Board of Governors of the Federal Reserve System

Figure 1: U.S. Current Account and NIIP*

Date	Current Account
31 March 1985	-2.2
30 June 1985	-2.7
30 September 1985	-2.8
31 December 1985	-3.1
31 March 1986	-3.0
30 June 1986	-3.1
30 September 1986	-3.3
31 December 1986	-3.4
31 March 1987	-3.3
30 June 1987	-3.3
30 September 1987	-3.3
31 December 1987	-3.3
31 March 1988	-2.6
30 June 1988	-2.2
30 September 1988	-2.1
31 December 1988	-2.3
31 March 1989	-2.1
30 June 1989	-1.8
30 September 1989	-1.5
31 December 1989	-1.7
31 March 1990	-1.6
30 June 1990	-1.3
30 September 1990	-1.4
31 December 1990	-0.9
31 March 1991	0.7
30 June 1991	0.2
30 September 1991	-0.3
31 December 1991	-0.3
31 March 1992	-0.4
30 June 1992	-0.7
30 September 1992	-0.9
31 December 1992	-1.1
31 March 1993	-0.9
30 June 1993	-1.2
30 September 1993	-1.2
31 December 1993	-1.6
31 March 1994	-1.4
30 June 1994	-1.6
30 September 1994	-1.7
31 December 1994	-1.9
31 March 1995	-1.7
30 June 1995	-1.7
30 September 1995	-1.4
31 December 1995	-1.2
31 March 1996	-1.4
30 June 1996	-1.5
30 September 1996	-1.8
31 December 1996	-1.5
31 March 1997	-1.7
30 June 1997	-1.3
30 September 1997	-1.5
31 December 1997	-2.0
31 March 1998	-2.0
30 June 1998	-2.3
30 September 1998	-2.6
31 December 1998	-2.6
31 March 1999	-2.6
30 June 1999	-2.8
30 September 1999	-3.2
31 December 1999	-3.3
31 March 2000	-3.8
30 June 2000	-3.8
30 September 2000	-4.1
31 December 2000	-4.1
31 March 2001	-4.0
30 June 2001	-3.6
30 September 2001	-3.9
31 December 2001	-3.2
31 March 2002	-3.8
30 June 2002	-4.1
30 September 2002	-4.1
31 December 2002	-4.4
31 March 2003	-4.8
30 June 2003	-4.5
30 September 2003	-4.5
31 December 2003	-4.3
31 March 2004	-4.6
30 June 2004	-5.1
30 September 2004	-5.1
31 December 2004	-5.7
31 March 2005	-5.3
30 June 2005	-5.5
30 September 2005	-5.6
31 December 2005	-6.3
31 March 2006	-5.8
30 June 2006	-5.9
30 September 2006	-6.2
31 December 2006	-5.4
31 March 2007	-5.6
30 June 2007	-5.2
30 September 2007	-4.6
31 December 2007	-4.3
31 March 2008	-4.9
30 June 2008	-4.8
30 September 2008	-4.7
31 December 2008	-4.1
31 March 2009	-2.7
30 June 2009	-2.4
30 September 2009	-2.5
31 December 2009	-2.7
31 March 2010	-2.9
30 June 2010	-3.0
30 September 2010	-3.1
31 December 2010	-2.6
31 March 2011	-3.0
30 June 2011	-3.0
30 September 2011	-2.7
31 December 2011	-2.7
31 March 2012	-2.9
30 June 2012	-2.8
30 September 2012	-2.5
31 December 2012	-2.4
31 March 2013	-2.3
30 June 2013	-2.2
30 September 2013	-2.1
31 December 2013	-1.8
31 March 2014	-2.1
30 June 2014	-2.0
30 September 2014	-2.1
31 December 2014	-2.3
31 March 2015	-2.4
30 June 2015	-2.4
30 September 2015	-2.6
31 December 2015	-2.3
31 March 2016	-2.6
30 June 2016	-2.3
30 September 2016	-2.4
31 December 2016	-2.4
31 March 2017	-2.4
30 June 2017	-2.6
30 September 2017	-2.1
31 December 2017	-2.5

Date	U.S. NIIP
31 December 1985	1.4
31 December 1986	-0.6
31 December 1987	-1.4
31 December 1988	-3.1
31 December 1989	-4.3
31 December 1990	-3.8
31 December 1991	-4.6
31 December 1992	-6.1
31 December 1993	-4.0
31 December 1994	-4.0
31 December 1995	-5.5
31 December 1996	-5.6
31 December 1997	-8.9
31 December 1998	-9.2
31 December 1999	-7.4
31 December 2000	-12.8
31 December 2001	-17.5
31 December 2002	-18.4
31 December 2003	-17.7
31 December 2004	-17.9
31 December 2005	-14.4
31 December 2006	-14.9
31 December 2007	-11.9
31 December 2008	-22.5
31 December 2009	-15.9
31 December 2010	-15.1
31 December 2011	-23.6
31 December 2012	-23.7
31 December 2013	-27.7
31 December 2014	-32.2
31 December 2015	-32.5
31 December 2016	-34.0
31 December 2017	-31.4

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Figure 2: Mentions of U.S. Current Account and Twin Deficits

Figure 2 shows the time series of news mentions of the U.S. current account (the dashed blue line) and of U.S. twin deficits (the black line), each expressed as a percentage of news stories originating from North America each month. Data begin in January 1995 and are shown through February 2018. Mentions of the current account generally fluctuate between 0.01 and 0.04 percent of news stories from 1995 through the early 2000s, with a few isolated spikes. Mentions of the current account rise sharply to about .15 percent in late 2003, fall back somewhat over the next several months, but then spike again to about .2 percent of news stories in late 2004. Mentions then gradually decline to about 0.01 percent by 2008, and remain around this level through end of the series. Mentions of twin deficits follow a similar pattern but are a smaller percentage of news stories. The series averages between zero and about .001 percent until the early 2000s. Mentions of twin deficits then begin to rise, reaching about .01 percent of stories in late 2003. The series spikes at about .025 percent in late 2004, and then falls back to close to zero by 2008. It remains close to zero through 2017 and then rises to less than .005 percent at the end of the sample.

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Figure 3: Broad Real Dollar and U.S. Trade Balance

Date	Broad Real Dollar (2013:Q1 = 100)	Trade Balance (percent of GDP)
31 March 1995	106.3	-1.5
30 June 1995	101.2	-1.5
30 September 1995	102.4	-1.1
31 December 1995	104.3	-1.0
31 March 1996	105.8	-1.2
30 June 1996	106.1	-1.3
30 September 1996	105.8	-1.5
31 December 1996	106.4	-1.2
31 March 1997	109.2	-1.4
30 June 1997	109.9	-1.1
30 September 1997	111.5	-1.2
31 December 1997	115.9	-1.4
31 March 1998	120.8	-1.6
30 June 1998	120.6	-1.8
30 September 1998	123.5	-2.0
31 December 1998	118.8	-1.9
31 March 1999	119.7	-2.2
30 June 1999	120.9	-2.6
30 September 1999	120.5	-2.9
31 December 1999	119.4	-3.0
31 March 2000	120.8	-3.5
30 June 2000	123.8	-3.5
30 September 2000	125.3	-3.7
31 December 2000	128.6	-3.8
31 March 2001	129.8	-3.7
30 June 2001	132.5	-3.3
30 September 2001	132.0	-3.4
31 December 2001	132.5	-3.3
31 March 2002	134.4	-3.4
30 June 2002	132.3	-3.7
30 September 2002	129.9	-3.8
31 December 2002	130.9	-4.2
31 March 2003	128.4	-4.4
30 June 2003	123.5	-4.3
30 September 2003	123.9	-4.2
31 December 2003	119.9	-4.2
31 March 2004	117.9	-4.5
30 June 2004	120.5	-4.9
30 September 2004	119.6	-5.0
31 December 2004	115.6	-5.3
31 March 2005	114.5	-5.2
30 June 2005	116.0	-5.3
30 September 2005	117.1	-5.5
31 December 2005	118.4	-5.8
31 March 2006	116.7	-5.6
30 June 2006	115.2	-5.5
30 September 2006	115.2	-5.7
31 December 2006	113.4	-5.1
31 March 2007	113.4	-5.0
30 June 2007	111.1	-5.0
30 September 2007	108.8	-4.8
31 December 2007	105.1	-4.7
31 March 2008	102.9	-5.1
30 June 2008	101.0	-5.0
30 September 2008	103.5	-5.1
31 December 2008	112.2	-4.1
31 March 2009	114.4	-2.6
30 June 2009	110.3	-2.3
30 September 2009	107.2	-2.7
31 December 2009	104.6	-3.0
31 March 2010	105.0	-3.2
30 June 2010	105.9	-3.5
30 September 2010	104.3	-3.4
31 December 2010	100.7	-3.1
31 March 2011	99.2	-3.5
30 June 2011	96.8	-3.6
30 September 2011	97.4	-3.4
31 December 2011	100.9	-3.6
31 March 2012	100.0	-3.6
30 June 2012	101.4	-3.4
30 September 2012	101.2	-3.1
31 December 2012	99.8	-3.1
31 March 2013	100.0	-2.9
30 June 2013	100.5	-2.8
30 September 2013	101.4	-2.8
31 December 2013	100.5	-2.5
31 March 2014	102.0	-2.9
30 June 2014	101.2	-2.9
30 September 2014	101.8	-2.7
31 December 2014	105.9	-2.8
31 March 2015	111.1	-2.8
30 June 2015	111.5	-2.7
30 September 2015	115.2	-2.8
31 December 2015	116.7	-2.7
31 March 2016	118.6	-2.8
30 June 2016	115.9	-2.7
30 September 2016	116.8	-2.6
31 December 2016	120.7	-2.8
31 March 2017	121.5	-2.9
30 June 2017	118.1	-2.9
30 September 2017	114.1	-2.8
31 December 2017	115.0	-3.1

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Figure 4: U.S. Trade Balance

Date	Non- Oil	Oil
31 December 2000	-2.7	-0.9
31 December 2001	-2.6	-0.8
31 December 2002	-3.1	-0.7
31 December 2003	-3.3	-0.9
31 December 2004	-3.7	-1.3
31 December 2005	-3.7	-1.7
31 December 2006	-3.5	-2.0
31 December 2007	-2.8	-2.1
31 December 2008	-2.0	-2.9
31 December 2009	-1.2	-1.4
31 December 2010	-1.4	-1.9
31 December 2011	-1.1	-2.5
31 December 2012	-1.2	-2.2
31 December 2013	-1.0	-1.8
31 December 2014	-1.4	-1.4
31 December 2015	-2.3	-0.5
31 December 2016	-2.5	-0.2
31 December 2017	-2.6	-0.3

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Figure 5: U.S. Trade

Date	Total Imports	Non-Oil Imports
31 March 1995	11.8	11.1
30 June 1995	11.9	11.2
30 September 1995	11.8	11.0
31 December 1995	11.7	11.0
31 March 1996	11.9	11.1
30 June 1996	11.8	10.9
30 September 1996	11.9	11.0
31 December 1996	12.0	11.0
31 March 1997	12.2	11.3
30 June 1997	12.2	11.3
30 September 1997	12.3	11.5
31 December 1997	12.3	11.6
31 March 1998	12.4	11.7
30 June 1998	12.3	11.7
30 September 1998	12.1	11.6
31 December 1998	12.3	11.8
31 March 1999	12.4	11.9
30 June 1999	12.7	12.0
30 September 1999	13.2	12.3
31 December 1999	13.4	12.5
31 March 2000	14.0	12.9
30 June 2000	14.1	12.9
30 September 2000	14.6	13.3
31 December 2000	14.5	13.2
31 March 2001	14.2	13.0
30 June 2001	13.3	12.2
30 September 2001	12.8	11.8
31 December 2001	12.3	11.5
31 March 2002	12.4	11.7
30 June 2002	13.0	12.0
30 September 2002	13.2	12.1
31 December 2002	13.4	12.3
31 March 2003	13.5	12.2
30 June 2003	13.3	12.1
30 September 2003	13.3	12.0
31 December 2003	13.6	12.4
31 March 2004	14.1	12.8
30 June 2004	14.6	13.1
30 September 2004	14.7	13.1
31 December 2004	15.2	13.5
31 March 2005	15.2	13.5
30 June 2005	15.3	13.4
30 September 2005	15.5	13.3
31 December 2005	16.0	13.8
31 March 2006	16.1	14.0
30 June 2006	16.3	13.8
30 September 2006	16.4	13.8
31 December 2006	16.1	14.1
31 March 2007	16.2	14.3
30 June 2007	16.3	14.0
30 September 2007	16.5	14.0
31 December 2007	16.8	14.0
31 March 2008	17.5	14.6
30 June 2008	18.1	14.4
30 September 2008	18.2	14.2
31 December 2008	15.9	13.5
31 March 2009	13.3	11.9
30 June 2009	13.0	11.3
30 September 2009	13.9	11.8
31 December 2009	14.8	12.7
31 March 2010	15.3	13.0
30 June 2010	15.7	13.2
30 September 2010	16.0	13.5
31 December 2010	16.3	14.0
31 March 2011	17.0	14.3
30 June 2011	17.4	14.2
30 September 2011	17.4	14.3
31 December 2011	17.4	14.5
31 March 2012	17.4	14.6
30 June 2012	17.2	14.4
30 September 2012	16.9	14.3
31 December 2012	16.8	14.4
31 March 2013	16.8	14.5
30 June 2013	16.7	14.3
30 September 2013	16.5	14.1
31 December 2013	16.3	14.2
31 March 2014	16.8	14.6
30 June 2014	16.8	14.6
30 September 2014	16.3	14.3
31 December 2014	16.3	14.6
31 March 2015	15.8	14.7
30 June 2015	15.5	14.3
30 September 2015	15.3	14.2
31 December 2015	14.9	14.1
31 March 2016	14.7	14.0
30 June 2016	14.6	13.7
30 September 2016	14.6	13.7
31 December 2016	14.8	13.9
31 March 2017	15.1	14.0
30 June 2017	15.0	13.9
30 September 2017	14.8	13.8
31 December 2017	15.3	14.3

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Figure 6: U.S. Investment Income and NIIP

Date	Net Investment Income
31 March 1990	0.4
30 June 1990	0.5
30 September 1990	0.4
31 December 1990	0.8
31 March 1991	0.6
30 June 1991	0.4
30 September 1991	0.3
31 December 1991	0.5
31 March 1992	0.5
30 June 1992	0.4
30 September 1992	0.4
31 December 1992	0.4
31 March 1993	0.5
30 June 1993	0.4
30 September 1993	0.5
31 December 1993	0.3
31 March 1994	0.4
30 June 1994	0.3
30 September 1994	0.3
31 December 1994	0.2
31 March 1995	0.4
30 June 1995	0.4
30 September 1995	0.2
31 December 1995	0.3
31 March 1996	0.4
30 June 1996	0.3
30 September 1996	0.3
31 December 1996	0.3
31 March 1997	0.2
30 June 1997	0.3
30 September 1997	0.2
31 December 1997	0.1
31 March 1998	0.2
30 June 1998	0.2
30 September 1998	0.0
31 December 1998	0.0
31 March 1999	0.1
30 June 1999	0.2
30 September 1999	0.2
31 December 1999	0.3
31 March 2000	0.2
30 June 2000	0.2
30 September 2000	0.2
31 December 2000	0.4
31 March 2001	0.2
30 June 2001	0.3
30 September 2001	0.1
31 December 2001	0.7
31 March 2002	0.3
30 June 2002	0.1
30 September 2002	0.3
31 December 2002	0.4
31 March 2003	0.3
30 June 2003	0.4
30 September 2003	0.3
31 December 2003	0.5
31 March 2004	0.7
30 June 2004	0.5
30 September 2004	0.6
31 December 2004	0.3
31 March 2005	0.6
30 June 2005	0.5
30 September 2005	0.6
31 December 2005	0.3
31 March 2006	0.3
30 June 2006	0.3
30 September 2006	0.2
31 December 2006	0.3
31 March 2007	0.3
30 June 2007	0.4
30 September 2007	0.8
31 December 2007	1.1
31 March 2008	1.0
30 June 2008	1.0
30 September 2008	1.2
31 December 2008	0.6
31 March 2009	0.7
30 June 2009	0.7
30 September 2009	1.1
31 December 2009	1.0
31 March 2010	1.2
30 June 2010	1.2
30 September 2010	1.1
31 December 2010	1.2
31 March 2011	1.3
30 June 2011	1.3
30 September 2011	1.5
31 December 2011	1.6
31 March 2012	1.5
30 June 2012	1.3
30 September 2012	1.3
31 December 2012	1.3
31 March 2013	1.2
30 June 2013	1.3
30 September 2013	1.3
31 December 2013	1.3
31 March 2014	1.3
30 June 2014	1.3
30 September 2014	1.3
31 December 2014	1.2
31 March 2015	1.1
30 June 2015	1.0
30 September 2015	1.0
31 December 2015	1.1
31 March 2016	0.9
30 June 2016	1.0
30 September 2016	1.0
31 December 2016	1.2
31 March 2017	1.1
30 June 2017	1.1
30 September 2017	1.2

Date	U.S. NIIP
31 December 1990	-3.8
31 December 1991	-4.6
31 December 1992	-6.1
31 December 1993	-4.0
31 December 1994	-4.0
31 December 1995	-5.5
31 December 1996	-5.6
31 December 1997	-8.9
31 December 1998	-9.2
31 December 1999	-7.4
31 December 2000	-12.8
31 December 2001	-17.5
31 December 2002	-18.4
31 December 2003	-17.7
31 December 2004	-17.9
31 December 2005	-14.4
31 December 2006	-14.9
31 December 2007	-11.9
31 December 2008	-22.5
31 December 2009	-15.9
31 December 2010	-15.1
31 December 2011	-23.6
31 December 2012	-23.7
31 December 2013	-27.7
31 December 2014	-32.2
31 December 2015	-32.5
31 December 2016	-34.0
31 December 2017	-31.4

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Figure 7: U.S. Current Account Balance

Date	Current Account Balance Forecast	Previous Current Account Balance Forecast
31 March 2001	-4.0
30 June 2001	-3.6
30 September 2001	-3.9
31 December 2001	-3.2
31 March 2002	-3.8
30 June 2002	-4.1
30 September 2002	-4.1
31 December 2002	-4.4
31 March 2003	-4.8
30 June 2003	-4.5
30 September 2003	-4.5
31 December 2003	-4.3
31 March 2004	-4.6
30 June 2004	-5.1
30 September 2004	-5.1
31 December 2004	-5.7
31 March 2005	-5.3
30 June 2005	-5.5
30 September 2005	-5.6
31 December 2005	-6.3
31 March 2006	-5.8
30 June 2006	-5.9
30 September 2006	-6.2
31 December 2006	-5.4
31 March 2007	-5.6
30 June 2007	-5.2
30 September 2007	-4.6
31 December 2007	-4.3
31 March 2008	-4.9	-5.4
30 June 2008	-4.8	-5.3
30 September 2008	-4.7	-5.2
31 December 2008	-4.1	-5.2
31 March 2009	-2.7	-5.2
30 June 2009	-2.4	-5.0
30 September 2009	-2.5	-4.8
31 December 2009	-2.7	-5.0
31 March 2010	-2.9	-5.0
30 June 2010	-3.0	-4.9
30 September 2010	-3.1	-4.8
31 December 2010	-2.6	-5.1
31 March 2011	-3.0	-5.2
30 June 2011	-3.0	-5.1
30 September 2011	-2.7	-5.0
31 December 2011	-2.7	-5.3
31 March 2012	-2.9	-5.4
30 June 2012	-2.8	-5.3
30 September 2012	-2.5	-5.2
31 December 2012	-2.4	-5.4
31 March 2013	-2.3	-5.5
30 June 2013	-2.2	-5.4
30 September 2013	-2.1	-5.3
31 December 2013	-1.8	-5.5
31 March 2014	-2.1	-5.6
30 June 2014	-2.0	-5.5
30 September 2014	-2.1	-5.4
31 December 2014	-2.3	-5.6
31 March 2015	-2.4	-5.7
30 June 2015	-2.4	-5.6
30 September 2015	-2.6	-5.5
31 December 2015	-2.3	-5.7
31 March 2016	-2.6	-5.9
30 June 2016	-2.3	-5.7
30 September 2016	-2.4	-5.7
31 December 2016	-2.4	-5.8
31 March 2017	-2.4	-6.0
30 June 2017	-2.6	-5.8
30 September 2017	-2.1	-5.8
31 December 2017	-2.4	-5.9
31 March 2018	-2.6	-6.1
30 June 2018	-2.5	-5.9
30 September 2018	-2.7	-5.9
31 December 2018	-2.8	-6.0
31 March 2019	-3.0	-6.2
30 June 2019	-3.0	-6.0
30 September 2019	-3.1	-6.0
31 December 2019	-3.2	-6.1
31 March 2020	-3.3	-6.2
30 June 2020	-3.3	-6.1
30 September 2020	-3.4	-6.1
31 December 2020	-3.4	-6.2
31 March 2021	-3.5	-6.3
30 June 2021	-3.5	-6.2
30 September 2021	-3.4	-6.2
31 December 2021	-3.4	-6.3
31 March 2022	-3.4	-6.4
30 June 2022	-3.3	-6.3
30 September 2022	-3.2	-6.3
31 December 2022	-3.2	-6.4
31 March 2023	-3.1	-6.5
30 June 2023	-3.1	-6.4
30 September 2023	-3.1	-6.4
31 December 2023	-3.0	-6.5
31 March 2024	-3.0	-6.6
30 June 2024	-3.0	-6.5
30 September 2024	-2.9	-6.5
31 December 2024	-2.9	-6.6
31 March 2025	-2.8	-6.7
30 June 2025	-2.8	-6.6
30 September 2025	-2.8	-6.6
31 December 2025	-2.7	-6.7
31 March 2026	-2.7	-6.8
30 June 2026	-2.6	-6.7
30 September 2026	-2.6	-6.7
31 December 2026	-2.6	-6.8
31 March 2027	-2.5	-6.9
30 June 2027	-2.5	-6.8
30 September 2027	-2.4	-6.8
31 December 2027	-2.4	-6.9
31 March 2028	-2.3	-7.0
30 June 2028	-2.3	-6.9
30 September 2028	-2.3	-6.9
31 December 2028	-2.2	-7.0
31 March 2029	-2.2	-7.1
30 June 2029	-2.1	-7.0
30 September 2029	-2.1	-7.0
31 December 2029	-2.0	-7.2
31 March 2030	-2.0	-7.2
30 June 2030	-1.9	-7.1
30 September 2030	-1.9	-7.1
31 December 2030	-1.9	-7.3

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Figure 8: U.S. Trade Balance

Date	Total Trade Balance	2008 Forecast Total Trade Balance	Trade Balance Excluding Oil Imports	2008 Forecast Trade Balance Excluding Oil Imports
31 March 2001	-3.7		-2.4
30 June 2001	-3.3		-2.2
30 September 2001	-3.4		-2.4
31 December 2001	-3.3		-2.4
31 March 2002	-3.4		-2.6
30 June 2002	-3.7		-2.7
30 September 2002	-3.8		-2.8
31 December 2002	-4.2		-3.1
31 March 2003	-4.4		-3.1
30 June 2003	-4.3		-3.1
30 September 2003	-4.2		-3.0
31 December 2003	-4.2		-3.0
31 March 2004	-4.5		-3.1
30 June 2004	-4.9		-3.5
30 September 2004	-5.0		-3.5
31 December 2004	-5.3		-3.5
31 March 2005	-5.2		-3.4
30 June 2005	-5.3		-3.4
30 September 2005	-5.5		-3.4
31 December 2005	-5.8		-3.5
31 March 2006	-5.6		-3.4
30 June 2006	-5.5		-3.2
30 September 2006	-5.7		-3.2
31 December 2006	-5.1		-3.1
31 March 2007	-5.0		-2.9
30 June 2007	-5.0		-2.7
30 September 2007	-4.8		-2.4
31 December 2007	-4.7		-1.9
31 March 2008	-5.1	-5.0	-1.9	-2.0
30 June 2008	-5.0	-4.8	-1.5	-2.1
30 September 2008	-5.1	-4.7	-1.4	-2.1
31 December 2008	-4.1	-4.7	-1.6	-2.0
31 March 2009	-2.6	-4.7	-1.1	-2.0
30 June 2009	-2.3	-4.5	-0.6	-2.0
30 September 2009	-2.7	-4.4	-0.7	-2.0
31 December 2009	-3.0	-4.5	-0.8	-1.9
31 March 2010	-3.2	-4.6	-0.8	-1.9
30 June 2010	-3.5	-4.5	-1.1	-2.0
30 September 2010	-3.4	-4.4	-1.1	-2.0
31 December 2010	-3.1	-4.6	-0.8	-2.1
31 March 2011	-3.5	-4.7	-0.6	-2.1
30 June 2011	-3.6	-4.6	-0.5	-2.2
30 September 2011	-3.4	-4.5	-0.5	-2.2
31 December 2011	-3.6	-4.7	-0.6	-2.2
31 March 2012	-3.6	-4.8	-0.7	-2.3
30 June 2012	-3.4	-4.7	-0.6	-2.3
30 September 2012	-3.1	-4.6	-0.6	-2.3
31 December 2012	-3.1	-4.8	-0.6	-2.4
31 March 2013	-2.9	-4.9	-0.5	-2.4
30 June 2013	-2.8	-4.8	-0.5	-2.4
30 September 2013	-2.8	-4.7	-0.5	-2.4
31 December 2013	-2.5	-4.9	-0.3	-2.5
31 March 2014	-2.9	-5.0	-0.5	-2.5
30 June 2014	-2.9	-4.9	-0.8	-2.5
30 September 2014	-2.7	-4.7	-0.8	-2.6
31 December 2014	-2.8	-4.9	-1.0	-2.6
31 March 2015	-2.8	-5.0	-1.6	-2.6
30 June 2015	-2.7	-4.9	-1.6	-2.6
30 September 2015	-2.8	-4.8	-1.7	-2.7
31 December 2015	-2.7	-5.0	-1.8	-2.7
31 March 2016	-2.8	-5.1	-2.0	-2.7
30 June 2016	-2.7	-5.0	-1.8	-2.7
30 September 2016	-2.6	-4.9	-1.7	-2.8
31 December 2016	-2.8	-5.0	-1.9	-2.8
31 March 2017	-2.9	-5.1	-1.7	-2.8
30 June 2017	-2.9	-5.0	-1.9	-2.8
30 September 2017	-2.8	-4.9	-1.8	-2.9
31 December 2017	-3.0	-5.1	-1.9	-2.9
31 March 2018	-3.1	-5.2	-1.9	-2.9
30 June 2018	-3.1	-5.1	-2.0	-2.9
30 September 2018	-3.1	-5.0	-2.0	-3.0
31 December 2018	-3.2	-5.2	-2.1	-3.0
31 March 2019	-3.3	-5.3	-2.1	-3.0
30 June 2019	-3.2	-5.1	-2.1	-3.0
30 September 2019	-3.3	-5.1	-2.2	-3.1
31 December 2019	-3.3	-5.2	-2.2	-3.1
31 March 2020	-3.4	-5.3	-2.3	-3.1
30 June 2020	-3.4	-5.2	-2.3	-3.2
30 September 2020	-3.4	-5.1	-2.4	-3.2
31 December 2020	-3.4	-5.3	-2.4	-3.2
31 March 2021	-3.4	-5.4	-2.4	-3.2
30 June 2021	-3.4	-5.3	-2.3	-3.3
30 September 2021	-3.3	-5.2	-2.3	-3.3
31 December 2021	-3.3	-5.3	-2.3	-3.3
31 March 2022	-3.3	-5.4	-2.2	-3.3
30 June 2022	-3.2	-5.3	-2.2	-3.4
30 September 2022	-3.2	-5.2	-2.2	-3.4
31 December 2022	-3.1	-5.4	-2.1	-3.4
31 March 2023	-3.1	-5.5	-2.1	-3.4
30 June 2023	-3.0	-5.4	-2.0	-3.5
30 September 2023	-3.0	-5.3	-2.0	-3.5
31 December 2023	-3.0	-5.5	-2.0	-3.5
31 March 2024	-2.9	-5.6	-2.0	-3.5
30 June 2024	-2.9	-5.4	-1.9	-3.6
30 September 2024	-2.9	-5.4	-1.9	-3.6
31 December 2024	-2.8	-5.5	-1.9	-3.6
31 March 2025	-2.8	-5.6	-1.8	-3.7
30 June 2025	-2.7	-5.5	-1.8	-3.7
30 September 2025	-2.7	-5.4	-1.8	-3.7
31 December 2025	-2.7	-5.6	-1.7	-3.7
31 March 2026	-2.6	-5.7	-1.7	-3.8
30 June 2026	-2.6	-5.6	-1.7	-3.8
30 September 2026	-2.5	-5.5	-1.7	-3.8
31 December 2026	-2.5	-5.7	-1.6	-3.8
31 March 2027	-2.5	-5.8	-1.6	-3.9
30 June 2027	-2.4	-5.6	-1.6	-3.9
30 September 2027	-2.4	-5.6	-1.5	-3.9
31 December 2027	-2.3	-5.7	-1.5	-4.0
31 March 2028	-2.3	-5.8	-1.5	-4.0
30 June 2028	-2.3	-5.7	-1.4	-4.0
30 September 2028	-2.2	-5.7	-1.4	-4.0
31 December 2028	-2.2	-5.8	-1.4	-4.1
31 March 2029	-2.1	-5.9	-1.3	-4.1
30 June 2029	-2.1	-5.8	-1.3	-4.1
30 September 2029	-2.1	-5.7	-1.3	-4.2
31 December 2029	-2.0	-5.9	-1.2	-4.2
31 March 2030	-2.0	-6.0	-1.2	-4.2
30 June 2030	-1.9	-5.9	-1.2	-4.2
30 September 2030	-1.9	-5.8	-1.1	-4.3
31 December 2030	-1.8	-6.0	-1.1	-4.3

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Figure 9: U.S. Net Investment Income

Date	NII Forecast	2008 NII Forecast
31 March 2001	0.2
30 June 2001	0.3
30 September 2001	0.1
31 December 2001	0.7
31 March 2002	0.3
30 June 2002	0.1
30 September 2002	0.3
31 December 2002	0.4
31 March 2003	0.3
30 June 2003	0.4
30 September 2003	0.3
31 December 2003	0.5
31 March 2004	0.7
30 June 2004	0.5
30 September 2004	0.6
31 December 2004	0.3
31 March 2005	0.6
30 June 2005	0.5
30 September 2005	0.6
31 December 2005	0.3
31 March 2006	0.3
30 June 2006	0.3
30 September 2006	0.2
31 December 2006	0.3
31 March 2007	0.3
30 June 2007	0.4
30 September 2007	0.8	0.6
31 December 2007	1.1	0.5
31 March 2008	1.0	0.3
30 June 2008	1.0	0.3
30 September 2008	1.2	0.3
31 December 2008	0.6	0.3
31 March 2009	0.7	0.3
30 June 2009	0.7	0.3
30 September 2009	1.1	0.3
31 December 2009	1.0	0.3
31 March 2010	1.2	0.3
30 June 2010	1.2	0.3
30 September 2010	1.1	0.2
31 December 2010	1.2	0.2
31 March 2011	1.3	0.2
30 June 2011	1.3	0.1
30 September 2011	1.5	0.1
31 December 2011	1.6	0.1
31 March 2012	1.5	0.1
30 June 2012	1.3	0.0
30 September 2012	1.3	0.0
31 December 2012	1.3	0.0
31 March 2013	1.2	0.0
30 June 2013	1.3	0.0
30 September 2013	1.3	-0.1
31 December 2013	1.3	-0.1
31 March 2014	1.3	-0.1
30 June 2014	1.3	-0.1
30 September 2014	1.3	-0.1
31 December 2014	1.2	-0.1
31 March 2015	1.1	-0.2
30 June 2015	1.0	-0.2
30 September 2015	1.0	-0.2
31 December 2015	1.1	-0.2
31 March 2016	0.9	-0.2
30 June 2016	1.0	-0.2
30 September 2016	1.0	-0.3
31 December 2016	1.2	-0.3
31 March 2017	1.1	-0.3
30 June 2017	1.1	-0.3
30 September 2017	1.2	-0.3
31 December 2017	1.2	-0.3
31 March 2018	1.2	-0.4
30 June 2018	1.2	-0.4
30 September 2018	1.1	-0.4
31 December 2018	1.0	-0.4
31 March 2019	0.9	-0.4
30 June 2019	0.8	-0.4
30 September 2019	0.8	-0.5
31 December 2019	0.7	-0.5
31 March 2020	0.7	-0.5
30 June 2020	0.6	-0.5
30 September 2020	0.6	-0.5
31 December 2020	0.6	-0.5
31 March 2021	0.6	-0.5
30 June 2021	0.6	-0.6
30 September 2021	0.6	-0.6
31 December 2021	0.6	-0.6
31 March 2022	0.5	-0.6
30 June 2022	0.6	-0.6
30 September 2022	0.6	-0.6
31 December 2022	0.6	-0.6
31 March 2023	0.6	-0.7
30 June 2023	0.6	-0.7
30 September 2023	0.6	-0.7
31 December 2023	0.6	-0.7
31 March 2024	0.6	-0.7
30 June 2024	0.6	-0.7
30 September 2024	0.6	-0.7
31 December 2024	0.6	-0.7
31 March 2025	0.6	-0.8
30 June 2025	0.6	-0.8
30 September 2025	0.6	-0.8
31 December 2025	0.6	-0.8
31 March 2026	0.6	-0.8
30 June 2026	0.6	-0.8
30 September 2026	0.6	-0.8
31 December 2026	0.6	-0.8
31 March 2027	0.6	-0.8
30 June 2027	0.6	-0.9
30 September 2027	0.6	-0.9
31 December 2027	0.6	-0.9
31 March 2028	0.6	-0.9
30 June 2028	0.6	-0.9
30 September 2028	0.6	-0.9
31 December 2028	0.6	-0.9
31 March 2029	0.6	-0.9
30 June 2029	0.6	-0.9
30 September 2029	0.6	-1
31 December 2029	0.6	-1
31 March 2030	0.6	-1
30 June 2030	0.6	-1
30 September 2030	0.6	-1
31 December 2030	0.6	-1

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Figure 10: U.S. Net International Investment Position

Date	NIIP Forecast	2008 NIIP Forecast
31 March 2001	-14.4
30 June 2001	-15.8
30 September 2001	-16.4
31 December 2001	-17.5
31 March 2002	-18.0
30 June 2002	-17.7
30 September 2002	-18.3
31 December 2002	-18.4
31 March 2003	-18.4
30 June 2003	-17.4
30 September 2003	-17.3
31 December 2003	-17.7
31 March 2004	-17.8
30 June 2004	-18.5
30 September 2004	-18.3
31 December 2004	-17.9
31 March 2005	-16.7
30 June 2005	-15.1
30 September 2005	-14.3
31 December 2005	-14.4
31 March 2006	-13.0
30 June 2006	-13.2
30 September 2006	-15.3
31 December 2006	-14.9
31 March 2007	-13.4
30 June 2007	-12.3
30 September 2007	-11.2	-13.9
31 December 2007	-11.9	-17.9
31 March 2008	-14.3	-18.8
30 June 2008	-13.2	-19.9
30 September 2008	-19.1	-21.0
31 December 2008	-22.5	-22.1
31 March 2009	-20.9	-23.0
30 June 2009	-18.0	-24.0
30 September 2009	-16.1	-24.9
31 December 2009	-15.9	-25.9
31 March 2010	-16.9	-26.7
30 June 2010	-17.9	-27.5
30 September 2010	-16.4	-28.4
31 December 2010	-15.1	-29.3
31 March 2011	-16.8	-30.2
30 June 2011	-16.7	-31.1
30 September 2011	-22.1	-32.1
31 December 2011	-23.6	-33.0
31 March 2012	-24.3	-33.8
30 June 2012	-26.9	-34.8
30 September 2012	-25.6	-35.7
31 December 2012	-23.7	-36.7
31 March 2013	-26.3	-37.5
30 June 2013	-27.5	-38.4
30 September 2013	-25.4	-39.4
31 December 2013	-27.7	-40.3
31 March 2014	-28.5	-41.2
30 June 2014	-27.8	-42.1
30 September 2014	-29.7	-43.0
31 December 2014	-32.2	-43.9
31 March 2015	-32.0	-44.8
30 June 2015	-31.1	-45.7
30 September 2015	-32.5	-46.6
31 December 2015	-32.5	-47.5
31 March 2016	-33.7	-48.3
30 June 2016	-34.6	-49.2
30 September 2016	-33.5	-50.1
31 December 2016	-34.0	-51.0
31 March 2017	-32.7	-51.8
30 June 2017	-32.3	-52.7
30 September 2017	-31.3	-53.6
31 December 2017	-31.3	-54.5
31 March 2018	-31.4	-55.3
30 June 2018	-31.6	-56.2
30 September 2018	-32.0	-57.0
31 December 2018	-32.2	-57.9
31 March 2019	-32.4	-58.7
30 June 2019	-32.7	-59.6
30 September 2019	-33.1	-60.4
31 December 2019	-33.4	-61.3
31 March 2020	-33.7	-62.1
30 June 2020	-34.1	-62.9
30 September 2020	-34.6	-63.8
31 December 2020	-35.0	-64.6
31 March 2021	-35.3	-65.4
30 June 2021	-35.8	-66.3
30 September 2021	-36.3	-67.1
31 December 2021	-36.7	-67.9
31 March 2022	-37.0	-68.7
30 June 2022	-37.5	-69.5
30 September 2022	-37.9	-70.4
31 December 2022	-38.3	-71.2
31 March 2023	-38.6	-72.0
30 June 2023	-38.9	-72.8
30 September 2023	-39.3	-73.6
31 December 2023	-39.6	-74.4
31 March 2024	-39.8	-75.2
30 June 2024	-40.1	-76.0
30 September 2024	-40.5	-76.8
31 December 2024	-40.8	-77.6
31 March 2025	-40.9	-78.4
30 June 2025	-41.2	-79.2
30 September 2025	-41.5	-80.0
31 December 2025	-41.7	-80.8
31 March 2026	-41.8	-81.5
30 June 2026	-42.0	-82.3
30 September 2026	-42.3	-83.1
31 December 2026	-42.4	-83.9
31 March 2027	-42.5	-84.7
30 June 2027	-42.6	-85.4
30 September 2027	-42.8	-86.2
31 December 2027	-43.0	-87.0
31 March 2028	-43.0	-87.7
30 June 2028	-43.1	-88.5
30 September 2028	-43.3	-89.3
31 December 2028	-43.3	-90.1
31 March 2029	-43.3	-90.8
30 June 2029	-43.4	-91.6
30 September 2029	-43.5	-92.4
31 December 2029	-43.5	-93.1
31 March 2030	-43.4	-93.9
30 June 2030	-43.5	-94.6
30 September 2030	-43.5	-95.4
31 December 2030	-43.5	-96.2