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Financial system vulnerability assessment, May 2022

Asset valuations:

Uncertainty about the economic outlook led to large fluctuations in prices of financial assets.
Despite markedly higher Treasury yields, real and financial asset prices generally remained high relative to their corresponding expected cash flows.
House prices continued to rise at a rapid pace that outstripped increases in rents. Borrowing by businesses and households
The debt-to-GDP ratio continued to decline, although businesses and households' debt grew throughout 2021.
Interest coverage ratios for large businesses exceeded the historical average, but the business debt-to-GDP ratio remains high.
Increases in household debt were concentrated among borrowers with strong credit histories.

Leverage in the financial sector

Banks are well capitalized, but risk-based capital ratios declined at the largest banks due to heighted market volatility.
Leverage was high at life insurers and somewhat elevated at hedge funds.
Issuance of non-agency securitized products reached post-2008 highs, and bank lending to nonbank financial institutions continued to grow rapidly.

Funding risks

Domestic banks maintained high levels of liquid assets and stable funding.
Structural vulnerabilities persist at money market funds and some other mutual funds, and the rapidly growing stablecoin sector is vulnerable to runs.
Central counterparties made larger margin calls amid elevated market volatility.

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Survey of salient risks to the financial system

Survey respondents cited several emerging and existing events or conditions as presenting risks to the U.S. financial system and the broader global economy. For more information, see the box “Survey of Salient Risks to Financial Stability.”

	Russian Invasion of Ukraine	Persistent Inflation; monetary tightening	Risk asset valuations/correction	Foreign divestment from U.S. assets	Higher energy prices
May-22	77% of contacts surveyed	68% of contacts surveyed	50% of contacts surveyed	41% of contacts surveyed	41%of contacts surveyed
Nov-21	Not cited	65% of contacts surveyed	23% of contacts surveyed	Not cited	8% of contacts surveyed

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Figure 1.1. Yields on nominal Treasury securities

Percent, annual rate

Date	2-year	10-year
1/31/1997	6.01	6.58
2/28/1997	5.9	6.42
3/31/1997	6.22	6.69
4/30/1997	6.45	6.89
5/31/1997	6.28	6.71
6/30/1997	6.09	6.49
7/31/1997	5.89	6.22
8/31/1997	5.94	6.3
9/30/1997	5.88	6.21
10/31/1997	5.77	6.03
11/30/1997	5.71	5.88
12/31/1997	5.72	5.81
1/31/1998	5.36	5.54
2/28/1998	5.42	5.57
3/31/1998	5.56	5.65
4/30/1998	5.56	5.64
5/31/1998	5.59	5.65
6/30/1998	5.52	5.5
7/31/1998	5.46	5.46
8/31/1998	5.27	5.34
9/30/1998	4.67	4.81
10/31/1998	4.09	4.53
11/30/1998	4.54	4.83
12/31/1998	4.51	4.65
1/31/1999	4.62	4.72
2/28/1999	4.88	5
3/31/1999	5.05	5.23
4/30/1999	4.98	5.18
5/31/1999	5.25	5.54
6/30/1999	5.62	5.9
7/31/1999	5.55	5.79
8/31/1999	5.68	5.94
9/30/1999	5.66	5.92
10/31/1999	5.86	6.11
11/30/1999	5.86	6.03
12/31/1999	6.1	6.28
1/31/2000	6.44	6.66
2/29/2000	6.61	6.52
3/31/2000	6.53	6.26
4/30/2000	6.4	5.99
5/31/2000	6.81	6.44
6/30/2000	6.48	6.1
7/31/2000	6.34	6.05
8/31/2000	6.23	5.83
9/30/2000	6.08	5.8
10/31/2000	5.91	5.74
11/30/2000	5.88	5.72
12/31/2000	5.35	5.24
1/31/2001	4.76	5.16
2/28/2001	4.66	5.1
3/31/2001	4.34	4.89
4/30/2001	4.23	5.14
5/31/2001	4.26	5.39
6/30/2001	4.08	5.28
7/31/2001	4.04	5.24
8/31/2001	3.76	4.97
9/30/2001	3.12	4.73
10/31/2001	2.73	4.57
11/30/2001	2.78	4.65
12/31/2001	3.11	5.09
1/31/2002	3.03	5.04
2/28/2002	3.02	4.91
3/31/2002	3.56	5.28
4/30/2002	3.42	5.21
5/31/2002	3.26	5.16
6/30/2002	2.99	4.93
7/31/2002	2.56	4.65
8/31/2002	2.13	4.26
9/30/2002	2	3.87
10/31/2002	1.91	3.94
11/30/2002	1.92	4.05
12/31/2002	1.84	4.03
1/31/2003	1.74	4.05
2/28/2003	1.63	3.9
3/31/2003	1.57	3.81
4/30/2003	1.62	3.96
5/31/2003	1.42	3.57
6/30/2003	1.23	3.33
7/31/2003	1.47	3.98
8/31/2003	1.86	4.45
9/30/2003	1.71	4.27
10/31/2003	1.75	4.29
11/30/2003	1.93	4.3
12/31/2003	1.91	4.27
1/31/2004	1.76	4.15
2/29/2004	1.74	4.08
3/31/2004	1.58	3.83
4/30/2004	2.07	4.35
5/31/2004	2.53	4.72
6/30/2004	2.76	4.73
7/31/2004	2.64	4.5
8/31/2004	2.51	4.28
9/30/2004	2.53	4.13
10/31/2004	2.58	4.1
11/30/2004	2.85	4.19
12/31/2004	3.01	4.23
1/31/2005	3.22	4.22
2/28/2005	3.38	4.17
3/31/2005	3.73	4.5
4/30/2005	3.65	4.34
5/31/2005	3.64	4.14
6/30/2005	3.64	4
7/31/2005	3.87	4.18
8/31/2005	4.04	4.26
9/30/2005	3.95	4.2
10/31/2005	4.27	4.46
11/30/2005	4.42	4.54
12/31/2005	4.4	4.47
1/31/2006	4.4	4.42
2/28/2006	4.67	4.57
3/31/2006	4.73	4.72
4/30/2006	4.89	4.99
5/31/2006	4.97	5.11
6/30/2006	5.12	5.11
7/31/2006	5.12	5.09
8/31/2006	4.9	4.88
9/30/2006	4.77	4.72
10/31/2006	4.8	4.73
11/30/2006	4.74	4.6
12/31/2006	4.67	4.56
1/31/2007	4.88	4.76
2/28/2007	4.85	4.72
3/31/2007	4.57	4.56
4/30/2007	4.67	4.69
5/31/2007	4.77	4.75
6/30/2007	4.98	5.1
7/31/2007	4.82	5
8/31/2007	4.31	4.67
9/30/2007	4.01	4.52
10/31/2007	3.97	4.53
11/30/2007	3.34	4.15
12/31/2007	3.12	4.1
1/31/2008	2.48	3.74
2/29/2008	1.97	3.74
3/31/2008	1.62	3.51
4/30/2008	2.05	3.68
5/31/2008	2.45	3.88
6/30/2008	2.77	4.1
7/31/2008	2.57	4.01
8/31/2008	2.42	3.89
9/30/2008	2.08	3.69
10/31/2008	1.61	3.81
11/30/2008	1.21	3.53
12/31/2008	0.82	2.42
1/31/2009	0.81	2.52
2/28/2009	0.98	2.87
3/31/2009	0.93	2.82
4/30/2009	0.93	2.93
5/31/2009	0.93	3.29
6/30/2009	1.18	3.72
7/31/2009	1.02	3.56
8/31/2009	1.12	3.59
9/30/2009	0.96	3.4
10/31/2009	0.95	3.39
11/30/2009	0.8	3.4
12/31/2009	0.87	3.59
1/31/2010	0.93	3.73
2/28/2010	0.86	3.69
3/31/2010	0.96	3.73
4/30/2010	1.06	3.85
5/31/2010	0.83	3.42
6/30/2010	0.72	3.2
7/31/2010	0.62	3.01
8/31/2010	0.52	2.7
9/30/2010	0.48	2.65
10/31/2010	0.38	2.54
11/30/2010	0.45	2.76
12/31/2010	0.62	3.29
1/31/2011	0.61	3.39
2/28/2011	0.77	3.58
3/31/2011	0.7	3.41
4/30/2011	0.73	3.46
5/31/2011	0.56	3.17
6/30/2011	0.41	3
7/31/2011	0.41	3
8/31/2011	0.23	2.3
9/30/2011	0.21	1.98
10/31/2011	0.28	2.15
11/30/2011	0.25	2.01
12/31/2011	0.26	1.98
1/31/2012	0.24	1.97
2/29/2012	0.28	1.97
3/31/2012	0.34	2.17
4/30/2012	0.29	2.05
5/31/2012	0.29	1.8
6/30/2012	0.29	1.62
7/31/2012	0.25	1.53
8/31/2012	0.27	1.68
9/30/2012	0.26	1.72
10/31/2012	0.28	1.75
11/30/2012	0.27	1.65
12/31/2012	0.26	1.72
1/31/2013	0.27	1.91
2/28/2013	0.27	1.98
3/31/2013	0.26	1.96
4/30/2013	0.23	1.76
5/31/2013	0.25	1.93
6/30/2013	0.33	2.3
7/31/2013	0.34	2.58
8/31/2013	0.36	2.74
9/30/2013	0.4	2.81
10/31/2013	0.34	2.62
11/30/2013	0.3	2.72
12/31/2013	0.34	2.9
1/31/2014	0.39	2.86
2/28/2014	0.33	2.71
3/31/2014	0.4	2.72
4/30/2014	0.42	2.71
5/31/2014	0.39	2.56
6/30/2014	0.45	2.6
7/31/2014	0.51	2.54
8/31/2014	0.47	2.42
9/30/2014	0.57	2.53
10/31/2014	0.45	2.3
11/30/2014	0.53	2.33
12/31/2014	0.64	2.21
1/31/2015	0.55	1.88
2/28/2015	0.62	1.98
3/31/2015	0.64	2.04
4/30/2015	0.54	1.94
5/31/2015	0.61	2.2
6/30/2015	0.69	2.36
7/31/2015	0.67	2.32
8/31/2015	0.7	2.17
9/30/2015	0.71	2.17
10/31/2015	0.64	2.07
11/30/2015	0.88	2.26
12/31/2015	0.98	2.24
1/31/2016	0.9	2.09
2/29/2016	0.73	1.78
3/31/2016	0.88	1.89
4/30/2016	0.77	1.81
5/31/2016	0.82	1.81
6/30/2016	0.73	1.64
7/31/2016	0.67	1.5
8/31/2016	0.74	1.56
9/30/2016	0.77	1.63
10/31/2016	0.84	1.76
11/30/2016	0.98	2.14
12/31/2016	1.2	2.49
1/31/2017	1.21	2.43
2/28/2017	1.2	2.42
3/31/2017	1.31	2.48
4/30/2017	1.24	2.3
5/31/2017	1.3	2.3
6/30/2017	1.34	2.19
7/31/2017	1.37	2.32
8/31/2017	1.34	2.21
9/30/2017	1.38	2.2
10/31/2017	1.55	2.36
11/30/2017	1.7	2.35
12/31/2017	1.84	2.4
1/31/2018	2.03	2.58
2/28/2018	2.18	2.86
3/31/2018	2.28	2.84
4/30/2018	2.38	2.87
5/31/2018	2.51	2.98
6/30/2018	2.53	2.91
7/31/2018	2.61	2.89
8/31/2018	2.64	2.89
9/30/2018	2.77	3
10/31/2018	2.86	3.15
11/30/2018	2.86	3.12
12/31/2018	2.68	2.83
1/31/2019	2.54	2.71
2/28/2019	2.5	2.68
3/31/2019	2.41	2.57
4/30/2019	2.34	2.53
5/31/2019	2.21	2.4
6/30/2019	1.81	2.07
7/31/2019	1.84	2.06
8/31/2019	1.57	1.63
9/30/2019	1.65	1.7
10/31/2019	1.55	1.71
11/30/2019	1.61	1.81
12/31/2019	1.61	1.86
1/31/2020	1.52	1.76
2/29/2020	1.33	1.5
3/31/2020	0.45	0.87
4/30/2020	0.22	0.66
5/31/2020	0.17	0.67
6/30/2020	0.19	0.73
7/31/2020	0.15	0.62
8/31/2020	0.14	0.65
9/30/2020	0.13	0.68
10/31/2020	0.15	0.79
11/30/2020	0.17	0.87
12/31/2020	0.14	0.93
1/31/2021	0.13	1.08
2/28/2021	0.12	1.26
3/31/2021	0.15	1.61
4/30/2021	0.16	1.64
5/31/2021	0.16	1.62
6/30/2021	0.2	1.52
7/31/2021	0.22	1.32
8/31/2021	0.22	1.28
9/30/2021	0.24	1.37
10/31/2021	0.39	1.58
11/30/2021	0.51	1.56
12/31/2021	0.68	1.47
1/31/2022	0.98	1.76
2/28/2022	1.44	1.93
3/31/2022	1.91	2.13
4/25/2022	2.52	2.73

Note: The 2-year 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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Figure 1.2. Term premium on 10-year nominal Treasury securities

Percentage points

Date	Term Premium
1/31/1997	1.49
2/28/1997	1.42
3/31/1997	1.56
4/30/1997	1.66
5/31/1997	1.56
6/30/1997	1.48
7/31/1997	1.3
8/31/1997	1.33
9/30/1997	1.33
10/31/1997	1.22
11/30/1997	1.07
12/31/1997	0.99
1/31/1998	0.88
2/28/1998	0.92
3/31/1998	0.97
4/30/1998	0.97
5/31/1998	0.98
6/30/1998	0.89
7/31/1998	0.86
8/31/1998	0.8
9/30/1998	0.57
10/31/1998	0.61
11/30/1998	0.69
12/31/1998	0.6
1/31/1999	0.7
2/28/1999	0.84
3/31/1999	1
4/30/1999	0.98
5/31/1999	1.14
6/30/1999	1.32
7/31/1999	1.29
8/31/1999	1.35
9/30/1999	1.35
10/31/1999	1.44
11/30/1999	1.28
12/31/1999	1.35
1/31/2000	1.51
2/29/2000	1.38
3/31/2000	1.21
4/30/2000	1.05
5/31/2000	1.24
6/30/2000	1.05
7/31/2000	0.96
8/31/2000	0.82
9/30/2000	0.84
10/31/2000	0.75
11/30/2000	0.7
12/31/2000	0.53
1/31/2001	0.69
2/28/2001	0.77
3/31/2001	0.78
4/30/2001	1.06
5/31/2001	1.29
6/30/2001	1.29
7/31/2001	1.26
8/31/2001	1.17
9/30/2001	1.22
10/31/2001	1.27
11/30/2001	1.41
12/31/2001	1.78
1/31/2002	1.75
2/28/2002	1.66
3/31/2002	1.85
4/30/2002	1.8
5/31/2002	1.75
6/30/2002	1.6
7/31/2002	1.45
8/31/2002	1.21
9/30/2002	0.93
10/31/2002	0.99
11/30/2002	1.15
12/31/2002	1.16
1/31/2003	1.16
2/28/2003	1.07
3/31/2003	0.99
4/30/2003	1.09
5/31/2003	0.82
6/30/2003	0.68
7/31/2003	1.1
8/31/2003	1.46
9/30/2003	1.33
10/31/2003	1.32
11/30/2003	1.33
12/31/2003	1.31
1/31/2004	1.23
2/29/2004	1.18
3/31/2004	1
4/30/2004	1.34
5/31/2004	1.56
6/30/2004	1.48
7/31/2004	1.29
8/31/2004	1.12
9/30/2004	0.96
10/31/2004	0.9
11/30/2004	0.87
12/31/2004	0.83
1/31/2005	0.78
2/28/2005	0.68
3/31/2005	0.85
4/30/2005	0.72
5/31/2005	0.57
6/30/2005	0.45
7/31/2005	0.48
8/31/2005	0.48
9/30/2005	0.43
10/31/2005	0.53
11/30/2005	0.54
12/31/2005	0.48
1/31/2006	0.37
2/28/2006	0.42
3/31/2006	0.49
4/30/2006	0.61
5/31/2006	0.66
6/30/2006	0.62
7/31/2006	0.56
8/31/2006	0.44
9/30/2006	0.38
10/31/2006	0.37
11/30/2006	0.27
12/31/2006	0.27
1/31/2007	0.38
2/28/2007	0.35
3/31/2007	0.27
4/30/2007	0.36
5/31/2007	0.41
6/30/2007	0.67
7/31/2007	0.58
8/31/2007	0.53
9/30/2007	0.51
10/31/2007	0.53
11/30/2007	0.48
12/31/2007	0.53
1/31/2008	0.4
2/29/2008	0.63
3/31/2008	0.67
4/30/2008	0.78
5/31/2008	0.84
6/30/2008	0.92
7/31/2008	0.88
8/31/2008	0.79
9/30/2008	0.78
10/31/2008	1.11
11/30/2008	1.12
12/31/2008	0.51
1/31/2009	0.55
2/28/2009	0.74
3/31/2009	0.67
4/30/2009	0.68
5/31/2009	0.93
6/30/2009	1.28
7/31/2009	1.15
8/31/2009	1.18
9/30/2009	1.06
10/31/2009	1.03
11/30/2009	1.03
12/31/2009	1.1
1/31/2010	1.21
2/28/2010	1.16
3/31/2010	1.15
4/30/2010	1.22
5/31/2010	0.96
6/30/2010	0.83
7/31/2010	0.66
8/31/2010	0.42
9/30/2010	0.39
10/31/2010	0.28
11/30/2010	0.4
12/31/2010	0.81
1/31/2011	0.87
2/28/2011	1.02
3/31/2011	0.92
4/30/2011	0.97
5/31/2011	0.76
6/30/2011	0.61
7/31/2011	0.61
8/31/2011	0.15
9/30/2011	-0.04
10/31/2011	0.07
11/30/2011	-0.03
12/31/2011	-0.06
1/31/2012	-0.09
2/29/2012	-0.12
3/31/2012	0.02
4/30/2012	-0.06
5/31/2012	-0.22
6/30/2012	-0.33
7/31/2012	-0.4
8/31/2012	-0.3
9/30/2012	-0.29
10/31/2012	-0.28
11/30/2012	-0.33
12/31/2012	-0.29
1/31/2013	-0.17
2/28/2013	-0.12
3/31/2013	-0.13
4/30/2013	-0.26
5/31/2013	-0.15
6/30/2013	0.14
7/31/2013	0.35
8/31/2013	0.46
9/30/2013	0.52
10/31/2013	0.36
11/30/2013	0.41
12/31/2013	0.55
1/31/2014	0.56
2/28/2014	0.45
3/31/2014	0.48
4/30/2014	0.5
5/31/2014	0.4
6/30/2014	0.43
7/31/2014	0.41
8/31/2014	0.34
9/30/2014	0.43
10/31/2014	0.27
11/30/2014	0.29
12/31/2014	0.21
1/31/2015	0.01
2/28/2015	0.07
3/31/2015	0.1
4/30/2015	0.01
5/31/2015	0.19
6/30/2015	0.3
7/31/2015	0.26
8/31/2015	0.13
9/30/2015	0.14
10/31/2015	0.07
11/30/2015	0.18
12/31/2015	0.12
1/31/2016	0.01
2/29/2016	-0.2
3/31/2016	-0.12
4/30/2016	-0.18
5/31/2016	-0.17
6/30/2016	-0.28
7/31/2016	-0.38
8/31/2016	-0.35
9/30/2016	-0.3
10/31/2016	-0.23
11/30/2016	0
12/31/2016	0.24
1/31/2017	0.19
2/28/2017	0.18
3/31/2017	0.16
4/30/2017	0.01
5/31/2017	-0.02
6/30/2017	-0.13
7/31/2017	-0.06
8/31/2017	-0.12
9/30/2017	-0.14
10/31/2017	-0.06
11/30/2017	-0.09
12/31/2017	-0.08
1/31/2018	0
2/28/2018	0.14
3/31/2018	0.09
4/30/2018	0.08
5/31/2018	0.13
6/30/2018	0.08
7/31/2018	0.04
8/31/2018	0.01
9/30/2018	0.05
10/31/2018	0.11
11/30/2018	0.07
12/31/2018	-0.13
1/31/2019	-0.21
2/28/2019	-0.23
3/31/2019	-0.3
4/30/2019	-0.32
5/31/2019	-0.39
6/30/2019	-0.54
7/31/2019	-0.53
8/31/2019	-0.74
9/30/2019	-0.69
10/31/2019	-0.63
11/30/2019	-0.52
12/31/2019	-0.49
1/31/2020	-0.55
2/29/2020	-0.71
3/31/2020	-0.75
4/30/2020	-0.84
5/31/2020	-0.85
6/30/2020	-0.84
7/31/2020	-0.9
8/31/2020	-0.89
9/30/2020	-0.87
10/31/2020	-0.81
11/30/2020	-0.75
12/31/2020	-0.72
1/31/2021	-0.63
2/28/2021	-0.51
3/31/2021	-0.24
4/30/2021	-0.21
5/31/2021	-0.23
6/30/2021	-0.28
7/31/2021	-0.4
8/31/2021	-0.43
9/30/2021	-0.37
10/31/2021	-0.21
11/30/2021	-0.2
12/31/2021	-0.26
1/31/2022	-0.1
2/28/2022	-0.07
3/31/2022	-0.01
4/25/2022	0.28

Note: The data extend through April 25, 2022. Term premiums are estimated from a 3-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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Figure 1.3. Implied volatility of 10-year swap rate

This is a line chart titled "Implied volatility of the 10-year swap rate.” The x-axis measures time and ranges from years 2003 to 2022. The y-axis ranges from 0 to 250 basis points. The data are monthly. The variable plotted, the implied volatility on the 10-year swap rate, is designated by a black line. It begins in 2003 at around 120 basis points, spikes to about 165 basis points, before steadily declining from 2004 to 2007 where it reaches around 70 basis points. It rises from 2007 to 2009 peak of around 250 basis points in 2009. It then drops steeply to around 100 basis points in 2010, and hovers there through 2011. The series falls further to around 60 basis points in 2013, rises briefly to 100 basis points, falls back to 60 basis points in 2014 before rising to around the median of the series. The series gradually falls to around 50 basis points through 2019. The series rises and spikes in early 2020 to around 130 basis points, before falling back to 50 basis points in late 2020. The series then steadily rises to around 120 basis points in April 2022, the end of the series. The median for this series, designated by a horizontal red line, is plotted at 81.14 basis points.

Note: The data extend through April 22, 2022. Implied volatility on the 10-year swap rate, 1 month ahead, is derived from swaptions. The median value is 81.14 basis points.

Source: Barclays.

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Figure 1.4. Treasury market depth

This is a line chart titled “Treasury market depth”. The x-axis measures from January 2019 to April 2022. The left y-axis measures the blue line labeled “30-year” and ranges from 0 to 35. The right y-axis measures the black line labeled “5-year” and the red line labeled “10-year” ranging from 0 to 350. Both axes are measured in millions of dollars. The black line begins around 150. It increases to roughly 250 in February 2019. It then declines to 150 by August 2019. It then drops sharply to around 100 and stays roughly around that value until the start of 2020. By February it reaches almost 175 and then drops sharply to around 25 in March 2020. It then increases steadily to around 200 in October 2020. The series oscillates between 200 and 250 from October 2020 through the end of 2020 before stabilizing around 225 in January 2021. There is a sharp decrease to around 100 in March 2021, a rebound to 150, and a decrease to 100 in April. The series then steadily increases to about 180 by June 2021, then decreases to about 150 in July. The series remains around 150 until October 21 and then hovers between 100 and 150 until February 2022. The series then falls to around 50 in February 2022 where it remains until the end of the curve. The red line begins in January 2019 around 100 and in the same month sees an increase to 225. In March, it rises to around 250, briefly drops to 200, before rising back to around 225 by early April. From April to July 2019, the series slowly declines to 180 and falls sharply to about 80. The series then rises to 130 in September 2019, falls to around 75 in October 2019, increases to 125 in November, and falls to 80 by year-end 2019. From January 2020 through February, the series rises to around 140 before falling sharply in March to around 10. It then increases to right above 150 by October 2020. The series generally oscillates between 100 and 150 from October 2020 to February 2022, except for a sharp drop to around 50 in late-February 2020. Starting in February 2022, the series falls from around 120 to 60 where it hovers until the end of the curve. The blue line begins around 15 in January 2019. From February to July, it stays between roughly 23 and 28. It then drops sharply to around 7 in August 2019 and remains there through October 2019. The series then rises to around 15 by February 2020 before falling sharply to below 5 in March 2020. The curve rises to around 7 by July 2020, before spiking to about 15 in late July. It then decreases to right below 10 in October 2020, where it remains until January 2021. The series spikes to about 15 in February 2021, falls to around 7, before rising steadily to about 20 by June 2021. The series then sharply decreases to about 10 by July 2021, rises back to 20 in October 2021, and then falls to around 12 by December 2021. The series falls from around 12 in February 2022 to around 8 in March 2022, before ending around 10 on April 22, 2022.

Note: Market depth is defined as the average top 3 bid and ask quote sizes for on-the-run Treasury securities.

Source: Inter Dealer Broker Community.

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Figure A. Market depth

This is a panel line chart titled “Figure A. Market depth – Treasury market”. The x-axis ranges from 2019 to 2022. The data are daily.

The left chart is subtitled “Treasury market”. The left y-axis for the “Treasury market” ranges from 0 to 120. The right y-axis ranges from 0 to 800. Both the left and right y axes are in millions of dollars. There are three variables charted on the plot. The black line is labeled 2-year and plotted along the right y-axis. This variable starts around 100 in 2019 and oscillates around that level through April 2019. The series then decreases to about 10 by September 2019. The series then increases back to around 100 by February 2020. In March 2020, the series falls close to 0 before steadily increasing to 300 by January 2021. The series then drops sharply to 50 before quickly rebounding to 200, where it remains through May 2021. The series briefly increases to around 300 in May and June 2021 before falling back to around 150 in July 2021, where the series remains until the end of September 2021. Next, the series falls to about 25 by December 2021, rises briefly back to 100, before falling to around 10 on April 22, 2022, the final date of the chart. The second line is labeled 10-year and is designated by a blue line. The variable starts at around 45 and rises to around 90 by April 2019. The series then falls to around 60 by July 2019 before falling sharply to 30 in August 2019. The series generally increases to around 50 until February 2020, when the series sharply decreases to around 5. From March 2020, the series increases steadily to about 60 by October 2020. From October 2020 through October 2021, the series fluctuates between 30 and 60. The series then enters a steady decline and ends at about 15 on April 22, 2022. The third line is labeled 30-year and is designated by a thick red line. The variable starts at 5.5 in 2019 and remains there through August, when it drops to decreases to 3.5. The variable generally remains between 3.5 and 5 through April 22, 2022.

Note: Market depth is computed as the average of the posted quote sizes at the best bid and ask prices.

The right chart is subtitled “Market depth - Equity and oil futures market”. The left y-axis ranges from 0 to 60 in number of contracts. The right y-axis ranges from 0 to 300 in number of contracts. There are two variables charted on the plot. The black line is labeled “Equity” and plotted along the right y-axis. This variable starts at 40 in 2019 and rises to around 250 in April 2019 before falling sharply to around 75 in May 2019. The series then rises to around 200 in July 2021, before falling quickly to around 50 in August. The variable rises to around 200 in early 2020 before falling close to 0 in March 2020. The data has some volatility, but generally rises, back up to 160 around September 2021 before decreasing steadily to around 40 by April 22, 2022. The blue line is labeled “Oil” and is plotted along the left y-axis. The line starts around 18 and rises quickly to 50 in April 2019. There is some volatility in the line, however, the series generally falls to around 15 in September 2019, before rising to around 30 by February 2020. The line drops sharply to around 10 in March 2020 before a steady increaser to around 25 by August 2020. The series hovers between 20 and 30 until January 2021, falls to 10 around the end of March, and then fluctuates between 10 and 25 until September 2021. The series then steadily declines to around 5 by April 22, 2022.

Note: Market depth is computed as the average of the posted quote sizes at the best bid and ask prices.

Source: For left panel Inter Dealer Broker Community; for right panel, Refinitiv, DataScope Tick History.

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Figure B. Market depth and volatility in oil futures

This is a scatter plot chart titled “Figure B. Market depth volatility in oil futures”. The x-axis measures the market depth in number of contracts and ranges from 0 to 100. The y-axis measures intraday volatility in an annual percentage rate and ranges from 0 to 300. The data are daily. The data begins in January 2007 and ends April 22, 2022. The scatter plot points appear in two colors. Blue open circles denote data points for days since the Russian Invasion on February 24, 2022. Black filled circles denote all days prior to the Russian Invasion dating back to January 3, 2007. A majority of the black filled-in circles sit below 100 percent and 25 contracts. The black filled-in dots have two tails. One tail extends along the x-axis, depicting days with high market depth and low intraday volatility. The other tail extends up the y-axis, depicting days with low market depth and high intraday volatility. The blue open circles generally sit to the left of the black circles, indicating that there was lower market depth on these days. The blue open circles also extend up the y-axis, but less so than the black filled-in circles.

Note: Intraday volatility is calculated daily from 1-minute intraday returns. Market depth is computed as the average of the posted quote sizes at the best bid and ask prices. The data sample is from January 1, 2007, to April 22, 2022. The blue dots are days since the Russian invasion of Ukraine, starting from February 24, 2022. The black dots are all other days before February 24, 2022.

Source: Refinitiv, DataScope Tick History.

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Figure C. Bid-ask spreads

This is a panel of two line charts titled “Figure C. Bid-ask spreads – Treasury market”. The x-axis of each chart ranges from 2019 to 2022. The data are daily.

The left chart is subtitled “Treasury market”. The right y-axis ranges from 0 to 5 and is measured in ticks. The left y-axis ranges from 0 to 15 and is measured in ticks. The chart plots three variables. The first line is labeled “2-year” and denoted in black. It is plotted against the right y-axis. The line starts at just above 1 tick and remains there until February 2020, except for two spikes of about 1.5 ticks in October and December 2019. The line has a spike in early 2020 peaking on March 12, 2020 at about 2 ticks. The line decreases back to around 1 tick in mid-2020 and remains steady until October 2021. From there, the series increases to about 1.25 ticks through April 22, 2022. The second line is labeled “10-year” and is plotted against the right axis. The line follows a similar pattern to the “2-year” line and sits around 1 tick from the start of the series through February 2020. There is a spike in March 2020, peaking at around 2 ticks on March 12, 2020. After decreasing back to 2019 levels, the line remains steady ending at around 1.2 ticks on April 22, 2022. The third line is labeled “30-year” represented in red and plotted against the left axis. The line starts at about 1.5 ticks and remains there until September 2019, when the series increases to around 2 ticks. From September 2019 through February 2020, the series decreases back to 1.5 ticks. There is a big spike in March 2020 peaking at about 12 ticks on March 12, 2020. The line returns back to 2019 values and remains steady with a few smaller spikes in the fall of 2020. There is a gradual increase from 2021 to April 2022 when the series increases from 1.5 to about 3 ticks.

Note: Bid-ask spreads are expressed as a multiple of tick size (minimum price increment). The tick size for the 2-year Treasury note is 1/256 of a dollar per $100 of par value, while that for the 10-year Treasury note and the 30-year Treasury bond is 4/256 of a dollar per $100 of par value. The tick size for the S&P 500 E-mini futures contract is $0.25 per index point, and that for the West Texas Intermediate crude oil futures contract is $0.01 per barrel.

The right chart is subtitled “Bid-ask spreads - Equity and oil futures market”. The y-axis ranges from 0 to 5 measured in ticks. The chart plots two variables. The first line is titled “Equity” and is denoted in black. The line ranges from 1 to 1.5. There is a spike in March 2020 where the value peaks at 1.5 before returning to around 1 tick ending on April 22, 2022. The second line is titled “Oil” and is denoted in blue. The line remains around 1 from 2019 until October of 2021 where it first spikes to around 2 before briefly returning around just above 1. There is a second much larger spike to around 4.3 in early 2022 before the value returns to 1.7 on April 22, 2022.

Note: Bid-ask spreads are expressed as a multiple of tick size (minimum price increment). The tick size for the 2-year Treasury note is 1/256 of a dollar per $100 of par value, while that for the 10-year Treasury note and the 30-year Treasury bond is 4/256 of a dollar per $100 of par value. The tick size for the S&P 500 E-mini futures contract is $0.25 per index point, and that for the West Texas Intermediate crude oil futures contract is $0.01 per barrel.

Source: For left panel Inter Dealer Broker Community; for right panel, Refinitiv, DataScope Tick History.

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Figure D. Bid-ask spreads for oil futures

This a line chart titled “Figure D. Bid-ask spreads for oil futures”. The x-axis ranges from January 4, 2021 to the week of April 22, 2022. The data are daily. The Y-axis ranges from 0 to 8 in units of ticks. The chart plots one variable and includes the 90th and 10th percentiles as the shaded area. The mean line is denoted in red. The mean line remains steady around 1 from January through February. Beginning in March the data begins to increase, peaking at 4.5 on March 9, 2022. Following the peak, the data gradually decreases to about 1.5 by April 22, 2022. The 90th percentile generally remains steady at 2 except for the period around March 9, 2022 when it peaks around 7. The 10th percentile generally remains at 1 tick, except for a few days around March 9, 2022 when it increases to 2.

Note: Bid-ask spreads are expressed as a multiple of tick size (minimum price increment). The tick size for the West Texas Intermediate crude oil futures contract is $0.01 per barrel.

Source: Refinitiv, DataScope Tick History.

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Figure E. Bid-ask spreads and market depth for the 10-year Treasury note

This is a panel of two line charts titled “Figure E. Bid-ask spreads and market depth for the 10-year Treasury note”. The left Y-axis for each chart ranges from 0 to 220 in millions of dollars. The right Y-axis ranges from 1 to 4 in cents per $100 of par value. The data are daily.

The left chart is subtitled “March 2020 onset of COVID-19 pandemic”. The x-axis ranges from February 2020 through May of 2020. The chart plots two variables. The first line is titled “Bid-ask spreads” plotted against the right scale and denoted in black. The line remains steady around 1.8 until early March when there is a quick spike to nearly 3.5. The line returns to around 2 before another smaller spike to 2.3 on April 11. The series returns to around 1.8 and remains there through April 30, 2020. The second variable is titled “Market depth” and is plotted on the left scale. The line is denoted in blue. The line starts and remains around 100 through late-February. It then declines to around 15 by mid-March. There is a steady increase until April 30, 2020 where the data finishes at a value around 50.

Note: Market depth is computed as the average of the posted quote sizes at the best bid and ask prices.

Source: Inter Dealer Broker Community.

The right chart is subtitled “August 2019 global growth concerns”. The x-axis ranges from July 2019 through October of 2019. There are two variables. The first line is titled “Bid-ask spreads” plotted against the right scale and denoted in black. Bid-ask spreads remain steady around 1.75 throughout the whole period. The second variable is titled “Market depth” and is plotted on the left scale. The line is denoted in blue. The line ranges from 100 to 130 during July before dropping sharply to around 60 in August. There is some volatility in the line with a sharp spike in early September peaking back at 110. The line ends around 60 on October 1, 2022.

Note: Market depth is computed as the average of the posted quote sizes at the best bid and ask prices.

Source: Inter Dealer Broker Community.

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Figure 1.5. Corporate bond yields

This is a line chart titled "Corporate bond yields." The x-axis measures time and ranges from years 1997 to 2022. The y-axis ranges from 0 to 24 percent. The data are monthly and there are two variables plotted on the chart. The first line is labeled "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 2002. It falls to around 7 percent in 2003 and remains there until 2007. The curve rises to 11 in 2008, before spiking to about 22 percent in late 2008. The series falls sharply in 2009 before decreasing more slowly to 7 percent in 2011. The series generally remains around 6 percent through 2020, with local spikes to around 9 in late 2011, early 2016, and early 2020. There series stays around 4 percent in 2021 before rising to about 6 percent by April 2022 when the series ends. The second line is labeled "Triple-B" and is designated by a blue line. It begins at around 8 percent in 1997, fluctuates between 7 and 9 percent until 2002, and drops to 10 percent in late 2008. The series falls sharply to around 5 percent in late 2009. It remains between 3 and 5 percent from 2010 to 2019. It has a spike in early 2020 then decreases to around 2 percent in October 2020. It hovers at the level through 2021 before rising to about 4 percent in April 2022.

Note: The data extends through April 22, 2022. The triple-B series reflects the effective yield of the ICE Bank of America Merrill Lynch (BoAML) triple-B U.S. Corporate Index (C0A4), and the high-yield series reflects the effective yield of the ICE BofAML U.S. High Yield Index (H0A0).

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

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Figure 1.6. 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 2022. The data are monthly, and there are two variables plotted on the chart. The first line is labeled "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 24 percentage points. It begins at around 3 percentage points in 1997 and rises steadily to around 10 percentage points by 2002. The series falls to 4 percentage points by the end of 2003 and then declines slowly to around 2 percent until 2007. The series then rises rapidly to its peak in late 2008 of around 20 percentage points. It then falls steeply in 2009 to around 6 percentage points before falls gradually to 4 percentage points in 2011. In late 2011, the series spikes to 8 percentage points, before falling steadily to around 4 percentage points in 2014. The series rises back to 8 percentage points by early 2016, goes briefly up to around 8 percentage points in 2011 and 2012, falls gradually to around 4 percentage points from 2012 to 2014, rises gradually from 2014 to 2016 to 8 percentage points, then falls to around 4 percentage points again in 2017, remaining there through 2019. In mid-2020, it jumps to almost 10 percent then drops to about 5 percent in October. It then steadily decreases to about 3 percentage points in April 2021 to just below 3 percentage points and remains there until April 2022. The second line is labeled "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 12 percentage points. It begins at just under 1 percentage point in 1997, rises to around 3.5 percentage by the end of 2002. It declines to around 1 percentage by the start of 2004 and remains there until mid-2007. From there, it rapidly rises to its peak in late 2008 of around 7.5 percentage points. It then falls steeply in 2009 to around 3 percentage points and declines further to 2 percentage points in 2011. The series jumps to 3 percentage points in mid-2011 before declining slowly to 1.5 percentage points in 2014. It then rises gradually to around 3 percentage points in early 2016, then declines to around 1 percentage point by early 2018. The series remains around 1.5 percentage points from 2018 through early 2020 before jumping to almost 4 percentage points. It then decreases to 1 percent by April 2021 and remains there through 2021. It slightly increases at the very end of 2021 into 2022 to end right around 1.5 percentage points.

Note: The data extends through April 22, 2022. The triple-B series reflects the option-adjusted spread of the ICE Bank of America Merrill Lynch (BofAML) triple-B U.S. Corporate Index (C0A4), and the high-yield series reflects the option-adjusted spread of the ICE BofAML U.S. High Yield Index (H0A0).

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

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Figure 1.7. Excess bond premium

Percentage points

Date	Excess bond premium
1/31/1997	-0.33
2/28/1997	-0.48
3/31/1997	-0.51
4/30/1997	-0.46
5/31/1997	-0.46
6/30/1997	-0.56
7/31/1997	-0.54
8/31/1997	-0.49
9/30/1997	-0.58
10/31/1997	-0.44
11/30/1997	-0.35
12/31/1997	-0.4
1/31/1998	-0.36
2/28/1998	-0.36
3/31/1998	-0.41
4/30/1998	-0.43
5/31/1998	-0.39
6/30/1998	-0.36
7/31/1998	-0.32
8/31/1998	0.09
9/30/1998	0.06
10/31/1998	0.2
11/30/1998	0.17
12/31/1998	0.04
1/31/1999	0.05
2/28/1999	-0.2
3/31/1999	-0.18
4/30/1999	-0.22
5/31/1999	-0.22
6/30/1999	-0.16
7/31/1999	-0.11
8/31/1999	-0.04
9/30/1999	0.08
10/31/1999	0.1
11/30/1999	0.06
12/31/1999	-0.17
1/31/2000	0.02
2/29/2000	0.1
3/31/2000	0.36
4/30/2000	0.52
5/31/2000	0.7
6/30/2000	0.74
7/31/2000	0.82
8/31/2000	1
9/30/2000	1.1
10/31/2000	1.51
11/30/2000	1.57
12/31/2000	1.57
1/31/2001	1.15
2/28/2001	1.13
3/31/2001	1.07
4/30/2001	0.88
5/31/2001	0.75
6/30/2001	0.98
7/31/2001	0.74
8/31/2001	0.75
9/30/2001	1.19
10/31/2001	1.02
11/30/2001	-0.12
12/31/2001	0.38
1/31/2002	0.57
2/28/2002	0.74
3/31/2002	0.25
4/30/2002	0.37
5/31/2002	0.47
6/30/2002	0.91
7/31/2002	1.51
8/31/2002	1.42
9/30/2002	1.58
10/31/2002	1.4
11/30/2002	1
12/31/2002	0.86
1/31/2003	0.83
2/28/2003	0.6
3/31/2003	0.1
4/30/2003	0.01
5/31/2003	-0.53
6/30/2003	-0.43
7/31/2003	-1.08
8/31/2003	-0.22
9/30/2003	-0.58
10/31/2003	-0.54
11/30/2003	-0.58
12/31/2003	-0.55
1/31/2004	-0.73
2/29/2004	-0.37
3/31/2004	-0.55
4/30/2004	-0.77
5/31/2004	-0.39
6/30/2004	-0.4
7/31/2004	-0.34
8/31/2004	-0.42
9/30/2004	-0.57
10/31/2004	-0.54
11/30/2004	-0.69
12/31/2004	-0.74
1/31/2005	-0.7
2/28/2005	-0.96
3/31/2005	-0.66
4/30/2005	-0.41
5/31/2005	-0.33
6/30/2005	-0.48
7/31/2005	-0.58
8/31/2005	-0.56
9/30/2005	-0.49
10/31/2005	-0.33
11/30/2005	-0.34
12/31/2005	-0.3
1/31/2006	-0.36
2/28/2006	-0.34
3/31/2006	-0.43
4/30/2006	-0.47
5/31/2006	-0.37
6/30/2006	-0.38
7/31/2006	-0.29
8/31/2006	-0.3
9/30/2006	-0.37
10/31/2006	-0.39
11/30/2006	-0.38
12/31/2006	-0.5
1/31/2007	-0.55
2/28/2007	-0.57
3/31/2007	-0.38
4/30/2007	-0.39
5/31/2007	-0.6
6/30/2007	-0.39
7/31/2007	0.01
8/31/2007	0.14
9/30/2007	0.06
10/31/2007	-0.01
11/30/2007	0.32
12/31/2007	0.47
1/31/2008	0.71
2/29/2008	0.91
3/31/2008	1.13
4/30/2008	0.65
5/31/2008	0.66
6/30/2008	0.8
7/31/2008	1.06
8/31/2008	1.23
9/30/2008	1.78
10/31/2008	3.47
11/30/2008	3.2
12/31/2008	3.35
1/31/2009	2.81
2/28/2009	3.17
3/31/2009	2.73
4/30/2009	2.22
5/31/2009	1.36
6/30/2009	0.92
7/31/2009	0.32
8/31/2009	0.08
9/30/2009	0.03
10/31/2009	-0.15
11/30/2009	-0.04
12/31/2009	-0.49
1/31/2010	-0.21
2/28/2010	-0.03
3/31/2010	-0.19
4/30/2010	-0.3
5/31/2010	-0.16
6/30/2010	0.01
7/31/2010	0.13
8/31/2010	-0.31
9/30/2010	-0.05
10/31/2010	-0.04
11/30/2010	-0.17
12/31/2010	-0.44
1/31/2011	-0.04
2/28/2011	-0.3
3/31/2011	-0.34
4/30/2011	-0.3
5/31/2011	-0.17
6/30/2011	-0.05
7/31/2011	-0.1
8/31/2011	-0.12
9/30/2011	0.4
10/31/2011	-0.12
11/30/2011	0.46
12/31/2011	0.24
1/31/2012	0.14
2/29/2012	0.01
3/31/2012	-0.38
4/30/2012	-0.21
5/31/2012	-0.12
6/30/2012	0.12
7/31/2012	-0.05
8/31/2012	-0.23
9/30/2012	-0.19
10/31/2012	-0.21
11/30/2012	-0.08
12/31/2012	-0.2
1/31/2013	-0.12
2/28/2013	-0.07
3/31/2013	-0.13
4/30/2013	-0.16
5/31/2013	-0.52
6/30/2013	-0.37
7/31/2013	-0.04
8/31/2013	-0.13
9/30/2013	-0.16
10/31/2013	-0.05
11/30/2013	-0.02
12/31/2013	-0.17
1/31/2014	-0.32
2/28/2014	-0.23
3/31/2014	-0.3
4/30/2014	-0.38
5/31/2014	-0.39
6/30/2014	-0.33
7/31/2014	-0.33
8/31/2014	-0.32
9/30/2014	-0.23
10/31/2014	-0.22
11/30/2014	0.05
12/31/2014	0.08
1/31/2015	-0.05
2/28/2015	-0.3
3/31/2015	-0.14
4/30/2015	-0.01
5/31/2015	0.04
6/30/2015	0.14
7/31/2015	0.21
8/31/2015	0.4
9/30/2015	0.53
10/31/2015	0.42
11/30/2015	0.51
12/31/2015	0.69
1/31/2016	0.92
2/29/2016	0.95
3/31/2016	0.57
4/30/2016	0.23
5/31/2016	0.24
6/30/2016	0.05
7/31/2016	-0.01
8/31/2016	-0.02
9/30/2016	-0.08
10/31/2016	-0.07
11/30/2016	-0.72
12/31/2016	-0.24
1/31/2017	-0.19
2/28/2017	-0.19
3/31/2017	-0.18
4/30/2017	-0.13
5/31/2017	-0.18
6/30/2017	-0.13
7/31/2017	-0.16
8/31/2017	-0.07
9/30/2017	-0.26
10/31/2017	-0.21
11/30/2017	-0.14
12/31/2017	-0.2
1/31/2018	-0.4
2/28/2018	-0.25
3/31/2018	-0.11
4/30/2018	-0.28
5/31/2018	-0.2
6/30/2018	0.02
7/31/2018	-0.13
8/31/2018	-0.08
9/30/2018	-0.18
10/31/2018	0
11/30/2018	0.14
12/31/2018	0.34
1/31/2019	0.17
2/28/2019	0.06
3/31/2019	-0.13
4/30/2019	-0.02
5/31/2019	-0.03
6/30/2019	0
7/31/2019	-0.06
8/31/2019	-0.16
9/30/2019	-0.25
10/31/2019	-0.24
11/30/2019	-0.19
12/31/2019	-0.3
1/31/2020	-0.26
2/29/2020	-0.17
3/31/2020	1.22
4/30/2020	0.66
5/31/2020	0.4
6/30/2020	0.05
7/31/2020	-0.17
8/31/2020	-0.27
9/30/2020	0
10/31/2020	-0.2
11/30/2020	-0.47
12/31/2020	-0.5
1/31/2021	-0.65
2/28/2021	-0.93
3/31/2021	-0.74
4/30/2021	-0.49
5/31/2021	-0.42
6/30/2021	-0.58
7/31/2021	-0.55
8/31/2021	-0.46
9/30/2021	-0.64
10/31/2021	-0.51
11/30/2021	-0.43
12/31/2021	-0.43
1/31/2022	-0.32
2/28/2022	-0.19
3/31/2022	-0.77

Note: The excess bond premium (EBP) is the residual of a regression of corporate bond spreads on controls for firms' expected defaults. By construction, its historical mean is zero. Positive (negative) EBP values indicate that investors' risk appetite is below (above) its historical mean.

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, Compustat.

Return to text

Figure 1.8. Secondary-market spreads of leveraged loans

Percentage points

Date	B	BB
1/31/1997	n.a.	2.09
2/28/1997	n.a.	2.08
3/31/1997	n.a.	2.08
4/30/1997	n.a.	2.13
5/31/1997	n.a.	2.16
6/30/1997	n.a.	2.17
7/31/1997	2.28	1.91
8/31/1997	2.26	1.85
9/30/1997	2.28	1.89
10/31/1997	2.55	1.95
11/30/1997	2.55	1.91
12/31/1997	2.58	1.89
1/31/1998	2.58	2.04
2/28/1998	2.58	2.08
3/31/1998	2.61	2.01
4/30/1998	2.60	2.02
5/31/1998	2.65	2.17
6/30/1998	2.64	2.28
7/31/1998	2.65	2.25
8/31/1998	2.75	2.33
9/30/1998	2.94	2.50
10/31/1998	3.06	2.63
11/30/1998	3.35	2.69
12/31/1998	3.23	2.56
1/31/1999	3.20	2.62
2/28/1999	3.21	2.55
3/31/1999	3.57	2.48
4/30/1999	3.93	2.65
5/31/1999	3.80	2.84
6/30/1999	3.86	2.84
7/31/1999	4.10	2.95
8/31/1999	4.46	2.99
9/30/1999	4.75	3.96
10/31/1999	4.96	4.09
11/30/1999	4.74	3.91
12/31/1999	6.08	4.02
1/31/2000	6.24	4.07
2/29/2000	6.07	4.11
3/31/2000	6.05	3.43
4/30/2000	5.44	3.51
5/31/2000	5.25	3.26
6/30/2000	5.67	3.12
7/31/2000	6.03	3.00
8/31/2000	5.73	3.02
9/30/2000	6.65	3.19
10/31/2000	6.91	3.26
11/30/2000	7.31	3.07
12/31/2000	6.69	3.05
1/31/2001	6.26	2.95
2/28/2001	5.95	2.91
3/31/2001	6.83	2.95
4/30/2001	6.71	2.96
5/31/2001	6.50	2.95
6/30/2001	6.62	2.99
7/31/2001	6.71	3.03
8/31/2001	6.51	3.00
9/30/2001	7.42	3.35
10/31/2001	8.71	3.51
11/30/2001	6.82	3.11
12/31/2001	6.21	3.09
1/31/2002	5.89	3.05
2/28/2002	5.50	3.09
3/31/2002	5.22	3.07
4/30/2002	4.92	2.94
5/31/2002	5.62	2.95
6/30/2002	5.90	2.99
7/31/2002	6.63	3.38
8/31/2002	6.53	3.72
9/30/2002	6.64	3.75
10/31/2002	7.37	4.64
11/30/2002	6.72	4.14
12/31/2002	6.58	3.52
1/31/2003	6.10	3.60
2/28/2003	6.30	3.56
3/31/2003	6.03	3.57
4/30/2003	5.11	3.58
5/31/2003	4.66	3.35
6/30/2003	4.48	3.24
7/31/2003	4.51	3.03
8/31/2003	4.72	3.01
9/30/2003	4.98	2.98
10/31/2003	4.82	2.94
11/30/2003	4.78	2.85
12/31/2003	4.51	2.61
1/31/2004	4.03	2.51
2/29/2004	4.20	2.45
3/31/2004	3.92	2.38
4/30/2004	3.92	2.33
5/28/2004	4.06	2.40
6/25/2004	3.77	2.34
7/30/2004	3.84	2.26
8/31/2004	3.69	2.20
9/30/2004	3.61	2.14
10/29/2004	3.42	2.10
11/30/2004	3.26	2.07
12/31/2004	3.21	2.01
1/31/2005	3.25	1.98
2/25/2005	3.14	1.94
3/31/2005	3.05	1.85
4/29/2005	3.30	1.83
5/31/2005	3.12	1.86
6/30/2005	3.10	1.84
7/29/2005	3.04	1.77
8/30/2005	2.98	1.68
9/30/2005	2.96	1.73
10/28/2005	3.00	1.77
11/30/2005	2.89	1.78
12/30/2005	2.81	1.81
1/31/2006	2.82	1.75
2/28/2006	2.78	1.68
3/31/2006	2.74	1.68
4/28/2006	2.74	1.66
5/31/2006	2.67	1.73
6/30/2006	2.67	1.84
7/28/2006	2.70	1.88
8/31/2006	2.74	1.87
9/29/2006	2.74	1.86
10/31/2006	2.70	1.83
11/30/2006	2.70	1.97
12/29/2006	2.73	1.94
1/31/2007	2.60	1.91
2/28/2007	2.53	1.74
3/30/2007	2.49	1.77
4/27/2007	2.46	1.80
5/31/2007	2.41	1.79
6/29/2007	2.70	2.01
7/31/2007	3.48	2.82
8/31/2007	3.59	3.00
9/28/2007	3.34	2.71
10/26/2007	3.29	2.64
11/30/2007	3.86	3.06
12/28/2007	4.16	2.93
1/31/2008	4.98	3.74
2/29/2008	6.07	4.38
3/28/2008	7.21	4.32
4/30/2008	6.35	3.68
5/30/2008	6.38	3.59
6/27/2008	6.39	3.86
7/31/2008	7.17	4.18
8/29/2008	7.65	4.23
9/30/2008	10.61	5.94
10/31/2008	17.05	9.27
11/28/2008	20.89	11.03
12/31/2008	24.76	11.47
1/30/2009	20.70	8.74
2/27/2009	20.75	7.85
3/31/2009	20.32	7.79
4/30/2009	15.79	5.77
5/29/2009	12.40	5.56
6/30/2009	10.23	4.86
7/31/2009	8.50	4.19
8/31/2009	7.81	4.13
9/30/2009	6.96	4.01
10/30/2009	6.37	4.20
11/30/2009	6.70	4.53
12/31/2009	6.02	3.88
1/29/2010	5.67	3.70
2/26/2010	5.78	3.81
3/31/2010	5.27	3.50
4/30/2010	5.05	3.43
5/28/2010	6.11	3.99
6/30/2010	6.43	4.17
7/30/2010	5.98	4.01
8/31/2010	5.98	4.01
9/30/2010	5.62	3.88
10/29/2010	5.22	3.66
11/30/2010	5.61	3.71
12/31/2010	5.29	3.69
1/31/2011	4.80	3.51
2/28/2011	4.82	3.52
3/31/2011	4.85	3.44
4/29/2011	4.89	3.41
5/31/2011	5.04	3.57
6/30/2011	5.35	3.81
7/29/2011	5.42	3.82
8/31/2011	6.75	5.11
9/30/2011	6.85	4.69
10/31/2011	6.06	4.02
11/30/2011	6.54	4.24
12/30/2011	6.33	4.16
1/31/2012	5.71	3.85
2/29/2012	5.33	3.80
3/30/2012	5.37	3.76
4/30/2012	5.38	3.91
5/31/2012	5.86	4.26
6/29/2012	5.79	4.25
7/31/2012	5.88	4.10
8/31/2012	5.69	4.17
9/28/2012	5.55	3.96
10/31/2012	5.49	3.83
11/30/2012	5.60	3.84
12/31/2012	5.49	3.84
1/31/2013	5.28	3.72
2/28/2013	5.32	3.86
3/28/2013	5.14	3.73
4/30/2013	5.04	3.79
5/31/2013	4.87	3.62
6/28/2013	4.98	3.59
7/31/2013	4.82	3.33
8/30/2013	4.92	3.41
9/30/2013	4.99	3.46
10/31/2013	4.90	3.43
11/22/2013	4.92	3.50
11/29/2013	4.91	3.52
12/6/2013	4.90	3.52
12/13/2013	4.88	3.52
12/20/2013	4.86	3.46
12/27/2013	4.84	3.40
12/31/2013	4.84	3.37
1/3/2014	4.77	3.34
1/10/2014	4.74	3.35
1/17/2014	4.74	3.34
1/24/2014	4.77	3.37
1/31/2014	4.76	3.37
2/7/2014	4.74	3.42
2/14/2014	4.72	3.44
2/21/2014	4.71	3.32
2/28/2014	4.70	3.32
3/7/2014	4.68	3.32
3/14/2014	4.65	3.31
3/21/2014	4.65	3.32
3/28/2014	4.72	3.38
3/31/2014	4.70	3.41
4/4/2014	4.72	3.40
4/11/2014	4.76	3.45
4/17/2014	4.74	3.41
4/25/2014	4.73	3.37
4/30/2014	4.70	3.38
5/2/2014	4.71	3.39
5/9/2014	4.72	3.39
5/16/2014	4.70	3.40
5/23/2014	4.69	3.40
5/30/2014	4.69	3.39
6/6/2014	4.68	3.37
6/13/2014	4.67	3.38
6/20/2014	4.66	3.42
6/27/2014	4.67	3.42
6/30/2014	4.67	3.43
7/3/2014	4.75	3.50
7/11/2014	4.76	3.56
7/18/2014	4.80	3.63
7/25/2014	4.79	3.61
7/31/2014	4.76	3.58
8/1/2014	4.77	3.58
8/8/2014	4.82	3.63
8/15/2014	4.82	3.63
8/22/2014	4.90	3.71
8/29/2014	4.97	3.76
9/5/2014	4.99	3.78
9/12/2014	5.14	3.92
9/19/2014	5.09	3.84
9/26/2014	5.00	3.74
9/30/2014	5.01	3.71
10/3/2014	5.00	3.69
10/10/2014	5.01	3.68
10/17/2014	5.03	3.67
10/24/2014	5.14	3.69
10/31/2014	5.41	3.91
11/7/2014	5.52	3.95
11/14/2014	5.45	3.90
11/21/2014	5.44	3.89
11/28/2014	5.44	3.92
12/5/2014	5.45	3.89
12/12/2014	5.44	3.88
12/19/2014	5.47	3.93
12/26/2014	5.41	3.86
12/31/2014	5.33	3.79
1/2/2015	5.27	3.75
1/9/2015	5.22	3.73
1/16/2015	5.19	3.68
1/23/2015	5.16	3.69
1/30/2015	5.21	3.70
2/6/2015	5.21	3.67
2/13/2015	5.18	3.66
2/20/2015	5.12	3.58
2/27/2015	5.14	3.56
3/6/2015	5.11	3.56
3/13/2015	5.12	3.55
3/20/2015	5.09	3.57
3/27/2015	5.11	3.60
3/31/2015	5.13	3.57
4/2/2015	5.14	3.57
4/10/2015	5.22	3.58
4/17/2015	5.28	3.61
4/24/2015	5.31	3.64
4/30/2015	5.31	3.62
5/1/2015	5.35	3.63
5/8/2015	5.34	3.59
5/15/2015	5.30	3.55
5/22/2015	5.31	3.55
5/29/2015	5.36	3.58
6/5/2015	5.38	3.62
6/12/2015	5.41	3.68
6/19/2015	5.48	3.71
6/26/2015	5.56	3.74
6/30/2015	5.41	3.72
7/2/2015	5.42	3.69
7/10/2015	5.45	3.68
7/17/2015	5.52	3.70
7/24/2015	5.75	3.78
7/31/2015	5.75	3.77
8/7/2015	5.79	3.78
8/14/2015	5.76	3.78
8/21/2015	5.77	3.85
8/28/2015	5.77	3.81
8/31/2015	5.90	3.90
9/4/2015	6.08	3.95
9/11/2015	6.11	3.92
9/18/2015	6.21	3.87
9/25/2015	6.66	3.96
9/30/2015	7.00	4.02
10/2/2015	7.08	4.05
10/9/2015	7.08	4.03
10/16/2015	7.12	4.01
10/23/2015	7.22	4.03
10/30/2015	7.46	4.14
11/6/2015	7.43	4.14
11/13/2015	7.46	4.11
11/20/2015	7.71	4.26
11/27/2015	7.52	4.27
11/30/2015	7.51	4.24
12/4/2015	7.25	4.11
12/11/2015	6.95	3.97
12/18/2015	6.56	3.76
12/24/2015	6.50	3.78
12/31/2015	6.28	3.81
1/8/2016	6.20	3.73
1/15/2016	5.81	3.69
1/22/2016	5.60	3.62
1/29/2016	5.52	3.60
2/5/2016	5.50	3.64
2/12/2016	5.46	3.65
2/19/2016	5.42	3.62
2/26/2016	5.33	3.58
2/29/2016	5.34	3.57
3/4/2016	5.29	3.61
3/11/2016	5.29	3.65
3/18/2016	5.34	3.64
3/24/2016	5.38	3.65
3/31/2016	5.34	3.62
4/1/2016	5.23	3.54
4/8/2016	5.15	3.48
4/15/2016	5.12	3.45
4/22/2016	5.10	3.47
4/29/2016	5.07	3.44
5/6/2016	5.13	3.44
5/13/2016	5.10	3.45
5/20/2016	5.04	3.43
5/27/2016	5.00	3.39
5/31/2016	5.00	3.37
6/3/2016	4.89	3.35
6/10/2016	4.88	3.34
6/17/2016	4.84	3.27
6/24/2016	4.86	3.27
6/30/2016	4.81	3.20
7/1/2016	4.78	3.19
7/8/2016	4.80	3.25
7/15/2016	4.80	3.27
7/22/2016	4.77	3.22
7/29/2016	4.75	3.21
8/5/2016	4.68	3.20
8/12/2016	4.59	3.09
8/19/2016	4.54	3.07
8/26/2016	4.60	3.07
8/31/2016	4.64	3.04
9/2/2016	4.57	3.02
9/9/2016	4.54	3.03
9/16/2016	4.56	3.06
9/23/2016	4.54	3.09
9/30/2016	4.50	3.06
10/7/2016	4.51	3.01
10/14/2016	4.45	2.95
10/21/2016	4.39	2.93
10/28/2016	4.34	2.88
10/31/2016	4.34	2.87
11/4/2016	4.32	2.85
11/10/2016	4.32	2.94
11/18/2016	4.25	2.91
11/25/2016	4.15	2.88
11/30/2016	4.12	2.85
12/2/2016	4.13	2.83
12/9/2016	4.13	2.82
12/16/2016	4.16	2.88
12/23/2016	4.13	2.88
12/30/2016	4.11	2.89
1/6/2017	4.04	2.89
1/13/2017	4.05	2.87
1/20/2017	4.03	2.87
1/27/2017	4.04	2.88
1/31/2017	4.07	2.86
2/3/2017	4.08	2.84
2/10/2017	4.07	2.83
2/17/2017	4.09	2.83
2/24/2017	4.09	2.80
2/28/2017	4.03	2.78
3/3/2017	4.03	2.75
3/10/2017	4.06	2.80
3/17/2017	4.07	2.78
3/24/2017	4.07	2.82
3/31/2017	4.06	2.85
4/7/2017	4.02	2.87
4/13/2017	4.02	2.89
4/21/2017	4.02	2.82
4/28/2017	4.01	2.72
5/5/2017	3.98	2.67
5/12/2017	3.95	2.67
5/19/2017	3.93	2.65
5/26/2017	3.94	2.65
5/31/2017	3.97	2.63
6/2/2017	3.98	2.62
6/9/2017	3.96	2.65
6/16/2017	3.95	2.64
6/23/2017	3.95	2.63
6/30/2017	3.94	2.61
7/7/2017	4.00	2.62
7/14/2017	3.91	2.63
7/21/2017	3.89	2.59
7/28/2017	3.87	2.55
7/31/2017	3.81	2.54
8/4/2017	3.77	2.52
8/11/2017	3.73	2.50
8/18/2017	3.70	2.44
8/25/2017	3.74	2.48
8/31/2017	3.73	2.49
9/1/2017	3.73	2.50
9/8/2017	3.72	2.51
9/15/2017	3.72	2.51
9/22/2017	3.70	2.49
9/29/2017	3.72	2.49
10/6/2017	3.72	2.49
10/13/2017	3.72	2.49
10/20/2017	3.68	2.49
10/27/2017	3.66	2.46
10/31/2017	3.67	2.44
11/3/2017	3.68	2.44
11/10/2017	3.68	2.44
11/17/2017	3.68	2.47
11/24/2017	3.69	2.49
11/30/2017	3.72	2.48
12/1/2017	3.71	2.49
12/8/2017	3.73	2.49
12/15/2017	3.75	2.52
12/22/2017	3.76	2.55
12/29/2017	3.75	2.53
1/5/2018	3.76	2.54
1/12/2018	3.75	2.53
1/19/2018	3.76	2.51
1/26/2018	3.75	2.50
1/31/2018	3.77	2.52
2/2/2018	3.77	2.53
2/9/2018	3.81	2.48
2/16/2018	3.83	2.49
2/23/2018	3.82	2.49
2/28/2018	3.81	2.50
3/2/2018	3.78	2.48
3/9/2018	3.73	2.48
3/16/2018	3.73	2.48
3/23/2018	3.75	2.49
3/30/2018	3.75	2.49
4/6/2018	3.79	2.54
4/13/2018	3.84	2.58
4/20/2018	3.86	2.61
4/27/2018	3.95	2.68
4/30/2018	4.07	2.76
5/4/2018	4.18	2.88
5/11/2018	4.33	3.01
5/18/2018	4.51	3.15
5/25/2018	4.83	3.37
5/31/2018	4.94	3.46
6/1/2018	4.73	3.18
6/8/2018	4.49	2.91
6/15/2018	4.48	2.84
6/22/2018	4.53	2.88
6/29/2018	4.54	2.89
7/6/2018	4.49	2.86
7/13/2018	4.44	2.83
7/20/2018	4.33	2.76
7/27/2018	4.24	2.69
7/31/2018	4.32	2.75
8/3/2018	4.31	2.73
8/10/2018	4.40	2.79
8/17/2018	4.46	2.88
8/24/2018	4.32	2.79
8/31/2018	4.26	2.74
9/7/2018	4.21	2.73
9/14/2018	4.18	2.70
9/21/2018	4.13	2.68
9/28/2018	4.20	2.68
10/5/2018	4.16	2.68
10/12/2018	4.22	2.68
10/19/2018	4.30	2.68
10/26/2018	4.30	2.67
10/31/2018	4.31	2.65
11/2/2018	4.31	2.66
11/9/2018	4.36	2.70
11/16/2018	4.36	2.69
11/23/2018	4.32	2.67
11/30/2018	4.30	2.65
12/7/2018	4.30	2.65
12/14/2018	4.30	2.73
12/21/2018	4.41	2.77
12/28/2018	4.50	2.80
12/31/2018	4.51	2.78
1/4/2019	4.46	2.80
1/11/2019	4.42	2.74
1/18/2019	4.35	2.67
1/25/2019	4.34	2.68
1/31/2019	4.33	2.67
2/1/2019	4.43	2.70
2/8/2019	4.59	2.74
2/15/2019	4.62	2.72
2/22/2019	4.63	2.71
2/28/2019	4.68	2.75
3/1/2019	4.68	2.75
3/8/2019	4.62	2.75
3/15/2019	4.67	2.75
3/22/2019	4.66	2.74
3/29/2019	4.55	2.71
4/5/2019	4.36	2.66
4/12/2019	4.24	2.64
4/18/2019	4.24	2.64
4/26/2019	4.23	2.62
4/30/2019	4.14	2.58
5/3/2019	4.11	2.57
5/10/2019	4.11	2.60
5/17/2019	4.19	2.63
5/24/2019	4.22	2.68
5/31/2019	4.21	2.69
6/7/2019	4.19	2.71
6/14/2019	4.58	3.04
6/21/2019	4.85	3.24
6/28/2019	6.39	4.75
7/5/2019	9.69	7.88
7/12/2019	9.03	6.15
7/19/2019	8.15	5.05
7/26/2019	7.31	4.26
7/31/2019	6.74	3.94
8/2/2019	6.91	4.12
8/9/2019	6.88	4.14
8/16/2019	6.56	4.05
8/23/2019	6.51	4.03
8/30/2019	6.16	3.71
9/6/2019	5.77	3.43
9/13/2019	5.42	3.21
9/20/2019	5.37	3.26
9/27/2019	5.22	3.14
9/30/2019	5.51	3.38
10/4/2019	5.40	3.36
10/11/2019	5.37	3.30
10/18/2019	5.20	3.19
10/25/2019	5.07	3.09
10/31/2019	5.09	3.13
11/1/2019	4.96	3.05
11/8/2019	4.86	3.02
11/15/2019	4.88	3.09
11/22/2019	4.83	3.07
11/29/2019	4.65	2.90
12/6/2019	4.58	2.87
12/13/2019	4.56	2.88
12/20/2019	4.74	3.06
12/27/2019	4.75	3.10
12/31/2019	4.63	3.01
1/3/2020	4.67	3.04
1/10/2020	4.83	3.07
1/17/2020	5.00	3.22
1/24/2020	4.81	3.06
1/31/2020	4.67	2.99
2/7/2020	4.67	3.02
2/14/2020	4.61	2.98
2/21/2020	4.50	2.90
2/28/2020	4.46	2.86
3/6/2020	4.39	2.81
3/13/2020	4.41	2.81
3/20/2020	4.39	2.80
3/27/2020	4.23	2.63
3/31/2020	4.16	2.65
4/3/2020	4.16	2.63
4/9/2020	4.22	2.69
4/17/2020	4.20	2.68
4/24/2020	4.13	2.70
4/30/2020	4.12	2.71
5/1/2020	4.13	2.69
5/8/2020	4.14	2.75
5/15/2020	4.15	2.77
5/22/2020	4.21	2.81
5/29/2020	4.23	2.84
6/5/2020	4.24	2.84
6/12/2020	4.17	2.79
6/19/2020	4.16	2.81
6/26/2020	4.19	2.77
6/30/2020	4.18	2.80
7/3/2020	4.19	2.81
7/10/2020	4.19	2.84
7/17/2020	4.16	2.82
7/24/2020	4.15	2.79
7/31/2020	4.14	2.82
8/7/2020	4.12	2.80
8/14/2020	4.15	2.86
8/21/2020	4.17	2.88
8/28/2020	4.17	2.90
8/31/2020	4.16	2.91
9/4/2020	4.15	2.86
9/11/2020	4.17	2.90
9/18/2020	4.21	2.92
9/25/2020	4.23	2.93
9/30/2020	4.23	3.09
10/2/2020	4.25	3.14
10/9/2020	4.24	3.12
10/16/2020	4.21	3.09
10/23/2020	4.18	3.07
10/30/2020	4.18	3.07
11/6/2020	4.18	3.06
11/13/2020	4.17	3.05
11/20/2020	4.18	3.05
11/27/2020	4.20	3.05
11/30/2020	4.19	3.05
12/4/2020	4.20	3.06
12/11/2020	4.18	3.05
12/18/2020	4.17	3.00
12/24/2020	4.17	3.01
12/31/2020	4.21	3.04
1/8/2021	4.29	3.08
1/15/2021	4.24	3.03
1/22/2021	4.23	3.07
1/29/2021	4.22	3.06
2/5/2021	4.28	3.08
2/12/2021	4.21	3.02
2/19/2021	4.18	2.99
2/26/2021	4.16	2.99
3/5/2021	4.24	3.03
3/12/2021	4.24	3.03
3/19/2021	4.30	3.06
3/26/2021	4.38	3.16
3/31/2021	4.46	3.23
4/2/2021	4.45	3.24
4/9/2021	4.77	3.50
4/16/2021	4.72	3.45
4/23/2021	4.58	3.34
4/30/2021	4.43	3.18
5/7/2021	4.20	3.01
5/14/2021	4.20	3.05
5/21/2021	4.16	2.82
5/28/2021	4.15	2.79
6/4/2021	4.14	2.82
6/11/2021	4.12	2.80
6/18/2021	4.15	2.86
6/25/2021	4.17	2.88
6/30/2021	4.17	2.89
7/2/2021	4.17	2.90
7/9/2021	4.16	2.91
7/16/2021	4.15	2.86
7/23/2021	4.17	2.90
7/30/2021	4.21	2.92
8/6/2021	4.23	2.93
8/13/2021	4.23	3.09
8/20/2021	4.25	3.14
8/27/2021	4.24	3.12
8/31/2021	4.23	3.11
9/3/2021	4.21	3.09
9/10/2021	4.18	3.07
9/17/2021	4.18	3.07
9/24/2021	4.18	3.06
9/30/2021	4.17	3.05
10/1/2021	4.17	3.05
10/8/2021	4.18	3.05
10/15/2021	4.20	3.05
10/22/2021	4.19	3.05
10/29/2021	4.20	3.06
11/5/2021	4.18	3.05
11/12/2021	4.17	3.00
11/19/2021	4.17	3.01
11/26/2021	4.21	3.04
12/3/2021	4.29	3.08
12/10/2021	4.24	3.03
12/17/2021	4.23	3.07
12/24/2021	4.22	3.06
12/31/2021	4.28	3.08
1/7/2022	4.21	3.02
1/14/2022	4.18	2.99
1/21/2022	4.16	2.99
1/28/2022	4.24	3.03
2/4/2022	4.24	3.03
2/11/2022	4.30	3.06
2/18/2022	4.38	3.16
2/25/2022	4.46	3.23
3/4/2022	4.45	3.24
3/11/2022	4.77	3.50
3/18/2022	4.72	3.45
3/25/2022	4.58	3.34
4/1/2022	4.43	3.18
4/8/2022	4.20	3.01
4/15/2022	4.20	3.05

Note: The data show secondary-market discounted spreads to maturity. Spreads are the constant spread used to equate discounted loan cash flows to the current market price. B-rated spreads begin in July 1997. The line break represents the data transitioning from monthly to weekly in November 2013.

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

Return to text

Figure A. Transition progress in several markets is near completion

This is a line series chart titled “Transition progress in several markets is near completion”. The x-axis measures time and ranges from September 2020 to March 2022. The right y-axis measures the percent of new issuance volume referencing SOFR and ranges from 0 to 100. The data is monthly. The first series is labeled ‘FRNs’ and is deep red. This variable starts at 65 and declines to 57 in November 2020. It then increases to 66 in December 2020 before declining to a low of 49 in March 2021. From there on, it increases to 99 by January 2022. It ends at 96 in March 2022. The second series is labeled “ARMs”, designated by a blue line, and starts at 0. It increases to 26 in January 2021 before quickly increasing to 100 by April 2021, where it stays until the end of the chart. The third series is “Cross-currency basis swap volumes, designated by a thin black line, which begins at 0 and stays flat. It increases slightly in July 2021 to 4, before decreasing slightly in August 2021 back to 3. In October 2021 it increases sharply to 100, where it stays until the end of the chart.

Note: FRNs are floating-rate notes; Agency ARMs are adjustable-rate mortgages; SOFR is the Secured Overnight Financing Rate.

Source: Black Knight, Inc. – eMBS, Clarus Perspective.

Return to text

Figure B. Syndicated lending

This is a bar chart titled “Syndicated lending”. The x-axis measures time and ranges from September 2021 to March 2022. The y-axis measures billions of dollars and ranges from 0 to 200. The data are monthly. For each month, there are two bars charted. The left bars for each month are labeled “LIBOR” and are light blue. This series starts at 180 in September 2021, drops to 126 in October 2021, and rises to 157 in November 2021. In December 2021 the series declines to 80 and falls to 4 in January 2021 and stays flat for the rest of the chart. The right bars for each month are labeled “SOFR” and are dark blue. The series starts at 13 in in September 2021 and rises to 112 in January 2022. It falls in February 2022 to 83, before ending at 150 in March 2022.

Note: SOFR is the Secured Overnight Financing Rate. The key identifies bars in order from left to right.

Source: S&P Global, Leveraged Commentary & Data; Refinitiv LPC DealScan.

Return to text

Figure 1.9. Forward price-to-earnings ratio of S&P 500 firms

Ratio

Date	Forward Price-to-Earnings Ratio
1/31/1989	10.07
2/28/1989	10.14
3/31/1989	10.11
4/30/1989	10.42
5/31/1989	10.73
6/30/1989	10.85
7/31/1989	11.24
8/31/1989	11.56
9/30/1989	11.51
10/31/1989	11.47
11/30/1989	11.51
12/31/1989	11.88
1/31/1990	11.53
2/28/1990	11.3
3/31/1990	11.5
4/30/1990	11.65
5/31/1990	12.07
6/30/1990	12.38
7/31/1990	12.39
8/31/1990	11.51
9/30/1990	10.79
10/31/1990	10.3
11/30/1990	11.18
12/31/1990	11.66
1/31/1991	11.26
2/28/1991	13.43
3/31/1991	13.77
4/30/1991	14.45
5/31/1991	13.64
6/30/1991	13.9
7/31/1991	14.16
8/31/1991	14.4
9/30/1991	14.21
10/31/1991	14.31
11/30/1991	14.45
12/31/1991	14.01
1/31/1992	15.37
2/29/1992	15.01
3/31/1992	14.86
4/30/1992	14.81
5/31/1992	14.7
6/30/1992	14.01
7/31/1992	14.43
8/31/1992	14.45
9/30/1992	14.41
10/31/1992	14
11/30/1992	14.52
12/31/1992	14.71
1/31/1993	14.61
2/28/1993	14.66
3/31/1993	15.01
4/30/1993	15.03
5/31/1993	14.72
6/30/1993	14.63
7/31/1993	14.63
8/31/1993	14.76
9/30/1993	14.8
10/31/1993	14.64
11/30/1993	14.67
12/31/1993	14.48
1/31/1994	14.75
2/28/1994	14.6
3/31/1994	14.34
4/30/1994	13.46
5/31/1994	13.42
6/30/1994	13.47
7/31/1994	13
8/31/1994	13.21
9/30/1994	13.11
10/31/1994	12.92
11/30/1994	12.56
12/31/1994	12.09
1/31/1995	12.31
2/28/1995	12.48
3/31/1995	12.5
4/30/1995	12.66
5/31/1995	12.91
6/30/1995	13.06
7/31/1995	13.3
8/31/1995	13.35
9/30/1995	13.67
10/31/1995	13.77
11/30/1995	13.8
12/31/1995	14.32
1/31/1996	14.01
2/29/1996	15.23
3/31/1996	14.81
4/30/1996	14.79
5/31/1996	15.19
6/30/1996	14.71
7/31/1996	14.41
8/31/1996	14.92
9/30/1996	15.24
10/31/1996	15.61
11/30/1996	16.07
12/31/1996	15.85
1/31/1997	16.46
2/28/1997	17.36
3/31/1997	16.65
4/30/1997	16.03
5/31/1997	17.38
6/30/1997	18.39
7/31/1997	19.23
8/31/1997	18.68
9/30/1997	18.92
10/31/1997	19.2
11/30/1997	18.6
12/31/1997	18.87
1/31/1998	18.66
2/28/1998	20.36
3/31/1998	21.42
4/30/1998	21.9
5/31/1998	21.69
6/30/1998	21.42
7/31/1998	22.77
8/31/1998	21.17
9/30/1998	20.01
10/31/1998	19.28
11/30/1998	22.02
12/31/1998	22.3
1/31/1999	23.7
2/28/1999	23.53
3/31/1999	24.72
4/30/1999	24.95
5/31/1999	24.74
6/30/1999	24.3
7/31/1999	25.44
8/31/1999	23.9
9/30/1999	23.47
10/31/1999	22.55
11/30/1999	24.5
12/31/1999	24.42
1/31/2000	24.85
2/29/2000	24.02
3/31/2000	23.73
4/30/2000	23.91
5/31/2000	23.88
6/30/2000	24.1
7/31/2000	24.1
8/31/2000	23.86
9/30/2000	23.86
10/31/2000	21.44
11/30/2000	22.25
12/31/2000	22.1
1/31/2001	21.98
2/28/2001	22.1
3/31/2001	19.72
4/30/2001	21.41
5/31/2001	22.23
6/30/2001	21.67
7/31/2001	21.61
8/31/2001	21.17
9/30/2001	18.42
10/31/2001	20.37
11/30/2001	21.49
12/31/2001	21.57
1/31/2002	21
2/28/2002	20.47
3/31/2002	20.75
4/30/2002	20.17
5/31/2002	19.4
6/30/2002	18.11
7/31/2002	16.14
8/31/2002	16.6
9/30/2002	15.72
10/31/2002	15.78
11/30/2002	16.02
12/31/2002	16.12
1/31/2003	16.48
2/28/2003	15.34
3/31/2003	15.71
4/30/2003	15.68
5/31/2003	16.56
6/30/2003	17.69
7/31/2003	17.27
8/31/2003	16.94
9/30/2003	17.41
10/31/2003	17.5
11/30/2003	17.1
12/31/2003	17.43
1/31/2004	18.1
2/29/2004	18.09
3/31/2004	17.4
4/30/2004	17.11
5/31/2004	15.98
6/30/2004	16.41
7/31/2004	15.92
8/31/2004	15.51
9/30/2004	15.77
10/31/2004	15.48
11/30/2004	16.17
12/31/2004	16.32
1/31/2005	15.95
2/28/2005	16.17
3/31/2005	15.64
4/30/2005	15.3
5/31/2005	15.28
6/30/2005	15.41
7/31/2005	15.41
8/31/2005	15.14
9/30/2005	14.95
10/31/2005	14.33
11/30/2005	14.61
12/31/2005	14.98
1/31/2006	14.9
2/28/2006	14.93
3/31/2006	15.06
4/30/2006	14.99
5/31/2006	14.3
6/30/2006	13.69
7/31/2006	13.9
8/31/2006	14.13
9/30/2006	14.26
10/31/2006	14.65
11/30/2006	14.81
12/31/2006	14.83
1/31/2007	15.01
2/28/2007	15.39
3/31/2007	14.56
4/30/2007	15.31
5/31/2007	15.51
6/30/2007	15.3
7/31/2007	15.41
8/31/2007	13.87
9/30/2007	15.01
10/31/2007	15.01
11/30/2007	14.32
12/31/2007	14.2
1/31/2008	13.49
2/29/2008	13.68
3/31/2008	13.09
4/30/2008	13.81
5/31/2008	14.3
6/30/2008	13.51
7/31/2008	12.6
8/31/2008	13.29
9/30/2008	12.01
10/31/2008	9.93
11/30/2008	9.74
12/31/2008	11.87
1/31/2009	11.48
2/28/2009	12.46
3/31/2009	12.42
4/30/2009	13.51
5/31/2009	14.66
6/30/2009	14.73
7/31/2009	14.8
8/31/2009	15.2
9/30/2009	15.91
10/31/2009	15.85
11/30/2009	15.12
12/31/2009	14.89
1/31/2010	14.8
2/28/2010	13.81
3/31/2010	14.44
4/30/2010	14.82
5/31/2010	12.99
6/30/2010	12.82
7/31/2010	12.49
8/31/2010	12.1
9/30/2010	12.35
10/31/2010	12.84
11/30/2010	12.57
12/31/2010	13.03
1/31/2011	13.21
2/28/2011	13.7
3/31/2011	12.61
4/30/2011	12.97
5/31/2011	12.9
6/30/2011	12.07
7/31/2011	12.64
8/31/2011	11.28
9/30/2011	11.24
10/31/2011	11.5
11/30/2011	11.67
12/31/2011	11.4
1/31/2012	12.33
2/29/2012	12.63
3/31/2012	12.96
4/30/2012	12.66
5/31/2012	12.01
6/30/2012	11.89
7/31/2012	12.59
8/31/2012	12.92
9/30/2012	13.34
10/31/2012	13.21
11/30/2012	12.19
12/31/2012	12.86
1/31/2013	13.12
2/28/2013	13.53
3/31/2013	13.72
4/30/2013	13.59
5/31/2013	14.48
6/30/2013	14.1
7/31/2013	14.51
8/31/2013	14.58
9/30/2013	14.84
10/31/2013	14.71
11/30/2013	15.03
12/31/2013	15.2
1/31/2014	15.43
2/28/2014	15.44
3/31/2014	15.6
4/30/2014	15.5
5/31/2014	15.45
6/30/2014	15.83
7/31/2014	15.97
8/31/2014	15.55
9/30/2014	15.89
10/31/2014	14.76
11/30/2014	16.19
12/31/2014	16.11
1/31/2015	16.23
2/28/2015	17.35
3/31/2015	17.27
4/30/2015	17.28
5/31/2015	17.09
6/30/2015	16.96
7/31/2015	16.98
8/31/2015	16.75
9/30/2015	16.09
10/31/2015	16.14
11/30/2015	16.8
12/31/2015	16.69
1/31/2016	15.3
2/29/2016	15.91
3/31/2016	16.71
4/30/2016	17.09
5/31/2016	16.67
6/30/2016	16.74
7/31/2016	17.4
8/31/2016	17.52
9/30/2016	16.92
10/31/2016	16.89
11/30/2016	16.95
12/31/2016	17.33
1/31/2017	17.28
2/28/2017	17.91
3/31/2017	18.04
4/30/2017	17.54
5/31/2017	17.49
6/30/2017	17.91
7/31/2017	18.23
8/31/2017	18.09
9/30/2017	18.18
10/31/2017	18.44
11/30/2017	18.15
12/31/2017	18.64
1/31/2018	18.73
2/28/2018	17.28
3/31/2018	17.37
4/30/2018	16.92
5/31/2018	16.68
6/30/2018	16.84
7/31/2018	17.03
8/31/2018	16.82
9/30/2018	17.21
10/31/2018	16.49
11/30/2018	15.72
12/31/2018	14.65
1/31/2019	15.45
2/28/2019	16.34
3/31/2019	16.6
4/30/2019	17.08
5/31/2019	16.66
6/30/2019	17.03
7/31/2019	17.45
8/31/2019	16.54
9/30/2019	17.4
10/31/2019	17.31
11/30/2019	17.83
12/31/2019	18.25
1/31/2020	18.73
2/29/2020	19.27
3/31/2020	14.13
4/30/2020	18.93
5/31/2020	20.52
6/30/2020	22.4
7/31/2020	23.1
8/31/2020	23.1
9/30/2020	22.64
10/31/2020	22.81
11/30/2020	22.24
12/31/2020	22.56
1/31/2021	23.05
2/28/2021	22.76
3/31/2021	22.45
4/30/2021	22.65
5/31/2021	21.33
6/30/2021	21.6
7/31/2021	22.18
8/31/2021	21.44
9/30/2021	21.63
10/31/2021	20.81
11/30/2021	21.84
12/31/2021	21.6
1/31/2022	20.55
2/28/2022	19.96
3/31/2022	19.14
4/25/2022	19.4

Note: The figure shows the aggregate forward price-to-earnings ratio of S&P 500 firms, based on expected earnings for 12 months ahead. The median value is 15.42.

Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers' Estimate System estimates.

Return to text

Figure 1.10. Spread of forward earnings-to-price ratio of S&P 500 firms to expected 10-year real Treasury yield

Percentage points

Date	Spread
10/31/1991	3.31
11/30/1991	3.3
12/31/1991	3.81
1/31/1992	2.88
2/29/1992	2.8
3/31/1992	2.74
4/30/1992	3
5/31/1992	3.14
6/30/1992	3.59
7/31/1992	3.57
8/31/1992	3.78
9/30/1992	3.93
10/31/1992	3.84
11/30/1992	3.38
12/31/1992	3.38
1/31/1993	3.49
2/28/1993	3.8
3/31/1993	3.87
4/30/1993	4.09
5/31/1993	4.23
6/30/1993	4.41
7/31/1993	4.33
8/31/1993	4.36
9/30/1993	4.65
10/31/1993	4.77
11/30/1993	4.38
12/31/1993	4.44
1/31/1994	4.36
2/28/1994	4.18
3/31/1994	3.79
4/30/1994	3.83
5/31/1994	3.68
6/30/1994	3.74
7/31/1994	3.8
8/31/1994	3.75
9/30/1994	3.58
10/31/1994	3.44
11/30/1994	3.47
12/31/1994	3.89
1/31/1995	3.54
2/28/1995	3.76
3/31/1995	3.99
4/30/1995	4.09
5/31/1995	4.38
6/30/1995	4.72
7/31/1995	4.32
8/31/1995	4.08
9/30/1995	4.18
10/31/1995	4.12
11/30/1995	4.22
12/31/1995	4.16
1/31/1996	4.37
2/29/1996	3.65
3/31/1996	3.34
4/30/1996	3.1
5/31/1996	2.74
6/30/1996	2.81
7/31/1996	3.03
8/31/1996	3.03
9/30/1996	2.65
10/31/1996	2.8
11/30/1996	2.94
12/31/1996	2.95
1/31/1997	2.46
2/28/1997	2.28
3/31/1997	2.22
4/30/1997	2.11
5/31/1997	1.82
6/30/1997	1.69
7/31/1997	1.88
8/31/1997	1.93
9/30/1997	1.94
10/31/1997	1.68
11/30/1997	2.03
12/31/1997	2.05
1/31/1998	2.29
2/28/1998	1.78
3/31/1998	1.46
4/30/1998	1.27
5/31/1998	1.29
6/30/1998	1.5
7/31/1998	1.28
8/31/1998	1.76
9/30/1998	2.48
10/31/1998	2.86
11/30/1998	1.96
12/31/1998	2.04
1/31/1999	1.44
2/28/1999	1.2
3/31/1999	0.76
4/30/1999	1.01
5/31/1999	0.72
6/30/1999	0.43
7/31/1999	0.33
8/31/1999	0.4
9/30/1999	0.46
10/31/1999	0.43
11/30/1999	0.24
12/31/1999	0.03
1/31/2000	-0.3
2/29/2000	-0.04
3/31/2000	0.21
4/30/2000	0.42
5/31/2000	0.02
6/30/2000	0.32
7/31/2000	0.41
8/31/2000	0.63
9/30/2000	0.63
10/31/2000	1.21
11/30/2000	1.1
12/31/2000	1.57
1/31/2001	1.67
2/28/2001	1.67
3/31/2001	2.39
4/30/2001	1.78
5/31/2001	1.4
6/30/2001	1.61
7/31/2001	1.68
8/31/2001	1.98
9/30/2001	2.88
10/31/2001	2.6
11/30/2001	2.26
12/31/2001	1.78
1/31/2002	1.94
2/28/2002	2.15
3/31/2002	1.72
4/30/2002	1.97
5/31/2002	2.26
6/30/2002	2.86
7/31/2002	3.79
8/31/2002	3.99
9/30/2002	4.7
10/31/2002	4.54
11/30/2002	4.37
12/31/2002	4.34
1/31/2003	4.27
2/28/2003	4.88
3/31/2003	4.83
4/30/2003	4.71
5/31/2003	4.79
6/30/2003	4.65
7/31/2003	4.15
8/31/2003	3.76
9/30/2003	3.8
10/31/2003	3.77
11/30/2003	3.9
12/31/2003	3.83
1/31/2004	3.75
2/29/2004	3.81
3/31/2004	4.29
4/30/2004	3.85
5/31/2004	3.88
6/30/2004	3.71
7/31/2004	4.14
8/31/2004	4.51
9/30/2004	4.58
10/31/2004	4.72
11/30/2004	4.36
12/31/2004	4.29
1/31/2005	4.4
2/28/2005	4.39
3/31/2005	4.26
4/30/2005	4.61
5/31/2005	4.82
6/30/2005	4.92
7/31/2005	4.74
8/31/2005	4.77
9/30/2005	4.91
10/31/2005	4.92
11/30/2005	4.68
12/31/2005	4.6
1/31/2006	4.71
2/28/2006	4.54
3/31/2006	4.32
4/30/2006	4.1
5/31/2006	4.31
6/30/2006	4.62
7/31/2006	4.54
8/31/2006	4.64
9/30/2006	4.71
10/31/2006	4.52
11/30/2006	4.59
12/31/2006	4.61
1/31/2007	4.18
2/28/2007	4.05
3/31/2007	4.57
4/30/2007	4.16
5/31/2007	4.03
6/30/2007	3.76
7/31/2007	3.81
8/31/2007	4.81
9/30/2007	4.43
10/31/2007	4.43
11/30/2007	5.08
12/31/2007	5.17
1/31/2008	5.99
2/29/2008	5.86
3/31/2008	6.41
4/30/2008	5.86
5/31/2008	5.4
6/30/2008	5.6
7/31/2008	6.25
8/31/2008	5.96
9/30/2008	6.93
10/31/2008	8.31
11/30/2008	8.74
12/31/2008	7.99
1/31/2009	8.05
2/28/2009	7.04
3/31/2009	7.2
4/30/2009	6.65
5/31/2009	5.7
6/30/2009	5.24
7/31/2009	5.39
8/31/2009	5.2
9/30/2009	5.11
10/31/2009	4.94
11/30/2009	5.24
12/31/2009	5.2
1/31/2010	5.25
2/28/2010	5.78
3/31/2010	5.46
4/30/2010	5.21
5/31/2010	6.54
6/30/2010	6.85
7/31/2010	7.16
8/31/2010	7.77
9/30/2010	7.64
10/31/2010	7.35
11/30/2010	7.33
12/31/2010	6.48
1/31/2011	6.4
2/28/2011	5.96
3/31/2011	6.74
4/30/2011	6.58
5/31/2011	6.91
6/30/2011	7.61
7/31/2011	7.23
8/31/2011	8.9
9/30/2011	9.25
10/31/2011	8.98
11/30/2011	9.01
12/31/2011	9.26
1/31/2012	8.42
2/29/2012	8.23
3/31/2012	7.81
4/30/2012	8.31
5/31/2012	9.01
6/30/2012	9.27
7/31/2012	8.77
8/31/2012	8.4
9/30/2012	8.13
10/31/2012	8.14
11/30/2012	8.87
12/31/2012	8.38
1/31/2013	8.02
2/28/2013	7.71
3/31/2013	7.63
4/30/2013	7.92
5/31/2013	7.28
6/30/2013	7.06
7/31/2013	6.49
8/31/2013	6.28
9/30/2013	6.1
10/31/2013	6.45
11/30/2013	6.19
12/31/2013	5.93
1/31/2014	5.89
2/28/2014	6.03
3/31/2014	5.95
4/30/2014	5.96
5/31/2014	6.14
6/30/2014	5.94
7/31/2014	5.89
8/31/2014	6.17
9/30/2014	5.92
10/31/2014	6.63
11/30/2014	6
12/31/2014	6.16
1/31/2015	6.34
2/28/2015	5.83
3/31/2015	5.79
4/30/2015	5.93
5/31/2015	5.72
6/30/2015	5.6
7/31/2015	5.68
8/31/2015	5.92
9/30/2015	6.15
10/31/2015	6.24
11/30/2015	5.78
12/31/2015	5.84
1/31/2016	6.52
2/29/2016	6.57
3/31/2016	6.16
4/30/2016	6.21
5/31/2016	6.35
6/30/2016	6.5
7/31/2016	6.37
8/31/2016	6.27
9/30/2016	6.4
10/31/2016	6.35
11/30/2016	5.93
12/31/2016	5.43
1/31/2017	5.61
2/28/2017	5.42
3/31/2017	5.32
4/30/2017	5.67
5/31/2017	5.67
6/30/2017	5.67
7/31/2017	5.39
8/31/2017	5.54
9/30/2017	5.53
10/31/2017	5.25
11/30/2017	5.34
12/31/2017	5.14
1/31/2018	5
2/28/2018	5.15
3/31/2018	5.15
4/30/2018	5.34
5/31/2018	5.31
6/30/2018	5.31
7/31/2018	5.17
8/31/2018	5.25
9/30/2018	5
10/31/2018	5.12
11/30/2018	5.45
12/31/2018	6.2
1/31/2019	5.96
2/28/2019	5.65
3/31/2019	5.65
4/30/2019	5.52
5/31/2019	5.79
6/30/2019	5.99
7/31/2019	5.87
8/31/2019	6.61
9/30/2019	6.23
10/31/2019	6.26
11/30/2019	5.98
12/31/2019	5.79
1/31/2020	5.76
2/29/2020	5.87
3/31/2020	8.34
4/30/2020	6.69
5/31/2020	6.3
6/30/2020	5.85
7/31/2020	5.73
8/31/2020	5.71
9/30/2020	5.77
10/31/2020	5.72
11/30/2020	5.75
12/31/2020	5.63
1/31/2021	5.46
2/28/2021	5.32
3/31/2021	4.98
4/30/2021	5.03
5/31/2021	5.31
6/30/2021	5.36
7/31/2021	5.59
8/31/2021	5.79
9/30/2021	5.66
10/31/2021	5.74
11/30/2021	5.52
12/31/2021	5.65
1/31/2022	5.53
2/28/2022	5.5
3/31/2022	5.54
4/25/2022	4.87

Note: The figure shows the aggregate forward earnings-to-price ratio of S&P 500 firms, based on expected earnings for 12 months ahead. Expected real Treasury yields are calculated from the 10-year consumer price index inflation forecast, and the smoothed nominal yield curve is estimated from off-the-run securities. The median value is 4.77 percentage points.

Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers' Estimate System estimates; Department of the Treasury; Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.

Return to text

Figure 1.11. S&P 500 return volatility

Percent

Date	Option-implied volatility	Realized volatility
1/31/1996	13.47	11.63
2/28/1996	15.03	11.46
3/31/1996	17.76	14.53
4/30/1996	16.21	12.22
5/31/1996	16.15	11.28
6/30/1996	16.5	11.08
7/31/1996	17.98	15
8/31/1996	15.76	13.4
9/30/1996	16.58	11.15
10/31/1996	16.29	9.84
11/30/1996	16	10.24
12/31/1996	19.26	13.39
1/31/1997	19.62	14.56
2/28/1997	20.14	14.79
3/31/1997	20.17	14.59
4/30/1997	19.7	17.13
5/31/1997	19.92	16.33
6/30/1997	20.19	14.96
7/31/1997	20.51	16.12
8/31/1997	23.08	18.07
9/30/1997	23.8	18.72
10/31/1997	23.87	18.77
11/30/1997	31.98	23.95
12/31/1997	26.28	18.48
1/31/1998	23.87	17.86
2/28/1998	20	15.33
3/31/1998	20.03	12.64
4/30/1998	22.16	12.98
5/31/1998	20.87	13.91
6/30/1998	21.66	15.56
7/31/1998	20.23	14.58
8/31/1998	31.59	22.75
9/30/1998	38.13	34.15
10/31/1998	36.61	32.96
11/30/1998	26.22	23.1
12/31/1998	25.48	18.91
1/31/1999	27.97	19.47
2/28/1999	28.82	21.68
3/31/1999	25.31	20.6
4/30/1999	23.48	19.81
5/31/1999	26.2	20.91
6/30/1999	23.55	19.22
7/31/1999	21.05	16.51
8/31/1999	24.32	17.7
9/30/1999	24.54	18.92
10/31/1999	24.02	20.86
11/30/1999	21.82	19.21
12/31/1999	22.16	16.85
1/31/2000	23.2	19.21
2/29/2000	23.6	21.81
3/31/2000	22.73	24.33
4/30/2000	27.16	32.58
5/31/2000	26.37	28.59
6/30/2000	21.54	22.84
7/31/2000	19.89	17.94
8/31/2000	18.09	16.17
9/30/2000	19.69	15.17
10/31/2000	25.2	23.3
11/30/2000	26.38	24.75
12/31/2000	26.53	25.18
1/31/2001	24.92	27.29
2/28/2001	23.41	21.5
3/31/2001	28.54	26.75
4/30/2001	28.13	28.18
5/31/2001	22.94	21.86
6/30/2001	20.94	18.02
7/31/2001	22.32	17.36
8/31/2001	21.86	16.93
9/30/2001	35.07	25.28
10/31/2001	32.61	27.35
11/30/2001	26.63	23.62
12/31/2001	23.72	18.75
1/31/2002	22.25	16.03
2/28/2002	22.88	18.96
3/31/2002	18.99	18.1
4/30/2002	19.9	16.3
5/31/2002	20.09	17.42
6/30/2002	25.27	21.08
7/31/2002	34.05	33.7
8/31/2002	33.74	37.88
9/30/2002	37.65	31.05
10/31/2002	35.43	35
11/30/2002	28.18	29.74
12/31/2002	28.21	23.9
1/31/2003	27.51	21.39
2/28/2003	32.22	23.19
3/31/2003	30.63	23.95
4/30/2003	23.99	22.67
5/31/2003	20.24	19.35
6/30/2003	20.36	17.83
7/31/2003	19.16	17.9
8/31/2003	19.27	17.39
9/30/2003	19.53	14.59
10/31/2003	18.02	14.36
11/30/2003	17.4	13.11
12/31/2003	16.83	11.87
1/31/2004	15.95	11.1
2/29/2004	16	12.38
3/31/2004	17.69	13.07
4/30/2004	15.7	13.19
5/31/2004	17.71	15.25
6/30/2004	15.36	12.43
7/31/2004	15.5	11.53
8/31/2004	16.68	12.48
9/30/2004	14.08	10.49
10/31/2004	14.97	10.51
11/30/2004	13.58	11.18
12/31/2004	12.46	10.51
1/31/2005	13.44	10.65
2/28/2005	11.71	9.94
3/31/2005	13.13	10.42
4/30/2005	14.46	11.92
5/31/2005	13.97	13.09
6/30/2005	11.87	10.85
7/31/2005	11.05	10.26
8/31/2005	12.95	9.64
9/30/2005	12.63	10.3
10/31/2005	14.94	12.9
11/30/2005	12.15	11.95
12/31/2005	11.26	9.83
1/31/2006	12.04	9.72
2/28/2006	12.47	10.36
3/31/2006	11.69	9.64
4/30/2006	11.85	10.15
5/31/2006	14.45	11.84
6/30/2006	16.92	15.14
7/31/2006	15.33	13.77
8/31/2006	13.35	12.22
9/30/2006	12.18	9.55
10/31/2006	11.31	8.85
11/30/2006	10.82	9.02
12/31/2006	10.96	9.45
1/31/2007	11.04	9.42
2/28/2007	11.16	9.06
3/31/2007	15.16	14.29
4/30/2007	12.93	11.37
5/31/2007	13.3	9.89
6/30/2007	14.95	11.38
7/31/2007	17.27	13.48
8/31/2007	25.03	23.37
9/30/2007	22.2	19.69
10/31/2007	19.12	15.45
11/30/2007	25.58	21.45
12/31/2007	21.65	20.94
1/31/2008	25.82	25.07
2/29/2008	25.46	27.87
3/31/2008	27.1	26.65
4/30/2008	21.56	21.32
5/31/2008	18.3	16.76
6/30/2008	22.11	17.34
7/31/2008	24.32	22.99
8/31/2008	20.7	20.32
9/30/2008	30.24	30.03
10/31/2008	61.18	66.21
11/30/2008	62.64	72.14
12/31/2008	52.41	61.45
1/31/2009	44.68	43.3
2/28/2009	45.57	40.38
3/31/2009	44.8	42.61
4/30/2009	38.06	35.11
5/31/2009	31.98	29.32
6/30/2009	29.14	25.02
7/31/2009	26.16	21.47
8/31/2009	25.34	19.28
9/30/2009	24.93	17.44
10/31/2009	24.25	17.53
11/30/2009	23.78	19.44
12/31/2009	21.24	15.23
1/31/2010	20.64	12.81
2/28/2010	22.54	17.88
3/31/2010	17.77	14.1
4/30/2010	17.42	12.46
5/31/2010	31.93	27.53
6/30/2010	29.92	26.92
7/31/2010	25.57	22.96
8/31/2010	24.75	18.85
9/30/2010	22.52	16.79
10/31/2010	20.37	14.85
11/30/2010	20.1	13.9
12/31/2010	17.57	11.81
1/31/2011	17.32	9.71
2/28/2011	17.43	10.6
3/31/2011	20.72	14.27
4/30/2011	16.24	12.38
5/31/2011	16.91	12.33
6/30/2011	19.15	13.53
7/31/2011	19.23	13.74
8/31/2011	35.03	31.64
9/30/2011	36.53	30.87
10/31/2011	32.83	30.08
11/30/2011	31.94	24.95
12/31/2011	25.05	20.57
1/31/2012	20.23	15.43
2/29/2012	18.42	12.38
3/31/2012	16.17	10.87
4/30/2012	17.82	11.47
5/31/2012	21	13.69
6/30/2012	21.13	15.53
7/31/2012	17.57	14.76
8/31/2012	15.69	13.1
9/30/2012	15.28	10.95
10/31/2012	16.28	11.24
11/30/2012	16.7	13.78
12/31/2012	17.31	12.85
1/31/2013	13.51	11.72
2/28/2013	14.07	9.62
3/31/2013	13.03	10.11
4/30/2013	13.97	11.42
5/31/2013	13.49	11.58
6/30/2013	17.27	14.46
7/31/2013	13.97	13.45
8/31/2013	14.21	10.37
9/30/2013	14.69	10.67
10/31/2013	15.41	11.18
11/30/2013	12.92	9.86
12/31/2013	14.19	9.47
1/31/2014	14.24	9.31
2/28/2014	15.47	11.74
3/31/2014	14.84	11.61
4/30/2014	14.2	12.17
5/31/2014	12.48	10.95
6/30/2014	11.54	8.23
7/31/2014	12.3	7.96
8/31/2014	13.49	9.79
9/30/2014	13.47	8.79
10/31/2014	18.06	15.77
11/30/2014	13.41	13.35
12/31/2014	16.29	12.63
1/31/2015	19.12	15.71
2/28/2015	15.9	15.01
3/31/2015	14.81	11.87
4/30/2015	13.49	11.33
5/31/2015	13.34	10.83
6/30/2015	14.34	10.15
7/31/2015	14.35	11.16
8/31/2015	19.43	17.1
9/30/2015	24.38	26.84
10/31/2015	16.79	19.49
11/30/2015	16.21	14.08
12/31/2015	18.03	14.71
1/31/2016	23.72	20.91
2/29/2016	22.52	23.71
3/31/2016	15.85	17.38
4/30/2016	14.3	12.53
5/31/2016	14.85	11.42
6/30/2016	17.77	11.08
7/31/2016	13.16	11.5
8/31/2016	12.4	8.4
9/30/2016	14.22	9.47
10/31/2016	14.59	9.83
11/30/2016	15.24	10.71
12/31/2016	12.47	8.98
1/31/2017	11.61	8.04
2/28/2017	11.53	7.14
3/31/2017	11.9	7.18
4/30/2017	13.14	8.46
5/31/2017	10.86	7.22
6/30/2017	10.51	6.99
7/31/2017	10.26	7.1
8/31/2017	11.98	6.88
9/30/2017	10.44	6.52
10/31/2017	10.13	5.26
11/30/2017	10.54	5.82
12/31/2017	10.26	7.21
1/31/2018	11.06	6.75
2/28/2018	22.46	20.5
3/31/2018	19.02	19.2
4/30/2018	18.27	19.51
5/31/2018	14.12	14.76
6/30/2018	13.68	11.01
7/31/2018	13.15	9.99
8/31/2018	12.55	8.24
9/30/2018	12.91	8.17
10/31/2018	19.35	14.63
11/30/2018	19.39	20.27
12/31/2018	24.95	24.15
1/31/2019	19.57	24.73
2/28/2019	15.23	16.1
3/31/2019	14.49	12.5
4/30/2019	12.95	10.39
5/31/2019	16.72	11.92
6/30/2019	15.84	12.26
7/31/2019	13.31	9.31
8/31/2019	18.98	15.45
9/30/2019	15.56	13.67
10/31/2019	15.47	12.89
11/30/2019	12.52	9.12
12/31/2019	13.76	8.37
1/31/2020	13.94	7.96
2/29/2020	19.63	12.19
3/31/2020	57.74	56.36
4/30/2020	41.45	53.23
5/31/2020	30.9	32.64
6/30/2020	31.12	25.54
7/31/2020	26.84	21.43
8/31/2020	22.89	15.32
9/30/2020	27.65	20.47
10/31/2020	29.44	19.52
11/30/2020	25	19.97
12/31/2020	22.37	14.5
1/31/2021	24.91	13.91
2/28/2021	23.14	15.01
3/31/2021	21.84	18.31
4/30/2021	17.42	13.19
5/31/2021	19.76	12.78
6/30/2021	16.96	10.57
7/31/2021	17.6	9.49
8/31/2021	17.47	8.96
9/30/2021	19.82	9.87
10/31/2021	17.87	13.1
11/30/2021	18.5	10.72
12/31/2021	21.35	15.74
1/31/2022	23.18	17.87
2/28/2022	25.75	23.98
3/31/2022	26.97	24.33
4/22/2022	22.13	19.13

Note: The data extends through April 22, 2022. Realized volatility is computed from an exponentially weighted moving average of 5-minute daily realized variances with 75 percent of the weight distributed over the past 20 business days.

Source: Refinitiv, DataScope Tick History; Federal Reserve Board staff estimates.

Return to text

Figure 1.12. Commercial real estate prices (real)

Jan. 2001 = 100

Date	Equal-weighted	Value-weighted
1/31/1996	n.a.	71.53
2/28/1996	n.a.	71.36
3/31/1996	n.a.	72.19
4/30/1996	n.a.	73.12
5/31/1996	n.a.	73.22
6/30/1996	n.a.	72.57
7/31/1996	n.a.	72.15
8/31/1996	n.a.	71.74
9/30/1996	n.a.	71.38
10/31/1996	n.a.	69.39
11/30/1996	n.a.	71.29
12/31/1996	n.a.	73.69
1/31/1997	n.a.	75.95
2/28/1997	n.a.	78.51
3/31/1997	n.a.	80.04
4/30/1997	n.a.	80.17
5/31/1997	n.a.	80.86
6/30/1997	n.a.	80.79
7/31/1997	n.a.	81.53
8/31/1997	n.a.	81.7
9/30/1997	n.a.	82.77
10/31/1997	n.a.	81.99
11/30/1997	n.a.	85.89
12/31/1997	n.a.	87.85
1/31/1998	84.03	90.88
2/28/1998	84.35	90.82
3/31/1998	84.58	90.82
4/30/1998	85.11	89.88
5/31/1998	85.34	92.53
6/30/1998	85.6	94.33
7/31/1998	85.41	93.98
8/31/1998	85.25	93.96
9/30/1998	84.83	93.72
10/31/1998	86.18	93.89
11/30/1998	87.58	94.29
12/31/1998	89.38	93.84
1/31/1999	88.97	92.11
2/28/1999	89.16	92.34
3/31/1999	89.44	91.88
4/30/1999	89.78	91.1
5/31/1999	90.75	91.3
6/30/1999	91.31	91.42
7/31/1999	91.83	91.77
8/31/1999	92.31	93.04
9/30/1999	92.25	93.36
10/31/1999	93.03	93.52
11/30/1999	93.65	93.94
12/31/1999	94.56	94.2
1/31/2000	95.1	93.91
2/29/2000	95.42	91.46
3/31/2000	95.58	89.27
4/30/2000	96.28	88.23
5/31/2000	97.48	91.88
6/30/2000	98.17	94.48
7/31/2000	98.37	96.66
8/31/2000	98.17	98.19
9/30/2000	97.17	99.15
10/31/2000	98.45	100.14
11/30/2000	99.2	101.05
12/31/2000	100.43	101.08
1/31/2001	100	100
2/28/2001	100.06	99.71
3/31/2001	99.92	99.9
4/30/2001	99.57	100.24
5/31/2001	99.1	100.02
6/30/2001	99.52	98.97
7/31/2001	101.24	99.08
8/31/2001	103.07	99.04
9/30/2001	103.81	98.41
10/31/2001	104.2	97.09
11/30/2001	103.31	95.99
12/31/2001	103.07	95.21
1/31/2002	103.43	95.29
2/28/2002	104.39	96.25
3/31/2002	105.33	96.92
4/30/2002	105.46	96.87
5/31/2002	105.81	96.56
6/30/2002	105.82	95.8
7/31/2002	106.52	95.29
8/31/2002	107.1	95.24
9/30/2002	108.45	95.5
10/31/2002	110.32	96.27
11/30/2002	112.31	98.24
12/31/2002	114.3	100.83
1/31/2003	113.88	102.7
2/28/2003	112.71	102.6
3/31/2003	112.3	102.06
4/30/2003	113.81	101.76
5/31/2003	115.38	102.23
6/30/2003	115.99	101.52
7/31/2003	116.61	100.95
8/31/2003	116.91	98.48
9/30/2003	118.07	97.15
10/31/2003	119.72	97.2
11/30/2003	121.32	98.47
12/31/2003	122.75	99.88
1/31/2004	123.31	99.92
2/29/2004	124.43	102.13
3/31/2004	125.3	103.24
4/30/2004	126.81	106.02
5/31/2004	127.38	105.75
6/30/2004	128.83	107.69
7/31/2004	130.62	109.87
8/31/2004	132.43	112.52
9/30/2004	133.21	114.31
10/31/2004	132.97	115.42
11/30/2004	133.8	115.3
12/31/2004	135.64	115.15
1/31/2005	137.9	113.96
2/28/2005	139.67	115.26
3/31/2005	141.16	115.93
4/30/2005	141.77	117.26
5/31/2005	143.41	117.22
6/30/2005	144.47	117.71
7/31/2005	145.06	118.29
8/31/2005	146.12	119.05
9/30/2005	146.48	119.53
10/31/2005	148.45	121.19
11/30/2005	151.26	123.94
12/31/2005	153.17	125.54
1/31/2006	152.67	125.61
2/28/2006	153.4	126.39
3/31/2006	152.72	127.98
4/30/2006	152.16	128.83
5/31/2006	152.02	129.92
6/30/2006	152.88	130.59
7/31/2006	151.94	131.8
8/31/2006	150.88	132.82
9/30/2006	150.86	133.73
10/31/2006	151.74	134.73
11/30/2006	153.97	135.49
12/31/2006	154.62	137.67
1/31/2007	155.62	138.85
2/28/2007	155.51	140
3/31/2007	155.56	139.97
4/30/2007	155.84	141.14
5/31/2007	155.18	142.81
6/30/2007	155.06	143.77
7/31/2007	154.38	144.98
8/31/2007	154.96	145.81
9/30/2007	154.17	145.53
10/31/2007	152.66	145.41
11/30/2007	150.91	144.83
12/31/2007	149.66	144.42
1/31/2008	149.13	142.19
2/29/2008	147.83	136.19
3/31/2008	145.54	130.7
4/30/2008	142.59	125.35
5/31/2008	140.28	128.29
6/30/2008	137.53	129.51
7/31/2008	135.88	132.05
8/31/2008	135.03	128.98
9/30/2008	133.35	125.76
10/31/2008	132.68	124.63
11/30/2008	131.85	126.93
12/31/2008	129.96	127.49
1/31/2009	125.33	126.65
2/28/2009	121.84	123.08
3/31/2009	118.36	118.78
4/30/2009	115.87	111.58
5/31/2009	114.33	104.17
6/30/2009	112.87	95.9
7/31/2009	112.9	91.49
8/31/2009	110.97	92.25
9/30/2009	108.28	92.98
10/31/2009	105.47	92.65
11/30/2009	105.1	89.77
12/31/2009	104.93	87.16
1/31/2010	105.71	85.88
2/28/2010	106.19	86.51
3/31/2010	105.96	88.93
4/30/2010	103.93	92.03
5/31/2010	101.45	95.63
6/30/2010	99.43	95.58
7/31/2010	99.17	95.01
8/31/2010	98.95	94.65
9/30/2010	98.6	94.72
10/31/2010	97.91	95.07
11/30/2010	98.15	94.23
12/31/2010	97.76	94.55
1/31/2011	96.74	94.94
2/28/2011	95.56	96.64
3/31/2011	94.05	96.39
4/30/2011	93.74	95.22
5/31/2011	93.75	94.83
6/30/2011	93.45	94.14
7/31/2011	93.16	93.27
8/31/2011	92.91	92.47
9/30/2011	93.78	92.26
10/31/2011	94.91	94.14
11/30/2011	96	96.13
12/31/2011	95.1	98.18
1/31/2012	93.65	98.7
2/29/2012	92.62	98.49
3/31/2012	92.39	96.63
4/30/2012	92.77	95.64
5/31/2012	93.59	95.52
6/30/2012	93.82	96.49
7/31/2012	94.61	97.47
8/31/2012	94.52	97.92
9/30/2012	94.75	96.84
10/31/2012	95.99	96.9
11/30/2012	98.18	97.71
12/31/2012	98.78	99.18
1/31/2013	97.68	99.3
2/28/2013	96.68	99.07
3/31/2013	96.5	100.23
4/30/2013	98.4	101.8
5/31/2013	99.32	103.95
6/30/2013	100.27	104.8
7/31/2013	100.63	107.36
8/31/2013	101.05	108.32
9/30/2013	101.49	110.02
10/31/2013	102.33	110.44
11/30/2013	103.76	111.23
12/31/2013	104.49	110.22
1/31/2014	105.61	109.59
2/28/2014	106.6	108.82
3/31/2014	106.71	109.12
4/30/2014	107.12	109.67
5/31/2014	107.47	110.51
6/30/2014	108.22	110.99
7/31/2014	109.41	111.57
8/31/2014	110.48	112.79
9/30/2014	111.62	113.21
10/31/2014	113.04	114.6
11/30/2014	115.01	115.81
12/31/2014	116.46	119.73
1/31/2015	117.55	123.18
2/28/2015	117.58	127.23
3/31/2015	118.06	125.95
4/30/2015	119.2	126.11
5/31/2015	119.76	124.39
6/30/2015	119.99	125.25
7/31/2015	120.69	124.72
8/31/2015	121.57	124.51
9/30/2015	122.2	125.11
10/31/2015	122.49	125.05
11/30/2015	123.37	126.01
12/31/2015	125.07	126.18
1/31/2016	126.74	125.9
2/29/2016	127.73	124.73
3/31/2016	127.79	122.78
4/30/2016	127.02	121.76
5/31/2016	126.76	122.9
6/30/2016	126.91	125.04
7/31/2016	128.89	127.93
8/31/2016	130.49	128.92
9/30/2016	132.23	128.5
10/31/2016	132.74	128.98
11/30/2016	133.62	129.54
12/31/2016	134.28	130.35
1/31/2017	135.2	128.41
2/28/2017	137.27	127.73
3/31/2017	139.61	128.42
4/30/2017	141.33	129.22
5/31/2017	142.79	130.45
6/30/2017	144.61	130.46
7/31/2017	146.06	130.96
8/31/2017	145.71	131.58
9/30/2017	144.6	132.4
10/31/2017	144.42	135.21
11/30/2017	146.39	135.93
12/31/2017	148.31	135.17
1/31/2018	149.54	132.25
2/28/2018	147.82	133.37
3/31/2018	146.73	136.14
4/30/2018	146.13	139.32
5/31/2018	147.4	137.2
6/30/2018	149.44	133.59
7/31/2018	150.36	131.69
8/31/2018	150.53	132.55
9/30/2018	150.28	133.68
10/31/2018	151.12	133.08
11/30/2018	153.68	133.05
12/31/2018	155.08	134.18
1/31/2019	155.11	136.13
2/28/2019	153.8	138.25
3/31/2019	154.07	137.65
4/30/2019	154.07	138.04
5/31/2019	155.43	139.88
6/30/2019	155.84	143.46
7/31/2019	156.84	145.17
8/31/2019	158.46	144.08
9/30/2019	159.5	141.94
10/31/2019	158.5	140.8
11/30/2019	158.45	140.76
12/31/2019	158.35	141.59
1/31/2020	159.78	141.41
2/29/2020	161.56	142.96
3/31/2020	164.31	143.52
4/30/2020	164.7	144.55
5/31/2020	163.14	142.9
6/30/2020	161.46	139.91
7/31/2020	160.63	139.61
8/31/2020	161.59	139.98
9/30/2020	164.31	141.91
10/31/2020	167.88	144.17
11/30/2020	171.68	147.67
12/31/2020	171.29	147.93
1/31/2021	170.29	147.27
2/28/2021	168.08	145.17
3/31/2021	169.99	145.71
4/30/2021	171.38	145.66
5/31/2021	173.64	146.15
6/30/2021	174.83	144.79
7/31/2021	175.91	147.68
8/31/2021	177.28	151.04
9/30/2021	178.55	153.31
10/31/2021	179.64	153.47
11/30/2021	182.59	153.82
12/31/2021	185.1	156.18
1/31/2022	186.49	157.38

Note: Series are deflated using the consumer price index and seasonally adjusted by Federal Reserve Board staff. The data begin in 1998 for the equal-weighted curve and 1996 for the value-weighted curve.

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

Return to text

Figure 1.13. Capitalization rate at property purchase

Percent

Date	Rate
1/31/2001	8.43
2/28/2001	8.43
3/31/2001	8.45
4/30/2001	8.41
5/31/2001	8.45
6/30/2001	8.44
7/31/2001	8.47
8/31/2001	8.49
9/30/2001	8.53
10/31/2001	8.52
11/30/2001	8.55
12/31/2001	8.61
1/31/2002	8.63
2/28/2002	8.65
3/31/2002	8.67
4/30/2002	8.73
5/31/2002	8.67
6/30/2002	8.68
7/31/2002	8.64
8/31/2002	8.59
9/30/2002	8.48
10/31/2002	8.44
11/30/2002	8.41
12/31/2002	8.35
1/31/2003	8.31
2/28/2003	8.28
3/31/2003	8.27
4/30/2003	8.24
5/31/2003	8.24
6/30/2003	8.18
7/31/2003	8.15
8/31/2003	8.12
9/30/2003	8.11
10/31/2003	8.09
11/30/2003	8.06
12/31/2003	8.01
1/31/2004	7.98
2/29/2004	7.93
3/31/2004	7.89
4/30/2004	7.84
5/31/2004	7.81
6/30/2004	7.79
7/31/2004	7.75
8/31/2004	7.72
9/30/2004	7.64
10/31/2004	7.59
11/30/2004	7.54
12/31/2004	7.44
1/31/2005	7.41
2/28/2005	7.37
3/31/2005	7.32
4/30/2005	7.25
5/31/2005	7.2
6/30/2005	7.13
7/31/2005	7.09
8/31/2005	7.04
9/30/2005	7
10/31/2005	6.94
11/30/2005	6.9
12/31/2005	6.87
1/31/2006	6.81
2/28/2006	6.78
3/31/2006	6.73
4/30/2006	6.71
5/31/2006	6.68
6/30/2006	6.65
7/31/2006	6.62
8/31/2006	6.59
9/30/2006	6.56
10/31/2006	6.56
11/30/2006	6.56
12/31/2006	6.55
1/31/2007	6.53
2/28/2007	6.52
3/31/2007	6.52
4/30/2007	6.49
5/31/2007	6.46
6/30/2007	6.45
7/31/2007	6.44
8/31/2007	6.44
9/30/2007	6.44
10/31/2007	6.44
11/30/2007	6.43
12/31/2007	6.42
1/31/2008	6.43
2/29/2008	6.45
3/31/2008	6.46
4/30/2008	6.5
5/31/2008	6.55
6/30/2008	6.6
7/31/2008	6.63
8/31/2008	6.68
9/30/2008	6.74
10/31/2008	6.73
11/30/2008	6.78
12/31/2008	6.82
1/31/2009	6.88
2/28/2009	6.89
3/31/2009	6.93
4/30/2009	6.95
5/31/2009	6.99
6/30/2009	7.08
7/31/2009	7.2
8/31/2009	7.25
9/30/2009	7.35
10/31/2009	7.43
11/30/2009	7.47
12/31/2009	7.54
1/31/2010	7.54
2/28/2010	7.57
3/31/2010	7.6
4/30/2010	7.68
5/31/2010	7.68
6/30/2010	7.67
7/31/2010	7.63
8/31/2010	7.65
9/30/2010	7.62
10/31/2010	7.59
11/30/2010	7.56
12/31/2010	7.49
1/31/2011	7.5
2/28/2011	7.47
3/31/2011	7.42
4/30/2011	7.38
5/31/2011	7.36
6/30/2011	7.3
7/31/2011	7.28
8/31/2011	7.23
9/30/2011	7.2
10/31/2011	7.19
11/30/2011	7.17
12/31/2011	7.15
1/31/2012	7.1
2/29/2012	7.1
3/31/2012	7.08
4/30/2012	7.04
5/31/2012	7.01
6/30/2012	6.98
7/31/2012	6.96
8/31/2012	6.95
9/30/2012	6.94
10/31/2012	6.9
11/30/2012	6.88
12/31/2012	6.84
1/31/2013	6.84
2/28/2013	6.83
3/31/2013	6.83
4/30/2013	6.81
5/31/2013	6.81
6/30/2013	6.79
7/31/2013	6.78
8/31/2013	6.74
9/30/2013	6.72
10/31/2013	6.72
11/30/2013	6.72
12/31/2013	6.69
1/31/2014	6.65
2/28/2014	6.63
3/31/2014	6.59
4/30/2014	6.6
5/31/2014	6.59
6/30/2014	6.57
7/31/2014	6.54
8/31/2014	6.54
9/30/2014	6.5
10/31/2014	6.47
11/30/2014	6.46
12/31/2014	6.43
1/31/2015	6.41
2/28/2015	6.41
3/31/2015	6.39
4/30/2015	6.35
5/31/2015	6.32
6/30/2015	6.31
7/31/2015	6.3
8/31/2015	6.28
9/30/2015	6.28
10/31/2015	6.26
11/30/2015	6.24
12/31/2015	6.22
1/31/2016	6.23
2/29/2016	6.21
3/31/2016	6.19
4/30/2016	6.19
5/31/2016	6.18
6/30/2016	6.17
7/31/2016	6.15
8/31/2016	6.14
9/30/2016	6.11
10/31/2016	6.1
11/30/2016	6.11
12/31/2016	6.12
1/31/2017	6.1
2/28/2017	6.11
3/31/2017	6.13
4/30/2017	6.14
5/31/2017	6.13
6/30/2017	6.12
7/31/2017	6.12
8/31/2017	6.11
9/30/2017	6.1
10/31/2017	6.11
11/30/2017	6.1
12/31/2017	6.09
1/31/2018	6.08
2/28/2018	6.07
3/31/2018	6.05
4/30/2018	6.04
5/31/2018	6.04
6/30/2018	6.04
7/31/2018	6.04
8/31/2018	6.04
9/30/2018	6.05
10/31/2018	6.05
11/30/2018	6.04
12/31/2018	6.02
1/31/2019	6.03
2/28/2019	6.02
3/31/2019	6.03
4/30/2019	6.03
5/31/2019	6.06
6/30/2019	6.05
7/31/2019	6.05
8/31/2019	6.04
9/30/2019	6.02
10/31/2019	6
11/30/2019	5.98
12/31/2019	5.98
1/31/2020	5.97
2/29/2020	5.97
3/31/2020	5.95
4/30/2020	5.94
5/31/2020	5.9
6/30/2020	5.89
7/31/2020	5.86
8/31/2020	5.85
9/30/2020	5.85
10/31/2020	5.84
11/30/2020	5.82
12/31/2020	5.8
1/31/2021	5.77
2/28/2021	5.76
3/31/2021	5.76
4/30/2021	5.76
5/31/2021	5.76
6/30/2021	5.75
7/31/2021	5.74
8/31/2021	5.73
9/30/2021	5.69
10/31/2021	5.67
11/30/2021	5.66
12/31/2021	5.65
1/31/2022	5.64
2/28/2022	5.63

Note: The data are a 12-month moving average 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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Figure 1.14. Change in bank standards for commercial real estate loans

This is a line chart titled “Change in bank standards for commercial real estate loans.” The x-axis measures time and ranges from the years 1997 to 2021. The y-axis ranges from -100 to 100, which measures the net percentage of banks reporting on the right. On the left y-axis, from -100 to 0, is labeled “Easing” and from 0 to 100 is labeled “Tightening.” There is one variable charted on the plot and it is the net percentage of banks reporting in the Senior Loan Officer Opinion Survey on Bank Lending Practices. It is represented by a solid black line. It begins at around -10 and spikes to around 40 in 1998. It declines to around 0 by the end of 1999 before spiking to around 50 at the end of 2000. The series steadily declines to -20 by the end of 2004. The series rises steadily to about 20 by mid-2007 before spiking to 90 percent in mid-2008. It decreases to around -20 in early 2011 and remains between -10 and -20 until 2015. It then increases and hits 25 in 2016 before falling to around -15 in 2018. It increases to 0 by the end of 2019 before spiking to around 80 in early 2020. The series then falls to about -20 in:Q4 of 2021, the final date in the series. The chart also includes recession bars.

Note: Banks’ responses are weighted by their commercial real estate loan market shares. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked about the changes over the quarter.

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

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Figure 1.15. Farmland prices

2020 dollars per acre

Year	Midwest index	United States
1967	2570.07
1968	2695.72
1969	2643.5
1970	2528.56
1971	2363.41
1972	2367.13
1973	2545.79
1974	3073.63
1975	3424.13
1976	4022.62
1977	4827.56
1978	5041.31
1979	5115.66
1980	5119.61
1981	4870.29
1982	4438.25
1983	3767.96
1984	3311.84
1985	2361.69
1986	1875.72
1987	1595.78
1988	1748.01
1989	1912.61
1990	1920.14
1991	1878.38
1992	1884.05
1993	1886.05
1994	2287.15
1995	2207.01
1996	2356.86
1997	2168.92	2047.855386
1998	2292.36	2127.811901
1999	2314.42	2175.377989
2000	2283.74	2194.719228
2001	2267.47	2207.698183
2002	2301.67	2288.150996
2003	2331.91	2335.223795
2004	2437.1	2397.867462
2005	2815.95	2730.721125
2006	3037.12	3069.272051
2007	3365.54	3158.398625
2008	3755.46	3318.910869
2009	3569.03	3221.004247
2010	3759.17	3204.747386
2011	4362.84	3429.419705
2012	5109.16	3776.917427
2013	5850.08	4233.477351
2014	6293.6	4472.349876
2015	6043.37	4477.86036
2016	5759.23	4357.110399
2017	5581.32	4255.367565
2018	5446.74	4174.865775
2019	5345.26	4151.183328
2020	5230.7	4100
2021	5427.38	4190.762916

Note: The data for the United States start in 1997. Midwest index is a weighted average of Corn Belt and Great Plains states derived from staff calculations. Values are given in real terms. The data extend through July 2021. Data are annual as of July. The median value is 2815.95 dollars.

Source: Department of Agriculture; Federal Reserve Bank of Minneapolis staff calculations.

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Figure 1.16. Farmland price-to-rent ratios

Ratio

Year	Midwest index	United States
1967	14.13
1968	14.2
1969	14.2
1970	13.99
1971	13.51
1972	13.4
1973	14.17
1974	14.53
1975	14.6
1976	16.16
1977	18.02
1978	19.56
1979	20.58
1980	21.55
1981	21.25
1982	19.56
1983	17.42
1984	15.95
1985	13
1986	11.9
1987	11.72
1988	12.52
1989	13.3
1990	13.41
1991	13.51
1992	13.74
1993	13.89
1994	17.97
1995	17.35
1996	18.36
1997	16.67
1998	17.47	20.15
1999	18.2	20.74
2000	17.84	20.86
2001	17.95	21.27
2002	18.18	22.21
2003	18.63	22.74
2004	19.45	22.88
2005	22.5	26.41
2006	24.61	30.06
2007	25.78	32.65
2008	26.32	32.28
2009	24.43	26.97
2010	25.44	26.47
2011	27.84	26.85
2012	28.48	26.8
2013	30.45	28.01
2014	32.19	29.01
2015	31.64	28.47
2016	32.1	29.71
2017	32.28	29.63
2018	31.89	29.35
2019	32.05	29.29
2020	31.9	29.5
2021	33.81	31.35

Note: The data for the United States start in 1998. Midwest index is the weighted average of Corn Belt and Great Plains states derived from staff calculations. The data extend through July 2021. The data are annual as of July. The median value is 18.02.

Source: Department of Agriculture; Federal Reserve Bank of Minneapolis staff calculations.

Return to text

Figure 1.17. Growth of nominal prices of existing homes

12-month percent change

Date	Zillow	CoreLogic	Case-Shiller
1/31/2003	7.23	9.69	9.63
2/28/2003	7.3	9.63	9.76
3/31/2003	7.36	9.59	9.65
4/30/2003	7.44	9.5	9.46
5/31/2003	7.53	9.26	9.15
6/30/2003	7.58	9.01	8.91
7/31/2003	7.61	8.82	8.86
8/31/2003	7.65	8.97	9.01
9/30/2003	7.73	9.38	9.24
10/31/2003	7.81	9.88	9.39
11/30/2003	7.86	10.31	9.58
12/31/2003	7.87	10.88	9.82
1/31/2004	7.94	11.37	10.23
2/29/2004	8.1	11.78	10.68
3/31/2004	8.32	12.34	11.42
4/30/2004	8.57	13.01	12.02
5/31/2004	8.86	13.51	12.51
6/30/2004	9.22	14.16	12.98
7/31/2004	9.6	14.53	13.14
8/31/2004	9.93	14.59	13.12
9/30/2004	10.18	14.73	13.15
10/31/2004	10.37	14.99	13.28
11/30/2004	10.58	15.21	13.5
12/31/2004	10.83	15.48	13.64
1/31/2005	11.06	15.58	13.8
2/28/2005	11.24	15.83	14
3/31/2005	11.36	16.23	14.23
4/30/2005	11.54	16.38	14.24
5/31/2005	11.67	16.22	14.3
6/30/2005	11.78	16.01	14.28
7/31/2005	11.81	15.88	14.28
8/31/2005	11.86	16.03	14.37
9/30/2005	11.9	16.27	14.51
10/31/2005	11.91	15.98	14.36
11/30/2005	11.88	15.61	14.08
12/31/2005	11.74	15.18	13.51
1/31/2006	11.5	14.68	12.93
2/28/2006	11.2	13.81	12.09
3/31/2006	10.89	12.5	11.04
4/30/2006	10.51	10.96	9.97
5/31/2006	10.05	9.35	8.75
6/30/2006	9.45	7.5	7.28
7/31/2006	8.73	5.9	6.04
8/31/2006	7.92	4.51	4.82
9/30/2006	7.02	3.33	3.71
10/31/2006	6.18	2.41	2.97
11/30/2006	5.36	1.44	2.2
12/31/2006	4.63	0.36	1.73
1/31/2007	3.99	-0.54	1.05
2/28/2007	3.4	-1.38	0.53
3/31/2007	2.79	-2.68	-0.31
4/30/2007	2.14	-3.56	-0.83
5/31/2007	1.44	-4.23	-1.35
6/30/2007	0.76	-4.55	-1.63
7/31/2007	0.1	-4.88	-1.96
8/31/2007	-0.48	-5.47	-2.26
9/30/2007	-1	-6.38	-2.76
10/31/2007	-1.49	-7.52	-3.55
11/30/2007	-1.99	-8.68	-4.61
12/31/2007	-2.49	-9.76	-5.4
1/31/2008	-3.06	-10.96	-6.37
2/29/2008	-3.69	-12.1	-7.28
3/31/2008	-4.38	-12.77	-7.84
4/30/2008	-5.11	-13.35	-8.13
5/31/2008	-5.78	-13.47	-8.18
6/30/2008	-6.4	-13.51	-8.26
7/31/2008	-6.96	-13.82	-8.44
8/31/2008	-7.64	-14.21	-8.85
9/30/2008	-8.23	-15.03	-9.61
10/31/2008	-8.78	-15.83	-10.35
11/30/2008	-9.23	-16.32	-10.9
12/31/2008	-9.68	-17.1	-12
1/31/2009	-10.03	-17.58	-12.7
2/28/2009	-10.14	-17.16	-12.75
3/31/2009	-10.14	-16.38	-12.74
4/30/2009	-10.07	-15.11	-12.18
5/31/2009	-10.01	-13.38	-11.29
6/30/2009	-9.86	-11.63	-10.05
7/31/2009	-9.58	-10.09	-9.03
8/31/2009	-9.17	-8.72	-8.28
9/30/2009	-8.73	-7.49	-7.58
10/31/2009	-8.21	-5.86	-6.65
11/30/2009	-7.48	-3.89	-5.21
12/31/2009	-6.64	-2.24	-3.85
1/31/2010	-5.77	-1.43	-2.92
2/28/2010	-5.1	-1.44	-3.09
3/31/2010	-4.4	-0.27	-1.99
4/30/2010	-3.66	0.83	-1.05
5/31/2010	-2.94	1.04	-0.76
6/30/2010	-2.42	0.68	-1.4
7/31/2010	-2.24	-0.2	-2.12
8/31/2010	-2.21	-1.23	-2.81
9/30/2010	-2.31	-2.14	-3.35
10/31/2010	-2.52	-2.78	-3.67
11/30/2010	-2.96	-3.56	-4.14
12/31/2010	-3.45	-3.7	-4.12
1/31/2011	-3.95	-3.6	-4.11
2/28/2011	-4.37	-3.52	-3.72
3/31/2011	-4.83	-4.32	-4.05
4/30/2011	-5.4	-4.53	-4.29
5/31/2011	-5.93	-4.42	-4.32
6/30/2011	-6.29	-3.91	-3.9
7/31/2011	-6.29	-3.06	-3.54
8/31/2011	-6.12	-2.3	-3.18
9/30/2011	-5.81	-1.62	-3.07
10/31/2011	-5.53	-1.39	-3.3
11/30/2011	-5.18	-1.36	-3.63
12/31/2011	-4.86	-0.97	-3.88
1/31/2012	-4.46	-0.36	-3.5
2/29/2012	-4.04	0.55	-2.72
3/31/2012	-3.48	1.9	-1.4
4/30/2012	-2.81	2.7	-0.5
5/31/2012	-2.01	3.37	0.26
6/30/2012	-1.24	3.77	0.87
7/31/2012	-0.57	4.13	1.36
8/31/2012	0.05	4.66	2.06
9/30/2012	0.65	5.3	2.99
10/31/2012	1.34	5.98	4.02
11/30/2012	2.05	6.95	5.33
12/31/2012	2.79	7.77	6.44
1/31/2013	3.52	8.66	7.56
2/28/2013	4.26	9.35	8.34
3/31/2013	4.91	9.91	8.91
4/30/2013	5.47	9.92	9.03
5/31/2013	5.97	9.74	9.08
6/30/2013	6.51	9.38	9.26
7/31/2013	7.03	9.43	9.71
8/31/2013	7.51	9.58	10.16
9/30/2013	7.92	9.88	10.61
10/31/2013	8.24	10.1	10.83
11/30/2013	8.42	10.05	10.7
12/31/2013	8.52	9.91	10.71
1/31/2014	8.51	9.84	10.44
2/28/2014	8.43	9.78	10.14
3/31/2014	8.16	8.92	8.94
4/30/2014	7.78	7.96	7.95
5/31/2014	7.33	7.03	7.04
6/30/2014	6.88	6.31	6.26
7/31/2014	6.39	5.73	5.59
8/31/2014	5.86	5.34	5.05
9/30/2014	5.37	5.08	4.73
10/31/2014	4.96	5.11	4.61
11/30/2014	4.69	5.07	4.58
12/31/2014	4.5	5	4.51
1/31/2015	4.32	5.01	4.32
2/28/2015	4.17	5.09	4.23
3/31/2015	4.17	5.18	4.29
4/30/2015	4.27	5.21	4.3
5/31/2015	4.41	5.19	4.35
6/30/2015	4.46	5.18	4.36
7/31/2015	4.51	5.07	4.4
8/31/2015	4.65	5.07	4.48
9/30/2015	4.82	5.25	4.68
10/31/2015	4.95	5.32	4.88
11/30/2015	4.98	5.39	5.1
12/31/2015	5.04	5.51	5.2
1/31/2016	5.14	5.63	5.29
2/29/2016	5.24	5.63	5.2
3/31/2016	5.22	5.6	5.07
4/30/2016	5.22	5.56	5.02
5/31/2016	5.21	5.39	4.95
6/30/2016	5.27	5.17	4.88
7/31/2016	5.34	5.16	4.89
8/31/2016	5.4	5.14	4.98
9/30/2016	5.45	5.2	5.08
10/31/2016	5.52	5.32	5.13
11/30/2016	5.66	5.44	5.19
12/31/2016	5.75	5.45	5.3
1/31/2017	5.79	5.51	5.5
2/28/2017	5.79	5.66	5.56
3/31/2017	5.88	5.71	5.62
4/30/2017	5.98	5.66	5.63
5/31/2017	6.06	5.66	5.65
6/30/2017	6.12	5.75	5.69
7/31/2017	6.15	5.77	5.74
8/31/2017	6.21	5.83	5.83
9/30/2017	6.29	5.89	5.92
10/31/2017	6.39	5.97	6.01
11/30/2017	6.45	6.05	6.09
12/31/2017	6.52	6.05	6.21
1/31/2018	6.58	6	6.21
2/28/2018	6.66	6.2	6.43
3/31/2018	6.7	6.37	6.46
4/30/2018	6.7	6.32	6.41
5/31/2018	6.67	6.19	6.26
6/30/2018	6.63	5.94	6.13
7/31/2018	6.61	5.74	5.91
8/31/2018	6.57	5.51	5.64
9/30/2018	6.49	5.34	5.41
10/31/2018	6.35	5.2	5.27
11/30/2018	6.18	4.93	4.94
12/31/2018	6.01	4.61	4.52
1/31/2019	5.86	4.41	4.13
2/28/2019	5.63	4.16	3.83
3/31/2019	5.37	3.88	3.64
4/30/2019	5.07	3.8	3.53
5/31/2019	4.8	3.77	3.41
6/30/2019	4.56	3.69	3.21
7/31/2019	4.33	3.64	3.13
8/31/2019	4.14	3.73	3.11
9/30/2019	3.98	3.84	3.17
10/31/2019	3.85	3.92	3.22
11/30/2019	3.74	4.12	3.42
12/31/2019	3.65	4.39	3.69
1/31/2020	3.62	4.58	4.01
2/29/2020	3.69	4.8	4.29
3/31/2020	3.88	5.14	4.57
4/30/2020	4.08	5.08	4.59
5/31/2020	4.15	4.72	4.36
6/30/2020	4.19	4.91	4.37
7/31/2020	4.4	5.56	4.84
8/31/2020	4.94	6.12	5.84
9/30/2020	5.7	6.81	7.05
10/31/2020	6.53	7.6	8.42
11/30/2020	7.44	8.28	9.54
12/31/2020	8.31	9	10.44
1/31/2021	9.18	9.45	11.33
2/28/2021	10.03	9.96	12.21
3/31/2021	10.92	11.03	13.5
4/30/2021	11.91	12.71	15.01
5/31/2021	13.39	14.65	16.92
6/30/2021	15.26	16.22	18.83
7/31/2021	17.07	16.93	19.85
8/31/2021	18.29	17.18	19.99
9/30/2021	18.93	17.31	19.71
10/31/2021	19.21	17.35	19.11
11/30/2021	19.32	17.57	18.87
12/31/2021	19.58	17.99	18.88
1/31/2022	19.89	18.57	19.17
2/28/2022	20.31	19.97	n.a.
3/31/2022	20.61	n.a.	n.a.

Note: The data extend through January 2022 for Case-Shiller, February 2022 for CoreLogic, and March 2022 for Zillow.

Source: CoreLogic Real Estate Data; Zillow, Inc., Zillow Real Estate Data; S&P Case-Shiller Home Price Indices.

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Figure 1.18. House price valuation measure

Percent

Date	Valuation
3/31/1979	-2.1
6/30/1979	-0.96
9/30/1979	-1.54
12/31/1979	0.3
3/31/1980	-0.03
6/30/1980	0.2
9/30/1980	-0.12
12/31/1980	2.64
3/31/1981	4.9
6/30/1981	2.76
9/30/1981	1.05
12/31/1981	1.74
3/31/1982	-0.84
6/30/1982	0.06
9/30/1982	1.27
12/31/1982	-0.44
3/31/1983	0.71
6/30/1983	0.52
9/30/1983	1.87
12/31/1983	-2.7
3/31/1984	-2.41
6/30/1984	-2.4
9/30/1984	-1.33
12/31/1984	-0.43
3/31/1985	0.02
6/30/1985	2.18
9/30/1985	3.04
12/31/1985	1.51
3/31/1986	2.19
6/30/1986	0.71
9/30/1986	1.48
12/31/1986	1.11
3/31/1987	0.78
6/30/1987	-1.88
9/30/1987	-0.44
12/31/1987	-0.66
3/31/1988	-1.79
6/30/1988	1
9/30/1988	0.6
12/31/1988	2.31
3/31/1989	0.96
6/30/1989	2.78
9/30/1989	1.9
12/31/1989	1.73
3/31/1990	2.05
6/30/1990	0.28
9/30/1990	-0.99
12/31/1990	-1.38
3/31/1991	-1.15
6/30/1991	-0.92
9/30/1991	-1.98
12/31/1991	-3.46
3/31/1992	-4.37
6/30/1992	-5.04
9/30/1992	-4.71
12/31/1992	-6.47
3/31/1993	-6.09
6/30/1993	-5.99
9/30/1993	-6.19
12/31/1993	-5.54
3/31/1994	-5.43
6/30/1994	-6.37
9/30/1994	-7.38
12/31/1994	-6.61
3/31/1995	-6.78
6/30/1995	-4.6
9/30/1995	-3.57
12/31/1995	-3.41
3/31/1996	-3.31
6/30/1996	-5.14
9/30/1996	-5.19
12/31/1996	-6.07
3/31/1997	-6.01
6/30/1997	-4.77
9/30/1997	-4.1
12/31/1997	-5.54
3/31/1998	-5.04
6/30/1998	-3.22
9/30/1998	-4.41
12/31/1998	-3.2
3/31/1999	-3.33
6/30/1999	-1.88
9/30/1999	-1.62
12/31/1999	-1.88
3/31/2000	0.21
6/30/2000	1.4
9/30/2000	3.73
12/31/2000	4.55
3/31/2001	5.52
6/30/2001	5.96
9/30/2001	5.51
12/31/2001	4.58
3/31/2002	3.87
6/30/2002	4.85
9/30/2002	5.34
12/31/2002	6.5
3/31/2003	7.66
6/30/2003	9.34
9/30/2003	9.64
12/31/2003	9.72
3/31/2004	11.48
6/30/2004	12.46
9/30/2004	15.84
12/31/2004	18.7
3/31/2005	19.66
6/30/2005	23.69
9/30/2005	26.16
12/31/2005	26.97
3/31/2006	28.26
6/30/2006	28.61
9/30/2006	28.53
12/31/2006	28.45
3/31/2007	27.17
6/30/2007	26.96
9/30/2007	25.54
12/31/2007	22.42
3/31/2008	19.78
6/30/2008	16.61
9/30/2008	13.18
12/31/2008	9.1
3/31/2009	4.27
6/30/2009	2.57
9/30/2009	0.25
12/31/2009	-1.23
3/31/2010	-1.89
6/30/2010	-1.03
9/30/2010	-2.59
12/31/2010	-5.75
3/31/2011	-7.49
6/30/2011	-9.8
9/30/2011	-13.28
12/31/2011	-14.81
3/31/2012	-14.43
6/30/2012	-14.67
9/30/2012	-16.32
12/31/2012	-15.4
3/31/2013	-14.42
6/30/2013	-12.95
9/30/2013	-11.92
12/31/2013	-10.57
3/31/2014	-8.63
6/30/2014	-8.61
9/30/2014	-6.35
12/31/2014	-6.22
3/31/2015	-5.52
6/30/2015	-5.92
9/30/2015	-5.98
12/31/2015	-6.01
3/31/2016	-5.35
6/30/2016	-4.5
9/30/2016	-4.47
12/31/2016	-3.48
3/31/2017	-3.31
6/30/2017	-2.02
9/30/2017	-2.11
12/31/2017	0
3/31/2018	1.79
6/30/2018	1.65
9/30/2018	2.38
12/31/2018	2.34
3/31/2019	3.77
6/30/2019	3.38
9/30/2019	2.63
12/31/2019	3.11
3/31/2020	2.67
6/30/2020	3.05
9/30/2020	3.25
12/31/2020	5.6
3/31/2021	8.41
6/30/2021	11.78
9/30/2021	16.24
12/31/2021	19.51
3/31/2022	23.61

Note: Valuation is measured as the deviation from the long-run relationship between the price-to-rent ratio and real the 10-year Treasury yield.

Source: For house prices, Zillow, Inc., Real Estate Data; for rent data, Bureau of Labor Statistics.

Return to text

Figure 1.19. Selected local housing price-to-rent ratio indexes

Jan. 2010 = 100

Date	Phoenix	Miami	Los Angeles	Median	Bottom Line Middle 80%	Top Line Middle 80%
1/31/1996	n.a.	99.23	71.08	82.99	73.5	105
2/29/1996	n.a.	99.34	71.19	82.69	73.44	104.82
3/31/1996	n.a.	99.61	70.85	82.42	73.13	104.58
4/30/1996	n.a.	99.61	70.84	82.21	72.97	105.03
5/31/1996	n.a.	99.54	70.73	82.1	72.78	104.6
6/30/1996	n.a.	99.83	70.64	82.22	72.67	104.47
7/31/1996	n.a.	100.42	70.58	82.36	72.45	104.39
8/31/1996	n.a.	100.25	70.29	82.53	72.3	104.4
9/30/1996	n.a.	100.16	70.14	82.62	72.09	104.2
10/31/1996	n.a.	99.83	69.77	82.75	71.78	104.25
11/30/1996	n.a.	99.72	69.84	82.89	71.81	104.03
12/31/1996	n.a.	99.79	69.77	83.06	71.77	104.03
1/31/1997	n.a.	99.53	69.66	83.16	71.79	103.56
2/28/1997	n.a.	99.45	69.54	83.39	71.68	103.62
3/31/1997	n.a.	99.29	69.51	83.64	71.7	103.38
4/30/1997	n.a.	99.36	69.47	83.99	71.77	103.07
5/31/1997	n.a.	99.24	69.53	84.17	71.8	103.16
6/30/1997	n.a.	99.14	69.57	84.34	71.8	103.2
7/31/1997	n.a.	99	69.71	85.46	72.16	102.76
8/31/1997	n.a.	98.81	69.92	85.65	72.29	102.82
9/30/1997	n.a.	98.84	69.98	85.82	72.32	103.14
10/31/1997	n.a.	98.94	70.26	86.05	72.34	103.23
11/30/1997	n.a.	98.92	70.49	86.31	72.48	103.53
12/31/1997	n.a.	99.06	70.61	86.7	72.53	103.75
1/31/1998	n.a.	99.4	71.23	85.39	73.23	103.46
2/28/1998	n.a.	99.68	71.73	85.69	73.36	103.69
3/31/1998	n.a.	99.8	72.15	85.89	73.46	104.12
4/30/1998	n.a.	99.83	72.54	86	73.55	103.35
5/31/1998	n.a.	100.05	72.88	86.17	73.46	103.58
6/30/1998	n.a.	99.93	73.23	86.26	73.45	103.3
7/31/1998	n.a.	99.8	73.42	86.26	73.52	103.65
8/31/1998	n.a.	99.57	73.8	86.67	73.77	103.99
9/30/1998	n.a.	100.28	74.24	87.08	74.2	104.26
10/31/1998	n.a.	100.72	74.66	87.37	74.59	104.48
11/30/1998	n.a.	101.05	75.09	87.71	74.92	104.3
12/31/1998	n.a.	101.01	75.18	87.83	74.9	104.7
1/31/1999	n.a.	101.12	75.82	88.14	74.99	104.49
2/28/1999	n.a.	101.19	76.26	88.43	75.16	105.44
3/31/1999	n.a.	101.2	76.72	88.9	75.54	105.88
4/30/1999	n.a.	101.38	77.04	89.27	75.88	106.37
5/31/1999	n.a.	101.47	77.4	89.46	76.32	107.43
6/30/1999	n.a.	102.22	77.77	89.86	76.86	108.09
7/31/1999	n.a.	102.84	78.21	90.17	77.4	108.57
8/31/1999	n.a.	103.35	78.65	90.63	77.72	108.79
9/30/1999	n.a.	102.74	78.71	91.06	78.22	108.76
10/31/1999	n.a.	102.74	79.05	91.49	78.69	108.87
11/30/1999	n.a.	102.93	79.41	91.76	79.07	109.02
12/31/1999	n.a.	103.04	79.94	91.85	79.57	109.35
1/31/2000	n.a.	103.02	80.28	91.98	79.84	109.14
2/29/2000	n.a.	103.31	80.47	92.19	80.27	109.05
3/31/2000	n.a.	103.68	80.89	92.26	80.66	108.68
4/30/2000	n.a.	103.97	81.22	92.51	81.09	108.55
5/31/2000	n.a.	104.45	82	92.73	81.7	107.8
6/30/2000	n.a.	103.77	82.65	93.12	82.56	107.64
7/31/2000	n.a.	104.3	83.23	93.85	83.08	107.48
8/31/2000	n.a.	104.49	83.81	94.65	83.6	107.66
9/30/2000	n.a.	104.86	84.4	95.19	84.13	107.57
10/31/2000	n.a.	105.33	84.79	95.64	84.49	107.56
11/30/2000	n.a.	105.82	85.3	96.13	84.75	107.54
12/31/2000	n.a.	106.76	85.68	96.58	85.17	107.5
1/31/2001	n.a.	107.04	86.17	97.03	85.3	107.73
2/28/2001	n.a.	107.44	86.7	97.52	85.68	108.17
3/31/2001	n.a.	108.22	87.07	98.26	86.2	108.94
4/30/2001	n.a.	108.9	87.5	98.87	86.77	109.55
5/31/2001	n.a.	109.82	87.67	98.94	87.13	110.38
6/30/2001	n.a.	110.55	87.91	98.58	87.32	111.05
7/31/2001	n.a.	111.48	88.23	98.82	87.63	111.92
8/31/2001	n.a.	112.6	88.56	98.7	87.96	112.93
9/30/2001	n.a.	113.58	88.88	98.88	88.28	113.81
10/31/2001	n.a.	114.79	89.36	98.99	88.65	114.89
11/30/2001	n.a.	115.73	89.82	99.01	88.69	115.65
12/31/2001	n.a.	116.68	90.24	99.07	88.41	115.61
1/31/2002	108.12	117.94	90.68	99.08	88.27	115.84
2/28/2002	108.62	118.79	91.26	99.38	88.21	116.04
3/31/2002	109.23	119.38	91.91	99.64	88.3	116.41
4/30/2002	109.77	120.07	92.73	99.92	88.58	115.68
5/31/2002	110.13	120.42	93.56	100.13	89.08	115.9
6/30/2002	110.53	121.28	94.43	100.35	89.97	116.1
7/31/2002	110.77	121.66	95.43	100.62	90.94	115.81
8/31/2002	111.02	122.77	96.7	100.89	92.01	116.08
9/30/2002	111.26	123.29	97.68	101.17	92.83	116.61
10/31/2002	111.57	124.18	98.64	101.57	93.81	117.57
11/30/2002	112.09	125.06	99.66	102.04	94.63	117.32
12/31/2002	112.64	126.63	100.78	102.45	95.31	117.34
1/31/2003	113.28	127.92	101.83	102.86	95.9	117.5
2/28/2003	113.79	129.25	102.83	103.33	96.72	118.54
3/31/2003	114.29	130.82	103.96	103.9	97.38	119.64
4/30/2003	114.68	132.4	105.08	104.3	97.74	120.81
5/31/2003	114.93	133.93	106.37	104.63	98.22	121.85
6/30/2003	115.23	134.96	107.41	105.26	98.56	122.82
7/31/2003	115.33	136.39	108.63	105.78	98.81	124.03
8/31/2003	115.55	137.39	109.76	106.5	99.29	125.1
9/30/2003	116.1	139.07	111.29	107.11	100.27	126.44
10/31/2003	116.6	140.3	112.8	107.73	100.33	127.7
11/30/2003	117.37	141.75	114.4	108.57	100.75	129.27
12/31/2003	117.94	142.61	116.06	109.49	101.03	129.61
1/31/2004	118.63	144.24	118.02	110.27	102.35	130.89
2/29/2004	119.34	146.08	120.09	111.43	103.35	133.13
3/31/2004	120.3	147.64	122.15	112.24	104.43	135.59
4/30/2004	121.16	148.76	124.36	113.17	105.3	137.59
5/31/2004	122.11	150.39	126.66	114.76	106.29	139.16
6/30/2004	123.15	152.11	129.09	116.23	106.66	143.04
7/31/2004	124.62	154.23	131.61	118	106.81	146.43
8/31/2004	126.25	156.52	133.23	119.05	107.49	149.77
9/30/2004	127.89	158.8	135.26	120.41	107.51	151.76
10/31/2004	129.51	161.23	137.11	121.51	107.49	154.19
11/30/2004	131.61	162.02	138.29	123.01	107.55	156.04
12/31/2004	134.33	164.04	139.61	123.86	107.49	157.75
1/31/2005	137.45	165.27	140.61	124.37	107.86	158.54
2/28/2005	140.68	167.42	141.89	125.02	107.59	159.75
3/31/2005	143.9	169.5	143.17	125.45	107.79	160.99
4/30/2005	147.4	171.55	144.19	126.32	108.75	162.84
5/31/2005	151.14	174.9	145.32	126.88	109.2	164.17
6/30/2005	156.67	178.43	146.57	127.16	109.55	164.64
7/31/2005	162.61	181.24	148.18	127.77	109.81	164.48
8/31/2005	168.44	183.67	149.75	128.33	110.26	164.56
9/30/2005	174.81	187.08	151.44	129.06	110.75	164.34
10/31/2005	179.61	189.63	153.26	129.56	111.19	166.5
11/30/2005	185.07	191.88	154.46	130.01	111.67	168.74
12/31/2005	187.66	193.8	156.03	130.74	112.08	170.72
1/31/2006	188.75	196.05	157.17	131.22	112.48	172.32
2/28/2006	190.06	197.5	157.9	131.75	112.71	173.52
3/31/2006	192.03	199.47	158.41	132.64	112.42	174.87
4/30/2006	194.04	201.84	158.1	132.95	112.05	176.23
5/31/2006	193.42	204.83	159	132.9	111.76	175.73
6/30/2006	192.31	205.45	159.23	133.21	111.5	174.13
7/31/2006	190.07	205.52	158.62	133.59	111.14	173.3
8/31/2006	187.69	206.22	158.43	133.73	111	172.45
9/30/2006	184.93	205.4	157.35	132.83	110.95	171.75
10/31/2006	182.92	204.26	156.52	132.63	111.31	170.83
11/30/2006	181.28	203.82	155.58	132.29	111.77	169.57
12/31/2006	179.57	202.52	154.23	131.89	112.77	168.55
1/31/2007	177.75	201.3	153.42	131.91	112.94	166.53
2/28/2007	176.45	199.38	152.38	131.84	112.99	165.52
3/31/2007	175.6	196.66	151.26	132.08	112.65	164.62
4/30/2007	174.83	193.14	150.2	131.66	112.18	163.67
5/31/2007	173.73	189.79	148.91	131.34	112.86	162.6
6/30/2007	172.27	186.48	147.64	131.17	113.06	161.31
7/31/2007	170.39	183.23	146.03	130.38	113.12	158.88
8/31/2007	168.53	179.32	144.04	129.63	113.06	156.32
9/30/2007	166.59	176.21	142.03	129.12	112.8	153.86
10/31/2007	164.18	173.76	139.88	128.69	112.43	151.38
11/30/2007	161.85	170.27	138.06	127.92	112.02	149.33
12/31/2007	159.14	167.59	136.11	126.86	111.53	146.86
1/31/2008	156.38	164.21	133.77	125.79	110.98	144.3
2/29/2008	152.8	160.67	131.06	124.38	110.56	141.45
3/31/2008	149.06	155.88	128.26	123.36	110	138.67
4/30/2008	144.4	152.29	124.37	121.79	109.28	135.83
5/31/2008	141.02	148.09	120.83	120.35	108.54	133.07
6/30/2008	137.7	144.1	117.34	118.27	107.8	130.57
7/31/2008	134.19	140.46	114.39	116.12	107.42	128.1
8/31/2008	130.16	136.94	112.11	113.89	107.02	126.02
9/30/2008	126.44	132.79	110.07	112.17	106.58	123.91
10/31/2008	123.19	128.85	107.95	110.72	105.45	121.75
11/30/2008	119.43	124.78	105.63	109.37	103.82	119.33
12/31/2008	115.24	121.45	103.25	108.16	102.57	116.97
1/31/2009	111.55	117.74	101.22	106.69	101.07	114.67
2/28/2009	110.1	115.23	100.02	105.77	99.98	112.69
3/31/2009	108.42	112.73	99.19	104.6	99.55	110.66
4/30/2009	106.77	110.21	98.54	103.5	99.31	108.53
5/31/2009	104.5	108.12	98.01	102.69	98.99	106.74
6/30/2009	103.01	106.41	97.41	101.7	98.22	105.28
7/31/2009	101.93	104.96	96.92	101.12	97.94	103.89
8/31/2009	101.06	103.56	97.38	100.29	97.38	102.99
9/30/2009	100.26	102.34	97.57	100.21	97.53	102
10/31/2009	98.67	101.58	98.04	100.03	97.99	101.26
11/30/2009	99.07	101.43	98.69	100.16	98.68	100.84
12/31/2009	99.29	100.48	99.85	100.05	99.55	100.48
1/31/2010	100	100	100	100	100	100
2/28/2010	99.54	99.59	99.72	99.94	99.62	100.48
3/31/2010	98.8	99.74	100.08	100.09	99.4	100.71
4/30/2010	98.79	99.07	100.43	100.12	99.21	101.08
5/31/2010	98.37	98.81	101.32	99.94	98.71	101.33
6/30/2010	98.07	97.46	101.05	99.64	98.71	101.09
7/31/2010	96.39	96.78	100.56	99.21	98.24	100.59
8/31/2010	95.11	96.02	99.64	98.8	97.37	99.87
9/30/2010	93.31	95.26	98.7	97.99	96.02	99.76
10/31/2010	92.35	94.38	97.98	97.23	95.33	99.2
11/30/2010	91.46	93.3	97.03	96.6	94	98.22
12/31/2010	90.16	91.92	96.65	96.04	92.96	97.78
1/31/2011	88.64	91.46	95.92	95.39	91.97	97.6
2/28/2011	87.17	90.75	96.16	94.78	91.06	97.14
3/31/2011	86.15	90.2	95.59	94.2	90.17	96.7
4/30/2011	84.9	89.55	94.89	93.54	89.34	96.06
5/31/2011	83.56	88.98	93.89	92.76	88.08	95.7
6/30/2011	82.06	88.69	93.37	91.77	87.14	95.38
7/31/2011	81.3	88.2	93.06	91.23	85.62	94.65
8/31/2011	81.13	87.68	93.02	90.56	85.16	94.19
9/30/2011	81.07	87.49	92.17	90.06	84.84	93.88
10/31/2011	81.1	87.39	91.4	89.4	84.28	93.47
11/30/2011	81.36	87.29	91.21	88.94	83.79	93.21
12/31/2011	81.94	87.1	90.72	88.7	82.91	92.98
1/31/2012	82.4	87.15	90.13	88.27	82.14	92.61
2/29/2012	83.15	86.98	89.66	87.77	81.53	92.4
3/31/2012	83.29	86.78	89.09	87.74	81.8	92.44
4/30/2012	84.88	86.87	88.9	87.76	82.26	92.39
5/31/2012	87.14	87.22	89.08	88.33	82.65	92.41
6/30/2012	89.52	87.4	89.29	88.98	82.86	92.48
7/31/2012	91.4	87.65	89.75	89.57	83.17	92.89
8/31/2012	93	88.13	90.41	89.76	83.49	93.2
9/30/2012	94.93	88.91	91.02	89.72	83.58	93.29
10/31/2012	96.73	89.45	91.95	89.75	83.56	93.64
11/30/2012	98.71	90.32	92.78	90.31	84.17	94.37
12/31/2012	99.4	91.03	93.84	90.83	84.83	95.6
1/31/2013	100.67	92.05	94.86	91.06	85.14	96.26
2/28/2013	101.46	93.2	96.69	91.47	85.41	97.06
3/31/2013	102.56	94.58	98.49	91.82	85.19	98.55
4/30/2013	103.33	95.7	100.41	92.17	85.53	100.44
5/31/2013	104.2	96.86	102.04	92.8	85.79	102.09
6/30/2013	105.4	98.05	103.79	93.37	86.03	103.84
7/31/2013	107.08	99.38	105.4	94.05	86.26	105.48
8/31/2013	108.54	100.87	107.18	94.6	86.46	107.31
9/30/2013	109.6	101.63	108.61	95.13	86.76	108.7
10/31/2013	110.34	103.22	109.78	96.03	86.7	109.83
11/30/2013	110.65	104.61	110.74	96.56	86.75	110.7
12/31/2013	111.21	106.25	111.44	97.24	86.56	111.17
1/31/2014	112.13	107.55	112	98.1	86.58	112.1
2/28/2014	113.67	108.29	112.24	98.65	86.72	113.36
3/31/2014	113.68	109.12	112.35	99.09	86.66	113.37
4/30/2014	113.36	109.66	112.05	99.31	86.53	113.07
5/31/2014	113.02	110.18	112.07	99.55	86.28	112.49
6/30/2014	112.81	110.51	111.89	99.54	86.31	112.25
7/31/2014	112.38	111.24	111.82	99.98	86.39	112.25
8/31/2014	112.04	111.97	111.5	100.2	86.37	112.32
9/30/2014	111.46	112.44	111.32	100.26	86.09	112.78
10/31/2014	111.34	113.18	111.14	100.43	86.11	113.48
11/30/2014	111.81	112.84	111.32	100.16	85.76	113.22
12/31/2014	112.25	113.16	111.67	100.37	85.81	113.58
1/31/2015	112.29	113.3	112.03	100.22	85.84	113.72
2/28/2015	112.21	113.58	112.72	100.23	85.29	114.05
3/31/2015	112.65	113.66	112.83	100.34	85.2	114.21
4/30/2015	113.46	114.11	113.02	100.56	85.21	114.69
5/31/2015	114.09	114.73	113.19	100.48	85.28	115.31
6/30/2015	114.06	114.94	113.34	100.78	85.3	115.57
7/31/2015	114.45	115.14	113.55	101.06	85.33	115.78
8/31/2015	114.88	115.22	113.82	101.47	85.31	116.02
9/30/2015	115.49	115.5	114.25	101.79	85.29	116.22
10/31/2015	115.72	115.85	114.58	102.2	85.5	116.59
11/30/2015	115.9	116.36	114.85	102.52	85.26	117.05
12/31/2015	115.99	116.57	115.19	102.97	85.2	117.3
1/31/2016	116.63	117.08	115.33	103.53	85.26	117.82
2/29/2016	117.15	117.37	115.8	103.9	85.35	118.11
3/31/2016	117.21	117.52	115.37	104.29	85.3	118.27
4/30/2016	117.46	117.42	115.86	104.47	85.31	118.26
5/31/2016	117.63	118.16	115.97	104.58	85.35	118.95
6/30/2016	117.83	118.98	116.24	104.92	85.4	119.66
7/31/2016	117.53	119.64	116.14	105.04	85.54	120.14
8/31/2016	117.48	119.9	116.3	104.97	85.71	120.27
9/30/2016	117.56	120.17	116.42	104.66	85.96	120.39
10/31/2016	118.06	120.34	116.71	104.5	86.29	120.58
11/30/2016	118.53	120.2	116.68	104.76	86.7	120.44
12/31/2016	118.71	120.43	116.59	105.29	86.98	120.64
1/31/2017	118.64	120.8	116.66	105.45	87.29	120.94
2/28/2017	118.82	120.93	116.78	106.03	87.54	121.09
3/31/2017	118.99	120.85	117.18	106.45	87.85	121.04
4/30/2017	119.3	121.05	117.36	106.92	88.18	121.22
5/31/2017	119.33	121.28	117.86	107.35	88.4	121.47
6/30/2017	119.54	121.52	118.45	107.76	88.59	121.74
7/31/2017	119.99	121.54	118.32	108.33	88.83	121.84
8/31/2017	120.09	121.59	118.33	107.83	89.16	121.95
9/30/2017	120.33	121.95	118.38	108.26	89.53	122.38
10/31/2017	120.55	122.23	118.43	108.63	89.8	122.69
11/30/2017	120.82	122.54	118.84	108.92	89.97	123.12
12/31/2017	121.05	122.73	119.24	108.99	90.13	123.41
1/31/2018	120.41	122.92	119.59	109.3	90.25	123.72
2/28/2018	120.88	123.23	120.14	109.78	90.19	124.1
3/31/2018	121.09	123.96	120.37	110.34	90.48	124.86
4/30/2018	121.1	124.39	120.51	110.82	90.34	125.42
5/31/2018	121.39	124.88	120.58	111.29	90.39	126
6/30/2018	121.42	124.4	120.77	111.7	90.44	125.61
7/31/2018	121.56	124.95	120.77	112.04	90.42	126.16
8/31/2018	121.81	125.21	120.65	112.11	90.49	126.46
9/30/2018	122.07	125.38	120.09	112.05	90.52	126.63
10/31/2018	122.04	124.77	119.92	112.12	90.66	126.1
11/30/2018	122.22	124.98	119.68	111.96	90.96	126.21
12/31/2018	122.32	125.19	119.2	111.96	91.03	126.28
1/31/2019	122.58	125.53	118.62	112.16	90.78	126.45
2/28/2019	122.55	124.62	117.53	111.76	90.92	125.58
3/31/2019	122.62	124.36	116.73	110.95	90.81	125.25
4/30/2019	122.6	124.18	116.26	110.16	90.79	125.01
5/31/2019	122.72	123.95	116.11	109.79	90.61	124.76
6/30/2019	122.98	123.54	115.7	109.6	90.73	124.36
7/31/2019	122.46	123.3	115.31	109.2	90.64	124.11
8/31/2019	122.06	123.34	115.12	108.99	90.47	124.1
9/30/2019	121.92	123.32	115.01	108.87	90.36	124.03
10/31/2019	122.19	123.54	115.19	109.16	90.27	124.21
11/30/2019	122.17	124.14	115.07	109.12	90	124.74
12/31/2019	122.75	124.43	115.22	109.53	90.33	125.04
1/31/2020	123.62	124.61	115.74	109.87	90.42	125.27
2/29/2020	124.56	125.31	116.55	110.24	90.51	125.93
3/31/2020	125.23	125.78	117.41	110.73	90.55	126.42
4/30/2020	126.32	125.98	117.74	111.11	90.7	126.68
5/31/2020	126.69	125.79	117.09	111.07	90.8	126.33
6/30/2020	127.3	126.25	116.33	111.22	90.77	126.59
7/31/2020	128.12	126.26	116.44	111.54	91.16	126.57
8/31/2020	129.97	125.83	117.95	112.68	91.82	126.36
9/30/2020	131.6	126.5	119.41	114.04	92.77	127.26
10/31/2020	133.6	127.26	120.9	115.63	93.98	128.21
11/30/2020	135.93	127.98	122.59	116.7	95.17	130.3
12/31/2020	137.89	128.71	123.88	118.14	96.45	131.68
1/31/2021	140.39	130.08	124.96	119.17	97.48	133.65
2/28/2021	142.51	131.09	126.14	120.42	98.16	135.16
3/31/2021	145.42	132.28	127.45	121.53	99.09	135.94
4/30/2021	147.63	133.66	129.37	123.01	99.93	137.92
5/31/2021	151.13	135.66	131.53	124.87	101.24	141.72
6/30/2021	154.74	137.5	134.17	126.92	102.19	145.19
7/31/2021	158.53	140.26	137.17	129.11	103.67	148.62
8/31/2021	160.69	142.67	139.15	131.26	104.5	150.22
9/30/2021	161.4	144.83	140.12	132.69	104.77	151.89
10/31/2021	162.3	146.94	140.56	134.43	105.11	152.78
11/30/2021	162.9	149.18	141.33	135.98	104.73	153.66
12/31/2021	163.71	151.28	142.76	137.35	105.88	155.62
1/31/2022	163.85	152.96	144.37	138.86	106.51	158.66
2/28/2022	n.a.	154.6	146.15	146.15	108.21	162.06
3/31/2022	n.a.	157.61	148.52	148.52	109.21	165.21

Note: The data are 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, Zillow, Inc., Real Estate Data; for rent data, Bureau of Labor Statistics.

Return to text

Figure 2.1. Private nonfinancial-sector credit-to-GDP ratio

Ratio

Date	Private Nonfinancial-Sector Credit-to-GDP Ratio
3/31/1980	0.98
6/30/1980	0.99
9/30/1980	0.98
12/31/1980	0.97
3/31/1981	0.94
6/30/1981	0.96
9/30/1981	0.96
12/31/1981	0.97
3/31/1982	0.99
6/30/1982	0.99
9/30/1982	1.00
12/31/1982	1.00
3/31/1983	1.00
6/30/1983	0.99
9/30/1983	0.99
12/31/1983	0.99
3/31/1984	0.99
6/30/1984	1.00
9/30/1984	1.02
12/31/1984	1.04
3/31/1985	1.05
6/30/1985	1.07
9/30/1985	1.08
12/31/1985	1.10
3/31/1986	1.11
6/30/1986	1.13
9/30/1986	1.15
12/31/1986	1.17
3/31/1987	1.18
6/30/1987	1.18
9/30/1987	1.19
12/31/1987	1.18
3/31/1988	1.20
6/30/1988	1.20
9/30/1988	1.21
12/31/1988	1.21
3/31/1989	1.21
6/30/1989	1.21
9/30/1989	1.21
12/31/1989	1.22
3/31/1990	1.22
6/30/1990	1.22
9/30/1990	1.22
12/31/1990	1.24
3/31/1991	1.24
6/30/1991	1.23
9/30/1991	1.21
12/31/1991	1.21
3/31/1992	1.19
6/30/1992	1.18
9/30/1992	1.17
12/31/1992	1.16
3/31/1993	1.16
6/30/1993	1.16
9/30/1993	1.16
12/31/1993	1.16
3/31/1994	1.16
6/30/1994	1.16
9/30/1994	1.16
12/31/1994	1.16
3/31/1995	1.17
6/30/1995	1.18
9/30/1995	1.18
12/31/1995	1.19
3/31/1996	1.19
6/30/1996	1.19
9/30/1996	1.19
12/31/1996	1.19
3/31/1997	1.19
6/30/1997	1.19
9/30/1997	1.20
12/31/1997	1.20
3/31/1998	1.22
6/30/1998	1.24
9/30/1998	1.24
12/31/1998	1.25
3/31/1999	1.26
6/30/1999	1.27
9/30/1999	1.29
12/31/1999	1.29
3/31/2000	1.31
6/30/2000	1.31
9/30/2000	1.32
12/31/2000	1.33
3/31/2001	1.34
6/30/2001	1.35
9/30/2001	1.38
12/31/2001	1.39
3/31/2002	1.40
6/30/2002	1.40
9/30/2002	1.41
12/31/2002	1.42
3/31/2003	1.43
6/30/2003	1.45
9/30/2003	1.44
12/31/2003	1.44
3/31/2004	1.45
6/30/2004	1.46
9/30/2004	1.47
12/31/2004	1.48
3/31/2005	1.48
6/30/2005	1.50
9/30/2005	1.51
12/31/2005	1.52
3/31/2006	1.54
6/30/2006	1.56
9/30/2006	1.58
12/31/2006	1.60
3/31/2007	1.61
6/30/2007	1.63
9/30/2007	1.65
12/31/2007	1.66
3/31/2008	1.69
6/30/2008	1.68
9/30/2008	1.69
12/31/2008	1.71
3/31/2009	1.72
6/30/2009	1.72
9/30/2009	1.69
12/31/2009	1.66
3/31/2010	1.64
6/30/2010	1.61
9/30/2010	1.58
12/31/2010	1.56
3/31/2011	1.56
6/30/2011	1.54
9/30/2011	1.53
12/31/2011	1.52
3/31/2012	1.50
6/30/2012	1.49
9/30/2012	1.49
12/31/2012	1.49
3/31/2013	1.48
6/30/2013	1.48
9/30/2013	1.48
12/31/2013	1.47
3/31/2014	1.49
6/30/2014	1.47
9/30/2014	1.46
12/31/2014	1.46
3/31/2015	1.47
6/30/2015	1.47
9/30/2015	1.47
12/31/2015	1.48
3/31/2016	1.49
6/30/2016	1.49
9/30/2016	1.49
12/31/2016	1.49
3/31/2017	1.49
6/30/2017	1.50
9/30/2017	1.50
12/31/2017	1.49
3/31/2018	1.49
6/30/2018	1.49
9/30/2018	1.49
12/31/2018	1.50
3/31/2019	1.50
6/30/2019	1.49
9/30/2019	1.50
12/31/2019	1.49
3/31/2020	1.55
6/30/2020	1.74
9/30/2020	1.62
12/31/2020	1.60
3/31/2021	1.58
6/30/2021	1.55
9/30/2021	1.54
12/31/2021	1.52

Note: The shaded bars with top caps 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, December 2007–June 2009, and February 2020–April 2020. 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.”

Return to text

Figure 2.2. Nonfinancial business- and household-sector credit-to-GDP ratios

Ratios

Date	Nonfinancial business (right scale)	Household (left scale)
3/31/1980	0.50	0.48
6/30/1980	0.50	0.48
9/30/1980	0.50	0.48
12/31/1980	0.49	0.48
3/31/1981	0.48	0.46
6/30/1981	0.50	0.47
9/30/1981	0.50	0.46
12/31/1981	0.51	0.47
3/31/1982	0.52	0.47
6/30/1982	0.52	0.47
9/30/1982	0.53	0.47
12/31/1982	0.53	0.47
3/31/1983	0.53	0.46
6/30/1983	0.53	0.46
9/30/1983	0.53	0.46
12/31/1983	0.53	0.46
3/31/1984	0.53	0.46
6/30/1984	0.54	0.47
9/30/1984	0.55	0.47
12/31/1984	0.56	0.48
3/31/1985	0.56	0.49
6/30/1985	0.57	0.50
9/30/1985	0.57	0.51
12/31/1985	0.58	0.52
3/31/1986	0.58	0.53
6/30/1986	0.60	0.54
9/30/1986	0.60	0.55
12/31/1986	0.62	0.56
3/31/1987	0.62	0.56
6/30/1987	0.62	0.56
9/30/1987	0.62	0.57
12/31/1987	0.62	0.56
3/31/1988	0.63	0.57
6/30/1988	0.63	0.57
9/30/1988	0.63	0.57
12/31/1988	0.63	0.57
3/31/1989	0.63	0.57
6/30/1989	0.63	0.58
9/30/1989	0.63	0.58
12/31/1989	0.64	0.59
3/31/1990	0.63	0.59
6/30/1990	0.63	0.59
9/30/1990	0.63	0.60
12/31/1990	0.63	0.61
3/31/1991	0.62	0.61
6/30/1991	0.61	0.61
9/30/1991	0.60	0.61
12/31/1991	0.59	0.62
3/31/1992	0.58	0.61
6/30/1992	0.57	0.61
9/30/1992	0.56	0.61
12/31/1992	0.55	0.61
3/31/1993	0.55	0.61
6/30/1993	0.55	0.61
9/30/1993	0.55	0.61
12/31/1993	0.54	0.61
3/31/1994	0.54	0.61
6/30/1994	0.54	0.61
9/30/1994	0.54	0.62
12/31/1994	0.54	0.62
3/31/1995	0.54	0.62
6/30/1995	0.55	0.63
9/30/1995	0.55	0.63
12/31/1995	0.55	0.64
3/31/1996	0.55	0.64
6/30/1996	0.55	0.64
9/30/1996	0.55	0.64
12/31/1996	0.55	0.64
3/31/1997	0.55	0.65
6/30/1997	0.55	0.64
9/30/1997	0.55	0.64
12/31/1997	0.56	0.65
3/31/1998	0.57	0.65
6/30/1998	0.58	0.66
9/30/1998	0.58	0.66
12/31/1998	0.59	0.66
3/31/1999	0.60	0.66
6/30/1999	0.60	0.67
9/30/1999	0.61	0.67
12/31/1999	0.61	0.68
3/31/2000	0.62	0.69
6/30/2000	0.62	0.68
9/30/2000	0.63	0.70
12/31/2000	0.63	0.70
3/31/2001	0.63	0.71
6/30/2001	0.64	0.71
9/30/2001	0.65	0.74
12/31/2001	0.65	0.74
3/31/2002	0.64	0.75
6/30/2002	0.64	0.76
9/30/2002	0.64	0.77
12/31/2002	0.64	0.79
3/31/2003	0.63	0.80
6/30/2003	0.63	0.82
9/30/2003	0.62	0.82
12/31/2003	0.61	0.83
3/31/2004	0.61	0.84
6/30/2004	0.61	0.85
9/30/2004	0.61	0.86
12/31/2004	0.60	0.87
3/31/2005	0.60	0.88
6/30/2005	0.61	0.89
9/30/2005	0.61	0.90
12/31/2005	0.61	0.91
3/31/2006	0.62	0.92
6/30/2006	0.63	0.93
9/30/2006	0.63	0.95
12/31/2006	0.64	0.96
3/31/2007	0.65	0.96
6/30/2007	0.66	0.97
9/30/2007	0.68	0.97
12/31/2007	0.69	0.98
3/31/2008	0.70	0.99
6/30/2008	0.71	0.97
9/30/2008	0.72	0.98
12/31/2008	0.73	0.97
3/31/2009	0.74	0.98
6/30/2009	0.73	0.98
9/30/2009	0.72	0.98
12/31/2009	0.70	0.96
3/31/2010	0.69	0.95
6/30/2010	0.67	0.93
9/30/2010	0.67	0.92
12/31/2010	0.66	0.91
3/31/2011	0.65	0.90
6/30/2011	0.65	0.89
9/30/2011	0.65	0.88
12/31/2011	0.65	0.87
3/31/2012	0.65	0.86
6/30/2012	0.65	0.84
9/30/2012	0.65	0.84
12/31/2012	0.66	0.83
3/31/2013	0.66	0.82
6/30/2013	0.66	0.82
9/30/2013	0.66	0.81
12/31/2013	0.66	0.81
3/31/2014	0.67	0.81
6/30/2014	0.67	0.80
9/30/2014	0.67	0.79
12/31/2014	0.68	0.79
3/31/2015	0.69	0.78
6/30/2015	0.69	0.78
9/30/2015	0.70	0.77
12/31/2015	0.71	0.77
3/31/2016	0.72	0.77
6/30/2016	0.72	0.77
9/30/2016	0.72	0.77
12/31/2016	0.72	0.77
3/31/2017	0.72	0.77
6/30/2017	0.73	0.77
9/30/2017	0.73	0.76
12/31/2017	0.73	0.76
3/31/2018	0.73	0.76
6/30/2018	0.74	0.75
9/30/2018	0.74	0.75
12/31/2018	0.75	0.75
3/31/2019	0.75	0.75
6/30/2019	0.75	0.74
9/30/2019	0.75	0.74
12/31/2019	0.75	0.74
3/31/2020	0.79	0.76
6/30/2020	0.91	0.83
9/30/2020	0.84	0.78
12/31/2020	0.83	0.78
3/31/2021	0.81	0.77
6/30/2021	0.79	0.76
9/30/2021	0.79	0.76
12/31/2021	0.77	0.75

Note: The shaded bars with top caps 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, December 2007–June 2009, and February 2020–April 2020. 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.”

Return to text

Figure 2.3. Growth of real aggregate debt of the business sector

Percent change, annual rate

Date	Growth of agg debt
3/31/1997	5.12
6/30/1997	5.86
9/30/1997	9.67
12/31/1997	6.59
3/31/1998	10.59
6/30/1998	11.83
9/30/1998	8.53
12/31/1998	8.77
3/31/1999	10.85
6/30/1999	6.38
9/30/1999	10.51
12/31/1999	6.38
3/31/2000	8.79
6/30/2000	9.39
9/30/2000	4.36
12/31/2000	4.73
3/31/2001	1.09
6/30/2001	6.09
9/30/2001	3.25
12/31/2001	1.42
3/31/2002	1.80
6/30/2002	-0.56
9/30/2002	-0.45
12/31/2002	1.03
3/31/2003	-0.19
6/30/2003	-0.61
9/30/2003	1.14
12/31/2003	-2.13
3/31/2004	3.94
6/30/2004	1.12
9/30/2004	5.24
12/31/2004	3.87
3/31/2005	4.46
6/30/2005	5.77
9/30/2005	4.97
12/31/2005	6.80
3/31/2006	7.83
6/30/2006	6.79
9/30/2006	4.58
12/31/2006	10.01
3/31/2007	8.04
6/30/2007	11.46
9/30/2007	11.46
12/31/2007	7.90
3/31/2008	5.90
6/30/2008	6.33
9/30/2008	3.44
12/31/2008	1.47
3/31/2009	-3.48
6/30/2009	-4.83
9/30/2009	-6.37
12/31/2009	-6.78
3/31/2010	-3.99
6/30/2010	-3.67
9/30/2010	0.97
12/31/2010	-0.52
3/31/2011	-1.93
6/30/2011	0.73
9/30/2011	1.06
12/31/2011	2.40
3/31/2012	0.86
6/30/2012	2.59
9/30/2012	5.36
12/31/2012	6.23
3/31/2013	1.02
6/30/2013	3.82
9/30/2013	5.58
12/31/2013	2.45
3/31/2014	5.02
6/30/2014	3.81
9/30/2014	4.96
12/31/2014	6.69
3/31/2015	6.59
6/30/2015	6.82
9/30/2015	4.20
12/31/2015	5.18
3/31/2016	6.80
6/30/2016	2.15
9/30/2016	3.85
12/31/2016	0.20
3/31/2017	4.03
6/30/2017	5.28
9/30/2017	4.19
12/31/2017	3.34
3/31/2018	2.19
6/30/2018	0.97
9/30/2018	3.64
12/31/2018	2.76
3/31/2019	5.63
6/30/2019	1.90
9/30/2019	4.11
12/31/2019	0.91
3/31/2020	17.15
6/30/2020	15.98
9/30/2020	-3.36
12/31/2020	-0.74
3/31/2021	1.94
6/30/2021	-4.15
9/30/2021	0.23
12/31/2021	1.75

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

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

Return to text

Figure 2.4. Net issuance of risky business debt

Billions of dollars

Date	Institutional leveraged loans	High-yield and unrated bonds
6/30/2004	15.57	-12.80
9/30/2004	6.33	-4.74
12/31/2004	20.88	-14.74
3/31/2005	10.50	2.97
6/30/2005	16.90	-6.40
9/30/2005	7.28	-12.99
12/31/2005	20.61	2.73
3/31/2006	27.16	-13.66
6/30/2006	40.14	12.57
9/30/2006	17.86	-5.59
12/31/2006	66.30	30.51
3/31/2007	40.68	1.69
6/30/2007	54.31	23.35
9/30/2007	25.72	-7.04
12/31/2007	36.06	-10.42
3/31/2008	2.21	-20.14
6/30/2008	26.22	3.04
9/30/2008	6.60	-0.41
12/31/2008	4.80	-23.88
3/31/2009	-11.82	-26.27
6/30/2009	-15.53	1.71
9/30/2009	-13.26	-9.79
12/31/2009	-24.98	-9.41
3/31/2010	-17.85	3.24
6/30/2010	-9.71	13.21
9/30/2010	11.76	14.21
12/31/2010	-15.34	24.80
3/31/2011	-4.49	-0.93
6/30/2011	25.49	16.40
9/30/2011	-5.51	-7.89
12/31/2011	3.91	3.69
3/31/2012	-6.47	23.12
6/30/2012	18.45	-13.41
9/30/2012	-4.38	38.55
12/31/2012	25.96	22.46
3/31/2013	11.30	23.05
6/30/2013	31.31	18.30
9/30/2013	45.16	25.86
12/31/2013	43.54	22.54
3/31/2014	29.44	14.77
6/30/2014	45.62	15.14
9/30/2014	48.42	32.94
12/31/2014	26.18	4.02
3/31/2015	6.46	32.92
6/30/2015	-3.11	3.91
9/30/2015	8.58	-1.20
12/31/2015	28.80	-13.41
3/31/2016	9.09	1.20
6/30/2016	4.99	2.36
9/30/2016	-12.88	-3.04
12/31/2016	7.19	-44.17
3/31/2017	-4.24	9.05
6/30/2017	49.01	-11.10
9/30/2017	13.03	-2.13
12/31/2017	16.81	-4.01
3/31/2018	24.23	16.02
6/30/2018	62.21	-8.66
9/30/2018	46.68	11.04
12/31/2018	48.55	-20.48
3/31/2019	45.53	12.98
6/30/2019	9.20	19.82
9/30/2019	-11.33	10.54
12/31/2019	13.09	7.12
3/31/2020	3.09	2.62
6/30/2020	-11.42	83.97
9/30/2020	14.32	6.75
12/31/2020	-6.17	-15.84
3/31/2021	13.65	18.97
6/30/2021	51.34	19.95
9/30/2021	41.24	13.06
12/31/2021	41.81	3.70
3/31/2022	49.30	-10.43

Note: Institutional leveraged loans generally exclude loan commitments held by banks. The key identifies bars in order from top to bottom (except for some bars with at least one negative data value).

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

Return to text

Figure 2.5. Gross balance sheet leverage of public nonfinancial businesses

Percent

Date	75th percentile	All firms
3/31/2000	48.23	30.36
6/30/2000	47.96	29.61
9/30/2000	47.49	29.02
12/31/2000	46.99	29.18
3/31/2001	47.47	29.19
6/30/2001	47.46	29.38
9/30/2001	47.33	29.36
12/31/2001	47.14	29.99
3/31/2002	46.04	30.61
6/30/2002	44.28	29.67
9/30/2002	44.00	29.45
12/31/2002	44.39	29.18
3/31/2003	42.83	28.97
6/30/2003	42.18	28.15
9/30/2003	41.72	27.79
12/31/2003	41.46	26.73
3/31/2004	39.46	26.33
6/30/2004	38.93	25.71
9/30/2004	38.68	25.40
12/31/2004	39.09	25.15
3/31/2005	37.77	24.94
6/30/2005	37.78	24.81
9/30/2005	37.48	24.14
12/31/2005	38.31	24.19
3/31/2006	37.37	24.47
6/30/2006	37.72	24.36
9/30/2006	37.68	24.38
12/31/2006	38.48	24.71
3/31/2007	37.96	24.94
6/30/2007	38.62	25.18
9/30/2007	38.56	25.58
12/31/2007	38.90	25.85
3/31/2008	39.07	26.07
6/30/2008	38.88	26.19
9/30/2008	39.96	27.19
12/31/2008	42.59	28.78
3/31/2009	41.54	28.71
6/30/2009	39.94	27.96
9/30/2009	38.46	26.99
12/31/2009	38.74	26.77
3/31/2010	37.07	26.37
6/30/2010	36.64	26.25
9/30/2010	36.29	26.25
12/31/2010	36.97	26.04
3/31/2011	36.14	25.80
6/30/2011	35.62	25.86
9/30/2011	36.37	26.18
12/31/2011	37.74	26.11
3/31/2012	36.99	26.05
6/30/2012	37.22	26.61
9/30/2012	37.50	26.73
12/31/2012	38.79	27.12
3/31/2013	38.04	26.96
6/30/2013	38.24	27.39
9/30/2013	38.50	27.69
12/31/2013	40.09	27.96
3/31/2014	39.21	28.55
6/30/2014	40.28	28.49
9/30/2014	40.79	28.65
12/31/2014	42.15	29.24
3/31/2015	42.27	30.09
6/30/2015	42.08	30.62
9/30/2015	42.53	31.15
12/31/2015	43.84	32.10
3/31/2016	43.79	32.71
6/30/2016	43.69	32.95
9/30/2016	42.97	33.03
12/31/2016	43.21	32.89
3/31/2017	42.70	33.17
6/30/2017	42.20	33.54
9/30/2017	42.14	33.36
12/31/2017	41.94	33.01
3/31/2018	41.96	33.32
6/30/2018	42.19	33.11
9/30/2018	41.64	32.84
12/31/2018	42.47	33.23
3/31/2019	46.29	35.30
6/30/2019	46.58	35.48
9/30/2019	47.38	35.54
12/31/2019	47.79	35.51
3/31/2020	49.81	37.51
6/30/2020	49.12	37.71
9/30/2020	47.27	36.84
12/31/2020	46.58	36.22
3/31/2021	45.92	35.72
6/30/2021	45.05	35.19
9/30/2021	44.27	34.66
12/31/2021	43.92	34.36

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 sections of the lines in the first quarter of 2019 reflect the structural break in the series due to the 2019 compliance deadline for Financial Accounting Standards Board rule Accounting Standards Update 2016-02. The new accounting standard requires operating leases, previously considered off-balance-sheet activities, to be included in measures of debt and assets.

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

Return to text

Figure 2.6. Interest coverage ratios for public nonfinancial businesses

Ratio

Date	Median	25th percentile
3/31/2000	2.36	0.88
6/30/2000	2.32	0.86
9/30/2000	2.26	0.84
12/31/2000	2.20	0.79
3/31/2001	2.11	0.67
6/30/2001	2.06	0.58
9/30/2001	1.87	0.38
12/31/2001	1.78	0.28
3/31/2002	1.78	0.29
6/30/2002	1.74	0.24
9/30/2002	1.84	0.37
12/31/2002	2.00	0.54
3/31/2003	2.11	0.60
6/30/2003	2.12	0.56
9/30/2003	2.19	0.58
12/31/2003	2.30	0.66
3/31/2004	2.54	0.74
6/30/2004	2.86	0.88
9/30/2004	3.02	1.00
12/31/2004	2.98	0.93
3/31/2005	3.02	0.98
6/30/2005	3.03	0.93
9/30/2005	3.07	0.90
12/31/2005	3.04	0.93
3/31/2006	3.07	0.93
6/30/2006	3.01	0.96
9/30/2006	2.98	0.90
12/31/2006	2.93	0.91
3/31/2007	2.93	0.89
6/30/2007	2.84	0.78
9/30/2007	2.70	0.78
12/31/2007	2.73	0.73
3/31/2008	2.79	0.77
6/30/2008	3.00	0.80
9/30/2008	2.96	0.81
12/31/2008	2.60	0.49
3/31/2009	2.68	0.39
6/30/2009	2.47	0.35
9/30/2009	2.33	0.21
12/31/2009	2.27	0.41
3/31/2010	2.60	0.71
6/30/2010	2.74	0.78
9/30/2010	2.93	0.95
12/31/2010	3.04	1.02
3/31/2011	3.19	1.09
6/30/2011	3.36	1.17
9/30/2011	3.51	1.24
12/31/2011	3.45	1.26
3/31/2012	3.40	1.24
6/30/2012	3.41	1.23
9/30/2012	3.28	1.03
12/31/2012	3.10	0.88
3/31/2013	3.19	0.93
6/30/2013	3.26	0.95
9/30/2013	3.27	0.95
12/31/2013	3.18	0.78
3/31/2014	3.21	0.74
6/30/2014	3.41	0.86
9/30/2014	3.47	0.84
12/31/2014	3.37	0.75
3/31/2015	3.35	0.67
6/30/2015	3.30	0.53
9/30/2015	3.30	0.51
12/31/2015	3.12	0.41
3/31/2016	2.93	0.27
6/30/2016	2.91	0.22
9/30/2016	2.95	0.25
12/31/2016	3.00	0.18
3/31/2017	3.03	0.35
6/30/2017	3.10	0.54
9/30/2017	3.05	0.54
12/31/2017	3.08	0.52
3/31/2018	3.06	0.51
6/30/2018	3.09	0.45
9/30/2018	3.17	0.45
12/31/2018	3.07	0.49
3/31/2019	2.97	0.46
6/30/2019	2.91	0.41
9/30/2019	2.81	0.32
12/31/2019	2.67	0.12
3/31/2020	2.50	-0.36
6/30/2020	2.14	-0.90
9/30/2020	2.16	-0.95
12/31/2020	2.08	-1.33
3/31/2021	2.62	-0.92
6/30/2021	3.05	-0.45
9/30/2021	3.42	-0.48
12/31/2021	3.82	-0.08

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

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

Return to text

Figure 2.7. Default rates of leveraged loans

Percent

Date	Default Rate of Leveraged Loans
12/31/1998	1.51
1/31/1999	1.40
2/28/1999	0.62
3/31/1999	0.96
4/30/1999	0.91
5/31/1999	1.08
6/30/1999	1.51
7/31/1999	1.47
8/31/1999	2.59
9/30/1999	2.84
10/31/1999	2.80
11/30/1999	4.23
12/31/1999	4.17
1/31/2000	5.32
2/29/2000	5.64
3/31/2000	5.79
4/30/2000	7.39
5/31/2000	7.13
6/30/2000	7.50
7/31/2000	7.39
8/31/2000	6.66
9/30/2000	6.60
10/31/2000	6.74
11/30/2000	5.80
12/31/2000	6.57
1/31/2001	5.89
2/28/2001	5.65
3/31/2001	5.48
4/30/2001	4.78
5/31/2001	6.42
6/30/2001	6.28
7/31/2001	6.82
8/31/2001	6.80
9/30/2001	6.50
10/31/2001	6.72
11/30/2001	6.50
12/31/2001	6.30
1/31/2002	7.25
2/28/2002	7.25
3/31/2002	6.85
4/30/2002	6.95
5/31/2002	5.69
6/30/2002	7.41
7/31/2002	6.84
8/31/2002	6.78
9/30/2002	6.41
10/31/2002	6.59
11/30/2002	6.53
12/31/2002	6.01
1/31/2003	5.13
2/28/2003	5.01
3/31/2003	5.47
4/30/2003	5.26
5/31/2003	5.35
6/30/2003	2.62
7/31/2003	2.64
8/31/2003	2.67
9/30/2003	2.91
10/31/2003	2.30
11/30/2003	2.28
12/31/2003	2.25
1/31/2004	1.89
2/29/2004	1.61
3/31/2004	1.11
4/30/2004	0.94
5/31/2004	0.68
6/30/2004	0.94
7/31/2004	0.91
8/31/2004	0.88
9/30/2004	1.01
10/31/2004	1.02
11/30/2004	1.02
12/31/2004	1.01
1/31/2005	1.03
2/28/2005	1.37
3/31/2005	1.26
4/30/2005	1.48
5/31/2005	1.54
6/30/2005	1.29
7/31/2005	1.46
8/31/2005	1.43
9/30/2005	1.65
10/31/2005	2.56
11/30/2005	2.29
12/31/2005	3.02
1/31/2006	2.96
2/28/2006	2.89
3/31/2006	2.79
4/30/2006	2.47
5/31/2006	2.30
6/30/2006	2.28
7/31/2006	2.08
8/31/2006	2.08
9/30/2006	1.56
10/31/2006	0.99
11/30/2006	1.07
12/31/2006	0.48
1/31/2007	0.45
2/28/2007	0.24
3/31/2007	0.23
4/30/2007	0.22
5/31/2007	0.16
6/30/2007	0.15
7/31/2007	0.21
8/31/2007	0.21
9/30/2007	0.42
10/31/2007	0.33
11/30/2007	0.25
12/31/2007	0.24
1/31/2008	0.72
2/29/2008	0.94
3/31/2008	1.07
4/30/2008	1.30
5/31/2008	1.73
6/30/2008	1.70
7/31/2008	1.90
8/31/2008	2.03
9/30/2008	1.91
10/31/2008	1.97
11/30/2008	1.94
12/31/2008	3.75
1/31/2009	4.95
2/28/2009	5.25
3/31/2009	8.02
4/30/2009	8.03
5/31/2009	8.66
6/30/2009	9.15
7/31/2009	9.57
8/31/2009	9.68
9/30/2009	9.75
10/31/2009	10.71
11/30/2009	10.81
12/31/2009	9.61
1/31/2010	8.82
2/28/2010	8.59
3/31/2010	5.82
4/30/2010	5.65
5/31/2010	4.64
6/30/2010	4.02
7/31/2010	3.47
8/31/2010	3.57
9/30/2010	3.55
10/31/2010	2.28
11/30/2010	2.25
12/31/2010	1.87
1/31/2011	1.46
2/28/2011	1.27
3/31/2011	1.11
4/30/2011	0.95
5/31/2011	0.91
6/30/2011	0.91
7/31/2011	0.77
8/31/2011	0.33
9/30/2011	0.32
10/31/2011	0.32
11/30/2011	0.17
12/31/2011	0.17
1/31/2012	0.21
2/29/2012	0.21
3/31/2012	0.21
4/30/2012	0.56
5/31/2012	1.05
6/30/2012	1.04
7/31/2012	1.04
8/31/2012	1.07
9/30/2012	1.00
10/31/2012	1.06
11/30/2012	1.28
12/31/2012	1.27
1/31/2013	1.42
2/28/2013	1.40
3/31/2013	2.21
4/30/2013	1.91
5/31/2013	1.40
6/30/2013	1.37
7/31/2013	2.02
8/31/2013	2.16
9/30/2013	2.41
10/31/2013	2.31
11/30/2013	2.08
12/31/2013	2.11
1/31/2014	1.88
2/28/2014	1.86
3/31/2014	1.21
4/30/2014	4.64
5/31/2014	4.60
6/30/2014	4.41
7/31/2014	3.89
8/31/2014	3.61
9/30/2014	3.34
10/31/2014	3.28
11/30/2014	3.33
12/31/2014	3.24
1/31/2015	3.99
2/28/2015	3.92
3/31/2015	3.79
4/30/2015	1.26
5/31/2015	1.26
6/30/2015	1.24
7/31/2015	1.10
8/31/2015	1.30
9/30/2015	1.27
10/31/2015	1.27
11/30/2015	1.42
12/31/2015	1.50
1/31/2016	1.29
2/29/2016	1.41
3/31/2016	1.75
4/30/2016	1.69
5/31/2016	1.96
6/30/2016	1.97
7/31/2016	2.17
8/31/2016	1.98
9/30/2016	1.95
10/31/2016	1.95
11/30/2016	1.66
12/31/2016	1.58
1/31/2017	1.56
2/28/2017	1.41
3/31/2017	1.49
4/30/2017	1.43
5/31/2017	1.42
6/30/2017	1.54
7/31/2017	1.36
8/31/2017	1.36
9/30/2017	1.53
10/31/2017	1.51
11/30/2017	1.95
12/31/2017	2.05
1/31/2018	1.95
2/28/2018	2.00
3/31/2018	2.42
4/30/2018	2.37
5/31/2018	2.12
6/30/2018	1.98
7/31/2018	1.99
8/31/2018	1.99
9/30/2018	1.81
10/31/2018	1.92
11/30/2018	1.61
12/31/2018	1.63
1/31/2019	1.42
2/28/2019	1.62
3/31/2019	0.93
4/30/2019	1.01
5/31/2019	1.00
6/30/2019	1.34
7/31/2019	1.32
8/31/2019	1.29
9/30/2019	1.29
10/31/2019	1.43
11/30/2019	1.48
12/31/2019	1.39
1/31/2020	1.83
2/29/2020	1.83
3/31/2020	1.84
4/30/2020	2.32
5/31/2020	3.14
6/30/2020	3.23
7/31/2020	3.90
8/31/2020	4.08
9/30/2020	4.17
10/31/2020	4.11
11/30/2020	3.89
12/31/2020	3.83
1/31/2021	3.38
2/28/2021	3.25
3/31/2021	3.15
4/30/2021	2.61
5/31/2021	1.73
6/30/2021	1.25
7/31/2021	0.58
8/31/2021	0.47
9/30/2021	0.35
10/31/2021	0.20
11/30/2021	0.29
12/31/2021	0.29
1/31/2022	0.29
2/28/2022	0.19
3/31/2022	0.19

Note: The data begin in December 1998. 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 with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020.

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

Return to text

Figure 2.8. Distribution of large institutional leveraged loan volumes, by debt-to-EBITDA ratio

Percent

Date	Debt multiples ≥ 6x	Debt multiples 5x-5.99x	Debt multiples 4x-4.99x	Debt multiples ≤ 4x
2001	2.70	10.10	26.20	61.10
2002	5.90	12.20	27.30	54.60
2003	6.70	11.50	29.30	52.60
2004	8.80	17.60	28.60	45.00
2005	8.00	25.10	25.10	41.80
2006	16.30	21.10	26.30	36.40
2007	27.70	17.50	23.70	31.20
2008	10.70	12.10	14.20	63.10
2009	17.70	11.50	17.70	53.10
2010	5.80	17.90	22.60	53.70
2011	14.40	19.20	22.60	43.80
2012	15.80	21.80	26.60	35.90
2013	16.40	23.10	29.00	31.50
2014	27.20	21.50	22.60	28.70
2015	18.70	26.20	24.90	30.30
2016	21.00	24.40	32.60	21.90
2017	22.00	27.60	27.60	22.70
2018	29.60	26.90	24.20	19.30
2019	32.90	23.30	23.50	20.30
2020	28.20	23.70	25.50	22.60
2021	35.20	20.80	23.20	20.80
2022	37.50	26.80	19.60	16.10

Note: 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. The key identifies bars in order from top to bottom.

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

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Figure 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 2021. The y-axis measures trillions of dollars (real) and ranges from 0 to 12. 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 4 to 11.1 trillion dollars. This variable rises from around 4 to about 10 trillion dollars from 1999 to 2008 and then declines to 8.6 trillion dollars in 2014. After 2014, this variable rises slowly until it reaches around 11.2 trillion dollars to end in 2021:Q4. The second variable is labeled 'Near prime' and is designated by a blue line. It ranges from around 2.6 to around 4.2 trillion dollars. The variable has a slight increase from 3 to around 4 trillion dollars from 2002 to 2008 but is otherwise stable at a little more than 3 trillion dollars for the remainder of the time period. The third variable is labeled 'Subprime'; is designated by the red line; and ranges from 1.4 to around 3.5 trillion dollars. There is a slight increase from 1.4 trillion dollars in 1999 to around 2.5 trillion dollars in 2007, and there is a steeper increase to around 3.2 trillions of dollars between 2007 and 2010. The variable then decreases and remains at around 2 trillion dollars from 2014 to 2020:Q2. It then shows a slight drop to around 1.4 trillion dollars, ending in 2021:Q4.

Note: Subprime are those with an Equifax Risk Score below 620; near prime are 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 2021 dollars using the consumer price index.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 2.10. Estimates of new mortgage volumes to households

This is a bar graph titled "Estimates of new mortgage volume to households". The x-axis ranges from the years 2000 to 2021. The y-axis ranges from 0 to 1600, 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 440 billion dollars. It starts at 261 billion dollars in 2000 and very slightly increases to around 441 billion dollars between 2001 and 2006. Then it decreases more quickly to around 126 billion dollars in 2009, and remains fairly unchanged until 2021. The second variable is labeled 'Near prime'; is designated by the blue bars; and ranges from 265 to around 1017 billions of dollars. The variable starts at around 573 billion dollars in 2000 and increases quickly, peaking at around 1012 billion dollars in 2006 before steeply falling to around 293 billion dollars by 2009. Since then it has increased and stabilized around 466 billion dollars from 2016 to 2021. The third variable is labeled 'Prime'; is designated by the black bars; and ranges from around 678 to 1500 billions of dollars. The variable starts at around 747 billion dollars in 2000 and steeply increases to a peak of around 1500 billions of dollars in 2003. The variable remains between 1200 and 1350 billion dollars from 2004 to 2007 before falling sharply from 2008 to 2012 to about 729 billion. The variable then builds back up to 748 billion dollars in 2014. It then climbs close to 1212 billion dollars in 2020, jumping to 1461 in 2021.

Note: Year-over-year change in balances for the second quarter of each year among those households whose balance increased over this window. Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores were measured one year ago. The data are converted to constant 2021 dollars using the consumer price index. The key identifies bars in order from left to right.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 2.11. Mortgage loss mitigation and delinquency

This is a line chart titled “Mortgage loss mitigation and delinquency.” The x-axis ranges from 2001 to 2021. The data are quarterly through 2019. The y-axis ranges from 0 to 10 percent of mortgages. There are two variables plotted. The first being “Delinquent”, which is shown as a solid black line. It begins around 3.3 percent in 2001 and stays there until 2007. It then begins to rise to around 7.4 percent by 2010. It then steadily decreases to right above 1.3 percent to end the quarterly data in 2021. The second variable is “Delinquent/Loss Mitigation”, which is shown as a solid blue line. It begins around 5.1 percent in 2001 and stays there until rising in 2008 to about 10 percent. It then gradually fluctuates while decreasing until 2018. In 2019, it starts by spiking to 8 percent then dropping to below 4.6 to end the quarterly data in 2021.

Note: Loss mitigation includes tradelines that have a narrative code of forbearance, natural disaster, payment deferral (including partial), loan modification (including federal government plans), or loans with no scheduled payment and a nonzero balance. Delinquent includes loans reported to the credit bureau at least 30 days past due.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Figure 2.12. Estimate of mortgages with negative equity

Percent of mortgages

Date	Negative equity
1/31/2011	25.28
2/28/2011	25.14
3/31/2011	24.99
4/30/2011	24.93
5/31/2011	24.87
6/30/2011	24.81
7/31/2011	24.65
8/31/2011	24.50
9/30/2011	24.36
10/31/2011	24.65
11/30/2011	24.93
12/31/2011	25.23
1/31/2012	24.69
2/29/2012	24.20
3/31/2012	23.67
4/30/2012	23.21
5/31/2012	22.74
6/30/2012	22.28
7/31/2012	22.17
8/31/2012	22.06
9/30/2012	21.96
10/31/2012	21.84
11/30/2012	21.72
12/31/2012	21.60
1/31/2013	21.11
2/28/2013	20.67
3/31/2013	20.18
4/30/2013	18.43
5/31/2013	16.62
6/30/2013	14.87
7/31/2013	14.35
8/31/2013	13.83
9/30/2013	13.33
10/31/2013	13.37
11/30/2013	13.41
12/31/2013	13.45
1/31/2014	13.25
2/28/2014	13.07
3/31/2014	12.88
4/30/2014	12.23
5/31/2014	11.56
6/30/2014	10.92
7/31/2014	10.74
8/31/2014	10.56
9/30/2014	10.39
10/31/2014	10.49
11/30/2014	10.59
12/31/2014	10.69
1/31/2015	10.54
2/28/2015	10.41
3/31/2015	10.27
4/30/2015	9.81
5/31/2015	9.34
6/30/2015	8.88
7/31/2015	8.70
8/31/2015	8.53
9/30/2015	8.36
10/31/2015	8.36
11/30/2015	8.36
12/31/2015	8.36
1/31/2016	8.28
2/29/2016	8.20
3/31/2016	8.12
4/30/2016	7.77
5/31/2016	7.41
6/30/2016	7.06
7/31/2016	6.82
8/31/2016	6.58
9/30/2016	6.34
10/31/2016	6.32
11/30/2016	6.29
12/31/2016	6.26
1/31/2017	6.19
2/28/2017	6.12
3/31/2017	6.05
4/30/2017	5.85
5/31/2017	5.65
6/30/2017	5.45
7/31/2017	5.28
8/31/2017	5.12
9/30/2017	4.96
10/31/2017	4.94
11/30/2017	4.92
12/31/2017	4.91
1/31/2018	4.84
2/28/2018	4.78
3/31/2018	4.71
4/30/2018	4.57
5/31/2018	4.43
6/30/2018	4.29
7/31/2018	4.24
8/31/2018	4.19
9/30/2018	4.14
10/31/2018	4.15
11/30/2018	4.15
12/31/2018	4.16
1/31/2019	4.15
2/28/2019	4.13
3/31/2019	4.12
4/30/2019	4.03
5/31/2019	3.93
6/30/2019	3.84
7/31/2019	3.80
8/31/2019	3.76
9/30/2019	3.72
10/31/2019	3.67
11/30/2019	3.61
12/31/2019	3.56
1/31/2020	3.52
2/29/2020	3.48
3/31/2020	3.44
4/30/2020	3.38
5/31/2020	3.32
6/30/2020	3.26
7/31/2020	3.18
8/31/2020	3.11
9/30/2020	3.03
10/31/2020	2.96
11/30/2020	2.89
12/31/2020	2.81
1/31/2021	2.74
2/28/2021	2.68
3/31/2021	2.61
4/30/2021	2.50
5/31/2021	2.39
6/30/2021	2.28
7/31/2021	2.24
8/31/2021	2.19
9/30/2021	2.15
10/31/2021	2.13
11/30/2021	2.10
12/31/2021	2.08

Source: CoreLogic, Inc., Real Estate Data.

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Figure 2.13. Estimates of housing leverage

This is a line chart titled "Estimates of housing leverage". The x-axis ranges from the years 1999 to 2021. The y-axis ranges from 60 to 180, which measures indexed ratios of outstanding mortgage debt to home values (with 100 being the ratio in 1999:Q1). The data is quarterly, ending in the fourth quarter of 2021. 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 134. The variable starts at 100 in 1999 and increasing to 134 in 2008 before decreasing to about 110 in 2021:Q4. The second line is labeled 'Relative to market value' and is designated by the blue line. The variable also starts at 100 in 1999 and hover between 90 and 100 until 2006. It then rises sharply to around 136 in the years 2009-2012 before decreasing to around 88 at the end of the time period in 2021:Q4.

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 Zillow 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: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Zillow, Inc., Zillow Real Estate Data; Bureau of Labor Statistics via Haver Analytics.

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Figure 2.14. Consumer credit balances

This is a line chart titled "Consumer credit balances". The x-axis ranges from the years 1999 to 2021. The y-axis ranges from 200 to 2000, 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 600 to 1468 billion dollars. It starts around at around 600 in 1999 and increases to around 1181 billion dollars in 2005-2006. Auto loan balances fall slightly to around 967 in 2012 but began increasing again afterwards; the line ends at 1460 billion dollars in 2021:Q4. The second variable is labeled 'Credit cards' and is represented by a blue line. It ranges from around 800 to 1171 billion dollars. Starting at around 825 billion dollars in 1999, credit cards balances increase to a little under 1000 billion dollars and remain steady for several years with a peak at around 1100 billion in 2009. Balances began to decrease after 2009 to around 1050 billion dollars in 2013 and steadily increased to around 1450 billion dollars by the end of 2019. The last value is 1460 in 2021:Q4. The third variable is labeled 'Student loans' and is represented by a red line. The variable starts at around 517 billion dollars in 2005. There are two small, brief dips in 2008 and 2012 but otherwise balances steadily increase to about 1600 billion dollars by 2021:Q4.

Note: Note: The data are converted to constant 2021 dollars using the consumer price index. Student loan data begin in 2005.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 2.15. Auto loan balances

This is a line chart labeled "Auto loan balances". The x-axis ranges from the years 1999 to 2021, and the y-axis ranges from 150 to 750 billion dollars (real). The data is quarterly, ending in:Q4 of 2021. 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 196 to 738 billion dollars. Auto loans to borrowers with prime credit scores started at around 197 billion dollars in 1999 and continued to increase to around 457 billion dollars in 2006. There is a slight decline from 2006 until balances were close to 400 billion dollars in 2010 and 2011. From 2011 onwards, the balances labeled 'Prime' increased, reaching around 727 billion dollars by:Q4 of 2021. The second variable is labeled 'Near prime'; is represented by a blue line; and ranges from 218 to 436 billion dollars. Starting at 218 billion dollars in 1999, balances to those with near prime credit increases to around 400 billion dollars in 2005 to 2006. Near prime balances decrease to around 260 billion dollars in 2010 to 2011 before increasing again. The level was stable at around 400 billion dollars since 2016 with a slight uptick to around 435 billion dollars to finish in:Q4 2021. The third variable is labeled 'Subprime'; is designated by a red line; and ranges from around 184 to 350 billion dollars. It starts at 184 billion dollars in 1999 and increases with fluctuations until reaching a peak at around 327 billion dollars in 2008. It decreases to around 220 billion of dollars in 2012 before beginning to increase to around 330 billion dollars in 2018. It increases to about 350 billion dollars in:Q4 of 2019. It then drops to 300 billion dollars ending in 2021:Q4.

Note: Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2021 dollars using the consumer price index.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 2.16. Auto loss mitigation and delinquency

This chart is titled “Auto loss mitigation and delinquency.” The x-axis ranges from 2000 to 2021. The data are measured quarterly. The y-axis ranges from 0 to 10 percent. There are two variables plotted. The first being “Delinquent”, which is represented by a solid black line. It begins at 3 percent and fluctuates around that level until about 2001. It then increases to just above 4 percent then slowly decreases and maintains at a level of about 3 percent in 2019:Q1. The data then begins and decreases to around 2 percent in 2020:Q2. There is then a slight uptick in the data in early 2021 followed by a slight decrease below 2 percent, then a slight uptick back to 2.7 percent in 2021:Q4. The second variable is “Delinquent/Loss Mitigation” shown by a solid blue line. For the entirety of the plotted quarterly data, it stays between 4 and 6 percent, with fluctuations in-between. Then, when the monthly data begins, it spikes to nearly 8 percent in early 2020, decreasing sharply to around 3.5 percent in early 2021, then moving sideways to 3.5 percent ending in 2021:Q4.

Note: Loss mitigation includes tradelines that have a narrative code of forbearance, natural disaster, payment deferral (including partial), loan modification (including federal government plans), or loans with no scheduled payment and a nonzero balance. Delinquent includes loans reported to the credit bureau as at least 30 days past due. The data for auto loans are reported semiannually by Risk Assessment, Data Analysis and Research until 2017, after which they are reported quarterly until 2021. The data for delinquent/loss mitigation begin in:Q1 of 2001.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Figure 2.17. Credit card balances

This is a line chart labeled "Credit Card Balances". The x-axis ranges from the years 1999 to 2021, and the y-axis ranges from 50 to 550 billion dollars (real). The data is quarterly, ending in:Q4 of 2021. 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 218 to 516 billion dollars. Auto loans to borrowers with prime credit scores started at around 225 billion dollars in 1999 and continued to increase to around 495 billion dollars in 2009. There is a slight decline from 2009 until balances were close to 420 billion in 2011 and 2012. From 2012 onwards, the balances labeled 'Prime' have been increasing with fluctuations, reaching around 516 billion dollars at the end of 2019. It then decreases to around 470 in 2021:Q4. The second variable is labeled 'Near prime'; is represented by a blue line; and ranges from around 250 to 450 billion dollars. Starting at 380 billion dollars in 1999, balances to those with near prime credit increases to almost 425 billion dollars in 2002 to 2003. Near prime balances decrease to around 400 billion dollars in 2005 and remains mostly flat until 2008 before decreasing to around 275 billion dollars in 2011. The level has risen slowly since then, nearing 300 billion dollars in 2019. It then decreases to 266 billion dollars in 2021:Q4. The third variable is labeled 'Subprime'; is designated by a red line; and ranges from around 113 to 302 billion dollars. It starts at around 220 billion dollars in 1999 and increases until reaching a peak at around 300 billion dollars in 2002. It decreases to around 220 billion dollars in 2005 before beginning to increase with fluctuations to around 266 billion dollars in 2008. It decreases to around 130 billion dollars in 2013 before slowly climbing again, reaching around 170 billion dollars in 2019:Q4. It then ends at around 125 billion dollars after a decrease into 2021:Q4.

Note: Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2021 dollars using the consumer price index.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 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 2021. The y-axis ranges from 0 to 30 percent, measuring delinquency rates on credit cards. The data is quarterly, ending in:Q4 of 2021. 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 0.5 to 2.3 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 2.3 to 9 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 and ultimately leveling off to end around 4 percent in 2020 with a decrease to around 2.5 percent by 2021:Q4. The third variable is labeled 'Subprime' and is designated by a red line. It ranges from 8.2 to 24 percent. This line starts around 17 percent in 2001 and increases to 21 percent in 2003. It decreases to around 17 percent in 2005 before quickly increasing. The rates peak at around 22 percent in 2010. It falls to 10 percent by 2016 before increasing to reach almost 14 percent in 2017 and leveling off to end around 14 percent by the end of 2019. It then slightly decreases to 10.5 percent by 2021:Q4.

Note: Delinquency is at least 30 days past due, excluding severe derogatory loans. Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Credit scores are lagged 4 quarters.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Figure 3.1. 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 2021. The y-axis ranges from 0 to 14 percent of risk-weighted assets. The data are quarterly. There are three variables charted on the plot. The first line, labeled ‘G-SIBs’, is designated by a solid red line and ranges from 4.8 to 12.5 percent. It remains near 7 percent from 2001 to 2006, decreases to 4.8 percent in 2008:Q4 and increases to around 12 percent in 2016, where it has remained until 2019:Q4. In 2020:Q1, it decreased slightly before rising to 12.5 percent by 2021:Q2 and has stayed flat since then. There is also a red dot at the end of the chart indicating the preliminary results for 2022:Q1 data for G-SIBS at roughly 11.6 percent. The second line, labeled 'Large non-G-SIBs', is designated by a solid blue line and ranges from about 6 to 12.5 percent. This remains near 7.5 percent from 2001 to 2006, decreases to 6 percent in 2008, increases to around 10 percent through the end of 2017 where it has remained through the first half of 2020 until it rose to around 12.5 percent from 2020:Q1 to 2021:Q1. From 2021:Q1 onwards is has declined slightly to just under 12 percent. The third line, labeled 'Other BHCs', is designated by a solid black line and ranges from 8 to just over 12 percent. This variable starts at around 9 percent in 2001 decreasing to 8 percent by 2009 before increasing to 12 percent in 2014, and has remained near 12 percent through 2021:Q2. It increases slightly in 2021, finishing at 12.5 in 2021:Q4.

Note: The data are seasonally adjusted by Federal Reserve Board staff. Sample consists of domestic bank holding companies (BHCs) and intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence. 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. Before 2014:Q1 (advanced-approaches BHCs) or before 2015:Q1 (non-advanced-approaches BHCs), the numerator of the common equity Tier 1 ratio is Tier 1 common capital. Afterward, the numerator is common equity Tier 1 capital. The denominator is risk-weighted assets. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.

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

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Figure 3.2. 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 2021. The y-axis ranges from 0 to 12 percent of total assets. The data are quarterly. There are three variables charted on the plot. The first line, labeled ‘G-SIBs’, is designated by a solid red 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 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 2019:Q4. Thereafter, it fell sharply in the first half of 2020 to about 7.6 where it has remained through 2021:Q4. The second line, labeled 'Large non-G-SIBs', is designated by a solid blue 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, and remained near 6 percent 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 2019:Q4 and then fell to about 8 percent in the first of half 2020. It has stayed around 8 percent through the end of 2021:Q4. The third line, labeled 'Other BHCs', is designated by a solid black 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 remained near 10 percent through 2019:Q4 and then decreased to 9.4 percent in 2020:Q2. It has remained around 9.5 percent through 2021:Q4.

Note: The data are seasonally adjusted by Federal Reserve Board staff. Sample consists of domestic bank holding companies (BHCs), intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence, and commercial banks. 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. Bank equity is total equity capital net of preferred equity and intangible assets. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990–March 1991, March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.

Source: Federal Financial Institutions Examination Council, Call Report Form FFIEC 031, Consolidated Reports of Condition and Income (Call Report).

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Figure 3.3. Borrower leverage for bank commercial and industrial loans

This is a line chart titled "Borrower leverage for bank commercial and industrial loans." The x-axis measures time and ranges from years 2013 to 2021. The y-axis ranges from 24 to 36 debt percent of assets. The data are quarterly ending at 2021:Q4. There are two variables charted on the plot. The first line, labeled 'Non-publicly-traded firms', is designated by a solid blue line and ranges from about 30 to 34 percent. This variable begins at 31 percent, quickly decreases to about 30 percent towards the end of 2013, rises slowly to 34 percent in 2019 before decreasing back down to 33 percent where it hovered through 2020. It decreased throughout 2021 and ended at 31.2 in 2021:Q4. The second line, labeled 'Publicly traded firms', is designated by a solid black line and ranges from about 24 to 31 percent. This variable begins at about 25, increases steadily to 31 percent where it stays through 2019:Q3. In 2019:Q4, it dropped back down to 30 percent before increasing again to 31 percent in the second half of 2020, then decreasing to just over 30 percent by 2021:Q4.

Note: Weighted median leverage of nonfinancial firms that borrow using commercial and industrial 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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Figure 3.4. Change in bank lending standards for commercial and industrial loans

This is a line chart titled "Change in bank lending standards for commercial and industrial loans," with one variable plotted. The x-axis measures time and ranges from 1997 to 2021. 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:Q4 of 2021. The variable begins around -2 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 by the end of 2004. It gradually increases from 2005 to 2008, reaching its peak of around 87 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. The line then increases sharply to around 70 percent by 2020:Q2. The data falls sharply to almost -60 in 2021:Q2 before increasing to -13.75 in 2021:Q4.

Note: Banks’ responses are weighted by their commercial and industrial 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 with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.

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

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Figure 3.5. Leverage at broker-dealers

Ratio of assets to equity

Date	Leverage at Broker-Dealers
3/31/1995	30.59820699
6/30/1995	30.71505341
9/30/1995	31.30751875
12/31/1995	31.84378611
3/31/1996	33.11632997
6/30/1996	33.10133317
9/30/1996	33.34416934
12/31/1996	33.87996537
3/31/1997	35.28285074
6/30/1997	35.28693301
9/30/1997	35.49840821
12/31/1997	32.97368713
3/31/1998	35.5055262
6/30/1998	35.00708187
9/30/1998	35.06603418
12/31/1998	30.42957905
3/31/1999	30.91145678
6/30/1999	29.36615825
9/30/1999	28.4326363
12/31/1999	28.55799784
3/31/2000	29.85982147
6/30/2000	28.88942172
9/30/2000	28.51489968
12/31/2000	28.26480608
3/31/2001	28.56061993
6/30/2001	30.03204626
9/30/2001	31.46619458
12/31/2001	31.33896807
3/31/2002	31.65771014
6/30/2002	31.25994373
9/30/2002	31.788991
12/31/2002	30.62855923
3/31/2003	32.03024531
6/30/2003	34.78783652
9/30/2003	32.97349234
12/31/2003	33.66750977
3/31/2004	35.5833439
6/30/2004	37.77009672
9/30/2004	38.58874033
12/31/2004	39.27773969
3/31/2005	41.07381341
6/30/2005	41.43843926
9/30/2005	41.97496403
12/31/2005	39.88007287
3/31/2006	40.50349701
6/30/2006	40.6512138
9/30/2006	42.28737961
12/31/2006	43.01076291
3/31/2007	45.27781931
6/30/2007	46.89949596
9/30/2007	46.02041765
12/31/2007	46.29830345
3/31/2008	47.89183042
6/30/2008	41.86612486
9/30/2008	43.21227465
12/31/2008	30.70774416
3/31/2009	28.32159725
6/30/2009	24.89986223
9/30/2009	24.96183757
12/31/2009	23.50527227
3/31/2010	24.50696148
6/30/2010	24.04336594
9/30/2010	24.31000665
12/31/2010	23.52474592
3/31/2011	24.29464191
6/30/2011	24.44031307
9/30/2011	24.56571738
12/31/2011	24.63722702
3/31/2012	24.53187497
6/30/2012	24.43079148
9/30/2012	23.85253355
12/31/2012	23.45988554
3/31/2013	22.84284394
6/30/2013	22.14863289
9/30/2013	21.8371631
12/31/2013	21.09768162
3/31/2014	21.1277119
6/30/2014	21.34757371
9/30/2014	20.71800674
12/31/2014	19.81694995
3/31/2015	19.7323567
6/30/2015	19.33483813
9/30/2015	18.82854587
12/31/2015	18.14939259
3/31/2016	18.1237576
6/30/2016	18.30468708
9/30/2016	18.03585463
12/31/2016	17.61360822
3/31/2017	17.76957776
6/30/2017	18.30755415
9/30/2017	17.41003898
12/31/2017	17.15008992
3/31/2018	17.20557638
6/30/2018	18.06417424
9/30/2018	17.90348469
12/31/2018	18.1021874
3/31/2019	17.91414019
6/30/2019	17.81515456
9/30/2019	17.77992232
12/31/2019	16.86513915
3/31/2020	17.26455643
6/30/2020	16.2564378
9/30/2020	16.53851332
12/31/2020	16.61960281
3/31/2021	16.58288205
6/30/2021	16.22453771
9/30/2021	16.25473156
12/31/2021	16.4404625

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

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

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Figure 3.6. Leverage at insurance companies

Ratio of assets to equity

Date	Life	Property and casualty
3/31/2000	8.627867041	5.499971724
6/30/2000	8.446578159	5.410106259
9/30/2000	8.390333125	5.337932731
12/31/2000	8.96345022	5.783647062
3/31/2001	8.360315929	5.403669991
6/30/2001	8.825850206	5.504125512
9/30/2001	9.446489745	6.221822248
12/31/2001	10.02576131	6.373944981
3/31/2002	9.632679759	6.240769413
6/30/2002	9.832560139	6.322692244
9/30/2002	10.14213546	6.41022916
12/31/2002	10.79484944	6.68349138
3/31/2003	11.04440361	6.783390209
6/30/2003	11.15630355	6.700379951
9/30/2003	11.00039848	6.717200484
12/31/2003	10.93049098	6.703703289
3/31/2004	11.28632142	7.061007766
6/30/2004	11.37445196	6.757486319
9/30/2004	11.47501192	6.816018286
12/31/2004	11.68091636	6.822148806
3/31/2005	11.30446287	6.807496064
6/30/2005	10.67035344	6.600465712
9/30/2005	10.78435755	6.658785004
12/31/2005	10.86652045	6.484946821
3/31/2006	10.19546025	6.497220748
6/30/2006	10.05285582	6.394967111
9/30/2006	9.990700936	6.370420878
12/31/2006	9.942870311	6.298563083
3/31/2007	10.03147799	6.336802042
6/30/2007	9.863830346	6.328847255
9/30/2007	9.956568986	6.329295342
12/31/2007	9.735306652	6.087904989
3/31/2008	10.85573631	6.513339782
6/30/2008	10.73182068	6.424232439
9/30/2008	10.68725491	6.445780501
12/31/2008	10.89029983	5.962321235
3/31/2009	10.90932682	5.939189565
6/30/2009	10.04657884	5.604261304
9/30/2009	10.00248807	5.574954212
12/31/2009	8.944481462	5.201320434
3/31/2010	9.244863211	5.169366996
6/30/2010	9.450056325	5.10355913
9/30/2010	9.733333631	5.181248479
12/31/2010	8.836558828	4.477889087
3/31/2011	9.736770121	4.623750035
6/30/2011	9.398895189	4.575627304
9/30/2011	9.479201809	4.413557952
12/31/2011	8.891800774	4.156316693
3/31/2012	8.854567244	4.146309553
6/30/2012	8.857692011	4.117559347
9/30/2012	9.199881714	4.165875528
12/31/2012	9.442618935	4.178579258
3/31/2013	9.274268451	4.100953384
6/30/2013	8.893093469	3.97245337
9/30/2013	8.670253358	3.923258204
12/31/2013	8.798132172	3.900565463
3/31/2014	8.547166563	3.87545479
6/30/2014	8.41872559	3.694263721
9/30/2014	8.363200493	3.647497267
12/31/2014	8.59546272	3.594395745
3/31/2015	8.428684782	3.551287551
6/30/2015	8.157295502	3.527149965
9/30/2015	8.374381367	3.473736099
12/31/2015	9.038878674	3.469640162
3/31/2016	9.522137033	3.564389235
6/30/2016	9.953703221	3.578756345
9/30/2016	10.07453984	3.563390508
12/31/2016	9.90261698	3.806888836
3/31/2017	10.22183128	3.596155467
6/30/2017	10.1183826	3.604357705
9/30/2017	9.838616996	3.653211818
12/31/2017	10.04515385	3.740926135
3/31/2018	9.970165092	3.302703286
6/30/2018	9.81671602	2.969346997
9/30/2018	9.846612352	2.934720943
12/31/2018	9.936873206	3.038347807
3/31/2019	10.20370771	3.020145479
6/30/2019	10.34069428	3.014511147
9/30/2019	10.54718356	2.986135067
12/31/2019	10.54096472	2.898598585
3/31/2020	10.34685813	3.042360791
6/30/2020	11.53667848	3.139493199
9/30/2020	11.69084219	3.118807437
12/31/2020	11.80069899	3.036641665
3/31/2021	11.12686467	3.012444066
6/30/2021	11.18981547	2.986456596
9/30/2021	11.55590725	3.001931086
12/31/2021	11.32739142	2.847918268

Note: Ratio is calculated as (total assets - separate account assets)/(total capital - accumulated other comprehensive income) using generally accepted accounting principles. The largest 10 publicly-traded life and property and casualty insurers primarily doing business in the U.S. are included. Based on U.S. insurance assets as of the most recent year end. The figure reflects an update in methodology from the corresponding chart in the November 2021 Financial Stability Report.

Source: Generally accepted accounting principles data from 10-Q and 10-K filings accessed via S&P Global, Capital IQ Pro.

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Figure 3.7. Change in the use of financial leverage

Net percentage

Date	Hedge funds	Trading REITs	Insurance companies	Mutual funds
12/31/2011	-55	0	0	0
3/31/2012	-20	15	5	5
6/30/2012	-22.72727273	4.545454545	4.761904762	0
9/30/2012	-4.545454545	5.882352941	-4.761904762	0
12/31/2012	9.090909091	16.66666667	0	4.761904762
3/31/2013	27.27272727	5.555555556	4.761904762	0
6/30/2013	22.72727273	0	0	4.761904762
9/30/2013	-18.18181818	-33.33333333	-4.545454545	4.761904762
12/31/2013	-9.090909091	-33.33333333	0	5
3/31/2014	0	-38.88888889	0	5
6/30/2014	4.545454545	-5.555555556	-4.545454545	5
9/30/2014	22.72727273	11.76470588	-4.545454545	0
12/31/2014	0	0	0	4.761904762
3/31/2015	14.28571429	-5.882352941	0	10
6/30/2015	0	11.76470588	0	5
9/30/2015	-5	0	5	5
12/31/2015	9.523809524	5.882352941	4.761904762	0
3/31/2016	-4.761904762	5.882352941	5	0
6/30/2016	-15	6.25	0	0
9/30/2016	4.347826087	5.263157895	0	4.545454545
12/31/2016	17.39130435	-5.263157895	0	4.761904762
3/31/2017	0	0	0	0
6/30/2017	4.347826087	0	0	0
9/30/2017	17.39130435	5.263157895	0	4.545454545
12/31/2017	0	-15	0	4.761904762
3/31/2018	0	5	0	0
6/30/2018	0	5	0	5
9/30/2018	4.347826087	5.263157895	0	0
12/31/2018	0	0	0	0
3/31/2019	-8.695652174	-4.761904762	0	0
6/30/2019	4.347826087	9.523809524	4.545454545	0
9/30/2019	-4.545454545	10	5	0
12/31/2019	4.545454545	10	0	0
3/31/2020	0	4.545454545	0	0
6/30/2020	-65.2173913	-75	-4.761904762	-15
9/30/2020	-4.347826087	-42.10526316	5.555555556	-11.11111111
12/31/2020	-17.39130435	-10.52631579	0	0
3/31/2021	-4.347826087	15	0	0
6/30/2021	-8.695652174	0	0	0
9/30/2021	-21.73913043	5.263157895	0	0
12/31/2021	-13.04347826	0	10	0
3/31/2022	-8.695652174	0	0	0

Note: Net percentage equals the percentage of institutions that reported increased use of financial leverage over the past 3 months minus the percentage of institutions that reported decreased use of financial leverage over the past 3 months. REIT is real estate investment trust.

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

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Figure 3.8. Gross leverage at hedge funds

Ratio

Date	Median	Mean
3/31/2013	2.216536749	6.465513612
6/30/2013	2.255332057	6.880126446
9/30/2013	2.262716718	6.641322285
12/31/2013	2.300882245	6.34322089
3/31/2014	2.326967285	6.496923674
6/30/2014	2.296069689	6.287352081
9/30/2014	2.229486295	6.455609987
12/31/2014	2.264217024	5.970046043
3/31/2015	2.182578855	5.987349209
6/30/2015	2.212463655	5.759106452
9/30/2015	2.210342387	6.018164967
12/31/2015	2.296175638	5.702461455
3/31/2016	2.231665259	6.166241205
6/30/2016	2.237281418	6.242662954
9/30/2016	2.168668065	6.292906892
12/31/2016	2.18965335	6.376881801
3/31/2017	2.20533479	6.735371657
6/30/2017	2.237051225	6.692425279
9/30/2017	2.169108726	6.928671713
12/31/2017	2.109481936	7.039484158
3/31/2018	2.174627406	8.33141547
6/30/2018	2.126242588	7.781146285
9/30/2018	2.137289279	7.323995221
12/31/2018	2.115553416	7.606095429
3/31/2019	2.054646034	8.036075609
6/30/2019	2.12030005	7.983315929
9/30/2019	2.055463857	7.853735895
12/31/2019	2.014136854	7.812566144
3/31/2020	2.014970591	7.951172794
6/30/2020	1.997654078	7.018861023
9/30/2020	1.970489227	7.439681007
12/31/2020	1.967647636	7.354875223
3/31/2021	1.925396861	7.474617185
6/30/2021	1.887528227	7.540500618
9/30/2021	1.895537094	7.753744786

Note: Leverage is computed as the ratio of hedge funds' gross notional exposure to net asset value. Gross notional exposure includes the nominal value of all long and short positions and derivative notional exposures. Options are delta adjusted, and interest rate derivatives are reported at 10-year bond equivalents. The mean is weighted by net asset value. The data are reported on a 2-quarter lag, starting in the first quarter of 2013.

Source: 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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Figure 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 2022. The bar for 2022 is thinner to represent that the data from the first quarter of 2022 is annualized to create the yearly bar. The y-axis is in billions of dollars (real) and ranges from 0 to 3000. Data are annual. CDOs (including CLOs and ABS CDOs), represented in tan, begin at about 88 billion in 2001, peak at about 537 billion in 2006, decrease to about 70 billion by 2008 and then 6 billion in 2010, and generally increase to about 240 billion in 2021 before ending around 135 billion in 2022. Auto loan/lease ABS, represented in dark blue, begins at about 130 billion in 2001 and remains around that level until 2008 where it decreases to 50 billion. The bar then increases to about 100 billion by 2012 and increases to around 140 billion by 2021. It declines to around 75 billion in 2022. Non-agency CMBS, represented in dark pink shading, begins at about 110 billion in 2001, peaks at about 280 billion in 2006, decreases to about 15 billion by 2008, and slowly increases to about 115 billion in 2015. From this point, it alternates back and forth from about 115 billion to around 80 billion, reaching almost 125 billion in 2021 before declining to 83 billion in 2022. Private-label RMBS, represented in dark gray begins at nearly 400 billion in 2001, peaks at about 1600 billion in 2007, drops to about 0 in 2009 and stays near there through 2010. It increases steadily to about 115 billion in 2019 before dipping slightly in 2020, spiking to around 167 billion in 2021, and ending at about 125 billion in 2022. Other, represented in light gray, begins at about 250 billion in 2001, peaks at about 315 billion in 2006 and 2007, drops to about 160 billion in 2008, and decreases to about 125 billion in 2020 before finishing at 100 billion in 2022. All five categories together begin at about 1000 billion in 2001 and peak around 2800 billion in 2006. The total then drops to about 315 billion in 2008 and increases to about 650 billion in 2019 before dropping slightly to about 500 billion in 2020. Then, the total goes back up to 850 billion in 2021 before declining to around 500 billion in 2022.

Note: The data from the first quarter of 2022 are annualized to create the 2022 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; resecuritized real estate mortgage investment conduit (Re-REMIC) RMBS; and Re-REMIC CMBS. The data are converted to constant 2022 dollars using the consumer price index. The key identifies bars in order from top to bottom.

Source: Green Street Advisors, LLC, Commercial Mortgage Alert’s CMBS Database and Asset-Backed Alert’s ABS Database; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 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 2018 to 2021. The y-axis measures billions of dollars and ranges from 0 to 2000. The data are quarterly ending at 2021:Q4. 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 1300 billion in 2018 to about 1800 billion in 2021:Q4. The first variable, 'Financial transactions processing', is designated by orange shading. This variable increases from 21 billion in 2018 to 36 billion in 2021:Q4. The second variable, 'Private equity, BDCs, and credit funds', is designated by turquoise shading. This variable increases from 48 billion in 2018 to 64 billion in 2021:Q4. The third variable, 'Broker-dealers', is designated by light blue shading. This variable increases from 106 billion in 2018 to 175 billion in 2021:Q4. The fourth variable, 'Insurance', is designated by medium blue shading. This variable decreases from 139 billion in 2018 to 107 billion in 2019:Q1 before increasing to 115 billion in 2019:Q2 where it hovers between 120 billion and 112 billion through 2021:Q4, ending at 120 billion in 2021:Q4. The fifth variable, 'REITs', is designated by red shading. It begins at 119 billion in 2018:Q1 and increases to 126 billion in 2018:Q3. It then falls steadily through 2021:Q4 where it ends at 52 billion. The sixth variable, 'Open-end investment funds', is designated by green shading. This variable begins at 112 billion in 2018 and increases steadily to end around 180 billion in 2021:Q4. The seventh variable, 'Special purpose entities, CLOs, and ABS', is designated by light gray shading. This variable starts at 126 billion in 2018 and increases steadily to end at 235 billion in 2021:Q4. The eighth variable, 'Other financial vehicles', is designated by dark gray shading. This variable increased from 198 billion in 2018 to end at 414 billion in 2021:Q4. The ninth variable, 'Real estate lenders and lessors', is designated by beige shading. This variable has increased steadily from 161 billion in 2018:Q1 to 341 billion in 2021:Q4. The tenth variable, 'Consumer lenders, other lenders, and lessors', is designated by dark blue shading. This variable starts at 180 billion in 2018 and stays flay until 2019:Q2, where is decreases 166 billion. It then increases again, rising to 202 billion in 2021:Q4.

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 2018: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. BDC is business development company.

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

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Figure 3.11. Growth of loan commitments to and utilization by nonbank financial institutions in the fourth quarter of 2021, by sector

This is a bar chart titled “Growth of Loan Commitments and Utilization to Nonbank Financial Institutions in 2021, by Sector.” The x-axis shows the ten different sectors of NBFIs. The y-axis represents percent growth of loan commitments and utilization rates to NBFIs and ranges from -20 to 40 percent. The data are quarterly. The chart shows the 2020:Q4 over 2021:Q4 growth rate. There are two variables plotted on the chart for each sector. Committed amounts is represented as a red bar and utilized amounts is represented as a light gray bar. From left to right, the first sector is ‘REITs’. REITs have a committed amount of -30 percent and a utilized amount of -16 percent for 2021:Q4. The second sector is ‘Financial transactions processing’ which has a committed amount of 4 percent and a utilized amount of -27 percent for 2021:Q4. The third sector is ‘Consumer, leasing, other lenders’. This sector has a committed amount of 11 percent and a utilized amount of 19 percent for 2021:Q4. The fourth sector is ‘Insurance companies’ which has a committed amount of 7.5 percent and a utilized amount of 48.5 percent for 2021:Q4. The fifth sector is ‘PE, BDCs & credit funds’. This sector has a committed amount of about 15.5 percent and a utilized amount of about 28 percent as of 2021:Q4. The sixth sector is ‘Broker-dealers’ which has a committed amount of 26 percent and a utilized amount of 48 percent in as of 2021:Q4. The seventh sector is ‘Open-end investment funds’ which have a committed amount of 20 percent and a utilized amount of 30 percent as of 2021:Q4. The eighth sector is ‘SPEs, CLOs, & ABS’. This sector has a committed amount of 14 percent and a utilized amount of 34.5 percent as of 2021:Q4. The ninth sector is ‘Real estate lenders & lessors’. This sector has a committed amount of 20.5 percent and a utilized amount of 25 percent as of 2021:Q4. The tenth sector is ‘Other financial vehicles’ which has a committed amount of 31 percent and a utilized amount of about 74 percent as of 2021:Q4. There are two bars showing the total for all NBFIs, which show a committed amount of 17 percent and a utilized amount of 36 percent.

Note: 2021:Q4-over-2020:Q4 growth rates as of year-end 2021. REIT is real estate investment trust; PE is private equity; BDC is business development company; SPE is special purpose entity; CLO is collateralized loan obligation; ABS is asset-backed securities. The key identifies bars in order from left to right.

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

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Figure 4.1. 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
2019 Q1	5.114648572	3.838185484	5.100713356	14.76777649	18.21181197	22.60644391
2019 Q2	5.059574881	3.047497819	5.121866844	14.99487418	18.54563406	22.67712743
2019Q3	5.103953106	2.895836561	4.998402151	16.00876639	19.67942403	23.18875539
2019Q4	5.178993901	2.666256943	4.818041764	16.61434496	18.68533489	23.73779127
2020Q1	5.411326755	2.743214756	5.068415872	19.65263165	19.42988854	27.16044588
2020Q2	6.409125939	3.332778236	5.168188297	24.043355	19.68134574	31.79241889
2020Q3	5.898588833	2.851091056	4.526984661	20.8336142	18.34497776	30.59762619
2020Q4	5.680567019	2.966393239	4.595011305	19.99744696	18.6247531	31.86759011
2021Q1	5.565363921	3.113090896	5.014927471	20.40481836	16.74803576	32.42369609
2021Q2	5.477616042	3.282623217	4.772898777	19.9271988	15.64280331	32.40723196
2021Q3	5.256405719	3.373538425	4.617641222	19.60125688	15.52832044	33.25357299
2021Q4	5.182838531	3.184959683	4.225221071	19.60251392	15.14568854	33.55527242

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 (VRDOs), 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 VRDOs 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.html.

Source: Securities and Exchange Commission, Private Funds Statistics; iMoneyNet, Inc., Offshore Money Fund Analyzer; Bloomberg Finance L.P.; Securities Industry and Financial Markets Association: U.S. Municipal Variable-Rate Demand Obligation 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 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, Asset-Backed Commercial Paper Program Index; Bureau of Economic Analysis, gross domestic product via Haver Analytics.

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Figure 4.2. 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 2021. The y-axis represents liquid assets as a percent of total assets, and ranges from 0 to 32 percent. The data are quarterly. There are three variables charted on the plot.

The first line, labeled ‘Other BHCs’ is designated by a solid black line and ranges from about 5 percent to about 18 percent. The series falls from about 10 percent in 2001 to about 5 percent in 2008:Q1 and then rises steadily to about 12 percent in 2011 where it remains until the end of 2012. The line then declines steadily to around 9 percent at the end of 2019 before sharply increasing to about 18 percent by 2021:Q4. The second line, labeled 'Large non-G-SIBs', is designated by a solid blue line and ranges from 6 to about 25 percent. This variable falls from about 9 percent to about 6 percent in 2008:Q2 before rising to 14 percent by 2011. The series falls to 12 percent in 2013 before rising slowly to 16 percent in 2017, where it remains until the end of 2019. The series then rises sharply from early 2020 to early 2021 to about 25 percent, before falling slightly to 23 percent in 2021:Q4. The third line, labeled G-SIBs, is designated by a solid red line and ranges from about 6 to 31 percent. It begins around 10 percent and remains there until 2004. The series then falls to around 6 percent by 2006, staying there until 2008. The series jumps sharply to 12 percent in late 2008, and then increases steadily to 22 percent through 2014. The series remains around 22 percent until late 2018 when it temporarily dips to 20 percent, before rising quickly for the remainder of the series to 30 percent.

Note: Sample consists of domestic bank holding companies (BHCs), intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence, and commercial banks. 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. Liquid assets are cash 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.

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

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Figure 4.3. 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 2021. The y-axis represents short-term wholesale funding as a percent of assets, and ranges from 5 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 10 to 35 percent. The variable begins near 28 percent in 2000:Q1, declines steadily to about 23 percent in 2003:Q4, increases to about 33 percent by the end of 2006 and remains there until 2008:Q1. It then steadily declines to about 16 percent in 2015:Q1 and remains near that level through 2019:Q3 before steadily declining to about 10 percent in 2021:Q4.

Note: Short-term wholesale funding is defined as the sum of large time deposits with maturity less than 1 year, federal funds purchased and securities sold under agreements to repurchase, deposits in foreign offices with maturity less than 1 year, trading liabilities (excluding revaluation losses on derivatives), and other borrowed money with maturity less than 1 year. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.

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

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Figure 4.4. Domestic money market fund assets

This is a filled line chart titled “Domestic Money Market Fund Assets.” The x-axis ranges from 2000 to 2022. The y-axis ranges from 0 to 6000 in billions of real dollars. The data is monthly. There are four variables charted on the plot. The first portion is labeled Government; it is designated by the tan filled portion of the chart and ranges from about 500 to about 4275. This variable starts around 500 billion dollars and remains around that level until early 2007. The series then increases to around 2000 billion dollars by the start of 2009 before falling back to around 1000 billion dollars by 2011. The series remains around this level until the end of 2015 when the series increases rapidly to around 2500 billion dollars. The series stays at this level until the end of 2018, rises to about 3000 billion dollars by the end of 2019, and rises sharply to about 4250 billion dollars in early 2020. The series remains between 4000 and 4250 through the end of the plotted period. The second portion is labeled Tax exempt; is designated by the orange filled portion of the chart; and ranges from about 100 to about 650. This variable starts around 350 billion dollars and increases continuously to the peak value of around 650 billion dollars in 2008. Starting in 2009, the variable declines quickly and then more gradually through 2015, ending 2015 at around 300 billion dollars. The series drops sharply to 150 billion dollars in 2016 and remains at that level through mid-2020, before declining steadily to around 90 by January 2022. The third portion is labeled Retail prime; it is designated by the light blue filled portion of the chart and ranges from about 200 to about 1280. This variable starts at 1200 billion dollars and fluctuates around this level until the end of 2001. The variable declines gradually from 2002 until 2005 where it hits a low of around 750 billion dollars. The series then increases until 2008 when it reaches a local peak of around 1100 billion dollars. The series then falls quickly, and then more slowly, through 2015, ending 2015 at about 600 billion dollars. The series falls sharply in 2016 to about 300 billion dollars and remains there until mid-2018. It then increases to almost 500 by early 2020. The series falls sharply to 350 billion dollars in early 2020 before decreasing to about 200 billion dollars in January 2022. The variable ends in January 2022 at 201 after a sharp decrease in the second half of 2020.

The fourth portion is labeled Institutional prime; it is designated by the dark blue filled portion of the chart and ranges from about 140 to about 1650. This variable starts at 700 billion dollars and generally increases from 2000 through 2002 to about 1300 billion dollars. From 2003 through early 2005, the series falls to about 900 billion dollars and then starts rising again, hitting about 1650 billion dollars in August 2008. The variable has a sharp decline in late 2008 to about 1200 billion dollars before quickly rebounding to about 1600 billion dollars in August 2009. The series generally falls over the next couple of years, hitting about 1100 billion dollars by early 2012, where it remains until late 2015. The variable experiences a sharp decline in December 2016 to the minimum value of around 140 billion dollars. The series increases through early 2020 to about 350 billion dollars, drops sharply in March 2020 to 240 billion dollars, increases back to about 340 billion dollars, before declining slowly to 238 billion dollars by January 2022.

Note: The data are converted to constant 2022 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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Figure 4.5. U.S. corporate bonds held by U.S. mutual funds

Billions of dollars (real)

Date	Corporate bond amount
2000 Q1	438.9893232
2000 Q2	429.0697036
2000 Q3	419.036918
2000 Q4	390.3543539
2001 Q1	400.6910485
2001 Q2	410.3517165
2001 Q3	414.5938616
2001 Q4	422.2830636
2002 Q1	442.4171719
2002 Q2	457.6453338
2002 Q3	444.1785204
2002 Q4	452.0431962
2003 Q1	450.6462736
2003 Q2	498.4485275
2003 Q3	502.9972992
2003 Q4	496.3384328
2004 Q1	530.8953908
2004 Q2	466.6998574
2004 Q3	470.7646502
2004 Q4	479.2409763
2005 Q1	460.515465
2005 Q2	466.1411135
2005 Q3	446.4951126
2005 Q4	441.9139005
2006 Q1	459.5326628
2006 Q2	445.2279929
2006 Q3	454.81059
2006 Q4	480.1029247
2007 Q1	482.6683225
2007 Q2	468.9092873
2007 Q3	485.3828121
2007 Q4	479.8013448
2008 Q1	467.004284
2008 Q2	499.5453906
2008 Q3	453.1970678
2008 Q4	423.8124767
2009 Q1	435.7981864
2009 Q2	518.6309402
2009 Q3	594.2191274
2009 Q4	679.6961194
2010 Q1	749.089831
2010 Q2	759.0381186
2010 Q3	845.4031121
2010 Q4	914.896662
2011 Q1	952.4107176
2011 Q2	942.3448106
2011 Q3	845.4665629
2011 Q4	872.9638627
2012 Q1	941.3464925
2012 Q2	953.1305997
2012 Q3	1024.606435
2012 Q4	1072.853706
2013 Q1	1092.974877
2013 Q2	1053.067425
2013 Q3	1074.384499
2013 Q4	1105.296168
2014 Q1	1133.983073
2014 Q2	1155.886167
2014 Q3	1154.442577
2014 Q4	1176.262014
2015 Q1	1221.842221
2015 Q2	1222.4658
2015 Q3	1206.37251
2015 Q4	1149.447128
2016 Q1	1196.135889
2016 Q2	1219.432097
2016 Q3	1260.527068
2016 Q4	1200.495387
2017 Q1	1222.843818
2017 Q2	1217.502545
2017 Q3	1228.027258
2017 Q4	1186.123921
2018 Q1	1174.62444
2018 Q2	1159.360385
2018 Q3	1191.7943
2018 Q4	1116.331832
2019 Q1	1181.352404
2019 Q2	1228.219154
2019 Q3	1256.139285
2019 Q4	1251.459111
2020 Q1	1246.309656
2020 Q2	1481.73111
2020 Q3	1514.127796
2020 Q4	1546.881999
2021 Q1	1502.015856
2021 Q2	1515.244191
2021 Q3	1459.686849
2021 Q4	1442.457926

Note: The data show holdings of all U.S. corporate bonds by all U.S.-domiciled mutual funds (holdings of foreign bonds are excluded). The data are converted to constant 2021 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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Figure 4.6. Bank loan and high-yield bond mutual fund assets

This is a stacked line chart titled “Bank loan and high-yield bond mutual fund assets.” The x-axis measures time and ranges from 2000 to 2022. The y-axis is in billions of dollars (real) and ranges from 0 to 600. The data are monthly. Bank loan mutual funds are represented in maroon. The series begins just under 30 and decreases until hitting its minimum of about 15 in June 2003. It then steadily increases, reaching over 50 in June 2007 before decreasing to around 20 in December 2008. The series then increases steadily to around 175 in March 2014. The series decreases to just over 100 in February of 2016 and rises to 155 in October 2018. It then decreases sharply to around 95 in February 2020 and drops sharply to 70 by March of 2020 where it remained steady through 2020. In early 2021, the variable begins to steadily rise, ending around 115 in February 2022. High-yield bond mutual funds are represented in tan. The series begins around 185 and steadily declines until September 2002. After September it begins to increase, hovering around 200 billion from mid-2003 throughout 2007. The series declines through 2008, dropping to around 126 billion in November 2008. The series steadily increases again and reaches its peak of around 350 billion in June 2014. It hovers around 300 billion until February 2018 when it drops to 275 billion. It stays in this range until it begins to increase again in July 2020, reaching 317 in January 2021. It then begins to decline, ending at 275 in February 2022.

Note: The data are converted to constant 2022 dollars using the consumer price index. The key identifies series in order from top to bottom.

Source: Investment Company Institute; Bureau of Labor Statistics, consumer price index via Haver Analytics.

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Figure 4.7. Net flows to selected bond and bank loan mutual funds

This is a stacked bar chart titled “Net Flows to Selected Bond and Bank Loan Mutual Funds.” The x-axis ranges from January 2017 to February 2022, with labels for February, May, August, and November of each year. The y-axis is in billions of dollars and ranges from negative 150 billion to 150 billion. The data are monthly. Investment-grade bon¬d mutual funds are shown in blue. The series starts at 5 billion in January 2017 and rises until March 2017 to 18 billion. It then oscillates within the range of 0 to 15 billion until September 2018 aside from one peak in January 2018 at 22 billion. It drops dramatically in October 2018 from around 10 billion the previous month to negative 14 billion. It goes back to 0 in January 2019 and oscillates between 6 and 27 billion until March 2020. In March 2020, it plummets to negative 89 billion before returning to a range of 22 to 42 billion through the rest of 2020. It decreases to 28 billion in February 2021 and then continues to decrease until July 2021 to 2 billion. Starting in December 2021, the series has three outflows ranging from 12 billion to 17 billion. The last value is negative 17 billion in February 2022. Bank loan mutual funds are represented in red. It begins around 3 billion and decreases through December 2017 to about negative 1 billion. It then increases steadily through June 2018 to about 2.5 billion dollars. It then decreases to about negative 5 billion in November 2018 before dropping dramatically in December 2018 to about negative 13 billion. It recovers slowly through 2019 and ends at about negative 3 billion dollars in December 2019. In January 2020 it increases to around 0 before declining slightly in February and sharply to negative 11 billion in March and then experience outflows in the range of 1 to 2 billion dollars through October 2020. It increased to 0 in December 2020 before going positive through 2021. The last value is about 6 billion in February 2022. High-yield bond mutual funds are represented in tan. The bar begins around 700 million and decreases to negative 7 billion in March 2017, staying negative or just barely above 0 through 2017. The series decreases significantly in February 2018 to -10 billion, and then increases to 1 billion dollars in April 2018. The series then experiences four months of outflows that range from 700 million dollars to 3 billion dollars before experiencing a billion-dollar inflow in September 2018. The flows in 2019 range from around negative 4 billion dollars to 3 billion dollars and the December 2019 flow is roughly 700 million. In March of 2020, there is a significant outflow of 10 billion dollars, then a 10-billion-dollar inflow in April 2020, followed by another 12-billion-dollar inflow in May 2020. The series experience inflows through August 2020 ranging from 2 to 5 billion dollars. The series has five consecutive outflows sizing from 70 million to 5 billion from February 2021 till June 2021. The last value is around negative 5 billion in February 2022.

Note: Mutual fund assets under management as of February 2022 included $2,537 billion in investment-grade bond funds, $275 billion in high-yield bond funds, and $116 billion in bank loan funds. The key identifies series in order from top to bottom.

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Figure A. Front-month futures prices

This is a line chart titled “Front-month futures prices”. The x-axis ranges from 2000 to 2022 in daily units. The left y-axis ranges from 0 to 22.5 in units of dollars per bushel (for wheat) and dollars per MMBTu (for natural gas). The right y-axis ranges from -50 to 175 in units of dollars per barrel (for oil) and dollars per MMBtu (for natural gas). There are four variables charted on the plot. The first line is labeled Wheat (SRW); it is designated by a green solid line, ranges from $2.50 per bushel to $12.50, and is charted on the left y-axis. The data is stable from 2000 to 2006, at around $3. Prices spike between 2007 and 2008, reaching a peak of around $13. They then decline to $5 in 2009, jump back up to around $8 in 2010 before stabilizing around $7 and remaining around this price between 2011 and 2020. The price climbs to $8 from mid-2020 to the end of 2021, and remains here until late February 2022, when the price spikes up to $14 before falling to $12 in early March. The final data point is April 22, 2022, where the price remains around $11. The second line is labelled U.S. (Henry Hub) natural gas, is designated by a blue solid line, ranges from $2.50 per MMBTu to $15, and is charted on the left y-axis. This variable is highly volatile but generally increases from around $3 in 2000 to $8 in 2007, with a notable spike in 2005 to $15. After peaking in 2008 at $12.50, the price then declines to around $4 in 2009, and remains around this price until 2021. The price jumps in late 2021 to $6. In 2022, the price increases slowly between January and April from $5 to $7. The third line is labeled oil (WTI), is designated by a black solid line, ranges from $-25 per barrel to $150, and is scaled on the right y-axis. The variable starts at around $25 per barrel in 2000, and steadily climbs to a peak of $145 in 2008. The price then drops sharply to $30 in early 2009 before stabilizing around $80 between 2009 and 2014. Then price then declines to around $50, where it remains level between 2015 and 2019. In early 2020, the price drops sharply to $-25 per barrel, whereafter it steadily increases, peaking at $125 in March 2022. The variable ends in April 2022 at slightly over $100. The fourth line is labeled Dutch (TTF) natural gas, is designated by a red solid line, ranges from $1 per MMBTu to $66, and is charted on the right y-axis. The variable starts in 2005 and remains around $5 between 2005 and 2021, when the price spikes to $9 before dropping to $6. In 2022, the price remains at $6, except for a spike in early March.

Note: The data for Dutch natural gas start in 2005. Dutch Title Transfer Facility (TTF) natural gas is quoted in euros per megawatt hour; the price has been converted into dollars per metric million British thermal unit (MMBtu). SRW is soft red winter. WTI is West Texas Intermediate. The shaded area with a top cap represents an expanded window focusing on the period from January 1, 2022, onward.

Source: Bloomberg Finance L.P.

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Figure B. Trading volume and open interest of commodity futures

This is a panel of four line-and-bar charts titled “Trading volume and open interest of commodity futures.” The x-axis of each chart ranges from 2019 to 2022. Each chart plots two variables: trading volume, represented by solid blue bars, and open interest, represented by a solid black line. Both variables are daily.

The top-left chart is subtitled “Dutch (Title Transfer Facility) natural gas.” The right y-axis ranges from 0 to 500 in units of thousands of contracts. The left y-axis ranges from 0 to 2.5 in units of millions of contracts. Trading volume, plotted on the right scale, is highly volatile but generally increases from 90 thousand contracts in early 2019 to 200 thousand in early 2022. After a notable spike in 2022:Q1, trading volume declines to around 160 thousand in April 2022. Open interest, charted on the left scale, increases from around 1 million contracts to around 2 million between early 2019 and mid-2021. This variable remains at 2 million until the end of 2021, when it declines sharply. In April 2022, open interest is around 1.1 million.

The top-right chart is subtitled “Wheat (soft red winter).” The y-axis ranges from 0 to 600 in units of thousands of contracts. Trading volume is highly volatile, ranging from around 75 thousand contracts to 250 thousand, but stays stable between early 2019 and April of 2022. Notably, two spikes occur: one in 2020:Q1, to around 320 thousand, and one in 2022:Q1, to nearly 400 thousand. Open interest also exhibits high volatility, ranging from 330 thousand contracts to around 500 thousand, and displays a slight decline from around 400 thousand contracts in 2019 to around 350 thousand contracts in early 2022. There is, again, a major spike in early 2020 to over 500 thousand.

The bottom-left chart is subtitled “U.S. (Henry Hub) natural gas.” The y-axis ranges from 0 to 2000 in units of thousands of contracts. Trading volume is highly volatile, ranging from around 300 thousand contracts to 800 thousand, but stays mostly steady within this range between 2019 and 2022. However, there is a brief spike in early 2020 when trading volume is elevated, ranging from 500 thousand to one million. Open interest remains largely steady over the span, remaining between 1 million and 1.3 million contracts for much of the 2019-2022 span. However, there two periods of elevated open interest: early 2020, when open interest rises to 1.5 million contracts briefly; and late 2021, when open interest again rises to 1.5 million contracts before tapering down slowly. In April 2022, open interest sits at around 1.15 million.

The bottom-right chart is subtitled “Oil (West Texas Intermediate).” The y-axis ranges from 0 to 5000 in units of thousands of contracts. Trading volume is highly volatile, remaining largely between 500 thousand and 1.7 million contracts, but remains steady for much of the 2019-2022 span. However, in early 2020, trading volume jumps, and for much of the first half of 2020 sits between 1.3 million and 4 million contracts. Open interest is around 2 million contracts between 2019 and early 2021, when it rises to 2.5 million. Between early 2021 and early 2022, open interest steadily declines, ending in April 2022 at 1.7 million.

Source: Bloomberg Finance L.P.

Return to text

Figure C. Initial margin for front-month futures in dollars

This is a line chart titled “Initial margin for front-month futures in dollars.” The x-axis ranges from January 2020 to April 2022. The data is daily. The y-axis ranges from 0 to 15,000 in units of dollars per contract, or dollars per 100 contracts for Dutch natural gas. There are four variables charted on the plot.

The first line is labeled Wheat (SRW), is designated by a green solid line, and ranges from $1,000 to $7,000 per contract. This variable sits around $1,000 in 2020, then rises to around $2,000 in early 2021. It remains there until February 2022, when prices begin to rise, peaking at around $7,000 in March 2022. The variable ends in April 2022 at $4,000.

The second line is labeled U.S. (Henry Hub) natural gas, is designated by a solid blue line, and ranges from $2,000 to $7,500 per contract. The variable sits around $2,500 between January 2020 and August 2021. The variable then rises to nearly $7,500 between September and October 2021. Between October 2021 and April 2022, this variable fluctuates between $5,000 and $7,500, ending in April 2022 at around $6,500.

The third line is labeled Oil (WTI), is designated by a solid black line, and ranges from $4,000 to $12,000 per contract. This variable starts around $4,000 in January 2020, before rising sharply between March and May 2021 to a peak of $12,000. The variable then slowly declines between May 2020 and October 2020 to around $5,000 where it remains until November 2021. The variable then begins to rise slowly, then sharply, peaking at $12,000 again in March 2022. The variable ends in April 2022 in decline, at around $8,500.

The fourth line labeled Dutch (TTF) natural gas, is designated by a solid red line, and ranges from nearly $0 to $13,000 per 100 contracts. Between January 2020 and August 2021, this variable sits at or near $0. In August 2021, this variable begins to rise, reaching $2,500 in October 2021. The variable then sits at this price until two subsequent spikes in price: first, to $7,000 in December 2021, after which it falls back to $2,500; second, to nearly $13,000 in late February/early March 2022; after which it remains elevated. The series ends in April 2022 at $7,000.

Note: SRW is soft red winter; WTI is West Texas Intermediate; TTF is Title Transfer Facility.

Source: CME Group Inc.; Intercontinental Exchange, Inc. (made available in accordance with ICE Terms of Use).

Return to text

Figure D. Futures margin as a percentage of contract value

This is a line chart titled “Futures margin as a percent of contract value.” The x-axis ranges from 2003 to 2022 in daily units. The left y-axis ranges from 0 to 30 in units of percent. The right y-axis ranges from 0 to 100 in units of absolute percent. There are four variables charted on the plot. The first line is labeled Wheat (SRW), is designated by a green solid line, and is plotted with respect to the left axis. The series ranges from 2 to 12 percent. From 2003 to the end of 2007, the series stays within 2 to 6. In early 2008, the series increases significantly to a local minimum of about 12 percent. From 2009 to the end of February 2022, the variable mostly moves sideways and stays in a range of about 4 percent to about 10 percent. In middle March 2022, the variable increases significantly to about 12 percent. Through the middle of March 2022 through April 2022, the variable gradually declines, and its last value is about 8 percent on April 22. The second line is labeled U.S. (Henry Hub) natural gas, is designated by a solid blue line, and is plotted with respect to the left axis. The series ranges from 4 to 20 percent. The third line is labeled Oil (WTI), is designated by a solid black line, and is plotted with respect to the right axis. The series ranges from about 3 to 81 absolute percent. The series starts at about 13 in 2009. From 2009 to 2019, the series ranges from about 3 to 19. In 2020, the series increases significantly to the series maximum value of 81. The series quickly decreases after the maximum and returns to its historical range by the beginning of 2021. The series last value is in 8.5 in late April 2022. The fourth line labeled Dutch (TTF) natural gas, is designated by a solid red line, and is plotted with respect to the right axis. The series ranges from 1 to 81 absolute percent. The series starts at 1.7 in March 2016. The variable increases significantly through 2021 to about 42. It remains around this level until March 2022. In March 2022, the series increases significantly to its maximum value of 81. The last value is about 70 in April 2022.

Note: SRW is soft red winter. TTF is Title Transfer Facility. The data for U.S. (Henry Hub) natural gas and West Texas Intermediate (WTI) oil start in 2009. The data for Dutch Title Transfer Facility (TTF) natural gas start in 2016. The shaded area with a top cap represents an expanded window focusing on the period from January 1, 2022, onward.

Source: Federal Reserve calculations based on data from Bloomberg Finance L.P.; CME Group Inc.; Intercontinental Exchange, Inc. (made available in accordance with ICE Terms of Use).

Return to text

Figure E. Wheat (soft red winter) futures liquidity measures

Commodities Figure E. Wheat futures liquidity measures - Bid-ask spread

Ticks

Dates	Ticks
1/3/2017	1.017241379
1/4/2017	1.017241379
1/5/2017	1.017241379
1/6/2017	1.034482759
1/9/2017	1.034482759
1/10/2017	1.051724138
1/11/2017	1.034482759
1/12/2017	1.068965517
1/13/2017	1
1/17/2017	1.086206897
1/18/2017	1.017241379
1/19/2017	1
1/20/2017	1.017241379
1/23/2017	1.017241379
1/24/2017	1
1/25/2017	1.017241379
1/26/2017	1.068965517
1/27/2017	1.034482759
1/30/2017	1.034482759
1/31/2017	1
2/1/2017	1.017241379
2/2/2017	1.017241379
2/3/2017	1.051724138
2/6/2017	1.034482759
2/7/2017	1.034482759
2/8/2017	1
2/9/2017	1.068965517
2/10/2017	1.103448276
2/13/2017	1.051724138
2/14/2017	1.086206897
2/15/2017	1.051724138
2/16/2017	1.017241379
2/17/2017	1.034482759
2/21/2017	1.017241379
2/22/2017	1.017241379
2/23/2017	1.103448276
2/24/2017	1.086206897
2/27/2017	1.034482759
2/28/2017	1.034482759
3/1/2017	1
3/2/2017	1.103448276
3/3/2017	1.068965517
3/6/2017	1.034482759
3/7/2017	1.017241379
3/8/2017	1.034482759
3/9/2017	1.103448276
3/10/2017	1.034482759
3/13/2017	1.017241379
3/14/2017	1.017241379
3/15/2017	1.017241379
3/16/2017	1.068965517
3/17/2017	1.103448276
3/20/2017	1
3/21/2017	1.034482759
3/22/2017	1.034482759
3/23/2017	1.017241379
3/24/2017	1.017241379
3/27/2017	1.034482759
3/28/2017	1
3/29/2017	1
3/30/2017	1
3/31/2017	1.051724138
4/3/2017	1.017241379
4/4/2017	1
4/5/2017	1.034482759
4/6/2017	1.017241379
4/7/2017	1.034482759
4/10/2017	1.017241379
4/11/2017	1.034482759
4/12/2017	1.017241379
4/13/2017	1.034482759
4/17/2017	1.034482759
4/18/2017	1
4/19/2017	1.086206897
4/20/2017	1.017241379
4/21/2017	1.017241379
4/24/2017	1
4/25/2017	1
4/26/2017	1.017241379
4/27/2017	1.017241379
4/28/2017	1.051724138
5/1/2017	1
5/2/2017	1.034482759
5/3/2017	1.068965517
5/4/2017	1.017241379
5/5/2017	1.034482759
5/8/2017	1.017241379
5/9/2017	1
5/10/2017	1.034482759
5/11/2017	1
5/12/2017	1
5/15/2017	1.017241379
5/16/2017	1
5/17/2017	1.017241379
5/18/2017	1.051724138
5/19/2017	1
5/22/2017	1.017241379
5/23/2017	1
5/24/2017	1.034482759
5/25/2017	1.017241379
5/26/2017	1
5/30/2017	1.034482759
5/31/2017	1.017241379
6/1/2017	1.034482759
6/2/2017	1.034482759
6/5/2017	1.068965517
6/6/2017	1.017241379
6/7/2017	1
6/8/2017	1
6/9/2017	1.034482759
6/12/2017	1.034482759
6/13/2017	1.051724138
6/14/2017	1.086206897
6/15/2017	1.017241379
6/16/2017	1.086206897
6/19/2017	1.034482759
6/20/2017	1.051724138
6/21/2017	1.051724138
6/22/2017	1.034482759
6/23/2017	1.034482759
6/26/2017	1.034482759
6/27/2017	1.017241379
6/28/2017	1
6/29/2017	1.017241379
6/30/2017	1.051724138
7/3/2017	1.608695652
7/5/2017	1.068965517
7/6/2017	1.103448276
7/7/2017	1.068965517
7/10/2017	1.068965517
7/11/2017	1.086206897
7/12/2017	1.103448276
7/13/2017	1.051724138
7/14/2017	1.172413793
7/17/2017	1.103448276
7/18/2017	1.068965517
7/19/2017	1.068965517
7/20/2017	1.120689655
7/21/2017	1.034482759
7/24/2017	1.034482759
7/25/2017	1.068965517
7/26/2017	1.068965517
7/27/2017	1.017241379
7/28/2017	1.017241379
7/31/2017	1.068965517
8/1/2017	1.103448276
8/2/2017	1.051724138
8/3/2017	1.086206897
8/4/2017	1.034482759
8/7/2017	1.051724138
8/8/2017	1.017241379
8/9/2017	1.051724138
8/10/2017	1.086206897
8/11/2017	1.017241379
8/14/2017	1.068965517
8/15/2017	1.017241379
8/16/2017	1.051724138
8/17/2017	1
8/18/2017	1
8/21/2017	1.017241379
8/22/2017	1.017241379
8/23/2017	1.086206897
8/24/2017	1
8/25/2017	1
8/28/2017	1.034482759
8/29/2017	1.017241379
8/30/2017	1
8/31/2017	1
9/1/2017	1.017241379
9/5/2017	1
9/6/2017	1
9/7/2017	1.017241379
9/8/2017	1
9/11/2017	1
9/12/2017	1.034482759
9/13/2017	1.034482759
9/14/2017	1.017241379
9/15/2017	1.068965517
9/18/2017	1.034482759
9/19/2017	1
9/20/2017	1
9/21/2017	1
9/22/2017	1.017241379
9/25/2017	1.051724138
9/26/2017	1.017241379
9/27/2017	1
9/28/2017	1.017241379
9/29/2017	1.017241379
10/2/2017	1.017241379
10/3/2017	1.017241379
10/4/2017	1.017241379
10/5/2017	1.051724138
10/6/2017	1
10/9/2017	1.017241379
10/10/2017	1
10/11/2017	1
10/12/2017	1
10/13/2017	1.017241379
10/16/2017	1
10/17/2017	1.017241379
10/18/2017	1
10/19/2017	1
10/20/2017	1
10/23/2017	1.017241379
10/24/2017	1.017241379
10/25/2017	1.051724138
10/26/2017	1
10/27/2017	1.034482759
10/30/2017	1.017241379
10/31/2017	1.017241379
11/1/2017	1.051724138
11/2/2017	1
11/3/2017	1.017241379
11/6/2017	1.034482759
11/7/2017	1.068965517
11/8/2017	1
11/9/2017	1.034482759
11/10/2017	1.017241379
11/13/2017	1.017241379
11/14/2017	1.051724138
11/15/2017	1.051724138
11/16/2017	1.017241379
11/17/2017	1.017241379
11/20/2017	1.034482759
11/21/2017	1.034482759
11/22/2017	1
11/24/2017	1.159090909
11/27/2017	1
11/28/2017	1
11/29/2017	1.051724138
11/30/2017	1.017241379
12/1/2017	1.017241379
12/4/2017	1
12/5/2017	1
12/6/2017	1.034482759
12/7/2017	1
12/8/2017	1.017241379
12/11/2017	1
12/12/2017	1
12/13/2017	1.017241379
12/14/2017	1.034482759
12/15/2017	1.017241379
12/18/2017	1
12/19/2017	1
12/20/2017	1
12/21/2017	1.017241379
12/22/2017	1.090909091
12/26/2017	1.017241379
12/27/2017	1
12/28/2017	1
12/29/2017	1.051724138
1/2/2018	1
1/3/2018	1
1/4/2018	1
1/5/2018	1.017241379
1/8/2018	1.034482759
1/9/2018	1.051724138
1/10/2018	1
1/11/2018	1
1/12/2018	1.034482759
1/16/2018	1
1/17/2018	1.017241379
1/18/2018	1.051724138
1/19/2018	1
1/22/2018	1.017241379
1/23/2018	1.034482759
1/24/2018	1.034482759
1/25/2018	1
1/26/2018	1.017241379
1/29/2018	1
1/30/2018	1.051724138
1/31/2018	1.034482759
2/1/2018	1.068965517
2/2/2018	1.034482759
2/5/2018	1
2/6/2018	1.017241379
2/7/2018	1.068965517
2/8/2018	1.034482759
2/9/2018	1.086206897
2/12/2018	1.068965517
2/13/2018	1
2/14/2018	1.068965517
2/15/2018	1.086206897
2/16/2018	1.103448276
2/20/2018	1.068965517
2/21/2018	1.103448276
2/22/2018	1.034482759
2/23/2018	1.017241379
2/26/2018	1.017241379
2/27/2018	1.017241379
2/28/2018	1.051724138
3/1/2018	1
3/2/2018	1.034482759
3/5/2018	1.034482759
3/6/2018	1.034482759
3/7/2018	1.034482759
3/8/2018	1.034482759
3/9/2018	1.068965517
3/12/2018	1.034482759
3/13/2018	1.017241379
3/14/2018	1.051724138
3/15/2018	1.017241379
3/16/2018	1.068965517
3/19/2018	1.017241379
3/20/2018	1.051724138
3/21/2018	1.034482759
3/22/2018	1.051724138
3/23/2018	1.103448276
3/26/2018	1.103448276
3/27/2018	1.034482759
3/28/2018	1.017241379
3/29/2018	1.068965517
4/2/2018	1.103448276
4/3/2018	1
4/4/2018	1.051724138
4/5/2018	1.086206897
4/6/2018	1.086206897
4/9/2018	1.051724138
4/10/2018	1.120689655
4/11/2018	1.103448276
4/12/2018	1.051724138
4/13/2018	1.137931034
4/16/2018	1.068965517
4/17/2018	1.051724138
4/18/2018	1.034482759
4/19/2018	1.017241379
4/20/2018	1.034482759
4/23/2018	1.017241379
4/24/2018	1.068965517
4/25/2018	1
4/26/2018	1.034482759
4/27/2018	1.051724138
4/30/2018	1.017241379
5/1/2018	1.068965517
5/2/2018	1.034482759
5/3/2018	1.017241379
5/4/2018	1.068965517
5/7/2018	1.103448276
5/8/2018	1.051724138
5/9/2018	1.137931034
5/10/2018	1.137931034
5/11/2018	1.034482759
5/14/2018	1.103448276
5/15/2018	1.120689655
5/16/2018	1.068965517
5/17/2018	1.068965517
5/18/2018	1.103448276
5/21/2018	1.086206897
5/22/2018	1.086206897
5/23/2018	1.137931034
5/24/2018	1.086206897
5/25/2018	1.068965517
5/29/2018	1.120689655
5/30/2018	1.051724138
5/31/2018	1.068965517
6/1/2018	1.034482759
6/4/2018	1.068965517
6/5/2018	1.051724138
6/6/2018	1.068965517
6/7/2018	1.034482759
6/8/2018	1.155172414
6/11/2018	1.068965517
6/12/2018	1.137931034
6/13/2018	1.086206897
6/14/2018	1.103448276
6/15/2018	1.206896552
6/18/2018	1.172413793
6/19/2018	1.275862069
6/20/2018	1.362068966
6/21/2018	1.189655172
6/22/2018	1.137931034
6/25/2018	1.068965517
6/26/2018	1.120689655
6/27/2018	1.068965517
6/28/2018	1.103448276
6/29/2018	1.172413793
7/2/2018	1.155172414
7/3/2018	1.444444444
7/5/2018	1.137931034
7/6/2018	1.189655172
7/9/2018	1.172413793
7/10/2018	1.137931034
7/11/2018	1.120689655
7/12/2018	1.293103448
7/13/2018	1.172413793
7/16/2018	1.120689655
7/17/2018	1.172413793
7/18/2018	1.103448276
7/19/2018	1.155172414
7/20/2018	1.034482759
7/23/2018	1.103448276
7/24/2018	1.137931034
7/25/2018	1.051724138
7/26/2018	1.051724138
7/27/2018	1.051724138
7/30/2018	1.137931034
7/31/2018	1.155172414
8/1/2018	1.137931034
8/2/2018	1.25862069
8/3/2018	1.137931034
8/6/2018	1.224137931
8/7/2018	1.155172414
8/8/2018	1.137931034
8/9/2018	1.25862069
8/10/2018	1.224137931
8/13/2018	1.137931034
8/14/2018	1.189655172
8/15/2018	1.103448276
8/16/2018	1.103448276
8/17/2018	1.189655172
8/20/2018	1.137931034
8/21/2018	1.120689655
8/22/2018	1.103448276
8/23/2018	1.103448276
8/24/2018	1.155172414
8/27/2018	1.103448276
8/28/2018	1.068965517
8/29/2018	1.068965517
8/30/2018	1.068965517
8/31/2018	1.120689655
9/4/2018	1.068965517
9/5/2018	1.068965517
9/6/2018	1.120689655
9/7/2018	1.051724138
9/10/2018	1.017241379
9/11/2018	1.086206897
9/12/2018	1.051724138
9/13/2018	1.051724138
9/14/2018	1.120689655
9/17/2018	1.034482759
9/18/2018	1.051724138
9/19/2018	1.103448276
9/20/2018	1.086206897
9/21/2018	1.103448276
9/24/2018	1.051724138
9/25/2018	1.120689655
9/26/2018	1.017241379
9/27/2018	1.068965517
9/28/2018	1.068965517
10/1/2018	1.017241379
10/2/2018	1.068965517
10/3/2018	1.017241379
10/4/2018	1.103448276
10/5/2018	1.086206897
10/8/2018	1.120689655
10/9/2018	1.034482759
10/10/2018	1.051724138
10/11/2018	1.137931034
10/12/2018	1.086206897
10/15/2018	1.120689655
10/16/2018	1.068965517
10/17/2018	1.068965517
10/18/2018	1.120689655
10/19/2018	1.137931034
10/22/2018	1.034482759
10/23/2018	1.034482759
10/24/2018	1.034482759
10/25/2018	1.051724138
10/26/2018	1.086206897
10/29/2018	1.051724138
10/30/2018	1.051724138
10/31/2018	1.051724138
11/1/2018	1.068965517
11/2/2018	1.034482759
11/5/2018	1.034482759
11/6/2018	1.068965517
11/7/2018	1.051724138
11/8/2018	1.051724138
11/9/2018	1.068965517
11/12/2018	1.034482759
11/13/2018	1.051724138
11/14/2018	1.034482759
11/15/2018	1.103448276
11/16/2018	1.120689655
11/19/2018	1.034482759
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11/21/2018	1.068965517
11/23/2018	1.090909091
11/26/2018	1.034482759
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11/28/2018	1.068965517
11/29/2018	1
11/30/2018	1.034482759
12/3/2018	1
12/4/2018	1.017241379
12/6/2018	1.034482759
12/7/2018	1.017241379
12/10/2018	1
12/11/2018	1.051724138
12/12/2018	1.017241379
12/13/2018	1.017241379
12/14/2018	1.051724138
12/17/2018	1.086206897
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12/20/2018	1.051724138
12/21/2018	1.051724138
12/24/2018	1.363636364
12/26/2018	1.051724138
12/27/2018	1.086206897
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1/2/2019	1
1/3/2019	1.034482759
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1/7/2019	1.017241379
1/8/2019	1.034482759
1/9/2019	1.051724138
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2/1/2019	1
2/4/2019	1
2/5/2019	1.068965517
2/6/2019	1.086206897
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2/8/2019	1.137931034
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2/21/2019	1.017241379
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2/25/2019	1.034482759
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3/1/2019	1.051724138
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3/7/2019	1.034482759
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3/11/2019	1
3/12/2019	1.034482759
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3/14/2019	1.068965517
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4/1/2019	1.068965517
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4/8/2019	1.017241379
4/9/2019	1
4/10/2019	1.017241379
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5/3/2019	1.017241379
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5/8/2019	1.017241379
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5/10/2019	1
5/13/2019	1.034482759
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5/20/2019	1.051724138
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6/3/2019	1.086206897
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6/6/2019	1.137931034
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7/31/2019	1.017241379
8/1/2019	1.120689655
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10/15/2019	1.051724138
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10/17/2019	1.068965517
10/18/2019	1.068965517
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10/22/2019	1.103448276
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10/24/2019	1.086206897
10/25/2019	1.034482759
10/28/2019	1.103448276
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11/1/2019	1.034482759
11/4/2019	1.068965517
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11/6/2019	1.103448276
11/7/2019	1.034482759
11/8/2019	1.068965517
11/11/2019	1.051724138
11/12/2019	1.034482759
11/13/2019	1.103448276
11/14/2019	1.086206897
11/15/2019	1.034482759
11/18/2019	1.25862069
11/19/2019	1.086206897
11/20/2019	1.120689655
11/21/2019	1.034482759
11/22/2019	1.034482759
11/25/2019	1.051724138
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11/27/2019	1.086206897
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12/2/2019	1.034482759
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12/6/2019	1.068965517
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12/10/2019	1.068965517
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12/19/2019	1.068965517
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12/23/2019	1.086206897
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12/26/2019	1.051724138
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12/30/2019	1.086206897
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1/2/2020	1.068965517
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1/4/2021	1.155172414
1/5/2021	1.120689655
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3/5/2021	1.172413793
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3/25/2021	1.068965517
3/26/2021	1.155172414
3/29/2021	1.120689655
3/30/2021	1.103448276
3/31/2021	1.293103448
4/1/2021	1.155172414
4/5/2021	1.120689655
4/6/2021	1.189655172
4/7/2021	1.086206897
4/8/2021	1.120689655
4/9/2021	1.224137931
4/12/2021	1.24137931
4/13/2021	1.172413793
4/14/2021	1.103448276
4/15/2021	1.120689655
4/16/2021	1.172413793
4/19/2021	1.086206897
4/20/2021	1.086206897
4/21/2021	1.155172414
4/22/2021	1.224137931
4/23/2021	1.293103448
4/26/2021	1.25862069
4/27/2021	1.5
4/28/2021	1.603448276
4/29/2021	1.25862069
4/30/2021	1.379310345
5/3/2021	1.120689655
5/4/2021	1.206896552
5/5/2021	1.172413793
5/6/2021	1.224137931
5/7/2021	1.275862069
5/10/2021	1.206896552
5/11/2021	1.155172414
5/12/2021	1.396551724
5/13/2021	1.224137931
5/14/2021	1.24137931
5/17/2021	1.517241379
5/18/2021	1.224137931
5/19/2021	1.310344828
5/20/2021	1.344827586
5/21/2021	1.413793103
5/24/2021	1.224137931
5/25/2021	1.25862069
5/26/2021	1.189655172
5/27/2021	1.172413793
5/28/2021	1.24137931
6/1/2021	1.275862069
6/2/2021	1.137931034
6/3/2021	1.24137931
6/4/2021	1.24137931
6/7/2021	1.24137931
6/8/2021	1.362068966
6/9/2021	1.327586207
6/10/2021	1.327586207
6/11/2021	1.24137931
6/14/2021	1.293103448
6/15/2021	1.293103448
6/16/2021	1.24137931
6/17/2021	1.310344828
6/18/2021	1.448275862
6/21/2021	1.189655172
6/22/2021	1.344827586
6/23/2021	1.224137931
6/24/2021	1.137931034
6/25/2021	1.137931034
6/28/2021	1.086206897
6/29/2021	1.189655172
6/30/2021	1.362068966
7/1/2021	1.224137931
7/2/2021	1.155172414
7/6/2021	1.086206897
7/7/2021	1.155172414
7/8/2021	1.103448276
7/9/2021	1.206896552
7/12/2021	1.362068966
7/13/2021	1.172413793
7/14/2021	1.224137931
7/15/2021	1.24137931
7/16/2021	1.103448276
7/19/2021	1.24137931
7/20/2021	1.224137931
7/21/2021	1.051724138
7/22/2021	1.103448276
7/23/2021	1.189655172
7/26/2021	1.24137931
7/27/2021	1.155172414
7/28/2021	1.189655172
7/29/2021	1.155172414
7/30/2021	1.155172414
8/2/2021	1.120689655
8/3/2021	1.103448276
8/4/2021	1.137931034
8/5/2021	1.086206897
8/6/2021	1.189655172
8/9/2021	1.155172414
8/10/2021	1.137931034
8/11/2021	1.120689655
8/12/2021	1.327586207
8/13/2021	1.206896552
8/16/2021	1.396551724
8/17/2021	1.120689655
8/18/2021	1.155172414
8/19/2021	1.172413793
8/20/2021	1.224137931
8/23/2021	1.224137931
8/24/2021	1.155172414
8/25/2021	1.103448276
8/26/2021	1.068965517
8/27/2021	1.137931034
8/30/2021	1.206896552
8/31/2021	1.086206897
9/1/2021	1.137931034
9/2/2021	1.086206897
9/3/2021	1.120689655
9/7/2021	1.103448276
9/8/2021	1.137931034
9/9/2021	1.103448276
9/10/2021	1.206896552
9/13/2021	1.068965517
9/14/2021	1.068965517
9/15/2021	1.103448276
9/16/2021	1.051724138
9/17/2021	1.068965517
9/20/2021	1.120689655
9/21/2021	1.051724138
9/22/2021	1.137931034
9/23/2021	1.155172414
9/24/2021	1.068965517
9/27/2021	1.137931034
9/28/2021	1.206896552
9/29/2021	1.103448276
9/30/2021	1.206896552
10/1/2021	1.120689655
10/4/2021	1.068965517
10/5/2021	1.103448276
10/6/2021	1.068965517
10/7/2021	1.034482759
10/8/2021	1.086206897
10/11/2021	1.086206897
10/12/2021	1.155172414
10/13/2021	1.137931034
10/14/2021	1.068965517
10/15/2021	1.103448276
10/18/2021	1.103448276
10/19/2021	1.137931034
10/20/2021	1.293103448
10/21/2021	1.155172414
10/22/2021	1.189655172
10/25/2021	1.120689655
10/26/2021	1.120689655
10/27/2021	1.086206897
10/28/2021	1.172413793
10/29/2021	1.275862069
11/1/2021	1.172413793
11/2/2021	1.172413793
11/3/2021	1.189655172
11/4/2021	1.224137931
11/5/2021	1.155172414
11/8/2021	1.155172414
11/9/2021	1.172413793
11/10/2021	1.172413793
11/11/2021	1.137931034
11/12/2021	1.189655172
11/15/2021	1.189655172
11/16/2021	1.103448276
11/17/2021	1.206896552
11/18/2021	1.24137931
11/19/2021	1.25862069
11/22/2021	1.172413793
11/23/2021	1.103448276
11/24/2021	1.189655172
11/26/2021	1.340909091
11/29/2021	1.172413793
11/30/2021	1.224137931
12/1/2021	1.172413793
12/2/2021	1.103448276
12/3/2021	1.206896552
12/6/2021	1.086206897
12/7/2021	1.137931034
12/8/2021	1.172413793
12/9/2021	1.155172414
12/10/2021	1.120689655
12/13/2021	1.155172414
12/14/2021	1.172413793
12/15/2021	1.103448276
12/16/2021	1.120689655
12/17/2021	1.120689655
12/20/2021	1.155172414
12/21/2021	1.155172414
12/22/2021	1.103448276
12/23/2021	1.086206897
12/27/2021	1.189655172
12/28/2021	1.120689655
12/29/2021	1.206896552
12/30/2021	1.206896552
12/31/2021	1.25862069
1/3/2022	1.172413793
1/4/2022	1.275862069
1/5/2022	1.155172414
1/6/2022	1.103448276
1/7/2022	1.137931034
1/10/2022	1.103448276
1/11/2022	1.103448276
1/12/2022	1.137931034
1/13/2022	1.068965517
1/14/2022	1.120689655
1/18/2022	1.103448276
1/19/2022	1.086206897
1/20/2022	1.189655172
1/21/2022	1.137931034
1/24/2022	1.155172414
1/25/2022	1.120689655
1/26/2022	1.275862069
1/27/2022	1.155172414
1/28/2022	1.275862069
1/31/2022	1.086206897
2/1/2022	1.224137931
2/2/2022	1.224137931
2/3/2022	1.120689655
2/4/2022	1.206896552
2/7/2022	1.224137931
2/8/2022	1.137931034
2/9/2022	1.293103448
2/10/2022	1.172413793
2/11/2022	1.24137931
2/14/2022	1.172413793
2/15/2022	1.310344828
2/16/2022	1.431034483
2/17/2022	1.172413793
2/18/2022	1.344827586
2/22/2022	1.413793103
2/23/2022	1.206896552
2/24/2022	1.724137931
2/25/2022	1.327586207
2/28/2022	1.534482759
3/1/2022	1
3/2/2022	1.051724138
3/3/2022	1
3/4/2022	1.120689655
3/7/2022	1.034482759
3/8/2022	5.465517241
3/9/2022	2
3/10/2022	4.25862069
3/11/2022	4.551724138
3/14/2022	5.120689655
3/15/2022	3.396551724
3/16/2022	1.603448276
3/17/2022	3.327586207
3/18/2022	3.448275862
3/21/2022	3.086206897
3/22/2022	4.155172414
3/23/2022	3.327586207
3/24/2022	2.913793103
3/25/2022	2.155172414
3/28/2022	2.224137931
3/29/2022	3
3/30/2022	2.465517241
3/31/2022	4.310344828
4/1/2022	2.465517241
4/4/2022	2.517241379
4/5/2022	2.931034483
4/6/2022	2.586206897
4/7/2022	2.206896552
4/8/2022	2.413793103
4/11/2022	2.224137931
4/12/2022	2.448275862
4/13/2022	2.586206897
4/14/2022	2.017241379
4/18/2022	2.155172414
4/19/2022	2.206896552
4/20/2022	2.224137931
4/21/2022	1.844827586
4/22/2022	2

Note: The shaded area with a top cap represents an expanded window focusing on the period from January 1, 2022, onward. Bid-ask spreads are expressed as a multiple of tick size (minimum price increment). The tick size for soft red winter wheat futures is 1/4 of $0.01 ($0.0025) per bushel.

Source: Refinitiv, DataScope Tick History.

Commodities Figure E. Wheat futures liquidity measures - Price sensitivity

Basis point change per 100 contracts traded

Date	Daily coefficient	5-day moving average
1/4/2016	7.06
1/5/2016	14.58
1/6/2016	17.17
1/7/2016	10.05
1/8/2016	5.4	10.852
1/11/2016	9.52	11.344
1/12/2016	11.09	10.646
1/13/2016	13.39	9.89
1/14/2016	10.82	10.044
1/15/2016	16.02	12.168
1/19/2016	13.56	12.976
1/20/2016	13.86	13.53
1/21/2016	9.34	12.72
1/22/2016	10.68	12.692
1/25/2016	10.35	11.558
1/26/2016	7.26	10.298
1/27/2016	8.77	9.28
1/28/2016	10.24	9.46
1/29/2016	9.75	9.274
2/1/2016	12.81	9.766
2/2/2016	8.88	10.09
2/3/2016	7.58	9.852
2/4/2016	9.56	9.716
2/5/2016	6.14	8.994
2/8/2016	6.95	7.822
2/9/2016	7.51	7.548
2/10/2016	8.98	7.828
2/11/2016	11.43	8.202
2/12/2016	11.59	9.292
2/16/2016	10.03	9.908
2/17/2016	10.58	10.522
2/18/2016	14.29	11.584
2/19/2016	17.23	12.744
2/22/2016	11.8	12.786
2/23/2016	7.81	12.342
2/24/2016	7.78	11.782
2/25/2016	8.52	10.628
2/26/2016	13.03	9.788
2/29/2016	14.25	10.278
3/1/2016	10.4	10.796
3/2/2016	13.24	11.888
3/3/2016	5.58	11.3
3/4/2016	9.42	10.578
3/7/2016	10.15	9.758
3/8/2016	8.32	9.342
3/9/2016	11.89	9.072
3/10/2016	5.86	9.128
3/11/2016	9.55	9.154
3/14/2016	12.47	9.618
3/15/2016	10.2	9.994
3/16/2016	8.13	9.242
3/17/2016	6.88	9.446
3/18/2016	9.18	9.372
3/21/2016	8.6	8.598
3/22/2016	8.28	8.214
3/23/2016	11.35	8.858
3/24/2016	14.48	10.378
3/28/2016	5.73	9.688
3/29/2016	6.72	9.312
3/30/2016	8.41	9.338
3/31/2016	8.99	8.866
4/1/2016	12.17	8.404
4/4/2016	11.79	9.616
4/5/2016	14.29	11.13
4/6/2016	7.51	10.95
4/7/2016	6.15	10.382
4/8/2016	12.42	10.432
4/11/2016	7.53	9.58
4/12/2016	13.41	9.404
4/13/2016	10.94	10.09
4/14/2016	15.87	12.034
4/15/2016	21.31	13.812
4/18/2016	9.43	14.192
4/19/2016	10.81	13.672
4/20/2016	8.46	13.176
4/21/2016	12.42	12.486
4/22/2016	10.28	10.28
4/25/2016	14.7	11.334
4/26/2016	16.22	12.416
4/27/2016	18.66	14.456
4/28/2016	13.91	14.754
4/29/2016	16.74	16.046
5/2/2016	20.05	17.116
5/3/2016	10.03	15.878
5/4/2016	14.76	15.098
5/5/2016	10.43	14.402
5/6/2016	17.88	14.63
5/9/2016	14.88	13.596
5/10/2016	14.35	14.46
5/11/2016	19.95	15.498
5/12/2016	10.58	15.528
5/13/2016	13.33	14.618
5/16/2016	21.38	15.918
5/17/2016	12.07	15.462
5/18/2016	16.71	14.814
5/19/2016	11.05	14.908
5/20/2016	17.12	15.666
5/23/2016	15.78	14.546
5/24/2016	11.52	14.436
5/25/2016	14.97	14.088
5/26/2016	12.46	14.37
5/27/2016	15.52	14.05
5/31/2016	8.97	12.688
6/1/2016	12.26	12.836
6/2/2016	11.66	12.174
6/3/2016	11.58	11.998
6/6/2016	9.38	10.77
6/7/2016	9.86	10.948
6/8/2016	12.19	10.934
6/9/2016	14.75	11.552
6/10/2016	17.1	12.656
6/14/2016	16.42	14.064
6/15/2016	20.96	16.284
6/16/2016	14.2	16.686
6/17/2016	20.44	17.824
6/20/2016	17.94	17.992
6/21/2016	13.41	17.39
6/22/2016	19.42	17.082
6/23/2016	13.45	16.932
6/24/2016	15.41	15.926
6/27/2016	19.43	16.224
6/28/2016	18.12	17.166
6/29/2016	14.42	16.166
6/30/2016	18.31	17.138
7/1/2016	12.88	16.632
7/5/2016	15.21	15.788
7/6/2016	14.31	15.026
7/7/2016	20.29	16.2
7/8/2016	15.38	15.614
7/11/2016	22.06	17.45
7/12/2016	21.88	18.784
7/13/2016	14.05	18.732
7/14/2016	23.14	19.302
7/15/2016	20.9	20.406
7/18/2016	15.9	19.174
7/19/2016	14.83	17.764
7/20/2016	11.51	17.256
7/21/2016	14.35	15.498
7/22/2016	13.98	14.114
7/25/2016	17.39	14.412
7/26/2016	18.1	15.066
7/27/2016	41.84	21.132
7/28/2016	18.55	21.972
7/29/2016	17.84	22.744
8/1/2016	22.1	23.686
8/2/2016	16.77	23.42
8/3/2016	10.46	17.144
8/4/2016	20.26	17.486
8/5/2016	19.14	17.746
8/8/2016	17.09	16.744
8/9/2016	19.72	17.334
8/10/2016	14.13	18.068
8/11/2016	12.63	16.542
8/12/2016	19.31	16.576
8/15/2016	15.68	16.294
8/16/2016	11.88	14.726
8/17/2016	20.53	16.006
8/18/2016	22.73	18.026
8/19/2016	14.99	17.162
8/22/2016	14.02	16.83
8/23/2016	12.33	16.92
8/24/2016	21.91	17.196
8/25/2016	15.89	15.828
8/26/2016	9.75	14.78
8/29/2016	17.27	15.43
8/30/2016	14.23	15.81
8/31/2016	17.07	14.842
9/1/2016	17.26	15.116
9/2/2016	18.47	16.86
9/6/2016	20.33	17.472
9/7/2016	17.31	18.088
9/8/2016	22	19.074
9/9/2016	10.65	17.752
9/12/2016	12.72	16.602
9/13/2016	17.22	15.98
9/14/2016	17.82	16.082
9/15/2016	24	16.482
9/16/2016	19.09	18.17
9/19/2016	20.39	19.704
9/20/2016	11.39	18.538
9/21/2016	17.96	18.566
9/22/2016	21.2	18.006
9/23/2016	19.38	18.064
9/26/2016	11.71	16.328
9/27/2016	12.4	16.53
9/28/2016	18.36	16.61
9/29/2016	7.58	13.886
9/30/2016	13.11	12.632
10/3/2016	10.15	12.32
10/4/2016	28.86	15.612
10/5/2016	10.52	14.044
10/6/2016	10.03	14.534
10/7/2016	21.72	16.256
10/10/2016	10.21	16.268
10/11/2016	10.32	12.56
10/12/2016	12.49	12.954
10/13/2016	5.31	12.01
10/14/2016	7.45	9.156
10/17/2016	13.01	9.716
10/18/2016	15.38	10.728
10/19/2016	13.56	10.942
10/20/2016	13.12	12.504
10/21/2016	11.89	13.392
10/24/2016	9.78	12.746
10/25/2016	11.46	11.962
10/26/2016	10.64	11.378
10/27/2016	14.15	11.584
10/28/2016	18.26	12.858
10/31/2016	12.48	13.398
11/1/2016	12.66	13.638
11/2/2016	11.7	13.85
11/3/2016	11.4	13.3
11/4/2016	18.76	13.4
11/7/2016	12.85	13.474
11/8/2016	9.14	12.77
11/9/2016	14.36	13.302
11/10/2016	12.6	13.542
11/11/2016	19.66	13.722
11/14/2016	4.74	12.1
11/15/2016	14.72	13.216
11/16/2016	19.16	14.176
11/17/2016	13.15	14.286
11/18/2016	13.86	13.126
11/21/2016	15.65	15.308
11/22/2016	19.42	16.248
11/23/2016	14.69	15.354
11/25/2016	17.02	16.128
11/28/2016	10.48	15.452
11/29/2016	13.86	15.094
11/30/2016	9.69	13.148
12/1/2016	10.43	12.296
12/2/2016	15.38	11.968
12/5/2016	11.31	12.134
12/6/2016	11.27	11.616
12/7/2016	11.68	12.014
12/8/2016	11.8	12.288
12/9/2016	6.02	10.416
12/12/2016	12.4	10.634
12/13/2016	8.71	10.122
12/14/2016	20.73	11.932
12/15/2016	11.41	11.854
12/16/2016	11.86	13.022
12/19/2016	8.7	12.282
12/20/2016	20.19	14.578
12/21/2016	17.85	14.002
12/22/2016	13.8	14.48
12/23/2016	20.29	16.166
12/27/2016	6.83	15.792
12/28/2016	16.46	15.046
12/29/2016	23.42	16.16
12/30/2016	21.65	17.73
1/3/2017	10.66	15.804
1/4/2017	7.15	15.868
1/5/2017	7.1	13.996
1/6/2017	9.78	11.268
1/9/2017	11.93	9.324
1/10/2017	11.28	9.448
1/11/2017	8.26	9.67
1/12/2017	9.1	10.07
1/13/2017	12.7	10.654
1/17/2017	7.81	9.83
1/18/2017	13.36	10.246
1/19/2017	14.77	11.548
1/23/2017	12.04	12.136
1/24/2017	14.96	12.588
1/25/2017	16.53	14.332
1/26/2017	9.66	13.592
1/27/2017	9.63	12.564
1/30/2017	12.84	12.724
1/31/2017	12.7	12.272
2/1/2017	5.16	9.998
2/2/2017	18.46	11.758
2/3/2017	18.79	13.59
2/6/2017	11.06	13.234
2/7/2017	11.68	13.03
2/8/2017	14.46	14.89
2/9/2017	8.65	12.928
2/10/2017	9.57	11.084
2/13/2017	12.6	11.392
2/14/2017	18.76	12.808
2/15/2017	14.94	12.904
2/16/2017	11.57	13.488
2/17/2017	14.56	14.486
2/21/2017	10.54	14.074
2/22/2017	12.04	12.73
2/23/2017	19.79	13.7
2/24/2017	11.65	13.716
2/27/2017	5.28	11.86
2/28/2017	11.42	12.036
3/1/2017	12.22	12.072
3/2/2017	12.94	10.702
3/3/2017	15.68	11.508
3/6/2017	13.81	13.214
3/7/2017	11.04	13.138
3/8/2017	9.2	12.534
3/9/2017	13.68	12.682
3/10/2017	15.53	12.652
3/13/2017	5.4	10.97
3/14/2017	10.71	10.904
3/15/2017	14.23	11.91
3/16/2017	11.86	11.546
3/17/2017	21.96	12.832
3/20/2017	9.27	13.606
3/21/2017	8.5	13.164
3/22/2017	12.84	12.886
3/23/2017	9.85	12.484
3/24/2017	11.03	10.298
3/27/2017	13.38	11.12
3/28/2017	12.3	11.88
3/29/2017	15.79	12.47
3/30/2017	13.6	13.22
3/31/2017	10.31	13.076
4/3/2017	8.59	12.118
4/4/2017	16.5	12.958
4/5/2017	11.51	12.102
4/6/2017	11.74	11.73
4/7/2017	13.12	12.292
4/10/2017	13.53	13.28
4/11/2017	8.14	11.608
4/12/2017	13.56	12.018
4/13/2017	13.35	12.34
4/17/2017	8.7	11.456
4/18/2017	15.79	11.908
4/19/2017	11.83	12.646
4/20/2017	4.74	10.882
4/21/2017	10.21	10.254
4/24/2017	13.8	11.274
4/25/2017	4.67	9.05
4/26/2017	10.73	8.83
4/27/2017	11.19	10.12
4/28/2017	11.77	10.432
5/1/2017	5.65	8.802
5/2/2017	5.52	8.972
5/3/2017	9.9	8.806
5/4/2017	5.94	7.756
5/5/2017	13.47	8.096
5/8/2017	14.73	9.912
5/9/2017	12.82	11.372
5/10/2017	11.19	11.63
5/11/2017	14.73	13.388
5/12/2017	14.96	13.686
5/15/2017	7.21	12.182
5/16/2017	11.94	12.006
5/17/2017	11.29	12.026
5/18/2017	8.83	10.846
5/19/2017	6.31	9.116
5/22/2017	10.6	9.794
5/23/2017	8.38	9.082
5/24/2017	13.31	9.486
5/25/2017	11.45	10.01
5/26/2017	12.61	11.27
5/30/2017	9.69	11.088
5/31/2017	11.18	11.648
6/1/2017	10.56	11.098
6/2/2017	15.39	11.886
6/5/2017	12.09	11.782
6/6/2017	8.88	11.62
6/7/2017	9.91	11.366
6/8/2017	10.95	11.444
6/9/2017	15.29	11.424
6/12/2017	9.38	10.882
6/13/2017	8.64	10.834
6/14/2017	10.74	11
6/15/2017	9.47	10.704
6/16/2017	8.78	9.402
6/19/2017	8.15	9.156
6/20/2017	13.62	10.152
6/21/2017	16.72	11.348
6/22/2017	15.88	12.63
6/23/2017	8.98	12.67
6/26/2017	11.48	13.336
6/27/2017	13.75	13.362
6/28/2017	11.48	12.314
6/29/2017	7.1	10.558
6/30/2017	9.21	10.604
7/3/2017	6.86	9.68
7/5/2017	8.58	8.646
7/6/2017	8.23	7.996
7/7/2017	10.49	8.674
7/10/2017	12.38	9.308
7/11/2017	11.62	10.26
7/12/2017	16.52	11.848
7/13/2017	10.32	12.266
7/14/2017	10.53	12.274
7/17/2017	14.02	12.602
7/18/2017	14.39	13.156
7/19/2017	12.6	12.372
7/20/2017	12.47	12.802
7/21/2017	10.65	12.826
7/24/2017	11.97	12.416
7/25/2017	8.59	11.256
7/26/2017	15.56	11.848
7/27/2017	19.98	13.35
7/28/2017	15.72	14.364
7/31/2017	12.02	14.374
8/1/2017	11.36	14.928
8/2/2017	9.49	13.714
8/3/2017	16.54	13.026
8/4/2017	14.63	12.808
8/7/2017	11.05	12.614
8/8/2017	12.87	12.916
8/9/2017	13.94	13.806
8/10/2017	9.82	12.462
8/11/2017	13.8	12.296
8/14/2017	19.11	13.908
8/15/2017	22.59	15.852
8/16/2017	15.16	16.096
8/17/2017	10.77	16.286
8/18/2017	10.44	15.614
8/21/2017	11.75	14.142
8/22/2017	8.99	11.422
8/23/2017	10.84	10.558
8/24/2017	12.33	10.87
8/25/2017	10.77	10.936
8/28/2017	11.4	10.866
8/29/2017	10.86	11.24
8/30/2017	11.85	11.442
8/31/2017	10.73	11.122
9/1/2017	12.93	11.554
9/5/2017	9.52	11.178
9/6/2017	11.99	11.404
9/7/2017	9.8	10.994
9/8/2017	8.17	10.482
9/11/2017	13.27	10.55
9/12/2017	7.87	10.22
9/13/2017	7.71	9.364
9/14/2017	8.59	9.122
9/15/2017	9	9.288
9/18/2017	10.06	8.646
9/19/2017	8.22	8.716
9/20/2017	10.94	9.362
9/21/2017	8.39	9.322
9/22/2017	9.2	9.362
9/25/2017	9.63	9.276
9/26/2017	9.06	9.444
9/27/2017	9.33	9.122
9/28/2017	9.67	9.378
9/29/2017	13.74	10.286
10/2/2017	11.99	10.758
10/3/2017	10.2	10.986
10/4/2017	9.09	10.938
10/5/2017	7.38	10.48
10/6/2017	15.39	10.81
10/9/2017	9.86	10.384
10/10/2017	15.31	11.406
10/11/2017	6.13	10.814
10/12/2017	11.74	11.686
10/13/2017	10.94	10.796
10/16/2017	18.07	12.438
10/17/2017	12.18	11.812
10/18/2017	10.27	12.64
10/19/2017	10.67	12.426
10/20/2017	15.33	13.304
10/23/2017	8.31	11.352
10/24/2017	13.43	11.602
10/25/2017	12.55	12.058
10/26/2017	11.9	12.304
10/27/2017	2.12	9.662
10/30/2017	9.89	9.978
10/31/2017	7.33	8.758
11/1/2017	10.93	8.434
11/2/2017	8.37	7.728
11/3/2017	10.84	9.472
11/6/2017	8.85	9.264
11/7/2017	18.35	11.468
11/8/2017	8.08	10.898
11/9/2017	9.27	11.078
11/10/2017	7.38	10.386
11/13/2017	7.21	10.058
11/14/2017	9.29	8.246
11/15/2017	6.62	7.954
11/16/2017	9.63	8.026
11/17/2017	8.37	8.224
11/20/2017	13.3	9.442
11/21/2017	13.09	10.202
11/22/2017	7.68	10.414
11/24/2017	11.2	10.728
11/27/2017	16.91	12.436
11/28/2017	7.68	11.312
11/29/2017	9.02	10.498
11/30/2017	7.48	10.458
12/1/2017	4.94	9.206
12/4/2017	15.12	8.848
12/5/2017	9.23	9.158
12/6/2017	9.23	9.2
12/7/2017	11.61	10.026
12/8/2017	8.08	10.654
12/11/2017	7.23	9.076
12/12/2017	7.8	8.79
12/13/2017	9.39	8.822
12/14/2017	7.85	8.07
12/15/2017	8.83	8.22
12/18/2017	13.65	9.504
12/19/2017	11.2	10.184
12/20/2017	10.69	10.444
12/21/2017	11.97	11.268
12/22/2017	10.93	11.688
12/26/2017	23.62	13.682
12/27/2017	14.61	14.364
12/28/2017	4.91	13.208
12/29/2017	10.83	12.98
1/2/2018	5.88	11.97
1/3/2018	5.2	8.286
1/4/2018	10.44	7.452
1/5/2018	5.73	7.616
1/8/2018	8.35	7.12
1/9/2018	8.48	7.64
1/10/2018	7.05	8.01
1/11/2018	5.91	7.104
1/12/2018	7.27	7.412
1/16/2018	9	7.542
1/17/2018	8.21	7.488
1/18/2018	7.52	7.582
1/19/2018	7.37	7.874
1/22/2018	9.35	8.29
1/23/2018	7.81	8.052
1/24/2018	2.91	6.992
1/25/2018	7.72	7.032
1/26/2018	7.51	7.06
1/29/2018	6.83	6.556
1/30/2018	6.32	6.258
1/31/2018	5.98	6.872
2/1/2018	8.04	6.936
2/2/2018	8.94	7.222
2/5/2018	8.03	7.462
2/6/2018	7.72	7.742
2/7/2018	5.66	7.678
2/8/2018	8.89	7.848
2/9/2018	8.16	7.692
2/12/2018	6.87	7.46
2/13/2018	6.78	7.272
2/14/2018	8.53	7.846
2/15/2018	4.92	7.052
2/16/2018	8.76	7.172
2/20/2018	8.51	7.5
2/21/2018	7.24	7.592
2/22/2018	11.62	8.21
2/23/2018	19.66	11.158
2/26/2018	3.69	10.144
2/27/2018	11.46	10.734
2/28/2018	5.74	10.434
3/1/2018	5.11	9.132
3/2/2018	6.28	6.456
3/5/2018	12.45	8.208
3/6/2018	9.01	7.718
3/7/2018	9.69	8.508
3/8/2018	12.14	9.914
3/9/2018	12.09	11.076
3/12/2018	7.83	10.152
3/13/2018	9.36	10.222
3/14/2018	8.97	10.078
3/15/2018	6.71	8.992
3/16/2018	9.18	8.41
3/19/2018	8.73	8.59
3/20/2018	10.02	8.722
3/21/2018	10.29	8.986
3/22/2018	12.56	10.156
3/23/2018	16.52	11.624
3/26/2018	16.32	13.142
3/27/2018	16.52	14.442
3/28/2018	10.58	14.5
3/29/2018	15.73	15.134
4/2/2018	10.79	13.988
4/3/2018	8.1	12.344
4/4/2018	16.24	12.288
4/5/2018	9.91	12.154
4/6/2018	9.51	10.91
4/9/2018	8.07	10.366
4/10/2018	14	11.546
4/11/2018	8.57	10.012
4/12/2018	15.33	11.096
4/13/2018	14.55	12.104
4/16/2018	20.21	14.532
4/17/2018	12.94	14.32
4/18/2018	13.79	15.364
4/19/2018	13.97	15.092
4/20/2018	13.99	14.98
4/23/2018	15.49	14.036
4/24/2018	10.92	13.632
4/25/2018	7.7	12.414
4/26/2018	10.33	11.686
4/27/2018	14.02	11.692
4/30/2018	8.43	10.28
5/1/2018	4.78	9.052
5/2/2018	8.37	9.186
5/3/2018	7.82	8.684
5/4/2018	8.93	7.666
5/7/2018	10.06	7.992
5/8/2018	15.86	10.208
5/9/2018	13.76	11.286
5/10/2018	13.27	12.376
5/11/2018	10.41	12.672
5/14/2018	11.64	12.988
5/15/2018	12.06	12.228
5/16/2018	9.98	11.472
5/17/2018	11.55	11.128
5/18/2018	8.76	10.798
5/21/2018	9.11	10.292
5/22/2018	8.08	9.496
5/23/2018	12.4	9.98
5/24/2018	10.42	9.754
5/25/2018	8.72	9.746
5/29/2018	10.17	9.958
5/30/2018	9.08	10.158
5/31/2018	13.82	10.442
6/1/2018	9.95	10.348
6/4/2018	10.45	10.694
6/5/2018	13.53	11.366
6/6/2018	12.17	11.984
6/7/2018	13.68	11.956
6/8/2018	13.64	12.694
6/11/2018	15.26	13.656
6/12/2018	11.18	13.186
6/13/2018	16.09	13.97
6/14/2018	11.39	13.512
6/15/2018	22.29	15.242
6/18/2018	15.92	15.374
6/19/2018	17.46	16.63
6/20/2018	28.39	19.09
6/21/2018	20	20.812
6/22/2018	25.86	21.526
6/25/2018	14.85	21.312
6/26/2018	13.03	20.426
6/27/2018	14.43	17.634
6/28/2018	17.88	17.21
6/29/2018	12.16	14.47
7/2/2018	10.82	13.664
7/3/2018	17.91	14.64
7/5/2018	14.43	14.64
7/6/2018	14.9	14.044
7/9/2018	22.43	16.098
7/10/2018	14.55	16.844
7/11/2018	8.62	14.986
7/12/2018	20.89	16.278
7/13/2018	11.28	15.554
7/16/2018	18.59	14.786
7/17/2018	9.78	13.832
7/18/2018	11.7	14.448
7/19/2018	14.27	13.124
7/20/2018	8.61	12.59
7/23/2018	12.98	11.468
7/24/2018	18.12	13.136
7/25/2018	6.92	12.18
7/26/2018	9.44	11.214
7/27/2018	13.31	12.154
7/30/2018	15.65	12.688
7/31/2018	12.33	11.53
8/1/2018	11.54	12.454
8/2/2018	10.8	12.726
8/3/2018	14.4	12.944
8/6/2018	17.08	13.23
8/7/2018	20.57	14.878
8/8/2018	16.22	15.814
8/9/2018	23.6	18.374
8/10/2018	13.59	18.212
8/14/2018	16.89	18.174
8/15/2018	14.34	16.928
8/16/2018	18.68	17.42
8/17/2018	13.69	15.438
8/20/2018	20.28	16.776
8/21/2018	13.61	16.12
8/22/2018	14.5	16.152
8/23/2018	10.83	14.582
8/24/2018	11.41	14.126
8/27/2018	8.18	11.706
8/28/2018	11.13	11.21
8/29/2018	10.43	10.396
8/30/2018	9.45	10.12
8/31/2018	15.81	11
9/4/2018	10.59	11.482
9/5/2018	14.3	12.116
9/6/2018	14.42	12.914
9/7/2018	14.09	13.842
9/10/2018	17.78	14.236
9/11/2018	16.86	15.49
9/12/2018	12.26	15.082
9/13/2018	11.73	14.544
9/14/2018	11.63	14.052
9/17/2018	12.32	12.96
9/18/2018	19.75	13.538
9/19/2018	10.54	13.194
9/20/2018	19.6	14.768
9/21/2018	13.25	15.092
9/24/2018	10.67	14.762
9/25/2018	13	13.412
9/26/2018	17.48	14.8
9/27/2018	12	13.28
9/28/2018	13.51	13.332
10/1/2018	11.37	13.472
10/2/2018	9.6	12.792
10/3/2018	6.39	10.574
10/4/2018	10.56	10.286
10/5/2018	12.88	10.16
10/8/2018	12.95	10.476
10/9/2018	10.86	10.728
10/10/2018	17.54	12.958
10/11/2018	16.9	14.226
10/12/2018	14.73	14.596
10/15/2018	13.83	14.772
10/16/2018	13.32	15.264
10/17/2018	15.15	14.786
10/18/2018	13.71	14.148
10/19/2018	16.66	14.534
10/22/2018	13.05	14.378
10/23/2018	20.01	15.716
10/24/2018	4.64	13.614
10/25/2018	5.98	12.068
10/26/2018	8.06	10.348
10/29/2018	16.39	11.016
10/30/2018	10.4	9.094
10/31/2018	7.68	9.702
11/1/2018	11.7	10.846
11/2/2018	13.58	11.95
11/5/2018	20.15	12.702
11/6/2018	22.03	15.028
11/7/2018	18.5	17.192
11/8/2018	11.18	17.088
11/9/2018	8.95	16.162
11/12/2018	10.06	14.144
11/13/2018	14.8	12.698
11/14/2018	10.51	11.1
11/15/2018	13.15	11.494
11/16/2018	31.62	16.028
11/19/2018	14.91	16.998
11/20/2018	10.88	16.214
11/21/2018	18.23	17.758
11/23/2018	9.04	16.936
11/26/2018	17.81	14.174
11/27/2018	11.23	13.438
11/28/2018	14.27	14.116
11/29/2018	11.93	12.856
11/30/2018	9.23	12.894
12/3/2018	11.85	11.702
12/4/2018	11.11	11.678
12/5/2018	11.75	11.174
12/6/2018	14.61	11.71
12/7/2018	6.15	11.094
12/10/2018	10.52	10.828
12/11/2018	11.08	10.822
12/12/2018	9.52	10.376
12/13/2018	6.27	8.708
12/14/2018	8.77	9.232
12/17/2018	16.7	10.468
12/18/2018	9.48	10.148
12/19/2018	7.59	9.762
12/20/2018	12.95	11.098
12/21/2018	8.34	11.012
12/26/2018	10.22	9.716
12/27/2018	6.66	9.152
12/28/2018	10.47	9.728
12/31/2018	2.4	7.618
1/2/2019	12.32	8.414
1/3/2019	6.4	7.65
1/4/2019	12.89	8.896
1/7/2019	9.19	8.64
1/8/2019	7.4	9.64
1/9/2019	9.17	9.01
1/10/2019	6.13	8.956
1/11/2019	8.18	8.014
1/14/2019	6.98	7.572
1/15/2019	5.15	7.122
1/16/2019	16.99	8.686
1/18/2019	13.24	10.108
1/22/2019	6.96	9.864
1/23/2019	11.54	10.776
1/24/2019	9.65	11.676
1/25/2019	9.24	10.126
1/28/2019	13.65	10.208
1/29/2019	5.48	9.912
1/30/2019	8.81	9.366
1/31/2019	10.87	9.61
2/1/2019	5.15	8.792
2/4/2019	8.31	7.724
2/5/2019	8.99	8.426
2/6/2019	12.31	9.126
2/7/2019	5.4	8.032
2/8/2019	10.55	9.112
2/11/2019	10.19	9.488
2/12/2019	7.67	9.224
2/13/2019	5.9	7.942
2/14/2019	3.71	7.604
2/15/2019	9.96	7.486
2/19/2019	3.67	6.182
2/20/2019	8.94	6.436
2/21/2019	16.43	8.542
2/22/2019	12.45	10.29
2/25/2019	6.49	9.596
2/26/2019	9.17	10.696
2/27/2019	15.68	12.044
2/28/2019	12.9	11.338
3/1/2019	8.03	10.454
3/4/2019	10.82	11.32
3/5/2019	9.04	11.294
3/6/2019	13.64	10.886
3/8/2019	14.61	11.228
3/11/2019	11.95	12.012
3/12/2019	7.32	11.312
3/13/2019	12.41	11.986
3/14/2019	13.47	11.952
3/15/2019	8.43	10.716
3/18/2019	12.79	10.884
3/19/2019	12.35	11.89
3/20/2019	12.15	11.838
3/21/2019	13.77	11.898
3/22/2019	13.74	12.96
3/25/2019	14.85	13.372
3/26/2019	11.28	13.158
3/27/2019	10.85	12.898
3/28/2019	12.45	12.634
3/29/2019	6.48	11.182
4/1/2019	11.48	10.508
4/2/2019	19.64	12.18
4/3/2019	17.69	13.548
4/4/2019	6.73	12.404
4/5/2019	10.03	13.114
4/8/2019	10.14	12.846
4/9/2019	17.93	12.504
4/10/2019	24.59	13.884
4/11/2019	9.96	14.53
4/12/2019	17.04	15.932
4/15/2019	14.68	16.84
4/16/2019	6.88	14.63
4/17/2019	15.42	12.796
4/18/2019	19.79	14.762
4/22/2019	10.95	13.544
4/23/2019	15.08	13.624
4/24/2019	13.53	14.954
4/25/2019	12.36	14.342
4/26/2019	19.42	14.268
4/29/2019	18.89	15.856
4/30/2019	19.02	16.644
5/1/2019	17.82	17.502
5/2/2019	14.35	17.9
5/3/2019	19.73	17.962
5/6/2019	18.25	17.834
5/7/2019	19.06	17.842
5/8/2019	23.49	18.976
5/9/2019	15.53	19.212
5/10/2019	27.28	20.722
5/13/2019	9.39	18.95
5/14/2019	13.03	17.744
5/15/2019	17.18	16.482
5/16/2019	12.26	15.828
5/17/2019	15.26	13.424
5/20/2019	10.84	13.714
5/21/2019	10.96	13.3
5/22/2019	20.3	13.924
5/23/2019	17.99	15.07
5/24/2019	12.24	14.466
5/28/2019	13.52	15.002
5/29/2019	16.17	16.044
5/30/2019	12.02	14.388
5/31/2019	8.82	12.554
6/3/2019	17.42	13.59
6/4/2019	16.55	14.196
6/5/2019	25.72	16.106
6/6/2019	15.47	16.796
6/7/2019	13.98	17.828
6/10/2019	27.3	19.804
6/11/2019	23.72	21.238
6/12/2019	15.1	19.114
6/13/2019	25.73	21.166
6/14/2019	19.28	22.226
6/17/2019	37.31	24.228
6/18/2019	30.31	25.546
6/19/2019	14.28	25.382
6/20/2019	22.7	24.776
6/21/2019	16.32	24.184
6/24/2019	23.42	21.406
6/25/2019	14.88	18.32
6/26/2019	11.82	17.828
6/27/2019	16.71	16.63
6/28/2019	15.43	16.452
7/1/2019	16.74	15.116
7/2/2019	14.71	15.082
7/3/2019	19.06	16.53
7/5/2019	22.9	17.768
7/8/2019	14.86	17.654
7/9/2019	12.49	16.804
7/10/2019	20.03	17.868
7/11/2019	15.06	17.068
7/12/2019	14.2	15.328
7/15/2019	15.82	15.52
7/16/2019	14.17	15.856
7/17/2019	17.25	15.3
7/18/2019	12.07	14.702
7/19/2019	8.87	13.636
7/22/2019	8.51	12.174
7/23/2019	12.97	11.934
7/24/2019	13.03	11.09
7/25/2019	17.12	12.1
7/26/2019	21.3	14.586
7/29/2019	18.06	16.496
7/30/2019	17.85	17.472
7/31/2019	16.23	18.112
8/1/2019	14.92	17.672
8/2/2019	17.19	16.85
8/5/2019	23.09	17.856
8/6/2019	17.83	17.852
8/7/2019	20.03	18.612
8/8/2019	20.43	19.714
8/9/2019	23.85	21.046
8/12/2019	13.83	19.194
8/13/2019	21.41	19.91
8/14/2019	47.25	25.354
8/15/2019	43.33	29.934
8/16/2019	35.68	32.3
8/19/2019	20.91	33.716
8/20/2019	14.34	32.302
8/21/2019	18.55	26.562
8/22/2019	14.26	20.748
8/23/2019	12.29	16.07
8/26/2019	21.07	16.102
8/27/2019	23.37	17.908
8/28/2019	19.47	18.092
8/29/2019	25.88	20.416
8/30/2019	17.41	21.44
9/3/2019	14.35	20.096
9/4/2019	15.93	18.608
9/5/2019	19.57	18.628
9/6/2019	23.07	18.066
9/9/2019	13.65	17.314
9/10/2019	12.5	16.944
9/11/2019	17.69	17.296
9/12/2019	19.85	17.352
9/13/2019	18.44	16.426
9/16/2019	16.86	17.068
9/17/2019	13.14	17.196
9/18/2019	15.87	16.832
9/19/2019	20.31	16.924
9/20/2019	16.33	16.502
9/23/2019	19.38	17.006
9/24/2019	22	18.778
9/25/2019	9.24	17.452
9/26/2019	14.12	16.214
9/27/2019	15.45	16.038
9/30/2019	16.49	15.46
10/1/2019	15.29	14.118
10/2/2019	13.81	15.032
10/3/2019	23.95	16.998
10/4/2019	26.76	19.26
10/7/2019	21.59	20.28
10/8/2019	11.33	19.488
10/9/2019	11.25	18.976
10/10/2019	8.78	15.942
10/11/2019	15.44	13.678
10/14/2019	24.99	14.358
10/15/2019	22.6	16.612
10/16/2019	15.97	17.556
10/17/2019	12.5	18.3
10/18/2019	14.51	18.114
10/21/2019	12.26	15.568
10/22/2019	20.58	15.164
10/23/2019	19.4	15.85
10/24/2019	24.27	18.204
10/25/2019	20.62	19.426
10/28/2019	14.48	19.87
10/29/2019	13.81	18.516
10/30/2019	20.24	18.684
10/31/2019	4.95	14.82
11/1/2019	11.96	13.088
11/4/2019	13.79	12.95
11/5/2019	18.44	13.876
11/6/2019	15.08	12.844
11/7/2019	16.62	15.178
11/8/2019	18.03	16.392
11/11/2019	16.21	16.876
11/12/2019	16.45	16.478
11/13/2019	20.82	17.626
11/14/2019	23.2	18.942
11/15/2019	20.5	19.436
11/18/2019	15.68	19.33
11/19/2019	18.49	19.738
11/20/2019	32.85	22.144
11/21/2019	14.91	20.486
11/22/2019	14.48	19.282
11/25/2019	11.35	18.416
11/26/2019	15.77	17.872
11/27/2019	13.88	14.078
11/29/2019	14.27	13.95
12/2/2019	13.7	13.794
12/3/2019	10.99	13.722
12/4/2019	18.62	14.292
12/5/2019	18.42	15.2
12/6/2019	13.13	14.972
12/9/2019	14.03	15.038
12/10/2019	22.31	17.302
12/11/2019	13.83	16.344
12/12/2019	11.52	14.964
12/13/2019	14.55	15.248
12/16/2019	11.51	14.744
12/17/2019	9.4	12.162
12/18/2019	13.11	12.018
12/19/2019	16.14	12.942
12/20/2019	15.79	13.19
12/23/2019	13.17	13.522
12/26/2019	18.92	15.426
12/27/2019	9.53	14.71
12/30/2019	24	16.282
12/31/2019	16.86	16.496
1/2/2020	16.27	17.116
1/3/2020	12.42	15.816
1/6/2020	18.52	17.614
1/7/2020	16.26	16.066
1/8/2020	13.2	15.334
1/9/2020	11.93	14.466
1/10/2020	14.39	14.86
1/13/2020	23.81	15.918
1/14/2020	8.64	14.394
1/15/2020	12.17	14.188
1/16/2020	13.39	14.48
1/17/2020	14.38	14.478
1/21/2020	12.72	12.26
1/22/2020	13.82	13.296
1/23/2020	19.97	14.856
1/24/2020	14.25	15.028
1/27/2020	15.16	15.184
1/28/2020	17.63	16.166
1/29/2020	21.37	17.676
1/30/2020	12.95	16.272
1/31/2020	14.09	16.24
2/3/2020	11.21	15.45
2/4/2020	16.4	15.204
2/5/2020	17.83	14.496
2/6/2020	15.28	14.962
2/7/2020	10.63	14.27
2/10/2020	11.02	14.232
2/11/2020	12.43	13.438
2/12/2020	8.8	11.632
2/13/2020	14.37	11.45
2/14/2020	19.66	13.256
2/18/2020	9.18	12.888
2/19/2020	11.07	12.616
2/20/2020	37.64	18.384
2/21/2020	13.94	18.298
2/24/2020	13.59	17.084
2/25/2020	15.33	18.314
2/26/2020	18.01	19.702
2/27/2020	14.96	15.166
2/28/2020	12.13	14.804
3/2/2020	12.65	14.616
3/3/2020	13.87	14.324
3/4/2020	12.63	13.248
3/5/2020	11.86	12.628
3/6/2020	12.85	12.772
3/9/2020	13.84	13.01
3/10/2020	16.34	13.504
3/11/2020	17.28	14.434
3/12/2020	13.28	14.718
3/13/2020	21.04	16.356
3/16/2020	11.35	15.858
3/17/2020	19.34	16.458
3/18/2020	20.46	17.094
3/19/2020	19.1	18.258
3/20/2020	33.62	20.774
3/23/2020	24.83	23.47
3/24/2020	22.15	24.032
3/25/2020	18.38	23.616
3/26/2020	18.51	23.498
3/27/2020	19.68	20.71
3/30/2020	21.83	20.11
3/31/2020	19.07	19.494
4/1/2020	15.65	18.948
4/2/2020	20.83	19.412
4/3/2020	22.27	19.93
4/6/2020	24.42	20.448
4/7/2020	18.85	20.404
4/8/2020	20.33	21.34
4/9/2020	30.64	23.302
4/13/2020	30.47	24.942
4/14/2020	20.59	24.176
4/15/2020	20.63	24.532
4/16/2020	15.42	23.55
4/17/2020	21.41	21.704
4/20/2020	13.13	18.236
4/21/2020	25.01	19.12
4/22/2020	20.26	19.046
4/23/2020	24.08	20.778
4/24/2020	15.72	19.64
4/27/2020	19.71	20.956
4/28/2020	24.68	20.89
4/29/2020	16.33	20.104
4/30/2020	18.47	18.982
5/1/2020	24.48	20.734
5/4/2020	14.26	19.644
5/5/2020	15.52	17.812
5/6/2020	14.66	17.478
5/7/2020	15.27	16.838
5/8/2020	18.08	15.558
5/11/2020	12.1	15.126
5/12/2020	16.42	15.306
5/13/2020	10.97	14.568
5/14/2020	17.4	14.994
5/15/2020	10.36	13.45
5/18/2020	14.67	13.964
5/19/2020	14.17	13.514
5/20/2020	10.27	13.374
5/21/2020	7.82	11.458
5/22/2020	15.06	12.398
5/26/2020	13.46	12.156
5/27/2020	12.08	11.738
5/28/2020	12.47	12.178
5/29/2020	13.17	13.248
6/1/2020	15.89	13.414
6/2/2020	8.43	12.408
6/3/2020	8.05	11.602
6/4/2020	11.6	11.428
6/5/2020	3.78	9.55
6/8/2020	19.05	10.182
6/9/2020	8.09	10.114
6/10/2020	18.52	12.208
6/11/2020	12.62	12.412
6/12/2020	15.78	14.812
6/15/2020	26.99	16.4
6/16/2020	11.21	17.024
6/17/2020	16.7	16.66
6/18/2020	9.64	16.064
6/19/2020	14.56	15.82
6/22/2020	18.01	14.024
6/23/2020	20.05	15.792
6/24/2020	21.2	16.692
6/25/2020	13.42	17.448
6/26/2020	11.71	16.878
6/29/2020	8.24	14.924
6/30/2020	20.25	14.964
7/1/2020	6.99	12.122
7/2/2020	9.05	11.248
7/6/2020	16.88	12.282
7/7/2020	10.76	12.786
7/8/2020	7.01	10.138
7/9/2020	10.14	10.768
7/10/2020	7.99	10.556
7/13/2020	12.69	9.718
7/14/2020	9.85	9.536
7/15/2020	7.66	9.666
7/16/2020	8.63	9.364
7/17/2020	15.01	10.768
7/20/2020	8.06	9.842
7/21/2020	9.22	9.716
7/22/2020	6.88	9.56
7/23/2020	15.65	10.964
7/24/2020	8.36	9.634
7/27/2020	9.97	10.016
7/28/2020	11.84	10.54
7/29/2020	13.29	11.822
7/30/2020	14.36	11.564
7/31/2020	10.11	11.914
8/3/2020	9.52	11.824
8/4/2020	7.42	10.94
8/5/2020	12.46	10.774
8/6/2020	10.84	10.07
8/7/2020	11.03	10.254
8/10/2020	15.32	11.414
8/11/2020	19.7	13.87
8/12/2020	16.31	14.64
8/13/2020	11.79	14.83
8/14/2020	15.79	15.782
8/17/2020	8.42	14.402
8/18/2020	10.93	12.648
8/19/2020	13.82	12.15
8/20/2020	11.01	11.994
8/21/2020	11.33	11.102
8/24/2020	9.96	11.41
8/25/2020	8.23	10.87
8/26/2020	11.73	10.452
8/27/2020	12.83	10.816
8/28/2020	11.32	10.814
8/31/2020	10.86	10.994
9/1/2020	7.01	10.75
9/2/2020	10.56	10.516
9/3/2020	8.3	9.61
9/4/2020	13.2	9.986
9/8/2020	11.88	10.19
9/9/2020	12.45	11.278
9/10/2020	9.37	11.04
9/11/2020	10.02	11.384
9/14/2020	10.87	10.918
9/15/2020	7.83	10.108
9/16/2020	11.41	9.9
9/17/2020	8.69	9.764
9/18/2020	9.19	9.598
9/21/2020	11.79	9.782
9/22/2020	11.72	10.56
9/23/2020	8.64	10.006
9/24/2020	8.68	10.004
9/25/2020	15.34	11.234
9/28/2020	7.45	10.366
9/29/2020	13.33	10.688
9/30/2020	13.31	11.622
10/1/2020	14.23	12.732
10/2/2020	16.41	12.946
10/5/2020	15.75	14.606
10/6/2020	10.2	13.98
10/7/2020	11.13	13.544
10/8/2020	12.4	13.178
10/9/2020	14.15	12.726
10/12/2020	18.69	13.314
10/13/2020	17.73	14.82
10/14/2020	13.65	15.324
10/15/2020	9.55	14.754
10/16/2020	13.95	14.714
10/19/2020	12.82	13.54
10/20/2020	11.65	12.324
10/21/2020	14.37	12.468
10/22/2020	14.55	13.468
10/23/2020	11.05	12.888
10/26/2020	18.29	13.982
10/27/2020	14.48	14.548
10/28/2020	14.46	14.566
10/29/2020	17.1	15.076
10/30/2020	13.42	15.55
11/2/2020	14.59	14.81
11/3/2020	17.68	15.45
11/4/2020	24.19	17.396
11/5/2020	11.03	16.182
11/6/2020	24.91	18.48
11/9/2020	21.98	19.958
11/10/2020	17.5	19.922
11/11/2020	13.9	17.864
11/12/2020	15.78	18.814
11/13/2020	13.51	16.534
11/16/2020	9.16	13.97
11/17/2020	14.01	13.272
11/18/2020	17.23	13.938
11/19/2020	20.22	14.826
11/20/2020	12.16	14.556
11/23/2020	12.31	15.186
11/24/2020	9.71	14.326
11/25/2020	8.59	12.598
11/27/2020	9.9	10.534
11/30/2020	10.7	10.242
12/1/2020	11.05	9.99
12/2/2020	10.43	10.134
12/3/2020	18.06	12.028
12/4/2020	17.08	13.464
12/7/2020	13.83	14.09
12/8/2020	12.69	14.418
12/9/2020	14.7	15.272
12/10/2020	15.51	14.762
12/11/2020	9.34	13.214
12/14/2020	16.27	13.702
12/15/2020	21.22	15.408
12/16/2020	15.89	15.646
12/17/2020	13.12	15.168
12/18/2020	24.38	18.176
12/21/2020	18.57	18.636
12/22/2020	19.65	18.322
12/23/2020	13.74	17.892
12/24/2020	26.66	20.6
12/28/2020	18.65	19.454
12/29/2020	28.31	21.402
12/30/2020	10.35	19.542
12/31/2020	16.54	20.102
1/4/2021	18.11	18.392
1/5/2021	16.3	17.922
1/6/2021	16.27	15.514
1/7/2021	25.1	18.464
1/8/2021	17.24	18.604
1/11/2021	18.15	18.612
1/12/2021	19.21	19.194
1/13/2021	18.97	19.734
1/14/2021	10.62	16.838
1/15/2021	11.96	15.782
1/19/2021	21.68	16.488
1/20/2021	27.81	18.208
1/21/2021	21.47	18.708
1/22/2021	17.15	20.014
1/25/2021	16.55	20.932
1/26/2021	19.04	20.404
1/27/2021	22.94	19.43
1/28/2021	25.02	20.14
1/29/2021	19.53	20.616
2/1/2021	21.89	21.684
2/2/2021	24.23	22.722
2/3/2021	15.13	21.16
2/4/2021	16.14	19.384
2/5/2021	13.63	18.204
2/8/2021	19.52	17.73
2/9/2021	25.71	18.026
2/10/2021	18.78	18.756
2/11/2021	22.22	19.972
2/12/2021	23.88	22.022
2/16/2021	26.84	23.486
2/17/2021	20.19	22.382
2/18/2021	17.56	22.138
2/19/2021	18.94	21.482
2/22/2021	19.76	20.658
2/23/2021	30.46	21.382
2/24/2021	16.2	20.584
2/25/2021	19.75	21.022
2/26/2021	21.44	21.522
3/1/2021	16.12	20.794
3/2/2021	16.66	18.034
3/3/2021	19.19	18.632
3/4/2021	10.79	16.84
3/5/2021	30.81	18.714
3/8/2021	15.75	18.64
3/9/2021	21.83	19.674
3/10/2021	27.1	21.256
3/11/2021	21.26	23.35
3/12/2021	31.86	23.56
3/15/2021	22.37	24.884
3/16/2021	13.4	23.198
3/17/2021	25.72	22.922
3/18/2021	16.13	21.896
3/19/2021	12.67	18.058
3/22/2021	19.56	17.496
3/23/2021	13.01	17.418
3/24/2021	19.23	16.12
3/25/2021	14.89	15.872
3/26/2021	17.52	16.842
3/29/2021	25.8	18.09
3/30/2021	18.16	19.12
3/31/2021	17.83	18.84
4/1/2021	22.33	20.328
4/5/2021	26.86	22.196
4/6/2021	16.61	20.358
4/7/2021	19.79	20.684
4/8/2021	20.67	21.252
4/9/2021	23.02	21.39
4/12/2021	17.91	19.6
4/13/2021	26.73	21.624
4/14/2021	20.63	21.792
4/15/2021	24.35	22.528
4/16/2021	26.53	23.23
4/19/2021	23.02	24.252
4/20/2021	8.03	20.512
4/21/2021	12.5	18.886
4/22/2021	11.26	16.268
4/23/2021	17.37	14.436
4/26/2021	20.38	13.908
4/27/2021	18.97	16.096
4/28/2021	19	17.396
4/29/2021	16.66	18.476
4/30/2021	17.23	18.448
5/3/2021	16.83	17.738
5/4/2021	19.19	17.782
5/5/2021	15.56	17.094
5/6/2021	19.4	17.642
5/7/2021	20.5	18.296
5/10/2021	19.02	18.734
5/11/2021	20.96	19.088
5/12/2021	25.31	21.038
5/13/2021	17.81	20.72
5/14/2021	20.67	20.754
5/17/2021	22.65	21.48
5/18/2021	22.99	21.886
5/19/2021	14.44	19.712
5/20/2021	16.3	19.41
5/21/2021	24.9	20.256
5/24/2021	19.71	19.668
5/25/2021	15.75	18.22
5/26/2021	28.11	20.954
5/27/2021	22.06	22.106
5/28/2021	24.03	21.932
6/1/2021	27.05	23.4
6/2/2021	33.18	26.886
6/3/2021	35.01	28.266
6/4/2021	29.45	29.744
6/7/2021	24.91	29.92
6/8/2021	25.53	29.616
6/9/2021	25.95	28.17
6/10/2021	30.54	27.276
6/11/2021	35.19	28.424
6/14/2021	23.85	28.212
6/15/2021	20.76	27.258
6/16/2021	30.76	28.22
6/17/2021	31.25	28.362
6/18/2021	44.43	30.21
6/21/2021	30.46	31.532
6/22/2021	33.63	34.106
6/23/2021	27.75	33.504
6/24/2021	29.34	33.122
6/25/2021	29.06	30.048
6/28/2021	25.07	28.97
6/29/2021	27.05	27.654
6/30/2021	30.01	28.106
7/1/2021	32.16	28.67
7/2/2021	30.74	29.006
7/6/2021	16.14	27.22
7/7/2021	36.49	29.108
7/8/2021	32.44	29.594
7/9/2021	33.07	29.776
7/12/2021	27.37	29.102
7/13/2021	31.66	32.206
7/14/2021	21.12	29.132
7/15/2021	17.79	26.202
7/16/2021	16.71	22.93
7/19/2021	22.25	21.906
7/20/2021	17.47	19.068
7/21/2021	17.09	18.262
7/22/2021	18.3	18.364
7/23/2021	24.57	19.936
7/26/2021	30.08	21.502
7/27/2021	23.31	22.67
7/28/2021	29.45	25.142
7/29/2021	19.84	25.45
7/30/2021	16.88	23.912
8/2/2021	23.95	22.686
8/3/2021	18.94	21.812
8/4/2021	16.73	19.268
8/5/2021	21.68	19.636
8/6/2021	27.97	21.854
8/9/2021	32.98	23.66
8/10/2021	18.65	23.602
8/11/2021	24.99	25.254
8/12/2021	21.59	25.236
8/13/2021	26.38	24.918
8/16/2021	27.65	23.852
8/17/2021	11.97	22.516
8/18/2021	30.41	23.6
8/19/2021	12.79	21.84
8/20/2021	15.71	19.706
8/23/2021	19.93	18.162
8/24/2021	14.81	18.73
8/25/2021	20.76	16.8
8/26/2021	21.49	18.54
8/27/2021	19.83	19.364
8/30/2021	14.15	18.208
8/31/2021	11.22	17.49
9/1/2021	13.78	16.094
9/2/2021	18.83	15.562
9/3/2021	14.04	14.404
9/7/2021	13.68	14.31
9/8/2021	15.85	15.236
9/9/2021	15.36	15.552
9/10/2021	23.99	16.584
9/13/2021	22.53	18.282
9/14/2021	20.09	19.564
9/15/2021	13.35	19.064
9/16/2021	23.5	20.692
9/17/2021	22.89	20.472
9/20/2021	20.92	20.15
9/21/2021	19.3	19.992
9/22/2021	26.05	22.532
9/23/2021	22.27	22.286
9/24/2021	16.78	21.064
9/27/2021	21.73	21.226
9/28/2021	15.74	20.514
9/29/2021	23.19	19.942
9/30/2021	23.85	20.258
10/1/2021	11.29	19.16
10/4/2021	17.38	18.29
10/5/2021	23.85	19.912
10/6/2021	11.53	17.58
10/7/2021	20.52	16.914
10/8/2021	15.25	17.706
10/11/2021	20.29	18.288
10/12/2021	17.49	17.016
10/13/2021	14.58	17.626
10/14/2021	22.07	17.936
10/15/2021	15.31	17.948
10/18/2021	18.13	17.516
10/19/2021	17.27	17.472
10/20/2021	12.73	17.102
10/21/2021	20.12	16.712
10/22/2021	12.93	16.236
10/25/2021	18.7	16.35
10/26/2021	14.43	15.782
10/27/2021	19.45	17.126
10/28/2021	13.43	15.788
10/29/2021	19.02	17.006
11/1/2021	10.64	15.394
11/2/2021	15.31	15.57
11/3/2021	14.92	14.664
11/4/2021	16.55	15.288
11/5/2021	18.07	15.098
11/8/2021	32.86	19.542
11/9/2021	17.53	19.986
11/10/2021	15.34	20.07
11/11/2021	11.81	19.122
11/12/2021	15.83	18.674
11/15/2021	20.64	16.23
11/16/2021	17.52	16.228
11/17/2021	12.03	15.566
11/18/2021	16.31	16.466
11/19/2021	27.46	18.792
11/22/2021	24.63	19.59
11/23/2021	17.87	19.66
11/24/2021	19.21	21.096
11/26/2021	23.93	22.62
11/29/2021	15.81	20.29
11/30/2021	16.46	18.656
12/1/2021	25.46	20.174
12/2/2021	17.2	19.772
12/3/2021	17.63	18.512
12/6/2021	23.8	20.11
12/7/2021	32.42	23.302
12/8/2021	22.43	22.696
12/9/2021	17.63	22.782
12/10/2021	32.2	25.696
12/13/2021	26.43	26.222
12/14/2021	23.65	24.468
12/15/2021	9.51	21.884
12/16/2021	15.81	21.52
12/17/2021	25.94	20.268
12/20/2021	22.15	19.412
12/21/2021	23.16	19.314
12/22/2021	16.5	20.712
12/23/2021	24.64	22.478
12/27/2021	27.86	22.862
12/28/2021	19.73	22.378
12/29/2021	21.59	22.064
12/30/2021	28.81	24.526
12/31/2021	41.22	27.842
1/3/2022	21.49	26.568
1/4/2022	24.27	27.476
1/5/2022	27.9	28.738
1/6/2022	14.2	25.816
1/7/2022	16.73	20.918
1/10/2022	20.87	20.794
1/11/2022	26.06	21.152
1/12/2022	23.48	20.268
1/13/2022	23.14	22.056
1/14/2022	23.09	23.328
1/18/2022	17.33	22.62
1/19/2022	18	21.008
1/20/2022	20.82	20.476
1/21/2022	18.52	19.552
1/24/2022	23.39	19.612
1/25/2022	16.31	19.408
1/26/2022	18.47	19.502
1/27/2022	17.35	18.808
1/28/2022	23.63	19.83
1/31/2022	18.11	18.774
2/1/2022	21.52	19.816
2/2/2022	19.4	20.002
2/3/2022	22.12	20.956
2/4/2022	23.52	20.934
2/7/2022	29.3	23.172
2/8/2022	24.15	23.698
2/9/2022	28.42	25.502
2/10/2022	24.52	25.982
2/11/2022	19.1	25.098
2/14/2022	23.81	24
2/15/2022	19.72	23.114
2/16/2022	28.87	23.204
2/17/2022	24.1	23.12
2/18/2022	17.28	22.756
2/22/2022	16.19	21.232
2/23/2022	15.78	20.444
2/24/2022	33.01	21.272
2/25/2022	15.91	19.634
2/28/2022	22.94	20.766
3/1/2022	40.9	25.708
3/2/2022	27.87	28.126
3/3/2022	59.4	33.404
3/4/2022	86.1	47.442
3/7/2022	64.19	55.692
3/8/2022	61.4	59.792
3/9/2022	60.79	66.376
3/10/2022	64.44	67.384
3/11/2022	62.26	62.616
3/14/2022	91.91	68.16
3/15/2022	71.19	70.118
3/16/2022	47.39	67.438
3/17/2022	96.61	73.872
3/18/2022	140.59	89.538
3/21/2022	50.74	81.304
3/22/2022	89.46	84.958
3/23/2022	68.61	89.202
3/24/2022	105.52	90.984
3/25/2022	46.97	72.26
3/28/2022	94.64	81.04
3/29/2022	66.3	76.408
3/30/2022	96.95	82.076
3/31/2022	76.8	76.332
4/1/2022	66.55	80.248
4/4/2022	97.86	80.892
4/5/2022	95.16	83.774
4/6/2022	64.94	77.298
4/7/2022	96.63	82.54
4/8/2022	63.37	81.836
4/11/2022	39.73	71.966
4/12/2022	42.85	61.504
4/13/2022	32.39	54.994
4/14/2022	30.03	41.674
4/18/2022	36.37	36.274
4/19/2022	52.38	38.804
4/20/2022	47.15	39.664
4/21/2022	36.78	40.542
4/22/2022	37.83	42.102

Note: The shaded area with a top cap represents an expanded window focusing on the period from January 1, 2022, onward. Bid-ask spreads are expressed as a multiple of tick size (minimum price increment). The tick size for soft red winter wheat futures is 1/4 of $0.01 ($0.0025) per bushel.

Source: Federal Reserve Board estimates based on data from CME Group, Inc., DataMine, https://datamine.cmegroup.com.

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Figure F. Producer, merchant, processor, and user positions in commodity futures

Three figures

Figure F1: This is a line chart titled “Wheat (soft red winter).” The x-axis ranges from 2006 to 2022 in years. The Y-axis ranges from 0 to 800 in thousands. The data is weekly. There are two variables charted on the plot. The first line is labeled ‘Long’ and is designated by a thin black line. This line ranges from 12 to 124 and starts at 62 in 2006. The variable is stable within its range. The last value is 28 in late April 2022. The second line is labeled ‘Short’; is designated by a thick blue line; and ranges from 61 to 268. The variable decreases from the starting point to its minimum value of 85 in late 2009. The variable increases sharply through 2010 to its maximum value of 268 in early 2011. The variable decreases from its maximum value and then becomes fairly stable. The variables last value is 119 in late April 2022.

Figure F2: This is a line chart titled “Oil (West Texas Intermediate).” The x-axis ranges from 2006 to 2022 in years. The Y-axis ranges from 0 to 800 in thousands. The data is weekly. There are two variables charted on the plot. The first line is labeled ‘Long’; is designated by a thin black line; and ranges from 107 to 606. The variable starts at 259 in July 2022. The variable increases sharply from the starting point to 437 in May 2007. The variable remains stable through 2016 and begins to sharply increase. The variable increases to a local minimum of about 500 in late 2017. The variable decreases from the local maximum and then begins to sharply increase to the series maximum of 605 in May 2021. The last value in the series is 443 in late April 2022. The second line is labeled ‘Short’; is designated by a thick blue line; and ranges from 208 to 703. The variable starts at 348 in July 2006 and sharply increases from the starting point to a local minimum of 580 in July 2007. From the local minimum, the variable decreases to below its starting point. The variable spikes again in late 2009. The variable sharply increases in 2014 to its maximum value of 703 in early 2017. The variable sharply decreases from the peak and its last value is 249 in late April 2022.

Figure F3: This is a line chart titled “U.S. (Henry Hub) natural gas.” The x-axis ranges from 2006 to 2022 in years. The Y-axis ranges from 0 to 800 in thousands. The data is weekly. There are two variables charted on the plot. The first line is labeled ‘Long’; is designated by a thin black line; and ranges from 50 to 284. The variable starts at 146 in July 2006. The variable is stable through 2016. In 2017 the variable begins to increase and hits a local maximum at 258 in May 2017. The variable decreases from the local maximum and then begins to increase to the maximum value of 308 in July 2019. The variable gradually declines to its last value of 139 in April 2022. The second line is labeled ‘Short’; is designated by a thick blue line; and ranges from 64 to 379. The variable starts at 159 in July 2006. The variable decreases from the starting point to its minimum value of 64 in late 2008. The variable gradually increases to a local maximum of 160 in September 2014. The variable decreases from the local maximum and the increases to the maximum value of 379 in May 2017. The variable decreases from the maximum value and increases sharply to 257 in September 2021. The variable decreases to its final value of 219 in late April 2022.

Source: Bloomberg Finance L.P.

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Figure 4.8. Less liquid general account assets held by U.S. insurers

Percent share (Left scale)
Billions of dollars (Right scale)

Date	Other asset-backed securities	Commercial real estate	Commercial real estate, securitized	Alternative investment	Illiquid corporate debt	Illiquid corporate debt, securitized	Share of life insurer assets (Left scale)	Share of P&C insurer assets (Left scale)
2006	249.03	273.65	187.41	137.23	315.65	8.66	32.95	10.06
2007	270.2	292.62	216.82	183.64	326.14	12.66	35.05	12.34
2008	265.12	304.07	221.54	167.91	344.19	13.86	34.98	11.92
2009	236.11	294.42	222.54	171.22	348.22	15.5	33.7	10.96
2010	209.85	286.6	189.54	224.58	365.18	19.88	31.5	12.88
2011	215.26	301.75	183.07	237.33	377.41	24.91	30.74	13.44
2012	200.97	314.09	168.49	254.11	392.09	31.82	30.6	13.43
2013	198.71	331.62	163.89	275.47	419.18	43.55	30.59	14.99
2014	202.31	349.12	165.76	300.22	424.25	64.52	31.08	14.9
2015	191.49	375.68	160.12	292.14	441.21	75.85	31.15	15.02
2016	197.48	407.46	154.32	306.37	467.58	81.66	31.16	15.11
2017	189.2	442.8	152.3	334.04	479.19	90.37	31.29	14.69
2018	188.44	483.61	164.39	342.81	479.53	116.89	32.62	14.9
2019	185.6	534.21	178.64	381.33	546.63	140.45	34.41	15.11
2020	179.27	555.75	185.26	433	635.75	173.48	35.08	16.21

Note: Securitized products include collateralized loan obligations for corporate debt, private-label commercial mortgage-backed securities for commercial real estate (CRE), and private-label residential mortgage-backed securities and asset-backed securities (ABS) backed by autos, credit cards, consumer loans, and student loans for other ABS. Illiquid corporate debt includes private placements, bank and syndicated loans, and high-yield bonds. Alternative investments include assets filed under Schedule BA. P&C is property and casualty. The key identifies bars in order from top to bottom.

Source: Staff estimates based on data from Bloomberg Finance L.P. and National Association of Insurance Commissioners Annual Statutory Filings.

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Figure 4.9. Nontraditional liabilities of U.S. life insurers, by liability type

Billions of dollars (real)

Date	Repurchase agreements	Securities lending	FHLB advances	Funging-agreement-backed securities
2006	4.25	188.32	12.27	219.51
2007	3.64	191.46	22.14	226.64
2008	2.50	64.12	44.16	214.55
2009	12.43	48.99	58.30	152.92
2010	12.75	53.58	54.02	119.31
2011 Q1	7.56	57.59	54.06	106.35
2011 Q2	8.32	56.76	53.10	100.60
2011 Q3	8.37	54.33	53.11	93.68
2011 Q4	8.69	51.96	53.58	93.44
2012 Q1	9.90	51.09	54.60	90.13
2012 Q2	12.76	58.58	58.25	91.62
2012 Q3	13.57	66.23	57.85	92.76
2012 Q4	13.52	64.66	56.27	89.00
2013 Q1	15.94	64.44	57.01	88.11
2013 Q2	15.88	65.56	58.08	78.88
2013 Q3	15.30	60.50	56.86	74.62
2013 Q4	13.67	66.47	57.80	72.53
2014 Q1	16.09	67.69	57.59	67.72
2014 Q2	16.13	69.85	57.82	71.18
2014 Q3	17.76	73.31	58.22	74.43
2014 Q4	13.57	63.41	58.52	79.53
2015 Q1	13.03	63.82	61.33	82.41
2015 Q2	12.61	57.68	62.49	80.44
2015 Q3	12.64	57.63	63.88	75.62
2015 Q4	10.03	57.59	64.92	81.08
2016 Q1	12.23	59.38	68.23	79.41
2016 Q2	13.78	62.19	71.79	80.37
2016 Q3	14.67	63.38	74.66	80.53
2016 Q4	11.12	54.48	75.29	85.59
2017 Q1	14.66	56.84	77.81	86.80
2017 Q2	14.87	57.49	77.57	90.62
2017 Q3	16.26	58.16	77.47	98.62
2017 Q4	18.70	55.16	79.39	96.25
2018 Q1	18.43	58.00	84.54	98.39
2018 Q2	20.49	50.59	83.92	90.47
2018 Q3	19.96	51.36	82.30	99.24
2018 Q4	19.81	45.87	84.97	96.82
2019 Q1	19.11	49.70	86.98	100.14
2019 Q2	17.99	49.22	86.04	98.57
2019 Q3	17.11	49.27	89.11	99.43
2019 Q4	18.39	48.43	91.98	101.39
2020 Q1	20.06	45.87	108.41	107.26
2020 Q2	22.40	51.62	111.37	112.62
2020 Q3	22.11	50.76	106.92	119.27
2020 Q4	22.07	51.38	107.55	123.10
2021 Q1	27.33	54.99	115.37	132.93
2021 Q2	20.88	55.36	109.23	145.27
2021 Q3	18.55	59.81	105.62	153.70
2021 Q4	21.87	54.25	107.14	154.63

Note: The data are converted to constant 2021 dollars using the consumer price index. FHLB is Federal Home Loan Bank. The key identifies series in order from top to bottom.

Source: Bureau of Labor Statistics, consumer price index via Haver Analytics; Moody's Analytics, Inc., CreditView, Asset-Backed Commercial Paper Program Index; Securities and Exchange Commission, Forms 10-Q and 10-K; National Association of Insurance Commissioners, quarterly and annual statutory filings accessed via S&P Global, Capital IQ Pro; Bloomberg Finance L.P.

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Figure A. Share of world gross domestic product

Percent

Date	United States	China	EU countries
1990	26.22070961	1.586740011	33.38280106
1991	25.75427312	1.603326489	32.95185081
1992	25.65402653	1.679687131	33.78263641
1993	26.55063487	1.721628213	30.28379529
1994	26.18116757	2.027473692	29.82991963
1995	24.68089849	2.373023283	31.13703839
1996	25.52361682	2.730784066	31.13357572
1997	27.21951607	3.051500198	29.48639429
1998	28.82594673	3.273048811	30.60207126
1999	29.51564559	3.352845628	29.43899599
2000	30.41909594	3.594137107	26.46069399
2001	31.59698894	3.999414749	26.95290222
2002	31.45988551	4.230216034	28.2769036
2003	29.38866589	4.258409531	30.68366313
2004	27.80662831	4.45169692	31.44486917
2005	27.40456876	4.805395736	30.35216908
2006	26.79917592	5.338903481	29.89336277
2007	24.88557584	6.113539073	30.6588042
2008	23.0887894	7.209848296	30.06531424
2009	23.90508051	8.440542132	28.32709603
2010	22.65879337	9.200025391	25.7274736
2011	21.14809216	10.27497445	25.03545183
2012	21.5446949	11.34928025	23.06111048
2013	21.70752368	12.37726406	23.37579618
2014	22.06133351	13.18567207	23.53289464
2015	24.3088525	14.74341374	21.96048377
2016	24.58957471	14.73569464	21.74371884
2017	24.09372673	15.17696431	21.44515512
2018	23.92856687	16.13061634	21.85729394
2019	24.51281899	16.33170053	21.16938311
2020	24.7541914	17.40724538	21.26349642

Note: National gross domestic product figures are converted to U.S. dollars at market exchange rates. The European Union (EU) aggregate continues to include the United Kingdom in 2020.

Source: World Bank, World Development Indicators Online, https://databank worldbank org/source/world-development-indicators.

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Figure B. Credit to the nonfinancial business sector

Percent of GDP

Date	China	Other EMEs
6/30/2007	98.1	43.65269312
9/30/2007	96.7	44.57629792
12/31/2007	94.3	44.68475219
3/31/2008	94.8	45.57070192
6/30/2008	94.2	45.04052382
9/30/2008	93.9	45.81332183
12/31/2008	93.9	48.14666993
3/31/2009	105.6	49.63302179
6/30/2009	113.6	48.6414433
9/30/2009	116.3	49.47668522
12/31/2009	116.9	49.1904876
3/31/2010	117.9	48.23606042
6/30/2010	118.9	47.71420176
9/30/2010	118.4	47.48351632
12/31/2010	117.8	47.67386415
3/31/2011	117.7	47.15754245
6/30/2011	117.2	46.98567702
9/30/2011	115.8	47.9280268
12/31/2011	117	48.07312155
3/31/2012	120.2	47.91051884
6/30/2012	122.4	48.7755637
9/30/2012	125	49.4875393
12/31/2012	127.6	50.22544178
3/31/2013	132.7	50.68612723
6/30/2013	134.7	51.80219544
9/30/2013	136.9	53.08841809
12/31/2013	137.5	53.89100806
3/31/2014	141.3	53.95796828
6/30/2014	143.9	54.40241266
9/30/2014	144.1	55.03629384
12/31/2014	145.8	55.83532255
3/31/2015	149.5	56.91638212
6/30/2015	151.5	57.0519063
9/30/2015	154.1	58.52917093
12/31/2015	158.5	59.18597217
3/31/2016	161.8	58.90386973
6/30/2016	160.7	58.77206974
9/30/2016	159.5	58.31367241
12/31/2016	159.5	58.22953483
3/31/2017	161	56.9072756
6/30/2017	159.3	56.52683798
9/30/2017	158	56.22225766
12/31/2017	156.4	56.59551688
3/31/2018	156.3	56.03168883
6/30/2018	154	56.73269586
9/30/2018	151.5	57.11720029
12/31/2018	149.1	56.57856662
3/31/2019	152.4	56.97155546
6/30/2019	151.4	56.54710638
9/30/2019	151	57.07271521
12/31/2019	150.1	57.08800958
3/31/2020	159.8	59.9839052
6/30/2020	163.3	62.38909573
9/30/2020	163.2	63.85020139
12/31/2020	160.8	63.77633921
3/31/2021	159.6	64.1664487
6/30/2021	157.4	61.68861808
9/30/2021	155.5	61.0243856

Note: Credit is defined as total credit to the private nonfinancial business sector. The Other EMEs category consists of Argentina, Brazil, Chile, Colombia, the Czech Republic, Hungary, India, Indonesia, Israel, Malaysia, Mexico, Poland, Russia, Saudi Arabia, South Korea, Thailand, and Turkey. GDP is gross domestic product; EMEs are emerging market economies.

Source: Bank for International Settlements.

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Figure C. New property sales

Millions of square feet, 12-month rolling sum

Date	Property sales
Jan-11	786.552
Feb-11	791.358
Mar-11	803.342
Apr-11	798.217
May-11	810.463
Jun-11	830.475
Jul-11	840.416
Aug-11	849.64
Sep-11	857.756
Oct-11	847.669
Nov-11	844.37
Dec-11	832.004
Jan-12	826.144
Feb-12	820.283
Mar-12	809.855
Apr-12	801.939
May-12	795.116
Jun-12	792.562
Jul-12	800.404
Aug-12	808.634
Sep-12	805.765
Oct-12	819.526
Nov-12	843.687
Dec-12	845.403
Jan-13	859.996
Feb-13	874.589
Mar-13	891.556
Apr-13	911.984
May-13	927.123
Jun-13	933.887
Jul-13	941.436
Aug-13	946.461
Sep-13	963.513
Oct-13	975.743
Nov-13	991.283
Dec-13	995.492
Jan-14	994.763
Feb-14	994.034
Mar-14	986.98
Apr-14	976.642
May-14	969.271
Jun-14	968.815
Jul-14	955.584
Aug-14	945.258
Sep-14	934.201
Oct-14	932.367
Nov-14	920.078
Dec-14	917.79
Jan-15	910.885
Feb-15	903.981
Mar-15	902.926
Apr-15	907.889
May-15	916.429
Jun-15	932.481
Jul-15	944.55
Aug-15	954.934
Sep-15	960.076
Oct-15	963.775
Nov-15	968.975
Dec-15	967.924
Jan-16	976.623
Feb-16	985.321
Mar-16	1011.926
Apr-16	1038.023
May-16	1054.021
Jun-16	1068.797
Jul-16	1081.6
Aug-16	1096.181
Sep-16	1133.011
Oct-16	1157.935
Nov-16	1164.729
Dec-16	1180.264
Jan-17	1191.431
Feb-17	1202.599
Mar-17	1217.055
Apr-17	1224.816
May-17	1234.808
Jun-17	1260.417
Jul-17	1262.641
Aug-17	1266.666
Sep-17	1265.625
Oct-17	1258.51
Nov-17	1271.565
Dec-17	1294.13
Jan-18	1300.103
Feb-18	1306.076
Mar-18	1316.654
Apr-18	1318.071
May-18	1334.698
Jun-18	1352.215
Jul-18	1367.529
Aug-18	1378.125
Sep-18	1384.253
Oct-18	1391.592
Nov-18	1396.026
Dec-18	1406.103
Jan-19	1405.802
Feb-19	1405.501
Mar-19	1413.868
Apr-19	1420.687
May-19	1418.125
Jun-19	1421.58
Jul-19	1429.838
Aug-19	1439.307
Sep-19	1450.236
Oct-19	1456.127
Nov-19	1460.117
Dec-19	1466.641
Jan-20	1443.538
Feb-20	1420.435
Mar-20	1404.211
Apr-20	1403.586
May-20	1417.914
Jun-20	1428.579
Jul-20	1440.778
Aug-20	1458.334
Sep-20	1470.629
Oct-20	1491.266
Nov-20	1508.937
Dec-20	1536.997
Jan-21	1576.919
Feb-21	1616.841
Mar-21	1666.153
Apr-21	1688.623
May-21	1703.672
Jun-21	1718.086
Jul-21	1706.981
Aug-21	1685.093
Sep-21	1660.671
Oct-21	1627.297
Nov-21	1603.489
Dec-21	1561.207
Jan-22	1550.474
Feb-22	1539.74
Mar-22	1502.667

Source: National Bureau of Statistics of China via Haver Analytics.

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Figure D. High-yield corporate bond yield spreads to similar-maturity U.S. Treasury securities

This is a line series chart titled ‘High-yield corporate bond yield spreads to similar-maturity U.S. treasury securities.’ The x-axis measures time and ranges from December 2003 to March 2022. The y-axis is in percentage points and ranges from 0 to 35. The data are monthly. The first series is labeled ‘United States’ and is designated as black. It starts at approximately 4 in December 2003 and decreases slightly to a low of 2.5 by May 2007. It then rises to a high of almost 20 in November of 2008 before decreasing to less than 6 by April 2014. It remains between 3.5 and 7 for the rest of the chart, with small spikes to just over 8 in November 2011, 7.8 in February 2016, and 8.7 in March 2020. It ends at 3.4 in March 2022. The second series is labeled ‘China offshore’ and is shown in red. It starts at 5 in December 2004 and stays flat until mid-2007. It then rises sharply in late 2008, reaching a peak of 29.4 in December 2008. It falls back to 9 by August 2008. It then increases quickly to a high of 17.4 November 2011. It decreases to under 7 by November 2013. It begins increasing after 2017 and sharply increases in March 2020 to 13.5. It then decreases to just above 8 in March 2021. It then begins to rise from June 2021 onwards and reaches a peak of over 25 in March 2022, the last date of the chart.

Note: As of March 2022, the ICE China Dollar High Yield Index (ticker ECNH) contained $58.9 billion in property-firm bonds out of a total face value of $80.4 billion for bonds in the index.

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

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Figure E. S&P 500 return option-implied volatility and China events

This is a line chart titled ‘S&P 500 return option-implied volatility and China events’. The x-axis measures time and ranges from March 2015 to June 2016. The right y-axis is in percent and ranges from 0 to 50. The frequency of the data is daily. There are three vertical red lines. The first line is on August 11, 2015 and is labeled “Currency devaluation”. The second line is on August 24, 2015 and is labeled “8 percent decline in equity index”. The third line is on January 4, 2016 and is labeled “Halt in equity market trading”. There is one series plotted, designated with a black line. This series starts at 13 and remains roughly flat until August 2015, when it increases sharply to over 40. It then slowly decreases to 14 in October 2015, where it stays flat. In December 2015, there is a small spike to 28. The series continues to rise in January 2016 to just under 30 and stays between 20 and 30 until February 2016, when it begins to decline. It stays flat at around 15 between March and June of 2016. There is an increases to 28 in June 2016, before declining to 15.6 on June 30, 2016, the last day of the series.

Note: Vertical lines indicate a currency devaluation on August 11, 2015; an 8 percent decline in the Shanghai Composite Index on August 24, 2015; and a temporary halt in equity market trading on January 4, 2016.

Source: Bloomberg Finance L.P., Bloomberg per Security Data License; Dow Jones, Wall Street Journal.

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Figure A. Spring 2022: Most cited potential risks over the next 12 to 18 months

The chart is titled “Spring 2022: Most cited potential shocks over the next 12 to 18 months.” The x-axis ranges from 0 to 80 percent and the data in each category is represented by blue bars showing the percentage of respondents. The categories on the left axis are listed in the following order from top to bottom: Russian invasion of Ukraine at 77 percent of respondents, Persistent inflation; monetary tightening at 68 percent of respondents, Risk asset valuations/correction at 50 percent of respondents, Foreign divestment from U.S. assets at 41 percent of respondents, Higher energy prices at 41 percent of respondents, Elevated inflation regime at 36 percent of respondents, Corporate credit stress at 36 percent of respondents, Cyberattacks at 32 percent of respondents, U.S.-China tensions at 32 percent of respondents, COVID-19 at 27 percent of respondents, Central counterparty/exchange distress at 18 percent of respondents, Cryptocurrencies/stablecoins at 18 percent of respondents, China growth slowdown at 18 percent of respondents, and Real estate correction at 18 percent of respondents.

Note: Responses are to the following question: "Over the next 12 to 18 months, which shocks, if realized, do you think would have the greatest negative effect on the functioning of the U.S. financial system?"

Source: Federal Reserve Bank of New York survey of 22 contacts from January to April.

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Figure B. Fall 2021: Most cited potential risks over the next 12 to 18 months

The chart is titled “Fall 2021: Most cited potential shocks over the next 12 to 18 months.” The x-axis ranges from 0 to 80 percent and the data in each category is represented by blue bars showing the percentage of respondents. The categories on the left axis are listed in the following order from top to bottom: Persistent inflation; monetary tightening at 65 percent of respondents, COVID-19 at 50 percent of respondents, China regulatory/property risks at 46 percent of respondents, U.S.-China tensions at 31 percent of respondents, Cryptocurrencies/stablecoins at 27 percent of respondents, Climate/weather at 23 percent of respondents, Risk asset valuations/correction at 23 percent of respondents, Political uncertainty at 19 percent of respondents, Fiscal cliff effects at 19 percent of respondents, Cyberattacks at 15 percent of respondents, Real yield spike/taper tantrum at 15 percent of respondents, EME risks at 15 percent of respondents, and China growth slowdown at 15 percent of respondents.

Note: EME is emerging market economy. Responses are to the following question: "Over the next 12 to 18 months, which shocks, if realized, do you think would have the greatest negative effect on the functioning of the U.S. financial system?"

Source: Federal Reserve Bank of New York survey of 26 contacts from August to October.

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Financial Stability Report – May 2022