Accessible Version
Overview of financial system vulnerabilities
Asset valuations
- Equity price-to-earnings ratios reached elevated levels.
- Risk premiums in corporate bond markets remained near the middle of their historical distributions.
- Prices of residential and commercial properties remained high relative to fundamentals.
Borrowing by businesses and households
- The ratio of total private debt to gross domestic product (GDP) continued to edge down and remained close to its historical average.
- The business debt-to-GDP ratio remained high, but debt issuance by the riskiest companies continued to be subdued. Firms’ ability to service their debt remained solid despite declining interest coverage ratios.
- Household debt was at modest levels relative to GDP and concentrated among prime-rated borrowers.
Leverage in the financial sector
- The banking system remained sound and resilient, as risk-based capital ratios remained close to average levels over the past decade.
- Nonetheless, high interest rates continued to depress the fair value of longer-maturity, fixed-rate assets that, for some banks, were sizable.
- Leverage remained high at the largest hedge funds.
- Broker-dealer leverage remained near historically low levels.
Funding risks
- Most domestic banks maintained high levels of liquid assets and stable funding.
- However, a subset of banks continued to face funding pressures, reflecting concerns over uninsured deposits and other factors.
- Structural vulnerabilities persisted at money market funds, some other mutual funds, and stablecoins.
- Liquidity risks for life insurers remained elevated as the share of illiquid and risky assets continued to edge up.
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."
| Persistent inflation; monetary tightening | Commercial and residential real estate | Banking-sector stress | Market liquidity strains and volatility | Weakness in Chinese economy/financial sector | |
|---|---|---|---|---|---|
| Oct-23 | 72% of contacts surveyed | 72% of contacts surveyed | 56% of contacts surveyed | 56% of contacts surveyed | 44% of contacts surveyed |
| May-23 | 56% of contacts surveyed | 52% of contacts surveyed | 56% of contacts surveyed | 40% of contacts surveyed | 12% of contacts surveyed |
Figure 1.1. Nominal Treasury yields rose substantially in the third quarter of 2023
Percent, annual rate
| Date | 2-year | 10-year |
|---|---|---|
| Jan. 1997 | 6.01 | 6.58 |
| Feb. 1997 | 5.9 | 6.42 |
| Mar. 1997 | 6.22 | 6.69 |
| Apr. 1997 | 6.45 | 6.89 |
| May. 1997 | 6.28 | 6.71 |
| Jun. 1997 | 6.09 | 6.49 |
| Jul. 1997 | 5.89 | 6.22 |
| Aug. 1997 | 5.94 | 6.3 |
| Sep. 1997 | 5.88 | 6.21 |
| Oct. 1997 | 5.77 | 6.03 |
| Nov. 1997 | 5.71 | 5.88 |
| Dec. 1997 | 5.72 | 5.81 |
| Jan. 1998 | 5.36 | 5.54 |
| Feb. 1998 | 5.42 | 5.57 |
| Mar. 1998 | 5.56 | 5.65 |
| Apr. 1998 | 5.56 | 5.64 |
| May. 1998 | 5.59 | 5.65 |
| Jun. 1998 | 5.52 | 5.5 |
| Jul. 1998 | 5.46 | 5.46 |
| Aug. 1998 | 5.27 | 5.34 |
| Sep. 1998 | 4.67 | 4.81 |
| Oct. 1998 | 4.09 | 4.53 |
| Nov. 1998 | 4.54 | 4.83 |
| Dec. 1998 | 4.51 | 4.65 |
| Jan. 1999 | 4.62 | 4.72 |
| Feb. 1999 | 4.88 | 5 |
| Mar. 1999 | 5.05 | 5.23 |
| Apr. 1999 | 4.98 | 5.18 |
| May. 1999 | 5.25 | 5.54 |
| Jun. 1999 | 5.62 | 5.9 |
| Jul. 1999 | 5.55 | 5.79 |
| Aug. 1999 | 5.68 | 5.94 |
| Sep. 1999 | 5.66 | 5.92 |
| Oct. 1999 | 5.86 | 6.11 |
| Nov. 1999 | 5.86 | 6.03 |
| Dec. 1999 | 6.1 | 6.28 |
| Jan. 2000 | 6.44 | 6.66 |
| Feb. 2000 | 6.61 | 6.52 |
| Mar. 2000 | 6.53 | 6.26 |
| Apr. 2000 | 6.4 | 5.99 |
| May. 2000 | 6.81 | 6.44 |
| Jun. 2000 | 6.48 | 6.1 |
| Jul. 2000 | 6.34 | 6.05 |
| Aug. 2000 | 6.23 | 5.83 |
| Sep. 2000 | 6.08 | 5.8 |
| Oct. 2000 | 5.91 | 5.74 |
| Nov. 2000 | 5.88 | 5.72 |
| Dec. 2000 | 5.35 | 5.24 |
| Jan. 2001 | 4.76 | 5.16 |
| Feb. 2001 | 4.66 | 5.1 |
| Mar. 2001 | 4.34 | 4.89 |
| Apr. 2001 | 4.23 | 5.14 |
| May. 2001 | 4.26 | 5.39 |
| Jun. 2001 | 4.08 | 5.28 |
| Jul. 2001 | 4.04 | 5.24 |
| Aug. 2001 | 3.76 | 4.97 |
| Sep. 2001 | 3.12 | 4.73 |
| Oct. 2001 | 2.73 | 4.57 |
| Nov. 2001 | 2.78 | 4.65 |
| Dec. 2001 | 3.11 | 5.09 |
| Jan. 2002 | 3.03 | 5.04 |
| Feb. 2002 | 3.02 | 4.91 |
| Mar. 2002 | 3.56 | 5.28 |
| Apr. 2002 | 3.42 | 5.21 |
| May. 2002 | 3.26 | 5.16 |
| Jun. 2002 | 2.99 | 4.93 |
| Jul. 2002 | 2.56 | 4.65 |
| Aug. 2002 | 2.13 | 4.26 |
| Sep. 2002 | 2 | 3.87 |
| Oct. 2002 | 1.91 | 3.94 |
| Nov. 2002 | 1.92 | 4.05 |
| Dec. 2002 | 1.84 | 4.03 |
| Jan. 2003 | 1.74 | 4.05 |
| Feb. 2003 | 1.63 | 3.9 |
| Mar. 2003 | 1.57 | 3.81 |
| Apr. 2003 | 1.62 | 3.96 |
| May. 2003 | 1.42 | 3.57 |
| Jun. 2003 | 1.23 | 3.33 |
| Jul. 2003 | 1.47 | 3.98 |
| Aug. 2003 | 1.86 | 4.45 |
| Sep. 2003 | 1.71 | 4.27 |
| Oct. 2003 | 1.75 | 4.29 |
| Nov. 2003 | 1.93 | 4.3 |
| Dec. 2003 | 1.91 | 4.27 |
| Jan. 2004 | 1.76 | 4.15 |
| Feb. 2004 | 1.74 | 4.08 |
| Mar. 2004 | 1.58 | 3.83 |
| Apr. 2004 | 2.07 | 4.35 |
| May. 2004 | 2.53 | 4.72 |
| Jun. 2004 | 2.76 | 4.73 |
| Jul. 2004 | 2.64 | 4.5 |
| Aug. 2004 | 2.51 | 4.28 |
| Sep. 2004 | 2.53 | 4.13 |
| Oct. 2004 | 2.58 | 4.1 |
| Nov. 2004 | 2.85 | 4.19 |
| Dec. 2004 | 3.01 | 4.23 |
| Jan. 2005 | 3.22 | 4.22 |
| Feb. 2005 | 3.38 | 4.17 |
| Mar. 2005 | 3.73 | 4.5 |
| Apr. 2005 | 3.65 | 4.34 |
| May. 2005 | 3.64 | 4.14 |
| Jun. 2005 | 3.64 | 4 |
| Jul. 2005 | 3.87 | 4.18 |
| Aug. 2005 | 4.04 | 4.26 |
| Sep. 2005 | 3.95 | 4.2 |
| Oct. 2005 | 4.27 | 4.46 |
| Nov. 2005 | 4.42 | 4.54 |
| Dec. 2005 | 4.4 | 4.47 |
| Jan. 2006 | 4.4 | 4.42 |
| Feb. 2006 | 4.67 | 4.57 |
| Mar. 2006 | 4.73 | 4.72 |
| Apr. 2006 | 4.89 | 4.99 |
| May. 2006 | 4.97 | 5.11 |
| Jun. 2006 | 5.12 | 5.11 |
| Jul. 2006 | 5.12 | 5.09 |
| Aug. 2006 | 4.9 | 4.88 |
| Sep. 2006 | 4.77 | 4.72 |
| Oct. 2006 | 4.8 | 4.73 |
| Nov. 2006 | 4.74 | 4.6 |
| Dec. 2006 | 4.67 | 4.56 |
| Jan. 2007 | 4.88 | 4.76 |
| Feb. 2007 | 4.85 | 4.72 |
| Mar. 2007 | 4.57 | 4.56 |
| Apr. 2007 | 4.67 | 4.69 |
| May. 2007 | 4.77 | 4.75 |
| Jun. 2007 | 4.98 | 5.1 |
| Jul. 2007 | 4.82 | 5 |
| Aug. 2007 | 4.31 | 4.67 |
| Sep. 2007 | 4.01 | 4.52 |
| Oct. 2007 | 3.97 | 4.53 |
| Nov. 2007 | 3.34 | 4.15 |
| Dec. 2007 | 3.12 | 4.1 |
| Jan. 2008 | 2.48 | 3.74 |
| Feb. 2008 | 1.97 | 3.74 |
| Mar. 2008 | 1.62 | 3.51 |
| Apr. 2008 | 2.05 | 3.68 |
| May. 2008 | 2.45 | 3.88 |
| Jun. 2008 | 2.77 | 4.1 |
| Jul. 2008 | 2.57 | 4.01 |
| Aug. 2008 | 2.42 | 3.89 |
| Sep. 2008 | 2.08 | 3.69 |
| Oct. 2008 | 1.61 | 3.81 |
| Nov. 2008 | 1.21 | 3.53 |
| Dec. 2008 | 0.82 | 2.42 |
| Jan. 2009 | 0.81 | 2.52 |
| Feb. 2009 | 0.98 | 2.87 |
| Mar. 2009 | 0.93 | 2.82 |
| Apr. 2009 | 0.93 | 2.93 |
| May. 2009 | 0.93 | 3.29 |
| Jun. 2009 | 1.18 | 3.72 |
| Jul. 2009 | 1.02 | 3.56 |
| Aug. 2009 | 1.12 | 3.59 |
| Sep. 2009 | 0.96 | 3.4 |
| Oct. 2009 | 0.95 | 3.39 |
| Nov. 2009 | 0.8 | 3.4 |
| Dec. 2009 | 0.87 | 3.59 |
| Jan. 2010 | 0.93 | 3.73 |
| Feb. 2010 | 0.86 | 3.69 |
| Mar. 2010 | 0.96 | 3.73 |
| Apr. 2010 | 1.06 | 3.85 |
| May. 2010 | 0.83 | 3.42 |
| Jun. 2010 | 0.72 | 3.2 |
| Jul. 2010 | 0.62 | 3.01 |
| Aug. 2010 | 0.52 | 2.7 |
| Sep. 2010 | 0.48 | 2.65 |
| Oct. 2010 | 0.38 | 2.54 |
| Nov. 2010 | 0.45 | 2.76 |
| Dec. 2010 | 0.62 | 3.29 |
| Jan. 2011 | 0.61 | 3.39 |
| Feb. 2011 | 0.77 | 3.58 |
| Mar. 2011 | 0.7 | 3.41 |
| Apr. 2011 | 0.73 | 3.46 |
| May. 2011 | 0.56 | 3.17 |
| Jun. 2011 | 0.41 | 3 |
| Jul. 2011 | 0.41 | 3 |
| Aug. 2011 | 0.23 | 2.3 |
| Sep. 2011 | 0.21 | 1.98 |
| Oct. 2011 | 0.28 | 2.15 |
| Nov. 2011 | 0.25 | 2.01 |
| Dec. 2011 | 0.26 | 1.98 |
| Jan. 2012 | 0.24 | 1.97 |
| Feb. 2012 | 0.28 | 1.97 |
| Mar. 2012 | 0.34 | 2.17 |
| Apr. 2012 | 0.29 | 2.05 |
| May. 2012 | 0.29 | 1.8 |
| Jun. 2012 | 0.29 | 1.62 |
| Jul. 2012 | 0.25 | 1.53 |
| Aug. 2012 | 0.27 | 1.68 |
| Sep. 2012 | 0.26 | 1.72 |
| Oct. 2012 | 0.28 | 1.75 |
| Nov. 2012 | 0.27 | 1.65 |
| Dec. 2012 | 0.26 | 1.72 |
| Jan. 2013 | 0.27 | 1.91 |
| Feb. 2013 | 0.27 | 1.98 |
| Mar. 2013 | 0.26 | 1.96 |
| Apr. 2013 | 0.23 | 1.76 |
| May. 2013 | 0.25 | 1.93 |
| Jun. 2013 | 0.33 | 2.3 |
| Jul. 2013 | 0.34 | 2.58 |
| Aug. 2013 | 0.36 | 2.74 |
| Sep. 2013 | 0.4 | 2.81 |
| Oct. 2013 | 0.34 | 2.62 |
| Nov. 2013 | 0.3 | 2.72 |
| Dec. 2013 | 0.34 | 2.9 |
| Jan. 2014 | 0.39 | 2.86 |
| Feb. 2014 | 0.33 | 2.71 |
| Mar. 2014 | 0.4 | 2.72 |
| Apr. 2014 | 0.42 | 2.71 |
| May. 2014 | 0.39 | 2.56 |
| Jun. 2014 | 0.45 | 2.6 |
| Jul. 2014 | 0.51 | 2.54 |
| Aug. 2014 | 0.47 | 2.42 |
| Sep. 2014 | 0.57 | 2.53 |
| Oct. 2014 | 0.45 | 2.3 |
| Nov. 2014 | 0.53 | 2.33 |
| Dec. 2014 | 0.64 | 2.21 |
| Jan. 2015 | 0.55 | 1.88 |
| Feb. 2015 | 0.62 | 1.98 |
| Mar. 2015 | 0.64 | 2.04 |
| Apr. 2015 | 0.54 | 1.94 |
| May. 2015 | 0.61 | 2.2 |
| Jun. 2015 | 0.69 | 2.36 |
| Jul. 2015 | 0.67 | 2.32 |
| Aug. 2015 | 0.7 | 2.17 |
| Sep. 2015 | 0.71 | 2.17 |
| Oct. 2015 | 0.64 | 2.07 |
| Nov. 2015 | 0.88 | 2.26 |
| Dec. 2015 | 0.98 | 2.24 |
| Jan. 2016 | 0.9 | 2.09 |
| Feb. 2016 | 0.73 | 1.78 |
| Mar. 2016 | 0.88 | 1.89 |
| Apr. 2016 | 0.77 | 1.81 |
| May. 2016 | 0.82 | 1.81 |
| Jun. 2016 | 0.73 | 1.64 |
| Jul. 2016 | 0.67 | 1.5 |
| Aug. 2016 | 0.74 | 1.56 |
| Sep. 2016 | 0.77 | 1.63 |
| Oct. 2016 | 0.84 | 1.76 |
| Nov. 2016 | 0.98 | 2.14 |
| Dec. 2016 | 1.2 | 2.49 |
| Jan. 2017 | 1.21 | 2.43 |
| Feb. 2017 | 1.2 | 2.42 |
| Mar. 2017 | 1.31 | 2.48 |
| Apr. 2017 | 1.24 | 2.3 |
| May. 2017 | 1.3 | 2.3 |
| Jun. 2017 | 1.34 | 2.19 |
| Jul. 2017 | 1.37 | 2.32 |
| Aug. 2017 | 1.34 | 2.21 |
| Sep. 2017 | 1.38 | 2.2 |
| Oct. 2017 | 1.55 | 2.36 |
| Nov. 2017 | 1.7 | 2.35 |
| Dec. 2017 | 1.84 | 2.4 |
| Jan. 2018 | 2.03 | 2.58 |
| Feb. 2018 | 2.18 | 2.86 |
| Mar. 2018 | 2.28 | 2.84 |
| Apr. 2018 | 2.38 | 2.87 |
| May. 2018 | 2.51 | 2.98 |
| Jun. 2018 | 2.53 | 2.91 |
| Jul. 2018 | 2.61 | 2.89 |
| Aug. 2018 | 2.64 | 2.89 |
| Sep. 2018 | 2.77 | 3 |
| Oct. 2018 | 2.86 | 3.15 |
| Nov. 2018 | 2.86 | 3.12 |
| Dec. 2018 | 2.68 | 2.83 |
| Jan. 2019 | 2.54 | 2.71 |
| Feb. 2019 | 2.5 | 2.68 |
| Mar. 2019 | 2.41 | 2.57 |
| Apr. 2019 | 2.34 | 2.53 |
| May. 2019 | 2.21 | 2.4 |
| Jun. 2019 | 1.81 | 2.07 |
| Jul. 2019 | 1.84 | 2.06 |
| Aug. 2019 | 1.57 | 1.63 |
| Sep. 2019 | 1.65 | 1.7 |
| Oct. 2019 | 1.55 | 1.71 |
| Nov. 2019 | 1.61 | 1.81 |
| Dec. 2019 | 1.61 | 1.86 |
| Jan. 2020 | 1.52 | 1.76 |
| Feb. 2020 | 1.33 | 1.5 |
| Mar. 2020 | 0.45 | 0.87 |
| Apr. 2020 | 0.22 | 0.66 |
| May. 2020 | 0.17 | 0.67 |
| Jun. 2020 | 0.19 | 0.73 |
| Jul. 2020 | 0.15 | 0.62 |
| Aug. 2020 | 0.14 | 0.65 |
| Sep. 2020 | 0.13 | 0.68 |
| Oct. 2020 | 0.15 | 0.79 |
| Nov. 2020 | 0.17 | 0.87 |
| Dec. 2020 | 0.14 | 0.93 |
| Jan. 2021 | 0.13 | 1.08 |
| Feb. 2021 | 0.12 | 1.26 |
| Mar. 2021 | 0.15 | 1.61 |
| Apr. 2021 | 0.16 | 1.64 |
| May. 2021 | 0.16 | 1.62 |
| Jun. 2021 | 0.2 | 1.52 |
| Jul. 2021 | 0.22 | 1.32 |
| Aug. 2021 | 0.22 | 1.28 |
| Sep. 2021 | 0.24 | 1.37 |
| Oct. 2021 | 0.39 | 1.58 |
| Nov. 2021 | 0.51 | 1.56 |
| Dec. 2021 | 0.68 | 1.47 |
| Jan. 2022 | 0.98 | 1.76 |
| Feb. 2022 | 1.44 | 1.93 |
| Mar. 2022 | 1.91 | 2.13 |
| Apr. 2022 | 2.54 | 2.75 |
| May. 2022 | 2.62 | 2.9 |
| Jun. 2022 | 3 | 3.14 |
| Jul. 2022 | 3.04 | 2.9 |
| Aug. 2022 | 3.25 | 2.9 |
| Sep. 2022 | 3.86 | 3.52 |
| Oct. 2022 | 4.38 | 3.98 |
| Nov. 2022 | 4.5 | 3.89 |
| Dec. 2022 | 4.29 | 3.62 |
| Jan. 2023 | 4.21 | 3.53 |
| Feb. 2023 | 4.53 | 3.75 |
| Mar. 2023 | 4.3 | 3.66 |
| Apr. 2023 | 4.02 | 3.46 |
| May. 2023 | 4.13 | 3.57 |
| Jun. 2023 | 4.64 | 3.75 |
| Jul. 2023 | 4.83 | 3.9 |
| Aug. 2023 | 4.9 | 4.17 |
| Sep. 2023 | 5.02 | 4.38 |
Note: The 2-year and 10-year Treasury rates are the monthly average of the constant-maturity yields based on the most actively traded securities.
Source: Federal Reserve Board, Statistical Release H.15, “Selected Interest Rates.”
Figure 1.2. An estimate of the nominal Treasury term premium increased but remained relatively low
Percentage points
| Date | Term Premium |
|---|---|
| Jan. 1997 | 1.49387619608925 |
| Feb. 1997 | 1.4219388961792 |
| Mar. 1997 | 1.56349500417709 |
| Apr. 1997 | 1.66056819395586 |
| May. 1997 | 1.56349525565193 |
| Jun. 1997 | 1.48142857210977 |
| Jul. 1997 | 1.3021772774783 |
| Aug. 1997 | 1.33278094586872 |
| Sep. 1997 | 1.32660953203837 |
| Oct. 1997 | 1.21571363644166 |
| Nov. 1997 | 1.06898887952169 |
| Dec. 1997 | 0.994054555892944 |
| Jan. 1998 | 0.88231999874115 |
| Feb. 1998 | 0.916031583359367 |
| Mar. 1998 | 0.974218176169829 |
| Apr. 1998 | 0.973090475513822 |
| May. 1998 | 0.975814998149872 |
| Jun. 1998 | 0.886295459487221 |
| Jul. 1998 | 0.864068183031949 |
| Aug. 1998 | 0.795357142175947 |
| Sep. 1998 | 0.57252856805211 |
| Oct. 1998 | 0.613523809682755 |
| Nov. 1998 | 0.688826313144282 |
| Dec. 1998 | 0.597131821242246 |
| Jan. 1999 | 0.698215792053624 |
| Feb. 1999 | 0.843757889772716 |
| Mar. 1999 | 0.995682602343352 |
| Apr. 1999 | 0.975800003324236 |
| May. 1999 | 1.13935790563885 |
| Jun. 1999 | 1.32467727227644 |
| Jul. 1999 | 1.28947368421053 |
| Aug. 1999 | 1.35223636843941 |
| Sep. 1999 | 1.34805713381086 |
| Oct. 1999 | 1.4444649875164 |
| Nov. 1999 | 1.27639001011848 |
| Dec. 1999 | 1.35427726398815 |
| Jan. 2000 | 1.50946500301361 |
| Feb. 2000 | 1.38115000724792 |
| Mar. 2000 | 1.21349130506101 |
| Apr. 2000 | 1.04713683693033 |
| May. 2000 | 1.23775907538154 |
| Jun. 2000 | 1.05134545673024 |
| Jul. 2000 | 0.963879996538162 |
| Aug. 2000 | 0.823352178801661 |
| Sep. 2000 | 0.836045002937317 |
| Oct. 2000 | 0.747542863800412 |
| Nov. 2000 | 0.701523809205918 |
| Dec. 2000 | 0.529735004901886 |
| Jan. 2001 | 0.69438095887502 |
| Feb. 2001 | 0.774110521140852 |
| Mar. 2001 | 0.783759092742747 |
| Apr. 2001 | 1.06420498788357 |
| May. 2001 | 1.2931318228895 |
| Jun. 2001 | 1.29323333785647 |
| Jul. 2001 | 1.25510475749061 |
| Aug. 2001 | 1.1700739186743 |
| Sep. 2001 | 1.21611175817602 |
| Oct. 2001 | 1.27206818623976 |
| Nov. 2001 | 1.41033499240875 |
| Dec. 2001 | 1.78161498904228 |
| Jan. 2002 | 1.75319523470742 |
| Feb. 2002 | 1.65985790051912 |
| Mar. 2002 | 1.84941499829292 |
| Apr. 2002 | 1.80147726969285 |
| May. 2002 | 1.74901364066384 |
| Jun. 2002 | 1.59664998650551 |
| Jul. 2002 | 1.44536362452941 |
| Aug. 2002 | 1.20719091458754 |
| Sep. 2002 | 0.934149995446205 |
| Oct. 2002 | 0.987090904604305 |
| Nov. 2002 | 1.1454631592098 |
| Dec. 2002 | 1.15573809260414 |
| Jan. 2003 | 1.16111426694053 |
| Feb. 2003 | 1.06583157652303 |
| Mar. 2003 | 0.992842858745938 |
| Apr. 2003 | 1.08824284871419 |
| May. 2003 | 0.81813333148048 |
| Jun. 2003 | 0.677409526847658 |
| Jul. 2003 | 1.10343636436896 |
| Aug. 2003 | 1.45625713893345 |
| Sep. 2003 | 1.33401905354999 |
| Oct. 2003 | 1.32285455682061 |
| Nov. 2003 | 1.33156110843023 |
| Dec. 2003 | 1.31312273849141 |
| Jan. 2004 | 1.23160499334335 |
| Feb. 2004 | 1.183631583264 |
| Mar. 2004 | 1.00030000572619 |
| Apr. 2004 | 1.34154762540545 |
| May. 2004 | 1.56125501394272 |
| Jun. 2004 | 1.48352380593618 |
| Jul. 2004 | 1.29254761763981 |
| Aug. 2004 | 1.12465454773469 |
| Sep. 2004 | 0.95767620347795 |
| Oct. 2004 | 0.896695005893707 |
| Nov. 2004 | 0.869494992494583 |
| Dec. 2004 | 0.833740906281905 |
| Jan. 2005 | 0.780529999732971 |
| Feb. 2005 | 0.683468420254557 |
| Mar. 2005 | 0.845963632518595 |
| Apr. 2005 | 0.720423814796266 |
| May. 2005 | 0.571966658035914 |
| Jun. 2005 | 0.449209088628942 |
| Jul. 2005 | 0.484030000865459 |
| Aug. 2005 | 0.47995217209277 |
| Sep. 2005 | 0.432985713084539 |
| Oct. 2005 | 0.527364999055862 |
| Nov. 2005 | 0.543864995241165 |
| Dec. 2005 | 0.481928574187415 |
| Jan. 2006 | 0.371660001575947 |
| Feb. 2006 | 0.424115787995489 |
| Mar. 2006 | 0.491604347591815 |
| Apr. 2006 | 0.613742100565057 |
| May. 2006 | 0.658986359834671 |
| Jun. 2006 | 0.618022729050029 |
| Jul. 2006 | 0.560589998960494 |
| Aug. 2006 | 0.443221734917682 |
| Sep. 2006 | 0.383484996855259 |
| Oct. 2006 | 0.36910476287206 |
| Nov. 2006 | 0.274742857331321 |
| Dec. 2006 | 0.272580000013113 |
| Jan. 2007 | 0.375890474943888 |
| Feb. 2007 | 0.350757895331634 |
| Mar. 2007 | 0.265227270397273 |
| Apr. 2007 | 0.35528571548916 |
| May. 2007 | 0.407745454799045 |
| Jun. 2007 | 0.667999991348812 |
| Jul. 2007 | 0.578766666707538 |
| Aug. 2007 | 0.532921739246534 |
| Sep. 2007 | 0.511942104289406 |
| Oct. 2007 | 0.532390914180062 |
| Nov. 2007 | 0.477490001916885 |
| Dec. 2007 | 0.527690000832081 |
| Jan. 2008 | 0.397038099311647 |
| Feb. 2008 | 0.631790000200272 |
| Mar. 2008 | 0.671790006756783 |
| Apr. 2008 | 0.776504546403885 |
| May. 2008 | 0.835947615759713 |
| Jun. 2008 | 0.921828576496669 |
| Jul. 2008 | 0.884422730315815 |
| Aug. 2008 | 0.791690480141413 |
| Sep. 2008 | 0.776576198282696 |
| Oct. 2008 | 1.1084409031001 |
| Nov. 2008 | 1.11563889516724 |
| Dec. 2008 | 0.506795446981083 |
| Jan. 2009 | 0.547700001299381 |
| Feb. 2009 | 0.740510529593418 |
| Mar. 2009 | 0.668354543772611 |
| Apr. 2009 | 0.67949048110417 |
| May. 2009 | 0.934760001301765 |
| Jun. 2009 | 1.27825456315821 |
| Jul. 2009 | 1.15004090829329 |
| Aug. 2009 | 1.17922379857018 |
| Sep. 2009 | 1.05722857656933 |
| Oct. 2009 | 1.02750476201375 |
| Nov. 2009 | 1.02790525712465 |
| Dec. 2009 | 1.10391820018942 |
| Jan. 2010 | 1.20727367777573 |
| Feb. 2010 | 1.15732631557866 |
| Mar. 2010 | 1.15418260512145 |
| Apr. 2010 | 1.22110000523654 |
| May. 2010 | 0.960190010070801 |
| Jun. 2010 | 0.825204543092034 |
| Jul. 2010 | 0.658290471349444 |
| Aug. 2010 | 0.424377272074873 |
| Sep. 2010 | 0.387247617755617 |
| Oct. 2010 | 0.278835001587868 |
| Nov. 2010 | 0.400010000169277 |
| Dec. 2010 | 0.808072726834904 |
| Jan. 2011 | 0.873700001835823 |
| Feb. 2011 | 1.01930526369496 |
| Mar. 2011 | 0.920582608036373 |
| Apr. 2011 | 0.967024999856949 |
| May. 2011 | 0.762685713313875 |
| Jun. 2011 | 0.606786362149499 |
| Jul. 2011 | 0.61241499632597 |
| Aug. 2011 | 0.150026087203751 |
| Sep. 2011 | -0.0431190477739576 |
| Oct. 2011 | 0.0662800004705787 |
| Nov. 2011 | -0.0326900002513867 |
| Dec. 2011 | -0.0621142848838298 |
| Jan. 2012 | -0.0896999998018146 |
| Feb. 2012 | -0.119230000674725 |
| Mar. 2012 | 0.023895455354994 |
| Apr. 2012 | -0.0574857145547867 |
| May. 2012 | -0.221072724258358 |
| Jun. 2012 | -0.331609524431683 |
| Jul. 2012 | -0.399980946665718 |
| Aug. 2012 | -0.297308694409288 |
| Sep. 2012 | -0.29425789258982 |
| Oct. 2012 | -0.282638093545323 |
| Nov. 2012 | -0.33052000105381 |
| Dec. 2012 | -0.292379996925592 |
| Jan. 2013 | -0.16697142769893 |
| Feb. 2013 | -0.116231578353204 |
| Mar. 2013 | -0.13496499992907 |
| Apr. 2013 | -0.258204544132406 |
| May. 2013 | -0.14679090899881 |
| Jun. 2013 | 0.13666999959969 |
| Jul. 2013 | 0.346813642165878 |
| Aug. 2013 | 0.462968176061457 |
| Sep. 2013 | 0.524625004827976 |
| Oct. 2013 | 0.363968179984526 |
| Nov. 2013 | 0.410194735778006 |
| Dec. 2013 | 0.552542859599704 |
| Jan. 2014 | 0.563266661905107 |
| Feb. 2014 | 0.453494740159888 |
| Mar. 2014 | 0.484333334934144 |
| Apr. 2014 | 0.501880952290126 |
| May. 2014 | 0.400666668301537 |
| Jun. 2014 | 0.431604760033744 |
| Jul. 2014 | 0.407331817529418 |
| Aug. 2014 | 0.342380950848262 |
| Sep. 2014 | 0.425128567786444 |
| Oct. 2014 | 0.272081818092953 |
| Nov. 2014 | 0.293038888110055 |
| Dec. 2014 | 0.214790911159732 |
| Jan. 2015 | 0.00559999986362527 |
| Feb. 2015 | 0.0680210537424213 |
| Mar. 2015 | 0.102645455404523 |
| Apr. 2015 | 0.0121045455651421 |
| May. 2015 | 0.190974999219179 |
| Jun. 2015 | 0.29705454476855 |
| Jul. 2015 | 0.259263634004376 |
| Aug. 2015 | 0.134219046682119 |
| Sep. 2015 | 0.135995237245446 |
| Oct. 2015 | 0.0714285712511767 |
| Nov. 2015 | 0.182115790091063 |
| Dec. 2015 | 0.12458181804554 |
| Jan. 2016 | 0.0117157894235693 |
| Feb. 2016 | -0.197440000623465 |
| Mar. 2016 | -0.123422727666118 |
| Apr. 2016 | -0.175476191299302 |
| May. 2016 | -0.174195236393384 |
| Jun. 2016 | -0.281345457515933 |
| Jul. 2016 | -0.378130002319813 |
| Aug. 2016 | -0.346008693394454 |
| Sep. 2016 | -0.303919047117233 |
| Oct. 2016 | -0.233139999210835 |
| Nov. 2016 | -0.000429997965693474 |
| Dec. 2016 | 0.239971428399994 |
| Jan. 2017 | 0.194874999672174 |
| Feb. 2017 | 0.182310527876804 |
| Mar. 2017 | 0.161569566182468 |
| Apr. 2017 | 0.00816315786428995 |
| May. 2017 | -0.0163909089328213 |
| Jun. 2017 | -0.128790908577767 |
| Jul. 2017 | -0.0597199995536357 |
| Aug. 2017 | -0.121347826136195 |
| Sep. 2017 | -0.140994998812675 |
| Oct. 2017 | -0.0568333335132116 |
| Nov. 2017 | -0.0927142862762724 |
| Dec. 2017 | -0.082375000603497 |
| Jan. 2018 | -0.00222857172290484 |
| Feb. 2018 | 0.139010527416279 |
| Mar. 2018 | 0.093342856370977 |
| Apr. 2018 | 0.0834190470743037 |
| May. 2018 | 0.132377272641117 |
| Jun. 2018 | 0.077390475996903 |
| Jul. 2018 | 0.0409333331599122 |
| Aug. 2018 | 0.0144130433808364 |
| Sep. 2018 | 0.0539684207668822 |
| Oct. 2018 | 0.112749999727715 |
| Nov. 2018 | 0.065265000378713 |
| Dec. 2018 | -0.130531578275718 |
| Jan. 2019 | -0.213571427833466 |
| Feb. 2019 | -0.234726317619023 |
| Mar. 2019 | -0.299685715919449 |
| Apr. 2019 | -0.315585714010965 |
| May. 2019 | -0.386936363848773 |
| Jun. 2019 | -0.537979997694492 |
| Jul. 2019 | -0.528490909121253 |
| Aug. 2019 | -0.743495456197045 |
| Sep. 2019 | -0.692489996552467 |
| Oct. 2019 | -0.629077269272371 |
| Nov. 2019 | -0.521136848550094 |
| Dec. 2019 | -0.485528574103401 |
| Jan. 2020 | -0.548323810100555 |
| Feb. 2020 | -0.708584205100411 |
| Mar. 2020 | -0.747604548931122 |
| Apr. 2020 | -0.836404760678609 |
| May. 2020 | -0.848649996519089 |
| Jun. 2020 | -0.838395449248227 |
| Jul. 2020 | -0.896695451302962 |
| Aug. 2020 | -0.888223807017008 |
| Sep. 2020 | -0.873147621041253 |
| Oct. 2020 | -0.808919049444653 |
| Nov. 2020 | -0.748073681404716 |
| Dec. 2020 | -0.717913633043116 |
| Jan. 2021 | -0.634089466772581 |
| Feb. 2021 | -0.512842107760279 |
| Mar. 2021 | -0.243360867966776 |
| Apr. 2021 | -0.21143181825226 |
| May. 2021 | -0.22790000140667 |
| Jun. 2021 | -0.276977270164273 |
| Jul. 2021 | -0.403057140963418 |
| Aug. 2021 | -0.427063633095134 |
| Sep. 2021 | -0.365047621585074 |
| Oct. 2021 | -0.207384999096394 |
| Nov. 2021 | -0.198465000838041 |
| Dec. 2021 | -0.262281818823381 |
| Jan. 2022 | -0.104759999364614 |
| Feb. 2022 | -0.0713315794342443 |
| Mar. 2022 | -0.00709130355845327 |
| Apr. 2022 | 0.283249996602535 |
| May. 2022 | 0.321057140827179 |
| Jun. 2022 | 0.321328572574116 |
| Jul. 2022 | -0.0563150002155453 |
| Aug. 2022 | -0.170813045423964 |
| Sep. 2022 | 0.0819238089135892 |
| Oct. 2022 | 0.217925000563264 |
| Nov. 2022 | 0.0366600008215755 |
| Dec. 2022 | -0.216776191301289 |
| Jan. 2023 | -0.332845001295209 |
| Feb. 2023 | -0.233573686135443 |
| Mar. 2023 | -0.251256520819405 |
| Apr. 2023 | -0.426719997823238 |
| May. 2023 | -0.432827270843766 |
| Jun. 2023 | -0.355114285434995 |
| Jul. 2023 | -0.288689997047186 |
| Aug. 2023 | -0.133069566025844 |
| Sep. 2023 | 0.00368500044569373 |
Note: 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.
Figure 1.3. Interest rate volatility remained elevated by historical norms
Basis points
| Date | Implied Volatility of 10-Year Swap Rate |
|---|---|
| Apr. 2005 | 93.1407611818182 |
| May. 2005 | 87.2053020454545 |
| Jun. 2005 | 87.5994123636364 |
| Jul. 2005 | 89.342594 |
| Aug. 2005 | 84.2202744347826 |
| Sep. 2005 | 83.8325441363636 |
| Oct. 2005 | 86.0325223333333 |
| Nov. 2005 | 87.1229912727273 |
| Dec. 2005 | 77.7070317272727 |
| Jan. 2006 | 75.8552282272727 |
| Feb. 2006 | 72.57082995 |
| Mar. 2006 | 72.1180623913044 |
| Apr. 2006 | 76.56824595 |
| May. 2006 | 74.3080899130435 |
| Jun. 2006 | 70.7608532727273 |
| Jul. 2006 | 69.4930483333333 |
| Aug. 2006 | 62.8133045217391 |
| Sep. 2006 | 62.7310715238095 |
| Oct. 2006 | 64.0431154545455 |
| Nov. 2006 | 67.6373596363636 |
| Dec. 2006 | 66.234062 |
| Jan. 2007 | 66.4426889130435 |
| Feb. 2007 | 66.7878776 |
| Mar. 2007 | 70.8117155454546 |
| Apr. 2007 | 62.8650858095238 |
| May. 2007 | 58.1989928695652 |
| Jun. 2007 | 79.0500360952381 |
| Jul. 2007 | 82.6708996818182 |
| Aug. 2007 | 84.3294735217391 |
| Sep. 2007 | 97.0252322 |
| Oct. 2007 | 91.0426627826087 |
| Nov. 2007 | 97.0015865454545 |
| Dec. 2007 | 117.976205190476 |
| Jan. 2008 | 133.406423652174 |
| Feb. 2008 | 150.923306095238 |
| Mar. 2008 | 163.97233552381 |
| Apr. 2008 | 139.643575363636 |
| May. 2008 | 126.353198590909 |
| Jun. 2008 | 140.475449761905 |
| Jul. 2008 | 127.802219956522 |
| Aug. 2008 | 111.567181571429 |
| Sep. 2008 | 141.1032905 |
| Oct. 2008 | 188.875971130435 |
| Nov. 2008 | 205.83388575 |
| Dec. 2008 | 232.030661695652 |
| Jan. 2009 | 169.826971590909 |
| Feb. 2009 | 187.7330855 |
| Mar. 2009 | 157.275367409091 |
| Apr. 2009 | 129.736551454545 |
| May. 2009 | 153.281603190476 |
| Jun. 2009 | 223.655879409091 |
| Jul. 2009 | 197.755332409091 |
| Aug. 2009 | 180.745684190476 |
| Sep. 2009 | 147.807639681818 |
| Oct. 2009 | 134.645040636364 |
| Nov. 2009 | 112.442800571429 |
| Dec. 2009 | 110.1041495 |
| Jan. 2010 | 109.909501 |
| Feb. 2010 | 100.7843527 |
| Mar. 2010 | 90.5415333043478 |
| Apr. 2010 | 95.7845809090909 |
| May. 2010 | 108.376839047619 |
| Jun. 2010 | 108.348928954545 |
| Jul. 2010 | 91.2602745454546 |
| Aug. 2010 | 100.908488681818 |
| Sep. 2010 | 110.990158909091 |
| Oct. 2010 | 102.931406714286 |
| Nov. 2010 | 109.178534727273 |
| Dec. 2010 | 125.347307227273 |
| Jan. 2011 | 113.23575147619 |
| Feb. 2011 | 111.22755815 |
| Mar. 2011 | 110.334852782609 |
| Apr. 2011 | 92.08106005 |
| May. 2011 | 89.4274393636364 |
| Jun. 2011 | 94.3602630909091 |
| Jul. 2011 | 101.407765333333 |
| Aug. 2011 | 117.109677521739 |
| Sep. 2011 | 121.005849181818 |
| Oct. 2011 | 124.639285238095 |
| Nov. 2011 | 125.236508363636 |
| Dec. 2011 | 105.109209590909 |
| Jan. 2012 | 86.8961869090909 |
| Feb. 2012 | 87.928798047619 |
| Mar. 2012 | 92.8956355454546 |
| Apr. 2012 | 86.3847064761905 |
| May. 2012 | 78.4844144782609 |
| Jun. 2012 | 89.6806648095238 |
| Jul. 2012 | 72.8232575909091 |
| Aug. 2012 | 78.5166424347826 |
| Sep. 2012 | 75.8383667 |
| Oct. 2012 | 75.6908457391304 |
| Nov. 2012 | 67.6227298181818 |
| Dec. 2012 | 61.8341229047619 |
| Jan. 2013 | 67.3589163478261 |
| Feb. 2013 | 68.8840089 |
| Mar. 2013 | 64.7794116190476 |
| Apr. 2013 | 60.4505235 |
| May. 2013 | 69.0075274782609 |
| Jun. 2013 | 100.3947363 |
| Jul. 2013 | 104.775979478261 |
| Aug. 2013 | 100.2640195 |
| Sep. 2013 | 101.211893142857 |
| Oct. 2013 | 81.617062173913 |
| Nov. 2013 | 74.5137228571429 |
| Dec. 2013 | 75.8982773636364 |
| Jan. 2014 | 70.363670826087 |
| Feb. 2014 | 69.2855606 |
| Mar. 2014 | 65.5307374285714 |
| Apr. 2014 | 62.8501716666667 |
| May. 2014 | 61.4742948181818 |
| Jun. 2014 | 61.9679537142857 |
| Jul. 2014 | 59.6560042608696 |
| Aug. 2014 | 62.2641432380952 |
| Sep. 2014 | 65.4064466363636 |
| Oct. 2014 | 76.7030626956522 |
| Nov. 2014 | 67.40892365 |
| Dec. 2014 | 70.2256455652174 |
| Jan. 2015 | 87.0186313636364 |
| Feb. 2015 | 91.13263945 |
| Mar. 2015 | 84.3177593181818 |
| Apr. 2015 | 77.4148326818182 |
| May. 2015 | 86.7601392380952 |
| Jun. 2015 | 88.911496 |
| Jul. 2015 | 82.9971814347826 |
| Aug. 2015 | 80.31959485 |
| Sep. 2015 | 79.7947395 |
| Oct. 2015 | 75.1609395454545 |
| Nov. 2015 | 72.1120120952381 |
| Dec. 2015 | 70.300521826087 |
| Jan. 2016 | 76.2914845238095 |
| Feb. 2016 | 89.1231934761905 |
| Mar. 2016 | 78.9347058181818 |
| Apr. 2016 | 72.0117337619048 |
| May. 2016 | 69.0779673636364 |
| Jun. 2016 | 77.249059 |
| Jul. 2016 | 76.8601374285714 |
| Aug. 2016 | 68.1436731739131 |
| Sep. 2016 | 67.2750649090909 |
| Oct. 2016 | 65.2515483809524 |
| Nov. 2016 | 83.5448066818182 |
| Dec. 2016 | 81.1593321363636 |
| Jan. 2017 | 81.1271510909091 |
| Feb. 2017 | 75.6451058 |
| Mar. 2017 | 69.9332405652174 |
| Apr. 2017 | 75.8273615 |
| May. 2017 | 62.2952567826087 |
| Jun. 2017 | 58.9056952272727 |
| Jul. 2017 | 59.5746184761905 |
| Aug. 2017 | 57.3938232608696 |
| Sep. 2017 | 58.1155528095238 |
| Oct. 2017 | 59.6366519545455 |
| Nov. 2017 | 52.3190709090909 |
| Dec. 2017 | 50.8717691904762 |
| Jan. 2018 | 55.5877003043478 |
| Feb. 2018 | 72.027128 |
| Mar. 2018 | 63.4433651363636 |
| Apr. 2018 | 58.5823622857143 |
| May. 2018 | 58.537723 |
| Jun. 2018 | 57.8168248095238 |
| Jul. 2018 | 53.9075479545455 |
| Aug. 2018 | 52.7038092608696 |
| Sep. 2018 | 51.701349 |
| Oct. 2018 | 58.2089809130435 |
| Nov. 2018 | 57.7368546363636 |
| Dec. 2018 | 59.4768278095238 |
| Jan. 2019 | 56.8872852608696 |
| Feb. 2019 | 50.92862395 |
| Mar. 2019 | 52.1450475238095 |
| Apr. 2019 | 51.7224289090909 |
| May. 2019 | 57.229373826087 |
| Jun. 2019 | 68.6766383 |
| Jul. 2019 | 62.13732 |
| Aug. 2019 | 81.9997485454546 |
| Sep. 2019 | 82.103384952381 |
| Oct. 2019 | 78.1486783478261 |
| Nov. 2019 | 66.9196303809524 |
| Dec. 2019 | 64.9177692272727 |
| Jan. 2020 | 63.7826934782609 |
| Feb. 2020 | 76.3504349 |
| Mar. 2020 | 128.198282909091 |
| Apr. 2020 | 79.1194908181818 |
| May. 2020 | 62.0802865714286 |
| Jun. 2020 | 68.1176147272727 |
| Jul. 2020 | 56.0211723913044 |
| Aug. 2020 | 54.0961076666667 |
| Sep. 2020 | 49.9714252727273 |
| Oct. 2020 | 68.7694889545455 |
| Nov. 2020 | 57.2393500952381 |
| Dec. 2020 | 58.7475827391304 |
| Jan. 2021 | 58.6661465714286 |
| Feb. 2021 | 68.86160195 |
| Mar. 2021 | 82.8590066956522 |
| Apr. 2021 | 76.9544033181818 |
| May. 2021 | 69.6327573333333 |
| Jun. 2021 | 66.3641393636364 |
| Jul. 2021 | 73.0951925454546 |
| Aug. 2021 | 75.2578712727273 |
| Sep. 2021 | 69.091108 |
| Oct. 2021 | 73.5020376666667 |
| Nov. 2021 | 79.6158680454546 |
| Dec. 2021 | 80.1248898695652 |
| Jan. 2022 | 81.8231407142857 |
| Feb. 2022 | 88.68905865 |
| Mar. 2022 | 108.610251478261 |
| Apr. 2022 | 119.366245 |
| May. 2022 | 114.930118181818 |
| Jun. 2022 | 119.709321590909 |
| Jul. 2022 | 122.756632952381 |
| Aug. 2022 | 111.678260869565 |
| Sep. 2022 | 127.081818181818 |
| Oct. 2022 | 138.352380952381 |
| Nov. 2022 | 126.554545454545 |
| Dec. 2022 | 125.859090909091 |
| Jan. 2023 | 111.909090909091 |
| Feb. 2023 | 105.985 |
| Mar. 2023 | 120.695652173913 |
| Apr. 2023 | 112.905 |
| May. 2023 | 115.917391304348 |
| Jun. 2023 | 106.777272727273 |
| Jul. 2023 | 108.009523809524 |
| Aug. 2023 | 115.373913043478 |
| Sep. 2023 | 112.357142857143 |
Note: The data begin in April 2005. Implied volatility on the 10-year swap rate, 1 month ahead, is derived from swaptions. The median value is 79.37 basis points.
Source: For data through July 13, 2022, Barclays and S&P Global; for data from July 14, 2022, onward, ICAP, Swaptions and Interest Rate Caps and Floors Data.
Figure 1.4. The price-to-earnings ratio of S&P 500 firms increased to levels further above its historical median
Ratio
| Date | Forward Price-to-Earnings Ratio |
|---|---|
| Jan. 1989 | 10.0671742071852 |
| Feb. 1989 | 10.1319694421189 |
| Mar. 1989 | 10.1141737310176 |
| Apr. 1989 | 10.4232150603229 |
| May. 1989 | 10.725593921358 |
| Jun. 1989 | 10.8529156729879 |
| Jul. 1989 | 11.2423747128629 |
| Aug. 1989 | 11.5556754542242 |
| Sep. 1989 | 11.5074717257702 |
| Oct. 1989 | 11.4718058275942 |
| Nov. 1989 | 11.5143143242907 |
| Dec. 1989 | 11.884201147533 |
| Jan. 1990 | 11.5283043228624 |
| Feb. 1990 | 11.3005872634517 |
| Mar. 1990 | 11.4949308091727 |
| Apr. 1990 | 11.6503643865759 |
| May. 1990 | 12.0730200775074 |
| Jun. 1990 | 12.3810129553295 |
| Jul. 1990 | 12.3902358555333 |
| Aug. 1990 | 11.5089142400092 |
| Sep. 1990 | 10.7864310499824 |
| Oct. 1990 | 10.3025059554225 |
| Nov. 1990 | 11.1818911075676 |
| Dec. 1990 | 11.6619796205543 |
| Jan. 1991 | 11.2550686940746 |
| Feb. 1991 | 13.4293328390948 |
| Mar. 1991 | 13.7688309882225 |
| Apr. 1991 | 14.4455914088974 |
| May. 1991 | 13.6421419272363 |
| Jun. 1991 | 13.9017290328506 |
| Jul. 1991 | 14.1581105589639 |
| Aug. 1991 | 14.3960591544952 |
| Sep. 1991 | 14.2070675052773 |
| Oct. 1991 | 14.314536935887 |
| Nov. 1991 | 14.4536796977807 |
| Dec. 1991 | 14.0102441469713 |
| Jan. 1992 | 15.368358289062 |
| Feb. 1992 | 15.0082392497479 |
| Mar. 1992 | 14.8636613724216 |
| Apr. 1992 | 14.8072465748702 |
| May. 1992 | 14.6969233822856 |
| Jun. 1992 | 14.0100742459998 |
| Jul. 1992 | 14.4295238409873 |
| Aug. 1992 | 14.4495625870657 |
| Sep. 1992 | 14.4078082896644 |
| Oct. 1992 | 14.0025531314128 |
| Nov. 1992 | 14.5158804016831 |
| Dec. 1992 | 14.7060423882035 |
| Jan. 1993 | 14.6115963363986 |
| Feb. 1993 | 14.6619042331675 |
| Mar. 1993 | 15.0106170351722 |
| Apr. 1993 | 15.0304486104987 |
| May. 1993 | 14.7171628110741 |
| Jun. 1993 | 14.6344429935446 |
| Jul. 1993 | 14.6317211301174 |
| Aug. 1993 | 14.7618038146379 |
| Sep. 1993 | 14.8034556907831 |
| Oct. 1993 | 14.6420126266835 |
| Nov. 1993 | 14.6668367840603 |
| Dec. 1993 | 14.4782805948521 |
| Jan. 1994 | 14.7481286896458 |
| Feb. 1994 | 14.6041236725787 |
| Mar. 1994 | 14.3352500190302 |
| Apr. 1994 | 13.456030580283 |
| May. 1994 | 13.4173259820021 |
| Jun. 1994 | 13.4683561702909 |
| Jul. 1994 | 13.0021340208967 |
| Aug. 1994 | 13.2064922288331 |
| Sep. 1994 | 13.1090121711998 |
| Oct. 1994 | 12.918680525647 |
| Nov. 1994 | 12.5567925753133 |
| Dec. 1994 | 12.0886316715102 |
| Jan. 1995 | 12.3148739390035 |
| Feb. 1995 | 12.4849965714328 |
| Mar. 1995 | 12.5047419563348 |
| Apr. 1995 | 12.6592147867659 |
| May. 1995 | 12.9075309538475 |
| Jun. 1995 | 13.0559628444293 |
| Jul. 1995 | 13.3026602080606 |
| Aug. 1995 | 13.3528464366027 |
| Sep. 1995 | 13.6740849882828 |
| Oct. 1995 | 13.7720291904032 |
| Nov. 1995 | 13.8027757308039 |
| Dec. 1995 | 14.3194528677986 |
| Jan. 1996 | 14.0130038956195 |
| Feb. 1996 | 15.2293938516872 |
| Mar. 1996 | 14.8060744142202 |
| Apr. 1996 | 14.7872794027797 |
| May. 1996 | 15.1920719449899 |
| Jun. 1996 | 14.7149033177118 |
| Jul. 1996 | 14.4058450818417 |
| Aug. 1996 | 14.9200395813766 |
| Sep. 1996 | 15.2447588821419 |
| Oct. 1996 | 15.6118581061616 |
| Nov. 1996 | 16.0724364730588 |
| Dec. 1996 | 15.8482429004173 |
| Jan. 1997 | 16.4601192052887 |
| Feb. 1997 | 17.361262916065 |
| Mar. 1997 | 16.6463655723895 |
| Apr. 1997 | 16.0264780616226 |
| May. 1997 | 17.3840007169058 |
| Jun. 1997 | 18.393347040633 |
| Jul. 1997 | 19.2290277376015 |
| Aug. 1997 | 18.6791187691043 |
| Sep. 1997 | 18.9192431538401 |
| Oct. 1997 | 19.1995565087991 |
| Nov. 1997 | 18.6006220829065 |
| Dec. 1997 | 18.8678443887348 |
| Jan. 1998 | 18.6616667550781 |
| Feb. 1998 | 20.3621130161184 |
| Mar. 1998 | 21.4234116945869 |
| Apr. 1998 | 21.9045105628532 |
| May. 1998 | 21.688978731078 |
| Jun. 1998 | 21.4190654409407 |
| Jul. 1998 | 22.7719887753468 |
| Aug. 1998 | 21.166218313794 |
| Sep. 1998 | 20.0142771405668 |
| Oct. 1998 | 19.2769294111676 |
| Nov. 1998 | 22.0184948974417 |
| Dec. 1998 | 22.2981770686493 |
| Jan. 1999 | 23.7035378949629 |
| Feb. 1999 | 23.5286816951792 |
| Mar. 1999 | 24.7240209049005 |
| Apr. 1999 | 24.9525779724043 |
| May. 1999 | 24.7366103177954 |
| Jun. 1999 | 24.2961449667603 |
| Jul. 1999 | 25.437735557673 |
| Aug. 1999 | 23.9033937177615 |
| Sep. 1999 | 23.4654920255853 |
| Oct. 1999 | 22.548294988054 |
| Nov. 1999 | 24.4966970526712 |
| Dec. 1999 | 24.4189702170033 |
| Jan. 2000 | 24.8498545453735 |
| Feb. 2000 | 24.0242616480681 |
| Mar. 2000 | 23.7273500418937 |
| Apr. 2000 | 23.9108287058882 |
| May. 2000 | 23.8836439775788 |
| Jun. 2000 | 24.0989619076006 |
| Jul. 2000 | 24.0959159017359 |
| Aug. 2000 | 23.8563529533663 |
| Sep. 2000 | 23.8585600495259 |
| Oct. 2000 | 21.4415565856369 |
| Nov. 2000 | 22.2453759064875 |
| Dec. 2000 | 22.0975498084653 |
| Jan. 2001 | 21.9792608658706 |
| Feb. 2001 | 22.0976601183249 |
| Mar. 2001 | 19.7213677304406 |
| Apr. 2001 | 21.4090303900642 |
| May. 2001 | 22.2344549008887 |
| Jun. 2001 | 21.6724864947627 |
| Jul. 2001 | 21.6064864245717 |
| Aug. 2001 | 21.1652824939133 |
| Sep. 2001 | 18.418128646395 |
| Oct. 2001 | 20.3746619521255 |
| Nov. 2001 | 21.4918729527042 |
| Dec. 2001 | 21.5711537042412 |
| Jan. 2002 | 20.9998322013028 |
| Feb. 2002 | 20.468123801054 |
| Mar. 2002 | 20.7500364826311 |
| Apr. 2002 | 20.1697948384977 |
| May. 2002 | 19.397478436371 |
| Jun. 2002 | 18.1106134186602 |
| Jul. 2002 | 16.1442372433748 |
| Aug. 2002 | 16.600322407169 |
| Sep. 2002 | 15.7178676367772 |
| Oct. 2002 | 15.7766854147274 |
| Nov. 2002 | 16.0198916279934 |
| Dec. 2002 | 16.1196925503201 |
| Jan. 2003 | 16.4820603944559 |
| Feb. 2003 | 15.3393709299896 |
| Mar. 2003 | 15.7058063844001 |
| Apr. 2003 | 15.678207721723 |
| May. 2003 | 16.5624424539852 |
| Jun. 2003 | 17.6901282540145 |
| Jul. 2003 | 17.2744269131236 |
| Aug. 2003 | 16.9370968021288 |
| Sep. 2003 | 17.4138086570328 |
| Oct. 2003 | 17.5046525027293 |
| Nov. 2003 | 17.1001423319694 |
| Dec. 2003 | 17.428587862445 |
| Jan. 2004 | 18.0953477625413 |
| Feb. 2004 | 18.0922175903274 |
| Mar. 2004 | 17.3971857402822 |
| Apr. 2004 | 17.1053535992784 |
| May. 2004 | 15.9757369303104 |
| Jun. 2004 | 16.4111379515486 |
| Jul. 2004 | 15.9243982071178 |
| Aug. 2004 | 15.5132692682056 |
| Sep. 2004 | 15.7696075660141 |
| Oct. 2004 | 15.4848564726803 |
| Nov. 2004 | 16.1684290787732 |
| Dec. 2004 | 16.3213320364282 |
| Jan. 2005 | 15.9517509576089 |
| Feb. 2005 | 16.1670159828408 |
| Mar. 2005 | 15.6428217289434 |
| Apr. 2005 | 15.3033627030124 |
| May. 2005 | 15.2781303726667 |
| Jun. 2005 | 15.4142752354093 |
| Jul. 2005 | 15.4076189015605 |
| Aug. 2005 | 15.1379673473605 |
| Sep. 2005 | 14.9529447839614 |
| Oct. 2005 | 14.3345633798088 |
| Nov. 2005 | 14.6096263132681 |
| Dec. 2005 | 14.978872974393 |
| Jan. 2006 | 14.9028077978899 |
| Feb. 2006 | 14.9314247137363 |
| Mar. 2006 | 15.0614392893921 |
| Apr. 2006 | 14.9915571573824 |
| May. 2006 | 14.2958243402724 |
| Jun. 2006 | 13.6922995958635 |
| Jul. 2006 | 13.9022064766894 |
| Aug. 2006 | 14.1250561973889 |
| Sep. 2006 | 14.2608659753928 |
| Oct. 2006 | 14.65406909002 |
| Nov. 2006 | 14.8071620058033 |
| Dec. 2006 | 14.8246715742259 |
| Jan. 2007 | 15.0143268847427 |
| Feb. 2007 | 15.3899853189057 |
| Mar. 2007 | 14.5565313421081 |
| Apr. 2007 | 15.3143338724436 |
| May. 2007 | 15.507340623362 |
| Jun. 2007 | 15.2975535625174 |
| Jul. 2007 | 15.4094405473658 |
| Aug. 2007 | 13.8720055198961 |
| Sep. 2007 | 15.0075872785211 |
| Oct. 2007 | 15.0142563408096 |
| Nov. 2007 | 14.3226078132245 |
| Dec. 2007 | 14.1975156315165 |
| Jan. 2008 | 13.491290731617 |
| Feb. 2008 | 13.6763881686425 |
| Mar. 2008 | 13.0890255953758 |
| Apr. 2008 | 13.8049927814277 |
| May. 2008 | 14.303469424039 |
| Jun. 2008 | 13.5075237705764 |
| Jul. 2008 | 12.5966893952695 |
| Aug. 2008 | 13.2895834333728 |
| Sep. 2008 | 12.0099145444176 |
| Oct. 2008 | 9.93189462286184 |
| Nov. 2008 | 9.73674647365533 |
| Dec. 2008 | 11.8729341409524 |
| Jan. 2009 | 11.479366075644 |
| Feb. 2009 | 12.4572503527493 |
| Mar. 2009 | 12.4233404685294 |
| Apr. 2009 | 13.5118823090507 |
| May. 2009 | 14.6564296896115 |
| Jun. 2009 | 14.7269512836574 |
| Jul. 2009 | 14.7971316442574 |
| Aug. 2009 | 15.2008333370086 |
| Sep. 2009 | 15.9101490492066 |
| Oct. 2009 | 15.8526401696312 |
| Nov. 2009 | 15.1214782908307 |
| Dec. 2009 | 14.8891696977559 |
| Jan. 2010 | 14.8033308267449 |
| Feb. 2010 | 13.8098463618111 |
| Mar. 2010 | 14.4374644008113 |
| Apr. 2010 | 14.8235853401721 |
| May. 2010 | 12.9868381450424 |
| Jun. 2010 | 12.817380366793 |
| Jul. 2010 | 12.4946553223176 |
| Aug. 2010 | 12.1002324580377 |
| Sep. 2010 | 12.354460747752 |
| Oct. 2010 | 12.8372459195844 |
| Nov. 2010 | 12.5678077733551 |
| Dec. 2010 | 13.0311393932212 |
| Jan. 2011 | 13.2144355692179 |
| Feb. 2011 | 13.7054256521898 |
| Mar. 2011 | 12.6072807393752 |
| Apr. 2011 | 12.9703298947955 |
| May. 2011 | 12.8955297735844 |
| Jun. 2011 | 12.0671220995828 |
| Jul. 2011 | 12.6380543910538 |
| Aug. 2011 | 11.2819710746078 |
| Sep. 2011 | 11.2422619863755 |
| Oct. 2011 | 11.4982308129935 |
| Nov. 2011 | 11.6744453300743 |
| Dec. 2011 | 11.4043137847932 |
| Jan. 2012 | 12.328069137077 |
| Feb. 2012 | 12.6334559090089 |
| Mar. 2012 | 12.9636957702922 |
| Apr. 2012 | 12.6567440935053 |
| May. 2012 | 12.0116208306746 |
| Jun. 2012 | 11.8911769898576 |
| Jul. 2012 | 12.5919404265328 |
| Aug. 2012 | 12.9175023083412 |
| Sep. 2012 | 13.3369913505065 |
| Oct. 2012 | 13.2082993544978 |
| Nov. 2012 | 12.1870178239455 |
| Dec. 2012 | 12.8552082191014 |
| Jan. 2013 | 13.1189796566723 |
| Feb. 2013 | 13.5300253115834 |
| Mar. 2013 | 13.7171556820603 |
| Apr. 2013 | 13.5910511721442 |
| May. 2013 | 14.4775024002568 |
| Jun. 2013 | 14.1019383813522 |
| Jul. 2013 | 14.5080179481071 |
| Aug. 2013 | 14.5795585536484 |
| Sep. 2013 | 14.8367110941737 |
| Oct. 2013 | 14.7109750707644 |
| Nov. 2013 | 15.0320946052702 |
| Dec. 2013 | 15.1988677185463 |
| Jan. 2014 | 15.4252385193823 |
| Feb. 2014 | 15.4341385893007 |
| Mar. 2014 | 15.6027354667202 |
| Apr. 2014 | 15.4960763711562 |
| May. 2014 | 15.4499067377898 |
| Jun. 2014 | 15.8287708322437 |
| Jul. 2014 | 15.9659101983146 |
| Aug. 2014 | 15.5473886490461 |
| Sep. 2014 | 15.8925667825403 |
| Oct. 2014 | 14.7596186452827 |
| Nov. 2014 | 16.1898754152841 |
| Dec. 2014 | 16.1135296061402 |
| Jan. 2015 | 16.2287692410694 |
| Feb. 2015 | 17.3510804162781 |
| Mar. 2015 | 17.2718898709291 |
| Apr. 2015 | 17.2854961096072 |
| May. 2015 | 17.0889641394198 |
| Jun. 2015 | 16.9588684154837 |
| Jul. 2015 | 16.9771660123959 |
| Aug. 2015 | 16.7530248694363 |
| Sep. 2015 | 16.0930077961356 |
| Oct. 2015 | 16.1402227224994 |
| Nov. 2015 | 16.7962196484938 |
| Dec. 2015 | 16.6871912260311 |
| Jan. 2016 | 15.2959393676864 |
| Feb. 2016 | 15.911268929756 |
| Mar. 2016 | 16.7091485953314 |
| Apr. 2016 | 17.0916536668678 |
| May. 2016 | 16.6740858953944 |
| Jun. 2016 | 16.7454941686885 |
| Jul. 2016 | 17.3977536224772 |
| Aug. 2016 | 17.5190155726164 |
| Sep. 2016 | 16.9177512004237 |
| Oct. 2016 | 16.8896064688013 |
| Nov. 2016 | 16.9468418350312 |
| Dec. 2016 | 17.3284243256063 |
| Jan. 2017 | 17.2752500878079 |
| Feb. 2017 | 17.9098413230605 |
| Mar. 2017 | 18.0365346963174 |
| Apr. 2017 | 17.5411101102714 |
| May. 2017 | 17.495125606295 |
| Jun. 2017 | 17.9095422998567 |
| Jul. 2017 | 18.2284815677477 |
| Aug. 2017 | 18.0948771252735 |
| Sep. 2017 | 18.1816125015003 |
| Oct. 2017 | 18.4434227010532 |
| Nov. 2017 | 18.1454083072413 |
| Dec. 2017 | 18.6376351750283 |
| Jan. 2018 | 18.7258654982959 |
| Feb. 2018 | 17.2803883524804 |
| Mar. 2018 | 17.3746351865854 |
| Apr. 2018 | 16.9212469542853 |
| May. 2018 | 16.6826316239902 |
| Jun. 2018 | 16.8409578713253 |
| Jul. 2018 | 17.0294779804557 |
| Aug. 2018 | 16.8207308843507 |
| Sep. 2018 | 17.2092153832245 |
| Oct. 2018 | 16.4923694550479 |
| Nov. 2018 | 15.7185698254243 |
| Dec. 2018 | 14.6494334731365 |
| Jan. 2019 | 15.4544824193505 |
| Feb. 2019 | 16.3426060913023 |
| Mar. 2019 | 16.6017284659393 |
| Apr. 2019 | 17.0780602866262 |
| May. 2019 | 16.6616889276728 |
| Jun. 2019 | 17.0282952900927 |
| Jul. 2019 | 17.4494237781561 |
| Aug. 2019 | 16.5423978563796 |
| Sep. 2019 | 17.4030524711923 |
| Oct. 2019 | 17.3126074323521 |
| Nov. 2019 | 17.8324221552982 |
| Dec. 2019 | 18.2515123892571 |
| Jan. 2020 | 18.7318351556017 |
| Feb. 2020 | 19.2710036598784 |
| Mar. 2020 | 14.1257883336198 |
| Apr. 2020 | 18.9301490658762 |
| May. 2020 | 20.518115977185 |
| Jun. 2020 | 22.3998652786803 |
| Jul. 2020 | 23.0961944056229 |
| Aug. 2020 | 23.0974716318702 |
| Sep. 2020 | 22.6402750899235 |
| Oct. 2020 | 22.8102755105396 |
| Nov. 2020 | 22.2430595649087 |
| Dec. 2020 | 22.5584138180575 |
| Jan. 2021 | 23.0474608048287 |
| Feb. 2021 | 22.7576542634702 |
| Mar. 2021 | 22.4530498285178 |
| Apr. 2021 | 22.6458386773974 |
| May. 2021 | 21.330678002255 |
| Jun. 2021 | 21.5965144613538 |
| Jul. 2021 | 22.1795836941987 |
| Aug. 2021 | 21.4375411940951 |
| Sep. 2021 | 21.6305458629054 |
| Oct. 2021 | 20.8066928573318 |
| Nov. 2021 | 21.841213246662 |
| Dec. 2021 | 21.6020329616536 |
| Jan. 2022 | 20.550761949638 |
| Feb. 2022 | 19.9605285888593 |
| Mar. 2022 | 19.1288046063189 |
| Apr. 2022 | 19.3245468711778 |
| May. 2022 | 16.8647628301618 |
| Jun. 2022 | 16.1620910831281 |
| Jul. 2022 | 16.3362697759251 |
| Aug. 2022 | 18.6067025408414 |
| Sep. 2022 | 17.1122312072407 |
| Oct. 2022 | 16.1647671046097 |
| Nov. 2022 | 17.5806992981899 |
| Dec. 2022 | 17.6435815695991 |
| Jan. 2023 | 17.491355467516 |
| Feb. 2023 | 18.6615446706202 |
| Mar. 2023 | 17.4155401227003 |
| Apr. 2023 | 18.5735861436719 |
| May. 2023 | 18.4148466031764 |
| Jun. 2023 | 19.1930485665955 |
| Jul. 2023 | 20.1626174411013 |
| Aug. 2023 | 19.1114103401871 |
| Sep. 2023 | 19.1377084402059 |
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 15.55 ratio.
Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers' Estimate System (IBES) estimates.
Figure 1.5. An estimate of the equity premium fell further below its historical median
Percentage points
| Date | Spread |
|---|---|
| Oct. 1991 | 3.31427872022933 |
| Nov. 1991 | 3.29905152903821 |
| Dec. 1991 | 3.80762327381709 |
| Jan. 1992 | 2.88297739349424 |
| Feb. 1992 | 2.79872283149168 |
| Mar. 1992 | 2.73553236501514 |
| Apr. 1992 | 3.00458317695771 |
| May. 1992 | 3.1447405446378 |
| Jun. 1992 | 3.59476231850855 |
| Jul. 1992 | 3.57411086582668 |
| Aug. 1992 | 3.78308638709405 |
| Sep. 1992 | 3.92793810083843 |
| Oct. 1992 | 3.83745798154281 |
| Nov. 1992 | 3.38282575652048 |
| Dec. 1992 | 3.38447460914295 |
| Jan. 1993 | 3.48812928288156 |
| Feb. 1993 | 3.80456406003826 |
| Mar. 1993 | 3.87350890883222 |
| Apr. 1993 | 4.09277390660521 |
| May. 1993 | 4.22688814007965 |
| Jun. 1993 | 4.40950823616495 |
| Jul. 1993 | 4.33185856752072 |
| Aug. 1993 | 4.35515479120371 |
| Sep. 1993 | 4.64819491513862 |
| Oct. 1993 | 4.76707844437311 |
| Nov. 1993 | 4.38464775579905 |
| Dec. 1993 | 4.44471028305064 |
| Jan. 1994 | 4.35631216250068 |
| Feb. 1994 | 4.17933401369611 |
| Mar. 1994 | 3.79479194239644 |
| Apr. 1994 | 3.82863271991632 |
| May. 1994 | 3.6781021604889 |
| Jun. 1994 | 3.73794888407627 |
| Jul. 1994 | 3.80100244196774 |
| Aug. 1994 | 3.75137465696865 |
| Sep. 1994 | 3.58307653107891 |
| Oct. 1994 | 3.43771055015621 |
| Nov. 1994 | 3.46588734108495 |
| Dec. 1994 | 3.88675388091905 |
| Jan. 1995 | 3.540581766 |
| Feb. 1995 | 3.7605137334 |
| Mar. 1995 | 3.98662452977977 |
| Apr. 1995 | 4.09168277935384 |
| May. 1995 | 4.3816449329795 |
| Jun. 1995 | 4.72191428713636 |
| Jul. 1995 | 4.32177401927545 |
| Aug. 1995 | 4.08359751519548 |
| Sep. 1995 | 4.1793445482478 |
| Oct. 1995 | 4.11672746813124 |
| Nov. 1995 | 4.21912537155324 |
| Dec. 1995 | 4.1584284791457 |
| Jan. 1996 | 4.36825794779476 |
| Feb. 1996 | 3.64660625023885 |
| Mar. 1996 | 3.34441824371229 |
| Apr. 1996 | 3.09520486226768 |
| May. 1996 | 2.74371242481186 |
| Jun. 1996 | 2.81173705789495 |
| Jul. 1996 | 3.03328201200268 |
| Aug. 1996 | 3.03036570968195 |
| Sep. 1996 | 2.6548258371005 |
| Oct. 1996 | 2.80365147054795 |
| Nov. 1996 | 2.94339600414958 |
| Dec. 1996 | 2.95155842112662 |
| Jan. 1997 | 2.45521157405991 |
| Feb. 1997 | 2.28000460979389 |
| Mar. 1997 | 2.2215301597253 |
| Apr. 1997 | 2.11276149208368 |
| May. 1997 | 1.81521043937943 |
| Jun. 1997 | 1.69465607729229 |
| Jul. 1997 | 1.87902725529582 |
| Aug. 1997 | 1.9318085999801 |
| Sep. 1997 | 1.93795113399938 |
| Oct. 1997 | 1.68111707947904 |
| Nov. 1997 | 2.02992909377511 |
| Dec. 1997 | 2.04576274322786 |
| Jan. 1998 | 2.2949436509839 |
| Feb. 1998 | 1.77994539073 |
| Mar. 1998 | 1.46066949852118 |
| Apr. 1998 | 1.26769682406067 |
| May. 1998 | 1.28887431741285 |
| Jun. 1998 | 1.50293899902118 |
| Jul. 1998 | 1.27899910650859 |
| Aug. 1998 | 1.75767297927876 |
| Sep. 1998 | 2.48129678904038 |
| Oct. 1998 | 2.8587053764259 |
| Nov. 1998 | 1.96174862965216 |
| Dec. 1998 | 2.04317009529159 |
| Jan. 1999 | 1.44158140417905 |
| Feb. 1999 | 1.20180541849689 |
| Mar. 1999 | 0.757636063576651 |
| Apr. 1999 | 1.00715361565467 |
| May. 1999 | 0.715021010460791 |
| Jun. 1999 | 0.430579023475135 |
| Jul. 1999 | 0.329193388712053 |
| Aug. 1999 | 0.397005216647228 |
| Sep. 1999 | 0.456282481869048 |
| Oct. 1999 | 0.426460205712697 |
| Nov. 1999 | 0.243979008960101 |
| Dec. 1999 | 0.0268179192567288 |
| Jan. 2000 | -0.3032400247661 |
| Feb. 2000 | -0.0426646492237985 |
| Mar. 2000 | 0.210808063657346 |
| Apr. 2000 | 0.42037451203579 |
| May. 2000 | 0.0154958567449555 |
| Jun. 2000 | 0.319150122247865 |
| Jul. 2000 | 0.41283617869425 |
| Aug. 2000 | 0.634164519022304 |
| Sep. 2000 | 0.63143423886575 |
| Oct. 2000 | 1.2118240566059 |
| Nov. 2000 | 1.10249840240762 |
| Dec. 2000 | 1.57027345379645 |
| Jan. 2001 | 1.66644896644638 |
| Feb. 2001 | 1.67440656665751 |
| Mar. 2001 | 2.39242466555568 |
| Apr. 2001 | 1.7760490970528 |
| May. 2001 | 1.3997606700465 |
| Jun. 2001 | 1.607024963075 |
| Jul. 2001 | 1.6843531689239 |
| Aug. 2001 | 1.98422558773557 |
| Sep. 2001 | 2.8810332459 |
| Oct. 2001 | 2.6012568912 |
| Nov. 2001 | 2.2622166053 |
| Dec. 2001 | 1.7824856599 |
| Jan. 2002 | 1.93789043084762 |
| Feb. 2002 | 2.14870354413684 |
| Mar. 2002 | 1.7197786352 |
| Apr. 2002 | 1.96878136247273 |
| May. 2002 | 2.25611834040909 |
| Jun. 2002 | 2.8628741266 |
| Jul. 2002 | 3.79264707203637 |
| Aug. 2002 | 3.98895665982727 |
| Sep. 2002 | 4.6980811636 |
| Oct. 2002 | 4.53604882638182 |
| Nov. 2002 | 4.36712369142632 |
| Dec. 2002 | 4.34431607332381 |
| Jan. 2003 | 4.26664547664286 |
| Feb. 2003 | 4.88128269161579 |
| Mar. 2003 | 4.82914818617619 |
| Apr. 2003 | 4.71462769894762 |
| May. 2003 | 4.79424730329048 |
| Jun. 2003 | 4.64640359883333 |
| Jul. 2003 | 4.1533540547 |
| Aug. 2003 | 3.76134244744286 |
| Sep. 2003 | 3.79675960449048 |
| Oct. 2003 | 3.76695784259091 |
| Nov. 2003 | 3.89603787463333 |
| Dec. 2003 | 3.82605405325455 |
| Jan. 2004 | 3.7461522971 |
| Feb. 2004 | 3.80818051596316 |
| Mar. 2004 | 4.28625177417391 |
| Apr. 2004 | 3.84952769760476 |
| May. 2004 | 3.8841321559 |
| Jun. 2004 | 3.70947504885238 |
| Jul. 2004 | 4.13891977364762 |
| Aug. 2004 | 4.51257633708182 |
| Sep. 2004 | 4.5774118926 |
| Oct. 2004 | 4.7206523047 |
| Nov. 2004 | 4.3630327631 |
| Dec. 2004 | 4.28528726303636 |
| Jan. 2005 | 4.4037492893 |
| Feb. 2005 | 4.38910704471053 |
| Mar. 2005 | 4.25579490003636 |
| Apr. 2005 | 4.61189724228571 |
| May. 2005 | 4.82335110584762 |
| Jun. 2005 | 4.91671100731818 |
| Jul. 2005 | 4.7448105245 |
| Aug. 2005 | 4.77045453108696 |
| Sep. 2005 | 4.9068840034381 |
| Oct. 2005 | 4.9193705128 |
| Nov. 2005 | 4.6847570405 |
| Dec. 2005 | 4.6045077949381 |
| Jan. 2006 | 4.7075649174 |
| Feb. 2006 | 4.53813191542105 |
| Mar. 2006 | 4.31615431379565 |
| Apr. 2006 | 4.09716325966316 |
| May. 2006 | 4.30855866760909 |
| Jun. 2006 | 4.62180237782727 |
| Jul. 2006 | 4.543442776 |
| Aug. 2006 | 4.63647002481304 |
| Sep. 2006 | 4.7141318871 |
| Oct. 2006 | 4.52464792600476 |
| Nov. 2006 | 4.59215051796191 |
| Dec. 2006 | 4.611552 |
| Jan. 2007 | 4.18063380972857 |
| Feb. 2007 | 4.04869515229474 |
| Mar. 2007 | 4.57046392134546 |
| Apr. 2007 | 4.1554302122 |
| May. 2007 | 4.03294530283636 |
| Jun. 2007 | 3.76237867798571 |
| Jul. 2007 | 3.80630921868095 |
| Aug. 2007 | 4.81104994732174 |
| Sep. 2007 | 4.43432782664737 |
| Oct. 2007 | 4.42805925877273 |
| Nov. 2007 | 5.0820587381 |
| Dec. 2007 | 5.1702308179 |
| Jan. 2008 | 5.99236543087619 |
| Feb. 2008 | 5.8653970211 |
| Mar. 2008 | 6.4066231161 |
| Apr. 2008 | 5.85850605996573 |
| May. 2008 | 5.40148694412908 |
| Jun. 2008 | 5.59609092863047 |
| Jul. 2008 | 6.25070736200653 |
| Aug. 2008 | 5.96267126938711 |
| Sep. 2008 | 6.93195393379366 |
| Oct. 2008 | 8.31124055469268 |
| Nov. 2008 | 8.73694334722563 |
| Dec. 2008 | 7.98801786086921 |
| Jan. 2009 | 8.05084242592808 |
| Feb. 2009 | 7.04014841784376 |
| Mar. 2009 | 7.20352847669335 |
| Apr. 2009 | 6.64679811893963 |
| May. 2009 | 5.70126906482508 |
| Jun. 2009 | 5.23553533164012 |
| Jul. 2009 | 5.38570743131467 |
| Aug. 2009 | 5.1980057284808 |
| Sep. 2009 | 5.10533432041545 |
| Oct. 2009 | 4.9367403636199 |
| Nov. 2009 | 5.2360153227491 |
| Dec. 2009 | 5.19790943638101 |
| Jan. 2010 | 5.25092592661086 |
| Feb. 2010 | 5.78185752731631 |
| Mar. 2010 | 5.46120661057852 |
| Apr. 2010 | 5.20957449563204 |
| May. 2010 | 6.54449867090297 |
| Jun. 2010 | 6.84768809274505 |
| Jul. 2010 | 7.15989349326431 |
| Aug. 2010 | 7.77092673909029 |
| Sep. 2010 | 7.63559954375532 |
| Oct. 2010 | 7.35387282194428 |
| Nov. 2010 | 7.32779214556603 |
| Dec. 2010 | 6.48289879060822 |
| Jan. 2011 | 6.39736174866077 |
| Feb. 2011 | 5.95789100580971 |
| Mar. 2011 | 6.74338981978824 |
| Apr. 2011 | 6.57622913706917 |
| May. 2011 | 6.91049663192141 |
| Jun. 2011 | 7.61398458491775 |
| Jul. 2011 | 7.23202035253923 |
| Aug. 2011 | 8.8961211313292 |
| Sep. 2011 | 9.25277374098387 |
| Oct. 2011 | 8.9787401328627 |
| Nov. 2011 | 9.01081744638091 |
| Dec. 2011 | 9.25596415104572 |
| Jan. 2012 | 8.41950536044734 |
| Feb. 2012 | 8.23274548406021 |
| Mar. 2012 | 7.81297238914052 |
| Apr. 2012 | 8.31408804834019 |
| May. 2012 | 9.00784384995453 |
| Jun. 2012 | 9.27433455445411 |
| Jul. 2012 | 8.77471632172172 |
| Aug. 2012 | 8.40105204653512 |
| Sep. 2012 | 8.13473240343441 |
| Oct. 2012 | 8.14212597528375 |
| Nov. 2012 | 8.86975784029727 |
| Dec. 2012 | 8.37810828820165 |
| Jan. 2013 | 8.01870592441252 |
| Feb. 2013 | 7.7094112964598 |
| Mar. 2013 | 7.63464607001444 |
| Apr. 2013 | 7.92010987715572 |
| May. 2013 | 7.28370057809307 |
| Jun. 2013 | 7.06423373918767 |
| Jul. 2013 | 6.48579486098104 |
| Aug. 2013 | 6.27909095172149 |
| Sep. 2013 | 6.10422322828176 |
| Oct. 2013 | 6.44620957026323 |
| Nov. 2013 | 6.19116441285419 |
| Dec. 2013 | 5.93053272111541 |
| Jan. 2014 | 5.88706287497488 |
| Feb. 2014 | 6.02870673742135 |
| Mar. 2014 | 5.95023255948786 |
| Apr. 2014 | 5.96197980157209 |
| May. 2014 | 6.13971193834832 |
| Jun. 2014 | 5.93622899927505 |
| Jul. 2014 | 5.89167659158481 |
| Aug. 2014 | 6.17462926802176 |
| Sep. 2014 | 5.9181926650901 |
| Oct. 2014 | 6.62739283780448 |
| Nov. 2014 | 6.00233865427366 |
| Dec. 2014 | 6.16284221247464 |
| Jan. 2015 | 6.33896672048748 |
| Feb. 2015 | 5.82563513116909 |
| Mar. 2015 | 5.79434982370289 |
| Apr. 2015 | 5.93158334352074 |
| May. 2015 | 5.72116474004613 |
| Jun. 2015 | 5.60472894401566 |
| Jul. 2015 | 5.68065550716695 |
| Aug. 2015 | 5.91620463600709 |
| Sep. 2015 | 6.1481311841601 |
| Oct. 2015 | 6.23900135623793 |
| Nov. 2015 | 5.77911539993824 |
| Dec. 2015 | 5.84004754107105 |
| Jan. 2016 | 6.5192038933464 |
| Feb. 2016 | 6.56579385457415 |
| Mar. 2016 | 6.15614539963602 |
| Apr. 2016 | 6.21068988036073 |
| May. 2016 | 6.34832073521512 |
| Jun. 2016 | 6.49528296151596 |
| Jul. 2016 | 6.37364349647276 |
| Aug. 2016 | 6.27266588706429 |
| Sep. 2016 | 6.39684157077359 |
| Oct. 2016 | 6.34866106584142 |
| Nov. 2016 | 5.92840446442045 |
| Dec. 2016 | 5.43293180551085 |
| Jan. 2017 | 5.6133331435665 |
| Feb. 2017 | 5.41923818170846 |
| Mar. 2017 | 5.32079355137305 |
| Apr. 2017 | 5.66903558315205 |
| May. 2017 | 5.67298235371075 |
| Jun. 2017 | 5.67331558969448 |
| Jul. 2017 | 5.39387045669457 |
| Aug. 2017 | 5.54207384812142 |
| Sep. 2017 | 5.53039220938696 |
| Oct. 2017 | 5.25449665135882 |
| Nov. 2017 | 5.34321228217218 |
| Dec. 2017 | 5.1439975636006 |
| Jan. 2018 | 4.99730235662924 |
| Feb. 2018 | 5.15465435106546 |
| Mar. 2018 | 5.15182607496192 |
| Apr. 2018 | 5.34334424522825 |
| May. 2018 | 5.30709448510116 |
| Jun. 2018 | 5.31191404866694 |
| Jul. 2018 | 5.171994419582 |
| Aug. 2018 | 5.25004921003996 |
| Sep. 2018 | 5.00424542176363 |
| Oct. 2018 | 5.11585556725841 |
| Nov. 2018 | 5.44689195876154 |
| Dec. 2018 | 6.20368676180553 |
| Jan. 2019 | 5.96510511226428 |
| Feb. 2019 | 5.64535403851343 |
| Mar. 2019 | 5.64817873088041 |
| Apr. 2019 | 5.51567547201168 |
| May. 2019 | 5.7922016268743 |
| Jun. 2019 | 5.98600345678227 |
| Jul. 2019 | 5.87014827198618 |
| Aug. 2019 | 6.60853647539441 |
| Sep. 2019 | 6.23038339842807 |
| Oct. 2019 | 6.26248289086094 |
| Nov. 2019 | 5.97665262518493 |
| Dec. 2019 | 5.78985514715025 |
| Jan. 2020 | 5.76310523577919 |
| Feb. 2020 | 5.87196437504315 |
| Mar. 2020 | 8.33925545375579 |
| Apr. 2020 | 6.69403572750881 |
| May. 2020 | 6.29934182760407 |
| Jun. 2020 | 5.84818529778432 |
| Jul. 2020 | 5.73118126837897 |
| Aug. 2020 | 5.71131629610923 |
| Sep. 2020 | 5.77360270327924 |
| Oct. 2020 | 5.72081293958723 |
| Nov. 2020 | 5.74859491731579 |
| Dec. 2020 | 5.62534942726364 |
| Jan. 2021 | 5.46223066023684 |
| Feb. 2021 | 5.32185230268947 |
| Mar. 2021 | 4.98251185794348 |
| Apr. 2021 | 5.02721777954545 |
| May. 2021 | 5.3111935194 |
| Jun. 2021 | 5.35594500391818 |
| Jul. 2021 | 5.59173661498572 |
| Aug. 2021 | 5.78849134112727 |
| Sep. 2021 | 5.6605299318381 |
| Oct. 2021 | 5.7384958246 |
| Nov. 2021 | 5.5242852358 |
| Dec. 2021 | 5.65460757276364 |
| Jan. 2022 | 5.5283346279 |
| Feb. 2022 | 5.50528210304211 |
| Mar. 2022 | 5.5428182008 |
| Apr. 2022 | 5.1636005801 |
| May. 2022 | 5.75144210151905 |
| Jun. 2022 | 5.74772294280476 |
| Jul. 2022 | 5.9317184701 |
| Aug. 2022 | 5.21511175722609 |
| Sep. 2022 | 5.03565426218095 |
| Oct. 2022 | 5.0387588917 |
| Nov. 2022 | 4.638430879 |
| Dec. 2022 | 4.95565966207619 |
| Jan. 2023 | 4.5217998138 |
| Feb. 2023 | 3.93129743172632 |
| Mar. 2023 | 4.3612329805087 |
| Apr. 2023 | 4.216399889 |
| May. 2023 | 4.1429009235 |
| Jun. 2023 | 3.75193399901429 |
| Jul. 2023 | 3.3981785291 |
| Aug. 2023 | 3.40835012594348 |
| Sep. 2023 | 3.1636660008 |
Note: The data begin in October 1991. The figure shows the difference between the aggregate forward earnings-to-price ratio of S&P 500 firms and the expected real Treasury yields, 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 4.73 percentage points.
Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers' Estimate System (IBES) estimates; Department of the Treasury; Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.
Figure 1.6. Volatility in equity markets stood slightly above its historical median
Percent
| Date | Option-implied volatility | Realized volatility |
|---|---|---|
| Jan. 1996 | 13.4736363636364 | 11.6566187850931 |
| Feb. 1996 | 15.033 | 11.4877706421113 |
| Mar. 1996 | 17.762380952381 | 14.5688634686654 |
| Apr. 1996 | 16.2122222222222 | 12.2488584387225 |
| May. 1996 | 16.1463636363636 | 11.3138943978626 |
| Jun. 1996 | 16.5035294117647 | 11.11112671019 |
| Jul. 1996 | 17.9786363636364 | 15.0356901982493 |
| Aug. 1996 | 15.7604545454545 | 13.4331284543749 |
| Sep. 1996 | 16.578 | 11.1821420910606 |
| Oct. 1996 | 16.2863636363636 | 9.861055937049 |
| Nov. 1996 | 15.997 | 10.2628324664184 |
| Dec. 1996 | 19.2609523809524 | 13.425978997329 |
| Jan. 1997 | 19.6166666666667 | 14.5963399523465 |
| Feb. 1997 | 20.1394736842105 | 14.8259427148092 |
| Mar. 1997 | 20.17 | 14.6328459295624 |
| Apr. 1997 | 19.6955 | 17.1699836280343 |
| May. 1997 | 19.9247619047619 | 16.3696285386738 |
| Jun. 1997 | 20.1942857142857 | 14.9982901169365 |
| Jul. 1997 | 20.5085714285714 | 16.1644656439612 |
| Aug. 1997 | 23.0847619047619 | 18.1191477347283 |
| Sep. 1997 | 23.7994736842105 | 18.7719617495149 |
| Oct. 1997 | 23.8708695652174 | 18.8211284919062 |
| Nov. 1997 | 31.9842105263158 | 24.0146151375036 |
| Dec. 1997 | 26.2763636363636 | 18.5264332257845 |
| Jan. 1998 | 23.8665 | 17.909985727529 |
| Feb. 1998 | 19.9989473684211 | 15.369214033815 |
| Mar. 1998 | 20.032380952381 | 12.676419383691 |
| Apr. 1998 | 22.1621052631579 | 13.0099678387924 |
| May. 1998 | 20.874 | 13.9477652065617 |
| Jun. 1998 | 21.6627272727273 | 15.5998403966421 |
| Jul. 1998 | 20.2326315789474 | 14.6188614047591 |
| Aug. 1998 | 31.5880952380952 | 22.8110212250671 |
| Sep. 1998 | 38.132 | 34.2421077294608 |
| Oct. 1998 | 36.6081818181818 | 33.0453600617476 |
| Nov. 1998 | 26.223 | 23.1583995138956 |
| Dec. 1998 | 25.4790909090909 | 18.9543402886485 |
| Jan. 1999 | 27.9688888888889 | 19.5200289981339 |
| Feb. 1999 | 28.8226315789474 | 21.734710723945 |
| Mar. 1999 | 25.3095652173913 | 20.658272843137 |
| Apr. 1999 | 23.4785714285714 | 19.8640247165151 |
| May. 1999 | 26.2045 | 20.9609677377596 |
| Jun. 1999 | 23.5457142857143 | 19.2657475599323 |
| Jul. 1999 | 21.0490476190476 | 16.5516576844743 |
| Aug. 1999 | 24.3236363636364 | 17.748392418423 |
| Sep. 1999 | 24.5414285714286 | 18.9729765136561 |
| Oct. 1999 | 24.0214285714286 | 20.9139473129774 |
| Nov. 1999 | 21.8180952380952 | 19.2602099721433 |
| Dec. 1999 | 22.1590909090909 | 16.8978865494092 |
| Jan. 2000 | 23.202 | 19.2555327790101 |
| Feb. 2000 | 23.5955 | 21.8650306297721 |
| Mar. 2000 | 22.7340909090909 | 24.3950746668746 |
| Apr. 2000 | 27.1642105263158 | 32.6691930722064 |
| May. 2000 | 26.3731818181818 | 28.6644288470057 |
| Jun. 2000 | 21.54 | 22.8968098656007 |
| Jul. 2000 | 19.893 | 17.9837291118187 |
| Aug. 2000 | 18.0886956521739 | 16.214761960692 |
| Sep. 2000 | 19.6875 | 15.2126611818622 |
| Oct. 2000 | 25.2 | 23.3637445827611 |
| Nov. 2000 | 26.3828571428572 | 24.8172490668793 |
| Dec. 2000 | 26.5305 | 25.2457771910425 |
| Jan. 2001 | 24.9185714285714 | 27.3649043056417 |
| Feb. 2001 | 23.4115789473684 | 21.5537529055566 |
| Mar. 2001 | 28.5355 | 26.815103259492 |
| Apr. 2001 | 28.134 | 28.2540550757652 |
| May. 2001 | 22.9440909090909 | 21.9129057443342 |
| Jun. 2001 | 20.9404761904762 | 18.0718874460978 |
| Jul. 2001 | 22.3161904761905 | 17.4093825755783 |
| Aug. 2001 | 21.8617391304348 | 16.9744560708206 |
| Sep. 2001 | 35.0653333333333 | 25.3424918912052 |
| Oct. 2001 | 32.6122727272727 | 27.4211328539089 |
| Nov. 2001 | 26.6309523809524 | 23.6846566501038 |
| Dec. 2001 | 23.72 | 18.7964915409243 |
| Jan. 2002 | 22.2528571428571 | 16.073146363552 |
| Feb. 2002 | 22.8757894736842 | 19.0094372637987 |
| Mar. 2002 | 18.985 | 18.1481727758259 |
| Apr. 2002 | 19.9004545454546 | 16.3453798583316 |
| May. 2002 | 20.0877272727273 | 17.4611400956036 |
| Jun. 2002 | 25.271 | 21.1333274486287 |
| Jul. 2002 | 34.0495454545455 | 33.7850371314776 |
| Aug. 2002 | 33.7427272727273 | 37.9753616856707 |
| Sep. 2002 | 37.6475 | 31.1323157517717 |
| Oct. 2002 | 35.4295454545455 | 35.0870849550389 |
| Nov. 2002 | 28.175 | 29.8134675226808 |
| Dec. 2002 | 28.2104761904762 | 23.9663102089986 |
| Jan. 2003 | 27.5063157894737 | 21.4505919977116 |
| Feb. 2003 | 32.2184210526316 | 23.2461052901524 |
| Mar. 2003 | 30.6342857142857 | 24.0081118773625 |
| Apr. 2003 | 23.9919047619048 | 22.7335495143388 |
| May. 2003 | 20.2395238095238 | 19.3960454023669 |
| Jun. 2003 | 20.362380952381 | 17.8766912176074 |
| Jul. 2003 | 19.1613636363636 | 17.9486498687901 |
| Aug. 2003 | 19.2742857142857 | 17.438529588216 |
| Sep. 2003 | 19.532380952381 | 14.6265215784408 |
| Oct. 2003 | 18.0234782608696 | 14.3971560209866 |
| Nov. 2003 | 17.401052631579 | 13.1474230651579 |
| Dec. 2003 | 16.8263636363636 | 11.9001925679169 |
| Jan. 2004 | 15.9533333333333 | 11.1314487383844 |
| Feb. 2004 | 15.9984210526316 | 12.4150876683085 |
| Mar. 2004 | 17.6873913043478 | 13.1072305557955 |
| Apr. 2004 | 15.6985714285714 | 13.2198654870086 |
| May. 2004 | 17.705 | 15.2929520954062 |
| Jun. 2004 | 15.3571428571429 | 12.4669372305967 |
| Jul. 2004 | 15.502380952381 | 11.5567671260595 |
| Aug. 2004 | 16.6840909090909 | 12.5082982084267 |
| Sep. 2004 | 14.0809523809524 | 10.5133871100998 |
| Oct. 2004 | 14.97 | 10.5398910558138 |
| Nov. 2004 | 13.5771428571429 | 11.2109162029462 |
| Dec. 2004 | 12.4595454545455 | 10.5326421832962 |
| Jan. 2005 | 13.438 | 10.6812755145303 |
| Feb. 2005 | 11.7089473684211 | 9.9689597803016 |
| Mar. 2005 | 13.1263636363636 | 10.4507635721982 |
| Apr. 2005 | 14.4590476190476 | 11.9499075424551 |
| May. 2005 | 13.967619047619 | 13.1239697776445 |
| Jun. 2005 | 11.8686363636364 | 10.8756043130302 |
| Jul. 2005 | 11.049 | 10.2913222818729 |
| Aug. 2005 | 12.9513043478261 | 9.66437762615463 |
| Sep. 2005 | 12.6280952380952 | 10.3272675983211 |
| Oct. 2005 | 14.937619047619 | 12.9316452270514 |
| Nov. 2005 | 12.147619047619 | 11.9832649407059 |
| Dec. 2005 | 11.26 | 9.85930630401064 |
| Jan. 2006 | 12.036 | 9.74235107996928 |
| Feb. 2006 | 12.4710526315789 | 10.3879054132401 |
| Mar. 2006 | 11.6939130434783 | 9.66817743612014 |
| Apr. 2006 | 11.8473684210526 | 10.1730710399803 |
| May. 2006 | 14.4545454545455 | 11.8738359405788 |
| Jun. 2006 | 16.9186363636364 | 15.1783565870971 |
| Jul. 2006 | 15.326 | 13.8102136231216 |
| Aug. 2006 | 13.3517391304348 | 12.2560857174005 |
| Sep. 2006 | 12.1845 | 9.57524546639898 |
| Oct. 2006 | 11.3063636363636 | 8.86814948691125 |
| Nov. 2006 | 10.817619047619 | 9.04602864586561 |
| Dec. 2006 | 10.9645 | 9.47361630033122 |
| Jan. 2007 | 11.0425 | 9.44696147329916 |
| Feb. 2007 | 11.1552631578947 | 9.08838857458519 |
| Mar. 2007 | 15.1627272727273 | 14.3279175742578 |
| Apr. 2007 | 12.933 | 11.4042261451199 |
| May. 2007 | 13.2977272727273 | 9.91101379157058 |
| Jun. 2007 | 14.947619047619 | 11.4096338730991 |
| Jul. 2007 | 17.2733333333333 | 13.514441701057 |
| Aug. 2007 | 25.0260869565217 | 23.4280821482347 |
| Sep. 2007 | 22.1989473684211 | 19.7381396175246 |
| Oct. 2007 | 19.115652173913 | 15.49150390601 |
| Nov. 2007 | 25.582380952381 | 21.5065842257502 |
| Dec. 2007 | 21.651 | 20.9905219890264 |
| Jan. 2008 | 25.8161904761905 | 25.1384878376794 |
| Feb. 2008 | 25.456 | 27.9417185106449 |
| Mar. 2008 | 27.1035 | 26.7243808517076 |
| Apr. 2008 | 21.5627272727273 | 21.3725706770101 |
| May. 2008 | 18.3033333333333 | 16.8056555044715 |
| Jun. 2008 | 22.1104761904762 | 17.3856471858408 |
| Jul. 2008 | 24.3213636363636 | 23.0542111858013 |
| Aug. 2008 | 20.6957142857143 | 20.3696621296938 |
| Sep. 2008 | 30.2385714285714 | 30.1077579995026 |
| Oct. 2008 | 61.1773913043478 | 66.3819276400899 |
| Nov. 2008 | 62.6394736842105 | 72.3308986090795 |
| Dec. 2008 | 52.405 | 61.6131194953173 |
| Jan. 2009 | 44.683 | 43.4156360104618 |
| Feb. 2009 | 45.5705263157895 | 40.4846323582632 |
| Mar. 2009 | 44.7954545454545 | 42.7226805785173 |
| Apr. 2009 | 38.0638095238095 | 35.204263635321 |
| May. 2009 | 31.978 | 29.3925587563568 |
| Jun. 2009 | 29.1404545454546 | 25.0873033234118 |
| Jul. 2009 | 26.1627272727273 | 21.5233238460221 |
| Aug. 2009 | 25.3371428571429 | 19.3268379593117 |
| Sep. 2009 | 24.9266666666667 | 17.4887306283558 |
| Oct. 2009 | 24.2522727272727 | 17.5732020515553 |
| Nov. 2009 | 23.7835 | 19.4878488359566 |
| Dec. 2009 | 21.2395454545455 | 15.2689702451685 |
| Jan. 2010 | 20.6431578947368 | 12.8420627684371 |
| Feb. 2010 | 22.54 | 17.92272861273 |
| Mar. 2010 | 17.7673913043478 | 14.1326838665735 |
| Apr. 2010 | 17.4242857142857 | 12.488877396977 |
| May. 2010 | 31.9295 | 27.6006154175063 |
| Jun. 2010 | 29.9163636363636 | 26.9879002009458 |
| Jul. 2010 | 25.5652380952381 | 23.0237806202903 |
| Aug. 2010 | 24.7459090909091 | 18.8953294835111 |
| Sep. 2010 | 22.517619047619 | 16.8384636054728 |
| Oct. 2010 | 20.3733333333333 | 14.8915032719522 |
| Nov. 2010 | 20.0957142857143 | 13.9403787559562 |
| Dec. 2010 | 17.5695454545455 | 11.8436436780211 |
| Jan. 2011 | 17.3155 | 9.7383372325208 |
| Feb. 2011 | 17.43 | 10.6298957108276 |
| Mar. 2011 | 20.7234782608696 | 14.3053005318161 |
| Apr. 2011 | 16.244 | 12.4133200113049 |
| May. 2011 | 16.9114285714286 | 12.3613950217692 |
| Jun. 2011 | 19.1531818181818 | 13.5602890076561 |
| Jul. 2011 | 19.2275 | 13.7794048271223 |
| Aug. 2011 | 35.0291304347826 | 31.7230306390831 |
| Sep. 2011 | 36.53 | 30.9495920833367 |
| Oct. 2011 | 32.8290476190476 | 30.162169813219 |
| Nov. 2011 | 31.9419047619048 | 25.0171579832692 |
| Dec. 2011 | 25.047619047619 | 20.6202752281825 |
| Jan. 2012 | 20.228 | 15.4721182409961 |
| Feb. 2012 | 18.4205 | 12.4112564554688 |
| Mar. 2012 | 16.1672727272727 | 10.9025437049711 |
| Apr. 2012 | 17.823 | 11.4980653865886 |
| May. 2012 | 21.0018181818182 | 13.7224418140324 |
| Jun. 2012 | 21.1309523809524 | 15.5688246364909 |
| Jul. 2012 | 17.5652380952381 | 14.8024556014509 |
| Aug. 2012 | 15.6895652173913 | 13.1348708925604 |
| Sep. 2012 | 15.2847368421053 | 10.9778398315505 |
| Oct. 2012 | 16.2761904761905 | 11.2689168396496 |
| Nov. 2012 | 16.7019047619048 | 13.8121767547819 |
| Dec. 2012 | 17.307 | 12.8811356619473 |
| Jan. 2013 | 13.5052380952381 | 11.7484329050941 |
| Feb. 2013 | 14.0726315789474 | 9.64400091073805 |
| Mar. 2013 | 13.0315 | 10.133307980037 |
| Apr. 2013 | 13.9672727272727 | 11.4500300587223 |
| May. 2013 | 13.4936363636364 | 11.6097957370612 |
| Jun. 2013 | 17.2715 | 14.5016975392901 |
| Jul. 2013 | 13.9745454545455 | 13.4837858224316 |
| Aug. 2013 | 14.21 | 10.3994885196458 |
| Sep. 2013 | 14.692 | 10.6929957916859 |
| Oct. 2013 | 15.4078260869565 | 11.2086886218169 |
| Nov. 2013 | 12.924 | 9.88850423120719 |
| Dec. 2013 | 14.192380952381 | 9.4984155423318 |
| Jan. 2014 | 14.2409523809524 | 9.33424611211761 |
| Feb. 2014 | 15.47 | 11.7681297763561 |
| Mar. 2014 | 14.8366666666667 | 11.6376469948347 |
| Apr. 2014 | 14.1980952380952 | 12.2010628555177 |
| May. 2014 | 12.4752380952381 | 10.9819156391693 |
| Jun. 2014 | 11.5414285714286 | 8.25465148710588 |
| Jul. 2014 | 12.2963636363636 | 7.98002607516907 |
| Aug. 2014 | 13.4919047619048 | 9.81958754404602 |
| Sep. 2014 | 13.4666666666667 | 8.81115364065528 |
| Oct. 2014 | 18.0586956521739 | 15.8075078784219 |
| Nov. 2014 | 13.4131578947368 | 13.3856374724363 |
| Dec. 2014 | 16.2922727272727 | 12.6668671564202 |
| Jan. 2015 | 19.1195 | 15.7460451632904 |
| Feb. 2015 | 15.9042105263158 | 15.0476768597676 |
| Mar. 2015 | 14.8127272727273 | 11.8979316804852 |
| Apr. 2015 | 13.4947619047619 | 11.3551924622657 |
| May. 2015 | 13.3385 | 10.8628826330762 |
| Jun. 2015 | 14.3395454545455 | 10.1765953622772 |
| Jul. 2015 | 14.3527272727273 | 11.191311810975 |
| Aug. 2015 | 19.4280952380952 | 17.1432354155929 |
| Sep. 2015 | 24.3771428571429 | 26.9070871290945 |
| Oct. 2015 | 16.7895454545455 | 19.5421996130274 |
| Nov. 2015 | 16.21 | 14.1126104763073 |
| Dec. 2015 | 18.0254545454546 | 14.7520494800841 |
| Jan. 2016 | 23.7178947368421 | 20.9615875450159 |
| Feb. 2016 | 22.517 | 23.7716871056679 |
| Mar. 2016 | 15.8490909090909 | 17.4279437295529 |
| Apr. 2016 | 14.3004761904762 | 12.5583244136503 |
| May. 2016 | 14.8528571428571 | 11.4475286089058 |
| Jun. 2016 | 17.7745454545455 | 11.1135670838533 |
| Jul. 2016 | 13.1585 | 11.5290802049851 |
| Aug. 2016 | 12.3995652173913 | 8.41863913145869 |
| Sep. 2016 | 14.2195238095238 | 9.49410235733633 |
| Oct. 2016 | 14.5852380952381 | 9.85706600574345 |
| Nov. 2016 | 15.2361904761905 | 10.7384035073219 |
| Dec. 2016 | 12.472380952381 | 9.00292364000244 |
| Jan. 2017 | 11.6085 | 8.06207126717077 |
| Feb. 2017 | 11.5305263157895 | 7.16270809502993 |
| Mar. 2017 | 11.8978260869565 | 7.20014197506824 |
| Apr. 2017 | 13.1363157894737 | 8.4863493564837 |
| May. 2017 | 10.8622727272727 | 7.2414036316004 |
| Jun. 2017 | 10.5136363636364 | 7.00734981152148 |
| Jul. 2017 | 10.2645 | 7.11426285360016 |
| Aug. 2017 | 11.975652173913 | 6.90205598484582 |
| Sep. 2017 | 10.438 | 6.53566626585038 |
| Oct. 2017 | 10.1254545454545 | 5.26939493634829 |
| Nov. 2017 | 10.5404761904762 | 5.8398004291845 |
| Dec. 2017 | 10.2645 | 7.22881282579005 |
| Jan. 2018 | 11.062380952381 | 6.76962866852549 |
| Feb. 2018 | 22.4647368421053 | 20.5549331805747 |
| Mar. 2018 | 19.0238095238095 | 19.2454436747746 |
| Apr. 2018 | 18.267619047619 | 19.5641610724449 |
| May. 2018 | 14.1245454545455 | 14.7979795408323 |
| Jun. 2018 | 13.6780952380952 | 11.0360395984579 |
| Jul. 2018 | 13.147619047619 | 10.0201232493271 |
| Aug. 2018 | 12.5469565217391 | 8.26390682621656 |
| Sep. 2018 | 12.9105263157895 | 8.19163183789606 |
| Oct. 2018 | 19.3521739130435 | 14.6652241327976 |
| Nov. 2018 | 19.3890476190476 | 20.323625249354 |
| Dec. 2018 | 24.9531578947368 | 24.2114654617999 |
| Jan. 2019 | 19.572380952381 | 24.7922296895992 |
| Feb. 2019 | 15.2347368421053 | 16.1468107170011 |
| Mar. 2019 | 14.4852380952381 | 12.5299728709728 |
| Apr. 2019 | 12.9490476190476 | 10.4120879083958 |
| May. 2019 | 16.7218181818182 | 11.9507928153167 |
| Jun. 2019 | 15.836 | 12.2920907469007 |
| Jul. 2019 | 13.3059090909091 | 9.33504191322562 |
| Aug. 2019 | 18.9790909090909 | 15.4946865207096 |
| Sep. 2019 | 15.559 | 13.710217719438 |
| Oct. 2019 | 15.4665217391304 | 12.9276864926939 |
| Nov. 2019 | 12.5235 | 9.14638712356058 |
| Dec. 2019 | 13.7566666666667 | 8.39224520020588 |
| Jan. 2020 | 13.9409523809524 | 7.97687223498488 |
| Feb. 2020 | 19.6289473684211 | 12.2261115559997 |
| Mar. 2020 | 57.7368181818182 | 56.5103147014808 |
| Apr. 2020 | 41.4538095238095 | 53.3646538270374 |
| May. 2020 | 30.897 | 32.7282893894432 |
| Jun. 2020 | 31.1195454545455 | 25.6028459907694 |
| Jul. 2020 | 26.8404545454546 | 21.4847894674207 |
| Aug. 2020 | 22.8895238095238 | 15.355970500256 |
| Sep. 2020 | 27.6476190476191 | 20.5243139975057 |
| Oct. 2020 | 29.4386363636364 | 19.5710260939484 |
| Nov. 2020 | 24.9955 | 20.0205398286232 |
| Dec. 2020 | 22.3740909090909 | 14.5368603435865 |
| Jan. 2021 | 24.91 | 13.9442835874689 |
| Feb. 2021 | 23.1405263157895 | 15.0465160240402 |
| Mar. 2021 | 21.8430434782609 | 18.3612303425903 |
| Apr. 2021 | 17.4161904761905 | 13.220054299749 |
| May. 2021 | 19.7605 | 12.8142711355789 |
| Jun. 2021 | 16.9568181818182 | 10.5941695252216 |
| Jul. 2021 | 17.6033333333333 | 9.51831461960053 |
| Aug. 2021 | 17.4727272727273 | 8.98766076940569 |
| Sep. 2021 | 19.8247619047619 | 9.8974882008003 |
| Oct. 2021 | 17.8714285714286 | 13.1343924523093 |
| Nov. 2021 | 18.5004761904762 | 10.7478917241128 |
| Dec. 2021 | 21.3545454545455 | 15.7821034191714 |
| Jan. 2022 | 23.181 | 17.9129175170917 |
| Feb. 2022 | 25.7484210526316 | 24.0426966635955 |
| Mar. 2022 | 26.9686956521739 | 24.3942070570172 |
| Apr. 2022 | 24.3735 | 19.5645999557827 |
| May. 2022 | 29.4457142857143 | 27.6433781049473 |
| Jun. 2022 | 28.1 | 26.5522831563486 |
| Jul. 2022 | 24.8685 | 24.1574580014419 |
| Aug. 2022 | 22.1695652173913 | 18.5694097680019 |
| Sep. 2022 | 27.4061904761905 | 21.3534276577384 |
| Oct. 2022 | 30.0057142857143 | 24.7610827779089 |
| Nov. 2022 | 23.4361904761905 | 23.4464447888176 |
| Dec. 2022 | 21.7842857142857 | 20.0585062679304 |
| Jan. 2023 | 20.203 | 18.8571723273404 |
| Feb. 2023 | 20.0621052631579 | 18.0036254410824 |
| Mar. 2023 | 21.644347826087 | 18.3892265583928 |
| Apr. 2023 | 17.8178947368421 | 14.9560046513108 |
| May. 2023 | 17.6440909090909 | 12.8400203293641 |
| Jun. 2023 | 13.9942857142857 | 11.646162730456 |
| Jul. 2023 | 13.944 | 9.78994113867051 |
| Aug. 2023 | 15.8539130434783 | 10.9875912786461 |
| Sep. 2023 | 15.241 | 11.2191431515543 |
Note: 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.
Figure 1.7. Corporate bond yields rose above their historical medians
This is a line chart titled "Corporate bond yields rose above their historical medians.” The x-axis measures time and ranges from years 1997 to 2023. 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 8 percent in 2003 and remains there until 2007. The curve rises to 11 in early 2008, before spiking to about 22 percent in late 2008. The series falls sharply to about 9 percent 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. The series stays around 4 percent in 2021 before rising gradually to about 9 percent by October 2022. The series decreases slightly throughout 2023, but in recent months begins to rise again finishing with a value around 8.5 percent. The second line is labeled "Triple-B" and is designated by a blue line. It begins at around 7 percent in 1997, fluctuates between 6 and 9 percent until 2002, and rises 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 from 2 to 5 percent then decreases back to around 2 percent in October 2020. It hovers at the level through the end of 2021. The series then rises to 6 percent by the end of 2022 and falls back to around 5 percent in early 2023. The series has a gradual increase throughout 2023 and finishes with a value a little above 6 percent.
Note: The triple-B series reflects the effective yield of the ICE Bank of America Merrill Lynch (BofAML) 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.
Figure 1.8. Corporate bond spreads narrowed modestly
This is a line chart titled “Spreads to similar-maturity Treasury securities narrowed modestly.” The x-axis measures time and ranges from 1997 to 2023. 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, with local peaks in 1999, late 2000, and mid-2001, to around 10 percentage points by 2002. The series falls to 4 percentage points by the end of 2004 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 it 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 gradually from 2014 to 2016 to 7 percentage points, then falls to around 4 percentage points again in 2017, remaining there through 2019. In early 2020, the series jumps to almost 9 percentage points then drops to about 5 percentage points 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 series then begins rising gradually again to around 5 percentage points in October 2022, then decreases slightly to just below 4 percentage points by April 2023. The series ends with a slight uptick closer to a value of 4 percentage points in September 2023. 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 points by the end of 2002. The series declines to around 1 percentage point by the start of 2004 and remains there until mid-2007. From there, it rapidly rises to its peak in late 2008 of around 7.7 percentage points. The series then falls steeply in 2009 to around 3 percentage points and declines further to below 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. The series 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 in March 2020. The series 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 around 2 percentage points, then rises slightly to nearly 3.5 percentage points by April 2023 before settling just under 3 percentage points in September 2023.
Note: 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.
Figure 1.9. The excess bond premium stayed near its historical mean
Percentage points
| Date | Excess Bond Premium |
|---|---|
| Jan. 1997 | -0.342654592313972 |
| Feb. 1997 | -0.462606020453062 |
| Mar. 1997 | -0.488225863128492 |
| Apr. 1997 | -0.446325228024708 |
| May. 1997 | -0.443022631173682 |
| Jun. 1997 | -0.546708874589439 |
| Jul. 1997 | -0.520514214958828 |
| Aug. 1997 | -0.513240025841649 |
| Sep. 1997 | -0.566511214901413 |
| Oct. 1997 | -0.446450436791833 |
| Nov. 1997 | -0.337927226474647 |
| Dec. 1997 | -0.406896466696926 |
| Jan. 1998 | -0.368127772422949 |
| Feb. 1998 | -0.340264401375967 |
| Mar. 1998 | -0.38985694687042 |
| Apr. 1998 | -0.418463493605027 |
| May. 1998 | -0.380388666460949 |
| Jun. 1998 | -0.34432985619128 |
| Jul. 1998 | -0.305805287336481 |
| Aug. 1998 | 0.0876908577843034 |
| Sep. 1998 | 0.0706088830813472 |
| Oct. 1998 | 0.195579766978977 |
| Nov. 1998 | 0.183618037872711 |
| Dec. 1998 | 0.0448810500433108 |
| Jan. 1999 | 0.0419411985207299 |
| Feb. 1999 | -0.179162607195593 |
| Mar. 1999 | -0.166613569198802 |
| Apr. 1999 | -0.208794494731105 |
| May. 1999 | -0.202818063983081 |
| Jun. 1999 | -0.142736114041885 |
| Jul. 1999 | -0.091682714533609 |
| Aug. 1999 | -0.0385897655692828 |
| Sep. 1999 | 0.0939673076214938 |
| Oct. 1999 | 0.106711873136345 |
| Nov. 1999 | 0.0719113625519607 |
| Dec. 1999 | -0.157144713313906 |
| Jan. 2000 | 0.0269023444258269 |
| Feb. 2000 | 0.116550608429196 |
| Mar. 2000 | 0.381396565144444 |
| Apr. 2000 | 0.539641369261961 |
| May. 2000 | 0.719720411341091 |
| Jun. 2000 | 0.757785075139698 |
| Jul. 2000 | 0.838485378935823 |
| Aug. 2000 | 0.987406838355595 |
| Sep. 2000 | 1.09866012767491 |
| Oct. 2000 | 1.49325633297258 |
| Nov. 2000 | 1.57416999643594 |
| Dec. 2000 | 1.56941159028422 |
| Jan. 2001 | 1.11843111839348 |
| Feb. 2001 | 1.14485371551199 |
| Mar. 2001 | 1.08068059410408 |
| Apr. 2001 | 0.902913940768504 |
| May. 2001 | 0.767025705872087 |
| Jun. 2001 | 1.00264738293937 |
| Jul. 2001 | 0.765986823965488 |
| Aug. 2001 | 0.740231203932793 |
| Sep. 2001 | 1.21004187874125 |
| Oct. 2001 | 1.02493828625665 |
| Nov. 2001 | -0.0798143329248804 |
| Dec. 2001 | 0.41143809700071 |
| Jan. 2002 | 0.566057239350279 |
| Feb. 2002 | 0.768954888913615 |
| Mar. 2002 | 0.287172297555725 |
| Apr. 2002 | 0.405788912297307 |
| May. 2002 | 0.498272224459145 |
| Jun. 2002 | 0.937586271290218 |
| Jul. 2002 | 1.5321018970319 |
| Aug. 2002 | 1.42863590371328 |
| Sep. 2002 | 1.60104233412729 |
| Oct. 2002 | 1.40493441318667 |
| Nov. 2002 | 1.02565550329109 |
| Dec. 2002 | 0.877572677963635 |
| Jan. 2003 | 0.83336457136619 |
| Feb. 2003 | 0.625866876065869 |
| Mar. 2003 | 0.123510872554585 |
| Apr. 2003 | 0.0313871034491822 |
| May. 2003 | -0.508940305879458 |
| Jun. 2003 | -0.410787740022125 |
| Jul. 2003 | -1.06010228260993 |
| Aug. 2003 | -0.211577848674675 |
| Sep. 2003 | -0.560429803784046 |
| Oct. 2003 | -0.533008132033334 |
| Nov. 2003 | -0.55347860426312 |
| Dec. 2003 | -0.530651432233169 |
| Jan. 2004 | -0.720420226991891 |
| Feb. 2004 | -0.345209202557827 |
| Mar. 2004 | -0.531969646836501 |
| Apr. 2004 | -0.743685194789939 |
| May. 2004 | -0.364998872963116 |
| Jun. 2004 | -0.382955422005865 |
| Jul. 2004 | -0.32345772276791 |
| Aug. 2004 | -0.436308152354757 |
| Sep. 2004 | -0.557652805439426 |
| Oct. 2004 | -0.546798006930873 |
| Nov. 2004 | -0.685037064047734 |
| Dec. 2004 | -0.733773990931012 |
| Jan. 2005 | -0.717909258774226 |
| Feb. 2005 | -0.937546882204814 |
| Mar. 2005 | -0.641642631300851 |
| Apr. 2005 | -0.391157367865282 |
| May. 2005 | -0.316369178717013 |
| Jun. 2005 | -0.465296505020496 |
| Jul. 2005 | -0.565068221057368 |
| Aug. 2005 | -0.571185072639314 |
| Sep. 2005 | -0.478334142853693 |
| Oct. 2005 | -0.357603918693502 |
| Nov. 2005 | -0.326164136034155 |
| Dec. 2005 | -0.297696080947531 |
| Jan. 2006 | -0.379898050043177 |
| Feb. 2006 | -0.333708112129151 |
| Mar. 2006 | -0.417819997883699 |
| Apr. 2006 | -0.461542459579889 |
| May. 2006 | -0.365281054055664 |
| Jun. 2006 | -0.38163344973104 |
| Jul. 2006 | -0.288321922986172 |
| Aug. 2006 | -0.319743358566256 |
| Sep. 2006 | -0.374782464289901 |
| Oct. 2006 | -0.409021856213695 |
| Nov. 2006 | -0.379209744212046 |
| Dec. 2006 | -0.5043889023895 |
| Jan. 2007 | -0.567129154616769 |
| Feb. 2007 | -0.570776823801444 |
| Mar. 2007 | -0.38579240981872 |
| Apr. 2007 | -0.385250451845491 |
| May. 2007 | -0.599693064208252 |
| Jun. 2007 | -0.386337026827033 |
| Jul. 2007 | 0.0131506216373607 |
| Aug. 2007 | 0.131866421115112 |
| Sep. 2007 | 0.0658028307906529 |
| Oct. 2007 | -0.0231702016961077 |
| Nov. 2007 | 0.324457647596637 |
| Dec. 2007 | 0.472228004140457 |
| Jan. 2008 | 0.712368772255747 |
| Feb. 2008 | 0.916705520367551 |
| Mar. 2008 | 1.14307185269507 |
| Apr. 2008 | 0.668393274197813 |
| May. 2008 | 0.674970313194251 |
| Jun. 2008 | 0.814394765680554 |
| Jul. 2008 | 1.07601925834041 |
| Aug. 2008 | 1.22196279433221 |
| Sep. 2008 | 1.79924996308288 |
| Oct. 2008 | 3.49808799456192 |
| Nov. 2008 | 3.25676602650737 |
| Dec. 2008 | 3.40573505581746 |
| Jan. 2009 | 2.84118131864063 |
| Feb. 2009 | 3.21583785257353 |
| Mar. 2009 | 2.76573090676891 |
| Apr. 2009 | 2.26000797746762 |
| May. 2009 | 1.39173215912464 |
| Jun. 2009 | 0.958905372603703 |
| Jul. 2009 | 0.355620245371908 |
| Aug. 2009 | 0.0843455897053222 |
| Sep. 2009 | 0.0670597950719074 |
| Oct. 2009 | -0.137332429577985 |
| Nov. 2009 | -0.0125003208026904 |
| Dec. 2009 | -0.468134735725282 |
| Jan. 2010 | -0.199226412567283 |
| Feb. 2010 | -0.00190275848456922 |
| Mar. 2010 | -0.157028302558628 |
| Apr. 2010 | -0.271656399187473 |
| May. 2010 | -0.124361296647204 |
| Jun. 2010 | 0.0399417642526339 |
| Jul. 2010 | 0.160126574893313 |
| Aug. 2010 | -0.2985417139328 |
| Sep. 2010 | -0.0240983703192152 |
| Oct. 2010 | -0.0335259913347787 |
| Nov. 2010 | -0.155065732619339 |
| Dec. 2010 | -0.419308170328175 |
| Jan. 2011 | -0.0347422667295692 |
| Feb. 2011 | -0.2802843455595 |
| Mar. 2011 | -0.318032148302704 |
| Apr. 2011 | -0.273360011516322 |
| May. 2011 | -0.152614265865076 |
| Jun. 2011 | -0.0290868572161616 |
| Jul. 2011 | -0.0791818761111847 |
| Aug. 2011 | -0.117134254191514 |
| Sep. 2011 | 0.429728336907522 |
| Oct. 2011 | -0.104313962234964 |
| Nov. 2011 | 0.491777805142673 |
| Dec. 2011 | 0.262337409152257 |
| Jan. 2012 | 0.160139726842456 |
| Feb. 2012 | 0.0352487786331954 |
| Mar. 2012 | -0.359000088557034 |
| Apr. 2012 | -0.188767269513164 |
| May. 2012 | -0.0999300774940681 |
| Jun. 2012 | 0.142260348989538 |
| Jul. 2012 | -0.0307548143311798 |
| Aug. 2012 | -0.232017956744432 |
| Sep. 2012 | -0.176704387441232 |
| Oct. 2012 | -0.203896239831106 |
| Nov. 2012 | -0.0724653515967768 |
| Dec. 2012 | -0.186421177307717 |
| Jan. 2013 | -0.115313646691141 |
| Feb. 2013 | -0.0545806000412084 |
| Mar. 2013 | -0.119939332120309 |
| Apr. 2013 | -0.148499387319392 |
| May. 2013 | -0.512032767313673 |
| Jun. 2013 | -0.362040050097863 |
| Jul. 2013 | -0.0252540057901918 |
| Aug. 2013 | -0.129993002664841 |
| Sep. 2013 | -0.146776794782754 |
| Oct. 2013 | -0.0570604553375129 |
| Nov. 2013 | -0.0162736417155209 |
| Dec. 2013 | -0.167000211229483 |
| Jan. 2014 | -0.319835840156109 |
| Feb. 2014 | -0.224053136372804 |
| Mar. 2014 | -0.286023875849994 |
| Apr. 2014 | -0.366937265461026 |
| May. 2014 | -0.381776315899949 |
| Jun. 2014 | -0.315262341668464 |
| Jul. 2014 | -0.318802042204127 |
| Aug. 2014 | -0.315231509742941 |
| Sep. 2014 | -0.212050737542109 |
| Oct. 2014 | -0.214202959831966 |
| Nov. 2014 | 0.0600609388176863 |
| Dec. 2014 | 0.0916388541472801 |
| Jan. 2015 | -0.0339773166670856 |
| Feb. 2015 | -0.278777768844384 |
| Mar. 2015 | -0.123749102404099 |
| Apr. 2015 | 0.00769989433460827 |
| May. 2015 | 0.0537624753398767 |
| Jun. 2015 | 0.150501594718493 |
| Jul. 2015 | 0.211973804429168 |
| Aug. 2015 | 0.399065293792935 |
| Sep. 2015 | 0.537325985648388 |
| Oct. 2015 | 0.421131600717042 |
| Nov. 2015 | 0.509235890071669 |
| Dec. 2015 | 0.687507638100786 |
| Jan. 2016 | 0.915038656240482 |
| Feb. 2016 | 0.943032732995768 |
| Mar. 2016 | 0.567900619463159 |
| Apr. 2016 | 0.223939960807561 |
| May. 2016 | 0.236270847410251 |
| Jun. 2016 | 0.0447087234523225 |
| Jul. 2016 | -0.00605046530348074 |
| Aug. 2016 | -0.0354574276927737 |
| Sep. 2016 | -0.0866478331861691 |
| Oct. 2016 | -0.0887496682133828 |
| Nov. 2016 | -0.732702671140523 |
| Dec. 2016 | -0.248658095868333 |
| Jan. 2017 | -0.201165200513581 |
| Feb. 2017 | -0.187943180525388 |
| Mar. 2017 | -0.179311459437347 |
| Apr. 2017 | -0.131907108016794 |
| May. 2017 | -0.18305179892922 |
| Jun. 2017 | -0.140569988593229 |
| Jul. 2017 | -0.166530251802495 |
| Aug. 2017 | -0.0960583189800039 |
| Sep. 2017 | -0.271011257417663 |
| Oct. 2017 | -0.230482100714866 |
| Nov. 2017 | -0.147105858617492 |
| Dec. 2017 | -0.209786055925185 |
| Jan. 2018 | -0.405818251357314 |
| Feb. 2018 | -0.251899716904795 |
| Mar. 2018 | -0.113703550610944 |
| Apr. 2018 | -0.290655202002838 |
| May. 2018 | -0.203975274654574 |
| Jun. 2018 | 0.016923190221527 |
| Jul. 2018 | -0.137831222087335 |
| Aug. 2018 | -0.107449274216188 |
| Sep. 2018 | -0.186080201806108 |
| Oct. 2018 | -0.013918188215331 |
| Nov. 2018 | 0.129777217220526 |
| Dec. 2018 | 0.320417327819023 |
| Jan. 2019 | 0.152505978254414 |
| Feb. 2019 | 0.0418333305529957 |
| Mar. 2019 | -0.148952632565049 |
| Apr. 2019 | -0.0315175056557446 |
| May. 2019 | -0.0456307607005333 |
| Jun. 2019 | -0.022073402791597 |
| Jul. 2019 | -0.0714880361690871 |
| Aug. 2019 | -0.189650311591176 |
| Sep. 2019 | -0.266446398274544 |
| Oct. 2019 | -0.256739357267056 |
| Nov. 2019 | -0.202940279960891 |
| Dec. 2019 | -0.316151813521143 |
| Jan. 2020 | -0.278062563358184 |
| Feb. 2020 | -0.183927133619995 |
| Mar. 2020 | 1.19696898468132 |
| Apr. 2020 | 0.643029112023211 |
| May. 2020 | 0.380335805991749 |
| Jun. 2020 | 0.0272846746576705 |
| Jul. 2020 | -0.185169910365913 |
| Aug. 2020 | -0.31077780158919 |
| Sep. 2020 | -0.025569091247438 |
| Oct. 2020 | -0.231903742777634 |
| Nov. 2020 | -0.490461210638625 |
| Dec. 2020 | -0.526647066759055 |
| Jan. 2021 | -0.677144380283303 |
| Feb. 2021 | -0.959527081355614 |
| Mar. 2021 | -0.759251186302484 |
| Apr. 2021 | -0.500733554648881 |
| May. 2021 | -0.438049127019538 |
| Jun. 2021 | -0.593417161541011 |
| Jul. 2021 | -0.563492013884247 |
| Aug. 2021 | -0.488693840805231 |
| Sep. 2021 | -0.649796834966299 |
| Oct. 2021 | -0.524857721557508 |
| Nov. 2021 | -0.444489711929827 |
| Dec. 2021 | -0.444306390209758 |
| Jan. 2022 | -0.342384352913873 |
| Feb. 2022 | -0.207389673418729 |
| Mar. 2022 | -0.804484528294439 |
| Apr. 2022 | -0.284175650847385 |
| May. 2022 | -0.114307984706695 |
| Jun. 2022 | 0.0793573455525871 |
| Jul. 2022 | -0.00914931864437251 |
| Aug. 2022 | -0.0440090653399343 |
| Sep. 2022 | 0.0278175524376121 |
| Oct. 2022 | 0.0789506539880993 |
| Nov. 2022 | -0.252953277003376 |
| Dec. 2022 | -0.0356710317458801 |
| Jan. 2023 | -0.0596270898202784 |
| Feb. 2023 | -0.17417918355601 |
| Mar. 2023 | -0.227823899808892 |
| Apr. 2023 | 0.132346948377925 |
| May. 2023 | 0.0805241216205419 |
| Jun. 2023 | 0.134384147474991 |
| Jul. 2023 | -0.0229730028956634 |
| Aug. 2023 | 0.0314957130194036 |
| Sep. 2023 | -0.0477807326434465 |
Note: The excess bond premium (EBP) is a measure of bond market investors' risk sentiment. It is derived as the residual of a regression that models corporate bond spreads after controlling for expected default losses. 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.
Figure 1.10. Spreads on leveraged loans fell modestly
Percentage points
| Date | B (monthly) | B (weekly) | BB (monthly) | BB (weekly) |
|---|---|---|---|---|
| 01/31/1997 | 2.09188813027478 | |||
| 02/28/1997 | 2.08178410192779 | |||
| 03/31/1997 | 2.0821313539782 | |||
| 04/30/1997 | 2.13128050966926 | |||
| 05/31/1997 | 2.15663678327004 | |||
| 06/30/1997 | 2.16723470638971 | |||
| 07/31/1997 | 2.27865930277876 | 1.91211795426737 | ||
| 08/31/1997 | 2.25519091192546 | 1.84799350267688 | ||
| 09/30/1997 | 2.28226436624624 | 1.89031225692967 | ||
| 10/31/1997 | 2.54870194148935 | 1.95239138987806 | ||
| 11/30/1997 | 2.55227719847765 | 1.91123857847702 | ||
| 12/31/1997 | 2.57766307859505 | 1.8853121084073 | ||
| 01/31/1998 | 2.58328670414448 | 2.03962118865891 | ||
| 02/28/1998 | 2.57724045434183 | 2.07686434704832 | ||
| 03/31/1998 | 2.61434693144427 | 2.0142442090996 | ||
| 04/30/1998 | 2.60471125675774 | 2.01964906051112 | ||
| 05/31/1998 | 2.64727726013339 | 2.1742561357748 | ||
| 06/30/1998 | 2.63838491070021 | 2.2804004021624 | ||
| 07/31/1998 | 2.65298114421288 | 2.25461214228082 | ||
| 08/31/1998 | 2.75105860252154 | 2.33040625069404 | ||
| 09/30/1998 | 2.94176293011435 | 2.50368333817936 | ||
| 10/31/1998 | 3.06324577222541 | 2.63021214384542 | ||
| 11/30/1998 | 3.34669581632647 | 2.68688948779824 | ||
| 12/31/1998 | 3.23167824969875 | 2.5574278061721 | ||
| 01/31/1999 | 3.20045350392008 | 2.62222216268432 | ||
| 02/28/1999 | 3.21252047029818 | 2.54969107864208 | ||
| 03/31/1999 | 3.57072031339457 | 2.48431663439138 | ||
| 04/30/1999 | 3.9333620829635 | 2.65158887562905 | ||
| 05/31/1999 | 3.79734775882652 | 2.84294180372083 | ||
| 06/30/1999 | 3.85661993243559 | 2.84376703464754 | ||
| 07/31/1999 | 4.09639914591775 | 2.94888708534177 | ||
| 08/31/1999 | 4.45692369680667 | 2.99404771578472 | ||
| 09/30/1999 | 4.74567730353751 | 3.96252458533367 | ||
| 10/31/1999 | 4.96156505726983 | 4.08542737863742 | ||
| 11/30/1999 | 4.74194866264647 | 3.90885983736204 | ||
| 12/31/1999 | 6.07594580603178 | 4.01508894466472 | ||
| 01/31/2000 | 6.24211266836964 | 4.07331847721963 | ||
| 02/29/2000 | 6.0743165320234 | 4.11406244684139 | ||
| 03/31/2000 | 6.05480803120477 | 3.43483075505671 | ||
| 04/30/2000 | 5.4393059506722 | 3.51119269263113 | ||
| 05/31/2000 | 5.2455597903178 | 3.25902829785642 | ||
| 06/30/2000 | 5.67158559945934 | 3.11633077776893 | ||
| 07/31/2000 | 6.03340100401027 | 3.00189608969078 | ||
| 08/31/2000 | 5.72920206373075 | 3.02041146177765 | ||
| 09/30/2000 | 6.65220806624019 | 3.19167801986832 | ||
| 10/31/2000 | 6.90970681334637 | 3.25572404050639 | ||
| 11/30/2000 | 7.30996411733616 | 3.0709693072654 | ||
| 12/31/2000 | 6.68883659623133 | 3.04620716632122 | ||
| 01/31/2001 | 6.26216559265882 | 2.95059470390094 | ||
| 02/28/2001 | 5.95037410707916 | 2.91025142523614 | ||
| 03/31/2001 | 6.8348554997985 | 2.94681492043774 | ||
| 04/30/2001 | 6.70873676752182 | 2.95507753634301 | ||
| 05/31/2001 | 6.49519380030705 | 2.94735515085341 | ||
| 06/30/2001 | 6.62316783543957 | 2.98929677062879 | ||
| 07/31/2001 | 6.71076176682289 | 3.03049463891544 | ||
| 08/31/2001 | 6.50998425898807 | 2.99783463202895 | ||
| 09/30/2001 | 7.41861800862683 | 3.34538512033514 | ||
| 10/31/2001 | 8.70615523076835 | 3.50811202527628 | ||
| 11/30/2001 | 6.81765816329182 | 3.1143087844617 | ||
| 12/31/2001 | 6.21014368310919 | 3.08920974701227 | ||
| 01/31/2002 | 5.89286230863572 | 3.05192671026051 | ||
| 02/28/2002 | 5.50244168261337 | 3.09142866939944 | ||
| 03/31/2002 | 5.2230700434849 | 3.06572116988246 | ||
| 04/30/2002 | 4.91982091590623 | 2.93946018349618 | ||
| 05/31/2002 | 5.62215768952538 | 2.95233394415463 | ||
| 06/30/2002 | 5.90371031672073 | 2.99329172692435 | ||
| 07/31/2002 | 6.63147354763437 | 3.37911052029842 | ||
| 08/31/2002 | 6.52683651010467 | 3.71526740579213 | ||
| 09/30/2002 | 6.63805299967334 | 3.75018611807546 | ||
| 10/31/2002 | 7.37496079911215 | 4.63927393752635 | ||
| 11/30/2002 | 6.71848802934704 | 4.13735824720685 | ||
| 12/31/2002 | 6.58138167838912 | 3.51504977973325 | ||
| 01/31/2003 | 6.1042887123579 | 3.6008317889486 | ||
| 02/28/2003 | 6.29662598070628 | 3.55664378996593 | ||
| 03/31/2003 | 6.03170446252915 | 3.56692318005584 | ||
| 04/30/2003 | 5.10701592299812 | 3.58065733646884 | ||
| 05/31/2003 | 4.65926353155153 | 3.35162084074896 | ||
| 06/30/2003 | 4.47566585183824 | 3.24248905217641 | ||
| 07/31/2003 | 4.51259015396569 | 3.03234954878876 | ||
| 08/31/2003 | 4.72497007493186 | 3.00626932126184 | ||
| 09/30/2003 | 4.97967971238535 | 2.98081491715672 | ||
| 10/31/2003 | 4.82321686517537 | 2.93755889404213 | ||
| 11/30/2003 | 4.77608795632832 | 2.85310817323464 | ||
| 12/31/2003 | 4.51467928453276 | 2.6096842608013 | ||
| 01/31/2004 | 4.03029588240263 | 2.50584845765378 | ||
| 02/29/2004 | 4.20273622017769 | 2.45050495529649 | ||
| 03/31/2004 | 3.91740711424247 | 2.38195219076694 | ||
| 04/30/2004 | 3.91963700739703 | 2.33385804691638 | ||
| 05/28/2004 | 4.06261763945341 | 2.40125276014603 | ||
| 06/25/2004 | 3.770043862382 | 2.34405188017961 | ||
| 07/30/2004 | 3.84362793338027 | 2.25514115056385 | ||
| 08/31/2004 | 3.69002375710118 | 2.20174843523389 | ||
| 09/30/2004 | 3.6132191586509 | 2.13629916371444 | ||
| 10/29/2004 | 3.42314267259918 | 2.10181111511617 | ||
| 11/30/2004 | 3.25822348403558 | 2.07276369311587 | ||
| 12/31/2004 | 3.20597759869138 | 2.01421096639184 | ||
| 01/31/2005 | 3.25257792381212 | 1.98007779319212 | ||
| 02/25/2005 | 3.14236991707397 | 1.93754573405074 | ||
| 03/31/2005 | 3.04703913863471 | 1.85071831549634 | ||
| 04/29/2005 | 3.29521581578657 | 1.82632886600368 | ||
| 05/31/2005 | 3.12460567509078 | 1.86077029367427 | ||
| 06/30/2005 | 3.0989292840778 | 1.84082502050528 | ||
| 07/29/2005 | 3.03893426657107 | 1.76522563810955 | ||
| 08/30/2005 | 2.97701212387517 | 1.68452592457589 | ||
| 09/30/2005 | 2.95968475602158 | 1.72581908938116 | ||
| 10/28/2005 | 3.00461148758371 | 1.77175634695531 | ||
| 11/30/2005 | 2.89325453111939 | 1.78389317184715 | ||
| 12/30/2005 | 2.8126312452552 | 1.80844276129604 | ||
| 01/31/2006 | 2.82383799143358 | 1.74509262913098 | ||
| 02/28/2006 | 2.78175102015367 | 1.68153963246369 | ||
| 03/31/2006 | 2.73977196409467 | 1.68006845983146 | ||
| 04/28/2006 | 2.7374360091284 | 1.66051441311656 | ||
| 05/31/2006 | 2.67311713249498 | 1.72787218226183 | ||
| 06/30/2006 | 2.67443850599523 | 1.8352632973603 | ||
| 07/28/2006 | 2.69880906374307 | 1.87550444857827 | ||
| 08/31/2006 | 2.74011534139188 | 1.86821573022612 | ||
| 09/29/2006 | 2.73862697147573 | 1.86028664985925 | ||
| 10/31/2006 | 2.69793073232383 | 1.82781796313336 | ||
| 11/30/2006 | 2.70284182597395 | 1.96649848866957 | ||
| 12/29/2006 | 2.72599794125974 | 1.94127586989883 | ||
| 01/31/2007 | 2.6009438606843 | 1.91399043749182 | ||
| 02/28/2007 | 2.5272169246271 | 1.74093261911432 | ||
| 03/30/2007 | 2.4927885532305 | 1.77072853120909 | ||
| 04/27/2007 | 2.46445680735925 | 1.79786483048767 | ||
| 05/31/2007 | 2.41101261501855 | 1.7854775964612 | ||
| 06/29/2007 | 2.69801407467645 | 2.01031142193302 | ||
| 07/31/2007 | 3.47862536221395 | 2.82408782626828 | ||
| 08/31/2007 | 3.5937015877151 | 2.99739196770473 | ||
| 09/28/2007 | 3.34114476544724 | 2.71172116173131 | ||
| 10/26/2007 | 3.28502814719285 | 2.63790557145956 | ||
| 11/30/2007 | 3.85693642989592 | 3.06270059562676 | ||
| 12/28/2007 | 4.15882970451708 | 2.92911429296445 | ||
| 01/31/2008 | 4.97580601761539 | 3.74354717570948 | ||
| 02/29/2008 | 6.07321224924927 | 4.37609661511741 | ||
| 03/28/2008 | 7.20862322105508 | 4.32482406795875 | ||
| 04/30/2008 | 6.34801131263565 | 3.68216495273447 | ||
| 05/30/2008 | 6.37950640066329 | 3.58771647847705 | ||
| 06/27/2008 | 6.39477656025946 | 3.86289048424729 | ||
| 07/31/2008 | 7.17316958878979 | 4.17916907289259 | ||
| 08/29/2008 | 7.65469664955774 | 4.23328471212778 | ||
| 09/30/2008 | 10.607979887877 | 5.941421105947 | ||
| 10/31/2008 | 17.0496957424426 | 9.27448359334444 | ||
| 11/28/2008 | 20.8910378938561 | 11.0334418958842 | ||
| 12/31/2008 | 24.7612246563106 | 11.4703036462376 | ||
| 01/30/2009 | 20.6985407092928 | 8.74457510422384 | ||
| 02/27/2009 | 20.7549427316504 | 7.85357321044109 | ||
| 03/31/2009 | 20.3194044491426 | 7.79174615240187 | ||
| 04/30/2009 | 15.786038192821 | 5.7679907102825 | ||
| 05/29/2009 | 12.3996603533352 | 5.56070162593438 | ||
| 06/30/2009 | 10.2336164578227 | 4.85609147918706 | ||
| 07/31/2009 | 8.49779936832999 | 4.18603261946884 | ||
| 08/31/2009 | 7.80796562290773 | 4.13370667387195 | ||
| 09/30/2009 | 6.96202796956235 | 4.00687340822193 | ||
| 10/30/2009 | 6.36999188965138 | 4.19524810650038 | ||
| 11/30/2009 | 6.70409102583303 | 4.52667154088844 | ||
| 12/31/2009 | 6.02043666937183 | 3.88209813583743 | ||
| 01/29/2010 | 5.67379035809451 | 3.69984828297773 | ||
| 02/26/2010 | 5.7822661128449 | 3.81346069657269 | ||
| 03/31/2010 | 5.27419835045083 | 3.49925432468838 | ||
| 04/30/2010 | 5.0460927826293 | 3.42850473957399 | ||
| 05/28/2010 | 6.10543623024698 | 3.98869269820655 | ||
| 06/30/2010 | 6.42705157683265 | 4.16663178231691 | ||
| 07/30/2010 | 5.98086462113477 | 4.01401196700854 | ||
| 08/31/2010 | 5.98119702611061 | 4.00699099853277 | ||
| 09/30/2010 | 5.61969456662555 | 3.88035423998445 | ||
| 10/29/2010 | 5.22023899583472 | 3.65819695629145 | ||
| 11/30/2010 | 5.61476070096215 | 3.70954513195812 | ||
| 12/31/2010 | 5.28999708060695 | 3.68691684025719 | ||
| 01/31/2011 | 4.80097016558672 | 3.50604518273776 | ||
| 02/28/2011 | 4.81988837128684 | 3.52192607285771 | ||
| 03/31/2011 | 4.85444457487651 | 3.43637521065588 | ||
| 04/29/2011 | 4.89480425026024 | 3.41062736021962 | ||
| 05/31/2011 | 5.04115512498801 | 3.57179875459206 | ||
| 06/30/2011 | 5.3503277520567 | 3.81206875808854 | ||
| 07/29/2011 | 5.42496965934118 | 3.82019930449133 | ||
| 08/31/2011 | 6.75122837180944 | 5.11095175061018 | ||
| 09/30/2011 | 6.84634418450028 | 4.68831852521755 | ||
| 10/31/2011 | 6.05515839539509 | 4.01878680390856 | ||
| 11/30/2011 | 6.53995760069879 | 4.24431121818214 | ||
| 12/30/2011 | 6.33434552748561 | 4.15559112077351 | ||
| 01/31/2012 | 5.70928828158087 | 3.85459973600913 | ||
| 02/29/2012 | 5.33490847175098 | 3.80114370520161 | ||
| 03/30/2012 | 5.37403609249873 | 3.75743553343684 | ||
| 04/30/2012 | 5.38119550782858 | 3.91407037181226 | ||
| 05/31/2012 | 5.86109397101384 | 4.26256828632616 | ||
| 06/29/2012 | 5.79267347095032 | 4.24860079202893 | ||
| 07/31/2012 | 5.87794053904916 | 4.10026247259039 | ||
| 08/31/2012 | 5.69416190819523 | 4.16761212907391 | ||
| 09/28/2012 | 5.5476911767617 | 3.96244043750308 | ||
| 10/31/2012 | 5.49088784138084 | 3.8331065872443 | ||
| 11/30/2012 | 5.60407425671063 | 3.83601469037822 | ||
| 12/31/2012 | 5.49233823127293 | 3.84047115766707 | ||
| 01/31/2013 | 5.28405064001766 | 3.71937944101957 | ||
| 02/28/2013 | 5.32035062291634 | 3.861849518314 | ||
| 03/28/2013 | 5.13598413524542 | 3.72611153995014 | ||
| 04/30/2013 | 5.0383598162799 | 3.78662384641244 | ||
| 05/31/2013 | 4.86938408394411 | 3.62152863963582 | ||
| 06/28/2013 | 4.9769299524155 | 3.58700717220769 | ||
| 07/31/2013 | 4.82136502220599 | 3.33340038812367 | ||
| 08/30/2013 | 4.92173338649918 | 3.40972662819095 | ||
| 09/30/2013 | 4.9932912216694 | 3.4562389124408 | ||
| 10/31/2013 | 4.90185285194628 | 3.43042130481635 | ||
| 11/22/2013 | 4.91637778364698 | 3.49995576462803 | ||
| 11/29/2013 | 4.91489145822393 | 3.51823397177957 | ||
| 12/06/2013 | 4.89817100430771 | 3.52459276910555 | ||
| 12/13/2013 | 4.87633132064758 | 3.51926546943906 | ||
| 12/20/2013 | 4.86250334679012 | 3.46052304917047 | ||
| 12/27/2013 | 4.83980360603194 | 3.39837080463852 | ||
| 01/03/2014 | 4.83926207860685 | 3.36962879124066 | ||
| 01/10/2014 | 4.77494501917518 | 3.34135203327447 | ||
| 01/17/2014 | 4.73975072568043 | 3.3524914539517 | ||
| 01/24/2014 | 4.73646798787304 | 3.33811266672592 | ||
| 01/31/2014 | 4.77016827236739 | 3.37325313687265 | ||
| 02/07/2014 | 4.76437119002641 | 3.36645353532583 | ||
| 02/14/2014 | 4.73872926184662 | 3.42315964086771 | ||
| 02/21/2014 | 4.71526742302429 | 3.43704694172964 | ||
| 02/28/2014 | 4.70979052611215 | 3.32352411407987 | ||
| 03/07/2014 | 4.70453342901222 | 3.31890602292125 | ||
| 03/14/2014 | 4.68132546123847 | 3.32047207715588 | ||
| 03/21/2014 | 4.64860397499193 | 3.30609210897079 | ||
| 03/28/2014 | 4.65233932128799 | 3.3187880657679 | ||
| 04/04/2014 | 4.71830446491942 | 3.37557489583033 | ||
| 04/11/2014 | 4.69698195730859 | 3.40917412257506 | ||
| 04/17/2014 | 4.71840205394015 | 3.40264500562951 | ||
| 04/25/2014 | 4.75595087556828 | 3.45350745879057 | ||
| 05/02/2014 | 4.73882504563956 | 3.40738497428832 | ||
| 05/09/2014 | 4.73296931694963 | 3.37252531166816 | ||
| 05/16/2014 | 4.69847111631524 | 3.38038639083675 | ||
| 05/23/2014 | 4.706252086923 | 3.38948227715568 | ||
| 05/30/2014 | 4.71765350547339 | 3.38995151133101 | ||
| 06/06/2014 | 4.6995774433724 | 3.40024991588999 | ||
| 06/13/2014 | 4.68582056857851 | 3.40250785908654 | ||
| 06/20/2014 | 4.6901188430303 | 3.38909477375372 | ||
| 06/27/2014 | 4.68084523433063 | 3.37139239803294 | ||
| 07/03/2014 | 4.66633452261199 | 3.38307288607895 | ||
| 07/11/2014 | 4.65857597067141 | 3.41784123114314 | ||
| 07/18/2014 | 4.6659170994457 | 3.41566751268603 | ||
| 07/25/2014 | 4.67109311730194 | 3.42556658674084 | ||
| 08/01/2014 | 4.74805780968992 | 3.49879613949364 | ||
| 08/08/2014 | 4.76257888201742 | 3.5583365069534 | ||
| 08/15/2014 | 4.80261064709441 | 3.63192707714925 | ||
| 08/22/2014 | 4.79454545842564 | 3.60877405954633 | ||
| 08/29/2014 | 4.75837697480166 | 3.57570601648156 | ||
| 09/05/2014 | 4.76726830882043 | 3.57521551140782 | ||
| 09/12/2014 | 4.81951602406893 | 3.62895900793567 | ||
| 09/19/2014 | 4.82183648754252 | 3.63256938129911 | ||
| 09/26/2014 | 4.90198628546893 | 3.71275918533139 | ||
| 10/03/2014 | 4.9731622277328 | 3.75530829164795 | ||
| 10/10/2014 | 4.98611463225786 | 3.78239737586072 | ||
| 10/17/2014 | 5.14012253202681 | 3.92146477437829 | ||
| 10/24/2014 | 5.08514834895335 | 3.8370866843996 | ||
| 10/31/2014 | 4.99933234616711 | 3.73780065651997 | ||
| 11/07/2014 | 5.01100684904652 | 3.70667733646381 | ||
| 11/14/2014 | 4.99526248182246 | 3.69454860804504 | ||
| 11/21/2014 | 5.00529508118267 | 3.6769910383602 | ||
| 11/28/2014 | 5.03232370180273 | 3.66995726094642 | ||
| 12/05/2014 | 5.1397457541618 | 3.69046140810833 | ||
| 12/12/2014 | 5.40528299362656 | 3.91427253842378 | ||
| 12/19/2014 | 5.51980796490439 | 3.94950852225728 | ||
| 12/26/2014 | 5.44830160805005 | 3.89882720993366 | ||
| 01/02/2015 | 5.44314434282006 | 3.88988542000737 | ||
| 01/09/2015 | 5.44088050559043 | 3.91557037578101 | ||
| 01/16/2015 | 5.45126002574333 | 3.89341142942705 | ||
| 01/23/2015 | 5.44320950277286 | 3.87960284354776 | ||
| 01/30/2015 | 5.4717472745429 | 3.92504357694723 | ||
| 02/06/2015 | 5.41379114714461 | 3.85642696588578 | ||
| 02/13/2015 | 5.33495035928777 | 3.79452283581625 | ||
| 02/20/2015 | 5.27347491984475 | 3.74824947188234 | ||
| 02/27/2015 | 5.22462583955283 | 3.72837399567687 | ||
| 03/06/2015 | 5.18878600162185 | 3.67783499969861 | ||
| 03/13/2015 | 5.16095196059059 | 3.68595865959697 | ||
| 03/20/2015 | 5.21212271838608 | 3.7039294958199 | ||
| 03/27/2015 | 5.21040576976154 | 3.6691098112641 | ||
| 04/02/2015 | 5.17689192920751 | 3.66188919704314 | ||
| 04/10/2015 | 5.12256794459723 | 3.58180059569194 | ||
| 04/17/2015 | 5.13622103857814 | 3.56328005594519 | ||
| 04/24/2015 | 5.11367740105739 | 3.56036280375722 | ||
| 05/01/2015 | 5.11800049041236 | 3.54895259745194 | ||
| 05/08/2015 | 5.09496299151701 | 3.56703795884056 | ||
| 05/15/2015 | 5.11173556438909 | 3.59520708059008 | ||
| 05/22/2015 | 5.12971847695507 | 3.56732242752164 | ||
| 05/29/2015 | 5.1385489287563 | 3.56770722014389 | ||
| 06/05/2015 | 5.22301671682687 | 3.58179778740348 | ||
| 06/12/2015 | 5.27686504688179 | 3.60793647410906 | ||
| 06/19/2015 | 5.30869653296769 | 3.6407188188135 | ||
| 06/26/2015 | 5.30953444734911 | 3.62499974273843 | ||
| 07/02/2015 | 5.35425665665574 | 3.62705513977472 | ||
| 07/10/2015 | 5.34092405702112 | 3.59355667538143 | ||
| 07/17/2015 | 5.29604279216756 | 3.54833725048025 | ||
| 07/24/2015 | 5.31247385220175 | 3.55294625765034 | ||
| 07/31/2015 | 5.36280463313124 | 3.58223070627914 | ||
| 08/07/2015 | 5.38387359994463 | 3.62467401701779 | ||
| 08/14/2015 | 5.41219695306286 | 3.68227449478734 | ||
| 08/21/2015 | 5.48304764794247 | 3.7089818819675 | ||
| 08/28/2015 | 5.56034620713565 | 3.73547202340285 | ||
| 09/04/2015 | 5.41201615980203 | 3.71974308819793 | ||
| 09/11/2015 | 5.42393013716328 | 3.69412111882769 | ||
| 09/18/2015 | 5.44558999930486 | 3.67578138345503 | ||
| 09/25/2015 | 5.52181476700323 | 3.7020468467027 | ||
| 10/02/2015 | 5.74736441251477 | 3.7814524235744 | ||
| 10/09/2015 | 5.75407152664045 | 3.7708172595384 | ||
| 10/16/2015 | 5.78555008004803 | 3.78068402704747 | ||
| 10/23/2015 | 5.76314916952293 | 3.7813489849771 | ||
| 10/30/2015 | 5.76807599065604 | 3.84873772418925 | ||
| 11/06/2015 | 5.77125800121641 | 3.81105380168687 | ||
| 11/13/2015 | 5.89956008310185 | 3.89986672118246 | ||
| 11/20/2015 | 6.07562302612588 | 3.94775121742508 | ||
| 11/27/2015 | 6.11454532437702 | 3.91666031917897 | ||
| 12/04/2015 | 6.20790434894555 | 3.87448434390473 | ||
| 12/11/2015 | 6.66078696304955 | 3.95863275027327 | ||
| 12/18/2015 | 7.00450487581199 | 4.02301498263567 | ||
| 12/24/2015 | 7.07631577811547 | 4.04999667361663 | ||
| 12/31/2015 | 7.07805136792277 | 4.03275706474643 | ||
| 01/08/2016 | 7.11676407939582 | 4.00644001367358 | ||
| 01/15/2016 | 7.2210975604736 | 4.03359478177958 | ||
| 01/22/2016 | 7.46337768524091 | 4.14091382690796 | ||
| 01/29/2016 | 7.42678670089386 | 4.14373685793356 | ||
| 02/05/2016 | 7.45999483429677 | 4.11214555773313 | ||
| 02/12/2016 | 7.71024442831311 | 4.26279275637569 | ||
| 02/19/2016 | 7.5240639280762 | 4.26707335543469 | ||
| 02/26/2016 | 7.50770241798086 | 4.24014746092948 | ||
| 03/04/2016 | 7.24520009893011 | 4.11303023510059 | ||
| 03/11/2016 | 6.95079647832345 | 3.97372927972425 | ||
| 03/18/2016 | 6.56339300174208 | 3.76342887181848 | ||
| 03/24/2016 | 6.50421022315242 | 3.78112959129545 | ||
| 04/01/2016 | 6.28089057388705 | 3.80515300854348 | ||
| 04/08/2016 | 6.20216637155657 | 3.73085005738116 | ||
| 04/15/2016 | 5.80787741744995 | 3.690519534833 | ||
| 04/22/2016 | 5.59908323159387 | 3.61692564314733 | ||
| 04/29/2016 | 5.52139347464069 | 3.60326241722237 | ||
| 05/06/2016 | 5.49952765042342 | 3.64283150155244 | ||
| 05/13/2016 | 5.46322213305495 | 3.65015830375734 | ||
| 05/20/2016 | 5.41681587934615 | 3.62108273361469 | ||
| 05/27/2016 | 5.33203362292375 | 3.57969950310109 | ||
| 06/03/2016 | 5.33630456818927 | 3.57047494826849 | ||
| 06/10/2016 | 5.2893665721734 | 3.60896516723463 | ||
| 06/17/2016 | 5.29490836136151 | 3.64507632982754 | ||
| 06/24/2016 | 5.34496110020322 | 3.64104107937441 | ||
| 07/01/2016 | 5.37963599435492 | 3.6516620150831 | ||
| 07/08/2016 | 5.33862198970846 | 3.62224721849152 | ||
| 07/15/2016 | 5.23473772354749 | 3.54090099024028 | ||
| 07/22/2016 | 5.14703681266651 | 3.48375055175672 | ||
| 07/29/2016 | 5.12163925234107 | 3.4487599093137 | ||
| 08/05/2016 | 5.09830271884235 | 3.46955660840227 | ||
| 08/12/2016 | 5.07211100901761 | 3.43932826921559 | ||
| 08/19/2016 | 5.13233801903715 | 3.44403937587897 | ||
| 08/26/2016 | 5.09757265285631 | 3.45441185579766 | ||
| 09/02/2016 | 5.04271659750334 | 3.42611597088864 | ||
| 09/09/2016 | 5.00157512777542 | 3.38567964898607 | ||
| 09/16/2016 | 5.00055027680326 | 3.36698596480488 | ||
| 09/23/2016 | 4.88504562421038 | 3.34908471542541 | ||
| 09/30/2016 | 4.88306837659863 | 3.34111843067678 | ||
| 10/07/2016 | 4.84030645117753 | 3.27493098141671 | ||
| 10/14/2016 | 4.86098316510816 | 3.27357158959381 | ||
| 10/21/2016 | 4.80530747023467 | 3.20248959643703 | ||
| 10/28/2016 | 4.77981780318977 | 3.19305339427132 | ||
| 11/04/2016 | 4.79701673867684 | 3.24851839970379 | ||
| 11/10/2016 | 4.79987437775647 | 3.27209881737001 | ||
| 11/18/2016 | 4.76775100252788 | 3.21853842737824 | ||
| 11/25/2016 | 4.74923311008474 | 3.20983696957339 | ||
| 12/02/2016 | 4.68170235078925 | 3.20028216033608 | ||
| 12/09/2016 | 4.59316229521329 | 3.09443007766811 | ||
| 12/16/2016 | 4.54333726114963 | 3.06594440963085 | ||
| 12/23/2016 | 4.59501723022806 | 3.07159749764825 | ||
| 12/30/2016 | 4.64336752809592 | 3.03577630657698 | ||
| 01/06/2017 | 4.56763913172123 | 3.01991974131742 | ||
| 01/13/2017 | 4.53657423317396 | 3.03011585809734 | ||
| 01/20/2017 | 4.55613459131796 | 3.05640018164289 | ||
| 01/27/2017 | 4.53502088905104 | 3.08667360182461 | ||
| 02/03/2017 | 4.50386572010133 | 3.06061959213651 | ||
| 02/10/2017 | 4.50864842346537 | 3.00743841833436 | ||
| 02/17/2017 | 4.44817748548348 | 2.95155920637098 | ||
| 02/24/2017 | 4.38856087782047 | 2.93218927897703 | ||
| 03/03/2017 | 4.34229959348746 | 2.88409623161945 | ||
| 03/10/2017 | 4.34439197323899 | 2.86958767103107 | ||
| 03/17/2017 | 4.32180828144712 | 2.85235146975824 | ||
| 03/24/2017 | 4.31639611186715 | 2.93696817826241 | ||
| 03/31/2017 | 4.25067399712789 | 2.90972981608549 | ||
| 04/07/2017 | 4.1548281469157 | 2.87888211801366 | ||
| 04/13/2017 | 4.11561365233479 | 2.85045098102648 | ||
| 04/21/2017 | 4.12901079481905 | 2.8327897612187 | ||
| 04/28/2017 | 4.12658447576905 | 2.81799604975454 | ||
| 05/05/2017 | 4.15789586631832 | 2.88118683586918 | ||
| 05/12/2017 | 4.13028738552222 | 2.88242432899756 | ||
| 05/19/2017 | 4.11115061258223 | 2.88877368930913 | ||
| 05/26/2017 | 4.03856830223847 | 2.88590368291577 | ||
| 06/02/2017 | 4.05462319439513 | 2.8659693763501 | ||
| 06/09/2017 | 4.03421705795138 | 2.86923816833126 | ||
| 06/16/2017 | 4.03666158594686 | 2.88012744812461 | ||
| 06/23/2017 | 4.07046880118707 | 2.8640374354623 | ||
| 06/30/2017 | 4.07836583024533 | 2.83919819967175 | ||
| 07/07/2017 | 4.0692808983178 | 2.83318329855319 | ||
| 07/14/2017 | 4.09480046963445 | 2.83288055949895 | ||
| 07/21/2017 | 4.09006272411951 | 2.80431436364773 | ||
| 07/28/2017 | 4.03022575240947 | 2.78096381744228 | ||
| 08/04/2017 | 4.03237919747284 | 2.75204425907666 | ||
| 08/11/2017 | 4.05640957124301 | 2.79943796474621 | ||
| 08/18/2017 | 4.06605176579403 | 2.7788642606794 | ||
| 08/25/2017 | 4.07179922383678 | 2.82070245102456 | ||
| 09/01/2017 | 4.05934413260524 | 2.85221006787829 | ||
| 09/08/2017 | 4.02195779086437 | 2.87263476250438 | ||
| 09/15/2017 | 4.01712607300918 | 2.89065377092883 | ||
| 09/22/2017 | 4.02240181940972 | 2.82480844370843 | ||
| 09/29/2017 | 4.01261108997878 | 2.71581802737161 | ||
| 10/06/2017 | 3.9801376016454 | 2.66825916590503 | ||
| 10/13/2017 | 3.94523593474567 | 2.66621357451677 | ||
| 10/20/2017 | 3.92501865446377 | 2.65054248736078 | ||
| 10/27/2017 | 3.94470887194254 | 2.65176796405097 | ||
| 11/03/2017 | 3.9658747221224 | 2.62679979211548 | ||
| 11/10/2017 | 3.98252891261967 | 2.62230662993716 | ||
| 11/17/2017 | 3.96101265071187 | 2.6463455345622 | ||
| 11/24/2017 | 3.95486511783194 | 2.6371524972503 | ||
| 12/01/2017 | 3.94824207720089 | 2.62863821380309 | ||
| 12/08/2017 | 3.94398250686086 | 2.60784429609643 | ||
| 12/15/2017 | 3.99904960207814 | 2.62225817366873 | ||
| 12/22/2017 | 3.91151776618421 | 2.62741150957061 | ||
| 12/29/2017 | 3.88619959269827 | 2.5949562196173 | ||
| 01/05/2018 | 3.87332191330704 | 2.55285062697653 | ||
| 01/12/2018 | 3.80788949014598 | 2.54363231733713 | ||
| 01/19/2018 | 3.77164134032746 | 2.5240891062831 | ||
| 01/26/2018 | 3.73386001489898 | 2.49594761567828 | ||
| 02/02/2018 | 3.70233791053562 | 2.438156129872 | ||
| 02/09/2018 | 3.74160329369141 | 2.4811853576384 | ||
| 02/16/2018 | 3.73065385882746 | 2.48637425328456 | ||
| 02/23/2018 | 3.72776746538791 | 2.50238264142974 | ||
| 03/02/2018 | 3.72263611801141 | 2.51309855397887 | ||
| 03/09/2018 | 3.72171718220192 | 2.50958072842874 | ||
| 03/16/2018 | 3.70461834383821 | 2.49426911033018 | ||
| 03/23/2018 | 3.72231576950643 | 2.49018121201369 | ||
| 03/30/2018 | 3.7230251951681 | 2.49285152442253 | ||
| 04/06/2018 | 3.71612127233982 | 2.49498620311494 | ||
| 04/13/2018 | 3.68343738109994 | 2.48872275663687 | ||
| 04/20/2018 | 3.66087969758433 | 2.45645300543463 | ||
| 04/27/2018 | 3.66893774143854 | 2.43889424627615 | ||
| 05/04/2018 | 3.68427149296337 | 2.43984005471942 | ||
| 05/11/2018 | 3.67930851146035 | 2.44477163013841 | ||
| 05/18/2018 | 3.67525845981945 | 2.46968335228819 | ||
| 05/25/2018 | 3.69176526211537 | 2.49195051030461 | ||
| 06/01/2018 | 3.72332340675616 | 2.48448039124568 | ||
| 06/08/2018 | 3.71382500681671 | 2.48614320452861 | ||
| 06/15/2018 | 3.72550947235705 | 2.49076377997511 | ||
| 06/22/2018 | 3.74568864270355 | 2.51663685834703 | ||
| 06/29/2018 | 3.76364651933181 | 2.55210342907046 | ||
| 07/06/2018 | 3.75000831557254 | 2.53111125673911 | ||
| 07/13/2018 | 3.75643716619156 | 2.54117486170418 | ||
| 07/20/2018 | 3.74809617253688 | 2.53204466005412 | ||
| 07/27/2018 | 3.75741714589224 | 2.51411306037712 | ||
| 08/03/2018 | 3.7528377908275 | 2.49816219761235 | ||
| 08/10/2018 | 3.76716622391631 | 2.51615723593393 | ||
| 08/17/2018 | 3.77435918226536 | 2.53300423077876 | ||
| 08/24/2018 | 3.80714169508916 | 2.48288833624394 | ||
| 08/31/2018 | 3.82743274272498 | 2.49270627312086 | ||
| 09/07/2018 | 3.81910810361591 | 2.49455194580355 | ||
| 09/14/2018 | 3.80641608895297 | 2.49930274201197 | ||
| 09/21/2018 | 3.77814271293329 | 2.48123153109327 | ||
| 09/28/2018 | 3.73482378128511 | 2.48072328864636 | ||
| 10/05/2018 | 3.72656245199978 | 2.47629985708589 | ||
| 10/12/2018 | 3.74729595553431 | 2.48655197238986 | ||
| 10/19/2018 | 3.74860505844252 | 2.48924037858587 | ||
| 10/26/2018 | 3.78971638505862 | 2.53710607340934 | ||
| 11/02/2018 | 3.84271285629863 | 2.58085479276245 | ||
| 11/09/2018 | 3.85503672675878 | 2.61467685919488 | ||
| 11/16/2018 | 3.95101152350418 | 2.68142568527006 | ||
| 11/23/2018 | 4.07374660613147 | 2.75960544817044 | ||
| 11/30/2018 | 4.17985958317769 | 2.8844288545427 | ||
| 12/07/2018 | 4.33434796085598 | 3.00907876399125 | ||
| 12/14/2018 | 4.50954585344991 | 3.15063351363666 | ||
| 12/21/2018 | 4.83257332265705 | 3.37317030509131 | ||
| 12/28/2018 | 4.94122329206996 | 3.46286007388947 | ||
| 01/04/2019 | 4.73375437365023 | 3.18090595633502 | ||
| 01/11/2019 | 4.486701419743 | 2.91121215889692 | ||
| 01/18/2019 | 4.47568672444736 | 2.83841603241475 | ||
| 01/25/2019 | 4.52734440887592 | 2.88150270351691 | ||
| 02/01/2019 | 4.54293545312963 | 2.88767136943739 | ||
| 02/08/2019 | 4.49250267781263 | 2.86281477648882 | ||
| 02/15/2019 | 4.44073466160228 | 2.8307858305961 | ||
| 02/22/2019 | 4.33191831622411 | 2.76026964519274 | ||
| 03/01/2019 | 4.23652832588994 | 2.68540522830284 | ||
| 03/08/2019 | 4.32283200278578 | 2.74664667090451 | ||
| 03/15/2019 | 4.31454877947418 | 2.73489610017568 | ||
| 03/22/2019 | 4.39741989864395 | 2.78664899792143 | ||
| 03/29/2019 | 4.45584150984744 | 2.87707104056228 | ||
| 04/05/2019 | 4.3159451260146 | 2.79292197190798 | ||
| 04/12/2019 | 4.25748716810827 | 2.74187611393584 | ||
| 04/18/2019 | 4.21402891775767 | 2.72785890714153 | ||
| 04/26/2019 | 4.18071902345997 | 2.69829143982099 | ||
| 05/03/2019 | 4.12750529430217 | 2.68315197273811 | ||
| 05/10/2019 | 4.20079036003462 | 2.68093889112379 | ||
| 05/17/2019 | 4.16356959802504 | 2.6819717156539 | ||
| 05/24/2019 | 4.21900172474993 | 2.68168053966785 | ||
| 05/31/2019 | 4.29964475758305 | 2.67587446689644 | ||
| 06/07/2019 | 4.30494313300387 | 2.66533403033834 | ||
| 06/14/2019 | 4.31331840903089 | 2.65367033083029 | ||
| 06/21/2019 | 4.31387927868547 | 2.66336916643676 | ||
| 06/28/2019 | 4.36415151101045 | 2.69929692833618 | ||
| 07/05/2019 | 4.35510858855109 | 2.69134857200558 | ||
| 07/12/2019 | 4.31907074668464 | 2.67279730917817 | ||
| 07/19/2019 | 4.30248306660984 | 2.65404417360417 | ||
| 07/26/2019 | 4.30303544647292 | 2.64709207709244 | ||
| 08/02/2019 | 4.30448715064339 | 2.72991332569066 | ||
| 08/09/2019 | 4.40934930713279 | 2.77004863224085 | ||
| 08/16/2019 | 4.50301207882155 | 2.80149663781179 | ||
| 08/23/2019 | 4.50999689810473 | 2.78083811908707 | ||
| 08/30/2019 | 4.46482146949076 | 2.8023572997496 | ||
| 09/06/2019 | 4.41971703517452 | 2.7415976790562 | ||
| 09/13/2019 | 4.34678088478722 | 2.66964922942204 | ||
| 09/20/2019 | 4.34022412526567 | 2.68027481859003 | ||
| 09/27/2019 | 4.32556151233034 | 2.67485256251625 | ||
| 10/04/2019 | 4.43294388971371 | 2.70441032347559 | ||
| 10/11/2019 | 4.58654495197368 | 2.74495028993093 | ||
| 10/18/2019 | 4.61878118929424 | 2.72144214325561 | ||
| 10/25/2019 | 4.63462952825916 | 2.71363575461445 | ||
| 11/01/2019 | 4.68316808948193 | 2.74595379782876 | ||
| 11/08/2019 | 4.67717900387977 | 2.75194374316822 | ||
| 11/15/2019 | 4.6150340620581 | 2.74513217561298 | ||
| 11/22/2019 | 4.66984659554786 | 2.75398635634921 | ||
| 11/29/2019 | 4.65818411628064 | 2.74263674496092 | ||
| 12/06/2019 | 4.54771273848953 | 2.71077821761063 | ||
| 12/13/2019 | 4.3637871257466 | 2.65641442555315 | ||
| 12/20/2019 | 4.24240182668674 | 2.64070995018315 | ||
| 12/27/2019 | 4.24130141056805 | 2.63801445965637 | ||
| 01/03/2020 | 4.23049444983206 | 2.62167247877522 | ||
| 01/10/2020 | 4.14029626872452 | 2.57931937654344 | ||
| 01/17/2020 | 4.10710221026255 | 2.57207486014564 | ||
| 01/24/2020 | 4.11279807013901 | 2.60142240124387 | ||
| 01/31/2020 | 4.19191771317293 | 2.62787380461248 | ||
| 02/07/2020 | 4.21811346555717 | 2.67868462426466 | ||
| 02/14/2020 | 4.21048702983462 | 2.69448073971834 | ||
| 02/21/2020 | 4.18981138242357 | 2.71089339469687 | ||
| 02/28/2020 | 4.58138557621447 | 3.03880080837431 | ||
| 03/06/2020 | 4.85477584715005 | 3.24309169306511 | ||
| 03/13/2020 | 6.39315211391352 | 4.75030012561186 | ||
| 03/20/2020 | 9.68739260092734 | 7.8806042671714 | ||
| 03/27/2020 | 9.0306529225545 | 6.1461346295332 | ||
| 04/03/2020 | 8.15259801651325 | 5.04829592148126 | ||
| 04/09/2020 | 7.30657588339548 | 4.26438475790934 | ||
| 04/17/2020 | 6.7360976048753 | 3.94069489976242 | ||
| 04/24/2020 | 6.91374564901344 | 4.12101405085405 | ||
| 05/01/2020 | 6.8824849427713 | 4.13917110058719 | ||
| 05/08/2020 | 6.55861011568805 | 4.05176174730315 | ||
| 05/15/2020 | 6.51186157473642 | 4.03392645967781 | ||
| 05/22/2020 | 6.15929618127385 | 3.70510790351894 | ||
| 05/29/2020 | 5.77001377931713 | 3.4344889145417 | ||
| 06/05/2020 | 5.4198791219675 | 3.2112860264866 | ||
| 06/12/2020 | 5.37102316454119 | 3.26416713949091 | ||
| 06/19/2020 | 5.21608940404011 | 3.13867739157079 | ||
| 06/26/2020 | 5.50974931325779 | 3.38152909811216 | ||
| 07/03/2020 | 5.39806282191817 | 3.35794001914109 | ||
| 07/10/2020 | 5.37437731397208 | 3.30091358378154 | ||
| 07/17/2020 | 5.20023680148142 | 3.19192136564217 | ||
| 07/24/2020 | 5.06954330950156 | 3.09475137870875 | ||
| 07/31/2020 | 5.0927880932399 | 3.12994566527787 | ||
| 08/07/2020 | 4.96005290443384 | 3.04927895220595 | ||
| 08/14/2020 | 4.86108506468236 | 3.01750549807591 | ||
| 08/21/2020 | 4.88126190230468 | 3.08827145429687 | ||
| 08/28/2020 | 4.83104673379427 | 3.07060158005247 | ||
| 09/04/2020 | 4.65395937636892 | 2.90011528470132 | ||
| 09/11/2020 | 4.57862586580644 | 2.86677815659921 | ||
| 09/18/2020 | 4.55619295794674 | 2.8817746529005 | ||
| 09/25/2020 | 4.74111097556897 | 3.05841006383966 | ||
| 10/02/2020 | 4.74973729390598 | 3.09762905126333 | ||
| 10/09/2020 | 4.63216027105228 | 3.00536761563756 | ||
| 10/16/2020 | 4.66633821543806 | 3.0363007477585 | ||
| 10/23/2020 | 4.82556847697998 | 3.06605226056402 | ||
| 10/30/2020 | 5.00410486151849 | 3.21763676843888 | ||
| 11/06/2020 | 4.80846502420817 | 3.05705969400357 | ||
| 11/13/2020 | 4.67376752764658 | 2.98700829582721 | ||
| 11/20/2020 | 4.66943570140276 | 3.02083782874059 | ||
| 11/27/2020 | 4.60730508698756 | 2.98489617363073 | ||
| 12/04/2020 | 4.49988024170091 | 2.89999632245025 | ||
| 12/11/2020 | 4.46126169486212 | 2.86494857960463 | ||
| 12/18/2020 | 4.39362491852663 | 2.80638031001718 | ||
| 12/24/2020 | 4.40935014394781 | 2.8127459954473 | ||
| 12/31/2020 | 4.38956255330549 | 2.79512899510646 | ||
| 01/08/2021 | 4.23329543415278 | 2.63397220424553 | ||
| 01/15/2021 | 4.15506644344309 | 2.64628839458702 | ||
| 01/22/2021 | 4.1603840947008 | 2.63271411742065 | ||
| 01/29/2021 | 4.22316097660908 | 2.69317560654646 | ||
| 02/05/2021 | 4.20291096662308 | 2.68301508442682 | ||
| 02/12/2021 | 4.13003648628249 | 2.70447106184269 | ||
| 02/19/2021 | 4.11652962039695 | 2.70891755513389 | ||
| 02/26/2021 | 4.13347853454002 | 2.6927847519463 | ||
| 03/05/2021 | 4.14089666271652 | 2.75376587820022 | ||
| 03/12/2021 | 4.15029675974803 | 2.77049424618101 | ||
| 03/19/2021 | 4.20770166320041 | 2.81491065354549 | ||
| 03/26/2021 | 4.2337836523724 | 2.84058371573269 | ||
| 04/02/2021 | 4.24216976821223 | 2.84234060257599 | ||
| 04/09/2021 | 4.16670358393048 | 2.79128932080083 | ||
| 04/16/2021 | 4.1595164342912 | 2.80930099144069 | ||
| 04/23/2021 | 4.18816945363116 | 2.77143980588233 | ||
| 04/30/2021 | 4.18242223783981 | 2.80354637622791 | ||
| 05/07/2021 | 4.18601516663148 | 2.81382373298497 | ||
| 05/14/2021 | 4.1895074229372 | 2.83972037729225 | ||
| 05/21/2021 | 4.16266527942296 | 2.81553035069414 | ||
| 05/28/2021 | 4.15102393126615 | 2.78910792195324 | ||
| 06/04/2021 | 4.13752526970911 | 2.81805168365214 | ||
| 06/11/2021 | 4.11886966406813 | 2.80114725876029 | ||
| 06/18/2021 | 4.14724738665526 | 2.85726846868376 | ||
| 06/25/2021 | 4.1674497136781 | 2.8846361124996 | ||
| 07/02/2021 | 4.16808501027835 | 2.89567726643191 | ||
| 07/09/2021 | 4.16252811661521 | 2.91082062412683 | ||
| 07/16/2021 | 4.15242194078449 | 2.85811178156657 | ||
| 07/23/2021 | 4.16536742244913 | 2.89548215307277 | ||
| 07/30/2021 | 4.21450427640906 | 2.92057529762784 | ||
| 08/06/2021 | 4.22990260207722 | 2.92647601377693 | ||
| 08/13/2021 | 4.22826319962781 | 3.08834455886038 | ||
| 08/20/2021 | 4.25221264339828 | 3.14229208727937 | ||
| 08/27/2021 | 4.23584489415241 | 3.11721155795411 | ||
| 09/03/2021 | 4.21437164838956 | 3.09462511718466 | ||
| 09/10/2021 | 4.18491760590191 | 3.07190748879936 | ||
| 09/17/2021 | 4.17651346154114 | 3.06541969655385 | ||
| 09/24/2021 | 4.17854494895039 | 3.06011664701043 | ||
| 10/01/2021 | 4.16983172948045 | 3.04855196484254 | ||
| 10/08/2021 | 4.18336936583397 | 3.04671880550561 | ||
| 10/15/2021 | 4.19600015243809 | 3.0466996965445 | ||
| 10/22/2021 | 4.18919880905461 | 3.05453607711811 | ||
| 10/29/2021 | 4.19674264218586 | 3.05898863205879 | ||
| 11/05/2021 | 4.17919091492711 | 3.05336404260009 | ||
| 11/12/2021 | 4.16570406060587 | 3.00451614957152 | ||
| 11/19/2021 | 4.16870972284368 | 3.00843875709851 | ||
| 11/26/2021 | 4.21072794923365 | 3.03842165372046 | ||
| 12/03/2021 | 4.28560225289367 | 3.08382558058027 | ||
| 12/10/2021 | 4.23950778343897 | 3.03051359434843 | ||
| 12/17/2021 | 4.22675301254695 | 3.0710875292918 | ||
| 12/24/2021 | 4.2198034931944 | 3.06022985306994 | ||
| 12/31/2021 | 4.28037633229866 | 3.08079993720851 | ||
| 01/07/2022 | 4.20642763486986 | 3.02483210270173 | ||
| 01/14/2022 | 4.1758813764982 | 2.99231002690423 | ||
| 01/21/2022 | 4.15720830018707 | 2.98513963099083 | ||
| 01/28/2022 | 4.23665026444295 | 3.03127961199681 | ||
| 02/04/2022 | 4.24434976129994 | 3.02785863506354 | ||
| 02/11/2022 | 4.29586119250583 | 3.05931500352623 | ||
| 02/18/2022 | 4.38417918616559 | 3.15982979231888 | ||
| 02/25/2022 | 4.46171519927789 | 3.22983846236946 | ||
| 03/04/2022 | 4.4537746867728 | 3.24193603990983 | ||
| 03/11/2022 | 4.77329785913411 | 3.50053771599677 | ||
| 03/18/2022 | 4.72174089781076 | 3.45360981464082 | ||
| 03/25/2022 | 4.5823469600073 | 3.33856216149833 | ||
| 04/01/2022 | 4.4331048380424 | 3.17536127110806 | ||
| 04/08/2022 | 4.19868280571032 | 3.01087177887668 | ||
| 04/15/2022 | 4.19981310817067 | 3.04871794483991 | ||
| 04/22/2022 | 4.21455467588161 | 3.01962953336435 | ||
| 04/29/2022 | 4.32392627002777 | 3.10274658464665 | ||
| 05/06/2022 | 4.45370498776753 | 3.23516224867446 | ||
| 05/13/2022 | 4.94292401350464 | 3.63349524195021 | ||
| 05/20/2022 | 5.09464865352738 | 3.72478381912594 | ||
| 05/27/2022 | 5.16713692006923 | 3.71841676120812 | ||
| 06/03/2022 | 4.96190902249778 | 3.48545036412118 | ||
| 06/10/2022 | 4.99038255375087 | 3.50535567368182 | ||
| 06/17/2022 | 5.38973078105364 | 3.83324796891127 | ||
| 06/24/2022 | 5.49972919392619 | 3.88932235681221 | ||
| 07/01/2022 | 5.87024843598552 | 4.16697621333022 | ||
| 07/08/2022 | 5.91197235877488 | 4.1931917061723 | ||
| 07/15/2022 | 5.84341300636366 | 4.13883942268278 | ||
| 07/22/2022 | 5.4138681662434 | 3.720255810389 | ||
| 07/29/2022 | 5.3657848919672 | 3.68371104373575 | ||
| 08/05/2022 | 5.18497258754535 | 3.49514018477731 | ||
| 08/12/2022 | 4.89893499237146 | 3.29749471391827 | ||
| 08/19/2022 | 4.98887241789133 | 3.33027462506864 | ||
| 08/26/2022 | 5.07694673634835 | 3.41590090858603 | ||
| 09/02/2022 | 5.23012890770867 | 3.47741643573316 | ||
| 09/09/2022 | 5.20813916105857 | 3.45706476697873 | ||
| 09/16/2022 | 5.29260414352571 | 3.4951882831456 | ||
| 09/23/2022 | 5.58069895713423 | 3.59514583215458 | ||
| 09/30/2022 | 5.95424627704004 | 3.8044689405769 | ||
| 10/07/2022 | 5.74787332032119 | 3.64247625709545 | ||
| 10/14/2022 | 5.91973992825147 | 3.6632204178041 | ||
| 10/21/2022 | 5.91555830600449 | 3.57145685899135 | ||
| 10/28/2022 | 5.9393160349981 | 3.55280821962995 | ||
| 11/04/2022 | 5.77744999132781 | 3.4684290570924 | ||
| 11/11/2022 | 5.65463490200775 | 3.43584534830288 | ||
| 11/18/2022 | 5.51877624984427 | 3.40342637810754 | ||
| 11/25/2022 | 5.53338512141118 | 3.41009529146504 | ||
| 12/02/2022 | 5.48187975284611 | 3.39905781322169 | ||
| 12/09/2022 | 5.49547200452299 | 3.39380985857368 | ||
| 12/16/2022 | 5.50482737446216 | 3.36601559915847 | ||
| 12/23/2022 | 5.45820522247659 | 3.37067928051912 | ||
| 12/30/2022 | 5.47131763392736 | 3.38462776604 | ||
| 01/06/2023 | 5.32532752746079 | 3.24028168773051 | ||
| 01/13/2023 | 5.0935681262709 | 3.10548972862594 | ||
| 01/20/2023 | 5.03228265237015 | 3.11398051722137 | ||
| 01/27/2023 | 4.91538780153413 | 3.08770211990513 | ||
| 02/03/2023 | 4.88783981636924 | 3.07568037144501 | ||
| 02/10/2023 | 4.80035578601994 | 3.08251777170337 | ||
| 02/17/2023 | 4.87803879409925 | 3.2642159953622 | ||
| 02/24/2023 | 5.0024355210421 | 3.32613083005194 | ||
| 03/03/2023 | 4.98220101336694 | 3.31908353110109 | ||
| 03/10/2023 | 5.02067218864067 | 3.41226325980725 | ||
| 03/17/2023 | 5.4284592280188 | 3.69312459188341 | ||
| 03/24/2023 | 5.46015865454741 | 3.41076956816121 | ||
| 03/31/2023 | 5.16159891946793 | 3.29848853008191 | ||
| 04/07/2023 | 5.10177038801146 | 3.2840999216597 | ||
| 04/14/2023 | 5.05150348255803 | 3.25970723977671 | ||
| 04/21/2023 | 4.97136536961754 | 3.27240854456264 | ||
| 04/28/2023 | 4.9648964189216 | 3.26087304478011 | ||
| 05/05/2023 | 5.0727824278723 | 3.31235367463578 | ||
| 05/12/2023 | 5.12192944492827 | 3.37095675952783 | ||
| 05/19/2023 | 5.14241091334059 | 3.39199445765739 | ||
| 05/26/2023 | 5.2714715506019 | 3.44621535151174 | ||
| 06/02/2023 | 5.25038727865748 | 3.44261557540231 | ||
| 06/09/2023 | 5.08601839192266 | 3.35070698269619 | ||
| 06/16/2023 | 4.96360494202584 | 3.29029499365745 | ||
| 06/23/2023 | 4.97692064563626 | 3.30342416330775 | ||
| 06/30/2023 | 4.81836912018537 | 3.209455621531 | ||
| 07/07/2023 | 4.72801127303233 | 3.16413316959267 | ||
| 07/14/2023 | 4.5892874041397 | 3.10757318770804 | ||
| 07/21/2023 | 4.65031936637405 | 3.12319738642292 | ||
| 07/28/2023 | 4.65130846202699 | 3.11844380406022 | ||
| 08/04/2023 | 4.72433331333539 | 3.13965908365023 | ||
| 08/11/2023 | 4.72097852024232 | 3.13169296626439 | ||
| 08/18/2023 | 4.7814995714259 | 3.13032972809667 | ||
| 08/25/2023 | 4.77112294713473 | 3.12093251651773 | ||
| 09/01/2023 | 4.69536558497596 | 3.1151301188841 | ||
| 09/08/2023 | 4.62774780915257 | 3.11556673686872 | ||
| 09/15/2023 | 4.49944612308881 | 3.07473169331102 | ||
| 09/22/2023 | 4.4967756645971 | 3.08696070338685 | ||
| 09/29/2023 | 4.60099862594902 | 3.13128052544342 |
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 dashed blacked line represents the data transitioning from monthly to weekly in November 2013.
Source: PitchBook Data, Leveraged Commentary & Data.
Figure 1.11. Treasury market depth remained below historical norms
This is a line chart titled “Treasury market depth remained below historical norms.” The x-axis measures time and ranges from January 2019 to October 2023. The data are 5-day moving average, and there are three variables plotted on the chart. The first line is labeled "5-year" and is designated by a black line. This line corresponds to the values on the right y-axis, which ranges from 0 to 350 in millions of dollars. It begins at around 160 million in 2019 and rises steadily, with local peaks in February of 2019 and October 2020. The peaks are between 260 and 285 million. In March of 2020, the series reaches its lowest value at 15 million. After the October 2020 peak there is some volatility within an overall downward trend. By March of 2022, the value is down to 40 million. Since the beginning of 2022, there has been a slight uptick in the series, with the final value finishing just over 50 million in October of 2023. The second line is labeled "10-year" and is designated by a red line. This line corresponds to the values on the right y-axis, which ranges from 0 to 350 in millions of dollars. It begins at just over 100 million dollars in 2019, rises to around 250 million by February of 2020. The series declines to around 75 million by August of 2019 and then upticks to 140 million in early 2020. There is a sharp decrease down to around 12 million in March of 2020. Following this sharp decline is an overall increase until June 2021 at a value of around 150 million. From this point there is a decreasing trend in the series until it finishes at a value around 80 million in October 2023. The third series is labeled “30-year” and is designated by a blue line. The line corresponds to values on the left y-axis, which ranges from 0 to 35 in millions of dollars. The line starts around 15 million in January 2019 before a quick increase to around 28 million in the middle of 2019. There is a sharp decline to just below 10 million in October of 2019 before a quick rise and then an even sharper decline to under 5 million in March 2020. From there, the series rises to over 20 million in April 2021, before gradually declining to around 10 million in the middle of 2023. The series ends with an uptick to a value of 15 million in October of 2023.
Note: Market depth is defined as the average top 3 bid and ask quote sizes for on-the-run Treasury securities.
Figure 1.12. On-the-run market depth improved in recent months but remained below historical norms
This is a line chart titled “On-the-run market depth improved in recent months but remains below historical norms.” The x-axis measures time and ranges from September 2019 to October 2023. The data are 5-day moving average, and there are two variables plotted on the chart. The first line is labeled "2-year OTR market depth" and is designated by a black line. This line corresponds to the values on the right y-axis, which ranges from 0 to 300 in millions of dollars. It begins at around 50 million in October 2019 and rises steadily, peaking in February of 2021 at around 280 million dollars. There is a sharp decrease and quick rebound back to around 275 million in July of 2021. The series has two quick decreases to around 50 million in January of 2022. Since then, there is a gradual decrease to around 30 million where the series has remained steady, and has a final value around 30 million as of October 2023. The second line is labeled "10-year OTR market depth" and is designated by a blue line. This line corresponds to the values on the left y-axis, which ranges from 0 to 60 in millions of dollars. It begins at just below 60 million dollars in 2019, rises to around 50 million by February of 2020. The series declines to around 7.5 million by April of 2020 and then upticks to 55 million in late 2020. There is a gradual decrease down to around 40 million in July of 2021. Following this decline is an overall steady period with a gradual decline to just over 10 million in March of 2023. From this point there is an increasing trend in the series until it finishes at a value around 25 million in October 2023.
Note: The data show the time-weighted average market depth at the best quoted prices to buy and sell, for 2-year and 10-year Treasury notes. OTR is on-the-run.
Source: BrokerTec; Federal Reserve Board staff calculations.
Figure 1.13. A measure of liquidity in equity markets remained below average
Market depth (number of contracts)
5-day moving average
| Date | Close Depth |
|---|---|
| 09/03/2019 | 90.2703703703704 |
| 09/04/2019 | 101.676543209877 |
| 09/05/2019 | 109.595061728395 |
| 09/06/2019 | 112.127160493827 |
| 09/09/2019 | 123.924691358025 |
| 09/10/2019 | 132.402469135803 |
| 09/11/2019 | 141.145679012346 |
| 09/12/2019 | 134.882716049383 |
| 09/13/2019 | 129.561728395062 |
| 09/16/2019 | 115.028395061728 |
| 09/17/2019 | 112.63950617284 |
| 09/18/2019 | 102.158024691358 |
| 09/19/2019 | 110.883950617284 |
| 09/20/2019 | 117.546913580247 |
| 09/23/2019 | 124.944444444444 |
| 09/24/2019 | 120.30987654321 |
| 09/25/2019 | 115.179012345679 |
| 09/26/2019 | 107.79012345679 |
| 09/27/2019 | 100.898765432099 |
| 09/30/2019 | 101.441975308642 |
| 10/01/2019 | 102.645679012346 |
| 10/02/2019 | 100.859259259259 |
| 10/03/2019 | 94.4888888888889 |
| 10/04/2019 | 99.4592592592593 |
| 10/07/2019 | 91.3654320987654 |
| 10/08/2019 | 87.6123456790123 |
| 10/09/2019 | 86.0987654320988 |
| 10/10/2019 | 86.3172839506173 |
| 10/11/2019 | 76.0172839506173 |
| 10/14/2019 | 76.3950617283951 |
| 10/15/2019 | 88.4641975308642 |
| 10/16/2019 | 96.7604938271605 |
| 10/17/2019 | 105.075308641975 |
| 10/18/2019 | 115.972839506173 |
| 10/21/2019 | 129.074074074074 |
| 10/22/2019 | 129.427160493827 |
| 10/23/2019 | 133.48024691358 |
| 10/24/2019 | 135.892592592593 |
| 10/25/2019 | 145.453086419753 |
| 10/28/2019 | 148.365432098765 |
| 10/29/2019 | 153.345679012346 |
| 10/30/2019 | 149.092592592593 |
| 10/31/2019 | 150.186419753086 |
| 11/01/2019 | 150.543209876543 |
| 11/04/2019 | 155.696296296296 |
| 11/05/2019 | 157.051851851852 |
| 11/06/2019 | 159.553086419753 |
| 11/07/2019 | 165.686419753086 |
| 11/08/2019 | 165.948148148148 |
| 11/11/2019 | 166.386419753086 |
| 11/12/2019 | 166.351851851852 |
| 11/13/2019 | 172.292592592593 |
| 11/14/2019 | 175.846913580247 |
| 11/15/2019 | 191.12962962963 |
| 11/18/2019 | 192.03950617284 |
| 11/19/2019 | 192.807407407407 |
| 11/20/2019 | 187.666666666667 |
| 11/21/2019 | 182.460493827161 |
| 11/22/2019 | 165.228395061728 |
| 11/25/2019 | 174.98024691358 |
| 11/26/2019 | 181.564197530864 |
| 11/27/2019 | 195.092592592593 |
| 11/29/2019 | 201.571926999463 |
| 12/02/2019 | 199.460815888352 |
| 12/03/2019 | 178.416371443908 |
| 12/04/2019 | 174.55834675255 |
| 12/05/2019 | 164.964519592056 |
| 12/06/2019 | 177.88024691358 |
| 12/09/2019 | 193.592592592593 |
| 12/10/2019 | 202.901234567901 |
| 12/11/2019 | 202.986419753086 |
| 12/12/2019 | 194.093827160494 |
| 12/13/2019 | 161.122222222222 |
| 12/16/2019 | 161.424691358025 |
| 12/17/2019 | 166.140740740741 |
| 12/18/2019 | 169.72962962963 |
| 12/19/2019 | 195.393827160494 |
| 12/20/2019 | 222.816049382716 |
| 12/23/2019 | 219.769135802469 |
| 12/24/2019 | 208.280032206119 |
| 12/26/2019 | 207.813365539453 |
| 12/27/2019 | 193.417069243156 |
| 12/30/2019 | 181.334353193774 |
| 12/31/2019 | 171.05040257649 |
| 01/02/2020 | 178.895061728395 |
| 01/03/2020 | 165.234567901235 |
| 01/06/2020 | 163.427160493827 |
| 01/07/2020 | 160.998765432099 |
| 01/08/2020 | 156.916049382716 |
| 01/09/2020 | 151.543209876543 |
| 01/10/2020 | 159.755555555556 |
| 01/13/2020 | 160.416049382716 |
| 01/14/2020 | 162.771604938272 |
| 01/15/2020 | 166.533333333333 |
| 01/16/2020 | 177.144444444444 |
| 01/17/2020 | 183.661728395062 |
| 01/21/2020 | 188.002469135802 |
| 01/22/2020 | 196.26049382716 |
| 01/23/2020 | 199.667901234568 |
| 01/24/2020 | 183.407407407407 |
| 01/27/2020 | 165.316049382716 |
| 01/28/2020 | 158.837037037037 |
| 01/29/2020 | 147.274074074074 |
| 01/30/2020 | 131.897530864198 |
| 01/31/2020 | 128.911111111111 |
| 02/03/2020 | 130.41975308642 |
| 02/04/2020 | 130.497530864198 |
| 02/05/2020 | 126.514814814815 |
| 02/06/2020 | 134.933333333333 |
| 02/07/2020 | 134.6 |
| 02/10/2020 | 141.924691358025 |
| 02/11/2020 | 142.548148148148 |
| 02/12/2020 | 152.156790123457 |
| 02/13/2020 | 152.767901234568 |
| 02/14/2020 | 160.204938271605 |
| 02/18/2020 | 162.344444444444 |
| 02/19/2020 | 170.186419753086 |
| 02/20/2020 | 161.275308641975 |
| 02/21/2020 | 153 |
| 02/24/2020 | 135.258024691358 |
| 02/25/2020 | 108.738271604938 |
| 02/26/2020 | 75.7037037037037 |
| 02/27/2020 | 54.2061728395062 |
| 02/28/2020 | 35.2814814814815 |
| 03/02/2020 | 24.8111111111111 |
| 03/03/2020 | 19.4037037037037 |
| 03/04/2020 | 18.3691358024691 |
| 03/05/2020 | 18.4074074074074 |
| 03/06/2020 | 18.7259259259259 |
| 03/09/2020 | 22.0038461538462 |
| 03/10/2020 | 21.6840930674264 |
| 03/11/2020 | 18.9273029439696 |
| 03/12/2020 | 16.2573124406458 |
| 03/13/2020 | 14.7659544159544 |
| 03/16/2020 | 9.21851851851852 |
| 03/17/2020 | 8.31358024691358 |
| 03/18/2020 | 7.48307548054383 |
| 03/19/2020 | 7.26541166288002 |
| 03/20/2020 | 7.1147943789294 |
| 03/23/2020 | 7.49542115955618 |
| 03/24/2020 | 8.60529770276606 |
| 03/25/2020 | 11.3135802469136 |
| 03/26/2020 | 11.5641975308642 |
| 03/27/2020 | 12.3246913580247 |
| 03/30/2020 | 12.9938271604938 |
| 03/31/2020 | 13.9037037037037 |
| 04/01/2020 | 13.5271604938272 |
| 04/02/2020 | 14.6469135802469 |
| 04/03/2020 | 16.5864197530864 |
| 04/06/2020 | 20.1345679012346 |
| 04/07/2020 | 20.2234567901235 |
| 04/08/2020 | 20.8296296296296 |
| 04/09/2020 | 22.3641975308642 |
| 04/13/2020 | 22.7197530864198 |
| 04/14/2020 | 23.2382716049383 |
| 04/15/2020 | 26.0913580246914 |
| 04/16/2020 | 27.1975308641975 |
| 04/17/2020 | 30.2555555555556 |
| 04/20/2020 | 32.4185185185185 |
| 04/21/2020 | 31.2 |
| 04/22/2020 | 32.1061728395062 |
| 04/23/2020 | 32.8086419753087 |
| 04/24/2020 | 33.0012345679012 |
| 04/27/2020 | 37.2061728395062 |
| 04/28/2020 | 39.8641975308642 |
| 04/29/2020 | 41.4987654320988 |
| 04/30/2020 | 42.4333333333333 |
| 05/01/2020 | 43.7851851851852 |
| 05/04/2020 | 42.1888888888889 |
| 05/05/2020 | 46.5358024691358 |
| 05/06/2020 | 46.4913580246914 |
| 05/07/2020 | 50.2728395061729 |
| 05/08/2020 | 55.8777777777778 |
| 05/11/2020 | 60.7888888888889 |
| 05/12/2020 | 60.9 |
| 05/13/2020 | 60.7407407407407 |
| 05/14/2020 | 57.7456790123457 |
| 05/15/2020 | 50.3604938271605 |
| 05/18/2020 | 50.5024691358025 |
| 05/19/2020 | 47.7716049382716 |
| 05/20/2020 | 52.1753086419753 |
| 05/21/2020 | 55.4345679012346 |
| 05/22/2020 | 60.958024691358 |
| 05/26/2020 | 62.4901234567901 |
| 05/27/2020 | 63.7641975308642 |
| 05/28/2020 | 63.0617283950617 |
| 05/29/2020 | 59.5283950617284 |
| 06/01/2020 | 61.5901234567901 |
| 06/02/2020 | 62.4851851851852 |
| 06/03/2020 | 71.1049382716049 |
| 06/04/2020 | 74.237037037037 |
| 06/05/2020 | 82.0395061728395 |
| 06/08/2020 | 84.0567901234568 |
| 06/09/2020 | 82.1197530864198 |
| 06/10/2020 | 71.6530864197531 |
| 06/11/2020 | 63.0851851851852 |
| 06/12/2020 | 51.0222222222222 |
| 06/15/2020 | 39.1864197530864 |
| 06/16/2020 | 28.3123456790123 |
| 06/17/2020 | 26.9506172839506 |
| 06/18/2020 | 28.0382716049383 |
| 06/19/2020 | 32.6765432098766 |
| 06/22/2020 | 39.0333333333333 |
| 06/23/2020 | 46.5395061728395 |
| 06/24/2020 | 46.537037037037 |
| 06/25/2020 | 46.3197530864198 |
| 06/26/2020 | 44.9320987654321 |
| 06/29/2020 | 42.5962962962963 |
| 06/30/2020 | 41.8617283950617 |
| 07/01/2020 | 43.9641975308642 |
| 07/02/2020 | 47.562962962963 |
| 07/06/2020 | 53.058024691358 |
| 07/07/2020 | 57.7925925925926 |
| 07/08/2020 | 59.420987654321 |
| 07/09/2020 | 59.4358024691358 |
| 07/10/2020 | 57.9345679012346 |
| 07/13/2020 | 59.0592592592593 |
| 07/14/2020 | 51.3530864197531 |
| 07/15/2020 | 47.6592592592593 |
| 07/16/2020 | 48.4382716049383 |
| 07/17/2020 | 54.6469135802469 |
| 07/20/2020 | 59.9037037037037 |
| 07/21/2020 | 67.2641975308642 |
| 07/22/2020 | 74.4666666666667 |
| 07/23/2020 | 74.1703703703704 |
| 07/24/2020 | 70.9654320987654 |
| 07/27/2020 | 73.3432098765432 |
| 07/28/2020 | 75.9901234567901 |
| 07/29/2020 | 81.3172839506173 |
| 07/30/2020 | 84.2740740740741 |
| 07/31/2020 | 87.7740740740741 |
| 08/03/2020 | 83.0864197530864 |
| 08/04/2020 | 82.9876543209877 |
| 08/05/2020 | 82.1222222222222 |
| 08/06/2020 | 89.7012345679013 |
| 08/07/2020 | 89.3037037037037 |
| 08/10/2020 | 89.5604938271605 |
| 08/11/2020 | 91.6765432098765 |
| 08/12/2020 | 89.4765432098766 |
| 08/13/2020 | 86.5876543209877 |
| 08/14/2020 | 85.6938271604938 |
| 08/17/2020 | 90.7432098765432 |
| 08/18/2020 | 93.6160493827161 |
| 08/19/2020 | 99.820987654321 |
| 08/20/2020 | 102.037037037037 |
| 08/21/2020 | 104.198765432099 |
| 08/24/2020 | 102.464197530864 |
| 08/25/2020 | 98.7148148148148 |
| 08/26/2020 | 102.730864197531 |
| 08/27/2020 | 96.0123456790124 |
| 08/28/2020 | 98.3876543209877 |
| 08/31/2020 | 96.5493827160494 |
| 09/01/2020 | 98.4407407407407 |
| 09/02/2020 | 86.7481481481481 |
| 09/03/2020 | 79.7271604938272 |
| 09/04/2020 | 65.2456790123457 |
| 09/08/2020 | 51.504938271605 |
| 09/09/2020 | 41.9604938271605 |
| 09/10/2020 | 31.4925925925926 |
| 09/11/2020 | 28.8444444444444 |
| 09/14/2020 | 34.8518518518519 |
| 09/15/2020 | 46.9567901234568 |
| 09/16/2020 | 49.5518518518519 |
| 09/17/2020 | 54.2592592592593 |
| 09/18/2020 | 63.6901234567901 |
| 09/21/2020 | 65.4518518518519 |
| 09/22/2020 | 59.0777777777778 |
| 09/23/2020 | 58.7567901234568 |
| 09/24/2020 | 55.4777777777778 |
| 09/25/2020 | 51.3320987654321 |
| 09/28/2020 | 53.6037037037037 |
| 09/29/2020 | 57.4765432098766 |
| 09/30/2020 | 57.2185185185185 |
| 10/01/2020 | 57.7938271604938 |
| 10/02/2020 | 56.0617283950617 |
| 10/05/2020 | 55.8407407407407 |
| 10/06/2020 | 52.0555555555556 |
| 10/07/2020 | 53.9876543209877 |
| 10/08/2020 | 58.3444444444445 |
| 10/09/2020 | 64.3679012345679 |
| 10/12/2020 | 63.9234567901235 |
| 10/13/2020 | 64.583950617284 |
| 10/14/2020 | 62.758024691358 |
| 10/15/2020 | 60.0691358024691 |
| 10/16/2020 | 59.2037037037037 |
| 10/19/2020 | 55.9061728395062 |
| 10/20/2020 | 56.462962962963 |
| 10/21/2020 | 55.1950617283951 |
| 10/22/2020 | 56.783950617284 |
| 10/23/2020 | 56.8246913580247 |
| 10/26/2020 | 55.9827160493827 |
| 10/27/2020 | 55.7259259259259 |
| 10/28/2020 | 56.162962962963 |
| 10/29/2020 | 53.4098765432099 |
| 10/30/2020 | 45.9037037037037 |
| 11/02/2020 | 42.620987654321 |
| 11/03/2020 | 41.7123456790123 |
| 11/04/2020 | 36.3827160493827 |
| 11/05/2020 | 33.9802469135802 |
| 11/06/2020 | 36.741975308642 |
| 11/09/2020 | 35.1049382716049 |
| 11/10/2020 | 32.6777777777778 |
| 11/11/2020 | 39.1358024691358 |
| 11/12/2020 | 41.6358024691358 |
| 11/13/2020 | 48.3753086419753 |
| 11/16/2020 | 56.8234567901235 |
| 11/17/2020 | 64.2777777777778 |
| 11/18/2020 | 68.6913580246914 |
| 11/19/2020 | 72.3888888888889 |
| 11/20/2020 | 69.3086419753087 |
| 11/23/2020 | 65.7432098765432 |
| 11/24/2020 | 66.0740740740741 |
| 11/25/2020 | 63.2777777777778 |
| 11/27/2020 | 65.9863929146538 |
| 11/30/2020 | 68.3542941492217 |
| 12/01/2020 | 70.6530595813205 |
| 12/02/2020 | 69.79256575416 |
| 12/03/2020 | 71.8407139023081 |
| 12/04/2020 | 76.1111111111111 |
| 12/07/2020 | 80.0123456790124 |
| 12/08/2020 | 87.0654320987654 |
| 12/09/2020 | 86.9518518518519 |
| 12/10/2020 | 84.7518518518519 |
| 12/11/2020 | 77.1395061728395 |
| 12/14/2020 | 74.1160493827161 |
| 12/15/2020 | 74.2938271604938 |
| 12/16/2020 | 77.9753086419753 |
| 12/17/2020 | 87.9691358024691 |
| 12/18/2020 | 90.758024691358 |
| 12/21/2020 | 84.8444444444444 |
| 12/22/2020 | 76.2703703703704 |
| 12/23/2020 | 76.0222222222222 |
| 12/24/2020 | 66.3659688674182 |
| 12/28/2020 | 75.1511540526033 |
| 12/29/2020 | 80.3276972624799 |
| 12/30/2020 | 86.1042404723564 |
| 12/31/2020 | 86.0536231884058 |
| 01/04/2021 | 82.4962962962963 |
| 01/05/2021 | 71.0493827160494 |
| 01/06/2021 | 66.6876543209877 |
| 01/07/2021 | 62.7913580246914 |
| 01/08/2021 | 55.9851851851852 |
| 01/11/2021 | 56.0283950617284 |
| 01/12/2021 | 54.0098765432099 |
| 01/13/2021 | 57.2481481481482 |
| 01/14/2021 | 61.6481481481482 |
| 01/15/2021 | 62.8604938271605 |
| 01/19/2021 | 69.0950617283951 |
| 01/20/2021 | 78.5123456790123 |
| 01/21/2021 | 85.2024691358025 |
| 01/22/2021 | 85.8777777777778 |
| 01/25/2021 | 82.783950617284 |
| 01/26/2021 | 79.5345679012346 |
| 01/27/2021 | 66.8802469135803 |
| 01/28/2021 | 54.1901234567901 |
| 01/29/2021 | 41.3098765432099 |
| 02/01/2021 | 40.837037037037 |
| 02/02/2021 | 43.6827160493827 |
| 02/03/2021 | 49.5592592592593 |
| 02/04/2021 | 62.858024691358 |
| 02/05/2021 | 76.2395061728395 |
| 02/08/2021 | 87.4592592592593 |
| 02/09/2021 | 93.1123456790124 |
| 02/10/2021 | 92.562962962963 |
| 02/11/2021 | 86.8617283950617 |
| 02/12/2021 | 86.5950617283951 |
| 02/16/2021 | 80.0370370370371 |
| 02/17/2021 | 70.479012345679 |
| 02/18/2021 | 71.8703703703704 |
| 02/19/2021 | 71.7012345679012 |
| 02/22/2021 | 66.8876543209877 |
| 02/23/2021 | 61.862962962963 |
| 02/24/2021 | 61.7987654320988 |
| 02/25/2021 | 55.8814814814815 |
| 02/26/2021 | 47.4703703703704 |
| 03/01/2021 | 48.2987654320988 |
| 03/02/2021 | 49.2061728395062 |
| 03/03/2021 | 43.6234567901235 |
| 03/04/2021 | 41.6913580246914 |
| 03/05/2021 | 40.6555555555556 |
| 03/08/2021 | 32.6395061728395 |
| 03/09/2021 | 34.8395061728395 |
| 03/10/2021 | 35.5938271604938 |
| 03/11/2021 | 41.8481481481482 |
| 03/12/2021 | 44.241975308642 |
| 03/15/2021 | 53.1864197530864 |
| 03/16/2021 | 57.858024691358 |
| 03/17/2021 | 62.0987654320988 |
| 03/18/2021 | 63.7962962962963 |
| 03/19/2021 | 67.3740740740741 |
| 03/22/2021 | 70.320987654321 |
| 03/23/2021 | 69.8666666666667 |
| 03/24/2021 | 73.7987654320988 |
| 03/25/2021 | 72.2283950617284 |
| 03/26/2021 | 78.9592592592593 |
| 03/29/2021 | 75.2592592592593 |
| 03/30/2021 | 73.1358024691358 |
| 03/31/2021 | 80.3444444444444 |
| 04/01/2021 | 89.0024691358025 |
| 04/05/2021 | 93.1962962962963 |
| 04/06/2021 | 102.225925925926 |
| 04/07/2021 | 108.083950617284 |
| 04/08/2021 | 107.511111111111 |
| 04/09/2021 | 111.102469135802 |
| 04/12/2021 | 111.48024691358 |
| 04/13/2021 | 109 |
| 04/14/2021 | 109.369135802469 |
| 04/15/2021 | 112.59012345679 |
| 04/16/2021 | 111.706172839506 |
| 04/19/2021 | 108.558024691358 |
| 04/20/2021 | 103.320987654321 |
| 04/21/2021 | 106.113580246914 |
| 04/22/2021 | 99.0530864197531 |
| 04/23/2021 | 99.7320987654321 |
| 04/26/2021 | 102.211111111111 |
| 04/27/2021 | 102.312345679012 |
| 04/28/2021 | 100.244444444444 |
| 04/29/2021 | 98.3 |
| 04/30/2021 | 91.6530864197531 |
| 05/03/2021 | 87.7111111111111 |
| 05/04/2021 | 85.3358024691358 |
| 05/05/2021 | 81.5518518518519 |
| 05/06/2021 | 81.9666666666667 |
| 05/07/2021 | 85.5382716049383 |
| 05/10/2021 | 87.7444444444445 |
| 05/11/2021 | 84.5222222222222 |
| 05/12/2021 | 76.958024691358 |
| 05/13/2021 | 74.083950617284 |
| 05/14/2021 | 68.3864197530864 |
| 05/17/2021 | 62.2271604938272 |
| 05/18/2021 | 67.583950617284 |
| 05/19/2021 | 68.4 |
| 05/20/2021 | 72.341975308642 |
| 05/21/2021 | 73.8740740740741 |
| 05/24/2021 | 83.2271604938272 |
| 05/25/2021 | 85.7283950617284 |
| 05/26/2021 | 98.9555555555556 |
| 05/27/2021 | 100.58024691358 |
| 05/28/2021 | 106.930864197531 |
| 06/01/2021 | 102.381481481482 |
| 06/02/2021 | 104.266666666667 |
| 06/03/2021 | 97.5962962962963 |
| 06/04/2021 | 99.8691358024691 |
| 06/07/2021 | 98.9753086419753 |
| 06/08/2021 | 103.620987654321 |
| 06/09/2021 | 103.661728395062 |
| 06/10/2021 | 104.098765432099 |
| 06/11/2021 | 100.811111111111 |
| 06/14/2021 | 102.735802469136 |
| 06/15/2021 | 101.454320987654 |
| 06/16/2021 | 100.467901234568 |
| 06/17/2021 | 99.0913580246914 |
| 06/18/2021 | 94.2851851851852 |
| 06/21/2021 | 88.2469135802469 |
| 06/22/2021 | 88.0765432098765 |
| 06/23/2021 | 91.6555555555555 |
| 06/24/2021 | 96.1604938271605 |
| 06/25/2021 | 109.777777777778 |
| 06/28/2021 | 116.366666666667 |
| 06/29/2021 | 119.746913580247 |
| 06/30/2021 | 120.945679012346 |
| 07/01/2021 | 128.088888888889 |
| 07/02/2021 | 129.291358024691 |
| 07/06/2021 | 132.491358024691 |
| 07/07/2021 | 126.935802469136 |
| 07/08/2021 | 116.243209876543 |
| 07/09/2021 | 119.667901234568 |
| 07/12/2021 | 123.193827160494 |
| 07/13/2021 | 114.743209876543 |
| 07/14/2021 | 117.072839506173 |
| 07/15/2021 | 122.93950617284 |
| 07/16/2021 | 111.172839506173 |
| 07/19/2021 | 90.5802469135803 |
| 07/20/2021 | 91.2320987654321 |
| 07/21/2021 | 90.3802469135802 |
| 07/22/2021 | 92.4246913580247 |
| 07/23/2021 | 101.38024691358 |
| 07/26/2021 | 111.867901234568 |
| 07/27/2021 | 107.753086419753 |
| 07/28/2021 | 102.134567901235 |
| 07/29/2021 | 104.344444444444 |
| 07/30/2021 | 94.9320987654321 |
| 08/02/2021 | 89.3938271604938 |
| 08/03/2021 | 91.8098765432099 |
| 08/04/2021 | 95.5320987654321 |
| 08/05/2021 | 100.249382716049 |
| 08/06/2021 | 107.953086419753 |
| 08/09/2021 | 116.472839506173 |
| 08/10/2021 | 123.148148148148 |
| 08/11/2021 | 131.737037037037 |
| 08/12/2021 | 137.57037037037 |
| 08/13/2021 | 144.620987654321 |
| 08/16/2021 | 147.264197530864 |
| 08/17/2021 | 140.113580246914 |
| 08/18/2021 | 130.169135802469 |
| 08/19/2021 | 107.724691358025 |
| 08/20/2021 | 92.579012345679 |
| 08/23/2021 | 94.5518518518519 |
| 08/24/2021 | 106.554320987654 |
| 08/25/2021 | 118.47037037037 |
| 08/26/2021 | 127.40987654321 |
| 08/27/2021 | 137.235802469136 |
| 08/30/2021 | 140.312345679012 |
| 08/31/2021 | 136.128395061728 |
| 09/01/2021 | 132.420987654321 |
| 09/02/2021 | 140.071604938272 |
| 09/03/2021 | 136.465432098765 |
| 09/07/2021 | 131.413580246914 |
| 09/08/2021 | 124.586419753086 |
| 09/09/2021 | 120.501234567901 |
| 09/10/2021 | 107.182716049383 |
| 09/13/2021 | 93.4567901234568 |
| 09/14/2021 | 83.0506172839506 |
| 09/15/2021 | 83.0703703703704 |
| 09/16/2021 | 76.4320987654321 |
| 09/17/2021 | 76.4888888888889 |
| 09/20/2021 | 76.5246913580247 |
| 09/21/2021 | 68.6382716049383 |
| 09/22/2021 | 61.7950617283951 |
| 09/23/2021 | 61.2074074074074 |
| 09/24/2021 | 63.1432098765432 |
| 09/27/2021 | 68.362962962963 |
| 09/28/2021 | 67.7864197530864 |
| 09/29/2021 | 66.7864197530864 |
| 09/30/2021 | 60.1913580246914 |
| 10/01/2021 | 53.1950617283951 |
| 10/04/2021 | 44.6506172839506 |
| 10/05/2021 | 48.2753086419753 |
| 10/06/2021 | 45.1061728395062 |
| 10/07/2021 | 52.7382716049383 |
| 10/08/2021 | 55.4925925925926 |
| 10/11/2021 | 59.2086419753086 |
| 10/12/2021 | 54.0271604938272 |
| 10/13/2021 | 56.1 |
| 10/14/2021 | 57.1333333333334 |
| 10/15/2021 | 64.3049382716049 |
| 10/18/2021 | 70.2160493827161 |
| 10/19/2021 | 84.7765432098765 |
| 10/20/2021 | 91.8037037037037 |
| 10/21/2021 | 98.1666666666667 |
| 10/22/2021 | 90.9395061728395 |
| 10/25/2021 | 92.9148148148148 |
| 10/26/2021 | 86.7148148148148 |
| 10/27/2021 | 84.5888888888889 |
| 10/28/2021 | 76.0851851851852 |
| 10/29/2021 | 80.3024691358025 |
| 11/01/2021 | 76.004938271605 |
| 11/02/2021 | 81.2 |
| 11/03/2021 | 83.6888888888889 |
| 11/04/2021 | 88.7123456790124 |
| 11/05/2021 | 89.6592592592593 |
| 11/08/2021 | 88.7395061728395 |
| 11/09/2021 | 78.8049382716049 |
| 11/10/2021 | 75.4469135802469 |
| 11/11/2021 | 73.5641975308642 |
| 11/12/2021 | 78.5123456790123 |
| 11/15/2021 | 77.4691358024692 |
| 11/16/2021 | 85.2716049382716 |
| 11/17/2021 | 89.7407407407407 |
| 11/18/2021 | 87.0913580246914 |
| 11/19/2021 | 79.9506172839506 |
| 11/22/2021 | 81.0703703703704 |
| 11/23/2021 | 70.858024691358 |
| 11/24/2021 | 64.0962962962963 |
| 11/26/2021 | 55.191975308642 |
| 11/29/2021 | 51.3166666666667 |
| 11/30/2021 | 43.5030864197531 |
| 12/01/2021 | 42.8956790123457 |
| 12/02/2021 | 36.4314814814815 |
| 12/03/2021 | 35.4530864197531 |
| 12/06/2021 | 31.2592592592593 |
| 12/07/2021 | 39.3679012345679 |
| 12/08/2021 | 41.4962962962963 |
| 12/09/2021 | 45.8962962962963 |
| 12/10/2021 | 49.4160493827161 |
| 12/13/2021 | 51.0703703703704 |
| 12/14/2021 | 45.062962962963 |
| 12/15/2021 | 43.0148148148148 |
| 12/16/2021 | 41.4481481481482 |
| 12/17/2021 | 39.2283950617284 |
| 12/20/2021 | 36.7456790123457 |
| 12/21/2021 | 39.2617283950617 |
| 12/22/2021 | 41.8876543209877 |
| 12/23/2021 | 49.7444444444445 |
| 12/27/2021 | 59.4 |
| 12/28/2021 | 63.3827160493827 |
| 12/29/2021 | 63.962962962963 |
| 12/30/2021 | 65.0061728395062 |
| 12/31/2021 | 57.7888888888889 |
| 01/03/2022 | 52.6654320987654 |
| 01/04/2022 | 53.2753086419753 |
| 01/05/2022 | 50.9938271604938 |
| 01/06/2022 | 45.2012345679012 |
| 01/07/2022 | 44.0012345679012 |
| 01/10/2022 | 39.5456790123457 |
| 01/11/2022 | 35.7641975308642 |
| 01/12/2022 | 33.0530864197531 |
| 01/13/2022 | 34.2864197530864 |
| 01/14/2022 | 31.6086419753086 |
| 01/18/2022 | 30.1864197530864 |
| 01/19/2022 | 28.3641975308642 |
| 01/20/2022 | 27.0851851851852 |
| 01/21/2022 | 23.2098765432099 |
| 01/24/2022 | 20.820987654321 |
| 01/25/2022 | 18.1876543209877 |
| 01/26/2022 | 15.3123456790123 |
| 01/27/2022 | 12.4888888888889 |
| 01/28/2022 | 12.6950617283951 |
| 01/31/2022 | 15.1382716049383 |
| 02/01/2022 | 16.8283950617284 |
| 02/02/2022 | 18.1666666666667 |
| 02/03/2022 | 19.9962962962963 |
| 02/04/2022 | 21.1395061728395 |
| 02/07/2022 | 20.9666666666667 |
| 02/08/2022 | 23.1481481481481 |
| 02/09/2022 | 26.8950617283951 |
| 02/10/2022 | 27.2666666666667 |
| 02/11/2022 | 27.0086419753086 |
| 02/14/2022 | 26.1024691358025 |
| 02/15/2022 | 26.6259259259259 |
| 02/16/2022 | 24.8679012345679 |
| 02/17/2022 | 26.3024691358025 |
| 02/18/2022 | 26.841975308642 |
| 02/22/2022 | 27.1358024691358 |
| 02/23/2022 | 25.1061728395062 |
| 02/24/2022 | 21.8802469135803 |
| 02/25/2022 | 19.6876543209877 |
| 02/28/2022 | 18.3777777777778 |
| 03/01/2022 | 17.4234567901235 |
| 03/02/2022 | 16.2432098765432 |
| 03/03/2022 | 17.0753086419753 |
| 03/04/2022 | 16.5382716049383 |
| 03/07/2022 | 16.283950617284 |
| 03/08/2022 | 15.8148148148148 |
| 03/09/2022 | 15.7481481481482 |
| 03/10/2022 | 16.2308641975309 |
| 03/11/2022 | 15.520987654321 |
| 03/14/2022 | 15.2543209876543 |
| 03/15/2022 | 16.5962962962963 |
| 03/16/2022 | 16.7654320987654 |
| 03/17/2022 | 17.0555555555556 |
| 03/18/2022 | 19.6407407407407 |
| 03/21/2022 | 21.3123456790123 |
| 03/22/2022 | 23.8654320987654 |
| 03/23/2022 | 25.9074074074074 |
| 03/24/2022 | 28.1938271604938 |
| 03/25/2022 | 28.9148148148148 |
| 03/28/2022 | 31.4246913580247 |
| 03/29/2022 | 30.5037037037037 |
| 03/30/2022 | 31.9802469135803 |
| 03/31/2022 | 31.8049382716049 |
| 04/01/2022 | 32.4950617283951 |
| 04/04/2022 | 34.2753086419753 |
| 04/05/2022 | 35.4271604938272 |
| 04/06/2022 | 34.2802469135803 |
| 04/07/2022 | 33.1654320987654 |
| 04/08/2022 | 32.8098765432099 |
| 04/11/2022 | 30.5469135802469 |
| 04/12/2022 | 29.6012345679012 |
| 04/13/2022 | 31.283950617284 |
| 04/14/2022 | 32.7716049382716 |
| 04/18/2022 | 33.1876543209877 |
| 04/19/2022 | 34.7765432098765 |
| 04/20/2022 | 34.6950617283951 |
| 04/21/2022 | 33.4888888888889 |
| 04/22/2022 | 32.3333333333333 |
| 04/25/2022 | 30.0679012345679 |
| 04/26/2022 | 26.7876543209877 |
| 04/27/2022 | 24.0320987654321 |
| 04/28/2022 | 22.7259259259259 |
| 04/29/2022 | 21.2814814814815 |
| 05/02/2022 | 20.058024691358 |
| 05/03/2022 | 18.4543209876543 |
| 05/04/2022 | 19.1382716049383 |
| 05/05/2022 | 17 |
| 05/06/2022 | 15.0604938271605 |
| 05/09/2022 | 14.662962962963 |
| 05/10/2022 | 13.9333333333333 |
| 05/11/2022 | 12.379012345679 |
| 05/12/2022 | 11.979012345679 |
| 05/13/2022 | 15.2728395061728 |
| 05/16/2022 | 16.1641975308642 |
| 05/17/2022 | 18.1271604938272 |
| 05/18/2022 | 20.8913580246914 |
| 05/19/2022 | 21.3765432098765 |
| 05/20/2022 | 19.6592592592593 |
| 05/23/2022 | 20.158024691358 |
| 05/24/2022 | 19.9753086419753 |
| 05/25/2022 | 18.6172839506173 |
| 05/26/2022 | 21.6493827160494 |
| 05/27/2022 | 26.1 |
| 05/31/2022 | 26.5123456790124 |
| 06/01/2022 | 27.1012345679012 |
| 06/02/2022 | 29.0530864197531 |
| 06/03/2022 | 27.4913580246914 |
| 06/06/2022 | 24.3197530864198 |
| 06/07/2022 | 28.2012345679012 |
| 06/08/2022 | 30.6382716049383 |
| 06/09/2022 | 31.7395061728395 |
| 06/10/2022 | 30.6617283950617 |
| 06/13/2022 | 29.0481481481482 |
| 06/14/2022 | 25.5074074074074 |
| 06/15/2022 | 22.7864197530864 |
| 06/16/2022 | 20.4271604938272 |
| 06/17/2022 | 21.0493827160494 |
| 06/21/2022 | 24.0296296296296 |
| 06/22/2022 | 24.2703703703704 |
| 06/23/2022 | 23.9777777777778 |
| 06/24/2022 | 27.9395061728395 |
| 06/27/2022 | 29.1086419753086 |
| 06/28/2022 | 28.8395061728395 |
| 06/29/2022 | 29.0827160493827 |
| 06/30/2022 | 29.9407407407407 |
| 07/01/2022 | 26.1987654320988 |
| 07/05/2022 | 26.1086419753086 |
| 07/06/2022 | 24.0925925925926 |
| 07/07/2022 | 26.820987654321 |
| 07/08/2022 | 27.2703703703704 |
| 07/11/2022 | 29.9493827160494 |
| 07/12/2022 | 32.2037037037037 |
| 07/13/2022 | 34.3654320987654 |
| 07/14/2022 | 32.0456790123457 |
| 07/15/2022 | 34.1086419753086 |
| 07/18/2022 | 35.4543209876543 |
| 07/19/2022 | 37.9753086419753 |
| 07/20/2022 | 39.1135802469136 |
| 07/21/2022 | 40.9061728395062 |
| 07/22/2022 | 40.8777777777778 |
| 07/25/2022 | 40.3123456790124 |
| 07/26/2022 | 40.8222222222222 |
| 07/27/2022 | 42.2024691358025 |
| 07/28/2022 | 43.4679012345679 |
| 07/29/2022 | 46.1925925925926 |
| 08/01/2022 | 46.2716049382716 |
| 08/02/2022 | 43.3308641975309 |
| 08/03/2022 | 46.0975308641975 |
| 08/04/2022 | 45.3037037037037 |
| 08/05/2022 | 45.2296296296296 |
| 08/08/2022 | 45.0469135802469 |
| 08/09/2022 | 46.6172839506173 |
| 08/10/2022 | 45.6382716049383 |
| 08/11/2022 | 48.5320987654321 |
| 08/12/2022 | 51.2024691358025 |
| 08/15/2022 | 57.6876543209877 |
| 08/16/2022 | 60.958024691358 |
| 08/17/2022 | 59.8296296296296 |
| 08/18/2022 | 60.9493827160494 |
| 08/19/2022 | 60.8395061728395 |
| 08/22/2022 | 61.0358024691358 |
| 08/23/2022 | 58.8234567901235 |
| 08/24/2022 | 62.4296296296296 |
| 08/25/2022 | 63.6703703703704 |
| 08/26/2022 | 59.0234567901235 |
| 08/29/2022 | 52.441975308642 |
| 08/30/2022 | 51.2296296296296 |
| 08/31/2022 | 46.1444444444445 |
| 09/01/2022 | 40.7641975308642 |
| 09/02/2022 | 39.1197530864198 |
| 09/06/2022 | 37.2555555555556 |
| 09/07/2022 | 36.6111111111111 |
| 09/08/2022 | 35.0975308641975 |
| 09/09/2022 | 33.9518518518519 |
| 09/12/2022 | 35.762962962963 |
| 09/13/2022 | 38.5592592592593 |
| 09/14/2022 | 38.1358024691358 |
| 09/15/2022 | 39.8111111111111 |
| 09/16/2022 | 42.0333333333333 |
| 09/19/2022 | 43.0913580246914 |
| 09/20/2022 | 45.4679012345679 |
| 09/21/2022 | 44.9493827160494 |
| 09/22/2022 | 43.7358024691358 |
| 09/23/2022 | 42.6308641975309 |
| 09/26/2022 | 40.0037037037037 |
| 09/27/2022 | 36.0728395061728 |
| 09/28/2022 | 36.0765432098766 |
| 09/29/2022 | 36.6987654320988 |
| 09/30/2022 | 35.6543209876543 |
| 10/03/2022 | 36.8543209876543 |
| 10/04/2022 | 36.9382716049383 |
| 10/05/2022 | 37.0037037037037 |
| 10/06/2022 | 35.5827160493827 |
| 10/07/2022 | 35.7024691358025 |
| 10/10/2022 | 34.2703703703704 |
| 10/11/2022 | 32.8716049382716 |
| 10/12/2022 | 31.7123456790124 |
| 10/13/2022 | 30.2641975308642 |
| 10/14/2022 | 28.3358024691358 |
| 10/17/2022 | 29.8333333333333 |
| 10/18/2022 | 30.8975308641975 |
| 10/19/2022 | 31.3740740740741 |
| 10/20/2022 | 34.2987654320988 |
| 10/21/2022 | 35.2703703703704 |
| 10/24/2022 | 33.279012345679 |
| 10/25/2022 | 35.6604938271605 |
| 10/26/2022 | 35.4913580246914 |
| 10/27/2022 | 34.2814814814815 |
| 10/28/2022 | 38.5148148148148 |
| 10/31/2022 | 39.7135802469136 |
| 11/01/2022 | 37.1827160493827 |
| 11/02/2022 | 37.5098765432099 |
| 11/03/2022 | 36.8901234567901 |
| 11/04/2022 | 31.4703703703704 |
| 11/07/2022 | 31.8049382716049 |
| 11/08/2022 | 32.9283950617284 |
| 11/09/2022 | 32.7246913580247 |
| 11/10/2022 | 34.1777777777778 |
| 11/11/2022 | 36.3901234567901 |
| 11/14/2022 | 36.5160493827161 |
| 11/15/2022 | 33.5456790123457 |
| 11/16/2022 | 32.9296296296296 |
| 11/17/2022 | 33.041975308642 |
| 11/18/2022 | 32.6617283950617 |
| 11/21/2022 | 33.5901234567901 |
| 11/22/2022 | 38.2456790123457 |
| 11/23/2022 | 41.1654320987654 |
| 11/25/2022 | 42.6273483628556 |
| 11/28/2022 | 47.4680891035964 |
| 11/29/2022 | 49.6051261406334 |
| 11/30/2022 | 49.2075952764359 |
| 12/01/2022 | 46.8693236714976 |
| 12/02/2022 | 47.7123456790123 |
| 12/05/2022 | 45.7358024691358 |
| 12/06/2022 | 44.5864197530864 |
| 12/07/2022 | 42.2691358024691 |
| 12/08/2022 | 46.4938271604938 |
| 12/09/2022 | 42.6679012345679 |
| 12/12/2022 | 43.6740740740741 |
| 12/13/2022 | 38.2740740740741 |
| 12/14/2022 | 36.6432098765432 |
| 12/15/2022 | 33.0172839506173 |
| 12/16/2022 | 34.8567901234568 |
| 12/19/2022 | 33.8037037037037 |
| 12/20/2022 | 38.1851851851852 |
| 12/21/2022 | 44.0308641975309 |
| 12/22/2022 | 46.2827160493827 |
| 12/23/2022 | 45.0765432098765 |
| 12/27/2022 | 42.3913580246914 |
| 12/28/2022 | 41.3691358024691 |
| 12/29/2022 | 40.8679012345679 |
| 12/30/2022 | 38.7777777777778 |
| 01/03/2023 | 37.9654320987654 |
| 01/04/2023 | 38.8851851851852 |
| 01/05/2023 | 38.9802469135802 |
| 01/06/2023 | 38.5691358024691 |
| 01/09/2023 | 42.7469135802469 |
| 01/10/2023 | 45.3024691358025 |
| 01/11/2023 | 50.9283950617284 |
| 01/12/2023 | 50.7950617283951 |
| 01/13/2023 | 51.7481481481482 |
| 01/17/2023 | 50.5246913580247 |
| 01/18/2023 | 53.358024691358 |
| 01/19/2023 | 50.9901234567901 |
| 01/20/2023 | 55.7938271604938 |
| 01/23/2023 | 56.204938271605 |
| 01/24/2023 | 55.5728395061728 |
| 01/25/2023 | 53.1432098765432 |
| 01/26/2023 | 52.0506172839506 |
| 01/27/2023 | 52.5111111111111 |
| 01/30/2023 | 51.9691358024691 |
| 01/31/2023 | 55.758024691358 |
| 02/01/2023 | 55.0530864197531 |
| 02/02/2023 | 54.7592592592593 |
| 02/03/2023 | 49.0506172839506 |
| 02/06/2023 | 46.9814814814815 |
| 02/07/2023 | 41.4358024691358 |
| 02/08/2023 | 43.0851851851852 |
| 02/09/2023 | 44.2691358024691 |
| 02/10/2023 | 46.6975308641975 |
| 02/13/2023 | 50.2950617283951 |
| 02/14/2023 | 49.5827160493827 |
| 02/15/2023 | 49.9518518518519 |
| 02/16/2023 | 49.9074074074074 |
| 02/17/2023 | 53.3592592592593 |
| 02/21/2023 | 54.7456790123457 |
| 02/22/2023 | 58.3234567901235 |
| 02/23/2023 | 61.2234567901235 |
| 02/24/2023 | 63.3950617283951 |
| 02/27/2023 | 63.8086419753086 |
| 02/28/2023 | 64.1913580246914 |
| 03/01/2023 | 67.1679012345679 |
| 03/02/2023 | 69.0283950617284 |
| 03/03/2023 | 72.0827160493827 |
| 03/06/2023 | 73.0049382716049 |
| 03/07/2023 | 70.8925925925926 |
| 03/08/2023 | 69.3049382716049 |
| 03/09/2023 | 67.7925925925926 |
| 03/10/2023 | 56.9814814814815 |
| 03/13/2023 | 45.1012345679012 |
| 03/14/2023 | 40.4543209876543 |
| 03/15/2023 | 32.0518518518519 |
| 03/16/2023 | 25.6148148148148 |
| 03/17/2023 | 27.3432098765432 |
| 03/20/2023 | 31.1481481481481 |
| 03/21/2023 | 34.5962962962963 |
| 03/22/2023 | 39.141975308642 |
| 03/23/2023 | 41.3506172839506 |
| 03/24/2023 | 42.2518518518519 |
| 03/27/2023 | 43.662962962963 |
| 03/28/2023 | 44.7481481481482 |
| 03/29/2023 | 49.5296296296296 |
| 03/30/2023 | 53.3197530864198 |
| 03/31/2023 | 64.3753086419753 |
| 04/03/2023 | 72.0728395061729 |
| 04/04/2023 | 73.3938271604938 |
| 04/05/2023 | 76.0185185185185 |
| 04/06/2023 | 78.7617283950617 |
| 04/10/2023 | 74.6234567901235 |
| 04/11/2023 | 76.4160493827161 |
| 04/12/2023 | 74.2592592592593 |
| 04/13/2023 | 74.8617283950617 |
| 04/14/2023 | 73.0493827160494 |
| 04/17/2023 | 71.4962962962963 |
| 04/18/2023 | 67.9938271604938 |
| 04/19/2023 | 72.5407407407408 |
| 04/20/2023 | 71.5 |
| 04/21/2023 | 72.7185185185185 |
| 04/24/2023 | 76.9679012345679 |
| 04/25/2023 | 78.279012345679 |
| 04/26/2023 | 77.3308641975309 |
| 04/27/2023 | 81.4197530864198 |
| 04/28/2023 | 78.4358024691358 |
| 05/01/2023 | 75.562962962963 |
| 05/02/2023 | 73.5493827160494 |
| 05/03/2023 | 69.0962962962963 |
| 05/04/2023 | 59.2691358024691 |
| 05/05/2023 | 61.6086419753086 |
| 05/08/2023 | 60.7493827160494 |
| 05/09/2023 | 61.4246913580247 |
| 05/10/2023 | 61.2395061728395 |
| 05/11/2023 | 62.5950617283951 |
| 05/12/2023 | 61.0395061728395 |
| 05/15/2023 | 62.3024691358025 |
| 05/16/2023 | 61.9432098765432 |
| 05/17/2023 | 66.6148148148148 |
| 05/18/2023 | 67.1753086419753 |
| 05/19/2023 | 65.6259259259259 |
| 05/22/2023 | 62.7691358024691 |
| 05/23/2023 | 62.8641975308642 |
| 05/24/2023 | 59.9271604938272 |
| 05/25/2023 | 58.4382716049383 |
| 05/26/2023 | 60.1493827160494 |
| 05/30/2023 | 60.1098765432099 |
| 05/31/2023 | 60.3407407407407 |
| 06/01/2023 | 62.7358024691358 |
| 06/02/2023 | 67.3432098765432 |
| 06/05/2023 | 67.2024691358025 |
| 06/06/2023 | 69.0913580246914 |
| 06/07/2023 | 68.4555555555556 |
| 06/08/2023 | 70.9148148148148 |
| 06/09/2023 | 68.2802469135802 |
| 06/12/2023 | 68.6555555555556 |
| 06/13/2023 | 67.3259259259259 |
| 06/14/2023 | 65.5098765432099 |
| 06/15/2023 | 59.9481481481482 |
| 06/16/2023 | 58.0432098765432 |
| 06/20/2023 | 56.1777777777778 |
| 06/21/2023 | 53.8518518518519 |
| 06/22/2023 | 53.0382716049383 |
| 06/23/2023 | 53.8222222222222 |
| 06/26/2023 | 56.2666666666667 |
| 06/27/2023 | 61.4259259259259 |
| 06/28/2023 | 64.8 |
| 06/29/2023 | 69.7074074074074 |
| 06/30/2023 | 77.1703703703704 |
| 07/03/2023 | 81.4150026838433 |
| 07/05/2023 | 80.9298174986581 |
| 07/06/2023 | 87.4508051529791 |
| 07/07/2023 | 91.3495705850778 |
| 07/10/2023 | 86.7273483628556 |
| 07/11/2023 | 86.6530864197531 |
| 07/12/2023 | 86.9333333333333 |
| 07/13/2023 | 85.0851851851852 |
| 07/14/2023 | 80.3283950617284 |
| 07/17/2023 | 82.3234567901235 |
| 07/18/2023 | 83.9197530864198 |
| 07/19/2023 | 82.4506172839506 |
| 07/20/2023 | 78.6246913580247 |
| 07/21/2023 | 78.5506172839506 |
| 07/24/2023 | 76.8098765432099 |
| 07/25/2023 | 79.1666666666667 |
| 07/26/2023 | 77.8506172839506 |
| 07/27/2023 | 78.1506172839506 |
| 07/28/2023 | 78.1074074074074 |
| 07/31/2023 | 77.6197530864198 |
| 08/01/2023 | 72.5938271604938 |
| 08/02/2023 | 75.4259259259259 |
| 08/03/2023 | 76.2728395061729 |
| 08/04/2023 | 76.6320987654321 |
| 08/07/2023 | 78.7654320987654 |
| 08/08/2023 | 77.8358024691358 |
| 08/09/2023 | 77.2222222222222 |
| 08/10/2023 | 70.6 |
| 08/11/2023 | 66.4 |
| 08/14/2023 | 61.6679012345679 |
| 08/15/2023 | 57.3864197530864 |
| 08/16/2023 | 51.9592592592593 |
| 08/17/2023 | 55.1296296296296 |
| 08/18/2023 | 53.8691358024691 |
| 08/21/2023 | 53.8654320987654 |
| 08/22/2023 | 53.9345679012346 |
| 08/23/2023 | 55.6061728395062 |
| 08/24/2023 | 54.4111111111111 |
| 08/25/2023 | 52.2543209876543 |
| 08/28/2023 | 49.5938271604938 |
| 08/29/2023 | 51.1518518518519 |
| 08/30/2023 | 51.2246913580247 |
| 08/31/2023 | 53.8074074074074 |
| 09/01/2023 | 58.1074074074074 |
| 09/05/2023 | 64.2925925925926 |
| 09/06/2023 | 67.7024691358025 |
| 09/07/2023 | 70.8123456790124 |
| 09/08/2023 | 70.7864197530864 |
| 09/11/2023 | 72.0469135802469 |
| 09/12/2023 | 69.2950617283951 |
| 09/13/2023 | 68.6851851851852 |
| 09/14/2023 | 70.0296296296296 |
| 09/15/2023 | 70.2851851851852 |
| 09/18/2023 | 72.9604938271605 |
| 09/19/2023 | 76.2172839506173 |
| 09/20/2023 | 73.9703703703704 |
| 09/21/2023 | 70.9271604938272 |
| 09/22/2023 | 70.6765432098765 |
| 09/25/2023 | 67.2098765432099 |
| 09/26/2023 | 64.8506172839506 |
| 09/27/2023 | 63.4567901234568 |
| 09/28/2023 | 61.2555555555556 |
| 09/29/2023 | 57.1382716049383 |
| 10/02/2023 | 53.0518518518519 |
Note: The data show the depth at the best quoted prices to buy and sell, defined as the ask size plus the bid size divided by 2, for E-mini S&P 500 futures.
Source: Refinitiv, DataScope Tick History; Federal Reserve Board staff calculations.
Figure 1.14. Commercial real estate prices, adjusted for inflation, continued to decline
Jan. 2001 = 100
| Date | Equal-weighted |
|---|---|
| Dec. 2000 | 100.122645411204 |
| Jan. 2001 | 100 |
| Feb. 2001 | 100.00877416829 |
| Mar. 2001 | 100.085571483705 |
| Apr. 2001 | 99.8782842688122 |
| May. 2001 | 99.5025327593243 |
| Jun. 2001 | 99.2974380727089 |
| Jul. 2001 | 99.4560284165127 |
| Aug. 2001 | 99.2811683917406 |
| Sep. 2001 | 98.643303877337 |
| Oct. 2001 | 98.7880763489875 |
| Nov. 2001 | 98.767318111502 |
| Dec. 2001 | 98.9808449503947 |
| Jan. 2002 | 98.611161328505 |
| Feb. 2002 | 98.1478361949096 |
| Mar. 2002 | 97.6165037874528 |
| Apr. 2002 | 97.1845000945103 |
| May. 2002 | 97.411593279175 |
| Jun. 2002 | 97.727480284999 |
| Jul. 2002 | 98.136685343185 |
| Aug. 2002 | 98.4483670451771 |
| Sep. 2002 | 98.9955896137934 |
| Oct. 2002 | 99.5643473870692 |
| Nov. 2002 | 100.296546046524 |
| Dec. 2002 | 101.250802972362 |
| Jan. 2003 | 101.535818336817 |
| Feb. 2003 | 101.455405873747 |
| Mar. 2003 | 101.470300207057 |
| Apr. 2003 | 102.250540159532 |
| May. 2003 | 102.944260718847 |
| Jun. 2003 | 103.354318399002 |
| Jul. 2003 | 103.780033570344 |
| Aug. 2003 | 103.96222936519 |
| Sep. 2003 | 104.216375760226 |
| Oct. 2003 | 104.889064444432 |
| Nov. 2003 | 105.636002175164 |
| Dec. 2003 | 106.12554030655 |
| Jan. 2004 | 105.992254752574 |
| Feb. 2004 | 105.939550959137 |
| Mar. 2004 | 105.989237085901 |
| Apr. 2004 | 106.574344787255 |
| May. 2004 | 107.016282732392 |
| Jun. 2004 | 107.859845214692 |
| Jul. 2004 | 109.333205264617 |
| Aug. 2004 | 110.656525816544 |
| Sep. 2004 | 111.801388597251 |
| Oct. 2004 | 112.498367226323 |
| Nov. 2004 | 113.654722416542 |
| Dec. 2004 | 115.265975073926 |
| Jan. 2005 | 116.248038362183 |
| Feb. 2005 | 116.785278625638 |
| Mar. 2005 | 117.075698084767 |
| Apr. 2005 | 117.548520379624 |
| May. 2005 | 119.051510648848 |
| Jun. 2005 | 120.47536242299 |
| Jul. 2005 | 121.460509687224 |
| Aug. 2005 | 122.399305218876 |
| Sep. 2005 | 122.434865140147 |
| Oct. 2005 | 123.56154923529 |
| Nov. 2005 | 125.706852576711 |
| Dec. 2005 | 127.159834181955 |
| Jan. 2006 | 127.025221908305 |
| Feb. 2006 | 127.582606274435 |
| Mar. 2006 | 127.642164858911 |
| Apr. 2006 | 127.179178984382 |
| May. 2006 | 127.03601853647 |
| Jun. 2006 | 127.208905703893 |
| Jul. 2006 | 127.231781279654 |
| Aug. 2006 | 127.349494653574 |
| Sep. 2006 | 128.328303954099 |
| Oct. 2006 | 129.408367667245 |
| Nov. 2006 | 130.07528249859 |
| Dec. 2006 | 130.465289257706 |
| Jan. 2007 | 130.859705536311 |
| Feb. 2007 | 131.158525785659 |
| Mar. 2007 | 131.154816859438 |
| Apr. 2007 | 131.557893026097 |
| May. 2007 | 131.972880758251 |
| Jun. 2007 | 132.764149145487 |
| Jul. 2007 | 133.443311645109 |
| Aug. 2007 | 133.76186729552 |
| Sep. 2007 | 132.794235103386 |
| Oct. 2007 | 131.473111996047 |
| Nov. 2007 | 129.452079522258 |
| Dec. 2007 | 128.338690439594 |
| Jan. 2008 | 126.644229776295 |
| Feb. 2008 | 125.366130417114 |
| Mar. 2008 | 123.449972267077 |
| Apr. 2008 | 121.825843679083 |
| May. 2008 | 119.783854642922 |
| Jun. 2008 | 117.404615849291 |
| Jul. 2008 | 115.480913921754 |
| Aug. 2008 | 114.523158851484 |
| Sep. 2008 | 113.096569302546 |
| Oct. 2008 | 112.409479085653 |
| Nov. 2008 | 112.485216203143 |
| Dec. 2008 | 111.346177493393 |
| Jan. 2009 | 108.472721433752 |
| Feb. 2009 | 105.513850747623 |
| Mar. 2009 | 102.84383847761 |
| Apr. 2009 | 100.187652445545 |
| May. 2009 | 97.5588533300711 |
| Jun. 2009 | 94.5148903552916 |
| Jul. 2009 | 92.6258724708187 |
| Aug. 2009 | 90.6245591576681 |
| Sep. 2009 | 89.0452073867612 |
| Oct. 2009 | 87.7000509126643 |
| Nov. 2009 | 86.6065416403292 |
| Dec. 2009 | 85.909057663628 |
| Jan. 2010 | 84.932633449946 |
| Feb. 2010 | 84.3812667106645 |
| Mar. 2010 | 83.6559477916756 |
| Apr. 2010 | 83.2561659261991 |
| May. 2010 | 83.0636342678198 |
| Jun. 2010 | 83.1323063409573 |
| Jul. 2010 | 83.2184089238512 |
| Aug. 2010 | 83.3114093817499 |
| Sep. 2010 | 83.5568035091817 |
| Oct. 2010 | 83.790952212741 |
| Nov. 2010 | 84.0817925346985 |
| Dec. 2010 | 84.2195071344857 |
| Jan. 2011 | 84.03666105253 |
| Feb. 2011 | 83.7875384470337 |
| Mar. 2011 | 83.1266870749633 |
| Apr. 2011 | 82.7926435906129 |
| May. 2011 | 82.7106565331287 |
| Jun. 2011 | 83.2163534077695 |
| Jul. 2011 | 83.6915081924661 |
| Aug. 2011 | 84.0941981018352 |
| Sep. 2011 | 84.6337561099046 |
| Oct. 2011 | 85.410316297393 |
| Nov. 2011 | 85.9677599596536 |
| Dec. 2011 | 86.5608515244018 |
| Jan. 2012 | 86.4958125626402 |
| Feb. 2012 | 86.3992625718936 |
| Mar. 2012 | 86.0130303974633 |
| Apr. 2012 | 86.0117887173603 |
| May. 2012 | 86.3904389012354 |
| Jun. 2012 | 86.8456959842301 |
| Jul. 2012 | 87.3790348769842 |
| Aug. 2012 | 87.3709997766727 |
| Sep. 2012 | 87.5564893451398 |
| Oct. 2012 | 88.2499482290514 |
| Nov. 2012 | 89.3528032205167 |
| Dec. 2012 | 90.2371372218314 |
| Jan. 2013 | 90.5601971539701 |
| Feb. 2013 | 90.3786657441441 |
| Mar. 2013 | 90.6975358984698 |
| Apr. 2013 | 91.3872827154668 |
| May. 2013 | 91.9037635611226 |
| Jun. 2013 | 92.4479951123862 |
| Jul. 2013 | 93.2222903023323 |
| Aug. 2013 | 93.9448407485587 |
| Sep. 2013 | 94.6718877965004 |
| Oct. 2013 | 95.7536528441434 |
| Nov. 2013 | 96.7640915032473 |
| Dec. 2013 | 97.5716745223895 |
| Jan. 2014 | 98.0079353614967 |
| Feb. 2014 | 98.4442613426465 |
| Mar. 2014 | 98.6008580812406 |
| Apr. 2014 | 99.0735359160785 |
| May. 2014 | 99.5534711570608 |
| Jun. 2014 | 100.219406947673 |
| Jul. 2014 | 101.107543880737 |
| Aug. 2014 | 102.118484558042 |
| Sep. 2014 | 102.886829166576 |
| Oct. 2014 | 104.032461558379 |
| Nov. 2014 | 105.543735894719 |
| Dec. 2014 | 107.149110959029 |
| Jan. 2015 | 108.657672529263 |
| Feb. 2015 | 109.113410268524 |
| Mar. 2015 | 109.288175715011 |
| Apr. 2015 | 109.808634273225 |
| May. 2015 | 109.925651190017 |
| Jun. 2015 | 110.154671979236 |
| Jul. 2015 | 110.710195455859 |
| Aug. 2015 | 111.416415479154 |
| Sep. 2015 | 112.129486115338 |
| Oct. 2015 | 112.714516022 |
| Nov. 2015 | 113.459838775407 |
| Dec. 2015 | 114.326703273702 |
| Jan. 2016 | 114.577309939311 |
| Feb. 2016 | 114.942935292367 |
| Mar. 2016 | 114.988519632032 |
| Apr. 2016 | 115.10071039593 |
| May. 2016 | 115.394763634262 |
| Jun. 2016 | 115.824190887239 |
| Jul. 2016 | 116.813947373877 |
| Aug. 2016 | 117.447465312864 |
| Sep. 2016 | 117.813022719958 |
| Oct. 2016 | 118.188738520331 |
| Nov. 2016 | 118.77587654958 |
| Dec. 2016 | 119.039181289639 |
| Jan. 2017 | 118.619516287373 |
| Feb. 2017 | 118.546967263739 |
| Mar. 2017 | 118.868231813054 |
| Apr. 2017 | 119.106802458627 |
| May. 2017 | 119.734341091882 |
| Jun. 2017 | 120.413155928424 |
| Jul. 2017 | 121.280609939809 |
| Aug. 2017 | 121.681273758909 |
| Sep. 2017 | 121.76624328087 |
| Oct. 2017 | 122.483661517564 |
| Nov. 2017 | 123.012499400247 |
| Dec. 2017 | 123.553115059566 |
| Jan. 2018 | 123.378294148229 |
| Feb. 2018 | 123.437047620799 |
| Mar. 2018 | 123.909835890907 |
| Apr. 2018 | 124.259420217823 |
| May. 2018 | 124.596199612084 |
| Jun. 2018 | 125.230761229306 |
| Jul. 2018 | 126.007773199913 |
| Aug. 2018 | 126.637281900704 |
| Sep. 2018 | 127.031914196038 |
| Oct. 2018 | 127.167740855394 |
| Nov. 2018 | 127.830032220514 |
| Dec. 2018 | 128.423293162164 |
| Jan. 2019 | 128.44964844651 |
| Feb. 2019 | 128.33129775715 |
| Mar. 2019 | 128.249806019137 |
| Apr. 2019 | 128.397147995681 |
| May. 2019 | 129.096339803968 |
| Jun. 2019 | 130.10287479962 |
| Jul. 2019 | 130.865352425745 |
| Aug. 2019 | 131.70743909528 |
| Sep. 2019 | 132.269291359558 |
| Oct. 2019 | 132.501197027874 |
| Nov. 2019 | 133.032063991268 |
| Dec. 2019 | 133.602324155646 |
| Jan. 2020 | 133.503109059092 |
| Feb. 2020 | 133.443688984535 |
| Mar. 2020 | 133.781181760441 |
| Apr. 2020 | 134.448366619117 |
| May. 2020 | 134.105088384482 |
| Jun. 2020 | 133.221457773773 |
| Jul. 2020 | 132.87386388746 |
| Aug. 2020 | 133.367121872866 |
| Sep. 2020 | 134.574872196016 |
| Oct. 2020 | 136.10720642133 |
| Nov. 2020 | 137.742241226577 |
| Dec. 2020 | 138.999613562277 |
| Jan. 2021 | 139.674772422761 |
| Feb. 2021 | 140.054370977376 |
| Mar. 2021 | 140.301875813024 |
| Apr. 2021 | 140.584825848447 |
| May. 2021 | 141.214416872485 |
| Jun. 2021 | 142.036449238693 |
| Jul. 2021 | 143.917108754576 |
| Aug. 2021 | 146.525503435683 |
| Sep. 2021 | 149.095776606807 |
| Oct. 2021 | 150.675817864229 |
| Nov. 2021 | 152.466566076027 |
| Dec. 2021 | 154.048083174032 |
| Jan. 2022 | 153.973386750475 |
| Feb. 2022 | 153.123074451531 |
| Mar. 2022 | 151.447616868458 |
| Apr. 2022 | 151.35535033211 |
| May. 2022 | 150.819929453444 |
| Jun. 2022 | 149.78251645078 |
| Jul. 2022 | 150.132926933423 |
| Aug. 2022 | 149.655988053152 |
| Sep. 2022 | 148.062888133699 |
| Oct. 2022 | 145.706432457798 |
| Nov. 2022 | 143.663459274034 |
| Dec. 2022 | 141.697268678747 |
| Jan. 2023 | 138.283506978698 |
| Feb. 2023 | 135.693827069218 |
| Mar. 2023 | 133.995498419001 |
| Apr. 2023 | 132.500041797308 |
| May. 2023 | 131.650726229309 |
| Jun. 2023 | 130.957400001806 |
| Jul. 2023 | 130.63927220084 |
| Aug. 2023 | 130.018800691266 |
Note: The data are deflated using the consumer price index.
Source: Real Capital Analytics; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 1.15. Income of commercial properties relative to prices continued to grow but remained well below historical norms
| Date | Percent |
|---|---|
| Jan. 2001 | 8.42584357863012 |
| Feb. 2001 | 8.42781520052805 |
| Mar. 2001 | 8.45107488070957 |
| Apr. 2001 | 8.40410730346602 |
| May. 2001 | 8.44598470367778 |
| Jun. 2001 | 8.43443116623516 |
| Jul. 2001 | 8.46440192410627 |
| Aug. 2001 | 8.49047340854757 |
| Sep. 2001 | 8.52733545888773 |
| Oct. 2001 | 8.51799479086562 |
| Nov. 2001 | 8.54194783930933 |
| Dec. 2001 | 8.60114744689785 |
| Jan. 2002 | 8.62400970060083 |
| Feb. 2002 | 8.64137740124293 |
| Mar. 2002 | 8.66879431048255 |
| Apr. 2002 | 8.72443700342998 |
| May. 2002 | 8.67116128768718 |
| Jun. 2002 | 8.68157821142445 |
| Jul. 2002 | 8.64184386696401 |
| Aug. 2002 | 8.58982821139849 |
| Sep. 2002 | 8.48260787357227 |
| Oct. 2002 | 8.43809405610541 |
| Nov. 2002 | 8.40554338196643 |
| Dec. 2002 | 8.3471553592314 |
| Jan. 2003 | 8.30715710612207 |
| Feb. 2003 | 8.28322727474802 |
| Mar. 2003 | 8.27356465297779 |
| Apr. 2003 | 8.24578617873165 |
| May. 2003 | 8.2395341443864 |
| Jun. 2003 | 8.17967300138605 |
| Jul. 2003 | 8.16027596059691 |
| Aug. 2003 | 8.13098768999149 |
| Sep. 2003 | 8.11598002420057 |
| Oct. 2003 | 8.10056671563384 |
| Nov. 2003 | 8.06997997892312 |
| Dec. 2003 | 8.02691910079522 |
| Jan. 2004 | 7.99271438239234 |
| Feb. 2004 | 7.9451084999485 |
| Mar. 2004 | 7.898685159487 |
| Apr. 2004 | 7.86078290336254 |
| May. 2004 | 7.8277375514013 |
| Jun. 2004 | 7.80676822185659 |
| Jul. 2004 | 7.76233550634321 |
| Aug. 2004 | 7.7284870331537 |
| Sep. 2004 | 7.6550928507341 |
| Oct. 2004 | 7.60577125803015 |
| Nov. 2004 | 7.55213085777665 |
| Dec. 2004 | 7.45094502902075 |
| Jan. 2005 | 7.41659678044071 |
| Feb. 2005 | 7.37595397822686 |
| Mar. 2005 | 7.32358847445548 |
| Apr. 2005 | 7.25143947984576 |
| May. 2005 | 7.20465076834108 |
| Jun. 2005 | 7.13372138256722 |
| Jul. 2005 | 7.08779184130356 |
| Aug. 2005 | 7.04124409584114 |
| Sep. 2005 | 6.99891680849711 |
| Oct. 2005 | 6.93588917870697 |
| Nov. 2005 | 6.89820295091301 |
| Dec. 2005 | 6.87459870952278 |
| Jan. 2006 | 6.81610787003842 |
| Feb. 2006 | 6.78439496426369 |
| Mar. 2006 | 6.74058293384808 |
| Apr. 2006 | 6.71439165575481 |
| May. 2006 | 6.68467464740217 |
| Jun. 2006 | 6.65548344741223 |
| Jul. 2006 | 6.62453741134636 |
| Aug. 2006 | 6.59855721680953 |
| Sep. 2006 | 6.56329141807013 |
| Oct. 2006 | 6.56844891152357 |
| Nov. 2006 | 6.56577034522139 |
| Dec. 2006 | 6.55914230032628 |
| Jan. 2007 | 6.53838318028966 |
| Feb. 2007 | 6.52598322532537 |
| Mar. 2007 | 6.52321332196099 |
| Apr. 2007 | 6.49560903001039 |
| May. 2007 | 6.46478687054059 |
| Jun. 2007 | 6.45319996579402 |
| Jul. 2007 | 6.44616140147657 |
| Aug. 2007 | 6.44381193731585 |
| Sep. 2007 | 6.44307439950393 |
| Oct. 2007 | 6.44664046122694 |
| Nov. 2007 | 6.43576555196738 |
| Dec. 2007 | 6.41815009027502 |
| Jan. 2008 | 6.42890591456606 |
| Feb. 2008 | 6.45340891170436 |
| Mar. 2008 | 6.46698148705782 |
| Apr. 2008 | 6.51033055664904 |
| May. 2008 | 6.55819129021592 |
| Jun. 2008 | 6.60569969480499 |
| Jul. 2008 | 6.63675939992215 |
| Aug. 2008 | 6.69356499943978 |
| Sep. 2008 | 6.74538876382535 |
| Oct. 2008 | 6.74012544590081 |
| Nov. 2008 | 6.78678016012706 |
| Dec. 2008 | 6.8323574497783 |
| Jan. 2009 | 6.89321127121927 |
| Feb. 2009 | 6.88458603568105 |
| Mar. 2009 | 6.93277315492913 |
| Apr. 2009 | 6.9434142409514 |
| May. 2009 | 6.98968637370023 |
| Jun. 2009 | 7.07758203814438 |
| Jul. 2009 | 7.19229098155824 |
| Aug. 2009 | 7.2551977588627 |
| Sep. 2009 | 7.34815016283176 |
| Oct. 2009 | 7.43476530490305 |
| Nov. 2009 | 7.46726990080005 |
| Dec. 2009 | 7.53458577857887 |
| Jan. 2010 | 7.53535388284773 |
| Feb. 2010 | 7.57064282921726 |
| Mar. 2010 | 7.60501325396685 |
| Apr. 2010 | 7.68501578112775 |
| May. 2010 | 7.68513363878034 |
| Jun. 2010 | 7.67507072014824 |
| Jul. 2010 | 7.63122825810434 |
| Aug. 2010 | 7.65948063678111 |
| Sep. 2010 | 7.62322747711913 |
| Oct. 2010 | 7.59882251144498 |
| Nov. 2010 | 7.57048501845777 |
| Dec. 2010 | 7.50046297121652 |
| Jan. 2011 | 7.50478864979292 |
| Feb. 2011 | 7.47221919234744 |
| Mar. 2011 | 7.42012825702305 |
| Apr. 2011 | 7.38919637086568 |
| May. 2011 | 7.35846677662324 |
| Jun. 2011 | 7.30461676507032 |
| Jul. 2011 | 7.27699432786489 |
| Aug. 2011 | 7.22734590741533 |
| Sep. 2011 | 7.20051810639882 |
| Oct. 2011 | 7.18833922788884 |
| Nov. 2011 | 7.16596475022796 |
| Dec. 2011 | 7.1484189898924 |
| Jan. 2012 | 7.10028578931502 |
| Feb. 2012 | 7.09489282617156 |
| Mar. 2012 | 7.07897799086012 |
| Apr. 2012 | 7.04377681922457 |
| May. 2012 | 7.00905090632236 |
| Jun. 2012 | 6.9775667084703 |
| Jul. 2012 | 6.9633256840026 |
| Aug. 2012 | 6.95055326158503 |
| Sep. 2012 | 6.93883575558521 |
| Oct. 2012 | 6.90203478915939 |
| Nov. 2012 | 6.87561686028113 |
| Dec. 2012 | 6.8352579622661 |
| Jan. 2013 | 6.84289390554406 |
| Feb. 2013 | 6.8345527607122 |
| Mar. 2013 | 6.8311116712576 |
| Apr. 2013 | 6.8079618019873 |
| May. 2013 | 6.80846566853779 |
| Jun. 2013 | 6.78920940734219 |
| Jul. 2013 | 6.7788278594117 |
| Aug. 2013 | 6.74135845909278 |
| Sep. 2013 | 6.71932305111918 |
| Oct. 2013 | 6.72491262448727 |
| Nov. 2013 | 6.72002365286595 |
| Dec. 2013 | 6.68852237095733 |
| Jan. 2014 | 6.65412451057281 |
| Feb. 2014 | 6.62650575676954 |
| Mar. 2014 | 6.59440625110582 |
| Apr. 2014 | 6.60540876987351 |
| May. 2014 | 6.58892554850192 |
| Jun. 2014 | 6.57035130461114 |
| Jul. 2014 | 6.53711064344463 |
| Aug. 2014 | 6.53920175937688 |
| Sep. 2014 | 6.50108647959625 |
| Oct. 2014 | 6.46951992863436 |
| Nov. 2014 | 6.45979956207163 |
| Dec. 2014 | 6.42802862125476 |
| Jan. 2015 | 6.41066675889126 |
| Feb. 2015 | 6.40588580014364 |
| Mar. 2015 | 6.39156849544721 |
| Apr. 2015 | 6.34576846250794 |
| May. 2015 | 6.31657441895361 |
| Jun. 2015 | 6.31256118204419 |
| Jul. 2015 | 6.29895423746734 |
| Aug. 2015 | 6.27768022964678 |
| Sep. 2015 | 6.28079985766562 |
| Oct. 2015 | 6.26051884460383 |
| Nov. 2015 | 6.23860592602248 |
| Dec. 2015 | 6.22092210922989 |
| Jan. 2016 | 6.2280973377016 |
| Feb. 2016 | 6.2113755101772 |
| Mar. 2016 | 6.19388118640685 |
| Apr. 2016 | 6.18858176522232 |
| May. 2016 | 6.17939528885356 |
| Jun. 2016 | 6.16912544090224 |
| Jul. 2016 | 6.15005190795455 |
| Aug. 2016 | 6.13946116303514 |
| Sep. 2016 | 6.11839000458607 |
| Oct. 2016 | 6.10404535532035 |
| Nov. 2016 | 6.1101643865522 |
| Dec. 2016 | 6.11906264113893 |
| Jan. 2017 | 6.10368443107753 |
| Feb. 2017 | 6.10836778233388 |
| Mar. 2017 | 6.12548540825519 |
| Apr. 2017 | 6.14397902842497 |
| May. 2017 | 6.13321489088518 |
| Jun. 2017 | 6.11595253506164 |
| Jul. 2017 | 6.11445493528646 |
| Aug. 2017 | 6.11090941758757 |
| Sep. 2017 | 6.10162932700453 |
| Oct. 2017 | 6.10829120882909 |
| Nov. 2017 | 6.09919261287353 |
| Dec. 2017 | 6.08961236246321 |
| Jan. 2018 | 6.08228030018647 |
| Feb. 2018 | 6.07520505539971 |
| Mar. 2018 | 6.05576547296285 |
| Apr. 2018 | 6.04195949587461 |
| May. 2018 | 6.03561144243326 |
| Jun. 2018 | 6.04118906279534 |
| Jul. 2018 | 6.04327523582776 |
| Aug. 2018 | 6.03601763537625 |
| Sep. 2018 | 6.046406025067 |
| Oct. 2018 | 6.04737051240222 |
| Nov. 2018 | 6.0406180017814 |
| Dec. 2018 | 6.0194601897703 |
| Jan. 2019 | 6.02958259882864 |
| Feb. 2019 | 6.02242579165463 |
| Mar. 2019 | 6.03307792103266 |
| Apr. 2019 | 6.03201535540081 |
| May. 2019 | 6.05956848130754 |
| Jun. 2019 | 6.04607522169444 |
| Jul. 2019 | 6.04807716701022 |
| Aug. 2019 | 6.03514114861287 |
| Sep. 2019 | 6.01573431829401 |
| Oct. 2019 | 5.99735763214668 |
| Nov. 2019 | 5.9820262647066 |
| Dec. 2019 | 5.97655959361672 |
| Jan. 2020 | 5.96921116086168 |
| Feb. 2020 | 5.97179638617433 |
| Mar. 2020 | 5.94608874285463 |
| Apr. 2020 | 5.94017417299258 |
| May. 2020 | 5.90161284394343 |
| Jun. 2020 | 5.89815157580793 |
| Jul. 2020 | 5.86437214031913 |
| Aug. 2020 | 5.85861180449616 |
| Sep. 2020 | 5.85909706306628 |
| Oct. 2020 | 5.84025225962965 |
| Nov. 2020 | 5.82547257923474 |
| Dec. 2020 | 5.80223526701112 |
| Jan. 2021 | 5.77654298832998 |
| Feb. 2021 | 5.76902795106815 |
| Mar. 2021 | 5.7637467712359 |
| Apr. 2021 | 5.76501273743481 |
| May. 2021 | 5.75890583203636 |
| Jun. 2021 | 5.74621626384078 |
| Jul. 2021 | 5.7322732442542 |
| Aug. 2021 | 5.71958407122421 |
| Sep. 2021 | 5.68022298663195 |
| Oct. 2021 | 5.65017496468009 |
| Nov. 2021 | 5.63777392059268 |
| Dec. 2021 | 5.59117512490506 |
| Jan. 2022 | 5.5708190008617 |
| Feb. 2022 | 5.55266257885631 |
| Mar. 2022 | 5.53338893576306 |
| Apr. 2022 | 5.50296473969557 |
| May. 2022 | 5.48094966792756 |
| Jun. 2022 | 5.45252187687312 |
| Jul. 2022 | 5.43944198896347 |
| Aug. 2022 | 5.42821397951633 |
| Sep. 2022 | 5.43663981783565 |
| Oct. 2022 | 5.4573663478555 |
| Nov. 2022 | 5.46268776881971 |
| Dec. 2022 | 5.4926252148404 |
| Jan. 2023 | 5.52148530497736 |
| Feb. 2023 | 5.52283782090155 |
| Mar. 2023 | 5.56896671608481 |
| Apr. 2023 | 5.60459839670514 |
| May. 2023 | 5.66716956841774 |
| Jun. 2023 | 5.73759122846028 |
| Jul. 2023 | 5.79712931675666 |
| Aug. 2023 | 5.84239202279566 |
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.
Figure 1.16. Banks reported tightening lending standards in commercial real estate loans
This is a line chart titled “Banks reported tightening lending standards in commercial real estate loans.” The x-axis measures time and ranges from 1997 to 2023. The data are quarterly. There is one line on the chart. The line shows “Net percentage of banks reporting.” The series begins just under 0 in 1997 before a quick rise to around 40 in the middle of 1998. There is a dip and then an increase to 45 in 2000:Q1. There is a steady decrease and the series bottoms out at -20 in 2004:Q1. From there the series climbs to over 80 in 2008:Q4. From this peak, there is a decrease to below 0 starting in 2011 until 2015. The series has a small quick spike to around 20 in 2015, and remains roughly steady until another quick peak of 65 in 2019:Q1, before a dramatic decline to -20 in 2022:Q1. The series has been increasing and finishes at a value of around 60 in 2023:Q2. There is also a horizonal line marked at zero. Data points above zero to 100 are labeled Tightening and data points below zero to -100 are labeled Easing.
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.
Figure 1.17. House prices started increasing again in recent months
12-month percent change
| Date | Zillow | CoreLogic | Case-Shiller |
|---|---|---|---|
| Jan. 2003 | 7.26332534373228 | 9.68021415415618 | 9.6272758502233 |
| Feb. 2003 | 7.34821224877625 | 9.62223794139738 | 9.75880944235376 |
| Mar. 2003 | 7.42269461960806 | 9.57580715168107 | 9.64979224963961 |
| Apr. 2003 | 7.50336554811991 | 9.49427532199505 | 9.46229343175909 |
| May. 2003 | 7.58896015990845 | 9.26053633585543 | 9.14810828710986 |
| Jun. 2003 | 7.65022220077094 | 9.00114573248963 | 8.91032453200359 |
| Jul. 2003 | 7.68648472198071 | 8.81631851722976 | 8.86086183199936 |
| Aug. 2003 | 7.7207081530811 | 8.95814680414197 | 9.01146476389 |
| Sep. 2003 | 7.78877467048208 | 9.36601313863913 | 9.23579568093077 |
| Oct. 2003 | 7.86424520720038 | 9.86596117172603 | 9.3863960678611 |
| Nov. 2003 | 7.91725640171266 | 10.3027300842736 | 9.57833228048011 |
| Dec. 2003 | 7.94381869127311 | 10.8632892350856 | 9.81517892253243 |
| Jan. 2004 | 8.00181606663433 | 11.3561452438623 | 10.2311006658833 |
| Feb. 2004 | 8.12949204176177 | 11.7622325684174 | 10.6756019636874 |
| Mar. 2004 | 8.32778330250711 | 12.3311765575177 | 11.4221637924368 |
| Apr. 2004 | 8.56356038999632 | 12.9956246535744 | 12.0239098781516 |
| May. 2004 | 8.84171023086706 | 13.4927863978056 | 12.5151699029126 |
| Jun. 2004 | 9.17549172121839 | 14.1360411084831 | 12.9775576071456 |
| Jul. 2004 | 9.54799693663057 | 14.5101303654266 | 13.1377645748236 |
| Aug. 2004 | 9.88596351055251 | 14.576751762506 | 13.1205412958741 |
| Sep. 2004 | 10.1603455803733 | 14.7211895376765 | 13.1529034140648 |
| Oct. 2004 | 10.3782177777532 | 14.9778795529386 | 13.2772865632701 |
| Nov. 2004 | 10.5868627200477 | 15.1972233835325 | 13.4971535634503 |
| Dec. 2004 | 10.8234889364981 | 15.4727701603662 | 13.6360381006947 |
| Jan. 2005 | 11.0586381131809 | 15.5714299555557 | 13.8014355767181 |
| Feb. 2005 | 11.2633290113605 | 15.8260470787245 | 14.0040836443005 |
| Mar. 2005 | 11.4205472221993 | 16.215811170312 | 14.2282065519156 |
| Apr. 2005 | 11.6017669666081 | 16.3636922579295 | 14.2427144616227 |
| May. 2005 | 11.735813440258 | 16.2098442232942 | 14.2914925171902 |
| Jun. 2005 | 11.8333571834265 | 15.9980633738831 | 14.2838161041722 |
| Jul. 2005 | 11.8564324352367 | 15.87115236688 | 14.2838387816726 |
| Aug. 2005 | 11.8760852570078 | 16.0241030264364 | 14.3748780963526 |
| Sep. 2005 | 11.890630242472 | 16.2544428451489 | 14.5058345690155 |
| Oct. 2005 | 11.8919323394876 | 15.9755954955239 | 14.3634037108125 |
| Nov. 2005 | 11.8663777253135 | 15.5986895776379 | 14.0761904761905 |
| Dec. 2005 | 11.7646428868723 | 15.1715946399592 | 13.5123211697233 |
| Jan. 2006 | 11.5738432520279 | 14.661122402174 | 12.9269968150878 |
| Feb. 2006 | 11.3166532482439 | 13.8017959280443 | 12.0923913043478 |
| Mar. 2006 | 11.0396665402329 | 12.4997811836622 | 11.0402235994653 |
| Apr. 2006 | 10.6988665564952 | 10.9544873436841 | 9.97005988023952 |
| May. 2006 | 10.2910111599717 | 9.33112197887872 | 8.75309661436829 |
| Jun. 2006 | 9.7590860203998 | 7.49001581132933 | 7.28403673991396 |
| Jul. 2006 | 9.10021321543759 | 5.89823980330726 | 6.03676048248134 |
| Aug. 2006 | 8.33508479398542 | 4.50714623488926 | 4.82605729877218 |
| Sep. 2006 | 7.4817587713278 | 3.31889671336219 | 3.71037666798039 |
| Oct. 2006 | 6.63394182638629 | 2.40697884090724 | 2.96503496503497 |
| Nov. 2006 | 5.8113842387537 | 1.44754285133435 | 2.20404074135916 |
| Dec. 2006 | 5.0550555261808 | 0.362402024575875 | 1.73227472100382 |
| Jan. 2007 | 4.39214389808882 | -0.538023008291261 | 1.04518055632361 |
| Feb. 2007 | 3.78664818266824 | -1.38546369883026 | 0.534435261707988 |
| Mar. 2007 | 3.17851930640373 | -2.68622700511364 | -0.306429548563613 |
| Apr. 2007 | 2.53238901915152 | -3.56349421612858 | -0.827661312278797 |
| May. 2007 | 1.84383499339449 | -4.21597238032954 | -1.35589543334418 |
| Jun. 2007 | 1.15464472568494 | -4.53175806541443 | -1.63099431048497 |
| Jul. 2007 | 0.482553638650487 | -4.86647506918701 | -1.96089052597368 |
| Aug. 2007 | -0.128110867819115 | -5.44163765888098 | -2.26668835746435 |
| Sep. 2007 | -0.676396210400602 | -6.34507857526718 | -2.75787187839304 |
| Oct. 2007 | -1.18462988573748 | -7.48146473402571 | -3.54251562075524 |
| Nov. 2007 | -1.69199654383914 | -8.6279705959405 | -4.6125360779829 |
| Dec. 2007 | -2.19139619025979 | -9.7118319601698 | -5.39758773126671 |
| Jan. 2008 | -2.72756043245954 | -10.9009465021008 | -6.37040280210157 |
| Feb. 2008 | -3.31728865170014 | -12.0170211777083 | -7.27790869732011 |
| Mar. 2008 | -3.97276162534871 | -12.6774271090448 | -7.84346012404632 |
| Apr. 2008 | -4.67934997561601 | -13.2593340060545 | -8.13155438423105 |
| May. 2008 | -5.3586106666193 | -13.37939973978 | -8.17022212447767 |
| Jun. 2008 | -5.99807705949873 | -13.4148941216368 | -8.26264184201829 |
| Jul. 2008 | -6.58609869362451 | -13.7279990167833 | -8.44245538427537 |
| Aug. 2008 | -7.22557810234876 | -14.1287356143999 | -8.84980302946235 |
| Sep. 2008 | -7.82903668780975 | -14.9405871712815 | -9.60808396605628 |
| Oct. 2008 | -8.39175235000201 | -15.7378695935913 | -10.3475468934828 |
| Nov. 2008 | -8.87292473543935 | -16.2359948117192 | -10.8986069878968 |
| Dec. 2008 | -9.32851331860634 | -17.0117052406013 | -11.993769470405 |
| Jan. 2009 | -9.70502577657843 | -17.5004817668201 | -12.6958148234744 |
| Feb. 2009 | -9.90914222693297 | -17.0909582051475 | -12.748980436196 |
| Mar. 2009 | -9.98765492158044 | -16.3136467399929 | -12.7337701012507 |
| Apr. 2009 | -9.97954847000265 | -15.0423130996109 | -12.1802534066459 |
| May. 2009 | -9.95217344584199 | -13.3207692235568 | -11.2860735241289 |
| Jun. 2009 | -9.85000393375862 | -11.5819924109903 | -10.0516392458268 |
| Jul. 2009 | -9.63945453888597 | -10.0495171662902 | -9.02781968499186 |
| Aug. 2009 | -9.29552225736902 | -8.68141980154695 | -8.2846359873387 |
| Sep. 2009 | -8.89048913838325 | -7.46146875132909 | -7.58446050274844 |
| Oct. 2009 | -8.40776569967486 | -5.84374839205037 | -6.64111585825584 |
| Nov. 2009 | -7.75534650201141 | -3.87249948520316 | -5.20920099955148 |
| Dec. 2009 | -6.96855514717157 | -2.22668104917812 | -3.86102917076369 |
| Jan. 2010 | -6.11701004137461 | -1.40179739227397 | -2.91912158543118 |
| Feb. 2010 | -5.38646759896272 | -1.41431737501999 | -3.09578647879691 |
| Mar. 2010 | -4.67244554689386 | -0.277666955735927 | -1.992901992902 |
| Apr. 2010 | -3.93003009814642 | 0.80636174330296 | -1.04804682183203 |
| May. 2010 | -3.1936022648769 | 1.01616078575601 | -0.762637510967129 |
| Jun. 2010 | -2.60227506126865 | 0.669299806146613 | -1.39519359145528 |
| Jul. 2010 | -2.29249975066626 | -0.181706728168859 | -2.10945273631841 |
| Aug. 2010 | -2.17256080003219 | -1.22027272041823 | -2.81409703325146 |
| Sep. 2010 | -2.20788880459508 | -2.11692101443075 | -3.35494219073714 |
| Oct. 2010 | -2.36049412007012 | -2.77306016021052 | -3.6745406824147 |
| Nov. 2010 | -2.71331984458353 | -3.56340313972722 | -4.13681222117075 |
| Dec. 2010 | -3.16146798392389 | -3.7126222582987 | -4.11155052502387 |
| Jan. 2011 | -3.64302228920792 | -3.62437540435256 | -4.11034482758621 |
| Feb. 2011 | -4.08345244298507 | -3.55148656717295 | -3.71198881509962 |
| Mar. 2011 | -4.53804429884515 | -4.34935564559776 | -4.04596100278552 |
| Apr. 2011 | -5.07260407799275 | -4.53813073145919 | -4.29160935350757 |
| May. 2011 | -5.60813464619358 | -4.41932036485362 | -4.31855277475517 |
| Jun. 2011 | -6.02302820332401 | -3.92670379299807 | -3.89953286845848 |
| Jul. 2011 | -6.14535919206957 | -3.09322090923836 | -3.54408077522531 |
| Aug. 2011 | -6.06068926148398 | -2.32302652604667 | -3.16874957317491 |
| Sep. 2011 | -5.81962118261597 | -1.65328837302035 | -3.07032708664686 |
| Oct. 2011 | -5.55216899214021 | -1.41202439800636 | -3.29770139034444 |
| Nov. 2011 | -5.22744892776966 | -1.38499978301916 | -3.63136370046538 |
| Dec. 2011 | -4.90563433045522 | -1.00138177921513 | -3.88252862120459 |
| Jan. 2012 | -4.53284266933878 | -0.41104561042678 | -3.50258918296893 |
| Feb. 2012 | -4.06691196613929 | 0.500278313125499 | -2.71526063598084 |
| Mar. 2012 | -3.4800201516712 | 1.87277344350367 | -1.3934247768343 |
| Apr. 2012 | -2.77505673919192 | 2.66322237267251 | -0.495832135671168 |
| May. 2012 | -1.98687131825814 | 3.3530364275706 | 0.255881725780094 |
| Jun. 2012 | -1.14730989985078 | 3.76062371966782 | 0.85945755547728 |
| Jul. 2012 | -0.351399448269814 | 4.12680986487365 | 1.36293382042995 |
| Aug. 2012 | 0.328961082119637 | 4.64714423017934 | 2.05938359545808 |
| Sep. 2012 | 1.0044002208951 | 5.27446940566825 | 2.98922736676894 |
| Oct. 2012 | 1.7073422912712 | 5.96081456888918 | 4.01705079112781 |
| Nov. 2012 | 2.44029860645918 | 6.93655802741327 | 5.33401624350627 |
| Dec. 2012 | 3.16160761208418 | 7.77860400406582 | 6.43633942442851 |
| Jan. 2013 | 3.86108774331747 | 8.68532410224048 | 7.55757620928674 |
| Feb. 2013 | 4.46483753005742 | 9.37030956048427 | 8.32835820895522 |
| Mar. 2013 | 4.94274977731178 | 9.91852343905396 | 8.89821152572312 |
| Apr. 2013 | 5.37502550739114 | 9.93470981402322 | 9.0272261139597 |
| May. 2013 | 5.86449262763041 | 9.75198895191321 | 9.0818858560794 |
| Jun. 2013 | 6.37972584972836 | 9.39595505554188 | 9.26171684012015 |
| Jul. 2013 | 6.77928768387249 | 9.45284492979368 | 9.71028555586359 |
| Aug. 2013 | 7.21093454263137 | 9.61225746026473 | 10.1513371570728 |
| Sep. 2013 | 7.5274732809248 | 9.9223166305484 | 10.6123579939041 |
| Oct. 2013 | 7.88653976193689 | 10.1379976815216 | 10.8286448565673 |
| Nov. 2013 | 8.02639600726604 | 10.077712943369 | 10.7043623228675 |
| Dec. 2013 | 8.09049519011872 | 9.93049170476849 | 10.7110585945645 |
| Jan. 2014 | 8.00871943802811 | 9.85220101106982 | 10.4358672302682 |
| Feb. 2014 | 7.91831279637106 | 9.80123476631992 | 10.1336456324056 |
| Mar. 2014 | 7.80730537787902 | 8.93106386930597 | 8.94160583941605 |
| Apr. 2014 | 7.64407616171405 | 7.96721480779072 | 7.94859905941578 |
| May. 2014 | 7.44207067917959 |