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Figure 1: Diebold−Li Country Level and Slope Factors

Level Factor

Percent

Date	Global level factor	Germany	United Kingdom	United States
1/6/1999	4.24	3.42	4.55	4.75
1/13/1999	4.20	3.36	4.45	4.78
1/20/1999	4.20	3.33	4.45	4.81
1/27/1999	4.14	3.29	4.41	4.72
2/3/1999	4.23	3.38	4.46	4.86
2/10/1999	4.27	3.42	4.48	4.93
2/17/1999	4.38	3.49	4.62	5.01
2/24/1999	4.40	3.47	4.53	5.20
3/3/1999	4.64	3.72	4.87	5.34
3/10/1999	4.53	3.61	4.78	5.21
3/17/1999	4.42	3.49	4.61	5.15
3/24/1999	4.45	3.53	4.64	5.17
3/31/1999	4.43	3.49	4.60	5.21
4/7/1999	4.36	3.40	4.58	5.11
4/14/1999	4.34	3.32	4.62	5.08
4/21/1999	4.36	3.30	4.67	5.10
4/28/1999	4.42	3.29	4.81	5.17
5/5/1999	4.51	3.36	4.90	5.27
5/12/1999	4.55	3.38	4.85	5.41
5/19/1999	4.66	3.47	5.00	5.51
5/26/1999	4.61	3.40	4.91	5.52
6/2/1999	4.83	3.63	5.13	5.73
6/9/1999	4.85	3.63	5.13	5.78
6/16/1999	4.86	3.70	5.06	5.82
6/23/1999	5.00	3.87	5.24	5.88
6/30/1999	4.95	3.93	5.22	5.69
7/7/1999	5.07	4.10	5.34	5.79
7/14/1999	4.96	4.01	5.22	5.65
7/21/1999	4.96	4.00	5.33	5.56
7/28/1999	5.07	4.07	5.43	5.71
8/4/1999	5.26	4.30	5.64	5.84
8/11/1999	5.35	4.38	5.65	6.01
8/18/1999	5.18	4.23	5.49	5.83
8/25/1999	5.09	4.18	5.39	5.69
9/1/1999	5.28	4.33	5.58	5.93
9/8/1999	5.36	4.40	5.79	5.88
9/15/1999	5.45	4.55	5.91	5.88
9/22/1999	5.41	4.47	5.88	5.86
9/29/1999	5.46	4.48	5.99	5.91
10/6/1999	5.55	4.63	6.04	5.99
10/13/1999	5.62	4.76	6.04	6.07
10/20/1999	5.71	4.90	6.11	6.12
10/27/1999	5.65	4.80	6.03	6.12
11/3/1999	5.45	4.65	5.77	5.94
11/10/1999	5.36	4.52	5.63	5.93
11/17/1999	5.36	4.51	5.60	5.98
11/24/1999	5.51	4.68	5.81	6.03
12/1/1999	5.51	4.62	5.78	6.12
12/8/1999	5.47	4.60	5.76	6.06
12/15/1999	5.47	4.58	5.68	6.16
12/22/1999	5.65	4.76	5.87	6.31
12/29/1999	5.65	4.80	5.87	6.30
1/5/2000	5.80	4.82	6.13	6.47
1/12/2000	5.84	4.83	6.15	6.54
1/19/2000	5.86	4.86	6.18	6.52
1/26/2000	5.82	4.85	6.11	6.49
2/2/2000	5.82	4.85	6.05	6.55
2/9/2000	5.87	4.92	6.09	6.60
2/16/2000	5.88	4.96	6.11	6.57
2/23/2000	5.77	4.87	5.92	6.52
3/1/2000	5.74	4.90	5.88	6.46
3/8/2000	5.72	4.89	5.81	6.46
3/15/2000	5.69	4.84	5.82	6.40
3/22/2000	5.62	4.76	5.78	6.32
3/29/2000	5.68	4.80	5.86	6.37
4/5/2000	5.49	4.65	5.71	6.12
4/12/2000	5.55	4.73	5.73	6.20
4/19/2000	5.58	4.80	5.77	6.17
4/26/2000	5.64	4.84	5.77	6.30
5/3/2000	5.74	4.99	5.68	6.55
5/10/2000	5.77	4.98	5.73	6.61
5/17/2000	5.88	5.13	5.85	6.66
5/24/2000	5.83	5.03	5.81	6.64
5/31/2000	5.70	4.97	5.66	6.47
6/7/2000	5.58	4.85	5.59	6.32
6/14/2000	5.58	4.91	5.59	6.25
6/21/2000	5.63	4.96	5.62	6.30
6/28/2000	5.64	5.01	5.62	6.29
7/5/2000	5.55	4.98	5.51	6.15
7/12/2000	5.59	5.05	5.52	6.21
7/19/2000	5.66	5.11	5.57	6.30
7/26/2000	5.57	5.01	5.53	6.16
8/2/2000	5.58	5.01	5.63	6.10
8/9/2000	5.54	5.01	5.58	6.04
8/16/2000	5.62	5.10	5.65	6.10
8/23/2000	5.59	5.11	5.65	6.01
8/30/2000	5.63	5.15	5.67	6.06
9/6/2000	5.56	5.10	5.62	5.95
9/13/2000	5.57	5.09	5.68	5.94
9/20/2000	5.58	5.07	5.65	6.01
9/27/2000	5.54	5.06	5.62	5.94
10/4/2000	5.51	5.02	5.52	5.98
10/11/2000	5.43	4.97	5.45	5.87
10/18/2000	5.39	4.98	5.41	5.77
10/25/2000	5.43	5.05	5.44	5.81
11/1/2000	5.43	5.01	5.44	5.84
11/8/2000	5.47	5.05	5.43	5.94
11/15/2000	5.37	4.98	5.33	5.81
11/22/2000	5.30	4.94	5.23	5.73
11/29/2000	5.23	4.88	5.18	5.65
12/6/2000	5.08	4.71	5.11	5.42
12/13/2000	5.07	4.71	5.12	5.39
12/20/2000	4.97	4.60	5.12	5.19
12/27/2000	4.95	4.59	5.08	5.19
1/3/2001	4.85	4.45	4.95	5.16
1/10/2001	4.86	4.52	5.02	5.03
1/17/2001	4.90	4.56	5.07	5.08
1/24/2001	4.94	4.58	5.09	5.16
1/31/2001	4.81	4.50	4.96	4.98
2/7/2001	4.82	4.48	4.96	5.02
2/14/2001	4.86	4.51	5.01	5.05
2/21/2001	4.88	4.57	5.02	5.04
2/28/2001	4.74	4.47	4.95	4.80
3/7/2001	4.75	4.48	4.96	4.80
3/14/2001	4.65	4.42	4.83	4.71
3/21/2001	4.57	4.35	4.75	4.60
3/28/2001	4.63	4.33	4.80	4.76
4/4/2001	4.61	4.38	4.82	4.63
4/11/2001	4.73	4.49	4.93	4.78
4/18/2001	4.78	4.55	5.03	4.76
4/25/2001	4.82	4.62	5.01	4.84
5/2/2001	4.87	4.71	5.04	4.87
5/9/2001	4.74	4.60	4.93	4.70
5/16/2001	4.87	4.63	5.04	4.93
5/23/2001	4.93	4.69	5.17	4.94
5/30/2001	4.97	4.67	5.21	5.02
6/6/2001	4.84	4.56	5.12	4.82
6/13/2001	4.91	4.63	5.30	4.80
6/20/2001	4.84	4.53	5.27	4.70
6/27/2001	4.83	4.49	5.23	4.78
7/4/2001	4.96	4.63	5.36	4.90
7/11/2001	4.84	4.56	5.17	4.79
7/18/2001	4.79	4.53	5.21	4.63
7/25/2001	4.79	4.50	5.18	4.68
8/1/2001	4.71	4.44	5.14	4.56
8/8/2001	4.64	4.43	4.98	4.52
8/15/2001	4.63	4.34	5.01	4.53
8/22/2001	4.60	4.35	4.99	4.46
8/29/2001	4.53	4.32	4.92	4.36
9/5/2001	4.65	4.40	5.03	4.52
9/12/2001	4.43	4.20	4.75	4.34
9/19/2001	4.27	4.12	4.77	3.91
9/26/2001	4.25	4.11	4.75	3.90
10/3/2001	4.15	3.97	4.67	3.80
10/10/2001	4.19	4.02	4.72	3.84
10/17/2001	4.17	4.00	4.68	3.83
10/24/2001	4.10	3.92	4.58	3.81
10/31/2001	3.90	3.77	4.40	3.53
11/7/2001	3.76	3.63	4.24	3.42
11/14/2001	3.99	3.84	4.39	3.75
11/21/2001	4.25	4.04	4.54	4.18
11/28/2001	4.27	4.08	4.57	4.18
12/5/2001	4.27	4.10	4.59	4.12
12/12/2001	4.29	4.09	4.63	4.15
12/19/2001	4.36	4.15	4.70	4.23
12/26/2001	4.44	4.20	4.72	4.39
1/2/2002	4.49	4.26	4.84	4.36
1/9/2002	4.45	4.27	4.85	4.22
1/16/2002	4.29	4.17	4.69	4.01
1/23/2002	4.36	4.24	4.65	4.19
1/30/2002	4.43	4.36	4.77	4.16
2/6/2002	4.34	4.25	4.67	4.11
2/13/2002	4.49	4.41	4.85	4.20
2/20/2002	4.41	4.36	4.76	4.09
2/27/2002	4.41	4.38	4.79	4.05
3/6/2002	4.58	4.53	4.95	4.27
3/13/2002	4.70	4.59	5.03	4.49
3/20/2002	4.78	4.63	5.08	4.64
3/27/2002	4.78	4.66	5.07	4.61
4/3/2002	4.75	4.64	5.08	4.52
4/10/2002	4.70	4.61	5.05	4.45
4/17/2002	4.68	4.60	5.04	4.41
4/24/2002	4.62	4.56	5.02	4.29
5/1/2002	4.57	4.54	4.95	4.24
5/8/2002	4.65	4.59	4.99	4.36
5/15/2002	4.73	4.71	5.10	4.37
5/22/2002	4.63	4.61	5.04	4.23
5/29/2002	4.62	4.61	5.04	4.21
6/5/2002	4.59	4.58	5.03	4.16
6/12/2002	4.53	4.53	5.00	4.07
6/19/2002	4.37	4.41	4.83	3.86
6/26/2002	4.33	4.35	4.80	3.83
7/3/2002	4.35	4.36	4.84	3.85
7/10/2002	4.31	4.35	4.86	3.72
7/17/2002	4.26	4.30	4.75	3.74
7/24/2002	4.08	4.14	4.57	3.51
7/31/2002	4.06	4.14	4.58	3.48
8/7/2002	3.86	3.95	4.37	3.25
8/14/2002	3.80	3.89	4.32	3.19
8/21/2002	3.96	4.10	4.50	3.28
8/28/2002	3.91	4.02	4.41	3.29
9/4/2002	3.71	3.85	4.24	3.05
9/11/2002	3.83	3.93	4.37	3.18
9/18/2002	3.65	3.75	4.20	3.01
9/25/2002	3.60	3.71	4.15	2.94
10/2/2002	3.57	3.72	4.16	2.82
10/9/2002	3.51	3.64	4.14	2.74
10/16/2002	3.82	3.93	4.39	3.14
10/23/2002	3.84	3.89	4.35	3.30
10/30/2002	3.68	3.83	4.27	2.95
11/6/2002	3.75	3.88	4.33	3.04
11/13/2002	3.59	3.70	4.22	2.86
11/20/2002	3.68	3.69	4.25	3.11
11/27/2002	3.83	3.80	4.40	3.29
12/4/2002	3.79	3.76	4.40	3.20
12/11/2002	3.63	3.62	4.27	3.01
12/18/2002	3.58	3.52	4.21	3.01
12/25/2002	3.55	3.53	4.20	2.91
1/1/2003	3.44	3.45	4.10	2.78
1/8/2003	3.51	3.45	4.12	2.95
1/15/2003	3.55	3.46	4.16	3.02
1/22/2003	3.42	3.34	4.04	2.88
1/29/2003	3.41	3.30	3.94	2.99
2/5/2003	3.40	3.28	3.93	2.98
2/12/2003	3.27	3.18	3.77	2.87
2/19/2003	3.25	3.15	3.79	2.82
2/26/2003	3.20	3.09	3.78	2.73
3/5/2003	3.12	3.06	3.70	2.59
3/12/2003	3.09	3.04	3.65	2.57
3/19/2003	3.49	3.43	4.12	2.92
3/26/2003	3.45	3.38	4.07	2.90
4/2/2003	3.37	3.29	3.98	2.85
4/9/2003	3.41	3.36	4.05	2.82
4/16/2003	3.43	3.37	4.05	2.88
4/23/2003	3.43	3.35	4.03	2.93
4/30/2003	3.33	3.26	3.94	2.78
5/7/2003	3.21	3.15	3.88	2.62
5/14/2003	3.14	3.07	3.89	2.47
5/21/2003	3.01	2.94	3.70	2.38
5/28/2003	3.05	2.98	3.77	2.39
6/4/2003	2.96	2.87	3.76	2.24
6/11/2003	2.82	2.70	3.59	2.18
6/18/2003	2.98	2.87	3.74	2.33
6/25/2003	2.96	2.82	3.72	2.33
7/2/2003	3.09	2.99	3.84	2.44
7/9/2003	3.17	3.04	3.89	2.57
7/16/2003	3.26	3.13	3.89	2.77
7/23/2003	3.31	3.12	3.91	2.89
7/30/2003	3.45	3.22	4.04	3.09
8/6/2003	3.54	3.32	4.17	3.12
8/13/2003	3.62	3.34	4.23	3.29
8/20/2003	3.62	3.37	4.28	3.21
8/27/2003	3.70	3.40	4.35	3.35
9/3/2003	3.81	3.54	4.49	3.39
9/10/2003	3.59	3.39	4.35	3.02
9/17/2003	3.56	3.32	4.41	2.94
9/24/2003	3.51	3.23	4.34	2.95
10/1/2003	3.38	3.12	4.25	2.75
10/8/2003	3.60	3.32	4.47	3.01
10/15/2003	3.75	3.46	4.63	3.15
10/22/2003	3.73	3.41	4.70	3.08
10/29/2003	3.79	3.46	4.82	3.08
11/5/2003	3.83	3.52	4.78	3.19
11/12/2003	3.88	3.60	4.79	3.27
11/19/2003	3.76	3.48	4.73	3.08
11/26/2003	3.80	3.54	4.74	3.12
12/3/2003	3.89	3.60	4.78	3.28
12/10/2003	3.76	3.49	4.65	3.14
12/17/2003	3.64	3.39	4.50	3.03
12/24/2003	3.64	3.38	4.50	3.04
12/31/2003	3.67	3.41	4.52	3.07
1/7/2004	3.66	3.35	4.58	3.07
1/14/2004	3.51	3.27	4.43	2.83
1/21/2004	3.55	3.26	4.50	2.89
1/28/2004	3.63	3.25	4.57	3.06
2/4/2004	3.63	3.30	4.60	3.00
2/11/2004	3.54	3.22	4.51	2.90
2/18/2004	3.53	3.17	4.52	2.90
2/25/2004	3.51	3.16	4.52	2.86
3/3/2004	3.60	3.23	4.64	2.92
3/10/2004	3.38	3.05	4.47	2.63
3/17/2004	3.36	3.01	4.47	2.61
3/24/2004	3.36	2.96	4.50	2.62
3/31/2004	3.44	3.01	4.57	2.72
4/7/2004	3.63	3.15	4.70	3.04
4/14/2004	3.77	3.27	4.77	3.27
4/21/2004	3.80	3.27	4.76	3.36
4/28/2004	3.85	3.32	4.80	3.43
5/5/2004	3.85	3.29	4.75	3.51
5/12/2004	4.04	3.44	4.92	3.74
5/19/2004	4.06	3.46	5.00	3.72
5/26/2004	4.01	3.41	4.99	3.63
6/2/2004	4.09	3.47	5.10	3.71
6/9/2004	4.15	3.50	5.13	3.81
6/16/2004	4.13	3.52	5.10	3.79
6/23/2004	4.09	3.50	5.04	3.74
6/30/2004	4.04	3.45	4.99	3.66
7/7/2004	3.95	3.37	4.96	3.53
7/14/2004	3.98	3.40	5.01	3.55
7/21/2004	4.01	3.43	5.03	3.59
7/28/2004	4.08	3.46	5.11	3.69
8/4/2004	3.97	3.34	5.04	3.54
8/11/2004	3.86	3.26	4.93	3.40
8/18/2004	3.82	3.25	4.89	3.33
8/25/2004	3.84	3.25	4.90	3.38
9/1/2004	3.77	3.22	4.83	3.25
9/8/2004	3.84	3.34	4.87	3.32
9/15/2004	3.81	3.29	4.83	3.32
9/22/2004	3.72	3.22	4.75	3.20
9/29/2004	3.76	3.23	4.73	3.32
10/6/2004	3.79	3.22	4.72	3.43
10/13/2004	3.69	3.14	4.64	3.28
10/20/2004	3.63	3.09	4.58	3.23
10/27/2004	3.68	3.09	4.60	3.33
11/3/2004	3.71	3.13	4.68	3.31
11/10/2004	3.75	3.12	4.64	3.49
11/17/2004	3.69	3.05	4.56	3.45
11/24/2004	3.70	3.02	4.53	3.55
12/1/2004	3.73	2.99	4.52	3.66
12/8/2004	3.61	2.91	4.45	3.48
12/15/2004	3.56	2.85	4.39	3.45
12/22/2004	3.64	2.96	4.41	3.56
12/29/2004	3.73	3.03	4.49	3.66
1/5/2005	3.71	2.99	4.45	3.69
1/12/2005	3.68	2.94	4.42	3.67
1/19/2005	3.68	2.88	4.48	3.67
1/26/2005	3.70	2.92	4.50	3.67
2/2/2005	3.69	2.92	4.50	3.67
2/9/2005	3.62	2.86	4.46	3.55
2/16/2005	3.73	2.93	4.53	3.72
2/23/2005	3.84	3.03	4.67	3.81
3/2/2005	3.93	3.08	4.78	3.92
3/9/2005	3.97	3.05	4.79	4.05
3/16/2005	3.93	3.01	4.72	4.07
3/23/2005	4.00	3.08	4.75	4.18
3/30/2005	3.95	3.03	4.67	4.15
4/6/2005	3.86	2.94	4.62	4.01
4/13/2005	3.81	2.88	4.59	3.97
4/20/2005	3.73	2.82	4.55	3.81
4/27/2005	3.72	2.79	4.51	3.87
5/4/2005	3.70	2.77	4.49	3.83
5/11/2005	3.65	2.71	4.38	3.86
5/18/2005	3.58	2.70	4.30	3.75
5/25/2005	3.57	2.68	4.27	3.77
6/1/2005	3.48	2.60	4.21	3.62
6/8/2005	3.47	2.52	4.18	3.70
6/15/2005	3.62	2.66	4.34	3.85
6/22/2005	3.48	2.52	4.20	3.70
6/29/2005	3.49	2.55	4.15	3.75
7/6/2005	3.56	2.62	4.20	3.86
7/13/2005	3.60	2.65	4.20	3.94
7/20/2005	3.62	2.70	4.22	3.96
7/27/2005	3.64	2.64	4.21	4.06
8/3/2005	3.71	2.73	4.30	4.10
8/10/2005	3.76	2.77	4.33	4.19
8/17/2005	3.67	2.66	4.25	4.11
8/24/2005	3.62	2.63	4.19	4.04
8/31/2005	3.52	2.58	4.11	3.87
9/7/2005	3.55	2.56	4.16	3.94
9/14/2005	3.57	2.58	4.15	3.97
9/21/2005	3.56	2.54	4.12	4.02
9/28/2005	3.66	2.66	4.22	4.11
10/5/2005	3.71	2.71	4.20	4.23
10/12/2005	3.77	2.76	4.24	4.30
10/19/2005	3.80	2.79	4.29	4.32
10/26/2005	3.91	2.90	4.36	4.46
11/2/2005	3.95	3.00	4.37	4.49
11/9/2005	4.00	3.08	4.39	4.54
11/16/2005	3.88	2.98	4.22	4.43
11/23/2005	3.89	3.05	4.23	4.38
11/30/2005	3.89	3.04	4.23	4.42
12/7/2005	3.90	2.99	4.29	4.44
12/14/2005	3.89	3.00	4.29	4.37
12/21/2005	3.90	3.05	4.22	4.42
12/28/2005	3.82	2.98	4.13	4.33
1/4/2006	3.78	2.94	4.10	4.30
1/11/2006	3.86	3.00	4.16	4.41
1/18/2006	3.78	2.98	4.05	4.31
1/25/2006	3.91	3.10	4.18	4.44
2/1/2006	3.99	3.19	4.23	4.54
2/8/2006	3.98	3.16	4.22	4.58
2/15/2006	3.99	3.15	4.19	4.62
2/22/2006	3.94	3.10	4.14	4.57
3/1/2006	4.01	3.20	4.22	4.62
3/8/2006	4.12	3.32	4.30	4.73
3/15/2006	4.13	3.36	4.33	4.70
3/22/2006	4.12	3.34	4.34	4.69
3/29/2006	4.21	3.44	4.39	4.78
4/5/2006	4.22	3.51	4.38	4.79
4/12/2006	4.28	3.51	4.43	4.90
4/19/2006	4.32	3.55	4.49	4.90
4/26/2006	4.42	3.62	4.63	5.00
5/3/2006	4.42	3.63	4.65	5.00
5/10/2006	4.43	3.61	4.67	5.00
5/17/2006	4.45	3.62	4.72	5.02
5/24/2006	4.34	3.50	4.61	4.92
5/31/2006	4.41	3.59	4.62	5.02
6/7/2006	4.41	3.63	4.65	4.96
6/14/2006	4.38	3.54	4.58	5.01
6/21/2006	4.50	3.66	4.74	5.11
6/28/2006	4.57	3.73	4.76	5.20
7/5/2006	4.56	3.77	4.73	5.17
7/12/2006	4.51	3.74	4.69	5.08
7/19/2006	4.46	3.67	4.68	5.02
7/26/2006	4.45	3.67	4.69	4.99
8/2/2006	4.40	3.63	4.69	4.90
8/9/2006	4.43	3.65	4.78	4.87
8/16/2006	4.43	3.67	4.79	4.82
8/23/2006	4.35	3.58	4.68	4.79
8/30/2006	4.33	3.57	4.67	4.76
9/6/2006	4.36	3.62	4.68	4.77
9/13/2006	4.35	3.61	4.70	4.73
9/20/2006	4.36	3.61	4.75	4.72
9/27/2006	4.25	3.52	4.63	4.59
10/4/2006	4.26	3.54	4.69	4.55
10/11/2006	4.39	3.64	4.76	4.77
10/18/2006	4.39	3.64	4.79	4.75
10/25/2006	4.44	3.71	4.85	4.76
11/1/2006	4.28	3.58	4.70	4.56
11/8/2006	4.35	3.65	4.78	4.64
11/15/2006	4.33	3.63	4.73	4.65
11/22/2006	4.31	3.59	4.74	4.59
11/29/2006	4.29	3.60	4.73	4.54
12/6/2006	4.25	3.58	4.68	4.50
12/13/2006	4.35	3.67	4.80	4.58
12/20/2006	4.41	3.76	4.89	4.60
12/27/2006	4.47	3.81	4.95	4.66
1/3/2007	4.48	3.82	4.94	4.67
1/10/2007	4.51	3.88	4.97	4.70
1/17/2007	4.59	3.89	5.10	4.79
1/24/2007	4.61	3.91	5.12	4.81
1/31/2007	4.64	3.94	5.15	4.82
2/7/2007	4.60	3.88	5.16	4.75
2/14/2007	4.60	3.94	5.11	4.74
2/21/2007	4.56	3.92	5.05	4.71
2/28/2007	4.46	3.83	5.00	4.56
3/7/2007	4.42	3.80	4.97	4.50
3/14/2007	4.40	3.79	4.92	4.51
3/21/2007	4.46	3.84	5.04	4.50
3/28/2007	4.53	3.91	5.11	4.57
4/4/2007	4.58	3.95	5.17	4.61
4/11/2007	4.62	4.02	5.15	4.70
4/18/2007	4.61	4.03	5.18	4.62
4/25/2007	4.62	4.06	5.20	4.61
5/2/2007	4.65	4.09	5.24	4.60
5/9/2007	4.66	4.09	5.24	4.64
5/16/2007	4.70	4.18	5.27	4.67
5/23/2007	4.80	4.24	5.37	4.80
5/30/2007	4.83	4.26	5.39	4.83
6/6/2007	4.88	4.31	5.42	4.91
6/13/2007	5.04	4.45	5.58	5.08
6/20/2007	5.02	4.45	5.59	5.01
6/27/2007	4.95	4.37	5.54	4.95
7/4/2007	4.99	4.43	5.60	4.93
7/11/2007	4.98	4.42	5.56	4.95
7/18/2007	4.96	4.40	5.58	4.90
7/25/2007	4.86	4.29	5.47	4.80
8/1/2007	4.75	4.23	5.38	4.65
8/8/2007	4.84	4.31	5.47	4.75
8/15/2007	4.65	4.16	5.29	4.51
8/22/2007	4.57	4.09	5.24	4.37
8/29/2007	4.52	4.03	5.17	4.35
9/5/2007	4.48	4.03	5.17	4.25
9/12/2007	4.36	3.95	4.97	4.17
9/19/2007	4.46	4.09	5.05	4.24
9/26/2007	4.51	4.15	5.09	4.29
10/3/2007	4.45	4.09	4.99	4.26
10/10/2007	4.53	4.13	5.09	4.39
10/17/2007	4.52	4.19	5.10	4.26
10/24/2007	4.31	3.97	4.92	4.05
10/31/2007	4.42	4.07	5.00	4.18
11/7/2007	4.27	3.97	4.88	3.97
11/14/2007	4.21	3.96	4.76	3.91
11/21/2007	3.97	3.80	4.56	3.54
11/28/2007	4.07	3.90	4.69	3.62
12/5/2007	3.93	3.83	4.50	3.44
12/12/2007	4.14	4.08	4.78	3.56
12/19/2007	4.10	4.06	4.67	3.58
12/26/2007	4.16	4.08	4.58	3.81
1/2/2008	3.93	3.95	4.44	3.42
1/9/2008	3.83	3.85	4.36	3.28
1/16/2008	3.73	3.72	4.33	3.15
1/23/2008	3.56	3.54	4.33	2.80
1/30/2008	3.75	3.71	4.49	3.05
2/6/2008	3.56	3.55	4.32	2.82
2/13/2008	3.61	3.53	4.46	2.85
2/20/2008	3.73	3.62	4.47	3.09
2/27/2008	3.73	3.68	4.53	2.97
3/5/2008	3.51	3.50	4.31	2.73
3/12/2008	3.44	3.49	4.26	2.58
3/19/2008	3.32	3.49	4.07	2.41
3/26/2008	3.51	3.67	4.28	2.58
4/2/2008	3.58	3.74	4.25	2.74
4/9/2008	3.55	3.73	4.29	2.62
4/16/2008	3.64	3.77	4.29	2.84
4/23/2008	3.82	3.94	4.56	2.98
4/30/2008	3.81	3.90	4.53	3.01
5/7/2008	3.86	3.93	4.56	3.08
5/14/2008	3.97	3.98	4.71	3.22
5/21/2008	4.01	4.10	4.82	3.11
5/28/2008	4.16	4.18	4.95	3.35
6/4/2008	4.12	4.22	4.91	3.25
6/11/2008	4.37	4.44	5.19	3.48
6/18/2008	4.44	4.54	5.25	3.54
6/25/2008	4.39	4.50	5.18	3.48
7/2/2008	4.33	4.55	5.15	3.29
7/9/2008	4.12	4.33	4.90	3.13
7/16/2008	4.13	4.29	4.90	3.21
7/23/2008	4.35	4.52	5.06	3.47
7/30/2008	4.16	4.28	4.85	3.34
8/6/2008	4.09	4.21	4.76	3.29
8/13/2008	3.94	4.02	4.59	3.20
8/20/2008	3.86	3.97	4.58	3.01
8/27/2008	3.87	4.03	4.56	3.02
9/3/2008	3.82	4.02	4.47	2.96
9/10/2008	3.77	3.94	4.45	2.93
9/17/2008	3.57	3.81	4.35	2.55
9/24/2008	3.77	3.94	4.43	2.94
10/1/2008	3.57	3.63	4.21	2.87
10/8/2008	3.35	3.32	3.95	2.77
10/15/2008	3.63	3.55	4.36	2.98
10/22/2008	3.33	3.30	3.97	2.73
10/29/2008	3.31	3.15	3.86	2.92
11/5/2008	3.18	3.13	3.75	2.68
11/12/2008	2.96	2.92	3.40	2.58
11/19/2008	2.79	2.80	3.29	2.28
11/26/2008	2.65	2.68	3.18	2.10
12/3/2008	2.36	2.50	2.79	1.79
12/10/2008	2.51	2.71	3.02	1.81
12/17/2008	2.22	2.46	2.71	1.50
12/24/2008	2.15	2.36	2.54	1.57
12/31/2008	2.14	2.36	2.48	1.58
1/7/2009	2.25	2.43	2.60	1.72
1/14/2009	2.07	2.21	2.47	1.52
1/21/2009	2.19	2.23	2.57	1.77
1/28/2009	2.33	2.43	2.67	1.89
2/4/2009	2.42	2.43	2.76	2.06
2/11/2009	2.22	2.27	2.43	1.94
2/18/2009	2.15	2.13	2.36	1.96
2/25/2009	2.20	2.12	2.34	2.15
3/4/2009	2.24	2.17	2.41	2.14
3/11/2009	2.17	2.22	2.17	2.11
3/18/2009	2.10	2.29	2.28	1.73
3/25/2009	2.17	2.26	2.33	1.92
4/1/2009	2.03	2.11	2.21	1.76
4/8/2009	2.22	2.30	2.44	1.93
4/15/2009	2.15	2.23	2.39	1.83
4/22/2009	2.29	2.34	2.51	2.00
4/29/2009	2.23	2.24	2.39	2.07
5/6/2009	2.31	2.30	2.51	2.11
5/13/2009	2.26	2.34	2.42	2.03
5/20/2009	2.33	2.43	2.48	2.07
5/27/2009	2.49	2.54	2.52	2.42
6/3/2009	2.46	2.47	2.55	2.35
6/10/2009	2.73	2.66	2.78	2.76
6/17/2009	2.57	2.50	2.66	2.53
6/24/2009	2.51	2.42	2.54	2.58
7/1/2009	2.52	2.38	2.75	2.41
7/8/2009	2.34	2.25	2.59	2.19
7/15/2009	2.50	2.33	2.73	2.44
7/22/2009	2.50	2.33	2.80	2.36
7/29/2009	2.61	2.38	2.92	2.53
8/5/2009	2.60	2.39	2.82	2.59
8/12/2009	2.57	2.45	2.71	2.55
8/19/2009	2.37	2.29	2.51	2.32
8/26/2009	2.35	2.28	2.42	2.35
9/2/2009	2.29	2.25	2.43	2.18
9/9/2009	2.39	2.29	2.58	2.30
9/16/2009	2.37	2.29	2.51	2.33
9/23/2009	2.38	2.31	2.56	2.28
9/30/2009	2.30	2.23	2.47	2.20
10/7/2009	2.18	2.17	2.29	2.07
10/14/2009	2.30	2.26	2.39	2.25
10/21/2009	2.39	2.34	2.58	2.26
10/28/2009	2.34	2.27	2.50	2.24
11/4/2009	2.42	2.32	2.65	2.29
11/11/2009	2.35	2.28	2.56	2.23
11/18/2009	2.28	2.23	2.51	2.12
11/25/2009	2.25	2.24	2.48	2.03
12/2/2009	2.20	2.14	2.44	2.04
12/9/2009	2.22	2.12	2.46	2.10
12/16/2009	2.35	2.15	2.62	2.26
12/23/2009	2.44	2.22	2.72	2.39
12/30/2009	2.52	2.31	2.78	2.46
1/6/2010	2.51	2.30	2.78	2.46
1/13/2010	2.44	2.22	2.71	2.41
1/20/2010	2.42	2.15	2.79	2.31
1/27/2010	2.36	2.13	2.65	2.30
2/3/2010	2.37	2.15	2.67	2.31
2/10/2010	2.35	2.10	2.65	2.31
2/17/2010	2.36	2.06	2.71	2.32
2/24/2010	2.32	2.01	2.64	2.30
3/3/2010	2.30	2.02	2.67	2.22
3/10/2010	2.34	2.03	2.68	2.31
3/17/2010	2.31	2.00	2.65	2.28
3/24/2010	2.37	2.00	2.64	2.46
3/31/2010	2.35	2.00	2.61	2.43
4/7/2010	2.40	2.02	2.71	2.48
4/14/2010	2.39	2.03	2.67	2.47
4/21/2010	2.35	1.97	2.68	2.39
4/28/2010	2.32	1.89	2.65	2.41
5/5/2010	2.15	1.72	2.51	2.23
5/12/2010	2.16	1.72	2.51	2.25
5/19/2010	2.00	1.58	2.33	2.10
5/26/2010	1.93	1.49	2.26	2.04
6/2/2010	1.97	1.52	2.28	2.12
6/9/2010	1.89	1.45	2.24	1.98
6/16/2010	1.94	1.51	2.29	2.03
6/23/2010	1.89	1.55	2.21	1.91
6/30/2010	1.81	1.50	2.14	1.79
7/7/2010	1.84	1.56	2.14	1.81
7/14/2010	1.88	1.63	2.18	1.84
7/21/2010	1.83	1.63	2.16	1.70
7/28/2010	1.93	1.75	2.28	1.77
8/4/2010	1.82	1.63	2.14	1.69
8/11/2010	1.67	1.48	2.00	1.51
8/18/2010	1.61	1.42	1.92	1.50
8/25/2010	1.51	1.30	1.78	1.46
9/1/2010	1.56	1.36	1.83	1.48
9/8/2010	1.60	1.40	1.86	1.53
9/15/2010	1.66	1.51	1.92	1.55
9/22/2010	1.58	1.49	1.84	1.43
9/29/2010	1.54	1.45	1.79	1.39
10/6/2010	1.50	1.44	1.78	1.29
10/13/2010	1.51	1.47	1.77	1.29
10/20/2010	1.57	1.64	1.79	1.29
10/27/2010	1.72	1.75	1.94	1.48
11/3/2010	1.61	1.65	1.84	1.33
11/10/2010	1.66	1.63	1.98	1.36
11/17/2010	1.80	1.76	2.08	1.57
11/24/2010	1.84	1.78	2.10	1.63
12/1/2010	1.86	1.80	2.11	1.68
12/8/2010	2.04	1.96	2.27	1.89
12/15/2010	2.15	2.01	2.36	2.08
12/22/2010	2.07	1.90	2.32	1.98
12/29/2010	2.09	1.92	2.36	1.97
1/5/2011	2.10	1.89	2.34	2.08
1/12/2011	2.13	1.98	2.47	1.95
1/19/2011	2.15	2.09	2.43	1.93
1/26/2011	2.22	2.22	2.44	1.98
2/2/2011	2.32	2.34	2.59	2.05
2/9/2011	2.42	2.36	2.70	2.22
2/16/2011	2.38	2.28	2.65	2.22
2/23/2011	2.31	2.25	2.58	2.09
3/2/2011	2.30	2.29	2.54	2.06
3/9/2011	2.35	2.44	2.56	2.06
3/16/2011	2.12	2.22	2.31	1.84
3/23/2011	2.26	2.39	2.42	1.99
3/30/2011	2.37	2.48	2.51	2.10
4/6/2011	2.45	2.57	2.60	2.19
4/13/2011	2.40	2.59	2.51	2.09
4/20/2011	2.32	2.51	2.40	2.05
4/27/2011	2.30	2.52	2.41	1.98
5/4/2011	2.22	2.54	2.23	1.88
5/11/2011	2.16	2.37	2.30	1.82
5/18/2011	2.15	2.38	2.24	1.82
5/25/2011	2.07	2.28	2.18	1.76
6/1/2011	1.99	2.22	2.13	1.61
6/8/2011	1.99	2.28	2.13	1.57
6/15/2011	1.94	2.16	2.08	1.59
6/22/2011	1.93	2.14	2.03	1.61
6/29/2011	2.02	2.20	2.13	1.72
7/6/2011	1.98	2.18	2.06	1.70
7/13/2011	1.82	1.95	1.97	1.53
7/20/2011	1.83	1.97	1.96	1.56
7/27/2011	1.79	1.89	1.88	1.61
8/3/2011	1.57	1.66	1.70	1.36
8/10/2011	1.30	1.36	1.49	1.05
8/17/2011	1.31	1.39	1.50	1.04
8/24/2011	1.36	1.37	1.56	1.14
8/31/2011	1.37	1.38	1.64	1.08
9/7/2011	1.20	1.12	1.46	1.01
9/14/2011	1.17	1.13	1.39	1.00
9/21/2011	1.13	1.03	1.39	0.95
9/28/2011	1.26	1.23	1.49	1.06
10/5/2011	1.17	1.09	1.42	1.02
10/12/2011	1.39	1.37	1.61	1.21
10/19/2011	1.30	1.25	1.51	1.14
10/26/2011	1.28	1.20	1.47	1.17
11/2/2011	1.13	1.04	1.35	1.01
11/9/2011	1.07	0.94	1.28	0.99
11/16/2011	1.09	0.99	1.27	1.01
11/23/2011	1.13	1.16	1.26	0.96
11/30/2011	1.19	1.18	1.33	1.06
12/7/2011	1.10	1.10	1.20	1.00
12/14/2011	1.02	0.97	1.14	0.95
12/21/2011	1.03	0.97	1.13	1.00
12/28/2011	1.01	0.93	1.11	0.99
1/4/2012	1.03	0.93	1.15	1.01
1/11/2012	0.97	0.87	1.11	0.95
1/18/2012	0.97	0.86	1.10	0.94
1/25/2012	1.05	0.97	1.21	0.96
2/1/2012	0.96	0.89	1.13	0.88
2/8/2012	1.06	1.00	1.22	0.96
2/15/2012	1.00	0.93	1.12	0.94
2/22/2012	1.04	0.94	1.16	1.00
2/29/2012	1.01	0.88	1.14	0.99
3/7/2012	1.00	0.85	1.16	0.99
3/14/2012	1.17	0.98	1.30	1.23
3/21/2012	1.19	1.03	1.32	1.23
3/28/2012	1.09	0.92	1.20	1.15
4/4/2012	1.08	0.88	1.20	1.17
4/11/2012	0.98	0.80	1.10	1.02
4/18/2012	0.99	0.78	1.18	1.00
4/25/2012	0.99	0.80	1.18	0.99
5/2/2012	0.93	0.70	1.14	0.96
5/9/2012	0.88	0.65	1.06	0.91
5/16/2012	0.84	0.64	1.02	0.87
5/23/2012	0.79	0.58	0.92	0.86
5/30/2012	0.72	0.50	0.85	0.81
6/6/2012	0.77	0.58	0.88	0.85
6/13/2012	0.82	0.68	0.95	0.82
6/20/2012	0.85	0.76	0.94	0.86
6/27/2012	0.82	0.73	0.90	0.85
7/4/2012	0.80	0.63	0.94	0.83
7/11/2012	0.69	0.49	0.81	0.77
7/18/2012	0.63	0.43	0.72	0.73
7/25/2012	0.61	0.48	0.68	0.69
8/1/2012	0.67	0.52	0.72	0.76
8/8/2012	0.72	0.56	0.76	0.85
8/15/2012	0.81	0.66	0.85	0.92
8/22/2012	0.76	0.60	0.84	0.85
8/29/2012	0.71	0.56	0.75	0.82
9/5/2012	0.69	0.58	0.72	0.77
9/12/2012	0.81	0.71	0.87	0.85
9/19/2012	0.82	0.71	0.89	0.86
9/26/2012	0.72	0.61	0.79	0.77
10/3/2012	0.71	0.60	0.77	0.76
10/10/2012	0.76	0.63	0.84	0.81
10/17/2012	0.86	0.73	0.95	0.90
10/24/2012	0.83	0.68	0.91	0.89
10/31/2012	0.79	0.61	0.92	0.85
11/7/2012	0.73	0.53	0.84	0.81
11/14/2012	0.71	0.52	0.85	0.76
11/21/2012	0.79	0.59	0.95	0.82
11/28/2012	0.74	0.55	0.90	0.78
12/5/2012	0.73	0.54	0.91	0.76
12/12/2012	0.75	0.50	0.93	0.81
12/19/2012	0.84	0.57	1.06	0.89
12/26/2012	0.81	0.55	1.01	0.87
1/2/2013	0.86	0.59	1.08	0.90
1/9/2013	0.87	0.63	1.09	0.90
1/16/2013	0.87	0.68	1.07	0.88
1/23/2013	0.88	0.69	1.07	0.89
1/30/2013	0.99	0.85	1.15	0.99
2/6/2013	0.95	0.76	1.11	0.96
2/13/2013	1.00	0.78	1.19	1.02
2/20/2013	0.96	0.75	1.15	0.99
2/27/2013	0.83	0.59	1.00	0.91
3/6/2013	0.83	0.58	0.97	0.93
3/13/2013	0.86	0.60	0.97	1.00
3/20/2013	0.79	0.53	0.90	0.94
3/27/2013	0.72	0.45	0.82	0.88
4/3/2013	0.73	0.48	0.85	0.86
4/10/2013	0.76	0.51	0.89	0.87
4/17/2013	0.70	0.45	0.82	0.82
4/24/2013	0.71	0.46	0.84	0.81
5/1/2013	0.68	0.46	0.83	0.76
5/8/2013	0.75	0.49	0.91	0.85
5/15/2013	0.84	0.55	1.03	0.94
5/22/2013	0.85	0.55	1.01	0.99
5/29/2013	0.94	0.64	1.09	1.08
6/5/2013	0.94	0.64	1.11	1.08
6/12/2013	1.05	0.72	1.24	1.18
6/19/2013	1.05	0.69	1.22	1.25
6/26/2013	1.22	0.84	1.41	1.42
7/3/2013	1.18	0.76	1.39	1.39
7/10/2013	1.20	0.73	1.37	1.50
7/17/2013	1.09	0.66	1.27	1.34
7/24/2013	1.17	0.75	1.35	1.40
7/31/2013	1.15	0.77	1.30	1.39
8/7/2013	1.20	0.79	1.43	1.39
8/14/2013	1.31	0.89	1.55	1.48
8/21/2013	1.37	0.92	1.59	1.61
8/28/2013	1.36	0.93	1.57	1.57
9/4/2013	1.42	0.97	1.63	1.67
9/11/2013	1.46	1.00	1.73	1.66
9/18/2013	1.39	0.97	1.75	1.44
9/25/2013	1.27	0.84	1.55	1.42
10/2/2013	1.25	0.83	1.52	1.40
10/9/2013	1.27	0.84	1.52	1.46
10/16/2013	1.34	0.93	1.64	1.45
10/23/2013	1.20	0.81	1.47	1.33
10/30/2013	1.19	0.77	1.44	1.35
11/6/2013	1.25	0.79	1.57	1.40
11/13/2013	1.28	0.76	1.61	1.46
11/20/2013	1.26	0.76	1.57	1.46
11/27/2013	1.27	0.78	1.59	1.43
12/4/2013	1.36	0.85	1.70	1.51
12/11/2013	1.37	0.89	1.69	1.53
12/18/2013	1.41	0.92	1.74	1.56
12/25/2013	1.49	0.95	1.84	1.68
1/1/2014	1.52	0.98	1.87	1.70
1/8/2014	1.51	0.98	1.85	1.71
1/15/2014	1.44	0.93	1.77	1.63
1/22/2014	1.44	0.86	1.81	1.64
1/29/2014	1.33	0.78	1.71	1.50
2/5/2014	1.28	0.71	1.65	1.48
2/12/2014	1.36	0.76	1.77	1.56
2/19/2014	1.31	0.73	1.69	1.51
2/26/2014	1.29	0.71	1.70	1.47
3/5/2014	1.30	0.71	1.69	1.51
3/12/2014	1.32	0.72	1.71	1.54
3/19/2014	1.35	0.73	1.68	1.64
3/26/2014	1.34	0.71	1.70	1.60
4/2/2014	1.40	0.76	1.77	1.68
4/9/2014	1.34	0.74	1.70	1.57
4/16/2014	1.30	0.67	1.68	1.56
4/23/2014	1.35	0.72	1.72	1.60
4/30/2014	1.33	0.68	1.73	1.57
5/7/2014	1.33	0.69	1.76	1.54
5/14/2014	1.25	0.59	1.68	1.47
5/21/2014	1.26	0.59	1.74	1.46
5/28/2014	1.20	0.53	1.65	1.41
6/4/2014	1.30	0.59	1.77	1.54
6/11/2014	1.31	0.55	1.80	1.57
6/18/2014	1.33	0.54	1.87	1.58
6/25/2014	1.28	0.49	1.82	1.54
7/2/2014	1.34	0.50	1.93	1.58
7/9/2014	1.30	0.47	1.87	1.56
7/16/2014	1.30	0.46	1.87	1.57
7/23/2014	1.25	0.44	1.79	1.53
7/30/2014	1.30	0.46	1.83	1.61
8/6/2014	1.24	0.42	1.77	1.52
8/13/2014	1.18	0.37	1.69	1.48
8/20/2014	1.19	0.36	1.68	1.52
8/27/2014	1.13	0.32	1.56	1.50
9/3/2014	1.17	0.33	1.64	1.53
9/10/2014	1.19	0.32	1.63	1.62
9/17/2014	1.22	0.33	1.68	1.66
9/24/2014	1.21	0.32	1.69	1.64
10/1/2014	1.13	0.25	1.59	1.54
10/8/2014	1.07	0.27	1.49	1.46
10/15/2014	0.91	0.20	1.24	1.30
10/22/2014	1.02	0.27	1.43	1.37
10/29/2014	1.07	0.29	1.45	1.48
11/5/2014	1.07	0.24	1.48	1.50
11/12/2014	1.06	0.23	1.42	1.51
11/19/2014	1.06	0.28	1.38	1.51
11/26/2014	0.97	0.21	1.26	1.43
12/3/2014	1.00	0.23	1.31	1.47
12/10/2014	0.96	0.20	1.26	1.43
12/17/2014	0.92	0.15	1.14	1.46
12/24/2014	0.98	0.14	1.23	1.58
12/31/2014	0.91	0.10	1.13	1.49
1/7/2015	0.82	0.08	1.03	1.34
1/14/2015	0.75	0.06	0.98	1.22
1/21/2015	0.75	0.07	0.95	1.24
1/28/2015	0.70	0.01	0.94	1.15
2/4/2015	0.73	0.00	1.01	1.20
2/11/2015	0.82	-0.02	1.10	1.38
2/18/2015	0.86	-0.02	1.20	1.39
2/25/2015	0.80	-0.05	1.11	1.34
3/4/2015	0.90	-0.01	1.27	1.45
3/11/2015	0.86	-0.09	1.22	1.45
3/18/2015	0.75	-0.08	1.04	1.30
3/25/2015	0.73	-0.06	0.96	1.30
4/1/2015	0.72	-0.09	1.00	1.24
4/8/2015	0.73	-0.11	1.04	1.25
4/15/2015	0.71	-0.13	1.03	1.24
4/22/2015	0.79	-0.09	1.15	1.31
4/29/2015	0.85	-0.03	1.23	1.34
5/6/2015	0.97	0.12	1.32	1.47
5/13/2015	0.99	0.18	1.33	1.47
5/20/2015	0.97	0.13	1.31	1.46
5/27/2015	0.92	0.08	1.27	1.42
6/3/2015	1.06	0.25	1.37	1.57
6/10/2015	1.12	0.30	1.41	1.66
6/17/2015	1.04	0.21	1.38	1.52
6/24/2015	1.08	0.23	1.45	1.57
7/1/2015	1.06	0.19	1.42	1.59
7/8/2015	0.94	0.12	1.28	1.41
7/15/2015	1.05	0.16	1.46	1.51
7/22/2015	1.03	0.14	1.41	1.54
7/29/2015	0.99	0.11	1.37	1.50
8/5/2015	1.01	0.13	1.38	1.53
8/12/2015	0.90	0.04	1.24	1.43
8/19/2015	0.92	0.06	1.29	1.41
8/26/2015	0.94	0.12	1.26	1.44
9/2/2015	0.97	0.16	1.27	1.47
9/9/2015	0.93	0.10	1.21	1.47
9/16/2015	0.99	0.15	1.27	1.56
9/23/2015	0.87	0.05	1.16	1.41
9/30/2015	0.84	0.05	1.13	1.33
10/7/2015	0.85	0.05	1.17	1.33
10/14/2015	0.79	0.02	1.10	1.26
10/21/2015	0.83	0.04	1.12	1.32
10/28/2015	0.83	-0.07	1.14	1.41
11/4/2015	0.97	0.02	1.32	1.56
11/11/2015	1.00	0.00	1.35	1.64
11/18/2015	0.94	-0.05	1.26	1.61
11/25/2015	0.91	-0.09	1.23	1.60
12/2/2015	0.87	-0.11	1.14	1.58
12/9/2015	0.95	0.02	1.22	1.61
12/16/2015	1.00	0.05	1.26	1.70
12/23/2015	0.99	0.03	1.26	1.67
12/30/2015	1.02	0.03	1.31	1.71
1/6/2016	0.90	-0.05	1.13	1.60
1/13/2016	0.84	-0.04	1.08	1.49
1/20/2016	0.77	-0.10	0.99	1.42
1/27/2016	0.77	-0.13	1.03	1.42
2/3/2016	0.65	-0.22	0.87	1.29
2/10/2016	0.59	-0.25	0.82	1.19
2/17/2016	0.63	-0.24	0.85	1.27
2/24/2016	0.56	-0.29	0.74	1.24
3/2/2016	0.63	-0.29	0.83	1.35
3/9/2016	0.66	-0.27	0.86	1.39
3/16/2016	0.70	-0.20	0.91	1.40
3/23/2016	0.65	-0.26	0.85	1.35
3/30/2016	0.62	-0.28	0.86	1.27
4/6/2016	0.57	-0.30	0.79	1.22
4/13/2016	0.58	-0.31	0.84	1.22
4/20/2016	0.62	-0.30	0.86	1.29
4/27/2016	0.69	-0.23	0.99	1.32
5/4/2016	0.63	-0.27	0.91	1.23
5/11/2016	0.57	-0.31	0.81	1.20
5/18/2016	0.65	-0.29	0.86	1.37
5/25/2016	0.66	-0.30	0.91	1.38
6/1/2016	0.63	-0.31	0.84	1.37
6/8/2016	0.54	-0.35	0.76	1.23
6/15/2016	0.46	-0.40	0.67	1.12
6/22/2016	0.56	-0.37	0.85	1.19
6/29/2016	0.35	-0.48	0.50	1.04
7/6/2016	0.28	-0.53	0.40	0.96
7/13/2016	0.31	-0.51	0.39	1.06
7/20/2016	0.38	-0.46	0.45	1.14
7/27/2016	0.33	-0.49	0.36	1.10
8/3/2016	0.35	-0.45	0.42	1.08
8/10/2016	0.27	-0.51	0.24	1.08
8/17/2016	0.32	-0.46	0.29	1.14
8/24/2016	0.32	-0.48	0.30	1.14
8/31/2016	0.34	-0.47	0.29	1.19
9/7/2016	0.30	-0.52	0.27	1.13
9/14/2016	0.40	-0.44	0.42	1.23
9/21/2016	0.37	-0.45	0.35	1.21
9/28/2016	0.29	-0.55	0.27	1.15
10/5/2016	0.38	-0.47	0.36	1.27
10/12/2016	0.47	-0.43	0.52	1.31
10/19/2016	0.45	-0.45	0.55	1.27
10/26/2016	0.51	-0.41	0.62	1.31
11/2/2016	0.50	-0.38	0.60	1.28
11/9/2016	0.59	-0.35	0.63	1.49
11/16/2016	0.70	-0.29	0.74	1.65
11/23/2016	0.73	-0.34	0.75	1.78
11/30/2016	0.71	-0.36	0.69	1.78
12/7/2016	0.71	-0.30	0.67	1.76
12/14/2016	0.75	-0.37	0.67	1.94
12/21/2016	0.73	-0.40	0.66	1.93
12/28/2016	0.69	-0.44	0.61	1.91
1/4/2017	0.71	-0.39	0.66	1.86
1/11/2017	0.71	-0.37	0.69	1.80
1/18/2017	0.72	-0.35	0.67	1.83
1/25/2017	0.79	-0.27	0.75	1.89
2/1/2017	0.78	-0.27	0.76	1.85
2/8/2017	0.65	-0.40	0.59	1.75
2/15/2017	0.73	-0.36	0.64	1.91
2/22/2017	0.64	-0.45	0.56	1.83
3/1/2017	0.66	-0.43	0.51	1.90
3/8/2017	0.71	-0.38	0.52	2.00
3/15/2017	0.70	-0.34	0.49	1.95
3/22/2017	0.69	-0.31	0.51	1.86
3/29/2017	0.68	-0.34	0.53	1.86
4/5/2017	0.63	-0.40	0.48	1.80
4/12/2017	0.59	-0.45	0.45	1.77
4/19/2017	0.59	-0.42	0.48	1.71
4/26/2017	0.66	-0.30	0.47	1.80
5/3/2017	0.66	-0.32	0.47	1.82
5/10/2017	0.73	-0.24	0.53	1.89
5/17/2017	0.65	-0.27	0.50	1.74
5/24/2017	0.66	-0.26	0.47	1.78
5/31/2017	0.62	-0.33	0.46	1.75
6/7/2017	0.61	-0.35	0.44	1.74
6/14/2017	0.59	-0.35	0.40	1.73
6/21/2017	0.65	-0.30	0.49	1.75
6/28/2017	0.72	-0.22	0.61	1.78
7/5/2017	0.79	-0.17	0.67	1.88
7/12/2017	0.79	-0.14	0.68	1.84
7/19/2017	0.75	-0.16	0.61	1.80
7/26/2017	0.76	-0.16	0.63	1.81
8/2/2017	0.74	-0.22	0.64	1.80
8/9/2017	0.70	-0.25	0.57	1.78
8/16/2017	0.69	-0.24	0.54	1.77
8/23/2017	0.65	-0.29	0.51	1.74
8/30/2017	0.63	-0.31	0.49	1.72
9/6/2017	0.61	-0.32	0.47	1.69
9/13/2017	0.70	-0.29	0.61	1.76
9/20/2017	0.80	-0.25	0.79	1.86
9/27/2017	0.82	-0.24	0.83	1.87
10/4/2017	0.82	-0.25	0.82	1.89
10/11/2017	0.84	-0.23	0.83	1.91
10/18/2017	0.81	-0.27	0.77	1.94
10/25/2017	0.89	-0.21	0.88	2.00
11/1/2017	0.84	-0.29	0.85	1.97
11/8/2017	0.80	-0.32	0.75	1.96
11/15/2017	0.84	-0.28	0.80	1.99
11/22/2017	0.85	-0.28	0.80	2.01
11/29/2017	0.89	-0.25	0.87	2.05
12/6/2017	0.85	-0.32	0.80	2.06
12/13/2017	0.85	-0.31	0.79	2.07
12/20/2017	0.92	-0.22	0.82	2.18
12/27/2017	0.89	-0.21	0.75	2.15
1/3/2018	0.93	-0.16	0.79	2.18
1/10/2018	0.99	-0.14	0.86	2.25
1/17/2018	1.03	-0.09	0.89	2.30
1/24/2018	1.08	-0.08	0.98	2.35
1/31/2018	1.16	0.03	1.04	2.43
2/7/2018	1.20	0.04	1.05	2.50
2/14/2018	1.26	0.05	1.15	2.58
2/21/2018	1.24	0.03	1.09	2.61
2/28/2018	1.21	-0.02	1.07	2.57
3/7/2018	1.21	-0.02	1.08	2.57
3/14/2018	1.17	-0.06	1.04	2.53
3/21/2018	1.23	-0.06	1.16	2.60
3/28/2018	1.15	-0.12	1.04	2.52
4/4/2018	1.16	-0.12	1.06	2.53
4/11/2018	1.17	-0.10	1.09	2.54
4/18/2018	1.21	-0.09	1.09	2.63
4/25/2018	1.30	-0.02	1.16	2.75
5/2/2018	1.23	-0.06	1.04	2.71
5/9/2018	1.26	-0.07	1.10	2.75
5/16/2018	1.30	-0.03	1.11	2.83
5/23/2018	1.23	-0.11	1.06	2.75
5/30/2018	1.09	-0.21	0.88	2.61
6/6/2018	1.21	-0.14	1.03	2.74
6/13/2018	1.22	-0.12	1.01	2.76
6/20/2018	1.16	-0.20	0.97	2.72
6/27/2018	1.12	-0.24	0.95	2.64
7/4/2018	1.13	-0.24	0.97	2.66
7/11/2018	1.15	-0.22	1.01	2.68
7/18/2018	1.14	-0.24	0.96	2.71
7/25/2018	1.18	-0.20	0.99	2.75
8/1/2018	1.25	-0.13	1.07	2.80
8/8/2018	1.20	-0.19	1.02	2.77
8/15/2018	1.12	-0.27	0.95	2.69
8/22/2018	1.14	-0.23	1.00	2.66
8/29/2018	1.20	-0.18	1.06	2.73
9/5/2018	1.20	-0.18	1.05	2.73
9/12/2018	1.24	-0.16	1.07	2.80
9/19/2018	1.32	-0.11	1.16	2.89
9/26/2018	1.32	-0.07	1.15	2.89
10/3/2018	1.33	-0.11	1.14	2.95
10/10/2018	1.40	-0.06	1.26	3.00
10/17/2018	1.33	-0.13	1.13	2.98
10/24/2018	1.25	-0.19	1.04	2.90
10/31/2018	1.26	-0.19	1.03	2.95
11/7/2018	1.33	-0.14	1.11	3.02
11/14/2018	1.28	-0.18	1.08	2.93
11/21/2018	1.23	-0.19	0.99	2.88
11/28/2018	1.22	-0.20	0.99	2.88
12/5/2018	1.17	-0.25	0.96	2.79
12/12/2018	1.16	-0.23	0.93	2.79
12/19/2018	1.11	-0.27	0.94	2.66
12/26/2018	1.11	-0.28	0.93	2.68
1/2/2019	1.05	-0.30	0.90	2.54
1/9/2019	1.09	-0.26	0.93	2.60
1/16/2019	1.10	-0.29	1.01	2.59
1/23/2019	1.12	-0.28	1.00	2.62
1/30/2019	1.08	-0.28	0.96	2.56
2/6/2019	1.06	-0.28	0.92	2.56
2/13/2019	1.05	-0.31	0.90	2.58
2/20/2019	1.03	-0.33	0.90	2.53
2/27/2019	1.09	-0.29	1.01	2.55
3/6/2019	1.07	-0.29	0.94	2.55
3/13/2019	1.03	-0.34	0.93	2.49
3/20/2019	1.00	-0.31	0.89	2.43
3/27/2019	0.88	-0.43	0.79	2.27
4/3/2019	0.95	-0.38	0.83	2.39
4/10/2019	0.93	-0.40	0.84	2.35
4/17/2019	1.03	-0.33	0.96	2.46
4/24/2019	0.97	-0.38	0.90	2.38
5/1/2019	0.97	-0.37	0.89	2.38
5/8/2019	0.94	-0.41	0.89	2.36
5/15/2019	0.88	-0.45	0.84	2.24
5/22/2019	0.89	-0.44	0.82	2.28
5/29/2019	0.79	-0.49	0.70	2.16
6/5/2019	0.71	-0.53	0.67	1.98
6/12/2019	0.72	-0.53	0.69	1.98
6/19/2019	0.67	-0.57	0.69	1.88
6/26/2019	0.66	-0.58	0.66	1.90
7/3/2019	0.58	-0.63	0.55	1.83
7/10/2019	0.65	-0.58	0.61	1.92
7/17/2019	0.64	-0.60	0.60	1.92
7/24/2019	0.59	-0.66	0.52	1.91
7/31/2019	0.57	-0.69	0.47	1.93
8/7/2019	0.41	-0.79	0.40	1.63
8/14/2019	0.39	-0.83	0.40	1.59
8/21/2019	0.38	-0.85	0.42	1.57
8/28/2019	0.32	-0.86	0.34	1.49
9/4/2019	0.33	-0.85	0.38	1.45
9/11/2019	0.47	-0.78	0.50	1.70
9/18/2019	0.53	-0.69	0.51	1.78
9/25/2019	0.47	-0.72	0.42	1.70
10/2/2019	0.39	-0.72	0.36	1.54
10/9/2019	0.38	-0.72	0.34	1.51
10/16/2019	0.53	-0.60	0.54	1.64
10/23/2019	0.53	-0.59	0.53	1.65
10/30/2019	0.55	-0.56	0.53	1.67
11/6/2019	0.57	-0.55	0.58	1.69
11/13/2019	0.60	-0.53	0.59	1.73
11/20/2019	0.55	-0.56	0.59	1.63
11/27/2019	0.55	-0.56	0.54	1.69
12/4/2019	0.58	-0.54	0.60	1.66
12/11/2019	0.59	-0.55	0.63	1.69
12/18/2019	0.63	-0.50	0.62	1.77
12/25/2019	0.62	-0.50	0.61	1.75
1/1/2020	0.66	-0.45	0.68	1.74
1/8/2020	0.63	-0.48	0.65	1.71
1/15/2020	0.56	-0.47	0.50	1.65
1/22/2020	0.54	-0.49	0.49	1.62
1/29/2020	0.45	-0.57	0.44	1.48
2/5/2020	0.49	-0.56	0.50	1.53
2/12/2020	0.49	-0.57	0.54	1.51
2/19/2020	0.47	-0.59	0.52	1.47
2/26/2020	0.33	-0.66	0.42	1.23

Slope Factor

Percent

Date	Germany	United Kingdom	United States
1/6/1999	1.38	-1.53	0.47
1/13/1999	1.45	-1.29	0.56
1/20/1999	1.45	-1.36	0.54
1/27/1999	1.40	-1.54	0.41
2/3/1999	1.47	-1.36	0.58
2/10/1999	1.57	-0.90	0.69
2/17/1999	1.78	-0.66	0.80
2/24/1999	1.74	-0.70	0.85
3/3/1999	1.89	-0.49	0.97
3/10/1999	1.92	-0.43	0.98
3/17/1999	1.82	-0.52	0.92
3/24/1999	1.95	-0.35	1.03
3/31/1999	2.07	-0.25	1.15
4/7/1999	1.99	-0.52	0.98
4/14/1999	2.07	-0.60	0.98
4/21/1999	2.15	-0.57	1.02
4/28/1999	2.17	-0.48	1.00
5/5/1999	2.29	-0.23	1.19
5/12/1999	2.47	-0.10	1.31
5/19/1999	2.49	0.00	1.36
5/26/1999	2.47	0.03	1.29
6/2/1999	2.65	0.19	1.43
6/9/1999	2.74	0.36	1.46
6/16/1999	2.70	0.48	1.47
6/23/1999	2.90	0.71	1.50
6/30/1999	2.98	0.69	1.38
7/7/1999	3.24	0.86	1.40
7/14/1999	3.19	0.90	1.22
7/21/1999	3.04	0.81	1.35
7/28/1999	3.07	0.63	1.44
8/4/1999	3.28	0.39	1.49
8/11/1999	3.31	0.66	1.61
8/18/1999	3.25	0.50	1.42
8/25/1999	3.07	0.27	1.22
9/1/1999	3.22	0.37	1.35
9/8/1999	3.42	0.45	1.35
9/15/1999	3.56	0.37	1.38
9/22/1999	3.50	0.41	1.34
9/29/1999	3.44	0.44	1.41
10/6/1999	3.26	0.22	1.45
10/13/1999	3.34	0.37	1.53
10/20/1999	3.27	0.34	1.59
10/27/1999	3.09	0.13	1.44
11/3/1999	2.70	-0.50	1.19
11/10/1999	2.61	-0.51	1.00
11/17/1999	2.59	-0.65	0.95
11/24/1999	2.72	-0.56	1.03
12/1/1999	2.71	-0.73	1.09
12/8/1999	2.45	-0.90	0.98
12/15/1999	2.52	-1.03	0.95
12/22/1999	2.69	-0.87	1.09
12/29/1999	2.81	-0.90	1.23
1/5/2000	2.83	-0.69	1.23
1/12/2000	2.87	-0.68	1.23
1/19/2000	3.01	-0.52	1.28
1/26/2000	2.89	-0.56	1.06
2/2/2000	2.63	-0.76	0.77
2/9/2000	2.69	-0.74	0.87
2/16/2000	2.68	-0.79	0.83
2/23/2000	2.37	-1.09	0.60
3/1/2000	2.41	-1.10	0.62
3/8/2000	2.18	-1.21	0.60
3/15/2000	1.91	-1.29	0.35
3/22/2000	1.87	-1.31	0.06
3/29/2000	1.88	-1.30	-0.03
4/5/2000	1.77	-1.47	-0.18
4/12/2000	1.69	-1.35	-0.11
4/19/2000	1.74	-1.24	0.10
4/26/2000	1.63	-1.29	0.03
5/3/2000	1.48	-1.23	0.07
5/10/2000	1.35	-1.24	0.03
5/17/2000	1.18	-1.14	0.00
5/24/2000	0.99	-1.09	0.02
5/31/2000	0.77	-1.42	-0.10
6/7/2000	0.71	-1.44	-0.27
6/14/2000	0.63	-1.37	-0.27
6/21/2000	0.72	-1.20	-0.20
6/28/2000	0.68	-1.19	-0.23
7/5/2000	0.71	-1.14	-0.26
7/12/2000	0.66	-1.12	-0.30
7/19/2000	0.57	-1.12	-0.29
7/26/2000	0.38	-1.22	-0.40
8/2/2000	0.34	-1.16	-0.50
8/9/2000	0.31	-1.09	-0.55
8/16/2000	0.15	-1.05	-0.65
8/23/2000	0.15	-1.04	-0.68
8/30/2000	0.22	-1.07	-0.65
9/6/2000	0.22	-1.04	-0.56
9/13/2000	0.30	-0.85	-0.43
9/20/2000	0.43	-0.81	-0.32
9/27/2000	0.30	-0.84	-0.48
10/4/2000	0.29	-0.96	-0.46
10/11/2000	0.20	-1.13	-0.53
10/18/2000	0.16	-1.02	-0.64
10/25/2000	0.06	-0.90	-0.80
11/1/2000	0.05	-0.86	-0.67
11/8/2000	0.13	-0.83	-0.59
11/15/2000	0.13	-0.84	-0.68
11/22/2000	0.07	-0.95	-0.80
11/29/2000	-0.02	-1.07	-0.83
12/6/2000	-0.01	-0.95	-0.76
12/13/2000	0.02	-0.87	-0.85
12/20/2000	0.06	-0.80	-0.70
12/27/2000	0.16	-0.72	-0.54
1/3/2001	0.21	-0.89	-0.03
1/10/2001	0.29	-0.76	0.30
1/17/2001	0.30	-0.72	0.31
1/24/2001	0.36	-0.71	0.55
1/31/2001	0.31	-0.78	0.68
2/7/2001	0.24	-0.82	0.57
2/14/2001	0.24	-0.75	0.62
2/21/2001	0.24	-0.61	0.81
2/28/2001	0.23	-0.59	0.82
3/7/2001	0.19	-0.65	0.84
3/14/2001	0.17	-0.63	0.99
3/21/2001	0.28	-0.63	1.10
3/28/2001	0.48	-0.44	1.37
4/4/2001	0.55	-0.29	1.67
4/11/2001	0.54	-0.20	1.75
4/18/2001	0.50	0.03	1.99
4/25/2001	0.46	0.14	2.35
5/2/2001	0.43	0.16	2.29
5/9/2001	0.59	0.14	2.50
5/16/2001	1.00	0.16	2.78
5/23/2001	1.06	0.22	2.77
5/30/2001	1.13	0.27	2.87
6/6/2001	1.11	0.13	2.74
6/13/2001	1.07	-0.06	2.80
6/20/2001	1.02	-0.10	2.86
6/27/2001	1.12	-0.01	2.78
7/4/2001	1.17	0.12	2.84
7/11/2001	1.12	0.06	2.84
7/18/2001	1.04	0.00	2.72
7/25/2001	0.98	0.04	2.73
8/1/2001	0.99	0.24	2.76
8/8/2001	0.99	0.40	2.87
8/15/2001	1.02	0.30	2.85
8/22/2001	1.10	0.22	2.74
8/29/2001	1.08	0.25	2.72
9/5/2001	1.15	0.54	2.81
9/12/2001	1.35	0.75	3.34
9/19/2001	1.90	1.02	3.90
9/26/2001	2.08	1.14	3.96
10/3/2001	2.01	1.00	3.91
10/10/2001	2.00	0.93	4.11
10/17/2001	1.93	0.99	4.08
10/24/2001	1.89	1.12	4.17
10/31/2001	1.78	1.03	4.11
11/7/2001	1.89	1.18	4.21
11/14/2001	2.04	1.39	4.45
11/21/2001	2.08	1.41	4.75
11/28/2001	2.13	1.34	4.95
12/5/2001	2.19	1.36	5.07
12/12/2001	2.33	1.40	5.53
12/19/2001	2.45	1.34	5.44
12/26/2001	2.60	1.43	5.45
1/2/2002	2.69	1.51	5.47
1/9/2002	2.37	1.16	5.43
1/16/2002	2.21	1.17	5.30
1/23/2002	2.21	1.23	5.24
1/30/2002	2.26	1.17	5.17
2/6/2002	2.23	1.15	5.10
2/13/2002	2.31	1.18	5.14
2/20/2002	2.28	1.23	5.05
2/27/2002	2.30	1.33	5.00
3/6/2002	2.43	1.37	5.11
3/13/2002	2.44	1.39	5.23
3/20/2002	2.42	1.42	5.16
3/27/2002	2.34	1.37	5.13
4/3/2002	2.29	1.33	5.14
4/10/2002	2.33	1.39	5.14
4/17/2002	2.38	1.44	5.20
4/24/2002	2.39	1.51	5.17
5/1/2002	2.36	1.49	5.11
5/8/2002	2.31	1.52	5.18
5/15/2002	2.22	1.55	5.25
5/22/2002	2.12	1.43	5.13
5/29/2002	2.14	1.47	5.03
6/5/2002	2.14	1.36	5.01
6/12/2002	2.09	1.29	4.96
6/19/2002	2.02	1.15	4.89
6/26/2002	2.05	1.19	4.95
7/3/2002	2.14	1.33	4.98
7/10/2002	2.11	1.43	4.89
7/17/2002	2.07	1.50	4.90
7/24/2002	2.05	1.63	4.71
7/31/2002	2.07	1.78	4.77
8/7/2002	1.98	1.62	4.67
8/14/2002	1.82	1.49	4.38
8/21/2002	1.86	1.52	4.44
8/28/2002	1.87	1.46	4.30
9/4/2002	1.82	1.34	4.01
9/11/2002	1.82	1.25	3.94
9/18/2002	1.76	1.21	3.74
9/25/2002	1.80	1.34	3.65
10/2/2002	1.96	1.40	3.84
10/9/2002	2.00	1.35	3.76
10/16/2002	2.17	1.44	4.15
10/23/2002	2.32	1.56	4.30
10/30/2002	2.24	1.59	4.38
11/6/2002	2.34	1.59	4.44
11/13/2002	2.25	1.30	4.38
11/20/2002	2.47	1.29	4.54
11/27/2002	2.52	1.33	4.73
12/4/2002	2.52	1.29	4.80
12/11/2002	2.49	1.27	4.61
12/18/2002	2.50	1.20	4.65
12/25/2002	2.49	1.16	4.53
1/1/2003	2.52	1.19	4.53
1/8/2003	2.57	1.20	4.77
1/15/2003	2.51	1.16	4.81
1/22/2003	2.34	1.01	4.62
1/29/2003	2.31	1.01	4.67
2/5/2003	2.33	1.15	4.67
2/12/2003	2.38	1.30	4.62
2/19/2003	2.36	1.28	4.48
2/26/2003	2.48	1.40	4.31
3/5/2003	2.47	1.36	4.15
3/12/2003	2.45	1.35	4.20
3/19/2003	2.81	1.68	4.55
3/26/2003	2.84	1.62	4.63
4/2/2003	2.86	1.67	4.62
4/9/2003	2.94	1.76	4.65
4/16/2003	2.76	1.63	4.56
4/23/2003	2.75	1.66	4.58
4/30/2003	2.80	1.66	4.57
5/7/2003	2.71	1.50	4.33
5/14/2003	2.64	1.28	3.98
5/21/2003	2.50	1.24	3.75
5/28/2003	2.54	1.25	3.72
6/4/2003	2.63	1.20	3.74
6/11/2003	2.56	1.04	3.66
6/18/2003	2.69	1.17	3.91
6/25/2003	2.84	1.33	4.01
7/2/2003	3.02	1.51	4.22
7/9/2003	3.05	1.60	4.43
7/16/2003	3.09	1.85	4.74
7/23/2003	3.13	1.87	5.14
7/30/2003	3.20	1.85	5.47
8/6/2003	3.06	1.60	5.30
8/13/2003	3.10	1.64	5.47
8/20/2003	3.13	1.70	5.45
8/27/2003	3.11	1.64	5.48
9/3/2003	3.27	1.65	5.56
9/10/2003	3.24	1.62	5.34
9/17/2003	3.16	1.50	5.14
9/24/2003	3.12	1.44	5.02
10/1/2003	3.15	1.48	4.90
10/8/2003	3.26	1.52	5.21
10/15/2003	3.32	1.65	5.35
10/22/2003	3.27	1.54	5.18
10/29/2003	3.28	1.54	5.11
11/5/2003	3.34	1.53	5.21
11/12/2003	3.39	1.57	5.15
11/19/2003	3.33	1.51	4.90
11/26/2003	3.34	1.53	4.94
12/3/2003	3.35	1.47	5.10
12/10/2003	3.34	1.40	5.06
12/17/2003	3.30	1.29	4.98
12/24/2003	3.26	1.27	4.97
12/31/2003	3.35	1.28	5.12
1/7/2004	3.34	1.20	5.08
1/14/2004	3.24	1.16	4.79
1/21/2004	3.25	1.14	4.81
1/28/2004	3.29	1.13	4.92
2/4/2004	3.29	1.14	4.91
2/11/2004	3.24	1.09	4.81
2/18/2004	3.25	1.12	4.80
2/25/2004	3.26	1.05	4.76
3/3/2004	3.21	0.96	4.68
3/10/2004	3.03	0.75	4.35
3/17/2004	3.04	0.75	4.30
3/24/2004	3.11	0.64	4.35
3/31/2004	3.21	0.74	4.55
4/7/2004	3.25	0.82	4.87
4/14/2004	3.29	0.94	5.03
4/21/2004	3.31	0.97	5.05
4/28/2004	3.30	0.93	5.06
5/5/2004	3.28	0.92	5.18
5/12/2004	3.39	0.90	5.31
5/19/2004	3.41	0.80	5.21
5/26/2004	3.39	0.70	5.09
6/2/2004	3.40	0.70	5.01
6/9/2004	3.37	0.66	4.92
6/16/2004	3.30	0.56	4.64
6/23/2004	3.28	0.58	4.60
6/30/2004	3.29	0.54	4.48
7/7/2004	3.21	0.46	4.39
7/14/2004	3.19	0.50	4.33
7/21/2004	3.17	0.51	4.22
7/28/2004	3.17	0.47	4.29
8/4/2004	3.08	0.31	4.13
8/11/2004	2.99	0.27	3.99
8/18/2004	3.01	0.30	3.95
8/25/2004	3.00	0.31	3.90
9/1/2004	2.95	0.36	3.75
9/8/2004	2.91	0.34	3.64
9/15/2004	2.83	0.30	3.53
9/22/2004	2.74	0.21	3.25
9/29/2004	2.74	0.23	3.23
10/6/2004	2.77	0.30	3.36
10/13/2004	2.71	0.23	3.28
10/20/2004	2.70	0.19	3.13
10/27/2004	2.63	0.20	3.07
11/3/2004	2.63	0.22	3.04
11/10/2004	2.55	0.16	3.00
11/17/2004	2.44	0.12	2.84
11/24/2004	2.42	0.11	2.68
12/1/2004	2.45	0.17	2.92
12/8/2004	2.27	0.07	2.67
12/15/2004	2.16	-0.07	2.50
12/22/2004	2.14	-0.13	2.51
12/29/2004	2.22	0.03	2.57
1/5/2005	2.18	-0.04	2.44
1/12/2005	2.13	-0.04	2.30
1/19/2005	2.09	-0.04	2.19
1/26/2005	2.11	-0.01	2.15
2/2/2005	2.06	-0.08	1.98
2/9/2005	1.95	-0.28	1.81
2/16/2005	2.10	-0.16	1.87
2/23/2005	2.30	-0.07	1.93
3/2/2005	2.35	-0.09	1.99
3/9/2005	2.39	-0.03	2.04
3/16/2005	2.34	-0.02	2.08
3/23/2005	2.29	0.02	2.06
3/30/2005	2.24	-0.06	1.97
4/6/2005	2.16	-0.07	1.90
4/13/2005	2.12	-0.07	1.76
4/20/2005	2.07	-0.17	1.62
4/27/2005	2.03	-0.21	1.51
5/4/2005	2.04	-0.17	1.44
5/11/2005	1.95	-0.22	1.38
5/18/2005	1.87	-0.27	1.29
5/25/2005	1.84	-0.29	1.18
6/1/2005	1.80	-0.38	1.02
6/8/2005	1.68	-0.41	0.95
6/15/2005	1.83	-0.29	1.06
6/22/2005	1.81	-0.30	0.91
6/29/2005	1.73	-0.28	0.78
7/6/2005	1.73	-0.10	0.81
7/13/2005	1.77	0.03	0.85
7/20/2005	1.79	0.05	0.86
7/27/2005	1.72	0.02	0.77
8/3/2005	1.82	0.06	0.81
8/10/2005	1.82	0.06	0.76
8/17/2005	1.71	-0.08	0.63
8/24/2005	1.60	-0.14	0.54
8/31/2005	1.51	-0.21	0.49
9/7/2005	1.48	-0.19	0.58
9/14/2005	1.49	-0.22	0.60
9/21/2005	1.42	-0.21	0.56
9/28/2005	1.46	-0.12	0.56
10/5/2005	1.47	-0.06	0.48
10/12/2005	1.49	0.05	0.50
10/19/2005	1.54	0.04	0.47
10/26/2005	1.55	-0.01	0.49
11/2/2005	1.59	-0.06	0.50
11/9/2005	1.59	-0.02	0.58
11/16/2005	1.52	-0.17	0.42
11/23/2005	1.37	-0.22	0.28
11/30/2005	1.31	-0.25	0.26
12/7/2005	1.28	-0.22	0.29
12/14/2005	1.17	-0.26	0.26
12/21/2005	1.09	-0.23	0.13
12/28/2005	1.02	-0.29	-0.02
1/4/2006	1.02	-0.35	-0.06
1/11/2006	0.97	-0.39	-0.07
1/18/2006	1.00	-0.47	-0.16
1/25/2006	1.16	-0.41	-0.09
2/1/2006	1.21	-0.33	-0.09
2/8/2006	1.22	-0.27	-0.17
2/15/2006	1.22	-0.25	-0.16
2/22/2006	1.13	-0.36	-0.24
3/1/2006	1.15	-0.29	-0.16
3/8/2006	1.23	-0.21	-0.02
3/15/2006	1.28	-0.14	-0.06
3/22/2006	1.19	-0.15	-0.11
3/29/2006	1.23	-0.10	-0.02
4/5/2006	1.40	-0.05	0.03
4/12/2006	1.57	0.01	0.07
4/19/2006	1.61	0.06	0.15
4/26/2006	1.53	0.15	0.14
5/3/2006	1.50	0.08	0.22
5/10/2006	1.50	0.08	0.19
5/17/2006	1.50	-0.05	0.19
5/24/2006	1.30	-0.09	0.09
5/31/2006	1.31	-0.08	0.06
6/7/2006	1.29	-0.05	-0.13
6/14/2006	1.23	-0.14	-0.21
6/21/2006	1.30	-0.01	-0.16
6/28/2006	1.30	0.02	-0.16
7/5/2006	1.27	0.04	-0.23
7/12/2006	1.20	-0.03	-0.33
7/19/2006	1.09	-0.10	-0.35
7/26/2006	1.01	-0.12	-0.31
8/2/2006	0.94	-0.17	-0.33
8/9/2006	0.86	-0.34	-0.35
8/16/2006	0.80	-0.34	-0.39
8/23/2006	0.63	-0.49	-0.50
8/30/2006	0.57	-0.57	-0.50
9/6/2006	0.50	-0.54	-0.41
9/13/2006	0.42	-0.56	-0.43
9/20/2006	0.37	-0.62	-0.49
9/27/2006	0.28	-0.74	-0.57
10/4/2006	0.27	-0.70	-0.53
10/11/2006	0.35	-0.63	-0.46
10/18/2006	0.38	-0.59	-0.46
10/25/2006	0.38	-0.63	-0.48
11/1/2006	0.21	-0.82	-0.60
11/8/2006	0.14	-0.85	-0.64
11/15/2006	0.11	-0.83	-0.71
11/22/2006	0.09	-0.83	-0.70
11/29/2006	0.07	-0.88	-0.72
12/6/2006	0.05	-0.88	-0.71
12/13/2006	0.06	-0.82	-0.70
12/20/2006	0.17	-0.77	-0.65
12/27/2006	0.21	-0.72	-0.58
1/3/2007	0.23	-0.71	-0.54
1/10/2007	0.27	-0.78	-0.57
1/17/2007	0.31	-0.95	-0.54
1/24/2007	0.29	-0.94	-0.49
1/31/2007	0.35	-0.83	-0.42
2/7/2007	0.27	-0.90	-0.51
2/14/2007	0.29	-0.83	-0.52
2/21/2007	0.23	-0.88	-0.59
2/28/2007	0.11	-0.97	-0.59
3/7/2007	0.03	-0.95	-0.58
3/14/2007	-0.07	-0.93	-0.62
3/21/2007	-0.04	-0.93	-0.58
3/28/2007	0.06	-0.85	-0.50
4/4/2007	0.10	-0.83	-0.48
4/11/2007	0.16	-0.77	-0.47
4/18/2007	0.17	-0.87	-0.49
4/25/2007	0.17	-0.90	-0.53
5/2/2007	0.16	-0.94	-0.58
5/9/2007	0.15	-0.97	-0.60
5/16/2007	0.19	-0.89	-0.43
5/23/2007	0.21	-0.89	-0.29
5/30/2007	0.24	-0.88	-0.21
6/6/2007	0.33	-0.80	-0.02
6/13/2007	0.49	-0.59	0.27
6/20/2007	0.52	-0.54	0.24
6/27/2007	0.41	-0.64	0.16
7/4/2007	0.40	-0.64	0.11
7/11/2007	0.39	-0.65	0.16
7/18/2007	0.28	-0.75	0.06
7/25/2007	0.09	-0.89	-0.04
8/1/2007	0.05	-0.94	-0.06
8/8/2007	0.10	-0.95	0.04
8/15/2007	0.23	-0.94	0.41
8/22/2007	0.26	-0.92	0.75
8/29/2007	0.25	-0.99	0.41
9/5/2007	0.23	-1.00	0.29
9/12/2007	0.11	-0.90	0.33
9/19/2007	0.31	-0.79	0.62
9/26/2007	0.49	-0.64	0.90
10/3/2007	0.48	-0.65	0.68
10/10/2007	0.51	-0.83	0.59
10/17/2007	0.39	-0.78	0.63
10/24/2007	0.20	-0.84	0.69
10/31/2007	0.19	-0.86	0.72
11/7/2007	0.16	-0.80	1.02
11/14/2007	0.16	-0.78	1.14
11/21/2007	0.13	-0.78	1.40
11/28/2007	0.20	-0.77	1.26
12/5/2007	0.19	-0.76	1.34
12/12/2007	0.38	-0.52	1.45
12/19/2007	0.41	-0.55	1.36
12/26/2007	0.46	-0.60	1.39
1/2/2008	0.39	-0.68	1.31
1/9/2008	0.16	-0.62	1.32
1/16/2008	0.16	-0.57	1.54
1/23/2008	0.32	-0.39	2.14
1/30/2008	0.26	-0.39	2.43
2/6/2008	0.33	-0.31	2.75
2/13/2008	0.50	-0.18	2.99
2/20/2008	0.48	-0.09	3.08
2/27/2008	0.47	-0.11	3.14
3/5/2008	0.19	-0.26	3.35
3/12/2008	0.04	-0.29	3.26
3/19/2008	0.19	-0.25	3.25
3/26/2008	0.28	-0.35	3.28
4/2/2008	0.35	-0.20	3.20
4/9/2008	0.30	0.00	3.24
4/16/2008	0.28	0.14	3.27
4/23/2008	0.30	0.08	3.27
4/30/2008	0.37	0.08	3.27
5/7/2008	0.30	0.11	3.35
5/14/2008	0.23	-0.13	3.12
5/21/2008	0.21	-0.17	3.15
5/28/2008	0.24	-0.16	3.26
6/4/2008	0.10	-0.02	3.29
6/11/2008	0.13	-0.16	2.93
6/18/2008	0.17	-0.14	3.01
6/25/2008	0.09	-0.12	3.02
7/2/2008	0.08	-0.03	3.01
7/9/2008	-0.09	-0.17	2.92
7/16/2008	0.00	-0.22	3.10
7/23/2008	0.19	-0.12	3.17
7/30/2008	0.01	-0.23	3.15
8/6/2008	-0.15	-0.37	3.10
8/13/2008	-0.22	-0.42	3.03
8/20/2008	-0.28	-0.44	3.00
8/27/2008	-0.25	-0.52	2.87
9/3/2008	-0.33	-0.43	2.77
9/10/2008	-0.38	-0.39	2.74
9/17/2008	-0.10	-0.03	3.21
9/24/2008	0.37	0.34	3.37
10/1/2008	1.50	0.43	3.76
10/8/2008	2.28	1.13	4.20
10/15/2008	2.72	1.74	4.89
10/22/2008	2.10	1.98	4.18
10/29/2008	2.32	2.26	4.76
11/5/2008	2.36	2.81	4.95
11/12/2008	2.43	3.37	4.92
11/19/2008	2.31	3.71	4.40
11/26/2008	2.10	3.57	4.14
12/3/2008	1.79	3.68	3.77
12/10/2008	1.96	3.84	4.10
12/17/2008	2.03	3.75	3.55
12/24/2008	2.10	3.69	3.31
12/31/2008	2.10	3.77	3.62
1/7/2009	2.58	3.98	3.93
1/14/2009	2.56	3.99	3.56
1/21/2009	2.90	4.55	4.07
1/28/2009	3.26	4.79	4.33
2/4/2009	3.53	4.69	4.47
2/11/2009	3.46	4.61	4.26
2/18/2009	3.18	4.18	4.00
2/25/2009	3.24	4.34	4.18
3/4/2009	3.41	4.44	4.22
3/11/2009	3.33	3.60	4.16
3/18/2009	3.62	3.66	3.86
3/25/2009	3.63	4.15	3.74
4/1/2009	3.59	4.08	3.77
4/8/2009	3.81	4.13	4.07
4/15/2009	3.74	3.99	4.05
4/22/2009	3.57	4.19	4.25
4/29/2009	3.65	4.55	4.56
5/6/2009	3.94	4.72	4.71
5/13/2009	4.10	4.65	4.65
5/20/2009	4.16	4.72	4.94
5/27/2009	4.29	4.84	5.47
6/3/2009	4.40	4.90	5.72
6/10/2009	4.28	4.80	5.83
6/17/2009	4.22	4.72	5.76
6/24/2009	4.24	4.66	5.65
7/1/2009	4.16	4.73	5.45
7/8/2009	4.17	4.95	5.27
7/15/2009	4.27	5.10	5.48
7/22/2009	4.40	5.21	5.58
7/29/2009	4.36	5.26	5.62
8/5/2009	4.19	5.01	5.72
8/12/2009	4.32	5.17	5.66
8/19/2009	4.14	4.99	5.42
8/26/2009	4.14	4.82	5.42
9/2/2009	4.19	4.77	5.30
9/9/2009	4.36	4.93	5.35
9/16/2009	4.36	5.04	5.41
9/23/2009	4.40	5.10	5.36
9/30/2009	4.11	4.79	5.11
10/7/2009	3.93	4.53	5.10
10/14/2009	3.96	4.62	5.34
10/21/2009	4.06	4.81	5.28
10/28/2009	4.12	4.88	5.41
11/4/2009	4.14	5.10	5.48
11/11/2009	4.19	5.19	5.45
11/18/2009	4.10	5.03	5.30
11/25/2009	3.98	4.95	5.18
12/2/2009	3.93	4.96	5.15
12/9/2009	3.98	5.18	5.33
12/16/2009	4.04	5.28	5.41
12/23/2009	4.21	5.37	5.68
12/30/2009	4.29	5.51	5.69
1/6/2010	4.35	5.53	5.82
1/13/2010	4.37	5.47	5.80
1/20/2010	4.26	5.44	5.67
1/27/2010	4.19	5.38	5.65
2/3/2010	4.13	5.37	5.63
2/10/2010	4.19	5.46	5.60
2/17/2010	4.35	5.59	5.74
2/24/2010	4.30	5.58	5.68
3/3/2010	4.25	5.49	5.52
3/10/2010	4.26	5.57	5.57
3/17/2010	4.23	5.43	5.48
3/24/2010	4.23	5.42	5.62
3/31/2010	4.23	5.42	5.78
4/7/2010	4.23	5.55	5.83
4/14/2010	4.25	5.57	5.67
4/21/2010	4.18	5.50	5.61
4/28/2010	4.11	5.36	5.51
5/5/2010	4.01	5.14	5.25
5/12/2010	4.20	5.19	5.21
5/19/2010	3.96	4.92	4.93
5/26/2010	3.82	4.75	4.77
6/2/2010	3.84	4.78	4.86
6/9/2010	3.73	4.73	4.72
6/16/2010	3.84	4.75	4.82
6/23/2010	3.72	4.65	4.68
6/30/2010	3.49	4.50	4.36
7/7/2010	3.46	4.48	4.40
7/14/2010	3.39	4.51	4.44
7/21/2010	3.44	4.50	4.31
7/28/2010	3.54	4.56	4.34
8/4/2010	3.34	4.34	4.15
8/11/2010	3.12	4.18	3.85
8/18/2010	2.94	4.00	3.65
8/25/2010	2.77	3.76	3.58
9/1/2010	2.81	3.73	3.63
9/8/2010	2.93	3.86	3.83
9/15/2010	3.01	4.01	3.86
9/22/2010	2.95	3.92	3.67
9/29/2010	2.65	3.77	3.48
10/6/2010	2.54	3.72	3.35
10/13/2010	2.54	3.65	3.44
10/20/2010	2.62	3.78	3.44
10/27/2010	2.69	3.91	3.68
11/3/2010	2.56	3.83	3.46
11/10/2010	2.56	3.93	3.51
11/17/2010	2.96	4.28	3.99
11/24/2010	3.14	4.38	3.95
12/1/2010	3.45	4.41	4.10
12/8/2010	3.72	4.57	4.58
12/15/2010	3.85	4.70	5.03
12/22/2010	3.77	4.56	4.91
12/29/2010	3.90	4.57	4.93
1/5/2011	3.79	4.63	4.97
1/12/2011	3.79	4.62	4.87
1/19/2011	3.78	4.70	4.99
1/26/2011	3.72	4.81	4.96
2/2/2011	3.67	4.81	5.15
2/9/2011	3.74	4.90	5.42
2/16/2011	3.70	4.88	5.34
2/23/2011	3.44	4.66	5.12
3/2/2011	3.44	4.71	5.16
3/9/2011	3.39	4.70	5.17
3/16/2011	3.38	4.53	4.86
3/23/2011	3.39	4.52	5.02
3/30/2011	3.45	4.63	5.16
4/6/2011	3.49	4.70	5.28
4/13/2011	3.45	4.78	5.27
4/20/2011	3.20	4.61	5.13
4/27/2011	3.14	4.57	5.04
5/4/2011	2.98	4.44	4.89
5/11/2011	2.81	4.41	4.81
5/18/2011	2.74	4.40	4.72
5/25/2011	2.72	4.37	4.60
6/1/2011	2.67	4.30	4.40
6/8/2011	2.63	4.30	4.35
6/15/2011	2.54	4.27	4.34
6/22/2011	2.51	4.22	4.27
6/29/2011	2.54	4.37	4.53
7/6/2011	2.46	4.35	4.60
7/13/2011	2.36	4.10	4.26
7/20/2011	2.49	4.09	4.24
7/27/2011	2.42	3.94	4.16
8/3/2011	2.32	3.56	3.61
8/10/2011	2.62	3.30	3.14
8/17/2011	2.45	3.07	2.99
8/24/2011	2.47	3.11	3.07
8/31/2011	2.46	3.24	3.00
9/7/2011	2.18	2.87	2.72
9/14/2011	2.30	2.81	2.83
9/21/2011	2.31	2.75	2.59
9/28/2011	2.48	2.92	2.72
10/5/2011	2.33	2.71	2.66
10/12/2011	2.66	3.09	3.17
10/19/2011	2.55	2.99	3.10
10/26/2011	2.67	3.11	3.21
11/2/2011	2.48	2.74	2.82
11/9/2011	2.45	2.62	2.78
11/16/2011	2.55	2.59	2.75
11/23/2011	2.96	2.66	2.65
11/30/2011	3.40	2.83	2.79
12/7/2011	3.17	2.69	2.78
12/14/2011	2.91	2.53	2.59
12/21/2011	2.90	2.52	2.61
12/28/2011	2.95	2.43	2.63
1/4/2012	2.89	2.46	2.69
1/11/2012	2.70	2.36	2.61
1/18/2012	2.60	2.36	2.64
1/25/2012	2.75	2.58	2.69
2/1/2012	2.60	2.46	2.38
2/8/2012	2.72	2.67	2.54
2/15/2012	2.62	2.52	2.50
2/22/2012	2.66	2.58	2.58
2/29/2012	2.56	2.46	2.52
3/7/2012	2.55	2.48	2.54
3/14/2012	2.70	2.70	2.90
3/21/2012	2.80	2.86	3.15
3/28/2012	2.62	2.62	2.94
4/4/2012	2.48	2.53	2.86
4/11/2012	2.39	2.32	2.58
4/18/2012	2.34	2.43	2.54
4/25/2012	2.33	2.46	2.51
5/2/2012	2.25	2.38	2.44
5/9/2012	2.08	2.22	2.31
5/16/2012	1.95	2.10	2.09
5/23/2012	1.93	2.08	2.11
5/30/2012	1.78	1.85	1.88
6/6/2012	1.81	1.94	1.94
6/13/2012	1.99	2.03	1.93
6/20/2012	2.20	2.03	1.95
6/27/2012	2.16	1.96	1.91
7/4/2012	2.08	2.02	1.83
7/11/2012	1.85	1.84	1.75
7/18/2012	1.77	1.77	1.77
7/25/2012	1.89	1.83	1.71
8/1/2012	2.03	1.89	1.85
8/8/2012	2.19	1.97	2.01
8/15/2012	2.21	2.04	2.20
8/22/2012	2.16	2.02	2.13
8/29/2012	2.04	1.83	1.94
9/5/2012	2.19	1.84	1.94
9/12/2012	2.30	2.03	2.12
9/19/2012	2.35	2.09	2.17
9/26/2012	2.15	1.92	1.94
10/3/2012	2.10	1.88	1.93
10/10/2012	2.11	1.92	1.97
10/17/2012	2.24	2.10	2.13
10/24/2012	2.24	2.16	2.21
10/31/2012	2.09	2.11	2.06
11/7/2012	2.00	1.99	1.97
11/14/2012	1.91	1.91	1.83
11/21/2012	2.03	2.09	1.97
11/28/2012	2.00	2.02	1.89
12/5/2012	1.94	1.98	1.85
12/12/2012	1.94	2.05	2.00
12/19/2012	2.01	2.23	2.23
12/26/2012	1.91	2.13	2.15
1/2/2013	2.01	2.40	2.32
1/9/2013	2.18	2.54	2.40
1/16/2013	2.11	2.47	2.33
1/23/2013	2.09	2.49	2.38
1/30/2013	2.21	2.62	2.60
2/6/2013	2.15	2.66	2.56
2/13/2013	2.21	2.78	2.58
2/20/2013	2.17	2.82	2.56
2/27/2013	1.98	2.60	2.34
3/6/2013	1.99	2.69	2.48
3/13/2013	1.98	2.74	2.64
3/20/2013	1.82	2.55	2.45
3/27/2013	1.73	2.39	2.37
4/3/2013	1.68	2.30	2.24
4/10/2013	1.68	2.29	2.19
4/17/2013	1.64	2.21	2.13
4/24/2013	1.65	2.18	2.13
5/1/2013	1.63	2.14	2.10
5/8/2013	1.77	2.35	2.32
5/15/2013	1.86	2.45	2.51
5/22/2013	1.95	2.44	2.63
5/29/2013	2.05	2.54	2.91
6/5/2013	2.05	2.65	2.90
6/12/2013	2.08	2.79	3.06
6/19/2013	2.12	2.91	3.28
6/26/2013	2.39	3.42	3.64
7/3/2013	2.32	3.33	3.72
7/10/2013	2.24	3.31	3.87
7/17/2013	2.10	3.13	3.68
7/24/2013	2.21	3.20	3.73
7/31/2013	2.32	3.26	3.87
8/7/2013	2.36	3.45	3.85
8/14/2013	2.51	3.70	4.03
8/21/2013	2.65	3.89	4.30
8/28/2013	2.62	3.70	4.14
9/4/2013	2.76	3.89	4.41
9/11/2013	2.80	4.02	4.38
9/18/2013	2.69	3.92	4.17
9/25/2013	2.52	3.72	3.95
10/2/2013	2.46	3.60	3.89
10/9/2013	2.50	3.65	3.85
10/16/2013	2.58	3.71	3.84
10/23/2013	2.43	3.53	3.69
10/30/2013	2.32	3.50	3.72
11/6/2013	2.37	3.69	3.90
11/13/2013	2.40	3.80	3.98
11/20/2013	2.39	3.75	3.97
11/27/2013	2.35	3.74	3.96
12/4/2013	2.49	3.91	4.15
12/11/2013	2.49	3.95	4.20
12/18/2013	2.54	4.02	4.28
12/25/2013	2.65	4.13	4.49
1/1/2014	2.74	4.25	4.53
1/8/2014	2.65	4.12	4.44
1/15/2014	2.50	3.92	4.31
1/22/2014	2.39	3.86	4.24
1/29/2014	2.28	3.79	4.09
2/5/2014	2.20	3.73	3.98
2/12/2014	2.23	3.82	4.08
2/19/2014	2.22	3.85	4.10
2/26/2014	2.15	3.79	4.03
3/5/2014	2.10	3.80	4.05
3/12/2014	2.01	3.82	4.09
3/19/2014	2.01	3.76	4.14
3/26/2014	1.98	3.72	4.15
4/2/2014	2.03	3.77	4.27
4/9/2014	1.97	3.66	4.10
4/16/2014	1.91	3.60	4.09
4/23/2014	1.94	3.66	4.19
4/30/2014	1.91	3.69	4.10
5/7/2014	1.90	3.68	4.01
5/14/2014	1.79	3.63	3.91
5/21/2014	1.80	3.63	3.87
5/28/2014	1.76	3.56	3.77
6/4/2014	1.82	3.68	3.94
6/11/2014	1.84	3.66	4.00
6/18/2014	1.82	3.55	4.00
6/25/2014	1.70	3.50	3.92
7/2/2014	1.69	3.52	3.95
7/9/2014	1.62	3.41	3.89
7/16/2014	1.56	3.35	3.83
7/23/2014	1.54	3.30	3.76
7/30/2014	1.53	3.34	3.84
8/6/2014	1.49	3.30	3.76
8/13/2014	1.37	3.23	3.67
8/20/2014	1.34	3.20	3.66
8/27/2014	1.25	3.01	3.62
9/3/2014	1.32	3.13	3.72
9/10/2014	1.45	3.19	3.87
9/17/2014	1.48	3.26	4.01
9/24/2014	1.38	3.13	3.92
10/1/2014	1.29	3.01	3.78
10/8/2014	1.26	2.84	3.60
10/15/2014	1.17	2.60	3.31
10/22/2014	1.25	2.72	3.43
10/29/2014	1.24	2.86	3.55
11/5/2014	1.19	2.89	3.59
11/12/2014	1.15	2.76	3.58
11/19/2014	1.12	2.62	3.56
11/26/2014	1.03	2.43	3.39
12/3/2014	1.08	2.43	3.40
12/10/2014	0.97	2.35	3.19
12/17/2014	0.90	2.25	3.10
12/24/2014	0.91	2.36	3.18
12/31/2014	0.83	2.27	3.15
1/7/2015	0.78	1.99	2.91
1/14/2015	0.75	1.88	2.70
1/21/2015	0.75	1.86	2.70
1/28/2015	0.64	1.77	2.59
2/4/2015	0.69	1.85	2.62
2/11/2015	0.70	2.09	2.92
2/18/2015	0.73	2.26	3.12
2/25/2015	0.69	2.25	2.97
3/4/2015	0.75	2.46	3.14
3/11/2015	0.59	2.34	3.09
3/18/2015	0.59	2.04	2.81
3/25/2015	0.60	1.96	2.72
4/1/2015	0.59	2.02	2.68
4/8/2015	0.58	2.02	2.76
4/15/2015	0.51	1.99	2.73
4/22/2015	0.55	2.06	2.77
4/29/2015	0.77	2.28	2.92
5/6/2015	1.16	2.50	3.17
5/13/2015	1.31	2.52	3.27
5/20/2015	1.25	2.50	3.26
5/27/2015	1.13	2.33	3.09
6/3/2015	1.45	2.53	3.36
6/10/2015	1.63	2.64	3.48
6/17/2015	1.49	2.57	3.32
6/24/2015	1.62	2.69	3.50
7/1/2015	1.52	2.60	3.45
7/8/2015	1.44	2.50	3.32
7/15/2015	1.51	2.70	3.44
7/22/2015	1.34	2.55	3.28
7/29/2015	1.24	2.41	3.16
8/5/2015	1.24	2.34	3.02
8/12/2015	1.18	2.30	2.95
8/19/2015	1.13	2.26	2.85
8/26/2015	1.29	2.25	2.91
9/2/2015	1.39	2.22	2.91
9/9/2015	1.26	2.10	2.91
9/16/2015	1.30	2.16	2.89
9/23/2015	1.18	2.07	2.95
9/30/2015	1.11	2.00	2.78
10/7/2015	1.17	2.07	2.84
10/14/2015	1.11	2.07	2.77
10/21/2015	1.13	2.08	2.80
10/28/2015	1.10	1.94	2.81
11/4/2015	1.27	2.17	2.90
11/11/2015	1.32	2.29	2.93
11/18/2015	1.16	2.15	2.83
11/25/2015	1.15	2.06	2.72
12/2/2015	1.21	2.05	2.61
12/9/2015	1.25	2.14	2.45
12/16/2015	1.37	2.27	2.52
12/23/2015	1.41	2.33	2.54
12/30/2015	1.44	2.49	2.58
1/6/2016	1.35	2.44	2.39
1/13/2016	1.30	2.25	2.27
1/20/2016	1.18	2.18	2.28
1/27/2016	1.07	2.22	2.20
2/3/2016	0.96	2.02	2.03
2/10/2016	0.86	1.70	1.83
2/17/2016	0.89	1.74	1.94
2/24/2016	0.79	1.68	1.84
3/2/2016	0.83	1.66	1.90
3/9/2016	0.92	1.72	2.03
3/16/2016	0.95	1.72	2.06
3/23/2016	0.86	1.67	2.06
3/30/2016	0.79	1.65	1.95
4/6/2016	0.75	1.59	1.84
4/13/2016	0.81	1.62	1.91
4/20/2016	0.92	1.77	2.08
4/27/2016	1.05	1.88	2.09
5/4/2016	0.95	1.74	1.99
5/11/2016	0.82	1.65	1.90
5/18/2016	0.90	1.66	1.93
5/25/2016	0.93	1.71	1.90
6/1/2016	0.87	1.64	1.80
6/8/2016	0.77	1.47	1.72
6/15/2016	0.70	1.34	1.63
6/22/2016	0.79	1.45	1.73
6/29/2016	0.64	1.17	1.51
7/6/2016	0.60	1.03	1.34
7/13/2016	0.68	1.05	1.49
7/20/2016	0.71	1.12	1.58
7/27/2016	0.63	1.03	1.48
8/3/2016	0.64	0.88	1.52
8/10/2016	0.58	0.60	1.50
8/17/2016	0.63	0.63	1.54
8/24/2016	0.59	0.71	1.52
8/31/2016	0.62	0.75	1.51
9/7/2016	0.64	0.89	1.50
9/14/2016	0.78	1.08	1.63
9/21/2016	0.71	0.98	1.59
9/28/2016	0.64	0.85	1.49
10/5/2016	0.83	0.98	1.61
10/12/2016	0.97	1.24	1.72
10/19/2016	0.94	1.34	1.73
10/26/2016	1.05	1.43	1.81
11/2/2016	1.13	1.61	1.81
11/9/2016	1.24	1.73	2.05
11/16/2016	1.40	1.98	2.45
11/23/2016	1.40	2.07	2.56
11/30/2016	1.48	2.06	2.59
12/7/2016	1.60	2.03	2.62
12/14/2016	1.60	2.12	2.77
12/21/2016	1.53	2.10	2.86
12/28/2016	1.49	1.90	2.75
1/4/2017	1.52	1.89	2.63
1/11/2017	1.53	1.87	2.59
1/18/2017	1.56	1.88	2.66
1/25/2017	1.64	2.04	2.78
2/1/2017	1.66	2.06	2.74
2/8/2017	1.52	1.84	2.62
2/15/2017	1.54	1.84	2.67
2/22/2017	1.49	1.68	2.55
3/1/2017	1.52	1.55	2.52
3/8/2017	1.80	1.60	2.51
3/15/2017	1.87	1.68	2.43
3/22/2017	1.79	1.58	2.31
3/29/2017	1.62	1.47	2.24
4/5/2017	1.46	1.35	2.14
4/12/2017	1.37	1.36	2.01
4/19/2017	1.39	1.37	1.92
4/26/2017	1.52	1.45	1.98
5/3/2017	1.56	1.47	1.97
5/10/2017	1.59	1.48	1.99
5/17/2017	1.53	1.39	1.85
5/24/2017	1.53	1.36	1.77
5/31/2017	1.43	1.27	1.61
6/7/2017	1.41	1.26	1.56
6/14/2017	1.35	1.18	1.50
6/21/2017	1.33	1.14	1.48
6/28/2017	1.51	1.21	1.59
7/5/2017	1.73	1.37	1.77
7/12/2017	1.77	1.41	1.77
7/19/2017	1.71	1.31	1.67
7/26/2017	1.70	1.31	1.70
8/2/2017	1.63	1.31	1.64
8/9/2017	1.54	1.24	1.59
8/16/2017	1.53	1.21	1.59
8/23/2017	1.49	1.26	1.53
8/30/2017	1.48	1.23	1.44
9/6/2017	1.48	1.20	1.33
9/13/2017	1.58	1.29	1.46
9/20/2017	1.66	1.41	1.52
9/27/2017	1.66	1.45	1.55
10/4/2017	1.68	1.44	1.58
10/11/2017	1.63	1.44	1.50
10/18/2017	1.60	1.38	1.51
10/25/2017	1.68	1.44	1.62
11/1/2017	1.58	1.35	1.47
11/8/2017	1.56	1.23	1.36
11/15/2017	1.61	1.30	1.33
11/22/2017	1.57	1.31	1.24
11/29/2017	1.56	1.30	1.23
12/6/2017	1.54	1.23	1.18
12/13/2017	1.63	1.20	1.15
12/20/2017	1.79	1.29	1.25
12/27/2017	1.74	1.28	1.14
1/3/2018	1.67	1.24	1.13
1/10/2018	1.70	1.21	1.24
1/17/2018	1.75	1.24	1.30
1/24/2018	1.78	1.36	1.34
1/31/2018	1.96	1.49	1.47
2/7/2018	2.02	1.62	1.54
2/14/2018	2.04	1.64	1.52
2/21/2018	1.99	1.57	1.49
2/28/2018	1.93	1.46	1.42
3/7/2018	1.98	1.45	1.42
3/14/2018	1.91	1.38	1.29
3/21/2018	1.84	1.40	1.28
3/28/2018	1.75	1.25	1.16
4/4/2018	1.73	1.12	1.17
4/11/2018	1.71	1.10	1.17
4/18/2018	1.78	1.20	1.18
4/25/2018	1.87	1.29	1.30
5/2/2018	1.77	1.26	1.23
5/9/2018	1.75	1.31	1.29
5/16/2018	1.85	1.41	1.37
5/23/2018	1.68	1.40	1.26
5/30/2018	1.46	1.28	1.03
6/6/2018	1.62	1.35	1.09
6/13/2018	1.62	1.34	1.17
6/20/2018	1.48	1.21	1.12
6/27/2018	1.44	1.14	1.03
7/4/2018	1.40	1.10	0.95
7/11/2018	1.39	1.11	0.93
7/18/2018	1.38	1.00	0.89
7/25/2018	1.45	1.03	1.03
8/1/2018	1.50	1.15	1.02
8/8/2018	1.40	1.10	0.94
8/15/2018	1.32	1.02	0.83
8/22/2018	1.34	1.01	0.77
8/29/2018	1.41	1.07	0.79
9/5/2018	1.39	1.02	0.80
9/12/2018	1.46	1.07	0.83
9/19/2018	1.54	1.19	0.89
9/26/2018	1.62	1.22	0.86
10/3/2018	1.61	1.19	0.96
10/10/2018	1.70	1.29	0.97
10/17/2018	1.67	1.21	0.93
10/24/2018	1.59	1.04	0.85
10/31/2018	1.59	0.98	0.83
11/7/2018	1.61	1.07	0.90
11/14/2018	1.52	1.01	0.74
11/21/2018	1.48	0.91	0.69
11/28/2018	1.44	0.85	0.56
12/5/2018	1.33	0.73	0.33
12/12/2018	1.35	0.67	0.25
12/19/2018	1.42	0.71	0.18
12/26/2018	1.45	0.72	0.19
1/2/2019	1.25	0.68	0.02
1/9/2019	1.17	0.69	0.11
1/16/2019	1.10	0.71	0.16
1/23/2019	1.06	0.74	0.16
1/30/2019	0.97	0.68	0.11
2/6/2019	0.87	0.65	0.14
2/13/2019	0.86	0.59	0.14
2/20/2019	0.89	0.60	0.12
2/27/2019	0.95	0.65	0.16
3/6/2019	0.88	0.69	0.12
3/13/2019	0.82	0.65	0.05
3/20/2019	0.80	0.56	-0.01
3/27/2019	0.67	0.45	-0.10
4/3/2019	0.71	0.47	0.05
4/10/2019	0.71	0.53	0.04
4/17/2019	0.79	0.63	0.13
4/24/2019	0.73	0.60	0.12
5/1/2019	0.76	0.60	0.12
5/8/2019	0.71	0.55	0.04
5/15/2019	0.64	0.48	-0.02
5/22/2019	0.62	0.41	-0.08
5/29/2019	0.52	0.32	-0.24
6/5/2019	0.45	0.27	-0.14
6/12/2019	0.45	0.21	-0.05
6/19/2019	0.41	0.18	-0.06
6/26/2019	0.40	0.17	-0.07
7/3/2019	0.35	0.12	-0.11
7/10/2019	0.44	0.16	-0.03
7/17/2019	0.43	0.23	0.00
7/24/2019	0.33	0.19	-0.05
7/31/2019	0.24	0.09	-0.18
8/7/2019	0.15	-0.12	-0.33
8/14/2019	0.09	-0.18	-0.46
8/21/2019	0.08	-0.15	-0.44
8/28/2019	0.05	-0.17	-0.56
9/4/2019	0.10	-0.13	-0.53
9/11/2019	0.16	-0.06	-0.27
9/18/2019	0.16	-0.11	-0.29
9/25/2019	0.06	-0.25	-0.37
10/2/2019	0.08	-0.31	-0.33
10/9/2019	0.11	-0.30	-0.21
10/16/2019	0.22	-0.15	0.06
10/23/2019	0.28	-0.11	0.10
10/30/2019	0.31	-0.15	0.11
11/6/2019	0.39	-0.05	0.26
11/13/2019	0.39	-0.01	0.29
11/20/2019	0.34	-0.05	0.16
11/27/2019	0.31	-0.07	0.10
12/4/2019	0.43	-0.01	0.17
12/11/2019	0.47	0.11	0.25
12/18/2019	0.54	0.18	0.37
12/25/2019	0.58	0.15	0.37
1/1/2020	0.58	0.17	0.34
1/8/2020	0.47	0.13	0.30
1/15/2020	0.49	0.14	0.26
1/22/2020	0.36	0.09	0.18
1/29/2020	0.21	-0.07	-0.04
2/5/2020	0.21	-0.14	0.00
2/12/2020	0.20	-0.12	0.00
2/19/2020	0.17	-0.10	-0.07
2/26/2020	0.09	-0.12	-0.15

Note: Country level factors are average of yields across all maturities from 3 months to 10 years at 3−month increments. They are the level factor from a renormalized Diebold−Li level−slope two−factor model. This renormalization subtracts from the original Diebold−Li slope loading function a constant that is equal to the cross−sectional average of the original Diebold−Li slope loadings at all included maturities (0.34 in our case). The sign of their slope loading function is flipped so that the renormalized slope factor is positively related to the yield curve slope. The global level factor is a simple average of the plotted country level factors.

Source: Diebold and Li (2006); Bloomberg; staff calculations.

Figure 2: R* and the Global Level Factor

Global level factor

Percent

Date	Value
1/6/1999	4.24
1/13/1999	4.20
1/20/1999	4.20
1/27/1999	4.14
2/3/1999	4.23
2/10/1999	4.27
2/17/1999	4.38
2/24/1999	4.40
3/3/1999	4.64
3/10/1999	4.53
3/17/1999	4.42
3/24/1999	4.45
3/31/1999	4.43
4/7/1999	4.36
4/14/1999	4.34
4/21/1999	4.36
4/28/1999	4.42
5/5/1999	4.51
5/12/1999	4.55
5/19/1999	4.66
5/26/1999	4.61
6/2/1999	4.83
6/9/1999	4.85
6/16/1999	4.86
6/23/1999	5.00
6/30/1999	4.95
7/7/1999	5.07
7/14/1999	4.96
7/21/1999	4.96
7/28/1999	5.07
8/4/1999	5.26
8/11/1999	5.35
8/18/1999	5.18
8/25/1999	5.09
9/1/1999	5.28
9/8/1999	5.36
9/15/1999	5.45
9/22/1999	5.41
9/29/1999	5.46
10/6/1999	5.55
10/13/1999	5.62
10/20/1999	5.71
10/27/1999	5.65
11/3/1999	5.45
11/10/1999	5.36
11/17/1999	5.36
11/24/1999	5.51
12/1/1999	5.51
12/8/1999	5.47
12/15/1999	5.47
12/22/1999	5.65
12/29/1999	5.65
1/5/2000	5.80
1/12/2000	5.84
1/19/2000	5.86
1/26/2000	5.82
2/2/2000	5.82
2/9/2000	5.87
2/16/2000	5.88
2/23/2000	5.77
3/1/2000	5.74
3/8/2000	5.72
3/15/2000	5.69
3/22/2000	5.62
3/29/2000	5.68
4/5/2000	5.49
4/12/2000	5.55
4/19/2000	5.58
4/26/2000	5.64
5/3/2000	5.74
5/10/2000	5.77
5/17/2000	5.88
5/24/2000	5.83
5/31/2000	5.70
6/7/2000	5.58
6/14/2000	5.58
6/21/2000	5.63
6/28/2000	5.64
7/5/2000	5.55
7/12/2000	5.59
7/19/2000	5.66
7/26/2000	5.57
8/2/2000	5.58
8/9/2000	5.54
8/16/2000	5.62
8/23/2000	5.59
8/30/2000	5.63
9/6/2000	5.56
9/13/2000	5.57
9/20/2000	5.58
9/27/2000	5.54
10/4/2000	5.51
10/11/2000	5.43
10/18/2000	5.39
10/25/2000	5.43
11/1/2000	5.43
11/8/2000	5.47
11/15/2000	5.37
11/22/2000	5.30
11/29/2000	5.23
12/6/2000	5.08
12/13/2000	5.07
12/20/2000	4.97
12/27/2000	4.95
1/3/2001	4.85
1/10/2001	4.86
1/17/2001	4.90
1/24/2001	4.94
1/31/2001	4.81
2/7/2001	4.82
2/14/2001	4.86
2/21/2001	4.88
2/28/2001	4.74
3/7/2001	4.75
3/14/2001	4.65
3/21/2001	4.57
3/28/2001	4.63
4/4/2001	4.61
4/11/2001	4.73
4/18/2001	4.78
4/25/2001	4.82
5/2/2001	4.87
5/9/2001	4.74
5/16/2001	4.87
5/23/2001	4.93
5/30/2001	4.97
6/6/2001	4.84
6/13/2001	4.91
6/20/2001	4.84
6/27/2001	4.83
7/4/2001	4.96
7/11/2001	4.84
7/18/2001	4.79
7/25/2001	4.79
8/1/2001	4.71
8/8/2001	4.64
8/15/2001	4.63
8/22/2001	4.60
8/29/2001	4.53
9/5/2001	4.65
9/12/2001	4.43
9/19/2001	4.27
9/26/2001	4.25
10/3/2001	4.15
10/10/2001	4.19
10/17/2001	4.17
10/24/2001	4.10
10/31/2001	3.90
11/7/2001	3.76
11/14/2001	3.99
11/21/2001	4.25
11/28/2001	4.27
12/5/2001	4.27
12/12/2001	4.29
12/19/2001	4.36
12/26/2001	4.44
1/2/2002	4.49
1/9/2002	4.45
1/16/2002	4.29
1/23/2002	4.36
1/30/2002	4.43
2/6/2002	4.34
2/13/2002	4.49
2/20/2002	4.41
2/27/2002	4.41
3/6/2002	4.58
3/13/2002	4.70
3/20/2002	4.78
3/27/2002	4.78
4/3/2002	4.75
4/10/2002	4.70
4/17/2002	4.68
4/24/2002	4.62
5/1/2002	4.57
5/8/2002	4.65
5/15/2002	4.73
5/22/2002	4.63
5/29/2002	4.62
6/5/2002	4.59
6/12/2002	4.53
6/19/2002	4.37
6/26/2002	4.33
7/3/2002	4.35
7/10/2002	4.31
7/17/2002	4.26
7/24/2002	4.08
7/31/2002	4.06
8/7/2002	3.86
8/14/2002	3.80
8/21/2002	3.96
8/28/2002	3.91
9/4/2002	3.71
9/11/2002	3.83
9/18/2002	3.65
9/25/2002	3.60
10/2/2002	3.57
10/9/2002	3.51
10/16/2002	3.82
10/23/2002	3.84
10/30/2002	3.68
11/6/2002	3.75
11/13/2002	3.59
11/20/2002	3.68
11/27/2002	3.83
12/4/2002	3.79
12/11/2002	3.63
12/18/2002	3.58
12/25/2002	3.55
1/1/2003	3.44
1/8/2003	3.51
1/15/2003	3.55
1/22/2003	3.42
1/29/2003	3.41
2/5/2003	3.40
2/12/2003	3.27
2/19/2003	3.25
2/26/2003	3.20
3/5/2003	3.12
3/12/2003	3.09
3/19/2003	3.49
3/26/2003	3.45
4/2/2003	3.37
4/9/2003	3.41
4/16/2003	3.43
4/23/2003	3.43
4/30/2003	3.33
5/7/2003	3.21
5/14/2003	3.14
5/21/2003	3.01
5/28/2003	3.05
6/4/2003	2.96
6/11/2003	2.82
6/18/2003	2.98
6/25/2003	2.96
7/2/2003	3.09
7/9/2003	3.17
7/16/2003	3.26
7/23/2003	3.31
7/30/2003	3.45
8/6/2003	3.54
8/13/2003	3.62
8/20/2003	3.62
8/27/2003	3.70
9/3/2003	3.81
9/10/2003	3.59
9/17/2003	3.56
9/24/2003	3.51
10/1/2003	3.38
10/8/2003	3.60
10/15/2003	3.75
10/22/2003	3.73
10/29/2003	3.79
11/5/2003	3.83
11/12/2003	3.88
11/19/2003	3.76
11/26/2003	3.80
12/3/2003	3.89
12/10/2003	3.76
12/17/2003	3.64
12/24/2003	3.64
12/31/2003	3.67
1/7/2004	3.66
1/14/2004	3.51
1/21/2004	3.55
1/28/2004	3.63
2/4/2004	3.63
2/11/2004	3.54
2/18/2004	3.53
2/25/2004	3.51
3/3/2004	3.60
3/10/2004	3.38
3/17/2004	3.36
3/24/2004	3.36
3/31/2004	3.44
4/7/2004	3.63
4/14/2004	3.77
4/21/2004	3.80
4/28/2004	3.85
5/5/2004	3.85
5/12/2004	4.04
5/19/2004	4.06
5/26/2004	4.01
6/2/2004	4.09
6/9/2004	4.15
6/16/2004	4.13
6/23/2004	4.09
6/30/2004	4.04
7/7/2004	3.95
7/14/2004	3.98
7/21/2004	4.01
7/28/2004	4.08
8/4/2004	3.97
8/11/2004	3.86
8/18/2004	3.82
8/25/2004	3.84
9/1/2004	3.77
9/8/2004	3.84
9/15/2004	3.81
9/22/2004	3.72
9/29/2004	3.76
10/6/2004	3.79
10/13/2004	3.69
10/20/2004	3.63
10/27/2004	3.68
11/3/2004	3.71
11/10/2004	3.75
11/17/2004	3.69
11/24/2004	3.70
12/1/2004	3.73
12/8/2004	3.61
12/15/2004	3.56
12/22/2004	3.64
12/29/2004	3.73
1/5/2005	3.71
1/12/2005	3.68
1/19/2005	3.68
1/26/2005	3.70
2/2/2005	3.69
2/9/2005	3.62
2/16/2005	3.73
2/23/2005	3.84
3/2/2005	3.93
3/9/2005	3.97
3/16/2005	3.93
3/23/2005	4.00
3/30/2005	3.95
4/6/2005	3.86
4/13/2005	3.81
4/20/2005	3.73
4/27/2005	3.72
5/4/2005	3.70
5/11/2005	3.65
5/18/2005	3.58
5/25/2005	3.57
6/1/2005	3.48
6/8/2005	3.47
6/15/2005	3.62
6/22/2005	3.48
6/29/2005	3.49
7/6/2005	3.56
7/13/2005	3.60
7/20/2005	3.62
7/27/2005	3.64
8/3/2005	3.71
8/10/2005	3.76
8/17/2005	3.67
8/24/2005	3.62
8/31/2005	3.52
9/7/2005	3.55
9/14/2005	3.57
9/21/2005	3.56
9/28/2005	3.66
10/5/2005	3.71
10/12/2005	3.77
10/19/2005	3.80
10/26/2005	3.91
11/2/2005	3.95
11/9/2005	4.00
11/16/2005	3.88
11/23/2005	3.89
11/30/2005	3.89
12/7/2005	3.90
12/14/2005	3.89
12/21/2005	3.90
12/28/2005	3.82
1/4/2006	3.78
1/11/2006	3.86
1/18/2006	3.78
1/25/2006	3.91
2/1/2006	3.99
2/8/2006	3.98
2/15/2006	3.99
2/22/2006	3.94
3/1/2006	4.01
3/8/2006	4.12
3/15/2006	4.13
3/22/2006	4.12
3/29/2006	4.21
4/5/2006	4.22
4/12/2006	4.28
4/19/2006	4.32
4/26/2006	4.42
5/3/2006	4.42
5/10/2006	4.43
5/17/2006	4.45
5/24/2006	4.34
5/31/2006	4.41
6/7/2006	4.41
6/14/2006	4.38
6/21/2006	4.50
6/28/2006	4.57
7/5/2006	4.56
7/12/2006	4.51
7/19/2006	4.46
7/26/2006	4.45
8/2/2006	4.40
8/9/2006	4.43
8/16/2006	4.43
8/23/2006	4.35
8/30/2006	4.33
9/6/2006	4.36
9/13/2006	4.35
9/20/2006	4.36
9/27/2006	4.25
10/4/2006	4.26
10/11/2006	4.39
10/18/2006	4.39
10/25/2006	4.44
11/1/2006	4.28
11/8/2006	4.35
11/15/2006	4.33
11/22/2006	4.31
11/29/2006	4.29
12/6/2006	4.25
12/13/2006	4.35
12/20/2006	4.41
12/27/2006	4.47
1/3/2007	4.48
1/10/2007	4.51
1/17/2007	4.59
1/24/2007	4.61
1/31/2007	4.64
2/7/2007	4.60
2/14/2007	4.60
2/21/2007	4.56
2/28/2007	4.46
3/7/2007	4.42
3/14/2007	4.40
3/21/2007	4.46
3/28/2007	4.53
4/4/2007	4.58
4/11/2007	4.62
4/18/2007	4.61
4/25/2007	4.62
5/2/2007	4.65
5/9/2007	4.66
5/16/2007	4.70
5/23/2007	4.80
5/30/2007	4.83
6/6/2007	4.88
6/13/2007	5.04
6/20/2007	5.02
6/27/2007	4.95
7/4/2007	4.99
7/11/2007	4.98
7/18/2007	4.96
7/25/2007	4.86
8/1/2007	4.75
8/8/2007	4.84
8/15/2007	4.65
8/22/2007	4.57
8/29/2007	4.52
9/5/2007	4.48
9/12/2007	4.36
9/19/2007	4.46
9/26/2007	4.51
10/3/2007	4.45
10/10/2007	4.53
10/17/2007	4.52
10/24/2007	4.31
10/31/2007	4.42
11/7/2007	4.27
11/14/2007	4.21
11/21/2007	3.97
11/28/2007	4.07
12/5/2007	3.93
12/12/2007	4.14
12/19/2007	4.10
12/26/2007	4.16
1/2/2008	3.93
1/9/2008	3.83
1/16/2008	3.73
1/23/2008	3.56
1/30/2008	3.75
2/6/2008	3.56
2/13/2008	3.61
2/20/2008	3.73
2/27/2008	3.73
3/5/2008	3.51
3/12/2008	3.44
3/19/2008	3.32
3/26/2008	3.51
4/2/2008	3.58
4/9/2008	3.55
4/16/2008	3.64
4/23/2008	3.82
4/30/2008	3.81
5/7/2008	3.86
5/14/2008	3.97
5/21/2008	4.01
5/28/2008	4.16
6/4/2008	4.12
6/11/2008	4.37
6/18/2008	4.44
6/25/2008	4.39
7/2/2008	4.33
7/9/2008	4.12
7/16/2008	4.13
7/23/2008	4.35
7/30/2008	4.16
8/6/2008	4.09
8/13/2008	3.94
8/20/2008	3.86
8/27/2008	3.87
9/3/2008	3.82
9/10/2008	3.77
9/17/2008	3.57
9/24/2008	3.77
10/1/2008	3.57
10/8/2008	3.35
10/15/2008	3.63
10/22/2008	3.33
10/29/2008	3.31
11/5/2008	3.18
11/12/2008	2.96
11/19/2008	2.79
11/26/2008	2.65
12/3/2008	2.36
12/10/2008	2.51
12/17/2008	2.22
12/24/2008	2.15
12/31/2008	2.14
1/7/2009	2.25
1/14/2009	2.07
1/21/2009	2.19
1/28/2009	2.33
2/4/2009	2.42
2/11/2009	2.22
2/18/2009	2.15
2/25/2009	2.20
3/4/2009	2.24
3/11/2009	2.17
3/18/2009	2.10
3/25/2009	2.17
4/1/2009	2.03
4/8/2009	2.22
4/15/2009	2.15
4/22/2009	2.29
4/29/2009	2.23
5/6/2009	2.31
5/13/2009	2.26
5/20/2009	2.33
5/27/2009	2.49
6/3/2009	2.46
6/10/2009	2.73
6/17/2009	2.57
6/24/2009	2.51
7/1/2009	2.52
7/8/2009	2.34
7/15/2009	2.50
7/22/2009	2.50
7/29/2009	2.61
8/5/2009	2.60
8/12/2009	2.57
8/19/2009	2.37
8/26/2009	2.35
9/2/2009	2.29
9/9/2009	2.39
9/16/2009	2.37
9/23/2009	2.38
9/30/2009	2.30
10/7/2009	2.18
10/14/2009	2.30
10/21/2009	2.39
10/28/2009	2.34
11/4/2009	2.42
11/11/2009	2.35
11/18/2009	2.28
11/25/2009	2.25
12/2/2009	2.20
12/9/2009	2.22
12/16/2009	2.35
12/23/2009	2.44
12/30/2009	2.52
1/6/2010	2.51
1/13/2010	2.44
1/20/2010	2.42
1/27/2010	2.36
2/3/2010	2.37
2/10/2010	2.35
2/17/2010	2.36
2/24/2010	2.32
3/3/2010	2.30
3/10/2010	2.34
3/17/2010	2.31
3/24/2010	2.37
3/31/2010	2.35
4/7/2010	2.40
4/14/2010	2.39
4/21/2010	2.35
4/28/2010	2.32
5/5/2010	2.15
5/12/2010	2.16
5/19/2010	2.00
5/26/2010	1.93
6/2/2010	1.97
6/9/2010	1.89
6/16/2010	1.94
6/23/2010	1.89
6/30/2010	1.81
7/7/2010	1.84
7/14/2010	1.88
7/21/2010	1.83
7/28/2010	1.93
8/4/2010	1.82
8/11/2010	1.67
8/18/2010	1.61
8/25/2010	1.51
9/1/2010	1.56
9/8/2010	1.60
9/15/2010	1.66
9/22/2010	1.58
9/29/2010	1.54
10/6/2010	1.50
10/13/2010	1.51
10/20/2010	1.57
10/27/2010	1.72
11/3/2010	1.61
11/10/2010	1.66
11/17/2010	1.80
11/24/2010	1.84
12/1/2010	1.86
12/8/2010	2.04
12/15/2010	2.15
12/22/2010	2.07
12/29/2010	2.09
1/5/2011	2.10
1/12/2011	2.13
1/19/2011	2.15
1/26/2011	2.22
2/2/2011	2.32
2/9/2011	2.42
2/16/2011	2.38
2/23/2011	2.31
3/2/2011	2.30
3/9/2011	2.35
3/16/2011	2.12
3/23/2011	2.26
3/30/2011	2.37
4/6/2011	2.45
4/13/2011	2.40
4/20/2011	2.32
4/27/2011	2.30
5/4/2011	2.22
5/11/2011	2.16
5/18/2011	2.15
5/25/2011	2.07
6/1/2011	1.99
6/8/2011	1.99
6/15/2011	1.94
6/22/2011	1.93
6/29/2011	2.02
7/6/2011	1.98
7/13/2011	1.82
7/20/2011	1.83
7/27/2011	1.79
8/3/2011	1.57
8/10/2011	1.30
8/17/2011	1.31
8/24/2011	1.36
8/31/2011	1.37
9/7/2011	1.20
9/14/2011	1.17
9/21/2011	1.13
9/28/2011	1.26
10/5/2011	1.17
10/12/2011	1.39
10/19/2011	1.30
10/26/2011	1.28
11/2/2011	1.13
11/9/2011	1.07
11/16/2011	1.09
11/23/2011	1.13
11/30/2011	1.19
12/7/2011	1.10
12/14/2011	1.02
12/21/2011	1.03
12/28/2011	1.01
1/4/2012	1.03
1/11/2012	0.97
1/18/2012	0.97
1/25/2012	1.05
2/1/2012	0.96
2/8/2012	1.06
2/15/2012	1.00
2/22/2012	1.04
2/29/2012	1.01
3/7/2012	1.00
3/14/2012	1.17
3/21/2012	1.19
3/28/2012	1.09
4/4/2012	1.08
4/11/2012	0.98
4/18/2012	0.99
4/25/2012	0.99
5/2/2012	0.93
5/9/2012	0.88
5/16/2012	0.84
5/23/2012	0.79
5/30/2012	0.72
6/6/2012	0.77
6/13/2012	0.82
6/20/2012	0.85
6/27/2012	0.82
7/4/2012	0.80
7/11/2012	0.69
7/18/2012	0.63
7/25/2012	0.61
8/1/2012	0.67
8/8/2012	0.72
8/15/2012	0.81
8/22/2012	0.76
8/29/2012	0.71
9/5/2012	0.69
9/12/2012	0.81
9/19/2012	0.82
9/26/2012	0.72
10/3/2012	0.71
10/10/2012	0.76
10/17/2012	0.86
10/24/2012	0.83
10/31/2012	0.79
11/7/2012	0.73
11/14/2012	0.71
11/21/2012	0.79
11/28/2012	0.74
12/5/2012	0.73
12/12/2012	0.75
12/19/2012	0.84
12/26/2012	0.81
1/2/2013	0.86
1/9/2013	0.87
1/16/2013	0.87
1/23/2013	0.88
1/30/2013	0.99
2/6/2013	0.95
2/13/2013	1.00
2/20/2013	0.96
2/27/2013	0.83
3/6/2013	0.83
3/13/2013	0.86
3/20/2013	0.79
3/27/2013	0.72
4/3/2013	0.73
4/10/2013	0.76
4/17/2013	0.70
4/24/2013	0.71
5/1/2013	0.68
5/8/2013	0.75
5/15/2013	0.84
5/22/2013	0.85
5/29/2013	0.94
6/5/2013	0.94
6/12/2013	1.05
6/19/2013	1.05
6/26/2013	1.22
7/3/2013	1.18
7/10/2013	1.20
7/17/2013	1.09
7/24/2013	1.17
7/31/2013	1.15
8/7/2013	1.20
8/14/2013	1.31
8/21/2013	1.37
8/28/2013	1.36
9/4/2013	1.42
9/11/2013	1.46
9/18/2013	1.39
9/25/2013	1.27
10/2/2013	1.25
10/9/2013	1.27
10/16/2013	1.34
10/23/2013	1.20
10/30/2013	1.19
11/6/2013	1.25
11/13/2013	1.28
11/20/2013	1.26
11/27/2013	1.27
12/4/2013	1.36
12/11/2013	1.37
12/18/2013	1.41
12/25/2013	1.49
1/1/2014	1.52
1/8/2014	1.51
1/15/2014	1.44
1/22/2014	1.44
1/29/2014	1.33
2/5/2014	1.28
2/12/2014	1.36
2/19/2014	1.31
2/26/2014	1.29
3/5/2014	1.30
3/12/2014	1.32
3/19/2014	1.35
3/26/2014	1.34
4/2/2014	1.40
4/9/2014	1.34
4/16/2014	1.30
4/23/2014	1.35
4/30/2014	1.33
5/7/2014	1.33
5/14/2014	1.25
5/21/2014	1.26
5/28/2014	1.20
6/4/2014	1.30
6/11/2014	1.31
6/18/2014	1.33
6/25/2014	1.28
7/2/2014	1.34
7/9/2014	1.30
7/16/2014	1.30
7/23/2014	1.25
7/30/2014	1.30
8/6/2014	1.24
8/13/2014	1.18
8/20/2014	1.19
8/27/2014	1.13
9/3/2014	1.17
9/10/2014	1.19
9/17/2014	1.22
9/24/2014	1.21
10/1/2014	1.13
10/8/2014	1.07
10/15/2014	0.91
10/22/2014	1.02
10/29/2014	1.07
11/5/2014	1.07
11/12/2014	1.06
11/19/2014	1.06
11/26/2014	0.97
12/3/2014	1.00
12/10/2014	0.96
12/17/2014	0.92
12/24/2014	0.98
12/31/2014	0.91
1/7/2015	0.82
1/14/2015	0.75
1/21/2015	0.75
1/28/2015	0.70
2/4/2015	0.73
2/11/2015	0.82
2/18/2015	0.86
2/25/2015	0.80
3/4/2015	0.90
3/11/2015	0.86
3/18/2015	0.75
3/25/2015	0.73
4/1/2015	0.72
4/8/2015	0.73
4/15/2015	0.71
4/22/2015	0.79
4/29/2015	0.85
5/6/2015	0.97
5/13/2015	0.99
5/20/2015	0.97
5/27/2015	0.92
6/3/2015	1.06
6/10/2015	1.12
6/17/2015	1.04
6/24/2015	1.08
7/1/2015	1.06
7/8/2015	0.94
7/15/2015	1.05
7/22/2015	1.03
7/29/2015	0.99
8/5/2015	1.01
8/12/2015	0.90
8/19/2015	0.92
8/26/2015	0.94
9/2/2015	0.97
9/9/2015	0.93
9/16/2015	0.99
9/23/2015	0.87
9/30/2015	0.84
10/7/2015	0.85
10/14/2015	0.79
10/21/2015	0.83
10/28/2015	0.83
11/4/2015	0.97
11/11/2015	1.00
11/18/2015	0.94
11/25/2015	0.91
12/2/2015	0.87
12/9/2015	0.95
12/16/2015	1.00
12/23/2015	0.99
12/30/2015	1.02
1/6/2016	0.90
1/13/2016	0.84
1/20/2016	0.77
1/27/2016	0.77
2/3/2016	0.65
2/10/2016	0.59
2/17/2016	0.63
2/24/2016	0.56
3/2/2016	0.63
3/9/2016	0.66
3/16/2016	0.70
3/23/2016	0.65
3/30/2016	0.62
4/6/2016	0.57
4/13/2016	0.58
4/20/2016	0.62
4/27/2016	0.69
5/4/2016	0.63
5/11/2016	0.57
5/18/2016	0.65
5/25/2016	0.66
6/1/2016	0.63
6/8/2016	0.54
6/15/2016	0.46
6/22/2016	0.56
6/29/2016	0.35
7/6/2016	0.28
7/13/2016	0.31
7/20/2016	0.38
7/27/2016	0.33
8/3/2016	0.35
8/10/2016	0.27
8/17/2016	0.32
8/24/2016	0.32
8/31/2016	0.34
9/7/2016	0.30
9/14/2016	0.40
9/21/2016	0.37
9/28/2016	0.29
10/5/2016	0.38
10/12/2016	0.47
10/19/2016	0.45
10/26/2016	0.51
11/2/2016	0.50
11/9/2016	0.59
11/16/2016	0.70
11/23/2016	0.73
11/30/2016	0.71
12/7/2016	0.71
12/14/2016	0.75
12/21/2016	0.73
12/28/2016	0.69
1/4/2017	0.71
1/11/2017	0.71
1/18/2017	0.72
1/25/2017	0.79
2/1/2017	0.78
2/8/2017	0.65
2/15/2017	0.73
2/22/2017	0.64
3/1/2017	0.66
3/8/2017	0.71
3/15/2017	0.70
3/22/2017	0.69
3/29/2017	0.68
4/5/2017	0.63
4/12/2017	0.59
4/19/2017	0.59
4/26/2017	0.66
5/3/2017	0.66
5/10/2017	0.73
5/17/2017	0.65
5/24/2017	0.66
5/31/2017	0.62
6/7/2017	0.61
6/14/2017	0.59
6/21/2017	0.65
6/28/2017	0.72
7/5/2017	0.79
7/12/2017	0.79
7/19/2017	0.75
7/26/2017	0.76
8/2/2017	0.74
8/9/2017	0.70
8/16/2017	0.69
8/23/2017	0.65
8/30/2017	0.63
9/6/2017	0.61
9/13/2017	0.70
9/20/2017	0.80
9/27/2017	0.82
10/4/2017	0.82
10/11/2017	0.84
10/18/2017	0.81
10/25/2017	0.89
11/1/2017	0.84
11/8/2017	0.80
11/15/2017	0.84
11/22/2017	0.85
11/29/2017	0.89
12/6/2017	0.85
12/13/2017	0.85
12/20/2017	0.92
12/27/2017	0.89
1/3/2018	0.93
1/10/2018	0.99
1/17/2018	1.03
1/24/2018	1.08
1/31/2018	1.16
2/7/2018	1.20
2/14/2018	1.26
2/21/2018	1.24
2/28/2018	1.21
3/7/2018	1.21
3/14/2018	1.17
3/21/2018	1.23
3/28/2018	1.15
4/4/2018	1.16
4/11/2018	1.17
4/18/2018	1.21
4/25/2018	1.30
5/2/2018	1.23
5/9/2018	1.26
5/16/2018	1.30
5/23/2018	1.23
5/30/2018	1.09
6/6/2018	1.21
6/13/2018	1.22
6/20/2018	1.16
6/27/2018	1.12
7/4/2018	1.13
7/11/2018	1.15
7/18/2018	1.14
7/25/2018	1.18
8/1/2018	1.25
8/8/2018	1.20
8/15/2018	1.12
8/22/2018	1.14
8/29/2018	1.20
9/5/2018	1.20
9/12/2018	1.24
9/19/2018	1.32
9/26/2018	1.32
10/3/2018	1.33
10/10/2018	1.40
10/17/2018	1.33
10/24/2018	1.25
10/31/2018	1.26
11/7/2018	1.33
11/14/2018	1.28
11/21/2018	1.23
11/28/2018	1.22
12/5/2018	1.17
12/12/2018	1.16
12/19/2018	1.11
12/26/2018	1.11
1/2/2019	1.05
1/9/2019	1.09
1/16/2019	1.10
1/23/2019	1.12
1/30/2019	1.08
2/6/2019	1.06
2/13/2019	1.05
2/20/2019	1.03
2/27/2019	1.09
3/6/2019	1.07
3/13/2019	1.03
3/20/2019	1.00
3/27/2019	0.88
4/3/2019	0.95
4/10/2019	0.93
4/17/2019	1.03
4/24/2019	0.97
5/1/2019	0.97
5/8/2019	0.94
5/15/2019	0.88
5/22/2019	0.89
5/29/2019	0.79
6/5/2019	0.71
6/12/2019	0.72
6/19/2019	0.67
6/26/2019	0.66
7/3/2019	0.58
7/10/2019	0.65
7/17/2019	0.64
7/24/2019	0.59
7/31/2019	0.57
8/7/2019	0.41
8/14/2019	0.39
8/21/2019	0.38
8/28/2019	0.32
9/4/2019	0.33
9/11/2019	0.47
9/18/2019	0.53
9/25/2019	0.47
10/2/2019	0.39
10/9/2019	0.38
10/16/2019	0.53
10/23/2019	0.53
10/30/2019	0.55
11/6/2019	0.57
11/13/2019	0.60
11/20/2019	0.55
11/27/2019	0.55
12/4/2019	0.58
12/11/2019	0.59
12/18/2019	0.63
12/25/2019	0.62
1/1/2020	0.66
1/8/2020	0.63
1/15/2020	0.56
1/22/2020	0.54
1/29/2020	0.45
2/5/2020	0.49
2/12/2020	0.49
2/19/2020	0.47
2/26/2020	0.33

Average r*

Percent

Date	Value
3/31/1999	2.38
6/30/1999	2.31
9/30/1999	2.39
12/31/1999	2.53
3/31/2000	2.53
6/30/2000	2.56
9/30/2000	2.56
12/31/2000	2.61
3/31/2001	2.64
6/30/2001	2.76
9/30/2001	2.57
12/31/2001	2.56
3/31/2002	2.53
6/30/2002	2.54
9/30/2002	2.49
12/31/2002	2.38
3/31/2003	2.24
6/30/2003	2.22
9/30/2003	2.33
12/31/2003	2.35
3/31/2004	2.34
6/30/2004	2.31
9/30/2004	2.18
12/31/2004	2.16
3/31/2005	2.20
6/30/2005	2.13
9/30/2005	2.12
12/31/2005	2.21
3/31/2006	2.23
6/30/2006	2.27
9/30/2006	2.22
12/31/2006	2.24
3/31/2007	2.29
6/30/2007	2.24
9/30/2007	2.24
12/31/2007	2.34
3/31/2008	2.27
6/30/2008	2.16
9/30/2008	1.98
12/31/2008	1.41
3/31/2009	1.00
6/30/2009	1.08
9/30/2009	1.12
12/31/2009	1.26
3/31/2010	1.22
6/30/2010	1.26
9/30/2010	1.25
12/31/2010	1.23
3/31/2011	1.31
6/30/2011	1.36
9/30/2011	1.21
12/31/2011	1.19
3/31/2012	1.20
6/30/2012	1.05
9/30/2012	0.94
12/31/2012	0.92
3/31/2013	0.84
6/30/2013	0.79
9/30/2013	0.80
12/31/2013	0.79
3/31/2014	0.71
6/30/2014	0.77
9/30/2014	0.79
12/31/2014	0.74
3/31/2015	0.76
6/30/2015	0.82
9/30/2015	0.79
12/31/2015	0.77
3/31/2016	0.78
6/30/2016	0.77
9/30/2016	0.80
12/31/2016	0.83
3/31/2017	0.89
6/30/2017	0.83
9/30/2017	0.85
12/31/2017	0.94
3/31/2018	0.92
6/30/2018	0.96
9/30/2018	0.88
12/31/2018	0.79
3/31/2019	0.79
6/30/2019	0.81
9/30/2019	0.82
12/31/2019	0.76

Note: The data for the global level factor are weekly, and the data for average r* are quarterly. The global level factor is a simple average of the level factors plotted in figure 1. The average r* is a simple average of the Holston, Laubach, and Williams (2017) estimated r* for the same three countries.

Source: Holston, Laubach, and Williams (2017); Diebold and Li (2006); Bloomberg; staff calculations.

Figure 3: 10−Year U.S. Treasury Yield and Neutral Nominal Policy Rate

Neutral nominal U.S. policy rate

Percent

Date	Value
3/31/1999	5.06
6/30/1999	5.04
9/30/1999	5.15
12/31/1999	5.40
3/31/2000	5.38
6/30/2000	5.44
9/30/2000	5.35
12/31/2000	5.37
3/31/2001	5.28
6/30/2001	5.19
9/30/2001	4.86
12/31/2001	4.94
3/31/2002	4.83
6/30/2002	4.97
9/30/2002	4.85
12/31/2002	4.58
3/31/2003	4.39
6/30/2003	4.36
9/30/2003	4.56
12/31/2003	4.58
3/31/2004	4.64
6/30/2004	4.61
9/30/2004	4.44
12/31/2004	4.51
3/31/2005	4.65
6/30/2005	4.38
9/30/2005	4.29
12/31/2005	4.41
3/31/2006	4.49
6/30/2006	4.50
9/30/2006	4.32
12/31/2006	4.27
3/31/2007	4.40
6/30/2007	4.17
9/30/2007	4.22
12/31/2007	4.37
3/31/2008	4.09
6/30/2008	4.07
9/30/2008	3.81
12/31/2008	2.91
3/31/2009	2.59
6/30/2009	2.78
9/30/2009	2.78
12/31/2009	3.16
3/31/2010	2.89
6/30/2010	2.82
9/30/2010	2.67
12/31/2010	2.66
3/31/2011	2.66
6/30/2011	2.86
9/30/2011	2.72
12/31/2011	2.76
3/31/2012	2.96
6/30/2012	2.73
9/30/2012	2.48
12/31/2012	2.47
3/31/2013	2.50
6/30/2013	2.33
9/30/2013	2.42
12/31/2013	2.53
3/31/2014	2.25
6/30/2014	2.52
9/30/2014	2.55
12/31/2014	2.40
3/31/2015	2.34
6/30/2015	2.49
9/30/2015	2.36
12/31/2015	2.22
3/31/2016	2.38
6/30/2016	2.43
9/30/2016	2.43
12/31/2016	2.38
3/31/2017	2.39
6/30/2017	2.27
9/30/2017	2.28
12/31/2017	2.49
3/31/2018	2.64
6/30/2018	2.66
9/30/2018	2.48
12/31/2018	2.46
3/31/2019	2.35
6/30/2019	2.47
9/30/2019	2.50
12/31/2019	2.41

10-year U.S. Treasury yield

Percent

Date	Value
1/6/1999	5.02
1/13/1999	5.12
1/20/1999	5.14
1/27/1999	5.02
2/3/1999	5.18
2/10/1999	5.25
2/17/1999	5.32
2/24/1999	5.52
3/3/1999	5.68
3/10/1999	5.57
3/17/1999	5.49
3/24/1999	5.53
3/31/1999	5.61
4/7/1999	5.48
4/14/1999	5.45
4/21/1999	5.48
4/28/1999	5.53
5/5/1999	5.67
5/12/1999	5.81
5/19/1999	5.86
5/26/1999	5.87
6/2/1999	6.06
6/9/1999	6.11
6/16/1999	6.19
6/23/1999	6.27
6/30/1999	6.10
7/7/1999	6.18
7/14/1999	6.01
7/21/1999	5.95
7/28/1999	6.09
8/4/1999	6.24
8/11/1999	6.40
8/18/1999	6.22
8/25/1999	6.07
9/1/1999	6.33
9/8/1999	6.31
9/15/1999	6.35
9/22/1999	6.31
9/29/1999	6.36
10/6/1999	6.42
10/13/1999	6.52
10/20/1999	6.58
10/27/1999	6.55
11/3/1999	6.32
11/10/1999	6.26
11/17/1999	6.29
11/24/1999	6.37
12/1/1999	6.49
12/8/1999	6.41
12/15/1999	6.50
12/22/1999	6.67
12/29/1999	6.66
1/5/2000	6.82
1/12/2000	6.87
1/19/2000	6.81
1/26/2000	6.72
2/2/2000	6.63
2/9/2000	6.67
2/16/2000	6.67
2/23/2000	6.53
3/1/2000	6.52
3/8/2000	6.53
3/15/2000	6.42
3/22/2000	6.29
3/29/2000	6.33
4/5/2000	6.08
4/12/2000	6.18
4/19/2000	6.15
4/26/2000	6.27
5/3/2000	6.50
5/10/2000	6.56
5/17/2000	6.59
5/24/2000	6.60
5/31/2000	6.39
6/7/2000	6.22
6/14/2000	6.18
6/21/2000	6.25
6/28/2000	6.25
7/5/2000	6.12
7/12/2000	6.17
7/19/2000	6.25
7/26/2000	6.09
8/2/2000	6.03
8/9/2000	5.96
8/16/2000	5.99
8/23/2000	5.90
8/30/2000	5.97
9/6/2000	5.91
9/13/2000	5.92
9/20/2000	6.10
9/27/2000	6.02
10/4/2000	6.06
10/11/2000	5.92
10/18/2000	5.84
10/25/2000	5.81
11/1/2000	5.87
11/8/2000	5.97
11/15/2000	5.82
11/22/2000	5.71
11/29/2000	5.66
12/6/2000	5.47
12/13/2000	5.43
12/20/2000	5.29
12/27/2000	5.33
1/3/2001	5.37
1/10/2001	5.33
1/17/2001	5.38
1/24/2001	5.52
1/31/2001	5.38
2/7/2001	5.36
2/14/2001	5.38
2/21/2001	5.42
2/28/2001	5.21
3/7/2001	5.21
3/14/2001	5.14
3/21/2001	5.10
3/28/2001	5.31
4/4/2001	5.27
4/11/2001	5.41
4/18/2001	5.43
4/25/2001	5.57
5/2/2001	5.55
5/9/2001	5.45
5/16/2001	5.73
5/23/2001	5.70
5/30/2001	5.79
6/6/2001	5.57
6/13/2001	5.56
6/20/2001	5.51
6/27/2001	5.52
7/4/2001	5.67
7/11/2001	5.59
7/18/2001	5.38
7/25/2001	5.44
8/1/2001	5.35
8/8/2001	5.34
8/15/2001	5.35
8/22/2001	5.25
8/29/2001	5.14
9/5/2001	5.31
9/12/2001	5.21
9/19/2001	5.16
9/26/2001	5.10
10/3/2001	4.95
10/10/2001	5.01
10/17/2001	4.98
10/24/2001	4.98
10/31/2001	4.70
11/7/2001	4.61
11/14/2001	4.91
11/21/2001	5.38
11/28/2001	5.40
12/5/2001	5.35
12/12/2001	5.49
12/19/2001	5.49
12/26/2001	5.64
1/2/2002	5.64
1/9/2002	5.52
1/16/2002	5.30
1/23/2002	5.46
1/30/2002	5.40
2/6/2002	5.36
2/13/2002	5.48
2/20/2002	5.34
2/27/2002	5.30
3/6/2002	5.50
3/13/2002	5.72
3/20/2002	5.82
3/27/2002	5.75
4/3/2002	5.69
4/10/2002	5.63
4/17/2002	5.64
4/24/2002	5.49
5/1/2002	5.44
5/8/2002	5.58
5/15/2002	5.64
5/22/2002	5.48
5/29/2002	5.45
6/5/2002	5.44
6/12/2002	5.33
6/19/2002	5.13
6/26/2002	5.12
7/3/2002	5.16
7/10/2002	5.05
7/17/2002	5.09
7/24/2002	4.90
7/31/2002	4.91
8/7/2002	4.78
8/14/2002	4.51
8/21/2002	4.65
8/28/2002	4.64
9/4/2002	4.38
9/11/2002	4.49
9/18/2002	4.27
9/25/2002	4.23
10/2/2002	4.18
10/9/2002	4.08
10/16/2002	4.52
10/23/2002	4.70
10/30/2002	4.45
11/6/2002	4.52
11/13/2002	4.25
11/20/2002	4.50
11/27/2002	4.73
12/4/2002	4.63
12/11/2002	4.43
12/18/2002	4.50
12/25/2002	4.38
1/1/2003	4.25
1/8/2003	4.42
1/15/2003	4.51
1/22/2003	4.35
1/29/2003	4.45
2/5/2003	4.42
2/12/2003	4.33
2/19/2003	4.26
2/26/2003	4.15
3/5/2003	4.00
3/12/2003	3.96
3/19/2003	4.35
3/26/2003	4.35
4/2/2003	4.33
4/9/2003	4.30
4/16/2003	4.31
4/23/2003	4.36
4/30/2003	4.22
5/7/2003	4.03
5/14/2003	3.83
5/21/2003	3.68
5/28/2003	3.74
6/4/2003	3.60
6/11/2003	3.51
6/18/2003	3.67
6/25/2003	3.69
7/2/2003	3.86
7/9/2003	4.03
7/16/2003	4.28
7/23/2003	4.45
7/30/2003	4.72
8/6/2003	4.71
8/13/2003	4.96
8/20/2003	4.82
8/27/2003	4.91
9/3/2003	4.98
9/10/2003	4.62
9/17/2003	4.53
9/24/2003	4.49
10/1/2003	4.28
10/8/2003	4.61
10/15/2003	4.76
10/22/2003	4.60
10/29/2003	4.62
11/5/2003	4.69
11/12/2003	4.75
11/19/2003	4.54
11/26/2003	4.56
12/3/2003	4.72
12/10/2003	4.60
12/17/2003	4.49
12/24/2003	4.48
12/31/2003	4.55
1/7/2004	4.54
1/14/2004	4.29
1/21/2004	4.33
1/28/2004	4.49
2/4/2004	4.43
2/11/2004	4.33
2/18/2004	4.34
2/25/2004	4.31
3/3/2004	4.35
3/10/2004	4.01
3/17/2004	3.97
3/24/2004	3.99
3/31/2004	4.13
4/7/2004	4.48
4/14/2004	4.70
4/21/2004	4.75
4/28/2004	4.79
5/5/2004	4.90
5/12/2004	5.12
5/19/2004	5.09
5/26/2004	4.97
6/2/2004	5.03
6/9/2004	5.10
6/16/2004	5.01
6/23/2004	4.97
6/30/2004	4.88
7/7/2004	4.76
7/14/2004	4.76
7/21/2004	4.75
7/28/2004	4.87
8/4/2004	4.70
8/11/2004	4.56
8/18/2004	4.50
8/25/2004	4.53
9/1/2004	4.39
9/8/2004	4.43
9/15/2004	4.42
9/22/2004	4.22
9/29/2004	4.33
10/6/2004	4.47
10/13/2004	4.34
10/20/2004	4.24
10/27/2004	4.33
11/3/2004	4.31
11/10/2004	4.48
11/17/2004	4.35
11/24/2004	4.39
12/1/2004	4.58
12/8/2004	4.33
12/15/2004	4.26
12/22/2004	4.39
12/29/2004	4.51
1/5/2005	4.45
1/12/2005	4.39
1/19/2005	4.33
1/26/2005	4.34
2/2/2005	4.27
2/9/2005	4.10
2/16/2005	4.27
2/23/2005	4.39
3/2/2005	4.51
3/9/2005	4.64
3/16/2005	4.64
3/23/2005	4.73
3/30/2005	4.66
4/6/2005	4.56
4/13/2005	4.49
4/20/2005	4.33
4/27/2005	4.34
5/4/2005	4.29
5/11/2005	4.29
5/18/2005	4.18
5/25/2005	4.17
6/1/2005	3.99
6/8/2005	4.02
6/15/2005	4.21
6/22/2005	4.03
6/29/2005	4.06
7/6/2005	4.15
7/13/2005	4.24
7/20/2005	4.24
7/27/2005	4.32
8/3/2005	4.36
8/10/2005	4.45
8/17/2005	4.35
8/24/2005	4.26
8/31/2005	4.08
9/7/2005	4.22
9/14/2005	4.25
9/21/2005	4.27
9/28/2005	4.34
10/5/2005	4.44
10/12/2005	4.52
10/19/2005	4.55
10/26/2005	4.68
11/2/2005	4.69
11/9/2005	4.74
11/16/2005	4.59
11/23/2005	4.59
11/30/2005	4.61
12/7/2005	4.62
12/14/2005	4.54
12/21/2005	4.56
12/28/2005	4.44
1/4/2006	4.41
1/11/2006	4.52
1/18/2006	4.40
1/25/2006	4.54
2/1/2006	4.61
2/8/2006	4.62
2/15/2006	4.66
2/22/2006	4.57
3/1/2006	4.64
3/8/2006	4.80
3/15/2006	4.79
3/22/2006	4.76
3/29/2006	4.87
4/5/2006	4.90
4/12/2006	5.03
4/19/2006	5.09
4/26/2006	5.15
5/3/2006	5.20
5/10/2006	5.15
5/17/2006	5.22
5/24/2006	5.08
5/31/2006	5.17
6/7/2006	5.07
6/14/2006	5.08
6/21/2006	5.18
6/28/2006	5.27
7/5/2006	5.25
7/12/2006	5.12
7/19/2006	5.08
7/26/2006	5.05
8/2/2006	4.98
8/9/2006	4.96
8/16/2006	4.90
8/23/2006	4.85
8/30/2006	4.81
9/6/2006	4.86
9/13/2006	4.81
9/20/2006	4.77
9/27/2006	4.64
10/4/2006	4.61
10/11/2006	4.82
10/18/2006	4.80
10/25/2006	4.80
11/1/2006	4.60
11/8/2006	4.66
11/15/2006	4.63
11/22/2006	4.59
11/29/2006	4.55
12/6/2006	4.52
12/13/2006	4.61
12/20/2006	4.63
12/27/2006	4.69
1/3/2007	4.70
1/10/2007	4.72
1/17/2007	4.82
1/24/2007	4.84
1/31/2007	4.85
2/7/2007	4.77
2/14/2007	4.77
2/21/2007	4.73
2/28/2007	4.61
3/7/2007	4.56
3/14/2007	4.59
3/21/2007	4.59
3/28/2007	4.69
4/4/2007	4.72
4/11/2007	4.80
4/18/2007	4.71
4/25/2007	4.70
5/2/2007	4.69
5/9/2007	4.71
5/16/2007	4.75
5/23/2007	4.90
5/30/2007	4.92
6/6/2007	5.00
6/13/2007	5.23
6/20/2007	5.18
6/27/2007	5.13
7/4/2007	5.10
7/11/2007	5.14
7/18/2007	5.07
7/25/2007	4.98
8/1/2007	4.85
8/8/2007	4.96
8/15/2007	4.85
8/22/2007	4.76
8/29/2007	4.70
9/5/2007	4.62
9/12/2007	4.54
9/19/2007	4.65
9/26/2007	4.76
10/3/2007	4.68
10/10/2007	4.77
10/17/2007	4.69
10/24/2007	4.50
10/31/2007	4.60
11/7/2007	4.51
11/14/2007	4.45
11/21/2007	4.26
11/28/2007	4.25
12/5/2007	4.18
12/12/2007	4.31
12/19/2007	4.29
12/26/2007	4.53
1/2/2008	4.17
1/9/2008	4.05
1/16/2008	3.99
1/23/2008	3.81
1/30/2008	4.06
2/6/2008	3.94
2/13/2008	4.04
2/20/2008	4.24
2/27/2008	4.18
3/5/2008	4.07
3/12/2008	3.85
3/19/2008	3.72
3/26/2008	3.86
4/2/2008	3.96
4/9/2008	3.84
4/16/2008	4.05
4/23/2008	4.07
4/30/2008	4.07
5/7/2008	4.18
5/14/2008	4.22
5/21/2008	4.11
5/28/2008	4.33
6/4/2008	4.30
6/11/2008	4.40
6/18/2008	4.44
6/25/2008	4.40
7/2/2008	4.25
7/9/2008	4.12
7/16/2008	4.26
7/23/2008	4.42
7/30/2008	4.34
8/6/2008	4.33
8/13/2008	4.22
8/20/2008	4.07
8/27/2008	4.03
9/3/2008	3.98
9/10/2008	3.93
9/17/2008	3.74
9/24/2008	4.18
10/1/2008	4.17
10/8/2008	4.22
10/15/2008	4.67
10/22/2008	4.39
10/29/2008	4.70
11/5/2008	4.54
11/12/2008	4.46
11/19/2008	4.02
11/26/2008	3.66
12/3/2008	3.36
12/10/2008	3.36
12/17/2008	2.84
12/24/2008	2.76
12/31/2008	2.88
1/7/2009	3.15
1/14/2009	2.86
1/21/2009	3.27
1/28/2009	3.43
2/4/2009	3.61
2/11/2009	3.43
2/18/2009	3.39
2/25/2009	3.60
3/4/2009	3.69
3/11/2009	3.55
3/18/2009	3.09
3/25/2009	3.25
4/1/2009	3.10
4/8/2009	3.32
4/15/2009	3.25
4/22/2009	3.45
4/29/2009	3.59
5/6/2009	3.65
5/13/2009	3.60
5/20/2009	3.67
5/27/2009	4.22
6/3/2009	4.12
6/10/2009	4.46
6/17/2009	4.17
6/24/2009	4.19
7/1/2009	4.04
7/8/2009	3.78
7/15/2009	4.12
7/22/2009	4.06
7/29/2009	4.16
8/5/2009	4.23
8/12/2009	4.19
8/19/2009	3.91
8/26/2009	3.88
9/2/2009	3.74
9/9/2009	3.93
9/16/2009	3.90
9/23/2009	3.87
9/30/2009	3.71
10/7/2009	3.58
10/14/2009	3.85
10/21/2009	3.80
10/28/2009	3.82
11/4/2009	3.95
11/11/2009	3.92
11/18/2009	3.77
11/25/2009	3.65
12/2/2009	3.67
12/9/2009	3.81
12/16/2009	3.96
12/23/2009	4.12
12/30/2009	4.14
1/6/2010	4.20
1/13/2010	4.14
1/20/2010	4.00
1/27/2010	3.98
2/3/2010	4.05
2/10/2010	4.05
2/17/2010	4.09
2/24/2010	4.04
3/3/2010	3.97
3/10/2010	4.04
3/17/2010	3.94
3/24/2010	4.10
3/31/2010	4.12
4/7/2010	4.14
4/14/2010	4.13
4/21/2010	4.01
4/28/2010	4.04
5/5/2010	3.84
5/12/2010	3.86
5/19/2010	3.65
5/26/2010	3.49
6/2/2010	3.65
6/9/2010	3.49
6/16/2010	3.55
6/23/2010	3.40
6/30/2010	3.24
7/7/2010	3.29
7/14/2010	3.33
7/21/2010	3.15
7/28/2010	3.28
8/4/2010	3.21
8/11/2010	2.93
8/18/2010	2.84
8/25/2010	2.74
9/1/2010	2.79
9/8/2010	2.87
9/15/2010	2.96
9/22/2010	2.79
9/29/2010	2.72
10/6/2010	2.61
10/13/2010	2.66
10/20/2010	2.71
10/27/2010	2.97
11/3/2010	2.86
11/10/2010	2.82
11/17/2010	3.10
11/24/2010	3.15
12/1/2010	3.21
12/8/2010	3.52
12/15/2010	3.80
12/22/2010	3.61
12/29/2010	3.59
1/5/2011	3.74
1/12/2011	3.62
1/19/2011	3.61
1/26/2011	3.69
2/2/2011	3.74
2/9/2011	3.89
2/16/2011	3.84
2/23/2011	3.71
3/2/2011	3.69
3/9/2011	3.71
3/16/2011	3.44
3/23/2011	3.58
3/30/2011	3.68
4/6/2011	3.79
4/13/2011	3.72
4/20/2011	3.67
4/27/2011	3.62
5/4/2011	3.47
5/11/2011	3.41
5/18/2011	3.39
5/25/2011	3.35
6/1/2011	3.17
6/8/2011	3.17
6/15/2011	3.19
6/22/2011	3.23
6/29/2011	3.38
7/6/2011	3.37
7/13/2011	3.13
7/20/2011	3.18
7/27/2011	3.22
8/3/2011	2.82
8/10/2011	2.33
8/17/2011	2.32
8/24/2011	2.45
8/31/2011	2.40
9/7/2011	2.19
9/14/2011	2.16
9/21/2011	2.01
9/28/2011	2.17
10/5/2011	2.05
10/12/2011	2.39
10/19/2011	2.32
10/26/2011	2.37
11/2/2011	2.15
11/9/2011	2.10
11/16/2011	2.12
11/23/2011	1.98
11/30/2011	2.21
12/7/2011	2.14
12/14/2011	2.00
12/21/2011	2.07
12/28/2011	2.02
1/4/2012	2.10
1/11/2012	2.02
1/18/2012	2.00
1/25/2012	2.11
2/1/2012	1.95
2/8/2012	2.08
2/15/2012	2.02
2/22/2012	2.10
2/29/2012	2.06
3/7/2012	2.06
3/14/2012	2.41
3/21/2012	2.43
3/28/2012	2.32
4/4/2012	2.36
4/11/2012	2.13
4/18/2012	2.09
4/25/2012	2.09
5/2/2012	2.02
5/9/2012	1.93
5/16/2012	1.81
5/23/2012	1.76
5/30/2012	1.66
6/6/2012	1.70
6/13/2012	1.63
6/20/2012	1.69
6/27/2012	1.68
7/4/2012	1.68
7/11/2012	1.56
7/18/2012	1.55
7/25/2012	1.46
8/1/2012	1.61
8/8/2012	1.74
8/15/2012	1.87
8/22/2012	1.77
8/29/2012	1.71
9/5/2012	1.64
9/12/2012	1.82
9/19/2012	1.84
9/26/2012	1.65
10/3/2012	1.66
10/10/2012	1.74
10/17/2012	1.88
10/24/2012	1.84
10/31/2012	1.75
11/7/2012	1.70
11/14/2012	1.61
11/21/2012	1.72
11/28/2012	1.65
12/5/2012	1.62
12/12/2012	1.74
12/19/2012	1.86
12/26/2012	1.81
1/2/2013	1.90
1/9/2013	1.93
1/16/2013	1.89
1/23/2013	1.90
1/30/2013	2.08
2/6/2013	2.06
2/13/2013	2.13
2/20/2013	2.09
2/27/2013	1.97
3/6/2013	2.01
3/13/2013	2.12
3/20/2013	2.03
3/27/2013	1.91
4/3/2013	1.87
4/10/2013	1.87
4/17/2013	1.76
4/24/2013	1.75
5/1/2013	1.69
5/8/2013	1.85
5/15/2013	2.00
5/22/2013	2.10
5/29/2013	2.21
6/5/2013	2.20
6/12/2013	2.34
6/19/2013	2.44
6/26/2013	2.67
7/3/2013	2.64
7/10/2013	2.83
7/17/2013	2.64
7/24/2013	2.74
7/31/2013	2.75
8/7/2013	2.77
8/14/2013	2.88
8/21/2013	3.05
8/28/2013	2.94
9/4/2013	3.05
9/11/2013	3.06
9/18/2013	2.84
9/25/2013	2.77
10/2/2013	2.77
10/9/2013	2.81
10/16/2013	2.83
10/23/2013	2.65
10/30/2013	2.69
11/6/2013	2.82
11/13/2013	2.91
11/20/2013	2.97
11/27/2013	2.91
12/4/2013	3.03
12/11/2013	3.03
12/18/2013	3.07
12/25/2013	3.16
1/1/2014	3.21
1/8/2014	3.16
1/15/2014	3.04
1/22/2014	3.02
1/29/2014	2.84
2/5/2014	2.85
2/12/2014	2.93
2/19/2014	2.88
2/26/2014	2.81
3/5/2014	2.84
3/12/2014	2.86
3/19/2014	2.91
3/26/2014	2.83
4/2/2014	2.95
4/9/2014	2.84
4/16/2014	2.76
4/23/2014	2.82
4/30/2014	2.79
5/7/2014	2.71
5/14/2014	2.63
5/21/2014	2.65
5/28/2014	2.54
6/4/2014	2.73
6/11/2014	2.76
6/18/2014	2.72
6/25/2014	2.67
7/2/2014	2.74
7/9/2014	2.66
7/16/2014	2.65
7/23/2014	2.57
7/30/2014	2.66
8/6/2014	2.58
8/13/2014	2.53
8/20/2014	2.53
8/27/2014	2.46
9/3/2014	2.51
9/10/2014	2.63
9/17/2014	2.73
9/24/2014	2.67
10/1/2014	2.51
10/8/2014	2.44
10/15/2014	2.25
10/22/2014	2.35
10/29/2014	2.44
11/5/2014	2.46
11/12/2014	2.46
11/19/2014	2.47
11/26/2014	2.34
12/3/2014	2.38
12/10/2014	2.24
12/17/2014	2.21
12/24/2014	2.34
12/31/2014	2.24
1/7/2015	2.02
1/14/2015	1.93
1/21/2015	1.95
1/28/2015	1.81
2/4/2015	1.89
2/11/2015	2.08
2/18/2015	2.17
2/25/2015	2.07
3/4/2015	2.21
3/11/2015	2.20
3/18/2015	2.02
3/25/2015	2.01
4/1/2015	1.95
4/8/2015	1.99
4/15/2015	1.99
4/22/2015	2.09
4/29/2015	2.15
5/6/2015	2.34
5/13/2015	2.40
5/20/2015	2.38
5/27/2015	2.24
6/3/2015	2.50
6/10/2015	2.60
6/17/2015	2.42
6/24/2015	2.49
7/1/2015	2.54
7/8/2015	2.31
7/15/2015	2.44
7/22/2015	2.40
7/29/2015	2.36
8/5/2015	2.33
8/12/2015	2.21
8/19/2015	2.19
8/26/2015	2.30
9/2/2015	2.29
9/9/2015	2.28
9/16/2015	2.39
9/23/2015	2.24
9/30/2015	2.14
10/7/2015	2.15
10/14/2015	2.06
10/21/2015	2.12
10/28/2015	2.18
11/4/2015	2.33
11/11/2015	2.43
11/18/2015	2.38
11/25/2015	2.33
12/2/2015	2.27
12/9/2015	2.31
12/16/2015	2.40
12/23/2015	2.37
12/30/2015	2.41
1/6/2016	2.28
1/13/2016	2.16
1/20/2016	2.09
1/27/2016	2.10
2/3/2016	1.97
2/10/2016	1.79
2/17/2016	1.90
2/24/2016	1.84
3/2/2016	1.95
3/9/2016	1.98
3/16/2016	2.02
3/23/2016	1.96
3/30/2016	1.91
4/6/2016	1.83
4/13/2016	1.83
4/20/2016	1.91
4/27/2016	1.93
5/4/2016	1.85
5/11/2016	1.80
5/18/2016	1.94
5/25/2016	1.94
6/1/2016	1.92
6/8/2016	1.76
6/15/2016	1.65
6/22/2016	1.74
6/29/2016	1.54
7/6/2016	1.42
7/13/2016	1.51
7/20/2016	1.63
7/27/2016	1.56
8/3/2016	1.58
8/10/2016	1.55
8/17/2016	1.61
8/24/2016	1.60
8/31/2016	1.62
9/7/2016	1.58
9/14/2016	1.75
9/21/2016	1.72
9/28/2016	1.62
10/5/2016	1.77
10/12/2016	1.83
10/19/2016	1.81
10/26/2016	1.84
11/2/2016	1.86
11/9/2016	2.15
11/16/2016	2.31
11/23/2016	2.45
11/30/2016	2.47
12/7/2016	2.45
12/14/2016	2.64
12/21/2016	2.65
12/28/2016	2.61
1/4/2017	2.54
1/11/2017	2.45
1/18/2017	2.49
1/25/2017	2.60
2/1/2017	2.55
2/8/2017	2.41
2/15/2017	2.59
2/22/2017	2.50
3/1/2017	2.54
3/8/2017	2.63
3/15/2017	2.58
3/22/2017	2.48
3/29/2017	2.45
4/5/2017	2.40
4/12/2017	2.34
4/19/2017	2.28
4/26/2017	2.38
5/3/2017	2.39
5/10/2017	2.48
5/17/2017	2.30
5/24/2017	2.32
5/31/2017	2.27
6/7/2017	2.22
6/14/2017	2.19
6/21/2017	2.20
6/28/2017	2.27
7/5/2017	2.38
7/12/2017	2.38
7/19/2017	2.32
7/26/2017	2.34
8/2/2017	2.31
8/9/2017	2.29
8/16/2017	2.28
8/23/2017	2.22
8/30/2017	2.19
9/6/2017	2.15
9/13/2017	2.23
9/20/2017	2.32
9/27/2017	2.34
10/4/2017	2.36
10/11/2017	2.37
10/18/2017	2.37
10/25/2017	2.47
11/1/2017	2.39
11/8/2017	2.34
11/15/2017	2.36
11/22/2017	2.36
11/29/2017	2.41
12/6/2017	2.35
12/13/2017	2.38
12/20/2017	2.53
12/27/2017	2.44
1/3/2018	2.47
1/10/2018	2.57
1/17/2018	2.58
1/24/2018	2.66
1/31/2018	2.73
2/7/2018	2.87
2/14/2018	2.95
2/21/2018	2.97
2/28/2018	2.90
3/7/2018	2.91
3/14/2018	2.83
3/21/2018	2.90
3/28/2018	2.78
4/4/2018	2.79
4/11/2018	2.77
4/18/2018	2.86
4/25/2018	3.03
5/2/2018	2.96
5/9/2018	3.01
5/16/2018	3.10
5/23/2018	3.02
5/30/2018	2.84
6/6/2018	2.97
6/13/2018	2.99
6/20/2018	2.94
6/27/2018	2.85
7/4/2018	2.84
7/11/2018	2.85
7/18/2018	2.87
7/25/2018	2.94
8/1/2018	3.00
8/8/2018	2.97
8/15/2018	2.86
8/22/2018	2.82
8/29/2018	2.87
9/5/2018	2.90
9/12/2018	2.95
9/19/2018	3.07
9/26/2018	3.05
10/3/2018	3.14
10/10/2018	3.22
10/17/2018	3.18
10/24/2018	3.10
10/31/2018	3.15
11/7/2018	3.22
11/14/2018	3.12
11/21/2018	3.08
11/28/2018	3.04
12/5/2018	2.90
12/12/2018	2.90
12/19/2018	2.75
12/26/2018	2.81
1/2/2019	2.65
1/9/2019	2.72
1/16/2019	2.72
1/23/2019	2.74
1/30/2019	2.69
2/6/2019	2.69
2/13/2019	2.70
2/20/2019	2.64
2/27/2019	2.69
3/6/2019	2.68
3/13/2019	2.61
3/20/2019	2.55
3/27/2019	2.40
4/3/2019	2.53
4/10/2019	2.48
4/17/2019	2.60
4/24/2019	2.54
5/1/2019	2.53
5/8/2019	2.50
5/15/2019	2.39
5/22/2019	2.41
5/29/2019	2.27
6/5/2019	2.15
6/12/2019	2.14
6/19/2019	2.04
6/26/2019	2.07
7/3/2019	1.97
7/10/2019	2.07
7/17/2019	2.07
7/24/2019	2.05
7/31/2019	2.02
8/7/2019	1.71
8/14/2019	1.60
8/21/2019	1.61
8/28/2019	1.49
9/4/2019	1.49
9/11/2019	1.76
9/18/2019	1.82
9/25/2019	1.74
10/2/2019	1.63
10/9/2019	1.60
10/16/2019	1.75
10/23/2019	1.77
10/30/2019	1.79
11/6/2019	1.83
11/13/2019	1.90
11/20/2019	1.76
11/27/2019	1.79
12/4/2019	1.80
12/11/2019	1.81
12/18/2019	1.95
12/25/2019	1.94
1/1/2020	1.96
1/8/2020	1.90
1/15/2020	1.81
1/22/2020	1.79
1/29/2020	1.61
2/5/2020	1.67
2/12/2020	1.65
2/19/2020	1.58
2/26/2020	1.34

Note: The data for the neutral nominal U.S. policy rate are quarterly, and the data for the U.S. 10-year yield are weekly. Neutral nominal policy rate is the Holston, Laubach, and Williams (2017) estimated U.S. r* plus 2 percent.

Source: Holston, Laubach, and Williams (2017); Bloomberg.

Figure 4: U.S. Slope Factor and Policy Rate Spread

Policy rate spread

Percent

Date	Value
3/31/1999	0.25
6/30/1999	0.28
9/30/1999	-0.07
12/31/1999	0.10
3/31/2000	-0.47
6/30/2000	-1.09
9/30/2000	-1.17
12/31/2000	-1.03
3/31/2001	-0.03
6/30/2001	1.22
9/30/2001	1.79
12/31/2001	3.12
3/31/2002	3.10
6/30/2002	3.22
9/30/2002	3.10
12/31/2002	3.34
3/31/2003	3.14
6/30/2003	3.14
9/30/2003	3.55
12/31/2003	3.60
3/31/2004	3.64
6/30/2004	3.58
9/30/2004	2.83
12/31/2004	2.35
3/31/2005	2.02
6/30/2005	1.34
9/30/2005	0.67
12/31/2005	0.25
3/31/2006	-0.10
6/30/2006	-0.49
9/30/2006	-0.93
12/31/2006	-0.97
3/31/2007	-0.86
6/30/2007	-1.08
9/30/2007	-0.72
12/31/2007	0.13
3/31/2008	1.48
6/30/2008	2.07
9/30/2008	2.00
12/31/2008	2.75
3/31/2009	2.41
6/30/2009	2.57
9/30/2009	2.63
12/31/2009	3.04
3/31/2010	2.73
6/30/2010	2.64
9/30/2010	2.48
12/31/2010	2.48
3/31/2011	2.52
6/30/2011	2.77
9/30/2011	2.64
12/31/2011	2.69
3/31/2012	2.83
6/30/2012	2.57
9/30/2012	2.34
12/31/2012	2.31
3/31/2013	2.36
6/30/2013	2.24
9/30/2013	2.34
12/31/2013	2.44
3/31/2014	2.17
6/30/2014	2.42
9/30/2014	2.46
12/31/2014	2.28
3/31/2015	2.23
6/30/2015	2.36
9/30/2015	2.22
12/31/2015	1.98
3/31/2016	2.02
6/30/2016	2.05
9/30/2016	2.03
12/31/2016	1.84
3/31/2017	1.60
6/30/2017	1.23
9/30/2017	1.13
12/31/2017	1.19
3/31/2018	1.13
6/30/2018	0.84
9/30/2018	0.53
12/31/2018	0.19
3/31/2019	-0.06
6/30/2019	0.09
9/30/2019	0.46
12/31/2019	0.86

U.S. slope factor

Percent
Value

Date	Value
1/6/1999	0.47
1/13/1999	0.56
1/20/1999	0.54
1/27/1999	0.41
2/3/1999	0.58
2/10/1999	0.69
2/17/1999	0.80
2/24/1999	0.85
3/3/1999	0.97
3/10/1999	0.98
3/17/1999	0.92
3/24/1999	1.03
3/31/1999	1.15
4/7/1999	0.98
4/14/1999	0.98
4/21/1999	1.02
4/28/1999	1.00
5/5/1999	1.19
5/12/1999	1.31
5/19/1999	1.36
5/26/1999	1.29
6/2/1999	1.43
6/9/1999	1.46
6/16/1999	1.47
6/23/1999	1.50
6/30/1999	1.38
7/7/1999	1.40
7/14/1999	1.22
7/21/1999	1.35
7/28/1999	1.44
8/4/1999	1.49
8/11/1999	1.61
8/18/1999	1.42
8/25/1999	1.22
9/1/1999	1.35
9/8/1999	1.35
9/15/1999	1.38
9/22/1999	1.34
9/29/1999	1.41
10/6/1999	1.45
10/13/1999	1.53
10/20/1999	1.59
10/27/1999	1.44
11/3/1999	1.19
11/10/1999	1.00
11/17/1999	0.95
11/24/1999	1.03
12/1/1999	1.09
12/8/1999	0.98
12/15/1999	0.95
12/22/1999	1.09
12/29/1999	1.23
1/5/2000	1.23
1/12/2000	1.23
1/19/2000	1.28
1/26/2000	1.06
2/2/2000	0.77
2/9/2000	0.87
2/16/2000	0.83
2/23/2000	0.60
3/1/2000	0.62
3/8/2000	0.60
3/15/2000	0.35
3/22/2000	0.06
3/29/2000	-0.03
4/5/2000	-0.18
4/12/2000	-0.11
4/19/2000	0.10
4/26/2000	0.03
5/3/2000	0.07
5/10/2000	0.03
5/17/2000	0.00
5/24/2000	0.02
5/31/2000	-0.10
6/7/2000	-0.27
6/14/2000	-0.27
6/21/2000	-0.20
6/28/2000	-0.23
7/5/2000	-0.26
7/12/2000	-0.30
7/19/2000	-0.29
7/26/2000	-0.40
8/2/2000	-0.50
8/9/2000	-0.55
8/16/2000	-0.65
8/23/2000	-0.68
8/30/2000	-0.65
9/6/2000	-0.56
9/13/2000	-0.43
9/20/2000	-0.32
9/27/2000	-0.48
10/4/2000	-0.46
10/11/2000	-0.53
10/18/2000	-0.64
10/25/2000	-0.80
11/1/2000	-0.67
11/8/2000	-0.59
11/15/2000	-0.68
11/22/2000	-0.80
11/29/2000	-0.83
12/6/2000	-0.76
12/13/2000	-0.85
12/20/2000	-0.70
12/27/2000	-0.54
1/3/2001	-0.03
1/10/2001	0.30
1/17/2001	0.31
1/24/2001	0.55
1/31/2001	0.68
2/7/2001	0.57
2/14/2001	0.62
2/21/2001	0.81
2/28/2001	0.82
3/7/2001	0.84
3/14/2001	0.99
3/21/2001	1.10
3/28/2001	1.37
4/4/2001	1.67
4/11/2001	1.75
4/18/2001	1.99
4/25/2001	2.35
5/2/2001	2.29
5/9/2001	2.50
5/16/2001	2.78
5/23/2001	2.77
5/30/2001	2.87
6/6/2001	2.74
6/13/2001	2.80
6/20/2001	2.86
6/27/2001	2.78
7/4/2001	2.84
7/11/2001	2.84
7/18/2001	2.72
7/25/2001	2.73
8/1/2001	2.76
8/8/2001	2.87
8/15/2001	2.85
8/22/2001	2.74
8/29/2001	2.72
9/5/2001	2.81
9/12/2001	3.34
9/19/2001	3.90
9/26/2001	3.96
10/3/2001	3.91
10/10/2001	4.11
10/17/2001	4.08
10/24/2001	4.17
10/31/2001	4.11
11/7/2001	4.21
11/14/2001	4.45
11/21/2001	4.75
11/28/2001	4.95
12/5/2001	5.07
12/12/2001	5.53
12/19/2001	5.44
12/26/2001	5.45
1/2/2002	5.47
1/9/2002	5.43
1/16/2002	5.30
1/23/2002	5.24
1/30/2002	5.17
2/6/2002	5.10
2/13/2002	5.14
2/20/2002	5.05
2/27/2002	5.00
3/6/2002	5.11
3/13/2002	5.23
3/20/2002	5.16
3/27/2002	5.13
4/3/2002	5.14
4/10/2002	5.14
4/17/2002	5.20
4/24/2002	5.17
5/1/2002	5.11
5/8/2002	5.18
5/15/2002	5.25
5/22/2002	5.13
5/29/2002	5.03
6/5/2002	5.01
6/12/2002	4.96
6/19/2002	4.89
6/26/2002	4.95
7/3/2002	4.98
7/10/2002	4.89
7/17/2002	4.90
7/24/2002	4.71
7/31/2002	4.77
8/7/2002	4.67
8/14/2002	4.38
8/21/2002	4.44
8/28/2002	4.30
9/4/2002	4.01
9/11/2002	3.94
9/18/2002	3.74
9/25/2002	3.65
10/2/2002	3.84
10/9/2002	3.76
10/16/2002	4.15
10/23/2002	4.30
10/30/2002	4.38
11/6/2002	4.44
11/13/2002	4.38
11/20/2002	4.54
11/27/2002	4.73
12/4/2002	4.80
12/11/2002	4.61
12/18/2002	4.65
12/25/2002	4.53
1/1/2003	4.53
1/8/2003	4.77
1/15/2003	4.81
1/22/2003	4.62
1/29/2003	4.67
2/5/2003	4.67
2/12/2003	4.62
2/19/2003	4.48
2/26/2003	4.31
3/5/2003	4.15
3/12/2003	4.20
3/19/2003	4.55
3/26/2003	4.63
4/2/2003	4.62
4/9/2003	4.65
4/16/2003	4.56
4/23/2003	4.58
4/30/2003	4.57
5/7/2003	4.33
5/14/2003	3.98
5/21/2003	3.75
5/28/2003	3.72
6/4/2003	3.74
6/11/2003	3.66
6/18/2003	3.91
6/25/2003	4.01
7/2/2003	4.22
7/9/2003	4.43
7/16/2003	4.74
7/23/2003	5.14
7/30/2003	5.47
8/6/2003	5.30
8/13/2003	5.47
8/20/2003	5.45
8/27/2003	5.48
9/3/2003	5.56
9/10/2003	5.34
9/17/2003	5.14
9/24/2003	5.02
10/1/2003	4.90
10/8/2003	5.21
10/15/2003	5.35
10/22/2003	5.18
10/29/2003	5.11
11/5/2003	5.21
11/12/2003	5.15
11/19/2003	4.90
11/26/2003	4.94
12/3/2003	5.10
12/10/2003	5.06
12/17/2003	4.98
12/24/2003	4.97
12/31/2003	5.12
1/7/2004	5.08
1/14/2004	4.79
1/21/2004	4.81
1/28/2004	4.92
2/4/2004	4.91
2/11/2004	4.81
2/18/2004	4.80
2/25/2004	4.76
3/3/2004	4.68
3/10/2004	4.35
3/17/2004	4.30
3/24/2004	4.35
3/31/2004	4.55
4/7/2004	4.87
4/14/2004	5.03
4/21/2004	5.05
4/28/2004	5.06
5/5/2004	5.18
5/12/2004	5.31
5/19/2004	5.21
5/26/2004	5.09
6/2/2004	5.01
6/9/2004	4.92
6/16/2004	4.64
6/23/2004	4.60
6/30/2004	4.48
7/7/2004	4.39
7/14/2004	4.33
7/21/2004	4.22
7/28/2004	4.29
8/4/2004	4.13
8/11/2004	3.99
8/18/2004	3.95
8/25/2004	3.90
9/1/2004	3.75
9/8/2004	3.64
9/15/2004	3.53
9/22/2004	3.25
9/29/2004	3.23
10/6/2004	3.36
10/13/2004	3.28
10/20/2004	3.13
10/27/2004	3.07
11/3/2004	3.04
11/10/2004	3.00
11/17/2004	2.84
11/24/2004	2.68
12/1/2004	2.92
12/8/2004	2.67
12/15/2004	2.50
12/22/2004	2.51
12/29/2004	2.57
1/5/2005	2.44
1/12/2005	2.30
1/19/2005	2.19
1/26/2005	2.15
2/2/2005	1.98
2/9/2005	1.81
2/16/2005	1.87
2/23/2005	1.93
3/2/2005	1.99
3/9/2005	2.04
3/16/2005	2.08
3/23/2005	2.06
3/30/2005	1.97
4/6/2005	1.90
4/13/2005	1.76
4/20/2005	1.62
4/27/2005	1.51
5/4/2005	1.44
5/11/2005	1.38
5/18/2005	1.29
5/25/2005	1.18
6/1/2005	1.02
6/8/2005	0.95
6/15/2005	1.06
6/22/2005	0.91
6/29/2005	0.78
7/6/2005	0.81
7/13/2005	0.85
7/20/2005	0.86
7/27/2005	0.77
8/3/2005	0.81
8/10/2005	0.76
8/17/2005	0.63
8/24/2005	0.54
8/31/2005	0.49
9/7/2005	0.58
9/14/2005	0.60
9/21/2005	0.56
9/28/2005	0.56
10/5/2005	0.48
10/12/2005	0.50
10/19/2005	0.47
10/26/2005	0.49
11/2/2005	0.50
11/9/2005	0.58
11/16/2005	0.42
11/23/2005	0.28
11/30/2005	0.26
12/7/2005	0.29
12/14/2005	0.26
12/21/2005	0.13
12/28/2005	-0.02
1/4/2006	-0.06
1/11/2006	-0.07
1/18/2006	-0.16
1/25/2006	-0.09
2/1/2006	-0.09
2/8/2006	-0.17
2/15/2006	-0.16
2/22/2006	-0.24
3/1/2006	-0.16
3/8/2006	-0.02
3/15/2006	-0.06
3/22/2006	-0.11
3/29/2006	-0.02
4/5/2006	0.03
4/12/2006	0.07
4/19/2006	0.15
4/26/2006	0.14
5/3/2006	0.22
5/10/2006	0.19
5/17/2006	0.19
5/24/2006	0.09
5/31/2006	0.06
6/7/2006	-0.13
6/14/2006	-0.21
6/21/2006	-0.16
6/28/2006	-0.16
7/5/2006	-0.23
7/12/2006	-0.33
7/19/2006	-0.35
7/26/2006	-0.31
8/2/2006	-0.33
8/9/2006	-0.35
8/16/2006	-0.39
8/23/2006	-0.50
8/30/2006	-0.50
9/6/2006	-0.41
9/13/2006	-0.43
9/20/2006	-0.49
9/27/2006	-0.57
10/4/2006	-0.53
10/11/2006	-0.46
10/18/2006	-0.46
10/25/2006	-0.48
11/1/2006	-0.60
11/8/2006	-0.64
11/15/2006	-0.71
11/22/2006	-0.70
11/29/2006	-0.72
12/6/2006	-0.71
12/13/2006	-0.70
12/20/2006	-0.65
12/27/2006	-0.58
1/3/2007	-0.54
1/10/2007	-0.57
1/17/2007	-0.54
1/24/2007	-0.49
1/31/2007	-0.42
2/7/2007	-0.51
2/14/2007	-0.52
2/21/2007	-0.59
2/28/2007	-0.59
3/7/2007	-0.58
3/14/2007	-0.62
3/21/2007	-0.58
3/28/2007	-0.50
4/4/2007	-0.48
4/11/2007	-0.47
4/18/2007	-0.49
4/25/2007	-0.53
5/2/2007	-0.58
5/9/2007	-0.60
5/16/2007	-0.43
5/23/2007	-0.29
5/30/2007	-0.21
6/6/2007	-0.02
6/13/2007	0.27
6/20/2007	0.24
6/27/2007	0.16
7/4/2007	0.11
7/11/2007	0.16
7/18/2007	0.06
7/25/2007	-0.04
8/1/2007	-0.06
8/8/2007	0.04
8/15/2007	0.41
8/22/2007	0.75
8/29/2007	0.41
9/5/2007	0.29
9/12/2007	0.33
9/19/2007	0.62
9/26/2007	0.90
10/3/2007	0.68
10/10/2007	0.59
10/17/2007	0.63
10/24/2007	0.69
10/31/2007	0.72
11/7/2007	1.02
11/14/2007	1.14
11/21/2007	1.40
11/28/2007	1.26
12/5/2007	1.34
12/12/2007	1.45
12/19/2007	1.36
12/26/2007	1.39
1/2/2008	1.31
1/9/2008	1.32
1/16/2008	1.54
1/23/2008	2.14
1/30/2008	2.43
2/6/2008	2.75
2/13/2008	2.99
2/20/2008	3.08
2/27/2008	3.14
3/5/2008	3.35
3/12/2008	3.26
3/19/2008	3.25
3/26/2008	3.28
4/2/2008	3.20
4/9/2008	3.24
4/16/2008	3.27
4/23/2008	3.27
4/30/2008	3.27
5/7/2008	3.35
5/14/2008	3.12
5/21/2008	3.15
5/28/2008	3.26
6/4/2008	3.29
6/11/2008	2.93
6/18/2008	3.01
6/25/2008	3.02
7/2/2008	3.01
7/9/2008	2.92
7/16/2008	3.10
7/23/2008	3.17
7/30/2008	3.15
8/6/2008	3.10
8/13/2008	3.03
8/20/2008	3.00
8/27/2008	2.87
9/3/2008	2.77
9/10/2008	2.74
9/17/2008	3.21
9/24/2008	3.37
10/1/2008	3.76
10/8/2008	4.20
10/15/2008	4.89
10/22/2008	4.18
10/29/2008	4.76
11/5/2008	4.95
11/12/2008	4.92
11/19/2008	4.40
11/26/2008	4.14
12/3/2008	3.77
12/10/2008	4.10
12/17/2008	3.55
12/24/2008	3.31
12/31/2008	3.62
1/7/2009	3.93
1/14/2009	3.56
1/21/2009	4.07
1/28/2009	4.33
2/4/2009	4.47
2/11/2009	4.26
2/18/2009	4.00
2/25/2009	4.18
3/4/2009	4.22
3/11/2009	4.16
3/18/2009	3.86
3/25/2009	3.74
4/1/2009	3.77
4/8/2009	4.07
4/15/2009	4.05
4/22/2009	4.25
4/29/2009	4.56
5/6/2009	4.71
5/13/2009	4.65
5/20/2009	4.94
5/27/2009	5.47
6/3/2009	5.72
6/10/2009	5.83
6/17/2009	5.76
6/24/2009	5.65
7/1/2009	5.45
7/8/2009	5.27
7/15/2009	5.48
7/22/2009	5.58
7/29/2009	5.62
8/5/2009	5.72
8/12/2009	5.66
8/19/2009	5.42
8/26/2009	5.42
9/2/2009	5.30
9/9/2009	5.35
9/16/2009	5.41
9/23/2009	5.36
9/30/2009	5.11
10/7/2009	5.10
10/14/2009	5.34
10/21/2009	5.28
10/28/2009	5.41
11/4/2009	5.48
11/11/2009	5.45
11/18/2009	5.30
11/25/2009	5.18
12/2/2009	5.15
12/9/2009	5.33
12/16/2009	5.41
12/23/2009	5.68
12/30/2009	5.69
1/6/2010	5.82
1/13/2010	5.80
1/20/2010	5.67
1/27/2010	5.65
2/3/2010	5.63
2/10/2010	5.60
2/17/2010	5.74
2/24/2010	5.68
3/3/2010	5.52
3/10/2010	5.57
3/17/2010	5.48
3/24/2010	5.62
3/31/2010	5.78
4/7/2010	5.83
4/14/2010	5.67
4/21/2010	5.61
4/28/2010	5.51
5/5/2010	5.25
5/12/2010	5.21
5/19/2010	4.93
5/26/2010	4.77
6/2/2010	4.86
6/9/2010	4.72
6/16/2010	4.82
6/23/2010	4.68
6/30/2010	4.36
7/7/2010	4.40
7/14/2010	4.44
7/21/2010	4.31
7/28/2010	4.34
8/4/2010	4.15
8/11/2010	3.85
8/18/2010	3.65
8/25/2010	3.58
9/1/2010	3.63
9/8/2010	3.83
9/15/2010	3.86
9/22/2010	3.67
9/29/2010	3.48
10/6/2010	3.35
10/13/2010	3.44
10/20/2010	3.44
10/27/2010	3.68
11/3/2010	3.46
11/10/2010	3.51
11/17/2010	3.99
11/24/2010	3.95
12/1/2010	4.10
12/8/2010	4.58
12/15/2010	5.03
12/22/2010	4.91
12/29/2010	4.93
1/5/2011	4.97
1/12/2011	4.87
1/19/2011	4.99
1/26/2011	4.96
2/2/2011	5.15
2/9/2011	5.42
2/16/2011	5.34
2/23/2011	5.12
3/2/2011	5.16
3/9/2011	5.17
3/16/2011	4.86
3/23/2011	5.02
3/30/2011	5.16
4/6/2011	5.28
4/13/2011	5.27
4/20/2011	5.13
4/27/2011	5.04
5/4/2011	4.89
5/11/2011	4.81
5/18/2011	4.72
5/25/2011	4.60
6/1/2011	4.40
6/8/2011	4.35
6/15/2011	4.34
6/22/2011	4.27
6/29/2011	4.53
7/6/2011	4.60
7/13/2011	4.26
7/20/2011	4.24
7/27/2011	4.16
8/3/2011	3.61
8/10/2011	3.14
8/17/2011	2.99
8/24/2011	3.07
8/31/2011	3.00
9/7/2011	2.72
9/14/2011	2.83
9/21/2011	2.59
9/28/2011	2.72
10/5/2011	2.66
10/12/2011	3.17
10/19/2011	3.10
10/26/2011	3.21
11/2/2011	2.82
11/9/2011	2.78
11/16/2011	2.75
11/23/2011	2.65
11/30/2011	2.79
12/7/2011	2.78
12/14/2011	2.59
12/21/2011	2.61
12/28/2011	2.63
1/4/2012	2.69
1/11/2012	2.61
1/18/2012	2.64
1/25/2012	2.69
2/1/2012	2.38
2/8/2012	2.54
2/15/2012	2.50
2/22/2012	2.58
2/29/2012	2.52
3/7/2012	2.54
3/14/2012	2.90
3/21/2012	3.15
3/28/2012	2.94
4/4/2012	2.86
4/11/2012	2.58
4/18/2012	2.54
4/25/2012	2.51
5/2/2012	2.44
5/9/2012	2.31
5/16/2012	2.09
5/23/2012	2.11
5/30/2012	1.88
6/6/2012	1.94
6/13/2012	1.93
6/20/2012	1.95
6/27/2012	1.91
7/4/2012	1.83
7/11/2012	1.75
7/18/2012	1.77
7/25/2012	1.71
8/1/2012	1.85
8/8/2012	2.01
8/15/2012	2.20
8/22/2012	2.13
8/29/2012	1.94
9/5/2012	1.94
9/12/2012	2.12
9/19/2012	2.17
9/26/2012	1.94
10/3/2012	1.93
10/10/2012	1.97
10/17/2012	2.13
10/24/2012	2.21
10/31/2012	2.06
11/7/2012	1.97
11/14/2012	1.83
11/21/2012	1.97
11/28/2012	1.89
12/5/2012	1.85
12/12/2012	2.00
12/19/2012	2.23
12/26/2012	2.15
1/2/2013	2.32
1/9/2013	2.40
1/16/2013	2.33
1/23/2013	2.38
1/30/2013	2.60
2/6/2013	2.56
2/13/2013	2.58
2/20/2013	2.56
2/27/2013	2.34
3/6/2013	2.48
3/13/2013	2.64
3/20/2013	2.45
3/27/2013	2.37
4/3/2013	2.24
4/10/2013	2.19
4/17/2013	2.13
4/24/2013	2.13
5/1/2013	2.10
5/8/2013	2.32
5/15/2013	2.51
5/22/2013	2.63
5/29/2013	2.91
6/5/2013	2.90
6/12/2013	3.06
6/19/2013	3.28
6/26/2013	3.64
7/3/2013	3.72
7/10/2013	3.87
7/17/2013	3.68
7/24/2013	3.73
7/31/2013	3.87
8/7/2013	3.85
8/14/2013	4.03
8/21/2013	4.30
8/28/2013	4.14
9/4/2013	4.41
9/11/2013	4.38
9/18/2013	4.17
9/25/2013	3.95
10/2/2013	3.89
10/9/2013	3.85
10/16/2013	3.84
10/23/2013	3.69
10/30/2013	3.72
11/6/2013	3.90
11/13/2013	3.98
11/20/2013	3.97
11/27/2013	3.96
12/4/2013	4.15
12/11/2013	4.20
12/18/2013	4.28
12/25/2013	4.49
1/1/2014	4.53
1/8/2014	4.44
1/15/2014	4.31
1/22/2014	4.24
1/29/2014	4.09
2/5/2014	3.98
2/12/2014	4.08
2/19/2014	4.10
2/26/2014	4.03
3/5/2014	4.05
3/12/2014	4.09
3/19/2014	4.14
3/26/2014	4.15
4/2/2014	4.27
4/9/2014	4.10
4/16/2014	4.09
4/23/2014	4.19
4/30/2014	4.10
5/7/2014	4.01
5/14/2014	3.91
5/21/2014	3.87
5/28/2014	3.77
6/4/2014	3.94
6/11/2014	4.00
6/18/2014	4.00
6/25/2014	3.92
7/2/2014	3.95
7/9/2014	3.89
7/16/2014	3.83
7/23/2014	3.76
7/30/2014	3.84
8/6/2014	3.76
8/13/2014	3.67
8/20/2014	3.66
8/27/2014	3.62
9/3/2014	3.72
9/10/2014	3.87
9/17/2014	4.01
9/24/2014	3.92
10/1/2014	3.78
10/8/2014	3.60
10/15/2014	3.31
10/22/2014	3.43
10/29/2014	3.55
11/5/2014	3.59
11/12/2014	3.58
11/19/2014	3.56
11/26/2014	3.39
12/3/2014	3.40
12/10/2014	3.19
12/17/2014	3.10
12/24/2014	3.18
12/31/2014	3.15
1/7/2015	2.91
1/14/2015	2.70
1/21/2015	2.70
1/28/2015	2.59
2/4/2015	2.62
2/11/2015	2.92
2/18/2015	3.12
2/25/2015	2.97
3/4/2015	3.14
3/11/2015	3.09
3/18/2015	2.81
3/25/2015	2.72
4/1/2015	2.68
4/8/2015	2.76
4/15/2015	2.73
4/22/2015	2.77
4/29/2015	2.92
5/6/2015	3.17
5/13/2015	3.27
5/20/2015	3.26
5/27/2015	3.09
6/3/2015	3.36
6/10/2015	3.48
6/17/2015	3.32
6/24/2015	3.50
7/1/2015	3.45
7/8/2015	3.32
7/15/2015	3.44
7/22/2015	3.28
7/29/2015	3.16
8/5/2015	3.02
8/12/2015	2.95
8/19/2015	2.85
8/26/2015	2.91
9/2/2015	2.91
9/9/2015	2.91
9/16/2015	2.89
9/23/2015	2.95
9/30/2015	2.78
10/7/2015	2.84
10/14/2015	2.77
10/21/2015	2.80
10/28/2015	2.81
11/4/2015	2.90
11/11/2015	2.93
11/18/2015	2.83
11/25/2015	2.72
12/2/2015	2.61
12/9/2015	2.45
12/16/2015	2.52
12/23/2015	2.54
12/30/2015	2.58
1/6/2016	2.39
1/13/2016	2.27
1/20/2016	2.28
1/27/2016	2.20
2/3/2016	2.03
2/10/2016	1.83
2/17/2016	1.94
2/24/2016	1.84
3/2/2016	1.90
3/9/2016	2.03
3/16/2016	2.06
3/23/2016	2.06
3/30/2016	1.95
4/6/2016	1.84
4/13/2016	1.91
4/20/2016	2.08
4/27/2016	2.09
5/4/2016	1.99
5/11/2016	1.90
5/18/2016	1.93
5/25/2016	1.90
6/1/2016	1.80
6/8/2016	1.72
6/15/2016	1.63
6/22/2016	1.73
6/29/2016	1.51
7/6/2016	1.34
7/13/2016	1.49
7/20/2016	1.58
7/27/2016	1.48
8/3/2016	1.52
8/10/2016	1.50
8/17/2016	1.54
8/24/2016	1.52
8/31/2016	1.51
9/7/2016	1.50
9/14/2016	1.63
9/21/2016	1.59
9/28/2016	1.49
10/5/2016	1.61
10/12/2016	1.72
10/19/2016	1.73
10/26/2016	1.81
11/2/2016	1.81
11/9/2016	2.05
11/16/2016	2.45
11/23/2016	2.56
11/30/2016	2.59
12/7/2016	2.62
12/14/2016	2.77
12/21/2016	2.86
12/28/2016	2.75
1/4/2017	2.63
1/11/2017	2.59
1/18/2017	2.66
1/25/2017	2.78
2/1/2017	2.74
2/8/2017	2.62
2/15/2017	2.67
2/22/2017	2.55
3/1/2017	2.52
3/8/2017	2.51
3/15/2017	2.43
3/22/2017	2.31
3/29/2017	2.24
4/5/2017	2.14
4/12/2017	2.01
4/19/2017	1.92
4/26/2017	1.98
5/3/2017	1.97
5/10/2017	1.99
5/17/2017	1.85
5/24/2017	1.77
5/31/2017	1.61
6/7/2017	1.56
6/14/2017	1.50
6/21/2017	1.48
6/28/2017	1.59
7/5/2017	1.77
7/12/2017	1.77
7/19/2017	1.67
7/26/2017	1.70
8/2/2017	1.64
8/9/2017	1.59
8/16/2017	1.59
8/23/2017	1.53
8/30/2017	1.44
9/6/2017	1.33
9/13/2017	1.46
9/20/2017	1.52
9/27/2017	1.55
10/4/2017	1.58
10/11/2017	1.50
10/18/2017	1.51
10/25/2017	1.62
11/1/2017	1.47
11/8/2017	1.36
11/15/2017	1.33
11/22/2017	1.24
11/29/2017	1.23
12/6/2017	1.18
12/13/2017	1.15
12/20/2017	1.25
12/27/2017	1.14
1/3/2018	1.13
1/10/2018	1.24
1/17/2018	1.30
1/24/2018	1.34
1/31/2018	1.47
2/7/2018	1.54
2/14/2018	1.52
2/21/2018	1.49
2/28/2018	1.42
3/7/2018	1.42
3/14/2018	1.29
3/21/2018	1.28
3/28/2018	1.16
4/4/2018	1.17
4/11/2018	1.17
4/18/2018	1.18
4/25/2018	1.30
5/2/2018	1.23
5/9/2018	1.29
5/16/2018	1.37
5/23/2018	1.26
5/30/2018	1.03
6/6/2018	1.09
6/13/2018	1.17
6/20/2018	1.12
6/27/2018	1.03
7/4/2018	0.95
7/11/2018	0.93
7/18/2018	0.89
7/25/2018	1.03
8/1/2018	1.02
8/8/2018	0.94
8/15/2018	0.83
8/22/2018	0.77
8/29/2018	0.79
9/5/2018	0.80
9/12/2018	0.83
9/19/2018	0.89
9/26/2018	0.86
10/3/2018	0.96
10/10/2018	0.97
10/17/2018	0.93
10/24/2018	0.85
10/31/2018	0.83
11/7/2018	0.90
11/14/2018	0.74
11/21/2018	0.69
11/28/2018	0.56
12/5/2018	0.33
12/12/2018	0.25
12/19/2018	0.18
12/26/2018	0.19
1/2/2019	0.02
1/9/2019	0.11
1/16/2019	0.16
1/23/2019	0.16
1/30/2019	0.11
2/6/2019	0.14
2/13/2019	0.14
2/20/2019	0.12
2/27/2019	0.16
3/6/2019	0.12
3/13/2019	0.05
3/20/2019	-0.01
3/27/2019	-0.10
4/3/2019	0.05
4/10/2019	0.04
4/17/2019	0.13
4/24/2019	0.12
5/1/2019	0.12
5/8/2019	0.04
5/15/2019	-0.02
5/22/2019	-0.08
5/29/2019	-0.24
6/5/2019	-0.14
6/12/2019	-0.05
6/19/2019	-0.06
6/26/2019	-0.07
7/3/2019	-0.11
7/10/2019	-0.03
7/17/2019	0.00
7/24/2019	-0.05
7/31/2019	-0.18
8/7/2019	-0.33
8/14/2019	-0.46
8/21/2019	-0.44
8/28/2019	-0.56
9/4/2019	-0.53
9/11/2019	-0.27
9/18/2019	-0.29
9/25/2019	-0.37
10/2/2019	-0.33
10/9/2019	-0.21
10/16/2019	0.06
10/23/2019	0.10
10/30/2019	0.11
11/6/2019	0.26
11/13/2019	0.29
11/20/2019	0.16
11/27/2019	0.10
12/4/2019	0.17
12/11/2019	0.25
12/18/2019	0.37
12/25/2019	0.37
1/1/2020	0.34
1/8/2020	0.30
1/15/2020	0.26
1/22/2020	0.18
1/29/2020	-0.04
2/5/2020	0.00
2/12/2020	0.00
2/19/2020	-0.07
2/26/2020	-0.15

Note: The data for the policy rate spread are quarterly, and the data for the U.S. slope factor are weekly. Policy rate spread is the Holston, Laubach, and Williams (2017) estimated U.S. r* plus 2 percent (the neutral nominal policy rate) minus the federal funds rate. The U.S. slope factor is calculated from the Diebold and Li (2006) model.

Source: Holston, Laubach, and Williams (2017); Diebold and Li (2006); Bloomberg; staff calculations.

Figure 5.1: Growth and Monetary News around FOMC Meetings

Growth News (left panel)

Scatterplot showing the change in the S&P 500 in percentage points and the change in the U.S. Treasury yield in basis points after growth news along with the line of best fit. The line is upward sloping, in the midst of upward trending dots.

Monetary News (right panel)

Scatterplot showing the change in the S&P 500 in percentage points and the change in the U.S. Treasury yield in basis points after monetary news along with the line of best fit. The line is downward sloping, in the midst of downward trending dots.

Note: Growth (monetary) news represents cases where the 10−year U.S. Treasury yield and S&P 500 index move in the same (opposite) direction. FOMC is Federal Open Market Committee.

Source: Hoek, Kamin, and Yoldas (2020); Bloomberg; Federal Reserve Bank of New York.

Figure 5.2: Effect of a 100 Basis Point Increase in 10−Year U.S. Treasury Yield on EME Local Currency Bond Yields

Bar chart, showing high and low vulnerability of growth news and monetary news, ranging from 0 to 250 basis points. The chart starts with the series high vulnerability, showing the growth news bar around 100 basis points, and the monetary news bar around 250 basis points. In the low vulnerability series, the growth news bar is around 75 basis points and the monetary news bar is around 150 basis points.

Note: Growth (monetary) news represent cases where the 10−year U.S. Treasury yield and S&P 500 index move in the same (opposite) direction. Countries are placed in high or low vulnerability buckets based on six macroeconomic indicators: inflation, current account deficit, international reserves, government debt, external debt, and private−sector credit growth. EME is emerging market economy.

Source: Hoek, Kamin, and Yoldas (2020); Bloomberg; Federal Reserve Bank of New York; Haver Analytics; International Monetary Fund; Federal Reserve Board staff calculations.

Figure 6: 10−Year U.S. Treasury Yield and GBP Exchange Rate around 2016 Brexit Vote

Line chart, two series, GBP-USD exchange rate using USD/GBP exchange rate and U.S. 10-year Treasury yield in percent, on a daily basis from June 12 - July 12, 2016. There is a vertical dashed line denoting June 23, 2016, the Brexit referendum. The series are plotted using dual axes, with the U.S. 10-year Treasury yield ranging about 1.25 to 1.75, and the GBP-USD exchange rate about 1.25-1.5. The series move closely together; both reach their highest point on June 23 and then decrease sharply and remain at a lower level for the rest of the time period plotted.

Note: Data are daily. Vertical dashed line indicates the Brexit referendum on June 23, 2016. GBP is British pound sterling; USD is U.S. dollar.

Source: Bloomberg.

Figure 7: Futures-Based Yields' Reaction to FOMC and ECB Events

FOMC events, 2−hr. event window change

Basis points

y = 0.15 + 0.45x

(0.13) (0.02***)

R-squared = 0.88

UST futures yield	Bund futures yield
-3.39	-1.40
1.24	0.77
5.44	1.80
3.85	1.68
-3.19	-1.84
-0.75	-1.01
1.48	1.25
-4.04	-1.86
-2.91	-0.70
-3.30	-1.62
-5.34	-2.32
4.00	2.06
1.84	0.89
3.84	1.81
-6.51	-2.90
5.87	3.46
-13.87	-5.73
5.66	8.90
-1.59	-0.35
5.51	1.84
-8.51	-1.82
-5.56	-1.42
4.48	1.21
13.81	5.28
6.40	3.91
4.43	1.19
-6.16	-1.74
-11.19	-5.72
-25.85	-10.95
2.35	0.43
-45.08	-20.43
7.86	2.57
13.47	3.40
-1.42	0.78
-9.51	-5.46
-0.46	2.30
3.40	2.18
5.82	2.14
-4.04	-2.51
0.92	-0.44
-2.48	-0.32
-8.32	-4.81
10.89	7.61
-9.20	-5.70
1.66	0.30
3.97	2.34
-2.73	2.37
5.65	3.65
-0.44	1.05
4.44	3.01
-0.65	0.22
4.28	1.08
-11.14	-4.33
2.22	1.90
-2.54	-2.62
-0.80	0.67
-0.39	-1.56
-5.13	-1.08
5.32	3.94
2.87	1.19
0.19	2.79
3.78	0.89
-4.81	-2.88
2.66	4.99
0.39	0.37
3.00	1.19
-2.93	-1.47
1.40	0.95
0.77	-2.14
1.59	0.79
19.16	9.60
-8.19	-3.23
-20.07	-11.52
5.61	2.74
1.00	0.09
-1.81	-1.50
10.72	4.30
-1.04	-0.67
-2.02	-1.02
-1.03	-0.82
6.78	2.30
1.99	0.33
4.12	1.29
-6.21	-2.03
-13.39	-3.40
-0.59	-0.15
-10.36	-4.27
-1.16	-2.05
-7.25	-6.55
5.13	2.33
0.20	0.31
-4.94	-2.59
-9.15	-3.91
-2.14	-1.79
-3.79	-0.85
-2.21	-1.33
-4.03	-2.36
0.77	1.24
14.11	4.67
-2.45	-0.84
-9.55	-2.29
3.23	1.58
3.11	0.78
-3.80	-1.57
4.51	2.51

Note: In addition to the scatterplot of points using the data included here, there is a linear line of best fit plotted along the points, sloping upward from about the point (-50,-20) to about the point (25,10). There is a shaded 95% confidence interval that is symmetric across the line of best fit. The interval’s vertical distance is at its smallest closest to the point (0,0) and increases as the horizontal distance from 0 increases. On the furthest horizontal point from 0 (x = -50), it ranges a vertical distance of approximately 2 basis points above and below the line of best fit.

ECB events, 2-hr. event window change

Basis points

y = 0.48 + 0.53x

(0.16***) (0.07***)

R-squared = 0.46

Bund futures yield	UST futures yield
14.21	7.87
-3.81	-2.05
9.05	3.75
0.36	1.23
1.56	1.99
-0.52	-0.21
-0.08	-0.79
1.07	1.58
0.16	2.40
-2.79	-0.60
-1.30	-1.36
0.27	0.59
-0.23	-0.20
1.44	0.98
2.73	3.89
3.13	2.50
3.64	2.71
0.70	2.24
-3.08	-1.64
0.70	0.61
1.77	0.80
4.74	2.05
-1.29	-0.81
-1.15	-0.84
1.14	2.08
-1.98	-1.68
-1.72	0.49
-0.11	0.75
4.26	2.91
-3.76	-0.75
1.20	-1.03
1.81	0.99
0.57	-0.76
0.56	0.25
-1.80	0.25
-0.91	0.99
-0.34	0.25
1.96	2.17
-2.16	0.75
1.38	0.25
-0.81	0.72
1.08	0.00
-1.58	-2.00
-1.34	-0.51
1.71	1.55
-1.08	-1.28
0.72	0.96
-2.58	-2.44
-0.98	-1.46
1.35	0.60
-2.07	-1.00
-0.57	2.57
-0.69	0.20
1.19	4.81
-3.53	-3.34
5.99	2.94
-4.64	4.65
-6.75	-7.22
-1.08	-2.11
-2.16	1.30
3.91	6.40
4.65	8.35
2.15	6.24
-1.99	2.68
-3.50	-2.83
-2.60	-5.11
5.27	-1.05
7.32	6.19
3.87	6.19
-3.47	-6.68
4.21	5.44
0.11	-1.34
-2.91	-2.68
0.23	1.84
1.14	4.38
-1.94	-3.25
-1.07	-4.54
0.32	3.12
-0.11	-2.53
-3.55	-4.52
5.76	5.85
5.00	6.04
-3.22	-3.44
0.49	0.62
0.00	-1.03
-1.24	-3.33
1.62	-0.84
4.56	0.87
-0.95	4.22
5.88	5.37
-3.55	-3.05
-7.57	-1.71
-4.56	1.45
2.83	3.17
-2.03	-0.82
-2.35	0.98
0.38	2.78
1.44	1.60
0.39	0.19
-0.71	-1.56
4.93	3.37
-0.74	-0.38
0.37	-0.97
1.36	0.96
-1.05	-1.30
-2.39	0.56
-4.41	-2.83
4.49	4.15
2.12	1.14
-0.46	0.77
14.67	-0.37
4.33	1.16
-3.79	-2.34
4.28	3.84
-1.11	-1.73
-4.11	-0.58
3.20	1.74
4.67	4.92
0.99	-1.98
1.42	-2.90
-4.43	-1.17
4.70	2.58
-1.36	-1.02
4.00	1.61
-1.02	0.42
-3.55	-1.25
1.15	5.72
1.14	3.27
-0.24	-0.40
1.89	3.20
1.64	0.59
-11.76	-8.79
-0.30	-1.94
8.71	4.76
2.31	1.75
-3.59	-0.97
-5.89	-1.76
12.04	7.33
-2.74	3.29
1.78	0.97
-2.36	-1.35
0.14	1.30
0.90	1.14
-3.94	-2.49
2.09	1.20
-1.94	2.03
-1.94	-0.20
-2.25	-1.99
-5.64	-0.19
-2.96	0.60
1.63	1.38
-4.22	-0.20
2.03	2.86
4.38	3.42
-2.01	-1.57
-2.68	-2.34
-2.10	1.90
1.86	0.00
-2.93	-1.17

Note: Horizontal and vertical lines are marked at 0. Black lines are the estimated linear regression lines, and the shaded areas around the regression lines show the 95 percent confidence interval. The inset box in the left (right) panel shows the results of the estimated ordinary least squares regressions where changes in 10-year German (U.S) futures yields are regressed on changes in 10-year U.S. (German) futures yields in a two-hour window around FOMC (ECB) announcements. FOMC is Federal Open Market Committee; ECB is European Central Bank; UST is U.S. Treasury.

In addition to the scatterplot of points using the data included here, there is a linear line of best fit plotted along the points, sloping upward from about the point (-50,-25) to about the point (30,15). There is a shaded 95% confidence interval that is symmetric across the line of best fit. The interval’s vertical distance is at its smallest closest to the point (0,0) and increases as the horizontal distance from 0 increases. On the furthest horizontal point from 0 (x = -50), it ranges a vertical distance of approximately 10 basis points above and below the line of best fit.

Source: Curcuru, De Pooter, and Eckerd (2018).

Last Update: May 17, 2021