Presentation Materials (PDF)

Pages 228 to 281 of the Transcript

Appendix 1: Materials used by Ms. Yellen

Material for
Action on Proposed Adjustments to External Communications Policy for System Staff

June 19, 2012

Class I FOMC - Restricted Controlled (FR)

FOMC Policy on External Communications of Federal Reserve System Staff1

[Note: In the June Materials, emphasis (strike-through) indicates strike-through text in the original document, and strong emphasis (bold) indicates bold red underlined text in the original document.]

Preamble

In the course of making monetary policy decisions, the Federal Open Market Committee (FOMC) makes extensive use of background materials prepared by the staff of the Federal Reserve System, and senior staff give regular briefings at FOMC meetings. In addition, staff are directly involved in the implementation and communication of the Committee's policy decisions.

Federal Reserve System staff have contacts with members of the public in the process of gathering information about current economic and financial conditions. In addition, staff synthesize that information using a variety of analytical methods and statistical tools, and the continual refinement of these methods and tools is facilitated by ongoing interactions with academic researchers, staff at foreign central banks, and other outside analysts. Finally, staff play a significant role in helping the public understand the rationale for FOMC decisions. The principles described below recognize the importance of these activities for monetary policymaking and are not intended to inhibit the staff from conducting or broadly disseminating economic research or from carrying out other appropriate communications with members of the public.

To reinforce the public's confidence in the transparency and integrity of the monetary policy process, the FOMC has established the following principles to govern the public contacts of Federal Reserve System staff who have access to confidential FOMC information.2 The FOMC maintains responsibility for ensuring that all System staff with such access abide by these principles. Specifically, the President of each Federal Reserve Bank is responsible for ensuring the confidentiality of FOMC information at that Bank and for the conduct and discretion of that Bank's staff with regard to the use of that information, and the Chairman fulfills this role for Board staff.

1 This document complements the FOMC policy regarding the external communications of Committee participants, which is set forth in a separate document. Return to text

2 This policy is fully consistent with and complements the rules for ethical conduct prescribed for the staff of the Board of Governors and for staff at each Federal Reserve Bank. Return to text

General Principles

  1. Federal Reserve staff play a significant role in enhancing public understanding of the FOMC's actions, thereby promoting the effectiveness of monetary policy. In all communications with the public regarding monetary policy issues, members of the official staff should refrain from publicly expressing their own personal opinions or predictions views regarding prospective monetary policy decisions and should never speculate about future monetary policy decisions or actions that have not been announced by the Committee. In explaining the rationale for announced FOMC decisions, staff should draw on Committee communications, the Chairman's press conference remarks, and other published materials as appropriate. Whenever staff make public comments on monetary policy, they should clearly indicate that those comments are solely their own responsibility and should not be interpreted as necessarily representing the views of the FOMC, its principals, or any other person associated with the Federal Reserve System.
  2. To foster the ongoing frank exchange of views at FOMC meetings, staff will refrain from characterizing such discussions--apart from what has been published in the minutes of each FOMC meeting--in any contact with an individual, firm, or organization outside of the Federal Reserve System.
  3. To protect the independence of the FOMC's decision‐making process from short‐term political pressures, members of the official staff of the Board and Reserve Banks will follow their respective codes of conduct regarding partisan political activities and strive to avoid any appearance of political partisanship when discussing economic or policy issues in their contacts with the public.
  4. Staff will carefully safeguard all confidential FOMC information.3 No confidential information may be released except pursuant to Committee instructions or with written authorization from the Chairman and prompt notification to the Committee.
  5. To ensure that no member of the public is able to profit financially from acquiring nonpublic information about economic and financial conditions or about the methods and tools that are currently being used to assess those conditions, staff will not provide such information to any individual, firm, or organization outside of the Federal Reserve System unless the information has been cleared for publication and is made widely available to the public. Unless the information has been made widely available to the public, Federal Reserve staff members will refrain from disseminating information outside the Federal Reserve System, such as information about economic and financial conditions or about the methods and tools that are currently being used to assess those conditions, that might allow an individual, firm, or organization to profit financially.
  6. Staff will strive to ensure that their contacts with members of the public do not provide any profitmaking person, firm, or organization with a prestige advantage over its competitors. They will consider this principle carefully and rigorously in considering invitations to speak at meetings sponsored by profitmaking organizations and in scheduling meetings with anyone who might benefit financially from apparently‐exclusive contacts with Federal Reserve staff.
  7. To facilitate the effectiveness of the Committee's policy deliberations and the clarity of its communications, staff will observe the blackout period on monetary policy communication that begins on the Tuesday morning of the week at midnight Eastern time seven days prior to each regularly-scheduled FOMC meeting and ends at midnight Eastern Time on the Thursday following next day after the meeting. During each blackout period, staff will refrain from providing information expressing their views or providing analysis to members of the public about macroeconomic or financial developments or about current or prospective monetary policy issues unless that information has already been cleared for publication and made widely available to the public prior to the blackout period. Staff will be able to carry out their responsibilities for public dissemination of published Federal Reserve data and System surveys and reports, including answering technical questions specific to a data release.
  8. In carrying out their official responsibilities, Federal Reserve staff engage in certain closely‐held communications with other parts of the U.S. government, with foreign central banks and governments, and with international organizations such as the International Monetary Fund and the Bank for International Settlements. In communicating with individuals from such institutions, staff may exchange views on current economic and financial conditions or discuss policy‐related matters of interest to the Federal Reserve, including nonpublic information, and such communications are not subject to the blackout period described above. In all such interactions, however, no confidential FOMC information may be released except pursuant to Committee instructions or with written authorization from the Chairman and prompt notification to the Committee.

3 The Committee's regulations concerning the designation and handling of confidential FOMC information are set forth in a separate document, "Program for Security of FOMC Information." Return to text

Practical Examples

To assist Federal Reserve System staff in understanding the application of these principles, the FOMC has considered how the principles should be applied to some common requests for public contact. For example, the following contacts would generally be consistent with the Committee's policy on external communications, as long as the staff member carefully adheres to all of the principles listed above during the contact itself:

  1. A presentation at a widely‐attended meeting, where the event is organized by a non‐profit entity and does not involve fundraising. Such a meeting might be sponsored by an academic institution, non‐profit organization, or civic or trade association (such as a chamber of commerce or a state or national bankers' association).
  2. A private meeting with members of the public--such as bankers, community representatives, industry representatives, or labor representatives--to collect information about current economic and financial conditions, without disseminating any information that is not widely available to the public. Whenever practical, at least two Federal Reserve staff should be present at such a meeting.
  3. A working paper, presentation, or publication that evaluates the effectiveness of monetary policy actions taken in the past.
  4. A discussion between Federal Reserve and Treasury staff (including during the blackout period) regarding recent economic and financial developments in a foreign economy, how to interpret them, and their implications for future developments.

In contrast, the following contacts would not be consistent with the principles set out above:

  1. Disclosure of confidential FOMC information.
  2. Disclosure or characterization of the views expressed at an FOMC meeting.
  3. Disclosure of an FOMC participant's personal views on monetary policy that have not previously been communicated to the public.
  4. Public communications in which a Federal Reserve officer staff member expresses personal opinions about prospective monetary policy decisions.
  5. A prediction to members of the public about Committee action prior to the Committee's announcement of such decisions.
  6. A private meeting with selected clients of a regulated entity or financial firm to discuss monetary policy.

Of course, the foregoing examples are not intended to serve as an exhaustive list, and hence good judgment will be essential in applying these principles. Moreover, whenever staff are unsure about whether specific contacts with the public would be appropriate, they should consult in advance with the appropriate staff person or with the head of their respective institution--namely, the Chairman in the case of staff at the Board of Governors, and the President in the case of staff at a Federal Reserve Bank.

Appendix 2: Materials used by Ms. Yellen

Material for
Discussion on Developing a Consensus Forecast and Quarterly Monetary Policy Report (QMPR)

June 19, 2012

Class I FOMC - Restricted Controlled (FR)

Questions for FOMC Discussion on Developing a Consensus Forecast and Quarterly Monetary Policy Report (QMPR)

June 19, 2012

  1. Do you think that the development of an FOMC consensus forecast and QMPR would comprise a significant enhancement to the Committee's policy communications?
  2. If the Committee decides to explore this initiative further, does it seem reasonable that the Chairman would consult with the Committee in developing the consensus forecast but would have ultimate responsibility for the consensus forecast and the accompanying narrative in the QMPR, which would also convey the diversity of participants' views?
  3. Would it be worthwhile to conduct an experimental exercise in conjunction with the July FOMC meeting before deciding whether to proceed any further with this initiative?

Appendix 3: Materials used by Mr. Sack

Material for
Financial Market Developments and Desk Operations

Brian Sack
June 19, 2012

Class I FOMC - Restricted Controlled (FR)

Exhibit 1

Top-left panel
(1)

Title: Equity Prices
Series: S&P 500 Index, Euro Stoxx Index, MSCI Emerging Market Index
Horizon: April 1, 2011 - June 15, 2012
Description: The intermeeting pullback from riskier assets was evident in global equity prices; the S&P 500 Index fell over 2 percent over the period, and equity price declines in Europe and emerging markets were even steeper.

Source: Bloomberg

Top-right panel
(2)

Title: Commodity Prices
Series: Front-month Brent crude oil price per barrel, CRB Commodity Index
Horizon: April 1, 2011 - June 15, 2012
Description: Commodity prices, and crude oil in particular, fell significantly over the intermeeting period, reflecting further concerns about the global economic outlook.

Source: Bloomberg

Middle-left panel
(3)

Title: Macroeconomic Conditions That Would Prompt First Rate Hike
Series: 30-year, 10-year, and 2-year Treasury yields
Horizon: April 1, 2011 - June 15, 2012
Description: U.S. Treasury yields continued to decline over the period, with the ten- and thirty-year yields falling about 40 basis points.

Source: Bloomberg

Middle-right panel
(4)

Title: Term Premium for Ten-Year Treasury Yield
Series: Estimate of term premium embedded in zero-coupon ten-year Treasury yield, as estimated by Kim-Wright model
Horizon: January 1, 1997 - June 15, 2012
Description: A combination of flight-to-safety flows and anticipated Federal Reserve balance sheet actions pushed the estimated term premium further below its historical average, as the Kim-Wright term premium estimate stands at around -80 basis points.

*Estimate from Kim-Wright model.
Source: Federal Reserve Board of Governors

Bottom-left panel
(5)

Title: Implied Federal Funds Rate Path
Series: Implied federal funds rate path derived from federal funds futures and eurodollar futures
Horizon: June 15, 2012 - December 31, 2015
Description: The expected path of the federal funds rate decreased over the intermeeting period, with the market now pricing in more significant odds that the rate will not begin to rise until late 2014 or early 2015.

*Derived from federal funds futures and eurodollar futures.
Source: Bloomberg, Federal Reserve Bank of New York

Bottom-right panel
(6)

Title: Probability Distribution of First Increase in Federal Funds Target Rate
Series: Average probabilities of first increase in federal funds target rate by half-year, as assessed in April and April June Reserve Bank of New York Surveys of primary dealers
Horizon: H1 2012 - ≥ H2 2016
Description: Dealer survey respondents place sizable odds on policy remaining on hold for a long period, with the distribution of expectations for the first federal funds target rate increase shifting out even further over the intermeeting period. While dealers continue to assign the highest probability to the first increase in the federal funds rate coming in the second half of 2014, the distribution now shows greater odds assigned to even later lift-off dates.

*Average probabilities from dealer responses.
Source: Federal Reserve Bank of New York Survey

Exhibit 2

Top-left panel
(7)

Title: Greek Borrowing from Central Bank as Percent of Banking Sector Liabilities
Series: Greek bank borrowing from ECB and Bank of Greece (including regular ECB operations and funding under ELA arrangements) as percent of Greek banking sector liabilities
Horizon: June 1, 2008 - April 30, 2012
Description: Greece is dependent on the Eurosystem's willingness to provide liquidity to its banks, as Greek bank obligations to the Eurosystem total nearly 1/3 of bank liabilities.

*Includes regular ECB operations and funding under ELA arrangements.
Source: Bank of Greece

Top-right panel
(8)

Title: Euro Area Sovereign Debt Spreads
Series: Spanish and Italian 10-year spreads to Germany
Horizon: April 1, 2011 - June 15, 2012
Description: Sovereign debt spreads for peripheral European countries have increased significantly in the past two months, with Spanish spreads now somewhat higher than Italian spreads.

*10-year spreads to Germany.
Source: Bloomberg

Middle-left panel
(9)

Title: Bank Holdings of Domestic Sovereign Debt (Monthly Changes)
Series: Monthly changes in Spanish, Italian bank holdings of domestic sovereign debt
Horizon: 2010 - April 2012
Description: Spanish and Italian banks increased their holdings of own-country sovereign debt earlier in the year. However, those purchases slowed in April toward longer-term averages, indicating that those banks may be reluctant to increase their holdings further.

*April data represent change in holdings of all euro area sovereign debt, rather than only home sovereign.
Source: Bank of Spain, Bank of Italy, ECB

Middle-right panel
(10)

Title: Euro-Dollar Exchange Rate
Series: Spot euro-dollar exchange rate
Horizon: April 1, 2011 - June 15, 2012
Description: The broad deterioration in investor sentiment towards the euro area has put significant downward pressure on the exchange value of the euro against the dollar, particularly over the most recent intermeeting period.

Source: Bloomberg

Bottom-left panel
(11)

Title: Dollar Funding Spreads to OIS
Series: 3-month euro Libor rate swapped to dollars, 3-month 3-month forward Libor, 3-month spot Libor
Horizon: April 1, 2011 - June 15, 2012
Description: Despite the risks surrounding the euro area, widespread signs of stress have not emerged in short-term funding markets. Dollar funding markets generally remained stable over the intermeeting period.

*Euro Libor rate swapped to dollars.
Source: Bloomberg, Federal Reserve Bank of New York

Bottom-right panel
(12)

Title: U.S. Financial CDS Spreads
Series: Five-year CDS spreads for Morgan Stanley, Goldman Sachs, Citigroup, J.P. Morgan
Horizon: April 1, 2011 - June 15, 2012
Description: CDS spreads for U.S. financial institutions widened over the intermeeting period.

Source: Bloomberg

Exhibit 3

Top-left panel
(13) Operations for Maturity Extension Program (Through 06/18/12)

Purchases Sales
Par Amount ($ Bil.) 380.4 383.5
Duration (Years) 10.5 1.5
10-Year Equivalents ($ Bil.) 479.3 69.1
Number of Operations 121 52
Bid-to-Cover (Median) 3.0 7.1

Top-right panel
(14)

Title: Probability of Additional Policy Actions
Series: Federal Reserve Bank of New York survey additional policy action responses by primary dealers
Horizon: Current meeting, 1 year
Description: The Desk's primary dealer survey shows that market participants see high probabilities of further policy steps over the coming year, with meaningful probabilities assigned to this meeting. Specifically, the median respondent saw a 35 percent chance of a further increase in the duration of the SOMA portfolio at this meeting and a 25 percent chance of an increase in the size of the portfolio. The chance of the FOMC taking at least one of those two actions at this meeting was put at 50 percent.

Source: Federal Reserve Bank of New York Survey

Middle-left panel
(15)

Title: SOMA Treasury Holdings (Par Values)
Series: Pre-MEP and projected end-June SOMA holdings with 0-3 years to maturity, with 3-6 years to maturity, and with 6-30 years to maturity
Horizon: September 30, 2011 & June 30, 2012
Description: SOMA holdings of securities with remaining maturities of 3 years or less will have declined about 70 percent by the end of June as a result of the current MEP, to around $200 billion. Meanwhile, holdings of securities with 3 to 6 years to maturity will have increased slightly, while those with greater than 6 years to maturity will have increased to nearly $900 billion.

Source: Bloomberg, Federal Reserve Bank of New York

Middle-right panel
(16) SOMA Treasury Holdings as Percent of Outstanding

Percent

Maturity
Range
Pre-MEP Current MEP
End-June
Extended MEP
End-Dec.
0-3 Years 11 4 0
3-6 Years 23 25 26
6-30 Years 24 30 33

Bottom-left panel
(17)

Title: Shorter-Term Interest Rates
Series: 2-year Treasury yield, overnight Treasury repo rate, federal funds rate
Horizon: July 1, 2011 - June 15, 2012
Description: The Treasury repo rate has risen gradually over the course of this year to around 25 basis points, and the federal funds rate has been pulled up as well, rising to over 15 basis points most recently. The 2-year Treasury yield has remained at roughly 30 basis points.

Source: Bloomberg, Federal Reserve Bank of New York

Bottom-right panel
(18)

Title: SOMA Portfolio Holdings
Series: SOMA portfolio size: realized values, and values as projected by median dealer in Federal Reserve Bank of New York survey for group of dealers expecting an LSAP and group not expecting an LSAP
Horizon: January 1, 2007 - January 1, 2017
Description: The median survey response among dealers expecting further Federal Reserve balance sheet expansion over the next couple years indicated a belief that that LSAP would be just above $500 billion in size. Meanwhile, those not expecting an LSAP see the portfolio size leveling off and beginning to decline over the next few years.

*Median response of dealers in the category listed.
Source: Federal Reserve Bank of New York Survey


Appendix 4: Materials used by Messrs. Bowman, Lebow, and Palumbo

Material for:
Staff Presentation on the Economic Outlook

June 19-20, 2012

Class II FOMC - Restricted (FR)

Exhibit 1
Euro-Area Baseline

Top-left panel
Contributions to GDP Growth

Percent change, annual rate

Quarter GDP Growth Domestic Demand Net exports
2011:Q1 2.80 1.80 1.00
2011:Q2 0.40 -0.28 0.68
2011:Q3 0.40 -0.92 1.32
2011:Q4 -1.20 -2.88 1.68
2012:Q1 0.00 -1.60 1.60

Top-right panel
Composite PMIs

50+ = expansion

Quarter Italy Spain Euro Area Germany
2007:Q1 57.75 55.72 57.54 58.74
2007:Q2 55.90 56.41 57.19 57.99
2007:Q3 53.84 55.81 56.52 57.56
2007:Q4 51.46 51.97 54.02 53.54
2008:Q1 44.84 49.26 52.12 52.86
2008:Q2 41.37 48.34 50.77 54.36
2008:Q3 38.00 46.65 47.60 50.39
2008:Q4 29.67 38.78 40.24 41.56
2009:Q1 31.28 36.38 37.59 37.54
2009:Q2 40.27 42.00 43.23 42.72
2009:Q3 45.45 46.30 49.52 51.78
2009:Q4 46.52 52.38 53.62 53.38
2010:Q1 49.39 53.19 54.42 56.34
2010:Q2 52.18 54.01 56.58 57.45
2010:Q3 50.36 52.02 55.67 57.35
2010:Q4 48.09 52.76 54.94 58.43
2011:Q1 50.54 54.82 57.59 60.88
2011:Q2 50.12 51.30 55.63 57.54
2011:Q3 45.03 48.25 50.30 51.44
2011:Q4 40.66 44.00 47.23 50.33
2012:Q1 44.97 45.32 49.60 52.89
2012:Q2 41.60 43.07 46.34 49.89

Middle-left panel
Staff Euro-area GDP Forecast

Percent change, annual rate

Quarter Dec. 2011 TB June 2012 TB Apr. 2012 TB
2011:Q1 3.1 2.9 3.1
2011:Q2 0.7 0.6 0.6
2011:Q3 0.6 0.6 0.5
2011:Q4 -1.0 -1.2 -1.3
2012:Q1 -2.0 0.1 -0.8
2012:Q2 -1.8 -1.2 -0.9
2012:Q3 -1.2 -1.5 -0.7
2012:Q4 -0.5 -1.6 -0.3
2013:Q1 0.1 -1.0 0.5
2013:Q2 0.4 -0.5 0.8
2013:Q3 0.6 0.0 1.3
2013:Q4 1.0 0.4 1.4

Middle-right panel
General Government Debt to GDP

Percent of annualized GDP

Quarter Euro Area Spain Ireland
2002:Q1 69.40 54.70 34.00
2002:Q2 69.50 54.30 34.00
2002:Q3 69.20 53.20 33.80
2002:Q4 68.30 52.60 30.90
2003:Q1 69.70 51.30 31.90
2003:Q2 70.40 51.40 32.80
2003:Q3 70.70 49.70 32.60
2003:Q4 69.60 48.80 31.30
2004:Q1 71.00 48.70 31.60
2004:Q2 71.70 48.10 32.40
2004:Q3 71.50 46.70 31.20
2004:Q4 70.00 46.30 29.60
2005:Q1 71.40 46.00 29.70
2005:Q2 72.10 44.80 29.90
2005:Q3 71.60 43.70 29.20
2005:Q4 71.00 43.20 27.50
2006:Q1 71.30 42.30 27.90
2006:Q2 71.20 41.00 27.50
2006:Q3 70.70 40.70 26.10
2006:Q4 69.20 39.70 24.80
2007:Q1 69.50 39.60 24.90
2007:Q2 69.50 39.10 24.50
2007:Q3 68.40 37.70 28.60
2007:Q4 66.70 36.30 24.80
2008:Q1 67.80 35.50 27.50
2008:Q2 68.10 36.00 32.40
2008:Q3 68.20 36.90 38.70
2008:Q4 70.50 40.20 44.20
2009:Q1 74.40 43.50 51.20
2009:Q2 77.50 47.50 59.50
2009:Q3 79.30 50.20 62.30
2009:Q4 80.00 53.90 65.10
2010:Q1 81.70 55.70 78.30
2010:Q2 83.20 57.80 78.40
2010:Q3 83.30 58.80 88.40
2010:Q4 85.70 61.20 92.50
2011:Q1 86.80 64.70 100.40
2011:Q2 87.70 66.10 102.30
2011:Q3 87.40 66.00 104.50
2011:Q4 88.00 68.50 108.20
2012:Q1 91.80 ND 116.10
2012:Q2 ND ND ND
2012:Q3 ND ND ND
2012:Q4 ND ND ND

Bottom-left panel
Baseline Assumptions

Bottom-right panel
Projected Euro-area GDP Growth

Percent

2012 2013
1. Staff -0.7 -0.9
2. Consensus -0.4 0.7
3. ECB -0.1 1.0

Exhibit 2
Euro-Area Risks

Top panel
Potential Sources of Risk

Middle-left panel
GDP Performance

Peak = 100

Date Argentina GDP Greek GDP
January 2011 100.00 100.00
February 2011 99.70 99.19
March 2011 97.15 98.10
April 2011 95.94 97.10
May 2011 94.85 96.51
June 2011 94.59 97.14
July 2011 96.16 95.31
August 2011 95.84 94.09
September 2011 94.30 92.56
October 2011 94.06 89.97
November 2011 94.34 90.11
December 2011 94.50 89.45
January 2012 93.72 88.72
February 2012 89.36 84.45
March 2012 84.27 84.54
April 2012 ND ND
May 2012 ND ND
June 2012 ND ND

Middle-center panel
Deposits and External Liabilities

Basic points

Date Spain Italy
January 2011 2046.43 1607.85
February 2011 2047.62 1610.76
March 2011 2067.09 1596.57
April 2011 2063.14 1605.18
May 2011 2058.48 1602.72
June 2011 2085.03 1602.69
July 2011 2050.14 1585.28
August 2011 2018.83 1579.66
September 2011 2034.86 1585.16
October 2011 1991.66 1587.90
November 2011 1984.66 1544.54
December 2011 1974.43 1559.04
January 2012 1954.30 1556.23
February 2012 1934.56 1582.75
March 2012 1928.63 1583.82
April 2012 1884.73 1587.38
May 2012 ND ND
June 2012 ND ND

Middle-right panel
Bank CDS Premiums

Millions of square meters

Date Spain Italy
3 January 2011 318.75 194.30
4 January 2011 309.75 185.58
5 January 2011 323.17 195.19
6 January 2011 350.81 223.02
7 January 2011 363.33 238.27
10 January 2011 376.54 248.00
11 January 2011 368.30 242.65
12 January 2011 354.57 225.45
13 January 2011 350.27 216.11
14 January 2011 364.92 227.91
17 January 2011 366.57 231.27
18 January 2011 364.68 232.89
19 January 2011 352.22 222.18
20 January 2011 343.64 223.19
21 January 2011 331.80 214.40
24 January 2011 320.04 201.30
25 January 2011 327.01 213.62
26 January 2011 325.36 211.68
27 January 2011 331.73 217.82
28 January 2011 321.69 209.42
31 January 2011 311.93 204.66
1 February 2011 287.66 195.95
2 February 2011 289.16 195.20
3 February 2011 281.57 199.70
4 February 2011 269.89 197.24
7 February 2011 271.18 197.06
8 February 2011 276.15 201.74
9 February 2011 270.36 196.17
10 February 2011 273.54 202.50
11 February 2011 277.99 203.84
14 February 2011 286.15 213.47
15 February 2011 285.66 209.88
16 February 2011 272.98 200.22
17 February 2011 274.23 200.54
18 February 2011 282.56 200.35
21 February 2011 292.87 204.01
22 February 2011 291.98 204.72
23 February 2011 292.81 203.26
24 February 2011 296.16 207.96
25 February 2011 289.88 200.48
28 February 2011 282.63 196.24
1 March 2011 276.68 187.40
2 March 2011 277.29 190.80
3 March 2011 276.29 189.13
4 March 2011 282.77 191.33
7 March 2011 287.04 197.01
8 March 2011 286.22 196.57
9 March 2011 291.83 200.89
10 March 2011 296.46 206.18
11 March 2011 305.82 210.16
14 March 2011 290.99 201.34
15 March 2011 287.58 204.64
16 March 2011 282.04 200.98
17 March 2011 270.15 194.96
18 March 2011 263.96 187.28
21 March 2011 258.67 183.44
22 March 2011 262.00 188.84
23 March 2011 263.67 194.16
24 March 2011 258.73 188.87
25 March 2011 257.50 188.75
28 March 2011 254.02 187.46
29 March 2011 245.72 180.52
30 March 2011 246.48 183.72
31 March 2011 253.70 186.96
1 April 2011 243.17 175.07
4 April 2011 235.19 168.99
5 April 2011 231.10 160.01
6 April 2011 215.95 149.29
7 April 2011 216.24 151.46
8 April 2011 211.52 147.58
11 April 2011 210.58 146.98
12 April 2011 215.94 150.01
13 April 2011 222.42 152.65
14 April 2011 232.95 157.79
15 April 2011 244.27 162.17
18 April 2011 262.88 169.56
19 April 2011 253.89 161.41
20 April 2011 248.18 154.52
21 April 2011 252.18 157.86
22 April 2011 252.16 157.94
25 April 2011 252.16 157.78
26 April 2011 254.56 158.56
27 April 2011 252.68 158.52
28 April 2011 243.89 153.00
29 April 2011 243.52 153.01
2 May 2011 243.80 152.81
3 May 2011 242.58 151.12
4 May 2011 239.44 146.14
5 May 2011 247.33 148.81
6 May 2011 254.84 149.85
9 May 2011 266.53 155.56
10 May 2011 264.60 152.41
11 May 2011 261.79 151.40
12 May 2011 264.42 153.12
13 May 2011 263.44 148.90
16 May 2011 260.93 149.60
17 May 2011 264.07 152.01
18 May 2011 267.12 154.71
19 May 2011 269.31 154.73
20 May 2011 274.73 160.70
23 May 2011 287.56 170.25
24 May 2011 284.14 171.26
25 May 2011 280.13 172.43
26 May 2011 280.45 171.27
27 May 2011 282.93 174.83
30 May 2011 283.08 174.91
31 May 2011 281.54 174.09
1 June 2011 278.23 173.66
2 June 2011 283.32 179.02
3 June 2011 280.08 181.29
6 June 2011 279.28 181.11
7 June 2011 276.58 178.85
8 June 2011 284.59 189.00
9 June 2011 289.43 193.96
10 June 2011 296.40 204.65
13 June 2011 300.39 212.20
14 June 2011 290.41 196.61
15 June 2011 295.42 209.30
16 June 2011 303.81 213.83
17 June 2011 295.03 202.36
20 June 2011 299.45 207.69
21 June 2011 290.49 196.86
22 June 2011 295.22 204.17
23 June 2011 310.28 217.60
24 June 2011 315.79 235.98
27 June 2011 321.09 241.48
28 June 2011 314.35 232.24
29 June 2011 304.95 223.65
30 June 2011 289.89 208.83
1 July 2011 288.05 210.00
4 July 2011 289.11 216.56
5 July 2011 294.66 223.38
6 July 2011 310.03 239.59
7 July 2011 308.67 234.56
8 July 2011 316.79 256.41
11 July 2011 341.11 295.50
12 July 2011 332.35 293.69
13 July 2011 326.69 300.08
14 July 2011 330.69 303.97
15 July 2011 356.90 330.52
18 July 2011 365.32 344.50
19 July 2011 350.59 335.39
20 July 2011 332.36 308.22
21 July 2011 315.06 283.55
22 July 2011 308.87 270.07
25 July 2011 317.27 283.72
26 July 2011 316.19 281.69
27 July 2011 321.86 293.19
28 July 2011 319.67 292.27
29 July 2011 331.71 297.83
1 August 2011 333.66 314.51
2 August 2011 349.10 333.30
3 August 2011 359.16 347.92
4 August 2011 377.35 366.59
5 August 2011 379.35 377.12
8 August 2011 374.47 379.11
9 August 2011 373.61 381.60
10 August 2011 387.02 397.42
11 August 2011 397.38 393.03
12 August 2011 385.90 366.07
15 August 2011 376.13 343.21
16 August 2011 381.09 342.92
17 August 2011 369.68 318.99
18 August 2011 390.70 342.56
19 August 2011 394.12 360.01
22 August 2011 400.26 377.72
23 August 2011 412.57 391.97
24 August 2011 408.25 385.20
25 August 2011 397.19 368.82
26 August 2011 398.86 375.65
29 August 2011 398.78 375.53
30 August 2011 390.82 377.65
31 August 2011 366.47 350.17
1 September 2011 370.37 350.43
2 September 2011 384.16 379.11
5 September 2011 402.76 418.90
6 September 2011 414.06 428.59
7 September 2011 403.24 418.65
8 September 2011 400.64 422.47
9 September 2011 425.94 448.51
12 September 2011 445.63 497.81
13 September 2011 438.00 490.01
14 September 2011 423.58 475.31
15 September 2011 401.78 446.38
16 September 2011 395.69 433.05
19 September 2011 418.43 482.00
20 September 2011 418.44 494.89
21 September 2011 412.15 481.73
22 September 2011 434.09 515.02
23 September 2011 427.03 509.09
26 September 2011 416.61 497.29
27 September 2011 402.91 464.47
28 September 2011 394.76 459.65
29 September 2011 412.95 448.13
30 September 2011 421.55 459.86
3 October 2011 428.32 469.10
4 October 2011 435.72 485.89
5 October 2011 418.82 460.45
6 October 2011 411.71 435.70
7 October 2011 411.33 431.30
10 October 2011 395.15 415.39
11 October 2011 390.68 404.53
12 October 2011 388.18 398.04
13 October 2011 401.30 409.45
14 October 2011 400.64 412.03
17 October 2011 400.10 404.32
18 October 2011 402.96 408.60
19 October 2011 399.12 402.14
20 October 2011 415.39 409.75
21 October 2011 405.97 400.66
24 October 2011 405.89 399.33
25 October 2011 405.22 400.31
26 October 2011 402.41 403.16
27 October 2011 376.82 360.72
28 October 2011 364.78 353.55
31 October 2011 376.89 370.72
1 November 2011 401.60 427.01
2 November 2011 393.52 411.05
3 November 2011 388.03 400.45
4 November 2011 393.56 411.11
7 November 2011 397.12 420.57
8 November 2011 399.74 436.54
9 November 2011 412.54 488.02
10 November 2011 421.39 500.04
11 November 2011 409.97 484.21
14 November 2011 416.59 501.20
15 November 2011 453.36 541.89
16 November 2011 451.55 539.71
17 November 2011 472.98 570.60
18 November 2011 474.81 554.20
21 November 2011 495.49 570.34
22 November 2011 498.08 579.93
23 November 2011 522.61 634.09
24 November 2011 523.67 659.96
25 November 2011 540.12 685.09
28 November 2011 514.00 656.55
29 November 2011 517.82 664.90
30 November 2011 484.57 611.24
1 December 2011 456.28 583.92
2 December 2011 438.76 558.83
5 December 2011 415.23 531.08
6 December 2011 414.16 533.20
7 December 2011 418.95 536.89
8 December 2011 435.72 562.76
9 December 2011 454.57 582.45
12 December 2011 469.83 602.46
13 December 2011 468.45 598.92
14 December 2011 489.10 612.89
15 December 2011 478.94 599.23
16 December 2011 473.95 586.92
19 December 2011 472.20 586.06
20 December 2011 460.70 579.03
21 December 2011 449.71 556.46
22 December 2011 441.47 546.24
23 December 2011 440.11 543.30
26 December 2011 440.39 543.45
27 December 2011 440.17 542.06
28 December 2011 438.08 540.45
29 December 2011 438.67 541.33
30 December 2011 433.33 537.58
2 January 2012 433.94 537.97
3 January 2012 422.32 519.19
4 January 2012 431.31 525.84
5 January 2012 445.00 547.44
6 January 2012 453.93 567.68
9 January 2012 454.52 567.92
10 January 2012 439.14 539.63
11 January 2012 430.79 532.79
12 January 2012 421.85 511.49
13 January 2012 425.19 522.05
16 January 2012 421.58 513.61
17 January 2012 406.68 497.69
18 January 2012 399.99 478.25
19 January 2012 369.63 442.66
20 January 2012 353.93 431.38
23 January 2012 347.77 415.33
24 January 2012 351.73 427.40
25 January 2012 350.93 423.20
26 January 2012 331.86 394.80
27 January 2012 321.79 393.14
30 January 2012 335.52 404.11
31 January 2012 333.24 388.79
1 February 2012 322.08 364.00
2 February 2012 319.15 356.93
3 February 2012 310.35 339.57
6 February 2012 299.73 315.49
7 February 2012 291.81 302.44
8 February 2012 304.30 314.00
9 February 2012 310.89 329.21
10 February 2012 330.17 348.99
13 February 2012 330.71 345.76
14 February 2012 339.16 360.22
15 February 2012 356.54 381.09
16 February 2012 351.54 380.29
17 February 2012 339.22 361.78
20 February 2012 329.66 350.13
21 February 2012 335.18 355.46
22 February 2012 339.50 365.19
23 February 2012 338.73 365.22
24 February 2012 325.77 358.36
27 February 2012 327.52 358.65
28 February 2012 309.64 348.48
29 February 2012 307.03 341.74
1 March 2012 305.42 329.17
2 March 2012 310.19 333.07
5 March 2012 322.49 348.47
6 March 2012 342.31 368.65
7 March 2012 335.08 360.34
8 March 2012 326.11 346.62
9 March 2012 327.86 345.65
12 March 2012 332.18 348.33
13 March 2012 327.35 341.96
14 March 2012 321.15 328.80
15 March 2012 328.77 328.39
16 March 2012 322.54 314.88
19 March 2012 318.58 303.76
20 March 2012 333.29 307.87
21 March 2012 363.41 314.12
22 March 2012 382.56 338.87
23 March 2012 390.37 349.48
26 March 2012 387.08 339.88
27 March 2012 381.95 334.78
28 March 2012 393.79 347.42
29 March 2012 413.73 371.89
30 March 2012 413.13 377.32
2 April 2012 405.20 374.49
3 April 2012 403.50 364.01
4 April 2012 428.10 383.66
5 April 2012 442.73 402.60
6 April 2012 443.53 402.62
9 April 2012 444.57 402.55
10 April 2012 469.92 430.27
11 April 2012 466.85 420.99
12 April 2012 452.87 405.94
13 April 2012 468.07 423.46
16 April 2012 472.25 432.00
17 April 2012 464.24 421.99
18 April 2012 470.05 426.99
19 April 2012 471.93 438.38
20 April 2012 473.04 443.64
23 April 2012 483.19 459.02
24 April 2012 479.01 458.77
25 April 2012 465.12 445.17
26 April 2012 469.66 457.08
27 April 2012 463.51 445.53
30 April 2012 464.73 443.23
1 May 2012 455.61 433.29
2 May 2012 459.02 448.93
3 May 2012 459.47 453.89
4 May 2012 459.85 457.30
7 May 2012 459.90 457.62
8 May 2012 472.79 473.70
9 May 2012 488.15 499.12
10 May 2012 485.12 494.90
11 May 2012 486.63 500.69
14 May 2012 511.75 532.91
15 May 2012 517.54 537.58
16 May 2012 514.99 548.02
17 May 2012 530.45 563.54
18 May 2012 530.10 564.67
21 May 2012 527.17 563.48
22 May 2012 511.72 541.60
23 May 2012 520.23 557.37
24 May 2012 510.87 558.97
25 May 2012 511.92 559.02
28 May 2012 508.21 557.47
29 May 2012 499.78 551.77
30 May 2012 515.15 571.62
31 May 2012 511.36 572.01
1 June 2012 520.82 575.06
4 June 2012 520.84 574.46
5 June 2012 520.84 574.41
6 June 2012 511.65 559.09
7 June 2012 500.10 529.12
8 June 2012 503.79 525.92
11 June 2012 499.26 532.22
12 June 2012 514.55 559.41
13 June 2012 510.56 555.65
14 June 2012 520.36 554.38
15 June 2012 509.79 539.15
18 June 2012 531.31 547.18

Bottom-left panel
Target2 Balances

Millions of square meters

Date Germany Italy Spain
January 2010 177.76 77.58 -38.79
February 2010 197.48 62.10 -40.28
March 2010 207.42 48.70 -47.98
April 2010 213.68 43.92 -41.48
May 2010 255.46 35.07 -53.41
June 2010 249.42 21.84 -92.41
July 2010 271.22 33.60 -102.62
August 2010 282.60 28.14 -88.65
September 2010 309.98 15.46 -77.03
October 2010 286.66 29.94 -49.48
November 2010 299.44 30.52 -42.57
December 2010 325.55 3.70 -50.77
January 2011 302.63 27.70 -51.55
February 2011 320.69 19.63 -43.38
March 2011 323.23 0.82 -40.61
April 2011 309.11 12.02 -43.62
May 2011 323.64 13.87 -50.09
June 2011 336.54 6.00 -47.54
July 2011 343.66 -16.31 -53.34
August 2011 390.42 -57.47 -69.88
September 2011 449.61 -103.51 -82.81
October 2011 465.52 -88.60 -93.64
November 2011 495.16 -147.54 -119.54
December 2011 463.31 -191.38 -150.83

Bottom-right panel
10-year EFSF Spread

Basic points

Date EFSF Spread
17 June 2011 55.20
20 June 2011 55.60
21 June 2011 55.60
22 June 2011 56.30
23 June 2011 59.00
24 June 2011 60.40
27 June 2011 61.10
28 June 2011 60.50
29 June 2011 60.60
30 June 2011 58.00
1 July 2011 56.60
4 July 2011 56.70
5 July 2011 56.60
6 July 2011 58.60
7 July 2011 59.90
8 July 2011 62.80
11 July 2011 66.80
12 July 2011 67.40
13 July 2011 67.40
14 July 2011 68.10
15 July 2011 69.90
18 July 2011 71.60
19 July 2011 71.70
20 July 2011 71.60
21 July 2011 68.50
22 July 2011 68.80
25 July 2011 70.90
26 July 2011 72.20
27 July 2011 74.40
28 July 2011 76.70
29 July 2011 83.00
1 August 2011 88.70
2 August 2011 90.80
3 August 2011 91.40
4 August 2011 92.30
5 August 2011 89.30
8 August 2011 90.20
9 August 2011 86.10
10 August 2011 84.50
11 August 2011 81.70
12 August 2011 81.30
15 August 2011 82.50
16 August 2011 83.50
17 August 2011 83.00
18 August 2011 83.70
19 August 2011 84.40
22 August 2011 86.40
23 August 2011 85.90
24 August 2011 84.20
25 August 2011 89.40
26 August 2011 89.00
29 August 2011 88.90
30 August 2011 89.60
31 August 2011 87.40
1 September 2011 87.90
2 September 2011 93.40
5 September 2011 103.60
6 September 2011 102.20
7 September 2011 100.60
8 September 2011 99.40
9 September 2011 99.70
12 September 2011 97.50
13 September 2011 96.40
14 September 2011 96.70
15 September 2011 96.00
16 September 2011 94.20
19 September 2011 94.10
20 September 2011 95.70
21 September 2011 97.00
22 September 2011 104.20
23 September 2011 100.20
26 September 2011 100.50
27 September 2011 96.20
28 September 2011 102.00
29 September 2011 110.10
30 September 2011 111.40
3 October 2011 113.10
4 October 2011 125.10
5 October 2011 124.70
6 October 2011 121.40
7 October 2011 117.80
10 October 2011 112.60
11 October 2011 112.20
12 October 2011 112.90
13 October 2011 111.80
14 October 2011 111.70
17 October 2011 110.40
18 October 2011 121.10
19 October 2011 126.60
20 October 2011 142.00
21 October 2011 138.30
24 October 2011 137.70
25 October 2011 134.30
26 October 2011 129.40
27 October 2011 122.80
28 October 2011 123.20
31 October 2011 131.80
1 November 2011 156.90
2 November 2011 155.90
3 November 2011 153.10
4 November 2011 160.50
7 November 2011 165.60
8 November 2011 164.80
9 November 2011 171.60
10 November 2011 175.50
11 November 2011 174.30
14 November 2011 176.10
15 November 2011 184.20
16 November 2011 187.00
17 November 2011 195.50
18 November 2011 193.80
21 November 2011 201.20
22 November 2011 198.80
23 November 2011 194.80
24 November 2011 189.90
25 November 2011 185.50
28 November 2011 176.20
29 November 2011 166.00
30 November 2011 155.20
1 December 2011 152.90
2 December 2011 153.80
5 December 2011 148.40
6 December 2011 151.50
7 December 2011 152.30
8 December 2011 149.70
9 December 2011 144.60
12 December 2011 146.60
13 December 2011 141.20
14 December 2011 144.70
15 December 2011 143.00
16 December 2011 145.90
19 December 2011 147.60
20 December 2011 148.00
21 December 2011 147.00
22 December 2011 139.20
23 December 2011 133.90
26 December 2011 133.90
27 December 2011 139.20
28 December 2011 136.70
29 December 2011 138.60
30 December 2011 140.20
2 January 2012 136.60
3 January 2012 132.00
4 January 2012 129.80
5 January 2012 136.50
6 January 2012 139.60
9 January 2012 142.30
10 January 2012 140.60
11 January 2012 138.60
12 January 2012 133.00
13 January 2012 138.30
16 January 2012 141.80
17 January 2012 148.00
18 January 2012 144.60
19 January 2012 142.20
20 January 2012 135.60
23 January 2012 135.70
24 January 2012 132.90
25 January 2012 133.90
26 January 2012 131.60
27 January 2012 129.90
30 January 2012 128.90
31 January 2012 125.10
1 February 2012 120.20
2 February 2012 118.40
3 February 2012 118.40
6 February 2012 118.60
7 February 2012 115.20
8 February 2012 118.20
9 February 2012 121.30
10 February 2012 127.10
13 February 2012 126.90
14 February 2012 128.30
15 February 2012 131.30
16 February 2012 132.40
17 February 2012 131.90
20 February 2012 130.50
21 February 2012 131.00
22 February 2012 134.40
23 February 2012 137.00
24 February 2012 136.80
27 February 2012 137.30
28 February 2012 140.60
29 February 2012 139.60
1 March 2012 137.30
2 March 2012 135.70
5 March 2012 137.20
6 March 2012 141.70
7 March 2012 140.70
8 March 2012 136.90
9 March 2012 137.10
12 March 2012 138.00
13 March 2012 133.60
14 March 2012 127.90
15 March 2012 124.50
16 March 2012 121.20
19 March 2012 117.60
20 March 2012 116.50
21 March 2012 115.80
22 March 2012 119.80
23 March 2012 120.00
26 March 2012 116.40
27 March 2012 119.30
28 March 2012 118.00
29 March 2012 115.90
30 March 2012 114.80
2 April 2012 114.60
3 April 2012 111.30
4 April 2012 110.90
5 April 2012 114.30
6 April 2012 115.00
9 April 2012 121.70
10 April 2012 122.20
11 April 2012 121.70
12 April 2012 121.70
13 April 2012 124.40
16 April 2012 128.40
17 April 2012 127.80
18 April 2012 131.00
19 April 2012 138.20
20 April 2012 141.50
23 April 2012 148.40
24 April 2012 150.50
25 April 2012 147.00
26 April 2012 149.70
27 April 2012 147.20
30 April 2012 147.20
1 May 2012 148.30
2 May 2012 146.60
3 May 2012 144.80
4 May 2012 142.50
7 May 2012 142.80
8 May 2012 145.20
9 May 2012 150.50
10 May 2012 147.10
11 May 2012 147.20
14 May 2012 149.10
15 May 2012 149.00
16 May 2012 150.00
17 May 2012 153.90
18 May 2012 152.40
21 May 2012 154.00
22 May 2012 147.80
23 May 2012 149.90
24 May 2012 146.50
25 May 2012 144.40
28 May 2012 143.30
29 May 2012 141.00
30 May 2012 138.60
31 May 2012 141.50
1 June 2012 141.90
4 June 2012 139.90
5 June 2012 139.00
6 June 2012 136.70
7 June 2012 138.90
8 June 2012 139.80
11 June 2012 139.80
12 June 2012 137.80
13 June 2012 138.70
14 June 2012 139.00
15 June 2012 134.20
18 June 2012 136.90

Exhibit 3
Global Outlook

Top-left panel
Real GDP*

Percent change, annual rate

2012 2012f 2013f
Q1 Q2-Q4f
1. Total Foreign GDP 3.4 2.4 2.7 3.2
2. April Tealbook 3.2 2.9 3.2 3.6
3. Advanced foreign economies 1.5 0.8 1.2 1.9
4. Euro Area -0.0 -1.4 -0.3 1.1
5. Other AFE 1.8 1.2 1.4 2.1
6. Emerging Market Economies 5.5 4.2 4.3 4.6
7. China 7.4 7.7 7.9 8.1
8. EME Asia ex China 5.7 4.1 4.3 4.6
8. Latin America 4.8 3.0 3.1 3.2

* GDP aggregates weighted by shares of U.S. merchandise exports. Return to text

Top-right panel
Policy Rates

Percent

Date Brazil China Australia
2007 January 13.00 6.12 6.25
2007 February 13.00 6.12 6.25
2007 March 12.75 6.39 6.25
2007 April 12.50 6.39 6.25
2007 May 12.50 6.57 6.25
2007 June 12.00 6.57 6.25
2007 July 11.50 6.84 6.25
2007 August 11.50 7.02 6.50
2007 September 11.25 7.29 6.50
2007 October 11.25 7.29 6.50
2007 November 11.25 7.29 6.75
2007 December 11.25 7.47 6.75
2008 January 11.25 7.47 6.75
2008 February 11.25 7.47 7.00
2008 March 11.25 7.47 7.25
2008 April 11.75 7.47 7.25
2008 May 11.75 7.47 7.25
2008 June 12.25 7.47 7.25
2008 July 13.00 7.47 7.25
2008 August 13.00 7.47 7.25
2008 September 13.75 7.20 7.00
2008 October 13.75 6.66 6.00
2008 November 13.75 5.58 5.25
2008 December 13.75 5.31 4.25
2009 January 12.75 5.31 4.25
2009 February 12.75 5.31 3.25
2009 March 11.25 5.31 3.25
2009 April 10.25 5.31 3.00
2009 May 10.25 5.31 3.00
2009 June 9.25 5.31 3.00
2009 July 8.75 5.31 3.00
2009 August 8.75 5.31 3.00
2009 September 8.75 5.31 3.00
2009 October 8.75 5.31 3.25
2009 November 8.75 5.31 3.50
2009 December 8.75 5.31 3.75
2010 January 8.75 5.31 3.75
2010 February 8.75 5.31 3.75
2010 March 8.75 5.31 4.00
2010 April 9.50 5.31 4.25
2010 May 9.50 5.31 4.50
2010 June 10.25 5.31 4.50
2010 July 10.75 5.31 4.50
2010 August 10.75 5.31 4.50
2010 September 10.75 5.31 4.50
2010 October 10.75 5.56 4.50
2010 November 10.75 5.56 4.75
2010 December 10.75 5.81 4.75
2011 January 11.25 5.81 4.75
2011 February 11.25 6.06 4.75
2011 March 11.75 6.06 4.75
2011 April 12.00 6.31 4.75
2011 May 12.00 6.31 4.75
2011 June 12.25 6.31 4.75
2011 July 12.50 6.56 4.75
2011 August 12.50 6.56 4.75
2011 September 12.00 6.56 4.75
2011 October 11.50 6.56 4.75
2011 November 11.50 6.56 4.50
2011 December 11.00 6.56 4.25
2012 January 10.50 6.56 4.25
2012 February 10.50 6.56 4.25
2012 March 9.75 6.56 4.25
2012 April 9.00 6.56 4.25
2012 May 8.50 6.56 3.75
2012 June 8.50 6.31 3.50
2012 July 8.00 6.00 3.50
2012 August ND ND ND
2012 September ND ND ND

Middle-left panel
Chinese Indicators

12-month percent change

Date Loan Growth IP
2009 January 21.30 4.02
2009 February 24.20 3.99
2009 March 29.80 7.53
2009 April 29.70 7.30
2009 May 30.60 8.59
2009 June 34.40 10.27
2009 July 33.90 10.95
2009 August 34.10 12.44
2009 September 34.20 13.94
2009 October 34.20 16.44
2009 November 33.80 19.51
2009 December 31.70 18.76
2010 January 29.30 20.70
2010 February 27.20 20.81
2010 March 21.80 17.30
2010 April 22.00 17.83
2010 May 21.50 16.42
2010 June 18.20 13.53
2010 July 18.40 13.78
2010 August 18.60 13.98
2010 September 18.50 13.43
2010 October 19.30 13.27
2010 November 19.80 13.39
2010 December 19.90 13.54
2011 January 18.50 13.97
2011 February 17.70 14.05
2011 March 17.90 14.30
2011 April 17.50 13.46
2011 May 17.10 13.41
2011 June 16.90 14.97
2011 July 16.60 14.37
2011 August 16.40 13.57
2011 September 15.90 13.90
2011 October 15.80 13.22
2011 November 15.60 12.41
2011 December 15.80 12.77
2012 January 15.00 11.27
2012 February 15.20 11.36
2012 March 15.70 11.67
2012 April 15.40 9.37
2012 May 15.70 9.73
2012 June 16.00 9.45

Middle-center panel
China: Unsold Floor Space

Millions of square meters

Year
2001 ND
2002 132.00
2003 134.00
2004 143.00
2005 147.00
2006 146.00
2007 135.00
2008 186.00
2009 199.00
2010 216.00
2011 272.00
2012 303.00
2013 ND

Middle-right panel
2012 Chinese GDP Forecasts

Percent change

Date Consensus IMF Tealbook
15 January 2011 ND 9.54 ND
16 January 2011 ND 9.54 ND
17 January 2011 ND 9.54 ND
18 January 2011 ND 9.54 ND
19 January 2011 ND 9.54 8.54
20 January 2011 ND 9.54 8.54
21 January 2011 8.94 9.54 8.54
22 January 2011 8.94 9.54 8.54
23 January 2011 8.94 9.54 8.54
24 January 2011 8.94 9.54 8.54
25 January 2011 8.94 9.54 8.54
26 January 2011 8.94 9.54 8.54
27 January 2011 8.94 9.54 8.54
28 January 2011 8.94 9.54 8.54
29 January 2011 8.94 9.54 8.54
30 January 2011 8.94 9.54 8.54
31 January 2011 8.94 9.54 8.54
1 February 2011 8.94 9.54 8.54
2 February 2011 8.94 9.54 8.54
3 February 2011 8.94 9.54 8.54
4 February 2011 8.94 9.54 8.54
5 February 2011 8.94 9.54 8.54
6 February 2011 8.94 9.54 8.54
7 February 2011 8.94 9.54 8.54
8 February 2011 8.94 9.54 8.54
9 February 2011 8.94 9.54 8.54
10 February 2011 8.94 9.54 8.54
11 February 2011 8.94 9.54 8.54
12 February 2011 8.94 9.54 8.54
13 February 2011 8.94 9.54 8.54
14 February 2011 8.88 9.54 8.54
15 February 2011 8.88 9.54 8.54
16 February 2011 8.88 9.54 8.54
17 February 2011 8.88 9.54 8.54
18 February 2011 8.88 9.54 8.54
19 February 2011 8.88 9.54 8.54
20 February 2011 8.88 9.54 8.54
21 February 2011 8.88 9.54 8.54
22 February 2011 8.88 9.54 8.54
23 February 2011 8.88 9.54 8.54
24 February 2011 8.88 9.54 8.54
25 February 2011 8.88 9.54 8.54
26 February 2011 8.88 9.54 8.54
27 February 2011 8.88 9.54 8.54
28 February 2011 8.88 9.54 8.54
1 March 2011 8.88 9.54 8.54
2 March 2011 8.88 9.54 8.54
3 March 2011 8.88 9.54 8.54
4 March 2011 8.88 9.54 8.54
5 March 2011 8.88 9.54 8.54
6 March 2011 8.88 9.54 8.54
7 March 2011 8.88 9.54 8.54
8 March 2011 8.88 9.54 8.54
9 March 2011 8.88 9.54 8.41
10 March 2011 8.88 9.54 8.41
11 March 2011 8.88 9.54 8.41
12 March 2011 8.88 9.54 8.41
13 March 2011 8.88 9.54 8.41
14 March 2011 8.99 9.54 8.41
15 March 2011 8.99 9.54 8.41
16 March 2011 8.99 9.54 8.41
17 March 2011 8.99 9.54 8.41
18 March 2011 8.99 9.54 8.41
19 March 2011 8.99 9.54 8.41
20 March 2011 8.99 9.54 8.41
21 March 2011 8.99 9.54 8.41
22 March 2011 8.99 9.54 8.41
23 March 2011 8.99 9.54 8.41
24 March 2011 8.99 9.54 8.41
25 March 2011 8.99 9.54 8.41
26 March 2011 8.99 9.54 8.41
27 March 2011 8.99 9.54 8.41
28 March 2011 8.99 9.54 8.41
29 March 2011 8.99 9.54 8.41
30 March 2011 8.99 9.54 8.41
31 March 2011 8.99 9.54 8.41
1 April 2011 8.99 9.54 8.41
2 April 2011 8.99 9.54 8.41
3 April 2011 8.99 9.54 8.41
4 April 2011 8.91 9.54 8.41
5 April 2011 8.91 9.54 8.41
6 April 2011 8.91 9.54 8.41
7 April 2011 8.91 9.54 8.41
8 April 2011 8.91 9.54 8.41
9 April 2011 8.91 9.54 8.41
10 April 2011 8.91 9.54 8.41
11 April 2011 8.91 9.52 8.41
12 April 2011 8.91 9.52 8.41
13 April 2011 8.91 9.52 8.41
14 April 2011 8.91 9.52 8.41
15 April 2011 8.91 9.52 8.41
16 April 2011 8.91 9.52 8.41
17 April 2011 8.91 9.52 8.41
18 April 2011 8.91 9.52 8.41
19 April 2011 8.91 9.52 8.41
20 April 2011 8.91 9.52 8.44
21 April 2011 8.91 9.52 8.44
22 April 2011 8.91 9.52 8.44
23 April 2011 8.91 9.52 8.44
24 April 2011 8.91 9.52 8.44
25 April 2011 8.91 9.52 8.44
26 April 2011 8.91 9.52 8.44
27 April 2011 8.91 9.52 8.44
28 April 2011 8.91 9.52 8.44
29 April 2011 8.91 9.52 8.44
30 April 2011 8.91 9.52 8.44
1 May 2011 8.91 9.52 8.44
2 May 2011 8.91 9.52 8.44
3 May 2011 8.91 9.52 8.44
4 May 2011 8.91 9.52 8.44
5 May 2011 8.91 9.52 8.44
6 May 2011 8.91 9.52 8.44
7 May 2011 8.91 9.52 8.44
8 May 2011 8.91 9.52 8.44
9 May 2011 8.93 9.52 8.44
10 May 2011 8.93 9.52 8.44
11 May 2011 8.93 9.52 8.44
12 May 2011 8.93 9.52 8.44
13 May 2011 8.93 9.52 8.44
14 May 2011 8.93 9.52 8.44
15 May 2011 8.93 9.52 8.44
16 May 2011 8.93 9.52 8.44
17 May 2011 8.93 9.52 8.44
18 May 2011 8.93 9.52 8.44
19 May 2011 8.93 9.52 8.44
20 May 2011 8.93 9.52 8.44
21 May 2011 8.93 9.52 8.44
22 May 2011 8.93 9.52 8.44
23 May 2011 8.93 9.52 8.44
24 May 2011 8.93 9.52 8.44
25 May 2011 8.93 9.52 8.44
26 May 2011 8.93 9.52 8.44
27 May 2011 8.93 9.52 8.44
28 May 2011 8.93 9.52 8.44
29 May 2011 8.93 9.52 8.44
30 May 2011 8.93 9.52 8.44
31 May 2011 8.93 9.52 8.44
1 June 2011 8.93 9.52 8.44
2 June 2011 8.93 9.52 8.44
3 June 2011 8.93 9.52 8.44
4 June 2011 8.93 9.52 8.44
5 June 2011 8.93 9.52 8.44
6 June 2011 8.93 9.52 8.44
7 June 2011 8.93 9.52 8.44
8 June 2011 8.93 9.52 8.44
9 June 2011 8.93 9.52 8.44
10 June 2011 8.93 9.52 8.44
11 June 2011 8.93 9.52 8.44
12 June 2011 8.93 9.52 8.44
13 June 2011 8.81 9.52 8.44
14 June 2011 8.81 9.52 8.44
15 June 2011 8.81 9.52 8.39
16 June 2011 8.81 9.52 8.39
17 June 2011 8.81 9.52 8.39
18 June 2011 8.81 9.52 8.39
19 June 2011 8.81 9.52 8.39
20 June 2011 8.81 9.52 8.39
21 June 2011 8.81 9.52 8.39
22 June 2011 8.81 9.52 8.39
23 June 2011 8.81 9.52 8.39
24 June 2011 8.81 9.52 8.39
25 June 2011 8.81 9.52 8.39
26 June 2011 8.81 9.52 8.39
27 June 2011 8.81 9.52 8.39
28 June 2011 8.81 9.52 8.39
29 June 2011 8.81 9.52 8.39
30 June 2011 8.81 9.52 8.39
1 July 2011 8.81 9.52 8.39
2 July 2011 8.81 9.52 8.39
3 July 2011 8.81 9.52 8.39
4 July 2011 8.81 9.52 8.39
5 July 2011 8.81 9.52 8.39
6 July 2011 8.81 9.52 8.39
7 July 2011 8.81 9.52 8.39
8 July 2011 8.81 9.52 8.39
9 July 2011 8.81 9.52 8.39
10 July 2011 8.81 9.52 8.39
11 July 2011 8.77 9.52 8.39
12 July 2011 8.77 9.52 8.39
13 July 2011 8.77 9.52 8.39
14 July 2011 8.77 9.52 8.39
15 July 2011 8.77 9.52 8.39
16 July 2011 8.77 9.52 8.39
17 July 2011 8.77 9.52 8.39
18 July 2011 8.77 9.52 8.39
19 July 2011 8.77 9.52 8.39
20 July 2011 8.77 9.52 8.39
21 July 2011 8.77 9.52 8.39
22 July 2011 8.77 9.52 8.39
23 July 2011 8.77 9.52 8.39
24 July 2011 8.77 9.52 8.39
25 July 2011 8.77 9.52 8.39
26 July 2011 8.77 9.52 8.39
27 July 2011 8.77 9.52 8.39
28 July 2011 8.77 9.52 8.39
29 July 2011 8.77 9.52 8.39
30 July 2011 8.77 9.52 8.39
31 July 2011 8.77 9.52 8.39
1 August 2011 8.77 9.52 8.39
2 August 2011 8.77 9.52 8.39
3 August 2011 8.77 9.52 8.34
4 August 2011 8.77 9.52 8.34
5 August 2011 8.77 9.52 8.34
6 August 2011 8.77 9.52 8.34
7 August 2011 8.77 9.52 8.34
8 August 2011 8.81 9.52 8.34
9 August 2011 8.81 9.52 8.34
10 August 2011 8.81 9.52 8.34
11 August 2011 8.81 9.52 8.34
12 August 2011 8.81 9.52 8.34
13 August 2011 8.81 9.52 8.34
14 August 2011 8.81 9.52 8.34
15 August 2011 8.81 9.52 8.34
16 August 2011 8.81 9.52 8.34
17 August 2011 8.81 9.52 8.34
18 August 2011 8.81 9.52 8.34
19 August 2011 8.81 9.52 8.34
20 August 2011 8.81 9.52 8.34
21 August 2011 8.81 9.52 8.34
22 August 2011 8.81 9.52 8.34
23 August 2011 8.81 9.52 8.34
24 August 2011 8.81 9.52 8.34
25 August 2011 8.81 9.52 8.34
26 August 2011 8.81 9.52 8.34
27 August 2011 8.81 9.52 8.34
28 August 2011 8.81 9.52 8.34
29 August 2011 8.81 9.52 8.34
30 August 2011 8.81 9.52 8.34
31 August 2011 8.81 9.52 8.34
1 September 2011 8.81 9.52 8.34
2 September 2011 8.81 9.52 8.34
3 September 2011 8.81 9.52 8.34
4 September 2011 8.81 9.52 8.34
5 September 2011 8.81 9.52 8.34
6 September 2011 8.81 9.52 8.34
7 September 2011 8.81 9.52 8.34
8 September 2011 8.81 9.52 8.34
9 September 2011 8.81 9.52 8.34
10 September 2011 8.81 9.52 8.34
11 September 2011 8.81 9.52 8.34
12 September 2011 8.59 9.52 8.34
13 September 2011 8.59 9.52 8.34
14 September 2011 8.59 9.52 8.23
15 September 2011 8.59 9.52 8.23
16 September 2011 8.59 9.52 8.23
17 September 2011 8.59 9.52 8.23
18 September 2011 8.59 9.52 8.23
19 September 2011 8.59 9.52 8.23
20 September 2011 8.59 9.52 8.23
21 September 2011 8.59 9.04 8.23
22 September 2011 8.59 9.04 8.23
23 September 2011 8.59 9.04 8.23
24 September 2011 8.59 9.04 8.23
25 September 2011 8.59 9.04 8.23
26 September 2011 8.59 9.04 8.23
27 September 2011 8.59 9.04 8.23
28 September 2011 8.59 9.04 8.23
29 September 2011 8.59 9.04 8.23
30 September 2011 8.59 9.04 8.23
1 October 2011 8.59 9.04 8.23
2 October 2011 8.59 9.04 8.23
3 October 2011 8.59 9.04 8.23
4 October 2011 8.59 9.04 8.23
5 October 2011 8.59 9.04 8.23
6 October 2011 8.59 9.04 8.23
7 October 2011 8.59 9.04 8.23
8 October 2011 8.59 9.04 8.23
9 October 2011 8.59 9.04 8.23
10 October 2011 8.48 9.04 8.23
11 October 2011 8.48 9.04 8.23
12 October 2011 8.48 9.04 8.23
13 October 2011 8.48 9.04 8.23
14 October 2011 8.48 9.04 8.23
15 October 2011 8.48 9.04 8.23
16 October 2011 8.48 9.04 8.23
17 October 2011 8.48 9.04 8.23
18 October 2011 8.48 9.04 8.23
19 October 2011 8.48 9.04 8.23
20 October 2011 8.48 9.04 8.23
21 October 2011 8.48 9.04 8.23
22 October 2011 8.48 9.04 8.23
23 October 2011 8.48 9.04 8.23
24 October 2011 8.48 9.04 8.23
25 October 2011 8.48 9.04 8.23
26 October 2011 8.48 9.04 8.23
27 October 2011 8.48 9.04 8.48
28 October 2011 8.48 9.04 8.48
29 October 2011 8.48 9.04 8.48
30 October 2011 8.48 9.04 8.48
31 October 2011 8.48 9.04 8.48
1 November 2011 8.48 9.04 8.48
2 November 2011 8.48 9.04 8.48
3 November 2011 8.48 9.04 8.48
4 November 2011 8.48 9.04 8.48
5 November 2011 8.48 9.04 8.48
6 November 2011 8.48 9.04 8.48
7 November 2011 8.48 9.04 8.48
8 November 2011 8.48 9.04 8.48
9 November 2011 8.48 9.04 8.48
10 November 2011 8.48 9.04 8.48
11 November 2011 8.48 9.04 8.48
12 November 2011 8.48 9.04 8.48
13 November 2011 8.48 9.04 8.48
14 November 2011 8.47 9.04 8.48
15 November 2011 8.47 9.04 8.48
16 November 2011 8.47 9.04 8.48
17 November 2011 8.47 9.04 8.48
18 November 2011 8.47 9.04 8.48
19 November 2011 8.47 9.04 8.48
20 November 2011 8.47 9.04 8.48
21 November 2011 8.47 9.04 8.48
22 November 2011 8.47 9.04 8.48
23 November 2011 8.47 9.04 8.48
24 November 2011 8.47 9.04 8.48
25 November 2011 8.47 9.04 8.48
26 November 2011 8.47 9.04 8.48
27 November 2011 8.47 9.04 8.48
28 November 2011 8.47 9.04 8.48
29 November 2011 8.47 9.04 8.48
30 November 2011 8.47 9.04 8.48
1 December 2011 8.47 9.04 8.48
2 December 2011 8.47 9.04 8.48
3 December 2011 8.47 9.04 8.48
4 December 2011 8.47 9.04 8.48
5 December 2011 8.47 9.04 8.48
6 December 2011 8.47 9.04 8.48
7 December 2011 8.47 9.04 8.30
8 December 2011 8.47 9.04 8.30
9 December 2011 8.47 9.04 8.30
10 December 2011 8.47 9.04 8.30
11 December 2011 8.47 9.04 8.30
12 December 2011 8.32 9.04 8.30
13 December 2011 8.32 9.04 8.30
14 December 2011 8.32 9.04 8.30
15 December 2011 8.32 9.04 8.30
16 December 2011 8.32 9.04 8.30
17 December 2011 8.32 9.04 8.30
18 December 2011 8.32 9.04 8.30
19 December 2011 8.32 9.04 8.30
20 December 2011 8.32 9.04 8.30
21 December 2011 8.32 9.04 8.30
22 December 2011 8.32 9.04 8.30
23 December 2011 8.32 9.04 8.30
24 December 2011 8.32 9.04 8.30
25 December 2011 8.32 9.04 8.30
26 December 2011 8.32 9.04 8.30
27 December 2011 8.32 9.04 8.30
28 December 2011 8.32 9.04 8.30
29 December 2011 8.32 9.04 8.30
30 December 2011 8.32 9.04 8.30
31 December 2011 8.32 9.04 8.30
1 January 2012 8.32 9.04 8.30
2 January 2012 8.32 9.04 8.30
3 January 2012 8.32 9.04 8.30
4 January 2012 8.32 9.04 8.30
5 January 2012 8.32 9.04 8.30
6 January 2012 8.32 9.04 8.30
7 January 2012 8.32 9.04 8.30
8 January 2012 8.32 9.04 8.30
9 January 2012 8.35 9.04 8.30
10 January 2012 8.35 9.04 8.30
11 January 2012 8.35 9.04 8.30
12 January 2012 8.35 9.04 8.30
13 January 2012 8.35 9.04 8.30
14 January 2012 8.35 9.04 8.30
15 January 2012 8.35 9.04 8.30
16 January 2012 8.35 9.04 8.30
17 January 2012 8.35 9.04 8.30
18 January 2012 8.35 9.04 8.28
19 January 2012 8.35 9.04 8.28
20 January 2012 8.35 9.04 8.28
21 January 2012 8.35 9.04 8.28
22 January 2012 8.35 9.04 8.28
23 January 2012 8.35 9.04 8.28
24 January 2012 8.35 9.04 8.28
25 January 2012 8.35 9.04 8.28
26 January 2012 8.35 9.04 8.28
27 January 2012 8.35 9.04 8.28
28 January 2012 8.35 9.04 8.28
29 January 2012 8.35 9.04 8.28
30 January 2012 8.35 9.04 8.28
31 January 2012 8.35 9.04 8.28
1 February 2012 8.35 9.04 8.28
2 February 2012 8.35 9.04 8.28
3 February 2012 8.35 9.04 8.28
4 February 2012 8.35 9.04 8.28
5 February 2012 8.35 9.04 8.28
6 February 2012 8.35 9.04 8.28
7 February 2012 8.35 9.04 8.28
8 February 2012 8.35 9.04 8.28
9 February 2012 8.35 9.04 8.28
10 February 2012 8.35 9.04 8.28
11 February 2012 8.35 9.04 8.28
12 February 2012 8.35 9.04 8.28
13 February 2012 8.37 9.04 8.28
14 February 2012 8.36 9.04 8.28
15 February 2012 8.36 9.04 8.28
16 February 2012 8.36 9.04 8.28
17 February 2012 8.36 9.04 8.28
18 February 2012 8.36 9.04 8.28
19 February 2012 8.36 9.04 8.28
20 February 2012 8.36 9.04 8.28
21 February 2012 8.36 9.04 8.28
22 February 2012 8.36 9.04 8.28
23 February 2012 8.36 9.04 8.28
24 February 2012 8.36 9.04 8.28
25 February 2012 8.36 9.04 8.28
26 February 2012 8.36 9.04 8.28
27 February 2012 8.36 9.04 8.28
28 February 2012 8.36 9.04 8.28
29 February 2012 8.36 9.04 8.28
1 March 2012 8.36 9.04 8.28
2 March 2012 8.36 9.04 8.28
3 March 2012 8.36 9.04 8.28
4 March 2012 8.36 9.04 8.28
5 March 2012 8.36 9.04 8.28
6 March 2012 8.36 9.04 8.28
7 March 2012 8.36 9.04 8.32
8 March 2012 8.36 9.04 8.32
9 March 2012 8.36 9.04 8.32
10 March 2012 8.36 9.04 8.32
11 March 2012 8.36 9.04 8.32
12 March 2012 8.36 9.04 8.32
13 March 2012 8.36 9.04 8.32
14 March 2012 8.36 9.04 8.32
15 March 2012 8.36 9.04 8.32
16 March 2012 8.36 9.04 8.32
17 March 2012 8.36 9.04 8.32
18 March 2012 8.36 9.04 8.32
19 March 2012 8.36 9.04 8.32
20 March 2012 8.36 9.04 8.32
21 March 2012 8.36 9.04 8.32
22 March 2012 8.36 9.04 8.32
23 March 2012 8.36 9.04 8.32
24 March 2012 8.36 9.04 8.32
25 March 2012 8.36 9.04 8.32
26 March 2012 8.36 9.04 8.32
27 March 2012 8.36 9.04 8.32
28 March 2012 8.36 9.04 8.32
29 March 2012 8.36 9.04 8.32
30 March 2012 8.36 9.04 8.32
31 March 2012 8.36 9.04 8.32
1 April 2012 8.36 9.04 8.32
2 April 2012 8.36 9.04 8.32
3 April 2012 8.36 9.04 8.32
4 April 2012 8.36 9.04 8.32
5 April 2012 8.36 9.04 8.32
6 April 2012 8.36 9.04 8.32
7 April 2012 8.36 9.04 8.32
8 April 2012 8.36 9.04 8.32
9 April 2012 8.36 9.04 8.32
10 April 2012 8.40 9.04 8.32
11 April 2012 8.40 9.04 8.32
12 April 2012 8.40 9.04 8.32
13 April 2012 8.40 9.04 8.32
14 April 2012 8.40 9.04 8.32
15 April 2012 8.40 9.04 8.32
16 April 2012 8.40 9.04 8.32
17 April 2012 8.40 8.23 8.32
18 April 2012 8.40 8.23 8.22
19 April 2012 8.40 8.23 8.22
20 April 2012 8.40 8.23 8.22
21 April 2012 8.40 8.23 8.22
22 April 2012 8.40 8.23 8.22
23 April 2012 8.40 8.23 8.22
24 April 2012 8.40 8.23 8.22
25 April 2012 8.40 8.23 8.22
26 April 2012 8.40 8.23 8.22
27 April 2012 8.40 8.23 8.22
28 April 2012 8.40 8.23 8.22
29 April 2012 8.40 8.23 8.22
30 April 2012 8.40 8.23 8.22
1 May 2012 8.40 8.23 8.22
2 May 2012 8.40 8.23 8.22
3 May 2012 8.40 8.23 8.22
4 May 2012 8.40 8.23 8.22
5 May 2012 8.40 8.23 8.22
6 May 2012 8.40 8.23 8.22
7 May 2012 8.40 8.23 8.22
8 May 2012 8.40 8.23 8.22
9 May 2012 8.40 8.23 8.22
10 May 2012 8.40 8.23 8.22
11 May 2012 8.40 8.23 8.22
12 May 2012 8.40 8.23 8.22
13 May 2012 8.40 8.23 8.22
14 May 2012 8.26 8.23 8.22
15 May 2012 8.26 8.23 8.22
16 May 2012 8.26 8.23 8.22
17 May 2012 8.26 8.23 8.22
18 May 2012 8.26 8.23 8.22
19 May 2012 8.26 8.23 8.22
20 May 2012 8.26 8.23 8.22
21 May 2012 8.26 8.23 8.22
22 May 2012 8.26 8.23 8.22
23 May 2012 8.26 8.23 8.22
24 May 2012 8.26 8.23 8.22
25 May 2012 8.26 8.23 8.22
26 May 2012 8.26 8.23 8.22
27 May 2012 8.26 8.23 8.22
28 May 2012 8.26 8.23 8.22
29 May 2012 8.26 8.23 8.22
30 May 2012 8.26 8.23 8.22
31 May 2012 8.26 8.23 8.22
1 June 2012 8.26 8.23 8.22
2 June 2012 8.26 8.23 8.22
3 June 2012 8.26 8.23 8.22
4 June 2012 8.26 8.23 8.22
5 June 2012 8.26 8.23 8.22
6 June 2012 8.26 8.23 8.22
7 June 2012 8.26 8.23 8.22
8 June 2012 8.26 8.23 8.22
9 June 2012 8.26 8.23 8.22
10 June 2012 8.26 8.23 8.22
11 June 2012 8.11 8.23 8.22
12 June 2012 8.11 8.23 8.22
13 June 2012 8.11 8.23 7.99
14 June 2012 8.11 8.23 7.99
15 June 2012 8.11 8.23 7.99
16 June 2012 8.11 8.23 7.99
17 June 2012 8.11 8.23 7.99
18 June 2012 8.11 8.23 7.99
19 June 2012 8.11 8.23 7.99
20 June 2012 8.11 8.23 7.99
21 June 2012 8.11 8.23 7.99
22 June 2012 8.11 8.23 7.99
23 June 2012 8.11 8.23 7.99
24 June 2012 8.11 8.23 7.99
25 June 2012 8.11 8.23 7.99
26 June 2012 8.11 8.23 7.99
27 June 2012 8.11 8.23 7.99
28 June 2012 8.11 8.23 7.99
29 June 2012 8.11 8.23 7.99
30 June 2012 8.11 8.23 7.99
1 July 2012 8.11 8.23 7.99
2 July 2012 8.11 8.23 7.99
3 July 2012 8.11 8.23 7.99
4 July 2012 8.11 8.23 7.99
5 July 2012 8.11 8.23 7.99
6 July 2012 8.11 8.23 7.99
7 July 2012 8.11 8.23 7.99
8 July 2012 8.11 8.23 7.99
9 July 2012 8.05 8.23 7.99
10 July 2012 8.05 8.23 7.99
11 July 2012 8.05 8.23 7.99
12 July 2012 8.05 8.23 7.99
13 July 2012 8.05 8.23 7.99
14 July 2012 8.05 8.23 7.99
15 July 2012 8.05 8.23 7.99
16 July 2012 8.05 8.23 7.99
17 July 2012 8.05 8.23 7.99
18 July 2012 8.05 8.23 7.99
19 July 2012 8.05 8.23 7.99
20 July 2012 8.05 8.23 7.99
21 July 2012 8.05 8.23 7.99
22 July 2012 8.05 8.23 7.99
23 July 2012 8.05 8.23 7.99
24 July 2012 8.05 8.23 7.99
25 July 2012 8.05 8.23 7.73
26 July 2012 8.05 8.23 7.73
27 July 2012 8.05 ND ND
28 July 2012 8.05 ND ND
29 July 2012 8.05 ND ND
30 July 2012 8.05 ND ND
31 July 2012 8.05 ND ND
1 August 2012 ND ND ND

Bottom-left panel
Brazilian and Indian GDP

Percent change, annual rate

Quarter India Brazil
2009:Q1 5.99 -6.04
2009:Q2 11.00 6.13
2009:Q3 13.72 10.64
2009:Q4 1.04 11.21
2010:Q1 8.87 8.53
2010:Q2 10.41 5.02
2010:Q3 8.99 3.72
2010:Q4 6.44 4.16
2011:Q1 10.55 3.50
2011:Q2 5.51 1.90
2011:Q3 3.82 -0.57
2011:Q4 5.87 0.64
2012:Q1 5.82 0.84
2012:Q2 ND ND
2012:Q3 ND ND

Bottom-right panel
Mexico

Jan. 2008 = 100

Date Manufacturing
Employment
Mexican IP
2007 December ND ND
2008 January 100.00 100.00
2008 February 100.18 99.83
2008 March 100.06 99.74
2008 April 99.72 99.23
2008 May 99.40 99.23
2008 June 98.73 99.40
2008 July 98.51 98.28
2008 August 97.87 98.71
2008 September 96.98 97.17
2008 October 95.82 98.20
2008 November 94.74 95.80
2008 December 93.44 93.65
2009 January 92.23 90.14
2009 February 91.10 90.91
2009 March 89.79 89.54
2009 April 88.97 90.82
2009 May 88.45 88.77
2009 June 88.37 89.19
2009 July 88.06 91.85
2009 August 88.21 90.57
2009 September 88.74 91.17
2009 October 89.29 92.62
2009 November 90.00 93.22
2009 December 90.33 94.00
2010 January 89.78 93.40
2010 February 90.36 94.77
2010 March 90.91 96.14
2010 April 91.68 96.31
2010 May 92.68 96.66
2010 June 92.62 96.83
2010 July 93.31 96.83
2010 August 93.59 97.68
2010 September 93.67 97.60
2010 October 93.97 97.68
2010 November 93.94 98.11
2010 December 94.08 98.54
2011 January 94.13 99.14
2011 February 94.84 99.66
2011 March 95.63 99.49
2011 April 95.67 99.49
2011 May 95.54 100.69
2011 June 95.71 100.51
2011 July 95.51 100.94
2011 August 95.46 100.26
2011 September 95.61 101.46
2011 October 95.45 101.46
2011 November 95.44 101.63
2011 December 95.38 102.32
2012 January 96.20 103.00
2012 February 96.64 101.54
2012 March 97.10 103.00
2012 April 97.22 103.52
2012 May ND 102.49
2012 June ND ND
2012 July ND ND
2012 August ND ND
2012 September ND ND
2012 October ND ND

Exhibit 4
Commodities and Trade

Top-left panel
December 2012 Oil Prices

Millions of square meters

Date June April
23 January 2011 0.01 0.00
24 January 2011 0.01 0.00
25 January 2011 0.01 0.00
26 January 2011 0.01 0.00
27 January 2011 0.01 0.00
28 January 2011 0.01 0.00
29 January 2011 0.01 0.00
30 January 2011 0.01 0.00
31 January 2011 0.01 0.00
1 February 2011 0.01 0.00
2 February 2011 0.01 0.00
3 February 2011 0.01 0.00
4 February 2011 0.01 0.00
5 February 2011 0.01 0.00
6 February 2011 0.01 0.00
7 February 2011 0.01 0.00
8 February 2011 0.01 0.00
9 February 2011 0.01 0.00
10 February 2011 0.02 0.00
11 February 2011 0.02 0.00
12 February 2011 0.02 0.00
13 February 2011 0.02 0.00
14 February 2011 0.02 0.00
15 February 2011 0.02 0.00
16 February 2011 0.02 0.00
17 February 2011 0.02 0.00
18 February 2011 0.02 0.01
19 February 2011 0.02 0.01
20 February 2011 0.03 0.01
21 February 2011 0.03 0.01
22 February 2011 0.03 0.01
23 February 2011 0.03 0.01
24 February 2011 0.03 0.01
25 February 2011 0.03 0.01
26 February 2011 0.03 0.01
27 February 2011 0.03 0.01
28 February 2011 0.04 0.01
1 March 2011 0.04 0.01
2 March 2011 0.04 0.01
3 March 2011 0.04 0.01
4 March 2011 0.04 0.01
5 March 2011 0.04 0.01
6 March 2011 0.05 0.01
7 March 2011 0.05 0.01
8 March 2011 0.05 0.01
9 March 2011 0.05 0.01
10 March 2011 0.05 0.01
11 March 2011 0.05 0.02
12 March 2011 0.06 0.02
13 March 2011 0.06 0.02
14 March 2011 0.06 0.02
15 March 2011 0.06 0.02
16 March 2011 0.06 0.02
17 March 2011 0.07 0.02
18 March 2011 0.07 0.02
19 March 2011 0.07 0.02
20 March 2011 0.07 0.02
21 March 2011 0.08 0.02
22 March 2011 0.08 0.02
23 March 2011 0.08 0.03
24 March 2011 0.08 0.03
25 March 2011 0.08 0.03
26 March 2011 0.09 0.03
27 March 2011 0.09 0.03
28 March 2011 0.09 0.03
29 March 2011 0.09 0.03
30 March 2011 0.10 0.03
31 March 2011 0.10 0.03
1 April 2011 0.10 0.04
2 April 2011 0.10 0.04
3 April 2011 0.11 0.04
4 April 2011 0.11 0.04
5 April 2011 0.11 0.04
6 April 2011 0.11 0.04
7 April 2011 0.12 0.04
8 April 2011 0.12 0.04
9 April 2011 0.12 0.05
10 April 2011 0.12 0.05
11 April 2011 0.13 0.05
12 April 2011 0.13 0.05
13 April 2011 0.13 0.05
14 April 2011 0.14 0.05
15 April 2011 0.14 0.05
16 April 2011 0.14 0.06
17 April 2011 0.14 0.06
18 April 2011 0.15 0.06
19 April 2011 0.15 0.06
20 April 2011 0.15 0.06
21 April 2011 0.15 0.06
22 April 2011 0.16 0.07
23 April 2011 0.16 0.07
24 April 2011 0.16 0.07
25 April 2011 0.17 0.07
26 April 2011 0.17 0.07
27 April 2011 0.17 0.07
28 April 2011 0.18 0.08
29 April 2011 0.18 0.08
30 April 2011 0.18 0.08
1 May 2011 0.18 0.08
2 May 2011 0.19 0.08
3 May 2011 0.19 0.08
4 May 2011 0.19 0.09
5 May 2011 0.20 0.09
6 May 2011 0.20 0.09
7 May 2011 0.20 0.09
8 May 2011 0.21 0.09
9 May 2011 0.21 0.09
10 May 2011 0.21 0.10
11 May 2011 0.21 0.10
12 May 2011 0.22 0.10
13 May 2011 0.22 0.10
14 May 2011 0.22 0.10
15 May 2011 0.23 0.10
16 May 2011 0.23 0.11
17 May 2011 0.23 0.11
18 May 2011 0.24 0.11
19 May 2011 0.24 0.11
20 May 2011 0.24 0.11
21 May 2011 0.25 0.12
22 May 2011 0.25 0.12
23 May 2011 0.25 0.12
24 May 2011 0.26 0.12
25 May 2011 0.26 0.12
26 May 2011 0.26 0.13
27 May 2011 0.27 0.13
28 May 2011 0.27 0.13
29 May 2011 0.27 0.13
30 May 2011 0.28 0.13
31 May 2011 0.28 0.13
1 June 2011 0.28 0.14
2 June 2011 0.29 0.14
3 June 2011 0.29 0.14
4 June 2011 0.29 0.14
5 June 2011 0.30 0.14
6 June 2011 0.30 0.15
7 June 2011 0.30 0.15
8 June 2011 0.31 0.15
9 June 2011 0.31 0.15
10 June 2011 0.31 0.15
11 June 2011 0.32 0.16
12 June 2011 0.32 0.16
13 June 2011 0.32 0.16
14 June 2011 0.33 0.16
15 June 2011 0.33 0.17
16 June 2011 0.34 0.17
17 June 2011 0.34 0.17
18 June 2011 0.34 0.17
19 June 2011 0.35 0.17
20 June 2011 0.35 0.18
21 June 2011 0.35 0.18
22 June 2011 0.36 0.18
23 June 2011 0.36 0.18
24 June 2011 0.36 0.19
25 June 2011 0.37 0.19
26 June 2011 0.37 0.19
27 June 2011 0.37 0.19
28 June 2011 0.38 0.19
29 June 2011 0.38 0.20
30 June 2011 0.39 0.20
1 July 2011 0.39 0.20
2 July 2011 0.39 0.20
3 July 2011 0.40 0.21
4 July 2011 0.40 0.21
5 July 2011 0.40 0.21
6 July 2011 0.41 0.21
7 July 2011 0.41 0.22
8 July 2011 0.41 0.22
9 July 2011 0.42 0.22
10 July 2011 0.42 0.23
11 July 2011 0.42 0.23
12 July 2011 0.43 0.23
13 July 2011 0.43 0.23
14 July 2011 0.43 0.24
15 July 2011 0.44 0.24
16 July 2011 0.44 0.24
17 July 2011 0.45 0.25
18 July 2011 0.45 0.25
19 July 2011 0.45 0.25
20 July 2011 0.46 0.25
21 July 2011 0.46 0.26
22 July 2011 0.46 0.26
23 July 2011 0.47 0.26
24 July 2011 0.47 0.27
25 July 2011 0.47 0.27
26 July 2011 0.48 0.27
27 July 2011 0.48 0.27
28 July 2011 0.48 0.28
29 July 2011 0.49 0.28
30 July 2011 0.49 0.28
31 July 2011 0.49 0.29
1 August 2011 0.50 0.29
2 August 2011 0.50 0.29
3 August 2011 0.50 0.30
4 August 2011 0.51 0.30
5 August 2011 0.51 0.30
6 August 2011 0.51 0.31
7 August 2011 0.52 0.31
8 August 2011 0.52 0.31
9 August 2011 0.52 0.31
10 August 2011 0.52 0.32
11 August 2011 0.53 0.32
12 August 2011 0.53 0.32
13 August 2011 0.53 0.33
14 August 2011 0.53 0.33
15 August 2011 0.54 0.33
16 August 2011 0.54 0.34
17 August 2011 0.54 0.34
18 August 2011 0.54 0.34
19 August 2011 0.55 0.35
20 August 2011 0.55 0.35
21 August 2011 0.55 0.35
22 August 2011 0.55 0.36
23 August 2011 0.55 0.36
24 August 2011 0.56 0.36
25 August 2011 0.56 0.37
26 August 2011 0.56 0.37
27 August 2011 0.56 0.37
28 August 2011 0.56 0.38
29 August 2011 0.56 0.38
30 August 2011 0.56 0.38
31 August 2011 0.56 0.39
1 September 2011 0.57 0.39
2 September 2011 0.57 0.39
3 September 2011 0.57 0.40
4 September 2011 0.57 0.40
5 September 2011 0.57 0.40
6 September 2011 0.57 0.41
7 September 2011 0.57 0.41
8 September 2011 0.57 0.41
9 September 2011 0.57 0.42
10 September 2011 0.57 0.42
11 September 2011 0.57 0.42
12 September 2011 0.57 0.43
13 September 2011 0.56 0.43
14 September 2011 0.56 0.43
15 September 2011 0.56 0.44
16 September 2011 0.56 0.44
17 September 2011 0.56 0.44
18 September 2011 0.56 0.45
19 September 2011 0.56 0.45
20 September 2011 0.55 0.45
21 September 2011 0.55 0.46
22 September 2011 0.55 0.46
23 September 2011 0.55 0.46
24 September 2011 0.54 0.47
25 September 2011 0.54 0.47
26 September 2011 0.54 0.47
27 September 2011 0.53 0.48
28 September 2011 0.53 0.48
29 September 2011 0.53 0.48
30 September 2011 0.52 0.48
1 October 2011 0.52 0.49
2 October 2011 0.51 0.49
3 October 2011 0.51 0.49
4 October 2011 0.50 0.49
5 October 2011 0.50 0.50
6 October 2011 0.50 0.50
7 October 2011 0.49 0.50
8 October 2011 0.49 0.50
9 October 2011 0.48 0.51
10 October 2011 0.47 0.51
11 October 2011 0.47 0.51
12 October 2011 0.46 0.51
13 October 2011 0.46 0.51
14 October 2011 0.45 0.52
15 October 2011 0.45 0.52
16 October 2011 0.44 0.52
17 October 2011 0.44 0.52
18 October 2011 0.43 0.52
19 October 2011 0.42 0.52
20 October 2011 0.42 0.53
21 October 2011 0.41 0.53
22 October 2011 0.40 0.53
23 October 2011 0.40 0.53
24 October 2011 0.39 0.53
25 October 2011 0.39 0.53
26 October 2011 0.38 0.53
27 October 2011 0.37 0.53
28 October 2011 0.37 0.53
29 October 2011 0.36 0.53
30 October 2011 0.35 0.53
31 October 2011 0.35 0.53
1 November 2011 0.34 0.53
2 November 2011 0.33 0.53
3 November 2011 0.33 0.53
4 November 2011 0.32 0.53
5 November 2011 0.32 0.53
6 November 2011 0.31 0.53
7 November 2011 0.30 0.53
8 November 2011 0.30 0.53
9 November 2011 0.29 0.53
10 November 2011 0.29 0.53
11 November 2011 0.28 0.53
12 November 2011 0.27 0.52
13 November 2011 0.27 0.52
14 November 2011 0.26 0.52
15 November 2011 0.26 0.52
16 November 2011 0.25 0.52
17 November 2011 0.25 0.51
18 November 2011 0.24 0.51
19 November 2011 0.23 0.51
20 November 2011 0.23 0.51
21 November 2011 0.22 0.50
22 November 2011 0.22 0.50
23 November 2011 0.21 0.50
24 November 2011 0.21 0.50
25 November 2011 0.20 0.49
26 November 2011 0.20 0.49
27 November 2011 0.19 0.49
28 November 2011 0.19 0.48
29 November 2011 0.18 0.48
30 November 2011 0.18 0.47
1 December 2011 0.18 0.47
2 December 2011 0.17 0.46
3 December 2011 0.17 0.46
4 December 2011 0.16 0.46
5 December 2011 0.16 0.45
6 December 2011 0.16 0.45
7 December 2011 0.15 0.44
8 December 2011 0.15 0.44
9 December 2011 0.14 0.43
10 December 2011 0.14 0.43
11 December 2011 0.14 0.42
12 December 2011 0.13 0.42
13 December 2011 0.13 0.41
14 December 2011 0.13 0.40
15 December 2011 0.12 0.40
16 December 2011 0.12 0.39
17 December 2011 0.12 0.39
18 December 2011 0.12 0.38
19 December 2011 0.11 0.38
20 December 2011 0.11 0.37
21 December 2011 0.11 0.36
22 December 2011 0.10 0.36
23 December 2011 0.10 0.35
24 December 2011 0.10 0.34
25 December 2011 0.10 0.34
26 December 2011 0.09 0.33
27 December 2011 0.09 0.32
28 December 2011 0.09 0.32
29 December 2011 0.09 0.31
30 December 2011 0.09 0.30
31 December 2011 0.08 0.30
1 January 2012 0.08 0.29
2 January 2012 0.08 0.29
3 January 2012 0.08 0.28
4 January 2012 0.08 0.27
5 January 2012 0.07 0.27
6 January 2012 0.07 0.26
7 January 2012 0.07 0.26
8 January 2012 0.07 0.25
9 January 2012 0.07 0.24
10 January 2012 0.07 0.24
11 January 2012 0.06 0.23
12 January 2012 0.06 0.23
13 January 2012 0.06 0.22
14 January 2012 0.06 0.22
15 January 2012 0.06 0.21
16 January 2012 0.06 0.21
17 January 2012 0.06 0.20
18 January 2012 0.05 0.20
19 January 2012 0.05 0.19
20 January 2012 0.05 0.19
21 January 2012 0.05 0.19
22 January 2012 0.05 0.18
23 January 2012 0.05 0.18
24 January 2012 0.05 0.17
25 January 2012 0.05 0.17
26 January 2012 0.05 0.17
27 January 2012 0.04 0.16
28 January 2012 0.04 0.16
29 January 2012 0.04 0.15
30 January 2012 0.04 0.15
31 January 2012 0.04 0.15
1 February 2012 0.04 0.14
2 February 2012 0.04 0.14
3 February 2012 0.04 0.14
4 February 2012 0.04 0.13
5 February 2012 0.04 0.13
6 February 2012 0.04 0.13
7 February 2012 0.04 0.13
8 February 2012 0.03 0.12
9 February 2012 0.03 0.12
10 February 2012 0.03 0.12
11 February 2012 0.03 0.12
12 February 2012 0.03 0.11
13 February 2012 0.03 0.11
14 February 2012 0.03 0.11
15 February 2012 0.03 0.11
16 February 2012 0.03 0.10
17 February 2012 0.03 0.10
18 February 2012 0.03 0.10
19 February 2012 0.03 0.10
20 February 2012 0.03 0.10
21 February 2012 0.03 0.09
22 February 2012 0.03 0.09
23 February 2012 0.03 0.09
24 February 2012 0.02 0.09
25 February 2012 0.02 0.09
26 February 2012 0.02 0.09
27 February 2012 0.02 0.08
28 February 2012 0.02 0.08
29 February 2012 0.02 0.08
1 March 2012 0.02 0.08
2 March 2012 0.02 0.08
3 March 2012 0.02 0.08
4 March 2012 0.02 0.07
5 March 2012 0.02 0.07
6 March 2012 0.02 0.07
7 March 2012 0.02 0.07
8 March 2012 0.02 0.07
9 March 2012 0.02 0.07
10 March 2012 0.02 0.07
11 March 2012 0.02 0.07
12 March 2012 0.02 0.06
13 March 2012 0.02 0.06
14 March 2012 0.02 0.06
15 March 2012 0.02 0.06
16 March 2012 0.02 0.06
17 March 2012 0.02 0.06
18 March 2012 0.02 0.06
19 March 2012 0.02 0.06
20 March 2012 0.02 0.06
21 March 2012 0.02 0.05
22 March 2012 0.02 0.05
23 March 2012 0.01 0.05
24 March 2012 0.01 0.05
25 March 2012 0.01 0.05
26 March 2012 0.01 0.05
27 March 2012 0.01 0.05
28 March 2012 0.01 0.05
29 March 2012 0.01 0.05
30 March 2012 0.01 0.05
31 March 2012 0.01 0.05
1 April 2012 0.01 0.05
2 April 2012 0.01 0.04
3 April 2012 0.01 0.04
4 April 2012 0.01 0.04
5 April 2012 0.01 0.04
6 April 2012 0.01 0.04
7 April 2012 0.01 0.04
8 April 2012 0.01 0.04
9 April 2012 0.01 0.04
10 April 2012 0.01 0.04
11 April 2012 0.01 0.04
12 April 2012 0.01 0.04
13 April 2012 0.01 0.04
14 April 2012 0.01 0.04
15 April 2012 0.01 0.04
16 April 2012 0.01 0.04
17 April 2012 0.01 0.04
18 April 2012 0.01 0.04
19 April 2012 0.01 0.03
20 April 2012 0.01 0.03
21 April 2012 0.01 0.03
22 April 2012 0.01 0.03
23 April 2012 0.01 0.03
24 April 2012 0.01 0.03
25 April 2012 0.01 0.03
26 April 2012 0.01 0.03
27 April 2012 0.01 0.03
28 April 2012 0.01 0.03
29 April 2012 0.01 0.03
30 April 2012 0.01 0.03
1 May 2012 0.01 0.03
2 May 2012 0.01 0.03
3 May 2012 0.01 0.03
4 May 2012 0.01 0.03
5 May 2012 0.01 0.03
6 May 2012 0.01 0.03
7 May 2012 0.01 0.03
8 May 2012 0.01 0.03
9 May 2012 0.01 0.03
10 May 2012 0.01 0.02
11 May 2012 0.01 0.02
12 May 2012 0.01 0.02
13 May 2012 0.01 0.02
14 May 2012 0.01 0.02
15 May 2012 0.01 0.02
16 May 2012 0.01 0.02
17 May 2012 0.01 0.02
18 May 2012 0.01 0.02
19 May 2012 0.01 0.02
20 May 2012 0.01 0.02
21 May 2012 0.01 0.02
22 May 2012 0.01 0.02
23 May 2012 0.01 0.02
24 May 2012 0.01 0.02
25 May 2012 0.01 0.02
26 May 2012 0.01 0.02
27 May 2012 0.01 0.02
28 May 2012 0.01 0.02
29 May 2012 0.01 0.02
30 May 2012 0.00 0.02
31 May 2012 0.00 0.02
1 June 2012 0.00 0.02
2 June 2012 0.00 0.02
3 June 2012 0.00 0.02
4 June 2012 0.00 0.02
5 June 2012 0.00 0.02
6 June 2012 0.00 0.02
7 June 2012 0.00 0.02
8 June 2012 0.00 0.02
9 June 2012 0.00 0.02
10 June 2012 0.00 0.02
11 June 2012 0.00 0.02
12 June 2012 0.00 0.02
13 June 2012 0.00 0.02
14 June 2012 0.00 0.01
15 June 2012 0.00 0.01
16 June 2012 0.00 0.01
17 June 2012 0.00 0.01
18 June 2012 0.00 0.01
19 June 2012 0.00 0.01
20 June 2012 0.00 0.01
21 June 2012 0.00 0.01
22 June 2012 0.00 0.01
23 June 2012 0.00 0.01
24 June 2012 0.00 0.01
25 June 2012 0.00 0.01
26 June 2012 0.00 0.01
27 June 2012 0.00 0.01
28 June 2012 0.00 0.01
29 June 2012 0.00 0.01
30 June 2012 0.00 0.01
1 July 2012 0.00 0.01
2 July 2012 0.00 0.01
3 July 2012 0.00 0.01
4 July 2012 0.00 0.01
5 July 2012 0.00 0.01
6 July 2012 0.00 0.01
7 July 2012 0.00 0.01
8 July 2012 0.00 0.01
9 July 2012 0.00 0.01
10 July 2012 0.00 0.01
11 July 2012 0.00 0.01
12 July 2012 0.00 0.01
13 July 2012 0.00 0.01
14 July 2012 0.00 0.01
15 July 2012 0.00 0.01
16 July 2012 0.00 0.01
17 July 2012 ND 0.01
18 July 2012 ND 0.01
19 July 2012 ND 0.01
20 July 2012 ND 0.01
21 July 2012 ND 0.01
22 July 2012 ND 0.01
23 July 2012 ND 0.01
24 July 2012 ND 0.01
25 July 2012 ND 0.01
26 July 2012 ND 0.01
27 July 2012 ND 0.01
28 July 2012 ND 0.01
29 July 2012 ND 0.01
30 July 2012 ND 0.01
31 July 2012 ND 0.01
1 August 2012 ND 0.01
2 August 2012 ND 0.01
3 August 2012 ND 0.01
4 August 2012 ND 0.01
5 August 2012 ND 0.01
6 August 2012 ND 0.01
7 August 2012 ND 0.01
8 August 2012 ND 0.01
9 August 2012 ND 0.01
10 August 2012 ND 0.01
11 August 2012 ND 0.01
12 August 2012 ND 0.01
13 August 2012 ND 0.01
14 August 2012 ND 0.01
15 August 2012 ND 0.01
16 August 2012 ND 0.01
17 August 2012 ND 0.01
18 August 2012 ND 0.01
19 August 2012 ND 0.01
20 August 2012 ND 0.01
21 August 2012 ND 0.01
22 August 2012 ND 0.01
23 August 2012 ND 0.01
24 August 2012 ND 0.01
25 August 2012 ND 0.01
26 August 2012 ND 0.01
27 August 2012 ND 0.01
28 August 2012 ND 0.01
29 August 2012 ND 0.00
30 August 2012 ND 0.00
31 August 2012 ND 0.00

Top-center panel
Oil

Date Brent
(USD per bbl)
OPEC oil production
(Mil. of bbl per day)
2010 January 71.46 28.90
2010 February 77.59 29.60
2010 March 82.70 29.04
2010 April 87.44 28.96
2010 May 74.65 29.07
2010 June 75.01 29.09
2010 July 78.18 29.43
2010 August 74.64 29.49
2010 September 82.31 29.14
2010 October 83.15 29.11
2010 November 85.92 29.30
2010 December 94.75 29.48
2011 January 101.01 30.39
2011 February 111.80 30.19
2011 March 117.36 29.05
2011 April 125.89 28.90
2011 May 116.73 29.04
2011 June 112.48 30.11
2011 July 116.74 29.80
2011 August 114.85 29.98
2011 September 102.76 29.62
2011 October 109.56 29.91
2011 November 110.52 30.36
2011 December 107.38 30.44
2012 January 110.98 30.93
2012 February 122.66 31.31
2012 March 122.88 31.63
2012 April 119.47 31.89
2012 May 101.87 31.86
2012 June 95.89 ND
2012 July ND ND
2012 August ND ND

Top-right panel
Nonfuel Commodities

Jan. 2010 - 100

Date Copper prices Nonfuel prices
2010 January 100.00 100.00
2010 February 103.18 102.99
2010 March 114.24 103.92
2010 April 107.46 107.05
2010 May 101.05 102.33
2010 June 95.05 101.57
2010 July 104.98 105.63
2010 August 107.32 109.69
2010 September 117.50 117.36
2010 October 120.00 118.03
2010 November 122.19 116.57
2010 December 142.10 125.33
2011 January 141.82 133.90
2011 February 143.82 136.73
2011 March 137.14 138.50
2011 April 136.72 137.16
2011 May 134.59 135.99
2011 June 135.70 132.68
2011 July 141.98 133.42
2011 August 134.18 131.09
2011 September 104.05 121.38
2011 October 115.27 122.93
2011 November 108.05 118.02
2011 December 110.21 116.05
2012 January 123.80 120.26
2012 February 125.26 121.27
2012 March 123.72 119.79
2012 April 124.45 118.38
2012 May 109.67 113.51
2012 June 109.73 115.00
2012 July ND ND
2012 August ND ND

Middle-left panel
Broad Real Dollar

2009:Q1 = 100

Date Broad Real Dollar June GB
2008:Q4 ND ND
2009:Q1 100.00 ND
2009:Q2 96.43 ND
2009:Q3 93.72 ND
2009:Q4 91.40 ND
2010:Q1 91.82 ND
2010:Q2 92.58 ND
2010:Q3 91.28 ND
2010:Q4 88.03 ND
2011:Q1 86.75 ND
2011:Q2 84.73 ND
2011:Q3 85.29 85.28
2011:Q4 88.21 88.20
2012:Q1 87.50 87.51
2012:Q2 88.71 87.53
2012:Q3 89.81 87.16
2012:Q4 89.96 86.69
2013:Q1 89.43 86.22
2013:Q2 88.71 85.74
2013:Q3 87.97 85.25
2013:Q4 87.22 84.76
2014:Q1 ND ND

Middle-right panel
Trade in Real Goods and Services

Percent change, annual rate

2012 2013f 2014f
Q1 Q2f H2f
Annualized percent change  
1. Exports 4.1 3.9 3.4 3.7 5.5
2. Imports 2.8 4.6 5.0 4.2 4.5
Contribution to Real GDP Growth
(percentage points, a.r.)
 
3. Net Exports 0.1 -0.3 -0.4 -0.2 -0.0
4. Revision from April Tealbook -0.2 -0.3 -0.2 -0.3 -0.1
5. Estimated Effect of Euro-area Crisis -0.7 -0.7 -1.1 -1.0 n.a.

Bottom-left panel
U.S. Real Exports

Bln 2005 USD

Date EA Trade World Trade
2008 January 15.08 81.34
2008 February 16.09 84.97
2008 March 14.83 77.05
2008 April 15.58 83.95
2008 May 15.55 83.18
2008 June 15.76 84.08
2008 July 16.59 84.64
2008 August 15.72 83.79
2008 September 14.20 80.83
2008 October 14.68 79.94
2008 November 14.53 75.89
2008 December 14.05 71.46
2009 January 13.15 66.60
2009 February 13.88 68.72
2009 March 12.93 66.55
2009 April 12.86 66.95
2009 May 13.09 66.77
2009 June 12.61 68.23
2009 July 12.68 71.04
2009 August 11.71 69.60
2009 September 12.66 74.03
2009 October 13.62 74.94
2009 November 12.95 74.95
2009 December 12.98 79.30
2010 January 13.68 77.86
2010 February 12.48 80.71
2010 March 12.89 81.84
2010 April 12.90 82.66
2010 May 13.18 82.76
2010 June 13.66 83.27
2010 July 13.43 83.92
2010 August 13.29 82.67
2010 September 13.75 83.97
2010 October 13.62 84.68
2010 November 14.01 86.08
2010 December 14.61 88.35
2011 January 13.94 88.95
2011 February 13.85 86.68
2011 March 14.31 89.78
2011 April 14.64 92.31
2011 May 13.79 90.44
2011 June 13.78 88.94
2011 July 14.02 89.26
2011 August 14.05 91.01
2011 September 13.99 91.93
2011 October 14.09 90.72
2011 November 13.76 94.02
2011 December 13.71 93.67

Bottom-center panel
Euro-area GDP

2011:Q2 = 100

Date June 2011 June 2012 TB
2011:Q1 ND ND
2011:Q2 100.00 100.00
2011:Q3 100.36 100.14
2011:Q4 100.70 99.81
2012:Q1 101.07 99.81
2012:Q2 101.49 99.51
2012:Q3 101.98 99.13
2012:Q4 102.55 98.73
2013:Q1 103.14 98.48
2013:Q2 103.74 98.35
2013:Q3 104.40 98.36
2013:Q4 105.07 98.46

Bottom-right panel
Broad Nominal Exchange Rate

2011:Q2 = 100

Date June 2011 June 2012 TB
2011:Q1 ND ND
2011:Q2 100.00 100.00
2011:Q3 99.89 100.64
2011:Q4 99.56 104.55
2012:Q1 99.13 103.77
2012:Q2 98.62 105.67
2012:Q3 98.10 107.67
2012:Q4 97.59 108.04
2013:Q1 97.14 107.53
2013:Q2 96.75 106.84
2013:Q3 96.37 106.15
2013:Q4 95.98 105.45

Exhibit 5
Recent U.S. Indicators

Top-left panel
Change in Private Payroll Employment

Thousands of employees

Date May
January 2007 194.67
February 2007 150.67
March 2007 152.67
April 2007 91.67
May 2007 113.00
June 2007 76.00
July 2007 59.33
August 2007 -5.33
September 2007 -19.00
October 2007 2.67
November 2007 52.00
December 2007 61.00
January 2008 54.33
February 2008 -16.00
March 2008 -69.00
April 2008 -154.33
May 2008 -181.00
June 2008 -220.67
July 2008 -235.33
August 2008 -261.33
September 2008 -326.00
October 2008 -399.67
November 2008 -567.33
December 2008 -645.00
January 2009 -764.67
February 2009 -740.67
March 2009 -783.67
April 2009 -771.33
May 2009 -633.67
June 2009 -513.33
July 2009 -344.67
August 2009 -313.67
September 2009 -233.00
October 2009 -211.67
November 2009 -152.67
December 2009 -131.33
January 2010 -67.33
February 2010 -62.33
March 2010 24.67
April 2010 102.33
May 2010 139.33
June 2010 123.00
July 2010 89.33
August 2010 104.00
September 2010 111.67
October 2010 146.33
November 2010 148.33
December 2010 156.67
January 2011 131.00
February 2011 172.00
March 2011 212.33
April 2011 260.67
May 2011 211.00
June 2011 158.00
July 2011 128.33
August 2011 109.67
September 2011 147.67
October 2011 135.67
November 2011 177.67
December 2011 183.67
January 2012 229.67
February 2012 255.00
March 2012 226.00
April 2012 162.67
May 2012 105.33

Note: Three-month moving average.

Insert: Unemployment rate

Percent

2012
Q1 May
8,2 8,2

Top-right panel
Manufacturing IP

Percent change, annual rate

Date 3-month m.a.
April 2007 8.07
May 2007 4.75
June 2007 3.27
July 2007 1.13
August 2007 0.16
September 2007 1.21
October 2007 -1.52
November 2007 1.91
December 2007 0.79
January 2008 0.90
February 2008 -2.36
March 2008 -4.93
April 2008 -7.56
May 2008 -8.09
June 2008 -8.84
July 2008 -8.78
August 2008 -11.74
September 2008 -21.18
October 2008 -19.77
November 2008 -22.71
December 2008 -22.32
January 2009 -28.99
February 2009 -22.18
March 2009 -18.22
April 2009 -10.92
May 2009 -14.95
June 2009 -8.79
July 2009 -1.18
August 2009 8.07
September 2009 12.67
October 2009 7.01
November 2009 6.56
December 2009 3.93
January 2010 8.04
February 2010 4.59
March 2010 8.79
April 2010 9.20
May 2010 14.83
June 2010 9.78
July 2010 8.72
August 2010 3.00
September 2010 3.96
October 2010 1.10
November 2010 1.77
December 2010 4.97
January 2011 6.40
February 2011 6.58
March 2011 5.15
April 2011 1.02
May 2011 1.00
June 2011 -1.32
July 2011 4.44
August 2011 4.60
September 2011 6.28
October 2011 5.06
November 2011 3.73
December 2011 8.09
January 2012 10.27
February 2012 14.23
March 2012 5.00
April 2012 3.78
May 2012 -1.18

Note: Three-month moving average.

Middle-left panel
Real Personal Consumption Expenditures

Billions of chained (2005) dollars

Date Real PCE
January 2007 9204.56
February 2007 9208.98
March 2007 9214.10
April 2007 9236.74
May 2007 9249.89
June 2007 9247.01
July 2007 9261.82
August 2007 9292.99
September 2007 9300.90
October 2007 9296.09
November 2007 9313.92
December 2007 9327.77
January 2008 9310.62
February 2008 9273.15
March 2008 9283.46
April 2008 9289.26
May 2008 9287.61
June 2008 9280.47
July 2008 9226.37
August 2008 9209.75
September 2008 9151.77
October 2008 9107.47
November 2008 9084.54
December 2008 9036.11
January 2009 9071.52
February 2009 9042.60
March 2009 9008.53
April 2009 8993.07
May 2009 9002.40
June 2009 9000.15
July 2009 9023.47
August 2009 9104.67
September 2009 9022.74
October 2009 9044.64
November 2009 9044.68
December 2009 9091.21
January 2010 9086.77
February 2010 9119.10
March 2010 9157.71
April 2010 9164.70
May 2010 9192.38
June 2010 9203.67
July 2010 9216.76
August 2010 9254.41
September 2010 9270.10
October 2010 9305.50
November 2010 9334.41
December 2010 9345.26
January 2011 9348.61
February 2011 9382.12
March 2011 9399.49
April 2011 9394.21
May 2011 9395.66
June 2011 9388.36
July 2011 9425.12
August 2011 9411.84
September 2011 9463.55
October 2011 9481.22
November 2011 9477.48
December 2011 9487.72
January 2012 9513.48
February 2012 9570.77
March 2012 9568.98
April 2012 9587.46
May 2012 9592.02
Insert:

Percent change a.r.

2012:Q1 2012:Q2f 2012:Q3f
Current 2.90 1.90 2.50
Apr. TB 2.20 2.50 2.90

Middle-right panel
Consumer Confidence

Index, scaled by standard deviation

Date Michigan Index Conference Board Index
January 2007 100.86 100.72
February 2007 100.44 100.76
March 2007 100.22 100.64
April 2007 100.13 100.57
May 2007 100.22 100.65
June 2007 99.99 100.53
July 2007 100.37 100.79
August 2007 99.85 100.54
September 2007 99.85 100.30
October 2007 99.66 100.12
November 2007 99.30 99.83
December 2007 99.25 99.94
January 2008 99.47 99.81
February 2008 98.90 99.37
March 2008 98.80 98.96
April 2008 98.28 98.83
May 2008 98.07 98.64
June 2008 97.82 98.36
July 2008 98.18 98.40
August 2008 98.31 98.66
September 2008 98.86 98.78
October 2008 97.91 97.88
November 2008 97.73 98.11
December 2008 98.09 97.87
January 2009 98.18 97.82
February 2009 97.81 97.34
March 2009 97.88 97.40
April 2009 98.47 97.96
May 2009 98.74 98.51
June 2009 98.90 98.29
July 2009 98.54 98.22
August 2009 98.52 98.50
September 2009 99.10 98.46
October 2009 98.88 98.27
November 2009 98.64 98.35
December 2009 99.03 98.47
January 2010 99.17 98.58
February 2010 99.11 98.18
March 2010 99.11 98.41
April 2010 99.00 98.63
May 2010 99.11 98.83
June 2010 99.29 98.49
July 2010 98.67 98.36
August 2010 98.76 98.45
September 2010 98.70 98.27
October 2010 98.67 98.32
November 2010 98.96 98.63
December 2010 99.18 98.86
January 2011 99.16 98.91
February 2011 99.40 99.20
March 2011 98.65 98.87
April 2011 98.82 98.96
May 2011 99.16 98.79
June 2011 98.95 98.62
July 2011 98.36 98.69
August 2011 97.77 98.13
September 2011 98.05 98.18
October 2011 98.15 97.96
November 2011 98.36 98.53
December 2011 98.83 98.91
January 2012 99.22 98.78
February 2012 99.24 99.18
March 2012 99.31 99.10
April 2012 99.32 99.07
May 2012 99.54 98.90
June 2012 99.08 ND

Note: Average value since 1978 equals 100.

Bottom-left panel
Real Government Purchases

Billions of chained (2005) dollars

Quarter Current Dec. TB
2011:Q1 2513.87 ND
2011:Q2 2508.22 ND
2011:Q3 2507.63 ND
2011:Q4 2481.16 2481.16
2012:Q1 2455.90 2481.68
2012:Q2 2443.31 2476.12
2012:Q3 2431.45 2469.83

Bottom-right panel
Real GDP

Percent change, annual rate

Quarter Current Dec. TB
2011:Q3 1.81 1.81
2011:Q4 2.95 2.95
2012:Q1 2.16 2.54
2012:Q2 1.46 2.13
2012:Q3 1.88 2.50

Exhibit 6
Europe and the Medium-term Outlook

Top-left panel
Effects of Europe on the June Tealbook

Adverse:

Mitigating

Top-right panel
Real GDP

Four-quarter percent change

Quarter Current April TB
2010:Q1 2.17 ND
2010:Q2 3.30 ND
2010:Q3 3.51 ND
2010:Q4 3.14 ND
2011:Q1 2.24 ND
2011:Q2 1.63 ND
2011:Q3 1.46 ND
2011:Q4 1.61 1.61
2012:Q1 2.06 2.16
2012:Q2 2.09 2.36
2012:Q3 2.11 2.53
2012:Q4 1.85 2.52
2013:Q1 1.74 2.47
2013:Q2 1.89 2.61
2013:Q3 2.01 2.71
2013:Q4 2.15 2.76
2014:Q1 2.36 2.95
2014:Q2 2.56 3.08
2014:Q3 2.80 3.19
2014:Q4 3.07 3.29

Middle-left panel
U.S. Unemployment Rate

Percent

Quarter Current April TB
2007:Q1 4.50 ND
2007:Q2 4.50 ND
2007:Q3 4.70 ND
2007:Q4 4.80 ND
2008:Q1 5.00 ND
2008:Q2 5.30 ND
2008:Q3 6.00 ND
2008:Q4 6.90 ND
2009:Q1 8.30 ND
2009:Q2 9.30 ND
2009:Q3 9.60 ND
2009:Q4 9.90 ND
2010:Q1 9.80 ND
2010:Q2 9.60 ND
2010:Q3 9.50 ND
2010:Q4 9.60 ND
2011:Q1 9.00 ND
2011:Q2 9.10 ND
2011:Q3 9.10 ND
2011:Q4 8.70 8.70
2012:Q1 8.24 8.24
2012:Q2 8.17 8.18
2012:Q3 8.18 8.12
2012:Q4 8.16 8.04
2013:Q1 8.11 7.91
2013:Q2 8.06 7.86
2013:Q3 8.01 7.80
2013:Q4 7.99 7.72
2014:Q1 8.00 7.63
2014:Q2 7.94 7.54
2014:Q3 7.84 7.46
2014:Q4 7.73 7.39

Middle-right panel
European Crisis with Severe Spillovers

Severe crisis in Europe leads to

Bottom-left panel
Alternative Simulation: Euro-area GDP

Four-quarter percent change

Quarter Baseline Severe crisis scenario
2011:Q2 1.50 1.50
2011:Q3 1.23 1.23
2011:Q4 0.70 0.70
2012:Q1 0.07 0.07
2012:Q2 -0.37 -0.81
2012:Q3 -0.69 -2.96
2012:Q4 -0.54 -4.78
2013:Q1 -0.50 -6.65
2013:Q2 -0.09 -7.54
2013:Q3 0.24 -6.78
2013:Q4 0.67 -5.29
2014:Q1 0.98 -3.46
2014:Q2 1.22 -1.46
2014:Q3 1.37 0.42
2014:Q4 1.51 2.04

Bottom-right panel
Alternative Simulation: U.S. Unemployment Rate

Percent

Quarter Baseline Severe crisis scenario
2007:Q1 4.52 ND
2007:Q2 4.49 ND
2007:Q3 4.65 ND
2007:Q4 4.80 ND
2008:Q1 4.98 4.98
2008:Q2 5.33 5.33
2008:Q3 6.02 6.02
2008:Q4 6.89 6.89
2009:Q1 8.30 8.30
2009:Q2 9.30 9.30
2009:Q3 9.65 9.65
2009:Q4 9.97 9.97
2010:Q1 9.80 9.80
2010:Q2 9.67 9.67
2010:Q3 9.53 9.53
2010:Q4 9.58 9.58
2011:Q1 8.99 8.99
2011:Q2 9.07 9.07
2011:Q3 9.06 9.06
2011:Q4 8.71 8.71
2012:Q1 8.24 8.24
2012:Q2 8.17 8.19
2012:Q3 8.18 8.38
2012:Q4 8.16 8.77
2013:Q1 8.11 9.29
2013:Q2 8.06 9.88
2013:Q3 8.01 10.44
2013:Q4 7.99 10.91
2014:Q1 8.00 11.28
2014:Q2 7.94 11.46
2014:Q3 7.84 11.49
2014:Q4 7.74 11.42
2015:Q1 7.57 11.21
2015:Q2 7.41 10.95
2015:Q3 7.25 10.67
2015:Q4 7.11 10.38
2016:Q1 6.97 10.08
2016:Q2 6.82 9.78
2016:Q3 6.66 9.48
2016:Q4 6.50 9.18
2017:Q1 6.34 8.88
2017:Q2 6.18 8.56
2017:Q3 6.03 8.23
2017:Q4 5.88 7.91

Exhibit 7
Fiscal Cliff

Top panel
Fiscal Assumptions in the Tealbook

In the baseline

In the fiscal cliff alternative

Middle-left panel
Alternative Simulation: Federal Fiscal Impetus

Contribution to real GDP growth, p.p.

Year Baseline Increment in fiscal cliff
2012 -0.75 0.00
2013 -1.22 -1.11
2014 -0.54 -0.56

Middle-right panel
Alternative Simulation: Real GDP

Four-quarter percent change

Quarter Baseline Fiscal cliff scenario
2010:Q1 2.17 2.17
2010:Q2 3.30 3.30
2010:Q3 3.51 3.51
2010:Q4 3.14 3.14
2011:Q1 2.24 2.24
2011:Q2 1.63 1.63
2011:Q3 1.46 1.46
2011:Q4 1.61 1.61
2012:Q1 2.06 2.06
2012:Q2 2.09 2.09
2012:Q3 2.11 2.11
2012:Q4 1.85 1.85
2013:Q1 1.74 1.32
2013:Q2 1.89 1.21
2013:Q3 2.01 1.02
2013:Q4 2.15 0.92
2014:Q1 2.36 1.34
2014:Q2 2.56 1.60
2014:Q3 2.80 1.95
2014:Q4 3.06 2.27
2015:Q1 3.31 2.73
2015:Q2 3.51 3.17
2015:Q3 3.52 3.49
2015:Q4 3.46 3.78
2016:Q1 3.41 3.95
2016:Q2 3.36 4.10
2016:Q3 3.37 4.24
2016:Q4 3.39 4.32
2017:Q1 3.38 4.30
2017:Q2 3.33 4.20
2017:Q3 3.27 4.07
2017:Q4 3.19 3.91

Bottom-left panel
Alternative Simulation: Unemployment Rate

Percent

Quarter Baseline Fiscal cliff scenario
2010:Q1 9.80 9.80
2010:Q2 9.67 9.67
2010:Q3 9.53 9.53
2010:Q4 9.58 9.58
2011:Q1 8.99 8.99
2011:Q2 9.07 9.07
2011:Q3 9.06 9.06
2011:Q4 8.71 8.71
2012:Q1 8.24 8.24
2012:Q2 8.17 8.17
2012:Q3 8.18 8.18
2012:Q4 8.16 8.16
2013:Q1 8.11 8.20
2013:Q2 8.06 8.26
2013:Q3 8.01 8.35
2013:Q4 7.99 8.46
2014:Q1 8.00 8.60
2014:Q2 7.94 8.66
2014:Q3 7.84 8.68
2014:Q4 7.74 8.68
2015:Q1 7.57 8.58
2015:Q2 7.41 8.45
2015:Q3 7.25 8.29
2015:Q4 7.11 8.11
2016:Q1 6.97 7.89
2016:Q2 6.82 7.65
2016:Q3 6.66 7.38
2016:Q4 6.50 7.10
2017:Q1 6.34 6.82
2017:Q2 6.18 6.54
2017:Q3 6.03 6.28
2017:Q4 5.88 6.03

Bottom-right panel
Alternative Simulation: Federal Funds Rate

Percent

Quarter Baseline Fiscal cliff scenario
2010:Q1 0.13 0.13
2010:Q2 0.19 0.19
2010:Q3 0.19 0.19
2010:Q4 0.19 0.19
2011:Q1 0.16 0.16
2011:Q2 0.09 0.09
2011:Q3 0.08 0.08
2011:Q4 0.07 0.07
2012:Q1 0.10 0.10
2012:Q2 0.15 0.15
2012:Q3 0.12 0.12
2012:Q4 0.12 0.12
2013:Q1 0.12 0.13
2013:Q2 0.12 0.13
2013:Q3 0.12 0.13
2013:Q4 0.12 0.13
2014:Q1 0.12 0.13
2014:Q2 0.12 0.13
2014:Q3 0.30 0.13
2014:Q4 0.50 0.13
2015:Q1 0.77 0.13
2015:Q2 1.08 0.13
2015:Q3 1.36 0.15
2015:Q4 1.61 0.25
2016:Q1 1.85 0.49
2016:Q2 2.10 0.82
2016:Q3 2.34 1.21
2016:Q4 2.58 1.62
2017:Q1 2.81 2.01
2017:Q2 3.01 2.38
2017:Q3 3.19 2.70
2017:Q4 3.35 2.98

Exhibit 8
Inflation Projection

Top-left panel
Crude Oil Prices

Dollars per barrel

Quarter Current April TB
2007:Q1 54.12 ND
2007:Q2 63.61 ND
2007:Q3 70.10 ND
2007:Q4 80.38 ND
2008:Q1 88.21 ND
2008:Q2 109.40 ND
2008:Q3 117.33 ND
2008:Q4 68.75 ND
2009:Q1 42.14 ND
2009:Q2 54.34 ND
2009:Q3 66.89 ND
2009:Q4 72.51 ND
2010:Q1 75.76 ND
2010:Q2 77.64 ND
2010:Q3 74.65 ND
2010:Q4 79.65 ND
2011:Q1 91.69 ND
2011:Q2 109.65 ND
2011:Q3 105.35 ND
2011:Q4 103.68 ND
2012:Q1 108.42 107.88
2012:Q2 104.71 109.87
2012:Q3 88.44 109.61
2012:Q4 88.37 109.47
2013:Q1 88.67 109.00
2013:Q2 88.67 108.21
2013:Q3 88.50 107.00
2013:Q4 88.07 105.74
2014:Q1 87.65 104.47
2014:Q2 87.08 103.07
2014:Q3 86.56 101.79
2014:Q4 86.07 100.65

Note: Price of imported oil, BOP basis.

Top-right panel
PCE Prices

12-month percent change

Date Total Core
January 2008 3.55 2.29
February 2008 3.41 2.18
March 2008 3.36 2.32
April 2008 3.46 2.37
May 2008 3.59 2.47
June 2008 4.06 2.52
July 2008 4.44 2.50
August 2008 4.28 2.46
September 2008 4.00 2.35
October 2008 3.17 2.16
November 2008 1.38 2.01
December 2008 0.56 1.77
January 2009 0.42 1.65
February 2009 0.49 1.65
March 2009 0.05 1.52
April 2009 -0.10 1.59
May 2009 -0.39 1.52
June 2009 -0.47 1.47
July 2009 -0.91 1.39
August 2009 -0.53 1.40
September 2009 -0.48 1.41
October 2009 0.36 1.67
November 2009 1.77 1.72
December 2009 2.35 1.75
January 2010 2.44 1.75
February 2010 2.23 1.71
March 2010 2.48 1.78
April 2010 2.34 1.58
May 2010 2.16 1.58
June 2010 1.46 1.47
July 2010 1.60 1.44
August 2010 1.45 1.37
September 2010 1.39 1.23
October 2010 1.29 0.97
November 2010 1.17 0.97
December 2010 1.37 0.93
January 2011 1.49 1.04
February 2011 1.81 1.10
March 2011 2.05 1.04
April 2011 2.36 1.18
May 2011 2.59 1.31
June 2011 2.63 1.42
July 2011 2.78 1.57
August 2011 2.89 1.68
September 2011 2.94 1.65
October 2011 2.73 1.70
November 2011 2.74 1.77
December 2011 2.55 1.91
January 2012 2.42 1.95
February 2012 2.35 1.93
March 2012 2.15 1.96
April 2012 1.82 1.89
May 2012 1.50 1.80
June 2012 ND ND
July 2012 ND ND
August 2012 ND ND

Note: Staff estimate for May

Middle-left panel
Core Nonfuel Import Prices

2005 = 100

Quarter Current April TB
2008:Q1 108.29 ND
2008:Q2 111.26 ND
2008:Q3 112.71 ND
2008:Q4 110.01 ND
2009:Q1 107.24 ND
2009:Q2 106.62 ND
2009:Q3 106.96 ND
2009:Q4 108.14 ND
2010:Q1 109.17 ND
2010:Q2 109.99 ND
2010:Q3 109.82 ND
2010:Q4 110.98 ND
2011:Q1 113.21 113.21
2011:Q2 115.19 115.19
2011:Q3 115.86 115.86
2011:Q4 115.75 115.75
2012:Q1 115.86 115.82
2012:Q2 116.43 116.15
2012:Q3 115.96 116.34
2012:Q4 115.87 116.79
2013:Q1 116.12 117.23
2013:Q2 116.52 117.67
2013:Q3 116.99 118.11
2013:Q4 117.45 118.54
2014:Q1 117.91 118.97
2014:Q2 118.38 119.42
2014:Q3 118.90 119.85
2014:Q4 119.38 120.29

Middle-right panel
Inflation Expectations

Percent

Date Michigan,
next 5 to 10 years
January 2007 3.00
February 2007 2.90
March 2007 2.90
April 2007 3.10
May 2007 3.10
June 2007 2.90
July 2007 3.10
August 2007 2.90
September 2007 2.90
October 2007 2.80
November 2007 2.90
December 2007 3.10
January 2008 3.00
February 2008 3.00
March 2008 2.90
April 2008 3.20
May 2008 3.40
June 2008 3.40
July 2008 3.20
August 2008 3.20
September 2008 3.00
October 2008 2.90
November 2008 2.90
December 2008 2.60
January 2009 2.90
February 2009 3.10
March 2009 2.60
April 2009 2.80
May 2009 2.90
June 2009 3.00
July 2009 3.00
August 2009 2.80
September 2009 2.80
October 2009 2.90
November 2009 3.00
December 2009 2.70
January 2010 2.90
February 2010 2.70
March 2010 2.70
April 2010 2.70
May 2010 2.90
June 2010 2.80
July 2010 2.90
August 2010 2.80
September 2010 2.70
October 2010 2.80
November 2010 2.80
December 2010 2.80
January 2011 2.90
February 2011 2.90
March 2011 3.20
April 2011 2.90
May 2011 2.90
June 2011 3.00
July 2011 2.90
August 2011 2.90
September 2011 2.80
October 2011 2.70
November 2011 2.70
December 2011 2.70
January 2012 2.70
February 2012 2.90
March 2012 3.00
April 2012 2.90
May 2012 2.70
June 2012 2.90

Percent

Quarter SPF,
next 10Years
2007:Q1 2.00
2007:Q2 2.00
2007:Q3 2.10
2007:Q4 2.10
2008:Q1 2.20
2008:Q2 2.20
2008:Q3 2.20
2008:Q4 2.20
2009:Q1 2.20
2009:Q2 2.28
2009:Q3 2.15
2009:Q4 2.10
2010:Q1 2.10
2010:Q2 2.15
2010:Q3 2.11
2010:Q4 2.00
2011:Q1 2.10
2011:Q2 2.27
2011:Q3 2.25
2011:Q4 2.16
2012:Q1 2.15
2012:Q2 2.20

Percent

Date TIPS,
next 5 to 10 years
9 January 2007 2.45
16 January 2007 2.42
23 January 2007 2.49
30 January 2007 2.55
6 February 2007 2.51
13 February 2007 2.48
20 February 2007 2.49
27 February 2007 2.49
6 March 2007 2.47
13 March 2007 2.43
20 March 2007 2.47
27 March 2007 2.54
3 April 2007 2.55
10 April 2007 2.57
17 April 2007 2.55
24 April 2007 2.51
1 May 2007 2.50
8 May 2007 2.47
15 May 2007 2.44
22 May 2007 2.43
29 May 2007 2.51
5 June 2007 2.54
12 June 2007 2.62
19 June 2007 2.64
26 June 2007 2.68
3 July 2007 2.63
10 July 2007 2.63
17 July 2007 2.62
24 July 2007 2.64
31 July 2007 2.68
7 August 2007 2.65
14 August 2007 2.68
21 August 2007 2.69
28 August 2007 2.69
4 September 2007 2.67
11 September 2007 2.69
18 September 2007 2.75
25 September 2007 2.81
2 October 2007 2.80
9 October 2007 2.78
16 October 2007 2.78
23 October 2007 2.74
30 October 2007 2.76
6 November 2007 2.78
13 November 2007 2.81
20 November 2007 2.75
27 November 2007 2.77
4 December 2007 2.74
11 December 2007 2.72
18 December 2007 2.73
25 December 2007 2.74
1 January 2008 2.73
8 January 2008 2.67
15 January 2008 2.73
22 January 2008 2.80
29 January 2008 2.95
5 February 2008 2.99
12 February 2008 3.00
19 February 2008 2.92
26 February 2008 2.93
4 March 2008 3.00
11 March 2008 3.18
18 March 2008 3.12
25 March 2008 2.99
1 April 2008 3.02
8 April 2008 3.00
15 April 2008 2.95
22 April 2008 2.90
29 April 2008 2.80
6 May 2008 2.80
13 May 2008 2.82
20 May 2008 2.85
27 May 2008 2.88
3 June 2008 2.86
10 June 2008 2.87
17 June 2008 2.78
24 June 2008 2.74
1 July 2008 2.76
8 July 2008 2.84
15 July 2008 2.79
22 July 2008 2.85
29 July 2008 2.86
5 August 2008 2.87
12 August 2008 2.79
19 August 2008 2.78
26 August 2008 2.80
2 September 2008 2.81
9 September 2008 2.72
16 September 2008 2.78
23 September 2008 2.83
30 September 2008 2.84
7 October 2008 2.66
14 October 2008 2.79
21 October 2008 3.39
28 October 2008 3.32
4 November 2008 3.47
11 November 2008 3.41
18 November 2008 3.06
25 November 2008 2.17
2 December 2008 2.54
9 December 2008 2.65
16 December 2008 2.51
23 December 2008 2.15
30 December 2008 2.00
6 January 2009 2.12
13 January 2009 2.43
20 January 2009 2.32
27 January 2009 2.56
3 February 2009 2.79
10 February 2009 2.68
17 February 2009 2.65
24 February 2009 2.64
3 March 2009 2.40
10 March 2009 2.30
17 March 2009 2.41
24 March 2009 2.38
31 March 2009 2.48
7 April 2009 2.47
14 April 2009 2.47
21 April 2009 2.46
28 April 2009 2.68
5 May 2009 2.66
12 May 2009 2.68
19 May 2009 2.77
26 May 2009 2.97
2 June 2009 3.15
9 June 2009 3.04
16 June 2009 2.81
23 June 2009 2.83
30 June 2009 2.91
7 July 2009 2.88
14 July 2009 2.88
21 July 2009 3.15
28 July 2009 3.21
4 August 2009 3.14
11 August 2009 3.25
18 August 2009 3.19
25 August 2009 3.16
1 September 2009 3.04
8 September 2009 3.01
15 September 2009 2.98
22 September 2009 2.95
29 September 2009 2.93
6 October 2009 2.85
13 October 2009 2.92
20 October 2009 3.09
27 October 2009 3.06
3 November 2009 3.06
10 November 2009 3.26
17 November 2009 3.23
24 November 2009 3.20
1 December 2009 3.08
8 December 2009 3.09
15 December 2009 3.14
22 December 2009 3.21
29 December 2009 3.23
5 January 2010 3.23
12 January 2010 3.30
19 January 2010 3.25
26 January 2010 3.18
2 February 2010 3.26
9 February 2010 3.18
16 February 2010 3.10
23 February 2010 3.11
2 March 2010 2.98
9 March 2010 2.97
16 March 2010 2.96
23 March 2010 2.89
30 March 2010 2.94
6 April 2010 3.03
13 April 2010 3.05
20 April 2010 3.00
27 April 2010 2.98
4 May 2010 3.09
11 May 2010 3.03
18 May 2010 3.04
25 May 2010 2.76
1 June 2010 2.78
8 June 2010 2.80
15 June 2010 2.78
22 June 2010 2.80
29 June 2010 2.69
6 July 2010 2.51
13 July 2010 2.62
20 July 2010 2.57
27 July 2010 2.56
3 August 2010 2.60
10 August 2010 2.54
17 August 2010 2.38
24 August 2010 2.26
31 August 2010 2.26
7 September 2010 2.46
14 September 2010 2.60
21 September 2010 2.67
28 September 2010 2.59
5 October 2010 2.49
12 October 2010 2.58
19 October 2010 2.76
26 October 2010 2.87
2 November 2010 3.02
9 November 2010 2.86
16 November 2010 2.81
23 November 2010 2.88
30 November 2010 2.91
7 December 2010 3.02
14 December 2010 3.06
21 December 2010 3.19
28 December 2010 3.10
4 January 2011 3.05
11 January 2011 3.06
18 January 2011 3.03
25 January 2011 2.96
1 February 2011 2.95
8 February 2011 2.96
15 February 2011 2.86
22 February 2011 2.80
1 March 2011 2.83
8 March 2011 2.96
15 March 2011 2.93
22 March 2011 2.85
29 March 2011 2.91
5 April 2011 2.96
12 April 2011 3.07
19 April 2011 3.10
26 April 2011 3.02
3 May 2011 2.95
10 May 2011 2.91
17 May 2011 2.85
24 May 2011 2.79
31 May 2011 2.80
7 June 2011 2.77
14 June 2011 2.75
21 June 2011 2.72
28 June 2011 2.90
5 July 2011 3.09
12 July 2011 3.01
19 July 2011 2.97
26 July 2011 3.06
2 August 2011 3.16
9 August 2011 3.03
16 August 2011 3.01
23 August 2011 2.81
30 August 2011 2.83
6 September 2011 2.69
13 September 2011 2.59
20 September 2011 2.51
27 September 2011 2.26
4 October 2011 2.25
11 October 2011 2.39
18 October 2011 2.48
25 October 2011 2.46
1 November 2011 2.54
8 November 2011 2.48
15 November 2011 2.40
22 November 2011 2.31
29 November 2011 2.33
6 December 2011 2.45
13 December 2011 2.44
20 December 2011 2.35
27 December 2011 2.52
3 January 2012 2.42
10 January 2012 2.55
17 January 2012 2.44
24 January 2012 2.56
31 January 2012 2.51
7 February 2012 2.54
14 February 2012 2.58
21 February 2012 2.57
28 February 2012 2.49
6 March 2012 2.45
13 March 2012 2.49
20 March 2012 2.73
27 March 2012 2.72
3 April 2012 2.69
10 April 2012 2.61
17 April 2012 2.67
24 April 2012 2.63
1 May 2012 2.67
8 May 2012 2.63
15 May 2012 2.53
22 May 2012 2.48
29 May 2012 2.54
5 June 2012 2.53
12 June 2012 2.60

Note: Median responses to the Michigan survey, The SPF projection is for te PCE price index.

Bottom-left panel
Measures of Hourly Compensation

Four-quarter percent change

Quarter P&C comp. per hour Employment cost index
2007:Q1 4.10 3.20
2007:Q2 4.00 3.10
2007:Q3 4.40 3.10
2007:Q4 3.60 3.00
2008:Q1 4.10 3.20
2008:Q2 3.40 3.00
2008:Q3 3.60 2.80
2008:Q4 2.50 2.40
2009:Q1 0.40 1.90
2009:Q2 2.40 1.50
2009:Q3 2.10 1.20
2009:Q4 1.80 1.20
2010:Q1 2.90 1.60
2010:Q2 1.80 1.90
2010:Q3 1.60 2.00
2010:Q4 1.40 2.10
2011:Q1 2.30 2.00
2011:Q2 1.60 2.30
2011:Q3 2.60 2.10
2011:Q4 2.46 2.20
2012:Q1 1.30 2.10

Bottom-right panel
PCE Price Projection

(Percent change, Q4/Q4)

2011 2012 2013
1. Total 1.2 1.5 1.5
2. Apr. TB 1.9 1.5 1.5
3. Food 1.5 1.5 1.4
4. Energy -7.5 0.7 -0.4
5. Apr. TB 3.0 -1.1 -1.7
6. Core 1.7 1.6 1.6
7. Apr. TB 1.8 1.7 1.7

Exhibit 9
Household Credit Conditions

Top-left panel
Consumer Credit

Percent change from a year earlier

Date Credit cards Student and other loans Auto
31 January 2007 6.82 9.22 0.17
28 February 2007 6.79 9.86 0.31
31 March 2007 7.23 8.92 0.82
30 April 2007 6.96 8.48 0.90
31 May 2007 7.15 8.56 0.86
30 June 2007 6.90 9.15 1.35
31 July 2007 7.42 8.34 2.05
31 August 2007 7.73 7.92 2.47
30 September 2007 8.12 8.42 2.52
31 October 2007 8.52 8.10 2.53
30 November 2007 8.82 7.90 2.20
31 December 2007 8.47 7.32 1.85
31 January 2008 8.90 7.53 2.51
29 February 2008 9.10 7.70 1.92
31 March 2008 8.96 7.92 1.53
30 April 2008 8.84 8.00 1.87
31 May 2008 7.59 7.49 1.39
30 June 2008 7.22 7.62 1.17
31 July 2008 6.56 7.99 0.64
31 August 2008 5.17 7.15 -0.46
30 September 2008 3.82 6.12 -1.34
31 October 2008 3.47 6.21 -2.12
30 November 2008 1.55 5.87 -2.48
31 December 2008 0.21 5.82 -2.82
31 January 2009 -0.20 6.37 -3.43
28 February 2009 -1.84 5.91 -4.04
31 March 2009 -3.33 5.25 -4.96
30 April 2009 -4.09 4.73 -5.61
31 May 2009 -5.23 4.53 -5.49
30 June 2009 -5.65 4.24 -6.87
31 July 2009 -5.97 3.85 -7.33
31 August 2009 -6.74 4.82 -7.49
30 September 2009 -6.74 5.40 -7.88
31 October 2009 -7.89 5.50 -8.08
30 November 2009 -8.69 4.97 -8.24
31 December 2009 -8.75 5.16 -8.30
31 January 2010 -9.83 3.91 -8.30
28 February 2010 -9.87 3.53 -8.29
31 March 2010 -9.45 3.12 -6.35
30 April 2010 -9.47 3.12 -6.34
31 May 2010 -9.15 3.40 -7.12
30 June 2010 -9.56 3.88 -6.23
31 July 2010 -9.81 4.38 -6.37
31 August 2010 -9.49 5.90 -6.93
30 September 2010 -9.74 7.75 -7.15
31 October 2010 -9.61 9.16 -6.70
30 November 2010 -8.44 9.99 -6.06
31 December 2010 -7.39 11.13 1.00
31 January 2011 -7.24 12.14 -6.92
28 February 2011 -6.80 13.34 -7.34
31 March 2011 -5.77 13.83 -6.39
30 April 2011 -5.82 14.63 -7.04
31 May 2011 -4.43 14.55 -6.50
30 June 2011 -3.34 14.43 -5.79
31 July 2011 -2.84 15.60 -5.07
31 August 2011 -1.99 12.68 -4.70
30 September 2011 -1.16 11.26 -3.92
31 October 2011 -0.33 9.55 -2.50
30 November 2011 0.78 9.71 -1.78
31 December 2011 0.88 8.72 -1.06
31 January 2012 1.03 9.32 1.86
29 February 2012 1.26 8.53 2.63
31 March 2012 1.07 8.99 3.12
30 April 2012 1.40 9.08 3.46

Source: Federal Reserve Board; not seasonally adjusted.

Top-right panel
Newly Originated Auto Loans

Percent of households with a new loan

Date Subprime Prime Superprime
31 March 2004 17.98 16.48 9.25
30 June 2004 16.04 17.60 9.80
30 September 2004 14.51 16.21 9.28
31 December 2004 16.37 17.12 10.35
31 March 2005 14.28 15.51 8.90
30 June 2005 20.65 21.42 13.36
30 September 2005 16.08 17.04 9.79
31 December 2005 14.87 14.41 7.92
31 March 2006 14.67 15.00 8.40
30 June 2006 15.62 13.88 7.93
30 September 2006 15.52 15.05 8.85
31 December 2006 16.09 15.93 9.21
31 March 2007 15.16 14.91 8.69
30 June 2007 14.63 13.94 8.25
30 September 2007 14.96 14.55 8.49
31 December 2007 14.67 14.68 8.69
31 March 2008 13.30 14.45 8.61
30 June 2008 13.71 14.16 8.52
30 September 2008 11.15 13.23 8.11
31 December 2008 10.08 11.93 7.51
31 March 2009 9.12 11.78 7.59
30 June 2009 8.14 11.39 7.90
30 September 2009 8.33 12.51 9.10
31 December 2009 8.16 11.63 8.42
31 March 2010 8.44 11.71 8.36
30 June 2010 8.93 12.66 9.11
30 September 2010 8.72 12.29 8.82
31 December 2010 12.08 13.30 9.45
31 March 2011 9.71 13.41 9.62
30 June 2011 10.91 13.69 9.41
30 September 2011 11.38 13.90 9.32
31 December 2011 11.20 14.05 9.54
31 March 2012 12.10 14.82 10.04

Note: Newly originated auto loans are proxied by increases in balances exceeding $2,000. Prime credit scores from 660 to 779, superprime greater than 779.
Source: Equifax.

Middle-left panel
Offered Spreads on Credit Card Loans

Percentage points

Date Aggregate Nonprime Prime
31 March 2004 8.17 NA NA
30 June 2004 7.64 NA NA
30 September 2004 7.66 NA NA
31 December 2004 7.97 NA NA
31 March 2005 7.40 NA NA
30 June 2005 7.37 NA NA
30 September 2005 7.23 NA NA
31 December 2005 7.34 NA NA
31 March 2006 7.58 NA NA
30 June 2006 7.52 NA NA
30 September 2006 8.16 NA NA
31 December 2006 8.45 NA NA
31 March 2007 8.59 NA NA
30 June 2007 8.55 NA NA
30 September 2007 8.95 NA NA
31 December 2007 9.87 NA NA
31 March 2008 10.56 NA NA
30 June 2008 9.27 NA NA
30 September 2008 9.14 NA NA
31 December 2008 10.34 NA NA
31 March 2009 10.62 NA NA
30 June 2009 11.20 13.44 10.79
30 September 2009 11.53 13.31 11.37
31 December 2009 13.18 16.36 12.69
31 March 2010 13.34 16.42 12.95
30 June 2010 12.90 15.45 12.64
30 September 2010 13.50 17.48 12.89
31 December 2010 13.49 18.01 12.83
31 March 2011 13.12 17.64 12.56
30 June 2011 13.42 17.32 12.83
30 September 2011 14.20 17.21 13.75
31 December 2011 14.46 17.38 13.99
31 March 2012 14.07 17.47 13.57
30 June 2012 13.74 17.04 13.39

Note: Spread to yield on 2-year Treasury notes.
Source: Mintel.

Middle-right panel
Credit Card Limits

Billions of dollars

Date Subprime Prime Superprime
31 March 2004 334.87 1433.48 797.91
30 June 2004 323.88 1454.70 813.65
30 September 2004 319.69 1458.03 816.06
31 December 2004 324.16 1604.84 931.70
31 March 2005 327.00 1602.57 959.86
30 June 2005 325.62 1648.43 991.65
30 September 2005 325.20 1685.54 1044.15
31 December 2005 318.58 1642.21 1129.46
31 March 2006 314.49 1625.39 1174.21
30 June 2006 310.21 1628.92 1204.18
30 September 2006 313.33 1596.26 1209.79
31 December 2006 320.04 1559.48 1172.61
31 March 2007 314.16 1532.57 1190.55
30 June 2007 319.71 1648.17 1329.90
30 September 2007 328.09 1683.64 1358.57
31 December 2007 334.13 1733.85 1378.86
31 March 2008 325.92 1696.99 1384.87
30 June 2008 329.15 1781.86 1549.19
30 September 2008 319.11 1772.69 1602.10
31 December 2008 313.02 1673.56 1540.30
31 March 2009 294.38 1521.96 1432.87
30 June 2009 274.31 1379.60 1372.26
30 September 2009 266.96 1307.66 1345.71
31 December 2009 267.69 1236.49 1351.51
31 March 2010 260.84 1131.76 1372.27
30 June 2010 251.82 1093.23 1357.33
30 September 2010 248.51 1067.51 1365.07
31 December 2010 248.64 1048.30 1369.91
31 March 2011 244.11 1031.72 1421.04
30 June 2011 237.83 1045.03 1468.68
30 September 2011 233.60 1038.24 1455.24
31 December 2011 235.30 1076.99 1512.69
31 March 2012 226.77 1037.91 1554.74

Note: Prime credit scores from 660 to 779, superprime greater than 779.
Source: Equifax.

Bottom-left panel
Credit Scores on New Prime Mortgages

FICO Score

Date Median 10th percentile 90th percentile
31 January 2004 725 641 785
29 February 2004 724 642 785
31 March 2004 726 644 786
30 April 2004 728 645 787
31 May 2004 726 642 787
30 June 2004 722 638 787
31 July 2004 721 639 786
31 August 2004 723 639 787
30 September 2004 724 640 788
31 October 2004 726 643 788
30 November 2004 726 644 789
31 December 2004 725 642 789
31 January 2005 727 644 790
28 February 2005 726 643 790
31 March 2005 727 646 791
30 April 2005 728 645 792
31 May 2005 730 648 793
30 June 2005 732 648 793
31 July 2005 733 650 794
31 August 2005 731 649 793
30 September 2005 729 650 792
31 October 2005 729 647 792
30 November 2005 726 644 791
31 December 2005 721 640 789
31 January 2006 720 638 789
28 February 2006 721 639 789
31 March 2006 720 637 789
30 April 2006 719 638 789
31 May 2006 718 637 788
30 June 2006 717 635 788
31 July 2006 715 633 788
31 August 2006 717 633 789
30 September 2006 717 636 789
31 October 2006 717 635 790
30 November 2006 717 634 789
31 December 2006 720 635 790
31 January 2007 719 633 790
28 February 2007 718 633 789
31 March 2007 718 632 790
30 April 2007 718 630 790
31 May 2007 719 631 790
30 June 2007 720 633 791
31 July 2007 718 633 789
31 August 2007 715 631 789
30 September 2007 716 630 789
31 October 2007 716 631 790
30 November 2007 720 633 791
31 December 2007 722 639 792
31 January 2008 726 644 793
29 February 2008 732 651 793
31 March 2008 732 654 794
30 April 2008 738 662 796
31 May 2008 744 669 798
30 June 2008 743 668 797
31 July 2008 741 666 797
31 August 2008 739 664 797
30 September 2008 743 666 798
31 October 2008 746 672 798
30 November 2008 746.5 669 799
31 December 2008 755 680 800
31 January 2009 762 688 801
28 February 2009 763 691 801
31 March 2009 764 693 802
30 April 2009 765 694 803
31 May 2009 767 695 803
30 June 2009 766 693 802
31 July 2009 763 688 802
31 August 2009 763 683 802
30 September 2009 762 680 802
31 October 2009 762 681 802
30 November 2009 761 675 802
31 December 2009 762 677 802
31 January 2010 763 681 802
28 February 2010 763 681 801
31 March 2010 763 681 802
30 April 2010 764 676 802
31 May 2010 767 690 803
30 June 2010 770 698 804
31 July 2010 773 702 805
31 August 2010 773 703 805
30 September 2010 773 704 804
31 October 2010 773 703 805
30 November 2010 773 701 804
31 December 2010 771 696 803
31 January 2011 767 691 803
28 February 2011 768 690 802
31 March 2011 767 689 803
30 April 2011 767 688 803
31 May 2011 767 688 803
30 June 2011 767 688 803
31 July 2011 767 687 802
31 August 2011 767 686 802
30 September 2011 767 686 802
31 October 2011 769 692 803
30 November 2011 770 692 803
31 December 2011 769 693 803
31 January 2012 768 691 802
29 February 2012 769 694 803
31 March 2012 769 695 803
30 April 2012 770 696 804

Note: Concerns 30-year fixed-rate mortgages originated in month shown.
Source: LPS Applied Analytics.

Bottom-right panel
Prime Mortgage Loan Rates and Refinance Activity

Percentage points

Date MBA Refi index*, s.a.
January 2002 18.42
February 2002 18.06
March 2002 15.53
April 2002 15.71
May 2002 18.97
June 2002 25.35
July 2002 39.43
August 2002 61.04
September 2002 64.30
October 2002 56.48
November 2002 52.82
December 2002 53.90
January 2003 56.62
February 2003 55.53
March 2003 75.84
April 2003 63.60
May 2003 95.76
June 2003 100.00
July 2003 69.52
August 2003 33.95
September 2003 27.97
October 2003 24.96
November 2003 23.66
December 2003 23.15
January 2004 27.46
February 2004 31.36
March 2004 40.99
April 2004 31.44
May 2004 20.71
June 2004 16.58
July 2004 19.47
August 2004 21.92
September 2004 22.37
October 2004 23.00
November 2004 23.35
December 2004 22.42
January 2005 20.05
February 2005 23.30
March 2005 18.69
April 2005 20.87
May 2005 23.96
June 2005 31.04
July 2005 30.05
August 2005 27.27
September 2005 24.88
October 2005 21.50
November 2005 18.20
December 2005 17.13
January 2006 15.74
February 2006 15.59
March 2006 14.92
April 2006 16.29
May 2006 15.86
June 2006 17.58
July 2006 17.00
August 2006 19.67
September 2006 19.56
October 2006 20.33
November 2006 21.36
December 2006 21.72
January 2007 18.34
February 2007 18.50
March 2007 20.64
April 2007 21.14
May 2007 21.84
June 2007 22.60
July 2007 22.04
August 2007 23.13
September 2007 21.55
October 2007 23.46
November 2007 26.78
December 2007 22.28
January 2008 35.16
February 2008 34.35
March 2008 26.45
April 2008 24.88
May 2008 22.47
June 2008 16.56
July 2008 16.64
August 2008 13.43
September 2008 18.49
October 2008 14.81
November 2008 20.71
December 2008 53.13
January 2009 47.22
February 2009 34.06
March 2009 48.49
April 2009 63.08
May 2009 45.29
June 2009 25.34
July 2009 24.89
August 2009 23.71
September 2009 28.59
October 2009 30.65
November 2009 32.37
December 2009 28.15
January 2010 24.29
February 2010 30.39
March 2010 28.67
April 2010 24.66
May 2010 32.12
June 2010 40.14
July 2010 48.75
August 2010 48.67
September 2010 43.70
October 2010 46.05
November 2010 42.32
December 2010 26.21
January 2011 23.19
February 2011 21.70
March 2011 24.35
April 2011 23.15
May 2011 26.82
June 2011 31.19
July 2011 30.19
August 2011 41.66
September 2011 36.49
October 2011 36.27
November 2011 35.72
December 2011 39.15
January 2012 42.33
February 2012 48.06
March 2012 42.53
April 2012 46.78
May 2012 48.47
June 2012 56.97

* Index, June 2003 = 100.
Source: For mortgage rates, FHLMC (weekly); for Refi index, Mortgage Bankers Association (monthly).


Date 30-year conforming FRM
4 January 2002 7.14
11 January 2002 7.06
18 January 2002 6.83
25 January 2002 6.96
1 February 2002 7.02
8 February 2002 6.88
15 February 2002 6.86
22 February 2002 6.81
1 March 2002 6.80
8 March 2002 6.87
15 March 2002 7.08
22 March 2002 7.14
29 March 2002 7.18
5 April 2002 7.13
12 April 2002 6.99
19 April 2002 6.94
26 April 2002 6.88
3 May 2002 6.78
10 May 2002 6.79
17 May 2002 6.89
24 May 2002 6.81
31 May 2002 6.76
7 June 2002 6.71
14 June 2002 6.71
21 June 2002 6.63
28 June 2002 6.55
5 July 2002 6.57
12 July 2002 6.54
19 July 2002 6.49
26 July 2002 6.34
2 August 2002 6.43
9 August 2002 6.31
16 August 2002 6.22
23 August 2002 6.27
30 August 2002 6.22
6 September 2002 6.15
13 September 2002 6.18
20 September 2002 6.05
27 September 2002 5.99
4 October 2002 6.01
11 October 2002 5.98
18 October 2002 6.15
25 October 2002 6.31
1 November 2002 6.13
8 November 2002 6.11
15 November 2002 5.94
22 November 2002 6.03
29 November 2002 6.13
6 December 2002 6.19
13 December 2002 6.04
20 December 2002 6.03
27 December 2002 5.93
3 January 2003 5.85
10 January 2003 5.95
17 January 2003 5.97
24 January 2003 5.91
31 January 2003 5.90
7 February 2003 5.88
14 February 2003 5.86
21 February 2003 5.84
28 February 2003 5.79
7 March 2003 5.67
14 March 2003 5.61
21 March 2003 5.79
28 March 2003 5.91
4 April 2003 5.79
11 April 2003 5.85
18 April 2003 5.82
25 April 2003 5.79
2 May 2003 5.70
9 May 2003 5.62
16 May 2003 5.45
23 May 2003 5.34
30 May 2003 5.31
6 June 2003 5.26
13 June 2003 5.21
20 June 2003 5.21
27 June 2003 5.24
4 July 2003 5.40
11 July 2003 5.52
18 July 2003 5.67
25 July 2003 5.94
1 August 2003 6.14
8 August 2003 6.34
15 August 2003 6.24
22 August 2003 6.28
29 August 2003 6.32
5 September 2003 6.44
12 September 2003 6.16
19 September 2003 6.01
26 September 2003 5.98
3 October 2003 5.77
10 October 2003 5.95
17 October 2003 6.05
24 October 2003 6.05
31 October 2003 5.94
7 November 2003 5.98
14 November 2003 6.03
21 November 2003 5.83
28 November 2003 5.89
5 December 2003 6.02
12 December 2003 5.88
19 December 2003 5.82
26 December 2003 5.81
2 January 2004 5.85
8 January 2004 5.87
15 January 2004 5.66
22 January 2004 5.64
29 January 2004 5.68
5 February 2004 5.72
12 February 2004 5.66
19 February 2004 5.58
26 February 2004 5.58
4 March 2004 5.59
11 March 2004 5.41
18 March 2004 5.38
25 March 2004 5.40
1 April 2004 5.52
8 April 2004 5.79
15 April 2004 5.89
22 April 2004 5.94
29 April 2004 6.01
6 May 2004 6.12
13 May 2004 6.34
20 May 2004 6.30
27 May 2004 6.32
3 June 2004 6.28
10 June 2004 6.30
17 June 2004 6.32
24 June 2004 6.25
1 July 2004 6.21
8 July 2004 6.01
15 July 2004 6.00
22 July 2004 5.98
29 July 2004 6.08
5 August 2004 5.99
12 August 2004 5.85
19 August 2004 5.81
26 August 2004 5.82
2 September 2004 5.77
9 September 2004 5.83
16 September 2004 5.75
23 September 2004 5.70
30 September 2004 5.72
7 October 2004 5.82
14 October 2004 5.74
21 October 2004 5.69
28 October 2004 5.64
4 November 2004 5.70
11 November 2004 5.76
18 November 2004 5.74
25 November 2004 5.72
2 December 2004 5.81
9 December 2004 5.71
16 December 2004 5.68
23 December 2004 5.75
30 December 2004 5.81
6 January 2005 5.77
13 January 2005 5.74
20 January 2005 5.67
27 January 2005 5.66
3 February 2005 5.63
10 February 2005 5.57
17 February 2005 5.62
24 February 2005 5.69
3 March 2005 5.79
10 March 2005 5.85
17 March 2005 5.95
24 March 2005 6.01
31 March 2005 6.04
7 April 2005 5.93
14 April 2005 5.91
21 April 2005 5.80
28 April 2005 5.78
5 May 2005 5.75
12 May 2005 5.77
19 May 2005 5.71
26 May 2005 5.65
2 June 2005 5.62
9 June 2005 5.56
16 June 2005 5.63
23 June 2005 5.57
30 June 2005 5.53
7 July 2005 5.62
14 July 2005 5.66
21 July 2005 5.73
28 July 2005 5.77
4 August 2005 5.82
11 August 2005 5.89
18 August 2005 5.80
25 August 2005 5.77
1 September 2005 5.71
8 September 2005 5.71
15 September 2005 5.74
22 September 2005 5.80
29 September 2005 5.91
6 October 2005 5.98
13 October 2005 6.03
20 October 2005 6.10
27 October 2005 6.15
3 November 2005 6.31
10 November 2005 6.36
17 November 2005 6.37
24 November 2005 6.28
1 December 2005 6.26
8 December 2005 6.32
15 December 2005 6.30
22 December 2005 6.26
29 December 2005 6.22
5 January 2006 6.21
12 January 2006 6.15
19 January 2006 6.10
26 January 2006 6.12
2 February 2006 6.23
9 February 2006 6.24
16 February 2006 6.28
23 February 2006 6.26
2 March 2006 6.24
9 March 2006 6.37
16 March 2006 6.34
23 March 2006 6.32
30 March 2006 6.35
6 April 2006 6.43
13 April 2006 6.49
20 April 2006 6.53
27 April 2006 6.58
4 May 2006 6.59
11 May 2006 6.58
18 May 2006 6.60
25 May 2006 6.62
1 June 2006 6.67
8 June 2006 6.62
15 June 2006 6.63
22 June 2006 6.71
29 June 2006 6.78
6 July 2006 6.79
13 July 2006 6.74
20 July 2006 6.80
27 July 2006 6.72
3 August 2006 6.63
10 August 2006 6.55
17 August 2006 6.52
24 August 2006 6.48
31 August 2006 6.44
7 September 2006 6.47
14 September 2006 6.43
21 September 2006 6.40
28 September 2006 6.31
5 October 2006 6.30
12 October 2006 6.37
19 October 2006 6.36
26 October 2006 6.40
2 November 2006 6.31
9 November 2006 6.33
16 November 2006 6.24
23 November 2006 6.18
30 November 2006 6.14
7 December 2006 6.11
14 December 2006 6.12
21 December 2006 6.13
28 December 2006 6.18
4 January 2007 6.18
11 January 2007 6.21
18 January 2007 6.23
25 January 2007 6.25
1 February 2007 6.34
8 February 2007 6.28
15 February 2007 6.30
22 February 2007 6.22
1 March 2007 6.18
8 March 2007 6.14
15 March 2007 6.14
22 March 2007 6.16
29 March 2007 6.16
5 April 2007 6.17
12 April 2007 6.22
19 April 2007 6.17
26 April 2007 6.16
3 May 2007 6.16
10 May 2007 6.15
17 May 2007 6.21
24 May 2007 6.37
31 May 2007 6.42
7 June 2007 6.53
14 June 2007 6.74
21 June 2007 6.69
28 June 2007 6.67
5 July 2007 6.63
12 July 2007 6.73
19 July 2007 6.73
26 July 2007 6.69
2 August 2007 6.68
9 August 2007 6.59
16 August 2007 6.62
23 August 2007 6.52
30 August 2007 6.45
6 September 2007 6.46
13 September 2007 6.31
20 September 2007 6.34
27 September 2007 6.42
4 October 2007 6.37
11 October 2007 6.40
18 October 2007 6.40
25 October 2007 6.33
1 November 2007 6.26
8 November 2007 6.24
15 November 2007 6.24
22 November 2007 6.20
29 November 2007 6.10
6 December 2007 5.96
13 December 2007 6.11
20 December 2007 6.14
27 December 2007 6.17
3 January 2008 6.07
10 January 2008 5.87
17 January 2008 5.69
24 January 2008 5.48
31 January 2008 5.68
7 February 2008 5.67
14 February 2008 5.72
21 February 2008 6.04
28 February 2008 6.24
6 March 2008 6.03
13 March 2008 6.13
20 March 2008 5.87
27 March 2008 5.85
3 April 2008 5.88
10 April 2008 5.88
17 April 2008 5.88
24 April 2008 6.03
1 May 2008 6.06
8 May 2008 6.05
15 May 2008 6.01
22 May 2008 5.98
29 May 2008 6.08
5 June 2008 6.09
12 June 2008 6.32
19 June 2008 6.42
26 June 2008 6.45
3 July 2008 6.35
10 July 2008 6.37
17 July 2008 6.26
24 July 2008 6.63
31 July 2008 6.52
7 August 2008 6.52
14 August 2008 6.52
21 August 2008 6.47
28 August 2008 6.40
4 September 2008 6.35
11 September 2008 5.93
18 September 2008 5.78
25 September 2008 6.09
2 October 2008 6.10
9 October 2008 5.94
16 October 2008 6.46
23 October 2008 6.04
30 October 2008 6.46
6 November 2008 6.20
13 November 2008 6.14
20 November 2008 6.04
27 November 2008 5.97
4 December 2008 5.53
11 December 2008 5.47
18 December 2008 5.19
25 December 2008 5.14
1 January 2009 5.10
8 January 2009 5.01
15 January 2009 4.96
22 January 2009 5.12
29 January 2009 5.10
5 February 2009 5.25
12 February 2009 5.16
19 February 2009 5.04
26 February 2009 5.07
5 March 2009 5.15
12 March 2009 5.03
19 March 2009 4.98
26 March 2009 4.85
2 April 2009 4.78
9 April 2009 4.87
16 April 2009 4.82
23 April 2009 4.80
30 April 2009 4.78
7 May 2009 4.84
14 May 2009 4.86
21 May 2009 4.82
28 May 2009 4.91
4 June 2009 5.29
11 June 2009 5.59
18 June 2009 5.38
25 June 2009 5.42
2 July 2009 5.32
9 July 2009 5.20
16 July 2009 5.14
23 July 2009 5.20
30 July 2009 5.25
6 August 2009 5.22
13 August 2009 5.29
20 August 2009 5.12
27 August 2009 5.14
3 September 2009 5.08
10 September 2009 5.07
17 September 2009 5.04
24 September 2009 5.04
1 October 2009 4.94
8 October 2009 4.87
15 October 2009 4.92
22 October 2009 5.00
29 October 2009 5.03
5 November 2009 4.98
12 November 2009 4.91
19 November 2009 4.83
26 November 2009 4.78
3 December 2009 4.71
10 December 2009 4.81
17 December 2009 4.94
24 December 2009 5.05
31 December 2009 5.14
7 January 2010 5.09
14 January 2010 5.06
21 January 2010 4.99
28 January 2010 4.98
4 February 2010 5.01
11 February 2010 4.97
18 February 2010 4.93
25 February 2010 5.05
4 March 2010 4.97
11 March 2010 4.95
18 March 2010 4.96
25 March 2010 4.99
1 April 2010 5.08
8 April 2010 5.21
15 April 2010 5.07
22 April 2010 5.07
29 April 2010 5.06
6 May 2010 5.00
13 May 2010 4.93
20 May 2010 4.84
27 May 2010 4.78
3 June 2010 4.79
10 June 2010 4.72
17 June 2010 4.75
24 June 2010 4.69
1 July 2010 4.58
8 July 2010 4.57
15 July 2010 4.57
22 July 2010 4.56
29 July 2010 4.54
5 August 2010 4.49
12 August 2010 4.44
19 August 2010 4.42
26 August 2010 4.36
2 September 2010 4.32
9 September 2010 4.35
16 September 2010 4.37
23 September 2010 4.37
30 September 2010 4.32
7 October 2010 4.27
14 October 2010 4.19
21 October 2010 4.21
28 October 2010 4.23
4 November 2010 4.24
11 November 2010 4.17
18 November 2010 4.39
25 November 2010 4.40
2 December 2010 4.46
9 December 2010 4.61
16 December 2010 4.83
23 December 2010 4.81
30 December 2010 4.86
6 January 2011 4.77
13 January 2011 4.71
20 January 2011 4.74
27 January 2011 4.80
3 February 2011 4.81
10 February 2011 5.05
17 February 2011 5.00
24 February 2011 4.95
3 March 2011 4.87
10 March 2011 4.88
17 March 2011 4.76
24 March 2011 4.81
31 March 2011 4.86
7 April 2011 4.87
14 April 2011 4.91
21 April 2011 4.80
28 April 2011 4.78
5 May 2011 4.71
12 May 2011 4.63
19 May 2011 4.61
26 May 2011 4.60
2 June 2011 4.55
9 June 2011 4.49
16 June 2011 4.50
23 June 2011 4.50
30 June 2011 4.51
7 July 2011 4.60
14 July 2011 4.51
21 July 2011 4.52
28 July 2011 4.55
4 August 2011 4.39
11 August 2011 4.32
18 August 2011 4.15
25 August 2011 4.22
1 September 2011 4.22
8 September 2011 4.12
15 September 2011 4.09
22 September 2011 4.09
29 September 2011 4.01
6 October 2011 3.94
13 October 2011 4.12
20 October 2011 4.11
27 October 2011 4.10
3 November 2011 4.00
10 November 2011 3.99
17 November 2011 4.00
24 November 2011 3.98
1 December 2011 4.00
8 December 2011 3.99
15 December 2011 3.94
22 December 2011 3.91
29 December 2011 3.95
5 January 2012 3.91
12 January 2012 3.89
19 January 2012 3.88
26 January 2012 3.98
2 February 2012 3.87
9 February 2012 3.87
16 February 2012 3.87
23 February 2012 3.95
1 March 2012 3.90
8 March 2012 3.88
15 March 2012 3.92
22 March 2012 4.08
29 March 2012 3.99
5 April 2012 3.98
12 April 2012 3.88
19 April 2012 3.90
26 April 2012 3.88
3 May 2012 3.84
10 May 2012 3.83
17 May 2012 3.79
24 May 2012 3.78
31 May 2012 3.75
7 June 2012 3.67
14 June 2012 3.71
21 June 2012 3.66
28 June 2012 3.66

Exhibit 10
Risks to U.S. Financial Stability

Top-left panel
Risks Emanating from Europe

Top-right panel
Key Vulnerability

Middle-left panel
Stock Prices for Select LISCC Firms

Index, July 1, 2011 = 100

Date Bank of America Wells Fargo JP Morgan Citigroup Goldman Sachs Morgan Stanley
01 July 2011 100.00 100.00 100.00 100.00 100.00 100.00
04 July 2011 NA NA NA NA NA NA
05 July 2011 99.18 99.11 98.69 99.28 98.43 97.45
06 July 2011 96.83 98.08 97.54 97.97 97.98 95.70
07 July 2011 98.46 99.96 99.38 99.42 98.80 96.81
08 July 2011 96.46 98.68 97.99 98.02 98.12 93.87
11 July 2011 93.29 96.23 94.84 92.79 96.61 90.85
12 July 2011 92.02 95.52 94.74 91.10 95.36 89.32
13 July 2011 91.93 96.02 95.29 92.04 95.08 89.66
14 July 2011 90.75 95.13 97.05 90.99 95.05 88.85
15 July 2011 90.12 94.81 96.16 89.49 95.25 88.77
18 July 2011 87.58 93.74 95.78 88.00 94.65 87.11
19 July 2011 86.22 99.08 97.15 88.65 94.03 88.30
20 July 2011 88.76 100.11 98.51 90.05 97.15 91.45
21 July 2011 92.20 102.45 101.71 94.02 99.22 101.87
22 July 2011 91.30 101.64 101.46 93.88 99.15 100.60
25 July 2011 90.21 100.96 100.27 93.07 100.15 98.09
26 July 2011 90.12 101.03 99.65 92.62 100.70 99.02
27 July 2011 87.22 99.68 97.82 89.24 98.59 95.11
28 July 2011 88.21 98.68 97.84 89.05 99.41 94.34
29 July 2011 87.49 97.44 97.27 89.42 98.77 93.87
01 August 2011 88.40 97.40 97.25 89.75 98.17 94.04
02 August 2011 85.58 94.81 95.81 86.39 96.03 89.91
03 August 2011 86.04 95.62 95.96 86.90 96.66 88.68
04 August 2011 79.60 90.18 91.20 81.20 92.37 83.11
05 August 2011 73.62 88.30 90.43 78.01 91.61 84.47
08 August 2011 58.66 80.33 81.92 65.19 86.11 72.21
09 August 2011 68.54 86.80 87.55 74.22 89.81 76.81
10 August 2011 61.02 80.15 82.66 66.45 80.74 69.40
11 August 2011 65.37 85.09 88.24 70.65 86.43 76.81
12 August 2011 64.82 84.53 86.36 69.62 85.23 71.23
15 August 2011 69.99 87.66 88.69 72.94 87.18 75.62
16 August 2011 66.73 85.98 86.66 69.83 85.53 72.00
17 August 2011 67.27 87.16 87.95 69.62 85.80 71.74
18 August 2011 63.19 83.10 84.62 65.26 82.79 68.34
19 August 2011 62.83 81.82 82.61 62.43 81.78 67.49
22 August 2011 57.84 80.19 80.36 60.80 77.94 66.09
23 August 2011 56.75 83.85 83.66 63.72 78.20 66.47
24 August 2011 63.01 85.59 86.16 66.36 80.72 68.89
25 August 2011 68.99 86.73 85.91 69.58 80.38 70.77
26 August 2011 69.99 86.13 87.08 69.60 81.78 70.09
29 August 2011 75.61 89.04 90.53 72.99 84.94 73.06
30 August 2011 73.16 88.97 89.14 72.17 84.55 71.87
31 August 2011 73.71 91.43 90.33 72.43 85.30 73.83
01 September 2011 71.35 88.37 87.30 69.97 82.33 71.40
02 September 2011 65.46 84.77 83.28 66.24 78.58 67.32
05 September 2011 NA NA NA NA NA NA
06 September 2011 63.10 83.78 80.43 64.60 76.75 64.68
07 September 2011 67.54 87.44 83.76 67.59 79.53 68.89
08 September 2011 65.00 85.49 80.58 65.26 76.92 66.81
09 September 2011 63.01 82.39 77.16 62.36 75.06 64.47
12 September 2011 63.64 84.42 77.98 62.88 75.55 63.49
13 September 2011 63.19 85.34 78.15 63.09 76.40 65.57
14 September 2011 63.64 86.48 78.89 63.88 76.73 65.32
15 September 2011 66.18 88.22 81.32 66.68 79.25 70.00
16 September 2011 65.28 87.41 80.41 67.62 78.90 69.40
19 September 2011 63.10 85.24 78.15 64.63 76.93 63.91
20 September 2011 62.28 86.41 77.55 62.81 75.32 63.79
21 September 2011 57.57 83.07 72.97 59.54 71.83 58.30
22 September 2011 54.67 81.15 70.39 55.90 68.98 55.11
23 September 2011 56.94 83.00 71.16 58.28 69.86 57.87
26 September 2011 59.56 86.84 76.12 62.32 72.77 61.62
27 September 2011 58.48 87.44 75.92 62.95 73.07 63.15
28 September 2011 55.58 85.66 73.29 60.47 70.70 59.74
29 September 2011 57.30 87.55 75.50 62.74 73.30 63.66
30 September 2011 55.21 84.49 72.45 59.77 69.40 56.98
03 October 2011 49.86 81.18 68.90 53.91 66.12 52.60
04 October 2011 51.95 84.81 73.41 56.90 69.42 59.11
05 October 2011 52.04 85.81 74.83 57.65 69.21 61.06
06 October 2011 56.66 88.87 78.57 60.71 71.88 64.04
07 October 2011 53.22 85.95 74.48 57.46 68.04 60.09
10 October 2011 56.66 91.53 78.37 61.78 70.57 64.51
11 October 2011 57.48 91.25 78.37 64.93 70.98 64.94
12 October 2011 59.38 94.41 80.56 68.11 72.75 66.81
13 October 2011 56.12 91.50 76.66 64.46 70.58 63.87
14 October 2011 55.85 93.42 77.38 66.24 71.00 64.21
17 October 2011 54.40 85.56 75.30 65.14 71.13 64.34
18 October 2011 59.93 90.57 79.74 69.69 75.06 70.17
19 October 2011 57.75 88.19 78.25 68.55 73.98 70.21
20 October 2011 58.39 90.25 80.38 70.16 74.03 70.09
21 October 2011 58.30 92.17 81.08 70.67 74.94 71.79
24 October 2011 60.65 92.89 83.88 73.71 76.33 72.34
25 October 2011 58.30 89.51 81.25 72.08 73.73 69.70
26 October 2011 59.47 90.25 82.94 72.66 78.05 70.21
27 October 2011 65.19 94.84 89.81 79.71 85.44 82.13
28 October 2011 66.36 94.84 89.01 79.69 85.04 81.70
31 October 2011 61.65 90.75 84.33 73.69 80.41 74.64
01 November 2011 57.75 86.77 79.37 68.04 76.00 68.68
02 November 2011 60.65 89.15 81.62 69.58 77.90 70.94
03 November 2011 62.38 90.86 83.41 71.82 79.04 71.70
04 November 2011 58.57 89.40 82.42 70.79 77.10 70.77
07 November 2011 58.20 89.47 83.06 71.28 77.49 71.57
08 November 2011 58.93 93.38 84.97 73.31 79.70 73.28
09 November 2011 55.58 87.98 78.94 67.31 73.16 66.68
10 November 2011 54.40 88.30 79.44 66.80 73.04 67.11
11 November 2011 56.03 90.29 80.75 68.43 74.62 69.23
14 November 2011 54.58 88.37 78.97 66.22 72.88 67.36
15 November 2011 55.30 89.01 79.34 65.37 73.21 67.40
16 November 2011 53.22 87.80 76.36 62.67 70.17 62.04
17 November 2011 52.31 86.84 73.98 60.66 67.79 59.79
18 November 2011 52.13 86.91 74.28 61.31 67.47 60.13
21 November 2011 49.59 85.13 72.57 58.32 67.01 57.53
22 November 2011 48.50 84.24 71.35 57.06 65.62 57.19
23 November 2011 46.42 81.71 68.85 54.87 64.51 55.15
24 November 2011 NA NA NA NA NA NA
25 November 2011 46.69 82.75 69.10 55.15 65.14 56.09
28 November 2011 47.42 85.02 70.76 58.44 66.63 58.38
29 November 2011 45.87 84.77 69.30 58.88 65.44 56.30
30 November 2011 49.23 91.04 75.15 64.11 70.64 62.60
01 December 2011 50.05 90.25 73.91 62.97 69.58 61.40
02 December 2011 51.04 91.78 78.45 65.73 71.66 65.66
05 December 2011 52.40 94.13 81.30 69.60 73.56 70.13
06 December 2011 52.31 93.81 80.63 69.41 74.54 70.17
07 December 2011 53.22 95.23 82.49 69.60 77.46 73.36
08 December 2011 50.59 92.17 78.17 64.74 73.63 67.19
09 December 2011 51.77 94.74 80.51 67.13 74.75 69.32
12 December 2011 49.32 92.53 77.73 63.51 72.23 65.06
13 December 2011 48.14 90.79 75.92 62.76 70.03 64.17
14 December 2011 47.33 91.04 76.44 60.78 68.71 63.70
15 December 2011 47.60 90.15 77.06 60.47 67.72 63.53
16 December 2011 47.05 91.46 77.38 60.73 66.39 63.40
19 December 2011 45.15 89.08 74.48 57.90 64.62 59.91
20 December 2011 46.78 93.28 78.15 60.54 67.04 62.64
21 December 2011 47.33 94.66 78.42 60.89 67.79 63.11
22 December 2011 49.50 95.91 81.15 64.51 69.58 67.19
23 December 2011 50.68 97.83 81.45 64.07 69.11 66.68
26 December 2011 NA NA NA NA NA NA
27 December 2011 49.59 97.19 80.13 62.76 67.72 64.68
28 December 2011 47.87 95.41 79.22 60.96 66.40 63.06
29 December 2011 49.41 97.72 81.08 62.43 67.06 64.47
30 December 2011 50.32 97.01 80.68 61.38 66.63 64.00
02 January 2012 NA NA NA NA NA NA
03 January 2012 52.49 100.07 84.87 66.10 70.27 68.04
04 January 2012 52.58 100.53 85.42 65.73 69.81 67.45
05 January 2012 57.03 102.13 87.18 66.52 69.69 68.89
06 January 2012 55.85 101.89 86.41 66.61 68.84 67.28
09 January 2012 56.66 103.13 86.26 67.85 69.78 68.55
10 January 2012 59.93 103.52 88.10 70.00 72.46 71.45
11 January 2012 62.10 104.27 89.58 72.96 73.51 72.34
12 January 2012 61.38 104.23 90.05 73.73 74.58 72.64
13 January 2012 59.75 104.23 87.77 71.73 72.92 70.38
16 January 2012 NA NA NA NA NA NA
17 January 2012 58.57 105.02 85.32 65.84 71.97 68.77
18 January 2012 61.47 106.44 89.29 67.73 76.86 73.40
19 January 2012 62.92 106.12 90.25 68.43 79.35 77.36
20 January 2012 63.92 107.51 91.29 69.16 80.13 77.83
23 January 2012 65.55 108.82 92.04 69.65 79.72 77.06
24 January 2012 65.91 107.51 92.04 69.76 80.22 76.77
25 January 2012 66.46 106.30 91.89 69.90 79.78 76.72
26 January 2012 66.00 102.24 91.62 70.88 79.99 77.02
27 January 2012 65.91 104.20 90.92 72.03 82.36 78.77
30 January 2012 63.92 102.95 90.45 70.53 80.86 77.23
31 January 2012 64.46 102.81 91.15 71.68 82.14 79.15
01 February 2012 66.55 105.66 91.89 73.73 83.60 82.26
02 February 2012 67.36 105.69 91.77 74.67 83.55 82.81
03 February 2012 70.90 108.25 93.55 78.29 86.60 86.17
06 February 2012 72.08 106.76 93.20 77.73 86.50 87.02
07 February 2012 70.99 106.94 92.53 77.19 85.46 85.96
08 February 2012 73.53 108.25 93.60 79.90 85.59 86.72
09 February 2012 73.98 108.08 92.51 78.57 85.39 86.30
10 February 2012 72.98 106.94 91.91 76.86 84.09 83.40
13 February 2012 74.61 108.22 93.60 76.75 84.39 82.89
14 February 2012 72.17 107.51 92.66 74.88 83.17 80.81
15 February 2012 70.35 106.65 91.39 74.04 83.39 80.43
16 February 2012 73.16 107.33 92.86 76.35 84.55 81.40
17 February 2012 72.53 109.89 94.00 76.84 85.41 81.28
20 February 2012 NA NA NA NA NA NA
21 February 2012 73.35 109.43 93.97 77.87 85.94 81.70
22 February 2012 71.89 108.11 93.03 75.53 84.26 79.49
23 February 2012 72.53 108.32 94.05 76.35 85.33 80.47
24 February 2012 71.26 106.69 93.55 75.51 85.38 78.47
27 February 2012 72.71 109.68 95.46 76.86 85.65 79.57
28 February 2012 73.44 110.89 95.81 78.15 86.55 79.40
29 February 2012 72.17 110.60 95.88 77.77 85.10 78.68
01 March 2012 73.53 111.49 98.66 79.66 89.52 81.40
02 March 2012 73.62 110.57 99.28 79.59 88.66 80.04
05 March 2012 72.17 109.46 98.74 78.61 87.68 77.62
06 March 2012 69.81 106.44 96.08 74.97 84.01 73.49
07 March 2012 72.62 107.47 97.62 77.59 86.03 75.87
08 March 2012 72.98 110.99 98.81 79.36 86.60 77.15
09 March 2012 72.89 111.92 100.27 79.83 86.69 77.96
12 March 2012 72.35 111.38 99.06 80.04 86.46 77.23
13 March 2012 76.88 117.79 106.03 85.08 92.05 80.30
14 March 2012 80.05 117.93 106.50 82.19 88.96 78.94
15 March 2012 83.68 120.42 109.23 84.66 90.95 82.77
16 March 2012 88.76 119.78 108.90 85.64 90.86 82.85
19 March 2012 86.31 121.06 109.97 86.76 91.87 85.11
20 March 2012 88.85 121.31 110.89 88.89 93.14 86.60
21 March 2012 88.94 120.24 110.27 88.23 93.12 85.11
22 March 2012 86.94 117.89 109.10 86.13 92.20 83.11
23 March 2012 89.21 118.50 110.37 86.67 93.26 86.26
26 March 2012 89.94 121.56 112.82 87.37 94.65 89.83
27 March 2012 86.94 120.17 112.13 85.85 93.37 87.91
28 March 2012 88.30 121.84 113.07 86.50 93.39 85.87
29 March 2012 86.31 119.96 111.61 85.22 91.47 83.74
30 March 2012 86.67 120.67 112.35 85.31 91.92 83.32
02 April 2012 87.67 121.99 112.72 86.06 92.31 84.04
03 April 2012 85.95 121.88 111.71 84.89 90.70 82.17
04 April 2012 83.32 119.74 109.23 81.79 88.66 79.32
05 April 2012 83.59 119.21 109.05 81.20 87.21 78.04
06 April 2012 NA NA NA NA NA NA
09 April 2012 80.87 118.11 107.96 79.29 86.48 76.30
10 April 2012 77.33 116.36 105.65 76.70 84.67 73.45
11 April 2012 80.24 118.82 108.26 78.40 85.68 74.30
12 April 2012 83.05 120.24 110.29 80.83 88.98 77.32
13 April 2012 78.60 116.08 106.27 77.98 85.06 73.32
16 April 2012 79.60 117.18 106.57 79.36 87.01 74.26
17 April 2012 80.78 119.03 107.99 81.88 86.37 75.74
18 April 2012 80.78 118.64 106.47 81.88 85.24 74.94
19 April 2012 79.42 117.08 106.30 81.34 83.96 76.68
20 April 2012 75.70 116.65 105.08 79.10 83.11 74.17
23 April 2012 74.07 115.55 105.41 77.61 82.59 72.04
24 April 2012 74.34 116.90 106.45 78.01 84.34 73.83
25 April 2012 74.80 117.86 106.15 78.61 84.24 72.72
26 April 2012 74.89 119.60 107.74 79.08 84.67 73.23
27 April 2012 74.71 119.35 106.60 78.19 84.56 72.13
30 April 2012 73.44 118.11 105.70 77.12 85.10 73.53
01 May 2012 75.25 120.49 107.71 78.43 85.24 74.43
02 May 2012 73.89 119.42 106.25 76.33 84.09 72.13
03 May 2012 72.44 118.78 105.78 75.83 82.43 69.06
04 May 2012 70.08 117.50 102.68 73.78 80.55 68.09
07 May 2012 72.08 119.17 102.75 73.94 81.33 68.72
08 May 2012 70.53 117.93 101.79 73.13 80.83 67.40
09 May 2012 69.99 116.08 99.95 71.10 79.30 65.91
10 May 2012 69.72 118.07 100.20 71.56 78.58 66.38
11 May 2012 68.36 118.50 90.90 68.53 75.48 63.62
14 May 2012 66.55 115.30 88.02 65.70 73.74 60.85
15 May 2012 66.09 114.69 89.14 64.88 73.81 60.17
16 May 2012 64.37 113.73 87.23 62.85 72.58 57.62
17 May 2012 63.19 111.85 83.46 61.66 71.75 57.28
18 May 2012 63.55 110.07 82.37 60.73 70.58 56.81
21 May 2012 61.83 111.70 79.96 61.29 71.33 56.13
22 May 2012 63.19 112.66 83.66 62.85 72.09 56.64
23 May 2012 64.91 112.91 84.28 63.39 72.46 56.89
24 May 2012 64.64 113.16 83.56 62.25 71.59 56.64
25 May 2012 64.73 113.34 82.39 61.80 71.47 56.38
28 May 2012 NA NA NA NA NA NA
29 May 2012 67.36 114.73 82.71 63.09 72.67 58.04
30 May 2012 65.28 112.77 81.08 60.71 70.26 55.70
31 May 2012 66.64 114.02 81.55 61.90 71.07 56.85
01 June 2012 63.64 107.29 78.55 59.28 68.80 54.17
04 June 2012 62.56 106.90 76.24 57.95 67.58 52.60
05 June 2012 64.37 108.57 78.70 60.12 68.48 54.72
06 June 2012 69.27 110.17 81.35 63.37 70.52 59.32
07 June 2012 67.27 110.92 80.70 62.83 69.81 57.06
08 June 2012 68.54 111.81 82.84 64.84 70.21 58.34
11 June 2012 66.00 110.25 80.73 61.83 68.91 56.89
12 June 2012 67.91 111.35 83.06 64.49 69.84 59.28
13 June 2012 68.00 112.34 84.38 64.60 68.85 58.09
14 June 2012 69.45 113.95 85.22 65.16 69.67 59.28
15 June 2012 71.62 115.44 86.16 66.10 71.04 60.85
18 June 2012 70.35 115.47 85.14 64.32 69.53 58.81

Middle-right panel
5-Year CDS Premiums for Select LISCC Firms

Date Bank of America Wells Fargo JP Morgan Citigroup Goldman Sachs Morgan Stanley
01 July 2011 148.18 87.71 74.96 129.28 129.94 157.04
04 July 2011 148.16 87.72 74.83 129.35 129.83 156.43
05 July 2011 150.39 90.52 76.20 130.97 131.77 158.88
06 July 2011 157.80 94.25 80.72 136.57 136.55 164.21
07 July 2011 151.63 89.32 79.75 133.26 132.03 159.97
08 July 2011 156.07 91.87 81.53 135.10 134.97 162.03
11 July 2011 165.65 96.83 88.39 145.43 144.89 174.10
12 July 2011 165.53 95.25 87.14 145.12 145.62 170.83
13 July 2011 169.03 97.46 90.02 146.86 146.44 173.71
14 July 2011 169.25 97.92 89.37 146.87 146.20 172.87
15 July 2011 173.94 99.91 91.52 150.47 149.56 176.59
18 July 2011 183.38 104.03 95.57 157.52 157.19 185.21
19 July 2011 183.54 102.21 94.44 153.34 154.49 183.61
20 July 2011 176.21 96.39 89.03 147.56 147.48 177.66
21 July 2011 167.35 92.11 85.26 139.16 140.57 168.12
22 July 2011 163.82 93.12 84.88 138.45 139.02 166.09
25 July 2011 166.48 94.66 88.36 141.97 142.15 167.25
26 July 2011 167.09 94.88 89.73 141.70 144.16 166.49
27 July 2011 173.34 98.43 95.46 148.93 149.84 174.12
28 July 2011 170.93 95.85 93.78 145.22 145.78 171.08
29 July 2011 174.93 98.44 97.35 148.75 149.21 177.14
01 August 2011 170.03 96.18 95.49 144.13 143.55 172.37
02 August 2011 176.62 100.95 100.22 148.44 148.77 178.89
03 August 2011 175.91 99.62 99.52 146.18 147.33 176.73
04 August 2011 190.34 111.01 110.34 158.67 163.55 193.72
05 August 2011 204.00 111.20 110.95 161.44 165.55 197.35
08 August 2011 292.00 134.91 135.81 212.29 208.63 277.23
09 August 2011 274.30 114.93 117.70 185.16 184.98 245.86
10 August 2011 304.02 118.76 118.24 189.41 193.06 252.57
11 August 2011 317.14 120.30 116.40 197.68 203.44 266.10
12 August 2011 309.09 118.23 117.60 190.96 199.78 260.97
15 August 2011 295.32 113.76 115.05 182.51 186.37 251.67
16 August 2011 311.10 114.74 115.71 189.28 194.69 261.11
17 August 2011 292.23 112.57 112.04 182.86 183.85 257.25
18 August 2011 325.51 122.09 122.62 204.43 204.70 283.53
19 August 2011 337.74 126.02 125.00 214.69 215.13 290.66
22 August 2011 372.51 133.26 133.89 227.79 251.28 303.96
23 August 2011 378.82 133.90 134.64 237.23 248.46 313.23
24 August 2011 375.62 130.96 130.99 238.66 246.60 312.90
25 August 2011 328.50 124.36 123.76 223.06 229.60 298.95
26 August 2011 329.74 129.07 129.14 228.80 235.37 306.74
29 August 2011 290.80 118.49 119.50 210.13 215.53 286.85
30 August 2011 275.57 115.30 116.76 207.07 207.86 278.88
31 August 2011 275.65 112.19 111.84 192.16 196.92 272.50
01 September 2011 297.60 115.11 114.50 203.24 205.52 282.33
02 September 2011 326.49 124.42 124.66 223.36 222.11 302.38
05 September 2011 326.73 124.35 124.62 223.62 222.96 302.39
06 September 2011 352.00 129.67 131.08 234.42 239.03 322.27
07 September 2011 320.54 122.36 122.40 220.78 222.07 303.19
08 September 2011 333.06 124.89 126.51 226.52 228.69 312.39
09 September 2011 354.20 132.40 133.52 244.63 251.40 331.96
12 September 2011 372.89 134.75 137.59 262.70 270.09 349.36
13 September 2011 352.86 129.09 130.28 243.72 251.38 333.32
14 September 2011 327.66 119.50 122.05 227.46 228.05 318.22
15 September 2011 315.43 116.31 117.18 217.69 219.86 303.73
16 September 2011 320.25 117.00 119.88 220.27 223.37 300.23
19 September 2011 332.46 123.33 124.98 227.59 229.39 313.54
20 September 2011 330.21 127.09 131.30 229.62 234.62 318.90
21 September 2011 373.52 141.57 144.15 257.94 263.80 350.94
22 September 2011 400.14 151.36 155.53 277.12 285.22 400.36
23 September 2011 396.27 150.81 153.21 278.12 296.66 436.41
26 September 2011 384.78 141.06 142.80 271.25 284.26 431.27
27 September 2011 374.85 137.83 139.11 265.66 277.55 423.32
28 September 2011 395.74 146.53 147.37 277.17 291.22 438.50
29 September 2011 406.67 149.29 149.95 292.37 304.46 452.29
30 September 2011 419.11 157.51 159.01 314.40 325.12 489.45
03 October 2011 456.78 172.91 177.69 348.35 379.22 592.08
04 October 2011 460.36 179.64 184.58 355.00 420.47 573.84
05 October 2011 453.62 169.20 171.70 337.20 399.66 544.57
06 October 2011 394.64 155.14 156.05 300.53 367.70 473.89
07 October 2011 390.35 155.64 154.66 292.01 363.23 435.48
10 October 2011 391.21 157.45 154.63 287.41 360.25 437.04
11 October 2011 366.27 146.27 144.34 261.91 323.11 397.72
12 October 2011 337.96 130.78 132.53 224.64 301.50 353.58
13 October 2011 361.72 140.17 140.57 247.12 340.14 387.13
14 October 2011 364.96 141.08 141.17 244.65 335.61 387.28
17 October 2011 389.08 153.55 153.85 267.65 367.34 424.88
18 October 2011 361.55 146.71 145.52 235.86 347.45 396.46
19 October 2011 356.41 148.54 146.20 237.08 323.96 380.37
20 October 2011 378.57 153.25 151.49 253.51 333.58 388.17
21 October 2011 360.77 146.13 142.07 242.14 318.93 366.70
24 October 2011 344.14 141.34 138.95 231.28 309.73 353.92
25 October 2011 352.84 144.96 143.07 230.93 312.89 357.59
26 October 2011 352.37 143.21 141.12 231.75 305.71 356.84
27 October 2011 301.46 126.48 123.70 198.65 255.81 307.51
28 October 2011 309.50 128.75 124.52 203.13 259.38 312.76
31 October 2011 334.22 142.40 136.80 226.84 281.64 337.92
01 November 2011 352.93 148.68 143.57 245.53 307.28 382.92
02 November 2011 347.77 145.83 139.22 235.06 293.47 373.83
03 November 2011 338.52 143.43 136.92 229.55 294.62 371.26
04 November 2011 354.32 148.77 143.60 237.00 310.18 393.50
07 November 2011 354.31 149.67 143.86 235.29 318.02 398.58
08 November 2011 347.05 147.88 138.83 230.70 315.71 396.54
09 November 2011 383.37 158.27 154.14 259.05 353.51 443.14
10 November 2011 379.36 153.11 149.66 255.86 343.88 438.31
11 November 2011 379.31 153.10 149.65 255.86 343.88 437.57
14 November 2011 383.31 153.05 147.30 252.99 338.55 433.82
15 November 2011 384.66 153.16 146.35 259.31 349.87 437.18
16 November 2011 400.28 159.65 154.94 271.75 368.02 464.69
17 November 2011 411.74 164.76 161.14 286.58 383.69 487.79
18 November 2011 411.77 161.82 161.77 282.13 382.21 482.03
21 November 2011 421.85 168.36 166.20 291.40 391.76 496.72
22 November 2011 439.51 171.08 170.53 297.33 399.16 501.20
23 November 2011 481.58 179.51 175.59 318.81 420.87 527.98
24 November 2011 484.09 179.49 175.58 318.80 420.86 527.90
25 November 2011 486.96 180.62 177.88 319.59 421.59 532.23
28 November 2011 460.65 169.07 166.61 293.89 397.03 498.60
29 November 2011 480.07 171.74 170.71 301.36 405.61 509.49
30 November 2011 446.58 158.59 156.21 276.85 372.25 472.86
01 December 2011 439.02 151.88 150.94 268.71 349.85 442.14
02 December 2011 417.27 147.23 145.53 248.20 313.78 413.69
05 December 2011 395.54 142.86 141.20 237.04 300.59 393.49
06 December 2011 391.96 144.55 143.45 239.72 303.46 395.65
07 December 2011 381.93 141.65 139.43 238.49 293.31 387.69
08 December 2011 400.49 147.85 146.87 249.65 315.10 413.75
09 December 2011 404.07 144.23 145.19 253.13 312.06 410.71
12 December 2011 411.64 146.39 145.83 266.80 326.41 425.05
13 December 2011 400.30 144.18 143.82 265.74 316.22 417.22
14 December 2011 405.75 148.17 148.90 270.93 320.63 422.42
15 December 2011 403.58 145.78 144.57 270.35 313.41 418.35
16 December 2011 404.91 146.21 144.40 274.47 317.10 417.97
19 December 2011 427.77 148.40 149.25 280.64 330.71 436.86
20 December 2011 420.65 146.03 144.31 276.22 323.86 429.39
21 December 2011 407.07 145.89 144.30 272.42 324.33 421.21
22 December 2011 401.46 145.27 143.42 269.16 315.69 418.96
23 December 2011 400.44 144.50 143.08 271.81 316.56 414.28
26 December 2011 405.07 144.49 143.06 271.78 316.53 413.86
27 December 2011 403.13 144.43 143.09 271.10 318.95 412.13
28 December 2011 410.57 143.80 141.22 277.46 321.95 413.80
29 December 2011 407.90 143.17 142.00 280.23 322.69 415.53
30 December 2011 401.54 142.97 143.75 278.26 324.08 414.64
02 January 2012 406.50 143.60 143.78 279.93 322.86 413.88
03 January 2012 387.33 140.10 138.67 271.57 311.60 391.40
04 January 2012 390.17 140.42 138.64 280.13 317.94 393.46
05 January 2012 378.37 135.59 136.11 280.64 318.30 387.79
06 January 2012 369.83 133.34 130.49 271.65 310.84 379.72
09 January 2012 361.34 131.37 129.04 267.28 307.23 378.24
10 January 2012 341.98 127.59 126.26 251.70 296.11 364.21
11 January 2012 343.91 127.03 127.82 252.16 295.21 364.06
12 January 2012 328.99 123.80 124.10 235.83 284.34 348.37
13 January 2012 340.12 127.39 131.97 240.02 293.66 365.69
16 January 2012 339.52 127.51 131.78 241.44 293.46 366.51
17 January 2012 335.69 124.96 130.53 242.68 293.01 365.84
18 January 2012 320.59 122.84 128.55 232.05 274.48 346.18
19 January 2012 296.37 114.79 122.22 220.34 247.90 316.11
20 January 2012 301.25 113.71 122.77 219.28 250.45 318.44
23 January 2012 286.19 109.09 118.36 212.19 237.38 302.69
24 January 2012 289.30 109.89 118.61 212.32 236.36 298.66
25 January 2012 283.63 108.90 119.72 210.66 234.45 293.42
26 January 2012 274.64 108.67 121.39 213.35 230.14 290.25
27 January 2012 273.67 108.10 121.20 217.84 232.62 290.51
30 January 2012 282.77 113.66 126.15 228.03 245.29 301.86
31 January 2012 274.80 112.59 125.02 222.85 243.00 294.85
01 February 2012 261.27 109.81 121.24 215.23 235.17 281.59
02 February 2012 262.29 110.49 121.67 215.13 234.76 278.41
03 February 2012 247.71 103.45 113.30 200.63 218.31 257.58
06 February 2012 240.52 100.86 106.07 196.84 211.20 250.76
07 February 2012 240.05 98.95 107.20 194.92 209.41 249.43
08 February 2012 234.66 96.31 105.60 189.16 209.80 248.29
09 February 2012 251.04 104.49 120.12 203.66 220.94 264.55
10 February 2012 264.99 108.41 128.29 219.74 239.18 272.61
13 February 2012 268.91 107.01 123.70 225.07 243.81 278.15
14 February 2012 280.53 115.14 130.11 233.36 258.67 295.53
15 February 2012 291.92 115.56 128.49 250.49 273.20 323.29
16 February 2012 279.61 109.27 122.50 235.89 260.08 323.33
17 February 2012 278.20 108.97 120.28 232.52 257.33 324.05
20 February 2012 278.20 108.97 120.28 232.52 257.32 324.04
21 February 2012 271.46 106.03 118.15 230.60 255.13 318.32
22 February 2012 278.82 107.51 118.98 242.14 262.88 335.87
23 February 2012 274.82 107.29 118.00 237.36 268.66 343.47
24 February 2012 268.10 105.53 115.46 235.86 266.98 336.28
27 February 2012 267.19 104.99 115.52 231.92 266.50 335.84
28 February 2012 258.32 99.53 109.79 219.44 251.02 319.36
29 February 2012 257.94 94.61 107.63 214.18 243.32 311.47
01 March 2012 247.47 86.81 104.70 199.44 224.78 291.20
02 March 2012 253.24 87.90 105.81 201.65 227.73 304.39
05 March 2012 271.29 94.24 114.57 214.87 247.70 326.24
06 March 2012 283.47 98.17 117.02 228.81 260.09 342.27
07 March 2012 267.48 94.46 112.24 215.30 248.15 328.34
08 March 2012 263.32 93.47 108.15 212.36 246.63 327.79
09 March 2012 259.07 90.98 102.26 215.12 244.10 323.07
12 March 2012 259.01 90.73 101.60 216.33 248.28 329.69
13 March 2012 245.66 86.01 98.75 208.31 229.39 308.78
14 March 2012 228.20 82.40 96.09 201.94 218.92 296.99
15 March 2012 219.20 82.42 96.50 194.68 213.61 290.64
16 March 2012 202.93 81.53 94.67 184.68 207.81 281.76
19 March 2012 194.81 79.49 91.50 179.07 199.39 273.59
20 March 2012 202.78 83.75 95.30 185.72 208.52 283.29
21 March 2012 194.33 79.82 92.77 180.91 214.58 277.07
22 March 2012 204.44 83.74 93.09 188.95 228.50 294.05
23 March 2012 211.22 87.33 96.83 194.81 234.55 305.55
26 March 2012 195.67 81.56 91.40 185.11 221.16 296.25
27 March 2012 202.99 81.66 90.14 186.22 222.07 297.95
28 March 2012 213.80 84.61 93.23 189.51 226.99 300.06
29 March 2012 227.07 84.74 94.69 193.02 233.65 308.58
30 March 2012 224.73 83.72 93.24 196.33 228.36 306.41
02 April 2012 227.22 83.77 94.13 198.40 228.95 307.65
03 April 2012 229.30 84.89 97.09 203.17 232.78 313.15
04 April 2012 236.33 89.66 101.33 214.26 242.29 329.29
05 April 2012 247.19 90.50 103.99 227.14 252.67 343.15
06 April 2012 254.77 92.30 105.97 229.98 265.17 351.75
09 April 2012 265.59 94.35 110.50 247.07 270.29 367.30
10 April 2012 289.34 99.78 115.59 268.79 288.85 388.58
11 April 2012 278.79 95.38 111.55 259.64 278.32 377.43
12 April 2012 258.46 90.33 104.04 240.17 258.59 356.22
13 April 2012 270.36 95.51 106.68 249.10 271.21 370.35
16 April 2012 270.69 99.83 108.29 247.92 270.86 370.49
17 April 2012 260.14 93.84 105.40 235.25 262.77 359.11
18 April 2012 265.47 94.68 106.88 238.28 268.82 364.84
19 April 2012 259.84 94.01 105.75 238.74 271.16 366.22
20 April 2012 260.04 90.46 105.72 237.60 271.28 363.61
23 April 2012 268.51 93.35 107.82 246.13 281.85 377.43
24 April 2012 267.53 90.70 106.84 241.90 279.20 373.59
25 April 2012 258.99 88.12 105.94 235.33 270.99 362.24
26 April 2012 258.15 87.55 105.80 231.91 266.85 357.91
27 April 2012 257.57 86.68 103.94 227.74 263.82 355.64
30 April 2012 257.27 86.15 105.53 229.16 264.46 358.15
01 May 2012 248.68 84.52 100.19 218.29 255.93 346.25
02 May 2012 255.77 84.88 103.21 218.33 258.17 348.61
03 May 2012 255.23 87.49 105.14 218.37 260.76 350.02
04 May 2012 263.68 91.60 107.49 227.29 267.09 362.18
07 May 2012 264.38 93.69 107.63 227.89 271.57 369.52
08 May 2012 269.79 95.43 109.27 232.43 273.54 382.51
09 May 2012 269.87 97.41 109.89 231.53 279.39 384.16
10 May 2012 272.48 98.21 124.03 232.24 280.59 381.91
11 May 2012 279.71 105.92 129.84 240.30 296.53 392.51
14 May 2012 290.64 113.86 138.17 248.51 311.53 407.87
15 May 2012 296.19 117.61 143.60 255.80 320.25 421.53
16 May 2012 298.77 120.42 149.43 258.89 327.38 428.62
17 May 2012 308.29 126.55 156.15 267.75 345.36 446.01
18 May 2012 304.14 124.61 155.01 268.90 350.60 450.59
21 May 2012 295.21 123.41 144.90 260.14 340.40 443.24
22 May 2012 284.42 115.44 134.11 247.00 325.20 421.95
23 May 2012 293.28 119.15 141.91 256.46 328.38 434.27
24 May 2012 291.43 119.39 141.98 254.59 326.33 429.85
25 May 2012 292.19 122.56 142.52 254.57 326.71 430.41
28 May 2012 293.66 122.55 142.53 255.07 326.75 431.36
29 May 2012 283.16 118.53 138.41 248.77 317.46 422.51
30 May 2012 295.97 122.04 144.10 260.12 325.87 428.24
31 May 2012 298.80 124.68 153.27 264.49 330.41 435.57
01 June 2012 306.21 130.35 162.61 273.72 337.01 445.75
04 June 2012 306.66 132.30 168.34 274.74 337.32 451.87
05 June 2012 303.27 130.45 164.16 273.83 332.00 441.94
06 June 2012 287.90 121.93 159.80 257.48 317.67 415.50
07 June 2012 283.72 120.85 160.29 259.42 312.48 408.61
08 June 2012 283.68 119.77 159.61 258.76 307.25 408.14
11 June 2012 293.26 123.93 163.04 262.99 317.21 415.97
12 June 2012 293.51 125.41 167.12 267.59 316.34 415.97
13 June 2012 291.14 124.26 165.10 263.49 309.91 407.45
14 June 2012 282.41 116.15 155.71 257.52 302.00 394.01
15 June 2012 275.16 111.72 152.89 249.85 290.60 381.90
18 June 2012 281.99 114.83 156.40 254.43 292.79 385.47

Bottom-left panel
Indicator of Systemic Risk: Distressed Insurance Premium

Bottom-right panel
Distressed Insurance Premium

Billions of dollars

Date DIP average
31 January 2006 2.81
28 February 2006 2.58
31 March 2006 2.07
30 April 2006 1.81
31 May 2006 3.11
30 June 2006 3.90
31 July 2006 4.00
31 August 2006 2.88
30 September 2006 2.22
31 October 2006 1.31
30 November 2006 1.51
31 December 2006 1.15
31 January 2007 1.54
28 February 2007 3.35
31 March 2007 5.56
30 April 2007 4.50
31 May 2007 3.54
30 June 2007 4.19
31 July 2007 11.87
31 August 2007 16.06
30 September 2007 13.90
31 October 2007 17.79
30 November 2007 24.17
31 December 2007 22.19
31 January 2008 28.95
29 February 2008 48.67
31 March 2008 48.30
30 April 2008 29.16
31 May 2008 35.08
30 June 2008 45.95
31 July 2008 49.29
31 August 2008 56.32
30 September 2008 88.39
31 October 2008 55.65
30 November 2008 72.93
31 December 2008 59.84
31 January 2009 80.13
28 February 2009 92.40
31 March 2009 136.15
30 April 2009 111.57
31 May 2009 63.28
30 June 2009 73.86
31 July 2009 43.45
31 August 2009 44.49
30 September 2009 35.87
31 October 2009 40.98
30 November 2009 45.50
31 December 2009 34.16
31 January 2010 41.62
28 February 2010 45.10
31 March 2010 32.47
30 April 2010 45.70
31 May 2010 59.05
30 June 2010 65.44
31 July 2010 53.36
31 August 2010 60.38
30 September 2010 54.89
31 October 2010 55.19
30 November 2010 64.08
31 December 2010 49.06
31 January 2011 44.81
28 February 2011 39.16
31 March 2011 40.08
30 April 2011 36.73
31 May 2011 36.88
30 June 2011 44.78
31 July 2011 56.49
31 August 2011 84.46
30 September 2011 126.36
31 October 2011 105.09
30 November 2011 128.37
31 December 2011 117.08
31 January 2012 83.15
29 February 2012 80.95
31 March 2012 63.38
30 April 2012 89.52
31 May 2012 97.52
30 June 2012 99.42
31 July 2012 NA

Note: The Distressed Insurance Premium (DIP) is averaged across the 6 largest LISCC banks (BAC, C, GS, JPM, MS, and WFC).
* Last data point is based off of June 11, 2012 values.

Exhibit 11
Commercial Paper and Money Market Mutual Funds

Top-left panel
Commercial Paper Outstanding

Billions of dollars

Date Asset-backed Financial Nonfinancial
10 January 2007 1119.01 726.92 152.62
17 January 2007 1102.01 725.43 156.81
24 January 2007 1097.52 745.62 157.05
31 January 2007 1088.76 746.96 148.17
7 February 2007 1095.58 757.56 152.67
14 February 2007 1107.03 765.38 151.57
21 February 2007 1100.38 758.70 156.39
28 February 2007 1094.44 762.16 154.00
7 March 2007 1099.81 741.16 157.39
14 March 2007 1105.18 753.59 156.70
21 March 2007 1097.84 756.14 160.03
28 March 2007 1102.37 768.58 158.51
4 April 2007 1103.11 750.00 158.54
11 April 2007 1113.28 764.90 160.35
18 April 2007 1097.69 772.77 164.79
25 April 2007 1108.42 795.83 166.61
2 May 2007 1128.11 793.86 168.42
9 May 2007 1143.20 810.76 175.97
16 May 2007 1150.71 811.69 181.94
23 May 2007 1142.16 805.10 180.44
30 May 2007 1144.76 808.73 169.45
6 June 2007 1164.96 786.53 177.13
13 June 2007 1167.61 763.89 185.78
20 June 2007 1166.01 765.95 205.33
27 June 2007 1173.19 762.56 196.08
4 July 2007 1178.81 747.28 183.11
11 July 2007 1188.70 768.62 193.53
18 July 2007 1180.51 778.10 197.44
25 July 2007 1190.75 784.73 200.63
1 August 2007 1201.40 781.82 195.43
8 August 2007 1213.72 768.57 200.04
15 August 2007 1163.83 742.65 194.21
22 August 2007 1091.77 738.43 192.78
29 August 2007 1013.95 755.62 183.63
5 September 2007 988.21 741.04 173.98
12 September 2007 974.04 757.98 175.33
19 September 2007 958.34 742.26 187.74
26 September 2007 953.99 751.13 176.99
3 October 2007 956.76 754.95 170.13
10 October 2007 951.45 766.16 171.25
17 October 2007 929.80 773.11 180.35
24 October 2007 928.90 788.48 186.48
31 October 2007 920.91 809.38 175.44
7 November 2007 904.80 813.95 186.17
14 November 2007 899.63 812.40 176.47
21 November 2007 874.29 809.54 191.64
28 November 2007 866.18 819.19 184.32
5 December 2007 857.36 807.81 184.87
12 December 2007 855.48 815.44 174.09
19 December 2007 832.92 799.33 182.07
26 December 2007 831.77 802.69 171.60
2 January 2008 839.87 806.44 155.96
9 January 2008 838.97 839.60 171.81
16 January 2008 846.35 838.26 176.90
23 January 2008 850.35 830.76 177.01
30 January 2008 844.48 840.49 172.51
6 February 2008 833.90 843.98 177.34
13 February 2008 830.06 838.02 175.65
20 February 2008 819.41 827.36 184.90
27 February 2008 821.85 850.46 185.91
5 March 2008 822.34 854.01 177.39
12 March 2008 816.51 848.51 179.93
19 March 2008 805.48 834.68 189.53
26 March 2008 802.84 839.56 179.25
2 April 2008 806.29 814.28 173.03
9 April 2008 801.38 828.82 181.47
16 April 2008 786.80 828.02 191.86
23 April 2008 788.67 834.80 196.28
30 April 2008 783.55 837.22 197.74
7 May 2008 780.71 861.61 200.98
14 May 2008 776.48 871.85 195.02
21 May 2008 775.03 886.25 196.90
28 May 2008 772.55 861.40 187.51
4 June 2008 778.20 852.19 186.84
11 June 2008 785.48 841.76 191.00
18 June 2008 776.60 826.60 204.68
25 June 2008 770.98 819.64 196.67
2 July 2008 772.82 804.78 185.68
9 July 2008 767.16 804.69 196.10
16 July 2008 762.20 794.03 202.41
23 July 2008 767.91 806.70 199.14
30 July 2008 781.10 809.89 189.18
6 August 2008 768.19 795.87 193.77
13 August 2008 762.86 807.55 189.44
20 August 2008 754.76 803.23 203.86
27 August 2008 746.36 808.12 203.70
3 September 2008 742.83 791.88 206.25
10 September 2008 741.62 809.46 205.35
17 September 2008 711.91 766.40 204.07
24 September 2008 712.42 733.44 192.55
1 October 2008 694.69 662.76 183.85
8 October 2008 676.50 628.35 188.25
15 October 2008 676.61 588.42 187.60
22 October 2008 668.83 568.69 193.44
29 October 2008 701.65 631.37 190.52
5 November 2008 711.86 675.18 199.19
12 November 2008 718.25 663.28 205.18
19 November 2008 699.47 664.59 212.99
26 November 2008 697.78 678.88 209.83
3 December 2008 692.47 689.61 214.58
10 December 2008 698.91 725.43 213.37
17 December 2008 711.28 717.59 207.99
24 December 2008 703.78 720.70 196.65
31 December 2008 704.47 713.69 181.13
7 January 2009 699.51 739.78 190.46
14 January 2009 693.72 739.63 187.42
21 January 2009 677.09 734.68 192.31
28 January 2009 669.42 653.11 194.76
4 February 2009 670.77 659.86 195.47
11 February 2009 663.05 645.97 186.98
18 February 2009 648.23 630.87 184.44
25 February 2009 646.34 632.35 185.21
4 March 2009 643.22 618.76 179.76
11 March 2009 634.72 615.44 176.48
18 March 2009 625.63 630.49 173.00
25 March 2009 627.78 643.16 163.34
1 April 2009 634.84 634.75 152.61
8 April 2009 632.49 640.40 156.52
15 April 2009 621.41 629.84 162.35
22 April 2009 615.42 647.59 157.39
29 April 2009 604.62 630.84 156.89
6 May 2009 603.28 611.35 159.87
13 May 2009 598.21 599.89 155.80
20 May 2009 580.47 602.92 163.57
27 May 2009 582.19 599.09 154.46
3 June 2009 577.09 589.08 158.39
10 June 2009 571.72 580.76 158.94
17 June 2009 565.04 572.75 154.67
24 June 2009 562.10 573.75 145.35
1 July 2009 571.92 564.26 134.30
8 July 2009 569.33 555.11 141.99
15 July 2009 559.31 544.54 138.04
22 July 2009 555.91 552.79 139.14
29 July 2009 539.66 528.21 136.21
5 August 2009 535.34 523.85 146.77
12 August 2009 528.89 531.28 138.97
19 August 2009 519.49 536.34 138.33
26 August 2009 512.10 548.00 134.46
2 September 2009 510.18 546.06 131.77
9 September 2009 503.47 545.09 128.49
16 September 2009 497.27 544.92 134.32
23 September 2009 498.90 554.91 124.22
30 September 2009 499.66 560.77 108.86
7 October 2009 494.90 564.27 121.68
14 October 2009 491.05 576.44 121.88
21 October 2009 482.21 572.06 128.18
28 October 2009 463.33 583.78 122.07
4 November 2009 454.82 571.90 122.34
11 November 2009 452.04 569.52 120.47
18 November 2009 449.02 594.30 125.21
25 November 2009 445.89 596.21 122.77
2 December 2009 444.00 590.04 122.05
9 December 2009 445.84 583.10 120.10
16 December 2009 444.48 577.80 119.69
23 December 2009 451.05 582.82 112.35
30 December 2009 451.59 605.24 95.06
6 January 2010 449.86 600.05 109.32
13 January 2010 446.94 615.41 113.20
20 January 2010 442.13 601.45 116.17
27 January 2010 441.16 606.15 117.10
3 February 2010 434.14 596.12 117.57
10 February 2010 428.60 586.71 115.17
17 February 2010 414.66 584.01 118.26
24 February 2010 415.43 603.46 115.17
3 March 2010 418.00 580.44 116.33
10 March 2010 413.25 585.88 115.00
17 March 2010 403.18 565.07 117.62
24 March 2010 409.81 566.17 109.51
31 March 2010 406.37 566.23 108.38
7 April 2010 405.27 545.06 116.79
14 April 2010 404.64 545.42 119.67
21 April 2010 399.90 555.12 124.35
28 April 2010 405.96 568.19 124.95
5 May 2010 402.21 566.26 126.58
12 May 2010 405.17 555.75 126.13
19 May 2010 401.23 535.22 127.61
26 May 2010 394.13 538.04 122.87
2 June 2010 398.21 527.95 123.30
9 June 2010 389.89 525.46 120.57
16 June 2010 390.45 536.54 127.18
23 June 2010 395.42 533.67 121.19
30 June 2010 398.65 514.04 115.36
7 July 2010 396.40 519.63 123.33
14 July 2010 399.01 529.70 122.95
21 July 2010 402.88 528.82 128.14
28 July 2010 403.67 536.57 125.75
4 August 2010 403.74 531.85 137.28
11 August 2010 403.26 543.19 133.53
18 August 2010 401.85 532.04 139.26
25 August 2010 399.28 530.69 139.04
1 September 2010 398.69 524.49 136.26
8 September 2010 400.12 521.23 133.71
15 September 2010 398.21 516.96 134.33
22 September 2010 399.03 526.35 128.37
29 September 2010 400.19 524.66 128.24
6 October 2010 397.75 526.54 128.54
13 October 2010 395.96 518.78 127.43
20 October 2010 396.07 518.78 136.62
27 October 2010 396.01 523.21 133.20
3 November 2010 395.00 519.34 133.87
10 November 2010 390.17 527.18 131.18
17 November 2010 387.98 523.03 136.42
24 November 2010 384.42 527.90 135.55
1 December 2010 379.56 514.38 130.18
8 December 2010 372.36 534.35 130.21
15 December 2010 370.76 541.16 129.72
22 December 2010 375.92 542.42 124.65
29 December 2010 377.82 557.98 114.92
5 January 2011 384.16 570.32 128.46
12 January 2011 382.30 566.63 130.51
19 January 2011 384.20 551.66 134.33
26 January 2011 382.98 559.16 138.12
2 February 2011 386.04 558.93 138.75
9 February 2011 389.67 566.88 138.71
16 February 2011 390.28 574.32 143.37
23 February 2011 394.33 584.93 142.57
2 March 2011 393.71 587.13 149.20
9 March 2011 392.25 588.57 146.55
16 March 2011 386.37 585.08 155.41
23 March 2011 388.21 585.49 160.85
30 March 2011 391.27 594.34 148.22
6 April 2011 390.96 593.15 158.30
13 April 2011 386.10 601.83 161.14
20 April 2011 383.79 593.30 160.08
27 April 2011 382.92 604.81 163.01
4 May 2011 385.56 613.36 162.91
11 May 2011 382.97 624.41 164.83
18 May 2011 380.03 611.55 170.80
25 May 2011 379.89 607.00 162.50
1 June 2011 382.13 590.46 156.66
8 June 2011 382.40 604.19 159.48
15 June 2011 380.84 583.77 159.80
22 June 2011 377.26 589.85 163.02
29 June 2011 378.80 576.28 151.03
6 July 2011 376.46 551.13 169.07
13 July 2011 374.68 559.52 171.36
20 July 2011 369.55 544.70 176.41
27 July 2011 365.97 538.20 169.25
3 August 2011 363.54 500.68 180.10
10 August 2011 362.39 516.21 180.31
17 August 2011 361.55 507.23 181.34
24 August 2011 359.07 515.18 180.64
31 August 2011 357.81 516.30 175.51
7 September 2011 356.18 503.01 182.18
14 September 2011 355.41 500.11 182.04
21 September 2011 350.13 503.24 187.08
28 September 2011 351.18 499.60 175.14
5 October 2011 348.79 484.59 182.07
12 October 2011 348.40 485.44 183.70
19 October 2011 349.12 484.76 194.27
26 October 2011 352.78 485.73 198.32
2 November 2011 351.13 480.23 195.06
9 November 2011 349.27 477.48 190.15
16 November 2011 351.62 480.07 199.68
23 November 2011 343.37 479.25 203.20
30 November 2011 348.79 470.65 187.08
7 December 2011 344.11 474.03 188.03
14 December 2011 350.08 468.83 185.64
21 December 2011 352.25 472.31 180.90
28 December 2011 350.64 471.68 160.32
4 January 2012 352.14 469.70 165.40
11 January 2012 352.09 479.33 178.12
18 January 2012 345.17 486.39 182.62
25 January 2012 341.94 495.82 187.15
1 February 2012 340.08 499.92 184.43
8 February 2012 338.09 505.45 183.51
15 February 2012 335.76 502.07 184.90
22 February 2012 334.84 499.55 180.77
29 February 2012 337.13 492.74 184.16
7 March 2012 336.75 492.55 190.48
14 March 2012 333.70 488.13 191.04
21 March 2012 326.59 490.66 193.34
28 March 2012 327.30 500.56 174.04
4 April 2012 335.74 487.38 185.69
11 April 2012 330.60 484.61 187.12
18 April 2012 328.59 485.52 193.46
25 April 2012 329.36 493.32 194.77
2 May 2012 332.91 491.06 197.34
9 May 2012 330.70 497.13 201.14
16 May 2012 327.69 490.82 208.48
23 May 2012 324.22 487.54 210.61
30 May 2012 323.64 493.00 201.67
6 June 2012 319.51 475.68 203.51
13 June 2012 316.36 466.07 206.58

Top-right panel
Financial CP and ABCP Outstanding by Country of Parent

Billions of dollars

Date U.S. Europe Rest of World
13 August 2007 794.99 952.57 179.01
14 August 2007 793.23 950.92 177.60
15 August 2007 791.96 938.15 176.37
16 August 2007 786.28 930.43 172.00
17 August 2007 780.48 909.50 168.20
20 August 2007 773.54 897.43 163.30
21 August 2007 772.13 900.86 160.89
22 August 2007 770.37 900.71 159.11
23 August 2007 768.24 888.48 155.83
24 August 2007 762.28 880.97 152.22
27 August 2007 755.27 875.33 148.60
28 August 2007 749.41 878.84 146.57
29 August 2007 746.19 878.18 145.20
30 August 2007 745.71 873.29 143.33
31 August 2007 735.50 870.19 139.87
3 September 2007 ND ND ND
4 September 2007 730.48 864.09 137.92
5 September 2007 724.26 867.60 137.40
6 September 2007 723.70 869.20 135.16
7 September 2007 722.04 866.17 133.43
10 September 2007 724.18 864.93 131.54
11 September 2007 720.20 876.43 133.18
12 September 2007 723.91 874.60 133.52
13 September 2007 720.01 878.86 134.73
14 September 2007 711.60 871.20 138.31
17 September 2007 703.98 867.01 136.92
18 September 2007 699.91 862.53 136.43
19 September 2007 694.33 870.26 136.01
20 September 2007 693.89 872.23 134.95
21 September 2007 690.86 876.61 134.89
24 September 2007 689.74 879.11 134.81
25 September 2007 688.32 876.59 134.69
26 September 2007 686.87 883.81 134.43
27 September 2007 691.34 881.89 135.01
28 September 2007 685.13 879.15 134.45
1 October 2007 685.54 882.86 134.54
2 October 2007 688.22 884.07 134.54
3 October 2007 687.40 888.13 136.19
4 October 2007 689.56 893.11 139.06
5 October 2007 692.93 887.99 139.12
8 October 2007 ND ND ND
9 October 2007 691.20 883.64 139.14
10 October 2007 696.98 880.68 139.97
11 October 2007 694.61 882.98 138.93
12 October 2007 692.09 884.02 137.17
15 October 2007 688.37 876.95 135.72
16 October 2007 690.50 876.26 136.69
17 October 2007 686.27 879.28 137.36
18 October 2007 682.70 885.65 138.24
19 October 2007 685.98 878.53 138.85
22 October 2007 682.72 877.85 139.95
23 October 2007 686.02 883.28 140.38
24 October 2007 688.83 885.95 142.60
25 October 2007 699.06 884.61 144.00
26 October 2007 698.81 883.16 144.21
29 October 2007 701.20 888.19 144.07
30 October 2007 698.22 890.78 144.75
31 October 2007 696.81 887.13 146.34
1 November 2007 697.68 887.05 145.27
2 November 2007 697.18 880.45 144.48
5 November 2007 697.97 876.31 145.08
6 November 2007 693.54 877.57 144.64
7 November 2007 692.94 881.14 144.66
8 November 2007 691.41 881.22 144.80
9 November 2007 684.20 880.90 146.24
12 November 2007 ND ND ND
13 November 2007 685.53 872.04 144.69
14 November 2007 689.14 872.70 150.18
15 November 2007 687.41 868.39 150.23
16 November 2007 688.86 852.07 150.29
19 November 2007 685.76 854.12 150.77
20 November 2007 683.08 861.50 150.42
21 November 2007 680.17 852.02 151.64
22 November 2007 ND ND ND
23 November 2007 678.81 850.64 151.23
26 November 2007 675.74 842.46 150.51
27 November 2007 677.17 851.39 151.06
28 November 2007 679.85 854.69 150.82
29 November 2007 676.69 858.66 152.72
30 November 2007 677.40 849.06 151.10
3 December 2007 673.70 845.35 149.29
4 December 2007 672.54 845.74 150.67
5 December 2007 674.77 838.62 151.79
6 December 2007 673.95 847.78 153.75
7 December 2007 675.22 836.21 153.36
10 December 2007 674.82 833.12 154.66
11 December 2007 675.25 843.00 155.38
12 December 2007 676.05 839.06 155.82
13 December 2007 678.54 833.93 156.51
14 December 2007 672.44 826.13 156.81
17 December 2007 666.61 820.91 154.68
18 December 2007 664.24 818.02 154.28
19 December 2007 661.91 816.01 154.32
20 December 2007 670.87 811.70 155.19
21 December 2007 666.89 810.18 156.02
24 December 2007 665.16 806.84 156.30
25 December 2007 ND ND ND
26 December 2007 666.42 810.86 157.17
27 December 2007 667.51 813.92 155.35
28 December 2007 666.52 815.84 156.05
31 December 2007 667.10 812.73 155.46
1 January 2008 ND ND ND
2 January 2008 667.60 822.02 156.70
3 January 2008 670.61 837.98 158.41
4 January 2008 672.13 838.70 158.76
7 January 2008 673.28 845.70 159.75
8 January 2008 673.41 849.25 160.90
9 January 2008 668.78 849.61 160.18
10 January 2008 669.86 857.54 160.17
11 January 2008 669.74 857.54 159.37
14 January 2008 665.94 852.54 158.59
15 January 2008 664.36 858.93 159.73
16 January 2008 662.86 861.96 159.78
17 January 2008 661.90 861.82 160.52
18 January 2008 664.44 854.21 158.49
21 January 2008 ND ND ND
22 January 2008 663.31 852.48 158.76
23 January 2008 662.70 859.62 158.80
24 January 2008 663.69 855.06 158.21
25 January 2008 668.34 846.25 157.78
28 January 2008 667.87 845.30 159.37
29 January 2008 665.17 850.98 158.38
30 January 2008 666.43 859.30 159.24
31 January 2008 664.02 868.42 158.34
1 February 2008 665.68 851.04 158.93
4 February 2008 666.84 849.35 157.09
5 February 2008 662.43 852.18 156.99
6 February 2008 661.51 858.47 157.90
7 February 2008 660.44 862.35 158.93
8 February 2008 660.99 857.54 158.29
11 February 2008 659.44 852.68 157.60
12 February 2008 658.84 850.47 159.11
13 February 2008 656.16 851.32 160.60
14 February 2008 654.69 846.38 162.09
15 February 2008 650.51 837.03 161.99
18 February 2008 ND ND ND
19 February 2008 652.76 832.16 159.15
20 February 2008 650.67 836.79 159.32
21 February 2008 654.71 846.85 158.16
22 February 2008 655.51 847.03 156.33
25 February 2008 656.21 844.39 156.73
26 February 2008 656.65 852.65 157.45
27 February 2008 656.40 858.66 157.25
28 February 2008 658.72 872.94 157.27
29 February 2008 658.64 852.55 155.74
3 March 2008 656.45 850.37 157.48
4 March 2008 660.13 850.05 157.78
5 March 2008 659.98 856.78 159.60
6 March 2008 661.57 860.21 160.43
7 March 2008 659.73 852.65 160.05
10 March 2008 658.40 851.86 159.27
11 March 2008 658.43 848.45 159.67
12 March 2008 660.82 844.51 159.69
13 March 2008 663.24 854.28 159.98
14 March 2008 657.16 837.16 159.07
17 March 2008 658.12 835.29 157.16
18 March 2008 657.50 827.13 156.22
19 March 2008 657.98 825.97 156.22
20 March 2008 651.84 817.39 157.67
21 March 2008 650.50 817.62 157.74
24 March 2008 644.85 816.35 159.51
25 March 2008 646.07 828.29 158.89
26 March 2008 646.06 834.99 161.35
27 March 2008 651.49 840.27 162.89
28 March 2008 640.21 842.53 161.44
31 March 2008 636.89 826.70 159.99
1 April 2008 630.38 830.00 160.06
2 April 2008 631.13 830.46 158.98
3 April 2008 631.26 829.61 158.97
4 April 2008 632.74 827.25 159.36
7 April 2008 627.34 826.03 159.59
8 April 2008 629.46 830.59 161.69
9 April 2008 632.86 833.45 163.89
10 April 2008 628.18 835.00 165.87
11 April 2008 624.93 838.73 166.93
14 April 2008 620.85 828.65 167.09
15 April 2008 624.14 824.74 169.66
16 April 2008 623.59 822.95 168.28
17 April 2008 624.13 823.16 169.79
18 April 2008 624.90 822.52 170.04
21 April 2008 616.34 819.07 170.51
22 April 2008 619.93 827.66 169.87
23 April 2008 623.26 829.15 171.05
24 April 2008 622.91 837.30 173.14
25 April 2008 620.94 827.61 173.99
28 April 2008 621.11 826.33 175.80
29 April 2008 621.00 832.93 176.50
30 April 2008 621.75 822.99 176.03
1 May 2008 625.12 823.52 177.85
2 May 2008 623.72 839.89 176.91
5 May 2008 623.52 835.86 176.32
6 May 2008 620.65 844.53 176.49
7 May 2008 620.33 844.51 177.48
8 May 2008 618.20 841.83 180.14
9 May 2008 616.21 844.67 179.75
12 May 2008 614.35 844.20 178.63
13 May 2008 612.92 847.62 180.43
14 May 2008 618.90 849.02 180.42
15 May 2008 619.64 851.14 180.69
16 May 2008 622.44 844.60 182.08
19 May 2008 622.61 846.24 180.89
20 May 2008 625.14 848.12 181.02
21 May 2008 624.89 855.45 180.94
22 May 2008 622.67 847.17 180.84
23 May 2008 618.10 848.23 180.36
26 May 2008 ND ND ND
27 May 2008 616.33 840.44 179.16
28 May 2008 612.72 840.71 180.51
29 May 2008 609.15 851.00 180.53
30 May 2008 606.69 837.06 179.88
2 June 2008 606.21 833.32 177.37
3 June 2008 608.07 837.60 178.94
4 June 2008 607.20 844.33 178.86
5 June 2008 608.60 844.60 186.23
6 June 2008 608.13 841.62 186.43
9 June 2008 605.17 835.65 186.06
10 June 2008 606.40 836.23 187.65
11 June 2008 604.47 834.59 188.18
12 June 2008 602.88 832.17 189.96
13 June 2008 600.39 824.56 189.81
16 June 2008 596.71 819.55 186.89
17 June 2008 596.89 817.71 186.73
18 June 2008 599.33 815.78 188.09
19 June 2008 601.95 813.97 187.88
20 June 2008 601.27 806.03 187.54
23 June 2008 596.30 803.07 187.15
24 June 2008 596.62 806.86 188.02
25 June 2008 598.65 803.54 188.44
26 June 2008 597.12 809.95 186.73
27 June 2008 599.70 825.91 185.56
30 June 2008 591.47 804.11 184.16
1 July 2008 592.25 798.73 183.71
2 July 2008 592.40 798.94 186.25
3 July 2008 592.69 798.91 186.32
4 July 2008 ND ND ND
7 July 2008 590.72 788.88 187.84
8 July 2008 590.16 794.07 187.01
9 July 2008 589.91 796.01 185.94
10 July 2008 590.89 798.64 184.88
11 July 2008 588.47 800.68 185.40
14 July 2008 588.26 796.10 184.36
15 July 2008 588.99 791.82 184.97
16 July 2008 586.09 785.41 184.73
17 July 2008 584.89 786.20 184.03
18 July 2008 585.54 786.27 185.47
21 July 2008 585.75 786.92 185.78
22 July 2008 589.22 792.81 186.41
23 July 2008 591.57 795.63 187.41
24 July 2008 591.25 797.55 188.25
25 July 2008 591.91 800.32 187.44
28 July 2008 589.74 795.33 188.63
29 July 2008 592.84 796.56 188.11
30 July 2008 589.59 814.05 187.37
31 July 2008 588.26 796.59 188.16
1 August 2008 587.78 790.73 189.85
4 August 2008 585.10 790.17 188.28
5 August 2008 586.08 790.22 189.83
6 August 2008 584.01 791.27 188.78
7 August 2008 583.99 792.47 189.20
8 August 2008 585.59 788.19 188.55
11 August 2008 580.36 790.97 188.14
12 August 2008 581.18 793.37 188.90
13 August 2008 582.20 798.06 190.15
14 August 2008 578.49 797.38 190.03
15 August 2008 579.03 796.02 189.71
18 August 2008 577.41 787.89 189.46
19 August 2008 575.67 793.89 190.11
20 August 2008 575.92 791.49 190.58
21 August 2008 573.16 789.79 189.75
22 August 2008 578.71 787.12 189.49
25 August 2008 577.52 783.56 189.05
26 August 2008 578.75 785.14 187.50
27 August 2008 579.38 785.91 189.19
28 August 2008 581.60 792.13 189.08
29 August 2008 578.36 775.80 189.16
1 September 2008 ND ND ND
2 September 2008 577.00 769.93 187.52
3 September 2008 573.13 772.66 188.91
4 September 2008 575.66 777.58 190.37
5 September 2008 577.69 783.76 189.76
8 September 2008 577.21 780.99 189.08
9 September 2008 578.66 784.87 190.28
10 September 2008 575.52 784.79 190.76
11 September 2008 572.49 788.75 192.29
12 September 2008 569.00 782.82 192.30
15 September 2008 559.83 765.61 189.82
16 September 2008 558.56 753.18 188.71
17 September 2008 550.17 741.12 187.02
18 September 2008 543.17 728.68 182.31
19 September 2008 539.97 720.58 182.26
22 September 2008 539.17 718.92 181.02
23 September 2008 540.44 721.80 181.68
24 September 2008 537.21 727.53 181.12
25 September 2008 542.39 719.14 180.79
26 September 2008 528.06 701.52 181.43
29 September 2008 530.12 683.33 180.79
30 September 2008 525.78 671.87 179.37
1 October 2008 516.39 665.62 175.44
2 October 2008 510.96 662.06 173.49
3 October 2008 508.13 656.60 170.76
6 October 2008 507.58 644.16 168.65
7 October 2008 505.90 638.67 165.06
8 October 2008 506.34 635.06 163.45
9 October 2008 508.63 626.92 160.30
10 October 2008 499.75 621.34 156.51
13 October 2008 ND ND ND
14 October 2008 490.52 620.53 154.13
15 October 2008 494.29 619.13 151.60
16 October 2008 495.71 613.61 150.38
17 October 2008 495.18 612.43 150.08
20 October 2008 488.21 611.73 151.38
21 October 2008 482.62 607.78 150.89
22 October 2008 480.63 606.71 150.17
23 October 2008 477.27 602.10 149.86
24 October 2008 476.97 595.88 149.12
27 October 2008 489.61 617.14 148.80
28 October 2008 491.72 639.95 149.87
29 October 2008 515.82 665.19 152.00
30 October 2008 525.98 686.45 150.92
31 October 2008 528.90 712.92 151.76
3 November 2008 520.68 714.45 150.14
4 November 2008 519.24 717.94 149.57
5 November 2008 519.63 719.10 148.31
6 November 2008 518.95 719.78 146.91
7 November 2008 515.29 714.40 147.06
10 November 2008 516.72 715.52 147.23
11 November 2008 ND ND ND
12 November 2008 522.90 713.17 145.46
13 November 2008 518.83 706.90 144.98
14 November 2008 517.75 709.02 143.32
17 November 2008 514.54 707.72 143.41
18 November 2008 514.63 705.10 142.69
19 November 2008 513.39 707.83 142.84
20 November 2008 515.00 711.82 144.72
21 November 2008 506.82 708.24 143.75
24 November 2008 511.64 706.10 143.52
25 November 2008 518.09 706.72 143.73
26 November 2008 517.76 714.77 144.13
27 November 2008 ND ND ND
28 November 2008 515.42 710.22 143.70
1 December 2008 513.09 711.10 143.08
2 December 2008 514.08 721.19 142.79
3 December 2008 510.76 726.50 144.83
4 December 2008 514.29 730.98 148.75
5 December 2008 511.12 731.44 149.23
8 December 2008 509.73 745.74 146.97
9 December 2008 506.18 747.10 148.93
10 December 2008 510.17 765.50 148.67
11 December 2008 513.63 762.55 152.04
12 December 2008 509.17 764.57 153.32
15 December 2008 508.12 760.77 152.93
16 December 2008 503.92 765.20 152.92
17 December 2008 505.03 770.77 153.08
18 December 2008 504.62 781.75 145.49
19 December 2008 503.46 777.94 145.49
22 December 2008 504.39 777.00 145.23
23 December 2008 509.03 771.85 146.67
24 December 2008 507.94 770.12 146.42
25 December 2008 ND ND ND
26 December 2008 508.96 766.93 146.31
29 December 2008 506.69 767.96 146.76
30 December 2008 505.53 776.47 147.22
31 December 2008 502.14 768.13 147.90
1 January 2009 ND ND ND
2 January 2009 498.93 784.19 146.55
5 January 2009 494.27 784.56 146.21
6 January 2009 494.09 790.64 146.85
7 January 2009 494.99 795.88 148.41
8 January 2009 496.45 789.68 150.29
9 January 2009 497.27 789.30 151.60
12 January 2009 496.43 789.03 151.80
13 January 2009 494.98 791.72 151.98
14 January 2009 496.04 786.35 150.96
15 January 2009 502.39 784.50 150.53
16 January 2009 499.74 774.41 149.86
19 January 2009 ND ND ND
20 January 2009 495.89 767.04 148.07
21 January 2009 495.51 768.60 147.67
22 January 2009 493.43 765.19 146.40
23 January 2009 490.96 763.58 146.56
26 January 2009 468.98 740.92 145.97
27 January 2009 456.90 734.34 147.06
28 January 2009 450.56 724.24 147.74
29 January 2009 454.46 724.43 146.19
30 January 2009 456.42 741.23 146.06
2 February 2009 451.84 731.71 146.99
3 February 2009 449.85 730.33 146.51
4 February 2009 447.94 734.92 147.77
5 February 2009 448.68 731.35 147.31
6 February 2009 446.12 734.53 145.89
9 February 2009 442.46 733.94 144.28
10 February 2009 441.00 730.95 142.51
11 February 2009 439.28 727.41 142.32
12 February 2009 435.70 726.32 141.76
13 February 2009 433.56 724.22 142.76
16 February 2009 ND ND ND
17 February 2009 426.81 709.67 140.31
18 February 2009 427.99 711.38 139.72
19 February 2009 432.17 710.07 140.20
20 February 2009 433.13 708.87 139.42
23 February 2009 422.14 709.96 138.65
24 February 2009 419.38 708.99 139.37
25 February 2009 421.41 718.04 139.24
26 February 2009 420.90 717.83 139.79
27 February 2009 418.92 719.37 140.33
2 March 2009 412.83 713.82 139.91
3 March 2009 411.37 715.52 139.34
4 March 2009 410.33 715.05 136.60
5 March 2009 409.52 716.11 137.53
6 March 2009 408.17 714.44 136.33
9 March 2009 409.76 702.96 134.43
10 March 2009 403.98 707.47 134.26
11 March 2009 404.33 711.59 134.24
12 March 2009 405.00 707.19 133.61
13 March 2009 408.21 709.98 134.21
16 March 2009 406.24 713.51 133.25
17 March 2009 405.06 710.43 133.46
18 March 2009 409.10 712.15 134.87
19 March 2009 410.17 710.19 135.27
20 March 2009 409.43 715.46 135.76
23 March 2009 405.66 714.41 135.19
24 March 2009 406.04 720.31 133.86
25 March 2009 410.66 725.31 134.96
26 March 2009 412.27 727.49 135.70
27 March 2009 411.74 733.77 135.07
30 March 2009 408.14 731.80 135.96
31 March 2009 408.54 729.63 136.06
1 April 2009 404.59 728.58 136.42
2 April 2009 406.61 730.48 136.13
3 April 2009 407.02 728.07 137.13
6 April 2009 406.19 726.65 136.84
7 April 2009 404.57 726.28 137.45
8 April 2009 405.62 729.59 137.68
9 April 2009 404.39 725.38 136.58
10 April 2009 403.57 725.13 136.46
13 April 2009 403.41 722.52 136.53
14 April 2009 402.29 725.73 135.95
15 April 2009 391.95 723.83 135.46
16 April 2009 394.82 726.60 137.07
17 April 2009 395.60 724.33 136.49
20 April 2009 393.53 723.99 134.98
21 April 2009 398.26 725.46 135.88
22 April 2009 399.35 728.01 135.64
23 April 2009 404.14 726.57 135.70
24 April 2009 401.70 728.53 136.58
27 April 2009 398.64 710.30 136.69
28 April 2009 401.12 701.88 134.51
29 April 2009 401.80 698.93 134.73
30 April 2009 395.45 684.95 134.86
1 May 2009 396.99 680.86 136.11
4 May 2009 393.90 678.19 134.88
5 May 2009 393.25 679.54 134.63
6 May 2009 396.08 682.68 135.87
7 May 2009 394.29 680.96 135.94
8 May 2009 395.74 678.42 135.66
11 May 2009 396.18 673.76 136.09
12 May 2009 393.88 669.50 136.17
13 May 2009 393.76 667.69 136.65
14 May 2009 393.27 671.88 137.81
15 May 2009 392.36 671.50 136.28
18 May 2009 390.21 660.84 135.23
19 May 2009 394.08 659.26 135.24
20 May 2009 393.40 654.92 135.08
21 May 2009 390.54 659.08 137.39
22 May 2009 387.63 658.47 137.05
25 May 2009 ND ND ND
26 May 2009 387.93 645.50 135.70
27 May 2009 394.37 651.42 135.49
28 May 2009 394.74 650.47 136.50
29 May 2009 395.23 649.77 135.84
1 June 2009 390.77 641.91 135.43
2 June 2009 390.74 643.05 134.53
3 June 2009 389.86 641.94 134.38
4 June 2009 394.45 643.90 135.00
5 June 2009 391.78 639.99 135.13
8 June 2009 390.42 631.50 133.46
9 June 2009 387.73 630.40 133.27
10 June 2009 387.06 631.20 134.21
11 June 2009 388.27 630.27 135.50
12 June 2009 392.05 629.63 134.60
15 June 2009 389.24 619.19 132.31
16 June 2009 389.18 617.97 132.31
17 June 2009 388.70 616.22 132.86
18 June 2009 391.68 615.12 132.74
19 June 2009 394.10 613.03 134.56
22 June 2009 394.85 608.09 134.00
23 June 2009 390.23 607.58 132.48
24 June 2009 393.40 609.49 132.97
25 June 2009 396.10 615.12 134.54
26 June 2009 395.44 622.10 135.00
29 June 2009 393.47 620.46 137.27
30 June 2009 390.11 619.45 138.75
1 July 2009 390.84 608.62 136.73
2 July 2009 387.80 609.56 136.90
3 July 2009 388.33 609.09 136.90
6 July 2009 387.88 599.37 136.94
7 July 2009 386.70 600.69 137.85
8 July 2009 385.55 600.34 138.55
9 July 2009 382.96 600.40 137.95
10 July 2009 385.44 597.91 137.60
13 July 2009 379.46 596.95 136.14
14 July 2009 379.40 601.43 135.77
15 July 2009 376.50 593.39 133.96
16 July 2009