Accessible Version
A New Index to Measure U.S. Financial Conditions, Accessible Data
Figure 1: Financial Conditions Impulse on Growth, with 1- or 3-year Lookback Window
| Date | 3 Years | 1 Year |
|---|---|---|
| 1990-01-31 | 0.055045415 | 0.031725424 |
| 1990-02-28 | 0.152626121 | -0.002490279 |
| 1990-03-30 | 0.255732468 | 0.012777784 |
| 1990-04-30 | 0.320138662 | 0.239714668 |
| 1990-05-31 | 0.19991855 | 0.116544679 |
| 1990-06-29 | 0.209668242 | 0.084896704 |
| 1990-07-31 | 0.072393699 | 0.116789989 |
| 1990-08-31 | 0.246884818 | 0.30974971 |
| 1990-09-28 | 0.318304365 | 0.374202525 |
| 1990-10-31 | 0.176414767 | 0.28421909 |
| 1990-11-30 | -0.017724349 | 0.131077584 |
| 1990-12-31 | -0.116661414 | 0.040469687 |
| 1991-01-31 | -0.285603686 | -0.250747491 |
| 1991-02-28 | -0.491846584 | -0.483207892 |
| 1991-03-29 | -0.543194306 | -0.566690168 |
| 1991-04-30 | -0.522781984 | -0.637245659 |
| 1991-05-31 | -0.501758959 | -0.498303769 |
| 1991-06-28 | -0.326302697 | -0.335386636 |
| 1991-07-31 | -0.368473501 | -0.329057754 |
| 1991-08-30 | -0.405307123 | -0.460700811 |
| 1991-09-30 | -0.4474513 | -0.565829481 |
| 1991-10-31 | -0.557569305 | -0.678936148 |
| 1991-11-29 | -0.525367899 | -0.554938696 |
| 1991-12-31 | -0.824438752 | -0.779708459 |
| 1992-01-31 | -0.842477894 | -0.762759553 |
| 1992-02-28 | -0.859945348 | -0.654252063 |
| 1992-03-31 | -0.649392483 | -0.433069766 |
| 1992-04-30 | -0.544816811 | -0.370604935 |
| 1992-05-29 | -0.496202206 | -0.381746168 |
| 1992-06-30 | -0.506260819 | -0.463625365 |
| 1992-07-31 | -0.691639888 | -0.610724428 |
| 1992-08-31 | -0.722442752 | -0.620581557 |
| 1992-09-30 | -0.796729382 | -0.661773753 |
| 1992-10-30 | -0.806578625 | -0.536166367 |
| 1992-11-30 | -0.692818443 | -0.479979342 |
| 1992-12-31 | -0.57925162 | -0.17327678 |
| 1993-01-29 | -0.550521847 | -0.074001755 |
| 1993-02-26 | -0.574957403 | -0.084903339 |
| 1993-03-31 | -0.636322153 | -0.259238808 |
| 1993-04-30 | -0.623116412 | -0.269195908 |
| 1993-05-28 | -0.702864098 | -0.358499757 |
| 1993-06-30 | -0.677110043 | -0.334777412 |
| 1993-07-30 | -0.630321458 | -0.157067589 |
| 1993-08-31 | -0.676725047 | -0.180455965 |
| 1993-09-30 | -0.70456299 | -0.14292251 |
| 1993-10-29 | -0.746736256 | -0.199438361 |
| 1993-11-30 | -0.583243556 | -0.125968275 |
| 1993-12-31 | -0.52420587 | -0.149977886 |
| 1994-01-31 | -0.451149829 | -0.165559687 |
| 1994-02-28 | -0.281125081 | -0.042167991 |
| 1994-03-31 | -0.039252421 | 0.248610392 |
| 1994-04-29 | 0.110071023 | 0.368693301 |
| 1994-05-31 | 0.296236189 | 0.603484636 |
| 1994-06-30 | 0.450454412 | 0.763120776 |
| 1994-07-29 | 0.400538835 | 0.675820083 |
| 1994-08-31 | 0.273945069 | 0.560207343 |
| 1994-09-30 | 0.282010887 | 0.557927821 |
| 1994-10-31 | 0.246502761 | 0.536658806 |
| 1994-11-30 | 0.373354036 | 0.615267132 |
| 1994-12-30 | 0.464162766 | 0.661345382 |
| 1995-01-31 | 0.503426392 | 0.668047034 |
| 1995-02-28 | 0.438821031 | 0.530750092 |
| 1995-03-31 | 0.271585693 | 0.238448755 |
| 1995-04-28 | 0.061107578 | -0.030082034 |
| 1995-05-31 | -0.121184334 | -0.277408119 |
| 1995-06-30 | -0.362055844 | -0.585906811 |
| 1995-07-31 | -0.481649349 | -0.670038244 |
| 1995-08-31 | -0.487782412 | -0.590426744 |
| 1995-09-29 | -0.505919355 | -0.626480197 |
| 1995-10-31 | -0.42801408 | -0.512121344 |
| 1995-11-30 | -0.495180121 | -0.680669665 |
| 1995-12-29 | -0.5280316 | -0.742297347 |
| 1996-01-31 | -0.554778462 | -0.813498656 |
| 1996-02-29 | -0.559777757 | -0.817063445 |
| 1996-03-29 | -0.492966373 | -0.695879522 |
| 1996-04-30 | -0.427438868 | -0.514866992 |
| 1996-05-31 | -0.346057295 | -0.307638609 |
| 1996-06-28 | -0.246388287 | -0.092067575 |
| 1996-07-31 | -0.067386176 | 0.175567384 |
| 1996-08-30 | -0.163378477 | 0.07121061 |
| 1996-09-30 | -0.283116331 | -0.021576401 |
| 1996-10-31 | -0.339171832 | -0.154116193 |
| 1996-11-29 | -0.504946937 | -0.252088405 |
| 1996-12-31 | -0.546194657 | -0.238510695 |
| 1997-01-31 | -0.62852231 | -0.320262431 |
| 1997-02-28 | -0.537817088 | -0.205671842 |
| 1997-03-31 | -0.402645062 | -0.038825926 |
| 1997-04-30 | -0.402475076 | -0.055936847 |
| 1997-05-30 | -0.504750686 | -0.142994706 |
| 1997-06-30 | -0.652243764 | -0.330073364 |
| 1997-07-31 | -0.870194166 | -0.665992221 |
| 1997-08-29 | -0.765226397 | -0.509861619 |
| 1997-09-30 | -0.861301441 | -0.528260527 |
| 1997-10-31 | -0.728715638 | -0.365244545 |
| 1997-11-28 | -0.767033691 | -0.313909792 |
| 1997-12-31 | -0.727617594 | -0.292731369 |
| 1998-01-30 | -0.636335241 | -0.151159391 |
| 1998-02-27 | -0.623011495 | -0.244285116 |
| 1998-03-31 | -0.664890045 | -0.434512195 |
| 1998-04-30 | -0.678236535 | -0.461443146 |
| 1998-05-29 | -0.550767357 | -0.283913835 |
| 1998-06-30 | -0.536028398 | -0.212385905 |
| 1998-07-31 | -0.457706344 | -0.008877804 |
| 1998-08-31 | 0.008610454 | 0.35667557 |
| 1998-09-30 | -0.116341513 | 0.290865198 |
| 1998-10-30 | -0.350414818 | -0.015864902 |
| 1998-11-30 | -0.519143024 | -0.196109956 |
| 1998-12-31 | -0.718937397 | -0.408216209 |
| 1999-01-29 | -0.829645908 | -0.559775768 |
| 1999-02-26 | -0.672175293 | -0.400751945 |
| 1999-03-31 | -0.713895855 | -0.36907665 |
| 1999-04-30 | -0.785171949 | -0.378128524 |
| 1999-05-28 | -0.687507087 | -0.356749562 |
| 1999-06-30 | -0.754369989 | -0.401000813 |
| 1999-07-30 | -0.632685492 | -0.281993616 |
| 1999-08-31 | -0.484172212 | -0.479632865 |
| 1999-09-30 | -0.401331493 | -0.319954251 |
| 1999-10-29 | -0.517456947 | -0.331202466 |
| 1999-11-30 | -0.595842174 | -0.279788892 |
| 1999-12-31 | -0.737863356 | -0.302653299 |
| 2000-01-31 | -0.547211607 | -0.099838551 |
| 2000-02-29 | -0.543210112 | -0.162639008 |
| 2000-03-31 | -0.578291059 | -0.197619355 |
| 2000-04-28 | -0.430167898 | -0.001368152 |
| 2000-05-31 | -0.249178416 | 0.081903141 |
| 2000-06-30 | -0.239014007 | 0.103995429 |
| 2000-07-31 | -0.154899676 | 0.063177054 |
| 2000-08-31 | -0.351931505 | -0.183187925 |
| 2000-09-29 | -0.212440382 | -0.130252192 |
| 2000-10-31 | -0.179487779 | -0.010087591 |
| 2000-11-30 | 0.111464245 | 0.339195494 |
| 2000-12-29 | 0.079403074 | 0.384204253 |
| 2001-01-31 | -0.096087619 | 0.092380738 |
| 2001-02-28 | -0.007735589 | 0.196547017 |
| 2001-03-30 | 0.186014238 | 0.36699712 |
| 2001-04-30 | -0.012707163 | 0.082576735 |
| 2001-05-31 | -0.061671354 | -0.057233682 |
| 2001-06-29 | 0.013198801 | -0.013312971 |
| 2001-07-31 | 0.02608445 | -0.030492817 |
| 2001-08-31 | 0.026995926 | 0.163486171 |
| 2001-09-28 | 0.206438195 | 0.242955187 |
| 2001-10-31 | 0.08963113 | 0.05132651 |
| 2001-11-30 | -0.115678016 | -0.366235907 |
| 2001-12-31 | -0.148467441 | -0.398918869 |
| 2002-01-31 | -0.01228628 | -0.156716793 |
| 2002-02-28 | 0.049080994 | -0.149663092 |
| 2002-03-29 | -0.023377238 | -0.339057725 |
| 2002-04-30 | 0.11686691 | -0.080415476 |
| 2002-05-31 | 0.1066943 | -0.0545208 |
| 2002-06-28 | 0.18717797 | 0.000971052 |
| 2002-07-31 | 0.251164343 | 0.083410806 |
| 2002-08-30 | 0.238263817 | -0.013254246 |
| 2002-09-30 | 0.35359996 | 0.06314686 |
| 2002-10-31 | 0.204012579 | -0.020854769 |
| 2002-11-29 | 0.079066686 | -0.033801594 |
| 2002-12-31 | 0.145925378 | 0.058927698 |
| 2003-01-31 | 0.054834943 | -0.063477384 |
| 2003-02-28 | 0.048298528 | -0.135295311 |
| 2003-03-31 | -0.054076307 | -0.192282594 |
| 2003-04-30 | -0.285463971 | -0.485547669 |
| 2003-05-30 | -0.49460214 | -0.711973955 |
| 2003-06-30 | -0.75424356 | -0.975496943 |
| 2003-07-31 | -0.85279377 | -1.143278007 |
| 2003-08-29 | -0.762102706 | -1.024473142 |
| 2003-09-30 | -0.72343868 | -1.080582985 |
| 2003-10-31 | -0.815944093 | -1.114087745 |
| 2003-11-28 | -0.907411465 | -1.109808031 |
| 2003-12-31 | -1.174499096 | -1.346965321 |
| 2004-01-30 | -1.221822471 | -1.391354547 |
| 2004-02-27 | -1.315592997 | -1.451732057 |
| 2004-03-31 | -1.362287416 | -1.382828389 |
| 2004-04-30 | -1.176065674 | -1.095164032 |
| 2004-05-28 | -0.999835361 | -0.85293117 |
| 2004-06-30 | -0.966744854 | -0.616063838 |
| 2004-07-30 | -0.823404894 | -0.410449757 |
| 2004-08-31 | -0.913939436 | -0.49151892 |
| 2004-09-30 | -0.971402128 | -0.626387922 |
| 2004-10-29 | -1.024866168 | -0.59912758 |
| 2004-11-30 | -1.167978639 | -0.679279061 |
| 2004-12-31 | -1.246311376 | -0.679473446 |
| 2005-01-31 | -1.218257113 | -0.565661099 |
| 2005-02-28 | -1.273005914 | -0.552118206 |
| 2005-03-31 | -1.157900781 | -0.463852222 |
| 2005-04-29 | -1.09360881 | -0.46240245 |
| 2005-05-31 | -1.097110364 | -0.538119574 |
| 2005-06-30 | -1.098854955 | -0.56504745 |
| 2005-07-29 | -1.176759482 | -0.715574836 |
| 2005-08-31 | -1.094135557 | -0.605453581 |
| 2005-09-30 | -1.077621661 | -0.526223191 |
| 2005-10-31 | -0.945664117 | -0.41078011 |
| 2005-11-30 | -0.855450724 | -0.244972976 |
| 2005-12-30 | -0.754549077 | -0.085274765 |
| 2006-01-31 | -0.774035731 | -0.183878412 |
| 2006-02-28 | -0.74543849 | -0.164463582 |
| 2006-03-31 | -0.724796512 | -0.267117913 |
| 2006-04-28 | -0.667049277 | -0.352644529 |
| 2006-05-31 | -0.496235236 | -0.204718259 |
| 2006-06-30 | -0.431963106 | -0.199956149 |
| 2006-07-31 | -0.383864543 | -0.131647516 |
| 2006-08-31 | -0.387412618 | -0.191046074 |
| 2006-09-29 | -0.443374404 | -0.255434908 |
| 2006-10-31 | -0.534917609 | -0.39971031 |
| 2006-11-30 | -0.55826224 | -0.4510697 |
| 2006-12-29 | -0.572846188 | -0.525034267 |
| 2007-01-31 | -0.605145 | -0.50058822 |
| 2007-02-28 | -0.510039514 | -0.419927833 |
| 2007-03-30 | -0.499966073 | -0.370322364 |
| 2007-04-30 | -0.604094437 | -0.481893265 |
| 2007-05-31 | -0.663067366 | -0.616231216 |
| 2007-06-29 | -0.571085718 | -0.544137035 |
| 2007-07-31 | -0.466991259 | -0.422134662 |
| 2007-08-31 | -0.417304067 | -0.382219877 |
| 2007-09-28 | -0.513571375 | -0.442227459 |
| 2007-10-31 | -0.621074452 | -0.489626344 |
| 2007-11-30 | -0.589506367 | -0.455265904 |
| 2007-12-31 | -0.598994671 | -0.44462117 |
| 2008-01-31 | -0.515125388 | -0.327881597 |
| 2008-02-29 | -0.452718655 | -0.317583098 |
| 2008-03-31 | -0.505141449 | -0.359021306 |
| 2008-04-30 | -0.631194485 | -0.404990857 |
| 2008-05-30 | -0.655870077 | -0.36001226 |
| 2008-06-30 | -0.362457028 | -0.105683076 |
| 2008-07-31 | -0.206029321 | -0.0414717 |
| 2008-08-29 | -0.111580728 | 0.048838302 |
| 2008-09-30 | 0.245876646 | 0.464233219 |
| 2008-10-31 | 0.936837878 | 1.217057414 |
| 2008-11-28 | 1.388377296 | 1.597092877 |
| 2008-12-31 | 1.471066949 | 1.73814355 |
| 2009-01-30 | 1.657601497 | 1.803645993 |
| 2009-02-27 | 1.920031102 | 2.05863191 |
| 2009-03-31 | 1.830923139 | 1.939442017 |
| 2009-04-30 | 1.60508229 | 1.784405337 |
| 2009-05-29 | 1.416961897 | 1.640433389 |
| 2009-06-30 | 1.280262165 | 1.32194041 |
| 2009-07-31 | 0.971025336 | 0.941975894 |
| 2009-08-31 | 0.882904222 | 0.763319575 |
| 2009-09-30 | 0.632803298 | 0.308440883 |
| 2009-10-30 | 0.59841418 | -0.273018666 |
| 2009-11-30 | 0.357949179 | -0.876910492 |
| 2009-12-31 | 0.175210402 | -1.140425277 |
| 2010-01-29 | 0.194363666 | -1.170551984 |
| 2010-02-26 | 0.093951815 | -1.364469789 |
| 2010-03-31 | -0.025887319 | -1.400661642 |
| 2010-04-30 | -0.076612143 | -1.231570605 |
| 2010-05-28 | 0.082388816 | -0.889770084 |
| 2010-06-30 | 0.208065901 | -0.554861168 |
| 2010-07-30 | 0.079863525 | -0.420828962 |
| 2010-08-31 | 0.065086249 | -0.259578021 |
| 2010-09-30 | -0.238804352 | -0.384920395 |
| 2010-10-29 | -0.411073261 | -0.457498215 |
| 2010-11-30 | -0.465651264 | -0.413756805 |
| 2010-12-31 | -0.624284396 | -0.442832071 |
| 2011-01-31 | -0.574968758 | -0.418773256 |
| 2011-02-28 | -0.654396522 | -0.460346489 |
| 2011-03-31 | -0.760836988 | -0.409996384 |
| 2011-04-29 | -0.903286835 | -0.4306879 |
| 2011-05-31 | -0.965692823 | -0.645038407 |
| 2011-06-30 | -1.028776968 | -0.748810821 |
| 2011-07-29 | -1.059806101 | -0.6226633 |
| 2011-08-31 | -0.965726491 | -0.528016039 |
| 2011-09-30 | -0.766780959 | -0.102227543 |
| 2011-10-31 | -0.970003352 | -0.153183983 |
| 2011-11-30 | -0.945549929 | -0.000348423 |
| 2011-12-30 | -0.862798888 | 0.123003893 |
| 2012-01-31 | -0.840739186 | 0.064797371 |
| 2012-02-29 | -0.954806087 | -0.004195307 |
| 2012-03-30 | -0.959499031 | -0.091107042 |
| 2012-04-30 | -0.801859337 | 0.013985831 |
| 2012-05-31 | -0.57972506 | 0.191458889 |
| 2012-06-29 | -0.560870572 | 0.102197511 |
| 2012-07-31 | -0.45003798 | 0.0969655 |
| 2012-08-31 | -0.4937565 | -0.091327989 |
| 2012-09-28 | -0.56172347 | -0.358992274 |
| 2012-10-31 | -0.534923266 | -0.308364666 |
| 2012-11-30 | -0.618747926 | -0.465763332 |
| 2012-12-31 | -0.667238918 | -0.592340442 |
| 2013-01-31 | -0.742673834 | -0.59219957 |
| 2013-02-28 | -0.798170112 | -0.533682122 |
| 2013-03-29 | -0.843052324 | -0.534542641 |
| 2013-04-30 | -0.772485886 | -0.48750257 |
| 2013-05-31 | -0.875477042 | -0.661948257 |
| 2013-06-28 | -0.780556051 | -0.598922151 |
| 2013-07-31 | -0.736144879 | -0.553762217 |
| 2013-08-30 | -0.598070361 | -0.361794596 |
| 2013-09-30 | -0.617278624 | -0.325053711 |
| 2013-10-31 | -0.677103548 | -0.409627464 |
| 2013-11-29 | -0.79703527 | -0.495293927 |
| 2013-12-31 | -0.84898516 | -0.538024652 |
| 2014-01-31 | -0.652767375 | -0.29347918 |
| 2014-02-28 | -0.693204594 | -0.318066601 |
| 2014-03-31 | -0.786259416 | -0.33418458 |
| 2014-04-30 | -0.732260346 | -0.34713232 |
| 2014-05-30 | -0.848979359 | -0.369339238 |
| 2014-06-30 | -0.953987591 | -0.521303006 |
| 2014-07-31 | -0.855617079 | -0.475314218 |
| 2014-08-29 | -0.956353055 | -0.619899265 |
| 2014-09-30 | -0.872238275 | -0.479213044 |
| 2014-10-31 | -0.761583478 | -0.379599813 |
| 2014-11-28 | -0.752450108 | -0.280298521 |
| 2014-12-31 | -0.642888612 | -0.140424045 |
| 2015-01-30 | -0.416938589 | -0.074599874 |
| 2015-02-27 | -0.409881086 | -0.037689072 |
| 2015-03-31 | -0.275065495 | 0.092029679 |
| 2015-04-30 | -0.216790269 | 0.117969941 |
| 2015-05-29 | -0.18838546 | 0.205224072 |
| 2015-06-30 | -0.140406622 | 0.292676855 |
| 2015-07-31 | -0.088740646 | 0.277434051 |
| 2015-08-31 | 0.205499257 | 0.569605456 |
| 2015-09-30 | 0.305932472 | 0.59458499 |
| 2015-10-30 | 0.173689438 | 0.415816126 |
| 2015-11-30 | 0.207642311 | 0.402793282 |
| 2015-12-31 | 0.245550601 | 0.381462894 |
| 2016-01-29 | 0.486614163 | 0.503352737 |
| 2016-02-29 | 0.513638681 | 0.517715299 |
| 2016-03-31 | 0.284013922 | 0.23252572 |
| 2016-04-29 | 0.16944381 | 0.124465694 |
| 2016-05-31 | 0.06062032 | 0.009667969 |
| 2016-06-30 | -0.023106693 | -0.059064124 |
| 2016-07-29 | -0.092336173 | -0.129367871 |
| 2016-08-31 | -0.141362696 | -0.320492855 |
| 2016-09-30 | -0.162041644 | -0.423644451 |
| 2016-10-31 | -0.114202428 | -0.257658503 |
| 2016-11-30 | -0.089561214 | -0.262433112 |
| 2016-12-30 | -0.015065818 | -0.196660307 |
| 2017-01-31 | 0.076156704 | -0.256700937 |
| 2017-02-28 | 0.052109398 | -0.331936827 |
| 2017-03-31 | -0.022366606 | -0.259727326 |
| 2017-04-28 | -0.096366559 | -0.230035309 |
| 2017-05-31 | -0.155456588 | -0.218916189 |
| 2017-06-30 | -0.278516975 | -0.300064682 |
| 2017-07-31 | -0.353427094 | -0.31103843 |
| 2017-08-31 | -0.42362837 | -0.390291452 |
| 2017-09-29 | -0.56745597 | -0.519852581 |
| 2017-10-31 | -0.622064654 | -0.604451291 |
| 2017-11-30 | -0.667807815 | -0.661502735 |
| 2017-12-29 | -0.670086672 | -0.690107101 |
| 2018-01-31 | -0.783435866 | -0.835675075 |
| 2018-02-28 | -0.71167877 | -0.711853337 |
| 2018-03-30 | -0.688463154 | -0.618338556 |
| 2018-04-30 | -0.586846878 | -0.508292481 |
| 2018-05-31 | -0.596034054 | -0.447458773 |
| 2018-06-29 | -0.541089211 | -0.312408057 |
| 2018-07-31 | -0.489839197 | -0.213121008 |
| 2018-08-31 | -0.55629254 | -0.1902509 |
| 2018-09-28 | -0.547189984 | -0.104712355 |
| 2018-10-31 | -0.249757878 | 0.184966277 |
| 2018-11-30 | -0.203941221 | 0.24752799 |
| 2018-12-31 | 0.047296506 | 0.476449967 |
| 2019-01-31 | -0.150196169 | 0.349206465 |
| 2019-02-28 | -0.283975115 | 0.160863346 |
| 2019-03-29 | -0.353220383 | 0.027792825 |
| 2019-04-30 | -0.418565537 | -0.107630511 |
| 2019-05-31 | -0.242510287 | 0.025958487 |
| 2019-06-28 | -0.440349193 | -0.22745926 |
| 2019-07-31 | -0.452907349 | -0.308964902 |
| 2019-08-30 | -0.467733151 | -0.311512006 |
| 2019-09-30 | -0.505838792 | -0.369272551 |
| 2019-10-31 | -0.497232624 | -0.517608849 |
| 2019-11-29 | -0.590115077 | -0.650976359 |
| 2019-12-31 | -0.675102283 | -0.910918554 |
| 2020-01-31 | -0.653002754 | -0.769830283 |
| 2020-02-28 | -0.545977384 | -0.553201507 |
| 2020-03-31 | -0.146212078 | -0.107230999 |
| 2020-04-30 | -0.283001694 | -0.19694575 |
| 2020-05-29 | -0.379768721 | -0.354783658 |
| 2020-06-30 | -0.487156247 | -0.378353671 |
| 2020-07-31 | -0.62567045 | -0.53067772 |
| 2020-08-31 | -0.867206082 | -0.793869199 |
| 2020-09-30 | -0.915478737 | -0.785194943 |
| 2020-10-30 | -0.863568157 | -0.735767996 |
| 2020-11-30 | -1.141075575 | -0.971223937 |
| 2020-12-31 | -1.403173461 | -1.125023874 |
| 2021-01-29 | -1.380013744 | -1.100959997 |
| 2021-02-26 | -1.499094184 | -1.251987051 |
| 2021-03-31 | -1.544824659 | -1.620023183 |
| 2021-04-30 | -1.585998428 | -1.579279262 |
| 2021-05-28 | -1.639968378 | -1.594288814 |
| 2021-06-30 | -1.765506525 | -1.584829844 |
| 2021-07-30 | -1.776065568 | -1.452799171 |
| 2021-08-31 | -1.747538278 | -1.270810913 |
| 2021-09-30 | -1.644983175 | -1.115509854 |
| 2021-10-29 | -1.691624974 | -1.156545948 |
| 2021-11-30 | -1.532954355 | -0.847614451 |
| 2021-12-31 | -1.57988652 | -0.718792318 |
| 2022-01-31 | -1.26349249 | -0.445824886 |
| 2022-02-28 | -1.133573794 | -0.283218305 |
| 2022-03-31 | -1.05015115 | -0.213246261 |
| 2022-04-29 | -0.615480533 | 0.213938066 |
| 2022-05-31 | -0.404398564 | 0.400761796 |
| 2022-06-30 | 0.012939105 | 0.842759174 |
| 2022-07-29 | 0.022773731 | 0.830305162 |
| 2022-08-31 | 0.236620412 | 1.030969242 |
| 2022-09-30 | 0.615499578 | 1.313740265 |
| 2022-10-31 | 0.716292696 | 1.390892349 |
| 2022-11-30 | 0.849616558 | 1.448254812 |
| 2022-12-30 | 0.950213758 | 1.588488757 |
| 2023-01-31 | 0.665138546 | 1.072294789 |
| 2023-02-28 | 0.632620012 | 0.977113058 |
| 2023-03-31 | 0.512922743 | 0.900481403 |
| 2023-04-28 | 0.508092777 | 0.685499486 |
| 2023-05-31 | 0.602690345 | 0.538555362 |
Note: The figure shows the Financial Conditions Impulse on Growth computed with a 1−year and 3−year lookback window, respectively, in red and black. Positive (negative) values of the two indexes denote headwinds (tailwinds) to GDP growth over the next year. The upward arrow indicates the direction of tightening of financial conditions and increasing headwinds to future GDP growth. Gray shaded bars denote periods of recession as dated 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 dashed bars represent monetary policy tightening cycles: February 1994-March 1995, July 1999-July 2000, June 2004-August 2006, December 2015-July 2018, March 2022-present. Tightening cycles are defined to start on the month of the first federal funds rate increase and end after the last rate hike.
Source: Haver Analytics; U.S. Census Bureau, Decennial Census of Population and Housing; CoreLogic; Authors’ calculations.
Figure 2: Financial Conditions Impulse on Growth and Other Financial Conditions Indexes
| Date | FCI-G | Minimum of existing FCIs | Maximum of existing FCIs |
|---|---|---|---|
| 1990-03-01 | 1.145472232 | -0.135446798 | 2.040111979 |
| 1990-04-01 | 1.259033804 | 0.200272429 | 2.070661944 |
| 1990-05-01 | 1.047060639 | -0.066404878 | 1.900372549 |
| 1990-06-01 | 1.064251382 | -0.237994118 | 1.672436128 |
| 1990-07-01 | 0.822207693 | -0.267335541 | 1.549628818 |
| 1990-08-01 | 1.129871977 | 0.244110742 | 1.882779535 |
| 1990-09-01 | 1.255799555 | 0.599835509 | 2.049833289 |
| 1990-10-01 | 1.005618561 | 0.819622654 | 2.13327665 |
| 1990-11-01 | 0.663310755 | 0.80216693 | 1.979676256 |
| 1990-12-01 | 0.488864046 | 0.959686737 | 1.891735342 |
| 1991-01-01 | 0.190983539 | 1.189988981 | 1.911263798 |
| 1991-02-01 | -0.172665763 | 0.912853063 | 1.245768866 |
| 1991-03-01 | -0.26320252 | 0.053565314 | 1.403130559 |
| 1991-04-01 | -0.227211334 | -0.14735008 | 1.428321351 |
| 1991-05-01 | -0.190143351 | -0.273218116 | 1.424932916 |
| 1991-06-01 | 0.119222683 | -0.40067659 | 1.567145299 |
| 1991-07-01 | 0.044866748 | -0.426760449 | 1.536775385 |
| 1991-08-01 | -0.02007862 | -0.578202202 | 1.266286601 |
| 1991-09-01 | -0.094387606 | -0.603975975 | 1.195300273 |
| 1991-10-01 | -0.288548646 | -0.589138551 | 1.151396364 |
| 1991-11-01 | -0.231770842 | -0.427478316 | 1.073722156 |
| 1991-12-01 | -0.759095214 | -0.502120498 | 0.83755257 |
| 1992-01-01 | -0.790901988 | -0.620131223 | 0.47991426 |
| 1992-02-01 | -0.821700758 | -0.715531293 | 0.725573192 |
| 1992-03-01 | -0.450452085 | -0.880718942 | 0.888790442 |
| 1992-04-01 | -0.266063335 | -0.629553353 | 0.763978776 |
| 1992-05-01 | -0.180345634 | -0.847380322 | 0.617230439 |
| 1992-06-01 | -0.19808107 | -0.993440036 | 0.684713333 |
| 1992-07-01 | -0.524943084 | -1.074881243 | 0.406608382 |
| 1992-08-01 | -0.579254965 | -1.044592154 | 0.287363503 |
| 1992-09-01 | -0.710237809 | -0.897677676 | 0.413196447 |
| 1992-10-01 | -0.72760408 | -0.60894336 | 0.724565902 |
| 1992-11-01 | -0.527021121 | -0.566207221 | 0.79890999 |
| 1992-12-01 | -0.326779095 | -0.840785988 | 0.644538648 |
| 1993-01-01 | -0.276122506 | -1.079674504 | 0.656228152 |
| 1993-02-01 | -0.319207494 | -1.125763869 | 0.488564539 |
| 1993-03-01 | -0.427406363 | -1.154302286 | 0.285967968 |
| 1993-04-01 | -0.404121885 | -1.210372125 | 0.285321281 |
| 1993-05-01 | -0.54473371 | -1.199735406 | 0.236898264 |
| 1993-06-01 | -0.499323933 | -1.231642478 | 0.097448082 |
| 1993-07-01 | -0.416825885 | -1.389265677 | 0.173648354 |
| 1993-08-01 | -0.498645104 | -1.432465714 | -0.003713254 |
| 1993-09-01 | -0.547729211 | -1.385273693 | -0.214359398 |
| 1993-10-01 | -0.622089486 | -1.271795811 | -0.131047567 |
| 1993-11-01 | -0.333817712 | -1.132038309 | 0.154816964 |
| 1993-12-01 | -0.229721942 | -1.197370662 | 0.167841754 |
| 1994-01-01 | -0.100908884 | -1.291095372 | 0.319938252 |
| 1994-02-01 | 0.198880255 | -1.167668902 | 0.441837587 |
| 1994-03-01 | 0.625352268 | -0.88279388 | 0.650821433 |
| 1994-04-01 | 0.888640684 | -0.710814227 | 1.016373321 |
| 1994-05-01 | 1.216888751 | -1.012919553 | 1.121331476 |
| 1994-06-01 | 1.488807685 | -1.004434265 | 1.076662305 |
| 1994-07-01 | 1.400796098 | -0.972436778 | 1.052617734 |
| 1994-08-01 | 1.177584852 | -1.166919578 | 0.932735673 |
| 1994-09-01 | 1.191806572 | -1.134824381 | 0.994331691 |
| 1994-10-01 | 1.129198332 | -1.064215392 | 1.080144769 |
| 1994-11-01 | 1.352863621 | -0.940071075 | 1.222931504 |
| 1994-12-01 | 1.512978376 | -0.711575843 | 1.40554874 |
| 1995-01-01 | 1.582208349 | -0.718670476 | 1.416497021 |
| 1995-02-01 | 1.468295606 | -0.955849865 | 1.110470834 |
| 1995-03-01 | 1.173424779 | -1.039889868 | 0.94153202 |
| 1995-04-01 | 0.802307906 | -1.044556549 | 0.562750499 |
| 1995-05-01 | 0.480889195 | -1.052210992 | 0.240309352 |
| 1995-06-01 | 0.056182418 | -0.986231475 | 0.058910255 |
| 1995-07-01 | -0.154685908 | -0.993318256 | 0.032739043 |
| 1995-08-01 | -0.165499778 | -1.015471011 | 0.22522894 |
| 1995-09-01 | -0.197478996 | -1.08243004 | 0.032739043 |
| 1995-10-01 | -0.060115728 | -0.793712569 | -0.045754944 |
| 1995-11-01 | -0.178543484 | -0.891870639 | -0.02560948 |
| 1995-12-01 | -0.236467503 | -0.898466191 | -0.158573902 |
| 1996-01-01 | -0.283627806 | -0.896215345 | -0.087682164 |
| 1996-02-01 | -0.292442607 | -0.954453051 | -0.189772702 |
| 1996-03-01 | -0.174640184 | -0.86872198 | 0.040996138 |
| 1996-04-01 | -0.059101508 | -0.904993723 | 0.164013479 |
| 1996-05-01 | 0.084391201 | -1.082258563 | 0.162395012 |
| 1996-06-01 | 0.260128477 | -0.980894889 | 0.207236968 |
| 1996-07-01 | 0.575746582 | -0.949961272 | 0.35173348 |
| 1996-08-01 | 0.406492107 | -1.057539891 | 0.182845203 |
| 1996-09-01 | 0.195369265 | -1.136559521 | 0.240568979 |
| 1996-10-01 | 0.09653171 | -1.048962653 | -0.039929606 |
| 1996-11-01 | -0.195764421 | -0.963298961 | -0.237748554 |
| 1996-12-01 | -0.268492766 | -0.931748067 | -0.153885634 |
| 1997-01-01 | -0.413653611 | -0.951221226 | -0.19868891 |
| 1997-02-01 | -0.253721361 | -1.011890631 | -0.331330854 |
| 1997-03-01 | -0.01538485 | -0.915143794 | -0.106732014 |
| 1997-04-01 | -0.01508513 | -0.878737669 | 0.185471347 |
| 1997-05-01 | -0.19541839 | -0.818740158 | -0.274530897 |
| 1997-06-01 | -0.455479488 | -0.837297817 | -0.207607753 |
| 1997-07-01 | -0.839771565 | -0.885249828 | -0.309154098 |
| 1997-08-01 | -0.654691466 | -0.835336588 | -0.34362344 |
| 1997-09-01 | -0.824091834 | -0.652431361 | -0.190939792 |
| 1997-10-01 | -0.590315374 | -0.644388618 | -0.062001577 |
| 1997-11-01 | -0.657878104 | -0.469585136 | -0.037286838 |
| 1997-12-01 | -0.588379293 | -0.335665718 | -0.116139114 |
| 1998-01-01 | -0.427429441 | -0.346431635 | -0.177354122 |
| 1998-02-01 | -0.403936894 | -0.661983196 | -0.327282548 |
| 1998-03-01 | -0.477777523 | -0.692580204 | -0.33027164 |
| 1998-04-01 | -0.501310173 | -0.797245403 | -0.155517886 |
| 1998-05-01 | -0.276555391 | -0.738478918 | -0.239676909 |
| 1998-06-01 | -0.250567527 | -0.585724212 | -0.211197775 |
| 1998-07-01 | -0.11246939 | -0.715599914 | -0.221536927 |
| 1998-08-01 | 0.709744513 | -0.398978587 | 0.350472267 |
| 1998-09-01 | 0.489428099 | -0.276545216 | 1.170047572 |
| 1998-10-01 | 0.076707978 | -0.451280345 | 1.537231834 |
| 1998-11-01 | -0.220795087 | -0.883454822 | 0.881779372 |
| 1998-12-01 | -0.573074292 | -1.169258329 | 0.834191843 |
| 1999-01-01 | -0.768276518 | -1.383530982 | 0.937484256 |
| 1999-02-01 | -0.490622937 | -1.217702972 | 0.81339438 |
| 1999-03-01 | -0.564185001 | -1.162555284 | 0.615205467 |
| 1999-04-01 | -0.68985964 | -1.374001401 | 0.569326808 |
| 1999-05-01 | -0.517656092 | -1.250941421 | 0.224923139 |
| 1999-06-01 | -0.635549352 | -1.092410614 | 0.187101248 |
| 1999-07-01 | -0.420994171 | -1.303055756 | 0.305849472 |
| 1999-08-01 | -0.159134243 | -0.998255671 | 0.507534672 |
| 1999-09-01 | -0.013068753 | -1.007013827 | 0.605134256 |
| 1999-10-01 | -0.217822182 | -0.923828833 | 0.70659536 |
| 1999-11-01 | -0.356031706 | -1.284661723 | 0.531130682 |
| 1999-12-01 | -0.606444711 | -1.348962809 | 0.509667981 |
| 2000-01-01 | -0.270285861 | -1.25231842 | 0.444764553 |
| 2000-02-01 | -0.263230389 | -1.036231038 | 0.442460496 |
| 2000-03-01 | -0.325085425 | -1.153340916 | 0.849161696 |
| 2000-04-01 | -0.063913358 | -1.127621123 | 1.187456548 |
| 2000-05-01 | 0.255208898 | -0.577364887 | 1.153407008 |
| 2000-06-01 | 0.273130873 | -0.91811518 | 1.324139812 |
| 2000-07-01 | 0.421442006 | -0.962365912 | 0.79903576 |
| 2000-08-01 | 0.074033742 | -0.955624441 | 0.676378356 |
| 2000-09-01 | 0.319985724 | -0.749488962 | 0.841276352 |
| 2000-10-01 | 0.378088044 | -0.366321248 | 1.109267054 |
| 2000-11-01 | 0.891097225 | -0.26559727 | 1.228987376 |
| 2000-12-01 | 0.834566686 | -0.235191977 | 1.470732043 |
| 2001-01-01 | 0.525139945 | -0.291682703 | 1.3412135 |
| 2001-02-01 | 0.680923024 | -0.162726969 | 0.969952241 |
| 2001-03-01 | 1.022544432 | 0.316077839 | 1.20387309 |
| 2001-04-01 | 0.672157102 | 0.24930545 | 1.104182873 |
| 2001-05-01 | 0.585823007 | 0.04128718 | 0.658437458 |
| 2001-06-01 | 0.717834726 | -0.063120536 | 0.62082168 |
| 2001-07-01 | 0.740554817 | -0.143597948 | 0.546275643 |
| 2001-08-01 | 0.742161939 | -0.14683597 | 0.559191246 |
| 2001-09-01 | 1.058556134 | 0.125251536 | 1.154241559 |
| 2001-10-01 | 0.852600884 | 0.093190174 | 1.231907964 |
| 2001-11-01 | 0.490597982 | 0.017258131 | 0.642401824 |
| 2001-12-01 | 0.432783378 | 0.118118217 | 0.672460568 |
| 2002-01-01 | 0.672899207 | -0.0425486 | 0.639930185 |
| 2002-02-01 | 0.781102526 | -0.166494512 | 0.905255796 |
| 2002-03-01 | 0.653343531 | -0.186622094 | 0.781475233 |
| 2002-04-01 | 0.900623253 | -0.291314731 | 0.956230886 |
| 2002-05-01 | 0.882686817 | -0.449580803 | 1.100709665 |
| 2002-06-01 | 1.024596336 | -0.346174941 | 1.220303188 |
| 2002-07-01 | 1.137417674 | -0.141437894 | 1.85052509 |
| 2002-08-01 | 1.114671352 | -0.020655946 | 1.826400999 |
| 2002-09-01 | 1.31803306 | 0.066991814 | 1.957342322 |
| 2002-10-01 | 1.054279267 | 0.076696625 | 2.281982986 |
| 2002-11-01 | 0.833973564 | -0.066457304 | 1.71281049 |
| 2002-12-01 | 0.9518594 | -0.11343949 | 1.615755857 |
| 2003-01-01 | 0.791247941 | -0.218056011 | 1.543478429 |
| 2003-02-01 | 0.779722875 | -0.263871769 | 1.840764736 |
| 2003-03-01 | 0.59921466 | -0.325762437 | 1.747676854 |
| 2003-04-01 | 0.191229885 | -0.512663615 | 1.397228275 |
| 2003-05-01 | -0.177524383 | -0.654938093 | 0.712741238 |
| 2003-06-01 | -0.635326432 | -0.651688756 | 0.389213728 |
| 2003-07-01 | -0.809091033 | -0.656173438 | 0.612702863 |
| 2003-08-01 | -0.649183746 | -0.564289916 | 0.94480331 |
| 2003-09-01 | -0.581010995 | -0.541901479 | 0.643549028 |
| 2003-10-01 | -0.744117356 | -0.613559702 | 0.44095709 |
| 2003-11-01 | -0.905393435 | -0.646319481 | 0.377768162 |
| 2003-12-01 | -1.376324708 | -0.640482194 | 0.133910749 |
| 2004-01-01 | -1.459765702 | -0.735436077 | -0.224868985 |
| 2004-02-01 | -1.625102722 | -0.831168608 | -0.216198032 |
| 2004-03-01 | -1.707434734 | -0.840559697 | -0.117424007 |
| 2004-04-01 | -1.379086913 | -0.76025406 | 0.081245175 |
| 2004-05-01 | -1.068356066 | -0.636202902 | 0.510334131 |
| 2004-06-01 | -1.010010592 | -0.740979426 | 0.354513825 |
| 2004-07-01 | -0.757272307 | -0.713923449 | 0.387359334 |
| 2004-08-01 | -0.916903612 | -0.641478201 | 0.413196113 |
| 2004-09-01 | -1.018222338 | -0.666207457 | 0.224010176 |
| 2004-10-01 | -1.112490606 | -0.628096806 | 0.14697713 |
| 2004-11-01 | -1.364827781 | -0.881454937 | -0.196403389 |
| 2004-12-01 | -1.502944755 | -0.864689532 | -0.358704516 |
| 2005-01-01 | -1.45347923 | -0.790319656 | -0.263178595 |
| 2005-02-01 | -1.550012801 | -0.974692944 | -0.360233139 |
| 2005-03-01 | -1.347058412 | -0.926022499 | -0.212511102 |
| 2005-04-01 | -1.233698241 | -0.738833608 | 0.006587607 |
| 2005-05-01 | -1.239872211 | -0.720083435 | -0.028237629 |
| 2005-06-01 | -1.24294829 | -0.765471574 | -0.319461954 |
| 2005-07-01 | -1.380310241 | -0.904897782 | -0.288868698 |
| 2005-08-01 | -1.234627005 | -0.910405902 | -0.321003967 |
| 2005-09-01 | -1.205509557 | -0.847518969 | -0.276982572 |
| 2005-10-01 | -0.97284085 | -0.81270601 | 0.068524573 |
| 2005-11-01 | -0.813775798 | -0.858401865 | 0.025189699 |
| 2005-12-01 | -0.635865121 | -0.748967728 | -0.074658899 |
| 2006-01-01 | -0.670224162 | -0.971461924 | -0.200783303 |
| 2006-02-01 | -0.619801254 | -1.087445287 | -0.122742659 |
| 2006-03-01 | -0.583405135 | -1.093425238 | -0.063805725 |
| 2006-04-01 | -0.4815847 | -1.091060952 | 0.04393208 |
| 2006-05-01 | -0.180403873 | -1.024030107 | 0.03463481 |
| 2006-06-01 | -0.067078684 | -0.882680673 | 0.311597087 |
| 2006-07-01 | 0.017729126 | -0.9078416 | 0.312597873 |
| 2006-08-01 | 0.011473129 | -0.990258255 | 0.141032134 |
| 2006-09-01 | -0.087199187 | -0.923750528 | 0.01897465 |
| 2006-10-01 | -0.248608974 | -1.019183577 | -0.092614239 |
| 2006-11-01 | -0.289770434 | -0.990848044 | -0.284427991 |
| 2006-12-01 | -0.315484981 | -0.970482361 | -0.368697904 |
| 2007-01-01 | -0.372434532 | -1.082291041 | -0.229686095 |
| 2007-02-01 | -0.204743698 | -1.144475355 | -0.318323724 |
| 2007-03-01 | -0.186982117 | -0.899974323 | -0.217862593 |
| 2007-04-01 | -0.370582169 | -1.055186372 | -0.384296429 |
| 2007-05-01 | -0.474563759 | -1.007951936 | -0.339823355 |
| 2007-06-01 | -0.312380904 | -0.797463801 | -0.281261226 |
| 2007-07-01 | -0.128840633 | -0.612177622 | -0.028389965 |
| 2007-08-01 | -0.041231737 | -0.232199977 | 1.045533989 |
| 2007-09-01 | -0.210971107 | -0.47584742 | 1.35522185 |
| 2007-10-01 | -0.400521482 | -0.749948302 | 0.912441794 |
| 2007-11-01 | -0.344860356 | -0.621196868 | 1.568242923 |
| 2007-12-01 | -0.361590218 | -0.52147342 | 2.153063228 |
| 2008-01-01 | -0.213711156 | -0.262778821 | 1.781117489 |
| 2008-02-01 | -0.103675052 | -0.127378253 | 2.115830082 |
| 2008-03-01 | -0.196107386 | -0.117284575 | 2.799855169 |
| 2008-04-01 | -0.418365213 | -0.310265438 | 2.3913171 |
| 2008-05-01 | -0.461873436 | -0.427192658 | 1.84425996 |
| 2008-06-01 | 0.055475046 | -0.166374215 | 2.087731903 |
| 2008-07-01 | 0.331289762 | 0.120088237 | 2.32101251 |
| 2008-08-01 | 0.497822358 | 0.208453813 | 2.29649282 |
| 2008-09-01 | 1.12809436 | 0.633038773 | 3.613650083 |
| 2008-10-01 | 2.346403313 | 2.640552387 | 6.42 |
| 2008-11-01 | 3.142561609 | 3.366386723 | 6.635795306 |
| 2008-12-01 | 3.288360735 | 2.981530053 | 6.050246708 |
| 2009-01-01 | 3.617260101 | 2.940059757 | 5.431680542 |
| 2009-02-01 | 4.0799783 | 3.534507311 | 4.660810784 |
| 2009-03-01 | 3.922862353 | 3.739801255 | 4.737298 |
| 2009-04-01 | 3.524657769 | 2.736877242 | 4.404988171 |
| 2009-05-01 | 3.192962229 | 1.701663544 | 2.996656542 |
| 2009-06-01 | 2.951932054 | 1.316228494 | 2.357321976 |
| 2009-07-01 | 2.406682943 | 0.937214455 | 1.901816121 |
| 2009-08-01 | 2.251307016 | 0.574068314 | 1.343814711 |
| 2009-09-01 | 1.810326854 | 0.266018759 | 1.054691586 |
| 2009-10-01 | 1.749691657 | 0.224789917 | 0.894369589 |
| 2009-11-01 | 1.32570164 | 0.1254181 | 0.818508009 |
| 2009-12-01 | 1.003495013 | -0.175169337 | 0.569913923 |
| 2010-01-01 | 1.037266218 | -0.265709699 | 0.582969096 |
| 2010-02-01 | 0.860219154 | -0.176605346 | 0.759775208 |
| 2010-03-01 | 0.648917734 | -0.498322629 | 0.425877637 |
| 2010-04-01 | 0.559479276 | -0.450175302 | 0.225325253 |
| 2010-05-01 | 0.839831173 | 0.451419574 | 0.681966401 |
| 2010-06-01 | 1.06142612 | 0.645561044 | 0.880900084 |
| 2010-07-01 | 0.835378558 | 0.376497614 | 0.732448343 |
| 2010-08-01 | 0.809323133 | 0.195504696 | 0.514796476 |
| 2010-09-01 | 0.273500538 | 0.032128807 | 0.327799994 |
| 2010-10-01 | -0.030245524 | -0.149392977 | 0.319952179 |
| 2010-11-01 | -0.126477942 | -0.167655933 | 0.110707736 |
| 2010-12-01 | -0.406181283 | -0.281875057 | 0.0244973 |
| 2011-01-01 | -0.319227515 | -0.405607262 | -0.080781726 |
| 2011-02-01 | -0.459275251 | -0.45229527 | -0.158005649 |
| 2011-03-01 | -0.646952022 | -0.369176465 | -0.019746782 |
| 2011-04-01 | -0.898120851 | -0.551753754 | -0.238785289 |
| 2011-05-01 | -1.008155641 | -0.643093763 | -0.248054035 |
| 2011-06-01 | -1.119386163 | -0.428946094 | -0.062960146 |
| 2011-07-01 | -1.174097006 | -0.573317059 | -0.025069699 |
| 2011-08-01 | -1.008215005 | -0.130408878 | 0.917998718 |
| 2011-09-01 | -0.657432483 | 0.098324131 | 1.233408385 |
| 2011-10-01 | -1.015756003 | 0.065312042 | 1.210460947 |
| 2011-11-01 | -0.972639513 | 0.009423814 | 1.258544204 |
| 2011-12-01 | -0.826732146 | 0.0632895 | 1.051980586 |
| 2012-01-01 | -0.787836283 | -0.168376152 | 0.698343085 |
| 2012-02-01 | -0.988960053 | -0.469173349 | 0.377604655 |
| 2012-03-01 | -0.997234693 | -0.457848712 | 0.225085937 |
| 2012-04-01 | -0.719282991 | -0.38750791 | 0.250923061 |
| 2012-05-01 | -0.327613869 | -0.115328786 | 0.376060896 |
| 2012-06-01 | -0.294369468 | 0.031821277 | 0.537073542 |
| 2012-07-01 | -0.098948462 | -0.198155154 | 0.256338999 |
| 2012-08-01 | -0.176033343 | -0.354934653 | 0.065789844 |
| 2012-09-01 | -0.295873306 | -0.523537659 | -0.109090408 |
| 2012-10-01 | -0.24861895 | -0.551393867 | -0.21783618 |
| 2012-11-01 | -0.396419331 | -0.434892064 | -0.223491072 |
| 2012-12-01 | -0.481919077 | -0.582277865 | -0.251512131 |
| 2013-01-01 | -0.614926587 | -0.711877669 | -0.435185073 |
| 2013-02-01 | -0.712778117 | -0.673233644 | -0.468139287 |
| 2013-03-01 | -0.79191483 | -0.717560162 | -0.474548026 |
| 2013-04-01 | -0.667491461 | -0.672618211 | -0.469218345 |
| 2013-05-01 | -0.849086379 | -0.682088208 | -0.506643682 |
| 2013-06-01 | -0.681720849 | -0.500274167 | -0.165348062 |
| 2013-07-01 | -0.603414676 | -0.49852041 | -0.31220698 |
| 2013-08-01 | -0.359960465 | -0.617923419 | -0.217424569 |
| 2013-09-01 | -0.393828646 | -0.607040533 | -0.234732394 |
| 2013-10-01 | -0.499312479 | -0.669464199 | -0.435361596 |
| 2013-11-01 | -0.710777153 | -0.777962382 | -0.489359305 |
| 2013-12-01 | -0.802375658 | -0.824287296 | -0.535362724 |
| 2014-01-01 | -0.456402723 | -0.795027062 | -0.549718585 |
| 2014-02-01 | -0.527701986 | -0.771201416 | -0.554849815 |
| 2014-03-01 | -0.691777071 | -0.821608994 | -0.649256494 |
| 2014-04-01 | -0.596565433 | -0.886719009 | -0.569363165 |
| 2014-05-01 | -0.80236543 | -0.945890879 | -0.762630327 |
| 2014-06-01 | -0.987516874 | -1.001430001 | -0.841279714 |
| 2014-07-01 | -0.814069116 | -1.052806438 | -0.772683427 |
| 2014-08-01 | -0.99168768 | -0.969706292 | -0.681065021 |
| 2014-09-01 | -0.843375756 | -0.903224343 | -0.598022677 |
| 2014-10-01 | -0.648268239 | -0.704289685 | -0.33958901 |
| 2014-11-01 | -0.632164201 | -0.784151804 | -0.47265397 |
| 2014-12-01 | -0.438984402 | -0.652766625 | -0.263201812 |
| 2015-01-01 | -0.040587323 | -0.556820926 | -0.01682884 |
| 2015-02-01 | -0.028143471 | -0.554368722 | -0.252957474 |
| 2015-03-01 | 0.209564571 | -0.446465882 | -0.243943907 |
| 2015-04-01 | 0.312315964 | -0.50676478 | -0.341268534 |
| 2015-05-01 | 0.362399575 | -0.675410013 | -0.329691677 |
| 2015-06-01 | 0.446996286 | -0.518777709 | -0.171442326 |
| 2015-07-01 | 0.538094192 | -0.405521259 | -0.007674521 |
| 2015-08-01 | 1.056900591 | -0.138477792 | 0.253414555 |
| 2015-09-01 | 1.233985324 | 0.021759271 | 0.559027622 |
| 2015-10-01 | 1.000813236 | -0.105433761 | 0.302837594 |
| 2015-11-01 | 1.060679242 | -0.251087453 | 0.318561953 |
| 2015-12-01 | 1.127519475 | -0.040553968 | 0.483684123 |
| 2016-01-01 | 1.552564878 | 0.21728729 | 0.978294075 |
| 2016-02-01 | 1.600214749 | 0.267989911 | 0.975542877 |
| 2016-03-01 | 1.195338342 | 0.055472507 | 0.441795689 |
| 2016-04-01 | 0.993327308 | -0.039939513 | 0.10522612 |
| 2016-05-01 | 0.801448767 | -0.102499619 | 0.181969154 |
| 2016-06-01 | 0.653820558 | 0.035009344 | 0.217835531 |
| 2016-07-01 | 0.531754527 | -0.15673977 | 0.143347697 |
| 2016-08-01 | 0.445310527 | -0.267386964 | 0.183961107 |
| 2016-09-01 | 0.408849223 | -0.227069798 | 0.270578087 |
| 2016-10-01 | 0.493199752 | -0.388525416 | 0.116343887 |
| 2016-11-01 | 0.536647359 | -0.017669931 | 0.245030353 |
| 2016-12-01 | 0.667998299 | -0.378258648 | 0.196421298 |
| 2017-01-01 | 0.828842657 | -0.415474591 | 0.095697653 |
| 2017-02-01 | 0.786442234 | -0.355250032 | -0.089504664 |
| 2017-03-01 | 0.655125487 | -0.582637182 | -0.143813049 |
| 2017-04-01 | 0.524648114 | -0.473928833 | -0.170171746 |
| 2017-05-01 | 0.420460053 | -0.672494866 | -0.2523772 |
| 2017-06-01 | 0.203478891 | -0.701469521 | -0.325783009 |
| 2017-07-01 | 0.071396706 | -0.732491408 | -0.364504535 |
| 2017-08-01 | -0.052382804 | -0.713505333 | -0.342235415 |
| 2017-09-01 | -0.305980901 | -0.829318518 | -0.33114817 |
| 2017-10-01 | -0.402267415 | -0.830090245 | -0.393845258 |
| 2017-11-01 | -0.482922162 | -0.883956265 | -0.440054969 |
| 2017-12-01 | -0.486940262 | -1.039946941 | -0.453300209 |
| 2018-01-01 | -0.686798563 | -1.343515746 | -0.465178445 |
| 2018-02-01 | -0.560275817 | -1.12039445 | -0.290389517 |
| 2018-03-01 | -0.519341837 | -1.020152231 | 0.008424403 |
| 2018-04-01 | -0.340171121 | -0.906394076 | 0.010614316 |
| 2018-05-01 | -0.356370032 | -0.718532776 | -0.257842422 |
| 2018-06-01 | -0.259490798 | -0.648098551 | -0.251559466 |
| 2018-07-01 | -0.169126321 | -0.687763602 | -0.259968244 |
| 2018-08-01 | -0.286297443 | -0.744922457 | -0.346523635 |
| 2018-09-01 | -0.270247735 | -0.803730954 | -0.36928751 |
| 2018-10-01 | 0.254187185 | -0.554019261 | -0.172305604 |
| 2018-11-01 | 0.33497152 | -0.225768137 | -0.099620965 |
| 2018-12-01 | 0.7779561 | 0.046034155 | 0.360538917 |
| 2019-01-01 | 0.429735271 | -0.104599756 | 0.10830836 |
| 2019-02-01 | 0.193855049 | -0.506512261 | -0.247331488 |
| 2019-03-01 | 0.07176118 | -0.621772945 | -0.012520522 |
| 2019-04-01 | -0.043455972 | -0.752316706 | -0.290259441 |
| 2019-05-01 | 0.266966202 | -0.561630967 | -0.247425003 |
| 2019-06-01 | -0.081865107 | -0.447439483 | -0.258093573 |
| 2019-07-01 | -0.10400776 | -0.640926552 | -0.334484938 |
| 2019-08-01 | -0.130148744 | -0.495949182 | -0.026039811 |
| 2019-09-01 | -0.197336948 | -0.566893745 | -0.184887464 |
| 2019-10-01 | -0.182162475 | -0.552231827 | -0.006566505 |
| 2019-11-01 | -0.345933639 | -0.752242961 | -0.16888167 |
| 2019-12-01 | -0.495783831 | -0.887897486 | -0.26449407 |
| 2020-01-01 | -0.456817746 | -1.08045306 | -0.369987985 |
| 2020-02-01 | -0.268109669 | -1.048136167 | -0.151050131 |
| 2020-03-01 | 0.436760055 | 0.435531367 | 3.879658266 |
| 2020-04-01 | 0.195571394 | 0.203427021 | 2.456496502 |
| 2020-05-01 | 0.024950916 | -0.108108663 | 1.125689672 |
| 2020-06-01 | -0.164395719 | -0.621634559 | 0.649186526 |
| 2020-07-01 | -0.408625187 | -0.931747363 | 0.438893452 |
| 2020-08-01 | -0.834502948 | -1.295903563 | 0.105914571 |
| 2020-09-01 | -0.919617721 | -1.271962012 | 0.242164763 |
| 2020-10-01 | -0.828088526 | -1.424362555 | 0.429964247 |
| 2020-11-01 | -1.31739206 | -1.740006836 | 0.491187434 |
| 2020-12-01 | -1.77952537 | -2.0795077 | -0.179880844 |
| 2021-01-01 | -1.738689954 | -2.174476015 | -0.160221881 |
| 2021-02-01 | -1.948653638 | -2.166699399 | -0.2713737 |
| 2021-03-01 | -2.029286016 | -1.958867285 | -0.192993547 |
| 2021-04-01 | -2.10188397 | -2.294093641 | -0.53999446 |
| 2021-05-01 | -2.197044262 | -2.394693345 | -0.590379245 |
| 2021-06-01 | -2.418394233 | -2.513059916 | -0.5995749 |
| 2021-07-01 | -2.43701203 | -2.627360324 | -0.533456699 |
| 2021-08-01 | -2.386712461 | -2.665898151 | -0.480396534 |
| 2021-09-01 | -2.205886396 | -2.620352596 | -0.488980174 |
| 2021-10-01 | -2.28812563 | -2.492872974 | -0.478410314 |
| 2021-11-01 | -2.008356191 | -2.642249825 | -0.341443395 |
| 2021-12-01 | -2.091107399 | -2.583851854 | -0.257800991 |
| 2022-01-01 | -1.533238648 | -2.351567435 | -0.264555786 |
| 2022-02-01 | -1.304164854 | -2.006285842 | -0.11511096 |
| 2022-03-01 | -1.15707331 | -1.742300217 | 0.233673812 |
| 2022-04-01 | -0.390658235 | -1.439043585 | 0.163232472 |
| 2022-05-01 | -0.018476641 | -0.700023618 | 0.537946799 |
| 2022-06-01 | 0.717376828 | -0.350117673 | 0.499372756 |
| 2022-07-01 | 0.734717327 | -0.237944576 | 0.509857243 |
| 2022-08-01 | 1.111773687 | -0.521862918 | 0.383023032 |
| 2022-09-01 | 1.779816782 | -0.285957425 | 0.571157497 |
| 2022-10-01 | 1.9575361 | -0.171271599 | 0.836530353 |
| 2022-11-01 | 2.192613911 | -0.379621107 | 0.499434472 |
| 2022-12-01 | 2.369987784 | -0.067820239 | 0.445002159 |
| 2023-01-01 | 1.86734065 | -0.321052457 | 0.267033316 |
| 2023-02-01 | 1.810003682 | -0.558224715 | 0.223785964 |
| 2023-03-01 | 1.598952399 | 0.17855043 | 1.187465533 |
| 2023-04-01 | 1.59043616 | -0.397366074 | 0.445191421 |
| 2023-05-01 | 1.757231429 | -0.448523891 | 0.445411861 |
Note: The blue shaded region represents the range of 5 standardized financial conditions indexes (FCIs) developed by Bloomberg, Goldman Sachs, and the Federal Reserve Banks of Chicago, St. Louis, and Kansas City. The upward arrow indicates the direction of tightening of financial conditions. Gray shaded bars denote periods of recession as dated by the National Bureau of Economic Research: July 1990-March 1991, March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020. FCI-G is Financial Conditions Impulse on Growth.
Source: Bloomberg; Federal Reserve Banks of Chicago, St. Louis, and Kansas City; Haver Analytics; U.S. Census Bureau, Decennial Census of Population and Housing; CoreLogic; Authors’ calculations.
Figure 3: Financial Conditions Impulse on Growth Components
| Date | Total | Federal Funds Rate | 10 Year Treasury | Mortgage Rate | BBB Rate | Equity | Housing | Dollar Value |
|---|---|---|---|---|---|---|---|---|
| 2021-01-29 | -1.381500827 | -0.072945681 | 0.042004159 | -0.162963579 | -0.16761344 | -0.550432373 | -0.323005049 | -0.146544864 |
| 2021-02-26 | -1.503775983 | -0.063556475 | 0.044354786 | -0.139315936 | -0.181121879 | -0.619009 | -0.353277188 | -0.19185029 |
| 2021-03-31 | -1.549489494 | -0.05735503 | 0.045232985 | -0.072823738 | -0.181468395 | -0.719755366 | -0.384966008 | -0.178353943 |
| 2021-04-30 | -1.588624659 | -0.054916183 | 0.045507457 | -0.033438668 | -0.186407569 | -0.760134803 | -0.418588067 | -0.180646827 |
| 2021-05-28 | -1.641357185 | -0.052883146 | 0.045312696 | -0.015302415 | -0.189683137 | -0.774853234 | -0.456017251 | -0.197930698 |
| 2021-06-30 | -1.768130188 | -0.048932609 | 0.044417754 | -0.028907153 | -0.199188506 | -0.819566887 | -0.494408122 | -0.221544666 |
| 2021-07-30 | -1.780582488 | -0.044261373 | 0.043848332 | -0.042900912 | -0.208590505 | -0.78536922 | -0.526478992 | -0.216829818 |
| 2021-08-31 | -1.751553264 | -0.039394571 | 0.043044341 | -0.046931609 | -0.213680528 | -0.767713977 | -0.541898904 | -0.184978015 |
| 2021-09-30 | -1.64840239 | -0.035618441 | 0.04205199 | -0.042560617 | -0.211128599 | -0.712855346 | -0.541202338 | -0.147089039 |
| 2021-10-29 | -1.694215713 | -0.033503151 | 0.040770839 | -0.01948759 | -0.203369157 | -0.817994864 | -0.53593431 | -0.12469748 |
| 2021-11-30 | -1.5347237 | -0.03133751 | 0.039675552 | 0.003877993 | -0.19813278 | -0.721387685 | -0.535343249 | -0.092076021 |
| 2021-12-31 | -1.581457346 | -0.027865759 | 0.036747521 | 0.022240696 | -0.183444893 | -0.847323219 | -0.539105827 | -0.042705866 |
| 2022-01-31 | -1.265598904 | -0.024416433 | 0.031820949 | 0.050622879 | -0.164653589 | -0.583297933 | -0.554826612 | -0.020848164 |
| 2022-02-28 | -1.135850182 | -0.021648543 | 0.026153713 | 0.102734521 | -0.130885552 | -0.524302544 | -0.577441961 | -0.010459817 |
| 2022-03-31 | -1.052524293 | -0.01418477 | 0.020905943 | 0.19765951 | -0.076119026 | -0.58497349 | -0.606482219 | 0.010669759 |
| 2022-04-29 | -0.619333589 | -0.00363645 | 0.015097667 | 0.297153431 | -0.023810867 | -0.321394802 | -0.630881677 | 0.048139108 |
| 2022-05-31 | -0.407821373 | 0.020431028 | 0.008827698 | 0.372216529 | 0.025955184 | -0.30513243 | -0.642914055 | 0.112794673 |
| 2022-06-30 | 0.012996394 | 0.055093016 | 0.001726297 | 0.441625364 | 0.077480453 | -0.090907031 | -0.642218769 | 0.170197064 |
| 2022-07-29 | 0.023290511 | 0.098099897 | -0.003810365 | 0.435785377 | 0.113572832 | -0.249079697 | -0.618698564 | 0.247421032 |
| 2022-08-31 | 0.235675662 | 0.148415042 | -0.010532686 | 0.41444779 | 0.139876312 | -0.164455639 | -0.57553873 | 0.283463572 |
| 2022-09-30 | 0.613583412 | 0.184430272 | -0.018263917 | 0.419906385 | 0.166072345 | 0.022496733 | -0.517236389 | 0.356177983 |
| 2022-10-31 | 0.71679248 | 0.215243685 | -0.027167578 | 0.488955125 | 0.203335349 | -0.116188184 | -0.459911973 | 0.412526057 |
| 2022-11-30 | 0.850627902 | 0.243424498 | -0.03377848 | 0.550563647 | 0.240008197 | -0.18858613 | -0.404939376 | 0.443935547 |
| 2022-12-30 | 0.947410042 | 0.275683543 | -0.038761849 | 0.496238933 | 0.256101192 | -0.090080153 | -0.348106865 | 0.39633524 |
| 2023-01-31 | 0.656780948 | 0.293578785 | -0.043381548 | 0.363447989 | 0.245572457 | -0.196185201 | -0.295149892 | 0.288898358 |
| 2023-02-28 | 0.621115516 | 0.290998832 | -0.04942479 | 0.288496263 | 0.248988903 | -0.130570564 | -0.247887334 | 0.220514206 |
| 2023-03-31 | 0.501007111 | 0.28183425 | -0.057220809 | 0.292014901 | 0.257834828 | -0.253680941 | -0.213368698 | 0.193593578 |
| 2023-04-28 | 0.498373814 | 0.268080508 | -0.062850191 | 0.307719935 | 0.258623527 | -0.267893044 | -0.17812977 | 0.17282285 |
| 2023-05-31 | 0.610259059 | 0.252681218 | -0.067786711 | 0.303467865 | 0.260296402 | -0.156584279 | -0.131852353 | 0.150036916 |
Note: The figure shows the baseline Financial Conditions Impulse on Growth (FCI-G) (black line) and its decomposition into its 7 drivers (the bar charts) over the period that goes from January 2021 through May 2023. Positive (negative) values denote headwinds (tailwinds) to GDP growth over the next year.
Source: Haver Analytics; Authors’ calculations.
Figure 4: Financial Conditions Impulse on Growth over a Longer Sample Period
| Date | 3 Years | 1 Year |
|---|---|---|
| 1979-01-31 | -0.372179574 | -0.309553389 |
| 1979-02-28 | -0.246321697 | -0.214350977 |
| 1979-03-30 | -0.322205712 | -0.30659624 |
| 1979-04-30 | -0.361072922 | -0.206136526 |
| 1979-05-31 | -0.248029156 | -0.113746463 |
| 1979-06-29 | -0.239861229 | -0.19395268 |
| 1979-07-31 | -0.271096251 | -0.118533504 |
| 1979-08-31 | -0.363188487 | -0.125971882 |
| 1979-09-28 | -0.295357368 | -0.08700103 |
| 1979-10-31 | 0.079665106 | 0.142892362 |
| 1979-11-30 | 0.261820603 | 0.286818352 |
| 1979-12-31 | 0.508437959 | 0.46309566 |
| 1980-01-31 | 0.37915446 | 0.367544346 |
| 1980-02-29 | 0.436108386 | 0.34621485 |
| 1980-03-31 | 1.088657762 | 1.078287194 |
| 1980-04-30 | 1.371633026 | 1.362233841 |
| 1980-05-30 | 1.221025216 | 1.098077621 |
| 1980-06-30 | 0.428729927 | 0.370711422 |
| 1980-07-31 | -0.583426493 | -0.584836223 |
| 1980-08-29 | -0.703068566 | -0.666515342 |
| 1980-09-30 | -0.617052837 | -0.553701227 |
| 1980-10-31 | -0.272420056 | -0.419336293 |
| 1980-11-28 | -0.059885877 | -0.286488323 |
| 1980-12-31 | 0.444858743 | 0.132554817 |
| 1981-01-30 | 0.810953501 | 0.587192177 |
| 1981-02-27 | 0.942947587 | 0.618082656 |
| 1981-03-31 | 0.673370702 | 0.020224539 |
| 1981-04-30 | 0.746423296 | 0.020349572 |
| 1981-05-29 | 1.024752849 | 0.386419046 |
| 1981-06-30 | 1.341044742 | 1.07065824 |
| 1981-07-31 | 1.597394124 | 1.686284342 |
| 1981-08-31 | 1.811450444 | 1.968733419 |
| 1981-09-30 | 1.933638838 | 2.02898882 |
| 1981-10-30 | 1.674826306 | 1.707080102 |
| 1981-11-30 | 1.298934248 | 1.404405239 |
| 1981-12-31 | 1.076773594 | 0.934400155 |
| 1982-01-29 | 0.989216539 | 0.654027586 |
| 1982-02-26 | 1.222448803 | 0.795548325 |
| 1982-03-31 | 1.469926992 | 1.127230001 |
| 1982-04-30 | 1.396206167 | 1.005609884 |
| 1982-05-28 | 1.458070197 | 0.975936045 |
| 1982-06-30 | 1.483935798 | 0.833712546 |
| 1982-07-30 | 1.459997966 | 0.700243675 |
| 1982-08-31 | 1.152642221 | 0.234178518 |
| 1982-09-30 | 0.912138512 | -0.084580025 |
| 1982-10-29 | 0.394425383 | -0.465851938 |
| 1982-11-30 | 0.045853863 | -0.573647566 |
| 1982-12-31 | -0.212207714 | -0.699788856 |
| 1983-01-31 | -0.39827093 | -0.849550091 |
| 1983-02-28 | -0.50351286 | -1.088282432 |
| 1983-03-31 | -0.624717572 | -1.30793752 |
| 1983-04-29 | -0.703708876 | -1.408387252 |
| 1983-05-31 | -0.646003219 | -1.381785016 |
| 1983-06-30 | -0.595459262 | -1.402682003 |
| 1983-07-29 | -0.333723795 | -1.18229724 |
| 1983-08-31 | -0.115943733 | -0.79777355 |
| 1983-09-30 | -0.0336989 | -0.602534902 |
| 1983-10-31 | -0.027027158 | -0.259887116 |
| 1983-11-30 | -0.099358696 | -0.175066556 |
| 1983-12-30 | -0.098843261 | -0.023776649 |
| 1984-01-31 | -0.068323602 | 0.211263679 |
| 1984-02-29 | 0.038296351 | 0.440344219 |
| 1984-03-30 | 0.001798288 | 0.485502851 |
| 1984-04-30 | 0.023556578 | 0.644062884 |
| 1984-05-31 | 0.298587237 | 0.913292284 |
| 1984-06-29 | 0.406148973 | 1.058813641 |
| 1984-07-31 | 0.614269137 | 1.155561548 |
| 1984-08-31 | 0.4398336 | 0.911877295 |
| 1984-09-28 | 0.411644233 | 0.917721271 |
| 1984-10-31 | 0.317600968 | 0.73596686 |
| 1984-11-30 | 0.198376986 | 0.650371688 |
| 1984-12-31 | -0.009862756 | 0.389606694 |
| 1985-01-31 | -0.328941319 | 0.026816422 |
| 1985-02-28 | -0.351651613 | -0.077130389 |
| 1985-03-29 | -0.237128866 | 0.04352136 |
| 1985-04-30 | -0.145936573 | 0.062965993 |
| 1985-05-31 | -0.284963249 | -0.286046691 |
| 1985-06-28 | -0.467476729 | -0.558322539 |
| 1985-07-31 | -0.597867215 | -0.832049528 |
| 1985-08-30 | -0.594275785 | -0.737146834 |
| 1985-09-30 | -0.442953407 | -0.67928837 |
| 1985-10-31 | -0.456281591 | -0.724951643 |
| 1985-11-29 | -0.634700847 | -0.900012109 |
| 1985-12-31 | -0.88187126 | -1.118028242 |
| 1986-01-31 | -1.022130965 | -1.098055216 |
| 1986-02-28 | -1.297221345 | -1.394193938 |
| 1986-03-31 | -1.547939106 | -1.715243669 |
| 1986-04-30 | -1.652155808 | -1.857499896 |
| 1986-05-30 | -1.795696113 | -1.881925678 |
| 1986-06-30 | -1.784361416 | -1.717437132 |
| 1986-07-31 | -1.629776832 | -1.445727532 |
| 1986-08-29 | -1.756924261 | -1.528182861 |
| 1986-09-30 | -1.658748679 | -1.4609362 |
| 1986-10-31 | -1.798007605 | -1.493534714 |
| 1986-11-28 | -1.750021826 | -1.293611614 |
| 1986-12-31 | -1.613312155 | -0.972038478 |
| 1987-01-30 | -1.870241177 | -1.184452793 |
| 1987-02-27 | -1.975846625 | -1.124235098 |
| 1987-03-31 | -2.093663506 | -1.084610575 |
| 1987-04-30 | -1.922736601 | -0.867424015 |
| 1987-05-29 | -1.713632469 | -0.591045856 |
| 1987-06-30 | -1.598779602 | -0.493860795 |
| 1987-07-31 | -1.529987343 | -0.576690612 |
| 1987-08-31 | -1.479795678 | -0.513653902 |
| 1987-09-30 | -1.316739351 | -0.494718055 |
| 1987-10-30 | -0.573449738 | 0.275420818 |
| 1987-11-30 | -0.332551303 | 0.45780529 |
| 1987-12-31 | -0.53809807 | 0.137000323 |
| 1988-01-29 | -0.742151931 | 0.062033888 |
| 1988-02-29 | -0.84818797 | 0.008737017 |
| 1988-03-31 | -0.820991548 | 0.099198463 |
| 1988-04-29 | -0.826818304 | -0.020031569 |
| 1988-05-31 | -0.64026294 | 0.049477075 |
| 1988-06-30 | -0.562578743 | 0.077240333 |
| 1988-07-29 | -0.437126772 | 0.156398243 |
| 1988-08-31 | -0.177427672 | 0.37838235 |
| 1988-09-30 | -0.123281766 | 0.327175014 |
| 1988-10-31 | -0.200591255 | -0.197506409 |
| 1988-11-30 | -0.088721885 | -0.256798671 |
| 1988-12-30 | -0.04654995 | -0.113194758 |
| 1989-01-31 | -0.198239561 | -0.039186981 |
| 1989-02-28 | 0.058876923 | 0.194900349 |
| 1989-03-31 | 0.188919683 | 0.275488772 |
| 1989-04-28 | 0.123468561 | 0.234492902 |
| 1989-05-31 | 0.153323898 | 0.181822519 |
| 1989-06-30 | 0.14785368 | 0.208772753 |
| 1989-07-31 | -0.141036812 | -0.107874334 |
| 1989-08-31 | -0.161496154 | -0.327833766 |
| 1989-09-29 | -0.148732671 | -0.293935132 |
| 1989-10-31 | -0.053674266 | -0.141727235 |
| 1989-11-30 | -0.045569596 | -0.165427888 |
| 1989-12-29 | -0.110956713 | -0.200589963 |
| 1990-01-31 | 0.055045415 | 0.031725424 |
| 1990-02-28 | 0.152626121 | -0.002490279 |
| 1990-03-30 | 0.255732468 | 0.012777784 |
| 1990-04-30 | 0.320138662 | 0.239714668 |
| 1990-05-31 | 0.19991855 | 0.116544679 |
| 1990-06-29 | 0.209668242 | 0.084896704 |
| 1990-07-31 | 0.072393699 | 0.116789989 |
| 1990-08-31 | 0.246884818 | 0.30974971 |
| 1990-09-28 | 0.318304365 | 0.374202525 |
| 1990-10-31 | 0.176414767 | 0.28421909 |
| 1990-11-30 | -0.017724349 | 0.131077584 |
| 1990-12-31 | -0.116661414 | 0.040469687 |
| 1991-01-31 | -0.285603686 | -0.250747491 |
| 1991-02-28 | -0.491846584 | -0.483207892 |
| 1991-03-29 | -0.543194306 | -0.566690168 |
| 1991-04-30 | -0.522781984 | -0.637245659 |
| 1991-05-31 | -0.501758959 | -0.498303769 |
| 1991-06-28 | -0.326302697 | -0.335386636 |
| 1991-07-31 | -0.368473501 | -0.329057754 |
| 1991-08-30 | -0.405307123 | -0.460700811 |
| 1991-09-30 | -0.4474513 | -0.565829481 |
| 1991-10-31 | -0.557569305 | -0.678936148 |
| 1991-11-29 | -0.525367899 | -0.554938696 |
| 1991-12-31 | -0.824438752 | -0.779708459 |
| 1992-01-31 | -0.842477894 | -0.762759553 |
| 1992-02-28 | -0.859945348 | -0.654252063 |
| 1992-03-31 | -0.649392483 | -0.433069766 |
| 1992-04-30 | -0.544816811 | -0.370604935 |
| 1992-05-29 | -0.496202206 | -0.381746168 |
| 1992-06-30 | -0.506260819 | -0.463625365 |
| 1992-07-31 | -0.691639888 | -0.610724428 |
| 1992-08-31 | -0.722442752 | -0.620581557 |
| 1992-09-30 | -0.796729382 | -0.661773753 |
| 1992-10-30 | -0.806578625 | -0.536166367 |
| 1992-11-30 | -0.692818443 | -0.479979342 |
| 1992-12-31 | -0.57925162 | -0.17327678 |
| 1993-01-29 | -0.550521847 | -0.074001755 |
| 1993-02-26 | -0.574957403 | -0.084903339 |
| 1993-03-31 | -0.636322153 | -0.259238808 |
| 1993-04-30 | -0.623116412 | -0.269195908 |
| 1993-05-28 | -0.702864098 | -0.358499757 |
| 1993-06-30 | -0.677110043 | -0.334777412 |
| 1993-07-30 | -0.630321458 | -0.157067589 |
| 1993-08-31 | -0.676725047 | -0.180455965 |
| 1993-09-30 | -0.70456299 | -0.14292251 |
| 1993-10-29 | -0.746736256 | -0.199438361 |
| 1993-11-30 | -0.583243556 | -0.125968275 |
| 1993-12-31 | -0.52420587 | -0.149977886 |
| 1994-01-31 | -0.451149829 | -0.165559687 |
| 1994-02-28 | -0.281125081 | -0.042167991 |
| 1994-03-31 | -0.039252421 | 0.248610392 |
| 1994-04-29 | 0.110071023 | 0.368693301 |
| 1994-05-31 | 0.296236189 | 0.603484636 |
| 1994-06-30 | 0.450454412 | 0.763120776 |
| 1994-07-29 | 0.400538835 | 0.675820083 |
| 1994-08-31 | 0.273945069 | 0.560207343 |
| 1994-09-30 | 0.282010887 | 0.557927821 |
| 1994-10-31 | 0.246502761 | 0.536658806 |
| 1994-11-30 | 0.373354036 | 0.615267132 |
| 1994-12-30 | 0.464162766 | 0.661345382 |
| 1995-01-31 | 0.503426392 | 0.668047034 |
| 1995-02-28 | 0.438821031 | 0.530750092 |
| 1995-03-31 | 0.271585693 | 0.238448755 |
| 1995-04-28 | 0.061107578 | -0.030082034 |
| 1995-05-31 | -0.121184334 | -0.277408119 |
| 1995-06-30 | -0.362055844 | -0.585906811 |
| 1995-07-31 | -0.481649349 | -0.670038244 |
| 1995-08-31 | -0.487782412 | -0.590426744 |
| 1995-09-29 | -0.505919355 | -0.626480197 |
| 1995-10-31 | -0.42801408 | -0.512121344 |
| 1995-11-30 | -0.495180121 | -0.680669665 |
| 1995-12-29 | -0.5280316 | -0.742297347 |
| 1996-01-31 | -0.554778462 | -0.813498656 |
| 1996-02-29 | -0.559777757 | -0.817063445 |
| 1996-03-29 | -0.492966373 | -0.695879522 |
| 1996-04-30 | -0.427438868 | -0.514866992 |
| 1996-05-31 | -0.346057295 | -0.307638609 |
| 1996-06-28 | -0.246388287 | -0.092067575 |
| 1996-07-31 | -0.067386176 | 0.175567384 |
| 1996-08-30 | -0.163378477 | 0.07121061 |
| 1996-09-30 | -0.283116331 | -0.021576401 |
| 1996-10-31 | -0.339171832 | -0.154116193 |
| 1996-11-29 | -0.504946937 | -0.252088405 |
| 1996-12-31 | -0.546194657 | -0.238510695 |
| 1997-01-31 | -0.62852231 | -0.320262431 |
| 1997-02-28 | -0.537817088 | -0.205671842 |
| 1997-03-31 | -0.402645062 | -0.038825926 |
| 1997-04-30 | -0.402475076 | -0.055936847 |
| 1997-05-30 | -0.504750686 | -0.142994706 |
| 1997-06-30 | -0.652243764 | -0.330073364 |
| 1997-07-31 | -0.870194166 | -0.665992221 |
| 1997-08-29 | -0.765226397 | -0.509861619 |
| 1997-09-30 | -0.861301441 | -0.528260527 |
| 1997-10-31 | -0.728715638 | -0.365244545 |
| 1997-11-28 | -0.767033691 | -0.313909792 |
| 1997-12-31 | -0.727617594 | -0.292731369 |
| 1998-01-30 | -0.636335241 | -0.151159391 |
| 1998-02-27 | -0.623011495 | -0.244285116 |
| 1998-03-31 | -0.664890045 | -0.434512195 |
| 1998-04-30 | -0.678236535 | -0.461443146 |
| 1998-05-29 | -0.550767357 | -0.283913835 |
| 1998-06-30 | -0.536028398 | -0.212385905 |
| 1998-07-31 | -0.457706344 | -0.008877804 |
| 1998-08-31 | 0.008610454 | 0.35667557 |
| 1998-09-30 | -0.116341513 | 0.290865198 |
| 1998-10-30 | -0.350414818 | -0.015864902 |
| 1998-11-30 | -0.519143024 | -0.196109956 |
| 1998-12-31 | -0.718937397 | -0.408216209 |
| 1999-01-29 | -0.829645908 | -0.559775768 |
| 1999-02-26 | -0.672175293 | -0.400751945 |
| 1999-03-31 | -0.713895855 | -0.36907665 |
| 1999-04-30 | -0.785171949 | -0.378128524 |
| 1999-05-28 | -0.687507087 | -0.356749562 |
| 1999-06-30 | -0.754369989 | -0.401000813 |
| 1999-07-30 | -0.632685492 | -0.281993616 |
| 1999-08-31 | -0.484172212 | -0.479632865 |
| 1999-09-30 | -0.401331493 | -0.319954251 |
| 1999-10-29 | -0.517456947 | -0.331202466 |
| 1999-11-30 | -0.595842174 | -0.279788892 |
| 1999-12-31 | -0.737863356 | -0.302653299 |
| 2000-01-31 | -0.547211607 | -0.099838551 |
| 2000-02-29 | -0.543210112 | -0.162639008 |
| 2000-03-31 | -0.578291059 | -0.197619355 |
| 2000-04-28 | -0.430167898 | -0.001368152 |
| 2000-05-31 | -0.249178416 | 0.081903141 |
| 2000-06-30 | -0.239014007 | 0.103995429 |
| 2000-07-31 | -0.154899676 | 0.063177054 |
| 2000-08-31 | -0.351931505 | -0.183187925 |
| 2000-09-29 | -0.212440382 | -0.130252192 |
| 2000-10-31 | -0.179487779 | -0.010087591 |
| 2000-11-30 | 0.111464245 | 0.339195494 |
| 2000-12-29 | 0.079403074 | 0.384204253 |
| 2001-01-31 | -0.096087619 | 0.092380738 |
| 2001-02-28 | -0.007735589 | 0.196547017 |
| 2001-03-30 | 0.186014238 | 0.36699712 |
| 2001-04-30 | -0.012707163 | 0.082576735 |
| 2001-05-31 | -0.061671354 | -0.057233682 |
| 2001-06-29 | 0.013198801 | -0.013312971 |
| 2001-07-31 | 0.02608445 | -0.030492817 |
| 2001-08-31 | 0.026995926 | 0.163486171 |
| 2001-09-28 | 0.206438195 | 0.242955187 |
| 2001-10-31 | 0.08963113 | 0.05132651 |
| 2001-11-30 | -0.115678016 | -0.366235907 |
| 2001-12-31 | -0.148467441 | -0.398918869 |
| 2002-01-31 | -0.01228628 | -0.156716793 |
| 2002-02-28 | 0.049080994 | -0.149663092 |
| 2002-03-29 | -0.023377238 | -0.339057725 |
| 2002-04-30 | 0.11686691 | -0.080415476 |
| 2002-05-31 | 0.1066943 | -0.0545208 |
| 2002-06-28 | 0.18717797 | 0.000971052 |
| 2002-07-31 | 0.251164343 | 0.083410806 |
| 2002-08-30 | 0.238263817 | -0.013254246 |
| 2002-09-30 | 0.35359996 | 0.06314686 |
| 2002-10-31 | 0.204012579 | -0.020854769 |
| 2002-11-29 | 0.079066686 | -0.033801594 |
| 2002-12-31 | 0.145925378 | 0.058927698 |
| 2003-01-31 | 0.054834943 | -0.063477384 |
| 2003-02-28 | 0.048298528 | -0.135295311 |
| 2003-03-31 | -0.054076307 | -0.192282594 |
| 2003-04-30 | -0.285463971 | -0.485547669 |
| 2003-05-30 | -0.49460214 | -0.711973955 |
| 2003-06-30 | -0.75424356 | -0.975496943 |
| 2003-07-31 | -0.85279377 | -1.143278007 |
| 2003-08-29 | -0.762102706 | -1.024473142 |
| 2003-09-30 | -0.72343868 | -1.080582985 |
| 2003-10-31 | -0.815944093 | -1.114087745 |
| 2003-11-28 | -0.907411465 | -1.109808031 |
| 2003-12-31 | -1.174499096 | -1.346965321 |
| 2004-01-30 | -1.221822471 | -1.391354547 |
| 2004-02-27 | -1.315592997 | -1.451732057 |
| 2004-03-31 | -1.362287416 | -1.382828389 |
| 2004-04-30 | -1.176065674 | -1.095164032 |
| 2004-05-28 | -0.999835361 | -0.85293117 |
| 2004-06-30 | -0.966744854 | -0.616063838 |
| 2004-07-30 | -0.823404894 | -0.410449757 |
| 2004-08-31 | -0.913939436 | -0.49151892 |
| 2004-09-30 | -0.971402128 | -0.626387922 |
| 2004-10-29 | -1.024866168 | -0.59912758 |
| 2004-11-30 | -1.167978639 | -0.679279061 |
| 2004-12-31 | -1.246311376 | -0.679473446 |
| 2005-01-31 | -1.218257113 | -0.565661099 |
| 2005-02-28 | -1.273005914 | -0.552118206 |
| 2005-03-31 | -1.157900781 | -0.463852222 |
| 2005-04-29 | -1.09360881 | -0.46240245 |
| 2005-05-31 | -1.097110364 | -0.538119574 |
| 2005-06-30 | -1.098854955 | -0.56504745 |
| 2005-07-29 | -1.176759482 | -0.715574836 |
| 2005-08-31 | -1.094135557 | -0.605453581 |
| 2005-09-30 | -1.077621661 | -0.526223191 |
| 2005-10-31 | -0.945664117 | -0.41078011 |
| 2005-11-30 | -0.855450724 | -0.244972976 |
| 2005-12-30 | -0.754549077 | -0.085274765 |
| 2006-01-31 | -0.774035731 | -0.183878412 |
| 2006-02-28 | -0.74543849 | -0.164463582 |
| 2006-03-31 | -0.724796512 | -0.267117913 |
| 2006-04-28 | -0.667049277 | -0.352644529 |
| 2006-05-31 | -0.496235236 | -0.204718259 |
| 2006-06-30 | -0.431963106 | -0.199956149 |
| 2006-07-31 | -0.383864543 | -0.131647516 |
| 2006-08-31 | -0.387412618 | -0.191046074 |
| 2006-09-29 | -0.443374404 | -0.255434908 |
| 2006-10-31 | -0.534917609 | -0.39971031 |
| 2006-11-30 | -0.55826224 | -0.4510697 |
| 2006-12-29 | -0.572846188 | -0.525034267 |
| 2007-01-31 | -0.605145 | -0.50058822 |
| 2007-02-28 | -0.510039514 | -0.419927833 |
| 2007-03-30 | -0.499966073 | -0.370322364 |
| 2007-04-30 | -0.604094437 | -0.481893265 |
| 2007-05-31 | -0.663067366 | -0.616231216 |
| 2007-06-29 | -0.571085718 | -0.544137035 |
| 2007-07-31 | -0.466991259 | -0.422134662 |
| 2007-08-31 | -0.417304067 | -0.382219877 |
| 2007-09-28 | -0.513571375 | -0.442227459 |
| 2007-10-31 | -0.621074452 | -0.489626344 |
| 2007-11-30 | -0.589506367 | -0.455265904 |
| 2007-12-31 | -0.598994671 | -0.44462117 |
| 2008-01-31 | -0.515125388 | -0.327881597 |
| 2008-02-29 | -0.452718655 | -0.317583098 |
| 2008-03-31 | -0.505141449 | -0.359021306 |
| 2008-04-30 | -0.631194485 | -0.404990857 |
| 2008-05-30 | -0.655870077 | -0.36001226 |
| 2008-06-30 | -0.362457028 | -0.105683076 |
| 2008-07-31 | -0.206029321 | -0.0414717 |
| 2008-08-29 | -0.111580728 | 0.048838302 |
| 2008-09-30 | 0.245876646 | 0.464233219 |
| 2008-10-31 | 0.936837878 | 1.217057414 |
| 2008-11-28 | 1.388377296 | 1.597092877 |
| 2008-12-31 | 1.471066949 | 1.73814355 |
| 2009-01-30 | 1.657601497 | 1.803645993 |
| 2009-02-27 | 1.920031102 | 2.05863191 |
| 2009-03-31 | 1.830923139 | 1.939442017 |
| 2009-04-30 | 1.60508229 | 1.784405337 |
| 2009-05-29 | 1.416961897 | 1.640433389 |
| 2009-06-30 | 1.280262165 | 1.32194041 |
| 2009-07-31 | 0.971025336 | 0.941975894 |
| 2009-08-31 | 0.882904222 | 0.763319575 |
| 2009-09-30 | 0.632803298 | 0.308440883 |
| 2009-10-30 | 0.59841418 | -0.273018666 |
| 2009-11-30 | 0.357949179 | -0.876910492 |
| 2009-12-31 | 0.175210402 | -1.140425277 |
| 2010-01-29 | 0.194363666 | -1.170551984 |
| 2010-02-26 | 0.093951815 | -1.364469789 |
| 2010-03-31 | -0.025887319 | -1.400661642 |
| 2010-04-30 | -0.076612143 | -1.231570605 |
| 2010-05-28 | 0.082388816 | -0.889770084 |
| 2010-06-30 | 0.208065901 | -0.554861168 |
| 2010-07-30 | 0.079863525 | -0.420828962 |
| 2010-08-31 | 0.065086249 | -0.259578021 |
| 2010-09-30 | -0.238804352 | -0.384920395 |
| 2010-10-29 | -0.411073261 | -0.457498215 |
| 2010-11-30 | -0.465651264 | -0.413756805 |
| 2010-12-31 | -0.624284396 | -0.442832071 |
| 2011-01-31 | -0.574968758 | -0.418773256 |
| 2011-02-28 | -0.654396522 | -0.460346489 |
| 2011-03-31 | -0.760836988 | -0.409996384 |
| 2011-04-29 | -0.903286835 | -0.4306879 |
| 2011-05-31 | -0.965692823 | -0.645038407 |
| 2011-06-30 | -1.028776968 | -0.748810821 |
| 2011-07-29 | -1.059806101 | -0.6226633 |
| 2011-08-31 | -0.965726491 | -0.528016039 |
| 2011-09-30 | -0.766780959 | -0.102227543 |
| 2011-10-31 | -0.970003352 | -0.153183983 |
| 2011-11-30 | -0.945549929 | -0.000348423 |
| 2011-12-30 | -0.862798888 | 0.123003893 |
| 2012-01-31 | -0.840739186 | 0.064797371 |
| 2012-02-29 | -0.954806087 | -0.004195307 |
| 2012-03-30 | -0.959499031 | -0.091107042 |
| 2012-04-30 | -0.801859337 | 0.013985831 |
| 2012-05-31 | -0.57972506 | 0.191458889 |
| 2012-06-29 | -0.560870572 | 0.102197511 |
| 2012-07-31 | -0.45003798 | 0.0969655 |
| 2012-08-31 | -0.4937565 | -0.091327989 |
| 2012-09-28 | -0.56172347 | -0.358992274 |
| 2012-10-31 | -0.534923266 | -0.308364666 |
| 2012-11-30 | -0.618747926 | -0.465763332 |
| 2012-12-31 | -0.667238918 | -0.592340442 |
| 2013-01-31 | -0.742673834 | -0.59219957 |
| 2013-02-28 | -0.798170112 | -0.533682122 |
| 2013-03-29 | -0.843052324 | -0.534542641 |
| 2013-04-30 | -0.772485886 | -0.48750257 |
| 2013-05-31 | -0.875477042 | -0.661948257 |
| 2013-06-28 | -0.780556051 | -0.598922151 |
| 2013-07-31 | -0.736144879 | -0.553762217 |
| 2013-08-30 | -0.598070361 | -0.361794596 |
| 2013-09-30 | -0.617278624 | -0.325053711 |
| 2013-10-31 | -0.677103548 | -0.409627464 |
| 2013-11-29 | -0.79703527 | -0.495293927 |
| 2013-12-31 | -0.84898516 | -0.538024652 |
| 2014-01-31 | -0.652767375 | -0.29347918 |
| 2014-02-28 | -0.693204594 | -0.318066601 |
| 2014-03-31 | -0.786259416 | -0.33418458 |
| 2014-04-30 | -0.732260346 | -0.34713232 |
| 2014-05-30 | -0.848979359 | -0.369339238 |
| 2014-06-30 | -0.953987591 | -0.521303006 |
| 2014-07-31 | -0.855617079 | -0.475314218 |
| 2014-08-29 | -0.956353055 | -0.619899265 |
| 2014-09-30 | -0.872238275 | -0.479213044 |
| 2014-10-31 | -0.761583478 | -0.379599813 |
| 2014-11-28 | -0.752450108 | -0.280298521 |
| 2014-12-31 | -0.642888612 | -0.140424045 |
| 2015-01-30 | -0.416938589 | -0.074599874 |
| 2015-02-27 | -0.409881086 | -0.037689072 |
| 2015-03-31 | -0.275065495 | 0.092029679 |
| 2015-04-30 | -0.216790269 | 0.117969941 |
| 2015-05-29 | -0.18838546 | 0.205224072 |
| 2015-06-30 | -0.140406622 | 0.292676855 |
| 2015-07-31 | -0.088740646 | 0.277434051 |
| 2015-08-31 | 0.205499257 | 0.569605456 |
| 2015-09-30 | 0.305932472 | 0.59458499 |
| 2015-10-30 | 0.173689438 | 0.415816126 |
| 2015-11-30 | 0.207642311 | 0.402793282 |
| 2015-12-31 | 0.245550601 | 0.381462894 |
| 2016-01-29 | 0.486614163 | 0.503352737 |
| 2016-02-29 | 0.513638681 | 0.517715299 |
| 2016-03-31 | 0.284013922 | 0.23252572 |
| 2016-04-29 | 0.16944381 | 0.124465694 |
| 2016-05-31 | 0.06062032 | 0.009667969 |
| 2016-06-30 | -0.023106693 | -0.059064124 |
| 2016-07-29 | -0.092336173 | -0.129367871 |
| 2016-08-31 | -0.141362696 | -0.320492855 |
| 2016-09-30 | -0.162041644 | -0.423644451 |
| 2016-10-31 | -0.114202428 | -0.257658503 |
| 2016-11-30 | -0.089561214 | -0.262433112 |
| 2016-12-30 | -0.015065818 | -0.196660307 |
| 2017-01-31 | 0.076156704 | -0.256700937 |
| 2017-02-28 | 0.052109398 | -0.331936827 |
| 2017-03-31 | -0.022366606 | -0.259727326 |
| 2017-04-28 | -0.096366559 | -0.230035309 |
| 2017-05-31 | -0.155456588 | -0.218916189 |
| 2017-06-30 | -0.278516975 | -0.300064682 |
| 2017-07-31 | -0.353427094 | -0.31103843 |
| 2017-08-31 | -0.42362837 | -0.390291452 |
| 2017-09-29 | -0.56745597 | -0.519852581 |
| 2017-10-31 | -0.622064654 | -0.604451291 |
| 2017-11-30 | -0.667807815 | -0.661502735 |
| 2017-12-29 | -0.670086672 | -0.690107101 |
| 2018-01-31 | -0.783435866 | -0.835675075 |
| 2018-02-28 | -0.71167877 | -0.711853337 |
| 2018-03-30 | -0.688463154 | -0.618338556 |
| 2018-04-30 | -0.586846878 | -0.508292481 |
| 2018-05-31 | -0.596034054 | -0.447458773 |
| 2018-06-29 | -0.541089211 | -0.312408057 |
| 2018-07-31 | -0.489839197 | -0.213121008 |
| 2018-08-31 | -0.55629254 | -0.1902509 |
| 2018-09-28 | -0.547189984 | -0.104712355 |
| 2018-10-31 | -0.249757878 | 0.184966277 |
| 2018-11-30 | -0.203941221 | 0.24752799 |
| 2018-12-31 | 0.047296506 | 0.476449967 |
| 2019-01-31 | -0.150196169 | 0.349206465 |
| 2019-02-28 | -0.283975115 | 0.160863346 |
| 2019-03-29 | -0.353220383 | 0.027792825 |
| 2019-04-30 | -0.418565537 | -0.107630511 |
| 2019-05-31 | -0.242510287 | 0.025958487 |
| 2019-06-28 | -0.440349193 | -0.22745926 |
| 2019-07-31 | -0.452907349 | -0.308964902 |
| 2019-08-30 | -0.467733151 | -0.311512006 |
| 2019-09-30 | -0.505838792 | -0.369272551 |
| 2019-10-31 | -0.497232624 | -0.517608849 |
| 2019-11-29 | -0.590115077 | -0.650976359 |
| 2019-12-31 | -0.675102283 | -0.910918554 |
| 2020-01-31 | -0.653002754 | -0.769830283 |
| 2020-02-28 | -0.545977384 | -0.553201507 |
| 2020-03-31 | -0.146212078 | -0.107230999 |
| 2020-04-30 | -0.283001694 | -0.19694575 |
| 2020-05-29 | -0.379768721 | -0.354783658 |
| 2020-06-30 | -0.487156247 | -0.378353671 |
| 2020-07-31 | -0.62567045 | -0.53067772 |
| 2020-08-31 | -0.867206082 | -0.793869199 |
| 2020-09-30 | -0.915478737 | -0.785194943 |
| 2020-10-30 | -0.863568157 | -0.735767996 |
| 2020-11-30 | -1.141075575 | -0.971223937 |
| 2020-12-31 | -1.403173461 | -1.125023874 |
| 2021-01-29 | -1.380013744 | -1.100959997 |
| 2021-02-26 | -1.499094184 | -1.251987051 |
| 2021-03-31 | -1.544824659 | -1.620023183 |
| 2021-04-30 | -1.585998428 | -1.579279262 |
| 2021-05-28 | -1.639968378 | -1.594288814 |
| 2021-06-30 | -1.765506525 | -1.584829844 |
| 2021-07-30 | -1.776065568 | -1.452799171 |
| 2021-08-31 | -1.747538278 | -1.270810913 |
| 2021-09-30 | -1.644983175 | -1.115509854 |
| 2021-10-29 | -1.691624974 | -1.156545948 |
| 2021-11-30 | -1.532954355 | -0.847614451 |
| 2021-12-31 | -1.57988652 | -0.718792318 |
| 2022-01-31 | -1.26349249 | -0.445824886 |
| 2022-02-28 | -1.133573794 | -0.283218305 |
| 2022-03-31 | -1.05015115 | -0.213246261 |
| 2022-04-29 | -0.615480533 | 0.213938066 |
| 2022-05-31 | -0.404398564 | 0.400761796 |
| 2022-06-30 | 0.012939105 | 0.842759174 |
| 2022-07-29 | 0.022773731 | 0.830305162 |
| 2022-08-31 | 0.236620412 | 1.030969242 |
| 2022-09-30 | 0.615499578 | 1.313740265 |
| 2022-10-31 | 0.716292696 | 1.390892349 |
| 2022-11-30 | 0.849616558 | 1.448254812 |
| 2022-12-30 | 0.950213758 | 1.588488757 |
| 2023-01-31 | 0.665138546 | 1.072294789 |
| 2023-02-28 | 0.632620012 | 0.977113058 |
| 2023-03-31 | 0.512922743 | 0.900481403 |
| 2023-04-28 | 0.508092777 | 0.685499486 |
| 2023-05-31 | 0.602690345 | 0.538555362 |
Note: The figure shows the Financial Conditions Impulse on Growth computed with a 1-year and 3-year lookback window, respectively, in red and black. Positive (negative) values of the two indexes denote headwinds (tailwinds) to GDP growth over the next year. The upward arrow indicates the direction of tightening of financial conditions and increasing headwinds to future GDP growth. Gray shaded bars denote periods of recession as dated 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. The dashed bars represent monetary policy tightening cycles: February 1977-May 1980, August 1980-July 1981, January 1982-March 1982, March 1983-September 1984, February 1987-September 1987, April 1988-April 1989, February 1994-March 1995, July 1999-July 2000, June 2004-August 2006, December 2015-July 2018, March 2022-present. Tightening cycles are defined to start on the month of the first federal funds rate increase and end after the last rate hike.
Source: Haver Analytics; U.S. Census Bureau, Decennial Census of Population and Housing; CoreLogic; Authors’ calculations.
Last Update:
June 30, 2023