	2.47	2.74	2.89
4 June 2018	2.52	2.78	2.94
5 June 2018	2.49	2.76	2.92
6 June 2018	2.52	2.81	2.97
7 June 2018	2.50	2.77	2.93
8 June 2018	2.50	2.77	2.93
11 June 2018	2.52	2.80	2.96
12 June 2018	2.54	2.81	2.96
13 June 2018	2.59	2.85	2.98
14 June 2018	2.59	2.81	2.94
15 June 2018	2.55	2.81	2.93
18 June 2018	2.56	2.80	2.92
19 June 2018	2.54	2.77	2.89
20 June 2018	2.56	2.80	2.93
21 June 2018	2.56	2.77	2.90
22 June 2018	2.56	2.77	2.90
25 June 2018	2.54	2.75	2.87
26 June 2018	2.53	2.75	2.88
27 June 2018	2.52	2.71	2.83
28 June 2018	2.52	2.73	2.84
29 June 2018	2.52	2.73	2.85
2 July 2018	2.57	2.75	2.87
3 July 2018	2.53	2.72	2.83
4 July 2018	ND	ND	ND
5 July 2018	2.55	2.74	2.84
6 July 2018	2.53	2.71	2.82
9 July 2018	2.57	2.75	2.86
10 July 2018	2.59	2.77	2.87
11 July 2018	2.58	2.74	2.85
12 July 2018	2.60	2.75	2.85
13 July 2018	2.59	2.73	2.83
16 July 2018	2.59	2.75	2.85
17 July 2018	2.62	2.76	2.86
18 July 2018	2.60	2.77	2.88
19 July 2018	2.60	2.74	2.84
20 July 2018	2.60	2.77	2.89
23 July 2018	2.64	2.83	2.96
24 July 2018	2.63	2.83	2.95
25 July 2018	2.66	2.82	2.94
26 July 2018	2.69	2.86	2.98
27 July 2018	2.67	2.84	2.96
30 July 2018	2.66	2.85	2.98
31 July 2018	2.67	2.85	2.96
1 August 2018	2.67	2.87	3.00
2 August 2018	2.66	2.85	2.98
3 August 2018	2.63	2.82	2.95
6 August 2018	2.64	2.80	2.94
7 August 2018	2.68	2.84	2.98
8 August 2018	2.68	2.83	2.96
9 August 2018	2.64	2.80	2.93
10 August 2018	2.61	2.75	2.87
13 August 2018	2.61	2.75	2.88
14 August 2018	2.63	2.77	2.89
15 August 2018	2.61	2.73	2.86
16 August 2018	2.63	2.75	2.87
17 August 2018	2.61	2.75	2.87
20 August 2018	2.60	2.70	2.82
21 August 2018	2.61	2.73	2.85
22 August 2018	2.60	2.70	2.82
23 August 2018	2.61	2.72	2.82
24 August 2018	2.63	2.72	2.82
27 August 2018	2.67	2.74	2.85
28 August 2018	2.67	2.77	2.88
29 August 2018	2.67	2.78	2.89
30 August 2018	2.64	2.75	2.86
31 August 2018	2.62	2.74	2.86
3 September 2018	ND	ND	ND
4 September 2018	2.66	2.78	2.90
5 September 2018	2.66	2.77	2.90
6 September 2018	2.64	2.76	2.88
7 September 2018	2.71	2.82	2.94
10 September 2018	2.73	2.83	2.94
11 September 2018	2.76	2.87	2.98
12 September 2018	2.74	2.87	2.97
13 September 2018	2.76	2.87	2.97
14 September 2018	2.78	2.90	2.99
17 September 2018	2.78	2.89	2.99
18 September 2018	2.81	2.94	3.05
19 September 2018	2.81	2.96	3.08
20 September 2018	2.81	2.96	3.07
21 September 2018	2.81	2.95	3.07
24 September 2018	2.83	2.96	3.08
25 September 2018	2.83	2.99	3.10
26 September 2018	2.83	2.96	3.06
27 September 2018	2.83	2.96	3.06
28 September 2018	2.81	2.94	3.05
1 October 2018	2.82	2.96	3.09
2 October 2018	2.82	2.94	3.05
3 October 2018	2.85	3.02	3.15
4 October 2018	2.87	3.05	3.19
5 October 2018	2.88	3.07	3.23
8 October 2018	ND	ND	ND
9 October 2018	2.88	3.05	3.21
10 October 2018	2.88	3.05	3.22
11 October 2018	2.85	3.00	3.14
12 October 2018	2.85	3.00	3.15
15 October 2018	2.85	3.01	3.16
16 October 2018	2.87	3.02	3.16
17 October 2018	2.89	3.04	3.19
18 October 2018	2.87	3.03	3.17
19 October 2018	2.92	3.05	3.20
22 October 2018	2.92	3.05	3.20
23 October 2018	2.89	3.01	3.17
24 October 2018	2.84	2.94	3.10
25 October 2018	2.86	2.98	3.14
26 October 2018	2.81	2.91	3.08
29 October 2018	2.81	2.91	3.08
30 October 2018	2.84	2.94	3.12
31 October 2018	2.87	2.98	3.15
1 November 2018	2.84	2.96	3.14
2 November 2018	2.91	3.04	3.22
5 November 2018	2.91	3.03	3.20
6 November 2018	2.93	3.05	3.22
7 November 2018	2.96	3.07	3.22
8 November 2018	2.98	3.09	3.24
9 November 2018	2.94	3.05	3.19
12 November 2018	ND	ND	ND
13 November 2018	2.89	2.99	3.14
14 November 2018	2.86	2.95	3.12
15 November 2018	2.86	2.94	3.11
16 November 2018	2.81	2.90	3.08
19 November 2018	2.79	2.87	3.06
20 November 2018	2.79	2.88	3.06
21 November 2018	2.81	2.89	3.06
22 November 2018	ND	ND	ND
23 November 2018	2.81	2.88	3.05
26 November 2018	2.84	2.90	3.07
27 November 2018	2.83	2.89	3.06
28 November 2018	2.81	2.87	3.06
29 November 2018	2.81	2.85	3.03
30 November 2018	2.80	2.84	3.01
3 December 2018	2.83	2.83	2.98
4 December 2018	2.80	2.79	2.91
5 December 2018	ND	ND	ND
6 December 2018	2.75	2.75	2.87
7 December 2018	2.72	2.70	2.85
10 December 2018	2.72	2.71	2.85
11 December 2018	2.78	2.75	2.89
12 December 2018	2.77	2.77	2.91
13 December 2018	2.75	2.75	2.91
14 December 2018	2.73	2.73	2.89
17 December 2018	2.70	2.69	2.86
18 December 2018	2.65	2.65	2.82
19 December 2018	2.63	2.62	2.77
20 December 2018	2.67	2.65	2.79
21 December 2018	2.63	2.64	2.79
24 December 2018	2.55	2.58	2.74
25 December 2018	ND	ND	ND
26 December 2018	2.61	2.67	2.81
27 December 2018	2.56	2.60	2.77
28 December 2018	2.52	2.56	2.72
31 December 2018	2.48	2.51	2.69
1 January 2019	ND	ND	ND
2 January 2019	2.50	2.49	2.66
3 January 2019	2.39	2.37	2.56
4 January 2019	2.50	2.49	2.67
7 January 2019	2.53	2.53	2.70
8 January 2019	2.58	2.58	2.73
9 January 2019	2.56	2.57	2.74
10 January 2019	2.56	2.56	2.74
11 January 2019	2.55	2.52	2.71
14 January 2019	2.53	2.53	2.71
15 January 2019	2.53	2.53	2.72
16 January 2019	2.55	2.54	2.73
17 January 2019	2.56	2.58	2.75
18 January 2019	2.62	2.62	2.79
21 January 2019	ND	ND	ND
22 January 2019	2.58	2.57	2.74
23 January 2019	2.58	2.59	2.76
24 January 2019	2.56	2.55	2.72
25 January 2019	2.60	2.59	2.76
28 January 2019	2.60	2.58	2.75
29 January 2019	2.56	2.55	2.72
30 January 2019	2.52	2.49	2.70
31 January 2019	2.45	2.43	2.63
1 February 2019	2.52	2.51	2.70
4 February 2019	2.53	2.53	2.73
5 February 2019	2.53	2.51	2.71
6 February 2019	2.52	2.50	2.70
7 February 2019	2.48	2.46	2.65
8 February 2019	2.45	2.44	2.63
11 February 2019	2.48	2.47	2.65
12 February 2019	2.50	2.49	2.68
13 February 2019	2.53	2.53	2.71
14 February 2019	2.50	2.48	2.66
15 February 2019	2.52	2.49	2.66
18 February 2019	ND	ND	ND
19 February 2019	2.50	2.47	2.65
20 February 2019	2.50	2.47	2.65
21 February 2019	2.53	2.51	2.69
22 February 2019	2.48	2.47	2.65
25 February 2019	2.51	2.48	2.67
26 February 2019	2.48	2.45	2.64
27 February 2019	2.50	2.49	2.69
28 February 2019	2.52	2.52	2.73
1 March 2019	2.55	2.56	2.76
4 March 2019	2.55	2.53	2.72
5 March 2019	2.55	2.53	2.72
6 March 2019	2.52	2.49	2.69
7 March 2019	2.47	2.44	2.64
8 March 2019	2.45	2.42	2.62
11 March 2019	2.47	2.44	2.64
12 March 2019	2.45	2.41	2.61
13 March 2019	2.45	2.42	2.61
14 March 2019	2.46	2.43	2.63
15 March 2019	2.43	2.40	2.59
18 March 2019	2.45	2.42	2.60
19 March 2019	2.46	2.42	2.61
20 March 2019	2.40	2.34	2.54
21 March 2019	2.41	2.34	2.54
22 March 2019	2.31	2.24	2.44
25 March 2019	2.26	2.21	2.43
26 March 2019	2.24	2.18	2.41
27 March 2019	2.22	2.18	2.39
28 March 2019	2.23	2.20	2.39
29 March 2019	2.27	2.23	2.41
1 April 2019	2.33	2.31	2.49
2 April 2019	2.30	2.28	2.48
3 April 2019	2.33	2.32	2.52
4 April 2019	2.33	2.32	2.51
5 April 2019	2.35	2.31	2.50
8 April 2019	2.36	2.33	2.52
9 April 2019	2.35	2.31	2.51
10 April 2019	2.31	2.28	2.48
11 April 2019	2.35	2.31	2.51
12 April 2019	2.40	2.38	2.56
15 April 2019	2.40	2.37	2.55
16 April 2019	2.41	2.41	2.60
17 April 2019	2.40	2.40	2.59
18 April 2019	2.38	2.38	2.57
19 April 2019	ND	ND	ND
22 April 2019	2.38	2.39	2.59
23 April 2019	2.36	2.36	2.57
24 April 2019	2.32	2.32	2.53
25 April 2019	2.33	2.33	2.54
26 April 2019	2.28	2.29	2.51
29 April 2019	2.30	2.32	2.54
30 April 2019	2.27	2.28	2.51
1 May 2019	2.31	2.31	2.52
2 May 2019	2.35	2.34	2.55
3 May 2019	2.33	2.33	2.54
6 May 2019	2.31	2.30	2.51
7 May 2019	2.28	2.25	2.45
8 May 2019	2.30	2.28	2.49
9 May 2019	2.26	2.25	2.45
10 May 2019	2.26	2.26	2.47
13 May 2019	2.18	2.18	2.40
14 May 2019	2.20	2.20	2.42
15 May 2019	2.16	2.15	2.37
16 May 2019	2.20	2.18	2.40
17 May 2019	2.20	2.17	2.39
20 May 2019	2.21	2.21	2.41
21 May 2019	2.26	2.23	2.43
22 May 2019	2.23	2.19	2.39
23 May 2019	2.12	2.11	2.31
24 May 2019	2.16	2.12	2.32
27 May 2019	ND	ND	ND
28 May 2019	2.12	2.06	2.26
29 May 2019	2.09	2.05	2.25
30 May 2019	2.06	2.03	2.22
31 May 2019	1.95	1.93	2.14
3 June 2019	1.82	1.83	2.07
4 June 2019	1.88	1.89	2.12
5 June 2019	1.83	1.86	2.12
6 June 2019	1.88	1.88	2.12
7 June 2019	1.85	1.85	2.09
10 June 2019	1.90	1.91	2.15
11 June 2019	1.93	1.92	2.15
12 June 2019	1.88	1.88	2.13
13 June 2019	1.83	1.84	2.10
14 June 2019	1.84	1.85	2.09
17 June 2019	1.86	1.85	2.09
18 June 2019	1.86	1.83	2.06
19 June 2019	1.74	1.77	2.03
20 June 2019	1.72	1.74	2.01
21 June 2019	1.77	1.80	2.07
24 June 2019	1.72	1.75	2.02
25 June 2019	1.71	1.73	2.00
26 June 2019	1.77	1.80	2.05
27 June 2019	1.74	1.76	2.01
28 June 2019	1.75	1.76	2.00
1 July 2019	1.78	1.79	2.03
2 July 2019	1.77	1.75	1.98
3 July 2019	1.77	1.74	1.96
4 July 2019	ND	ND	ND
5 July 2019	1.87	1.84	2.04
8 July 2019	1.88	1.86	2.05
9 July 2019	1.92	1.88	2.07
10 July 2019	1.82	1.82	2.07
11 July 2019	1.85	1.88	2.13
12 July 2019	1.84	1.86	2.12
15 July 2019	1.83	1.84	2.09
16 July 2019	1.87	1.88	2.13
17 July 2019	1.83	1.83	2.06
18 July 2019	1.77	1.78	2.04
19 July 2019	1.80	1.80	2.05
22 July 2019	1.80	1.80	2.05
23 July 2019	1.83	1.83	2.08
24 July 2019	1.83	1.82	2.05
25 July 2019	1.86	1.85	2.08
26 July 2019	1.86	1.85	2.08
29 July 2019	1.85	1.84	2.06
30 July 2019	1.85	1.84	2.06
31 July 2019	1.89	1.84	2.02
1 August 2019	1.73	1.68	1.90
2 August 2019	1.72	1.66	1.86
5 August 2019	1.59	1.55	1.75
6 August 2019	1.60	1.53	1.73
7 August 2019	1.59	1.52	1.71
8 August 2019	1.62	1.54	1.72
9 August 2019	1.63	1.57	1.74
12 August 2019	1.58	1.49	1.65
13 August 2019	1.66	1.57	1.68
14 August 2019	1.58	1.51	1.59
15 August 2019	1.48	1.42	1.52
16 August 2019	1.48	1.42	1.55
19 August 2019	1.53	1.47	1.60
20 August 2019	1.50	1.42	1.55
21 August 2019	1.56	1.47	1.59
22 August 2019	1.61	1.50	1.62
23 August 2019	1.51	1.40	1.52
26 August 2019	1.54	1.43	1.54
27 August 2019	1.53	1.40	1.49
28 August 2019	1.50	1.37	1.47
29 August 2019	1.53	1.40	1.50
30 August 2019	1.50	1.39	1.50
2 September 2019	ND	ND	ND
3 September 2019	1.47	1.35	1.47
4 September 2019	1.43	1.32	1.47
5 September 2019	1.55	1.43	1.57
6 September 2019	1.53	1.42	1.55
9 September 2019	1.58	1.49	1.63
10 September 2019	1.67	1.58	1.72
11 September 2019	1.68	1.60	1.75
12 September 2019	1.72	1.65	1.79
13 September 2019	1.79	1.75	1.90
16 September 2019	1.74	1.69	1.84
17 September 2019	1.72	1.66	1.81
18 September 2019	1.77	1.68	1.80
19 September 2019	1.74	1.66	1.79
20 September 2019	1.69	1.61	1.74
23 September 2019	1.68	1.59	1.72
24 September 2019	1.60	1.52	1.64
25 September 2019	1.68	1.60	1.73
26 September 2019	1.66	1.59	1.70
27 September 2019	1.63	1.56	1.69
30 September 2019	1.63	1.55	1.68
1 October 2019	1.56	1.51	1.65
2 October 2019	1.48	1.43	1.60
3 October 2019	1.39	1.34	1.54
4 October 2019	1.40	1.34	1.52
7 October 2019	1.46	1.38	1.56
8 October 2019	1.42	1.36	1.54
9 October 2019	1.47	1.40	1.59
10 October 2019	1.53	1.48	1.67
11 October 2019	1.63	1.59	1.76
14 October 2019	ND	ND	ND
15 October 2019	1.61	1.59	1.77
16 October 2019	1.58	1.57	1.75
17 October 2019	1.60	1.57	1.76
18 October 2019	1.58	1.56	1.76
21 October 2019	1.62	1.61	1.80
22 October 2019	1.60	1.60	1.78
23 October 2019	1.58	1.58	1.77
24 October 2019	1.58	1.58	1.77
25 October 2019	1.63	1.62	1.80
28 October 2019	1.64	1.66	1.85
29 October 2019	1.64	1.66	1.84
30 October 2019	1.61	1.61	1.78
31 October 2019	1.52	1.51	1.69
1 November 2019	1.56	1.55	1.73
4 November 2019	1.60	1.60	1.79
5 November 2019	1.63	1.66	1.86
6 November 2019	1.61	1.63	1.81
7 November 2019	1.68	1.74	1.92
8 November 2019	1.68	1.74	1.94
11 November 2019	ND	ND	ND
12 November 2019	1.66	1.73	1.92
13 November 2019	1.63	1.69	1.88
14 November 2019	1.58	1.63	1.82
15 November 2019	1.61	1.65	1.84
18 November 2019	1.60	1.63	1.81
19 November 2019	1.60	1.63	1.79
20 November 2019	1.56	1.58	1.73
21 November 2019	1.60	1.62	1.77
22 November 2019	1.61	1.62	1.77
25 November 2019	1.61	1.62	1.76
26 November 2019	1.58	1.58	1.74
27 November 2019	1.63	1.63	1.77
28 November 2019	ND	ND	ND
29 November 2019	1.61	1.62	1.78
2 December 2019	1.61	1.65	1.83
3 December 2019	1.53	1.54	1.72
4 December 2019	1.58	1.60	1.77
5 December 2019	1.58	1.62	1.80
6 December 2019	1.61	1.67	1.84
9 December 2019	1.63	1.67	1.83
10 December 2019	1.65	1.68	1.85
11 December 2019	1.61	1.64	1.79
12 December 2019	1.66	1.73	1.90
13 December 2019	1.61	1.66	1.82
16 December 2019	1.65	1.72	1.89
17 December 2019	1.63	1.71	1.89
18 December 2019	1.63	1.74	1.92
19 December 2019	1.62	1.73	1.92
20 December 2019	1.63	1.73	1.92
23 December 2019	1.64	1.75	1.93
24 December 2019	1.62	1.72	1.90
25 December 2019	ND	ND	ND
26 December 2019	1.64	1.72	1.90
27 December 2019	1.59	1.68	1.88
30 December 2019	1.58	1.68	1.90
31 December 2019	1.58	1.69	1.92
1 January 2020	ND	ND	ND
2 January 2020	1.58	1.67	1.88
3 January 2020	1.53	1.59	1.80
6 January 2020	1.54	1.61	1.81
7 January 2020	1.54	1.62	1.83
8 January 2020	1.58	1.67	1.87
9 January 2020	1.58	1.65	1.85
10 January 2020	1.56	1.63	1.83
13 January 2020	1.58	1.65	1.85
14 January 2020	1.58	1.63	1.82
15 January 2020	1.56	1.60	1.79
16 January 2020	1.58	1.63	1.81
17 January 2020	1.58	1.63	1.84
20 January 2020	ND	ND	ND
21 January 2020	1.53	1.57	1.78
22 January 2020	1.53	1.57	1.77
23 January 2020	1.51	1.55	1.74
24 January 2020	1.49	1.51	1.70
27 January 2020	1.44	1.44	1.61
28 January 2020	1.45	1.47	1.65
29 January 2020	1.42	1.41	1.60
30 January 2020	1.41	1.39	1.57
31 January 2020	1.33	1.32	1.51
3 February 2020	1.36	1.35	1.54
4 February 2020	1.41	1.42	1.61
5 February 2020	1.44	1.46	1.66
6 February 2020	1.44	1.45	1.65
7 February 2020	1.41	1.41	1.59
10 February 2020	1.37	1.38	1.56
11 February 2020	1.41	1.40	1.59
12 February 2020	1.44	1.45	1.62
13 February 2020	1.44	1.43	1.61
14 February 2020	1.42	1.42	1.59
17 February 2020	ND	ND	ND
18 February 2020	1.41	1.39	1.55
19 February 2020	1.42	1.41	1.56
20 February 2020	1.39	1.37	1.52
21 February 2020	1.34	1.30	1.46
24 February 2020	1.26	1.21	1.38
25 February 2020	1.20	1.16	1.33
26 February 2020	1.16	1.14	1.33
27 February 2020	1.11	1.11	1.30
28 February 2020	0.86	0.89	1.13
2 March 2020	0.84	0.88	1.10
3 March 2020	0.71	0.77	1.02
4 March 2020	0.67	0.75	1.02
5 March 2020	0.59	0.67	0.92
6 March 2020	0.49	0.58	0.74
9 March 2020	0.38	0.46	0.54
10 March 2020	0.50	0.63	0.76
11 March 2020	0.50	0.66	0.82
12 March 2020	0.50	0.66	0.88
13 March 2020	0.49	0.70	0.94
16 March 2020	0.36	0.49	0.73
17 March 2020	0.47	0.66	1.02
18 March 2020	0.54	0.79	1.18
19 March 2020	0.44	0.66	1.12
20 March 2020	0.37	0.52	0.92
23 March 2020	0.28	0.38	0.76
24 March 2020	0.38	0.52	0.84
25 March 2020	0.34	0.56	0.88
26 March 2020	0.30	0.51	0.83
27 March 2020	0.25	0.41	0.72
30 March 2020	0.23	0.39	0.70
31 March 2020	0.23	0.37	0.70
1 April 2020	0.23	0.37	0.62
2 April 2020	0.23	0.39	0.63
3 April 2020	0.23	0.39	0.62
6 April 2020	0.27	0.44	0.67
7 April 2020	0.28	0.48	0.75
8 April 2020	0.27	0.47	0.77
9 April 2020	0.23	0.41	0.73
10 April 2020	ND	ND	ND
13 April 2020	0.25	0.44	0.76
14 April 2020	0.23	0.42	0.76
15 April 2020	0.20	0.34	0.63
16 April 2020	0.20	0.35	0.61
17 April 2020	0.20	0.36	0.65
20 April 2020	0.20	0.35	0.63
21 April 2020	0.20	0.34	0.58
22 April 2020	0.22	0.37	0.63
23 April 2020	0.22	0.37	0.61
24 April 2020	0.22	0.36	0.60
27 April 2020	0.24	0.41	0.67
28 April 2020	0.20	0.37	0.62
29 April 2020	0.20	0.36	0.63
30 April 2020	0.20	0.36	0.64
1 May 2020	0.20	0.36	0.64
4 May 2020	0.19	0.36	0.64
5 May 2020	0.19	0.36	0.66
6 May 2020	0.17	0.37	0.72
7 May 2020	0.13	0.29	0.63
8 May 2020	0.16	0.33	0.69
11 May 2020	0.17	0.36	0.73
12 May 2020	0.17	0.34	0.69
13 May 2020	0.16	0.31	0.64
14 May 2020	0.16	0.31	0.63
15 May 2020	0.16	0.31	0.64
18 May 2020	0.18	0.38	0.73
19 May 2020	0.17	0.35	0.70
20 May 2020	0.16	0.34	0.68
21 May 2020	0.17	0.35	0.68
22 May 2020	0.17	0.34	0.66
25 May 2020	ND	ND	ND
26 May 2020	0.18	0.35	0.69
27 May 2020	0.19	0.34	0.68
28 May 2020	0.17	0.34	0.70
29 May 2020	0.16	0.30	0.65
1 June 2020	0.14	0.31	0.66
2 June 2020	0.17	0.32	0.68
3 June 2020	0.19	0.38	0.77
4 June 2020	0.19	0.40	0.82
5 June 2020	0.22	0.47	0.91
8 June 2020	0.22	0.45	0.88
9 June 2020	0.20	0.40	0.84
10 June 2020	0.17	0.33	0.75
11 June 2020	0.19	0.32	0.66
12 June 2020	0.19	0.33	0.71
15 June 2020	0.19	0.33	0.71
16 June 2020	0.21	0.34	0.75
17 June 2020	0.19	0.34	0.74
18 June 2020	0.19	0.34	0.71
19 June 2020	0.19	0.33	0.70
22 June 2020	0.19	0.34	0.71
23 June 2020	0.18	0.33	0.72
24 June 2020	0.19	0.33	0.69
25 June 2020	0.17	0.32	0.68
26 June 2020	0.17	0.30	0.64
29 June 2020	0.16	0.28	0.64
30 June 2020	0.16	0.29	0.66
1 July 2020	0.17	0.31	0.69
2 July 2020	0.16	0.29	0.68
3 July 2020	ND	ND	ND
6 July 2020	0.16	0.31	0.69
7 July 2020	0.16	0.29	0.65
8 July 2020	0.16	0.30	0.67
9 July 2020	0.16	0.28	0.62
10 July 2020	0.16	0.30	0.65
13 July 2020	0.16	0.30	0.64
14 July 2020	0.14	0.28	0.63
15 July 2020	0.16	0.28	0.64
16 July 2020	0.16	0.28	0.62
17 July 2020	0.14	0.29	0.64
20 July 2020	0.16	0.29	0.62
21 July 2020	0.14	0.27	0.61
22 July 2020	0.14	0.27	0.60
23 July 2020	0.16	0.27	0.59
24 July 2020	0.14	0.27	0.59
27 July 2020	0.15	0.30	0.62
28 July 2020	0.14	0.26	0.59
29 July 2020	0.12	0.25	0.58
30 July 2020	0.11	0.23	0.55
31 July 2020	0.11	0.21	0.55
3 August 2020	0.11	0.22	0.56
4 August 2020	0.11	0.19	0.52
5 August 2020	0.11	0.22	0.55
6 August 2020	0.11	0.21	0.55
7 August 2020	0.13	0.23	0.57
10 August 2020	0.14	0.24	0.59
11 August 2020	0.16	0.27	0.64
12 August 2020	0.16	0.30	0.69
13 August 2020	0.16	0.32	0.71
14 August 2020	0.14	0.29	0.71
17 August 2020	0.14	0.29	0.69
18 August 2020	0.14	0.27	0.67
19 August 2020	0.14	0.29	0.68
20 August 2020	0.13	0.26	0.65
21 August 2020	0.16	0.27	0.64
24 August 2020	0.14	0.28	0.65
25 August 2020	0.15	0.30	0.69
26 August 2020	0.16	0.28	0.69
27 August 2020	0.16	0.31	0.74
28 August 2020	0.14	0.28	0.74
31 August 2020	0.14	0.28	0.72
1 September 2020	0.13	0.26	0.68
2 September 2020	0.14	0.26	0.66
3 September 2020	0.13	0.24	0.63
4 September 2020	0.14	0.30	0.72
7 September 2020	ND	ND	ND
8 September 2020	0.14	0.28	0.69
9 September 2020	0.14	0.28	0.71
10 September 2020	0.14	0.26	0.68
11 September 2020	0.13	0.26	0.67
14 September 2020	0.14	0.27	0.68
15 September 2020	0.14	0.27	0.68
16 September 2020	0.14	0.28	0.69
17 September 2020	0.13	0.28	0.69
18 September 2020	0.14	0.29	0.70
21 September 2020	0.14	0.27	0.68
22 September 2020	0.13	0.27	0.68
23 September 2020	0.14	0.28	0.68
24 September 2020	0.14	0.27	0.67
25 September 2020	0.12	0.26	0.66
28 September 2020	0.14	0.26	0.67
29 September 2020	0.11	0.24	0.66
30 September 2020	0.13	0.28	0.69
1 October 2020	0.14	0.27	0.68
2 October 2020	0.13	0.28	0.70
5 October 2020	0.14	0.33	0.78
6 October 2020	0.14	0.32	0.76
7 October 2020	0.16	0.35	0.81
8 October 2020	0.13	0.33	0.78
9 October 2020	0.16	0.34	0.79
12 October 2020	ND	ND	ND
13 October 2020	0.16	0.31	0.74
14 October 2020	0.14	0.30	0.73
15 October 2020	0.14	0.32	0.74
16 October 2020	0.14	0.32	0.76
19 October 2020	0.16	0.34	0.78
20 October 2020	0.14	0.34	0.81
21 October 2020	0.14	0.36	0.83
22 October 2020	0.16	0.38	0.87
23 October 2020	0.18	0.37	0.85
26 October 2020	0.16	0.35	0.81
27 October 2020	0.16	0.34	0.79
28 October 2020	0.16	0.34	0.79
29 October 2020	0.16	0.38	0.85
30 October 2020	0.14	0.38	0.88
2 November 2020	0.16	0.38	0.87
3 November 2020	0.17	0.39	0.90
4 November 2020	0.14	0.33	0.78
5 November 2020	0.14	0.33	0.79
6 November 2020	0.16	0.36	0.83
9 November 2020	0.17	0.44	0.96
10 November 2020	0.19	0.46	0.98
11 November 2020	ND	ND	ND
12 November 2020	0.17	0.40	0.88
13 November 2020	0.17	0.41	0.89
16 November 2020	0.19	0.41	0.91
17 November 2020	0.18	0.39	0.87
18 November 2020	0.16	0.40	0.88
19 November 2020	0.18	0.39	0.86
20 November 2020	0.16	0.38	0.83
23 November 2020	0.16	0.39	0.86
24 November 2020	0.16	0.39	0.88
25 November 2020	0.17	0.39	0.88
26 November 2020	ND	ND	ND
27 November 2020	0.16	0.37	0.84
30 November 2020	0.16	0.36	0.84
1 December 2020	0.17	0.42	0.92
2 December 2020	0.16	0.42	0.95
3 December 2020	0.16	0.40	0.92
4 December 2020	0.16	0.42	0.97
7 December 2020	0.14	0.40	0.94
8 December 2020	0.14	0.39	0.92
9 December 2020	0.16	0.41	0.95
10 December 2020	0.14	0.39	0.92
11 December 2020	0.11	0.37	0.90
14 December 2020	0.13	0.37	0.90
15 December 2020	0.11	0.37	0.92
16 December 2020	0.13	0.37	0.92
17 December 2020	0.13	0.38	0.94
18 December 2020	0.13	0.39	0.95
21 December 2020	0.13	0.39	0.95
22 December 2020	0.13	0.37	0.93
23 December 2020	0.13	0.38	0.96
24 December 2020	0.13	0.37	0.94
25 December 2020	ND	ND	ND
28 December 2020	0.13	0.38	0.94
29 December 2020	0.12	0.37	0.94
30 December 2020	0.12	0.37	0.93
31 December 2020	0.13	0.36	0.93
1 January 2021	ND	ND	ND
4 January 2021	0.11	0.36	0.93
5 January 2021	0.13	0.38	0.96
6 January 2021	0.14	0.43	1.04
7 January 2021	0.14	0.46	1.08
8 January 2021	0.14	0.49	1.13
11 January 2021	0.14	0.50	1.15
12 January 2021	0.14	0.50	1.15
13 January 2021	0.14	0.48	1.10
14 January 2021	0.16	0.49	1.15
15 January 2021	0.13	0.46	1.11
18 January 2021	ND	ND	ND
19 January 2021	0.14	0.45	1.10
20 January 2021	0.13	0.45	1.10
21 January 2021	0.13	0.45	1.12
22 January 2021	0.13	0.44	1.10
25 January 2021	0.13	0.42	1.05
26 January 2021	0.11	0.42	1.05
27 January 2021	0.12	0.41	1.04
28 January 2021	0.12	0.42	1.07
29 January 2021	0.11	0.45	1.11
1 February 2021	0.11	0.42	1.09
2 February 2021	0.11	0.45	1.12
3 February 2021	0.11	0.46	1.15
4 February 2021	0.11	0.46	1.15
5 February 2021	0.09	0.47	1.19
8 February 2021	0.11	0.48	1.19
9 February 2021	0.11	0.48	1.18
10 February 2021	0.11	0.46	1.15
11 February 2021	0.11	0.46	1.16
12 February 2021	0.11	0.50	1.20
15 February 2021	ND	ND	ND
16 February 2021	0.13	0.57	1.30
17 February 2021	0.11	0.57	1.29
18 February 2021	0.11	0.56	1.29
19 February 2021	0.11	0.59	1.34
22 February 2021	0.11	0.61	1.37
23 February 2021	0.11	0.59	1.37
24 February 2021	0.12	0.62	1.38
25 February 2021	0.17	0.81	1.54
26 February 2021	0.14	0.75	1.44
1 March 2021	0.13	0.71	1.45
2 March 2021	0.13	0.67	1.42
3 March 2021	0.14	0.73	1.47
4 March 2021	0.14	0.77	1.54
5 March 2021	0.14	0.79	1.56
8 March 2021	0.17	0.86	1.59
9 March 2021	0.17	0.83	1.55
10 March 2021	0.16	0.80	1.53
11 March 2021	0.14	0.78	1.54
12 March 2021	0.14	0.85	1.64
15 March 2021	0.14	0.84	1.62
16 March 2021	0.15	0.83	1.62
17 March 2021	0.13	0.80	1.63
18 March 2021	0.16	0.86	1.71
19 March 2021	0.16	0.90	1.74
22 March 2021	0.15	0.87	1.69
23 March 2021	0.15	0.83	1.63
24 March 2021	0.14	0.83	1.62
25 March 2021	0.14	0.82	1.63
26 March 2021	0.14	0.85	1.67
29 March 2021	0.14	0.89	1.73
30 March 2021	0.16	0.90	1.73
31 March 2021	0.16	0.92	1.74
1 April 2021	0.17	0.90	1.69
2 April 2021	0.19	0.97	1.72
5 April 2021	0.17	0.94	1.73
6 April 2021	0.16	0.88	1.67
7 April 2021	0.16	0.87	1.68
8 April 2021	0.14	0.85	1.64
9 April 2021	0.16	0.87	1.67
12 April 2021	0.18	0.89	1.69
13 April 2021	0.16	0.85	1.64
14 April 2021	0.16	0.87	1.64
15 April 2021	0.16	0.81	1.56
16 April 2021	0.16	0.84	1.59
19 April 2021	0.16	0.85	1.61
20 April 2021	0.15	0.81	1.58
21 April 2021	0.15	0.81	1.57
22 April 2021	0.16	0.81	1.57
23 April 2021	0.16	0.83	1.58
26 April 2021	0.18	0.85	1.58
27 April 2021	0.17	0.88	1.63
28 April 2021	0.17	0.86	1.63
29 April 2021	0.16	0.86	1.65
30 April 2021	0.16	0.86	1.65
3 May 2021	0.16	0.84	1.63
4 May 2021	0.16	0.82	1.61
5 May 2021	0.16	0.80	1.59
6 May 2021	0.16	0.81	1.58
7 May 2021	0.14	0.77	1.60
10 May 2021	0.16	0.80	1.63
11 May 2021	0.16	0.80	1.64
12 May 2021	0.16	0.87	1.69
13 May 2021	0.16	0.84	1.66
14 May 2021	0.16	0.82	1.63
17 May 2021	0.16	0.84	1.64
18 May 2021	0.16	0.83	1.64
19 May 2021	0.16	0.87	1.68
20 May 2021	0.15	0.83	1.63
21 May 2021	0.17	0.84	1.63
24 May 2021	0.15	0.82	1.61
25 May 2021	0.15	0.79	1.56
26 May 2021	0.14	0.80	1.58
27 May 2021	0.14	0.81	1.61
28 May 2021	0.14	0.79	1.58
31 May 2021	ND	ND	ND
1 June 2021	0.16	0.81	1.62
2 June 2021	0.13	0.80	1.59
3 June 2021	0.16	0.84	1.63
4 June 2021	0.14	0.78	1.56
7 June 2021	0.16	0.79	1.57
8 June 2021	0.14	0.77	1.53
9 June 2021	0.16	0.75	1.50
10 June 2021	0.14	0.73	1.45
11 June 2021	0.16	0.76	1.47
14 June 2021	0.16	0.80	1.51
15 June 2021	0.16	0.79	1.51
16 June 2021	0.21	0.89	1.57
17 June 2021	0.23	0.90	1.52
18 June 2021	0.26	0.89	1.45
21 June 2021	0.27	0.90	1.50
22 June 2021	0.25	0.87	1.48
23 June 2021	0.26	0.90	1.50
24 June 2021	0.26	0.90	1.49
25 June 2021	0.28	0.92	1.54
28 June 2021	0.25	0.90	1.49
29 June 2021	0.27	0.89	1.49
30 June 2021	0.25	0.87	1.45
1 July 2021	0.25	0.89	1.48
2 July 2021	0.24	0.86	1.44
5 July 2021	ND	ND	ND
6 July 2021	0.22	0.81	1.37

Source: Department of the Treasury via Haver Analytics.

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Figure 31. Yield and spread on agency mortgage-backed securities

Series: Yield and spread

Horizon: January 1, 2011, to July 6, 2021

Description: A line chart with two curves over January 1, 2011, to July 6, 2021. Units are percent for the yield series and basis points for the spread series. The data are daily. The yield series starts at around 4.1 in 2011, drops to around 1.8 in mid-2012, increases to about 3.5 by late 2013, decreases to about 2.5 by mid-2016, increases to just over 4 by the end of 2018, and plummets to about 1 by mid-2020 before increasing to about 2.1 by early 2021 and ending at about 1.7 in mid-2021. The spread series starts at about 140 in 2011 and increases to about 175 by late 2011 before dropping to about 75 by late 2012. The series then increases to about 150 by mid-2013, gradually decreases to about 75 by mid-2019, spikes to 190 in March 2020, and decreases to just above 50 in early 2021 before ending between 60 and 70.

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

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Figure 32. Equity prices

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

Horizon: January 4, 2011, to July 6, 2021

Description: A line chart with two curves over January 4, 2011, to July 6, 2021. Units for all series have been indexed to 100 based on their respective values on December 31, 2010, and the data are daily. The Dow Jones bank index series starts at around 102, drops to about 65 by the end of 2011, rises steadily to about 230 by early 2018 aside from a notable dip throughout 2016, fluctuates between about 165 and 230 until early 2020, plummets to about 120, and rebounds to about 260 by early 2021 before falling again to about 240 by mid-2021. The S&P 500 index series follows a similar trajectory but with a magnitude about 25 points higher until early 2019, when the gap begins to increase steadily to almost 150 points by early 2021 before narrowing to just over 100 by mid-2021.

Source: S&P Dow Jones Indices LLC via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page.)

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Figure 33. S&P 500 volatility

Series: VIX and realized volatility

Horizon: January 4, 2010, to July 6, 2021

Description: A line chart with two curves over January 4, 2010, to July 6, 2021. Units are in percent, and the data are daily. The VIX series starts at around 20 in 2010 and generally remains flat from 2010 to 2015 aside from spikes to nearly 50 in May 2010 and August 2011. The series fluctuates between approximately 10 and 30 in 2016 and 2017, generally increases during 2018 aside from spikes to nearly 40 in February 2018 and December 2018, and declines to about 15 by the beginning of 2020. The series sharply increases to about 85 in early 2020 and quickly decreases to about 20 by early 2021 before declining to about 15 by mid-2021. The realized volatility series follows a similar trajectory but with a magnitude about 5 to 10 points lower.

Note: The VIX is a measure of implied volatility that represents the expected annualized change in the S&P 500 index over the following 30 days. For realized volatility, 5-minute S&P 500 returns are used in an exponentially weighted moving average with 75 percent of weight distributed over the past 20 days.

Source: Cboe Volatility Index® (VIX®) via Bloomberg; Federal Reserve Board staff estimates.

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Developments Related to Financial Stability: Figure A. Forward price-to-earnings ratio of S&P 500 firms

Monthly
Ratio

Period	Price-to-earnings ratio	Historical median
January 1988	10.33	15.26
February 1988	10.88	15.26
March 1988	11.06	15.26
April 1988	10.98	15.26
May 1988	9.88	15.26
June 1988	10.67	15.26
July 1988	10.33	15.26
August 1988	9.78	15.26
September 1988	9.99	15.26
October 1988	10.12	15.26
November 1988	9.47	15.26
December 1988	9.81	15.26
January 1989	10.06	15.26
February 1989	10.15	15.26
March 1989	10.12	15.26
April 1989	10.43	15.26
May 1989	10.73	15.26
June 1989	10.85	15.26
July 1989	11.24	15.26
August 1989	11.56	15.26
September 1989	11.51	15.26
October 1989	11.47	15.26
November 1989	11.51	15.26
December 1989	11.88	15.26
January 1990	11.53	15.26
February 1990	11.30	15.26
March 1990	11.49	15.26
April 1990	11.65	15.26
May 1990	12.07	15.26
June 1990	12.38	15.26
July 1990	12.39	15.26
August 1990	11.51	15.26
September 1990	10.79	15.26
October 1990	10.31	15.26
November 1990	11.18	15.26
December 1990	11.66	15.26
January 1991	11.26	15.26
February 1991	13.43	15.26
March 1991	13.77	15.26
April 1991	14.45	15.26
May 1991	13.64	15.26
June 1991	13.90	15.26
July 1991	14.16	15.26
August 1991	14.40	15.26
September 1991	14.21	15.26
October 1991	14.31	15.26
November 1991	14.46	15.26
December 1991	14.01	15.26
January 1992	15.37	15.26
February 1992	15.01	15.26
March 1992	14.87	15.26
April 1992	14.81	15.26
May 1992	14.70	15.26
June 1992	14.01	15.26
July 1992	14.43	15.26
August 1992	14.45	15.26
September 1992	14.41	15.26
October 1992	14.00	15.26
November 1992	14.52	15.26
December 1992	14.70	15.26
January 1993	14.61	15.26
February 1993	14.66	15.26
March 1993	15.01	15.26
April 1993	15.03	15.26
May 1993	14.72	15.26
June 1993	14.63	15.26
July 1993	14.63	15.26
August 1993	14.76	15.26
September 1993	14.81	15.26
October 1993	14.64	15.26
November 1993	14.67	15.26
December 1993	14.48	15.26
January 1994	14.75	15.26
February 1994	14.60	15.26
March 1994	14.34	15.26
April 1994	13.46	15.26
May 1994	13.42	15.26
June 1994	13.47	15.26
July 1994	13.00	15.26
August 1994	13.21	15.26
September 1994	13.11	15.26
October 1994	12.92	15.26
November 1994	12.56	15.26
December 1994	12.09	15.26
January 1995	12.32	15.26
February 1995	12.48	15.26
March 1995	12.50	15.26
April 1995	12.66	15.26
May 1995	12.91	15.26
June 1995	13.06	15.26
July 1995	13.30	15.26
August 1995	13.35	15.26
September 1995	13.67	15.26
October 1995	13.77	15.26
November 1995	13.80	15.26
December 1995	14.32	15.26
January 1996	14.01	15.26
February 1996	15.23	15.26
March 1996	14.81	15.26
April 1996	14.79	15.26
May 1996	15.19	15.26
June 1996	14.72	15.26
July 1996	14.40	15.26
August 1996	14.92	15.26
September 1996	15.24	15.26
October 1996	15.61	15.26
November 1996	16.07	15.26
December 1996	15.85	15.26
January 1997	16.46	15.26
February 1997	17.36	15.26
March 1997	16.65	15.26
April 1997	16.03	15.26
May 1997	17.38	15.26
June 1997	18.39	15.26
July 1997	19.23	15.26
August 1997	18.68	15.26
September 1997	18.92	15.26
October 1997	19.20	15.26
November 1997	18.60	15.26
December 1997	18.87	15.26
January 1998	18.66	15.26
February 1998	20.36	15.26
March 1998	21.42	15.26
April 1998	21.90	15.26
May 1998	21.69	15.26
June 1998	21.42	15.26
July 1998	22.77	15.26
August 1998	21.17	15.26
September 1998	20.01	15.26
October 1998	19.28	15.26
November 1998	22.02	15.26
December 1998	22.30	15.26
January 1999	23.71	15.26
February 1999	23.53	15.26
March 1999	24.73	15.26
April 1999	24.95	15.26
May 1999	24.74	15.26
June 1999	24.30	15.26
July 1999	25.44	15.26
August 1999	23.90	15.26
September 1999	23.47	15.26
October 1999	22.55	15.26
November 1999	24.50	15.26
December 1999	24.42	15.26
January 2000	24.85	15.26
February 2000	24.02	15.26
March 2000	23.73	15.26
April 2000	23.91	15.26
May 2000	23.88	15.26
June 2000	24.10	15.26
July 2000	24.10	15.26
August 2000	23.86	15.26
September 2000	23.86	15.26
October 2000	21.44	15.26
November 2000	22.25	15.26
December 2000	22.10	15.26
January 2001	21.98	15.26
February 2001	22.10	15.26
March 2001	19.72	15.26
April 2001	21.41	15.26
May 2001	22.23	15.26
June 2001	21.67	15.26
July 2001	21.61	15.26
August 2001	21.17	15.26
September 2001	18.42	15.26
October 2001	20.38	15.26
November 2001	21.50	15.26
December 2001	21.57	15.26
January 2002	21.00	15.26
February 2002	20.47	15.26
March 2002	20.75	15.26
April 2002	20.17	15.26
May 2002	19.40	15.26
June 2002	18.11	15.26
July 2002	16.14	15.26
August 2002	16.60	15.26
September 2002	15.72	15.26
October 2002	15.78	15.26
November 2002	16.02	15.26
December 2002	16.12	15.26
January 2003	16.48	15.26
February 2003	15.34	15.26
March 2003	15.71	15.26
April 2003	15.68	15.26
May 2003	16.56	15.26
June 2003	17.69	15.26
July 2003	17.28	15.26
August 2003	16.94	15.26
September 2003	17.41	15.26
October 2003	17.50	15.26
November 2003	17.10	15.26
December 2003	17.43	15.26
January 2004	18.10	15.26
February 2004	18.09	15.26
March 2004	17.40	15.26
April 2004	17.11	15.26
May 2004	15.98	15.26
June 2004	16.41	15.26
July 2004	15.92	15.26
August 2004	15.51	15.26
September 2004	15.77	15.26
October 2004	15.49	15.26
November 2004	16.17	15.26
December 2004	16.32	15.26
January 2005	15.95	15.26
February 2005	16.17	15.26
March 2005	15.64	15.26
April 2005	15.30	15.26
May 2005	15.28	15.26
June 2005	15.42	15.26
July 2005	15.41	15.26
August 2005	15.14	15.26
September 2005	14.95	15.26
October 2005	14.33	15.26
November 2005	14.61	15.26
December 2005	14.98	15.26
January 2006	14.90	15.26
February 2006	14.93	15.26
March 2006	15.06	15.26
April 2006	14.99	15.26
May 2006	14.30	15.26
June 2006	13.69	15.26
July 2006	13.90	15.26
August 2006	14.13	15.26
September 2006	14.26	15.26
October 2006	14.65	15.26
November 2006	14.81	15.26
December 2006	14.82	15.26
January 2007	15.01	15.26
February 2007	15.39	15.26
March 2007	14.56	15.26
April 2007	15.31	15.26
May 2007	15.51	15.26
June 2007	15.30	15.26
July 2007	15.41	15.26
August 2007	13.87	15.26
September 2007	15.01	15.26
October 2007	15.01	15.26
November 2007	14.32	15.26
December 2007	14.20	15.26
January 2008	13.49	15.26
February 2008	13.68	15.26
March 2008	13.09	15.26
April 2008	13.80	15.26
May 2008	14.30	15.26
June 2008	13.51	15.26
July 2008	12.60	15.26
August 2008	13.29	15.26
September 2008	12.01	15.26
October 2008	9.93	15.26
November 2008	9.74	15.26
December 2008	11.87	15.26
January 2009	11.48	15.26
February 2009	12.46	15.26
March 2009	12.42	15.26
April 2009	13.51	15.26
May 2009	14.66	15.26
June 2009	14.73	15.26
July 2009	14.80	15.26
August 2009	15.20	15.26
September 2009	15.91	15.26
October 2009	15.85	15.26
November 2009	15.12	15.26
December 2009	14.89	15.26
January 2010	14.80	15.26
February 2010	13.81	15.26
March 2010	14.44	15.26
April 2010	14.82	15.26
May 2010	12.99	15.26
June 2010	12.82	15.26
July 2010	12.49	15.26
August 2010	12.10	15.26
September 2010	12.35	15.26
October 2010	12.84	15.26
November 2010	12.57	15.26
December 2010	13.03	15.26
January 2011	13.21	15.26
February 2011	13.70	15.26
March 2011	12.61	15.26
April 2011	12.97	15.26
May 2011	12.90	15.26
June 2011	12.07	15.26
July 2011	12.64	15.26
August 2011	11.28	15.26
September 2011	11.24	15.26
October 2011	11.50	15.26
November 2011	11.67	15.26
December 2011	11.40	15.26
January 2012	12.33	15.26
February 2012	12.63	15.26
March 2012	12.96	15.26
April 2012	12.66	15.26
May 2012	12.01	15.26
June 2012	11.89	15.26
July 2012	12.59	15.26
August 2012	12.92	15.26
September 2012	13.34	15.26
October 2012	13.21	15.26
November 2012	12.19	15.26
December 2012	12.86	15.26
January 2013	13.12	15.26
February 2013	13.53	15.26
March 2013	13.72	15.26
April 2013	13.59	15.26
May 2013	14.48	15.26
June 2013	14.10	15.26
July 2013	14.51	15.26
August 2013	14.58	15.26
September 2013	14.84	15.26
October 2013	14.71	15.26
November 2013	15.03	15.26
December 2013	15.20	15.26
January 2014	15.43	15.26
February 2014	15.44	15.26
March 2014	15.60	15.26
April 2014	15.50	15.26
May 2014	15.45	15.26
June 2014	15.83	15.26
July 2014	15.97	15.26
August 2014	15.55	15.26
September 2014	15.89	15.26
October 2014	14.76	15.26
November 2014	16.19	15.26
December 2014	16.11	15.26
January 2015	16.23	15.26
February 2015	17.35	15.26
March 2015	17.27	15.26
April 2015	17.29	15.26
May 2015	17.09	15.26
June 2015	16.96	15.26
July 2015	16.98	15.26
August 2015	16.75	15.26
September 2015	16.09	15.26
October 2015	16.14	15.26
November 2015	16.80	15.26
December 2015	16.69	15.26
January 2016	15.30	15.26
February 2016	15.91	15.26
March 2016	16.71	15.26
April 2016	17.09	15.26
May 2016	16.67	15.26
June 2016	16.74	15.26
July 2016	17.40	15.26
August 2016	17.52	15.26
September 2016	16.92	15.26
October 2016	16.89	15.26
November 2016	16.95	15.26
December 2016	17.33	15.26
January 2017	17.28	15.26
February 2017	17.91	15.26
March 2017	18.04	15.26
April 2017	17.54	15.26
May 2017	17.49	15.26
June 2017	17.91	15.26
July 2017	18.23	15.26
August 2017	18.09	15.26
September 2017	18.18	15.26
October 2017	18.44	15.26
November 2017	18.15	15.26
December 2017	18.64	15.26
January 2018	18.73	15.26
February 2018	17.28	15.26
March 2018	17.37	15.26
April 2018	16.92	15.26
May 2018	16.68	15.26
June 2018	16.84	15.26
July 2018	17.03	15.26
August 2018	16.82	15.26
September 2018	17.21	15.26
October 2018	16.49	15.26
November 2018	15.72	15.26
December 2018	14.65	15.26
January 2019	15.46	15.26
February 2019	16.34	15.26
March 2019	16.60	15.26
April 2019	17.08	15.26
May 2019	16.66	15.26
June 2019	17.03	15.26
July 2019	17.45	15.26
August 2019	16.54	15.26
September 2019	17.40	15.26
October 2019	17.31	15.26
November 2019	17.83	15.26
December 2019	18.25	15.26
January 2020	18.73	15.26
February 2020	19.27	15.26
March 2020	14.13	15.26
April 2020	18.93	15.26
May 2020	20.52	15.26
June 2020	22.40	15.26
July 2020	23.10	15.26
August 2020	23.10	15.26
September 2020	22.64	15.26
October 2020	22.81	15.26
November 2020	22.24	15.26
December 2020	22.56	15.26
January 2021	23.05	15.26
February 2021	22.76	15.26
March 2021	22.45	15.26
April 2021	22.65	15.26
May 2021	21.33	15.26
June 2021	21.60	15.26

Note: The data extend through June 2021. The series represents the aggregate forward price-to-earnings ratio of S&P 500 firms based on expected earnings for 12 months ahead.

Source: Federal Reserve Board staff calculations using Refinitiv (formerly Thomson Reuters); Institutional Brokers' Estimate System estimates.

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Developments Related to Financial Stability: Figure B1. Corporate bond spreads to similar-maturity Treasury securities

Series: High-yield and triple-B

Horizon: January 1997 to June 2021

Description: A line chart with two curves over January 1997 to June 2021. Units are percentage points, and the data are monthly. The high-yield curve begins at about 3 in January 1997, climbs above 6 by late 1998, drops below 5 in early 1999, and jumps to about 9 by the end of 2000. The series fluctuates between about 7 and 10.5 through the end of 2002, drops to about 2.5 by early 2007, and jumps to a peak of nearly 20 in late 2008 before steadily decreasing to just above 4.5 in early 2011. The series then slowly decreases to about 3 by mid-2021 aside from three spikes to around 8 in mid-2011, early 2016, and early 2020. The triple-B curve closely tracks the trend of the high-yield curve but with values ranging from one-half to one-fourth those of the high-yield curve.

Note: The data are monthly and extend through June 2021. The triple-B series reflects the effective yield of the ICE Bank of America Merrill Lynch (BofAML) 7-to-10-year triple-B U.S. Corporate Index (C4A4), and the high-yield series reflects the effective yield of the ICE BofAML 7-to-10-year U.S. Cash Pay High Yield Index (J4A0). Treasury yields from the smoothed yield curve are estimated from off-the-run securities.

Source: ICE Data Indices, LLC, used with permission; Department of the Treasury.

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Developments Related to Financial Stability: Figure C1. Nonfinancial business- and household-sector credit-to-GDP ratios

Quarterly
Ratio

Period	Nonfinancial business	Household
1980:Q1	0.4959	0.4798
1980:Q2	0.5020	0.4833
1980:Q3	0.5011	0.4836
1980:Q4	0.4939	0.4757
1981:Q1	0.4830	0.4617
1981:Q2	0.4953	0.4664
1981:Q3	0.4961	0.4597
1981:Q4	0.5055	0.4653
1982:Q1	0.5192	0.4719
1982:Q2	0.5241	0.4695
1982:Q3	0.5317	0.4656
1982:Q4	0.5312	0.4696
1983:Q1	0.5349	0.4630
1983:Q2	0.5299	0.4617
1983:Q3	0.5274	0.4610
1983:Q4	0.5261	0.4637
1984:Q1	0.5301	0.4640
1984:Q2	0.5384	0.4664
1984:Q3	0.5473	0.4690
1984:Q4	0.5594	0.4767
1985:Q1	0.5621	0.4914
1985:Q2	0.5690	0.4989
1985:Q3	0.5700	0.5069
1985:Q4	0.5787	0.5242
1986:Q1	0.5848	0.5288
1986:Q2	0.5960	0.5360
1986:Q3	0.6044	0.5456
1986:Q4	0.6151	0.5566
1987:Q1	0.6200	0.5562
1987:Q2	0.6198	0.5632
1987:Q3	0.6232	0.5680
1987:Q4	0.6210	0.5595
1988:Q1	0.6268	0.5672
1988:Q2	0.6276	0.5685
1988:Q3	0.6290	0.5718
1988:Q4	0.6310	0.5712
1989:Q1	0.6303	0.5713
1989:Q2	0.6317	0.5742
1989:Q3	0.6295	0.5784
1989:Q4	0.6343	0.5856
1990:Q1	0.6299	0.5890
1990:Q2	0.6264	0.5907
1990:Q3	0.6250	0.5938
1990:Q4	0.6288	0.6035
1991:Q1	0.6218	0.6097
1991:Q2	0.6125	0.6097
1991:Q3	0.5997	0.6069
1991:Q4	0.5888	0.6117
1992:Q1	0.5800	0.6103
1992:Q2	0.5693	0.6059
1992:Q3	0.5612	0.6049
1992:Q4	0.5509	0.6034
1993:Q1	0.5494	0.6052
1993:Q2	0.5480	0.6070
1993:Q3	0.5474	0.6108
1993:Q4	0.5426	0.6100
1994:Q1	0.5434	0.6113
1994:Q2	0.5399	0.6109
1994:Q3	0.5407	0.6136
1994:Q4	0.5389	0.6169
1995:Q1	0.5433	0.6210
1995:Q2	0.5488	0.6269
1995:Q3	0.5476	0.6307
1995:Q4	0.5492	0.6327
1996:Q1	0.5483	0.6404
1996:Q2	0.5463	0.6385
1996:Q3	0.5473	0.6394
1996:Q4	0.5436	0.6389
1997:Q1	0.5457	0.6414
1997:Q2	0.5463	0.6393
1997:Q3	0.5513	0.6399
1997:Q4	0.5555	0.6414
1998:Q1	0.5653	0.6465
1998:Q2	0.5770	0.6528
1998:Q3	0.5815	0.6519
1998:Q4	0.5849	0.6539
1999:Q1	0.5945	0.6603
1999:Q2	0.5992	0.6677
1999:Q3	0.6104	0.6709
1999:Q4	0.6093	0.6712
2000:Q1	0.6194	0.6828
2000:Q2	0.6209	0.6793
2000:Q3	0.6262	0.6904
2000:Q4	0.6294	0.6935
2001:Q1	0.6315	0.7019
2001:Q2	0.6360	0.7101
2001:Q3	0.6429	0.7331
2001:Q4	0.6444	0.7375
2002:Q1	0.6415	0.7463
2002:Q2	0.6378	0.7528
2002:Q3	0.6346	0.7638
2002:Q4	0.6338	0.7792
2003:Q1	0.6291	0.7916
2003:Q2	0.6233	0.8142
2003:Q3	0.6141	0.8171
2003:Q4	0.6042	0.8250
2004:Q1	0.6078	0.8353
2004:Q2	0.6035	0.8463
2004:Q3	0.6039	0.8536
2004:Q4	0.6023	0.8670
2005:Q1	0.6020	0.8699
2005:Q2	0.6067	0.8850
2005:Q3	0.6058	0.8932
2005:Q4	0.6114	0.9024
2006:Q1	0.6146	0.9131
2006:Q2	0.6233	0.9283
2006:Q3	0.6285	0.9414
2006:Q4	0.6391	0.9487
2007:Q1	0.6489	0.9510
2007:Q2	0.6621	0.9611
2007:Q3	0.6771	0.9659
2007:Q4	0.6882	0.9699
2008:Q1	0.7035	0.9827
2008:Q2	0.7100	0.9679
2008:Q3	0.7179	0.9739
2008:Q4	0.7334	0.9691
2009:Q1	0.7359	0.9755
2009:Q2	0.7318	0.9769
2009:Q3	0.7191	0.9696
2009:Q4	0.6947	0.9537
2010:Q1	0.6885	0.9441
2010:Q2	0.6744	0.9274
2010:Q3	0.6700	0.9121
2010:Q4	0.6579	0.9030
2011:Q1	0.6558	0.9019
2011:Q2	0.6518	0.8865
2011:Q3	0.6525	0.8753
2011:Q4	0.6502	0.8631
2012:Q1	0.6461	0.8514
2012:Q2	0.6475	0.8414
2012:Q3	0.6537	0.8353
2012:Q4	0.6611	0.8294
2013:Q1	0.6568	0.8200
2013:Q2	0.6624	0.8168
2013:Q3	0.6657	0.8085
2013:Q4	0.6631	0.8073
2014:Q1	0.6728	0.8089
2014:Q2	0.6697	0.7982
2014:Q3	0.6692	0.7823
2014:Q4	0.6776	0.7794
2015:Q1	0.6834	0.7747
2015:Q2	0.6896	0.7715
2015:Q3	0.6942	0.7669
2015:Q4	0.7021	0.7661
2016:Q1	0.7134	0.7661
2016:Q2	0.7139	0.7647
2016:Q3	0.7177	0.7653
2016:Q4	0.7123	0.7614
2017:Q1	0.7182	0.7598
2017:Q2	0.7253	0.7613
2017:Q3	0.7264	0.7567
2017:Q4	0.7279	0.7539
2018:Q1	0.7242	0.7485
2018:Q2	0.7350	0.7433
2018:Q3	0.7373	0.7426
2018:Q4	0.7396	0.7415
2019:Q1	0.7447	0.7381
2019:Q2	0.7450	0.7383
2019:Q3	0.7485	0.7369
2019:Q4	0.7455	0.7362
2020:Q1	0.7878	0.7495
2020:Q2	0.9032	0.8279
2020:Q3	0.8341	0.7739
2020:Q4	0.8237	0.7741
2021:Q1	0.8114	0.7664

Note: The data are quarterly. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (NBER). As of the publication of this report, the NBER has not declared an end to the current recession. GDP is gross domestic product.

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

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Figure 34. Growth in total loans and leases

Monthly
Percent

Period	Total loans and leases
January 2006	8.50
February 2006	9.90
March 2006	8.90
April 2006	11.30
May 2006	12.30
June 2006	13.20
July 2006	12.20
August 2006	10.60
September 2006	3.00
October 2006	7.50
November 2006	9.70
December 2006	11.10
January 2007	7.20
February 2007	9.20
March 2007	2.00
April 2007	11.90
May 2007	8.10
June 2007	9.10
July 2007	7.40
August 2007	16.20
September 2007	14.90
October 2007	9.20
November 2007	6.70
December 2007	8.00
January 2008	10.00
February 2008	8.50
March 2008	9.10
April 2008	3.80
May 2008	-2.60
June 2008	-4.10
July 2008	-1.10
August 2008	1.40
September 2008	10.50
October 2008	12.70
November 2008	-8.50
December 2008	-8.50
January 2009	-5.90
February 2009	2.50
March 2009	-7.10
April 2009	-7.60
May 2009	-7.20
June 2009	-11.50
July 2009	-13.10
August 2009	-15.50
September 2009	-16.00
October 2009	-14.20
November 2009	-9.80
December 2009	-12.10
January 2010	-9.90
February 2010	-12.10
March 2010	-9.30
April 2010	-9.60
May 2010	-6.30
June 2010	-5.00
July 2010	-4.20
August 2010	-1.40
September 2010	-5.40
October 2010	-2.70
November 2010	-0.30
December 2010	-0.90
January 2011	-1.70
February 2011	-5.60
March 2011	-3.00
April 2011	-2.80
May 2011	-0.30
June 2011	1.30
July 2011	3.20
August 2011	3.70
September 2011	1.10
October 2011	4.30
November 2011	5.60
December 2011	1.00
January 2012	3.30
February 2012	1.00
March 2012	1.40
April 2012	3.80
May 2012	3.20
June 2012	2.70
July 2012	2.30
August 2012	3.90
September 2012	2.60
October 2012	1.80
November 2012	0.10
December 2012	3.00
January 2013	5.60
February 2013	2.90
March 2013	0.90
April 2013	4.30
May 2013	1.40
June 2013	3.60
July 2013	1.90
August 2013	-0.40
September 2013	3.60
October 2013	4.40
November 2013	5.00
December 2013	4.70
January 2014	4.10
February 2014	10.10
March 2014	6.10
April 2014	5.90
May 2014	6.60
June 2014	7.60
July 2014	6.20
August 2014	7.80
September 2014	4.60
October 2014	2.90
November 2014	7.90
December 2014	8.30
January 2015	15.60
February 2015	6.70
March 2015	9.20
April 2015	7.00
May 2015	6.10
June 2015	7.70
July 2015	5.80
August 2015	7.80
September 2015	7.30
October 2015	7.20
November 2015	6.40
December 2015	8.10
January 2016	7.60
February 2016	7.80
March 2016	5.50
April 2016	7.00
May 2016	7.80
June 2016	5.90
July 2016	5.90
August 2016	3.40
September 2016	6.80
October 2016	6.60
November 2016	3.40
December 2016	0.40
January 2017	3.10
February 2017	2.60
March 2017	0.40
April 2017	4.00
May 2017	4.10
June 2017	1.90
July 2017	6.00
August 2017	3.90
September 2017	5.10
October 2017	4.40
November 2017	3.40
December 2017	3.00
January 2018	4.00
February 2018	2.70
March 2018	3.50
April 2018	6.00
May 2018	3.40
June 2018	6.40
July 2018	4.40
August 2018	2.50
September 2018	5.30
October 2018	5.60
November 2018	5.00
December 2018	7.90
January 2019	5.10
February 2019	4.10
March 2019	3.90
April 2019	1.50
May 2019	4.50
June 2019	4.90
July 2019	3.80
August 2019	6.00
September 2019	3.60
October 2019	3.80
November 2019	4.20
December 2019	2.60
January 2020	0.80
February 2020	2.80
March 2020	41.40
April 2020	42.40
May 2020	4.60
June 2020	-16.70
July 2020	-9.30
August 2020	-5.80
September 2020	-6.30
October 2020	-7.80
November 2020	-5.40
December 2020	-3.70
January 2021	-1.00
February 2021	2.70
March 2021	1.60
April 2021	-3.80
May 2021	1.80

Note: The data are calculated as monthly annualized growth rates and are seasonally and break adjusted.

Source: Federal Reserve Board, Statistical Release H.8, "Assets and Liabilities of Commercial Banks in the United States."

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Figure 35. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
2004:Q1	1.24	16.03
2004:Q2	1.02	13.09
2004:Q3	1.21	14.86
2004:Q4	1.19	14.37
2005:Q1	1.14	13.64
2005:Q2	1.19	14.33
2005:Q3	1.29	15.63
2005:Q4	1.22	14.93
2006:Q1	1.11	13.74
2006:Q2	1.17	14.62
2006:Q3	1.30	16.18
2006:Q4	1.34	16.44
2007:Q1	0.97	11.97
2007:Q2	1.08	13.67
2007:Q3	0.81	10.45
2007:Q4	-0.12	-1.75
2008:Q1	0.09	1.45
2008:Q2	-0.15	-1.85
2008:Q3	-0.58	-7.79
2008:Q4	-1.59	-21.51
2009:Q1	0.00	0.34
2009:Q2	-0.08	-0.86
2009:Q3	0.19	2.21
2009:Q4	0.11	1.24
2010:Q1	0.39	4.60
2010:Q2	0.52	6.11
2010:Q3	0.45	5.02
2010:Q4	0.51	5.55
2011:Q1	0.59	6.22
2011:Q2	0.43	4.63
2011:Q3	0.94	9.99
2011:Q4	0.59	6.19
2012:Q1	0.58	5.67
2012:Q2	0.70	7.00
2012:Q3	0.73	7.14
2012:Q4	0.89	8.60
2013:Q1	0.81	7.64
2013:Q2	0.86	8.17
2013:Q3	0.82	7.79
2013:Q4	0.93	8.78
2014:Q1	0.85	7.86
2014:Q2	0.82	7.49
2014:Q3	0.87	8.00
2014:Q4	0.82	7.70
2015:Q1	0.96	8.66
2015:Q2	0.96	8.49
2015:Q3	0.98	8.79
2015:Q4	0.85	7.74
2016:Q1	0.81	7.01
2016:Q2	0.93	7.96
2016:Q3	0.96	8.70
2016:Q4	0.93	8.71
2017:Q1	0.95	8.50
2017:Q2	0.96	8.52
2017:Q3	0.97	8.64
2017:Q4	0.14	1.52
2018:Q1	1.11	10.19
2018:Q2	1.15	10.65
2018:Q3	1.22	10.92
2018:Q4	1.21	11.31
2019:Q1	1.18	10.81
2019:Q2	1.19	11.00
2019:Q3	1.06	9.39
2019:Q4	1.10	10.27
2020:Q1	0.25	2.45
2020:Q2	0.41	4.54
2020:Q3	0.94	9.06
2020:Q4	1.18	11.91
2021:Q1	1.40	14.53

Note: The data are quarterly and are seasonally adjusted.

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

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Figure 36. Foreign real gross domestic product

Quarterly
2005 average = 100

Period	Foreign GDP
2005:Q1	98.31
2005:Q2	99.29
2005:Q3	100.51
2005:Q4	101.89
2006:Q1	103.22
2006:Q2	104.21
2006:Q3	105.08
2006:Q4	106.41
2007:Q1	107.83
2007:Q2	109.10
2007:Q3	110.09
2007:Q4	111.28
2008:Q1	112.05
2008:Q2	112.67
2008:Q3	112.87
2008:Q4	111.40
2009:Q1	109.01
2009:Q2	109.60
2009:Q3	111.28
2009:Q4	112.91
2010:Q1	114.35
2010:Q2	115.87
2010:Q3	117.20
2010:Q4	118.49
2011:Q1	119.79
2011:Q2	120.49
2011:Q3	122.01
2011:Q4	122.73
2012:Q1	123.88
2012:Q2	124.57
2012:Q3	125.39
2012:Q4	126.13
2013:Q1	127.12
2013:Q2	128.06
2013:Q3	129.35
2013:Q4	130.41
2014:Q1	131.34
2014:Q2	132.40
2014:Q3	133.46
2014:Q4	134.62
2015:Q1	135.39
2015:Q2	136.31
2015:Q3	137.40
2015:Q4	137.97
2016:Q1	139.03
2016:Q2	139.70
2016:Q3	140.92
2016:Q4	142.10
2017:Q1	143.46
2017:Q2	144.71
2017:Q3	145.76
2017:Q4	146.97
2018:Q1	148.37
2018:Q2	149.34
2018:Q3	150.05
2018:Q4	150.63
2019:Q1	151.55
2019:Q2	152.58
2019:Q3	153.35
2019:Q4	153.19
2020:Q1	148.23
2020:Q2	137.19
2020:Q3	149.28
2020:Q4	152.32
2021:Q1	153.10

Note: Foreign gross domestic product is computed on a representative sample of 40 countries and aggregated using U.S. trade weights.

Source: Federal Reserve Bank of Dallas, Database of Global Economic Indicators, "Real Gross Domestic Product."

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Figure 37. Manufacturing output purchasing managers index in selected foreign economies

Series: Canada, China, euro area, Mexico, and United Kingdom

Horizon: January 2016 to May 2021

Description: A monthly line chart with five curves over January 2016 to May 2021. The data are monthly, and the units are an index. The euro area begins below 55, increases to above 60 in late 2017, decreases to about 46 in late 2019, decreases sharply to about 18 in the second quarter of 2020, rebounds to about 55 in the third quarter of 2020, and ends at about 63 in May 2021. Canada and the United Kingdom track closely with the euro area, although they show generally lower values until mid-2018 and Canada ends lower than the other two series, at about 55. China and Mexico remain between about 48 and 54 until early 2020, at which point China decreases sharply to about 30 in early 2020, rebounds sharply to about 50 in the second quarter of 2020, increases slightly to above 55 in early 2021, and declines slightly to above 50 in May 2021. Mexico declines sharply to about 30 in the second quarter of 2020 and increases gradually to about 45 in May 2021.

Note: For the foreign manufacturing output purchasing managers index (PMI), values greater than (less than) 50 indicate better (worse) business conditions, on average, for the participants surveyed relative to conditions at the time of the previous survey.

Source: IHS Markit, Global Sector PMI.

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Figure 38. Services purchasing managers index in selected foreign economies

Series: China, euro area, and United Kingdom

Horizon: January 2016 to May 2021

Description: A monthly line chart with three curves over January 2016 to May 2021. The euro area begins below 55, increases to about 60 in late 2017, decreases to about 54 at the end of 2019, plummets to about 13 in the first quarter of 2020, rebounds to 55 between the second and third quarters of 2020, drops to about 40 in late 2020, and rises to 55 in May 2021. The other two series track closely with the euro area, although they generally show lower values until about the beginning of 2020 and then higher values after. China also experienced the downward spike a few months earlier, reaching a low of 27 at the beginning of 2020 before increasing to nearly 60 by mid-2020 and ending at 55 in May 2021. After a sharp decline in the first quarter of 2020 to about 15, the United Kingdom rebounds to almost 60 in late 2020, declines to about 40 in early 2021, and rebounds sharply to almost 65 by May 2021.

Note: For the foreign services output purchasing managers index (PMI), values greater than (less than) 50 indicate better (worse) business conditions, on average, for the participants surveyed relative to conditions at the time of the previous survey.

Source: IHS Markit, Global Sector PMI.

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Figure 39. Real gross domestic product in selected emerging market economies

Percent change from 2019:Q4

Period	Taiwan	China	South Korea	Indonesia	Mexico	Thailand
2021:Q1	8.15	7.66	0.60	-0.70	-3.89	-4.11

Note: The data are for 2021:Q1.

Source: For Taiwan, Directorate General of Budget, Accounting and Statistics; for China, National Bureau of Statistics of China; for South Korea, Bank of Korea; for Indonesia, Badan Pusat Statistik; for Mexico, Instituto Nacional de Estadística y Geografía; for Thailand, Office of the National Economic and Social Development Board; all via Haver Analytics.

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Figure 40. Unemployment rate in selected advanced economies

Monthly
Percent

Period	Canada	Japan	United Kingdom	Euro area	United States
January 2005	7.00	4.50	4.80	9.20	5.30
February 2005	7.00	4.60	4.70	9.20	5.40
March 2005	6.90	4.50	4.70	9.20	5.20
April 2005	6.70	4.50	4.80	9.30	5.20
May 2005	7.00	4.50	4.80	9.20	5.10
June 2005	6.80	4.30	4.70	9.20	5.00
July 2005	6.70	4.40	4.70	9.10	5.00
August 2005	6.70	4.30	4.70	9.00	4.90
September 2005	6.70	4.20	4.90	9.10	5.00
October 2005	6.70	4.40	5.10	9.00	5.00
November 2005	6.40	4.50	5.10	9.00	5.00
December 2005	6.60	4.40	5.10	8.90	4.90
January 2006	6.60	4.40	5.20	8.80	4.70
February 2006	6.40	4.10	5.20	8.80	4.80
March 2006	6.40	4.10	5.30	8.70	4.70
April 2006	6.30	4.10	5.40	8.60	4.70
May 2006	6.10	4.10	5.50	8.50	4.60
June 2006	6.10	4.20	5.50	8.40	4.60
July 2006	6.40	4.10	5.50	8.30	4.70
August 2006	6.40	4.10	5.50	8.30	4.70
September 2006	6.40	4.10	5.50	8.20	4.50
October 2006	6.20	4.10	5.40	8.10	4.40
November 2006	6.40	4.00	5.50	8.10	4.50
December 2006	6.20	4.00	5.50	7.90	4.40
January 2007	6.30	4.00	5.50	7.90	4.60
February 2007	6.20	4.00	5.50	7.80	4.50
March 2007	6.20	4.00	5.50	7.70	4.40
April 2007	6.20	3.80	5.40	7.60	4.50
May 2007	6.00	3.80	5.40	7.60	4.40
June 2007	6.10	3.70	5.30	7.50	4.60
July 2007	6.00	3.60	5.30	7.50	4.70
August 2007	5.90	3.70	5.30	7.50	4.60
September 2007	5.90	3.90	5.20	7.40	4.70
October 2007	5.90	4.00	5.20	7.40	4.70
November 2007	6.10	3.80	5.20	7.30	4.70
December 2007	6.10	3.70	5.20	7.40	5.00
January 2008	5.90	3.90	5.20	7.30	5.00
February 2008	6.00	4.00	5.20	7.30	4.90
March 2008	6.20	3.80	5.30	7.30	5.10
April 2008	6.10	3.90	5.20	7.40	5.00
May 2008	6.10	4.00	5.40	7.40	5.40
June 2008	6.10	4.00	5.50	7.50	5.60
July 2008	6.10	3.90	5.70	7.50	5.80
August 2008	6.10	4.10	5.90	7.60	6.10
September 2008	6.10	4.00	6.00	7.70	6.10
October 2008	6.20	3.80	6.20	7.80	6.50
November 2008	6.60	4.00	6.40	8.10	6.80
December 2008	6.90	4.40	6.50	8.30	7.30
January 2009	7.40	4.30	6.70	8.70	7.80
February 2009	8.00	4.60	7.10	9.00	8.30
March 2009	8.20	4.80	7.30	9.40	8.70
April 2009	8.30	5.00	7.60	9.50	9.00
May 2009	8.70	5.10	7.80	9.60	9.40
June 2009	8.70	5.20	7.90	9.70	9.50
July 2009	8.70	5.50	7.90	9.80	9.50
August 2009	8.60	5.40	7.80	9.90	9.60
September 2009	8.40	5.40	7.90	10.00	9.80
October 2009	8.50	5.20	7.80	10.10	10.00
November 2009	8.50	5.20	7.80	10.20	9.90
December 2009	8.50	5.20	7.70	10.20	9.90
January 2010	8.30	5.00	7.90	10.20	9.80
February 2010	8.30	5.00	8.00	10.30	9.80
March 2010	8.30	5.10	8.00	10.30	9.90
April 2010	8.20	5.10	7.90	10.30	9.90
May 2010	8.10	5.10	7.90	10.30	9.60
June 2010	8.00	5.20	7.80	10.30	9.40
July 2010	8.00	5.00	7.80	10.20	9.40
August 2010	8.10	5.10	7.80	10.20	9.50
September 2010	8.20	5.10	7.90	10.20	9.50
October 2010	8.00	5.10	7.90	10.20	9.40
November 2010	7.70	5.00	7.90	10.20	9.80
December 2010	7.70	4.90	7.90	10.20	9.30
January 2011	7.80	4.80	7.80	10.10	9.10
February 2011	7.70	4.70	7.80	10.10	9.00
March 2011	7.70	4.70	7.70	10.10	9.00
April 2011	7.70	4.70	7.80	10.00	9.10
May 2011	7.60	4.60	7.90	10.10	9.00
June 2011	7.60	4.70	8.00	10.10	9.10
July 2011	7.30	4.70	8.20	10.20	9.00
August 2011	7.30	4.50	8.30	10.30	9.00
September 2011	7.40	4.20	8.40	10.40	9.00
October 2011	7.40	4.40	8.50	10.50	8.80
November 2011	7.60	4.50	8.40	10.70	8.60
December 2011	7.50	4.50	8.40	10.80	8.50
January 2012	7.70	4.50	8.30	10.80	8.30
February 2012	7.50	4.50	8.20	11.00	8.30
March 2012	7.30	4.50	8.20	11.20	8.20
April 2012	7.30	4.50	8.10	11.30	8.20
May 2012	7.40	4.40	8.00	11.40	8.20
June 2012	7.20	4.30	8.00	11.50	8.20
July 2012	7.30	4.30	7.90	11.50	8.20
August 2012	7.30	4.20	7.90	11.60	8.10
September 2012	7.30	4.20	7.90	11.70	7.80
October 2012	7.50	4.10	7.80	11.80	7.80
November 2012	7.40	4.10	7.80	11.90	7.70
December 2012	7.30	4.30	7.80	12.00	7.90
January 2013	7.10	4.20	8.00	12.10	8.00
February 2013	7.10	4.30	7.80	12.10	7.70
March 2013	7.30	4.10	7.80	12.10	7.50
April 2013	7.20	4.10	7.80	12.10	7.60
May 2013	7.00	4.10	7.70	12.10	7.50
June 2013	7.20	3.90	7.70	12.10	7.50
July 2013	7.10	3.80	7.70	12.10	7.30
August 2013	7.10	4.10	7.60	12.10	7.20
September 2013	7.10	3.90	7.40	12.10	7.20
October 2013	7.10	4.00	7.20	12.00	7.20
November 2013	7.00	3.90	7.20	12.00	6.90
December 2013	7.30	3.70	7.20	11.90	6.70
January 2014	7.10	3.70	6.90	12.00	6.60
February 2014	7.10	3.60	6.80	12.00	6.70
March 2014	7.00	3.70	6.60	11.90	6.70
April 2014	7.10	3.60	6.40	11.70	6.20
May 2014	7.10	3.60	6.30	11.70	6.30
June 2014	7.10	3.70	6.10	11.60	6.10
July 2014	7.10	3.70	6.00	11.60	6.20
August 2014	7.00	3.50	6.00	11.50	6.10
September 2014	6.90	3.50	6.00	11.60	5.90
October 2014	6.70	3.60	5.90	11.60	5.70
November 2014	6.70	3.40	5.70	11.60	5.80
December 2014	6.70	3.40	5.70	11.40	5.60
January 2015	6.70	3.60	5.60	11.30	5.70
February 2015	6.80	3.50	5.50	11.30	5.50
March 2015	6.90	3.40	5.50	11.20	5.40
April 2015	6.90	3.40	5.60	11.10	5.40
May 2015	6.90	3.30	5.60	11.10	5.60
June 2015	6.90	3.40	5.50	11.00	5.30
July 2015	6.90	3.30	5.40	10.80	5.20
August 2015	7.00	3.40	5.30	10.70	5.10
September 2015	7.10	3.40	5.20	10.70	5.00
October 2015	6.90	3.20	5.10	10.70	5.00
November 2015	7.10	3.30	5.10	10.50	5.10
December 2015	7.20	3.30	5.10	10.50	5.00
January 2016	7.20	3.20	5.10	10.40	4.80
February 2016	7.30	3.30	5.10	10.40	4.90
March 2016	7.10	3.20	5.00	10.30	5.00
April 2016	7.20	3.20	4.90	10.20	5.10
May 2016	7.00	3.20	4.90	10.20	4.80
June 2016	6.90	3.10	4.90	10.10	4.90
July 2016	7.00	3.00	5.00	10.00	4.80
August 2016	7.00	3.10	4.80	9.90	4.90
September 2016	7.00	3.00	4.80	9.90	5.00
October 2016	7.00	3.00	4.80	9.80	4.90
November 2016	6.90	3.00	4.70	9.80	4.70
December 2016	7.00	3.00	4.70	9.70	4.70
January 2017	6.80	3.00	4.60	9.60	4.70
February 2017	6.60	2.90	4.60	9.50	4.60
March 2017	6.70	2.80	4.50	9.40	4.40
April 2017	6.50	2.80	4.40	9.20	4.50
May 2017	6.60	3.10	4.40	9.20	4.40
June 2017	6.50	2.80	4.30	9.10	4.30
July 2017	6.30	2.80	4.30	9.00	4.30
August 2017	6.20	2.80	4.30	9.00	4.40
September 2017	6.20	2.80	4.20	8.90	4.20
October 2017	6.30	2.70	4.30	8.80	4.10
November 2017	6.00	2.70	4.40	8.70	4.20
December 2017	5.90	2.70	4.30	8.70	4.10
January 2018	6.00	2.40	4.20	8.70	4.00
February 2018	5.90	2.50	4.20	8.60	4.10
March 2018	5.90	2.50	4.20	8.50	4.00
April 2018	5.90	2.50	4.20	8.40	4.00
May 2018	6.00	2.30	4.00	8.30	3.80
June 2018	6.10	2.50	4.00	8.20	4.00
July 2018	5.80	2.50	4.00	8.10	3.80
August 2018	6.00	2.50	4.10	8.00	3.80
September 2018	5.90	2.30	4.10	8.00	3.70
October 2018	5.90	2.40	4.00	8.00	3.80
November 2018	5.70	2.50	4.00	7.90	3.80
December 2018	5.80	2.40	3.90	7.80	3.90
January 2019	5.90	2.50	3.90	7.80	4.00
February 2019	5.90	2.40	3.80	7.80	3.80
March 2019	5.80	2.50	3.80	7.70	3.80
April 2019	5.80	2.40	3.80	7.70	3.70
May 2019	5.40	2.30	3.90	7.70	3.70
June 2019	5.60	2.30	3.80	7.50	3.60
July 2019	5.80	2.30	3.90	7.50	3.60
August 2019	5.80	2.30	3.80	7.40	3.70
September 2019	5.60	2.40	3.80	7.40	3.50
October 2019	5.60	2.40	3.80	7.40	3.60
November 2019	5.90	2.30	3.80	7.50	3.60
December 2019	5.70	2.20	3.90	7.50	3.60
January 2020	5.60	2.40	4.00	7.50	3.50
February 2020	5.70	2.40	4.00	7.40	3.50
March 2020	7.90	2.50	4.00	7.10	4.40
April 2020	13.10	2.60	4.10	7.30	14.80
May 2020	13.70	2.80	4.10	7.50	13.30
June 2020	12.50	2.80	4.30	8.00	11.10
July 2020	10.90	2.90	4.50	8.40	10.20
August 2020	10.20	3.00	4.80	8.50	8.40
September 2020	9.20	3.00	4.90	8.50	7.80
October 2020	9.00	3.10	5.00	8.30	6.90
November 2020	8.60	3.00	5.10	8.20	6.70
December 2020	8.80	3.00	5.00	8.20	6.70
January 2021	9.40	2.90	4.90	8.20	6.30
February 2021	8.20	2.90	4.80	8.20	6.20
March 2021	7.50	2.60	4.70	8.10	6.00
April 2021	8.10	2.80	ND	8.10	6.10
May 2021	8.20	3.00	ND	7.90	5.80
June 2021	ND	ND	ND	ND	5.90

Note: The data for the United Kingdom extend through March 2021 and are centered 3-month averages of monthly data. The data for the United States extend through June 2021.

Source: For the United Kingdom, Office for National Statistics; for Japan, Ministry of Health, Labour and Welfare; for the euro area, Statistical Office of the European Communities; for Canada, Statistics Canada; for the United States, Bureau of Labor Statistics; all via Haver Analytics.

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Figure 41. Consumer price inflation in selected advanced foreign economies

Monthly
12-month percent change

Period	United Kingdom	Japan	Euro area	Canada
January 2016	0.29	-0.10	0.33	1.92
February 2016	0.28	0.20	-0.12	1.43
March 2016	0.46	0.00	-0.04	1.27
April 2016	0.29	-0.30	-0.26	1.67
May 2016	0.31	-0.40	-0.12	1.58
June 2016	0.46	-0.30	0.05	1.42
July 2016	0.56	-0.40	0.17	1.10
August 2016	0.64	-0.50	0.22	1.18
September 2016	0.98	-0.40	0.40	1.42
October 2016	0.91	0.10	0.51	1.49
November 2016	1.17	0.40	0.59	1.26
December 2016	1.56	0.30	1.10	1.49
January 2017	1.82	0.40	1.72	2.04
February 2017	2.30	0.20	1.95	2.04
March 2017	2.32	0.20	1.53	1.57
April 2017	2.71	0.50	1.90	1.72
May 2017	2.87	0.50	1.38	1.25
June 2017	2.64	0.40	1.30	1.01
July 2017	2.63	0.50	1.34	1.25
August 2017	2.86	0.60	1.54	1.40
September 2017	2.96	0.70	1.56	1.48
October 2017	3.00	0.10	1.37	1.39
November 2017	3.09	0.60	1.53	2.17
December 2017	2.97	1.00	1.34	1.93
January 2018	2.99	1.30	1.30	1.69
February 2018	2.71	1.40	1.11	2.08
March 2018	2.46	1.10	1.40	2.31
April 2018	2.38	0.60	1.22	2.08
May 2018	2.42	0.70	1.95	2.31
June 2018	2.45	0.80	1.97	2.46
July 2018	2.47	0.90	2.19	2.77
August 2018	2.65	1.30	2.08	2.68
September 2018	2.42	1.20	2.08	2.37
October 2018	2.39	1.50	2.29	2.52
November 2018	2.31	0.79	1.92	1.75
December 2018	2.10	0.30	1.52	1.90
January 2019	1.85	0.20	1.39	1.51
February 2019	1.87	0.20	1.49	1.58
March 2019	1.91	0.49	1.40	1.88
April 2019	2.12	0.89	1.72	2.11
May 2019	2.02	0.79	1.22	2.33
June 2019	2.01	0.69	1.27	2.10
July 2019	2.06	0.49	1.02	2.02
August 2019	1.72	0.20	1.01	1.87
September 2019	1.71	0.20	0.83	1.87
October 2019	1.46	0.20	0.73	1.86
November 2019	1.47	0.49	0.96	2.09
December 2019	1.30	0.79	1.33	2.23
January 2020	1.77	0.59	1.36	2.23
February 2020	1.71	0.39	1.22	2.08
March 2020	1.52	0.39	0.75	0.74
April 2020	0.77	0.10	0.31	0.00
May 2020	0.48	0.10	0.09	-0.22
June 2020	0.60	0.10	0.27	0.59
July 2020	1.04	0.29	0.39	0.22
August 2020	0.22	0.10	-0.17	0.37
September 2020	0.53	0.00	-0.31	0.59
October 2020	0.70	-0.39	-0.28	0.66
November 2020	0.32	-0.88	-0.29	0.95
December 2020	0.59	-1.08	-0.27	0.66
January 2021	0.70	-0.59	0.91	1.09
February 2021	0.41	-0.39	0.94	1.09
March 2021	0.71	-0.20	1.33	2.20
April 2021	1.53	-0.39	1.62	3.24
May 2021	2.11	-0.10	1.98	3.54
June 2021	ND	ND	1.92	ND

Note: The data for the euro area incorporate the flash estimate for June 2021.

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

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Figure 42. 24-month policy expectations for selected advanced foreign economies

Weekly
Basis points

Period	Euro area	United Kingdom	Japan	Canada
8 January 2016	-22.07	102.49	4.15	57.44
15 January 2016	-24.54	83.78	2.82	39.94
22 January 2016	-30.09	74.93	1.79	37.41
29 January 2016	-33.51	73.14	-0.27	42.27
5 February 2016	-39.00	57.98	-20.79	38.92
12 February 2016	-40.67	38.85	-36.35	32.45
19 February 2016	-37.50	45.56	-30.78	40.69
26 February 2016	-41.57	39.27	-35.81	38.07
4 March 2016	-47.05	39.75	-37.29	44.47
11 March 2016	-40.29	50.31	-34.55	49.21
18 March 2016	-35.86	57.01	-28.68	52.79
25 March 2016	-37.53	53.94	-27.79	53.50
1 April 2016	-37.93	50.46	-28.50	48.39
8 April 2016	-41.20	40.46	-28.53	48.05
15 April 2016	-43.31	45.46	-28.45	51.24
22 April 2016	-40.86	57.27	-32.21	57.92
29 April 2016	-38.06	68.12	-31.58	67.57
6 May 2016	-38.97	57.96	-29.32	57.27
13 May 2016	-41.70	49.44	-31.01	49.30
20 May 2016	-38.94	56.38	-30.65	58.72
27 May 2016	-39.00	68.02	-30.66	61.74
3 June 2016	-40.44	59.27	-31.61	56.72
10 June 2016	-41.97	46.90	-33.14	48.80
17 June 2016	-47.37	41.02	-35.36	44.38
24 June 2016	-47.42	54.98	-32.45	56.94
1 July 2016	-53.44	18.17	-36.24	44.88
8 July 2016	-55.83	13.62	-38.21	38.99
15 July 2016	-52.80	20.39	-37.26	42.85
22 July 2016	-49.58	20.30	-34.32	50.97
29 July 2016	-48.95	14.91	-35.68	52.17
5 August 2016	-48.18	14.79	-19.87	50.38
12 August 2016	-50.22	7.97	-19.63	45.96
19 August 2016	-47.62	10.73	-18.84	49.99
26 August 2016	-45.98	11.96	-20.95	49.49
2 September 2016	-46.44	12.15	-22.50	51.58
9 September 2016	-48.05	13.96	-24.90	51.72
16 September 2016	-44.12	16.96	-28.14	54.41
23 September 2016	-45.83	12.06	-27.21	51.71
30 September 2016	-48.42	9.23	-28.46	43.48
7 October 2016	-44.35	13.55	-27.35	51.80
14 October 2016	-40.75	27.58	-25.89	56.60
21 October 2016	-39.80	27.24	-22.47	53.48
28 October 2016	-35.22	33.08	-18.93	53.49
4 November 2016	-31.94	33.66	-18.43	50.35
11 November 2016	-28.45	40.16	-17.60	61.31
18 November 2016	-25.81	49.23	-9.25	77.41
25 November 2016	-28.65	47.89	-7.76	78.42
2 December 2016	-29.44	45.86	-7.48	81.52
9 December 2016	-26.15	45.38	-7.20	86.29
16 December 2016	-26.68	46.73	-5.62	101.06
23 December 2016	-26.28	48.21	-3.83	105.28
30 December 2016	-27.30	44.12	-5.27	101.25
6 January 2017	-27.36	40.98	-6.28	94.24
13 January 2017	-26.68	42.55	-6.40	89.27
20 January 2017	-24.68	48.92	-4.70	88.92
27 January 2017	-20.50	57.45	-2.44	88.96
3 February 2017	-20.49	57.23	-0.39	89.27
10 February 2017	-23.25	44.77	0.35	83.92
17 February 2017	-21.96	44.31	0.37	92.59
24 February 2017	-26.29	37.52	-0.52	88.50
3 March 2017	-24.15	35.82	-1.54	89.81
10 March 2017	-13.53	42.64	-0.67	101.05
17 March 2017	-10.75	47.32	-0.23	108.10
24 March 2017	-7.92	52.59	-0.71	99.62
31 March 2017	-13.60	49.88	-1.62	92.58
7 April 2017	-20.31	41.27	-2.74	91.70
14 April 2017	-23.75	35.56	-5.40	91.49
21 April 2017	-22.55	34.44	-6.39	84.98
28 April 2017	-14.68	38.92	-5.33	87.22
5 May 2017	-13.23	43.11	-6.10	82.01
12 May 2017	-11.14	47.06	-4.91	85.14
19 May 2017	-13.90	42.12	-4.03	81.74
26 May 2017	-12.93	43.35	-4.00	85.39
2 June 2017	-17.98	41.36	-3.94	85.54
9 June 2017	-20.13	40.56	-3.69	86.19
16 June 2017	-21.68	39.54	-3.41	111.78
23 June 2017	-20.53	50.94	-3.73	116.15
30 June 2017	-12.50	63.95	-4.28	127.95
7 July 2017	-7.64	68.66	-1.80	142.75
14 July 2017	-6.38	67.27	-1.26	145.30
21 July 2017	-10.24	59.79	-3.20	147.05
28 July 2017	-12.96	58.19	-3.01	155.81
4 August 2017	-14.69	58.31	-2.79	153.98
11 August 2017	-17.02	50.99	-3.29	151.03
18 August 2017	-17.60	50.49	-4.98	148.35
25 August 2017	-18.63	51.43	-5.28	149.16
1 September 2017	-20.54	50.60	-5.20	150.00
8 September 2017	-22.68	49.88	-5.03	164.72
15 September 2017	-19.40	71.81	-4.03	180.96
22 September 2017	-15.38	89.96	-3.64	183.73
29 September 2017	-14.98	92.15	-2.77	183.48
6 October 2017	-14.03	91.01	-1.29	181.03
13 October 2017	-14.94	90.59	-0.62	181.02
20 October 2017	-17.33	88.30	0.50	177.13
27 October 2017	-16.26	91.40	0.95	174.33
3 November 2017	-19.02	89.12	0.93	168.83
10 November 2017	-19.40	85.11	-0.10	167.89
17 November 2017	-18.03	88.98	1.05	171.01
24 November 2017	-16.79	89.99	1.00	168.96
1 December 2017	-15.21	93.90	1.38	169.91
8 December 2017	-16.25	93.64	0.64	180.01
15 December 2017	-14.93	89.04	-0.00	179.03
22 December 2017	-8.49	87.88	0.36	192.38
29 December 2017	-4.57	87.28	0.71	198.57
5 January 2018	-4.61	87.80	0.84	201.20
12 January 2018	-2.51	95.71	1.50	205.10
19 January 2018	1.36	99.04	1.46	211.70
26 January 2018	2.60	104.98	2.26	214.38
2 February 2018	7.06	113.69	2.92	219.83
9 February 2018	6.19	113.48	2.56	218.06
16 February 2018	5.51	120.17	2.03	216.75
23 February 2018	5.20	119.99	1.52	215.86
2 March 2018	3.72	116.96	1.29	212.25
9 March 2018	3.82	118.25	1.42	214.72
16 March 2018	0.04	115.27	1.68	212.69
23 March 2018	-1.09	119.07	0.97	215.87
30 March 2018	-4.06	111.79	1.14	213.43
6 April 2018	-4.18	111.93	0.94	210.98
13 April 2018	-2.86	114.24	0.47	214.50
20 April 2018	-2.27	113.83	1.22	222.28
27 April 2018	0.91	112.34	2.12	223.91
4 May 2018	-2.38	103.65	1.39	222.15
11 May 2018	-2.23	105.37	1.37	226.45
18 May 2018	1.46	111.41	1.89	238.79
25 May 2018	-5.82	107.01	1.40	234.25
1 June 2018	-11.94	93.24	0.48	219.71
8 June 2018	-4.75	103.09	1.15	221.21
15 June 2018	-5.05	104.54	0.96	219.53
22 June 2018	-13.62	102.96	0.53	208.52
29 June 2018	-13.24	102.14	0.14	206.73
6 July 2018	-12.42	102.43	-0.43	211.46
13 July 2018	-11.42	105.00	-0.48	213.03
20 July 2018	-10.94	100.43	-0.23	211.43
27 July 2018	-8.56	104.35	0.20	223.97
3 August 2018	-4.97	110.05	1.63	231.55
10 August 2018	-7.30	106.63	1.61	233.27
17 August 2018	-10.71	101.02	1.27	228.91
24 August 2018	-9.92	103.26	0.65	226.01
31 August 2018	-7.91	107.52	0.52	228.53
7 September 2018	-7.25	104.90	1.14	221.49
14 September 2018	-3.97	114.05	1.30	228.21
21 September 2018	0.28	119.57	2.12	233.53
28 September 2018	6.02	121.68	2.60	237.62
5 October 2018	5.67	124.72	2.51	248.75
12 October 2018	7.65	129.90	2.95	247.09
19 October 2018	4.11	121.51	2.81	246.81
26 October 2018	1.05	109.73	2.14	248.56
2 November 2018	0.14	110.85	1.07	250.22
9 November 2018	1.71	120.07	0.78	254.41
16 November 2018	-0.35	111.70	0.28	244.08
23 November 2018	-2.34	106.25	-0.38	234.81
30 November 2018	-4.55	107.57	-1.13	231.98
7 December 2018	-7.40	104.41	-3.24	218.07
14 December 2018	-7.09	101.78	-3.96	216.01
21 December 2018	-10.93	104.20	-5.06	198.14
28 December 2018	-14.10	103.08	-4.86	194.67
4 January 2019	-17.32	98.44	-5.49	183.82
11 January 2019	-12.71	101.69	-5.77	191.50
18 January 2019	-15.30	106.41	-7.35	196.27
25 January 2019	-14.09	105.04	-8.76	195.37
1 February 2019	-15.60	98.82	-9.78	188.82
8 February 2019	-16.19	95.82	-9.94	186.22
15 February 2019	-17.27	91.54	-10.73	183.13
22 February 2019	-16.93	93.54	-12.06	182.54
1 March 2019	-14.32	102.29	-12.18	182.59
8 March 2019	-16.98	101.43	-11.28	170.29
15 March 2019	-20.27	98.16	-12.75	162.90
22 March 2019	-20.99	89.82	-12.53	153.83
29 March 2019	-26.60	74.69	-13.28	137.29
5 April 2019	-27.31	82.23	-12.42	155.21
12 April 2019	-28.32	88.09	-12.02	157.99
19 April 2019	-26.26	96.81	-10.56	161.00
26 April 2019	-27.22	93.80	-11.35	152.88
3 May 2019	-26.86	94.78	-11.78	157.12
10 May 2019	-29.57	93.20	-12.30	157.79
17 May 2019	-32.79	84.53	-13.24	155.97
24 May 2019	-33.93	78.70	-13.30	159.71
31 May 2019	-36.64	69.65	-14.25	142.22
7 June 2019	-41.31	60.94	-19.25	122.62
14 June 2019	-44.74	63.22	-20.88	131.22
21 June 2019	-49.75	62.24	-24.22	126.97
28 June 2019	-50.38	60.99	-24.69	130.00
5 July 2019	-54.22	49.86	-23.73	140.40
12 July 2019	-50.76	52.36	-20.29	152.19
19 July 2019	-54.90	51.41	-19.27	141.59
26 July 2019	-59.46	44.23	-20.41	131.27
2 August 2019	-58.95	34.90	-20.41	134.90
9 August 2019	-64.97	30.19	-25.34	116.17
16 August 2019	-71.50	32.66	-27.52	111.31
23 August 2019	-71.38	38.75	-25.47	119.28
30 August 2019	-73.38	33.43	-26.75	112.64
6 September 2019	-72.65	32.31	-25.49	115.05
13 September 2019	-65.39	51.35	-22.18	140.00
20 September 2019	-61.40	52.25	-21.80	141.93
27 September 2019	-65.06	40.51	-26.00	136.46
4 October 2019	-66.26	29.27	-23.75	129.20
11 October 2019	-63.52	36.31	-23.91	132.13
18 October 2019	-53.94	51.29	-20.20	155.02
25 October 2019	-50.26	53.64	-19.32	155.44
1 November 2019	-49.09	51.84	-18.42	153.02
8 November 2019	-47.44	57.12	-14.86	155.75
15 November 2019	-47.46	57.42	-12.56	149.87
22 November 2019	-47.46	55.81	-13.95	144.23
29 November 2019	-48.02	52.06	-13.20	148.21
6 December 2019	-44.99	58.42	-9.44	155.69
13 December 2019	-44.79	63.28	-8.25	162.80
20 December 2019	-42.36	57.52	-6.23	168.86
27 December 2019	-40.46	57.62	-4.72	167.23
3 January 2020	-39.03	59.46	-5.51	166.00
10 January 2020	-41.50	58.97	-6.84	159.95
17 January 2020	-38.41	48.62	-5.89	158.58
24 January 2020	-40.86	44.73	-6.89	147.42
31 January 2020	-47.97	41.35	-10.74	131.28
7 February 2020	-48.66	44.39	-11.82	135.25
14 February 2020	-49.50	46.96	-11.79	138.66
21 February 2020	-51.09	47.80	-13.52	135.18
28 February 2020	-55.10	37.27	-18.43	111.72
6 March 2020	-63.75	25.27	-22.50	85.68
13 March 2020	-63.96	27.05	-27.05	62.43
20 March 2020	-47.93	32.54	-9.13	66.77
27 March 2020	-44.95	22.71	-9.06	57.38
3 April 2020	-50.26	20.83	-10.01	54.42
10 April 2020	-48.84	19.58	-9.79	57.17
17 April 2020	-53.28	17.79	-11.86	44.55
24 April 2020	-49.56	16.45	-13.74	42.64
1 May 2020	-56.38	13.72	-16.09	39.76
8 May 2020	-57.59	8.18	-14.65	34.12
15 May 2020	-56.10	3.10	-13.34	27.44
22 May 2020	-53.36	-0.91	-13.57	29.73
29 May 2020	-52.05	-1.56	-13.31	31.02
5 June 2020	-48.93	1.08	-11.79	39.12
12 June 2020	-49.25	1.90	-11.89	37.05
19 June 2020	-53.49	-1.19	-12.28	31.80
26 June 2020	-55.64	-3.82	-11.48	31.50
3 July 2020	-55.01	-5.15	-10.74	32.71
10 July 2020	-53.83	-6.12	-11.57	31.72
17 July 2020	-53.45	-8.84	-11.48	32.92
24 July 2020	-54.06	-11.60	-11.79	33.05
31 July 2020	-55.15	-12.44	-11.40	31.59
7 August 2020	-55.11	-10.11	-10.97	31.93
14 August 2020	-51.60	-4.34	-9.19	38.86
21 August 2020	-52.80	-7.79	-9.11	37.30
28 August 2020	-51.79	-5.31	-8.39	38.08
4 September 2020	-54.70	-7.04	-8.71	35.64
11 September 2020	-55.84	-12.58	-9.63	36.03
18 September 2020	-57.40	-15.02	-10.85	35.38
25 September 2020	-58.58	-13.06	-11.81	34.02
2 October 2020	-57.20	-10.96	-11.78	33.92
9 October 2020	-56.18	-7.50	-10.00	36.42
16 October 2020	-59.06	-9.83	-10.35	35.49
23 October 2020	-59.02	-9.26	-10.02	35.05
30 October 2020	-59.59	-8.71	-9.72	34.62
6 November 2020	-58.85	-8.70	-9.70	35.90
13 November 2020	-53.01	-1.48	-9.37	40.19
20 November 2020	-54.02	-2.39	-9.71	37.87
27 November 2020	-53.40	-1.91	-9.48	38.76
4 December 2020	-53.23	-0.88	-8.93	40.92
11 December 2020	-56.50	-7.74	-9.18	40.11
18 December 2020	-54.90	-3.35	-9.40	38.65
25 December 2020	-52.23	-5.20	-9.97	37.64
1 January 2021	-52.88	-6.55	-9.38	35.93
8 January 2021	-53.71	-10.25	-9.80	34.73
15 January 2021	-51.30	-5.59	-10.75	39.27
22 January 2021	-50.54	-6.37	-11.87	37.39
29 January 2021	-52.37	-6.34	-11.54	39.46
5 February 2021	-50.06	0.87	-10.61	42.21
12 February 2021	-49.34	6.18	-9.47	43.12
19 February 2021	-47.50	9.88	-8.22	49.20
26 February 2021	-45.64	18.22	-6.06	64.06
5 March 2021	-46.80	23.09	-7.87	73.01
12 March 2021	-45.48	23.05	-7.86	77.44
19 March 2021	-46.87	27.02	-10.02	83.71
26 March 2021	-48.17	26.10	-8.69	75.91
2 April 2021	-47.19	27.50	-7.03	77.76
9 April 2021	-47.92	27.65	-7.25	77.76
16 April 2021	-46.32	26.86	-6.98	75.77
23 April 2021	-44.97	24.88	-7.39	80.38
30 April 2021	-43.39	31.74	-7.19	83.51
7 May 2021	-44.24	31.98	-7.21	81.98
14 May 2021	-41.41	32.97	-6.82	83.05
21 May 2021	-39.86	31.68	-6.57	85.00
28 May 2021	-41.33	30.08	-6.41	83.70
4 June 2021	-41.64	33.96	-5.82	86.53
11 June 2021	-42.72	32.56	-6.81	83.52
18 June 2021	-41.44	38.43	-7.07	92.49
25 June 2021	-38.45	45.09	-6.84	105.35
2 July 2021	-39.22	41.34	-6.53	108.15

Note: The data are weekly averages of daily 24-month market-implied central bank policy rates. The 24-month policy rates are implied by quotes on overnight index swaps tied to the policy rates. The data extend through July 2, 2021.

Source: Bloomberg; Federal Reserve Board staff estimations.

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Figure 43. Nominal 10-year government bond yields in selected advanced economies

Series: Germany, Japan, United Kingdom, and United States

Horizon: January 1, 2005, to July 2, 2021

Description: A line chart with four curves over January 1, 2005, to July 2, 2021. Units are percent, and the data are weekly averages of daily benchmark yields. Japan begins above 1, rises to nearly 2 in 2006, declines steadily to 0 through 2015, and fluctuates near 0 through mid-2021. Germany, the United States, and the United Kingdom all vary significantly at short time scales. Germany begins below 4, climbs close to 5 in 2007, drops to 3 in late 2008, declines steadily to 0 by 2016, fluctuates between 0 and 1 through 2018, stays between 0 and negative 1 from 2019 through early 2021, and rises to near 0 by mid-2021. The United States begins just above 4, increases to about 5 by the end of 2006, declines to about 2 at the end of 2008, rises to about 4 in 2010, drops to about 1.5 in 2012, climbs to about 3 in 2013, slides to about 2 in 2016, rises to about 3 in 2018, slumps to about 2 by the end of 2019, snaps downward to about 0.5 in the beginning of 2020, increases to just above 1 in early 2021, and fluctuates between approximately 1 and 2 until mid-2021. The United Kingdom follows a path similar to that of the United States, only diverging significantly after 2016. In mid-2016, it drops to less than 1, fluctuates between approximately 1 and 2 through 2018, slides to just above 0 by 2020, rises to almost 1 in early 2021, and stays flat at just under 1 until mid-2021.

Note: The data are weekly averages of daily benchmark yields and extend through July 2, 2021.

Source: Bloomberg.

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Figure 44. Equity indexes for selected advanced economies

Series: Euro area, Japan, United Kingdom, and United States

Horizon: January 1, 2016, to July 2, 2021

Description: A line chart with four curves over January 1, 2016, to July 2, 2021. Units are an index with the week ending January 8, 2016, equal to 100, and the data are weekly averages of daily data. The euro area begins at 100, increases to about 120 by the end of 2017, fluctuates between 95 and about 120 through 2019, spikes down to 80 in early 2020, then climbs to about 140 by mid-2021. Japan tracks closely with the euro area, though Japan runs about 5 points lower in 2016, mid-2017, and 2019. The United Kingdom follows a similar path as well, beginning at 100, increasing to 120 in mid-2017, fluctuating between 110 and 130 through the end of 2019, spiking downward to 80 in early 2020, and rising to about 120 by mid-2021. The United States again follows a similar path, but with a higher trajectory, beginning at 100, increasing to 150 in mid-2018, sliding to about 120 in late 2018, rising to almost 170 in late 2019, slumping downward to about 120 in early 2020, and jumping to about 220 by mid-2021.

Note: The data are weekly averages of daily data and extend through July 2, 2021.

Source: For euro area, Dow Jones Euro Stoxx Index; for Japan, Tokyo Stock Price Index; for United Kingdom, Financial Times Stock Exchange 100 Index; for United States, S&P 500 Index; all via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page.)

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Figure 45. Equity indexes for selected emerging market economies

Series: Brazil, China, Mexico, South Korea, and Taiwan

Horizon: January 1, 2016, to July 2, 2021

Description: A line chart with five curves over January 1, 2016, to July 2, 2021. Units are an index with the week ending January 8, 2016, equal to 100. The data are weekly averages of daily data. The series all start at 100. Brazil shows the greatest net change, steadily climbing to about 280 by the end of 2019, dropping to about 160 in early 2020, and rising to end at about 300. China remains below the others for most of the chart, fluctuating between about 75 and 100 with peaks of about 100 in early 2018 and early 2019 and a low of about 75 at the end of 2018, and ends just above 100 in mid-2021. Mexico and South Korea track each other closely until early 2020, fluctuating between about 100 and 140, after which they both drop to about 80 in early 2020, with Mexico modestly increasing to end around 120 and South Korea rising to about 170. Taiwan tracks the series for Mexico and South Korea until about 2018, after which it rises to about 150 at the end of 2019, falls to about 110 in early 2020, and increases to around 220 in mid-2021.

Note: The data are weekly averages of daily data and extend through July 2, 2021.

Source: For China, Shanghai Composite Index; for Brazil, Bovespa Index; for South Korea, Korean Composite Index; for Mexico, IPC Index; for Taiwan, TAIEX; all via Bloomberg.

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Figure 46. Emerging market mutual fund flows and spreads

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

Horizon: January 1, 2006, to July 2, 2021

Description: A line chart with one curve from January 1, 2006, to July 2, 2021, overlaid on a stacked bar chart with two series. The EMBI+ curve data are weekly averages of daily data, and the units are basis points. The stacked bar chart comprises a series for equity fund flows and a series for bond fund flows, which are semiannual sums from December 28, 2006, to December 30, 2020; a quarterly sum from December 31, 2020, to March 31, 2021; and monthly sums from April 1, 2021, to May 26, 2021. The units are billions of dollars.

The EMBI+ series begins around 150, rises sharply to about 750 in mid-2008, drops to about 300 in 2009, fluctuates between about 200 and about 300 through 2019, spikes upward to about 600 in early 2020, and finishes at about 300 in July 2021.

The equity fund flows bars begin in late 2007 at about 35, fall to about negative 25 in late 2008, rise to about 35 in 2009, increase sharply to about 55 in late 2010, drop to about negative 30 in 2011, rise to about 35 in 2012, fluctuate between just above 0 and about negative 25 through early 2015, fall sharply to about negative 60 in late 2015, rise to fluctuate between about 15 and 30 through early 2017, decrease to fluctuate between just above 0 and about negative 15 through 2019, slide sharply to about negative 40 in early 2020, rebound to about 40 in late 2020, increase to about 75 in the first quarter of 2021, and end around 10 in April and May. The bond fund flows bars follow a similar pattern with about one-third to one-half the magnitude of the equity fund flows bars through 2015. The bars increase to about 35 in early 2017, fall to negative 15 by the end of 2018, increase to between about 25 to 35 in 2019, slide to about negative 35 in early 2020, rebound to about 50 in early 2021, decrease to about 20 in the first quarter of 2021, and end at about 10 in April and May.

Note: The bond and equity fund flows data are semiannual sums of weekly data from December 28, 2006, to December 30, 2020; a quarterly sum of weekly data from December 31, 2020, to March 31, 2021; and monthly sums of weekly data from April 1, 2021, to May 26, 2021. Weekly data span Thursday through Wednesday, and the semiannual, quarterly, and monthly values are sums over weekly data for weeks ending in that half year, quarter, or month. The fund flows data exclude funds located in China. The J.P. Morgan Emerging Markets Bond Index Plus (EMBI+) data are weekly averages of daily data and extend through July 2, 2021. The EMBI+ data exclude Venezuela.

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

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Figure 47. U.S. dollar exchange rate indexes

Weekly
Week ending January 8, 2016 = 100

Period	Broad dollar index	AFE dollar index	EME dollar index
8 January 2016	100.00	100.00	100.00
15 January 2016	100.68	100.59	100.89
22 January 2016	101.32	100.91	101.75
29 January 2016	100.78	100.40	101.46
5 February 2016	100.12	99.02	101.11
12 February 2016	99.76	97.68	101.87
19 February 2016	99.57	98.01	101.30
26 February 2016	99.61	98.38	100.93
4 March 2016	99.15	98.21	100.16
11 March 2016	98.14	97.13	99.28
18 March 2016	97.49	96.10	98.62
25 March 2016	97.20	96.30	98.23
1 April 2016	96.59	95.46	97.66
8 April 2016	96.59	95.07	98.17
15 April 2016	96.09	94.60	97.60
22 April 2016	95.82	94.46	97.38
29 April 2016	95.66	93.96	97.36
6 May 2016	95.80	93.66	98.06
13 May 2016	96.73	94.62	98.91
20 May 2016	97.45	95.38	99.74
27 May 2016	97.91	95.77	100.16
3 June 2016	97.95	95.65	100.38
10 June 2016	96.73	94.17	99.43
17 June 2016	97.61	94.69	100.48
24 June 2016	96.92	94.15	99.80
1 July 2016	98.05	95.83	100.12
8 July 2016	98.20	95.87	100.27
15 July 2016	97.90	96.24	99.71
22 July 2016	98.33	96.78	99.84
29 July 2016	98.49	96.68	100.21
5 August 2016	97.76	95.75	99.89
12 August 2016	97.35	95.91	98.93
19 August 2016	96.63	94.71	98.56
26 August 2016	97.01	94.90	99.37
2 September 2016	97.91	95.90	99.94
9 September 2016	97.16	95.16	99.39
16 September 2016	98.27	95.78	100.78
23 September 2016	98.49	95.83	101.21
30 September 2016	98.21	95.66	100.80
7 October 2016	98.52	96.46	100.58
14 October 2016	99.20	97.56	100.55
21 October 2016	99.01	97.78	100.28
28 October 2016	99.46	98.47	100.53
4 November 2016	99.40	97.65	101.17
11 November 2016	99.85	98.33	102.20
18 November 2016	102.20	100.15	104.44
25 November 2016	102.80	100.77	105.01
2 December 2016	102.69	100.43	104.96
9 December 2016	102.15	99.96	104.37
16 December 2016	102.60	100.96	104.47
23 December 2016	103.58	102.20	105.11
30 December 2016	103.71	102.20	105.37
6 January 2017	103.52	101.57	105.72
13 January 2017	103.33	100.70	106.03
20 January 2017	102.82	100.24	105.72
27 January 2017	102.25	99.50	104.88
3 February 2017	101.43	99.03	103.96
10 February 2017	101.46	99.47	103.50
17 February 2017	101.51	99.81	103.19
24 February 2017	101.33	99.99	102.73
3 March 2017	101.55	100.65	102.66
10 March 2017	101.85	101.17	102.70
17 March 2017	101.28	100.33	102.07
24 March 2017	100.24	99.47	101.11
31 March 2017	99.99	99.55	100.75
7 April 2017	100.38	100.13	100.77
14 April 2017	100.24	99.86	100.62
21 April 2017	100.02	99.45	100.67
28 April 2017	100.16	99.25	100.97
5 May 2017	100.16	99.43	101.00
12 May 2017	100.47	99.86	101.26
19 May 2017	99.54	98.54	100.67
26 May 2017	99.14	97.82	100.44
2 June 2017	98.95	97.79	100.26
9 June 2017	98.53	97.53	99.54
16 June 2017	98.33	97.39	99.33
23 June 2017	98.72	97.71	99.85
30 June 2017	98.02	96.52	99.53
7 July 2017	98.18	96.27	100.05
14 July 2017	97.49	95.71	99.20
21 July 2017	96.42	94.53	98.43
28 July 2017	96.21	93.75	98.54
4 August 2017	95.95	93.39	98.57
11 August 2017	96.27	93.89	98.62
18 August 2017	96.25	94.01	98.45
25 August 2017	95.77	93.46	98.12
1 September 2017	95.35	93.04	97.87
8 September 2017	94.52	92.14	97.33
15 September 2017	94.65	92.02	97.29
22 September 2017	94.88	92.38	97.69
29 September 2017	95.95	93.22	98.71
6 October 2017	96.44	93.90	99.13
13 October 2017	96.29	93.55	99.37
20 October 2017	96.68	93.72	99.54
27 October 2017	97.40	94.72	100.18
3 November 2017	97.60	95.21	100.06
10 November 2017	97.54	95.01	100.01
17 November 2017	97.26	94.54	100.00
24 November 2017	96.65	94.11	99.06
1 December 2017	96.27	93.94	98.77
8 December 2017	96.73	94.23	99.24
15 December 2017	97.10	94.54	99.64
22 December 2017	96.88	94.20	99.70
29 December 2017	96.57	93.56	99.88
5 January 2018	95.63	92.66	98.89
12 January 2018	95.60	92.59	98.62
19 January 2018	94.40	91.43	97.49
26 January 2018	93.66	90.52	96.86
2 February 2018	93.35	90.05	96.65
9 February 2018	94.14	91.15	97.26
16 February 2018	93.82	90.51	97.07
23 February 2018	94.08	90.97	97.20
2 March 2018	94.47	91.57	97.44
9 March 2018	94.37	91.47	97.28
16 March 2018	94.32	91.64	97.09
23 March 2018	94.41	91.58	97.22
30 March 2018	93.81	91.33	96.48
6 April 2018	94.01	91.56	96.44
13 April 2018	93.69	90.91	96.55
20 April 2018	93.75	91.00	96.59
27 April 2018	95.27	92.50	98.01
4 May 2018	95.98	93.43	98.61
11 May 2018	96.60	93.77	99.49
18 May 2018	97.09	94.09	100.18
25 May 2018	97.37	94.47	100.21
1 June 2018	97.72	94.91	100.59
8 June 2018	97.79	94.46	101.15
15 June 2018	98.27	95.01	101.91
22 June 2018	99.10	95.90	102.24
29 June 2018	99.11	95.85	102.55
6 July 2018	98.90	95.44	102.26
13 July 2018	98.47	95.50	101.64
20 July 2018	98.94	95.85	101.99
27 July 2018	98.71	95.48	101.89
3 August 2018	98.55	95.51	101.80
10 August 2018	99.01	96.09	102.05
17 August 2018	100.20	96.87	103.38
24 August 2018	99.45	95.94	103.05
31 August 2018	99.29	95.37	103.22
7 September 2018	100.15	96.03	104.10
14 September 2018	99.81	95.67	103.97
21 September 2018	99.24	95.10	103.48
28 September 2018	99.30	95.35	103.49
5 October 2018	99.72	96.02	103.58
12 October 2018	99.97	96.04	104.03
19 October 2018	99.84	96.11	103.86
26 October 2018	100.69	96.80	104.69
2 November 2018	101.30	97.17	105.71
9 November 2018	101.04	96.98	105.19
16 November 2018	101.60	97.54	105.91
23 November 2018	101.45	97.23	105.73
30 November 2018	101.79	97.62	105.93
7 December 2018	101.36	97.56	105.37
14 December 2018	101.77	97.97	105.59
21 December 2018	101.48	97.90	105.23
28 December 2018	101.29	97.86	104.86
4 January 2019	100.79	97.48	104.20
11 January 2019	99.79	96.49	103.19
18 January 2019	99.84	96.80	102.72
25 January 2019	99.96	97.03	103.04
1 February 2019	99.43	96.35	102.49
8 February 2019	99.72	96.92	102.59
15 February 2019	100.36	97.55	103.13
22 February 2019	99.92	97.12	102.82
1 March 2019	99.70	96.86	102.59
8 March 2019	100.46	97.77	103.16
15 March 2019	100.29	97.49	103.04
22 March 2019	99.82	97.17	102.33
29 March 2019	100.33	97.64	103.08
5 April 2019	100.35	97.83	102.82
12 April 2019	99.99	97.64	102.38
19 April 2019	100.07	97.82	102.33
26 April 2019	100.68	98.45	102.92
3 May 2019	100.70	98.29	103.13
10 May 2019	100.91	98.17	103.66
17 May 2019	101.31	98.31	104.44
24 May 2019	101.48	98.49	104.48
31 May 2019	101.71	98.60	104.72
7 June 2019	101.33	97.71	104.98
14 June 2019	100.90	97.64	104.31
21 June 2019	100.80	97.62	103.89
28 June 2019	100.07	96.66	103.62
5 July 2019	100.29	97.15	103.37
12 July 2019	100.37	97.39	103.42
19 July 2019	100.28	97.23	103.32
26 July 2019	100.64	97.83	103.50
2 August 2019	101.09	98.35	103.97
9 August 2019	101.80	97.94	105.80
16 August 2019	102.13	98.21	106.19
23 August 2019	102.43	98.40	106.69
30 August 2019	102.94	98.51	107.61
6 September 2019	102.72	98.68	107.12
13 September 2019	102.16	98.42	106.07
20 September 2019	102.19	98.56	105.95
27 September 2019	102.61	98.86	106.44
4 October 2019	102.86	99.07	106.75
11 October 2019	102.51	98.90	106.27
18 October 2019	101.68	98.01	105.56
25 October 2019	101.33	97.59	105.17
1 November 2019	101.24	97.58	104.98
8 November 2019	101.37	98.06	104.74
15 November 2019	101.86	98.30	105.33
22 November 2019	101.87	98.19	105.65
29 November 2019	102.22	98.50	105.98
6 December 2019	101.88	97.91	105.92
13 December 2019	101.33	97.59	105.09
20 December 2019	100.95	97.53	104.43
27 December 2019	100.89	97.63	104.36
3 January 2020	100.32	96.75	104.03
10 January 2020	100.51	97.14	103.97
17 January 2020	100.46	97.38	103.55
24 January 2020	100.77	97.65	103.75
31 January 2020	101.09	97.92	104.19
7 February 2020	101.42	98.39	104.53
14 February 2020	101.66	98.90	104.43
21 February 2020	102.11	99.27	104.85
28 February 2020	102.56	98.92	106.29
6 March 2020	101.99	97.59	106.54
13 March 2020	103.94	98.06	109.96
20 March 2020	108.12	102.15	114.58
27 March 2020	108.77	101.89	115.52
3 April 2020	108.12	100.90	115.77
10 April 2020	107.68	100.91	114.97
17 April 2020	107.48	100.44	114.72
24 April 2020	108.36	101.21	116.14
1 May 2020	107.77	100.39	115.48
8 May 2020	107.73	100.69	115.29
15 May 2020	108.07	101.08	115.49
22 May 2020	107.12	100.41	114.26
29 May 2020	106.05	99.75	112.89
5 June 2020	104.48	98.06	111.38
12 June 2020	104.02	97.45	111.17
19 June 2020	104.97	98.00	112.26
26 June 2020	104.99	98.05	112.48
3 July 2020	105.26	98.10	112.54
10 July 2020	104.54	97.63	111.95
17 July 2020	104.25	97.31	111.89
24 July 2020	103.55	96.18	111.53
31 July 2020	102.61	94.81	110.88
7 August 2020	102.75	94.56	111.48
14 August 2020	102.60	94.69	111.20
21 August 2020	102.16	94.09	110.96
28 August 2020	102.02	94.06	110.54
4 September 2020	101.39	93.64	109.69
11 September 2020	101.61	94.40	109.41
18 September 2020	101.01	94.19	108.32
25 September 2020	102.52	95.33	110.11
2 October 2020	102.52	95.10	110.34
9 October 2020	101.58	94.66	109.05
16 October 2020	101.43	94.55	108.53
23 October 2020	100.79	94.14	107.92
30 October 2020	101.29	94.71	108.33
6 November 2020	100.73	94.17	107.62
13 November 2020	99.92	93.92	106.31
20 November 2020	99.44	93.57	105.68
27 November 2020	99.28	93.22	105.39
4 December 2020	98.43	92.32	104.86
11 December 2020	97.97	91.97	104.41
18 December 2020	97.74	91.34	104.39
25 December 2020	98.03	91.62	104.63
1 January 2021	97.58	91.17	104.30
8 January 2021	97.24	90.86	103.99
15 January 2021	97.55	91.35	104.09
22 January 2021	97.48	91.34	104.04
29 January 2021	97.94	91.48	104.88
5 February 2021	98.37	92.09	104.95
12 February 2021	97.74	91.46	104.42
19 February 2021	97.95	91.41	104.68
26 February 2021	98.06	91.12	105.50
5 March 2021	98.78	92.01	106.28
12 March 2021	99.38	92.37	106.74
19 March 2021	98.92	92.12	105.94
26 March 2021	99.38	92.86	106.49
2 April 2021	99.69	93.33	106.48
9 April 2021	99.10	92.72	105.93
16 April 2021	98.75	92.26	105.66
23 April 2021	98.18	91.72	105.05
30 April 2021	97.91	91.26	104.95
7 May 2021	97.90	91.14	105.06
14 May 2021	97.31	90.62	104.58
21 May 2021	97.07	90.22	104.51
28 May 2021	97.01	90.17	104.26
4 June 2021	96.93	90.29	104.07
11 June 2021	96.86	90.40	103.72
18 June 2021	97.86	91.58	104.81
25 June 2021	98.44	92.01	105.06
2 July 2021	98.40	92.45	104.69

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily values of the broad dollar index, advanced foreign economies (AFE) dollar index, and emerging market economies (EME) dollar index. The weekly data extend through July 2, 2021. As indicated by the leftmost arrow, increases in the data reflect U.S. dollar appreciation and decreases reflect U.S. dollar depreciation.

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

Return to text

Figure 48. Exchange rate indexes for selected economies

Weekly
Week ending January 8, 2016 = 100

Period	Canadian dollar	Japanese yen	Mexican peso	Chinese renminbi
8 January 2016	100.00	100.00	100.00	100.00
15 January 2016	102.05	99.26	102.46	100.26
22 January 2016	102.31	99.16	105.01	100.29
29 January 2016	100.35	100.52	104.80	100.28
5 February 2016	98.90	100.08	104.62	100.22
12 February 2016	98.95	96.06	107.79	100.18
19 February 2016	97.95	95.79	104.74	99.40
26 February 2016	97.30	95.04	103.46	99.54
4 March 2016	95.56	95.88	101.99	99.67
11 March 2016	94.66	95.52	101.40	99.19
18 March 2016	93.90	94.99	100.69	99.01
25 March 2016	93.73	94.81	99.64	99.09
1 April 2016	92.97	95.13	98.87	98.80
8 April 2016	93.15	92.39	100.94	98.65
15 April 2016	91.37	91.75	99.83	98.65
22 April 2016	90.35	92.56	99.02	98.72
29 April 2016	89.70	92.66	98.92	98.86
6 May 2016	90.93	90.11	100.53	98.97
13 May 2016	91.92	91.80	102.88	99.29
20 May 2016	92.44	92.47	104.60	99.60
27 May 2016	93.01	92.70	105.15	99.94
3 June 2016	92.90	91.96	105.74	100.24
10 June 2016	90.81	90.28	104.86	100.04
17 June 2016	91.74	88.81	107.73	100.40
24 June 2016	91.30	88.03	106.02	100.41
1 July 2016	92.60	86.47	106.57	101.32
8 July 2016	92.53	85.25	106.83	101.89
15 July 2016	92.51	88.18	104.91	101.92
22 July 2016	92.92	89.61	105.82	101.90
29 July 2016	93.75	88.38	107.26	101.55
5 August 2016	93.18	85.61	107.57	101.20
12 August 2016	92.92	85.77	104.67	101.25
19 August 2016	91.56	84.70	103.29	101.15
26 August 2016	92.04	84.84	104.78	101.43
2 September 2016	92.97	87.06	106.78	101.79
9 September 2016	91.95	86.31	105.64	101.66
16 September 2016	93.64	86.25	109.84	101.74
23 September 2016	93.65	85.39	112.40	101.65
30 September 2016	93.79	85.05	111.21	101.67
7 October 2016	93.94	86.94	109.87	101.66
14 October 2016	94.12	87.67	108.38	102.48
21 October 2016	93.75	87.58	106.39	102.82
28 October 2016	95.15	88.33	106.32	103.30
4 November 2016	95.31	87.60	109.01	103.09
11 November 2016	95.36	88.81	110.20	103.42
18 November 2016	95.95	92.24	116.35	104.68
25 November 2016	95.82	94.48	117.28	105.26
2 December 2016	95.21	95.79	117.39	105.04
9 December 2016	94.20	96.35	116.26	104.94
16 December 2016	94.11	98.18	115.98	105.51
23 December 2016	95.61	99.06	117.04	105.89
30 December 2016	96.12	98.79	117.89	105.96
6 January 2017	94.59	98.60	121.10	105.55
13 January 2017	93.82	97.37	123.21	105.43
20 January 2017	93.85	96.10	124.11	104.46
27 January 2017	93.55	96.20	121.35	104.71
3 February 2017	92.85	95.32	117.86	104.80
10 February 2017	93.44	94.96	116.72	104.75
17 February 2017	93.11	95.95	116.00	104.66
24 February 2017	93.50	95.33	113.91	104.75
3 March 2017	94.65	95.65	113.09	104.87
10 March 2017	95.76	96.57	111.82	105.26
17 March 2017	95.43	96.13	110.51	105.33
24 March 2017	94.98	94.12	108.32	104.98
31 March 2017	94.94	93.64	107.17	104.90
7 April 2017	95.39	93.61	106.78	105.05
14 April 2017	94.74	92.50	106.32	105.03
21 April 2017	95.52	91.87	106.68	104.91
28 April 2017	96.87	93.62	108.09	105.02
5 May 2017	97.56	94.76	107.56	105.13
12 May 2017	97.48	95.88	108.12	105.23
19 May 2017	96.75	94.60	106.60	104.96
26 May 2017	95.88	94.14	105.83	104.82
2 June 2017	95.98	93.48	106.25	103.95
9 June 2017	95.90	92.84	104.04	103.63
16 June 2017	94.50	92.91	102.81	103.67
23 June 2017	94.36	94.00	102.93	104.08
30 June 2017	93.14	94.64	102.43	103.70
7 July 2017	92.16	95.75	104.02	103.67
14 July 2017	91.05	95.78	101.46	103.51
21 July 2017	89.74	94.39	99.92	103.02
28 July 2017	88.96	94.05	101.05	102.84
4 August 2017	89.35	93.16	101.73	102.46
11 August 2017	90.31	92.82	102.11	101.85
18 August 2017	90.22	92.81	101.27	101.80
25 August 2017	89.28	92.15	100.67	101.49
1 September 2017	88.97	92.58	101.47	100.43
8 September 2017	86.88	91.49	101.26	99.16
15 September 2017	86.64	93.01	100.99	99.71
22 September 2017	87.38	94.30	101.20	100.31
29 September 2017	88.41	94.82	103.05	101.25
6 October 2017	89.07	95.13	104.27	101.43
13 October 2017	88.91	94.68	106.88	100.32
20 October 2017	89.21	95.02	108.18	100.82
27 October 2017	90.80	96.00	108.96	101.22
3 November 2017	91.37	96.03	109.01	101.01
10 November 2017	90.65	95.95	108.81	101.12
17 November 2017	90.77	95.38	108.98	101.06
24 November 2017	90.73	94.53	106.96	100.85
1 December 2017	91.08	94.18	105.88	100.72
8 December 2017	90.91	95.21	107.33	100.88
15 December 2017	91.52	95.42	108.88	100.84
22 December 2017	91.19	95.42	109.93	100.48
29 December 2017	89.73	95.36	112.30	99.62
5 January 2018	88.89	95.02	110.21	98.98
12 January 2018	88.83	94.46	109.59	99.05
19 January 2018	88.54	93.45	106.49	97.91
26 January 2018	88.12	92.46	106.06	96.98
2 February 2018	87.74	92.35	105.80	96.14
9 February 2018	89.34	92.19	106.83	95.90
16 February 2018	89.42	90.42	105.87	96.64
23 February 2018	90.15	90.39	106.16	96.62
2 March 2018	91.05	90.06	107.11	96.52
9 March 2018	91.99	89.58	106.79	96.50
16 March 2018	92.31	89.70	106.24	96.38
23 March 2018	92.42	89.23	106.21	96.42
30 March 2018	91.64	89.36	104.05	95.75
6 April 2018	91.18	90.04	103.96	95.98
13 April 2018	89.78	90.45	103.68	95.77
20 April 2018	89.87	90.57	103.71	95.74
27 April 2018	91.48	92.05	107.44	96.38
4 May 2018	91.47	92.33	108.28	96.77
11 May 2018	91.43	92.28	110.85	96.87
18 May 2018	91.33	93.07	112.43	97.03
25 May 2018	91.62	92.94	112.44	97.27
1 June 2018	92.14	91.95	112.99	97.80
8 June 2018	92.21	92.60	115.83	97.53
15 June 2018	92.76	93.09	117.47	97.66
22 June 2018	94.54	92.93	116.30	98.74
29 June 2018	94.37	92.99	113.43	100.47
6 July 2018	93.54	93.32	111.21	101.28
13 July 2018	93.49	94.23	108.12	101.45
20 July 2018	93.88	94.95	108.01	102.57
27 July 2018	93.31	93.80	107.06	103.50
3 August 2018	92.54	94.03	105.97	103.97
10 August 2018	92.87	93.69	106.10	104.21
17 August 2018	93.41	93.43	108.93	105.06
24 August 2018	92.84	93.46	107.61	104.33
31 August 2018	92.37	93.85	108.29	103.99
7 September 2018	93.86	93.87	110.22	104.22
14 September 2018	92.99	94.16	108.67	104.55
21 September 2018	92.18	94.79	107.20	104.46
28 September 2018	92.23	95.40	107.46	104.74
5 October 2018	91.51	96.06	107.64	104.71
12 October 2018	92.53	94.96	108.33	105.38
19 October 2018	92.58	94.65	108.04	105.54
26 October 2018	93.04	94.79	110.67	105.85
2 November 2018	93.38	95.18	114.20	105.83
9 November 2018	93.49	95.79	114.06	105.64
16 November 2018	93.99	95.75	115.84	105.88
23 November 2018	94.18	95.16	115.94	105.79
30 November 2018	94.57	95.92	116.28	105.93
7 December 2018	94.50	95.25	116.05	104.69
14 December 2018	95.17	95.63	115.54	105.09
21 December 2018	95.90	94.53	114.14	105.10
28 December 2018	96.92	93.26	112.48	104.81
4 January 2019	96.29	91.83	111.56	104.71
11 January 2019	94.37	91.51	109.64	103.85
18 January 2019	94.43	92.05	108.57	103.15
25 January 2019	94.82	92.42	108.49	103.38
1 February 2019	93.88	92.23	108.72	102.52
8 February 2019	93.98	92.68	108.81	102.79
15 February 2019	94.43	93.33	110.14	103.25
22 February 2019	94.01	93.41	109.44	102.58
1 March 2019	93.87	93.84	109.47	102.02
8 March 2019	95.33	94.18	110.60	102.31
15 March 2019	95.04	94.02	110.09	102.35
22 March 2019	94.99	93.64	108.32	102.22
29 March 2019	95.40	93.19	109.67	102.44
5 April 2019	95.02	94.06	109.27	102.38
12 April 2019	94.89	94.00	107.50	102.34
19 April 2019	95.12	94.48	107.37	102.19
26 April 2019	95.64	94.31	108.12	102.53
3 May 2019	95.63	94.01	108.26	102.65
10 May 2019	95.78	92.89	108.87	103.56
17 May 2019	95.76	92.52	109.03	104.97
24 May 2019	95.65	92.79	108.52	105.27
31 May 2019	96.14	92.20	109.92	105.29
7 June 2019	95.31	91.32	112.01	105.29
14 June 2019	94.74	91.54	109.18	105.51
21 June 2019	94.77	91.20	108.89	105.02
28 June 2019	93.48	90.71	109.32	104.81
5 July 2019	93.26	91.30	108.62	104.79
12 July 2019	93.12	91.51	108.47	104.84
19 July 2019	92.93	91.11	108.39	104.84
26 July 2019	93.54	91.36	108.75	104.83
2 August 2019	93.77	91.31	109.00	105.18
9 August 2019	94.29	89.35	111.47	107.42
16 August 2019	94.48	89.49	111.48	107.32
23 August 2019	94.69	89.63	112.67	107.78
30 August 2019	94.57	89.52	114.13	109.07
6 September 2019	94.28	89.85	112.60	108.94
13 September 2019	93.88	90.85	110.99	108.25
20 September 2019	94.37	91.17	110.62	108.02
27 September 2019	94.40	90.85	111.46	108.59
4 October 2019	94.58	90.58	112.32	108.96
11 October 2019	94.54	90.79	111.14	108.62
18 October 2019	93.69	91.66	109.35	107.98
25 October 2019	93.11	91.66	108.88	107.77
1 November 2019	93.39	91.64	108.97	107.51
8 November 2019	93.80	92.00	109.23	106.74
15 November 2019	94.20	91.78	110.21	106.93
22 November 2019	94.41	91.65	110.46	107.18
29 November 2019	94.60	92.17	111.20	107.20
6 December 2019	94.28	91.78	110.92	107.41
13 December 2019	94.00	91.88	109.18	107.01
20 December 2019	93.55	92.39	107.96	106.74
27 December 2019	93.45	92.38	107.80	106.75
3 January 2020	92.52	91.53	107.55	106.25
10 January 2020	92.73	91.96	107.23	105.84
17 January 2020	92.89	92.86	107.09	104.89
24 January 2020	93.40	92.52	106.98	105.43
31 January 2020	93.92	91.90	107.28	105.44
7 February 2020	94.58	92.39	106.60	106.60
14 February 2020	94.47	92.68	106.36	106.35
21 February 2020	94.23	93.79	106.60	106.87
28 February 2020	94.87	92.72	109.87	106.89
6 March 2020	95.27	90.21	112.22	105.83
13 March 2020	98.08	88.41	122.42	106.40
20 March 2020	101.79	91.62	134.04	107.45
27 March 2020	101.73	93.13	138.16	108.02
3 April 2020	100.71	90.97	137.81	108.10
10 April 2020	99.72	91.73	136.51	107.56
17 April 2020	99.82	90.68	136.04	107.67
24 April 2020	100.38	90.84	139.71	107.92
1 May 2020	99.61	90.19	139.00	107.82
8 May 2020	99.83	89.83	136.86	107.89
15 May 2020	100.06	90.51	137.34	108.13
22 May 2020	99.24	90.76	132.33	108.36
29 May 2020	98.17	90.90	126.90	108.93
5 June 2020	96.13	91.76	123.96	108.32
12 June 2020	95.86	90.70	125.54	107.79
19 June 2020	96.71	90.39	128.07	107.98
26 June 2020	96.80	90.21	129.20	107.80
3 July 2020	96.91	90.82	130.45	107.79
10 July 2020	96.56	90.54	128.79	106.79
17 July 2020	96.51	90.37	127.86	106.63
24 July 2020	95.62	90.09	127.48	106.66
31 July 2020	95.28	88.81	125.83	106.65
7 August 2020	94.95	89.25	128.34	106.13
14 August 2020	94.45	89.89	127.05	105.91
21 August 2020	93.85	89.24	125.92	105.51
28 August 2020	93.62	89.47	125.24	105.11
4 September 2020	93.04	89.53	123.94	104.28
11 September 2020	93.77	89.57	122.35	104.20
18 September 2020	93.83	88.66	119.89	103.28
25 September 2020	95.03	88.79	125.34	103.79
2 October 2020	94.97	89.05	126.26	103.65
9 October 2020	94.18	89.28	122.04	103.22
16 October 2020	93.80	88.90	121.56	102.44
23 October 2020	93.49	88.64	119.94	101.76
30 October 2020	94.49	88.24	120.40	102.30
6 November 2020	93.34	87.87	119.71	101.31
13 November 2020	92.96	88.75	116.56	100.84
20 November 2020	93.07	87.78	115.27	100.13
27 November 2020	92.80	88.16	114.25	100.37
4 December 2020	91.87	87.97	113.85	99.95
11 December 2020	90.94	87.86	113.38	99.67
18 December 2020	90.76	87.39	114.02	99.68
25 December 2020	91.56	87.36	114.33	99.77
1 January 2021	91.06	87.30	113.70	99.52
8 January 2021	90.50	87.23	113.36	98.57
15 January 2021	90.48	87.70	113.15	98.67
22 January 2021	90.30	87.53	112.70	98.68
29 January 2021	90.85	87.85	115.05	98.49
5 February 2021	91.12	88.77	115.49	98.56
12 February 2021	90.43	88.46	114.17	98.34
19 February 2021	90.22	89.23	115.76	98.55
26 February 2021	89.64	89.28	118.06	98.51
5 March 2021	89.85	90.49	118.84	98.69
12 March 2021	89.66	91.72	119.80	99.21
19 March 2021	88.76	92.01	117.32	99.16
26 March 2021	89.41	91.94	117.83	99.50
2 April 2021	89.56	93.13	116.58	100.08
9 April 2021	89.36	92.56	114.92	99.85
16 April 2021	89.17	92.00	114.04	99.59
23 April 2021	89.07	91.20	113.19	99.04
30 April 2021	87.87	91.77	114.04	98.76
7 May 2021	87.09	92.04	114.85	98.54
14 May 2021	86.17	92.09	113.71	98.14
21 May 2021	85.89	91.92	113.14	98.08
28 May 2021	86.01	92.23	113.48	97.47
4 June 2021	85.90	92.55	113.69	97.41
11 June 2021	86.14	92.41	112.71	97.49
18 June 2021	87.24	92.90	115.44	97.88
25 June 2021	87.75	93.42	115.45	98.62
2 July 2021	88.05	93.65	113.22	98.53

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily data and extend through July 2, 2021. As indicated by the leftmost arrow, increases in the data reflect U.S. dollar appreciation and decreases reflect U.S. dollar depreciation.

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

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Last Update: July 30, 2021

Monetary Policy Report – July 2021