Accessible versions

1-1. Yields on Nominal Treasury Securities

percent, annual rate

Date 2-Year Treasury Yield 10-Year Treasury Yield
1/16/1997 6.01 6.58
2/15/1997 5.9 6.42
3/16/1997 6.22 6.69
4/16/1997 6.45 6.89
5/16/1997 6.28 6.71
6/16/1997 6.09 6.49
7/16/1997 5.89 6.22
8/16/1997 5.94 6.3
9/16/1997 5.88 6.21
10/16/1997 5.77 6.03
11/16/1997 5.71 5.88
12/16/1997 5.72 5.81
1/16/1998 5.36 5.54
2/15/1998 5.42 5.57
3/16/1998 5.56 5.65
4/16/1998 5.56 5.64
5/16/1998 5.59 5.65
6/16/1998 5.52 5.5
7/16/1998 5.46 5.46
8/16/1998 5.27 5.34
9/16/1998 4.67 4.81
10/16/1998 4.09 4.53
11/16/1998 4.54 4.83
12/16/1998 4.51 4.65
1/16/1999 4.62 4.72
2/15/1999 4.88 5
3/16/1999 5.05 5.23
4/16/1999 4.98 5.18
5/16/1999 5.25 5.54
6/16/1999 5.62 5.9
7/16/1999 5.55 5.79
8/16/1999 5.68 5.94
9/16/1999 5.66 5.92
10/16/1999 5.86 6.11
11/16/1999 5.86 6.03
12/16/1999 6.1 6.28
1/16/2000 6.44 6.66
2/15/2000 6.61 6.52
3/16/2000 6.53 6.26
4/16/2000 6.4 5.99
5/16/2000 6.81 6.44
6/16/2000 6.48 6.1
7/16/2000 6.34 6.05
8/16/2000 6.23 5.83
9/16/2000 6.08 5.8
10/16/2000 5.91 5.74
11/16/2000 5.88 5.72
12/16/2000 5.35 5.24
1/16/2001 4.76 5.16
2/15/2001 4.66 5.1
3/16/2001 4.34 4.89
4/16/2001 4.23 5.14
5/16/2001 4.26 5.39
6/16/2001 4.08 5.28
7/16/2001 4.04 5.24
8/16/2001 3.76 4.97
9/16/2001 3.12 4.73
10/16/2001 2.73 4.57
11/16/2001 2.78 4.65
12/16/2001 3.11 5.09
1/16/2002 3.03 5.04
2/15/2002 3.02 4.91
3/16/2002 3.56 5.28
4/16/2002 3.42 5.21
5/16/2002 3.26 5.16
6/16/2002 2.99 4.93
7/16/2002 2.56 4.65
8/16/2002 2.13 4.26
9/16/2002 2 3.87
10/16/2002 1.91 3.94
11/16/2002 1.92 4.05
12/16/2002 1.84 4.03
1/16/2003 1.74 4.05
2/15/2003 1.63 3.9
3/16/2003 1.57 3.81
4/16/2003 1.62 3.96
5/16/2003 1.42 3.57
6/16/2003 1.23 3.33
7/16/2003 1.47 3.98
8/16/2003 1.86 4.45
9/16/2003 1.71 4.27
10/16/2003 1.75 4.29
11/16/2003 1.93 4.3
12/16/2003 1.91 4.27
1/16/2004 1.76 4.15
2/15/2004 1.74 4.08
3/16/2004 1.58 3.83
4/16/2004 2.07 4.35
5/16/2004 2.53 4.72
6/16/2004 2.76 4.73
7/16/2004 2.64 4.5
8/16/2004 2.51 4.28
9/16/2004 2.53 4.13
10/16/2004 2.58 4.1
11/16/2004 2.85 4.19
12/16/2004 3.01 4.23
1/16/2005 3.22 4.22
2/15/2005 3.38 4.17
3/16/2005 3.73 4.5
4/16/2005 3.65 4.34
5/16/2005 3.64 4.14
6/16/2005 3.64 4
7/16/2005 3.87 4.18
8/16/2005 4.04 4.26
9/16/2005 3.95 4.2
10/16/2005 4.27 4.46
11/16/2005 4.42 4.54
12/16/2005 4.4 4.47
1/16/2006 4.4 4.42
2/15/2006 4.67 4.57
3/16/2006 4.73 4.72
4/16/2006 4.89 4.99
5/16/2006 4.97 5.11
6/16/2006 5.12 5.11
7/16/2006 5.12 5.09
8/16/2006 4.9 4.88
9/16/2006 4.77 4.72
10/16/2006 4.8 4.73
11/16/2006 4.74 4.6
12/16/2006 4.67 4.56
1/16/2007 4.88 4.76
2/15/2007 4.85 4.72
3/16/2007 4.57 4.56
4/16/2007 4.67 4.69
5/16/2007 4.77 4.75
6/16/2007 4.98 5.1
7/16/2007 4.82 5
8/16/2007 4.31 4.67
9/16/2007 4.01 4.52
10/16/2007 3.97 4.53
11/16/2007 3.34 4.15
12/16/2007 3.12 4.1
1/16/2008 2.48 3.74
2/15/2008 1.97 3.74
3/16/2008 1.62 3.51
4/16/2008 2.05 3.68
5/16/2008 2.45 3.88
6/16/2008 2.77 4.1
7/16/2008 2.57 4.01
8/16/2008 2.42 3.89
9/16/2008 2.08 3.69
10/16/2008 1.61 3.81
11/16/2008 1.21 3.53
12/16/2008 0.82 2.42
1/16/2009 0.81 2.52
2/15/2009 0.98 2.87
3/16/2009 0.93 2.82
4/16/2009 0.93 2.93
5/16/2009 0.93 3.29
6/16/2009 1.18 3.72
7/16/2009 1.02 3.56
8/16/2009 1.12 3.59
9/16/2009 0.96 3.4
10/16/2009 0.95 3.39
11/16/2009 0.8 3.4
12/16/2009 0.87 3.59
1/16/2010 0.93 3.73
2/15/2010 0.86 3.69
3/16/2010 0.96 3.73
4/16/2010 1.06 3.85
5/16/2010 0.83 3.42
6/16/2010 0.72 3.2
7/16/2010 0.62 3.01
8/16/2010 0.52 2.7
9/16/2010 0.48 2.65
10/16/2010 0.38 2.54
11/16/2010 0.45 2.76
12/16/2010 0.62 3.29
1/16/2011 0.61 3.39
2/15/2011 0.77 3.58
3/16/2011 0.7 3.41
4/16/2011 0.73 3.46
5/16/2011 0.56 3.17
6/16/2011 0.41 3
7/16/2011 0.41 3
8/16/2011 0.23 2.3
9/16/2011 0.21 1.98
10/16/2011 0.28 2.15
11/16/2011 0.25 2.01
12/16/2011 0.26 1.98
1/16/2012 0.24 1.97
2/15/2012 0.28 1.97
3/16/2012 0.34 2.17
4/16/2012 0.29 2.05
5/16/2012 0.29 1.8
6/16/2012 0.29 1.62
7/16/2012 0.25 1.53
8/16/2012 0.27 1.68
9/16/2012 0.26 1.72
10/16/2012 0.28 1.75
11/16/2012 0.27 1.65
12/16/2012 0.26 1.72
1/16/2013 0.27 1.91
2/15/2013 0.27 1.98
3/16/2013 0.26 1.96
4/16/2013 0.23 1.76
5/16/2013 0.25 1.93
6/16/2013 0.33 2.3
7/16/2013 0.34 2.58
8/16/2013 0.36 2.74
9/16/2013 0.4 2.81
10/16/2013 0.34 2.62
11/16/2013 0.3 2.72
12/16/2013 0.34 2.9
1/16/2014 0.39 2.86
2/15/2014 0.33 2.71
3/16/2014 0.4 2.72
4/16/2014 0.42 2.71
5/16/2014 0.39 2.56
6/16/2014 0.45 2.6
7/16/2014 0.51 2.54
8/16/2014 0.47 2.42
9/16/2014 0.57 2.53
10/16/2014 0.45 2.3
11/16/2014 0.53 2.33
12/16/2014 0.64 2.21
1/16/2015 0.55 1.88
2/15/2015 0.62 1.98
3/16/2015 0.64 2.04
4/16/2015 0.54 1.94
5/16/2015 0.61 2.2
6/16/2015 0.69 2.36
7/16/2015 0.67 2.32
8/16/2015 0.7 2.17
9/16/2015 0.71 2.17
10/16/2015 0.64 2.07
11/16/2015 0.88 2.26
12/16/2015 0.98 2.24
1/16/2016 0.9 2.09
2/15/2016 0.73 1.78
3/16/2016 0.88 1.89
4/16/2016 0.77 1.81
5/16/2016 0.82 1.81
6/16/2016 0.73 1.64
7/16/2016 0.67 1.5
8/16/2016 0.74 1.56
9/16/2016 0.77 1.63
10/16/2016 0.84 1.76
11/16/2016 0.98 2.14
12/16/2016 1.2 2.49
1/16/2017 1.21 2.43
2/15/2017 1.2 2.42
3/16/2017 1.31 2.48
4/16/2017 1.24 2.3
5/16/2017 1.3 2.3
6/16/2017 1.34 2.19
7/16/2017 1.37 2.32
8/16/2017 1.34 2.21
9/16/2017 1.38 2.2
10/16/2017 1.55 2.36
11/16/2017 1.7 2.35
12/16/2017 1.84 2.4
1/16/2018 2.03 2.58
2/15/2018 2.18 2.86
3/16/2018 2.28 2.84
4/16/2018 2.38 2.87
5/16/2018 2.51 2.98
6/16/2018 2.53 2.91
7/16/2018 2.61 2.89
8/16/2018 2.64 2.89
9/16/2018 2.77 3
10/16/2018 2.86 3.15
11/16/2018 2.86 3.12
12/16/2018 2.68 2.83
1/16/2019 2.54 2.71
2/15/2019 2.5 2.68
3/16/2019 2.41 2.57
4/16/2019 2.34 2.53
5/16/2019 2.21 2.4
6/16/2019 1.81 2.07
7/16/2019 1.84 2.06
8/16/2019 1.57 1.63
9/16/2019 1.65 1.7
10/16/2019 1.55 1.71
11/16/2019 1.62 1.82

Note: The 2- and 10-year Treasury rates are the constant-maturity yields based on the most actively traded securities.

Source: Federal Reserve Board, Statistical Release H.15, "Selected Interest Rates."

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1-2. Term Premium on 10-Year Nominal Treasury Securities

percentage points

Date Term Premium
1/16/1997 1.48
2/15/1997 1.50
3/16/1997 1.67
4/16/1997 1.56
5/16/1997 1.59
6/16/1997 1.49
7/16/1997 1.24
8/16/1997 1.37
9/16/1997 1.28
10/16/1997 1.09
11/16/1997 1.04
12/16/1997 0.94
1/16/1998 0.88
2/15/1998 0.94
3/16/1998 0.98
4/16/1998 1.01
5/16/1998 0.93
6/16/1998 0.86
7/16/1998 0.89
8/16/1998 0.67
9/16/1998 0.46
10/16/1998 0.60
11/16/1998 0.63
12/16/1998 0.64
1/16/1999 0.68
2/15/1999 1.03
3/16/1999 1.03
4/16/1999 1.01
5/16/1999 1.28
6/16/1999 1.26
7/16/1999 1.36
8/16/1999 1.33
9/16/1999 1.35
10/16/1999 1.35
11/16/1999 1.33
12/16/1999 1.46
1/16/2000 1.43
2/15/2000 1.32
3/16/2000 1.06
4/16/2000 1.18
5/16/2000 1.18
6/16/2000 1.02
7/16/2000 0.89
8/16/2000 0.78
9/16/2000 0.82
10/16/2000 0.72
11/16/2000 0.58
12/16/2000 0.52
1/16/2001 0.75
2/15/2001 0.71
3/16/2001 0.90
4/16/2001 1.20
5/16/2001 1.34
6/16/2001 1.35
7/16/2001 1.17
8/16/2001 1.11
9/16/2001 1.27
10/16/2001 1.15
11/16/2001 1.57
12/16/2001 1.79
1/16/2002 1.70
2/15/2002 1.68
3/16/2002 1.70
4/16/2002 1.72
5/16/2002 1.67
6/16/2002 1.57
7/16/2002 1.32
8/16/2002 1.11
9/16/2002 0.81
10/16/2002 1.06
11/16/2002 1.28
12/16/2002 1.01
1/16/2003 1.13
2/15/2003 0.93
3/16/2003 1.04
4/16/2003 1.03
5/16/2003 0.66
6/16/2003 0.82
7/16/2003 1.47
8/16/2003 1.47
9/16/2003 1.13
10/16/2003 1.35
11/16/2003 1.34
12/16/2003 1.30
1/16/2004 1.25
2/15/2004 1.13
3/16/2004 1.02
4/16/2004 1.47
5/16/2004 1.43
6/16/2004 1.38
7/16/2004 1.29
8/16/2004 1.02
9/16/2004 0.92
10/16/2004 0.85
11/16/2004 0.92
12/16/2004 0.83
1/16/2005 0.70
2/15/2005 0.78
3/16/2005 0.84
4/16/2005 0.62
5/16/2005 0.43
6/16/2005 0.39
7/16/2005 0.52
8/16/2005 0.34
9/16/2005 0.51
10/16/2005 0.56
11/16/2005 0.51
12/16/2005 0.41
1/16/2006 0.43
2/15/2006 0.41
3/16/2006 0.56
4/16/2006 0.67
5/16/2006 0.66
6/16/2006 0.61
7/16/2006 0.50
8/16/2006 0.38
9/16/2006 0.34
10/16/2006 0.27
11/16/2006 0.21
12/16/2006 0.36
1/16/2007 0.42
2/15/2007 0.25
3/16/2007 0.33
4/16/2007 0.33
5/16/2007 0.55
6/16/2007 0.63
7/16/2007 0.45
8/16/2007 0.52
9/16/2007 0.61
10/16/2007 0.48
11/16/2007 0.45
12/16/2007 0.46
1/16/2008 0.54
2/15/2008 0.60
3/16/2008 0.63
4/16/2008 0.83
5/16/2008 0.94
6/16/2008 0.85
7/16/2008 0.87
8/16/2008 0.74
9/16/2008 0.93
10/16/2008 1.37
11/16/2008 0.81
12/16/2008 0.37
1/16/2009 0.77
2/15/2009 0.81
3/16/2009 0.53
4/16/2009 0.86
5/16/2009 1.21
6/16/2009 1.15
7/16/2009 1.17
8/16/2009 1.07
9/16/2009 0.99
10/16/2009 1.06
11/16/2009 0.89
12/16/2009 1.28
1/16/2010 1.15
2/15/2010 1.11
3/16/2010 1.23
4/16/2010 1.12
5/16/2010 0.88
6/16/2010 0.66
7/16/2010 0.60
8/16/2010 0.30
9/16/2010 0.29
10/16/2010 0.34
11/16/2010 0.47
12/16/2010 0.86
1/16/2011 0.90
2/15/2011 0.92
3/16/2011 0.97
4/16/2011 0.87
5/16/2011 0.62
6/16/2011 0.72
7/16/2011 0.44
8/16/2011 0.09
9/16/2011 -0.05
10/16/2011 0.02
11/16/2011 -0.02
12/16/2011 -0.11
1/16/2012 -0.18
2/15/2012 -0.11
3/16/2012 0.06
4/16/2012 -0.12
5/16/2012 -0.34
6/16/2012 -0.32
7/16/2012 -0.38
8/16/2012 -0.36
9/16/2012 -0.34
10/16/2012 -0.27
11/16/2012 -0.36
12/16/2012 -0.26
1/16/2013 -0.09
2/15/2013 -0.20
3/16/2013 -0.25
4/16/2013 -0.31
5/16/2013 0.02
6/16/2013 0.30
7/16/2013 0.42
8/16/2013 0.51
9/16/2013 0.40
10/16/2013 0.36
11/16/2013 0.43
12/16/2013 0.65
1/16/2014 0.45
2/15/2014 0.43
3/16/2014 0.51
4/16/2014 0.47
5/16/2014 0.34
6/16/2014 0.39
7/16/2014 0.40
8/16/2014 0.30
9/16/2014 0.43
10/16/2014 0.30
11/16/2014 0.21
12/16/2014 0.20
1/16/2015 -0.11
2/15/2015 0.10
3/16/2015 0.02
4/16/2015 0.13
5/16/2015 0.18
6/16/2015 0.29
7/16/2015 0.18
8/16/2015 0.15
9/16/2015 0.07
10/16/2015 0.12
11/16/2015 0.13
12/16/2015 0.16
1/16/2016 -0.09
2/15/2016 -0.22
3/16/2016 -0.18
4/16/2016 -0.15
5/16/2016 -0.16
6/16/2016 -0.38
7/16/2016 -0.38
8/16/2016 -0.33
9/16/2016 -0.33
10/16/2016 -0.19
11/16/2016 0.16
12/16/2016 0.23
1/16/2017 0.22
2/15/2017 0.18
3/16/2017 0.10
4/16/2017 0.01
5/16/2017 -0.09
6/16/2017 -0.07
7/16/2017 -0.09
8/16/2017 -0.17
9/16/2017 -0.07
10/16/2017 -0.06
11/16/2017 -0.07
12/16/2017 -0.09
1/16/2018 0.11
2/15/2018 0.11
3/16/2018 0.12
4/16/2018 0.13
5/16/2018 0.06
6/16/2018 0.04
7/16/2018 0.09
8/16/2018 -0.02
9/16/2018 0.08
10/16/2018 0.09
11/16/2018 0.00
12/16/2018 -0.22
1/16/2019 -0.23
2/15/2019 -0.19
3/16/2019 -0.39
4/16/2019 -0.32
5/16/2019 -0.53
6/16/2019 -0.56
7/16/2019 -0.60
8/16/2019 -0.82
9/16/2019 -0.69
10/16/2019 -0.58
11/16/2019 -0.47

Note: Term premiums are estimated from a three-factor term structure model using Treasury yields and Blue Chip interest rate forecasts.

Source: Department of the Treasury; Wolters Kluwer, Blue Chip Financial Forecasts; Federal Reserve Bank of New York; Federal Reserve Board staff estimates.

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1-3. Option-Implied Volatility on the 10-Year Swap Rate

This is a line chart titled "Option-Implied Volatility on the 10-Year Swap Rate." The x-axis measures time and ranges from years 1997 to 2020. The y-axis ranges from 0 to 200 basis points. The data are monthly. The variable plotted, the option-implied volatility on the 10-year swap rate, is designated by a black line. It begins in 1997 at around 100 basis points. It rises to around 150 basis points in 2001, then steadily declines from 2003 to 2007 where it reaches around 50 basis points. It gradually rises from 2007 to 2009 peak of around 175 basis points in 2009. It then drops steeply to around 100 basis points in 2010, and then gradually declines to around 75 basis points in November 2019, with a brief rise to around 100 basis points in 2013.

Note: Implied volatility on the 10-year swap rate 1 year ahead, derived from swaptions.

Source: Barclays PLC, Barclays Live.

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1-4. Corporate Bond Yields

This is a line chart titled "Corporate Bond Yields." The x-axis measures time and ranges from years 1997 to 2020. The y-axis ranges from 0 to 18 percent. The data are monthly and there are two variables plotted on the chart. The first line is labeled "10-year high-yield" and is designated by a black line. It begins at around 9 percent in 1997 and rises gradually to around 13 percent in 1999 and 2000. It falls to around 7 percent in 2003, and then peaks sharply in 2008 and 2009 at around 17 percent before falling sharply to around 8 percent in late 2009. It remains between 6 and 8 percent from 2010 to April 2019, with a recent increase to 7.39 in December 2018 followed by a decline to about 6 in April. The second line is labeled "10-year triple-B" and is designated by a blue line. It begins at around 8 percent in 1997, and fluctuates between 7 and 9 percent until it drops to around 5 percent in 2002 and 2003. It gradually rises until it sharply increases to around 10 percent in 2008 and 2009, and then sharply declines to around 5 percent in late 2009. It remains between 3 and 5 percent from 2010 to October 2019. It also had an uptick in late 2018 but has since declined to about 4 percent.

Note: The 10-year triple-B reflects the effective yield of the ICE BofAML 7-to-10-year triple-B U.S. Corporate Index (C4A4), and the 10-year high-yield reflects the effective yield of the ICE BofAML 7-to-10-year U.S. Cash Pay High Yield Index (J4A0).

Source: ICE Data Indices, LLC, used with permission.

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1-5. Corporate Bond Spreads to Similar-Maturity Treasury Securities

This is a line chart titled "Corporate Bond Spreads to Similar Maturity Treasury Securities." The x-axis measures time and ranges from 1997 to 2020. The data are monthly, and there are two variables plotted on the chart. The first line is labeled "10-year high-yield" and is designated by a black line. This line corresponds to the values on the right y-axis, which ranges from 0 to 16 percentage points. It begins at around 3 percentage points in 1997, rises to around 8 percentage points from 2000 to 2002, then drops sharply to around 3 percentage points in 2003. It remains around 3 percentage points until 2008 when it rapidly rises to its peak in late 2008 of around 15 percentage points. It then falls steeply in 2009 to around 4 percentage points, goes briefly up to around 6 percentage points in 2011 and 2012, falls gradually to around 3 percentage points from 2012 to 2014, rises gradually from 2014 to 2016 to 6 percentage points, then falls to around 4 percentage points again from 2016 to October 2018. It then increases in November and December 2018 but decreases to around 3.5 percentage points in November 2019. The second line is labeled "10-year triple B" and is designated by a blue line. This line corresponds to the values on the left y-axis, which ranges from 0 to 8 percentage points. It begins at just under 1 percentage point in 1997, rises to around 3 percentage points from 2000 to 2002, then drops sharply to around 1 percentage point in 2003. It remains around 1 percentage point until 2008 when it rapidly rises to its peak in late 2008 of around 7.5 percentage points. It then falls steeply in 2009 to around 1.5 percentage points and goes briefly up to around 2.5 percentage points in 2011 and 2012. It then falls gradually to around 1.5 percentage points from 2012 to 2014, rises gradually to around 2 percentage points in 2016, then declines to around 1.5 percentage points again from 2016 to October 2018. It then increases in November and December 2018 but decreases to around 1.5 percentage points in November 2019.

Note: The 10-year triple-B reflects the effective yield of the ICE BofAML 7-to-10-year triple-B U.S. Corporate Index (C4A4), and the 10-year high-yield reflects the effective yield of the ICE BofAML 7-to-10-year U.S. Cash Pay High Yield Index (J4A0). Treasury yields from smoothed yield curve estimated from off-the-run securities.

Source: ICE Data Indices, LLC, used with permission; Department of the Treasury.

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1-6. Corporate Bond Premium over Expected Losses

Standard deviations from mean

Date corporate bond premium
1/16/1997 -0.50
2/15/1997 -0.70
3/16/1997 -0.72
4/16/1997 -0.64
5/16/1997 -0.68
6/16/1997 -0.80
7/16/1997 -0.75
8/16/1997 -0.74
9/16/1997 -0.82
10/16/1997 -0.59
11/16/1997 -0.50
12/16/1997 -0.60
1/16/1998 -0.52
2/15/1998 -0.50
3/16/1998 -0.56
4/16/1998 -0.68
5/16/1998 -0.61
6/16/1998 -0.57
7/16/1998 -0.51
8/16/1998 0.07
9/16/1998 0.04
10/16/1998 0.23
11/16/1998 0.23
12/16/1998 0.03
1/16/1999 0.03
2/15/1999 -0.32
3/16/1999 -0.29
4/16/1999 -0.36
5/16/1999 -0.35
6/16/1999 -0.27
7/16/1999 -0.19
8/16/1999 -0.11
9/16/1999 0.08
10/16/1999 0.11
11/16/1999 0.05
12/16/1999 -0.28
1/16/2000 -0.02
2/15/2000 0.08
3/16/2000 0.46
4/16/2000 0.69
5/16/2000 0.97
6/16/2000 1.03
7/16/2000 1.15
8/16/2000 1.38
9/16/2000 1.54
10/16/2000 2.12
11/16/2000 2.25
12/16/2000 2.23
1/16/2001 1.59
2/15/2001 1.64
3/16/2001 1.56
4/16/2001 1.26
5/16/2001 1.03
6/16/2001 1.35
7/16/2001 1.01
8/16/2001 0.98
9/16/2001 1.64
10/16/2001 1.37
11/16/2001 -0.34
12/16/2001 0.48
1/16/2002 0.70
2/15/2002 1.00
3/16/2002 0.26
4/16/2002 0.45
5/16/2002 0.63
6/16/2002 1.32
7/16/2002 2.15
8/16/2002 2.02
9/16/2002 2.26
10/16/2002 2.02
11/16/2002 1.45
12/16/2002 1.23
1/16/2003 1.18
2/15/2003 0.84
3/16/2003 0.07
4/16/2003 -0.05
5/16/2003 -0.91
6/16/2003 -0.71
7/16/2003 -1.71
8/16/2003 -0.39
9/16/2003 -0.94
10/16/2003 -0.87
11/16/2003 -0.91
12/16/2003 -0.84
1/16/2004 -1.16
2/15/2004 -0.59
3/16/2004 -0.86
4/16/2004 -1.20
5/16/2004 -0.62
6/16/2004 -0.64
7/16/2004 -0.55
8/16/2004 -0.72
9/16/2004 -0.91
10/16/2004 -0.87
11/16/2004 -1.06
12/16/2004 -1.13
1/16/2005 -1.11
2/15/2005 -1.46
3/16/2005 -1.02
4/16/2005 -0.70
5/16/2005 -0.56
6/16/2005 -0.80
7/16/2005 -0.96
8/16/2005 -0.96
9/16/2005 -0.81
10/16/2005 -0.63
11/16/2005 -0.59
12/16/2005 -0.56
1/16/2006 -0.65
2/15/2006 -0.60
3/16/2006 -0.71
4/16/2006 -0.76
5/16/2006 -0.60
6/16/2006 -0.65
7/16/2006 -0.51
8/16/2006 -0.55
9/16/2006 -0.65
10/16/2006 -0.68
11/16/2006 -0.64
12/16/2006 -0.81
1/16/2007 -0.90
2/15/2007 -0.93
3/16/2007 -0.63
4/16/2007 -0.63
5/16/2007 -0.96
6/16/2007 -0.65
7/16/2007 -0.07
8/16/2007 0.10
9/16/2007 -0.01
10/16/2007 -0.14
11/16/2007 0.35
12/16/2007 0.57
1/16/2008 0.90
2/15/2008 1.20
3/16/2008 1.51
4/16/2008 0.79
5/16/2008 0.84
6/16/2008 1.00
7/16/2008 1.37
8/16/2008 1.60
9/16/2008 2.38
10/16/2008 4.63
11/16/2008 4.02
12/16/2008 4.24
1/16/2009 3.69
2/15/2009 4.38
3/16/2009 3.69
4/16/2009 3.04
5/16/2009 1.78
6/16/2009 1.14
7/16/2009 0.28
8/16/2009 -0.14
9/16/2009 -0.13
10/16/2009 -0.41
11/16/2009 -0.19
12/16/2009 -0.87
1/16/2010 -0.43
2/15/2010 -0.12
3/16/2010 -0.33
4/16/2010 -0.53
5/16/2010 -0.37
6/16/2010 -0.13
7/16/2010 0.10
8/16/2010 -0.66
9/16/2010 -0.19
10/16/2010 -0.14
11/16/2010 -0.34
12/16/2010 -0.73
1/16/2011 -0.09
2/15/2011 -0.48
3/16/2011 -0.54
4/16/2011 -0.49
5/16/2011 -0.30
6/16/2011 -0.10
7/16/2011 -0.19
8/16/2011 -0.34
9/16/2011 0.40
10/16/2011 -0.37
11/16/2011 0.53
12/16/2011 0.19
1/16/2012 0.05
2/15/2012 -0.12
3/16/2012 -0.72
4/16/2012 -0.45
5/16/2012 -0.39
6/16/2012 0.00
7/16/2012 -0.26
8/16/2012 -0.56
9/16/2012 -0.45
10/16/2012 -0.47
11/16/2012 -0.27
12/16/2012 -0.42
1/16/2013 -0.29
2/15/2013 -0.22
3/16/2013 -0.31
4/16/2013 -0.36
5/16/2013 -0.91
6/16/2013 -0.70
7/16/2013 -0.14
8/16/2013 -0.31
9/16/2013 -0.33
10/16/2013 -0.17
11/16/2013 -0.10
12/16/2013 -0.31
1/16/2014 -0.58
2/15/2014 -0.43
3/16/2014 -0.54
4/16/2014 -0.67
5/16/2014 -0.70
6/16/2014 -0.59
7/16/2014 -0.61
8/16/2014 -0.62
9/16/2014 -0.47
10/16/2014 -0.48
11/16/2014 -0.08
12/16/2014 -0.09
1/16/2015 -0.34
2/15/2015 -0.68
3/16/2015 -0.42
4/16/2015 -0.22
5/16/2015 -0.14
6/16/2015 0.04
7/16/2015 0.11
8/16/2015 0.38
9/16/2015 0.55
10/16/2015 0.40
11/16/2015 0.52
12/16/2015 0.77
1/16/2016 1.07
2/15/2016 1.11
3/16/2016 0.59
4/16/2016 0.07
5/16/2016 0.08
6/16/2016 -0.22
7/16/2016 -0.29
8/16/2016 -0.29
9/16/2016 -0.37
10/16/2016 -0.34
11/16/2016 -1.34
12/16/2016 -0.54
1/16/2017 -0.47
2/15/2017 -0.46
3/16/2017 -0.43
4/16/2017 -0.36
5/16/2017 -0.44
6/16/2017 -0.39
7/16/2017 -0.43
8/16/2017 -0.34
9/16/2017 -0.62
10/16/2017 -0.54
11/16/2017 -0.43
12/16/2017 -0.52
1/16/2018 -0.80
2/15/2018 -0.59
3/16/2018 -0.38
4/16/2018 -0.66
5/16/2018 -0.53
6/16/2018 -0.21
7/16/2018 -0.43
8/16/2018 -0.38
9/16/2018 -0.50
10/16/2018 -0.24
11/16/2018 -0.05
12/16/2018 0.20
1/16/2019 -0.04
2/15/2019 -0.17
3/16/2019 -0.48
4/16/2019 -0.27
5/16/2019 -0.33
6/16/2019 -0.27
7/16/2019 -0.33
8/16/2019 -0.56
9/16/2019 -0.65
10/16/2019 -0.66

Source: Federal Reserve Board staff calculations based on Lehman Brothers Fixed Income Database (Warga); Intercontinental Exchange, Inc., ICE Data Services; Center for Research in Security Prices, CRSP/Compustat Merged Database, Wharton Research Data Services; S&P Global Market Intelligence, Compustat.

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1-7. Spreads on Newly Issued Institutional Leveraged Loans

percentage points

Date B+/B BB/BB-
1/16/1998 2.67 2.64
2/15/1998 2.84 2.54
3/16/1998 2.89 2.65
4/16/1998 2.74 2.44
5/16/1998 2.85 2.32
6/16/1998 2.91 2.45
7/16/1998 2.81 2.50
8/16/1998 2.79 2.42
9/16/1998 2.92 2.89
10/16/1998 3.32 3.10
11/16/1998 3.66 3.37
12/16/1998 3.77 3.47
1/16/1999 3.35 3.05
2/15/1999 3.37 3.05
3/16/1999 3.45 2.67
4/16/1999 3.42 2.71
5/16/1999 3.29 2.78
6/16/1999 3.36 2.79
7/16/1999 3.34 2.77
8/16/1999 3.53 3.07
9/16/1999 3.65 3.20
10/16/1999 3.69 3.43
11/16/1999 3.73 3.25
12/16/1999 3.54 3.00
1/16/2000 3.45 2.92
2/15/2000 3.21 2.76
3/16/2000 3.52 3.02
4/16/2000 3.65 3.08
5/16/2000 3.50 2.92
6/16/2000 3.64 2.96
7/16/2000 3.87 3.27
8/16/2000 3.89 3.61
9/16/2000 3.90 3.61
10/16/2000 n.a. 3.53
11/16/2000 3.94 3.12
12/16/2000 3.63 3.35
1/16/2001 3.59 3.34
2/15/2001 3.88 3.31
3/16/2001 3.70 3.14
4/16/2001 3.83 3.31
5/16/2001 3.60 2.94
6/16/2001 3.63 3.16
7/16/2001 3.92 3.29
8/16/2001 4.00 3.33
9/16/2001 n.a. 3.45
10/16/2001 n.a. 4.25
11/16/2001 n.a. 3.44
12/16/2001 n.a. 3.10
1/16/2002 4.00 3.33
2/15/2002 4.00 2.83
3/16/2002 4.25 3.01
4/16/2002 n.a. 3.00
5/16/2002 3.88 2.61
6/16/2002 3.25 2.48
7/16/2002 3.70 2.82
8/16/2002 4.17 3.17
9/16/2002 3.81 3.25
10/16/2002 n.a. 3.75
11/16/2002 4.08 3.93
12/16/2002 4.00 3.71
1/16/2003 3.92 3.07
2/15/2003 4.15 3.25
3/16/2003 4.25 3.83
4/16/2003 4.25 3.18
5/16/2003 4.05 3.12
6/16/2003 3.20 2.79
7/16/2003 3.45 2.69
8/16/2003 3.57 2.75
9/16/2003 3.50 2.95
10/16/2003 3.32 2.61
11/16/2003 2.90 2.38
12/16/2003 2.91 2.48
1/16/2004 3.07 2.16
2/15/2004 2.94 2.36
3/16/2004 2.79 2.25
4/16/2004 2.98 2.38
5/16/2004 3.27 2.29
6/16/2004 2.93 2.15
7/16/2004 2.74 2.04
8/16/2004 3.00 2.23
9/16/2004 2.72 2.28
10/16/2004 2.71 2.25
11/16/2004 2.66 2.10
12/16/2004 2.55 1.96
1/16/2005 2.65 2.02
2/15/2005 2.55 2.00
3/16/2005 2.35 1.81
4/16/2005 2.63 1.69
5/16/2005 2.86 2.04
6/16/2005 2.68 1.89
7/16/2005 2.43 1.81
8/16/2005 2.50 1.78
9/16/2005 2.54 1.77
10/16/2005 2.69 1.75
11/16/2005 2.66 1.69
12/16/2005 2.63 1.85
1/16/2006 2.62 1.88
2/15/2006 2.53 1.69
3/16/2006 2.54 1.64
4/16/2006 2.36 1.61
5/16/2006 2.45 1.75
6/16/2006 2.77 1.93
7/16/2006 2.85 2.13
8/16/2006 3.01 1.94
9/16/2006 2.64 1.92
10/16/2006 2.74 2.03
11/16/2006 2.83 2.00
12/16/2006 2.71 1.88
1/16/2007 2.34 1.65
2/15/2007 2.14 1.57
3/16/2007 2.19 1.72
4/16/2007 2.37 1.73
5/16/2007 2.33 1.70
6/16/2007 2.44 1.78
7/16/2007 2.93 2.40
8/16/2007 3.39 n.a.
9/16/2007 3.17 n.a.
10/16/2007 3.26 2.25
11/16/2007 3.29 2.42
12/16/2007 3.50 2.50
1/16/2008 3.64 n.a.
2/15/2008 4.04 n.a.
3/16/2008 4.06 n.a.
4/16/2008 3.92 n.a.
5/16/2008 3.60 2.17
6/16/2008 3.53 2.42
7/16/2008 3.89 3.06
8/16/2008 3.88 3.08
9/16/2008 4.42 3.74
10/16/2008 n.a. n.a.
11/16/2008 n.a. n.a.
12/16/2008 n.a. n.a.
1/16/2009 n.a. n.a.
2/15/2009 n.a. n.a.
3/16/2009 n.a. n.a.
4/16/2009 n.a. n.a.
5/16/2009 n.a. n.a.
6/16/2009 n.a. n.a.
7/16/2009 n.a. n.a.
8/16/2009 n.a. n.a.
9/16/2009 n.a. n.a.
10/16/2009 4.66 n.a.
11/16/2009 4.13 3.65
12/16/2009 4.31 3.25
1/16/2010 3.96 n.a.
2/15/2010 3.97 n.a.
3/16/2010 4.00 3.25
4/16/2010 4.06 3.28
5/16/2010 4.28 3.39
6/16/2010 5.18 4.17
7/16/2010 5.48 4.13
8/16/2010 5.00 4.13
9/16/2010 4.75 4.11
10/16/2010 4.79 3.71
11/16/2010 4.62 3.75
12/16/2010 4.72 3.65
1/16/2011 4.30 3.36
2/15/2011 3.81 3.20
3/16/2011 4.30 3.05
4/16/2011 4.21 2.94
5/16/2011 4.08 3.08
6/16/2011 4.55 3.26
7/16/2011 5.14 3.50
8/16/2011 5.48 3.42
9/16/2011 5.92 4.25
10/16/2011 6.25 4.08
11/16/2011 5.16 3.35
12/16/2011 5.18 3.13
1/16/2012 5.38 3.21
2/15/2012 4.58 3.14
3/16/2012 4.44 3.30
4/16/2012 4.72 3.50
5/16/2012 5.13 3.85
6/16/2012 5.64 4.18
7/16/2012 5.29 3.82
8/16/2012 4.51 3.29
9/16/2012 4.29 3.16
10/16/2012 4.34 3.50
11/16/2012 4.71 3.36
12/16/2012 4.55 3.00
1/16/2013 3.66 2.73
2/15/2013 3.74 2.82
3/16/2013 4.00 2.86
4/16/2013 3.77 2.60
5/16/2013 3.69 2.56
6/16/2013 4.00 3.04
7/16/2013 3.96 3.21
8/16/2013 3.90 2.79
9/16/2013 3.90 2.86
10/16/2013 3.96 2.75
11/16/2013 3.67 2.80
12/16/2013 3.63 2.67
1/16/2014 3.54 2.48
2/15/2014 3.76 2.62
3/16/2014 3.59 2.75
4/16/2014 3.86 3.13
5/16/2014 4.12 3.44
6/16/2014 4.07 3.20
7/16/2014 3.78 2.92
8/16/2014 4.13 3.17
9/16/2014 4.18 3.42
10/16/2014 4.53 3.64
11/16/2014 4.64 3.50
12/16/2014 4.65 3.75
1/16/2015 4.78 n.a.
2/15/2015 4.76 3.42
3/16/2015 4.08 3.13
4/16/2015 4.00 3.28
5/16/2015 3.83 3.11
6/16/2015 4.05 3.06
7/16/2015 4.04 3.21
8/16/2015 3.89 3.10
9/16/2015 4.42 n.a.
10/16/2015 4.63 3.25
11/16/2015 4.51 3.39
12/16/2015 4.52 3.95
1/16/2016 4.58 3.79
2/15/2016 5.04 3.88
3/16/2016 5.07 3.63
4/16/2016 4.66 3.69
5/16/2016 4.28 3.06
6/16/2016 4.21 3.05
7/16/2016 4.47 3.16
8/16/2016 4.51 3.15
9/16/2016 4.10 2.85
10/16/2016 4.00 2.77
11/16/2016 4.03 2.89
12/16/2016 3.88 2.68
1/16/2017 3.67 2.48
2/15/2017 3.98 2.56
3/16/2017 3.82 2.43
4/16/2017 3.93 2.50
5/16/2017 3.52 2.39
6/16/2017 3.70 2.40
7/16/2017 4.04 2.49
8/16/2017 3.85 2.75
9/16/2017 3.68 2.30
10/16/2017 4.04 2.45
11/16/2017 3.72 2.44
12/16/2017 3.75 2.33
1/16/2018 3.38 2.29
2/15/2018 3.39 2.26
3/16/2018 3.36 2.10
4/16/2018 3.44 2.17
5/16/2018 3.47 2.04
6/16/2018 3.79 2.32
7/16/2018 3.83 2.58
8/16/2018 3.69 2.36
9/16/2018 3.86 2.74
10/16/2018 3.53 2.27
11/16/2018 3.71 2.31
12/16/2018 5.08 n.a.
1/16/2019 4.20 3.53
2/15/2019 4.39 3.10
3/16/2019 4.03 2.58
4/16/2019 4.05 2.76
5/16/2019 3.91 2.69
6/16/2019 3.97 3.02
7/16/2019 3.95 2.73
8/16/2019 4.09 2.35
9/16/2019 4.32 2.49
10/16/2019 4.25 2.21

Note: Breaks in the series represent periods with no issuance. Spreads are calculated against three-month LIBOR (London interbank offered rate). The spreads do not include up-front fees.

Source: S&P Global, Leveraged Commentary & Data.

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1-8. Forward Price-to-Earnings Ratio of S&P 500 Firms

ratio

Date Forward price-to-earnings ratio
10/16/1991 14.31
11/16/1991 14.46
12/16/1991 14.01
1/16/1992 15.37
2/15/1992 15.00
3/16/1992 14.85
4/16/1992 14.81
5/16/1992 14.70
6/16/1992 14.01
7/16/1992 14.43
8/16/1992 14.45
9/16/1992 14.41
10/16/1992 14.00
11/16/1992 14.52
12/16/1992 14.70
1/16/1993 14.62
2/15/1993 14.67
3/16/1993 15.01
4/16/1993 15.04
5/16/1993 14.71
6/16/1993 14.64
7/16/1993 14.63
8/16/1993 14.76
9/16/1993 14.81
10/16/1993 14.64
11/16/1993 14.67
12/16/1993 14.48
1/16/1994 14.74
2/15/1994 14.60
3/16/1994 14.33
4/16/1994 13.46
5/16/1994 13.42
6/16/1994 13.46
7/16/1994 13.00
8/16/1994 13.20
9/16/1994 13.10
10/16/1994 12.92
11/16/1994 12.56
12/16/1994 12.09
1/16/1995 12.32
2/15/1995 12.48
3/16/1995 12.50
4/16/1995 12.66
5/16/1995 12.90
6/16/1995 13.05
7/16/1995 13.30
8/16/1995 13.36
9/16/1995 13.68
10/16/1995 13.77
11/16/1995 13.80
12/16/1995 14.32
1/16/1996 14.01
2/15/1996 15.23
3/16/1996 14.81
4/16/1996 14.79
5/16/1996 15.20
6/16/1996 14.71
7/16/1996 14.40
8/16/1996 14.92
9/16/1996 15.25
10/16/1996 15.61
11/16/1996 16.07
12/16/1996 15.85
1/16/1997 16.46
2/15/1997 17.36
3/16/1997 16.65
4/16/1997 16.02
5/16/1997 17.38
6/16/1997 18.39
7/16/1997 19.23
8/16/1997 18.68
9/16/1997 18.92
10/16/1997 19.20
11/16/1997 18.60
12/16/1997 18.87
1/16/1998 18.66
2/15/1998 20.36
3/16/1998 21.42
4/16/1998 21.90
5/16/1998 21.69
6/16/1998 21.42
7/16/1998 22.77
8/16/1998 21.16
9/16/1998 20.01
10/16/1998 19.28
11/16/1998 22.02
12/16/1998 22.30
1/16/1999 23.71
2/15/1999 23.53
3/16/1999 24.73
4/16/1999 24.96
5/16/1999 24.74
6/16/1999 24.30
7/16/1999 25.44
8/16/1999 23.91
9/16/1999 23.47
10/16/1999 22.55
11/16/1999 24.50
12/16/1999 24.42
1/16/2000 24.85
2/15/2000 24.03
3/16/2000 23.73
4/16/2000 23.91
5/16/2000 23.89
6/16/2000 24.10
7/16/2000 24.09
8/16/2000 23.86
9/16/2000 23.85
10/16/2000 21.44
11/16/2000 22.24
12/16/2000 22.10
1/16/2001 21.98
2/15/2001 22.07
3/16/2001 19.72
4/16/2001 21.41
5/16/2001 22.23
6/16/2001 21.67
7/16/2001 21.61
8/16/2001 21.17
9/16/2001 18.42
10/16/2001 20.37
11/16/2001 21.49
12/16/2001 21.57
1/16/2002 21.00
2/15/2002 20.47
3/16/2002 20.75
4/16/2002 20.17
5/16/2002 19.40
6/16/2002 18.11
7/16/2002 16.15
8/16/2002 16.60
9/16/2002 15.72
10/16/2002 15.77
11/16/2002 16.01
12/16/2002 16.12
1/16/2003 16.48
2/15/2003 15.33
3/16/2003 15.70
4/16/2003 15.67
5/16/2003 16.55
6/16/2003 17.68
7/16/2003 17.27
8/16/2003 16.94
9/16/2003 17.41
10/16/2003 17.50
11/16/2003 17.10
12/16/2003 17.43
1/16/2004 18.10
2/15/2004 18.09
3/16/2004 17.40
4/16/2004 17.10
5/16/2004 15.97
6/16/2004 16.41
7/16/2004 15.92
8/16/2004 15.51
9/16/2004 15.77
10/16/2004 15.49
11/16/2004 16.17
12/16/2004 16.32
1/16/2005 15.95
2/15/2005 16.17
3/16/2005 15.64
4/16/2005 15.30
5/16/2005 15.27
6/16/2005 15.41
7/16/2005 15.41
8/16/2005 15.14
9/16/2005 14.95
10/16/2005 14.33
11/16/2005 14.61
12/16/2005 14.98
1/16/2006 14.90
2/15/2006 14.93
3/16/2006 15.06
4/16/2006 14.99
5/16/2006 14.29
6/16/2006 13.69
7/16/2006 13.90
8/16/2006 14.13
9/16/2006 14.26
10/16/2006 14.65
11/16/2006 14.81
12/16/2006 14.83
1/16/2007 15.01
2/15/2007 15.39
3/16/2007 14.56
4/16/2007 15.31
5/16/2007 15.51
6/16/2007 15.30
7/16/2007 15.41
8/16/2007 13.87
9/16/2007 15.01
10/16/2007 15.01
11/16/2007 14.32
12/16/2007 14.20
1/16/2008 13.49
2/15/2008 13.68
3/16/2008 13.09
4/16/2008 13.80
5/16/2008 14.30
6/16/2008 13.51
7/16/2008 12.60
8/16/2008 13.29
9/16/2008 12.01
10/16/2008 9.93
11/16/2008 9.74
12/16/2008 11.87
1/16/2009 11.48
2/15/2009 12.46
3/16/2009 12.42
4/16/2009 13.51
5/16/2009 14.66
6/16/2009 14.73
7/16/2009 14.80
8/16/2009 15.20
9/16/2009 15.91
10/16/2009 15.85
11/16/2009 15.12
12/16/2009 14.89
1/16/2010 14.80
2/15/2010 13.81
3/16/2010 14.44
4/16/2010 14.83
5/16/2010 12.99
6/16/2010 12.82
7/16/2010 12.49
8/16/2010 12.10
9/16/2010 12.36
10/16/2010 12.84
11/16/2010 12.57
12/16/2010 13.03
1/16/2011 13.21
2/15/2011 13.70
3/16/2011 12.61
4/16/2011 12.97
5/16/2011 12.90
6/16/2011 12.07
7/16/2011 12.64
8/16/2011 11.28
9/16/2011 11.24
10/16/2011 11.50
11/16/2011 11.68
12/16/2011 11.40
1/16/2012 12.33
2/15/2012 12.63
3/16/2012 12.96
4/16/2012 12.66
5/16/2012 12.01
6/16/2012 11.89
7/16/2012 12.59
8/16/2012 12.92
9/16/2012 13.34
10/16/2012 13.21
11/16/2012 12.19
12/16/2012 12.86
1/16/2013 13.12
2/15/2013 13.53
3/16/2013 13.72
4/16/2013 13.59
5/16/2013 14.48
6/16/2013 14.10
7/16/2013 14.51
8/16/2013 14.58
9/16/2013 14.84
10/16/2013 14.71
11/16/2013 15.03
12/16/2013 15.20
1/16/2014 15.42
2/15/2014 15.44
3/16/2014 15.60
4/16/2014 15.49
5/16/2014 15.45
6/16/2014 15.83
7/16/2014 15.97
8/16/2014 15.55
9/16/2014 15.89
10/16/2014 14.76
11/16/2014 16.19
12/16/2014 16.11
1/16/2015 16.23
2/15/2015 17.35
3/16/2015 17.27
4/16/2015 17.29
5/16/2015 17.09
6/16/2015 16.96
7/16/2015 16.98
8/16/2015 16.75
9/16/2015 16.09
10/16/2015 16.14
11/16/2015 16.80
12/16/2015 16.69
1/16/2016 15.29
2/15/2016 15.91
3/16/2016 16.71
4/16/2016 17.09
5/16/2016 16.67
6/16/2016 16.74
7/16/2016 17.39
8/16/2016 17.52
9/16/2016 16.92
10/16/2016 16.89
11/16/2016 16.95
12/16/2016 17.33
1/16/2017 17.27
2/15/2017 17.91
3/16/2017 18.04
4/16/2017 17.54
5/16/2017 17.50
6/16/2017 17.91
7/16/2017 18.23
8/16/2017 18.09
9/16/2017 18.18
10/16/2017 18.44
11/16/2017 18.15
12/16/2017 18.64
1/16/2018 18.72
2/15/2018 17.28
3/16/2018 17.37
4/16/2018 16.92
5/16/2018 16.68
6/16/2018 16.84
7/16/2018 17.03
8/16/2018 16.82
9/16/2018 17.21
10/16/2018 16.49
11/16/2018 15.72
12/16/2018 14.65
1/16/2019 15.45
2/15/2019 16.34
3/16/2019 16.60
4/16/2019 17.08
5/16/2019 16.66
6/16/2019 17.03
7/16/2019 17.45
8/16/2019 16.54
9/16/2019 17.40
10/16/2019 17.92
11/16/2019 17.87

Note: Aggregate forward price-to-earnings ratio of S&P 500 firms. Based on expected earnings for 12 months ahead. Median line marked at about 15.

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

Return to text

1-9. Spread of Forward Earnings-to-Price Ratio of S&P; 500 Firms to 10-Year Real Treasury Yield

percentage points

Date Spread of forward price-to-earnings ratio
10/16/1991 3.32
11/16/1991 3.30
12/16/1991 3.81
1/16/1992 2.88
2/15/1992 2.80
3/16/1992 2.74
4/16/1992 3.00
5/16/1992 3.14
6/16/1992 3.59
7/16/1992 3.58
8/16/1992 3.78
9/16/1992 3.93
10/16/1992 3.84
11/16/1992 3.38
12/16/1992 3.39
1/16/1993 3.49
2/15/1993 3.80
3/16/1993 3.87
4/16/1993 4.09
5/16/1993 4.23
6/16/1993 4.41
7/16/1993 4.33
8/16/1993 4.35
9/16/1993 4.65
10/16/1993 4.77
11/16/1993 4.38
12/16/1993 4.45
1/16/1994 4.36
2/15/1994 4.18
3/16/1994 3.80
4/16/1994 3.83
5/16/1994 3.68
6/16/1994 3.74
7/16/1994 3.80
8/16/1994 3.75
9/16/1994 3.59
10/16/1994 3.44
11/16/1994 3.47
12/16/1994 3.89
1/16/1995 3.54
2/15/1995 3.76
3/16/1995 3.99
4/16/1995 4.09
5/16/1995 4.38
6/16/1995 4.72
7/16/1995 4.32
8/16/1995 4.08
9/16/1995 4.18
10/16/1995 4.12
11/16/1995 4.22
12/16/1995 4.16
1/16/1996 4.37
2/15/1996 3.65
3/16/1996 3.34
4/16/1996 3.10
5/16/1996 2.74
6/16/1996 2.81
7/16/1996 3.03
8/16/1996 3.03
9/16/1996 2.65
10/16/1996 2.80
11/16/1996 2.94
12/16/1996 2.95
1/16/1997 2.45
2/15/1997 2.28
3/16/1997 2.22
4/16/1997 2.11
5/16/1997 1.82
6/16/1997 1.70
7/16/1997 1.88
8/16/1997 1.93
9/16/1997 1.94
10/16/1997 1.68
11/16/1997 2.03
12/16/1997 2.05
1/16/1998 2.29
2/15/1998 1.78
3/16/1998 1.46
4/16/1998 1.27
5/16/1998 1.29
6/16/1998 1.50
7/16/1998 1.28
8/16/1998 1.76
9/16/1998 2.48
10/16/1998 2.86
11/16/1998 1.96
12/16/1998 2.04
1/16/1999 1.44
2/15/1999 1.20
3/16/1999 0.76
4/16/1999 1.01
5/16/1999 0.71
6/16/1999 0.43
7/16/1999 0.33
8/16/1999 0.40
9/16/1999 0.46
10/16/1999 0.43
11/16/1999 0.24
12/16/1999 0.03
1/16/2000 -0.30
2/15/2000 -0.04
3/16/2000 0.21
4/16/2000 0.42
5/16/2000 0.02
6/16/2000 0.32
7/16/2000 0.41
8/16/2000 0.63
9/16/2000 0.63
10/16/2000 1.21
11/16/2000 1.10
12/16/2000 1.57
1/16/2001 1.67
2/15/2001 1.68
3/16/2001 2.39
4/16/2001 1.78
5/16/2001 1.40
6/16/2001 1.61
7/16/2001 1.68
8/16/2001 1.98
9/16/2001 2.88
10/16/2001 2.60
11/16/2001 2.26
12/16/2001 1.78
1/16/2002 1.94
2/15/2002 2.15
3/16/2002 1.72
4/16/2002 1.97
5/16/2002 2.26
6/16/2002 2.86
7/16/2002 3.79
8/16/2002 3.99
9/16/2002 4.70
10/16/2002 4.54
11/16/2002 4.37
12/16/2002 4.34
1/16/2003 4.27
2/15/2003 4.88
3/16/2003 4.83
4/16/2003 4.72
5/16/2003 4.80
6/16/2003 4.65
7/16/2003 4.15
8/16/2003 3.76
9/16/2003 3.80
10/16/2003 3.77
11/16/2003 3.90
12/16/2003 3.83
1/16/2004 3.75
2/15/2004 3.81
3/16/2004 4.29
4/16/2004 3.85
5/16/2004 3.88
6/16/2004 3.71
7/16/2004 4.14
8/16/2004 4.51
9/16/2004 4.58
10/16/2004 4.72
11/16/2004 4.36
12/16/2004 4.29
1/16/2005 4.40
2/15/2005 4.39
3/16/2005 4.26
4/16/2005 4.61
5/16/2005 4.82
6/16/2005 4.92
7/16/2005 4.74
8/16/2005 4.77
9/16/2005 4.91
10/16/2005 4.92
11/16/2005 4.69
12/16/2005 4.60
1/16/2006 4.71
2/15/2006 4.54
3/16/2006 4.32
4/16/2006 4.10
5/16/2006 4.31
6/16/2006 4.62
7/16/2006 4.54
8/16/2006 4.64
9/16/2006 4.72
10/16/2006 4.53
11/16/2006 4.59
12/16/2006 4.61
1/16/2007 4.18
2/15/2007 4.05
3/16/2007 4.57
4/16/2007 4.16
5/16/2007 4.03
6/16/2007 3.76
7/16/2007 3.81
8/16/2007 4.81
9/16/2007 4.43
10/16/2007 4.43
11/16/2007 5.08
12/16/2007 5.17
1/16/2008 5.99
2/15/2008 5.87
3/16/2008 6.41
4/16/2008 5.86
5/16/2008 5.40
6/16/2008 5.60
7/16/2008 6.25
8/16/2008 5.96
9/16/2008 6.93
10/16/2008 8.31
11/16/2008 8.73
12/16/2008 7.99
1/16/2009 8.05
2/15/2009 7.04
3/16/2009 7.20
4/16/2009 6.65
5/16/2009 5.70
6/16/2009 5.24
7/16/2009 5.39
8/16/2009 5.20
9/16/2009 5.11
10/16/2009 4.94
11/16/2009 5.24
12/16/2009 5.20
1/16/2010 5.25
2/15/2010 5.78
3/16/2010 5.46
4/16/2010 5.21
5/16/2010 6.54
6/16/2010 6.85
7/16/2010 7.16
8/16/2010 7.77
9/16/2010 7.63
10/16/2010 7.35
11/16/2010 7.33
12/16/2010 6.48
1/16/2011 6.40
2/15/2011 5.96
3/16/2011 6.74
4/16/2011 6.58
5/16/2011 6.91
6/16/2011 7.61
7/16/2011 7.23
8/16/2011 8.90
9/16/2011 9.25
10/16/2011 8.98
11/16/2011 9.01
12/16/2011 9.26
1/16/2012 8.42
2/15/2012 8.23
3/16/2012 7.81
4/16/2012 8.31
5/16/2012 9.01
6/16/2012 9.28
7/16/2012 8.78
8/16/2012 8.40
9/16/2012 8.13
10/16/2012 8.14
11/16/2012 8.87
12/16/2012 8.38
1/16/2013 8.02
2/15/2013 7.71
3/16/2013 7.63
4/16/2013 7.92
5/16/2013 7.28
6/16/2013 7.07
7/16/2013 6.49
8/16/2013 6.28
9/16/2013 6.10
10/16/2013 6.45
11/16/2013 6.19
12/16/2013 5.93
1/16/2014 5.89
2/15/2014 6.03
3/16/2014 5.95
4/16/2014 5.96
5/16/2014 6.14
6/16/2014 5.94
7/16/2014 5.89
8/16/2014 6.17
9/16/2014 5.92
10/16/2014 6.63
11/16/2014 6.00
12/16/2014 6.16
1/16/2015 6.34
2/15/2015 5.83
3/16/2015 5.79
4/16/2015 5.93
5/16/2015 5.72
6/16/2015 5.60
7/16/2015 5.68
8/16/2015 5.92
9/16/2015 6.15
10/16/2015 6.24
11/16/2015 5.78
12/16/2015 5.84
1/16/2016 6.52
2/15/2016 6.57
3/16/2016 6.16
4/16/2016 6.21
5/16/2016 6.35
6/16/2016 6.50
7/16/2016 6.37
8/16/2016 6.27
9/16/2016 6.40
10/16/2016 6.35
11/16/2016 5.93
12/16/2016 5.43
1/16/2017 5.61
2/15/2017 5.42
3/16/2017 5.32
4/16/2017 5.67
5/16/2017 5.67
6/16/2017 5.67
7/16/2017 5.39
8/16/2017 5.54
9/16/2017 5.53
10/16/2017 5.25
11/16/2017 5.34
12/16/2017 5.14
1/16/2018 5.00
2/15/2018 5.15
3/16/2018 5.15
4/16/2018 5.34
5/16/2018 5.31
6/16/2018 5.31
7/16/2018 5.17
8/16/2018 5.25
9/16/2018 5.00
10/16/2018 5.12
11/16/2018 5.45
12/16/2018 6.20
1/16/2019 5.96
2/15/2019 5.65
3/16/2019 5.65
4/16/2019 5.52
5/16/2019 5.79
6/16/2019 5.99
7/16/2019 5.87
8/16/2019 6.61
9/16/2019 6.23
10/16/2019 6.32

Note: Aggregate forward earnings-to-price ratio of S&P 500 firms. Based on expected earnings for 12 months ahead. Real Treasury yields are calculated from the 10-year consumer price index inflation forecast and the smoothed nominal yield curve estimated from off-the-run securities. Median line marked at about 4.5.

Source: Federal Reserve Board staff calculations using Refinitiv (formerly Thomson Reuters), IBES Estimates; Department of the Treasury; Survey of Professional Forecasters.

Return to text

1-10. S&P 500 Return Volatility

This is a line chart titled "S&P 500 Return Volatility." The x-axis measures time and ranges from 1997 to 2020. The y-axis ranges from 0 to 70 percent. The data are monthly. The first line is labeled "Option-implied volatility index (VIX)" and is designated by a black line. The line is jagged throughout the plot. It starts around 20 percent in 1997, rises to and falls from around 30 percent at the end of 1997, and rises up from around 20 percent to around 40 percent in both 2001 and 2002. It gradually falls from 2002 through 2006 to around 10 percent, before it rapidly increases to its peak of around 60 percent in late 2008. It quickly declines to around 15 percent in 2010, and rises to 30 percent in late 2010 before falling again to around 15 percent. It rises from 15 percent to around 35 percent and falls back down to around 15 percent in late 2011, and remains steady around 15 percent until 2016, when it rises to almost 25 percent. It falls again from 2016 to the beginning of 2018, when it rises from around 10 percent to around 20 percent. It spikes again beginning October 2018 and ending in December around 25 percent. It then declines throughout 2019, ending around 15 percent in November. The second line is labeled "Realized volatility," and is designated by a blue line. It follows mainly the same trends as the black line, but at a slightly lower percent. It begins at just above 10 percent in 1997, rises to just below 20 percent and falls back to around 10 during 1997, and rises in 1998 to around 25 percent before falling to around 15 percent in 1999. It remains between 15 and just above 20 percent until 2002, when it spikes from around 15 percent to almost 30 percent. It then falls gradually from 2002 to 2004, reaching just under 10 percent and staying steadily around 10 percent through the end of 2006. It then quickly increases through 2007 and 2008, reaching its peak of around 60 percent in late 2008. It quickly declines to around 10 percent in 2010, and rises to around 20 percent in late 2010 before falling again to around 10 percent. It rises from 10 to around 25 percent in late 2011, and falls again to below 10 percent, where it gradually declines until late 2015, when it increases from below 10 percent to just above 20 percent. It falls again from around 20 percent to just under 10 percent in 2015, and continues to decline until early 2018. It then spikes up in October 2018 and continues to rise until January 2019, where it peaks around 20 percent and then declines to about 10 percent in November 2019.

Note: Realized volatility estimated from five-minute returns using an exponentially weighted moving average with 75 percent of the weight distributed over the past 20 days.

Source: Bloomberg Finance LP.

Return to text

A. U.S. Treasury Securities Market Illiquidity Index

This is a line chart titled “U.S. Treasury Securities Market Illiquidity Index”. The x-axis measures time and ranges from 2005 to 2020. The y-axis represents index points and ranges from -3 to 12 on the left and 0 to 240 on the right. The data are 21-day moving averages. There are two variables charted on the plot. The first line is dashed and the color red. It represents the Merrill Lynch Option Volatility Estimate (MOVE) index. It is measured using the right side y-axis. It begins right above 60 index points beginning in 2005 and stays around that level until 2007. It steadily increases after that to around 220 in 2009 with on small decline seen in 2008. It then decreases over time, besides small upticks at the Taper Tantrum and Flash Rally lines, to end around 75 for September of 2019. The second line, labeled “Illiquidity Index”, is a black solid line and measured on the left side y-axis. It follows a similar trend to the “MOVE Index” line just at a lower level. It starts at zero index points in 2005. It increases to its highest peak on the plot of 9 index points in 2009. It then decreases over time, besides small upticks at the Taper Tantrum and Flash Rally lines. There is then an increase beginning in 2019. It ends around 1 in September 2019.

Note: 21−day moving averages of an illiquidity index for 2−, 5−, and 10−year on−the−run U.S. Treasury notes in the interdealer market and the Merrill Lynch Option Volatility Estimate (MOVE) index.

Source: Staff calculations based on data from the interdealer broker community; Bloomberg Finance LP.

Return to text

Figure B. Equity Futures Market Illiquidity Index

index points, percent

Date Illiquidity Index CBOE VIX
2/1/2005 -0.58 13.37
2/2/2005 -0.59 13.26
2/3/2005 -0.58 13.15
2/4/2005 -0.62 13.01
2/7/2005 -0.65 12.93
2/8/2005 -0.68 12.84
2/9/2005 -0.69 12.78
2/10/2005 -0.69 12.70
2/11/2005 -0.70 12.64
2/14/2005 -0.71 12.58
2/15/2005 -0.75 12.53
2/16/2005 -0.74 12.46
2/17/2005 -0.74 12.39
2/18/2005 -0.77 12.27
2/22/2005 -0.77 12.21
2/23/2005 -0.79 12.10
2/24/2005 -0.79 11.98
2/25/2005 -0.78 11.89
2/28/2005 -0.77 11.83
3/1/2005 -0.78 11.78
3/2/2005 -0.77 11.76
3/3/2005 -0.76 11.81
3/4/2005 -0.75 11.82
3/7/2005 -0.77 11.84
3/8/2005 -0.77 11.90
3/9/2005 -0.75 11.94
3/10/2005 -0.72 11.99
3/11/2005 -0.69 12.02
3/14/2005 -0.70 12.07
3/15/2005 -0.68 12.15
3/16/2005 -0.67 12.24
3/17/2005 -0.65 12.34
3/18/2005 -0.65 12.44
3/21/2005 -0.62 12.52
3/22/2005 -0.58 12.67
3/23/2005 -0.57 12.71
3/24/2005 -0.57 12.76
3/29/2005 -0.58 12.90
3/30/2005 -0.59 13.00
3/31/2005 -0.58 13.10
4/1/2005 -0.55 13.19
4/4/2005 -0.56 13.27
4/5/2005 -0.55 13.31
4/6/2005 -0.55 13.36
4/7/2005 -0.55 13.37
4/8/2005 -0.55 13.38
4/11/2005 -0.56 13.34
4/12/2005 -0.59 13.29
4/13/2005 -0.61 13.31
4/14/2005 -0.59 13.41
4/15/2005 -0.60 13.63
4/18/2005 -0.59 13.78
4/19/2005 -0.58 13.86
4/20/2005 -0.58 14.04
4/21/2005 -0.57 14.08
4/22/2005 -0.57 14.13
4/25/2005 -0.56 14.16
4/26/2005 -0.56 14.23
4/27/2005 -0.53 14.24
4/28/2005 -0.48 14.40
4/29/2005 -0.46 14.46
5/2/2005 -0.47 14.51
5/3/2005 -0.44 14.53
5/4/2005 -0.44 14.54
5/5/2005 -0.42 14.58
5/6/2005 -0.40 14.66
5/9/2005 -0.40 14.71
5/10/2005 -0.40 14.85
5/11/2005 -0.39 15.00
5/12/2005 -0.37 15.13
5/13/2005 -0.38 15.22
5/16/2005 -0.41 15.12
5/17/2005 -0.44 15.03
5/18/2005 -0.45 14.96
5/19/2005 -0.47 14.79
5/20/2005 -0.46 14.73
5/23/2005 -0.52 14.62
5/24/2005 -0.52 14.52
5/25/2005 -0.51 14.41
5/26/2005 -0.54 14.29
5/27/2005 -0.57 14.06
5/31/2005 -0.60 13.97
6/1/2005 -0.62 13.84
6/2/2005 -0.63 13.71
6/3/2005 -0.64 13.63
6/6/2005 -0.68 13.55
6/7/2005 -0.69 13.47
6/8/2005 -0.69 13.42
6/9/2005 -0.66 13.28
6/10/2005 -0.65 13.16
6/13/2005 -0.67 12.95
6/14/2005 -0.66 12.74
6/15/2005 -0.64 12.53
6/16/2005 -0.63 12.37
6/17/2005 -0.61 12.27
6/20/2005 -0.60 12.18
6/21/2005 -0.59 12.08
6/22/2005 -0.58 11.99
6/23/2005 -0.59 11.97
6/24/2005 -0.59 11.95
6/27/2005 -0.59 11.96
6/28/2005 -0.60 11.93
6/29/2005 -0.60 11.86
6/30/2005 -0.59 11.85
7/1/2005 -0.57 11.82
7/5/2005 -0.56 11.80
7/6/2005 -0.57 11.80
7/7/2005 -0.55 11.81
7/8/2005 -0.55 11.75
7/11/2005 -0.59 11.71
7/12/2005 -0.60 11.66
7/13/2005 -0.60 11.62
7/14/2005 -0.60 11.58
7/15/2005 -0.61 11.52
7/18/2005 -0.62 11.50
7/19/2005 -0.61 11.45
7/20/2005 -0.64 11.40
7/21/2005 -0.62 11.39
7/22/2005 -0.61 11.36
7/25/2005 -0.62 11.32
7/26/2005 -0.61 11.26
7/27/2005 -0.61 11.16
7/28/2005 -0.59 11.11
7/29/2005 -0.58 11.10
8/1/2005 -0.59 11.10
8/2/2005 -0.62 11.11
8/3/2005 -0.63 11.12
8/4/2005 -0.63 11.13
8/5/2005 -0.62 11.13
8/8/2005 -0.63 11.22
8/9/2005 -0.61 11.27
8/10/2005 -0.61 11.34
8/11/2005 -0.61 11.41
8/12/2005 -0.61 11.51
8/15/2005 -0.60 11.60
8/16/2005 -0.60 11.73
8/17/2005 -0.61 11.86
8/18/2005 -0.58 12.02
8/19/2005 -0.63 12.13
8/22/2005 -0.64 12.27
8/23/2005 -0.64 12.38
8/24/2005 -0.65 12.53
8/25/2005 -0.65 12.69
8/26/2005 -0.63 12.84
8/29/2005 -0.63 12.93
8/30/2005 -0.64 13.01
8/31/2005 -0.62 13.05
9/1/2005 -0.59 13.11
9/2/2005 -0.55 13.16
9/6/2005 -0.57 13.18
9/7/2005 -0.57 13.15
9/8/2005 -0.58 13.18
9/9/2005 -0.59 13.16
9/12/2005 -0.59 13.12
9/13/2005 -0.62 13.10
9/14/2005 -0.63 13.14
9/15/2005 -0.63 13.09
9/16/2005 -0.65 12.99
9/19/2005 -0.67 12.93
9/20/2005 -0.64 12.89
9/21/2005 -0.65 12.91
9/22/2005 -0.65 12.91
9/23/2005 -0.63 12.85
9/26/2005 -0.62 12.82
9/27/2005 -0.62 12.77
9/28/2005 -0.62 12.73
9/29/2005 -0.60 12.66
9/30/2005 -0.58 12.63
10/3/2005 -0.59 12.60
10/4/2005 -0.62 12.58
10/5/2005 -0.57 12.65
10/6/2005 -0.56 12.77
10/7/2005 -0.53 12.85
10/10/2005 -0.47 13.02
10/11/2005 -0.45 13.21
10/12/2005 -0.40 13.39
10/13/2005 -0.35 13.56
10/14/2005 -0.33 13.67
10/17/2005 -0.29 13.84
10/18/2005 -0.27 13.99
10/19/2005 -0.29 14.03
10/20/2005 -0.24 14.14
10/21/2005 -0.21 14.28
10/24/2005 -0.21 14.36
10/25/2005 -0.19 14.43
10/26/2005 -0.18 14.52
10/27/2005 -0.15 14.68
10/28/2005 -0.12 14.78
10/31/2005 -0.14 14.94
11/1/2005 -0.10 15.05
11/2/2005 -0.12 15.06
11/3/2005 -0.15 14.99
11/4/2005 -0.14 14.91
11/7/2005 -0.15 14.83
11/8/2005 -0.19 14.72
11/9/2005 -0.21 14.58
11/10/2005 -0.25 14.38
11/11/2005 -0.28 14.15
11/14/2005 -0.31 14.02
11/15/2005 -0.33 13.90
11/16/2005 -0.33 13.76
11/17/2005 -0.33 13.65
11/18/2005 -0.36 13.41
11/21/2005 -0.41 13.16
11/22/2005 -0.43 12.96
11/23/2005 -0.43 12.79
11/28/2005 -0.47 12.66
11/29/2005 -0.51 12.46
11/30/2005 -0.55 12.36
12/1/2005 -0.56 12.16
12/2/2005 -0.60 11.98
12/5/2005 -0.58 11.89
12/6/2005 -0.60 11.82
12/7/2005 -0.62 11.77
12/8/2005 -0.61 11.73
12/9/2005 -0.60 11.67
12/12/2005 -0.59 11.60
12/13/2005 -0.57 11.57
12/14/2005 -0.59 11.51
12/15/2005 -0.58 11.44
12/16/2005 -0.58 11.37
12/19/2005 -0.59 11.33
12/20/2005 -0.59 11.32
12/21/2005 -0.58 11.31
12/22/2005 -0.57 11.28
12/23/2005 -0.56 11.27
12/27/2005 -0.55 11.30
12/28/2005 -0.55 11.27
12/29/2005 -0.51 11.26
12/30/2005 -0.47 11.26
1/3/2006 -0.45 11.26
1/4/2006 -0.44 11.27
1/5/2006 -0.42 11.26
1/6/2006 -0.41 11.23
1/9/2006 -0.42 11.18
1/10/2006 -0.45 11.12
1/11/2006 -0.48 11.08
1/12/2006 -0.50 11.07
1/13/2006 -0.52 11.08
1/17/2006 -0.52 11.14
1/18/2006 -0.53 11.22
1/19/2006 -0.54 11.28
1/20/2006 -0.55 11.43
1/23/2006 -0.56 11.56
1/24/2006 -0.55 11.68
1/25/2006 -0.55 11.80
1/26/2006 -0.53 11.91
1/27/2006 -0.55 11.92
1/30/2006 -0.54 11.97
1/31/2006 -0.55 12.04
2/1/2006 -0.56 12.05
2/2/2006 -0.57 12.15
2/3/2006 -0.53 12.23
2/6/2006 -0.50 12.31
2/7/2006 -0.51 12.43
2/8/2006 -0.51 12.51
2/9/2006 -0.51 12.62
2/10/2006 -0.47 12.71
2/13/2006 -0.44 12.82
2/14/2006 -0.44 12.86
2/15/2006 -0.41 12.88
2/16/2006 -0.40 12.85
2/17/2006 -0.36 12.85
2/21/2006 -0.32 12.75
2/22/2006 -0.31 12.65
2/23/2006 -0.30 12.58
2/24/2006 -0.28 12.51
2/27/2006 -0.31 12.47
2/28/2006 -0.33 12.49
3/1/2006 -0.36 12.45
3/2/2006 -0.37 12.39
3/3/2006 -0.36 12.37
3/6/2006 -0.35 12.35
3/7/2006 -0.41 12.33
3/8/2006 -0.45 12.30
3/9/2006 -0.44 12.26
3/10/2006 -0.41 12.21
3/13/2006 -0.39 12.13
3/14/2006 -0.42 12.03
3/15/2006 -0.43 11.93
3/16/2006 -0.44 11.92
3/17/2006 -0.44 11.91
3/20/2006 -0.41 11.92
3/21/2006 -0.46 11.90
3/22/2006 -0.50 11.85
3/23/2006 -0.50 11.81
3/24/2006 -0.51 11.78
3/27/2006 -0.51 11.78
3/28/2006 -0.50 11.78
3/29/2006 -0.50 11.71
3/30/2006 -0.46 11.72
3/31/2006 -0.46 11.70
4/3/2006 -0.50 11.68
4/4/2006 -0.52 11.61
4/5/2006 -0.51 11.53
4/6/2006 -0.54 11.49
4/7/2006 -0.54 11.47
4/10/2006 -0.54 11.49
4/11/2006 -0.56 11.56
4/12/2006 -0.54 11.66
4/13/2006 -0.54 11.71
4/18/2006 -0.54 11.68
4/19/2006 -0.53 11.64
4/20/2006 -0.55 11.64
4/21/2006 -0.52 11.64
4/24/2006 -0.52 11.66
4/25/2006 -0.52 11.69
4/26/2006 -0.51 11.72
4/27/2006 -0.50 11.73
4/28/2006 -0.49 11.73
5/1/2006 -0.46 11.81
5/2/2006 -0.48 11.83
5/3/2006 -0.46 11.86
5/4/2006 -0.45 11.87
5/5/2006 -0.46 11.90
5/8/2006 -0.49 11.94
5/9/2006 -0.49 11.96
5/10/2006 -0.46 11.94
5/11/2006 -0.45 11.95
5/12/2006 -0.42 12.01
5/15/2006 -0.41 12.05
5/16/2006 -0.43 12.10
5/17/2006 -0.39 12.33
5/18/2006 -0.36 12.60
5/19/2006 -0.32 12.86
5/22/2006 -0.30 13.15
5/23/2006 -0.27 13.46
5/24/2006 -0.24 13.73
5/25/2006 -0.26 13.91
5/26/2006 -0.32 14.02
5/30/2006 -0.34 14.36
5/31/2006 -0.32 14.55
6/1/2006 -0.32 14.67
6/2/2006 -0.31 14.78
6/5/2006 -0.32 15.01
6/6/2006 -0.28 15.28
6/7/2006 -0.25 15.55
6/8/2006 -0.16 15.86
6/9/2006 -0.15 16.16
6/12/2006 -0.13 16.56
6/13/2006 -0.12 17.02
6/14/2006 -0.10 17.40
6/15/2006 -0.06 17.52
6/16/2006 -0.04 17.56
6/19/2006 -0.08 17.60
6/20/2006 -0.14 17.58
6/21/2006 -0.14 17.48
6/22/2006 -0.16 17.36
6/23/2006 -0.16 17.29
6/26/2006 -0.13 17.30
6/27/2006 -0.12 17.40
6/28/2006 -0.12 17.26
6/29/2006 -0.11 17.10
6/30/2006 -0.09 17.03
7/3/2006 0.01 16.97
7/5/2006 0.00 16.85
7/6/2006 -0.03 16.68
7/7/2006 -0.02 16.50
7/10/2006 -0.10 16.29
7/11/2006 -0.16 16.05
7/12/2006 -0.21 15.74
7/13/2006 -0.25 15.46
7/14/2006 -0.29 15.29
7/17/2006 -0.32 15.43
7/18/2006 -0.35 15.45
7/19/2006 -0.34 15.34
7/20/2006 -0.33 15.32
7/21/2006 -0.31 15.41
7/24/2006 -0.32 15.36
7/25/2006 -0.37 15.31
7/26/2006 -0.39 15.27
7/27/2006 -0.39 15.20
7/28/2006 -0.38 15.13
7/31/2006 -0.43 15.22
8/1/2006 -0.45 15.31
8/2/2006 -0.60 15.37
8/3/2006 -0.59 15.39
8/4/2006 -0.57 15.42
8/7/2006 -0.58 15.48
8/8/2006 -0.53 15.54
8/9/2006 -0.53 15.64
8/10/2006 -0.48 15.64
8/11/2006 -0.45 15.47
8/14/2006 -0.47 15.29
8/15/2006 -0.48 15.04
8/16/2006 -0.50 14.79
8/17/2006 -0.52 14.63
8/18/2006 -0.55 14.41
8/21/2006 -0.60 14.17
8/22/2006 -0.61 14.03
8/23/2006 -0.60 13.92
8/24/2006 -0.60 13.81
8/25/2006 -0.53 13.68
8/28/2006 -0.47 13.58
8/29/2006 -0.46 13.46
8/30/2006 -0.43 13.32
8/31/2006 -0.39 13.22
9/1/2006 -0.26 13.10
9/5/2006 -0.27 13.02
9/6/2006 -0.30 12.95
9/7/2006 -0.35 12.89
9/8/2006 -0.35 12.79
9/11/2006 -0.39 12.72
9/12/2006 -0.43 12.61
9/13/2006 -0.43 12.46
9/14/2006 -0.35 12.37
9/15/2006 -0.30 12.34
9/18/2006 -0.26 12.32
9/19/2006 -0.25 12.34
9/20/2006 -0.18 12.30
9/21/2006 -0.13 12.30
9/22/2006 -0.05 12.31
9/25/2006 -0.03 12.29
9/26/2006 -0.08 12.26
9/27/2006 -0.06 12.23
9/28/2006 0.02 12.20
9/29/2006 0.05 12.19
10/2/2006 0.09 12.20
10/3/2006 -0.03 12.22
10/4/2006 -0.02 12.18
10/5/2006 0.05 12.10
10/6/2006 0.09 11.99
10/9/2006 0.12 11.91
10/10/2006 0.20 11.84
10/11/2006 0.22 11.83
10/12/2006 0.26 11.83
10/13/2006 0.18 11.79
10/16/2006 0.18 11.76
10/17/2006 0.13 11.75
10/18/2006 0.14 11.72
10/19/2006 0.12 11.70
10/20/2006 0.15 11.62
10/23/2006 0.10 11.55
10/24/2006 0.14 11.49
10/25/2006 0.24 11.45
10/26/2006 0.15 11.40
10/27/2006 0.08 11.35
10/30/2006 0.04 11.32
10/31/2006 -0.04 11.25
11/1/2006 -0.04 11.21
11/2/2006 -0.05 11.19
11/3/2006 -0.08 11.15
11/6/2006 -0.11 11.13
11/7/2006 -0.12 11.10
11/8/2006 -0.18 11.07
11/9/2006 -0.17 11.04
11/10/2006 -0.14 11.02
11/13/2006 -0.15 11.03
11/14/2006 -0.18 11.00
11/15/2006 -0.13 10.93
11/16/2006 -0.08 10.88
11/17/2006 -0.11 10.84
11/20/2006 -0.14 10.81
11/21/2006 -0.08 10.75
11/22/2006 -0.01 10.72
11/27/2006 -0.11 10.80
11/28/2006 -0.11 10.85
11/29/2006 -0.12 10.85
11/30/2006 -0.11 10.84
12/1/2006 -0.07 10.86
12/4/2006 -0.07 10.85
12/5/2006 -0.02 10.84
12/6/2006 0.00 10.85
12/7/2006 0.03 10.92
12/8/2006 0.08 10.97
12/11/2006 0.10 10.97
12/12/2006 0.10 10.95
12/13/2006 0.08 10.92
12/14/2006 0.09 10.88
12/15/2006 0.11 10.86
12/18/2006 0.09 10.87
12/19/2006 0.01 10.88
12/20/2006 0.03 10.89
12/21/2006 0.01 10.91
12/22/2006 -0.04 10.98
12/27/2006 -0.20 11.01
12/28/2006 -0.20 10.94
12/29/2006 -0.17 10.94
1/3/2007 -0.14 11.00
1/4/2007 -0.15 11.03
1/5/2007 -0.17 11.05
1/8/2007 -0.15 11.09
1/9/2007 -0.18 11.12
1/10/2007 -0.19 11.12
1/11/2007 -0.24 11.04
1/12/2007 -0.31 10.95
1/16/2007 -0.32 10.95
1/17/2007 -0.32 10.95
1/18/2007 -0.31 10.98
1/19/2007 -0.27 11.00
1/22/2007 -0.24 11.03
1/23/2007 -0.25 11.02
1/24/2007 -0.21 11.00
1/25/2007 -0.21 11.05
1/26/2007 -0.21 11.07
1/29/2007 -0.19 11.08
1/30/2007 -0.15 11.09
1/31/2007 -0.11 11.07
2/1/2007 -0.13 11.01
2/2/2007 -0.09 10.91
2/5/2007 -0.06 10.87
2/6/2007 -0.08 10.80
2/7/2007 -0.09 10.72
2/8/2007 -0.08 10.65
2/9/2007 -0.11 10.63
2/12/2007 -0.07 10.67
2/13/2007 -0.06 10.67
2/14/2007 -0.07 10.65
2/15/2007 -0.08 10.63
2/16/2007 0.00 10.59
2/20/2007 -0.05 10.59
2/21/2007 -0.04 10.56
2/22/2007 -0.03 10.55
2/23/2007 0.00 10.58
2/26/2007 -0.06 10.58
2/27/2007 -0.05 10.92
2/28/2007 -0.05 11.11
3/1/2007 0.01 11.34
3/2/2007 0.01 11.73
3/5/2007 0.06 12.18
3/6/2007 0.00 12.46
3/7/2007 -0.06 12.68
3/8/2007 -0.04 12.85
3/9/2007 -0.06 13.03
3/12/2007 -0.09 13.20
3/13/2007 -0.07 13.54
3/14/2007 -0.03 13.81
3/15/2007 0.01 14.10
3/16/2007 0.02 14.41
3/19/2007 0.00 14.62
3/20/2007 -0.13 14.77
3/21/2007 -0.14 14.86
3/22/2007 -0.20 14.99
3/23/2007 -0.20 15.13
3/26/2007 -0.18 15.25
3/27/2007 -0.15 15.36
3/28/2007 -0.17 15.20
3/29/2007 -0.22 15.19
3/30/2007 -0.28 15.13
4/2/2007 -0.31 14.94
4/3/2007 -0.39 14.64
4/4/2007 -0.40 14.51
4/5/2007 -0.39 14.42
4/10/2007 -0.43 14.34
4/11/2007 -0.45 14.31
4/12/2007 -0.46 14.25
4/13/2007 -0.48 13.97
4/16/2007 -0.57 13.72
4/17/2007 -0.63 13.51
4/18/2007 -0.66 13.31
4/19/2007 -0.67 13.21
4/20/2007 -0.67 13.15
4/23/2007 -0.67 13.19
4/24/2007 -0.65 13.20
4/25/2007 -0.67 13.21
4/26/2007 -0.72 13.19
4/27/2007 -0.71 13.15
4/30/2007 -0.73 13.11
5/1/2007 -0.73 13.03
5/2/2007 -0.75 12.96
5/3/2007 -0.77 12.89
5/4/2007 -0.77 12.86
5/7/2007 -0.73 12.86
5/8/2007 -0.74 12.86
5/9/2007 -0.70 12.87
5/10/2007 -0.69 12.87
5/11/2007 -0.66 12.88
5/14/2007 -0.67 12.97
5/15/2007 -0.62 13.06
5/16/2007 -0.60 13.13
5/17/2007 -0.58 13.18
5/18/2007 -0.57 13.19
5/21/2007 -0.52 13.25
5/22/2007 -0.52 13.25
5/23/2007 -0.55 13.26
5/24/2007 -0.52 13.30
5/25/2007 -0.55 13.32
5/29/2007 -0.57 13.38
5/30/2007 -0.54 13.31
5/31/2007 -0.53 13.29
6/1/2007 -0.55 13.27
6/4/2007 -0.56 13.28
6/5/2007 -0.58 13.32
6/6/2007 -0.64 13.40
6/7/2007 -0.59 13.58
6/8/2007 -0.58 13.68
6/11/2007 -0.59 13.73
6/12/2007 -0.60 13.91
6/13/2007 -0.58 13.94
6/14/2007 -0.61 13.92
6/15/2007 -0.63 13.95
6/18/2007 -0.65 13.94
6/19/2007 -0.68 13.95
6/20/2007 -0.69 14.01
6/21/2007 -0.67 14.07
6/22/2007 -0.64 14.19
6/25/2007 -0.65 14.31
6/26/2007 -0.62 14.57
6/27/2007 -0.60 14.67
6/28/2007 -0.59 14.80
6/29/2007 -0.53 14.95
7/2/2007 -0.50 15.07
7/3/2007 -0.43 15.15
7/5/2007 -0.39 15.24
7/6/2007 -0.36 15.23
7/9/2007 -0.42 15.14
7/10/2007 -0.45 15.27
7/11/2007 -0.44 15.36
7/12/2007 -0.46 15.31
7/13/2007 -0.49 15.33
7/16/2007 -0.50 15.42
7/17/2007 -0.49 15.50
7/18/2007 -0.48 15.62
7/19/2007 -0.46 15.74
7/20/2007 -0.47 15.85
7/23/2007 -0.50 15.97
7/24/2007 -0.50 16.10
7/25/2007 -0.48 16.17
7/26/2007 -0.47 16.26
7/27/2007 -0.41 16.67
7/30/2007 -0.38 16.93
7/31/2007 -0.42 17.27
8/1/2007 -0.36 17.67
8/2/2007 -0.37 17.97
8/3/2007 -0.36 18.43
8/6/2007 -0.32 18.82
8/7/2007 -0.26 19.12
8/8/2007 -0.21 19.31
8/9/2007 -0.12 19.78
8/10/2007 -0.01 20.39
8/13/2007 0.05 20.93
8/14/2007 0.10 21.50
8/15/2007 0.18 22.22
8/16/2007 0.32 22.93
8/17/2007 0.44 23.63
8/20/2007 0.50 24.08
8/21/2007 0.57 24.48
8/22/2007 0.60 24.69
8/23/2007 0.61 24.90
8/24/2007 0.61 24.90
8/27/2007 0.57 24.83
8/28/2007 0.52 25.09
8/29/2007 0.49 25.10
8/30/2007 0.45 25.17
8/31/2007 0.46 25.27
9/4/2007 0.43 25.16
9/5/2007 0.40 25.24
9/6/2007 0.36 25.35
9/7/2007 0.33 25.58
9/10/2007 0.27 25.62
9/11/2007 0.19 25.48
9/12/2007 0.15 25.40
9/13/2007 0.11 25.26
9/14/2007 0.06 24.99
9/17/2007 -0.06 24.78
9/18/2007 -0.15 24.32
9/19/2007 -0.22 24.02
9/20/2007 -0.27 23.79
9/21/2007 -0.32 23.61
9/24/2007 -0.38 23.45
9/25/2007 -0.42 23.35
9/26/2007 -0.47 23.11
9/27/2007 -0.46 22.67
9/28/2007 -0.47 22.39
10/1/2007 -0.52 22.05
10/2/2007 -0.57 21.81
10/3/2007 -0.59 21.63
10/4/2007 -0.62 21.33
10/5/2007 -0.64 21.00
10/8/2007 -0.68 20.58
10/9/2007 -0.71 20.04
10/10/2007 -0.75 19.63
10/11/2007 -0.76 19.34
10/12/2007 -0.77 19.01
10/15/2007 -0.78 18.74
10/16/2007 -0.79 18.43
10/17/2007 -0.81 18.34
10/18/2007 -0.80 18.27
10/19/2007 -0.79 18.39
10/22/2007 -0.75 18.52
10/23/2007 -0.73 18.57
10/24/2007 -0.68 18.67
10/25/2007 -0.61 18.84
10/26/2007 -0.60 18.96
10/29/2007 -0.59 19.05
10/30/2007 -0.58 19.20
10/31/2007 -0.53 19.21
11/1/2007 -0.48 19.42
11/2/2007 -0.36 19.63
11/5/2007 -0.29 19.99
11/6/2007 -0.28 20.17
11/7/2007 -0.21 20.67
11/8/2007 -0.04 21.12
11/9/2007 0.11 21.58
11/12/2007 0.26 22.21
11/13/2007 0.29 22.44
11/14/2007 0.34 22.73
11/15/2007 0.40 23.18
11/16/2007 0.45 23.51
11/19/2007 0.48 23.66
11/20/2007 0.52 23.81
11/21/2007 0.71 24.12
11/26/2007 0.68 24.50
11/27/2007 0.69 24.75
11/28/2007 0.70 24.96
11/29/2007 0.74 25.16
11/30/2007 0.79 25.25
12/3/2007 0.82 25.49
12/4/2007 0.83 25.51
12/5/2007 0.75 25.49
12/6/2007 0.72 25.33
12/7/2007 0.74 25.31
12/10/2007 0.70 25.03
12/11/2007 0.60 24.91
12/12/2007 0.55 24.62
12/13/2007 0.61 24.22
12/14/2007 0.66 24.18
12/17/2007 0.67 24.11
12/18/2007 0.67 23.85
12/19/2007 0.66 23.67
12/20/2007 0.66 23.41
12/21/2007 0.65 23.11
12/27/2007 0.48 22.79
12/28/2007 0.50 22.40
1/3/2008 0.50 22.22
1/4/2008 0.52 22.22
1/7/2008 0.53 22.21
1/8/2008 0.58 22.33
1/9/2008 0.59 22.35
1/10/2008 0.67 22.34
1/11/2008 0.71 22.39
1/14/2008 0.74 22.48
1/15/2008 0.75 22.60
1/16/2008 0.83 22.78
1/17/2008 0.91 23.01
1/18/2008 0.94 23.23
1/22/2008 0.89 23.63
1/23/2008 0.99 23.91
1/24/2008 1.09 24.06
1/25/2008 1.16 24.37
1/28/2008 1.23 24.66
1/29/2008 1.27 24.98
1/30/2008 1.35 25.42
1/31/2008 1.44 25.70
2/1/2008 1.52 25.86
2/4/2008 1.52 26.02
2/5/2008 1.59 26.23
2/6/2008 1.59 26.47
2/7/2008 1.62 26.58
2/8/2008 1.63 26.77
2/11/2008 1.58 26.96
2/12/2008 1.59 27.09
2/13/2008 1.62 27.18
2/14/2008 1.66 27.29
2/15/2008 1.66 27.32
2/19/2008 1.63 27.18
2/20/2008 1.61 27.05
2/21/2008 1.55 26.77
2/22/2008 1.47 26.53
2/25/2008 1.43 26.31
2/26/2008 1.36 25.97
2/27/2008 1.31 25.72
2/28/2008 1.30 25.54
2/29/2008 1.24 25.49
3/3/2008 1.19 25.50
3/4/2008 1.15 25.57
3/5/2008 1.22 25.50
3/6/2008 1.18 25.47
3/7/2008 1.30 25.40
3/10/2008 1.29 25.48
3/11/2008 1.25 25.40
3/12/2008 1.23 25.38
3/13/2008 1.29 25.43
3/14/2008 1.51 25.73
3/17/2008 1.66 26.05
3/18/2008 1.76 26.08
3/19/2008 1.86 26.29
3/20/2008 1.93 26.39
3/25/2008 1.99 26.42
3/26/2008 2.01 26.52
3/27/2008 2.04 26.65
3/28/2008 2.07 26.83
3/31/2008 2.11 26.97
4/1/2008 2.10 26.93
4/2/2008 2.10 26.78
4/3/2008 2.14 26.64
4/4/2008 2.22 26.49
4/7/2008 2.15 26.39
4/8/2008 2.16 26.14
4/9/2008 2.05 25.92
4/10/2008 2.02 25.56
4/11/2008 2.02 25.43
4/14/2008 2.07 25.26
4/15/2008 2.00 25.05
4/16/2008 1.76 24.54
4/17/2008 1.60 23.98
4/18/2008 1.46 23.71
4/21/2008 1.27 23.26
4/22/2008 1.19 22.99
4/23/2008 1.03 22.73
4/24/2008 0.97 22.44
4/25/2008 0.87 22.14
4/28/2008 0.82 21.86
4/29/2008 0.74 21.60
4/30/2008 0.74 21.51
5/1/2008 0.71 21.29
5/2/2008 0.65 21.05
5/5/2008 0.52 20.88
5/6/2008 0.49 20.68
5/7/2008 0.45 20.56
5/8/2008 0.44 20.40
5/9/2008 0.43 20.27
5/12/2008 0.37 20.00
5/13/2008 0.31 19.73
5/14/2008 0.22 19.48
5/15/2008 0.17 19.28
5/16/2008 0.12 19.09
5/19/2008 0.10 18.95
5/20/2008 0.08 18.81
5/21/2008 0.03 18.70
5/22/2008 0.04 18.59
5/23/2008 0.00 18.57
5/27/2008 -0.04 18.57
5/28/2008 -0.07 18.54
5/29/2008 -0.09 18.44
5/30/2008 -0.17 18.30
6/2/2008 -0.22 18.35
6/3/2008 -0.26 18.45
6/4/2008 -0.27 18.54
6/5/2008 -0.30 18.56
6/6/2008 -0.29 18.74
6/9/2008 -0.32 18.92
6/10/2008 -0.34 19.10
6/11/2008 -0.33 19.40
6/12/2008 -0.29 19.65
6/13/2008 -0.22 19.82
6/16/2008 -0.18 20.04
6/17/2008 -0.18 20.27
6/18/2008 -0.18 20.51
6/19/2008 -0.17 20.70
6/20/2008 -0.19 20.91
6/23/2008 -0.18 21.13
6/24/2008 -0.19 21.26
6/25/2008 -0.14 21.34
6/26/2008 -0.14 21.57
6/27/2008 -0.10 21.82
6/30/2008 -0.10 22.11
7/1/2008 -0.05 22.29
7/2/2008 -0.04 22.56
7/3/2008 0.00 22.75
7/7/2008 0.03 23.09
7/8/2008 0.05 23.07
7/9/2008 0.06 23.17
7/10/2008 0.10 23.29
7/11/2008 0.21 23.45
7/14/2008 0.21 23.69
7/15/2008 0.24 24.04
7/16/2008 0.23 24.24
7/17/2008 0.26 24.43
7/18/2008 0.25 24.51
7/21/2008 0.29 24.58
7/22/2008 0.28 24.50
7/23/2008 0.32 24.44
7/24/2008 0.35 24.49
7/25/2008 0.35 24.57
7/28/2008 0.35 24.58
7/29/2008 0.32 24.52
7/30/2008 0.32 24.39
7/31/2008 0.31 24.35
8/1/2008 0.34 24.19
8/4/2008 0.30 24.13
8/5/2008 0.26 23.91
8/6/2008 0.20 23.77
8/7/2008 0.18 23.58
8/8/2008 0.12 23.34
8/11/2008 0.00 22.99
8/12/2008 -0.07 22.64
8/13/2008 -0.14 22.31
8/14/2008 -0.16 22.08
8/15/2008 -0.18 21.83
8/18/2008 -0.18 21.68
8/19/2008 -0.23 21.60
8/20/2008 -0.20 21.56
8/21/2008 -0.23 21.49
8/22/2008 -0.25 21.27
8/25/2008 -0.29 21.18
8/26/2008 -0.27 21.00
8/27/2008 -0.25 20.89
8/28/2008 -0.25 20.80
8/29/2008 -0.26 20.70
9/2/2008 -0.30 20.67
9/3/2008 -0.30 20.57
9/4/2008 -0.29 20.71
9/5/2008 -0.29 20.84
9/8/2008 -0.23 20.91
9/9/2008 -0.20 21.14
9/10/2008 -0.15 21.35
9/11/2008 -0.02 21.51
9/12/2008 0.07 21.70
9/15/2008 0.22 22.24
9/16/2008 0.41 22.75
9/17/2008 0.53 23.48
9/18/2008 0.75 24.04
9/19/2008 0.88 24.60
9/22/2008 0.93 25.26
9/23/2008 1.03 26.07
9/24/2008 1.21 26.75
9/25/2008 1.31 27.33
9/26/2008 1.41 28.05
9/29/2008 1.68 29.35
9/30/2008 1.78 30.24
10/1/2008 2.01 31.09
10/2/2008 2.13 32.22
10/3/2008 2.37 33.23
10/6/2008 2.68 34.61
10/7/2008 2.84 36.09
10/8/2008 3.22 37.61
10/9/2008 3.49 39.49
10/10/2008 4.00 41.66
10/13/2008 4.10 43.05
10/14/2008 4.30 44.17
10/15/2008 4.31 46.03
10/16/2008 4.57 47.52
10/17/2008 4.69 49.29
10/20/2008 4.79 50.29
10/21/2008 4.97 51.21
10/22/2008 5.20 52.82
10/23/2008 5.51 54.37
10/24/2008 6.11 56.58
10/27/2008 6.49 58.74
10/28/2008 6.50 59.70
10/29/2008 6.96 61.16
10/30/2008 7.10 62.26
10/31/2008 7.21 62.95
11/3/2008 7.15 63.36
11/4/2008 6.96 63.15
11/5/2008 6.90 63.20
11/6/2008 6.70 63.49
11/7/2008 6.63 63.12
11/10/2008 6.17 62.64
11/11/2008 6.15 62.95
11/12/2008 5.96 63.49
11/13/2008 5.96 63.04
11/14/2008 5.85 62.98
11/17/2008 5.76 62.92
11/18/2008 5.77 63.62
11/19/2008 5.75 64.63
11/20/2008 5.81 65.16
11/21/2008 5.65 65.39
11/24/2008 5.11 64.71
11/25/2008 4.87 63.79
11/26/2008 4.86 63.22
12/1/2008 4.48 63.15
12/2/2008 4.31 63.15
12/3/2008 4.26 63.19
12/4/2008 4.37 63.67
12/5/2008 4.46 64.25
12/8/2008 4.42 64.44
12/9/2008 4.40 64.21
12/10/2008 4.34 64.19
12/11/2008 4.35 63.99
12/12/2008 4.45 63.65
12/15/2008 4.48 63.19
12/16/2008 4.46 62.83
12/17/2008 4.39 62.05
12/18/2008 4.31 61.01
12/19/2008 4.17 59.93
12/22/2008 4.12 58.52
12/23/2008 3.93 56.81
12/29/2008 3.75 55.44
12/30/2008 3.68 54.34
1/5/2009 3.50 53.30
1/6/2009 3.31 52.52
1/7/2009 3.18 51.33
1/8/2009 3.04 50.35
1/9/2009 2.91 49.50
1/12/2009 2.65 48.65
1/13/2009 2.51 47.86
1/14/2009 2.44 47.41
1/15/2009 2.36 47.04
1/16/2009 2.27 46.58
1/20/2009 2.16 46.62
1/21/2009 1.96 46.25
1/22/2009 1.90 45.80
1/23/2009 1.83 45.55
1/26/2009 1.71 45.36
1/27/2009 1.66 45.11
1/28/2009 1.58 44.86
1/29/2009 1.45 44.77
1/30/2009 1.31 44.76
2/2/2009 1.22 44.84
2/3/2009 1.16 44.91
2/4/2009 1.14 45.13
2/5/2009 1.15 45.38
2/6/2009 1.17 45.38
2/9/2009 1.13 45.43
2/10/2009 1.14 45.61
2/11/2009 1.17 45.55
2/12/2009 1.16 45.46
2/13/2009 1.15 45.16
2/17/2009 1.08 45.05
2/18/2009 1.07 45.16
2/19/2009 1.04 44.70
2/20/2009 1.05 44.84
2/23/2009 0.97 45.10
2/24/2009 0.91 45.01
2/25/2009 0.89 44.96
2/26/2009 0.88 45.08
2/27/2009 0.89 45.40
3/2/2009 0.91 45.87
3/3/2009 0.91 46.16
3/4/2009 0.90 46.26
3/5/2009 0.91 46.60
3/6/2009 0.95 46.86
3/9/2009 0.97 47.14
3/10/2009 0.94 47.19
3/11/2009 0.96 47.19
3/12/2009 0.92 46.93
3/13/2009 0.94 46.82
3/16/2009 0.94 46.94
3/17/2009 0.93 46.84
3/18/2009 0.97 46.43
3/19/2009 0.95 46.20
3/20/2009 0.93 46.15
3/23/2009 0.86 45.86
3/24/2009 0.84 45.40
3/25/2009 0.82 45.24
3/26/2009 0.82 45.04
3/27/2009 0.77 44.87
3/30/2009 0.75 44.83
3/31/2009 0.70 44.42
4/1/2009 0.68 44.01
4/2/2009 0.67 43.75
4/3/2009 0.64 43.25
4/6/2009 0.61 42.85
4/7/2009 0.55 42.41
4/8/2009 0.55 42.14
4/9/2009 0.50 41.81
4/14/2009 0.49 41.64
4/15/2009 0.43 41.34
4/16/2009 0.39 40.97
4/17/2009 0.37 40.64
4/20/2009 0.28 40.60
4/21/2009 0.25 40.29
4/22/2009 0.22 39.91
4/23/2009 0.24 39.62
4/24/2009 0.22 39.33
4/27/2009 0.21 39.15
4/28/2009 0.16 39.03
4/29/2009 0.12 38.80
4/30/2009 0.11 38.37
5/1/2009 0.11 37.94
5/4/2009 0.08 37.58
5/5/2009 0.05 37.16
5/6/2009 0.00 36.82
5/7/2009 -0.05 36.46
5/8/2009 -0.06 36.06
5/11/2009 -0.07 35.78
5/12/2009 -0.06 35.55
5/13/2009 -0.07 35.36
5/14/2009 -0.08 35.13
5/15/2009 -0.09 35.01
5/18/2009 -0.13 34.83
5/19/2009 -0.11 34.34
5/20/2009 -0.13 33.95
5/21/2009 -0.14 33.63
5/22/2009 -0.13 33.41
5/26/2009 -0.14 33.12
5/27/2009 -0.16 32.83
5/28/2009 -0.15 32.53
5/29/2009 -0.15 32.19
6/1/2009 -0.20 31.89
6/2/2009 -0.21 31.62
6/3/2009 -0.22 31.45
6/4/2009 -0.20 31.30
6/5/2009 -0.18 31.16
6/8/2009 -0.18 30.99
6/9/2009 -0.21 30.81
6/10/2009 -0.23 30.60
6/11/2009 -0.21 30.42
6/12/2009 -0.21 30.16
6/15/2009 -0.23 30.13
6/16/2009 -0.24 30.11
6/17/2009 -0.21 30.17
6/18/2009 -0.23 30.23
6/19/2009 -0.23 30.18
6/22/2009 -0.23 30.17
6/23/2009 -0.26 30.08
6/24/2009 -0.26 30.00
6/25/2009 -0.28 29.72
6/26/2009 -0.32 29.44
6/29/2009 -0.33 29.27
6/30/2009 -0.34 29.10
7/1/2009 -0.37 28.94
7/2/2009 -0.38 28.79
7/6/2009 -0.41 28.73
7/7/2009 -0.45 28.79
7/8/2009 -0.47 28.86
7/9/2009 -0.47 28.94
7/10/2009 -0.46 28.96
7/13/2009 -0.51 28.88
7/14/2009 -0.55 28.73
7/15/2009 -0.57 28.49
7/16/2009 -0.58 28.15
7/17/2009 -0.59 27.81
7/20/2009 -0.61 27.54
7/21/2009 -0.63 27.34
7/22/2009 -0.64 26.97
7/23/2009 -0.63 26.63
7/24/2009 -0.65 26.35
7/27/2009 -0.65 26.25
7/28/2009 -0.61 26.21
7/29/2009 -0.60 26.22
7/30/2009 -0.60 26.17
7/31/2009 -0.58 26.16
8/3/2009 -0.57 26.05
8/4/2009 -0.59 25.85
8/5/2009 -0.58 25.57
8/6/2009 -0.59 25.30
8/7/2009 -0.59 25.06
8/10/2009 -0.62 24.87
8/11/2009 -0.62 24.85
8/12/2009 -0.60 24.87
8/13/2009 -0.57 24.82
8/14/2009 -0.56 24.76
8/17/2009 -0.57 24.93
8/18/2009 -0.58 25.02
8/19/2009 -0.59 25.13
8/20/2009 -0.61 25.21
8/21/2009 -0.63 25.28
8/24/2009 -0.63 25.38
8/25/2009 -0.63 25.41
8/26/2009 -0.67 25.41
8/27/2009 -0.70 25.36
8/28/2009 -0.68 25.33
8/31/2009 -0.71 25.34
9/1/2009 -0.72 25.51
9/2/2009 -0.70 25.70
9/3/2009 -0.72 25.80
9/4/2009 -0.72 25.78
9/8/2009 -0.72 25.83
9/9/2009 -0.72 25.79
9/10/2009 -0.73 25.68
9/11/2009 -0.72 25.62
9/14/2009 -0.74 25.57
9/15/2009 -0.75 25.53
9/16/2009 -0.77 25.33
9/17/2009 -0.77 25.21
9/18/2009 -0.78 25.10
9/21/2009 -0.78 25.05
9/22/2009 -0.78 24.96
9/23/2009 -0.78 24.88
9/24/2009 -0.80 24.88
9/25/2009 -0.78 24.92
9/28/2009 -0.78 24.93
9/29/2009 -0.77 24.95
9/30/2009 -0.74 24.93
10/1/2009 -0.75 24.88
10/2/2009 -0.76 24.87
10/5/2009 -0.75 24.86
10/6/2009 -0.76 24.88
10/7/2009 -0.76 24.84
10/8/2009 -0.75 24.83
10/9/2009 -0.76 24.81
10/12/2009 -0.79 24.76
10/13/2009 -0.80 24.72
10/14/2009 -0.80 24.69
10/15/2009 -0.80 24.59
10/16/2009 -0.80 24.49
10/19/2009 -0.80 24.37
10/20/2009 -0.80 24.22
10/21/2009 -0.80 24.18
10/22/2009 -0.80 24.05
10/23/2009 -0.80 23.92
10/26/2009 -0.80 23.86
10/27/2009 -0.77 23.86
10/28/2009 -0.80 23.99
10/29/2009 -0.83 23.95
10/30/2009 -0.82 24.06
11/2/2009 -0.78 24.11
11/3/2009 -0.75 24.21
11/4/2009 -0.72 24.30
11/5/2009 -0.70 24.34
11/6/2009 -0.68 24.34
11/9/2009 -0.70 24.34
11/10/2009 -0.71 24.33
11/11/2009 -0.70 24.34
11/12/2009 -0.68 24.40
11/13/2009 -0.66 24.48
11/16/2009 -0.65 24.55
11/17/2009 -0.64 24.59
11/18/2009 -0.63 24.63
11/19/2009 -0.64 24.65
11/20/2009 -0.64 24.72
11/23/2009 -0.66 24.67
11/24/2009 -0.68 24.48
11/25/2009 -0.72 24.28
11/30/2009 -0.72 24.11
12/1/2009 -0.72 23.98
12/2/2009 -0.75 23.52
12/3/2009 -0.78 23.17
12/4/2009 -0.82 22.81
12/7/2009 -0.85 22.55
12/8/2009 -0.86 22.46
12/9/2009 -0.88 22.39
12/10/2009 -0.82 22.35
12/11/2009 -0.82 22.29
12/14/2009 -0.84 22.20
12/15/2009 -0.86 22.07
12/16/2009 -0.87 21.94
12/17/2009 -0.88 21.92
12/18/2009 -0.90 21.88
12/21/2009 -0.90 21.83
12/22/2009 -0.90 21.68
12/23/2009 -0.91 21.56
12/28/2009 -0.88 21.51
12/29/2009 -0.88 21.48
12/30/2009 -0.86 21.46
1/4/2010 -0.89 21.25
1/5/2010 -0.88 21.12
1/6/2010 -0.88 21.03
1/7/2010 -0.91 20.87
1/8/2010 -0.94 20.72
1/11/2010 -0.95 20.50
1/12/2010 -0.98 20.24
1/13/2010 -1.02 20.01
1/14/2010 -1.07 19.79
1/15/2010 -1.08 19.62
1/19/2010 -1.09 19.45
1/20/2010 -1.08 19.31
1/21/2010 -1.08 19.39
1/22/2010 -1.07 19.62
1/25/2010 -1.05 19.80
1/26/2010 -1.05 19.99
1/27/2010 -1.02 20.17
1/28/2010 -1.02 20.36
1/29/2010 -1.02 20.58
2/1/2010 -1.01 20.70
2/2/2010 -1.03 20.78
2/3/2010 -1.01 20.85
2/4/2010 -1.01 21.17
2/5/2010 -0.97 21.50
2/8/2010 -0.94 21.86
2/9/2010 -0.90 22.23
2/10/2010 -0.87 22.60
2/11/2010 -0.83 22.88
2/12/2010 -0.79 23.11
2/16/2010 -0.79 23.33
2/17/2010 -0.75 23.51
2/18/2010 -0.75 23.66
2/19/2010 -0.74 23.72
2/22/2010 -0.74 23.61
2/23/2010 -0.74 23.33
2/24/2010 -0.75 23.08
2/25/2010 -0.76 22.87
2/26/2010 -0.80 22.70
3/1/2010 -0.82 22.48
3/2/2010 -0.84 22.22
3/3/2010 -0.85 22.04
3/4/2010 -0.85 21.91
3/5/2010 -0.87 21.71
3/8/2010 -0.87 21.31
3/9/2010 -0.91 20.92
3/10/2010 -0.94 20.55
3/11/2010 -0.91 20.17
3/12/2010 -0.94 19.80
3/15/2010 -0.97 19.51
3/16/2010 -0.97 19.27
3/17/2010 -0.98 19.02
3/18/2010 -1.02 18.77
3/19/2010 -1.03 18.60
3/22/2010 -1.04 18.45
3/23/2010 -1.06 18.28
3/24/2010 -1.07 18.10
3/25/2010 -1.08 18.01
3/26/2010 -1.07 17.90
3/29/2010 -1.08 17.81
3/30/2010 -1.08 17.70
3/31/2010 -1.09 17.63
4/1/2010 -1.10 17.57
4/6/2010 -1.12 17.45
4/7/2010 -1.12 17.41
4/8/2010 -1.13 17.35
4/9/2010 -1.14 17.27
4/12/2010 -1.14 17.12
4/13/2010 -1.20 17.04
4/14/2010 -1.23 16.94
4/15/2010 -1.24 16.84
4/16/2010 -1.24 16.87
4/19/2010 -1.23 16.89
4/20/2010 -1.22 16.85
4/21/2010 -1.22 16.82
4/22/2010 -1.22 16.80
4/23/2010 -1.21 16.81
4/26/2010 -1.21 16.81
4/27/2010 -1.21 17.02
4/28/2010 -1.19 17.18
4/29/2010 -1.19 17.22
4/30/2010 -1.19 17.45
5/3/2010 -1.19 17.58
5/4/2010 -1.16 17.88
5/5/2010 -1.12 18.29
5/6/2010 -0.95 19.06
5/7/2010 -0.81 20.23
5/10/2010 -0.77 20.83
5/11/2010 -0.74 21.44
5/12/2010 -0.71 21.88
5/13/2010 -0.66 22.41
5/14/2010 -0.61 23.14
5/17/2010 -0.57 23.74
5/18/2010 -0.53 24.51
5/19/2010 -0.47 25.44
5/20/2010 -0.38 26.84
5/21/2010 -0.30 27.97
5/24/2010 -0.24 29.00
5/25/2010 -0.17 29.82
5/26/2010 -0.12 30.40
5/27/2010 -0.13 30.81
5/28/2010 -0.07 31.46
6/1/2010 -0.02 32.10
6/2/2010 0.00 32.58
6/3/2010 0.03 32.84
6/4/2010 0.03 33.35
6/7/2010 -0.09 33.53
6/8/2010 -0.16 33.18
6/9/2010 -0.15 33.41
6/10/2010 -0.12 33.52
6/11/2010 -0.09 33.68
6/14/2010 -0.07 33.77
6/15/2010 -0.10 33.51
6/16/2010 -0.11 33.28
6/17/2010 -0.14 32.87
6/18/2010 -0.16 32.33
6/21/2010 -0.23 31.34
6/22/2010 -0.27 30.71
6/23/2010 -0.28 30.17
6/24/2010 -0.31 29.94
6/25/2010 -0.33 29.63
6/28/2010 -0.31 29.60
6/29/2010 -0.33 29.70
6/30/2010 -0.35 29.65
7/1/2010 -0.31 29.78
7/2/2010 -0.29 29.81
7/6/2010 -0.29 29.53
7/7/2010 -0.32 29.07
7/8/2010 -0.35 28.69
7/9/2010 -0.36 28.27
7/12/2010 -0.39 27.98
7/13/2010 -0.43 27.78
7/14/2010 -0.44 27.60
7/15/2010 -0.43 27.57
7/16/2010 -0.44 27.58
7/19/2010 -0.44 27.63
7/20/2010 -0.45 27.62
7/21/2010 -0.43 27.66
7/22/2010 -0.44 27.55
7/23/2010 -0.45 27.38
7/26/2010 -0.45 27.05
7/27/2010 -0.46 26.79
7/28/2010 -0.47 26.57
7/29/2010 -0.49 26.09
7/30/2010 -0.48 25.57
8/2/2010 -0.52 25.05
8/3/2010 -0.57 24.69
8/4/2010 -0.59 24.34
8/5/2010 -0.60 24.11
8/6/2010 -0.59 23.92
8/9/2010 -0.59 23.79
8/10/2010 -0.60 23.69
8/11/2010 -0.59 23.73
8/12/2010 -0.60 23.77
8/13/2010 -0.60 23.82
8/16/2010 -0.59 23.81
8/17/2010 -0.61 23.74
8/18/2010 -0.61 23.77
8/19/2010 -0.61 23.81
8/20/2010 -0.63 23.85
8/23/2010 -0.65 23.95
8/24/2010 -0.66 24.18
8/25/2010 -0.66 24.34
8/26/2010 -0.66 24.49
8/27/2010 -0.66 24.51
8/30/2010 -0.67 24.68
8/31/2010 -0.65 24.88
9/1/2010 -0.65 24.94
9/2/2010 -0.66 24.98
9/3/2010 -0.67 24.95
9/7/2010 -0.68 25.04
9/8/2010 -0.71 25.10
9/9/2010 -0.71 25.12
9/10/2010 -0.71 24.96
9/13/2010 -0.73 24.74
9/14/2010 -0.76 24.52
9/15/2010 -0.79 24.33
9/16/2010 -0.79 24.20
9/17/2010 -0.80 24.08
9/20/2010 -0.84 23.84
9/21/2010 -0.83 23.69
9/22/2010 -0.83 23.54
9/23/2010 -0.84 23.37
9/24/2010 -0.86 23.14
9/27/2010 -0.88 22.91
9/28/2010 -0.90 22.82
9/29/2010 -0.90 22.63
9/30/2010 -0.93 22.52
10/1/2010 -0.91 22.45
10/4/2010 -0.91 22.47
10/5/2010 -0.93 22.49
10/6/2010 -0.94 22.38
10/7/2010 -0.94 22.30
10/8/2010 -0.97 22.20
10/11/2010 -0.97 22.05
10/12/2010 -0.97 21.95
10/13/2010 -0.97 21.83
10/14/2010 -0.97 21.72
10/15/2010 -0.95 21.59
10/18/2010 -0.95 21.45
10/19/2010 -0.93 21.41
10/20/2010 -0.94 21.29
10/21/2010 -0.95 21.14
10/22/2010 -0.95 20.89
10/25/2010 -0.93 20.81
10/26/2010 -0.94 20.70
10/27/2010 -0.94 20.61
10/28/2010 -0.96 20.49
10/29/2010 -0.95 20.37
11/1/2010 -0.97 20.34
11/2/2010 -0.98 20.25
11/3/2010 -0.93 20.14
11/4/2010 -0.94 20.00
11/5/2010 -0.95 19.84
11/8/2010 -0.96 19.73
11/9/2010 -0.96 19.74
11/10/2010 -0.97 19.71
11/11/2010 -0.95 19.69
11/12/2010 -0.95 19.73
11/15/2010 -0.97 19.78
11/16/2010 -0.97 19.95
11/17/2010 -0.98 20.00
11/18/2010 -1.00 19.95
11/19/2010 -1.01 19.90
11/22/2010 -1.03 19.88
11/23/2010 -1.03 19.91
11/24/2010 -1.03 19.88
11/29/2010 -1.02 19.92
11/30/2010 -1.03 20.05
12/1/2010 -1.05 20.05
12/2/2010 -1.06 19.94
12/3/2010 -1.05 19.77
12/6/2010 -1.09 19.70
12/7/2010 -1.08 19.67
12/8/2010 -1.08 19.65
12/9/2010 -1.05 19.60
12/10/2010 -1.03 19.53
12/13/2010 -1.03 19.48
12/14/2010 -1.05 19.43
12/15/2010 -1.06 19.31
12/16/2010 -1.05 19.17
12/17/2010 -1.07 18.86
12/20/2010 -1.07 18.61
12/21/2010 -1.07 18.50
12/22/2010 -1.09 18.38
12/23/2010 -1.08 18.29
12/27/2010 -1.10 18.15
12/28/2010 -1.11 18.05
12/29/2010 -1.13 17.85
12/30/2010 -1.13 17.56
1/3/2011 -1.14 17.38
1/4/2011 -1.15 17.29
1/5/2011 -1.17 17.24
1/6/2011 -1.17 17.21
1/7/2011 -1.17 17.17
1/10/2011 -1.17 17.16
1/11/2011 -1.20 17.14
1/12/2011 -1.22 17.08
1/13/2011 -1.23 17.02
1/14/2011 -1.23 16.92
1/18/2011 -1.23 16.82
1/19/2011 -1.25 16.82
1/20/2011 -1.24 16.91
1/21/2011 -1.24 17.01
1/24/2011 -1.25 17.06
1/25/2011 -1.24 17.16
1/26/2011 -1.24 17.17
1/27/2011 -1.23 17.10
1/28/2011 -1.23 17.22
1/31/2011 -1.22 17.33
2/1/2011 -1.23 17.33
2/2/2011 -1.21 17.32
2/3/2011 -1.20 17.28
2/4/2011 -1.18 17.23
2/7/2011 -1.18 17.18
2/8/2011 -1.20 17.11
2/9/2011 -1.21 17.03
2/10/2011 -1.21 17.00
2/11/2011 -1.20 16.97
2/14/2011 -1.20 16.95
2/15/2011 -1.19 16.99
2/16/2011 -1.20 17.03
2/17/2011 -1.19 17.00
2/18/2011 -1.20 16.92
2/22/2011 -1.20 17.04
2/23/2011 -1.18 17.25
2/24/2011 -1.16 17.43
2/25/2011 -1.17 17.55
2/28/2011 -1.18 17.65
3/1/2011 -1.18 17.70
3/2/2011 -1.17 17.76
3/3/2011 -1.17 17.80
3/4/2011 -1.17 17.89
3/7/2011 -1.15 18.08
3/8/2011 -1.15 18.26
3/9/2011 -1.11 18.45
3/10/2011 -1.03 18.74
3/11/2011 -1.00 18.94
3/14/2011 -0.98 19.18
3/15/2011 -0.94 19.59
3/16/2011 -0.88 20.23
3/17/2011 -0.85 20.71
3/18/2011 -0.82 21.07
3/21/2011 -0.80 21.26
3/22/2011 -0.76 21.44
3/23/2011 -0.75 21.37
3/24/2011 -0.75 21.17
3/25/2011 -0.78 21.01
3/28/2011 -0.78 21.02
3/29/2011 -0.76 21.01
3/30/2011 -0.76 20.85
3/31/2011 -0.77 20.71
4/1/2011 -0.76 20.65
4/4/2011 -0.77 20.58
4/5/2011 -0.78 20.42
4/6/2011 -0.79 20.28
4/7/2011 -0.82 20.13
4/8/2011 -0.89 19.94
4/11/2011 -0.92 19.77
4/12/2011 -0.94 19.58
4/13/2011 -0.97 19.23
4/14/2011 -1.01 18.60
4/15/2011 -1.05 18.08
4/18/2011 -1.06 17.72
4/19/2011 -1.07 17.49
4/20/2011 -1.11 17.25
4/21/2011 -1.12 17.03
4/26/2011 -1.12 16.92
4/27/2011 -1.11 16.80
4/28/2011 -1.11 16.57
4/29/2011 -1.12 16.41
5/2/2011 -1.12 16.33
5/3/2011 -1.12 16.28
5/4/2011 -1.12 16.26
5/5/2011 -1.11 16.29
5/6/2011 -1.08 16.35
5/9/2011 -1.07 16.36
5/10/2011 -1.08 16.30
5/11/2011 -1.08 16.26
5/12/2011 -1.07 16.23
5/13/2011 -1.06 16.23
5/16/2011 -1.04 16.30
5/17/2011 -1.03 16.36
5/18/2011 -1.02 16.40
5/19/2011 -1.02 16.33
5/20/2011 -1.02 16.41
5/23/2011 -1.01 16.56
5/24/2011 -1.01 16.71
5/25/2011 -1.01 16.78
5/26/2011 -1.01 16.81
5/27/2011 -1.00 16.88
5/31/2011 -1.00 16.91
6/1/2011 -1.00 17.02
6/2/2011 -0.98 17.09
6/3/2011 -0.98 17.13
6/6/2011 -0.98 17.14
6/7/2011 -1.00 17.13
6/8/2011 -1.00 17.20
6/9/2011 -0.98 17.29
6/10/2011 -0.96 17.38
6/13/2011 -0.97 17.55
6/14/2011 -0.98 17.61
6/15/2011 -0.99 17.76
6/16/2011 -0.98 18.00
6/17/2011 -0.97 18.27
6/20/2011 -0.97 18.49
6/21/2011 -0.97 18.55
6/22/2011 -0.97 18.57
6/23/2011 -0.93 18.64
6/24/2011 -0.92 18.83
6/27/2011 -0.92 19.04
6/28/2011 -0.92 19.19
6/29/2011 -0.90 19.28
6/30/2011 -0.91 19.19
7/1/2011 -0.91 19.09
7/5/2011 -0.91 19.00
7/6/2011 -0.91 18.90
7/7/2011 -0.91 18.79
7/8/2011 -0.91 18.66
7/11/2011 -0.92 18.69
7/12/2011 -0.92 18.74
7/13/2011 -0.91 18.75
7/14/2011 -0.89 18.87
7/15/2011 -0.87 18.79
7/18/2011 -0.88 18.70
7/19/2011 -0.90 18.58
7/20/2011 -0.90 18.53
7/21/2011 -0.87 18.47
7/22/2011 -0.86 18.42
7/25/2011 -0.88 18.43
7/26/2011 -0.89 18.39
7/27/2011 -0.88 18.50
7/28/2011 -0.87 18.72
7/29/2011 -0.82 19.10
8/1/2011 -0.77 19.44
8/2/2011 -0.77 19.86
8/3/2011 -0.73 20.21
8/4/2011 -0.68 20.94
8/5/2011 -0.53 21.71
8/8/2011 -0.44 23.23
8/9/2011 -0.29 24.03
8/10/2011 -0.08 25.13
8/11/2011 0.04 26.04
8/12/2011 0.14 26.78
8/15/2011 0.15 27.36
8/16/2011 0.21 27.93
8/17/2011 0.26 28.52
8/18/2011 0.36 29.64
8/19/2011 0.42 30.86
8/22/2011 0.50 32.04
8/23/2011 0.53 32.85
8/24/2011 0.60 33.60
8/25/2011 0.68 34.39
8/26/2011 0.78 34.96
8/29/2011 0.76 35.29
8/30/2011 0.76 35.73
8/31/2011 0.78 36.06
9/1/2011 0.82 36.46
9/2/2011 0.83 36.57
9/6/2011 0.75 36.81
9/7/2011 0.67 36.11
9/8/2011 0.68 36.07
9/9/2011 0.53 35.86
9/12/2011 0.48 35.84
9/13/2011 0.44 35.87
9/14/2011 0.46 36.00
9/15/2011 0.44 35.96
9/16/2011 0.43 35.93
9/19/2011 0.37 35.45
9/20/2011 0.34 34.97
9/21/2011 0.33 34.73
9/22/2011 0.37 34.97
9/23/2011 0.41 35.22
9/26/2011 0.41 35.19
9/27/2011 0.35 35.29
9/28/2011 0.38 35.71
9/29/2011 0.42 35.99
9/30/2011 0.48 36.53
10/3/2011 0.48 37.18
10/4/2011 0.53 37.51
10/5/2011 0.56 37.55
10/6/2011 0.63 37.68
10/7/2011 0.57 37.77
10/10/2011 0.52 37.51
10/11/2011 0.51 37.24
10/12/2011 0.47 36.97
10/13/2011 0.48 36.78
10/14/2011 0.49 36.61
10/17/2011 0.50 36.72
10/18/2011 0.51 36.67
10/19/2011 0.52 36.74
10/20/2011 0.52 36.62
10/21/2011 0.46 36.14
10/24/2011 0.37 35.57
10/25/2011 0.36 35.25
10/26/2011 0.36 34.87
10/27/2011 0.32 34.13
10/28/2011 0.29 33.45
10/31/2011 0.23 32.83
11/1/2011 0.22 32.32
11/2/2011 0.19 31.94
11/3/2011 0.16 31.59
11/4/2011 0.12 31.30
11/7/2011 0.09 30.99
11/8/2011 0.13 30.73
11/9/2011 0.12 30.89
11/10/2011 0.15 30.96
11/11/2011 0.12 30.93
11/14/2011 0.11 31.07
11/15/2011 0.11 30.96
11/16/2011 0.10 31.06
11/17/2011 0.11 31.06
11/18/2011 0.10 30.93
11/21/2011 0.11 31.00
11/22/2011 0.15 31.13
11/23/2011 0.15 31.22
11/28/2011 0.11 31.32
11/29/2011 0.14 31.57
11/30/2011 0.12 31.73
12/1/2011 0.14 31.61
12/2/2011 0.13 31.26
12/5/2011 0.09 31.03
12/6/2011 0.05 30.91
12/7/2011 0.05 30.84
12/8/2011 0.11 30.88
12/9/2011 0.10 30.83
12/12/2011 0.08 30.33
12/13/2011 0.07 29.97
12/14/2011 0.08 29.78
12/15/2011 0.07 29.50
12/16/2011 0.06 29.17
12/19/2011 0.07 28.76
12/20/2011 0.04 28.22
12/21/2011 0.00 27.72
12/22/2011 -0.03 27.16
12/23/2011 -0.06 26.62
12/27/2011 -0.08 26.05
12/28/2011 -0.05 25.64
12/29/2011 -0.08 25.26
12/30/2011 -0.10 25.05
1/3/2012 -0.13 24.84
1/4/2012 -0.17 24.58
1/5/2012 -0.18 24.28
1/6/2012 -0.18 23.92
1/9/2012 -0.21 23.56
1/10/2012 -0.33 23.09
1/11/2012 -0.38 22.84
1/12/2012 -0.41 22.59
1/13/2012 -0.44 22.37
1/17/2012 -0.47 22.19
1/18/2012 -0.51 21.99
1/19/2012 -0.55 21.78
1/20/2012 -0.61 21.46
1/23/2012 -0.64 21.25
1/24/2012 -0.67 21.13
1/25/2012 -0.67 20.99
1/26/2012 -0.70 20.89
1/27/2012 -0.72 20.73
1/30/2012 -0.78 20.53
1/31/2012 -0.78 20.38
2/1/2012 -0.79 20.15
2/2/2012 -0.83 19.91
2/3/2012 -0.85 19.67
2/6/2012 -0.87 19.49
2/7/2012 -0.90 19.35
2/8/2012 -0.92 19.21
2/9/2012 -0.92 19.11
2/10/2012 -0.93 19.10
2/13/2012 -0.94 19.03
2/14/2012 -0.95 18.97
2/15/2012 -0.97 18.91
2/16/2012 -0.97 18.84
2/17/2012 -0.97 18.74
2/21/2012 -0.97 18.73
2/22/2012 -0.96 18.71
2/23/2012 -0.97 18.61
2/24/2012 -0.99 18.56
2/27/2012 -0.99 18.54
2/28/2012 -0.99 18.52
2/29/2012 -0.99 18.47
3/1/2012 -1.01 18.37
3/2/2012 -0.99 18.31
3/5/2012 -0.98 18.31
3/6/2012 -0.99 18.49
3/7/2012 -0.99 18.55
3/8/2012 -0.99 18.56
3/9/2012 -0.98 18.51
3/12/2012 -0.97 18.37
3/13/2012 -0.97 18.09
3/14/2012 -0.98 17.91
3/15/2012 -0.96 17.71
3/16/2012 -0.97 17.40
3/19/2012 -0.98 17.20
3/20/2012 -0.98 17.09
3/21/2012 -0.98 16.95
3/22/2012 -0.99 16.82
3/23/2012 -1.00 16.73
3/26/2012 -1.01 16.58
3/27/2012 -1.00 16.46
3/28/2012 -1.01 16.34
3/29/2012 -1.01 16.20
3/30/2012 -1.02 16.12
4/2/2012 -1.04 16.04
4/3/2012 -1.03 15.92
4/4/2012 -1.02 15.71
4/5/2012 -1.01 15.60
4/10/2012 -1.01 15.72
4/11/2012 -1.00 15.85
4/12/2012 -1.01 15.93
4/13/2012 -1.00 16.15
4/16/2012 -0.98 16.36
4/17/2012 -1.00 16.50
4/18/2012 -0.99 16.70
4/19/2012 -0.95 16.86
4/20/2012 -0.94 16.95
4/23/2012 -0.93 17.13
4/24/2012 -0.91 17.25
4/25/2012 -0.90 17.34
4/26/2012 -0.89 17.44
4/27/2012 -0.88 17.47
4/30/2012 -0.88 17.55
5/1/2012 -0.89 17.61
5/2/2012 -0.89 17.67
5/3/2012 -0.88 17.76
5/4/2012 -0.88 17.93
5/7/2012 -0.87 18.05
5/8/2012 -0.86 18.16
5/9/2012 -0.83 18.15
5/10/2012 -0.82 18.09
5/11/2012 -0.80 18.22
5/14/2012 -0.79 18.33
5/15/2012 -0.79 18.44
5/16/2012 -0.74 18.63
5/17/2012 -0.73 18.90
5/18/2012 -0.73 19.23
5/21/2012 -0.72 19.44
5/22/2012 -0.71 19.61
5/23/2012 -0.68 19.81
5/24/2012 -0.63 20.04
5/25/2012 -0.59 20.30
5/29/2012 -0.58 20.52
5/30/2012 -0.55 20.86
5/31/2012 -0.54 21.21
6/1/2012 -0.51 21.68
6/4/2012 -0.49 22.08
6/5/2012 -0.47 22.35
6/6/2012 -0.48 22.50
6/7/2012 -0.47 22.63
6/8/2012 -0.48 22.68
6/11/2012 -0.47 22.91
6/12/2012 -0.48 23.01
6/13/2012 -0.47 23.13
6/14/2012 -0.48 23.11
6/15/2012 -0.51 23.06
6/18/2012 -0.49 22.76
6/19/2012 -0.50 22.44
6/20/2012 -0.50 22.22
6/21/2012 -0.51 22.10
6/22/2012 -0.54 21.90
6/25/2012 -0.58 21.85
6/26/2012 -0.59 21.75
6/27/2012 -0.60 21.67
6/28/2012 -0.60 21.46
6/29/2012 -0.62 21.13
7/2/2012 -0.62 20.66
7/3/2012 -0.64 20.21
7/5/2012 -0.65 19.87
7/6/2012 -0.62 19.63
7/9/2012 -0.63 19.45
7/10/2012 -0.64 19.33
7/11/2012 -0.64 19.06
7/12/2012 -0.63 18.88
7/13/2012 -0.66 18.53
7/16/2012 -0.67 18.31
7/17/2012 -0.66 18.09
7/18/2012 -0.68 17.98
7/19/2012 -0.67 17.85
7/20/2012 -0.66 17.80
7/23/2012 -0.67 17.73
7/24/2012 -0.66 17.84
7/25/2012 -0.64 17.79
7/26/2012 -0.64 17.69
7/27/2012 -0.64 17.56
7/30/2012 -0.65 17.48
7/31/2012 -0.64 17.57
8/1/2012 -0.63 17.67
8/2/2012 -0.61 17.71
8/3/2012 -0.62 17.62
8/6/2012 -0.64 17.57
8/7/2012 -0.67 17.47
8/8/2012 -0.68 17.31
8/9/2012 -0.70 17.18
8/10/2012 -0.71 17.01
8/13/2012 -0.71 16.87
8/14/2012 -0.73 16.76
8/15/2012 -0.74 16.67
8/16/2012 -0.76 16.58
8/17/2012 -0.81 16.49
8/20/2012 -0.83 16.38
8/21/2012 -0.84 16.21
8/22/2012 -0.85 15.95
8/23/2012 -0.87 15.79
8/24/2012 -0.89 15.68
8/27/2012 -0.90 15.67
8/28/2012 -0.91 15.59
8/29/2012 -0.91 15.50
8/30/2012 -0.94 15.45
8/31/2012 -0.94 15.44
9/4/2012 -0.93 15.56
9/5/2012 -0.92 15.64
9/6/2012 -0.91 15.62
9/7/2012 -0.92 15.58
9/10/2012 -0.93 15.63
9/11/2012 -0.94 15.70
9/12/2012 -0.94 15.80
9/13/2012 -0.91 15.77
9/14/2012 -0.90 15.76
9/17/2012 -0.90 15.78
9/18/2012 -0.88 15.81
9/19/2012 -0.88 15.80
9/20/2012 -0.88 15.76
9/21/2012 -0.90 15.70
9/24/2012 -0.91 15.62
9/25/2012 -0.91 15.63
9/26/2012 -0.90 15.65
9/27/2012 -0.91 15.57
9/28/2012 -0.92 15.51
10/1/2012 -0.90 15.44
10/2/2012 -0.92 15.35
10/3/2012 -0.92 15.23
10/4/2012 -0.92 15.08
10/5/2012 -0.92 15.02
10/8/2012 -0.89 15.06
10/9/2012 -0.89 15.06
10/10/2012 -0.89 15.05
10/11/2012 -0.89 15.04
10/12/2012 -0.90 15.14
10/15/2012 -0.90 15.18
10/16/2012 -0.91 15.21
10/17/2012 -0.91 15.25
10/18/2012 -0.91 15.31
10/19/2012 -0.91 15.45
10/22/2012 -0.88 15.57
10/23/2012 -0.87 15.80
10/24/2012 -0.85 15.94
10/25/2012 -0.83 16.00
10/26/2012 -0.81 16.14
10/31/2012 -0.79 16.28
11/1/2012 -0.81 16.29
11/2/2012 -0.80 16.38
11/5/2012 -0.80 16.53
11/6/2012 -0.80 16.67
11/7/2012 -0.79 16.90
11/8/2012 -0.81 17.06
11/9/2012 -0.79 17.16
11/12/2012 -0.78 17.18
11/13/2012 -0.76 17.23
11/14/2012 -0.76 17.32
11/15/2012 -0.75 17.45
11/16/2012 -0.72 17.50
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11/20/2012 -0.70 17.51
11/21/2012 -0.68 17.43
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12/3/2012 -0.73 16.77
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12/7/2012 -0.69 16.57
12/10/2012 -0.69 16.43
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12/20/2012 -0.79 16.14
12/21/2012 -0.78 16.28
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1/7/2013 -0.69 16.61
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1/9/2013 -0.71 16.37
1/10/2013 -0.73 16.20
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1/24/2013 -0.87 14.82
1/25/2013 -0.88 14.69
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1/29/2013 -0.91 14.30
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7/10/2013 -0.16 16.92
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11/6/2013 -0.84 14.30
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11/18/2013 -0.90 13.09
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1/9/2014 -0.77 14.13
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2/28/2014 -0.66 15.70
3/3/2014 -0.63 15.64
3/4/2014 -0.67 15.43
3/5/2014 -0.67 15.07
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3/7/2014 -0.70 14.56
3/10/2014 -0.67 14.41
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3/12/2014 -0.65 14.35
3/13/2014 -0.61 14.44
3/14/2014 -0.58 14.60
3/17/2014 -0.53 14.67
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5/30/2014 -0.70 12.48
6/2/2014 -0.70 12.40
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6/4/2014 -0.75 12.29
6/5/2014 -0.77 12.19
6/6/2014 -0.81 12.06
6/9/2014 -0.84 11.95
6/10/2014 -0.86 11.86
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6/18/2014 -0.87 11.72
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7/9/2014 -0.93 11.45
7/10/2014 -0.92 11.53
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8/8/2014 -0.89 13.74
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9/2/2014 -0.84 13.26
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9/5/2014 -0.90 12.73
9/8/2014 -0.92 12.54
9/9/2014 -0.95 12.43
9/10/2014 -0.94 12.36
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9/12/2014 -0.92 12.32
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9/22/2014 -0.89 12.50
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9/24/2014 -0.89 12.74
9/25/2014 -0.88 12.93
9/26/2014 -0.83 13.07
9/29/2014 -0.80 13.26
9/30/2014 -0.78 13.47
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10/3/2014 -0.69 13.95
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10/7/2014 -0.64 14.33
10/8/2014 -0.59 14.40
10/9/2014 -0.53 14.68
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10/13/2014 -0.46 15.63
10/14/2014 -0.37 16.04
10/15/2014 -0.26 16.68
10/16/2014 -0.09 17.28
10/17/2014 0.00 17.75
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10/21/2014 0.14 18.18
10/22/2014 0.20 18.32
10/23/2014 0.26 18.47
10/24/2014 0.33 18.49
10/27/2014 0.38 18.55
10/28/2014 0.38 18.47
10/29/2014 0.43 18.42
10/30/2014 0.46 18.31
10/31/2014 0.47 18.21
11/3/2014 0.47 18.22
11/4/2014 0.47 18.19
11/5/2014 0.48 18.05
11/6/2014 0.45 17.98
11/7/2014 0.41 17.71
11/10/2014 0.37 17.31
11/11/2014 0.32 16.75
11/12/2014 0.25 16.28
11/13/2014 0.17 15.69
11/14/2014 -0.01 15.12
11/17/2014 -0.08 14.74
11/18/2014 -0.17 14.52
11/19/2014 -0.16 14.42
11/20/2014 -0.22 14.21
11/21/2014 -0.27 14.04
11/24/2014 -0.35 13.87
11/25/2014 -0.41 13.69
11/26/2014 -0.43 13.58
12/1/2014 -0.48 13.54
12/2/2014 -0.52 13.46
12/3/2014 -0.53 13.39
12/4/2014 -0.56 13.28
12/5/2014 -0.59 13.13
12/8/2014 -0.61 13.13
12/9/2014 -0.59 13.19
12/10/2014 -0.58 13.45
12/11/2014 -0.54 13.80
12/12/2014 -0.45 14.19
12/15/2014 -0.39 14.54
12/16/2014 -0.29 15.01
12/17/2014 -0.17 15.30
12/18/2014 -0.14 15.43
12/19/2014 -0.10 15.56
12/22/2014 -0.09 15.62
12/23/2014 -0.02 15.68
12/29/2014 0.00 15.78
12/30/2014 0.05 15.94
1/5/2015 0.10 16.30
1/6/2015 0.19 16.73
1/7/2015 0.26 16.97
1/8/2015 0.30 17.17
1/9/2015 0.34 17.41
1/12/2015 0.43 17.76
1/13/2015 0.53 18.17
1/14/2015 0.62 18.52
1/15/2015 0.71 18.88
1/16/2015 0.79 18.99
1/20/2015 0.84 18.98
1/21/2015 0.84 18.88
1/22/2015 0.84 18.68
1/23/2015 0.78 18.36
1/26/2015 0.71 18.17
1/27/2015 0.76 18.19
1/28/2015 0.85 18.38
1/29/2015 0.92 18.54
1/30/2015 0.96 18.84
2/2/2015 1.07 19.05
2/3/2015 1.12 19.11
2/4/2015 1.12 19.04
2/5/2015 1.08 18.83
2/6/2015 1.08 18.74
2/9/2015 1.10 18.81
2/10/2015 1.10 18.80
2/11/2015 1.07 18.67
2/12/2015 1.02 18.42
2/13/2015 0.94 18.10
2/17/2015 0.86 17.78
2/18/2015 0.79 17.52
2/19/2015 0.69 17.30
2/20/2015 0.64 17.09
2/23/2015 0.59 17.00
2/24/2015 0.53 16.86
2/25/2015 0.49 16.78
2/26/2015 0.41 16.62
2/27/2015 0.28 16.28
3/2/2015 0.17 16.01
3/3/2015 0.08 15.67
3/4/2015 -0.02 15.42
3/5/2015 -0.10 15.27
3/6/2015 -0.13 15.12
3/9/2015 -0.18 15.03
3/10/2015 -0.23 15.00
3/11/2015 -0.28 14.92
3/12/2015 -0.29 14.84
3/13/2015 -0.24 14.79
3/16/2015 -0.24 14.80
3/17/2015 -0.23 14.85
3/18/2015 -0.11 14.76
3/19/2015 -0.12 14.70
3/20/2015 -0.10 14.59
3/23/2015 -0.15 14.55
3/24/2015 -0.14 14.50
3/25/2015 -0.12 14.59
3/26/2015 -0.06 14.68
3/27/2015 0.00 14.73
3/30/2015 0.03 14.79
3/31/2015 0.04 14.90
4/1/2015 0.13 14.96
4/2/2015 0.16 14.98
4/7/2015 0.18 15.01
4/8/2015 0.27 14.95
4/9/2015 0.34 14.86
4/10/2015 0.32 14.67
4/13/2015 0.32 14.53
4/14/2015 0.36 14.44
4/15/2015 0.29 14.29
4/16/2015 0.27 14.15
4/17/2015 0.29 14.06
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9/8/2017 -0.78 12.39
9/11/2017 -0.80 12.14
9/12/2017 -0.82 11.91
9/13/2017 -0.82 11.82
9/14/2017 -0.85 11.74
9/15/2017 -0.89 11.67
9/18/2017 -0.91 11.41
9/19/2017 -0.92 11.22
9/20/2017 -0.92 11.05
9/21/2017 -0.93 10.97
9/22/2017 -0.94 10.85
9/25/2017 -0.96 10.75
9/26/2017 -0.96 10.70
9/27/2017 -0.98 10.63
9/28/2017 -0.99 10.53
9/29/2017 -1.01 10.45
10/2/2017 -1.02 10.39
10/3/2017 -1.01 10.36
10/4/2017 -1.04 10.24
10/5/2017 -1.07 10.12
10/6/2017 -1.11 10.03
10/9/2017 -1.13 9.95
10/10/2017 -1.11 9.91
10/11/2017 -1.12 9.88
10/12/2017 -1.13 9.85
10/13/2017 -1.14 9.81
10/16/2017 -1.14 9.80
10/17/2017 -1.15 9.81
10/18/2017 -1.16 9.80
10/19/2017 -1.18 9.82
10/20/2017 -1.18 9.83
10/23/2017 -1.18 9.90
10/24/2017 -1.18 9.95
10/25/2017 -1.18 10.00
10/26/2017 -1.17 10.06
10/27/2017 -1.16 10.08
10/30/2017 -1.14 10.12
10/31/2017 -1.14 10.16
11/1/2017 -1.13 10.19
11/2/2017 -1.09 10.20
11/3/2017 -1.09 10.20
11/6/2017 -1.08 10.19
11/7/2017 -1.07 10.17
11/8/2017 -1.08 10.16
11/9/2017 -1.05 10.19
11/10/2017 -1.01 10.25
11/13/2017 -0.99 10.34
11/14/2017 -0.97 10.42
11/15/2017 -0.94 10.56
11/16/2017 -0.94 10.64
11/17/2017 -0.95 10.70
11/20/2017 -0.93 10.73
11/21/2017 -0.94 10.67
11/22/2017 -0.95 10.61
11/27/2017 -0.96 10.55
11/28/2017 -0.96 10.48
11/29/2017 -0.95 10.53
11/30/2017 -0.93 10.56
12/1/2017 -0.82 10.62
12/4/2017 -0.79 10.69
12/5/2017 -0.78 10.76
12/6/2017 -0.73 10.85
12/7/2017 -0.68 10.89
12/8/2017 -0.65 10.87
12/11/2017 -0.64 10.85
12/12/2017 -0.66 10.82
12/13/2017 -0.64 10.77
12/14/2017 -0.62 10.72
12/15/2017 -0.63 10.62
12/18/2017 -0.63 10.45
12/19/2017 -0.59 10.37
12/20/2017 -0.54 10.28
12/21/2017 -0.52 10.24
12/22/2017 -0.49 10.24
12/27/2017 -0.47 10.27
12/28/2017 -0.46 10.29
12/29/2017 -0.46 10.33
1/3/2018 -0.47 10.26
1/4/2018 -0.48 10.16
1/5/2018 -0.58 10.06
1/8/2018 -0.61 9.95
1/9/2018 -0.63 9.89
1/10/2018 -0.64 9.84
1/11/2018 -0.67 9.82
1/12/2018 -0.70 9.85
1/16/2018 -0.67 9.96
1/17/2018 -0.66 10.06
1/18/2018 -0.64 10.15
1/19/2018 -0.64 10.19
1/22/2018 -0.63 10.27
1/23/2018 -0.60 10.34
1/24/2018 -0.57 10.41
1/25/2018 -0.52 10.50
1/26/2018 -0.51 10.57
1/29/2018 -0.47 10.76
1/30/2018 -0.40 10.96
1/31/2018 -0.34 11.12
2/1/2018 -0.27 11.24
2/2/2018 -0.20 11.63
2/5/2018 0.09 12.97
2/6/2018 0.71 13.95
2/7/2018 1.07 14.82
2/8/2018 1.56 15.93
2/9/2018 2.01 16.85
2/12/2018 2.30 17.60
2/13/2018 2.51 18.30
2/14/2018 2.69 18.67
2/15/2018 2.81 19.01
2/16/2018 2.97 19.36
2/20/2018 3.15 19.80
2/21/2018 3.35 20.23
2/22/2018 3.52 20.59
2/23/2018 3.62 20.83
2/26/2018 3.65 21.03
2/27/2018 3.77 21.39
2/28/2018 3.90 21.67
3/1/2018 4.15 22.04
3/2/2018 4.31 22.33
3/5/2018 4.39 22.58
3/6/2018 4.51 22.63
3/7/2018 4.39 21.70
3/8/2018 3.90 21.06
3/9/2018 3.73 20.43
3/12/2018 3.41 19.59
3/13/2018 3.09 18.99
3/14/2018 2.95 18.59
3/15/2018 2.87 18.19
3/16/2018 2.73 18.02
3/19/2018 2.71 18.02
3/20/2018 2.64 17.96
3/21/2018 2.61 17.83
3/22/2018 2.60 17.99
3/23/2018 2.61 18.28
3/26/2018 2.62 18.50
3/27/2018 2.77 18.81
3/28/2018 2.95 19.02
3/29/2018 3.03 19.02
4/3/2018 2.96 18.96
4/4/2018 3.03 18.98
4/5/2018 3.08 18.99
4/6/2018 3.30 19.14
4/9/2018 3.31 19.33
4/10/2018 3.43 19.52
4/11/2018 3.48 19.78
4/12/2018 3.49 19.91
4/13/2018 3.47 19.96
4/16/2018 3.50 19.93
4/17/2018 3.47 19.87
4/18/2018 3.48 19.86
4/19/2018 3.46 19.71
4/20/2018 3.44 19.65
4/23/2018 3.41 19.58
4/24/2018 3.38 19.32
4/25/2018 3.34 18.99
4/26/2018 3.29 18.76
4/27/2018 3.18 18.42
4/30/2018 2.94 18.09
5/1/2018 2.82 17.88
5/2/2018 2.67 17.64
5/3/2018 2.60 17.44
5/4/2018 2.48 17.24
5/7/2018 2.16 16.92
5/8/2018 2.16 16.58
5/9/2018 2.01 16.25
5/10/2018 1.83 15.91
5/11/2018 1.74 15.63
5/14/2018 1.69 15.42
5/15/2018 1.64 15.33
5/16/2018 1.61 15.24
5/17/2018 1.61 15.14
5/18/2018 1.61 15.02
5/21/2018 1.56 14.84
5/22/2018 1.48 14.69
5/23/2018 1.41 14.43
5/24/2018 1.32 14.18
5/25/2018 1.30 14.03
5/29/2018 1.30 14.11
5/30/2018 1.26 14.06
5/31/2018 1.21 14.06
6/1/2018 1.16 13.94
6/4/2018 1.00 13.79
6/5/2018 0.97 13.68
6/6/2018 0.90 13.53
6/7/2018 0.80 13.41
6/8/2018 0.80 13.35
6/11/2018 0.79 13.30
6/12/2018 0.76 13.29
6/13/2018 0.74 13.29
6/14/2018 0.64 13.17
6/15/2018 0.62 13.10
6/18/2018 0.58 13.05
6/19/2018 0.58 13.05
6/20/2018 0.56 13.03
6/21/2018 0.58 13.10
6/22/2018 0.50 13.16
6/25/2018 0.51 13.38
6/26/2018 0.49 13.51
6/27/2018 0.47 13.56
6/28/2018 0.63 13.65
6/29/2018 0.64 13.68
7/2/2018 0.70 13.78
7/3/2018 0.79 13.94
7/5/2018 0.85 14.06
7/6/2018 0.90 14.15
7/9/2018 0.85 14.17
7/10/2018 0.79 14.20
7/11/2018 0.82 14.26
7/12/2018 0.81 14.27
7/13/2018 0.80 14.23
7/16/2018 0.81 14.27
7/17/2018 0.81 14.27
7/18/2018 0.79 14.26
7/19/2018 0.75 14.24
7/20/2018 0.76 14.24
7/23/2018 0.72 14.14
7/24/2018 0.75 14.08
7/25/2018 0.70 13.84
7/26/2018 0.68 13.66
7/27/2018 0.63 13.43
7/30/2018 0.50 13.30
7/31/2018 0.42 13.15
8/1/2018 0.37 13.03
8/2/2018 0.26 12.84
8/3/2018 0.20 12.68
8/6/2018 0.16 12.58
8/7/2018 0.17 12.50
8/8/2018 0.15 12.42
8/9/2018 0.09 12.30
8/10/2018 0.09 12.33
8/13/2018 0.11 12.45
8/14/2018 0.10 12.48
8/15/2018 0.13 12.60
8/16/2018 0.11 12.66
8/17/2018 0.11 12.65
8/20/2018 0.08 12.64
8/21/2018 0.06 12.65
8/22/2018 0.05 12.64
8/23/2018 0.03 12.65
8/24/2018 -0.01 12.64
8/27/2018 -0.06 12.60
8/28/2018 -0.12 12.51
8/29/2018 -0.14 12.49
8/30/2018 -0.18 12.50
8/31/2018 -0.19 12.54
9/4/2018 -0.21 12.61
9/5/2018 -0.17 12.73
9/6/2018 -0.14 12.91
9/7/2018 -0.11 13.10
9/10/2018 -0.11 13.24
9/11/2018 -0.12 13.24
9/12/2018 -0.14 13.16
9/13/2018 -0.14 13.12
9/14/2018 -0.16 13.00
9/17/2018 -0.15 13.01
9/18/2018 -0.17 13.02
9/19/2018 -0.15 12.98
9/20/2018 -0.14 12.93
9/21/2018 -0.18 12.90
9/24/2018 -0.17 12.89
9/25/2018 -0.15 12.91
9/26/2018 -0.14 12.95
9/27/2018 -0.13 12.94
9/28/2018 -0.13 12.94
10/1/2018 -0.15 12.86
10/2/2018 -0.13 12.83
10/3/2018 -0.15 12.75
10/4/2018 -0.16 12.77
10/5/2018 -0.16 12.78
10/8/2018 -0.13 12.81
10/9/2018 -0.06 12.90
10/10/2018 0.04 13.36
10/11/2018 0.30 13.93
10/12/2018 0.49 14.35
10/15/2018 0.59 14.79
10/16/2018 0.66 14.98
10/17/2018 0.85 15.20
10/18/2018 1.03 15.59
10/19/2018 1.19 15.98
10/22/2018 1.36 16.36
10/23/2018 1.51 16.76
10/24/2018 1.77 17.37
10/25/2018 2.00 17.91
10/26/2018 2.30 18.47
10/29/2018 2.61 19.07
10/30/2018 2.97 19.61
10/31/2018 3.12 20.05
11/1/2018 3.27 20.42
11/2/2018 3.51 20.67
11/5/2018 3.61 20.91
11/6/2018 3.74 21.12
11/7/2018 3.76 21.14
11/8/2018 3.78 20.84
11/9/2018 3.62 20.48
11/12/2018 3.57 20.43
11/13/2018 3.71 20.37
11/14/2018 3.88 20.55
11/15/2018 3.98 20.67
11/16/2018 3.95 20.58
11/19/2018 4.04 20.59
11/20/2018 4.16 20.72
11/21/2018 4.17 20.73
11/26/2018 4.04 20.43
11/27/2018 4.03 20.18
11/28/2018 3.85 19.91
11/29/2018 3.68 19.63
11/30/2018 3.46 19.38
12/3/2018 3.42 19.15
12/4/2018 3.49 19.21
12/6/2018 3.53 19.29
12/7/2018 3.70 19.45
12/10/2018 3.83 19.58
12/11/2018 4.04 19.84
12/12/2018 4.12 20.06
12/13/2018 4.27 20.22
12/14/2018 4.42 20.28
12/17/2018 4.43 20.49
12/18/2018 4.40 20.70
12/19/2018 4.55 20.96
12/20/2018 4.75 21.45
12/21/2018 4.94 21.93
12/27/2018 5.27 22.28
12/28/2018 5.63 22.64
1/3/2019 5.94 22.95
1/4/2019 5.99 23.07
1/7/2019 6.09 23.20
1/8/2019 6.16 23.28
1/9/2019 6.22 23.38
1/10/2019 6.28 23.52
1/11/2019 6.17 23.40
1/14/2019 5.99 23.30
1/15/2019 5.83 23.08
1/16/2019 5.58 22.91
1/17/2019 5.40 22.73
1/18/2019 5.29 22.56
1/22/2019 5.17 22.56
1/23/2019 5.03 22.46
1/24/2019 4.90 22.20
1/25/2019 4.78 21.81
1/28/2019 4.50 21.49
1/29/2019 4.24 21.05
1/30/2019 3.93 20.45
1/31/2019 3.38 19.82
2/1/2019 2.97 19.24
2/4/2019 2.63 18.77
2/5/2019 2.40 18.50
2/6/2019 2.27 18.21
2/7/2019 2.20 18.01
2/8/2019 2.08 17.81
2/11/2019 2.00 17.64
2/12/2019 1.92 17.51
2/13/2019 1.87 17.35
2/14/2019 1.80 17.24
2/15/2019 1.80 17.04
2/19/2019 1.73 16.89
2/20/2019 1.70 16.71
2/21/2019 1.61 16.41
2/22/2019 1.48 16.12
2/25/2019 1.38 15.93
2/26/2019 1.35 15.82
2/27/2019 1.25 15.62
2/28/2019 1.19 15.41
3/1/2019 1.08 15.22
3/4/2019 1.10 15.13
3/5/2019 1.04 15.06
3/6/2019 1.01 15.06
3/7/2019 1.09 15.11
3/8/2019 1.22 15.14
3/11/2019 1.12 15.04
3/12/2019 1.11 14.95
3/13/2019 1.03 14.83
3/14/2019 1.04 14.74
3/15/2019 1.02 14.61
3/18/2019 0.97 14.46
3/19/2019 0.92 14.39
3/20/2019 0.97 14.35
3/21/2019 0.94 14.33
3/22/2019 1.01 14.42
3/25/2019 1.09 14.56
3/26/2019 1.11 14.55
3/27/2019 1.17 14.55
3/28/2019 1.21 14.54
3/29/2019 1.18 14.49
4/1/2019 1.19 14.48
4/2/2019 1.18 14.42
4/3/2019 1.16 14.37
4/4/2019 1.14 14.27
4/5/2019 1.06 14.09
4/8/2019 0.86 13.95
4/9/2019 0.87 13.95
4/10/2019 0.82 13.93
4/11/2019 0.83 13.91
4/12/2019 0.78 13.84
4/15/2019 0.75 13.81
4/16/2019 0.73 13.77
4/17/2019 0.73 13.72
4/18/2019 0.64 13.63
4/23/2019 0.61 13.57
4/24/2019 0.51 13.41
4/25/2019 0.43 13.26
4/26/2019 0.38 13.17
4/29/2019 0.27 13.07
4/30/2019 0.18 13.01
5/1/2019 0.19 13.06
5/2/2019 0.22 13.11
5/3/2019 0.18 13.09
5/6/2019 0.18 13.17
5/7/2019 0.27 13.44
5/8/2019 0.36 13.76
5/9/2019 0.45 14.04
5/10/2019 0.56 14.12
5/13/2019 0.71 14.47
5/14/2019 0.77 14.71
5/15/2019 0.91 14.92
5/16/2019 0.95 15.06
5/17/2019 1.05 15.24
5/20/2019 1.11 15.42
5/21/2019 1.14 15.55
5/22/2019 1.20 15.67
5/23/2019 1.30 15.85
5/24/2019 1.38 15.97
5/28/2019 1.42 16.20
5/29/2019 1.50 16.43
5/30/2019 1.59 16.63
5/31/2019 1.59 16.81
6/3/2019 1.67 17.02
6/4/2019 1.70 17.22
6/5/2019 1.74 17.25
6/6/2019 1.70 17.09
6/7/2019 1.64 16.94
6/10/2019 1.56 16.79
6/11/2019 1.50 16.79
6/12/2019 1.40 16.57
6/13/2019 1.35 16.46
6/14/2019 1.34 16.41
6/17/2019 1.33 16.41
6/18/2019 1.28 16.37
6/19/2019 1.26 16.28
6/20/2019 1.26 16.27
6/21/2019 1.23 16.30
6/24/2019 1.15 16.22
6/25/2019 1.09 16.24
6/26/2019 1.07 16.18
6/27/2019 1.03 16.08
6/28/2019 0.95 15.97
7/1/2019 0.97 15.75
7/2/2019 0.89 15.47
7/3/2019 0.90 15.26
7/5/2019 0.87 15.13
7/8/2019 0.85 15.03
7/9/2019 0.80 14.93
7/10/2019 0.79 14.79
7/11/2019 0.72 14.64
7/12/2019 0.66 14.47
7/15/2019 0.64 14.33
7/16/2019 0.56 14.21
7/17/2019 0.54 14.14
7/18/2019 0.51 14.07
7/19/2019 0.47 14.07
7/22/2019 0.46 14.01
7/23/2019 0.45 13.88
7/24/2019 0.43 13.73
7/25/2019 0.45 13.56
7/26/2019 0.40 13.37
7/29/2019 0.37 13.23
7/30/2019 0.37 13.17
7/31/2019 0.43 13.27
8/1/2019 0.51 13.51
8/2/2019 0.63 13.75
8/5/2019 0.71 14.28
8/6/2019 0.83 14.58
8/7/2019 1.07 14.84
8/8/2019 1.08 15.02
8/9/2019 1.21 15.26
8/12/2019 1.28 15.68
8/13/2019 1.46 15.91
8/14/2019 1.59 16.35
8/15/2019 1.83 16.69
8/16/2019 1.90 16.92
8/19/2019 1.89 17.04
8/20/2019 1.95 17.23
8/21/2019 1.99 17.38
8/22/2019 2.08 17.60
8/23/2019 2.23 17.94
8/26/2019 2.44 18.28
8/27/2019 2.59 18.64
8/28/2019 2.69 18.90
8/29/2019 2.67 18.98
8/30/2019 2.63 19.03
9/3/2019 2.67 19.13
9/4/2019 2.55 18.78
9/5/2019 2.44 18.60
9/6/2019 2.24 18.38
9/9/2019 2.22 18.31
9/10/2019 2.14 18.17
9/11/2019 2.09 17.87
9/12/2019 2.00 17.71
9/13/2019 1.96 17.31
9/16/2019 1.80 17.00
9/17/2019 1.74 16.81
9/18/2019 1.76 16.67
9/19/2019 1.71 16.50
9/20/2019 1.71 16.48
9/23/2019 1.66 16.40
9/24/2019 1.57 16.26
9/25/2019 1.44 16.10
9/26/2019 1.42 15.90
9/27/2019 1.43 15.80
9/30/2019 1.37 15.72

Note: 21−day moving averages of an illiquidity index for the front−month E−mini S&P 500 futures contract and the CBOE Volatility Index (VIX).

Source: Staff calculations, based on data from Thomson Reuters Tick History.

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C. Flash Events

This is a bar chart titled “Flash Events.” The x-axis measures time and ranges from the years 2005 to 2019. The y-axis represents the number of jumps for each plotted category. The data are annual. There are two variables charted on the plot. The first category is “U.S. Treasuries” in the color blue. It is represented by the left side y-axis, which ranges from 0 to 50. It begins around 8 in 2005 and increases to its highest point on the graph of 50 in 2008. It then decreases until 2012 reaching around 3 in 2012. It then hovers around 7 from 2013 to 2015. It then steadily decreases to around 2 in 2019. The second category is “Equity Futures” in the color light red. It is represented by the right side y-axis, which ranges from 0 to 15. It is 0 until 2008 where it reaches its peak point of about 14. It stays between 2 and 4 from 2009 to 2011. It then goes to zero until 2015 where it hovers near 2 for two years. It ends around that level in 2019.

Note: Price jumps (five−minute returns that exceed 10 standard deviations in size) that revert by at least two−thirds of the size of the initial jump within the next 12 hours for 2−, 5−, and 10−year on−the−run U.S. Treasury notes and the front−month E−mini S&P 500 futures contract. Results for 2019 are through September and annualized.

Source: Staff calculations based on data from the interdealer broker community and Thomson Reuters Tick History.

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1-11. Commercial Real Estate Prices (Real)

This is a line chart titled “Commercial Real Estate Prices (Real)”. The x axis measures time and ranges from the years 1996 to 2020. The y axis ranges from 0 to 180, which are indexed prices, with 100 being prices in January 2001. The data is monthly. There are two variables charted on the plot. The first is the equal weighted commercial index price series, which is designated by the black line. It begins in Jan. 1997 and ranges from 80 to 165. The variable rises from around 80 in 1997 to about 155 in early 2006 where it remains until it begins to decline in November 2006. It continues to decline until January 2011 where it gradually begins to rise. It continues this gradual increase until September 2019 where it ends around 160. The second variable is the value weighed commercial index price series, which is designated by the blue line. It begins in January 1996 and ranges from 70 to 145. The variable rises from around 70 to 145 in late 2006. It then declines sharply until early 2009 to around 90. It then steadily increases to around 145 in September 2019.

Note: Series deflated using the consumer price index seasonally adjusted by Board staff.

Source: CoStar Group, Inc., CoStar Commercial Repeat Sale Indices; Bureau of Labor Statistics, consumer price index, via Haver Analytics.

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1-12. Capitalization Rate at Property Purchase

percent

Date Capitalization rate
1/16/2001 8.51
2/15/2001 8.55
3/16/2001 8.57
4/16/2001 8.58
5/16/2001 8.65
6/16/2001 8.69
7/16/2001 8.77
8/16/2001 8.85
9/16/2001 8.98
10/16/2001 9.00
11/16/2001 8.99
12/16/2001 9.02
1/16/2002 9.01
2/15/2002 9.01
3/16/2002 8.93
4/16/2002 8.90
5/16/2002 8.74
6/16/2002 8.68
7/16/2002 8.58
8/16/2002 8.51
9/16/2002 8.43
10/16/2002 8.37
11/16/2002 8.36
12/16/2002 8.37
1/16/2003 8.35
2/15/2003 8.38
3/16/2003 8.42
4/16/2003 8.47
5/16/2003 8.35
6/16/2003 8.20
7/16/2003 8.12
8/16/2003 8.01
9/16/2003 8.05
10/16/2003 8.01
11/16/2003 8.07
12/16/2003 7.95
1/16/2004 7.90
2/15/2004 7.79
3/16/2004 7.72
4/16/2004 7.71
5/16/2004 7.75
6/16/2004 7.74
7/16/2004 7.73
8/16/2004 7.67
9/16/2004 7.62
10/16/2004 7.55
11/16/2004 7.46
12/16/2004 7.29
1/16/2005 7.25
2/15/2005 7.24
3/16/2005 7.28
4/16/2005 7.24
5/16/2005 7.17
6/16/2005 7.11
7/16/2005 7.06
8/16/2005 7.01
9/16/2005 6.95
10/16/2005 6.88
11/16/2005 6.86
12/16/2005 6.82
1/16/2006 6.79
2/15/2006 6.78
3/16/2006 6.75
4/16/2006 6.75
5/16/2006 6.74
6/16/2006 6.75
7/16/2006 6.68
8/16/2006 6.67
9/16/2006 6.65
10/16/2006 6.70
11/16/2006 6.70
12/16/2006 6.70
1/16/2007 6.64
2/15/2007 6.62
3/16/2007 6.59
4/16/2007 6.57
5/16/2007 6.53
6/16/2007 6.54
7/16/2007 6.56
8/16/2007 6.57
9/16/2007 6.58
10/16/2007 6.60
11/16/2007 6.66
12/16/2007 6.70
1/16/2008 6.68
2/15/2008 6.79
3/16/2008 6.87
4/16/2008 6.98
5/16/2008 6.95
6/16/2008 6.99
7/16/2008 6.99
8/16/2008 6.99
9/16/2008 6.97
10/16/2008 6.95
11/16/2008 7.04
12/16/2008 7.16
1/16/2009 7.40
2/15/2009 7.40
3/16/2009 7.36
4/16/2009 7.21
5/16/2009 7.27
6/16/2009 7.40
7/16/2009 7.74
8/16/2009 7.82
9/16/2009 7.88
10/16/2009 7.79
11/16/2009 7.82
12/16/2009 7.88
1/16/2010 7.84
2/15/2010 7.84
3/16/2010 7.80
4/16/2010 7.90
5/16/2010 7.84
6/16/2010 7.74
7/16/2010 7.68
8/16/2010 7.74
9/16/2010 7.70
10/16/2010 7.65
11/16/2010 7.54
12/16/2010 7.51
1/16/2011 7.51
2/15/2011 7.49
3/16/2011 7.41
4/16/2011 7.43
5/16/2011 7.40
6/16/2011 7.37
7/16/2011 7.27
8/16/2011 7.21
9/16/2011 7.19
10/16/2011 7.24
11/16/2011 7.24
12/16/2011 7.25
1/16/2012 7.14
2/15/2012 7.20
3/16/2012 7.14
4/16/2012 7.17
5/16/2012 7.09
6/16/2012 7.05
7/16/2012 7.05
8/16/2012 7.06
9/16/2012 7.05
10/16/2012 7.04
11/16/2012 6.96
12/16/2012 6.96
1/16/2013 6.96
2/15/2013 6.98
3/16/2013 7.03
4/16/2013 6.98
5/16/2013 7.02
6/16/2013 6.95
7/16/2013 6.96
8/16/2013 6.85
9/16/2013 6.86
10/16/2013 6.90
11/16/2013 6.98
12/16/2013 6.93
1/16/2014 6.84
2/15/2014 6.77
3/16/2014 6.73
4/16/2014 6.78
5/16/2014 6.81
6/16/2014 6.77
7/16/2014 6.71
8/16/2014 6.66
9/16/2014 6.61
10/16/2014 6.59
11/16/2014 6.59
12/16/2014 6.57
1/16/2015 6.53
2/15/2015 6.50
3/16/2015 6.51
4/16/2015 6.48
5/16/2015 6.47
6/16/2015 6.46
7/16/2015 6.48
8/16/2015 6.44
9/16/2015 6.42
10/16/2015 6.40
11/16/2015 6.37
12/16/2015 6.34
1/16/2016 6.37
2/15/2016 6.38
3/16/2016 6.40
4/16/2016 6.31
5/16/2016 6.33
6/16/2016 6.32
7/16/2016 6.30
8/16/2016 6.29
9/16/2016 6.25
10/16/2016 6.26
11/16/2016 6.27
12/16/2016 6.33
1/16/2017 6.35
2/15/2017 6.34
3/16/2017 6.35
4/16/2017 6.37
5/16/2017 6.33
6/16/2017 6.24
7/16/2017 6.18
8/16/2017 6.19
9/16/2017 6.19
10/16/2017 6.21
11/16/2017 6.20
12/16/2017 6.23
1/16/2018 6.21
2/15/2018 6.20
3/16/2018 6.19
4/16/2018 6.20
5/16/2018 6.18
6/16/2018 6.18
7/16/2018 6.20
8/16/2018 6.23
9/16/2018 6.23
10/16/2018 6.22
11/16/2018 6.20
12/16/2018 6.14
1/16/2019 6.17
2/15/2019 6.16
3/16/2019 6.25
4/16/2019 6.21
5/16/2019 6.30
6/16/2019 6.24
7/16/2019 6.24
8/16/2019 6.14
9/16/2019 6.13

Note: The data are three-month moving averages of weighted capitalization rates in the industrial, retail, office, and multifamily sectors, based on national square footage in 2009.

Source: Real Capital Analytics; Andrew C. Florance, Norm G. Miller, Ruijue Peng, and Jay Spivey (2010), "Slicing, Dicing, and Scoping the Size of the U.S. Commercial Real Estate Market," Journal of Real Estate Portfolio Management, vol. 16 (May-August), pp.101–18.

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1-13. Spread of Capitalization Rate at Property Purchase to 10-Year Treasury Yield

percentage points

Date Spread of capitalization rate
1/16/2001 n.a.
2/15/2001 n.a.
3/16/2001 3.52
4/16/2001 3.54
5/16/2001 3.51
6/16/2001 3.42
7/16/2001 3.47
8/16/2001 3.69
9/16/2001 4.00
10/16/2001 4.24
11/16/2001 4.34
12/16/2001 4.25
1/16/2002 4.08
2/15/2002 4.00
3/16/2002 3.86
4/16/2002 3.77
5/16/2002 3.52
6/16/2002 3.58
7/16/2002 3.67
8/16/2002 3.90
9/16/2002 4.17
10/16/2002 4.35
11/16/2002 4.40
12/16/2002 4.37
1/16/2003 4.30
2/15/2003 4.38
3/16/2003 4.50
4/16/2003 4.58
5/16/2003 4.57
6/16/2003 4.58
7/16/2003 4.49
8/16/2003 4.09
9/16/2003 3.82
10/16/2003 3.67
11/16/2003 3.79
12/16/2003 3.67
1/16/2004 3.66
2/15/2004 3.62
3/16/2004 3.70
4/16/2004 3.62
5/16/2004 3.45
6/16/2004 3.14
7/16/2004 3.08
8/16/2004 3.17
9/16/2004 3.32
10/16/2004 3.38
11/16/2004 3.32
12/16/2004 3.12
1/16/2005 3.04
2/15/2005 3.04
3/16/2005 2.98
4/16/2005 2.90
5/16/2005 2.85
6/16/2005 2.95
7/16/2005 2.95
8/16/2005 2.86
9/16/2005 2.74
10/16/2005 2.57
11/16/2005 2.46
12/16/2005 2.33
1/16/2006 2.32
2/15/2006 2.29
3/16/2006 2.18
4/16/2006 1.99
5/16/2006 1.80
6/16/2006 1.68
7/16/2006 1.58
8/16/2006 1.64
9/16/2006 1.75
10/16/2006 1.93
11/16/2006 2.02
12/16/2006 2.07
1/16/2007 2.00
2/15/2007 1.94
3/16/2007 1.91
4/16/2007 1.91
5/16/2007 1.86
6/16/2007 1.69
7/16/2007 1.61
8/16/2007 1.65
9/16/2007 1.85
10/16/2007 2.03
11/16/2007 2.26
12/16/2007 2.44
1/16/2008 2.69
2/15/2008 2.93
3/16/2008 3.20
4/16/2008 3.34
5/16/2008 3.26
6/16/2008 3.10
7/16/2008 2.99
8/16/2008 2.99
9/16/2008 3.11
10/16/2008 3.15
11/16/2008 3.36
12/16/2008 3.91
1/16/2009 4.57
2/15/2009 4.80
3/16/2009 4.63
4/16/2009 4.33
5/16/2009 4.25
6/16/2009 4.08
7/16/2009 4.22
8/16/2009 4.20
9/16/2009 4.36
10/16/2009 4.33
11/16/2009 4.42
12/16/2009 4.42
1/16/2010 4.27
2/15/2010 4.17
3/16/2010 4.08
4/16/2010 4.15
5/16/2010 4.18
6/16/2010 4.25
7/16/2010 4.47
8/16/2010 4.77
9/16/2010 4.91
10/16/2010 5.02
11/16/2010 4.89
12/16/2010 4.65
1/16/2011 4.37
2/15/2011 4.07
3/16/2011 3.95
4/16/2011 3.94
5/16/2011 4.06
6/16/2011 4.16
7/16/2011 4.21
8/16/2011 4.44
9/16/2011 4.76
10/16/2011 5.09
11/16/2011 5.19
12/16/2011 5.20
1/16/2012 5.16
2/15/2012 5.23
3/16/2012 5.11
4/16/2012 5.11
5/16/2012 5.08
6/16/2012 5.23
7/16/2012 5.40
8/16/2012 5.45
9/16/2012 5.41
10/16/2012 5.32
11/16/2012 5.25
12/16/2012 5.25
1/16/2013 5.20
2/15/2013 5.11
3/16/2013 5.08
4/16/2013 5.08
5/16/2013 5.14
6/16/2013 4.95
7/16/2013 4.69
8/16/2013 4.31
9/16/2013 4.15
10/16/2013 4.17
11/16/2013 4.27
12/16/2013 4.18
1/16/2014 4.01
2/15/2014 3.94
3/16/2014 3.97
4/16/2014 4.07
5/16/2014 4.15
6/16/2014 4.14
7/16/2014 4.14
8/16/2014 4.14
9/16/2014 4.12
10/16/2014 4.17
11/16/2014 4.20
12/16/2014 4.29
1/16/2015 4.39
2/15/2015 4.48
3/16/2015 4.55
4/16/2015 4.49
5/16/2015 4.41
6/16/2015 4.29
7/16/2015 4.18
8/16/2015 4.16
9/16/2015 4.20
10/16/2015 4.26
11/16/2015 4.20
12/16/2015 4.15
1/16/2016 4.18
2/15/2016 4.35
3/16/2016 4.48
4/16/2016 4.48
5/16/2016 4.49
6/16/2016 4.57
7/16/2016 4.65
8/16/2016 4.72
9/16/2016 4.68
10/16/2016 4.61
11/16/2016 4.43
12/16/2016 4.20
1/16/2017 4.00
2/15/2017 3.90
3/16/2017 3.91
4/16/2017 3.97
5/16/2017 3.97
6/16/2017 3.97
7/16/2017 3.91
8/16/2017 3.95
9/16/2017 3.94
10/16/2017 3.95
11/16/2017 3.90
12/16/2017 3.86
1/16/2018 3.77
2/15/2018 3.58
3/16/2018 3.43
4/16/2018 3.34
5/16/2018 3.28
6/16/2018 3.26
7/16/2018 3.27
8/16/2018 3.33
9/16/2018 3.30
10/16/2018 3.21
11/16/2018 3.11
12/16/2018 3.11
1/16/2019 3.28
2/15/2019 3.42
3/16/2019 3.60
4/16/2019 3.61
5/16/2019 3.80
6/16/2019 3.91
7/16/2019 4.06
8/16/2019 4.22
9/16/2019 4.33

Note: The data are three-month moving averages of weighted capitalization rates in the industrial, retail, office, and multifamily sectors, based on national square footage in 2009. Median line marked at 4.0.

Source: Real Capital Analytics; Andrew C. Florance, Norm G. Miller, Ruijue Peng, and Jay Spivey (2010), "Slicing, Dicing, and Scoping the Size of the U.S. Commercial Real Estate Market," Journal of Real Estate Portfolio Management, vol. 16 (May-August), pp. 101–18.

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1-14. Change in Bank Standards for CRE Loans

Net percentage of banks reporting

Date Commercial Real Estate
1996 Q4 0.68
1997 Q1 -7.61
1997 Q2 -4.64
1997 Q3 -11.21
1997 Q4 -10.02
1998 Q1 -10.74
1998 Q2 -2.15
1998 Q3 45.05
1998 Q4 8.39
1999 Q1 7.62
1999 Q2 6.25
1999 Q3 2.16
1999 Q4 2.86
2000 Q1 17.13
2000 Q2 26.09
2000 Q3 30.98
2000 Q4 52.00
2001 Q1 45.59
2001 Q2 41.36
2001 Q3 47.39
2001 Q4 39.93
2002 Q1 25.99
2002 Q2 23.00
2002 Q3 13.24
2002 Q4 8.91
2003 Q1 9.59
2003 Q2 5.92
2003 Q3 -3.24
2003 Q4 -3.07
2004 Q1 -16.88
2004 Q2 -10.51
2004 Q3 -19.11
2004 Q4 -25.14
2005 Q1 -21.40
2005 Q2 -13.88
2005 Q3 12.92
2005 Q4 -0.04
2006 Q1 8.17
2006 Q2 8.41
2006 Q3 28.34
2006 Q4 21.56
2007 Q1 18.78
2007 Q2 24.24
2007 Q3 63.39
2007 Q4 85.26
2008 Q1 83.98
2008 Q2 83.56
2008 Q3 85.58
2008 Q4 90.02
2009 Q1 68.84
2009 Q2 50.95
2009 Q3 36.37
2009 Q4 31.73
2010 Q1 7.54
2010 Q2 1.97
2010 Q3 -0.10
2010 Q4 -1.86
2011 Q1 -16.06
2011 Q2 -9.41
2011 Q3 -10.60
2011 Q4 -5.45
2012 Q1 -13.41
2012 Q2 -19.04
2012 Q3 -7.40
2012 Q4 -12.25
2013 Q1 -22.90
2013 Q2 -13.08
2013 Q3 -11.24
2013 Q4 -9.12
2014 Q1 -10.39
2014 Q2 -21.53
2014 Q3 -21.73
2014 Q4 -20.07
2015 Q1 -20.33
2015 Q2 -2.38
2015 Q3 -0.38
2015 Q4 6.01
2016 Q1 27.16
2016 Q2 23.17
2016 Q3 17.18
2016 Q4 10.25
2017 Q1 14.07
2017 Q2 10.39
2017 Q3 2.65
2017 Q4 0.99
2018 Q1 -16.15
2018 Q2 -0.83
2018 Q3 -13.44
2018 Q4 4.90
2019 Q1 6.30
2019 Q2 3.81
2019 Q3 13.76

Note: Banks' responses are weighted by their commercial real estate (CRE) loan market shares. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001 and December 2007-June 2009. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked the changes over the quarter. Line marked at 0 where y-axis data above zero is Tightening and below zero is Easing.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; Federal Reserve Board staff calculations.

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1-15. Farmland Prices

2018 dollars per acre

Date Midwest index United States
7/2/1967 2493.22 n.a.
7/2/1968 2615.12 n.a.
7/2/1969 2564.46 n.a.
7/2/1970 2452.95 n.a.
7/2/1971 2292.74 n.a.
7/2/1972 2296.35 n.a.
7/2/1973 2469.66 n.a.
7/2/1974 2981.72 n.a.
7/2/1975 3321.74 n.a.
7/2/1976 3902.34 n.a.
7/2/1977 4683.21 n.a.
7/2/1978 4890.56 n.a.
7/2/1979 4962.69 n.a.
7/2/1980 4966.52 n.a.
7/2/1981 4724.66 n.a.
7/2/1982 4305.53 n.a.
7/2/1983 3655.29 n.a.
7/2/1984 3212.81 n.a.
7/2/1985 2291.07 n.a.
7/2/1986 1819.63 n.a.
7/2/1987 1548.06 n.a.
7/2/1988 1695.74 n.a.
7/2/1989 1855.42 n.a.
7/2/1990 1862.73 n.a.
7/2/1991 1822.21 n.a.
7/2/1992 1827.71 n.a.
7/2/1993 1829.65 n.a.
7/2/1994 2218.76 n.a.
7/2/1995 2141.02 n.a.
7/2/1996 2286.39 n.a.
7/2/1997 2104.07 1986.62
7/2/1998 2223.82 2064.19
7/2/1999 2245.22 2110.33
7/2/2000 2215.45 2129.09
7/2/2001 2199.67 2141.68
7/2/2002 2232.84 2219.73
7/2/2003 2262.18 2265.40
7/2/2004 2364.23 2326.17
7/2/2005 2731.75 2649.07
7/2/2006 2946.30 2977.50
7/2/2007 3264.90 3063.96
7/2/2008 3643.17 3219.67
7/2/2009 3462.31 3124.69
7/2/2010 3646.77 3108.92
7/2/2011 4232.39 3326.87
7/2/2012 4956.39 3663.98
7/2/2013 5675.15 4106.89
7/2/2014 6105.41 4338.62
7/2/2015 5862.76 4344.04
7/2/2016 5586.96 4226.78
7/2/2017 5414.45 4128.15
7/2/2018 5283.84 4050.00
7/2/2019 5175.02 4018.97

Note: The data for the United States start in 1997. Midwest index is a weighted average of Corn Belt and Great Plains states that comes from staff calculations. Values are given in real terms. Median line marked at about 2600.

Source: Department of Agriculture; Federal Reserve Board staff calculations.

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1-16. Farmland Price-to-Rent Ratio

Ratio

Date Midwest index United States
7/2/1967 14.13 n.a.
7/2/1968 14.20 n.a.
7/2/1969 14.20 n.a.
7/2/1970 13.99 n.a.
7/2/1971 13.51 n.a.
7/2/1972 13.40 n.a.
7/2/1973 14.17 n.a.
7/2/1974 14.53 n.a.
7/2/1975 14.60 n.a.
7/2/1976 16.16 n.a.
7/2/1977 18.02 n.a.
7/2/1978 19.56 n.a.
7/2/1979 20.58 n.a.
7/2/1980 21.55 n.a.
7/2/1981 21.25 n.a.
7/2/1982 19.56 n.a.
7/2/1983 17.42 n.a.
7/2/1984 15.95 n.a.
7/2/1985 13.00 n.a.
7/2/1986 11.90 n.a.
7/2/1987 11.72 n.a.
7/2/1988 12.52 n.a.
7/2/1989 13.30 n.a.
7/2/1990 13.41 n.a.
7/2/1991 13.51 n.a.
7/2/1992 13.74 n.a.
7/2/1993 13.89 n.a.
7/2/1994 17.97 n.a.
7/2/1995 17.35 n.a.
7/2/1996 18.36 n.a.
7/2/1997 16.67 n.a.
7/2/1998 17.47 20.15
7/2/1999 18.20 20.74
7/2/2000 17.84 20.86
7/2/2001 17.95 21.27
7/2/2002 18.18 22.21
7/2/2003 18.63 22.74
7/2/2004 19.45 22.88
7/2/2005 22.50 26.41
7/2/2006 24.61 30.06
7/2/2007 25.78 32.65
7/2/2008 26.32 32.28
7/2/2009 24.43 26.97
7/2/2010 25.44 26.47
7/2/2011 27.84 26.85
7/2/2012 28.48 26.80
7/2/2013 30.45 28.01
7/2/2014 32.19 29.01
7/2/2015 31.64 28.47
7/2/2016 32.10 29.71
7/2/2017 32.28 29.63
7/2/2018 31.89 29.35
7/2/2019 32.05 29.29

Note: The data for the United States start in 1998. Midwest index is the weighted average of Corn Belt and Great Plains states. Median line marked at about 18.

Source: Department of Agriculture; Federal Reserve Board staff calculations.

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1-17. Growth of Nominal Prices of Existing Homes

Twelve-month percent change

Date Zillow Core Logic
1/16/2011 -4.66 -3.56
2/15/2011 -5.39 -3.52
3/16/2011 -5.65 -4.32
4/16/2011 -5.56 -4.53
5/16/2011 -5.63 -4.42
6/16/2011 -6.01 -3.89
7/16/2011 -6.21 -3.04
8/16/2011 -6.17 -2.30
9/16/2011 -5.95 -1.61
10/16/2011 -5.55 -1.34
11/16/2011 -5.20 -1.31
12/16/2011 -4.72 -0.95
1/16/2012 -4.18 -0.34
2/15/2012 -3.62 0.62
3/16/2012 -3.06 1.94
4/16/2012 -2.42 2.75
5/16/2012 -1.84 3.43
6/16/2012 -1.19 3.81
7/16/2012 -0.46 4.16
8/16/2012 0.27 4.70
9/16/2012 0.93 5.33
10/16/2012 1.47 6.03
11/16/2012 1.94 7.00
12/16/2012 2.61 7.81
1/16/2013 3.29 8.66
2/15/2013 3.69 9.31
3/16/2013 4.16 9.91
4/16/2013 4.62 9.93
5/16/2013 5.01 9.74
6/16/2013 5.40 9.36
7/16/2013 5.92 9.43
8/16/2013 6.23 9.59
9/16/2013 6.40 9.92
10/16/2013 6.71 10.13
11/16/2013 6.89 10.08
12/16/2013 6.92 9.90
1/16/2014 6.95 9.86
2/15/2014 6.99 9.82
3/16/2014 6.83 8.97
4/16/2014 6.66 8.01
5/16/2014 6.56 7.07
6/16/2014 6.20 6.34
7/16/2014 5.84 5.72
8/16/2014 5.68 5.32
9/16/2014 5.46 5.09
10/16/2014 5.12 5.12
11/16/2014 4.97 5.07
12/16/2014 4.88 5.00
1/16/2015 4.86 5.03
2/15/2015 4.90 5.15
3/16/2015 5.01 5.26
4/16/2015 4.92 5.28
5/16/2015 4.96 5.25
6/16/2015 5.12 5.24
7/16/2015 5.22 5.12
8/16/2015 5.08 5.10
9/16/2015 5.12 5.28
10/16/2015 5.28 5.37
11/16/2015 5.44 5.46
12/16/2015 5.47 5.63
1/16/2016 5.45 5.70
2/15/2016 5.48 5.62
3/16/2016 5.57 5.61
4/16/2016 5.78 5.58
5/16/2016 5.81 5.38
6/16/2016 5.95 5.14
7/16/2016 6.09 5.16
8/16/2016 6.35 5.17
9/16/2016 6.55 5.24
10/16/2016 6.74 5.37
11/16/2016 6.82 5.53
12/16/2016 6.95 5.50
1/16/2017 7.14 5.53
2/15/2017 7.44 5.73
3/16/2017 7.56 5.75
4/16/2017 7.73 5.68
5/16/2017 7.85 5.72
6/16/2017 7.75 5.86
7/16/2017 7.55 5.88
8/16/2017 7.55 5.97
9/16/2017 7.51 6.02
10/16/2017 7.41 6.11
11/16/2017 7.37 6.17
12/16/2017 7.33 6.16
1/16/2018 7.44 6.09
2/15/2018 7.59 6.34
3/16/2018 7.69 6.60
4/16/2018 7.53 6.59
5/16/2018 7.53 6.43
6/16/2018 7.59 6.12
7/16/2018 7.66 5.85
8/16/2018 7.56 5.52
9/16/2018 7.67 5.29
10/16/2018 7.87 5.15
11/16/2018 8.07 4.80
12/16/2018 8.22 4.38
1/16/2019 8.07 4.10
2/15/2019 7.71 3.83
3/16/2019 7.14 3.47
4/16/2019 6.49 3.37
5/16/2019 5.80 3.39
6/16/2019 5.44 3.27
7/16/2019 5.23 3.23
8/16/2019 5.16 3.32
9/16/2019 4.81 3.50

Source: CoreLogic; Zillow.

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1-18. Housing Price-to-Rent Ratio

Trend at Sept. 2019 =100

Date Long-run trend Price-to-rent ratio
1/16/1983 78.97 75.24
2/15/1983 79.01 75.06
3/16/1983 79.06 75.11
4/16/1983 79.10 75.06
5/16/1983 79.14 75.31
6/16/1983 79.19 75.36
7/16/1983 79.24 75.48
8/16/1983 79.30 75.58
9/16/1983 79.35 75.50
10/16/1983 79.40 75.67
11/16/1983 79.44 75.77
12/16/1983 79.49 75.83
1/16/1984 79.54 75.83
2/15/1984 79.59 75.88
3/16/1984 79.64 75.66
4/16/1984 79.69 75.38
5/16/1984 79.75 75.49
6/16/1984 79.80 75.40
7/16/1984 79.86 75.38
8/16/1984 79.92 75.30
9/16/1984 79.98 75.29
10/16/1984 80.02 75.19
11/16/1984 80.06 75.10
12/16/1984 80.11 74.73
1/16/1985 80.16 74.67
2/15/1985 80.20 74.48
3/16/1985 80.25 74.53
4/16/1985 80.29 74.66
5/16/1985 80.34 74.40
6/16/1985 80.38 74.44
7/16/1985 80.42 74.54
8/16/1985 80.46 74.44
9/16/1985 80.50 74.59
10/16/1985 80.54 74.49
11/16/1985 80.59 74.44
12/16/1985 80.63 74.76
1/16/1986 80.68 75.03
2/15/1986 80.71 75.55
3/16/1986 80.76 75.43
4/16/1986 80.80 75.00
5/16/1986 80.85 75.47
6/16/1986 80.89 75.85
7/16/1986 80.94 76.05
8/16/1986 80.99 76.78
9/16/1986 81.04 77.08
10/16/1986 81.08 77.32
11/16/1986 81.12 77.67
12/16/1986 81.17 78.18
1/16/1987 81.21 78.59
2/15/1987 81.25 79.11
3/16/1987 81.30 79.67
4/16/1987 81.36 80.26
5/16/1987 81.42 80.76
6/16/1987 81.48 81.53
7/16/1987 81.53 81.84
8/16/1987 81.57 82.02
9/16/1987 81.62 82.30
10/16/1987 81.68 82.68
11/16/1987 81.73 83.36
12/16/1987 81.79 83.30
1/16/1988 81.83 83.56
2/15/1988 81.87 83.82
3/16/1988 81.91 84.10
4/16/1988 81.96 84.54
5/16/1988 82.02 85.07
6/16/1988 82.07 85.69
7/16/1988 82.12 86.40
8/16/1988 82.17 86.99
9/16/1988 82.22 87.46
10/16/1988 82.27 88.14
11/16/1988 82.32 88.65
12/16/1988 82.37 89.12
1/16/1989 82.43 89.50
2/15/1989 82.48 89.84
3/16/1989 82.53 90.26
4/16/1989 82.58 90.61
5/16/1989 82.62 90.78
6/16/1989 82.67 90.69
7/16/1989 82.71 90.67
8/16/1989 82.76 90.84
9/16/1989 82.80 91.21
10/16/1989 82.85 91.17
11/16/1989 82.90 91.26
12/16/1989 82.95 91.37
1/16/1990 83.01 91.46
2/15/1990 83.06 91.61
3/16/1990 83.11 91.48
4/16/1990 83.16 91.29
5/16/1990 83.21 91.05
6/16/1990 83.25 90.61
7/16/1990 83.30 90.12
8/16/1990 83.34 89.56
9/16/1990 83.39 89.12
10/16/1990 83.43 88.63
11/16/1990 83.48 88.30
12/16/1990 83.53 87.72
1/16/1991 83.58 87.33
2/15/1991 83.62 86.85
3/16/1991 83.66 86.34
4/16/1991 83.71 86.05
5/16/1991 83.76 85.87
6/16/1991 83.81 85.90
7/16/1991 83.86 85.63
8/16/1991 83.91 85.61
9/16/1991 83.96 84.98
10/16/1991 84.00 84.86
11/16/1991 84.04 84.48
12/16/1991 84.09 84.23
1/16/1992 84.14 84.06
2/15/1992 84.19 83.95
3/16/1992 84.25 83.43
4/16/1992 84.29 83.63
5/16/1992 84.34 83.40
6/16/1992 84.39 83.09
7/16/1992 84.43 82.80
8/16/1992 84.48 82.77
9/16/1992 84.52 82.75
10/16/1992 84.57 82.31
11/16/1992 84.62 82.04
12/16/1992 84.67 82.06
1/16/1993 84.71 81.92
2/15/1993 84.75 81.86
3/16/1993 84.80 81.90
4/16/1993 84.84 81.67
5/16/1993 84.88 81.58
6/16/1993 84.92 81.50
7/16/1993 84.97 81.69
8/16/1993 85.02 81.67
9/16/1993 85.06 81.89
10/16/1993 85.11 81.93
11/16/1993 85.16 82.14
12/16/1993 85.21 82.10
1/16/1994 85.26 82.06
2/15/1994 85.31 81.81
3/16/1994 85.36 81.60
4/16/1994 85.42 81.73
5/16/1994 85.48 81.82
6/16/1994 85.54 81.97
7/16/1994 85.59 81.87
8/16/1994 85.64 81.67
9/16/1994 85.69 81.54
10/16/1994 85.74 81.55
11/16/1994 85.80 81.46
12/16/1994 85.85 81.47
1/16/1995 85.90 81.37
2/15/1995 85.94 81.35
3/16/1995 85.99 81.24
4/16/1995 86.03 81.24
5/16/1995 86.06 81.23
6/16/1995 86.10 81.30
7/16/1995 86.15 81.31
8/16/1995 86.20 81.40
9/16/1995 86.24 81.48
10/16/1995 86.29 81.45
11/16/1995 86.34 81.42
12/16/1995 86.38 81.38
1/16/1996 86.43 81.38
2/15/1996 86.48 81.42
3/16/1996 86.53 81.53
4/16/1996 86.58 81.61
5/16/1996 86.64 81.59
6/16/1996 86.69 81.52
7/16/1996 86.74 81.40
8/16/1996 86.79 81.43
9/16/1996 86.84 81.39
10/16/1996 86.88 81.34
11/16/1996 86.93 81.35
12/16/1996 86.97 81.37
1/16/1997 87.02 81.40
2/15/1997 87.07 81.43
3/16/1997 87.12 81.48
4/16/1997 87.17 81.50
5/16/1997 87.22 81.52
6/16/1997 87.27 81.62
7/16/1997 87.31 81.79
8/16/1997 87.36 81.92
9/16/1997 87.40 82.08
10/16/1997 87.45 82.32
11/16/1997 87.50 82.58
12/16/1997 87.55 82.88
1/16/1998 87.60 83.24
2/15/1998 87.64 83.60
3/16/1998 87.69 83.90
4/16/1998 87.74 84.14
5/16/1998 87.79 84.35
6/16/1998 87.84 84.52
7/16/1998 87.88 84.77
8/16/1998 87.93 85.02
9/16/1998 87.97 85.32
10/16/1998 88.02 85.69
11/16/1998 88.07 86.02
12/16/1998 88.12 86.37
1/16/1999 88.17 86.66
2/15/1999 88.22 86.98
3/16/1999 88.27 87.26
4/16/1999 88.32 87.57
5/16/1999 88.37 88.00
6/16/1999 88.42 88.47
7/16/1999 88.47 88.91
8/16/1999 88.53 89.35
9/16/1999 88.58 89.76
10/16/1999 88.63 90.24
11/16/1999 88.67 90.43
12/16/1999 88.72 90.90
1/16/2000 88.78 91.24
2/15/2000 88.83 91.84
3/16/2000 88.88 92.42
4/16/2000 88.93 93.06
5/16/2000 88.98 93.63
6/16/2000 89.02 94.14
7/16/2000 89.07 94.49
8/16/2000 89.12 94.85
9/16/2000 89.16 95.21
10/16/2000 89.20 95.54
11/16/2000 89.25 95.98
12/16/2000 89.29 96.36
1/16/2001 89.34 96.84
2/15/2001 89.38 97.24
3/16/2001 89.42 97.56
4/16/2001 89.47 97.81
5/16/2001 89.52 97.92
6/16/2001 89.57 98.17
7/16/2001 89.62 98.41
8/16/2001 89.66 98.63
9/16/2001 89.71 98.87
10/16/2001 89.75 99.07
11/16/2001 89.80 99.27
12/16/2001 89.84 99.36
1/16/2002 89.90 99.61
2/15/2002 89.94 99.84
3/16/2002 90.00 100.23
4/16/2002 90.04 100.79
5/16/2002 90.09 101.44
6/16/2002 90.14 102.05
7/16/2002 90.18 102.69
8/16/2002 90.22 103.32
9/16/2002 90.26 103.86
10/16/2002 90.31 104.30
11/16/2002 90.36 104.71
12/16/2002 90.40 105.17
1/16/2003 90.45 105.47
2/15/2003 90.50 105.94
3/16/2003 90.55 106.37
4/16/2003 90.59 106.78
5/16/2003 90.64 107.23
6/16/2003 90.68 107.87
7/16/2003 90.73 108.50
8/16/2003 90.79 109.23
9/16/2003 90.84 110.04
10/16/2003 90.89 110.97
11/16/2003 90.93 111.82
12/16/2003 90.98 112.73
1/16/2004 91.03 113.67
2/15/2004 91.07 114.55
3/16/2004 91.12 115.51
4/16/2004 91.17 116.46
5/16/2004 91.23 117.46
6/16/2004 91.28 118.43
7/16/2004 91.33 119.40
8/16/2004 91.38 120.23
9/16/2004 91.42 121.17
10/16/2004 91.47 122.18
11/16/2004 91.52 123.27
12/16/2004 91.57 124.20
1/16/2005 91.62 125.23
2/15/2005 91.66 126.35
3/16/2005 91.72 127.49
4/16/2005 91.76 128.59
5/16/2005 91.81 129.64
6/16/2005 91.86 130.62
7/16/2005 91.91 131.46
8/16/2005 91.95 132.38
9/16/2005 92.00 133.22
10/16/2005 92.05 133.95
11/16/2005 92.10 134.66
12/16/2005 92.15 135.32
1/16/2006 92.20 135.89
2/15/2006 92.24 136.11
3/16/2006 92.29 136.08
4/16/2006 92.34 135.82
5/16/2006 92.39 135.33
6/16/2006 92.44 134.69
7/16/2006 92.48 134.05
8/16/2006 92.53 133.35
9/16/2006 92.58 132.77
10/16/2006 92.62 132.30
11/16/2006 92.67 131.90
12/16/2006 92.71 131.38
1/16/2007 92.77 130.87
2/15/2007 92.81 130.08
3/16/2007 92.87 129.17
4/16/2007 92.92 128.10
5/16/2007 92.97 126.81
6/16/2007 93.02 125.44
7/16/2007 93.07 124.07
8/16/2007 93.12 122.83
9/16/2007 93.17 121.54
10/16/2007 93.21 120.11
11/16/2007 93.25 118.68
12/16/2007 93.30 117.23
1/16/2008 93.34 115.73
2/15/2008 93.39 114.13
3/16/2008 93.43 112.34
4/16/2008 93.48 110.40
5/16/2008 93.53 108.57
6/16/2008 93.58 106.63
7/16/2008 93.63 104.80
8/16/2008 93.68 102.94
9/16/2008 93.73 101.01
10/16/2008 93.78 98.94
11/16/2008 93.82 96.89
12/16/2008 93.86 95.06
1/16/2009 93.91 93.45
2/15/2009 93.94 92.27
3/16/2009 93.98 91.50
4/16/2009 94.03 91.07
5/16/2009 94.08 90.96
6/16/2009 94.12 91.05
7/16/2009 94.18 91.25
8/16/2009 94.23 91.37
9/16/2009 94.28 91.54
10/16/2009 94.32 91.79
11/16/2009 94.37 91.98
12/16/2009 94.42 92.09
1/16/2010 94.47 92.08
2/15/2010 94.51 92.08
3/16/2010 94.56 92.03
4/16/2010 94.61 91.94
5/16/2010 94.66 91.71
6/16/2010 94.70 91.20
7/16/2010 94.75 90.56
8/16/2010 94.79 89.93
9/16/2010 94.83 89.17
10/16/2010 94.88 88.71
11/16/2010 94.93 88.20
12/16/2010 94.98 87.80
1/16/2011 95.04 87.36
2/15/2011 95.08 86.88
3/16/2011 95.13 86.39
4/16/2011 95.18 86.00
5/16/2011 95.22 85.73
6/16/2011 95.26 85.61
7/16/2011 95.31 85.61
8/16/2011 95.35 85.45
9/16/2011 95.40 85.32
10/16/2011 95.44 85.05
11/16/2011 95.49 84.82
12/16/2011 95.54 84.60
1/16/2012 95.59 84.58
2/15/2012 95.63 84.71
3/16/2012 95.68 85.08
4/16/2012 95.73 85.57
5/16/2012 95.78 86.22
6/16/2012 95.82 86.87
7/16/2012 95.87 87.36
8/16/2012 95.91 87.80
9/16/2012 95.96 88.16
10/16/2012 96.01 88.44
11/16/2012 96.05 88.96
12/16/2012 96.10 89.50
1/16/2013 96.15 90.05
2/15/2013 96.20 90.64
3/16/2013 96.25 91.27
4/16/2013 96.30 92.01
5/16/2013 96.35 92.61
6/16/2013 96.40 93.22
7/16/2013 96.45 93.86
8/16/2013 96.51 94.31
9/16/2013 96.56 94.90
10/16/2013 96.61 95.43
11/16/2013 96.65 95.89
12/16/2013 96.70 96.19
1/16/2014 96.75 96.46
2/15/2014 96.80 96.68
3/16/2014 96.85 96.65
4/16/2014 96.89 96.54
5/16/2014 96.94 96.47
6/16/2014 96.99 96.43
7/16/2014 97.03 96.50
8/16/2014 97.08 96.70
9/16/2014 97.13 96.92
10/16/2014 97.18 97.21
11/16/2014 97.22 97.38
12/16/2014 97.27 97.66
1/16/2015 97.31 97.83
2/15/2015 97.36 97.91
3/16/2015 97.40 97.97
4/16/2015 97.45 98.08
5/16/2015 97.50 98.20
6/16/2015 97.55 98.32
7/16/2015 97.60 98.44
8/16/2015 97.65 98.61
9/16/2015 97.70 98.69
10/16/2015 97.75 98.88
11/16/2015 97.79 99.10
12/16/2015 97.84 99.29
1/16/2016 97.89 99.41
2/15/2016 97.93 99.50
3/16/2016 97.98 99.60
4/16/2016 98.03 99.66
5/16/2016 98.07 99.69
6/16/2016 98.12 99.75
7/16/2016 98.17 99.87
8/16/2016 98.22 100.04
9/16/2016 98.26 100.25
10/16/2016 98.31 100.40
11/16/2016 98.37 100.61
12/16/2016 98.42 100.79
1/16/2017 98.47 100.98
2/15/2017 98.52 101.10
3/16/2017 98.57 101.23
4/16/2017 98.62 101.38
5/16/2017 98.66 101.48
6/16/2017 98.71 101.66
7/16/2017 98.76 101.92
8/16/2017 98.81 102.10
9/16/2017 98.85 102.44
10/16/2017 98.90 102.70
11/16/2017 98.95 102.95
12/16/2017 99.00 103.14
1/16/2018 99.05 103.36
2/15/2018 99.10 103.66
3/16/2018 99.16 103.92
4/16/2018 99.21 104.02
5/16/2018 99.26 104.11
6/16/2018 99.31 104.15
7/16/2018 99.36 104.12
8/16/2018 99.41 104.06
9/16/2018 99.45 104.11
10/16/2018 99.50 104.14
11/16/2018 99.55 104.04
12/16/2018 99.60 104.04
1/16/2019 99.65 103.97
2/15/2019 99.69 103.89
3/16/2019 99.73 103.76
4/16/2019 99.78 103.64
5/16/2019 99.82 103.68
6/16/2019 99.87 103.58
7/16/2019 99.91 103.61
8/16/2019 99.96 103.72
9/16/2019 100.00 103.79

Note: Figure shows the log of the price-to-rent ratio. Long-run trend is estimated using data from 1978 to 2001 and includes the effect of carrying costs on the expected price-to-rent ratio. The last value of the trend is normalized to equal 100.

Source: For house prices, CoreLogic; for rent data, Bureau of Labor Statistics.

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1-19. Selected Local Housing Price-to-Rent Ratio Indexes

Jan. 2010 = 100

date Phoenix Miami Los Angeles Median 90th Percentile 10th Percentile
1/16/2002 107.12 116.11 98.29 102.61 116.11 88.11
2/15/2002 107.71 117.02 98.88 103.14 117.02 87.81
3/16/2002 108.33 118.07 99.61 103.87 118.07 88.37
4/16/2002 108.79 118.91 100.48 104.51 118.91 89.65
5/16/2002 109.09 119.52 101.68 106.28 119.52 91.06
6/16/2002 109.21 120.53 102.83 106.43 120.53 91.86
7/16/2002 109.45 121.39 104.45 106.63 121.39 92.82
8/16/2002 109.73 122.69 105.56 106.79 122.69 92.36
9/16/2002 109.92 123.48 106.63 107.25 123.48 92.14
10/16/2002 110.32 123.93 107.49 107.51 123.93 92.81
11/16/2002 110.76 125.50 108.58 107.85 125.50 93.14
12/16/2002 111.17 126.89 109.55 108.46 126.89 93.48
1/16/2003 112.12 128.89 110.38 109.33 128.89 94.54
2/15/2003 112.40 129.04 111.24 109.95 129.04 94.31
3/16/2003 112.86 130.45 112.18 110.16 130.45 94.38
4/16/2003 113.41 131.67 113.16 110.21 131.67 94.07
5/16/2003 113.91 132.95 114.15 110.41 132.95 94.27
6/16/2003 114.31 133.99 115.39 111.31 133.99 94.83
7/16/2003 114.82 135.22 116.44 112.06 135.22 96.23
8/16/2003 115.37 136.18 118.34 112.39 136.18 97.01
9/16/2003 116.19 137.64 120.15 112.87 137.64 98.12
10/16/2003 117.24 138.55 121.91 114.06 138.55 99.06
11/16/2003 118.29 139.70 123.75 114.93 139.70 99.65
12/16/2003 119.31 141.05 125.74 115.38 141.05 100.36
1/16/2004 120.54 141.99 127.44 116.09 141.99 101.23
2/15/2004 121.48 143.60 129.67 116.72 143.60 101.85
3/16/2004 122.73 145.48 132.44 117.47 145.48 102.28
4/16/2004 124.16 145.82 135.14 118.06 147.66 102.96
5/16/2004 125.75 147.39 137.39 118.72 150.45 103.89
6/16/2004 127.54 149.48 139.45 120.49 154.02 105.01
7/16/2004 129.35 150.76 140.81 121.42 157.10 106.58
8/16/2004 131.49 153.32 142.05 120.94 159.00 106.57
9/16/2004 134.20 154.68 142.97 121.31 160.17 107.39
10/16/2004 137.19 157.00 143.94 122.69 161.49 108.35
11/16/2004 140.60 158.70 145.26 124.02 162.21 109.71
12/16/2004 144.58 160.79 146.45 124.77 164.11 111.17
1/16/2005 148.39 163.58 147.87 125.07 165.04 112.05
2/15/2005 152.33 166.47 150.04 125.75 166.47 111.75
3/16/2005 157.73 168.78 152.12 127.30 168.78 111.96
4/16/2005 162.56 171.85 153.69 128.65 171.85 112.23
5/16/2005 167.41 174.86 155.60 129.56 174.86 112.55
6/16/2005 172.90 178.21 157.46 130.07 178.21 112.51
7/16/2005 178.38 179.96 158.88 130.57 179.96 113.02
8/16/2005 183.08 183.68 160.61 131.46 183.68 113.60
9/16/2005 187.36 186.40 162.62 132.14 186.40 113.62
10/16/2005 190.33 189.36 165.08 133.11 189.36 113.43
11/16/2005 193.21 192.25 166.29 133.63 192.25 114.58
12/16/2005 195.63 195.48 168.39 134.27 194.21 114.45
1/16/2006 197.27 197.53 169.86 135.53 193.90 114.86
2/15/2006 198.51 200.28 171.30 135.69 192.98 115.48
3/16/2006 199.83 203.46 171.23 136.42 192.12 115.96
4/16/2006 199.81 204.22 170.53 136.71 193.42 116.35
5/16/2006 199.33 205.76 169.89 136.40 190.67 116.20
6/16/2006 197.71 205.73 169.09 136.53 188.81 115.85
7/16/2006 195.89 201.99 168.65 134.48 186.05 115.15
8/16/2006 193.84 204.50 168.16 135.51 183.28 114.91
9/16/2006 191.75 204.96 167.51 135.43 181.14 114.81
10/16/2006 189.68 204.65 166.38 135.88 178.91 114.67
11/16/2006 187.60 203.00 165.37 136.30 178.20 114.61
12/16/2006 185.55 200.96 163.43 136.49 176.45 114.61
1/16/2007 183.73 199.27 161.33 135.74 176.41 114.50
2/15/2007 181.07 199.91 160.37 137.15 174.65 113.75
3/16/2007 178.63 197.47 156.89 136.77 171.17 113.16
4/16/2007 176.36 196.33 154.95 136.16 167.59 112.80
5/16/2007 173.36 192.25 152.44 134.84 162.24 112.34
6/16/2007 170.24 188.25 150.08 133.79 160.71 111.74
7/16/2007 167.51 183.06 147.56 132.37 158.10 111.57
8/16/2007 164.69 181.69 145.67 130.98 154.18 111.38
9/16/2007 161.30 177.62 143.35 129.46 150.29 110.90
10/16/2007 157.43 173.41 140.48 127.63 148.00 110.11
11/16/2007 153.28 169.40 136.91 125.94 144.70 109.33
12/16/2007 149.41 165.04 133.66 124.29 142.50 107.89
1/16/2008 145.89 159.94 131.25 122.07 138.08 107.33
2/15/2008 142.73 154.76 126.84 120.54 135.09 106.48
3/16/2008 138.36 148.35 123.81 117.90 133.55 106.11
4/16/2008 134.11 141.37 121.10 116.31 131.99 104.93
5/16/2008 130.57 135.21 117.85 115.34 130.29 104.76
6/16/2008 127.18 131.80 115.04 113.52 127.37 104.29
7/16/2008 123.57 128.97 111.49 111.49 125.11 103.41
8/16/2008 120.31 124.55 109.05 109.51 121.90 102.78
9/16/2008 116.86 120.77 106.34 108.17 119.88 101.58
10/16/2008 113.88 116.30 103.81 106.07 116.18 100.44
11/16/2008 111.01 113.36 101.96 104.31 113.36 99.77
12/16/2008 107.51 109.67 99.73 102.48 110.41 98.47
1/16/2009 104.47 108.05 98.72 102.47 108.30 97.49
2/15/2009 102.02 104.19 97.38 102.01 106.91 97.12
3/16/2009 99.39 102.01 96.21 100.81 105.20 96.01
4/16/2009 98.18 100.38 95.21 100.59 104.11 94.78
5/16/2009 97.84 98.70 94.48 99.72 103.21 94.70
6/16/2009 97.59 98.16 94.93 99.36 102.42 95.57
7/16/2009 97.54 98.06 96.33 99.74 101.72 96.33
8/16/2009 97.62 97.88 96.19 98.69 101.46 95.97
9/16/2009 97.37 98.78 96.73 98.78 101.12 96.53
10/16/2009 98.29 99.34 97.32 99.45 100.68 97.32
11/16/2009 99.44 100.22 98.01 100.22 100.73 98.01
12/16/2009 100.12 99.94 99.08 99.95 100.80 98.93
1/16/2010 100.00 100.00 100.00 100.00 100.00 100.00
2/15/2010 99.99 98.35 99.12 99.32 99.99 98.35
3/16/2010 100.48 98.44 99.29 99.29 100.36 98.10
4/16/2010 100.61 98.17 99.06 99.28 100.29 98.17
5/16/2010 100.34 97.60 99.52 99.32 100.50 97.60
6/16/2010 99.84 97.66 98.97 98.97 100.61 97.31
7/16/2010 99.37 95.89 98.99 98.78 100.97 95.89
8/16/2010 98.41 94.24 97.90 97.90 100.12 94.24
9/16/2010 97.35 92.04 97.61 97.21 99.95 93.61
10/16/2010 97.12 91.50 97.15 96.48 99.67 92.31
11/16/2010 96.63 90.36 96.88 96.33 98.90 91.74
12/16/2010 96.00 90.69 96.62 96.34 98.74 90.69
1/16/2011 95.91 90.60 96.40 95.49 98.43 90.60
2/15/2011 94.83 90.34 95.88 94.96 98.27 90.34
3/16/2011 93.92 90.14 95.45 94.16 98.13 89.97
4/16/2011 92.93 91.28 95.45 94.34 98.19 90.06
5/16/2011 91.85 92.31 95.11 93.66 98.15 89.67
6/16/2011 91.08 93.18 95.05 93.83 98.12 89.64
7/16/2011 90.24 94.70 95.19 94.09 98.10 89.38
8/16/2011 90.33 95.00 94.21 94.10 97.80 89.52
9/16/2011 90.75 95.62 93.81 93.81 97.59 89.70
10/16/2011 91.37 96.09 93.52 93.52 97.29 88.16
11/16/2011 92.15 96.41 93.39 93.39 97.36 87.86
12/16/2011 93.29 97.64 93.18 93.18 97.64 87.08
1/16/2012 94.16 98.64 92.94 92.94 97.60 86.56
2/15/2012 95.43 98.98 92.72 93.33 97.52 86.42
3/16/2012 97.11 100.08 92.76 93.33 97.79 86.70
4/16/2012 99.06 100.43 93.80 93.99 98.31 86.50
5/16/2012 100.91 101.04 94.61 94.61 98.64 86.61
6/16/2012 102.65 102.09 95.19 95.27 99.09 86.55
7/16/2012 104.26 103.19 95.65 95.65 98.86 86.98
8/16/2012 105.49 104.96 96.65 96.13 99.62 86.52
9/16/2012 106.48 104.81 97.41 96.55 99.81 86.95
10/16/2012 107.57 105.06 98.36 97.07 101.22 86.76
11/16/2012 108.38 106.59 99.40 97.69 101.72 87.37
12/16/2012 109.05 107.12 100.80 98.79 103.07 87.45
1/16/2013 110.09 108.82 101.99 99.00 103.60 87.14
2/15/2013 111.08 110.72 103.55 99.64 104.61 87.00
3/16/2013 111.93 112.20 105.10 100.47 106.59 87.61
4/16/2013 112.68 113.81 106.62 100.59 108.25 88.32
5/16/2013 113.54 114.80 107.59 101.20 109.39 89.12
6/16/2013 114.29 115.26 108.86 101.58 109.81 89.61
7/16/2013 115.24 116.08 110.45 102.28 110.94 90.22
8/16/2013 116.14 118.62 111.55 103.02 111.55 90.48
9/16/2013 116.72 117.83 112.30 103.74 112.46 90.26
10/16/2013 117.17 118.61 113.20 103.94 113.20 90.26
11/16/2013 117.48 118.93 113.92 104.18 114.03 90.20
12/16/2013 117.77 119.38 114.39 104.35 115.38 90.39
1/16/2014 117.89 119.20 115.21 104.59 115.86 91.02
2/15/2014 117.88 119.41 115.84 104.04 117.16 91.01
3/16/2014 117.93 120.09 116.15 103.76 116.61 90.82
4/16/2014 117.72 121.15 116.29 104.04 118.19 90.94
5/16/2014 117.58 121.32 116.57 104.09 118.22 90.89
6/16/2014 117.45 121.73 116.94 104.07 117.76 91.05
7/16/2014 117.44 121.03 117.02 104.16 118.99 91.09
8/16/2014 117.43 121.24 117.44 104.14 119.36 90.99
9/16/2014 117.48 121.62 117.87 103.90 119.62 90.89
10/16/2014 117.64 122.81 118.12 104.25 120.56 91.26
11/16/2014 117.85 121.93 118.24 104.65 120.96 91.10
12/16/2014 118.16 122.09 118.52 104.22 122.09 91.49
1/16/2015 118.50 122.25 119.18 104.10 122.25 90.39
2/15/2015 118.71 122.42 119.92 104.44 122.42 89.53
3/16/2015 118.88 121.30 119.80 105.24 123.53 90.04
4/16/2015 119.13 122.15 119.73 105.71 123.98 90.20
5/16/2015 119.29 123.38 120.03 106.34 123.86 90.67
6/16/2015 119.52 123.83 120.27 106.92 124.35 91.04
7/16/2015 119.59 123.91 120.33 106.54 124.05 91.38
8/16/2015 119.67 123.42 120.65 107.26 124.91 91.55
9/16/2015 119.75 124.49 121.12 106.95 125.14 91.44
10/16/2015 119.86 124.90 121.71 106.67 125.07 91.98
11/16/2015 119.88 125.51 122.13 106.48 125.51 91.85
12/16/2015 119.97 125.49 122.28 106.49 125.49 92.19
1/16/2016 120.09 125.44 122.35 106.34 125.44 92.45
2/15/2016 119.95 126.44 122.69 107.15 126.41 92.57
3/16/2016 119.94 126.17 122.76 106.25 126.17 92.48
4/16/2016 119.95 126.12 123.29 106.61 126.12 92.46
5/16/2016 119.92 125.85 123.39 106.92 125.85 92.65
6/16/2016 119.91 125.89 123.41 107.24 125.89 92.82
7/16/2016 119.98 124.78 122.90 107.62 124.78 93.09
8/16/2016 119.96 125.54 123.43 108.08 125.54 92.67
9/16/2016 119.92 125.95 123.79 108.41 125.95 93.05
10/16/2016 119.70 126.00 123.97 108.93 126.00 93.09
11/16/2016 119.73 126.26 124.21 109.43 126.26 93.73
12/16/2016 119.90 126.35 124.56 109.71 126.35 93.98
1/16/2017 120.47 126.94 124.63 110.40 126.94 94.27
2/15/2017 120.41 126.71 124.37 111.01 126.71 94.22
3/16/2017 120.54 126.52 124.74 111.78 126.52 94.40
4/16/2017 120.71 126.18 124.89 112.12 126.18 94.75
5/16/2017 120.82 126.24 125.14 112.02 126.24 94.44
6/16/2017 121.12 126.15 125.36 112.08 126.15 94.21
7/16/2017 121.64 126.67 125.34 112.36 126.67 94.27
8/16/2017 121.98 127.10 125.84 112.92 127.10 94.23
9/16/2017 122.31 127.15 126.18 113.23 127.15 94.93
10/16/2017 122.61 127.55 126.80 113.45 127.55 95.33
11/16/2017 122.82 126.89 127.45 113.77 128.88 95.47
12/16/2017 123.35 127.40 127.93 114.31 128.99 95.35
1/16/2018 121.80 127.82 128.17 114.67 129.25 95.14
2/15/2018 123.07 128.08 129.02 115.33 129.81 96.26
3/16/2018 123.17 128.96 129.28 115.19 129.28 96.88
4/16/2018 123.23 129.51 129.05 115.33 130.50 95.83
5/16/2018 123.76 128.90 128.77 115.19 130.44 95.85
6/16/2018 123.64 128.19 128.66 115.69 130.33 95.84
7/16/2018 122.55 128.48 128.28 114.84 130.24 95.76
8/16/2018 123.96 128.52 128.68 114.67 129.59 96.02
9/16/2018 123.89 128.57 128.42 114.75 130.59 96.26
10/16/2018 124.30 128.54 128.04 115.65 130.28 95.86
11/16/2018 124.57 129.05 127.55 115.46 129.05 95.69
12/16/2018 124.76 129.29 127.16 115.24 129.29 95.48
1/16/2019 124.07 127.74 126.73 115.32 127.74 95.11
2/15/2019 124.70 127.47 126.51 114.48 127.47 95.23
3/16/2019 124.71 127.19 125.51 114.39 127.19 95.48
4/16/2019 124.66 126.24 125.54 114.44 126.24 95.98
5/16/2019 124.60 125.58 125.51 114.36 126.80 96.30
6/16/2019 124.31 126.27 125.18 114.61 127.56 96.41
7/16/2019 123.96 127.74 125.62 115.05 129.59 96.61
8/16/2019 123.40 127.12 124.52 114.08 128.44 96.46
9/16/2019 123.04 127.05 124.26 114.12 128.02 96.30

Note: Seasonally adjusted. The data for Phoenix start in 2002. Monthly rent values for Phoenix are interpolated from semiannual numbers. Percentiles are based on 19 metropolitan statistical areas.

Source: For house prices, CoreLogic; for rent data, Bureau of Labor Statistics.

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2-1. Private Nonfinancial-Sector Credit-to-GDP Ratio

Ratio

Period Private Nonfinancial-Sector Credit-to-GDP Ratio
1980:Q1 0.98
1980:Q2 0.99
1980:Q3 0.98
1980:Q4 0.97
1981:Q1 0.94
1981:Q2 0.96
1981:Q3 0.96
1981:Q4 0.97
1982:Q1 0.99
1982:Q2 0.99
1982:Q3 1.00
1982:Q4 1.00
1983:Q1 1.00
1983:Q2 0.99
1983:Q3 0.99
1983:Q4 0.99
1984:Q1 0.99
1984:Q2 1.00
1984:Q3 1.02
1984:Q4 1.04
1985:Q1 1.05
1985:Q2 1.07
1985:Q3 1.08
1985:Q4 1.10
1986:Q1 1.11
1986:Q2 1.13
1986:Q3 1.15
1986:Q4 1.17
1987:Q1 1.18
1987:Q2 1.18
1987:Q3 1.19
1987:Q4 1.18
1988:Q1 1.19
1988:Q2 1.20
1988:Q3 1.20
1988:Q4 1.20
1989:Q1 1.20
1989:Q2 1.21
1989:Q3 1.21
1989:Q4 1.22
1990:Q1 1.22
1990:Q2 1.22
1990:Q3 1.22
1990:Q4 1.23
1991:Q1 1.23
1991:Q2 1.22
1991:Q3 1.21
1991:Q4 1.20
1992:Q1 1.19
1992:Q2 1.18
1992:Q3 1.17
1992:Q4 1.15
1993:Q1 1.15
1993:Q2 1.16
1993:Q3 1.16
1993:Q4 1.15
1994:Q1 1.15
1994:Q2 1.15
1994:Q3 1.15
1994:Q4 1.16
1995:Q1 1.16
1995:Q2 1.18
1995:Q3 1.18
1995:Q4 1.18
1996:Q1 1.19
1996:Q2 1.18
1996:Q3 1.19
1996:Q4 1.18
1997:Q1 1.19
1997:Q2 1.19
1997:Q3 1.19
1997:Q4 1.20
1998:Q1 1.21
1998:Q2 1.23
1998:Q3 1.23
1998:Q4 1.24
1999:Q1 1.25
1999:Q2 1.27
1999:Q3 1.28
1999:Q4 1.28
2000:Q1 1.30
2000:Q2 1.30
2000:Q3 1.32
2000:Q4 1.32
2001:Q1 1.33
2001:Q2 1.35
2001:Q3 1.38
2001:Q4 1.38
2002:Q1 1.39
2002:Q2 1.39
2002:Q3 1.40
2002:Q4 1.41
2003:Q1 1.42
2003:Q2 1.44
2003:Q3 1.43
2003:Q4 1.43
2004:Q1 1.44
2004:Q2 1.45
2004:Q3 1.46
2004:Q4 1.47
2005:Q1 1.47
2005:Q2 1.49
2005:Q3 1.50
2005:Q4 1.51
2006:Q1 1.53
2006:Q2 1.55
2006:Q3 1.57
2006:Q4 1.59
2007:Q1 1.60
2007:Q2 1.62
2007:Q3 1.64
2007:Q4 1.66
2008:Q1 1.69
2008:Q2 1.68
2008:Q3 1.69
2008:Q4 1.70
2009:Q1 1.71
2009:Q2 1.71
2009:Q3 1.69
2009:Q4 1.65
2010:Q1 1.63
2010:Q2 1.60
2010:Q3 1.58
2010:Q4 1.56
2011:Q1 1.56
2011:Q2 1.54
2011:Q3 1.53
2011:Q4 1.51
2012:Q1 1.50
2012:Q2 1.49
2012:Q3 1.49
2012:Q4 1.49
2013:Q1 1.48
2013:Q2 1.48
2013:Q3 1.47
2013:Q4 1.46
2014:Q1 1.47
2014:Q2 1.46
2014:Q3 1.45
2014:Q4 1.45
2015:Q1 1.46
2015:Q2 1.46
2015:Q3 1.46
2015:Q4 1.47
2016:Q1 1.48
2016:Q2 1.48
2016:Q3 1.48
2016:Q4 1.48
2017:Q1 1.48
2017:Q2 1.49
2017:Q3 1.48
2017:Q4 1.48
2018:Q1 1.48
2018:Q2 1.48
2018:Q3 1.48
2018:Q4 1.48
2019:Q1 1.48
2019:Q2 1.48

Note: The shaded bars indicate periods of business 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. GDP is gross domestic product.

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."

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2-2. Nonfinancial Business- and Household-Sector Credit-to-GDP Ratios

Ratio

Period Household Nonfinancial Business
1980:Q1 0.48 0.50
1980:Q2 0.48 0.50
1980:Q3 0.48 0.50
1980:Q4 0.48 0.49
1981:Q1 0.46 0.48
1981:Q2 0.47 0.50
1981:Q3 0.46 0.50
1981:Q4 0.47 0.51
1982:Q1 0.47 0.52
1982:Q2 0.47 0.52
1982:Q3 0.47 0.53
1982:Q4 0.47 0.53
1983:Q1 0.46 0.53
1983:Q2 0.46 0.53
1983:Q3 0.46 0.53
1983:Q4 0.46 0.53
1984:Q1 0.46 0.53
1984:Q2 0.47 0.54
1984:Q3 0.47 0.55
1984:Q4 0.48 0.56
1985:Q1 0.49 0.56
1985:Q2 0.50 0.57
1985:Q3 0.51 0.57
1985:Q4 0.52 0.58
1986:Q1 0.53 0.58
1986:Q2 0.54 0.60
1986:Q3 0.55 0.60
1986:Q4 0.56 0.62
1987:Q1 0.56 0.62
1987:Q2 0.56 0.62
1987:Q3 0.57 0.62
1987:Q4 0.56 0.62
1988:Q1 0.57 0.63
1988:Q2 0.57 0.63
1988:Q3 0.57 0.63
1988:Q4 0.57 0.63
1989:Q1 0.57 0.63
1989:Q2 0.57 0.63
1989:Q3 0.58 0.63
1989:Q4 0.59 0.63
1990:Q1 0.59 0.63
1990:Q2 0.59 0.63
1990:Q3 0.59 0.63
1990:Q4 0.60 0.63
1991:Q1 0.61 0.62
1991:Q2 0.61 0.61
1991:Q3 0.61 0.60
1991:Q4 0.61 0.59
1992:Q1 0.61 0.58
1992:Q2 0.61 0.57
1992:Q3 0.60 0.56
1992:Q4 0.60 0.55
1993:Q1 0.61 0.55
1993:Q2 0.61 0.55
1993:Q3 0.61 0.55
1993:Q4 0.61 0.54
1994:Q1 0.61 0.54
1994:Q2 0.61 0.54
1994:Q3 0.61 0.54
1994:Q4 0.62 0.54
1995:Q1 0.62 0.54
1995:Q2 0.63 0.55
1995:Q3 0.63 0.55
1995:Q4 0.63 0.55
1996:Q1 0.64 0.55
1996:Q2 0.64 0.55
1996:Q3 0.64 0.55
1996:Q4 0.64 0.54
1997:Q1 0.64 0.55
1997:Q2 0.64 0.55
1997:Q3 0.64 0.55
1997:Q4 0.64 0.56
1998:Q1 0.65 0.57
1998:Q2 0.65 0.58
1998:Q3 0.65 0.58
1998:Q4 0.65 0.59
1999:Q1 0.66 0.59
1999:Q2 0.67 0.60
1999:Q3 0.67 0.61
1999:Q4 0.67 0.61
2000:Q1 0.68 0.62
2000:Q2 0.68 0.62
2000:Q3 0.69 0.63
2000:Q4 0.69 0.63
2001:Q1 0.70 0.63
2001:Q2 0.71 0.64
2001:Q3 0.73 0.64
2001:Q4 0.74 0.65
2002:Q1 0.75 0.64
2002:Q2 0.75 0.64
2002:Q3 0.76 0.64
2002:Q4 0.78 0.64
2003:Q1 0.79 0.63
2003:Q2 0.81 0.62
2003:Q3 0.82 0.61
2003:Q4 0.83 0.60
2004:Q1 0.84 0.61
2004:Q2 0.85 0.60
2004:Q3 0.85 0.60
2004:Q4 0.87 0.60
2005:Q1 0.87 0.60
2005:Q2 0.89 0.61
2005:Q3 0.89 0.61
2005:Q4 0.90 0.61
2006:Q1 0.91 0.62
2006:Q2 0.93 0.62
2006:Q3 0.94 0.63
2006:Q4 0.95 0.64
2007:Q1 0.95 0.65
2007:Q2 0.96 0.66
2007:Q3 0.97 0.68
2007:Q4 0.97 0.69
2008:Q1 0.98 0.70
2008:Q2 0.97 0.71
2008:Q3 0.97 0.72
2008:Q4 0.97 0.73
2009:Q1 0.98 0.74
2009:Q2 0.98 0.73
2009:Q3 0.97 0.72
2009:Q4 0.95 0.69
2010:Q1 0.94 0.69
2010:Q2 0.93 0.67
2010:Q3 0.91 0.67
2010:Q4 0.90 0.66
2011:Q1 0.90 0.66
2011:Q2 0.88 0.65
2011:Q3 0.87 0.65
2011:Q4 0.86 0.65
2012:Q1 0.85 0.65
2012:Q2 0.84 0.65
2012:Q3 0.83 0.65
2012:Q4 0.83 0.66
2013:Q1 0.82 0.66
2013:Q2 0.82 0.66
2013:Q3 0.81 0.66
2013:Q4 0.80 0.66
2014:Q1 0.80 0.67
2014:Q2 0.79 0.66
2014:Q3 0.79 0.66
2014:Q4 0.78 0.67
2015:Q1 0.78 0.68
2015:Q2 0.78 0.68
2015:Q3 0.77 0.69
2015:Q4 0.77 0.70
2016:Q1 0.77 0.71
2016:Q2 0.77 0.71
2016:Q3 0.77 0.71
2016:Q4 0.77 0.71
2017:Q1 0.77 0.72
2017:Q2 0.77 0.72
2017:Q3 0.76 0.72
2017:Q4 0.76 0.72
2018:Q1 0.76 0.72
2018:Q2 0.75 0.73
2018:Q3 0.75 0.73
2018:Q4 0.75 0.73
2019:Q1 0.74 0.74
2019:Q2 0.74 0.74

Note: The shaded bars indicate periods of business 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. GDP is gross domestic product.

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."

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2-3. Growth of Real Aggregate Debt of the Business Sector

Percent change, annual rate

Period Growth of Real Aggregate Debt of the Business Sector
1997:Q1 5.10
1997:Q2 5.83
1997:Q3 9.69
1997:Q4 6.45
1998:Q1 10.48
1998:Q2 11.92
1998:Q3 8.60
1998:Q4 8.80
1999:Q1 10.54
1999:Q2 6.31
1999:Q3 10.79
1999:Q4 6.57
2000:Q1 8.76
2000:Q2 9.45
2000:Q3 4.60
2000:Q4 5.05
2001:Q1 1.50
2001:Q2 4.86
2001:Q3 3.26
2001:Q4 1.97
2002:Q1 2.19
2002:Q2 -0.57
2002:Q3 -0.41
2002:Q4 1.07
2003:Q1 0.08
2003:Q2 -0.74
2003:Q3 1.23
2003:Q4 -2.62
2004:Q1 4.69
2004:Q2 0.52
2004:Q3 5.42
2004:Q4 3.91
2005:Q1 4.77
2005:Q2 5.55
2005:Q3 5.35
2005:Q4 6.77
2006:Q1 8.10
2006:Q2 6.86
2006:Q3 4.31
2006:Q4 10.42
2007:Q1 7.94
2007:Q2 11.45
2007:Q3 11.16
2007:Q4 8.39
2008:Q1 6.04
2008:Q2 5.90
2008:Q3 3.77
2008:Q4 0.55
2009:Q1 -3.33
2009:Q2 -5.07
2009:Q3 -6.39
2009:Q4 -7.12
2010:Q1 -3.39
2010:Q2 -4.10
2010:Q3 1.61
2010:Q4 -0.90
2011:Q1 -1.03
2011:Q2 0.33
2011:Q3 1.33
2011:Q4 2.12
2012:Q1 0.85
2012:Q2 1.85
2012:Q3 5.07
2012:Q4 4.83
2013:Q1 1.25
2013:Q2 3.03
2013:Q3 5.07
2013:Q4 2.02
2014:Q1 5.28
2014:Q2 3.48
2014:Q3 5.11
2014:Q4 5.82
2015:Q1 7.10
2015:Q2 6.54
2015:Q3 3.91
2015:Q4 5.11
2016:Q1 7.16
2016:Q2 2.07
2016:Q3 3.93
2016:Q4 0.69
2017:Q1 4.24
2017:Q2 5.09
2017:Q3 4.65
2017:Q4 2.70
2018:Q1 1.67
2018:Q2 1.26
2018:Q3 2.38
2018:Q4 2.80
2019:Q1 5.63
2019:Q2 2.63

Note: Nominal debt growth is seasonally adjusted and is translated into real terms after subtracting the growth rate of the price deflator for core personal expenditures price.

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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2-4. Net Issuance of Risky Business Debt

Billions of dollars

Period Institutional leveraged loans High-yield and unrated bonds
2004:Q2 15.6 16.5
2004:Q3 6.3 -20.8
2004:Q4 20.9 -2.5
2005:Q1 10.5 -7.4
2005:Q2 16.9 4.0
2005:Q3 7.3 -15.3
2005:Q4 20.6 -6.9
2006:Q1 27.2 0.6
2006:Q2 40.1 -7.8
2006:Q3 17.9 5.0
2006:Q4 66.3 -3.2
2007:Q1 40.7 27.0
2007:Q2 54.3 1.1
2007:Q3 25.7 20.8
2007:Q4 36.1 -10.7
2008:Q1 2.2 -7.2
2008:Q2 26.2 -16.8
2008:Q3 6.6 -1.5
2008:Q4 4.8 3.3
2009:Q1 -11.8 -34.4
2009:Q2 -15.5 -14.4
2009:Q3 -13.3 2.6
2009:Q4 -25.0 -12.7
2010:Q1 -17.8 -16.7
2010:Q2 -9.7 10.8
2010:Q3 11.8 3.4
2010:Q4 -15.3 22.9
2011:Q1 -4.5 12.3
2011:Q2 25.5 5.3
2011:Q3 -5.5 9.4
2011:Q4 3.9 -6.9
2012:Q1 -6.5 1.3
2012:Q2 18.4 30.5
2012:Q3 -4.4 -17.3
2012:Q4 26.0 29.5
2013:Q1 11.3 25.1
2013:Q2 31.3 31.6
2013:Q3 45.2 6.6
2013:Q4 43.5 33.1
2014:Q1 29.4 21.7
2014:Q2 45.6 23.4
2014:Q3 48.4 10.1
2014:Q4 26.2 29.5
2015:Q1 6.5 6.4
2015:Q2 -3.1 50.9
2015:Q3 8.6 4.8
2015:Q4 28.8 2.9
2016:Q1 9.1 -14.5
2016:Q2 5.0 6.2
2016:Q3 -12.9 2.5
2016:Q4 7.2 -6.4
2017:Q1 -4.2 -22.0
2017:Q2 49.0 12.1
2017:Q3 13.0 -9.8
2017:Q4 16.8 4.3
2018:Q1 34.3 -6.5
2018:Q2 54.9 2.5
2018:Q3 45.1 -9.5
2018:Q4 57.6 -5.3
2019:Q1 33.7 -21.4
2019:Q2 16.2 18.8
2019:Q3 -16.2 12.1

Note: Institutional leveraged loans generally exclude loan commitments held by banks.

Source: Mergent, Fixed Income Securities Database (FISD); S&P Global, Leveraged Commentary & Data.

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2-5. Distribution of Large Institutional Leveraged Loan Volumes, by Debt-to-EBITDA Ratio

Percent

Period Debt multiples greater than or equal to 6x Debt multiples 5x-5.99x Debt multiples 4x-4.99x Debt multiples less than or equal to 4x
2001 2.7 10.1 26.2 61.1
2002 5.9 12.2 27.3 54.6
2003 6.7 11.5 29.3 52.6
2004 8.8 17.6 28.6 45.0
2005 8.0 25.1 25.1 41.8
2006 16.3 21.1 26.3 36.4
2007 27.7 17.5 23.7 31.2
2008 10.7 12.1 14.2 63.1
2009 17.7 11.5 17.7 53.1
2010 5.8 17.9 22.6 53.7
2011 14.4 19.2 22.6 43.8
2012 15.8 21.8 26.6 35.9
2013 16.4 23.1 29.0 31.5
2014 27.2 21.5 22.6 28.7
2015 18.9 26.5 24.8 29.9
2016 21.0 24.4 32.6 21.9
2017 22.0 27.6 27.6 22.7
2018 29.7 26.8 24.1 19.5
2019:Q1 41.9 20.3 18.9 18.9
2019:Q2 39.6 23.3 24.4 12.8
2019:Q3 27.9 20.9 25.6 25.6

Note: The data for 2019 are quarterly. Volumes are for large corporations with earnings before interest, taxes, depreciation, and amortization (EBITDA) greater than $50 million and exclude existing tranches of add-ons and amendments as well as restatements with no new money. Key identifies bars in order from top to bottom.

Source: S&P Global, Leveraged Commentary & Data.

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2-6. Default Rates of Leveraged Loans

Percent

Period Default Rate of Leveraged Loans
December 1998 1.51
January 1999 1.40
February 1999 0.62
March 1999 0.96
April 1999 0.91
May 1999 1.08
June 1999 1.51
July 1999 1.47
August 1999 2.59
September 1999 2.84
October 1999 2.80
November 1999 4.23
December 1999 4.17
January 2000 5.32
February 2000 5.64
March 2000 5.79
April 2000 7.39
May 2000 7.13
June 2000 7.50
July 2000 7.39
August 2000 6.66
September 2000 6.60
October 2000 6.74
November 2000 5.80
December 2000 6.57
January 2001 5.89
February 2001 5.65
March 2001 5.48
April 2001 4.78
May 2001 6.42
June 2001 6.28
July 2001 6.82
August 2001 6.80
September 2001 6.50
October 2001 6.72
November 2001 6.50
December 2001 6.30
January 2002 7.25
February 2002 7.25
March 2002 6.85
April 2002 6.95
May 2002 5.69
June 2002 7.41
July 2002 6.84
August 2002 6.78
September 2002 6.41
October 2002 6.59
November 2002 6.53
December 2002 6.01
January 2003 5.13
February 2003 5.01
March 2003 5.47
April 2003 5.26
May 2003 5.35
June 2003 2.62
July 2003 2.64
August 2003 2.67
September 2003 2.91
October 2003 2.30
November 2003 2.28
December 2003 2.25
January 2004 1.89
February 2004 1.61
March 2004 1.11
April 2004 0.94
May 2004 0.68
June 2004 0.94
July 2004 0.91
August 2004 0.88
September 2004 1.01
October 2004 1.02
November 2004 1.02
December 2004 1.01
January 2005 1.03
February 2005 1.37
March 2005 1.26
April 2005 1.48
May 2005 1.54
June 2005 1.29
July 2005 1.46
August 2005 1.43
September 2005 1.65
October 2005 2.56
November 2005 2.29
December 2005 3.02
January 2006 2.96
February 2006 2.89
March 2006 2.79
April 2006 2.47
May 2006 2.30
June 2006 2.28
July 2006 2.08
August 2006 2.08
September 2006 1.56
October 2006 0.99
November 2006 1.07
December 2006 0.48
January 2007 0.45
February 2007 0.24
March 2007 0.23
April 2007 0.22
May 2007 0.16
June 2007 0.15
July 2007 0.21
August 2007 0.21
September 2007 0.42
October 2007 0.33
November 2007 0.25
December 2007 0.24
January 2008 0.72
February 2008 0.94
March 2008 1.07
April 2008 1.30
May 2008 1.73
June 2008 1.70
July 2008 1.90
August 2008 2.03
September 2008 1.91
October 2008 1.97
November 2008 1.94
December 2008 3.75
January 2009 4.95
February 2009 5.25
March 2009 8.02
April 2009 8.03
May 2009 8.66
June 2009 9.15
July 2009 9.57
August 2009 9.68
September 2009 9.75
October 2009 10.71
November 2009 10.81
December 2009 9.61
January 2010 8.82
February 2010 8.59
March 2010 5.82
April 2010 5.65
May 2010 4.64
June 2010 4.02
July 2010 3.47
August 2010 3.57
September 2010 3.55
October 2010 2.28
November 2010 2.25
December 2010 1.87
January 2011 1.46
February 2011 1.27
March 2011 1.11
April 2011 0.95
May 2011 0.91
June 2011 0.91
July 2011 0.77
August 2011 0.33
September 2011 0.32
October 2011 0.32
November 2011 0.17
December 2011 0.17
January 2012 0.21
February 2012 0.21
March 2012 0.21
April 2012 0.56
May 2012 1.05
June 2012 1.04
July 2012 1.04
August 2012 1.07
September 2012 1.00
October 2012 1.06
November 2012 1.28
December 2012 1.27
January 2013 1.42
February 2013 1.40
March 2013 2.21
April 2013 1.91
May 2013 1.40
June 2013 1.37
July 2013 2.02
August 2013 2.16
September 2013 2.41
October 2013 2.31
November 2013 2.08
December 2013 2.11
January 2014 1.88
February 2014 1.86
March 2014 1.21
April 2014 4.64
May 2014 4.60
June 2014 4.41
July 2014 3.89
August 2014 3.61
September 2014 3.34
October 2014 3.28
November 2014 3.33
December 2014 3.24
January 2015 3.99
February 2015 3.92
March 2015 3.79
April 2015 1.26
May 2015 1.26
June 2015 1.24
July 2015 1.10
August 2015 1.30
September 2015 1.27
October 2015 1.27
November 2015 1.42
December 2015 1.50
January 2016 1.29
February 2016 1.41
March 2016 1.75
April 2016 1.69
May 2016 1.96
June 2016 1.97
July 2016 2.17
August 2016 1.98
September 2016 1.95
October 2016 1.95
November 2016 1.66
December 2016 1.58
January 2017 1.56
February 2017 1.41
March 2017 1.49
April 2017 1.43
May 2017 1.42
June 2017 1.54
July 2017 1.36
August 2017 1.36
September 2017 1.53
October 2017 1.51
November 2017 1.95
December 2017 2.05
January 2018 1.95
February 2018 2.00
March 2018 2.42
April 2018 2.37
May 2018 2.12
June 2018 1.98
July 2018 1.99
August 2018 1.99
September 2018 1.81
October 2018 1.92
November 2018 1.61
December 2018 1.63
January 2019 1.42
February 2019 1.62
March 2019 0.93
April 2019 1.01
May 2019 1.00
June 2019 1.34
July 2019 1.32
August 2019 1.29
September 2019 1.29

Note: The default rate is calculated as the amount in default over the past 12 months divided by the total outstanding volume at the beginning of the 12-month period. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001 and December 2007-June 2009.

Source: S&P Global, Leveraged Commentary & Data.

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2-7. Gross Balance Sheet Leverage of Public Nonfinancial Businesses

Percent

Period 75th percentile firms All Firms
2000:Q1 48.33 30.39
2000:Q2 47.97 29.64
2000:Q3 47.56 29.04
2000:Q4 47.01 29.21
2001:Q1 47.48 29.21
2001:Q2 47.49 29.39
2001:Q3 47.34 29.37
2001:Q4 47.16 30.00
2002:Q1 46.12 30.62
2002:Q2 44.46 29.67
2002:Q3 44.03 29.45
2002:Q4 44.41 29.18
2003:Q1 42.83 28.96
2003:Q2 42.20 28.14
2003:Q3 41.74 27.76
2003:Q4 41.59 26.70
2004:Q1 39.46 26.29
2004:Q2 39.04 25.65
2004:Q3 38.73 25.35
2004:Q4 39.17 25.10
2005:Q1 37.84 24.89
2005:Q2 37.82 24.75
2005:Q3 37.44 24.05
2005:Q4 38.31 24.16
2006:Q1 37.45 24.53
2006:Q2 37.87 24.42
2006:Q3 37.70 24.39
2006:Q4 38.58 24.75
2007:Q1 38.04 25.00
2007:Q2 38.63 25.22
2007:Q3 38.60 25.60
2007:Q4 38.80 25.84
2008:Q1 39.07 26.06
2008:Q2 38.82 26.19
2008:Q3 39.92 27.20
2008:Q4 42.57 28.79
2009:Q1 41.52 28.72
2009:Q2 39.88 27.97
2009:Q3 38.47 26.99
2009:Q4 38.74 26.78
2010:Q1 36.97 26.37
2010:Q2 36.65 26.25
2010:Q3 36.26 26.25
2010:Q4 36.95 26.04
2011:Q1 36.11 25.80
2011:Q2 35.61 25.85
2011:Q3 36.36 26.18
2011:Q4 37.73 26.11
2012:Q1 36.95 26.01
2012:Q2 37.11 26.57
2012:Q3 37.46 26.69
2012:Q4 38.73 27.07
2013:Q1 37.95 26.94
2013:Q2 38.18 27.34
2013:Q3 38.47 27.65
2013:Q4 40.08 27.90
2014:Q1 39.17 28.51
2014:Q2 40.28 28.45
2014:Q3 40.81 28.62
2014:Q4 42.14 29.20
2015:Q1 42.38 30.07
2015:Q2 42.08 30.59
2015:Q3 42.51 31.11
2015:Q4 43.84 32.06
2016:Q1 43.78 32.67
2016:Q2 43.68 33.24
2016:Q3 42.97 32.98
2016:Q4 43.14 32.84
2017:Q1 42.70 33.11
2017:Q2 42.21 33.49
2017:Q3 42.14 33.32
2017:Q4 41.96 32.94
2018:Q1 41.90 33.27
2018:Q2 42.11 33.06
2018:Q3 41.57 32.78
2018:Q4 42.07 33.15
2019:Q1 46.28 35.24
2019:Q2 46.45 35.48

Note: Gross leverage is an asset-weighted average of the ratio of firms' book value of total debt to book value of total assets. The 75th percentile is calculated from a sample of the 2,500 largest firms by assets. The dashed line shows the data after the structural break in the series due to the 2019 compliance deadline for Financial Accounting Standards Board rule ASU 2016-02.

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

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2-8. Interest Coverage Ratios for Public Nonfinancial Businesses

Ratio

Period Median 25th percentile
2000:Q1 1.67 0.27
2000:Q2 1.61 0.22
2000:Q3 1.60 0.17
2000:Q4 1.54 0.06
2001:Q1 1.56 0.09
2001:Q2 1.60 0.03
2001:Q3 1.54 0.05
2001:Q4 1.64 0.12
2002:Q1 1.68 0.17
2002:Q2 1.71 0.20
2002:Q3 1.83 0.37
2002:Q4 2.00 0.54
2003:Q1 2.09 0.60
2003:Q2 2.10 0.56
2003:Q3 2.17 0.57
2003:Q4 2.29 0.65
2004:Q1 2.54 0.73
2004:Q2 2.84 0.88
2004:Q3 3.02 1.00
2004:Q4 2.97 0.93
2005:Q1 3.01 0.98
2005:Q2 3.00 0.92
2005:Q3 3.05 0.88
2005:Q4 3.03 0.92
2006:Q1 3.05 0.92
2006:Q2 3.01 0.95
2006:Q3 2.97 0.88
2006:Q4 2.92 0.88
2007:Q1 2.92 0.89
2007:Q2 2.84 0.79
2007:Q3 2.71 0.79
2007:Q4 2.73 0.73
2008:Q1 2.79 0.77
2008:Q2 3.00 0.80
2008:Q3 2.96 0.81
2008:Q4 2.61 0.50
2009:Q1 2.68 0.39
2009:Q2 2.47 0.35
2009:Q3 2.33 0.21
2009:Q4 2.25 0.41
2010:Q1 2.59 0.69
2010:Q2 2.73 0.76
2010:Q3 2.92 0.94
2010:Q4 3.03 1.02
2011:Q1 3.19 1.09
2011:Q2 3.36 1.13
2011:Q3 3.51 1.23
2011:Q4 3.43 1.26
2012:Q1 3.39 1.24
2012:Q2 3.40 1.23
2012:Q3 3.28 1.03
2012:Q4 3.08 0.88
2013:Q1 3.19 0.93
2013:Q2 3.25 0.95
2013:Q3 3.27 0.94
2013:Q4 3.16 0.78
2014:Q1 3.21 0.73
2014:Q2 3.41 0.84
2014:Q3 3.46 0.84
2014:Q4 3.36 0.73
2015:Q1 3.35 0.67
2015:Q2 3.30 0.52
2015:Q3 3.31 0.51
2015:Q4 3.11 0.41
2016:Q1 2.93 0.26
2016:Q2 2.91 0.23
2016:Q3 2.94 0.25
2016:Q4 2.99 0.19
2017:Q1 3.04 0.36
2017:Q2 3.10 0.53
2017:Q3 3.05 0.53
2017:Q4 3.09 0.53
2018:Q1 3.05 0.51
2018:Q2 3.07 0.42
2018:Q3 3.14 0.47
2018:Q4 3.13 0.62
2019:Q1 3.06 0.61
2019:Q2 2.94 0.51

Note: The interest coverage ratio is earnings before interest and taxes over interest payments. Firms with leverage < 5% and interest payments less than $500,000 are excluded.

Source: Compustat.

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2-9. Total Household Loan Balances

This is a line chart titled “Total Household Loan Balances”. The x-axis measures time and ranges from the years 1999 to 2019 (Q2). The y-axis measures billions of dollars (real) and ranges from 0 to 9800. The data is quarterly. There are 3 variables charted on the plot. The first line is labeled 'Prime'; is designated by a black line; and ranges from about 3400 to 9250 billions of dollars. This variable rises from around 3400 to 9000 billions of dollars from 1999 to 2008 and then declines to 7400 billions of dollars in 2014. After 2014, this variable rises slowly until it reaches around 9250 billion again in 2019. The second variable is labeled 'Near prime' and is designated by a blue line. It ranges from around 2600 to around 3800 billions of dollars. The variable has a slight increase to around 3800 billions of dollars from 2002 to 2008 but is otherwise is stable at a little more than 2600 billions of dollars for most of the time period. The third variable is labeled 'Subprime'; is designated by the orange line; and ranges from 1000 to around 3000 billions of dollars. There is a slight increase from a little more than 1000 billions of dollars in 1999 to around 1800 in 2007, and there is a steeper increase to around 3000 billions of dollars between 2007 and 2010. The variable then decreases and remains at around 1800 billions of dollars from 2014 to the end of the time period.

Note: Near prime are those with an Equifax Risk Score from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. Student loan balances before 2004 are estimated using average growth from 2004 to 2007, by risk score. The data are converted to constant 2019 dollars using the consumer price index.

Source: FRBNY Consumer Credit Panel/Equifax; Bureau of Labor Statistics consumer price index.

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2-10. Estimate of New Mortgage Volume to Households

This is a bar graph titled "Estimate of New Mortgage Volume to Households". The x-axis ranges from the years 2000 to 2019. The y-axis ranges from 0 to 1400, in billions of dollars (real). There are 3 variables charted on the plot. The first variable is labeled 'Subprime' and is designated by the orange bar. It ranges from around 100 to around 400 billions of dollars. It starts at a little more than 200 billions of dollars in 2000 and very slightly increases to around 400 billions of dollars between 2001 and 2006. Then it decreases more quickly to around 100 billions of dollars in 2009, and remains fairly unchanged until 2019. The second variable is labeled 'Near prime'; is designated by the blue bars; and ranges from 200 to around 900 billions of dollars. The variable starts at around 500 billions of dollars in 2000 and increases quickly, peaking at around 900 billion dollars in 2006 before steeply falling to around 300 billion dollars by 2009. Since then it has increased and stabilized around 400 billion dollars from 2016 to 2019. The third variable is labeled 'Prime'; is designated by the black bars; and ranges from around 600 to 1250 billions of dollars. The variable starts at around 600 billions of dollars in 2000 and steeply increases to a peak of around 1250 billions of dollars in 2004. The variable remains between 1100 and 1200 billion dollars from 2004 to 2007 before falling sharply from 2008 to 2012 to about 500 billion. The variable then builds back up to 800 billion in 2014. It then drops back to 700 billion in 2015 before climbing close to 900 billion in 2019.

Note: Year-over-year change in balances for the second quarter of each year among those households whose balance increased over this window. Near prime are those with an Equifax risk Score from 620 to 719; prime are greater than 719. Scores were measured a year ago. The data are converted to constant 2019 dollars using the consumer price index. Key identifies bars in order from left to right.

Source: FRBNY Consumer Credit Panel/Equifax; Bureau of Labor Statistics consumer price index.

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2-11. Transition Rates into Mortgage Delinquency

Percent of previously current loans

Period Prime Nonprime FHA/VA
January 2000 1.11 3.19 4.16
February 2000 1.03 3.02 3.87
March 2000 0.99 2.94 3.75
April 2000 1.01 3.02 3.65
May 2000 1.03 3.04 3.62
June 2000 1.04 3.05 3.68
July 2000 1.02 2.95 3.71
August 2000 1.02 2.99 3.82
September 2000 1.05 3.03 3.91
October 2000 1.04 3.03 3.96
November 2000 1.04 3.05 3.90
December 2000 1.09 3.19 4.06
January 2001 1.08 3.14 2.87
February 2001 1.09 3.20 3.10
March 2001 1.04 3.09 3.22
April 2001 1.08 3.21 4.92
May 2001 1.12 3.22 4.94
June 2001 1.14 3.25 4.85
July 2001 1.12 3.22 4.57
August 2001 1.04 3.00 4.66
September 2001 1.15 3.18 4.69
October 2001 1.14 3.19 4.64
November 2001 1.18 3.36 4.65
December 2001 1.12 3.31 4.79
January 2002 1.11 3.27 4.74
February 2002 1.12 3.30 4.67
March 2002 1.11 3.34 4.40
April 2002 1.07 3.16 4.46
May 2002 1.03 3.11 4.58
June 2002 1.01 3.10 4.80
July 2002 1.03 3.29 4.81
August 2002 1.04 3.32 4.73
September 2002 1.02 3.23 4.62
October 2002 1.03 3.20 4.60
November 2002 1.08 3.32 4.60
December 2002 1.09 3.35 4.71
January 2003 1.10 3.40 4.77
February 2003 1.09 3.33 4.82
March 2003 1.12 3.40 4.67
April 2003 1.15 3.45 4.65
May 2003 1.17 3.53 4.55
June 2003 1.14 3.45 4.59
July 2003 1.10 3.41 4.47
August 2003 1.09 3.40 4.39
September 2003 1.03 3.28 4.31
October 2003 0.98 3.24 4.30
November 2003 1.01 3.45 4.22
December 2003 0.98 3.48 4.18
January 2004 0.99 3.56 4.12
February 2004 0.91 3.34 4.18
March 2004 0.91 3.33 4.19
April 2004 0.88 3.20 4.12
May 2004 0.92 3.38 4.06
June 2004 0.92 3.37 3.81
July 2004 0.89 3.24 3.73
August 2004 0.82 2.99 3.64
September 2004 0.82 3.08 3.66
October 2004 0.92 3.46 3.56
November 2004 0.91 3.39 3.50
December 2004 0.90 3.30 3.44
January 2005 0.85 3.11 3.38
February 2005 0.86 3.14 3.33
March 2005 0.88 3.18 3.39
April 2005 0.88 3.18 3.36
May 2005 0.86 3.20 3.37
June 2005 0.86 3.23 3.30
July 2005 0.89 3.32 3.32
August 2005 0.86 3.24 3.35
September 2005 0.90 3.26 3.44
October 2005 0.90 3.27 3.48
November 2005 0.94 3.37 3.43
December 2005 0.91 3.33 3.28
January 2006 0.85 3.14 3.24
February 2006 0.84 3.07 3.26
March 2006 0.80 2.98 3.34
April 2006 0.87 3.30 3.38
May 2006 0.85 3.29 3.48
June 2006 0.88 3.29 3.49
July 2006 0.85 3.05 3.55
August 2006 0.87 3.06 3.51
September 2006 0.91 3.10 3.51
October 2006 0.91 3.04 3.52
November 2006 0.94 3.02 3.55
December 2006 0.99 3.21 3.61
January 2007 0.98 3.07 3.70
February 2007 1.01 3.13 3.76
March 2007 1.00 2.95 3.89
April 2007 1.05 3.09 4.04
May 2007 1.05 3.03 4.18
June 2007 1.07 3.03 4.33
July 2007 1.08 2.97 4.36
August 2007 1.05 2.83 4.42
September 2007 1.13 2.97 4.53
October 2007 1.12 2.96 4.66
November 2007 1.15 3.05 4.82
December 2007 1.12 2.96 4.85
January 2008 1.15 3.01 4.96
February 2008 1.14 2.97 5.05
March 2008 1.17 3.13 5.19
April 2008 1.20 3.19 5.23
May 2008 1.24 3.20 5.12
June 2008 1.20 2.99 5.10
July 2008 1.18 2.92 5.15
August 2008 1.29 3.15 5.39
September 2008 1.30 3.16 5.55
October 2008 1.35 3.20 5.75
November 2008 1.45 3.38 6.03
December 2008 1.47 3.34 6.16
January 2009 1.50 3.32 6.19
February 2009 1.38 3.01 6.03
March 2009 1.43 3.07 5.87
April 2009 1.41 3.05 5.74
May 2009 1.48 3.11 5.56
June 2009 1.44 2.99 5.60
July 2009 1.42 2.92 5.59
August 2009 1.40 2.89 5.64
September 2009 1.41 2.90 5.56
October 2009 1.42 2.86 5.43
November 2009 1.41 2.79 5.28
December 2009 1.38 2.74 5.17
January 2010 1.43 2.83 5.14
February 2010 1.43 2.77 5.10
March 2010 1.41 2.71 5.05
April 2010 1.31 2.52 4.92
May 2010 1.31 2.55 4.91
June 2010 1.30 2.57 4.76
July 2010 1.31 2.62 4.68
August 2010 1.24 2.49 4.57
September 2010 1.25 2.46 4.57
October 2010 1.31 2.55 4.61
November 2010 1.27 2.48 4.61
December 2010 1.24 2.42 4.52
January 2011 1.17 2.28 4.37
February 2011 1.19 2.38 4.26
March 2011 1.17 2.31 4.24
April 2011 1.17 2.33 4.26
May 2011 1.17 2.24 4.30
June 2011 1.21 2.33 4.38
July 2011 1.25 2.41 4.40
August 2011 1.23 2.40 4.40
September 2011 1.19 2.35 4.37
October 2011 1.14 2.25 4.27
November 2011 1.12 2.28 4.12
December 2011 1.12 2.28 4.10
January 2012 1.08 2.20 4.08
February 2012 1.05 2.10 4.12
March 2012 1.06 2.11 4.13
April 2012 1.07 2.14 4.22
May 2012 1.09 2.19 4.23
June 2012 1.08 2.17 4.18
July 2012 1.07 2.10 4.09
August 2012 1.04 2.02 4.07
September 2012 1.13 2.22 4.32
October 2012 1.09 2.17 4.26
November 2012 1.09 2.17 4.13
December 2012 0.99 1.97 3.73
January 2013 1.00 2.03 3.76
February 2013 1.00 2.11 3.87
March 2013 1.04 2.17 3.98
April 2013 1.01 2.10 3.91
May 2013 0.98 2.02 3.82
June 2013 0.99 2.04 3.80
July 2013 1.01 2.07 3.88
August 2013 1.03 2.12 3.87
September 2013 0.93 1.99 3.77
October 2013 0.92 2.00 3.77
November 2013 0.92 2.02 3.83
December 2013 0.91 1.99 3.94
January 2014 0.90 1.93 3.90
February 2014 0.86 1.84 3.82
March 2014 0.86 1.81 3.63
April 2014 0.86 1.85 3.57
May 2014 0.87 1.89 3.56
June 2014 0.87 1.90 3.63
July 2014 0.87 1.91 3.60
August 2014 0.94 2.04 3.55
September 2014 0.90 2.01 3.49
October 2014 0.87 1.88 3.48
November 2014 0.87 1.93 3.55
December 2014 0.87 1.89 3.52
January 2015 0.90 2.03 3.54
February 2015 0.81 1.86 3.40
March 2015 0.82 1.92 3.40
April 2015 0.81 1.87 3.38
May 2015 0.85 1.94 3.45
June 2015 0.84 1.94 3.47
July 2015 0.83 1.94 3.49
August 2015 0.80 1.90 3.42
September 2015 0.81 1.92 3.36
October 2015 0.82 1.96 3.25
November 2015 0.81 1.92 3.23
December 2015 0.80 1.89 3.24
January 2016 0.89 2.11 3.32
February 2016 0.83 1.98 3.37
March 2016 0.84 2.03 3.45
April 2016 0.77 1.87 3.39
May 2016 0.82 2.01 3.40
June 2016 0.83 1.99 3.32
July 2016 0.87 2.08 3.41
August 2016 0.84 2.02 3.39
September 2016 0.82 1.96 3.37
October 2016 0.78 1.84 3.25
November 2016 0.80 1.87 3.23
December 2016 0.82 1.95 3.35
January 2017 0.80 1.91 3.37
February 2017 0.81 1.90 3.44
March 2017 0.77 1.80 3.36
April 2017 0.86 2.06 3.46
May 2017 0.83 2.03 3.41
June 2017 0.84 2.06 3.37
July 2017 0.77 1.87 3.21
August 2017 0.79 1.93 3.21
September 2017 0.87 2.15 3.40
October 2017 0.90 2.16 3.58
November 2017 0.90 2.15 3.54
December 2017 0.87 2.09 3.29
January 2018 0.81 1.98 3.18
February 2018 0.82 1.97 3.20
March 2018 0.79 1.83 3.22
April 2018 0.78 1.83 3.12
May 2018 0.77 1.81 3.06
June 2018 0.78 1.88 3.03
July 2018 0.78 1.87 2.99
August 2018 0.77 1.84 2.98
September 2018 0.80 1.90 2.91
October 2018 0.76 1.85 2.93
November 2018 0.76 1.84 2.92
December 2018 0.71 1.69 2.98
January 2019 0.73 1.77 2.99
February 2019 0.75 1.85 3.02
March 2019 0.79 2.00 3.10
April 2019 0.81 1.97 3.17
May 2019 0.80 1.90 3.24
June 2019 0.84 1.98 3.32
July 2019 0.82 1.99 3.20

Note: Percent of previously current mortgages that transition from being current mortgages that transition from bein current to being at least 30 days delinquent each month. The data are three-month moving averages. FHA is Federal Housing Administration; VA is U.S. Department of Veterans Affairs. Prime and nonprime are defined among conventional loans.

Source: For prime and FHA/VA, Black Knight McDash Data; for nonprime, CoreLogic.

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2-12. Estimates of Housing Leverage

This is a line chart titled "Estimates of Housing Leverage". The x-axis ranges from the years 1999 to 2019. The y-axis ranges from 70 to 150, which measures indexed ratios of outstanding mortgage debt to home values (with 100 being the ratio in 1991:Q1). The data is quarterly, ending in Q2 of 2019. There are two variables charted on the plot. The first line is labeled 'Relative to model-implied values' and is designated by the black line. It ranges from 100 to a little less than 130. The variable has a hill shape, starting at 100 in 1999 and increasing to a little less than 130 in 2008 before decreasing to a bit less than 100 in 2019. The second line is labeled 'Relative to market value' and is designated by the blue line. The variable also starts at 100 in 1999 but declines to reach 80 in 2006. It then rises sharply to around 125-130 in the years 2009-2012 before decreasing to around 90 at the end of the time period.

Note: Housing leverage is estimated as the ratio of the average outstanding mortgage loan balance for owner-occupied homes with a mortgage to (1) current home values using the CoreLogic national house price index and (2) model-implied house prices estimated by a staff model based on rents, interest rates, and a time trend.

Source: FRBNY Consumer Credit Panel/Equifax; CoreLogic; Bureau of Labor Statistics.

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2-13. Estimate of Mortgages with Negative Equity

Percent

Date Zillow (quarterly) Corelogic (monthly)
January 2011   25.28
February 2011   25.14
March 2011 0.31 24.99
April 2011   24.93
May 2011   24.87
June 2011 0.30 24.81
July 2011   24.65
August 2011   24.50
September 2011 0.31 24.36
October 2011   24.65
November 2011   24.93
December 2011 0.31 25.23
January 2012   24.69
February 2012   24.20
March 2012 0.31 23.67
April 2012   23.21
May 2012   22.74
June 2012 0.31 22.28
July 2012   22.17
August 2012   22.06
September 2012 0.28 21.96
October 2012   21.84
November 2012   21.72
December 2012 0.27 21.60
January 2013   21.11
February 2013   20.67
March 2013 0.25 20.18
April 2013   18.43
May 2013   16.62
June 2013 0.24 14.87
July 2013   14.35
August 2013   13.83
September 2013 0.21 13.33
October 2013   13.37
November 2013   13.41
December 2013 0.19 13.45
January 2014   13.25
February 2014   13.07
March 2014 0.19 12.88
April 2014   12.23
May 2014   11.56
June 2014 0.18 10.92
July 2014   10.74
August 2014   10.56
September 2014 0.17 10.39
October 2014   10.49
November 2014   10.59
December 2014 0.17 10.69
January 2015   10.54
February 2015   10.41
March 2015 0.15 10.27
April 2015   9.81
May 2015   9.34
June 2015 0.14 8.88
July 2015   8.70
August 2015   8.53
September 2015 0.13 8.36
October 2015   8.36
November 2015   8.36
December 2015 0.13 8.36
January 2016   8.28
February 2016   8.20
March 2016 0.13 8.12
April 2016   7.77
May 2016   7.41
June 2016 0.12 7.06
July 2016   6.82
August 2016   6.58
September 2016 0.11 6.34
October 2016   6.32
November 2016   6.29
December 2016 0.11 6.26
January 2017   6.19
February 2017   6.12
March 2017 0.10 6.05
April 2017   5.85
May 2017   5.65
June 2017   5.45
July 2017   5.28
August 2017   5.12
September 2017   4.96
October 2017   4.94
November 2017   4.92
December 2017 0.09 4.91
January 2018   4.84
February 2018   4.78
March 2018   4.71
April 2018   4.57
May 2018   4.43
June 2018   4.29
July 2018   4.24
August 2018   4.18
September 2018   4.13
October 2018   4.15
November 2018   4.16
December 2018   4.17
January 2019   4.16
February 2019   4.14
March 2019   4.13
April 2019   4.03
May 2019   3.93
June 2019   3.83

Note: Estimated share of mortgages with negative equity according to CoreLogic and Zillow. For CoreLogic, the data are monthly. For Zillow, the data are quarterly and, for 2017, are available only for the first and fourth quarters.

Source: CoreLogic; Zillow.

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2-14. Consumer Credit Balances

This is a line chart titled "Consumer Credit Balances". The x-axis ranges from the years 1999 to 201p (Q2). The y-axis ranges from 200 to 1800, in the units billions of dollars (real). The data is quarterly. There are 3 variables plotted on the chart. The first line is labeled 'Auto loans'; is designated by a black line; and ranges from around 500 to 1200 billions of dollars. It starts around at around 500 in 1999 and increases to around 1000 billions of dollars in 2005-2006. Auto loan balances fall slightly to around 800 in 2012 but began increasing again afterwards; the line ends at about 1250 billions of dollars in 2019. The second variable is labeled 'Credit cards' and is represented by a blue line. It ranges from around 500 to 1000 billions of dollars. Starting at around 700 billions of dollars in 1999, credit cards balances increase to a little under 1000 billion and remain fairly steady for several years with a peak at a little above 1000 billion in 2009. Balances began to decrease after 2009 to around 700 billions of dollars in 2013 and have made a very small increase to around 850 by 2019. The third variable is labeled 'Student loans' and is represented by an orange line. The variable starts at around 400 billions of dollars in 2005. There are two small, brief dips in 2008 and 2012 but otherwise balances steadily increase to about 1500 billions of dollars by 2019.

Note: The data are converted to constant 2019 dollars using the consumer price index.

Source: FRBNY Consumer Credit Panel/Equifax; Bureau of Labor Statistics consumer price index.

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2-15. Auto Loan Balances

This is a line chart labeled "Auto Loan Balances". The x-axis ranges from the years 1999 to 2019, and the y-axis ranges from 150 to 600 billions of dollars (real). The data is quarterly, ending in Q2 of 2019. There are 3 variables plotted on the chart. The first variable is labeled 'Prime' and is designated by a black line. It ranges from around 175 to 600 billions of dollars. Auto loans to borrowers with prime credit scores started at around 175 billions of dollars in 1999 and continued to increase to around 400 billion in 2006. There is a slight decline from 2006 until balances were close to 350 billion in 2010 and 2011. From 2011 onwards, the balances labeled 'Prime' increased, reaching 600 billions of dollars at the end of 2018. It has stayed at this level until Q2 of 2019. The second variable is labeled 'Near prime'; is represented by a blue line; and ranges from around 200 to 350 billions of dollars. Starting at 200 billion in 1999, balances to those with near prime credit increases to almost 350 billion dollars in 2005 to 2006. Near prime balances decrease to around 250 billion dollars in 2010 to 2011 before increasing again. The level has been fairly stable around 350 billion since 2016. The third variable is labeled 'Subprime'; is designated by an orange line; and ranges from around 150 to 300 billions of dollars. It starts at around 150 billion dollars in 1999 and increases with fluctuations until reaching a peak at around 300 billion dollars in 2008. It decreases to around 200 billion in 2012 before beginning to increase to around 300 billion in 2018. It has stayed at that level though Q2 of 2019.

Note: Near prime are those with an Equifax Risk Score from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2019 dollars using the consumer price index.

Source: FRBNY Consumer Credit Panel/Equifax; Bureau of Labor Statistics consumer price index.

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2-16. Auto Loan Delinquency Rates

This is a line chart titled "Auto Loan Delinquency Rates". The x-axis ranges from the years 2000 to 2019. The y-axis ranges from 0 to 16 percent, measuring delinquency rates on auto loans. The data is quarterly, ending in Q2 of 2019. There are 3 variables charted on the plot. The first variable is labeled 'Prime' and is denoted by the black line. It is fairly stable at around 0 and has the shape of a horizontal line. The second variable is labeled 'Near prime'; is represented by a blue line; and ranges from around 2 to 3 percent. The variable is mostly flat at 2 percent except for a small one percentage point increase between 2009 and 2011. The third variable is labeled 'Subprime' and is designated by an orange line. It ranges from around 9 to 14 percent. This line starts around 10 percent in 2001 and increases slightly until 2004. It decreases to around 9 percent in 2006 before quickly increasing. The rates peak at around 14 percent in 2010. They fall to 10 percent again by 2013 before increasing to reach almost 12 percent at the end of the time period.

Note: Delinquency is at least 30 days past due, excluding severe derogatory loans. The data are four-quarter moving averages. Near prime are those with an Equifax Risk Score from 620 to 719; prime are greater than 719. Credit scores are lagged four quarters.

Source: FRBNY Consumer Credit Panel/Equifax.

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2-17. Credit Card Balances

This is a line chart labeled "Credit Card Balances". The x-axis ranges from the years 1999 to 2019, and the y-axis ranges from 50 to 450 billions of dollars (real). The data is quarterly, ending in Q2 of 2019. There are 3 variables plotted on the chart. The first variable is labeled 'Prime' and is designated by a black line. It ranges from around 200 to 450 billions of dollars. Auto loans to borrowers with prime credit scores started at around 200 billions of dollars in 1999 and continued to increase to around 450 billion in 2009. There is a slight decline from 2009 until balances were close to 350 billion in 2011 and 2012. From 2012 onwards, the balances labeled 'Prime' have been increasing with fluctuations, reaching almost 450 billions of dollars at the end of the time period. The second variable is labeled 'Near prime'; is represented by a blue line; and ranges from around 250 to 400 billions of dollars. Starting at 350 billion in 1999, balances to those with near prime credit increases to almost 400 billion dollars in 2002 to 2003. Near prime balances decrease to around 350 billion dollars in 2005 and remains mostly flat until 2008 before decreasing to around 250 billion dollars in 2011. The level has risen slowly since then, nearing 300 billion in 2019. The third variable is labeled 'Subprime'; is designated by an orange line; and ranges from around 100 to 250 billions of dollars. It starts at around 200 billion dollars in 1999 and increases until reaching a peak at around 250 billion dollars in 2002. It decreases to around 200 billion in 2005 before beginning to increase with fluctuations to around 250 billion in 2008. It decreases to around 100 billion dollars in 2013 before slowly climbing again, reaching close to 150 billion dollars in 2019.

Note: Near prime are those with an Equifax Risk Score from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2019 dollars using the consumer price index.

Source: FRBNY Consumer Credit Panel/Equifax; Bureau of Labor Statistics consumer price index.

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2-18. Credit Card Delinquency Rates

This is a line chart titled "Credit Card Delinquency Rates". The x-axis ranges from the years 2000 to 2019. The y-axis ranges from 0 to 30 percent, measuring delinquency rates on credit cards. The data is quarterly, ending in Q2 of 2019. There are 3 variables charted on the plot. The first variable is labeled 'Prime' and is denoted by the black line. It ranges from around 1 to 3 percent. The variable is mostly flat at 1 percent except for a small two percentage point increase between 2009 and 2011. The second variable is labeled 'Near prime'; is represented by a blue line; and ranges from around 4 to 8 percent. The variable mostly hovers at 4 percent except for a small four percentage point increase between 2009 and 2011. It has been slowly increasing since Q4 of 2016 when it was closer to 3 percent to Q2 of 2019 when it again approached 4 percent. The third variable is labeled 'Subprime' and is designated by an orange line. It ranges from around 10 to 23 percent. This line starts around 15 percent in 2001 and increases to 20 percent in 2003. It decreases to around 15 percent in 2005 before quickly increasing. The rates peak at around 25 percent in 2010. It falls to 10 percent by 2016 before increasing to reach almost 15 percent in 2017 and leveling off.

Note: Delinquency is at least 30 days past due, excluding severe derogatory loans. The data are four-quarter moving averages. Near prime are those with an Equifax Risk Score from 620 to 719; prime are greater than 719. Credit scores are lagged four quarters.

Source: FRBNY Consumer Credit Panel/Equifax.

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3-1. Ratio of Tangible Bank Equity to Assets

This is a line chart titled "Ratio of Tangible Bank Equity to Assets." The x-axis measures time and ranges from years 1985 to 2019. The y-axis ranges from 0 to 12 percent. The data are quarterly. There are three variables charted on the plot. The first line, labeled 'Other BHCs', is designated by a solid red line and ranges from 6 to 10 percent. This variable rises slowly over the time period from about 6.5 percent in 1985 to 10 percent in 2012:Q3. It has remained near 10 percent through 2019:Q2. The second line, labeled 'Large non-G-SIBs', is designated by a solid black line and ranges from 4 to 9 percent. This variable started at about 5 percent in 1985, rose sharply to 6 percent in the beginning of 1987, decreased back to around 5 percent increased to 6 percent in 1993, remained near 6 percent through 1992. It increased again to around 6 percent where it remained until 2001 before increasing again through 2002:Q3 to about 7 percent. It decreased slowly until 2008 when it reached about 5 percent. It steadily increased after that until the end of period, ending at around 9 percent. The third line, labeled ‘G-SIBs’, is designated by a solid blue line and ranges from 4 to 9 percent. This variable starts at about 5 percent, increases until 1986:Q3, decreases until 1988, and then steadily increases until 1993 when it reaches about 5.5 percent. It remains near this level until 2001 then begins increasing to about 6.5 percent in 2002:Q4. It decreases to 4.5 percent in 2008:Q3. It then increases through 2017 to about 8.5 percent and remains near that level through the end of the period.

Note: Bank equity is total equity capital net of preferred equity and intangible assets, and assets are total assets. The data are seasonally adjusted by Board staff. G-SIBs are global systemically important U.S. banks. Large non–G-SIBs are bank holding companies (BHCs) and intermediate holding companies (IHCs) with greater than $100 billion in total assets that are not G-SIBs. 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.

Source: Federal Financial Institutions examination Council, Call report Form FFIEC 031, Consolidated reports of Condition and Income for a Bank with Domestic and Foreign offices.

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3-2. Common Equity Tier 1 Ratio of Banks

This is a line chart titled "Common Equity Tier 1 Ratio of Banks." The x-axis measures time and ranges from years 2001 to 2019. The y-axis ranges from 0 to 14 percent. The data are quarterly. There are three variables charted on the plot. The first line, labeled 'Other BHCs', is designated by a solid red line and ranges from 8 to just over 12 percent. This variable decreases slightly over 2001 to 2008 from 10 to 8 percent, increases from 8 percent in 2009 to 12 percent in 2014, and has remained near 12 percent through 2019. The second line, labeled 'Large non-G-SIBs', is designated by a solid black line and ranges from about 5 to 12 percent. This remains near 6.5 percent from 2001 to 2006, decreases sharply to 5 percent in 2008, increases to around 12 percent through the end of 2017 where it has remained through 2019. The third line, labeled ‘G-SIBs’, is designated by a solid blue line and ranges from 5 to 12 percent. It remains near 7 percent from 2001 to 2006, decreases to 5 percent in 2008:Q4, increases to around 12 percent in 2017, where it has remained through 2019:Q2.

Note: The data are seasonally adjusted by Board staff. Before 2014:Q1, the numerator of the common equity Tier 1 ratio is Tier 1 common capital for advanced-approaches bank holding companies (BHCs) and intermediate holding companies (IHCs) (before 2015:Q1, for non-advanced-approaches BHCs). Afterward, the numerator is common equity Tier 1 capital. G-SIBs are global systemically important U.S. banks. Large non-G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. 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 and December 2007-June 2009.

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

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3-3. Change in Bank Lending Standards for C&I Loans

This is a line chart titled "Change in Bank Lending Standards for C&I Loans," with one variable plotted. The x-axis measures time and ranges from 1997 to 2019. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Easing' and positive y-axis values are labeled 'Tightening.' The data are quarterly and end in Q2 of 2019. The variable begins around -15 percent in 1997, and increases to around 60 percent in 1998, before dropping to around 5 percent in 1999. It increases sharply to around 80 percent by the end of 2000, and gradually falls from 2001 to 2005, reaching around -55 percent. It gradually increases from 2005 to 2008, reaching its peak of around 80 percent near the end of 2008. It drops sharply in 2009, reaching around 0 percent by the end of the year. It gradually declines to around -20 percent in 2011 before increasing back to 0 percent in 2012. It decreases back to around -20 in 2013, slowly increases to around 10 percent from 2014 to 2016, then decreases back towards around -20 percent in the beginning of 2018. It then increases through 2018 to end at around -5 percent before dropping back to around -15 percent in Q2 of 2019.

Note: Banks’ responses are weighted by their commercial and industrial (C&I) loan market shares. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked about the changes over the quarter. Results are shown for loans to large and medium-sized firms.The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001 and December 2007–June 2009.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; Federal Reserve Board staff calculations.

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3-4. Borrower Leverage for Bank C&I Loans

This is a line chart titled "Borrower Leverage for Bank C&I Loans." The x-axis measures time and ranges from years 2013 to 2019. The y-axis ranges from 24 to 36 percent. The data are quarterly. There are two variables charted on the plot. The first line, labeled 'Nonpublicly traded firms', is designated by a solid blue line and ranges from about 30 to 34 percent. This variable begins at 32 percent, quickly decreases to about 30 percent in 2013, rises slowly to 34 percent in 2018, and decreases to just above 33 percent in 2018:Q4. It then increases over the next two quarters to just above 34 percent. The second line, labeled 'Publicly traded firms', is designated by a solid black line and ranges from about 25 to 31 percent. This variable begins at about 25.5, increases steadily to 31 percent in 2016:Q2, decreases to 30 percent in 2016:Q4, and rises slowly to about 31 percent in 2018 before dropping close to 30 percent in 2018:Q4. It then increases over the next two quarters to end around 31 percent in 2019:Q2.

Note: Weighted median leverage of nonfinancial firms that borrow using commercial and industrial (C&I) loans from the 26 banks that have filed in every quarter since 2013:Q1. Leverage is measured as the ratio of the book value of total debt to the book value of total assets of the borrower, as reported by the lender, and the median is weighted by committed amounts.

Source: Federal Reserve Board, Form FR Y-14Q (Schedule H.1), Capital Assessments and Stress Testing.

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3-5. Leverage at Broker-Dealers

Ratio of assets to equity

Period Leverage at Broker-Dealers
1995:Q1 24.39
1995:Q2 25.53
1995:Q3 25.53
1995:Q4 26.53
1996:Q1 26.50
1996:Q2 26.88
1996:Q3 26.73
1996:Q4 27.50
1997:Q1 27.09
1997:Q2 27.41
1997:Q3 27.42
1997:Q4 26.54
1998:Q1 27.54
1998:Q2 27.06
1998:Q3 28.08
1998:Q4 24.61
1999:Q1 23.50
1999:Q2 21.82
1999:Q3 21.79
1999:Q4 21.83
2000:Q1 21.55
2000:Q2 21.45
2000:Q3 21.69
2000:Q4 22.42
2001:Q1 22.33
2001:Q2 23.59
2001:Q3 24.93
2001:Q4 24.47
2002:Q1 24.10
2002:Q2 24.69
2002:Q3 25.23
2002:Q4 23.97
2003:Q1 23.70
2003:Q2 24.68
2003:Q3 23.50
2003:Q4 24.00
2004:Q1 25.22
2004:Q2 25.94
2004:Q3 27.09
2004:Q4 27.09
2005:Q1 28.29
2005:Q2 29.22
2005:Q3 29.94
2005:Q4 28.69
2006:Q1 28.44
2006:Q2 29.11
2006:Q3 30.57
2006:Q4 31.18
2007:Q1 32.35
2007:Q2 32.99
2007:Q3 33.63
2007:Q4 34.64
2008:Q1 36.48
2008:Q2 32.90
2008:Q3 34.67
2008:Q4 26.74
2009:Q1 24.01
2009:Q2 20.79
2009:Q3 20.44
2009:Q4 19.13
2010:Q1 19.69
2010:Q2 19.32
2010:Q3 19.39
2010:Q4 18.65
2011:Q1 18.71
2011:Q2 18.82
2011:Q3 19.39
2011:Q4 19.97
2012:Q1 19.42
2012:Q2 19.48
2012:Q3 18.86
2012:Q4 18.96
2013:Q1 17.89
2013:Q2 17.63
2013:Q3 17.31
2013:Q4 16.76
2014:Q1 16.50
2014:Q2 16.48
2014:Q3 16.09
2014:Q4 15.51
2015:Q1 15.41
2015:Q2 15.22
2015:Q3 14.89
2015:Q4 14.43
2016:Q1 14.29
2016:Q2 14.48
2016:Q3 14.42
2016:Q4 14.41
2017:Q1 14.35
2017:Q2 14.87
2017:Q3 13.93
2017:Q4 14.70
2018:Q1 14.36
2018:Q2 15.12
2018:Q3 15.03
2018:Q4 15.81
2019:Q1 15.90
2019:Q2 15.88

Note: Leverage is calculated by dividing financial assets by equity.

Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

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3-6. Leverage at Insurance Companies

Ratio of assets to equity

Period Life Property and casualty
2000:Q1 8.63 5.49
2000:Q2 8.45 5.40
2000:Q3 8.39 5.33
2000:Q4 8.96 5.75
2001:Q1 8.36 5.40
2001:Q2 8.83 5.50
2001:Q3 9.45 6.22
2001:Q4 10.03 6.37
2002:Q1 9.63 6.24
2002:Q2 9.83 6.32
2002:Q3 10.14 6.41
2002:Q4 10.79 6.66
2003:Q1 11.04 6.79
2003:Q2 11.16 6.71
2003:Q3 11.00 6.72
2003:Q4 10.93 6.68
2004:Q1 11.29 7.07
2004:Q2 11.37 6.77
2004:Q3 11.48 6.82
2004:Q4 11.68 6.83
2005:Q1 11.30 6.82
2005:Q2 10.67 6.61
2005:Q3 10.78 6.67
2005:Q4 10.87 6.50
2006:Q1 10.11 6.51
2006:Q2 10.00 6.41
2006:Q3 9.94 6.38
2006:Q4 9.87 6.32
2007:Q1 9.97 6.36
2007:Q2 9.83 6.35
2007:Q3 9.96 6.35
2007:Q4 9.74 6.10
2008:Q1 10.84 6.53
2008:Q2 10.72 6.44
2008:Q3 10.64 6.46
2008:Q4 10.77 5.97
2009:Q1 10.79 5.95
2009:Q2 9.97 5.61
2009:Q3 9.97 5.58
2009:Q4 8.92 5.20
2010:Q1 9.24 5.17
2010:Q2 9.45 5.10
2010:Q3 9.73 5.18
2010:Q4 8.63 4.47
2011:Q1 9.74 4.62
2011:Q2 9.40 4.57
2011:Q3 9.48 4.40
2011:Q4 8.90 4.15
2012:Q1 8.85 4.14
2012:Q2 8.86 4.11
2012:Q3 9.20 4.15
2012:Q4 9.44 4.17
2013:Q1 9.28 4.09
2013:Q2 8.90 3.96
2013:Q3 8.67 3.91
2013:Q4 8.52 3.89
2014:Q1 8.78 3.86
2014:Q2 8.31 3.68
2014:Q3 8.57 3.63
2014:Q4 8.59 3.58
2015:Q1 8.50 3.54
2015:Q2 8.21 3.51
2015:Q3 8.57 3.46
2015:Q4 9.18 3.46
2016:Q1 9.54 3.55
2016:Q2 9.92 3.57
2016:Q3 10.03 3.55
2016:Q4 10.01 3.80
2017:Q1 10.12 3.59
2017:Q2 10.24 3.59
2017:Q3 9.83 3.64
2017:Q4 10.12 3.73
2018:Q1 10.06 3.29
2018:Q2 9.92 2.96
2018:Q3 9.86 2.92
2018:Q4 10.16 3.03
2019:Q1 10.29 3.02
2019:Q2 10.38 3.01

Note: Ratio is calculated as (total assets - separate account assets)/(total capital - accumulated other comprehensive income).

Source: S&P Global Market Intelligence.

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3-7. Gross Leverage at Hedge Funds

Ratio

Period Mean Median
October 2013 5.4 2.3
November 2013 5.6 2.3
December 2013 5.3 2.3
January 2014 5.1 2.3
February 2014 5.2 2.3
March 2014 5.1 2.3
April 2014 5.1 2.2
May 2014 5.2 2.3
June 2014 5.1 2.3
July 2014 5.6 2.3
August 2014 5.8 2.3
September 2014 5.7 2.3
October 2014 5.2 2.2
November 2014 5.1 2.3
December 2014 4.8 2.3
January 2015 5.1 2.2
February 2015 5.3 2.3
March 2015 5.1 2.3
April 2015 5.4 2.4
May 2015 5.5 2.4
June 2015 4.9 2.3
July 2015 5.7 2.4
August 2015 5.8 2.4
September 2015 5.7 2.2
October 2015 5.7 2.5
November 2015 6 2.4
December 2015 4.9 2.3
January 2016 5.4 2.4
February 2016 5.8 2.3
March 2016 5.8 2.3
April 2016 5.8 2.3
May 2016 5.9 2.4
June 2016 5.6 2.3
July 2016 5.4 2.3
August 2016 5.7 2.3
September 2016 5.4 2.3
October 2016 6 2.4
November 2016 6.1 2.4
December 2016 5.5 2.3
January 2017 6 2.4
February 2017 6.2 2.4
March 2017 6 2.4
April 2017 5.9 2.4
May 2017 6.3 2.4
June 2017 5.7 2.3
July 2017 6.7 2.3
August 2017 7.1 2.4
September 2017 6.9 2.3
October 2017 6.7 2.3
November 2017 7.1 2.3
December 2017 6.5 2.3
January 2018 7.8 2.4
February 2018 7.7 2.4
March 2018 7.4 2.3
April 2018 8.2 2.3
May 2018 8.3 2.4
June 2018 8 2.3
July 2018 8.1 2.4
August 2018 8.4 2.4
September 2018 7.7 2.3
October 2018 8.3 2.4
November 2018 8.7 2.4
December 2018 7.7 2.2

Note: Leverage is computed as the ratio of hedge funds' gross notional exposure (including derivative notional exposures and the nominal value of all long and short positions) to net asset value. Data are reported on a three-quarter lag.

Source: Federal Reserve Board staff calculations based on Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors.

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3-8. Change in the Use of Financial Leverage

Net percentage

Period Hedge funds Trading REITs Insurance companies Mutual funds
2011:Q4 -55.00 0.00 0.00 0.00
2012:Q1 -20.00 15.00 5.00 5.00
2012:Q2 -22.73 4.55 4.76 0.00
2012:Q3 -4.55 5.88 -4.76 0.00
2012:Q4 9.09 16.67 0.00 4.76
2013:Q1 27.27 5.56 4.76 0.00
2013:Q2 22.73 0.00 0.00 4.76
2013:Q3 -18.18 -33.33 -4.55 4.76
2013:Q4 -9.09 -33.33 0.00 5.00
2014:Q1 0.00 -38.89 0.00 5.00
2014:Q2 4.55 -5.56 -4.55 5.00
2014:Q3 22.73 11.76 -4.55 0.00
2014:Q4 0.00 0.00 0.00 4.76
2015:Q1 14.29 -5.88 0.00 10.00
2015:Q2 0.00 11.76 0.00 5.00
2015:Q3 -5.00 0.00 5.00 5.00
2015:Q4 9.52 5.88 4.76 0.00
2016:Q1 -4.76 5.88 5.00 0.00
2016:Q2 -15.00 6.25 0.00 0.00
2016:Q3 4.35 5.26 0.00 4.55
2016:Q4 17.39 -5.26 0.00 4.76
2017:Q1 0.00 0.00 0.00 0.00
2017:Q2 4.35 0.00 0.00 0.00
2017:Q3 17.39 5.26 0.00 4.55
2017:Q4 0.00 -15.00 0.00 4.76
2018:Q1 0.00 5.00 0.00 0.00
2018:Q2 0.00 5.00 0.00 5.00
2018:Q3 4.35 5.26 0.00 0.00
2018:Q4 0.00 0.00 0.00 0.00
2019:Q1 -8.70 -4.76 0.00 0.00
2019:Q2 4.35 9.52 4.55 0.00
2019:Q3 -4.55 10.00 5.00 0.00

Note: Net percentage equals the percentage of institutions that reported increased use of financial leverage over the past three months minus the percentage of institutions that reported decreased use of financial leverage over the past three months. REIT is real estate investment trust.

Source: Federal Reserve Board, Senior Credit Officer Opinion Survey on Dealer Financing Terms.

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3-9. Issuance of Non-agency Securitized Products, by Asset Class

This is a stacked bar chart with five categories titled, "Issuance of Non-Agency Securitized Products, by Asset Class." The x-axis is in years and spans from 2001 to 2019. The y-axis is in billions of dollars (real) and ranges from 0 to 2800. Data are annual. CDOs (including ABS, CDO, CLO), represented in dark blue, begin at about 100 in 2001, peak at about 500 in 2006, decrease to about 50 by 2008 and then zero in 2011, and generally increase to end at about 140 in 2019. Auto loan/lease ABS, represented in yellow, begins at about 100 in 2001 and remains at that level until 2008 where it decreases. The bar then increases to about 100 by 2012, and increases to around 120 by 2019. Non-agency CMBS, represented in orange, begins at about 100 in 2001, peaks at about 300 in 2007, drops to about zero from 2008 through 2011, and increases to end at about 80 in 2019. Private-label RMBS, represented in dark gray, begins at about 350 in 2001, peaks at about 1400 in 2005, decreases to about zero by 2008, and slowly increases to about 100 in 2019. Other, represented in light gray, begins at about 200 in 2001, peaks at about 275 in 2007, drops to about 150 in 2008, and remains near that level to end at about 100 in 2019. All five categories together begin at about 800 in 2001 and peak near 2400 in 2006. The total then drops to about 400 in 2008, and ends at about 550 in 2019.

Note: The data from the third quarter of 2019 are annualized to create the 2019 bar. CMBS is commercial mortgage-backed securities; CDO is collateralized debt obligation; RMBS is residential-mortgage-backed securities; CLO is collateralized loan obligation. The "Other" category consists of other asset-backed securities (ABS) backed by credit card debt, student loans, equipment, floor plans, and miscellaneous receivables; re-securitized real estate mortgage investment conduit (Re-REMIC) RMBS; and Re-REMIC CMBS. The data are converted to constant 2019 dollars using the consumer price index. Key identifies bars in order from top to bottom.

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.

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3-10. Large Bank Lending to Nonbank Financial Firms: Committed Amounts

This is a stacked line chart titled "Large Bank Lending to Nonbank Financial Firms: Committed Amounts." The x-axis measures time and ranges from years 2013 to 2019. The y-axis measures billions of dollars and ranges from 0 to 1800. The data are quarterly. There are 10 variables charted on the plot, which sum up to represent total committed amounts extended to nonbank financials by large banks. The overall trend has been steadily increasing from about 600 billion in 2013 to about 1.4 trillion in 2019:Q2. The first variable, 'financial transactions processing', is designated by blue shading. This variable increases from 12 billion in 2013 to 40 billion in 2019. The second variable, 'Private equity, BDCs, and credit funds', is designated by red shading. This variable increases from 5 billion in 2013 to 60 billion in 2018. It then decreases slightly to about 55 billion in Q2 of 2019. The third variable, 'Broker-dealers', is designated by light blue shading. This variable increases steadily from 66 billion in 2013:Q1 to 106 billion in 2015:Q3, and remains near 100 billion through 2018:Q4. It then increases the next two quarters to end around 120 billion in 2019:Q2. The fourth variable, 'Insurance', is designated by purple shading. This variable remains constant through 2015:Q2 at about 90 billion, increases sharply in 2015:Q3 to 110 billion, decreases to 100 billion in 2016:Q2, increases to 119 billion in 2016:Q4, falls to 103 billion in 2017:Q2, and increases through 2018:Q1 to 143 billion before falling to 120 billion in 2019:Q2. The fifth variable, 'REITs', is designated by dark pink shading. Increases steadily from 60 billion in 2013:Q1 to 130 billion in 2018:Q3 before dropping to 100 billion in 2019:Q2. The sixth variable, 'Open-end investment funds', is designated by green shading. This variable increases steadily from 70 billion in 2013:Q1 to 127 billion in 2019:Q2. The seventh variable, 'Special purpose entities, CLOs, and ABS', is designated by light gray shading. Increases steadily from 60 billion in 2013:Q1 to 150 billion in 2019:Q1 and then decreases slightly to 147 billion in 2019:Q2. The eighth variable, 'Other financial vehicles', is designated by dark gray shading. This variable increased from 130 billion in 2013:Q1 to 240 billion 2019:Q2. The ninth variable, 'Real estate lenders and lessors', is designated by beige shading. This variable has increased steadily from 95 billion in 2013:Q1 to nearly 220 billion in 2019:Q2. The tenth variable, 'Consumer lenders, other lenders, and lessors', is designated by dark blue shading. This variable increased slightly from near 130 billion in 2013:Q1 to 160 billion in 2015:Q4, before falling to 150 billion in 2016:Q2, and increases to 180 billion in 2017:Q4 where it remained through 2019:Q1 before dropping to about 170 billion in 2019:Q2.

Note: Committed amounts on credit lines and term loans extended to nonbank financial firms by a balanced panel of 26 bank holding companies that have filed Form FR Y-14Q in every quarter since 2013:Q1. Nonbank financial firms are identified based on reported North American Industry Classification System (NAICS) codes. In addition to NAICS codes, a name-matching algorithm is applied to identify specific entities such as real estate investment trusts (REITs), special purpose entities, collateralized loan obligations (CLOs), and asset backed securities (ABS). REITs incorporate both mortgage (trading) REITs and equity REITs. Broker-dealers also include commodity contracts dealers and brokerages and other securities and commodity exchanges. Other financial vehicles include closed-end investment and mutual funds and financial planning and pension funds. BDCs are business development companies.

Source: Federal Reserve Board, Form FR Y-14Q (Schedule H.1), Capital Assessments and Stress Testing.

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4-1. Liquid Assets Held by Banks

This is a line chart titled "Liquid Assets Held by Banks." The x-axis measures time and ranges from the years 2001 to 2019. The y-axis represents liquid assets as a percent of total assets, and ranges from 0 to 24 percent. The data are quarterly. There are three variables charted on the plot. The line labeled 'Large non-G-SIBs', is designated by a solid blue line and ranges from 4 to about 22 percent. This variable rises from about 4.5 percent in 2001:Q1, remains near that level until mid-2004, decreases to about 25 by 2008:Q2, increases to nearly 16 by 2014:Q1, and steadily increases through 2019:Q2, ending around 18. The second line, labeled 'Other BHCs', is designated by a solid black line and ranges from about 6 to 14 percent. This variable begins at about 8 percent in 2001:Q1, decreases to about 4 by 2006:Q3, remains near that level through 2008, increases to about 14 by 2012:Q3. It then decreases to about 11 percent in 2013:Q2 and has remained near that through 2019:Q2. The third line is red and titled ‘G-SIBs’. It ranges from around 8-22. It begins around 8 in 2001 and steadily decreases through 2008 to close to 5. It then spikes to around 12 in 2009 and increases through 2013 steadily. From 2013 to 2015 it jumps to almost 24. There is then a slight, steady decline to close to 16 by 2019:Q2.

Note: Liquid assets are excess reserves plus estimates of securities that qualify as high-quality liquid assets as defined by the liquidity coverage ratio requirement. Accordingly, Level 1 assets, and discounts and restrictions on Level 2 assets, are incorporated into the estimate. G-SIBs are global systemically important U.S. banks. Large non-G-SIBs are bank holding companies (BHCs) and intermediate holding companies with greater than $100 billion in total assets.

Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies; Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report).

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4-2. Short-Term Wholesale Funding of Banks

This is a line chart titled "Short-Term Wholesale Funding of Banks." The x-axis measures time and ranges from the years 2000 to 2018. The y-axis represents short-term wholesale funding as a percent of assets, and ranges from 10 to 40 percent. The data are quarterly. There is one variable charted on the plot. The variable is designated by a solid black line and ranges from about 15 to 35 percent. The variable begins near 25 percent in 2000:Q1, declines steadily to about 23 percent in 2003:Q1, increases to about 33 percent in 2007:Q1 and remains there until 2008:Q1. It then steadily declines to about 15 percent in 2015:Q1 and remains near that level through 2019:Q2.

Note: Short-term wholesale funding is defined as the sum of large time deposits with maturity less than one year, federal funds purchased and securities sold under agreements to repurchase, deposits in foreign offices with maturity less than one year, trading liabilities (excluding revaluation losses on derivatives), and other borrowed money with maturity less than one year. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001 and December 2007-June 2009.

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

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4-3. Runnable Money-Like Liabilities as a Share of GDP, by Instrument and Institution *

Percent of GDP

Date Other Securities lending Commercial paper Domestic money market funds Repurchase agreements Uninsured deposits
2002 Q1 5.338454921 3.671869 13.04725785 21.52147324 19.02449887 11.2213538
2002 Q2 5.247557356 3.961098369 12.34103271 20.66229404 20.56732944 11.4801712
2002 Q3 5.455437546 2.751137147 12.16260089 20.22530788 20.95398631 12.38150759
2002 Q4 5.759543375 2.665088665 12.38802395 21.11222898 20.69224342 12.88164942
2003 Q1 5.931386586 3.243796482 12.11812545 20.33831903 21.00437455 13.19553592
2003 Q2 5.959235584 3.694074535 11.70071007 19.60676122 22.35262746 14.02211935
2003 Q3 5.652335567 4.512898263 11.16436349 18.71829312 21.63139606 13.50692573
2003 Q4 5.52646609 4.639374481 10.94584974 17.68713585 21.67938515 13.53385069
2004 Q1 5.625240267 4.502791856 11.1122481 16.96957291 23.19950894 14.03742657
2004 Q2 5.628632478 5.404714139 10.73235239 16.20367362 23.48794857 14.41923144
2004 Q3 5.84038459 4.790575279 10.61307083 15.61799345 25.32889938 14.66919895
2004 Q4 5.70725447 5.431470934 11.13602799 15.58378415 24.21782177 15.14410661
2005 Q1 5.735068367 6.015867337 11.24394034 14.8429203 25.3896776 15.04202804
2005 Q2 5.705392256 6.640554282 11.567792 14.67697483 26.75692271 15.15643072
2005 Q3 5.668798089 6.121539204 11.84608041 14.80197053 27.65551836 15.2811488
2005 Q4 5.720781677 5.605400518 12.30917058 15.43908371 26.57885895 15.77717409
2006 Q1 5.672952186 5.609383076 12.48319738 15.14636927 28.21433887 15.49262021
2006 Q2 5.792273148 6.256856347 12.82754789 15.44611058 28.48357291 15.76425978
2006 Q3 6.260066327 7.032810148 13.44353043 16.01712234 30.68660669 15.46617993
2006 Q4 6.591825614 7.598828176 13.94285159 17.01581804 29.68380481 16.26198807
2007 Q1 6.907947504 8.563617828 14.09271353 17.03020129 32.28164435 15.39487663
2007 Q2 7.144532861 8.724578822 14.64643855 17.58018033 32.42716243 15.24456781
2007 Q3 7.415937375 7.53329542 12.7525204 19.6019845 32.20021343 15.21393567
2007 Q4 7.881703123 7.738684775 12.15144406 21.37876026 30.48881809 16.05890309
2008 Q1 8.399677151 6.335236544 12.13195071 23.92063875 32.82501524 16.0681219
2008 Q2 8.879437846 12.04175264 11.75891432 23.3519432 29.87558959 15.50576409
2008 Q3 8.462601857 6.795510307 10.43579491 23.17297218 29.96246541 16.37606903
2008 Q4 8.374945971 6.528987028 10.94794755 26.28017747 21.75718917 12.19275287
2009 Q1 8.169126232 5.396391991 9.867138526 26.75176013 22.06374073 12.12707469
2009 Q2 8.04853469 6.13221963 8.892135211 25.83533877 21.92090492 12.12732653
2009 Q3 7.639384 5.986490983 8.092591111 23.78316107 22.45296651 8.176508483
2009 Q4 6.750977778 5.802754997 7.7629839 22.55087081 20.31820335 8.666236433
2010 Q1 6.577262923 5.667992165 7.321412175 20.24244996 22.61661267 12.21509811
2010 Q2 6.225724782 5.607811422 6.862702106 18.82050493 22.83174687 12.2369495
2010 Q3 6.352930454 5.223349749 6.938307035 18.56772756 22.71233602 13.66544192
2010 Q4 6.21294082 5.100097669 6.907175476 18.4015239 22.33364778 9.532294565
2011 Q1 5.888152461 5.049772599 7.368785411 17.84419746 23.16307479 9.612799234
2011 Q2 5.475576953 5.19918477 6.952245471 17.27356553 23.26761397 10.09778261
2011 Q3 5.191573337 4.597403436 6.419072412 16.83771567 23.89675404 10.37504756
2011 Q4 5.216754129 4.161588604 6.118013253 17.02980338 23.5874966 10.46071626
2012 Q1 5.216815416 4.170740969 6.188250169 16.22398769 23.62756829 10.53835685
2012 Q2 5.204015107 4.190970412 5.935807184 15.66507425 23.95031352 10.59932157
2012 Q3 5.138391106 4.042344433 5.865563436 15.7936318 23.97194308 10.4764862
2012 Q4 5.082099938 3.600305261 5.799784395 16.24939907 24.07631333 11.90151175
2013 Q1 5.023286937 3.711661155 6.020638508 15.81207004 22.88838124 20.08509916
2013 Q2 4.76890954 3.9098418 5.931608592 15.5539928 21.91025559 20.08931375
2013 Q3 4.552701196 4.096346978 5.776666477 15.93464739 21.07261353 20.85771117
2013 Q4 5.878079422 3.809867975 5.554349289 15.73153567 19.05673686 21.46555505
2014 Q1 6.003073542 4.285300859 5.787311776 15.41556628 19.27677659 21.52733632
2014 Q2 5.991144752 4.26423117 5.758094734 14.64193746 18.53158821 21.96372581
2014 Q3 5.88203039 4.21698928 5.613984366 14.60418068 17.99120565 22.16040629
2014 Q4 5.59312789 3.949130037 5.211510653 15.2715359 17.4460045 22.69963778
2015 Q1 5.516637899 3.945896566 5.295295313 14.90355273 17.66570431 22.79279439
2015 Q2 5.279300836 3.751297083 5.379739197 14.29930709 16.95069866 22.6033577
2015 Q3 5.233453202 3.623103067 5.414678355 14.57540719 17.24478077 22.54249588
2015 Q4 5.380996718 3.542315113 5.13576764 15.04747539 16.1981719 22.96688829
2016 Q1 5.174446199 3.593047677 5.542030001 15.00923809 16.42932454 23.09123317
2016 Q2 5.258470992 3.510065941 5.458402527 14.60424979 17.14291263 23.26322377
2016 Q3 5.248689818 3.331742717 4.853777315 14.27614073 17.07301335 23.83718043
2016 Q4 5.35105821 3.069267895 4.665057373 14.38861795 16.11990467 24.04019273
2017 Q1 5.321580191 3.19793695 4.892755024 13.85462159 16.29792104 23.82661315
2017 Q2 5.197281552 3.404557827 4.79043023 13.56923778 16.74116204 23.65147335
2017 Q3 5.284991718 3.423848276 5.022625926 14.01160599 16.20616527 23.70179954
2017 Q4 5.289248809 3.297999017 4.858093264 14.32107324 16.25151337 23.85306115
2018 Q1 5.147837299 3.309071709 5.204977831 14.04513435 15.78912066 23.44020837
2018 Q2 5.19031163 3.337173415 5.131259533 13.78576125 15.7469186 22.78330852
2018 Q3 5.222351924 3.177437203 5.060965616 13.95731554 15.67589918 22.9106723
2018 Q4 5.224631789 2.885459183 4.7852566 14.6008676 17.43371561 23.307637

*On September 7, 2022, the data in Chart 4-3 were updated on the accessible version to fix a coding error.

Note: The black striped area denotes the period from 2008:Q4 to 2012:Q4 when insured deposits increased because of the Transaction Account Guarantee Program. "Other" consists of variable-rate demand obligations, federal funds, funding-agreement-backed securities, private liquidity funds, offshore money market funds, and local government investment pools. Securities lending includes only lending collateralized by cash. GDP is gross domestic product. Values for variable-rate demand obligations come from Bloomberg beginning in 2019:Q1. See Jack Bao, Josh David, and Song Han (2015), "The Runnables," FEDS Notes (Washington: Board of Governors of the Federal Reserve System, September 3), https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/the-runnables-20150903

Source: Securities and Exchange Commission, Private Funds Statistics; iMoneyNet, Inc., Offshore Money Fund Analyzer; Bloomberg Finance LP; Securities Industry and Financial Markets Association: U.S. Municipal VRDO Update; Risk Management Association, Securities Lending Report; DTCC Solutions LLC, an affiliate of the Depository Trust & Clearing Corporation: Commercial Paper data; Federal Reserve Board staff calculations based on Investment Company Institute data; Federal Reserve Board, Statistical Release H.6, "Money Stock and Debt Measures" (M3 monetary aggregate); Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States;" Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report); Moody's Analytics, Inc., CreditView, ABCP Program Index; Bureau of Economic Analysis, gross domestic product, via Haver Analytics.

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4-4. Domestic Money Market Fund Assets

This is an overlapping area chart titled "Domestic Money Market Fund Assets." The x-axis measures time and ranges from the years 2000 to 2020. The y-axis is in billions of dollars (real) and ranges from 0 to 5,250 in 750 billion dollar increments. The data are monthly. There are shaded areas in this chart. The bottom area, represented in dark blue, is institutional prime fund assets. The institutional prime curve begins at about 650 in early 2000, increases to about 1200 by late 2002, decreases to about 650 by mid-2005, increases to about 1,500 by the end of 2008, and then drops sharply in September 2008 to 1,000. It then increases to 1,400 and remains in the range of 1,000 to 1,400 until the end of 2015. It then begins to sharply decrease to about 130 at the end of 2016. It then steadily increases until September 2019 where it ends around 250. The area above the institutional prime region is light blue and represents retail prime fund assets. The curve begins at about 1,700 in early 2000, increases to about 2250 by early 2002, decreases to about 1700 by mid-2005, increases to about 2350 by late 2008, and then sharply decreases to 1900 in September 2008. It then increases back to about 2300 in early 2009, and then decreases steadily to about 1550 in 2012. It remains around this level until late 2015. It then steadily decreases throughout 2016 and then drops sharply in late 2016 to about 400. It then increases until September 2019 where it ends around 750. The third shaded region from the bottom is red and represents tax-exempt fund assets. The curve begins at about 2000 in early 2000, increases to about 2500 by late 2002, decreases to about 1950 by mid-2005, increases to about 3000 by mid-2008, dips to about 2500 by late 2008, increases to about 2900 by early 2009, decreases to about 1900 by 2012. It remains near this level through the end of 2015. Then it begins to decrease steadily to around 1000. In September 2016, it drop sharply to around 675 and continues to decrease until late 2017 to about 580. It then increases the remainder of the time and ends in September 2019 at about 800.

The top shaded area represents government-only fund assets. This line begins at about 2500 in early 2000, increases to about 3300 by early 2002, decreases to about 2400 by mid-2005, increases to about 4500 by early 2009, decreases to about 2900 by early 2011, remains near that level until end of 2018, and increases to end at about 3500 in October 2019.

Note: The data are converted to constant 2019 dollars using the consumer price index.

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

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4-5. U.S Corporate Bonds Held By Mutual Funds

Billions of dollars (real)

Date Corporate bond amount
2000 Q1 419.56
2000 Q2 409.01
2000 Q3 400.70
2000 Q4 374.94
2001 Q1 383.16
2001 Q2 388.47
2001 Q3 388.37
2001 Q4 385.44
2002 Q1 403.90
2002 Q2 408.19
2002 Q3 394.72
2002 Q4 403.46
2003 Q1 406.75
2003 Q2 448.35
2003 Q3 449.86
2003 Q4 457.31
2004 Q1 487.78
2004 Q2 427.84
2004 Q3 430.90
2004 Q4 441.00
2005 Q1 422.80
2005 Q2 426.46
2005 Q3 408.73
2005 Q4 400.22
2006 Q1 415.08
2006 Q2 405.98
2006 Q3 419.32
2006 Q4 444.37
2007 Q1 450.23
2007 Q2 442.99
2007 Q3 457.13
2007 Q4 453.74
2008 Q1 446.39
2008 Q2 477.62
2008 Q3 427.63
2008 Q4 398.79
2009 Q1 423.76
2009 Q2 503.95
2009 Q3 581.65
2009 Q4 672.96
2010 Q1 751.53
2010 Q2 758.72
2010 Q3 856.77
2010 Q4 892.80
2011 Q1 935.56
2011 Q2 941.18
2011 Q3 906.64
2011 Q4 914.37
2012 Q1 981.06
2012 Q2 994.28
2012 Q3 1074.13
2012 Q4 1110.45
2013 Q1 1161.09
2013 Q2 1134.88
2013 Q3 1181.24
2013 Q4 1230.03
2014 Q1 1266.02
2014 Q2 1308.83
2014 Q3 1295.43
2014 Q4 1299.76
2015 Q1 1345.51
2015 Q2 1357.42
2015 Q3 1334.94
2015 Q4 1300.69
2016 Q1 1332.68
2016 Q2 1373.77
2016 Q3 1419.76
2016 Q4 1390.01
2017 Q1 1432.36
2017 Q2 1448.10
2017 Q3 1464.85
2017 Q4 1459.01
2018 Q1 1474.94
2018 Q2 1471.26
2018 Q3 1485.56
2018 Q4 1423.91
2019 Q1 1495.28
2019 Q2 1530.59

Note: The data are converted to constant 2019 dollars using the consumer price index.

Source: Federal Reserve Board staff estimates based on Federal Reserve Board Statistical Release Z.1, "Financial Accounts of the United States"; Bureau of Labor Statistics, consumer price index, via Haver Analytics.

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4-6. High-yield Bond and Bank Loan Mutual Fund Assets

Billions of dollars(real)

Date Bank loan mutual funds High-yield corporate bond mututal funds
1/31/2000 29.03 149.93
2/29/2000 28.94 148.08
3/31/2000 28.86 141.22
4/30/2000 29.08 137.79
5/31/2000 28.98 132.78
6/30/2000 29.01 135.40
7/31/2000 29.09 134.35
8/31/2000 29.56 131.54
9/30/2000 30.24 127.97
10/31/2000 29.52 121.03
11/30/2000 29.02 111.83
12/31/2000 27.89 110.94
1/31/2001 28.34 123.84
2/28/2001 24.45 125.64
3/31/2001 27.19 120.72
4/30/2001 27.02 118.92
5/31/2001 23.52 121.40
6/30/2001 23.07 115.83
7/31/2001 26.25 117.68
8/31/2001 26.05 118.73
9/30/2001 21.90 106.23
10/31/2001 23.65 110.59
11/30/2001 22.74 115.92
12/31/2001 22.56 115.87
1/31/2002 22.04 118.19
2/28/2002 21.50 114.98
3/31/2002 21.07 121.04
4/30/2002 20.66 120.12
5/31/2002 20.22 120.44
6/30/2002 19.52 111.40
7/31/2002 18.81 104.87
8/31/2002 17.79 107.01
9/30/2002 16.94 102.60
10/31/2002 15.99 106.31
11/30/2002 15.53 115.67
12/31/2002 15.24 118.78
1/31/2003 15.07 122.03
2/28/2003 14.73 126.73
3/31/2003 14.43 137.22
4/30/2003 14.68 152.11
5/31/2003 14.69 155.51
6/30/2003 14.40 163.37
7/31/2003 14.91 158.87
8/31/2003 15.47 160.14
9/30/2003 15.93 163.45
10/31/2003 16.64 168.73
11/30/2003 17.14 172.34
12/31/2003 17.59 175.07
1/31/2004 18.24 180.08
2/29/2004 18.62 174.84
3/31/2004 19.08 171.24
4/30/2004 19.89 167.71
5/31/2004 21.28 157.08
6/30/2004 22.47 158.36
7/31/2004 23.79 160.23
8/31/2004 24.84 163.90
9/30/2004 25.55 166.46
10/31/2004 26.10 169.26
11/30/2004 26.74 171.77
12/31/2004 27.10 173.40
1/31/2005 28.06 169.69
2/28/2005 28.40 171.23
3/31/2005 29.30 159.37
4/30/2005 29.73 153.47
5/31/2005 29.65 154.87
6/30/2005 29.51 157.12
7/31/2005 29.71 159.22
8/31/2005 29.36 157.75
9/30/2005 29.23 151.70
10/31/2005 29.97 148.27
11/30/2005 30.17 150.23
12/31/2005 30.52 151.50
1/31/2006 30.93 151.90
2/28/2006 31.35 153.15
3/31/2006 32.39 152.22
4/30/2006 32.91 151.46
5/31/2006 34.00 149.13
6/30/2006 35.00 146.02
7/31/2006 35.86 147.26
8/31/2006 36.45 149.52
9/30/2006 37.10 152.23
10/31/2006 38.12 156.42
11/30/2006 38.48 159.93
12/31/2006 38.88 161.88
1/31/2007 40.06 164.10
2/28/2007 40.65 165.98
3/31/2007 41.47 165.40
4/30/2007 42.49 166.74
5/31/2007 43.52 168.66
6/30/2007 44.97 163.11
7/31/2007 41.71 155.10
8/31/2007 38.64 155.71
9/30/2007 38.57 160.00
10/31/2007 38.53 161.61
11/30/2007 35.52 154.72
12/31/2007 33.82 154.44
1/31/2008 31.79 149.28
2/29/2008 27.95 146.30
3/31/2008 27.01 143.51
4/30/2008 27.73 151.43
5/31/2008 27.49 152.00
6/30/2008 27.39 145.85
7/31/2008 27.00 142.17
8/31/2008 26.55 143.17
9/30/2008 24.16 131.61
10/31/2008 20.13 109.45
11/30/2008 18.19 102.24
12/31/2008 17.26 110.56
1/31/2009 18.88 118.48
2/28/2009 19.49 115.63
3/31/2009 19.50 119.81
4/30/2009 21.50 134.81
5/31/2009 23.01 146.24
6/30/2009 24.36 149.18
7/31/2009 25.81 160.86
8/31/2009 26.20 164.01
9/30/2009 26.88 173.89
10/31/2009 27.15 178.37
11/30/2009 26.90 180.37
12/31/2009 28.21 187.21
1/31/2010 29.79 190.19
2/28/2010 30.87 187.94
3/31/2010 33.17 196.81
4/30/2010 35.99 203.12
5/31/2010 35.33 188.05
6/30/2010 35.93 191.17
7/31/2010 37.04 200.64
8/31/2010 37.72 201.70
9/30/2010 39.74 211.28
10/31/2010 41.89 219.85
11/30/2010 44.19 216.24
12/31/2010 49.08 222.28
1/31/2011 55.93 231.05
2/28/2011 61.52 236.03
3/31/2011 65.68 235.04
4/30/2011 69.55 238.85
5/31/2011 73.20 239.65
6/30/2011 74.47 229.76
7/31/2011 74.86 233.58
8/31/2011 63.44 216.32
9/30/2011 61.86 209.81
10/31/2011 64.24 232.35
11/30/2011 63.33 225.93
12/31/2011 62.52 235.14
1/31/2012 63.63 248.72
2/29/2012 63.43 259.25
3/31/2012 64.00 261.17
4/30/2012 65.69 264.66
5/31/2012 65.38 259.13
6/30/2012 65.79 265.46
7/31/2012 67.32 275.98
8/31/2012 68.74 281.83
9/30/2012 71.08 286.40
10/31/2012 73.71 290.22
11/30/2012 76.35 289.77
12/31/2012 79.05 294.04
1/31/2013 84.02 299.53
2/28/2013 89.33 297.81
3/31/2013 96.21 301.77
4/30/2013 102.04 308.25
5/31/2013 106.76 305.16
6/30/2013 112.54 282.56
7/31/2013 122.80 293.07
8/31/2013 130.61 287.29
9/30/2013 136.77 293.87
10/31/2013 141.30 304.74
11/30/2013 145.95 307.84
12/31/2013 150.48 308.90
1/31/2014 154.62 309.88
2/28/2014 156.58 316.80
3/31/2014 157.84 317.06
4/30/2014 156.02 318.63
5/31/2014 154.25 322.06
6/30/2014 151.27 323.21
7/31/2014 148.98 310.75
8/31/2014 145.21 309.51
9/30/2014 140.26 294.93
10/31/2014 135.38 299.65
11/30/2014 134.70 303.03
12/31/2014 126.24 288.95
1/31/2015 122.85 293.22
2/28/2015 123.35 304.64
3/31/2015 121.78 298.81
4/30/2015 122.40 301.94
5/31/2015 122.46 302.01
6/30/2015 119.84 292.02
7/31/2015 119.54 287.40
8/31/2015 115.86 279.56
9/30/2015 113.23 270.67
10/31/2015 111.75 281.39
11/30/2015 108.82 273.03
12/31/2015 101.24 256.08
1/31/2016 97.26 247.81
2/29/2016 93.86 250.17
3/31/2016 95.07 266.00
4/30/2016 96.03 275.00
5/31/2016 96.32 274.85
6/30/2016 93.75 259.57
7/31/2016 97.23 282.84
8/31/2016 98.22 289.73
9/30/2016 100.06 289.98
10/31/2016 101.07 276.33
11/30/2016 104.09 269.55
12/31/2016 111.36 278.24
1/31/2017 115.19 281.22
2/28/2017 119.47 284.26
3/31/2017 123.11 277.06
4/30/2017 125.13 278.26
5/31/2017 126.85 280.65
6/30/2017 126.86 279.05
7/31/2017 127.64 280.44
8/31/2017 126.54 277.66
9/30/2017 125.99 278.69
10/31/2017 126.26 278.88
11/30/2017 125.10 272.45
12/31/2017 124.40 272.44
1/31/2018 125.58 270.81
2/28/2018 126.13 258.66
3/31/2018 128.58 254.26
4/30/2018 130.87 255.24
5/31/2018 133.46 252.82
6/30/2018 135.80 251.80
7/31/2018 137.85 253.25
8/31/2018 139.77 254.01
9/30/2018 141.40 255.67
10/31/2018 141.76 245.98
11/30/2018 136.21 241.26
12/31/2018 119.47 229.60
1/31/2019 117.62 242.56
2/28/2019 115.42 248.65
3/31/2019 111.65 249.78
4/30/2019 109.66 252.67
5/31/2019 106.49 246.05
6/30/2019 103.32 251.83
7/31/2019 100.61 254.22
8/31/2019 96.06 251.36
9/30/2019 93.51 254.58
10/31/2019 89.22 251.29

Note: The data are converted to constant 2019 dollars using the consumer price index. Key identifies series in order from top to bottom.

Source: Morningstar, Inc., Morningstar Direct; Bureau of Labor Statistics, consumer price index, via Haver Analytics.

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4-7. Mutual Fund Net Flows

This is a stacked bar chart titled “Mutual Fund Net Flows”. The x-axis ranges from February 2017 to August 2019, with labels for February and August of each year. The y-axis is in billions of dollars and ranges from -25 to 15. The data are monthly. Bank loan mutual funds are represented in maroon. It begins around 4 percent and decrease until August 2017 to about -0.4 percent. It then increases to about -0.2 percent in September 2017, decreases until November 2017 to about -2 percent, and then increases until May 2018 where it reaches about 2.5 percent. It then decreases again until July 2018 to about 1 percent, increases slightly in August, and then begins to decline slightly in September and October. It November 2018, it decreases dramatically to -4.5 percent and again in December to -12 percent. It then increases in 2019 and ends about -2 percent in September 2019. High-yield bond mutual funds are represented in tan. The bar begins around 2 percent and decreases, staying negative, until around April 2018. It then increases to 2 percent in October 2018. It drops to be -5 percent near the end of 2018. It ends at about 3 percent in September 2019.

Source: Investment Company Institute.

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4-8. Nontraditional Liabilities of U.S. Life Insurers, by Liability Type - Left figure

Billions of dollars(real)

Date FHLB advances(billlions) Funding-agreement backed securities
2006 Q1 10.51 192.53
2006 Q2 10.71 189.74
2006 Q3 11.42 189.12
2006 Q4 12.73 193.66
2007 Q1 13.84 194.71
2007 Q2 17.25 195.70
2007 Q3 23.91 198.55
2007 Q4 27.55 195.98
2008 Q1 31.16 197.99
2008 Q2 32.16 199.66
2008 Q3 40.81 181.13
2008 Q4 58.07 172.53
2009 Q1 58.55 153.89
2009 Q2 55.13 140.52
2009 Q3 51.60 128.13
2009 Q4 52.24 117.45
2010 Q1 51.48 114.93
2010 Q2 49.88 106.61
2010 Q3 49.81 104.20
2010 Q4 49.28 101.95
2011 Q1 49.95 95.27
2011 Q2 49.07 90.15
2011 Q3 49.07 84.39
2011 Q4 49.50 84.13
2012 Q1 50.44 81.21
2012 Q2 53.82 82.80
2012 Q3 53.45 83.85
2012 Q4 51.98 80.38
2013 Q1 52.67 79.77
2013 Q2 53.66 71.30
2013 Q3 52.53 67.67
2013 Q4 53.40 65.84
2014 Q1 52.44 61.36
2014 Q2 52.68 64.71
2014 Q3 53.15 70.01
2014 Q4 54.07 73.99
2015 Q1 56.66 75.02
2015 Q2 57.73 72.52
2015 Q3 59.02 69.05
2015 Q4 59.98 74.13
2016 Q1 63.04 72.54
2016 Q2 66.33 73.73
2016 Q3 68.98 74.67
2016 Q4 69.55 78.70
2017 Q1 71.50 80.35
2017 Q2 71.28 83.93
2017 Q3 71.19 90.15
2017 Q4 73.35 89.03
2018 Q1 78.10 89.75
2018 Q2 77.53 90.35
2018 Q3 76.04 91.38
2018 Q4 78.50 89.04
2019 Q1 80.36 92.04
2019 Q2 79.49 90.46

Note: The data are converted to constant 2019 dollars using the consumer price index. FHLB is Federal Home Loan Bank.

Source: Bureau of Labor Statistics, consumer price index, via Haver Analytics; Moody's Analytics, Inc., CreditView, ABCP Program Index; Securities and Exchange Commission, Form 10-Q and 10-K; National Association of Insurance Commissioners, quarterly and annual statutory filings accessed via the S&P Global Market Intelligence platform; Bloomberg Finance LP.

4-8. Nontraditional Liabilities of U.S. Life Insurers, by Liability Type - Right figure

Billions of dollars(real)

Date Repurchase agreements Securities lending
2011 Q1 6.98 53.33
2011 Q2 7.69 52.61
2011 Q3 7.74 50.60
2011 Q4 8.03 48.13
2012 Q1 9.15 47.20
2012 Q2 11.79 54.22
2012 Q3 12.53 61.73
2012 Q4 12.48 60.35
2013 Q1 14.71 59.77
2013 Q2 14.66 60.78
2013 Q3 14.12 56.11
2013 Q4 12.61 61.78
2014 Q1 14.86 63.07
2014 Q2 14.90 65.22
2014 Q3 16.40 68.37
2014 Q4 12.54 59.18
2015 Q1 12.04 59.51
2015 Q2 11.65 55.17
2015 Q3 11.67 54.66
2015 Q4 9.27 53.82
2016 Q1 11.29 55.99
2016 Q2 12.73 57.87
2016 Q3 13.55 59.04
2016 Q4 10.27 51.12
2017 Q1 13.54 52.97
2017 Q2 13.73 52.78
2017 Q3 15.02 53.73
2017 Q4 13.02 50.99
2018 Q1 12.79 53.59
2018 Q2 14.81 46.73
2018 Q3 13.61 47.45
2018 Q4 13.41 42.98
2019 Q1 16.82 45.91
2019 Q2 16.05 45.56

Note: The data are converted to constant 2019 dollars using the consumer price index. FHLB is Federal Home Loan Bank.

Source: Bureau of Labor Statistics, consumer price index, via Haver Analytics; Moody's Analytics, Inc., CreditView, ABCP Program Index; Securities and Exchange Commission, Form 10-Q and 10-K; National Association of Insurance Commissioners, quarterly and annual statutory filings accessed via the S&P Global Market Intelligence platform; Bloomberg Finance LP.

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Potential Shocks Cited in Market Outreach

Share of contacts citing shock (percent of total)

Shock Percent of total
Trade frictions 65.22
Global mon policy efficacy 60.87
Market liquidity 47.83
China economic/financial strains 34.78
Corporate debt/credit cycle turn 30.43
Sharp equity correction 30.43
Capital flow/FX policy 26.09
Higher inflation/bond tantrum 26.09
Reserve scarcity/funding mkt vol 26.09
U.S. or global recession 26.09
Brexit 21.74
Fintech risks 21.74
Asian geopolitcal uncertainty 17.39
Iran 17.39
Passive investing bubble 17.39
Untested structures/strategies 17.39
U.S. politics 13.04
Benchmark rate reform 8.70
Household debt/distribution 8.70

Note: Reflects outreach to 24 contacts (banks, investment firms, and official sector institutions) in 2019:Q3. Reponses were to the following question: "Over the next 12-18 months, which shocks, if realized, do you think would have the greatest negative impact on the functioning of the U.S. financial system (can impair the system and harm the economy)?" Each respondent provided at least three shocks.

Source: FRBNY phone survey of market and official-sector contacts from mid-August to end-September

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Last Update: September 07, 2022