Financial Stability Report
Accessible Version
Overview of financial system vulnerabilities
Asset valuations
- Equity price-to-earnings ratios moved to the upper end of their historical distributions.
- Corporate bond spreads fell to levels that are low relative to their historical averages.
- Prices of residential real estate remained high relative to fundamentals.
- Prices of commercial real estate declined amid deteriorating fundamentals.
Borrowing by businesses and households
- The ratio of total private debt to gross domestic product (GDP) declined further, approaching its historical average.
- The business debt-to-GDP ratio remained high, but business debt continued to decline in real terms amid subdued risky debt issuance. Firms' ability to service their debt remained robust.
- 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, with risk-based capital ratios well above regulatory requirements.
- Nonetheless, some banks continued to face sizable fair value losses on some fixed-rate assets held on their balance sheets.
- Leverage increased from already elevated levels 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, concerns over uninsured deposits and other factors continued to generate funding pressures for a subset of banks.
- Structural vulnerabilities persisted at money market funds, some other mutual funds, and stablecoins.
- Life insurers continued to hold a high share of illiquid and risky assets.
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Survey of salient risks to the financial system
Survey respondents cited several emerging and existing events or conditions as presenting risks to the U.S. financial system and the broader global economy. For more information, see the box Survey of Salient Risks to Financial Stability.
| Persistent inflation; monetary tightening | Policy uncertainty | Commercial and residential real estate | Banking-sector stress | Fiscal debt sustainability | |
|---|---|---|---|---|---|
| April 2024 | 72% of contacts surveyed | 60% of contacts surveyed | 56% of contacts surveyed | 44% of contacts surveyed | 40% of contacts surveyed |
| October 2023 | 72% of contacts surveyed | 24% of contacts surveyed | 72% of contacts surveyed | 56% of contacts surveyed | 44% of contacts surveyed |
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Figure 1.1. Nominal Treasury yields remained close to the highest levels in the past 15 years
Percent, annual rate
| Date | 2-year | 10-year |
|---|---|---|
| 1997-01-01 | 6.01 | 6.58 |
| 1997-02-01 | 5.9 | 6.42 |
| 1997-03-01 | 6.22 | 6.69 |
| 1997-04-01 | 6.45 | 6.89 |
| 1997-05-01 | 6.28 | 6.71 |
| 1997-06-01 | 6.09 | 6.49 |
| 1997-07-01 | 5.89 | 6.22 |
| 1997-08-01 | 5.94 | 6.3 |
| 1997-09-01 | 5.88 | 6.21 |
| 1997-10-01 | 5.77 | 6.03 |
| 1997-11-01 | 5.71 | 5.88 |
| 1997-12-01 | 5.72 | 5.81 |
| 1998-01-01 | 5.36 | 5.54 |
| 1998-02-01 | 5.42 | 5.57 |
| 1998-03-01 | 5.56 | 5.65 |
| 1998-04-01 | 5.56 | 5.64 |
| 1998-05-01 | 5.59 | 5.65 |
| 1998-06-01 | 5.52 | 5.5 |
| 1998-07-01 | 5.46 | 5.46 |
| 1998-08-01 | 5.27 | 5.34 |
| 1998-09-01 | 4.67 | 4.81 |
| 1998-10-01 | 4.09 | 4.53 |
| 1998-11-01 | 4.54 | 4.83 |
| 1998-12-01 | 4.51 | 4.65 |
| 1999-01-01 | 4.62 | 4.72 |
| 1999-02-01 | 4.88 | 5 |
| 1999-03-01 | 5.05 | 5.23 |
| 1999-04-01 | 4.98 | 5.18 |
| 1999-05-01 | 5.25 | 5.54 |
| 1999-06-01 | 5.62 | 5.9 |
| 1999-07-01 | 5.55 | 5.79 |
| 1999-08-01 | 5.68 | 5.94 |
| 1999-09-01 | 5.66 | 5.92 |
| 1999-10-01 | 5.86 | 6.11 |
| 1999-11-01 | 5.86 | 6.03 |
| 1999-12-01 | 6.1 | 6.28 |
| 2000-01-01 | 6.44 | 6.66 |
| 2000-02-01 | 6.61 | 6.52 |
| 2000-03-01 | 6.53 | 6.26 |
| 2000-04-01 | 6.4 | 5.99 |
| 2000-05-01 | 6.81 | 6.44 |
| 2000-06-01 | 6.48 | 6.1 |
| 2000-07-01 | 6.34 | 6.05 |
| 2000-08-01 | 6.23 | 5.83 |
| 2000-09-01 | 6.08 | 5.8 |
| 2000-10-01 | 5.91 | 5.74 |
| 2000-11-01 | 5.88 | 5.72 |
| 2000-12-01 | 5.35 | 5.24 |
| 2001-01-01 | 4.76 | 5.16 |
| 2001-02-01 | 4.66 | 5.1 |
| 2001-03-01 | 4.34 | 4.89 |
| 2001-04-01 | 4.23 | 5.14 |
| 2001-05-01 | 4.26 | 5.39 |
| 2001-06-01 | 4.08 | 5.28 |
| 2001-07-01 | 4.04 | 5.24 |
| 2001-08-01 | 3.76 | 4.97 |
| 2001-09-01 | 3.12 | 4.73 |
| 2001-10-01 | 2.73 | 4.57 |
| 2001-11-01 | 2.78 | 4.65 |
| 2001-12-01 | 3.11 | 5.09 |
| 2002-01-01 | 3.03 | 5.04 |
| 2002-02-01 | 3.02 | 4.91 |
| 2002-03-01 | 3.56 | 5.28 |
| 2002-04-01 | 3.42 | 5.21 |
| 2002-05-01 | 3.26 | 5.16 |
| 2002-06-01 | 2.99 | 4.93 |
| 2002-07-01 | 2.56 | 4.65 |
| 2002-08-01 | 2.13 | 4.26 |
| 2002-09-01 | 2 | 3.87 |
| 2002-10-01 | 1.91 | 3.94 |
| 2002-11-01 | 1.92 | 4.05 |
| 2002-12-01 | 1.84 | 4.03 |
| 2003-01-01 | 1.74 | 4.05 |
| 2003-02-01 | 1.63 | 3.9 |
| 2003-03-01 | 1.57 | 3.81 |
| 2003-04-01 | 1.62 | 3.96 |
| 2003-05-01 | 1.42 | 3.57 |
| 2003-06-01 | 1.23 | 3.33 |
| 2003-07-01 | 1.47 | 3.98 |
| 2003-08-01 | 1.86 | 4.45 |
| 2003-09-01 | 1.71 | 4.27 |
| 2003-10-01 | 1.75 | 4.29 |
| 2003-11-01 | 1.93 | 4.3 |
| 2003-12-01 | 1.91 | 4.27 |
| 2004-01-01 | 1.76 | 4.15 |
| 2004-02-01 | 1.74 | 4.08 |
| 2004-03-01 | 1.58 | 3.83 |
| 2004-04-01 | 2.07 | 4.35 |
| 2004-05-01 | 2.53 | 4.72 |
| 2004-06-01 | 2.76 | 4.73 |
| 2004-07-01 | 2.64 | 4.5 |
| 2004-08-01 | 2.51 | 4.28 |
| 2004-09-01 | 2.53 | 4.13 |
| 2004-10-01 | 2.58 | 4.1 |
| 2004-11-01 | 2.85 | 4.19 |
| 2004-12-01 | 3.01 | 4.23 |
| 2005-01-01 | 3.22 | 4.22 |
| 2005-02-01 | 3.38 | 4.17 |
| 2005-03-01 | 3.73 | 4.5 |
| 2005-04-01 | 3.65 | 4.34 |
| 2005-05-01 | 3.64 | 4.14 |
| 2005-06-01 | 3.64 | 4 |
| 2005-07-01 | 3.87 | 4.18 |
| 2005-08-01 | 4.04 | 4.26 |
| 2005-09-01 | 3.95 | 4.2 |
| 2005-10-01 | 4.27 | 4.46 |
| 2005-11-01 | 4.42 | 4.54 |
| 2005-12-01 | 4.4 | 4.47 |
| 2006-01-01 | 4.4 | 4.42 |
| 2006-02-01 | 4.67 | 4.57 |
| 2006-03-01 | 4.73 | 4.72 |
| 2006-04-01 | 4.89 | 4.99 |
| 2006-05-01 | 4.97 | 5.11 |
| 2006-06-01 | 5.12 | 5.11 |
| 2006-07-01 | 5.12 | 5.09 |
| 2006-08-01 | 4.9 | 4.88 |
| 2006-09-01 | 4.77 | 4.72 |
| 2006-10-01 | 4.8 | 4.73 |
| 2006-11-01 | 4.74 | 4.6 |
| 2006-12-01 | 4.67 | 4.56 |
| 2007-01-01 | 4.88 | 4.76 |
| 2007-02-01 | 4.85 | 4.72 |
| 2007-03-01 | 4.57 | 4.56 |
| 2007-04-01 | 4.67 | 4.69 |
| 2007-05-01 | 4.77 | 4.75 |
| 2007-06-01 | 4.98 | 5.1 |
| 2007-07-01 | 4.82 | 5 |
| 2007-08-01 | 4.31 | 4.67 |
| 2007-09-01 | 4.01 | 4.52 |
| 2007-10-01 | 3.97 | 4.53 |
| 2007-11-01 | 3.34 | 4.15 |
| 2007-12-01 | 3.12 | 4.1 |
| 2008-01-01 | 2.48 | 3.74 |
| 2008-02-01 | 1.97 | 3.74 |
| 2008-03-01 | 1.62 | 3.51 |
| 2008-04-01 | 2.05 | 3.68 |
| 2008-05-01 | 2.45 | 3.88 |
| 2008-06-01 | 2.77 | 4.1 |
| 2008-07-01 | 2.57 | 4.01 |
| 2008-08-01 | 2.42 | 3.89 |
| 2008-09-01 | 2.08 | 3.69 |
| 2008-10-01 | 1.61 | 3.81 |
| 2008-11-01 | 1.21 | 3.53 |
| 2008-12-01 | 0.82 | 2.42 |
| 2009-01-01 | 0.81 | 2.52 |
| 2009-02-01 | 0.98 | 2.87 |
| 2009-03-01 | 0.93 | 2.82 |
| 2009-04-01 | 0.93 | 2.93 |
| 2009-05-01 | 0.93 | 3.29 |
| 2009-06-01 | 1.18 | 3.72 |
| 2009-07-01 | 1.02 | 3.56 |
| 2009-08-01 | 1.12 | 3.59 |
| 2009-09-01 | 0.96 | 3.4 |
| 2009-10-01 | 0.95 | 3.39 |
| 2009-11-01 | 0.8 | 3.4 |
| 2009-12-01 | 0.87 | 3.59 |
| 2010-01-01 | 0.93 | 3.73 |
| 2010-02-01 | 0.86 | 3.69 |
| 2010-03-01 | 0.96 | 3.73 |
| 2010-04-01 | 1.06 | 3.85 |
| 2010-05-01 | 0.83 | 3.42 |
| 2010-06-01 | 0.72 | 3.2 |
| 2010-07-01 | 0.62 | 3.01 |
| 2010-08-01 | 0.52 | 2.7 |
| 2010-09-01 | 0.48 | 2.65 |
| 2010-10-01 | 0.38 | 2.54 |
| 2010-11-01 | 0.45 | 2.76 |
| 2010-12-01 | 0.62 | 3.29 |
| 2011-01-01 | 0.61 | 3.39 |
| 2011-02-01 | 0.77 | 3.58 |
| 2011-03-01 | 0.7 | 3.41 |
| 2011-04-01 | 0.73 | 3.46 |
| 2011-05-01 | 0.56 | 3.17 |
| 2011-06-01 | 0.41 | 3 |
| 2011-07-01 | 0.41 | 3 |
| 2011-08-01 | 0.23 | 2.3 |
| 2011-09-01 | 0.21 | 1.98 |
| 2011-10-01 | 0.28 | 2.15 |
| 2011-11-01 | 0.25 | 2.01 |
| 2011-12-01 | 0.26 | 1.98 |
| 2012-01-01 | 0.24 | 1.97 |
| 2012-02-01 | 0.28 | 1.97 |
| 2012-03-01 | 0.34 | 2.17 |
| 2012-04-01 | 0.29 | 2.05 |
| 2012-05-01 | 0.29 | 1.8 |
| 2012-06-01 | 0.29 | 1.62 |
| 2012-07-01 | 0.25 | 1.53 |
| 2012-08-01 | 0.27 | 1.68 |
| 2012-09-01 | 0.26 | 1.72 |
| 2012-10-01 | 0.28 | 1.75 |
| 2012-11-01 | 0.27 | 1.65 |
| 2012-12-01 | 0.26 | 1.72 |
| 2013-01-01 | 0.27 | 1.91 |
| 2013-02-01 | 0.27 | 1.98 |
| 2013-03-01 | 0.26 | 1.96 |
| 2013-04-01 | 0.23 | 1.76 |
| 2013-05-01 | 0.25 | 1.93 |
| 2013-06-01 | 0.33 | 2.3 |
| 2013-07-01 | 0.34 | 2.58 |
| 2013-08-01 | 0.36 | 2.74 |
| 2013-09-01 | 0.4 | 2.81 |
| 2013-10-01 | 0.34 | 2.62 |
| 2013-11-01 | 0.3 | 2.72 |
| 2013-12-01 | 0.34 | 2.9 |
| 2014-01-01 | 0.39 | 2.86 |
| 2014-02-01 | 0.33 | 2.71 |
| 2014-03-01 | 0.4 | 2.72 |
| 2014-04-01 | 0.42 | 2.71 |
| 2014-05-01 | 0.39 | 2.56 |
| 2014-06-01 | 0.45 | 2.6 |
| 2014-07-01 | 0.51 | 2.54 |
| 2014-08-01 | 0.47 | 2.42 |
| 2014-09-01 | 0.57 | 2.53 |
| 2014-10-01 | 0.45 | 2.3 |
| 2014-11-01 | 0.53 | 2.33 |
| 2014-12-01 | 0.64 | 2.21 |
| 2015-01-01 | 0.55 | 1.88 |
| 2015-02-01 | 0.62 | 1.98 |
| 2015-03-01 | 0.64 | 2.04 |
| 2015-04-01 | 0.54 | 1.94 |
| 2015-05-01 | 0.61 | 2.2 |
| 2015-06-01 | 0.69 | 2.36 |
| 2015-07-01 | 0.67 | 2.32 |
| 2015-08-01 | 0.7 | 2.17 |
| 2015-09-01 | 0.71 | 2.17 |
| 2015-10-01 | 0.64 | 2.07 |
| 2015-11-01 | 0.88 | 2.26 |
| 2015-12-01 | 0.98 | 2.24 |
| 2016-01-01 | 0.9 | 2.09 |
| 2016-02-01 | 0.73 | 1.78 |
| 2016-03-01 | 0.88 | 1.89 |
| 2016-04-01 | 0.77 | 1.81 |
| 2016-05-01 | 0.82 | 1.81 |
| 2016-06-01 | 0.73 | 1.64 |
| 2016-07-01 | 0.67 | 1.5 |
| 2016-08-01 | 0.74 | 1.56 |
| 2016-09-01 | 0.77 | 1.63 |
| 2016-10-01 | 0.84 | 1.76 |
| 2016-11-01 | 0.98 | 2.14 |
| 2016-12-01 | 1.2 | 2.49 |
| 2017-01-01 | 1.21 | 2.43 |
| 2017-02-01 | 1.2 | 2.42 |
| 2017-03-01 | 1.31 | 2.48 |
| 2017-04-01 | 1.24 | 2.3 |
| 2017-05-01 | 1.3 | 2.3 |
| 2017-06-01 | 1.34 | 2.19 |
| 2017-07-01 | 1.37 | 2.32 |
| 2017-08-01 | 1.34 | 2.21 |
| 2017-09-01 | 1.38 | 2.2 |
| 2017-10-01 | 1.55 | 2.36 |
| 2017-11-01 | 1.7 | 2.35 |
| 2017-12-01 | 1.84 | 2.4 |
| 2018-01-01 | 2.03 | 2.58 |
| 2018-02-01 | 2.18 | 2.86 |
| 2018-03-01 | 2.28 | 2.84 |
| 2018-04-01 | 2.38 | 2.87 |
| 2018-05-01 | 2.51 | 2.98 |
| 2018-06-01 | 2.53 | 2.91 |
| 2018-07-01 | 2.61 | 2.89 |
| 2018-08-01 | 2.64 | 2.89 |
| 2018-09-01 | 2.77 | 3 |
| 2018-10-01 | 2.86 | 3.15 |
| 2018-11-01 | 2.86 | 3.12 |
| 2018-12-01 | 2.68 | 2.83 |
| 2019-01-01 | 2.54 | 2.71 |
| 2019-02-01 | 2.5 | 2.68 |
| 2019-03-01 | 2.41 | 2.57 |
| 2019-04-01 | 2.34 | 2.53 |
| 2019-05-01 | 2.21 | 2.4 |
| 2019-06-01 | 1.81 | 2.07 |
| 2019-07-01 | 1.84 | 2.06 |
| 2019-08-01 | 1.57 | 1.63 |
| 2019-09-01 | 1.65 | 1.7 |
| 2019-10-01 | 1.55 | 1.71 |
| 2019-11-01 | 1.61 | 1.81 |
| 2019-12-01 | 1.61 | 1.86 |
| 2020-01-01 | 1.52 | 1.76 |
| 2020-02-01 | 1.33 | 1.5 |
| 2020-03-01 | 0.45 | 0.87 |
| 2020-04-01 | 0.22 | 0.66 |
| 2020-05-01 | 0.17 | 0.67 |
| 2020-06-01 | 0.19 | 0.73 |
| 2020-07-01 | 0.15 | 0.62 |
| 2020-08-01 | 0.14 | 0.65 |
| 2020-09-01 | 0.13 | 0.68 |
| 2020-10-01 | 0.15 | 0.79 |
| 2020-11-01 | 0.17 | 0.87 |
| 2020-12-01 | 0.14 | 0.93 |
| 2021-01-01 | 0.13 | 1.08 |
| 2021-02-01 | 0.12 | 1.26 |
| 2021-03-01 | 0.15 | 1.61 |
| 2021-04-01 | 0.16 | 1.64 |
| 2021-05-01 | 0.16 | 1.62 |
| 2021-06-01 | 0.2 | 1.52 |
| 2021-07-01 | 0.22 | 1.32 |
| 2021-08-01 | 0.22 | 1.28 |
| 2021-09-01 | 0.24 | 1.37 |
| 2021-10-01 | 0.39 | 1.58 |
| 2021-11-01 | 0.51 | 1.56 |
| 2021-12-01 | 0.68 | 1.47 |
| 2022-01-01 | 0.98 | 1.76 |
| 2022-02-01 | 1.44 | 1.93 |
| 2022-03-01 | 1.91 | 2.13 |
| 2022-04-01 | 2.54 | 2.75 |
| 2022-05-01 | 2.62 | 2.9 |
| 2022-06-01 | 3 | 3.14 |
| 2022-07-01 | 3.04 | 2.9 |
| 2022-08-01 | 3.25 | 2.9 |
| 2022-09-01 | 3.86 | 3.52 |
| 2022-10-01 | 4.38 | 3.98 |
| 2022-11-01 | 4.5 | 3.89 |
| 2022-12-01 | 4.29 | 3.62 |
| 2023-01-01 | 4.21 | 3.53 |
| 2023-02-01 | 4.53 | 3.75 |
| 2023-03-01 | 4.3 | 3.66 |
| 2023-04-01 | 4.02 | 3.46 |
| 2023-05-01 | 4.13 | 3.57 |
| 2023-06-01 | 4.64 | 3.75 |
| 2023-07-01 | 4.83 | 3.9 |
| 2023-08-01 | 4.9 | 4.17 |
| 2023-09-01 | 5.02 | 4.38 |
| 2023-10-01 | 5.07 | 4.8 |
| 2023-11-01 | 4.88 | 4.5 |
| 2023-12-01 | 4.46 | 4.02 |
| 2024-01-01 | 4.32 | 4.06 |
| 2024-02-01 | 4.54 | 4.21 |
| 2024-03-01 | 4.59 | 4.21 |
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."
Return to text
Figure 1.2. An estimate of the nominal Treasury term premium remained relatively low
Percentage points
| Date | Term Premium |
|---|---|
| 1997-01-01 | 1.49387619608925 |
| 1997-02-01 | 1.42193889617920 |
| 1997-03-01 | 1.56349500417709 |
| 1997-04-01 | 1.66056819395585 |
| 1997-05-01 | 1.56349525565193 |
| 1997-06-01 | 1.48142857210977 |
| 1997-07-01 | 1.30218181826852 |
| 1997-08-01 | 1.33278094586872 |
| 1997-09-01 | 1.32660953203837 |
| 1997-10-01 | 1.21571363644166 |
| 1997-11-01 | 1.06898887952169 |
| 1997-12-01 | 0.99405455589294 |
| 1998-01-01 | 0.88231999874115 |
| 1998-02-01 | 0.91603158335937 |
| 1998-03-01 | 0.97421817616983 |
| 1998-04-01 | 0.97309047551382 |
| 1998-05-01 | 0.97581499814987 |
| 1998-06-01 | 0.88629545948722 |
| 1998-07-01 | 0.86406818303195 |
| 1998-08-01 | 0.79535714217595 |
| 1998-09-01 | 0.57252856805211 |
| 1998-10-01 | 0.61351904982612 |
| 1998-11-01 | 0.68882631314428 |
| 1998-12-01 | 0.59713182124225 |
| 1999-01-01 | 0.69821579205362 |
| 1999-02-01 | 0.84375788977272 |
| 1999-03-01 | 0.99568260234335 |
| 1999-04-01 | 0.97580000332424 |
| 1999-05-01 | 1.13935790563885 |
| 1999-06-01 | 1.32467727227644 |
| 1999-07-01 | 1.28947368421053 |
| 1999-08-01 | 1.35223636843941 |
| 1999-09-01 | 1.34805713381086 |
| 1999-10-01 | 1.44446498751640 |
| 1999-11-01 | 1.27639001011848 |
| 1999-12-01 | 1.35427726398815 |
| 2000-01-01 | 1.50946500301361 |
| 2000-02-01 | 1.38115000724792 |
| 2000-03-01 | 1.21349130506101 |
| 2000-04-01 | 1.04713683693033 |
| 2000-05-01 | 1.23775907538154 |
| 2000-06-01 | 1.05134545673024 |
| 2000-07-01 | 0.96387999653816 |
| 2000-08-01 | 0.82335217880166 |
| 2000-09-01 | 0.83604500293732 |
| 2000-10-01 | 0.74754286380041 |
| 2000-11-01 | 0.70152380920592 |
| 2000-12-01 | 0.52973000407219 |
| 2001-01-01 | 0.69438095887502 |
| 2001-02-01 | 0.77411052114085 |
| 2001-03-01 | 0.78375909274275 |
| 2001-04-01 | 1.06420498788357 |
| 2001-05-01 | 1.29313182288950 |
| 2001-06-01 | 1.29323333785647 |
| 2001-07-01 | 1.25510475749061 |
| 2001-08-01 | 1.17007391867430 |
| 2001-09-01 | 1.21610587484696 |
| 2001-10-01 | 1.27206818623976 |
| 2001-11-01 | 1.41033499240875 |
| 2001-12-01 | 1.78161498904228 |
| 2002-01-01 | 1.75319523470742 |
| 2002-02-01 | 1.65985790051912 |
| 2002-03-01 | 1.84941499829292 |
| 2002-04-01 | 1.80147726969285 |
| 2002-05-01 | 1.74901364066384 |
| 2002-06-01 | 1.59664998650551 |
| 2002-07-01 | 1.44536362452941 |
| 2002-08-01 | 1.20719091458754 |
| 2002-09-01 | 0.93414999544621 |
| 2002-10-01 | 0.98709090460431 |
| 2002-11-01 | 1.14546315920980 |
| 2002-12-01 | 1.15573809260414 |
| 2003-01-01 | 1.16111426694053 |
| 2003-02-01 | 1.06583157652303 |
| 2003-03-01 | 0.99284285874594 |
| 2003-04-01 | 1.08824284871419 |
| 2003-05-01 | 0.81813333148048 |
| 2003-06-01 | 0.67740952684766 |
| 2003-07-01 | 1.10343636436896 |
| 2003-08-01 | 1.45625713893345 |
| 2003-09-01 | 1.33401905354999 |
| 2003-10-01 | 1.32285455682061 |
| 2003-11-01 | 1.33156110843023 |
| 2003-12-01 | 1.31312273849141 |
| 2004-01-01 | 1.23159999251366 |
| 2004-02-01 | 1.18363158326400 |
| 2004-03-01 | 1.00030000572619 |
| 2004-04-01 | 1.34154762540545 |
| 2004-05-01 | 1.56125501394272 |
| 2004-06-01 | 1.48352380593618 |
| 2004-07-01 | 1.29254761763981 |
| 2004-08-01 | 1.12465454773469 |
| 2004-09-01 | 0.95767620347795 |
| 2004-10-01 | 0.89669500589371 |
| 2004-11-01 | 0.86949499249458 |
| 2004-12-01 | 0.83374090628191 |
| 2005-01-01 | 0.78052999973297 |
| 2005-02-01 | 0.68346842025456 |
| 2005-03-01 | 0.84596363251860 |
| 2005-04-01 | 0.72042381479627 |
| 2005-05-01 | 0.57196665803591 |
| 2005-06-01 | 0.44920908862894 |
| 2005-07-01 | 0.48403000086546 |
| 2005-08-01 | 0.47995217209277 |
| 2005-09-01 | 0.43298571308454 |
| 2005-10-01 | 0.52736499905586 |
| 2005-11-01 | 0.54386499524117 |
| 2005-12-01 | 0.48192857418742 |
| 2006-01-01 | 0.37166000157595 |
| 2006-02-01 | 0.42411578799549 |
| 2006-03-01 | 0.49160434759182 |
| 2006-04-01 | 0.61374210056506 |
| 2006-05-01 | 0.65898635983467 |
| 2006-06-01 | 0.61802272905003 |
| 2006-07-01 | 0.56058999896050 |
| 2006-08-01 | 0.44322173491768 |
| 2006-09-01 | 0.38348499685526 |
| 2006-10-01 | 0.36910476287206 |
| 2006-11-01 | 0.27474285733132 |
| 2006-12-01 | 0.27258000001311 |
| 2007-01-01 | 0.37589047494389 |
| 2007-02-01 | 0.35075789533163 |
| 2007-03-01 | 0.26522727039727 |
| 2007-04-01 | 0.35528571548916 |
| 2007-05-01 | 0.40774545479905 |
| 2007-06-01 | 0.66799999134881 |
| 2007-07-01 | 0.57876666670754 |
| 2007-08-01 | 0.53292173924653 |
| 2007-09-01 | 0.51194210428941 |
| 2007-10-01 | 0.53239091418006 |
| 2007-11-01 | 0.47749000191689 |
| 2007-12-01 | 0.52769000083208 |
| 2008-01-01 | 0.39703809931165 |
| 2008-02-01 | 0.63179000020027 |
| 2008-03-01 | 0.67179000675678 |
| 2008-04-01 | 0.77650454640389 |
| 2008-05-01 | 0.83594761575971 |
| 2008-06-01 | 0.92182857649667 |
| 2008-07-01 | 0.88442273031582 |
| 2008-08-01 | 0.79169048014141 |
| 2008-09-01 | 0.77657619828270 |
| 2008-10-01 | 1.10844090310010 |
| 2008-11-01 | 1.11563889516724 |
| 2008-12-01 | 0.50679544698108 |
| 2009-01-01 | 0.54770000129938 |
| 2009-02-01 | 0.74051052959342 |
| 2009-03-01 | 0.66835454377261 |
| 2009-04-01 | 0.67949048110417 |
| 2009-05-01 | 0.93476000130177 |
| 2009-06-01 | 1.27825456315821 |
| 2009-07-01 | 1.15004090829329 |
| 2009-08-01 | 1.17922379857018 |
| 2009-09-01 | 1.05722857656933 |
| 2009-10-01 | 1.02750476201375 |
| 2009-11-01 | 1.02790525712465 |
| 2009-12-01 | 1.10391820018942 |
| 2010-01-01 | 1.20727894180699 |
| 2010-02-01 | 1.15732631557866 |
| 2010-03-01 | 1.15418260512145 |
| 2010-04-01 | 1.22110000523654 |
| 2010-05-01 | 0.96019001007080 |
| 2010-06-01 | 0.82520454309203 |
| 2010-07-01 | 0.65829047134944 |
| 2010-08-01 | 0.42437727207487 |
| 2010-09-01 | 0.38724761775562 |
| 2010-10-01 | 0.27883500158787 |
| 2010-11-01 | 0.40001000016928 |
| 2010-12-01 | 0.80807272683490 |
| 2011-01-01 | 0.87370000183582 |
| 2011-02-01 | 1.01930526369496 |
| 2011-03-01 | 0.92058260803637 |
| 2011-04-01 | 0.96702499985695 |
| 2011-05-01 | 0.76268571331388 |
| 2011-06-01 | 0.60678636214950 |
| 2011-07-01 | 0.61241499632597 |
| 2011-08-01 | 0.15002608720375 |
| 2011-09-01 | -0.04311904777396 |
| 2011-10-01 | 0.06628000047058 |
| 2011-11-01 | -0.03269000025139 |
| 2011-12-01 | -0.06211428488383 |
| 2012-01-01 | -0.08969999980181 |
| 2012-02-01 | -0.11923000067473 |
| 2012-03-01 | 0.02389545535499 |
| 2012-04-01 | -0.05748571455479 |
| 2012-05-01 | -0.22107272425836 |
| 2012-06-01 | -0.33160952443168 |
| 2012-07-01 | -0.39998094666572 |
| 2012-08-01 | -0.29730869440929 |
| 2012-09-01 | -0.29425789258982 |
| 2012-10-01 | -0.28263809354532 |
| 2012-11-01 | -0.33052000105381 |
| 2012-12-01 | -0.29237999692559 |
| 2013-01-01 | -0.16697142769893 |
| 2013-02-01 | -0.11623157835320 |
| 2013-03-01 | -0.13496499992907 |
| 2013-04-01 | -0.25820454413241 |
| 2013-05-01 | -0.14679090899881 |
| 2013-06-01 | 0.13666999959969 |
| 2013-07-01 | 0.34681364216588 |
| 2013-08-01 | 0.46296817606146 |
| 2013-09-01 | 0.52462500482798 |
| 2013-10-01 | 0.36396363513036 |
| 2013-11-01 | 0.41019473577801 |
| 2013-12-01 | 0.55254285959970 |
| 2014-01-01 | 0.56326666190511 |
| 2014-02-01 | 0.45349474015989 |
| 2014-03-01 | 0.48433333493414 |
| 2014-04-01 | 0.50188095229013 |
| 2014-05-01 | 0.40066666830154 |
| 2014-06-01 | 0.43160476003374 |
| 2014-07-01 | 0.40733181752942 |
| 2014-08-01 | 0.34238095084826 |
| 2014-09-01 | 0.42512856778644 |
| 2014-10-01 | 0.27208181809295 |
| 2014-11-01 | 0.29303888811006 |
| 2014-12-01 | 0.21479091115973 |
| 2015-01-01 | 0.00559999986363 |
| 2015-02-01 | 0.06802105374242 |
| 2015-03-01 | 0.10264545540452 |
| 2015-04-01 | 0.01210454556514 |
| 2015-05-01 | 0.19097499921918 |
| 2015-06-01 | 0.29705454476855 |
| 2015-07-01 | 0.25926363400438 |
| 2015-08-01 | 0.13421904668212 |
| 2015-09-01 | 0.13599523724545 |
| 2015-10-01 | 0.07142857125118 |
| 2015-11-01 | 0.18211579009106 |
| 2015-12-01 | 0.12458181804554 |
| 2016-01-01 | 0.01171578942357 |
| 2016-02-01 | -0.19744000062347 |
| 2016-03-01 | -0.12342272766612 |
| 2016-04-01 | -0.17547619129930 |
| 2016-05-01 | -0.17419047511759 |
| 2016-06-01 | -0.28134545751593 |
| 2016-07-01 | -0.37813000231981 |
| 2016-08-01 | -0.34600869339445 |
| 2016-09-01 | -0.30391904711723 |
| 2016-10-01 | -0.23313999921084 |
| 2016-11-01 | -0.00042999796569 |
| 2016-12-01 | 0.23997142839999 |
| 2017-01-01 | 0.19487999975681 |
| 2017-02-01 | 0.18231052787680 |
| 2017-03-01 | 0.16156956618247 |
| 2017-04-01 | 0.00816315786429 |
| 2017-05-01 | -0.01639090893282 |
| 2017-06-01 | -0.12879090857777 |
| 2017-07-01 | -0.05971999955364 |
| 2017-08-01 | -0.12134782613620 |
| 2017-09-01 | -0.14099499881268 |
| 2017-10-01 | -0.05683333351321 |
| 2017-11-01 | -0.09271428627627 |
| 2017-12-01 | -0.08237500060350 |
| 2018-01-01 | -0.00222857172290 |
| 2018-02-01 | 0.13901052741628 |
| 2018-03-01 | 0.09334285637098 |
| 2018-04-01 | 0.08341904707430 |
| 2018-05-01 | 0.13237727264112 |
| 2018-06-01 | 0.07739047599690 |
| 2018-07-01 | 0.04093333315991 |
| 2018-08-01 | 0.01441304338084 |
| 2018-09-01 | 0.05396842076688 |
| 2018-10-01 | 0.11274999972772 |
| 2018-11-01 | 0.06526500037871 |
| 2018-12-01 | -0.13053157827572 |
| 2019-01-01 | -0.21357142783347 |
| 2019-02-01 | -0.23472631761902 |
| 2019-03-01 | -0.29969047719524 |
| 2019-04-01 | -0.31558571401097 |
| 2019-05-01 | -0.38693636384877 |
| 2019-06-01 | -0.53797999769449 |
| 2019-07-01 | -0.52849090912125 |
| 2019-08-01 | -0.74349545619705 |
| 2019-09-01 | -0.69248999655247 |
| 2019-10-01 | -0.62907726927237 |
| 2019-11-01 | -0.52113684855009 |
| 2019-12-01 | -0.48552857410340 |
| 2020-01-01 | -0.54832381010056 |
| 2020-02-01 | -0.70858420510041 |
| 2020-03-01 | -0.74760454893112 |
| 2020-04-01 | -0.83640476067861 |
| 2020-05-01 | -0.84864999651909 |
| 2020-06-01 | -0.83839544924823 |
| 2020-07-01 | -0.89669545130296 |
| 2020-08-01 | -0.88822380701701 |
| 2020-09-01 | -0.87314762104125 |
| 2020-10-01 | -0.80891904944465 |
| 2020-11-01 | -0.74806841737346 |
| 2020-12-01 | -0.71791363304312 |
| 2021-01-01 | -0.63408946677258 |
| 2021-02-01 | -0.51284210776028 |
| 2021-03-01 | -0.24336086796678 |
| 2021-04-01 | -0.21143181825226 |
| 2021-05-01 | -0.22790000140667 |
| 2021-06-01 | -0.27697727016427 |
| 2021-07-01 | -0.40305714096342 |
| 2021-08-01 | -0.42706363309513 |
| 2021-09-01 | -0.36504762158507 |
| 2021-10-01 | -0.20738499909639 |
| 2021-11-01 | -0.19846500083804 |
| 2021-12-01 | -0.26228181882338 |
| 2022-01-01 | -0.10475999936461 |
| 2022-02-01 | -0.07133157943424 |
| 2022-03-01 | -0.00709130355845 |
| 2022-04-01 | 0.28324999660254 |
| 2022-05-01 | 0.32105714082718 |
| 2022-06-01 | 0.32132857257412 |
| 2022-07-01 | -0.05631500021555 |
| 2022-08-01 | -0.17081304542396 |
| 2022-09-01 | 0.08192857081026 |
| 2022-10-01 | 0.21792500056326 |
| 2022-11-01 | 0.03666000082158 |
| 2022-12-01 | -0.21677619130129 |
| 2023-01-01 | -0.33284500129521 |
| 2023-02-01 | -0.23357368613544 |
| 2023-03-01 | -0.25125652081941 |
| 2023-04-01 | -0.42671999782324 |
| 2023-05-01 | -0.43282727084377 |
| 2023-06-01 | -0.35511428543500 |
| 2023-07-01 | -0.28868999704719 |
| 2023-08-01 | -0.13306956602584 |
| 2023-09-01 | 0.00368500044569 |
| 2023-10-01 | 0.29071428307465 |
| 2023-11-01 | 0.13320476246909 |
| 2023-12-01 | -0.16031499789096 |
| 2024-01-01 | -0.13113809483392 |
| 2024-02-01 | -0.03578000004636 |
| 2024-03-01 | -0.05266999976011 |
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.
Return to text
Figure 1.3. Interest rate volatility fell slightly but continued to be elevated by historical norms
Basis points
| Date | Implied Volatility of 10-Year Swap Rate |
|---|---|
| 2005-04-01 | 93.1407611818182 |
| 2005-05-01 | 87.2053020454545 |
| 2005-06-01 | 87.5994123636364 |
| 2005-07-01 | 89.3425940000000 |
| 2005-08-01 | 84.2202744347826 |
| 2005-09-01 | 83.8325441363636 |
| 2005-10-01 | 86.0325223333333 |
| 2005-11-01 | 87.1229912727273 |
| 2005-12-01 | 77.7070317272727 |
| 2006-01-01 | 75.8552282272727 |
| 2006-02-01 | 72.5708299500000 |
| 2006-03-01 | 72.1180623913043 |
| 2006-04-01 | 76.5682459500000 |
| 2006-05-01 | 74.3080899130435 |
| 2006-06-01 | 70.7608532727273 |
| 2006-07-01 | 69.4930483333333 |
| 2006-08-01 | 62.8133045217391 |
| 2006-09-01 | 62.7310715238095 |
| 2006-10-01 | 64.0431154545455 |
| 2006-11-01 | 67.6373596363636 |
| 2006-12-01 | 66.2340620000000 |
| 2007-01-01 | 66.4426889130435 |
| 2007-02-01 | 66.7878776000000 |
| 2007-03-01 | 70.8117155454545 |
| 2007-04-01 | 62.8650858095238 |
| 2007-05-01 | 58.1989928695652 |
| 2007-06-01 | 79.0500360952381 |
| 2007-07-01 | 82.6708996818182 |
| 2007-08-01 | 84.3294735217391 |
| 2007-09-01 | 97.0252322000000 |
| 2007-10-01 | 91.0426627826087 |
| 2007-11-01 | 97.0015865454545 |
| 2007-12-01 | 117.9762051904760 |
| 2008-01-01 | 133.4064236521740 |
| 2008-02-01 | 150.9233060952380 |
| 2008-03-01 | 163.9723355238100 |
| 2008-04-01 | 139.6435753636360 |
| 2008-05-01 | 126.3531985909090 |
| 2008-06-01 | 140.4754497619050 |
| 2008-07-01 | 127.8022199565220 |
| 2008-08-01 | 111.5671815714290 |
| 2008-09-01 | 141.1032905000000 |
| 2008-10-01 | 188.8759711304350 |
| 2008-11-01 | 205.8338857500000 |
| 2008-12-01 | 232.0306616956520 |
| 2009-01-01 | 169.8269715909090 |
| 2009-02-01 | 187.7330855000000 |
| 2009-03-01 | 157.2753674090910 |
| 2009-04-01 | 129.7365514545450 |
| 2009-05-01 | 153.2816031904760 |
| 2009-06-01 | 223.6558794090910 |
| 2009-07-01 | 197.7553324090910 |
| 2009-08-01 | 180.7456841904760 |
| 2009-09-01 | 147.8076396818180 |
| 2009-10-01 | 134.6450406363640 |
| 2009-11-01 | 112.4428005714290 |
| 2009-12-01 | 110.1041495000000 |
| 2010-01-01 | 109.9095010000000 |
| 2010-02-01 | 100.7843527000000 |
| 2010-03-01 | 90.5415333043478 |
| 2010-04-01 | 95.7845809090909 |
| 2010-05-01 | 108.3768390476190 |
| 2010-06-01 | 108.3489289545450 |
| 2010-07-01 | 91.2602745454545 |
| 2010-08-01 | 100.9084886818180 |
| 2010-09-01 | 110.9901589090910 |
| 2010-10-01 | 102.9314067142860 |
| 2010-11-01 | 109.1785347272730 |
| 2010-12-01 | 125.3473072272730 |
| 2011-01-01 | 113.2357514761900 |
| 2011-02-01 | 111.2275581500000 |
| 2011-03-01 | 110.3348527826090 |
| 2011-04-01 | 92.0810600500000 |
| 2011-05-01 | 89.4274393636364 |
| 2011-06-01 | 94.3602630909091 |
| 2011-07-01 | 101.4077653333330 |
| 2011-08-01 | 117.1096775217390 |
| 2011-09-01 | 121.0058491818180 |
| 2011-10-01 | 124.6392852380950 |
| 2011-11-01 | 125.2365083636360 |
| 2011-12-01 | 105.1092095909090 |
| 2012-01-01 | 86.8961869090909 |
| 2012-02-01 | 87.9287980476190 |
| 2012-03-01 | 92.8956355454546 |
| 2012-04-01 | 86.3847064761905 |
| 2012-05-01 | 78.4844144782609 |
| 2012-06-01 | 89.6806648095238 |
| 2012-07-01 | 72.8232575909091 |
| 2012-08-01 | 78.5166424347826 |
| 2012-09-01 | 75.8383667000000 |
| 2012-10-01 | 75.6908457391304 |
| 2012-11-01 | 67.6227298181818 |
| 2012-12-01 | 61.8341229047619 |
| 2013-01-01 | 67.3589163478261 |
| 2013-02-01 | 68.8840089000000 |
| 2013-03-01 | 64.7794116190476 |
| 2013-04-01 | 60.4505235000000 |
| 2013-05-01 | 69.0075274782609 |
| 2013-06-01 | 100.3947363000000 |
| 2013-07-01 | 104.7759794782610 |
| 2013-08-01 | 100.2640195000000 |
| 2013-09-01 | 101.2118931428570 |
| 2013-10-01 | 81.6170621739130 |
| 2013-11-01 | 74.5137228571429 |
| 2013-12-01 | 75.8982773636364 |
| 2014-01-01 | 70.3636708260870 |
| 2014-02-01 | 69.2855606000000 |
| 2014-03-01 | 65.5307374285714 |
| 2014-04-01 | 62.8501716666667 |
| 2014-05-01 | 61.4742948181818 |
| 2014-06-01 | 61.9679537142857 |
| 2014-07-01 | 59.6560042608696 |
| 2014-08-01 | 62.2641432380952 |
| 2014-09-01 | 65.4064466363636 |
| 2014-10-01 | 76.7030626956522 |
| 2014-11-01 | 67.4089236500000 |
| 2014-12-01 | 70.2256455652174 |
| 2015-01-01 | 87.0186313636364 |
| 2015-02-01 | 91.1326394500000 |
| 2015-03-01 | 84.3177593181818 |
| 2015-04-01 | 77.4148326818182 |
| 2015-05-01 | 86.7601392380952 |
| 2015-06-01 | 88.9114960000000 |
| 2015-07-01 | 82.9971814347826 |
| 2015-08-01 | 80.3195948500000 |
| 2015-09-01 | 79.7947395000000 |
| 2015-10-01 | 75.1609395454545 |
| 2015-11-01 | 72.1120120952381 |
| 2015-12-01 | 70.3005218260870 |
| 2016-01-01 | 76.2914845238095 |
| 2016-02-01 | 89.1231934761905 |
| 2016-03-01 | 78.9347058181818 |
| 2016-04-01 | 72.0117337619048 |
| 2016-05-01 | 69.0779673636364 |
| 2016-06-01 | 77.2490590000000 |
| 2016-07-01 | 76.8601374285714 |
| 2016-08-01 | 68.1436731739130 |
| 2016-09-01 | 67.2750649090909 |
| 2016-10-01 | 65.2515483809524 |
| 2016-11-01 | 83.5448066818182 |
| 2016-12-01 | 81.1593321363636 |
| 2017-01-01 | 81.1271510909091 |
| 2017-02-01 | 75.6451058000000 |
| 2017-03-01 | 69.9332405652174 |
| 2017-04-01 | 75.8273615000000 |
| 2017-05-01 | 62.2952567826087 |
| 2017-06-01 | 58.9056952272727 |
| 2017-07-01 | 59.5746184761905 |
| 2017-08-01 | 57.3938232608696 |
| 2017-09-01 | 58.1155528095238 |
| 2017-10-01 | 59.6366519545455 |
| 2017-11-01 | 52.3190709090909 |
| 2017-12-01 | 50.8717691904762 |
| 2018-01-01 | 55.5877003043478 |
| 2018-02-01 | 72.0271280000000 |
| 2018-03-01 | 63.4433651363636 |
| 2018-04-01 | 58.5823622857143 |
| 2018-05-01 | 58.5377230000000 |
| 2018-06-01 | 57.8168248095238 |
| 2018-07-01 | 53.9075479545455 |
| 2018-08-01 | 52.7038092608696 |
| 2018-09-01 | 51.7013490000000 |
| 2018-10-01 | 58.2089809130435 |
| 2018-11-01 | 57.7368546363636 |
| 2018-12-01 | 59.4768278095238 |
| 2019-01-01 | 56.8872852608696 |
| 2019-02-01 | 50.9286239500000 |
| 2019-03-01 | 52.1450475238095 |
| 2019-04-01 | 51.7224289090909 |
| 2019-05-01 | 57.2293738260870 |
| 2019-06-01 | 68.6766383000000 |
| 2019-07-01 | 62.1373200000000 |
| 2019-08-01 | 81.9997485454546 |
| 2019-09-01 | 82.1033849523809 |
| 2019-10-01 | 78.1486783478261 |
| 2019-11-01 | 66.9196303809524 |
| 2019-12-01 | 64.9177692272727 |
| 2020-01-01 | 63.7826934782609 |
| 2020-02-01 | 76.3504349000000 |
| 2020-03-01 | 128.1982829090910 |
| 2020-04-01 | 79.1194908181818 |
| 2020-05-01 | 62.0802865714286 |
| 2020-06-01 | 68.1176147272727 |
| 2020-07-01 | 56.0211723913043 |
| 2020-08-01 | 54.0961076666667 |
| 2020-09-01 | 49.9714252727273 |
| 2020-10-01 | 68.7694889545455 |
| 2020-11-01 | 57.2393500952381 |
| 2020-12-01 | 58.7475827391304 |
| 2021-01-01 | 58.6661465714286 |
| 2021-02-01 | 68.8616019500000 |
| 2021-03-01 | 82.8590066956522 |
| 2021-04-01 | 76.9544033181818 |
| 2021-05-01 | 69.6327573333333 |
| 2021-06-01 | 66.3641393636364 |
| 2021-07-01 | 73.0951925454546 |
| 2021-08-01 | 75.2578712727273 |
| 2021-09-01 | 69.0911080000000 |
| 2021-10-01 | 73.5020376666667 |
| 2021-11-01 | 79.6158680454545 |
| 2021-12-01 | 80.1248898695652 |
| 2022-01-01 | 81.8231407142857 |
| 2022-02-01 | 88.6890586500000 |
| 2022-03-01 | 108.6102514782610 |
| 2022-04-01 | 119.3662450000000 |
| 2022-05-01 | 114.9301181818180 |
| 2022-06-01 | 119.7093215909090 |
| 2022-07-01 | 122.7566329523810 |
| 2022-08-01 | 111.6782608695650 |
| 2022-09-01 | 127.0818181818180 |
| 2022-10-01 | 138.3523809523810 |
| 2022-11-01 | 126.5545454545450 |
| 2022-12-01 | 125.8590909090910 |
| 2023-01-01 | 111.9090909090910 |
| 2023-02-01 | 105.9850000000000 |
| 2023-03-01 | 120.6956521739130 |
| 2023-04-01 | 112.9050000000000 |
| 2023-05-01 | 115.9173913043480 |
| 2023-06-01 | 106.7772727272730 |
| 2023-07-01 | 108.0095238095240 |
| 2023-08-01 | 115.3739130434780 |
| 2023-09-01 | 112.3571428571430 |
| 2023-10-01 | 129.3863636363640 |
| 2023-11-01 | 117.2909090909090 |
| 2023-12-01 | 112.5857142857140 |
| 2024-01-01 | 107.9869565217390 |
| 2024-02-01 | 108.1476190476190 |
| 2024-03-01 | 101.3190476190480 |
Note: The data begin in April 2005. Implied volatility on the 10-year swap rate, 1 month ahead, is derived from swaptions.
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.
Return to text
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 |
|---|---|
| 1989-01-01 | 10.0642041004352 |
| 1989-02-01 | 10.1351785277036 |
| 1989-03-01 | 10.1118922462201 |
| 1989-04-01 | 10.4207590726509 |
| 1989-05-01 | 10.7228446891080 |
| 1989-06-01 | 10.8504116333394 |
| 1989-07-01 | 11.2392594036221 |
| 1989-08-01 | 11.5544806266731 |
| 1989-09-01 | 11.5054534466439 |
| 1989-10-01 | 11.4766417155518 |
| 1989-11-01 | 11.5116562988962 |
| 1989-12-01 | 11.8812905010920 |
| 1990-01-01 | 11.5253301676757 |
| 1990-02-01 | 11.2996436482706 |
| 1990-03-01 | 11.4928153778434 |
| 1990-04-01 | 11.6485959646005 |
| 1990-05-01 | 12.0714446710221 |
| 1990-06-01 | 12.3791505291935 |
| 1990-07-01 | 12.3891135597196 |
| 1990-08-01 | 11.5099674895943 |
| 1990-09-01 | 10.7870645246304 |
| 1990-10-01 | 10.3021545599654 |
| 1990-11-01 | 11.1825864275695 |
| 1990-12-01 | 11.6620618537876 |
| 1991-01-01 | 11.2520631617467 |
| 1991-02-01 | 13.4297373973324 |
| 1991-03-01 | 13.7676511619486 |
| 1991-04-01 | 14.4448937578081 |
| 1991-05-01 | 13.6412911081324 |
| 1991-06-01 | 13.9019610555980 |
| 1991-07-01 | 14.1587352437613 |
| 1991-08-01 | 14.3984685279974 |
| 1991-09-01 | 14.2098281900941 |
| 1991-10-01 | 14.3177036674953 |
| 1991-11-01 | 14.4579694647543 |
| 1991-12-01 | 14.0147931972351 |
| 1992-01-01 | 15.3733240239014 |
| 1992-02-01 | 15.0166156856854 |
| 1992-03-01 | 14.8698923112736 |
| 1992-04-01 | 14.8084722682607 |
| 1992-05-01 | 14.7012566468572 |
| 1992-06-01 | 14.0119323477933 |
| 1992-07-01 | 14.4288994144297 |
| 1992-08-01 | 14.4492792036095 |
| 1992-09-01 | 14.4067638714479 |
| 1992-10-01 | 14.0007456665535 |
| 1992-11-01 | 14.5131946779659 |
| 1992-12-01 | 14.7028563487786 |
| 1993-01-01 | 14.6080305648220 |
| 1993-02-01 | 14.6587228139057 |
| 1993-03-01 | 15.0087911001116 |
| 1993-04-01 | 15.0293979690151 |
| 1993-05-01 | 14.7210841779365 |
| 1993-06-01 | 14.6369471028704 |
| 1993-07-01 | 14.6337185703868 |
| 1993-08-01 | 14.7630294485469 |
| 1993-09-01 | 14.8018281543635 |
| 1993-10-01 | 14.6403330198253 |
| 1993-11-01 | 14.6645709081992 |
| 1993-12-01 | 14.4751595360612 |
| 1994-01-01 | 14.7450744677096 |
| 1994-02-01 | 14.6015699627999 |
| 1994-03-01 | 14.3344033038633 |
| 1994-04-01 | 13.4596920513799 |
| 1994-05-01 | 13.4202863736397 |
| 1994-06-01 | 13.4712142158110 |
| 1994-07-01 | 13.0052681175532 |
| 1994-08-01 | 13.2082079828365 |
| 1994-09-01 | 13.1110084606934 |
| 1994-10-01 | 12.9187629694705 |
| 1994-11-01 | 12.5574041986423 |
| 1994-12-01 | 12.0890353997795 |
| 1995-01-01 | 12.3126519658941 |
| 1995-02-01 | 12.4846693022309 |
| 1995-03-01 | 12.5091571942069 |
| 1995-04-01 | 12.6617743349616 |
| 1995-05-01 | 12.9077616132025 |
| 1995-06-01 | 13.0562649494836 |
| 1995-07-01 | 13.3014044029565 |
| 1995-08-01 | 13.3508512326715 |
| 1995-09-01 | 13.6719030292704 |
| 1995-10-01 | 13.7722621172874 |
| 1995-11-01 | 13.8051714342521 |
| 1995-12-01 | 14.3198703612651 |
| 1996-01-01 | 14.0111990808930 |
| 1996-02-01 | 15.2296363731547 |
| 1996-03-01 | 14.8043570617285 |
| 1996-04-01 | 14.7865508354932 |
| 1996-05-01 | 15.1905957553161 |
| 1996-06-01 | 14.7279453444068 |
| 1996-07-01 | 14.4050285357334 |
| 1996-08-01 | 14.9198407030755 |
| 1996-09-01 | 15.2446849445196 |
| 1996-10-01 | 15.6118248760686 |
| 1996-11-01 | 16.0706498518185 |
| 1996-12-01 | 15.8458912292950 |
| 1997-01-01 | 16.4576680119022 |
| 1997-02-01 | 17.3592229505404 |
| 1997-03-01 | 16.6477699918784 |
| 1997-04-01 | 16.0273439394106 |
| 1997-05-01 | 17.3853457016968 |
| 1997-06-01 | 18.3931881211402 |
| 1997-07-01 | 19.2280005865275 |
| 1997-08-01 | 18.6788110161274 |
| 1997-09-01 | 18.9185335938964 |
| 1997-10-01 | 19.1994215237027 |
| 1997-11-01 | 18.6019105974642 |
| 1997-12-01 | 18.8729138031310 |
| 1998-01-01 | 18.6650034687728 |
| 1998-02-01 | 20.3669601330907 |
| 1998-03-01 | 21.4253585433257 |
| 1998-04-01 | 21.9020057955050 |
| 1998-05-01 | 21.6885495932345 |
| 1998-06-01 | 21.4202767974114 |
| 1998-07-01 | 22.7745506545565 |
| 1998-08-01 | 21.1679008585543 |
| 1998-09-01 | 20.0165228950352 |
| 1998-10-01 | 19.2754072745377 |
| 1998-11-01 | 22.0211043312729 |
| 1998-12-01 | 22.3010226324535 |
| 1999-01-01 | 23.7010191646146 |
| 1999-02-01 | 23.5293776819871 |
| 1999-03-01 | 24.7257169346688 |
| 1999-04-01 | 24.9502254591470 |
| 1999-05-01 | 24.7376864132027 |
| 1999-06-01 | 24.2960595118963 |
| 1999-07-01 | 25.4371035829107 |
| 1999-08-01 | 23.9049826729959 |
| 1999-09-01 | 23.4638389210304 |
| 1999-10-01 | 22.5467256311648 |
| 1999-11-01 | 24.4968203960140 |
| 1999-12-01 | 24.4215149840605 |
| 2000-01-01 | 24.8524227671678 |
| 2000-02-01 | 24.0255889542090 |
| 2000-03-01 | 23.7295651532395 |
| 2000-04-01 | 23.9131148640033 |
| 2000-05-01 | 23.8836044378258 |
| 2000-06-01 | 24.0995670787461 |
| 2000-07-01 | 24.0958175369778 |
| 2000-08-01 | 23.8545838586837 |
| 2000-09-01 | 23.8565753873583 |
| 2000-10-01 | 21.4410420929036 |
| 2000-11-01 | 22.2487933361038 |
| 2000-12-01 | 22.1000443693441 |
| 2001-01-01 | 21.9800191946399 |
| 2001-02-01 | 22.1005594615803 |
| 2001-03-01 | 19.7213721428790 |
| 2001-04-01 | 21.4098817133144 |
| 2001-05-01 | 22.2362968706407 |
| 2001-06-01 | 21.6731573132958 |
| 2001-07-01 | 21.6060912361179 |
| 2001-08-01 | 21.1659295675508 |
| 2001-09-01 | 18.4182139034709 |
| 2001-10-01 | 20.3745288143425 |
| 2001-11-01 | 21.4952535556687 |
| 2001-12-01 | 21.5712908975611 |
| 2002-01-01 | 21.0017915239501 |
| 2002-02-01 | 20.4682927801969 |
| 2002-03-01 | 20.7499019266520 |
| 2002-04-01 | 20.1691207958640 |
| 2002-05-01 | 19.3993497822044 |
| 2002-06-01 | 18.1122606516339 |
| 2002-07-01 | 16.1427558386424 |
| 2002-08-01 | 16.5998982014364 |
| 2002-09-01 | 15.7178472432077 |
| 2002-10-01 | 15.7758124045756 |
| 2002-11-01 | 16.0232602624122 |
| 2002-12-01 | 16.1214994318098 |
| 2003-01-01 | 16.4824698708600 |
| 2003-02-01 | 15.3421065680945 |
| 2003-03-01 | 15.7071724109081 |
| 2003-04-01 | 15.6796728500434 |
| 2003-05-01 | 16.5637852909061 |
| 2003-06-01 | 17.6909926511214 |
| 2003-07-01 | 17.2749947028794 |
| 2003-08-01 | 16.9374674060014 |
| 2003-09-01 | 17.4143520377129 |
| 2003-10-01 | 17.5055024483919 |
| 2003-11-01 | 17.1017666689584 |
| 2003-12-01 | 17.4299196211811 |
| 2004-01-01 | 18.0966656554652 |
| 2004-02-01 | 18.0921393153315 |
| 2004-03-01 | 17.3975908526079 |
| 2004-04-01 | 17.1059407678062 |
| 2004-05-01 | 15.9759396712240 |
| 2004-06-01 | 16.4112064237897 |
| 2004-07-01 | 15.9264261167857 |
| 2004-08-01 | 15.5140446712195 |
| 2004-09-01 | 15.7701948964300 |
| 2004-10-01 | 15.4842476577299 |
| 2004-11-01 | 16.1684935214670 |
| 2004-12-01 | 16.3213956962421 |
| 2005-01-01 | 15.9518142126453 |
| 2005-02-01 | 16.1662969568544 |
| 2005-03-01 | 15.6432295065534 |
| 2005-04-01 | 15.3024404778722 |
| 2005-05-01 | 15.2772492971762 |
| 2005-06-01 | 15.4143339294562 |
| 2005-07-01 | 15.4071892725404 |
| 2005-08-01 | 15.1376219514918 |
| 2005-09-01 | 14.9539231921628 |
| 2005-10-01 | 14.3352217875791 |
| 2005-11-01 | 14.6103020109322 |
| 2005-12-01 | 14.9788317527463 |
| 2006-01-01 | 14.9036136488607 |
| 2006-02-01 | 14.9322906372015 |
| 2006-03-01 | 15.0622206343863 |
| 2006-04-01 | 14.9922158568980 |
| 2006-05-01 | 14.2956520270790 |
| 2006-06-01 | 13.6920412774534 |
| 2006-07-01 | 13.9018656622377 |
| 2006-08-01 | 14.1250561969898 |
| 2006-09-01 | 14.2612911445694 |
| 2006-10-01 | 14.6542040923097 |
| 2006-11-01 | 14.8070524198371 |
| 2006-12-01 | 14.8246715656549 |
| 2007-01-01 | 15.0136351345782 |
| 2007-02-01 | 15.3892947314649 |
| 2007-03-01 | 14.5559652362442 |
| 2007-04-01 | 15.3150548160842 |
| 2007-05-01 | 15.5081074029821 |
| 2007-06-01 | 15.2972075726326 |
| 2007-07-01 | 15.4096842090421 |
| 2007-08-01 | 13.8716348166020 |
| 2007-09-01 | 15.0078786405010 |
| 2007-10-01 | 15.0147178674359 |
| 2007-11-01 | 14.3219244498574 |
| 2007-12-01 | 14.1969321826872 |
| 2008-01-01 | 13.4918915319416 |
| 2008-02-01 | 13.6770449749573 |
| 2008-03-01 | 13.0897547032142 |
| 2008-04-01 | 13.8053644963333 |
| 2008-05-01 | 14.3036525519596 |
| 2008-06-01 | 13.5080907651354 |
| 2008-07-01 | 12.5966395499155 |
| 2008-08-01 | 13.2893321467503 |
| 2008-09-01 | 12.0093578073256 |
| 2008-10-01 | 9.9318329213557 |
| 2008-11-01 | 9.7367465570831 |
| 2008-12-01 | 11.8730480320341 |
| 2009-01-01 | 11.4801309882739 |
| 2009-02-01 | 12.4581659513670 |
| 2009-03-01 | 12.4236915485468 |
| 2009-04-01 | 13.5116428176185 |
| 2009-05-01 | 14.6566754241186 |
| 2009-06-01 | 14.7265105693616 |
| 2009-07-01 | 14.7961580116896 |
| 2009-08-01 | 15.2017579149890 |
| 2009-09-01 | 15.9111503050052 |
| 2009-10-01 | 15.8536049171995 |
| 2009-11-01 | 15.1214375656104 |
| 2009-12-01 | 14.8891212062393 |
| 2010-01-01 | 14.8025979666784 |
| 2010-02-01 | 13.8091414998773 |
| 2010-03-01 | 14.4371052248703 |
| 2010-04-01 | 14.8231570236257 |
| 2010-05-01 | 12.9864828391494 |
| 2010-06-01 | 12.8167461676147 |
| 2010-07-01 | 12.4947046545179 |
| 2010-08-01 | 12.1003667402263 |
| 2010-09-01 | 12.3539276932622 |
| 2010-10-01 | 12.8366964759288 |
| 2010-11-01 | 12.5672398714282 |
| 2010-12-01 | 13.0317030449426 |
| 2011-01-01 | 13.2143960591698 |
| 2011-02-01 | 13.7053872409754 |
| 2011-03-01 | 12.6071998036253 |
| 2011-04-01 | 12.9702091001044 |
| 2011-05-01 | 12.8954180988548 |
| 2011-06-01 | 12.0666989300472 |
| 2011-07-01 | 12.6376440204923 |
| 2011-08-01 | 11.2820672894418 |
| 2011-09-01 | 11.2423592676524 |
| 2011-10-01 | 11.4984973126867 |
| 2011-11-01 | 11.6743764756942 |
| 2011-12-01 | 11.4047421189985 |
| 2012-01-01 | 12.3284610785806 |
| 2012-02-01 | 12.6339190258947 |
| 2012-03-01 | 12.9633528407449 |
| 2012-04-01 | 12.6564970125371 |
| 2012-05-01 | 12.0117862446820 |
| 2012-06-01 | 11.8910142644773 |
| 2012-07-01 | 12.5919771646056 |
| 2012-08-01 | 12.9173911712853 |
| 2012-09-01 | 13.3366589345093 |
| 2012-10-01 | 13.2080657632062 |
| 2012-11-01 | 12.1866166585069 |
| 2012-12-01 | 12.8556281783628 |
| 2013-01-01 | 13.1194077811375 |
| 2013-02-01 | 13.5304859215612 |
| 2013-03-01 | 13.7170526639079 |
| 2013-04-01 | 13.5910511828577 |
| 2013-05-01 | 14.4775023979513 |
| 2013-06-01 | 14.1017245235448 |
| 2013-07-01 | 14.5078041217903 |
| 2013-08-01 | 14.5798854005687 |
| 2013-09-01 | 14.8364575387916 |
| 2013-10-01 | 14.7113422962906 |
| 2013-11-01 | 15.0316866360930 |
| 2013-12-01 | 15.1988757168877 |
| 2014-01-01 | 15.4248175864551 |
| 2014-02-01 | 15.4338393754973 |
| 2014-03-01 | 15.6027065746791 |
| 2014-04-01 | 15.4957603050171 |
| 2014-05-01 | 15.4501929377274 |
| 2014-06-01 | 15.8287425554734 |
| 2014-07-01 | 15.9659101689999 |
| 2014-08-01 | 15.5474166716045 |
| 2014-09-01 | 15.8920957223448 |
| 2014-10-01 | 14.7599887576360 |
| 2014-11-01 | 16.1899130221622 |
| 2014-12-01 | 16.1131035842842 |
| 2015-01-01 | 16.2283076849354 |
| 2015-02-01 | 17.3507177718087 |
| 2015-03-01 | 17.2720142982500 |
| 2015-04-01 | 17.2856618571758 |
| 2015-05-01 | 17.0892184592933 |
| 2015-06-01 | 16.9590785982327 |
| 2015-07-01 | 16.9774450741791 |
| 2015-08-01 | 16.7533674541663 |
| 2015-09-01 | 16.0927541868382 |
| 2015-10-01 | 16.1399198814842 |
| 2015-11-01 | 16.7966149570643 |
| 2015-12-01 | 16.6871911987418 |
| 2016-01-01 | 15.2963724320877 |
| 2016-02-01 | 15.9109375981050 |
| 2016-03-01 | 16.7096594993403 |
| 2016-04-01 | 17.0917911605184 |
| 2016-05-01 | 16.6743988424736 |
| 2016-06-01 | 16.7458135049560 |
| 2016-07-01 | 17.3983444287421 |
| 2016-08-01 | 17.5193242795995 |
| 2016-09-01 | 16.9184989610450 |
| 2016-10-01 | 16.8904141860746 |
| 2016-11-01 | 16.9469515309043 |
| 2016-12-01 | 17.3279856476856 |
| 2017-01-01 | 17.2756616617434 |
| 2017-02-01 | 17.9103480024804 |
| 2017-03-01 | 18.0366846463876 |
| 2017-04-01 | 17.5409558534353 |
| 2017-05-01 | 17.4949360001073 |
| 2017-06-01 | 17.9097418837352 |
| 2017-07-01 | 18.2286600460627 |
| 2017-08-01 | 18.0945478475706 |
| 2017-09-01 | 18.1818373629954 |
| 2017-10-01 | 18.4437240185425 |
| 2017-11-01 | 18.1457879102924 |
| 2017-12-01 | 18.6376692915424 |
| 2018-01-01 | 18.7262484885268 |
| 2018-02-01 | 17.2803988036018 |
| 2018-03-01 | 17.3747047772781 |
| 2018-04-01 | 16.9213576865824 |
| 2018-05-01 | 16.6826816938149 |
| 2018-06-01 | 16.8409652987132 |
| 2018-07-01 | 17.0294750151743 |
| 2018-08-01 | 16.8204268095450 |
| 2018-09-01 | 17.2089760095866 |
| 2018-10-01 | 16.4932581451517 |
| 2018-11-01 | 15.7182948940772 |
| 2018-12-01 | 14.6494181498620 |
| 2019-01-01 | 15.4545056397489 |
| 2019-02-01 | 16.3429455334446 |
| 2019-03-01 | 16.6014790238239 |
| 2019-04-01 | 17.0782994682097 |
| 2019-05-01 | 16.6613495040966 |
| 2019-06-01 | 17.0282970780038 |
| 2019-07-01 | 17.4493702847224 |
| 2019-08-01 | 16.5422933240280 |
| 2019-09-01 | 17.4027941522372 |
| 2019-10-01 | 17.3126802778573 |
| 2019-11-01 | 17.8327729256194 |
| 2019-12-01 | 18.2514893671885 |
| 2020-01-01 | 18.7318433855344 |
| 2020-02-01 | 19.2709514596588 |
| 2020-03-01 | 14.1255861110428 |
| 2020-04-01 | 18.9302812691237 |
| 2020-05-01 | 20.5186351556240 |
| 2020-06-01 | 22.3998783273015 |
| 2020-07-01 | 23.0964175619734 |
| 2020-08-01 | 23.0978354058033 |
| 2020-09-01 | 22.6400443011802 |
| 2020-10-01 | 22.8106531500594 |
| 2020-11-01 | 22.2430885768087 |
| 2020-12-01 | 22.5579907811605 |
| 2021-01-01 | 23.0474493328223 |
| 2021-02-01 | 22.7579449513680 |
| 2021-03-01 | 22.4526301518681 |
| 2021-04-01 | 22.6454310611863 |
| 2021-05-01 | 21.3305491808641 |
| 2021-06-01 | 21.5963588323736 |
| 2021-07-01 | 22.1795072897431 |
| 2021-08-01 | 21.4373170710150 |
| 2021-09-01 | 21.6306098396725 |
| 2021-10-01 | 20.8064613602203 |
| 2021-11-01 | 21.8409008986592 |
| 2021-12-01 | 21.6016861564222 |
| 2022-01-01 | 20.5507579015692 |
| 2022-02-01 | 19.9604191188382 |
| 2022-03-01 | 19.1290110516015 |
| 2022-04-01 | 19.3246377044504 |
| 2022-05-01 | 16.8647924579843 |
| 2022-06-01 | 16.1620783346285 |
| 2022-07-01 | 16.3363668462096 |
| 2022-08-01 | 18.6068020769167 |
| 2022-09-01 | 17.1123905624570 |
| 2022-10-01 | 16.1646032750192 |
| 2022-11-01 | 17.5808992672092 |
| 2022-12-01 | 17.6433402431891 |
| 2023-01-01 | 17.4916138057654 |
| 2023-02-01 | 18.6618155856315 |
| 2023-03-01 | 17.4155807384435 |
| 2023-04-01 | 18.5735193903040 |
| 2023-05-01 | 18.4147376085252 |
| 2023-06-01 | 19.1935698596523 |
| 2023-07-01 | 20.1600647215234 |
| 2023-08-01 | 19.1070901189196 |
| 2023-09-01 | 19.1319115027220 |
| 2023-10-01 | 18.3089857899012 |
| 2023-11-01 | 18.8824473217250 |
| 2023-12-01 | 19.4746505860349 |
| 2024-01-01 | 19.5766519421527 |
| 2024-02-01 | 20.4711457297532 |
| 2024-03-01 | 20.8097539359783 |
Note: The figure shows the aggregate forward price-to-earnings ratio of Standard & Poor's (S&P) 500 firms, based on expected earnings for 12 months ahead. The median value is 15.64 ratio.
Source: Refinitiv, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.refinitiv.com/en/financial-data/company-data/institutional-brokers-estimate-system-ibes
Return to text
Figure 1.5. An estimate of the equity premium fell further below its historical median
Percentage points
| Date | Spread |
|---|---|
| 1991-10-01 | 3.31273360602933 |
| 1991-11-01 | 3.29699872273821 |
| 1991-12-01 | 3.80530647491709 |
| 1992-01-01 | 2.88087560859424 |
| 1992-02-01 | 2.79500613189168 |
| 1992-03-01 | 2.73271320411514 |
| 1992-04-01 | 3.00402419565771 |
| 1992-05-01 | 3.14273499083780 |
| 1992-06-01 | 3.59381579580855 |
| 1992-07-01 | 3.57441077942668 |
| 1992-08-01 | 3.78322211639405 |
| 1992-09-01 | 3.92844126543843 |
| 1992-10-01 | 3.83837994024281 |
| 1992-11-01 | 3.38410059432048 |
| 1992-12-01 | 3.38594812094295 |
| 1993-01-01 | 3.48979985098156 |
| 1993-02-01 | 3.80604430773826 |
| 1993-03-01 | 3.87431938653222 |
| 1993-04-01 | 4.09323900090521 |
| 1993-05-01 | 4.22507816087965 |
| 1993-06-01 | 4.40833920366495 |
| 1993-07-01 | 4.33092569202072 |
| 1993-08-01 | 4.35459239050371 |
| 1993-09-01 | 4.64893768153862 |
| 1993-10-01 | 4.76786197487311 |
| 1993-11-01 | 4.38570124549905 |
| 1993-12-01 | 4.44619951245064 |
| 1994-01-01 | 4.35771664620068 |
| 1994-02-01 | 4.18053157149611 |
| 1994-03-01 | 3.79520399479644 |
| 1994-04-01 | 3.82661108131632 |
| 1994-05-01 | 3.67645808628890 |
| 1994-06-01 | 3.73637364017627 |
| 1994-07-01 | 3.79914900236774 |
| 1994-08-01 | 3.75039104536865 |
| 1994-09-01 | 3.58191503577891 |
| 1994-10-01 | 3.43766115105621 |
| 1994-11-01 | 3.46549945388495 |
| 1994-12-01 | 3.88647761941905 |
| 1995-01-01 | 3.54204716950000 |
| 1995-02-01 | 3.76072369490000 |
| 1995-03-01 | 3.98380191687977 |
| 1995-04-01 | 4.09008593725384 |
| 1995-05-01 | 4.38150648807950 |
| 1995-06-01 | 4.72173706003636 |
| 1995-07-01 | 4.32248373797545 |
| 1995-08-01 | 4.08471670689548 |
| 1995-09-01 | 4.18051167854780 |
| 1995-10-01 | 4.11660466303124 |
| 1995-11-01 | 4.21786811235324 |
| 1995-12-01 | 4.15822487614570 |
| 1996-01-01 | 4.36917718179476 |
| 1996-02-01 | 3.64650168723885 |
| 1996-03-01 | 3.34520172741229 |
| 1996-04-01 | 3.09553806956768 |
| 1996-05-01 | 2.74435208651186 |
| 1996-06-01 | 2.80571915039495 |
| 1996-07-01 | 3.03367549670268 |
| 1996-08-01 | 3.03045505118195 |
| 1996-09-01 | 2.65485765170050 |
| 1996-10-01 | 2.80366510454795 |
| 1996-11-01 | 2.94408770344958 |
| 1996-12-01 | 2.95249485862662 |
| 1997-01-01 | 2.45611642345990 |
| 1997-02-01 | 2.28068148909389 |
| 1997-03-01 | 2.22102337752530 |
| 1997-04-01 | 2.11242439348368 |
| 1997-05-01 | 1.81476541447943 |
| 1997-06-01 | 1.69470305149229 |
| 1997-07-01 | 1.87930506209582 |
| 1997-08-01 | 1.93189680568010 |
| 1997-09-01 | 1.93814937699938 |
| 1997-10-01 | 1.68115369847904 |
| 1997-11-01 | 2.02955669837511 |
| 1997-12-01 | 2.04433911512786 |
| 1998-01-01 | 2.29398570628390 |
| 1998-02-01 | 1.77877660623000 |
| 1998-03-01 | 1.46024535242118 |
| 1998-04-01 | 1.26821891956067 |
| 1998-05-01 | 1.28896554521285 |
| 1998-06-01 | 1.50267497322118 |
| 1998-07-01 | 1.27850512820859 |
| 1998-08-01 | 1.75729744847876 |
| 1998-09-01 | 2.48073621404038 |
| 1998-10-01 | 2.85911502572590 |
| 1998-11-01 | 1.96121045955216 |
| 1998-12-01 | 2.04259786059159 |
| 1999-01-01 | 1.44202973797905 |
| 1999-02-01 | 1.20167970179689 |
| 1999-03-01 | 0.75735862587665 |
| 1999-04-01 | 1.00753148545467 |
| 1999-05-01 | 0.71484515676079 |
| 1999-06-01 | 0.43059349997514 |
| 1999-07-01 | 0.32929105701205 |
| 1999-08-01 | 0.39672714054723 |
| 1999-09-01 | 0.45658272396905 |
| 1999-10-01 | 0.42676889711270 |
| 1999-11-01 | 0.24395845486010 |
| 1999-12-01 | 0.02639119425673 |
| 2000-01-01 | -0.30365587786610 |
| 2000-02-01 | -0.04289460642380 |
| 2000-03-01 | 0.21041464355735 |
| 2000-04-01 | 0.41997468193579 |
| 2000-05-01 | 0.01550278834496 |
| 2000-06-01 | 0.31904592154787 |
| 2000-07-01 | 0.41285312029425 |
| 2000-08-01 | 0.63447538642230 |
| 2000-09-01 | 0.63178292466575 |
| 2000-10-01 | 1.21193596870590 |
| 2000-11-01 | 1.10180791880762 |
| 2000-12-01 | 1.56976264679645 |
| 2001-01-01 | 1.66629199654638 |
| 2001-02-01 | 1.67381288985751 |
| 2001-03-01 | 2.39242353105568 |
| 2001-04-01 | 1.77586336655280 |
| 2001-05-01 | 1.39938811234650 |
| 2001-06-01 | 1.60688214797500 |
| 2001-07-01 | 1.68443782222390 |
| 2001-08-01 | 1.98408114613557 |
| 2001-09-01 | 2.88100811330000 |
| 2001-10-01 | 2.60128896300000 |
| 2001-11-01 | 2.26148483070000 |
| 2001-12-01 | 1.78245617610000 |
| 2002-01-01 | 1.93744617434762 |
| 2002-02-01 | 2.14866320993684 |
| 2002-03-01 | 1.71980988650000 |
| 2002-04-01 | 1.96894705347273 |
| 2002-05-01 | 2.25562103680909 |
| 2002-06-01 | 2.86237195840000 |
| 2002-07-01 | 3.79321550403636 |
| 2002-08-01 | 3.98911060092727 |
| 2002-09-01 | 4.69808941840000 |
| 2002-10-01 | 4.53639958778182 |
| 2002-11-01 | 4.36581136032632 |
| 2002-12-01 | 4.34362078092381 |
| 2003-01-01 | 4.26649474824286 |
| 2003-02-01 | 4.88012026351579 |
| 2003-03-01 | 4.82859445257619 |
| 2003-04-01 | 4.71403170444762 |
| 2003-05-01 | 4.79375781839048 |
| 2003-06-01 | 4.64612739473333 |
| 2003-07-01 | 4.15316378660000 |
| 2003-08-01 | 3.76121325934286 |
| 2003-09-01 | 3.79658041889048 |
| 2003-10-01 | 3.76668047029091 |
| 2003-11-01 | 3.89548243683333 |
| 2003-12-01 | 3.82561565585454 |
| 2004-01-01 | 3.74574984460000 |
| 2004-02-01 | 3.80820442936316 |
| 2004-03-01 | 4.28611792757391 |
| 2004-04-01 | 3.84932702700476 |
| 2004-05-01 | 3.88405272050000 |
| 2004-06-01 | 3.70944962535238 |
| 2004-07-01 | 4.13812018384762 |
| 2004-08-01 | 4.51225415668182 |
| 2004-09-01 | 4.57717572270000 |
| 2004-10-01 | 4.72090621950000 |
| 2004-11-01 | 4.36300811200000 |
| 2004-12-01 | 4.28526336553637 |
| 2005-01-01 | 4.40372443070000 |
| 2005-02-01 | 4.38938215331053 |
| 2005-03-01 | 4.25562825903636 |
| 2005-04-01 | 4.61229105468571 |
| 2005-05-01 | 4.82372858914762 |
| 2005-06-01 | 4.91668630451818 |
| 2005-07-01 | 4.74499150620000 |
| 2005-08-01 | 4.77060525838696 |
| 2005-09-01 | 4.90644644283810 |
| 2005-10-01 | 4.91905010280000 |
| 2005-11-01 | 4.68444048190000 |
| 2005-12-01 | 4.60452616743809 |
| 2006-01-01 | 4.70720209420000 |
| 2006-02-01 | 4.53774353992105 |
| 2006-03-01 | 4.31580989459565 |
| 2006-04-01 | 4.09687018736316 |
| 2006-05-01 | 4.30864298270909 |
| 2006-06-01 | 4.62194016562727 |
| 2006-07-01 | 4.54361912020000 |
| 2006-08-01 | 4.63647002501304 |
| 2006-09-01 | 4.71392283380000 |
| 2006-10-01 | 4.52458505930476 |
| 2006-11-01 | 4.59220050006190 |
| 2006-12-01 | 4.61155200390000 |
| 2007-01-01 | 4.18094068192857 |
| 2007-02-01 | 4.04898673499474 |
| 2007-03-01 | 4.57073109814545 |
| 2007-04-01 | 4.15512282580000 |
| 2007-05-01 | 4.03262646163636 |
| 2007-06-01 | 3.76252653068571 |
| 2007-07-01 | 3.80620660468095 |
| 2007-08-01 | 4.81124259312174 |
| 2007-09-01 | 4.43419846584737 |
| 2007-10-01 | 4.42785453147273 |
| 2007-11-01 | 5.08239187920000 |
| 2007-12-01 | 5.17052028280000 |
| 2008-01-01 | 5.99203536257619 |
| 2008-02-01 | 5.86504588650000 |
| 2008-03-01 | 6.40619756380000 |
| 2008-04-01 | 5.85831101896573 |
| 2008-05-01 | 5.40139743522908 |
| 2008-06-01 | 5.59578018003047 |
| 2008-07-01 | 6.25073877530653 |
| 2008-08-01 | 5.96281355298711 |
| 2008-09-01 | 6.93233993659366 |
| 2008-10-01 | 8.31130310569268 |
| 2008-11-01 | 8.73694325922563 |
| 2008-12-01 | 7.98793706866921 |
| 2009-01-01 | 8.05026199962808 |
| 2009-02-01 | 7.03955844934376 |
| 2009-03-01 | 7.20330101039335 |
| 2009-04-01 | 6.64692929843963 |
| 2009-05-01 | 5.70115467102508 |
| 2009-06-01 | 5.23573854134012 |
| 2009-07-01 | 5.38615213281467 |
| 2009-08-01 | 5.19760561578080 |
| 2009-09-01 | 5.10493879971545 |
| 2009-10-01 | 4.93635649371990 |
| 2009-11-01 | 5.23603313324910 |
| 2009-12-01 | 5.19793131028101 |
| 2010-01-01 | 5.25126037081086 |
| 2010-02-01 | 5.78222714141631 |
| 2010-03-01 | 5.46137893077852 |
| 2010-04-01 | 5.20976942213204 |
| 2010-05-01 | 6.54470934320297 |
| 2010-06-01 | 6.84807414724505 |
| 2010-07-01 | 7.15986189376431 |
| 2010-08-01 | 7.77083502709029 |
| 2010-09-01 | 7.63594879885532 |
| 2010-10-01 | 7.35420624684428 |
| 2010-11-01 | 7.32815170766603 |
| 2010-12-01 | 6.48256687530822 |
| 2011-01-01 | 6.39738437486077 |
| 2011-02-01 | 5.95791145490971 |
| 2011-03-01 | 6.74344074118824 |
| 2011-04-01 | 6.57630094126917 |
| 2011-05-01 | 6.91056378722141 |
| 2011-06-01 | 7.61427520271775 |
| 2011-07-01 | 7.23227729143923 |
| 2011-08-01 | 8.89604554062920 |
| 2011-09-01 | 9.25269677158387 |
| 2011-10-01 | 8.97853856346270 |
| 2011-11-01 | 9.01086796618091 |
| 2011-12-01 | 9.25563482344572 |
| 2012-01-01 | 8.41924748064734 |
| 2012-02-01 | 8.23245532886021 |
| 2012-03-01 | 7.81317644954052 |
| 2012-04-01 | 8.31424229074018 |
| 2012-05-01 | 9.00772920285453 |
| 2012-06-01 | 9.27444963755412 |
| 2012-07-01 | 8.77469315152172 |
| 2012-08-01 | 8.40111865133512 |
| 2012-09-01 | 8.13491928953440 |
| 2012-10-01 | 8.14225987218375 |
| 2012-11-01 | 8.87002795169727 |
| 2012-12-01 | 8.37785417060164 |
| 2013-01-01 | 8.01845717861252 |
| 2013-02-01 | 7.70915969025980 |
| 2013-03-01 | 7.63470082061444 |
| 2013-04-01 | 7.92010987135572 |
| 2013-05-01 | 7.28370057919307 |
| 2013-06-01 | 7.06434128018767 |
| 2013-07-01 | 6.48589645108104 |
| 2013-08-01 | 6.27893719082149 |
| 2013-09-01 | 6.10433841568176 |
| 2013-10-01 | 6.44603988696323 |
| 2013-11-01 | 6.19134496395419 |
| 2013-12-01 | 5.93052925871541 |
| 2014-01-01 | 5.88723978847488 |
| 2014-02-01 | 6.02883234772136 |
| 2014-03-01 | 5.95024442748786 |
| 2014-04-01 | 5.96211142807208 |
| 2014-05-01 | 6.13959204094832 |
| 2014-06-01 | 5.93624028517505 |
| 2014-07-01 | 5.89167660308481 |
| 2014-08-01 | 6.17461767512176 |
| 2014-09-01 | 5.91837917469010 |
| 2014-10-01 | 6.62722294600448 |
| 2014-11-01 | 6.00232430667366 |
| 2014-12-01 | 6.16300629487464 |
| 2015-01-01 | 6.33914197358748 |
| 2015-02-01 | 5.82575558956909 |
| 2015-03-01 | 5.79430811440289 |
| 2015-04-01 | 5.93152787082074 |
| 2015-05-01 | 5.72107765524613 |
| 2015-06-01 | 5.60465586411566 |
| 2015-07-01 | 5.68055868766695 |
| 2015-08-01 | 5.91608257620709 |
| 2015-09-01 | 6.14822911006009 |
| 2015-10-01 | 6.23911760913792 |
| 2015-11-01 | 5.77897527903824 |
| 2015-12-01 | 5.84004755087105 |
| 2016-01-01 | 6.51901880124640 |
| 2016-02-01 | 6.56592473127415 |
| 2016-03-01 | 6.15596241383602 |
| 2016-04-01 | 6.21064281396073 |
| 2016-05-01 | 6.34820817661512 |
| 2016-06-01 | 6.49516908241596 |
| 2016-07-01 | 6.37344831257276 |
| 2016-08-01 | 6.27256530526429 |
| 2016-09-01 | 6.39658031967359 |
| 2016-10-01 | 6.34837792694142 |
| 2016-11-01 | 5.92836626912045 |
| 2016-12-01 | 5.43307790161085 |
| 2017-01-01 | 5.61319523576650 |
| 2017-02-01 | 5.41908022520846 |
| 2017-03-01 | 5.32074745817305 |
| 2017-04-01 | 5.66908571735205 |
| 2017-05-01 | 5.67304430111075 |
| 2017-06-01 | 5.67325336659448 |
| 2017-07-01 | 5.39381674359457 |
| 2017-08-01 | 5.54217441592142 |
| 2017-09-01 | 5.53032418808696 |
| 2017-10-01 | 5.25440807165882 |
| 2017-11-01 | 5.34309699337217 |
| 2017-12-01 | 5.14398774200060 |
| 2018-01-01 | 4.99719313842924 |
| 2018-02-01 | 5.15465085116546 |
| 2018-03-01 | 5.15180302246192 |
| 2018-04-01 | 5.34330557232825 |
| 2018-05-01 | 5.30707649450116 |
| 2018-06-01 | 5.31191142986694 |
| 2018-07-01 | 5.17199544208200 |
| 2018-08-01 | 5.25015668283996 |
| 2018-09-01 | 5.00432624946363 |
| 2018-10-01 | 5.11552885845841 |
| 2018-11-01 | 5.44700323586154 |
| 2018-12-01 | 6.20369390200553 |
| 2019-01-01 | 5.96509539016428 |
| 2019-02-01 | 5.64522694771343 |
| 2019-03-01 | 5.64826923528041 |
| 2019-04-01 | 5.51559346621167 |
| 2019-05-01 | 5.79232389487430 |
| 2019-06-01 | 5.98600284018227 |
| 2019-07-01 | 5.87016584068618 |
| 2019-08-01 | 6.60857467479441 |
| 2019-09-01 | 6.23046869112807 |
| 2019-10-01 | 6.26245858696093 |
| 2019-11-01 | 5.97654232058493 |
| 2019-12-01 | 5.78986205825025 |
| 2020-01-01 | 5.76310289027919 |
| 2020-02-01 | 5.87197843114315 |
| 2020-03-01 | 8.33935680065579 |
| 2020-04-01 | 6.69399883560881 |
| 2020-05-01 | 6.29921850840407 |
| 2020-06-01 | 5.84818269718432 |
| 2020-07-01 | 5.73113943487897 |
| 2020-08-01 | 5.71124811000923 |
| 2020-09-01 | 5.77364772847924 |
| 2020-10-01 | 5.72074036088723 |
| 2020-11-01 | 5.74858905341579 |
| 2020-12-01 | 5.62543255946364 |
| 2021-01-01 | 5.46223281993684 |
| 2021-02-01 | 5.32179617638947 |
| 2021-03-01 | 4.98259510564348 |
| 2021-04-01 | 5.02729726404545 |
| 2021-05-01 | 5.31122183210000 |
| 2021-06-01 | 5.35597837161818 |
| 2021-07-01 | 5.59175214648571 |
| 2021-08-01 | 5.78854010982727 |
| 2021-09-01 | 5.66051625813810 |
| 2021-10-01 | 5.73854929880000 |
| 2021-11-01 | 5.52435071320000 |
| 2021-12-01 | 5.65468189236364 |
| 2022-01-01 | 5.52833558640000 |
| 2022-02-01 | 5.50530957904210 |
| 2022-03-01 | 5.54276178190000 |
| 2022-04-01 | 5.16357625670000 |
| 2022-05-01 | 5.75143168461905 |
| 2022-06-01 | 5.74772782330476 |
| 2022-07-01 | 5.93168209720000 |
| 2022-08-01 | 5.21508300712609 |
| 2022-09-01 | 5.03559984338095 |
| 2022-10-01 | 5.03882159030000 |
| 2022-11-01 | 4.63836618180000 |
| 2022-12-01 | 4.95573718627619 |
| 2023-01-01 | 4.52171537630000 |
| 2023-02-01 | 3.93121964032632 |
| 2023-03-01 | 4.36121958930870 |
| 2023-04-01 | 4.21641923910000 |
| 2023-05-01 | 4.14293306540000 |
| 2023-06-01 | 3.75179249061429 |
| 2023-07-01 | 3.39880653580000 |
| 2023-08-01 | 3.40953321844348 |
| 2023-09-01 | 3.16524925380000 |
| 2023-10-01 | 2.94532279432381 |
| 2023-11-01 | 3.08605225632857 |
| 2023-12-01 | 3.43509031830000 |
| 2024-01-01 | 3.23239242256667 |
| 2024-02-01 | 2.85228943560000 |
| 2024-03-01 | 2.79369884890000 |
| Note: The data begin in October 1991. The figure shows the difference between the aggregate forward earnings-to-price ratio of Standard & Poor's 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 4.71 percentage points. | |
| Source: Refinitiv, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.refinitiv.com/en/financial-data/company-data/institutional-brokers-estimate-system-ibes |
Note: The data begin in October 1991. The figure shows the difference between the aggregate forward earnings-to-price ratio of Standard & Poor's 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 4.71 percentage points.
Source: Refinitiv, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.refinitiv.com/en/financial-data/company-data/institutional-brokers-estimate-system-ibes
Return to text
Figure 1.6. Volatility in equity markets decreased to levels slightly below the historical median
Percent
| Date | Option-implied volatility | Realized volatility |
|---|---|---|
| 1996-01-01 | 13.47363636 | 11.66238567 |
| 1996-02-01 | 15.033 | 11.493454 |
| 1996-03-01 | 17.76238095 | 14.57607113 |
| 1996-04-01 | 16.21222222 | 12.25491833 |
| 1996-05-01 | 16.14636364 | 11.31949173 |
| 1996-06-01 | 16.50352941 | 11.11662373 |
| 1996-07-01 | 17.97863636 | 15.04312882 |
| 1996-08-01 | 15.76045455 | 13.43977424 |
| 1996-09-01 | 16.578 | 11.18767424 |
| 1996-10-01 | 16.28636364 | 9.865934506 |
| 1996-11-01 | 15.997 | 10.26790981 |
| 1996-12-01 | 19.26095238 | 13.43262124 |
| 1997-01-01 | 19.61666667 | 14.60356121 |
| 1997-02-01 | 20.13947368 | 14.83327757 |
| 1997-03-01 | 20.17 | 14.64008525 |
| 1997-04-01 | 19.6955 | 17.17847815 |
| 1997-05-01 | 19.9247619 | 16.3777271 |
| 1997-06-01 | 20.19428571 | 15.00571023 |
| 1997-07-01 | 20.50857143 | 16.1724627 |
| 1997-08-01 | 23.0847619 | 18.12811184 |
| 1997-09-01 | 23.79947368 | 18.78124882 |
| 1997-10-01 | 23.87086957 | 18.83043988 |
| 1997-11-01 | 31.98421053 | 24.02649591 |
| 1997-12-01 | 26.27636364 | 18.53559882 |
| 1998-01-01 | 23.8665 | 17.91884635 |
| 1998-02-01 | 19.99894737 | 15.37681766 |
| 1998-03-01 | 20.03238095 | 12.6826908 |
| 1998-04-01 | 22.16210526 | 13.01640427 |
| 1998-05-01 | 20.874 | 13.9546656 |
| 1998-06-01 | 21.66272727 | 15.60755812 |
| 1998-07-01 | 20.23263158 | 14.62609381 |
| 1998-08-01 | 31.58809524 | 22.82230654 |
| 1998-09-01 | 38.132 | 34.25904836 |
| 1998-10-01 | 36.60818182 | 33.06170862 |
| 1998-11-01 | 26.223 | 23.16985669 |
| 1998-12-01 | 25.47909091 | 18.96371759 |
| 1999-01-01 | 27.96888889 | 19.52968616 |
| 1999-02-01 | 28.82263158 | 21.74546356 |
| 1999-03-01 | 25.30956522 | 20.66849313 |
| 1999-04-01 | 23.47857143 | 19.87385206 |
| 1999-05-01 | 26.2045 | 20.97133777 |
| 1999-06-01 | 23.54571429 | 19.27527892 |
| 1999-07-01 | 21.04904762 | 16.5598463 |
| 1999-08-01 | 24.32363636 | 17.7571731 |
| 1999-09-01 | 24.54142857 | 18.98236303 |
| 1999-10-01 | 24.02142857 | 20.92429409 |
| 1999-11-01 | 21.81809524 | 19.26973859 |
| 1999-12-01 | 22.15909091 | 16.90624646 |
| 2000-01-01 | 23.202 | 19.26505908 |
| 2000-02-01 | 23.5955 | 21.87584793 |
| 2000-03-01 | 22.73409091 | 24.40714366 |
| 2000-04-01 | 27.16421053 | 32.68535553 |
| 2000-05-01 | 26.37318182 | 28.67861002 |
| 2000-06-01 | 21.54 | 22.90813762 |
| 2000-07-01 | 19.893 | 17.99262622 |
| 2000-08-01 | 18.08869565 | 16.2227839 |
| 2000-09-01 | 19.6875 | 15.22018735 |
| 2000-10-01 | 25.2 | 23.37530335 |
| 2000-11-01 | 26.38285714 | 24.82952693 |
| 2000-12-01 | 26.5305 | 25.25826706 |
| 2001-01-01 | 24.91857143 | 27.37844257 |
| 2001-02-01 | 23.41157895 | 21.56441621 |
| 2001-03-01 | 28.5355 | 26.82836952 |
| 2001-04-01 | 28.134 | 28.26803323 |
| 2001-05-01 | 22.94409091 | 21.92374673 |
| 2001-06-01 | 20.94047619 | 18.08082817 |
| 2001-07-01 | 22.31619048 | 17.41799553 |
| 2001-08-01 | 21.86173913 | 16.98285386 |
| 2001-09-01 | 35.06533333 | 25.3550296 |
| 2001-10-01 | 32.61227273 | 27.43469893 |
| 2001-11-01 | 26.63095238 | 23.69637418 |
| 2001-12-01 | 23.72 | 18.80579075 |
| 2002-01-01 | 22.25285714 | 16.08109824 |
| 2002-02-01 | 22.87578947 | 19.01884182 |
| 2002-03-01 | 18.985 | 18.15715124 |
| 2002-04-01 | 19.90045455 | 16.35346642 |
| 2002-05-01 | 20.08772727 | 17.46977866 |
| 2002-06-01 | 25.271 | 21.14378276 |
| 2002-07-01 | 34.04954545 | 33.80175163 |
| 2002-08-01 | 33.74272727 | 37.99414927 |
| 2002-09-01 | 37.6475 | 31.14771787 |
| 2002-10-01 | 35.42954545 | 35.10444362 |
| 2002-11-01 | 28.175 | 29.82821716 |
| 2002-12-01 | 28.21047619 | 23.97816708 |
| 2003-01-01 | 27.50631579 | 21.46120427 |
| 2003-02-01 | 32.21842105 | 23.25760586 |
| 2003-03-01 | 30.63428571 | 24.01998943 |
| 2003-04-01 | 23.99190476 | 22.7447965 |
| 2003-05-01 | 20.23952381 | 19.40564122 |
| 2003-06-01 | 20.36238095 | 17.88553537 |
| 2003-07-01 | 19.16136364 | 17.95752962 |
| 2003-08-01 | 19.27428571 | 17.44715697 |
| 2003-09-01 | 19.53238095 | 14.63375777 |
| 2003-10-01 | 18.02347826 | 14.40427874 |
| 2003-11-01 | 17.40105263 | 13.1539275 |
| 2003-12-01 | 16.82636364 | 11.90607996 |
| 2004-01-01 | 15.95333333 | 11.13695581 |
| 2004-02-01 | 15.99842105 | 12.4212298 |
| 2004-03-01 | 17.6873913 | 13.11371511 |
| 2004-04-01 | 15.69857143 | 13.22640576 |
| 2004-05-01 | 17.705 | 15.30051799 |
| 2004-06-01 | 15.35714286 | 12.47310501 |
| 2004-07-01 | 15.50238095 | 11.56248462 |
| 2004-08-01 | 16.68409091 | 12.51448645 |
| 2004-09-01 | 14.08095238 | 10.51858841 |
| 2004-10-01 | 14.97 | 10.54510546 |
| 2004-11-01 | 13.57714286 | 11.21646259 |
| 2004-12-01 | 12.45954545 | 10.53785301 |
| 2005-01-01 | 13.438 | 10.68655987 |
| 2005-02-01 | 11.70894737 | 9.973891732 |
| 2005-03-01 | 13.12636364 | 10.45593389 |
| 2005-04-01 | 14.45904762 | 11.95581953 |
| 2005-05-01 | 13.96761905 | 13.13046261 |
| 2005-06-01 | 11.86863636 | 10.88098481 |
| 2005-07-01 | 11.049 | 10.29641372 |
| 2005-08-01 | 12.95130435 | 9.669158892 |
| 2005-09-01 | 12.62809524 | 10.33237682 |
| 2005-10-01 | 14.93761905 | 12.93804291 |
| 2005-11-01 | 12.14761905 | 11.98919343 |
| 2005-12-01 | 11.26 | 9.864184007 |
| 2006-01-01 | 12.036 | 9.747170922 |
| 2006-02-01 | 12.47105263 | 10.39304463 |
| 2006-03-01 | 11.69391304 | 9.672960582 |
| 2006-04-01 | 11.84736842 | 10.17810397 |
| 2006-05-01 | 14.45454545 | 11.87971029 |
| 2006-06-01 | 16.91863636 | 15.18586579 |
| 2006-07-01 | 15.326 | 13.81704596 |
| 2006-08-01 | 13.35173913 | 12.26214918 |
| 2006-09-01 | 12.1845 | 9.579982636 |
| 2006-10-01 | 11.30636364 | 8.872536834 |
| 2006-11-01 | 10.81761905 | 9.050503995 |
| 2006-12-01 | 10.9645 | 9.478303191 |
| 2007-01-01 | 11.0425 | 9.451635177 |
| 2007-02-01 | 11.15526316 | 9.092884881 |
| 2007-03-01 | 15.16272727 | 14.33500604 |
| 2007-04-01 | 12.933 | 11.40986817 |
| 2007-05-01 | 13.29772727 | 9.915917076 |
| 2007-06-01 | 14.94761905 | 11.41527857 |
| 2007-07-01 | 17.27333333 | 13.52112771 |
| 2007-08-01 | 25.02608696 | 23.43967274 |
| 2007-09-01 | 22.19894737 | 19.74790468 |
| 2007-10-01 | 19.11565217 | 15.49916803 |
| 2007-11-01 | 25.58238095 | 21.5172242 |
| 2007-12-01 | 21.651 | 21.00090665 |
| 2008-01-01 | 25.81619048 | 25.15092462 |
| 2008-02-01 | 25.456 | 27.95554214 |
| 2008-03-01 | 27.1035 | 26.73760223 |
| 2008-04-01 | 21.56272727 | 21.38314435 |
| 2008-05-01 | 18.30333333 | 16.81396978 |
| 2008-06-01 | 22.11047619 | 17.3942484 |
| 2008-07-01 | 24.32136364 | 23.06561682 |
| 2008-08-01 | 20.69571429 | 20.37973963 |
| 2008-09-01 | 30.23857143 | 30.12265324 |
| 2008-10-01 | 61.1773913 | 66.41476883 |
| 2008-11-01 | 62.66894737 | 72.36668294 |
| 2008-12-01 | 52.405 | 61.64360141 |
| 2009-01-01 | 44.683 | 43.43711506 |
| 2009-02-01 | 45.57052632 | 40.50466135 |
| 2009-03-01 | 44.79545455 | 42.74381681 |
| 2009-04-01 | 38.06380952 | 35.22168027 |
| 2009-05-01 | 31.978 | 29.40710016 |
| 2009-06-01 | 29.14045455 | 25.09971479 |
| 2009-07-01 | 26.16272727 | 21.5339721 |
| 2009-08-01 | 25.33714286 | 19.33639954 |
| 2009-09-01 | 24.92666667 | 17.49738284 |
| 2009-10-01 | 24.25227273 | 17.58189606 |
| 2009-11-01 | 23.789 | 19.49749008 |
| 2009-12-01 | 21.23954545 | 15.27652428 |
| 2010-01-01 | 20.64315789 | 12.84841613 |
| 2010-02-01 | 22.54 | 17.93159554 |
| 2010-03-01 | 17.7673913 | 14.13967574 |
| 2010-04-01 | 17.42428571 | 12.49505603 |
| 2010-05-01 | 31.9295 | 27.61427029 |
| 2010-06-01 | 29.91636364 | 27.00125195 |
| 2010-07-01 | 25.5652381 | 23.03517119 |
| 2010-08-01 | 24.74590909 | 18.90467759 |
| 2010-09-01 | 22.51761905 | 16.84679411 |
| 2010-10-01 | 20.37333333 | 14.89887056 |
| 2010-11-01 | 20.09571429 | 13.94727549 |
| 2010-12-01 | 17.56954545 | 11.84950309 |
| 2011-01-01 | 17.3155 | 9.743155088 |
| 2011-02-01 | 17.43 | 10.63515465 |
| 2011-03-01 | 20.72347826 | 14.31237781 |
| 2011-04-01 | 16.244 | 12.41946126 |
| 2011-05-01 | 16.91142857 | 12.36751059 |
| 2011-06-01 | 19.15318182 | 13.5669977 |
| 2011-07-01 | 19.2275 | 13.78622192 |
| 2011-08-01 | 35.02913043 | 31.738725 |
| 2011-09-01 | 36.53 | 30.9649038 |
| 2011-10-01 | 32.82904762 | 30.17709197 |
| 2011-11-01 | 31.94190476 | 25.02953474 |
| 2011-12-01 | 25.04761905 | 20.63047671 |
| 2012-01-01 | 20.228 | 15.47977278 |
| 2012-02-01 | 18.4205 | 12.41739669 |
| 2012-03-01 | 16.16727273 | 10.90793753 |
| 2012-04-01 | 17.823 | 11.50375383 |
| 2012-05-01 | 21.00181818 | 13.72923073 |
| 2012-06-01 | 21.13095238 | 15.57652701 |
| 2012-07-01 | 17.5652381 | 14.80977883 |
| 2012-08-01 | 15.68956522 | 13.14136912 |
| 2012-09-01 | 15.28473684 | 10.98327091 |
| 2012-10-01 | 16.27619048 | 11.27449192 |
| 2012-11-01 | 16.70190476 | 13.81901006 |
| 2012-12-01 | 17.307 | 12.88750836 |
| 2013-01-01 | 13.5052381 | 11.75424522 |
| 2013-02-01 | 14.07263158 | 9.648772095 |
| 2013-03-01 | 13.0315 | 10.13832124 |
| 2013-04-01 | 13.96727273 | 11.45569474 |
| 2013-05-01 | 13.49363636 | 11.61553946 |
| 2013-06-01 | 17.2715 | 14.50887198 |
| 2013-07-01 | 13.97454545 | 13.49045667 |
| 2013-08-01 | 14.21 | 10.40463347 |
| 2013-09-01 | 14.692 | 10.69828595 |
| 2013-10-01 | 15.40782609 | 11.21423391 |
| 2013-11-01 | 12.924 | 9.893396379 |
| 2013-12-01 | 14.19238095 | 9.503114701 |
| 2014-01-01 | 14.24095238 | 9.338864052 |
| 2014-02-01 | 15.47 | 11.77395183 |
| 2014-03-01 | 14.83666667 | 11.6434045 |
| 2014-04-01 | 14.19809524 | 12.2070991 |
| 2014-05-01 | 12.4752381 | 10.98734873 |
| 2014-06-01 | 11.54142857 | 8.258735318 |
| 2014-07-01 | 12.29636364 | 7.98397404 |
| 2014-08-01 | 13.49190476 | 9.824445597 |
| 2014-09-01 | 13.46666667 | 8.81551279 |
| 2014-10-01 | 18.05869565 | 15.81532834 |
| 2014-11-01 | 13.41315789 | 13.39225976 |
| 2014-12-01 | 16.29227273 | 12.67313385 |
| 2015-01-01 | 19.1195 | 15.75383522 |
| 2015-02-01 | 15.90421053 | 15.05512141 |
| 2015-03-01 | 14.81272727 | 11.90381795 |
| 2015-04-01 | 13.4947619 | 11.36081023 |
| 2015-05-01 | 13.3385 | 10.86825684 |
| 2015-06-01 | 14.33954545 | 10.18163004 |
| 2015-07-01 | 14.35272727 | 11.1968485 |
| 2015-08-01 | 19.42809524 | 17.1517167 |
| 2015-09-01 | 24.37714286 | 26.92039889 |
| 2015-10-01 | 16.78954545 | 19.55186774 |
| 2015-11-01 | 16.21 | 14.11959242 |
| 2015-12-01 | 18.02545455 | 14.75934777 |
| 2016-01-01 | 23.71789474 | 20.97195789 |
| 2016-02-01 | 22.517 | 23.78344769 |
| 2016-03-01 | 15.84909091 | 17.43656587 |
| 2016-04-01 | 14.30047619 | 12.5645374 |
| 2016-05-01 | 14.85285714 | 11.45319205 |
| 2016-06-01 | 17.77454545 | 11.11906531 |
| 2016-07-01 | 13.1585 | 11.534784 |
| 2016-08-01 | 12.39956522 | 8.422804092 |
| 2016-09-01 | 14.21952381 | 9.498799383 |
| 2016-10-01 | 14.5852381 | 9.8619426 |
| 2016-11-01 | 15.23619048 | 10.74371613 |
| 2016-12-01 | 12.47238095 | 9.007377664 |
| 2017-01-01 | 11.6085 | 8.066059822 |
| 2017-02-01 | 11.53052632 | 7.166251708 |
| 2017-03-01 | 11.89782609 | 7.203704107 |
| 2017-04-01 | 13.13631579 | 8.490547815 |
| 2017-05-01 | 10.86227273 | 7.244986177 |
| 2017-06-01 | 10.51363636 | 7.010816564 |
| 2017-07-01 | 10.2645 | 7.117782499 |
| 2017-08-01 | 11.97565217 | 6.905470645 |
| 2017-09-01 | 10.438 | 6.538899662 |
| 2017-10-01 | 10.12545455 | 5.272001869 |
| 2017-11-01 | 10.54047619 | 5.842689559 |
| 2017-12-01 | 10.2645 | 7.232389142 |
| 2018-01-01 | 11.06238095 | 6.772977813 |
| 2018-02-01 | 22.46473684 | 20.56510234 |
| 2018-03-01 | 19.02380952 | 19.25496499 |
| 2018-04-01 | 18.26761905 | 19.57384007 |
| 2018-05-01 | 14.12454545 | 14.80530056 |
| 2018-06-01 | 13.67809524 | 11.04149947 |
| 2018-07-01 | 13.14761905 | 10.02508051 |
| 2018-08-01 | 12.54695652 | 8.267995236 |
| 2018-09-01 | 12.91052632 | 8.195684491 |
| 2018-10-01 | 19.35217391 | 14.67247947 |
| 2018-11-01 | 19.38904762 | 20.33367997 |
| 2018-12-01 | 24.95315789 | 24.22344362 |
| 2019-01-01 | 19.57238095 | 24.80449517 |
| 2019-02-01 | 15.23473684 | 16.15479904 |
| 2019-03-01 | 14.4852381 | 12.53617184 |
| 2019-04-01 | 12.94904762 | 10.41723909 |
| 2019-05-01 | 16.72181818 | 11.95670524 |
| 2019-06-01 | 15.836 | 12.29817202 |
| 2019-07-01 | 13.30590909 | 9.339660246 |
| 2019-08-01 | 18.97909091 | 15.50235222 |
| 2019-09-01 | 15.559 | 13.71700059 |
| 2019-10-01 | 15.46652174 | 12.93408222 |
| 2019-11-01 | 12.5235 | 9.150912123 |
| 2019-12-01 | 13.75666667 | 8.396397103 |
| 2020-01-01 | 13.94095238 | 7.98081864 |
| 2020-02-01 | 19.62894737 | 12.23216019 |
| 2020-03-01 | 57.73681818 | 56.5382721 |
| 2020-04-01 | 41.45380952 | 53.39105497 |
| 2020-05-01 | 30.897 | 32.74448108 |
| 2020-06-01 | 31.11954545 | 25.61551251 |
| 2020-07-01 | 26.84045455 | 21.49541866 |
| 2020-08-01 | 22.88952381 | 15.36356757 |
| 2020-09-01 | 27.64761905 | 20.53446801 |
| 2020-10-01 | 29.43863636 | 19.58070848 |
| 2020-11-01 | 24.9955 | 20.03044461 |
| 2020-12-01 | 22.37409091 | 14.54405218 |
| 2021-01-01 | 24.91 | 13.95118225 |
| 2021-02-01 | 23.14052632 | 15.05396 |
| 2021-03-01 | 21.84304348 | 18.37031421 |
| 2021-04-01 | 17.41619048 | 13.22659467 |
| 2021-05-01 | 19.7605 | 12.82061075 |
| 2021-06-01 | 16.95681818 | 10.59941079 |
| 2021-07-01 | 17.60333333 | 9.523023623 |
| 2021-08-01 | 17.47272727 | 8.992107242 |
| 2021-09-01 | 19.8247619 | 9.902384793 |
| 2021-10-01 | 17.87142857 | 13.14089044 |
| 2021-11-01 | 18.50047619 | 10.75320904 |
| 2021-12-01 | 21.35454545 | 15.78991131 |
| 2022-01-01 | 23.181 | 17.92177959 |
| 2022-02-01 | 25.74842105 | 24.05459133 |
| 2022-03-01 | 26.96869565 | 24.40627562 |
| 2022-04-01 | 24.3735 | 19.57427917 |
| 2022-05-01 | 29.44571429 | 27.65705414 |
| 2022-06-01 | 28.1 | 26.56541939 |
| 2022-07-01 | 24.8685 | 24.16940944 |
| 2022-08-01 | 22.16956522 | 18.57859663 |
| 2022-09-01 | 27.40619048 | 21.36399186 |
| 2022-10-01 | 30.00571429 | 24.77333285 |
| 2022-11-01 | 23.43619048 | 23.45804447 |
| 2022-12-01 | 21.78428571 | 20.06842983 |
| 2023-01-01 | 20.203 | 18.86650155 |
| 2023-02-01 | 20.06210526 | 18.01253239 |
| 2023-03-01 | 21.64434783 | 18.39832428 |
| 2023-04-01 | 17.81789474 | 14.96340385 |
| 2023-05-01 | 17.64409091 | 12.84637268 |
| 2023-06-01 | 13.99428571 | 11.65192445 |
| 2023-07-01 | 13.944 | 9.794784524 |
| 2023-08-01 | 15.85391304 | 10.99302718 |
| 2023-09-01 | 15.241 | 11.22469361 |
| 2023-10-01 | 18.88772727 | 14.02808809 |
| 2023-11-01 | 14.07714286 | 12.85109814 |
| 2023-12-01 | 12.7185 | 10.58824329 |
| 2024-01-01 | 13.3952381 | 10.14732706 |
| 2024-02-01 | 13.944 | 10.2334945 |
| 2024-03-01 | 13.7875 | 10.20468152 |
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. Median refers to the median option-implied volatility.
Source: Cboe Volatility Index (VIX) accessed via Bloomberg Finance L.P.; Federal Reserve Board staff estimates.
Return to text
Figure 1.7. Corporate bond yields fell slightly to levels near their historical medians
This is a line chart titled "Corporate bond yields fell slightly to levels near their historical medians." The x-axis measures time and ranges from years 1997 to 2024. 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 before jumping back up to 9 percent and stabilizing at 7 percent for the most recent months. 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 hovers between 5 and 6 percent through the end of the series.
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.
Return to text
Figure 1.8. Corporate bond spreads narrowed to low levels relative to their historical distributions
This is a line chart titled "Corporate bond spreads narrowed to low levels relative to their historical distributions." The x-axis measures time and ranges from 1997 to 2024. 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 and remains there until early 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 shows a slight uptick closer to a value of 4 percentage points in September 2023 and declines to 3 percentage points by the end of the series in March 2024. 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 mid-2022, where it climbs to around 2 percentage points. The value gently declines throughout 2023 and early 2024, ending at 1.1 percentage points in March 2024.
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.
Return to text
Figure 1.9. The excess bond premium fell slightly but remained near the middle of the historical range
Percentage points
| Date | Excess bond premium |
|---|---|
| 1997-01-01 | -0.341378592 |
| 1997-02-01 | -0.460756757 |
| 1997-03-01 | -0.486792226 |
| 1997-04-01 | -0.445170707 |
| 1997-05-01 | -0.442488534 |
| 1997-06-01 | -0.544831451 |
| 1997-07-01 | -0.516571605 |
| 1997-08-01 | -0.510807348 |
| 1997-09-01 | -0.562775122 |
| 1997-10-01 | -0.442270491 |
| 1997-11-01 | -0.334817257 |
| 1997-12-01 | -0.402776305 |
| 1998-01-01 | -0.363434441 |
| 1998-02-01 | -0.336640585 |
| 1998-03-01 | -0.385936345 |
| 1998-04-01 | -0.414648156 |
| 1998-05-01 | -0.377166149 |
| 1998-06-01 | -0.340166852 |
| 1998-07-01 | -0.302268502 |
| 1998-08-01 | 0.094220519 |
| 1998-09-01 | 0.079474952 |
| 1998-10-01 | 0.204564331 |
| 1998-11-01 | 0.188551041 |
| 1998-12-01 | 0.050982652 |
| 1999-01-01 | 0.047250112 |
| 1999-02-01 | -0.173381439 |
| 1999-03-01 | -0.163296856 |
| 1999-04-01 | -0.205292705 |
| 1999-05-01 | -0.199647096 |
| 1999-06-01 | -0.139740891 |
| 1999-07-01 | -0.089152208 |
| 1999-08-01 | -0.035158469 |
| 1999-09-01 | 0.096426153 |
| 1999-10-01 | 0.110177605 |
| 1999-11-01 | 0.075153326 |
| 1999-12-01 | -0.153508901 |
| 2000-01-01 | 0.029329571 |
| 2000-02-01 | 0.120434816 |
| 2000-03-01 | 0.387849988 |
| 2000-04-01 | 0.544895095 |
| 2000-05-01 | 0.724647095 |
| 2000-06-01 | 0.762615862 |
| 2000-07-01 | 0.844512228 |
| 2000-08-01 | 0.993876321 |
| 2000-09-01 | 1.105544707 |
| 2000-10-01 | 1.501712004 |
| 2000-11-01 | 1.583742098 |
| 2000-12-01 | 1.579503512 |
| 2001-01-01 | 1.126268676 |
| 2001-02-01 | 1.151416799 |
| 2001-03-01 | 1.086112726 |
| 2001-04-01 | 0.907904999 |
| 2001-05-01 | 0.770532245 |
| 2001-06-01 | 1.004550032 |
| 2001-07-01 | 0.770933709 |
| 2001-08-01 | 0.74446272 |
| 2001-09-01 | 1.212690514 |
| 2001-10-01 | 1.028560618 |
| 2001-11-01 | -0.069398074 |
| 2001-12-01 | 0.412145841 |
| 2002-01-01 | 0.565986047 |
| 2002-02-01 | 0.767539925 |
| 2002-03-01 | 0.285874074 |
| 2002-04-01 | 0.404525273 |
| 2002-05-01 | 0.496696194 |
| 2002-06-01 | 0.937391263 |
| 2002-07-01 | 1.534052416 |
| 2002-08-01 | 1.431614008 |
| 2002-09-01 | 1.607073755 |
| 2002-10-01 | 1.413196026 |
| 2002-11-01 | 1.027809306 |
| 2002-12-01 | 0.881496888 |
| 2003-01-01 | 0.834158529 |
| 2003-02-01 | 0.628878452 |
| 2003-03-01 | 0.128697183 |
| 2003-04-01 | 0.0309615 |
| 2003-05-01 | -0.497411447 |
| 2003-06-01 | -0.406941603 |
| 2003-07-01 | -1.053190286 |
| 2003-08-01 | -0.214685268 |
| 2003-09-01 | -0.556377062 |
| 2003-10-01 | -0.534010523 |
| 2003-11-01 | -0.554836891 |
| 2003-12-01 | -0.532881274 |
| 2004-01-01 | -0.720377036 |
| 2004-02-01 | -0.34678349 |
| 2004-03-01 | -0.530728921 |
| 2004-04-01 | -0.744727742 |
| 2004-05-01 | -0.368577262 |
| 2004-06-01 | -0.386550869 |
| 2004-07-01 | -0.326583574 |
| 2004-08-01 | -0.436176339 |
| 2004-09-01 | -0.5567513 |
| 2004-10-01 | -0.545452047 |
| 2004-11-01 | -0.684985694 |
| 2004-12-01 | -0.732288466 |
| 2005-01-01 | -0.715548852 |
| 2005-02-01 | -0.933908363 |
| 2005-03-01 | -0.638805402 |
| 2005-04-01 | -0.385857745 |
| 2005-05-01 | -0.311823826 |
| 2005-06-01 | -0.459484357 |
| 2005-07-01 | -0.560881499 |
| 2005-08-01 | -0.564202533 |
| 2005-09-01 | -0.473514167 |
| 2005-10-01 | -0.353162559 |
| 2005-11-01 | -0.321514038 |
| 2005-12-01 | -0.291669704 |
| 2006-01-01 | -0.374242769 |
| 2006-02-01 | -0.329382151 |
| 2006-03-01 | -0.413681262 |
| 2006-04-01 | -0.458258666 |
| 2006-05-01 | -0.363082849 |
| 2006-06-01 | -0.377320526 |
| 2006-07-01 | -0.284106931 |
| 2006-08-01 | -0.314604491 |
| 2006-09-01 | -0.36850879 |
| 2006-10-01 | -0.402633338 |
| 2006-11-01 | -0.372555231 |
| 2006-12-01 | -0.498179163 |
| 2007-01-01 | -0.561538027 |
| 2007-02-01 | -0.56369032 |
| 2007-03-01 | -0.380899848 |
| 2007-04-01 | -0.38062806 |
| 2007-05-01 | -0.5942433 |
| 2007-06-01 | -0.381903716 |
| 2007-07-01 | 0.020175065 |
| 2007-08-01 | 0.13658184 |
| 2007-09-01 | 0.070133735 |
| 2007-10-01 | -0.017461997 |
| 2007-11-01 | 0.331979307 |
| 2007-12-01 | 0.478924971 |
| 2008-01-01 | 0.716753276 |
| 2008-02-01 | 0.921306927 |
| 2008-03-01 | 1.146651272 |
| 2008-04-01 | 0.670229189 |
| 2008-05-01 | 0.674779429 |
| 2008-06-01 | 0.816289856 |
| 2008-07-01 | 1.07668813 |
| 2008-08-01 | 1.223562152 |
| 2008-09-01 | 1.802235749 |
| 2008-10-01 | 3.505405935 |
| 2008-11-01 | 3.287386081 |
| 2008-12-01 | 3.434612917 |
| 2009-01-01 | 2.852747699 |
| 2009-02-01 | 3.219217498 |
| 2009-03-01 | 2.779292553 |
| 2009-04-01 | 2.261261713 |
| 2009-05-01 | 1.392963535 |
| 2009-06-01 | 0.958035234 |
| 2009-07-01 | 0.354484533 |
| 2009-08-01 | 0.084875569 |
| 2009-09-01 | 0.064863195 |
| 2009-10-01 | -0.139221898 |
| 2009-11-01 | -0.011603752 |
| 2009-12-01 | -0.468745152 |
| 2010-01-01 | -0.202241812 |
| 2010-02-01 | -0.005845354 |
| 2010-03-01 | -0.160873465 |
| 2010-04-01 | -0.273883037 |
| 2010-05-01 | -0.121926314 |
| 2010-06-01 | 0.043881885 |
| 2010-07-01 | 0.161324108 |
| 2010-08-01 | -0.286172532 |
| 2010-09-01 | -0.01773387 |
| 2010-10-01 | -0.029063606 |
| 2010-11-01 | -0.149156555 |
| 2010-12-01 | -0.414755241 |
| 2011-01-01 | -0.036904031 |
| 2011-02-01 | -0.280544428 |
| 2011-03-01 | -0.319143733 |
| 2011-04-01 | -0.274204309 |
| 2011-05-01 | -0.15225431 |
| 2011-06-01 | -0.029390153 |
| 2011-07-01 | -0.075566246 |
| 2011-08-01 | -0.103262864 |
| 2011-09-01 | 0.440073132 |
| 2011-10-01 | -0.091291626 |
| 2011-11-01 | 0.498686125 |
| 2011-12-01 | 0.272085715 |
| 2012-01-01 | 0.169705499 |
| 2012-02-01 | 0.04216011 |
| 2012-03-01 | -0.348358167 |
| 2012-04-01 | -0.178299525 |
| 2012-05-01 | -0.085295994 |
| 2012-06-01 | 0.151386351 |
| 2012-07-01 | -0.020503108 |
| 2012-08-01 | -0.219471222 |
| 2012-09-01 | -0.165862595 |
| 2012-10-01 | -0.194617768 |
| 2012-11-01 | -0.063886107 |
| 2012-12-01 | -0.178168591 |
| 2013-01-01 | -0.110091977 |
| 2013-02-01 | -0.049275363 |
| 2013-03-01 | -0.113697465 |
| 2013-04-01 | -0.142298829 |
| 2013-05-01 | -0.504019776 |
| 2013-06-01 | -0.355288846 |
| 2013-07-01 | -0.024649505 |
| 2013-08-01 | -0.129448663 |
| 2013-09-01 | -0.144525104 |
| 2013-10-01 | -0.056655139 |
| 2013-11-01 | -0.017293505 |
| 2013-12-01 | -0.169109277 |
| 2014-01-01 | -0.318673738 |
| 2014-02-01 | -0.225254708 |
| 2014-03-01 | -0.287614172 |
| 2014-04-01 | -0.36826282 |
| 2014-05-01 | -0.381772465 |
| 2014-06-01 | -0.316255156 |
| 2014-07-01 | -0.319603615 |
| 2014-08-01 | -0.314922135 |
| 2014-09-01 | -0.211969565 |
| 2014-10-01 | -0.212532602 |
| 2014-11-01 | 0.061323386 |
| 2014-12-01 | 0.09367556 |
| 2015-01-01 | -0.02741207 |
| 2015-02-01 | -0.273491809 |
| 2015-03-01 | -0.119076367 |
| 2015-04-01 | 0.008866754 |
| 2015-05-01 | 0.054106669 |
| 2015-06-01 | 0.149703724 |
| 2015-07-01 | 0.212963921 |
| 2015-08-01 | 0.398904949 |
| 2015-09-01 | 0.537481461 |
| 2015-10-01 | 0.420371708 |
| 2015-11-01 | 0.508315542 |
| 2015-12-01 | 0.686305426 |
| 2016-01-01 | 0.917501575 |
| 2016-02-01 | 0.945779162 |
| 2016-03-01 | 0.569088712 |
| 2016-04-01 | 0.225135907 |
| 2016-05-01 | 0.237191731 |
| 2016-06-01 | 0.050658278 |
| 2016-07-01 | -0.00144443 |
| 2016-08-01 | -0.033565096 |
| 2016-09-01 | -0.083891539 |
| 2016-10-01 | -0.088238951 |
| 2016-11-01 | -0.726708697 |
| 2016-12-01 | -0.250782325 |
| 2017-01-01 | -0.203477088 |
| 2017-02-01 | -0.189571273 |
| 2017-03-01 | -0.179758805 |
| 2017-04-01 | -0.132423025 |
| 2017-05-01 | -0.182224344 |
| 2017-06-01 | -0.140724843 |
| 2017-07-01 | -0.16665312 |
| 2017-08-01 | -0.095340333 |
| 2017-09-01 | -0.27001982 |
| 2017-10-01 | -0.23054888 |
| 2017-11-01 | -0.147272841 |
| 2017-12-01 | -0.209004873 |
| 2018-01-01 | -0.405258573 |
| 2018-02-01 | -0.25310053 |
| 2018-03-01 | -0.11415488 |
| 2018-04-01 | -0.290513036 |
| 2018-05-01 | -0.203316288 |
| 2018-06-01 | 0.015889711 |
| 2018-07-01 | -0.138598593 |
| 2018-08-01 | -0.107475036 |
| 2018-09-01 | -0.186615939 |
| 2018-10-01 | -0.015512904 |
| 2018-11-01 | 0.129521277 |
| 2018-12-01 | 0.321656877 |
| 2019-01-01 | 0.152957621 |
| 2019-02-01 | 0.041425444 |
| 2019-03-01 | -0.145115221 |
| 2019-04-01 | -0.030624617 |
| 2019-05-01 | -0.040561 |
| 2019-06-01 | -0.019135844 |
| 2019-07-01 | -0.068967307 |
| 2019-08-01 | -0.181497578 |
| 2019-09-01 | -0.259663237 |
| 2019-10-01 | -0.251696732 |
| 2019-11-01 | -0.199353661 |
| 2019-12-01 | -0.313935005 |
| 2020-01-01 | -0.271218686 |
| 2020-02-01 | -0.174047697 |
| 2020-03-01 | 1.206990978 |
| 2020-04-01 | 0.647786211 |
| 2020-05-01 | 0.383727145 |
| 2020-06-01 | 0.032821844 |
| 2020-07-01 | -0.180763875 |
| 2020-08-01 | -0.306451489 |
| 2020-09-01 | -0.023538888 |
| 2020-10-01 | -0.22975045 |
| 2020-11-01 | -0.488399225 |
| 2020-12-01 | -0.526215283 |
| 2021-01-01 | -0.676334023 |
| 2021-02-01 | -0.957520732 |
| 2021-03-01 | -0.760997038 |
| 2021-04-01 | -0.502718027 |
| 2021-05-01 | -0.439758336 |
| 2021-06-01 | -0.593708333 |
| 2021-07-01 | -0.561982207 |
| 2021-08-01 | -0.488418925 |
| 2021-09-01 | -0.649450131 |
| 2021-10-01 | -0.525938419 |
| 2021-11-01 | -0.444578306 |
| 2021-12-01 | -0.445657058 |
| 2022-01-01 | -0.344501003 |
| 2022-02-01 | -0.209066147 |
| 2022-03-01 | -0.801658493 |
| 2022-04-01 | -0.287493295 |
| 2022-05-01 | -0.119317097 |
| 2022-06-01 | 0.077000835 |
| 2022-07-01 | -0.010338249 |
| 2022-08-01 | -0.045164649 |
| 2022-09-01 | 0.026108886 |
| 2022-10-01 | 0.076195563 |
| 2022-11-01 | -0.249611214 |
| 2022-12-01 | -0.035978473 |
| 2023-01-01 | -0.059099958 |
| 2023-02-01 | -0.172297342 |
| 2023-03-01 | -0.222744058 |
| 2023-04-01 | 0.133035001 |
| 2023-05-01 | 0.083327686 |
| 2023-06-01 | 0.133954325 |
| 2023-07-01 | -0.02297682 |
| 2023-08-01 | 0.030761378 |
| 2023-09-01 | -0.047038266 |
| 2023-10-01 | 0.19178664 |
| 2023-11-01 | -0.099912552 |
| 2023-12-01 | -0.252070115 |
| 2024-01-01 | -0.104989805 |
| 2024-02-01 | -0.167639507 |
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.
Return to text
Figure 1.10. Spreads on leveraged loans declined modestly
Percentage points
| Date | B (monthly) | B (weekly) | BB (monthly) | BB (weekly) |
|---|---|---|---|---|
| 1997-01-31 | 2.09188813 | |||
| 1997-02-28 | 2.081784102 | |||
| 1997-03-31 | 2.082131354 | |||
| 1997-04-30 | 2.13128051 | |||
| 1997-05-31 | 2.156636783 | |||
| 1997-06-30 | 2.167234706 | |||
| 1997-07-31 | 2.278659303 | 1.912117954 | ||
| 1997-08-31 | 2.255190912 | 1.847993503 | ||
| 1997-09-30 | 2.282264366 | 1.890312257 | ||
| 1997-10-31 | 2.548701941 | 1.95239139 | ||
| 1997-11-30 | 2.552277198 | 1.911238578 | ||
| 1997-12-31 | 2.577663079 | 1.885312108 | ||
| 1998-01-31 | 2.583286704 | 2.039621189 | ||
| 1998-02-28 | 2.577240454 | 2.076864347 | ||
| 1998-03-31 | 2.614346931 | 2.014244209 | ||
| 1998-04-30 | 2.604711257 | 2.019649061 | ||
| 1998-05-31 | 2.64727726 | 2.174256136 | ||
| 1998-06-30 | 2.638384911 | 2.280400402 | ||
| 1998-07-31 | 2.652981144 | 2.254612142 | ||
| 1998-08-31 | 2.751058603 | 2.330406251 | ||
| 1998-09-30 | 2.94176293 | 2.503683338 | ||
| 1998-10-31 | 3.063245772 | 2.630212144 | ||
| 1998-11-30 | 3.346695816 | 2.686889488 | ||
| 1998-12-31 | 3.23167825 | 2.557427806 | ||
| 1999-01-31 | 3.200453504 | 2.622222163 | ||
| 1999-02-28 | 3.21252047 | 2.549691079 | ||
| 1999-03-31 | 3.570720313 | 2.484316634 | ||
| 1999-04-30 | 3.933362083 | 2.651588876 | ||
| 1999-05-31 | 3.797347759 | 2.842941804 | ||
| 1999-06-30 | 3.856619932 | 2.843767035 | ||
| 1999-07-31 | 4.096399146 | 2.948887085 | ||
| 1999-08-31 | 4.456923697 | 2.994047716 | ||
| 1999-09-30 | 4.745677304 | 3.962524585 | ||
| 1999-10-31 | 4.961565057 | 4.085427379 | ||
| 1999-11-30 | 4.741948663 | 3.908859837 | ||
| 1999-12-31 | 6.075945806 | 4.015088945 | ||
| 2000-01-31 | 6.242112668 | 4.073318477 | ||
| 2000-02-29 | 6.074316532 | 4.114062447 | ||
| 2000-03-31 | 6.054808031 | 3.434830755 | ||
| 2000-04-30 | 5.439305951 | 3.511192693 | ||
| 2000-05-31 | 5.24555979 | 3.259028298 | ||
| 2000-06-30 | 5.671585599 | 3.116330778 | ||
| 2000-07-31 | 6.033401004 | 3.00189609 | ||
| 2000-08-31 | 5.729202064 | 3.020411462 | ||
| 2000-09-30 | 6.652208066 | 3.19167802 | ||
| 2000-10-31 | 6.909706813 | 3.255724041 | ||
| 2000-11-30 | 7.309964117 | 3.070969307 | ||
| 2000-12-31 | 6.688836596 | 3.046207166 | ||
| 2001-01-31 | 6.262165593 | 2.950594704 | ||
| 2001-02-28 | 5.950374107 | 2.910251425 | ||
| 2001-03-31 | 6.8348555 | 2.94681492 | ||
| 2001-04-30 | 6.708736768 | 2.955077536 | ||
| 2001-05-31 | 6.4951938 | 2.947355151 | ||
| 2001-06-30 | 6.623167835 | 2.989296771 | ||
| 2001-07-31 | 6.710761767 | 3.030494639 | ||
| 2001-08-31 | 6.509984259 | 2.997834632 | ||
| 2001-09-30 | 7.418618009 | 3.34538512 | ||
| 2001-10-31 | 8.706155231 | 3.508112025 | ||
| 2001-11-30 | 6.817658163 | 3.114308784 | ||
| 2001-12-31 | 6.210143683 | 3.089209747 | ||
| 2002-01-31 | 5.892862309 | 3.05192671 | ||
| 2002-02-28 | 5.502441683 | 3.091428669 | ||
| 2002-03-31 | 5.223070043 | 3.06572117 | ||
| 2002-04-30 | 4.919820916 | 2.939460183 | ||
| 2002-05-31 | 5.62215769 | 2.952333944 | ||
| 2002-06-30 | 5.903710317 | 2.993291727 | ||
| 2002-07-31 | 6.631473548 | 3.37911052 | ||
| 2002-08-31 | 6.52683651 | 3.715267406 | ||
| 2002-09-30 | 6.638053 | 3.750186118 | ||
| 2002-10-31 | 7.374960799 | 4.639273938 | ||
| 2002-11-30 | 6.718488029 | 4.137358247 | ||
| 2002-12-31 | 6.581381678 | 3.51504978 | ||
| 2003-01-31 | 6.104288712 | 3.600831789 | ||
| 2003-02-28 | 6.296625981 | 3.55664379 | ||
| 2003-03-31 | 6.031704463 | 3.56692318 | ||
| 2003-04-30 | 5.107015923 | 3.580657336 | ||
| 2003-05-31 | 4.659263532 | 3.351620841 | ||
| 2003-06-30 | 4.475665852 | 3.242489052 | ||
| 2003-07-31 | 4.512590154 | 3.032349549 | ||
| 2003-08-31 | 4.724970075 | 3.006269321 | ||
| 2003-09-30 | 4.979679712 | 2.980814917 | ||
| 2003-10-31 | 4.823216865 | 2.937558894 | ||
| 2003-11-30 | 4.776087956 | 2.853108173 | ||
| 2003-12-31 | 4.514679285 | 2.609684261 | ||
| 2004-01-31 | 4.030295882 | 2.505848458 | ||
| 2004-02-29 | 4.20273622 | 2.450504955 | ||
| 2004-03-31 | 3.917407114 | 2.381952191 | ||
| 2004-04-30 | 3.919637007 | 2.333858047 | ||
| 2004-05-28 | 4.062617639 | 2.40125276 | ||
| 2004-06-25 | 3.770043862 | 2.34405188 | ||
| 2004-07-30 | 3.843627933 | 2.255141151 | ||
| 2004-08-31 | 3.690023757 | 2.201748435 | ||
| 2004-09-30 | 3.613219159 | 2.136299164 | ||
| 2004-10-29 | 3.423142673 | 2.101811115 | ||
| 2004-11-30 | 3.258223484 | 2.072763693 | ||
| 2004-12-31 | 3.205977599 | 2.014210966 | ||
| 2005-01-31 | 3.252577924 | 1.980077793 | ||
| 2005-02-25 | 3.142369917 | 1.937545734 | ||
| 2005-03-31 | 3.047039139 | 1.850718315 | ||
| 2005-04-29 | 3.295215816 | 1.826328866 | ||
| 2005-05-31 | 3.124605675 | 1.860770294 | ||
| 2005-06-30 | 3.098929284 | 1.840825021 | ||
| 2005-07-29 | 3.038934267 | 1.765225638 | ||
| 2005-08-30 | 2.977012124 | 1.684525925 | ||
| 2005-09-30 | 2.959684756 | 1.725819089 | ||
| 2005-10-28 | 3.004611488 | 1.771756347 | ||
| 2005-11-30 | 2.893254531 | 1.783893172 | ||
| 2005-12-30 | 2.812631245 | 1.808442761 | ||
| 2006-01-31 | 2.823837991 | 1.745092629 | ||
| 2006-02-28 | 2.78175102 | 1.681539632 | ||
| 2006-03-31 | 2.739771964 | 1.68006846 | ||
| 2006-04-28 | 2.737436009 | 1.660514413 | ||
| 2006-05-31 | 2.673117132 | 1.727872182 | ||
| 2006-06-30 | 2.674438506 | 1.835263297 | ||
| 2006-07-28 | 2.698809064 | 1.875504449 | ||
| 2006-08-31 | 2.740115341 | 1.86821573 | ||
| 2006-09-29 | 2.738626971 | 1.86028665 | ||
| 2006-10-31 | 2.697930732 | 1.827817963 | ||
| 2006-11-30 | 2.702841826 | 1.966498489 | ||
| 2006-12-29 | 2.725997941 | 1.94127587 | ||
| 2007-01-31 | 2.600943861 | 1.913990437 | ||
| 2007-02-28 | 2.527216925 | 1.740932619 | ||
| 2007-03-30 | 2.492788553 | 1.770728531 | ||
| 2007-04-27 | 2.464456807 | 1.79786483 | ||
| 2007-05-31 | 2.411012615 | 1.785477596 | ||
| 2007-06-29 | 2.698014075 | 2.010311422 | ||
| 2007-07-31 | 3.478625362 | 2.824087826 | ||
| 2007-08-31 | 3.593701588 | 2.997391968 | ||
| 2007-09-28 | 3.341144765 | 2.711721162 | ||
| 2007-10-26 | 3.285028147 | 2.637905571 | ||
| 2007-11-30 | 3.85693643 | 3.062700596 | ||
| 2007-12-28 | 4.158829705 | 2.929114293 | ||
| 2008-01-31 | 4.975806018 | 3.743547176 | ||
| 2008-02-29 | 6.073212249 | 4.376096615 | ||
| 2008-03-28 | 7.208623221 | 4.324824068 | ||
| 2008-04-30 | 6.348011313 | 3.682164953 | ||
| 2008-05-30 | 6.379506401 | 3.587716478 | ||
| 2008-06-27 | 6.39477656 | 3.862890484 | ||
| 2008-07-31 | 7.173169589 | 4.179169073 | ||
| 2008-08-29 | 7.65469665 | 4.233284712 | ||
| 2008-09-30 | 10.60797989 | 5.941421106 | ||
| 2008-10-31 | 17.04969574 | 9.274483593 | ||
| 2008-11-28 | 20.89103789 | 11.0334419 | ||
| 2008-12-31 | 24.76122466 | 11.47030365 | ||
| 2009-01-30 | 20.69854071 | 8.744575104 | ||
| 2009-02-27 | 20.75494273 | 7.85357321 | ||
| 2009-03-31 | 20.31940445 | 7.791746152 | ||
| 2009-04-30 | 15.78603819 | 5.76799071 | ||
| 2009-05-29 | 12.39966035 | 5.560701626 | ||
| 2009-06-30 | 10.23361646 | 4.856091479 | ||
| 2009-07-31 | 8.497799368 | 4.186032619 | ||
| 2009-08-31 | 7.807965623 | 4.133706674 | ||
| 2009-09-30 | 6.96202797 | 4.006873408 | ||
| 2009-10-30 | 6.36999189 | 4.195248107 | ||
| 2009-11-30 | 6.704091026 | 4.526671541 | ||
| 2009-12-31 | 6.020436669 | 3.882098136 | ||
| 2010-01-29 | 5.673790358 | 3.699848283 | ||
| 2010-02-26 | 5.782266113 | 3.813460697 | ||
| 2010-03-31 | 5.27419835 | 3.499254325 | ||
| 2010-04-30 | 5.046092783 | 3.42850474 | ||
| 2010-05-28 | 6.10543623 | 3.988692698 | ||
| 2010-06-30 | 6.427051577 | 4.166631782 | ||
| 2010-07-30 | 5.980864621 | 4.014011967 | ||
| 2010-08-31 | 5.981197026 | 4.006990999 | ||
| 2010-09-30 | 5.619694567 | 3.88035424 | ||
| 2010-10-29 | 5.220238996 | 3.658196956 | ||
| 2010-11-30 | 5.614760701 | 3.709545132 | ||
| 2010-12-31 | 5.289997081 | 3.68691684 | ||
| 2011-01-31 | 4.800970166 | 3.506045183 | ||
| 2011-02-28 | 4.819888371 | 3.521926073 | ||
| 2011-03-31 | 4.854444575 | 3.436375211 | ||
| 2011-04-29 | 4.89480425 | 3.41062736 | ||
| 2011-05-31 | 5.041155125 | 3.571798755 | ||
| 2011-06-30 | 5.350327752 | 3.812068758 | ||
| 2011-07-29 | 5.424969659 | 3.820199304 | ||
| 2011-08-31 | 6.751228372 | 5.110951751 | ||
| 2011-09-30 | 6.846344185 | 4.688318525 | ||
| 2011-10-31 | 6.055158395 | 4.018786804 | ||
| 2011-11-30 | 6.539957601 | 4.244311218 | ||
| 2011-12-30 | 6.334345527 | 4.155591121 | ||
| 2012-01-31 | 5.709288282 | 3.854599736 | ||
| 2012-02-29 | 5.334908472 | 3.801143705 | ||
| 2012-03-30 | 5.374036092 | 3.757435533 | ||
| 2012-04-30 | 5.381195508 | 3.914070372 | ||
| 2012-05-31 | 5.861093971 | 4.262568286 | ||
| 2012-06-29 | 5.792673471 | 4.248600792 | ||
| 2012-07-31 | 5.877940539 | 4.100262473 | ||
| 2012-08-31 | 5.694161908 | 4.167612129 | ||
| 2012-09-28 | 5.547691177 | 3.962440438 | ||
| 2012-10-31 | 5.490887841 | 3.833106587 | ||
| 2012-11-30 | 5.604074257 | 3.83601469 | ||
| 2012-12-31 | 5.492338231 | 3.840471158 | ||
| 2013-01-31 | 5.28405064 | 3.719379441 | ||
| 2013-02-28 | 5.320350623 | 3.861849518 | ||
| 2013-03-28 | 5.135984135 | 3.72611154 | ||
| 2013-04-30 | 5.038359816 | 3.786623846 | ||
| 2013-05-31 | 4.869384084 | 3.62152864 | ||
| 2013-06-28 | 4.976929952 | 3.587007172 | ||
| 2013-07-31 | 4.821365022 | 3.333400388 | ||
| 2013-08-30 | 4.921733386 | 3.409726628 | ||
| 2013-09-30 | 4.993291222 | 3.456238912 | ||
| 2013-10-31 | 4.901852852 | 3.430421305 | ||
| 2013-11-22 | 4.916377784 | 3.499955765 | ||
| 2013-11-29 | 4.914891458 | 3.518233972 | ||
| 2013-12-06 | 4.898171004 | 3.524592769 | ||
| 2013-12-13 | 4.876331321 | 3.519265469 | ||
| 2013-12-20 | 4.862503347 | 3.460523049 | ||
| 2013-12-27 | 4.839803606 | 3.398370805 | ||
| 2014-01-03 | 4.839262079 | 3.369628791 | ||
| 2014-01-10 | 4.774945019 | 3.341352033 | ||
| 2014-01-17 | 4.739750726 | 3.352491454 | ||
| 2014-01-24 | 4.736467988 | 3.338112667 | ||
| 2014-01-31 | 4.770168272 | 3.373253137 | ||
| 2014-02-07 | 4.76437119 | 3.366453535 | ||
| 2014-02-14 | 4.738729262 | 3.423159641 | ||
| 2014-02-21 | 4.715267423 | 3.437046942 | ||
| 2014-02-28 | 4.709790526 | 3.323524114 | ||
| 2014-03-07 | 4.704533429 | 3.318906023 | ||
| 2014-03-14 | 4.681325461 | 3.320472077 | ||
| 2014-03-21 | 4.648603975 | 3.306092109 | ||
| 2014-03-28 | 4.652339321 | 3.318788066 | ||
| 2014-04-04 | 4.718304465 | 3.375574896 | ||
| 2014-04-11 | 4.696981957 | 3.409174123 | ||
| 2014-04-17 | 4.718402054 | 3.402645006 | ||
| 2014-04-25 | 4.755950876 | 3.453507459 | ||
| 2014-05-02 | 4.738825046 | 3.407384974 | ||
| 2014-05-09 | 4.732969317 | 3.372525312 | ||
| 2014-05-16 | 4.698471116 | 3.380386391 | ||
| 2014-05-23 | 4.706252087 | 3.389482277 | ||
| 2014-05-30 | 4.717653505 | 3.389951511 | ||
| 2014-06-06 | 4.699577443 | 3.400249916 | ||
| 2014-06-13 | 4.685820569 | 3.402507859 | ||
| 2014-06-20 | 4.690118843 | 3.389094774 | ||
| 2014-06-27 | 4.680845234 | 3.371392398 | ||
| 2014-07-03 | 4.666334523 | 3.383072886 | ||
| 2014-07-11 | 4.658575971 | 3.417841231 | ||
| 2014-07-18 | 4.665917099 | 3.415667513 | ||
| 2014-07-25 | 4.671093117 | 3.425566587 | ||
| 2014-08-01 | 4.74805781 | 3.498796139 | ||
| 2014-08-08 | 4.762578882 | 3.558336507 | ||
| 2014-08-15 | 4.802610647 | 3.631927077 | ||
| 2014-08-22 | 4.794545458 | 3.60877406 | ||
| 2014-08-29 | 4.758376975 | 3.575706016 | ||
| 2014-09-05 | 4.767268309 | 3.575215511 | ||
| 2014-09-12 | 4.819516024 | 3.628959008 | ||
| 2014-09-19 | 4.821836488 | 3.632569381 | ||
| 2014-09-26 | 4.901986285 | 3.712759185 | ||
| 2014-10-03 | 4.973162228 | 3.755308292 | ||
| 2014-10-10 | 4.986114632 | 3.782397376 | ||
| 2014-10-17 | 5.140122532 | 3.921464774 | ||
| 2014-10-24 | 5.085148349 | 3.837086684 | ||
| 2014-10-31 | 4.999332346 | 3.737800657 | ||
| 2014-11-07 | 5.011006849 | 3.706677336 | ||
| 2014-11-14 | 4.995262482 | 3.694548608 | ||
| 2014-11-21 | 5.005295081 | 3.676991038 | ||
| 2014-11-28 | 5.032323702 | 3.669957261 | ||
| 2014-12-05 | 5.139745754 | 3.690461408 | ||
| 2014-12-12 | 5.405282994 | 3.914272538 | ||
| 2014-12-19 | 5.519807965 | 3.949508522 | ||
| 2014-12-26 | 5.448301608 | 3.89882721 | ||
| 2015-01-02 | 5.443144343 | 3.88988542 | ||
| 2015-01-09 | 5.440880506 | 3.915570376 | ||
| 2015-01-16 | 5.451260026 | 3.893411429 | ||
| 2015-01-23 | 5.443209503 | 3.879602844 | ||
| 2015-01-30 | 5.471747275 | 3.925043577 | ||
| 2015-02-06 | 5.413791147 | 3.856426966 | ||
| 2015-02-13 | 5.334950359 | 3.794522836 | ||
| 2015-02-20 | 5.27347492 | 3.748249472 | ||
| 2015-02-27 | 5.22462584 | 3.728373996 | ||
| 2015-03-06 | 5.188786002 | 3.677835 | ||
| 2015-03-13 | 5.160951961 | 3.68595866 | ||
| 2015-03-20 | 5.212122718 | 3.703929496 | ||
| 2015-03-27 | 5.21040577 | 3.669109811 | ||
| 2015-04-02 | 5.176891929 | 3.661889197 | ||
| 2015-04-10 | 5.122567945 | 3.581800596 | ||
| 2015-04-17 | 5.136221039 | 3.563280056 | ||
| 2015-04-24 | 5.113677401 | 3.560362804 | ||
| 2015-05-01 | 5.11800049 | 3.548952597 | ||
| 2015-05-08 | 5.094962992 | 3.567037959 | ||
| 2015-05-15 | 5.111735564 | 3.595207081 | ||
| 2015-05-22 | 5.129718477 | 3.567322428 | ||
| 2015-05-29 | 5.138548929 | 3.56770722 | ||
| 2015-06-05 | 5.223016717 | 3.581797787 | ||
| 2015-06-12 | 5.276865047 | 3.607936474 | ||
| 2015-06-19 | 5.308696533 | 3.640718819 | ||
| 2015-06-26 | 5.309534447 | 3.624999743 | ||
| 2015-07-02 | 5.354256657 | 3.62705514 | ||
| 2015-07-10 | 5.340924057 | 3.593556675 | ||
| 2015-07-17 | 5.296042792 | 3.54833725 | ||
| 2015-07-24 | 5.312473852 | 3.552946258 | ||
| 2015-07-31 | 5.362804633 | 3.582230706 | ||
| 2015-08-07 | 5.3838736 | 3.624674017 | ||
| 2015-08-14 | 5.412196953 | 3.682274495 | ||
| 2015-08-21 | 5.483047648 | 3.708981882 | ||
| 2015-08-28 | 5.560346207 | 3.735472023 | ||
| 2015-09-04 | 5.41201616 | 3.719743088 | ||
| 2015-09-11 | 5.423930137 | 3.694121119 | ||
| 2015-09-18 | 5.445589999 | 3.675781383 | ||
| 2015-09-25 | 5.521814767 | 3.702046847 | ||
| 2015-10-02 | 5.747364413 | 3.781452424 | ||
| 2015-10-09 | 5.754071527 | 3.77081726 | ||
| 2015-10-16 | 5.78555008 | 3.780684027 | ||
| 2015-10-23 | 5.76314917 | 3.781348985 | ||
| 2015-10-30 | 5.768075991 | 3.848737724 | ||
| 2015-11-06 | 5.771258001 | 3.811053802 | ||
| 2015-11-13 | 5.899560083 | 3.899866721 | ||
| 2015-11-20 | 6.075623026 | 3.947751217 | ||
| 2015-11-27 | 6.114545324 | 3.916660319 | ||
| 2015-12-04 | 6.207904349 | 3.874484344 | ||
| 2015-12-11 | 6.660786963 | 3.95863275 | ||
| 2015-12-18 | 7.004504876 | 4.023014983 | ||
| 2015-12-24 | 7.076315778 | 4.049996674 | ||
| 2015-12-31 | 7.078051368 | 4.032757065 | ||
| 2016-01-08 | 7.116764079 | 4.006440014 | ||
| 2016-01-15 | 7.22109756 | 4.033594782 | ||
| 2016-01-22 | 7.463377685 | 4.140913827 | ||
| 2016-01-29 | 7.426786701 | 4.143736858 | ||
| 2016-02-05 | 7.459994834 | 4.112145558 | ||
| 2016-02-12 | 7.710244428 | 4.262792756 | ||
| 2016-02-19 | 7.524063928 | 4.267073355 | ||
| 2016-02-26 | 7.507702418 | 4.240147461 | ||
| 2016-03-04 | 7.245200099 | 4.113030235 | ||
| 2016-03-11 | 6.950796478 | 3.97372928 | ||
| 2016-03-18 | 6.563393002 | 3.763428872 | ||
| 2016-03-24 | 6.504210223 | 3.781129591 | ||
| 2016-04-01 | 6.280890574 | 3.805153009 | ||
| 2016-04-08 | 6.202166372 | 3.730850057 | ||
| 2016-04-15 | 5.807877417 | 3.690519535 | ||
| 2016-04-22 | 5.599083232 | 3.616925643 | ||
| 2016-04-29 | 5.521393475 | 3.603262417 | ||
| 2016-05-06 | 5.49952765 | 3.642831502 | ||
| 2016-05-13 | 5.463222133 | 3.650158304 | ||
| 2016-05-20 | 5.416815879 | 3.621082734 | ||
| 2016-05-27 | 5.332033623 | 3.579699503 | ||
| 2016-06-03 | 5.336304568 | 3.570474948 | ||
| 2016-06-10 | 5.289366572 | 3.608965167 | ||
| 2016-06-17 | 5.294908361 | 3.64507633 | ||
| 2016-06-24 | 5.3449611 | 3.641041079 | ||
| 2016-07-01 | 5.379635994 | 3.651662015 | ||
| 2016-07-08 | 5.33862199 | 3.622247218 | ||
| 2016-07-15 | 5.234737724 | 3.54090099 | ||
| 2016-07-22 | 5.147036813 | 3.483750552 | ||
| 2016-07-29 | 5.121639252 | 3.448759909 | ||
| 2016-08-05 | 5.098302719 | 3.469556608 | ||
| 2016-08-12 | 5.072111009 | 3.439328269 | ||
| 2016-08-19 | 5.132338019 | 3.444039376 | ||
| 2016-08-26 | 5.097572653 | 3.454411856 | ||
| 2016-09-02 | 5.042716598 | 3.426115971 | ||
| 2016-09-09 | 5.001575128 | 3.385679649 | ||
| 2016-09-16 | 5.000550277 | 3.366985965 | ||
| 2016-09-23 | 4.885045624 | 3.349084715 | ||
| 2016-09-30 | 4.883068377 | 3.341118431 | ||
| 2016-10-07 | 4.840306451 | 3.274930981 | ||
| 2016-10-14 | 4.860983165 | 3.27357159 | ||
| 2016-10-21 | 4.80530747 | 3.202489596 | ||
| 2016-10-28 | 4.779817803 | 3.193053394 | ||
| 2016-11-04 | 4.797016739 | 3.2485184 | ||
| 2016-11-10 | 4.799874378 | 3.272098817 | ||
| 2016-11-18 | 4.767751003 | 3.218538427 | ||
| 2016-11-25 | 4.74923311 | 3.20983697 | ||
| 2016-12-02 | 4.681702351 | 3.20028216 | ||
| 2016-12-09 | 4.593162295 | 3.094430078 | ||
| 2016-12-16 | 4.543337261 | 3.06594441 | ||
| 2016-12-23 | 4.59501723 | 3.071597498 | ||
| 2016-12-30 | 4.643367528 | 3.035776307 | ||
| 2017-01-06 | 4.567639132 | 3.019919741 | ||
| 2017-01-13 | 4.536574233 | 3.030115858 | ||
| 2017-01-20 | 4.556134591 | 3.056400182 | ||
| 2017-01-27 | 4.535020889 | 3.086673602 | ||
| 2017-02-03 | 4.50386572 | 3.060619592 | ||
| 2017-02-10 | 4.508648423 | 3.007438418 | ||
| 2017-02-17 | 4.448177485 | 2.951559206 | ||
| 2017-02-24 | 4.388560878 | 2.932189279 | ||
| 2017-03-03 | 4.342299593 | 2.884096232 | ||
| 2017-03-10 | 4.344391973 | 2.869587671 | ||
| 2017-03-17 | 4.321808281 | 2.85235147 | ||
| 2017-03-24 | 4.316396112 | 2.936968178 | ||
| 2017-03-31 | 4.250673997 | 2.909729816 | ||
| 2017-04-07 | 4.154828147 | 2.878882118 | ||
| 2017-04-13 | 4.115613652 | 2.850450981 | ||
| 2017-04-21 | 4.129010795 | 2.832789761 | ||
| 2017-04-28 | 4.126584476 | 2.81799605 | ||
| 2017-05-05 | 4.157895866 | 2.881186836 | ||
| 2017-05-12 | 4.130287386 | 2.882424329 | ||
| 2017-05-19 | 4.111150613 | 2.888773689 | ||
| 2017-05-26 | 4.038568302 | 2.885903683 | ||
| 2017-06-02 | 4.054623194 | 2.865969376 | ||
| 2017-06-09 | 4.034217058 | 2.869238168 | ||
| 2017-06-16 | 4.036661586 | 2.880127448 | ||
| 2017-06-23 | 4.070468801 | 2.864037435 | ||
| 2017-06-30 | 4.07836583 | 2.8391982 | ||
| 2017-07-07 | 4.069280898 | 2.833183299 | ||
| 2017-07-14 | 4.09480047 | 2.832880559 | ||
| 2017-07-21 | 4.090062724 | 2.804314364 | ||
| 2017-07-28 | 4.030225752 | 2.780963817 | ||
| 2017-08-04 | 4.032379197 | 2.752044259 | ||
| 2017-08-11 | 4.056409571 | 2.799437965 | ||
| 2017-08-18 | 4.066051766 | 2.778864261 | ||
| 2017-08-25 | 4.071799224 | 2.820702451 | ||
| 2017-09-01 | 4.059344133 | 2.852210068 | ||
| 2017-09-08 | 4.021957791 | 2.872634763 | ||
| 2017-09-15 | 4.017126073 | 2.890653771 | ||
| 2017-09-22 | 4.022401819 | 2.824808444 | ||
| 2017-09-29 | 4.01261109 | 2.715818027 | ||
| 2017-10-06 | 3.980137602 | 2.668259166 | ||
| 2017-10-13 | 3.945235935 | 2.666213575 | ||
| 2017-10-20 | 3.925018654 | 2.650542487 | ||
| 2017-10-27 | 3.944708872 | 2.651767964 | ||
| 2017-11-03 | 3.965874722 | 2.626799792 | ||
| 2017-11-10 | 3.982528913 | 2.62230663 | ||
| 2017-11-17 | 3.961012651 | 2.646345535 | ||
| 2017-11-24 | 3.954865118 | 2.637152497 | ||
| 2017-12-01 | 3.948242077 | 2.628638214 | ||
| 2017-12-08 | 3.943982507 | 2.607844296 | ||
| 2017-12-15 | 3.999049602 | 2.622258174 | ||
| 2017-12-22 | 3.911517766 | 2.62741151 | ||
| 2017-12-29 | 3.886199593 | 2.59495622 | ||
| 2018-01-05 | 3.873321913 | 2.552850627 | ||
| 2018-01-12 | 3.80788949 | 2.543632317 | ||
| 2018-01-19 | 3.77164134 | 2.524089106 | ||
| 2018-01-26 | 3.733860015 | 2.495947616 | ||
| 2018-02-02 | 3.702337911 | 2.43815613 | ||
| 2018-02-09 | 3.741603294 | 2.481185358 | ||
| 2018-02-16 | 3.730653859 | 2.486374253 | ||
| 2018-02-23 | 3.727767465 | 2.502382641 | ||
| 2018-03-02 | 3.722636118 | 2.513098554 | ||
| 2018-03-09 | 3.721717182 | 2.509580728 | ||
| 2018-03-16 | 3.704618344 | 2.49426911 | ||
| 2018-03-23 | 3.72231577 | 2.490181212 | ||
| 2018-03-30 | 3.723025195 | 2.492851524 | ||
| 2018-04-06 | 3.716121272 | 2.494986203 | ||
| 2018-04-13 | 3.683437381 | 2.488722757 | ||
| 2018-04-20 | 3.660879698 | 2.456453005 | ||
| 2018-04-27 | 3.668937741 | 2.438894246 | ||
| 2018-05-04 | 3.684271493 | 2.439840055 | ||
| 2018-05-11 | 3.679308511 | 2.44477163 | ||
| 2018-05-18 | 3.67525846 | 2.469683352 | ||
| 2018-05-25 | 3.691765262 | 2.49195051 | ||
| 2018-06-01 | 3.723323407 | 2.484480391 | ||
| 2018-06-08 | 3.713825007 | 2.486143205 | ||
| 2018-06-15 | 3.725509472 | 2.49076378 | ||
| 2018-06-22 | 3.745688643 | 2.516636858 | ||
| 2018-06-29 | 3.763646519 | 2.552103429 | ||
| 2018-07-06 | 3.750008316 | 2.531111257 | ||
| 2018-07-13 | 3.756437166 | 2.541174862 | ||
| 2018-07-20 | 3.748096173 | 2.53204466 | ||
| 2018-07-27 | 3.757417146 | 2.51411306 | ||
| 2018-08-03 | 3.752837791 | 2.498162198 | ||
| 2018-08-10 | 3.767166224 | 2.516157236 | ||
| 2018-08-17 | 3.774359182 | 2.533004231 | ||
| 2018-08-24 | 3.807141695 | 2.482888336 | ||
| 2018-08-31 | 3.827432743 | 2.492706273 | ||
| 2018-09-07 | 3.819108104 | 2.494551946 | ||
| 2018-09-14 | 3.806416089 | 2.499302742 | ||
| 2018-09-21 | 3.778142713 | 2.481231531 | ||
| 2018-09-28 | 3.734823781 | 2.480723289 | ||
| 2018-10-05 | 3.726562452 | 2.476299857 | ||
| 2018-10-12 | 3.747295956 | 2.486551972 | ||
| 2018-10-19 | 3.748605058 | 2.489240379 | ||
| 2018-10-26 | 3.789716385 | 2.537106073 | ||
| 2018-11-02 | 3.842712856 | 2.580854793 | ||
| 2018-11-09 | 3.855036727 | 2.614676859 | ||
| 2018-11-16 | 3.951011524 | 2.681425685 | ||
| 2018-11-23 | 4.073746606 | 2.759605448 | ||
| 2018-11-30 | 4.179859583 | 2.884428855 | ||
| 2018-12-07 | 4.334347961 | 3.009078764 | ||
| 2018-12-14 | 4.509545853 | 3.150633514 | ||
| 2018-12-21 | 4.832573323 | 3.373170305 | ||
| 2018-12-28 | 4.941223292 | 3.462860074 | ||
| 2019-01-04 | 4.733754374 | 3.180905956 | ||
| 2019-01-11 | 4.48670142 | 2.911212159 | ||
| 2019-01-18 | 4.475686724 | 2.838416032 | ||
| 2019-01-25 | 4.527344409 | 2.881502704 | ||
| 2019-02-01 | 4.542935453 | 2.887671369 | ||
| 2019-02-08 | 4.492502678 | 2.862814776 | ||
| 2019-02-15 | 4.440734662 | 2.830785831 | ||
| 2019-02-22 | 4.331918316 | 2.760269645 | ||
| 2019-03-01 | 4.236528326 | 2.685405228 | ||
| 2019-03-08 | 4.322832003 | 2.746646671 | ||
| 2019-03-15 | 4.314548779 | 2.7348961 | ||
| 2019-03-22 | 4.397419899 | 2.786648998 | ||
| 2019-03-29 | 4.45584151 | 2.877071041 | ||
| 2019-04-05 | 4.315945126 | 2.792921972 | ||
| 2019-04-12 | 4.257487168 | 2.741876114 | ||
| 2019-04-18 | 4.214028918 | 2.727858907 | ||
| 2019-04-26 | 4.180719023 | 2.69829144 | ||
| 2019-05-03 | 4.127505294 | 2.683151973 | ||
| 2019-05-10 | 4.20079036 | 2.680938891 | ||
| 2019-05-17 | 4.163569598 | 2.681971716 | ||
| 2019-05-24 | 4.219001725 | 2.68168054 | ||
| 2019-05-31 | 4.299644758 | 2.675874467 | ||
| 2019-06-07 | 4.304943133 | 2.66533403 | ||
| 2019-06-14 | 4.313318409 | 2.653670331 | ||
| 2019-06-21 | 4.313879279 | 2.663369166 | ||
| 2019-06-28 | 4.364151511 | 2.699296928 | ||
| 2019-07-05 | 4.355108589 | 2.691348572 | ||
| 2019-07-12 | 4.319070747 | 2.672797309 | ||
| 2019-07-19 | 4.302483067 | 2.654044174 | ||
| 2019-07-26 | 4.303035446 | 2.647092077 | ||
| 2019-08-02 | 4.304487151 | 2.729913326 | ||
| 2019-08-09 | 4.409349307 | 2.770048632 | ||
| 2019-08-16 | 4.503012079 | 2.801496638 | ||
| 2019-08-23 | 4.509996898 | 2.780838119 | ||
| 2019-08-30 | 4.464821469 | 2.8023573 | ||
| 2019-09-06 | 4.419717035 | 2.741597679 | ||
| 2019-09-13 | 4.346780885 | 2.669649229 | ||
| 2019-09-20 | 4.340224125 | 2.680274819 | ||
| 2019-09-27 | 4.325561512 | 2.674852563 | ||
| 2019-10-04 | 4.43294389 | 2.704410323 | ||
| 2019-10-11 | 4.586544952 | 2.74495029 | ||
| 2019-10-18 | 4.618781189 | 2.721442143 | ||
| 2019-10-25 | 4.634629528 | 2.713635755 | ||
| 2019-11-01 | 4.683168089 | 2.745953798 | ||
| 2019-11-08 | 4.677179004 | 2.751943743 | ||
| 2019-11-15 | 4.615034062 | 2.745132176 | ||
| 2019-11-22 | 4.669846596 | 2.753986356 | ||
| 2019-11-29 | 4.658184116 | 2.742636745 | ||
| 2019-12-06 | 4.547712738 | 2.710778218 | ||
| 2019-12-13 | 4.363787126 | 2.656414426 | ||
| 2019-12-20 | 4.242401827 | 2.64070995 | ||
| 2019-12-27 | 4.241301411 | 2.63801446 | ||
| 2020-01-03 | 4.23049445 | 2.621672479 | ||
| 2020-01-10 | 4.140296269 | 2.579319377 | ||
| 2020-01-17 | 4.10710221 | 2.57207486 | ||
| 2020-01-24 | 4.11279807 | 2.601422401 | ||
| 2020-01-31 | 4.191917713 | 2.627873805 | ||
| 2020-02-07 | 4.218113466 | 2.678684624 | ||
| 2020-02-14 | 4.21048703 | 2.69448074 | ||
| 2020-02-21 | 4.189811382 | 2.710893395 | ||
| 2020-02-28 | 4.581385576 | 3.038800808 | ||
| 2020-03-06 | 4.854775847 | 3.243091693 | ||
| 2020-03-13 | 6.393152114 | 4.750300126 | ||
| 2020-03-20 | 9.687392601 | 7.880604267 | ||
| 2020-03-27 | 9.030652923 | 6.14613463 | ||
| 2020-04-03 | 8.152598017 | 5.048295921 | ||
| 2020-04-09 | 7.306575883 | 4.264384758 | ||
| 2020-04-17 | 6.736097605 | 3.9406949 | ||
| 2020-04-24 | 6.913745649 | 4.121014051 | ||
| 2020-05-01 | 6.882484943 | 4.139171101 | ||
| 2020-05-08 | 6.558610116 | 4.051761747 | ||
| 2020-05-15 | 6.511861575 | 4.03392646 | ||
| 2020-05-22 | 6.159296181 | 3.705107904 | ||
| 2020-05-29 | 5.770013779 | 3.434488915 | ||
| 2020-06-05 | 5.419879122 | 3.211286026 | ||
| 2020-06-12 | 5.371023165 | 3.264167139 | ||
| 2020-06-19 | 5.216089404 | 3.138677392 | ||
| 2020-06-26 | 5.509749313 | 3.381529098 | ||
| 2020-07-03 | 5.398062822 | 3.357940019 | ||
| 2020-07-10 | 5.374377314 | 3.300913584 | ||
| 2020-07-17 | 5.200236801 | 3.191921366 | ||
| 2020-07-24 | 5.06954331 | 3.094751379 | ||
| 2020-07-31 | 5.092788093 | 3.129945665 | ||
| 2020-08-07 | 4.960052904 | 3.049278952 | ||
| 2020-08-14 | 4.861085065 | 3.017505498 | ||
| 2020-08-21 | 4.881261902 | 3.088271454 | ||
| 2020-08-28 | 4.831046734 | 3.07060158 | ||
| 2020-09-04 | 4.653959376 | 2.900115285 | ||
| 2020-09-11 | 4.578625866 | 2.866778157 | ||
| 2020-09-18 | 4.556192958 | 2.881774653 | ||
| 2020-09-25 | 4.741110976 | 3.058410064 | ||
| 2020-10-02 | 4.749737294 | 3.097629051 | ||
| 2020-10-09 | 4.632160271 | 3.005367616 | ||
| 2020-10-16 | 4.666338215 | 3.036300748 | ||
| 2020-10-23 | 4.825568477 | 3.066052261 | ||
| 2020-10-30 | 5.004104862 | 3.217636768 | ||
| 2020-11-06 | 4.808465024 | 3.057059694 | ||
| 2020-11-13 | 4.673767528 | 2.987008296 | ||
| 2020-11-20 | 4.669435701 | 3.020837829 | ||
| 2020-11-27 | 4.607305087 | 2.984896174 | ||
| 2020-12-04 | 4.499880242 | 2.899996322 | ||
| 2020-12-11 | 4.461261695 | 2.86494858 | ||
| 2020-12-18 | 4.393624919 | 2.80638031 | ||
| 2020-12-24 | 4.409350144 | 2.812745995 | ||
| 2020-12-31 | 4.389562553 | 2.795128995 | ||
| 2021-01-08 | 4.233295434 | 2.633972204 | ||
| 2021-01-15 | 4.155066443 | 2.646288395 | ||
| 2021-01-22 | 4.160384095 | 2.632714117 | ||
| 2021-01-29 | 4.223160977 | 2.693175607 | ||
| 2021-02-05 | 4.202910967 | 2.683015084 | ||
| 2021-02-12 | 4.130036486 | 2.704471062 | ||
| 2021-02-19 | 4.11652962 | 2.708917555 | ||
| 2021-02-26 | 4.133478535 | 2.692784752 | ||
| 2021-03-05 | 4.140896663 | 2.753765878 | ||
| 2021-03-12 | 4.15029676 | 2.770494246 | ||
| 2021-03-19 | 4.207701663 | 2.814910654 | ||
| 2021-03-26 | 4.233783652 | 2.840583716 | ||
| 2021-04-02 | 4.242169768 | 2.842340603 | ||
| 2021-04-09 | 4.166703584 | 2.791289321 | ||
| 2021-04-16 | 4.159516434 | 2.809300991 | ||
| 2021-04-23 | 4.188169454 | 2.771439806 | ||
| 2021-04-30 | 4.182422238 | 2.803546376 | ||
| 2021-05-07 | 4.186015167 | 2.813823733 | ||
| 2021-05-14 | 4.189507423 | 2.839720377 | ||
| 2021-05-21 | 4.162665279 | 2.815530351 | ||
| 2021-05-28 | 4.151023931 | 2.789107922 | ||
| 2021-06-04 | 4.13752527 | 2.818051684 | ||
| 2021-06-11 | 4.118869664 | 2.801147259 | ||
| 2021-06-18 | 4.147247387 | 2.857268469 | ||
| 2021-06-25 | 4.167449714 | 2.884636112 | ||
| 2021-07-02 | 4.16808501 | 2.895677266 | ||
| 2021-07-09 | 4.162528117 | 2.910820624 | ||
| 2021-07-16 | 4.152421941 | 2.858111782 | ||
| 2021-07-23 | 4.165367422 | 2.895482153 | ||
| 2021-07-30 | 4.214504276 | 2.920575298 | ||
| 2021-08-06 | 4.229902602 | 2.926476014 | ||
| 2021-08-13 | 4.2282632 | 3.088344559 | ||
| 2021-08-20 | 4.252212643 | 3.142292087 | ||
| 2021-08-27 | 4.235844894 | 3.117211558 | ||
| 2021-09-03 | 4.214371648 | 3.094625117 | ||
| 2021-09-10 | 4.184917606 | 3.071907489 | ||
| 2021-09-17 | 4.176513462 | 3.065419697 | ||
| 2021-09-24 | 4.178544949 | 3.060116647 | ||
| 2021-10-01 | 4.169831729 | 3.048551965 | ||
| 2021-10-08 | 4.183369366 | 3.046718806 | ||
| 2021-10-15 | 4.196000152 | 3.046699697 | ||
| 2021-10-22 | 4.189198809 | 3.054536077 | ||
| 2021-10-29 | 4.196742642 | 3.058988632 | ||
| 2021-11-05 | 4.179190915 | 3.053364043 | ||
| 2021-11-12 | 4.165704061 | 3.00451615 | ||
| 2021-11-19 | 4.168709723 | 3.008438757 | ||
| 2021-11-26 | 4.210727949 | 3.038421654 | ||
| 2021-12-03 | 4.285602253 | 3.083825581 | ||
| 2021-12-10 | 4.239507783 | 3.030513594 | ||
| 2021-12-17 | 4.226753013 | 3.071087529 | ||
| 2021-12-24 | 4.219803493 | 3.060229853 | ||
| 2021-12-31 | 4.280376332 | 3.080799937 | ||
| 2022-01-07 | 4.206427635 | 3.024832103 | ||
| 2022-01-14 | 4.175881376 | 2.992310027 | ||
| 2022-01-21 | 4.1572083 | 2.985139631 | ||
| 2022-01-28 | 4.236650264 | 3.031279612 | ||
| 2022-02-04 | 4.244349761 | 3.027858635 | ||
| 2022-02-11 | 4.295861193 | 3.059315004 | ||
| 2022-02-18 | 4.384179186 | 3.159829792 | ||
| 2022-02-25 | 4.461715199 | 3.229838462 | ||
| 2022-03-04 | 4.453774687 | 3.24193604 | ||
| 2022-03-11 | 4.773297859 | 3.500537716 | ||
| 2022-03-18 | 4.721740898 | 3.453609815 | ||
| 2022-03-25 | 4.58234696 | 3.338562161 | ||
| 2022-04-01 | 4.433104838 | 3.175361271 | ||
| 2022-04-08 | 4.198682806 | 3.010871779 | ||
| 2022-04-15 | 4.199813108 | 3.048717945 | ||
| 2022-04-22 | 4.214554676 | 3.019629533 | ||
| 2022-04-29 | 4.32392627 | 3.102746585 | ||
| 2022-05-06 | 4.453704988 | 3.235162249 | ||
| 2022-05-13 | 4.942924014 | 3.633495242 | ||
| 2022-05-20 | 5.094648654 | 3.724783819 | ||
| 2022-05-27 | 5.16713692 | 3.718416761 | ||
| 2022-06-03 | 4.961909022 | 3.485450364 | ||
| 2022-06-10 | 4.990382554 | 3.505355674 | ||
| 2022-06-17 | 5.389730781 | 3.833247969 | ||
| 2022-06-24 | 5.499729194 | 3.889322357 | ||
| 2022-07-01 | 5.870248436 | 4.166976213 | ||
| 2022-07-08 | 5.911972359 | 4.193191706 | ||
| 2022-07-15 | 5.843413006 | 4.138839423 | ||
| 2022-07-22 | 5.413868166 | 3.72025581 | ||
| 2022-07-29 | 5.365784892 | 3.683711044 | ||
| 2022-08-05 | 5.184972588 | 3.495140185 | ||
| 2022-08-12 | 4.898934992 | 3.297494714 | ||
| 2022-08-19 | 4.988872418 | 3.330274625 | ||
| 2022-08-26 | 5.076946736 | 3.415900909 | ||
| 2022-09-02 | 5.230128908 | 3.477416436 | ||
| 2022-09-09 | 5.208139161 | 3.457064767 | ||
| 2022-09-16 | 5.292604144 | 3.495188283 | ||
| 2022-09-23 | 5.580698957 | 3.595145832 | ||
| 2022-09-30 | 5.954246277 | 3.804468941 | ||
| 2022-10-07 | 5.74787332 | 3.642476257 | ||
| 2022-10-14 | 5.919739928 | 3.663220418 | ||
| 2022-10-21 | 5.915558306 | 3.571456859 | ||
| 2022-10-28 | 5.939316035 | 3.55280822 | ||
| 2022-11-04 | 5.777449991 | 3.468429057 | ||
| 2022-11-11 | 5.654634902 | 3.435845348 | ||
| 2022-11-18 | 5.51877625 | 3.403426378 | ||
| 2022-11-25 | 5.533385121 | 3.410095291 | ||
| 2022-12-02 | 5.481879753 | 3.399057813 | ||
| 2022-12-09 | 5.495472005 | 3.393809859 | ||
| 2022-12-16 | 5.504827374 | 3.366015599 | ||
| 2022-12-23 | 5.458205222 | 3.370679281 | ||
| 2022-12-30 | 5.471317634 | 3.384627766 | ||
| 2023-01-06 | 5.325327527 | 3.240281688 | ||
| 2023-01-13 | 5.093568126 | 3.105489729 | ||
| 2023-01-20 | 5.032282652 | 3.113980517 | ||
| 2023-01-27 | 4.915387802 | 3.08770212 | ||
| 2023-02-03 | 4.887839816 | 3.075680371 | ||
| 2023-02-10 | 4.800355786 | 3.082517772 | ||
| 2023-02-17 | 4.878038794 | 3.264215995 | ||
| 2023-02-24 | 5.002435521 | 3.32613083 | ||
| 2023-03-03 | 4.982201013 | 3.319083531 | ||
| 2023-03-10 | 5.020672189 | 3.41226326 | ||
| 2023-03-17 | 5.428459228 | 3.693124592 | ||
| 2023-03-24 | 5.460158655 | 3.410769568 | ||
| 2023-03-31 | 5.161598919 | 3.29848853 | ||
| 2023-04-07 | 5.101770388 | 3.284099922 | ||
| 2023-04-14 | 5.051503483 | 3.25970724 | ||
| 2023-04-21 | 4.97136537 | 3.272408545 | ||
| 2023-04-28 | 4.964896419 | 3.260873045 | ||
| 2023-05-05 | 5.072782428 | 3.312353675 | ||
| 2023-05-12 | 5.121929445 | 3.37095676 | ||
| 2023-05-19 | 5.142410913 | 3.391994458 | ||
| 2023-05-26 | 5.271471551 | 3.446215352 | ||
| 2023-06-02 | 5.250387279 | 3.442615575 | ||
| 2023-06-09 | 5.086018392 | 3.350706983 | ||
| 2023-06-16 | 4.963604942 | 3.290294994 | ||
| 2023-06-23 | 4.976920646 | 3.303424163 | ||
| 2023-06-30 | 4.81836912 | 3.209455622 | ||
| 2023-07-07 | 4.728011273 | 3.16413317 | ||
| 2023-07-14 | 4.589287404 | 3.107573188 | ||
| 2023-07-21 | 4.650319366 | 3.123197386 | ||
| 2023-07-28 | 4.651308462 | 3.118443804 | ||
| 2023-08-04 | 4.724333313 | 3.139659084 | ||
| 2023-08-11 | 4.72097852 | 3.131692966 | ||
| 2023-08-18 | 4.781499571 | 3.130329728 | ||
| 2023-08-25 | 4.771122947 | 3.120932517 | ||
| 2023-09-01 | 4.695365585 | 3.115130119 | ||
| 2023-09-08 | 4.627747809 | 3.115566737 | ||
| 2023-09-15 | 4.499446123 | 3.074731693 | ||
| 2023-09-22 | 4.496775665 | 3.086960703 | ||
| 2023-09-29 | 4.600998626 | 3.131280525 | ||
| 2023-10-06 | 4.733948306 | 3.22947469 | ||
| 2023-10-13 | 4.67568455 | 3.193819494 | ||
| 2023-10-20 | 4.747057254 | 3.209050578 | ||
| 2023-10-27 | 4.849195646 | 3.24798128 | ||
| 2023-11-03 | 4.84012544 | 3.190864429 | ||
| 2023-11-10 | 4.763692951 | 3.220545383 | ||
| 2023-11-17 | 4.727226064 | 3.180166033 | ||
| 2023-11-24 | 4.742043873 | 3.199891096 | ||
| 2023-12-01 | 4.74406734 | 3.199542199 | ||
| 2023-12-08 | 4.676263869 | 3.175457263 | ||
| 2023-12-15 | 4.555429987 | 3.109022731 | ||
| 2023-12-22 | 4.523722427 | 3.083005886 | ||
| 2023-12-29 | 4.463796063 | 3.044391162 | ||
| 2024-01-05 | 4.444163938 | 3.038494465 | ||
| 2024-01-12 | 4.429988493 | 3.031755359 | ||
| 2024-01-19 | 4.46649594 | 3.022297521 | ||
| 2024-01-26 | 4.476769596 | 3.034873273 | ||
| 2024-02-02 | 4.44661255 | 3.087743745 | ||
| 2024-02-09 | 4.428573415 | 3.09455673 | ||
| 2024-02-16 | 4.401040415 | 3.073163408 | ||
| 2024-02-23 | 4.381699927 | 3.058544114 | ||
| 2024-03-01 | 4.363600458 | 3.011757418 | ||
| 2024-03-08 | 4.314119759 | 3.02985455 | ||
| 2024-03-15 | 4.252894879 | 3.008196675 | ||
| 2024-03-22 | 4.267491246 | 3.027814476 | ||
| 2024-03-29 | 4.271575033 | 2.968548512 |
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 black dashed line represents the data transitioning from monthly to weekly in November 2013.
Source: PitchBook Data, Leveraged Commentary & Data.
Return to text
Figure 1.11. Treasury market depth increased but remained below historical norms
This is a line chart titled "Treasury market depth increased but remained below historical norms." The x-axis measures time and ranges from January 2019 to March 2024. 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. By the end of 2020, the value has risen again to about 260 million but declines to 40 million in March 2022, with much volatility in that decline. Since the beginning of 2023, there has been a slight uptick in the series, reaching about 80 million in December and climbing to 90 million by March 2024. 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, climbs to 240 million in April 2019, then declines to around 75 million by August of 2019. It 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 175 million. From this point there is a decreasing trend in the series with fluctuations between about 60 and 80 million throughout 2022 and 2023. In 2024, the series increases slightly to end at about 90 million by the end of March. 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 about 7 million in October of 2019 before a rise back to about 15 million and then an even sharper decline to under 5 million in March 2020. From there, the series rises to over 20 million in June 2021, before gradually declining to around 7 million in March 2022. The series hovers between 7 and 11 million until the end of 2022, when it declines again to about 5 million. It rises again to about 15 million by end the of 2023, drops to 10 million in the beginning of 2024, then ends at around 16 million in March 2024.
Note: Market depth is defined as the average top 3 bid and ask quote sizes for on-the-run Treasury securities.
Source: Inter Dealer Broker Community.
Return to text
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 remained below historical norms." The x-axis measures time and ranges from September 2019 to March 2024. 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 before there is a sharp decrease in March 2020 to a low of about 9 million. Then, there is a quick rebound back to around 285 million in February of 2021, a sharp drop down to about 110 million in March 2021, and an increase back to about 275 million in July 2021.The series has two quick decreases to around 50 million in January of 2022. Since then, there is a gradual decrease to around 10 million in early 2023 The series remains between 5 and 12 million for most of 2023, ending with a slight increase toward the end of the series to a final value of almost 29 million in March 2024. 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 about 35 million dollars in 2019, rises to around 50 million by February of 2020 before steeply dropping to 5 million in March 2020. The series increases back up to 55 million in late 2020. The series wavers between 30 and 50 million in 2021 and then declines throughout 2022 from about 30 million dollars to about 10 million dollars. March 2023 shows a further decline to about 8 million dollars before the series takes on an increasing trend reaches about 31 million in March 2024.
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.
Return to text
Figure 1.13. A measure of liquidity in equity markets remained below average
Market depth (number of contracts)
| Date | Market Depth (number of contracts) |
|---|---|
| 2019-09-03 | 90.27037037 |
| 2019-09-04 | 101.6765432 |
| 2019-09-05 | 109.5950617 |
| 2019-09-06 | 112.1271605 |
| 2019-09-09 | 123.9246914 |
| 2019-09-10 | 132.4024691 |
| 2019-09-11 | 141.145679 |
| 2019-09-12 | 134.882716 |
| 2019-09-13 | 129.5617284 |
| 2019-09-16 | 115.0283951 |
| 2019-09-17 | 112.6395062 |
| 2019-09-18 | 102.1580247 |
| 2019-09-19 | 110.8839506 |
| 2019-09-20 | 117.5469136 |
| 2019-09-23 | 124.9444444 |
| 2019-09-24 | 120.3098765 |
| 2019-09-25 | 115.1790123 |
| 2019-09-26 | 107.7901235 |
| 2019-09-27 | 100.8987654 |
| 2019-09-30 | 101.4419753 |
| 2019-10-01 | 102.645679 |
| 2019-10-02 | 100.8592593 |
| 2019-10-03 | 94.48888889 |
| 2019-10-04 | 99.45925926 |
| 2019-10-07 | 91.3654321 |
| 2019-10-08 | 87.61234568 |
| 2019-10-09 | 86.09876543 |
| 2019-10-10 | 86.31728395 |
| 2019-10-11 | 76.01728395 |
| 2019-10-14 | 76.39506173 |
| 2019-10-15 | 88.46419753 |
| 2019-10-16 | 96.76049383 |
| 2019-10-17 | 105.0753086 |
| 2019-10-18 | 115.9728395 |
| 2019-10-21 | 129.0740741 |
| 2019-10-22 | 129.4271605 |
| 2019-10-23 | 133.4802469 |
| 2019-10-24 | 135.8925926 |
| 2019-10-25 | 145.4530864 |
| 2019-10-28 | 148.3654321 |
| 2019-10-29 | 153.345679 |
| 2019-10-30 | 149.0925926 |
| 2019-10-31 | 150.1864198 |
| 2019-11-01 | 150.5432099 |
| 2019-11-04 | 155.6962963 |
| 2019-11-05 | 157.0518519 |
| 2019-11-06 | 159.5530864 |
| 2019-11-07 | 165.6864198 |
| 2019-11-08 | 165.9481481 |
| 2019-11-11 | 166.3864198 |
| 2019-11-12 | 166.3518519 |
| 2019-11-13 | 172.2925926 |
| 2019-11-14 | 175.8469136 |
| 2019-11-15 | 191.1296296 |
| 2019-11-18 | 192.0395062 |
| 2019-11-19 | 192.8074074 |
| 2019-11-20 | 187.6666667 |
| 2019-11-21 | 182.4604938 |
| 2019-11-22 | 165.2283951 |
| 2019-11-25 | 174.9802469 |
| 2019-11-26 | 181.5641975 |
| 2019-11-27 | 195.0925926 |
| 2019-11-29 | 201.571927 |
| 2019-12-02 | 199.4608159 |
| 2019-12-03 | 178.4163714 |
| 2019-12-04 | 174.5583468 |
| 2019-12-05 | 164.9645196 |
| 2019-12-06 | 177.8802469 |
| 2019-12-09 | 193.5925926 |
| 2019-12-10 | 202.9012346 |
| 2019-12-11 | 202.9864198 |
| 2019-12-12 | 194.0938272 |
| 2019-12-13 | 161.1222222 |
| 2019-12-16 | 161.4246914 |
| 2019-12-17 | 166.1407407 |
| 2019-12-18 | 169.7296296 |
| 2019-12-19 | 195.3938272 |
| 2019-12-20 | 222.8160494 |
| 2019-12-23 | 219.7691358 |
| 2019-12-24 | 208.2800322 |
| 2019-12-26 | 207.8133655 |
| 2019-12-27 | 193.4170692 |
| 2019-12-30 | 181.3343532 |
| 2019-12-31 | 171.0504026 |
| 2020-01-02 | 178.8950617 |
| 2020-01-03 | 165.2345679 |
| 2020-01-06 | 163.4271605 |
| 2020-01-07 | 160.9987654 |
| 2020-01-08 | 156.9160494 |
| 2020-01-09 | 151.5432099 |
| 2020-01-10 | 159.7555556 |
| 2020-01-13 | 160.4160494 |
| 2020-01-14 | 162.7716049 |
| 2020-01-15 | 166.5333333 |
| 2020-01-16 | 177.1444444 |
| 2020-01-17 | 183.6617284 |
| 2020-01-21 | 188.0024691 |
| 2020-01-22 | 196.2604938 |
| 2020-01-23 | 199.6679012 |
| 2020-01-24 | 183.4074074 |
| 2020-01-27 | 165.3160494 |
| 2020-01-28 | 158.837037 |
| 2020-01-29 | 147.2740741 |
| 2020-01-30 | 131.8975309 |
| 2020-01-31 | 128.9111111 |
| 2020-02-03 | 130.4197531 |
| 2020-02-04 | 130.4975309 |
| 2020-02-05 | 126.5148148 |
| 2020-02-06 | 134.9333333 |
| 2020-02-07 | 134.6 |
| 2020-02-10 | 141.9246914 |
| 2020-02-11 | 142.5481481 |
| 2020-02-12 | 152.1567901 |
| 2020-02-13 | 152.7679012 |
| 2020-02-14 | 160.2049383 |
| 2020-02-18 | 162.3444444 |
| 2020-02-19 | 170.1864198 |
| 2020-02-20 | 161.2753086 |
| 2020-02-21 | 153 |
| 2020-02-24 | 135.2580247 |
| 2020-02-25 | 108.7382716 |
| 2020-02-26 | 75.7037037 |
| 2020-02-27 | 54.20617284 |
| 2020-02-28 | 35.28148148 |
| 2020-03-02 | 24.81111111 |
| 2020-03-03 | 19.4037037 |
| 2020-03-04 | 18.3691358 |
| 2020-03-05 | 18.40740741 |
| 2020-03-06 | 18.72592593 |
| 2020-03-09 | 22.00384615 |
| 2020-03-10 | 21.68409307 |
| 2020-03-11 | 18.92730294 |
| 2020-03-12 | 16.25731244 |
| 2020-03-13 | 14.76595442 |
| 2020-03-16 | 9.218518519 |
| 2020-03-17 | 8.313580247 |
| 2020-03-18 | 7.483075481 |
| 2020-03-19 | 7.265411663 |
| 2020-03-20 | 7.114794379 |
| 2020-03-23 | 7.49542116 |
| 2020-03-24 | 8.605297703 |
| 2020-03-25 | 11.31358025 |
| 2020-03-26 | 11.56419753 |
| 2020-03-27 | 12.32469136 |
| 2020-03-30 | 12.99382716 |
| 2020-03-31 | 13.9037037 |
| 2020-04-01 | 13.52716049 |
| 2020-04-02 | 14.64691358 |
| 2020-04-03 | 16.58641975 |
| 2020-04-06 | 20.1345679 |
| 2020-04-07 | 20.22345679 |
| 2020-04-08 | 20.82962963 |
| 2020-04-09 | 22.36419753 |
| 2020-04-13 | 22.71975309 |
| 2020-04-14 | 23.2382716 |
| 2020-04-15 | 26.09135802 |
| 2020-04-16 | 27.19753086 |
| 2020-04-17 | 30.25555556 |
| 2020-04-20 | 32.41851852 |
| 2020-04-21 | 31.2 |
| 2020-04-22 | 32.10617284 |
| 2020-04-23 | 32.80864198 |
| 2020-04-24 | 33.00123457 |
| 2020-04-27 | 37.20617284 |
| 2020-04-28 | 39.86419753 |
| 2020-04-29 | 41.49876543 |
| 2020-04-30 | 42.43333333 |
| 2020-05-01 | 43.78518519 |
| 2020-05-04 | 42.18888889 |
| 2020-05-05 | 46.53580247 |
| 2020-05-06 | 46.49135802 |
| 2020-05-07 | 50.27283951 |
| 2020-05-08 | 55.87777778 |
| 2020-05-11 | 60.78888889 |
| 2020-05-12 | 60.9 |
| 2020-05-13 | 60.74074074 |
| 2020-05-14 | 57.74567901 |
| 2020-05-15 | 50.36049383 |
| 2020-05-18 | 50.50246914 |
| 2020-05-19 | 47.77160494 |
| 2020-05-20 | 52.17530864 |
| 2020-05-21 | 55.4345679 |
| 2020-05-22 | 60.95802469 |
| 2020-05-26 | 62.49012346 |
| 2020-05-27 | 63.76419753 |
| 2020-05-28 | 63.0617284 |
| 2020-05-29 | 59.52839506 |
| 2020-06-01 | 61.59012346 |
| 2020-06-02 | 62.48518519 |
| 2020-06-03 | 71.10493827 |
| 2020-06-04 | 74.23703704 |
| 2020-06-05 | 82.03950617 |
| 2020-06-08 | 84.05679012 |
| 2020-06-09 | 82.11975309 |
| 2020-06-10 | 71.65308642 |
| 2020-06-11 | 63.08518519 |
| 2020-06-12 | 51.02222222 |
| 2020-06-15 | 39.18641975 |
| 2020-06-16 | 28.31234568 |
| 2020-06-17 | 26.95061728 |
| 2020-06-18 | 28.0382716 |
| 2020-06-19 | 32.67654321 |
| 2020-06-22 | 39.03333333 |
| 2020-06-23 | 46.53950617 |
| 2020-06-24 | 46.53703704 |
| 2020-06-25 | 46.31975309 |
| 2020-06-26 | 44.93209877 |
| 2020-06-29 | 42.5962963 |
| 2020-06-30 | 41.8617284 |
| 2020-07-01 | 43.96419753 |
| 2020-07-02 | 47.56296296 |
| 2020-07-06 | 53.05802469 |
| 2020-07-07 | 57.79259259 |
| 2020-07-08 | 59.42098765 |
| 2020-07-09 | 59.43580247 |
| 2020-07-10 | 57.9345679 |
| 2020-07-13 | 59.05925926 |
| 2020-07-14 | 51.35308642 |
| 2020-07-15 | 47.65925926 |
| 2020-07-16 | 48.4382716 |
| 2020-07-17 | 54.64691358 |
| 2020-07-20 | 59.9037037 |
| 2020-07-21 | 67.26419753 |
| 2020-07-22 | 74.46666667 |
| 2020-07-23 | 74.17037037 |
| 2020-07-24 | 70.9654321 |
| 2020-07-27 | 73.34320988 |
| 2020-07-28 | 75.99012346 |
| 2020-07-29 | 81.31728395 |
| 2020-07-30 | 84.27407407 |
| 2020-07-31 | 87.77407407 |
| 2020-08-03 | 83.08641975 |
| 2020-08-04 | 82.98765432 |
| 2020-08-05 | 82.12222222 |
| 2020-08-06 | 89.70123457 |
| 2020-08-07 | 89.3037037 |
| 2020-08-10 | 89.56049383 |
| 2020-08-11 | 91.67654321 |
| 2020-08-12 | 89.47654321 |
| 2020-08-13 | 86.58765432 |
| 2020-08-14 | 85.69382716 |
| 2020-08-17 | 90.74320988 |
| 2020-08-18 | 93.61604938 |
| 2020-08-19 | 99.82098765 |
| 2020-08-20 | 102.037037 |
| 2020-08-21 | 104.1987654 |
| 2020-08-24 | 102.4641975 |
| 2020-08-25 | 98.71481481 |
| 2020-08-26 | 102.7308642 |
| 2020-08-27 | 96.01234568 |
| 2020-08-28 | 98.38765432 |
| 2020-08-31 | 96.54938272 |
| 2020-09-01 | 98.44074074 |
| 2020-09-02 | 86.74814815 |
| 2020-09-03 | 79.72716049 |
| 2020-09-04 | 65.24567901 |
| 2020-09-08 | 51.50493827 |
| 2020-09-09 | 41.96049383 |
| 2020-09-10 | 31.49259259 |
| 2020-09-11 | 28.84444444 |
| 2020-09-14 | 34.85185185 |
| 2020-09-15 | 46.95679012 |
| 2020-09-16 | 49.55185185 |
| 2020-09-17 | 54.25925926 |
| 2020-09-18 | 63.69012346 |
| 2020-09-21 | 65.45185185 |
| 2020-09-22 | 59.07777778 |
| 2020-09-23 | 58.75679012 |
| 2020-09-24 | 55.47777778 |
| 2020-09-25 | 51.33209877 |
| 2020-09-28 | 53.6037037 |
| 2020-09-29 | 57.47654321 |
| 2020-09-30 | 57.21851852 |
| 2020-10-01 | 57.79382716 |
| 2020-10-02 | 56.0617284 |
| 2020-10-05 | 55.84074074 |
| 2020-10-06 | 52.05555556 |
| 2020-10-07 | 53.98765432 |
| 2020-10-08 | 58.34444444 |
| 2020-10-09 | 64.36790123 |
| 2020-10-12 | 63.92345679 |
| 2020-10-13 | 64.58395062 |
| 2020-10-14 | 62.75802469 |
| 2020-10-15 | 60.0691358 |
| 2020-10-16 | 59.2037037 |
| 2020-10-19 | 55.90617284 |
| 2020-10-20 | 56.46296296 |
| 2020-10-21 | 55.19506173 |
| 2020-10-22 | 56.78395062 |
| 2020-10-23 | 56.82469136 |
| 2020-10-26 | 55.98271605 |
| 2020-10-27 | 55.72592593 |
| 2020-10-28 | 56.16296296 |
| 2020-10-29 | 53.40987654 |
| 2020-10-30 | 45.9037037 |
| 2020-11-02 | 42.62098765 |
| 2020-11-03 | 41.71234568 |
| 2020-11-04 | 36.38271605 |
| 2020-11-05 | 33.98024691 |
| 2020-11-06 | 36.74197531 |
| 2020-11-09 | 35.10493827 |
| 2020-11-10 | 32.67777778 |
| 2020-11-11 | 39.13580247 |
| 2020-11-12 | 41.63580247 |
| 2020-11-13 | 48.37530864 |
| 2020-11-16 | 56.82345679 |
| 2020-11-17 | 64.27777778 |
| 2020-11-18 | 68.69135802 |
| 2020-11-19 | 72.38888889 |
| 2020-11-20 | 69.30864198 |
| 2020-11-23 | 65.74320988 |
| 2020-11-24 | 66.07407407 |
| 2020-11-25 | 63.27777778 |
| 2020-11-27 | 65.98639291 |
| 2020-11-30 | 68.35429415 |
| 2020-12-01 | 70.65305958 |
| 2020-12-02 | 69.79256575 |
| 2020-12-03 | 71.8407139 |
| 2020-12-04 | 76.11111111 |
| 2020-12-07 | 80.01234568 |
| 2020-12-08 | 87.0654321 |
| 2020-12-09 | 86.95185185 |
| 2020-12-10 | 84.75185185 |
| 2020-12-11 | 77.13950617 |
| 2020-12-14 | 74.11604938 |
| 2020-12-15 | 74.29382716 |
| 2020-12-16 | 77.97530864 |
| 2020-12-17 | 87.9691358 |
| 2020-12-18 | 90.75802469 |
| 2020-12-21 | 84.84444444 |
| 2020-12-22 | 76.27037037 |
| 2020-12-23 | 76.02222222 |
| 2020-12-24 | 66.36596887 |
| 2020-12-28 | 75.15115405 |
| 2020-12-29 | 80.32769726 |
| 2020-12-30 | 86.10424047 |
| 2020-12-31 | 86.05362319 |
| 2021-01-04 | 82.4962963 |
| 2021-01-05 | 71.04938272 |
| 2021-01-06 | 66.68765432 |
| 2021-01-07 | 62.79135802 |
| 2021-01-08 | 55.98518519 |
| 2021-01-11 | 56.02839506 |
| 2021-01-12 | 54.00987654 |
| 2021-01-13 | 57.24814815 |
| 2021-01-14 | 61.64814815 |
| 2021-01-15 | 62.86049383 |
| 2021-01-19 | 69.09506173 |
| 2021-01-20 | 78.51234568 |
| 2021-01-21 | 85.20246914 |
| 2021-01-22 | 85.87777778 |
| 2021-01-25 | 82.78395062 |
| 2021-01-26 | 79.5345679 |
| 2021-01-27 | 66.88024691 |
| 2021-01-28 | 54.19012346 |
| 2021-01-29 | 41.30987654 |
| 2021-02-01 | 40.83703704 |
| 2021-02-02 | 43.68271605 |
| 2021-02-03 | 49.55925926 |
| 2021-02-04 | 62.85802469 |
| 2021-02-05 | 76.23950617 |
| 2021-02-08 | 87.45925926 |
| 2021-02-09 | 93.11234568 |
| 2021-02-10 | 92.56296296 |
| 2021-02-11 | 86.8617284 |
| 2021-02-12 | 86.59506173 |
| 2021-02-16 | 80.03703704 |
| 2021-02-17 | 70.47901235 |
| 2021-02-18 | 71.87037037 |
| 2021-02-19 | 71.70123457 |
| 2021-02-22 | 66.88765432 |
| 2021-02-23 | 61.86296296 |
| 2021-02-24 | 61.79876543 |
| 2021-02-25 | 55.88148148 |
| 2021-02-26 | 47.47037037 |
| 2021-03-01 | 48.29876543 |
| 2021-03-02 | 49.20617284 |
| 2021-03-03 | 43.62345679 |
| 2021-03-04 | 41.69135802 |
| 2021-03-05 | 40.65555556 |
| 2021-03-08 | 32.63950617 |
| 2021-03-09 | 34.83950617 |
| 2021-03-10 | 35.59382716 |
| 2021-03-11 | 41.84814815 |
| 2021-03-12 | 44.24197531 |
| 2021-03-15 | 53.18641975 |
| 2021-03-16 | 57.85802469 |
| 2021-03-17 | 62.09876543 |
| 2021-03-18 | 63.7962963 |
| 2021-03-19 | 67.37407407 |
| 2021-03-22 | 70.32098765 |
| 2021-03-23 | 69.86666667 |
| 2021-03-24 | 73.79876543 |
| 2021-03-25 | 72.22839506 |
| 2021-03-26 | 78.95925926 |
| 2021-03-29 | 75.25925926 |
| 2021-03-30 | 73.13580247 |
| 2021-03-31 | 80.34444444 |
| 2021-04-01 | 89.00246914 |
| 2021-04-05 | 93.1962963 |
| 2021-04-06 | 102.2259259 |
| 2021-04-07 | 108.0839506 |
| 2021-04-08 | 107.5111111 |
| 2021-04-09 | 111.1024691 |
| 2021-04-12 | 111.4802469 |
| 2021-04-13 | 109 |
| 2021-04-14 | 109.3691358 |
| 2021-04-15 | 112.5901235 |
| 2021-04-16 | 111.7061728 |
| 2021-04-19 | 108.5580247 |
| 2021-04-20 | 103.3209877 |
| 2021-04-21 | 106.1135802 |
| 2021-04-22 | 99.05308642 |
| 2021-04-23 | 99.73209877 |
| 2021-04-26 | 102.2111111 |
| 2021-04-27 | 102.3123457 |
| 2021-04-28 | 100.2444444 |
| 2021-04-29 | 98.3 |
| 2021-04-30 | 91.65308642 |
| 2021-05-03 | 87.71111111 |
| 2021-05-04 | 85.33580247 |
| 2021-05-05 | 81.55185185 |
| 2021-05-06 | 81.96666667 |
| 2021-05-07 | 85.5382716 |
| 2021-05-10 | 87.74444444 |
| 2021-05-11 | 84.52222222 |
| 2021-05-12 | 76.95802469 |
| 2021-05-13 | 74.08395062 |
| 2021-05-14 | 68.38641975 |
| 2021-05-17 | 62.22716049 |
| 2021-05-18 | 67.58395062 |
| 2021-05-19 | 68.4 |
| 2021-05-20 | 72.34197531 |
| 2021-05-21 | 73.87407407 |
| 2021-05-24 | 83.22716049 |
| 2021-05-25 | 85.72839506 |
| 2021-05-26 | 98.95555556 |
| 2021-05-27 | 100.5802469 |
| 2021-05-28 | 106.9308642 |
| 2021-06-01 | 102.3814815 |
| 2021-06-02 | 104.2666667 |
| 2021-06-03 | 97.5962963 |
| 2021-06-04 | 99.8691358 |
| 2021-06-07 | 98.97530864 |
| 2021-06-08 | 103.6209877 |
| 2021-06-09 | 103.6617284 |
| 2021-06-10 | 104.0987654 |
| 2021-06-11 | 100.8111111 |
| 2021-06-14 | 102.7358025 |
| 2021-06-15 | 101.454321 |
| 2021-06-16 | 100.4679012 |
| 2021-06-17 | 99.09135802 |
| 2021-06-18 | 94.28518519 |
| 2021-06-21 | 88.24691358 |
| 2021-06-22 | 88.07654321 |
| 2021-06-23 | 91.65555556 |
| 2021-06-24 | 96.16049383 |
| 2021-06-25 | 109.7777778 |
| 2021-06-28 | 116.3666667 |
| 2021-06-29 | 119.7469136 |
| 2021-06-30 | 120.945679 |
| 2021-07-01 | 128.0888889 |
| 2021-07-02 | 129.291358 |
| 2021-07-06 | 132.491358 |
| 2021-07-07 | 126.9358025 |
| 2021-07-08 | 116.2432099 |
| 2021-07-09 | 119.6679012 |
| 2021-07-12 | 123.1938272 |
| 2021-07-13 | 114.7432099 |
| 2021-07-14 | 117.0728395 |
| 2021-07-15 | 122.9395062 |
| 2021-07-16 | 111.1728395 |
| 2021-07-19 | 90.58024691 |
| 2021-07-20 | 91.23209877 |
| 2021-07-21 | 90.38024691 |
| 2021-07-22 | 92.42469136 |
| 2021-07-23 | 101.3802469 |
| 2021-07-26 | 111.8679012 |
| 2021-07-27 | 107.7530864 |
| 2021-07-28 | 102.1345679 |
| 2021-07-29 | 104.3444444 |
| 2021-07-30 | 94.93209877 |
| 2021-08-02 | 89.39382716 |
| 2021-08-03 | 91.80987654 |
| 2021-08-04 | 95.53209877 |
| 2021-08-05 | 100.2493827 |
| 2021-08-06 | 107.9530864 |
| 2021-08-09 | 116.4728395 |
| 2021-08-10 | 123.1481481 |
| 2021-08-11 | 131.737037 |
| 2021-08-12 | 137.5703704 |
| 2021-08-13 | 144.6209877 |
| 2021-08-16 | 147.2641975 |
| 2021-08-17 | 140.1135802 |
| 2021-08-18 | 130.1691358 |
| 2021-08-19 | 107.7246914 |
| 2021-08-20 | 92.57901235 |
| 2021-08-23 | 94.55185185 |
| 2021-08-24 | 106.554321 |
| 2021-08-25 | 118.4703704 |
| 2021-08-26 | 127.4098765 |
| 2021-08-27 | 137.2358025 |
| 2021-08-30 | 140.3123457 |
| 2021-08-31 | 136.1283951 |
| 2021-09-01 | 132.4209877 |
| 2021-09-02 | 140.0716049 |
| 2021-09-03 | 136.4654321 |
| 2021-09-07 | 131.4135802 |
| 2021-09-08 | 124.5864198 |
| 2021-09-09 | 120.5012346 |
| 2021-09-10 | 107.182716 |
| 2021-09-13 | 93.45679012 |
| 2021-09-14 | 83.05061728 |
| 2021-09-15 | 83.07037037 |
| 2021-09-16 | 76.43209877 |
| 2021-09-17 | 76.48888889 |
| 2021-09-20 | 76.52469136 |
| 2021-09-21 | 68.6382716 |
| 2021-09-22 | 61.79506173 |
| 2021-09-23 | 61.20740741 |
| 2021-09-24 | 63.14320988 |
| 2021-09-27 | 68.36296296 |
| 2021-09-28 | 67.78641975 |
| 2021-09-29 | 66.78641975 |
| 2021-09-30 | 60.19135802 |
| 2021-10-01 | 53.19506173 |
| 2021-10-04 | 44.65061728 |
| 2021-10-05 | 48.27530864 |
| 2021-10-06 | 45.10617284 |
| 2021-10-07 | 52.7382716 |
| 2021-10-08 | 55.49259259 |
| 2021-10-11 | 59.20864198 |
| 2021-10-12 | 54.02716049 |
| 2021-10-13 | 56.1 |
| 2021-10-14 | 57.13333333 |
| 2021-10-15 | 64.30493827 |
| 2021-10-18 | 70.21604938 |
| 2021-10-19 | 84.77654321 |
| 2021-10-20 | 91.8037037 |
| 2021-10-21 | 98.16666667 |
| 2021-10-22 | 90.93950617 |
| 2021-10-25 | 92.91481481 |
| 2021-10-26 | 86.71481481 |
| 2021-10-27 | 84.58888889 |
| 2021-10-28 | 76.08518519 |
| 2021-10-29 | 80.30246914 |
| 2021-11-01 | 76.00493827 |
| 2021-11-02 | 81.2 |
| 2021-11-03 | 83.68888889 |
| 2021-11-04 | 88.71234568 |
| 2021-11-05 | 89.65925926 |
| 2021-11-08 | 88.73950617 |
| 2021-11-09 | 78.80493827 |
| 2021-11-10 | 75.44691358 |
| 2021-11-11 | 73.56419753 |
| 2021-11-12 | 78.51234568 |
| 2021-11-15 | 77.4691358 |
| 2021-11-16 | 85.27160494 |
| 2021-11-17 | 89.74074074 |
| 2021-11-18 | 87.09135802 |
| 2021-11-19 | 79.95061728 |
| 2021-11-22 | 81.07037037 |
| 2021-11-23 | 70.85802469 |
| 2021-11-24 | 64.0962963 |
| 2021-11-26 | 55.19197531 |
| 2021-11-29 | 51.31666667 |
| 2021-11-30 | 43.50308642 |
| 2021-12-01 | 42.89567901 |
| 2021-12-02 | 36.43148148 |
| 2021-12-03 | 35.45308642 |
| 2021-12-06 | 31.25925926 |
| 2021-12-07 | 39.36790123 |
| 2021-12-08 | 41.4962963 |
| 2021-12-09 | 45.8962963 |
| 2021-12-10 | 49.41604938 |
| 2021-12-13 | 51.07037037 |
| 2021-12-14 | 45.06296296 |
| 2021-12-15 | 43.01481481 |
| 2021-12-16 | 41.44814815 |
| 2021-12-17 | 39.22839506 |
| 2021-12-20 | 36.74567901 |
| 2021-12-21 | 39.2617284 |
| 2021-12-22 | 41.88765432 |
| 2021-12-23 | 49.74444444 |
| 2021-12-27 | 59.4 |
| 2021-12-28 | 63.38271605 |
| 2021-12-29 | 63.96296296 |
| 2021-12-30 | 65.00617284 |
| 2021-12-31 | 57.78888889 |
| 2022-01-03 | 52.6654321 |
| 2022-01-04 | 53.27530864 |
| 2022-01-05 | 50.99382716 |
| 2022-01-06 | 45.20123457 |
| 2022-01-07 | 44.00123457 |
| 2022-01-10 | 39.54567901 |
| 2022-01-11 | 35.76419753 |
| 2022-01-12 | 33.05308642 |
| 2022-01-13 | 34.28641975 |
| 2022-01-14 | 31.60864198 |
| 2022-01-18 | 30.18641975 |
| 2022-01-19 | 28.36419753 |
| 2022-01-20 | 27.08518519 |
| 2022-01-21 | 23.20987654 |
| 2022-01-24 | 20.82098765 |
| 2022-01-25 | 18.18765432 |
| 2022-01-26 | 15.31234568 |
| 2022-01-27 | 12.48888889 |
| 2022-01-28 | 12.69506173 |
| 2022-01-31 | 15.1382716 |
| 2022-02-01 | 16.82839506 |
| 2022-02-02 | 18.16666667 |
| 2022-02-03 | 19.9962963 |
| 2022-02-04 | 21.13950617 |
| 2022-02-07 | 20.96666667 |
| 2022-02-08 | 23.14814815 |
| 2022-02-09 | 26.89506173 |
| 2022-02-10 | 27.26666667 |
| 2022-02-11 | 27.00864198 |
| 2022-02-14 | 26.10246914 |
| 2022-02-15 | 26.62592593 |
| 2022-02-16 | 24.86790123 |
| 2022-02-17 | 26.30246914 |
| 2022-02-18 | 26.84197531 |
| 2022-02-22 | 27.13580247 |
| 2022-02-23 | 25.10617284 |
| 2022-02-24 | 21.88024691 |
| 2022-02-25 | 19.68765432 |
| 2022-02-28 | 18.37777778 |
| 2022-03-01 | 17.42345679 |
| 2022-03-02 | 16.24320988 |
| 2022-03-03 | 17.07530864 |
| 2022-03-04 | 16.5382716 |
| 2022-03-07 | 16.28395062 |
| 2022-03-08 | 15.81481481 |
| 2022-03-09 | 15.74814815 |
| 2022-03-10 | 16.2308642 |
| 2022-03-11 | 15.52098765 |
| 2022-03-14 | 15.25432099 |
| 2022-03-15 | 16.5962963 |
| 2022-03-16 | 16.7654321 |
| 2022-03-17 | 17.05555556 |
| 2022-03-18 | 19.64074074 |
| 2022-03-21 | 21.31234568 |
| 2022-03-22 | 23.8654321 |
| 2022-03-23 | 25.90740741 |
| 2022-03-24 | 28.19382716 |
| 2022-03-25 | 28.91481481 |
| 2022-03-28 | 31.42469136 |
| 2022-03-29 | 30.5037037 |
| 2022-03-30 | 31.98024691 |
| 2022-03-31 | 31.80493827 |
| 2022-04-01 | 32.49506173 |
| 2022-04-04 | 34.27530864 |
| 2022-04-05 | 35.42716049 |
| 2022-04-06 | 34.28024691 |
| 2022-04-07 | 33.1654321 |
| 2022-04-08 | 32.80987654 |
| 2022-04-11 | 30.54691358 |
| 2022-04-12 | 29.60123457 |
| 2022-04-13 | 31.28395062 |
| 2022-04-14 | 32.77160494 |
| 2022-04-18 | 33.18765432 |
| 2022-04-19 | 34.77654321 |
| 2022-04-20 | 34.69506173 |
| 2022-04-21 | 33.48888889 |
| 2022-04-22 | 32.33333333 |
| 2022-04-25 | 30.06790123 |
| 2022-04-26 | 26.78765432 |
| 2022-04-27 | 24.03209877 |
| 2022-04-28 | 22.72592593 |
| 2022-04-29 | 21.28148148 |
| 2022-05-02 | 20.05802469 |
| 2022-05-03 | 18.45432099 |
| 2022-05-04 | 19.1382716 |
| 2022-05-05 | 17 |
| 2022-05-06 | 15.06049383 |
| 2022-05-09 | 14.66296296 |
| 2022-05-10 | 13.93333333 |
| 2022-05-11 | 12.37901235 |
| 2022-05-12 | 11.97901235 |
| 2022-05-13 | 15.27283951 |
| 2022-05-16 | 16.16419753 |
| 2022-05-17 | 18.12716049 |
| 2022-05-18 | 20.89135802 |
| 2022-05-19 | 21.37654321 |
| 2022-05-20 | 19.65925926 |
| 2022-05-23 | 20.15802469 |
| 2022-05-24 | 19.97530864 |
| 2022-05-25 | 18.61728395 |
| 2022-05-26 | 21.64938272 |
| 2022-05-27 | 26.1 |
| 2022-05-31 | 26.51234568 |
| 2022-06-01 | 27.10123457 |
| 2022-06-02 | 29.05308642 |
| 2022-06-03 | 27.49135802 |
| 2022-06-06 | 24.31975309 |
| 2022-06-07 | 28.20123457 |
| 2022-06-08 | 30.6382716 |
| 2022-06-09 | 31.73950617 |
| 2022-06-10 | 30.6617284 |
| 2022-06-13 | 29.04814815 |
| 2022-06-14 | 25.50740741 |
| 2022-06-15 | 22.78641975 |
| 2022-06-16 | 20.42716049 |
| 2022-06-17 | 21.04938272 |
| 2022-06-21 | 24.02962963 |
| 2022-06-22 | 24.27037037 |
| 2022-06-23 | 23.97777778 |
| 2022-06-24 | 27.93950617 |
| 2022-06-27 | 29.10864198 |
| 2022-06-28 | 28.83950617 |
| 2022-06-29 | 29.08271605 |
| 2022-06-30 | 29.94074074 |
| 2022-07-01 | 26.19876543 |
| 2022-07-05 | 26.10864198 |
| 2022-07-06 | 24.09259259 |
| 2022-07-07 | 26.82098765 |
| 2022-07-08 | 27.27037037 |
| 2022-07-11 | 29.94938272 |
| 2022-07-12 | 32.2037037 |
| 2022-07-13 | 34.3654321 |
| 2022-07-14 | 32.04567901 |
| 2022-07-15 | 34.10864198 |
| 2022-07-18 | 35.45432099 |
| 2022-07-19 | 37.97530864 |
| 2022-07-20 | 39.11358025 |
| 2022-07-21 | 40.90617284 |
| 2022-07-22 | 40.87777778 |
| 2022-07-25 | 40.31234568 |
| 2022-07-26 | 40.82222222 |
| 2022-07-27 | 42.20246914 |
| 2022-07-28 | 43.46790123 |
| 2022-07-29 | 46.19259259 |
| 2022-08-01 | 46.27160494 |
| 2022-08-02 | 43.3308642 |
| 2022-08-03 | 46.09753086 |
| 2022-08-04 | 45.3037037 |
| 2022-08-05 | 45.22962963 |
| 2022-08-08 | 45.04691358 |
| 2022-08-09 | 46.61728395 |
| 2022-08-10 | 45.6382716 |
| 2022-08-11 | 48.53209877 |
| 2022-08-12 | 51.20246914 |
| 2022-08-15 | 57.68765432 |
| 2022-08-16 | 60.95802469 |
| 2022-08-17 | 59.82962963 |
| 2022-08-18 | 60.94938272 |
| 2022-08-19 | 60.83950617 |
| 2022-08-22 | 61.03580247 |
| 2022-08-23 | 58.82345679 |
| 2022-08-24 | 62.42962963 |
| 2022-08-25 | 63.67037037 |
| 2022-08-26 | 59.02345679 |
| 2022-08-29 | 52.44197531 |
| 2022-08-30 | 51.22962963 |
| 2022-08-31 | 46.14444444 |
| 2022-09-01 | 40.76419753 |
| 2022-09-02 | 39.11975309 |
| 2022-09-06 | 37.25555556 |
| 2022-09-07 | 36.61111111 |
| 2022-09-08 | 35.09753086 |
| 2022-09-09 | 33.95185185 |
| 2022-09-12 | 35.76296296 |
| 2022-09-13 | 38.55925926 |
| 2022-09-14 | 38.13580247 |
| 2022-09-15 | 39.81111111 |
| 2022-09-16 | 42.03333333 |
| 2022-09-19 | 43.09135802 |
| 2022-09-20 | 45.46790123 |
| 2022-09-21 | 44.94938272 |
| 2022-09-22 | 43.73580247 |
| 2022-09-23 | 42.6308642 |
| 2022-09-26 | 40.0037037 |
| 2022-09-27 | 36.07283951 |
| 2022-09-28 | 36.07654321 |
| 2022-09-29 | 36.69876543 |
| 2022-09-30 | 35.65432099 |
| 2022-10-03 | 36.85432099 |
| 2022-10-04 | 36.9382716 |
| 2022-10-05 | 37.0037037 |
| 2022-10-06 | 35.58271605 |
| 2022-10-07 | 35.70246914 |
| 2022-10-10 | 34.27037037 |
| 2022-10-11 | 32.87160494 |
| 2022-10-12 | 31.71234568 |
| 2022-10-13 | 30.26419753 |
| 2022-10-14 | 28.33580247 |
| 2022-10-17 | 29.83333333 |
| 2022-10-18 | 30.89753086 |
| 2022-10-19 | 31.37407407 |
| 2022-10-20 | 34.29876543 |
| 2022-10-21 | 35.27037037 |
| 2022-10-24 | 33.27901235 |
| 2022-10-25 | 35.66049383 |
| 2022-10-26 | 35.49135802 |
| 2022-10-27 | 34.28148148 |
| 2022-10-28 | 38.51481481 |
| 2022-10-31 | 39.71358025 |
| 2022-11-01 | 37.18271605 |
| 2022-11-02 | 37.50987654 |
| 2022-11-03 | 36.89012346 |
| 2022-11-04 | 31.47037037 |
| 2022-11-07 | 31.80493827 |
| 2022-11-08 | 32.92839506 |
| 2022-11-09 | 32.72469136 |
| 2022-11-10 | 34.17777778 |
| 2022-11-11 | 36.39012346 |
| 2022-11-14 | 36.51604938 |
| 2022-11-15 | 33.54567901 |
| 2022-11-16 | 32.92962963 |
| 2022-11-17 | 33.04197531 |
| 2022-11-18 | 32.6617284 |
| 2022-11-21 | 33.59012346 |
| 2022-11-22 | 38.24567901 |
| 2022-11-23 | 41.1654321 |
| 2022-11-25 | 42.62734836 |
| 2022-11-28 | 47.4680891 |
| 2022-11-29 | 49.60512614 |
| 2022-11-30 | 49.20759528 |
| 2022-12-01 | 46.86932367 |
| 2022-12-02 | 47.71234568 |
| 2022-12-05 | 45.73580247 |
| 2022-12-06 | 44.58641975 |
| 2022-12-07 | 42.2691358 |
| 2022-12-08 | 46.49382716 |
| 2022-12-09 | 42.66790123 |
| 2022-12-12 | 43.67407407 |
| 2022-12-13 | 38.27407407 |
| 2022-12-14 | 36.64320988 |
| 2022-12-15 | 33.01728395 |
| 2022-12-16 | 34.85679012 |
| 2022-12-19 | 33.8037037 |
| 2022-12-20 | 38.18518519 |
| 2022-12-21 | 44.0308642 |
| 2022-12-22 | 46.28271605 |
| 2022-12-23 | 45.07654321 |
| 2022-12-27 | 42.39135802 |
| 2022-12-28 | 41.3691358 |
| 2022-12-29 | 40.86790123 |
| 2022-12-30 | 38.77777778 |
| 2023-01-03 | 37.9654321 |
| 2023-01-04 | 38.88518519 |
| 2023-01-05 | 38.98024691 |
| 2023-01-06 | 38.5691358 |
| 2023-01-09 | 42.74691358 |
| 2023-01-10 | 45.30246914 |
| 2023-01-11 | 50.92839506 |
| 2023-01-12 | 50.79506173 |
| 2023-01-13 | 51.74814815 |
| 2023-01-17 | 50.52469136 |
| 2023-01-18 | 53.35802469 |
| 2023-01-19 | 50.99012346 |
| 2023-01-20 | 55.79382716 |
| 2023-01-23 | 56.20493827 |
| 2023-01-24 | 55.57283951 |
| 2023-01-25 | 53.14320988 |
| 2023-01-26 | 52.05061728 |
| 2023-01-27 | 52.51111111 |
| 2023-01-30 | 51.9691358 |
| 2023-01-31 | 55.75802469 |
| 2023-02-01 | 55.05308642 |
| 2023-02-02 | 54.75925926 |
| 2023-02-03 | 49.05061728 |
| 2023-02-06 | 46.98148148 |
| 2023-02-07 | 41.43580247 |
| 2023-02-08 | 43.08518519 |
| 2023-02-09 | 44.2691358 |
| 2023-02-10 | 46.69753086 |
| 2023-02-13 | 50.29506173 |
| 2023-02-14 | 49.58271605 |
| 2023-02-15 | 49.95185185 |
| 2023-02-16 | 49.90740741 |
| 2023-02-17 | 53.35925926 |
| 2023-02-21 | 54.74567901 |
| 2023-02-22 | 58.32345679 |
| 2023-02-23 | 61.22345679 |
| 2023-02-24 | 63.39506173 |
| 2023-02-27 | 63.80864198 |
| 2023-02-28 | 64.19135802 |
| 2023-03-01 | 67.16790123 |
| 2023-03-02 | 69.02839506 |
| 2023-03-03 | 72.08271605 |
| 2023-03-06 | 73.00493827 |
| 2023-03-07 | 70.89259259 |
| 2023-03-08 | 69.30493827 |
| 2023-03-09 | 67.79259259 |
| 2023-03-10 | 56.98148148 |
| 2023-03-13 | 45.10123457 |
| 2023-03-14 | 40.45432099 |
| 2023-03-15 | 32.05185185 |
| 2023-03-16 | 25.61481481 |
| 2023-03-17 | 27.34320988 |
| 2023-03-20 | 31.14814815 |
| 2023-03-21 | 34.5962963 |
| 2023-03-22 | 39.14197531 |
| 2023-03-23 | 41.35061728 |
| 2023-03-24 | 42.25185185 |
| 2023-03-27 | 43.66296296 |
| 2023-03-28 | 44.74814815 |
| 2023-03-29 | 49.52962963 |
| 2023-03-30 | 53.31975309 |
| 2023-03-31 | 64.37530864 |
| 2023-04-03 | 72.07283951 |
| 2023-04-04 | 73.39382716 |
| 2023-04-05 | 76.01851852 |
| 2023-04-06 | 78.7617284 |
| 2023-04-10 | 74.62345679 |
| 2023-04-11 | 76.41604938 |
| 2023-04-12 | 74.25925926 |
| 2023-04-13 | 74.8617284 |
| 2023-04-14 | 73.04938272 |
| 2023-04-17 | 71.4962963 |
| 2023-04-18 | 67.99382716 |
| 2023-04-19 | 72.54074074 |
| 2023-04-20 | 71.5 |
| 2023-04-21 | 72.71851852 |
| 2023-04-24 | 76.96790123 |
| 2023-04-25 | 78.27901235 |
| 2023-04-26 | 77.3308642 |
| 2023-04-27 | 81.41975309 |
| 2023-04-28 | 78.43580247 |
| 2023-05-01 | 75.56296296 |
| 2023-05-02 | 73.54938272 |
| 2023-05-03 | 69.0962963 |
| 2023-05-04 | 59.2691358 |
| 2023-05-05 | 61.60864198 |
| 2023-05-08 | 60.74938272 |
| 2023-05-09 | 61.42469136 |
| 2023-05-10 | 61.23950617 |
| 2023-05-11 | 62.59506173 |
| 2023-05-12 | 61.03950617 |
| 2023-05-15 | 62.30246914 |
| 2023-05-16 | 61.94320988 |
| 2023-05-17 | 66.61481481 |
| 2023-05-18 | 67.17530864 |
| 2023-05-19 | 65.62592593 |
| 2023-05-22 | 62.7691358 |
| 2023-05-23 | 62.86419753 |
| 2023-05-24 | 59.92716049 |
| 2023-05-25 | 58.4382716 |
| 2023-05-26 | 60.14938272 |
| 2023-05-30 | 60.10987654 |
| 2023-05-31 | 60.34074074 |
| 2023-06-01 | 62.73580247 |
| 2023-06-02 | 67.34320988 |
| 2023-06-05 | 67.20246914 |
| 2023-06-06 | 69.09135802 |
| 2023-06-07 | 68.45555556 |
| 2023-06-08 | 70.91481481 |
| 2023-06-09 | 68.28024691 |
| 2023-06-12 | 68.65555556 |
| 2023-06-13 | 67.32592593 |
| 2023-06-14 | 65.50987654 |
| 2023-06-15 | 59.94814815 |
| 2023-06-16 | 58.04320988 |
| 2023-06-20 | 56.17777778 |
| 2023-06-21 | 53.85185185 |
| 2023-06-22 | 53.0382716 |
| 2023-06-23 | 53.82222222 |
| 2023-06-26 | 56.26666667 |
| 2023-06-27 | 61.42592593 |
| 2023-06-28 | 64.8 |
| 2023-06-29 | 69.70740741 |
| 2023-06-30 | 77.17037037 |
| 2023-07-03 | 81.41500268 |
| 2023-07-05 | 80.9298175 |
| 2023-07-06 | 87.45080515 |
| 2023-07-07 | 91.34957059 |
| 2023-07-10 | 86.72734836 |
| 2023-07-11 | 86.65308642 |
| 2023-07-12 | 86.93333333 |
| 2023-07-13 | 85.08518519 |
| 2023-07-14 | 80.32839506 |
| 2023-07-17 | 82.32345679 |
| 2023-07-18 | 83.91975309 |
| 2023-07-19 | 82.45061728 |
| 2023-07-20 | 78.62469136 |
| 2023-07-21 | 78.55061728 |
| 2023-07-24 | 76.80987654 |
| 2023-07-25 | 79.16666667 |
| 2023-07-26 | 77.85061728 |
| 2023-07-27 | 78.15061728 |
| 2023-07-28 | 78.10740741 |
| 2023-07-31 | 77.61975309 |
| 2023-08-01 | 72.59382716 |
| 2023-08-02 | 75.42592593 |
| 2023-08-03 | 76.27283951 |
| 2023-08-04 | 76.63209877 |
| 2023-08-07 | 78.7654321 |
| 2023-08-08 | 77.83580247 |
| 2023-08-09 | 77.22222222 |
| 2023-08-10 | 70.6 |
| 2023-08-11 | 66.4 |
| 2023-08-14 | 61.66790123 |
| 2023-08-15 | 57.38641975 |
| 2023-08-16 | 51.95925926 |
| 2023-08-17 | 55.12962963 |
| 2023-08-18 | 53.8691358 |
| 2023-08-21 | 53.8654321 |
| 2023-08-22 | 53.9345679 |
| 2023-08-23 | 55.60617284 |
| 2023-08-24 | 54.41111111 |
| 2023-08-25 | 52.25432099 |
| 2023-08-28 | 49.59382716 |
| 2023-08-29 | 51.15185185 |
| 2023-08-30 | 51.22469136 |
| 2023-08-31 | 53.80740741 |
| 2023-09-01 | 58.10740741 |
| 2023-09-05 | 64.29259259 |
| 2023-09-06 | 67.70246914 |
| 2023-09-07 | 70.81234568 |
| 2023-09-08 | 70.78641975 |
| 2023-09-11 | 72.04691358 |
| 2023-09-12 | 69.29506173 |
| 2023-09-13 | 68.68518519 |
| 2023-09-14 | 70.02962963 |
| 2023-09-15 | 70.28518519 |
| 2023-09-18 | 72.96049383 |
| 2023-09-19 | 76.21728395 |
| 2023-09-20 | 73.97037037 |
| 2023-09-21 | 70.92716049 |
| 2023-09-22 | 70.67654321 |
| 2023-09-25 | 67.20987654 |
| 2023-09-26 | 64.85061728 |
| 2023-09-27 | 63.45679012 |
| 2023-09-28 | 61.25555556 |
| 2023-09-29 | 57.1382716 |
| 2023-10-02 | 53.05185185 |
| 2023-10-03 | 47.85555556 |
| 2023-10-04 | 45.42222222 |
| 2023-10-05 | 43.00123457 |
| 2023-10-06 | 43.14074074 |
| 2023-10-09 | 45.49382716 |
| 2023-10-10 | 48.67407407 |
| 2023-10-11 | 51.00493827 |
| 2023-10-12 | 52.45308642 |
| 2023-10-13 | 53.24444444 |
| 2023-10-16 | 55.17160494 |
| 2023-10-17 | 53.89876543 |
| 2023-10-18 | 52.25061728 |
| 2023-10-19 | 49.92592593 |
| 2023-10-20 | 49.27283951 |
| 2023-10-23 | 46.45925926 |
| 2023-10-24 | 45.05802469 |
| 2023-10-25 | 44.5 |
| 2023-10-26 | 45.21604938 |
| 2023-10-27 | 44.22222222 |
| 2023-10-30 | 46.42592593 |
| 2023-10-31 | 47.72469136 |
| 2023-11-01 | 47.62592593 |
| 2023-11-02 | 52.88641975 |
| 2023-11-03 | 57.64074074 |
| 2023-11-06 | 60.89259259 |
| 2023-11-07 | 65.80740741 |
| 2023-11-08 | 70.31975309 |
| 2023-11-09 | 69.60123457 |
| 2023-11-10 | 71.19506173 |
| 2023-11-13 | 72.04197531 |
| 2023-11-14 | 72.41481481 |
| 2023-11-15 | 73.14197531 |
| 2023-11-16 | 75.53703704 |
| 2023-11-17 | 77.06296296 |
| 2023-11-20 | 79.34074074 |
| 2023-11-21 | 79.57901235 |
| 2023-11-22 | 80.98148148 |
| 2023-11-24 | 80.32962963 |
| 2023-11-27 | 80.6308642 |
| 2023-11-28 | 80.85185185 |
| 2023-11-29 | 81.98024691 |
| 2023-11-30 | 83.76049383 |
| 2023-12-01 | 83.49506173 |
| 2023-12-04 | 87.10740741 |
| 2023-12-05 | 86.26296296 |
| 2023-12-06 | 89.23580247 |
| 2023-12-07 | 92.33209877 |
| 2023-12-08 | 92.72592593 |
| 2023-12-11 | 91.31851852 |
| 2023-12-12 | 93.58888889 |
| 2023-12-13 | 94.47530864 |
| 2023-12-14 | 89.65925926 |
| 2023-12-15 | 86.61604938 |
| 2023-12-18 | 88.9382716 |
| 2023-12-19 | 91.88518519 |
| 2023-12-20 | 89.71358025 |
| 2023-12-21 | 84.86666667 |
| 2023-12-22 | 86.50987654 |
| 2023-12-26 | 80.29876543 |
| 2023-12-27 | 73.53580247 |
| 2023-12-28 | 70.31728395 |
| 2023-12-29 | 71.43580247 |
| 2024-01-02 | 71.15555556 |
| 2024-01-03 | 67.49259259 |
| 2024-01-04 | 63.25061728 |
| 2024-01-05 | 58.71234568 |
| 2024-01-08 | 62.15802469 |
| 2024-01-09 | 63.72592593 |
| 2024-01-10 | 67.90246914 |
| 2024-01-11 | 66.25679012 |
| 2024-01-12 | 66.7345679 |
| 2024-01-16 | 62.34938272 |
| 2024-01-17 | 60.03209877 |
| 2024-01-18 | 56.74444444 |
| 2024-01-19 | 60.50740741 |
| 2024-01-22 | 60.04938272 |
| 2024-01-23 | 62.63580247 |
| 2024-01-24 | 62.25802469 |
| 2024-01-25 | 60.98641975 |
| 2024-01-26 | 59.56419753 |
| 2024-01-29 | 63.16419753 |
| 2024-01-30 | 62.67160494 |
| 2024-01-31 | 61.87283951 |
| 2024-02-01 | 61.56049383 |
| 2024-02-02 | 60.61728395 |
| 2024-02-05 | 58.47407407 |
| 2024-02-06 | 56.76790123 |
| 2024-02-07 | 58.09382716 |
| 2024-02-08 | 62.90123457 |
| 2024-02-09 | 67.95185185 |
| 2024-02-12 | 71.41358025 |
| 2024-02-13 | 72.86666667 |
| 2024-02-14 | 72.15925926 |
| 2024-02-15 | 70.07901235 |
| 2024-02-16 | 66.04691358 |
| 2024-02-20 | 60.21111111 |
| 2024-02-21 | 58.2691358 |
| 2024-02-22 | 57.94814815 |
| 2024-02-23 | 55.64938272 |
| 2024-02-26 | 55.89382716 |
| 2024-02-27 | 58.0691358 |
| 2024-02-28 | 60.48765432 |
| 2024-02-29 | 62.57654321 |
| 2024-03-01 | 69.81481481 |
| 2024-03-04 | 77.59753086 |
| 2024-03-05 | 78.11728395 |
| 2024-03-06 | 76.54938272 |
| 2024-03-07 | 78.62098765 |
| 2024-03-08 | 68.48271605 |
| 2024-03-11 | 55.20864198 |
| 2024-03-12 | 51.90740741 |
| 2024-03-13 | 53.47160494 |
| 2024-03-14 | 47.74691358 |
| 2024-03-15 | 49.62716049 |
| 2024-03-18 | 53.57283951 |
| 2024-03-19 | 55.10246914 |
| 2024-03-20 | 52.77160494 |
| 2024-03-21 | 54.98024691 |
| 2024-03-22 | 58.12345679 |
| 2024-03-25 | 60.73580247 |
| 2024-03-26 | 66.2308642 |
| 2024-03-27 | 70.11481481 |
| 2024-03-28 | 74.39382716 |
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 Standard & Poor's 500 futures.
Source: Refinitiv, DataScope Tick History; Federal Reserve Board staff calculations.
Return to text
Figure 1.14. Commercial real estate prices, adjusted for inflation, continued to decline
Jan. 2001 = 100
| Date | Jan. 2001 = 100 |
|---|---|
| 2000-12-01 | 99.90788133 |
| 2001-01-01 | 100 |
| 2001-02-01 | 100.2192712 |
| 2001-03-01 | 100.4764044 |
| 2001-04-01 | 100.3952541 |
| 2001-05-01 | 100.0814704 |
| 2001-06-01 | 99.87430125 |
| 2001-07-01 | 99.99135966 |
| 2001-08-01 | 99.75524143 |
| 2001-09-01 | 99.05491309 |
| 2001-10-01 | 99.13889931 |
| 2001-11-01 | 99.04670349 |
| 2001-12-01 | 99.17154908 |
| 2002-01-01 | 98.69589148 |
| 2002-02-01 | 98.1207089 |
| 2002-03-01 | 97.47977099 |
| 2002-04-01 | 96.96367503 |
| 2002-05-01 | 97.14842568 |
| 2002-06-01 | 97.48864045 |
| 2002-07-01 | 97.98841224 |
| 2002-08-01 | 98.44870314 |
| 2002-09-01 | 99.17174387 |
| 2002-10-01 | 99.91686717 |
| 2002-11-01 | 100.8056523 |
| 2002-12-01 | 101.8922739 |
| 2003-01-01 | 102.2710745 |
| 2003-02-01 | 102.233401 |
| 2003-03-01 | 102.2432757 |
| 2003-04-01 | 102.9887833 |
| 2003-05-01 | 103.6279631 |
| 2003-06-01 | 103.9768497 |
| 2003-07-01 | 104.3492254 |
| 2003-08-01 | 104.4884913 |
| 2003-09-01 | 104.7011577 |
| 2003-10-01 | 105.3219055 |
| 2003-11-01 | 106.0095944 |
| 2003-12-01 | 106.4505435 |
| 2004-01-01 | 106.3026533 |
| 2004-02-01 | 106.2747086 |
| 2004-03-01 | 106.3848957 |
| 2004-04-01 | 107.0516632 |
| 2004-05-01 | 107.5594544 |
| 2004-06-01 | 108.4291346 |
| 2004-07-01 | 109.8820255 |
| 2004-08-01 | 111.1611244 |
| 2004-09-01 | 112.271208 |
| 2004-10-01 | 112.9477338 |
| 2004-11-01 | 114.0968252 |
| 2004-12-01 | 115.7067299 |
| 2005-01-01 | 116.6924392 |
| 2005-02-01 | 117.233275 |
| 2005-03-01 | 117.5132921 |
| 2005-04-01 | 117.9622958 |
| 2005-05-01 | 119.439766 |
| 2005-06-01 | 120.8593749 |
| 2005-07-01 | 121.8792266 |
| 2005-08-01 | 122.9210453 |
| 2005-09-01 | 123.0947111 |
| 2005-10-01 | 124.3700478 |
| 2005-11-01 | 126.6264339 |
| 2005-12-01 | 128.149762 |
| 2006-01-01 | 128.0394513 |
| 2006-02-01 | 128.5991155 |
| 2006-03-01 | 128.6012816 |
| 2006-04-01 | 128.0360286 |
| 2006-05-01 | 127.7724757 |
| 2006-06-01 | 127.8256976 |
| 2006-07-01 | 127.7165515 |
| 2006-08-01 | 127.7004076 |
| 2006-09-01 | 128.5790787 |
| 2006-10-01 | 129.6143857 |
| 2006-11-01 | 130.3013355 |
| 2006-12-01 | 130.7436314 |
| 2007-01-01 | 131.1913372 |
| 2007-02-01 | 131.52309 |
| 2007-03-01 | 131.5258552 |
| 2007-04-01 | 131.903688 |
| 2007-05-01 | 132.2730017 |
| 2007-06-01 | 133.0291382 |
| 2007-07-01 | 133.6777962 |
| 2007-08-01 | 133.9216915 |
| 2007-09-01 | 132.8253493 |
| 2007-10-01 | 131.3774707 |
| 2007-11-01 | 129.2764849 |
| 2007-12-01 | 128.1265358 |
| 2008-01-01 | 126.409009 |
| 2008-02-01 | 125.1220234 |
| 2008-03-01 | 123.2019261 |
| 2008-04-01 | 121.5879257 |
| 2008-05-01 | 119.546513 |
| 2008-06-01 | 117.1528136 |
| 2008-07-01 | 115.2007837 |
| 2008-08-01 | 114.2256272 |
| 2008-09-01 | 112.7970618 |
| 2008-10-01 | 112.1111939 |
| 2008-11-01 | 112.1809699 |
| 2008-12-01 | 111.0492694 |
| 2009-01-01 | 108.1816201 |
| 2009-02-01 | 105.2033557 |
| 2009-03-01 | 102.4709523 |
| 2009-04-01 | 99.71137274 |
| 2009-05-01 | 96.95573853 |
| 2009-06-01 | 93.78166174 |
| 2009-07-01 | 91.76863702 |
| 2009-08-01 | 89.67531174 |
| 2009-09-01 | 88.03341599 |
| 2009-10-01 | 86.65569516 |
| 2009-11-01 | 85.54826372 |
| 2009-12-01 | 84.85141826 |
| 2010-01-01 | 83.90196601 |
| 2010-02-01 | 83.3911701 |
| 2010-03-01 | 82.71737914 |
| 2010-04-01 | 82.36299761 |
| 2010-05-01 | 82.22165926 |
| 2010-06-01 | 82.36398851 |
| 2010-07-01 | 82.55902823 |
| 2010-08-01 | 82.78926703 |
| 2010-09-01 | 83.17975845 |
| 2010-10-01 | 83.54307347 |
| 2010-11-01 | 83.91773841 |
| 2010-12-01 | 84.07034092 |
| 2011-01-01 | 83.8391212 |
| 2011-02-01 | 83.49653791 |
| 2011-03-01 | 82.73461581 |
| 2011-04-01 | 82.30608878 |
| 2011-05-01 | 82.15283027 |
| 2011-06-01 | 82.60286717 |
| 2011-07-01 | 83.04421554 |
| 2011-08-01 | 83.42426673 |
| 2011-09-01 | 83.94286072 |
| 2011-10-01 | 84.6858317 |
| 2011-11-01 | 85.19352164 |
| 2011-12-01 | 85.72654803 |
| 2012-01-01 | 85.61225255 |
| 2012-02-01 | 85.47926572 |
| 2012-03-01 | 85.07167107 |
| 2012-04-01 | 85.04985335 |
| 2012-05-01 | 85.40270005 |
| 2012-06-01 | 85.82756728 |
| 2012-07-01 | 86.31659555 |
| 2012-08-01 | 86.26938582 |
| 2012-09-01 | 86.42536582 |
| 2012-10-01 | 87.10971264 |
| 2012-11-01 | 88.21568083 |
| 2012-12-01 | 89.1105982 |
| 2013-01-01 | 89.43896617 |
| 2013-02-01 | 89.25981685 |
| 2013-03-01 | 89.57098403 |
| 2013-04-01 | 90.26274761 |
| 2013-05-01 | 90.79867419 |
| 2013-06-01 | 91.37287861 |
| 2013-07-01 | 92.17854249 |
| 2013-08-01 | 92.93944566 |
| 2013-09-01 | 93.70706208 |
| 2013-10-01 | 94.81692024 |
| 2013-11-01 | 95.83414339 |
| 2013-12-01 | 96.62601295 |
| 2014-01-01 | 97.03444652 |
| 2014-02-01 | 97.43508923 |
| 2014-03-01 | 97.56457018 |
| 2014-04-01 | 98.01801949 |
| 2014-05-01 | 98.48817157 |
| 2014-06-01 | 99.13513912 |
| 2014-07-01 | 99.97862785 |
| 2014-08-01 | 100.9227726 |
| 2014-09-01 | 101.6311647 |
| 2014-10-01 | 102.7356942 |
| 2014-11-01 | 104.2307465 |
| 2014-12-01 | 105.8332877 |
| 2015-01-01 | 107.3395552 |
| 2015-02-01 | 107.7897175 |
| 2015-03-01 | 107.9421267 |
| 2015-04-01 | 108.4249517 |
| 2015-05-01 | 108.5085737 |
| 2015-06-01 | 108.7176028 |
| 2015-07-01 | 109.2687227 |
| 2015-08-01 | 109.996427 |
| 2015-09-01 | 110.7516569 |
| 2015-10-01 | 111.3932502 |
| 2015-11-01 | 112.1792266 |
| 2015-12-01 | 113.0483767 |
| 2016-01-01 | 113.2586358 |
| 2016-02-01 | 113.5521024 |
| 2016-03-01 | 113.5268248 |
| 2016-04-01 | 113.5832684 |
| 2016-05-01 | 113.8415211 |
| 2016-06-01 | 114.2464052 |
| 2016-07-01 | 115.2080919 |
| 2016-08-01 | 115.8205123 |
| 2016-09-01 | 116.1726142 |
| 2016-10-01 | 116.5433655 |
| 2016-11-01 | 117.1323775 |
| 2016-12-01 | 117.3997782 |
| 2017-01-01 | 116.9953312 |
| 2017-02-01 | 116.9270176 |
| 2017-03-01 | 117.2416719 |
| 2017-04-01 | 117.4788786 |
| 2017-05-01 | 118.1041972 |
| 2017-06-01 | 118.7816925 |
| 2017-07-01 | 119.6389983 |
| 2017-08-01 | 120.0346782 |
| 2017-09-01 | 120.1210013 |
| 2017-10-01 | 120.8121255 |
| 2017-11-01 | 121.2882067 |
| 2017-12-01 | 121.7610046 |
| 2018-01-01 | 121.5306845 |
| 2018-02-01 | 121.5303809 |
| 2018-03-01 | 121.9362962 |
| 2018-04-01 | 122.2178869 |
| 2018-05-01 | 122.5045473 |
| 2018-06-01 | 123.1181801 |
| 2018-07-01 | 123.9196772 |
| 2018-08-01 | 124.6071648 |
| 2018-09-01 | 125.0539144 |
| 2018-10-01 | 125.2073297 |
| 2018-11-01 | 125.8452805 |
| 2018-12-01 | 126.4052753 |
| 2019-01-01 | 126.4130105 |
| 2019-02-01 | 126.2911294 |
| 2019-03-01 | 126.2044445 |
| 2019-04-01 | 126.3341938 |
| 2019-05-01 | 126.9857121 |
| 2019-06-01 | 127.9451972 |
| 2019-07-01 | 128.6878962 |
| 2019-08-01 | 129.5264135 |
| 2019-09-01 | 130.0616601 |
| 2019-10-01 | 130.207241 |
| 2019-11-01 | 130.5908816 |
| 2019-12-01 | 131.0096957 |
| 2020-01-01 | 130.8340396 |
| 2020-02-01 | 130.7733132 |
| 2020-03-01 | 131.1500217 |
| 2020-04-01 | 131.8317104 |
| 2020-05-01 | 131.4751282 |
| 2020-06-01 | 130.5424068 |
| 2020-07-01 | 130.1378381 |
| 2020-08-01 | 130.6126776 |
| 2020-09-01 | 131.8584571 |
| 2020-10-01 | 133.4406075 |
| 2020-11-01 | 135.1013607 |
| 2020-12-01 | 136.35646 |
| 2021-01-01 | 137.0340036 |
| 2021-02-01 | 137.4058823 |
| 2021-03-01 | 137.615617 |
| 2021-04-01 | 137.8128089 |
| 2021-05-01 | 138.314667 |
| 2021-06-01 | 138.9964557 |
| 2021-07-01 | 140.7157271 |
| 2021-08-01 | 143.1578887 |
| 2021-09-01 | 145.5907414 |
| 2021-10-01 | 147.1126399 |
| 2021-11-01 | 148.8863346 |
| 2021-12-01 | 150.4424255 |
| 2022-01-01 | 150.3398755 |
| 2022-02-01 | 149.41771 |
| 2022-03-01 | 147.6920177 |
| 2022-04-01 | 147.5623662 |
| 2022-05-01 | 147.083209 |
| 2022-06-01 | 146.1700245 |
| 2022-07-01 | 146.6263521 |
| 2022-08-01 | 146.277511 |
| 2022-09-01 | 144.8185275 |
| 2022-10-01 | 142.5591334 |
| 2022-11-01 | 140.5218923 |
| 2022-12-01 | 138.4559787 |
| 2023-01-01 | 134.8977571 |
| 2023-02-01 | 132.099581 |
| 2023-03-01 | 130.1640688 |
| 2023-04-01 | 128.4637786 |
| 2023-05-01 | 127.4365758 |
| 2023-06-01 | 126.6210883 |
| 2023-07-01 | 126.230755 |
| 2023-08-01 | 125.6405676 |
| 2023-09-01 | 125.2827025 |
| 2023-10-01 | 125.2121657 |
| 2023-11-01 | 125.266913 |
| 2023-12-01 | 125.1009944 |
| 2024-01-01 | 124.0725072 |
| 2024-02-01 | 122.9684575 |
Note: The data are deflated using the consumer price index.
Source: Real Capital Analytics; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Return to text
Figure 1.15. Income of commercial properties relative to prices continued to grow but remained well below historical norms
Percent
| Date | Percent |
|---|---|
| 2001-01-01 | 8.57989741 |
| 2001-02-01 | 8.574046489 |
| 2001-03-01 | 8.561989697 |
| 2001-04-01 | 8.568342304 |
| 2001-05-01 | 8.591625327 |
| 2001-06-01 | 8.594615923 |
| 2001-07-01 | 8.6101211 |
| 2001-08-01 | 8.641056719 |
| 2001-09-01 | 8.655288755 |
| 2001-10-01 | 8.679044561 |
| 2001-11-01 | 8.725277391 |
| 2001-12-01 | 8.792315534 |
| 2002-01-01 | 8.819822962 |
| 2002-02-01 | 8.860719401 |
| 2002-03-01 | 8.88724549 |
| 2002-04-01 | 8.910460908 |
| 2002-05-01 | 8.905000918 |
| 2002-06-01 | 8.896379856 |
| 2002-07-01 | 8.852049348 |
| 2002-08-01 | 8.79501265 |
| 2002-09-01 | 8.73416556 |
| 2002-10-01 | 8.674044525 |
| 2002-11-01 | 8.61899609 |
| 2002-12-01 | 8.544885816 |
| 2003-01-01 | 8.497136174 |
| 2003-02-01 | 8.4645379 |
| 2003-03-01 | 8.455077922 |
| 2003-04-01 | 8.434485708 |
| 2003-05-01 | 8.395839521 |
| 2003-06-01 | 8.353448802 |
| 2003-07-01 | 8.323366828 |
| 2003-08-01 | 8.272360713 |
| 2003-09-01 | 8.256441706 |
| 2003-10-01 | 8.228072575 |
| 2003-11-01 | 8.198637451 |
| 2003-12-01 | 8.147957011 |
| 2004-01-01 | 8.113645987 |
| 2004-02-01 | 8.051983518 |
| 2004-03-01 | 7.989427051 |
| 2004-04-01 | 7.94373754 |
| 2004-05-01 | 7.912444885 |
| 2004-06-01 | 7.87588976 |
| 2004-07-01 | 7.845330492 |
| 2004-08-01 | 7.818807848 |
| 2004-09-01 | 7.75991065 |
| 2004-10-01 | 7.714431776 |
| 2004-11-01 | 7.657350195 |
| 2004-12-01 | 7.574750757 |
| 2005-01-01 | 7.527501283 |
| 2005-02-01 | 7.500876348 |
| 2005-03-01 | 7.462826849 |
| 2005-04-01 | 7.412860429 |
| 2005-05-01 | 7.352633439 |
| 2005-06-01 | 7.295349367 |
| 2005-07-01 | 7.238369271 |
| 2005-08-01 | 7.188579989 |
| 2005-09-01 | 7.136240466 |
| 2005-10-01 | 7.085665012 |
| 2005-11-01 | 7.054713096 |
| 2005-12-01 | 7.023864306 |
| 2006-01-01 | 6.977383082 |
| 2006-02-01 | 6.946358117 |
| 2006-03-01 | 6.907713383 |
| 2006-04-01 | 6.873758933 |
| 2006-05-01 | 6.847685522 |
| 2006-06-01 | 6.816424251 |
| 2006-07-01 | 6.778093348 |
| 2006-08-01 | 6.763648492 |
| 2006-09-01 | 6.743515793 |
| 2006-10-01 | 6.735970104 |
| 2006-11-01 | 6.725970892 |
| 2006-12-01 | 6.711367583 |
| 2007-01-01 | 6.693994176 |
| 2007-02-01 | 6.682568883 |
| 2007-03-01 | 6.668560158 |
| 2007-04-01 | 6.649227381 |
| 2007-05-01 | 6.62707761 |
| 2007-06-01 | 6.616301495 |
| 2007-07-01 | 6.616757401 |
| 2007-08-01 | 6.606369579 |
| 2007-09-01 | 6.602583644 |
| 2007-10-01 | 6.594944779 |
| 2007-11-01 | 6.586401447 |
| 2007-12-01 | 6.584345714 |
| 2008-01-01 | 6.589050539 |
| 2008-02-01 | 6.599620601 |
| 2008-03-01 | 6.616996498 |
| 2008-04-01 | 6.643872334 |
| 2008-05-01 | 6.684524328 |
| 2008-06-01 | 6.729662154 |
| 2008-07-01 | 6.771604282 |
| 2008-08-01 | 6.825750378 |
| 2008-09-01 | 6.870187222 |
| 2008-10-01 | 6.890966074 |
| 2008-11-01 | 6.93548321 |
| 2008-12-01 | 6.986544317 |
| 2009-01-01 | 7.044987845 |
| 2009-02-01 | 7.053238677 |
| 2009-03-01 | 7.07978514 |
| 2009-04-01 | 7.086916744 |
| 2009-05-01 | 7.12275683 |
| 2009-06-01 | 7.176377444 |
| 2009-07-01 | 7.260869119 |
| 2009-08-01 | 7.338198263 |
| 2009-09-01 | 7.422877786 |
| 2009-10-01 | 7.525061257 |
| 2009-11-01 | 7.568013187 |
| 2009-12-01 | 7.638560078 |
| 2010-01-01 | 7.647795624 |
| 2010-02-01 | 7.678250457 |
| 2010-03-01 | 7.738547174 |
| 2010-04-01 | 7.816543281 |
| 2010-05-01 | 7.830351279 |
| 2010-06-01 | 7.813880179 |
| 2010-07-01 | 7.783874392 |
| 2010-08-01 | 7.799878998 |
| 2010-09-01 | 7.762599704 |
| 2010-10-01 | 7.731650039 |
| 2010-11-01 | 7.706613266 |
| 2010-12-01 | 7.64711485 |
| 2011-01-01 | 7.636477889 |
| 2011-02-01 | 7.609878881 |
| 2011-03-01 | 7.561883288 |
| 2011-04-01 | 7.541582654 |
| 2011-05-01 | 7.509583563 |
| 2011-06-01 | 7.464878233 |
| 2011-07-01 | 7.434328029 |
| 2011-08-01 | 7.384329621 |
| 2011-09-01 | 7.351283236 |
| 2011-10-01 | 7.345766949 |
| 2011-11-01 | 7.316647559 |
| 2011-12-01 | 7.286025663 |
| 2012-01-01 | 7.25146612 |
| 2012-02-01 | 7.252402367 |
| 2012-03-01 | 7.230503615 |
| 2012-04-01 | 7.194750424 |
| 2012-05-01 | 7.164376226 |
| 2012-06-01 | 7.145066967 |
| 2012-07-01 | 7.130808368 |
| 2012-08-01 | 7.121137806 |
| 2012-09-01 | 7.107983061 |
| 2012-10-01 | 7.072796337 |
| 2012-11-01 | 7.049808658 |
| 2012-12-01 | 7.014479061 |
| 2013-01-01 | 7.017863264 |
| 2013-02-01 | 7.000941914 |
| 2013-03-01 | 6.993063575 |
| 2013-04-01 | 6.976457977 |
| 2013-05-01 | 6.979811145 |
| 2013-06-01 | 6.960841242 |
| 2013-07-01 | 6.95503934 |
| 2013-08-01 | 6.927353892 |
| 2013-09-01 | 6.923190302 |
| 2013-10-01 | 6.930920981 |
| 2013-11-01 | 6.942241129 |
| 2013-12-01 | 6.926955252 |
| 2014-01-01 | 6.900869865 |
| 2014-02-01 | 6.884390976 |
| 2014-03-01 | 6.863904125 |
| 2014-04-01 | 6.865491059 |
| 2014-05-01 | 6.845328258 |
| 2014-06-01 | 6.824740107 |
| 2014-07-01 | 6.799563907 |
| 2014-08-01 | 6.784243493 |
| 2014-09-01 | 6.74564139 |
| 2014-10-01 | 6.709267841 |
| 2014-11-01 | 6.686019478 |
| 2014-12-01 | 6.644695563 |
| 2015-01-01 | 6.628753424 |
| 2015-02-01 | 6.617910657 |
| 2015-03-01 | 6.598499039 |
| 2015-04-01 | 6.560480938 |
| 2015-05-01 | 6.534458208 |
| 2015-06-01 | 6.525913443 |
| 2015-07-01 | 6.506781252 |
| 2015-08-01 | 6.485626139 |
| 2015-09-01 | 6.479076116 |
| 2015-10-01 | 6.459788132 |
| 2015-11-01 | 6.435124319 |
| 2015-12-01 | 6.419296509 |
| 2016-01-01 | 6.423306998 |
| 2016-02-01 | 6.409381038 |
| 2016-03-01 | 6.395765863 |
| 2016-04-01 | 6.389512309 |
| 2016-05-01 | 6.378130458 |
| 2016-06-01 | 6.361573153 |
| 2016-07-01 | 6.339554707 |
| 2016-08-01 | 6.333472896 |
| 2016-09-01 | 6.313272606 |
| 2016-10-01 | 6.301493684 |
| 2016-11-01 | 6.307440009 |
| 2016-12-01 | 6.316049636 |
| 2017-01-01 | 6.296047147 |
| 2017-02-01 | 6.297070032 |
| 2017-03-01 | 6.306535582 |
| 2017-04-01 | 6.311614154 |
| 2017-05-01 | 6.303677062 |
| 2017-06-01 | 6.288486122 |
| 2017-07-01 | 6.283363825 |
| 2017-08-01 | 6.278404148 |
| 2017-09-01 | 6.271011886 |
| 2017-10-01 | 6.270512705 |
| 2017-11-01 | 6.263424333 |
| 2017-12-01 | 6.244489961 |
| 2018-01-01 | 6.238659254 |
| 2018-02-01 | 6.228588066 |
| 2018-03-01 | 6.213383239 |
| 2018-04-01 | 6.204013508 |
| 2018-05-01 | 6.196302555 |
| 2018-06-01 | 6.199286231 |
| 2018-07-01 | 6.200976128 |
| 2018-08-01 | 6.192751412 |
| 2018-09-01 | 6.200896785 |
| 2018-10-01 | 6.198805679 |
| 2018-11-01 | 6.190004902 |
| 2018-12-01 | 6.174771812 |
| 2019-01-01 | 6.183340675 |
| 2019-02-01 | 6.177599578 |
| 2019-03-01 | 6.182445717 |
| 2019-04-01 | 6.180072692 |
| 2019-05-01 | 6.202124256 |
| 2019-06-01 | 6.189355221 |
| 2019-07-01 | 6.188487102 |
| 2019-08-01 | 6.172225442 |
| 2019-09-01 | 6.153661292 |
| 2019-10-01 | 6.139307989 |
| 2019-11-01 | 6.122354491 |
| 2019-12-01 | 6.116613587 |
| 2020-01-01 | 6.114246406 |
| 2020-02-01 | 6.11003229 |
| 2020-03-01 | 6.083398772 |
| 2020-04-01 | 6.074728126 |
| 2020-05-01 | 6.030314137 |
| 2020-06-01 | 6.023048395 |
| 2020-07-01 | 5.993409572 |
| 2020-08-01 | 5.98799345 |
| 2020-09-01 | 5.980213475 |
| 2020-10-01 | 5.960279226 |
| 2020-11-01 | 5.948080264 |
| 2020-12-01 | 5.929729593 |
| 2021-01-01 | 5.904052328 |
| 2021-02-01 | 5.896408409 |
| 2021-03-01 | 5.888596998 |
| 2021-04-01 | 5.886520222 |
| 2021-05-01 | 5.882474611 |
| 2021-06-01 | 5.871057546 |
| 2021-07-01 | 5.857865881 |
| 2021-08-01 | 5.841699834 |
| 2021-09-01 | 5.800525939 |
| 2021-10-01 | 5.767301303 |
| 2021-11-01 | 5.747738258 |
| 2021-12-01 | 5.692625421 |
| 2022-01-01 | 5.671666515 |
| 2022-02-01 | 5.651471103 |
| 2022-03-01 | 5.62099125 |
| 2022-04-01 | 5.589316031 |
| 2022-05-01 | 5.563067536 |
| 2022-06-01 | 5.534118007 |
| 2022-07-01 | 5.516636955 |
| 2022-08-01 | 5.502791309 |
| 2022-09-01 | 5.509439274 |
| 2022-10-01 | 5.522909242 |
| 2022-11-01 | 5.529124045 |
| 2022-12-01 | 5.551637797 |
| 2023-01-01 | 5.572600971 |
| 2023-02-01 | 5.580185819 |
| 2023-03-01 | 5.631420664 |
| 2023-04-01 | 5.670707145 |
| 2023-05-01 | 5.732459027 |
| 2023-06-01 | 5.795817966 |
| 2023-07-01 | 5.850909682 |
| 2023-08-01 | 5.902372674 |
| 2023-09-01 | 5.954338286 |
| 2023-10-01 | 6.005229137 |
| 2023-11-01 | 6.0535556 |
| 2023-12-01 | 6.096709272 |
| 2024-01-01 | 6.109000598 |
| 2024-02-01 | 6.139703177 |
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.
Return to text
Figure 1.16. Banks reported tightening lending standards for commercial real estate loans
This is a line chart titled "Banks reported tightening lending standards for commercial real estate loans." The x-axis measures time and ranges from 1997 to 2024. The data are quarterly. There is one line on the chart. The line shows "Net percentage of banks reporting." 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." The series begins at about -7 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 reaches its minimum of -25 in 2004:Q4. From there the series climbs to over 90 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 27 in 2016, and remains roughly steady until another quick peak of 65 in 2020:Q2, before a dramatic decline to -17 in 2021:Q3. The series increased to 60 in mid-2023 before declining again to 20 in the final value for 2024:Q1.
Note: Banks' responses are weighted by their commercial real estate loan market shares. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked about the changes over the quarter. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.
Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; Federal Reserve Board staff calculations.
Return to text
Figure 1.17. House prices continued to increase in recent months
12-month percent change
| Date | Zillow | CoreLogic | Case-Shiller |
|---|---|---|---|
| 2003-01-01 | 7.263325344 | 9.678970732 | 9.62727585 |
| 2003-02-01 | 7.348212249 | 9.623167733 | 9.758809442 |
| 2003-03-01 | 7.42269462 | 9.580487463 | 9.64979225 |
| 2003-04-01 | 7.503365548 | 9.496493054 | 9.462293432 |
| 2003-05-01 | 7.58896016 | 9.260170108 | 9.148108287 |
| 2003-06-01 | 7.650222201 | 9.001245789 | 8.910324532 |
| 2003-07-01 | 7.686484722 | 8.817260078 | 8.860861832 |
| 2003-08-01 | 7.720708153 | 8.961028176 | 9.011464764 |
| 2003-09-01 | 7.78877467 | 9.36735388 | 9.235795681 |
| 2003-10-01 | 7.864245207 | 9.868415397 | 9.386396068 |
| 2003-11-01 | 7.917256402 | 10.30474666 | 9.57833228 |
| 2003-12-01 | 7.943818691 | 10.86757998 | 9.815178923 |
| 2004-01-01 | 8.001816067 | 11.3589443 | 10.23110067 |
| 2004-02-01 | 8.129492042 | 11.76165048 | 10.67560196 |
| 2004-03-01 | 8.327783303 | 12.32588625 | 11.42216379 |
| 2004-04-01 | 8.56356039 | 12.99239681 | 12.02390988 |
| 2004-05-01 | 8.841710231 | 13.4892931 | 12.50758495 |
| 2004-06-01 | 9.175491721 | 14.13114973 | 12.97755761 |
| 2004-07-01 | 9.547996937 | 14.5069748 | 13.13776457 |
| 2004-08-01 | 9.885963511 | 14.57418145 | 13.1205413 |
| 2004-09-01 | 10.16034558 | 14.72051251 | 13.15290341 |
| 2004-10-01 | 10.37821778 | 14.97593235 | 13.27728656 |
| 2004-11-01 | 10.58686272 | 15.1937203 | 13.49715356 |
| 2004-12-01 | 10.82348894 | 15.46762967 | 13.6360381 |
| 2005-01-01 | 11.05863811 | 15.57258385 | 13.80143558 |
| 2005-02-01 | 11.26332901 | 15.82524358 | 14.00408364 |
| 2005-03-01 | 11.42054722 | 16.21193679 | 14.22820655 |
| 2005-04-01 | 11.60176697 | 16.36076032 | 14.24271446 |
| 2005-05-01 | 11.73581344 | 16.20894327 | 14.29919773 |
| 2005-06-01 | 11.83335718 | 16.00069832 | 14.2838161 |
| 2005-07-01 | 11.85643244 | 15.87198604 | 14.28383878 |
| 2005-08-01 | 11.87608526 | 16.020985 | 14.3748781 |
| 2005-09-01 | 11.89063024 | 16.24832377 | 14.50583457 |
| 2005-10-01 | 11.89193234 | 15.96984592 | 14.36340371 |
| 2005-11-01 | 11.86637773 | 15.59444552 | 14.07619048 |
| 2005-12-01 | 11.76464289 | 15.1687426 | 13.51232117 |
| 2006-01-01 | 11.57384325 | 14.65435426 | 12.92699682 |
| 2006-02-01 | 11.31665325 | 13.79734021 | 12.0923913 |
| 2006-03-01 | 11.03966654 | 12.50052516 | 11.0402236 |
| 2006-04-01 | 10.69886656 | 10.95554709 | 9.97005988 |
| 2006-05-01 | 10.29101116 | 9.330695625 | 8.753096614 |
| 2006-06-01 | 9.75908602 | 7.486807535 | 7.28403674 |
| 2006-07-01 | 9.100213215 | 5.897810058 | 6.036760482 |
| 2006-08-01 | 8.335084794 | 4.509524688 | 4.820372897 |
| 2006-09-01 | 7.481758771 | 3.318749684 | 3.710376668 |
| 2006-10-01 | 6.633941826 | 2.404379631 | 2.965034965 |
| 2006-11-01 | 5.811384239 | 1.443279212 | 2.204040741 |
| 2006-12-01 | 5.055055526 | 0.360397088 | 1.732274721 |
| 2007-01-01 | 4.392143898 | -0.536970654 | 1.045180556 |
| 2007-02-01 | 3.786648183 | -1.38672525 | 0.534435262 |
| 2007-03-01 | 3.178519306 | -2.688552684 | -0.306429549 |
| 2007-04-01 | 2.532389019 | -3.563242903 | -0.827661312 |
| 2007-05-01 | 1.843834993 | -4.210582545 | -1.355895433 |
| 2007-06-01 | 1.154644726 | -4.529195785 | -1.63099431 |
| 2007-07-01 | 0.482553639 | -4.866322665 | -1.960890526 |
| 2007-08-01 | -0.128110868 | -5.442150213 | -2.261388286 |
| 2007-09-01 | -0.67639621 | -6.341676488 | -2.757871878 |
| 2007-10-01 | -1.184629886 | -7.471845198 | -3.542515621 |
| 2007-11-01 | -1.691996544 | -8.618457275 | -4.612536078 |
| 2007-12-01 | -2.19139619 | -9.706142858 | -5.397587731 |
| 2008-01-01 | -2.727560432 | -10.8951061 | -6.370402802 |
| 2008-02-01 | -3.317288652 | -11.99905354 | -7.277908697 |
| 2008-03-01 | -3.972761625 | -12.66020806 | -7.843460124 |
| 2008-04-01 | -4.679349976 | -13.24888305 | -8.131554384 |
| 2008-05-01 | -5.358610667 | -13.37226804 | -8.170222124 |
| 2008-06-01 | -5.998077059 | -13.40659377 | -8.262641842 |
| 2008-07-01 | -6.586098694 | -13.71448919 | -8.442455384 |
| 2008-08-01 | -7.225578102 | -14.11288273 | -8.849803029 |
| 2008-09-01 | -7.829036688 | -14.92313703 | -9.608083966 |
| 2008-10-01 | -8.39175235 | -15.72309374 | -10.34754689 |
| 2008-11-01 | -8.872924735 | -16.22159071 | -10.89860699 |
| 2008-12-01 | -9.328513319 | -16.99799061 | -11.99953848 |
| 2009-01-01 | -9.705025777 | -17.48510489 | -12.69581482 |
| 2009-02-01 | -9.909142227 | -17.08440865 | -12.74898044 |
| 2009-03-01 | -9.987654922 | -16.30912183 | -12.73972603 |
| 2009-04-01 | -9.97954847 | -15.0396562 |