Accessibility Tables

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

Purpose and Framework Overview 1. Asset Valuations 2. Borrowing by Businesses and Households 3. Leverage in the Financial Sector 4. Funding Risks 5. Near-Term Risks to the Financial System

Accessibility Tables

Overview of financial system vulnerabilities

Asset valuations

Demand for a broad range of higher-risk assets bounced back after the market declines in April 2025; prices for these assets remained elevated relative to their historical relationships with cash flows.
Liquidity in Treasury and equity markets recovered from the April declines.
Transaction-based prices for commercial properties showed signs of stabilization. Vacancy rates and rent growth in the office sector also appeared to be stabilizing

Borrowing by businesses and households

Total business and household debt relative to GDP was stable at 20-year lows.
Gross leverage of publicly traded firms remained high and credit to privately held firms continued to grow. The ability of most publicly traded firms to service their debt was robust, although capacity for some small businesses and risky privately held firms continued to decline.
Household debt was mostly owed by borrowers with strong credit scores. Mortgage delinquency rates remained subdued due to large home equity cushions and strong underwriting standards.
Auto and credit card loan delinquencies were little changed and remained some-what above their average levels over the past decade.

Leverage in the financial sector

Hedge fund leverage remained high, having increased across a range of trading strategies. This increased leverage has supported significant positions in key markets.
Leverage at life insurers was in the top quartile of its historical distribution.
The banking system remained sound and resilient, with historically high regulatory capital ratios, though fair value losses on fixed-rate assets were still sizable for some banks.
Dealer leverage remained low, while their intermediation activity increased to high levels

Funding risks

Assets in cash-management vehicles continued to grow, primarily driven by government money market funds, which historically have been the least fragile category.
As a share of general account assets, life insurers' use of nontraditional liabilities remained small.
Most domestic banks maintained high levels of liquid assets and stable funding, and their reliance on uninsured deposits remained well below recent peaks.

Return to text

Survey of salient risks to the financial system

Survey respondents cited several risks to the U.S. financial system and the broader glob-al economy. For more information, see the box "Survey of Salient Risks to Financial Stability."

	Policy uncertainty	Geopolitical risks	Higher longterm rates	Persistent inflation	Artificial intelligence	Asset price declines
Fall 2025	61% of contacts surveyed	48% of contacts surveyed	43% of contacts surveyed	43% of contacts surveyed	30% of contacts surveyed	30% of contacts surveyed
Spring 2025	50% of contacts surveyed	23% of contacts surveyed	9% of contacts surveyed	41% of contacts surveyed	9% of contacts surveyed	36% of contacts surveyed

Return to text

Figure 1.1. Nominal Treasury yields declined and remained above their average levels over 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
2024-04-01	4.87	4.54
2024-05-01	4.86	4.48
2024-06-01	4.74	4.31
2024-07-01	4.5	4.25
2024-08-01	3.97	3.87
2024-09-01	3.62	3.72
2024-10-01	3.97	4.1
2024-11-01	4.26	4.36
2024-12-01	4.23	4.39
2025-01-01	4.27	4.63
2025-02-01	4.21	4.45
2025-03-01	3.97	4.28
2025-04-01	3.78	4.28
2025-05-01	3.92	4.42
2025-06-01	3.89	4.38
2025-07-01	3.88	4.39
2025-08-01	3.7	4.26
2025-09-01	3.57	4.12
2025-10-01	3.52	4.06

Note: Treasury rates are the 2-year and 10-year constant-maturity yields based on the most actively traded securities. Values are averaged within a calendar month, except for the value of the last month of the series, which is averaged through the data close date.

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 near its historical median

Percentage points

Date	Term Premium
1997-01-01	1.58630953516279
1997-02-01	1.52144999636544
1997-03-01	1.65370500087738
1997-04-01	1.74750909480182
1997-05-01	1.660628591265
1997-06-01	1.58726190953028
1997-07-01	1.43041817708449
1997-08-01	1.45473808901651
1997-09-01	1.44976190158299
1997-10-01	1.35715907812119
1997-11-01	1.23558333847258
1997-12-01	1.17779090187766
1998-01-01	1.06544999480247
1998-02-01	1.09375262887854
1998-03-01	1.15116818384691
1998-04-01	1.15319999626705
1998-05-01	1.15678500533104
1998-06-01	1.08297273245725
1998-07-01	1.06239090724425
1998-08-01	0.99751904748735
1998-09-01	0.786171430633182
1998-10-01	0.792138093993777
1998-11-01	0.869978954917506
1998-12-01	0.794740909879858
1999-01-01	0.880536841718774
1999-02-01	1.01041052529686
1999-03-01	1.14155653248663
1999-04-01	1.12121903896332
1999-05-01	1.2646000008834
1999-06-01	1.43654091791673
1999-07-01	1.40236842632294
1999-08-01	1.45977726307782
1999-09-01	1.45405238582974
1999-10-01	1.54058499336243
1999-11-01	1.40476500988007
1999-12-01	1.48002272844315
2000-01-01	1.6245500087738
2000-02-01	1.53682498931885
2000-03-01	1.39729130268097
2000-04-01	1.25809474367844
2000-05-01	1.43725909970023
2000-06-01	1.27365908839486
2000-07-01	1.18855500817299
2000-08-01	1.06649565696716
2000-09-01	1.06348999142647
2000-10-01	0.980847619828724
2000-11-01	0.940657144501096
2000-12-01	0.776215001940727
2001-01-01	0.873066666580382
2001-02-01	0.931452631950378
2001-03-01	0.92219999703494
2001-04-01	1.14089499115944
2001-05-01	1.32817727327347
2001-06-01	1.32009048688979
2001-07-01	1.28493333430517
2001-08-01	1.19854346565578
2001-09-01	1.20015882744509
2001-10-01	1.22200909527865
2001-11-01	1.33718499541283
2001-12-01	1.65292502045631
2002-01-01	1.62604762258984
2002-02-01	1.55143684462497
2002-03-01	1.73442001342773
2002-04-01	1.69332726977088
2002-05-01	1.63785454359922
2002-06-01	1.49875000715256
2002-07-01	1.34673635526137
2002-08-01	1.12780000946739
2002-09-01	0.905194997787476
2002-10-01	0.942090904170817
2002-11-01	1.07082104996631
2002-12-01	1.07724285125732
2003-01-01	1.07329524131048
2003-02-01	0.991473693596689
2003-03-01	0.930804766359783
2003-04-01	1.00974286737896
2003-05-01	0.782438085192726
2003-06-01	0.66131428593681
2003-07-01	1.01561818339608
2003-08-01	1.31591429596856
2003-09-01	1.20959046341124
2003-10-01	1.20333182269877
2003-11-01	1.22338889042536
2003-12-01	1.21045908602801
2004-01-01	1.13532500267029
2004-02-01	1.09653684967443
2004-03-01	0.94003043744875
2004-04-01	1.24345713570004
2004-05-01	1.45199499130249
2004-06-01	1.40440475940704
2004-07-01	1.24482380776178
2004-08-01	1.10065453702753
2004-09-01	0.966123802321298
2004-10-01	0.922989997267723
2004-11-01	0.915705007314682
2004-12-01	0.899377270178361
2005-01-01	0.872179999947548
2005-02-01	0.806794731240523
2005-03-01	0.956709086894989
2005-04-01	0.853780950818743
2005-05-01	0.734280952385494
2005-06-01	0.637763635678725
2005-07-01	0.67902999818325
2005-08-01	0.684691304745881
2005-09-01	0.63957142829895
2005-10-01	0.73503500521183
2005-11-01	0.75422999560833
2005-12-01	0.704609527474358
2006-01-01	0.612595000863075
2006-02-01	0.66861052889573
2006-03-01	0.726243477800618
2006-04-01	0.82967367925142
2006-05-01	0.866559088230133
2006-06-01	0.844818182966926
2006-07-01	0.798874998092651
2006-08-01	0.689243479915287
2006-09-01	0.634500002861023
2006-10-01	0.623928572450365
2006-11-01	0.544100005002249
2006-12-01	0.539290001988411
2007-01-01	0.633109521298182
2007-02-01	0.610594740039424
2007-03-01	0.526145455512134
2007-04-01	0.60405714455105
2007-05-01	0.654254544865001
2007-06-01	0.877728572913579
2007-07-01	0.792104757967449
2007-08-01	0.727860878343168
2007-09-01	0.695768425339147
2007-10-01	0.7072409120473
2007-11-01	0.627580001950264
2007-12-01	0.652430000901222
2008-01-01	0.502809517440342
2008-02-01	0.659764996170998
2008-03-01	0.676039996743202
2008-04-01	0.791763638908213
2008-05-01	0.862304764134543
2008-06-01	0.953609528995696
2008-07-01	0.9156999994408
2008-08-01	0.829009524413518
2008-09-01	0.803495239643824
2008-10-01	1.02918636527928
2008-11-01	0.997972226805157
2008-12-01	0.495986368168484
2009-01-01	0.533605000376701
2009-02-01	0.695789478327099
2009-03-01	0.644163638353348
2009-04-01	0.653561904316857
2009-05-01	0.852880001068115
2009-06-01	1.13857725533572
2009-07-01	1.02739999511025
2009-08-01	1.05857618933632
2009-09-01	0.952300000758398
2009-10-01	0.930171430110931
2009-11-01	0.919457893622549
2009-12-01	0.981240903789347
2010-01-01	1.06806315873799
2010-02-01	1.02073684805318
2010-03-01	1.02444781686949
2010-04-01	1.08615455302325
2010-05-01	0.867124995589256
2010-06-01	0.755922723900188
2010-07-01	0.614666666303362
2010-08-01	0.422504544258118
2010-09-01	0.393890475942975
2010-10-01	0.298595001548529
2010-11-01	0.397194999456406
2010-12-01	0.731363635171543
2011-01-01	0.780679997801781
2011-02-01	0.906605265642467
2011-03-01	0.824865221977234
2011-04-01	0.865829998254776
2011-05-01	0.691185712814331
2011-06-01	0.559290913018313
2011-07-01	0.562285003066063
2011-08-01	0.18979565280935
2011-09-01	0.0428476195250239
2011-10-01	0.137049999623559
2011-11-01	0.054134999983944
2011-12-01	0.0322904759308412
2012-01-01	0.00909999991999939
2012-02-01	-0.0134849997702986
2012-03-01	0.105518182157539
2012-04-01	0.03772857219294
2012-05-01	-0.0900090905753049
2012-06-01	-0.171185714857919
2012-07-01	-0.227761905108179
2012-08-01	-0.14846521810345
2012-09-01	-0.149436842061971
2012-10-01	-0.138014286756516
2012-11-01	-0.175314998626709
2012-12-01	-0.14552999958396
2013-01-01	-0.0486761906095559
2013-02-01	-0.0109789472251003
2013-03-01	-0.026494999951683
2013-04-01	-0.12271363762292
2013-05-01	-0.0329909090968696
2013-06-01	0.195124999061227
2013-07-01	0.358877270059152
2013-08-01	0.448931818658655
2013-09-01	0.501565003395081
2013-10-01	0.369068183682182
2013-11-01	0.401110528331054
2013-12-01	0.515038101446061
2014-01-01	0.52883810088748
2014-02-01	0.440584209404494
2014-03-01	0.471128573020299
2014-04-01	0.489000005381448
2014-05-01	0.407899998483204
2014-06-01	0.437390476465225
2014-07-01	0.424050000580874
2014-08-01	0.374171427318028
2014-09-01	0.446385717108136
2014-10-01	0.318909089673649
2014-11-01	0.340266666478581
2014-12-01	0.288990912112323
2015-01-01	0.121139999385923
2015-02-01	0.175105261077222
2015-03-01	0.20422727343711
2015-04-01	0.124940909783949
2015-05-01	0.268689998984337
2015-06-01	0.356704546646638
2015-07-01	0.323763636025515
2015-08-01	0.23001904856591
2015-09-01	0.232133332462538
2015-10-01	0.176319047808647
2015-11-01	0.280394736873476
2015-12-01	0.243222724307667
2016-01-01	0.149057893768737
2016-02-01	-0.0309400000085589
2016-03-01	0.0374590908918022
2016-04-01	-0.0104428570983665
2016-05-01	-0.0063523809852389
2016-06-01	-0.0943636361149732
2016-07-01	-0.174139998108149
2016-08-01	-0.144082610049973
2016-09-01	-0.107480952427501
2016-10-01	-0.0476350001408719
2016-11-01	0.141539998538792
2016-12-01	0.342542856931686
2017-01-01	0.30672500282526
2017-02-01	0.29608946803369
2017-03-01	0.286726086036019
2017-04-01	0.159421052979796
2017-05-01	0.14255000075156
2017-06-01	0.0561999998648058
2017-07-01	0.111135000362992
2017-08-01	0.0598086959317974
2017-09-01	0.048810000458252
2017-10-01	0.126352380428995
2017-11-01	0.106809522779215
2017-12-01	0.126464999839664
2018-01-01	0.20057142774264
2018-02-01	0.321000000363902
2018-03-01	0.288261904602959
2018-04-01	0.28833333509309
2018-05-01	0.334427273408933
2018-06-01	0.291300000179382
2018-07-01	0.267171426897957
2018-08-01	0.247139129301776
2018-09-01	0.285684213042259
2018-10-01	0.336277274922891
2018-11-01	0.296625002473593
2018-12-01	0.131231577772843
2019-01-01	0.0547476185574418
2019-02-01	0.03477368454792
2019-03-01	-0.0232285712790188
2019-04-01	-0.0412238094113058
2019-05-01	-0.106136363507672
2019-06-01	-0.248920001089573
2019-07-01	-0.239750002595511
2019-08-01	-0.421831817789511
2019-09-01	-0.37432000041008
2019-10-01	-0.327504544772885
2019-11-01	-0.236826317090737
2019-12-01	-0.207642855388778
2020-01-01	-0.2653523818368
2020-02-01	-0.403673680205094
2020-03-01	-0.472945454445752
2020-04-01	-0.559052382196699
2020-05-01	-0.573474997282028
2020-06-01	-0.566581819545139
2020-07-01	-0.614431822841818
2020-08-01	-0.607804758208139
2020-09-01	-0.597861908731006
2020-10-01	-0.546838099048251
2020-11-01	-0.49895263345618
2020-12-01	-0.478481818329204
2021-01-01	-0.414852630150946
2021-02-01	-0.32094736710975
2021-03-01	-0.109191304477661
2021-04-01	-0.084340909157287
2021-05-01	-0.0983200002461672
2021-06-01	-0.1325318176638
2021-07-01	-0.226966668452535
2021-08-01	-0.243818181482228
2021-09-01	-0.192747619180452
2021-10-01	-0.059549999749288
2021-11-01	-0.0406099995831028
2021-12-01	-0.0761090904812921
2022-01-01	0.0668149997647561
2022-02-01	0.125415790237879
2022-03-01	0.209773913552256
2022-04-01	0.480945000052452
2022-05-01	0.511123813333966
2022-06-01	0.532090478000187
2022-07-01	0.227425000816584
2022-08-01	0.142060869818796
2022-09-01	0.378104763371604
2022-10-01	0.515035004913807
2022-11-01	0.366604999452829
2022-12-01	0.152128572620097
2023-01-01	0.0486500000581145
2023-02-01	0.146194737502619
2023-03-01	0.119052173893737
2023-04-01	-0.0472100000097271
2023-05-01	-0.0506954544054514
2023-06-01	0.0467190474515692
2023-07-01	0.113849999848753
2023-08-01	0.237073913216591
2023-09-01	0.351450002938509
2023-10-01	0.576500001407805
2023-11-01	0.438385716506413
2023-12-01	0.179819999262691
2024-01-01	0.19098095347484
2024-02-01	0.279920000582933
2024-03-01	0.274129997193813
2024-04-01	0.447454543276267
2024-05-01	0.416045453060757
2024-06-01	0.316757893876026
2024-07-01	0.289236362684857
2024-08-01	0.119927272539247
2024-09-01	0.10067500025034
2024-10-01	0.360750002617186
2024-11-01	0.535778949135228
2024-12-01	0.575852384169897
2025-01-01	0.722966668151674
2025-02-01	0.621594739587683
2025-03-01	0.525414283786501
2025-04-01	0.508771433716729
2025-05-01	0.56826190721421
2025-06-01	0.537999999523163
2025-07-01	0.532790904695338
2025-08-01	0.48902857587451
2025-09-01	0.461523809603282
2025-10-01	0.462356254458427

Note: Term premiums are estimated from a 3-factor term structure model using Treasury yields and Blue Chip interest rate forecasts. Values are averaged within a calendar month, except for the value of the last month of the series, which is averaged through the data close date. The median value is 0.54 percentage points.

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 returned to its median since 2005

Basis points

Date	Interest Rate Volatility
2005-04-01	93.1407611818182
2005-05-01	87.2053020454545
2005-06-01	87.5994123636364
2005-07-01	89.342594
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	72.57082995
2006-03-01	72.1180623913044
2006-04-01	76.56824595
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	66.234062
2007-01-01	66.4426889130435
2007-02-01	66.7878776
2007-03-01	70.8117155454546
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	97.0252322
2007-10-01	91.0426627826087
2007-11-01	97.0015865454545
2007-12-01	117.976205190476
2008-01-01	133.406423652174
2008-02-01	150.923306095238
2008-03-01	163.97233552381
2008-04-01	139.643575363636
2008-05-01	126.353198590909
2008-06-01	140.475449761905
2008-07-01	127.802219956522
2008-08-01	111.567181571429
2008-09-01	141.1032905
2008-10-01	188.875971130435
2008-11-01	205.83388575
2008-12-01	232.030661695652
2009-01-01	169.826971590909
2009-02-01	187.7330855
2009-03-01	157.275367409091
2009-04-01	129.736551454545
2009-05-01	153.281603190476
2009-06-01	223.655879409091
2009-07-01	197.755332409091
2009-08-01	180.745684190476
2009-09-01	147.807639681818
2009-10-01	134.645040636364
2009-11-01	112.442800571429
2009-12-01	110.1041495
2010-01-01	109.909501
2010-02-01	100.7843527
2010-03-01	90.5415333043478
2010-04-01	95.7845809090909
2010-05-01	108.376839047619
2010-06-01	108.348928954545
2010-07-01	91.2602745454546
2010-08-01	100.908488681818
2010-09-01	110.990158909091
2010-10-01	102.931406714286
2010-11-01	109.178534727273
2010-12-01	125.347307227273
2011-01-01	113.23575147619
2011-02-01	111.22755815
2011-03-01	110.334852782609
2011-04-01	92.08106005
2011-05-01	89.4274393636364
2011-06-01	94.3602630909091
2011-07-01	101.407765333333
2011-08-01	117.109677521739
2011-09-01	121.005849181818
2011-10-01	124.639285238095
2011-11-01	125.236508363636
2011-12-01	105.109209590909
2012-01-01	86.8961869090909
2012-02-01	87.928798047619
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	75.8383667
2012-10-01	75.6908457391304
2012-11-01	67.6227298181818
2012-12-01	61.8341229047619
2013-01-01	67.3589163478261
2013-02-01	68.8840089
2013-03-01	64.7794116190476
2013-04-01	60.4505235
2013-05-01	69.0075274782609
2013-06-01	100.3947363
2013-07-01	104.775979478261
2013-08-01	100.2640195
2013-09-01	101.211893142857
2013-10-01	81.617062173913
2013-11-01	74.5137228571429
2013-12-01	75.8982773636364
2014-01-01	70.363670826087
2014-02-01	69.2855606
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	67.40892365
2014-12-01	70.2256455652174
2015-01-01	87.0186313636364
2015-02-01	91.13263945
2015-03-01	84.3177593181818
2015-04-01	77.4148326818182
2015-05-01	86.7601392380952
2015-06-01	88.911496
2015-07-01	82.9971814347826
2015-08-01	80.31959485
2015-09-01	79.7947395
2015-10-01	75.1609395454545
2015-11-01	72.1120120952381
2015-12-01	70.300521826087
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	77.249059
2016-07-01	76.8601374285714
2016-08-01	68.1436731739131
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	75.6451058
2017-03-01	69.9332405652174
2017-04-01	75.8273615
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	72.027128
2018-03-01	63.4433651363636
2018-04-01	58.5823622857143
2018-05-01	58.537723
2018-06-01	57.8168248095238
2018-07-01	53.9075479545455
2018-08-01	52.7038092608696
2018-09-01	51.701349
2018-10-01	58.2089809130435
2018-11-01	57.7368546363636
2018-12-01	59.4768278095238
2019-01-01	56.8872852608696
2019-02-01	50.92862395
2019-03-01	52.1450475238095
2019-04-01	51.7224289090909
2019-05-01	57.229373826087
2019-06-01	68.6766383
2019-07-01	62.13732
2019-08-01	81.9997485454546
2019-09-01	82.103384952381
2019-10-01	78.1486783478261
2019-11-01	66.9196303809524
2019-12-01	64.9177692272727
2020-01-01	63.7826934782609
2020-02-01	76.3504349
2020-03-01	128.198282909091
2020-04-01	79.1194908181818
2020-05-01	62.0802865714286
2020-06-01	68.1176147272727
2020-07-01	56.0211723913044
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	68.86160195
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	69.091108
2021-10-01	73.5020376666667
2021-11-01	79.6158680454546
2021-12-01	80.1248898695652
2022-01-01	81.8231407142857
2022-02-01	88.68905865
2022-03-01	108.610251478261
2022-04-01	119.366245
2022-05-01	114.930118181818
2022-06-01	119.709321590909
2022-07-01	122.756632952381
2022-08-01	111.678260869565
2022-09-01	127.081818181818
2022-10-01	138.352380952381
2022-11-01	126.554545454545
2022-12-01	125.859090909091
2023-01-01	111.909090909091
2023-02-01	105.985
2023-03-01	120.695652173913
2023-04-01	112.905
2023-05-01	115.917391304348
2023-06-01	106.777272727273
2023-07-01	108.009523809524
2023-08-01	115.373913043478
2023-09-01	112.357142857143
2023-10-01	129.386363636364
2023-11-01	117.290909090909
2023-12-01	112.585714285714
2024-01-01	107.986956521739
2024-02-01	108.147619047619
2024-03-01	101.319047619048
2024-04-01	104.718181818182
2024-05-01	100.313043478261
2024-06-01	102.67
2024-07-01	101.736363636364
2024-08-01	104.177272727273
2024-09-01	99.41
2024-10-01	103.582608695652
2024-11-01	103.719047619048
2024-12-01	100.045454545455
2025-01-01	99.0739130434783
2025-02-01	95.595
2025-03-01	99.5857142857143
2025-04-01	107.045454545455
2025-05-01	102.645454545455
2025-06-01	97.0571428571429
2025-07-01	90.4608695652174
2025-08-01	83.2619047619048
2025-09-01	80.1681818181818
2025-10-01	79.6294117647059

Note: The data begin in April 2005. Implied volatility on the 10-year swap rate, 1 month ahead, is derived from swaptions. Values are averaged within a calendar month, except for the value of the last month of the series, which is averaged through the data close date. The median value is 82.67 basis points.

Source: For data through July 13, 2022, Barclays and S&P Global; for data from July 14, 2022, onward, ICAP, Swaptions and Interest Rate Caps and Floors Data.

Return to text

Figure 1.4. The price-to-earnings ratio of S&P 500 firms was once again close to the upper end of its historical range

Ratio

Date	Forward Price-to-Earnings Ratio
1989-01-01	10.0640941011284
1989-02-01	10.1354222336392
1989-03-01	10.1118907676801
1989-04-01	10.4208476097257
1989-05-01	10.7228503441428
1989-06-01	10.8503272103165
1989-07-01	11.2392063298721
1989-08-01	11.5545359809383
1989-09-01	11.5054563747898
1989-10-01	11.4766892080099
1989-11-01	11.5116631062292
1989-12-01	11.8814382283568
1990-01-01	11.5254884187311
1990-02-01	11.2996928233987
1990-03-01	11.4926769918817
1990-04-01	11.6484928030107
1990-05-01	12.0715274574721
1990-06-01	12.3791013414859
1990-07-01	12.389249111871
1990-08-01	11.509989759019
1990-09-01	10.7870881438221
1990-10-01	10.3022802927542
1990-11-01	11.1826199492623
1990-12-01	11.6622101219957
1991-01-01	11.2520640152176
1991-02-01	13.4296807576325
1991-03-01	13.7676714785148
1991-04-01	14.4449010371573
1991-05-01	13.6411800430074
1991-06-01	13.9019769848646
1991-07-01	14.1588209595465
1991-08-01	14.3984180392904
1991-09-01	14.2098373095794
1991-10-01	14.3178216858527
1991-11-01	14.4580045344949
1991-12-01	14.0149520598111
1992-01-01	15.3733323031005
1992-02-01	15.0168594068823
1992-03-01	14.8698088616637
1992-04-01	14.8084755977545
1992-05-01	14.7011620229824
1992-06-01	14.0118362993815
1992-07-01	14.4287621550403
1992-08-01	14.4493247427932
1992-09-01	14.406782642525
1992-10-01	14.0007167848967
1992-11-01	14.5131123587035
1992-12-01	14.7028605626593
1993-01-01	14.6080223169136
1993-02-01	14.6585882859443
1993-03-01	15.0088198818986
1993-04-01	15.0293661117014
1993-05-01	14.7210963371291
1993-06-01	14.6368211915481
1993-07-01	14.6338007948815
1993-08-01	14.7629996493623
1993-09-01	14.8018829276572
1993-10-01	14.6402233136227
1993-11-01	14.6646019184229
1993-12-01	14.4752788075255
1994-01-01	14.7450808686928
1994-02-01	14.6017375805503
1994-03-01	14.3343066705941
1994-04-01	13.4598086943879
1994-05-01	13.420290223906
1994-06-01	13.4712919557443
1994-07-01	13.0052748568204
1994-08-01	13.2082100738755
1994-09-01	13.1110098551345
1994-10-01	12.9187967009269
1994-11-01	12.5574339767481
1994-12-01	12.0891290185103
1995-01-01	12.3127780410304
1995-02-01	12.4846044330741
1995-03-01	12.5093094620331
1995-04-01	12.6617877916398
1995-05-01	12.907691513295
1995-06-01	13.0562047699593
1995-07-01	13.3014131875827
1995-08-01	13.3509669574286
1995-09-01	13.671903647231
1995-10-01	13.7722548220036
1995-11-01	13.8051953598625
1995-12-01	14.3199616613568
1996-01-01	14.0113131873934
1996-02-01	15.2297360373532
1996-03-01	14.8044601014578
1996-04-01	14.7866414968644
1996-05-01	15.1905129694677
1996-06-01	14.7283326336309
1996-07-01	14.4049772797285
1996-08-01	14.9199060636573
1996-09-01	15.2446963291274
1996-10-01	15.6119067148718
1996-11-01	16.0707805387267
1996-12-01	15.8459941830671
1997-01-01	16.4577977464327
1997-02-01	17.359108102395
1997-03-01	16.6476818115338
1997-04-01	16.0273920536681
1997-05-01	17.3854796032137
1997-06-01	18.3932815173287
1997-07-01	19.2279938617655
1997-08-01	18.6788179818782
1997-09-01	18.9185269933056
1997-10-01	19.1994287342379
1997-11-01	18.6019317479458
1997-12-01	18.8728643545491
1998-01-01	18.6649144021135
1998-02-01	20.3668930107506
1998-03-01	21.4253805054854
1998-04-01	21.9019780344658
1998-05-01	21.688562074184
1998-06-01	21.4202647628118
1998-07-01	22.7744925080659
1998-08-01	21.1678312119126
1998-09-01	20.0165290015142
1998-10-01	19.2755099200633
1998-11-01	22.0212200543763
1998-12-01	22.3009038772995
1999-01-01	23.7010191646146
1999-02-01	23.5295180649785
1999-03-01	24.7255986087439
1999-04-01	24.9501630056113
1999-05-01	24.7376932285266
1999-06-01	24.296054314319
1999-07-01	25.4370331909452
1999-08-01	23.9050159604711
1999-09-01	23.4638873432567
1999-10-01	22.5467915776888
1999-11-01	24.4968301649516
1999-12-01	24.421628094412
2000-01-01	24.8525624429575
2000-02-01	24.0257269935271
2000-03-01	23.7295580458911
2000-04-01	23.9131341172008
2000-05-01	23.8835970941565
2000-06-01	24.0994884227305
2000-07-01	24.0958652932764
2000-08-01	23.8546318164319
2000-09-01	23.8565753685768
2000-10-01	21.441161258522
2000-11-01	22.2487459178264
2000-12-01	22.1004192616768
2001-01-01	21.980041095514
2001-02-01	22.1014061609402
2001-03-01	19.721581151207
2001-04-01	21.4100868169347
2001-05-01	22.2361740413079
2001-06-01	21.6729885388608
2001-07-01	21.6057563344248
2001-08-01	21.1658220386153
2001-09-01	18.4180719212926
2001-10-01	20.3744301491753
2001-11-01	21.5017656825104
2001-12-01	21.5724069634556
2002-01-01	21.0024095304587
2002-02-01	20.4701090311302
2002-03-01	20.7532071754425
2002-04-01	20.1717102761437
2002-05-01	19.4014146772699
2002-06-01	18.1097251755498
2002-07-01	16.1454241212522
2002-08-01	16.5988767056409
2002-09-01	15.7165692568981
2002-10-01	15.7735548249759
2002-11-01	16.0242939089624
2002-12-01	16.1194368234872
2003-01-01	16.4802321137909
2003-02-01	15.349024328644
2003-03-01	15.7129018533177
2003-04-01	15.6828023772104
2003-05-01	16.5651766572087
2003-06-01	17.6914210433573
2003-07-01	17.274792080051
2003-08-01	16.9382064572688
2003-09-01	17.4154393976148
2003-10-01	17.5043714331946
2003-11-01	17.1008170529711
2003-12-01	17.4275257771095
2004-01-01	18.0940757308309
2004-02-01	18.090261659837
2004-03-01	17.3956291499146
2004-04-01	17.1038752791712
2004-05-01	15.9745279072608
2004-06-01	16.4098846677644
2004-07-01	15.9267204599172
2004-08-01	15.5172629518374
2004-09-01	15.771878274983
2004-10-01	15.4860450200725
2004-11-01	16.1670460056993
2004-12-01	16.3193680911473
2005-01-01	15.9499112028002
2005-02-01	16.1652287316635
2005-03-01	15.6438472904537
2005-04-01	15.3028997054595
2005-05-01	15.2783923866975
2005-06-01	15.4154590085281
2005-07-01	15.4085583701055
2005-08-01	15.1390956950401
2005-09-01	14.9554545333446
2005-10-01	14.3366143748808
2005-11-01	14.6094537207917
2005-12-01	14.9776413679045
2006-01-01	14.9025922006816
2006-02-01	14.9313101753656
2006-03-01	15.0627631393822
2006-04-01	14.993025732677
2006-05-01	14.2964640846227
2006-06-01	13.6930243996225
2006-07-01	13.902581440556
2006-08-01	14.1262340888069
2006-09-01	14.2640607594556
2006-10-01	14.6570800379406
2006-11-01	14.8065253905685
2006-12-01	14.8241477692641
2007-01-01	15.0133961274988
2007-02-01	15.3888478698841
2007-03-01	14.5557281950038
2007-04-01	15.314950096389
2007-05-01	15.5088830092269
2007-06-01	15.2980973218847
2007-07-01	15.4087784531208
2007-08-01	13.8715279778555
2007-09-01	15.0078767611285
2007-10-01	15.0157731654605
2007-11-01	14.323053262996
2007-12-01	14.1983145191767
2008-01-01	13.4931634833754
2008-02-01	13.6780353849857
2008-03-01	13.0898493271686
2008-04-01	13.8049982775038
2008-05-01	14.3033323695899
2008-06-01	13.5073016757743
2008-07-01	12.5960896553764
2008-08-01	13.2888685897984
2008-09-01	12.0103624199678
2008-10-01	9.9325889490953
2008-11-01	9.73580829321532
2008-12-01	11.8748628496165
2009-01-01	11.4796347445491
2009-02-01	12.456593514295
2009-03-01	12.4217594937355
2009-04-01	13.5094611432551
2009-05-01	14.6552944461432
2009-06-01	14.7260473530566
2009-07-01	14.7964354332825
2009-08-01	15.2044033980508
2009-09-01	15.9086317220195
2009-10-01	15.8514559952166
2009-11-01	15.1210818248579
2009-12-01	14.8883723932621
2010-01-01	14.8021858979115
2010-02-01	13.8100162721459
2010-03-01	14.4376874567232
2010-04-01	14.8238694393868
2010-05-01	12.9868046206479
2010-06-01	12.8169259577741
2010-07-01	12.494740666591
2010-08-01	12.1001494875071
2010-09-01	12.3534579793448
2010-10-01	12.8359404255162
2010-11-01	12.566718077933
2010-12-01	13.0312300091993
2011-01-01	13.2128590154588
2011-02-01	13.7043203044408
2011-03-01	12.6064242849044
2011-04-01	12.9692280894902
2011-05-01	12.8946221298909
2011-06-01	12.0662125631212
2011-07-01	12.6372044779576
2011-08-01	11.2823399595578
2011-09-01	11.2422786752374
2011-10-01	11.4983553943846
2011-11-01	11.6732992571895
2011-12-01	11.4039192818433
2012-01-01	12.3276549810059
2012-02-01	12.6340848907105
2012-03-01	12.9629204927146
2012-04-01	12.6562068658989
2012-05-01	12.0118895340249
2012-06-01	11.8910362694461
2012-07-01	12.5922225153625
2012-08-01	12.91687788002
2012-09-01	13.3359031476449
2012-10-01	13.2070859613
2012-11-01	12.1878320918131
2012-12-01	12.8570159287143
2013-01-01	13.1206523476412
2013-02-01	13.5310758570876
2013-03-01	13.7166140703025
2013-04-01	13.590348422872
2013-05-01	14.4773283542031
2013-06-01	14.1014679377357
2013-07-01	14.5078715170613
2013-08-01	14.5798735330497
2013-09-01	14.8363291079724
2013-10-01	14.7112561067492
2013-11-01	15.0308714991093
2013-12-01	15.1982263775597
2014-01-01	15.4240737959752
2014-02-01	15.4338968089323
2014-03-01	15.6026762554356
2014-04-01	15.4570425908123
2014-05-01	15.4500100920741
2014-06-01	15.8286254381696
2014-07-01	15.9652769778401
2014-08-01	15.5462620928704
2014-09-01	15.89115302334
2014-10-01	14.7594138438068
2014-11-01	16.1895541157784
2014-12-01	16.1128561285691
2015-01-01	16.2278271596201
2015-02-01	17.3507870810259
2015-03-01	17.272279491017
2015-04-01	17.2861093971962
2015-05-01	17.0888178755121
2015-06-01	16.9584460197072
2015-07-01	16.9767220847153
2015-08-01	16.7531476478566
2015-09-01	16.0928574565467
2015-10-01	16.1398370795467
2015-11-01	16.7975518682972
2015-12-01	16.6881510983605
2016-01-01	15.2976409204018
2016-02-01	15.9099045924511
2016-03-01	16.7100140204611
2016-04-01	17.0919753167393
2016-05-01	16.6752113576265
2016-06-01	16.7466517240286
2016-07-01	17.3994731907877
2016-08-01	17.5192980217507
2016-09-01	16.9189732452738
2016-10-01	16.8912556873116
2016-11-01	16.9462246793713
2016-12-01	17.3268007850499
2017-01-01	17.2742534927384
2017-02-01	17.9106207217594
2017-03-01	18.0369011693166
2017-04-01	17.5413726856198
2017-05-01	17.4939543077595
2017-06-01	17.908859372387
2017-07-01	18.2279638392192
2017-08-01	18.0943206312751
2017-09-01	18.1817886962462
2017-10-01	18.4439240844363
2017-11-01	18.1445992471306
2017-12-01	18.6367214080882
2018-01-01	18.7257928794017
2018-02-01	17.2794105335288
2018-03-01	17.37502017161
2018-04-01	16.9215678760332
2018-05-01	16.6822612915103
2018-06-01	16.8404274128722
2018-07-01	17.0288008880825
2018-08-01	16.8202796269577
2018-09-01	17.2101784339609
2018-10-01	16.497798705722
2018-11-01	15.7189546116963
2018-12-01	14.6490487100989
2019-01-01	15.4539992401916
2019-02-01	16.3434543058742
2019-03-01	16.6024199603359
2019-04-01	17.0790766155828
2019-05-01	16.6616509673887
2019-06-01	17.0282461026783
2019-07-01	17.4491433050568
2019-08-01	16.5418268134027
2019-09-01	17.4022580935589
2019-10-01	17.3126475867878
2019-11-01	17.8324856862116
2019-12-01	18.2518042223546
2020-01-01	18.7320016486693
2020-02-01	19.2699985739467
2020-03-01	14.1265696351382
2020-04-01	18.9302036360127
2020-05-01	20.5198117229554
2020-06-01	22.3996558726174
2020-07-01	23.0960214088746
2020-08-01	23.0985961803756
2020-09-01	22.6385160870123
2020-10-01	22.8097813351941
2020-11-01	22.2429163593726
2020-12-01	22.5585527325128
2021-01-01	23.0475109366269
2021-02-01	22.7585496800294
2021-03-01	22.4540292881523
2021-04-01	22.6451353807302
2021-05-01	21.3312064325286
2021-06-01	21.5963866318768
2021-07-01	22.1789181787186
2021-08-01	21.4360807951286
2021-09-01	21.6314140196302
2021-10-01	20.8059337910645
2021-11-01	21.840420756887
2021-12-01	21.6016402501138
2022-01-01	20.5505967512926
2022-02-01	20.087418402802
2022-03-01	19.2575011480599
2022-04-01	19.4572139366858
2022-05-01	16.926025075027
2022-06-01	16.2258680225142
2022-07-01	16.4039048810083
2022-08-01	18.6076230487548
2022-09-01	17.1123194717566
2022-10-01	16.1641560898656
2022-11-01	17.5809714343034
2022-12-01	17.6434690695091
2023-01-01	17.4923399283287
2023-02-01	18.6614986191172
2023-03-01	17.4153404136924
2023-04-01	18.5735610054966
2023-05-01	18.4150725228179
2023-06-01	19.1929523148674
2023-07-01	20.1609859038876
2023-08-01	19.1068833711011
2023-09-01	19.1319199708306
2023-10-01	18.308359147996
2023-11-01	18.8827424761501
2023-12-01	19.4745783054105
2024-01-01	19.5767245424956
2024-02-01	20.4708700932905
2024-03-01	20.809719230442
2024-04-01	20.0990469840203
2024-05-01	20.9227675270277
2024-06-01	21.349252259472
2024-07-01	21.7644507292985
2024-08-01	21.0952380282276
2024-09-01	21.5206283716273
2024-10-01	22.1789381338228
2024-11-01	22.4326755548781
2024-12-01	21.7274639745538
2025-01-01	21.7816618081339
2025-02-01	22.5286124890168
2025-03-01	20.5342680389555
2025-04-01	19.1708293790372
2025-05-01	21.3760066359306
2025-06-01	21.5071925427801
2025-07-01	22.2821778144141
2025-08-01	22.6307098353129
2025-09-01	22.8473366246406
2025-10-01	22.6884771360997

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. Values are reported as of month-end, except for the value of the last month of the series, which is reported as of the data close date. The median ratio value is 15.87.

Source: LSEG, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.lseg.com/en/data-analytics/financial-data/company-data/ibes-estimates.

Return to text

Figure 1.5. As of October, an estimate of the equity premium was near a 20-year low

Percentage points

Date	Equity premium
1991-10-01	3.31267603562933
1991-11-01	3.29698194563821
1991-12-01	3.80522559451709
1992-01-01	2.88087210549424
1992-02-01	2.79489805269168
1992-03-01	2.73275094491514
1992-04-01	3.00402267735771
1992-05-01	3.1427787727378
1992-06-01	3.59386471700855
1992-07-01	3.57447670892668
1992-08-01	3.78320030459405
1992-09-01	3.92843222153843
1992-10-01	3.83839467424281
1992-11-01	3.38413967642048
1992-12-01	3.38594617164295
1993-01-01	3.48980371608156
1993-02-01	3.80610691493826
1993-03-01	3.87430660963222
1993-04-01	4.09325310440521
1993-05-01	4.22507255007965
1993-06-01	4.40839797526495
1993-07-01	4.33088729572072
1993-08-01	4.35460606320371
1993-09-01	4.64891268173862
1993-10-01	4.76791315867311
1993-11-01	4.38568682549905
1993-12-01	4.44614258965064
1994-01-01	4.35771370210068
1994-02-01	4.18045295459611
1994-03-01	3.79525102429644
1994-04-01	3.82654669631632
1994-05-01	3.6764559484889
1994-06-01	3.73633080227627
1994-07-01	3.79914501786774
1994-08-01	3.75038984676865
1994-09-01	3.58191422457891
1994-10-01	3.43764093985621
1994-11-01	3.46548056978495
1994-12-01	3.88641356101905
1995-01-01	3.5419640081
1995-02-01	3.7607653134
1995-03-01	3.98370460927977
1995-04-01	4.09007754365385
1995-05-01	4.3815485624795
1995-06-01	4.72177236313636
1995-07-01	4.32247877287545
1995-08-01	4.08465178299548
1995-09-01	4.1805113479478
1995-10-01	4.11660850923124
1995-11-01	4.21785555845324
1995-12-01	4.1581803525457
1996-01-01	4.36911905769476
1996-02-01	3.64645871803885
1996-03-01	3.34515471391229
1996-04-01	3.09549660416768
1996-05-01	2.74438796291186
1996-06-01	2.80554060869495
1996-07-01	3.03370019790268
1996-08-01	3.03042568918195
1996-09-01	2.6548527530005
1996-10-01	2.80363152694796
1996-11-01	2.94403710214958
1996-12-01	2.95245385652662
1997-01-01	2.4560685256599
1997-02-01	2.28071960149389
1997-03-01	2.2210551947253
1997-04-01	2.11240566298368
1997-05-01	1.81472111327943
1997-06-01	1.69467544489229
1997-07-01	1.87930688099582
1997-08-01	1.93189480918009
1997-09-01	1.93815122119938
1997-10-01	1.68115174237904
1997-11-01	2.02955058607511
1997-12-01	2.04435299792786
1998-01-01	2.2940112721839
1998-02-01	1.77879278763
1998-03-01	1.46024056812118
1998-04-01	1.26822470676067
1998-05-01	1.28896289191285
1998-06-01	1.50267759612118
1998-07-01	1.27851633870859
1998-08-01	1.75731299187876
1998-09-01	2.48073468994038
1998-10-01	2.8590873989259
1998-11-01	1.96118659575216
1998-12-01	2.04262173899159
1999-01-01	1.44202973797905
1999-02-01	1.20165434519689
1999-03-01	0.757377980476652
1999-04-01	1.00754151795467
1999-05-01	0.71484404306079
1999-06-01	0.430594380475135
1999-07-01	0.329301936012053
1999-08-01	0.396721315447228
1999-09-01	0.456573928769048
1999-10-01	0.426755924612698
1999-11-01	0.243956826960101
1999-12-01	0.0263722291567294
2000-01-01	-0.3036784920661
2000-02-01	-0.0429185204237985
2000-03-01	0.210415905757346
2000-04-01	0.41997131503579
2000-05-01	0.0155040757449552
2000-06-01	0.319059464547865
2000-07-01	0.41284489509425
2000-08-01	0.634466958622303
2000-09-01	0.63178292796575
2000-10-01	1.2119100474059
2000-11-01	1.10181749810762
2000-12-01	1.56968589069645
2001-01-01	1.66628746334638
2001-02-01	1.67363954695751
2001-03-01	2.39236979265568
2001-04-01	1.7758186219528
2001-05-01	1.3994129539465
2001-06-01	1.606918078675
2001-07-01	1.68450956392391
2001-08-01	1.98410514843557
2001-09-01	2.8810499678
2001-10-01	2.6013127309
2001-11-01	2.2600758464
2001-12-01	1.7822163397
2002-01-01	1.93730606484762
2002-02-01	2.14822972493684
2002-03-01	1.7190423432
2002-04-01	1.96831057617273
2002-05-01	2.25507240950909
2002-06-01	2.8631449504
2002-07-01	3.79219172863636
2002-08-01	3.98948132642727
2002-09-01	4.6986067576
2002-10-01	4.53730682688182
2002-11-01	4.36540878952632
2002-12-01	4.34441449022381
2003-01-01	4.26731855874286
2003-02-01	4.87718261551579
2003-03-01	4.82627300997619
2003-04-01	4.71275902784762
2003-05-01	4.79325072749048
2003-06-01	4.64599051893333
2003-07-01	4.1532316847
2003-08-01	3.76095565174286
2003-09-01	3.79622188389048
2003-10-01	3.76704957309091
2003-11-01	3.89580714273333
2003-12-01	3.82640372575454
2004-01-01	3.7465408003
2004-02-01	3.80877812446316
2004-03-01	4.28676611997391
2004-04-01	3.85003298900476
2004-05-01	3.884605902
2004-06-01	3.70994042615238
2004-07-01	4.13800414344762
2004-08-01	4.51091730338182
2004-09-01	4.5764989212
2004-10-01	4.7201566619
2004-11-01	4.3635618739
2004-12-01	4.28602460753636
2005-01-01	4.4044723809
2005-02-01	4.38979091521053
2005-03-01	4.25537581413636
2005-04-01	4.61209494748571
2005-05-01	4.82323885834762
2005-06-01	4.91621282431818
2005-07-01	4.7444148075
2005-08-01	4.76996217938696
2005-09-01	4.9057617162381
2005-10-01	4.9183725059
2005-11-01	4.6848379033
2005-12-01	4.6050567659381
2006-01-01	4.7076619937
2006-02-01	4.53818329042105
2006-03-01	4.31557077779565
2006-04-01	4.09650988816316
2006-05-01	4.30824565010909
2006-06-01	4.62141579312727
2006-07-01	4.5432487722
2006-08-01	4.63587970321304
2006-09-01	4.7125613347
2006-10-01	4.52324608890476
2006-11-01	4.59244088816191
2006-12-01	4.6117903498
2007-01-01	4.18104671612857
2007-02-01	4.04917542469474
2007-03-01	4.57084297724546
2007-04-01	4.155167473
2007-05-01	4.03230398223636
2007-06-01	3.76214632548571
2007-07-01	3.80658806488095
2007-08-01	4.81129811662174
2007-09-01	4.43419930024737
2007-10-01	4.42738646207273
2007-11-01	5.0818415975
2007-12-01	5.1698345065
2008-01-01	5.99133667357619
2008-02-01	5.8645164681
2008-03-01	6.4061423389
2008-04-01	5.85850317606573
2008-05-01	5.40155393482908
2008-06-01	5.59621265763047
2008-07-01	6.25108534370653
2008-08-01	5.96307604248711
2008-09-01	6.93164343399366
2008-10-01	8.31053672269268
2008-11-01	8.73793304022563
2008-12-01	7.98664988016921
2009-01-01	8.05063854742808
2009-02-01	7.04057170694376
2009-03-01	7.20455295659335
2009-04-01	6.64812450713963
2009-05-01	5.70179759072508
2009-06-01	5.23595213964012
2009-07-01	5.38602541601467
2009-08-01	5.1964610472808
2009-09-01	5.10593379691545
2009-10-01	4.9372116066199
2009-11-01	5.2361887146491
2009-12-01	5.19826910828101
2010-01-01	5.25144843491086
2010-02-01	5.78176843571631
2010-03-01	5.46109960037852
2010-04-01	5.20944520853204
2010-05-01	6.54451854810297
2010-06-01	6.84796470014505
2010-07-01	7.15983882656431
2010-08-01	7.77098340729029
2010-09-01	7.63625657845532
2010-10-01	7.35466509584428
2010-11-01	7.32848210526603
2010-12-01	6.48284542800822
2011-01-01	6.39826469796077
2011-02-01	5.95847950910971
2011-03-01	6.74392869838824
2011-04-01	6.57688413466917
2011-05-01	6.91104247472141
2011-06-01	7.61460924741775
2011-07-01	7.23255251383923
2011-08-01	8.8958313257292
2011-09-01	9.25276053658387
2011-10-01	8.9786459034627
2011-11-01	9.01165841998091
2011-12-01	9.25626748914572
2012-01-01	8.41977787424733
2012-02-01	8.23235141526021
2012-03-01	7.81343373384052
2012-04-01	8.31442342494018
2012-05-01	9.00765761545453
2012-06-01	9.27443407495411
2012-07-01	8.77453841562172
2012-08-01	8.40142628333512
2012-09-01	8.1353442317344
2012-10-01	8.14282155618375
2012-11-01	8.86920963479727
2012-12-01	8.37701456010164
2013-01-01	8.01773416171252
2013-02-01	7.7088374655598
2013-03-01	7.63493392721444
2013-04-01	7.92049034395572
2013-05-01	7.28378361709307
2013-06-01	7.06447031178767
2013-07-01	6.48586443088104
2013-08-01	6.27894277362149
2013-09-01	6.10439676188176
2013-10-01	6.44607971166323
2013-11-01	6.19170574085419
2013-12-01	5.93081036291541
2014-01-01	5.88755241907488
2014-02-01	6.02880823672136
2014-03-01	5.95025688178786
2014-04-01	5.97827623107208
2014-05-01	6.13966863974832
2014-06-01	5.93628702977505
2014-07-01	5.89192501058481
2014-08-01	6.17509535762176
2014-09-01	5.9187524561901
2014-10-01	6.62748685100448
2014-11-01	6.00246123767366
2014-12-01	6.16310160647464
2015-01-01	6.33932443988748
2015-02-01	5.82573256696909
2015-03-01	5.79421922110289
2015-04-01	5.93137809262074
2015-05-01	5.72121482524613
2015-06-01	5.60487581521566
2015-07-01	5.68080953286695
2015-08-01	5.91616089060709
2015-09-01	6.14818923426009
2015-10-01	6.23914939543793
2015-11-01	5.77864320823824
2015-12-01	5.83970285637105
2016-01-01	6.5184767085464
2016-02-01	6.56633280567415
2016-03-01	6.15583544483602
2016-04-01	6.21057977536073
2016-05-01	6.34791595661512
2016-06-01	6.49487018421596
2016-07-01	6.37307544177276
2016-08-01	6.27257386036429
2016-09-01	6.39641462717359
2016-10-01	6.34808297414142
2016-11-01	5.92861936272045
2016-12-01	5.43347254201085
2017-01-01	5.6136671040665
2017-02-01	5.41899520910846
2017-03-01	5.32068090247305
2017-04-01	5.66895024695205
2017-05-01	5.67336505731075
2017-06-01	5.67352851249448
2017-07-01	5.39402627319457
2017-08-01	5.54224381432142
2017-09-01	5.53033890978696
2017-10-01	5.25434925895882
2017-11-01	5.34345801697218
2017-12-01	5.1442606359006
2018-01-01	4.99732306602924
2018-02-01	5.15498182446546
2018-03-01	5.15169854776192
2018-04-01	5.34323216572825
2018-05-01	5.30722755270116
2018-06-01	5.31210108736694
2018-07-01	5.172227906482
2018-08-01	5.25020870473996
2018-09-01	5.00392025756363
2018-10-01	5.11386016325841
2018-11-01	5.44673622496154
2018-12-01	6.20386605470553
2019-01-01	5.96530742016428
2019-02-01	5.64503646771343
2019-03-01	5.64792785208041
2019-04-01	5.51532702931168
2019-05-01	5.7922153007743
2019-06-01	5.98602042018227
2019-07-01	5.87024038818618
2019-08-01	6.60874515829441
2019-09-01	6.23064569702807
2019-10-01	6.26246949386094
2019-11-01	5.97663264668493
2019-12-01	5.78976754195025
2020-01-01	5.76305778627919
2020-02-01	5.87223503074315
2020-03-01	8.33886391995579
2020-04-01	6.69402049940881
2020-05-01	6.29893906430407
2020-06-01	5.84822703298432
2020-07-01	5.73121369937897
2020-08-01	5.71110551670923
2020-09-01	5.77394589507924
2020-10-01	5.72090791898723
2020-11-01	5.74862386231579
2020-12-01	5.62532212946364
2021-01-01	5.46222122253684
2021-02-01	5.32167941938947
2021-03-01	4.98231758294348
2021-04-01	5.02735492304545
2021-05-01	5.3110773832
2021-06-01	5.35597241121818
2021-07-01	5.59187190458571
2021-08-01	5.78880913912727
2021-09-01	5.66034438833809
2021-10-01	5.738671168
2021-11-01	5.5244513688
2021-12-01	5.65469173016364
2022-01-01	5.5283737438
2022-02-01	5.47363524514211
2022-03-01	5.5078817234
2022-04-01	5.128316959
2022-05-01	5.72998071931905
2022-06-01	5.72340324440476
2022-07-01	5.9064794767
2022-08-01	5.21484588852609
2022-09-01	5.03562412028095
2022-10-01	5.0389927373
2022-11-01	4.6383428335
2022-12-01	4.95569580157619
2023-01-01	4.5214780575
2023-02-01	3.93131065532631
2023-03-01	4.3612988264087
2023-04-01	4.2164071759
2023-05-01	4.1428343023
2023-06-01	3.75196012801429
2023-07-01	3.398579893
2023-08-01	3.40958984974348
2023-09-01	3.1652469403
2023-10-01	2.94550973582381
2023-11-01	3.08596947622857
2023-12-01	3.4351093766
2024-01-01	3.23237347906667
2024-02-01	2.8523552102
2024-03-01	2.7937068632
2024-04-01	2.73862846031818
2024-05-01	2.59800062221818
2024-06-01	2.68454163930526
2024-07-01	2.61417573152727
2024-08-01	3.14714724469091
2024-09-01	3.2126144676
2024-10-01	2.61375486087273
2024-11-01	2.29421459084737
2024-12-01	2.40516518659524
2025-01-01	2.22137507715714
2025-02-01	2.26029450974211
2025-03-01	2.85089389948571
2025-04-01	3.24004412558571
2025-05-01	2.55330892696667
2025-06-01	2.5782323256
2025-07-01	2.37443256999091
2025-08-01	2.4367362484619
2025-09-01	2.53812063694286
2025-10-01	2.61791003303636

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. Values are reported as of month-end, except for the value of the last month of the series, which is reported as of the data close date. The median value is 4.61 percentage points.

Return to text

Figure 1.6. Volatility in equity markets declined to below the historical median

Percent

Date	Option-implied volatility	Realized volatility
1996-01-01	13.4736363636364	11.6660018513493
1996-02-01	15.033	11.4970177930269
1996-03-01	17.762380952381	14.5805907640094
1996-04-01	16.2122222222222	12.2587182318935
1996-05-01	16.1463636363636	11.3230015860369
1996-06-01	16.5035294117647	11.1200706792797
1996-07-01	17.9786363636364	15.0477932686113
1996-08-01	15.7604545454545	13.4439415329048
1996-09-01	16.578	11.1911432244134
1996-10-01	16.2863636363636	9.86899365405941
1996-11-01	15.997	10.2710935958922
1996-12-01	19.2609523809524	13.4367863208599
1997-01-01	19.6166666666667	14.6080893650533
1997-02-01	20.1394736842105	14.8378769476574
1997-03-01	20.17	14.6446247279778
1997-04-01	19.6955	17.1838047108861
1997-05-01	19.9247619047619	16.3828053708239
1997-06-01	20.1942857142857	15.0103630818753
1997-07-01	20.5085714285714	16.1774773289902
1997-08-01	23.0847619047619	18.1337328530063
1997-09-01	23.7994736842105	18.7870723544085
1997-10-01	23.8708695652174	18.8362786738684
1997-11-01	31.9842105263158	24.033945848159
1997-12-01	26.2763636363636	18.5413461909981
1998-01-01	23.8665	17.924402479576
1998-02-01	19.9989473684211	15.3815855762189
1998-03-01	20.032380952381	12.6866233446476
1998-04-01	22.1621052631579	13.0204402916086
1998-05-01	20.874	13.9589925450784
1998-06-01	21.6627272727273	15.6123975831408
1998-07-01	20.2326315789474	14.6306289462462
1998-08-01	31.5880952380952	22.8293830954751
1998-09-01	38.132	34.2696711225428
1998-10-01	36.6081818181818	33.0719601255087
1998-11-01	26.223	23.1770410085721
1998-12-01	25.4790909090909	18.9695977002574
1999-01-01	27.9688888888889	19.5357417643135
1999-02-01	28.8226315789474	21.7522062116626
1999-03-01	25.3095652173913	20.6749018456292
1999-04-01	23.4785714285714	19.8800143841424
1999-05-01	26.2045	20.97784039635
1999-06-01	23.5457142857143	19.2812556407201
1999-07-01	21.0490476190476	16.5649810420935
1999-08-01	24.3236363636364	17.762679094952
1999-09-01	24.5414285714286	18.9882489266078
1999-10-01	24.0214285714286	20.9307821221906
1999-11-01	21.8180952380952	19.2757135954161
1999-12-01	22.1590909090909	16.9114886060611
2000-01-01	23.202	19.2710326373478
2000-02-01	23.5955	21.8826310192913
2000-03-01	22.7340909090909	24.4147116307444
2000-04-01	27.1642105263158	32.6954903380592
2000-05-01	26.3731818181818	28.6875024535145
2000-06-01	21.54	22.9152407920973
2000-07-01	19.893	17.9982052240518
2000-08-01	18.0886956521739	16.2278141320473
2000-09-01	19.6875	15.2249067060949
2000-10-01	25.2	23.3825513712009
2000-11-01	26.3828571428572	24.8372258626025
2000-12-01	26.5305	25.2660989330881
2001-01-01	24.9185714285714	27.3869318519594
2001-02-01	23.4115789473684	21.5711027301767
2001-03-01	28.5355	26.8366882401105
2001-04-01	28.134	28.2767983494084
2001-05-01	22.9440909090909	21.9305446712184
2001-06-01	20.9404761904762	18.0864345219187
2001-07-01	22.3161904761905	17.4233963640704
2001-08-01	21.8617391304348	16.9881197625749
2001-09-01	35.0653333333333	25.3628914843376
2001-10-01	32.6122727272727	27.4432056617389
2001-11-01	26.6309523809524	23.703721758666
2001-12-01	23.72	18.8116218912228
2002-01-01	22.2528571428571	16.0860845405702
2002-02-01	22.8757894736842	19.0247390260532
2002-03-01	18.985	18.1627812579874
2002-04-01	19.9004545454546	16.3585371713588
2002-05-01	20.0877272727273	17.4751955466266
2002-06-01	25.271	21.1503388492177
2002-07-01	34.0495454545455	33.8122326027991
2002-08-01	33.7427272727273	38.0059301842527
2002-09-01	37.6475	31.1573758988689
2002-10-01	35.4295454545455	35.1153285176829
2002-11-01	28.175	29.8374660548669
2002-12-01	28.2104761904762	23.9856020363076
2003-01-01	27.5063157894737	21.4678587823309
2003-02-01	32.2184210526316	23.2648173841275
2003-03-01	30.6342857142857	24.027437353179
2003-04-01	23.9919047619048	22.7518490234217
2003-05-01	20.2395238095238	19.4116583671963
2003-06-01	20.362380952381	17.8910811690359
2003-07-01	19.1613636363636	17.963097743773
2003-08-01	19.2742857142857	17.4525668387734
2003-09-01	19.532380952381	14.6382952860313
2003-10-01	18.0234782608696	14.4087450993752
2003-11-01	17.401052631579	13.1580061633954
2003-12-01	16.8263636363636	11.9097717003726
2004-01-01	15.9533333333333	11.1404090658144
2004-02-01	15.9984210526316	12.4250812687099
2004-03-01	17.6873913043478	13.1177813008279
2004-04-01	15.6985714285714	13.2305068982146
2004-05-01	17.705	15.3052622502986
2004-06-01	15.3571428571429	12.4769725676189
2004-07-01	15.502380952381	11.566069816115
2004-08-01	16.6840909090909	12.5183668392198
2004-09-01	14.0809523809524	10.5218499250594
2004-10-01	14.97	10.5483752052858
2004-11-01	13.5771428571429	11.2199404981956
2004-12-01	12.4595454545455	10.5411204977441
2005-01-01	13.438	10.6898734722831
2005-02-01	11.7089473684211	9.97698435516755
2005-03-01	13.1263636363636	10.4591759779596
2005-04-01	14.4590476190476	11.9595266932822
2005-05-01	13.967619047619	13.1345339970155
2005-06-01	11.8686363636364	10.8843586969325
2005-07-01	11.049	10.299606344397
2005-08-01	12.9513043478261	9.67215702576131
2005-09-01	12.6280952380952	10.3355805952466
2005-10-01	14.937619047619	12.9420546336044
2005-11-01	12.147619047619	11.9929109427738
2005-12-01	11.26	9.86724261264328
2006-01-01	12.036	9.75019324478231
2006-02-01	12.4710526315789	10.3962672209438
2006-03-01	11.6939130434783	9.67595989440699
2006-04-01	11.8473684210526	10.1812599154474
2006-05-01	14.4545454545455	11.8833938571069
2006-06-01	16.9186363636364	15.1905744976374
2006-07-01	15.326	13.8213302386538
2006-08-01	13.3517391304348	12.2659513282135
2006-09-01	12.1845	9.58295311853103
2006-10-01	11.3063636363636	8.87528795782983
2006-11-01	10.817619047619	9.05331030169611
2006-12-01	10.9645	9.48124214544733
2007-01-01	11.0425	9.45456586244998
2007-02-01	11.1552631578947	9.09570432829821
2007-03-01	15.1627272727273	14.3394509187373
2007-04-01	12.933	11.413406046384
2007-05-01	13.2977272727273	9.91899172246013
2007-06-01	14.947619047619	11.4188181273469
2007-07-01	17.2733333333333	13.5253202331799
2007-08-01	25.0260869565217	23.4469407255895
2007-09-01	22.1989473684211	19.7540279531751
2007-10-01	19.115652173913	15.503973886391
2007-11-01	25.582380952381	21.5238960816543
2007-12-01	21.651	21.0074184374913
2008-01-01	25.8161904761905	25.1587232165068
2008-02-01	25.456	27.9642103670686
2008-03-01	27.1035	26.7458928047716
2008-04-01	21.5627272727273	21.3897746578923
2008-05-01	18.3033333333333	16.8191833191823
2008-06-01	22.1104761904762	17.3996418683865
2008-07-01	24.3213636363636	23.0727688134488
2008-08-01	20.6957142857143	20.3860588132352
2008-09-01	30.2385714285714	30.1319934225997
2008-10-01	61.1773913043478	66.4353621768754
2008-11-01	62.6689473684211	72.3891218062637
2008-12-01	52.405	61.6627153509543
2009-01-01	44.683	43.4505836909818
2009-02-01	45.5705263157895	40.5172207095495
2009-03-01	44.7954545454545	42.7570704603437
2009-04-01	38.0638095238095	35.232601521657
2009-05-01	31.978	29.416218475469
2009-06-01	29.1404545454546	25.1074975009529
2009-07-01	26.1627272727273	21.5406491765854
2009-08-01	25.3371428571429	19.3423952151884
2009-09-01	24.9266666666667	17.502808288546
2009-10-01	24.2522727272727	17.5873477075319
2009-11-01	23.789	19.5035356985187
2009-12-01	21.2395454545455	15.2812610957244
2010-01-01	20.6431578947368	12.8524000650447
2010-02-01	22.54	17.9371556222399
2010-03-01	17.7673913043478	14.1440600564914
2010-04-01	17.4242857142857	12.4989303948697
2010-05-01	31.9295	27.6228327009185
2010-06-01	29.9163636363636	27.0096242755143
2010-07-01	25.5652380952381	23.0423137526689
2010-08-01	24.7459090909091	18.9105393940132
2010-09-01	22.517619047619	16.8520178292642
2010-10-01	20.3733333333333	14.90349027817
2010-11-01	20.0957142857143	13.9516001487045
2010-12-01	17.5695454545455	11.8531772911036
2011-01-01	17.3155	9.74617616636289
2011-02-01	17.43	10.6384523100946
2011-03-01	20.7234782608696	14.3168156705695
2011-04-01	16.244	12.42331218882
2011-05-01	16.9114285714286	12.3713454019479
2011-06-01	19.1531818181818	13.5712044448475
2011-07-01	19.2275	13.7904966429266
2011-08-01	35.0291304347826	31.7485662857251
2011-09-01	36.53	30.9745051459046
2011-10-01	32.8290476190476	30.1864490354367
2011-11-01	31.9419047619048	25.0372956968918
2011-12-01	25.047619047619	20.6368736442632
2012-01-01	20.228	15.4845726167681
2012-02-01	18.4205	12.421246971912
2012-03-01	16.1672727272727	10.9113197739009
2012-04-01	17.823	11.5073208243215
2012-05-01	21.0018181818182	13.7334877771125
2012-06-01	21.1309523809524	15.5813568566647
2012-07-01	17.5652380952381	14.8143709282043
2012-08-01	15.6895652173913	13.1454438868502
2012-09-01	15.2847368421053	10.9866765105557
2012-10-01	16.2761904761905	11.2779878228646
2012-11-01	16.7019047619048	13.8232949505489
2012-12-01	17.307	12.8915044105184
2013-01-01	13.5052380952381	11.7578898776852
2013-02-01	14.0726315789474	9.65176390798361
2013-03-01	13.0315	10.1414648479869
2013-04-01	13.9672727272727	11.4592468301256
2013-05-01	13.4936363636364	11.6191411128199
2013-06-01	17.2715	14.5133707690104
2013-07-01	13.9745454545455	13.4946396779183
2013-08-01	14.21	10.4078596512416
2013-09-01	14.692	10.7016031837471
2013-10-01	15.4078260869565	11.2177111239613
2013-11-01	12.924	9.89646404288908
2013-12-01	14.192380952381	9.50606134974873
2014-01-01	14.2409523809524	9.34175977035223
2014-02-01	15.47	11.7776026040637
2014-03-01	14.8366666666667	11.647014789633
2014-04-01	14.1980952380952	12.2108841753431
2014-05-01	12.4752380952381	10.9907555990207
2014-06-01	11.5414285714286	8.26129611907456
2014-07-01	12.2963636363636	7.9864496457405
2014-08-01	13.4919047619048	9.82749188082103
2014-09-01	13.4666666666667	8.81824623242042
2014-10-01	18.0586956521739	15.8202322281244
2014-11-01	13.4131578947368	13.3964123228112
2014-12-01	16.2922727272727	12.6770634282534
2015-01-01	19.1195	15.7587200382062
2015-02-01	15.9042105263158	15.0597895788658
2015-03-01	14.8127272727273	11.9075089930258
2015-04-01	13.4947619047619	11.3643328935683
2015-05-01	13.3385	10.8716267765847
2015-06-01	14.3395454545455	10.1847870746689
2015-07-01	14.3527272727273	11.2003203255496
2015-08-01	19.4280952380952	17.1570349673083
2015-09-01	24.3771428571429	26.9287461526888
2015-10-01	16.7895454545455	19.5579302255784
2015-11-01	16.21	14.1239705080274
2015-12-01	18.0254545454546	14.7639242321232
2016-01-01	23.7178947368421	20.9784607025239
2016-02-01	22.517	23.7908222699251
2016-03-01	15.8490909090909	17.4419724589589
2016-04-01	14.3004761904762	12.5684333133419
2016-05-01	14.8528571428571	11.4567433667519
2016-06-01	17.7745454545455	11.1225130173366
2016-07-01	13.1585	11.5383606082848
2016-08-01	12.3995652173913	8.42541576628004
2016-09-01	14.2195238095238	9.50174469282875
2016-10-01	14.5852380952381	9.86500051103436
2016-11-01	15.2361904761905	10.7470474506003
2016-12-01	12.472380952381	9.01017059819605
2017-01-01	11.6085	8.06856088051899
2017-02-01	11.5305263157895	7.16847376051743
2017-03-01	11.8978260869565	7.20593777318537
2017-04-01	13.1363157894737	8.49318049506291
2017-05-01	10.8622727272727	7.24723264353916
2017-06-01	10.5136363636364	7.01299042041285
2017-07-01	10.2645	7.11998952279564
2017-08-01	11.975652173913	6.90761183683039
2017-09-01	10.438	6.54092719020006
2017-10-01	10.1254545454545	5.27363656788226
2017-11-01	10.5404761904762	5.84450121209254
2017-12-01	10.2645	7.23463170268301
2018-01-01	11.062380952381	6.77507792233557
2018-02-01	22.4647368421053	20.5714789991763
2018-03-01	19.0238095238095	19.2609354118264
2018-04-01	18.267619047619	19.5799093630063
2018-05-01	14.1245454545455	14.8098912645535
2018-06-01	13.6780952380952	11.0449231257198
2018-07-01	13.147619047619	10.0281890085389
2018-08-01	12.5469565217391	8.27055890832679
2018-09-01	12.9105263157895	8.19822574181444
2018-10-01	19.3521739130435	14.6770289942449
2018-11-01	19.3890476190476	20.3399848752283
2018-12-01	24.9531578947368	24.2309546283222
2019-01-01	19.572380952381	24.8121863458224
2019-02-01	15.2347368421053	16.1598081905892
2019-03-01	14.4852380952381	12.5400589489175
2019-04-01	12.9490476190476	10.4204691819463
2019-05-01	16.7218181818182	11.9604126787495
2019-06-01	15.836	12.3019853401814
2019-07-01	13.3059090909091	9.34255621204519
2019-08-01	18.9790909090909	15.5071590629558
2019-09-01	15.559	13.7212538426588
2019-10-01	15.4665217391304	12.9380927126397
2019-11-01	12.5235	9.15374956355869
2019-12-01	13.7566666666667	8.39900058907158
2020-01-01	13.9409523809524	7.98329326685344
2020-02-01	19.6289473684211	12.235953038929
2020-03-01	57.7368181818182	56.5558030233333
2020-04-01	41.4538095238095	53.4076100300183
2020-05-01	30.897	32.7546342252363
2020-06-01	31.1195454545455	25.6234551575192
2020-07-01	26.8404545454546	21.5020837795014
2020-08-01	22.8895238095238	15.368331382197
2020-09-01	27.6476190476191	20.5408351690096
2020-10-01	29.4386363636364	19.5867799105507
2020-11-01	24.9955	20.0366554840429
2020-12-01	22.3740909090909	14.5485618778202
2021-01-01	24.91	13.9555081234351
2021-02-01	23.1405263157895	15.0586278087166
2021-03-01	21.8430434782609	18.3760103267373
2021-04-01	17.4161904761905	13.2306958629409
2021-05-01	19.7605	12.8245860611425
2021-06-01	16.9568181818182	10.602697366478
2021-07-01	17.6033333333333	9.52597644490086
2021-08-01	17.4727272727273	8.99489544165869
2021-09-01	19.8247619047619	9.90545524418322
2021-10-01	17.8714285714286	13.1449650614757
2021-11-01	18.5004761904762	10.756543304989
2021-12-01	21.3545454545455	15.7948073193997
2022-01-01	23.181	17.9273366291005
2022-02-01	25.7484210526316	24.0620499786463
2022-03-01	26.9686956521739	24.4138433224992
2022-04-01	24.3735	19.5803485996259
2022-05-01	29.4457142857143	27.6656298104452
2022-06-01	28.1	26.573656578325
2022-07-01	24.8685	24.1769036943302
2022-08-01	22.1695652173913	18.5843573274448
2022-09-01	27.4061904761905	21.3706162293307
2022-10-01	30.0057142857143	24.7810143622359
2022-11-01	23.4361904761905	23.4653181472918
2022-12-01	21.7842857142857	20.0746524846665
2023-01-01	20.203	18.8723515230073
2023-02-01	20.0621052631579	18.0181175689868
2023-03-01	21.644347826087	18.4040290782642
2023-04-01	17.8178947368421	14.9680435783067
2023-05-01	17.6440909090909	12.850355981898
2023-06-01	13.9942857142857	11.6555373800474
2023-07-01	13.944	9.79782161139102
2023-08-01	15.8539130434783	10.9964358071381
2023-09-01	15.241	11.2281740691361
2023-10-01	18.8877272727273	14.0324378052262
2023-11-01	14.0771428571429	12.8550828990171
2023-12-01	12.7185	10.5915264091161
2024-01-01	13.3952380952381	10.1504734554845
2024-02-01	13.944	10.2366676192287
2024-03-01	13.7875	10.2078456995787
2024-04-01	16.1377272727273	12.0371117567447
2024-05-01	13.0904545454545	11.768735812728
2024-06-01	12.6768421052632	10.5631319705768
2024-07-01	14.47	10.8111861318915
2024-08-01	19.3122727272727	16.4259717957522
2024-09-01	17.8115789473684	14.7220460555283
2024-10-01	19.9608695652174	12.1711818287166
2024-11-01	16.121	11.0339098105754
2024-12-01	15.8661904761905	10.8279101591786
2025-01-01	16.746	14.3306924135045
2025-02-01	17.0521052631579	13.6987761822595
2025-03-01	21.8414285714286	19.5747609778019
2025-04-01	31.9661904761905	38.0674575935194
2025-05-01	20.4571428571429	27.2406110614847
2025-06-01	18.215	17.1695144564178
2025-07-01	16.3290476190476	11.5897825781257
2025-08-01	15.75	10.3452248239624
2025-09-01	15.7733333333333	9.62935681206288
2025-10-01	18.5964705882353	11.0217626671137

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. Values are averaged within a calendar month, except for the value of the last month of the series, which is averaged through the data close date. The option-implied volatility median value is 18.74 percent.

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 but remained near their median for the past 30 years

This is a line chart showing monthly corporate bond yield data from 1997 through Octo-ber 2025. The y-axis shows percent values ranging from 0 to 24. The chart displays two series: Triple-B (thick blue line) and High-yield (thin black line). The high-yield series shows consistently higher yields and greater volatility throughout the period, with peaks reaching around 22 percent in 2008-2009. The triple-B series follows similar patterns but at lower yield levels, with its peak reaching about 10 percent during this same peri-od. Both series show a general downward trend over the decades punctuated by cyclical fluctuations. In the most recent period, both series show a slight decline, with the high-yield bonds at approximately 6-7 percent and triple-B bonds at approximately 5-6 per-cent in October 2025.

Note: The triple-B series reflects the effective yield of the ICE Bank of America Merrill Lynch (BofAML) triple-B U.S. Corporate Index (COA4), and the high-yield series re-flects the effective yield of the ICE BofAML U.S. High Yield Index (H0A0). Values are reported as of month-end, except for the value of the last month of the series, which is reported as of the data close date.

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

Return to text

Figure 1.8. Corporate bond spreads fell and remained at tight levels

This is a line chart showing monthly corporate bond spread data from 1997 through Oc-tober 2025. The chart uses dual y-axes: the left axis shows percentage points from 0 to 11 for Triple-B spreads (thick blue line), while the right axis shows percentage points from 0 to 22 for High-yield spreads (thin black line). Both series follow similar patterns throughout the period, with spikes every few years. The most dramatic spike occurs dur-ing 2008-2009, when high-yield spreads reached approximately 20 percentage points and triple-B spreads approached 8 percentage points. Other notable increases appear around 2001-2002 and 2020. In the most recent period, both series show a decline, with high-yield spreads at approximately 3-4 percentage points and triple-B spreads at about 1 percentage point in October 2025.

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 (COA4), and the high-yield se-ries reflects the option-adjusted spread of the ICE BofAML U.S. High Yield Index (H0A0). Values are reported as of month-end, except for the value of the last month of the series, which is reported as of the data close date.

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

Return to text

Figure 1.9. The excess bond premium was below its long-run average

Percentage points

Date	Excess Bond Premium
1997-01-01	-0.322582468963044
1997-02-01	-0.43711063325239
1997-03-01	-0.46598847296639
1997-04-01	-0.417372163956033
1997-05-01	-0.416432532897956
1997-06-01	-0.515031470853677
1997-07-01	-0.491339794332543
1997-08-01	-0.493333423808052
1997-09-01	-0.543469020916635
1997-10-01	-0.418716863939941
1997-11-01	-0.313568359512026
1997-12-01	-0.378550584205968
1998-01-01	-0.334024559425512
1998-02-01	-0.30991612206484
1998-03-01	-0.360096088318095
1998-04-01	-0.392053929582443
1998-05-01	-0.349092460986917
1998-06-01	-0.310140110741528
1998-07-01	-0.271943647898022
1998-08-01	0.128983279104682
1998-09-01	0.112878667944232
1998-10-01	0.231052279634036
1998-11-01	0.207122283512128
1998-12-01	0.0742829536364738
1999-01-01	0.0649228048611708
1999-02-01	-0.152612136327662
1999-03-01	-0.147424054256031
1999-04-01	-0.187379932775758
1999-05-01	-0.182556623117037
1999-06-01	-0.120503197870737
1999-07-01	-0.0711064701691953
1999-08-01	-0.0117027281958799
1999-09-01	0.11897392996656
1999-10-01	0.134393186852079
1999-11-01	0.0990016105763942
1999-12-01	-0.12650651179007
2000-01-01	0.0550805908619743
2000-02-01	0.145747579842424
2000-03-01	0.412166446690459
2000-04-01	0.569183461827625
2000-05-01	0.749968552157642
2000-06-01	0.7895317766322
2000-07-01	0.868723084923854
2000-08-01	1.01899171719826
2000-09-01	1.12551878502038
2000-10-01	1.51710948928513
2000-11-01	1.60017242566752
2000-12-01	1.59866405372726
2001-01-01	1.1449242305533
2001-02-01	1.17167341079492
2001-03-01	1.10372284547424
2001-04-01	0.922100346195253
2001-05-01	0.779888431881346
2001-06-01	1.01699453259832
2001-07-01	0.786421193133351
2001-08-01	0.764102010779212
2001-09-01	1.22775851313956
2001-10-01	1.04614429066629
2001-11-01	-0.0555785771381241
2001-12-01	0.419166567756717
2002-01-01	0.57585197396661
2002-02-01	0.785097002702549
2002-03-01	0.296273375138512
2002-04-01	0.424594562829965
2002-05-01	0.519319008246162
2002-06-01	0.972128217528409
2002-07-01	1.59374147403249
2002-08-01	1.48830671324332
2002-09-01	1.66959652072077
2002-10-01	1.47570083817631
2002-11-01	1.05757793361066
2002-12-01	0.913544053233711
2003-01-01	0.858356160639295
2003-02-01	0.655431865310102
2003-03-01	0.150849660607439
2003-04-01	0.0484894992129226
2003-05-01	-0.473610670134665
2003-06-01	-0.382159225965782
2003-07-01	-1.04286843479139
2003-08-01	-0.20478060766477
2003-09-01	-0.542051789516836
2003-10-01	-0.525547041739634
2003-11-01	-0.550117980702229
2003-12-01	-0.521404022086418
2004-01-01	-0.709331603034185
2004-02-01	-0.353463813103236
2004-03-01	-0.531261303635432
2004-04-01	-0.755168387087313
2004-05-01	-0.382181632941986
2004-06-01	-0.392868913955654
2004-07-01	-0.331088804552472
2004-08-01	-0.43480428738834
2004-09-01	-0.553624709365192
2004-10-01	-0.540177159329713
2004-11-01	-0.67800806823411
2004-12-01	-0.722014209341873
2005-01-01	-0.707642487371121
2005-02-01	-0.92806513166591
2005-03-01	-0.638810270627913
2005-04-01	-0.385043374800976
2005-05-01	-0.309901002321396
2005-06-01	-0.453903288826871
2005-07-01	-0.557165866447431
2005-08-01	-0.55496287023917
2005-09-01	-0.465106686495394
2005-10-01	-0.349218946537684
2005-11-01	-0.319394832328237
2005-12-01	-0.289157997477712
2006-01-01	-0.364693796207051
2006-02-01	-0.323425171860704
2006-03-01	-0.407274024384632
2006-04-01	-0.44715267943514
2006-05-01	-0.352189487625683
2006-06-01	-0.356114706203376
2006-07-01	-0.260520446586998
2006-08-01	-0.288738255971617
2006-09-01	-0.345348268065217
2006-10-01	-0.378610790384299
2006-11-01	-0.348272771391756
2006-12-01	-0.477662072684482
2007-01-01	-0.539165468847921
2007-02-01	-0.537471081953611
2007-03-01	-0.353312407771545
2007-04-01	-0.355662794180385
2007-05-01	-0.573195678010633
2007-06-01	-0.364602687976642
2007-07-01	0.0403617665276918
2007-08-01	0.147353494692841
2007-09-01	0.0816446250271166
2007-10-01	0.000503626045874839
2007-11-01	0.348761997331672
2007-12-01	0.500740021217155
2008-01-01	0.724647890828815
2008-02-01	0.92948098910058
2008-03-01	1.15717315258174
2008-04-01	0.675852162223685
2008-05-01	0.680992080123559
2008-06-01	0.823393172268254
2008-07-01	1.07616074582355
2008-08-01	1.22270409130995
2008-09-01	1.79395966143202
2008-10-01	3.46242272382695
2008-11-01	3.25251219164027
2008-12-01	3.41307513624443
2009-01-01	2.84383117399859
2009-02-01	3.19294429203116
2009-03-01	2.78442877823389
2009-04-01	2.26157283573058
2009-05-01	1.38259751182023
2009-06-01	0.936902203694466
2009-07-01	0.333020471976585
2009-08-01	0.069413195327062
2009-09-01	0.0557232116501929
2009-10-01	-0.142998885007172
2009-11-01	-0.00926297711017687
2009-12-01	-0.467279749900794
2010-01-01	-0.200376100782431
2010-02-01	-0.00725713207586542
2010-03-01	-0.160047473580051
2010-04-01	-0.27250936221628
2010-05-01	-0.119177593463013
2010-06-01	0.0531349964019063
2010-07-01	0.173105357912659
2010-08-01	-0.263506490576347
2010-09-01	0.00433486221780299
2010-10-01	-0.00123409867076107
2010-11-01	-0.122918768452686
2010-12-01	-0.392507839186762
2011-01-01	-0.019513364750011
2011-02-01	-0.262194695350741
2011-03-01	-0.303164712853745
2011-04-01	-0.255271542251797
2011-05-01	-0.131582268401362
2011-06-01	-0.013665164421242
2011-07-01	-0.0537838168464195
2011-08-01	-0.0756410925873334
2011-09-01	0.455897168259618
2011-10-01	-0.0649520813517781
2011-11-01	0.512914553839767
2011-12-01	0.298746824162698
2012-01-01	0.199125474313298
2012-02-01	0.0705923396750077
2012-03-01	-0.318191314365127
2012-04-01	-0.143611651774042
2012-05-01	-0.0518796086494682
2012-06-01	0.181804992278286
2012-07-01	0.0136732425861528
2012-08-01	-0.183630829468403
2012-09-01	-0.134060160549101
2012-10-01	-0.166887778365316
2012-11-01	-0.0389596551154177
2012-12-01	-0.152514054496654
2013-01-01	-0.0860009218750992
2013-02-01	-0.0240648564920818
2013-03-01	-0.0864206057287764
2013-04-01	-0.113405855330231
2013-05-01	-0.477277741848432
2013-06-01	-0.336532662081839
2013-07-01	-0.0108230931210334
2013-08-01	-0.119626507485614
2013-09-01	-0.12846621521693
2013-10-01	-0.0390393476350559
2013-11-01	-0.00138828415044311
2013-12-01	-0.155283309305418
2014-01-01	-0.303204935390283
2014-02-01	-0.210408235965242
2014-03-01	-0.277079967662715
2014-04-01	-0.357966738858732
2014-05-01	-0.372693140453297
2014-06-01	-0.310759450919256
2014-07-01	-0.319506192924584
2014-08-01	-0.312545338787738
2014-09-01	-0.213666368139106
2014-10-01	-0.210361458765615
2014-11-01	0.0607029181477796
2014-12-01	0.087859446943976
2015-01-01	-0.0302034331003824
2015-02-01	-0.277596048551038
2015-03-01	-0.122313976540545
2015-04-01	0.00500996676146625
2015-05-01	0.0497230702898301
2015-06-01	0.145819593531288
2015-07-01	0.21050187026343
2015-08-01	0.395886575013829
2015-09-01	0.533941978824988
2015-10-01	0.419083391961406
2015-11-01	0.504980280555865
2015-12-01	0.677248219583863
2016-01-01	0.915778627543744
2016-02-01	0.945548361254238
2016-03-01	0.576408269219503
2016-04-01	0.234030577956345
2016-05-01	0.245524999242587
2016-06-01	0.0659748357705472
2016-07-01	0.0110358437348572
2016-08-01	-0.0227416680995307
2016-09-01	-0.0723328805575498
2016-10-01	-0.0766039004345267
2016-11-01	-0.717385940396009
2016-12-01	-0.243886601654517
2017-01-01	-0.198012117280368
2017-02-01	-0.183554370732931
2017-03-01	-0.17060288655772
2017-04-01	-0.121863424454349
2017-05-01	-0.168332075902823
2017-06-01	-0.127652117273696
2017-07-01	-0.153222780949327
2017-08-01	-0.0825202213705685
2017-09-01	-0.256188795531894
2017-10-01	-0.216255816825351
2017-11-01	-0.13288358037404
2017-12-01	-0.194484487464504
2018-01-01	-0.393868154027814
2018-02-01	-0.245109191776628
2018-03-01	-0.104763901373353
2018-04-01	-0.279196693708415
2018-05-01	-0.192417238626553
2018-06-01	0.0251978416850964
2018-07-01	-0.126186094653155
2018-08-01	-0.0960830937716417
2018-09-01	-0.175796776741759
2018-10-01	-0.00265415449779715
2018-11-01	0.143440497036455
2018-12-01	0.340377357518727
2019-01-01	0.176120744485469
2019-02-01	0.0649721071617646
2019-03-01	-0.116877365717539
2019-04-01	-0.00606614116092152
2019-05-01	-0.0145199098661719
2019-06-01	0.00703033175724709
2019-07-01	-0.0470748023642191
2019-08-01	-0.152296901688222
2019-09-01	-0.22893368579601
2019-10-01	-0.224113949716756
2019-11-01	-0.17095232735637
2019-12-01	-0.283998248261177
2020-01-01	-0.239741172649534
2020-02-01	-0.14584690142653
2020-03-01	1.20751322153902
2020-04-01	0.647999521877522
2020-05-01	0.394849680559541
2020-06-01	0.0468443621327554
2020-07-01	-0.168754620151096
2020-08-01	-0.292299398198395
2020-09-01	-0.0132269320352032
2020-10-01	-0.21788940032115
2020-11-01	-0.474632198172539
2020-12-01	-0.510990786867397
2021-01-01	-0.66107347798942
2021-02-01	-0.942464236637337
2021-03-01	-0.74808104230627
2021-04-01	-0.492104744432511
2021-05-01	-0.429531551599403
2021-06-01	-0.587883259909856
2021-07-01	-0.556096592016192
2021-08-01	-0.481522729288102
2021-09-01	-0.643960551076078
2021-10-01	-0.524515509869051
2021-11-01	-0.445421828573621
2021-12-01	-0.44417335865998
2022-01-01	-0.345893192682949
2022-02-01	-0.209617161129881
2022-03-01	-0.810680693708789
2022-04-01	-0.295946300128215
2022-05-01	-0.11886667698913
2022-06-01	0.0803502128519435
2022-07-01	0.00530446253841598
2022-08-01	-0.0312104564139992
2022-09-01	0.0347374180050581
2022-10-01	0.0964251354310108
2022-11-01	-0.221510322596622
2022-12-01	-0.013751982445146
2023-01-01	-0.0324132963379131
2023-02-01	-0.147066405770329
2023-03-01	-0.18284582875408
2023-04-01	0.186791047202189
2023-05-01	0.139407626692292
2023-06-01	0.178234258470511
2023-07-01	0.0203858384886491
2023-08-01	0.0744726723514553
2023-09-01	-0.00575441715623692
2023-10-01	0.226906055010379
2023-11-01	-0.080256545607718
2023-12-01	-0.226177283592185
2024-01-01	-0.0718167356772235
2024-02-01	-0.130783819069435
2024-03-01	-0.0912887483128404
2024-04-01	-0.199887758863658
2024-05-01	-0.132769011232153
2024-06-01	-0.0274098609940523
2024-07-01	-0.0922674114654776
2024-08-01	-0.0432706049690041
2024-09-01	-0.101235567722402
2024-10-01	-0.356190229889323
2024-11-01	-0.226043521166123
2024-12-01	-0.454540645415363
2025-01-01	-0.302402900428323
2025-02-01	-0.258533606907797
2025-03-01	-0.042624007602406
2025-04-01	-0.0875396414525373
2025-05-01	-0.201840189520321
2025-06-01	-0.226616850272232
2025-07-01	-0.246012625179071
2025-08-01	-0.190453600075066
2025-09-01	-0.321658374742446

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 0. 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 decreased moderately to the low end of their distribution since 2009

Percentage points

Date	B (monthly)	B (weekly)	BB (monthly)	BB (weekly)
1997-01-31			2.09188813027478
1997-02-28			2.08178410192779
1997-03-31			2.0821313539782
1997-04-30			2.13128050966926
1997-05-31			2.15663678327004
1997-06-30			2.16723470638971
1997-07-31	2.27865930277876		1.91211795426737
1997-08-31	2.25519091192546		1.84799350267688
1997-09-30	2.28226436624624		1.89031225692967
1997-10-31	2.54870194148935		1.95239138987806
1997-11-30	2.55227719847765		1.91123857847702
1997-12-31	2.57766307859505		1.8853121084073
1998-01-31	2.58328670414448		2.03962118865891
1998-02-28	2.57724045434183		2.07686434704832
1998-03-31	2.61434693144427		2.0142442090996
1998-04-30	2.60471125675774		2.01964906051112
1998-05-31	2.64727726013339		2.1742561357748
1998-06-30	2.63838491070021		2.2804004021624
1998-07-31	2.65298114421288		2.25461214228082
1998-08-31	2.75105860252154		2.33040625069404
1998-09-30	2.94176293011435		2.50368333817936
1998-10-31	3.06324577222541		2.63021214384542
1998-11-30	3.34669581632647		2.68688948779824
1998-12-31	3.23167824969875		2.5574278061721
1999-01-31	3.20045350392008		2.62222216268432
1999-02-28	3.21252047029818		2.54969107864208
1999-03-31	3.57072031339457		2.48431663439138
1999-04-30	3.9333620829635		2.65158887562905
1999-05-31	3.79734775882652		2.84294180372083
1999-06-30	3.85661993243559		2.84376703464754
1999-07-31	4.09639914591775		2.94888708534177
1999-08-31	4.45692369680667		2.99404771578472
1999-09-30	4.74567730353751		3.96252458533367
1999-10-31	4.96156505726983		4.08542737863742
1999-11-30	4.74194866264647		3.90885983736204
1999-12-31	6.07594580603178		4.01508894466472
2000-01-31	6.24211266836964		4.07331847721963
2000-02-29	6.0743165320234		4.11406244684139
2000-03-31	6.05480803120477		3.43483075505671
2000-04-30	5.4393059506722		3.51119269263113
2000-05-31	5.2455597903178		3.25902829785642
2000-06-30	5.67158559945934		3.11633077776893
2000-07-31	6.03340100401027		3.00189608969078
2000-08-31	5.72920206373075		3.02041146177765
2000-09-30	6.65220806624019		3.19167801986832
2000-10-31	6.90970681334637		3.25572404050639
2000-11-30	7.30996411733616		3.0709693072654
2000-12-31	6.68883659623133		3.04620716632122
2001-01-31	6.26216559265882		2.95059470390094
2001-02-28	5.95037410707916		2.91025142523614
2001-03-31	6.8348554997985		2.94681492043774
2001-04-30	6.70873676752182		2.95507753634301
2001-05-31	6.49519380030705		2.94735515085341
2001-06-30	6.62316783543957		2.98929677062879
2001-07-31	6.71076176682289		3.03049463891544
2001-08-31	6.50998425898807		2.99783463202895
2001-09-30	7.41861800862683		3.34538512033514
2001-10-31	8.70615523076835		3.50811202527628
2001-11-30	6.81765816329182		3.1143087844617
2001-12-31	6.21014368310919		3.08920974701227
2002-01-31	5.89286230863572		3.05192671026051
2002-02-28	5.50244168261337		3.09142866939944
2002-03-31	5.2230700434849		3.06572116988246
2002-04-30	4.91982091590623		2.93946018349618
2002-05-31	5.62215768952538		2.95233394415463
2002-06-30	5.90371031672073		2.99329172692435
2002-07-31	6.63147354763437		3.37911052029842
2002-08-31	6.52683651010467		3.71526740579213
2002-09-30	6.63805299967334		3.75018611807546
2002-10-31	7.37496079911215		4.63927393752635
2002-11-30	6.71848802934704		4.13735824720685
2002-12-31	6.58138167838912		3.51504977973325
2003-01-31	6.1042887123579		3.6008317889486
2003-02-28	6.29662598070628		3.55664378996593
2003-03-31	6.03170446252915		3.56692318005584
2003-04-30	5.10701592299812		3.58065733646884
2003-05-31	4.65926353155153		3.35162084074896
2003-06-30	4.47566585183824		3.24248905217641
2003-07-31	4.51259015396569		3.03234954878876
2003-08-31	4.72497007493186		3.00626932126184
2003-09-30	4.97967971238535		2.98081491715672
2003-10-31	4.82321686517537		2.93755889404213
2003-11-30	4.77608795632832		2.85310817323464
2003-12-31	4.51467928453276		2.6096842608013
2004-01-31	4.03029588240263		2.50584845765378
2004-02-29	4.20273622017769		2.45050495529649
2004-03-31	3.91740711424247		2.38195219076694
2004-04-30	3.91963700739703		2.33385804691638
2004-05-28	4.06261763945341		2.40125276014603
2004-06-25	3.770043862382		2.34405188017961
2004-07-30	3.84362793338027		2.25514115056385
2004-08-31	3.69002375710118		2.20174843523389
2004-09-30	3.6132191586509		2.13629916371444
2004-10-29	3.42314267259918		2.10181111511617
2004-11-30	3.25822348403558		2.07276369311587
2004-12-31	3.20597759869138		2.01421096639184
2005-01-31	3.25257792381212		1.98007779319212
2005-02-25	3.14236991707397		1.93754573405074
2005-03-31	3.04703913863471		1.85071831549634
2005-04-29	3.29521581578657		1.82632886600368
2005-05-31	3.12460567509078		1.86077029367427
2005-06-30	3.0989292840778		1.84082502050528
2005-07-29	3.03893426657107		1.76522563810955
2005-08-30	2.97701212387517		1.68452592457589
2005-09-30	2.95968475602158		1.72581908938116
2005-10-28	3.00461148758371		1.77175634695531
2005-11-30	2.89325453111939		1.78389317184715
2005-12-30	2.8126312452552		1.80844276129604
2006-01-31	2.82383799143358		1.74509262913098
2006-02-28	2.78175102015367		1.68153963246369
2006-03-31	2.73977196409467		1.68006845983146
2006-04-28	2.7374360091284		1.66051441311656
2006-05-31	2.67311713249498		1.72787218226183
2006-06-30	2.67443850599523		1.8352632973603
2006-07-28	2.69880906374307		1.87550444857827
2006-08-31	2.74011534139188		1.86821573022612
2006-09-29	2.73862697147573		1.86028664985925
2006-10-31	2.69793073232383		1.82781796313336
2006-11-30	2.70284182597395		1.96649848866957
2006-12-29	2.72599794125974		1.94127586989883
2007-01-31	2.6009438606843		1.91399043749182
2007-02-28	2.5272169246271		1.74093261911432
2007-03-30	2.4927885532305		1.77072853120909
2007-04-27	2.46445680735925		1.79786483048767
2007-05-31	2.41101261501855		1.7854775964612
2007-06-29	2.69801407467645		2.01031142193302
2007-07-31	3.47862536221395		2.82408782626828
2007-08-31	3.5937015877151		2.99739196770473
2007-09-28	3.34114476544724		2.71172116173131
2007-10-26	3.28502814719285		2.63790557145956
2007-11-30	3.85693642989592		3.06270059562676
2007-12-28	4.15882970451708		2.92911429296445
2008-01-31	4.97580601761539		3.74354717570948
2008-02-29	6.07321224924927		4.37609661511741
2008-03-28	7.20862322105508		4.32482406795875
2008-04-30	6.34801131263565		3.68216495273447
2008-05-30	6.37950640066329		3.58771647847705
2008-06-27	6.39477656025946		3.86289048424729
2008-07-31	7.17316958878979		4.17916907289259
2008-08-29	7.65469664955774		4.23328471212778
2008-09-30	10.607979887877		5.941421105947
2008-10-31	17.0496957424426		9.27448359334444
2008-11-28	20.8910378938561		11.0334418958842
2008-12-31	24.7612246563106		11.4703036462376
2009-01-30	20.6985407092928		8.74457510422384
2009-02-27	20.7549427316504		7.85357321044109
2009-03-31	20.3194044491426		7.79174615240187
2009-04-30	15.786038192821		5.7679907102825
2009-05-29	12.3996603533352		5.56070162593438
2009-06-30	10.2336164578227		4.85609147918706
2009-07-31	8.49779936832999		4.18603261946884
2009-08-31	7.80796562290773		4.13370667387195
2009-09-30	6.96202796956235		4.00687340822193
2009-10-30	6.36999188965138		4.19524810650038
2009-11-30	6.70409102583303		4.52667154088844
2009-12-31	6.02043666937183		3.88209813583743
2010-01-29	5.67379035809451		3.69984828297773
2010-02-26	5.7822661128449		3.81346069657269
2010-03-31	5.27419835045083		3.49925432468838
2010-04-30	5.0460927826293		3.42850473957399
2010-05-28	6.10543623024698		3.98869269820655
2010-06-30	6.42705157683265		4.16663178231691
2010-07-30	5.98086462113477		4.01401196700854
2010-08-31	5.98119702611061		4.00699099853277
2010-09-30	5.61969456662555		3.88035423998445
2010-10-29	5.22023899583472		3.65819695629145
2010-11-30	5.61476070096215		3.70954513195812
2010-12-31	5.28999708060695		3.68691684025719
2011-01-31	4.80097016558672		3.50604518273776
2011-02-28	4.81988837128684		3.52192607285771
2011-03-31	4.85444457487651		3.43637521065588
2011-04-29	4.89480425026024		3.41062736021962
2011-05-31	5.04115512498801		3.57179875459206
2011-06-30	5.3503277520567		3.81206875808854
2011-07-29	5.42496965934118		3.82019930449133
2011-08-31	6.75122837180944		5.11095175061018
2011-09-30	6.84634418450028		4.68831852521755
2011-10-31	6.05515839539509		4.01878680390856
2011-11-30	6.53995760069879		4.24431121818214
2011-12-30	6.33434552748561		4.15559112077351
2012-01-31	5.70928828158087		3.85459973600913
2012-02-29	5.33490847175098		3.80114370520161
2012-03-30	5.37403609249873		3.75743553343684
2012-04-30	5.38119550782858		3.91407037181226
2012-05-31	5.86109397101384		4.26256828632616
2012-06-29	5.79267347095032		4.24860079202893
2012-07-31	5.87794053904916		4.10026247259039
2012-08-31	5.69416190819523		4.16761212907391
2012-09-28	5.5476911767617		3.96244043750308
2012-10-31	5.49088784138084		3.8331065872443
2012-11-30	5.60407425671063		3.83601469037822
2012-12-31	5.49233823127293		3.84047115766707
2013-01-31	5.28405064001766		3.71937944101957
2013-02-28	5.32035062291634		3.861849518314
2013-03-28	5.13598413524542		3.72611153995014
2013-04-30	5.0383598162799		3.78662384641244
2013-05-31	4.86938408394411		3.62152863963582
2013-06-28	4.9769299524155		3.58700717220769
2013-07-31	4.82136502220599		3.33340038812367
2013-08-30	4.92173338649918		3.40972662819095
2013-09-30	4.9932912216694		3.4562389124408
2013-10-31	4.90185285194628		3.43042130481635
2013-11-22		4.91637778364698		3.49995576462803
2013-11-29		4.91489145822393		3.51823397177957
2013-12-06		4.89817100430771		3.52459276910555
2013-12-13		4.87633132064758		3.51926546943906
2013-12-20		4.86250334679012		3.46052304917047
2013-12-27		4.83980360603194		3.39837080463852
2014-01-03		4.83926207860685		3.36962879124066
2014-01-10		4.77494501917518		3.34135203327447
2014-01-17		4.73975072568043		3.3524914539517
2014-01-24		4.73646798787304		3.33811266672592
2014-01-31		4.77016827236739		3.37325313687265
2014-02-07		4.76437119002641		3.36645353532583
2014-02-14		4.73872926184662		3.42315964086771
2014-02-21		4.71526742302429		3.43704694172964
2014-02-28		4.70979052611215		3.32352411407987
2014-03-07		4.70453342901222		3.31890602292125
2014-03-14		4.68132546123847		3.32047207715588
2014-03-21		4.64860397499193		3.30609210897079
2014-03-28		4.65233932128799		3.3187880657679
2014-04-04		4.71830446491942		3.37557489583033
2014-04-11		4.69698195730859		3.40917412257506
2014-04-17		4.71840205394015		3.40264500562951
2014-04-25		4.75595087556828		3.45350745879057
2014-05-02		4.73882504563956		3.40738497428832
2014-05-09		4.73296931694963		3.37252531166816
2014-05-16		4.69847111631524		3.38038639083675
2014-05-23		4.706252086923		3.38948227715568
2014-05-30		4.71765350547339		3.38995151133101
2014-06-06		4.6995774433724		3.40024991588999
2014-06-13		4.68582056857851		3.40250785908654
2014-06-20		4.6901188430303		3.38909477375372
2014-06-27		4.68084523433063		3.37139239803294
2014-07-03		4.66633452261199		3.38307288607895
2014-07-11		4.65857597067141		3.41784123114314
2014-07-18		4.6659170994457		3.41566751268603
2014-07-25		4.67109311730194		3.42556658674084
2014-08-01		4.74805780968992		3.49879613949364
2014-08-08		4.76257888201742		3.5583365069534
2014-08-15		4.80261064709441		3.63192707714925
2014-08-22		4.79454545842564		3.60877405954633
2014-08-29		4.75837697480166		3.57570601648156
2014-09-05		4.76726830882043		3.57521551140782
2014-09-12		4.81951602406893		3.62895900793567
2014-09-19		4.82183648754252		3.63256938129911
2014-09-26		4.90198628546893		3.71275918533139
2014-10-03		4.9731622277328		3.75530829164795
2014-10-10		4.98611463225786		3.78239737586072
2014-10-17		5.14012253202681		3.92146477437829
2014-10-24		5.08514834895335		3.8370866843996
2014-10-31		4.99933234616711		3.73780065651997
2014-11-07		5.01100684904652		3.70667733646381
2014-11-14		4.99526248182246		3.69454860804504
2014-11-21		5.00529508118267		3.6769910383602
2014-11-28		5.03232370180273		3.66995726094642
2014-12-05		5.1397457541618		3.69046140810833
2014-12-12		5.40528299362656		3.91427253842378
2014-12-19		5.51980796490439		3.94950852225728
2014-12-26		5.44830160805005		3.89882720993366
2015-01-02		5.44314434282006		3.88988542000737
2015-01-09		5.44088050559043		3.91557037578101
2015-01-16		5.45126002574333		3.89341142942705
2015-01-23		5.44320950277286		3.87960284354776
2015-01-30		5.4717472745429		3.92504357694723
2015-02-06		5.41379114714461		3.85642696588578
2015-02-13		5.33495035928777		3.79452283581625
2015-02-20		5.27347491984475		3.74824947188234
2015-02-27		5.22462583955283		3.72837399567687
2015-03-06		5.18878600162185		3.67783499969861
2015-03-13		5.16095196059059		3.68595865959697
2015-03-20		5.21212271838608		3.7039294958199
2015-03-27		5.21040576976154		3.6691098112641
2015-04-02		5.17689192920751		3.66188919704314
2015-04-10		5.12256794459723		3.58180059569194
2015-04-17		5.13622103857814		3.56328005594519
2015-04-24		5.11367740105739		3.56036280375722
2015-05-01		5.11800049041236		3.54895259745194
2015-05-08		5.09496299151701		3.56703795884056
2015-05-15		5.11173556438909		3.59520708059008
2015-05-22		5.12971847695507		3.56732242752164
2015-05-29		5.1385489287563		3.56770722014389
2015-06-05		5.22301671682687		3.58179778740348
2015-06-12		5.27686504688179		3.60793647410906
2015-06-19		5.30869653296769		3.6407188188135
2015-06-26		5.30953444734911		3.62499974273843
2015-07-02		5.35425665665574		3.62705513977472
2015-07-10		5.34092405702112		3.59355667538143
2015-07-17		5.29604279216756		3.54833725048025
2015-07-24		5.31247385220175		3.55294625765034
2015-07-31		5.36280463313124		3.58223070627914
2015-08-07		5.38387359994463		3.62467401701779
2015-08-14		5.41219695306286		3.68227449478734
2015-08-21		5.48304764794247		3.7089818819675
2015-08-28		5.56034620713565		3.73547202340285
2015-09-04		5.41201615980203		3.71974308819793
2015-09-11		5.42393013716328		3.69412111882769
2015-09-18		5.44558999930486		3.67578138345503
2015-09-25		5.52181476700323		3.7020468467027
2015-10-02		5.74736441251477		3.7814524235744
2015-10-09		5.75407152664045		3.7708172595384
2015-10-16		5.78555008004803		3.78068402704747
2015-10-23		5.76314916952293		3.7813489849771
2015-10-30		5.76807599065604		3.84873772418925
2015-11-06		5.77125800121641		3.81105380168687
2015-11-13		5.89956008310185		3.89986672118246
2015-11-20		6.07562302612588		3.94775121742508
2015-11-27		6.11454532437702		3.91666031917897
2015-12-04		6.20790434894555		3.87448434390473
2015-12-11		6.66078696304955		3.95863275027327
2015-12-18		7.00450487581199		4.02301498263567
2015-12-24		7.07631577811547		4.04999667361663
2015-12-31		7.07805136792277		4.03275706474643
2016-01-08		7.11676407939582		4.00644001367358
2016-01-15		7.2210975604736		4.03359478177958
2016-01-22		7.46337768524091		4.14091382690796
2016-01-29		7.42678670089386		4.14373685793356
2016-02-05		7.45999483429677		4.11214555773313
2016-02-12		7.71024442831311		4.26279275637569
2016-02-19		7.5240639280762		4.26707335543469
2016-02-26		7.50770241798086		4.24014746092948
2016-03-04		7.24520009893011		4.11303023510059
2016-03-11		6.95079647832345		3.97372927972425
2016-03-18		6.56339300174208		3.76342887181848
2016-03-24		6.50421022315242		3.78112959129545
2016-04-01		6.28089057388705		3.80515300854348
2016-04-08		6.20216637155657		3.73085005738116
2016-04-15		5.80787741744995		3.690519534833
2016-04-22		5.59908323159387		3.61692564314733
2016-04-29		5.52139347464069		3.60326241722237
2016-05-06		5.49952765042342		3.64283150155244
2016-05-13		5.46322213305495		3.65015830375734
2016-05-20		5.41681587934615		3.62108273361469
2016-05-27		5.33203362292375		3.57969950310109
2016-06-03		5.33630456818927		3.57047494826849
2016-06-10		5.2893665721734		3.60896516723463
2016-06-17		5.29490836136151		3.64507632982754
2016-06-24		5.34496110020322		3.64104107937441
2016-07-01		5.37963599435492		3.6516620150831
2016-07-08		5.33862198970846		3.62224721849152
2016-07-15		5.23473772354749		3.54090099024028
2016-07-22		5.14703681266651		3.48375055175672
2016-07-29		5.12163925234107		3.4487599093137
2016-08-05		5.09830271884235		3.46955660840227
2016-08-12		5.07211100901761		3.43932826921559
2016-08-19		5.13233801903715		3.44403937587897
2016-08-26		5.09757265285631		3.45441185579766
2016-09-02		5.04271659750334		3.42611597088864
2016-09-09		5.00157512777542		3.38567964898607
2016-09-16		5.00055027680326		3.36698596480488
2016-09-23		4.88504562421038		3.34908471542541
2016-09-30		4.88306837659863		3.34111843067678
2016-10-07		4.84030645117753		3.27493098141671
2016-10-14		4.86098316510816		3.27357158959381
2016-10-21		4.80530747023467		3.20248959643703
2016-10-28		4.77981780318977		3.19305339427132
2016-11-04		4.79701673867684		3.24851839970379
2016-11-10		4.79987437775647		3.27209881737001
2016-11-18		4.76775100252788		3.21853842737824
2016-11-25		4.74923311008474		3.20983696957339
2016-12-02		4.68170235078925		3.20028216033608
2016-12-09		4.59316229521329		3.09443007766811
2016-12-16		4.54333726114963		3.06594440963085
2016-12-23		4.59501723022806		3.07159749764825
2016-12-30		4.64336752809592		3.03577630657698
2017-01-06		4.56763913172123		3.01991974131742
2017-01-13		4.53657423317396		3.03011585809734
2017-01-20		4.55613459131796		3.05640018164289
2017-01-27		4.53502088905104		3.08667360182461
2017-02-03		4.50386572010133		3.06061959213651
2017-02-10		4.50864842346537		3.00743841833436
2017-02-17		4.44817748548348		2.95155920637098
2017-02-24		4.38856087782047		2.93218927897703
2017-03-03		4.34229959348746		2.88409623161945
2017-03-10		4.34439197323899		2.86958767103107
2017-03-17		4.32180828144712		2.85235146975824
2017-03-24		4.31639611186715		2.93696817826241
2017-03-31		4.25067399712789		2.90972981608549
2017-04-07		4.1548281469157		2.87888211801366
2017-04-13		4.11561365233479		2.85045098102648
2017-04-21		4.12901079481905		2.8327897612187
2017-04-28		4.12658447576905		2.81799604975454
2017-05-05		4.15789586631832		2.88118683586918
2017-05-12		4.13028738552222		2.88242432899756
2017-05-19		4.11115061258223		2.88877368930913
2017-05-26		4.03856830223847		2.88590368291577
2017-06-02		4.05462319439513		2.8659693763501
2017-06-09		4.03421705795138		2.86923816833126
2017-06-16		4.03666158594686		2.88012744812461
2017-06-23		4.07046880118707		2.8640374354623
2017-06-30		4.07836583024533		2.83919819967175
2017-07-07		4.0692808983178		2.83318329855319
2017-07-14		4.09480046963445		2.83288055949895
2017-07-21		4.09006272411951		2.80431436364773
2017-07-28		4.03022575240947		2.78096381744228
2017-08-04		4.03237919747284		2.75204425907666
2017-08-11		4.05640957124301		2.79943796474621
2017-08-18		4.06605176579403		2.7788642606794
2017-08-25		4.07179922383678		2.82070245102456
2017-09-01		4.05934413260524		2.85221006787829
2017-09-08		4.02195779086437		2.87263476250438
2017-09-15		4.01712607300918		2.89065377092883
2017-09-22		4.02240181940972		2.82480844370843
2017-09-29		4.01261108997878		2.71581802737161
2017-10-06		3.9801376016454		2.66825916590503
2017-10-13		3.94523593474567		2.66621357451677
2017-10-20		3.92501865446377		2.65054248736078
2017-10-27		3.94470887194254		2.65176796405097
2017-11-03		3.9658747221224		2.62679979211548
2017-11-10		3.98252891261967		2.62230662993716
2017-11-17		3.96101265071187		2.6463455345622
2017-11-24		3.95486511783194		2.6371524972503
2017-12-01		3.94824207720089		2.62863821380309
2017-12-08		3.94398250686086		2.60784429609643
2017-12-15		3.99904960207814		2.62225817366873
2017-12-22		3.91151776618421		2.62741150957061
2017-12-29		3.88619959269827		2.5949562196173
2018-01-05		3.87332191330704		2.55285062697653
2018-01-12		3.80788949014598		2.54363231733713
2018-01-19		3.77164134032746		2.5240891062831
2018-01-26		3.73386001489898		2.49594761567828
2018-02-02		3.70233791053562		2.438156129872
2018-02-09		3.74160329369141		2.4811853576384
2018-02-16		3.73065385882746		2.48637425328456
2018-02-23		3.72776746538791		2.50238264142974
2018-03-02		3.72263611801141		2.51309855397887
2018-03-09		3.72171718220192		2.50958072842874
2018-03-16		3.70461834383821		2.49426911033018
2018-03-23		3.72231576950643		2.49018121201369
2018-03-30		3.7230251951681		2.49285152442253
2018-04-06		3.71612127233982		2.49498620311494
2018-04-13		3.68343738109994		2.48872275663687
2018-04-20		3.66087969758433		2.45645300543463
2018-04-27		3.66893774143854		2.43889424627615
2018-05-04		3.68427149296337		2.43984005471942
2018-05-11		3.67930851146035		2.44477163013841
2018-05-18		3.67525845981945		2.46968335228819
2018-05-25		3.69176526211537		2.49195051030461
2018-06-01		3.72332340675616		2.48448039124568
2018-06-08		3.71382500681671		2.48614320452861
2018-06-15		3.72550947235705		2.49076377997511
2018-06-22		3.74568864270355		2.51663685834703
2018-06-29		3.76364651933181		2.55210342907046
2018-07-06		3.75000831557254		2.53111125673911
2018-07-13		3.75643716619156		2.54117486170418
2018-07-20		3.74809617253688		2.53204466005412
2018-07-27		3.75741714589224		2.51411306037712
2018-08-03		3.7528377908275		2.49816219761235
2018-08-10		3.76716622391631		2.51615723593393
2018-08-17		3.77435918226536		2.53300423077876
2018-08-24		3.80714169508916		2.48288833624394
2018-08-31		3.82743274272498		2.49270627312086
2018-09-07		3.81910810361591		2.49455194580355
2018-09-14		3.80641608895297		2.49930274201197
2018-09-21		3.77814271293329		2.48123153109327
2018-09-28		3.73482378128511		2.48072328864636
2018-10-05		3.72656245199978		2.47629985708589
2018-10-12		3.74729595553431		2.48655197238986
2018-10-19		3.74860505844252		2.48924037858587
2018-10-26		3.78971638505862		2.53710607340934
2018-11-02		3.84271285629863		2.58085479276245
2018-11-09		3.85503672675878		2.61467685919488
2018-11-16		3.95101152350418		2.68142568527006
2018-11-23		4.07374660613147		2.75960544817044
2018-11-30		4.17985958317769		2.8844288545427
2018-12-07		4.33434796085598		3.00907876399125
2018-12-14		4.50954585344991		3.15063351363666
2018-12-21		4.83257332265705		3.37317030509131
2018-12-28		4.94122329206996		3.46286007388947
2019-01-04		4.73375437365023		3.18090595633502
2019-01-11		4.486701419743		2.91121215889692
2019-01-18		4.47568672444736		2.83841603241475
2019-01-25		4.52734440887592		2.88150270351691
2019-02-01		4.54293545312963		2.88767136943739
2019-02-08		4.49250267781263		2.86281477648882
2019-02-15		4.44073466160228		2.8307858305961
2019-02-22		4.33191831622411		2.76026964519274
2019-03-01		4.23652832588994		2.68540522830284
2019-03-08		4.32283200278578		2.74664667090451
2019-03-15		4.31454877947418		2.73489610017568
2019-03-22		4.39741989864395		2.78664899792143
2019-03-29		4.45584150984744		2.87707104056228
2019-04-05		4.3159451260146		2.79292197190798
2019-04-12		4.25748716810827		2.74187611393584
2019-04-18		4.21402891775767		2.72785890714153
2019-04-26		4.18071902345997		2.69829143982099
2019-05-03		4.12750529430217		2.68315197273811
2019-05-10		4.20079036003462		2.68093889112379
2019-05-17		4.16356959802504		2.6819717156539
2019-05-24		4.21900172474993		2.68168053966785
2019-05-31		4.29964475758305		2.67587446689644
2019-06-07		4.30494313300387		2.66533403033834
2019-06-14		4.31331840903089		2.65367033083029
2019-06-21		4.31387927868547		2.66336916643676
2019-06-28		4.36415151101045		2.69929692833618
2019-07-05		4.35510858855109		2.69134857200558
2019-07-12		4.31907074668464		2.67279730917817
2019-07-19		4.30248306660984		2.65404417360417
2019-07-26		4.30303544647292		2.64709207709244
2019-08-02		4.30448715064339		2.72991332569066
2019-08-09		4.40934930713279		2.77004863224085
2019-08-16		4.50301207882155		2.80149663781179
2019-08-23		4.50999689810473		2.78083811908707
2019-08-30		4.46482146949076		2.8023572997496
2019-09-06		4.41971703517452		2.7415976790562
2019-09-13		4.34678088478722		2.66964922942204
2019-09-20		4.34022412526567		2.68027481859003
2019-09-27		4.32556151233034		2.67485256251625
2019-10-04		4.43294388971371		2.70441032347559
2019-10-11		4.58654495197368		2.74495028993093
2019-10-18		4.61878118929424		2.72144214325561
2019-10-25		4.63462952825916		2.71363575461445
2019-11-01		4.68316808948193		2.74595379782876
2019-11-08		4.67717900387977		2.75194374316822
2019-11-15		4.6150340620581		2.74513217561298
2019-11-22		4.66984659554786		2.75398635634921
2019-11-29		4.65818411628064		2.74263674496092
2019-12-06		4.54771273848953		2.71077821761063
2019-12-13		4.3637871257466		2.65641442555315
2019-12-20		4.24240182668674		2.64070995018315
2019-12-27		4.24130141056805		2.63801445965637
2020-01-03		4.23049444983206		2.62167247877522
2020-01-10		4.14029626872452		2.57931937654344
2020-01-17		4.10710221026255		2.57207486014564
2020-01-24		4.11279807013901		2.60142240124387
2020-01-31		4.19191771317293		2.62787380461248
2020-02-07		4.21811346555717		2.67868462426466
2020-02-14		4.21048702983462		2.69448073971834
2020-02-21		4.18981138242357		2.71089339469687
2020-02-28		4.58138557621447		3.03880080837431
2020-03-06		4.85477584715005		3.24309169306511
2020-03-13		6.39315211391352		4.75030012561186
2020-03-20		9.68739260092734		7.8806042671714
2020-03-27		9.0306529225545		6.1461346295332
2020-04-03		8.15259801651325		5.04829592148126
2020-04-09		7.30657588339548		4.26438475790934
2020-04-17		6.7360976048753		3.94069489976242
2020-04-24		6.91374564901344		4.12101405085405
2020-05-01		6.8824849427713		4.13917110058719
2020-05-08		6.55861011568805		4.05176174730315
2020-05-15		6.51186157473642		4.03392645967781
2020-05-22		6.15929618127385		3.70510790351894
2020-05-29		5.77001377931713		3.4344889145417
2020-06-05		5.4198791219675		3.2112860264866
2020-06-12		5.37102316454119		3.26416713949091
2020-06-19		5.21608940404011		3.13867739157079
2020-06-26		5.50974931325779		3.38152909811216
2020-07-03		5.39806282191817		3.35794001914109
2020-07-10		5.37437731397208		3.30091358378154
2020-07-17		5.20023680148142		3.19192136564217
2020-07-24		5.06954330950156		3.09475137870875
2020-07-31		5.0927880932399		3.12994566527787
2020-08-07		4.96005290443384		3.04927895220595
2020-08-14		4.86108506468236		3.01750549807591
2020-08-21		4.88126190230468		3.08827145429687
2020-08-28		4.83104673379427		3.07060158005247
2020-09-04		4.65395937636892		2.90011528470132
2020-09-11		4.57862586580644		2.86677815659921
2020-09-18		4.55619295794674		2.8817746529005
2020-09-25		4.74111097556897		3.05841006383966
2020-10-02		4.74973729390598		3.09762905126333
2020-10-09		4.63216027105228		3.00536761563756
2020-10-16		4.66633821543806		3.0363007477585
2020-10-23		4.82556847697998		3.06605226056402
2020-10-30		5.00410486151849		3.21763676843888
2020-11-06		4.80846502420817		3.05705969400357
2020-11-13		4.67376752764658		2.98700829582721
2020-11-20		4.66943570140276		3.02083782874059
2020-11-27		4.60730508698756		2.98489617363073
2020-12-04		4.49988024170091		2.89999632245025
2020-12-11		4.46126169486212		2.86494857960463
2020-12-18		4.39362491852663		2.80638031001718
2020-12-24		4.40935014394781		2.8127459954473
2020-12-31		4.38956255330549		2.79512899510646
2021-01-08		4.23329543415278		2.63397220424553
2021-01-15		4.15506644344309		2.64628839458702
2021-01-22		4.1603840947008		2.63271411742065
2021-01-29		4.22316097660908		2.69317560654646
2021-02-05		4.20291096662308		2.68301508442682
2021-02-12		4.13003648628249		2.70447106184269
2021-02-19		4.11652962039695		2.70891755513389
2021-02-26		4.13347853454002		2.6927847519463
2021-03-05		4.14089666271652		2.75376587820022
2021-03-12		4.15029675974803		2.77049424618101
2021-03-19		4.20770166320041		2.81491065354549
2021-03-26		4.2337836523724		2.84058371573269
2021-04-02		4.24216976821223		2.84234060257599
2021-04-09		4.16670358393048		2.79128932080083
2021-04-16		4.1595164342912		2.80930099144069
2021-04-23		4.18816945363116		2.77143980588233
2021-04-30		4.18242223783981		2.80354637622791
2021-05-07		4.18601516663148		2.81382373298497
2021-05-14		4.1895074229372		2.83972037729225
2021-05-21		4.16266527942296		2.81553035069414
2021-05-28		4.15102393126615		2.78910792195324
2021-06-04		4.13752526970911		2.81805168365214
2021-06-11		4.11886966406813		2.80114725876029
2021-06-18		4.14724738665526		2.85726846868376
2021-06-25		4.1674497136781		2.8846361124996
2021-07-02		4.16808501027835		2.89567726643191
2021-07-09		4.16252811661521		2.91082062412683
2021-07-16		4.15242194078449		2.85811178156657
2021-07-23		4.16536742244913		2.89548215307277
2021-07-30		4.21450427640906		2.92057529762784
2021-08-06		4.22990260207722		2.92647601377693
2021-08-13		4.22826319962781		3.08834455886038
2021-08-20		4.25221264339828		3.14229208727937
2021-08-27		4.23584489415241		3.11721155795411
2021-09-03		4.21437164838956		3.09462511718466
2021-09-10		4.18491760590191		3.07190748879936
2021-09-17		4.17651346154114		3.06541969655385
2021-09-24		4.17854494895039		3.06011664701043
2021-10-01		4.16983172948045		3.04855196484254
2021-10-08		4.18336936583397		3.04671880550561
2021-10-15		4.19600015243809		3.0466996965445
2021-10-22		4.18919880905461		3.05453607711811
2021-10-29		4.19674264218586		3.05898863205879
2021-11-05		4.17919091492711		3.05336404260009
2021-11-12		4.16570406060587		3.00451614957152
2021-11-19		4.16870972284368		3.00843875709851
2021-11-26		4.21072794923365		3.03842165372046
2021-12-03		4.28560225289367		3.08382558058027
2021-12-10		4.23950778343897		3.03051359434843
2021-12-17		4.22675301254695		3.0710875292918
2021-12-24		4.2198034931944		3.06022985306994
2021-12-31		4.28037633229866		3.08079993720851
2022-01-07		4.20642763486986		3.02483210270173
2022-01-14		4.1758813764982		2.99231002690423
2022-01-21		4.15720830018707		2.98513963099083
2022-01-28		4.23665026444295		3.03127961199681
2022-02-04		4.24434976129994		3.02785863506354
2022-02-11		4.29586119250583		3.05931500352623
2022-02-18		4.38417918616559		3.15982979231888
2022-02-25		4.46171519927789		3.22983846236946
2022-03-04		4.4537746867728		3.24193603990983
2022-03-11		4.77329785913411		3.50053771599677
2022-03-18		4.72174089781076		3.45360981464082
2022-03-25		4.5823469600073		3.33856216149833
2022-04-01		4.4331048380424		3.17536127110806
2022-04-08		4.19868280571032		3.01087177887668
2022-04-15		4.19981310817067		3.04871794483991
2022-04-22		4.21455467588161		3.01962953336435
2022-04-29		4.32392627002777		3.10274658464665
2022-05-06		4.45370498776753		3.23516224867446
2022-05-13		4.94292401350464		3.63349524195021
2022-05-20		5.09464865352738		3.72478381912594
2022-05-27		5.16713692006923		3.71841676120812
2022-06-03		4.96190902249778		3.48545036412118
2022-06-10		4.99038255375087		3.50535567368182
2022-06-17		5.38973078105364		3.83324796891127
2022-06-24		5.49972919392619		3.88932235681221
2022-07-01		5.87024843598552		4.16697621333022
2022-07-08		5.91197235877488		4.1931917061723
2022-07-15		5.84341300636366		4.13883942268278
2022-07-22		5.4138681662434		3.720255810389
2022-07-29		5.3657848919672		3.68371104373575
2022-08-05		5.18497258754535		3.49514018477731
2022-08-12		4.89893499237146		3.29749471391827
2022-08-19		4.98887241789133		3.33027462506864
2022-08-26		5.07694673634835		3.41590090858603
2022-09-02		5.23012890770867		3.47741643573316
2022-09-09		5.20813916105857		3.45706476697873
2022-09-16		5.29260414352571		3.4951882831456
2022-09-23		5.58069895713423		3.59514583215458
2022-09-30		5.95424627704004		3.8044689405769
2022-10-07		5.74787332032119		3.64247625709545
2022-10-14		5.91973992825147		3.6632204178041
2022-10-21		5.91555830600449		3.57145685899135
2022-10-28		5.9393160349981		3.55280821962995
2022-11-04		5.77744999132781		3.4684290570924
2022-11-11		5.65463490200775		3.43584534830288
2022-11-18		5.51877624984427		3.40342637810754
2022-11-25		5.53338512141118		3.41009529146504
2022-12-02		5.48187975284611		3.39905781322169
2022-12-09		5.49547200452299		3.39380985857368
2022-12-16		5.50482737446216		3.36601559915847
2022-12-23		5.45820522247659		3.37067928051912
2022-12-30		5.47131763392736		3.38462776604
2023-01-06		5.32532752746079		3.24028168773051
2023-01-13		5.0935681262709		3.10548972862594
2023-01-20		5.03228265237015		3.11398051722137
2023-01-27		4.91538780153413		3.08770211990513
2023-02-03		4.88783981636924		3.07568037144501
2023-02-10		4.80035578601994		3.08251777170337
2023-02-17		4.87803879409925		3.2642159953622
2023-02-24		5.0024355210421		3.32613083005194
2023-03-03		4.98220101336694		3.31908353110109
2023-03-10		5.02067218864067		3.41226325980725
2023-03-17		5.4284592280188		3.69312459188341
2023-03-24		5.46015865454741		3.41076956816121
2023-03-31		5.16159891946793		3.29848853008191
2023-04-07		5.10177038801146		3.2840999216597
2023-04-14		5.05150348255803		3.25970723977671
2023-04-21		4.97136536961754		3.27240854456264
2023-04-28		4.9648964189216		3.26087304478011
2023-05-05		5.0727824278723		3.31235367463578
2023-05-12		5.12192944492827		3.37095675952783
2023-05-19		5.14241091334059		3.39199445765739
2023-05-26		5.2714715506019		3.44621535151174
2023-06-02		5.25038727865748		3.44261557540231
2023-06-09		5.08601839192266		3.35070698269619
2023-06-16		4.96360494202584		3.29029499365745
2023-06-23		4.97692064563626		3.30342416330775
2023-06-30		4.81836912018537		3.209455621531
2023-07-07		4.72801127303233		3.16413316959267
2023-07-14		4.5892874041397		3.10757318770804
2023-07-21		4.65031936637405		3.12319738642292
2023-07-28		4.65130846202699		3.11844380406022
2023-08-04		4.72433331333539		3.13965908365023
2023-08-11		4.72097852024232		3.13169296626439
2023-08-18		4.7814995714259		3.13032972809667
2023-08-25		4.77112294713473		3.12093251651773
2023-09-01		4.69536558497596		3.1151301188841
2023-09-08		4.62774780915257		3.11556673686872
2023-09-15		4.49944612308881		3.07473169331102
2023-09-22		4.4967756645971		3.08696070338685
2023-09-29		4.60099862594902		3.13128052544342
2023-10-06		4.73394830616631		3.22947469018209
2023-10-13		4.67568454991729		3.19381949405343
2023-10-20		4.74705725397444		3.20905057758238
2023-10-27		4.84919564590059		3.24798127953383
2023-11-03		4.84012543959042		3.19086442921904
2023-11-10		4.76369295147738		3.22054538305418
2023-11-17		4.72722606361623		3.18016603287138
2023-11-24		4.74204387278806		3.19989109637263
2023-12-01		4.74406733966552		3.1995421987107
2023-12-08		4.67626386939788		3.17545726284641
2023-12-15		4.55542998749156		3.10902273128329
2023-12-22		4.52372242713245		3.08300588570076
2023-12-29		4.46379606304717		3.04439116184219
2024-01-05		4.44416393781167		3.03849446510619
2024-01-12		4.42998849305406		3.03175535872249
2024-01-19		4.46649593961854		3.02229752126663
2024-01-26		4.47676959603577		3.03487327327727
2024-02-02		4.44661255026788		3.0877437451045
2024-02-09		4.42857341517991		3.09455673046814
2024-02-16		4.40104041488779		3.07316340802546
2024-02-23		4.38169992657429		3.05854411401054
2024-03-01		4.36360045800961		3.01175741777971
2024-03-08		4.3141197585875		3.02985455018771
2024-03-15		4.25289487855915		3.00819667535299
2024-03-22		4.26749124644629		3.02781447638552
2024-03-29		4.27157503265625		2.96854851157396
2024-04-05		4.25975421987518		2.94220870584076
2024-04-12		4.33952504897737		2.94106228848252
2024-04-19		4.36381603173792		2.94803820354432
2024-04-26		4.30378908436083		2.92353809018166
2024-05-03		4.28359194153597		2.90295964206167
2024-05-10		4.21385733162228		2.89975419762436
2024-05-17		4.202134004268		2.89884121041725
2024-05-24		4.20374688373111		2.87768734509637
2024-05-31		4.2014676745876		2.86866968575059
2024-06-07		4.18833704485273		2.87085759198522
2024-06-14		4.22743258223545		2.90796587831294
2024-06-21		4.25467681544396		2.84321508081804
2024-06-28		4.23592779225434		2.81915312820015
2024-07-05		4.22286030618708		2.81326997732665
2024-07-12		4.2069198722959		2.80832055676732
2024-07-19		4.17674094806602		2.79052867527271
2024-07-26		4.1827477531041		2.78396456822947
2024-08-02		4.2396981103713		2.80798921870207
2024-08-09		4.24467641104815		2.79602373708319
2024-08-16		4.17782099737817		2.78553728885875
2024-08-23		4.11230286931712		2.69557353911778
2024-08-30		4.12325499090734		2.67816594309273
2024-09-06		4.14164499740827		2.68989930353821
2024-09-13		4.15218482459485		2.69963017265512
2024-09-20		4.13097668955865		2.69536930835065
2024-09-27		4.13593101687655		2.7163125482196
2024-10-04		4.10375104135303		2.70260586703339
2024-10-11		4.05404990643135		2.69069439589513
2024-10-18		4.00724888648943		2.69169124302654
2024-10-25		4.01146501243722		2.68954904037111
2024-11-01		4.03315331499767		2.70684771571673
2024-11-08		3.98731019977159		2.67493040566281
2024-11-15		3.91870933942233		2.65088199404798
2024-11-22		3.88537377176416		2.5881559089506
2024-11-29		3.86873984259593		2.57766968556317
2024-12-06		3.85233899165915		2.58208721431771
2024-12-13		3.8388008719629		2.55527206439055
2024-12-20		3.88629460234016		2.61474894462608
2024-12-27		3.86974965613866		2.58955104982756
2025-01-03		3.84603074574195		2.5547603266432
2025-01-10		3.86217179617611		2.5470767475489
2025-01-17		3.88355928451076		2.52729558357672
2025-01-24		3.86760435720279		2.53036601892401
2025-01-31		3.87116541656956		2.47806543076873
2025-02-07		3.81913867893667		2.48913614322055
2025-02-14		3.81995753909982		2.47439149610879
2025-02-21		3.80818117937534		2.46748832636148
2025-02-28		3.85366764019206		2.47149164743871
2025-03-07		3.92218177711249		2.56162094190912
2025-03-14		4.02112992798041		2.6055623019941
2025-03-21		4.04005269905427		2.60225771711133
2025-03-28		4.01241391290956		2.57599591729042
2025-04-04		4.44003489329235		2.84840210850713
2025-04-11		4.49456995911895		2.91976184848826
2025-04-18		4.4069086964613		2.86740404441381
2025-04-25		4.19464462576726		2.76728714338179
2025-05-02		4.14491908034956		2.75395434622603
2025-05-09		4.08445506853632		2.71035115648258
2025-05-16		3.95657976483579		2.59583220253553
2025-05-23		3.99288291599949		2.5777813017595
2025-05-30		3.96622782304022		2.56644820179043
2025-06-06		3.96896004616704		2.55342646096036
2025-06-13		3.99237606381003		2.56732486905654
2025-06-20		3.9840021964037		2.57757236121635
2025-06-27		3.90810280634967		2.39637425578523
2025-07-04		3.83394645169307		2.38137852323914
2025-07-11		3.79568395394525		2.35822496791222
2025-07-18		3.73082820879254		2.34450193396479
2025-07-25		3.74365903559204		2.373383806744
2025-08-01		3.7597305244027		2.4364372609829
2025-08-08		3.70420056075288		2.42716456687066
2025-08-15		3.70786680274946		2.39582682531158
2025-08-22		3.6599242730762		2.35239009897182
2025-08-29		3.64037685215986		2.31359635735986
2025-09-05		3.62160072610737		2.29717030311954
2025-09-12		3.60463191795389		2.29440591770478
2025-09-19		3.60682744599197		2.28904255568929
2025-09-26		3.61418898989969		2.29210596641817
2025-10-03		3.63739019421403		2.29576833032156
2025-10-10		3.73921831408034		2.32326446174562
2025-10-17		3.74668086836262		2.31560357004238

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 recovered from April's low levels

This is a line chart showing a 5-day moving average of Treasury market depth from Jan-uary 2019 through October 2025. The chart uses dual y-axes, both measured in millions of dollars: the left scale ranges from 0 to 35 for the 30-year Treasury (blue line), and the right scale ranges from 0 to 350 for both the 5-year Treasury (thin black line) and 10-year Treasury (thick burgundy line). All three series show significant volatility through-out the period. Market depth was generally higher in early 2019, with the 5-year Treas-ury reaching around 250-300 million dollars and the 30-year around 25-30 million dol-lars. A sharp decline occurred across all maturities in early 2020, with depths dropping to approximately 50 million dollars for 5-year and 10-year Treasuries, and about 5 mil-lion dollars for 30-year Treasuries. After recovering somewhat, market depths declined again in 2022-2023 before beginning to recover. The chart shows a notable drop in April 2025 across all maturities, followed by a recovery throughout the rest of the year. The last data through October 23, 2025, show the 5-year at approximately 75 million dollars, the 10-year at about 150 million dollars, and the 30-year at around 15 million dollars.

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. While 2-year on-the-run Treasury market depth remained close to historical lows, 10-year market depth rose to levels last seen in 2021

This is a line chart showing 5-day moving average market depth for two Treasury matur-ities from September 2019 through October 2025. The chart uses dual y-axes, both measured in millions of dollars: the left scale ranges from 0 to 60 for 10-year OTR mar-ket depth (thick blue line) and the right scale ranges from 0 to 300 for 2-year OTR mar-ket depth (thin black line). Both series show significant volatility with a sharp decline in early 2020, when 10-year market depth fell to around 5 million dollars and 2-year depth fell to around 20 million dollars. Both series recover throughout 2020, with volatility present in the trend upwards. There is a notable divergence in recovery patterns after a drop in late-2021: while 2-year Treasury market depth remained persistently low (gener-ally below 50 million dollars), the 10-year Treasury market depth recovered substantial-ly to nearly 200 million dollars in early 2025. After experiencing a significant drop to about 10 million dollars in April 2025, the 10-year market depth rebounded strongly to approximately 50 million dollars by the final data point on October 23, 2025. Mean-while, the 2-year market depth remained near historical lows at about 40-50 million dol-lars in October 2025.

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 stayed below average

Market depth (number of contracts)

Date	Close Depth
2019-01-02	28.0259259259259
2019-01-03	29.6592592592593
2019-01-04	34.6641975308642
2019-01-07	42.0740740740741
2019-01-08	49.9469135802469
2019-01-09	55.7481481481482
2019-01-10	63.9061728395062
2019-01-11	70.9197530864198
2019-01-14	77.4358024691358
2019-01-15	80.7851851851852
2019-01-16	87.4679012345679
2019-01-17	94.0444444444444
2019-01-18	95.3716049382716
2019-01-22	92.7074074074074
2019-01-23	90.8148148148148
2019-01-24	84.9666666666667
2019-01-25	82.8197530864198
2019-01-28	83.2925925925926
2019-01-29	87.4259259259259
2019-01-30	91.6876543209877
2019-01-31	100.62962962963
2019-02-01	101.575308641975
2019-02-04	107.238271604938
2019-02-05	112.927160493827
2019-02-06	116.696296296296
2019-02-07	113.676543209877
2019-02-08	113.453086419753
2019-02-11	110.040740740741
2019-02-12	115.088888888889
2019-02-13	117.918518518519
2019-02-14	116.955555555556
2019-02-15	120.154320987654
2019-02-19	130.606172839506
2019-02-20	124.932098765432
2019-02-21	122.804938271605
2019-02-22	131.672839506173
2019-02-25	138.524691358025
2019-02-26	134.449382716049
2019-02-27	137.77037037037
2019-02-28	139.243209876543
2019-03-01	145.174074074074
2019-03-04	139.423456790123
2019-03-05	138.443209876543
2019-03-06	135.295061728395
2019-03-07	127.244444444444
2019-03-08	106.09012345679
2019-03-11	116.882716049383
2019-03-12	117.260493827161
2019-03-13	123.002469135802
2019-03-14	131.22962962963
2019-03-15	146.745679012346
2019-03-18	146.406172839506
2019-03-19	149.267901234568
2019-03-20	139.781481481481
2019-03-21	145.992592592593
2019-03-22	135.262962962963
2019-03-25	118.696296296296
2019-03-26	113.066666666667
2019-03-27	110.855555555556
2019-03-28	98.9172839506173
2019-03-29	105.874074074074
2019-04-01	117.065432098765
2019-04-02	123.37037037037
2019-04-03	134.138271604938
2019-04-04	141.159259259259
2019-04-05	152.27037037037
2019-04-08	155.586419753086
2019-04-09	160.920987654321
2019-04-10	163.104938271605
2019-04-11	167.087654320988
2019-04-12	170.686419753086
2019-04-15	183.998765432099
2019-04-16	189.643209876543
2019-04-17	191.772839506173
2019-04-18	199.637037037037
2019-04-22	197.238271604938
2019-04-23	201.460493827161
2019-04-24	203.306172839506
2019-04-25	212.171604938272
2019-04-26	206.453086419753
2019-04-29	212.28024691358
2019-04-30	201.583950617284
2019-05-01	191.983950617284
2019-05-02	175.50987654321
2019-05-03	175.897530864198
2019-05-06	166.364197530864
2019-05-07	147.193827160494
2019-05-08	131.88024691358
2019-05-09	121.824691358025
2019-05-10	104.675308641975
2019-05-13	86.6975308641975
2019-05-14	90.1506172839506
2019-05-15	88.0901234567901
2019-05-16	96.9037037037037
2019-05-17	96.6172839506173
2019-05-20	98.2395061728395
2019-05-21	100.818518518519
2019-05-22	106.551851851852
2019-05-23	99.0271604938272
2019-05-24	102.355555555556
2019-05-28	106.774074074074
2019-05-29	104.330864197531
2019-05-30	107.141975308642
2019-05-31	117.075308641975
2019-06-03	114.301234567901
2019-06-04	119.040740740741
2019-06-05	114.83950617284
2019-06-06	112.376543209877
2019-06-07	112.038271604938
2019-06-10	123.404938271605
2019-06-11	120.279012345679
2019-06-12	127.492592592593
2019-06-13	129.633333333333
2019-06-14	120.750617283951
2019-06-17	121.91975308642
2019-06-18	122.835802469136
2019-06-19	119.850617283951
2019-06-20	121.469135802469
2019-06-21	127.259259259259
2019-06-24	127.771604938272
2019-06-25	130.764197530864
2019-06-26	134.223456790123
2019-06-27	134.127160493827
2019-06-28	141.317283950617
2019-07-01	141.97037037037
2019-07-02	144.33950617284
2019-07-03	149.125281803543
2019-07-05	151.267257112185
2019-07-08	154.47219538379
2019-07-09	159.919108964037
2019-07-10	164.145034889962
2019-07-11	164.91975308642
2019-07-12	179.664197530864
2019-07-15	186.417283950617
2019-07-16	185.374074074074
2019-07-17	188.240740740741
2019-07-18	191.341975308642
2019-07-19	178.230864197531
2019-07-22	170.669135802469
2019-07-23	170.230864197531
2019-07-24	169.733333333333
2019-07-25	162.20987654321
2019-07-26	173.045679012346
2019-07-29	174.095061728395
2019-07-30	175.465432098765
2019-07-31	169.42962962963
2019-08-01	163.79012345679
2019-08-02	138.256790123457
2019-08-05	120.174074074074
2019-08-06	97.5728395061729
2019-08-07	77.4777777777778
2019-08-08	77.0135802469136
2019-08-09	78.3864197530864
2019-08-12	78.8320987654321
2019-08-13	77.3395061728395
2019-08-14	80.7617283950617
2019-08-15	68.2728395061729
2019-08-16	71.7876543209876
2019-08-19	81.041975308642
2019-08-20	91.1728395061728
2019-08-21	101.445679012346
2019-08-22	112.002469135802
2019-08-23	101.656790123457
2019-08-26	88.8135802469136
2019-08-27	82.0654320987654
2019-08-28	76.1802469135803
2019-08-29	77.7061728395062
2019-08-30	88.3049382716049
2019-09-03	90.2703703703704
2019-09-04	101.676543209877
2019-09-05	109.595061728395
2019-09-06	112.127160493827
2019-09-09	123.924691358025
2019-09-10	132.402469135803
2019-09-11	141.145679012346
2019-09-12	134.882716049383
2019-09-13	129.561728395062
2019-09-16	115.028395061728
2019-09-17	112.63950617284
2019-09-18	102.158024691358
2019-09-19	110.883950617284
2019-09-20	117.546913580247
2019-09-23	124.944444444444
2019-09-24	120.30987654321
2019-09-25	115.179012345679
2019-09-26	107.79012345679
2019-09-27	100.898765432099
2019-09-30	101.441975308642
2019-10-01	102.645679012346
2019-10-02	100.859259259259
2019-10-03	94.4888888888889
2019-10-04	99.4592592592593
2019-10-07	91.3654320987654
2019-10-08	87.6123456790123
2019-10-09	86.0987654320988
2019-10-10	86.3172839506173
2019-10-11	76.0172839506173
2019-10-14	76.3950617283951
2019-10-15	88.4641975308642
2019-10-16	96.7604938271605
2019-10-17	105.075308641975
2019-10-18	115.972839506173
2019-10-21	129.074074074074
2019-10-22	129.427160493827
2019-10-23	133.48024691358
2019-10-24	135.892592592593
2019-10-25	145.453086419753
2019-10-28	148.365432098765
2019-10-29	153.345679012346
2019-10-30	149.092592592593
2019-10-31	150.186419753086
2019-11-01	150.543209876543
2019-11-04	155.696296296296
2019-11-05	157.051851851852
2019-11-06	159.553086419753
2019-11-07	165.686419753086
2019-11-08	165.948148148148
2019-11-11	166.386419753086
2019-11-12	166.351851851852
2019-11-13	172.292592592593
2019-11-14	175.846913580247
2019-11-15	191.12962962963
2019-11-18	192.03950617284
2019-11-19	192.807407407407
2019-11-20	187.666666666667
2019-11-21	182.460493827161
2019-11-22	165.228395061728
2019-11-25	174.98024691358
2019-11-26	181.564197530864
2019-11-27	195.092592592593
2019-11-29	201.571926999463
2019-12-02	199.460815888352
2019-12-03	178.416371443908
2019-12-04	174.55834675255
2019-12-05	164.964519592056
2019-12-06	177.88024691358
2019-12-09	193.592592592593
2019-12-10	202.901234567901
2019-12-11	202.986419753086
2019-12-12	194.093827160494
2019-12-13	161.122222222222
2019-12-16	161.424691358025
2019-12-17	166.140740740741
2019-12-18	169.72962962963
2019-12-19	195.393827160494
2019-12-20	222.816049382716
2019-12-23	219.769135802469
2019-12-24	208.280032206119
2019-12-26	207.813365539453
2019-12-27	193.417069243156
2019-12-30	181.334353193774
2019-12-31	171.05040257649
2020-01-02	178.895061728395
2020-01-03	165.234567901235
2020-01-06	163.427160493827
2020-01-07	160.998765432099
2020-01-08	156.916049382716
2020-01-09	151.543209876543
2020-01-10	159.755555555556
2020-01-13	160.416049382716
2020-01-14	162.771604938272
2020-01-15	166.533333333333
2020-01-16	177.144444444444
2020-01-17	183.661728395062
2020-01-21	188.002469135802
2020-01-22	196.26049382716
2020-01-23	199.667901234568
2020-01-24	183.407407407407
2020-01-27	165.316049382716
2020-01-28	158.837037037037
2020-01-29	147.274074074074
2020-01-30	131.897530864198
2020-01-31	128.911111111111
2020-02-03	130.41975308642
2020-02-04	130.497530864198
2020-02-05	126.514814814815
2020-02-06	134.933333333333
2020-02-07	134.6
2020-02-10	141.924691358025
2020-02-11	142.548148148148
2020-02-12	152.156790123457
2020-02-13	152.767901234568
2020-02-14	160.204938271605
2020-02-18	162.344444444444
2020-02-19	170.186419753086
2020-02-20	161.275308641975
2020-02-21	153
2020-02-24	135.258024691358
2020-02-25	108.738271604938
2020-02-26	75.7037037037037
2020-02-27	54.2061728395062
2020-02-28	35.2814814814815
2020-03-02	24.8111111111111
2020-03-03	19.4037037037037
2020-03-04	18.3691358024691
2020-03-05	18.4074074074074
2020-03-06	18.7259259259259
2020-03-09	22.0038461538462
2020-03-10	21.6840930674264
2020-03-11	18.9273029439696
2020-03-12	28.6235992402659
2020-03-13	27.1322412155746
2020-03-16	37.1259259259259
2020-03-17	36.220987654321
2020-03-18	35.3904828879512
2020-03-19	22.8065322706673
2020-03-20	22.6559149867167
2020-03-23	7.49542115955618
2020-03-24	8.60529770276606
2020-03-25	11.3135802469136
2020-03-26	11.5641975308642
2020-03-27	12.3246913580247
2020-03-30	12.9938271604938
2020-03-31	13.9037037037037
2020-04-01	13.5271604938272
2020-04-02	14.6469135802469
2020-04-03	16.5864197530864
2020-04-06	20.1345679012346
2020-04-07	20.2234567901235
2020-04-08	20.8296296296296
2020-04-09	22.3641975308642
2020-04-13	22.7197530864198
2020-04-14	23.2382716049383
2020-04-15	26.0913580246914
2020-04-16	27.1975308641975
2020-04-17	30.2555555555556
2020-04-20	32.4185185185185
2020-04-21	31.2
2020-04-22	32.1061728395062
2020-04-23	32.8086419753087
2020-04-24	33.0012345679012
2020-04-27	37.2061728395062
2020-04-28	39.8641975308642
2020-04-29	41.4987654320988
2020-04-30	42.4333333333333
2020-05-01	43.7851851851852
2020-05-04	42.1888888888889
2020-05-05	46.5358024691358
2020-05-06	46.4913580246914
2020-05-07	50.2728395061729
2020-05-08	55.8777777777778
2020-05-11	60.7888888888889
2020-05-12	60.9
2020-05-13	60.7407407407407
2020-05-14	57.7456790123457
2020-05-15	50.3604938271605
2020-05-18	50.5024691358025
2020-05-19	47.7716049382716
2020-05-20	52.1753086419753
2020-05-21	55.4345679012346
2020-05-22	60.958024691358
2020-05-26	62.4901234567901
2020-05-27	63.7641975308642
2020-05-28	63.0617283950617
2020-05-29	59.5283950617284
2020-06-01	61.5901234567901
2020-06-02	62.4851851851852
2020-06-03	71.1049382716049
2020-06-04	74.237037037037
2020-06-05	82.0395061728395
2020-06-08	84.0567901234568
2020-06-09	82.1197530864198
2020-06-10	71.6530864197531
2020-06-11	63.0851851851852
2020-06-12	51.0222222222222
2020-06-15	39.1864197530864
2020-06-16	28.3123456790123
2020-06-17	26.9506172839506
2020-06-18	28.0382716049383
2020-06-19	32.6765432098766
2020-06-22	39.0333333333333
2020-06-23	46.5395061728395
2020-06-24	46.537037037037
2020-06-25	46.3197530864198
2020-06-26	44.9320987654321
2020-06-29	42.5962962962963
2020-06-30	41.8617283950617
2020-07-01	43.9641975308642
2020-07-02	47.562962962963
2020-07-06	53.058024691358
2020-07-07	57.7925925925926
2020-07-08	59.420987654321
2020-07-09	59.4358024691358
2020-07-10	57.9345679012346
2020-07-13	59.0592592592593
2020-07-14	51.3530864197531
2020-07-15	47.6592592592593
2020-07-16	48.4382716049383
2020-07-17	54.6469135802469
2020-07-20	59.9037037037037
2020-07-21	67.2641975308642
2020-07-22	74.4666666666667
2020-07-23	74.1703703703704
2020-07-24	70.9654320987654
2020-07-27	73.3432098765432
2020-07-28	75.9901234567901
2020-07-29	81.3172839506173
2020-07-30	84.2740740740741
2020-07-31	87.7740740740741
2020-08-03	83.0864197530864
2020-08-04	82.9876543209877
2020-08-05	82.1222222222222
2020-08-06	89.7012345679013
2020-08-07	89.3037037037037
2020-08-10	89.5604938271605
2020-08-11	91.6765432098765
2020-08-12	89.4765432098766
2020-08-13	86.5876543209877
2020-08-14	85.6938271604938
2020-08-17	90.7432098765432
2020-08-18	93.6160493827161
2020-08-19	99.820987654321
2020-08-20	102.037037037037
2020-08-21	104.198765432099
2020-08-24	102.464197530864
2020-08-25	98.7148148148148
2020-08-26	102.730864197531
2020-08-27	96.0123456790124
2020-08-28	98.3876543209877
2020-08-31	96.5493827160494
2020-09-01	98.4407407407407
2020-09-02	86.7481481481481
2020-09-03	79.7271604938272
2020-09-04	65.2456790123457
2020-09-08	51.504938271605
2020-09-09	41.9604938271605
2020-09-10	31.4925925925926
2020-09-11	28.8444444444444
2020-09-14	34.8518518518519
2020-09-15	46.9567901234568
2020-09-16	49.5518518518519
2020-09-17	54.2592592592593
2020-09-18	63.6901234567901
2020-09-21	65.4518518518519
2020-09-22	59.0777777777778
2020-09-23	58.7567901234568
2020-09-24	55.4777777777778
2020-09-25	51.3320987654321
2020-09-28	53.6037037037037
2020-09-29	57.4765432098766
2020-09-30	57.2185185185185
2020-10-01	57.7938271604938
2020-10-02	56.0617283950617
2020-10-05	55.8407407407407
2020-10-06	52.0555555555556
2020-10-07	53.9876543209877
2020-10-08	58.3444444444445
2020-10-09	64.3679012345679
2020-10-12	63.9234567901235
2020-10-13	64.583950617284
2020-10-14	62.758024691358
2020-10-15	60.0691358024691
2020-10-16	59.2037037037037
2020-10-19	55.9061728395062
2020-10-20	56.462962962963
2020-10-21	55.1950617283951
2020-10-22	56.783950617284
2020-10-23	56.8246913580247
2020-10-26	55.9827160493827
2020-10-27	55.7259259259259
2020-10-28	56.162962962963
2020-10-29	53.4098765432099
2020-10-30	45.9037037037037
2020-11-02	42.620987654321
2020-11-03	41.7123456790123
2020-11-04	36.3827160493827
2020-11-05	33.9802469135802
2020-11-06	36.741975308642
2020-11-09	35.1049382716049
2020-11-10	32.6777777777778
2020-11-11	39.1358024691358
2020-11-12	41.6358024691358
2020-11-13	48.3753086419753
2020-11-16	56.8234567901235
2020-11-17	64.2777777777778
2020-11-18	68.6913580246914
2020-11-19	72.3888888888889
2020-11-20	69.3086419753087
2020-11-23	65.7432098765432
2020-11-24	66.0740740740741
2020-11-25	63.2777777777778
2020-11-27	65.9863929146538
2020-11-30	68.3542941492217
2020-12-01	70.6530595813205
2020-12-02	69.79256575416
2020-12-03	71.8407139023081
2020-12-04	76.1111111111111
2020-12-07	80.0123456790124
2020-12-08	87.0654320987654
2020-12-09	86.9518518518519
2020-12-10	84.7518518518519
2020-12-11	77.1395061728395
2020-12-14	74.1160493827161
2020-12-15	74.2938271604938
2020-12-16	77.9753086419753
2020-12-17	87.9691358024691
2020-12-18	90.758024691358
2020-12-21	84.8444444444444
2020-12-22	76.2703703703704
2020-12-23	76.0222222222222
2020-12-24	66.3659688674182
2020-12-28	75.1511540526033
2020-12-29	80.3276972624799
2020-12-30	86.1042404723564
2020-12-31	86.0536231884058
2021-01-04	82.4962962962963
2021-01-05	71.0493827160494
2021-01-06	66.6876543209877
2021-01-07	62.7913580246914
2021-01-08	55.9851851851852
2021-01-11	56.0283950617284
2021-01-12	54.0098765432099
2021-01-13	57.2481481481482
2021-01-14	61.6481481481482
2021-01-15	62.8604938271605
2021-01-19	69.0950617283951
2021-01-20	78.5123456790123
2021-01-21	85.2024691358025
2021-01-22	85.8777777777778
2021-01-25	82.783950617284
2021-01-26	79.5345679012346
2021-01-27	66.8802469135803
2021-01-28	54.1901234567901
2021-01-29	41.3098765432099
2021-02-01	40.837037037037
2021-02-02	43.6827160493827
2021-02-03	49.5592592592593
2021-02-04	62.858024691358
2021-02-05	76.2395061728395
2021-02-08	87.4592592592593
2021-02-09	93.1123456790124
2021-02-10	92.562962962963
2021-02-11	86.8617283950617
2021-02-12	86.5950617283951
2021-02-16	80.0370370370371
2021-02-17	70.479012345679
2021-02-18	71.8703703703704
2021-02-19	71.7012345679012
2021-02-22	66.8876543209877
2021-02-23	61.862962962963
2021-02-24	61.7987654320988
2021-02-25	55.8814814814815
2021-02-26	47.4703703703704
2021-03-01	48.2987654320988
2021-03-02	49.2061728395062
2021-03-03	43.6234567901235
2021-03-04	41.6913580246914
2021-03-05	40.6555555555556
2021-03-08	32.6395061728395
2021-03-09	34.8395061728395
2021-03-10	35.5938271604938
2021-03-11	41.8481481481482
2021-03-12	44.241975308642
2021-03-15	53.1864197530864
2021-03-16	57.858024691358
2021-03-17	62.0987654320988
2021-03-18	63.7962962962963
2021-03-19	67.3740740740741
2021-03-22	70.320987654321
2021-03-23	69.8666666666667
2021-03-24	73.7987654320988
2021-03-25	72.2283950617284
2021-03-26	78.9592592592593
2021-03-29	75.2592592592593
2021-03-30	73.1358024691358
2021-03-31	80.3444444444444
2021-04-01	89.0024691358025
2021-04-05	93.1962962962963
2021-04-06	102.225925925926
2021-04-07	108.083950617284
2021-04-08	107.511111111111
2021-04-09	111.102469135802
2021-04-12	111.48024691358
2021-04-13	109
2021-04-14	109.369135802469
2021-04-15	112.59012345679
2021-04-16	111.706172839506
2021-04-19	108.558024691358
2021-04-20	103.320987654321
2021-04-21	106.113580246914
2021-04-22	99.0530864197531
2021-04-23	99.7320987654321
2021-04-26	102.211111111111
2021-04-27	102.312345679012
2021-04-28	100.244444444444
2021-04-29	98.3
2021-04-30	91.6530864197531
2021-05-03	87.7111111111111
2021-05-04	85.3358024691358
2021-05-05	81.5518518518519
2021-05-06	81.9666666666667
2021-05-07	85.5382716049383
2021-05-10	87.7444444444445
2021-05-11	84.5222222222222
2021-05-12	76.958024691358
2021-05-13	74.083950617284
2021-05-14	68.3864197530864
2021-05-17	62.2271604938272
2021-05-18	67.583950617284
2021-05-19	68.4
2021-05-20	72.341975308642
2021-05-21	73.8740740740741
2021-05-24	83.2271604938272
2021-05-25	85.7283950617284
2021-05-26	98.9555555555556
2021-05-27	100.58024691358
2021-05-28	106.930864197531
2021-06-01	102.381481481482
2021-06-02	104.266666666667
2021-06-03	97.5962962962963
2021-06-04	99.8691358024691
2021-06-07	98.9753086419753
2021-06-08	103.620987654321
2021-06-09	103.661728395062
2021-06-10	104.098765432099
2021-06-11	100.811111111111
2021-06-14	102.735802469136
2021-06-15	101.454320987654
2021-06-16	100.467901234568
2021-06-17	99.0913580246914
2021-06-18	94.2851851851852
2021-06-21	88.2469135802469
2021-06-22	88.0765432098765
2021-06-23	91.6555555555555
2021-06-24	96.1604938271605
2021-06-25	109.777777777778
2021-06-28	116.366666666667
2021-06-29	119.746913580247
2021-06-30	120.945679012346
2021-07-01	128.088888888889
2021-07-02	129.291358024691
2021-07-06	132.491358024691
2021-07-07	126.935802469136
2021-07-08	116.243209876543
2021-07-09	119.667901234568
2021-07-12	123.193827160494
2021-07-13	114.743209876543
2021-07-14	117.072839506173
2021-07-15	122.93950617284
2021-07-16	111.172839506173
2021-07-19	90.5802469135803
2021-07-20	91.2320987654321
2021-07-21	90.3802469135802
2021-07-22	92.4246913580247
2021-07-23	101.38024691358
2021-07-26	111.867901234568
2021-07-27	107.753086419753
2021-07-28	102.134567901235
2021-07-29	104.344444444444
2021-07-30	94.9320987654321
2021-08-02	89.3938271604938
2021-08-03	91.8098765432099
2021-08-04	95.5320987654321
2021-08-05	100.249382716049
2021-08-06	107.953086419753
2021-08-09	116.472839506173
2021-08-10	123.148148148148
2021-08-11	131.737037037037
2021-08-12	137.57037037037
2021-08-13	144.620987654321
2021-08-16	147.264197530864
2021-08-17	140.113580246914
2021-08-18	130.169135802469
2021-08-19	107.724691358025
2021-08-20	92.579012345679
2021-08-23	94.5518518518519
2021-08-24	106.554320987654
2021-08-25	118.47037037037
2021-08-26	127.40987654321
2021-08-27	137.235802469136
2021-08-30	140.312345679012
2021-08-31	136.128395061728
2021-09-01	132.420987654321
2021-09-02	140.071604938272
2021-09-03	136.465432098765
2021-09-07	131.413580246914
2021-09-08	124.586419753086
2021-09-09	120.501234567901
2021-09-10	107.182716049383
2021-09-13	93.4567901234568
2021-09-14	83.0506172839506
2021-09-15	83.0703703703704
2021-09-16	76.4320987654321
2021-09-17	76.4888888888889
2021-09-20	76.5246913580247
2021-09-21	68.6382716049383
2021-09-22	61.7950617283951
2021-09-23	61.2074074074074
2021-09-24	63.1432098765432
2021-09-27	68.362962962963
2021-09-28	67.7864197530864
2021-09-29	66.7864197530864
2021-09-30	60.1913580246914
2021-10-01	53.1950617283951
2021-10-04	44.6506172839506
2021-10-05	48.2753086419753
2021-10-06	45.1061728395062
2021-10-07	52.7382716049383
2021-10-08	55.4925925925926
2021-10-11	59.2086419753086
2021-10-12	54.0271604938272
2021-10-13	56.1
2021-10-14	57.1333333333334
2021-10-15	64.3049382716049
2021-10-18	70.2160493827161
2021-10-19	84.7765432098765
2021-10-20	91.8037037037037
2021-10-21	98.1666666666667
2021-10-22	90.9395061728395
2021-10-25	92.9148148148148
2021-10-26	86.7148148148148
2021-10-27	84.5888888888889
2021-10-28	76.0851851851852
2021-10-29	80.3024691358025
2021-11-01	76.004938271605
2021-11-02	81.2
2021-11-03	83.6888888888889
2021-11-04	88.7123456790124
2021-11-05	89.6592592592593
2021-11-08	88.7395061728395
2021-11-09	78.8049382716049
2021-11-10	75.4469135802469
2021-11-11	73.5641975308642
2021-11-12	78.5123456790123
2021-11-15	77.4691358024692
2021-11-16	85.2716049382716
2021-11-17	89.7407407407407
2021-11-18	87.0913580246914
2021-11-19	79.9506172839506
2021-11-22	81.0703703703704
2021-11-23	70.858024691358
2021-11-24	64.0962962962963
2021-11-26	55.191975308642
2021-11-29	51.3166666666667
2021-11-30	43.5030864197531
2021-12-01	42.8956790123457
2021-12-02	36.4314814814815
2021-12-03	35.4530864197531
2021-12-06	31.2592592592593
2021-12-07	39.3679012345679
2021-12-08	41.4962962962963
2021-12-09	45.8962962962963
2021-12-10	49.4160493827161
2021-12-13	51.0703703703704
2021-12-14	45.062962962963
2021-12-15	43.0148148148148
2021-12-16	41.4481481481482
2021-12-17	39.2283950617284
2021-12-20	36.7456790123457
2021-12-21	39.2617283950617
2021-12-22	41.8876543209877
2021-12-23	49.7444444444445
2021-12-27	59.4
2021-12-28	63.3827160493827
2021-12-29	63.962962962963
2021-12-30	65.0061728395062
2021-12-31	57.7888888888889
2022-01-03	52.6654320987654
2022-01-04	53.2753086419753
2022-01-05	50.9938271604938
2022-01-06	45.2012345679012
2022-01-07	44.0012345679012
2022-01-10	39.5456790123457
2022-01-11	35.7641975308642
2022-01-12	33.0530864197531
2022-01-13	34.2864197530864
2022-01-14	31.6086419753086
2022-01-18	30.1864197530864
2022-01-19	28.3641975308642
2022-01-20	27.0851851851852
2022-01-21	23.2098765432099
2022-01-24	20.820987654321
2022-01-25	18.1876543209877
2022-01-26	15.3123456790123
2022-01-27	12.4888888888889
2022-01-28	12.6950617283951
2022-01-31	15.1382716049383
2022-02-01	16.8283950617284
2022-02-02	18.1666666666667
2022-02-03	19.9962962962963
2022-02-04	21.1395061728395
2022-02-07	20.9666666666667
2022-02-08	23.1481481481481
2022-02-09	26.8950617283951
2022-02-10	27.2666666666667
2022-02-11	27.0086419753086
2022-02-14	26.1024691358025
2022-02-15	26.6259259259259
2022-02-16	24.8679012345679
2022-02-17	26.3024691358025
2022-02-18	26.841975308642
2022-02-22	27.1358024691358
2022-02-23	25.1061728395062
2022-02-24	21.8802469135803
2022-02-25	19.6876543209877
2022-02-28	18.3777777777778
2022-03-01	17.4234567901235
2022-03-02	16.2432098765432
2022-03-03	17.0753086419753
2022-03-04	16.5382716049383
2022-03-07	16.283950617284
2022-03-08	15.8148148148148
2022-03-09	15.7481481481482
2022-03-10	16.2308641975309
2022-03-11	15.520987654321
2022-03-14	15.2543209876543
2022-03-15	16.5962962962963
2022-03-16	16.7654320987654
2022-03-17	17.0555555555556
2022-03-18	19.6407407407407
2022-03-21	21.3123456790123
2022-03-22	23.8654320987654
2022-03-23	25.9074074074074
2022-03-24	28.1938271604938
2022-03-25	28.9148148148148
2022-03-28	31.4246913580247
2022-03-29	30.5037037037037
2022-03-30	31.9802469135803
2022-03-31	31.8049382716049
2022-04-01	32.4950617283951
2022-04-04	34.2753086419753
2022-04-05	35.4271604938272
2022-04-06	34.2802469135803
2022-04-07	33.1654320987654
2022-04-08	32.8098765432099
2022-04-11	30.5469135802469
2022-04-12	29.6012345679012
2022-04-13	31.283950617284
2022-04-14	32.7716049382716
2022-04-18	33.1876543209877
2022-04-19	34.7765432098765
2022-04-20	34.6950617283951
2022-04-21	33.4888888888889
2022-04-22	32.3333333333333
2022-04-25	30.0679012345679
2022-04-26	26.7876543209877
2022-04-27	24.0320987654321
2022-04-28	22.7259259259259
2022-04-29	21.2814814814815
2022-05-02	20.058024691358
2022-05-03	18.4543209876543
2022-05-04	19.1382716049383
2022-05-05	17
2022-05-06	15.0604938271605
2022-05-09	14.662962962963
2022-05-10	13.9333333333333
2022-05-11	12.379012345679
2022-05-12	11.979012345679
2022-05-13	15.2728395061728
2022-05-16	16.1641975308642
2022-05-17	18.1271604938272
2022-05-18	20.8913580246914
2022-05-19	21.3765432098765
2022-05-20	19.6592592592593
2022-05-23	20.158024691358
2022-05-24	19.9753086419753
2022-05-25	18.6172839506173
2022-05-26	21.6493827160494
2022-05-27	26.1
2022-05-31	26.5123456790124
2022-06-01	27.1012345679012
2022-06-02	29.0530864197531
2022-06-03	27.4913580246914
2022-06-06	24.3197530864198
2022-06-07	28.2012345679012
2022-06-08	30.6382716049383
2022-06-09	31.7395061728395
2022-06-10	30.6617283950617
2022-06-13	29.0481481481482
2022-06-14	25.5074074074074
2022-06-15	22.7864197530864
2022-06-16	20.4271604938272
2022-06-17	21.0493827160494
2022-06-21	24.0296296296296
2022-06-22	24.2703703703704
2022-06-23	23.9777777777778
2022-06-24	27.9395061728395
2022-06-27	29.1086419753086
2022-06-28	28.8395061728395
2022-06-29	29.0827160493827
2022-06-30	29.9407407407407
2022-07-01	26.1987654320988
2022-07-05	26.1086419753086
2022-07-06	24.0925925925926
2022-07-07	26.820987654321
2022-07-08	27.2703703703704
2022-07-11	29.9493827160494
2022-07-12	32.2037037037037
2022-07-13	34.3654320987654
2022-07-14	32.0456790123457
2022-07-15	34.1086419753086
2022-07-18	35.4543209876543
2022-07-19	37.9753086419753
2022-07-20	39.1135802469136
2022-07-21	40.9061728395062
2022-07-22	40.8777777777778
2022-07-25	40.3123456790124
2022-07-26	40.8222222222222
2022-07-27	42.2024691358025
2022-07-28	43.4679012345679
2022-07-29	46.1925925925926
2022-08-01	46.2716049382716
2022-08-02	43.3308641975309
2022-08-03	46.0975308641975
2022-08-04	45.3037037037037
2022-08-05	45.2296296296296
2022-08-08	45.0469135802469
2022-08-09	46.6172839506173
2022-08-10	45.6382716049383
2022-08-11	48.5320987654321
2022-08-12	51.2024691358025
2022-08-15	57.6876543209877
2022-08-16	60.958024691358
2022-08-17	59.8296296296296
2022-08-18	60.9493827160494
2022-08-19	60.8395061728395
2022-08-22	61.0358024691358
2022-08-23	58.8234567901235
2022-08-24	62.4296296296296
2022-08-25	63.6703703703704
2022-08-26	59.0234567901235
2022-08-29	52.441975308642
2022-08-30	51.2296296296296
2022-08-31	46.1444444444445
2022-09-01	40.7641975308642
2022-09-02	39.1197530864198
2022-09-06	37.2555555555556
2022-09-07	36.6111111111111
2022-09-08	35.0975308641975
2022-09-09	33.9518518518519
2022-09-12	35.762962962963
2022-09-13	38.5592592592593
2022-09-14	38.1358024691358
2022-09-15	39.8111111111111
2022-09-16	42.0333333333333
2022-09-19	43.0913580246914
2022-09-20	45.4679012345679
2022-09-21	44.9493827160494
2022-09-22	43.7358024691358
2022-09-23	42.6308641975309
2022-09-26	40.0037037037037
2022-09-27	36.0728395061728
2022-09-28	36.0765432098766
2022-09-29	36.6987654320988
2022-09-30	35.6543209876543
2022-10-03	36.8543209876543
2022-10-04	36.9382716049383
2022-10-05	37.0037037037037
2022-10-06	35.5827160493827
2022-10-07	35.7024691358025
2022-10-10	34.2703703703704
2022-10-11	32.8716049382716
2022-10-12	31.7123456790124
2022-10-13	30.2641975308642
2022-10-14	28.3358024691358
2022-10-17	29.8333333333333
2022-10-18	30.8975308641975
2022-10-19	31.3740740740741
2022-10-20	34.2987654320988
2022-10-21	35.2703703703704
2022-10-24	33.279012345679
2022-10-25	35.6604938271605
2022-10-26	35.4913580246914
2022-10-27	34.2814814814815
2022-10-28	38.5148148148148
2022-10-31	39.7135802469136
2022-11-01	37.1827160493827
2022-11-02	37.5098765432099
2022-11-03	36.8901234567901
2022-11-04	31.4703703703704
2022-11-07	31.8049382716049
2022-11-08	32.9283950617284
2022-11-09	32.7246913580247
2022-11-10	34.1777777777778
2022-11-11	36.3901234567901
2022-11-14	36.5160493827161
2022-11-15	33.5456790123457
2022-11-16	32.9296296296296
2022-11-17	33.041975308642
2022-11-18	32.6617283950617
2022-11-21	33.5901234567901
2022-11-22	38.2456790123457
2022-11-23	41.1654320987654
2022-11-25	42.6273483628556
2022-11-28	47.4680891035964
2022-11-29	49.6051261406334
2022-11-30	49.2075952764359
2022-12-01	46.8693236714976
2022-12-02	47.7123456790123
2022-12-05	45.7358024691358
2022-12-06	44.5864197530864
2022-12-07	42.2691358024691
2022-12-08	46.4938271604938
2022-12-09	42.6679012345679
2022-12-12	43.6740740740741
2022-12-13	38.2740740740741
2022-12-14	36.6432098765432
2022-12-15	33.0172839506173
2022-12-16	34.8567901234568
2022-12-19	33.8037037037037
2022-12-20	38.1851851851852
2022-12-21	44.0308641975309
2022-12-22	46.2827160493827
2022-12-23	45.0765432098765
2022-12-27	42.3913580246914
2022-12-28	41.3691358024691
2022-12-29	40.8679012345679
2022-12-30	38.7777777777778
2023-01-03	37.9654320987654
2023-01-04	38.8851851851852
2023-01-05	38.9802469135802
2023-01-06	38.5691358024691
2023-01-09	42.7469135802469
2023-01-10	45.3024691358025
2023-01-11	50.9283950617284
2023-01-12	50.7950617283951
2023-01-13	51.7481481481482
2023-01-17	50.5246913580247
2023-01-18	53.358024691358
2023-01-19	50.9901234567901
2023-01-20	55.7938271604938
2023-01-23	56.204938271605
2023-01-24	55.5728395061728
2023-01-25	53.1432098765432
2023-01-26	52.0506172839506
2023-01-27	52.5111111111111
2023-01-30	51.9691358024691
2023-01-31	55.758024691358
2023-02-01	55.0530864197531
2023-02-02	54.7592592592593
2023-02-03	49.0506172839506
2023-02-06	46.9814814814815
2023-02-07	41.4358024691358
2023-02-08	43.0851851851852
2023-02-09	44.2691358024691
2023-02-10	46.6975308641975
2023-02-13	50.2950617283951
2023-02-14	49.5827160493827
2023-02-15	49.9518518518519
2023-02-16	49.9074074074074
2023-02-17	53.3592592592593
2023-02-21	54.7456790123457
2023-02-22	58.3234567901235
2023-02-23	61.2234567901235
2023-02-24	63.3950617283951
2023-02-27	63.8086419753086
2023-02-28	64.1913580246914
2023-03-01	67.1679012345679
2023-03-02	69.0283950617284
2023-03-03	72.0827160493827
2023-03-06	73.0049382716049
2023-03-07	70.8925925925926
2023-03-08	69.3049382716049
2023-03-09	67.7925925925926
2023-03-10	56.9814814814815
2023-03-13	45.1012345679012
2023-03-14	40.4543209876543
2023-03-15	32.0518518518519
2023-03-16	25.6148148148148
2023-03-17	27.3432098765432
2023-03-20	31.1481481481481
2023-03-21	34.5962962962963
2023-03-22	39.141975308642
2023-03-23	41.3506172839506
2023-03-24	42.2518518518519
2023-03-27	43.662962962963
2023-03-28	44.7481481481482
2023-03-29	49.5296296296296
2023-03-30	53.3197530864198
2023-03-31	64.3753086419753
2023-04-03	72.0728395061729
2023-04-04	73.3938271604938
2023-04-05	76.0185185185185
2023-04-06	78.7617283950617
2023-04-10	74.6234567901235
2023-04-11	76.4160493827161
2023-04-12	74.2592592592593
2023-04-13	74.8617283950617
2023-04-14	73.0493827160494
2023-04-17	71.4962962962963
2023-04-18	67.9938271604938
2023-04-19	72.5407407407408
2023-04-20	71.5
2023-04-21	72.7185185185185
2023-04-24	76.9679012345679
2023-04-25	78.279012345679
2023-04-26	77.3308641975309
2023-04-27	81.4197530864198
2023-04-28	78.4358024691358
2023-05-01	75.562962962963
2023-05-02	73.5493827160494
2023-05-03	69.0962962962963
2023-05-04	59.2691358024691
2023-05-05	61.6086419753086
2023-05-08	60.7493827160494
2023-05-09	61.4246913580247
2023-05-10	61.2395061728395
2023-05-11	62.5950617283951
2023-05-12	61.0395061728395
2023-05-15	62.3024691358025
2023-05-16	61.9432098765432
2023-05-17	66.6148148148148
2023-05-18	67.1753086419753
2023-05-19	65.6259259259259
2023-05-22	62.7691358024691
2023-05-23	62.8641975308642
2023-05-24	59.9271604938272
2023-05-25	58.4382716049383
2023-05-26	60.1493827160494
2023-05-30	60.1098765432099
2023-05-31	60.3407407407407
2023-06-01	62.7358024691358
2023-06-02	67.3432098765432
2023-06-05	67.2024691358025
2023-06-06	69.0913580246914
2023-06-07	68.4555555555556
2023-06-08	70.9148148148148
2023-06-09	68.2802469135802
2023-06-12	68.6555555555556
2023-06-13	67.3259259259259
2023-06-14	65.5098765432099
2023-06-15	59.9481481481482
2023-06-16	58.0432098765432
2023-06-20	56.1777777777778
2023-06-21	53.8518518518519
2023-06-22	53.0382716049383
2023-06-23	53.8222222222222
2023-06-26	56.2666666666667
2023-06-27	61.4259259259259
2023-06-28	64.8
2023-06-29	69.7074074074074
2023-06-30	77.1703703703704
2023-07-03	81.4150026838433
2023-07-05	80.9298174986581
2023-07-06	87.4508051529791
2023-07-07	91.3495705850778
2023-07-10	86.7273483628556
2023-07-11	86.6530864197531
2023-07-12	86.9333333333333
2023-07-13	85.0851851851852
2023-07-14	80.3283950617284
2023-07-17	82.3234567901235
2023-07-18	83.9197530864198
2023-07-19	82.4506172839506
2023-07-20	78.6246913580247
2023-07-21	78.5506172839506
2023-07-24	76.8098765432099
2023-07-25	79.1666666666667
2023-07-26	77.8506172839506
2023-07-27	78.1506172839506
2023-07-28	78.1074074074074
2023-07-31	77.6197530864198
2023-08-01	72.5938271604938
2023-08-02	75.4259259259259
2023-08-03	76.2728395061729
2023-08-04	76.6320987654321
2023-08-07	78.7654320987654
2023-08-08	77.8358024691358
2023-08-09	77.2222222222222
2023-08-10	70.6
2023-08-11	66.4
2023-08-14	61.6679012345679
2023-08-15	57.3864197530864
2023-08-16	51.9592592592593
2023-08-17	55.1296296296296
2023-08-18	53.8691358024691
2023-08-21	53.8654320987654
2023-08-22	53.9345679012346
2023-08-23	55.6061728395062
2023-08-24	54.4111111111111
2023-08-25	52.2543209876543
2023-08-28	49.5938271604938
2023-08-29	51.1518518518519
2023-08-30	51.2246913580247
2023-08-31	53.8074074074074
2023-09-01	58.1074074074074
2023-09-05	64.2925925925926
2023-09-06	67.7024691358025
2023-09-07	70.8123456790124
2023-09-08	70.7864197530864
2023-09-11	72.0469135802469
2023-09-12	69.2950617283951
2023-09-13	68.6851851851852
2023-09-14	70.0296296296296
2023-09-15	70.2851851851852
2023-09-18	72.9604938271605
2023-09-19	76.2172839506173
2023-09-20	73.9703703703704
2023-09-21	70.9271604938272
2023-09-22	70.6765432098765
2023-09-25	67.2098765432099
2023-09-26	64.8506172839506
2023-09-27	63.4567901234568
2023-09-28	61.2555555555556
2023-09-29	57.1382716049383
2023-10-02	53.0518518518519
2023-10-03	47.8555555555556
2023-10-04	45.4222222222222
2023-10-05	43.0012345679012
2023-10-06	43.1407407407407
2023-10-09	45.4938271604938
2023-10-10	48.6740740740741
2023-10-11	51.0049382716049
2023-10-12	52.4530864197531
2023-10-13	53.2444444444445
2023-10-16	55.1716049382716
2023-10-17	53.8987654320988
2023-10-18	52.2506172839506
2023-10-19	49.9259259259259
2023-10-20	49.2728395061729
2023-10-23	46.4592592592593
2023-10-24	45.058024691358
2023-10-25	44.5
2023-10-26	45.2160493827161
2023-10-27	44.2222222222222
2023-10-30	46.4259259259259
2023-10-31	47.7246913580247
2023-11-01	47.6259259259259
2023-11-02	52.8864197530864
2023-11-03	57.6407407407407
2023-11-06	60.8925925925926
2023-11-07	65.8074074074074
2023-11-08	70.3197530864198
2023-11-09	69.6012345679012
2023-11-10	71.1950617283951
2023-11-13	72.041975308642
2023-11-14	72.4148148148148
2023-11-15	73.141975308642
2023-11-16	75.537037037037
2023-11-17	77.062962962963
2023-11-20	79.3407407407408
2023-11-21	79.579012345679
2023-11-22	80.9814814814815
2023-11-24	80.3296296296296
2023-11-27	80.6308641975309
2023-11-28	80.8518518518519
2023-11-29	81.9802469135803
2023-11-30	83.7604938271605
2023-12-01	83.4950617283951
2023-12-04	87.1074074074074
2023-12-05	86.262962962963
2023-12-06	89.2358024691358
2023-12-07	92.3320987654321
2023-12-08	92.7259259259259
2023-12-11	91.3185185185185
2023-12-12	93.5888888888889
2023-12-13	94.4753086419753
2023-12-14	89.6592592592593
2023-12-15	86.6160493827161
2023-12-18	88.9382716049383
2023-12-19	91.8851851851852
2023-12-20	89.7135802469136
2023-12-21	84.8666666666667
2023-12-22	86.5098765432099
2023-12-26	80.2987654320988
2023-12-27	73.5358024691358
2023-12-28	70.3172839506173
2023-12-29	71.4358024691358
2024-01-02	71.1555555555556
2024-01-03	67.4925925925926
2024-01-04	63.2506172839506
2024-01-05	58.7123456790124
2024-01-08	62.158024691358
2024-01-09	63.7259259259259
2024-01-10	67.9024691358025
2024-01-11	66.2567901234568
2024-01-12	66.7345679012346
2024-01-16	62.3493827160494
2024-01-17	60.0320987654321
2024-01-18	56.7444444444445
2024-01-19	60.5074074074074
2024-01-22	60.0493827160494
2024-01-23	62.6358024691358
2024-01-24	62.258024691358
2024-01-25	60.9864197530864
2024-01-26	59.5641975308642
2024-01-29	63.1641975308642
2024-01-30	62.6716049382716
2024-01-31	61.8728395061728
2024-02-01	61.5604938271605
2024-02-02	60.6172839506173
2024-02-05	58.4740740740741
2024-02-06	56.7679012345679
2024-02-07	58.0938271604938
2024-02-08	62.9012345679012
2024-02-09	67.9518518518519
2024-02-12	71.4135802469136
2024-02-13	72.8666666666667
2024-02-14	72.1592592592593
2024-02-15	70.079012345679
2024-02-16	66.0469135802469
2024-02-20	60.2111111111111
2024-02-21	58.2691358024691
2024-02-22	57.9481481481482
2024-02-23	55.6493827160494
2024-02-26	55.8938271604938
2024-02-27	58.0691358024691
2024-02-28	60.4876543209877
2024-02-29	62.5765432098765
2024-03-01	69.8148148148148
2024-03-04	77.5975308641975
2024-03-05	78.1172839506173
2024-03-06	76.5493827160494
2024-03-07	78.620987654321
2024-03-08	68.4827160493827
2024-03-11	55.2086419753087
2024-03-12	51.9074074074074
2024-03-13	53.4716049382716
2024-03-14	47.7469135802469
2024-03-15	49.6271604938272
2024-03-18	53.5728395061728
2024-03-19	55.1024691358025
2024-03-20	52.7716049382716
2024-03-21	54.9802469135803
2024-03-22	58.1234567901235
2024-03-25	60.7358024691358
2024-03-26	66.2308641975309
2024-03-27	70.1148148148148
2024-03-28	74.3938271604938
2024-04-01	73.420987654321
2024-04-02	74.0506172839506
2024-04-03	69.5074074074074
2024-04-04	69.3049382716049
2024-04-05	61.2456790123457
2024-04-08	58.9543209876543
2024-04-09	54.1
2024-04-10	49.5049382716049
2024-04-11	43.8962962962963
2024-04-12	44.2382716049383
2024-04-15	41.8012345679012
2024-04-16	38.8246913580247
2024-04-17	37.8864197530864
2024-04-18	35.6098765432099
2024-04-19	32.9925925925926
2024-04-22	34.7061728395062
2024-04-23	36.520987654321
2024-04-24	38.9802469135802
2024-04-25	40.6135802469136
2024-04-26	45.8358024691358
2024-04-29	49.162962962963
2024-04-30	50.4148148148148
2024-05-01	49.1827160493827
2024-05-02	48.9160493827161
2024-05-03	46.7913580246914
2024-05-06	48.6
2024-05-07	53.1543209876543
2024-05-08	60.2617283950617
2024-05-09	68.6728395061728
2024-05-10	73.0962962962963
2024-05-13	76.0567901234568
2024-05-14	77.8333333333334
2024-05-15	80.5456790123457
2024-05-16	80.5395061728395
2024-05-17	85.0814814814815
2024-05-20	87.4148148148148
2024-05-21	93.437037037037
2024-05-22	92.9358024691358
2024-05-23	88.1925925925926
2024-05-24	84.2
2024-05-28	76.9074074074074
2024-05-29	69.2308641975309
2024-05-30	63.9901234567901
2024-05-31	65.620987654321
2024-06-03	61.2160493827161
2024-06-04	58.9518518518519
2024-06-05	57.7234567901235
2024-06-06	57.9049382716049
2024-06-07	53.8123456790124
2024-06-10	57.3135802469136
2024-06-11	60.0012345679012
2024-06-12	58.5246913580247
2024-06-13	57.5728395061729
2024-06-14	57.3851851851852
2024-06-17	55.2975308641975
2024-06-18	55.1185185185185
2024-06-20	55.2283950617284
2024-06-21	54.3493827160494
2024-06-24	55.0123456790124
2024-06-25	55.2
2024-06-26	51.937037037037
2024-06-27	51.9148148148148
2024-06-28	51.9530864197531
2024-07-01	53.5358024691358
2024-07-02	55.3271604938272
2024-07-03	58.8256307031669
2024-07-05	60.5280998389694
2024-07-08	63.9429146537842
2024-07-09	67.2564949006978
2024-07-10	72.7169887278583
2024-07-11	70.7271604938272
2024-07-12	70.7160493827161
2024-07-15	68.5160493827161
2024-07-16	64.8703703703704
2024-07-17	58.0432098765432
2024-07-18	55.8222222222222
2024-07-19	50.3185185185185
2024-07-22	48.3148148148148
2024-07-23	46.4271604938272
2024-07-24	44.7283950617284
2024-07-25	42.4320987654321
2024-07-26	41.5851851851852
2024-07-29	40.1123456790123
2024-07-30	38.5777777777778
2024-07-31	35.341975308642
2024-08-01	34.3765432098765
2024-08-02	32.637037037037
2024-08-05	26.9592592592593
2024-08-06	22.5407407407407
2024-08-07	19.0938271604938
2024-08-08	17.7530864197531
2024-08-09	17.4407407407407
2024-08-12	19.937037037037
2024-08-13	24.2987654320988
2024-08-14	26.7234567901235
2024-08-15	32.0827160493827
2024-08-16	36.4827160493827
2024-08-19	41.8691358024691
2024-08-20	43.0888888888889
2024-08-21	43.3617283950617
2024-08-22	40.7679012345679
2024-08-23	37.4888888888889
2024-08-26	35.3333333333333
2024-08-27	35.1987654320988
2024-08-28	35.8654320987654
2024-08-29	35.0691358024691
2024-08-30	36.8740740740741
2024-09-03	35.6543209876543
2024-09-04	33.2555555555556
2024-09-05	32.9061728395062
2024-09-06	31.6296296296296
2024-09-09	32.5111111111111
2024-09-10	34.0753086419753
2024-09-11	34.1061728395062
2024-09-12	34.7320987654321
2024-09-13	36.6740740740741
2024-09-16	34.1308641975309
2024-09-17	31.6530864197531
2024-09-18	31.279012345679
2024-09-19	30.7185185185185
2024-09-20	31.9518518518519
2024-09-23	33.6604938271605
2024-09-24	36.5641975308642
2024-09-25	39.1654320987654
2024-09-26	40.8320987654321
2024-09-27	42.4555555555556
2024-09-30	42.5135802469136
2024-10-01	38.3679012345679
2024-10-02	37.2283950617284
2024-10-03	34.1913580246914
2024-10-04	30.7456790123457
2024-10-07	30.7901234567901
2024-10-08	34.1074074074074
2024-10-09	35.9814814814815
2024-10-10	38.2987654320988
2024-10-11	42.4012345679012
2024-10-14	45.6382716049383
2024-10-15	47.7679012345679
2024-10-16	50.2197530864198
2024-10-17	51.6160493827161
2024-10-18	52.7061728395062
2024-10-21	51.2604938271605
2024-10-22	50.1
2024-10-23	47.7271604938272
2024-10-24	46.3506172839506
2024-10-25	42.9802469135803
2024-10-28	40.8876543209877
2024-10-29	39.2506172839506
2024-10-30	37.0395061728395
2024-10-31	35.9012345679012
2024-11-01	34.6777777777778
2024-11-04	33.879012345679
2024-11-05	33.6703703703704
2024-11-06	33.0567901234568
2024-11-07	34.1765432098765
2024-11-08	37.679012345679
2024-11-11	41.062962962963
2024-11-12	44.9123456790124
2024-11-13	46.3641975308642
2024-11-14	46.4493827160494
2024-11-15	43.0740740740741
2024-11-18	42.9296296296296
2024-11-19	40.9740740740741
2024-11-20	38.9222222222222
2024-11-21	36.2901234567901
2024-11-22	36.437037037037
2024-11-25	34.8864197530864
2024-11-26	35.1604938271605
2024-11-27	39.3024691358025
2024-11-29	45.4763821792807
2024-12-02	49.1492216854536
2024-12-03	53.4171229200215
2024-12-04	58.4418142780462
2024-12-05	65.7294685990338
2024-12-06	69.8827160493827
2024-12-09	75.1851851851852
2024-12-10	81.9469135802469
2024-12-11	89.637037037037
2024-12-12	89.9271604938272
2024-12-13	87.5913580246914
2024-12-16	86.7283950617284
2024-12-17	81.4901234567901
2024-12-18	71.3901234567901
2024-12-19	60.183950617284
2024-12-20	52.079012345679
2024-12-23	43.6444444444444
2024-12-24	39.3163446054751
2024-12-26	35.0904186795491
2024-12-27	34.9854804079442
2024-12-30	34.4077026301664
2024-12-31	31.9435050993022
2025-01-02	24.8469135802469
2025-01-03	23.1259259259259
2025-01-06	23.0024691358025
2025-01-07	23.6641975308642
2025-01-08	24.4185185185185
2025-01-10	25.6864197530864
2025-01-13	25.4864197530864
2025-01-14	24.4604938271605
2025-01-15	27.4555555555556
2025-01-16	28.9765432098766
2025-01-17	33.7222222222222
2025-01-21	37.5543209876543
2025-01-22	46.941975308642
2025-01-23	51.3851851851852
2025-01-24	56.1160493827161
2025-01-27	53.0086419753086
2025-01-28	53.7024691358025
2025-01-29	44.8320987654321
2025-01-30	39.1592592592593
2025-01-31	34.4728395061728
2025-02-03	32.1296296296296
2025-02-04	29.4172839506173
2025-02-05	33.4567901234568
2025-02-06	35.2518518518519
2025-02-07	33.0160493827161
2025-02-10	39.6864197530864
2025-02-11	41.7074074074074
2025-02-12	38.9716049382716
2025-02-13	39.0716049382716
2025-02-14	45.2382716049383
2025-02-20	45.0530864197531
2025-02-21	43.2691358024691
2025-02-24	42.5469135802469
2025-02-25	39.141975308642
2025-02-26	33.841975308642
2025-02-27	28.1024691358025
2025-02-28	24.3382716049383
2025-03-03	21.3691358024691
2025-03-04	19.220987654321
2025-03-05	16.7024691358025
2025-03-06	15.8691358024691
2025-03-07	14.683950617284
2025-03-10	14.4185185185185
2025-03-11	13.6543209876543
2025-03-12	14.020987654321
2025-03-13	14.2864197530864
2025-03-14	16.2864197530864
2025-03-17	16.3358024691358
2025-03-18	17.4666666666667
2025-03-19	18.4962962962963
2025-03-20	19.5592592592593
2025-03-21	19.5074074074074
2025-03-24	25.3358024691358
2025-03-25	29.7518518518519
2025-03-26	32.2234567901235
2025-03-27	33.6888888888889
2025-03-28	36.1172839506173
2025-03-31	32.383950617284
2025-04-01	29.3259259259259
2025-04-02	28.4740740740741
2025-04-03	25.9728395061728
2025-04-04	20.6543209876543
2025-04-07	16.6358024691358
2025-04-08	12.937037037037
2025-04-09	8.20617283950617
2025-04-10	6.14320987654321
2025-04-11	5.76666666666667
2025-04-14	6.65185185185185
2025-04-15	8.07037037037037
2025-04-16	9.68518518518519
2025-04-17	10.4876543209877
2025-04-21	12.7444444444444
2025-04-22	14.3592592592593
2025-04-23	13.7345679012346
2025-04-24	15.2506172839506
2025-04-25	16.3555555555556
2025-04-28	16.1222222222222
2025-04-29	16.2777777777778
2025-04-30	17.2333333333333
2025-05-01	17.1185185185185
2025-05-02	18.3283950617284
2025-05-05	21.0456790123457
2025-05-06	22.0703703703704
2025-05-07	22.5530864197531
2025-05-08	22.358024691358
2025-05-09	22.1296296296296
2025-05-12	22.5049382716049
2025-05-13	24.262962962963
2025-05-14	25.8481481481482
2025-05-15	28.1962962962963
2025-05-16	31.6543209876543
2025-05-19	31.9382716049383
2025-05-20	31.7530864197531
2025-05-21	31.3123456790123
2025-05-22	30.4197530864198
2025-05-23	27.3913580246914
2025-05-27	29.5148148148148
2025-05-28	31.0777777777778
2025-05-29	31.1740740740741
2025-05-30	30.5950617283951
2025-06-02	32.2098765432099
2025-06-03	32.358024691358
2025-06-04	32.0740740740741
2025-06-05	32.2679012345679
2025-06-06	33.8197530864198
2025-06-09	35.7074074074074
2025-06-10	33.4234567901235
2025-06-11	32.0592592592593
2025-06-12	34.4271604938272
2025-06-13	31.6259259259259
2025-06-16	28.5444444444445
2025-06-17	27.3185185185185
2025-06-18	26.0740740740741
2025-06-20	23.5185185185185
2025-06-23	25.1061728395062
2025-06-24	28.8555555555556
2025-06-25	31.8604938271605
2025-06-26	37.0691358024691
2025-06-27	40.5518518518519
2025-06-30	43.8827160493827
2025-07-01	43.2296296296296
2025-07-02	45.5716049382716
2025-07-03	45.2349168008588
2025-07-07	43.7287439613527
2025-07-08	43.4213365539453
2025-07-09	44.2793612453033
2025-07-10	44.899114331723
2025-07-11	44.5320987654321
2025-07-14	48.358024691358
2025-07-15	48.2666666666667
2025-07-16	46.537037037037
2025-07-17	46.6567901234568
2025-07-18	47.3222222222222
2025-07-21	49.158024691358
2025-07-22	51.0086419753086
2025-07-23	52.7753086419753
2025-07-24	52.9234567901235
2025-07-25	54.9222222222222
2025-07-28	54.562962962963
2025-07-29	54.7148148148148
2025-07-30	53.4135802469136
2025-07-31	47.2567901234568
2025-08-01	40.1197530864197
2025-08-04	37.358024691358
2025-08-05	34.058024691358
2025-08-06	33.9962962962963
2025-08-07	34.1938271604938
2025-08-08	39.0567901234568
2025-08-11	39.6395061728395
2025-08-12	44.2962962962963
2025-08-13	47.1024691358025
2025-08-14	50.7148148148148
2025-08-15	50.158024691358
2025-08-18	50.8753086419753
2025-08-19	48.7975308641975
2025-08-20	44.8320987654321
2025-08-21	42.0086419753086
2025-08-22	40.6098765432099
2025-08-25	41.7185185185185
2025-08-26	44.0592592592593
2025-08-27	50.8543209876543
2025-08-28	56.8407407407408
2025-08-29	59.1493827160494
2025-09-02	56.0679012345679
2025-09-03	54.5777777777778
2025-09-04	53.4246913580247
2025-09-05	46.9333333333333
2025-09-08	47.383950617284
2025-09-09	50.6728395061728
2025-09-10	51.5086419753086
2025-09-11	51.979012345679
2025-09-12	60.9506172839506
2025-09-15	59.9950617283951
2025-09-16	60.3172839506173
2025-09-17	57.483950617284
2025-09-18	54.7703703703704
2025-09-19	51.9172839506173
2025-09-22	56.7765432098766
2025-09-23	54.7950617283951
2025-09-24	56.662962962963
2025-09-25	55.7185185185185
2025-09-26	51.7407407407407
2025-09-29	47.1111111111111
2025-09-30	47.2061728395062
2025-10-01	50.5135802469136
2025-10-02	53.8962962962963
2025-10-03	57.1234567901235
2025-10-06	61.3197530864198
2025-10-07	60.7827160493827
2025-10-08	61.4444444444445
2025-10-09	59.6061728395062
2025-10-10	52.158024691358
2025-10-13	45.1271604938272
2025-10-14	42.1333333333333
2025-10-15	34.5493827160494
2025-10-16	28.0703703703704
2025-10-17	28.1518518518519
2025-10-20	32.5246913580247
2025-10-21	36.5283950617284
2025-10-22	35.3592592592593

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. The average value is 68.21 market depth (number of contracts).

Source: LSEG, Tick History; Federal Reserve Board staff calculations.

Return to text

Figure 1.14. Inflation-adjusted commercial real estate prices were little changed

Jan. 2001 = 100

Date	Commercial Real Estate Prices
2001-01-01	100
2001-02-01	100.275984052273
2001-03-01	100.57134283581
2001-04-01	100.495149736503
2001-05-01	100.186755375665
2001-06-01	99.9658485674814
2001-07-01	100.067217153957
2001-08-01	99.8127804295737
2001-09-01	99.1130824939957
2001-10-01	99.2061515051141
2001-11-01	99.1101544618018
2001-12-01	99.2149858695998
2002-01-01	98.6841390053129
2002-02-01	98.0224407557996
2002-03-01	97.277840952708
2002-04-01	96.7038104747208
2002-05-01	96.8831800538051
2002-06-01	97.2819167477667
2002-07-01	97.8654399984296
2002-08-01	98.4239536066775
2002-09-01	99.2494454058278
2002-10-01	100.037692670963
2002-11-01	100.9503540913
2002-12-01	102.04025007669
2003-01-01	102.458546265731
2003-02-01	102.452182771016
2003-03-01	102.449746622928
2003-04-01	103.140342303246
2003-05-01	103.725063836155
2003-06-01	104.035330650663
2003-07-01	104.412282055483
2003-08-01	104.573075559449
2003-09-01	104.809933371959
2003-10-01	105.431546103325
2003-11-01	106.088680322615
2003-12-01	106.474140539789
2004-01-01	106.254456866108
2004-02-01	106.17994217671
2004-03-01	106.292917588579
2004-04-01	106.998029083367
2004-05-01	107.525337192439
2004-06-01	108.406543337793
2004-07-01	109.895878283182
2004-08-01	111.243866638421
2004-09-01	112.436362539941
2004-10-01	113.154190679036
2004-11-01	114.311820199227
2004-12-01	115.904443133017
2005-01-01	116.866067133136
2005-02-01	117.359138643918
2005-03-01	117.569884596508
2005-04-01	117.970358587328
2005-05-01	119.425864892859
2005-06-01	120.846075907045
2005-07-01	121.886187889509
2005-08-01	122.990303786014
2005-09-01	123.239192119097
2005-10-01	124.577992270366
2005-11-01	126.830565808174
2005-12-01	128.316391649119
2006-01-01	128.138178112554
2006-02-01	128.666100453263
2006-03-01	128.686292702033
2006-04-01	128.134594757909
2006-05-01	127.88222595093
2006-06-01	127.927951448157
2006-07-01	127.870075003713
2006-08-01	127.941699732224
2006-09-01	128.884565022909
2006-10-01	129.919847568187
2006-11-01	130.552592267906
2006-12-01	130.944430359138
2007-01-01	131.350714049872
2007-02-01	131.676704131545
2007-03-01	131.66376222094
2007-04-01	132.037932597703
2007-05-01	132.396975295711
2007-06-01	133.17163005033
2007-07-01	133.833769470068
2007-08-01	134.044882634506
2007-09-01	132.828375186654
2007-10-01	131.263009308586
2007-11-01	129.108539635862
2007-12-01	128.01250534638
2008-01-01	126.381790944948
2008-02-01	125.18066814816
2008-03-01	123.323747230082
2008-04-01	121.741596076935
2008-05-01	119.674951876152
2008-06-01	117.20463743957
2008-07-01	115.163625926999
2008-08-01	114.127071861257
2008-09-01	112.683360091008
2008-10-01	112.005728012621
2008-11-01	112.104387460669
2008-12-01	111.014185279668
2009-01-01	108.223751172433
2009-02-01	105.334432507417
2009-03-01	102.694145794369
2009-04-01	99.9928498932403
2009-05-01	97.2537747581028
2009-06-01	94.068535900283
2009-07-01	92.0479113208903
2009-08-01	89.9565051100941
2009-09-01	88.3398928027862
2009-10-01	86.9954351380406
2009-11-01	85.9293949871604
2009-12-01	85.2534208000862
2010-01-01	84.3029429974332
2010-02-01	83.7779907454811
2010-03-01	83.0794733157984
2010-04-01	82.6888512883318
2010-05-01	82.506513910478
2010-06-01	82.6067851613633
2010-07-01	82.7591579475802
2010-08-01	82.95940774942
2010-09-01	83.3485477272917
2010-10-01	83.7418156089177
2010-11-01	84.1589457428815
2010-12-01	84.3552819296147
2011-01-01	84.1545860931477
2011-02-01	83.8168845642757
2011-03-01	83.0427453267878
2011-04-01	82.5990114694737
2011-05-01	82.4455652783718
2011-06-01	82.8880815854345
2011-07-01	83.3267632320096
2011-08-01	83.7004118329459
2011-09-01	84.2166306216278
2011-10-01	84.9452519342427
2011-11-01	85.4294276317056
2011-12-01	85.9475886582211
2012-01-01	85.8428660338162
2012-02-01	85.7436553325156
2012-03-01	85.3681678169966
2012-04-01	85.3569193786424
2012-05-01	85.6838697559448
2012-06-01	86.0645172708055
2012-07-01	86.5016640817401
2012-08-01	86.414577054035
2012-09-01	86.5510590208484
2012-10-01	87.2426658167625
2012-11-01	88.3751430216196
2012-12-01	89.2971853619642
2013-01-01	89.6384672353417
2013-02-01	89.4649441926191
2013-03-01	89.7829302399475
2013-04-01	90.4943148380582
2013-05-01	91.0558706118411
2013-06-01	91.6516545986894
2013-07-01	92.4601925336674
2013-08-01	93.2171650757173
2013-09-01	93.9845858307002
2013-10-01	95.0972237843327
2013-11-01	96.0988915244604
2013-12-01	96.8575574418997
2014-01-01	97.2353871278645
2014-02-01	97.6095537178213
2014-03-01	97.7138764819957
2014-04-01	98.1512053275121
2014-05-01	98.6292331755479
2014-06-01	99.3107515957328
2014-07-01	100.190507620962
2014-08-01	101.170998028738
2014-09-01	101.902716991119
2014-10-01	103.033506597587
2014-11-01	104.556460143791
2014-12-01	106.203495508279
2015-01-01	107.745527559796
2015-02-01	108.188506599003
2015-03-01	108.290372328919
2015-04-01	108.709558016308
2015-05-01	108.732028127969
2015-06-01	108.894488407403
2015-07-01	109.407064683327
2015-08-01	110.089573768956
2015-09-01	110.771572856513
2015-10-01	111.327142604865
2015-11-01	112.03230230152
2015-12-01	112.830715232164
2016-01-01	112.953210885485
2016-02-01	113.159277237056
2016-03-01	113.0486904944
2016-04-01	113.055312172324
2016-05-01	113.319375530732
2016-06-01	113.795313574405
2016-07-01	114.860980046022
2016-08-01	115.552377985746
2016-09-01	115.945178220087
2016-10-01	116.301943784272
2016-11-01	116.833741280182
2016-12-01	116.991772536369
2017-01-01	116.452875579707
2017-02-01	116.261390552936
2017-03-01	116.494974432503
2017-04-01	116.711186492305
2017-05-01	117.335472413845
2017-06-01	118.02120733218
2017-07-01	118.875690946695
2017-08-01	119.256914885572
2017-09-01	119.292492241392
2017-10-01	119.897471572717
2017-11-01	120.301440952081
2017-12-01	120.734454368067
2018-01-01	120.487685284544
2018-02-01	120.438781530771
2018-03-01	120.7585713942
2018-04-01	120.930865657775
2018-05-01	121.127278254466
2018-06-01	121.676824819838
2018-07-01	122.495452423789
2018-08-01	123.260369941867
2018-09-01	123.798529527187
2018-10-01	123.941900263728
2018-11-01	124.480201840125
2018-12-01	124.911831875455
2019-01-01	124.830852008075
2019-02-01	124.699643156822
2019-03-01	124.651611168902
2019-04-01	124.840528635933
2019-05-01	125.474486667938
2019-06-01	126.35895316709
2019-07-01	127.016832494762
2019-08-01	127.782986234975
2019-09-01	128.264568258191
2019-10-01	128.344855219919
2019-11-01	128.644386059033
2019-12-01	129.039818360308
2020-01-01	128.925985003288
2020-02-01	128.968421101916
2020-03-01	129.359460539892
2020-04-01	129.904270507403
2020-05-01	129.315357113493
2020-06-01	128.070144954283
2020-07-01	127.394290437239
2020-08-01	127.698583632561
2020-09-01	128.915147935091
2020-10-01	130.506276720782
2020-11-01	132.142310200493
2020-12-01	133.326509680441
2021-01-01	133.942044636485
2021-02-01	134.220247308574
2021-03-01	134.341624166673
2021-04-01	134.39887500314
2021-05-01	134.732991803618
2021-06-01	135.292803123948
2021-07-01	136.977962598451
2021-08-01	139.448040634969
2021-09-01	141.84000218749
2021-10-01	143.243744816714
2021-11-01	144.8729130005
2021-12-01	146.306410983424
2022-01-01	146.141882558924
2022-02-01	145.137167630592
2022-03-01	143.37229049971
2022-04-01	143.234319700001
2022-05-01	142.876057514263
2022-06-01	142.119309155538
2022-07-01	142.57056070324
2022-08-01	142.136296941621
2022-09-01	140.59137056795
2022-10-01	138.327952581107
2022-11-01	136.336998742369
2022-12-01	134.383070618308
2023-01-01	131.043580365823
2023-02-01	128.468929647293
2023-03-01	126.737319169941
2023-04-01	125.197475698141
2023-05-01	124.29819925944
2023-06-01	123.592102776128
2023-07-01	123.365155093571
2023-08-01	122.962087974789
2023-09-01	122.772235793414
2023-10-01	122.778084932553
2023-11-01	122.832196408372
2023-12-01	122.603504273995
2024-01-01	121.520344454009
2024-02-01	120.404178510373
2024-03-01	119.415713745563
2024-04-01	118.921498259849
2024-05-01	118.762901065638
2024-06-01	118.790088612897
2024-07-01	118.643748014102
2024-08-01	118.514972264398
2024-09-01	118.229729769239
2024-10-01	118.034823183057
2024-11-01	118.134169038026
2024-12-01	118.205125863063
2025-01-01	117.515999189382
2025-02-01	116.908919071334
2025-03-01	116.43896665922
2025-04-01	115.943329510747
2025-05-01	115.885759756618
2025-06-01	116.029152474507
2025-07-01	116.698181614327
2025-08-01	117.243175030966

Note: The data are deflated using the consumer price index. The dashed line at 100 indicates the index to January 2001 values.

Source: MSCI—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 leveled off but remained below the historical average

Percent

Date	Income of Properties Relative to Prices
2001-01-01	8.57960367528621
2001-02-01	8.57131220225177
2001-03-01	8.55949650921419
2001-04-01	8.56645662758812
2001-05-01	8.59016909622759
2001-06-01	8.59321142461956
2001-07-01	8.60810138686412
2001-08-01	8.63952328470535
2001-09-01	8.6539424788855
2001-10-01	8.67836122348643
2001-11-01	8.7245835880486
2001-12-01	8.7891023466927
2002-01-01	8.81665781746223
2002-02-01	8.85720270943629
2002-03-01	8.88363168943262
2002-04-01	8.90630520873901
2002-05-01	8.90050949871427
2002-06-01	8.89214597315609
2002-07-01	8.84808094719048
2002-08-01	8.79041859841123
2002-09-01	8.72968434904153
2002-10-01	8.66966085131128
2002-11-01	8.61422183639833
2002-12-01	8.54237869326566
2003-01-01	8.49486964117537
2003-02-01	8.4641547881987
2003-03-01	8.4546709938394
2003-04-01	8.43406827114777
2003-05-01	8.39539008606796
2003-06-01	8.35298169745137
2003-07-01	8.32282140076931
2003-08-01	8.27191156753371
2003-09-01	8.25600637286481
2003-10-01	8.22761485091377
2003-11-01	8.19847614724598
2003-12-01	8.14820535923049
2004-01-01	8.11373770993423
2004-02-01	8.05202725744165
2004-03-01	7.98940857282224
2004-04-01	7.94335048313841
2004-05-01	7.91260988358629
2004-06-01	7.87597711758485
2004-07-01	7.84543592830385
2004-08-01	7.81836299268203
2004-09-01	7.76001950415468
2004-10-01	7.71397241393611
2004-11-01	7.65689615171753
2004-12-01	7.57411902670196
2005-01-01	7.52693656841142
2005-02-01	7.50084239414003
2005-03-01	7.46185608043247
2005-04-01	7.41211999065065
2005-05-01	7.35137691486378
2005-06-01	7.29401502144464
2005-07-01	7.23678694634517
2005-08-01	7.18590836101599
2005-09-01	7.1331815191786
2005-10-01	7.08331247985151
2005-11-01	7.05230732651792
2005-12-01	7.02138184277365
2006-01-01	6.97439298803587
2006-02-01	6.94307958420591
2006-03-01	6.90509243121996
2006-04-01	6.87107285868769
2006-05-01	6.84524055440573
2006-06-01	6.8139207170681
2006-07-01	6.77686711592982
2006-08-01	6.76318076580835
2006-09-01	6.74284929063706
2006-10-01	6.73499768257731
2006-11-01	6.72514827688239
2006-12-01	6.71090902090643
2007-01-01	6.69406313192738
2007-02-01	6.68263239317305
2007-03-01	6.66851677453373
2007-04-01	6.64955285610794
2007-05-01	6.62735984306582
2007-06-01	6.61644031095525
2007-07-01	6.61620135290774
2007-08-01	6.60624851267926
2007-09-01	6.60244861261301
2007-10-01	6.59532104668397
2007-11-01	6.58645841857428
2007-12-01	6.58431715956376
2008-01-01	6.5892017795698
2008-02-01	6.60001521070095
2008-03-01	6.61710617845935
2008-04-01	6.64349467984945
2008-05-01	6.68400161094925
2008-06-01	6.72941869625186
2008-07-01	6.77131898323305
2008-08-01	6.82502386445652
2008-09-01	6.86939288664602
2008-10-01	6.89013900464116
2008-11-01	6.93561488028564
2008-12-01	6.98664184521707
2009-01-01	7.04385494655912
2009-02-01	7.05047586628127
2009-03-01	7.07930860362124
2009-04-01	7.08642279133295
2009-05-01	7.12259258452558
2009-06-01	7.17744594307186
2009-07-01	7.26233256625413
2009-08-01	7.3398975822908
2009-09-01	7.42030246186735
2009-10-01	7.5181360803501
2009-11-01	7.56113544374452
2009-12-01	7.63283073505772
2010-01-01	7.64201548555978
2010-02-01	7.67246698933808
2010-03-01	7.73304860995521
2010-04-01	7.81176665991611
2010-05-01	7.82584058480536
2010-06-01	7.80508048907551
2010-07-01	7.77520153513719
2010-08-01	7.79180285217396
2010-09-01	7.75902219784935
2010-10-01	7.72902647979515
2010-11-01	7.7041548355098
2010-12-01	7.64684219041306
2011-01-01	7.63928112062773
2011-02-01	7.61248122141839
2011-03-01	7.56422708784928
2011-04-01	7.54380628308515
2011-05-01	7.5096755034245
2011-06-01	7.46485621270015
2011-07-01	7.43379406241739
2011-08-01	7.3835154652228
2011-09-01	7.35027777570606
2011-10-01	7.34598712721012
2011-11-01	7.32058934967487
2011-12-01	7.28827683718751
2012-01-01	7.25215022237708
2012-02-01	7.2527046065382
2012-03-01	7.23084552906257
2012-04-01	7.19448374801159
2012-05-01	7.16474486477839
2012-06-01	7.14544358936044
2012-07-01	7.13177919100269
2012-08-01	7.12165267286016
2012-09-01	7.10827134676195
2012-10-01	7.07266309928081
2012-11-01	7.04811459589823
2012-12-01	7.01327561809736
2013-01-01	7.01709589571306
2013-02-01	7.00050223670126
2013-03-01	6.99097521581129
2013-04-01	6.97418616962163
2013-05-01	6.97858712366858
2013-06-01	6.96087554440979
2013-07-01	6.95514954836365
2013-08-01	6.92735244802201
2013-09-01	6.92415273143908
2013-10-01	6.93115817984656
2013-11-01	6.94094596681736
2013-12-01	6.92508808931645
2014-01-01	6.89876614438952
2014-02-01	6.88242740675103
2014-03-01	6.86385089391472
2014-04-01	6.86378831218889
2014-05-01	6.84405231569567
2014-06-01	6.82219732314314
2014-07-01	6.79675086989123
2014-08-01	6.78165314393052
2014-09-01	6.74277380354434
2014-10-01	6.70727077210795
2014-11-01	6.68518052264506
2014-12-01	6.64427369498343
2015-01-01	6.62823961059481
2015-02-01	6.61765823711291
2015-03-01	6.59856634163973
2015-04-01	6.5620851924608
2015-05-01	6.53550585017458
2015-06-01	6.52693731308073
2015-07-01	6.50770040752635
2015-08-01	6.48636479555575
2015-09-01	6.47844290053005
2015-10-01	6.45908316888778
2015-11-01	6.43401404906663
2015-12-01	6.41588332549688
2016-01-01	6.41989415499493
2016-02-01	6.40548096737934
2016-03-01	6.39190148985795
2016-04-01	6.38590770151727
2016-05-01	6.37445313579236
2016-06-01	6.35756997358926
2016-07-01	6.33540438947089
2016-08-01	6.32970301990968
2016-09-01	6.31086211027978
2016-10-01	6.29858548092831
2016-11-01	6.3045136393652
2016-12-01	6.31579752151311
2017-01-01	6.2963073104538
2017-02-01	6.29736702676816
2017-03-01	6.30586868643066
2017-04-01	6.31100307681867
2017-05-01	6.30106990945937
2017-06-01	6.28722631070015
2017-07-01	6.2820020172911
2017-08-01	6.27795379654038
2017-09-01	6.27024607100614
2017-10-01	6.26920190724194
2017-11-01	6.26218890448259
2017-12-01	6.24368573371083
2018-01-01	6.23931312140026
2018-02-01	6.22936034231363
2018-03-01	6.21571310386313
2018-04-01	6.20650422335746
2018-05-01	6.20052445852982
2018-06-01	6.20157475900977
2018-07-01	6.20376897758808
2018-08-01	6.19468461630137
2018-09-01	6.202794515201
2018-10-01	6.20151773716369
2018-11-01	6.19210351464562
2018-12-01	6.17656043444727
2019-01-01	6.18320786058075
2019-02-01	6.17720926021561
2019-03-01	6.1804113849938
2019-04-01	6.17827624504744
2019-05-01	6.19976285605391
2019-06-01	6.18716420400848
2019-07-01	6.18438577642641
2019-08-01	6.1679487469655
2019-09-01	6.14958254936749
2019-10-01	6.13547317495714
2019-11-01	6.1189678871115
2019-12-01	6.11274563040654
2020-01-01	6.10956643213049
2020-02-01	6.106630258299
2020-03-01	6.08252937246202
2020-04-01	6.07374673600193
2020-05-01	6.03225178763369
2020-06-01	6.0265178037908
2020-07-01	5.99932381936354
2020-08-01	5.99142499026899
2020-09-01	5.989098656149
2020-10-01	5.96802672294869
2020-11-01	5.95819991919365
2020-12-01	5.93668160606554
2021-01-01	5.9122975928306
2021-02-01	5.90471324636132
2021-03-01	5.89552997347177
2021-04-01	5.89279386663674
2021-05-01	5.88753110572476
2021-06-01	5.87525589266029
2021-07-01	5.86178560954538
2021-08-01	5.84514639115326
2021-09-01	5.80106477017502
2021-10-01	5.76946406002613
2021-11-01	5.74672412945751
2021-12-01	5.69432060405628
2022-01-01	5.67226860065893
2022-02-01	5.65111744139714
2022-03-01	5.62365446858894
2022-04-01	5.59220527352996
2022-05-01	5.56664831864602
2022-06-01	5.53502947332147
2022-07-01	5.51666232770535
2022-08-01	5.50362037612694
2022-09-01	5.50999381318263
2022-10-01	5.52102059043269
2022-11-01	5.5287040970371
2022-12-01	5.55535967439678
2023-01-01	5.57726025559108
2023-02-01	5.58578562607196
2023-03-01	5.63088298036047
2023-04-01	5.6709440845539
2023-05-01	5.73015496372141
2023-06-01	5.80824387073896
2023-07-01	5.86459867656206
2023-08-01	5.91663629163091
2023-09-01	5.97272722149983
2023-10-01	6.02370334540245
2023-11-01	6.07016080875581
2023-12-01	6.11360953832976
2024-01-01	6.13551402167725
2024-02-01	6.16948337297182
2024-03-01	6.21557116297012
2024-04-01	6.24585115349048
2024-05-01	6.28089394535796
2024-06-01	6.29726659476931
2024-07-01	6.31389885278587
2024-08-01	6.34240591058223
2024-09-01	6.36084693018124
2024-10-01	6.37035315297923
2024-11-01	6.37520300427816
2024-12-01	6.37184881311943
2025-01-01	6.37960894228398
2025-02-01	6.38878880670737
2025-03-01	6.39500600126446
2025-04-01	6.40007495661696
2025-05-01	6.40483587377681
2025-06-01	6.41363488516833
2025-07-01	6.41333888094348
2025-08-01	6.41783759545894

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. The average value is 6.88 percent.

Source: MSCI—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 that lending standards for commercial real estate loans were little changed in the first half of 2025

This is a line chart showing quarterly data from 1997 to 2025:Q2 on bank lending stand-ards for commercial real estate loans. The y-axis shows the net percentage of banks re-porting. The y-axis has labels specifying tightening (positive values, upper half) or eas-ing (negative values, lower half) of lending standards, ranging from -100 to 100 percent. The chart displays a single black line that fluctuates between periods of net tightening and easing. The line shows sharp upward movements, indicating significant tightening of lending standards, with peaks reaching 80-90 percent net tightening in 2001, 2008-2009, and early 2020. Following the 2020 spike, lending standards initially tightened significantly, then eased, and then tightened again reaching around 60 percent in 2022-2023. In the most recent period leading up to 2025:Q2, the line has returned to near zero, at around -5 percent.

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 Prac-tices are asked about the changes over the quarter. The shaded bars with top caps indi-cate periods of business recession as defined by the National Bureau of Economic Re-search: 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 but at a lower rate

12-month percent change

Date	Zillow	Cotality	Case-Shiller
2003-01-01	7.263325344	9.664571241	9.62727585
2003-02-01	7.348212249	9.617874204	9.758809442
2003-03-01	7.42269462	9.584669337	9.64979225
2003-04-01	7.503365548	9.496610273	9.462293432
2003-05-01	7.58896016	9.252794666	9.148108287
2003-06-01	7.650222201	8.996127928	8.910324532
2003-07-01	7.686484722	8.81966538	8.860861832
2003-08-01	7.720708153	8.960975783	9.011464764
2003-09-01	7.78877467	9.365526397	9.227091633
2003-10-01	7.864245207	9.861855393	9.386396068
2003-11-01	7.917256402	10.29641768	9.57833228
2003-12-01	7.943818691	10.8664847	9.815178923
2004-01-01	8.001816067	11.34685792	10.23110067
2004-02-01	8.129492042	11.7548157	10.67560196
2004-03-01	8.327783303	12.30543395	11.42216379
2004-04-01	8.56356039	12.97520767	12.02390988
2004-05-01	8.841710231	13.4783903	12.5151699
2004-06-01	9.175491721	14.12378062	12.97755761
2004-07-01	9.547996937	14.4801677	13.13776457
2004-08-01	9.885963511	14.55178617	13.12789586
2004-09-01	10.16034558	14.70273237	13.15290341
2004-10-01	10.37821778	14.96825098	13.27728656
2004-11-01	10.58686272	15.1883016	13.49715356
2004-12-01	10.82348894	15.45797032	13.6360381
2005-01-01	11.05863811	15.56309934	13.80143558
2005-02-01	11.26332901	15.80502845	14.01112441
2005-03-01	11.42054722	16.20569151	14.22820655
2005-04-01	11.60176697	16.35979065	14.24271446
2005-05-01	11.73581344	16.21219921	14.29823379
2005-06-01	11.83335718	15.99666579	14.2838161
2005-07-01	11.85643244	15.87427489	14.28383878
2005-08-01	11.87608526	16.01087993	14.37394357
2005-09-01	11.89063024	16.23497275	14.50583457
2005-10-01	11.89193234	15.95601822	14.36980166
2005-11-01	11.86637773	15.5896825	14.08253968
2005-12-01	11.76464289	15.18033479	13.51232117
2006-01-01	11.57384325	14.66849723	12.92699682
2006-02-01	11.31665325	13.81499757	12.08546903
2006-03-01	11.03966654	12.50930287	11.0402236
2006-04-01	10.69886656	10.94769402	9.97005988
2006-05-01	10.29101116	9.316015263	8.746682395
2006-06-01	9.75908602	7.47472588	7.28403674
2006-07-01	9.100213215	5.897207072	6.036760482
2006-08-01	8.335084794	4.521095862	4.814414824
2006-09-01	7.481758771	3.338672494	3.710376668
2006-10-01	6.633941826	2.426856486	2.959275006
2006-11-01	5.811384239	1.45336167	2.198352627
2006-12-01	5.055055526	0.370996483	1.732274721
2007-01-01	4.392143898	-0.540508633	1.045180556
2007-02-01	3.786648183	-1.392829494	0.534435262
2007-03-01	3.178519306	-2.696307318	-0.306429549
2007-04-01	2.532389019	-3.554340396	-0.827661312
2007-05-01	1.843834993	-4.197258	-1.355895433
2007-06-01	1.154644726	-4.51658459	-1.63099431
2007-07-01	0.482553639	-4.853690667	-1.960890526
2007-08-01	-0.128110868	-5.422923769	-2.255965293
2007-09-01	-0.67639621	-6.301190887	-2.757871878
2007-10-01	-1.184629886	-7.428399338	-3.542515621
2007-11-01	-1.691996544	-8.563250971	-4.612536078
2007-12-01	-2.19139619	-9.64931156	-5.397587731
2008-01-01	-2.727560432	-10.82826802	-6.370402802
2008-02-01	-3.317288652	-11.93032954	-7.277908697
2008-03-01	-3.972761625	-12.60009907	-7.843460124
2008-04-01	-4.679349976	-13.19019393	-8.131554384
2008-05-01	-5.358610667	-13.30368487	-8.170222124
2008-06-01	-5.998077059	-13.32492016	-8.26815027
2008-07-01	-6.586098694	-13.64379695	-8.442455384
2008-08-01	-7.225578102	-14.05488177	-8.854860186
2008-09-01	-7.829036688	-14.88550277	-9.608083966
2008-10-01	-8.39175235	-15.68037346	-10.34754689
2008-11-01	-8.872924735	-16.17648822	-10.89860699
2008-12-01	-9.328513319	-16.95918903	-11.99953848
2009-01-01	-9.705025777	-17.4502811	-12.69581482
2009-02-01	-9.909142227	-17.05723519	-12.74898044
2009-03-01	-9.987654922	-16.28703026	-12.73972603
2009-04-01	-9.97954847	-14.99774252	-12.18025341
2009-05-01	-9.952173446	-13.29196	-11.28607352
2009-06-01	-9.850003934	-11.57690609	-10.04623792
2009-07-01	-9.639454539	-10.04710105	-9.027819685
2009-08-01	-9.295522257	-8.678087679	-8.284635987
2009-09-01	-8.890489138	-7.468022766	-7.584460503
2009-10-01	-8.4077657	-5.850296543	-6.647398844
2009-11-01	-7.755346502	-3.876898726	-5.209201
2009-12-01	-6.968555147	-2.233532859	-3.848170972
2010-01-01	-6.117010041	-1.414102495	-2.919121585
2010-02-01	-5.386467599	-1.427241633	-3.089012329
2010-03-01	-4.672445547	-0.289311577	-1.986212545
2010-04-01	-3.930030098	0.780582075	-1.048046822
2010-05-01	-3.193602265	0.993240318	-0.769386515
2010-06-01	-2.602275061	0.672876447	-1.401869159
2010-07-01	-2.292499751	-0.172514523	-2.116086235
2010-08-01	-2.1725608	-1.208340521	-2.820734055
2010-09-01	-2.207888805	-2.084786057	-3.354942191
2010-10-01	-2.36049412	-2.771239291	-3.674787993
2010-11-01	-2.713319845	-3.574700485	-4.143571718
2010-12-01	-3.161467984	-3.71447863	-4.124906252
2011-01-01	-3.643022289	-3.615530366	-4.117241379
2011-02-01	-4.083452443	-3.542319703	-3.732699567
2011-03-01	-4.538044299	-4.344737413	-4.052924791
2011-04-01	-5.072604078	-4.544840866	-4.298486933
2011-05-01	-5.608134646	-4.418954682	-4.312045161
2011-06-01	-6.023028203	-3.928847597	-3.899796886
2011-07-01	-6.145359192	-3.101994139	-3.53754405
2011-08-01	-6.060689261	-2.337340794	-3.168965988
2011-09-01	-5.819621183	-1.6830503	-3.077242238
2011-10-01	-5.552168992	-1.436160322	-3.297931805
2011-11-01	-5.227448928	-1.393257899	-3.638671462
2011-12-01	-4.90563433	-1.041129238	-3.882804722
2012-01-01	-4.532842669	-0.442800826	-3.502841113
2012-02-01	-4.066911966	0.489203073	-2.708393843
2012-03-01	-3.480020152	1.879957763	-1.393525911
2012-04-01	-2.775056739	2.658952892	-0.495867769
2012-05-01	-1.986871318	3.334895613	0.2487739
2012-06-01	-1.1473099	3.729669757	0.859518106
2012-07-01	-0.351399448	4.117561568	1.355908388
2012-08-01	0.328961082	4.647980752	2.059528848
2012-09-01	1.004400221	5.270253411	2.989440639
2012-10-01	1.707342291	5.9512307	4.01734104
2012-11-01	2.440298606	6.92998994	5.342114892
2012-12-01	3.161607612	7.79986981	6.436815626
2013-01-01	3.861087743	8.692290925	7.558139535
2013-02-01	4.46483753	9.36096253	8.328979775
2013-03-01	4.942749777	9.899348363	8.89886648
2013-04-01	5.375025507	9.932497944	9.027878088
2013-05-01	5.864492628	9.766886922	9.082529779
2013-06-01	6.37972585	9.436652185	9.262363789
2013-07-01	6.779287684	9.476395464	9.710958619
2013-08-01	7.210934543	9.629156991	10.14512785
2013-09-01	7.527473281	9.937514945	10.60616557
2013-10-01	7.886539762	10.15668478	10.82939705
2013-11-01	8.026396007	10.06894331	10.70510594
2013-12-01	8.09049519	9.919762184	10.71875434
2014-01-01	8.008719438	9.858649643	10.44352044
2014-02-01	7.918312796	9.811044399	10.14123321
2014-03-01	7.807305378	8.944936912	8.942210206
2014-04-01	7.644076162	7.97403668	7.949125596
2014-05-01	7.442070679	7.01297505	7.032824179
2014-06-01	7.08958752	6.312770591	6.252397392
2014-07-01	6.813824271	5.723389478	5.585039171
2014-08-01	6.443613302	5.335169501	5.057096248
2014-09-01	6.119436582	5.041316602	4.741325316
2014-10-01	5.60451726	5.069518486	4.606706362
2014-11-01	5.302323354	5.026936916	4.574548193
2014-12-01	5.122058429	4.967974248	4.501506781
2015-01-01	5.098792388	4.983852049	4.304448767
2015-02-01	5.041746877	5.066829886	4.215925439
2015-03-01	4.987706333	5.177483104	4.274723911
2015-04-01	4.974617441	5.199536213	4.295532646
2015-05-01	4.94061589	5.186218125	4.354162871
2015-06-01	4.950761862	5.192825063	4.356197353
2015-07-01	4.987062762	5.087381512	4.404021063
2015-08-01	5.165451266	5.091153932	4.467271859
2015-09-01	5.425328305	5.299586047	4.658255098
2015-10-01	5.836244988	5.342431952	4.871180348
2015-11-01	6.10778884	5.422322266	5.082508251
2015-12-01	6.306440272	5.52089268	5.190747972
2016-01-01	6.461470271	5.626758343	5.281838417
2016-02-01	6.614430555	5.63439939	5.1917652
2016-03-01	6.603438447	5.607307992	5.063366454
2016-04-01	6.511016019	5.587380631	5.012944222
2016-05-01	6.36988144	5.427653883	4.940642458
2016-06-01	6.341075475	5.202492031	4.877767528
2016-07-01	6.176713943	5.186250582	4.883081155
2016-08-01	5.965353829	5.153539708	4.985136062
2016-09-01	5.731099491	5.166847737	5.09084676
2016-10-01	5.567741328	5.312829664	5.124835742
2016-11-01	5.522778879	5.423396377	5.190726359
2016-12-01	5.51066939	5.455824952	5.305842709
2017-01-01	5.45546327	5.505648506	5.496828753
2017-02-01	5.429424461	5.63221335	5.557457492
2017-03-01	5.574294053	5.681826512	5.623513422
2017-04-01	5.807173005	5.651578914	5.625280143
2017-05-01	5.966078848	5.672889854	5.6507514
2017-06-01	5.999278935	5.76294753	5.684442001
2017-07-01	6.072647459	5.793124547	5.732240437
2017-08-01	6.179090021	5.857367215	5.815726421
2017-09-01	6.269541227	5.922279923	5.90442016
2017-10-01	6.326198273	5.982398887	6.010869565
2017-11-01	6.372457905	6.066278372	6.085445958
2017-12-01	6.41531456	6.037827549	6.204577503
2018-01-01	6.450566535	5.99631584	6.207008612
2018-02-01	6.442340189	6.18841666	6.421621622
2018-03-01	6.506582401	6.358764585	6.45541794
2018-04-01	6.459995113	6.290292808	6.397199236
2018-05-01	6.467467836	6.170364475	6.246063405
2018-06-01	6.352810905	5.903591992	6.122555139
2018-07-01	6.427965243	5.732843215	5.90728203
2018-08-01	6.469837797	5.517622311	5.650473446
2018-09-01	6.498460824	5.372217919	5.421222855
2018-10-01	6.30242026	5.20358218	5.27017328
2018-11-01	6.068344079	4.890877171	4.943199263
2018-12-01	5.833732121	4.608469924	4.519456644
2019-01-01	5.683572576	4.432489644	4.120556887
2019-02-01	5.622545365	4.154989304	3.819585534
2019-03-01	5.502120272	3.853501811	3.621254092
2019-04-01	5.383849533	3.755484243	3.529763685
2019-05-01	5.163668246	3.715346225	3.408754076
2019-06-01	5.0590208	3.671459711	3.21062693
2019-07-01	4.821643317	3.635388698	3.113410111
2019-08-01	4.635536323	3.718480026	3.097905504
2019-09-01	4.408712717	3.807076103	3.160457755
2019-10-01	4.444080771	3.914050764	3.214181358
2019-11-01	4.612568187	4.141541888	3.413302126
2019-12-01	4.845810617	4.407934604	3.683979088
2020-01-01	5.062528433	4.656338324	4.016260959
2020-02-01	5.192411091	4.92850146	4.300391389
2020-03-01	5.317935853	5.275418048	4.578594342
2020-04-01	5.405446885	5.262693445	4.598863527
2020-05-01	5.36796971	4.974758605	4.366520161
2020-06-01	5.236061178	5.183614003	4.378799392
2020-07-01	5.235779638	5.777594694	4.846190251
2020-08-01	5.601313334	6.357151583	5.839554002
2020-09-01	6.48546233	7.114283617	7.047771903
2020-10-01	7.511693532	7.944224181	8.417476644
2020-11-01	8.57408195	8.6851716	9.524707657
2020-12-01	9.492837683	9.414004506	10.42363696
2021-01-01	10.27967191	9.896701302	11.31515751
2021-02-01	11.10481834	10.40744694	12.19100333
2021-03-01	11.95788792	11.39563462	13.48763711
2021-04-01	13.04546797	12.84622366	14.99930942
2021-05-01	14.57005883	14.51740287	16.91385151
2021-06-01	16.37730542	15.85770297	18.81426881
2021-07-01	17.85469313	16.46949569	19.82486233
2021-08-01	18.3645152	16.70877599	19.95803946
2021-09-01	17.8408008	16.7376294	19.67191427
2021-10-01	17.03454594	16.64000473	19.06606319
2021-11-01	16.31123491	16.64607708	18.8005855
2021-12-01	15.8769685	16.81826743	18.86228823
2022-01-01	15.96008831	17.0491578	19.24703892
2022-02-01	16.3243824	17.65576244	20.0434819
2022-03-01	16.94438087	18.30941647	20.77975264
2022-04-01	17.39627596	18.38793658	20.71740262
2022-05-01	17.41643394	17.85498979	19.92482675
2022-06-01	16.98325436	16.25464628	17.98720944
2022-07-01	16.02631719	14.23458541	15.62193928
2022-08-01	14.91074191	12.24391074	12.9423585
2022-09-01	13.74774313	10.66813617	10.67506817
2022-10-01	12.63009623	9.592624998	9.130450674
2022-11-01	11.34942184	8.318503876	7.537597391
2022-12-01	9.905183489	6.901157207	5.640325997
2023-01-01	7.985210382	5.861610858	3.845335225
2023-02-01	5.929141254	4.937409899	2.235998885
2023-03-01	3.891838665	3.771834135	0.861250509
2023-04-01	2.240508963	2.746057232	0.009948929
2023-05-01	1.042398534	2.197407128	-0.280770486
2023-06-01	0.239676893	2.226965426	0.097370983
2023-07-01	0.038033458	2.960716121	1.104486365
2023-08-01	0.400293362	3.955971485	2.691838819
2023-09-01	1.126230604	4.720509523	4.055268853
2023-10-01	1.753104705	4.914303286	4.796195197
2023-11-01	2.240924078	5.224361695	5.179443976
2023-12-01	2.639846153	5.523934668	5.675638934
2024-01-01	3.12584698	5.738999495	6.172712988
2024-02-01	3.622688591	5.716678455	6.537439531
2024-03-01	4.092835015	5.474536804	6.542056075
2024-04-01	4.339244548	5.304435454	6.393208874
2024-05-01	4.258881941	5.007144272	6.007726558
2024-06-01	3.832665614	4.765451899	5.492866407
2024-07-01	3.349220852	4.357006215	4.943284352
2024-08-01	2.935292588	4.014114207	4.308906571
2024-09-01	2.701173465	3.664977563	3.906824945
2024-10-01	2.598529453	3.534434236	3.569944709
2024-11-01	2.547742003	3.448412161	3.732538767
2024-12-01	2.625489902	3.4222265	3.997555799
2025-01-01	2.678085364	3.308228577	4.14401081
2025-02-01	2.577929361	2.942068157	3.968279346
2025-03-01	2.055790483	2.469030158	3.417266187
2025-04-01	1.378136662	2.13633779	2.823749416
2025-05-01	0.782194466	1.868437505	2.365730875
2025-06-01	0.453135681	1.64434086	1.945656851
2025-07-01	0.293238095	1.475905696	1.679665909
2025-08-01	0.162191471	1.304758252
2025-09-01	0.103888676

Note: The data extend through September 2025 for Zillow, August 2025 for Cotality, and July 2025 for Case-Shiller.

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

Return to text

Figure 1.18. Model-based measures of house price valuations cooled from near historically high levels

Percent

Date	Owners' equivalent rent	Market-based rents
1979 Q1	-2.510834
1979 Q2	-1.829816
1979 Q3	-1.642454
1979 Q4	0.1883604
1980 Q1	-2.160395
1980 Q2	-3.114655
1980 Q3	-3.378481
1980 Q4	0.8312452
1981 Q1	4.767551
1981 Q2	-0.0821654
1981 Q3	-1.418297
1981 Q4	0.9740638
1982 Q1	-0.8356783
1982 Q2	1.863956
1982 Q3	5.26948
1982 Q4	2.963755
1983 Q1	5.884727
1983 Q2	5.123798
1983 Q3	3.93307
1983 Q4	-4.145272
1984 Q1	-3.103736
1984 Q2	-3.848114
1984 Q3	-1.343465
1984 Q4	0.0605384
1985 Q1	2.162723
1985 Q2	6.772135
1985 Q3	8.641353
1985 Q4	6.624139
1986 Q1	7.696804
1986 Q2	5.411463
1986 Q3	4.645278
1986 Q4	2.832626
1987 Q1	0.5541722
1987 Q2	-3.209648
1987 Q3	-2.852428
1987 Q4	-3.704166
1988 Q1	-5.278338
1988 Q2	-0.5266175
1988 Q3	-0.6827768
1988 Q4	1.985736
1989 Q1	-0.4113205
1989 Q2	2.219558
1989 Q3	2.587783
1989 Q4	2.391232
1990 Q1	2.772372
1990 Q2	-0.1010949
1990 Q3	-1.948563
1990 Q4	-1.975214
1991 Q1	-0.0796072
1991 Q2	0.2115646
1991 Q3	-1.139733
1991 Q4	-2.639107
1992 Q1	-3.754298
1992 Q2	-4.422538
1992 Q3	-3.538119
1992 Q4	-5.592796
1993 Q1	-4.819726
1993 Q2	-4.873951
1993 Q3	-5.872593
1993 Q4	-5.089716
1994 Q1	-6.175135
1994 Q2	-8.450593
1994 Q3	-9.817714
1994 Q4	-8.967833
1995 Q1	-7.953188
1995 Q2	-3.896057
1995 Q3	-2.192641
1995 Q4	-1.213016
1996 Q1	-1.500252
1996 Q2	-5.261756
1996 Q3	-6.107995
1996 Q4	-6.988378
1997 Q1	-6.28133
1997 Q2	-3.80558
1997 Q3	-3.356907
1997 Q4	-4.641151
1998 Q1	-3.668031
1998 Q2	-1.56474
1998 Q3	-3.813683
1998 Q4	-2.679331
1999 Q1	-3.061997
1999 Q2	-2.107031
1999 Q3	-2.744067
1999 Q4	-3.503662
2000 Q1	-1.106171
2000 Q2	0.7697595
2000 Q3	4.072916
2000 Q4	5.780178
2001 Q1	7.309896
2001 Q2	7.236839
2001 Q3	6.145494
2001 Q4	5.19444
2002 Q1	3.909288
2002 Q2	4.999355
2002 Q3	5.486243
2002 Q4	6.687156
2003 Q1	8.456581
2003 Q2	10.01291
2003 Q3	8.741447
2003 Q4	8.263412
2004 Q1	9.650089	9.643148
2004 Q2	10.17774	9.379105
2004 Q3	14.41459	13.24976
2004 Q4	17.57846	16.92488
2005 Q1	18.10682	17.622
2005 Q2	22.83132	20.99035
2005 Q3	24.62398	22.49913
2005 Q4	25.32946	22.87092
2006 Q1	26.7775	23.59653
2006 Q2	26.63041	24.32996
2006 Q3	26.60482	24.99846
2006 Q4	27.57409	26.42625
2007 Q1	26.91407	25.56282
2007 Q2	27.75855	25.19833
2007 Q3	25.93678	24.21588
2007 Q4	22.62813	21.69656
2008 Q1	20.49941	19.61982
2008 Q2	17.81856	17.00555
2008 Q3	14.34505	14.73626
2008 Q4	9.488129	11.83346
2009 Q1	4.10497	9.405902
2009 Q2	2.809909	9.241756
2009 Q3	-0.0605386	6.606609
2009 Q4	-2.616991	3.65225
2010 Q1	-4.786801	1.26847
2010 Q2	-2.749929	2.692307
2010 Q3	-4.418887	0.132294
2010 Q4	-6.498946	-2.798962
2011 Q1	-7.469729	-5.046952
2011 Q2	-11.03059	-8.456069
2011 Q3	-14.69415	-11.61465
2011 Q4	-16.64688	-14.05004
2012 Q1	-13.68042	-12.10034
2012 Q2	-15.43626	-13.42692
2012 Q3	-17.93499	-15.09446
2012 Q4	-17.52772	-14.67825
2013 Q1	-17.60184	-14.75983
2013 Q2	-16.3554	-13.52588
2013 Q3	-16.15157	-13.44444
2013 Q4	-14.59851	-12.23347
2014 Q1	-12.4534	-10.70455
2014 Q2	-11.47226	-10.46906
2014 Q3	-7.383062	-7.839441
2014 Q4	-7.345253	-7.975657
2015 Q1	-6.550734	-7.671385
2015 Q2	-6.551398	-7.748742
2015 Q3	-6.239429	-7.865096
2015 Q4	-5.925515	-7.660542
2016 Q1	-5.711432	-7.131736
2016 Q2	-5.193985	-6.386886
2016 Q3	-4.983728	-5.879999
2016 Q4	-4.771779	-5.36571
2017 Q1	-4.652215	-5.110373
2017 Q2	-4.406626	-4.423037
2017 Q3	-4.230412	-3.909307
2017 Q4	-1.194442	-1.482012
2018 Q1	0.5240785	-0.0151731
2018 Q2	0.4989767	-0.3651716
2018 Q3	1.251555	0.2000127
2018 Q4	1.857445	0.3843609
2019 Q1	4.094636	2.326157
2019 Q2	4.84346	2.548074
2019 Q3	4.757936	2.169869
2019 Q4	6.299633	3.518782
2020 Q1	5.348069	3.233518
2020 Q2	4.975007	4.277884
2020 Q3	4.318067	2.577042
2020 Q4	7.911649	3.74341
2021 Q1	9.907799	5.134894
2021 Q2	11.02058	5.310392
2021 Q3	13.73185	5.883434
2021 Q4	15.41679	5.198354
2022 Q1	21.40219	9.899309
2022 Q2	24.78303	12.69005
2022 Q3	22.72372	12.25433
2022 Q4	21.17512	12.33083
2023 Q1	20.39756	12.5479
2023 Q2	24.65418	16.17767
2023 Q3	25.35333	17.56493
2023 Q4	26.72479	18.39654
2024 Q1	25.66895	18.29692
2024 Q2	25.87649	19.20762
2024 Q3	26.75877	20.17345
2024 Q4	27.7519	21.09073
2025 Q1	25.51753	19.01283
2025 Q2	25.11378	19.24133

Note: The owners' equivalent rent value for 2025:Q2 is based on monthly data through August 2025. The data for the market-based rents model begin in 2004:Q1. Valuation is measured as the deviation from the long-run relationship between the price-to-rent ratio and the real 10-year Treasury yield.

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

Return to text

Figure 1.19. House price-to-rent ratios dropped slightly yet remained elevated across geographic areas

Jan. 2010 = 100

Date	Median	Bottom Line Middle 80%	Top Line Middle 80%
1996-01-01	81.9680927035815	72.6547899859857	104.969631145104
1996-02-01	81.6689469478816	72.6255085451062	104.797602425417
1996-03-01	81.5252649010734	72.3215966820543	104.561305512574
1996-04-01	81.7334956719298	72.2239270630158	105.018792058161
1996-05-01	81.8119489435191	72.098385260079	104.590773740269
1996-06-01	81.8859463315634	71.9923825084308	104.457294991799
1996-07-01	81.9094936161737	71.9351592600869	104.370979742358
1996-08-01	81.9694036013624	71.7649480903564	104.381536466208
1996-09-01	81.9964299041651	71.6385404020384	104.191741569126
1996-10-01	82.0232982975281	71.4165590044909	104.220643203818
1996-11-01	82.1049226038207	71.3794560713948	103.995635016155
1996-12-01	82.1660637080807	71.4568684031952	103.987119200164
1997-01-01	82.2822772090465	71.505263772706	103.530708583639
1997-02-01	82.3792703324983	71.5085310871314	103.597138450162
1997-03-01	82.6113802395829	71.6238241010163	103.3557119852
1997-04-01	82.9667735016861	71.7573279717474	103.025175838617
1997-05-01	83.1407187249852	71.9871853034094	103.080496268817
1997-06-01	83.308396930036	71.9711128886703	102.780928414474
1997-07-01	85.6573082112224	72.0397834123069	102.11686042639
1997-08-01	85.7499987896474	72.1564662673693	102.08668430979
1997-09-01	85.8527568437368	72.1800573553013	102.400795106823
1997-10-01	85.9312182392185	72.2090940472669	102.477046444555
1997-11-01	85.9384705107047	72.3935303623305	102.755301367339
1997-12-01	86.1312128578873	72.4849389221733	102.976024818424
1998-01-01	84.160068665193	73.1525687031387	102.556198205991
1998-02-01	84.2319069954077	73.6454532858684	102.797725971226
1998-03-01	84.313840905528	74.0570352064503	103.237360641806
1998-04-01	84.2593217234758	74.405199536993	102.501485301362
1998-05-01	84.2259700188096	74.547238802921	102.727897663556
1998-06-01	84.1818437768294	74.4264382232201	102.454785623592
1998-07-01	84.2675114910027	74.311324543261	102.782357318876
1998-08-01	84.5248503869398	74.3209322186725	103.115408416531
1998-09-01	84.880555983589	74.1214168420642	103.360258520524
1998-10-01	85.1754536130368	74.1168896076167	103.578440718756
1998-11-01	85.4191004079316	74.0721852351038	103.369012431241
1998-12-01	85.6285910053708	74.0376329950503	103.768133861788
1999-01-01	85.9582221617196	74.1053305066584	104.08914546147
1999-02-01	86.4578136178949	74.1012966822697	104.756829378479
1999-03-01	87.0953107207723	74.4916191624814	105.274725101592
1999-04-01	87.9150443706175	74.8671409237742	105.796522588384
1999-05-01	88.6794419974506	75.2957983791462	106.556280767613
1999-06-01	89.2330207621532	75.8326712085129	107.210589968348
1999-07-01	89.7766607247872	76.3923506340513	107.663319261406
1999-08-01	90.1639773066799	76.7373377135624	107.869785682126
1999-09-01	90.4144207360024	77.2166813621861	107.820345528774
1999-10-01	90.7623282395111	77.7199288709616	107.915443235278
1999-11-01	90.8346733000504	78.0872185662818	108.03128561916
1999-12-01	91.3795833835618	78.5542344902016	108.490593016346
2000-01-01	91.7117416407967	78.8072433015155	108.573393997652
2000-02-01	91.7328313844486	79.181631815121	108.539404018983
2000-03-01	91.5453591563547	79.5476107085205	108.293803305028
2000-04-01	92.1432457132076	80.0205998232408	108.351037885141
2000-05-01	92.5343418208383	80.8398628953596	108.450340628957
2000-06-01	92.9722110723941	81.3568063391857	108.57520974319
2000-07-01	93.6438113455621	82.0624694295434	108.72725894638
2000-08-01	94.1964253602194	82.6913126686217	108.790148753908
2000-09-01	95.05276647103	83.1002395282122	108.847975741236
2000-10-01	95.5531778456617	83.7565819761714	108.877250662312
2000-11-01	95.6651656637638	84.2284185490088	108.929194010469
2000-12-01	96.3252394534252	84.6220833441478	108.941238855125
2001-01-01	97.0607320906387	84.7278361221766	108.80660947142
2001-02-01	98.0688247627367	85.1096076967279	108.585392044967
2001-03-01	98.5469281021617	85.6072771194845	108.491031515137
2001-04-01	99.0491920016406	86.1562110268988	108.606112845871
2001-05-01	99.123420222346	86.523066220318	109.390568134744
2001-06-01	98.7866652317543	87.0105164367734	110.054690798129
2001-07-01	99.022028693176	87.6221852340619	110.884666752782
2001-08-01	98.8653515356844	88.035330769362	111.843800405569
2001-09-01	98.8907530235889	88.2407773827207	112.691021355832
2001-10-01	98.8857389112278	88.8350926224854	113.738953246937
2001-11-01	98.7155049646896	89.0298212280739	114.589823892951
2001-12-01	98.7599650849189	88.7180186656712	114.567940859184
2002-01-01	98.7381851175937	88.580702225265	114.800889558404
2002-02-01	98.9815951769714	88.5022120306945	115.005747549488
2002-03-01	99.2288466103159	88.5681922284899	115.355167406188
2002-04-01	99.8459504770428	88.775605891342	114.656805931691
2002-05-01	100.397645514334	89.222381678245	114.905782318738
2002-06-01	101.174773589416	89.9592433791652	115.123657202769
2002-07-01	101.982886224529	90.6556465961029	114.859401831771
2002-08-01	102.051192780051	90.7588964926219	115.140169919394
2002-09-01	102.089455209589	90.9000554214972	115.679766016139
2002-10-01	102.398279418291	91.1375616439605	116.640343277205
2002-11-01	102.691125478497	91.3300253297989	116.404231623355
2002-12-01	103.384333500159	91.5059289444137	116.437567529361
2003-01-01	103.764459544611	91.7273348626408	116.597717349149
2003-02-01	104.5868286734	91.8735294767807	116.830745413957
2003-03-01	105.006496114948	92.140997487429	118.640244717354
2003-04-01	105.508816004735	92.4082505913733	120.422719425213
2003-05-01	106.005745478129	92.7492275081264	122.0736645981
2003-06-01	106.907549655076	93.0218063706423	123.464061527612
2003-07-01	107.388202125638	93.3795074492978	125.139386532985
2003-08-01	107.937651329938	93.4974425473	126.743027552013
2003-09-01	108.492230870992	94.0408856530505	129.296327440783
2003-10-01	109.154475094682	95.0390751679711	130.657106480066
2003-11-01	109.854271452638	96.1705978721825	132.412894292914
2003-12-01	110.621064622579	97.172099653267	133.631562662407
2004-01-01	111.160381204963	98.0031498030607	135.108527171102
2004-02-01	111.837804648939	98.9429580920442	137.710064580839
2004-03-01	112.460169094302	99.9548143299864	140.143390671003
2004-04-01	113.167477266115	101.088285762472	142.778136282534
2004-05-01	114.310897252467	102.752558223321	145.048325288
2004-06-01	115.665401131447	103.646992128313	149.227632737113
2004-07-01	116.819843353466	104.605483968409	152.65611337835
2004-08-01	118.015918444759	105.704814778083	155.018256978228
2004-09-01	119.288364757579	106.261177595113	157.38979200741
2004-10-01	120.231667046204	106.437677958202	159.884849966537
2004-11-01	121.584730713909	106.554000006718	160.883971148007
2004-12-01	122.453195898047	106.358169344753	162.913917699937
2005-01-01	122.961090764278	107.010385975575	164.16250370476
2005-02-01	123.590608743	107.106765047307	166.044515281654
2005-03-01	124.06783925205	106.87198407009	168.101028526309
2005-04-01	124.896293468145	107.618350339617	169.966742566296
2005-05-01	125.404134312412	107.931378350642	172.904176115189
2005-06-01	125.68175349711	108.63906513427	174.664693132906
2005-07-01	126.450650048679	108.332516505007	174.653061644336
2005-08-01	127.351172697242	108.708928307444	174.271873378671
2005-09-01	128.0651881235	109.521138014796	173.399982983507
2005-10-01	127.978627431906	110.936667349117	173.824475800872
2005-11-01	128.436340257495	112.483587090077	173.61688320506
2005-12-01	128.859021760504	112.869793059817	174.139328085298
2006-01-01	129.369298354635	112.922122305131	174.607780985074
2006-02-01	129.884122754779	112.90818485678	174.524107178945
2006-03-01	130.852164447333	112.623429492932	173.776154192761
2006-04-01	131.236032789923	112.2895967599	174.250403324644
2006-05-01	130.952651924246	111.979320305479	173.846058629438
2006-06-01	130.878349665852	111.702919672092	172.333498806579
2006-07-01	130.804091582163	111.349126220396	171.604948173182
2006-08-01	130.566150974734	111.19382910661	170.803264208698
2006-09-01	130.405058924176	110.915184202543	170.169189687063
2006-10-01	129.931628954552	111.044717616731	169.304631501859
2006-11-01	129.619663889532	111.507391565521	168.21064837325
2006-12-01	129.343248124602	112.548089051392	167.262839105506
2007-01-01	129.473494816635	112.766653252814	165.381405733732
2007-02-01	129.472611647422	112.921065106133	164.323907961696
2007-03-01	130.221394775794	112.644399934892	163.521986876624
2007-04-01	130.610687370033	112.169340763366	162.577028459738
2007-05-01	130.55104768877	112.783449210078	161.677881926199
2007-06-01	130.754966601739	112.819284957016	161.030625134165
2007-07-01	129.856232091815	112.473156474497	159.048806385149
2007-08-01	128.841521718662	112.098824062949	156.619995432967
2007-09-01	128.529724946874	111.701244631981	154.153309520483
2007-10-01	128.021381705777	111.21698467204	151.783967991661
2007-11-01	127.281985895394	110.731623756094	149.58010353943
2007-12-01	126.367420464005	110.162772182085	147.239004890445
2008-01-01	125.40889581797	109.424414287939	144.71886850587
2008-02-01	124.239191060829	109.128694035682	142.026646056911
2008-03-01	123.255646011548	108.557980034401	139.291506710333
2008-04-01	122.253668461728	107.972895555196	136.480669188112
2008-05-01	121.042040388274	107.307824252997	133.72918666776
2008-06-01	119.418723155205	106.624949889035	131.156950118987
2008-07-01	117.542977655627	106.147884364996	128.691383803632
2008-08-01	115.66274117419	105.641385449919	126.617294718006
2008-09-01	112.771654912599	105.098060475095	124.508242482254
2008-10-01	111.343062297079	104.457788965839	122.425817927395
2008-11-01	109.781939628627	103.831207116786	120.139149599275
2008-12-01	108.39558467877	102.814075801627	117.797391350811
2009-01-01	107.236316094867	101.207479361771	115.45568446748
2009-02-01	106.06593726675	100.000599831919	113.402086677202
2009-03-01	104.804443285457	99.8393992462802	111.349398794648
2009-04-01	103.921664141259	99.6065619216778	109.233650469549
2009-05-01	103.006744273881	99.3626872655693	107.338438526879
2009-06-01	101.929246541921	99.2185321891574	105.627557896672
2009-07-01	101.259448898211	98.8057198877527	104.265240056542
2009-08-01	100.445774717294	98.1933609387193	103.026594336235
2009-09-01	100.389973127086	97.9841698448082	102.067589299028
2009-10-01	100.148747995371	98.2125830450466	101.293570155577
2009-11-01	100.161723740861	98.6725402338895	100.968289700503
2009-12-01	100.057532525398	99.5216649494021	100.602265759153
2010-01-01	100	100	100
2010-02-01	99.9389227561522	99.5548140800421	100.553591649268
2010-03-01	100.104157768882	99.4243810342851	100.815059365559
2010-04-01	99.9376930015416	98.967411766026	101.129623195263
2010-05-01	99.8750433889784	98.7707640192862	101.515872305412
2010-06-01	99.6413801047054	98.7144254862609	101.699771343594
2010-07-01	99.3277018748005	98.0342788279045	101.607695875038
2010-08-01	98.8739595532959	97.167193739992	100.503696483451
2010-09-01	98.303734497788	96.0806077612343	100.016951387395
2010-10-01	97.7178020669365	94.887211195959	99.7048879833831
2010-11-01	97.052343493072	93.8511751176712	99.1945415442436
2010-12-01	96.4097575859789	93.0055985473498	98.7719459659704
2011-01-01	95.7788468943158	92.3446778447041	98.3289030971478
2011-02-01	95.1852745710748	90.9382423002749	97.8962907176496
2011-03-01	94.6005093751776	90.4006859298356	97.1977156324162
2011-04-01	94.1226770914163	89.4056906377459	96.8714659008523
2011-05-01	93.3604119569499	88.5492166225518	96.2545391279158
2011-06-01	92.5165803811196	86.9775311453848	95.8192640324493
2011-07-01	91.8571556226539	85.935286543905	94.9828994980293
2011-08-01	91.1214479005488	85.1841548562007	94.5384898456682
2011-09-01	90.4339985806447	84.9017304003649	94.0914504788069
2011-10-01	89.8610306106893	84.5209746744536	93.6252019070139
2011-11-01	89.332121851851	84.103178906594	93.3382349773964
2011-12-01	88.8943445349075	83.3318876276874	93.1731190385947
2012-01-01	88.5406185722506	82.6751986288938	92.8691458319034
2012-02-01	88.177137661049	81.9968086121441	92.6962585338787
2012-03-01	88.0648010956202	81.9896749109648	92.7563098102406
2012-04-01	87.5680245581119	82.1198113781444	92.7892911323034
2012-05-01	87.4529180599753	82.2217072438133	92.9074355040752
2012-06-01	87.8453795781731	82.7021044907915	92.991678613266
2012-07-01	88.4239867280683	83.3974970887262	93.0858210509814
2012-08-01	89.3386410681466	83.5645188441501	93.4131231629368
2012-09-01	90.1970893576576	83.787294921064	93.3349690691398
2012-10-01	90.7086481859591	83.976163916762	94.0561733179739
2012-11-01	90.9199335228631	84.3268599796026	94.9705173140977
2012-12-01	90.8792926258021	84.9157012328645	96.0786196579697
2013-01-01	91.2851730236023	85.2410707241732	96.9192456446288
2013-02-01	91.4461615552129	85.5637010766226	98.1668573592479
2013-03-01	91.8607840202141	85.5464890623793	98.9415187220279
2013-04-01	92.2883808275946	85.5470994571785	100.024968173328
2013-05-01	92.7659444857527	85.508725652023	101.60671580767
2013-06-01	93.3794565321963	85.4696951519664	103.069404729217
2013-07-01	94.0573203278508	85.4609281972266	104.834608937311
2013-08-01	94.7823049779998	85.6148443268304	106.460928884786
2013-09-01	95.453015147823	85.7908215204628	107.744126875683
2013-10-01	96.3026927095835	86.1007264909916	108.85800933383
2013-11-01	96.898681661479	86.3136211300424	109.349080563585
2013-12-01	97.7182195463285	86.8366286200657	109.811653989317
2014-01-01	98.4797442838054	87.2772719912502	110.135770093196
2014-02-01	99.2105614578385	87.4622327596568	110.466120885118
2014-03-01	99.8008039196385	87.5839955885523	110.74547097786
2014-04-01	100.114440648501	87.9518729501753	111.021278336993
2014-05-01	100.551772713849	88.1883223539757	111.583450979696
2014-06-01	100.71936200829	88.4178885910792	112.02316375187
2014-07-01	101.027372253792	88.7793028167263	112.446583506421
2014-08-01	101.067765550182	88.9158465637976	113.428213211367
2014-09-01	101.297502200342	89.0092735801807	114.195118870579
2014-10-01	101.826415171037	88.9160206952272	114.89119630524
2014-11-01	102.238832237804	89.0665825396597	115.18197365024
2014-12-01	102.428393210023	89.2803690536095	115.933382499986
2015-01-01	102.377733596562	89.290720610727	116.643290114726
2015-02-01	102.708666204123	88.7416296881147	117.127746180854
2015-03-01	102.628747850641	88.680373361493	117.449936350062
2015-04-01	102.806001398708	88.5546875608388	118.065156902441
2015-05-01	103.026648155389	88.5486710653732	119.078081591567
2015-06-01	103.13439602958	88.3633671323463	119.586533109128
2015-07-01	103.643167145299	88.5206135071292	120.251348265756
2015-08-01	104.266873873034	88.9717551098496	120.887035028802
2015-09-01	104.840732306658	89.2589704084607	121.536498797131
2015-10-01	105.259403294182	89.7361830159599	122.323417487442
2015-11-01	105.664785677491	89.6607232820099	122.985054924704
2015-12-01	106.085051434587	89.5824020668521	123.336481430287
2016-01-01	106.497802674872	89.8332181575299	123.796829493878
2016-02-01	106.883644435986	89.6875172761795	124.259667864119
2016-03-01	107.220371654103	89.6227472699953	124.609798451985
2016-04-01	107.559396756174	89.6174714618545	124.608306923331
2016-05-01	107.756800080962	89.3500437676301	125.393919148137
2016-06-01	108.164274202215	89.7550572159966	126.082238838283
2016-07-01	108.239414059498	90.0125414815499	126.543581815758
2016-08-01	108.180195466724	90.0486590784765	126.746318903525
2016-09-01	108.021649300224	90.3001763550927	127.082880860656
2016-10-01	108.102320644994	90.5711136121562	127.415188225154
2016-11-01	108.421981565288	90.7812605093025	127.077997993542
2016-12-01	109.11997960769	90.9666055735988	127.017410007069
2017-01-01	109.705967801968	91.306154848749	127.112848998446
2017-02-01	110.270077861826	90.7153981444238	127.590725191737
2017-03-01	110.778811500925	90.619676999408	127.991984292506
2017-04-01	111.413948797767	90.4844661504534	128.2410167655
2017-05-01	111.898996097488	90.741959398805	128.493730365522
2017-06-01	112.028292997145	91.1903095483316	129.135316393654
2017-07-01	112.487922520948	91.4361419694856	129.642579332254
2017-08-01	113.07936902802	91.6415701188687	130.141397511522
2017-09-01	113.60704952606	91.8990053337603	130.607524878659
2017-10-01	114.017559224065	92.1548024452136	131.049149554708
2017-11-01	114.208075739066	92.4442293456426	131.624552570414
2017-12-01	114.303212476621	92.8068636074785	132.178986238487
2018-01-01	114.537830105593	93.0471594609891	132.761939466076
2018-02-01	114.926471290916	93.201327930594	133.098415070414
2018-03-01	115.477564152945	93.4528176352744	133.537537439752
2018-04-01	115.957206075738	93.4411404117756	133.834842979852
2018-05-01	116.442284713673	93.513408802772	134.335885922175
2018-06-01	116.357501147597	93.3302796089381	133.947016335929
2018-07-01	116.786330946962	93.4640704013208	134.614346255503
2018-08-01	116.965478180899	93.7157850066213	135.278547594062
2018-09-01	116.937957539674	93.8981808906799	135.622144337898
2018-10-01	116.768137086578	94.0248238103263	135.507012407717
2018-11-01	116.466953156416	94.0892802981493	135.36101401384
2018-12-01	115.961808399506	93.9067241939868	135.468201129185
2019-01-01	115.872604864401	93.9939222754407	135.326008072096
2019-02-01	115.496227314899	94.0559164293295	134.766190648422
2019-03-01	115.002374391272	94.0547945589649	134.370660706065
2019-04-01	114.605730833972	94.0678644332223	133.955575367082
2019-05-01	114.265246104178	94.2353567045941	133.5694714725
2019-06-01	114.113533253217	94.441104434	133.026470570173
2019-07-01	113.940471397793	94.5401327220855	132.897595884478
2019-08-01	113.844935449651	94.602008919237	133.420777626578
2019-09-01	113.646005760901	94.720066327049	133.602050793963
2019-10-01	113.957412563873	94.8990203185067	134.305898824382
2019-11-01	113.888285940093	94.782033741382	135.185778377499
2019-12-01	114.064317747044	94.9332534790597	135.706981764912
2020-01-01	114.050594408234	94.9645973688486	135.754574687802
2020-02-01	114.246854777903	94.9174390989065	135.711394440312
2020-03-01	114.560303010633	94.8347537435472	135.947972853448
2020-04-01	114.488288454107	94.9309659543491	136.869787804001
2020-05-01	114.270381736702	94.5237512132864	135.924300843447
2020-06-01	114.175450885762	94.2484746593041	135.27259830291
2020-07-01	114.498294788429	94.1521040411854	134.927278863903
2020-08-01	115.284411891993	94.2007450410506	135.389658218195
2020-09-01	116.613455232236	95.0659919000615	136.777589193097
2020-10-01	118.543269259953	95.9976718302206	138.287810522845
2020-11-01	120.69967367923	97.1693475559561	140.36130593727
2020-12-01	122.308091279164	98.2754526401327	141.505641636182
2021-01-01	124.122711338104	99.1933042268359	142.875455293286
2021-02-01	125.727371855057	100.051499461825	144.374348315845
2021-03-01	126.870192289049	100.845390571408	145.695764901938
2021-04-01	128.123999908174	101.352661907034	147.262947204648
2021-05-01	129.798589624351	102.138864976139	149.263892594521
2021-06-01	131.868240985196	102.896715732589	151.354361042017
2021-07-01	133.369704376286	103.496705226883	153.991655443485
2021-08-01	134.684211058288	104.303782114776	156.073647774317
2021-09-01	134.849739742748	104.158140412614	156.753818350802
2021-10-01	135.148668384038	104.525483457161	157.67421305111
2021-11-01	136.169408499057	104.154215698525	159.196978558946
2021-12-01	137.072231219881	104.639455315084	160.535812332962
2022-01-01	138.26289542703	105.428468904732	161.80851483786
2022-02-01	141.137809620908	106.002737104774	164.363730756982
2022-03-01	143.576873612055	107.032053034407	167.80197873703
2022-04-01	145.634518116754	107.890228338861	170.645653676766
2022-05-01	147.081319762657	108.364059768888	171.942824472588
2022-06-01	147.378147430145	108.459540405098	172.858057901204
2022-07-01	147.145692083744	108.014530498106	170.996570047712
2022-08-01	145.727170291815	107.432781246298	167.827579134157
2022-09-01	143.7890948356	106.618978948893	164.088527212852
2022-10-01	142.093097784051	105.313072718192	161.414996114928
2022-11-01	140.07853136717	104.660791560116	158.68567731238
2022-12-01	138.156519679283	103.890818799101	156.109353075717
2023-01-01	135.535640172892	103.427280051525	153.465772880203
2023-02-01	133.954359917404	102.684016129802	151.834877568165
2023-03-01	132.707475997314	101.994982124316	149.399044054721
2023-04-01	132.050196903368	101.900898893584	147.763266013881
2023-05-01	131.678929472058	102.008366734604	146.809568499166
2023-06-01	131.696658398431	102.36655810986	146.445714678852
2023-07-01	132.534632172646	102.987065959829	147.665866541962
2023-08-01	133.54864321513	103.573186448916	149.436276524543
2023-09-01	134.277593897949	103.998305732189	150.848734307628
2023-10-01	135.143565213064	103.926550360744	151.677393004291
2023-11-01	134.909375082151	103.697116958966	151.324033530202
2023-12-01	134.742593766581	103.700653815387	150.745258364839
2024-01-01	134.260263964771	103.486325294046	149.931951863401
2024-02-01	134.101353223489	103.453122160283	149.742087244698
2024-03-01	134.232900151661	103.585427742781	149.68495754144
2024-04-01	134.533713825556	103.618940230261	149.978556521296
2024-05-01	133.913197336297	103.505150515251	150.848057854474
2024-06-01	134.02079663843	103.018771614113	151.302469453227
2024-07-01	133.988208546642	102.731406530504	151.304721826389
2024-08-01	133.604498554043	102.50824097217	150.398985954412
2024-09-01	133.463203054414	102.63607640856	150.122194124177
2024-10-01	133.369286855968	102.841420410034	150.068659454541
2024-11-01	133.817373285949	102.921718400272	149.866287709644
2024-12-01	133.02662225191	102.888390814261	149.544671872766
2025-01-01	133.037744888028	102.841676454166	149.607922055585
2025-02-01	132.510683019291	102.722369795441	149.430157470682
2025-03-01	131.653359514705	102.296808487224	148.652331436911
2025-04-01	130.449502136932	101.848792037808	147.114022952686
2025-05-01	129.456707220962	101.517066869126	145.276473551654
2025-06-01	127.90603273031	101.566550219067	143.438304879842
2025-07-01	127.124639366127	101.424750583213	142.177671236989
2025-08-01	126.619405500872	101.345477982365	141.502892816555

Note: The data are seasonally adjusted. Percentiles are based on 19 large metropolitan statistical areas.

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

Return to text

Figure 1.20. Inflation-adjusted farmland prices rose further in 2025 from already elevated levels

2024 dollars per acre

Date	Midwest index	United States
1967	3114.711338
1968	3266.997176
1969	3203.711225
1970	3064.406983
1971	2864.259695
1972	2868.765719
1973	3085.283318
1974	3724.982131
1975	4149.766328
1976	4875.091088
1977	5850.606435
1978	6109.652364
1979	6199.759303
1980	6204.544669
1981	5902.393678
1982	5378.790729
1983	4566.453569
1984	4013.682787
1985	2862.170505
1986	2273.220326
1987	1933.950558
1988	2118.440786
1989	2317.932066
1990	2327.056723
1991	2276.444084
1992	2283.314212
1993	2285.736631
1994	2771.834812
1995	2674.715818
1996	2856.322463
1997	2628.557873	2481.833037
1998	2778.156485	2578.733787
1999	2804.892124	2636.37999
2000	2767.706749	2659.819987
2001	2747.991449	2675.549419
2002	2789.430113	2773.05164
2003	2826.082784	2830.100018
2004	2953.567246	2906.019013
2005	3412.699901	3309.410396
2006	3680.735246	3719.706396
2007	4078.754375	3827.720505
2008	4551.311337	4022.248202
2009	4325.375031	3903.593392
2010	4555.807633	3883.891408
2011	5287.410567	4156.175862
2012	6191.886882	4577.314646
2013	7089.817827	5130.627888
2014	7627.326957	5420.121827
2015	7324.072836	5426.800083
2016	6979.714743	5280.461017
2017	6764.497843	5157.462104
2018	6601.079119	5059.652548
2019	6406.341094	5006.353323
2020	6205.137709	4920.165781
2021	6396.438301	5035.967327
2022	6858.983649	5295.737173
2023	7090.037445	5477.025443
2024	7174.933792	5570
2025	7318.91222	5677.35701

Note: The data for the U.S. begin in 1997. Midwest index is a weighted average of Corn Belt and Great Plains states derived from staff calculations. Values are given in real terms. The value for 2025 is based on monthly data through July 2025. The Midwest median value is $3,735 2024 dollars per acre.

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

Return to text

Figure 1.21. Farmland prices relative to rents increased to historical highs in 2025

Ratio

Date	Midwest index	United States
1967	14.13418315
1968	14.19879016
1969	14.19528763
1970	13.99434936
1971	13.50686423
1972	13.4008375
1973	14.17058401
1974	14.52808886
1975	14.60469881
1976	16.1613832
1977	18.02016694
1978	19.56115904
1979	20.57529648
1980	21.54630274
1981	21.24967971
1982	19.55679439
1983	17.41888327
1984	15.94691892
1985	12.99502491
1986	11.89889043
1987	11.72150084
1988	12.5228119
1989	13.29508303
1990	13.40922896
1991	13.50559036
1992	13.73775651
1993	13.88773898
1994	17.97416274
1995	17.34956535
1996	18.36206647
1997	16.6669417
1998	17.46987848	20.15037594
1999	18.1991863	20.74074074
2000	17.83993333	20.85714286
2001	17.9534721	21.26760563
2002	18.17789453	22.20670391
2003	18.63356997	22.73972603
2004	19.44520488	22.87581699
2005	22.49879125	26.41025641
2006	24.60507286	30.06289308
2007	25.78446123	32.64516129
2008	26.32248824	32.28070175
2009	24.43030238	26.96969697
2010	25.43891798	26.47058824
2011	27.83627176	26.84684685
2012	28.47719386	26.8
2013	30.44885464	28.01470588
2014	32.18539376	29.0070922
2015	31.64414073	28.47222222
2016	32.1020429	29.70588235
2017	32.28286079	29.63235294
2018	31.88732337	29.34782609
2019	31.69066141	29.14285714
2020	31.22402639	29.20863309
2021	32.63138601	30.85106383
2022	35.18499877	33.37837838
2023	35.8479229	34.32258065
2024	36.3370819	34.8125
2025	38.45096107	36.21118012

Note: The data for the U.S. begin in 1998. Midwest index is a weighted average of Corn Belt and Great Plains states derived from staff calculations. The value for 2025 is based on monthly data through July 2025. The Midwest median ratio value is 18.20.

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

Return to text

Figure 2.1. The total debt of businesses and households relative to GDP remained at its lowest level in over 20 years

Ratio

Date	Private Nonfinancial-Sector Credit-to-GDP Ratio
1980 Q1	0.97690406840244
1980 Q2	0.986460409701747
1980 Q3	0.985762211782811
1980 Q4	0.970645008619832
1981 Q1	0.945661073565572
1981 Q2	0.962580931987408
1981 Q3	0.956740596618607
1981 Q4	0.971714066430994
1982 Q1	0.992005624404835
1982 Q2	0.994518561380468
1982 Q3	0.998200706884249
1982 Q4	1.00177513349504
1983 Q1	0.998792254189179
1983 Q2	0.992476070512075
1983 Q3	0.989277018003193
1983 Q4	0.990527592914971
1984 Q1	0.994903601639077
1984 Q2	1.00582127747873
1984 Q3	1.0173845871335
1984 Q4	1.03731977743554
1985 Q1	1.05476165485626
1985 Q2	1.0692320892261
1985 Q3	1.07819825644044
1985 Q4	1.10435602847285
1986 Q1	1.11505106375616
1986 Q2	1.13359858668438
1986 Q3	1.15175135193088
1986 Q4	1.17386020821332
1987 Q1	1.17852862124843
1987 Q2	1.18574100737387
1987 Q3	1.19426088968186
1987 Q4	1.18912562594923
1988 Q1	1.20281067503034
1988 Q2	1.20499337576849
1988 Q3	1.2096593968958
1988 Q4	1.2114270019737
1989 Q1	1.21102515163067
1989 Q2	1.21535839078137
1989 Q3	1.21740292325426
1989 Q4	1.22944938585272
1990 Q1	1.22831760036821
1990 Q2	1.22658450597883
1990 Q3	1.2283274337519
1990 Q4	1.24203307624169
1991 Q1	1.24132245975181
1991 Q2	1.23189717672766
1991 Q3	1.21616639034525
1991 Q4	1.21021144409645
1992 Q1	1.20013792015278
1992 Q2	1.1847809910516
1992 Q3	1.17579794601228
1992 Q4	1.16360952418444
1993 Q1	1.16403829787803
1993 Q2	1.16434689751223
1993 Q3	1.16769610081112
1993 Q4	1.16216217372249
1994 Q1	1.16464380214209
1994 Q2	1.16126095308483
1994 Q3	1.16525625505127
1994 Q4	1.16684841685526
1995 Q1	1.17558086375038
1995 Q2	1.18723790551559
1995 Q3	1.18994523712682
1995 Q4	1.19393596931575
1996 Q1	1.2009556371075
1996 Q2	1.19730979329851
1996 Q3	1.19961204750764
1996 Q4	1.19584126484863
1997 Q1	1.20118514993145
1997 Q2	1.2004551097129
1997 Q3	1.20671229228624
1997 Q4	1.21409809618103
1998 Q1	1.23042526459204
1998 Q2	1.24994562247852
1998 Q3	1.25534636897294
1998 Q4	1.26176773788569
1999 Q1	1.27890763840087
1999 Q2	1.28949855189
1999 Q3	1.30366971946682
1999 Q4	1.30309644209104
2000 Q1	1.32308959877643
2000 Q2	1.32043547247583
2000 Q3	1.33713397682631
2000 Q4	1.34298666199554
2001 Q1	1.35453487129367
2001 Q2	1.36723162562506
2001 Q3	1.39691178163468
2001 Q4	1.40366850789342
2002 Q1	1.41058951175407
2002 Q2	1.41433906531
2002 Q3	1.4234105119792
2002 Q4	1.43876150585553
2003 Q1	1.44592451008933
2003 Q2	1.4616710007084
2003 Q3	1.45508183903248
2003 Q4	1.45309293036479
2004 Q1	1.46673709372801
2004 Q2	1.47415344822818
2004 Q3	1.48195741886001
2004 Q4	1.4945497857704
2005 Q1	1.49668324184169
2005 Q2	1.51572672057509
2005 Q3	1.52405102413959
2005 Q4	1.53978511586884
2006 Q1	1.55413363766586
2006 Q2	1.57813821489107
2006 Q3	1.59606077437451
2006 Q4	1.61247866742263
2007 Q1	1.62428361529134
2007 Q2	1.64631946964335
2007 Q3	1.6639778436276
2007 Q4	1.67799535686506
2008 Q1	1.70478660579397
2008 Q2	1.69708707312222
2008 Q3	1.71013804350212
2008 Q4	1.72559100160738
2009 Q1	1.73832349495548
2009 Q2	1.73586011661306
2009 Q3	1.71490001786989
2009 Q4	1.67492682705754
2010 Q1	1.65668148362876
2010 Q2	1.62450577238891
2010 Q3	1.60329640044151
2010 Q4	1.57917698544052
2011 Q1	1.57685281544777
2011 Q2	1.55835109910379
2011 Q3	1.55112208327369
2011 Q4	1.53662448013254
2012 Q1	1.52022829326761
2012 Q2	1.51223311490046
2012 Q3	1.5104039384441
2012 Q4	1.51139693816583
2013 Q1	1.49667498368742
2013 Q2	1.50008778333888
2013 Q3	1.49235246909874
2013 Q4	1.48867931102217
2014 Q1	1.50313692416991
2014 Q2	1.48914593640052
2014 Q3	1.47315014164051
2014 Q4	1.48061204955606
2015 Q1	1.48337387450702
2015 Q2	1.48714946522344
2015 Q3	1.49142956171373
2015 Q4	1.49636078104546
2016 Q1	1.50983402563315
2016 Q2	1.50874634493431
2016 Q3	1.51020685887239
2016 Q4	1.50197342721311
2017 Q1	1.50871858234643
2017 Q2	1.51619683534494
2017 Q3	1.51235984896861
2017 Q4	1.50874183913351
2018 Q1	1.50195589425376
2018 Q2	1.51049909741609
2018 Q3	1.50992685611093
2018 Q4	1.5151922038705
2019 Q1	1.51781409272627
2019 Q2	1.51281801078216
2019 Q3	1.50808832329036
2019 Q4	1.50392853907386
2020 Q1	1.56020687190311
2020 Q2	1.73327611066499
2020 Q3	1.60457891628334
2020 Q4	1.58990101036077
2021 Q1	1.56880078576082
2021 Q2	1.5618946713276
2021 Q3	1.54770888242572
2021 Q4	1.52388355579199
2022 Q1	1.52693117445079
2022 Q2	1.51763720853544
2022 Q3	1.50909227809643
2022 Q4	1.49409234353887
2023 Q1	1.48213637012475
2023 Q2	1.47344852743665
2023 Q3	1.45245302503173
2023 Q4	1.43940837838273
2024 Q1	1.43771936488722
2024 Q2	1.42810080500788
2024 Q3	1.42134194805146
2024 Q4	1.40007249578561
2025 Q1	1.39899307348987
2025 Q2	1.38954161142087

Note: The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020. GDP is gross domestic product.

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

Return to text

Figure 2.2. Both business and household debt-to-GDP ratios continued to fall

Ratio

Date	Nonfinancial business credit-to-GDP	Household credit-to-GDP
1980 Q1	0.497089082464168	0.479814985938272
1980 Q2	0.503135465254283	0.483324944447463
1980 Q3	0.502212335938985	0.483549875843826
1980 Q4	0.494959232062895	0.475685776556937
1981 Q1	0.483995613605505	0.461665459960067
1981 Q2	0.496222963119425	0.466357968867983
1981 Q3	0.497047944111054	0.459692652507553
1981 Q4	0.506418521234643	0.46529554519635
1982 Q1	0.520148110956167	0.471857513448668
1982 Q2	0.524987604937857	0.469530956442611
1982 Q3	0.532621656514142	0.465579050370107
1982 Q4	0.532162097902139	0.469613035592896
1983 Q1	0.535836654034519	0.462955600154661
1983 Q2	0.530769677840467	0.461706392671608
1983 Q3	0.528241107303278	0.461035910699915
1983 Q4	0.526836334619863	0.463691258295109
1984 Q1	0.53095428057033	0.463949321068747
1984 Q2	0.539386587343728	0.466434690135004
1984 Q3	0.548403011568832	0.468981575564669
1984 Q4	0.560616465845545	0.476703311589998
1985 Q1	0.563395354510743	0.491366300345518
1985 Q2	0.570321174922646	0.49891091430345
1985 Q3	0.571316774312234	0.506881482128207
1985 Q4	0.580125892926657	0.524230135546188
1986 Q1	0.586240492788872	0.528810570967285
1986 Q2	0.597604359629863	0.535994227054522
1986 Q3	0.606116672009209	0.54563467992167
1986 Q4	0.617304906554346	0.556555301658978
1987 Q1	0.622311079938909	0.556217541309521
1987 Q2	0.622555220799973	0.563185786573897
1987 Q3	0.626249064653791	0.568011825028073
1987 Q4	0.626274112948218	0.562851513001014
1988 Q1	0.632230398244008	0.570580276786327
1988 Q2	0.633170752572815	0.571822623195677
1988 Q3	0.634549063145073	0.575110333750723
1988 Q4	0.636912911896248	0.57451409007745
1989 Q1	0.636353838228802	0.574671313401871
1989 Q2	0.637711464645736	0.577646926135638
1989 Q3	0.635508874321488	0.581894048932773
1989 Q4	0.640293414035301	0.589155971817414
1990 Q1	0.635767255986641	0.592550344381572
1990 Q2	0.632316492472854	0.594268013505977
1990 Q3	0.630873951558042	0.59745348219386
1990 Q4	0.634807742492464	0.607225333749228
1991 Q1	0.627908240651726	0.613414219100083
1991 Q2	0.618510421811361	0.613386754916301
1991 Q3	0.605622809255073	0.610543581090172
1991 Q4	0.59480648219981	0.615404961896644
1992 Q1	0.586127017923019	0.614010902229762
1992 Q2	0.575229690841714	0.609551300209883
1992 Q3	0.567154653345599	0.608643292666677
1992 Q4	0.556485500320845	0.607124023863598
1993 Q1	0.555042686195131	0.608995611682901
1993 Q2	0.553508850644719	0.610838046867508
1993 Q3	0.553012903913894	0.614683196897225
1993 Q4	0.5482899418256	0.613872231896886
1994 Q1	0.549388868370741	0.615254933771354
1994 Q2	0.546313467038668	0.614947486046162
1994 Q3	0.547564852357942	0.61769140269333
1994 Q4	0.545779049716121	0.621069367139137
1995 Q1	0.550259635065869	0.625321228684514
1995 Q2	0.555906564796161	0.631331340719433
1995 Q3	0.55480862279346	0.63513661433336
1995 Q4	0.556647041280727	0.637288928035019
1996 Q1	0.55591037543776	0.645045261669743
1996 Q2	0.554180090727563	0.643129702570946
1996 Q3	0.555589388701194	0.644022658806445
1996 Q4	0.552173540888724	0.643667723959902
1997 Q1	0.555859951175793	0.645325198755658
1997 Q2	0.55730502739521	0.643150082317691
1997 Q3	0.562987608081107	0.643724684205137
1997 Q4	0.568830356060132	0.645267740120903
1998 Q1	0.580175672871309	0.650249591720728
1998 Q2	0.593431284594946	0.656514337883579
1998 Q3	0.599833879630926	0.655512489342017
1998 Q4	0.604269253112038	0.657498484773656
1999 Q1	0.614626269778346	0.664281368622527
1999 Q2	0.618294368904318	0.671204182985678
1999 Q3	0.629408733236939	0.67426098622988
1999 Q4	0.62826634575632	0.674830096334719
2000 Q1	0.638691129202947	0.68439846957348
2000 Q2	0.639929857568318	0.680505614907511
2000 Q3	0.645111994235409	0.692021982590897
2000 Q4	0.648424395998982	0.69456226599656
2001 Q1	0.650597489205348	0.703937382088323
2001 Q2	0.654668931031229	0.71256269459383
2001 Q3	0.661481389920004	0.735430391714679
2001 Q4	0.663366466659756	0.740302041233661
2002 Q1	0.660939676357398	0.749649835396671
2002 Q2	0.658076080187665	0.756262985122333
2002 Q3	0.655404295687197	0.768006216292002
2002 Q4	0.655105898123688	0.783655607731837
2003 Q1	0.650015495614916	0.795909014474417
2003 Q2	0.643842628761171	0.817828371947232
2003 Q3	0.634707797033009	0.820374041999473
2003 Q4	0.624916222358475	0.828176708006314
2004 Q1	0.629125788876321	0.837611304851693
2004 Q2	0.625341177917767	0.848812270310411
2004 Q3	0.625890764041889	0.85606665481812
2004 Q4	0.625979647190509	0.868570138579895
2005 Q1	0.625753821133168	0.87092942070852
2005 Q2	0.630467142358351	0.885259578216738
2005 Q3	0.629492684956343	0.894558339183248
2005 Q4	0.635135652381185	0.90464946348765
2006 Q1	0.638556719679745	0.915576917986111
2006 Q2	0.64695816838047	0.9311800465106
2006 Q3	0.652133626451206	0.943927147923301
2006 Q4	0.661775369028659	0.950703298393967
2007 Q1	0.671102083189859	0.953181532101484
2007 Q2	0.684142126117599	0.962177343525749
2007 Q3	0.698608230076702	0.965369613550894
2007 Q4	0.710050820051134	0.967944536813922
2008 Q1	0.72483231607602	0.979954289717947
2008 Q2	0.730930885802156	0.96615618732006
2008 Q3	0.738854133757577	0.971283909744541
2008 Q4	0.756039634975102	0.969551366632282
2009 Q1	0.76059729322533	0.977726201730148
2009 Q2	0.756518980705136	0.979341135907929
2009 Q3	0.743500154544829	0.971399863325066
2009 Q4	0.719176160339641	0.955750666717902
2010 Q1	0.711792319607494	0.944889164021264
2010 Q2	0.697107306961933	0.927398465426981
2010 Q3	0.69245846890624	0.910837931535272
2010 Q4	0.679701144533117	0.899475840907402
2011 Q1	0.678482446737272	0.898370368710496
2011 Q2	0.6751315230513	0.883219576052485
2011 Q3	0.676320579152948	0.874801504120739
2011 Q4	0.674238250996907	0.86238622913563
2012 Q1	0.670202918014127	0.85002537525348
2012 Q2	0.671557214223506	0.840675900676956
2012 Q3	0.677752946605545	0.832650991838557
2012 Q4	0.685998146575919	0.82539879158991
2013 Q1	0.680699624445638	0.815975359241777
2013 Q2	0.68721310883514	0.812874674503743
2013 Q3	0.689724297235824	0.802628171862914
2013 Q4	0.687958930245482	0.800720380776685
2014 Q1	0.699027860524448	0.804109063645463
2014 Q2	0.69670967413435	0.79243626226617
2014 Q3	0.696717936885553	0.77643220475496
2014 Q4	0.706487616540771	0.774124433015285
2015 Q1	0.71293599384705	0.770437880659975
2015 Q2	0.719857411881891	0.767292053341549
2015 Q3	0.725326066294359	0.766103495419372
2015 Q4	0.73274275097603	0.763618030069427
2016 Q1	0.744692750427198	0.765141275205951
2016 Q2	0.745213984275722	0.763532360658587
2016 Q3	0.747557871613383	0.762648987259006
2016 Q4	0.743079279844567	0.758894147368545
2017 Q1	0.75022323554192	0.758495346804506
2017 Q2	0.756856021276794	0.759340814068143
2017 Q3	0.757513572995332	0.754846275973278
2017 Q4	0.758506425684211	0.7502354134493
2018 Q1	0.75604982804236	0.745906066211402
2018 Q2	0.768558555616972	0.74194054179912
2018 Q3	0.769738056121696	0.74018879998923
2018 Q4	0.774246102626047	0.740946101244453
2019 Q1	0.778798148884973	0.739015943841301
2019 Q2	0.7756503453744	0.73716766540776
2019 Q3	0.774610007905726	0.733478315384633
2019 Q4	0.770793541138995	0.733134997934867
2020 Q1	0.816042700649959	0.744164171253149
2020 Q2	0.923321039862581	0.809955070802405
2020 Q3	0.849621992037849	0.75495692424549
2020 Q4	0.837623080559022	0.752277929801749
2021 Q1	0.82536759348579	0.743433192275033
2021 Q2	0.812711565954108	0.749183105373495
2021 Q3	0.802924472171839	0.744784410253879
2021 Q4	0.790412596318148	0.733470959473837
2022 Q1	0.791372134410668	0.735559040040123
2022 Q2	0.786281172649843	0.731356035885601
2022 Q3	0.779955114430635	0.72913716366579
2022 Q4	0.770814785252162	0.723277558286703
2023 Q1	0.76653809856504	0.715598271559713
2023 Q2	0.760708796259216	0.712739731177435
2023 Q3	0.748246383969479	0.704206641062252
2023 Q4	0.740139798025114	0.69926858035762
2024 Q1	0.74009860819716	0.697620756690058
2024 Q2	0.736161992962305	0.691938812045571
2024 Q3	0.733012038900958	0.688329909150497
2024 Q4	0.722769705143794	0.677302790641814
2025 Q1	0.72377195971535	0.675221113774521
2025 Q2	0.718706152639486	0.670835458781386

Return to text

Figure 2.3. Business debt adjusted for inflation turned slightly positive

Percent change, annual rate

Data	Growth of agg debt
1997 Q1	5.52456779452303
1997 Q2	6.44216909942136
1997 Q3	10.1060539485426
1997 Q4	7.69096427536645
1998 Q1	11.4857624449358
1998 Q2	12.6789920929069
1998 Q3	9.71653611804857
1998 Q4	9.32593040469587
1999 Q1	10.895636424269
1999 Q2	5.89520925056234
1999 Q3	10.3402928377138
1999 Q4	6.19014417362738
2000 Q1	8.73097715931734
2000 Q2	9.22244674077443
2000 Q3	4.07778231720152
2000 Q4	4.65804975695008
2001 Q1	1.10059426984592
2001 Q2	5.90661491692362
2001 Q3	3.09608783753054
2001 Q4	1.5714653866927
2002 Q1	1.90650020054845
2002 Q2	-0.0960769840191249
2002 Q3	-0.218624967423898
2002 Q4	1.21146060740148
2003 Q1	-0.25446293626309
2003 Q2	-0.619419916125721
2003 Q3	1.34411080478388
2003 Q4	-1.7312911899151
2004 Q1	4.36225987725782
2004 Q2	1.61763912703716
2004 Q3	5.28334508471924
2004 Q4	5.10101358471634
2005 Q1	4.6734773511042
2005 Q2	5.93588698273248
2005 Q3	4.62373815694491
2005 Q4	6.48737586940555
2006 Q1	8.0377633906001
2006 Q2	6.67187796996092
2006 Q3	4.4699296446199
2006 Q4	9.14611113375224
2007 Q1	7.69444537175214
2007 Q2	11.4689009252832
2007 Q3	11.1067038810052
2007 Q4	8.0274747192925
2008 Q1	6.00807669676147
2008 Q2	6.11169952658457
2008 Q3	3.45294629242697
2008 Q4	1.71300716361679
2009 Q1	-2.72900906921535
2009 Q2	-4.97330415952638
2009 Q3	-6.3345821790313
2009 Q4	-6.55087551289945
2010 Q1	-4.00046449855629
2010 Q2	-3.52253390171227
2010 Q3	1.09074071254598
2010 Q4	-0.634754218807967
2011 Q1	-1.27241018040656
2011 Q2	1.09911015186304
2011 Q3	1.26873146425858
2011 Q4	2.36617962498225
2012 Q1	1.04995740917977
2012 Q2	2.67034690761557
2012 Q3	5.40381297657224
2012 Q4	6.54619908409621
2013 Q1	0.908364775789684
2013 Q2	4.69736487026702
2013 Q3	5.3323587529976
2013 Q4	3.27547051319596
2014 Q1	5.34046163853564
2014 Q2	4.38517396324906
2014 Q3	5.03671186885043
2014 Q4	7.00354750587963
2015 Q1	6.85228207145445
2015 Q2	6.95848444978425
2015 Q3	4.45247111455724
2015 Q4	4.56341764085781
2016 Q1	6.86911801008977
2016 Q2	2.11365501150121
2016 Q3	3.41322599904324
2016 Q4	0.510178973756922
2017 Q1	4.20674880613192
2017 Q2	5.52858494028905
2017 Q3	4.37872190727741
2017 Q4	3.80522383802792
2018 Q1	1.96489745843478
2018 Q2	1.03074687192958
2018 Q3	3.58541605102482
2018 Q4	2.7896288415726
2019 Q1	4.83377669756504
2019 Q2	2.41073105397218
2019 Q3	4.24030260062751
2019 Q4	0.888608373937589
2020 Q1	18.1674550718838
2020 Q2	16.0344238550585
2020 Q3	-2.69847280676837
2020 Q4	-0.487734202080895
2021 Q1	1.32271410148781
2021 Q2	-3.07693685030864
2021 Q3	-0.0610092958173905
2021 Q4	1.8588891479217
2022 Q1	1.53890274509702
2022 Q2	1.97615732490334
2022 Q3	-0.976753345050049
2022 Q4	-1.33324836178064
2023 Q1	-0.231605087119886
2023 Q2	-2.37454538148554
2023 Q3	-1.1133811864485
2023 Q4	-1.48267802107081
2024 Q1	0.0305734621202913
2024 Q2	1.12913400096372
2024 Q3	0.939965323099101
2024 Q4	-1.84531059000002
2025 Q1	1.91854008306061
2025 Q2	1.03026882985513

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

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

Return to text

Figure 2.4. Net issuance of risky debt fell in the middle of 2025

Billions of dollars

Date	Institutional leveraged loans	High-yield and unrated bonds
2004 Q2	17.2438049316406	-12.7997829915
2004 Q3	5.23060607910156	-4.7444686799
2004 Q4	21.0927886962891	-13.2517237499027
2005 Q1	10.4766082763672	2.97369487239999
2005 Q2	14.6851043701172	-6.410706469
2005 Q3	9.51528930664062	-12.991040792
2005 Q4	20.6117095947266	2.72848883801281
2006 Q1	27.1632843017578	-13.66462260049
2006 Q2	40.140625	12.5665759
2006 Q3	17.8547973632813	-5.58880446140401
2006 Q4	66.3043823242188	30.5087983381185
2007 Q1	40.6788024902344	0.19438353519999
2007 Q2	54.3095092773438	23.3461726256
2007 Q3	25.7214050292969	-7.04300563787999
2007 Q4	36.057373046875	-10.4225800406
2008 Q1	2.209228515625	-20.137899142
2008 Q2	26.2244873046875	3.03224333508
2008 Q3	6.596923828125	-0.386358803119998
2008 Q4	4.79547119140625	-23.475024039
2009 Q1	-11.8175048828125	-25.4492457618
2009 Q2	-15.52490234375	2.31024644920001
2009 Q3	-13.2594604492188	-9.1909206677
2009 Q4	-24.9891357421875	-9.211476421
2010 Q1	-17.8472900390625	3.29614121840999
2010 Q2	-9.70620727539062	13.21006038522
2010 Q3	11.7539978027344	14.20725090757
2010 Q4	-15.3392028808594	25.00720073417
2011 Q1	-4.48370361328125	0.525360469560003
2011 Q2	25.4903869628906	16.39558409807
2011 Q3	-5.516845703125	-7.89381352476999
2011 Q4	3.91107177734375	3.67994934657
2012 Q1	-6.46658325195313	23.27321088568
2012 Q2	18.4444885253906	-13.41272508643
2012 Q3	-4.3779296875	38.551299447
2012 Q4	25.9595336914063	21.514433235054
2013 Q1	11.3007202148438	23.0538808032
2013 Q2	31.3078002929688	19.65314829777
2013 Q3	45.1636962890625	25.86382232293
2013 Q4	43.5355834960938	24.45471547174
2014 Q1	29.44970703125	16.13022019701
2014 Q2	45.6138916015625	15.23672500528
2014 Q3	48.42529296875	32.9089474055
2014 Q4	26.1719970703125	3.99923349074401
2015 Q1	6.462890625	32.918267314
2015 Q2	-3.11236572265625	4.34897208896001
2015 Q3	8.57940673828125	-0.680115462000011
2015 Q4	28.799560546875	-13.22171942204
2016 Q1	9.0941162109375	-0.651168015490006
2016 Q2	4.985595703125	2.29172081972001
2016 Q3	-12.8767700195313	-3.45296512689999
2016 Q4	7.194580078125	-44.46958316503
2017 Q1	-4.2435302734375	9.0480177782
2017 Q2	49.00634765625	-9.45783064710999
2017 Q3	13.031982421875	-2.19109402510999
2017 Q4	16.81396484375	-3.25290545473999
2018 Q1	34.333251953125	16.272991855113
2018 Q2	54.8770141601563	-8.73682443242
2018 Q3	45.0819091796875	10.28165573089
2018 Q4	57.5950927734375	-20.52812190214
2019 Q1	33.6610107421875	13.72413095774
2019 Q2	16.1658935546875	19.040025168757
2019 Q3	-16.1549072265625	11.01588355029
2019 Q4	12.594970703125	9.70150317656999
2020 Q1	3.09814453125	4.84085537497
2020 Q2	-11.4285888671875	89.88120892529
2020 Q3	14.3199462890625	7.30188958297999
2020 Q4	-6.167724609375	-9.65000869120002
2021 Q1	13.6552734375	21.49987596717
2021 Q2	51.3404541015625	31.08767438325
2021 Q3	41.23828125	14.70553534896
2021 Q4	41.805908203125	3.55487644673
2022 Q1	49.3033447265625	-11.89424530992
2022 Q2	24.0108642578125	-10.92350721956
2022 Q3	16.0382080078125	-20.62520499021
2022 Q4	-17.26318359375	-16.02160788531
2023 Q1	-14.5274658203125	1.49928029038
2023 Q2	-4.7691650390625	-1.71521450415
2023 Q3	14.095458984375	-1.01690539198
2023 Q4	-10.7762451171875	-3.761433551
2024 Q1	-9.39404296875	-2.44551003096001
2024 Q2	4.4625244140625	15.303700208
2024 Q3	-9.58837890625	3.98859679808
2024 Q4	35.608154296875	-11.292474544
2025 Q1	50.62158203125	3.67200249715599
2025 Q2	24.6611328125	-33.491991
2025 Q3	15.6845703125	-12.14031953269000

Note: The data begin in 2004:Q2. Institutional leveraged loans generally exclude loan commitments held by banks. The key identifies bars in order from top to bottom (except for some bars with at least one negative value). For 2025:Q3, the value corresponds to preliminary data.

Source: Mergent, Inc., Fixed Income Securities Database; Pitchbook Data, Leveraged Commentary & Data.

Return to text

Figure 2.5. Gross leverage of publicly traded nonfinancial firms leveled off but was still high by historical standards

Percent

Date	75th percentile	All firms
2000 Q1	48.2251895902531	30.353647915117
2000 Q2	47.8512910274851	29.6075721575872
2000 Q3	47.4916752996759	29.0123541564402
2000 Q4	46.987233134119	29.1772815074783
2001 Q1	47.5400360645084	29.1864721869718
2001 Q2	47.3882550047634	29.3710193889682
2001 Q3	47.3327987583499	29.3620996700029
2001 Q4	47.1142569981297	29.9860993880835
2002 Q1	46.1168958488835	30.6177204555483
2002 Q2	44.4789996122333	29.6690622875951
2002 Q3	44.1056157641294	29.4465549911019
2002 Q4	44.4271931755248	29.1692778011146
2003 Q1	42.8304982552851	28.9536525692187
2003 Q2	42.1814051044141	28.1303680744767
2003 Q3	41.778402174698	27.7762082105169
2003 Q4	41.5117350218286	26.702265868605
2004 Q1	39.4611769102911	26.3007921054443
2004 Q2	38.9295298728731	25.6946531455101
2004 Q3	38.6766403958058	25.3778098522455
2004 Q4	39.1666128317714	25.1301958429444
2005 Q1	37.810521162171	24.9207459688196
2005 Q2	37.7659268377245	24.8017282935116
2005 Q3	37.485804088461	24.1238893948255
2005 Q4	38.3413203621397	24.1803857139311
2006 Q1	37.4170605366039	24.4491252459796
2006 Q2	37.7494310791866	24.3445721547837
2006 Q3	37.6936147426923	24.3509253971227
2006 Q4	38.6352135323604	24.7005968297155
2007 Q1	38.0266028958417	24.9149561767604
2007 Q2	38.6841608823054	25.161304057527
2007 Q3	38.705516034687	25.5555444911018
2007 Q4	39.0061888842238	25.8386395430852
2008 Q1	39.1308169197629	26.0467705657103
2008 Q2	39.0172229300131	26.1722081966904
2008 Q3	40.0301570510571	27.1587474191012
2008 Q4	42.7177944360296	28.7489032918948
2009 Q1	41.5360940103296	28.6788318949749
2009 Q2	39.94144824529	27.9262199507271
2009 Q3	38.4762831126504	26.9590698030143
2009 Q4	38.7391984971353	26.7362330446729
2010 Q1	37.0575735578563	26.3286617769851
2010 Q2	36.7418921459583	26.198273077096
2010 Q3	36.3269348842672	26.2076647816732
2010 Q4	36.9740855507758	25.9655589141843
2011 Q1	36.0956578872633	25.7815002116415
2011 Q2	35.6462669369208	25.8317920725729
2011 Q3	36.4053497443518	26.1748010198179
2011 Q4	37.8409500468593	26.0781856438764
2012 Q1	36.9853261490212	26.0272705133389
2012 Q2	37.4025180722038	26.5892457027262
2012 Q3	37.5253477970378	26.7075730044889
2012 Q4	38.8133589928573	27.0873027823163
2013 Q1	38.0899954960403	26.938360826861
2013 Q2	38.258899928804	27.3640555306252
2013 Q3	38.5466075494801	27.6880161734813
2013 Q4	40.128197881951	27.9097119754128
2014 Q1	39.2639983162186	28.5197807960216
2014 Q2	40.2767093780862	28.4439062854475
2014 Q3	40.8845778464677	28.6072533525238
2014 Q4	42.1595170425966	29.18689324885
2015 Q1	42.4315723792986	30.0410429787241
2015 Q2	42.0960321653487	30.5644228997855
2015 Q3	42.6018177682271	31.104456557462
2015 Q4	43.9208282144074	32.0439209607682
2016 Q1	43.9304898845711	32.6547094198282
2016 Q2	43.7035750518978	32.8831561000056
2016 Q3	43.0770913582066	32.9727421456053
2016 Q4	43.2138354478844	32.8301719686644
2017 Q1	42.7150362522209	33.1061389022627
2017 Q2	42.2296500534535	33.4693648743879
2017 Q3	42.1156387298057	33.2935053470685
2017 Q4	42.0005926127123	32.9372652473484
2018 Q1	42.0217236382725	33.2469334462123
2018 Q2	42.2094144732426	33.0307205966827
2018 Q3	41.6837616562222	32.7665240445449
2018 Q4	42.5060072473548	33.0687383687671
2019 Q1	46.2944096370316	35.2379473895022
2019 Q2	46.5865645080149	35.5586828555893
2019 Q3	47.4212382436022	35.4869279820856
2019 Q4	47.9092436188546	35.462349059054
2020 Q1	49.8701121726862	37.4772128750244
2020 Q2	49.1623882718523	37.681677929662
2020 Q3	47.3955119360872	36.816681197909
2020 Q4	46.7516247531421	36.1150568249883
2021 Q1	45.9982026611294	35.7029882789897
2021 Q2	45.05478498194	35.1627109872669
2021 Q3	44.3580387906554	34.6131762418582
2021 Q4	44.5938927968921	34.2142738167692
2022 Q1	44.8367454948726	34.1098857461604
2022 Q2	45.6414045860988	34.0487145553399
2022 Q3	45.351082995805	34.104214527511
2022 Q4	45.6992468849638	34.1794912140961
2023 Q1	45.8372898728713	34.3023507670941
2023 Q2	45.2335804517462	34.2227312045035
2023 Q3	45.507959697949	34.0126267886455
2023 Q4	45.7146098035949	33.862428235988
2024 Q1	45.6112842256446	33.7841376722017
2024 Q2	45.3368974313336	33.7743788583591
2024 Q3	44.7870853156654	33.679056627041
2024 Q4	45.4009881085403	33.2924852418753
2025 Q1	45.2112028778834	33.2564959125092
2025 Q2	45.2705693941409	33.3188556432169

Note: Gross leverage is an asset-weighted average of the ratio of firms' book value of total debt to book value of total assets. The 75th percentile is calculated from a sample of the 2,500 largest firms by assets. The dashed sections of the lines in 2019:Q1 reflect the structural break in the series due to the 2019 compliance deadline for Financial Accounting Standards Board rule Accounting Standards Update 2016-02. The accounting standard requires operating leases, previously considered off-balance-sheet activities, to be included in measures of debt and assets.

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

Return to text

Figure 2.6. Interest coverage ratios, which indicate firms' ability to service their debt, were largely unchanged

Ratio

Date	Median for all public firms	Median for all non-investment-grade public firms
2000 Q1	2.36029256294827	1.59928356891477
2000 Q2	2.32273712851903	1.55559872621746
2000 Q3	2.26505465547531	1.52231011053646
2000 Q4	2.20765965258479	1.44808903206912
2001 Q1	2.12852564194417	1.3789697908598
2001 Q2	2.08123088685015	1.35633589873218
2001 Q3	1.896224914523	1.25894826406771
2001 Q4	1.77747775089474	1.28658273731876
2002 Q1	1.78467217190372	1.28704650575077
2002 Q2	1.74492865173253	1.30217754130334
2002 Q3	1.84877540712327	1.416139451252
2002 Q4	2.00625539257981	1.52943760984183
2003 Q1	2.10804682668076	1.606
2003 Q2	2.11539531273139	1.5224403750221
2003 Q3	2.17306528304208	1.67048762736536
2003 Q4	2.29775528169014	1.68100158433704
2004 Q1	2.54787883585708	1.93608184764992
2004 Q2	2.87736149100871	2.06761298259179
2004 Q3	3.0231520815633	2.24999874887232
2004 Q4	3.00197628458498	2.35421028146081
2005 Q1	3.01381933289238	2.28494187206838
2005 Q2	3.01785390620464	2.25026505513147
2005 Q3	3.07137653808409	2.27264202624993
2005 Q4	3.04438933809703	2.29
2006 Q1	3.07139762042991	2.32827850550759
2006 Q2	3.0093085106383	2.2736716190865
2006 Q3	2.98084486148963	2.31801012784327
2006 Q4	2.92316415960407	2.29212567198378
2007 Q1	2.92478651193344	2.23212958456842
2007 Q2	2.83868501529052	2.20939061527057
2007 Q3	2.7005929690809	2.11311083715318
2007 Q4	2.72832073779941	2.10076728143038
2008 Q1	2.79427083333333	2.16773870783305
2008 Q2	3.00362844702467	2.26061650800765
2008 Q3	2.9739572535063	2.25947307971942
2008 Q4	2.63538781163435	1.94064258486114
2009 Q1	2.70840360584273	1.97538621306058
2009 Q2	2.47436941929724	1.74652849207982
2009 Q3	2.33367768595041	1.59968891402715
2009 Q4	2.28353658536585	1.68476189057986
2010 Q1	2.62818000103837	1.97138132134381
2010 Q2	2.76175952888743	2.10916619003866
2010 Q3	2.94068210550511	2.19573643410853
2010 Q4	3.03974502024961	2.29516934709153
2011 Q1	3.18913905228684	2.47194513715711
2011 Q2	3.37037037037037	2.56529516994633
2011 Q3	3.520922854775	2.62713120830245
2011 Q4	3.46009157838032	2.58290035378932
2012 Q1	3.39713735448039	2.51354228341928
2012 Q2	3.41453925590098	2.58557535666683
2012 Q3	3.28194642251611	2.39564609698715
2012 Q4	3.07853626208843	2.37340249586528
2013 Q1	3.18264331210191	2.32300753370341
2013 Q2	3.24567253753722	2.27175915824181
2013 Q3	3.25531856261023	2.23245614035088
2013 Q4	3.15883738347201	2.19311053813154
2014 Q1	3.2120085995086	2.21402660217654
2014 Q2	3.42731199858944	2.3953626165271
2014 Q3	3.47111111111111	2.4304628249915
2014 Q4	3.38328654718203	2.32258560910387
2015 Q1	3.34991749174918	2.18376022131281
2015 Q2	3.30377839399575	2.19087560957469
2015 Q3	3.3109228004651	2.20499549954996
2015 Q4	3.11877066305471	2.12860617983445
2016 Q1	2.94227994227994	2.04246323529412
2016 Q2	2.925	1.99430854928554
2016 Q3	2.95733076214598	2.11275455683038
2016 Q4	2.98452157598499	2.01833170456869
2017 Q1	3.03707444516268	2.12024411714854
2017 Q2	3.10698950381679	2.21255713282392
2017 Q3	3.05206549409859	2.28951149425287
2017 Q4	3.08142857142857	2.29316432999557
2018 Q1	3.05836598075387	2.2398590465999
2018 Q2	3.08823529411765	2.34994688385269
2018 Q3	3.18419994861363	2.38650114563941
2018 Q4	3.07109353136895	2.33799740522682
2019 Q1	2.96420704845815	2.21342472161373
2019 Q2	2.90384615384615	2.04756771464781
2019 Q3	2.79642505825563	2.06484904140312
2019 Q4	2.66181220914317	2.01321640178641
2020 Q1	2.47939744672396	1.78997892635315
2020 Q2	2.1328125	1.36201298701299
2020 Q3	2.18448130765008	1.25837382766413
2020 Q4	2.06548341197155	1.25569803120137
2021 Q1	2.50149957155099	1.5146619065599
2021 Q2	3.02448365467471	1.91576304396369
2021 Q3	3.29896313364055	2.24786036036036
2021 Q4	3.19492369848046	2.1888296214794
2022 Q1	3.428087375301	2.22267759562842
2022 Q2	3.40676043557169	2.08064516129032
2022 Q3	3.08546194235816	1.86390092022131
2022 Q4	2.58269230769231	1.65814541213064
2023 Q1	2.46864406779661	1.56659501853794
2023 Q2	2.3685355606682	1.49556451612903
2023 Q3	2.42690982194141	1.44558035057694
2023 Q4	2.26745501788109	1.39214186193929
2024 Q1	2.34611036017009	1.51490888301637
2024 Q2	2.34916971001346	1.47665662650602
2024 Q3	2.37720022712022	1.51297805302043
2024 Q4	2.50270143158668	1.64695874869131
2025 Q1	2.57733988417935	1.64369736360308
2025 Q2	2.56514447809492	1.58814102564103

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

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

Return to text

Figure 2.7. Firms with commercial and industrial bank loans increased their leverage slightly

This is a line chart showing quarterly data from 2013 through 2025:Q2. The y-axis shows debt as percentage of assets ranging from 24 percent to 36 percent. Two lines are displayed: Privately held firms (thick blue line) and Publicly traded firms (thin black line). The thick blue line for privately held firms shows higher values throughout the pe-riod, starting near 30 percent in 2013, rising to peaks of about 34 percent around 2017-2019, then dropping to about 31 percent in 2020-2021, before gradually increasing to around 32 percent by 2025:Q2. The thin black line for publicly traded firms shows lower overall values, starting at about 25 percent in 2013, rising steadily to about 31 percent by 2019, then declining to about 29 percent by 2022, and remaining relatively flat through 2025:Q2.

Note: The figure shows the weighted median leverage of nonfinancial firms that borrow using commercial and industrial loans from the 23 banks that have filed in every quarter since 2013:Q1. Leverage is measured as the ratio of the book value of total debt to the book value of total assets of the borrower, as reported by the lender, and the median is weighted by committed amounts.

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

Return to text

Figure 2.8. Newly issued leveraged loans with debt multiples greater than 4 increased moderately to above the historical median

Percent

Date	Debt multiples ≥ 6x	Debt multiples 5x-5.99x	Debt multiples 4x4.99x	Debt multiples < 4x
2001	2.70000007003546	10.1000003516674	26.1999994516373	61.1000001430512
2002	5.90000003576279	12.2000001370907	27.3000001907349	54.6000003814697
2003	6.69999998062849	11.5000002086163	29.3000012636185	52.6000022888184
2004	8.79999976605177	17.5999999046326	28.600001335144	44.9999988079071
2005	8.00000037997961	25.0999987125397	25.0999987125397	41.8000012636185
2006	16.2999995052814	21.0999995470047	26.3000011444092	36.3999992609024
2007	27.6999995112419	17.4999997019768	23.7000003457069	31.2000006437302
2008	10.700000077486	12.0999999344349	14.2000004649162	63.0999982357025
2009	17.7000001072884	11.5000002086163	17.7000001072884	53.1000018119812
2010	5.8000001590699	17.9000005125999	22.5999996066093	53.7000000476837
2011	14.4000001251698	19.200000166893	22.5999996066093	43.7999993562698
2012	15.8000003546476	21.7999994754791	26.6000002622604	35.8999997377396
2013	16.4000004529953	23.1000006198883	28.999999165535	31.4999997615814
2014	27.1999999880791	21.5000003576279	22.5999996066093	28.7000000476837
2015	18.7000006437302	26.1999994516373	24.8999997973442	30.3000003099442
2016	21.000000089407	24.4000002741814	32.600000500679	21.8999996781349
2017	22.0000006258488	27.5999993085861	27.5999993085861	22.6999998092651
2018	29.6000003814697	26.8999993801117	24.1999998688698	19.3000003695488
2019	32.8999996185303	23.2999995350838	23.4999999403954	20.2999994158745
2020	28.1000003218651	23.8999992609024	25.6999999284744	22.3000004887581
2021	35.0999996066093	20.3999996185303	23.1000006198883	21.4000001549721
2022	36.5000009536743	20.8000004291534	19.3000003695488	23.3999997377396
2023	16.9999994337559	18.7999993562698	26.3999998569489	37.7999991178513
2024	18.8000004738569	25.0999987125397	20.6000000238419	35.4999989271164
2025 Q1	14.4999999552965	30.5000007152557	23.4999999403954	31.4999997615814
2025 Q2	15.9999996423721	21.2999999523163	31.9999992847443	30.7000011205673
2025 Q3	17.200000397861	26.1999994516373	30.799999833107	25.7999986410141

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

Source: Mergent, Inc., Fixed Income Securities Database; PitchBook Data, Leveraged Commentary & Data.

Return to text

Figure 2.9. The realized default rate on leveraged loans remained well below its previous peaks

Percent

Date	Realized default rate	Realized default rate including distressed exchanges
1999-01-01	1.40374443874576
1999-02-01	0.620130074272045
1999-03-01	0.961558060168107
1999-04-01	0.910025850082999
1999-05-01	1.08432506922787
1999-06-01	1.51147782227669
1999-07-01	1.46856132869432
1999-08-01	2.58669462674692
1999-09-01	2.83564148416579
1999-10-01	2.79553858940607
1999-11-01	4.23476547428082
1999-12-01	4.17363270874809
2000-01-01	5.31955188860257
2000-02-01	5.63665801395398
2000-03-01	5.79387818120708
2000-04-01	7.38707363523978
2000-05-01	7.1272474346274
2000-06-01	7.50275817381135
2000-07-01	7.38638660941154
2000-08-01	6.65602334926934
2000-09-01	6.59817681681766
2000-10-01	6.74029479357337
2000-11-01	5.7997136872917
2000-12-01	6.57473346350473
2001-01-01	5.890289821496
2001-02-01	5.65193404131812
2001-03-01	5.48432983996405
2001-04-01	4.78452184278759
2001-05-01	6.42183107838333
2001-06-01	6.27790427404653
2001-07-01	6.81737551468091
2001-08-01	6.79872690180133
2001-09-01	6.50470952417523
2001-10-01	6.72167813766106
2001-11-01	6.50463564435449
2001-12-01	6.30391411142361
2002-01-01	7.2499241459131
2002-02-01	7.24500509942625
2002-03-01	6.8484910901823
2002-04-01	6.95151266913317
2002-05-01	5.6949044894794
2002-06-01	7.41236450994404
2002-07-01	6.8397177567764
2002-08-01	6.78220535455937
2002-09-01	6.41446937703412
2002-10-01	6.5850341177601
2002-11-01	6.52532834017819
2002-12-01	6.01237682581557
2003-01-01	5.12912891130075
2003-02-01	5.00880429946855
2003-03-01	5.47066888423004
2003-04-01	5.25912875791241
2003-05-01	5.34793308939678
2003-06-01	2.62312005668266
2003-07-01	2.64426832515177
2003-08-01	2.67290377148024
2003-09-01	2.90810705065732
2003-10-01	2.29547070641196
2003-11-01	2.28463596938286
2003-12-01	2.24950731862114
2004-01-01	1.89471401030441
2004-02-01	1.61166556876154
2004-03-01	1.11407293913559
2004-04-01	0.936565901600417
2004-05-01	0.682252697548041
2004-06-01	0.94402709654127
2004-07-01	0.905279421260321
2004-08-01	0.881211884544273
2004-09-01	1.00572085360985
2004-10-01	1.02263104092439
2004-11-01	1.02447519808232
2004-12-01	1.01410900355372
2005-01-01	1.02507496733947
2005-02-01	1.36950502993963
2005-03-01	1.26380537907338
2005-04-01	1.48474248266849
2005-05-01	1.54252866376508
2005-06-01	1.29059194154891
2005-07-01	1.46391596172856
2005-08-01	1.4322396132521
2005-09-01	1.65136354081861
2005-10-01	2.56111587402713
2005-11-01	2.2919216557973
2005-12-01	3.02200238489307
2006-01-01	2.95905018676368
2006-02-01	2.89026629376766
2006-03-01	2.7918405529996
2006-04-01	2.47410163943416
2006-05-01	2.29884766993254
2006-06-01	2.27578550094482
2006-07-01	2.07746169564351
2006-08-01	2.08233574928927
2006-09-01	1.56164341405421
2006-10-01	0.98750704786384
2006-11-01	1.07120897621029
2006-12-01	0.478307708235541
2007-01-01	0.453190511692308
2007-02-01	0.240578570601142
2007-03-01	0.232230305288034
2007-04-01	0.220155865782788
2007-05-01	0.155571457234322
2007-06-01	0.154081525205981
2007-07-01	0.211963491765366
2007-08-01	0.208792752420673
2007-09-01	0.424045769819244
2007-10-01	0.332881677165982
2007-11-01	0.24513291103573
2007-12-01	0.238273169122302
2008-01-01	0.724542626185178
2008-02-01	0.93826164729208
2008-03-01	1.07242724769546
2008-04-01	1.29580863520729
2008-05-01	1.72659213469707
2008-06-01	1.69506702223233
2008-07-01	1.89629559136655
2008-08-01	2.02854442101493
2008-09-01	1.90991348704673
2008-10-01	1.97448896039073
2008-11-01	1.94408034196998
2008-12-01	3.74683731955835
2009-01-01	4.95210475046503
2009-02-01	5.24589550168725
2009-03-01	8.01858997184042
2009-04-01	8.02940634177849
2009-05-01	8.66045922589369
2009-06-01	9.14772247672355
2009-07-01	9.56640311201017
2009-08-01	9.67577785129606
2009-09-01	9.75397713835357
2009-10-01	10.7142905891958
2009-11-01	10.8148014359355
2009-12-01	9.60939472782257
2010-01-01	8.81735742948314
2010-02-01	8.58590330909801
2010-03-01	5.81971055173797
2010-04-01	5.6523123165647
2010-05-01	4.63584120724762
2010-06-01	4.0150779158563
2010-07-01	3.47413584963326
2010-08-01	3.56979895935773
2010-09-01	3.54724033716263
2010-10-01	2.28336283885162
2010-11-01	2.24556081786527
2010-12-01	1.87434612836046
2011-01-01	1.45790184243984
2011-02-01	1.27066793633522
2011-03-01	1.11092771671646
2011-04-01	0.951718684531915
2011-05-01	0.90789822723715
2011-06-01	0.911510139282644
2011-07-01	0.769791093336481
2011-08-01	0.330341668123339
2011-09-01	0.323653519645651
2011-10-01	0.32491801437386
2011-11-01	0.171682141698186
2011-12-01	0.172134731379882
2012-01-01	0.206351211364502
2012-02-01	0.209284419443092
2012-03-01	0.205923907398422
2012-04-01	0.562049004964377
2012-05-01	1.05330711277078
2012-06-01	1.04401311129966
2012-07-01	1.04461234780007
2012-08-01	1.07437230697445
2012-09-01	1.00191158921518
2012-10-01	1.05735938242461
2012-11-01	1.28076985146929
2012-12-01	1.27489300372553
2013-01-01	1.42344671639966
2013-02-01	1.39987557153018
2013-03-01	2.20969888342682
2013-04-01	1.91198073910403
2013-05-01	1.40383413394867
2013-06-01	1.37283037838653
2013-07-01	2.01910441311328
2013-08-01	2.16113230294211
2013-09-01	2.41440222521611
2013-10-01	2.3136263698661
2013-11-01	2.08240841560821
2013-12-01	2.10967077730426
2014-01-01	1.88463049707386
2014-02-01	1.86266929830805
2014-03-01	1.20983167850648
2014-04-01	4.64389225577737
2014-05-01	4.59783274787342
2014-06-01	4.40734919905502
2014-07-01	3.89045923073964
2014-08-01	3.61034454301361
2014-09-01	3.34388232555217
2014-10-01	3.2771207617817
2014-11-01	3.32944794624261
2014-12-01	3.23801901087078
2015-01-01	3.98617346086901
2015-02-01	3.9172865660013
2015-03-01	3.78858339595791
2015-04-01	1.26444788092332
2015-05-01	1.25911328441314
2015-06-01	1.24189383465312
2015-07-01	1.11360934731807
2015-08-01	1.30380291553553
2015-09-01	1.27305108622241
2015-10-01	1.27128002658071
2015-11-01	1.42234630306705
2015-12-01	1.50003763151348
2016-01-01	1.28616060792401
2016-02-01	1.40506036175156
2016-03-01	1.75298806932166
2016-04-01	1.69282639571508
2016-05-01	1.96225266084013
2016-06-01	1.97031331590513
2016-07-01	2.17007772656444
2016-08-01	1.97993452219405
2016-09-01	1.94857405847251
2016-10-01	1.95438623582106
2016-11-01	1.65983788107019
2016-12-01	1.57893204311283	2.78063851699279
2017-01-01	1.55738865024389	2.3883696780893
2017-02-01	1.41493389880201	1.98329853862213
2017-03-01	1.48994068287674	1.67364016736402
2017-04-01	1.4276198736791	1.68243953732913
2017-05-01	1.4158488101288	1.59574468085106
2017-06-01	1.54172212922484	1.70575692963753
2017-07-01	1.35740861038153	1.39484978540773
2017-08-01	1.36405619635642	1.4145810663765
2017-09-01	1.53152795658299	1.52008686210641
2017-10-01	1.50896376047973	1.51351351351351
2017-11-01	1.95310325638077	1.93756727664155
2017-12-01	2.05146470457765	1.93965517241379
2018-01-01	1.94674870761357	2.04962243797195
2018-02-01	2.0027603845897	2.15285252960172
2018-03-01	2.42044442206168	2.14822771213749
2018-04-01	2.37383214519444	2.16450216450216
2018-05-01	2.11746878882325	1.93965517241379
2018-06-01	1.97933515015578	2.12314225053079
2018-07-01	1.99335529853962	2.22222222222222
2018-08-01	1.98634287306826	2.23880597014925
2018-09-01	1.81132768106833	2.11640211640212
2018-10-01	1.9233126289033	2.3109243697479
2018-11-01	1.60714425010705	1.97710718002081
2018-12-01	1.63131243102624	1.97505197505198
2019-01-01	1.41925631607619	1.85185185185185
2019-02-01	1.62021388594893	2.03045685279188
2019-03-01	0.929780031781983	1.90380761523046
2019-04-01	1.0079159880045	2.08333333333333
2019-05-01	0.996525775845705	2.04479065238559
2019-06-01	1.3449855651353	1.92307692307692
2019-07-01	1.32180455849828	1.80608365019011
2019-08-01	1.28952293334503	1.77736202057998
2019-09-01	1.29	1.76744186046512
2019-10-01	1.42549737860565	1.81818181818182
2019-11-01	1.47964949822113	1.80995475113122
2019-12-01	1.38718983497751	1.8018018018018
2020-01-01	1.83062399780694	2
2020-02-01	1.82512022533114	2.20338983050847
2020-03-01	1.84279394057552	2.35492010092515
2020-04-01	2.32146330717243	3.13293818797629
2020-05-01	3.14227482325744	3.80067567567568
2020-06-01	3.22706252199177	4.28571428571429
2020-07-01	3.9028203843141	4.81012658227848
2020-08-01	4.07652502814295	4.98732037193576
2020-09-01	4.168453142376	5.31197301854975
2020-10-01	4.11020376469708	5.58375634517767
2020-11-01	3.88708128460096	5.44388609715243
2020-12-01	3.83392559010348	5.39629005059022
2021-01-01	3.38084746263764	5.21885521885522
2021-02-01	3.24729715651773	5.1063829787234
2021-03-01	3.15475286063798	4.91942324003393
2021-04-01	2.60576038054329	4.0447504302926
2021-05-01	1.72590353221716	3.29575021682567
2021-06-01	1.24884205578877	2.44755244755245
2021-07-01	0.57991220877348	1.9315188762072
2021-08-01	0.468600070043025	1.83727034120735
2021-09-01	0.35102429817878	1.50044130626655
2021-10-01	0.198783710061825	0.886524822695036
2021-11-01	0.289490809747674	0.975177304964539
2021-12-01	0.285998310700827	0.96830985915493
2022-01-01	0.287849196318449	0.886524822695036
2022-02-01	0.190219886359247	0.711111111111111
2022-03-01	0.186644990097818	0.706713780918728
2022-04-01	0.184315458505975	0.616197183098592
2022-05-01	0.214841496509942	0.781928757602085
2022-06-01	0.279774757967324	0.865800865800866
2022-07-01	0.27902902726492	0.779220779220779
2022-08-01	0.59964312985254	1.20274914089347
2022-09-01	0.897724368474116	1.36518771331058
2022-10-01	0.830836678820539	1.3828867761452
2022-11-01	0.733432645666677	1.2853470437018
2022-12-01	0.719024140904362	1.45175064047822
2023-01-01	0.829103923452556	1.61839863713799
2023-02-01	1.01517924704664	1.85341196293176
2023-03-01	1.3242211073603	2.18855218855219
2023-04-01	1.31182575776585	2.42881072026801
2023-05-01	1.57621105317956	2.69360269360269
2023-06-01	1.71020415242221	2.96359017781541
2023-07-01	1.7475847971049	3.38409475465313
2023-08-01	1.55079562558493	3.12236286919831
2023-09-01	1.33824550109395	3.17195325542571
2023-10-01	1.43096276917203	3.27731092436975
2023-11-01	1.47821214388951	3.61952861952862
2023-12-01	1.52747128025964	3.83959044368601
2024-01-01	1.47059834804695	4.0274207369323
2024-02-01	1.4112986923983	4.31778929188256
2024-03-01	1.14071335290429	4.22413793103448
2024-04-01	1.30675884493121	4.32900432900433
2024-05-01	1.0772968541297	4.35161009573542
2024-06-01	0.919380265571573	4.31034482758621
2024-07-01	0.916442656691202	4.01709401709402
2024-08-01	0.784237585873954	4.17021276595745
2024-09-01	0.796299426537434	4.20875420875421
2024-10-01	0.733110677721762	4.3956043956044
2024-11-01	0.941801118156484	4.56466610312764
2024-12-01	0.910200545572983	4.7008547008547
2025-01-01	0.943893713438043	4.58477508650519
2025-02-01	0.809353476622968	4.1848299912816
2025-03-01	0.820176535198467	4.31338028169014
2025-04-01	0.725649872858271	4.37828371278459
2025-05-01	0.735273967076573	4.35555555555556
2025-06-01	1.10941752500666	4.45632798573975
2025-07-01	1.10792201240364	4.56171735241503
2025-08-01	1.15477014158249	4.36760691537762
2025-09-01	1.46637408550408	4.31588613406795

Note: The data begin in December 1998 for the realized default rate and in December 2016 for the default rate including distressed exchanges. The default rate is calculated as the amount in default over the past 12 months divided by the total outstanding volume of loans that are not in default at the beginning of the 12-month period. The default rate including distressed exchanges is calculated as the number of issuers in default or distressed exchange over the past 12 months divided by the total number of issuers that are not in default at the beginning of the 12-month period. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, December 2007- June 2009, and February 2020-April 2020.

Source: PitchBook Data, Leveraged Commentary & Data.

Return to text

Figure 2.10. Inflation-adjusted household debt was largely unchanged

This is a line chart showing quarterly inflation-adjusted household debt by borrower credit quality from 1999 through 2025:Q2. The y-axis shows trillions of dollars (real) ranging from 0 to 14. Three lines represent different borrower categories: Prime (thin black line), Near prime (blue line), and Subprime (thick burgundy line). Prime borrow-ers show the highest debt level, increasing from about 5 trillion dollars in 2000 to a peak of about 11 trillion around 2007, dipping to about 9 trillion around 2012, then steadily rising to about 13 trillion by 2025:Q2. Near prime borrowers show a more moderate trend, increasing from about 3 trillion in 2000 to a peak of about 5 trillion in 2008, then gradually decreasing to about 3 trillion by 2025:Q2. Subprime borrowers show the low-est overall debt level, rising from about 1.5 trillion in 2000 to a peak of about 3.5 trillion in 2008, then declining to about 1.5 trillion by 2020, with a slight increase to about 2 trillion by 2025:Q2.

Note: Subprime are borrowers with an Equifax Risk Score less than 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. Student loan balances before 2004 are estimated using average growth from 2004 to 2007, by risk score. The data are converted to constant 2025 dollars using the consumer price index.

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

Return to text

Figure 2.11. Measures of housing leverage stayed significantly below their peak levels

This is a line chart showing quarterly housing leverage measures from 1999 through 2025:Q2, with an index of 1999:Q1 = 100. The y-axis ranges from 60 to 180. Two lines are displayed: Relative to model-implied values (thin black line) and Relative to market value (thick blue line). A horizontal dashed line at 100 represents the baseline index value. The model-implied line shows higher volatility, rising to peaks of about 135 in 2006-2007, then falling to near 110 by 2012 and finishing at approximately 115 in 2025:Q2. The blue line is below 100 in 2000, rises to a peak of about 130 in 2010-2011, then steadily declines to about 80 by 2025, demonstrating that housing leverage relative to market value has decreased significantly and remained well below peak levels in re-cent years.

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

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

Return to text

Figure 2.12. Mortgage delinquency rates edged down and remained close to the low end of their historical distribution

This is a line chart showing quarterly mortgage delinquency rates from 2001 through 2025:Q2. The y-axis shows percent of mortgages ranging from 0 to 10 percent. Two lines are displayed: Mortgages in loss mitigation (thick blue line) and All mortgages (thin black line). The mortgages in loss mitigation series shows higher values through-out, starting around 5 percent in 2001, remaining relatively stable until 2007, then rising sharply to peaks of approximately 9 percent during 2010-2012. After that, it gradually declines to about 6 percent by 2019, spikes briefly to 8 percent in 2020, then returns to a downward trend, reaching about 4 percent by 2025:Q2. The black line for all mortgages shows lower overall delinquency rates, starting at about 3 percent in 2001, rising to peaks of about 7 percent during 2009-2011, then steadily declining to about 1 percent by 2021, before rising slightly to about 2 percent by 2025:Q2.

Note: Loss mitigation includes tradelines that have a narrative code of forbearance, nat-ural disaster, payment deferral (including partial), loan modification (including federal government plans), or loans with no scheduled payment and a nonzero balance. Delin-quent loans in both series are loans reported to the credit bureau as at least 30 days past due.

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

Return to text

Figure 2.13. Very few homeowners had negative equity in their homes

Percent of mortgages

Date	Negative equity
2011-01-01	25.2801477
2011-02-01	25.14403759
2011-03-01	24.99349439
2011-04-01	24.93152259
2011-05-01	24.86778766
2011-06-01	24.80639321
2011-07-01	24.65477237
2011-08-01	24.50348051
2011-09-01	24.35737809
2011-10-01	24.65101748
2011-11-01	24.93398222
2011-12-01	25.22515278
2012-01-01	24.69410388
2012-02-01	24.19767741
2012-03-01	23.66744432
2012-04-01	23.20889984
2012-05-01	22.73714373
2012-06-01	22.28260234
2012-07-01	22.1736435
2012-08-01	22.06436208
2012-09-01	21.95828597
2012-10-01	21.83856143
2012-11-01	21.72327356
2012-12-01	21.60469997
2013-01-01	21.11141237
2013-02-01	20.66698986
2013-03-01	20.17616238
2013-04-01	18.42961703
2013-05-01	16.62284533
2013-06-01	14.87236255
2013-07-01	14.35028271
2013-08-01	13.83093694
2013-09-01	13.33092231
2013-10-01	13.37002764
2013-11-01	13.40778486
2013-12-01	13.44668947
2014-01-01	13.24991987
2014-02-01	13.07252344
2014-03-01	12.87645744
2014-04-01	12.22984772
2014-05-01	11.56325433
2014-06-01	10.91967054
2014-07-01	10.73988151
2014-08-01	10.56068372
2014-09-01	10.3878061
2014-10-01	10.48872349
2014-11-01	10.58615501
2014-12-01	10.68659407
2015-01-01	10.5436008
2015-02-01	10.41465931
2015-03-01	10.27218916
2015-04-01	9.81089448
2015-05-01	9.33545318
2015-06-01	8.87653133
2015-07-01	8.70285064
2015-08-01	8.52963032
2015-09-01	8.36244321
2015-10-01	8.36120879
2015-11-01	8.36002953
2015-12-01	8.35879671
2016-01-01	8.27798383
2016-02-01	8.20246359
2016-03-01	8.12183901
2016-04-01	7.77224037
2016-05-01	7.41173511
2016-06-01	7.06350915
2016-07-01	6.82049908
2016-08-01	6.57826395
2016-09-01	6.34457424
2016-10-01	6.31636698
2016-11-01	6.2891235
2016-12-01	6.26101007
2017-01-01	6.18906946
2017-02-01	6.12413954
2017-03-01	6.05234088
2017-04-01	5.85246608
2017-05-01	5.64655486
2017-06-01	5.44790211
2017-07-01	5.28244106
2017-08-01	5.11751836
2017-09-01	4.9584182
2017-10-01	4.94112558
2017-11-01	4.92446662
2017-12-01	4.907297
2018-01-01	4.83929693
2018-02-01	4.77808298
2018-03-01	4.71050232
2018-04-01	4.57110609
2018-05-01	4.42716126
2018-06-01	4.28796195
2018-07-01	4.23688035
2018-08-01	4.18590957
2018-09-01	4.13664704
2018-10-01	4.14557884
2018-11-01	4.15418155
2018-12-01	4.16299557
2019-01-01	4.14798702
2019-02-01	4.13446997
2019-03-01	4.11951412
2019-04-01	4.02813579
2019-05-01	3.93386692
2019-06-01	3.84281944
2019-07-01	3.80144488
2019-08-01	3.76017961
2019-09-01	3.72032491
2019-10-01	3.66656557
2019-11-01	3.61460181
2019-12-01	3.56094814
2020-01-01	3.51876695
2020-02-01	3.47933706
2020-03-01	3.43725928
2020-04-01	3.3802395
2020-05-01	3.32143928
2020-06-01	3.26465063
2020-07-01	3.18478851
2020-08-01	3.10515953
2020-09-01	3.02830438
2020-10-01	2.95595441
2020-11-01	2.88609009
2020-12-01	2.81408016
2021-01-01	2.74729514
2021-02-01	2.68697497
2021-03-01	2.62021964
2021-04-01	2.5176659
2021-05-01	2.4120494
2021-06-01	2.3102107
2021-07-01	2.27230463
2021-08-01	2.23455257
2021-09-01	2.19814935
2021-10-01	2.18375723
2021-11-01	2.16986283
2021-12-01	2.15556587
2022-01-01	2.11821552
2022-02-01	2.08459919
2022-03-01	2.047522
2022-04-01	2.00213866
2022-05-01	1.95535125
2022-06-01	1.91017149
2022-07-01	1.94119825
2022-08-01	1.9721538
2022-09-01	2.00201522
2022-10-01	2.04337861
2022-11-01	2.0833178
2022-12-01	2.12448952
2023-01-01	2.12159234
2023-02-01	2.11899279
2023-03-01	2.11610031
2023-04-01	2.0777164
2023-05-01	2.03809772
2023-06-01	1.99979052
2023-07-01	1.94511246
2023-08-01	1.89008702
2023-09-01	1.8364708
2023-10-01	1.83643494
2023-11-01	1.83640614
2023-12-01	1.83637047
2024-01-01	1.82479464
2024-02-01	1.81396876
2024-03-01	1.8023996
2024-04-01	1.7826809
2024-05-01	1.76231317
2024-06-01	1.7426016
2024-07-01	1.76539263
2024-08-01	1.78815108
2024-09-01	1.81014783
2024-10-01	1.86758502
2024-11-01	1.9231725
2024-12-01	1.9805901
2025-01-01	2.01616211
2025-02-01	2.04791305
2025-03-01	2.08265308
2025-04-01	2.0594383
2025-05-01	2.0354734
2025-06-01	2.01229525

Source: Cotality Real Estate Data.

Return to text

Figure 2.14. New mortgage extensions increased for subprime borrowers

This is a bar chart showing annual new mortgage extensions by borrower credit quality from 2000 through 2025. The y-axis shows billions of dollars (real) ranging from 0 to 1800. Each year displays three bars representing different borrower categories: Sub-prime (terracotta, left bars), Near prime (beige, middle bars), and Prime (blue, right bars). Prime borrowers consistently show the highest mortgage extensions, with peaks of approximately 1600 billion dollars in 2004-2006 and 2021. Near prime borrowers show moderate extensions, typically ranging from 300 to 1000 billion dollars, with peaks around 2004-2008. Subprime borrowers show the lowest extensions, generally below 400 billion dollars, with higher values around 2005-2008 (approximately 400 billion) and hovering around 100-150 billion from 2012-2025. The final bars for 2025 show about 100 billion for subprime, about 300 billion for near prime, and about 1100 for prime.

Note: The figure plots the year-over-year change in balances for the second quarter of each year among those households whose balance increased over this window. Subprime are those with an Equifax Risk Score less than 620; near prime are from 620 to 719; prime are greater than 719. Scores were measured 1 year ago. The data are converted to constant 2025 dollars using the consumer price index. The key identifies bars in order from left to right.

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

Return to text

Figure 2.15. Consumer debt balances were largely unchanged for student and auto loans and for credit cards

This is a line chart showing quarterly consumer debt balances from 1999 through 2025:Q2. The y-axis shows billions of dollars (real) ranging from 200 to 2000. Three lines represent different debt categories: Student loans (thin black line), Auto loans (blue line), and Credit cards (thick burgundy line). Student loans show the most dramatic in-crease over the period, rising from about 600 billion dollars in 2005 to a peak of about 1800 billion around 2020, before stabilizing at approximately 1600 billion through 2025:Q2. Auto loans show a steady increase from about 700 billion in 2000 to about 1600 billion by 2022, leveling off around that value through 2025:Q2. Credit card debt starts at about 900 billion in 2000, rises to about 1200 billion by 2008, drops to about 900 billion during 2010-2015, then increases to about 1200 billion by 2025:Q2.

Note: The data are converted to constant 2025 dollars using the consumer price index. Student loan data begin in 2005:Q1.

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

Return to text

Figure 2.16. The average maturity of loans at origination for used cars remained elevated for nonprime borrowers

Months

Date	Prime	Near prime	Subprime
2015-01-01	62.2712450800844	63.7921878297675	63.0392646029049
2015-02-01	62.3311350829791	63.4441966331327	62.1575728130603
2015-03-01	62.4345409062575	63.4901275102188	62.2813655751391
2015-04-01	62.4675102161277	63.7276357833536	63.0180636392179
2015-05-01	62.5289046148641	63.9853808093393	63.2147946260765
2015-06-01	62.56726443792	64.0245202328851	63.3490242747683
2015-07-01	62.678007140726	64.2199737088928	63.5020930445352
2015-08-01	62.670644163841	64.0749028844745	63.3887496674707
2015-09-01	62.8645571950592	64.1397890701736	63.4109300292927
2015-10-01	62.9749112869363	64.2718864341101	63.4955984636472
2015-11-01	63.0527507269054	64.3593793773472	63.6072799740114
2015-12-01	63.1481713657921	64.5137452046964	63.75053637665
2016-01-01	63.1999707976725	64.7436918323099	64.1537997127606
2016-02-01	63.1696711889017	64.4643028070318	63.4648675337535
2016-03-01	63.1470468035177	64.4421826508085	63.3582131112335
2016-04-01	63.3020493311094	64.7230470654712	63.8935786783414
2016-05-01	63.3595818442502	64.845336085604	64.1416342821933
2016-06-01	63.3460493544401	64.8413224845367	64.2236566487613
2016-07-01	63.4913102304997	64.8946335817682	64.2991684433393
2016-08-01	63.4350738138219	64.8306210337505	64.2370453035637
2016-09-01	63.522685513856	64.9788217581042	64.2562757026617
2016-10-01	63.6930786971312	65.0674624884233	64.2040317031444
2016-11-01	63.6213698554351	65.1324552021578	64.2445918605194
2016-12-01	63.7335837031305	65.2763901820774	64.4418331440811
2017-01-01	63.7533868140937	65.3278091849325	64.5453765568727
2017-02-01	63.6788674662936	65.0294614321489	64.1927733846033
2017-03-01	63.6201563821751	64.8403287241818	63.6083552107934
2017-04-01	63.7272763223418	65.1752103060559	64.3373712052973
2017-05-01	63.6245582298734	65.1696311267336	64.4303381186764
2017-06-01	63.637758404019	65.1592800820749	64.388571693934
2017-07-01	63.6132979057947	65.0402250194849	64.5034913742742
2017-08-01	63.4986028494014	64.9013064091368	64.1177701164032
2017-09-01	63.5680941304253	64.8839038722432	64.1018889599657
2017-10-01	63.6985181701779	65.0860648583033	64.1889345067257
2017-11-01	63.8379306984622	65.2851800787941	64.392616272839
2017-12-01	63.8469913261394	65.4519972551888	64.674253689603
2018-01-01	63.9011736894378	65.5765840887172	64.6766531084462
2018-02-01	63.932547363881	65.2985477374276	64.4417481235598
2018-03-01	63.8049760213143	65.0832260496314	63.7696666116104
2018-04-01	63.9795187751396	65.3336670107419	64.3266927840415
2018-05-01	63.8599903590572	65.4527291421197	64.587984324744
2018-06-01	63.8282033831968	65.4950917196252	64.7133242971651
2018-07-01	64.0053211709499	65.5397333856537	64.7567008496758
2018-08-01	63.8323387462529	65.4099651546341	64.5389614928983
2018-09-01	63.9974823947787	65.582123057008	64.5653291821204
2018-10-01	63.948206433994	65.6327908467785	64.6039965781433
2018-11-01	64.1034282312783	65.6994706049867	64.6991675656007
2018-12-01	64.1804932165622	65.9828217094395	65.0798838433128
2019-01-01	64.165519182164	66.0237004854473	65.2380499014158
2019-02-01	64.1991518448244	66.0006586350524	65.1325774409287
2019-03-01	64.1525535990178	65.7250182207249	64.565984504617
2019-04-01	64.3037584866513	65.9851565885696	65.1661830622642
2019-05-01	64.0816367305902	65.9479476019967	65.2502969726503
2019-06-01	64.1590472093743	66.1283722292327	65.5412381306664
2019-07-01	64.2751546988289	66.1694351087881	65.5835645905273
2019-08-01	64.1864985871126	66.0506915800099	65.3898799023866
2019-09-01	64.1962009602915	66.1620664869295	65.4575559176533
2019-10-01	64.281391009307	66.2058267533142	65.5353170977597
2019-11-01	64.4278922803351	66.3501149469063	65.7015130718909
2019-12-01	64.4311320994505	66.4524274139313	65.7924418140562
2020-01-01	64.2578888533433	66.3437888745875	65.7280097721011
2020-02-01	64.2512243448576	66.2272167995238	65.4315641759074
2020-03-01	64.427603825207	66.1613794250706	65.1218817613481
2020-04-01	65.8197680749682	67.1664079309158	66.0054544814801
2020-05-01	65.4941604105495	66.9682653186075	65.8764897183769
2020-06-01	65.037604529322	66.7071413803397	65.7777907110211
2020-07-01	64.682461310685	66.4988727146703	65.9187411110774
2020-08-01	64.6915591626505	66.6891904298516	66.1379738142649
2020-09-01	64.9588066543334	66.9514125760982	66.3726082690867
2020-10-01	65.1438814507027	67.1412537927076	66.6607383055831
2020-11-01	65.2628748991468	67.3004551114159	66.7645600450468
2020-12-01	65.2631604833186	67.3302103420457	66.8527999071819
2021-01-01	65.3156305851648	67.3336512020283	66.8010329088523
2021-02-01	65.3813039727903	67.3263656820884	66.7358602518152
2021-03-01	65.2903647697834	67.1658226186733	66.2771687098444
2021-04-01	65.405047591109	67.1039317579131	66.3402643588893
2021-05-01	65.6645452345868	67.5410518313529	66.9097437262937
2021-06-01	65.9435938063539	67.8907177334917	67.1698396231184
2021-07-01	66.2707740603246	68.2315541458234	67.4973653267581
2021-08-01	66.5063343739444	68.3759349497838	67.7392157837235
2021-09-01	66.7604087912444	68.6920180418099	68.0061397883231
2021-10-01	66.9275744091965	68.8299369231903	68.0320944132043
2021-11-01	66.9264570599047	68.8552988968561	67.9711770931672
2021-12-01	67.1387199636337	69.0049735679036	68.1833271124492
2022-01-01	67.3232786074061	69.0350884788712	68.2109716202225
2022-02-01	67.5552711713059	69.1950605874076	68.2817820726522
2022-03-01	67.7225039561351	69.1714468740479	67.9921211290097
2022-04-01	67.9158352568633	69.4605884260249	68.48196638183
2022-05-01	68.1240554199075	69.6417917498044	68.7258599748727
2022-06-01	68.1477459128411	69.7145753128863	68.6963520620499
2022-07-01	68.1326137508706	69.72441444335	68.7564325818168
2022-08-01	67.9981306574845	69.535914656496	68.6992325451248
2022-09-01	67.9737352761298	69.5786536225661	68.6278318131467
2022-10-01	67.9936854269759	69.6179438255321	68.7305134034534
2022-11-01	67.8574927013209	69.5049685501134	68.5858878610119
2022-12-01	67.6767938917241	69.4596188058474	68.6815072883791
2023-01-01	67.4485781388606	69.2629758090446	68.4744077994139
2023-02-01	67.3261009926428	69.0960975117401	68.1186876997365
2023-03-01	67.1449919395708	68.7597985361521	67.7709251437601
2023-04-01	67.2326579665362	68.9843819897545	68.2759819893259
2023-05-01	67.1330018687817	69.0653559284557	68.4764713830649
2023-06-01	67.2776868811883	69.1510252897049	68.5175236946551
2023-07-01	67.541583902116	69.3596434652198	68.749782518116
2023-08-01	67.3748205357035	69.249276383685	68.6075317967559
2023-09-01	67.3181072180904	69.2968509927715	68.5688975316562
2023-10-01	67.1537726490301	69.174085607836	68.5453921996106
2023-11-01	67.2280371582716	69.1385873982116	68.5891316466455
2023-12-01	67.0472513043637	69.2109940174624	68.7555032315907
2024-01-01	66.9738073040691	69.175463130829	68.8998131118071
2024-02-01	66.7950189366186	69.1170108345121	68.5223953988061
2024-03-01	66.8840050812384	68.8425034050441	68.2273944556747
2024-04-01	66.871326848354	68.9971097174368	68.4368908538979
2024-05-01	66.8271102463513	69.0378199611063	68.5692434729983
2024-06-01	66.6253074220125	68.919799397961	68.5707280445266
2024-07-01	66.6000375354325	68.8618359599888	68.4993570085009
2024-08-01	66.5055112775506	68.8117158131607	68.514010625548
2024-09-01	66.5425063418372	68.8124129686369	68.4389783322726
2024-10-01	66.4669388902567	68.7452734407168	68.4335646175567
2024-11-01	66.5742573117222	68.7820815850137	68.6066279231852
2024-12-01	66.5971975490004	68.9157727966391	68.6110363587274
2025-01-01	66.5717696820287	68.9844308775121	68.7027448867089
2025-02-01	66.625210548557	68.9026304908707	68.5898582266885
2025-03-01	66.5217823485258	68.5818126812465	68.1327390863959
2025-04-01	66.3897767885289	68.7304679045889	68.3831579235123
2025-05-01	66.5522917622877	68.8298400248356	68.4796137518954
2025-06-01	66.6588289659293	68.9241270193276	68.7083503964034
2025-07-01	66.6874594054464	68.9607143514104	68.720497052784

Note: The data are seasonally adjusted. Loans are for used auto vehicles only. Subprime are those with a VantageScore less than 601; near prime are from 601 to 660; prime are greater than 660.

Source: Experian Velocity.

Return to text

Figure 2.17. Auto loan delinquencies remained above the historical median

This is a line chart showing quarterly auto loan delinquency rates from 2000 through 2025:Q2. The y-axis shows percent ranging from 1 to 5 percent. A single black line rep-resents the delinquency rate, and a horizontal red line marks the median of 3.09 percent. The delinquency rate fluctuates between approximately 2.5 percent and 4.5 percent over the period. It begins around 3 percent in 2000, rises to above 3 percent by 2002, drops to below 3 percent in 2005, then increases sharply to a peak of about 4.5 percent during the 2008-2009 period. It then declines to about 2.5 percent by 2013, remains relatively sta-ble until 2020 when it drops to a low of about 2.2 percent, and then increases sharply to about 4 percent by 2025:Q2.

Note: Delinquent includes loans reported to the credit bureau as at least 30 days past due. The data for auto loans are reported semiannually by the Risk Assessment, Data Analysis, and Research Data Warehouse until 2017, after which they are reported quar-terly. The data are seasonally adjusted.

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

Return to text

Figure 2.18. Inflation-adjusted credit card balances for subprime borrowers were up slightly

This is a line chart showing quarterly inflation-adjusted credit card balances by borrower credit quality from 1999 through 2025:Q2. The y-axis shows billions of dollars (real) ranging from 0 to 700. Three lines represent different borrower categories: Prime (thin black line), Near prime (blue line), and Subprime (thick burgundy line). Prime borrow-ers show the highest balances through most of the series, starting around 250 billion dol-lars in 1999, rising to peaks of about 550 billion dollars around 2008, dropping to about 450 billion dollars during 2010-2015, then rising to about 600 billion by 2025:Q2. Near prime borrowers' balances start at about 450 billion dollars in 1999, declining to about 300 billion dollars by 2015, then stabilizing between 300-400 billion dollars with a final value of about 350 billion dollars in 2025:Q2. Subprime borrowers show the lowest bal-ances, starting at about 250 billion dollars in 1999, declining to about 150 billion dollars by 2015, and then rising to about 250 billion dollars by 2025:Q2.

Note: Subprime are borrowers with an Equifax Risk Score less than 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2025 dollars using the consumer price index.

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

Return to text

Figure 2.19. Credit card delinquencies remained slightly above their long-term median

This is a line chart showing quarterly credit card delinquency rates from 2000 through 2025:Q2. The y-axis shows percent ranging from 0 to 8 percent. A single black line rep-resents the delinquency rate, and a horizontal red line marks the median of 3.93 percent. The delinquency rate shows significant fluctuation, starting at about 4 percent in 2000, rising to about 6 percent by 2004, declining to about 4 percent by 2006, then spiking dramatically to a peak of about 7 percent during the 2009-2010 period. It then drops sharply to about 3 percent by 2014, and hovers there until 2020 when it drops to a low of about 2 percent through 2021. By 2025:Q2, it increases to about 4 percent.

Note: Delinquency measures the fraction of balances that are at least 30 days past due, excluding severe derogatory loans, which are delinquent and have been charged off, foreclosed, or repossessed by the lender. The data are seasonally adjusted.

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

Return to text

Figure 3.1. Banks' average risk-based capital ratios remained near previous peaks

This is a line chart displaying quarterly data from 2001 to 2025:Q2, with the y-axis showing percent of risk-weighted assets ranging from 0 to 14 percent. The chart features three lines representing different bank categories: G-SIBs (thick burgundy line), Large non-G-SIBs (blue line), and Other BHCs (thin black line). The series generally display similar trends. All three categories show capital ratios around 7-8 percent at the begin-ning of the series, followed by a dip during 2008-2009 to approximately 5-6 percent for G-SIBs and large non-G-SIBs and about 8 percent for other BHCs. After 2010, ratios in-creased significantly to the 10-13 percent range by about 2013, and remained relatively stable through 2025, finishing at approximately 13 percent for all series in 2025:Q2.

Note: The sample consists of domestic bank holding companies (BHCs) and intermedi-ate holding companies (IHCs) with a substantial U.S. commercial banking presence. G-SIBs are global systemically important banks. Large non-G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. Before 2014:Q1 (ad-vanced-approaches BHCs, for additional information see https://www.federalreserve.gov/supervisionreg/basel/advanced-approaches-capital-framework-implementation.htm) or before 2015:Q1 (non-advanced-approaches BHCs), the numerator of the common equity Tier 1 ratio is Tier 1 common capital. Afterward, the numerator is common equity Tier 1 capital. The denominator is risk-weighted assets. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020. The data are seasonally adjusted by Federal Reserve Board staff.

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

Return to text

Figure 3.2. Returns on equity for banks were at typical levels

This is a line chart showing quarterly returns on equity from 2016 to 2025:Q2, with the y-axis displaying percent values from -5 to 20 percent. Three bank categories are repre-sented: G-SIBs (thick burgundy line), Large non-G-SIBs (blue line), and Regional banks (thin black line). Throughout most of the period, returns fluctuated between 5 percent and 15 percent. Notable features include a sharp drop into slightly negative territory for G-SIBs in late 2017 to early 2018 and a significant decline across all categories in 2020, with the regional line crossing slightly into the negatives. After 2020, returns recovered to approximately 10-13 percent range for all bank types, with some fluctuation but gen-erally stable performance through 2025:Q2, when values were approximately 12 percent for G-SIBs, 7 percent for large non-G-SIBs, and 10 percent for regional banks.

Note: Return on equity is equal to net income divided by average equity. The net in-come of banks that acquired failed banks was adjusted for the one-off gains from the ac-quisitions. Calculations for 2023:Q4 exclude Federal Deposit Insurance Corporation special assessment costs. G-SIBs are global systemically important banks. Large non-G-SIBs are bank holding companies and intermediate holding companies with greater than $100 billion in total assets that are not G-SIBs. The shaded bar with top cap indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020.

Source: Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report) Form FFIEC 031; Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.

Return to text

Figure 3.3. The fair value losses of banks' securities portfolios decreased but remained sizable

This is a stacked bar chart showing quarterly data from 2017 through 2025:Q2, with the y-axis measuring billions of dollars ranging from -800 to 200. The chart displays two variables: Available-for-sale securities (blue bars) and Held-to-maturity securities (beige bars). From 2017 through early 2021, fair value losses showed modest positive values, excluding 2018 and early 2019 when values were slightly negative. Beginning in 2022, there was a dramatic shift to substantial negative values for both security types. The losses for held-to-maturity securities were generally slightly larger than for available-for-sale. From 2022 through 2024, combined losses generally ranged between -600 to -400 billion dollars, with the largest losses occurring in mid-2022 and mid-2023 (approx-imately -700 billion for both periods). By 2025:Q2, the losses had decreased to approxi-mately -400 billion dollars, with available-for-sale securities representing the smaller portion of these losses.

Note: The figure plots the difference between the fair and amortized cost values of the securities. The sample consists of all bank holding companies and commercial banks.

Return to text

Figure 3.4. The ratio of tangible common equity to tangible assets remained below its median over the past decade

Percent of tangible assets

Date	G-SIBs	Large non-G-SIBs	Other BHCs
1985 Q1	4.7237088709188	4.85356459815094	6.32025466527365
1985 Q2	4.59125345770151	4.63487729060401	6.33585993975441
1985 Q3	4.79523451561782	4.54620817720596	6.35339546789569
1985 Q4	4.95967608741877	4.49022283599042	6.41295712552145
1986 Q1	4.93146188226754	4.52353680905428	6.39143142489885
1986 Q2	5.07004072298375	4.38760472393257	6.35587126480956
1986 Q3	5.27967283408765	4.56389327029598	6.37530422267378
1986 Q4	4.99029187639708	5.20979454423269	6.23079765837585
1987 Q1	5.05441602182307	6.09113626922849	6.26468307505054
1987 Q2	4.48201560368126	4.6476211196171	5.91756028537584
1987 Q3	4.30531450516138	4.84928262897134	6.00771477983529
1987 Q4	4.49699357783084	4.92219401832028	6.05220702918966
1988 Q1	4.54001116017465	5.13030960337157	5.93758133678728
1988 Q2	4.75340541154763	5.10607130712286	6.01168068361825
1988 Q3	4.4821089551021	5.10490783979604	6.11697311917902
1988 Q4	5.09656228088211	5.4233790440687	6.27483577073328
1989 Q1	5.08673220561322	5.32766057257529	6.27549572450488
1989 Q2	5.23945230260606	5.34174745841489	6.30841720564293
1989 Q3	4.95927441855786	5.17161980582769	6.19865530016507
1989 Q4	4.84010345687516	4.70075444207095	6.24203828539756
1990 Q1	4.93437274031224	4.65452408225931	6.25492030477989
1990 Q2	4.96534860846624	4.80802026994104	6.25719171455661
1990 Q3	4.82584433686173	4.87344967488032	6.24370333899051
1990 Q4	4.90428514134216	5.21465782769067	6.33388849895617
1991 Q1	5.06667765113433	5.27185599703929	6.39739112376006
1991 Q2	4.85324956274166	5.26829451399185	6.46947053860211
1991 Q3	4.81141178199701	4.81735287016918	6.50345153078794
1991 Q4	5.01136917248809	4.87615956328495	6.70496984712072
1992 Q1	5.47309079030955	4.77193195995496	6.76471627998737
1992 Q2	5.60634551117032	4.78766952621649	7.11124450019201
1992 Q3	5.68863165211333	5.03767882851918	7.22639813547627
1992 Q4	5.79370335704894	5.88616221274403	7.42433747331005
1993 Q1	6.00090930612608	6.13830378340153	7.55047995068441
1993 Q2	6.16893919764784	6.07781687933323	7.71552689697537
1993 Q3	6.3330020582721	6.21131442537914	7.72897306198612
1993 Q4	6.45876883455897	6.54754075981692	7.88991855620864
1994 Q1	5.95721574173736	5.74091577991539	7.77084436653867
1994 Q2	6.05870973027227	5.82678191073681	7.69594746901234
1994 Q3	5.85485701124102	6.10681640419658	7.72040960010914
1994 Q4	5.49608753971058	6.29087505686156	7.65142413253754
1995 Q1	5.30748211905843	5.87608238296238	7.72568564837858
1995 Q2	5.52538727362049	6.2276759968217	7.80423817219309
1995 Q3	5.57403951758764	6.25718493363703	7.86156414057213
1995 Q4	5.654076616403	6.31448352397093	7.97512396867877
1996 Q1	5.92437356439526	6.30998522197982	7.93601690573824
1996 Q2	5.7787559270633	6.26928685513284	7.81092494337485
1996 Q3	5.97686384003032	6.18268743530105	7.75217551365786
1996 Q4	5.77551540290233	6.12091214513455	7.80720185267358
1997 Q1	5.40807590724954	6.03904704100707	7.80266643759938
1997 Q2	5.32094108278849	5.89211085667613	7.72140109800508
1997 Q3	5.40306157004381	5.81657378668225	7.75685223872038
1997 Q4	5.32783199792995	5.80034422094241	7.85568761153747
1998 Q1	5.414585831434	5.62375485441717	7.82001259304473
1998 Q2	5.772072433707	5.629634790111	7.86057055503455
1998 Q3	5.93929326706571	5.5029053716923	7.81771478358542
1998 Q4	5.68564645120293	5.51154270673543	7.80810654380867
1999 Q1	5.77052812667777	5.67466924670892	7.70053698632773
1999 Q2	5.70790929095797	5.5847674783547	7.61064747050538
1999 Q3	5.77067681364251	5.54299963215503	7.51610883097639
1999 Q4	5.62390841378944	5.33253270666682	7.40581214252085
2000 Q1	5.67913101697044	5.23986163350551	7.29548622152096
2000 Q2	5.42713665351368	5.10771775738573	7.36860792227565
2000 Q3	5.52325537138311	5.4058902268505	7.48458614719033
2000 Q4	5.53887301599062	5.87843486575849	7.7540852386279
2001 Q1	4.88606502141708	5.70420503946666	7.54601237086015
2001 Q2	4.82321492352177	5.09857700157903	7.71192053521764
2001 Q3	4.46318349150256	5.02428879195926	7.89869632014771
2001 Q4	4.62513244786752	4.78132104503	7.80075252654406
2002 Q1	4.55824754501541	4.90613702593394	7.79030312099228
2002 Q2	4.67825847202571	5.08919875822492	7.93719802278129
2002 Q3	4.84366476483573	5.33635441580815	7.95258635819328
2002 Q4	4.79803714164231	5.41476639716279	8.00715909347432
2003 Q1	4.72398322621056	5.40882348480732	7.92001959360584
2003 Q2	4.77270374460117	5.32563068451466	7.7595830469474
2003 Q3	4.71501303165754	5.25642160494888	7.71208673173954
2003 Q4	4.53825717358464	5.27541673527332	7.78420153482103
2004 Q1	4.50529041304721	5.35914860500104	7.95894922471406
2004 Q2	4.03764036048786	4.75019587691012	7.5798550556173
2004 Q3	4.30482244014643	4.42903803329308	7.96486624525028
2004 Q4	4.41532320152134	4.23409230990107	8.19086517950293
2005 Q1	4.21817029153203	3.86778883199594	7.95730249520148
2005 Q2	4.33169902692178	4.35190685404607	8.13302818244438
2005 Q3	4.29552238784801	3.99745610782647	8.06018683763461
2005 Q4	4.22919132410551	4.13105373303937	7.97888225669064
2006 Q1	4.03655438363319	3.74809905746012	7.83742068578144
2006 Q2	3.88060024868593	3.68248620240664	7.81300616164903
2006 Q3	4.06897402742052	3.89681098418779	8.03484789496432
2006 Q4	4.01169620829711	4.29165240079981	8.05055993591638
2007 Q1	3.80455376694069	4.20752197006904	7.97014627693319
2007 Q2	3.51144348458793	4.13516392672993	7.90586262527491
2007 Q3	3.38824027580952	4.22821486977363	7.90589803064049
2007 Q4	3.13549709320522	3.96069612506007	7.94881451701274
2008 Q1	2.91411268982261	3.6757284917324	7.92519074354252
2008 Q2	2.8592787678037	3.70473663561832	7.78826166960384
2008 Q3	2.24332602842351	3.49648874384641	7.59255145257896
2008 Q4	2.27310315928882	3.64065359524167	7.5323738126194
2009 Q1	2.67933520981887	4.01481192915341	7.52524929671461
2009 Q2	3.36188539437184	4.62884990355618	7.59831632888386
2009 Q3	4.30843170047897	4.80684165900717	7.88099209332242
2009 Q4	4.69336593690793	4.78017658119808	8.06560503224289
2010 Q1	4.7639103444209	4.79979428442565	8.30565117889645
2010 Q2	5.21045490067188	5.39744794575463	8.63480163292879
2010 Q3	5.46843083972949	5.63320853238453	8.79275898284351
2010 Q4	5.59684825937364	6.40684078977532	8.77309784752629
2011 Q1	5.69597338582748	6.65662051736126	8.92613130174975
2011 Q2	5.84811398071342	6.93273953195532	9.17591129673187
2011 Q3	6.05388503905373	7.23154201008738	9.26498373203096
2011 Q4	6.28922545175536	7.19133569790062	9.44635282153684
2012 Q1	6.35208307079801	7.29941392337569	9.47857987673347
2012 Q2	6.57100876096896	7.41626213083261	9.66543471391377
2012 Q3	6.71459239860791	7.57191211033028	9.66769173908536
2012 Q4	6.70852374349484	7.55931027232255	9.58093859017328
2013 Q1	6.78531698956402	7.82698460552213	9.71254230310938
2013 Q2	6.77324143681927	7.78545897164622	9.59299835846072
2013 Q3	6.80179682275397	7.91253678830174	9.55838669801777
2013 Q4	6.92711934007666	8.01943043040757	9.71103599275815
2014 Q1	6.98870974686852	8.15069939469183	9.73251231502669
2014 Q2	7.08530749919026	8.31072836796416	9.90447573432391
2014 Q3	7.18419700408077	8.33369389531421	9.64623459974695
2014 Q4	7.2120544016271	8.28820456866128	9.72038841683425
2015 Q1	7.29572249496211	8.42378973767747	9.72793828289253
2015 Q2	7.45608697217242	8.33178074867189	9.75423107965117
2015 Q3	7.63917574930302	8.55437915169276	9.68973264943186
2015 Q4	7.7727819949132	8.38162059958729	9.7565035561741
2016 Q1	7.74309580695799	8.48853677318935	9.79207557732006
2016 Q2	7.76489425051964	8.55478643339289	9.83154837536311
2016 Q3	7.77272553923029	8.34657077792927	9.71763166231232
2016 Q4	7.71780747261041	8.2230555351772	9.59660551998308
2017 Q1	7.64431962433969	8.2808009426581	9.71404168613599
2017 Q2	7.7169206519714	8.26112738467232	9.82465633526313
2017 Q3	7.68603656324499	8.39021184694146	9.71739510214336
2017 Q4	7.36272223162835	8.24158405568752	9.70789159703066
2018 Q1	7.17475347761294	8.19198399651527	9.61323925127304
2018 Q2	7.29377177392645	8.274877673441	9.6630454126994
2018 Q3	7.19967062894261	8.25712162813239	9.58788654138933
2018 Q4	7.22233261862194	8.2835994704377	9.79811400798519
2019 Q1	7.20822327126357	8.4378038716314	10.0179731142602
2019 Q2	7.21289142527361	8.6277090899251	10.1549736136517
2019 Q3	7.04144574252191	8.63417532030175	9.99342559400281
2019 Q4	7.00196194538865	8.45966605569489	10.1233099756786
2020 Q1	6.31113217781476	7.87080503343904	9.73803360952817
2020 Q2	6.24589317866425	7.90828274752286	9.19545905624457
2020 Q3	6.43160724786446	8.12256619044583	9.13973325460035
2020 Q4	6.37096620745956	8.18117854835424	9.34797905836426
2021 Q1	6.07564066257491	7.94843141198312	9.02706192506575
2021 Q2	6.15804651088797	7.9722611260037	9.20463804514972
2021 Q3	6.02088844643775	7.84187908703725	9.09854519262225
2021 Q4	6.04408015409337	7.52077963390508	9.08381428912221
2022 Q1	5.62199716508929	6.86218596332381	8.36145534374357
2022 Q2	5.76385837997458	6.49158516876716	8.02856997053438
2022 Q3	5.83206151947804	5.99471878773856	7.52486520666898
2022 Q4	6.05620689941618	5.91885077874207	7.854612413268
2023 Q1	6.06433581894906	6.0588246181226	8.02588539471917
2023 Q2	6.12169493495145	6.10824367631513	8.07077106534931
2023 Q3	6.19175491801793	6.09159960900203	7.83845289446853
2023 Q4	6.25054338919766	6.52372182500453	8.53552999786032
2024 Q1	6.0893214587128	6.48011743430936	8.5835689472702
2024 Q2	6.21066830704279	6.87349468549257	8.71015738278838
2024 Q3	6.2663293807258	7.27886218779168	8.91007058278648
2024 Q4	6.41528153500577	7.23793109287638	8.98572387431257
2025 Q1	6.17392524440058	7.47287645478336	9.13028378662964
2025 Q2	6.06636991598508	7.52964759472052	9.28596435090382

Note: The sample consists of domestic bank holding companies (BHCs), intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence, and commercial banks. G-SIBs are global systemically important banks. Large non-G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. Bank equity is total equity capital net of preferred equity and intangible assets. Bank assets are total assets net of intangible assets. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990-March 1991, March 2001-November 2001, December 2007- June 2009, and February 2020-April 2020. The data are seasonally adjusted by Federal Reserve Board staff.

Source: For data through 1996, Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report) Form FFIEC 031. For data from 1997 onward, Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies; Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report) Form FFIEC 031.

Return to text

Figure 3.5. Bank lending standards showed some signs of easing

This is a line chart showing quarterly data on bank lending standards from 1997 to 2025:Q2. The y-axis shows the net percentage of banks reporting. The y-axis has labels specifying tightening (positive values, upper half) or easing (negative values, lower half) of lending standards, ranging from -100 to 100 percent. The chart reveals cyclical pat-terns with sharp spikes upward in 2001, 2008-2009, and 2020. During the 2008-2009 spike, tightening reached approximately 80-90 percent. After the 2020 peak at approxi-mately 80 percent, standards gradually eased, moving into negative territory by late 2021. By 2025:Q2, the value was approximately -5 percent.

Note: Banks' responses are weighted by their loans. 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 3.6. Delinquencies on bank loans declined

This is a line chart displaying quarterly data from 2007 to 2025:Q2, with the y-axis showing percent of loans ranging from 0 to 14 percent. Four variables are plotted: Total (black dashed line), C&I (blue solid line), Multifamily (thick burgundy solid line), and NFNR (thin black solid line). All categories show elevated delinquency rates during 2008-2009, with total delinquencies peaking at approximately 10 percent, NFNR ap-proximately 12 percent, C&I approximately 5 percent, and multifamily around 6 per-cent. From 2010 through 2019, delinquencies gradually declined across all categories. A small uptick appeared in 2020, but the increase was modest compared to the 2007-2009 period. From 2021 to 2025:Q2, delinquency rates remained relatively low and stable, with total delinquencies around 2 percent, though the chart shows a very slight increase in most categories in 2025:Q2.

Note: The figure shows banks with total assets greater than or equal to $10 billion. C&I is commercial and industrial; NFNR is nonfarm nonresidential. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Eco-nomic Research: December 2007-June 2009 and February 2020-April 2020.

Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies; Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report) Form FFIEC 031.

Return to text

Figure 3.7. Leverage at broker-dealers remained low

Ratio of assets to equity

Date	Leverage at broker-dealers
1995 Q1	30.5982069909687
1995 Q2	30.715053408215
1995 Q3	31.3075187485227
1995 Q4	31.8437861119866
1996 Q1	33.1163299730913
1996 Q2	33.1013331739105
1996 Q3	33.3441693368288
1996 Q4	33.8799653746273
1997 Q1	35.2828507392546
1997 Q2	35.2869330076762
1997 Q3	35.498408212325
1997 Q4	32.9736871252037
1998 Q1	35.5055261963666
1998 Q2	35.0070818698421
1998 Q3	35.0660341830823
1998 Q4	30.4295790511052
1999 Q1	30.9114567834438
1999 Q2	29.3661582531347
1999 Q3	28.4326362993834
1999 Q4	28.557997841401
2000 Q1	29.859810788878
2000 Q2	28.8894217207334
2000 Q3	28.5148996842856
2000 Q4	28.2648060796646
2001 Q1	28.5606100861009
2001 Q2	30.0320462611084
2001 Q3	31.4661945806851
2001 Q4	31.338968071904
2002 Q1	31.6577101403855
2002 Q2	31.2606840770697
2002 Q3	31.7889909984558
2002 Q4	30.6285497486484
2003 Q1	32.0302453053945
2003 Q2	34.7881475653154
2003 Q3	32.9734923391743
2003 Q4	33.6675097743329
2004 Q1	35.5833439029959
2004 Q2	37.7700967206065
2004 Q3	38.5887403329401
2004 Q4	39.2777396924885
2005 Q1	41.0738134100422
2005 Q2	41.4384392576605
2005 Q3	41.9749561634572
2005 Q4	39.880072868668
2006 Q1	40.503497005644
2006 Q2	40.6512138000326
2006 Q3	42.2873796143481
2006 Q4	43.0107629130303
2007 Q1	45.2778193125806
2007 Q2	46.8994959572924
2007 Q3	46.0204176455575
2007 Q4	46.2983034482759
2008 Q1	47.89183041899
2008 Q2	41.8661248648791
2008 Q3	43.2122746457033
2008 Q4	30.7079615940182
2009 Q1	28.3215972520395
2009 Q2	24.8998563124937
2009 Q3	24.9618375682385
2009 Q4	23.5052722711834
2010 Q1	24.5069614762614
2010 Q2	24.0433659395688
2010 Q3	24.3100066525033
2010 Q4	23.5247459227071
2011 Q1	24.2946419130198
2011 Q2	24.4403180767268
2011 Q3	24.5657173756309
2011 Q4	24.6372270220987
2012 Q1	24.5318749709241
2012 Q2	24.4307914783732
2012 Q3	23.8525335546291
2012 Q4	23.4598855351307
2013 Q1	22.8428439449133
2013 Q2	22.1486328871893
2013 Q3	21.8371631014628
2013 Q4	21.097681616223
2014 Q1	21.1278101117537
2014 Q2	21.3475737106516
2014 Q3	20.7180067422846
2014 Q4	19.8169499480063
2015 Q1	19.7323521032268
2015 Q2	19.3348381307379
2015 Q3	18.8286350148368
2015 Q4	18.1493925866296
2016 Q1	18.1237621509448
2016 Q2	18.3046870769175
2016 Q3	18.035854625629
2016 Q4	17.6136082150251
2017 Q1	17.7695777550781
2017 Q2	18.3075496605482
2017 Q3	17.4100389829624
2017 Q4	17.1500899174335
2018 Q1	17.2055763771559
2018 Q2	18.0641742412777
2018 Q3	17.9034846949206
2018 Q4	18.1021874008148
2019 Q1	17.9231761630234
2019 Q2	17.8550150674329
2019 Q3	17.7701250731129
2019 Q4	16.8485077888428
2020 Q1	17.2645564252128
2020 Q2	16.256437803408
2020 Q3	16.5385133231621
2020 Q4	16.6196028088193
2021 Q1	16.582882045479
2021 Q2	16.2138888615413
2021 Q3	16.2545560469413
2021 Q4	15.7850315685682
2022 Q1	17.6559734587943
2022 Q2	17.2151009687427
2022 Q3	16.9552319201328
2022 Q4	15.9521612582599
2023 Q1	16.9887092251612
2023 Q2	16.9454259925785
2023 Q3	16.6431064813536
2023 Q4	17.081807501296
2024 Q1	17.6268789319503
2024 Q2	17.6032710002968
2024 Q3	17.9807580977055
2024 Q4	16.5456570897438
2025 Q1	17.2371274645873
2025 Q2	17.7738084725072

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

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

Return to text

Figure 3.8. Broker-dealers' trading profits were within their seasonally adjusted range of the past 5 years

This is a line chart showing monthly broker-dealer trading profits from 2018 through June 2025. The y-axis displays millions of dollars, ranging from 0 to 1000. The single black line shows considerable volatility throughout the period, with profits fluctuating between 300 and 700 million dollars in a generally seasonal pattern. Notable peaks oc-curred in early 2020 and early 2021, when profits briefly reached approximately 900 million dollars. Between 2023 and 2025, trading profits generally remained within a nar-rower range of approximately 400-600 million dollars and maintained the same seasonal pattern within each year. The most recent data point for June 2025 shows profits at ap-proximately 600 million dollars.

Note: The sample includes all trading desks of bank holding companies subject to the Volcker Rule reporting requirement.

Source: Federal Reserve Board, Reporting, Recordkeeping, and Disclosure Require-ments Associated with Regulation VV (Proprietary Trading and Certain Interests in and Relationships with Covered Funds, 12 C.F.R. pt. 248).

Return to text

Figure 3.9. The distribution of the sources of broker-dealers' trading profits was in line with recent averages

This is a stacked area chart showing monthly data from 2018 through June 2025. The y-axis displays percent from 0 to 100. There are three categories in the chart: Equities (burgundy, top portion), Fixed income, rates, and credit (blue, middle portion), and Oth-er business lines (beige, bottom portion). Throughout the period, the distribution remains relatively stable. Fixed income, rates, and credit consistently account for approximately 30-40 percent of trading profits, while equities and other business lines each contribute roughly 20-30 percent. There are minor fluctuations in the relative proportions, but no dramatic shifts in the overall distribution pattern are visible. As of June 2025, the distri-bution closely resembles the patterns observed throughout the previous years.

Note: The sample includes all trading desks of bank holding companies subject to the Volcker Rule reporting requirement. The "other business lines" category comprises desks trading in municipal securities, foreign exchange, and commodities, as well as any unclassified desks. The key identifies series in order from top to bottom.

Return to text

Figure 3.10. Leverage at life insurance companies was in the upper quartile of its historical distribution

Ratio of assets to equity

Date	Life	Property and casualty
2001 Q1	8.360315929	5.403669991
2001 Q2	8.825850206	5.504125512
2001 Q3	9.446489745	6.221822248
2001 Q4	10.02576131	6.373944981
2002 Q1	9.632679759	6.240769413
2002 Q2	9.832560139	6.322692244
2002 Q3	10.14213546	6.41022916
2002 Q4	10.79484944	6.68349138
2003 Q1	11.04440361	6.783390209
2003 Q2	11.15630355	6.700379951
2003 Q3	11.00039848	6.717200484
2003 Q4	10.93049098	6.703703289
2004 Q1	11.28632142	7.061007766
2004 Q2	11.37445196	6.757486319
2004 Q3	11.47501192	6.816018286
2004 Q4	11.68091636	6.822148806
2005 Q1	11.30446287	6.807496064
2005 Q2	10.67035344	6.600465712
2005 Q3	10.78435755	6.658785004
2005 Q4	10.86652045	6.484946821
2006 Q1	10.19546025	6.497220748
2006 Q2	10.05285582	6.394967111
2006 Q3	9.990700936	6.370420878
2006 Q4	9.942870311	6.298563083
2007 Q1	10.03147799	6.336802042
2007 Q2	9.863830346	6.328847255
2007 Q3	9.956568986	6.329295342
2007 Q4	9.735306652	6.087904989
2008 Q1	10.85573631	6.513339782
2008 Q2	10.73182068	6.424232439
2008 Q3	10.68725491	6.445780501
2008 Q4	10.89029983	5.962321235
2009 Q1	10.90932682	5.939189565
2009 Q2	10.04657884	5.604261304
2009 Q3	10.00248807	5.574954212
2009 Q4	8.944481462	5.201320434
2010 Q1	9.244863211	5.169366996
2010 Q2	9.450056325	5.10355913
2010 Q3	9.733333631	5.181248479
2010 Q4	8.836558828	4.477889087
2011 Q1	9.736770121	4.623750035
2011 Q2	9.398895189	4.575627304
2011 Q3	9.479201809	4.413557952
2011 Q4	8.891800774	4.156316693
2012 Q1	8.854567244	4.146309553
2012 Q2	8.857692011	4.117559347
2012 Q3	9.199881714	4.165875528
2012 Q4	9.442618935	4.178579258
2013 Q1	9.274268451	4.100953384
2013 Q2	8.893093469	3.97245337
2013 Q3	8.670253358	3.923258204
2013 Q4	8.798132172	3.900565463
2014 Q1	8.547166563	3.87545479
2014 Q2	8.41872559	3.694263721
2014 Q3	8.363200493	3.647497267
2014 Q4	8.59546272	3.594395745
2015 Q1	8.428684782	3.551287551
2015 Q2	8.157295502	3.527149965
2015 Q3	8.374381367	3.473736099
2015 Q4	9.038878674	3.469640162
2016 Q1	9.522137033	3.564389235
2016 Q2	9.953703221	3.578756345
2016 Q3	10.07453984	3.563390508
2016 Q4	9.90261698	3.806888836
2017 Q1	10.22183128	3.596155467
2017 Q2	10.1183826	3.604357705
2017 Q3	9.838616996	3.653211818
2017 Q4	10.04515385	3.740926135
2018 Q1	9.970165092	3.302703286
2018 Q2	9.81671602	2.969346997
2018 Q3	9.846612352	2.934720943
2018 Q4	9.936873206	3.038347807
2019 Q1	10.20370771	3.020145479
2019 Q2	10.34069428	3.014511147
2019 Q3	10.54718356	2.986135067
2019 Q4	10.54096472	2.898598585
2020 Q1	10.34685813	3.042360791
2020 Q2	11.53667848	3.139493199
2020 Q3	11.69084219	3.118807437
2020 Q4	11.80069899	3.036641665
2021 Q1	11.12686467	3.012444066
2021 Q2	11.18981547	2.986456596
2021 Q3	11.55590725	3.001931086
2021 Q4	11.32713361	2.847918268
2022 Q1	10.82153347	2.817607057
2022 Q2	9.853146018	2.884219907
2022 Q3	9.906630233	2.886733385
2022 Q4	10.07603079	2.855469911
2023 Q1	10.50902812	2.843667603
2023 Q2	10.39107173	2.787514932
2023 Q3	9.91784836	2.79258154
2023 Q4	10.91318339	2.76413361
2024 Q1	10.8805607	2.747099225
2024 Q2	10.81238043	2.084404184
2024 Q3	11.53215366	2.091655559
2024 Q4	11.073414	2.028209402
2025 Q1	11.44009663	2.047775255
2025 Q2	11.54302656	2.033796463

Note: Ratio is calculated as (total assets - separate account assets)/(total capital - accumulated other comprehensive income) using generally accepted accounting principles. The largest 10 publicly traded life and property and casualty insurers are represented.

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

Return to text

Figure 3.11. As of the first quarter of 2025, hedge funds' leverage was at its highest level since data became available

This is a line chart displaying quarterly data from 2013 to 2025:Q1, with the y-axis showing the ratio of leverage ranging from 0 to 10. Two metrics of hedge fund leverage are shown: Mean gross leverage (thin black line) and Mean balance sheet leverage (thick blue line). Mean gross leverage shows significant growth over the period, starting at ap-proximately 6 in 2013, fluctuating between 6-8 through 2021, then rising more steeply from 2022 to reach about 9.5 by 2025:Q1 - its highest level in the series. In contrast, mean balance sheet leverage shows a much flatter trend, rising from approximately 2 in 2013 to about 2.5 by 2025:Q1.

Note: Means are weighted by net asset value (NAV). On-balance-sheet leverage is the ratio of gross asset value to NAV. Gross leverage is the ratio of gross notional exposure to NAV. Gross notional exposure includes both on-balance-sheet exposures and off-balance-sheet derivative notional exposures. Options are delta adjusted, and interest rate derivatives are reported at 10-year bond equivalent values. The data are reported on a 2-quarter lag beginning in 2013:Q1.

Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trad-ing Advisors.

Return to text

Figure 3.12. Balance sheet leverage at the 15 largest hedge funds increased further through the first quarter of 2025

This is a line chart displaying quarterly data from 2013 to 2025:Q1, showing leverage ratios on the y-axis, ranging from 0 to 14. The chart displays three hedge fund catego-ries: Top 15, by GAV (thin black line), 16-50, by GAV (blue line), and 51+, by GAV (thick burgundy line). The top 15 line consistently maintains the highest leverage, start-ing around 4-6 in 2013-2014, generally fluctuating between 6-8 from 2015-2021, then climbing more steeply to reach approximately 12 by 2025:Q1. The 16-50 line maintains moderate leverage between 2-3 throughout most of the period, with a slight increase to about 3.5 by 2025:Q1. The 51+ line is relatively flat, remaining consistently just below 2 throughout the entire period.

Note: Leverage is measured by gross asset value (GAV) divided by net asset value (NAV). Funds are sorted into cohorts based on GAV. Average leverage is computed as the NAV-weighted mean. The data are reported on a 2-quarter lag beginning in 2013:Q1.

Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trad-ing Advisors.

Return to text

Figure 3.13. Dealers indicated that the use of leverage by hedge funds declined around April

This is a line chart showing quarterly data from 2012 to 2025:Q3, displaying net per-centages for four categories of financial institutions: Hedge funds (thin black line), Trad-ing REITs (blue line), Insurance companies (thick burgundy line), and Mutual funds (black dashed line). The y-axis measures net percentage and is scaled from -80 to 40 percent. The chart shows considerable volatility across all categories. Trading REITs exhibit the most dramatic fluctuations, with significant drops around 2014 to approxi-mately -40 percent and 2020 to approximately -70 percent. All categories generally fluc-tuate between -20 percent and +20 percent throughout most of the period. In the most recent quarters, the data shows mixed trends with insurance companies at approximately +10 percent, mutual funds at approximately 0 percent, and a notable decline for hedge funds around 2025:Q2, followed by a partial recovery by 2025:Q3 to end at approxi-mately 0 percent.

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

Source: Federal Reserve Board, Senior Credit Officer Opinion Survey on Dealer Financ-ing Terms.

Return to text

Figure 3.14. The pace of issuance of securitized products remained robust through June

This is a stacked bar chart displaying annual data from 2001 to 2025, with a y-axis in billions of dollars (real) that ranges from 0 to 3200 billion dollars. Five categories are tracked: Other (light gray), Private-label RMBS (dark gray), Non-agency CMBS (terra-cotta), Auto loan/lease ABS (blue), and CDOs (including CLOs and ABS CDOs) (beige). The chart reveals a peak in issuance during 2005-2007, reaching approximately 3000 billion dollars, followed by a sharp collapse to around 400-500 billion during 2008-2011. From 2012 onward, issuance gradually increased but remained well below pre-2008 lev-els, stabilizing between 800-900 billion dollars annually from 2020 through 2025. The composition of issuance has also shifted, with CDOs and auto loan/lease ABS represent-ing larger proportions of the total in recent years compared to private-label RMBS, which dominated before 2008. In 2025:Q2, CDOs and the other category were about equivalent at about 200 billion dollars, non-agency CMBS was slightly smaller at about 100 billion dollars, and private-label RMBS and auto loan/lease ABS took up around 150 billion dollars each.

Note: The data from the first and second quarters of 2025 are annualized to create the 2025 bar. RMBS is residential mortgage-backed securities; CMBS is commercial mort-gage-backed securities; CDO is collateralized debt obligation; CLO is collateralized loan obligation. The "other" category consists of other asset-backed securities (ABS) backed by credit card debt, student loans, equipment, floor plans, and miscellaneous re-ceivables; resecuritized real estate mortgage investment conduit (Re-REMIC) RMBS; and Re-REMIC CMBS. The data are converted to constant 2025 dollars using the con-sumer price index. The key identifies bars in order from top to bottom.

Source: Green Street, Commercial Mortgage Alert's CMBS Database and Asset-Backed Alert's ABS Database; consumer price index, Bureau of Labor Statistics via Haver Ana-lytics.

Return to text

Figure 3.15. Bank credit commitments to other financial entities continued to grow

This is a stacked area chart showing quarterly data on bank credit commitments to other financial entities from 2018 to 2025:Q2. The y-axis measures billions of dollars and ranges from 0 to 2750 billion dollars. Ten categories are tracked: 1) Financial transac-tions processing; 2) Private equity, BDCs, and private credit; 3) Broker-dealers; 4) In-surance companies; 5) REITs; 6) Open-end investment funds; 7) Special purpose enti-ties, CLOs, and ABS; 8) Other financial vehicles; 9) Real estate lenders and lessors; and 10) Consumer lenders, other lenders, and lessors. The chart shows steady and consistent growth in overall commitments from approximately 1250 billion dollars in 2018 to about 2500 billion dollars by 2025:Q2, with all categories expanding over the period while maintaining relatively stable proportions of the total. The categories representing the largest portion of the total, especially in recent quarters, are: Special purpose enti-ties, CLOs, and ABS; other financial vehicles; private equity, BDCs, and private credit; and real estate lenders and lessors.

Note: Committed amounts on credit lines and term loans extended to nonbank financial institutions. Nonbank financial institutions are identified based on reported North Amer-ican Industry Classification System (NAICS) codes. In addition to NAICS codes, a name-matching algorithm is applied to identify specific entities such as real estate in-vestment trusts (REITs), special purpose entities, collateralized loan obligations (CLOs), asset-backed securities (ABS), private equity, business development companies (BDCs), and private credit. REITs incorporate both mortgage (trading) REITs and equity REITs. Broker-dealers also include commodity contracts dealers and brokerages and other secu-rities and commodity exchanges. Other financial vehicles include closed-end investment and mutual funds.

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

Return to text

Figure 3.16. Bank credit growth was strongest for special purpose entities, collateralized loan obligations, and asset-backed securities between 2024:Q2 and 2025:Q2

This is a bar chart displaying the year-over-year percentage growth in bank credit from 2024:Q2 to 2025:Q2 across different categories of financial entities, with the y-axis scaled from -10 percent to 40 percent. The x-axis categories displayed in the chart from left to right are: REITs; Financial transactions processing; Consumer, leasing, & other lenders; Insurance companies; PE, BDCs, & private credit; Broker-dealers; Open-end investment funds; SPEs, CLOs, & ABS; Real estate lenders & lessors; Other financial vehicles; Total. For each entity type, two bars are shown: Committed amounts (burgun-dy) and Utilized amounts (gray). SPEs, CLOs, and ABS show high growth rates at ap-proximately 30-32 percent for both committed and utilized amounts. Financial transac-tions processing shows the largest committed amount growth at approximately 35 per-cent and its utilized amount grew less at about 20 percent. Other categories with sub-stantial growth include PE, BDCs, and private credit (10-12 percent), broker-dealers (12-15 percent committed, but only about 2 percent utilized), and other financial vehicles (13-20 percent). REITs and real estate lenders & lessors show very small values. Insur-ance companies show modest negative growth in both measures. The overall total (rightmost bars) indicates growth of approximately 12-14 percent in both the committed and utilized amounts for all categories combined.

Note: The figure shows 2025:Q2-over-2024:Q2 growth rates as of the end of the second quarter of 2025. REIT is real estate investment trust; PE is private equity; BDC is busi-ness development company; SPE is special purpose entity; CLO is collateralized loan obligation; ABS is asset-backed securities. The key identifies bars in order from left to right.

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

Return to text

Figure 4.1. The ratio of runnable money-like liabilities to GDP was around 80 percent

Percent of GDP

Date	Other	Securities lending	Commercial paper	Domestic money market funds	Repurchase agreements	Uninsured deposits
2002 Q1	74.394513575	69.123087624	65.08403161	52.03677376	30.51530052	11.2213538
2002 Q2	75.116284552	69.707609408	65.35040109	53.00936838	32.34707434	11.4801712
2002 Q3	74.621726632	69.046775393	66.02052456	53.85792367	33.63261579	12.38150759
2002 Q4	75.849854747	70.037927787	67.1063302	54.71830625	33.60607727	12.88164942
2003 Q1	76.15917002	70.266331927	66.69815596	54.58003051	34.24171148	13.19553592
2003 Q2	77.744411215	71.794086738	67.73060483	56.02989476	36.42313354	14.02211935
2003 Q3	75.971323655	70.045875338	65.08168709	53.9173236	35.19903048	13.50692573
2003 Q4	76.076309342	68.987460103	63.88414833	52.93829859	35.25116274	13.53385069
2004 Q1	77.595632285	70.310489578	65.35741869	54.24517059	37.27559768	14.03742657
2004 Q2	78.213097539	70.818259649	64.87307455	54.14072216	37.93704854	14.41923144
2004 Q3	79.016336693	71.530569805	66.2609368	55.64786597	40.02987252	14.66919895
2004 Q4	79.6577831	72.093469158	66.11885113	54.98282314	39.39903899	15.14410661
2005 Q1	80.75680244	73.161508827	66.54405447	55.30011413	40.45719383	15.04202804
2005 Q2	83.111140467	75.47117301	68.1665633	56.5987713	41.92179647	15.15643072
2005 Q3	83.887544109	76.323388166	69.58969467	57.74361426	42.94164373	15.2811488
2005 Q4	83.946244853	76.3026726	70.13673203	57.82756145	42.38847774	15.77717409
2006 Q1	85.24653006	77.540032543	71.36971116	58.88651378	43.74014451	15.49262021
2006 Q2	87.988456386	79.999296135	72.55606352	59.72851563	44.28240505	15.76425978
2006 Q3	91.745618881	83.389471652	75.64733699	62.20380656	46.18668422	15.46617993
2006 Q4	93.850702512	85.172287392	76.93972837	62.99687678	45.98105874	16.26198807
2007 Q1	96.369513407	87.616694076	78.83427856	64.74156503	47.71136374	15.39487663
2007 Q2	99.13878156	90.41058926	79.93351724	65.28707869	47.70689836	15.24456781
2007 Q3	99.123397649	90.54543734	79.80547595	67.05295555	47.45097105	15.21393567
2007 Q4	99.292125509	90.63016269	80.11582978	67.96438572	46.58562546	16.05890309
2008 Q1	104.166738816	94.889389276	84.98714565	72.85519494	48.93455619	16.0681219
2008 Q2	100.171511411	90.63467711	80.54090892	68.7819946	45.4300514	15.50576409
2008 Q3	98.140766447	88.952182223	79.99969533	69.56390042	46.39092824	16.37606903
2008 Q4	86.177313816	77.031799368	71.235886	60.2879392	34.00776352	12.19275204
2009 Q1	85.241559489	76.188678298	70.865949352	60.99881151	34.24705324	12.12707385
2009 Q2	83.305737063	74.343428095	68.834998661	59.94286345	34.10752468	12.12732653
2009 Q3	76.734429356	67.93450644	62.544336634	54.451745523	30.668584453	8.176508483
2009 Q4	73.283277997	64.788511273	59.335869891	51.572886521	29.022017251	8.666235841
2010 Q1	75.940034291	67.697740566	62.430572941	55.10916027	34.86670893	12.21509893
2010 Q2	74.082051108	66.217996527	60.783871076	53.92116897	35.10066404	12.2369495
2010 Q3	74.550156713	66.749267792	61.918773719	54.9804676	36.41274249	13.66544011
2010 Q4	69.648720314	62.060517923	57.208648719	50.301474597	31.899954307	9.532292697
2011 Q1	70.72075037	63.02455245	58.02539899	50.656615499	32.812422689	9.612796729
2011 Q2	70.078225418	62.753710886	57.627992294	50.67574861	33.40218752	10.09778002
2011 Q3	69.166056968	62.162100153	57.562565922	51.1434931	34.30577635	10.37504822
2011 Q4	68.096974508	61.407535887	57.198104912	51.08008857	34.05027659	10.46072154
2012 Q1	67.005398922	60.63006045	56.518772606	50.4234284	34.19942152	10.53836931
2012 Q2	66.601646437	60.243625858	56.088762492	50.24720472	34.58211598	10.59933138
2012 Q3	66.244139339	59.929271326	56.011846656	50.25437457	34.46074374	10.47648555
2012 Q4	67.633141623	61.501075308	57.949700433	52.23769044	35.98832402	11.90148784
2013 Q1	74.528473076	68.317244503	64.68659508	58.73484879	42.94095653	20.06200904
2013 Q2	73.128804329	67.203702949	63.339701743	57.48009671	41.95319397	20.05432462
2013 Q3	72.92708369	67.217389038	63.450280407	57.74904049	41.85459196	20.80509274
2013 Q4	72.363445735	65.289282421	61.569408546	56.09410062	40.41646589	21.39200764
2014 Q1	73.066308364	65.784486674	61.787938303	56.0786062	40.71095727	21.46042131
2014 Q2	72.108780824	64.859184294	60.654123684	54.97326304	40.3779673	21.89376062
2014 Q3	71.180408289	64.040390602	60.10847213	54.57166945	40.01752574	22.08448011
2014 Q4	71.034764329	64.166699838	60.372924663	55.23633495	40.01556099	22.62418513
2015 Q1	70.901536679	64.044297656	60.361257718	55.14423733	40.30023848	22.70171547
2015 Q2	69.028109401	62.485482885	58.901177693	53.60321044	39.37123683	22.49692158
2015 Q3	69.24310777	62.714059821	59.417150757	54.08639366	39.58596873	22.42652743
2015 Q4	69.075461571	62.557407753	58.963792061	53.91269846	38.94934302	22.83849643
2016 Q1	69.923962589	63.208800116	59.693110677	54.23687282	39.30916015	22.96580891
2016 Q2	70.587818708	63.73156029	60.093407465	54.71933718	40.19320249	23.13879362
2016 Q3	69.806791867	62.94213249	59.616291286	54.84722745	40.65963328	23.68933233
2016 Q4	69.021891491	62.055259538	58.786562327	54.20520335	39.90804391	23.88738582
2017 Q1	68.625450386	61.646074662	58.436301697	53.62907692	39.86512223	23.67068793
2017 Q2	68.663480738	61.74446725	58.352707168	53.64387032	40.15541353	23.51067034
2017 Q3	68.807925484	61.758013572	58.492165424	53.55608143	39.63974892	23.5406365
2017 Q4	69.114087248	62.223179307	58.779312318	54.01007625	39.79915908	23.66958612
2018 Q1	68.085688194	61.324475675	57.899869947	52.79296904	38.87553982	23.2270787
2018 Q2	67.463660669	60.739927628	57.153156023	52.09406994	38.36753527	22.68542655
2018 Q3	67.278872122	60.57414188	57.171650243	52.19426445	38.33064848	22.75686621
2018 Q4	69.644948654	63.025680933	59.780785364	55.06876577	40.54086947	23.19115156
2019 Q1	70.031928402	63.479513129	60.25848941	55.27490686	40.58408277	22.48864553
2019 Q2	70.80151247	64.227040608	60.920950747	55.91443556	40.99571325	22.56196103
2019 Q3	72.947389148	66.376246562	63.161807042	58.30026205	42.44788821	22.96222021
2019 Q4	72.868800206	66.271377921	63.14581416	58.41084525	41.9773595	23.47938816
2020 Q1	80.37375532	73.499758317	70.380461582	65.4048917	45.99609331	26.823462
2020 Q2	90.505195304	82.397864459	78.660117181	73.64909688	50.18500867	31.02645461
2020 Q3	82.953635552	75.543270617	72.291816931	67.91288292	47.62242823	29.7999039
2020 Q4	83.295949705	76.065210342	72.713353072	68.52322171	49.0776657	30.9881039
2021 Q1	83.327821696	76.045882791	72.496469397	67.60339114	47.77657198	31.50107929
2021 Q2	81.998390726	74.607052289	70.643235645	65.99032798	46.64578124	31.45545702
2021 Q3	81.674729647	74.399383515	70.617890324	66.13132955	47.16761019	32.16659591
2021 Q4	81.470973612	74.2290866	70.401193534	66.16257034	47.20056905	32.45583052
2022 Q1	80.091272068	73.065313439	69.020681861	64.5074607	46.32586882	32.11964871
2022 Q2	77.025998598	70.067272512	66.218318085	61.71784686	44.19740333	30.51171659
2022 Q3	74.819604826	67.963505119	64.287873053	59.86078999	42.43173856	28.79299333
2022 Q4	74.095363736	67.232187243	63.757169351	59.26085295	41.57364705	27.98420175
2023 Q1	74.818576883	67.856709053	64.482935394	60.22460935	41.12567881	25.25995521
2023 Q2	74.985198971	68.039297128	64.559712879	60.32038257	40.5932223	24.16579424
2023 Q3	74.55199305	67.527952004	64.210717959	59.9127676	39.80970781	23.46498116
2023 Q4	75.943622996	68.725790634	65.47018951	61.17977996	40.47088078	23.6784916
2024 Q1	76.994529269	69.785119329	66.423434117	62.12626218	41.08227729	23.80347539
2024 Q2	76.584087275	69.311889344	65.898558405	61.72152065	40.78146921	23.06444357
2024 Q3	78.245917393	70.805626688	67.379313457	63.17030995	41.39026044	23.3978859
2024 Q4	78.317693879	70.654937239	67.152258127	63.09080777	40.2720703	23.69409885
2025 Q1	81.868704721	73.891450645	70.245541632	65.85554734	42.5077119	23.74010867
2025 Q2	82.428885192	74.475428548	70.656561055	66.09801481	43.06007167	23.99196038

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

Source: Securities and Exchange Commission, Private Fund Statistics; iMoneyNet, Inc., Offshore Money Fund Analyzer; Bloomberg Finance L.P.; Securities Industry and Financial Markets Association: U.S. Municipal Variable-Rate Demand Obligation Update; DTCC Solutions LLC, an affiliate of the Depository Trust & Clearing Corporation: commercial paper data; Federal Reserve Board staff calculations based on Risk Management Association, Securities Lending Report; S&P Securities Finance; Investment Company Institute; Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States"; Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report) Form FFIEC 031; gross domestic product, Bureau of Economic Analysis via Haver Analytics; Llama Corp, DeFiLlama.

Return to text

Figure A. Runnable vehicles and instruments, by historical run propensity

This is a line chart showing quarterly data from 1985 to 2025, with the y-axis measuring percent from 0 to 120 percent of nominal GDP. This chart includes three lines that dis-play aggregate amounts of runnable liabilities as a share of nominal GDP categorized by historical run propensity. Three lines denote following categories: Total runnables (thin black line), Experienced runs or notable stress (blue line), and Experienced industry-wide runs or market freezes (thick burgundy line). All three lines show an upward trend from 1985 to around 2008, followed by a sharp decline. The total runnables series peaks at about 100 percent around 2008, then stabilizes between 70 to 85 percent through 2025. Vehicles and instruments that experienced runs or notable stress follow a similar pattern but at lower values, reaching about 66 percent in 2025:Q2. Vehicles and instru-ments that experienced industry-wide runs or market freezes remained the lowest, peak-ing around 58 percent in 2008 before declining to approximately 30 percent by 2025:Q2.

In the recent decade, total runnables increased upward from about 74 percent to 85 per-cent, while the experienced runs or notable stress category changed little on net. The category that experienced industry-wide runs or market freezes decreased somewhat, suggesting that historically more stable runnable categories account for much of the re-cent growth in the aggregate measure.

Note: The "experienced industry-wide runs or market freezes" category includes domes-tic prime institutional money market funds (MMFs), offshore prime MMFs, commercial paper, negotiable certificates of deposit, variable-rate demand obligations, and repur-chase agreements. The "experienced runs or notable stress" category includes all com-ponents in "experienced industry-wide runs or market freezes" plus domestic prime re-tail MMFs, local government investment pools, short-term investment funds, ultrashort bond funds, private liquidity funds, stablecoins, uninsured deposits, securities lending, federal funds, and funding-agreement-backed securities. The "total runnables" category includes all components in "experienced runs or notable stress" plus domestic and off-shore government MMFs. GDP is gross domestic product. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990-March 1991, March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020.

Source: Securities and Exchange Commission, Private Fund Statistics; iMoneyNet, Inc., Offshore Money Fund Analyzer; Bloomberg Finance L.P.; Investment Company Insti-tute; DTCC Solutions LLC, an affiliate of the Depository Trust & Clearing Corporation: commercial paper and negotiable certificates of deposit data; Federal Reserve Bank of New York; Securities Industry and Financial Markets Association; J.P. Morgan Chase & Co.; Llama Corp, DeFiLlama; Federal Financial Institutions Examination Council, Con-solidated Reports of Condition and Income (Call Report) Form FFIEC 031; Securities and Exchange Commission, Form N-PORT, Monthly Portfolio Investments Report; Morningstar, Inc., Morningstar Direct; Risk Management Association, Securities Lend-ing Report; Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States"; Federal Reserve Board staff calculations.

Return to text

Figure B. Runnable vehicles, by risk category, as a percentage of nominal GDP

This is a stacked area chart displaying quarterly data from 2000 to 2025:Q2, showing runnable vehicles as a percentage of nominal GDP on the y-axis, which ranges from 0 to 35 percent. Three stacked areas represent three risk categories: No notable stress (beige, top layer), Notable stress incidents (orange, middle layer), and Experienced industry-wide runs (dark red, bottom layer). The total runnable vehicles relative to GDP peaked around 30 percent in 2007-09 financial crisis, declined to about 20 percent in 2015 to 2019, then increased again to above 30 percent by 2025:Q2. The proportion of vehicles that experienced notable stress incidents has been stable over the sample time, which represents roughly 9 percent during the 2007 to 2009 financial crisis and in 2025:Q2. The proportion has gradually increased since 2022. On the other hand, the proportion of vehicles that experienced industry-wide runs was highest during 2007-09 financial crisis at about 10 percent of GDP, but has diminished significantly since, representing only about 2.6 percent in 2025:Q2. The no notable stress category accounts for about 60 per-cent of the total assets of runnable vehicles and for much of their growth over the past decade.

Note: The "no notable stress" category includes domestic government money market funds (MMFs) and offshore government MMFs. The "notable stress incidents" category includes domestic prime retail MMFs, local government investment pools, short-term investment funds, ultrashort bond funds, private liquidity funds, and stablecoins. The "experienced industry-wide runs" category includes domestic prime institutional MMFs and offshore prime MMFs. GDP is gross domestic product. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Eco-nomic Research: March 2001-November 2001, December 2007-June 2009, and Febru-ary 2020-April 2020.

Source: iMoneyNet, Inc., Offshore Money Fund Analyzer; Investment Company Insti-tute; Bloomberg Finance L.P.; Federal Financial Institutions Examination Council, Con-solidated Reports of Condition and Income (Call Report) Form FFIEC 031; Securities and Exchange Commission, Private Fund Statistics; Securities and Exchange Commis-sion, Form N-PORT, Monthly Portfolio Investments Report; Morningstar, Inc., Morn-ingstar Direct; Llama Corp, DeFiLlama; Federal Reserve Board staff calculations.

Return to text

Figure C. Runnable instruments, by risk category, as a percentage of nominal GDP

This is a stacked area chart displaying quarterly data from 2000 to 2025:Q2, showing runnable instruments as a percentage of nominal GDP on the y-axis, which ranges from 0 to 90 percent. Two stacked areas represent two risk categories: Notable stress incidents (orange, top layer) and Experienced market freeze (dark red, bottom layer). The total percentage of runnable instruments relative to GDP peaked at about 75 percent in 2007 to 2009 financial crisis, declined after 2010 to around 50-60 percent, and stands at ap-proximately 55 percent in 2025:Q2. The proportion of instruments that experienced market freezes was highest around 2007 to 2009 financial crisis at about 50 percent of GDP, then gradually declined to roughly 27 percent by 2025:Q2. The notable stress inci-dents category represents about 28 percent of GDP in 2025:Q2.

Note: The "notable stress incidents" category includes uninsured deposits, securities lending, federal funds, and funding-agreement-backed securities. The "experienced market freeze" category includes commercial paper, negotiable certificates of deposit, variable-rate demand obligations, and repurchase agreements. None of the runnable in-struments are classified as having experienced "no notable stress." GDP is gross domes-tic product. The shaded bars with top caps indicate periods of business recession as de-fined by the National Bureau of Economic Research: March 2001-November 2001, De-cember 2007-June 2009, and February 2020-April 2020.

Source: Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report) Form FFIEC 031; DTCC Solutions LLC, an affili-ate of the Depository Trust & Clearing Corporation: commercial paper and negotiable certificates of deposit data; Risk Management Association, Securities Lending Report; Federal Reserve Bank of New York; Bloomberg Finance L.P.; Securities Industry and Financial Markets Association; J.P. Morgan Chase & Co.; Federal Reserve Board, Sta-tistical Release Z.1, "Financial Accounts of the United States"; Federal Reserve Board staff calculations.

Return to text

Figure 4.2. The share of high-quality liquid assets to short-term debt ticked down in the first half of 2025 but remained at the higher end of the historical distribution

This is a line chart showing quarterly data from 1997 to 2025:Q2, with the y-axis meas-uring percent of short-term debt ranging from 0 to 35 percent. The chart displays three variables: G-SIBs (thick burgundy line), Large non-G-SIBs (blue line), and Regional (thin black line). From 1997 to 2009, all three bank types showed a general downward trend from 15-20 percent in 1997 to approximately 5-7 percent by 2009. After 2009, all three categories began a steady upward trend, with G-SIBs rising more rapidly to around 25 percent by 2017. In 2020, all three categories spiked significantly, with G-SIBs reaching about 34 percent, large non-G-SIBs reaching about 25 percent, and regionals reaching about 20 percent. By 2025:Q2, G-SIBs and large non-G-SIBs converged at ap-proximately 25 percent, while regional banks were at about 15 percent.

Note: The figure shows banks with total assets greater than or equal to $10 billion. The sample consists of domestic bank holding companies (BHCs), intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence, and commer-cial banks. G-SIBs are global systemically important banks. Large non-G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. Short-term debt is total liabilities minus long-term debt. The shaded bars with top caps indi-cate periods of business recession as defined by the National Bureau of Economic Re-search: March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020.

Return to text

Figure 4.3. Banks' reliance on uninsured deposits and short-term wholesale funding stabilized to levels more typical of the longer history

This is a line chart showing quarterly data from 2002 to 2025:Q2, with the y-axis meas-uring percent of total assets ranging from 5 to 35 percent. The chart displays two varia-bles: Uninsured deposits (thin black line) and Short-term wholesale funding (thick blue line). Short-term wholesale funding started around 22 percent in 2002, rose to a peak of about 33 percent before the 2007-2009 period, then declined steadily to about 15 percent by 2015 where it remained relatively stable until 2020. After a brief decline to about 12 percent in 2022, it gradually increased to approximately 17 percent by 2025:Q2. Unin-sured deposits remained between 15-18 percent until 2009, dropped to around 10 percent from 2010-2012, then jumped significantly in 2013 to about 20 percent. The series grad-ually increased to about 30 percent by 2020, then declined to above 25 percent by 2025:Q2.

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

Return to text

Figure 4.4. Assets under management at money market funds remained high

This is a stacked area chart showing monthly data from January 2000 to July 2025, with the y-axis measuring trillions of dollars (real) ranging from 0 to 8 trillion. The chart dis-plays four categories of money market funds: 1) Government (beige area), 2) Tax ex-empt (terracotta area), 3) Retail prime (light blue area), and 4) Institutional prime (dark blue area). The cumulative series fluctuated between 3-4 trillion dollars from 2000 to 2007, rose to nearly 6 trillion around 2008-2009, then generally declined to about 4 tril-lion by 2015. In 2016, there was a compositional shift, with government funds becoming the dominant category (expanding from about 1 trillion to over 3 trillion), while the oth-er funds sharply decreased. From 2020 onward, total assets increased steadily, reaching approximately 7 trillion dollars by July 2025, with government funds constituting about 6 trillion of the total. The other three categories remained relatively small, with retail prime being the second largest category at roughly 1 trillion dollars.

Note: The data are converted to constant 2025 dollars using the consumer price index.

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

Return to text

Figure 4.5. Market capitalization of major stablecoins experienced accelerated growth

Billions of dollars

Date	Other	TerraUSD	Dai	Binance USD	USD Coin	Tether
12/31/2020	27.380387019	26.296363425	26.116087752	24.944224457	23.957292312	20.038555161
1/1/2021	28.278913093	27.154369163	26.970955811	25.759700566	24.684372763	20.578435105
1/2/2021	29.260028232	28.112053552	27.928832538	26.73794559	25.592075317	21.40409582
1/3/2021	29.429037629	28.253995176	28.074574536	26.827611588	25.656401869	21.35290024
1/4/2021	29.287676011	28.13670509	27.95517638	26.638978711	25.605998755	21.331241407
1/5/2021	30.093360821	28.855862268	28.668760518	27.347644091	26.276388528	21.997778179
1/6/2021	31.136693213	29.886269361	29.694007396	28.372170375	27.264139464	22.813088146
1/7/2021	31.218221971	29.904358726	29.71861401	28.35436303	27.256681067	22.661234598
1/8/2021	32.070047245	30.747589773	30.557748834	29.168602034	28.063852186	23.39591239
1/9/2021	32.35847098	31.012191587	30.82805289	29.404838704	28.249008999	23.457818739
1/10/2021	32.28144782	30.915920634	30.728986505	29.298445677	28.131349938	23.383510524
1/11/2021	32.292871046	30.955803255	30.765408556	29.37821583	28.315093267	23.534073202
1/12/2021	32.58417192	31.193165012	30.996159659	29.623441644	28.558063949	23.790483755
1/13/2021	32.656134741	31.252239603	31.062075249	29.691271873	28.615784236	23.82117995
1/14/2021	32.660777337	31.229461782	31.029529453	29.619105464	28.532701501	23.684887309
1/15/2021	32.805947585	31.385397543	31.188330513	29.897394186	28.743208344	23.747681509
1/16/2021	33.034733549	31.573254437	31.376009232	30.004275009	28.865941427	23.786111246
1/17/2021	33.01390566	31.493717064	31.30810665	29.925478354	28.763209269	23.692150174
1/18/2021	33.57338501	32.026862248	31.827814411	30.42194338	29.272343606	24.138909734
1/19/2021	33.620279825	32.01180961	31.816830729	30.414150701	29.270029205	24.073943182
1/20/2021	33.799435627	32.17939157	31.975165358	30.569116864	29.442194869	24.081140462
1/21/2021	33.850862816	32.289915094	32.082648945	30.668932998	29.563976953	24.144231477
1/22/2021	34.104837834	32.504186733	32.287793686	30.842948945	29.656952513	24.124439289
1/23/2021	34.157309327	32.543843894	32.317455849	30.857006089	29.671632563	24.08030626
1/24/2021	34.319062712	32.679424239	32.45564257	30.921461406	29.699047359	24.104528683
1/25/2021	34.267540375	32.627288067	32.379839902	30.801791556	29.603269872	24.13488147
1/26/2021	34.777386775	33.116494062	32.860524056	31.263331882	30.043084037	24.592964257
1/27/2021	35.45700211	33.780668347	33.523353099	31.917172342	30.548162039	24.966178561
1/28/2021	36.082044024	34.381853311	34.115587527	32.504277842	31.108066356	25.385528547
1/29/2021	36.59275183	34.892175026	34.620535093	33.003079519	31.518489171	25.684420702
1/30/2021	36.670021983	34.951291345	34.674730842	33.033647156	31.561176221	25.722233732
1/31/2021	37.2069177	35.478367252	35.19659303	33.550604399	32.079703172	26.185621002
2/1/2021	37.123935426	35.397146835	35.121705679	33.468288121	32.058521013	26.09581051
2/2/2021	35.703640974	33.971775522	33.695249849	31.987778384	30.579867505	24.585179846
2/3/2021	38.285847306	36.534234423	36.267859301	34.533381314	33.105988014	26.960178989
2/4/2021	38.807035667	37.07004227	36.81198135	35.040574655	33.587586415	27.350486446
2/5/2021	40.023493286	38.240087959	37.972045691	36.150776133	34.633088911	28.269914561
2/6/2021	40.122100972	38.311966511	38.050987688	36.226659	34.672642563	28.194791606
2/7/2021	41.537112122	39.714624163	39.442815299	37.64025597	36.099868805	29.574850772
2/8/2021	41.873831743	39.964299988	39.684466468	37.793611593	36.232921308	29.700248415
2/9/2021	43.105603283	41.071747628	40.779192245	38.833072398	37.232607067	30.476476632
2/10/2021	43.453109192	41.397356262	41.089144542	39.122998112	37.45925377	30.651509418
2/11/2021	43.684956032	41.65723621	41.326577007	39.296327946	37.620496046	30.638846876
2/12/2021	44.847042636	42.779789231	42.413144277	40.36934669	38.717301802	31.622484633
2/13/2021	45.315268416	43.196483174	42.801581026	40.731481731	39.012579152	31.67348843
2/14/2021	45.360807749	43.283170921	42.861229909	40.795413135	39.054642816	31.595058573
2/15/2021	45.82055935	43.736143869	43.30284937	41.179834032	39.556353738	32.118114789
2/16/2021	46.724572248	44.66176858	44.200393809	42.001530675	40.415067743	33.148074356
2/17/2021	46.905061712	44.814060352	44.328780706	42.071800071	40.422724374	33.134666195
2/18/2021	47.552637811	45.462338638	44.959153496	42.655378446	40.925195405	33.52204849
2/19/2021	49.200497897	47.041893062	46.514750814	44.180287573	42.213829793	34.53021899
2/20/2021	49.676030768	47.4633838	46.920654927	44.557489442	42.380056939	34.485854522
2/21/2021	49.683236843	47.413466344	46.850203477	44.456050719	42.259711316	34.435564858
2/22/2021	50.106925062	47.880129025	47.28867452	44.91145073	42.650010308	34.493026143
2/23/2021	50.121209081	47.790402167	47.193664811	44.874185853	42.713889565	34.439622474
2/24/2021	50.704224971	48.356154075	47.742818653	45.394887889	43.114261333	34.665380337
2/25/2021	50.480072091	48.158869058	47.533340571	45.203569197	42.917055907	34.440054295
2/26/2021	51.216784943	48.837024014	48.178199134	45.845669068	43.49581622	34.588400395
2/27/2021	50.90648864	48.52001211	47.844693636	45.507160473	43.128029746	34.106342827
2/28/2021	52.256085584	49.875858544	49.186613432	46.818636359	44.466617485	35.460506885
3/1/2021	52.658836619	50.053590306	49.343905603	46.868202202	44.313838645	35.351065635
3/2/2021	54.171141859	51.579242195	50.846031738	48.302651123	45.438035029	36.517749084
3/3/2021	53.592771799	51.014862016	50.291207684	47.76021342	44.956223269	36.184316387
3/4/2021	54.033128547	51.493838188	50.745657119	48.168628993	45.194618935	36.331967829
3/5/2021	54.197670918	51.662829244	50.892091789	48.338399797	45.129904037	36.157645812
3/6/2021	54.496907921	52.025363002	51.247864423	48.658435876	45.422152753	36.279311852
3/7/2021	54.495129857	52.01247045	51.220998402	48.671196993	45.510904942	36.325947085
3/8/2021	54.256539551	51.776142394	50.960721719	48.382739999	45.369536265	36.225324904
3/9/2021	55.594029618	53.12120173	52.285695297	49.640836507	46.453274126	37.305583084
3/10/2021	55.86111404	53.40925778	52.541760936	49.916874312	46.702853279	37.502646174
3/11/2021	56.193589935	53.70200004	52.795224534	50.118392426	46.988721947	37.696362445
3/12/2021	56.594702996	54.069341777	53.098855932	50.367969942	47.162201862	37.688645646
3/13/2021	56.639492149	54.10094054	53.083147374	50.323201861	47.129699726	37.685800848
3/14/2021	57.680015837	55.122886915	54.102498741	51.327368539	48.215448999	38.755355228
3/15/2021	58.388453191	55.795039358	54.734340947	51.947585366	48.851326124	39.331389879
3/16/2021	58.523535955	55.944225299	54.790614138	51.981330376	48.908403759	39.276986884
3/17/2021	58.903875052	56.255511692	55.057640204	52.191455765	49.085510532	39.369205651
3/18/2021	59.198748074	56.53890626	55.287205714	52.40111106	49.203633835	39.362450327
3/19/2021	59.443515757	56.785719948	55.494571788	52.618646822	49.392452174	39.382461749
3/20/2021	60.515069102	57.863774865	56.564363236	53.680185009	50.42577315	40.385614604
3/21/2021	60.704187569	58.014835381	56.681072336	53.77934338	50.539038025	40.346867253
3/22/2021	60.931277617	58.359005196	56.992090641	54.059161432	50.693926586	40.354628172
3/23/2021	60.755100444	58.137979384	56.735680226	53.820997022	50.44571223	40.144389268
3/24/2021	60.81519922	58.265323482	56.835532268	53.913626848	50.599114105	40.164623673
3/25/2021	60.99688898	58.454278163	57.01434537	54.092223968	50.827694787	40.165535684
3/26/2021	62.451440708	59.708670484	58.21164481	55.248617798	51.858416878	40.9923942
3/27/2021	62.596166577	59.869255283	58.359276074	55.37612804	51.934951967	41.010674597
3/28/2021	63.066068956	60.228194921	58.615990544	55.614651119	52.118137232	41.151075766
3/29/2021	62.68576378	59.831124332	58.251897381	55.266473092	51.786668808	40.978638845
3/30/2021	62.971254784	60.107526784	58.501303036	55.485884721	51.902495324	41.00660371
3/31/2021	64.037569306	61.151333607	59.531276986	56.522218772	53.040273183	42.22262828
4/1/2021	64.182508953	61.289231856	59.642001576	56.676307619	53.148996204	42.241531615
4/2/2021	66.572341379	61.504530898	59.841468438	56.799652175	52.973567537	42.234161259
4/3/2021	66.903678237	61.822542241	60.14933547	57.089885819	53.134207465	42.237379191
4/4/2021	67.365322829	61.938721871	60.252384281	57.18343344	53.155919689	42.232552446
4/5/2021	68.452647564	63.232695376	61.545946781	58.49290266	54.409706549	43.381315891
4/6/2021	68.497440889	63.196431202	61.489498636	58.426363816	54.408282378	43.423636951
4/7/2021	68.925520348	64.351516084	62.658491945	59.598145439	55.403749569	44.386492308
4/8/2021	69.524741734	65.114376507	63.371738029	60.327844583	55.684549074	44.489350103
4/9/2021	69.792124659	65.30829915	63.560453187	60.518230858	55.58826053	44.38839377
4/10/2021	70.041157356	65.41148784	63.631345696	60.515222529	55.560619751	44.377530957
4/11/2021	71.018453866	66.525204739	64.776533674	61.625571302	56.590383509	45.452923277
4/12/2021	70.868862392	66.408364409	64.657071176	61.524613802	56.45795781	45.446501811
4/13/2021	73.448347381	69.012493706	67.223040438	64.052252753	58.794294672	47.468725364
4/14/2021	73.848912841	69.193965141	67.420794551	64.267014282	58.929678728	47.394923053
4/15/2021	74.452784848	69.738724879	67.957745982	64.755408046	59.22076602	47.409587501
4/16/2021	76.584524286	71.750094611	69.919545847	66.607686467	60.457457249	48.358512694
4/17/2021	77.167740161	72.433418556	70.651172825	67.209330741	60.962473429	48.475784369
4/18/2021	80.193302617	74.722876135	72.916376388	69.48146714	63.076515557	50.439912171
4/19/2021	80.402841186	75.185279306	73.383493933	69.961342915	63.326315071	50.402257702
4/20/2021	81.306188294	75.540820052	73.70737033	70.255047029	63.398200497	50.430101856
4/21/2021	81.65898042	75.82034754	73.96337585	70.548319456	63.304277062	50.266549419
4/22/2021	82.022641052	75.955437686	74.07420882	70.614229233	63.488696004	50.466071918
4/23/2021	82.156788366	76.125345809	74.242729667	70.808799905	63.926670734	50.499682242
4/24/2021	82.093921171	76.134630535	74.301057061	70.858847721	63.904528483	50.337162794
4/25/2021	82.854133504	76.682167968	74.797872957	71.323514221	64.229889158	50.60515622
4/26/2021	83.225255822	76.86715629	74.975095461	71.486001877	64.288141181	50.440336521
4/27/2021	83.300741265	76.937648921	75.007662382	71.458185077	64.055032067	50.251671678
4/28/2021	84.116859655	77.588175771	75.647866768	72.073460485	64.915742758	50.991958451
4/29/2021	83.781746024	77.796348018	75.766064932	72.090220361	64.883048343	50.946008137
4/30/2021	85.146251459	79.117796267	77.107993122	73.452583634	65.995973183	51.981753207
5/1/2021	85.626035003	79.307461945	77.314787353	73.581560494	65.999501007	51.938886806
5/2/2021	86.876988917	80.544654181	78.589008725	74.798923807	66.978149268	52.941850357
5/3/2021	87.007213987	80.376869842	78.374363051	74.466499513	66.989678341	52.980312283
5/4/2021	89.287239699	82.751455601	80.779712552	76.813609486	69.337458232	55.104406619
5/5/2021	89.844117487	83.203654387	81.183020306	77.085833233	69.327387765	54.827697921
5/6/2021	90.410347219	83.728199611	81.697132007	77.405841265	69.421764028	54.926914141
5/7/2021	90.57954713	83.892961863	81.840665961	77.463561273	69.642314301	55.010707301
5/8/2021	90.908443076	84.058663396	82.023662095	77.614258844	69.720470477	54.847002914
5/9/2021	92.234532222	85.469257155	83.392956661	78.88923675	71.042262589	55.968976294
5/10/2021	93.858357076	87.077380107	85.018326303	80.406827535	72.43457464	57.319505571
5/11/2021	94.741610868	87.819710404	85.740187518	81.141307688	73.149349596	57.952539848
5/12/2021	94.781629958	87.877053643	85.799372375	81.159511197	73.212137407	58.095326609
5/13/2021	94.320445685	87.460611999	85.350670512	80.874970038	73.001461167	57.50409562
5/14/2021	94.961840533	88.091643494	85.979862893	81.380223241	73.507285874	57.831222329
5/15/2021	94.973378449	88.131094779	86.059821442	81.44244785	73.580240208	57.628675206
5/16/2021	95.459220719	88.564349361	86.457482107	81.767361819	73.82031013	57.774190029
5/17/2021	97.061288043	90.289873347	88.19423883	83.448649238	75.487584679	59.260098045
5/18/2021	96.613272319	89.883084516	87.789402295	83.035384318	75.09947433	58.735316097
5/19/2021	95.414157622	89.604251263	87.552690752	83.198094818	75.490153585	58.568241603
5/20/2021	97.230333826	91.3384464	89.305536502	85.022572762	76.883151419	59.180106734
5/21/2021	99.31826922	93.404241319	91.425170296	87.177194855	78.697273032	59.844426476
5/22/2021	100.021164593	94.097558637	92.084526942	87.833141737	79.318412534	60.082400532
5/23/2021	101.154710117	95.38809396	93.485464285	89.421968824	80.809376736	60.993612148
5/24/2021	101.776670127	95.983771906	94.093904915	89.863911104	81.233727665	61.098133904
5/25/2021	102.054129091	96.321932838	94.372066218	90.093258403	81.263709985	60.981132813
5/26/2021	103.113512554	97.132121123	95.144914984	90.777980516	81.796130087	60.868473934
5/27/2021	104.235339563	98.237331219	96.292198351	91.894485759	83.182940358	61.865638966
5/28/2021	104.979975622	99.004584756	97.025394811	92.56196217	83.559750679	61.949528801
5/29/2021	104.528927208	98.57949865	96.604345854	92.11215477	83.376238795	61.858573232
5/30/2021	102.551358664	96.567359028	94.630668918	90.191248452	81.607452403	59.793575379
5/31/2021	105.92827779	99.87678629	97.917695888	93.477660684	84.811080555	62.756371873
6/1/2021	106.575137124	100.309011986	98.351627442	93.922561754	85.123909988	63.05751097
6/2/2021	106.57546892	100.321647432	98.381215487	93.960456944	84.906670611	62.877308716
6/3/2021	107.228936743	100.898080189	98.939691358	94.43365854	85.09560561	62.931175197
6/4/2021	107.445057217	101.146850966	99.219526098	94.669538145	85.136153761	62.951076945
6/5/2021	107.754353108	101.333611431	99.405520439	94.845103798	85.272915634	62.973937179
6/6/2021	108.226577929	101.75915476	99.841612916	95.244986597	85.545965872	63.071896583
6/7/2021	107.701636616	101.225493176	99.334468318	94.668945824	85.237154951	62.923334311
6/8/2021	108.408503704	101.865477212	99.947821586	95.276925306	85.641390064	63.058353356
6/9/2021	108.710400423	101.943628686	100.001381813	95.111972125	85.577969005	63.015983844
6/10/2021	108.346317477	101.947299702	100.050214315	95.148747109	85.894709008	63.156383683
6/11/2021	108.151581411	102.337732315	100.446081982	95.450515428	85.811941911	62.948927728
6/12/2021	108.453895143	102.609547773	100.705062522	95.710402774	86.093775454	63.174486346
6/13/2021	108.568721933	102.684876245	100.768069769	95.770321172	86.101377576	62.86979344
6/14/2021	108.661176528	102.709085367	100.786341145	95.751741069	86.214375448	62.976344784
6/15/2021	108.817732345	102.905865416	100.988706271	95.838237082	86.328722626	63.087242823
6/16/2021	108.136683315	102.385775518	100.483336549	95.381481976	86.093918446	62.811745685
6/17/2021	108.453301355	102.723297975	100.809439617	95.791922934	86.444017484	63.089604061
6/18/2021	108.62575739	102.92291165	101.013519956	95.979935004	86.550702185	62.961131591
6/19/2021	108.938926312	103.282506	101.359682552	96.299268893	86.846427881	63.170881938
6/20/2021	109.253575122	103.546814861	101.621141834	96.631814546	86.888399935	62.98115115
6/21/2021	109.040540398	103.68807927	101.779706464	96.925555157	87.102325699	62.730406873
6/22/2021	109.81119227	104.436558356	102.521916584	97.669037786	87.8656209	63.191121553
6/23/2021	109.988364391	104.545327758	102.626352239	97.706305828	87.935950466	63.083426561
6/24/2021	110.145942975	104.723830752	102.811051525	97.874232629	87.910581564	63.044136728
6/25/2021	110.286327495	104.867990745	102.93582052	98.064553851	88.082694572	62.950207948
6/26/2021	110.638039971	105.198095947	103.276656713	98.327962411	88.281048622	63.104781805
6/27/2021	110.797062787	105.305727285	103.378072343	98.393767793	88.384743151	63.019316506
6/28/2021	110.305090393	104.963525774	103.03556844	98.065186204	87.91009507	63.148230862
6/29/2021	109.92711431	104.506381575	102.596014047	97.635243866	87.494808351	62.932222087
6/30/2021	110.428482012	104.902915431	102.980583023	97.831803292	87.647842518	63.186489293
7/1/2021	110.644773986	105.131202981	103.208338612	98.020564564	87.568439642	63.008540139
7/2/2021	111.368509052	105.800070962	103.85873355	98.634438723	87.907217389	63.17794582
7/3/2021	111.355610652	105.744347907	103.796400202	98.594171898	87.856540596	63.106834156
7/4/2021	110.836293102	105.201772344	103.265855511	98.080037006	87.297588211	62.59863741
7/5/2021	111.508081158	105.832852242	103.908003692	98.639547066	87.929513515	63.144877332
7/6/2021	111.861764464	106.044877992	104.109190124	98.847378574	88.070658908	63.062886157
7/7/2021	111.719093001	105.880019917	103.956649721	98.703512932	87.94303076	62.893748617
7/8/2021	112.207884723	106.392272665	104.446093827	99.188229029	88.267903215	63.07223708
7/9/2021	112.189653116	106.356195166	104.420245269	99.116266416	88.409774311	63.114140399
7/10/2021	112.301381328	106.480944533	104.540337336	99.261866882	88.505125651	63.176009188
7/11/2021	112.098494604	106.282890315	104.347523347	99.04404324	88.265127127	62.964366865
7/12/2021	112.438137568	106.616052478	104.664572613	99.375242764	88.872762536	63.054698514
7/13/2021	112.226865049	106.43126793	104.491582193	99.230943298	88.929598566	63.163827905
7/14/2021	112.183906884	106.395503752	104.3869532	99.110982924	88.409139386	63.06798672
7/15/2021	112.959804258	107.314748888	105.309767239	100.0315094	88.777420277	63.096500854
7/16/2021	112.164625615	106.888128418	104.88462627	99.643261952	88.574547798	62.885530808
7/17/2021	112.630383283	107.341288862	105.319119959	100.044400716	88.80878737	63.015621694
7/18/2021	113.009622374	107.707243076	105.67581076	100.370134613	89.058812572	63.068616735
7/19/2021	112.752140207	107.479459521	105.451680669	100.204837806	89.01488451	63.024765263
7/20/2021	112.847474611	107.689985647	105.649629567	100.426353511	89.102364577	63.026308064
7/21/2021	113.313078	108.122827573	106.092155734	100.823680801	89.350066559	63.063447391
7/22/2021	113.201866174	108.013063109	105.979081656	100.707454545	89.177922017	62.991766528
7/23/2021	113.519741652	108.306187958	106.266783639	100.958642712	89.254198805	63.058236641
7/24/2021	113.751474215	108.496126557	106.450120148	101.149622409	89.34017132	63.048924683
7/25/2021	114.246306304	108.954291352	106.873464509	101.562569138	89.550848945	63.085443207
7/26/2021	113.972175794	108.76725552	106.754475404	101.451520083	89.556875578	63.310758965
7/27/2021	114.555871024	109.276489498	107.242519585	101.876182478	89.689192505	63.175363017
7/28/2021	114.157857988	108.918302869	106.881103438	101.515128177	89.264211128	62.750837856
7/29/2021	114.379241939	109.135903621	107.094286071	101.681020694	89.451116129	63.110070063
7/30/2021	114.958508544	109.645111448	107.581514398	102.16686999	89.694007517	63.041272483
7/31/2021	114.382059081	109.095767714	107.055282261	101.650913436	89.422242496	62.913519682
8/1/2021	114.332800407	109.082837524	107.046100486	101.626584145	89.632345458	63.111329329
8/2/2021	114.496712343	109.178437147	107.13076017	101.683239742	89.544774287	62.970599321
8/3/2021	114.858687673	109.47069491	107.412024051	101.929834067	89.898512388	63.325161015
8/4/2021	112.969243352	107.632618718	105.575639583	100.187620768	88.228662697	61.509320964
8/5/2021	113.518439218	108.168400832	106.118231861	100.654061718	88.638257041	61.911374134
8/6/2021	113.916736134	108.492892364	106.419079562	100.956380228	88.76033235	61.983710067
8/7/2021	115.185686387	109.672529252	107.589477066	102.092699775	89.829856263	62.954824975
8/8/2021	115.232516152	109.726250841	107.675788407	102.100215043	89.952997003	63.000118604
8/9/2021	115.314195837	109.830065981	107.739020012	102.184886717	89.986735561	63.223470401
8/10/2021	114.849120771	109.298267803	107.206509597	101.627726243	89.475658761	62.8287813
8/11/2021	114.915352146	109.265545318	107.172275764	101.575754589	89.58385515	63.024069244
8/12/2021	115.101242238	109.412846464	107.287140285	101.653449755	89.611373223	62.98077061
8/13/2021	114.916652564	109.23477139	107.116395685	101.43493121	89.398684966	62.876084465
8/14/2021	115.942719311	110.217006906	108.100865345	102.412239441	90.385517361	63.910666099
8/15/2021	116.101062335	110.346270813	108.234163418	102.486871202	90.438188641	63.979324865
8/16/2021	115.957823926	110.140936432	107.998909211	102.255887881	90.344821148	63.891978393
8/17/2021	115.893649438	110.162117314	107.985058515	102.252606558	90.399398591	63.997805657
8/18/2021	116.112778161	110.290162005	108.074195972	102.317911665	90.32262796	64.018055373
8/19/2021	116.724506978	110.83215859	108.541020716	102.744084376	90.587906061	64.44100304
8/20/2021	116.840547761	111.018978876	108.752332248	103.002345863	90.820672459	64.978412053
8/21/2021	116.848872734	111.042522465	108.773765825	102.994353657	90.754817073	64.934271797
8/22/2021	118.428057085	112.545996939	110.245641973	104.40879756	92.129632268	66.272977848
8/23/2021	116.04041489	110.138234123	107.84356403	102.053412956	89.747571096	63.90873479
8/24/2021	118.043022815	112.107038468	109.810115131	104.009173213	91.877108588	66.034091408
8/25/2021	117.922417236	112.012424281	109.688211946	103.915779915	91.774554803	65.904446199
8/26/2021	117.87037587	111.958312455	109.613655632	103.836292809	91.613661301	65.657929345
8/27/2021	118.327334025	112.373681083	110.017602947	104.176472148	91.929799674	65.958003563
8/28/2021	118.388454457	112.46532133	110.101062205	104.27749808	92.01640966	65.923502825
8/29/2021	118.416514508	112.519676111	110.160523951	104.309964391	92.063512359	66.006517601
8/30/2021	118.327183365	112.49916533	110.117927848	104.288523867	92.039175703	65.82391107
8/31/2021	118.746137912	112.802924747	110.397310458	104.513884932	92.233375004	66.011851298
9/1/2021	118.844437695	112.868496549	110.446503862	104.572415482	92.025865648	65.941541201
9/2/2021	119.916065624	114.036696223	111.611901509	105.552331168	93.041594486	66.833879851
9/3/2021	120.072729243	114.142593642	111.715643869	105.621419334	93.0572816	66.790375967
9/4/2021	120.148701938	114.195530786	111.749321271	105.646540656	93.0129091	66.672507998
9/5/2021	121.284494676	115.295780264	112.848266647	106.703000562	94.176356144	67.895375504
9/6/2021	123.363896288	117.341183881	114.872023295	108.680906154	96.104878914	69.864278305
9/7/2021	123.8919396	117.924442552	115.450678473	109.223728178	96.614376521	69.97322293
9/8/2021	124.295336364	118.322422608	115.857450665	109.601132016	96.866331907	70.111598944
9/9/2021	124.624176513	118.289106934	115.801589506	109.540601358	96.897537884	70.12898685
9/10/2021	123.766985504	117.751850856	115.2074234	109.066152181	96.610702384	69.795323991
9/11/2021	124.27776319	118.244855977	115.665720166	109.365907859	96.851692215	70.032849738
9/12/2021	124.838312924	118.765854004	116.185204277	109.811459611	97.328768537	70.612031723
9/13/2021	124.258845771	118.142086779	115.555187934	109.224162883	96.760907959	70.038560517
9/14/2021	124.554001925	118.363549874	115.762106289	109.465572795	96.708485049	70.076309715
9/15/2021	124.459073987	118.235008336	115.632145472	109.334256924	96.607185626	69.93862462
9/16/2021	124.71090697	118.415754123	115.803665777	109.479118316	96.670818123	69.98220003
9/17/2021	125.204038736	118.867459234	116.226869426	109.861846657	96.976641267	70.174334237
9/18/2021	125.12140264	118.808640621	116.173340231	109.818766605	96.940691166	70.015235376
9/19/2021	125.361943512	119.02219918	116.379462433	110.00912847	97.069709565	70.108343196
9/20/2021	124.416091708	118.175606038	115.53643226	109.502878963	96.623077291	69.871703564
9/21/2021	124.1910986	117.950019246	115.325204368	109.294787865	96.402377743	69.287490621
9/22/2021	125.420378894	119.008626782	116.361479513	110.331923875	97.365865103	69.907631689
9/23/2021	126.074259612	119.601991064	116.931899967	110.822792592	97.647651961	69.946573386
9/24/2021	126.805375828	120.26063413	117.587978142	111.528137881	97.906999278	69.85774863
9/25/2021	127.48070109	120.88349721	118.202130225	112.111736724	98.386330445	70.054808089
9/26/2021	127.954449385	121.33448071	118.650743924	112.54787684	98.74926519	70.10580068
9/27/2021	126.583359708	120.043908037	117.413838109	111.272318828	97.875740073	69.485866569
9/28/2021	126.588437769	120.171337331	117.51885479	111.368587272	97.931014455	69.634978801
9/29/2021	127.645889408	121.255767181	118.557536681	112.34217695	98.839135128	70.102596934
9/30/2021	127.409518518	121.053552911	118.364375787	112.128884918	99.031282867	69.992056832
10/1/2021	127.500306636	121.17829391	118.491898916	112.256292598	99.108616312	70.015122208
10/2/2021	127.582435281	121.239476169	118.552776189	112.336977238	99.246950526	70.062366514
10/3/2021	127.962848045	121.511152979	118.818174072	112.522891774	99.394701085	70.007067954
10/4/2021	127.925608471	121.41578793	118.713810166	112.403220008	99.337100927	69.988876615
10/5/2021	128.165628148	121.553431071	118.849785371	112.524746324	99.49267772	70.016488356
10/6/2021	128.598467595	121.892100112	119.187436884	112.757950831	99.568890229	69.869779436
10/7/2021	128.788422352	122.155840167	119.44689374	112.992930287	99.92166046	69.993136119
10/8/2021	129.002892079	122.292687662	119.567339989	113.062188768	99.919115895	69.990607181
10/9/2021	129.242275437	122.47261142	119.737500917	113.180122206	100.041325642	69.983929234
10/10/2021	129.292818021	122.527140242	119.802484667	113.250506316	100.099331438	69.943671855
10/11/2021	129.912805465	123.082253285	120.330900557	113.728283606	100.459230058	70.109599654
10/12/2021	129.452017659	122.53172214	119.792750621	113.171601302	99.999405767	69.974500398
10/13/2021	129.585614891	122.533518385	119.785906363	113.115280562	100.05659778	70.053065061
10/14/2021	129.858725487	122.728593522	119.999288682	113.215380041	99.943458221	69.920586623
10/15/2021	130.076677676	122.992718275	120.242525634	113.217245135	99.98468842	69.917776949
10/16/2021	130.084526555	122.969356693	120.223313543	113.175690833	100.005328519	70.049029312
10/17/2021	129.96629469	122.809669294	120.063563926	113.019136864	99.925129656	70.05362654
10/18/2021	129.773711556	122.61358318	119.867337375	112.819732082	99.679239959	69.881185596
10/19/2021	129.721684767	122.379719909	119.621545707	112.656979819	99.518892703	70.122191304
10/20/2021	130.297328036	122.75824842	120.006960802	112.852762673	99.531199106	69.849206114
10/21/2021	129.989305281	122.437787714	119.693336123	112.31140599	99.331658361	69.709955828
10/22/2021	130.593919296	122.986930522	120.219933369	112.78630249	99.820135723	70.108991569
10/23/2021	130.820140564	123.149838413	120.378319223	112.94282707	99.927250167	70.186160865
10/24/2021	130.747396661	123.105783636	120.324657265	112.949345977	99.982702155	70.160358178
10/25/2021	130.801977396	123.062135852	120.266666016	112.90688003	99.941950159	70.113875757
10/26/2021	130.277792478	122.440134992	119.640344269	112.3008258	99.488606698	69.861220417
10/27/2021	130.959984383	122.94115296	120.183142798	112.57911614	99.770280138	69.934140365
10/28/2021	131.44890064	123.328221248	120.551038152	112.929055818	99.881979623	70.00082176
10/29/2021	131.916556408	123.838301783	121.053178007	113.366014779	100.116078548	69.962407729
10/30/2021	132.29433014	124.444777388	121.629914931	113.804982898	100.347380569	69.993404783
10/31/2021	132.078979011	124.195628596	121.396511017	113.603181615	99.979067853	69.826936783
11/1/2021	133.595346443	125.695020075	122.871810009	115.039122374	101.295250165	70.930221493
11/2/2021	134.71588987	126.691941692	123.853829837	116.009156253	101.734756783	71.145351347
11/3/2021	134.684998779	126.596276155	123.749707549	115.902614341	101.674090786	70.977945105
11/4/2021	136.05508411	127.796711431	124.928231663	117.08473921	102.958685613	72.140622479
11/5/2021	137.507674549	129.172353549	126.279123804	118.094413446	104.161970708	73.137648749
11/6/2021	137.35035445	128.984676906	126.096287702	117.92611038	104.356510927	73.097571514
11/7/2021	138.639275919	130.0618126	127.155095462	119.038104996	105.3386923	74.224624799
11/8/2021	137.568110264	128.928479045	126.027009973	117.626255139	103.991342257	72.860880749
11/9/2021	140.082699158	131.307603405	128.398575805	119.755847377	106.288187897	74.912215157
11/10/2021	140.267530374	131.510134928	128.209887067	119.590628494	106.495926526	75.202049668
11/11/2021	140.006244621	131.224360239	127.481492681	118.916163934	106.016655511	74.87882388
11/12/2021	141.121428663	132.133080972	127.926253517	119.275045939	106.518588521	75.238622435
11/13/2021	141.528231364	132.367631055	127.720720993	119.16104267	106.346724314	75.138988476
11/14/2021	142.768958552	133.429351553	128.309287565	119.744353655	106.858689723	75.38024061
11/15/2021	142.593306537	133.347487105	127.81878026	119.302515182	106.423945234	74.967718528
11/16/2021	143.591219659	134.082824391	128.205224882	119.696904729	106.734482956	75.009964844
11/17/2021	144.942404481	135.348444221	129.097706403	120.541184598	107.208857251	75.341792409
11/18/2021	144.614705397	135.161021251	128.570180843	120.051987272	106.950919428	75.015941748
11/19/2021	146.569532859	136.866502297	129.882784382	121.194394733	107.988647693	75.439302058
11/20/2021	147.213426897	137.392047212	130.131724557	121.398049946	108.04725719	75.25619454
11/21/2021	147.096286948	137.282208456	130.050742426	121.3108566	107.972851995	75.054979306
11/22/2021	146.694221547	136.925362513	129.744485447	121.112268021	107.866112911	74.847084671
11/23/2021	147.151051439	137.293739435	130.066989357	121.331714069	108.396674397	74.93942079
11/24/2021	147.565390187	137.485634399	130.243858699	121.482897934	108.500373019	74.873684383
11/25/2021	148.382188926	138.326160345	131.051269698	122.279537488	109.400672959	75.681352562
11/26/2021	149.042853404	138.854661755	131.505335373	122.839181616	110.056882227	75.843057112
11/27/2021	149.408321922	139.250872719	131.855744102	123.193934235	110.250180883	75.905328676
11/28/2021	149.571990282	139.329701461	131.841535929	123.109067554	110.162092547	75.755462921
11/29/2021	149.005093475	138.665146817	131.129542656	122.395420518	109.275105092	74.800689026
11/30/2021	149.695654405	139.213708392	131.510260206	122.690032556	109.331019769	74.712745205
12/1/2021	150.41466906	139.842028773	132.140292741	123.227570217	109.682911076	74.843243888
12/2/2021	150.288962076	139.763554767	131.984244974	123.110436345	109.526639062	74.656497733
12/3/2021	152.04887027	141.675072441	133.787011437	124.87114713	111.11887909	75.864516437
12/4/2021	153.254353989	143.018150267	134.999982752	126.083499063	112.452516354	76.882559866
12/5/2021	154.076774293	143.707120795	135.53649504	126.534268946	112.999751378	76.92980881
12/6/2021	154.829879831	144.467853346	136.227912513	127.28968423	113.939462993	77.811508661
12/7/2021	155.656159095	145.102718296	136.740162919	127.76267334	114.195995626	77.94051729
12/8/2021	153.723419597	143.151113248	134.667643612	125.691505322	112.014445245	75.81484618
12/9/2021	156.052402441	145.094212637	136.543620663	127.621373454	113.886672205	77.678568398
12/10/2021	156.153178115	145.229531463	136.624713166	127.802296949	114.018235158	77.550051411
12/11/2021	156.841242823	145.893243973	137.258704743	128.341718496	114.489308689	77.836768453
12/12/2021	156.936006122	145.974081843	137.333965597	128.42630569	114.579455223	77.778710158
12/13/2021	156.80649076	145.86455891	137.175284296	128.32554117	114.466463407	77.631518009
12/14/2021	158.713737749	147.770126641	138.971859426	130.133392106	116.033075098	78.994476494
12/15/2021	158.774494681	147.765342997	138.963544545	130.102016505	115.905706343	78.846468586
12/16/2021	158.639208782	147.623398608	138.848259541	129.971174914	115.872917213	78.783903829
12/17/2021	159.10506956	147.998457208	139.180055506	130.260873338	115.910969143	78.699383385
12/18/2021	159.706371507	148.414581954	139.486102737	130.536513948	116.132997108	78.819021502
12/19/2021	159.414519689	148.137547213	139.171923309	130.271827345	115.972244293	78.719046042
12/20/2021	160.976507732	149.670958166	140.43695874	131.391507135	116.721450982	79.072092746
12/21/2021	161.371959103	149.825306704	140.452352595	131.450003336	116.836734128	79.008436978
12/22/2021	159.988975559	148.400544706	138.880665642	129.854172142	115.160500271	77.431794733
12/23/2021	160.614393627	148.922876717	139.257819386	130.215976315	115.528740644	77.558039056
12/24/2021	160.970267753	149.206821601	139.379810998	130.358189463	115.40768991	77.563463351
12/25/2021	160.857693024	149.001149579	139.079411562	130.058542259	115.174209212	77.416695334
12/26/2021	162.099605338	150.169598419	140.185291368	131.123166293	116.219935534	78.473589769
12/27/2021	162.054182944	150.314352599	140.271387235	131.248278135	116.201363513	78.371305928
12/28/2021	162.088229276	150.296761077	140.213047399	131.202505315	116.118752043	78.36264525
12/29/2021	161.970597918	150.201647469	140.108478856	131.152419201	116.36793356	78.504742204
12/30/2021	163.249855029	151.393749812	141.238217351	132.267187349	117.522794875	79.432557845
12/31/2021	162.611970589	150.757685809	140.629767358	131.690094104	117.250144333	79.214085647
1/1/2022	167.708417109	155.784718206	145.561632442	136.531003475	121.982314201	79.221440895
1/2/2022	166.810518156	154.855501496	144.683245858	135.647823581	121.174597599	78.519284091
1/3/2022	167.069940019	154.993181584	144.71371524	135.632436439	121.187022796	78.463706371
1/4/2022	167.083670758	155.013484044	144.67500911	135.580970864	121.176129822	78.39902067
1/5/2022	168.021666224	156.004681095	145.559277787	136.476977669	122.037924122	79.010451803
1/6/2022	167.845518247	155.86804989	145.404122407	136.423526854	121.98289942	78.731693917
1/7/2022	167.655314002	155.697001985	145.215062999	136.174131173	121.983695483	78.66291712
1/8/2022	167.082299132	155.265019646	144.835828653	135.852707512	121.672624237	78.115986493
1/9/2022	166.99993184	155.053473861	144.628277681	135.671998743	121.675138448	78.013315604
1/10/2022	168.238980652	156.219035317	145.682888635	136.662692138	122.586739762	78.567706013
1/11/2022	168.465063231	156.395250256	145.832942591	136.813397455	122.747798909	78.58793373
1/12/2022	169.356807295	157.271361095	146.691571705	137.596895031	123.39561931	78.558341157
1/13/2022	169.600602678	157.419586738	146.799814147	137.656800998	123.36017438	78.314622138
1/14/2022	169.88722916	157.762974346	147.123786369	138.005573013	123.710385848	78.534580154
1/15/2022	170.037319395	157.785878016	147.114729907	137.949705712	123.549021352	78.306182759
1/16/2022	170.431153975	158.244193218	147.549754805	138.292159624	123.865821247	78.447166988
1/17/2022	171.003540503	158.842281825	148.047899276	138.699961673	124.35724324	78.610157322
1/18/2022	170.526026655	158.409160721	147.649500072	138.319452595	124.131525278	78.385189731
1/19/2022	171.094991342	158.766699803	147.973131803	138.606161633	124.301665173	78.299194807
1/20/2022	171.809312132	159.291963527	148.419778635	139.001885953	124.726173518	78.288450521
1/21/2022	170.991539967	158.987279616	148.066941153	138.878040356	124.650151547	78.087291157
1/22/2022	173.154052535	161.405900646	150.326947557	141.168389142	126.801725199	78.645401451
1/23/2022	172.523235022	160.854517619	149.789649241	140.615663196	126.513623452	78.308599642
1/24/2022	173.700868424	162.161624508	150.910716622	141.580556952	127.356105659	79.08111216
1/25/2022	173.56993634	162.106004403	150.880183205	141.617983663	127.266638244	78.381038515
1/26/2022	174.7073504	163.367205419	152.093018382	142.7199322	128.084512599	78.881207485
1/27/2022	174.989238997	164.454515668	153.159940182	143.955753019	128.994725358	79.272790832
1/28/2022	173.576602388	163.31988917	152.103356025	143.01246328	128.040028366	78.392905111
1/29/2022	174.405477333	164.05021901	152.734742651	143.58051618	128.592186269	78.614214636
1/30/2022	173.964843247	163.611386697	152.317607956	143.176797018	128.174649874	78.344633253
1/31/2022	174.439924085	163.967202473	152.693424693	143.524939325	128.162290075	78.189041987
2/1/2022	174.988078945	164.414553598	153.120711979	143.910640923	128.417540022	78.129638659
2/2/2022	175.614717441	165.095986559	153.76368483	144.581201821	128.764928659	78.189170812
2/3/2022	176.564357276	165.957800167	154.624006104	145.4130582	129.158079338	78.173472467
2/4/2022	178.071677301	167.445510737	156.102590169	146.833504455	130.180360441	78.49485629
2/5/2022	176.968091417	166.330181501	155.035232153	145.713409439	129.146528042	78.098419342
2/6/2022	177.463292356	166.792487704	155.454039766	146.086798338	129.445003722	78.19101228
2/7/2022	177.682451443	167.091742254	155.836171229	146.361318638	129.529661036	78.19802261
2/8/2022	178.453277731	167.8835199	156.601524119	146.914413913	129.82225001	78.153756696
2/9/2022	179.012161966	168.429372648	157.143725428	147.381933627	130.073997603	78.104522393
2/10/2022	179.982294648	169.396488429	158.122496046	148.303404846	130.801538723	78.645367858
2/11/2022	180.574745378	169.968598887	158.580806786	148.743666731	130.938478952	78.671184184
2/12/2022	180.560765086	169.952822549	158.52397428	148.685311517	131.070351872	78.688251091
2/13/2022	180.763969774	170.179260773	158.66250813	148.825867908	131.211800097	78.727491533
2/14/2022	180.578538715	170.067412085	158.505320823	148.694507518	131.155095505	78.649751658
2/15/2022	181.190843676	170.617273549	158.953497146	149.009291384	131.134619045	78.588216526
2/16/2022	181.129973239	170.700483015	158.973036713	149.086682545	131.3230186	78.792364015
2/17/2022	181.430428788	170.994673296	159.151559672	149.378580088	131.3906512	78.856527589
2/18/2022	181.841759862	171.374451918	159.351087315	149.582685589	131.353570028	78.760444315
2/19/2022	182.844445644	172.352442337	160.225617624	150.4079523	132.137872791	79.323933939
2/20/2022	182.414780452	171.988518526	159.852347631	150.088620638	132.013747178	79.24588832
2/21/2022	182.730197953	172.353995303	160.118417792	150.404265536	132.338821463	79.543397991
2/22/2022	183.036641917	172.674818605	160.341950137	150.634742512	132.15530708	79.340029396
2/23/2022	183.409542532	173.067155249	160.62146909	150.964564113	132.68255599	79.785993458
2/24/2022	183.916842066	173.586675366	161.005881529	151.609352581	133.016693751	79.723619291
2/25/2022	183.376070792	172.894627743	160.206416441	150.999492206	132.900212876	79.671989976
2/26/2022	184.125703086	173.634071311	160.804567639	151.551995519	133.368051023	79.876330282
2/27/2022	184.843051462	174.289795829	161.273003113	152.013427024	133.757371994	80.056936322
2/28/2022	184.215559983	173.665889967	160.644244754	151.396370529	133.031479364	79.546229975
3/1/2022	184.326263311	173.804271782	160.672912325	151.399315438	132.939891755	79.37716975
3/2/2022	184.550832209	174.070630016	160.744045254	151.557628903	133.394891889	79.952581892
3/3/2022	184.332747846	173.916487777	160.447200633	151.250896587	133.059039106	79.681343752
3/4/2022	184.281446883	173.796073361	160.146696123	150.849299721	132.820858768	79.967015588
3/5/2022	184.511042737	174.019307197	160.297229151	150.998433023	132.996674626	79.992861379
3/6/2022	184.696322232	174.232732044	160.388906301	150.979854224	132.970824125	80.167859615
3/7/2022	183.677079149	173.16958568	159.370913926	149.93646338	132.01012802	79.901321802
3/8/2022	184.269472388	173.739011493	159.668296952	150.336339505	132.480954329	80.0839404
3/9/2022	184.621457348	174.043067391	159.859256246	150.484085676	132.440970872	80.059723281
3/10/2022	185.06615301	174.491920111	160.06260623	150.692610109	132.675260367	80.121412741
3/11/2022	185.028785444	174.468107582	159.867647885	150.48551546	132.517121353	80.098386875
3/12/2022	185.280724562	174.672357703	159.967649359	150.555921065	132.553416465	80.113754857
3/13/2022	185.506791483	174.880871907	160.132256384	150.709896772	132.673936171	80.18638118
3/14/2022	185.295829773	174.648276337	159.868590634	150.488795502	132.529082007	80.048684548
3/15/2022	185.212740355	174.657625678	159.669980522	150.331673493	132.380921998	80.08407024
3/16/2022	185.431329173	174.7707409	159.68712153	150.297101428	132.46712399	80.154613074
3/17/2022	186.150938768	175.513487422	160.251378037	150.840809375	133.087532808	80.253502143
3/18/2022	186.746230705	176.072898846	160.728236734	151.265557271	133.47884011	80.638895127
3/19/2022	186.948730383	176.288144442	160.86734333	151.39857074	133.619232232	80.759114699
3/20/2022	187.201814884	176.57036638	161.079334657	151.550909102	133.765819193	80.803658691
3/21/2022	187.16646853	176.536792304	160.937822997	151.415126812	133.724422729	80.742375395
3/22/2022	186.924415737	176.321035452	160.591078665	151.103460153	133.438890182	80.81389028
3/23/2022	186.287694664	175.746250309	159.953691566	150.508908562	132.871759229	80.617717555
3/24/2022	186.551538087	176.10321198	160.288881689	151.001599218	133.410458638	80.896455674
3/25/2022	186.124587389	175.880372712	159.91983586	150.657955293	133.098872549	81.269316709
3/26/2022	186.354615875	176.098964893	159.991350665	150.762601848	133.196130565	81.265468997
3/27/2022	186.257405135	175.997826586	159.875240421	150.656949076	133.115100366	81.0975129
3/28/2022	186.089298723	175.951065772	159.79753044	150.609091995	133.160757885	81.163679752
3/29/2022	186.947925516	176.669852595	160.418510689	151.233852974	133.6970061	81.643742495
3/30/2022	187.757020478	177.466935719	161.0911103	151.877061031	134.423040723	81.880807976
3/31/2022	187.283380699	177.073823305	160.736307108	151.516656228	134.211007966	82.111240613
4/1/2022	188.040903766	177.827304869	161.350875994	152.144659346	134.369534787	82.128838509
4/2/2022	187.705914673	177.551046374	161.029564077	151.936203429	134.265851355	82.243436567
4/3/2022	187.660846218	177.531976583	160.964613767	151.883825063	134.12738016	82.445457405
4/4/2022	187.444740252	177.480545909	160.866731834	151.788584576	134.130693506	82.498155772
4/5/2022	187.529370798	177.353011989	160.635486123	151.58122617	133.680138287	82.48476106
4/6/2022	186.649164368	176.58600002	159.859809026	150.882245939	133.225775621	82.403860025
4/7/2022	186.747058777	176.607243622	159.855941286	150.89427133	133.269223903	82.527394584
4/8/2022	187.049589458	176.919187446	160.087678036	151.030566114	133.413023832	82.652739236
4/9/2022	187.449606886	177.33326411	160.573233564	151.538209021	133.558498431	82.660624852
4/10/2022	187.451417653	177.361278604	160.564892668	151.525457464	133.614275358	82.791093566
4/11/2022	186.65507252	176.616263717	159.795067021	150.980977703	133.231291484	82.713451635
4/12/2022	186.943762421	176.8982066	159.91177181	151.12541043	133.438992705	83.007878594
4/13/2022	186.457877344	176.468202729	159.433217285	150.686991516	133.221939888	82.866510722
4/14/2022	186.524548762	176.512128271	159.328117052	150.509178861	133.096641103	82.897672411
4/15/2022	186.498221933	176.474444739	159.144109103	150.350412606	132.941782111	82.80917008
4/16/2022	186.495929582	176.473689114	159.022985864	150.229814507	132.822591876	82.877296154
4/17/2022	186.63298236	176.631558274	159.076665937	150.306255847	132.926141221	82.885160812
4/18/2022	186.422412903	176.428166489	158.744505954	150.009041348	132.676462165	82.857636762
4/19/2022	186.608299739	176.669275143	158.840518848	150.146139928	132.748369908	82.759364479
4/20/2022	186.7488422	176.76606977	158.800169216	150.078543217	132.825272422	83.021462214
4/21/2022	187.151664776	177.153996103	159.108470067	150.402470397	133.000665538	83.171627191
4/22/2022	187.482067634	177.496349523	159.358590318	150.654433942	133.053234254	83.194560472
4/23/2022	187.713528995	177.72417032	159.520398426	150.803688506	133.239122844	83.28288623
4/24/2022	187.555311219	177.580886588	159.341873122	150.637420214	133.112226982	83.239619633
4/25/2022	187.600323259	177.653772157	159.34581867	150.681822015	132.981005519	83.153178313
4/26/2022	187.113475799	177.174806591	158.727508498	150.079788302	132.516758039	83.256289983
4/27/2022	187.035535144	176.902247492	158.431923834	149.831791073	132.413875178	83.141483801
4/28/2022	186.936508022	176.793118566	158.330245047	149.755068264	132.421324684	83.110772708
4/29/2022	187.372369127	177.186680881	158.703979073	150.186103276	132.488080662	83.330923492
4/30/2022	187.637761543	177.510402564	158.925490899	150.456827345	132.776990269	83.697405339
5/1/2022	187.438180137	177.320672641	158.732804345	150.289069279	132.581076205	83.382381193
5/2/2022	187.16824629	177.055996922	158.411542924	150.069069534	132.251140004	83.19093132
5/3/2022	187.233875609	177.161686206	158.462790276	150.162933847	132.284262993	83.331768886
5/4/2022	186.794853448	176.711801061	157.988203713	149.789753021	131.932843584	83.158740796
5/5/2022	187.001855731	176.931850127	158.242122325	150.019663571	132.104117762	83.302209355
5/6/2022	186.218989285	176.077475139	157.307003237	149.141526759	131.651802739	83.348085462
5/7/2022	186.002222945	175.94521757	157.336554872	149.353517003	131.863205056	83.491763869
5/8/2022	180.555499207	170.612206641	156.561201511	149.004284865	131.748352818	83.2463187
5/9/2022	177.523702564	167.825637581	156.001163029	148.837825633	131.586937066	83.173635948
5/10/2022	176.562128967	167.008057282	155.232496133	148.250063193	131.142816673	82.690895711
5/11/2022	160.605315278	152.147246127	152.147246127	145.970489839	129.182458101	79.485744715
5/12/2022	160.355990913	152.313486062	152.313486062	146.305679609	129.182458101	79.485744715
5/13/2022	159.06185905	151.154367359	151.154367359	145.128994165	127.516648806	76.73459314
5/14/2022	158.507169573	150.57308587	150.57308587	144.564794719	126.806321074	75.698673625
5/15/2022	158.576229259	150.661032408	150.661032408	144.612339249	126.864647142	75.711756793
5/16/2022	159.92481653	151.808357134	151.808357134	145.783973445	127.773442111	75.711756793
5/17/2022	158.771624171	150.75331093	150.75331093	144.625852616	126.417496736	74.158117512
5/18/2022	159.001959367	151.081906277	151.081906277	144.97816834	126.54405157	74.167175832
5/19/2022	159.658120093	151.6821214	151.6821214	145.471477037	126.91576396	74.18120462
5/20/2022	158.922215443	150.93208805	150.93208805	144.789723349	126.220350592	73.255957132
5/21/2022	158.98578226	150.981721415	150.981721415	144.856100297	126.273104144	73.221020878
5/22/2022	159.082735724	150.990633559	150.990633559	144.853913539	126.337453506	73.235565369
5/23/2022	159.172075624	151.059659803	151.059659803	144.890674891	126.54668335	73.228235215
5/24/2022	159.330216378	151.147393328	151.147393328	144.971656258	126.635255265	73.228235215
5/25/2022	159.475954983	151.309841696	151.309841696	145.136193482	126.655338497	73.227243445
5/26/2022	159.101095502	150.900895758	150.900895758	144.703143578	126.433187368	73.23259434
5/27/2022	158.653218011	150.449634404	150.449634404	144.235325167	126.074033818	72.499738788
5/28/2022	158.829767425	150.609285591	150.609285591	144.372032849	126.202101315	72.504086805
5/29/2022	158.720426605	150.468215239	150.468215239	144.227079304	126.254061435	72.535836322
5/30/2022	159.245690374	150.552099364	150.552099364	144.257214995	126.284937318	72.524933627
5/31/2022	159.808625965	151.08438597	151.08438597	144.713405476	126.511297867	72.526132987
6/1/2022	160.766074123	151.950599208	151.950599208	145.554930703	127.412469109	72.600188405
6/2/2022	159.886216888	151.169629799	151.169629799	144.761539063	126.684607882	72.528608901
6/3/2022	159.87566694	151.129552579	151.129552579	144.698097612	126.641393883	72.530075149
6/4/2022	159.815671578	151.078231369	151.078231369	144.660235686	126.596189784	72.519092421
6/5/2022	159.826376621	151.090796672	151.090796672	144.655037723	126.599952673	72.522497401
6/6/2022	159.721998594	150.876932092	150.876932092	144.416206354	126.171920136	72.41095766
6/7/2022	159.603555848	150.761900229	150.761900229	144.256074	126.23878558	72.41095766
6/8/2022	159.573144405	150.757208311	150.757208311	144.176883505	126.227208401	72.425196492
6/9/2022	159.643932147	150.838569582	150.838569582	144.255729886	126.335617368	72.492367357
6/10/2022	159.194170037	150.367857945	150.367857945	143.702455292	125.670673433	72.49935497
6/11/2022	158.906941387	150.107812638	150.107812638	143.481558223	125.56555678	72.466892931
6/12/2022	158.623423487	149.919163562	149.919163562	143.31481146	125.55452903	72.291494924
6/13/2022	157.344136937	148.928913953	148.928913953	142.463992837	124.860234655	71.503808611
6/14/2022	156.406692826	147.961232598	147.961232598	141.59700256	124.162321723	70.822047451
6/15/2022	155.60942389	147.405532445	147.405532445	141.119818172	123.478146011	69.96716646
6/16/2022	155.107141149	146.892346081	146.892346081	140.64546864	123.06370782	69.174473605
6/17/2022	154.554823401	146.548795895	146.548795895	140.175698252	122.570322325	68.176552326
6/18/2022	154.634928609	146.682139385	146.682139385	140.396262705	122.794782825	68.13009145
6/19/2022	154.402525105	146.540326456	146.540326456	140.250622401	123.054984092	67.863629322
6/20/2022	153.74738696	145.874316534	145.874316534	139.588041233	122.39810274	67.447252726
6/21/2022	153.865245612	145.886231106	145.886231106	139.561485008	122.034000765	66.939363765
6/22/2022	153.833557242	145.956714747	145.956714747	139.625033666	122.084514538	66.962042573
6/23/2022	153.439626475	145.540732804	145.540732804	139.21182133	121.811980629	66.948998007
6/24/2022	153.441781396	145.556718197	145.556718197	139.229814048	121.783078826	66.841870663
6/25/2022	153.651227962	145.766447897	145.766447897	139.418394075	121.964162128	66.847066311
6/26/2022	153.645479838	145.799824801	145.799824801	139.470676492	122.016962875	66.856688413
6/27/2022	153.408414349	145.371930847	145.371930847	139.036083397	121.536755939	66.824445663
6/28/2022	153.340747689	145.354358592	145.354358592	139.103763018	121.626708337	66.791194933
6/29/2022	153.232636064	145.288585641	145.288585641	138.962789789	121.328308682	66.463748713
6/30/2022	153.106243072	145.205649423	145.205649423	138.884683828	121.269625817	66.279904942
7/1/2022	153.815878209	145.884041778	145.884041778	139.482511854	121.598100819	66.63356359
7/2/2022	153.780119126	145.930667301	145.930667301	139.517297563	121.645180226	66.637843079
7/3/2022	153.656014459	145.805699818	145.805699818	139.374866501	121.496365416	66.494818098
7/4/2022	153.692641211	145.838752963	145.838752963	139.395034048	121.586053433	66.451169903
7/5/2022	153.5963991	145.866266071	145.866266071	139.434053203	121.5470726	66.45165594
7/6/2022	153.348143748	145.622771092	145.622771092	139.196207108	121.298687566	66.446520644
7/7/2022	153.103741385	145.42757289	145.42757289	138.972972583	121.063727549	66.405902703
7/8/2022	153.253510616	145.588118921	145.588118921	139.124077379	121.175280645	66.471001674
7/9/2022	153.273739585	145.492703399	145.492703399	139.006207879	121.057183312	66.432311434
7/10/2022	153.152856952	145.556591609	145.556591609	139.12468215	121.1589182	66.46538477
7/11/2022	153.320636452	145.73380865	145.73380865	139.273028767	121.18716877	66.46538477
7/12/2022	153.016345552	145.43185772	145.43185772	139.024133464	121.049292874	66.426423702
7/13/2022	153.021656096	145.437681024	145.437681024	138.969382674	120.935390953	66.355380035
7/14/2022	153.095446789	145.491347743	145.491347743	138.993112776	120.852892721	66.317932148
7/15/2022	152.543665233	144.936728908	144.936728908	138.395403371	120.400793824	66.317932148
7/16/2022	152.60535862	145.006758718	145.006758718	138.415991975	120.42268617	66.349450274
7/17/2022	152.701024701	145.099108712	145.099108712	138.386189286	120.394747191	66.356009511
7/18/2022	152.953392512	145.348114959	145.348114959	138.57823212	120.3888715	66.333085532
7/19/2022	152.864429344	145.197876579	145.197876579	138.386168509	120.293300294	66.320333624
7/20/2022	153.062284587	145.350330099	145.350330099	138.510969118	120.496868497	66.3236516
7/21/2022	153.010024704	145.303517867	145.303517867	138.49648323	120.532751233	66.286857515
7/22/2022	153.141520769	145.458498001	145.458498001	138.590003182	120.559715658	66.292926498
7/23/2022	153.246882563	145.578425156	145.578425156	138.658417677	120.677014555	66.292365071
7/24/2022	153.231282965	145.559887207	145.559887207	138.647443627	120.670537341	66.296026642
7/25/2022	153.206612462	145.517514636	145.517514636	138.640246407	120.598234392	66.29200156
7/26/2022	153.127644335	145.43510584	145.43510584	138.551334142	120.692187599	66.310813115
7/27/2022	153.203247375	145.428160077	145.428160077	138.501828116	120.630012592	66.285540449
7/28/2022	153.009686895	145.194558754	145.194558754	138.206612666	120.278592746	66.382124061
7/29/2022	153.126440457	145.322038302	145.322038302	138.304764118	120.356699415	66.507130316
7/30/2022	153.13349682	145.280949157	145.280949157	138.280633385	120.334238078	66.651173201
7/31/2022	153.13254243	145.301887649	145.301887649	138.326967785	120.378941318	66.651613631
8/1/2022	153.466118006	145.550937794	145.550937794	138.56161136	120.5497759	66.759079429
8/2/2022	153.398224035	145.51077609	145.51077609	138.523931736	120.506259376	66.871041771
8/3/2022	153.365825239	145.528248709	145.528248709	138.583962793	120.561087275	66.870806792
8/4/2022	153.286414303	145.448561607	145.448561607	138.42903209	120.416595414	66.936675543
8/5/2022	153.449971058	145.605105325	145.605105325	138.566814665	120.550519687	66.929805958
8/6/2022	153.471920247	145.630918403	145.630918403	138.548816864	120.532512514	66.929805958
8/7/2022	153.389565149	145.533817145	145.533817145	138.526409389	120.508427616	66.91797772
8/8/2022	153.158655712	145.287225845	145.287225845	138.248108284	120.344892022	66.917222982
8/9/2022	153.237997585	145.218690984	145.218690984	138.144729115	120.302244743	66.963249874
8/10/2022	153.479460887	145.400603848	145.400603848	138.288337931	120.404204127	67.208611295
8/11/2022	153.424520174	145.348201669	145.348201669	138.34021524	120.421036809	67.359349669
8/12/2022	153.256354612	145.163778616	145.163778616	138.329658738	120.593980714	67.504940563
8/13/2022	153.492810777	145.410613496	145.410613496	138.56057376	120.826169889	67.744701896
8/14/2022	152.87567713	144.91585281	144.91585281	138.107174937	120.288518864	67.42902681
8/15/2022	153.180200295	145.217764703	145.217764703	138.421318631	120.374829461	67.581103763
8/16/2022	153.061507197	145.176821468	145.176821468	138.402679604	120.328480421	67.569730696
8/17/2022	153.031599742	145.160038912	145.160038912	138.42890851	120.048458695	67.551075729
8/18/2022	152.837936729	144.986293271	144.986293271	138.290110888	119.654858655	67.550349634
8/19/2022	152.765836019	144.843227528	144.843227528	138.195199992	119.276661045	67.548288243
8/20/2022	152.679507657	144.761492621	144.761492621	138.172598072	119.244965021	67.554275317
8/21/2022	152.632174252	144.836785891	144.836785891	138.27884007	119.365733415	67.546502387
8/22/2022	152.431272437	144.705109511	144.705109511	138.176074306	119.0597086	67.538125618
8/23/2022	152.552954492	144.788948255	144.788948255	138.279326855	119.158671982	67.538558573
8/24/2022	152.588367444	144.804730065	144.804730065	138.308075714	119.070943865	67.551360806
8/25/2022	152.602321846	144.840933502	144.840933502	138.329076432	119.015830205	67.637693999
8/26/2022	152.689543503	144.913209765	144.913209765	138.421748952	119.033922738	67.548174005
8/27/2022	152.757946697	144.96254709	144.96254709	138.486513703	119.093510576	67.554399518
8/28/2022	152.536540923	144.744926463	144.744926463	138.273150576	119.033858921	67.545982884
8/29/2022	152.687597261	144.889847714	144.889847714	138.407179516	119.119043463	67.548911675
8/30/2022	153.011972783	145.207045774	145.207045774	138.69339121	119.233832088	67.5528133
8/31/2022	152.801687437	145.052839139	145.052839139	138.541153359	119.142130392	67.55158289
9/1/2022	152.742764036	144.959736385	144.959736385	138.41093415	118.899954282	67.551756492
9/2/2022	152.547312247	144.802200545	144.802200545	138.259439383	118.703946045	67.55012517
9/3/2022	152.568416935	144.816981504	144.816981504	138.282865209	118.727204281	67.552573842
9/4/2022	152.425669093	144.65808104	144.65808104	138.209988204	118.771969065	67.549551675
9/5/2022	152.322978188	144.574705172	144.574705172	138.153458144	118.719586249	67.542196487
9/6/2022	152.334156156	144.58931022	144.58931022	138.181846705	118.452944181	67.547079304
9/7/2022	152.436205772	144.700554379	144.700554379	138.296840972	118.590035444	67.547199534
9/8/2022	152.587584773	144.870197085	144.870197085	138.460082782	118.548151756	67.550159729
9/9/2022	152.698173168	145.024027387	145.024027387	138.614535659	118.610001643	67.556610985
9/10/2022	152.821429441	145.137320735	145.137320735	138.701911609	118.695846937	67.676845587
9/11/2022	152.81121201	145.12454985	145.12454985	138.683716992	118.680015915	67.742707863
9/12/2022	152.758270933	145.167498362	145.167498362	138.749309179	118.626457201	67.821638257
9/13/2022	152.770660137	145.174960311	145.174960311	138.78154757	118.577507914	67.898772162
9/14/2022	152.39994625	144.867353664	144.867353664	138.485318826	117.967422308	67.883041497
9/15/2022	152.167643107	144.631002119	144.631002119	138.259253725	117.593500392	67.923689321
9/16/2022	152.012990527	144.483285632	144.483285632	138.109005474	117.451946486	67.923585946
9/17/2022	152.091833785	144.532497178	144.532497178	138.097594263	117.440389853	67.920776064
9/18/2022	152.030918693	144.508488314	144.508488314	138.081656182	117.424597194	67.923585944
9/19/2022	152.174478344	144.695812734	144.695812734	138.31593891	117.297003032	67.956589961
9/20/2022	152.429866351	144.901573264	144.901573264	138.483859207	117.470245382	67.966594001
9/21/2022	152.27479079	144.736720792	144.736720792	138.326233964	117.289154241	67.975491267
9/22/2022	152.272071895	144.719157638	144.719157638	138.250961153	117.186833842	67.951949274
9/23/2022	152.068972649	144.542223596	144.542223596	138.062748889	117.024811276	67.949388004
9/24/2022	152.025635498	144.502309292	144.502309292	138.033186103	116.998846624	67.950359007
9/25/2022	151.745109576	144.261705861	144.261705861	137.793614901	116.759275422	67.952625135
9/26/2022	151.000773419	144.101152804	144.101152804	137.6398205	116.589192923	67.951354338
9/27/2022	150.890506699	143.968635532	143.968635532	137.519964095	116.471185882	67.950364285
9/28/2022	150.391568555	143.642053496	143.642053496	137.236023403	116.157996993	67.947676809
9/29/2022	149.901844531	143.159873275	143.159873275	136.749036989	115.858076119	67.954353699
9/30/2022	148.650611365	141.869169692	141.869169692	135.459224895	114.567876366	67.948542706
10/1/2022	148.659139253	141.861364554	141.861364554	135.45530088	114.562920561	67.949182064
10/2/2022	148.688342912	141.890610545	141.890610545	135.516073728	114.624886266	67.944572025
10/3/2022	148.468347585	141.670705068	141.670705068	135.343061559	114.458332305	67.947697335
10/4/2022	148.434513775	141.612367922	141.612367922	135.266011291	114.077570678	68.074624852
10/5/2022	148.50467271	141.68314809	141.68314809	135.346099713	113.953767999	68.218492035
10/6/2022	148.546357673	141.722862638	141.722862638	135.394096771	113.76599616	68.226676713
10/7/2022	148.710398727	141.846370145	141.846370145	135.533599393	113.755350274	68.328206686
10/8/2022	148.720981814	141.860571521	141.860571521	135.547495005	113.768198722	68.376959555
10/9/2022	148.704718543	141.753911044	141.753911044	135.448332046	113.763996766	68.37529892
10/10/2022	148.507125496	141.557562915	141.557562915	135.278114794	113.738285437	68.420214759
10/11/2022	148.39963009	141.449814755	141.449814755	135.204055892	113.668743881	68.415641082
10/12/2022	147.889083101	140.925920379	140.925920379	134.724641352	113.506974423	68.415978378
10/13/2022	147.464873676	140.530379349	140.530379349	134.494800166	113.124956443	68.414880928
10/14/2022	147.047495594	140.183925603	140.183925603	134.151698956	112.773784099	68.427706686
10/15/2022	147.032603098	140.166582888	140.166582888	134.149595475	112.769396961	68.432883242
10/16/2022	146.960036708	140.07835429	140.07835429	134.057080069	112.766862906	68.432359085
10/17/2022	146.761721512	139.865079644	139.865079644	133.862850316	112.548205311	68.437706685
10/18/2022	146.667793287	139.817822072	139.817822072	133.905861292	112.336643069	68.451542494
10/19/2022	146.577673488	139.730303231	139.730303231	133.8541408	112.139282067	68.453576637
10/20/2022	146.172050658	139.379588179	139.379588179	133.583957079	111.700419445	68.447806562
10/21/2022	145.971639325	139.167143513	139.167143513	133.418085199	111.647581301	68.448256112
10/22/2022	146.032131404	139.234206099	139.234206099	133.479570392	111.707368214	68.452258966
10/23/2022	146.065224959	139.262702132	139.262702132	133.477053873	111.710036651	68.448613412
10/24/2022	145.740151758	139.166080361	139.166080361	133.382761302	111.602847821	68.478655756
10/25/2022	145.621510855	139.016073721	139.016073721	133.22607447	111.649955751	68.511756739
10/26/2022	145.812378623	139.184522557	139.184522557	133.391281281	111.90543994	68.727004424
10/27/2022	145.733682028	139.111220538	139.111220538	133.314973924	112.084078864	68.892878369
10/28/2022	145.842030241	139.222230614	139.222230614	133.453425785	112.052721353	68.977692179
10/29/2022	145.946762849	139.321469212	139.321469212	133.539571446	112.143024173	69.116157095
10/30/2022	146.041378529	139.45631881	139.45631881	133.683912502	112.287480997	69.271293754
10/31/2022	145.619529471	138.994489052	138.994489052	133.311104147	112.163763473	69.415082044
11/1/2022	145.638941256	138.989233152	138.989233152	133.328118651	111.666360192	69.33854702
11/2/2022	145.504664442	138.825051379	138.825051379	133.157161811	111.185590811	69.340998807
11/3/2022	145.63767861	138.890390912	138.890390912	133.232107864	110.747791614	69.352564431
11/4/2022	145.815901696	139.011365227	139.011365227	133.319622417	110.771443963	69.354720562
11/5/2022	145.863437596	139.044681127	139.044681127	133.326894641	110.778697021	69.437661896
11/6/2022	146.224878452	139.44822552	139.44822552	133.675685497	111.119868491	69.421840658
11/7/2022	147.208964768	140.383725545	140.383725545	134.596170647	112.010813407	69.518116385
11/8/2022	147.501668886	140.727781583	140.727781583	134.973291552	112.010815087	69.877980214
11/9/2022	145.740771473	138.976599206	138.976599206	133.542745735	110.478550168	68.208873249
11/10/2022	146.160222574	139.477118108	139.477118108	134.072673953	110.980164445	68.152740757
11/11/2022	145.996839912	139.427432411	139.427432411	134.033073342	110.656543128	67.271876433
11/12/2022	145.284851315	138.660588872	138.660588872	133.2148852	109.840982348	66.345381026
11/13/2022	145.11613969	138.562815963	138.562815963	133.125010274	109.756293624	66.291749922
11/14/2022	144.924770116	138.39447507	138.39447507	132.920401191	109.457531469	65.956265903
11/15/2022	144.971200188	138.367007333	138.367007333	132.925483405	109.707994132	65.894873297
11/16/2022	144.549413593	138.123999247	138.123999247	132.694358471	109.637337794	65.875492621
11/17/2022	144.186101395	137.783284587	137.783284587	132.33105703	109.396286204	65.888679588
11/18/2022	144.374358607	137.970768511	137.970768511	132.544804874	109.661063634	65.869148638
11/19/2022	144.376292387	138.015675815	138.015675815	132.583914239	109.689428893	65.841850776
11/20/2022	144.437912842	138.036479535	138.036479535	132.6112256	109.718444473	65.796033621
11/21/2022	143.553340405	137.122735496	137.122735496	131.765757481	108.962474195	65.431303413
11/22/2022	143.552682493	137.136485887	137.136485887	131.766115933	108.990636084	65.45773574
11/23/2022	142.914616201	136.610559561	136.610559561	131.367653174	108.505015986	65.274275864
11/24/2022	143.164726498	136.86301496	136.86301496	131.600155553	108.733176987	65.302197652
11/25/2022	142.86430715	136.497309019	136.497309019	131.239478144	108.72753288	65.335566807
11/26/2022	143.041191986	136.653718841	136.653718841	131.387893318	108.885903885	65.321148012
11/27/2022	143.035673834	136.64401679	136.64401679	131.455456537	109.03176785	65.316885047
11/28/2022	141.99092202	136.093317803	136.093317803	130.897518297	108.512095628	65.326687971
11/29/2022	141.357779559	135.620001713	135.620001713	130.444157076	108.068794202	65.256715971
11/30/2022	141.207905297	135.556876979	135.556876979	130.366212943	108.092252346	65.352829103
12/1/2022	141.042572992	135.31957323	135.31957323	130.120426078	107.951113448	65.359364386
12/2/2022	141.306488228	135.565215825	135.565215825	130.342300782	108.176897685	65.443085957
12/3/2022	141.476954247	135.738199747	135.738199747	130.513814193	108.344496947	65.495531803
12/4/2022	141.582002274	135.841373347	135.841373347	130.620091787	108.467079849	65.492257484
12/5/2022	141.332335479	135.585715236	135.585715236	130.366513173	108.2552272	65.572109061
12/6/2022	141.192354179	135.455955379	135.455955379	130.285256114	108.217722305	65.675363712
12/7/2022	141.027867638	135.286352195	135.286352195	130.112832116	108.003641184	65.672735697
12/8/2022	140.965313395	135.237791278	135.237791278	130.064415364	107.991885537	65.697842712
12/9/2022	140.886192178	135.231877527	135.231877527	130.057820672	107.942264669	65.698342212
12/10/2022	140.932650193	135.282902638	135.282902638	130.103221644	107.988861069	65.698342212
12/11/2022	141.045993204	135.302297444	135.302297444	130.126008276	108.002091574	65.698342212
12/12/2022	140.740214484	135.042070377	135.042070377	129.881610924	107.869712649	65.795364654
12/13/2022	140.35586193	134.542217433	134.542217433	129.379236731	110.604134254	65.977518212
12/14/2022	140.142515318	134.380936166	134.380936166	129.22917811	110.657213963	65.967147441
12/15/2022	140.17175855	134.426715208	134.426715208	129.301658632	110.609047968	66.030168212
12/16/2022	139.711563406	133.988441543	133.988441543	128.851308187	110.390508494	66.046429818
12/17/2022	139.882294792	134.162560895	134.162560895	129.015291692	110.556755645	66.160482663
12/18/2022	139.904135485	134.189270937	134.189270937	129.040383447	110.580541599	66.155190882
12/19/2022	139.540074998	133.761971125	133.761971125	128.611117993	110.254078434	66.20334124
12/20/2022	139.279321461	133.469064318	133.469064318	128.29899467	110.222951619	66.233093212
12/21/2022	139.053692666	133.247984355	133.247984355	128.073967588	110.042670865	66.237845405
12/22/2022	138.911400565	133.131506431	133.131506431	127.967229314	109.975127991	66.23458849
12/23/2022	138.411229499	132.654590276	132.654590276	127.499122743	109.934921058	66.237795405
12/24/2022	138.458858651	132.723975082	132.723975082	127.564655895	110.065204923	66.237795405
12/25/2022	138.465781925	132.7428736	132.7428736	127.595491987	110.186995218	66.237795405
12/26/2022	138.449896799	132.731479254	132.731479254	127.594015198	110.275106398	66.240744514
12/27/2022	137.977958215	132.275691918	132.275691918	127.154363745	109.9552909	66.220423316
12/28/2022	137.997071556	132.313680826	132.313680826	127.232582853	110.192648418	66.221318672
12/29/2022	137.908761308	132.229286072	132.229286072	127.151246113	110.257268293	66.231184474
12/30/2022	137.781770702	132.101958527	132.101958527	127.039293995	110.32496061	66.223237023
12/31/2022	137.680168291	132.017417341	132.017417341	126.961366615	110.375864504	66.237201876
1/1/2023	137.777992527	132.071484655	132.071484655	127.017904858	110.43563876	66.229859346
1/2/2023	137.772739793	132.033164642	132.033164642	126.974819541	110.52905268	66.233172164
1/3/2023	137.440214578	131.670766136	131.670766136	126.612146284	109.988737946	66.23284022
1/4/2023	137.390684627	131.636328969	131.636328969	126.602410241	109.94809178	66.236484982
1/5/2023	137.097953127	131.349702846	131.349702846	126.33286002	109.536080153	66.238632792
1/6/2023	136.785334846	131.005776414	131.005776414	125.999871032	109.517764807	66.243602677
1/7/2023	136.923210498	131.141445093	131.141445093	126.091412724	109.641397407	66.247923826
1/8/2023	136.90152157	131.19889249	131.19889249	126.133027254	109.80392031	66.275348317
1/9/2023	136.652832671	130.87838893	130.87838893	125.806553542	109.44305252	66.265138847
1/10/2023	136.833228083	131.042757028	131.042757028	125.970670171	109.51252892	66.26359973
1/11/2023	136.899603381	131.086330012	131.086330012	126.026081083	109.642071381	66.265897676
1/12/2023	136.99999341	131.193927942	131.193927942	126.134787016	109.767638161	66.270292018
1/13/2023	136.748143209	130.961334809	130.961334809	125.873886974	109.289164667	66.270814051
1/14/2023	136.939934975	131.161844966	131.161844966	126.063057694	109.6105181	66.354669258
1/15/2023	137.114785234	131.330029175	131.330029175	126.225969407	109.845990874	66.37403344
1/16/2023	137.03699628	131.257780694	131.257780694	126.156672938	109.896290737	66.485923929
1/17/2023	136.580369238	130.801675139	130.801675139	125.70168086	109.631283807	66.492831604
1/18/2023	136.462746511	130.587072511	130.587072511	125.472256032	109.143968149	66.477485276
1/19/2023	136.414906419	130.539805529	130.539805529	125.427313307	109.035390399	66.476820501
1/20/2023	136.607237118	130.725502717	130.725502717	125.609103898	109.254241691	66.484133025
1/21/2023	136.888830019	130.996148856	130.996148856	125.862104021	109.632183832	66.703495301
1/22/2023	136.989043298	131.080632194	131.080632194	125.937733568	109.834762881	66.765654159
1/23/2023	136.826651125	130.88767693	130.88767693	125.742203624	109.903777278	66.847055676
1/24/2023	136.847683476	130.905630887	130.905630887	125.74822969	110.281378029	67.039191545
1/25/2023	137.136869096	131.142854687	131.142854687	125.985281595	110.317655861	67.187728354
1/26/2023	137.348657669	131.293334451	131.293334451	126.15165584	110.218201121	67.335036407
1/27/2023	137.176681674	131.111645482	131.111645482	125.980310969	110.166443667	67.517343369
1/28/2023	137.333728113	131.260148687	131.260148687	126.124604059	110.327770031	67.639905326
1/29/2023	137.287564043	131.216945815	131.216945815	126.077964788	110.353662844	67.778453765
1/30/2023	136.956041333	130.833118178	130.833118178	125.708893365	109.95920819	67.806044005
1/31/2023	137.034222495	130.905995758	130.905995758	125.794466321	109.682498943	67.798826675
2/1/2023	136.982974782	130.901264805	130.901264805	125.800725386	109.679116575	67.815863019
2/2/2023	137.253944068	131.164520322	131.164520322	126.053491235	109.951948786	68.036211442
2/3/2023	136.973369963	130.87912449	130.87912449	125.783729996	109.491081672	68.028048893
2/4/2023	136.996940331	130.899569845	130.899569845	125.797842531	109.507488947	68.071573715
2/5/2023	137.04093892	130.954436622	130.954436622	125.843621489	109.569626602	68.073000195
2/6/2023	136.928524759	130.831417785	130.831417785	125.724980786	109.51990033	68.18199016
2/7/2023	136.735505882	130.648587211	130.648587211	125.552700479	109.353522533	68.184621866
2/8/2023	136.605358923	130.485368839	130.485368839	125.385905848	109.192474796	68.178436345
2/9/2023	136.467893515	130.437334937	130.437334937	125.347792769	109.16990792	68.187940008
2/10/2023	136.475085619	130.427899611	130.427899611	125.339060888	109.17165034	68.318922892
2/11/2023	136.469254939	130.424308483	130.424308483	125.33942832	109.169829971	68.38818851
2/12/2023	136.413765844	130.371115596	130.371115596	125.28701141	109.121574296	68.412500195
2/13/2023	136.525811965	130.526241983	130.526241983	125.430705922	109.609693654	69.157627122
2/14/2023	136.381139741	130.473099519	130.473099519	125.384996312	110.03680478	69.51270964
2/15/2023	135.994309236	130.087797706	130.087797706	125.000844209	110.767191194	69.794648104
2/16/2023	136.123715351	130.123328357	130.123328357	125.030888799	111.308235728	70.153203879
2/17/2023	136.060747847	130.088057722	130.088057722	125.01642534	111.685743696	70.286590658
2/18/2023	136.07868469	130.113817337	130.113817337	125.03136024	111.775058259	70.4159051
2/19/2023	136.128446552	130.165808006	130.165808006	125.081021021	111.825160874	70.415867086
2/20/2023	135.793777336	129.816561468	129.816561468	124.72866986	111.909172467	70.436679657
2/21/2023	135.562832751	129.563924064	129.563924064	124.538746366	112.088465405	70.461120891
2/22/2023	135.302113439	129.28086563	129.28086563	124.246915137	112.243290653	70.591325939
2/23/2023	135.16454659	129.155323128	129.155323128	124.131934446	112.480606332	70.688492884
2/24/2023	135.155945518	129.001409244	129.001409244	123.977326892	112.831362877	70.791940347
2/25/2023	135.276092473	129.129044413	129.129044413	124.105636166	112.958844386	70.846363789
2/26/2023	135.197119476	129.046665078	129.046665078	124.019280369	113.03623931	70.876378483
2/27/2023	134.900974353	128.731963545	128.731963545	123.701928125	113.047983696	70.919778481
2/28/2023	134.760507508	128.530067732	128.530067732	123.506174896	112.960382721	70.968174583
3/1/2023	134.592565341	128.339015395	128.339015395	123.32669765	113.145128303	71.063250396
3/2/2023	134.767195995	128.515496085	128.515496085	123.494097804	113.80054167	71.109533437
3/3/2023	134.791746806	128.531060597	128.531060597	123.523133727	114.334638362	71.356058935
3/4/2023	134.882910891	128.611481795	128.611481795	123.595713866	114.662271815	71.438255243
3/5/2023	134.951263199	128.675884035	128.675884035	123.674331278	114.968293956	71.479265039
3/6/2023	134.747120874	128.330727484	128.330727484	123.326912124	114.869871579	71.581963508
3/7/2023	134.768654729	128.36843779	128.36843779	123.377320448	114.949498431	71.722058691
3/8/2023	134.665813268	128.324029345	128.324029345	123.34605539	114.921598944	71.725958692
3/9/2023	134.673279669	128.300959744	128.300959744	123.387528815	114.968320924	71.792276224
3/10/2023	134.317282418	127.888568042	127.888568042	122.801385384	114.388630951	72.291373373
3/11/2023	131.52676048	125.167350383	125.167350383	119.555696955	111.198317983	72.120358309
3/12/2023	135.067397558	128.218646653	128.218646653	121.893749396	113.424784579	73.283028734
3/13/2023	133.730465828	126.936150677	126.936150677	120.662292852	112.243688581	73.183773107
3/14/2023	132.604406746	125.831371576	125.831371576	119.830308191	111.475662245	73.473760305
3/15/2023	132.963033952	126.157889471	126.157889471	120.350783397	111.968287126	74.692029566
3/16/2023	133.058759966	126.25873701	126.25873701	120.68712852	112.386634825	75.614823945
3/17/2023	133.041147869	126.270017498	126.270017498	120.805490268	112.563066269	76.554536232
3/18/2023	133.424124103	126.626345531	126.626345531	121.190657336	112.898778793	76.823190941
3/19/2023	133.150683864	126.355613525	126.355613525	120.935301002	112.643422459	76.63531727
3/20/2023	133.460562991	126.705565693	126.705565693	121.29004598	113.033024218	77.694409633
3/21/2023	133.282570136	126.535985692	126.535985692	121.143671237	112.982076937	77.893564136
3/22/2023	133.115201806	126.373674361	126.373674361	121.07315933	112.943148661	78.243089847
3/23/2023	133.300821798	126.55579918	126.55579918	121.272092689	113.166326584	78.871146827
3/24/2023	133.606724911	126.832694054	126.832694054	121.568320092	113.470178326	79.568045897
3/25/2023	133.849402688	126.957064885	126.957064885	121.699518283	113.601376517	79.711413324
3/26/2023	132.990636954	126.143620266	126.143620266	120.914511549	112.864620876	79.176880832
3/27/2023	132.576078704	125.74560707	125.74560707	120.598443736	112.743207422	79.528056028
3/28/2023	132.205988532	125.386855334	125.386855334	120.268039132	112.527372036	79.593057824
3/29/2023	132.153546305	125.315963379	125.315963379	120.215221951	112.525365928	79.6335479
3/30/2023	132.13715797	125.282268598	125.282268598	120.180407661	112.533124809	79.904009619
3/31/2023	131.623842038	124.741567456	124.741567456	119.644347719	112.062085501	79.766196973
4/1/2023	131.550772688	124.656572976	124.656572976	119.557917019	111.983229489	79.766196973
4/2/2023	131.775263905	124.881654978	124.881654978	119.77236849	112.19768096	79.955101474
4/3/2023	132.329089105	124.982499013	124.982499013	119.892086367	112.463558914	80.061128106
4/4/2023	131.696061599	124.808143572	124.808143572	119.715662108	112.408699923	80.077211664
4/5/2023	131.630729001	124.726151219	124.726151219	119.642296431	112.473116428	80.180533983
4/6/2023	131.841930041	124.881115032	124.881115032	119.796046077	112.708242462	80.268223491
4/7/2023	131.854129695	124.849723778	124.849723778	119.76929228	112.674204916	80.273380845
4/8/2023	132.04536287	125.019619877	125.019619877	119.936864645	112.834689282	80.363594033
4/9/2023	131.732279284	124.715447328	124.715447328	119.646514361	112.551426997	80.203187657
4/10/2023	131.837844912	124.785356939	124.785356939	119.7292121	112.747998463	80.503925004
4/11/2023	131.777418183	124.656502677	124.656502677	119.614430607	112.701196445	80.523709558
4/12/2023	131.705241636	124.527003423	124.527003423	119.506076415	112.679516384	80.731588297
4/13/2023	131.822754428	124.572970603	124.572970603	119.562730997	112.80949519	80.999225951
4/14/2023	131.771785447	124.478659126	124.478659126	119.460411748	112.748394494	81.058254514
4/15/2023	131.661432438	124.379222608	124.379222608	119.352548944	112.64723031	80.994375051
4/16/2023	131.580636943	124.31573342	124.31573342	119.305701614	112.62751909	80.923461589
4/17/2023	131.464863158	124.203472609	124.203472609	119.321123031	112.647598314	81.133975239
4/18/2023	131.199211582	123.902660025	123.902660025	119.0423479	112.39306394	81.164195713
4/19/2023	131.236325798	123.874463327	123.874463327	119.016878935	112.380651281	81.3726897
4/20/2023	131.065510293	123.691884611	123.691884611	118.841326614	112.241024465	81.397398449
4/21/2023	129.853344876	122.511304911	122.511304911	117.712766236	111.243705996	80.620559312
4/22/2023	130.729140486	123.382419897	123.382419897	118.602441003	112.13984336	81.512950158
4/23/2023	130.76351319	123.425306666	123.425306666	118.650475589	112.187877946	81.522960158
4/24/2023	130.695889678	123.356178644	123.356178644	118.569620624	112.135196506	81.609928404
4/25/2023	130.527981416	123.258484568	123.258484568	118.473683592	112.114447827	81.566488286
4/26/2023	130.691900111	123.446406915	123.446406915	118.650123677	112.289244668	81.825900442
4/27/2023	130.49589165	123.261898307	123.261898307	118.479715768	112.174965074	81.768396221
4/28/2023	130.378764194	123.175454932	123.175454932	118.443233784	112.222438702	81.851142869
4/29/2023	130.319178788	123.116070932	123.116070932	118.383605424	112.162810342	81.779465088
4/30/2023	130.353835995	123.115839113	123.115839113	118.379562569	112.158767487	81.789475092
5/1/2023	130.686894463	122.982516078	122.982516078	118.254596088	112.081135782	81.872638699
5/2/2023	130.712118374	122.958304402	122.958304402	118.249054356	112.14059625	82.018490828
5/3/2023	130.306512627	122.78276218	122.78276218	118.097685861	112.088356629	82.057450732
5/4/2023	130.174271815	122.680764921	122.680764921	118.002065373	112.002947463	82.052222893
5/5/2023	130.672705572	123.172895297	123.172895297	118.500213433	112.511115565	82.232217802
5/6/2023	130.594296748	123.111660085	123.111660085	118.432845297	112.449730544	82.237227797
5/7/2023	130.427430996	122.939176746	122.939176746	118.254445622	112.265347754	82.058136655
5/8/2023	130.515357973	123.044715559	123.044715559	118.357873117	112.475682185	82.407679458
5/9/2023	130.642191116	123.209895778	123.209895778	118.514069847	112.690210519	82.630992515
5/10/2023	130.493095341	123.071073635	123.071073635	118.376831558	112.596925999	82.681713715
5/11/2023	130.415083087	123.011910783	123.011910783	118.33271873	112.60306063	82.795872918
5/12/2023	130.456668072	123.069189974	123.069189974	118.400202126	112.774451828	82.949452973
5/13/2023	130.42773213	123.038836019	123.038836019	118.36556128	112.727995184	82.866669088
5/14/2023	130.422950923	123.043091235	123.043091235	118.375571546	112.73800545	82.887081554
5/15/2023	130.334754405	122.880429436	122.880429436	118.212264262	112.629753165	82.892086547
5/16/2023	130.156483846	122.700515715	122.700515715	118.031849013	112.45984484	82.914914794
5/17/2023	129.888967707	122.441926406	122.441926406	117.77420747	112.211856917	82.840018135
5/18/2023	130.014488084	122.589005608	122.589005608	117.915733044	112.353627235	82.843573932
5/19/2023	129.888137636	122.494565616	122.494565616	117.83000142	112.312782573	82.8957283
5/20/2023	130.014069193	122.606918608	122.606918608	117.95885222	112.436033312	82.983629023
5/21/2023	129.90863082	122.500071614	122.500071614	117.836633456	112.313814548	82.905728289
5/22/2023	129.790639617	122.385010636	122.385010636	117.725175573	112.246816032	82.949208885
5/23/2023	129.719936612	122.308569313	122.308569313	117.672677515	112.255829837	83.096587524
5/24/2023	129.321978988	121.935788625	121.935788625	117.312207163	111.974330186	83.049248
5/25/2023	129.297376497	121.89241954	121.89241954	117.27026438	111.949428275	83.047999631
5/26/2023	129.28874589	121.880742699	121.880742699	117.262857598	111.970203769	83.098239535
5/27/2023	129.321217255	121.900484595	121.900484595	117.278186	111.986495615	83.08503992
5/28/2023	129.369739683	121.949865352	121.949865352	117.326001285	112.021764952	83.186342769
5/29/2023	129.354977491	121.885384366	121.885384366	117.263677364	111.970705916	83.078793317
5/30/2023	129.310938096	121.842446787	121.842446787	117.217975208	111.949170358	83.135276538
5/31/2023	129.260413743	121.781193287	121.781193287	117.156710785	111.943572852	83.281686114
6/1/2023	129.187859982	121.71292006	121.71292006	117.111479513	111.931811293	83.222845215
6/2/2023	129.222455797	121.739158099	121.739158099	117.147975249	111.98154046	83.211773718
6/3/2023	129.137754992	121.657089393	121.657089393	117.067590607	111.900556442	83.133645068
6/4/2023	129.179677354	121.703983893	121.703983893	117.110095324	111.937894125	83.13864506
6/5/2023	129.045472899	121.581706267	121.581706267	116.998862774	111.886112235	83.195143057
6/6/2023	128.900502129	121.412146159	121.412146159	116.842674342	111.830457196	83.264482931
6/7/2023	128.773491087	121.265077302	121.265077302	116.697020986	111.777946166	83.360868858
6/8/2023	128.694511479	121.168693004	121.168693004	116.616499606	111.738966236	83.464345326
6/9/2023	128.204565524	120.790533368	120.790533368	116.248396087	111.450316874	83.329997419
6/10/2023	128.340356513	120.943416575	120.943416575	116.399465965	111.602149646	83.427007721
6/11/2023	128.398226517	121.012675597	121.012675597	116.466083015	111.663205723	83.432012721
6/12/2023	128.11237169	120.738149538	120.738149538	116.221942801	111.573605271	83.462067412
6/13/2023	127.974783596	120.619654091	120.619654091	116.123295227	111.520124299	83.505217924
6/14/2023	127.752033848	120.431055063	120.431055063	115.951136829	111.427804462	83.539459054
6/15/2023	128.553325092	120.149387641	120.149387641	115.761883957	111.408105348	83.411982191
6/16/2023	128.742006312	120.338888504	120.338888504	115.940780258	111.627410307	83.491500891
6/17/2023	128.404402654	119.99834182	119.99834182	115.583240006	111.272910981	83.138397964
6/18/2023	128.401615354	119.993977071	119.993977071	115.568211663	111.254841712	83.124427752
6/19/2023	128.51549117	120.036075569	120.036075569	115.619559641	111.30618969	83.123427433
6/20/2023	129.064895949	120.574019407	120.574019407	116.123668284	111.819990367	83.41643593
6/21/2023	128.58420151	120.083348081	120.083348081	115.65867298	111.372033792	83.13915298
6/22/2023	128.570807816	119.994737621	119.994737621	115.550790459	111.285366531	83.120533427
6/23/2023	128.622985322	120.049637366	120.049637366	115.59728926	111.330922417	83.126689056
6/24/2023	128.906087047	120.323545706	120.323545706	115.869071433	111.606966695	83.355547655
6/25/2023	128.682141749	120.107455665	120.107455665	115.663311899	111.392682952	83.168628702
6/26/2023	128.616841543	120.035213558	120.035213558	115.600711398	111.370012218	83.214509943
6/27/2023	128.6727838	120.084880609	120.084880609	115.670385961	111.451733574	83.472308355
6/28/2023	128.180338136	119.69653797	119.69653797	115.300778666	111.113175237	83.218925627
6/29/2023	128.113405447	119.587642682	119.587642682	115.20877621	111.05589185	83.343774906
6/30/2023	127.507773923	118.97239444	118.97239444	114.631365313	110.480917345	83.320859006
7/1/2023	127.48339522	118.943043548	118.943043548	114.601628925	110.451977843	83.30377823
7/2/2023	127.527249951	118.979517699	118.979517699	114.641107303	110.491921071	83.307610989
7/3/2023	127.714530092	119.234017668	119.234017668	114.904281524	110.756267351	83.331873579
7/4/2023	127.835903524	119.307642742	119.307642742	114.973673846	110.829940291	83.333734068
7/5/2023	127.66797852	119.149754729	119.149754729	114.832496949	110.711345753	83.295588022
7/6/2023	127.21033632	118.922125799	118.922125799	114.616184625	110.533552428	83.286152715
7/7/2023	127.207966702	119.001613506	119.001613506	114.694571425	110.627303434	83.421106762
7/8/2023	127.230152067	118.903548164	118.903548164	114.604176531	110.542060683	83.337768983
7/9/2023	127.123474362	118.804327167	118.804327167	114.513317429	110.463582166	83.266954932
7/10/2023	127.03216478	118.746660374	118.746660374	114.461322735	110.413214779	83.307041104
7/11/2023	126.880427348	118.691650008	118.691650008	114.399907601	110.386418895	83.352634014
7/12/2023	126.750039925	118.63367557	118.63367557	114.350703919	110.340845564	83.357216574
7/13/2023	127.022546974	118.928867597	118.928867597	114.642252751	110.652454369	83.496653252
7/14/2023	127.037353731	118.958984169	118.958984169	114.67855831	110.691991909	83.676595996
7/15/2023	127.086119853	118.993898534	118.993898534	114.711563219	110.724996818	83.701143467
7/16/2023	127.00474918	118.918846947	118.918846947	114.638253797	110.64770083	83.62852593
7/17/2023	126.842963229	118.75903229	118.75903229	114.491317211	110.545873445	83.729629319
7/18/2023	126.784930401	118.738709106	118.738709106	114.472080827	110.557931418	83.784430445
7/19/2023	126.50779744	118.517529275	118.517529275	114.259999301	110.362594831	83.730306939
7/20/2023	126.464887421	118.504087644	118.504087644	114.252983289	110.380716345	83.798446907
7/21/2023	126.312606612	118.408602237	118.408602237	114.174264517	110.305230355	83.775338994
7/22/2023	126.311195677	118.48992354	118.48992354	114.258804091	110.391085401	83.864119328
7/23/2023	126.212192144	118.403433136	118.403433136	114.170999187	110.298095991	83.780338989
7/24/2023	126.012480571	118.213194928	118.213194928	114.012659122	110.174927214	83.776962706
7/25/2023	125.92548206	118.116144541	118.116144541	113.922896434	110.111177187	83.789146039
7/26/2023	125.904427076	118.07931364	118.07931364	113.89356914	110.112030953	83.878723305
7/27/2023	125.730655379	117.970601093	117.970601093	113.795165525	110.048128245	83.79615553
7/28/2023	125.569259951	117.897383598	117.897383598	113.743849228	110.028019366	83.803836403
7/29/2023	125.810970004	117.885515995	117.885515995	113.737273773	110.02621027	83.774337453
7/30/2023	125.686145922	117.928077056	117.928077056	113.774477788	110.058647926	83.797285742
7/31/2023	125.620917729	117.908930618	117.908930618	113.737087281	110.062087754	83.866668319
8/1/2023	125.407571518	117.624773214	117.624773214	113.509550926	109.872163107	83.857171498
8/2/2023	125.234497902	117.374601582	117.374601582	113.294215108	109.746062123	83.855454636
8/3/2023	124.9833152	117.160770417	117.160770417	113.107326017	109.600376184	83.835156582
8/4/2023	124.732462535	116.895926201	116.895926201	112.862031292	109.430984115	83.742625107
8/5/2023	124.765712801	116.926224025	116.926224025	112.893352014	109.468832113	83.792031429
8/6/2023	124.719632984	116.860970967	116.860970967	112.830206383	109.408789118	83.734320818
8/7/2023	124.580499446	116.683217423	116.683217423	112.659529152	109.259057264	83.452899346
8/8/2023	124.802609754	116.88710968	116.88710968	112.84009694	109.4340608	83.47765237
8/9/2023	124.719954357	116.780335808	116.780335808	112.733790556	109.334552891	83.389373846
8/10/2023	124.465394293	116.557285652	116.557285652	112.552757729	109.166703676	83.359474018
8/11/2023	124.364940161	116.450991012	116.450991012	112.483104117	109.10430195	83.321948337
8/12/2023	124.475642681	116.551842325	116.551842325	112.544700087	109.165813444	83.342878723
8/13/2023	124.508990186	116.593465548	116.593465548	112.600320693	109.222359899	83.343295663
8/14/2023	124.06123405	116.314050061	116.314050061	112.349839481	108.986066281	83.328343478
8/15/2023	123.763992357	116.048004024	116.048004024	112.120691234	108.776166439	83.082121071
8/16/2023	123.457944913	115.758952984	115.758952984	111.83884279	108.525415011	82.820995155
8/17/2023	123.436263362	115.753608653	115.753608653	111.820184513	108.524291146	82.740286529
8/18/2023	123.088664105	115.400956664	115.400956664	111.469884962	108.219938084	82.788657219
8/19/2023	123.305124414	115.596069916	115.596069916	111.667711819	108.417764941	82.747742356
8/20/2023	123.424828333	115.715608363	115.715608363	111.746281507	108.498278097	82.823608782
8/21/2023	124.484233402	116.773603347	116.773603347	111.691520148	108.472545128	82.826097691
8/22/2023	124.377899999	116.674763182	116.674763182	111.592999053	108.391862349	82.815209561
8/23/2023	124.419254625	116.768234025	116.768234025	111.705250347	108.505112402	82.798717222
8/24/2023	124.482820327	116.669576224	116.669576224	111.560837789	108.382737939	82.826258267
8/25/2023	124.527803982	116.703547144	116.703547144	111.598997607	108.445933145	82.810006505
8/26/2023	124.540920817	116.716402285	116.716402285	111.582023896	108.429653108	82.751198109
8/27/2023	124.653309795	116.817242209	116.817242209	111.667598538	108.514534076	82.773976009
8/28/2023	124.713110898	116.791060896	116.791060896	111.636427991	108.51512025	82.781936003
8/29/2023	125.150455926	116.983110878	116.983110878	111.789455448	108.677396404	82.836705499
8/30/2023	125.274161748	116.927088507	116.927088507	111.726725608	108.649696421	82.826068346
8/31/2023	125.287712981	116.85588753	116.85588753	111.643999831	108.662885928	82.765281894
9/1/2023	125.281313336	116.850026401	116.850026401	111.643447332	108.744781818	82.861296695
9/2/2023	125.275133727	116.840513545	116.840513545	111.619980981	108.74796666	82.877292012
9/3/2023	125.311054506	116.88144379	116.88144379	111.645936727	108.793885503	82.877292012
9/4/2023	125.05473374	116.663431206	116.663431206	111.441608654	108.591488269	82.848493517
9/5/2023	124.597050219	116.441677095	116.441677095	111.223210767	108.471387805	82.879652237
9/6/2023	124.412055939	116.378507589	116.378507589	111.131651688	108.445466672	82.865513708
9/7/2023	124.187125048	116.138222508	116.138222508	110.897424219	108.267115263	82.821764818
9/8/2023	124.313450965	116.363545302	116.363545302	111.109745222	108.511330081	82.961584342
9/9/2023	124.385081487	116.419313828	116.419313828	111.158871685	108.561772808	82.981419758
9/10/2023	124.554655935	116.600626658	116.600626658	111.305301783	108.716586745	83.076364174
9/11/2023	124.319505842	116.386906207	116.386906207	111.086618889	108.540609801	82.977303932
9/12/2023	124.464123277	116.546928152	116.546928152	111.23902641	108.702269812	83.001549694
9/13/2023	124.479494906	116.566173546	116.566173546	111.238030237	108.715971191	83.006535445
9/14/2023	124.4491635	116.547067525	116.547067525	111.192333746	108.687516696	83.019048237
9/15/2023	124.320637709	116.471321234	116.471321234	111.100650385	108.608294563	83.019048236
9/16/2023	124.418903762	116.567241187	116.567241187	111.17573086	108.68137706	83.019048236
9/17/2023	124.444488058	116.589941137	116.589941137	111.166522839	108.669674685	83.019048236
9/18/2023	124.38633291	116.538225465	116.538225465	111.12917231	108.655796623	83.041508687
9/19/2023	124.507827297	116.656508711	116.656508711	111.24475556	108.783567193	83.222641103
9/20/2023	124.494634209	116.493426802	116.493426802	111.072661137	108.632758514	83.1602403
9/21/2023	124.423579391	116.181554283	116.181554283	110.759207348	108.353788251	83.076676547
9/22/2023	124.505420196	116.256064985	116.256064985	110.818185402	108.431125984	83.178483701
9/23/2023	124.5183582	116.277585036	116.277585036	110.822747138	108.438072395	83.18086647
9/24/2023	124.564170961	116.322842436	116.322842436	110.859759801	108.478492758	83.18086647
9/25/2023	124.345228938	116.109114518	116.109114518	110.649082223	108.302097358	83.185008082
9/26/2023	124.212156201	116.037350421	116.037350421	110.582485235	108.27466714	83.202933855
9/27/2023	124.135814862	115.949057564	115.949057564	110.489739637	108.213805743	83.248340765
9/28/2023	124.323237842	116.12772737	116.12772737	110.651729365	108.383158404	83.253698407
9/29/2023	123.927595439	115.623949242	115.623949242	110.140194227	107.877655707	83.160754105
9/30/2023	124.043528119	115.746796244	115.746796244	110.268390508	108.005851988	83.232172676
10/1/2023	124.075641326	115.774608413	115.774608413	110.283777925	108.021298231	83.220106101
10/2/2023	124.248477906	116.009738641	116.009738641	110.519130473	108.256591953	83.317986709
10/3/2023	124.094527473	115.857905572	115.857905572	110.387323838	108.138853152	83.342217736
10/4/2023	123.963356633	115.751364182	115.751364182	110.284087157	108.042350855	83.344022138
10/5/2023	124.161048526	115.907736752	115.907736752	110.436732949	108.201683186	83.46304986
10/6/2023	124.418174909	116.204454965	116.204454965	110.729950727	108.508680757	83.496479909
10/7/2023	124.405777368	116.170451032	116.170451032	110.683935712	108.467099415	83.451566842
10/8/2023	124.470320618	116.244538799	116.244538799	110.75715756	108.540321263	83.535018409
10/9/2023	124.521582063	116.299405811	116.299405811	110.787325109	108.579673432	83.555541131
10/10/2023	124.228710079	115.998596762	115.998596762	110.500664913	108.352917211	83.475174845
10/11/2023	123.999536852	115.828305345	115.828305345	110.346730465	108.198982763	83.489452588
10/12/2023	123.784518368	115.639020509	115.639020509	110.190212856	108.049311502	83.444883298
10/13/2023	123.783687356	115.641510973	115.641510973	110.185001316	108.058309102	83.493443404
10/14/2023	123.836571317	115.70281932	115.70281932	110.229250913	108.102558699	83.501125784
10/15/2023	123.905182811	115.777900263	115.777900263	110.298127797	108.171435583	83.503204953
10/16/2023	123.96578847	115.820789313	115.820789313	110.354033977	108.243120847	83.502236079
10/17/2023	124.169542315	116.006641501	116.006641501	110.52808644	108.415062397	83.658558996
10/18/2023	124.389252047	116.222339996	116.222339996	110.742671746	108.637505262	83.875799695
10/19/2023	124.982976338	116.376182445	116.376182445	110.86200408	108.767633933	83.902581464
10/20/2023	124.882740496	116.764266629	116.764266629	111.225782307	109.126383906	84.214389454
10/21/2023	124.853753231	116.719964602	116.719964602	111.169205743	109.067710041	84.131359672
10/22/2023	124.836159788	116.682106679	116.682106679	111.135196293	109.042387612	84.142359672
10/23/2023	125.110670085	116.934444854	116.934444854	111.418050401	109.320749301	84.432650361
10/24/2023	124.35146557	116.201676563	116.201676563	110.721946485	108.643093636	84.180828367
10/25/2023	124.75965367	116.593584356	116.593584356	111.116335101	109.033264085	84.453054592
10/26/2023	124.753075831	116.594802637	116.594802637	111.102184673	109.036959564	84.487655718
10/27/2023	124.483012377	116.424502498	116.424502498	110.955836979	108.895978979	84.515238111
10/28/2023	124.494833779	116.428159545	116.428159545	110.991091038	108.929175238	84.515238111
10/29/2023	124.617162639	116.551398402	116.551398402	111.118223445	109.056307645	84.599753349
10/30/2023	124.418518994	116.348365635	116.348365635	111.00554448	108.977831709	84.649163106
10/31/2023	124.314110057	116.227820478	116.227820478	110.942514134	108.935197179	84.767046575
11/1/2023	124.581050292	116.456215273	116.456215273	111.119646535	109.119668614	84.934312447
11/2/2023	124.467426113	116.248867182	116.248867182	110.928416015	108.981007765	85.137597197
11/3/2023	124.844839919	116.539956039	116.539956039	111.210425351	109.310503797	85.415214029
11/4/2023	124.997809819	116.65404889	116.65404889	111.309653685	109.407832209	85.425224028
11/5/2023	125.06347863	116.70603617	116.70603617	111.35651006	109.456588506	85.453352126
11/6/2023	125.104978284	116.743250849	116.743250849	111.422309749	109.527515847	85.71210969
11/7/2023	125.443853762	117.080730218	117.080730218	111.771180098	109.885545556	86.14526707
11/8/2023	125.397328991	117.025586914	117.025586914	111.742519652	109.854676166	86.236089163
11/9/2023	125.529306137	117.137319378	117.137319378	111.86285931	109.976877379	86.489374731
11/10/2023	125.820448236	117.398237319	117.398237319	112.142306698	110.256517167	86.738442408
11/11/2023	125.885512879	117.483408023	117.483408023	112.206628395	110.328741848	86.757241924
11/12/2023	125.898100191	117.478479945	117.478479945	112.217727678	110.337495336	86.754712796
11/13/2023	126.058268909	117.647052437	117.647052437	112.393491086	110.533056909	87.136449207
11/14/2023	125.911174982	117.507514414	117.507514414	112.281469539	110.430545881	87.258995824
11/15/2023	126.24073607	117.849331075	117.849331075	112.636902641	110.791305265	87.364348945
11/16/2023	126.56445686	118.175665998	118.175665998	112.9630927	111.120113143	87.589526057
11/17/2023	126.749293837	118.401175852	118.401175852	113.207027161	111.39912029	87.650408687
11/18/2023	126.912267373	118.539001924	118.539001924	113.334595348	111.523769154	87.753374396
11/19/2023	126.900410645	118.52470285	118.52470285	113.294661847	111.490516042	87.688283686
11/20/2023	127.367391699	118.990710892	118.990710892	113.767384474	111.964907852	88.08721378
11/21/2023	127.456342384	119.093277882	119.093277882	113.85176664	112.069824354	88.369058838
11/22/2023	127.481072393	119.153562485	119.153562485	113.929060944	112.177872015	88.43882771
11/23/2023	127.470660122	119.233253298	119.233253298	113.998996921	112.241358636	88.486990065
11/24/2023	128.101822222	119.784904711	119.784904711	114.518382893	112.774999399	88.772134256
11/25/2023	128.081793852	119.775080816	119.775080816	114.495760909	112.752347777	88.789651756
11/26/2023	128.051080606	119.724406576	119.724406576	114.445416611	112.700260066	88.755950804
11/27/2023	127.893161582	119.578820641	119.578820641	114.311349007	112.601805354	88.89722419
11/28/2023	128.189555434	119.944741687	119.944741687	114.670874188	112.976887974	89.140885871
11/29/2023	128.268846891	120.08316264	120.08316264	114.819327721	113.129018281	89.343105329
11/30/2023	128.368105404	120.071659325	120.071659325	114.79403024	113.125038983	89.317080453
12/1/2023	128.529003202	120.235012716	120.235012716	114.966551318	113.305611766	89.499174101
12/2/2023	128.593637459	120.303558057	120.303558057	115.048222793	113.392041553	89.569124098
12/3/2023	128.713457321	120.420255689	120.420255689	115.139113327	113.483864517	89.709343821
12/4/2023	128.524330083	120.321751536	120.321751536	115.038674127	113.41475309	89.771965681
12/5/2023	128.808787634	120.489480699	120.489480699	115.209716803	113.607493833	90.095805311
12/6/2023	128.846221141	120.506159817	120.506159817	115.188628979	113.605019697	90.040209002
12/7/2023	128.854576343	120.711575901	120.711575901	115.393250004	113.851786063	90.228000442
12/8/2023	129.090898783	120.907093791	120.907093791	115.565668001	114.056553361	90.307767897
12/9/2023	129.415449595	121.226123078	121.226123078	115.87151126	114.362334732	90.561569096
12/10/2023	129.382270397	121.176601406	121.176601406	115.810389907	114.301815654	90.501094898
12/11/2023	129.185500641	121.040948044	121.040948044	115.717921126	114.240336818	90.788011889
12/12/2023	128.547577067	120.480402146	120.480402146	115.262676856	113.793878976	90.528056603
12/13/2023	129.014013982	120.586703633	120.586703633	115.39629124	114.131167958	90.565337799
12/14/2023	129.198500189	120.874291162	120.874291162	115.68474027	114.424850279	90.750575813
12/15/2023	129.455792575	120.83951815	120.83951815	115.663173207	114.478397895	90.757848534
12/16/2023	129.612536301	120.980979337	120.980979337	115.770541393	114.577518163	90.814015237
12/17/2023	129.567244945	120.97546247	120.97546247	115.762420301	114.555641273	90.789021963
12/18/2023	129.550450743	120.990438112	120.990438112	115.768674657	114.570640844	90.706337371
12/19/2023	130.002607645	121.22412961	121.22412961	116.001838046	114.981826244	90.852195037
12/20/2023	130.350065167	121.475735878	121.475735878	116.250393191	115.229403376	90.9974784
12/21/2023	130.334449257	121.445233415	121.445233415	116.221122874	115.20521261	91.042674797
12/22/2023	130.680893615	121.831343688	121.831343688	116.592055499	115.57561952	91.166134358
12/23/2023	130.849169706	122.059032301	122.059032301	116.79019832	115.774777762	91.324167292
12/24/2023	130.788307417	121.974237029	121.974237029	116.712882803	115.695431404	91.276455285
12/25/2023	130.748772642	121.931695697	121.931695697	116.688303609	115.67186763	91.2980652
12/26/2023	130.43803882	121.622980432	121.622980432	116.398028324	115.378943548	91.31553413
12/27/2023	130.894630306	122.036859689	122.036859689	116.81086756	115.789832011	91.518442108
12/28/2023	130.711569795	121.900950672	121.900950672	116.705965938	115.694391445	91.497677422
12/29/2023	130.805314939	122.073158502	122.073158502	116.874396363	115.85538869	91.7433801
12/30/2023	130.70616041	121.976238066	121.976238066	116.794596252	115.783439501	91.768770464
12/31/2023	130.441051008	121.709678441	121.709678441	116.545378143	115.529412284	91.665918562
1/1/2024	130.964122214	122.194484506	122.194484506	116.998418874	115.979411201	91.957173752
1/2/2024	131.097476083	122.345297504	122.345297504	117.132685318	116.122627619	92.020117112
1/3/2024	131.636784377	122.802131698	122.802131698	117.579683182	116.566269358	92.356526357
1/4/2024	132.326300781	123.456818108	123.456818108	118.22870832	117.2262925	92.873224702
1/5/2024	132.748881204	124.012924414	124.012924414	118.811930313	117.864990056	93.320401318
1/6/2024	133.126725219	124.352389386	124.352389386	119.153511194	118.22421002	93.621529319
1/7/2024	133.054634124	124.324080928	124.324080928	119.12990741	118.197821118	93.58514532
1/8/2024	133.335505631	124.543779142	124.543779142	119.319990709	118.5443384	94.057456783
1/9/2024	133.313030101	124.404734724	124.404734724	119.17412042	118.54889436	94.228636696
1/10/2024	133.773499597	124.942498751	124.942498751	119.711057757	119.082680166	94.685834131
1/11/2024	134.093203588	125.188600055	125.188600055	119.951430788	119.376828342	94.980329573
1/12/2024	134.005288631	125.129405679	125.129405679	119.951430788	119.392313106	94.942211254
1/13/2024	134.08659458	125.20177758	125.20177758	120.02631199	119.489837749	94.959118221
1/14/2024	134.249698277	125.325316929	125.325316929	120.182241762	119.646524306	95.077941897
1/15/2024	133.932086377	125.22303197	125.22303197	120.084487297	119.559425356	95.014535787
1/16/2024	133.902053335	125.147235143	125.147235143	120.013961534	119.597631188	95.068943281
1/17/2024	133.93640707	125.128735823	125.128735823	120.002417288	119.797713726	95.040194578
1/18/2024	133.30611119	124.882807745	124.882807745	119.772851534	119.622362681	94.924423335
1/19/2024	133.481508906	124.794693751	124.794693751	119.686299726	119.586669524	94.904086222
1/20/2024	133.704205763	124.971856142	124.971856142	119.86454795	119.764917748	94.976881682
1/21/2024	133.546761425	124.79997689	124.79997689	119.701165149	119.60173381	94.791054938
1/22/2024	133.688041988	124.772410921	124.772410921	119.688531664	119.589338562	94.865026114
1/23/2024	134.482529007	125.629110265	125.629110265	120.519769657	120.420139455	95.65950814
1/24/2024	134.319696389	125.547552529	125.547552529	120.425733871	120.326302532	95.512228464
1/25/2024	134.509946647	125.775508043	125.775508043	120.624632744	120.525231632	95.543581705
1/26/2024	134.732784689	126.26945261	126.26945261	121.106556408	121.007240608	95.967218711
1/27/2024	134.80427988	126.323624656	126.323624656	121.170666956	121.071373926	95.969099987
1/28/2024	134.866406496	126.366873513	126.366873513	121.213125855	121.113694516	96.01970404
1/29/2024	135.18925663	126.688778395	126.688778395	121.539565851	121.44003508	96.040095474
1/30/2024	135.001125369	126.702651668	126.702651668	121.817098834	121.71789738	96.140512112
1/31/2024	135.038332602	126.71851383	126.71851383	121.89960671	121.800494545	96.000234428
2/1/2024	135.409949594	127.057947929	127.057947929	122.237556348	122.137826714	96.305147414
2/2/2024	135.383780753	127.018266057	127.018266057	122.199658708	122.100264357	96.202494292
2/3/2024	135.341250232	126.997517405	126.997517405	122.180270817	122.08100334	96.135237584
2/4/2024	135.418845694	127.065606835	127.065606835	122.249518364	122.150269481	96.181869124
2/5/2024	135.262869958	126.921098419	126.921098419	122.124605249	122.025316693	96.064849275
2/6/2024	135.605367242	127.266300799	127.266300799	122.450533947	122.351253445	96.080918392
2/7/2024	135.925706377	127.626891142	127.626891142	122.810159205	122.710628434	96.269428997
2/8/2024	136.218891602	127.791727095	127.791727095	122.987353525	122.902588527	96.289571761
2/9/2024	136.44303663	127.902763705	127.902763705	123.082571647	122.997975672	96.208378383
2/10/2024	136.712742384	128.174087987	128.174087987	123.336687396	123.252175932	96.425207261
2/11/2024	136.939093186	128.33057791	128.33057791	123.474322618	123.389135062	96.55872064
2/12/2024	136.529102411	128.199333795	128.199333795	123.379949298	123.295015277	96.637770433
2/13/2024	136.717768998	128.368498932	128.368498932	123.561167967	123.476784876	96.787758381
2/14/2024	137.674105361	129.261603423	129.261603423	124.440882235	124.355610168	97.336247917
2/15/2024	137.513283177	129.142585435	129.142585435	124.314786031	124.230021033	97.304868931
2/16/2024	137.869776976	129.486978199	129.486978199	124.665094634	124.580329636	97.634647604
2/17/2024	138.06682798	129.661334332	129.661334332	124.819547411	124.734697901	97.742174104
2/18/2024	137.95927036	129.52093238	129.52093238	124.67214577	124.587380772	97.664260351
2/19/2024	137.961532429	129.502926396	129.502926396	124.607093726	124.522582262	97.666842
2/20/2024	138.061719794	129.549354328	129.549354328	124.691263597	124.606752133	97.787711855
2/21/2024	138.091136192	129.498608305	129.498608305	124.646499094	124.561903119	97.712632144
2/22/2024	138.453017395	129.549464948	129.549464948	124.716175211	124.631325701	97.751167575
2/23/2024	139.102439922	129.803674803	129.803674803	124.950777437	124.865927927	97.89785776
2/24/2024	138.862940734	129.75022465	129.75022465	124.893036623	124.808440648	97.836769496
2/25/2024	138.976369594	129.848311602	129.848311602	124.976406862	124.891726375	97.888948753
2/26/2024	139.43968834	130.260814284	130.260814284	125.369464867	125.284868892	98.076466747
2/27/2024	140.007916576	130.588972028	130.588972028	125.686093908	125.60132891	98.37806019
2/28/2024	140.479757376	130.938846502	130.938846502	126.027216937	125.942914893	98.654376826
2/29/2024	141.033630123	131.516320381	131.516320381	126.585093306	126.500243796	98.932984696
3/1/2024	141.543904467	132.008110126	132.008110126	127.058785581	126.973936071	99.272633719
3/2/2024	141.631868189	132.057319138	132.057319138	127.139971301	127.055462964	99.422260259
3/3/2024	142.030194867	132.406013859	132.406013859	127.468677804	127.383997317	99.724901849
3/4/2024	142.10009937	132.653592864	132.653592864	127.777616637	127.693257463	100.238894972
3/5/2024	142.36070951	132.795197853	132.795197853	128.080315309	127.995840354	100.534835759
3/6/2024	142.601449744	133.131391301	133.131391301	128.35028322	128.265827787	100.622511924
3/7/2024	143.124364728	133.595064821	133.595064821	129.211047794	129.126029261	101.241417082
3/8/2024	144.413982646	134.655233464	134.655233464	130.313267773	130.228333752	101.7896287
3/9/2024	144.712812897	134.915551672	134.915551672	130.575528453	130.490340897	102.016381296
3/10/2024	144.847670163	135.157223505	135.157223505	130.647397302	130.562040723	102.012255784
3/11/2024	145.590374591	135.890985303	135.890985303	131.386918567	131.300632362	102.367141199
3/12/2024	145.833873957	136.279736168	136.279736168	131.778750379	131.692633197	102.759639775
3/13/2024	146.72507361	137.095191708	137.095191708	132.572146995	132.484170561	103.227274219
3/14/2024	146.998742924	137.20349646	137.20349646	132.664603107	132.577725322	103.463082823
3/15/2024	146.87644674	137.562009847	137.562009847	132.949346479	132.862130648	103.514693506
3/16/2024	147.009449928	137.705546421	137.705546421	133.046686343	132.961583299	103.506480428
3/17/2024	146.679735792	137.375415809	137.375415809	132.760015805	132.675837232	103.368853847
3/18/2024	147.387999977	138.042518947	138.042518947	133.368374204	133.283778229	103.656755951
3/19/2024	147.770604393	138.669603668	138.669603668	134.031625467	133.947213051	104.078947607
3/20/2024	147.301598983	138.421359269	138.421359269	133.827793164	133.743419792	103.892152366
3/21/2024	147.860249376	139.181901491	139.181901491	134.556840405	134.472075407	104.14615265
3/22/2024	147.902618228	139.257764655	139.257764655	134.555981356	134.471385381	103.950511982
3/23/2024	148.236398844	139.540222173	139.540222173	134.763835972	134.679155485	104.101505605
3/24/2024	148.061321835	139.316293817	139.316293817	134.493868592	134.409424653	103.871776944
3/25/2024	149.393034194	140.605196541	140.605196541	135.881935938	135.797500027	104.231823342
3/26/2024	149.685831357	140.834727969	140.834727969	136.08030439	135.995539392	104.350179944
3/27/2024	149.646620687	140.86411427	140.86411427	136.106555864	136.021706354	104.542722577
3/28/2024	149.894063038	141.086037513	141.086037513	136.335507229	136.250826742	104.488442732
3/29/2024	150.096430079	141.191645942	141.191645942	136.365593881	136.280828883	104.467632908
3/30/2024	150.321972348	141.392145127	141.392145127	136.567729302	136.482541746	104.593960679
3/31/2024	150.056223921	141.135677007	141.135677007	136.306976885	136.221704818	104.430769909
4/1/2024	150.481994241	141.514613771	141.514613771	136.619211367	136.534699903	104.58388762
4/2/2024	151.132675462	142.225261885	142.225261885	137.330828241	137.260316777	105.162325065
4/3/2024	152.514382286	143.400252943	143.400252943	138.533083026	138.462360028	106.235038539
4/4/2024	153.387738738	143.879129558	143.879129558	138.94845796	138.877734962	106.577367562
4/5/2024	154.395845218	144.212416163	144.212416163	139.230954509	139.159949465	106.897421348
4/6/2024	154.521394236	144.224288412	144.224288412	139.178634383	139.10769985	106.876390717
4/7/2024	154.296441731	144.082036438	144.082036438	139.06109814	138.990516165	106.81337116
4/8/2024	154.322735176	143.678398884	143.678398884	138.884649132	138.813996645	106.940561216
4/9/2024	154.108645943	143.539559143	143.539559143	138.794283809	138.723631322	107.111455988
4/10/2024	153.833676376	143.565095956	143.565095956	138.773291823	138.702804051	107.193158226
4/11/2024	154.425023321	143.791477739	143.791477739	138.982855022	138.912379166	107.384743432
4/12/2024	154.622588533	143.633351757	143.633351757	138.758157552	138.68774149	107.437724782
4/13/2024	155.230722547	144.335660079	144.335660079	139.268912279	139.198259792	107.634212916
4/14/2024	155.262530059	144.343363572	144.343363572	139.331121229	139.260867414	107.695174387
4/15/2024	155.807008522	144.845529229	144.845529229	139.922894131	139.852100621	108.172906462
4/16/2024	156.804702787	145.887656586	145.887656586	140.852236726	140.781753114	108.850326877
4/17/2024	154.515581341	143.871186818	143.871186818	138.92978922	138.859136733	109.03705796
4/18/2024	157.744104855	147.112697061	147.112697061	142.124084793	142.053502818	109.626703875
4/19/2024	156.419643762	145.873449989	145.873449989	140.841552049	140.770899562	109.818107184
4/20/2024	156.524100422	145.987500425	145.987500425	140.902871947	140.832408854	109.834873894
4/21/2024	158.697109072	148.202781188	148.202781188	143.095817705	143.025024195	109.770538268
4/22/2024	159.148868169	148.528608802	148.528608802	143.360838392	143.289974371	110.176193831
4/23/2024	159.184798521	148.343307236	148.343307236	143.164789486	143.093995976	110.322541426
4/24/2024	159.704510659	148.356036547	148.356036547	143.203171802	143.132378292	110.356203973
4/25/2024	159.749225105	148.365986455	148.365986455	143.218037543	143.147385056	110.338434563
4/26/2024	159.538917819	148.172982912	148.172982912	143.026605624	142.956189351	110.235570648
4/27/2024	159.712448304	148.325233086	148.325233086	143.098298323	143.027840518	110.245517579
4/28/2024	159.705796005	148.329717942	148.329717942	143.116348447	143.045997608	110.265964617
4/29/2024	159.430407906	148.156692208	148.156692208	142.964187432	142.893676744	110.324811294
4/30/2024	159.586289848	148.387462696	148.387462696	143.216793117	143.146437695	110.376575387
5/1/2024	159.218700884	148.035441813	148.035441813	142.90586833	142.835501697	110.209255303
5/2/2024	159.376464475	148.332915257	148.332915257	143.145817763	143.07569524	110.314646299
5/3/2024	160.002508603	149.023504309	149.023504309	143.767021234	143.696227724	110.613549804
5/4/2024	160.215370606	149.332748967	149.332748967	143.980409255	143.910010186	110.745496055
5/5/2024	160.295408396	149.323084211	149.323084211	143.94206407	143.871612259	110.636188433
5/6/2024	160.256911826	149.201466699	149.201466699	143.907449929	143.836867954	110.93244506
5/7/2024	159.998003116	149.017142282	149.017142282	143.719285139	143.648889737	110.78280636
5/8/2024	159.892752044	148.861135633	148.861135633	143.516682393	143.446029906	110.741959662
5/9/2024	159.959545172	148.893886766	148.893886766	143.518740767	143.448446619	110.73634364
5/10/2024	159.754455785	148.677638374	148.677638374	143.295977684	143.225395709	110.519575313
5/11/2024	159.885904403	148.797578046	148.797578046	143.400449114	143.32993765	110.603634065
5/12/2024	159.829036458	148.760664973	148.760664973	143.358116396	143.287830921	110.573815188
5/13/2024	159.916721971	148.812558421	148.812558421	143.414016422	143.343646475	110.595556329
5/14/2024	159.689264545	148.624379141	148.624379141	143.255316411	143.184170344	110.662498986
5/15/2024	160.263980869	149.067902289	149.067902289	143.674984428	143.60448199	110.717237401
5/16/2024	160.401804237	149.282084491	149.282084491	143.914758712	143.844247248	110.899115803
5/17/2024	160.55981897	149.526805709	149.526805709	144.162262851	144.091610364	111.016525058
5/18/2024	160.98876779	149.800483075	149.800483075	144.368975095	144.298322608	111.124893148
5/19/2024	160.941701865	149.769471851	149.769471851	144.330705159	144.260123184	111.128449259
5/20/2024	160.644898581	149.395148424	149.395148424	144.081685758	144.011033271	111.052418306
5/21/2024	160.721142092	149.455897901	149.455897901	144.204632899	144.133698366	111.40983162
5/22/2024	160.66867376	149.479031019	149.479031019	144.233942516	144.163512352	111.427321786
5/23/2024	160.475092431	149.258011613	149.258011613	144.044138683	143.973769441	111.572269413
5/24/2024	160.910721616	149.249457539	149.249457539	144.026624107	143.95597162	111.550949298
5/25/2024	160.904419934	149.225273366	149.225273366	144.005941755	143.935430291	111.588108133
5/26/2024	160.605919366	149.104342264	149.104342264	143.903522722	143.832729212	111.560113627
5/27/2024	160.52595843	148.998037161	148.998037161	143.748879923	143.678227436	111.50083253
5/28/2024	160.267088523	148.68393745	148.68393745	143.440767793	143.370316334	111.440850787
5/29/2024	159.927414145	148.57975103	148.57975103	143.343358684	143.272888469	111.469246211
5/30/2024	160.337714227	148.851573483	148.851573483	143.588371417	143.517648419	111.547940808
5/31/2024	160.457559756	148.996061298	148.996061298	143.775722017	143.705140042	111.670666791
6/1/2024	160.511506408	149.026974937	149.026974937	143.797002127	143.726835605	111.74241188
6/2/2024	160.288563437	149.024663296	149.024663296	143.830006411	143.759784749	111.768176445
6/3/2024	160.605101752	149.423671428	149.423671428	144.261057265	144.19047529	112.253386803
6/4/2024	160.876924484	149.506202204	149.506202204	144.332386641	144.261875177	112.246152774
6/5/2024	160.971696325	149.81820547	149.81820547	144.598898193	144.528316218	112.31508478
6/6/2024	161.182562848	149.726046396	149.726046396	144.545481499	144.474970035	112.350781269
6/7/2024	161.484437028	149.459765034	149.459765034	144.26925709	144.198745626	112.364113019
6/8/2024	161.531845916	149.406026916	149.406026916	144.231411743	144.160958733	112.352062755
6/9/2024	161.579957544	149.428408569	149.428408569	144.24439668	144.174208229	112.35205725
6/10/2024	161.250643699	149.385998143	149.385998143	144.173121747	144.10292004	112.40018274
6/11/2024	161.072553427	149.409839793	149.409839793	144.205179078	144.135188059	112.403196183
6/12/2024	161.328068632	149.668133103	149.668133103	144.463576725	144.394425286	112.392502753
6/13/2024	161.406954033	149.784829751	149.784829751	144.603764759	144.533596263	112.360161557
6/14/2024	161.480295559	149.938122886	149.938122886	144.804088851	144.734008988	112.438892495
6/15/2024	161.208705415	149.670921267	149.670921267	144.516844162	144.447430844	112.404705952
6/16/2024	161.296011003	149.770885635	149.770885635	144.620015239	144.550222498	112.469528689
6/17/2024	161.109091059	149.743894833	149.743894833	144.563428903	144.492635393	112.434908442
6/18/2024	161.561180286	150.037468117	150.037468117	144.865172002	144.796501099	112.429308678
6/19/2024	161.260460007	150.038476666	150.038476666	144.877678874	144.81100817	112.422743974
6/20/2024	161.452800362	150.089848258	150.089848258	144.991047815	144.925030611	112.72767016
6/21/2024	161.723408466	150.20489602	150.20489602	145.120272229	145.051864545	112.768729394
6/22/2024	161.74474187	150.231689356	150.231689356	145.110700261	145.04431541	112.74518506
6/23/2024	161.454691399	150.161198532	150.161198532	145.041331441	144.970990121	112.712121558
6/24/2024	161.391791297	150.163083956	150.163083956	145.065260502	144.994827729	112.837386516
6/25/2024	161.420859602	150.228256559	150.228256559	145.123062413	145.052550949	112.675718651
6/26/2024	161.524180025	150.16147689	150.16147689	145.106819246	145.036355589	112.501741675
6/27/2024	161.44446953	149.857824256	149.857824256	144.774542264	144.704132548	112.456905562
6/28/2024	161.330796583	149.519820173	149.519820173	144.477827125	144.407348872	112.511901163
6/29/2024	161.307525942	149.665943531	149.665943531	144.60604488	144.535533416	112.633305704
6/30/2024	161.064675043	149.542093749	149.542093749	144.535415471	144.464942295	112.644085827
7/1/2024	161.264098583	149.795821666	149.795821666	144.728323781	144.657877893	112.528906376
7/2/2024	161.17598155	149.760126033	149.760126033	144.661787589	144.592303999	112.414097319
7/3/2024	161.249625605	149.841770392	149.841770392	144.754043888	144.685122715	112.321847819
7/4/2024	161.574335424	150.156225729	150.156225729	145.097663511	145.029140709	112.468091106
7/5/2024	161.933225556	150.687836274	150.687836274	145.576132354	145.506064798	112.245912309
7/6/2024	162.003134507	150.833246249	150.833246249	145.600590705	145.532588613	112.181849713
7/7/2024	162.024843079	150.844304386	150.844304386	145.612633109	145.542982622	112.192511744
7/8/2024	162.040719409	150.827820448	150.827820448	145.670357958	145.601473279	112.141060909
7/9/2024	162.326473948	151.087047794	151.087047794	145.915936412	145.846533734	112.26856318
7/10/2024	162.655613344	151.315927057	151.315927057	146.143091352	146.07364648	112.364578514
7/11/2024	162.741675058	151.212202221	151.212202221	146.020204789	145.950276256	112.371024626
7/12/2024	162.428090931	151.089386248	151.089386248	145.86621937	145.7954567	112.527287879
7/13/2024	162.69654611	151.376679444	151.376679444	146.101344346	146.031832882	112.469048012
7/14/2024	163.09217614	151.547311967	151.547311967	146.285653252	146.214404002	112.65158706
7/15/2024	163.189320295	151.827632236	151.827632236	146.581097396	146.512028095	112.977167082
7/16/2024	163.460614551	152.123056501	152.123056501	146.854823992	146.786925472	113.216677692
7/17/2024	163.622218535	152.285597324	152.285597324	147.045432885	146.980046996	113.605223018
7/18/2024	163.615096799	152.244011129	152.244011129	147.022265375	146.95362628	113.678352175
7/19/2024	164.557374735	153.161739517	153.161739517	147.893959358	147.824667689	114.20130655
7/20/2024	164.551197701	153.150850445	153.150850445	147.767971313	147.697834246	114.015056195
7/21/2024	164.537411924	153.14717247	153.14717247	147.811254209	147.741534211	114.180894195
7/22/2024	164.660607004	153.246403885	153.246403885	148.003121793	147.933610329	114.307338921
7/23/2024	164.866295707	153.465905428	153.465905428	148.234501802	148.166618714	114.433699332
7/24/2024	164.679908119	153.291998004	153.291998004	148.097997748	148.028561356	114.424345507
7/25/2024	164.208690898	152.927373968	152.927373968	147.746432322	147.677194664	114.315607314
7/26/2024	164.435131203	153.268225984	153.268225984	148.109227133	148.039576646	114.325513751
7/27/2024	164.5995602	153.456882496	153.456882496	148.269503142	148.199922167	114.459557936
7/28/2024	164.574361195	153.433326854	153.433326854	148.249086572	148.179867265	114.459214526
7/29/2024	164.203612354	153.060521654	153.060521654	147.920784902	147.852397021	114.513725531
7/30/2024	164.173587715	152.944877118	152.944877118	147.733838215	147.667670392	114.518259273
7/31/2024	164.123372155	152.89883721	152.89883721	147.707595268	147.638014293	114.662166761
8/1/2024	163.717174383	152.474435196	152.474435196	147.29249214	147.222911165	114.667956088
8/2/2024	163.813062932	152.530918822	152.530918822	147.368557421	147.298976446	114.709383647
8/3/2024	163.885797307	152.631404501	152.631404501	147.46931801	147.399737035	114.694368645
8/4/2024	164.027294602	152.788711307	152.788711307	147.59580924	147.526228265	114.694368645
8/5/2024	164.169064083	153.098107779	153.098107779	147.961836525	147.892186038	114.572011258
8/6/2024	164.658046984	153.589057634	153.589057634	148.434205948	148.365214152	114.556867042
8/7/2024	166.28698807	155.111729551	155.111729551	149.952797077	149.883360268	115.65667375
8/8/2024	165.917273167	154.814611784	154.814611784	149.666420955	149.59683998	115.532191788
8/9/2024	166.1200204	154.774521617	154.774521617	149.639979791	149.570468327	115.574281399
8/10/2024	165.740900509	154.616914341	154.616914341	149.481009603	149.411677062	115.445826851
8/11/2024	166.145926338	155.011140094	155.011140094	149.885315159	149.815595161	115.75632208
8/12/2024	166.539307528	155.134218347	155.134218347	150.016475974	149.947058351	115.889054746
8/13/2024	166.918418709	155.339266604	155.339266604	150.228117465	150.158466978	116.129081961
8/14/2024	167.573215788	155.904359978	155.904359978	150.754285569	150.684826447	116.650846694
8/15/2024	167.778938696	155.991426775	155.991426775	150.852337867	150.782969041	116.699423797
8/16/2024	168.410670743	156.413625386	156.413625386	151.258943399	151.189431935	116.83396926
8/17/2024	168.498365566	156.501069957	156.501069957	151.335516017	151.266085603	116.88729926
8/18/2024	168.4971256	156.460489768	156.460489768	151.30311341	151.233687932	116.88895776
8/19/2024	168.491132104	156.600245186	156.600245186	151.503231881	151.433845538	116.995756969
8/20/2024	168.935460915	156.727207363	156.727207363	151.641014804	151.571680038	117.262503316
8/21/2024	169.242206547	156.943318175	156.943318175	151.869667203	151.80030074	117.371515154
8/22/2024	169.391468274	157.001162115	157.001162115	151.931257163	151.86185365	117.648169338
8/23/2024	170.036461936	157.185069267	157.185069267	152.120911574	152.051701512	117.627722034
8/24/2024	170.401008872	157.520313593	157.520313593	152.458501359	152.389060032	117.960181426
8/25/2024	170.379739953	157.304542837	157.304542837	152.235128171	152.165705126	117.82654008
8/26/2024	170.115618696	157.268010075	157.268010075	152.031657892	151.962329521	117.910201291
8/27/2024	170.04092123	157.207624504	157.207624504	151.94584072	151.875912187	118.055107985
8/28/2024	170.245185145	157.329388145	157.329388145	152.072676181	152.00339202	118.071957569
8/29/2024	170.457535872	157.937229468	157.937229468	152.68442848	152.614917016	118.195672005
8/30/2024	170.274861673	158.037081684	158.037081684	152.789308208	152.720311198	118.210924869
8/31/2024	169.979555348	157.767830035	157.767830035	152.528456121	152.459520212	118.025215506
9/1/2024	170.418551256	158.210620964	158.210620964	152.956647013	152.887192062	118.329335994
9/2/2024	170.311565791	157.963691417	157.963691417	152.718060452	152.648633653	118.081163534
9/3/2024	169.90263298	157.87964816	157.87964816	152.619178958	152.549735268	118.12098428
9/4/2024	170.263988779	158.083285848	158.083285848	152.891873175	152.822617096	118.128267807
9/5/2024	169.975738455	158.033982876	158.033982876	152.871725645	152.802426886	118.099392311
9/6/2024	169.907203535	158.081342144	158.081342144	152.811778762	152.742438018	118.133075576
9/7/2024	170.169838807	158.149339624	158.149339624	152.865302354	152.796054617	118.094548512
9/8/2024	170.107382001	158.296221047	158.296221047	153.003272981	152.933622494	118.177509123
9/9/2024	170.791400351	158.802322647	158.802322647	153.530289967	153.461630853	118.539409927
9/10/2024	170.601319752	158.887026422	158.887026422	153.610609666	153.54127782	118.433539059
9/11/2024	170.597118629	158.907488138	158.907488138	153.623980144	153.554865382	118.416549802
9/12/2024	170.327455714	158.884384454	158.884384454	153.593916421	153.524621207	118.373416045
9/13/2024	171.07324771	159.515461527	159.515461527	154.197956809	154.128499356	118.608616138
9/14/2024	171.742587308	159.966645055	159.966645055	154.632245724	154.562740238	119.047660344
9/15/2024	171.389169401	159.8284752	159.8284752	154.492455794	154.422975958	118.931099377
9/16/2024	170.980409356	159.322137228	159.322137228	153.991370548	153.92200054	118.689782497
9/17/2024	171.567320972	159.73926962	159.73926962	154.44499555	154.377841081	118.9721046
9/18/2024	171.791255283	159.577327588	159.577327588	154.328364226	154.260606189	118.896720603
9/19/2024	171.697896111	159.574993018	159.574993018	154.431684302	154.362440805	118.997000159
9/20/2024	172.238241635	159.826639937	159.826639937	154.762469653	154.692989817	119.161364466
9/21/2024	172.494324165	160.061738325	160.061738325	154.992004639	154.924024791	119.276518054
9/22/2024	172.376046178	159.935512478	159.935512478	154.878345751	154.809257264	119.157360693
9/23/2024	172.289733553	159.992629785	159.992629785	154.888016377	154.818782055	119.209005948
9/24/2024	172.31289522	160.054470881	160.054470881	155.029188593	154.961393367	119.190344327
9/25/2024	172.519952929	160.22963718	160.22963718	155.15948272	155.089971256	119.274429856
9/26/2024	172.95903898	160.555672336	160.555672336	155.473260393	155.404063329	119.347429356
9/27/2024	172.682824471	160.501532971	160.501532971	155.497804639	155.428628081	119.381689597
9/28/2024	172.702872837	160.519618059	160.519618059	155.513573163	155.445278428	119.406925003
9/29/2024	172.669912321	160.528030405	160.528030405	155.499031564	155.430705618	119.462461852
9/30/2024	172.038875615	159.868469253	159.868469253	154.836471655	154.768150853	119.594589074
10/1/2024	172.440222011	159.854810276	159.854810276	155.02552974	154.958460005	119.650346135
10/2/2024	172.551868483	160.063860262	160.063860262	155.030132371	154.960736088	119.633735737
10/3/2024	172.400423197	159.980975575	159.980975575	154.976502616	154.907686892	119.613458484
10/4/2024	172.465254823	159.980163306	159.980163306	154.978645849	154.909552358	119.613173396
10/5/2024	173.243114521	160.528714234	160.528714234	155.521950725	155.45330732	120.029038935
10/6/2024	172.019357274	159.614507192	159.614507192	154.607363982	154.538888586	119.268972945
10/7/2024	172.568239006	160.18884041	160.18884041	154.968472336	154.899152585	119.800509802
10/8/2024	172.618627895	159.802210164	159.802210164	154.594468937	154.526177052	119.733298919
10/9/2024	172.673093067	159.503894573	159.503894573	154.325340465	154.256472469	119.728449348
10/10/2024	172.263579425	159.366010189	159.366010189	154.200161295	154.131040486	119.678684469
10/11/2024	172.598760272	159.640186357	159.640186357	154.495316108	154.426169162	119.713343886
10/12/2024	172.877762869	159.716118339	159.716118339	154.55951271	154.490547328	119.731227066
10/13/2024	173.184800568	159.986010116	159.986010116	154.835911234	154.767590571	119.97068952
10/14/2024	172.451615138	159.557616016	159.557616016	154.443318285	154.374456962	119.759196663
10/15/2024	172.435729122	159.534800918	159.534800918	154.419101938	154.350282669	119.729083804
10/16/2024	172.122567382	159.551238778	159.551238778	154.423942167	154.3553518	119.849731302
10/17/2024	172.090816288	159.609530065	159.609530065	154.51022316	154.442131398	119.987498938
10/18/2024	172.369649704	159.900627067	159.900627067	154.794754244	154.726907649	120.061403581
10/19/2024	172.391207957	159.840947156	159.840947156	154.738233988	154.670833101	120.029907529
10/20/2024	172.284994907	159.725370422	159.725370422	154.617042062	154.550143812	119.892595237
10/21/2024	172.463750197	159.633726285	159.633726285	154.596335571	154.529350672	120.113836282
10/22/2024	172.298987347	159.399191225	159.399191225	154.427905968	154.359912043	120.080509533
10/23/2024	171.800423357	159.173246359	159.173246359	154.220425432	154.152869775	120.108145288
10/24/2024	171.151775198	158.729713091	158.729713091	153.794191858	153.726411268	119.682255894
10/25/2024	172.000664872	159.41546958	159.41546958	154.532599807	154.464576955	120.083115641
10/26/2024	172.088266686	159.50591981	159.50591981	154.578066091	154.510235766	120.157096379
10/27/2024	172.500479835	159.828278638	159.828278638	154.919362224	154.853636935	120.439762853
10/28/2024	171.682941221	159.272617424	159.272617424	154.405685547	154.337760323	119.942921071
10/29/2024	172.300901894	159.904700402	159.904700402	155.002386932	154.934369743	120.436072197
10/30/2024	172.533908834	160.195106663	160.195106663	155.266391863	155.199040603	120.421539375
10/31/2024	171.985479666	159.651031937	159.651031937	154.832493777	154.764557228	120.343914501
11/1/2024	172.420240118	160.086204025	160.086204025	155.201875666	155.135420658	120.512798318
11/2/2024	172.515963521	160.072904063	160.072904063	155.2062314	155.138979815	120.349357582
11/3/2024	172.813206833	160.33623943	160.33623943	155.456768673	155.388635231	120.534696883
11/4/2024	174.157588337	161.688548251	161.688548251	156.802458968	156.734326618	121.631435316
11/5/2024	174.25697159	161.950184077	161.950184077	157.185940743	157.114510742	121.629599057
11/6/2024	176.028783341	163.919100755	163.919100755	159.124597754	159.056412871	122.240701088
11/7/2024	176.716995607	164.222106509	164.222106509	159.509920666	159.441763892	122.604212427
11/8/2024	177.851181253	165.313853758	165.313853758	160.572605673	160.504313952	123.428055689
11/9/2024	177.894375918	165.507478425	165.507478425	160.769919239	160.701857295	123.818981278
11/10/2024	179.083892595	166.589305316	166.589305316	161.848019994	161.779455379	124.585944103
11/11/2024	179.742593178	167.476554939	167.476554939	162.752968868	162.685046237	125.803947511
11/12/2024	179.882586447	167.849423364	167.849423364	163.23075026	163.162654136	126.732726773
11/13/2024	180.902759115	168.835327651	168.835327651	164.181276043	164.11356777	127.544683612
11/14/2024	183.143465643	170.87607201	170.87607201	166.223252386	166.156125377	129.320717439
11/15/2024	183.354857174	170.76071115	170.76071115	166.117603375	166.050006579	129.191516826
11/16/2024	183.717553926	171.02276342	171.02276342	166.365423732	166.297403268	129.262789163
11/17/2024	184.104735427	171.311872735	171.311872735	166.649016598	166.581413662	129.567822731
11/18/2024	184.2960511	171.622536851	171.622536851	166.977303227	166.909421325	129.587523499
11/19/2024	184.935517767	172.20105383	172.20105383	167.499488476	167.431531051	130.072324581
11/20/2024	186.705322379	174.028727214	174.028727214	169.296380447	169.229438187	131.375440876
11/21/2024	187.542556148	174.797870312	174.797870312	170.057318861	169.991115121	131.822571018
11/22/2024	189.424951602	176.576565508	176.576565508	171.866647044	171.799029713	133.006293477
11/23/2024	191.210657863	178.234201324	178.234201324	173.474765602	173.406722556	134.281468937
11/24/2024	191.532106878	178.454719007	178.454719007	173.726068827	173.657299542	134.559060377
11/25/2024	190.421292456	177.685435583	177.685435583	172.970120098	172.902320201	134.332692404
11/26/2024	190.77990725	177.932733634	177.932733634	173.315792178	173.248153629	134.722943242
11/27/2024	192.431385614	179.490107764	179.490107764	174.764205044	174.69882326	135.137486676
11/28/2024	193.317730119	180.305765602	180.305765602	175.578207697	175.510213294	136.101818194
11/29/2024	194.007109473	180.960866868	180.960866868	176.212800854	176.143554005	136.40798013
11/30/2024	192.099095952	179.140958381	179.140958381	174.461647789	174.392673833	134.52683349
12/1/2024	192.353918791	179.406621011	179.406621011	174.707856211	174.640832765	134.611017547
12/2/2024	193.110987147	179.993389039	179.993389039	175.28752089	175.2243314	135.282385653
12/3/2024	193.477279239	180.352527937	180.352527937	175.657768285	175.591869163	135.473574254
12/4/2024	194.772853731	181.595029757	181.595029757	176.954688556	176.888985371	136.317523367
12/5/2024	195.334518387	181.955460456	181.955460456	177.39125103	177.323831001	137.112253358
12/6/2024	196.39996395	183.921705266	183.921705266	179.3726614	179.305023397	138.176856741
12/7/2024	196.753056321	184.133759467	184.133759467	179.592330259	179.532914961	138.401080741
12/8/2024	197.598014309	183.91484131	183.91484131	179.339257519	179.27577576	138.337361929
12/9/2024	197.600600338	183.942324793	183.942324793	179.46348702	179.393012148	138.781859312
12/10/2024	197.890873227	184.183513185	184.183513185	179.68204146	179.616808608	138.915791058
12/11/2024	200.008118425	186.195928422	186.195928422	181.673589013	181.603796376	140.00580045
12/12/2024	200.354214228	186.505253687	186.505253687	182.004318226	181.937383948	140.40491098
12/13/2024	201.222739283	187.02153669	187.02153669	182.498581649	182.431552541	140.448004125
12/14/2024	201.458286894	187.182640769	187.182640769	182.643084681	182.575008888	140.537641436
12/15/2024	201.525837488	187.234058588	187.234058588	182.732551566	182.664513159	140.568004125
12/16/2024	201.868088209	187.751485442	187.751485442	183.219914273	183.153738845	140.758577764
12/17/2024	202.042167216	188.020186433	188.020186433	183.479260517	183.412680115	140.880782929
12/18/2024	201.927190106	187.846473008	187.846473008	183.330542737	183.258839842	140.922490659
12/19/2024	202.14822511	187.948460994	187.948460994	183.439030443	183.370261158	140.886878527
12/20/2024	201.869811826	187.648644358	187.648644358	183.210058497	183.14204506	140.385777553
12/21/2024	201.830197333	187.560940009	187.560940009	183.113889356	183.04742432	140.061740871
12/22/2024	202.435912901	187.879688434	187.879688434	183.463594027	183.394483624	140.292853908
12/23/2024	201.882109861	187.20573436	187.20573436	182.776950003	182.709075401	139.688611814
12/24/2024	202.093676383	187.224499903	187.224499903	182.783887088	182.716873057	139.66497467
12/25/2024	202.205242681	187.354492681	187.354492681	182.885552794	182.821048637	139.675859154
12/26/2024	202.521555054	187.542821289	187.542821289	183.063978581	182.995924142	139.53185765
12/27/2024	202.600505424	187.319593573	187.319593573	182.870854666	182.80274367	139.272991974
12/28/2024	202.349624236	187.339895481	187.339895481	182.89154322	182.823984629	139.205722458
12/29/2024	201.826154237	186.833062854	186.833062854	182.505770979	182.437479258	138.851015375
12/30/2024	201.182576587	186.114818423	186.114818423	181.698021726	181.630179394	137.825770033
12/31/2024	200.729895751	185.746906908	185.746906908	181.368453285	181.300524923	137.388677499
1/1/2025	200.179769269	185.464138342	185.464138342	181.169826934	181.10196937	137.416189761
1/2/2025	201.997685035	186.478858766	186.478858766	182.069516216	182.001397306	137.56283174
1/3/2025	203.638588324	187.307170798	187.307170798	182.858754472	182.790719135	137.474579521
1/4/2025	203.508307296	187.583300736	187.583300736	183.121254957	183.052015617	137.521413557
1/5/2025	203.383185593	187.661926171	187.661926171	183.187586498	183.120180591	137.563370382
1/6/2025	203.586557662	187.892496798	187.892496798	183.403763372	183.341298493	137.645514579
1/7/2025	203.060962151	187.47658509	187.47658509	183.029115036	182.9662956	137.505135441
1/8/2025	203.248040747	187.742028518	187.742028518	183.297968619	183.234681898	137.935774895
1/9/2025	203.233520193	187.708471517	187.708471517	183.245202193	183.187326228	137.761713901
1/10/2025	203.514347946	187.962910209	187.962910209	183.53150449	183.471494358	137.7222411
1/11/2025	203.455005446	187.882114631	187.882114631	183.466216066	183.408958012	137.665311556
1/12/2025	203.7748879	188.03056921	188.03056921	183.541138821	183.481016721	137.735645823
1/13/2025	203.69190465	187.722319176	187.722319176	183.208254091	183.148508726	137.530090663
1/14/2025	203.959923108	187.905346755	187.905346755	183.381097751	183.320633395	137.582647233
1/15/2025	204.858199379	188.748118992	188.748118992	184.071847454	184.011451997	137.762258053
1/16/2025	205.079563731	188.945652633	188.945652633	184.319636793	184.258964773	137.802584445
1/17/2025	206.808446583	190.67932976	190.67932976	185.960147988	185.899755677	138.480973594
1/18/2025	206.816153813	190.786233892	190.786233892	186.122086327	186.064514932	138.531794731
1/19/2025	207.476232253	191.412838034	191.412838034	186.817529557	186.758230007	138.52971713
1/20/2025	207.647362241	191.605644386	191.605644386	186.999026744	186.939978714	138.761501548
1/21/2025	210.309999028	194.399790848	194.399790848	189.753562842	189.69381415	138.819926586
1/22/2025	211.573477983	195.432535056	195.432535056	190.772474402	190.712557849	139.155191071
1/23/2025	212.320298931	195.930551	195.930551	191.258726554	191.199231075	139.23652074
1/24/2025	212.941445681	196.713499823	196.713499823	192.003072782	191.94299242	139.763773679
1/25/2025	212.983183159	196.676807754	196.676807754	191.957126683	191.897646932	139.767735496
1/26/2025	212.940006083	196.630427643	196.630427643	191.911349577	191.850972449	139.760049115
1/27/2025	213.198805208	196.863324471	196.863324471	192.234970347	192.175069461	139.822724633
1/28/2025	213.698826621	197.173141153	197.173141153	192.499727487	192.439351024	139.923109874
1/29/2025	213.919757294	197.323764229	197.323764229	192.623001988	192.562700049	139.982628523
1/30/2025	214.58833774	197.862373599	197.862373599	193.167790351	193.108109469	139.968547355
1/31/2025	214.779521749	197.983771674	197.983771674	193.311929004	193.253077689	139.945461409
2/1/2025	214.840953511	197.9454548	197.9454548	193.303938937	193.24408239	139.940662041
2/2/2025	214.924846144	198.092890042	198.092890042	193.516465715	193.45861933	140.116092699
2/3/2025	215.760041439	199.008629617	199.008629617	194.468600294	194.407625822	139.934356581
2/4/2025	218.524070423	200.879003788	200.879003788	196.345855091	196.28574769	141.281000185
2/5/2025	219.855481253	201.801910827	201.801910827	197.269471153	197.208738643	141.868639474
2/6/2025	220.328291288	202.150997426	202.150997426	197.585105067	197.52505864	141.827071091
2/7/2025	221.454758512	202.990125398	202.990125398	198.427975411	198.367643469	142.12649183
2/8/2025	221.531092917	202.788203626	202.788203626	198.27117595	198.21050393	142.199011789
2/9/2025	221.673259309	202.909038845	202.909038845	198.406587587	198.346337368	142.191510636
2/10/2025	221.641469018	203.010179659	203.010179659	198.525813522	198.465778831	142.323303749
2/11/2025	221.647236731	202.911270505	202.911270505	198.406369438	198.34587889	142.266481024
2/12/2025	221.848338519	203.036890864	203.036890864	198.518385798	198.458314026	142.417199851
2/13/2025	222.079642696	202.944431121	202.944431121	198.385454165	198.325169224	142.225869513
2/14/2025	222.395816316	203.451212217	203.451212217	198.868170567	198.808120995	142.413856453
2/15/2025	222.521005098	203.51952155	203.51952155	198.902185654	198.842514692	142.412375399
2/16/2025	222.720806862	203.572123708	203.572123708	198.953954522	198.893860852	142.412375399
2/17/2025	222.409984013	203.336098913	203.336098913	198.700912248	198.640448074	142.163336327
2/18/2025	222.331409595	203.011352251	203.011352251	198.365007031	198.304666197	142.066249126
2/19/2025	223.129875783	203.63559983	203.63559983	198.948556811	198.888277435	142.682643615
2/20/2025	222.989219925	203.763445008	203.763445008	199.023177975	198.963175162	142.752651764
2/21/2025	223.710105735	204.827032405	204.827032405	200.204126409	200.144461133	142.9514164
2/22/2025	223.498030346	204.776171713	204.776171713	200.107230817	200.046619288	142.951416393
2/23/2025	223.667510793	204.81753521	204.81753521	200.118719034	200.058864302	142.857128577
2/24/2025	223.051165926	203.928977868	203.928977868	199.302955479	199.242547621	142.667676864
2/25/2025	221.959465099	203.087039621	203.087039621	198.682910035	198.622471811	142.332418484
2/26/2025	221.308133885	202.652627314	202.652627314	198.353157456	198.292792486	142.23163581
2/27/2025	221.279963581	202.509091008	202.509091008	198.222476181	198.162157789	142.525896059
2/28/2025	222.190675371	203.427697815	203.427697815	199.082545763	199.022055215	142.586943414
3/1/2025	221.425408904	203.589827073	203.589827073	199.23133995	199.170728421	142.739869168
3/2/2025	221.464561039	203.569357408	203.569357408	199.172699896	199.112529101	142.684548875
3/3/2025	221.514440063	203.518812063	203.518812063	199.125247522	199.064812202	142.848550247
3/4/2025	222.028554268	203.866685065	203.866685065	199.459885527	199.39942353	142.862979376
3/5/2025	223.014426946	204.800281602	204.800281602	200.391486358	200.331093139	143.08671135
3/6/2025	223.106794505	204.83992056	204.83992056	200.422085464	200.361698778	143.108096504
3/7/2025	224.036397303	205.79740874	205.79740874	201.394140878	201.333735924	143.18541726
3/8/2025	224.135403262	205.827288193	205.827288193	201.426757684	201.366432154	143.2590427
3/9/2025	224.016653483	205.734655116	205.734655116	201.347218408	201.28683021	143.200297503
3/10/2025	223.624229939	205.491990627	205.491990627	201.216144232	201.155741637	143.300960349
3/11/2025	224.336504851	205.886017794	205.886017794	201.671529049	201.61115186	143.525244008
3/12/2025	224.579561665	206.383132472	206.383132472	202.160377134	202.099826095	143.678737175
3/13/2025	224.828860125	206.379882543	206.379882543	202.194612672	202.134184792	143.748815811
3/14/2025	225.359468901	206.741605495	206.741605495	202.536203539	202.475837238	143.836896633
3/15/2025	225.494305175	206.844795718	206.844795718	202.62072738	202.560571708	143.827259557
3/16/2025	225.452115073	206.778197401	206.778197401	202.552670268	202.492058739	143.825677336
3/17/2025	225.621934755	207.147872632	207.147872632	202.918636092	202.858362161	144.041499822
3/18/2025	225.755960928	207.25480034	207.25480034	203.01158717	202.951140054	144.100778448
3/19/2025	226.294323006	207.741787633	207.741787633	203.478244715	203.420293265	144.204251547
3/20/2025	226.06749189	207.523241651	207.523241651	203.301471876	203.243620582	143.883754562
3/21/2025	226.922184996	208.036523057	208.036523057	203.872791249	203.815188087	144.166459229
3/22/2025	227.878640791	208.025110586	208.025110586	203.862066433	203.804298448	144.217665673
3/23/2025	228.128323372	208.197767448	208.197767448	204.016346367	203.95853832	144.224155757
3/24/2025	228.997879497	208.602059968	208.602059968	204.284056374	204.226321562	144.459985751
3/25/2025	229.760601963	209.174298445	209.174298445	204.865523599	204.807572149	144.698008877
3/26/2025	229.882103007	209.389502897	209.389502897	205.072021023	205.01401168	144.839155508
3/27/2025	229.321282795	209.373858949	209.373858949	205.081787778	205.024147969	144.807717547
3/28/2025	228.84379201	208.907957946	208.907957946	204.765828522	204.708136262	144.457723251
3/29/2025	229.119344534	208.970441081	208.970441081	204.820416586	204.762573918	144.464659666
3/30/2025	229.105732336	209.086005326	209.086005326	204.932489523	204.874595967	144.616291852
3/31/2025	229.282079908	209.12813195	209.12813195	204.930292083	204.872458562	144.731665618
4/1/2025	229.405471859	209.137897369	209.137897369	204.90916033	204.851391361	144.727200008
4/2/2025	229.848923158	209.649045677	209.649045677	205.480460207	205.422632881	144.754922251
4/3/2025	230.018064659	209.813562907	209.813562907	205.646313095	205.588419539	144.734168751
4/4/2025	229.543860118	209.453752623	209.453752623	205.331836805	205.273827462	144.716239738
4/5/2025	229.248709784	209.445798034	209.445798034	205.297295986	205.23963383	144.655271475
4/6/2025	228.846864611	209.072426613	209.072426613	204.940187963	204.882375979	144.517737938
4/7/2025	228.631878198	209.122156773	209.122156773	205.013843406	204.956100663	144.751594183
4/8/2025	228.273810463	208.888558076	208.888558076	204.843098498	204.785474436	144.67028902
4/9/2025	228.429810371	209.045456201	209.045456201	205.005027324	204.947421904	144.975956402
4/10/2025	228.325415194	208.810725568	208.810725568	204.79725579	204.739014873	144.791330664
4/11/2025	228.265161469	209.059169152	209.059169152	205.075823926	205.01795289	144.941453849
4/12/2025	228.641860523	209.276288414	209.276288414	205.278480273	205.220413036	145.156651309
4/13/2025	228.449470982	209.069498032	209.069498032	205.071016494	205.013206015	144.99180756
4/14/2025	228.436528694	209.307437274	209.307437274	205.299257109	205.241189872	144.988134604
4/15/2025	228.912992066	209.743030084	209.743030084	205.701532982	205.644010652	145.230969405
4/16/2025	229.098463653	210.078518288	210.078518288	206.019419802	205.961511533	145.411564253
4/17/2025	229.629291537	210.412596232	210.412596232	206.356868639	206.299166632	145.3891311
4/18/2025	229.16120755	209.968457809	209.968457809	205.972482465	205.914700993	145.019803019
4/19/2025	229.236397368	210.182317902	210.182317902	206.16358302	206.105839055	145.212905298
4/20/2025	229.41161572	210.176747841	210.176747841	206.154472887	206.096807694	145.204655279
4/21/2025	229.610818189	210.302988847	210.302988847	206.252487071	206.194740679	145.254984859
4/22/2025	230.825038685	211.712040353	211.712040353	207.590461538	207.532668854	145.771856311
4/23/2025	231.332295411	212.240376064	212.240376064	208.127626216	208.069904444	146.144939953
4/24/2025	232.382371679	213.138948546	213.138948546	209.015841494	208.958092212	146.727569017
4/25/2025	233.005072417	213.43292263	213.43292263	209.290533277	209.232509422	146.823288025
4/26/2025	233.641504853	214.178697459	214.178697459	210.032582015	209.975578952	147.695285561
4/27/2025	233.629106384	214.201985513	214.201985513	210.05026742	209.992862525	147.890535534
4/28/2025	234.313590801	214.84043756	214.84043756	210.725731194	210.66849332	148.611733563
4/29/2025	234.394506078	215.112352721	215.112352721	210.99614751	210.938478213	148.905522663
4/30/2025	234.670272415	215.033588045	215.033588045	210.916071816	210.858361486	149.333119679
5/1/2025	234.859993352	215.173890826	215.173890826	211.069969562	211.012331069	149.440079658
5/2/2025	235.328915586	215.461492545	215.461492545	211.358094013	211.301099215	149.711823199
5/3/2025	235.669808881	215.711066562	215.711066562	211.601400373	211.54373437	149.981823181
5/4/2025	235.652543727	215.700187593	215.700187593	211.564615766	211.507752446	149.974724245
5/5/2025	235.464142666	215.768395974	215.768395974	211.656598332	211.598805648	149.821728381
5/6/2025	234.762538702	215.269973081	215.269973081	211.11427987	211.05685521	150.106836051
5/7/2025	234.867339129	215.319626114	215.319626114	211.15320547	211.092523152	150.178795118
5/8/2025	235.469897363	215.536760741	215.536760741	211.304242723	211.246453738	150.350804952
5/9/2025	235.37928979	215.485927264	215.485927264	211.147743822	211.08914204	150.393604947
5/10/2025	235.650014343	215.765385774	215.765385774	211.392540935	211.334981791	150.514671503
5/11/2025	235.645648581	215.911789187	215.911789187	211.471749021	211.414145435	150.615671502
5/12/2025	235.047402515	215.596005393	215.596005393	211.115559788	211.057801895	150.663236041
5/13/2025	234.863858441	215.628777315	215.628777315	211.111829999	211.054498789	150.926534831
5/14/2025	235.313565068	216.05401238	216.05401238	211.526596791	211.469043947	151.333639504
5/15/2025	235.796107702	216.394760748	216.394760748	211.877263729	211.820033194	151.745623801
5/16/2025	236.310604939	216.818468432	216.818468432	212.304427738	212.247888173	151.802073801
5/17/2025	236.357024121	216.863960463	216.863960463	212.353995137	212.295971282	151.901465555
5/18/2025	236.473393756	216.948472621	216.948472621	212.448766409	212.391303259	152.051465524
5/19/2025	236.394372161	216.864771732	216.864771732	212.368299143	212.310637417	152.28672939
5/20/2025	236.697715871	217.11368594	217.11368594	212.590479025	212.532857234	152.473429748
5/21/2025	237.721225487	218.138800422	218.138800422	213.60221208	213.544711307	152.809591181
5/22/2025	238.223091457	218.70157659	218.70157659	214.049360736	213.992153261	153.131132875
5/23/2025	238.566651984	219.172414907	219.172414907	214.659915874	214.602418684	153.333908216
5/24/2025	238.866503816	219.248577332	219.248577332	214.726311283	214.669024458	153.364622848
5/25/2025	238.846446991	219.194729239	219.194729239	214.674698836	214.617347052	153.364622847
5/26/2025	239.081313388	219.052148076	219.052148076	214.537539177	214.480944246	153.336099489
5/27/2025	238.83177234	219.039671687	219.039671687	214.506717354	214.449322341	153.54508701
5/28/2025	238.805923009	219.016569727	219.016569727	214.440666701	214.383608562	153.582796589
5/29/2025	238.915643938	219.060001654	219.060001654	214.352103913	214.295022715	153.69231596
5/30/2025	239.055517181	219.042431063	219.042431063	214.330069797	214.273042461	153.658825957
5/31/2025	239.192146041	219.124497458	219.124497458	214.340548404	214.283607815	153.723758271
6/1/2025	239.451050234	219.077921073	219.077921073	214.317277253	214.259555192	153.763502089
6/2/2025	240.047125808	219.113095005	219.113095005	214.796683843	214.73928623	154.07228369
6/3/2025	240.71885776	219.651978579	219.651978579	215.277117866	215.220516462	154.288119435
6/4/2025	241.023917831	219.984729408	219.984729408	215.664305623	215.607459063	154.488400144
6/5/2025	240.810586664	219.723356351	219.723356351	215.397845267	215.340258845	154.761323879
6/6/2025	241.517553182	220.186961386	220.186961386	215.828399424	215.770433362	155.115000492
6/7/2025	241.861161938	220.458845528	220.458845528	216.107899011	216.050693674	155.407500492
6/8/2025	241.861057282	220.455186784	220.455186784	216.102634784	216.045010334	155.407500531
6/9/2025	242.211293246	221.040957	221.040957	216.664331253	216.606790025	156.015285591
6/10/2025	241.947266989	220.748854652	220.748854652	216.341173465	216.2837039	155.670088658
6/11/2025	242.465346816	221.346036052	221.346036052	216.901418769	216.843867023	156.031051481
6/12/2025	242.4408892	221.233329602	221.233329602	216.82165439	216.763866676	156.034350481
6/13/2025	243.226295637	222.098030825	222.098030825	217.723187446	217.665592471	156.311510783
6/14/2025	243.11020956	222.018170816	222.018170816	217.651761056	217.593910579	156.288710782
6/15/2025	243.120063875	221.993318863	221.993318863	217.631919644	217.57546174	156.2625344
6/16/2025	243.014099806	221.952427619	221.952427619	217.589333649	217.531890206	156.350343711
6/17/2025	243.182630773	222.087660189	222.087660189	217.538738741	217.481059908	156.397425951
6/18/2025	243.213942868	222.370507895	222.370507895	217.755390165	217.697743523	156.49392595
6/19/2025	243.0609219	222.260063352	222.260063352	217.775213102	217.717614832	156.674248726
6/20/2025	242.874013876	222.012685249	222.012685249	217.55782254	217.5001392	156.688688065
6/21/2025	242.869460445	222.001095392	222.001095392	217.544956414	217.487266601	156.600188057
6/22/2025	243.062234833	222.273751578	222.273751578	217.819476594	217.761337154	156.907307133
6/23/2025	242.510742719	221.667984817	221.667984817	217.298774125	217.241245091	155.908804295
6/24/2025	244.356094836	223.410043533	223.410043533	219.046507421	218.989651961	157.394434423
6/25/2025	244.187529674	223.76300495	223.76300495	219.428330006	219.371529853	157.917318269
6/26/2025	244.410102591	224.030123085	224.030123085	219.696118563	219.638152501	158.266828122
6/27/2025	244.684525301	224.085955638	224.085955638	219.758606085	219.701003423	158.303889518
6/28/2025	245.011552909	224.226880498	224.226880498	219.902979429	219.845196107	158.444090587
6/29/2025	245.014177397	224.200007264	224.200007264	219.906956758	219.849355657	158.520790585
6/30/2025	245.263440516	224.321324736	224.321324736	220.038504902	219.981528886	158.754090584
7/1/2025	245.476663812	224.347257053	224.347257053	220.074306528	220.016513844	158.695019985
7/2/2025	245.85260914	224.955381157	224.955381157	220.673629719	220.615779242	159.155198929
7/3/2025	246.4227287	225.571580082	225.571580082	221.283942992	221.22624058	159.305664246
7/4/2025	246.579281373	225.66732109	225.66732109	221.343522052	221.285743469	159.478756035
7/5/2025	246.804539066	225.697496925	225.697496925	221.379129639	221.321336955	159.478756029
7/6/2025	246.834851482	225.740880091	225.740880091	221.416739622	221.359032818	159.456653254
7/7/2025	246.709274407	225.561176596	225.561176596	221.259301709	221.201451232	159.520682149
7/8/2025	246.610672119	225.493544939	225.493544939	221.181073391	221.123222914	159.455682148
7/9/2025	247.067062779	226.128005359	226.128005359	221.79963487	221.741668808	159.689388348
7/10/2025	248.068117085	226.951401112	226.951401112	222.612593497	222.554984189	159.99483608
7/11/2025	248.559831854	227.640850844	227.640850844	223.318153086	223.260493383	160.15005526
7/12/2025	248.847771526	228.04391029	228.04391029	223.736324691	223.678818254	160.394357834
7/13/2025	249.017320443	228.197154324	228.197154324	223.874777441	223.817133168	160.394357833
7/14/2025	248.637902619	228.068858817	228.068858817	223.752581831	223.694808161	160.54575783
7/15/2025	247.552375899	227.147218107	227.147218107	222.826069547	222.768994706	160.669087149
7/16/2025	250.265943537	229.570854921	229.570854921	225.225490974	225.167582705	162.039387242
7/17/2025	251.044001373	230.115118137	230.115118137	225.757621208	225.699423975	161.631554286
7/18/2025	251.523402549	230.784611408	230.784611408	226.401833182	226.346696889	161.98357921
7/19/2025	251.888577485	230.974237477	230.974237477	226.60721208	226.55248045	162.359770647
7/20/2025	252.276329862	231.00616789	231.00616789	226.653596354	226.598956508	162.531584793
7/21/2025	252.726545717	231.699161939	231.699161939	227.34104084	227.286220563	162.855465485
7/22/2025	253.261275917	231.903034176	231.903034176	227.550769752	227.495923283	163.023658144
7/23/2025	254.234898677	231.962685535	231.962685535	227.609908638	227.554997183	163.208856646
7/24/2025	255.377092748	233.10821921	233.10821921	228.771701783	228.716780863	163.910480196
7/25/2025	255.189830132	232.305412746	232.305412746	227.977662875	227.922881392	163.908480684
7/26/2025	255.804019286	232.825531744	232.825531744	228.455262074	228.400252122	164.437379973
7/27/2025	256.154831098	232.816637288	232.816637288	228.449977127	228.395280824	164.434420097
7/28/2025	255.759538216	232.279526843	232.279526843	227.916018436	227.861190455	164.225730295
7/29/2025	255.832264671	232.336164897	232.336164897	227.987955616	227.93315779	164.365520605
7/30/2025	256.485944078	232.64174361	232.64174361	228.297366279	228.242433253	164.55873777
7/31/2025	257.106969657	232.83115331	232.83115331	228.495779136	228.441329021	164.601365339
8/1/2025	257.376381017	233.068404402	233.068404402	228.762742096	228.707736766	164.715477935
8/2/2025	257.38489497	232.981258447	232.981258447	228.675872421	228.62089796	164.748979754
8/3/2025	257.939486655	232.972849694	232.972849694	228.642517394	228.587381101	164.73321787
8/4/2025	258.452923131	233.205444192	233.205444192	228.873707988	228.818681748	164.698218478
8/5/2025	258.653701437	233.435189008	233.435189008	229.108528291	229.05278671	164.74899328
8/6/2025	258.723661256	233.2592236	233.2592236	228.942830373	228.887876162	164.521910565
8/7/2025	259.680783427	234.104386453	234.104386453	229.742902596	229.689829512	165.186565785
8/8/2025	260.256481614	234.538248262	234.538248262	230.163218593	230.108935152	165.053491593
8/9/2025	260.960674038	234.757713954	234.757713954	230.365663707	230.311505286	165.26048158
8/10/2025	260.32669508	233.97048028	233.97048028	229.574333213	229.519345326	164.554180218
8/11/2025	261.017973842	234.56432313	234.56432313	230.106745577	230.05174707	164.824755337
8/12/2025	261.218490709	234.553467577	234.553467577	230.106745577	230.769970158	164.578283964
8/13/2025	263.522207248	236.608339325	236.608339325	232.102581189	232.04814395	165.25234434
8/14/2025	265.168039435	238.530190066	238.530190066	233.914662337	233.859959816	166.316807752
8/15/2025	266.36471193	239.095516411	239.095516411	234.47235705	234.417346107	166.494712113
8/16/2025	266.369747289	239.09510495	239.09510495	234.47235705	234.418297146	166.494712113
8/17/2025	267.126481526	239.652404241	239.652404241	234.954728598	234.900312984	167.00686089
8/18/2025	266.950241686	239.652084377	239.652084377	234.954728598	235.022814969	167.158301216
8/19/2025	266.974768036	239.64004566	239.64004566	234.783315017	234.728523574	167.271227574
8/20/2025	267.125391486	239.639249156	239.639249156	234.783315017	234.686438695	167.229075225
8/21/2025	265.968949201	238.383235881	238.383235881	233.598127799	233.543128742	166.880136932
8/22/2025	265.834726424	238.384226604	238.384226604	233.598127799	233.535883962	166.872625448
8/23/2025	267.110137125	239.174919323	239.174919323	234.304180094	234.249350242	167.090007703
8/24/2025	267.15145162	239.293319878	239.293319878	234.357192161	234.302246039	167.221537708
8/25/2025	268.980743933	241.131172564	241.131172564	236.006338443	235.95141103	167.23833346
8/26/2025	269.324378397	241.176088702	241.176088702	236.08447487	236.029546191	167.217333459
8/27/2025	269.770127718	241.741246129	241.741246129	236.548743522	236.494135921	167.383925958
8/28/2025	272.118293358	244.122987685	244.122987685	238.860524966	238.805333647	168.429502725
8/29/2025	272.225230802	244.236268633	244.236268633	239.014332796	238.959403072	167.600371918
8/30/2025	272.570823928	244.564792505	244.564792505	239.388566629	239.333645929	168.005950273
8/31/2025	273.247855647	245.181152232	245.181152232	240.050914802	239.996131283	167.960422397
9/1/2025	273.139113819	245.072365473	245.072365473	239.88447595	239.829477883	167.981863668
9/2/2025	272.306546456	244.176684532	244.176684532	239.017261135	238.962179869	166.871763653
9/3/2025	273.871405607	245.750917091	245.750917091	240.604061127	240.549122048	168.285427737
9/4/2025	276.168151682	247.989573673	247.989573673	242.866012278	242.811040844	170.586184029
9/5/2025	274.576693471	246.17879367	246.17879367	241.094610192	241.040591537	168.825084008
9/6/2025	274.639364288	246.087290758	246.087290758	241.070359599	241.016439992	168.825084007
9/7/2025	274.419521942	246.022121764	246.022121764	241.010963181	240.956013372	168.825084004
9/8/2025	274.602510608	246.069545189	246.069545189	241.103826417	241.048875343	168.877363164
9/9/2025	274.961965183	246.341408814	246.341408814	241.370524744	241.315517763	169.048563162
9/10/2025	275.08217055	246.332438722	246.332438722	241.366510872	241.311780178	169.411163153
9/11/2025	275.827693474	246.728345099	246.728345099	241.749864544	241.694890524	169.682874987
9/12/2025	277.107254185	247.942935122	247.942935122	242.905573915	242.850722383	170.27255742
9/13/2025	277.744007105	248.462191927	248.462191927	243.360617984	243.306203085	170.535236555
9/14/2025	277.761430102	248.120153362	248.120153362	243.014251655	242.959360724	170.178989121
9/15/2025	277.991274698	248.517746153	248.517746153	243.423130113	243.368178819	170.624947838
9/16/2025	278.737033304	249.247293366	249.247293366	244.143356039	244.088410137	170.903775343
9/17/2025	278.926448118	249.524186569	249.524186569	244.430908944	244.376390486	171.220679162
9/18/2025	279.971036032	250.52518281	250.52518281	245.433083522	245.378207724	171.395619409
9/19/2025	280.746044287	250.91946957	250.91946957	245.809182014	245.754194127	172.019220193
9/20/2025	280.92522482	251.033089132	251.033089132	245.8876125	245.831925945	172.279220193
9/21/2025	280.902961738	251.021243725	251.021243725	245.820174689	245.764653213	172.143434396
9/22/2025	281.603354264	251.668618485	251.668618485	246.479509991	246.422722911	172.687580334
9/23/2025	282.44927009	251.833109947	251.833109947	246.664840541	246.60909896	173.008506231
9/24/2025	283.199544555	252.279316336	252.279316336	247.099476459	247.044230114	173.336087144
9/25/2025	283.413817869	252.683682296	252.683682296	247.318360721	247.263004323	173.57743787
9/26/2025	284.501682589	252.805936648	252.805936648	247.709488294	247.654479882	174.168318428
9/27/2025	284.753809556	252.912626895	252.912626895	247.839354831	247.784273565	174.376743851
9/28/2025	284.921653358	252.807745496	252.807745496	247.716457526	247.661458084	174.33561785
9/29/2025	285.373939412	252.917086716	252.917086716	247.840090915	247.785064675	174.592531943
9/30/2025	286.924534825	253.6266935	253.6266935	248.556505283	248.497792285	174.875230173
10/1/2025	287.960530929	254.454371193	254.454371193	249.383956897	249.328974238	175.565454174
10/2/2025	289.211784015	255.40287439	255.40287439	250.386762401	250.331781354	176.246763815
10/3/2025	290.732414555	256.942167556	256.942167556	251.895802014	251.84087566	176.679508043
10/4/2025	291.268742664	257.206092986	257.206092986	252.16508841	252.110230632	177.019405309
10/5/2025	290.801974949	256.899478276	256.899478276	251.874342275	251.819610809	176.929008734
10/6/2025	291.464388387	257.657588001	257.657588001	252.645638078	252.590520579	177.46371523
10/7/2025	292.42926833	258.294952903	258.294952903	253.284076848	253.228977657	177.909580029
10/8/2025	292.334618787	258.512912963	258.512912963	253.492224593	253.4371979	178.140779842
10/9/2025	292.562974748	258.498031579	258.498031579	253.414623695	253.359867747	178.036230155
10/10/2025	292.926830036	259.244818104	259.244818104	254.153699914	254.0986567	179.331179688
10/11/2025	292.382286921	260.360399828	260.360399828	255.24767343	255.192615789	180.06408455
10/12/2025	292.485487332	260.577776509	260.577776509	255.519219805	255.464221671	180.185446251
10/13/2025	292.832900458	260.643915935	260.643915935	255.644751955	255.589782162	180.246122371
10/14/2025	293.984257911	261.636417005	261.636417005	256.624031693	256.569181545	180.716279786
10/15/2025	294.637314019	262.150739182	262.150739182	257.11692125	257.062193396	181.396775161
10/16/2025	294.636800533	262.338051348	262.338051348	257.278095212	257.223210464	181.55546943
10/17/2025	295.034218487	262.544775961	262.544775961	257.505287789	257.450345955	181.734385615
10/18/2025	295.04050908	262.700576164	262.700576164	257.629764696	257.574880946	181.94105756
10/19/2025	295.365987144	262.676481546	262.676481546	257.580409451	257.525669357	181.923069831

Note: The key identifies series in order from top to bottom. USD is U.S. dollar.

Source: Llama Corp, DeFiLlama.

Return to text

Figure 4.6. Corporate bond holdings of mutual funds were stable in the first half of 2025

Billions of dollars (real)

Date	Corporate bonds
2000 Q1	410.8234410357
2000 Q2	406.875847826087
2000 Q3	390.672125153091
2000 Q4	356.862856311052
2001 Q1	365.491372536521
2001 Q2	368.898989350357
2001 Q3	364.657229776861
2001 Q4	450.193173553968
2002 Q1	461.78301400787
2002 Q2	513.173509575533
2002 Q3	495.422171369509
2002 Q4	496.236400691812
2003 Q1	501.560313588342
2003 Q2	552.123021705989
2003 Q3	557.499114841972
2003 Q4	547.915353903936
2004 Q1	594.383071410165
2004 Q2	512.189654594213
2004 Q3	513.670833558369
2004 Q4	526.040076980077
2005 Q1	498.64124037513
2005 Q2	502.164028435304
2005 Q3	465.598475990518
2005 Q4	465.208350566038
2006 Q1	478.063153351206
2006 Q2	461.62520710496
2006 Q3	462.684084732099
2006 Q4	487.412055554454
2007 Q1	493.05758935457
2007 Q2	482.766375619395
2007 Q3	468.921188757592
2007 Q4	456.278387726914
2008 Q1	444.386940595724
2008 Q2	468.961459750565
2008 Q3	431.812128464215
2008 Q4	398.182302021507
2009 Q1	420.279559163267
2009 Q2	491.662460235007
2009 Q3	553.18466083807
2009 Q4	631.771923609312
2010 Q1	728.545207534187
2010 Q2	735.611247954604
2010 Q3	824.180702777498
2010 Q4	945.4748135156
2011 Q1	990.294529333127
2011 Q2	993.186857308393
2011 Q3	901.636138908025
2011 Q4	939.898020760021
2012 Q1	1041.14598605277
2012 Q2	1062.96324932911
2012 Q3	1163.88193297341
2012 Q4	1232.5663566258
2013 Q1	1264.38227751543
2013 Q2	1275.64239320152
2013 Q3	1304.71314717041
2013 Q4	1352.78833087882
2014 Q1	1397.02026207464
2014 Q2	1433.81284749655
2014 Q3	1415.5260042149
2014 Q4	1448.39908372153
2015 Q1	1505.88801237673
2015 Q2	1493.45558368792
2015 Q3	1476.03768960506
2015 Q4	1397.8568374102
2016 Q1	1456.07321466133
2016 Q2	1490.17608258618
2016 Q3	1529.73638138345
2016 Q4	1495.2655214392
2017 Q1	1537.99991649903
2017 Q2	1539.94260131951
2017 Q3	1547.23687646583
2017 Q4	1508.48428107091
2018 Q1	1484.22767340289
2018 Q2	1474.05392346872
2018 Q3	1527.47220185278
2018 Q4	1432.58303222086
2019 Q1	1564.21918696701
2019 Q2	1585.27648448585
2019 Q3	1613.95734419552
2019 Q4	1611.55195474954
2020 Q1	1507.00053423236
2020 Q2	1855.52702832672
2020 Q3	1911.37437316357
2020 Q4	1931.62665615146
2021 Q1	1927.3141511464
2021 Q2	1961.61473670609
2021 Q3	1887.09756996394
2021 Q4	1831.62699799241
2022 Q1	1626.9120095921
2022 Q2	1369.114175902
2022 Q3	1274.90570518468
2022 Q4	1288.53461666293
2023 Q1	1317.56147159493
2023 Q2	1292.97672287609
2023 Q3	1224.83337720775
2023 Q4	1307.13232499447
2024 Q1	1389.34587241629
2024 Q2	1381.00789319085
2024 Q3	1504.53367574634
2024 Q4	1435.08999066714
2025 Q1	1480.03136677567
2025 Q2	1480.50054213994

Note: The data show holdings of all U.S. corporate bonds by all U.S.-domiciled mutual funds (holdings of foreign bonds are excluded). The data are converted to constant 2025 dollars using the consumer price index.

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

Return to text

Figure 4.7. Bank loan and high-yield mutual fund assets remained steady at levels far below their 2021 peaks

This is a stacked area chart showing monthly data from January 2000 to August 2025, with the y-axis measuring billions of dollars (real) ranging from 0 to 600 billion. The chart displays two variables: Bank loan mutual funds (burgundy area on top) and High-yield bond mutual funds (beige area on bottom). Combined assets started around 225 billion dollars in 2000, remained relatively stable until a decline in 2009 to about 150 billion, then grew substantially to peak at approximately 550-600 billion around 2014-2015. After a brief decline in 2016, assets rose again to nearly 500 billion by 2018. Fol-lowing a sharp drop to about 375 billion dollars and recovery back to about 450 billion during 2020, assets declined in 2021 to approximately 350-375 billion by August 2025. Throughout the entire period, high-yield bond mutual funds consistently constituted the majority of the combined assets, typically representing about two-thirds to three-quarters of the total.

Note: The data are converted to constant 2025 dollars using the consumer price index. The key identifies series in order from top to bottom.

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

Return to text

Figure 4.8. April's outflows stabilized

This is a stacked bar chart showing monthly data from January 2017 to August 2025, with the y-axis measuring billions of dollars ranging from -125 to 50 billion. The chart displays three categories of mutual fund flows: Investment-grade bond mutual funds (blue bars), Bank loan mutual funds (terracotta bars), and High-yield bond mutual funds (beige bars with black dot). The chart shows significant volatility in flows, particularly for investment-grade bond funds. Major outflows occurred in March 2020 (exceeding -100 billion dollars, with a break in the y-axis indicated by wavy lines), early 2022 (about -50 billion), and April 2025 (about -40 billion). Between these extreme events, the flows typically ranged between -40 billion and +40 billion. Following the April 2025 outflow, flows stabilized in subsequent months, with modest inflows evident by August 2025. Bank loan mutual funds and high-yield bond mutual funds generally experienced much smaller flows throughout the period compared to investment-grade bond funds.

Note: Mutual fund assets under management as of August 2025 included $2,450 billion in investment-grade bond mutual funds, $280 billion in high-yield bond mutual funds, and $82 billion in bank loan mutual funds. Bank loan mutual funds, also known as float-ing-rate bond funds, are excluded from high-yield bond mutual funds. Curved line seg-ments on the y-axis and bar indicate a scale break to accommodate high values observed in March 2020.

Source: Investment Company Institute.

Return to text

Figure 4.9. Life insurers' use of nontraditional liabilities increased further

Billions of dollars (real)

Date	Repurchase Agreements	Securities Lending Cash Collateral	FHLB Advances	Funding-Agreement Backed Securities
2006	4.92522518636317	218.033504755418	14.2067483704284	255.552320957082
2007	4.21582259139046	221.670057535657	25.6322957251392	263.396990953143
2008	12.3141297845552	74.2362430671828	51.1312502032224	249.41707333267
2009	15.1336029333969	56.7247467357632	67.4961541716682	176.850422116109
2010	15.0780840545652	62.0374475006849	62.5410806879829	138.387676881347
2011 Q1	8.74825651755716	66.6771345184082	62.5912493312051	122.736509999995
2011 Q2	9.63120613787792	65.7252712865562	61.4830174725519	116.030212259344
2011 Q3	9.69454992986504	62.9215359810736	61.4856190093679	108.01800759481
2011 Q4	10.0607008833766	60.1667360168793	62.0376995953362	107.758449706959
2012 Q1	11.4648794733227	59.1519692480905	63.2096598107034	103.912161507535
2012 Q2	14.7773477361079	67.8362180912592	67.4461844731297	105.644330350241
2012 Q3	15.7065307573401	76.6831903431461	66.9780825759747	106.958173696908
2012 Q4	15.6538691875752	74.8714179552318	65.144804495819	102.606739287749
2013 Q1	18.4513602205515	74.6563946547892	66.0083203954703	101.57709576589
2013 Q2	18.389501297189	75.9072154067309	67.2437382946849	90.8985646890067
2013 Q3	17.7087726868934	70.0572894215629	65.8299863937949	85.9689515171212
2013 Q4	15.8285878300592	76.9601660632925	66.9144436048038	83.6801323700508
2014 Q1	18.6293137115489	78.5112324835278	66.6814195068718	77.8464956512443
2014 Q2	18.6694513251055	80.8726764760978	66.9473836869267	81.9836603042309
2014 Q3	20.5631099197409	84.8805936507488	67.4021190807412	88.3374942523871
2014 Q4	15.7095737471873	73.4334716669476	67.7542276875008	93.3260458079555
2015 Q1	15.0834293386302	73.894409096611	71.0054693832118	94.6245353275666
2015 Q2	14.6038964666991	68.4052427430989	72.3498028459035	91.448408548567
2015 Q3	14.6304249447127	67.8907003185295	73.9603139495233	87.0941470065344
2015 Q4	11.6166830604283	66.9574232964981	75.1654096884434	93.4071155400944
2016 Q1	14.1544286589773	69.6797853926149	79.0006646664518	91.3077864123651
2016 Q2	15.9507510410904	72.0372160253967	83.1216024636645	92.6210066483528
2016 Q3	16.9818224622316	73.3943077936683	86.4450379377599	93.7099664107207
2016 Q4	12.8730931177409	63.0788735771866	87.1646836301133	98.764792391012
2017 Q1	16.9736362370688	66.4396489979705	90.0822910514108	100.469594455145
2017 Q2	17.2113395315111	66.5613359530009	89.8049386908469	105.135467200159
2017 Q3	18.8269324985262	67.3371869855167	89.6912948910045	113.321059993224
2017 Q4	21.6491973726262	63.8966888875664	91.9210242514609	111.332070760934
2018 Q1	21.3342012278851	67.1540316267249	97.8735790767707	112.516473569556
2018 Q2	23.7179977172821	58.5664763900086	97.1587804786237	113.279176047108
2018 Q3	23.1039146108743	59.4679885539955	95.2870715353164	114.564893154961
2018 Q4	22.9399374755545	53.1045528833678	98.3783401150662	111.630402229352
2019 Q1	22.1281944533667	57.5384803435198	100.708826050434	115.454301754933
2019 Q2	20.8316028855544	57.0333102376524	99.611921663623	113.657997580635
2019 Q3	19.8139733938613	57.0501499111199	103.172460221966	114.852351146617
2019 Q4	21.2912893334147	56.0748693491827	106.488641339108	117.830505545577
2020 Q1	23.2237822406863	53.1107662003334	125.519640483911	124.547321376983
2020 Q2	25.9305533221593	59.7612838296846	128.288495612954	131.880582137506
2020 Q3	25.5982041603655	58.8007748486731	123.789027498334	139.304449214702
2020 Q4	25.5466161488383	59.4938187543093	124.516474230593	144.218822014872
2021 Q1	31.6407985224497	63.6727932030882	133.574722927429	155.791079499174
2021 Q2	24.1748850412826	64.0974779829048	126.458876884944	170.405332410532
2021 Q3	21.4812499813412	69.258113110374	122.280500651294	182.207770051337
2021 Q4	25.3150179585338	62.8216632596228	124.043529832965	183.956132073541
2022 Q1	23.8195642383498	63.0894548967023	133.925400736806	196.072039614058
2022 Q2	24.0964117036057	52.9311321947745	137.166146649736	193.039141213644
2022 Q3	25.2222203131815	47.7772192375227	139.00817262026	190.207337499814
2022 Q4	26.7579199391086	44.3518838022853	139.562615332333	193.089391986975
2023 Q1	26.6522120838147	46.2110267028198	143.557445559265	193.361846146701
2023 Q2	24.6285772721803	38.7533154009436	142.321546484196	194.404309257347
2023 Q3	22.5931126588536	41.4973216852232	141.721463405677	198.261017363634
2023 Q4	25.3348006398	41.9343564343917	141.224736227905	200.009982639571
2024 Q1	27.6347788147941	43.5014444620294	144.699886508518	213.098635555847
2024 Q2	26.1453617250646	41.3003473952133	149.666846584748	210.321174260682
2024 Q3	27.6172249290247	42.0715968437087	152.190493331224	222.445171710415
2024 Q4	28.1441693780618	47.4256012401666	155.713534946353	228.596750898583
2025 Q1	25.7484388634997	51.9152278968321	158.371571361065	242.383613382324
2025 Q2	27.04311434	50.273001978	164.06780073085	260.868690140636

Note: The data are converted to constant 2025 dollars using the consumer price index. FHLB is Federal Home Loan Bank. The data are annual from 2006 to 2010 and quarterly thereafter. The key identifies bars in order from top to bottom.

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

Return to text

Figure 4.10. Life insurers continued to hold a significant share of illiquid assets on their balance sheets

Billions of dollars (real)

Date	Other ABS	CRE loans	CRE loans, securitized	Alternative investments	Illiquid corporate debt	Illiquid corporate debt, securitized	Share of life insurer assets (Percent share)	Share of P&C insurer assets (Percent share)
2006	385.441964638541	425.814100713569	291.751581392102	213.534091059583	491.166648771871	15.7516903988327	33.017550167266	10.0714597798726
2007	406.594200343572	442.710649461274	328.264329837827	277.8302061042	493.411540470727	21.3773074850575	35.1179357066853	12.3575453416683
2008	384.822081177265	443.013302070744	323.063481777734	244.640367286123	501.449430533829	22.2481607052594	35.0582425248613	11.9269143017615
2009	343.208014331511	430.498173983662	325.580488677446	250.346408707382	509.114087226654	26.0116629456434	33.7874269197647	10.9609375555312
2010	299.324255396023	412.295275894002	272.948043653424	323.081093747966	525.26293833594	30.4134721839485	31.534410178134	12.8969284466183
2011	296.184590664479	420.809417453603	255.632568216457	330.969461321458	526.222059877618	36.0573835889935	30.7440493467803	13.442390540412
2012	269.222210679136	429.130207801554	230.814798383526	347.186048379166	535.683544086435	44.479030017515	30.5913460331569	13.4162491707547
2013	258.814787682152	446.547073623878	222.123700624738	370.938055370188	564.404938967577	59.4301790816984	30.5486157379207	14.9484620369499
2014	259.22883015512	462.600583256874	221.918412187056	397.80997808006	562.03047760129	86.4528895270136	31.0683436911849	14.8703323930687
2015	243.764300615299	497.202282969112	214.998555438235	386.648724126075	583.795869757895	101.671714978655	31.1328154772642	15.0162954483463
2016	247.166167306671	532.553887954074	206.729483013608	400.430049367097	610.902338653502	107.616884181423	31.1565106056618	15.0970940037344
2017	231.328600434858	566.665788764106	200.465006637227	427.488766961629	613.097379324183	116.685821080736	31.3030984933833	14.672524263019
2018	225.858488044579	604.131713981503	211.357044527979	428.241941778266	590.610150305755	147.159825951737	32.5700544104485	14.7923294662719
2019	222.689351104789	655.466528227333	227.507676979621	467.886603917571	660.783311145324	173.772956781064	33.3841345614106	15.0518921708826
2020	217.508167483618	673.585189416288	238.037914326301	524.810845777971	760.282379743917	210.344599157978	34.2245808060366	16.0842379846981
2021	214.557220168637	669.047445446178	230.153220931573	572.455495138608	772.597567597091	236.474175548593	34.8481588131624	15.5802587398348
2022	205.769769665181	657.845371046362	215.933158268261	541.453151483295	785.46886742835	254.576970299043	36.7376433175391	15.0663028307971
2023	234.67035906042	660.634576192176	198.418051448092	521.994009359622	777.064673925066	265.936569782868	37.2342630879434	13.7061018543732
2024	266.975137045	652.996189284	189.169850339	544.749537479	811.895216533	265.365219548	37.3883526779811	13.753838071501

Note: The data are converted to constant 2024 dollars using the consumer price index. Securitized products include collateralized loan obligations for corporate debt, private-label commercial mortgage-backed securities for commercial real estate (CRE), and private-label residential mortgage-backed securities and asset-backed securities (ABS) backed by autos, credit cards, consumer loans, and student loans for other ABS. Illiquid corporate debt includes private placements, bank and syndicated loans, and high-yield bonds. Alternative investments include assets filed under Schedule BA. P&C is property and casualty. The key identifies bars in order from top to bottom.

Source: Consumer price index, Bureau of Labor Statistics via Haver Analytics; Federal Reserve Board staff estimates based on data from Bloomberg Finance L.P. and National Association of Insurance Commissioners Annual Statutory Filings.

Return to text

Figure A. Fall 2025: Most cited potential shocks over the next 12 to 18 months

Figure A is a horizontal bar chart showing the percentage of respondents in Fall 2025 citing various potential shocks that could negatively affect the U.S. financial system over the next 12 to 18 months. The x-axis measures percentage of respondents and rang-es from 0 to 70 percent. Policy uncertainty ranks highest at approximately 61 percent, followed by geopolitical risks at about 48 percent. Persistent inflation and higher long-term rates both register around 43 percent. Three responses—artificial intelligence, asset price declines, and fiscal debt sustainability—each show about 30 percent. U.S. dollar depreciation, private credit, and foreign divestment from U.S. assets each measure ap-proximately 22 percent. The least-cited concerns are money market stress and cyberat-tacks, both at about 18 percent.

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

Source: Federal Reserve Bank of New York survey of 23 market contacts from Septem-ber through October.

Return to text

Figure B. Spring 2025: Most cited potential shocks over the next 12 to 18 months

Figure B is a horizontal bar chart showing the percentage of respondents in Spring 2025 citing various potential shocks that could negatively affect the U.S. financial system over the next 12 to 18 months. The x-axis measures percentage of respondents and rang-es from 0 to 80 percent. Risks to global trade ranks highest at approximately 75 percent, followed by policy uncertainty and U.S. fiscal debt sustainability, both at about 50 per-cent. Persistent inflation; monetary tightening registers around 43 percent, and asset price declines at approximately 36 percent. Treasury market functioning measures about 28 percent, while U.S. recession, banking-sector stress, geopolitical risks, and foreign divestment from U.S. assets all appear at approximately 23 percent. Private credit stress is around 18 percent. Nonbank financial institution stress, value of U.S. dollar, and cor-porate credit stress are all about 13 percent.

Source: Federal Reserve Bank of New York survey of 22 market contacts from February through April.

Return to text

Last Update: November 17, 2025

Financial Stability Report - November 2025