Presentation Materials (PDF)

Pages 216 to 260 of the Transcript

Appendix 1: Materials used by Mr. Potter


Material for
FOMC Presentation: Financial Market Developments and Desk Operations

Simon Potter
December 11, 2012

Class II FOMC - Restricted (FR)

Exhibit 1

Top-left panel
(1) Changes in Domestic Yields and Equities

10-Year Treasury Yield
(BPS)
S&P 500 Index
(Percent)
Around Election (11/6 - 11/15)-15.79-5.25
Total on Period-13.570.35

Source: Bloomberg

Top-right panel
(2) Changes in Global Yields and Equities Over Intermeeting Period

Change in 10-Year Yield Change in Equity Index
U.S.-14 bps+0.4%
U.K.-8 bps+2.0%
Germany-28 bps+4.8%
Japan-8 bps+5.7%
FTSE All-World Ex-USN/A+2.9%

Source: Bloomberg

Middle-left panel
(3) Implied Federal Funds Rate Path*

Percent

Date As of 10/23/12 As of 12/07/12
7 December 20120.1440.158
7 March 20130.1350.140
7 June 20130.1400.135
1 October 20130.1560.126
1 January 20140.1850.129
1 April 20140.2270.143
1 July 20140.2780.167
1 October 20140.3360.202
1 January 20150.4040.245
1 April 20150.4750.289
1 July 20150.5660.350
1 October 20150.6750.428
1 April 20160.9340.650
1 October 20161.2100.917

* Derived from federal funds and Eurodollar futures. Return to text

Source: Federal Reserve Bank of New York, Bloomberg

Middle-right panel
(4) Probability of FOMC Adopting Thresholds For First Rate Hike

(Average Forecasts)
Percent

Quantitative Thresholds Qualitative Thresholds
December Meeting13.8113.45
January Meeting19.4317.05
March Meeting33.1028.64
Within 2 Years73.3673.69

Source: Federal Reserve Bank of New York Survey

Bottom-left panel
(5) Expected Outcome and Effects of Fiscal Cliff*

(Average Probabilities and Median Effects)

Probability of Scenario Effect on 10-Year Treasury
Current Law19%-40 bps
No Fiscal Restraint18%+40 bps
Alternative Scenario**55%+5 bps

* Based on CBO policy scenarios, which do not encompass entire range of possible outcomes. Probabilities of these scenarios add to 92%. Return to text

** Compromise scenario with extensions of some measures. Return to table

Source: Federal Reserve Bank of New York Survey

Bottom-right panel
(6) 3-Month 25-Delta Strangle Prices

Percent/Year

Date S&P 500 Index EUR-USD
1 June 201132.9625.51
2 June 201133.0625.41
3 June 201133.5624.55
6 June 201134.3924.39
7 June 201133.4123.72
8 June 201134.5424.54
9 June 201132.8424.42
10 June 201134.1225.02
13 June 201135.2625.42
14 June 201133.6225.20
15 June 201137.3827.89
16 June 201139.3427.96
17 June 201138.5326.82
20 June 201136.8427.09
21 June 201134.5926.67
22 June 201134.7126.22
23 June 201136.3327.43
24 June 201137.6127.42
27 June 201136.2728.06
28 June 201135.1827.17
29 June 201132.8626.45
30 June 201131.7525.48
1 July 201130.4224.98
4 July 201130.4224.60
5 July 201130.9624.87
6 July 201131.8025.38
7 July 201130.8224.46
8 July 201131.7825.02
11 July 201134.9427.84
12 July 201135.4928.02
13 July 201135.9426.98
14 July 201137.3627.08
15 July 201136.2527.48
18 July 201137.5428.37
19 July 201134.9428.16
20 July 201134.7427.63
21 July 201133.2026.30
22 July 201132.8425.30
25 July 201134.9524.74
26 July 201135.4224.59
27 July 201138.5825.56
28 July 201139.3625.81
29 July 201139.9626.33
1 August 201138.5526.88
2 August 201140.7027.43
3 August 201140.6827.04
4 August 201148.4828.69
5 August 201153.8028.50
8 August 201162.0230.20
9 August 201158.6030.80
10 August 201160.9530.54
11 August 201156.6230.90
12 August 201156.1028.98
15 August 201150.9227.64
16 August 201151.1027.54
17 August 201150.6327.58
18 August 201162.2529.12
19 August 201163.8028.91
22 August 201162.8428.64
23 August 201157.5028.22
24 August 201156.0428.23
25 August 201159.5328.14
26 August 201157.3627.57
29 August 201152.2127.07
30 August 201152.4926.81
31 August 201153.8026.33
1 September 201153.2626.90
2 September 201156.5427.93
5 September 201156.5430.58
6 September 201158.3532.15
7 September 201154.8230.48
8 September 201156.2930.56
9 September 201164.0433.36
12 September 201165.1133.92
13 September 201161.8432.79
14 September 201158.0032.09
15 September 201157.0530.31
16 September 201155.7731.29
19 September 201156.9032.69
20 September 201156.4533.09
21 September 201158.3433.80
22 September 201168.9236.13
23 September 201166.4936.48
26 September 201165.0136.55
27 September 201161.5834.39
28 September 201164.7634.13
29 September 201167.0033.63
30 September 201168.6833.73
3 October 201173.5734.90
4 October 201172.8834.65
5 October 201165.4633.66
6 October 201164.3532.33
7 October 201162.2531.51
10 October 201159.9230.20
11 October 201157.7830.64
12 October 201153.2530.00
13 October 201153.7430.60
14 October 201150.1229.87
17 October 201153.7930.51
18 October 201152.1830.83
19 October 201156.9530.96
20 October 201156.9831.98
21 October 201153.8731.65
24 October 201150.4031.14
25 October 201152.1830.49
26 October 201150.8930.53
27 October 201144.0928.56
28 October 201143.9927.83
31 October 201148.5428.90
1 November 201155.6232.13
2 November 201153.7431.38
3 November 201150.8331.46
4 November 201152.1630.56
7 November 201151.2931.01
8 November 201149.0130.45
9 November 201157.8533.10
10 November 201155.7333.15
11 November 201152.6431.81
14 November 201154.8332.20
15 November 201153.0932.69
16 November 201156.0432.88
17 November 201160.3432.71
18 November 201158.6332.09
21 November 201159.6832.69
22 November 201158.7732.86
23 November 201161.2333.97
24 November 201161.2333.66
25 November 201162.6434.07
28 November 201159.6233.51
29 November 201157.3733.26
30 November 201152.6832.52
1 December 201151.1831.92
2 December 201151.3431.70
5 December 201152.0530.72
6 December 201151.5930.70
7 December 201153.3930.98
8 December 201155.4731.88
9 December 201151.1431.57
12 December 201153.1031.49
13 December 201152.2131.84
14 December 201152.6932.62
15 December 201150.8631.16
16 December 201150.4629.61
19 December 201150.5729.57
20 December 201146.5129.33
21 December 201144.8329.48
22 December 201144.1129.51
23 December 201143.6629.14
26 December 201143.6629.20
27 December 201143.7929.17
28 December 201146.2729.28
29 December 201144.9530.34
30 December 201145.4230.22
2 January 201245.4230.27
3 January 201244.0729.04
4 January 201242.8528.87
5 January 201241.7028.88
6 January 201240.8528.26
9 January 201240.7326.75
10 January 201239.7925.90
11 January 201240.3526.44
12 January 201240.2425.74
13 January 201241.8626.15
16 January 201241.8625.99
17 January 201241.5325.80
18 January 201239.7025.59
19 January 201238.6625.31
20 January 201237.6025.14
23 January 201236.7224.83
24 January 201236.6725.32
25 January 201235.0625.31
26 January 201236.5324.61
27 January 201235.4724.95
30 January 201236.6225.77
31 January 201236.7725.49
1 February 201235.5824.83
2 February 201235.0424.47
3 February 201233.5424.47
6 February 201233.9925.33
7 February 201233.5024.61
8 February 201234.2023.74
9 February 201234.9323.21
10 February 201239.3224.13
13 February 201236.3023.57
14 February 201239.0024.01
15 February 201239.4825.11
16 February 201236.8824.93
17 February 201235.8724.51
20 February 201235.8723.65
21 February 201236.2722.79
22 February 201235.7022.58
23 February 201233.6821.96
24 February 201234.0121.99
27 February 201234.0922.51
28 February 201234.5222.31
29 February 201234.4422.67
1 March 201234.0122.76
2 March 201233.9322.96
5 March 201234.7422.90
6 March 201238.0923.46
7 March 201236.2822.91
8 March 201234.3822.19
9 March 201233.8222.29
12 March 201233.2322.02
13 March 201231.9522.08
14 March 201233.7422.38
15 March 201233.3321.79
16 March 201232.4821.10
19 March 201232.1821.09
20 March 201232.4821.08
21 March 201231.1821.10
22 March 201232.9321.33
23 March 201230.7620.85
26 March 201229.3020.51
27 March 201230.1520.42
28 March 201231.6920.46
29 March 201231.1120.61
30 March 201230.7020.47
2 April 201230.1720.26
3 April 201231.4820.38
4 April 201232.3021.65
5 April 201232.8521.94
6 April 201232.8521.36
9 April 201234.3221.73
10 April 201238.5722.21
11 April 201237.8222.13
12 April 201235.4421.39
13 April 201236.4121.72
16 April 201237.1321.93
17 April 201234.4721.42
18 April 201234.6821.16
19 April 201235.7421.15
20 April 201234.6020.80
23 April 201235.8521.29
24 April 201235.1120.83
25 April 201232.6220.46
26 April 201231.2320.23
27 April 201231.0619.73
30 April 201232.4619.79
1 May 201231.0620.07
2 May 201231.9820.71
3 May 201232.8220.19
4 May 201234.9220.18
7 May 201234.6221.14
8 May 201235.0921.70
9 May 201236.8222.50
10 May 201235.5721.80
11 May 201236.4021.76
14 May 201238.9923.43
15 May 201240.8224.23
16 May 201241.4124.73
17 May 201242.7225.43
18 May 201244.9626.34
21 May 201241.6624.85
22 May 201241.4024.40
23 May 201242.2626.52
24 May 201241.7626.04
25 May 201241.7926.44
28 May 201241.7925.76
29 May 201239.9425.79
30 May 201242.0726.84
31 May 201241.8426.88
1 June 201247.1626.83
4 June 201247.0226.64
5 June 201245.1726.81
6 June 201242.3726.26
7 June 201239.7124.86
8 June 201239.7725.58
11 June 201241.7625.81
12 June 201241.9826.20
13 June 201244.6025.57
14 June 201242.5025.70
15 June 201238.9525.39
18 June 201236.5824.61
19 June 201235.1023.21
20 June 201235.4422.50
21 June 201238.3623.08
22 June 201236.1922.63
25 June 201238.2022.85
26 June 201237.4922.53
27 June 201237.7822.40
28 June 201238.7922.71
29 June 201234.6621.23
2 July 201233.3721.34
3 July 201232.6021.23
4 July 201232.6021.51
5 July 201233.8021.56
6 July 201234.3122.08
9 July 201234.8321.99
10 July 201236.0121.95
11 July 201235.8221.87
12 July 201235.5122.53
13 July 201233.3821.35
16 July 201233.7221.05
17 July 201232.6820.86
18 July 201232.3020.10
19 July 201232.2619.92
20 July 201233.4420.23
23 July 201235.7721.77
24 July 201238.4922.82
25 July 201237.2922.82
26 July 201234.7022.03
27 July 201232.9121.58
30 July 201234.2822.02
31 July 201235.0622.11
1 August 201234.7422.44
2 August 201235.0922.38
3 August 201232.8620.47
6 August 201232.3220.39
7 August 201232.4219.72
8 August 201232.1320.25
9 August 201231.4620.09
10 August 201231.2520.03
13 August 201231.2019.66
14 August 201232.0819.78
15 August 201232.3820.44
16 August 201232.0420.25
17 August 201231.1919.97
20 August 201231.7720.10
21 August 201232.4619.97
22 August 201232.7519.83
23 August 201233.9419.59
24 August 201232.7719.73
27 August 201233.4419.91
28 August 201233.7220.49
29 August 201234.2421.00
30 August 201235.3321.58
31 August 201235.1321.04
3 September 201235.1320.83
4 September 201235.0120.40
5 September 201234.1120.52
6 September 201231.9519.51
7 September 201230.2018.22
10 September 201230.6518.22
11 September 201231.3718.28
12 September 201230.9718.00
13 September 201228.3018.18
14 September 201229.1718.47
17 September 201229.8918.34
18 September 201229.0118.53
19 September 201228.1817.83
20 September 201228.5718.37
21 September 201228.0318.20
24 September 201227.9418.39
25 September 201229.2918.40
26 September 201230.9918.71
27 September 201228.8218.13
28 September 201229.6017.93
1 October 201230.2817.90
2 October 201230.3117.80
3 October 201229.5817.84
4 October 201228.9217.75
5 October 201228.8217.61
8 October 201229.2217.98
9 October 201230.5417.95
10 October 201230.8417.61
11 October 201229.9717.41
12 October 201230.1717.27
15 October 201229.5317.26
16 October 201229.1517.31
17 October 201228.7017.50
18 October 201228.8417.46
19 October 201230.5217.23
22 October 201231.2917.15
23 October 201232.4917.32
24 October 201232.9817.34
25 October 201232.5117.23
26 October 201231.5817.13
29 October 201231.5817.04
30 October 201231.5816.68
31 October 201232.4016.50
1 November 201230.5716.34
2 November 201231.2216.37
5 November 201232.3816.67
6 November 201231.3116.61
7 November 201233.4716.79
8 November 201234.0616.61
9 November 201234.4616.71
12 November 201233.6916.50
13 November 201233.1016.17
14 November 201234.8715.68
15 November 201235.6315.58
16 November 201233.7015.45
19 November 201231.0314.98
20 November 201230.5914.66
21 November 201230.6714.98
22 November 201230.6715.18
23 November 201229.6915.39
26 November 201230.3115.37
27 November 201230.4415.10
28 November 201230.3115.28
29 November 201229.6915.32
30 November 201230.6215.68
3 December 201231.3215.78
4 December 201232.0415.59
5 December 201231.3215.66
6 December 201231.9415.91
7 December 201230.9616.19

Note: Vertical lines indicate Debt Ceiling on July 31, 2011, Draghi Speech on July 26, 2012, and Election on November 6, 2012.

Source: Bloomberg, Federal Reserve Bank of New York

Exhibit 2

Top-left panel
(7) Corporate Debt Spreads to Treasury

Basis points

Date Investment Grade High Yield
30 July 2010175642
2 August 2010174638
3 August 2010174639
4 August 2010173632
5 August 2010173635
6 August 2010173641
9 August 2010173639
10 August 2010174644
11 August 2010177661
12 August 2010178667
13 August 2010179670
16 August 2010179670
17 August 2010178664
18 August 2010177661
19 August 2010176664
20 August 2010177664
23 August 2010177665
24 August 2010180677
25 August 2010181676
26 August 2010181676
27 August 2010182666
30 August 2010184673
31 August 2010186680
1 September 2010185668
2 September 2010183661
3 September 2010182654
7 September 2010177656
8 September 2010179650
9 September 2010177636
10 September 2010176628
13 September 2010173627
14 September 2010173629
15 September 2010175624
16 September 2010175616
17 September 2010175616
20 September 2010174616
21 September 2010175622
22 September 2010175626
23 September 2010176629
24 September 2010176624
27 September 2010175626
28 September 2010176628
29 September 2010175622
30 September 2010175621
1 October 2010175616
4 October 2010174617
5 October 2010173612
6 October 2010170609
7 October 2010170606
8 October 2010170606
12 October 2010169601
13 October 2010169596
14 October 2010170593
15 October 2010174592
18 October 2010174599
19 October 2010173600
20 October 2010174603
21 October 2010172595
22 October 2010172592
25 October 2010169588
26 October 2010168575
27 October 2010167569
28 October 2010167574
29 October 2010168575
1 November 2010169578
2 November 2010168577
3 November 2010168576
4 November 2010165572
5 November 2010164563
8 November 2010163556
9 November 2010162548
10 November 2010164562
12 November 2010164561
15 November 2010166557
16 November 2010167579
17 November 2010166580
18 November 2010164570
19 November 2010164573
22 November 2010165582
23 November 2010167597
24 November 2010167588
26 November 2010168591
29 November 2010169598
30 November 2010171608
1 December 2010171587
2 December 2010169576
3 December 2010169574
6 December 2010169579
7 December 2010165554
8 December 2010163549
9 December 2010161547
10 December 2010161542
13 December 2010162546
14 December 2010161531
15 December 2010161529
16 December 2010161534
17 December 2010160544
20 December 2010160541
21 December 2010160542
22 December 2010159535
23 December 2010158529
27 December 2010158528
28 December 2010158516
29 December 2010157526
30 December 2010156522
31 December 2010156526
3 January 2011154515
4 January 2011152511
5 January 2011151495
6 January 2011151497
7 January 2011152505
10 January 2011153510
11 January 2011150504
12 January 2011150500
13 January 2011152502
14 January 2011152499
18 January 2011150496
19 January 2011150498
20 January 2011150490
21 January 2011150491
24 January 2011149489
25 January 2011150494
26 January 2011149486
27 January 2011150490
28 January 2011150489
31 January 2011150491
1 February 2011149482
2 February 2011148473
3 February 2011147466
4 February 2011145452
7 February 2011142448
8 February 2011140436
9 February 2011140443
10 February 2011140440
11 February 2011140444
14 February 2011139444
15 February 2011137444
16 February 2011137442
17 February 2011137443
18 February 2011137442
22 February 2011139455
23 February 2011140456
24 February 2011142463
25 February 2011141463
28 February 2011139463
1 March 2011140459
2 March 2011140454
3 March 2011138443
4 March 2011139451
7 March 2011139452
8 March 2011139448
9 March 2011139455
10 March 2011140470
11 March 2011141474
14 March 2011141481
15 March 2011146497
16 March 2011147502
17 March 2011147498
18 March 2011146490
21 March 2011144481
22 March 2011143479
23 March 2011143480
24 March 2011142473
25 March 2011142468
28 March 2011142466
29 March 2011142463
30 March 2011142466
31 March 2011142465
1 April 2011142460
4 April 2011141461
5 April 2011139455
6 April 2011138445
7 April 2011137446
8 April 2011136443
11 April 2011136443
12 April 2011137453
13 April 2011137455
14 April 2011138453
15 April 2011138461
18 April 2011139467
19 April 2011139468
20 April 2011137459
21 April 2011137457
25 April 2011137461
26 April 2011137462
27 April 2011137460
28 April 2011137464
29 April 2011138462
2 May 2011138459
3 May 2011138462
4 May 2011137462
5 May 2011138465
6 May 2011139465
9 May 2011139466
10 May 2011139460
11 May 2011139463
12 May 2011140461
13 May 2011141463
16 May 2011141464
17 May 2011141469
18 May 2011141466
19 May 2011141468
20 May 2011141469
23 May 2011142476
24 May 2011143477
25 May 2011144482
26 May 2011145491
27 May 2011146491
31 May 2011146492
1 June 2011146496
2 June 2011148499
3 June 2011149508
6 June 2011149508
7 June 2011149512
8 June 2011151522
9 June 2011151524
10 June 2011152529
13 June 2011153532
14 June 2011152524
15 June 2011153538
16 June 2011155552
17 June 2011154549
20 June 2011155554
21 June 2011155552
22 June 2011155549
23 June 2011157560
24 June 2011158565
27 June 2011158563
28 June 2011157550
29 June 2011155539
30 June 2011153525
1 July 2011152518
5 July 2011151521
6 July 2011151524
7 July 2011149511
8 July 2011150523
11 July 2011152540
12 July 2011153544
13 July 2011152542
14 July 2011152536
15 July 2011154538
18 July 2011155541
19 July 2011155541
20 July 2011154535
21 July 2011154525
22 July 2011152525
25 July 2011153523
26 July 2011152526
27 July 2011152523
28 July 2011152527
29 July 2011153540
1 August 2011153548
2 August 2011153565
3 August 2011155573
4 August 2011158601
5 August 2011163609
8 August 2011173670
9 August 2011179704
10 August 2011181715
11 August 2011189725
12 August 2011189714
15 August 2011197697
16 August 2011197697
17 August 2011197693
18 August 2011201709
19 August 2011206716
22 August 2011207718
23 August 2011212733
24 August 2011216731
25 August 2011213731
26 August 2011214736
29 August 2011214728
30 August 2011212727
31 August 2011208708
1 September 2011207703
2 September 2011209711
6 September 2011213731
7 September 2011211719
8 September 2011212718
9 September 2011215727
12 September 2011220740
13 September 2011221739
14 September 2011220733
15 September 2011220725
16 September 2011220722
19 September 2011223735
20 September 2011223734
21 September 2011223735
22 September 2011231767
23 September 2011237770
26 September 2011236771
27 September 2011234762
28 September 2011235772
29 September 2011236785
30 September 2011238807
3 October 2011243838
4 October 2011252876
5 October 2011252865
6 October 2011249837
7 October 2011247821
11 October 2011241801
12 October 2011237775
13 October 2011235774
14 October 2011231761
17 October 2011230749
18 October 2011230749
19 October 2011224732
20 October 2011221725
21 October 2011218708
24 October 2011214693
25 October 2011212690
26 October 2011211683
27 October 2011202648
28 October 2011200650
31 October 2011202667
1 November 2011208699
2 November 2011208693
3 November 2011207684
4 November 2011207685
7 November 2011208688
8 November 2011211683
9 November 2011218706
10 November 2011219704
14 November 2011219702
15 November 2011225708
16 November 2011227710
17 November 2011232717
18 November 2011232718
21 November 2011237735
22 November 2011241746
23 November 2011246759
25 November 2011249756
28 November 2011245751
29 November 2011246749
30 November 2011243734
1 December 2011243725
2 December 2011237720
5 December 2011232711
6 December 2011232708
7 December 2011232710
8 December 2011233713
9 December 2011235711
12 December 2011236718
13 December 2011236717
14 December 2011237722
15 December 2011239723
16 December 2011239724
19 December 2011238723
20 December 2011238712
21 December 2011238708
22 December 2011237704
23 December 2011237696
27 December 2011236696
28 December 2011235700
29 December 2011234697
30 December 2011234699
3 January 2012233682
4 January 2012231674
5 January 2012231678
6 January 2012230675
9 January 2012228675
10 January 2012226669
11 January 2012227674
12 January 2012226670
13 January 2012225677
17 January 2012224671
18 January 2012222671
19 January 2012219656
20 January 2012217647
23 January 2012214641
24 January 2012213640
25 January 2012212643
26 January 2012208636
27 January 2012207632
30 January 2012207642
31 January 2012206643
1 February 2012205636
2 February 2012203636
3 February 2012200623
6 February 2012196625
7 February 2012194617
8 February 2012192609
9 February 2012191605
10 February 2012193616
13 February 2012191611
14 February 2012191612
15 February 2012191614
16 February 2012194614
17 February 2012191607
21 February 2012189597
22 February 2012189599
23 February 2012189595
24 February 2012187585
27 February 2012187590
28 February 2012185586
29 February 2012181577
1 March 2012180573
2 March 2012180579
5 March 2012180584
6 March 2012184605
7 March 2012186599
8 March 2012184591
9 March 2012184586
12 March 2012184584
13 March 2012182574
14 March 2012179561
15 March 2012176567
16 March 2012174565
19 March 2012173559
20 March 2012174561
21 March 2012174566
22 March 2012176572
23 March 2012177573
26 March 2012176572
27 March 2012176573
28 March 2012175574
29 March 2012177584
30 March 2012176576
2 April 2012177579
3 April 2012177571
4 April 2012179579
5 April 2012181585
9 April 2012185603
10 April 2012187612
11 April 2012188609
12 April 2012186603
13 April 2012185605
16 April 2012186606
17 April 2012185598
18 April 2012186599
19 April 2012186600
20 April 2012186598
23 April 2012189603
24 April 2012188598
25 April 2012186589
26 April 2012186589
27 April 2012186586
30 April 2012185582
1 May 2012186574
2 May 2012185574
3 May 2012183572
4 May 2012184572
7 May 2012186576
8 May 2012186580
9 May 2012189584
10 May 2012188580
11 May 2012190581
14 May 2012192593
15 May 2012193596
16 May 2012197604
17 May 2012202626
18 May 2012206634
21 May 2012207644
22 May 2012208635
23 May 2012210658
24 May 2012209656
25 May 2012208656
29 May 2012206653
30 May 2012208665
31 May 2012209671
1 June 2012214688
4 June 2012215689
5 June 2012215695
6 June 2012213679
7 June 2012209668
8 June 2012210667
11 June 2012208664
12 June 2012210665
13 June 2012210665
14 June 2012210662
15 June 2012208662
18 June 2012208659
19 June 2012206644
20 June 2012203633
21 June 2012202632
22 June 2012201630
25 June 2012202638
26 June 2012202635
27 June 2012202631
28 June 2012203631
29 June 2012199615
2 July 2012199617
3 July 2012197611
5 July 2012196612
6 July 2012197614
9 July 2012198613
10 July 2012196609
11 July 2012195606
12 July 2012193611
13 July 2012192609
16 July 2012191612
17 July 2012188609
18 July 2012183607
19 July 2012181598
20 July 2012183599
23 July 2012187613
24 July 2012188615
25 July 2012187615
26 July 2012185610
27 July 2012182592
30 July 2012180591
31 July 2012178595
1 August 2012178579
2 August 2012178583
3 August 2012177572
6 August 2012176570
7 August 2012174565
8 August 2012174565
9 August 2012174568
10 August 2012174577
13 August 2012173576
14 August 2012172570
15 August 2012173569
16 August 2012173569
17 August 2012171569
20 August 2012171568
21 August 2012171565
22 August 2012171569
23 August 2012171572
24 August 2012172569
27 August 2012171568
28 August 2012171571
29 August 2012171569
30 August 2012171571
31 August 2012172575
4 September 2012172572
5 September 2012172569
6 September 2012170558
7 September 2012167551
10 September 2012166547
11 September 2012165542
12 September 2012164531
13 September 2012162529
14 September 2012157513
17 September 2012156514
18 September 2012156516
19 September 2012155516
20 September 2012155522
21 September 2012155525
24 September 2012156533
25 September 2012156539
26 September 2012159562
27 September 2012157556
28 September 2012156551
1 October 2012155552
2 October 2012154552
3 October 2012153551
4 October 2012151545
5 October 2012148536
9 October 2012146541
10 October 2012147545
11 October 2012145541
12 October 2012143541
15 October 2012141537
16 October 2012138529
17 October 2012133516
18 October 2012131513
19 October 2012131519
22 October 2012133517
23 October 2012137531
24 October 2012136528
25 October 2012136526
26 October 2012136533
29 October 2012138540
31 October 2012137543
1 November 2012137539
2 November 2012137537
5 November 2012139539
6 November 2012140532
7 November 2012140545
8 November 2012142548
9 November 2012145559
13 November 2012145564
14 November 2012145567
15 November 2012148579
16 November 2012150584
19 November 2012149573
20 November 2012148567
21 November 2012148562
23 November 2012147560
26 November 2012147558
27 November 2012147556
28 November 2012148556
29 November 2012147549
30 November 2012147546
3 December 2012147542
4 December 2012147539
5 December 2012146531
6 December 2012147529
7 December 2012147524

Note: A vertical line indicates the October 23-24, 2012 FOMC meeting.

Source: Barclays

Top-right panel
(8) Corporate Debt Issuance

$ Billions

Month Investment Grade: 2012 Investment Grade: 2011 High Yield: 2012 High Yield: 2011
Jan102.16128.6126.1131.13
Feb211.67191.0564.1153.31
Mar347.55309.8496.8990.59
Apr396.52373.07120.58121.09
May484.33485.10139.93165.76
Jun556.51528.77148.83182.83
Jul637.82579.87170.85200.85
Aug703.00631.88201.56201.95
Sep834.23700.08244.52208.15
Oct921.71758.17292.78217.01
Nov1058.64846.59324.83240.43
DecND881.52ND243.85

Source: Bloomberg

Middle-left panel
(9) Japanese Equities and Exchange Rate

Date Nikkei Equity Index
(Indexed to 08/01/11)
Dollar-Yen Exchange Rate
(¥/$)
1 August 2011100.0077.21
2 August 201198.7977.15
3 August 201196.7177.06
4 August 201196.9378.89
5 August 201193.3378.40
8 August 201191.3077.77
9 August 201189.7676.96
10 August 201190.7076.86
11 August 201190.1376.84
12 August 201189.9576.71
15 August 201191.1876.83
16 August 201191.3976.80
17 August 201190.8976.60
18 August 201189.7576.58
19 August 201187.5076.55
22 August 201186.5876.79
23 August 201187.6476.66
24 August 201186.7076.98
25 August 201188.0377.46
26 August 201188.2976.64
29 August 201188.8276.83
30 August 201189.8576.74
31 August 201189.8776.66
1 September 201190.9376.93
2 September 201189.8276.80
5 September 201188.1576.89
6 September 201186.2177.66
7 September 201187.9477.26
8 September 201188.2477.51
9 September 201187.6877.61
12 September 201185.6677.21
13 September 201186.4776.96
14 September 201185.4876.62
15 September 201186.9976.70
16 September 201188.9576.79
19 September 201188.9576.58
20 September 201187.5276.45
21 September 201187.7276.46
22 September 201185.9076.24
23 September 201185.9076.61
26 September 201184.0476.36
27 September 201186.4076.81
28 September 201186.4676.61
29 September 201187.3276.83
30 September 201187.3177.06
3 October 201185.7576.63
4 October 201184.8676.81
5 October 201184.1276.79
6 October 201185.5276.72
7 October 201186.3676.73
10 October 201186.3676.68
11 October 201188.0476.65
12 October 201187.7077.26
13 October 201188.5476.90
14 October 201187.7977.22
17 October 201189.1176.83
18 October 201187.7376.82
19 October 201188.0376.81
20 October 201187.1376.80
21 October 201187.0976.29
24 October 201188.7576.10
25 October 201187.9376.09
26 October 201187.7976.18
27 October 201189.5875.95
28 October 201190.8275.82
31 October 201190.2078.17
1 November 201188.6778.37
2 November 201186.7178.05
3 November 201186.7178.06
4 November 201188.3278.24
7 November 201187.9878.05
8 November 201186.8677.73
9 November 201187.8677.82
10 November 201185.3177.65
11 November 201185.4477.20
14 November 201186.3477.07
15 November 201185.7277.03
16 November 201184.9377.06
17 November 201185.0976.98
18 November 201184.0476.91
21 November 201183.7876.89
22 November 201183.4476.97
23 November 201183.4477.31
24 November 201181.9477.12
25 November 201181.8977.73
28 November 201183.1777.98
29 November 201185.0877.93
30 November 201184.6477.62
1 December 201186.2877.70
2 December 201186.7477.99
5 December 201187.2777.82
6 December 201186.0577.73
7 December 201187.5377.68
8 December 201186.9577.64
9 December 201185.6677.65
12 December 201186.8477.94
13 December 201185.8378.00
14 December 201185.4978.07
15 December 201184.0777.86
16 December 201184.3177.76
19 December 201183.2578.05
20 December 201183.6677.89
21 December 201184.9078.06
22 December 201184.2578.17
23 December 201184.2578.09
26 December 201185.0977.98
27 December 201184.7077.88
28 December 201184.5377.94
29 December 201184.2877.64
30 December 201184.8576.91
2 January 201284.8576.90
3 January 201284.8576.74
4 January 201285.9076.72
5 January 201285.1977.12
6 January 201284.2076.97
9 January 201284.2076.86
10 January 201284.5276.85
11 January 201284.7876.85
12 January 201284.1576.76
13 January 201285.3076.97
16 January 201284.0876.78
17 January 201284.9676.83
18 January 201285.8176.82
19 January 201286.7077.11
20 January 201287.9777.01
23 January 201287.9777.02
24 January 201288.1677.67
25 January 201289.1577.78
26 January 201288.8177.45
27 January 201288.7276.70
30 January 201288.2476.35
31 January 201288.3376.27
1 February 201288.4176.20
2 February 201289.0876.22
3 February 201288.6376.60
6 February 201289.6176.55
7 February 201289.4976.76
8 February 201290.4777.04
9 February 201290.3477.67
10 February 201289.7977.61
13 February 201290.3177.57
14 February 201290.8478.44
15 February 201292.9378.43
16 February 201292.7178.94
17 February 201294.1779.55
20 February 201295.1879.63
21 February 201294.9679.74
22 February 201295.8880.29
23 February 201296.2980.00
24 February 201296.8181.20
27 February 201296.6880.61
28 February 201297.5780.46
29 February 201297.5781.15
1 March 201297.4181.12
2 March 201298.1181.81
5 March 201297.3381.56
6 March 201296.7180.89
7 March 201296.1081.09
8 March 201298.0381.56
9 March 201299.6582.46
12 March 201299.2582.23
13 March 201299.3482.94
14 March 2012100.8683.73
15 March 2012101.5983.57
16 March 2012101.6583.43
19 March 2012101.7883.35
20 March 2012101.7883.70
21 March 2012101.2283.41
22 March 2012101.6382.54
23 March 2012100.4782.35
26 March 2012100.5382.82
27 March 2012102.9183.17
28 March 2012102.1882.90
29 March 2012101.5082.46
30 March 2012101.1982.87
2 April 2012101.4582.08
3 April 2012100.8682.81
4 April 201298.5482.46
5 April 201298.0282.37
6 April 201297.2281.64
9 April 201295.8081.49
10 April 201295.7280.67
11 April 201294.9280.86
12 April 201295.5880.89
13 April 201296.7280.93
16 April 201295.0480.41
17 April 201294.9880.85
18 April 201297.0181.26
19 April 201296.2281.61
20 April 201295.9581.52
23 April 201295.7681.18
24 April 201295.0181.32
25 April 201295.9581.34
26 April 201295.9580.99
27 April 201295.5480.27
30 April 201295.5479.82
1 May 201293.8480.09
2 May 201294.1380.14
3 May 201294.1380.18
4 May 201294.1379.85
7 May 201291.5179.92
8 May 201292.1479.87
9 May 201290.7779.64
10 May 201290.4179.93
11 May 201289.8579.94
14 May 201290.0579.85
15 May 201289.3280.18
16 May 201288.3280.33
17 May 201289.0879.28
18 May 201286.4279.02
21 May 201286.6479.31
22 May 201287.6079.96
23 May 201285.8779.47
24 May 201285.9379.60
25 May 201286.1179.68
28 May 201286.2379.47
29 May 201286.8779.49
30 May 201286.6479.07
31 May 201285.7378.32
1 June 201284.7078.02
4 June 201283.2578.34
5 June 201284.1178.75
6 June 201285.6379.19
7 June 201286.7079.63
8 June 201284.8979.49
11 June 201286.5579.44
12 June 201285.6779.53
13 June 201286.1879.48
14 June 201285.9979.35
15 June 201285.9978.73
18 June 201287.5279.11
19 June 201286.8678.95
20 June 201287.8379.54
21 June 201288.5580.28
22 June 201288.2980.43
25 June 201287.6579.66
26 June 201286.9479.52
27 June 201287.6179.72
28 June 201289.0579.46
29 June 201290.3879.79
2 July 201290.3579.51
3 July 201290.9879.79
4 July 201291.3679.88
5 July 201291.1279.92
6 July 201290.5279.66
9 July 201289.2879.56
10 July 201288.8979.43
11 July 201288.8279.76
12 July 201287.5179.31
13 July 201287.5579.18
16 July 201287.5578.87
17 July 201287.8679.06
18 July 201287.5778.80
19 July 201288.2678.59
20 July 201287.0078.49
23 July 201285.3878.40
24 July 201285.1878.18
25 July 201283.9578.16
26 July 201284.7378.21
27 July 201285.9778.46
30 July 201286.6678.18
31 July 201287.2678.12
1 August 201286.7278.44
2 August 201286.8478.24
3 August 201285.8578.47
6 August 201287.5778.25
7 August 201288.3478.61
8 August 201289.1278.43
9 August 201290.1078.57
10 August 201289.2378.28
13 August 201289.1678.32
14 August 201289.6178.74
15 August 201289.5678.99
16 August 201291.2579.35
17 August 201291.9579.56
20 August 201292.0379.43
21 August 201291.8979.29
22 August 201291.6478.58
23 August 201292.1078.49
24 August 201291.0378.67
27 August 201291.1778.74
28 August 201290.6578.51
29 August 201291.0278.71
30 August 201290.1578.63
31 August 201288.7178.39
3 September 201288.1578.26
4 September 201288.0678.43
5 September 201287.1078.39
6 September 201287.1178.86
7 September 201289.0378.24
10 September 201289.0178.29
11 September 201288.3877.77
12 September 201289.9177.86
13 September 201290.2777.49
14 September 201291.9278.39
17 September 201291.9278.71
18 September 201291.5678.82
19 September 201292.6578.38
20 September 201291.1978.24
21 September 201291.4278.17
24 September 201291.0177.85
25 September 201291.2377.80
26 September 201289.3877.75
27 September 201289.8177.61
28 September 201289.0177.96
1 October 201288.2777.99
2 October 201288.1778.16
3 October 201287.7878.49
4 October 201288.5678.48
5 October 201288.9478.67
8 October 201288.9478.33
9 October 201288.0078.26
10 October 201286.2678.18
11 October 201285.7778.34
12 October 201285.6478.44
15 October 201286.0878.65
16 October 201287.3278.89
17 October 201288.3778.93
18 October 201290.1479.28
19 October 201290.3479.32
22 October 201290.4279.94
23 October 201290.4679.85
24 October 201289.8679.81
25 October 201290.8780.30
26 October 201289.6479.65
29 October 201289.6179.80
30 October 201288.7379.63
31 October 201289.6079.77
1 November 201289.7880.12
2 November 201290.8380.43
5 November 201290.3980.29
6 November 201290.0780.35
7 November 201290.0480.00
8 November 201288.6879.47
9 November 201287.8879.49
12 November 201287.0779.50
13 November 201286.9179.38
14 November 201286.9580.25
15 November 201288.6181.17
16 November 201290.5681.32
19 November 201291.8581.41
20 November 201291.7581.68
21 November 201292.5582.52
22 November 201294.0082.48
23 November 201294.0082.40
26 November 201294.2282.08
27 November 201294.5682.15
28 November 201293.4182.08
29 November 201294.3482.12
30 November 201294.7982.48
3 December 201294.9182.25
4 December 201294.6681.90
5 December 201295.0282.47
6 December 201295.7982.40
7 December 201295.6182.49

Note: A vertical line indicates Elections Announced on November 14, 2012.

Source: Bloomberg

Middle-right panel
(10) Euro Area Interest and Exchange Rates

Date 2-Year German Yield
(Percent)
Euro-Dollar Exchange Rate
($/€)
1 August 20111.0961.4250
2 August 20111.0661.4203
3 August 20111.0461.4323
4 August 20110.8421.4092
5 August 20110.7651.4282
8 August 20110.7231.4179
9 August 20110.7761.4376
10 August 20110.5711.4178
11 August 20110.6591.4241
12 August 20110.6901.4248
15 August 20110.7131.4445
16 August 20110.7381.4407
17 August 20110.7021.4426
18 August 20110.5931.4333
19 August 20110.6491.4397
22 August 20110.6291.4358
23 August 20110.6661.4442
24 August 20110.7151.4414
25 August 20110.6481.4379
26 August 20110.6531.4499
29 August 20110.7421.4511
30 August 20110.6581.4441
31 August 20110.7201.4369
1 September 20110.6451.4259
2 September 20110.5221.4205
5 September 20110.4281.4098
6 September 20110.4371.3998
7 September 20110.4881.4098
8 September 20110.4381.3882
9 September 20110.3901.3656
12 September 20110.4341.3679
13 September 20110.5021.3678
14 September 20110.5621.3755
15 September 20110.6021.3877
16 September 20110.5101.3796
19 September 20110.4641.3686
20 September 20110.4641.3702
21 September 20110.4421.3573
22 September 20110.4011.3465
23 September 20110.3931.3500
26 September 20110.4511.3533
27 September 20110.5331.3585
28 September 20110.5941.3543
29 September 20110.5991.3597
30 September 20110.5501.3387
3 October 20110.4951.3176
4 October 20110.4581.3349
5 October 20110.4961.3348
6 October 20110.6111.3437
7 October 20110.6031.3378
10 October 20110.6501.3642
11 October 20110.6501.3640
12 October 20110.7051.3791
13 October 20110.6231.3777
14 October 20110.6621.3882
17 October 20110.5801.3737
18 October 20110.5821.3752
19 October 20110.6191.3760
20 October 20110.5891.3780
21 October 20110.6611.3896
24 October 20110.6581.3929
25 October 20110.5641.3908
26 October 20110.5181.3906
27 October 20110.6581.4189
28 October 20110.6041.4147
31 October 20110.5391.3858
1 November 20110.4111.3703
2 November 20110.4231.3747
3 November 20110.4041.3823
4 November 20110.4041.3792
7 November 20110.3761.3776
8 November 20110.3971.3834
9 November 20110.3551.3542
10 November 20110.3761.3606
11 November 20110.4031.3750
14 November 20110.3091.3633
15 November 20110.3061.3539
16 November 20110.4011.3463
17 November 20110.4461.3458
18 November 20110.4681.3525
21 November 20110.4091.3489
22 November 20110.3871.3505
23 November 20110.4451.3342
24 November 20110.4721.3347
25 November 20110.4631.3239
28 November 20110.4481.3320
29 November 20110.4361.3317
30 November 20110.3371.3446
1 December 20110.3021.3461
2 December 20110.3051.3391
5 December 20110.3421.3401
6 December 20110.3421.3402
7 December 20110.3131.3412
8 December 20110.2901.3341
9 December 20110.3201.3386
12 December 20110.2521.3187
13 December 20110.2751.3037
14 December 20110.2751.2983
15 December 20110.2551.3016
16 December 20110.2201.3046
19 December 20110.2091.2998
20 December 20110.2121.3082
21 December 20110.2321.3047
22 December 20110.2271.3050
23 December 20110.2271.3044
26 December 20110.2271.3061
27 December 20110.1681.3071
28 December 20110.1701.2941
29 December 20110.1601.2961
30 December 20110.1441.2961
2 January 20120.2031.2934
3 January 20120.1881.3050
4 January 20120.1801.2943
5 January 20120.1741.2789
6 January 20120.1661.2717
9 January 20120.1431.2765
10 January 20120.1711.2778
11 January 20120.1401.2707
12 January 20120.1631.2814
13 January 20120.1521.2680
16 January 20120.1521.2667
17 January 20120.1841.2736
18 January 20120.2021.2863
19 January 20120.2131.2968
20 January 20120.2071.2931
23 January 20120.1991.3013
24 January 20120.2211.3036
25 January 20120.1941.3106
26 January 20120.1771.3109
27 January 20120.1911.3220
30 January 20120.1751.3144
31 January 20120.1581.3084
1 February 20120.1801.3161
2 February 20120.2071.3144
3 February 20120.2041.3158
6 February 20120.1791.3130
7 February 20120.2231.3261
8 February 20120.2501.3260
9 February 20120.2691.3286
10 February 20120.2391.3197
13 February 20120.2551.3186
14 February 20120.2421.3134
15 February 20120.2141.3066
16 February 20120.2441.3130
17 February 20120.2531.3140
20 February 20120.2581.3243
21 February 20120.2611.3234
22 February 20120.2651.3249
23 February 20120.2601.3373
24 February 20120.2431.3448
27 February 20120.2031.3398
28 February 20120.2011.3458
29 February 20120.1911.3325
1 March 20120.2151.3311
2 March 20120.1611.3198
5 March 20120.1851.3217
6 March 20120.1701.3112
7 March 20120.1531.3149
8 March 20120.1601.3275
9 March 20120.1601.3123
12 March 20120.1551.3155
13 March 20120.1801.3084
14 March 20120.2471.3032
15 March 20120.2801.3080
16 March 20120.3341.3175
19 March 20120.3391.3238
20 March 20120.3341.3225
21 March 20120.2911.3216
22 March 20120.2601.3201
23 March 20120.2321.3270
26 March 20120.2631.3359
27 March 20120.2401.3313
28 March 20120.2111.3317
29 March 20120.2091.3302
30 March 20120.2061.3343
2 April 20120.2111.3321
3 April 20120.2031.3233
4 April 20120.1871.3142
5 April 20120.1401.3066
6 April 20120.1401.3096
9 April 20120.1401.3106
10 April 20120.0931.3082
11 April 20120.1401.3110
12 April 20120.1371.3188
13 April 20120.1261.3078
16 April 20120.1371.3142
17 April 20120.1471.3127
18 April 20120.1391.3123
19 April 20120.1281.3138
20 April 20120.1381.3219
23 April 20120.1061.3156
24 April 20120.1301.3197
25 April 20120.1241.3217
26 April 20120.0941.3219
27 April 20120.1021.3255
30 April 20120.0801.3239
1 May 20120.0801.3237
2 May 20120.0801.3158
3 May 20120.0881.3152
4 May 20120.0821.3084
7 May 20120.1011.3051
8 May 20120.0901.3005
9 May 20120.0701.2929
10 May 20120.0751.2936
11 May 20120.0911.2917
14 May 20120.0631.2823
15 May 20120.0711.2729
16 May 20120.0711.2716
17 May 20120.0431.2698
18 May 20120.0511.2780
21 May 20120.0481.2818
22 May 20120.0611.2684
23 May 20120.0541.2582
24 May 20120.0661.2532
25 May 20120.0471.2517
28 May 20120.0291.2541
29 May 20120.0421.2503
30 May 20120.0101.2367
31 May 20120.0021.2365
1 June 20120.0121.2434
4 June 20120.0121.2499
5 June 20120.0101.2452
6 June 20120.0701.2582
7 June 20120.0751.2561
8 June 20120.0431.2517
11 June 20120.0581.2482
12 June 20120.0951.2503
13 June 20120.1261.2557
14 June 20120.0831.2633
15 June 20120.0681.2638
18 June 20120.0251.2576
19 June 20120.0861.2685
20 June 20120.1501.2707
21 June 20120.1051.2540
22 June 20120.1351.2570
25 June 20120.0741.2504
26 June 20120.1001.2491
27 June 20120.1261.2468
28 June 20120.1061.2444
29 June 20120.1241.2667
2 July 20120.0981.2576
3 July 20120.0901.2608
4 July 20120.0731.2527
5 July 20120.0161.2392
6 July 2012-0.0101.2291
9 July 2012-0.0031.2313
10 July 20120.0031.2250
11 July 2012-0.0161.2239
12 July 2012-0.0341.2203
13 July 2012-0.0421.2249
16 July 2012-0.0551.2273
17 July 2012-0.0471.2294
18 July 2012-0.0611.2284
19 July 2012-0.0531.2281
20 July 2012-0.0741.2157
23 July 2012-0.0641.2117
24 July 2012-0.0691.2061
25 July 2012-0.0611.2158
26 July 2012-0.0511.2283
27 July 2012-0.0291.2322
30 July 2012-0.0801.2260
31 July 2012-0.0911.2304
1 August 2012-0.0761.2225
2 August 2012-0.0891.2180
3 August 2012-0.0221.2387
6 August 2012-0.0601.2401
7 August 2012-0.0301.2399
8 August 2012-0.0521.2365
9 August 2012-0.0571.2306
10 August 2012-0.0741.2289
13 August 2012-0.0471.2332
14 August 2012-0.0361.2322
15 August 2012-0.0221.2290
16 August 2012-0.0361.2356
17 August 2012-0.0411.2334
20 August 2012-0.0221.2346
21 August 20120.0061.2473
22 August 20120.0071.2529
23 August 2012-0.0121.2564
24 August 2012-0.0121.2512
27 August 20120.0001.2499
28 August 2012-0.0121.2565
29 August 20120.0001.2530
30 August 2012-0.0371.2506
31 August 2012-0.0351.2579
3 September 2012-0.0371.2593
4 September 2012-0.0321.2566
5 September 2012-0.0151.2601
6 September 20120.0351.2631
7 September 20120.0331.2816
10 September 20120.0401.2758
11 September 20120.0451.2855
12 September 20120.0781.2900
13 September 20120.0611.2991
14 September 20120.1041.3130
17 September 20120.0841.3117
18 September 20120.0761.3048
19 September 20120.0691.3049
20 September 20120.0431.2968
21 September 20120.0361.2980
24 September 20120.0411.2931
25 September 20120.0691.2899
26 September 20120.0391.2873
27 September 20120.0411.2913
28 September 20120.0211.2860
1 October 20120.0461.2888
2 October 20120.0411.2920
3 October 20120.0311.2905
4 October 20120.0421.3018
5 October 20120.0571.3045
8 October 20120.0441.2968
9 October 20120.0391.2885
10 October 20120.0471.2875
11 October 20120.0501.2928
12 October 20120.0421.2951
15 October 20120.0531.2949
16 October 20120.0821.3054
17 October 20120.0981.3119
18 October 20120.1111.3067
19 October 20120.1121.3024
22 October 20120.1221.3060
23 October 20120.1071.2987
24 October 20120.0801.2974
25 October 20120.0831.2934
26 October 20120.0511.2938
29 October 20120.0301.2904
30 October 20120.0401.2959
31 October 20120.0381.2960
1 November 20120.0191.2943
2 November 20120.0051.2835
5 November 2012-0.0081.2796
6 November 2012-0.0051.2814
7 November 2012-0.0381.2771
8 November 2012-0.0331.2747
9 November 2012-0.0331.2714
12 November 2012-0.0361.2710
13 November 2012-0.0331.2704
14 November 2012-0.0221.2736
15 November 2012-0.0291.2781
16 November 2012-0.0341.2743
19 November 2012-0.0221.2814
20 November 20120.0001.2817
21 November 20120.0101.2829
22 November 20120.0021.2884
23 November 2012-0.0021.2976
26 November 20120.0001.2972
27 November 20120.0201.2943
28 November 2012-0.0121.2953
29 November 20120.0021.2979
30 November 20120.0101.2986
3 December 20120.0251.3054
4 December 20120.0151.3094
5 December 20120.0021.3068
6 December 2012-0.0471.2970
7 December 2012-0.0771.2927

Note: Vertical lines indicate the Draghi Speech on July 26, 2012, and the October 23-24, 2012 FOMC meeting.

Source: Bloomberg

Bottom-left panel
(11) Treasury Bill Rates Around Year-End

Percent

Weeks to Maturity 2012 2011 2010 2009
11.860.0725-0.00250.1280.020
10.860.0675-0.00250.1250.029
9.860.0625-0.00250.1200.015
8.860.0625-0.00250.1150.015
7.860.0475-0.00250.1200.015
6.860.0475-0.00750.1030.009
5.860.0525-0.00750.0930.015
4.860.0475-0.00250.0900.011
3.860.0525-0.00750.0800.014
2.860.12750.00250.1130.076
1.860.11750.00500.1030.068
0.860.13250.00250.0900.050

Note: A vertical line indicates year-end at 3.43 weeks to maturity.

Source: Bloomberg, Federal Reserve Bank of New York

Bottom-right panel
(12) Overnight Funding Rates

Percent

Date MBS GCF Repo Treasury GCF Repo Federal Funds Effective
1 August 20110.3940.2770.17
2 August 20110.3060.2280.16
3 August 20110.1410.0960.12
4 August 20110.0920.0650.09
5 August 20110.0500.0430.08
8 August 20110.1280.0660.11
9 August 20110.0740.0330.10
10 August 20110.0610.0380.10
11 August 20110.1200.0710.09
12 August 20110.1690.1130.10
15 August 20110.1830.1030.10
16 August 20110.0860.0480.09
17 August 20110.0820.0400.09
18 August 20110.0810.0590.09
19 August 20110.1030.0550.09
22 August 20110.0650.0390.09
23 August 20110.0380.0180.08
24 August 20110.0350.0200.08
25 August 20110.0630.0460.08
26 August 20110.0850.0480.09
29 August 20110.0840.0570.09
30 August 20110.0560.0390.08
31 August 20110.1300.0970.08
1 September 20110.1270.1060.08
2 September 20110.1210.0950.08
6 September 20110.1480.1140.09
7 September 20110.1110.0830.09
8 September 20110.1000.0780.09
9 September 20110.0870.0620.09
12 September 20110.0950.0650.09
13 September 20110.1430.0810.09
14 September 20110.1410.0820.08
15 September 20110.2060.1380.09
16 September 20110.1850.1100.09
19 September 20110.1440.1070.09
20 September 20110.1650.1290.09
21 September 20110.1340.1040.08
22 September 20110.1140.0960.08
23 September 20110.1550.1170.08
26 September 20110.1910.1390.08
27 September 20110.1310.0960.08
28 September 20110.0900.0630.08
29 September 20110.0650.0340.08
30 September 20110.2260.1200.06
3 October 20110.1630.1140.08
4 October 20110.1150.0810.07
5 October 20110.1030.0790.07
6 October 20110.1050.0870.07
7 October 20110.1030.0830.07
11 October 20110.0950.0770.07
12 October 20110.0840.0660.07
13 October 20110.1460.1030.07
14 October 20110.1690.1290.07
17 October 20110.2290.1710.07
18 October 20110.1690.1210.07
19 October 20110.0940.0680.07
20 October 20110.0840.0630.07
21 October 20110.0700.0630.07
24 October 20110.1080.0710.07
25 October 20110.1220.0940.07
26 October 20110.0950.0630.08
27 October 20110.0950.0660.07
28 October 20110.0860.0620.07
31 October 20110.1750.1380.09
1 November 20110.1600.1340.08
2 November 20110.1830.1400.08
3 November 20110.1480.1020.09
4 November 20110.0910.0630.08
7 November 20110.0910.0710.08
8 November 20110.0890.0780.08
9 November 20110.0940.0860.08
10 November 20110.1190.0990.08
14 November 20110.1530.1350.08
15 November 20110.2110.1690.09
16 November 20110.1490.1120.08
17 November 20110.1240.1010.08
18 November 20110.1410.1140.08
21 November 20110.1510.1130.08
22 November 20110.1860.1330.08
23 November 20110.1900.1300.09
25 November 20110.2450.1560.07
28 November 20110.2090.1250.08
29 November 20110.1430.0840.08
30 November 20110.1810.1300.10
1 December 20110.1540.1030.08
2 December 20110.1480.0930.08
5 December 20110.1410.0920.08
6 December 20110.1400.0850.08
7 December 20110.1080.0650.08
8 December 20110.0950.0760.07
9 December 20110.1050.0860.07
12 December 20110.1380.0930.07
13 December 20110.1310.0830.07
14 December 20110.1170.0660.07
15 December 20110.1580.1430.07
16 December 20110.1550.1280.07
19 December 20110.1200.0960.07
20 December 20110.1030.0960.07
21 December 20110.0740.0380.07
22 December 20110.0600.0360.07
23 December 20110.1150.0820.08
27 December 20110.1170.0760.07
28 December 20110.0710.0520.07
29 December 20110.0950.0980.07
30 December 20110.103-0.0010.04
3 January 20120.1590.1270.07
4 January 20120.0870.0650.07
5 January 20120.0820.0680.07
6 January 20120.0990.0830.07
9 January 20120.0910.0810.08
10 January 20120.0800.0710.08
11 January 20120.0820.0820.08
12 January 20120.1760.1300.08
13 January 20120.2110.1730.09
17 January 20120.2820.2180.09
18 January 20120.2290.1860.09
19 January 20120.2240.1900.10
20 January 20120.2250.1880.09
23 January 20120.1770.1470.09
24 January 20120.1520.1270.09
25 January 20120.1560.1170.08
26 January 20120.1480.1170.08
27 January 20120.1490.1160.09
30 January 20120.1540.1310.09
31 January 20120.2920.2410.11
1 February 20120.2290.2000.11
2 February 20120.2090.1830.11
3 February 20120.1970.1620.11
6 February 20120.1530.1320.11
7 February 20120.1410.1160.11
8 February 20120.1360.1080.11
9 February 20120.1720.1640.11
10 February 20120.2130.1820.12
13 February 20120.2220.1690.12
14 February 20120.1670.1390.12
15 February 20120.2140.1620.12
16 February 20120.1600.1310.11
17 February 20120.1360.1020.09
21 February 20120.1060.0840.10
22 February 20120.0950.0840.08
23 February 20120.1450.1310.08
24 February 20120.1810.1580.09
27 February 20120.2060.1710.10
28 February 20120.1660.1310.10
29 February 20120.2440.1910.10
1 March 20120.2320.2000.11
2 March 20120.2170.1910.11
5 March 20120.2050.1860.11
6 March 20120.2040.1800.11
7 March 20120.1860.1630.11
8 March 20120.2090.2040.11
9 March 20120.2240.2000.12
12 March 20120.2250.2000.12
13 March 20120.2090.1870.12
14 March 20120.2060.1860.13
15 March 20120.2790.2580.14
16 March 20120.2580.2280.15
19 March 20120.2220.2050.15
20 March 20120.2200.1880.15
21 March 20120.1930.1550.15
22 March 20120.1710.1520.14
23 March 20120.2350.1920.14
26 March 20120.2600.2140.14
27 March 20120.2240.1770.14
28 March 20120.2100.1600.13
29 March 20120.2440.1570.13
30 March 20120.2890.1280.09
2 April 20120.2720.2240.15
3 April 20120.2420.2090.15
4 April 20120.2720.2270.15
5 April 20120.2870.2590.15
9 April 20120.2740.2310.16
10 April 20120.2430.2070.15
11 April 20120.2210.1930.16
12 April 20120.2640.2120.15
13 April 20120.2260.1910.15
16 April 20120.2660.2260.15
17 April 20120.2220.1880.16
18 April 20120.1860.1670.15
19 April 20120.1440.1270.13
20 April 20120.1310.1170.12
23 April 20120.1360.1180.13
24 April 20120.1720.1790.14
25 April 20120.2310.1880.15
26 April 20120.1800.1570.14
27 April 20120.1760.1490.13
30 April 20120.2590.2380.16
1 May 20120.2380.2100.16
2 May 20120.1970.1820.15
3 May 20120.2040.1960.15
4 May 20120.2180.2000.16
7 May 20120.2070.1970.16
8 May 20120.2080.1900.16
9 May 20120.1960.1830.15
10 May 20120.2070.1980.15
11 May 20120.2110.2000.15
14 May 20120.2590.2420.16
15 May 20120.2660.2530.16
16 May 20120.2270.2230.16
17 May 20120.2420.2330.16
18 May 20120.2270.2090.16
21 May 20120.2280.2020.16
22 May 20120.2110.1840.16
23 May 20120.1670.1490.15
24 May 20120.2280.1930.15
25 May 20120.2350.2060.15
29 May 20120.2090.1790.16
30 May 20120.1960.1740.16
31 May 20120.2660.2740.16
1 June 20120.2640.2440.16
4 June 20120.2550.2350.17
5 June 20120.2400.2170.17
6 June 20120.2060.1850.16
7 June 20120.2020.1910.16
8 June 20120.2240.2140.17
11 June 20120.2290.2180.17
12 June 20120.2620.2390.16
13 June 20120.2810.2610.17
14 June 20120.2790.2600.17
15 June 20120.3060.2750.18
18 June 20120.2420.2230.17
19 June 20120.2000.1730.17
20 June 20120.1820.1680.16
21 June 20120.2130.2030.17
22 June 20120.3030.2560.17
25 June 20120.2700.2260.17
26 June 20120.2010.1770.16
27 June 20120.2260.1870.15
28 June 20120.2340.2200.15
29 June 20120.3850.2780.09
2 July 20120.3430.2970.18
3 July 20120.2850.2610.17
5 July 20120.2760.2500.17
6 July 20120.2680.2240.17
9 July 20120.2140.1850.17
10 July 20120.2100.1940.17
11 July 20120.2190.1990.17
12 July 20120.2510.2260.18
13 July 20120.2350.2070.19
16 July 20120.2580.2370.18
17 July 20120.2260.2040.17
18 July 20120.1630.1430.16
19 July 20120.1340.1200.13
20 July 20120.1610.1460.13
23 July 20120.1600.1400.14
24 July 20120.2270.2080.15
25 July 20120.2350.2050.15
26 July 20120.2020.1820.14
27 July 20120.1970.1720.14
30 July 20120.1820.1570.14
31 July 20120.2360.2380.13
1 August 20120.2240.2110.14
2 August 20120.2310.2250.14
3 August 20120.2200.2080.14
6 August 20120.2050.1900.14
7 August 20120.1940.1870.13
8 August 20120.2220.2090.13
9 August 20120.2320.2240.13
10 August 20120.2120.1920.13
13 August 20120.2100.1710.13
14 August 20120.1860.1700.13
15 August 20120.2440.2180.13
16 August 20120.2100.1990.13
17 August 20120.1950.1750.13
20 August 20120.1870.1690.13
21 August 20120.1800.1620.13
22 August 20120.1840.1650.13
23 August 20120.2230.2040.13
24 August 20120.2370.2130.13
27 August 20120.2220.1920.13
28 August 20120.1920.1620.13
29 August 20120.1780.1510.13
30 August 20120.2250.1900.14
31 August 20120.2610.2630.13
4 September 20120.2610.2500.14
5 September 20120.2550.2460.16
6 September 20120.2820.2700.16
7 September 20120.2710.2570.15
10 September 20120.2570.2540.15
11 September 20120.2750.2630.15
12 September 20120.2780.2610.15
13 September 20120.3040.2890.15
14 September 20120.3160.3040.16
17 September 20120.2740.2630.16
18 September 20120.2670.2500.16
19 September 20120.2630.2490.15
20 September 20120.2630.2500.16
21 September 20120.2700.2490.15
24 September 20120.2970.2600.16
25 September 20120.3480.2640.15
26 September 20120.3040.2470.15
27 September 20120.2960.2360.14
28 September 20120.4830.3380.09
1 October 20120.3760.3060.15
2 October 20120.3360.3000.16
3 October 20120.3160.2800.16
4 October 20120.2950.2810.15
5 October 20120.2900.2770.15
9 October 20120.2820.2640.16
10 October 20120.2840.2620.16
11 October 20120.3080.2780.16
12 October 20120.3180.2760.16
15 October 20120.3480.2970.16
16 October 20120.3300.2730.16
17 October 20120.2910.2620.15
18 October 20120.2940.2630.15
19 October 20120.2710.2390.16
22 October 20120.2280.2080.15
23 October 20120.2060.1920.15
24 October 20120.2780.2370.17
25 October 20120.3250.2610.16
26 October 20120.2670.2210.16
29 October 20120.6470.5260.17
31 October 20120.6000.4000.18
1 November 20120.4230.3010.17
2 November 20120.3290.2500.16
5 November 20120.2750.2260.17
6 November 20120.2550.2090.16
7 November 20120.2290.1950.16
8 November 20120.2800.2470.16
9 November 20120.2840.2490.16
13 November 20120.2750.2460.16
14 November 20120.2940.2520.16
15 November 20120.2890.2600.16
16 November 20120.2380.2240.16
19 November 20120.2050.1940.16
20 November 20120.2230.2080.16
21 November 20120.2580.2290.16
23 November 20120.3090.2880.16
26 November 20120.2930.2470.16
27 November 20120.2300.2090.16
28 November 20120.2250.1910.16
29 November 20120.2360.2120.16
30 November 20120.3160.2750.16
3 December 20120.2870.2570.16
4 December 20120.2850.2640.17
5 December 20120.2870.2660.16
6 December 20120.3120.2810.16
7 December 20120.3000.2600.16

Note: A vertical line indicates Hurricane Sandy, October 29, 2012.

Source: DTCC, Federal Reserve Bank of New York

Exhibit 3

Top-left panel
(13) SOMA Treasury Holdings as Percent of Outstanding

Percent

Years to Maturity 06/30/07 (Pre-Crisis) 09/30/11 (Pre-MEP) Current
0-322.8811.260.51
3-615.3024.9527.53
6-88.8737.8837.00
8-1011.0715.9835.68
10-3015.5819.8935.96

Source: Federal Reserve Bank of New York

Top-right panel
(14) MBS Purchase Settlements*

$ Billions
LSAP 1 Avg**75.99
November 20113.55
December 201140.00
January 201219.70
February 201227.00
March 201222.00
April 201238.30
May 201227.75
June 201226.80
July 201223.35
August 201218.65
September 201223.60
October 201245.65
November 201263.80
December 201273.63
January 201360.68, and a dashed outline indicates 23.88 to be purchased

* Settlements net of realized dollar roll sales. Return to text

** Maximum settled monthly amount during LSAP 1 was $170 billion. Return to table

Note: Vertical lines indicate reinvestments, beginning in November 2011, and projected settlements, beginning in December 2012.

Source: Federal Reserve Bank of New York, TradeWeb

Middle-left panel
(15) Dollar Roll Implied Financing Rates*

Basis points

Date Front Month Next Month
1 June 2012-50.03-65.56
4 June 2012-67.21-76.56
5 June 2012-66.25-75.65
6 June 2012-23.26-49.39
7 June 20124.42-50.22
8 June 2012-37.25-76.68
11 June 2012-34.00-77.60
12 June 2012-32.57-76.53
13 June 2012-29.50-37.60
14 June 2012-21.09-28.89
15 June 2012-25.91-33.94
18 June 2012-22.12-34.37
19 June 2012-30.72-39.03
20 June 2012-29.76-37.80
21 June 2012-30.39-38.54
22 June 2012-29.48-37.56
25 June 2012-30.93-39.43
26 June 2012-30.19-38.56
27 June 2012-26.44-39.03
28 June 2012-14.52-26.82
29 June 2012-13.18-25.21
2 July 2012-15.02-27.28
3 July 2012-5.53-22.02
5 July 20122.34-22.61
6 July 20120.56-11.32
9 July 2012-3.55-36.12
10 July 2012-13.14-37.53
11 July 2012-17.53-27.87
12 July 2012-18.02-28.43
13 July 2012-21.18-26.55
16 July 2012-22.62-33.56
17 July 2012-21.81-32.48
18 July 2012-22.79-34.89
19 July 2012-22.36-34.27
20 July 2012-23.54-37.12
23 July 2012-29.50-40.04
24 July 2012-38.60-51.54
25 July 2012-38.37-55.53
26 July 2012-37.96-58.88
27 July 2012-43.98-62.13
30 July 2012-41.06-65.23
31 July 2012-41.62-66.44
1 August 2012-45.18-64.52
2 August 2012-45.68-66.00
3 August 2012-52.87-71.99
6 August 2012-44.54-67.73
7 August 2012-8.34-51.33
8 August 2012-46.8812.52
9 August 2012-51.5112.75
10 August 2012-52.26-48.16
13 August 2012-47.50-44.45
14 August 2012-45.27-42.07
15 August 2012-46.64-38.60
16 August 2012-45.69-41.58
17 August 2012-46.45-42.33
20 August 2012-47.26-39.26
21 August 2012-52.14-39.08
22 August 2012-53.85-40.19
23 August 2012-57.56-45.59
24 August 2012-56.32-43.68
27 August 2012-52.65-41.54
28 August 2012-48.25-41.44
29 August 2012-37.26-39.80
30 August 2012-33.56-37.08
31 August 2012-23.79-33.01
4 September 2012-18.51-32.67
5 September 2012-8.70-28.57
6 September 20122.92-22.43
7 September 20120.87-24.98
10 September 2012-24.32-114.46
11 September 2012-20.23-114.34
12 September 2012-23.25-45.05
13 September 2012-44.66-84.12
14 September 2012-32.07-86.40
17 September 2012-19.61-80.93
18 September 2012-12.07-62.62
19 September 2012-17.52-56.16
20 September 2012-18.54-72.81
21 September 2012-98.58-169.05
24 September 2012-99.21-184.94
25 September 2012-25.83-94.58
26 September 2012-22.86-98.22
27 September 2012-13.59-73.00
28 September 2012-13.24-65.40
1 October 2012-5.86-61.74
2 October 2012-6.62-64.85
3 October 2012-2.13-67.92
4 October 20123.44-62.31
5 October 2012-60.54-74.49
9 October 2012-50.58-74.50
10 October 2012-53.61-62.47
11 October 2012-55.11-52.78
12 October 2012-54.94-57.07
15 October 2012-49.29-51.60
16 October 2012-46.27-46.60
17 October 2012-41.49-39.27
18 October 2012-34.99-36.63
19 October 2012-28.87-37.25
22 October 2012-22.92-36.21
23 October 2012-19.67-33.58
24 October 2012-23.30-36.19
25 October 2012-21.29-28.42
26 October 2012-19.67-29.22
29 October 2012-20.88-30.72
31 October 2012-22.03-32.70
1 November 2012-10.50-22.41
2 November 2012-11.40-20.09
5 November 2012-3.36-18.93
6 November 2012-0.28-13.29
7 November 20120.33-16.51
8 November 2012-10.15-18.48
9 November 2012-18.08-65.40
13 November 2012-12.74-44.49
14 November 2012-10.08-38.44
15 November 2012-11.46-36.89
16 November 2012-9.26-41.16
19 November 2012-7.74-37.82
20 November 2012-6.25-34.60
21 November 2012-4.58-31.27
23 November 2012-4.42-30.65
26 November 2012-2.79-26.15
27 November 2012-4.99-31.30
28 November 2012-1.13-26.96
29 November 2012-0.75-25.46
30 November 20122.63-30.89
3 December 201211.14-27.02
4 December 201210.48-29.44
5 December 201210.43-28.98
6 December 201215.21-26.98
7 December 2012-22.84-19.12

* 30-year FNMA dollar rolls for 3.0% coupon. Front month is currently December-January roll; next month is January-February roll. Return to text

Note: A dashed horizontal line indicates Fails Charge at -200 basis points. A vertical line indicates the September 12-13, 2012 FOMC meeting.

Source: J.P. Morgan

Middle-right panel
(16) MBS Option-Adjusted Spreads to Treasury*

Basis points

Date 3.0% Coupon 5.5% Coupon
1 August 201147.2646.11
2 August 201147.1347.12
3 August 201145.5546.50
4 August 201147.8550.83
5 August 201154.1351.75
8 August 201160.7757.63
9 August 201158.9960.62
10 August 201146.0439.72
11 August 201141.7235.67
12 August 201145.0233.56
15 August 201147.0334.62
16 August 201148.1237.54
17 August 201150.0039.67
18 August 201157.9142.61
19 August 201163.4151.56
22 August 201164.4458.12
23 August 201162.7162.30
24 August 201158.8464.45
25 August 201157.1672.61
26 August 201157.9566.59
29 August 201157.7765.65
30 August 201159.5562.67
31 August 201159.1358.76
1 September 201160.9354.35
2 September 201168.4361.60
6 September 201169.7362.98
7 September 201167.8662.81
8 September 201169.1271.36
9 September 201172.2867.93
12 September 201175.7571.90
13 September 201171.7868.24
14 September 201171.7469.59
15 September 201169.7666.83
16 September 201171.2269.14
19 September 201171.5170.94
20 September 201171.5074.68
21 September 201167.0969.65
22 September 201160.1264.72
23 September 201165.7273.68
26 September 201159.9678.10
27 September 201157.9581.37
28 September 201159.7876.59
29 September 201160.1079.58
30 September 201161.6277.33
3 October 201168.1077.14
4 October 201170.3383.91
5 October 201168.0983.61
6 October 201165.9487.70
7 October 201167.3386.55
11 October 201163.1276.54
12 October 201158.0174.58
13 October 201160.6876.06
14 October 201160.9377.59
17 October 201162.8379.72
18 October 201158.0680.01
19 October 201157.6478.21
20 October 201156.4475.84
21 October 201153.5574.39
24 October 201153.6287.57
25 October 201158.0684.77
26 October 201155.4276.84
27 October 201146.7269.05
28 October 201147.6366.68
31 October 201151.4572.01
1 November 201157.1074.07
2 November 201156.1475.16
3 November 201156.7874.25
4 November 201155.8573.06
7 November 201158.3477.58
8 November 201155.1974.04
9 November 201164.3083.01
10 November 201159.9781.46
14 November 201163.2289.18
15 November 201162.2886.80
16 November 201164.2580.67
17 November 201167.6184.23
18 November 201166.8781.92
21 November 201168.9884.60
22 November 201169.1288.45
23 November 201173.8892.74
25 November 201172.0792.12
28 November 201169.5888.99
29 November 201165.2083.47
30 November 201155.5375.09
1 December 201154.2475.91
2 December 201156.7279.01
5 December 201155.5656.97
6 December 201153.1055.44
7 December 201152.2450.10
8 December 201156.5968.26
9 December 201155.9168.06
12 December 201159.9369.81
13 December 201160.3369.88
14 December 201161.0769.80
15 December 201163.0572.44
16 December 201163.6477.98
19 December 201164.4582.76
20 December 201160.7276.54
21 December 201157.9980.64
22 December 201157.9678.52
23 December 201155.7376.32
27 December 201155.9374.16
28 December 201161.1974.12
29 December 201157.6069.24
30 December 201158.9268.74
3 January 201249.0761.02
4 January 201246.3561.02
5 January 201242.4962.67
6 January 201239.0863.42
9 January 201235.7762.60
10 January 201243.4961.98
11 January 201247.2964.46
12 January 201244.4562.03
13 January 201247.2864.46
17 January 201250.3566.56
18 January 201248.5567.21
19 January 201247.9367.17
20 January 201244.5565.57
23 January 201239.6062.61
24 January 201238.3664.04
25 January 201239.9469.94
26 January 201240.9070.51
27 January 201240.5567.47
30 January 201245.6769.83
31 January 201246.3371.94
1 February 201239.8768.14
2 February 201236.4864.51
3 February 201232.5160.11
6 February 201232.3059.91
7 February 201229.0156.51
8 February 201226.7751.37
9 February 201230.6355.86
10 February 201234.3656.66
13 February 201232.0252.34
14 February 201232.5951.76
15 February 201232.6850.85
16 February 201232.0751.79
17 February 201234.1252.46
21 February 201235.8952.66
22 February 201235.6152.29
23 February 201233.0049.31
24 February 201235.9952.35
27 February 201238.3055.77
28 February 201236.9856.06
29 February 201239.7856.32
1 March 201237.8856.07
2 March 201239.0958.96
5 March 201237.8058.47
6 March 201239.4559.32
7 March 201239.7764.30
8 March 201238.5466.21
9 March 201235.9559.04
12 March 201236.4358.32
13 March 201236.2055.80
14 March 201237.9054.03
15 March 201236.4753.04
16 March 201234.2150.01
19 March 201236.5049.29
20 March 201237.2947.96
21 March 201236.2647.75
22 March 201237.6948.78
23 March 201240.0751.43
26 March 201238.0549.84
27 March 201235.7749.41
28 March 201237.3948.71
29 March 201236.7650.17
30 March 201234.5549.57
2 April 201234.0548.70
3 April 201235.9950.44
4 April 201235.7750.56
5 April 201237.0348.90
6 April 201237.1945.76
9 April 201235.9341.93
10 April 201240.4149.12
11 April 201241.4048.31
12 April 201241.5647.06
13 April 201243.3148.16
16 April 201243.9149.46
17 April 201244.5850.11
18 April 201244.1749.37
19 April 201241.7348.27
20 April 201242.0950.23
23 April 201242.8551.45
24 April 201242.6050.12
25 April 201243.4251.02
26 April 201242.8951.07
27 April 201242.8652.95
30 April 201242.9354.59
1 May 201240.8149.87
2 May 201243.4450.95
3 May 201243.7248.85
4 May 201237.4051.63
7 May 201237.2051.57
8 May 201239.3853.87
9 May 201237.5954.60
10 May 201236.1159.12
11 May 201237.5660.50
14 May 201237.7363.66
15 May 201238.4364.64
16 May 201237.1663.13
17 May 201237.3164.12
18 May 201237.4964.17
21 May 201241.5467.29
22 May 201239.6565.57
23 May 201243.8268.82
24 May 201242.5071.31
25 May 201243.8973.38
29 May 201246.2874.98
30 May 201248.2877.11
31 May 201246.5077.28
1 June 201245.2279.69
4 June 201250.2881.36
5 June 201252.4185.37
6 June 201246.8277.47
7 June 201243.0476.94
8 June 201244.4776.54
11 June 201243.4075.35
12 June 201243.8370.77
13 June 201244.3271.22
14 June 201243.8372.84
15 June 201243.5375.61
18 June 201241.4777.24
19 June 201237.3075.60
20 June 201242.1376.70
21 June 201240.5670.83
22 June 201240.3869.31
25 June 201236.3763.77
26 June 201240.0767.29
27 June 201235.5366.65
28 June 201236.2370.35
29 June 201235.3170.04
2 July 201233.2669.37
3 July 201233.6669.88
5 July 201232.8268.94
6 July 201228.1168.35
9 July 201228.6564.43
10 July 201224.9061.60
11 July 201225.1157.17
12 July 201226.5457.77
13 July 201232.0561.12
16 July 201228.0560.42
17 July 201229.1762.63
18 July 201225.2661.94
19 July 201226.2161.18
20 July 201223.9360.72
23 July 201221.0359.78
24 July 201219.5159.76
25 July 201220.8958.22
26 July 201222.2454.22
27 July 201226.7653.11
30 July 201222.8651.85
31 July 201219.3850.86
1 August 201219.6749.73
2 August 201222.5851.94
3 August 201223.8551.61
6 August 201225.0154.46
7 August 201224.5253.06
8 August 201220.2349.70
9 August 201220.8649.65
10 August 201221.9851.29
13 August 201222.3352.11
14 August 201222.5050.47
15 August 201227.2857.39
16 August 201227.5957.96
17 August 201227.1659.25
20 August 201225.5458.52
21 August 201226.5259.07
22 August 201222.6354.14
23 August 201220.8454.73
24 August 201223.4052.92
27 August 201221.9252.46
28 August 201221.8151.87
29 August 201225.4652.92
30 August 201225.4353.62
31 August 201220.7852.60
4 September 201220.7951.79
5 September 201221.1251.03
6 September 201221.8749.96
7 September 201212.6449.83
10 September 201213.3850.65
11 September 201212.6451.58
12 September 201210.1248.90
13 September 2012-14.2737.58
14 September 2012-20.8330.26
17 September 2012-16.2030.46
18 September 2012-14.2333.99
19 September 2012-18.7632.54
20 September 2012-23.3731.04
21 September 2012-33.9428.00
24 September 2012-43.5024.87
25 September 2012-54.4721.28
26 September 2012-57.8525.07
27 September 2012-34.3230.64
28 September 2012-31.2139.45
1 October 2012-36.2138.82
2 October 2012-44.2343.99
3 October 2012-33.6745.97
4 October 2012-23.9344.25
5 October 2012-26.1739.51
9 October 2012-20.3343.85
10 October 2012-22.8442.83
11 October 2012-24.5242.42
12 October 2012-21.8943.31
15 October 2012-18.1844.64
16 October 2012-18.6541.80
17 October 2012-15.5039.92
18 October 2012-11.4440.54
19 October 2012-12.6537.64
22 October 2012-13.3635.68
23 October 2012-12.7137.23
24 October 2012-10.9938.63
25 October 2012-10.1338.35
26 October 2012-11.9141.49
29 October 2012-10.7042.36
31 October 2012-10.4643.87
1 November 2012-6.9345.00
2 November 2012-10.9343.15
5 November 2012-11.6643.56
6 November 2012-5.6246.59
7 November 2012-10.9453.91
8 November 2012-10.7157.71
9 November 2012-8.9066.83
13 November 2012-2.4680.85
14 November 20124.3784.66
15 November 2012-0.0783.78
16 November 2012-4.4680.71
19 November 2012-3.9678.03
20 November 2012-3.9276.57
21 November 2012-2.0676.02
23 November 2012-1.6475.94
26 November 2012-4.9476.35
27 November 2012-9.8376.70
28 November 2012-8.1379.23
29 November 20121.7283.33
30 November 20121.6586.12
3 December 20120.2486.40
4 December 2012-0.0786.32
5 December 20121.0987.47
6 December 20125.4390.94
7 December 20126.3988.12

* FNMA 30-year OAS to Treasury. Return to text

Note: A vertical line indicates the September 12-13, 2012 FOMC meeting.

Source: Barclays

Bottom-left panel
(17) Expected Pace of Asset Purchases*

(One Year Ahead)

Asset: $ Billions Percent of Dealers
Treasuries: 023.81
Treasuries: (0, 20]14.29
Treasuries: (20, 45)14.29
Treasuries: 4547.62
MBS: 019.05
MBS: (0, 20]9.52
MBS: (20, 40)9.52
MBS: 4061.90

* Figures from flash survey after Employment Situation report. Return to text

Source: Federal Reserve Bank of New York Survey

Bottom-right panel
(18) Probability Distribution of SOMA Portfolio Holdings

(Average End-2014 Forecasts)
Percent

Par Amount ($ Billions) October Survey December Survey*
<2,5000.571.14
2,500-3,0004.485.57
3,000-3,50022.1017.38
3,500-4,00034.1934.62
4,000-4,50018.1919.76
4,500-5,0007.9013.33
>5,00012.628.19

* Figures from flash survey after Employment Situation report. Return to table

Source: Federal Reserve Bank of New York Survey

Exhibit 4 (Last)

Top-left panel
(19) Overall Policy Forecast Dispersion in Fed Funds Equivalents

(12 Months Ahead)
Percent

Date Disagreement Uncertainty
20 March 20070.4770.254
8 May 20070.4980.249
27 June 20070.3090.193
6 August 20070.3850.214
17 September 20070.4330.222
30 October 20070.3980.240
10 December 20070.4730.287
29 January 20080.7340.229
17 March 20080.3370.278
29 April 20080.4160.248
24 June 20080.4530.275
4 August 20080.4300.248
15 September 20080.5140.239
28 October 20080.4360.235
15 December 20080.2610.194
27 January 20090.1880.241
17 March 20090.1780.255
28 April 20090.1950.255
23 June 20090.2090.269
11 August 20090.2640.149
22 September 20090.2730.138
3 November 20090.3570.156
15 December 20090.5570.250
26 January 20100.5570.250
15 March 20100.5170.280
27 April 20100.6350.236
22 June 20100.4410.200
9 August 20100.3920.228
20 September 20100.1820.175
2 November 20100.2200.156
13 December 20100.1040.097
25 January 20110.283ND
14 March 20110.325ND
26 April 20110.335ND
21 June 20110.234ND
8 August 20110.236ND
1 November 20110.272ND
24 January 20120.303ND
19 June 20120.264ND
31 July 20120.284ND
12 September 20120.231ND
23 October 20120.1590.285
11 December 20120.1090.303

Note: A vertical line indicates "Including Balance Sheet" near the end of 2010. Dashed lines (to the left of the vertical line) are measures for fed funds only; solid lines (to the right of the vertical line) are overall policy uncertainty and disagreement.

Source: Federal Reserve Bank of New York Survey, Wallis (2005)

Top-right panel
(20) Quarters Between End of Purchases and First Rate Hike

Percent of Dealers

Quarters October Survey December Survey
-24.764.76
-10.000.00
00.004.76
10.004.76
24.764.76
30.004.76
419.059.52
523.8114.29
623.8138.10
79.524.76
84.760.00
94.769.52
104.760.00

Source: Federal Reserve Bank of New York Survey


Appendix 2: Materials used by Mses. Ihrig and Remache


Material for
FOMC Presentation: Options for Continuation of Open-Ended Asset Purchases in 2013

Jane Ihrig and Julie Remache
December 11, 2012

Class I FOMC - Restricted-Controlled (FR)

Exhibit 1

Top-left panel
Purchase Programs

$ Billions

Total Size* 2013 Purchases
Option 1750500
Option 312501000
Option 62500

* Includes purchases from October through December 2012. Return to table

Top-right panel
SOMA Holdings

Monthly
$ Billions

Period Option 1 Option 3 Option 6
January 2011223822382238
February 2011232023202320
March 2011241024102410
April 2011247224722472
May 2011256725672567
June 2011264526452645
July 2011264826482648
August 2011264726472647
September 2011264426442644
October 2011262026202620
November 2011260526052605
December 2011260526052605
January 2012259725972597
February 2012260326032603
March 2012259425942594
April 2012260326032603
May 2012260626062606
June 2012260626062606
July 2012258925892589
August 2012257325732573
September 2012256425642564
October 2012256825682568
November 2012260026002601
December 2012265026482652
January 2013273527322694
February 2013282228192719
March 2013290929062725
April 2013299729932727
May 2013308430812730
June 2013317231682732
July 2013321432562735
August 2013323933442738
September 2013324734322742
October 2013325035202744
November 2013325136072746
December 2013325236932746
January 2014325337342747
February 2014325437562747
March 2014325537622748
April 2014325637632749
May 2014325737642749
June 2014325737652750
July 2014325837652750
August 2014325837662750
September 2014325837662751
October 2014325837662751
November 2014325837662751
December 2014325837662751
January 2015325937672752
February 2015326037672753
March 2015325437612748
April 2015324437492739
May 2015323237362730
June 2015322037222720
July 2015320837082710
August 2015319636952700
September 2015318436812690
October 2015317336682681
November 2015316136542671
December 2015314936412661
January 2016313036202645
February 2016307335592591
March 2016302835102550
April 2016297934582504
May 2016291933942448
June 2016288433562417
July 2016285333212389
August 2016281932832358
September 2016279132512334
October 2016276332202310
November 2016271831712269
December 2016268531352239
January 2017265631012213
February 2017261630582177
March 2017258530232149
April 2017255129862119
May 2017250029312072
June 2017246828962044
July 2017243428582019
August 2017238828081982
September 2017235727731960
October 2017232927411941
November 2017228526941907
December 2017224626511877
January 2018221026061845
February 2018216025471798
March 2018212625031768
April 2018208924571734
May 2018202723851676
June 2018199223421645
July 2018194822941609
August 2018189122331595
September 2018185921971604
October 2018181821521612
November 2018174820791620
December 2018171120381628
January 2019168420031637
February 2019162919361645
March 2019163818921654
April 2019164718391663
May 2019165617581671
June 2019166517131680
July 2019167516771689
August 2019168416371698
September 2019169316461706
October 2019170416541715
November 2019171316631724
December 2019172216721733
January 2020173116811742
February 2020174116911751
March 2020175017001761
April 2020176017091770
May 2020176917191779
June 2020177917281789
July 2020178817371798
August 2020179817471808
September 2020180717571817
October 2020181717661826
November 2020182617761836
December 2020183617861845
January 2021184517951854
February 2021185518051864
March 2021186418141873
April 2021187318311882
May 2021188318411892
June 2021189218501901
July 2021190118681911
August 2021191018781920
September 2021192018871929
October 2021192919061939
November 2021193919151948
December 2021194819241958
January 2022195819441967
February 2022196719541977
March 2022197719641987
April 2022198719811997
May 2022199719912007
June 2022200720002017
July 2022201720102027
August 2022202720202037
September 2022203720302047
October 2022204720402057
November 2022205720502068
December 2022206720602078
January 2023207820712088
February 2023208920822099
March 2023209920922110
April 2023211021032120
May 2023212121132131
June 2023213121242142
July 2023214221352153
August 2023215321462164
September 2023216421562175
October 2023217521672185
November 2023218521782196
December 2023219621892207
January 2024220822002219
February 2024221922122230
March 2024223122232242
April 2024224222352253
May 2024225422462265
June 2024226522582276
July 2024227722692288
August 2024228822812300
September 2024230022932311
October 2024231223042323
November 2024232423162335
December 2024233523282347
January 2025234823402359
February 2025236023522371
March 2025237223652384
April 2025238523772396
May 2025239723892409
June 2025241024022421
July 2025242224142434
August 2025243524272446
September 2025244724392459
October 2025246024522471
November 2025247224642484
December 2025248524772497

Bottom-left panel
Unemployment Rate

Percent

Period Option 1 Option 3 Option 6
2011:Q18.998.998.99
2011:Q29.079.079.07
2011:Q39.069.069.06
2011:Q48.718.718.71
2012:Q18.248.248.24
2012:Q28.178.178.17
2012:Q38.058.058.05
2012:Q48.028.028.01
2013:Q17.977.957.98
2013:Q27.957.927.99
2013:Q37.887.827.95
2013:Q47.787.687.89
2014:Q17.647.517.78
2014:Q27.497.337.66
2014:Q37.337.137.53
2014:Q47.166.947.39
2015:Q16.926.687.17
2015:Q26.686.436.95
2015:Q36.446.186.73
2015:Q46.215.946.50
2016:Q15.985.716.28
2016:Q25.785.526.09
2016:Q35.625.365.92
2016:Q45.495.245.78
2017:Q15.385.145.66
2017:Q25.285.075.55
2017:Q35.205.015.45
2017:Q45.124.965.36
2018:Q15.134.995.34
2018:Q25.155.035.34
2018:Q35.185.095.35
2018:Q45.225.145.36
2019:Q15.265.195.37
2019:Q25.285.235.37
2019:Q35.305.255.37
2019:Q45.305.265.35
2020:Q15.295.275.33
2020:Q25.285.275.31
2020:Q35.275.265.29
2020:Q45.265.265.27
2021:Q15.255.255.25
2021:Q25.245.255.24
2021:Q35.245.245.23
2021:Q45.235.245.22
2022:Q15.225.235.21
2022:Q25.215.225.20
2022:Q35.205.215.19
2022:Q45.195.205.18
2023:Q15.185.195.17
2023:Q25.175.175.16
2023:Q35.155.165.14
2023:Q45.145.145.13
2024:Q15.135.135.12
2024:Q25.125.125.11
2024:Q35.115.115.10
2024:Q45.105.105.09
2025:Q15.095.095.08
2025:Q25.085.085.08
2025:Q35.075.075.07
2025:Q45.065.065.06

Bottom-right panel
Core PCE Inflation (4-qtr)

Percent

Period Option 1 Option 3 Option 6
2011:Q11.121.121.12
2011:Q21.341.341.34
2011:Q31.581.581.58
2011:Q41.721.721.72
2012:Q11.941.941.94
2012:Q21.801.801.80
2012:Q31.611.611.61
2012:Q41.621.661.58
2013:Q11.461.521.39
2013:Q21.431.521.32
2013:Q31.541.661.39
2013:Q41.601.711.45
2014:Q11.621.741.46
2014:Q21.641.771.47
2014:Q31.651.791.48
2014:Q41.671.811.49
2015:Q11.671.811.49
2015:Q21.681.821.49
2015:Q31.691.841.50
2015:Q41.701.851.51
2016:Q11.731.881.54
2016:Q21.771.921.58
2016:Q31.821.971.64
2016:Q41.882.031.71
2017:Q11.932.071.76
2017:Q21.962.101.80
2017:Q31.992.121.83
2017:Q42.012.131.86
2018:Q12.022.131.88
2018:Q22.032.131.90
2018:Q32.032.121.92
2018:Q42.032.111.93
2019:Q12.032.091.95
2019:Q22.032.081.96
2019:Q32.022.061.97
2019:Q42.022.051.98
2020:Q12.022.031.99
2020:Q22.022.022.00
2020:Q32.012.012.01
2020:Q42.012.012.02
2021:Q12.022.002.04
2021:Q22.022.002.04
2021:Q32.021.992.05
2021:Q42.021.992.06
2022:Q12.021.992.06
2022:Q22.021.992.07
2022:Q32.021.992.07
2022:Q42.031.992.08
2023:Q12.031.992.08
2023:Q22.032.002.08
2023:Q32.032.002.08
2023:Q42.032.002.08
2024:Q12.042.012.08
2024:Q22.042.012.08
2024:Q32.042.022.08
2024:Q42.042.022.08
2025:Q12.052.032.08
2025:Q22.052.032.08
2025:Q32.052.032.08
2025:Q42.052.042.08

Exhibit 2

Top-left panel
(1) Annual Remittances to Treasury

$ Billions

Period Option 1 Option 3 Option 6
201079.2779.2779.27
201175.4275.4275.42
201285.3585.2885.53
201370.6671.9965.35
201471.9980.5364.56
201567.3375.0760.66
201624.6221.3428.90
20171.600.0011.89
20180.000.0011.45
20192.180.0017.02
202011.310.0021.82
202141.380.0044.39
202247.4137.7450.32
202351.2949.1454.00
202454.7852.7357.45
202558.2656.1861.11

Inset: Peak Deferred Asset: Option 1: $4B (2018); Option 3: $45B (2020); Option 6: N/A.

Source: Federal Reserve Board of Governors

Top-right panel
(2) Federal Debt-to-GDP Ratio

Percent

Period Option 1 Option 3 Option 6
28 February 201165.1165.1165.11
31 May 201164.9164.9164.91
31 August 201166.7966.7966.79
30 November 201168.2368.2368.23
29 February 201270.1170.1170.11
31 May 201271.4371.4371.43
31 August 201272.2672.2672.26
30 November 201273.2573.2573.26
28 February 201374.0974.0274.17
31 May 201374.6474.5074.82
31 August 201375.0574.8175.35
30 November 201375.3975.0475.81
28 February 201475.5375.0676.08
31 May 201475.6175.0376.30
31 August 201475.6774.9776.49
30 November 201475.6974.8876.65
28 February 201575.5874.6676.67
31 May 201575.4174.3776.62
31 August 201575.1974.0576.52
30 November 201574.9373.6976.39
29 February 201674.5973.2676.15
31 May 201674.3672.9576.02
31 August 201674.1972.7175.94
30 November 201674.0872.5575.92
28 February 201774.0272.4475.93
31 May 201774.0172.3875.98
31 August 201774.0472.3876.08
30 November 201774.1372.4476.21
28 February 201874.3072.5976.43
31 May 201874.5472.8176.69
31 August 201874.8373.0877.00
30 November 201875.1473.3977.33
28 February 201975.4873.7277.67
31 May 201975.8374.0778.02
31 August 201976.2074.4478.38
30 November 201976.6074.8578.77
29 February 202077.0175.2979.17
31 May 202077.4675.7579.60
31 August 202077.9276.2580.04
30 November 202078.4076.7680.50
28 February 202178.8877.3180.97
31 May 202179.3877.8681.44
31 August 202179.8778.4281.91
30 November 202180.3678.9882.37
28 February 202280.8479.5182.82
31 May 202281.3080.0083.25
31 August 202281.7680.4883.68
30 November 202282.2080.9484.09
28 February 202382.6281.3984.48
31 May 202383.0481.8284.87
31 August 202383.4482.2485.24
30 November 202383.8382.6585.60
29 February 202484.2183.0485.96
31 May 202484.5783.4286.30
31 August 202484.9383.7986.63
30 November 202485.2784.1586.95
28 February 202585.6084.5087.26
31 May 202585.9384.8487.56
31 August 202586.2485.1787.85
30 November 202586.5585.4988.14

Source: Federal Reserve Board of Governors

Middle-left panel
(3) Annual Remittances to Treasury - Interest Rate Shocks

$ Billions

Period Option 3 Option 3 -100 bp shock Option 3 +200 bp shock
201079.2779.2779.27
201175.4275.4275.42
201285.2885.2585.36
201371.9971.9173.78
201480.5380.4876.19
201575.0777.488.54
201621.3445.090.00
20170.006.740.00
20180.000.300.00
20190.007.810.00
20200.009.220.00
20210.0028.570.00
202237.7431.720.00
202349.1433.8041.09
202452.7335.8678.64
202556.1837.6181.00

Source: Federal Reserve Board of Governors

Middle-right panel
(4) Deferred Assets - Interest Rate Shocks

$ Billions

Period Option 3 Option 3 -100 bp shock Option 3 +200 bp shock
20100.000.000.00
20110.000.000.00
20120.000.000.00
20130.000.000.00
20140.000.000.00
20150.000.005.85
20160.000.0045.95
201717.570.36101.92
201836.470.00150.35
201943.200.00181.35
202044.140.00148.94
20216.990.0098.34
20220.000.0033.59
20230.000.000.00
20240.000.000.00
20250.000.000.00

Source: Federal Reserve Board of Governors

Bottom-left panel
(5) SOMA Holdings - No Sales

$ Trillions

Period Option 3 Option 3 No Sales
20102.162.16
20112.602.60
20122.642.64
20133.693.69
20143.763.76
20153.643.63
20163.133.24
20172.652.90
20182.032.44
20191.672.00
20201.781.80
20211.921.92
20222.062.04
20232.182.17
20242.322.31
20252.472.46

Source: Federal Reserve Board of Governors

Bottom-right panel
(6) Annual Remittances to Treasury - No Sales

$ Billions

Period Option 3 Option 3 No Sales
201079.2779.27
201175.4275.42
201285.2885.29
201371.9972.03
201480.5380.57
201575.0775.08
201621.3434.34
20170.002.11
20180.000.00
20190.008.64
20200.0021.46
20210.0027.66
202237.7435.17
202349.1440.37
202452.7344.58
202556.1848.89

Inset: Peak Deferred Asset: Option 3: $45B (2020); Option 3 No Sales: $6B (2018).

Source: Federal Reserve Board of Governors


Appendix 3: Materials used by Mr. Wilcox


Material for
Forecast Summary

David Wilcox
December 11, 2012

Class II FOMC - Restricted (FR)

Forecast Summary

Confidence Intervals Based on Tealbook Track Record

Top-left panel
Real GDP

Percent change, annual rate

Period December TB October TB 70% confidence interval, lower bound 70% confidence interval, upper bound
2012:Q11.961.96NDND
2012:Q21.251.25NDND
2012:Q32.762.012.762.76
2012:Q40.862.05-0.522.07
2013:Q11.741.80-0.593.97
2013:Q22.502.520.085.12
2013:Q32.813.040.425.89
2013:Q42.883.150.326.01
2014:Q12.913.410.166.06
2014:Q23.083.480.356.11
2014:Q33.263.500.296.27
2014:Q43.423.570.146.16
2015:Q13.433.710.036.17
2015:Q23.533.740.025.98
2015:Q33.653.740.066.16
2015:Q43.713.74-0.056.08

Top-right panel
Unemployment Rate

Percent

Period December TB October TB 70% confidence interval, lower bound 70% confidence interval, upper bound
2012:Q18.208.20NDND
2012:Q28.208.20NDND
2012:Q38.058.058.058.05
2012:Q47.968.027.878.05
2013:Q17.937.977.728.13
2013:Q27.897.957.548.22
2013:Q37.867.887.348.30
2013:Q47.817.787.128.37
2014:Q17.737.646.888.40
2014:Q27.667.496.668.42
2014:Q37.547.336.418.40
2014:Q47.397.166.178.33
2015:Q17.206.925.948.20
2015:Q26.976.685.728.08
2015:Q36.776.445.537.95
2015:Q46.546.215.367.80

Note: Also shown in the chart are the Natural Rate, and the Natural Rate with EEB (effect of emergency unemployment compensation and state-federal extended benefit programs). The Natural Rate begins in 2012:Q1 at about 6.0, remains at that level until 2014:Q4, and then decreases gradually to about 5.8 by 2015:Q4. The Natural Rate with EEB begins in 2012:Q1 at about 6.2, decreases gradually to about 6.0 by 2013:Q1, and equals the Natural Rate for the remainder of the period.

Middle-left panel
PCE Prices

Percent change, annual rate

Period December TB October TB 70% confidence interval, lower bound 70% confidence interval, upper bound
2012:Q12.492.49NDND
2012:Q20.680.68NDND
2012:Q31.601.701.601.60
2012:Q41.532.150.712.37
2013:Q11.120.93-0.312.61
2013:Q21.371.420.012.89
2013:Q31.401.39-0.052.93
2013:Q41.301.32-0.172.82
2014:Q11.461.39-0.103.02
2014:Q21.401.37-0.173.02
2014:Q31.401.38-0.203.01
2014:Q41.361.41-0.242.99
2015:Q11.571.470.023.16
2015:Q21.521.47-0.033.12
2015:Q31.531.49-0.073.18
2015:Q41.531.51-0.013.14

Middle-right panel
PCE Prices Excluding Food and Energy

Percent change, annual rate

Period December TB October TB 70% confidence interval, lower bound 70% confidence interval, upper bound
2012:Q12.232.23NDND
2012:Q21.711.71NDND
2012:Q31.101.191.101.10
2012:Q41.241.360.761.82
2013:Q11.681.590.842.61
2013:Q21.591.600.672.60
2013:Q31.591.600.642.64
2013:Q41.541.600.562.62
2014:Q11.701.680.662.81
2014:Q21.641.670.582.80
2014:Q31.651.670.552.79
2014:Q41.571.660.432.74
2015:Q11.791.690.672.98
2015:Q21.731.690.582.90
2015:Q31.731.710.572.95
2015:Q41.711.710.542.93

Bottom-left panel
Measures of Monthly Change in Private Payroll Employment

Thousands

Period Establishment survey Model estimate
December 2008-658-727.40
January 2009-839-780.28
February 2009-725-753.89
March 2009-787-734.91
April 2009-802-655.77
May 2009-312-466.16
June 2009-426-393.70
July 2009-296-294.25
August 2009-219-243.37
September 2009-184-210.00
October 2009-232-197.33
November 2009-42-128.99
December 2009-120-121.25
January 2010-40-55.29
February 2010-2728.20
March 201014166.34
April 2010193139.83
May 201084120.88
June 201092118.68
July 201092127.12
August 2010128140.11
September 2010115130.81
October 2010196141.38
November 2010134129.95
December 2010140134.52
January 2011119158.96
February 2011257182.43
March 2011261214.21
April 2011264222.91
May 2011108166.41
June 2011102143.77
July 2011175159.16
August 201152147.84
September 2011216166.74
October 2011139159.47
November 2011178172.79
December 2011234186.58
January 2012277212.79
February 2012254218.89
March 2012147173.05
April 201285145.12
May 2012116136.71
June 201263117.74
July 2012163141.73
August 2012134136.30
September 2012122146.30
October 2012189174.59
November 2012147163.97

Note: The Kalman filter estimates treat the household survey measure (not shown) and the establishment survey measure as noisy observations of the underlying signal.

Bottom-right panel
Assessment of Economic Policy and Policy Uncertainty*

Index

Period Michigan (poor opinion of government's economic policy) Policy uncertainty index
January 200710468.31
February 200711266.52
March 200711168.66
April 200710963.19
May 200711269.00
June 200711870.14
July 200711469.10
August 200712073.88
September 200712182.99
October 200711892.98
November 200711897.39
December 200712699.97
January 2008122118.36
February 2008131120.20
March 2008132121.21
April 2008136107.00
May 2008149102.48
June 200813896.85
July 200814499.43
August 200814599.94
September 2008142130.84
October 2008150157.42
November 2008149175.18
December 2008145161.52
January 2009144157.35
February 2009129171.73
March 2009106180.36
April 2009105167.16
May 200992151.22
June 2009104139.37
July 2009109137.61
August 2009116142.32
September 2009108147.28
October 2009114151.37
November 2009111139.24
December 2009123131.13
January 2010119132.83
February 2010128136.24
March 2010125139.52
April 2010127135.29
May 2010124141.38
June 2010121142.42
July 2010127156.67
August 2010119155.51
September 2010124169.40
October 2010134163.98
November 2010131174.40
December 2010129168.71
January 2011128161.50
February 2011115150.48
March 2011129153.58
April 2011129158.80
May 2011122152.47
June 2011125147.16
July 2011137160.64
August 2011152200.16
September 2011146215.66
October 2011150203.06
November 2011147176.98
December 2011144171.98
January 2012144178.24
February 2012136172.74
March 2012131155.38
April 2012128140.93
May 2012126143.04
June 2012132159.62
July 2012134175.46
August 2012134176.25
September 2012124173.82
October 2012124170.43
November 2012122183.10
December 2012 (approximate projected)123ND

* Three-month moving average of index values. Return to text

Source: Thomson Reuters/University of Michigan Surveys of Consumers; www.policyuncertainty.com (Baker, Bloom, and Davis)

.

Appendix 4: Materials used by Mr. Kiley


Material for Briefing on
Financial Stability

Michael Kiley
December 11, 2012

Class II FOMC - Restricted (FR)

Exhibit 1
Leverage & Asset Valuations

Top-left panel
Private Nonfinancial Sector Credit-to-GDP Ratio

Quarterly
Ratio

Period Trend Ratio
1990:Q11.15791.2346
1990:Q21.16211.2323
1990:Q31.16641.2363
1990:Q41.17081.2484
1991:Q11.17511.2465
1991:Q21.17951.2388
1991:Q31.18391.2244
1991:Q41.18831.2150
1992:Q11.19281.2041
1992:Q21.19731.1883
1992:Q31.20181.1788
1992:Q41.20641.1698
1993:Q11.21101.1691
1993:Q21.21571.1699
1993:Q31.22051.1745
1993:Q41.22531.1667
1994:Q11.23011.1677
1994:Q21.23501.1635
1994:Q31.24001.1674
1994:Q41.24511.1698
1995:Q11.25021.1808
1995:Q21.25541.1945
1995:Q31.26071.1981
1995:Q41.26601.1997
1996:Q11.27141.2055
1996:Q21.27691.2011
1996:Q31.28251.2051
1996:Q41.28811.2003
1997:Q11.29391.2033
1997:Q21.29971.2041
1997:Q31.30561.2078
1997:Q41.31151.2166
1998:Q11.31761.2319
1998:Q21.32371.2489
1998:Q31.32991.2532
1998:Q41.33621.2553
1999:Q11.34261.2716
1999:Q21.34901.2819
1999:Q31.35561.2919
1999:Q41.36211.2884
2000:Q11.36881.3059
2000:Q21.37551.3066
2000:Q31.38241.3231
2000:Q41.38921.3348
2001:Q11.39621.3556
2001:Q21.40311.3666
2001:Q31.41021.3906
2001:Q41.41731.4055
2002:Q11.42451.4145
2002:Q21.43171.4213
2002:Q31.43891.4293
2002:Q41.44621.4489
2003:Q11.45361.4597
2003:Q21.46091.4716
2003:Q31.46841.4654
2003:Q41.47581.4677
2004:Q11.48331.4751
2004:Q21.49081.4847
2004:Q31.49831.4927
2004:Q41.50591.5095
2005:Q11.51341.5133
2005:Q21.52101.5346
2005:Q31.52861.5444
2005:Q41.53621.5640
2006:Q11.54381.5768
2006:Q21.55141.5988
2006:Q31.55901.6190
2006:Q41.56671.6390
2007:Q11.57431.6558
2007:Q21.58191.6711
2007:Q31.58951.6949
2007:Q41.59711.7134
2008:Q11.60461.7364
2008:Q21.61221.7329
2008:Q31.61971.7427
2008:Q41.62731.7802
2009:Q11.63481.7972
2009:Q21.64231.7947
2009:Q31.64981.7727
2009:Q41.65731.7389
2010:Q11.66481.7135
2010:Q21.67221.6886
2010:Q31.67971.6699
2010:Q41.68711.6536
2011:Q11.69451.6472
2011:Q21.70201.6305
2011:Q31.70941.6176
2011:Q41.71681.6111
2012:Q11.72431.5992
2012:Q21.73171.6001

Note: Calculated using an HP filter. Shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (NBER): July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

Source: FOFA, NIPA, and staff calculations.

Top-right panel
Short Term Debt as Percent of Total Debt

Quarterly
Percent

Period All firms 75th Percentile
1999:Q118.0661.57
1999:Q217.9963.63
1999:Q318.9665.65
1999:Q418.6365.85
2000:Q119.0666.99
2000:Q219.5768.67
2000:Q320.4369.39
2000:Q419.9470.57
2001:Q118.6675.01
2001:Q218.0278.70
2001:Q318.3281.27
2001:Q418.9377.52
2002:Q117.8878.03
2002:Q216.9777.94
2002:Q316.9678.44
2002:Q416.3175.42
2003:Q114.9376.60
2003:Q213.7776.38
2003:Q313.6873.77
2003:Q412.8270.52
2004:Q112.8268.68
2004:Q213.1670.63
2004:Q312.4366.09
2004:Q412.5461.76
2005:Q113.3661.31
2005:Q213.1261.71
2005:Q313.0662.31
2005:Q413.8260.45
2006:Q113.3960.17
2006:Q213.8362.50
2006:Q314.0561.78
2006:Q413.2562.30
2007:Q112.6960.48
2007:Q212.9962.47
2007:Q312.8763.32
2007:Q412.8961.45
2008:Q112.7162.67
2008:Q212.9266.67
2008:Q314.2166.99
2008:Q413.7567.18
2009:Q112.8170.62
2009:Q211.0072.34
2009:Q310.6169.39
2009:Q49.5365.44
2010:Q110.6168.63
2010:Q210.7374.51
2010:Q310.6475.56
2010:Q410.7971.67
2011:Q111.3071.55
2011:Q210.6770.79
2011:Q311.3270.38
2011:Q411.0463.17
2012:Q111.3860.94
2012:Q211.6457.01

Note: Ratio of the sum of short-term debt and long-term debt due in one year to total debt.

Source: Compustat.

Middle-left panel
Expected Real Equity Return

Monthly
Percent

Period Expected 10-year real equity return*
January 19907.57
February 19908.00
March 19908.10
April 19907.91
May 19907.71
June 19907.58
July 19907.67
August 19908.38
September 19909.07
October 19909.59
November 19908.86
December 19908.47
January 19919.01
February 19917.60
March 19917.53
April 19917.16
May 19917.78
June 19917.65
July 19917.51
August 19917.34
September 19917.47
October 19917.45
November 19917.33
December 19917.59
January 19927.02
February 19927.60
March 19927.81
April 19927.73
May 19927.84
June 19928.28
July 19928.17
August 19928.10
September 19928.05
October 19928.38
November 19927.98
December 19927.85
January 19937.93
February 19938.00
March 19937.78
April 19937.59
May 19937.59
June 19937.75
July 19937.94
August 19937.82
September 19937.73
October 19937.76
November 19937.73
December 19937.81
January 19947.62
February 19947.73
March 19947.79
April 19948.23
May 19948.14
June 19948.00
July 19948.29
August 19948.08
September 19948.07
October 19948.16
November 19948.36
December 19948.64
January 19958.62
February 19958.43
March 19958.35
April 19958.12
May 19957.84
June 19957.64
July 19957.59
August 19957.54
September 19957.33
October 19957.43
November 19957.39
December 19957.07
January 19967.23
February 19966.55
March 19966.79
April 19966.76
May 19966.45
June 19966.55
July 19966.94
August 19966.53
September 19966.30
October 19966.07
November 19965.81
December 19965.92
January 19975.56
February 19975.14
March 19975.49
April 19975.98
May 19975.18
June 19974.59
July 19974.00
August 19974.29
September 19974.11
October 19974.29
November 19974.50
December 19974.36
January 19984.62
February 19984.03
March 19983.57
April 19983.40
May 19983.47
June 19983.59
July 19983.04
August 19983.67
September 19984.20
October 19984.49
November 19983.25
December 19983.08
January 19992.77
February 19993.09
March 19992.76
April 19992.58
May 19992.44
June 19992.66
July 19992.20
August 19992.67
September 19992.79
October 19993.10
November 19992.31
December 19992.28
January 20002.19
February 20002.81
March 20002.83
April 20002.57
May 20002.64
June 20002.35
July 20002.20
August 20002.24
September 20002.26
October 20003.24
November 20002.85
December 20002.89
January 20013.08
February 20013.26
March 20014.22
April 20013.51
May 20013.11
June 20013.33
July 20013.40
August 20013.56
September 20014.90
October 20014.02
November 20013.54
December 20013.53
January 20023.96
February 20024.19
March 20024.15
April 20024.45
May 20024.84
June 20025.58
July 20026.62
August 20026.39
September 20026.83
October 20026.75
November 20026.52
December 20026.41
January 20036.01
February 20036.69
March 20036.58
April 20036.57
May 20036.05
June 20035.44
July 20035.62
August 20035.78
September 20035.47
October 20035.44
November 20035.60
December 20035.37
January 20045.01
February 20044.96
March 20045.28
April 20045.37
May 20045.90
June 20045.63
July 20045.89
August 20046.09
September 20045.88
October 20046.00
November 20045.58
December 20045.47
January 20055.74
February 20055.59
March 20055.89
April 20056.00
May 20055.99
June 20055.90
July 20055.87
August 20056.06
September 20056.17
October 20056.54
November 20056.31
December 20055.99
January 20066.06
February 20066.13
March 20066.06
April 20066.06
May 20066.50
June 20066.94
July 20066.82
August 20066.66
September 20066.55
October 20066.26
November 20066.13
December 20066.10
January 20076.13
February 20076.07
March 20076.61
April 20076.08
May 20075.98
June 20076.14
July 20076.07
August 20077.06
September 20076.34
October 20076.30
November 20076.73
December 20076.75
January 20087.19
February 20087.35
March 20087.94
April 20087.65
May 20087.47
June 20088.12
July 20088.87
August 20088.44
September 20089.50
October 200811.51
November 200812.02
December 200810.44
January 200911.21
February 200911.11
March 200910.59
April 20099.88
May 20099.59
June 20099.60
July 20099.32
August 20098.69
September 20098.10
October 20098.21
November 20098.44
December 20098.43
January 20108.00
February 20108.79
March 20108.39
April 20108.22
May 20109.29
June 20109.38
July 20109.72
August 20109.90
September 20109.64
October 20109.31
November 20109.42
December 20109.02
January 20118.63
February 20118.21
March 20118.77
April 20118.33
May 20118.24
June 20118.84
July 20118.47
August 20119.54
September 20119.59
October 20119.26
November 20119.11
December 20119.32
January 20128.76
February 20128.54
March 20128.26
April 20128.29
May 20128.71
June 20128.82
July 20128.54
August 20128.35
September 20128.06
October 20128.16
November 20128.88

* Staff estimate using a dividend discount model incorporating private sector earnings growth estimates. Return to table

Note: Also shown in the chart is another curve, expected real yield on 10-year Treasury (off-the-run 10-year Treasury yield less Philadelphia Fed 10-year expected inflation). The curve begins at about 7 percent in 1985, generally decreases to about 5 by 1986, then decreases more gradually and fluctuates within a range of about 2-5 percent through 2002. It fluctuates within a range of about 0-3 percent through 2011, and ends at about -1 percent in mid-2012.

Middle-right panel
House Price Overvaluation Measures

Quarterly
Percent

Period FHFA S&P/Case-Shiller National CoreLogic
1990:Q13.766.938.45
1990:Q22.615.727.31
1990:Q31.083.335.32
1990:Q4-0.451.523.56
1991:Q1-0.70-0.411.68
1991:Q2-1.57-0.801.66
1991:Q3-2.23-1.070.49
1991:Q4-2.47-1.76-0.74
1992:Q1-1.44-2.07-1.26
1992:Q2-2.21-2.38-1.86
1992:Q3-2.34-3.25-2.62
1992:Q4-2.23-3.96-3.27
1993:Q1-3.29-4.69-3.68
1993:Q2-3.62-5.71-3.79
1993:Q3-3.63-5.60-3.60
1993:Q4-3.26-5.41-3.16
1994:Q1-2.77-4.79-4.07
1994:Q2-1.27-3.76-4.28
1994:Q3-1.24-4.18-4.82
1994:Q4-1.02-4.10-5.11
1995:Q1-1.20-4.56-5.85
1995:Q2-2.27-5.09-5.80
1995:Q3-2.15-5.08-5.61
1995:Q4-2.40-5.34-5.77
1996:Q1-2.34-5.54-5.84
1996:Q2-1.48-5.05-5.87
1996:Q3-1.62-5.14-6.39
1996:Q4-2.26-5.83-6.62
1997:Q1-2.30-5.27-6.76
1997:Q2-1.87-4.93-6.57
1997:Q3-2.68-5.31-6.18
1997:Q4-2.32-4.61-5.47
1998:Q1-2.02-3.92-4.03
1998:Q2-1.30-2.79-3.72
1998:Q3-1.28-2.09-2.99
1998:Q4-0.74-1.41-2.03
1999:Q10.330.00-1.57
1999:Q21.231.13-0.35
1999:Q32.582.920.75
1999:Q43.144.111.85
2000:Q14.135.603.28
2000:Q25.137.515.13
2000:Q35.308.436.23
2000:Q45.369.217.15
2001:Q15.489.668.62
2001:Q26.0710.678.94
2001:Q36.2411.569.68
2001:Q46.2111.4610.16
2002:Q16.9912.7011.00
2002:Q27.9414.5012.85
2002:Q38.5616.2614.59
2002:Q49.4617.8715.40
2003:Q110.1819.0016.71
2003:Q210.8220.1618.08
2003:Q312.6122.6020.31
2003:Q414.0725.2622.62
2004:Q115.2527.7526.17
2004:Q217.5731.0229.38
2004:Q318.9833.2931.68
2004:Q420.5135.9534.29
2005:Q122.1239.5039.11
2005:Q223.8442.1741.67
2005:Q325.6344.4743.92
2005:Q427.2946.7145.12
2006:Q128.0047.8346.71
2006:Q228.1246.5644.37
2006:Q327.1343.6242.40
2006:Q426.0842.3041.36
2007:Q125.4641.8438.68
2007:Q224.5438.3934.96
2007:Q322.5634.6531.03
2007:Q419.4229.4426.55
2008:Q115.8023.6921.51
2008:Q212.6618.2816.14
2008:Q39.6012.4810.84
2008:Q45.155.404.28
2009:Q13.38-0.42-1.19
2009:Q21.54-1.35-1.33
2009:Q31.310.53-0.63
2009:Q41.071.55-0.19
2010:Q10.011.850.16
2010:Q2-0.652.02-0.50
2010:Q3-2.92-1.36-3.39
2010:Q4-4.45-2.88-5.10
2011:Q1-7.15-4.17-7.03
2011:Q2-8.51-5.36-7.93
2011:Q3-9.14-7.00-8.94
2011:Q4-10.28-9.44-11.23
2012:Q1-10.25-8.71-9.29
2012:Q2-9.02-7.51-7.85
2012:Q3-8.61-2.62-7.15

Note: Overvaluation measured as deviation from long-run relationship between house prices and rents.

Bottom-left panel
Ten-Year Nominal Term Premiums

Daily

Date Percent
2 January 19971.539
3 January 19971.526
6 January 19971.547
7 January 19971.567
8 January 19971.585
9 January 19971.537
10 January 19971.600
13 January 19971.598
14 January 19971.542
15 January 19971.541
16 January 19971.570
17 January 19971.563
20 January 1997ND
21 January 19971.531
22 January 19971.558
23 January 19971.575
24 January 19971.604
27 January 19971.632
28 January 19971.620
29 January 19971.614
30 January 19971.602
31 January 19971.539
3 February 19971.503
4 February 19971.487
5 February 19971.505
6 February 19971.509
7 February 19971.478
10 February 19971.468
11 February 19971.469
12 February 1997ND
13 February 19971.425
14 February 19971.392
17 February 1997ND
18 February 19971.403
19 February 19971.415
20 February 19971.471
21 February 19971.456
24 February 19971.475
25 February 19971.474
26 February 19971.573
27 February 19971.586
28 February 19971.574
3 March 19971.585
4 March 19971.605
5 March 19971.598
6 March 19971.617
7 March 19971.582
10 March 19971.581
11 March 19971.593
12 March 19971.612
13 March 19971.690
14 March 19971.681
17 March 19971.675
18 March 19971.677
19 March 19971.685
20 March 19971.672
21 March 19971.661
24 March 19971.643
25 March 19971.653
26 March 19971.694
27 March 19971.770
28 March 1997ND
31 March 19971.796
1 April 19971.780
2 April 19971.769
3 April 19971.766
4 April 19971.802
7 April 19971.764
8 April 19971.778
9 April 19971.777
10 April 19971.774
11 April 19971.811
14 April 19971.808
15 April 19971.748
16 April 19971.756
17 April 19971.727
18 April 19971.719
21 April 19971.740
22 April 19971.719
23 April 19971.756
24 April 19971.782
25 April 19971.791
28 April 19971.773
29 April 19971.697
30 April 19971.654
1 May 19971.628
2 May 19971.618
5 May 19971.610
6 May 19971.599
7 May 19971.663
8 May 19971.640
9 May 19971.619
12 May 19971.608
13 May 19971.647
14 May 19971.619
15 May 19971.607
16 May 19971.621
19 May 19971.619
20 May 19971.629
21 May 19971.666
22 May 19971.688
23 May 19971.642
26 May 1997ND
27 May 19971.716
28 May 19971.711
29 May 19971.687
30 May 19971.637
2 June 19971.625
3 June 19971.608
4 June 19971.603
5 June 19971.606
6 June 19971.533
9 June 19971.564
10 June 19971.582
11 June 19971.573
12 June 19971.539
13 June 19971.504
16 June 19971.486
17 June 19971.502
18 June 19971.489
19 June 19971.490
20 June 19971.468
23 June 19971.490
24 June 19971.499
25 June 19971.536
26 June 19971.576
27 June 19971.572
30 June 19971.580
1 July 19971.528
2 July 19971.504
3 July 19971.432
4 July 1997ND
7 July 19971.403
8 July 19971.408
9 July 19971.384
10 July 19971.388
11 July 19971.362
14 July 19971.371
15 July 19971.375
16 July 19971.335
17 July 19971.334
18 July 19971.369
21 July 19971.370
22 July 19971.296
23 July 19971.288
24 July 19971.293
25 July 19971.309
28 July 19971.297
29 July 19971.245
30 July 19971.227
31 July 19971.194
1 August 19971.311
4 August 19971.328
5 August 19971.326
6 August 19971.316
7 August 19971.319
8 August 19971.432
11 August 19971.422
12 August 19971.452
13 August 19971.443
14 August 19971.386
15 August 19971.396
18 August 19971.362
19 August 19971.365
20 August 19971.375
21 August 19971.412
22 August 19971.471
25 August 19971.477
26 August 19971.464
27 August 19971.466
28 August 19971.410
29 August 19971.434
1 September 1997ND
2 September 19971.417
3 September 19971.434
4 September 19971.438
5 September 19971.468
8 September 19971.440
9 September 19971.451
10 September 19971.473
11 September 19971.489
12 September 19971.423
15 September 19971.414
16 September 19971.290
17 September 19971.286
18 September 19971.301
19 September 19971.289
22 September 19971.276
23 September 19971.306
24 September 19971.283
25 September 19971.351
26 September 19971.335
29 September 19971.335
30 September 19971.334
1 October 19971.271
2 October 19971.256
3 October 19971.259
6 October 19971.224
7 October 19971.198
8 October 19971.291
9 October 19971.289
10 October 19971.331
13 October 1997ND
14 October 19971.272
15 October 19971.293
16 October 19971.294
17 October 19971.340
20 October 19971.325
21 October 19971.307
22 October 19971.290
23 October 19971.237
24 October 19971.212
27 October 19971.173
28 October 19971.199
29 October 19971.156
30 October 19971.107
31 October 19971.097
3 November 19971.129
4 November 19971.162
5 November 19971.164
6 November 19971.129
7 November 19971.128
10 November 19971.121
11 November 1997ND
12 November 19971.117
13 November 19971.098
14 November 19971.096
17 November 19971.075
18 November 19971.069
19 November 19971.042
20 November 19971.058
21 November 19971.053
24 November 19971.071
25 November 19971.057
26 November 19971.058
27 November 1997ND
28 November 19971.050
1 December 19971.052
2 December 19971.052
3 December 19971.040
4 December 19971.053
5 December 19971.089
8 December 19971.108
9 December 19971.109
10 December 19971.094
11 December 19971.048
12 December 19970.992
15 December 19971.017
16 December 19971.004
17 December 19971.019
18 December 19970.974
19 December 19970.949
22 December 19970.919
23 December 19970.929
24 December 19970.952
25 December 1997ND
26 December 19970.950
29 December 19970.957
30 December 19970.989
31 December 19970.967
1 January 1998ND
2 January 19980.908
5 January 19980.821
6 January 19980.820
7 January 19980.864
8 January 19980.832
9 January 19980.811
12 January 19980.804
13 January 19980.813
14 January 19980.843
15 January 19980.859
16 January 19980.884
19 January 1998ND
20 January 19980.899
21 January 19980.873
22 January 19980.893
23 January 19980.981
26 January 19980.934
27 January 19980.963
28 January 19980.959
29 January 19980.875
30 January 19980.855
2 February 19980.882
3 February 19980.878
4 February 19980.887
5 February 19980.944
6 February 19980.927
9 February 19980.951
10 February 19980.937
11 February 19980.889
12 February 19980.896
13 February 19980.869
16 February 1998ND
17 February 19980.836
18 February 19980.858
19 February 19980.871
20 February 19980.886
23 February 19980.915
24 February 19981.005
25 February 19980.937
26 February 19980.955
27 February 19980.942
2 March 19981.012
3 March 19981.060
4 March 19981.051
5 March 19981.088
6 March 19981.047
9 March 19981.011
10 March 19981.012
11 March 19980.983
12 March 19980.937
13 March 19980.948
16 March 19980.928
17 March 19980.928
18 March 19980.937
19 March 19980.937
20 March 19980.931
23 March 19980.931
24 March 19980.942
25 March 19980.985
26 March 19981.012
27 March 19981.015
30 March 19981.039
31 March 19980.998
1 April 19980.962
2 April 19980.927
3 April 19980.881
6 April 19980.898
7 April 19980.915
8 April 19980.946
9 April 19980.940
10 April 1998ND
13 April 19980.972
14 April 19980.943
15 April 19980.933
16 April 19980.932
17 April 19980.940
20 April 19980.976
21 April 19981.001
22 April 19981.005
23 April 19981.009
24 April 19980.990
27 April 19981.079
28 April 19981.081
29 April 19981.090
30 April 19981.018
1 May 19980.997
4 May 19980.990
5 May 19981.008
6 May 19980.982
7 May 19980.988
8 May 19981.002
11 May 19981.048
12 May 19980.988
13 May 19980.961
14 May 19980.982
15 May 19980.983
18 May 19980.954
19 May 19980.967
20 May 19980.932
21 May 19980.953
22 May 19980.944
25 May 1998ND
26 May 19980.909
27 May 19980.908
28 May 19980.914
29 May 19980.937
1 June 19980.925
2 June 19980.938
3 June 19980.946
4 June 19980.950
5 June 19980.941
8 June 19980.936
9 June 19980.931
10 June 19980.881
11 June 19980.840
12 June 19980.827
15 June 19980.804
16 June 19980.846
17 June 19980.909
18 June 19980.881
19 June 19980.858
22 June 19980.864
23 June 19980.832
24 June 19980.863
25 June 19980.865
26 June 19980.850
29 June 19980.882
30 June 19980.856
1 July 19980.858
2 July 19980.836
3 July 1998ND
6 July 19980.823
7 July 19980.829
8 July 19980.837
9 July 19980.818
10 July 19980.824
13 July 19980.857
14 July 19980.872
15 July 19980.873
16 July 19980.883
17 July 19980.899
20 July 19980.865
21 July 19980.841
22 July 19980.849
23 July 19980.843
24 July 19980.851
27 July 19980.867
28 July 19980.896
29 July 19980.907
30 July 19980.888
31 July 19980.888
3 August 19980.848
4 August 19980.837
5 August 19980.841
6 August 19980.847
7 August 19980.816
10 August 19980.831
11 August 19980.809
12 August 19980.816
13 August 19980.831
14 August 19980.811
17 August 19980.801
18 August 19980.798
19 August 19980.806
20 August 19980.780
21 August 19980.738
24 August 19980.715
25 August 19980.677
26 August 19980.701
27 August 19980.634
28 August 19980.634
31 August 19980.604
1 September 19980.626
2 September 19980.644
3 September 19980.603
4 September 19980.585
7 September 1998ND
8 September 19980.605
9 September 19980.546
10 September 19980.451
11 September 19980.478
14 September 19980.478
15 September 19980.502
16 September 19980.483
17 September 19980.438
18 September 19980.393
21 September 19980.379
22 September 19980.417
23 September 19980.421
24 September 19980.424
25 September 19980.411
28 September 19980.408
29 September 19980.388
30 September 19980.304
1 October 19980.247
2 October 19980.240
5 October 19980.162
6 October 19980.227
7 October 19980.331
8 October 19980.545
9 October 19980.714
12 October 1998ND
13 October 19980.677
14 October 19980.552
15 October 19980.555
16 October 19980.516
19 October 19980.506
20 October 19980.558
21 October 19980.567
22 October 19980.577
23 October 19980.633
26 October 19980.589
27 October 19980.522
28 October 19980.465
29 October 19980.403
30 October 19980.455
2 November 19980.527
3 November 19980.515
4 November 19980.582
5 November 19980.570
6 November 19980.651
9 November 19980.599
10 November 19980.579
11 November 1998ND
12 November 19980.565
13 November 19980.595
16 November 19980.616
17 November 19980.645
18 November 19980.619
19 November 19980.646
20 November 19980.609
23 November 19980.622
24 November 19980.615
25 November 19980.610
26 November 1998ND
27 November 19980.592
30 November 19980.511
1 December 19980.478
2 December 19980.413
3 December 19980.413
4 December 19980.459
7 December 19980.515
8 December 19980.460
9 December 19980.424
10 December 19980.393
11 December 19980.450
14 December 19980.425
15 December 19980.465
16 December 19980.435
17 December 19980.443
18 December 19980.447
21 December 19980.494
22 December 19980.535
23 December 19980.609
24 December 19980.663
25 December 1998ND
28 December 19980.603
29 December 19980.556
30 December 19980.550
31 December 19980.566
1 January 1999ND
4 January 19990.550
5 January 19990.584
6 January 19990.558
7 January 19990.616
8 January 19990.679
11 January 19990.703
12 January 19990.666
13 January 19990.627
14 January 19990.591
15 January 19990.602
18 January 1999ND
19 January 19990.630
20 January 19990.652
21 January 19990.611
22 January 19990.562
25 January 19990.571
26 January 19990.580
27 January 19990.565
28 January 19990.545
29 January 19990.534
1 February 19990.606
2 February 19990.632
3 February 19990.673
4 February 19990.730
5 February 19990.756
8 February 19990.741
9 February 19990.719
10 February 19990.731
11 February 19990.747
12 February 19990.855
15 February 1999ND
16 February 19990.824
17 February 19990.784
18 February 19990.833
19 February 19990.844
22 February 19990.819
23 February 19990.861
24 February 19990.906
25 February 19990.995
26 February 19990.961
1 March 19991.018
2 March 19990.977
3 March 19991.017
4 March 19991.042
5 March 19991.004
8 March 19990.978
9 March 19990.930
10 March 19990.950
11 March 19990.950
12 March 19990.924
15 March 19990.905
16 March 19990.871
17 March 19990.896
18 March 19990.887
19 March 19990.933
22 March 19990.964
23 March 19990.985
24 March 19990.956
25 March 19990.986
26 March 19990.999
29 March 19991.040
30 March 19990.993
31 March 19991.015
1 April 19991.039
2 April 1999ND
5 April 19990.966
6 April 19990.907
7 April 19990.911
8 April 19990.833
9 April 19990.850
12 April 19990.832
13 April 19990.880
14 April 19990.896
15 April 19990.924
16 April 19990.946
19 April 19990.909
20 April 19990.896
21 April 19990.901
22 April 19990.966
23 April 19990.955
26 April 19990.936
27 April 19990.930
28 April 19990.938
29 April 19990.885
30 April 19990.994
3 May 19991.006
4 May 19991.038
5 May 19991.021
6 May 19991.096
7 May 19991.133
10 May 19991.116
11 May 19991.149
12 May 19991.132
13 May 19991.051
14 May 19991.178
17 May 19991.209
18 May 19991.221
19 May 19991.184
20 May 19991.200
21 May 19991.155
24 May 19991.138
25 May 19991.137
26 May 19991.178
27 May 19991.216
28 May 1999ND
31 May 1999ND
1 June 19991.316
2 June 19991.306
3 June 19991.299
4 June 19991.306
7 June 19991.297
8 June 19991.306
9 June 19991.325
10 June 19991.347
11 June 19991.424
14 June 19991.387
15 June 19991.382
16 June 19991.369
17 June 19991.270
18 June 19991.292
21 June 19991.329
22 June 19991.355
23 June 19991.402
24 June 19991.428
25 June 19991.404
28 June 19991.354
29 June 19991.321
30 June 19991.256
1 July 19991.283
2 July 19991.283
5 July 1999ND
6 July 19991.338
7 July 19991.393
8 July 19991.351
9 July 19991.355
12 July 1999ND
13 July 19991.269
14 July 19991.293
15 July 19991.286
16 July 19991.261
19 July 19991.250
20 July 19991.252
21 July 1999ND
22 July 19991.344
23 July 19991.379
26 July 19991.383
27 July 19991.347
28 July 19991.337
29 July 19991.393
30 July 19991.410
2 August 19991.399
3 August 19991.409
4 August 19991.408
5 August 19991.361
6 August 19991.457
9 August 19991.512
10 August 19991.536
11 August 19991.508
12 August 19991.527
13 August 19991.431
16 August 19991.414
17 August 19991.338
18 August 19991.338
19 August 19991.361
20 August 19991.350
23 August 19991.332
24 August 19991.299
25 August 19991.218
26 August 19991.227
27 August 19991.288
30 August 19991.357
31 August 19991.375
1 September 19991.380
2 September 19991.415
3 September 19991.333
6 September 1999ND
7 September 19991.377
8 September 19991.361
9 September 19991.397
10 September 19991.345
13 September 19991.359
14 September 19991.401
15 September 19991.388
16 September 19991.358
17 September 19991.329
20 September 19991.361
21 September 19991.380
22 September 19991.371
23 September 19991.318
24 September 19991.254
27 September 19991.305
28 September 19991.373
29 September 19991.433
30 September 19991.378
1 October 19991.446
4 October 19991.406
5 October 19991.455
6 October 19991.461
7 October 19991.465
8 October 19991.463
11 October 1999ND
12 October 19991.479
13 October 19991.515
14 October 19991.553
15 October 19991.500
18 October 19991.507
19 October 19991.534
20 October 19991.530
21 October 19991.547
22 October 19991.539
25 October 19991.539
26 October 19991.542
27 October 19991.497
28 October 19991.432
29 October 19991.347
1 November 19991.369
2 November 19991.340
3 November 19991.323
4 November 19991.282
5 November 19991.244
8 November 19991.249
9 November 19991.251
10 November 19991.263
11 November 1999ND
12 November 19991.215
15 November 19991.208
16 November 19991.217
17 November 19991.283
18 November 19991.310
19 November 19991.312
22 November 19991.327
23 November 19991.317
24 November 19991.304
25 November 1999ND
26 November 19991.321
29 November 19991.368
30 November 19991.345
1 December 19991.372
2 December 19991.388
3 December 19991.351
6 December 19991.324
7 December 19991.287
8 December 19991.312
9 December 19991.300
10 December 19991.233
13 December 19991.231
14 December 19991.304
15 December 19991.333
16 December 19991.370
17 December 19991.376
20 December 19991.415
21 December 19991.427
22 December 19991.440
23 December 19991.474
24 December 1999ND
27 December 19991.472
28 December 19991.503
29 December 19991.490
30 December 19991.488
31 December 19991.518
3 January 20001.566
4 January 20001.520
5 January 20001.605
6 January 20001.574
7 January 20001.547
10 January 20001.578
11 January 20001.641
12 January 20001.673
13 January 20001.603
14 January 20001.629
17 January 2000ND
18 January 20001.671
19 January 20001.636
20 January 20001.659
21 January 20001.652
24 January 20001.575
25 January 20001.596
26 January 20001.584
27 January 20001.571
28 January 20001.534
31 January 20001.546
1 February 20001.527
2 February 20001.520
3 February 20001.460
4 February 20001.479
7 February 20001.565
8 February 20001.505
9 February 20001.556
10 February 20001.623
11 February 20001.587
14 February 20001.517
15 February 20001.533
16 February 20001.549
17 February 20001.553
18 February 20001.484
21 February 2000ND
22 February 20001.402
23 February 20001.450
24 February 20001.410
25 February 20001.421
28 February 20001.427
29 February 20001.445
1 March 20001.422
2 March 20001.419
3 March 20001.413
6 March 20001.426
7 March 20001.421
8 March 20001.409
9 March 20001.386
10 March 20001.406
13 March 20001.385
14 March 20001.342
15 March 20001.311
16 March 20001.287
17 March 20001.237
20 March 20001.232
21 March 20001.197
22 March 20001.207
23 March 20001.168
24 March 20001.238
27 March 20001.237
28 March 20001.214
29 March 20001.212
30 March 20001.128
31 March 20001.100
3 April 20001.088
4 April 20001.025
5 April 20001.027
6 April 20001.042
7 April 20000.998
10 April 20000.978
11 April 20001.054
12 April 20001.130
13 April 20001.089
14 April 20001.049
17 April 20001.179
18 April 20001.193
19 April 20001.130
20 April 20001.118
21 April 2000ND
24 April 20001.128
25 April 20001.222
26 April 20001.222
27 April 20001.269
28 April 20001.248
1 May 20001.270
2 May 20001.294
3 May 20001.354
4 May 20001.382
5 May 20001.394
8 May 20001.424
9 May 20001.386
10 May 20001.323
11 May 20001.293
12 May 20001.357
15 May 20001.322
16 May 20001.296
17 May 20001.345
18 May 20001.425
19 May 20001.398
22 May 20001.344
23 May 20001.338
24 May 20001.366
25 May 20001.314
26 May 20001.255
29 May 2000ND
30 May 20001.290
31 May 20001.230
1 June 20001.183
2 June 20001.150
5 June 20001.126
6 June 20001.132
7 June 20001.112
8 June 20001.110
9 June 20001.113
12 June 20001.091
13 June 20001.100
14 June 20001.089
15 June 20001.081
16 June 20001.048
19 June 20001.059
20 June 20001.073
21 June 20001.133
22 June 20001.140
23 June 20001.180
26 June 20001.121
27 June 20001.106
28 June 20001.124
29 June 20001.071
30 June 20001.051
3 July 20001.033
4 July 2000ND
5 July 20001.017
6 July 20001.071
7 July 20001.016
10 July 20001.024
11 July 20001.036
12 July 20001.054
13 July 20000.996
14 July 20001.056
17 July 20001.103
18 July 20001.092
19 July 20001.095
20 July 20000.992
21 July 20000.983
24 July 20000.997
25 July 20000.993
26 July 20000.987
27 July 20000.961
28 July 20000.981
31 July 20000.970
1 August 20000.931
2 August 20000.916
3 August 20000.897
4 August 20000.885
7 August 20000.920
8 August 20000.885
9 August 20000.875
10 August 20000.843
11 August 20000.874
14 August 20000.860
15 August 20000.876
16 August 20000.894
17 August 20000.885
18 August 20000.858
21 August 20000.862
22 August 20000.862
23 August 20000.815
24 August 20000.807
25 August 20000.803
28 August 20000.824
29 August 20000.861
30 August 20000.858
31 August 20000.805
1 September 20000.775
4 September 2000ND
5 September 20000.783
6 September 20000.824
7 September 20000.851
8 September 20000.842
11 September 20000.870
12 September 20000.884
13 September 20000.854
14 September 20000.887
15 September 20000.901
18 September 20000.921
19 September 20000.901
20 September 20000.922
21 September 20000.908
22 September 20000.876
25 September 20000.866
26 September 20000.848
27 September 20000.850
28 September 20000.829
29 September 20000.826
2 October 20000.833
3 October 20000.852
4 October 20000.858
5 October 20000.839
6 October 20000.815
9 October 2000ND
10 October 20000.798
11 October 20000.778
12 October 20000.761
13 October 20000.766
16 October 20000.756
17 October 20000.718
18 October 20000.703
19 October 20000.690
20 October 20000.668
23 October 20000.625
24 October 20000.652
25 October 20000.683
26 October 20000.681
27 October 20000.691
30 October 20000.705
31 October 20000.744
1 November 20000.730
2 November 20000.723
3 November 20000.786
6 November 20000.804
7 November 20000.806
8 November 20000.800
9 November 20000.765
10 November 20000.769
13 November 20000.742
14 November 20000.719
15 November 20000.696
16 November 20000.679
17 November 20000.699
20 November 20000.686
21 November 20000.655
22 November 20000.617
23 November 2000ND
24 November 20000.618
27 November 20000.636
28 November 20000.604
29 November 20000.589
30 November 20000.545
1 December 20000.580
4 December 20000.603
5 December 20000.561
6 December 20000.498
7 December 20000.492
8 December 20000.523
11 December 20000.524
12 December 20000.516
13 December 20000.469
14 December 20000.426
15 December 20000.413
18 December 20000.405
19 December 20000.421
20 December 20000.398
21 December 20000.403
22 December 20000.407
25 December 2000ND
26 December 20000.420
27 December 20000.460
28 December 20000.467
29 December 20000.474
1 January 2001ND
2 January 20010.378
3 January 20010.585
4 January 20010.576
5 January 20010.557
8 January 20010.562
9 January 20010.568
10 January 20010.621
11 January 20010.652
12 January 20010.702
15 January 2001ND
16 January 20010.681
17 January 20010.634
18 January 20010.608
19 January 20010.678
22 January 20010.714
23 January 20010.751
24 January 20010.773
25 January 20010.749
26 January 20010.769
29 January 20010.799
30 January 20010.747
31 January 20010.746
1 February 20010.685
2 February 20010.709
5 February 20010.702
6 February 20010.727
7 February 20010.721
8 February 20010.726
9 February 20010.675
12 February 20010.703
13 February 20010.700
14 February 20010.729
15 February 20010.774
16 February 20010.747
19 February 2001ND
20 February 20010.743
21 February 20010.773
22 February 20010.798
23 February 20010.787
26 February 20010.769
27 February 20010.694
28 February 20010.669
1 March 20010.628
2 March 20010.700
5 March 20010.714
6 March 20010.733
7 March 20010.692
8 March 20010.681
9 March 20010.714
12 March 20010.704
13 March 20010.732
14 March 20010.688
15 March 20010.692
16 March 20010.667
19 March 20010.692
20 March 20010.682
21 March 20010.679
22 March 20010.652
23 March 20010.697
26 March 20010.752
27 March 20010.850
28 March 20010.862
29 March 20010.884
30 March 20010.852
2 April 20010.864
3 April 20010.857
4 April 20010.864
5 April 20010.886
6 April 20010.838
9 April 20010.865
10 April 20010.946
11 April 20010.964
12 April 20010.989
13 April 2001ND
16 April 20011.047
17 April 20011.023
18 April 20011.015
19 April 20011.127
20 April 20011.159
23 April 20011.116
24 April 20011.127
25 April 20011.152
26 April 20011.100
27 April 20011.188
30 April 20011.183
1 May 20011.160
2 May 20011.149
3 May 20011.097
4 May 20011.111
7 May 20011.128
8 May 20011.150
9 May 20011.124
10 May 20011.201
11 May 20011.323
14 May 20011.307
15 May 20011.356
16 May 20011.356
17 May 20011.330
18 May 20011.309
21 May 20011.303
22 May 20011.316
23 May 20011.329
24 May 20011.392
25 May 20011.401
28 May 2001ND
29 May 20011.417
30 May 20011.415
31 May 20011.355
1 June 20011.319
4 June 20011.303
5 June 20011.270
6 June 20011.264
7 June 20011.305
8 June 20011.320
11 June 20011.288
12 June 20011.257
13 June 20011.262
14 June 20011.241
15 June 20011.254
18 June 20011.261
19 June 20011.252
20 June 20011.245
21 June 20011.230
22 June 20011.192
25 June 20011.200
26 June 20011.248
27 June 20011.245
28 June 20011.299
29 June 20011.351
2 July 20011.304
3 July 20011.324
4 July 2001ND
5 July 20011.360
6 July 20011.346
9 July 20011.310
10 July 20011.283
11 July 20011.284
12 July 20011.256
13 July 20011.246
16 July 20011.209
17 July 20011.206
18 July 20011.156
19 July 20011.160
20 July 20011.174
23 July 20011.154
24 July 20011.139
25 July 20011.188
26 July 20011.183
27 July 20011.146
30 July 20011.130
31 July 20011.108
1 August 20011.135
2 August 20011.175
3 August 20011.197
6 August 20011.198
7 August 20011.199
8 August 20011.135
9 August 20011.173
10 August 20011.150
13 August 20011.139
14 August 20011.131
15 August 20011.141
16 August 20011.121
17 August 20011.061
20 August 20011.081
21 August 20011.074
22 August 20011.076
23 August 20011.067
24 August 20011.092
27 August 20011.099
28 August 20011.045
29 August 20011.003
30 August 20011.033
31 August 20011.047
3 September 2001ND
4 September 20011.128
5 September 20011.128
6 September 20011.074
7 September 20011.059
10 September 20011.096
11 September 2001ND
12 September 2001ND
13 September 20011.043
14 September 20011.046
17 September 20011.062
18 September 20011.161
19 September 20011.179
20 September 20011.221
21 September 20011.200
24 September 20011.213
25 September 20011.218
26 September 20011.173
27 September 20011.134
28 September 20011.144
1 October 20011.123
2 October 20011.128
3 October 20011.113
4 October 20011.127
5 October 20011.129
8 October 2001ND
9 October 20011.196
10 October 20011.172
11 October 20011.221
12 October 20011.233
15 October 20011.183
16 October 20011.159
17 October 20011.153
18 October 20011.170
19 October 20011.201
22 October 20011.204
23 October 20011.220
24 October 20011.193
25 October 20011.177
26 October 20011.162
29 October 20011.145
30 October 20011.120
31 October 20011.031
1 November 20010.986
2 November 20011.116
5 November 20011.072
6 November 20011.080
7 November 20011.020
8 November 20011.083
9 November 20011.109
12 November 2001ND
13 November 20011.154
14 November 20011.230
15 November 20011.385
16 November 20011.479
19 November 20011.432
20 November 20011.493
21 November 20011.566
22 November 2001ND
23 November 20011.605
26 November 20011.617
27 November 20011.623
28 November 20011.608
29 November 20011.513
30 November 20011.516
3 December 20011.482
4 December 20011.447
5 December 20011.583
6 December 20011.685
7 December 20011.836
10 December 20011.840
11 December 20011.817
12 December 20011.735
13 December 20011.792
14 December 20011.864
17 December 20011.880
18 December 20011.822
19 December 20011.749
20 December 20011.757
21 December 20011.781
24 December 20011.819
25 December 2001ND
26 December 20011.843
27 December 20011.791
28 December 20011.824
31 December 20011.762
1 January 2002ND
2 January 20021.844
3 January 20021.813
4 January 20021.841
7 January 20021.773
8 January 20021.774
9 January 20021.778
10 January 20021.687
11 January 20021.671
14 January 20021.665
15 January 20021.626
16 January 20021.621
17 January 20021.678
18 January 20021.643
21 January 2002ND
22 January 20021.652
23 January 20021.715
24 January 20021.702
25 January 20021.729
28 January 20021.737
29 January 20021.666
30 January 20021.657
31 January 20021.677
1 February 20021.652
4 February 20021.599
5 February 20021.580
6 February 20021.623
7 February 20021.643
8 February 20021.612
11 February 20021.617
12 February 20021.654
13 February 20021.682
14 February 20021.633
15 February 20021.587
18 February 2002ND
19 February 20021.599
20 February 20021.589
21 February 20021.582
22 February 20021.549
25 February 20021.554
26 February 20021.608
27 February 20021.552
28 February 20021.576
1 March 20021.643
4 March 20021.663
5 March 20021.665
6 March 20021.703
7 March 20021.811
8 March 20021.863
11 March 20021.870
12 March 20021.864
13 March 20021.846
14 March 20021.919
15 March 20021.873
18 March 20021.842
19 March 20021.864
20 March 20021.909
21 March 20021.903
22 March 20021.910
25 March 20021.901
26 March 20021.869
27 March 20021.879
28 March 20021.924
29 March 2002ND
1 April 20021.921
2 April 20021.873
3 April 20021.842
4 April 20021.817
5 April 20021.776
8 April 20021.807
9 April 20021.785
10 April 20021.805
11 April 20021.785
12 April 20021.755
15 April 20021.734
16 April 20021.762
17 April 20021.808
18 April 20021.804
19 April 20021.789
22 April 20021.777
23 April 20021.767
24 April 20021.723
25 April 20021.713
26 April 20021.690
29 April 20021.717
30 April 20021.707
1 May 20021.677
2 May 20021.708
3 May 20021.676
6 May 20021.695
7 May 20021.694
8 May 20021.770
9 May 20021.751
10 May 20021.715
13 May 20021.766
14 May 20021.810
15 May 20021.791
16 May 20021.751
17 May 20021.777
20 May 20021.733
21 May 20021.706
22 May 20021.677
23 May 20021.689
24 May 20021.682
27 May 2002ND
28 May 20021.671
29 May 20021.637
30 May 20021.605
31 May 20021.607
3 June 20021.595
4 June 20021.586
5 June 20021.609
6 June 20021.586
7 June 20021.632
10 June 20021.604
11 June 20021.576
12 June 20021.552
13 June 20021.526
14 June 20021.461
17 June 20021.492
18 June 20021.489
19 June 20021.424
20 June 20021.468
21 June 20021.431
24 June 20021.474
25 June 20021.492
26 June 20021.421
27 June 20021.484
28 June 20021.495
1 July 20021.483
2 July 20021.438
3 July 20021.441
4 July 2002ND
5 July 20021.508
8 July 20021.477
9 July 20021.429
10 July 20021.352
11 July 20021.342
12 July 20021.317
15 July 20021.346
16 July 20021.396
17 July 20021.361
18 July 20021.321
19 July 20021.282
22 July 20021.203
23 July 20021.178
24 July 20021.180
25 July 20021.141
26 July 20021.147
29 July 20021.251
30 July 20021.271
31 July 20021.189
1 August 20021.162
2 August 20021.066
5 August 20021.034
6 August 20021.113
7 August 20021.079
8 August 20021.109
9 August 20021.016
12 August 20020.978
13 August 20020.931
14 August 20020.901
15 August 20020.970
16 August 20021.079
19 August 20021.069
20 August 20020.990
21 August 20020.999
22 August 20021.044
23 August 20020.997
26 August 20020.969
27 August 20021.022
28 August 20020.977
29 August 20020.928
30 August 20020.908
2 September 2002ND
3 September 20020.791
4 September 20020.770
5 September 20020.742
6 September 20020.823
9 September 20020.817
10 September 20020.795
11 September 20020.842
12 September 20020.779
13 September 20020.733
16 September 20020.714
17 September 20020.685
18 September 20020.673
19 September 20020.645
20 September 20020.645
23 September 20020.561
24 September 20020.550
25 September 20020.622
26 September 20020.651
27 September 20020.603
30 September 20020.563
1 October 20020.620
2 October 20020.619
3 October 20020.615
4 October 20020.588
7 October 20020.551
8 October 20020.553
9 October 20020.529
10 October 20020.567
11 October 20020.675
14 October 2002ND
15 October 20020.823
16 October 20020.842
17 October 20020.912
18 October 20020.898
21 October 20020.955
22 October 20020.979
23 October 20020.971
24 October 20020.915
25 October 20020.887
28 October 20020.881
29 October 20020.791
30 October 20020.817
31 October 20020.783
1 November 20020.845
4 November 20020.894
5 November 20020.926
6 November 20020.935
7 November 20020.804
8 November 20020.788
11 November 2002ND
12 November 20020.791
13 November 20020.780
14 November 20020.911
15 November 20020.936
18 November 20020.915
19 November 20020.892
20 November 20020.981
21 November 20021.035
22 November 20021.060
25 November 20021.065
26 November 20020.990
27 November 20021.137
28 November 2002ND
29 November 20021.107
2 December 20021.120
3 December 20021.130
4 December 20021.087
5 December 20021.046
6 December 20021.020
9 December 20020.974
10 December 20020.962
11 December 20020.924
12 December 20020.927
13 December 20020.965
16 December 20021.010
17 December 20021.001
18 December 20020.952
19 December 20020.872
20 December 20020.869
23 December 20020.878
24 December 20020.864
25 December 2002ND
26 December 20020.844
27 December 20020.775
30 December 20020.749
31 December 20020.764
1 January 2003ND
2 January 20030.941
3 January 20030.931
6 January 20030.962
7 January 20030.942
8 January 20030.922
9 January 20031.064
10 January 20031.066
13 January 20031.038
14 January 20030.998
15 January 20030.993
16 January 20030.999
17 January 20030.957
20 January 2003ND
21 January 20030.922
22 January 20030.871
23 January 20030.891
24 January 20030.859
27 January 20030.895
28 January 20030.912
29 January 20030.958
30 January 20030.931
31 January 20030.917
3 February 20030.934
4 February 20030.902
5 February 20030.958
6 February 20030.921
7 February 20030.910
10 February 20030.932
11 February 20030.922
12 February 20030.873
13 February 20030.826
14 February 20030.869
17 February 2003ND
18 February 20030.854
19 February 20030.812
20 February 20030.777
21 February 20030.807
24 February 20030.777
25 February 20030.739
26 February 20030.713
27 February 20030.701
28 February 20030.662
3 March 20030.632
4 March 20030.613
5 March 20030.596
6 March 20030.627
7 March 20030.613
10 March 20030.589
11 March 20030.600
12 March 20030.602
13 March 20030.708
14 March 20030.698
17 March 20030.766
18 March 20030.829
19 March 20030.892
20 March 20030.917
21 March 20030.990
24 March 20030.908
25 March 20030.895
26 March 20030.889
27 March 20030.880
28 March 20030.859
31 March 20030.786
1 April 20030.796
2 April 20030.874
3 April 20030.872
4 April 20030.892
7 April 20030.931
8 April 20030.876
9 April 20030.856
10 April 20030.852
11 April 20030.880
14 April 20030.905
15 April 20030.864
16 April 20030.857
17 April 20030.873
18 April 2003ND
21 April 20030.895
22 April 20030.900
23 April 20030.907
24 April 20030.844
25 April 20030.829
28 April 20030.829
29 April 20030.855
30 April 20030.820
1 May 20030.806
2 May 20030.842
5 May 20030.822
6 May 20030.764
7 May 20030.649
8 May 20030.628
9 May 20030.619
12 May 20030.587
13 May 20030.572
14 May 20030.506
15 May 20030.510
16 May 20030.477
19 May 20030.462
20 May 20030.407
21 May 20030.405
22 May 20030.369
23 May 20030.366
26 May 2003ND
27 May 20030.418
28 May 20030.414
29 May 20030.348
30 May 20030.353
2 June 20030.407
3 June 20030.349
4 June 20030.314
5 June 20030.353
6 June 20030.386
9 June 20030.334
10 June 20030.272
11 June 20030.287
12 June 20030.273
13 June 20030.237
16 June 20030.284
17 June 20030.363
18 June 20030.449
19 June 20030.447
20 June 20030.474
23 June 20030.411
24 June 20030.385
25 June 20030.430
26 June 20030.538
27 June 20030.580
30 June 20030.549
1 July 20030.561
2 July 20030.560
3 July 20030.647
4 July 2003ND
7 July 20030.700
8 July 20030.710
9 July 20030.691
10 July 20030.673
11 July 20030.639
14 July 20030.685
15 July 20030.852
16 July 20030.887
17 July 20030.906
18 July 20030.926
21 July 20030.996
22 July 20031.062
23 July 20031.025
24 July 20031.081
25 July 20031.104
28 July 20031.174
29 July 20031.261
30 July 20031.229
31 July 20031.294
1 August 20031.292
4 August 20031.233
5 August 20031.292
6 August 20031.186
7 August 20031.136
8 August 20031.125
11 August 20031.191
12 August 20031.208
13 August 20031.355
14 August 20031.342
15 August 20031.339
18 August 20031.292
19 August 20031.222
20 August 20031.281
21 August 20031.349
22 August 20031.311
25 August 20031.346
26 August 20031.347
27 August 20031.367
28 August 20031.288
29 August 20031.312
1 September 2003ND
2 September 20031.435
3 September 20031.430
4 September 20031.353
5 September 20031.223
8 September 20031.246
9 September 20031.221
10 September 20031.137
11 September 20031.177
12 September 20031.127
15 September 20031.124
16 September 20031.131
17 September 20031.048
18 September 20031.049
19 September 20031.045
22 September 20031.114
23 September 20031.090
24 September 20031.034
25 September 20031.005
26 September 20030.929
29 September 20030.963
30 September 20030.871
1 October 20030.873
2 October 20030.939
3 October 20031.077
6 October 20031.053
7 October 20031.123
8 October 20031.119
9 October 20031.155
10 October 20031.126
13 October 2003ND
14 October 20031.196
15 October 20031.235
16 October 20031.265
17 October 20031.230
20 October 20031.222
21 October 20031.201
22 October 20031.131
23 October 20031.161
24 October 20031.084
27 October 20031.117
28 October 20031.069
29 October 20031.131
30 October 20031.182
31 October 20031.162
3 November 20031.216
4 November 20031.172
5 November 20031.202
6 November 20031.262
7 November 20031.281
10 November 20031.290
11 November 2003ND
12 November 20031.252
13 November 20031.152
14 November 20031.088
17 November 20031.056
18 November 20031.034
19 November 20031.082
20 November 20031.041
21 November 20031.036
24 November 20031.088
25 November 20031.073
26 November 20031.119
27 November 2003ND
28 November 20031.181
1 December 20031.246
2 December 20031.238
3 December 20031.254
4 December 20031.226
5 December 20031.118
8 December 20031.147
9 December 20031.171
10 December 20031.156
11 December 20031.129
12 December 20031.122
15 December 20031.140
16 December 20031.111
17 December 20031.078
18 December 20031.055
19 December 20031.060
22 December 20031.069
23 December 20031.136
24 December 20031.087
25 December 2003ND
26 December 20031.056
29 December 20031.110
30 December 20031.140
31 December 20031.124
1 January 2004ND
2 January 20041.203
5 January 20041.221
6 January 20041.142
7 January 20041.114
8 January 20041.112
9 January 20041.001
12 January 20040.988
13 January 20040.949
14 January 20040.915
15 January 20040.905
16 January 20040.952
19 January 2004ND
20 January 20040.979
21 January 20040.961
22 January 20040.918
23 January 20040.995
26 January 20041.042
27 January 20041.013
28 January 20041.076
29 January 20041.084
30 January 20041.048
2 February 20041.060
3 February 20041.031
4 February 20041.044
5 February 20041.066
6 February 20041.016
9 February 20040.994
10 February 20041.012
11 February 20040.958
12 February 20040.978
13 February 20040.950
16 February 2004ND
17 February 20040.945
18 February 20040.953
19 February 20040.950
20 February 20040.987
23 February 20040.952
24 February 20040.936
25 February 20040.924
26 February 20040.944
27 February 20040.927
1 March 20040.910
2 March 20040.948
3 March 20040.956
4 March 20040.930
5 March 20040.789
8 March 20040.736
9 March 20040.686
10 March 20040.687
11 March 20040.710
12 March 20040.715
15 March 20040.712
16 March 20040.655
17 March 20040.658
18 March 20040.705
19 March 20040.734
22 March 20040.685
23 March 20040.679
24 March 20040.682
25 March 20040.706
26 March 20040.779
29 March 20040.820
30 March 20040.821
31 March 20040.783
1 April 20040.820
2 April 20041.006
5 April 20041.080
6 April 20041.046
7 April 20041.046
8 April 20041.072
9 April 2004ND
12 April 20041.105
13 April 20041.180
14 April 20041.201
15 April 20041.228
16 April 20041.199
19 April 20041.215
20 April 20041.238
21 April 20041.249
22 April 20041.219
23 April 20041.270
26 April 20041.264
27 April 20041.252
28 April 20041.300
29 April 20041.345
30 April 20041.321
3 May 20041.318
4 May 20041.350
5 May 20041.383
6 May 20041.391
7 May 20041.495
10 May 20041.504
11 May 20041.492
12 May 20041.513
13 May 20041.537
14 May 20041.491
17 May 20041.422
18 May 20041.440
19 May 20041.474
20 May 20041.434
21 May 20041.455
24 May 20041.442
25 May 20041.428
26 May 20041.388
27 May 20041.338
28 May 20041.366
31 May 2004ND
1 June 20041.395
2 June 20041.412
3 June 20041.395
4 June 20041.432
7 June 20041.422
8 June 20041.409
9 June 20041.421
10 June 20041.395
11 June 2004ND
14 June 20041.423
15 June 20041.301
16 June 20041.333
17 June 20041.314
18 June 20041.321
21 June 20041.303
22 June 20041.313
23 June 20041.305
24 June 20041.264
25 June 20041.264
28 June 20041.316
29 June 20041.280
30 June 20041.234
1 July 20041.203
2 July 20041.131
5 July 2004ND
6 July 20041.134
7 July 20041.139
8 July 20041.131
9 July 20041.127
12 July 20041.108
13 July 20041.124
14 July 20041.125
15 July 20041.127
16 July 20041.047
19 July 20041.043
20 July 20041.103
21 July 20041.125
22 July 20041.116
23 July 20041.095
26 July 20041.113
27 July 20041.198
28 July 20041.190
29 July 20041.188
30 July 20041.112
2 August 20041.093
3 August 20041.069
4 August 20041.067
5 August 20041.045
6 August 20040.921
9 August 20040.941
10 August 20040.961
11 August 20040.959
12 August 20040.934
13 August 20040.902
16 August 20040.921
17 August 20040.885
18 August 20040.906
19 August 20040.894
20 August 20040.900
23 August 20040.925
24 August 20040.925
25 August 20040.907
26 August 20040.884
27 August 20040.883
30 August 20040.851
31 August 20040.796
1 September 20040.792
2 September 20040.842
3 September 20040.891
6 September 2004ND
7 September 20040.849
8 September 20040.800
9 September 20040.820
10 September 20040.802
13 September 20040.777
14 September 20040.768
15 September 20040.787
16 September 20040.723
17 September 20040.747
20 September 20040.700
21 September 20040.676
22 September 20040.640
23 September 20040.655
24 September 20040.653
27 September 20040.621
28 September 20040.639
29 September 20040.690
30 September 20040.720
1 October 20040.776
4 October 20040.756
5 October 20040.753
6 October 20040.787
7 October 20040.812
8 October 20040.733
11 October 2004ND
12 October 20040.710
13 October 20040.693
14 October 20040.648
15 October 20040.668
18 October 20040.663
19 October 20040.662
20 October 20040.614
21 October 20040.615
22 October 20040.602
25 October 20040.580
26 October 20040.590
27 October 20040.653
28 October 20040.645
29 October 20040.609
1 November 20040.640
2 November 20040.630
3 November 20040.625
4 November 20040.626
5 November 20040.679
8 November 20040.689
9 November 20040.686
10 November 20040.704
11 November 2004ND
12 November 20040.666
15 November 20040.653
16 November 20040.705
17 November 20040.659
18 November 20040.592
19 November 20040.655
22 November 20040.630
23 November 20040.640
24 November 20040.643
25 November 2004ND
26 November 20040.678
29 November 20040.745
30 November 20040.765
1 December 20040.782
2 December 20040.792
3 December 20040.697
6 December 20040.674
7 December 20040.662
8 December 20040.590
9 December 20040.605
10 December 20040.588
13 December 20040.573
14 December 20040.561
15 December 20040.524
16 December 20040.604
17 December 20040.614
20 December 20040.596
21 December 20040.575
22 December 20040.594
23 December 20040.602
24 December 2004ND
27 December 20040.649
28 December 20040.648
29 December 20040.668
30 December 20040.632
31 December 20040.609
3 January 20050.604
4 January 20050.643
5 January 20050.640
6 January 20050.642
7 January 20050.649
10 January 20050.642
11 January 20050.616
12 January 20050.613
13 January 20050.575
14 January 20050.589
17 January 2005ND
18 January 20050.575
19 January 20050.575
20 January 20050.558
21 January 20050.550
24 January 20050.517
25 January 20050.570
26 January 20050.563
27 January 20050.581
28 January 20050.530
31 January 20050.509
1 February 20050.517
2 February 20050.522
3 February 20050.540
4 February 20050.477
7 February 20050.454
8 February 20050.433
9 February 20050.397
10 February 20050.447
11 February 20050.459
14 February 20050.442
15 February 20050.459
16 February 20050.499
17 February 20050.521
18 February 20050.570
21 February 2005ND
22 February 20050.586
23 February 20050.567
24 February 20050.581
25 February 20050.562
28 February 20050.621
1 March 20050.638
2 March 20050.648
3 March 20050.652
4 March 20050.600
7 March 20050.589
8 March 20050.642
9 March 20050.751
10 March 20050.701
11 March 20050.764
14 March 20050.737
15 March 20050.755
16 March 20050.735
17 March 20050.698
18 March 20050.723
21 March 20050.733
22 March 20050.787
23 March 20050.782
24 March 20050.773
25 March 2005ND
28 March 20050.800
29 March 20050.769
30 March 20050.738
31 March 20050.690
1 April 20050.656
4 April 20050.674
5 April 20050.677
6 April 20050.653
7 April 20050.682
8 April 20050.680
11 April 20050.646
12 April 20050.588
13 April 20050.590
14 April 20050.575
15 April 20050.510
18 April 20050.494
19 April 20050.472
20 April 20050.475
21 April 20050.530
22 April 20050.491
25 April 20050.483
26 April 20050.496
27 April 20050.473
28 April 20050.427
29 April 20050.437
2 May 20050.432
3 May 20050.432
4 May 20050.428
5 May 20050.423
6 May 20050.472
9 May 20050.478
10 May 20050.444
11 May 20050.431
12 May 20050.417
13 May 20050.397
16 May 20050.396
17 May 20050.384
18 May 20050.355
19 May 20050.384
20 May 20050.396
23 May 20050.346
24 May 20050.320
25 May 20050.355
26 May 20050.357
27 May 20050.347
30 May 2005ND
31 May 20050.299
1 June 20050.230
2 June 20050.221
3 June 20050.285
6 June 20050.274
7 June 20050.241
8 June 20050.258
9 June 20050.277
10 June 20050.327
13 June 20050.356
14 June 20050.377
15 June 20050.372
16 June 20050.347
17 June 20050.349
20 June 20050.354
21 June 20050.303
22 June 20050.239
23 June 20050.240
24 June 20050.203
27 June 20050.183
28 June 20050.226
29 June 20050.240
30 June 20050.197
1 July 20050.265
4 July 2005ND
5 July 20050.311
6 July 20050.285
7 July 20050.275
8 July 20050.302
11 July 20050.298
12 July 20050.322
13 July 20050.339
14 July 20050.353
15 July 20050.344
18 July 20050.364
19 July 20050.340
20 July 20050.316
21 July 20050.388
22 July 20050.347
25 July 20050.347
26 July 20050.342
27 July 20050.358
28 July 20050.307
29 July 20050.365
1 August 20050.384
2 August 20050.392
3 August 20050.366
4 August 20050.382
5 August 20050.428
8 August 20050.441
9 August 20050.432
10 August 20050.423
11 August 20050.376
12 August 20050.320
15 August 20050.339
16 August 20050.308
17 August 20050.341
18 August 20050.293
19 August 20050.281
22 August 20050.284
23 August 20050.275
24 August 20050.271
25 August 20050.265
26 August 20050.274
29 August 20050.271
30 August 20050.251
31 August 20050.160
1 September 20050.179
2 September 20050.191
5 September 2005ND
6 September 20050.214
7 September 20050.246
8 September 20050.235
9 September 20050.219
12 September 20050.254
13 September 20050.226
14 September 20050.248
15 September 20050.285
16 September 20050.308
19 September 20050.301
20 September 20050.290
21 September 20050.256
22 September 20050.248
23 September 20050.293
26 September 20050.322
27 September 20050.325
28 September 20050.299
29 September 20050.323
30 September 20050.379
3 October 20050.361
4 October 20050.353
5 October 20050.344
6 October 20050.354
7 October 20050.337
10 October 2005ND
11 October 20050.348
12 October 20050.379
13 October 20050.402
14 October 20050.406
17 October 20050.407
18 October 20050.400
19 October 20050.381
20 October 20050.378
21 October 20050.322
24 October 20050.364
25 October 20050.421
26 October 20050.462
27 October 20050.444
28 October 20050.442
31 October 20050.427
1 November 20050.437
2 November 20050.463
3 November 20050.493
4 November 20050.508
7 November 20050.537
8 November 20050.475
9 November 20050.519
10 November 20050.464
11 November 2005ND
14 November 20050.497
15 November 20050.463
16 November 20050.409
17 November 20050.402
18 November 20050.370
21 November 20050.353
22 November 20050.337
23 November 20050.361
24 November 2005ND
25 November 20050.327
28 November 20050.304
29 November 20050.354
30 November 20050.367
1 December 20050.389
2 December 20050.389
5 December 20050.421
6 December 20050.364
7 December 20050.388
8 December 20050.353
9 December 20050.400
12 December 20050.406
13 December 20050.395
14 December 20050.334
15 December 20050.348
16 December 20050.328
19 December 20050.315
20 December 20050.328
21 December 20050.340
22 December 20050.303
23 December 20050.263
26 December 2005ND
27 December 20050.233
28 December 20050.263
29 December 20050.247
30 December 20050.257
2 January 2006ND
3 January 20060.244
4 January 20060.232
5 January 20060.236
6 January 20060.244
9 January 20060.244
10 January 20060.272
11 January 20060.286
12 January 20060.266
13 January 20060.217
16 January 2006ND
17 January 20060.195
18 January 20060.199
19 January 20060.223
20 January 20060.213
23 January 20060.207
24 January 20060.226
25 January 20060.281
26 January 20060.310
27 January 20060.301
30 January 20060.312
31 January 20060.304
1 February 20060.323
2 February 20060.325
3 February 20060.299
6 February 20060.297
7 February 20060.314
8 February 20060.331
9 February 20060.315
10 February 20060.344
13 February 20060.334
14 February 20060.353
15 February 20060.352
16 February 20060.346
17 February 20060.306
20 February 2006ND
21 February 20060.321
22 February 20060.296
23 February 20060.317
24 February 20060.331
27 February 20060.345
28 February 20060.310
1 March 20060.333
2 March 20060.376
3 March 20060.405
6 March 20060.441
7 March 20060.438
8 March 20060.434
9 March 20060.427
10 March 20060.438
13 March 20060.438
14 March 20060.389
15 March 20060.397
16 March 20060.344
17 March 20060.366
20 March 20060.350
21 March 20060.381
22 March 20060.378
23 March 20060.404
24 March 20060.362
27 March 20060.377
28 March 20060.434
29 March 20060.447
30 March 20060.479
31 March 20060.479
3 April 20060.486
4 April 20060.482
5 April 20060.463
6 April 20060.492
7 April 20060.535
10 April 20060.527
11 April 20060.499
12 April 20060.523
13 April 20060.567
14 April 2006ND
17 April 20060.543
18 April 20060.529
19 April 20060.562
20 April 20060.563
21 April 20060.534
24 April 20060.521
25 April 20060.572
26 April 20060.587
27 April 20060.579
28 April 20060.569
1 May 20060.601
2 May 20060.585
3 May 20060.611
4 May 20060.609
5 May 20060.581
8 May 20060.579
9 May 20060.585
10 May 20060.579
11 May 20060.605
12 May 20060.641
15 May 20060.616
16 May 20060.579
17 May 20060.623
18 May 20060.554
19 May 20060.533
22 May 20060.523
23 May 20060.539
24 May 20060.520
25 May 20060.552
26 May 20060.540
29 May 2006ND
30 May 20060.559
31 May 20060.570
1 June 20060.569
2 June 20060.493
5 June 20060.507
6 June 20060.486
7 June 20060.502
8 June 20060.478
9 June 20060.462
12 June 20060.462
13 June 20060.444
14 June 20060.497
15 June 20060.522
16 June 20060.538
19 June 20060.542
20 June 20060.546
21 June 20060.550
22 June 20060.577
23 June 20060.590
26 June 20060.599
27 June 20060.570
28 June 20060.589
29 June 20060.571
30 June 20060.523
3 July 20060.523
4 July 2006ND
5 July 20060.570
6 July 20060.552
7 July 20060.515
10 July 20060.507
11 July 20060.484
12 July 20060.493
13 July 20060.480
14 July 20060.472
17 July 20060.468
18 July 20060.503
19 July 20060.457
20 July 20060.438
21 July 20060.456
24 July 20060.452
25 July 20060.467
26 July 20060.455
27 July 20060.466
28 July 20060.431
31 July 20060.425
1 August 20060.418
2 August 20060.402
3 August 20060.393
4 August 20060.359
7 August 20060.365
8 August 20060.378
9 August 20060.388
10 August 20060.385
11 August 20060.409
14 August 20060.422
15 August 20060.385
16 August 20060.342
17 August 20060.337
18 August 20060.311
21 August 20060.304
22 August 20060.303
23 August 20060.304
24 August 20060.298
25 August 20060.292
28 August 20060.296
29 August 20060.302
30 August 20060.294
31 August 20060.283
1 September 20060.286
4 September 2006ND
5 September 20060.314
6 September 20060.332
7 September 20060.319
8 September 20060.310
11 September 20060.320
12 September 20060.302
13 September 20060.300
14 September 20060.315
15 September 20060.320
18 September 20060.328
19 September 20060.278
20 September 20060.275
21 September 20060.230
22 September 20060.202
25 September 20060.169
26 September 20060.186
27 September 20060.198
28 September 20060.214
29 September 20060.226
2 October 20060.219
3 October 20060.216
4 October 20060.188
5 October 20060.208
6 October 20060.267
9 October 2006ND
10 October 20060.290
11 October 20060.305
12 October 20060.299
13 October 20060.314
16 October 20060.299
17 October 20060.284
18 October 20060.277
19 October 20060.293
20 October 20060.295
23 October 20060.319
24 October 20060.314
25 October 20060.276
26 October 20060.239
27 October 20060.214
30 October 20060.219
31 October 20060.171
1 November 20060.150
2 November 20060.178
3 November 20060.235
6 November 20060.227
7 November 20060.197
8 November 20060.177
9 November 20060.173
10 November 20060.149
13 November 20060.155
14 November 20060.132
15 November 20060.156
16 November 20060.190
17 November 20060.159
20 November 20060.151
21 November 20060.135
22 November 20060.124
23 November 2006ND
24 November 20060.117
27 November 20060.108
28 November 20060.096
29 November 20060.101
30 November 20060.066
1 December 20060.074
4 December 20060.079
5 December 20060.087
6 December 20060.108
7 December 20060.116
8 December 20060.151
11 December 20060.123
12 December 20060.103
13 December 20060.159
14 December 20060.166
15 December 20060.169
18 December 20060.161
19 December 20060.165
20 December 20060.166
21 December 20060.141
22 December 20060.189
25 December 2006ND
26 December 20060.177
27 December 20060.206
28 December 20060.242
29 December 20060.255
1 January 2007ND
2 January 20070.239
3 January 20070.226
4 January 20070.206
5 January 20070.217
8 January 20070.218
9 January 20070.208
10 January 20070.227
11 January 20070.259
12 January 20070.286
15 January 2007ND
16 January 20070.272
17 January 20070.295
18 January 20070.272
19 January 20070.288
22 January 20070.273
23 January 20070.308
24 January 20070.314
25 January 20070.352
26 January 20070.363
29 January 20070.374
30 January 20070.364
31 January 20070.331
1 February 20070.336
2 February 20070.331
5 February 20070.318
6 February 20070.279
7 February 20070.265
8 February 20070.257
9 February 20070.296
12 February 20070.308
13 February 20070.315
14 February 20070.254
15 February 20070.238
16 February 20070.225
19 February 2007ND
20 February 20070.218
21 February 20070.223
22 February 20070.247
23 February 20070.210
26 February 20070.173
27 February 20070.102
28 February 20070.137
1 March 20070.142
2 March 20070.127
5 March 20070.131
6 March 20070.131
7 March 20070.111
8 March 20070.114
9 March 20070.146
12 March 20070.122
13 March 20070.103
14 March 20070.114
15 March 20070.111
16 March 20070.113
19 March 20070.127
20 March 20070.115
21 March 20070.118
22 March 20070.153
23 March 20070.170
26 March 20070.161
27 March 20070.179
28 March 20070.187
29 March 20070.197
30 March 20070.209
2 April 20070.208
3 April 20070.216
4 April 20070.214
5 April 20070.234
6 April 20070.271
9 April 20070.266
10 April 20070.258
11 April 20070.265
12 April 20070.266
13 April 20070.278
16 April 20070.262
17 April 20070.239
18 April 20070.219
19 April 20070.233
20 April 20070.233
23 April 20070.215
24 April 20070.201
25 April 20070.215
26 April 20070.242
27 April 20070.248
30 April 20070.205
1 May 20070.199
2 May 20070.209
3 May 20070.224
4 May 20070.202
7 May 20070.199
8 May 20070.197
9 May 20070.228
10 May 20070.226
11 May 20070.254
14 May 20070.272
15 May 20070.295
16 May 20070.300
17 May 20070.331
18 May 20070.356
21 May 20070.335
22 May 20070.362
23 May 20070.389
24 May 20070.389
25 May 20070.398
28 May 2007ND
29 May 20070.409
30 May 20070.412
31 May 20070.432
1 June 20070.473
4 June 20070.456
5 June 20070.495
6 June 20070.502
7 June 20070.602
8 June 20070.617
11 June 20070.632
12 June 20070.725
13 June 20070.686
14 June 20070.704
15 June 20070.668
18 June 20070.647
19 June 20070.603
20 June 20070.624
21 June 20070.645
22 June 20070.628
25 June 20070.579
26 June 20070.590
27 June 20070.578
28 June 20070.600
29 June 20070.540
2 July 20070.503
3 July 20070.538
4 July 2007ND
5 July 20070.603
6 July 20070.644
9 July 20070.615
10 July 20070.533
11 July 20070.564
12 July 20070.585
13 July 20070.575
16 July 20070.532
17 July 20070.556
18 July 20070.512
19 July 20070.527
20 July 20070.477
23 July 20070.463
24 July 20070.447
25 July 20070.425
26 July 20070.362
27 July 20070.366
30 July 20070.372
31 July 20070.349
1 August 20070.344
2 August 20070.343
3 August 20070.324
6 August 20070.329
7 August 20070.346
8 August 20070.413
9 August 20070.416
10 August 20070.439
13 August 20070.426
14 August 20070.421
15 August 20070.438
16 August 20070.434
17 August 20070.495
20 August 20070.492
21 August 20070.478
22 August 20070.494
23 August 20070.467
24 August 20070.419
27 August 20070.353
28 August 20070.325
29 August 20070.368
30 August 20070.346
31 August 20070.345
3 September 2007ND
4 September 20070.336
5 September 20070.285
6 September 20070.300
7 September 20070.236
10 September 20070.215
11 September 20070.235
12 September 20070.277
13 September 20070.318
14 September 20070.313
17 September 20070.315
18 September 20070.364
19 September 20070.395
20 September 20070.505
21 September 20070.483
24 September 20070.482
25 September 20070.482
26 September 20070.489
27 September 20070.449
28 September 20070.449
1 October 20070.415
2 October 20070.398
3 October 20070.402
4 October 20070.387
5 October 20070.469
8 October 2007ND
9 October 20070.468
10 October 20070.457
11 October 20070.458
12 October 20070.462
15 October 20070.445
16 October 20070.448
17 October 20070.407
18 October 20070.383
19 October 20070.318
22 October 20070.319
23 October 20070.322
24 October 20070.297
25 October 20070.306
26 October 20070.337
29 October 20070.313
30 October 20070.317
31 October 20070.370
1 November 20070.320
2 November 20070.318
5 November 20070.326
6 November 20070.356
7 November 20070.363
8 November 20070.354
9 November 20070.320
12 November 2007ND
13 November 20070.319
14 November 20070.337
15 November 20070.300
16 November 20070.300
19 November 20070.261
20 November 20070.268
21 November 20070.278
22 November 2007ND
23 November 20070.263
26 November 20070.147
27 November 20070.214
28 November 20070.261
29 November 20070.221
30 November 20070.242
3 December 20070.206
4 December 20070.206
5 December 20070.225
6 December 20070.267
7 December 20070.342
10 December 20070.356
11 December 20070.275
12 December 20070.309
13 December 20070.378
14 December 20070.401
17 December 20070.357
18 December 20070.312
19 December 20070.265
20 December 20070.268
21 December 20070.345
24 December 20070.360
25 December 2007ND
26 December 20070.392
27 December 20070.348
28 December 20070.286
31 December 20070.237
1 January 2008ND
2 January 20080.180
3 January 20080.186
4 January 20080.157
7 January 20080.116
8 January 20080.118
9 January 20080.098
10 January 20080.176
11 January 20080.138
14 January 20080.142
15 January 20080.082
16 January 20080.106
17 January 20080.067
18 January 20080.112
21 January 2008ND
22 January 20080.101
23 January 20080.119
24 January 20080.227
25 January 20080.196
28 January 20080.213
29 January 20080.274
30 January 20080.352
31 January 20080.302
1 February 20080.275
4 February 20080.311
5 February 20080.281
6 February 20080.293
7 February 20080.390
8 February 20080.323
11 February 20080.296
12 February 20080.331
13 February 20080.367
14 February 20080.480
15 February 20080.424
18 February 2008ND
19 February 20080.493
20 February 20080.513
21 February 20080.422
22 February 20080.425
25 February 20080.508
26 February 20080.500
27 February 20080.499
28 February 20080.409
29 February 20080.315
3 March 20080.335
4 March 20080.404
5 March 20080.462
6 March 20080.433
7 March 20080.388
10 March 20080.325
11 March 20080.403
12 March 20080.337
13 March 20080.397
14 March 20080.322
17 March 20080.261
18 March 20080.329
19 March 20080.298
20 March 20080.262
21 March 20080.289
24 March 20080.372
25 March 20080.347
26 March 20080.356
27 March 20080.388
28 March 20080.333
31 March 20080.314
1 April 20080.395
2 April 20080.419
3 April 20080.424
4 April 20080.354
7 April 20080.398
8 April 20080.424
9 April 20080.371
10 April 20080.425
11 April 20080.396
14 April 20080.429
15 April 20080.469
16 April 20080.546
17 April 20080.541
18 April 20080.546
21 April 20080.552
22 April 20080.560
23 April 20080.588
24 April 20080.660
25 April 20080.690
28 April 20080.645
29 April 20080.630
30 April 20080.597
1 May 20080.591
2 May 20080.672
5 May 20080.652
6 May 20080.682
7 May 20080.643
8 May 20080.584
9 May 20080.560
12 May 20080.546
13 May 20080.622
14 May 20080.649
15 May 20080.579
16 May 20080.595
19 May 20080.577
20 May 20080.545
21 May 20080.568
22 May 20080.652
23 May 20080.602
26 May 2008ND
27 May 20080.667
28 May 20080.737
29 May 20080.791
30 May 20080.763
2 June 20080.690
3 June 20080.632
4 June 20080.673
5 June 20080.728
6 June 20080.642
9 June 20080.680
10 June 20080.737
11 June 20080.738
12 June 20080.812
13 June 20080.846
16 June 20080.827
17 June 20080.817
18 June 20080.763
19 June 20080.814
20 June 20080.774
23 June 20080.784
24 June 20080.721
25 June 20080.749
26 June 20080.706
27 June 20080.649
30 June 20080.639
1 July 20080.640
2 July 20080.630
3 July 20080.634
4 July 2008ND
7 July 20080.601
8 July 20080.562
9 July 20080.522
10 July 20080.522
11 July 20080.625
14 July 20080.603
15 July 20080.588
16 July 20080.674
17 July 20080.750
18 July 20080.789
21 July 20080.769
22 July 20080.810
23 July 20080.835
24 July 20080.748
25 July 20080.803
28 July 20080.741
29 July 20080.757
30 July 20080.743
31 July 20080.671
1 August 20080.654
4 August 20080.645
5 August 20080.679
6 August 20080.704
7 August 20080.612
8 August 20080.613
11 August 20080.636
12 August 20080.571
13 August 20080.597
14 August 20080.557
15 August 20080.522
18 August 20080.502
19 August 20080.523
20 August 20080.498
21 August 20080.530
22 August 20080.550
25 August 20080.486
26 August 20080.486
27 August 20080.472
28 August 20080.477
29 August 20080.514
1 September 2008ND
2 September 20080.455
3 September 20080.421
4 September 20080.376
5 September 20080.394
8 September 20080.399
9 September 20080.381
10 September 20080.414
11 September 20080.406
12 September 20080.502
15 September 20080.393
16 September 20080.407
17 September 20080.465
18 September 20080.573
19 September 20080.648
22 September 20080.660
23 September 20080.668
24 September 20080.671
25 September 20080.710
26 September 20080.688
29 September 20080.560
30 September 20080.707
1 October 20080.699
2 October 20080.666
3 October 20080.658
6 October 20080.565
7 October 20080.569
8 October 20080.789
9 October 20080.914
10 October 20080.973
13 October 2008ND
14 October 20081.111
15 October 20081.131
16 October 20081.051
17 October 20081.007
20 October 20080.854
21 October 20080.739
22 October 20080.674
23 October 20080.707
24 October 20080.801
27 October 20080.853
28 October 20080.981
29 October 20081.055
30 October 20081.127
31 October 20081.137
3 November 20081.111
4 November 20080.971
5 November 20080.921
6 November 20080.951
7 November 20081.023
10 November 20081.019
11 November 2008ND
12 November 20080.926
13 November 20080.962
14 November 20080.859
17 November 20080.814
18 November 20080.720
19 November 20080.644
20 November 20080.506
21 November 20080.588
24 November 20080.713
25 November 20080.545
26 November 20080.479
27 November 2008ND
28 November 20080.462
1 December 20080.287
2 December 20080.258
3 December 20080.261
4 December 20080.201
5 December 20080.342
8 December 20080.407
9 December 20080.332
10 December 20080.346
11 December 20080.297
12 December 20080.279
15 December 20080.231
16 December 20080.112
17 December 2008-0.007
18 December 2008-0.097
19 December 2008-0.038
22 December 2008-0.036
23 December 2008-0.020
24 December 20080.005
25 December 2008ND
26 December 2008-0.035
29 December 2008-0.046
30 December 2008-0.048
31 December 20080.060
1 January 2009ND
2 January 20090.207
5 January 20090.210
6 January 20090.201
7 January 20090.198
8 January 20090.151
9 January 20090.116
12 January 20090.053
13 January 20090.037
14 January 2009-0.030
15 January 2009-0.031
16 January 20090.087
19 January 2009ND
20 January 20090.123
21 January 20090.259
22 January 20090.309
23 January 20090.319
26 January 20090.359
27 January 20090.273
28 January 20090.358
29 January 20090.468
30 January 20090.460
2 February 20090.366
3 February 20090.460
4 February 20090.497
5 February 20090.487
6 February 20090.553
9 February 20090.553
10 February 20090.413
11 February 20090.341
12 February 20090.312
13 February 20090.418
16 February 2009ND
17 February 20090.215
18 February 20090.296
19 February 20090.391
20 February 20090.338
23 February 20090.349
24 February 20090.372
25 February 20090.480
26 February 20090.510
27 February 20090.533
2 March 20090.434
3 March 20090.453
4 March 20090.528
5 March 20090.399
6 March 20090.404
9 March 20090.431
10 March 20090.511
11 March 20090.461
12 March 20090.409
13 March 20090.396
16 March 20090.449
17 March 20090.500
18 March 20090.101
19 March 20090.132
20 March 20090.146
23 March 20090.153
24 March 20090.160
25 March 20090.261
26 March 20090.231
27 March 20090.240
30 March 20090.189
31 March 20090.167
1 April 20090.135
2 April 20090.205
3 April 20090.315
6 April 20090.357
7 April 20090.353
8 April 20090.308
9 April 20090.366
10 April 2009ND
13 April 20090.311
14 April 20090.247
15 April 20090.245
16 April 20090.308
17 April 20090.399
20 April 20090.325
21 April 20090.374
22 April 20090.418
23 April 20090.406
24 April 20090.459
27 April 20090.396
28 April 20090.466
29 April 20090.526
30 April 20090.547
1 May 20090.575
4 May 20090.544
5 May 20090.550
6 May 20090.556
7 May 20090.646
8 May 20090.643
11 May 20090.559
12 May 20090.549
13 May 20090.505
14 May 20090.508
15 May 20090.534
18 May 20090.591
19 May 20090.622
20 May 20090.579
21 May 20090.691
22 May 20090.763
25 May 2009ND
26 May 20090.811
27 May 20090.975
28 May 20090.959
29 May 20090.821
1 June 20091.020
2 June 20090.989
3 June 20090.927
4 June 20091.065
5 June 20091.130
8 June 20091.185
9 June 20091.167
10 June 20091.229
11 June 20091.167
12 June 20091.127
15 June 20091.075
16 June 20091.023
17 June 20091.035
18 June 20091.173
19 June 20091.130
22 June 20091.072
23 June 20091.039
24 June 20091.074
25 June 20090.946
26 June 20090.913
29 June 20090.900
30 June 20090.913
1 July 20090.939
2 July 20090.887
3 July 2009ND
6 July 20090.895
7 July 20090.848
8 July 20090.719
9 July 20090.816
10 July 20090.717
13 July 20090.764
14 July 20090.860
15 July 20090.959
16 July 20090.925
17 July 20090.991
20 July 20090.935
21 July 20090.847
22 July 20090.907
23 July 20091.024
24 July 20091.015
27 July 20091.057
28 July 20091.035
29 July 20091.030
30 July 20091.011
31 July 20090.901
3 August 20091.011
4 August 20091.029
5 August 20091.094
6 August 20091.094
7 August 20091.163
10 August 20091.096
11 August 20091.037
12 August 20091.067
13 August 20090.969
14 August 20090.937
17 August 20090.872
18 August 20090.896
19 August 20090.860
20 August 20090.844
21 August 20090.951
24 August 20090.906
25 August 20090.875
26 August 20090.871
27 August 20090.890
28 August 20090.876
31 August 20090.830
1 September 20090.813
2 September 20090.747
3 September 20090.772
4 September 20090.852
7 September 2009ND
8 September 20090.861
9 September 20090.867
10 September 20090.769
11 September 20090.760
14 September 20090.826
15 September 20090.865
16 September 20090.878
17 September 20090.835
18 September 20090.897
21 September 20090.891
22 September 20090.872
23 September 20090.860
24 September 20090.825
25 September 20090.777
28 September 20090.753
29 September 20090.753
30 September 20090.756
1 October 20090.679
2 October 20090.696
5 October 20090.689
6 October 20090.709
7 October 20090.644
8 October 20090.697
9 October 20090.799
12 October 2009ND
13 October 20090.758
14 October 20090.833
15 October 20090.859
16 October 20090.802
19 October 20090.788
20 October 20090.751
21 October 20090.804
22 October 20090.825
23 October 20090.869
26 October 20090.927
27 October 20090.846
28 October 20090.821
29 October 20090.882
30 October 20090.792
2 November 20090.799
3 November 20090.840
4 November 20090.889
5 November 20090.874
6 November 20090.844
9 November 20090.827
10 November 20090.831
11 November 2009ND
12 November 20090.805
13 November 20090.793
16 November 20090.712
17 November 20090.712
18 November 20090.742
19 November 20090.735
20 November 20090.746
23 November 20090.738
24 November 20090.692
25 November 20090.642
26 November 2009ND
27 November 20090.594
30 November 20090.582
1 December 20090.627
2 December 20090.654
3 December 20090.708
4 December 20090.768
7 December 20090.747
8 December 20090.706
9 December 20090.729
10 December 20090.771
11 December 20090.817
14 December 20090.824
15 December 20090.860
16 December 20090.869
17 December 20090.792
18 December 20090.832
21 December 20090.935
22 December 20090.981
23 December 20090.992
24 December 20091.032
25 December 2009ND
28 December 20091.045
29 December 20091.025
30 December 20091.019
31 December 20091.053
1 January 2010ND
4 January 20101.057
5 January 20101.003
6 January 20101.059
7 January 20101.056
8 January 20101.049
11 January 20101.064
12 January 20100.979
13 January 20101.024
14 January 20100.991
15 January 20100.955
18 January 2010ND
19 January 20100.978
20 January 20100.937
21 January 20100.895
22 January 20100.897
25 January 20100.923
26 January 20100.908
27 January 20100.916
28 January 20100.928
29 January 20100.890
1 February 20100.915
2 February 20100.897
3 February 20100.933
4 February 20100.859
5 February 20100.826
8 February 20100.843
9 February 20100.873
10 February 20100.914
11 February 20100.928
12 February 20100.903
15 February 2010ND
16 February 20100.884
17 February 20100.943
18 February 20100.992
19 February 20100.983
22 February 20100.999
23 February 20100.910
24 February 20100.919
25 February 20100.875
26 February 20100.852
1 March 20100.844
2 March 20100.844
3 March 20100.843
4 March 20100.817
5 March 20100.873
8 March 20100.896
9 March 20100.885
10 March 20100.902
11 March 20100.907
12 March 20100.892
15 March 20100.895
16 March 20100.858
17 March 20100.852
18 March 20100.876
19 March 20100.897
22 March 20100.867
23 March 20100.873
24 March 20100.998
25 March 20101.057
26 March 20101.024
29 March 20101.037
30 March 20101.034
31 March 20101.012
1 April 20101.036
2 April 20101.088
5 April 20101.123
6 April 20101.101
7 April 20101.037
8 April 20101.065
9 April 20101.056
12 April 20101.019
13 April 20100.988
14 April 20101.024
15 April 20101.007
16 April 20100.955
19 April 20100.987
20 April 20100.985
21 April 20100.941
22 April 20100.979
23 April 20101.002
26 April 20100.992
27 April 20100.892
28 April 20100.965
29 April 20100.930
30 April 20100.885
3 May 20100.904
4 May 20100.838
5 May 20100.808
6 May 20100.702
7 May 20100.712
10 May 20100.796
11 May 20100.793
12 May 20100.815
13 May 20100.797
14 May 20100.713
17 May 20100.738
18 May 20100.670
19 May 20100.660
20 May 20100.579
21 May 20100.544
24 May 20100.571
25 May 20100.519
26 May 20100.548
27 May 20100.657
28 May 20100.640
31 May 2010ND
1 June 20100.618
2 June 20100.662
3 June 20100.690
4 June 20100.549
7 June 20100.513
8 June 20100.525
9 June 20100.541
10 June 20100.650
11 June 20100.580
14 June 20100.616
15 June 20100.644
16 June 20100.607
17 June 20100.559
18 June 20100.582
21 June 20100.598
22 June 20100.529
23 June 20100.484
24 June 20100.490
25 June 20100.471
28 June 20100.398
29 June 20100.348
30 June 20100.340
1 July 20100.338
2 July 20100.372
5 July 2010ND
6 July 20100.328
7 July 20100.364
8 July 20100.390
9 July 20100.421
12 July 20100.409
13 July 20100.457
14 July 20100.407
15 July 20100.341
16 July 20100.293
19 July 20100.314
20 July 20100.305
21 July 20100.251
22 July 20100.290
23 July 20100.341
26 July 20100.345
27 July 20100.377
28 July 20100.327
29 July 20100.307
30 July 20100.233
2 August 20100.270
3 August 20100.203
4 August 20100.245
5 August 20100.215
6 August 20100.152
9 August 20100.149
10 August 20100.089
11 August 20100.041
12 August 20100.060
13 August 20100.030
16 August 2010-0.038
17 August 20100.012
18 August 20100.021
19 August 2010-0.018
20 August 20100.030
23 August 20100.005
24 August 2010-0.072
25 August 2010-0.034
26 August 2010-0.068
27 August 20100.052
30 August 2010-0.034
31 August 2010-0.088
1 September 2010-0.013
2 September 20100.024
3 September 20100.096
6 September 2010ND
7 September 20100.017
8 September 20100.056
9 September 20100.140
10 September 20100.175
13 September 20100.108
14 September 20100.054
15 September 20100.094
16 September 20100.127
17 September 20100.107
20 September 20100.073
21 September 2010-0.014
22 September 2010-0.050
23 September 2010-0.042
24 September 20100.001
27 September 2010-0.076
28 September 2010-0.130
29 September 2010-0.099
30 September 2010-0.089
1 October 2010-0.089
4 October 2010-0.123
5 October 2010-0.139
6 October 2010-0.196
7 October 2010-0.197
8 October 2010-0.207
11 October 2010ND
12 October 2010-0.192
13 October 2010-0.191
14 October 2010-0.145
15 October 2010-0.092
18 October 2010-0.164
19 October 2010-0.186
20 October 2010-0.180
21 October 2010-0.126
22 October 2010-0.108
25 October 2010-0.102
26 October 2010-0.033
27 October 20100.035
28 October 2010-0.034
29 October 2010-0.086
1 November 2010-0.073
2 November 2010-0.105
3 November 2010-0.116
4 November 2010-0.238
5 November 2010-0.204
8 November 2010-0.198
9 November 2010-0.095
10 November 2010-0.140
11 November 2010ND
12 November 2010-0.047
15 November 20100.099
16 November 20100.068
17 November 20100.102
18 November 20100.129
19 November 20100.122
22 November 20100.054
23 November 20100.031
24 November 20100.157
25 November 2010ND
26 November 20100.120
29 November 20100.097
30 November 20100.084
1 December 20100.219
2 December 20100.256
3 December 20100.271
6 December 20100.199
7 December 20100.382
8 December 20100.470
9 December 20100.480
10 December 20100.560
13 December 20100.516
14 December 20100.678
15 December 20100.706
16 December 20100.648
17 December 20100.555
20 December 20100.566
21 December 20100.556
22 December 20100.573
23 December 20100.621
24 December 2010ND
27 December 20100.578
28 December 20100.682
29 December 20100.576
30 December 20100.600
31 December 20100.553
3 January 20110.582
4 January 20110.572
5 January 20110.675
6 January 20110.625
7 January 20110.547
10 January 20110.520
11 January 20110.562
12 January 20110.561
13 January 20110.512
14 January 20110.529
17 January 2011ND
18 January 20110.557
19 January 20110.546
20 January 20110.632
21 January 20110.608
24 January 20110.594
25 January 20110.535
26 January 20110.603
27 January 20110.583
28 January 20110.532
31 January 20110.571
1 February 20110.620
2 February 20110.657
3 February 20110.714
4 February 20110.798
7 February 20110.806
8 February 20110.869
9 February 20110.825
10 February 20110.864
11 February 20110.823
14 February 20110.809
15 February 20110.803
16 February 20110.809
17 February 20110.782
18 February 20110.790
21 February 2011ND
22 February 20110.677
23 February 20110.706
24 February 20110.686
25 February 20110.658
28 February 20110.651
1 March 20110.647
2 March 20110.685
3 March 20110.774
4 March 20110.708
7 March 20110.719
8 March 20110.748
9 March 20110.687
10 March 20110.604
11 March 20110.626
14 March 20110.583
15 March 20110.556
16 March 20110.461
17 March 20110.482
18 March 20110.526
21 March 20110.571
22 March 20110.581
23 March 20110.599
24 March 20110.657
25 March 20110.684
28 March 20110.698
29 March 20110.718
30 March 20110.692
31 March 20110.716
1 April 20110.710
4 April 20110.697
5 April 20110.740
6 April 20110.785
7 April 20110.799
8 April 20110.810
11 April 20110.803
12 April 20110.746
13 April 20110.723
14 April 20110.731
15 April 20110.680
18 April 20110.650
19 April 20110.643
20 April 20110.686
21 April 20110.674
22 April 2011ND
25 April 20110.642
26 April 20110.604
27 April 20110.630
28 April 20110.590
29 April 20110.565
2 May 20110.561
3 May 20110.542
4 May 20110.526
5 May 20110.465
6 May 20110.468
9 May 20110.449
10 May 20110.493
11 May 20110.468
12 May 20110.489
13 May 20110.455
16 May 20110.432
17 May 20110.406
18 May 20110.448
19 May 20110.444
20 May 20110.424
23 May 20110.395
24 May 20110.389
25 May 20110.393
26 May 20110.336
27 May 20110.336
30 May 2011ND
31 May 20110.313
1 June 20110.230
2 June 20110.277
3 June 20110.239
6 June 20110.240
7 June 20110.251
8 June 20110.199
9 June 20110.248
10 June 20110.229
13 June 20110.245
14 June 20110.334
15 June 20110.218
16 June 20110.176
17 June 20110.193
20 June 20110.210
21 June 20110.234
22 June 20110.246
23 June 20110.175
24 June 20110.122
27 June 20110.162
28 June 20110.263
29 June 20110.351
30 June 20110.407
1 July 20110.445
4 July 2011ND
5 July 20110.385
6 July 20110.349
7 July 20110.396
8 July 20110.277
11 July 20110.204
12 July 20110.185
13 July 20110.164
14 July 20110.213
15 July 20110.175
18 July 20110.165
19 July 20110.140
20 July 20110.183
21 July 20110.247
22 July 20110.208
25 July 20110.227
26 July 20110.189
27 July 20110.198
28 July 20110.176
29 July 20110.032
1 August 2011-0.002
2 August 2011-0.071
3 August 2011-0.074
4 August 2011-0.142
5 August 2011-0.083
8 August 2011-0.206
9 August 2011-0.386
10 August 2011-0.392
11 August 2011-0.261
12 August 2011-0.342
15 August 2011-0.309
16 August 2011-0.354
17 August 2011-0.402
18 August 2011-0.450
19 August 2011-0.449
22 August 2011-0.418
23 August 2011-0.393
24 August 2011-0.281
25 August 2011-0.336
26 August 2011-0.369
29 August 2011-0.305
30 August 2011-0.379
31 August 2011-0.343
1 September 2011-0.404
2 September 2011-0.492
5 September 2011ND
6 September 2011-0.504
7 September 2011-0.450
8 September 2011-0.489
9 September 2011-0.542
12 September 2011-0.520
13 September 2011-0.479
14 September 2011-0.448
15 September 2011-0.390
16 September 2011-0.394
19 September 2011-0.484
20 September 2011-0.490
21 September 2011-0.531
22 September 2011-0.645
23 September 2011-0.542
26 September 2011-0.490
27 September 2011-0.425
28 September 2011-0.416
29 September 2011-0.439
30 September 2011-0.479
3 October 2011-0.570
4 October 2011-0.553
5 October 2011-0.469
6 October 2011-0.405
7 October 2011-0.335
10 October 2011ND
11 October 2011-0.277
12 October 2011-0.232
13 October 2011-0.281
14 October 2011-0.239
17 October 2011-0.299
18 October 2011-0.300
19 October 2011-0.319
20 October 2011-0.299
21 October 2011-0.280
24 October 2011-0.259
25 October 2011-0.353
26 October 2011-0.281
27 October 2011-0.142
28 October 2011-0.212
31 October 2011-0.346
1 November 2011-0.463
2 November 2011-0.457
3 November 2011-0.416
4 November 2011-0.442
7 November 2011-0.461
8 November 2011-0.408
9 November 2011-0.481
10 November 2011-0.440
11 November 2011ND
14 November 2011-0.442
15 November 2011-0.429
16 November 2011-0.466
17 November 2011-0.501
18 November 2011-0.446
21 November 2011-0.474
22 November 2011-0.490
23 November 2011-0.539
24 November 2011ND
25 November 2011-0.475
28 November 2011-0.478
29 November 2011-0.453
30 November 2011-0.399
1 December 2011-0.388
2 December 2011-0.437
5 December 2011-0.438
6 December 2011-0.410
7 December 2011-0.462
8 December 2011-0.496
9 December 2011-0.437
12 December 2011-0.465
13 December 2011-0.512
14 December 2011-0.536
15 December 2011-0.528
16 December 2011-0.574
19 December 2011-0.601
20 December 2011-0.514
21 December 2011-0.486
22 December 2011-0.488
23 December 2011-0.436
26 December 2011ND
27 December 2011-0.437
28 December 2011-0.502
29 December 2011-0.525
30 December 2011-0.545
2 January 2012ND
3 January 2012-0.491
4 January 2012-0.474
5 January 2012-0.475
6 January 2012-0.498
9 January 2012-0.508
10 January 2012-0.490
11 January 2012-0.540
12 January 2012-0.526
13 January 2012-0.572
16 January 2012ND
17 January 2012-0.584
18 January 2012-0.556
19 January 2012-0.489
20 January 2012-0.455
23 January 2012-0.426
24 January 2012-0.439
25 January 2012-0.517
26 January 2012-0.565
27 January 2012-0.590
30 January 2012-0.627
31 January 2012-0.660
1 February 2012-0.635
2 February 2012-0.657
3 February 2012-0.576
6 February 2012-0.606
7 February 2012-0.547
8 February 2012-0.546
9 February 2012-0.518
10 February 2012-0.576
13 February 2012-0.552
14 February 2012-0.600
15 February 2012-0.589
16 February 2012-0.538
17 February 2012-0.518
20 February 2012ND
21 February 2012-0.487
22 February 2012-0.524
23 February 2012-0.543
24 February 2012-0.537
27 February 2012-0.582
28 February 2012-0.577
29 February 2012-0.544
1 March 2012-0.501
2 March 2012-0.543
5 March 2012-0.529
6 March 2012-0.566
7 March 2012-0.552
8 March 2012-0.515
9 March 2012-0.502
12 March 2012-0.505
13 March 2012-0.429
14 March 2012-0.300
15 March 2012-0.305
16 March 2012-0.279
19 March 2012-0.215
20 March 2012-0.213
21 March 2012-0.269
22 March 2012-0.283
23 March 2012-0.313
26 March 2012-0.316
27 March 2012-0.369
28 March 2012-0.359
29 March 2012-0.394
30 March 2012-0.352
2 April 2012-0.365
3 April 2012-0.303
4 April 2012-0.345
5 April 2012-0.390
6 April 2012-0.501
9 April 2012-0.508
10 April 2012-0.545
11 April 2012-0.514
12 April 2012-0.484
13 April 2012-0.529
16 April 2012-0.548
17 April 2012-0.515
18 April 2012-0.535
19 April 2012-0.548
20 April 2012-0.539
23 April 2012-0.567
24 April 2012-0.541
25 April 2012-0.533
26 April 2012-0.562
27 April 2012-0.571
30 April 2012-0.582
1 May 2012-0.561
2 May 2012-0.582
3 May 2012-0.575
4 May 2012-0.616
7 May 2012-0.610
8 May 2012-0.638
9 May 2012-0.645
10 May 2012-0.623
11 May 2012-0.658
14 May 2012-0.696
15 May 2012-0.702
16 May 2012-0.698
17 May 2012-0.732
18 May 2012-0.723
21 May 2012-0.701
22 May 2012-0.675
23 May 2012-0.711
24 May 2012-0.678
25 May 2012-0.696
28 May 2012ND
29 May 2012-0.701
30 May 2012-0.776
31 May 2012-0.806
1 June 2012-0.883
4 June 2012-0.819
5 June 2012-0.795
6 June 2012-0.738
7 June 2012-0.743
8 June 2012-0.755
11 June 2012-0.788
12 June 2012-0.735
13 June 2012-0.785
14 June 2012-0.752
15 June 2012-0.788
18 June 2012-0.790
19 June 2012-0.758
20 June 2012-0.743
21 June 2012-0.758
22 June 2012-0.714
25 June 2012-0.764
26 June 2012-0.744
27 June 2012-0.757
28 June 2012-0.801
29 June 2012-0.751
2 July 2012-0.810
3 July 2012-0.772
4 July 2012ND
5 July 2012-0.794
6 July 2012-0.823
9 July 2012-0.849
10 July 2012-0.851
11 July 2012-0.846
12 July 2012-0.860
13 July 2012-0.849
16 July 2012-0.867
17 July 2012-0.848
18 July 2012-0.858
19 July 2012-0.840
20 July 2012-0.877
23 July 2012-0.893
24 July 2012-0.916
25 July 2012-0.917
26 July 2012-0.897
27 July 2012-0.811
30 July 2012-0.848
31 July 2012-0.861
1 August 2012-0.817
2 August 2012-0.859
3 August 2012-0.786
6 August 2012-0.802
7 August 2012-0.744
8 August 2012-0.735
9 August 2012-0.728
10 August 2012-0.753
13 August 2012-0.757
14 August 2012-0.701
15 August 2012-0.644
16 August 2012-0.614
17 August 2012-0.631
20 August 2012-0.633
21 August 2012-0.645
22 August 2012-0.720
23 August 2012-0.744
24 August 2012-0.735
27 August 2012-0.765
28 August 2012-0.773
29 August 2012-0.760
30 August 2012-0.784
31 August 2012-0.839
3 September 2012ND
4 September 2012-0.819
5 September 2012-0.815
6 September 2012-0.755
7 September 2012-0.777
10 September 2012-0.767
11 September 2012-0.756
12 September 2012-0.706
13 September 2012-0.744
14 September 2012-0.648
17 September 2012-0.665
18 September 2012-0.690
19 September 2012-0.708
20 September 2012-0.707
21 September 2012-0.728
24 September 2012-0.753
25 September 2012-0.779
26 September 2012-0.823
27 September 2012-0.807
28 September 2012-0.812
1 October 2012-0.817
2 October 2012-0.821
3 October 2012-0.828
4 October 2012-0.789
5 October 2012-0.747
8 October 2012ND
9 October 2012-0.758
10 October 2012-0.774
11 October 2012-0.777
12 October 2012-0.780
15 October 2012-0.777
16 October 2012-0.738
17 October 2012-0.664
18 October 2012-0.643
19 October 2012-0.685
22 October 2012-0.655
23 October 2012-0.687
24 October 2012-0.684
25 October 2012-0.631
26 October 2012-0.693
29 October 2012-0.725
30 October 2012ND
31 October 2012-0.737
1 November 2012-0.721
2 November 2012-0.721
5 November 2012-0.745
6 November 2012-0.696
7 November 2012-0.781
8 November 2012-0.816
9 November 2012-0.815
12 November 2012ND
13 November 2012-0.834
14 November 2012-0.827
15 November 2012-0.834
16 November 2012-0.835
19 November 2012-0.811
20 November 2012-0.777
21 November 2012-0.756
22 November 2012ND
23 November 2012-0.749
26 November 2012-0.776
27 November 2012-0.793
28 November 2012-0.810
29 November 2012-0.816
30 November 2012-0.819
3 December 2012-0.810
4 December 2012-0.819
5 December 2012-0.836
6 December 2012-0.846
7 December 2012-0.813

Note: Term premia are estimated by a three-factor term structure model combining Treasury yields with SPF interest rate forecasts.

Source: Board.

Bottom-right panel
Corporate Bond Yields

Monthly
Percent

Period Ten-year High-Yield Ten-year BBB
January 19979.857.44
February 19979.587.27
March 19979.717.52
April 19979.877.72
May 19979.557.56
June 19979.407.34
July 19979.237.07
August 19979.157.14
September 19979.107.05
October 19978.966.89
November 19979.066.84
December 19978.986.80
January 19988.906.56
February 19988.876.66
March 19988.886.74
April 19988.876.72
May 19989.026.74
June 19989.186.60
July 19989.266.61
August 19989.626.64
September 199810.336.61
October 199810.706.50
November 199810.366.86
December 199810.106.58
January 199910.136.64
February 199910.166.79
March 199910.246.96
April 19999.986.85
May 199910.237.16
June 199910.567.59
July 199910.567.52
August 199910.737.77
September 199910.867.84
October 199910.997.98
November 199910.907.83
December 199910.758.01
January 200011.028.29
February 200011.148.19
March 200011.558.13
April 200011.828.14
May 200012.058.76
June 200012.028.43
July 200012.028.27
August 200012.058.09
September 200011.868.08
October 200012.458.03
November 200012.998.01
December 200013.187.68
January 200112.337.55
February 200111.617.45
March 200111.637.31
April 200112.177.52
May 200111.857.54
June 200111.857.41
July 200111.887.41
August 200111.567.18
September 200111.947.19
October 200111.937.04
November 200111.087.11
December 200111.127.42
January 200210.937.43
February 200211.007.54
March 200210.627.79
April 200210.607.69
May 200210.547.73
June 200211.057.40
July 200211.437.50
August 200211.727.34
September 200211.496.97
October 200212.137.31
November 200211.397.05
December 200211.086.76
January 200310.436.63
February 200310.456.47
March 200310.146.30
April 20039.516.15
May 20039.025.55
June 20038.715.26
July 20038.785.79
August 20039.266.29
September 20038.725.99
October 20038.445.92
November 20038.285.85
December 20037.975.75
January 20047.655.54
February 20047.865.52
March 20047.845.31
April 20047.995.79
May 20048.516.23
June 20048.476.24
July 20048.235.99
August 20048.115.78
September 20047.855.54
October 20047.715.46
November 20047.465.46
December 20047.415.41
January 20057.465.38
February 20057.315.27
March 20057.495.62
April 20057.915.61
May 20058.275.47
June 20057.925.30
July 20057.775.45
August 20057.765.50
September 20057.895.50
October 20058.205.81
November 20058.355.94
December 20058.325.89
January 20068.205.83
February 20068.175.95
March 20068.176.10
April 20068.236.37
May 20068.316.47
June 20068.596.59
July 20068.696.62
August 20068.616.41
September 20068.516.27
October 20068.396.26
November 20068.276.07
December 20068.216.03
January 20078.216.20
February 20078.056.11
March 20078.106.01
April 20078.036.15
May 20077.936.18
June 20078.216.56
July 20078.746.58
August 20079.086.56
September 20078.886.46
October 20078.646.36
November 20079.096.27
December 20079.286.47
January 20089.796.33
February 200810.056.59
March 200810.316.70
April 200810.026.81
May 20089.726.77
June 20089.956.95
July 200810.437.11
August 200810.567.15
September 200810.997.33
October 200814.859.11
November 200816.599.70
December 200817.479.41
January 200914.959.05
February 200914.408.82
March 200915.869.00
April 200913.508.70
May 200913.128.06
June 200912.217.71
July 200911.657.20
August 200910.776.66
September 200910.176.39
October 20099.636.21
November 20099.476.13
December 20099.286.06
January 20108.695.78
February 20108.925.84
March 20108.665.73
April 20108.375.64
May 20108.765.47
June 20108.985.55
July 20108.555.30
August 20108.244.97
September 20108.034.95
October 20107.584.75
November 20107.564.91
December 20107.785.42
January 20117.575.38
February 20117.445.48
March 20117.455.34
April 20117.365.33
May 20117.275.08
June 20117.535.05
July 20117.435.04
August 20117.994.71
September 20118.254.89
October 20118.395.20
November 20118.064.84
December 20117.964.90
January 20127.494.80
February 20127.204.63
March 20127.224.66
April 20127.294.60
May 20127.304.49
June 20127.484.48
July 20127.124.23
August 20126.954.20
September 20126.704.11
October 20126.613.89
November 20126.623.85
December 20126.363.86

Note: Staff estimates of smooth yield curves based on Merrill Lynch bond data.


Exhibit 2
Developments in Business Finance

Top-left panel
Gross Nonfinancial Corporate Bond Issuance

Monthly Rate
Billions of dollars

Period Speculative Grade Investment Grade Total
19989.1314.7423.87
19996.8615.9622.82
20003.8516.0119.86
20017.9628.9836.94
20025.0918.3523.44
200310.9016.9727.87
200410.6210.1920.81
20056.799.4616.25
200610.0715.8725.94
20079.7620.0929.85
20082.8822.4725.35
200910.3228.4238.74
201017.4121.6539.06
201112.8025.5438.34
2012:H115.6028.0143.61
2012:Q323.4033.0556.45
October 201231.3025.6156.91
November 201219.8674.0593.91

Source: Thomson Financial.

Top-right panel
Use of Proceeds for HY Issues

Monthly Rate
Billions of dollars

Period Recapitalization/Dividends Refinancing LBO M&A Other Total
20050.583.331.421.050.566.94
20060.623.892.592.570.9310.61
20070.523.353.582.170.9610.58
20080.112.521.640.250.264.79
20090.5910.090.000.711.3912.77
20101.3713.280.972.971.8220.40
20111.818.631.272.791.4815.98
2012:Q12.5716.351.423.013.6026.95
2012:Q21.297.931.332.890.9414.38
2012:Q30.9318.371.094.053.0627.49
October 20124.6916.381.406.551.8230.85

Note: October 2012 values are approximate.

Source: Standard and Poors.

Middle-left panel
Institutional Issuance of Leveraged Loans

Monthly Rate
Billions of dollars

Period Refinancings New money Total
19983.740.003.74
19994.610.004.61
20004.170.004.17
20012.660.002.66
20025.312.958.27
20035.804.069.87
20049.778.8518.62
20058.3911.6920.08
20067.6722.8430.51
20079.2326.2635.48
20080.844.965.80
20092.672.034.69
20108.538.6917.22
201119.902.3322.22
2012:Q114.398.3022.69
2012:Q214.489.9024.37
2012:Q38.409.3317.73
October 2012NDND59.47
November 2012NDND36.07

Note: October and November 2012 values are approximate.

Source: Thomson Reuters LPC LoanConnector.

Middle-right panel
Covenant-lite Issuance

Monthly Rate

Period Billions of dollars
2005:Q10.02
2005:Q20.50
2005:Q30.00
2005:Q40.02
2006:Q11.71
2006:Q21.85
2006:Q31.52
2006:Q42.49
2007:Q114.08
2007:Q215.97
2007:Q35.46
2007:Q40.44
2008:Q10.00
2008:Q20.00
2008:Q31.26
2008:Q40.00
2009:Q10.00
2009:Q20.00
2009:Q30.00
2009:Q40.28
2010:Q10.63
2010:Q20.17
2010:Q30.23
2010:Q41.21
2011:Q17.31
2011:Q26.06
2011:Q33.08
2011:Q41.02
2012:Q11.87
2012:Q25.87
2012:Q33.78

Source: LPC LoanConnector.

Bottom panel
Summary


Appendix 5: Materials used by Ms. Roush


Material for Briefing on the
Summary of Economic Projections

Jennifer E. Roush
December 11, 2012

Class I FOMC - Restricted Controlled (FR)

Exhibit 1. Central tendencies and ranges of economic projections, 2012-15 and over the longer run

Change in real GDP

Percent

  2007 2008 2009 2010 2011 2012 2013 2014 2015 Longer run
Actual 2.2 -3.3 -0.1 2.4 2.0 - - - - -
Upper End of Range - - - - - 2.0 3.2 4.0 4.2 3.0
Upper End of Central Tendency - - - - - 1.8 3.0 3.5 3.7 2.5
Lower End of Central Tendency - - - - - 1.7 2.3 3.0 3.0 2.3
Lower End of Range - - - - - 1.6 2.0 2.8 2.5 2.2

Unemployment rate

Percent

  2007 2008 2009 2010 2011 2012 2013 2014 2015 Longer run
Actual 4.8 6.9 9.9 9.6 8.7 - - - - -
Upper End of Range - - - - - 8.0 7.8 7.4 6.8 6.0
Upper End of Central Tendency - - - - - 7.9 7.7 7.3 6.6 6.0
Lower End of Central Tendency - - - - - 7.8 7.4 6.8 6.0 5.2
Lower End of Range - - - - - 7.7 6.9 6.1 5.7 5.0

PCE inflation

Percent

  2007 2008 2009 2010 2011 2012 2013 2014 2015 Longer run
Actual 3.5 1.7 1.4 1.5 2.5 - - - - -
Upper End of Range - - - - - 1.8 2.0 2.2 2.2 2.0
Upper End of Central Tendency - - - - - 1.7 2.0 2.0 2.0 2.0
Lower End of Central Tendency - - - - - 1.6 1.3 1.5 1.7 2.0
Lower End of Range - - - - - 1.6 1.3 1.4 1.5 2.0

Core PCE inflation

Percent

  2007 2008 2009 2010 2011 2012 2013 2014 2015
Actual 2.4 2.0 1.6 1.2 1.7 - - - -
Upper End of Range - - - - - 1.8 2.0 2.0 2.2
Upper End of Central Tendency - - - - - 1.7 1.9 2.0 2.0
Lower End of Central Tendency - - - - - 1.6 1.6 1.6 1.8
Lower End of Range - - - - - 1.6 1.5 1.5 1.7

Note: The data for the actual values of the variables are annual.


Exhibit 2. Economic projections for 2013-2015 and over the longer run (percent)

Change in real GDP

2013 2014 2015 Longer run
Central Tendency 2.3 to 3.0 3.0 to 3.5 3.0 to 3.7 2.3 to 2.5
September projections 2.5 to 3.0 3.0 to 3.8 3.0 to 3.8 2.3 to 2.5
Range 2.0 to 3.2 2.8 to 4.0 2.5 to 4.2 2.2 to 3.0
September projections 2.3 to 3.5 2.7 to 4.1 2.5 to 4.2 2.2 to 3.0
Memo: Tealbook 2.5 3.2 3.6 2.5
September Tealbook 2.4 3.2 3.6 2.5

Unemployment rate

2013 2014 2015 Longer run
Central Tendency 7.4 to 7.7 6.8 to 7.3 6.0 to 6.6 5.2 to 6.0
September projections 7.6 to 7.9 6.7 to 7.3 6.0 to 6.8 5.2 to 6.0
Range 6.9 to 7.8 6.1 to 7.4 5.7 to 6.8 5.0 to 6.0
September projections 7.0 to 8.0 6.3 to 7.5 5.7 to 6.9 5.0 to 6.3
Memo: Tealbook 7.8 7.4 6.5 5.2
September Tealbook 8.0 7.6 6.7 5.2

PCE inflation

2013 2014 2015 Longer run
Central Tendency 1.3 to 2.0 1.5 to 2.0 1.7 to 2.0 2.0 to 2.0
September projections 1.6 to 2.0 1.6 to 2.0 1.8 to 2.0 2.0 to 2.0
Range 1.3 to 2.0 1.4 to 2.2 1.5 to 2.2 2.0 to 2.0
September projections 1.5 to 2.1 1.6 to 2.2 1.8 to 2.3 2.0 to 2.0
Memo: Tealbook 1.3 1.4 1.5 2.0
September Tealbook 1.4 1.4 1.5 2.0

Core PCE inflation

2013 2014 2015
Central Tendency 1.6 to 1.9 1.6 to 2.0 1.8 to 2.0
September projections 1.7 to 2.0 1.8 to 2.0 1.9 to 2.0
Range 1.5 to 2.0 1.5 to 2.0 1.7 to 2.2
September projections 1.6 to 2.0 1.6 to 2.2 1.8 to 2.3
Memo: Tealbook 1.6 1.6 1.7
September Tealbook 1.6 1.6 1.7

Note: The changes in real GDP and inflation are measured Q4/Q4.


Exhibit 3. Overview of FOMC participants' assessments of appropriate monetary policy

Appropriate timing of policy firming

Number of participants

  2012 2013 2014 2015 2016
December projections 0 2 3 13 1
September projections 1 3 2 12 1

Note: In the upper panel, the height of each bar denotes the number of FOMC participants who judge that, under appropriate monetary policy, the first increase in the target federal funds rate from its current range of 0 to 1/4 percent will occur in the specified calendar year.

Appropriate pace of policy firming

Number of participants with projected targets

Target federal funds rate at year-end
(December projections, percent)
2012 2013 2014 2015 Longer run
0.00 - 0.371917141 
0.38 - 0.62 115 
0.63 - 0.87   3 
0.88 - 1.12 1 3 
1.13 - 1.37   2 
1.38 - 1.62  2  
1.63 - 1.87  1  
1.88 - 2.12   1 
2.13 - 2.37     
2.38 - 2.62   1 
2.63 - 2.87  1  
2.88 - 3.12    1
3.13 - 3.37     
3.38 - 3.62   11
3.63 - 3.87   13
3.88 - 4.12    5
4.13 - 4.37    6
4.38 - 4.62   13

Note: In the middle panel, each circle indicates the value (rounded to the nearest 1/4 percentage point) of an individual participant's judgment of the appropriate level of the target federal funds rate at the end of the specified calendar year or over the longer run.

Appropriate pace of policy firming

Number of participants with projected targets

Target federal funds rate at year-end
(September projections, percent)
2012 2013 2014 2015 Longer run
0.00 - 0.371815131 
0.38 - 0.6212 2 
0.63 - 0.87 1 3 
0.88 - 1.12   4 
1.13 - 1.37     
1.38 - 1.62  23 
1.63 - 1.87 12  
1.88 - 2.12     
2.13 - 2.37     
2.38 - 2.62  12 
2.63 - 2.87     
2.88 - 3.12  1 1
3.13 - 3.37     
3.38 - 3.62   11
3.63 - 3.87   12
3.88 - 4.12   16
4.13 - 4.37    5
4.38 - 4.62   14

Note: In the lower panel, each circle indicates the value (rounded to the nearest 1/4 percentage point) of an individual participant's judgment of the appropriate level of the target federal funds rate at the end of the specified calendar year or over the longer run.


Exhibit 4. Scatterplot of unemployment and PCE inflation rates in the initial year of policy firming (in percent)

Projections

Year of Firming Unemployment Rate PCE inflation
20136.92.0
20137.42.0
20146.12.0
20147.02.0
20147.32.0
20155.72.0
20156.01.6
20156.02.2
20156.11.9
20156.21.6
20156.21.7
20156.31.7
20156.32.0
20156.51.5
20156.51.9
20156.51.9
20156.71.8
20156.82.2
20165.52.2

Note: When the projections of two or more participants are identical, larger markers, which represent one participant each, are used so that each projection can be seen.


Exhibit 5. Uncertainty and risks in economic projections

Histograms, eight panels.

Uncertainty about GDP growth

Number of participants

Lower Broadly similar Higher
December projections 0 1 18
September projections 0 2 17

Uncertainty about the unemployment rate

Number of participants

Lower Broadly similar Higher
December projections 0 2 17
September projections 0 2 17

Uncertainty about PCE inflation

Number of participants

Lower Broadly similar Higher
December projections 2 10 7
September projections 1 10 8

Uncertainty about core PCE inflation

Number of participants

Lower Broadly similar Higher
December projections 2 10 7
September projections 2 9 8

Risks to GDP growth

Number of participants

Weighted to downside Broadly balanced Weighted to upside
December projections 13 6 0
September projections 14 5 0

Risks to the unemployment rate

Number of participants

Weighted to downside Broadly balanced Weighted to upside
December projections 0 6 13
September projections 0 6 13

Risks to PCE inflation

Number of participants

Weighted to downside Broadly balanced Weighted to upside
December projections 3 14 2
September projections 4 12 3

Risks to core PCE inflation

Number of participants

Weighted to downside Broadly balanced Weighted to upside
December projections 3 14 2
September projections 4 12 3


Appendix 6: Materials used by Chairman Bernanke


Benefit-cost analysis

We are likely to learn more about benefits, costs, efficacy, and other factors as $$ x$$ increases

Optimality (ex post)

Evaluating benefits and costs at beginning of program

Exiting from the program: Rhetoric should focus on ongoing evaluation of efficacy and costs



Appendix 7: Materials used by Mr. English


Material for
FOMC Briefing on Monetary Policy Alternatives

Bill English
December 11-12, 2012

Class I FOMC - Restricted Controlled (FR)

Federal Reserve Security Purchases and Holdings

Top-left panel
Modal Unemployment Rate at Expected End of Security Purchases: Dealer Survey

Expected End of Security Purchases Unemployment Rate (Percent) Alternative
2012:Q47.96Alternative C
2013:Q27.89Alternative B
2013:Q37.83
2013:Q47.10
2013:Q47.20
2013:Q47.50
2013:Q47.70
2013:Q47.77Alternative A
2013:Q47.80
2013:Q48.00
2014:Q17.23
2014:Q17.30
2014:Q17.40
2014:Q17.50
2014:Q17.60
2014:Q27.10
2014:Q37.05
2014:Q37.30
2014:Q47.20
2015:Q26.75
2015:Q46.50
2015:Q46.50

Note. Primary dealer unemployment rates are interpolated from average Q4 values reported in the survey. Not plotted are two primary dealers who did not report an unemployment rate for sufficiently long horizons. A larger dot denotes two observations.

Top-right panel
Total Projected SOMA Security Holdings

Billions of dollars

Period Alternative A Alternative B Alternative C Median dealer projection
January 2006748.82748.82748.82748.82
February 2006754.68754.68754.68754.68
March 2006758.54758.54758.54758.54
April 2006759.69759.69759.69759.69
May 2006762.41762.41762.41762.41
June 2006766.36766.36766.36766.36
July 2006764.81764.81764.81764.81
August 2006766.74766.74766.74766.74
September 2006768.92768.92768.92768.92
October 2006768.49768.49768.49768.49
November 2006772.60772.60772.60772.60
December 2006778.91778.91778.91778.91
January 2007778.86778.86778.86778.86
February 2007780.79780.79780.79780.79
March 2007780.90780.90780.90780.90
April 2007787.19787.19787.19787.19
May 2007790.27790.27790.27790.27
June 2007790.52790.52790.52790.52
July 2007790.80790.80790.80790.80
August 2007779.64779.64779.64779.64
September 2007779.63779.63779.63779.63
October 2007779.59779.59779.59779.59
November 2007779.70779.70779.70779.70
December 2007740.61740.61740.61740.61
January 2008713.38713.38713.38713.38
February 2008713.35713.35713.35713.35
March 2008591.23591.23591.23591.23
April 2008548.69548.69548.69548.69
May 2008486.90486.90486.90486.90
June 2008478.84478.84478.84478.84
July 2008479.24479.24479.24479.24
August 2008479.70479.70479.70479.70
September 2008491.13491.13491.13491.13
October 2008490.09490.09490.09490.09
November 2008488.62488.62488.62488.62
December 2008495.63495.63495.63495.63
January 2009510.79510.79510.79510.79
February 2009581.68581.68581.68581.68
March 2009779.35779.35779.35779.35
April 2009983.18983.18983.18983.18
May 20091,113.521,113.521,113.521,113.52
June 20091,215.521,215.521,215.521,215.52
July 20091,354.071,354.071,354.071,354.07
August 20091,491.501,491.501,491.501,491.50
September 20091,592.701,592.701,592.701,592.70
October 20091,697.801,697.801,697.801,697.80
November 20091,783.761,783.761,783.761,783.76
December 20091,844.841,844.841,844.841,844.84
January 20101,910.421,910.421,910.421,910.42
February 20101,970.831,970.831,970.831,970.83
March 20102,014.392,014.392,014.392,014.39
April 20102,042.122,042.122,042.122,042.12
May 20102,057.142,057.142,057.142,057.14
June 20102,059.882,059.882,059.882,059.88
July 20102,053.992,053.992,053.992,053.99
August 20102,045.952,045.952,045.952,045.95
September 20102,044.312,044.312,044.312,044.31
October 20102,040.232,040.232,040.232,040.23
November 20102,081.472,081.472,081.472,081.47
December 20102,161.092,161.092,161.092,161.09
January 20112,238.302,238.302,238.302,238.30
February 20112,319.842,319.842,319.842,319.84
March 20112,410.102,410.102,410.102,410.10
April 20112,472.322,472.322,472.322,472.32
May 20112,567.252,567.252,567.252,567.25
June 20112,645.102,645.102,645.102,645.10
July 20112,647.932,647.932,647.932,647.93
August 20112,646.832,646.832,646.832,646.83
September 20112,643.812,643.812,643.812,643.81
October 20112,619.752,619.752,619.752,619.75
November 20112,605.002,605.002,605.002,605.00
December 20112,605.122,605.122,605.122,605.12
January 20122,597.452,597.452,597.452,597.45
February 20122,603.212,603.212,603.212,603.21
March 20122,594.402,594.402,594.402,594.40
April 20122,603.402,603.402,603.402,603.40
May 20122,606.442,606.442,606.442,606.44
June 20122,606.402,606.402,606.402,606.40
July 20122,589.002,589.002,589.002,589.00
August 20122,573.342,573.342,573.342,573.34
September 20122,563.682,563.682,563.682,563.68
October 20122,579.272,579.272,579.272,579.27
November 20122,603.552,603.692,607.832,603.55
December 20122,654.342,654.952,666.172,643.55
January 20132,744.742,740.722,712.152,728.55
February 20132,840.302,827.172,737.202,813.55
March 20132,940.762,914.262,742.242,898.55
April 20133,042.393,001.212,742.552,983.55
May 20133,144.193,087.892,742.993,068.55
June 20133,246.263,174.842,743.803,153.55
July 20133,343.643,217.052,745.073,238.55
August 20133,440.193,241.802,746.653,323.55
September 20133,524.693,248.612,748.203,408.55
October 20133,602.673,250.792,749.303,493.55
November 20133,659.843,251.982,749.883,578.55
December 20133,708.533,252.572,750.123,663.55
January 20143,730.313,252.992,750.323,678.55
February 20143,741.683,253.452,750.533,693.55
March 20143,744.223,254.062,750.793,708.55
April 20143,744.783,254.632,751.013,723.55
May 20143,745.263,255.162,746.593,738.55
June 20143,745.603,255.562,737.583,753.55
July 20143,745.833,255.882,727.543,753.55
August 20143,745.963,256.122,717.483,753.55
September 20143,746.083,256.312,707.413,753.55
October 20143,746.143,256.462,697.323,753.55
November 20143,746.193,256.532,687.003,753.55
December 20143,746.233,256.612,676.833,753.55
January 20153,747.223,257.722,667.693,753.55
February 20153,747.653,258.292,658.493,753.55
March 20153,747.573,258.362,649.203,753.55
April 20153,747.363,258.272,632.733,753.55
May 20153,741.043,252.832,616.263,753.55
June 20153,728.573,242.042,599.793,753.55
July 20153,714.703,230.062,583.323,736.88
August 20153,700.783,218.072,566.853,720.22
September 20153,686.843,206.082,550.383,703.55
October 20153,672.863,194.132,533.903,686.88
November 20153,658.873,182.212,517.433,670.22
December 20153,644.873,170.362,500.963,653.55
January 20163,624.123,151.812,477.733,628.72
February 20163,572.613,102.542,423.723,603.88
March 20163,534.163,066.372,382.753,579.05
April 20163,481.383,017.552,337.623,554.22
May 20163,417.082,957.212,280.973,529.38
June 20163,378.462,922.562,250.013,504.55
July 20163,343.172,891.222,222.373,479.55
August 20163,304.802,856.822,191.663,454.55
September 20163,272.922,828.912,167.443,429.55
October 20163,241.352,801.302,143.523,404.55
November 20163,192.152,756.072,102.023,379.55
December 20163,155.412,723.282,072.933,354.55
January 20173,121.442,693.282,046.61ND
February 20173,078.292,654.092,011.12ND
March 20173,042.452,622.211,982.93ND
April 20173,004.802,588.531,952.94ND
May 20172,949.512,537.201,905.30ND
June 20172,914.162,505.821,877.61ND
July 20172,875.452,471.701,852.87ND
August 20172,824.482,425.321,815.85ND
September 20172,788.932,394.361,794.27ND
October 20172,755.972,366.001,775.28ND
November 20172,708.022,322.641,741.32ND
December 20172,663.872,283.091,711.14ND
January 20182,618.482,247.341,679.07ND
February 20182,558.692,197.191,632.61ND
March 20182,516.002,162.881,602.00ND
April 20182,470.512,125.761,584.63ND
May 20182,401.762,063.501,592.92ND
June 20182,360.832,029.061,601.20ND
July 20182,311.911,984.681,609.49ND
August 20182,249.931,927.231,617.78ND
September 20182,213.551,895.381,626.08ND
October 20182,167.641,854.011,634.40ND
November 20182,093.061,783.961,642.73ND
December 20182,051.411,746.851,651.04ND
January 20192,015.861,720.391,659.88ND
February 20191,947.511,661.141,668.73ND
March 20191,903.981,652.971,677.58ND
April 20191,859.121,662.191,686.44ND
May 20191,781.051,671.431,695.32ND
June 20191,736.031,680.671,704.20ND
July 20191,698.791,689.921,713.11ND
August 20191,688.581,699.201,722.03ND
September 20191,697.991,708.421,730.92ND
October 20191,707.891,717.671,739.83ND
November 20191,717.331,726.941,748.76ND
December 20191,726.781,736.201,757.69ND
January 20201,737.631,745.991,767.15ND
February 20201,747.621,755.801,776.63ND
March 20201,757.601,765.601,786.09ND
April 20201,768.421,775.421,795.22ND
May 20201,778.441,785.271,804.38ND
June 20201,788.441,795.091,813.52ND
July 20201,799.441,804.941,822.69ND
August 20201,809.471,814.791,831.88ND
September 20201,819.461,824.611,841.04ND
October 20201,829.471,834.451,850.23ND
November 20201,839.491,844.311,859.44ND
December 20201,849.531,854.181,868.68ND
January 20211,859.921,864.411,878.27ND
February 20211,870.331,874.661,887.90ND
March 20211,880.721,884.891,897.50ND
April 20211,890.471,894.611,907.13ND
May 20211,900.251,904.361,916.79ND
June 20211,910.001,914.081,926.43ND
July 20211,919.761,923.821,936.09ND
August 20211,929.561,933.591,945.77ND
September 20211,939.351,943.361,955.46ND
October 20211,949.171,953.151,965.18ND
November 20211,959.011,962.971,974.92ND
December 20211,968.811,972.751,984.62ND
January 20221,979.021,982.931,994.72ND
February 20221,989.251,993.132,004.85ND
March 20221,999.502,003.362,015.00ND
April 20222,009.782,013.622,025.18ND
May 20222,020.102,023.902,035.39ND
June 20222,030.432,034.212,045.63ND
July 20222,040.802,044.542,055.89ND
August 20222,051.192,054.912,066.19ND
September 20222,061.602,065.292,076.51ND
October 20222,072.042,075.702,086.85ND
November 20222,082.512,086.152,097.22ND
December 20222,093.002,096.612,107.62ND
January 20232,103.972,107.552,118.49ND
February 20232,114.972,118.522,129.40ND
March 20232,125.982,129.512,140.31ND
April 20232,137.022,140.522,151.26ND
May 20232,148.102,151.572,162.23ND
June 20232,159.202,162.642,173.24ND
July 20232,170.332,173.752,184.28ND
August 20232,181.492,184.882,195.34ND
September 20232,192.682,196.032,206.43ND
October 20232,203.892,207.222,217.55ND
November 20232,215.132,218.432,228.70ND
December 20232,226.402,229.682,239.88ND
January 20242,238.192,241.442,251.57ND
February 20242,250.022,253.242,263.30ND
March 20242,261.872,265.062,275.07ND
April 20242,273.752,276.922,286.86ND
May 20242,285.672,288.812,298.68ND
June 20242,297.622,300.732,310.54ND
July 20242,309.602,312.682,322.43ND
August 20242,321.612,324.672,334.35ND
September 20242,333.662,336.692,346.30ND
October 20242,345.732,348.742,358.29ND
November 20242,357.842,360.822,370.31ND
December 20242,369.982,372.932,382.35ND

Bottom-left panel
SEP Information on Purchases

Bottom-right panel
Possible Explanations for the Discrepancy

Alternative Monetary Policy Scenarios

Top panel
Federal Funds Rate

Percent

Period Alternative A Alternative B Alternative C
2012:Q10.100.100.10
2012:Q20.150.150.15
2012:Q30.140.140.14
2012:Q40.130.150.15
2013:Q10.130.130.13
2013:Q20.130.130.13
2013:Q30.130.130.13
2013:Q40.130.130.13
2014:Q10.130.130.13
2014:Q20.130.130.13
2014:Q30.130.130.13
2014:Q40.130.130.19
2015:Q10.130.130.29
2015:Q20.130.130.47
2015:Q30.130.130.72
2015:Q40.130.381.03
2016:Q10.210.791.40
2016:Q20.541.241.71
2016:Q31.151.651.98
2016:Q41.972.022.18
2017:Q12.702.342.35
2017:Q23.232.642.50
2017:Q33.592.932.65
2017:Q43.813.222.80
2018:Q13.923.432.93
2018:Q23.943.563.03
2018:Q33.933.643.12
2018:Q43.903.683.21
2019:Q13.873.713.31
2019:Q23.863.743.42
2019:Q33.883.803.54
2019:Q43.913.863.68
2020:Q13.963.933.82
2020:Q24.004.003.95
2020:Q34.054.074.07
2020:Q44.094.134.17

Middle panel
Unemployment Rate

Percent

Period Alternative A Alternative B Alternative C
2012:Q18.248.248.24
2012:Q28.178.178.17
2012:Q38.058.058.05
2012:Q47.967.967.96
2013:Q17.937.937.96
2013:Q27.897.897.99
2013:Q37.847.868.02
2013:Q47.777.818.05
2014:Q17.667.738.03
2014:Q27.557.668.02
2014:Q37.407.547.96
2014:Q47.227.397.86
2015:Q16.997.207.70
2015:Q26.746.977.52
2015:Q36.526.777.34
2015:Q46.276.547.14
2016:Q16.036.316.93
2016:Q25.826.106.73
2016:Q35.645.936.55
2016:Q45.515.796.40
2017:Q15.415.686.26
2017:Q25.355.596.13
2017:Q35.305.516.01
2017:Q45.265.435.88
2018:Q15.295.435.83
2018:Q25.325.435.78
2018:Q35.355.445.74
2018:Q45.385.455.70
2019:Q15.405.465.66
2019:Q25.425.465.62
2019:Q35.425.455.57
2019:Q45.415.435.52
2020:Q15.395.405.47
2020:Q25.375.375.42
2020:Q35.355.355.37
2020:Q45.335.325.33

Bottom panel
PCE Inflation

Four-quarter average
Percent

Period Alternative A Alternative B Alternative C
2012:Q12.362.362.36
2012:Q21.641.641.64
2012:Q31.451.451.45
2012:Q41.601.571.49
2013:Q11.291.231.10
2013:Q21.501.401.20
2013:Q31.481.351.08
2013:Q41.421.301.02
2014:Q11.501.381.08
2014:Q21.511.391.06
2014:Q31.511.391.05
2014:Q41.521.411.06
2015:Q11.551.431.08
2015:Q21.591.471.11
2015:Q31.621.501.14
2015:Q41.661.541.19
2016:Q11.691.571.22
2016:Q21.741.621.27
2016:Q31.811.681.34
2016:Q41.881.751.41
2017:Q11.931.811.47
2017:Q21.981.851.53
2017:Q32.011.891.58
2017:Q42.041.921.63
2018:Q12.051.941.67
2018:Q22.051.951.71
2018:Q32.041.961.75
2018:Q42.031.961.78
2019:Q12.021.971.81
2019:Q22.011.971.85
2019:Q32.001.971.88
2019:Q41.981.971.91
2020:Q11.981.971.94
2020:Q21.971.971.97
2020:Q31.971.981.99
2020:Q41.961.982.02

October FOMC Statement

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

December FOMC Statement--Alternative A

December FOMC Statement--Alternative B

December FOMC Statement--Alternative C

October 2012 Directive

The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to continue the maturity extension program it announced in June to purchase Treasury securities with remaining maturities of 6 years to 30 years with a total face value of about $267 billion by the end of December 2012, and to sell or redeem Treasury securities with remaining maturities of approximately 3 years or less with a total face value of about $267 billion. For the duration of this program, the Committee directs the Desk to suspend its policy of rolling over maturing Treasury securities into new issues. The Committee directs the Desk to maintain its existing policy of reinvesting principal payments on all agency debt and agency mortgage-backed securities in the System Open Market Account in agency mortgage-backed securities. The Desk is also directed to continue purchasing agency mortgage-backed securities at a pace of about $40 billion per month. The Committee directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency MBS transactions. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability.

[Note: In the December 2012 Directive Alternatives, emphasis (strike-through) indicates strike-through text in the original document, and strong emphasis (bold) indicates bold red underlined text in the original document.]

December 2012 Directive--Alternative A

The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to continue complete the maturity extension program it announced in June to purchase Treasury securities with remaining maturities of 6 years to 30 years with a total face value of about $267 billion by the end of December 2012, and to sell or redeem Treasury securities with remaining maturities of approximately 3 years or less with a total face value of about $267 billion. For the duration Following the completion of this program, the Committee directs the Desk to suspend resume its policy of rolling over maturing Treasury securities into new issues. From the beginning of January, the Desk is directed to purchase longer-term Treasury securities