Accessible Version

Figure 1. Common Equity Tier 1 Ratio, by BHC Type

Line chart with two curves. Unit is percent of risk-weighted assets. Data are quarterly. The Large BHCs curve begins in 2001:Q1 at about 6.5, remains near that level until mid-2007, decreases to about 5 by 2008:Q4, increases to nearly 12 by 2014:Q1, and remains near that level through 2018:Q2. The Other BHCs curve begins in 2001:Q1 at about 10, decreases to about 8 by 2007:Q4, remains near that level through 2009:Q2, increases to about 12 by 2012:Q3, and remains near that level through 2018:Q2.

Note: The data are seasonally adjusted by Board staff. Sample includes banks as of 2018:Q2. Before 2014:Q1, the numerator of the common equity Tier 1 ratio is Tier 1 common capital for advanced-approaches bank holding companies (BHCs) (before 2015:Q1, for non-advanced-approaches BHCs). Afterward, the numerator is common equity Tier 1 capital. Large BHCs are those with greater than $50 billion in total assets. The denominator is risk-weighted assets. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, December 2007-June 2009.

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

Figure 2. Liquid Assets Held by Banks

Line chart with two curves. Unit is percent of assets. Data are quarterly. The Large BHCs curve begins in 2001:Q1 at about 5, increases to about 6 by 2002:Q1, decreases to nearly 2 by 2008:Q1, increases to nearly 13 by 2011:Q2, peaks at about 21 in 2014:Q4, and ends at about 18 in 2018:Q2. The Other BHCs curve begins in 2001:Q1 at about 7, decreases to about 2 by 2008:Q1, peaks at about 13 in 2011:Q1, and decreases to end at about 8 in 2018:Q2.

Note: Liquid assets are excess reserves plus estimates of securities that qualify as high-quality liquid assets. Haircuts and Level 2 asset caps are incorporated into the estimate. Large bank holding companies (BHCs) are those with greater than $50 billion in total assets.

Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies; Federal Reserve Board Form FR 2900, Report of Transaction Accounts, Other Deposits and Vault Cash.

Figure 3. Domestic Money Market Fund Assets

Stacked line chart with four curves. Unit is billions of dollars (real). Data are monthly. The institutional prime curve begins at about 300 in early 2000, increases to about 700 by late 2002, decreases to about 500 by mid-2005, increases to about 1200 by mid-2008, dips by late 2008 and remains in a range of about 800 to 1000 until 2016, decreases to about 100 by late 2016, and increases to end at about 200 in September 2018.

Including retail prime, the curve begins at about 750 in early 2000, increases to about 1200 by late 2002, decreases to about 950 by mid-2005, increases to about 1800 by mid-2008, dips to about 1500 by late 2008, increases to about 1650 by mid-2009, decreases to about 1400 by late 2015, decreases to about 350 by late 2016, and increases to end at about 500 in September 2018.

Including tax-exempt, the curve begins at about 900 in early 2000, increases to about 1300 by late 2002, decreases to about 1200 by mid-2005, increases to about 2300 by mid-2008, dips to about 1900 by late 2008, increases to about 2000 by mid-2009, decreases to about 1600 by late 2015, decreases to about 500 by late 2016, and increases to end at about 650 in September 2018.

Including government-only, the curve begins at about 1100 in early 2000, increases to about 1700 by late 2002, decreases to about 1500 by mid-2005, increases to about 3300 by early 2009, decreases to about 2450 by mid-2010, remains near that level until mid-2015, and increases to end at about 2900 in September 2018.

Note: The data are converted to constant 2018 dollars using the consumer price index. Key identifies regions in order from top to bottom.

Source: Federal Reserve Board staff calculations based on Investment Company Institute data; Bureau of Labor Statistics, consumer price index via Haver Analytics.

Figure 4. Issuance of Private Label Securitized Products, by Asset Class

Stacked bar chart with six series. Unit is billions of dollars (real). Data are annual. CDOs (including ABS, CDO, CLO) begins at about 50 in 2001, peaks at about 300 in 2006, decreases to about 50 by 2008, is near zero through 2011, and generally increases to end at about 150 in 2018. Auto loan/lease ABS begins at about 50 in 2001, decreases in 2008, increases to about 50 by 2012, and increases to end at about 100 in 2018. Esoteric ABS begins near zero in 2001, increases to about 50 by 2006, decreases to near zero from 2008 through 2012, and increases to end at about 100 in 2018. Private-label RMBS begins at about 150 in 2001, peaks at about 750 in 2006, decreases to about zero by 2008, and remains near that level through 2018. Non-agency CMBS begins at about 50 in 2001, peaks at about 200 in 2007, drops to about zero from 2008 through 2011, and increases to end at about 70 in 2018. Other begins at about 150 in 2001, peaks at about 325 in 2007, drops to about 100 in 2008, and remains near that level to end at about 70 in 2018. The total begins at about 400 in 2001, peaks near 1600 in 2006, drops to about 200 in 2008, and ends at about 500 in 2018.

Note: The data from the first three quarters of 2018 are annualized to create the 2018 bar. Esoteric asset-backed securities (ABS) are backed by unsecured personal loans, mobile phones, reperforming residential mortgages, aircraft and shipping container leases, marketplace lending, and franchise payments. CMBS is commercial mortgage-backed securities; CDO is collateralized debt obligation; CLO is collateralized loan obligation; RMBS is residential mortgage-backed securities. The "Other" category consists of subprime mortgages, real estate mortgage investment conduit (Re-REMIC) RMBS, Re-REMIC CMBS, and ABS backed by credit card debt, student loans, equipment, and floorplans. The data are converted to 2018 dollars using the consumer price index. Key identifies bar segments in order from bottom to top.

Source: Harrison Scott Publications, Asset-Backed Alert (ABAIert.com) and Commercial Mortgage Alert (CMAIert.com); Bureau of Labor Statistics, consumer price index via Haver Analytics.

Figure 5. Household Sector Credit-to-GDP Gap

Quarterly
Percentage point difference from trend

Period Credit-to-GDP gap
1980:Q1 0.58
1980:Q2 0.75
1980:Q3 0.59
1980:Q4 -0.38
1981:Q1 -1.98
1981:Q2 -1.71
1981:Q3 -2.57
1981:Q4 -2.22
1982:Q1 -1.77
1982:Q2 -2.22
1982:Q3 -2.84
1982:Q4 -2.66
1983:Q1 -3.55
1983:Q2 -3.91
1983:Q3 -4.21
1983:Q4 -4.19
1984:Q1 -4.41
1984:Q2 -4.41
1984:Q3 -4.41
1984:Q4 -3.90
1985:Q1 -2.70
1985:Q2 -2.21
1985:Q3 -1.69
1985:Q4 -0.23
1986:Q1 -0.05
1986:Q2 0.38
1986:Q3 1.06
1986:Q4 1.86
1987:Q1 1.53
1987:Q2 1.93
1987:Q3 2.11
1987:Q4 0.95
1988:Q1 1.41
1988:Q2 1.22
1988:Q3 1.23
1988:Q4 0.86
1989:Q1 0.54
1989:Q2 0.51
1989:Q3 0.60
1989:Q4 0.99
1990:Q1 0.99
1990:Q2 0.82
1990:Q3 0.80
1990:Q4 1.42
1991:Q1 1.69
1991:Q2 1.34
1991:Q3 0.71
1991:Q4 0.84
1992:Q1 0.34
1992:Q2 -0.46
1992:Q3 -0.92
1992:Q4 -1.43
1993:Q1 -1.62
1993:Q2 -1.81
1993:Q3 -1.80
1993:Q4 -2.26
1994:Q1 -2.51
1994:Q2 -2.92
1994:Q3 -3.04
1994:Q4 -3.09
1995:Q1 -3.07
1995:Q2 -2.86
1995:Q3 -2.88
1995:Q4 -3.07
1996:Q1 -2.69
1996:Q2 -3.28
1996:Q3 -3.59
1996:Q4 -4.04
1997:Q1 -4.18
1997:Q2 -4.80
1997:Q3 -5.14
1997:Q4 -5.39
1998:Q1 -5.29
1998:Q2 -5.07
1998:Q3 -5.56
1998:Q4 -5.76
1999:Q1 -5.54
1999:Q2 -5.20
1999:Q3 -5.28
1999:Q4 -5.66
2000:Q1 -4.90
2000:Q2 -5.65
2000:Q3 -4.94
2000:Q4 -5.02
2001:Q1 -4.58
2001:Q2 -4.15
2001:Q3 -2.24
2001:Q4 -2.18
2002:Q1 -1.69
2002:Q2 -1.41
2002:Q3 -0.69
2002:Q4 0.49
2003:Q1 1.37
2003:Q2 3.28
2003:Q3 3.22
2003:Q4 3.66
2004:Q1 4.37
2004:Q2 5.15
2004:Q3 5.56
2004:Q4 6.58
2005:Q1 6.57
2005:Q2 7.78
2005:Q3 8.31
2005:Q4 8.96
2006:Q1 9.79
2006:Q2 11.03
2006:Q3 12.10
2006:Q4 12.57
2007:Q1 12.65
2007:Q2 13.44
2007:Q3 13.76
2007:Q4 13.97
2008:Q1 15.10
2008:Q2 13.49
2008:Q3 13.96
2008:Q4 13.32
2009:Q1 13.83
2009:Q2 13.79
2009:Q3 13.00
2009:Q4 11.24
2010:Q1 9.97
2010:Q2 8.24
2010:Q3 6.70
2010:Q4 5.39
2011:Q1 5.13
2011:Q2 3.51
2011:Q3 2.34
2011:Q4 1.04
2012:Q1 -0.13
2012:Q2 -1.09
2012:Q3 -1.65
2012:Q4 -2.01
2013:Q1 -2.96
2013:Q2 -3.29
2013:Q3 -4.08
2013:Q4 -4.80
2014:Q1 -4.76
2014:Q2 -5.59
2014:Q3 -6.56
2014:Q4 -6.77
2015:Q1 -7.10
2015:Q2 -7.52
2015:Q3 -7.87
2015:Q4 -7.93
2016:Q1 -7.75
2016:Q2 -8.02
2016:Q3 -7.85
2016:Q4 -8.11
2017:Q1 -8.20
2017:Q2 -8.21
2017:Q3 -8.60
2017:Q4 -8.58
2018:Q1 -8.78
2018:Q2 -9.63

Note: Calculated using a Hodrick-Prescott filter with lambda = 400,000. Shaded bars represent periods of recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

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

Figure 6. Corporate Business Sector Credit-to-GDP Gap

Quarterly
Percentage point difference from trend

Period Credit-to-GDP gap
1980:Q1 -2.82
1980:Q2 -2.76
1980:Q3 -3.10
1980:Q4 -3.66
1981:Q1 -4.64
1981:Q2 -3.81
1981:Q3 -3.69
1981:Q4 -3.26
1982:Q1 -2.42
1982:Q2 -2.20
1982:Q3 -1.86
1982:Q4 -2.18
1983:Q1 -2.07
1983:Q2 -2.51
1983:Q3 -2.75
1983:Q4 -3.01
1984:Q1 -2.85
1984:Q2 -2.38
1984:Q3 -1.96
1984:Q4 -1.22
1985:Q1 -1.28
1985:Q2 -1.01
1985:Q3 -0.89
1985:Q4 0.02
1986:Q1 0.37
1986:Q2 1.12
1986:Q3 1.79
1986:Q4 2.69
1987:Q1 2.97
1987:Q2 2.97
1987:Q3 3.25
1987:Q4 3.16
1988:Q1 3.49
1988:Q2 3.50
1988:Q3 3.44
1988:Q4 3.71
1989:Q1 3.72
1989:Q2 3.90
1989:Q3 3.68
1989:Q4 4.06
1990:Q1 3.86
1990:Q2 3.74
1990:Q3 3.70
1990:Q4 4.01
1991:Q1 3.39
1991:Q2 2.66
1991:Q3 1.81
1991:Q4 0.93
1992:Q1 0.32
1992:Q2 -0.41
1992:Q3 -0.91
1992:Q4 -1.64
1993:Q1 -1.60
1993:Q2 -1.56
1993:Q3 -1.44
1993:Q4 -1.68
1994:Q1 -1.46
1994:Q2 -1.64
1994:Q3 -1.53
1994:Q4 -1.58
1995:Q1 -1.23
1995:Q2 -0.73
1995:Q3 -0.88
1995:Q4 -0.76
1996:Q1 -0.93
1996:Q2 -1.11
1996:Q3 -1.13
1996:Q4 -1.55
1997:Q1 -1.47
1997:Q2 -1.47
1997:Q3 -1.07
1997:Q4 -0.88
1998:Q1 -0.26
1998:Q2 0.40
1998:Q3 0.59
1998:Q4 0.72
1999:Q1 1.35
1999:Q2 1.57
1999:Q3 2.42
1999:Q4 2.08
2000:Q1 2.78
2000:Q2 2.75
2000:Q3 3.03
2000:Q4 3.09
2001:Q1 2.97
2001:Q2 3.02
2001:Q3 3.32
2001:Q4 3.25
2002:Q1 2.86
2002:Q2 2.32
2002:Q3 1.81
2002:Q4 1.51
2003:Q1 1.11
2003:Q2 0.51
2003:Q3 -0.16
2003:Q4 -1.10
2004:Q1 -0.96
2004:Q2 -1.69
2004:Q3 -1.83
2004:Q4 -2.16
2005:Q1 -2.44
2005:Q2 -2.48
2005:Q3 -2.84
2005:Q4 -2.69
2006:Q1 -2.70
2006:Q2 -2.43
2006:Q3 -2.53
2006:Q4 -1.91
2007:Q1 -1.49
2007:Q2 -0.73
2007:Q3 0.15
2007:Q4 0.75
2008:Q1 1.63
2008:Q2 1.91
2008:Q3 2.27
2008:Q4 2.71
2009:Q1 2.78
2009:Q2 2.50
2009:Q3 1.54
2009:Q4 -0.39
2010:Q1 -0.76
2010:Q2 -1.83
2010:Q3 -1.91
2010:Q4 -2.92
2011:Q1 -2.83
2011:Q2 -2.84
2011:Q3 -2.47
2011:Q4 -2.40
2012:Q1 -2.75
2012:Q2 -2.85
2012:Q3 -2.40
2012:Q4 -1.89
2013:Q1 -2.00
2013:Q2 -1.63
2013:Q3 -1.29
2013:Q4 -1.56
2014:Q1 -1.05
2014:Q2 -1.40
2014:Q3 -1.49
2014:Q4 -1.08
2015:Q1 -0.45
2015:Q2 -0.04
2015:Q3 0.19
2015:Q4 0.65
2016:Q1 1.62
2016:Q2 1.39
2016:Q3 1.62
2016:Q4 1.36
2017:Q1 1.93
2017:Q2 2.11
2017:Q3 2.23
2017:Q4 1.93
2018:Q1 1.73
2018:Q2 2.40

Note: Calculated using a Hodrick-Prescott filter with lambda = 400,000. Shaded bars represent periods of recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.

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

Figure 7. Gross Balance Sheet Leverage of Public Nonfinancial Corporations

Quarterly
Percent

Period All firms Risky firms
1999:Q1 31.08 39.64
1999:Q2 30.85 39.38
1999:Q3 30.72 38.62
1999:Q4 30.72 38.38
2000:Q1 30.64 37.97
2000:Q2 29.85 37.32
2000:Q3 29.30 36.27
2000:Q4 29.52 36.82
2001:Q1 29.53 38.24
2001:Q2 29.66 39.03
2001:Q3 29.65 38.18
2001:Q4 30.32 39.25
2002:Q1 30.94 39.51
2002:Q2 30.02 37.98
2002:Q3 29.81 37.86
2002:Q4 29.57 37.93
2003:Q1 29.24 37.79
2003:Q2 28.42 37.68
2003:Q3 28.05 36.73
2003:Q4 27.08 36.52
2004:Q1 26.55 35.35
2004:Q2 25.94 34.86
2004:Q3 25.63 35.02
2004:Q4 25.41 34.22
2005:Q1 25.16 34.17
2005:Q2 25.02 32.65
2005:Q3 24.28 31.48
2005:Q4 24.35 32.21
2006:Q1 24.82 33.08
2006:Q2 24.66 32.82
2006:Q3 24.63 33.06
2006:Q4 24.91 34.52
2007:Q1 25.19 35.12
2007:Q2 25.45 34.74
2007:Q3 25.86 35.52
2007:Q4 26.16 35.84
2008:Q1 26.41 36.49
2008:Q2 26.53 36.23
2008:Q3 27.56 38.45
2008:Q4 29.15 40.50
2009:Q1 29.37 40.72
2009:Q2 28.35 38.84
2009:Q3 27.38 36.94
2009:Q4 27.13 37.63
2010:Q1 26.73 36.54
2010:Q2 26.60 36.53
2010:Q3 26.57 36.66
2010:Q4 26.33 36.20
2011:Q1 26.12 36.08
2011:Q2 26.19 36.14
2011:Q3 26.51 36.07
2011:Q4 26.40 35.48
2012:Q1 26.34 35.92
2012:Q2 26.90 36.75
2012:Q3 27.03 36.96
2012:Q4 27.33 37.86
2013:Q1 27.28 37.60
2013:Q2 27.72 38.28
2013:Q3 27.98 38.25
2013:Q4 28.19 38.71
2014:Q1 28.82 39.28
2014:Q2 28.61 38.18
2014:Q3 28.75 38.08
2014:Q4 29.30 38.99
2015:Q1 30.17 39.63
2015:Q2 30.70 39.73
2015:Q3 31.23 41.02
2015:Q4 32.16 40.55
2016:Q1 32.77 42.18
2016:Q2 32.96 41.78
2016:Q3 33.04 41.62
2016:Q4 33.00 40.98
2017:Q1 33.22 40.79
2017:Q2 33.61 41.72
2017:Q3 33.42 41.90
2017:Q4 33.26 41.16
2018:Q1 33.34 40.80
2018:Q2 33.27 41.16

Note: Gross leverage is the ratio of the book value of total debt to the book value of total assets. The sample of risky firms is composed of firms with positive short-term or long-term debt that either have an S&P firm rating of speculative-grade or have no S&P rating.

Source: Federal Reserve Board staff calculations based on S&P Global, Compustat.

Figure 8. Forward Price-to-Earnings Ratio of S&P 500 Firms

Monthly
Ratio

Period Price-to-Earnings Ratio
January 1988 10.33
February 1988 10.89
March 1988 11.05
April 1988 10.98
May 1988 9.88
June 1988 10.66
July 1988 10.33
August 1988 9.78
September 1988 9.99
October 1988 10.12
November 1988 9.47
December 1988 9.81
January 1989 10.06
February 1989 10.14
March 1989 10.12
April 1989 10.43
May 1989 10.73
June 1989 10.85
July 1989 11.24
August 1989 11.56
September 1989 11.51
October 1989 11.47
November 1989 11.52
December 1989 11.88
January 1990 11.53
February 1990 11.32
March 1990 11.49
April 1990 11.65
May 1990 12.07
June 1990 12.38
July 1990 12.39
August 1990 11.50
September 1990 10.79
October 1990 10.30
November 1990 11.18
December 1990 11.66
January 1991 11.25
February 1991 13.43
March 1991 13.77
April 1991 14.45
May 1991 13.64
June 1991 13.90
July 1991 14.15
August 1991 14.40
September 1991 14.21
October 1991 14.31
November 1991 14.46
December 1991 14.01
January 1992 15.37
February 1992 15.00
March 1992 14.85
April 1992 14.81
May 1992 14.70
June 1992 14.01
July 1992 14.43
August 1992 14.45
September 1992 14.41
October 1992 14.00
November 1992 14.52
December 1992 14.70
January 1993 14.62
February 1993 14.67
March 1993 15.01
April 1993 15.04
May 1993 14.71
June 1993 14.64
July 1993 14.63
August 1993 14.76
September 1993 14.81
October 1993 14.64
November 1993 14.67
December 1993 14.48
January 1994 14.74
February 1994 14.60
March 1994 14.33
April 1994 13.46
May 1994 13.42
June 1994 13.46
July 1994 13.00
August 1994 13.20
September 1994 13.10
October 1994 12.92
November 1994 12.56
December 1994 12.09
January 1995 12.32
February 1995 12.48
March 1995 12.50
April 1995 12.66
May 1995 12.90
June 1995 13.05
July 1995 13.30
August 1995 13.36
September 1995 13.68
October 1995 13.77
November 1995 13.80
December 1995 14.32
January 1996 14.01
February 1996 15.23
March 1996 14.81
April 1996 14.79
May 1996 15.20
June 1996 14.71
July 1996 14.40
August 1996 14.92
September 1996 15.25
October 1996 15.61
November 1996 16.07
December 1996 15.85
January 1997 16.46
February 1997 17.36
March 1997 16.65
April 1997 16.02
May 1997 17.38
June 1997 18.39
July 1997 19.23
August 1997 18.68
September 1997 18.92
October 1997 19.20
November 1997 18.60
December 1997 18.87
January 1998 18.66
February 1998 20.36
March 1998 21.42
April 1998 21.90
May 1998 21.69
June 1998 21.42
July 1998 22.77
August 1998 21.16
September 1998 20.01
October 1998 19.28
November 1998 22.02
December 1998 22.30
January 1999 23.71
February 1999 23.53
March 1999 24.73
April 1999 24.96
May 1999 24.74
June 1999 24.30
July 1999 25.44
August 1999 23.91
September 1999 23.47
October 1999 22.55
November 1999 24.50
December 1999 24.42
January 2000 24.85
February 2000 24.03
March 2000 23.73
April 2000 23.91
May 2000 23.89
June 2000 24.10
July 2000 24.09
August 2000 23.86
September 2000 23.85
October 2000 21.44
November 2000 22.24
December 2000 22.10
January 2001 21.98
February 2001 22.07
March 2001 19.72
April 2001 21.41
May 2001 22.23
June 2001 21.67
July 2001 21.61
August 2001 21.17
September 2001 18.42
October 2001 20.37
November 2001 21.49
December 2001 21.57
January 2002 21.00
February 2002 20.47
March 2002 20.75
April 2002 20.17
May 2002 19.40
June 2002 18.11
July 2002 16.15
August 2002 16.60
September 2002 15.72
October 2002 15.77
November 2002 16.01
December 2002 16.12
January 2003 16.48
February 2003 15.33
March 2003 15.70
April 2003 15.67
May 2003 16.55
June 2003 17.68
July 2003 17.27
August 2003 16.94
September 2003 17.41
October 2003 17.50
November 2003 17.10
December 2003 17.43
January 2004 18.10
February 2004 18.09
March 2004 17.40
April 2004 17.10
May 2004 15.97
June 2004 16.41
July 2004 15.92
August 2004 15.51
September 2004 15.77
October 2004 15.49
November 2004 16.17
December 2004 16.32
January 2005 15.95
February 2005 16.17
March 2005 15.64
April 2005 15.30
May 2005 15.27
June 2005 15.41
July 2005 15.41
August 2005 15.14
September 2005 14.95
October 2005 14.33
November 2005 14.61
December 2005 14.98
January 2006 14.90
February 2006 14.93
March 2006 15.06
April 2006 14.99
May 2006 14.29
June 2006 13.69
July 2006 13.90
August 2006 14.13
September 2006 14.26
October 2006 14.65
November 2006 14.81
December 2006 14.83
January 2007 15.01
February 2007 15.39
March 2007 14.56
April 2007 15.31
May 2007 15.51
June 2007 15.30
July 2007 15.41
August 2007 13.87
September 2007 15.01
October 2007 15.01
November 2007 14.32
December 2007 14.20
January 2008 13.49
February 2008 13.68
March 2008 13.09
April 2008 13.80
May 2008 14.30
June 2008 13.51
July 2008 12.60
August 2008 13.29
September 2008 12.01
October 2008 9.93
November 2008 9.74
December 2008 11.87
January 2009 11.48
February 2009 12.46
March 2009 12.42
April 2009 13.51
May 2009 14.66
June 2009 14.73
July 2009 14.80
August 2009 15.20
September 2009 15.91
October 2009 15.85
November 2009 15.12
December 2009 14.89
January 2010 14.80
February 2010 13.81
March 2010 14.44
April 2010 14.83
May 2010 12.99
June 2010 12.82
July 2010 12.49
August 2010 12.10
September 2010 12.36
October 2010 12.84
November 2010 12.57
December 2010 13.03
January 2011 13.21
February 2011 13.70
March 2011 12.61
April 2011 12.97
May 2011 12.90
June 2011 12.07
July 2011 12.64
August 2011 11.28
September 2011 11.24
October 2011 11.50
November 2011 11.68
December 2011 11.40
January 2012 12.33
February 2012 12.63
March 2012 12.96
April 2012 12.66
May 2012 12.01
June 2012 11.89
July 2012 12.59
August 2012 12.92
September 2012 13.34
October 2012 13.21
November 2012 12.19
December 2012 12.86
January 2013 13.12
February 2013 13.53
March 2013 13.72
April 2013 13.59
May 2013 14.48
June 2013 14.10
July 2013 14.51
August 2013 14.58
September 2013 14.84
October 2013 14.71
November 2013 15.03
December 2013 15.20
January 2014 15.42
February 2014 15.44
March 2014 15.60
April 2014 15.49
May 2014 15.45
June 2014 15.83
July 2014 15.97
August 2014 15.55
September 2014 15.89
October 2014 14.76
November 2014 16.19
December 2014 16.11
January 2015 16.23
February 2015 17.35
March 2015 17.27
April 2015 17.29
May 2015 17.09
June 2015 16.96
July 2015 16.98
August 2015 16.75
September 2015 16.09
October 2015 16.14
November 2015 16.80
December 2015 16.69
January 2016 15.29
February 2016 15.91
March 2016 16.71
April 2016 17.09
May 2016 16.67
June 2016 16.74
July 2016 17.39
August 2016 17.52
September 2016 16.92
October 2016 16.89
November 2016 16.95
December 2016 17.33
January 2017 17.27
February 2017 17.91
March 2017 18.04
April 2017 17.54
May 2017 17.50
June 2017 17.91
July 2017 18.23
August 2017 18.09
September 2017 18.18
October 2017 18.44
November 2017 18.15
December 2017 18.64
January 2018 18.72
February 2018 17.28
March 2018 17.37
April 2018 16.92
May 2018 16.68
June 2018 16.84
July 2018 17.03
August 2018 16.82
September 2018 17.21
October 2018 16.49

Note: Median = 15.57. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009. Aggregate forward price-to-earnings ratio of S&P 500 firms. Based on expected earnings for 12 months ahead.

Source: Federal Reserve Board staff calculations using Refinitiv (formerly Thomson Reuters), IBES Estimates.

Last Update: November 28, 2018