Accessible Version
Accessible Version
Table 1.1. Size of selected asset markets
| Item | Outstanding (billions of dollars) |
Growth, 2022:Q2–2023:Q2 (percent) |
Average annual growth, 1997–2023:Q2 (percent) |
|---|---|---|---|
| Residential real estate | 56,301 | −1.2 | 6.4 |
| Equities | 53,457 | 15.0 | 8.2 |
| Treasury securities | 24,772 | 6.5 | 8.4 |
| Commercial real estate | 24,003 | 2.5 | 6.4 |
| Investment-grade corporate bonds | 7,369 | 5.3 | 8.0 |
| Farmland | 3,288 | 8.1 | 5.7 |
| High-yield and unrated corporate bonds | 1,667 | −6.0 | 6.4 |
| Leveraged loans1 | 1,394 | −1.5 | 13.0 |
| Price growth (real) | |||
| Commercial real estate2 | −3.9 | 3.3 | |
| Residential real estate3 | −1.3 | 2.7 |
Note: The data extend through 2023:Q2. Growth rates are measured from Q2 of the year immediately preceding the period through Q2 of the final year of the period. Equities, real estate, and farmland are at nominal market value; bonds and loans are at nominal book value.
1. The amount outstanding shows institutional leveraged loans and generally excludes loan commitments held by banks. For example, lines of credit are generally excluded from this measure. Average annual growth of leveraged loans is from 2001 to 2023:Q2, as this market was fairly small before then. Return to table
2. One-year growth of commercial real estate prices is from June 2022 to June 2023, and average annual growth is from June 1999 to June 2023. Both growth rates are calculated from equal-weighted nominal prices deflated using the consumer price index (CPI). Return to table
3. One-year growth of residential real estate prices is from June 2022 to June 2023, and average annual growth is from June 1998 to June 2023. Nominal prices are deflated using the CPI. Return to table
Source: For leveraged loans, PitchBook Data, Leveraged Commentary & Data; for corporate bonds, Mergent, Inc., Fixed Income Securities Database; for farmland, Department of Agriculture; for residential real estate price growth, CoreLogic, Inc.; for commercial real estate price growth, CoStar Group, Inc., CoStar Commercial Repeat Sale Indices; for all other items, Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."
Figure A. Fall 2023: Most cited potential risks over the next 12 to 18 months
Figure A: The chart is titled “Fall 2023: Most cited potential risks over the next 12 to 18 months.” The x-axis ranges from 0 to 80 percent and the data in each category is represented by blue bars showing the percentage of respondents. The categories on the left axis are listed in the following order from top to bottom: Commercial and residential real estate at 72 percent, Persistent inflation; monetary tightening at 72 percent, Banking-sector stress at 56 percent, Market liquidity strains and volatility at 56 percent, China economy/financial sector at 44 percent, Fiscal debt sustainability at 44 percent, Under-regulated nonbanks at 36 percent, Foreign divestment from U.S. assets at 28 percent, Higher long-term rates at 28 percent, and Geopolitical risks at 28 percent of respondents.
Note: Responses are to the following question: “Over the next 12–18 months, which shocks, if realized, do you think would have the greatest negative effect on the functioning of the U.S. financial system?”
Source: Federal Reserve Bank of New York survey of 25 market contacts from August to October.