Accessible Version

Figure 1. Personal consumption expenditures price indexes

Monthly
Percent change from year earlier

Period	Total	Excluding food and energy	Trimmed mean
January 2017	2.01	1.86	1.95
February 2017	2.20	1.87	1.91
March 2017	1.91	1.68	1.84
April 2017	1.77	1.64	1.78
May 2017	1.56	1.55	1.68
June 2017	1.47	1.58	1.68
July 2017	1.49	1.50	1.64
August 2017	1.57	1.43	1.64
September 2017	1.76	1.42	1.63
October 2017	1.68	1.54	1.63
November 2017	1.79	1.55	1.65
December 2017	1.77	1.58	1.66
January 2018	1.76	1.63	1.72
February 2018	1.84	1.64	1.75
March 2018	2.00	1.91	1.79
April 2018	2.05	1.88	1.76
May 2018	2.27	1.98	1.86
June 2018	2.27	1.94	1.90
July 2018	2.34	2.00	1.93
August 2018	2.18	1.90	1.93
September 2018	2.01	1.96	1.94
October 2018	2.05	1.87	1.96
November 2018	1.94	2.01	2.02
December 2018	1.86	2.04	2.02
January 2019	1.50	1.85	1.92
February 2019	1.43	1.74	1.96
March 2019	1.51	1.61	2.00
April 2019	1.58	1.65	2.12
May 2019	1.46	1.57	2.02
June 2019	1.41	1.68	2.00
July 2019	1.44	1.67	2.04
August 2019	1.42	1.76	2.04
September 2019	1.30	1.65	2.01
October 2019	1.33	1.64	2.02
November 2019	1.33	1.47	1.93
December 2019	1.54	1.50	1.93
January 2020	1.70	1.55	1.98
February 2020	1.64	1.66	1.98
March 2020	1.15	1.49	1.88
April 2020	0.41	0.93	1.74
May 2020	0.45	0.95	1.82
June 2020	0.71	0.91	1.80
July 2020	0.90	1.16	1.85
August 2020	1.17	1.37	1.87
September 2020	1.25	1.44	1.86
October 2020	1.12	1.37	1.79
November 2020	1.15	1.43	1.72
December 2020	1.37	1.55	1.71
January 2021	1.62	1.72	1.70
February 2021	1.89	1.75	1.71
March 2021	2.71	2.26	1.81
April 2021	3.72	3.22	1.94
May 2021	4.16	3.64	2.01
June 2021	4.37	3.95	2.08
July 2021	4.53	4.01	2.13
August 2021	4.64	4.02	2.22
September 2021	4.81	4.07	2.46
October 2021	5.41	4.50	2.75
November 2021	5.99	4.95	3.06
December 2021	6.18	5.24	3.33
January 2022	6.30	5.37	3.71
February 2022	6.55	5.57	3.91
March 2022	6.89	5.55	3.99
April 2022	6.62	5.25	4.03
May 2022	6.69	5.07	4.24
June 2022	7.12	5.19	4.63
July 2022	6.62	4.96	4.72
August 2022	6.52	5.21	4.95
September 2022	6.56	5.47	4.98
October 2022	6.35	5.33	4.98
November 2022	5.93	5.09	4.92
December 2022	5.44	4.87	4.86
January 2023	5.48	4.90	4.78
February 2023	5.19	4.84	4.75
March 2023	4.44	4.78	4.82
April 2023	4.45	4.76	4.88
May 2023	3.96	4.69	4.70
June 2023	3.20	4.28	4.33
July 2023	3.31	4.19	4.18
August 2023	3.35	3.73	3.88
September 2023	3.37	3.59	3.80
October 2023	2.95	3.39	3.60
November 2023	2.71	3.19	3.42
December 2023	2.62	2.94	3.29
January 2024	2.40	2.85	ND

Note: Trimmed mean data extend through December 2023.

Source: For trimmed mean, Federal Reserve Bank of Dallas; for all else, Bureau of Economic Analysis; all via Haver Analytics.

Return to text

Figure 2. Core personal consumption expenditure price index

Monthly
Percent, annual rate

Period	3-month change	6-month change	12-month change
January 2017	1.72	1.75	1.86
February 2017	2.27	1.75	1.87
March 2017	1.62	1.39	1.68
April 2017	1.37	1.55	1.64
May 2017	0.98	1.62	1.55
June 2017	1.69	1.66	1.58
July 2017	1.16	1.26	1.50
August 2017	1.27	1.12	1.43
September 2017	1.22	1.45	1.42
October 2017	1.92	1.54	1.54
November 2017	1.68	1.47	1.55
December 2017	1.78	1.50	1.58
January 2018	2.09	2.00	1.63
February 2018	2.66	2.17	1.64
March 2018	2.96	2.37	1.91
April 2018	2.38	2.23	1.88
May 2018	2.32	2.49	1.98
June 2018	1.80	2.38	1.94
July 2018	1.60	1.99	2.00
August 2018	0.93	1.62	1.90
September 2018	1.31	1.56	1.96
October 2018	1.42	1.51	1.87
November 2018	2.13	1.53	2.01
December 2018	2.09	1.70	2.04
January 2019	2.02	1.72	1.85
February 2019	1.58	1.86	1.74
March 2019	1.23	1.66	1.61
April 2019	1.55	1.78	1.65
May 2019	1.65	1.62	1.57
June 2019	2.10	1.66	1.68
July 2019	1.68	1.62	1.67
August 2019	1.67	1.66	1.76
September 2019	1.18	1.64	1.65
October 2019	1.33	1.50	1.64
November 2019	0.99	1.33	1.47
December 2019	1.51	1.34	1.50
January 2020	1.65	1.49	1.55
February 2020	2.32	1.65	1.66
March 2020	1.18	1.35	1.49
April 2020	-0.91	0.36	0.93
May 2020	-1.14	0.57	0.95
June 2020	-0.23	0.48	0.91
July 2020	2.62	0.84	1.16
August 2020	3.36	1.08	1.37
September 2020	3.34	1.54	1.44
October 2020	2.14	2.38	1.37
November 2020	1.23	2.29	1.43
December 2020	1.95	2.64	1.55
January 2021	3.06	2.60	1.72
February 2021	3.64	2.43	1.75
March 2021	4.01	2.97	2.26
April 2021	5.09	4.07	3.22
May 2021	6.41	5.02	3.64
June 2021	6.55	5.27	3.95
July 2021	5.80	5.44	4.01
August 2021	4.86	5.63	4.02
September 2021	3.84	5.19	4.07
October 2021	4.08	4.94	4.50
November 2021	4.91	4.89	4.95
December 2021	6.58	5.20	5.24
January 2022	6.53	5.30	5.37
February 2022	6.12	5.52	5.57
March 2022	5.25	5.91	5.55
April 2022	4.63	5.58	5.25
May 2022	4.41	5.26	5.07
June 2022	5.12	5.18	5.19
July 2022	4.62	4.63	4.96
August 2022	5.39	4.90	5.21
September 2022	4.95	5.03	5.47
October 2022	5.54	5.08	5.33
November 2022	4.45	4.92	5.09
December 2022	4.15	4.55	4.87
January 2023	4.82	5.18	4.90
February 2023	5.13	4.79	4.84
March 2023	4.92	4.53	4.78
April 2023	4.08	4.45	4.76
May 2023	3.79	4.46	4.69
June 2023	3.11	4.01	4.28
July 2023	2.35	3.21	4.19
August 2023	1.57	2.67	3.73
September 2023	2.21	2.66	3.59
October 2023	2.35	2.35	3.39
November 2023	2.31	1.94	3.19
December 2023	1.56	1.89	2.94
January 2024	2.63	2.49	2.85

Source: Bureau of Economic Analysis, personal consumption expenditures via Haver Analytics.

Return to text

Figure 3. Spot and futures prices for crude oil

Series: Brent spot price and 24-month-ahead futures contracts
Horizon: January 1, 2019, to February 23, 2024

Description: A line chart with two curves over January 1, 2019, to February 23, 2024. Units are dollars per barrel. The data are weekly averages of daily data. The Brent spot price series starts at around 58 and fluctuates between about 58 and 75 through 2019 until it falls sharply to nearly 20 by mid-2020. The series climbs steadily to and peaks at about 120 in mid-2022 and ends at about 80 in February 2024, with a second, smaller peak at about 100 in November 2023. The 24-month-ahead futures contracts series, while a bit less volatile in its movements, largely follows the Brent spot price series. The series starts at and hovers around 60 in 2019. It drops to about 40 by mid-2020 before rising steadily to about 90 in mid-2022 and declining to and hovering slightly below 80 through February 2024.

Note: The data are weekly averages of daily data and extend through February 23, 2024.

Source: ICE Brent Futures via Bloomberg.

Return to text

Figure 4. Subcomponents of personal consumption expenditures price indexes

Food and energy

Monthly
Percent change from year earlier

Period	Energy	Food and beverages
January 2017	12.25	-1.43
February 2017	17.69	-1.37
March 2017	12.42	-0.65
April 2017	9.36	-0.60
May 2017	5.25	-0.21
June 2017	2.14	-0.16
July 2017	3.62	0.14
August 2017	7.15	0.29
September 2017	11.84	0.44
October 2017	6.95	0.55
November 2017	9.47	0.64
December 2017	7.57	0.86
January 2018	5.86	0.94
February 2018	8.27	0.60
March 2018	6.95	0.37
April 2018	8.67	0.39
May 2018	12.60	0.16
June 2018	13.20	0.43
July 2018	13.80	0.40
August 2018	11.71	0.42
September 2018	5.54	0.57
October 2018	8.88	0.36
November 2018	2.66	0.69
December 2018	-0.03	0.88
January 2019	-4.70	0.84
February 2019	-4.97	1.39
March 2019	-0.53	1.42
April 2019	1.42	0.80
May 2019	-0.63	1.26
June 2019	-3.62	1.08
July 2019	-2.26	0.88
August 2019	-4.35	0.81
September 2019	-4.69	0.81
October 2019	-4.27	1.06
November 2019	-0.70	0.95
December 2019	4.07	0.77
January 2020	6.86	0.88
February 2020	3.14	0.89
March 2020	-6.15	1.21
April 2020	-17.55	3.93
May 2020	-18.38	4.50
June 2020	-12.45	4.98
July 2020	-11.27	4.13
August 2020	-9.21	4.13
September 2020	-8.14	3.75
October 2020	-9.64	3.80
November 2020	-9.90	3.66
December 2020	-7.51	3.89
January 2021	-4.34	3.56
February 2021	1.97	3.32
March 2021	13.09	3.02
April 2021	24.20	1.10
May 2021	27.33	0.68
June 2021	24.27	0.92
July 2021	23.49	2.33
August 2021	25.22	2.77
September 2021	25.27	4.01
October 2021	30.40	4.64
November 2021	33.81	5.47
December 2021	30.51	5.65
January 2022	28.14	6.49
February 2022	26.72	7.68
March 2022	33.15	8.89
April 2022	31.55	9.61
May 2022	35.62	10.56
June 2022	42.80	10.99
July 2022	33.38	11.78
August 2022	24.12	12.18
September 2022	19.96	11.75
October 2022	18.23	11.47
November 2022	13.52	11.17
December 2022	6.86	11.09
January 2023	7.80	10.62
February 2023	4.29	9.48
March 2023	-7.59	7.94
April 2023	-5.70	6.94
May 2023	-12.30	5.85
June 2023	-17.51	4.72
July 2023	-13.02	3.68
August 2023	-3.49	3.11
September 2023	0.10	2.72
October 2023	-4.56	2.37
November 2023	-4.98	1.74
December 2023	-1.72	1.39
January 2024	-4.91	1.45

Note: The data are monthly.

Source: Bureau of Economic Analysis via Haver Analytics.

Components of core prices

Monthly
Percent change from year earlier

Period	Services ex. energy and housing	Housing services	Goods ex. food, beverages, and energy
January 2017	2.38	3.61	-0.53
February 2017	2.41	3.62	-0.58
March 2017	2.09	3.60	-0.59
April 2017	2.19	3.52	-0.93
May 2017	2.07	3.43	-0.96
June 2017	2.05	3.41	-0.79
July 2017	1.87	3.39	-0.66
August 2017	1.85	3.45	-0.94
September 2017	2.00	3.37	-1.27
October 2017	2.09	3.36	-0.99
November 2017	2.06	3.30	-0.87
December 2017	2.09	3.35	-0.84
January 2018	2.14	3.38	-0.76
February 2018	2.21	3.29	-0.82
March 2018	2.58	3.37	-0.67
April 2018	2.38	3.47	-0.37
May 2018	2.44	3.49	-0.14
June 2018	2.48	3.43	-0.36
July 2018	2.61	3.47	-0.45
August 2018	2.55	3.42	-0.67
September 2018	2.59	3.37	-0.49
October 2018	2.47	3.34	-0.55
November 2018	2.55	3.39	-0.22
December 2018	2.64	3.28	-0.26
January 2019	2.35	3.26	-0.30
February 2019	2.22	3.37	-0.52
March 2019	2.05	3.41	-0.70
April 2019	2.20	3.45	-0.92
May 2019	2.06	3.43	-0.86
June 2019	2.04	3.51	-0.43
July 2019	2.06	3.46	-0.52
August 2019	2.05	3.42	-0.08
September 2019	1.90	3.48	-0.22
October 2019	1.96	3.38	-0.32
November 2019	1.78	3.32	-0.51
December 2019	1.83	3.33	-0.53
January 2020	2.02	3.39	-0.80
February 2020	2.07	3.34	-0.44
March 2020	1.88	3.26	-0.62
April 2020	1.22	3.11	-1.26
May 2020	1.40	3.09	-1.56
June 2020	1.47	2.86	-1.70
July 2020	1.60	2.82	-0.96
August 2020	1.74	2.70	-0.42
September 2020	1.98	2.50	-0.46
October 2020	1.89	2.51	-0.54
November 2020	1.89	2.30	-0.19
December 2020	2.05	2.19	0.08
January 2021	2.27	2.03	0.34
February 2021	2.50	2.04	0.02
March 2021	3.20	2.01	0.51
April 2021	4.02	2.03	2.42
May 2021	4.16	2.09	3.66
June 2021	4.33	2.30	4.30
July 2021	4.55	2.37	4.00
August 2021	4.55	2.51	3.93
September 2021	4.42	2.84	4.18
October 2021	4.61	3.08	5.23
November 2021	5.12	3.45	5.59
December 2021	5.25	3.71	6.23
January 2022	5.05	4.02	6.92
February 2022	4.99	4.27	7.64
March 2022	4.95	4.49	7.46
April 2022	4.89	4.77	6.32
May 2022	4.78	5.09	5.68
June 2022	4.87	5.51	5.66
July 2022	4.45	5.90	5.43
August 2022	4.69	6.36	5.55
September 2022	4.97	6.76	5.71
October 2022	5.16	6.99	4.62
November 2022	5.02	7.27	3.84
December 2022	4.84	7.69	3.11
January 2023	5.10	7.92	2.59
February 2023	5.11	8.17	2.20
March 2023	4.87	8.20	2.45
April 2023	4.81	8.27	2.45
May 2023	4.70	8.19	2.45
June 2023	4.43	7.93	1.66
July 2023	4.58	7.74	1.11
August 2023	4.16	7.42	0.47
September 2023	4.15	7.15	0.15
October 2023	3.80	6.92	0.28
November 2023	3.55	6.70	0.18
December 2023	3.35	6.31	-0.08
January 2024	3.46	6.13	-0.57

Note: The data are monthly.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 5. Spot prices for commodities

Weekly
Week ending January 3, 2014 = 100

Period	Industrial metals	Agriculture and livestock
3 January 2014	100.00	100.00
10 January 2014	98.58	99.75
17 January 2014	99.98	100.42
24 January 2014	99.29	100.36
31 January 2014	96.91	100.33
7 February 2014	95.83	102.62
14 February 2014	96.98	103.96
21 February 2014	98.44	106.93
28 February 2014	97.43	108.73
7 March 2014	97.41	113.09
14 March 2014	93.74	114.59
21 March 2014	93.43	115.62
28 March 2014	94.07	116.01
4 April 2014	95.83	115.56
11 April 2014	97.26	115.49
18 April 2014	98.04	116.93
25 April 2014	99.05	117.07
2 May 2014	97.50	118.65
9 May 2014	97.45	118.57
16 May 2014	99.59	116.87
23 May 2014	99.62	115.18
30 May 2014	100.27	112.95
6 June 2014	99.85	111.79
13 June 2014	98.83	109.79
20 June 2014	99.52	109.22
27 June 2014	101.49	109.91
4 July 2014	103.47	107.34
11 July 2014	104.56	103.46
18 July 2014	104.71	101.04
25 July 2014	105.87	100.45
1 August 2014	105.52	99.78
8 August 2014	105.25	99.45
15 August 2014	104.13	98.12
22 August 2014	105.29	97.43
29 August 2014	106.24	97.98
5 September 2014	106.14	98.43
12 September 2014	104.37	97.30
19 September 2014	102.63	95.21
26 September 2014	100.65	93.61
3 October 2014	99.41	94.76
10 October 2014	100.05	97.36
17 October 2014	99.42	97.63
24 October 2014	99.67	97.53
31 October 2014	101.41	98.77
7 November 2014	101.32	97.84
14 November 2014	100.94	100.12
21 November 2014	101.08	100.37
28 November 2014	100.63	100.50
5 December 2014	98.83	100.36
12 December 2014	97.99	99.74
19 December 2014	95.88	100.34
26 December 2014	94.56	100.20
2 January 2015	93.94	99.07
9 January 2015	92.12	98.70
16 January 2015	88.97	95.01
23 January 2015	89.64	93.09
30 January 2015	88.38	91.50
6 February 2015	90.16	91.14
13 February 2015	89.33	92.45
20 February 2015	88.38	92.35
27 February 2015	88.77	90.93
6 March 2015	88.61	90.55
13 March 2015	87.99	90.34
20 March 2015	88.14	90.30
27 March 2015	90.78	91.80
3 April 2015	89.72	91.72
10 April 2015	89.83	91.84
17 April 2015	90.62	90.66
24 April 2015	90.68	90.27
1 May 2015	94.71	90.13
8 May 2015	96.83	90.13
15 May 2015	95.61	90.97
22 May 2015	91.93	90.94
29 May 2015	89.85	89.05
5 June 2015	89.07	90.42
12 June 2015	89.00	90.72
19 June 2015	86.07	88.78
26 June 2015	85.87	90.91
3 July 2015	85.61	95.51
10 July 2015	83.01	94.91
17 July 2015	84.31	93.76
24 July 2015	81.66	89.63
31 July 2015	80.16	86.97
7 August 2015	78.68	87.16
14 August 2015	78.47	87.72
21 August 2015	76.82	86.92
28 August 2015	76.13	85.32
4 September 2015	78.00	84.56
11 September 2015	79.96	85.25
18 September 2015	78.97	85.50
25 September 2015	76.31	84.94
2 October 2015	75.70	85.48
9 October 2015	76.96	86.92
16 October 2015	78.98	87.05
23 October 2015	76.78	86.90
30 October 2015	75.74	86.80
6 November 2015	74.94	85.83
13 November 2015	73.39	83.49
20 November 2015	70.42	83.37
27 November 2015	69.58	84.09
4 December 2015	70.45	84.18
11 December 2015	70.54	83.48
18 December 2015	70.52	82.70
25 December 2015	71.93	83.30
1 January 2016	72.50	83.49
8 January 2016	70.10	82.58
15 January 2016	68.06	82.84
22 January 2016	68.79	83.46
29 January 2016	70.45	83.90
5 February 2016	71.76	83.65
12 February 2016	70.62	82.07
19 February 2016	71.77	83.20
26 February 2016	73.10	83.14
4 March 2016	75.14	83.02
11 March 2016	75.76	84.56
18 March 2016	75.08	86.23
25 March 2016	74.86	85.73
1 April 2016	73.73	84.96
8 April 2016	72.77	83.50
15 April 2016	74.04	84.41
22 April 2016	77.03	86.70
29 April 2016	77.83	86.76
6 May 2016	76.75	86.50
13 May 2016	73.47	87.22
20 May 2016	73.03	88.18
27 May 2016	72.86	87.70
3 June 2016	73.57	90.16
10 June 2016	73.96	93.70
17 June 2016	74.40	93.19
24 June 2016	75.89	89.96
1 July 2016	77.28	88.60
8 July 2016	77.46	85.73
15 July 2016	79.38	85.14
22 July 2016	79.54	82.46
29 July 2016	78.58	81.59
5 August 2016	78.90	81.20
12 August 2016	78.88	82.57
19 August 2016	79.43	83.12
26 August 2016	77.99	81.92
2 September 2016	77.27	79.31
9 September 2016	77.06	79.96
16 September 2016	76.96	79.44
23 September 2016	78.51	80.83
30 September 2016	80.20	79.31
7 October 2016	80.12	79.11
14 October 2016	79.86	78.80
21 October 2016	78.15	79.88
28 October 2016	79.97	80.89
4 November 2016	82.56	80.37
11 November 2016	86.51	81.27
18 November 2016	87.08	81.42
25 November 2016	89.98	82.73
2 December 2016	90.71	81.29
9 December 2016	90.93	81.77
16 December 2016	90.25	82.48
23 December 2016	87.20	81.54
30 December 2016	85.95	82.23
6 January 2017	86.55	83.60
13 January 2017	90.01	84.86
20 January 2017	91.25	86.34
27 January 2017	92.37	85.84
3 February 2017	92.46	85.08
10 February 2017	93.22	86.37
17 February 2017	95.13	87.19
24 February 2017	94.21	86.27
3 March 2017	94.65	85.90
10 March 2017	91.92	84.95
17 March 2017	93.14	84.30
24 March 2017	93.78	83.78
31 March 2017	94.39	82.55
7 April 2017	93.53	81.83
14 April 2017	91.43	83.69
21 April 2017	90.28	83.28
28 April 2017	91.41	83.45
5 May 2017	90.65	86.21
12 May 2017	88.97	84.91
19 May 2017	90.08	84.79
26 May 2017	91.23	84.71
2 June 2017	90.39	84.22
9 June 2017	89.44	85.25
16 June 2017	89.31	84.78
23 June 2017	90.37	83.48
30 June 2017	92.67	83.51
7 July 2017	93.24	87.76
14 July 2017	93.13	86.53
21 July 2017	93.87	85.26
28 July 2017	96.18	83.35
4 August 2017	96.92	82.47
11 August 2017	99.93	82.02
18 August 2017	101.41	80.03
25 August 2017	103.44	78.72
1 September 2017	104.84	78.49
8 September 2017	105.15	79.81
15 September 2017	103.13	79.96
22 September 2017	103.59	80.69
29 September 2017	102.86	80.42
6 October 2017	104.81	80.30
13 October 2017	106.75	80.64
20 October 2017	107.58	80.41
27 October 2017	108.04	81.14
3 November 2017	108.05	81.89
10 November 2017	106.95	82.71
17 November 2017	105.54	82.99
24 November 2017	106.68	83.16
1 December 2017	105.34	83.41
8 December 2017	102.60	81.94
15 December 2017	104.07	80.43
22 December 2017	108.08	81.03
29 December 2017	111.88	82.28
5 January 2018	111.74	82.94
12 January 2018	110.69	82.04
19 January 2018	110.86	82.42
26 January 2018	112.29	83.07
2 February 2018	112.44	83.89
9 February 2018	109.92	83.87
16 February 2018	111.39	85.46
23 February 2018	111.93	85.60
2 March 2018	109.85	86.69
9 March 2018	107.98	87.37
16 March 2018	107.49	86.12
23 March 2018	105.66	83.38
30 March 2018	104.52	82.58
6 April 2018	104.73	82.85
13 April 2018	109.48	85.40
20 April 2018	114.28	84.91
27 April 2018	110.06	84.96
4 May 2018	109.23	86.88
11 May 2018	110.60	85.66
18 May 2018	110.67	84.51
25 May 2018	110.73	86.72
1 June 2018	111.09	87.18
8 June 2018	114.48	85.47
15 June 2018	113.05	85.40
22 June 2018	108.12	82.96
29 June 2018	106.23	81.35
6 July 2018	102.27	81.15
13 July 2018	99.95	79.06
20 July 2018	97.70	78.78
27 July 2018	99.45	80.32
3 August 2018	98.81	81.54
10 August 2018	99.01	82.21
17 August 2018	95.93	81.41
24 August 2018	96.86	80.37
31 August 2018	98.49	79.09
7 September 2018	95.01	79.41
14 September 2018	95.14	79.98
21 September 2018	96.46	80.07
28 September 2018	98.45	80.41
5 October 2018	100.13	81.45
12 October 2018	98.46	81.57
19 October 2018	98.03	82.56
26 October 2018	97.26	81.79
2 November 2018	95.23	81.59
9 November 2018	95.16	81.96
16 November 2018	94.16	83.00
23 November 2018	95.01	82.96
30 November 2018	94.23	82.90
7 December 2018	95.20	84.29
14 December 2018	94.05	84.50
21 December 2018	92.99	83.41
28 December 2018	91.79	82.25
4 January 2019	90.20	82.35
11 January 2019	91.54	83.76
18 January 2019	92.04	83.83
25 January 2019	93.72	83.97
1 February 2019	95.06	83.56
8 February 2019	96.49	83.69
15 February 2019	94.14	83.42
22 February 2019	96.85	82.51
1 March 2019	98.53	81.35
8 March 2019	97.39	80.65
15 March 2019	97.69	81.89
22 March 2019	98.14	84.32
29 March 2019	97.56	84.00
5 April 2019	98.05	83.86
12 April 2019	97.48	84.85
19 April 2019	97.24	84.67
26 April 2019	96.24	82.43
3 May 2019	94.37	81.02
10 May 2019	92.66	79.15
17 May 2019	92.31	79.59
24 May 2019	90.78	81.56
31 May 2019	90.33	83.92
7 June 2019	89.21	83.46
14 June 2019	89.65	85.11
21 June 2019	90.20	85.93
28 June 2019	91.59	85.01
5 July 2019	90.32	83.66
12 July 2019	91.30	84.35
19 July 2019	93.56	83.53
26 July 2019	92.85	83.16
2 August 2019	91.72	80.78
9 August 2019	89.93	79.65
16 August 2019	91.07	76.54
23 August 2019	90.53	75.65
30 August 2019	90.31	75.56
6 September 2019	91.97	74.59
13 September 2019	93.64	75.99
20 September 2019	92.80	78.25
27 September 2019	91.79	79.11
4 October 2019	90.93	80.68
11 October 2019	91.96	80.82
18 October 2019	91.84	82.32
25 October 2019	92.83	81.70
1 November 2019	93.71	81.96
8 November 2019	94.32	82.31
15 November 2019	91.61	83.71
22 November 2019	90.06	82.96
29 November 2019	90.27	83.47
6 December 2019	89.46	83.22
13 December 2019	91.19	84.12
20 December 2019	92.50	86.08
27 December 2019	93.24	86.19
3 January 2020	92.88	86.62
10 January 2020	92.87	86.52
17 January 2020	93.88	87.47
24 January 2020	91.94	87.28
31 January 2020	86.94	84.44
7 February 2020	86.21	83.62
14 February 2020	87.25	84.02
21 February 2020	86.93	85.12
28 February 2020	85.38	81.61
6 March 2020	85.80	81.06
13 March 2020	83.68	78.07
20 March 2020	78.35	73.77
27 March 2020	75.17	77.50
3 April 2020	75.23	73.20
10 April 2020	75.68	72.38
17 April 2020	77.43	71.58
24 April 2020	77.48	71.51
1 May 2020	77.71	71.72
8 May 2020	77.46	73.41
15 May 2020	77.70	73.44
22 May 2020	79.47	73.26
29 May 2020	79.34	74.06
5 June 2020	82.00	74.13
12 June 2020	84.40	74.64
19 June 2020	84.32	74.00
26 June 2020	84.92	72.88
3 July 2020	86.33	74.10
10 July 2020	89.15	75.47
17 July 2020	91.42	75.59
24 July 2020	91.74	75.80
31 July 2020	92.32	75.74
7 August 2020	93.95	75.49
14 August 2020	93.83	76.66
21 August 2020	95.75	78.63
28 August 2020	96.21	79.66
4 September 2020	97.14	80.57
11 September 2020	96.43	81.68
18 September 2020	97.64	83.53
25 September 2020	95.17	83.16
2 October 2020	94.48	83.88
9 October 2020	95.63	86.27
16 October 2020	98.02	87.11
23 October 2020	99.44	88.25
30 October 2020	98.12	87.31
6 November 2020	100.12	87.82
13 November 2020	101.55	90.26
20 November 2020	104.68	91.20
27 November 2020	106.33	92.15
4 December 2020	109.75	90.58
11 December 2020	110.51	90.23
18 December 2020	111.81	92.04
25 December 2020	110.32	94.33
1 January 2021	110.04	96.63
8 January 2021	112.86	99.20
15 January 2021	111.62	102.24
22 January 2021	111.62	102.47
29 January 2021	110.74	103.50
5 February 2021	109.82	104.39
12 February 2021	114.85	105.19
19 February 2021	118.72	106.50
26 February 2021	124.02	107.98
5 March 2021	121.21	105.98
12 March 2021	119.78	106.69
19 March 2021	121.52	107.44
26 March 2021	121.54	106.32
2 April 2021	119.94	106.13
9 April 2021	121.60	107.67
16 April 2021	123.18	108.81
23 April 2021	126.25	112.72
30 April 2021	130.99	117.57
7 May 2021	134.03	121.04
14 May 2021	136.50	120.88
21 May 2021	134.01	117.23
28 May 2021	133.36	116.02
4 June 2021	133.91	119.24
11 June 2021	133.58	117.43
18 June 2021	130.35	110.78
25 June 2021	129.14	107.75
2 July 2021	131.40	110.79
9 July 2021	131.08	106.44
16 July 2021	131.88	108.91
23 July 2021	130.95	110.77
30 July 2021	135.58	111.14
6 August 2021	134.61	111.27
13 August 2021	133.91	113.16
20 August 2021	131.26	113.67
27 August 2021	133.67	112.90
3 September 2021	135.60	111.14
10 September 2021	138.49	108.44
17 September 2021	139.37	108.65
24 September 2021	137.43	108.59
1 October 2021	136.64	111.10
8 October 2021	137.81	111.93
15 October 2021	146.70	110.46
22 October 2021	148.35	110.98
29 October 2021	141.16	112.96
5 November 2021	137.07	114.52
12 November 2021	137.18	116.10
19 November 2021	136.37	118.93
26 November 2021	138.73	120.81
3 December 2021	136.05	117.07
10 December 2021	136.47	117.75
17 December 2021	136.32	117.38
24 December 2021	140.10	119.16
31 December 2021	142.20	120.05
7 January 2022	143.65	119.16
14 January 2022	146.46	119.34
21 January 2022	149.74	122.68
28 January 2022	149.02	124.00
4 February 2022	148.05	125.46
11 February 2022	152.45	128.47
18 February 2022	153.65	129.09
25 February 2022	155.75	133.10
4 March 2022	164.63	140.02
11 March 2022	174.13	144.81
18 March 2022	167.49	142.88
25 March 2022	168.36	145.38
1 April 2022	167.75	141.93
8 April 2022	167.16	142.27
15 April 2022	163.78	146.75
22 April 2022	164.38	148.56
29 April 2022	156.04	146.43
6 May 2022	149.79	144.98
13 May 2022	141.61	144.66
20 May 2022	144.54	150.03
27 May 2022	145.94	147.56
3 June 2022	144.36	142.90
10 June 2022	145.83	143.23
17 June 2022	136.36	139.20
24 June 2022	130.59	132.30
1 July 2022	126.34	127.09
8 July 2022	120.54	122.10
15 July 2022	115.91	120.95
22 July 2022	118.24	119.95
29 July 2022	121.54	121.36
5 August 2022	123.00	120.93
12 August 2022	127.07	124.48
19 August 2022	124.59	123.60
26 August 2022	125.42	125.95
2 September 2022	121.38	126.80
9 September 2022	118.51	126.63
16 September 2022	120.75	128.56
23 September 2022	118.10	128.48
30 September 2022	113.38	125.39
7 October 2022	118.41	125.82
14 October 2022	117.54	127.22
21 October 2022	115.23	125.75
28 October 2022	117.05	124.97
4 November 2022	117.70	126.43
11 November 2022	124.13	125.87
18 November 2022	127.61	126.15
25 November 2022	123.49	125.22
2 December 2022	127.31	124.23
9 December 2022	131.97	122.06
16 December 2022	129.29	123.34
23 December 2022	128.04	124.83
30 December 2022	129.19	127.00
6 January 2023	126.72	123.46
13 January 2023	134.68	123.84
20 January 2023	139.21	125.32
27 January 2023	140.14	125.61
3 February 2023	138.17	127.79
10 February 2023	132.91	127.20
17 February 2023	130.45	128.07
24 February 2023	130.58	126.98
3 March 2023	129.64	124.07
10 March 2023	127.17	123.69
17 March 2023	124.69	123.41
24 March 2023	125.64	122.11
31 March 2023	128.76	125.18
7 April 2023	126.16	125.99
14 April 2023	127.05	126.06
21 April 2023	129.35	126.49
28 April 2023	124.71	123.38
5 May 2023	124.30	121.99
12 May 2023	121.54	122.60
19 May 2023	119.05	121.52
26 May 2023	116.49	120.35
2 June 2023	117.37	121.35
9 June 2023	118.25	122.18
16 June 2023	120.53	121.21
23 June 2023	119.74	125.68
30 June 2023	116.61	120.00
7 July 2023	116.48	119.05
14 July 2023	119.46	118.98
21 July 2023	118.91	122.66
28 July 2023	120.81	124.54
4 August 2023	121.37	118.69
11 August 2023	118.14	118.18
18 August 2023	115.36	116.63
25 August 2023	117.14	117.46
1 September 2023	118.52	118.29
8 September 2023	117.99	118.60
15 September 2023	118.75	118.79
22 September 2023	118.04	117.93
29 September 2023	117.67	116.42
6 October 2023	115.84	115.25
13 October 2023	114.97	115.60
20 October 2023	114.06	116.43
27 October 2023	114.67	114.62
3 November 2023	116.18	114.86
10 November 2023	116.77	115.28
17 November 2023	116.56	116.23
24 November 2023	117.36	114.79
1 December 2023	116.75	113.15
8 December 2023	114.35	112.59
15 December 2023	115.49	112.29
22 December 2023	118.57	111.52
29 December 2023	120.82	111.82
5 January 2024	118.21	110.15
12 January 2024	116.24	110.47
19 January 2024	114.91	110.72
26 January 2024	117.43	113.29
2 February 2024	118.15	113.84
9 February 2024	114.66	113.78
16 February 2024	114.96	113.28
23 February 2024	116.79	112.88

Note: The data are weekly averages of daily data and extend through February 23, 2024.

Source: For industrial metals, S&P GSCI Industrial Metals Spot Index; for agriculture and livestock, S&P GSCI Agriculture & Livestock Spot Index; both via Haver Analytics.

Return to text

Figure 6. Suppliers' delivery times

Monthly
Diffusion index

Period	Manufacturing	Nonmanufacturing
January 2017	53.60	52.50
February 2017	55.90	50.50
March 2017	56.30	51.50
April 2017	56.30	53.00
May 2017	55.00	51.50
June 2017	55.50	52.50
July 2017	56.40	51.00
August 2017	57.00	50.50
September 2017	64.10	58.00
October 2017	60.10	58.00
November 2017	55.30	54.00
December 2017	56.30	55.50
January 2018	59.20	55.50
February 2018	61.40	55.50
March 2018	61.40	58.50
April 2018	61.30	54.50
May 2018	62.80	58.50
June 2018	68.20	55.50
July 2018	62.40	53.00
August 2018	64.10	56.00
September 2018	61.90	57.00
October 2018	63.90	57.50
November 2018	61.00	56.50
December 2018	56.60	51.50
January 2019	55.50	51.50
February 2019	55.30	53.50
March 2019	54.90	52.00
April 2019	54.80	50.50
May 2019	52.50	49.50
June 2019	51.20	51.50
July 2019	53.50	51.50
August 2019	51.60	50.50
September 2019	51.30	51.00
October 2019	50.10	52.50
November 2019	51.70	51.50
December 2019	52.20	52.50
January 2020	53.00	51.80
February 2020	57.30	52.40
March 2020	65.00	62.10
April 2020	76.00	78.30
May 2020	68.10	67.00
June 2020	57.00	57.50
July 2020	55.90	55.30
August 2020	58.20	60.50
September 2020	59.00	55.00
October 2020	60.50	56.10
November 2020	61.70	57.10
December 2020	67.70	62.80
January 2021	68.20	57.80
February 2021	72.00	60.80
March 2021	76.70	61.10
April 2021	75.00	66.20
May 2021	78.80	70.40
June 2021	75.10	68.50
July 2021	72.50	72.10
August 2021	69.60	69.70
September 2021	73.40	68.90
October 2021	75.60	75.70
November 2021	72.30	75.70
December 2021	65.00	63.90
January 2022	64.60	65.80
February 2022	66.10	66.20
March 2022	65.40	63.40
April 2022	67.20	65.10
May 2022	65.70	61.30
June 2022	57.30	61.90
July 2022	55.20	57.80
August 2022	55.10	54.50
September 2022	52.40	53.90
October 2022	46.80	56.20
November 2022	47.20	53.80
December 2022	45.10	48.50
January 2023	45.60	50.00
February 2023	45.20	47.60
March 2023	44.80	45.80
April 2023	44.60	48.60
May 2023	43.50	47.70
June 2023	45.70	47.60
July 2023	46.10	48.10
August 2023	48.60	48.50
September 2023	46.40	50.40
October 2023	47.70	47.50
November 2023	46.20	49.60
December 2023	47.00	49.50
January 2024	49.10	52.40

Note: Values greater than 50 indicate that more respondents reported longer delivery times relative to a month earlier than reported shorter delivery times.

Source: Institute for Supply Management, Report on Business, via Haver Analytics.

Return to text

Figure 7. Nonfuel import price index

Monthly
Percent change from year earlier

Period	Nonfuel import prices
January 2014	-1.08
February 2014	-1.16
March 2014	-0.75
April 2014	-0.58
May 2014	-0.17
June 2014	0.00
July 2014	0.50
August 2014	0.67
September 2014	0.42
October 2014	0.25
November 2014	0.00
December 2014	0.00
January 2015	-0.92
February 2015	-1.09
March 2015	-1.84
April 2015	-2.17
May 2015	-2.17
June 2015	-2.26
July 2015	-2.59
August 2015	-2.92
September 2015	-3.01
October 2015	-3.18
November 2015	-3.19
December 2015	-3.45
January 2016	-2.88
February 2016	-2.80
March 2016	-2.47
April 2016	-2.05
May 2016	-1.79
June 2016	-1.80
July 2016	-1.20
August 2016	-0.86
September 2016	-0.60
October 2016	-0.35
November 2016	-0.17
December 2016	0.17
January 2017	0.17
February 2017	0.61
March 2017	0.87
April 2017	1.05
May 2017	0.87
June 2017	1.13
July 2017	0.69
August 2017	0.95
September 2017	1.30
October 2017	1.39
November 2017	1.48
December 2017	1.30
January 2018	1.91
February 2018	1.99
March 2018	1.90
April 2018	1.73
May 2018	1.81
June 2018	1.46
July 2018	1.38
August 2018	0.95
September 2018	0.60
October 2018	0.60
November 2018	0.43
December 2018	0.60
January 2019	-0.17
February 2019	-0.51
March 2019	-0.76
April 2019	-0.93
May 2019	-1.35
June 2019	-1.36
July 2019	-1.19
August 2019	-1.11
September 2019	-1.19
October 2019	-1.53
November 2019	-1.45
December 2019	-1.36
January 2020	-0.85
February 2020	-0.77
March 2020	-0.60
April 2020	-1.03
May 2020	-0.69
June 2020	-0.17
July 2020	0.00
August 2020	0.78
September 2020	1.38
October 2020	1.64
November 2020	1.56
December 2020	1.90
January 2021	2.59
February 2021	2.84
March 2021	3.79
April 2021	5.19
May 2021	6.05
June 2021	6.47
July 2021	6.28
August 2021	5.56
September 2021	5.10
October 2021	5.61
November 2021	6.39
December 2021	6.45
January 2022	6.97
February 2022	7.36
March 2022	7.71
April 2022	7.24
May 2022	5.95
June 2022	4.62
July 2022	4.13
August 2022	3.89
September 2022	3.48
October 2022	2.90
November 2022	2.00
December 2022	1.91
January 2023	0.63
February 2023	0.23
March 2023	-1.46
April 2023	-1.92
May 2023	-1.62
June 2023	-1.32
July 2023	-0.93
August 2023	-0.86
September 2023	-0.78
October 2023	-0.86
November 2023	-0.47
December 2023	-0.86
January 2024	-0.31

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 8. Housing rents

Monthly
Percent change from month earlier

Period	PCE housing services	Zillow	CoreLogic single-family detached	RealPage
January 2019	0.26	0.30	0.29	0.33
February 2019	0.29	0.26	0.30	0.27
March 2019	0.34	0.28	0.28	0.46
April 2019	0.36	0.35	0.32	0.40
May 2019	0.24	0.38	0.32	0.41
June 2019	0.31	0.38	0.25	0.15
July 2019	0.26	0.36	0.25	0.22
August 2019	0.25	0.35	0.19	0.35
September 2019	0.27	0.36	0.17	0.27
October 2019	0.19	0.33	0.04	0.12
November 2019	0.26	0.29	0.22	0.22
December 2019	0.25	0.29	0.27	0.35
January 2020	0.32	0.34	0.31	0.28
February 2020	0.24	0.37	0.42	0.25
March 2020	0.27	0.35	0.34	0.41
April 2020	0.20	-0.21	-0.22	-0.89
May 2020	0.22	-0.35	-0.22	-0.87
June 2020	0.09	-0.30	0.11	-0.51
July 2020	0.21	0.02	0.87	-0.09
August 2020	0.13	0.01	0.89	-0.51
September 2020	0.09	0.07	0.93	-0.15
October 2020	0.20	0.28	1.11	0.18
November 2020	0.05	0.49	1.12	0.43
December 2020	0.15	0.52	0.93	0.38
January 2021	0.17	0.55	0.56	0.58
February 2021	0.25	0.53	0.70	0.40
March 2021	0.23	0.77	0.88	0.76
April 2021	0.23	1.09	0.89	0.86
May 2021	0.28	1.40	1.01	1.26
June 2021	0.29	1.57	1.17	1.62
July 2021	0.28	1.62	1.24	1.75
August 2021	0.27	1.69	1.30	1.84
September 2021	0.41	1.62	1.24	1.90
October 2021	0.43	1.35	1.38	1.29
November 2021	0.42	1.14	0.97	0.95
December 2021	0.40	1.02	1.01	0.98
January 2022	0.47	0.88	0.90	0.89
February 2022	0.48	0.92	1.04	1.14
March 2022	0.45	0.77	0.88	0.86
April 2022	0.49	0.87	0.83	0.99
May 2022	0.59	0.80	0.59	1.01
June 2022	0.69	0.81	0.42	0.80
July 2022	0.65	0.63	0.29	0.74
August 2022	0.70	0.46	0.11	0.50
September 2022	0.79	0.33	0.09	0.35
October 2022	0.64	0.28	-0.03	0.19
November 2022	0.68	0.27	0.09	0.23
December 2022	0.79	0.32	-0.08	0.30
January 2023	0.69	0.32	0.17	0.29
February 2023	0.71	0.42	0.20	0.19
March 2023	0.49	0.43	0.30	0.38
April 2023	0.55	0.27	0.30	0.11
May 2023	0.52	0.19	0.37	-0.00
June 2023	0.45	0.06	0.45	0.02
July 2023	0.47	0.10	0.14	-0.24
August 2023	0.40	0.17	0.05	-0.07
September 2023	0.54	0.26	0.07	0.09
October 2023	0.43	0.36	0.08	0.18
November 2023	0.49	0.40	0.30	0.19
December 2023	0.46	0.37	ND	0.27
January 2024	ND	0.40	ND	ND

Note: CoreLogic and personal consumption expenditures (PCE) data extend through December 2023, and personal consumption expenditures (PCE) data extend through February 2024. Zillow, CoreLogic, and RealPage measure market-rate rents–-that is, rents for a new lease by a new tenant.

Source: Bureau of Economic Analysis, PCE, via Haver Analytics; CoreLogic, Inc.; Zillow, Inc.; RealPage, Inc.; Federal Reserve Board staff calculations.

Return to text

Figure 9. Measures of inflation expectations

Monthly
Percent

Period	Michigan survey, next 12 months	Michigan survey, next 5 to 10 years
January 2007	3.00	3.00
February 2007	3.00	2.90
March 2007	3.00	2.90
April 2007	3.30	3.10
May 2007	3.30	3.10
June 2007	3.40	2.90
July 2007	3.40	3.10
August 2007	3.20	2.90
September 2007	3.10	2.90
October 2007	3.10	2.80
November 2007	3.40	2.90
December 2007	3.40	3.10
January 2008	3.40	3.00
February 2008	3.60	3.00
March 2008	4.30	2.90
April 2008	4.80	3.20
May 2008	5.20	3.40
June 2008	5.10	3.40
July 2008	5.10	3.20
August 2008	4.80	3.20
September 2008	4.30	3.00
October 2008	3.90	2.90
November 2008	2.90	2.90
December 2008	1.70	2.60
January 2009	2.20	2.90
February 2009	1.90	3.10
March 2009	2.00	2.60
April 2009	2.80	2.80
May 2009	2.80	2.90
June 2009	3.10	3.00
July 2009	2.90	3.00
August 2009	2.80	2.80
September 2009	2.20	2.80
October 2009	2.90	2.90
November 2009	2.70	3.00
December 2009	2.50	2.70
January 2010	2.80	2.90
February 2010	2.70	2.70
March 2010	2.70	2.70
April 2010	2.90	2.70
May 2010	3.20	2.90
June 2010	2.80	2.80
July 2010	2.70	2.90
August 2010	2.70	2.80
September 2010	2.20	2.70
October 2010	2.70	2.80
November 2010	3.00	2.80
December 2010	3.00	2.80
January 2011	3.40	2.90
February 2011	3.40	2.90
March 2011	4.60	3.20
April 2011	4.60	2.90
May 2011	4.10	2.90
June 2011	3.80	3.00
July 2011	3.40	2.90
August 2011	3.50	2.90
September 2011	3.30	2.80
October 2011	3.20	2.70
November 2011	3.20	2.70
December 2011	3.10	2.70
January 2012	3.30	2.70
February 2012	3.30	2.90
March 2012	3.90	3.00
April 2012	3.20	2.90
May 2012	3.00	2.70
June 2012	3.10	2.80
July 2012	3.00	2.70
August 2012	3.60	3.00
September 2012	3.30	2.80
October 2012	3.10	2.70
November 2012	3.10	2.80
December 2012	3.20	2.90
January 2013	3.30	2.90
February 2013	3.30	3.00
March 2013	3.20	2.80
April 2013	3.10	2.90
May 2013	3.10	2.90
June 2013	3.00	2.90
July 2013	3.10	2.80
August 2013	3.00	2.90
September 2013	3.30	3.00
October 2013	3.00	2.80
November 2013	2.90	2.90
December 2013	3.00	2.70
January 2014	3.10	2.90
February 2014	3.20	2.90
March 2014	3.20	2.90
April 2014	3.20	2.90
May 2014	3.30	2.80
June 2014	3.10	2.90
July 2014	3.30	2.70
August 2014	3.20	2.90
September 2014	3.00	2.80
October 2014	2.90	2.80
November 2014	2.80	2.60
December 2014	2.80	2.80
January 2015	2.50	2.80
February 2015	2.80	2.70
March 2015	3.00	2.80
April 2015	2.60	2.60
May 2015	2.80	2.80
June 2015	2.70	2.60
July 2015	2.80	2.80
August 2015	2.80	2.70
September 2015	2.80	2.70
October 2015	2.70	2.50
November 2015	2.70	2.60
December 2015	2.60	2.60
January 2016	2.50	2.70
February 2016	2.50	2.50
March 2016	2.70	2.70
April 2016	2.80	2.50
May 2016	2.40	2.50
June 2016	2.60	2.60
July 2016	2.70	2.60
August 2016	2.50	2.50
September 2016	2.40	2.60
October 2016	2.40	2.40
November 2016	2.40	2.60
December 2016	2.20	2.30
January 2017	2.60	2.60
February 2017	2.70	2.50
March 2017	2.50	2.40
April 2017	2.50	2.40
May 2017	2.60	2.40
June 2017	2.60	2.50
July 2017	2.60	2.60
August 2017	2.60	2.50
September 2017	2.70	2.50
October 2017	2.40	2.50
November 2017	2.50	2.40
December 2017	2.70	2.40
January 2018	2.70	2.50
February 2018	2.70	2.50
March 2018	2.80	2.50
April 2018	2.70	2.50
May 2018	2.80	2.50
June 2018	3.00	2.60
July 2018	2.90	2.40
August 2018	3.00	2.60
September 2018	2.70	2.50
October 2018	2.90	2.40
November 2018	2.80	2.60
December 2018	2.70	2.50
January 2019	2.70	2.60
February 2019	2.60	2.30
March 2019	2.50	2.50
April 2019	2.50	2.30
May 2019	2.90	2.60
June 2019	2.70	2.30
July 2019	2.60	2.50
August 2019	2.70	2.60
September 2019	2.80	2.40
October 2019	2.50	2.30
November 2019	2.50	2.50
December 2019	2.30	2.20
January 2020	2.50	2.50
February 2020	2.40	2.30
March 2020	2.20	2.30
April 2020	2.10	2.50
May 2020	3.20	2.70
June 2020	3.00	2.50
July 2020	3.00	2.60
August 2020	3.10	2.70
September 2020	2.60	2.70
October 2020	2.60	2.40
November 2020	2.80	2.50
December 2020	2.50	2.50
January 2021	3.00	2.70
February 2021	3.30	2.70
March 2021	3.10	2.80
April 2021	3.40	2.70
May 2021	4.60	3.00
June 2021	4.20	2.80
July 2021	4.70	2.80
August 2021	4.60	2.90
September 2021	4.60	3.00
October 2021	4.80	2.90
November 2021	4.90	3.00
December 2021	4.80	2.90
January 2022	4.90	3.10
February 2022	4.90	3.00
March 2022	5.40	3.00
April 2022	5.40	3.00
May 2022	5.30	3.00
June 2022	5.30	3.10
July 2022	5.20	2.90
August 2022	4.80	2.90
September 2022	4.70	2.70
October 2022	5.00	2.90
November 2022	5.00	3.00
December 2022	4.30	3.00
January 2023	3.90	2.90
February 2023	4.20	2.90
March 2023	3.60	2.90
April 2023	4.70	3.00
May 2023	4.20	3.10
June 2023	3.30	3.00
July 2023	3.40	3.00
August 2023	3.50	3.00
September 2023	3.20	2.80
October 2023	4.20	3.00
November 2023	4.50	3.20
December 2023	3.10	2.90
January 2024	2.90	2.90
February 2024	3.00	2.90

Note: The Survey of Professional Forecasters (SPF) data are quarterly and extend through 2024:Q1. The data for the Michigan survey are monthly and extend through February 2024; the February data are preliminary.

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of Philadelphia, SPF.

Figure 9. Measures of inflation expectations

Quarterly
Percent

Period	SPF, next 10 years	SPF, 6 to 10 years ahead
2007:Q1	2.00	2.05
2007:Q2	2.00	2.05
2007:Q3	2.10	2.00
2007:Q4	2.10	2.00
2008:Q1	2.20	2.10
2008:Q2	2.20	2.10
2008:Q3	2.20	2.07
2008:Q4	2.20	2.25
2009:Q1	2.20	2.40
2009:Q2	2.27	2.40
2009:Q3	2.15	2.50
2009:Q4	2.10	2.40
2010:Q1	2.10	2.30
2010:Q2	2.15	2.30
2010:Q3	2.10	2.30
2010:Q4	2.00	2.30
2011:Q1	2.10	2.20
2011:Q2	2.27	2.40
2011:Q3	2.25	2.25
2011:Q4	2.15	2.25
2012:Q1	2.15	2.20
2012:Q2	2.20	2.18
2012:Q3	2.20	2.20
2012:Q4	2.10	2.20
2013:Q1	2.00	2.10
2013:Q2	2.00	2.10
2013:Q3	2.00	2.15
2013:Q4	2.00	2.30
2014:Q1	2.00	2.20
2014:Q2	2.00	2.10
2014:Q3	2.00	2.10
2014:Q4	2.00	2.10
2015:Q1	2.00	2.00
2015:Q2	1.98	2.00
2015:Q3	2.00	2.10
2015:Q4	1.90	2.10
2016:Q1	1.97	2.05
2016:Q2	2.00	2.01
2016:Q3	2.00	2.00
2016:Q4	2.00	2.05
2017:Q1	2.10	2.05
2017:Q2	2.09	2.03
2017:Q3	2.00	2.10
2017:Q4	2.00	2.00
2018:Q1	2.00	2.10
2018:Q2	2.00	2.08
2018:Q3	2.00	2.07
2018:Q4	2.00	2.02
2019:Q1	2.00	2.00
2019:Q2	2.00	2.00
2019:Q3	2.00	2.04
2019:Q4	2.00	2.00
2020:Q1	2.00	2.00
2020:Q2	1.86	2.00
2020:Q3	1.85	2.00
2020:Q4	1.90	2.10
2021:Q1	2.03	2.08
2021:Q2	2.10	2.05
2021:Q3	2.20	2.00
2021:Q4	2.30	2.00
2022:Q1	2.20	2.00
2022:Q2	2.40	2.00
2022:Q3	2.45	2.04
2022:Q4	2.58	2.00
2023:Q1	2.15	2.00
2023:Q2	2.20	2.00
2023:Q3	2.20	2.00
2023:Q4	2.22	2.00
2024:Q1	2.00	2.00

Note: The Survey of Professional Forecasters (SPF) data are quarterly and extend through 2024:Q1. The data for the Michigan survey are monthly and extend through February 2024; the February data are preliminary.

Source: University of Michigan Surveys of Consumers; Federal Reserve Bank of Philadelphia, SPF.

Return to text

Figure 10. Inflation compensation implied by Treasury Inflation-Protected Securities

Series: 5-to-10-year and 5-year
Horizon: January 4, 2016, to February 27, 2024
Description: A line chart with two curves over January 4, 2016, to February 27, 2024. Units are percent, and the data are daily. The 5-to-10-year series begins around 1.7 in January 2016. It then steps down gradually to a bit below 1.5 in June 2016, rises to 2 in January 2017, and drops again to 1.8 in June 2017. The series then grows to about 2 in January 2018, moderates to about 1.5 by the end of February 2020, and then falls below 1 in March 2020 before returning to about 1.5 in April 2020. The series then steadily climbs to about 2.5 by May 2021 before edging down below 2.3 in September 2021. The series then fluctuates between approximately 2 and 2.5 through mid-April 2022 before briefly hitting close to 2.8 in late April, dropping to just above 2 in late May, and returning to just above 2.3 in mid-June 2022. The series then fluctuates between just below 2 and about 2.5 through May 2023 before hitting close to 2.3 in June 2023. The series then falls slightly and fluctuates while increasing to above 2.5 in September 2023 and remaining there through November 2023. It then dips to about 2.1 in December 2023 before increasing again, ending up around 2.4 in February 2024.

From early 2016 through February 2020, both series are nearly identical. The 5-year series subsequently falls to just above 0 by mid-March 2020 before jumping over 2.7 in May 2021, surpassing the 5-to-10-year series. From there, the series fluctuates slightly, ramping up to more than 3 in November 2021. The series retreats slightly to about 2.8 by December 2021 and remains around there through most of February 2022. In late February 2022, the series begins to rise, peaking around 3.5 in late March 2022. The series drops briefly to below 3.3 in early April before increasing again to nearly 3.5 in late April 2022. From there, it decreases to just below 3 in mid-May and remains roughly between 2.8 and just above 3 through mid-June 2022. The series then falls to slightly above 2 by the end of September 2022 before rebounding to over 2.5 in late October 2022. The series then follows the 5-to-10-year series closely until early March 2023, when it rises to nearly 2.8. Over the next three months, the series then declines slowly past the 5-to-10-year series to just above 2 by mid-June 2023. The series then increases and peaks around 2.4 by mid-October 2023. The series then decreases to just above 2 in December 2023 before increasing and ending around 2.3 in February 2024.

Note: The data are at a business-day frequency and are estimated from smoothed nominal and inflation-indexed Treasury yield curves.

Source: Federal Reserve Bank of New York; Federal Reserve Board staff calculations.

Return to text

Figure 11. Nonfarm payroll employment

Monthly
Thousands of jobs

Period	Change in total nonfarm employment
April 2021	559.0
May 2021	533.7
June 2021	516.0
July 2021	722.7
August 2021	727.3
September 2021	628.0
October 2021	601.7
November 2021	657.0
December 2021	685.7
January 2022	482.7
February 2022	559.7
March 2022	535.7
April 2022	542.7
May 2022	350.7
June 2022	326.0
July 2022	465.3
August 2022	451.0
September 2022	396.0
October 2022	286.3
November 2022	291.3
December 2022	251.7
January 2023	292.0
February 2023	301.7
March 2023	305.0
April 2023	237.0
May 2023	242.3
June 2023	273.7
July 2023	242.3
August 2023	211.3
September 2023	213.3
October 2023	207.0
November 2023	197.7
December 2023	226.7
January 2024	289.3

Note: The data shown are a 3-month moving average of the change in nonfarm payroll employment.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 12. Civilian unemployment rate

Monthly
Percent

Period	Rate
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.9
March 2008	5.1
April 2008	5.0
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.1
October 2008	6.5
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.3
March 2009	8.7
April 2009	9.0
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.6
September 2009	9.8
October 2009	10.0
November 2009	9.9
December 2009	9.9
January 2010	9.8
February 2010	9.8
March 2010	9.9
April 2010	9.9
May 2010	9.6
June 2010	9.4
July 2010	9.4
August 2010	9.5
September 2010	9.5
October 2010	9.4
November 2010	9.8
December 2010	9.3
January 2011	9.1
February 2011	9.0
March 2011	9.0
April 2011	9.1
May 2011	9.0
June 2011	9.1
July 2011	9.0
August 2011	9.0
September 2011	9.0
October 2011	8.8
November 2011	8.6
December 2011	8.5
January 2012	8.3
February 2012	8.3
March 2012	8.2
April 2012	8.2
May 2012	8.2
June 2012	8.2
July 2012	8.2
August 2012	8.1
September 2012	7.8
October 2012	7.8
November 2012	7.7
December 2012	7.9
January 2013	8.0
February 2013	7.7
March 2013	7.5
April 2013	7.6
May 2013	7.5
June 2013	7.5
July 2013	7.3
August 2013	7.2
September 2013	7.2
October 2013	7.2
November 2013	6.9
December 2013	6.7
January 2014	6.6
February 2014	6.7
March 2014	6.7
April 2014	6.2
May 2014	6.3
June 2014	6.1
July 2014	6.2
August 2014	6.1
September 2014	5.9
October 2014	5.7
November 2014	5.8
December 2014	5.6
January 2015	5.7
February 2015	5.5
March 2015	5.4
April 2015	5.4
May 2015	5.6
June 2015	5.3
July 2015	5.2
August 2015	5.1
September 2015	5.0
October 2015	5.0
November 2015	5.1
December 2015	5.0
January 2016	4.8
February 2016	4.9
March 2016	5.0
April 2016	5.1
May 2016	4.8
June 2016	4.9
July 2016	4.8
August 2016	4.9
September 2016	5.0
October 2016	4.9
November 2016	4.7
December 2016	4.7
January 2017	4.7
February 2017	4.6
March 2017	4.4
April 2017	4.4
May 2017	4.4
June 2017	4.3
July 2017	4.3
August 2017	4.4
September 2017	4.3
October 2017	4.2
November 2017	4.2
December 2017	4.1
January 2018	4.0
February 2018	4.1
March 2018	4.0
April 2018	4.0
May 2018	3.8
June 2018	4.0
July 2018	3.8
August 2018	3.8
September 2018	3.7
October 2018	3.8
November 2018	3.8
December 2018	3.9
January 2019	4.0
February 2019	3.8
March 2019	3.8
April 2019	3.7
May 2019	3.6
June 2019	3.6
July 2019	3.7
August 2019	3.6
September 2019	3.5
October 2019	3.6
November 2019	3.6
December 2019	3.6
January 2020	3.6
February 2020	3.5
March 2020	4.4
April 2020	14.8
May 2020	13.2
June 2020	11.0
July 2020	10.2
August 2020	8.4
September 2020	7.8
October 2020	6.8
November 2020	6.7
December 2020	6.7
January 2021	6.4
February 2021	6.2
March 2021	6.1
April 2021	6.1
May 2021	5.8
June 2021	5.9
July 2021	5.4
August 2021	5.1
September 2021	4.7
October 2021	4.5
November 2021	4.1
December 2021	3.9
January 2022	4.0
February 2022	3.8
March 2022	3.6
April 2022	3.7
May 2022	3.6
June 2022	3.6
July 2022	3.5
August 2022	3.6
September 2022	3.5
October 2022	3.6
November 2022	3.6
December 2022	3.5
January 2023	3.4
February 2023	3.6
March 2023	3.5
April 2023	3.4
May 2023	3.7
June 2023	3.6
July 2023	3.5
August 2023	3.8
September 2023	3.8
October 2023	3.8
November 2023	3.7
December 2023	3.7
January 2024	3.7

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 13. Unemployment rate, by race and ethnicity

Monthly
Percent

Period	Asian	Black or African American	Hispanic or Latino	White
January 2005	4.1	10.6	6.0	4.5
February 2005	4.3	10.9	6.3	4.6
March 2005	3.9	10.5	5.8	4.5
April 2005	4.2	10.3	6.4	4.4
May 2005	4.2	10.1	6.0	4.4
June 2005	3.6	10.2	5.7	4.3
July 2005	4.8	9.2	5.5	4.2
August 2005	3.7	9.7	5.8	4.2
September 2005	4.3	9.4	6.4	4.4
October 2005	3.2	9.1	6.0	4.4
November 2005	3.6	10.6	6.1	4.3
December 2005	3.8	9.2	6.1	4.2
January 2006	3.0	8.9	5.5	4.1
February 2006	3.0	9.5	5.4	4.1
March 2006	3.5	9.5	5.2	4.0
April 2006	3.9	9.4	5.5	4.1
May 2006	3.3	8.7	5.0	4.1
June 2006	3.1	8.9	5.2	4.1
July 2006	2.4	9.5	5.2	4.1
August 2006	3.0	8.8	5.3	4.1
September 2006	3.0	9.0	5.5	3.9
October 2006	2.8	8.4	4.8	3.9
November 2006	3.1	8.5	5.1	4.0
December 2006	2.5	8.3	5.0	3.9
January 2007	3.1	7.9	5.5	4.2
February 2007	2.6	8.0	5.1	4.1
March 2007	3.0	8.4	5.0	3.8
April 2007	3.5	8.3	5.6	4.0
May 2007	3.2	8.3	5.8	3.9
June 2007	2.7	8.5	5.5	4.1
July 2007	2.7	8.1	5.9	4.2
August 2007	3.5	7.6	5.5	4.2
September 2007	3.4	8.0	5.9	4.2
October 2007	3.8	8.5	5.7	4.1
November 2007	3.6	8.5	5.9	4.2
December 2007	3.7	9.0	6.3	4.4
January 2008	3.1	9.1	6.3	4.4
February 2008	2.9	8.4	6.2	4.4
March 2008	3.6	9.2	6.9	4.5
April 2008	3.5	8.6	7.1	4.4
May 2008	4.1	9.6	6.9	4.8
June 2008	4.2	9.4	7.6	5.0
July 2008	3.7	10.0	7.5	5.2
August 2008	4.5	10.6	8.0	5.4
September 2008	4.0	11.3	8.0	5.4
October 2008	3.9	11.4	8.8	5.9
November 2008	4.8	11.5	8.7	6.2
December 2008	5.1	12.1	9.4	6.7
January 2009	6.1	12.7	10.1	7.1
February 2009	6.7	13.7	11.3	7.6
March 2009	6.5	13.7	11.7	8.0
April 2009	6.8	15.0	11.4	8.1
May 2009	7.0	15.0	12.3	8.5
June 2009	7.9	14.8	12.1	8.7
July 2009	8.1	14.8	12.5	8.7
August 2009	7.6	14.8	13.0	8.9
September 2009	7.6	15.3	12.6	8.9
October 2009	7.6	15.8	12.8	9.2
November 2009	7.2	15.7	12.4	9.2
December 2009	8.4	16.1	12.8	9.0
January 2010	8.3	16.5	12.9	8.8
February 2010	8.2	16.1	12.7	8.9
March 2010	7.6	16.8	12.9	8.9
April 2010	7.0	16.6	12.5	9.0
May 2010	7.8	15.5	12.0	8.7
June 2010	7.4	15.2	12.3	8.6
July 2010	7.9	15.6	12.2	8.5
August 2010	7.3	15.9	12.0	8.6
September 2010	6.6	16.0	12.3	8.6
October 2010	7.2	15.6	12.3	8.6
November 2010	7.5	16.2	12.9	8.9
December 2010	7.2	15.5	12.9	8.5
January 2011	6.8	15.8	12.3	8.1
February 2011	6.7	15.5	11.8	8.1
March 2011	7.3	15.8	11.6	8.0
April 2011	6.5	16.5	11.9	8.1
May 2011	7.2	16.3	11.6	7.9
June 2011	6.5	16.2	11.5	8.1
July 2011	7.4	15.9	11.2	8.0
August 2011	7.2	16.4	11.2	7.9
September 2011	8.0	15.9	11.2	7.9
October 2011	7.4	14.6	11.3	7.9
November 2011	6.4	15.6	11.2	7.7
December 2011	6.8	15.4	11.1	7.5
January 2012	6.7	13.6	10.7	7.4
February 2012	6.2	14.0	10.9	7.4
March 2012	6.4	14.0	10.6	7.3
April 2012	5.4	13.3	10.3	7.4
May 2012	5.5	13.5	10.9	7.4
June 2012	6.1	14.5	10.9	7.3
July 2012	5.9	14.2	10.2	7.3
August 2012	5.9	13.8	10.1	7.2
September 2012	4.9	13.6	9.7	7.0
October 2012	4.9	14.1	10.0	6.9
November 2012	6.3	13.3	9.9	6.8
December 2012	6.6	14.0	9.6	6.9
January 2013	6.4	13.7	9.7	7.1
February 2013	6.0	13.8	9.7	6.8
March 2013	5.1	13.0	9.3	6.7
April 2013	5.3	13.3	9.0	6.7
May 2013	4.5	13.4	9.0	6.7
June 2013	4.7	14.2	9.1	6.6
July 2013	5.3	12.6	9.4	6.5
August 2013	5.1	12.8	9.2	6.4
September 2013	5.4	13.0	8.8	6.3
October 2013	5.4	12.8	9.1	6.3
November 2013	5.2	12.3	8.7	6.1
December 2013	4.3	11.9	8.3	5.9
January 2014	4.7	12.1	8.3	5.7
February 2014	5.9	11.8	8.2	5.8
March 2014	5.5	12.1	7.9	5.8
April 2014	5.9	11.6	7.2	5.3
May 2014	5.7	11.4	7.7	5.4
June 2014	4.7	11.0	7.8	5.3
July 2014	4.2	11.6	7.7	5.3
August 2014	4.5	11.4	7.4	5.3
September 2014	4.4	11.0	6.8	5.1
October 2014	5.1	10.6	6.8	4.9
November 2014	4.8	10.9	6.6	5.0
December 2014	4.4	10.6	6.4	4.7
January 2015	4.0	10.3	6.7	4.9
February 2015	4.0	10.1	6.8	4.7
March 2015	3.2	9.9	6.8	4.8
April 2015	4.4	9.7	6.8	4.7
May 2015	4.1	10.3	6.8	4.8
June 2015	3.9	9.7	6.7	4.6
July 2015	3.9	9.1	6.9	4.5
August 2015	3.4	9.4	6.6	4.4
September 2015	3.5	9.3	6.2	4.4
October 2015	3.5	9.0	6.3	4.4
November 2015	3.9	9.4	6.4	4.4
December 2015	4.1	8.5	6.2	4.4
January 2016	3.6	8.5	5.9	4.2
February 2016	3.8	8.6	5.5	4.2
March 2016	3.9	8.9	5.6	4.3
April 2016	3.8	8.8	6.2	4.4
May 2016	4.1	8.2	5.7	4.2
June 2016	3.6	8.7	6.0	4.3
July 2016	3.8	8.2	5.4	4.2
August 2016	4.1	8.0	5.6	4.4
September 2016	3.8	8.5	6.2	4.4
October 2016	3.4	8.5	5.7	4.4
November 2016	3.1	8.2	5.6	4.2
December 2016	2.7	8.0	5.8	4.2
January 2017	3.6	7.5	5.8	4.2
February 2017	3.5	8.0	5.6	4.0
March 2017	3.2	7.8	5.0	3.8
April 2017	3.3	7.7	5.2	3.9
May 2017	3.6	7.7	5.2	3.7
June 2017	3.7	6.9	5.0	3.8
July 2017	3.7	7.3	5.1	3.8
August 2017	3.9	7.7	5.1	3.9
September 2017	3.6	7.2	5.1	3.7
October 2017	3.0	7.6	5.0	3.6
November 2017	3.1	7.5	4.9	3.7
December 2017	2.6	6.7	5.0	3.7
January 2018	2.9	7.5	4.9	3.5
February 2018	3.0	6.8	4.9	3.6
March 2018	3.1	6.7	4.9	3.5
April 2018	2.9	6.4	4.8	3.6
May 2018	2.2	5.9	4.8	3.5
June 2018	3.2	6.4	4.5	3.5
July 2018	3.0	6.5	4.5	3.4
August 2018	2.9	6.3	4.7	3.4
September 2018	3.5	6.1	4.6	3.3
October 2018	3.1	6.5	4.4	3.4
November 2018	2.8	6.1	4.7	3.4
December 2018	3.3	6.6	4.4	3.5
January 2019	3.0	7.0	4.8	3.5
February 2019	3.2	7.2	4.2	3.2
March 2019	3.0	6.7	4.7	3.3
April 2019	2.3	6.7	4.2	3.2
May 2019	2.6	6.1	4.2	3.2
June 2019	2.0	5.8	4.3	3.3
July 2019	2.8	5.7	4.5	3.4
August 2019	2.8	5.3	4.1	3.4
September 2019	2.5	5.3	3.9	3.2
October 2019	2.9	5.5	4.1	3.2
November 2019	2.6	5.5	4.3	3.2
December 2019	2.6	6.0	4.2	3.2
January 2020	3.0	6.4	4.3	3.1
February 2020	2.5	6.1	4.3	3.0
March 2020	4.1	7.0	6.0	3.9
April 2020	14.5	16.9	18.9	14.2
May 2020	15.0	16.8	17.6	12.3
June 2020	13.6	15.3	14.5	10.0
July 2020	12.0	14.3	12.9	9.2
August 2020	10.6	12.8	10.5	7.4
September 2020	8.9	11.9	10.2	7.0
October 2020	7.5	10.8	8.8	6.0
November 2020	6.7	10.2	8.6	5.9
December 2020	6.0	9.9	9.3	6.1
January 2021	6.6	9.3	8.5	5.7
February 2021	5.1	9.9	8.5	5.6
March 2021	5.9	9.9	7.9	5.4
April 2021	5.7	10.2	7.9	5.3
May 2021	5.7	9.1	7.2	5.1
June 2021	5.6	9.1	7.3	5.2
July 2021	5.3	8.1	6.5	4.8
August 2021	4.5	8.6	6.1	4.5
September 2021	4.2	7.7	6.2	4.2
October 2021	4.2	7.6	5.7	3.9
November 2021	3.8	6.4	5.0	3.7
December 2021	3.8	6.9	4.6	3.3
January 2022	3.6	7.0	4.7	3.4
February 2022	2.9	6.6	4.3	3.3
March 2022	2.7	6.4	4.2	3.2
April 2022	3.0	6.1	4.2	3.3
May 2022	2.4	6.2	4.4	3.2
June 2022	2.9	5.8	4.3	3.3
July 2022	2.7	5.9	4.0	3.1
August 2022	2.8	6.4	4.5	3.2
September 2022	2.5	5.8	3.9	3.0
October 2022	3.0	5.8	4.2	3.2
November 2022	2.6	5.6	4.0	3.2
December 2022	2.4	5.7	4.2	3.0
January 2023	2.9	5.4	4.7	3.1
February 2023	3.4	5.7	5.4	3.2
March 2023	2.8	5.1	4.6	3.2
April 2023	2.8	4.8	4.4	3.1
May 2023	3.0	5.7	4.1	3.3
June 2023	3.1	6.0	4.2	3.1
July 2023	2.3	5.7	4.4	3.1
August 2023	3.2	5.3	4.9	3.4
September 2023	2.9	5.7	4.6	3.4
October 2023	3.1	5.8	4.8	3.5
November 2023	3.5	5.8	4.6	3.3
December 2023	3.1	5.2	5.0	3.5
January 2024	2.9	5.3	5.0	3.4

Note: Unemployment rate measures total unemployed as a percentage of the labor force. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Small sample sizes preclude reliable estimates for Native Americans and other groups for which monthly data are not reported by the Bureau of Labor Statistics.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure A. Prime-age employment-to-population ratios compared with the 2019 average ratio, by group

Race and ethnicity
Monthly, Percentage points

Period	Asian	Black or African American	Hispanic or Latino	White
January 2019	-0.33	-0.09	0.01	-0.08
February 2019	-0.09	-1.05	-0.13	-0.07
March 2019	-0.43	-0.60	-0.07	-0.17
April 2019	-0.69	-0.37	-0.84	-0.28
May 2019	-0.32	-0.17	-0.38	-0.28
June 2019	0.84	-0.70	-0.78	-0.22
July 2019	-0.11	-0.54	-0.94	-0.49
August 2019	0.74	-0.07	0.06	0.02
September 2019	0.46	0.44	0.48	0.22
October 2019	0.44	1.03	1.11	0.33
November 2019	0.25	1.07	0.93	0.45
December 2019	-0.76	1.05	0.55	0.58
January 2020	-0.59	0.51	0.96	0.84
February 2020	-0.11	0.36	0.81	0.63
March 2020	-0.91	-0.53	-1.60	-0.43
April 2020	-9.77	-12.12	-13.68	-10.06
May 2020	-10.58	-11.01	-12.08	-8.03
June 2020	-7.55	-9.37	-9.12	-5.87
July 2020	-6.44	-9.22	-8.16	-5.68
August 2020	-5.19	-7.21	-6.08	-4.23
September 2020	-5.79	-7.46	-6.31	-4.24
October 2020	-4.39	-5.83	-4.53	-3.23
November 2020	-3.11	-4.87	-4.98	-3.52
December 2020	-2.43	-4.84	-5.31	-3.36
January 2021	-2.21	-4.91	-5.43	-3.31
February 2021	-1.75	-5.54	-5.50	-3.19
March 2021	-1.73	-5.56	-4.44	-2.85
April 2021	-2.68	-4.43	-4.01	-2.82
May 2021	-1.87	-4.08	-3.91	-2.77
June 2021	-1.20	-3.73	-4.31	-2.82
July 2021	-0.41	-3.85	-2.94	-2.16
August 2021	-0.42	-2.87	-2.68	-2.12
September 2021	0.40	-2.91	-2.86	-2.07
October 2021	0.37	-3.08	-2.17	-1.42
November 2021	1.35	-1.92	-0.80	-0.94
December 2021	1.52	-2.31	-0.87	-0.58
January 2022	1.46	-0.91	-0.92	-0.89
February 2022	0.61	-1.24	-0.06	-0.52
March 2022	1.67	-0.41	-0.04	-0.09
April 2022	1.61	0.43	-0.28	-0.39
May 2022	2.17	0.60	-0.15	-0.30
June 2022	1.87	0.00	0.15	-0.41
July 2022	0.90	0.12	-0.20	-0.30
August 2022	2.71	-0.11	0.65	-0.08
September 2022	2.17	0.33	0.53	-0.17
October 2022	0.78	0.16	0.20	-0.15
November 2022	2.01	0.44	0.07	-0.32
December 2022	1.27	0.59	0.44	0.21
January 2023	1.77	0.97	0.46	0.26
February 2023	2.17	1.62	-0.38	0.30
March 2023	3.22	1.97	0.33	0.29
April 2023	2.75	1.50	0.48	0.41
May 2023	2.32	1.36	0.79	0.39
June 2023	1.79	1.28	0.89	0.72
July 2023	2.11	1.44	1.09	0.58
August 2023	1.81	1.52	0.76	0.61
September 2023	1.67	0.33	0.84	0.67
October 2023	1.45	0.56	0.40	0.63
November 2023	0.98	1.54	0.47	0.73
December 2023	0.68	1.79	0.42	0.38

Note: The data extend through December 2023. Prime age is 25 to 54. All series are seasonally adjusted by the Federal Reserve Board staff.

Source: Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey; Federal Reserve Board staff calculations.

Sex and educational attainment
Monthly, Percentage points

Period	Men, high school or less	Women, high school or less	Men, some college or more	Women, some college or more
January 2019	0.11	0.04	-0.02	-0.33
February 2019	-0.67	0.05	0.37	-0.34
March 2019	0.20	-0.53	0.14	-0.56
April 2019	0.12	-0.49	-0.09	-0.39
May 2019	-0.40	-0.71	0.01	-0.25
June 2019	-0.81	-0.50	0.05	-0.02
July 2019	-0.04	-1.05	-0.34	-0.40
August 2019	0.02	0.38	-0.09	0.20
September 2019	0.19	1.12	-0.12	0.23
October 2019	0.28	0.63	0.02	0.53
November 2019	0.52	0.03	0.12	0.68
December 2019	0.48	1.04	-0.06	0.65
January 2020	-0.24	1.33	0.38	0.66
February 2020	-0.55	1.63	0.04	0.43
March 2020	-1.55	-0.38	-0.61	-0.71
April 2020	-13.87	-14.60	-8.73	-8.90
May 2020	-11.26	-12.42	-7.18	-7.99
June 2020	-8.77	-9.86	-6.15	-5.26
July 2020	-7.78	-7.62	-6.26	-5.87
August 2020	-5.97	-6.46	-4.48	-4.53
September 2020	-5.97	-6.68	-4.25	-4.15
October 2020	-4.99	-4.94	-3.55	-3.13
November 2020	-5.44	-4.64	-3.72	-2.97
December 2020	-6.15	-4.85	-2.81	-2.57
January 2021	-5.49	-5.30	-2.98	-2.73
February 2021	-5.88	-5.18	-2.91	-2.48
March 2021	-6.00	-4.57	-2.67	-2.24
April 2021	-5.53	-4.22	-2.28	-2.25
May 2021	-5.52	-3.79	-2.36	-2.26
June 2021	-4.49	-4.33	-2.76	-1.85
July 2021	-3.98	-3.18	-1.80	-1.52
August 2021	-3.22	-2.36	-1.82	-1.85
September 2021	-2.98	-3.37	-1.76	-1.29
October 2021	-2.44	-2.47	-1.01	-1.29
November 2021	-1.97	-2.22	-1.00	-0.36
December 2021	-2.31	-1.37	-0.60	0.14
January 2022	-1.42	-1.91	-1.32	0.18
February 2022	-0.88	-2.02	-0.61	0.06
March 2022	-1.16	-0.01	-0.32	0.50
April 2022	-1.24	-0.54	-0.04	0.47
May 2022	-1.03	-0.50	-0.16	0.53
June 2022	-1.11	-0.67	-0.46	0.41
July 2022	-1.60	-0.36	-0.21	0.36
August 2022	-1.05	-0.12	-0.40	0.95
September 2022	-0.53	0.40	-0.33	0.34
October 2022	-1.01	-0.92	-0.26	0.36
November 2022	-1.26	-0.86	-0.27	0.29
December 2022	-0.54	0.44	-0.11	0.43
January 2023	-1.26	0.77	-0.25	0.95
February 2023	-0.55	0.61	-0.34	1.20
March 2023	-0.38	0.40	-0.14	1.22
April 2023	-0.41	0.66	-0.11	1.30
May 2023	-0.30	1.18	-0.30	1.02
June 2023	-0.33	1.52	-0.05	1.28
July 2023	-0.07	0.79	-0.07	1.62
August 2023	-0.22	1.01	-0.01	1.46
September 2023	-0.58	0.96	0.18	1.50
October 2023	-0.62	1.13	-0.29	1.52
November 2023	-0.53	1.12	0.14	1.44
December 2023	-0.59	0.94	-0.10	1.18

Note: The data extend through December 2023. Prime age is 25 to 54. All series are seasonally adjusted by the Federal Reserve Board staff.

Source: Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey; Federal Reserve Board staff calculations.

Return to text

Figure B. Employment-to-population ratios relative to 2019 average, by age

Monthly
Percentage points

Period	Ages 16 to 24	Ages 25 to 54	Ages 55+
January 2019	-0.83	-0.14	-0.22
February 2019	-0.80	-0.10	0.12
March 2019	-0.26	-0.23	-0.17
April 2019	-0.60	-0.29	-0.11
May 2019	-0.15	-0.20	-0.19
June 2019	0.32	-0.20	-0.14
July 2019	1.17	-0.40	0.22
August 2019	0.28	0.04	0.07
September 2019	0.56	0.29	0.05
October 2019	0.63	0.36	0.03
November 2019	-0.15	0.37	0.15
December 2019	-0.17	0.51	0.19
January 2020	0.40	0.63	-0.01
February 2020	1.07	0.47	0.15
March 2020	-2.26	-0.52	-0.74
April 2020	-15.65	-10.38	-5.71
May 2020	-12.71	-8.57	-5.08
June 2020	-9.43	-6.52	-3.68
July 2020	-7.54	-6.07	-3.32
August 2020	-5.30	-4.72	-2.68
September 2020	-3.68	-4.84	-2.89
October 2020	-1.93	-3.89	-2.52
November 2020	-2.16	-3.91	-2.57
December 2020	-2.50	-3.64	-2.78
January 2021	-2.09	-3.58	-2.82
February 2021	-1.77	-3.42	-2.79
March 2021	-2.06	-3.13	-2.55
April 2021	-1.40	-3.07	-2.53
May 2021	-1.19	-2.89	-2.41
June 2021	-1.06	-2.88	-2.33
July 2021	-0.32	-2.15	-2.46
August 2021	-0.88	-2.03	-2.11
September 2021	0.22	-1.93	-2.00
October 2021	0.67	-1.57	-2.16
November 2021	0.92	-1.09	-1.92
December 2021	0.78	-0.85	-1.66
January 2022	0.35	-0.82	-1.82
February 2022	0.29	-0.52	-1.66
March 2022	0.53	-0.04	-1.61
April 2022	0.12	-0.12	-1.87
May 2022	0.35	-0.01	-1.66
June 2022	0.66	-0.19	-1.91
July 2022	0.98	-0.07	-2.04
August 2022	1.22	0.20	-2.19
September 2022	0.90	0.13	-1.88
October 2022	0.75	-0.20	-1.78
November 2022	0.91	-0.27	-2.04
December 2022	0.98	0.13	-1.78
January 2023	1.55	0.23	-1.90
February 2023	1.82	0.49	-2.24
March 2023	2.11	0.65	-2.10
April 2023	1.94	0.69	-2.14
May 2023	1.60	0.68	-2.31
June 2023	1.17	0.81	-2.24
July 2023	0.50	0.85	-1.92
August 2023	0.91	0.79	-1.99
September 2023	1.03	0.76	-1.95
October 2023	0.99	0.57	-2.13
November 2023	1.66	0.63	-2.01
December 2023	1.33	0.38	-2.34

Note: The data extend through December 2023. Data before January 2023 are estimated by Federal Reserve Board staff in order to eliminate discontinuities in the published history.

Source: Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey; Federal Reserve Board staff calculations.

Return to text

Figure C. Median real wage growth, by group

Wage quartiles
Monthly, Percent

Period	1st quartile	2nd quartile	3rd quartile	4th quartile
January 2019	2.47	0.97	1.27	0.97
February 2019	2.51	1.01	1.41	1.11
March 2019	2.45	1.05	1.55	1.05
April 2019	2.59	1.19	1.69	1.19
May 2019	2.66	1.36	1.76	1.26
June 2019	2.73	1.53	1.83	1.33
July 2019	2.80	1.70	2.00	1.50
August 2019	2.77	1.77	1.97	1.57
September 2019	2.92	2.02	2.12	1.62
October 2019	2.88	1.98	2.18	1.58
November 2019	3.04	2.04	2.14	1.44
December 2019	3.16	2.06	2.06	1.56
January 2020	3.25	2.15	2.05	1.65
February 2020	3.23	2.33	2.03	1.63
March 2020	3.16	2.26	1.86	1.66
April 2020	3.26	2.36	1.96	1.76
May 2020	3.34	2.44	2.14	1.94
June 2020	3.20	2.50	2.10	2.10
July 2020	3.24	2.54	2.14	2.04
August 2020	3.26	2.36	2.26	2.16
September 2020	3.17	2.37	2.37	2.17
October 2020	3.29	2.49	2.29	2.19
November 2020	3.20	2.50	2.30	2.30
December 2020	3.12	2.52	2.22	2.22
January 2021	3.02	2.62	2.32	2.12
February 2021	3.20	2.40	2.30	2.00
March 2021	3.07	2.27	2.27	1.67
April 2021	2.70	1.90	2.00	1.50
May 2021	2.49	1.49	1.59	1.09
June 2021	2.28	1.08	1.18	0.78
July 2021	2.28	1.08	0.88	0.38
August 2021	2.19	0.89	0.49	0.09
September 2021	1.99	0.79	0.19	-0.31
October 2021	1.74	0.54	-0.16	-0.66
November 2021	1.43	0.13	-0.47	-1.07
December 2021	1.33	-0.07	-0.77	-1.37
January 2022	1.34	-0.36	-1.06	-1.66
February 2022	1.05	-0.55	-1.25	-1.75
March 2022	1.00	-0.50	-1.50	-2.00
April 2022	1.06	-0.24	-1.44	-2.04
May 2022	1.15	-0.05	-1.45	-2.15
June 2022	1.22	0.22	-1.38	-2.28
July 2022	1.25	0.25	-1.45	-2.35
August 2022	1.09	0.29	-1.31	-2.31
September 2022	0.95	0.25	-1.15	-2.15
October 2022	0.97	0.27	-1.03	-2.03
November 2022	0.97	0.67	-0.73	-1.73
December 2022	0.94	0.74	-0.66	-1.56
January 2023	0.80	0.90	-0.50	-1.40
February 2023	0.92	1.22	-0.28	-1.28
March 2023	1.02	1.22	0.02	-0.78
April 2023	1.10	1.20	0.00	-0.50
May 2023	1.13	1.23	0.43	-0.07
June 2023	1.16	1.16	0.56	0.36
July 2023	1.23	1.33	0.93	0.63
August 2023	1.30	1.50	1.20	0.80
September 2023	1.46	1.56	1.36	1.06
October 2023	1.65	1.75	1.55	1.25
November 2023	2.02	1.62	1.72	1.42
December 2023	2.16	1.96	2.06	1.66

Note: The data extend through December 2023. Series show 12-month moving averages of the median percent change in the hourly wage of individuals observed 12 months apart, deflated by the 12-month moving average of the 12-month percent change in the personal consumption expenditures price index. In the top-left panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

Educational attainment
Monthly, Percent

Period	Associate's degree	High school or less	Bachelor's degree or more
January 2019	1.37	1.37	1.47
February 2019	1.41	1.51	1.51
March 2019	1.55	1.45	1.55
April 2019	1.69	1.49	1.69
May 2019	1.86	1.66	1.86
June 2019	1.83	1.83	1.83
July 2019	1.80	1.90	2.00
August 2019	1.87	1.97	2.07
September 2019	1.82	2.02	2.22
October 2019	1.78	2.08	2.28
November 2019	1.74	2.24	2.24
December 2019	1.76	2.26	2.26
January 2020	1.75	2.25	2.25
February 2020	1.73	2.33	2.33
March 2020	1.66	2.26	2.26
April 2020	1.76	2.46	2.26
May 2020	1.84	2.54	2.44
June 2020	1.90	2.50	2.60
July 2020	2.04	2.54	2.54
August 2020	2.06	2.46	2.66
September 2020	2.07	2.47	2.57
October 2020	2.19	2.49	2.59
November 2020	2.10	2.50	2.60
December 2020	2.12	2.52	2.52
January 2021	2.22	2.52	2.42
February 2021	2.20	2.60	2.30
March 2021	2.07	2.47	2.17
April 2021	1.80	2.20	1.90
May 2021	1.39	1.89	1.39
June 2021	0.98	1.48	1.18
July 2021	0.88	1.28	0.88
August 2021	0.49	1.09	0.59
September 2021	0.19	0.89	0.39
October 2021	-0.26	0.64	0.04
November 2021	-0.57	0.23	-0.37
December 2021	-0.87	0.03	-0.47
January 2022	-0.96	-0.16	-0.76
February 2022	-1.05	-0.35	-0.85
March 2022	-1.10	-0.50	-1.00
April 2022	-1.04	-0.34	-1.04
May 2022	-0.85	-0.25	-1.05
June 2022	-0.78	-0.08	-1.08
July 2022	-0.95	-0.05	-1.15
August 2022	-0.71	-0.01	-1.11
September 2022	-0.65	-0.05	-1.05
October 2022	-0.63	-0.03	-0.93
November 2022	-0.23	0.07	-0.73
December 2022	0.04	0.24	-0.66
January 2023	-0.10	0.30	-0.50
February 2023	-0.18	0.52	-0.38
March 2023	0.12	0.72	0.02
April 2023	0.10	0.70	0.20
May 2023	0.03	0.93	0.53
June 2023	0.16	0.96	0.76
July 2023	0.43	0.93	1.03
August 2023	0.60	1.20	1.30
September 2023	0.96	1.36	1.26
October 2023	1.25	1.55	1.45
November 2023	1.42	1.82	1.62
December 2023	1.46	1.96	1.96

Note: The data extend through December 2023. Series show 12-month moving averages of the median percent change in the hourly wage of individuals observed 12 months apart, deflated by the 12-month moving average of the 12-month percent change in the personal consumption expenditures price index. In the top-left panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

Race
Monthly, Percent

Period	Nonwhite	White
January 2019	1.47	1.47
February 2019	1.61	1.51
March 2019	1.65	1.55
April 2019	1.89	1.59
May 2019	1.86	1.76
June 2019	2.13	1.83
July 2019	2.50	1.90
August 2019	2.57	1.97
September 2019	2.72	2.02
October 2019	2.98	2.08
November 2019	2.94	2.04
December 2019	2.86	2.06
January 2020	2.85	2.15
February 2020	2.83	2.13
March 2020	2.86	2.16
April 2020	2.66	2.26
May 2020	2.94	2.34
June 2020	2.90	2.40
July 2020	2.64	2.44
August 2020	2.56	2.46
September 2020	2.37	2.47
October 2020	2.39	2.49
November 2020	2.30	2.50
December 2020	2.52	2.42
January 2021	2.42	2.42
February 2021	2.40	2.40
March 2021	2.17	2.27
April 2021	1.90	1.90
May 2021	1.39	1.59
June 2021	0.88	1.28
July 2021	0.58	1.08
August 2021	0.39	0.79
September 2021	0.49	0.49
October 2021	0.14	0.24
November 2021	0.03	-0.17
December 2021	-0.27	-0.37
January 2022	-0.26	-0.56
February 2022	-0.35	-0.75
March 2022	-0.30	-0.90
April 2022	-0.14	-0.94
May 2022	0.05	-0.85
June 2022	0.22	-0.78
July 2022	0.25	-0.85
August 2022	0.29	-0.81
September 2022	0.15	-0.75
October 2022	0.17	-0.63
November 2022	0.07	-0.33
December 2022	0.14	-0.26
January 2023	0.20	-0.20
February 2023	0.32	0.02
March 2023	0.42	0.32
April 2023	0.30	0.40
May 2023	0.53	0.63
June 2023	0.86	0.76
July 2023	1.23	0.93
August 2023	1.50	1.10
September 2023	1.76	1.26
October 2023	1.95	1.45
November 2023	2.12	1.62
December 2023	2.16	1.86

Note: The data extend through December 2023. Series show 12-month moving averages of the median percent change in the hourly wage of individuals observed 12 months apart, deflated by the 12-month moving average of the 12-month percent change in the personal consumption expenditures price index. In the top-left panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

Sex
Monthly, Percent

Period	Women	Men
January 2019	1.47	1.47
February 2019	1.51	1.51
March 2019	1.45	1.65
April 2019	1.59	1.69
May 2019	1.66	1.86
June 2019	1.83	2.03
July 2019	1.80	2.20
August 2019	1.87	2.27
September 2019	1.92	2.32
October 2019	1.98	2.28
November 2019	2.04	2.34
December 2019	2.06	2.36
January 2020	2.05	2.45
February 2020	2.13	2.43
March 2020	2.06	2.36
April 2020	2.26	2.36
May 2020	2.34	2.44
June 2020	2.40	2.50
July 2020	2.34	2.54
August 2020	2.36	2.56
September 2020	2.37	2.57
October 2020	2.29	2.69
November 2020	2.30	2.70
December 2020	2.32	2.62
January 2021	2.32	2.62
February 2021	2.20	2.60
March 2021	2.07	2.47
April 2021	1.80	2.20
May 2021	1.39	1.79
June 2021	1.08	1.48
July 2021	0.98	1.08
August 2021	0.79	0.79
September 2021	0.59	0.49
October 2021	0.34	0.14
November 2021	0.03	-0.37
December 2021	-0.07	-0.57
January 2022	-0.36	-0.66
February 2022	-0.55	-0.85
March 2022	-0.60	-1.00
April 2022	-0.64	-0.94
May 2022	-0.55	-0.85
June 2022	-0.48	-0.78
July 2022	-0.65	-0.65
August 2022	-0.61	-0.51
September 2022	-0.65	-0.45
October 2022	-0.63	-0.33
November 2022	-0.43	-0.13
December 2022	-0.36	0.04
January 2023	-0.20	0.00
February 2023	-0.08	0.12
March 2023	0.22	0.42
April 2023	0.40	0.40
May 2023	0.63	0.63
June 2023	0.86	0.76
July 2023	1.03	0.93
August 2023	1.20	1.20
September 2023	1.36	1.36
October 2023	1.55	1.55
November 2023	1.72	1.62
December 2023	1.96	1.86

Note: The data extend through December 2023. Series show 12-month moving averages of the median percent change in the hourly wage of individuals observed 12 months apart, deflated by the 12-month moving average of the 12-month percent change in the personal consumption expenditures price index. In the top-left panel, workers are assigned to wage quartiles based on the average of their wage reports in both Current Population Survey outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile.

Source: Federal Reserve Bank of Atlanta, Wage Growth Tracker; Bureau of Labor Statistics; U.S. Census Bureau, Current Population Survey.

Return to text

Figure 14. Labor force participation rate, by age

Percent

Period	Ages 16+	Ages 25 to 54
January 2005	65.56	82.61
February 2005	65.65	82.74
March 2005	65.61	82.54
April 2005	65.78	82.67
May 2005	65.86	82.81
June 2005	65.78	82.54
July 2005	65.80	82.71
August 2005	65.85	82.83
September 2005	65.84	82.82
October 2005	65.78	82.62
November 2005	65.73	82.57
December 2005	65.66	82.60
January 2006	65.72	82.66
February 2006	65.84	82.84
March 2006	65.85	82.92
April 2006	65.81	82.70
May 2006	65.82	82.74
June 2006	65.89	82.73
July 2006	65.83	82.86
August 2006	65.88	82.83
September 2006	65.78	82.78
October 2006	65.88	82.81
November 2006	65.96	82.85
December 2006	66.04	83.00
January 2007	66.05	83.33
February 2007	65.92	83.13
March 2007	65.90	83.07
April 2007	65.56	82.84
May 2007	65.59	82.88
June 2007	65.69	82.77
July 2007	65.63	82.81
August 2007	65.42	82.80
September 2007	65.61	82.72
October 2007	65.44	82.60
November 2007	65.65	82.82
December 2007	65.62	82.96
January 2008	65.89	83.19
February 2008	65.66	83.03
March 2008	65.71	83.15
April 2008	65.60	82.98
May 2008	65.76	82.97
June 2008	65.70	83.03
July 2008	65.70	83.01
August 2008	65.69	83.02
September 2008	65.57	82.93
October 2008	65.63	82.88
November 2008	65.45	82.84
December 2008	65.42	82.70
January 2009	65.35	82.67
February 2009	65.42	82.68
March 2009	65.21	82.49
April 2009	65.31	82.68
May 2009	65.35	82.68
June 2009	65.29	82.72
July 2009	65.15	82.61
August 2009	64.98	82.61
September 2009	64.71	82.30
October 2009	64.62	82.31
November 2009	64.61	82.25
December 2009	64.24	81.80
January 2010	64.45	82.17
February 2010	64.49	82.09
March 2010	64.57	82.27
April 2010	64.80	82.45
May 2010	64.52	82.10
June 2010	64.26	82.01
July 2010	64.24	81.71
August 2010	64.34	81.81
September 2010	64.21	81.85
October 2010	64.03	81.68
November 2010	64.18	81.84
December 2010	63.94	81.69
January 2011	63.95	81.53
February 2011	63.86	81.47
March 2011	63.87	81.59
April 2011	63.91	81.54
May 2011	63.82	81.58
June 2011	63.74	81.53
July 2011	63.71	81.28
August 2011	63.82	81.45
September 2011	63.92	81.40
October 2011	63.77	81.23
November 2011	63.79	81.35
December 2011	63.70	81.48
January 2012	63.72	81.57
February 2012	63.79	81.46
March 2012	63.78	81.57
April 2012	63.64	81.37
May 2012	63.75	81.41
June 2012	63.80	81.54
July 2012	63.72	81.41
August 2012	63.57	81.41
September 2012	63.69	81.51
October 2012	63.80	81.67
November 2012	63.66	81.26
December 2012	63.73	81.49
January 2013	63.72	81.10
February 2013	63.49	81.08
March 2013	63.32	81.05
April 2013	63.41	81.11
May 2013	63.42	81.19
June 2013	63.47	81.21
July 2013	63.39	81.17
August 2013	63.33	80.99
September 2013	63.31	81.01
October 2013	62.83	80.61
November 2013	63.02	81.07
December 2013	62.95	80.85
January 2014	62.97	80.96
February 2014	62.98	81.02
March 2014	63.15	81.10
April 2014	62.85	80.87
May 2014	62.93	80.79
June 2014	62.92	81.02
July 2014	62.99	80.87
August 2014	62.97	81.16
September 2014	62.89	80.84
October 2014	62.96	80.88
November 2014	62.97	80.90
December 2014	62.86	80.88
January 2015	62.96	81.02
February 2015	62.77	80.90
March 2015	62.71	80.84
April 2015	62.85	81.05
May 2015	63.05	81.12
June 2015	62.76	81.00
July 2015	62.74	80.77
August 2015	62.74	80.79
September 2015	62.48	80.74
October 2015	62.60	80.82
November 2015	62.68	80.94
December 2015	62.83	80.99
January 2016	62.80	81.11
February 2016	62.90	81.12
March 2016	63.05	81.40
April 2016	63.00	81.33
May 2016	62.79	81.26
June 2016	62.85	81.41
July 2016	62.93	81.34
August 2016	63.01	81.45
September 2016	62.99	81.62
October 2016	62.89	81.63
November 2016	62.82	81.47
December 2016	62.84	81.43
January 2017	62.97	81.56
February 2017	63.00	81.63
March 2017	63.05	81.60
April 2017	63.10	81.79
May 2017	62.97	81.76
June 2017	63.00	81.68
July 2017	63.07	81.85
August 2017	63.05	81.70
September 2017	63.20	81.98
October 2017	62.84	81.66
November 2017	62.91	81.79
December 2017	62.85	81.86
January 2018	62.84	81.81
February 2018	63.12	82.18
March 2018	63.03	82.06
April 2018	63.03	82.10
May 2018	63.02	82.03
June 2018	63.14	82.16
July 2018	63.16	82.19
August 2018	62.84	82.00
September 2018	62.94	82.02
October 2018	63.08	82.34
November 2018	63.09	82.25
December 2018	63.21	82.37
January 2019	63.28	82.60
February 2019	63.27	82.57
March 2019	63.19	82.51
April 2019	63.03	82.28
May 2019	63.06	82.25
June 2019	63.20	82.33
July 2019	63.37	82.19
August 2019	63.36	82.60
September 2019	63.43	82.79
October 2019	63.50	82.93
November 2019	63.45	82.94
December 2019	63.52	83.10
January 2020	63.50	83.17
February 2020	63.51	83.02
March 2020	62.78	82.55
April 2020	60.32	79.91
May 2020	61.01	80.68
June 2020	61.74	81.49
July 2020	61.83	81.37
August 2020	62.01	81.40
September 2020	61.75	80.98
October 2020	61.99	81.33
November 2020	61.82	81.06
December 2020	61.87	81.15
January 2021	61.64	81.16
February 2021	61.65	81.23
March 2021	61.74	81.42
April 2021	61.91	81.40
May 2021	61.84	81.43
June 2021	62.04	81.71
July 2021	62.15	81.96
August 2021	62.10	81.85
September 2021	62.08	81.69
October 2021	62.10	81.82
November 2021	62.27	82.00
December 2021	62.31	82.05
January 2022	62.16	82.11
February 2022	62.22	82.28
March 2022	62.38	82.52
April 2022	62.23	82.43
May 2022	62.35	82.60
June 2022	62.29	82.38
July 2022	62.25	82.44
August 2022	62.47	82.85
September 2022	62.37	82.58
October 2022	62.32	82.49
November 2022	62.21	82.40
December 2022	62.42	82.55
January 2023	62.37	82.74
February 2023	62.48	83.09
March 2023	62.60	83.17
April 2023	62.56	83.32
May 2023	62.57	83.37
June 2023	62.59	83.46
July 2023	62.59	83.42
August 2023	62.81	83.47
September 2023	62.78	83.49
October 2023	62.67	83.31
November 2023	62.78	83.30
December 2023	62.48	83.15
January 2024	62.52	83.28

Note: The labor force participation rate is a percentage of the relevant population. Data are monthly and values before January 2023 are estimated by Federal Reserve Board staff in order to eliminate discontinuities in the published history.

Source: Bureau of Labor Statistics via Haver Analytics; U.S. Census Bureau; Federal Reserve Board staff calculations.

Return to text

Figure 15. Available jobs versus available workers

Monthly
Millions

Period	Available workers	Available jobs
January 2005	146.8	142.9
February 2005	147.2	143.2
March 2005	147.2	143.6
April 2005	147.8	144.3
May 2005	148.1	144.3
June 2005	148.1	144.6
July 2005	148.3	145.1
August 2005	148.6	145.4
September 2005	148.7	145.5
October 2005	148.7	145.5
November 2005	148.8	145.5
December 2005	148.8	145.8
January 2006	149.1	146.4
February 2006	149.5	146.7
March 2006	149.7	147.3
April 2006	149.7	147.4
May 2006	149.9	147.4
June 2006	150.2	147.8
July 2006	150.2	147.5
August 2006	150.5	148.2
September 2006	150.5	148.4
October 2006	150.9	148.8
November 2006	151.2	149.0
December 2006	151.6	149.5
January 2007	151.7	149.4
February 2007	151.6	149.4
March 2007	151.7	149.9
April 2007	151.0	148.9
May 2007	151.3	149.2
June 2007	151.6	149.6
July 2007	151.7	149.1
August 2007	151.3	148.8
September 2007	152.0	149.5
October 2007	151.7	149.1
November 2007	152.4	149.8
December 2007	152.4	149.4
January 2008	153.2	150.2
February 2008	152.8	149.6
March 2008	153.0	149.5
April 2008	152.9	149.3
May 2008	153.4	149.2
June 2008	153.4	148.7
July 2008	153.6	148.4
August 2008	153.7	148.0
September 2008	153.6	147.4
October 2008	153.9	147.2
November 2008	153.6	146.4
December 2008	153.7	145.6
January 2009	153.7	144.3
February 2009	154.0	143.9
March 2009	153.6	142.7
April 2009	153.9	142.4
May 2009	154.1	142.2
June 2009	154.1	141.9
July 2009	154.0	141.6
August 2009	153.7	141.2
September 2009	153.2	140.7
October 2009	153.2	140.2
November 2009	153.3	140.6
December 2009	152.5	140.0
January 2010	153.1	140.9
February 2010	153.3	140.9
March 2010	153.6	141.1
April 2010	154.3	142.1
May 2010	153.8	141.9
June 2010	153.3	141.6
July 2010	153.4	141.9
August 2010	153.8	142.1
September 2010	153.6	142.0
October 2010	153.4	142.1
November 2010	153.9	142.0
December 2010	153.4	142.1
January 2011	153.6	142.6
February 2011	153.5	142.9
March 2011	153.6	143.1
April 2011	153.8	143.1
May 2011	153.8	143.0
June 2011	153.7	143.1
July 2011	153.8	143.6
August 2011	154.2	143.6
September 2011	154.6	144.3
October 2011	154.4	144.3
November 2011	154.6	144.7
December 2011	154.5	145.1
January 2012	154.6	145.7
February 2012	154.9	145.7
March 2012	155.0	146.2
April 2012	154.8	145.9
May 2012	155.2	146.3
June 2012	155.5	146.7
July 2012	155.4	146.4
August 2012	155.2	146.5
September 2012	155.6	147.3
October 2012	156.0	147.6
November 2012	155.8	147.7
December 2012	156.1	147.8
January 2013	156.2	147.6
February 2013	155.8	147.8
March 2013	155.5	147.8
April 2013	155.8	148.0
May 2013	156.0	148.4
June 2013	156.2	148.5
July 2013	156.2	148.6
August 2013	156.2	148.9
September 2013	156.2	149.0
October 2013	155.2	148.2
November 2013	155.8	149.1
December 2013	155.8	149.4
January 2014	155.9	149.8
February 2014	156.1	150.0
March 2014	156.6	150.6
April 2014	156.0	150.8
May 2014	156.3	151.2
June 2014	156.4	151.9
July 2014	156.8	151.9
August 2014	156.9	152.5
September 2014	156.8	152.4
October 2014	157.1	153.1
November 2014	157.3	153.0
December 2014	157.2	153.5
January 2015	157.5	153.9
February 2015	157.2	154.0
March 2015	157.1	153.8
April 2015	157.6	154.6
May 2015	158.2	154.9
June 2015	157.6	154.6
July 2015	157.7	155.5
August 2015	157.9	155.3
September 2015	157.4	154.9
October 2015	157.8	155.6
November 2015	158.2	155.8
December 2015	158.7	156.6
January 2016	158.7	157.0
February 2016	159.1	157.1
March 2016	159.6	157.7
April 2016	159.6	157.3
May 2016	159.2	157.3
June 2016	159.5	157.4
July 2016	159.8	158.1
August 2016	160.2	158.0
September 2016	160.3	158.1
October 2016	160.1	157.9
November 2016	160.1	158.5
December 2016	160.3	158.7
January 2017	160.7	158.8
February 2017	160.9	159.4
March 2017	161.1	159.8
April 2017	161.4	160.3
May 2017	161.1	159.9
June 2017	161.3	160.7
July 2017	161.7	160.9
August 2017	161.7	160.8
September 2017	162.2	161.6
October 2017	161.4	161.1
November 2017	161.7	161.2
December 2017	161.7	161.3
January 2018	161.7	161.8
February 2018	162.5	162.5
March 2018	162.4	162.7
April 2018	162.5	162.9
May 2018	162.6	163.3
June 2018	163.0	163.7
July 2018	163.1	164.1
August 2018	162.4	163.4
September 2018	162.8	164.1
October 2018	163.3	164.3
November 2018	163.4	164.9
December 2018	163.9	164.9
January 2019	164.1	165.1
February 2019	164.2	165.0
March 2019	164.0	165.1
April 2019	163.7	164.9
May 2019	163.9	165.2
June 2019	164.3	165.5
July 2019	164.9	165.8
August 2019	165.0	166.2
September 2019	165.3	166.6
October 2019	165.6	167.0
November 2019	165.6	166.6
December 2019	165.9	166.6
January 2020	165.9	167.2
February 2020	166.0	167.2
March 2020	164.1	162.6
April 2020	157.8	139.2
May 2020	159.6	144.0
June 2020	161.6	149.9
July 2020	161.9	151.9
August 2020	162.5	155.2
September 2020	161.9	155.7
October 2020	162.6	158.3
November 2020	162.2	158.3
December 2020	162.4	158.3
January 2021	161.8	158.6
February 2021	161.8	159.5
March 2021	162.1	160.7
April 2021	162.7	162.0
May 2021	162.5	163.0
June 2021	163.2	163.6
July 2021	163.5	165.5
August 2021	163.5	166.0
September 2021	163.5	166.6
October 2021	163.7	167.7
November 2021	164.2	168.6
December 2021	164.4	169.8
January 2022	164.1	169.0
February 2022	164.3	169.5
March 2022	164.7	170.7
April 2022	164.4	170.1
May 2022	164.9	170.3
June 2022	164.8	169.7
July 2022	164.8	170.4
August 2022	165.6	169.7
September 2022	165.4	170.5
October 2022	165.4	169.9
November 2022	165.3	170.0
December 2022	165.9	171.4
January 2023	165.9	170.7
February 2023	166.3	170.3
March 2023	166.7	170.6
April 2023	166.7	171.3
May 2023	166.8	170.3
June 2023	167.0	170.2
July 2023	167.1	170.1
August 2023	167.8	171.0
September 2023	167.9	170.9
October 2023	167.7	170.1
November 2023	168.1	170.8
December 2023	167.5	170.2

Note: The data extend through December 2023. Available jobs are employment plus job openings as of the end of the previous month. Available workers are the labor force. Data for employment and labor force before January 2023 are estimated by Federal Reserve Board staff in order to eliminate discontinuities in the published history.

Source: Bureau of Labor Statistics via Haver Analytics; U.S. Census Bureau; Federal Reserve Board staff calculations.

Return to text

Figure 16. Measures of change in hourly compensation

Monthly
Percent change from year earlier

Period	Average hourly earnings, private sector	Atlanta Fed's Wage Growth Tracker
January 2017	2.44	3.20
February 2017	2.72	3.20
March 2017	2.59	3.40
April 2017	2.51	3.50
May 2017	2.46	3.40
June 2017	2.50	3.20
July 2017	2.61	3.30
August 2017	2.57	3.40
September 2017	2.79	3.60
October 2017	2.32	3.40
November 2017	2.43	3.20
December 2017	2.66	2.90
January 2018	2.81	3.00
February 2018	2.61	2.90
March 2018	2.87	3.30
April 2018	2.83	3.30
May 2018	2.94	3.20
June 2018	2.97	3.20
July 2018	2.77	3.30
August 2018	3.11	3.50
September 2018	3.13	3.50
October 2018	3.32	3.70
November 2018	3.43	3.90
December 2018	3.53	3.80
January 2019	3.22	3.80
February 2019	3.59	3.40
March 2019	3.50	3.50
April 2019	3.23	3.60
May 2019	3.26	3.70
June 2019	3.37	3.90
July 2019	3.43	3.90
August 2019	3.42	3.70
September 2019	3.11	3.60
October 2019	3.14	3.50
November 2019	3.32	3.70
December 2019	2.98	3.70
January 2020	3.08	3.80
February 2020	3.03	3.70
March 2020	3.49	3.50
April 2020	8.03	3.30
May 2020	6.68	3.50
June 2020	5.12	3.80
July 2020	4.85	3.90
August 2020	4.80	3.50
September 2020	4.76	3.50
October 2020	4.64	3.50
November 2020	4.51	3.70
December 2020	5.39	3.40
January 2021	5.24	3.40
February 2021	5.29	3.40
March 2021	4.48	3.40
April 2021	0.67	3.20
May 2021	2.25	3.00
June 2021	3.95	3.20
July 2021	4.32	3.70
August 2021	4.38	3.90
September 2021	4.88	4.20
October 2021	5.45	4.10
November 2021	5.43	4.30
December 2021	5.02	4.50
January 2022	5.68	5.10
February 2022	5.29	5.80
March 2022	5.92	6.00
April 2022	5.76	6.00
May 2022	5.56	6.10
June 2022	5.44	6.70
July 2022	5.48	6.70
August 2022	5.43	6.70
September 2022	5.14	6.30
October 2022	4.98	6.40
November 2022	5.09	6.40
December 2022	4.90	6.10
January 2023	4.55	6.10
February 2023	4.74	6.10
March 2023	4.62	6.40
April 2023	4.66	6.10
May 2023	4.55	6.00
June 2023	4.66	5.60
July 2023	4.67	5.70
August 2023	4.53	5.30
September 2023	4.52	5.20
October 2023	4.28	5.20
November 2023	4.26	5.20
December 2023	4.31	5.20
January 2024	4.48	5.00

Note: For the private-sector employment cost index, change is over the 12 months ending in the last month of each quarter; for private-sector average hourly earnings, the data are 12-month percent changes; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a 3-month moving average of the 12-month percent change.

Source: Bureau of Labor Statistics; Federal Reserve Bank of Atlanta, Wage Growth Tracker; all via Haver Analytics.

Quarterly
Percent change from year earlier

Period	Employment cost index, private sector
2017:Q1	2.31
2017:Q2	2.38
2017:Q3	2.52
2017:Q4	2.59
2018:Q1	2.81
2018:Q2	2.86
2018:Q3	2.92
2018:Q4	2.99
2019:Q1	2.81
2019:Q2	2.63
2019:Q3	2.69
2019:Q4	2.68
2020:Q1	2.80
2020:Q2	2.71
2020:Q3	2.40
2020:Q4	2.61
2021:Q1	2.80
2021:Q2	3.07
2021:Q3	4.05
2021:Q4	4.38
2022:Q1	4.82
2022:Q2	5.54
2022:Q3	5.19
2022:Q4	5.07
2023:Q1	4.79
2023:Q2	4.46
2023:Q3	4.29
2023:Q4	4.06

Note: For the private-sector employment cost index, change is over the 12 months ending in the last month of each quarter; for private-sector average hourly earnings, the data are 12-month percent changes; for the Atlanta Fed's Wage Growth Tracker, the data are shown as a 3-month moving average of the 12-month percent change.

Source: Bureau of Labor Statistics; Federal Reserve Bank of Atlanta, Wage Growth Tracker; all via Haver Analytics.

Return to text

Figure 17. U.S. labor productivity

Quarterly
2017 average = 100

Period	Labor productivity
2013:Q1	95.7
2013:Q2	95.6
2013:Q3	96.0
2013:Q4	96.9
2014:Q1	96.0
2014:Q2	96.8
2014:Q3	97.5
2014:Q4	96.9
2015:Q1	97.7
2015:Q2	98.1
2015:Q3	98.5
2015:Q4	97.9
2016:Q1	98.2
2016:Q2	98.1
2016:Q3	98.7
2016:Q4	99.5
2017:Q1	99.5
2017:Q2	99.4
2017:Q3	100.4
2017:Q4	100.9
2018:Q1	101.4
2018:Q2	101.7
2018:Q3	101.8
2018:Q4	101.6
2019:Q1	102.4
2019:Q2	103.3
2019:Q3	104.1
2019:Q4	105.0
2020:Q1	104.7
2020:Q2	109.5
2020:Q3	111.3
2020:Q4	110.2
2021:Q1	110.7
2021:Q2	111.0
2021:Q3	110.4
2021:Q4	111.2
2022:Q1	109.3
2022:Q2	108.4
2022:Q3	108.4
2022:Q4	108.9
2023:Q1	108.8
2023:Q2	109.7
2023:Q3	111.0
2023:Q4	111.9

Note: The data are output per hour in the business sector.

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 18. Change in real gross domestic product and gross domestic income

Annual
Percent, annual rate

Period	Gross domestic product	Gross domestic income
2016	2.18	1.28
2017	2.99	3.02
2018	2.13	2.75
2019	3.18	2.61
2020	-1.08	0.21
2021	5.42	4.38
2022	0.65	0.02

Note: The data for gross domestic income extend through 2023:H1. The key identifies bars in order from left to right.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 19. Change in real personal consumption expenditures

Annual
Percent, annual rate

Period	Personal consumption expenditures
2016	2.48
2017	3.07
2018	2.05
2019	2.60
2020	-0.79
2021	7.24
2022	1.17

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 20. Personal saving rate

Monthly
Percent

Period	Personal saving rate
January 2014	5.20
February 2014	5.30
March 2014	5.20
April 2014	5.40
May 2014	5.60
June 2014	5.60
July 2014	5.50
August 2014	5.30
September 2014	5.50
October 2014	5.40
November 2014	5.60
December 2014	6.00
January 2015	6.30
February 2015	6.40
March 2015	5.90
April 2015	5.90
May 2015	5.80
June 2015	5.70
July 2015	5.60
August 2015	5.60
September 2015	5.80
October 2015	5.80
November 2015	5.60
December 2015	5.80
January 2016	6.10
February 2016	5.60
March 2016	5.90
April 2016	5.50
May 2016	5.30
June 2016	4.90
July 2016	5.10
August 2016	5.10
September 2016	5.10
October 2016	5.30
November 2016	5.40
December 2016	5.00
January 2017	5.30
February 2017	5.60
March 2017	5.60
April 2017	5.70
May 2017	6.30
June 2017	6.00
July 2017	6.00
August 2017	6.10
September 2017	5.90
October 2017	6.00
November 2017	5.60
December 2017	5.00
January 2018	5.70
February 2018	5.80
March 2018	5.90
April 2018	6.00
May 2018	6.00
June 2018	6.30
July 2018	6.50
August 2018	6.60
September 2018	6.80
October 2018	6.70
November 2018	6.50
December 2018	8.40
January 2019	8.20
February 2019	8.50
March 2019	7.90
April 2019	7.70
May 2019	7.30
June 2019	7.10
July 2019	6.80
August 2019	7.00
September 2019	7.20
October 2019	7.30
November 2019	7.10
December 2019	6.40
January 2020	7.20
February 2020	7.70
March 2020	12.50
April 2020	32.00
May 2020	22.70
June 2020	18.40
July 2020	17.90
August 2020	14.00
September 2020	13.20
October 2020	12.80
November 2020	12.10
December 2020	12.00
January 2021	19.30
February 2021	12.80
March 2021	26.10
April 2021	12.30
May 2021	9.90
June 2021	8.70
July 2021	9.40
August 2021	8.70
September 2021	7.20
October 2021	6.60
November 2021	6.20
December 2021	6.10
January 2022	4.10
February 2022	4.10
March 2022	3.40
April 2022	3.10
May 2022	3.10
June 2022	2.70
July 2022	3.50
August 2022	3.20
September 2022	3.00
October 2022	3.00
November 2022	3.30
December 2022	3.40
January 2023	4.40
February 2023	4.70
March 2023	5.20
April 2023	5.20
May 2023	5.30
June 2023	4.80
July 2023	4.40
August 2023	4.40
September 2023	3.80
October 2023	4.10
November 2023	4.10
December 2023	3.70

Note: The data extend through December 2023.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 21. Indexes of consumer sentiment

1985 average = 100 (Conference Board)
February 1966 = 100 (Michigan survey)

Period	Conference Board	Michigan survey
January 2005	105.1	95.5
February 2005	104.4	94.1
March 2005	103.0	92.6
April 2005	97.5	87.7
May 2005	103.1	86.9
June 2005	106.2	96.0
July 2005	103.6	96.5
August 2005	105.5	89.1
September 2005	87.5	76.9
October 2005	85.2	74.2
November 2005	98.3	81.6
December 2005	103.8	91.5
January 2006	106.8	91.2
February 2006	102.7	86.7
March 2006	107.5	88.9
April 2006	109.8	87.4
May 2006	104.7	79.1
June 2006	105.4	84.9
July 2006	107.0	84.7
August 2006	100.2	82.0
September 2006	105.9	85.4
October 2006	105.1	93.6
November 2006	105.3	92.1
December 2006	110.0	91.7
January 2007	110.2	96.9
February 2007	111.2	91.3
March 2007	108.2	88.4
April 2007	106.3	87.1
May 2007	108.5	88.3
June 2007	105.3	85.3
July 2007	111.9	90.4
August 2007	105.6	83.4
September 2007	99.5	83.4
October 2007	95.2	80.9
November 2007	87.8	76.1
December 2007	90.6	75.5
January 2008	87.3	78.4
February 2008	76.4	70.8
March 2008	65.9	69.5
April 2008	62.8	62.6
May 2008	58.1	59.8
June 2008	51.0	56.4
July 2008	51.9	61.2
August 2008	58.5	63.0
September 2008	61.4	70.3
October 2008	38.8	57.6
November 2008	44.7	55.3
December 2008	38.6	60.1
January 2009	37.4	61.2
February 2009	25.3	56.3
March 2009	26.9	57.3
April 2009	40.8	65.1
May 2009	54.8	68.7
June 2009	49.3	70.8
July 2009	47.4	66.0
August 2009	54.5	65.7
September 2009	53.4	73.5
October 2009	48.7	70.6
November 2009	50.6	67.4
December 2009	53.6	72.5
January 2010	56.5	74.4
February 2010	46.4	73.6
March 2010	52.3	73.6
April 2010	57.7	72.2
May 2010	62.7	73.6
June 2010	54.3	76.0
July 2010	51.0	67.8
August 2010	53.2	68.9
September 2010	48.6	68.2
October 2010	49.9	67.7
November 2010	57.8	71.6
December 2010	63.4	74.5
January 2011	64.8	74.2
February 2011	72.0	77.5
March 2011	63.8	67.5
April 2011	66.0	69.8
May 2011	61.7	74.3
June 2011	57.6	71.5
July 2011	59.2	63.7
August 2011	45.2	55.8
September 2011	46.4	59.5
October 2011	40.9	60.8
November 2011	55.2	63.7
December 2011	64.8	69.9
January 2012	61.5	75.0
February 2012	71.6	75.3
March 2012	69.5	76.2
April 2012	68.7	76.4
May 2012	64.4	79.3
June 2012	62.7	73.2
July 2012	65.4	72.3
August 2012	61.3	74.3
September 2012	68.4	78.3
October 2012	73.1	82.6
November 2012	71.5	82.7
December 2012	66.7	72.9
January 2013	58.4	73.8
February 2013	68.0	77.6
March 2013	61.9	78.6
April 2013	69.0	76.4
May 2013	74.3	84.5
June 2013	82.1	84.1
July 2013	81.0	85.1
August 2013	81.8	82.1
September 2013	80.2	77.5
October 2013	72.4	73.2
November 2013	72.0	75.1
December 2013	77.5	82.5
January 2014	79.4	81.2
February 2014	78.3	81.6
March 2014	83.9	80.0
April 2014	81.7	84.1
May 2014	82.2	81.9
June 2014	86.4	82.5
July 2014	90.3	81.8
August 2014	93.4	82.5
September 2014	89.0	84.6
October 2014	94.1	86.9
November 2014	91.0	88.8
December 2014	93.1	93.6
January 2015	103.8	98.1
February 2015	98.8	95.4
March 2015	101.4	93.0
April 2015	94.3	95.9
May 2015	94.6	90.7
June 2015	99.8	96.1
July 2015	91.0	93.1
August 2015	101.3	91.9
September 2015	102.6	87.2
October 2015	99.1	90.0
November 2015	92.6	91.3
December 2015	96.3	92.6
January 2016	97.8	92.0
February 2016	94.0	91.7
March 2016	96.1	91.0
April 2016	94.7	89.0
May 2016	92.4	94.7
June 2016	97.4	93.5
July 2016	96.7	90.0
August 2016	101.8	89.8
September 2016	103.5	91.2
October 2016	100.8	87.2
November 2016	109.4	93.8
December 2016	113.3	98.2
January 2017	111.6	98.5
February 2017	116.1	96.3
March 2017	124.9	96.9
April 2017	119.4	97.0
May 2017	117.6	97.1
June 2017	117.3	95.0
July 2017	120.0	93.4
August 2017	120.4	96.8
September 2017	120.6	95.1
October 2017	126.2	100.7
November 2017	128.6	98.5
December 2017	123.1	95.9
January 2018	124.3	95.7
February 2018	130.0	99.7
March 2018	127.0	101.4
April 2018	125.6	98.8
May 2018	128.8	98.0
June 2018	127.1	98.2
July 2018	127.9	97.9
August 2018	134.7	96.2
September 2018	135.3	100.1
October 2018	137.9	98.6
November 2018	136.4	97.5
December 2018	126.6	98.3
January 2019	121.7	91.2
February 2019	131.4	93.8
March 2019	124.2	98.4
April 2019	129.2	97.2
May 2019	131.3	100.0
June 2019	124.3	98.2
July 2019	135.8	98.4
August 2019	134.2	89.8
September 2019	126.3	93.2
October 2019	126.1	95.5
November 2019	126.8	96.8
December 2019	128.2	99.3
January 2020	130.4	99.8
February 2020	132.6	101.0
March 2020	118.8	89.1
April 2020	85.7	71.8
May 2020	85.9	72.3
June 2020	98.3	78.1
July 2020	91.7	72.5
August 2020	86.3	74.1
September 2020	101.3	80.4
October 2020	101.4	81.8
November 2020	92.9	76.9
December 2020	87.1	80.7
January 2021	87.1	79.0
February 2021	95.2	76.8
March 2021	114.9	84.9
April 2021	117.5	88.3
May 2021	120.0	82.9
June 2021	128.9	85.5
July 2021	125.1	81.2
August 2021	115.2	70.3
September 2021	109.8	72.8
October 2021	111.6	71.7
November 2021	111.9	67.4
December 2021	115.2	70.6
January 2022	111.1	67.2
February 2022	105.7	62.8
March 2022	107.6	59.4
April 2022	108.6	65.2
May 2022	103.2	58.4
June 2022	98.4	50.0
July 2022	95.3	51.5
August 2022	103.6	58.2
September 2022	107.8	58.6
October 2022	102.2	59.9
November 2022	101.4	56.7
December 2022	109.0	59.8
January 2023	106.0	64.9
February 2023	103.4	66.9
March 2023	104.0	62.0
April 2023	103.7	63.7
May 2023	102.5	59.0
June 2023	110.1	64.2
July 2023	114.0	71.5
August 2023	108.7	69.4
September 2023	104.3	67.9
October 2023	99.1	63.8
November 2023	101.0	61.3
December 2023	108.0	69.7
January 2024	110.9	79.0
February 2024	106.7	79.6

Note: The data are monthly and extend through February 2024. The February data for the Michigan survey are preliminary.

Source: University of Michigan Surveys of Consumers; Conference Board.

Return to text

Figure 22. Consumer credit flows

Annual
Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
2014	2.77	6.41	7.53
2015	4.20	6.49	7.04
2016	5.17	6.01	7.10
2017	4.73	3.31	6.97
2018	3.11	2.80	6.51
2019	3.18	3.72	5.91
2020	-10.17	3.35	4.61
2021	5.47	7.54	3.20
2022	13.26	8.90	2.46

Note: Student loan balances were little changed in 2023:H1.

Source: Federal Reserve Board, Statistical Release G.19, "Consumer Credit."

Return to text

Recent Housing Market Developments:

Figure A. Mortgage interest rates

Weekly, Percent

Period	Mortgage rates
2 January 2014	4.53
9 January 2014	4.51
16 January 2014	4.41
23 January 2014	4.39
30 January 2014	4.32
6 February 2014	4.23
13 February 2014	4.28
20 February 2014	4.33
27 February 2014	4.37
6 March 2014	4.28
13 March 2014	4.37
20 March 2014	4.32
27 March 2014	4.40
3 April 2014	4.41
10 April 2014	4.34
17 April 2014	4.27
24 April 2014	4.33
1 May 2014	4.29
8 May 2014	4.21
15 May 2014	4.20
22 May 2014	4.14
29 May 2014	4.12
5 June 2014	4.14
12 June 2014	4.20
19 June 2014	4.17
26 June 2014	4.14
3 July 2014	4.12
10 July 2014	4.15
17 July 2014	4.13
24 July 2014	4.13
31 July 2014	4.12
7 August 2014	4.14
14 August 2014	4.12
21 August 2014	4.10
28 August 2014	4.10
4 September 2014	4.10
11 September 2014	4.12
18 September 2014	4.23
25 September 2014	4.20
2 October 2014	4.19
9 October 2014	4.12
16 October 2014	3.97
23 October 2014	3.92
30 October 2014	3.98
6 November 2014	4.02
13 November 2014	4.01
20 November 2014	3.99
27 November 2014	3.97
4 December 2014	3.89
11 December 2014	3.93
18 December 2014	3.80
25 December 2014	3.83
1 January 2015	3.87
8 January 2015	3.73
15 January 2015	3.66
22 January 2015	3.63
29 January 2015	3.66
5 February 2015	3.59
12 February 2015	3.69
19 February 2015	3.76
26 February 2015	3.80
5 March 2015	3.75
12 March 2015	3.86
19 March 2015	3.78
26 March 2015	3.69
2 April 2015	3.70
9 April 2015	3.66
16 April 2015	3.67
23 April 2015	3.65
30 April 2015	3.68
7 May 2015	3.80
14 May 2015	3.85
21 May 2015	3.84
28 May 2015	3.87
4 June 2015	3.87
11 June 2015	4.04
18 June 2015	4.00
25 June 2015	4.02
2 July 2015	4.08
9 July 2015	4.04
16 July 2015	4.09
23 July 2015	4.04
30 July 2015	3.98
6 August 2015	3.91
13 August 2015	3.94
20 August 2015	3.93
27 August 2015	3.84
3 September 2015	3.89
10 September 2015	3.90
17 September 2015	3.91
24 September 2015	3.86
1 October 2015	3.85
8 October 2015	3.76
15 October 2015	3.82
22 October 2015	3.79
29 October 2015	3.76
5 November 2015	3.87
12 November 2015	3.98
19 November 2015	3.97
26 November 2015	3.95
3 December 2015	3.93
10 December 2015	3.95
17 December 2015	3.97
24 December 2015	3.96
31 December 2015	4.01
7 January 2016	3.97
14 January 2016	3.92
21 January 2016	3.81
28 January 2016	3.79
4 February 2016	3.72
11 February 2016	3.65
18 February 2016	3.65
25 February 2016	3.62
3 March 2016	3.64
10 March 2016	3.68
17 March 2016	3.73
24 March 2016	3.71
31 March 2016	3.71
7 April 2016	3.59
14 April 2016	3.58
21 April 2016	3.59
28 April 2016	3.66
5 May 2016	3.61
12 May 2016	3.57
19 May 2016	3.58
26 May 2016	3.64
2 June 2016	3.66
9 June 2016	3.60
16 June 2016	3.54
23 June 2016	3.56
30 June 2016	3.48
7 July 2016	3.41
14 July 2016	3.42
21 July 2016	3.45
28 July 2016	3.48
4 August 2016	3.43
11 August 2016	3.45
18 August 2016	3.43
25 August 2016	3.43
1 September 2016	3.46
8 September 2016	3.44
15 September 2016	3.50
22 September 2016	3.48
29 September 2016	3.42
6 October 2016	3.42
13 October 2016	3.47
20 October 2016	3.52
27 October 2016	3.47
3 November 2016	3.54
10 November 2016	3.57
17 November 2016	3.94
24 November 2016	4.03
1 December 2016	4.08
8 December 2016	4.13
15 December 2016	4.16
22 December 2016	4.30
29 December 2016	4.32
5 January 2017	4.20
12 January 2017	4.12
19 January 2017	4.09
26 January 2017	4.19
2 February 2017	4.19
9 February 2017	4.17
16 February 2017	4.15
23 February 2017	4.16
2 March 2017	4.10
9 March 2017	4.21
16 March 2017	4.30
23 March 2017	4.23
30 March 2017	4.14
6 April 2017	4.10
13 April 2017	4.08
20 April 2017	3.97
27 April 2017	4.03
4 May 2017	4.02
11 May 2017	4.05
18 May 2017	4.02
25 May 2017	3.95
1 June 2017	3.94
8 June 2017	3.89
15 June 2017	3.91
22 June 2017	3.90
29 June 2017	3.88
6 July 2017	3.96
13 July 2017	4.03
20 July 2017	3.96
27 July 2017	3.92
3 August 2017	3.93
10 August 2017	3.90
17 August 2017	3.89
24 August 2017	3.86
31 August 2017	3.82
7 September 2017	3.78
14 September 2017	3.78
21 September 2017	3.83
28 September 2017	3.83
5 October 2017	3.85
12 October 2017	3.91
19 October 2017	3.88
26 October 2017	3.94
2 November 2017	3.94
9 November 2017	3.90
16 November 2017	3.95
23 November 2017	3.92
30 November 2017	3.90
7 December 2017	3.94
14 December 2017	3.93
21 December 2017	3.94
28 December 2017	3.99
4 January 2018	3.95
11 January 2018	3.99
18 January 2018	4.04
25 January 2018	4.15
1 February 2018	4.22
8 February 2018	4.32
15 February 2018	4.38
22 February 2018	4.40
1 March 2018	4.43
8 March 2018	4.46
15 March 2018	4.44
22 March 2018	4.45
29 March 2018	4.44
5 April 2018	4.40
12 April 2018	4.42
19 April 2018	4.47
26 April 2018	4.58
3 May 2018	4.55
10 May 2018	4.55
17 May 2018	4.61
24 May 2018	4.66
31 May 2018	4.56
7 June 2018	4.54
14 June 2018	4.62
21 June 2018	4.57
28 June 2018	4.55
5 July 2018	4.52
12 July 2018	4.53
19 July 2018	4.52
26 July 2018	4.54
2 August 2018	4.60
9 August 2018	4.59
16 August 2018	4.53
23 August 2018	4.51
30 August 2018	4.52
6 September 2018	4.54
13 September 2018	4.60
20 September 2018	4.65
27 September 2018	4.72
4 October 2018	4.71
11 October 2018	4.90
18 October 2018	4.85
25 October 2018	4.86
1 November 2018	4.83
8 November 2018	4.94
15 November 2018	4.94
22 November 2018	4.81
29 November 2018	4.81
6 December 2018	4.75
13 December 2018	4.63
20 December 2018	4.62
27 December 2018	4.55
3 January 2019	4.51
10 January 2019	4.45
17 January 2019	4.45
24 January 2019	4.45
31 January 2019	4.46
7 February 2019	4.41
14 February 2019	4.37
21 February 2019	4.35
28 February 2019	4.35
7 March 2019	4.41
14 March 2019	4.31
21 March 2019	4.28
28 March 2019	4.06
4 April 2019	4.08
11 April 2019	4.12
18 April 2019	4.17
25 April 2019	4.20
2 May 2019	4.14
9 May 2019	4.10
16 May 2019	4.07
23 May 2019	4.06
30 May 2019	3.99
6 June 2019	3.82
13 June 2019	3.82
20 June 2019	3.84
27 June 2019	3.73
4 July 2019	3.75
11 July 2019	3.75
18 July 2019	3.81
25 July 2019	3.75
1 August 2019	3.75
8 August 2019	3.60
15 August 2019	3.60
22 August 2019	3.55
29 August 2019	3.58
5 September 2019	3.49
12 September 2019	3.56
19 September 2019	3.73
26 September 2019	3.64
3 October 2019	3.65
10 October 2019	3.57
17 October 2019	3.69
24 October 2019	3.75
31 October 2019	3.78
7 November 2019	3.69
14 November 2019	3.75
21 November 2019	3.66
28 November 2019	3.68
5 December 2019	3.68
12 December 2019	3.73
19 December 2019	3.73
26 December 2019	3.74
2 January 2020	3.72
9 January 2020	3.64
16 January 2020	3.65
23 January 2020	3.60
30 January 2020	3.51
6 February 2020	3.45
13 February 2020	3.47
20 February 2020	3.49
27 February 2020	3.45
5 March 2020	3.29
12 March 2020	3.36
19 March 2020	3.65
26 March 2020	3.50
2 April 2020	3.33
9 April 2020	3.33
16 April 2020	3.31
23 April 2020	3.33
30 April 2020	3.23
7 May 2020	3.26
14 May 2020	3.28
21 May 2020	3.24
28 May 2020	3.15
4 June 2020	3.18
11 June 2020	3.21
18 June 2020	3.13
25 June 2020	3.13
2 July 2020	3.07
9 July 2020	3.03
16 July 2020	2.98
23 July 2020	3.01
30 July 2020	2.99
6 August 2020	2.88
13 August 2020	2.96
20 August 2020	2.99
27 August 2020	2.91
3 September 2020	2.93
10 September 2020	2.86
17 September 2020	2.87
24 September 2020	2.90
1 October 2020	2.88
8 October 2020	2.87
15 October 2020	2.81
22 October 2020	2.80
29 October 2020	2.81
5 November 2020	2.78
12 November 2020	2.84
19 November 2020	2.72
26 November 2020	2.72
3 December 2020	2.71
10 December 2020	2.71
17 December 2020	2.67
24 December 2020	2.66
31 December 2020	2.67
7 January 2021	2.65
14 January 2021	2.79
21 January 2021	2.77
28 January 2021	2.73
4 February 2021	2.73
11 February 2021	2.73
18 February 2021	2.81
25 February 2021	2.97
4 March 2021	3.02
11 March 2021	3.05
18 March 2021	3.09
25 March 2021	3.17
1 April 2021	3.18
8 April 2021	3.13
15 April 2021	3.04
22 April 2021	2.97
29 April 2021	2.98
6 May 2021	2.96
13 May 2021	2.94
20 May 2021	3.00
27 May 2021	2.95
3 June 2021	2.99
10 June 2021	2.96
17 June 2021	2.93
24 June 2021	3.02
1 July 2021	2.98
8 July 2021	2.90
15 July 2021	2.88
22 July 2021	2.78
29 July 2021	2.80
5 August 2021	2.77
12 August 2021	2.87
19 August 2021	2.86
26 August 2021	2.87
2 September 2021	2.87
9 September 2021	2.88
16 September 2021	2.86
23 September 2021	2.88
30 September 2021	3.01
7 October 2021	2.99
14 October 2021	3.05
21 October 2021	3.09
28 October 2021	3.14
4 November 2021	3.09
11 November 2021	2.98
18 November 2021	3.10
25 November 2021	3.10
2 December 2021	3.11
9 December 2021	3.10
16 December 2021	3.12
23 December 2021	3.05
30 December 2021	3.11
6 January 2022	3.22
13 January 2022	3.45
20 January 2022	3.56
27 January 2022	3.55
3 February 2022	3.55
10 February 2022	3.69
17 February 2022	3.92
24 February 2022	3.89
3 March 2022	3.76
10 March 2022	3.85
17 March 2022	4.16
24 March 2022	4.42
31 March 2022	4.67
7 April 2022	4.72
14 April 2022	5.00
21 April 2022	5.11
28 April 2022	5.10
5 May 2022	5.27
12 May 2022	5.30
19 May 2022	5.25
26 May 2022	5.10
2 June 2022	5.09
9 June 2022	5.23
16 June 2022	5.78
23 June 2022	5.81
30 June 2022	5.70
7 July 2022	5.30
14 July 2022	5.51
21 July 2022	5.54
28 July 2022	5.30
4 August 2022	4.99
11 August 2022	5.22
18 August 2022	5.13
25 August 2022	5.55
1 September 2022	5.66
8 September 2022	5.89
15 September 2022	6.02
22 September 2022	6.29
29 September 2022	6.70
6 October 2022	6.66
13 October 2022	6.92
20 October 2022	6.94
27 October 2022	7.08
3 November 2022	6.95
10 November 2022	7.08
17 November 2022	6.61
24 November 2022	6.58
1 December 2022	6.49
8 December 2022	6.33
15 December 2022	6.31
22 December 2022	6.27
29 December 2022	6.42
5 January 2023	6.48
12 January 2023	6.33
19 January 2023	6.15
26 January 2023	6.13
2 February 2023	6.09
9 February 2023	6.12
16 February 2023	6.32
23 February 2023	6.50
2 March 2023	6.65
9 March 2023	6.73
16 March 2023	6.60
23 March 2023	6.42
30 March 2023	6.32
6 April 2023	6.28
13 April 2023	6.27
20 April 2023	6.39
27 April 2023	6.43
4 May 2023	6.39
11 May 2023	6.35
18 May 2023	6.39
25 May 2023	6.57
1 June 2023	6.79
8 June 2023	6.71
15 June 2023	6.69
22 June 2023	6.67
29 June 2023	6.71
6 July 2023	6.81
13 July 2023	6.96
20 July 2023	6.78
27 July 2023	6.81
3 August 2023	6.90
10 August 2023	6.96
17 August 2023	7.09
24 August 2023	7.23
31 August 2023	7.18
7 September 2023	7.12
14 September 2023	7.18
21 September 2023	7.19
28 September 2023	7.31
5 October 2023	7.49
12 October 2023	7.57
19 October 2023	7.63
26 October 2023	7.79
2 November 2023	7.76
9 November 2023	7.50
16 November 2023	7.44
23 November 2023	7.29
30 November 2023	7.22
7 December 2023	7.03
14 December 2023	6.95
21 December 2023	6.67
28 December 2023	6.61
4 January 2024	6.62
11 January 2024	6.66
18 January 2024	6.60
25 January 2024	6.69
1 February 2024	6.63
8 February 2024	6.64
15 February 2024	6.77
22 February 2024	6.90

Note: The data are contract rates on 30-year, fixed-rate conventional home mortgage commitments and extend through February 22, 2024.

Source: Freddie Mac Primary Mortgage Market Survey via Haver Analytics.

Return to text

Figure B. Median monthly mortgage payments

Monthly, Dollars

Period	Median monthly mortgage payments
January 2019	1218.00
February 2019	1202.00
March 2019	1206.00
April 2019	1202.00
May 2019	1208.00
June 2019	1174.00
July 2019	1154.00
August 2019	1139.00
September 2019	1136.00
October 2019	1146.00
November 2019	1154.00
December 2019	1144.00
January 2020	1160.00
February 2020	1157.00
March 2020	1147.00
April 2020	1107.00
May 2020	1116.00
June 2020	1131.00
July 2020	1121.00
August 2020	1115.00
September 2020	1133.00
October 2020	1135.00
November 2020	1120.00
December 2020	1110.00
January 2021	1145.00
February 2021	1195.00
March 2021	1261.00
April 2021	1249.00
May 2021	1265.00
June 2021	1271.00
July 2021	1262.00
August 2021	1261.00
September 2021	1280.00
October 2021	1327.00
November 2021	1335.00
December 2021	1344.00
January 2022	1449.00
February 2022	1556.00
March 2022	1655.00
April 2022	1795.00
May 2022	1814.00
June 2022	1827.00
July 2022	1791.00
August 2022	1718.00
September 2022	1854.00
October 2022	1951.00
November 2022	1911.00
December 2022	1869.00
January 2023	1868.00
February 2023	1911.00
March 2023	1993.00
April 2023	1951.00
May 2023	1985.00
June 2023	2033.00
July 2023	2057.00
August 2023	2069.00
September 2023	2082.00
October 2023	2144.00
November 2023	2087.00
December 2023	1990.00
January 2024	1992.00

Note: The data shown are median monthly scheduled principal and interest payments on home purchase mortgages for owner-occupied properties by month of rate lock. The Optimal Blue data are aggregated and anonymized. The data do not contain lender or customer identities or complete rate sheets.

Source: Optimal Blue LLC, Optimal Blue Mortgage Price Data.

Return to text

Figure C. Growth rate in house prices

Monthly, Percent change from year earlier

Period	S&P/Case-Shiller	CoreLogic	Zillow
January 1989	7.40	9.70	4.36
February 1989	7.43	9.81	4.45
March 1989	7.38	10.35	4.57
April 1989	7.21	10.47	4.66
May 1989	6.90	9.98	4.67
June 1989	6.48	9.26	4.54
July 1989	6.04	8.40	4.29
August 1989	5.64	7.92	3.99
September 1989	5.30	7.75	3.73
October 1989	5.01	7.51	3.60
November 1989	4.71	7.31	3.59
December 1989	4.38	6.39	3.64
January 1990	4.01	5.98	3.69
February 1990	3.63	5.88	3.72
March 1990	3.27	5.60	3.74
April 1990	2.94	4.92	3.76
May 1990	2.63	4.54	3.78
June 1990	2.31	4.14	3.80
July 1990	1.96	3.88	3.86
August 1990	1.54	3.29	3.96
September 1990	1.05	2.50	4.01
October 1990	0.50	1.60	3.91
November 1990	-0.09	0.83	3.63
December 1990	-0.68	0.76	3.22
January 1991	-1.24	0.09	2.73
February 1991	-1.69	-0.69	2.26
March 1991	-1.99	-1.36	1.86
April 1991	-2.10	-1.31	1.60
May 1991	-2.02	-1.08	1.49
June 1991	-1.80	-0.76	1.49
July 1991	-1.52	-0.86	1.51
August 1991	-1.25	-0.80	1.48
September 1991	-1.01	-0.86	1.41
October 1991	-0.77	-0.82	1.38
November 1991	-0.50	-0.77	1.43
December 1991	-0.18	-0.63	1.56
January 1992	0.20	-0.29	1.74
February 1992	0.56	-0.01	1.94
March 1992	0.82	0.35	2.10
April 1992	0.92	0.21	2.19
May 1992	0.84	-0.14	2.16
June 1992	0.62	-0.56	2.06
July 1992	0.39	-0.60	1.97
August 1992	0.25	-0.59	1.96
September 1992	0.27	-0.36	2.04
October 1992	0.42	-0.04	2.17
November 1992	0.62	0.11	2.33
December 1992	0.78	0.19	2.49
January 1993	0.84	0.28	2.63
February 1993	0.83	0.36	2.74
March 1993	0.79	0.25	2.82
April 1993	0.81	0.38	2.88
May 1993	0.95	0.58	2.98
June 1993	1.21	0.93	3.14
July 1993	1.52	1.29	3.33
August 1993	1.80	1.54	3.50
September 1993	1.97	1.79	3.62
October 1993	2.06	1.93	3.72
November 1993	2.10	2.22	3.84
December 1993	2.16	2.42	3.97
January 1994	2.27	2.48	4.11
February 1994	2.41	2.41	4.25
March 1994	2.57	2.45	4.37
April 1994	2.70	2.34	4.46
May 1994	2.79	2.52	4.52
June 1994	2.83	2.54	4.55
July 1994	2.82	2.52	4.56
August 1994	2.79	2.50	4.55
September 1994	2.74	2.30	4.50
October 1994	2.68	2.17	4.38
November 1994	2.60	1.89	4.19
December 1994	2.52	1.82	3.95
January 1995	2.43	1.79	3.70
February 1995	2.32	1.84	3.46
March 1995	2.20	1.85	3.28
April 1995	2.06	2.06	3.15
May 1995	1.91	1.99	3.03
June 1995	1.78	1.91	2.92
July 1995	1.70	2.09	2.83
August 1995	1.69	2.21	2.79
September 1995	1.72	2.35	2.81
October 1995	1.77	2.34	2.88
November 1995	1.79	2.42	2.99
December 1995	1.79	2.41	3.11
January 1996	1.80	2.48	3.26
February 1996	1.87	2.68	3.42
March 1996	1.99	2.93	3.40
April 1996	2.14	2.97	3.37
May 1996	2.29	2.94	3.32
June 1996	2.39	3.01	3.25
July 1996	2.43	2.84	3.16
August 1996	2.43	2.69	3.06
September 1996	2.40	2.65	2.95
October 1996	2.37	2.67	2.85
November 1996	2.39	2.70	2.76
December 1996	2.47	2.78	2.68
January 1997	2.56	2.78	2.59
February 1997	2.64	2.77	2.49
March 1997	2.68	2.74	2.58
April 1997	2.70	2.70	2.69
May 1997	2.73	2.82	2.82
June 1997	2.79	3.05	2.96
July 1997	2.87	3.24	3.07
August 1997	3.00	3.49	3.16
September 1997	3.17	3.74	3.23
October 1997	3.42	4.03	3.32
November 1997	3.71	4.33	3.45
December 1997	4.01	4.64	3.64
January 1998	4.29	4.94	3.84
February 1998	4.54	5.52	4.03
March 1998	4.79	5.86	4.17
April 1998	5.04	6.08	4.25
May 1998	5.31	6.15	4.30
June 1998	5.59	6.21	4.37
July 1998	5.86	6.39	4.48
August 1998	6.09	6.59	4.64
September 1998	6.27	6.77	4.79
October 1998	6.37	6.97	4.89
November 1998	6.42	7.18	4.91
December 1998	6.42	7.18	4.87
January 1999	6.43	7.22	4.84
February 1999	6.46	6.80	4.86
March 1999	6.53	6.71	4.96
April 1999	6.62	6.85	5.12
May 1999	6.72	7.16	5.31
June 1999	6.83	7.38	5.49
July 1999	6.95	7.46	5.62
August 1999	7.09	7.55	5.70
September 1999	7.24	7.59	5.76
October 1999	7.38	7.64	5.86
November 1999	7.53	7.60	6.03
December 1999	7.71	7.86	6.23
January 2000	7.93	7.98	6.42
February 2000	8.17	8.40	6.13
March 2000	8.40	8.84	5.85
April 2000	8.60	9.19	5.79
May 2000	8.72	9.36	5.79
June 2000	8.77	9.46	5.82
July 2000	8.79	9.56	5.91
August 2000	8.81	9.64	6.06
September 2000	8.89	9.69	6.24
October 2000	9.01	9.77	6.40
November 2000	9.15	9.87	6.53
December 2000	9.22	9.81	6.62
January 2001	9.18	9.82	6.63
February 2001	9.03	9.90	7.00
March 2001	8.80	9.74	7.30
April 2001	8.54	9.43	7.38
May 2001	8.32	9.11	7.43
June 2001	8.16	8.87	7.46
July 2001	8.03	8.82	7.46
August 2001	7.87	8.66	7.45
September 2001	7.64	8.59	7.41
October 2001	7.35	8.44	7.37
November 2001	7.05	8.26	7.28
December 2001	6.80	7.93	7.16
January 2002	6.68	7.65	7.03
February 2002	6.70	7.45	6.96
March 2002	6.88	7.33	6.91
April 2002	7.17	7.44	6.86
May 2002	7.53	7.83	6.82
June 2002	7.88	8.22	6.82
July 2002	8.20	8.53	6.85
August 2002	8.49	8.84	6.91
September 2002	8.77	8.91	6.96
October 2002	9.06	8.92	7.02
November 2002	9.34	9.04	7.09
December 2002	9.57	9.33	7.17
January 2003	9.70	9.60	7.26
February 2003	9.70	9.56	7.35
March 2003	9.57	9.54	7.42
April 2003	9.34	9.45	7.50
May 2003	9.10	9.27	7.59
June 2003	8.94	9.06	7.65
July 2003	8.93	8.92	7.69
August 2003	9.03	9.05	7.72
September 2003	9.20	9.43	7.79
October 2003	9.40	9.90	7.86
November 2003	9.61	10.32	7.92
December 2003	9.88	10.76	7.94
January 2004	10.26	11.25	8.00
February 2004	10.76	11.69	8.13
March 2004	11.34	12.26	8.33
April 2004	11.94	12.93	8.56
May 2004	12.48	13.52	8.84
June 2004	12.87	14.24	9.18
July 2004	13.10	14.60	9.55
August 2004	13.20	14.64	9.89
September 2004	13.25	14.80	10.16
October 2004	13.33	15.00	10.38
November 2004	13.48	15.17	10.59
December 2004	13.64	15.35	10.82
January 2005	13.80	15.46	11.06
February 2005	13.94	15.80	11.26
March 2005	14.06	16.15	11.42
April 2005	14.17	16.34	11.60
May 2005	14.24	16.28	11.74
June 2005	14.30	16.15	11.83
July 2005	14.36	15.93	11.86
August 2005	14.42	16.01	11.88
September 2005	14.42	16.22	11.89
October 2005	14.30	15.90	11.89
November 2005	14.02	15.52	11.87
December 2005	13.56	15.09	11.76
January 2006	12.90	14.61	11.57
February 2006	12.08	13.87	11.32
March 2006	11.09	12.60	11.04
April 2006	9.94	11.09	10.70
May 2006	8.67	9.45	10.29
June 2006	7.35	7.55	9.76
July 2006	6.04	5.80	9.10
August 2006	4.81	4.34	8.34
September 2006	3.75	3.15	7.48
October 2006	2.89	2.25	6.63
November 2006	2.20	1.32	5.81
December 2006	1.66	0.37	5.06
January 2007	1.19	-0.39	4.39
February 2007	0.68	-1.17	3.79
March 2007	0.10	-2.42	3.18
April 2007	-0.54	-3.31	2.53
May 2007	-1.18	-4.12	1.84
June 2007	-1.75	-4.66	1.15
July 2007	-2.22	-5.10	0.48
August 2007	-2.66	-5.74	-0.13
September 2007	-3.17	-6.62	-0.68
October 2007	-3.80	-7.64	-1.18
November 2007	-4.54	-8.73	-1.69
December 2007	-5.34	-9.62	-2.19
January 2008	-6.13	-10.58	-2.73
February 2008	-6.84	-11.71	-3.32
March 2008	-7.43	-12.29	-3.97
April 2008	-7.89	-12.96	-4.68
May 2008	-8.22	-13.38	-5.36
June 2008	-8.49	-13.70	-6.00
July 2008	-8.82	-14.05	-6.59
August 2008	-9.23	-14.48	-7.23
September 2008	-9.75	-15.16	-7.83
October 2008	-10.38	-15.81	-8.39
November 2008	-11.09	-16.26	-8.87
December 2008	-11.76	-16.86	-9.33
January 2009	-12.26	-17.11	-9.71
February 2009	-12.51	-16.75	-9.91
March 2009	-12.42	-15.99	-9.99
April 2009	-12.00	-14.82	-9.98
May 2009	-11.31	-13.43	-9.95
June 2009	-10.44	-11.96	-9.85
July 2009	-9.52	-10.38	-9.64
August 2009	-8.60	-9.05	-9.30
September 2009	-7.59	-7.63	-8.89
October 2009	-6.42	-5.83	-8.41
November 2009	-5.11	-3.78	-7.76
December 2009	-3.79	-2.05	-6.97
January 2010	-2.66	-1.04	-6.12
February 2010	-1.81	-1.12	-5.39
March 2010	-1.26	-0.06	-4.67
April 2010	-1.04	0.89	-3.93
May 2010	-1.20	0.80	-3.19
June 2010	-1.68	0.30	-2.60
July 2010	-2.31	-0.45	-2.29
August 2010	-2.89	-1.46	-2.17
September 2010	-3.34	-2.16	-2.21
October 2010	-3.62	-2.67	-2.36
November 2010	-3.79	-3.35	-2.71
December 2010	-3.94	-3.54	-3.16
January 2011	-4.09	-3.48	-3.64
February 2011	-4.26	-3.38	-4.08
March 2011	-4.42	-4.32	-4.54
April 2011	-4.50	-4.65	-5.07
May 2011	-4.39	-4.61	-5.61
June 2011	-4.08	-4.10	-6.02
July 2011	-3.67	-3.19	-6.15
August 2011	-3.30	-2.36	-6.06
September 2011	-3.14	-1.61	-5.82
October 2011	-3.24	-1.26	-5.55
November 2011	-3.45	-1.13	-5.23
December 2011	-3.51	-0.87	-4.91
January 2012	-3.26	-0.45	-4.53
February 2012	-2.63	0.47	-4.07
March 2012	-1.77	1.73	-3.48
April 2012	-0.84	2.39	-2.78
May 2012	0.01	3.21	-1.99
June 2012	0.76	3.78	-1.15
July 2012	1.47	4.16	-0.35
August 2012	2.23	4.83	0.33
September 2012	3.15	5.43	1.00
October 2012	4.23	6.11	1.71
November 2012	5.34	7.11	2.44
December 2012	6.38	7.85	3.16
January 2013	7.26	8.51	3.86
February 2013	7.94	9.14	4.46
March 2013	8.45	9.61	4.94
April 2013	8.87	9.61	5.38
May 2013	9.24	9.68	5.86
June 2013	9.62	9.57	6.38
July 2013	10.02	9.64	6.78
August 2013	10.42	9.92	7.21
September 2013	10.69	10.16	7.53
October 2013	10.80	10.27	7.89
November 2013	10.77	10.12	8.03
December 2013	10.58	9.89	8.09
January 2014	10.20	9.66	8.01
February 2014	9.60	9.45	7.92
March 2014	8.81	8.59	7.81
April 2014	7.95	7.70	7.64
May 2014	7.14	7.00	7.44
June 2014	6.45	6.53	7.09
July 2014	5.86	5.98	6.81
August 2014	5.35	5.68	6.44
September 2014	4.94	5.32	6.12
October 2014	4.64	5.18	5.60
November 2014	4.42	5.02	5.30
December 2014	4.23	4.89	5.12
January 2015	4.09	4.79	5.10
February 2015	4.05	4.73	5.04
March 2015	4.11	4.86	4.99
April 2015	4.26	5.02	4.97
May 2015	4.43	5.22	4.94
June 2015	4.56	5.39	4.95
July 2015	4.65	5.35	4.99
August 2015	4.73	5.36	5.17
September 2015	4.80	5.49	5.43
October 2015	4.87	5.40	5.84
November 2015	4.91	5.38	6.11
December 2015	4.92	5.43	6.31
January 2016	4.92	5.50	6.46
February 2016	4.93	5.38	6.61
March 2016	4.96	5.37	6.60
April 2016	5.00	5.45	6.51
May 2016	5.03	5.42	6.37
June 2016	5.06	5.33	6.34
July 2016	5.10	5.40	6.18
August 2016	5.13	5.37	5.97
September 2016	5.13	5.30	5.73
October 2016	5.14	5.33	5.57
November 2016	5.17	5.38	5.52
December 2016	5.24	5.40	5.51
January 2017	5.34	5.40	5.46
February 2017	5.44	5.49	5.43
March 2017	5.53	5.54	5.57
April 2017	5.61	5.56	5.81
May 2017	5.70	5.67	5.97
June 2017	5.78	5.84	6.00
July 2017	5.86	5.92	6.07
August 2017	5.92	6.00	6.18
September 2017	5.97	5.98	6.27
October 2017	6.02	5.98	6.33
November 2017	6.10	6.03	6.37
December 2017	6.20	6.01	6.42
January 2018	6.30	5.94	6.45
February 2018	6.36	6.12	6.44
March 2018	6.38	6.24	6.51
April 2018	6.34	6.21	6.46
May 2018	6.27	6.15	6.47
June 2018	6.16	5.95	6.35
July 2018	5.98	5.81	6.43
August 2018	5.76	5.60	6.47
September 2018	5.51	5.38	6.50
October 2018	5.22	5.18	6.30
November 2018	4.89	4.89	6.07
December 2018	4.52	4.63	5.83
January 2019	4.15	4.43	5.68
February 2019	3.83	4.16	5.62
March 2019	3.60	3.79	5.50
April 2019	3.44	3.68	5.38
May 2019	3.31	3.67	5.16
June 2019	3.22	3.63	5.06
July 2019	3.15	3.59	4.82
August 2019	3.12	3.72	4.64
September 2019	3.17	3.83	4.41
October 2019	3.30	3.96	4.44
November 2019	3.51	4.19	4.61
December 2019	3.80	4.47	4.85
January 2020	4.11	4.71	5.06
February 2020	4.35	4.97	5.19
March 2020	4.42	5.16	5.32
April 2020	4.36	5.02	5.41
May 2020	4.30	4.76	5.37
June 2020	4.45	4.96	5.24
July 2020	4.97	5.60	5.24
August 2020	5.89	6.30	5.60
September 2020	7.10	7.14	6.49
October 2020	8.38	8.00	7.51
November 2020	9.57	8.80	8.57
December 2020	10.59	9.53	9.49
January 2021	11.50	10.02	10.28
February 2021	12.44	10.64	11.10
March 2021	13.61	11.41	11.96
April 2021	15.07	12.72	13.05
May 2021	16.69	14.43	14.57
June 2021	18.20	15.80	16.38
July 2021	19.25	16.51	17.85
August 2021	19.69	16.91	18.36
September 2021	19.60	17.05	17.84
October 2021	19.32	17.04	17.03
November 2021	19.18	17.17	16.31
December 2021	19.35	17.36	15.88
January 2022	19.86	17.59	15.96
February 2022	20.44	18.37	16.32
March 2022	20.71	19.02	16.94
April 2022	20.36	19.04	17.40
May 2022	19.25	18.59	17.42
June 2022	17.45	16.92	16.98
July 2022	15.24	14.81	16.03
August 2022	13.01	12.83	14.91
September 2022	10.97	11.22	13.75
October 2022	9.18	10.10	12.63
November 2022	7.50	8.76	11.35
December 2022	5.80	7.13	9.91
January 2023	4.01	5.88	7.99
February 2023	2.30	4.91	5.93
March 2023	0.93	3.53	3.89
April 2023	0.07	2.33	2.24
May 2023	-0.17	1.70	1.04
June 2023	0.23	1.73	0.24
July 2023	1.18	2.58	0.04
August 2023	2.41	3.70	0.40
September 2023	3.63	4.52	1.13
October 2023	4.59	4.77	1.75
November 2023	5.23	5.17	2.24
December 2023	5.65	5.53	2.64
January 2024	ND	ND	3.13

Note: CoreLogic and S&P/Case-Shiller data extend through December 2023.

Source: CoreLogic, Inc., Home Price Index; Zillow, Inc., Real Estate Data; S&P/Case-Shiller U.S. National Home Price Index. The S&P/Case-Shiller index is a product of S&P Dow Jones Indices LLC and/or its affiliates. (For Dow Jones Indices licensing information, see the note on the Contents page.)

Return to text

Figure D. New and existing home sales

Millions, annual rate

Period	Existing home sales	New home sales
January 2006	5.86	1.17
February 2006	5.98	1.06
March 2006	5.99	1.12
April 2006	5.87	1.12
May 2006	5.75	1.09
June 2006	5.70	1.07
July 2006	5.53	0.97
August 2006	5.56	1.04
September 2006	5.51	1.02
October 2006	5.59	0.94
November 2006	5.56	1.00
December 2006	5.62	1.00
January 2007	5.02	0.89
February 2007	5.08	0.83
March 2007	4.78	0.83
April 2007	4.62	0.89
May 2007	4.59	0.84
June 2007	4.49	0.79
July 2007	4.44	0.78
August 2007	4.28	0.70
September 2007	3.99	0.69
October 2007	3.91	0.73
November 2007	3.94	0.64
December 2007	3.88	0.62
January 2008	3.71	0.63
February 2008	3.64	0.59
March 2008	3.70	0.54
April 2008	3.66	0.54
May 2008	3.68	0.50
June 2008	3.63	0.49
July 2008	3.69	0.48
August 2008	3.74	0.44
September 2008	3.80	0.43
October 2008	3.63	0.39
November 2008	3.39	0.39
December 2008	3.59	0.38
January 2009	3.46	0.34
February 2009	3.57	0.37
March 2009	3.48	0.34
April 2009	3.51	0.34
May 2009	3.58	0.38
June 2009	3.66	0.39
July 2009	3.89	0.41
August 2009	3.96	0.42
September 2009	4.12	0.39
October 2009	4.46	0.40
November 2009	4.83	0.38
December 2009	3.90	0.35
January 2010	3.70	0.35
February 2010	3.74	0.34
March 2010	3.99	0.38
April 2010	4.28	0.42
May 2010	4.34	0.28
June 2010	3.95	0.31
July 2010	3.06	0.28
August 2010	3.25	0.28
September 2010	3.42	0.32
October 2010	3.40	0.29
November 2010	3.56	0.29
December 2010	3.77	0.33
January 2011	3.87	0.31
February 2011	3.67	0.27
March 2011	3.75	0.30
April 2011	3.69	0.31
May 2011	3.66	0.31
June 2011	3.76	0.30
July 2011	3.71	0.30
August 2011	3.88	0.30
September 2011	3.84	0.30
October 2011	3.87	0.32
November 2011	3.93	0.33
December 2011	3.87	0.34
January 2012	3.97	0.34
February 2012	4.07	0.37
March 2012	4.02	0.35
April 2012	4.08	0.35
May 2012	4.09	0.37
June 2012	3.98	0.36
July 2012	4.02	0.37
August 2012	4.21	0.38
September 2012	4.15	0.39
October 2012	4.23	0.36
November 2012	4.36	0.39
December 2012	4.32	0.40
January 2013	4.42	0.45
February 2013	4.44	0.45
March 2013	4.46	0.44
April 2013	4.50	0.44
May 2013	4.55	0.43
June 2013	4.51	0.47
July 2013	4.64	0.38
August 2013	4.62	0.38
September 2013	4.53	0.40
October 2013	4.42	0.44
November 2013	4.32	0.45
December 2013	4.29	0.43
January 2014	4.17	0.44
February 2014	4.19	0.42
March 2014	4.18	0.41
April 2014	4.20	0.40
May 2014	4.31	0.45
June 2014	4.35	0.42
July 2014	4.39	0.40
August 2014	4.40	0.46
September 2014	4.41	0.47
October 2014	4.50	0.48
November 2014	4.39	0.44
December 2014	4.50	0.50
January 2015	4.36	0.52
February 2015	4.50	0.54
March 2015	4.63	0.48
April 2015	4.57	0.50
May 2015	4.65	0.50
June 2015	4.73	0.48
July 2015	4.81	0.51
August 2015	4.74	0.52
September 2015	4.80	0.46
October 2015	4.68	0.48
November 2015	4.20	0.50
December 2015	4.81	0.55
January 2016	4.82	0.51
February 2016	4.66	0.52
March 2016	4.73	0.53
April 2016	4.86	0.58
May 2016	4.82	0.57
June 2016	4.85	0.56
July 2016	4.77	0.63
August 2016	4.78	0.58
September 2016	4.85	0.56
October 2016	4.94	0.58
November 2016	4.88	0.57
December 2016	4.90	0.56
January 2017	5.04	0.57
February 2017	4.84	0.59
March 2017	4.98	0.63
April 2017	4.94	0.60
May 2017	4.95	0.64
June 2017	4.87	0.62
July 2017	4.85	0.57
August 2017	4.77	0.56
September 2017	4.84	0.64
October 2017	4.84	0.63
November 2017	4.98	0.71
December 2017	4.95	0.63
January 2018	4.80	0.59
February 2018	4.88	0.62
March 2018	4.91	0.68
April 2018	4.84	0.64
May 2018	4.82	0.66
June 2018	4.83	0.64
July 2018	4.78	0.63
August 2018	4.71	0.59
September 2018	4.62	0.60
October 2018	4.57	0.55
November 2018	4.60	0.63
December 2018	4.47	0.55
January 2019	4.41	0.59
February 2019	4.73	0.64
March 2019	4.69	0.71
April 2019	4.74	0.70
May 2019	4.87	0.60
June 2019	4.81	0.76
July 2019	4.85	0.67
August 2019	4.88	0.72
September 2019	4.73	0.72
October 2019	4.71	0.72
November 2019	4.69	0.71
December 2019	4.84	0.69
January 2020	4.77	0.69
February 2020	5.04	0.70
March 2020	4.79	0.61
April 2020	4.07	0.57
May 2020	3.74	0.70
June 2020	4.41	0.94
July 2020	5.37	1.02
August 2020	5.40	1.03
September 2020	5.68	0.99
October 2020	5.85	1.03
November 2020	5.76	0.86
December 2020	5.80	0.87
January 2021	5.86	0.90
February 2021	5.42	0.77
March 2021	5.26	0.85
April 2021	5.22	0.81
May 2021	5.17	0.72
June 2021	5.26	0.72
July 2021	5.36	0.76
August 2021	5.30	0.69
September 2021	5.48	0.74
October 2021	5.54	0.68
November 2021	5.72	0.77
December 2021	5.51	0.83
January 2022	5.70	0.81
February 2022	5.23	0.77
March 2022	5.00	0.71
April 2022	4.92	0.61
May 2022	4.76	0.64
June 2022	4.55	0.56
July 2022	4.34	0.54
August 2022	4.24	0.64
September 2022	4.22	0.57
October 2022	4.01	0.58
November 2022	3.74	0.58
December 2022	3.69	0.64
January 2023	3.65	0.65
February 2023	4.08	0.63
March 2023	3.91	0.64
April 2023	3.79	0.68
May 2023	3.79	0.71
June 2023	3.68	0.68
July 2023	3.62	0.73
August 2023	3.60	0.65
September 2023	3.55	0.70
October 2023	3.44	0.67
November 2023	3.50	0.61
December 2023	3.48	0.65
January 2024	3.60	0.66

Note: The data are monthly. New and existing home sales include only single-family sales.

Source: For new home sales, U.S. Census Bureau; for existing home sales, National Association of Realtors; all via Haver Analytics.

Return to text

Figure E. Distribution of interest rates on outstanding mortgages

Monthly, Percent

Period	Below 4 percent	Below 5 percent	Below 6 percent
January 2010	3.56	21.37	62.69
February 2010	3.80	21.89	63.13
March 2010	4.06	22.48	63.62
April 2010	4.39	23.14	64.12
May 2010	4.67	23.80	64.85
June 2010	5.04	24.58	65.47
July 2010	5.33	25.60	66.15
August 2010	5.63	26.75	66.72
September 2010	6.00	28.02	67.16
October 2010	6.50	29.55	67.84
November 2010	6.99	30.81	68.34
December 2010	7.66	32.50	69.02
January 2011	8.12	33.94	69.60
February 2011	8.39	34.79	70.04
March 2011	8.65	35.53	70.57
April 2011	8.84	36.26	71.22
May 2011	9.08	36.85	71.54
June 2011	9.30	37.61	72.01
July 2011	9.58	38.49	72.51
August 2011	9.91	39.34	72.92
September 2011	10.34	40.22	73.29
October 2011	10.87	41.11	73.70
November 2011	11.62	42.22	74.26
December 2011	12.43	43.45	74.97
January 2012	13.09	44.02	74.95
February 2012	13.87	44.86	75.23
March 2012	14.80	45.76	75.54
April 2012	15.63	46.68	75.90
May 2012	16.48	47.73	76.38
June 2012	17.48	48.79	76.86
July 2012	18.62	49.73	77.22
August 2012	19.83	50.74	77.63
September 2012	21.05	51.82	78.18
October 2012	22.27	52.75	78.52
November 2012	23.49	53.66	78.90
December 2012	24.79	54.63	79.30
January 2013	26.28	55.69	79.74
February 2013	27.48	56.53	80.06
March 2013	28.93	57.78	80.58
April 2013	30.01	58.29	80.56
May 2013	31.25	59.25	80.99
June 2013	32.56	60.35	81.52
July 2013	33.49	61.00	81.67
August 2013	34.15	61.77	81.96
September 2013	34.44	62.39	82.29
October 2013	34.68	63.02	82.65
November 2013	34.80	63.49	82.97
December 2013	35.14	64.15	83.35
January 2014	35.32	64.66	83.63
February 2014	35.38	64.96	83.80
March 2014	35.44	65.24	83.92
April 2014	35.52	65.64	84.13
May 2014	35.54	65.94	84.25
June 2014	35.61	66.27	84.42
July 2014	35.69	66.65	84.61
August 2014	35.88	67.12	84.85
September 2014	36.02	67.48	85.02
October 2014	35.90	67.54	84.93
November 2014	36.17	68.06	85.23
December 2014	36.35	68.34	85.33
January 2015	36.56	68.66	85.48
February 2015	36.88	68.94	85.59
March 2015	37.27	69.13	85.62
April 2015	37.83	69.57	85.76
May 2015	38.27	69.94	85.92
June 2015	38.70	70.29	86.07
July 2015	39.41	71.06	86.15
August 2015	39.65	71.45	86.34
September 2015	39.92	71.87	86.52
October 2015	40.36	72.25	86.66
November 2015	40.61	72.56	86.82
December 2015	40.88	72.85	86.94
January 2016	41.14	73.21	87.12
February 2016	41.30	73.46	87.21
March 2016	41.59	73.72	87.33
April 2016	42.01	74.06	87.49
May 2016	42.41	74.36	87.63
June 2016	42.92	74.71	87.80
July 2016	43.40	75.07	87.98
August 2016	44.04	75.43	88.15
September 2016	44.89	75.97	88.41
October 2016	46.20	77.33	89.07
November 2016	46.98	77.79	89.29
December 2016	47.55	78.15	89.45
January 2017	47.72	78.43	89.57
February 2017	47.79	78.73	89.72
March 2017	47.77	78.98	89.83
April 2017	47.83	79.35	90.05
May 2017	47.67	79.58	90.16
June 2017	47.69	79.89	90.32
July 2017	47.81	80.22	90.48
August 2017	47.96	80.60	90.71
September 2017	48.14	80.95	90.88
October 2017	48.29	81.19	90.97
November 2017	48.30	81.25	90.93
December 2017	48.22	81.42	90.86
January 2018	48.07	81.52	90.89
February 2018	47.80	81.43	90.71
March 2018	47.42	81.51	90.76
April 2018	46.95	81.51	90.79
May 2018	46.51	81.53	90.88
June 2018	46.02	81.59	91.02
July 2018	45.46	81.53	91.09
August 2018	44.92	81.45	91.16
September 2018	44.60	81.48	91.31
October 2018	44.07	81.24	91.33
November 2018	43.72	81.07	91.47
December 2018	43.49	81.00	91.74
January 2019	43.50	81.08	92.04
February 2019	43.31	80.96	92.02
March 2019	42.88	80.65	91.85
April 2019	42.70	80.61	91.92
May 2019	42.63	80.71	92.01
June 2019	42.61	80.91	92.16
July 2019	42.76	81.05	92.20
August 2019	43.11	81.38	92.32
September 2019	43.63	81.71	92.42
October 2019	44.33	82.13	92.54
November 2019	45.14	82.77	92.81
December 2019	45.83	83.36	93.09
January 2020	46.58	83.87	93.30
February 2020	47.09	84.21	93.43
March 2020	47.91	84.76	93.81
April 2020	49.17	85.11	93.85
May 2020	50.16	85.33	93.90
June 2020	51.38	85.61	93.99
July 2020	52.57	85.87	94.06
August 2020	53.73	86.11	94.13
September 2020	54.88	86.27	94.15
October 2020	56.12	86.49	94.22
November 2020	57.33	86.76	94.33
December 2020	58.47	86.95	94.40
January 2021	59.53	87.18	94.49
February 2021	60.60	87.45	94.60
March 2021	61.70	87.60	94.63
April 2021	62.68	87.84	94.72
May 2021	63.75	88.16	94.86
June 2021	64.67	88.39	94.94
July 2021	65.52	88.62	95.02
August 2021	66.41	88.85	95.11
September 2021	67.20	89.06	95.19
October 2021	68.33	89.44	95.36
November 2021	69.03	89.62	95.43
December 2021	69.73	89.84	95.53
January 2022	70.34	90.04	95.61
February 2022	70.87	90.26	95.71
March 2022	71.05	90.41	95.76
April 2022	70.89	90.50	95.82
May 2022	70.48	90.38	95.87
June 2022	69.88	89.96	95.86
July 2022	69.34	89.52	95.84
August 2022	68.64	89.01	95.76
September 2022	68.13	88.63	95.70
October 2022	67.65	88.18	95.55
November 2022	67.21	87.69	95.20
December 2022	66.89	87.27	94.85
January 2023	66.54	86.84	94.55
February 2023	66.29	86.50	94.36
March 2023	65.83	85.92	94.00
April 2023	65.50	85.45	93.65
May 2023	65.03	84.84	93.23
June 2023	64.45	84.09	92.75
July 2023	64.17	83.54	92.25
August 2023	63.91	82.97	91.68
September 2023	63.98	82.63	91.14
October 2023	63.41	81.93	90.43
November 2023	63.17	81.53	89.97

Note: The data extend through November 2023. The sample only includes outstanding mortgages current on their payments.

Source: Black Knight McDash.

Return to text

Figure F. Private housing starts and permits

Monthly, Millions of units, annual rate

Period	Multifamily starts	Single-family starts	Single-family permits
January 2007	0.28	1.13	1.17
February 2007	0.29	1.19	1.14
March 2007	0.29	1.20	1.15
April 2007	0.29	1.20	1.06
May 2007	0.29	1.13	1.04
June 2007	0.32	1.13	1.00
July 2007	0.31	1.04	0.98
August 2007	0.37	0.96	0.92
September 2007	0.25	0.94	0.86
October 2007	0.39	0.88	0.82
November 2007	0.36	0.83	0.80
December 2007	0.23	0.81	0.74
January 2008	0.31	0.77	0.71
February 2008	0.38	0.72	0.66
March 2008	0.28	0.73	0.64
April 2008	0.33	0.68	0.66
May 2008	0.29	0.68	0.63
June 2008	0.40	0.65	0.61
July 2008	0.31	0.62	0.57
August 2008	0.24	0.61	0.54
September 2008	0.28	0.54	0.53
October 2008	0.24	0.54	0.47
November 2008	0.19	0.46	0.42
December 2008	0.16	0.40	0.36
January 2009	0.13	0.36	0.34
February 2009	0.22	0.36	0.38
March 2009	0.15	0.35	0.36
April 2009	0.09	0.39	0.39
May 2009	0.13	0.41	0.43
June 2009	0.10	0.48	0.46
July 2009	0.09	0.51	0.49
August 2009	0.10	0.49	0.49
September 2009	0.08	0.51	0.48
October 2009	0.06	0.48	0.47
November 2009	0.09	0.50	0.48
December 2009	0.10	0.48	0.51
January 2010	0.10	0.51	0.50
February 2010	0.08	0.53	0.51
March 2010	0.09	0.54	0.54
April 2010	0.12	0.57	0.48
May 2010	0.13	0.46	0.44
June 2010	0.09	0.45	0.43
July 2010	0.12	0.43	0.41
August 2010	0.18	0.42	0.40
September 2010	0.15	0.45	0.40
October 2010	0.11	0.44	0.41
November 2010	0.09	0.45	0.42
December 2010	0.11	0.43	0.45
January 2011	0.20	0.43	0.42
February 2011	0.13	0.39	0.38
March 2011	0.17	0.43	0.40
April 2011	0.14	0.42	0.40
May 2011	0.15	0.41	0.41
June 2011	0.17	0.44	0.41
July 2011	0.19	0.43	0.42
August 2011	0.16	0.42	0.43
September 2011	0.23	0.42	0.43
October 2011	0.17	0.44	0.44
November 2011	0.25	0.47	0.45
December 2011	0.17	0.52	0.46
January 2012	0.21	0.52	0.46
February 2012	0.24	0.47	0.49
March 2012	0.22	0.47	0.48
April 2012	0.25	0.50	0.49
May 2012	0.19	0.52	0.49
June 2012	0.23	0.52	0.50
July 2012	0.22	0.52	0.52
August 2012	0.22	0.54	0.52
September 2012	0.25	0.59	0.56
October 2012	0.30	0.61	0.57
November 2012	0.26	0.57	0.57
December 2012	0.36	0.62	0.58
January 2013	0.28	0.60	0.59
February 2013	0.31	0.65	0.61
March 2013	0.39	0.62	0.61
April 2013	0.25	0.59	0.62
May 2013	0.32	0.61	0.62
June 2013	0.23	0.61	0.63
July 2013	0.29	0.59	0.62
August 2013	0.29	0.63	0.64
September 2013	0.27	0.58	0.63
October 2013	0.33	0.60	0.62
November 2013	0.40	0.70	0.64
December 2013	0.36	0.65	0.60
January 2014	0.32	0.57	0.62
February 2014	0.35	0.59	0.61
March 2014	0.32	0.65	0.62
April 2014	0.40	0.65	0.62
May 2014	0.36	0.65	0.63
June 2014	0.31	0.60	0.65
July 2014	0.43	0.66	0.65
August 2014	0.34	0.64	0.65
September 2014	0.36	0.66	0.66
October 2014	0.38	0.70	0.65
November 2014	0.34	0.66	0.66
December 2014	0.35	0.72	0.67
January 2015	0.38	0.70	0.66
February 2015	0.30	0.58	0.63
March 2015	0.33	0.63	0.66
April 2015	0.45	0.74	0.68
May 2015	0.37	0.71	0.70
June 2015	0.51	0.70	0.71
July 2015	0.39	0.76	0.70
August 2015	0.40	0.73	0.72
September 2015	0.48	0.75	0.71
October 2015	0.35	0.71	0.72
November 2015	0.40	0.77	0.73
December 2015	0.38	0.77	0.72
January 2016	0.34	0.75	0.72
February 2016	0.37	0.86	0.72
March 2016	0.36	0.75	0.74
April 2016	0.39	0.78	0.75
May 2016	0.40	0.75	0.75
June 2016	0.43	0.77	0.75
July 2016	0.47	0.77	0.72
August 2016	0.44	0.73	0.75
September 2016	0.29	0.78	0.75
October 2016	0.45	0.86	0.77
November 2016	0.32	0.82	0.77
December 2016	0.45	0.80	0.81
January 2017	0.41	0.79	0.79
February 2017	0.41	0.86	0.81
March 2017	0.35	0.84	0.82
April 2017	0.32	0.83	0.79
May 2017	0.33	0.83	0.80
June 2017	0.38	0.87	0.82
July 2017	0.37	0.84	0.82
August 2017	0.29	0.87	0.82
September 2017	0.34	0.84	0.83
October 2017	0.38	0.88	0.85
November 2017	0.35	0.92	0.86
December 2017	0.35	0.82	0.86
January 2018	0.43	0.87	0.85
February 2018	0.38	0.89	0.87
March 2018	0.44	0.88	0.85
April 2018	0.37	0.91	0.86
May 2018	0.39	0.97	0.86
June 2018	0.33	0.87	0.86
July 2018	0.34	0.87	0.89
August 2018	0.39	0.90	0.84
September 2018	0.38	0.88	0.86
October 2018	0.35	0.87	0.85
November 2018	0.40	0.78	0.85
December 2018	0.32	0.78	0.81
January 2019	0.31	0.93	0.80
February 2019	0.35	0.78	0.80
March 2019	0.36	0.83	0.81
April 2019	0.40	0.87	0.80
May 2019	0.45	0.86	0.83
June 2019	0.36	0.86	0.85
July 2019	0.35	0.90	0.86
August 2019	0.46	0.90	0.90
September 2019	0.38	0.92	0.91
October 2019	0.43	0.90	0.94
November 2019	0.44	0.91	0.95
December 2019	0.54	1.01	0.94
January 2020	0.60	0.97	0.97
February 2020	0.53	1.04	0.99
March 2020	0.39	0.88	0.87
April 2020	0.25	0.68	0.67
May 2020	0.30	0.75	0.75
June 2020	0.36	0.90	0.86
July 2020	0.52	1.01	1.01
August 2020	0.35	1.03	1.07
September 2020	0.35	1.12	1.14
October 2020	0.36	1.18	1.16
November 2020	0.37	1.17	1.17
December 2020	0.35	1.31	1.24
January 2021	0.49	1.12	1.24
February 2021	0.37	1.05	1.12
March 2021	0.47	1.23	1.17
April 2021	0.44	1.04	1.13
May 2021	0.49	1.11	1.12
June 2021	0.49	1.17	1.08
July 2021	0.46	1.14	1.06
August 2021	0.48	1.10	1.07
September 2021	0.47	1.09	1.06
October 2021	0.49	1.09	1.10
November 2021	0.48	1.23	1.14
December 2021	0.57	1.22	1.15
January 2022	0.51	1.16	1.24
February 2022	0.56	1.21	1.20
March 2022	0.53	1.18	1.14
April 2022	0.63	1.18	1.09
May 2022	0.48	1.07	1.03
June 2022	0.55	1.01	0.95
July 2022	0.47	0.90	0.92
August 2022	0.59	0.92	0.89
September 2022	0.58	0.89	0.87
October 2022	0.57	0.86	0.85
November 2022	0.62	0.80	0.80
December 2022	0.47	0.89	0.75
January 2023	0.52	0.82	0.75
February 2023	0.60	0.84	0.80
March 2023	0.54	0.84	0.83
April 2023	0.50	0.85	0.86
May 2023	0.57	1.01	0.90
June 2023	0.49	0.93	0.92
July 2023	0.46	0.99	0.93
August 2023	0.36	0.95	0.95
September 2023	0.39	0.97	0.96
October 2023	0.40	0.97	0.97
November 2023	0.39	1.13	0.98
December 2023	0.51	1.05	1.00
January 2024	0.33	1.00	1.02

Source: U.S. Census Bureau via Haver Analytics.

Return to text

Figure 23. Change in real business fixed investment

Annual
Percent, annual rate

Period	Structures	Equipment and intangible capital
2016	3.68	3.16
2017	-0.37	7.36
2018	3.48	6.16
2019	6.41	2.22
2020	-14.85	-0.31
2021	-0.93	6.49
2022	0.83	6.82

Note: Business fixed investment is known as "private nonresidential fixed investment" in the national income and product accounts. The key identifies bars in order from left to right. Equipment and intangible capital investment was little changed in 2023:H2.

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 24. Change in real imports and exports of goods and services

Annual
Percent, annual rate

Period	Imports	Exports
2016	2.19	1.36
2017	5.78	6.06
2018	3.02	0.35
2019	-1.89	0.85
2020	0.12	-9.73
2021	11.06	6.71
2022	2.13	4.28

Source: Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 25. Federal receipts and expenditures

Annual
Percent of nominal GDP

Period	Expenditures	Receipts
1997	18.95	18.69
1998	18.50	19.28
1999	17.95	19.28
2000	17.68	20.02
2001	17.70	18.92
2002	18.57	17.11
2003	19.15	15.80
2004	19.06	15.63
2005	19.25	16.77
2006	19.47	17.65
2007	19.07	17.95
2008	20.16	17.06
2009	24.31	14.55
2010	23.23	14.53
2011	23.30	14.89
2012	21.89	15.21
2013	20.70	16.63
2014	20.12	17.34
2015	20.32	17.89
2016	20.67	17.53
2017	20.55	17.12
2018	20.11	16.29
2019	20.90	16.28
2020	30.78	16.07
2021	29.75	17.64
2022	24.79	19.35
2023	22.74	16.46

Note: The receipts and expenditures data are on a unified-budget basis and are for fiscal years (October through September); gross domestic product (GDP) data are on a 4-quarter basis ending in Q3.

Source: Department of the Treasury, Financial Management Service; Office of Management and Budget and Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 26. Federal government debt and net interest outlays

Annual
Percent of nominal GDP

Period	Net interest outlays on federal debt
1948	1.61
1949	1.65
1950	1.67
1951	1.38
1952	1.30
1953	1.33
1954	1.24
1955	1.17
1956	1.15
1957	1.14
1958	1.18
1959	1.12
1960	1.29
1961	1.22
1962	1.16
1963	1.23
1964	1.22
1965	1.19
1966	1.18
1967	1.21
1968	1.21
1969	1.27
1970	1.36
1971	1.30
1972	1.24
1973	1.25
1974	1.42
1975	1.41
1976	1.46
1977	1.48
1978	1.56
1979	1.66
1980	1.88
1981	2.19
1982	2.57
1983	2.54
1984	2.81
1985	3.04
1986	3.01
1987	2.91
1988	2.95
1989	3.04
1990	3.13
1991	3.19
1992	3.11
1993	2.93
1994	2.83
1995	3.07
1996	3.03
1997	2.89
1998	2.70
1999	2.42
2000	2.20
2001	1.96
2002	1.58
2003	1.36
2004	1.33
2005	1.43
2006	1.66
2007	1.66
2008	1.71
2009	1.29
2010	1.32
2011	1.49
2012	1.37
2013	1.32
2014	1.31
2015	1.23
2016	1.29
2017	1.36
2018	1.59
2019	1.76
2020	1.62
2021	1.54
2022	1.88
2023	2.44

Note: The data for net interest outlays are annual, begin in 1948, and extend through 2023. Net interest outlays are the cost of servicing the debt held by the public. Federal debt held by the public equals federal debt less Treasury securities held in federal employee defined-benefit retirement accounts, evaluated at the end of the quarter. The data for federal debt are annual from 1901 to 1951 and a 4-quarter moving average thereafter and extend through 2023:Q3. GDP is gross domestic product.

Source: For GDP, Bureau of Economic Analysis via Haver Analytics; for federal debt, Congressional Budget Office and Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

Quarterly
Percent of nominal GDP

Period	Debt held by the public
1901:Q1	ND
1901:Q2	ND
1901:Q3	ND
1901:Q4	5.70
1902:Q1	ND
1902:Q2	ND
1902:Q3	ND
1902:Q4	5.40
1903:Q1	ND
1903:Q2	ND
1903:Q3	ND
1903:Q4	5.00
1904:Q1	ND
1904:Q2	ND
1904:Q3	ND
1904:Q4	4.70
1905:Q1	ND
1905:Q2	ND
1905:Q3	ND
1905:Q4	4.30
1906:Q1	ND
1906:Q2	ND
1906:Q3	ND
1906:Q4	4.00
1907:Q1	ND
1907:Q2	ND
1907:Q3	ND
1907:Q4	4.00
1908:Q1	ND
1908:Q2	ND
1908:Q3	ND
1908:Q4	4.30
1909:Q1	ND
1909:Q2	ND
1909:Q3	ND
1909:Q4	3.80
1910:Q1	ND
1910:Q2	ND
1910:Q3	ND
1910:Q4	3.70
1911:Q1	ND
1911:Q2	ND
1911:Q3	ND
1911:Q4	3.60
1912:Q1	ND
1912:Q2	ND
1912:Q3	ND
1912:Q4	3.40
1913:Q1	ND
1913:Q2	ND
1913:Q3	ND
1913:Q4	3.20
1914:Q1	ND
1914:Q2	ND
1914:Q3	ND
1914:Q4	3.50
1915:Q1	ND
1915:Q2	ND
1915:Q3	ND
1915:Q4	3.30
1916:Q1	ND
1916:Q2	ND
1916:Q3	ND
1916:Q4	2.70
1917:Q1	ND
1917:Q2	ND
1917:Q3	ND
1917:Q4	13.30
1918:Q1	ND
1918:Q2	ND
1918:Q3	ND
1918:Q4	30.20
1919:Q1	ND
1919:Q2	ND
1919:Q3	ND
1919:Q4	33.40
1920:Q1	ND
1920:Q2	ND
1920:Q3	ND
1920:Q4	27.30
1921:Q1	ND
1921:Q2	ND
1921:Q3	ND
1921:Q4	31.60
1922:Q1	ND
1922:Q2	ND
1922:Q3	ND
1922:Q4	31.10
1923:Q1	ND
1923:Q2	ND
1923:Q3	ND
1923:Q4	25.20
1924:Q1	ND
1924:Q2	ND
1924:Q3	ND
1924:Q4	23.50
1925:Q1	ND
1925:Q2	ND
1925:Q3	ND
1925:Q4	21.60
1926:Q1	ND
1926:Q2	ND
1926:Q3	ND
1926:Q4	19.00
1927:Q1	ND
1927:Q2	ND
1927:Q3	ND
1927:Q4	18.00
1928:Q1	ND
1928:Q2	ND
1928:Q3	ND
1928:Q4	17.00
1929:Q1	ND
1929:Q2	ND
1929:Q3	ND
1929:Q4	14.80
1930:Q1	ND
1930:Q2	ND
1930:Q3	ND
1930:Q4	16.30
1931:Q1	ND
1931:Q2	ND
1931:Q3	ND
1931:Q4	22.00
1932:Q1	ND
1932:Q2	ND
1932:Q3	ND
1932:Q4	34.00
1933:Q1	ND
1933:Q2	ND
1933:Q3	ND
1933:Q4	38.60
1934:Q1	ND
1934:Q2	ND
1934:Q3	ND
1934:Q4	43.50
1935:Q1	ND
1935:Q2	ND
1935:Q3	ND
1935:Q4	42.30
1936:Q1	ND
1936:Q2	ND
1936:Q3	ND
1936:Q4	42.40
1937:Q1	ND
1937:Q2	ND
1937:Q3	ND
1937:Q4	39.60
1938:Q1	ND
1938:Q2	ND
1938:Q3	ND
1938:Q4	42.20
1939:Q1	ND
1939:Q2	ND
1939:Q3	ND
1939:Q4	42.40
1940:Q1	ND
1940:Q2	ND
1940:Q3	ND
1940:Q4	43.60
1941:Q1	ND
1941:Q2	ND
1941:Q3	ND
1941:Q4	41.50
1942:Q1	ND
1942:Q2	ND
1942:Q3	ND
1942:Q4	45.90
1943:Q1	ND
1943:Q2	ND
1943:Q3	ND
1943:Q4	69.20
1944:Q1	ND
1944:Q2	ND
1944:Q3	ND
1944:Q4	86.40
1945:Q1	ND
1945:Q2	ND
1945:Q3	ND
1945:Q4	103.90
1946:Q1	ND
1946:Q2	ND
1946:Q3	ND
1946:Q4	106.10
1947:Q1	ND
1947:Q2	ND
1947:Q3	ND
1947:Q4	85.01
1948:Q1	ND
1948:Q2	ND
1948:Q3	ND
1948:Q4	76.72
1949:Q1	ND
1949:Q2	ND
1949:Q3	ND
1949:Q4	80.43
1950:Q1	ND
1950:Q2	ND
1950:Q3	ND
1950:Q4	67.67
1951:Q1	ND
1951:Q2	ND
1951:Q3	ND
1951:Q4	60.66
1952:Q1	59.65
1952:Q2	59.30
1952:Q3	59.68
1952:Q4	59.05
1953:Q1	58.21
1953:Q2	57.30
1953:Q3	56.89
1953:Q4	57.15
1954:Q1	57.64
1954:Q2	58.19
1954:Q3	58.24
1954:Q4	57.88
1955:Q1	57.03
1955:Q2	55.89
1955:Q3	54.64
1955:Q4	53.36
1956:Q1	52.47
1956:Q2	51.47
1956:Q3	50.55
1956:Q4	49.56
1957:Q1	48.56
1957:Q2	47.68
1957:Q3	46.93
1957:Q4	46.43
1958:Q1	46.40
1958:Q2	46.75
1958:Q3	46.76
1958:Q4	46.62
1959:Q1	46.10
1959:Q2	45.31
1959:Q3	44.97
1959:Q4	44.65
1960:Q1	44.13
1960:Q2	43.79
1960:Q3	43.28
1960:Q4	42.93
1961:Q1	42.85
1961:Q2	42.65
1961:Q3	42.49
1961:Q4	42.03
1962:Q1	41.55
1962:Q2	41.16
1962:Q3	40.64
1962:Q4	40.37
1963:Q1	40.19
1963:Q2	39.97
1963:Q3	39.65
1963:Q4	39.14
1964:Q1	38.55
1964:Q2	37.92
1964:Q3	37.45
1964:Q4	37.06
1965:Q1	36.64
1965:Q2	36.11
1965:Q3	35.40
1965:Q4	34.56
1966:Q1	33.75
1966:Q2	32.99
1966:Q3	32.38
1966:Q4	31.87
1967:Q1	31.57
1967:Q2	31.21
1967:Q3	31.06
1967:Q4	31.00
1968:Q1	30.88
1968:Q2	30.73
1968:Q3	30.56
1968:Q4	30.19
1969:Q1	29.71
1969:Q2	29.11
1969:Q3	28.41
1969:Q4	27.83
1970:Q1	27.40
1970:Q2	27.15
1970:Q3	26.98
1970:Q4	26.94
1971:Q1	26.70
1971:Q2	26.62
1971:Q3	26.56
1971:Q4	26.50
1972:Q1	26.54
1972:Q2	26.35
1972:Q3	26.08
1972:Q4	25.65
1973:Q1	25.29
1973:Q2	24.96
1973:Q3	24.55
1973:Q4	24.03
1974:Q1	23.59
1974:Q2	23.18
1974:Q3	22.84
1974:Q4	22.57
1975:Q1	22.56
1975:Q2	22.92
1975:Q3	23.46
1975:Q4	24.17
1976:Q1	24.75
1976:Q2	25.23
1976:Q3	25.68
1976:Q4	26.02
1977:Q1	26.26
1977:Q2	26.26
1977:Q3	26.18
1977:Q4	26.13
1978:Q1	26.15
1978:Q2	26.06
1978:Q3	25.92
1978:Q4	25.63
1979:Q1	25.19
1979:Q2	24.89
1979:Q3	24.55
1979:Q4	24.31
1980:Q1	24.11
1980:Q2	24.15
1980:Q3	24.36
1980:Q4	24.48
1981:Q1	24.59
1981:Q2	24.56
1981:Q3	24.37
1981:Q4	24.47
1982:Q1	24.83
1982:Q2	25.23
1982:Q3	26.05
1982:Q4	27.01
1983:Q1	27.97
1983:Q2	29.07
1983:Q3	29.91
1983:Q4	30.39
1984:Q1	30.70
1984:Q2	30.90
1984:Q3	31.19
1984:Q4	31.73
1985:Q1	32.26
1985:Q2	32.94
1985:Q3	33.53
1985:Q4	34.26
1986:Q1	34.97
1986:Q2	35.75
1986:Q3	36.62
1986:Q4	37.37
1987:Q1	38.05
1987:Q2	38.53
1987:Q3	38.77
1987:Q4	38.81
1988:Q1	38.91
1988:Q2	38.89
1988:Q3	38.93
1988:Q4	38.94
1989:Q1	38.85
1989:Q2	38.76
1989:Q3	38.67
1989:Q4	38.71
1990:Q1	38.83
1990:Q2	39.09
1990:Q3	39.49
1990:Q4	40.10
1991:Q1	40.82
1991:Q2	41.55
1991:Q3	42.36
1991:Q4	43.04
1992:Q1	43.72
1992:Q2	44.43
1992:Q3	45.03
1992:Q4	45.47
1993:Q1	45.90
1993:Q2	46.36
1993:Q3	46.74
1993:Q4	47.11
1994:Q1	47.34
1994:Q2	47.30
1994:Q3	47.21
1994:Q4	47.03
1995:Q1	46.95
1995:Q2	47.06
1995:Q3	47.08
1995:Q4	47.06
1996:Q1	47.05
1996:Q2	46.73
1996:Q3	46.48
1996:Q4	46.23
1997:Q1	45.87
1997:Q2	45.41
1997:Q3	44.81
1997:Q4	44.22
1998:Q1	43.57
1998:Q2	42.98
1998:Q3	42.30
1998:Q4	41.54
1999:Q1	40.72
1999:Q2	39.86
1999:Q3	39.04
1999:Q4	38.24
2000:Q1	37.39
2000:Q2	36.25
2000:Q3	35.14
2000:Q4	33.95
2001:Q1	32.96
2001:Q2	32.18
2001:Q3	31.75
2001:Q4	31.56
2002:Q1	31.38
2002:Q2	31.63
2002:Q3	31.86
2002:Q4	32.16
2003:Q1	32.48
2003:Q2	32.97
2003:Q3	33.37
2003:Q4	33.71
2004:Q1	34.17
2004:Q2	34.44
2004:Q3	34.71
2004:Q4	34.91
2005:Q1	35.10
2005:Q2	35.15
2005:Q3	35.16
2005:Q4	35.21
2006:Q1	35.21
2006:Q2	35.17
2006:Q3	35.14
2006:Q4	35.02
2007:Q1	34.95
2007:Q2	34.80
2007:Q3	34.74
2007:Q4	34.74
2008:Q1	34.93
2008:Q2	35.25
2008:Q3	36.34
2008:Q4	38.53
2009:Q1	41.30
2009:Q2	44.89
2009:Q3	48.21
2009:Q4	50.64
2010:Q1	52.83
2010:Q2	54.77
2010:Q3	56.61
2010:Q4	58.62
2011:Q1	60.30
2011:Q2	61.55
2011:Q3	62.85
2011:Q4	64.02
2012:Q1	65.19
2012:Q2	66.59
2012:Q3	67.69
2012:Q4	68.84
2013:Q1	69.88
2013:Q2	70.64
2013:Q3	71.02
2013:Q4	71.34
2014:Q1	71.76
2014:Q2	71.89
2014:Q3	72.17
2014:Q4	72.38
2015:Q1	72.15
2015:Q2	72.09
2015:Q3	71.97
2015:Q4	72.33
2016:Q1	73.00
2016:Q2	73.74
2016:Q3	74.67
2016:Q4	75.02
2017:Q1	74.86
2017:Q2	74.72
2017:Q3	74.59
2017:Q4	74.17
2018:Q1	74.50
2018:Q2	74.82
2018:Q3	75.13
2018:Q4	75.89
2019:Q1	76.12
2019:Q2	76.25
2019:Q3	76.69
2019:Q4	77.03
2020:Q1	78.19
2020:Q2	85.05
2020:Q3	89.96
2020:Q4	94.94
2021:Q1	98.91
2021:Q2	97.10
2021:Q3	96.21
2021:Q4	95.13
2022:Q1	94.66
2022:Q2	94.08
2022:Q3	94.03
2022:Q4	93.71
2023:Q1	92.82
2023:Q2	92.89
2023:Q3	93.32

Note: The data for net interest outlays are annual, begin in 1948, and extend through 2023. Net interest outlays are the cost of servicing the debt held by the public. Federal debt held by the public equals federal debt less Treasury securities held in federal employee defined-benefit retirement accounts, evaluated at the end of the quarter. The data for federal debt are annual from 1901 to 1951 and a 4-quarter moving average thereafter and extend through 2023:Q3. GDP is gross domestic product.

Source: For GDP, Bureau of Economic Analysis via Haver Analytics; for federal debt, Congressional Budget Office and Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."

Return to text

Figure 27. State and local tax receipts

Quarterly
Percent change from year earlier

Period	Total state taxes	Property taxes
2012:Q4	4.03	1.34
2013:Q1	5.61	2.15
2013:Q2	7.59	2.30
2013:Q3	8.07	1.92
2013:Q4	7.55	2.55
2014:Q1	5.10	2.30
2014:Q2	1.87	2.59
2014:Q3	1.60	1.79
2014:Q4	2.20	3.11
2015:Q1	3.48	3.26
2015:Q2	6.03	2.91
2015:Q3	6.05	3.21
2015:Q4	5.30	3.38
2016:Q1	4.33	4.37
2016:Q2	1.46	5.19
2016:Q3	0.87	5.12
2016:Q4	0.57	4.27
2017:Q1	0.93	4.20
2017:Q2	2.14	3.46
2017:Q3	2.52	3.75
2017:Q4	4.38	5.88
2018:Q1	5.76	5.17
2018:Q2	7.77	5.05
2018:Q3	8.54	4.63
2018:Q4	6.10	1.84
2019:Q1	4.72	3.04
2019:Q2	5.65	4.13
2019:Q3	5.67	4.48
2019:Q4	7.25	6.10
2020:Q1	7.34	5.12
2020:Q2	-4.26	3.63
2020:Q3	-1.30	4.27
2020:Q4	-1.01	4.20
2021:Q1	0.52	5.35
2021:Q2	23.35	6.70
2021:Q3	17.53	4.62
2021:Q4	21.42	3.82
2022:Q1	24.93	1.70
2022:Q2	15.21	1.86
2022:Q3	17.27	2.92
2022:Q4	11.47	6.43
2023:Q1	4.21	10.30
2023:Q2	-4.22	11.32
2023:Q3	-5.91	11.60

Note: Receipts shown are year-over-year percent changes of 4-quarter moving averages, begin in 2012:Q4, and extend through 2023:Q3. Property taxes are primarily collected by local governments.

Source: U.S. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue.

Return to text

Figure 28. State and local government payroll employment

Monthly
Millions of jobs

Period	State and local government payroll employment
January 2005	19.008
February 2005	19.016
March 2005	19.007
April 2005	19.029
May 2005	19.047
June 2005	19.030
July 2005	19.129
August 2005	19.132
September 2005	19.113
October 2005	19.094
November 2005	19.120
December 2005	19.146
January 2006	19.120
February 2006	19.145
March 2006	19.170
April 2006	19.186
May 2006	19.192
June 2006	19.186
July 2006	19.233
August 2006	19.278
September 2006	19.350
October 2006	19.337
November 2006	19.354
December 2006	19.358
January 2007	19.364
February 2007	19.399
March 2007	19.418
April 2007	19.443
May 2007	19.460
June 2007	19.478
July 2007	19.444
August 2007	19.488
September 2007	19.542
October 2007	19.563
November 2007	19.590
December 2007	19.620
January 2008	19.650
February 2008	19.670
March 2008	19.691
April 2008	19.695
May 2008	19.726
June 2008	19.758
July 2008	19.801
August 2008	19.801
September 2008	19.769
October 2008	19.777
November 2008	19.782
December 2008	19.781
January 2009	19.793
February 2009	19.781
March 2009	19.763
April 2009	19.755
May 2009	19.757
June 2009	19.762
July 2009	19.695
August 2009	19.712
September 2009	19.625
October 2009	19.681
November 2009	19.691
December 2009	19.651
January 2010	19.631
February 2010	19.604
March 2010	19.595
April 2010	19.585
May 2010	19.580
June 2010	19.547
July 2010	19.518
August 2010	19.475
September 2010	19.378
October 2010	19.431
November 2010	19.421
December 2010	19.396
January 2011	19.384
February 2011	19.339
March 2011	19.315
April 2011	19.314
May 2011	19.258
June 2011	19.304
July 2011	19.187
August 2011	19.167
September 2011	19.137
October 2011	19.148
November 2011	19.129
December 2011	19.118
January 2012	19.113
February 2012	19.119
March 2012	19.115
April 2012	19.105
May 2012	19.088
June 2012	19.106
July 2012	19.098
August 2012	19.096
September 2012	19.103
October 2012	19.079
November 2012	19.074
December 2012	19.081
January 2013	19.063
February 2013	19.075
March 2013	19.076
April 2013	19.075
May 2013	19.089
June 2013	19.069
July 2013	19.054
August 2013	19.077
September 2013	19.082
October 2013	19.091
November 2013	19.097
December 2013	19.079
January 2014	19.078
February 2014	19.094
March 2014	19.105
April 2014	19.125
May 2014	19.104
June 2014	19.166
July 2014	19.170
August 2014	19.120
September 2014	19.162
October 2014	19.182
November 2014	19.192
December 2014	19.204
January 2015	19.215
February 2015	19.231
March 2015	19.222
April 2015	19.242
May 2015	19.259
June 2015	19.261
July 2015	19.294
August 2015	19.300
September 2015	19.281
October 2015	19.297
November 2015	19.315
December 2015	19.321
January 2016	19.343
February 2016	19.360
March 2016	19.395
April 2016	19.399
May 2016	19.407
June 2016	19.383
July 2016	19.489
August 2016	19.481
September 2016	19.517
October 2016	19.491
November 2016	19.479
December 2016	19.489
January 2017	19.503
February 2017	19.514
March 2017	19.519
April 2017	19.537
May 2017	19.539
June 2017	19.555
July 2017	19.568
August 2017	19.508
September 2017	19.534
October 2017	19.559
November 2017	19.588
December 2017	19.590
January 2018	19.580
February 2018	19.629
March 2018	19.635
April 2018	19.644
May 2018	19.656
June 2018	19.684
July 2018	19.637
August 2018	19.667
September 2018	19.669
October 2018	19.674
November 2018	19.664
December 2018	19.703
January 2019	19.700
February 2019	19.715
March 2019	19.758
April 2019	19.792
May 2019	19.733
June 2019	19.771
July 2019	19.743
August 2019	19.771
September 2019	19.801
October 2019	19.833
November 2019	19.867
December 2019	19.889
January 2020	19.936
February 2020	20.016
March 2020	19.958
April 2020	19.040
May 2020	18.517
June 2020	18.544
July 2020	18.629
August 2020	18.830
September 2020	18.814
October 2020	18.784
November 2020	18.788
December 2020	18.781
January 2021	18.905
February 2021	18.899
March 2021	18.977
April 2021	19.019
May 2021	19.028
June 2021	19.129
July 2021	19.187
August 2021	19.203
September 2021	19.188
October 2021	19.158
November 2021	19.151
December 2021	19.184
January 2022	19.178
February 2022	19.182
March 2022	19.183
April 2022	19.220
May 2022	19.249
June 2022	19.264
July 2022	19.401
August 2022	19.405
September 2022	19.408
October 2022	19.430
November 2022	19.489
December 2022	19.491
January 2023	19.608
February 2023	19.659
March 2023	19.706
April 2023	19.745
May 2023	19.788
June 2023	19.837
July 2023	19.865
August 2023	19.914
September 2023	19.958
October 2023	20.017
November 2023	20.048
December 2023	20.098
January 2024	20.123

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 29. Market-implied federal funds rate path

Quarterly
Percent

Period	June 1, 2023	February 27, 2024
2023:Q2	5.086	ND
2023:Q3	5.219	ND
2023:Q4	5.018	ND
2024:Q1	4.545	5.326
2024:Q2	4.062	5.252
2024:Q3	3.665	5.002
2024:Q4	3.318	4.688
2025:Q1	3.050	4.390
2025:Q2	2.893	4.143
2025:Q3	2.827	3.930
2025:Q4	2.805	3.764
2026:Q1	2.817	3.653
2026:Q2	2.849	3.590
2026:Q3	2.891	3.553
2026:Q4	2.931	3.537
2027:Q1	2.957	3.535
2027:Q2	2.958	3.542
2027:Q3	ND	3.551
2027:Q4	ND	3.555
2028:Q1	ND	3.550

Note: The federal funds rate path is implied by quotes on overnight index swaps–-a derivative contract tied to the effective federal funds rate. The implied path as of June 1, 2023, is compared with that as of February 27, 2024. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The June 1, 2023, path extends through 2027:Q2 and the February 27, 2024, path through 2028:Q1.

Source: Bloomberg; Federal Reserve Board staff estimates.

Return to text

Figure 30. Yields on nominal Treasury securities

Daily
Percent

Date	2-year	5-year	10-year
3 January 2017	1.22	1.94	2.45
4 January 2017	1.24	1.94	2.46
5 January 2017	1.17	1.86	2.37
6 January 2017	1.22	1.92	2.42
9 January 2017	1.21	1.89	2.38
10 January 2017	1.19	1.89	2.38
11 January 2017	1.20	1.89	2.38
12 January 2017	1.18	1.87	2.36
13 January 2017	1.21	1.90	2.40
17 January 2017	1.17	1.84	2.33
18 January 2017	1.23	1.93	2.42
19 January 2017	1.25	1.97	2.47
20 January 2017	1.20	1.95	2.48
23 January 2017	1.16	1.88	2.41
24 January 2017	1.21	1.94	2.47
25 January 2017	1.23	1.99	2.53
26 January 2017	1.21	1.95	2.51
27 January 2017	1.22	1.94	2.49
30 January 2017	1.22	1.94	2.49
31 January 2017	1.19	1.90	2.45
1 February 2017	1.22	1.93	2.48
2 February 2017	1.21	1.92	2.48
3 February 2017	1.21	1.93	2.49
6 February 2017	1.16	1.86	2.42
7 February 2017	1.16	1.85	2.40
8 February 2017	1.15	1.81	2.34
9 February 2017	1.20	1.88	2.40
10 February 2017	1.20	1.89	2.41
13 February 2017	1.20	1.92	2.43
14 February 2017	1.25	1.98	2.47
15 February 2017	1.27	2.01	2.51
16 February 2017	1.22	1.95	2.45
17 February 2017	1.21	1.92	2.42
21 February 2017	1.22	1.93	2.43
22 February 2017	1.22	1.92	2.42
23 February 2017	1.18	1.87	2.38
24 February 2017	1.12	1.80	2.31
27 February 2017	1.20	1.87	2.36
28 February 2017	1.22	1.89	2.36
1 March 2017	1.29	1.99	2.46
2 March 2017	1.32	2.03	2.49
3 March 2017	1.32	2.02	2.49
6 March 2017	1.31	2.02	2.49
7 March 2017	1.32	2.05	2.52
8 March 2017	1.36	2.08	2.57
9 March 2017	1.37	2.13	2.60
10 March 2017	1.36	2.11	2.58
13 March 2017	1.40	2.14	2.62
14 March 2017	1.40	2.13	2.60
15 March 2017	1.33	2.02	2.51
16 March 2017	1.35	2.05	2.53
17 March 2017	1.33	2.03	2.50
20 March 2017	1.30	2.00	2.47
21 March 2017	1.27	1.96	2.43
22 March 2017	1.27	1.95	2.40
23 March 2017	1.26	1.95	2.41
24 March 2017	1.26	1.93	2.40
27 March 2017	1.27	1.93	2.38
28 March 2017	1.30	1.97	2.42
29 March 2017	1.26	1.93	2.39
30 March 2017	1.28	1.96	2.42
31 March 2017	1.27	1.93	2.40
3 April 2017	1.24	1.88	2.35
4 April 2017	1.25	1.88	2.36
5 April 2017	1.24	1.85	2.34
6 April 2017	1.24	1.87	2.34
7 April 2017	1.29	1.92	2.38
10 April 2017	1.29	1.91	2.37
11 April 2017	1.24	1.84	2.32
12 April 2017	1.24	1.81	2.28
13 April 2017	1.21	1.77	2.24
17 April 2017	1.21	1.79	2.26
18 April 2017	1.18	1.71	2.18
19 April 2017	1.19	1.74	2.21
20 April 2017	1.21	1.78	2.24
21 April 2017	1.20	1.77	2.24
24 April 2017	1.25	1.81	2.28
25 April 2017	1.29	1.87	2.35
26 April 2017	1.28	1.84	2.32
27 April 2017	1.25	1.81	2.30
28 April 2017	1.28	1.81	2.29
1 May 2017	1.28	1.84	2.33
2 May 2017	1.27	1.81	2.29
3 May 2017	1.30	1.86	2.33
4 May 2017	1.32	1.88	2.36
5 May 2017	1.32	1.89	2.36
8 May 2017	1.33	1.91	2.39
9 May 2017	1.37	1.94	2.42
10 May 2017	1.35	1.94	2.41
11 May 2017	1.35	1.93	2.39
12 May 2017	1.29	1.85	2.33
15 May 2017	1.31	1.86	2.34
16 May 2017	1.29	1.86	2.33
17 May 2017	1.26	1.76	2.22
18 May 2017	1.27	1.78	2.23
19 May 2017	1.28	1.79	2.23
22 May 2017	1.29	1.80	2.25
23 May 2017	1.31	1.84	2.29
24 May 2017	1.29	1.79	2.26
25 May 2017	1.30	1.78	2.25
26 May 2017	1.30	1.79	2.25
30 May 2017	1.28	1.76	2.21
31 May 2017	1.28	1.75	2.21
1 June 2017	1.28	1.76	2.21
2 June 2017	1.28	1.71	2.15
5 June 2017	1.32	1.74	2.18
6 June 2017	1.30	1.71	2.14
7 June 2017	1.32	1.74	2.18
8 June 2017	1.33	1.75	2.19
9 June 2017	1.35	1.77	2.21
12 June 2017	1.35	1.78	2.21
13 June 2017	1.38	1.79	2.21
14 June 2017	1.35	1.74	2.15
15 June 2017	1.35	1.76	2.16
16 June 2017	1.32	1.75	2.16
19 June 2017	1.36	1.80	2.19
20 June 2017	1.36	1.77	2.16
21 June 2017	1.36	1.78	2.16
22 June 2017	1.34	1.76	2.15
23 June 2017	1.34	1.77	2.15
26 June 2017	1.36	1.77	2.14
27 June 2017	1.38	1.83	2.21
28 June 2017	1.34	1.81	2.22
29 June 2017	1.38	1.85	2.27
30 June 2017	1.38	1.89	2.31
3 July 2017	1.41	1.93	2.35
5 July 2017	1.41	1.92	2.33
6 July 2017	1.40	1.94	2.37
7 July 2017	1.40	1.95	2.39
10 July 2017	1.40	1.93	2.38
11 July 2017	1.37	1.92	2.37
12 July 2017	1.35	1.88	2.33
13 July 2017	1.37	1.89	2.35
14 July 2017	1.35	1.87	2.33
17 July 2017	1.36	1.86	2.31
18 July 2017	1.36	1.82	2.27
19 July 2017	1.37	1.83	2.27
20 July 2017	1.37	1.82	2.27
21 July 2017	1.36	1.81	2.24
24 July 2017	1.37	1.83	2.26
25 July 2017	1.40	1.90	2.33
26 July 2017	1.36	1.83	2.29
27 July 2017	1.36	1.84	2.32
28 July 2017	1.34	1.83	2.30
31 July 2017	1.34	1.84	2.30
1 August 2017	1.34	1.80	2.26
2 August 2017	1.36	1.82	2.27
3 August 2017	1.34	1.79	2.24
4 August 2017	1.36	1.82	2.27
7 August 2017	1.36	1.81	2.26
8 August 2017	1.36	1.84	2.29
9 August 2017	1.33	1.81	2.24
10 August 2017	1.33	1.78	2.20
11 August 2017	1.30	1.74	2.19
14 August 2017	1.33	1.77	2.22
15 August 2017	1.35	1.83	2.27
16 August 2017	1.33	1.79	2.23
17 August 2017	1.32	1.76	2.19
18 August 2017	1.33	1.77	2.19
21 August 2017	1.32	1.76	2.18
22 August 2017	1.33	1.80	2.22
23 August 2017	1.32	1.76	2.17
24 August 2017	1.33	1.78	2.19
25 August 2017	1.35	1.77	2.17
28 August 2017	1.33	1.74	2.16
29 August 2017	1.33	1.70	2.13
30 August 2017	1.33	1.72	2.15
31 August 2017	1.33	1.70	2.12
1 September 2017	1.35	1.73	2.16
5 September 2017	1.30	1.65	2.07
6 September 2017	1.30	1.69	2.10
7 September 2017	1.27	1.63	2.05
8 September 2017	1.27	1.64	2.06
11 September 2017	1.32	1.71	2.14
12 September 2017	1.33	1.75	2.17
13 September 2017	1.35	1.78	2.20
14 September 2017	1.37	1.79	2.20
15 September 2017	1.39	1.81	2.20
18 September 2017	1.40	1.83	2.23
19 September 2017	1.40	1.84	2.24
20 September 2017	1.45	1.89	2.28
21 September 2017	1.45	1.89	2.27
22 September 2017	1.46	1.88	2.26
25 September 2017	1.44	1.85	2.22
26 September 2017	1.45	1.87	2.24
27 September 2017	1.47	1.91	2.31
28 September 2017	1.45	1.89	2.31
29 September 2017	1.47	1.92	2.33
2 October 2017	1.49	1.94	2.34
3 October 2017	1.47	1.92	2.33
4 October 2017	1.47	1.92	2.33
5 October 2017	1.49	1.94	2.35
6 October 2017	1.54	1.97	2.37
10 October 2017	1.51	1.95	2.35
11 October 2017	1.51	1.95	2.35
12 October 2017	1.51	1.95	2.33
13 October 2017	1.51	1.91	2.28
16 October 2017	1.54	1.95	2.30
17 October 2017	1.54	1.97	2.30
18 October 2017	1.59	1.99	2.34
19 October 2017	1.58	1.98	2.33
20 October 2017	1.60	2.03	2.39
23 October 2017	1.58	2.01	2.38
24 October 2017	1.60	2.05	2.42
25 October 2017	1.61	2.06	2.44
26 October 2017	1.63	2.07	2.46
27 October 2017	1.59	2.03	2.42
30 October 2017	1.58	2.00	2.37
31 October 2017	1.60	2.01	2.38
1 November 2017	1.61	2.01	2.37
2 November 2017	1.61	2.00	2.35
3 November 2017	1.63	1.99	2.34
6 November 2017	1.61	1.99	2.32
7 November 2017	1.63	1.99	2.32
8 November 2017	1.65	2.01	2.32
9 November 2017	1.63	2.01	2.33
10 November 2017	1.67	2.06	2.40
13 November 2017	1.70	2.08	2.40
14 November 2017	1.68	2.06	2.38
15 November 2017	1.68	2.04	2.33
16 November 2017	1.72	2.07	2.37
17 November 2017	1.73	2.06	2.35
20 November 2017	1.77	2.09	2.37
21 November 2017	1.77	2.11	2.36
22 November 2017	1.74	2.05	2.32
24 November 2017	1.75	2.07	2.34
27 November 2017	1.74	2.06	2.32
28 November 2017	1.75	2.07	2.34
29 November 2017	1.78	2.09	2.37
30 November 2017	1.78	2.14	2.42
1 December 2017	1.78	2.13	2.37
4 December 2017	1.80	2.15	2.37
5 December 2017	1.83	2.15	2.36
6 December 2017	1.78	2.11	2.33
7 December 2017	1.80	2.14	2.37
8 December 2017	1.80	2.14	2.38
11 December 2017	1.82	2.16	2.39
12 December 2017	1.83	2.18	2.40
13 December 2017	1.79	2.12	2.36
14 December 2017	1.82	2.14	2.35
15 December 2017	1.84	2.16	2.35
18 December 2017	1.84	2.17	2.39
19 December 2017	1.87	2.23	2.46
20 December 2017	1.87	2.24	2.49
21 December 2017	1.89	2.26	2.48
22 December 2017	1.91	2.26	2.48
26 December 2017	1.92	2.25	2.47
27 December 2017	1.89	2.22	2.42
28 December 2017	1.91	2.23	2.43
29 December 2017	1.89	2.20	2.40
2 January 2018	1.92	2.25	2.46
3 January 2018	1.94	2.25	2.44
4 January 2018	1.96	2.27	2.46
5 January 2018	1.96	2.29	2.47
8 January 2018	1.96	2.29	2.49
9 January 2018	1.98	2.33	2.55
10 January 2018	1.98	2.32	2.55
11 January 2018	1.98	2.32	2.54
12 January 2018	1.99	2.35	2.55
16 January 2018	2.03	2.36	2.54
17 January 2018	2.05	2.39	2.57
18 January 2018	2.05	2.43	2.62
19 January 2018	2.06	2.45	2.64
22 January 2018	2.08	2.46	2.66
23 January 2018	2.06	2.43	2.63
24 January 2018	2.08	2.43	2.65
25 January 2018	2.08	2.41	2.63
26 January 2018	2.13	2.47	2.66
29 January 2018	2.11	2.49	2.70
30 January 2018	2.13	2.51	2.73
31 January 2018	2.14	2.52	2.72
1 February 2018	2.16	2.56	2.78
2 February 2018	2.15	2.58	2.84
5 February 2018	2.08	2.50	2.77
6 February 2018	2.10	2.52	2.79
7 February 2018	2.15	2.57	2.84
8 February 2018	2.13	2.57	2.85
9 February 2018	2.05	2.52	2.83
12 February 2018	2.09	2.56	2.86
13 February 2018	2.10	2.54	2.83
14 February 2018	2.17	2.65	2.91
15 February 2018	2.19	2.65	2.90
16 February 2018	2.21	2.63	2.87
20 February 2018	2.25	2.65	2.88
21 February 2018	2.26	2.69	2.94
22 February 2018	2.25	2.66	2.92
23 February 2018	2.25	2.62	2.88
26 February 2018	2.22	2.60	2.86
27 February 2018	2.27	2.67	2.90
28 February 2018	2.25	2.65	2.87
1 March 2018	2.22	2.58	2.81
2 March 2018	2.25	2.63	2.86
5 March 2018	2.24	2.65	2.88
6 March 2018	2.25	2.65	2.88
7 March 2018	2.25	2.65	2.89
8 March 2018	2.25	2.63	2.86
9 March 2018	2.27	2.65	2.90
12 March 2018	2.27	2.64	2.87
13 March 2018	2.26	2.62	2.84
14 March 2018	2.26	2.61	2.81
15 March 2018	2.29	2.62	2.82
16 March 2018	2.31	2.65	2.85
19 March 2018	2.31	2.65	2.85
20 March 2018	2.34	2.69	2.89
21 March 2018	2.31	2.69	2.89
22 March 2018	2.29	2.63	2.83
23 March 2018	2.28	2.61	2.82
26 March 2018	2.33	2.64	2.85
27 March 2018	2.26	2.58	2.78
28 March 2018	2.28	2.59	2.77
29 March 2018	2.27	2.56	2.74
2 April 2018	2.25	2.55	2.73
3 April 2018	2.28	2.60	2.79
4 April 2018	2.28	2.61	2.79
5 April 2018	2.30	2.64	2.83
6 April 2018	2.27	2.58	2.77
9 April 2018	2.29	2.60	2.78
10 April 2018	2.32	2.62	2.80
11 April 2018	2.32	2.62	2.79
12 April 2018	2.34	2.67	2.83
13 April 2018	2.37	2.67	2.82
16 April 2018	2.39	2.69	2.83
17 April 2018	2.41	2.68	2.82
18 April 2018	2.42	2.73	2.87
19 April 2018	2.44	2.77	2.92
20 April 2018	2.46	2.80	2.96
23 April 2018	2.49	2.83	2.98
24 April 2018	2.48	2.83	3.00
25 April 2018	2.49	2.84	3.03
26 April 2018	2.49	2.82	3.00
27 April 2018	2.49	2.80	2.96
30 April 2018	2.49	2.79	2.95
1 May 2018	2.50	2.82	2.97
2 May 2018	2.49	2.80	2.97
3 May 2018	2.49	2.78	2.94
4 May 2018	2.51	2.78	2.95
7 May 2018	2.49	2.78	2.95
8 May 2018	2.51	2.81	2.97
9 May 2018	2.54	2.84	3.00
10 May 2018	2.54	2.83	2.97
11 May 2018	2.54	2.84	2.97
14 May 2018	2.55	2.85	3.00
15 May 2018	2.58	2.92	3.08
16 May 2018	2.58	2.94	3.09
17 May 2018	2.57	2.94	3.11
18 May 2018	2.55	2.90	3.06
21 May 2018	2.58	2.90	3.06
22 May 2018	2.59	2.90	3.06
23 May 2018	2.53	2.83	3.01
24 May 2018	2.50	2.82	2.98
25 May 2018	2.48	2.76	2.93
29 May 2018	2.32	2.58	2.77
30 May 2018	2.42	2.67	2.84
31 May 2018	2.40	2.68	2.83
1 June 2018	2.47	2.74	2.89
4 June 2018	2.52	2.78	2.94
5 June 2018	2.49	2.76	2.92
6 June 2018	2.52	2.81	2.97
7 June 2018	2.50	2.77	2.93
8 June 2018	2.50	2.77	2.93
11 June 2018	2.52	2.80	2.96
12 June 2018	2.54	2.81	2.96
13 June 2018	2.59	2.85	2.98
14 June 2018	2.59	2.81	2.94
15 June 2018	2.55	2.81	2.93
18 June 2018	2.56	2.80	2.92
19 June 2018	2.54	2.77	2.89
20 June 2018	2.56	2.80	2.93
21 June 2018	2.56	2.77	2.90
22 June 2018	2.56	2.77	2.90
25 June 2018	2.54	2.75	2.87
26 June 2018	2.53	2.75	2.88
27 June 2018	2.52	2.71	2.83
28 June 2018	2.52	2.73	2.84
29 June 2018	2.52	2.73	2.85
2 July 2018	2.57	2.75	2.87
3 July 2018	2.53	2.72	2.83
5 July 2018	2.55	2.74	2.84
6 July 2018	2.53	2.71	2.82
9 July 2018	2.57	2.75	2.86
10 July 2018	2.59	2.77	2.87
11 July 2018	2.58	2.74	2.85
12 July 2018	2.60	2.75	2.85
13 July 2018	2.59	2.73	2.83
16 July 2018	2.59	2.75	2.85
17 July 2018	2.62	2.76	2.86
18 July 2018	2.60	2.77	2.88
19 July 2018	2.60	2.74	2.84
20 July 2018	2.60	2.77	2.89
23 July 2018	2.64	2.83	2.96
24 July 2018	2.63	2.83	2.95
25 July 2018	2.66	2.82	2.94
26 July 2018	2.69	2.86	2.98
27 July 2018	2.67	2.84	2.96
30 July 2018	2.66	2.85	2.98
31 July 2018	2.67	2.85	2.96
1 August 2018	2.67	2.87	3.00
2 August 2018	2.66	2.85	2.98
3 August 2018	2.63	2.82	2.95
6 August 2018	2.64	2.80	2.94
7 August 2018	2.68	2.84	2.98
8 August 2018	2.68	2.83	2.96
9 August 2018	2.64	2.80	2.93
10 August 2018	2.61	2.75	2.87
13 August 2018	2.61	2.75	2.88
14 August 2018	2.63	2.77	2.89
15 August 2018	2.61	2.73	2.86
16 August 2018	2.63	2.75	2.87
17 August 2018	2.61	2.75	2.87
20 August 2018	2.60	2.70	2.82
21 August 2018	2.61	2.73	2.85
22 August 2018	2.60	2.70	2.82
23 August 2018	2.61	2.72	2.82
24 August 2018	2.63	2.72	2.82
27 August 2018	2.67	2.74	2.85
28 August 2018	2.67	2.77	2.88
29 August 2018	2.67	2.78	2.89
30 August 2018	2.64	2.75	2.86
31 August 2018	2.62	2.74	2.86
4 September 2018	2.66	2.78	2.90
5 September 2018	2.66	2.77	2.90
6 September 2018	2.64	2.76	2.88
7 September 2018	2.71	2.82	2.94
10 September 2018	2.73	2.83	2.94
11 September 2018	2.76	2.87	2.98
12 September 2018	2.74	2.87	2.97
13 September 2018	2.76	2.87	2.97
14 September 2018	2.78	2.90	2.99
17 September 2018	2.78	2.89	2.99
18 September 2018	2.81	2.94	3.05
19 September 2018	2.81	2.96	3.08
20 September 2018	2.81	2.96	3.07
21 September 2018	2.81	2.95	3.07
24 September 2018	2.83	2.96	3.08
25 September 2018	2.83	2.99	3.10
26 September 2018	2.83	2.96	3.06
27 September 2018	2.83	2.96	3.06
28 September 2018	2.81	2.94	3.05
1 October 2018	2.82	2.96	3.09
2 October 2018	2.82	2.94	3.05
3 October 2018	2.85	3.02	3.15
4 October 2018	2.87	3.05	3.19
5 October 2018	2.88	3.07	3.23
9 October 2018	2.88	3.05	3.21
10 October 2018	2.88	3.05	3.22
11 October 2018	2.85	3.00	3.14
12 October 2018	2.85	3.00	3.15
15 October 2018	2.85	3.01	3.16
16 October 2018	2.87	3.02	3.16
17 October 2018	2.89	3.04	3.19
18 October 2018	2.87	3.03	3.17
19 October 2018	2.92	3.05	3.20
22 October 2018	2.92	3.05	3.20
23 October 2018	2.89	3.01	3.17
24 October 2018	2.84	2.94	3.10
25 October 2018	2.86	2.98	3.14
26 October 2018	2.81	2.91	3.08
29 October 2018	2.81	2.91	3.08
30 October 2018	2.84	2.94	3.12
31 October 2018	2.87	2.98	3.15
1 November 2018	2.84	2.96	3.14
2 November 2018	2.91	3.04	3.22
5 November 2018	2.91	3.03	3.20
6 November 2018	2.93	3.05	3.22
7 November 2018	2.96	3.07	3.22
8 November 2018	2.98	3.09	3.24
9 November 2018	2.94	3.05	3.19
13 November 2018	2.89	2.99	3.14
14 November 2018	2.86	2.95	3.12
15 November 2018	2.86	2.94	3.11
16 November 2018	2.81	2.90	3.08
19 November 2018	2.79	2.87	3.06
20 November 2018	2.79	2.88	3.06
21 November 2018	2.81	2.89	3.06
23 November 2018	2.81	2.88	3.05
26 November 2018	2.84	2.90	3.07
27 November 2018	2.83	2.89	3.06
28 November 2018	2.81	2.87	3.06
29 November 2018	2.81	2.85	3.03
30 November 2018	2.80	2.84	3.01
3 December 2018	2.83	2.83	2.98
4 December 2018	2.80	2.79	2.91
6 December 2018	2.75	2.75	2.87
7 December 2018	2.72	2.70	2.85
10 December 2018	2.72	2.71	2.85
11 December 2018	2.78	2.75	2.89
12 December 2018	2.77	2.77	2.91
13 December 2018	2.75	2.75	2.91
14 December 2018	2.73	2.73	2.89
17 December 2018	2.70	2.69	2.86
18 December 2018	2.65	2.65	2.82
19 December 2018	2.63	2.62	2.77
20 December 2018	2.67	2.65	2.79
21 December 2018	2.63	2.64	2.79
24 December 2018	2.55	2.58	2.74
26 December 2018	2.61	2.67	2.81
27 December 2018	2.56	2.60	2.77
28 December 2018	2.52	2.56	2.72
31 December 2018	2.48	2.51	2.69
2 January 2019	2.50	2.49	2.66
3 January 2019	2.39	2.37	2.56
4 January 2019	2.50	2.49	2.67
7 January 2019	2.53	2.53	2.70
8 January 2019	2.58	2.58	2.73
9 January 2019	2.56	2.57	2.74
10 January 2019	2.56	2.56	2.74
11 January 2019	2.55	2.52	2.71
14 January 2019	2.53	2.53	2.71
15 January 2019	2.53	2.53	2.72
16 January 2019	2.55	2.54	2.73
17 January 2019	2.56	2.58	2.75
18 January 2019	2.62	2.62	2.79
22 January 2019	2.58	2.57	2.74
23 January 2019	2.58	2.59	2.76
24 January 2019	2.56	2.55	2.72
25 January 2019	2.60	2.59	2.76
28 January 2019	2.60	2.58	2.75
29 January 2019	2.56	2.55	2.72
30 January 2019	2.52	2.49	2.70
31 January 2019	2.45	2.43	2.63
1 February 2019	2.52	2.51	2.70
4 February 2019	2.53	2.53	2.73
5 February 2019	2.53	2.51	2.71
6 February 2019	2.52	2.50	2.70
7 February 2019	2.48	2.46	2.65
8 February 2019	2.45	2.44	2.63
11 February 2019	2.48	2.47	2.65
12 February 2019	2.50	2.49	2.68
13 February 2019	2.53	2.53	2.71
14 February 2019	2.50	2.48	2.66
15 February 2019	2.52	2.49	2.66
19 February 2019	2.50	2.47	2.65
20 February 2019	2.50	2.47	2.65
21 February 2019	2.53	2.51	2.69
22 February 2019	2.48	2.47	2.65
25 February 2019	2.51	2.48	2.67
26 February 2019	2.48	2.45	2.64
27 February 2019	2.50	2.49	2.69
28 February 2019	2.52	2.52	2.73
1 March 2019	2.55	2.56	2.76
4 March 2019	2.55	2.53	2.72
5 March 2019	2.55	2.53	2.72
6 March 2019	2.52	2.49	2.69
7 March 2019	2.47	2.44	2.64
8 March 2019	2.45	2.42	2.62
11 March 2019	2.47	2.44	2.64
12 March 2019	2.45	2.41	2.61
13 March 2019	2.45	2.42	2.61
14 March 2019	2.46	2.43	2.63
15 March 2019	2.43	2.40	2.59
18 March 2019	2.45	2.42	2.60
19 March 2019	2.46	2.42	2.61
20 March 2019	2.40	2.34	2.54
21 March 2019	2.41	2.34	2.54
22 March 2019	2.31	2.24	2.44
25 March 2019	2.26	2.21	2.43
26 March 2019	2.24	2.18	2.41
27 March 2019	2.22	2.18	2.39
28 March 2019	2.23	2.20	2.39
29 March 2019	2.27	2.23	2.41
1 April 2019	2.33	2.31	2.49
2 April 2019	2.30	2.28	2.48
3 April 2019	2.33	2.32	2.52
4 April 2019	2.33	2.32	2.51
5 April 2019	2.35	2.31	2.50
8 April 2019	2.36	2.33	2.52
9 April 2019	2.35	2.31	2.51
10 April 2019	2.31	2.28	2.48
11 April 2019	2.35	2.31	2.51
12 April 2019	2.40	2.38	2.56
15 April 2019	2.40	2.37	2.55
16 April 2019	2.41	2.41	2.60
17 April 2019	2.40	2.40	2.59
18 April 2019	2.38	2.38	2.57
22 April 2019	2.38	2.39	2.59
23 April 2019	2.36	2.36	2.57
24 April 2019	2.32	2.32	2.53
25 April 2019	2.33	2.33	2.54
26 April 2019	2.28	2.29	2.51
29 April 2019	2.30	2.32	2.54
30 April 2019	2.27	2.28	2.51
1 May 2019	2.31	2.31	2.52
2 May 2019	2.35	2.34	2.55
3 May 2019	2.33	2.33	2.54
6 May 2019	2.31	2.30	2.51
7 May 2019	2.28	2.25	2.45
8 May 2019	2.30	2.28	2.49
9 May 2019	2.26	2.25	2.45
10 May 2019	2.26	2.26	2.47
13 May 2019	2.18	2.18	2.40
14 May 2019	2.20	2.20	2.42
15 May 2019	2.16	2.15	2.37
16 May 2019	2.20	2.18	2.40
17 May 2019	2.20	2.17	2.39
20 May 2019	2.21	2.21	2.41
21 May 2019	2.26	2.23	2.43
22 May 2019	2.23	2.19	2.39
23 May 2019	2.12	2.11	2.31
24 May 2019	2.16	2.12	2.32
28 May 2019	2.12	2.06	2.26
29 May 2019	2.09	2.05	2.25
30 May 2019	2.06	2.03	2.22
31 May 2019	1.95	1.93	2.14
3 June 2019	1.82	1.83	2.07
4 June 2019	1.88	1.89	2.12
5 June 2019	1.83	1.86	2.12
6 June 2019	1.88	1.88	2.12
7 June 2019	1.85	1.85	2.09
10 June 2019	1.90	1.91	2.15
11 June 2019	1.93	1.92	2.15
12 June 2019	1.88	1.88	2.13
13 June 2019	1.83	1.84	2.10
14 June 2019	1.84	1.85	2.09
17 June 2019	1.86	1.85	2.09
18 June 2019	1.86	1.83	2.06
19 June 2019	1.74	1.77	2.03
20 June 2019	1.72	1.74	2.01
21 June 2019	1.77	1.80	2.07
24 June 2019	1.72	1.75	2.02
25 June 2019	1.71	1.73	2.00
26 June 2019	1.77	1.80	2.05
27 June 2019	1.74	1.76	2.01
28 June 2019	1.75	1.76	2.00
1 July 2019	1.78	1.79	2.03
2 July 2019	1.77	1.75	1.98
3 July 2019	1.77	1.74	1.96
5 July 2019	1.87	1.84	2.04
8 July 2019	1.88	1.86	2.05
9 July 2019	1.92	1.88	2.07
10 July 2019	1.82	1.82	2.07
11 July 2019	1.85	1.88	2.13
12 July 2019	1.84	1.86	2.12
15 July 2019	1.83	1.84	2.09
16 July 2019	1.87	1.88	2.13
17 July 2019	1.83	1.83	2.06
18 July 2019	1.77	1.78	2.04
19 July 2019	1.80	1.80	2.05
22 July 2019	1.80	1.80	2.05
23 July 2019	1.83	1.83	2.08
24 July 2019	1.83	1.82	2.05
25 July 2019	1.86	1.85	2.08
26 July 2019	1.86	1.85	2.08
29 July 2019	1.85	1.84	2.06
30 July 2019	1.85	1.84	2.06
31 July 2019	1.89	1.84	2.02
1 August 2019	1.73	1.68	1.90
2 August 2019	1.72	1.66	1.86
5 August 2019	1.59	1.55	1.75
6 August 2019	1.60	1.53	1.73
7 August 2019	1.59	1.52	1.71
8 August 2019	1.62	1.54	1.72
9 August 2019	1.63	1.57	1.74
12 August 2019	1.58	1.49	1.65
13 August 2019	1.66	1.57	1.68
14 August 2019	1.58	1.51	1.59
15 August 2019	1.48	1.42	1.52
16 August 2019	1.48	1.42	1.55
19 August 2019	1.53	1.47	1.60
20 August 2019	1.50	1.42	1.55
21 August 2019	1.56	1.47	1.59
22 August 2019	1.61	1.50	1.62
23 August 2019	1.51	1.40	1.52
26 August 2019	1.54	1.43	1.54
27 August 2019	1.53	1.40	1.49
28 August 2019	1.50	1.37	1.47
29 August 2019	1.53	1.40	1.50
30 August 2019	1.50	1.39	1.50
3 September 2019	1.47	1.35	1.47
4 September 2019	1.43	1.32	1.47
5 September 2019	1.55	1.43	1.57
6 September 2019	1.53	1.42	1.55
9 September 2019	1.58	1.49	1.63
10 September 2019	1.67	1.58	1.72
11 September 2019	1.68	1.60	1.75
12 September 2019	1.72	1.65	1.79
13 September 2019	1.79	1.75	1.90
16 September 2019	1.74	1.69	1.84
17 September 2019	1.72	1.66	1.81
18 September 2019	1.77	1.68	1.80
19 September 2019	1.74	1.66	1.79
20 September 2019	1.69	1.61	1.74
23 September 2019	1.68	1.59	1.72
24 September 2019	1.60	1.52	1.64
25 September 2019	1.68	1.60	1.73
26 September 2019	1.66	1.59	1.70
27 September 2019	1.63	1.56	1.69
30 September 2019	1.63	1.55	1.68
1 October 2019	1.56	1.51	1.65
2 October 2019	1.48	1.43	1.60
3 October 2019	1.39	1.34	1.54
4 October 2019	1.40	1.34	1.52
7 October 2019	1.46	1.38	1.56
8 October 2019	1.42	1.36	1.54
9 October 2019	1.47	1.40	1.59
10 October 2019	1.53	1.48	1.67
11 October 2019	1.63	1.59	1.76
15 October 2019	1.61	1.59	1.77
16 October 2019	1.58	1.57	1.75
17 October 2019	1.60	1.57	1.76
18 October 2019	1.58	1.56	1.76
21 October 2019	1.62	1.61	1.80
22 October 2019	1.60	1.60	1.78
23 October 2019	1.58	1.58	1.77
24 October 2019	1.58	1.58	1.77
25 October 2019	1.63	1.62	1.80
28 October 2019	1.64	1.66	1.85
29 October 2019	1.64	1.66	1.84
30 October 2019	1.61	1.61	1.78
31 October 2019	1.52	1.51	1.69
1 November 2019	1.56	1.55	1.73
4 November 2019	1.60	1.60	1.79
5 November 2019	1.63	1.66	1.86
6 November 2019	1.61	1.63	1.81
7 November 2019	1.68	1.74	1.92
8 November 2019	1.68	1.74	1.94
12 November 2019	1.66	1.73	1.92
13 November 2019	1.63	1.69	1.88
14 November 2019	1.58	1.63	1.82
15 November 2019	1.61	1.65	1.84
18 November 2019	1.60	1.63	1.81
19 November 2019	1.60	1.63	1.79
20 November 2019	1.56	1.58	1.73
21 November 2019	1.60	1.62	1.77
22 November 2019	1.61	1.62	1.77
25 November 2019	1.61	1.62	1.76
26 November 2019	1.58	1.58	1.74
27 November 2019	1.63	1.63	1.77
29 November 2019	1.61	1.62	1.78
2 December 2019	1.61	1.65	1.83
3 December 2019	1.53	1.54	1.72
4 December 2019	1.58	1.60	1.77
5 December 2019	1.58	1.62	1.80
6 December 2019	1.61	1.67	1.84
9 December 2019	1.63	1.67	1.83
10 December 2019	1.65	1.68	1.85
11 December 2019	1.61	1.64	1.79
12 December 2019	1.66	1.73	1.90
13 December 2019	1.61	1.66	1.82
16 December 2019	1.65	1.72	1.89
17 December 2019	1.63	1.71	1.89
18 December 2019	1.63	1.74	1.92
19 December 2019	1.62	1.73	1.92
20 December 2019	1.63	1.73	1.92
23 December 2019	1.64	1.75	1.93
24 December 2019	1.62	1.72	1.90
26 December 2019	1.64	1.72	1.90
27 December 2019	1.59	1.68	1.88
30 December 2019	1.58	1.68	1.90
31 December 2019	1.58	1.69	1.92
2 January 2020	1.58	1.67	1.88
3 January 2020	1.53	1.59	1.80
6 January 2020	1.54	1.61	1.81
7 January 2020	1.54	1.62	1.83
8 January 2020	1.58	1.67	1.87
9 January 2020	1.58	1.65	1.85
10 January 2020	1.56	1.63	1.83
13 January 2020	1.58	1.65	1.85
14 January 2020	1.58	1.63	1.82
15 January 2020	1.56	1.60	1.79
16 January 2020	1.58	1.63	1.81
17 January 2020	1.58	1.63	1.84
21 January 2020	1.53	1.57	1.78
22 January 2020	1.53	1.57	1.77
23 January 2020	1.51	1.55	1.74
24 January 2020	1.49	1.51	1.70
27 January 2020	1.44	1.44	1.61
28 January 2020	1.45	1.47	1.65
29 January 2020	1.42	1.41	1.60
30 January 2020	1.41	1.39	1.57
31 January 2020	1.33	1.32	1.51
3 February 2020	1.36	1.35	1.54
4 February 2020	1.41	1.42	1.61
5 February 2020	1.44	1.46	1.66
6 February 2020	1.44	1.45	1.65
7 February 2020	1.41	1.41	1.59
10 February 2020	1.37	1.38	1.56
11 February 2020	1.41	1.40	1.59
12 February 2020	1.44	1.45	1.62
13 February 2020	1.44	1.43	1.61
14 February 2020	1.42	1.42	1.59
18 February 2020	1.41	1.39	1.55
19 February 2020	1.42	1.41	1.56
20 February 2020	1.39	1.37	1.52
21 February 2020	1.34	1.30	1.46
24 February 2020	1.26	1.21	1.38
25 February 2020	1.20	1.16	1.33
26 February 2020	1.16	1.14	1.33
27 February 2020	1.11	1.11	1.30
28 February 2020	0.86	0.89	1.13
2 March 2020	0.84	0.88	1.10
3 March 2020	0.71	0.77	1.02
4 March 2020	0.67	0.75	1.02
5 March 2020	0.59	0.67	0.92
6 March 2020	0.49	0.58	0.74
9 March 2020	0.38	0.46	0.54
10 March 2020	0.50	0.63	0.76
11 March 2020	0.50	0.66	0.82
12 March 2020	0.50	0.66	0.88
13 March 2020	0.49	0.70	0.94
16 March 2020	0.36	0.49	0.73
17 March 2020	0.47	0.66	1.02
18 March 2020	0.54	0.79	1.18
19 March 2020	0.44	0.66	1.12
20 March 2020	0.37	0.52	0.92
23 March 2020	0.28	0.38	0.76
24 March 2020	0.38	0.52	0.84
25 March 2020	0.34	0.56	0.88
26 March 2020	0.30	0.51	0.83
27 March 2020	0.25	0.41	0.72
30 March 2020	0.23	0.39	0.70
31 March 2020	0.23	0.37	0.70
1 April 2020	0.23	0.37	0.62
2 April 2020	0.23	0.39	0.63
3 April 2020	0.23	0.39	0.62
6 April 2020	0.27	0.44	0.67
7 April 2020	0.28	0.48	0.75
8 April 2020	0.27	0.47	0.77
9 April 2020	0.23	0.41	0.73
13 April 2020	0.25	0.44	0.76
14 April 2020	0.23	0.42	0.76
15 April 2020	0.20	0.34	0.63
16 April 2020	0.20	0.35	0.61
17 April 2020	0.20	0.36	0.65
20 April 2020	0.20	0.35	0.63
21 April 2020	0.20	0.34	0.58
22 April 2020	0.22	0.37	0.63
23 April 2020	0.22	0.37	0.61
24 April 2020	0.22	0.36	0.60
27 April 2020	0.24	0.41	0.67
28 April 2020	0.20	0.37	0.62
29 April 2020	0.20	0.36	0.63
30 April 2020	0.20	0.36	0.64
1 May 2020	0.20	0.36	0.64
4 May 2020	0.19	0.36	0.64
5 May 2020	0.19	0.36	0.66
6 May 2020	0.17	0.37	0.72
7 May 2020	0.13	0.29	0.63
8 May 2020	0.16	0.33	0.69
11 May 2020	0.17	0.36	0.73
12 May 2020	0.17	0.34	0.69
13 May 2020	0.16	0.31	0.64
14 May 2020	0.16	0.31	0.63
15 May 2020	0.16	0.31	0.64
18 May 2020	0.18	0.38	0.73
19 May 2020	0.17	0.35	0.70
20 May 2020	0.16	0.34	0.68
21 May 2020	0.17	0.35	0.68
22 May 2020	0.17	0.34	0.66
26 May 2020	0.18	0.35	0.69
27 May 2020	0.19	0.34	0.68
28 May 2020	0.17	0.34	0.70
29 May 2020	0.16	0.30	0.65
1 June 2020	0.14	0.31	0.66
2 June 2020	0.17	0.32	0.68
3 June 2020	0.19	0.38	0.77
4 June 2020	0.19	0.40	0.82
5 June 2020	0.22	0.47	0.91
8 June 2020	0.22	0.45	0.88
9 June 2020	0.20	0.40	0.84
10 June 2020	0.17	0.33	0.75
11 June 2020	0.19	0.32	0.66
12 June 2020	0.19	0.33	0.71
15 June 2020	0.19	0.33	0.71
16 June 2020	0.21	0.34	0.75
17 June 2020	0.19	0.34	0.74
18 June 2020	0.19	0.34	0.71
19 June 2020	0.19	0.33	0.70
22 June 2020	0.19	0.34	0.71
23 June 2020	0.18	0.33	0.72
24 June 2020	0.19	0.33	0.69
25 June 2020	0.17	0.32	0.68
26 June 2020	0.17	0.30	0.64
29 June 2020	0.16	0.28	0.64
30 June 2020	0.16	0.29	0.66
1 July 2020	0.17	0.31	0.69
2 July 2020	0.16	0.29	0.68
6 July 2020	0.16	0.31	0.69
7 July 2020	0.16	0.29	0.65
8 July 2020	0.16	0.30	0.67
9 July 2020	0.16	0.28	0.62
10 July 2020	0.16	0.30	0.65
13 July 2020	0.16	0.30	0.64
14 July 2020	0.14	0.28	0.63
15 July 2020	0.16	0.28	0.64
16 July 2020	0.16	0.28	0.62
17 July 2020	0.14	0.29	0.64
20 July 2020	0.16	0.29	0.62
21 July 2020	0.14	0.27	0.61
22 July 2020	0.14	0.27	0.60
23 July 2020	0.16	0.27	0.59
24 July 2020	0.14	0.27	0.59
27 July 2020	0.15	0.30	0.62
28 July 2020	0.14	0.26	0.59
29 July 2020	0.12	0.25	0.58
30 July 2020	0.11	0.23	0.55
31 July 2020	0.11	0.21	0.55
3 August 2020	0.11	0.22	0.56
4 August 2020	0.11	0.19	0.52
5 August 2020	0.11	0.22	0.55
6 August 2020	0.11	0.21	0.55
7 August 2020	0.13	0.23	0.57
10 August 2020	0.14	0.24	0.59
11 August 2020	0.16	0.27	0.64
12 August 2020	0.16	0.30	0.69
13 August 2020	0.16	0.32	0.71
14 August 2020	0.14	0.29	0.71
17 August 2020	0.14	0.29	0.69
18 August 2020	0.14	0.27	0.67
19 August 2020	0.14	0.29	0.68
20 August 2020	0.13	0.26	0.65
21 August 2020	0.16	0.27	0.64
24 August 2020	0.14	0.28	0.65
25 August 2020	0.15	0.30	0.69
26 August 2020	0.16	0.28	0.69
27 August 2020	0.16	0.31	0.74
28 August 2020	0.14	0.28	0.74
31 August 2020	0.14	0.28	0.72
1 September 2020	0.13	0.26	0.68
2 September 2020	0.14	0.26	0.66
3 September 2020	0.13	0.24	0.63
4 September 2020	0.14	0.30	0.72
8 September 2020	0.14	0.28	0.69
9 September 2020	0.14	0.28	0.71
10 September 2020	0.14	0.26	0.68
11 September 2020	0.13	0.26	0.67
14 September 2020	0.14	0.27	0.68
15 September 2020	0.14	0.27	0.68
16 September 2020	0.14	0.28	0.69
17 September 2020	0.13	0.28	0.69
18 September 2020	0.14	0.29	0.70
21 September 2020	0.14	0.27	0.68
22 September 2020	0.13	0.27	0.68
23 September 2020	0.14	0.28	0.68
24 September 2020	0.14	0.27	0.67
25 September 2020	0.12	0.26	0.66
28 September 2020	0.14	0.26	0.67
29 September 2020	0.11	0.24	0.66
30 September 2020	0.13	0.28	0.69
1 October 2020	0.14	0.27	0.68
2 October 2020	0.13	0.28	0.70
5 October 2020	0.14	0.33	0.78
6 October 2020	0.14	0.32	0.76
7 October 2020	0.16	0.35	0.81
8 October 2020	0.13	0.33	0.78
9 October 2020	0.16	0.34	0.79
13 October 2020	0.16	0.31	0.74
14 October 2020	0.14	0.30	0.73
15 October 2020	0.14	0.32	0.74
16 October 2020	0.14	0.32	0.76
19 October 2020	0.16	0.34	0.78
20 October 2020	0.14	0.34	0.81
21 October 2020	0.14	0.36	0.83
22 October 2020	0.16	0.38	0.87
23 October 2020	0.18	0.37	0.85
26 October 2020	0.16	0.35	0.81
27 October 2020	0.16	0.34	0.79
28 October 2020	0.16	0.34	0.79
29 October 2020	0.16	0.38	0.85
30 October 2020	0.14	0.38	0.88
2 November 2020	0.16	0.38	0.87
3 November 2020	0.17	0.39	0.90
4 November 2020	0.14	0.33	0.78
5 November 2020	0.14	0.33	0.79
6 November 2020	0.16	0.36	0.83
9 November 2020	0.17	0.44	0.96
10 November 2020	0.19	0.46	0.98
12 November 2020	0.17	0.40	0.88
13 November 2020	0.17	0.41	0.89
16 November 2020	0.19	0.41	0.91
17 November 2020	0.18	0.39	0.87
18 November 2020	0.16	0.40	0.88
19 November 2020	0.18	0.39	0.86
20 November 2020	0.16	0.38	0.83
23 November 2020	0.16	0.39	0.86
24 November 2020	0.16	0.39	0.88
25 November 2020	0.17	0.39	0.88
27 November 2020	0.16	0.37	0.84
30 November 2020	0.16	0.36	0.84
1 December 2020	0.17	0.42	0.92
2 December 2020	0.16	0.42	0.95
3 December 2020	0.16	0.40	0.92
4 December 2020	0.16	0.42	0.97
7 December 2020	0.14	0.40	0.94
8 December 2020	0.14	0.39	0.92
9 December 2020	0.16	0.41	0.95
10 December 2020	0.14	0.39	0.92
11 December 2020	0.11	0.37	0.90
14 December 2020	0.13	0.37	0.90
15 December 2020	0.11	0.37	0.92
16 December 2020	0.13	0.37	0.92
17 December 2020	0.13	0.38	0.94
18 December 2020	0.13	0.39	0.95
21 December 2020	0.13	0.39	0.95
22 December 2020	0.13	0.37	0.93
23 December 2020	0.13	0.38	0.96
24 December 2020	0.13	0.37	0.94
28 December 2020	0.13	0.38	0.94
29 December 2020	0.12	0.37	0.94
30 December 2020	0.12	0.37	0.93
31 December 2020	0.13	0.36	0.93
4 January 2021	0.11	0.36	0.93
5 January 2021	0.13	0.38	0.96
6 January 2021	0.14	0.43	1.04
7 January 2021	0.14	0.46	1.08
8 January 2021	0.14	0.49	1.13
11 January 2021	0.14	0.50	1.15
12 January 2021	0.14	0.50	1.15
13 January 2021	0.14	0.48	1.10
14 January 2021	0.16	0.49	1.15
15 January 2021	0.13	0.46	1.11
19 January 2021	0.14	0.45	1.10
20 January 2021	0.13	0.45	1.10
21 January 2021	0.13	0.45	1.12
22 January 2021	0.13	0.44	1.10
25 January 2021	0.13	0.42	1.05
26 January 2021	0.11	0.42	1.05
27 January 2021	0.12	0.41	1.04
28 January 2021	0.12	0.42	1.07
29 January 2021	0.11	0.45	1.11
1 February 2021	0.11	0.42	1.09
2 February 2021	0.11	0.45	1.12
3 February 2021	0.11	0.46	1.15
4 February 2021	0.11	0.46	1.15
5 February 2021	0.09	0.47	1.19
8 February 2021	0.11	0.48	1.19
9 February 2021	0.11	0.48	1.18
10 February 2021	0.11	0.46	1.15
11 February 2021	0.11	0.46	1.16
12 February 2021	0.11	0.50	1.20
16 February 2021	0.13	0.57	1.30
17 February 2021	0.11	0.57	1.29
18 February 2021	0.11	0.56	1.29
19 February 2021	0.11	0.59	1.34
22 February 2021	0.11	0.61	1.37
23 February 2021	0.11	0.59	1.37
24 February 2021	0.12	0.62	1.38
25 February 2021	0.17	0.81	1.54
26 February 2021	0.14	0.75	1.44
1 March 2021	0.13	0.71	1.45
2 March 2021	0.13	0.67	1.42
3 March 2021	0.14	0.73	1.47
4 March 2021	0.14	0.77	1.54
5 March 2021	0.14	0.79	1.56
8 March 2021	0.17	0.86	1.59
9 March 2021	0.17	0.83	1.55
10 March 2021	0.16	0.80	1.53
11 March 2021	0.14	0.78	1.54
12 March 2021	0.14	0.85	1.64
15 March 2021	0.14	0.84	1.62
16 March 2021	0.15	0.83	1.62
17 March 2021	0.13	0.80	1.63
18 March 2021	0.16	0.86	1.71
19 March 2021	0.16	0.90	1.74
22 March 2021	0.15	0.87	1.69
23 March 2021	0.15	0.83	1.63
24 March 2021	0.14	0.83	1.62
25 March 2021	0.14	0.82	1.63
26 March 2021	0.14	0.85	1.67
29 March 2021	0.14	0.89	1.73
30 March 2021	0.16	0.90	1.73
31 March 2021	0.16	0.92	1.74
1 April 2021	0.17	0.90	1.69
2 April 2021	0.19	0.97	1.72
5 April 2021	0.17	0.94	1.73
6 April 2021	0.16	0.88	1.67
7 April 2021	0.16	0.87	1.68
8 April 2021	0.14	0.85	1.64
9 April 2021	0.16	0.87	1.67
12 April 2021	0.18	0.89	1.69
13 April 2021	0.16	0.85	1.64
14 April 2021	0.16	0.87	1.64
15 April 2021	0.16	0.81	1.56
16 April 2021	0.16	0.84	1.59
19 April 2021	0.16	0.85	1.61
20 April 2021	0.15	0.81	1.58
21 April 2021	0.15	0.81	1.57
22 April 2021	0.16	0.81	1.57
23 April 2021	0.16	0.83	1.58
26 April 2021	0.18	0.85	1.58
27 April 2021	0.17	0.88	1.63
28 April 2021	0.17	0.86	1.63
29 April 2021	0.16	0.86	1.65
30 April 2021	0.16	0.86	1.65
3 May 2021	0.16	0.84	1.63
4 May 2021	0.16	0.82	1.61
5 May 2021	0.16	0.80	1.59
6 May 2021	0.16	0.81	1.58
7 May 2021	0.14	0.77	1.60
10 May 2021	0.16	0.80	1.63
11 May 2021	0.16	0.80	1.64
12 May 2021	0.16	0.87	1.69
13 May 2021	0.16	0.84	1.66
14 May 2021	0.16	0.82	1.63
17 May 2021	0.16	0.84	1.64
18 May 2021	0.16	0.83	1.64
19 May 2021	0.16	0.87	1.68
20 May 2021	0.15	0.83	1.63
21 May 2021	0.17	0.84	1.63
24 May 2021	0.15	0.82	1.61
25 May 2021	0.15	0.79	1.56
26 May 2021	0.14	0.80	1.58
27 May 2021	0.14	0.81	1.61
28 May 2021	0.14	0.79	1.58
1 June 2021	0.16	0.81	1.62
2 June 2021	0.13	0.80	1.59
3 June 2021	0.16	0.84	1.63
4 June 2021	0.14	0.78	1.56
7 June 2021	0.16	0.79	1.57
8 June 2021	0.14	0.77	1.53
9 June 2021	0.16	0.75	1.50
10 June 2021	0.14	0.73	1.45
11 June 2021	0.16	0.76	1.47
14 June 2021	0.16	0.80	1.51
15 June 2021	0.16	0.79	1.51
16 June 2021	0.21	0.89	1.57
17 June 2021	0.23	0.90	1.52
18 June 2021	0.26	0.89	1.45
21 June 2021	0.27	0.90	1.50
22 June 2021	0.25	0.87	1.48
23 June 2021	0.26	0.90	1.50
24 June 2021	0.26	0.90	1.49
25 June 2021	0.28	0.92	1.54
28 June 2021	0.25	0.90	1.49
29 June 2021	0.27	0.89	1.49
30 June 2021	0.25	0.87	1.45
1 July 2021	0.25	0.89	1.48
2 July 2021	0.24	0.86	1.44
6 July 2021	0.22	0.81	1.37
7 July 2021	0.22	0.79	1.33
8 July 2021	0.19	0.74	1.30
9 July 2021	0.23	0.79	1.37
12 July 2021	0.23	0.81	1.38
13 July 2021	0.26	0.85	1.42
14 July 2021	0.23	0.80	1.37
15 July 2021	0.23	0.78	1.31
16 July 2021	0.25	0.79	1.31
19 July 2021	0.21	0.70	1.19
20 July 2021	0.20	0.69	1.23
21 July 2021	0.22	0.74	1.30
22 July 2021	0.20	0.71	1.27
23 July 2021	0.22	0.72	1.30
26 July 2021	0.22	0.73	1.29
27 July 2021	0.20	0.71	1.25
28 July 2021	0.20	0.72	1.26
29 July 2021	0.20	0.73	1.28
30 July 2021	0.19	0.69	1.24
2 August 2021	0.17	0.66	1.20
3 August 2021	0.17	0.65	1.19
4 August 2021	0.17	0.67	1.19
5 August 2021	0.21	0.72	1.23
6 August 2021	0.21	0.77	1.31
9 August 2021	0.23	0.79	1.33
10 August 2021	0.24	0.82	1.36
11 August 2021	0.23	0.81	1.35
12 August 2021	0.23	0.83	1.36
13 August 2021	0.23	0.79	1.29
16 August 2021	0.21	0.75	1.26
17 August 2021	0.23	0.77	1.26
18 August 2021	0.23	0.79	1.27
19 August 2021	0.22	0.78	1.24
20 August 2021	0.23	0.80	1.26
23 August 2021	0.23	0.78	1.25
24 August 2021	0.24	0.80	1.29
25 August 2021	0.23	0.84	1.35
26 August 2021	0.25	0.84	1.34
27 August 2021	0.22	0.79	1.31
30 August 2021	0.20	0.77	1.29
31 August 2021	0.20	0.77	1.30
1 September 2021	0.20	0.78	1.31
2 September 2021	0.20	0.78	1.29
3 September 2021	0.21	0.78	1.33
7 September 2021	0.22	0.82	1.38
8 September 2021	0.22	0.81	1.35
9 September 2021	0.23	0.79	1.30
10 September 2021	0.23	0.82	1.35
13 September 2021	0.21	0.81	1.33
14 September 2021	0.21	0.79	1.28
15 September 2021	0.21	0.81	1.31
16 September 2021	0.23	0.84	1.34
17 September 2021	0.23	0.88	1.37
20 September 2021	0.23	0.83	1.31
21 September 2021	0.22	0.84	1.33
22 September 2021	0.25	0.86	1.32
23 September 2021	0.27	0.94	1.41
24 September 2021	0.29	0.97	1.47
27 September 2021	0.31	0.98	1.48
28 September 2021	0.31	1.02	1.54
29 September 2021	0.30	1.01	1.55
30 September 2021	0.28	0.98	1.52
1 October 2021	0.27	0.93	1.48
4 October 2021	0.27	0.95	1.49
5 October 2021	0.28	0.98	1.54
6 October 2021	0.30	0.99	1.53
7 October 2021	0.32	1.02	1.58
8 October 2021	0.32	1.05	1.61
12 October 2021	0.35	1.08	1.59
13 October 2021	0.37	1.09	1.56
14 October 2021	0.36	1.05	1.52
15 October 2021	0.41	1.13	1.59
18 October 2021	0.44	1.16	1.59
19 October 2021	0.41	1.17	1.65
20 October 2021	0.40	1.16	1.65
21 October 2021	0.45	1.23	1.68
22 October 2021	0.48	1.22	1.66
25 October 2021	0.47	1.19	1.64
26 October 2021	0.47	1.20	1.63
27 October 2021	0.50	1.16	1.54
28 October 2021	0.50	1.18	1.57
29 October 2021	0.48	1.18	1.55
1 November 2021	0.50	1.20	1.58
2 November 2021	0.46	1.15	1.56
3 November 2021	0.47	1.19	1.60
4 November 2021	0.41	1.10	1.53
5 November 2021	0.39	1.04	1.45
8 November 2021	0.45	1.13	1.51
9 November 2021	0.41	1.08	1.46
10 November 2021	0.51	1.23	1.56
12 November 2021	0.53	1.24	1.58
15 November 2021	0.53	1.26	1.63
16 November 2021	0.54	1.27	1.63
17 November 2021	0.52	1.24	1.60
18 November 2021	0.52	1.22	1.59
19 November 2021	0.52	1.22	1.54
22 November 2021	0.63	1.33	1.63
23 November 2021	0.60	1.33	1.67
24 November 2021	0.64	1.34	1.64
26 November 2021	0.50	1.16	1.48
29 November 2021	0.51	1.18	1.52
30 November 2021	0.52	1.14	1.43
1 December 2021	0.56	1.15	1.43
2 December 2021	0.63	1.21	1.44
3 December 2021	0.60	1.13	1.35
6 December 2021	0.65	1.21	1.43
7 December 2021	0.70	1.26	1.48
8 December 2021	0.68	1.27	1.52
9 December 2021	0.70	1.26	1.49
10 December 2021	0.67	1.25	1.48
13 December 2021	0.66	1.21	1.42
14 December 2021	0.67	1.23	1.44
15 December 2021	0.69	1.26	1.47
16 December 2021	0.64	1.19	1.44
17 December 2021	0.66	1.18	1.41
20 December 2021	0.65	1.17	1.43
21 December 2021	0.70	1.24	1.48
22 December 2021	0.68	1.23	1.46
23 December 2021	0.71	1.25	1.50
27 December 2021	0.76	1.26	1.48
28 December 2021	0.74	1.27	1.49
29 December 2021	0.75	1.29	1.55
30 December 2021	0.73	1.27	1.52
31 December 2021	0.73	1.26	1.52
3 January 2022	0.78	1.37	1.63
4 January 2022	0.77	1.37	1.66
5 January 2022	0.83	1.43	1.71
6 January 2022	0.88	1.47	1.73
7 January 2022	0.87	1.50	1.76
10 January 2022	0.92	1.53	1.78
11 January 2022	0.90	1.51	1.75
12 January 2022	0.92	1.50	1.74
13 January 2022	0.91	1.47	1.70
14 January 2022	0.99	1.55	1.78
18 January 2022	1.06	1.65	1.87
19 January 2022	1.04	1.62	1.83
20 January 2022	1.08	1.62	1.83
21 January 2022	1.01	1.54	1.75
24 January 2022	0.99	1.53	1.75
25 January 2022	1.02	1.56	1.78
26 January 2022	1.13	1.66	1.85
27 January 2022	1.18	1.66	1.81
28 January 2022	1.15	1.61	1.78
31 January 2022	1.18	1.62	1.79
1 February 2022	1.18	1.63	1.81
2 February 2022	1.16	1.60	1.78
3 February 2022	1.19	1.66	1.82
4 February 2022	1.31	1.78	1.93
7 February 2022	1.30	1.76	1.92
8 February 2022	1.35	1.81	1.96
9 February 2022	1.36	1.82	1.94
10 February 2022	1.61	1.96	2.03
11 February 2022	1.50	1.84	1.92
14 February 2022	1.58	1.90	1.98
15 February 2022	1.58	1.94	2.05
16 February 2022	1.52	1.90	2.03
17 February 2022	1.49	1.85	1.97
18 February 2022	1.47	1.82	1.92
22 February 2022	1.56	1.85	1.94
23 February 2022	1.58	1.89	1.99
24 February 2022	1.54	1.84	1.96
25 February 2022	1.55	1.86	1.97
28 February 2022	1.44	1.71	1.83
1 March 2022	1.31	1.56	1.72
2 March 2022	1.50	1.74	1.86
3 March 2022	1.53	1.74	1.86
4 March 2022	1.50	1.65	1.74
7 March 2022	1.55	1.71	1.78
8 March 2022	1.63	1.80	1.86
9 March 2022	1.68	1.87	1.94
10 March 2022	1.72	1.92	1.98
11 March 2022	1.75	1.96	2.00
14 March 2022	1.87	2.10	2.14
15 March 2022	1.85	2.10	2.15
16 March 2022	1.95	2.18	2.19
17 March 2022	1.94	2.17	2.20
18 March 2022	1.97	2.14	2.14
21 March 2022	2.14	2.33	2.32
22 March 2022	2.18	2.39	2.38
23 March 2022	2.13	2.34	2.32
24 March 2022	2.13	2.37	2.34
25 March 2022	2.30	2.55	2.48
28 March 2022	2.35	2.54	2.46
29 March 2022	2.35	2.49	2.41
30 March 2022	2.31	2.44	2.35
31 March 2022	2.28	2.42	2.32
1 April 2022	2.44	2.55	2.39
4 April 2022	2.43	2.56	2.42
5 April 2022	2.51	2.69	2.54
6 April 2022	2.50	2.70	2.61
7 April 2022	2.47	2.70	2.66
8 April 2022	2.53	2.76	2.72
11 April 2022	2.50	2.79	2.79
12 April 2022	2.39	2.66	2.72
13 April 2022	2.37	2.66	2.70
14 April 2022	2.47	2.79	2.83
18 April 2022	2.46	2.79	2.85
19 April 2022	2.61	2.91	2.93
20 April 2022	2.60	2.87	2.85
21 April 2022	2.68	2.96	2.90
22 April 2022	2.72	2.94	2.90
25 April 2022	2.63	2.84	2.81
26 April 2022	2.54	2.79	2.77
27 April 2022	2.58	2.81	2.82
28 April 2022	2.63	2.86	2.85
29 April 2022	2.70	2.92	2.89
2 May 2022	2.73	3.01	2.99
3 May 2022	2.78	3.01	2.97
4 May 2022	2.66	2.93	2.93
5 May 2022	2.71	3.01	3.05
6 May 2022	2.72	3.06	3.12
9 May 2022	2.61	2.95	3.05
10 May 2022	2.62	2.91	2.99
11 May 2022	2.66	2.89	2.91
12 May 2022	2.56	2.81	2.84
13 May 2022	2.61	2.89	2.93
16 May 2022	2.58	2.83	2.88
17 May 2022	2.71	2.96	2.98
18 May 2022	2.68	2.89	2.89
19 May 2022	2.63	2.84	2.84
20 May 2022	2.60	2.80	2.78
23 May 2022	2.65	2.88	2.86
24 May 2022	2.50	2.76	2.76
25 May 2022	2.48	2.71	2.75
26 May 2022	2.46	2.70	2.75
27 May 2022	2.47	2.71	2.74
31 May 2022	2.53	2.81	2.85
1 June 2022	2.66	2.94	2.94
2 June 2022	2.65	2.92	2.92
3 June 2022	2.66	2.95	2.96
6 June 2022	2.73	3.03	3.04
7 June 2022	2.75	2.99	2.98
8 June 2022	2.78	3.03	3.03
9 June 2022	2.83	3.07	3.04
10 June 2022	3.06	3.25	3.15
13 June 2022	3.40	3.56	3.43
14 June 2022	3.45	3.61	3.49
15 June 2022	3.20	3.38	3.33
16 June 2022	3.14	3.35	3.28
17 June 2022	3.17	3.34	3.25
21 June 2022	3.21	3.38	3.31
22 June 2022	3.06	3.22	3.16
23 June 2022	3.01	3.14	3.09
24 June 2022	3.04	3.18	3.13
27 June 2022	3.08	3.24	3.20
28 June 2022	3.10	3.25	3.20
29 June 2022	3.06	3.15	3.10
30 June 2022	2.92	3.01	2.98
1 July 2022	2.84	2.88	2.88
5 July 2022	2.82	2.82	2.82
6 July 2022	2.97	2.96	2.93
7 July 2022	3.03	3.05	3.01
8 July 2022	3.12	3.13	3.09
11 July 2022	3.07	3.05	2.99
12 July 2022	3.03	3.01	2.96
13 July 2022	3.13	3.02	2.91
14 July 2022	3.15	3.06	2.96
15 July 2022	3.13	3.05	2.93
18 July 2022	3.15	3.06	2.96
19 July 2022	3.23	3.14	3.01
20 July 2022	3.25	3.18	3.04
21 July 2022	3.10	3.00	2.91
22 July 2022	2.98	2.87	2.77
25 July 2022	3.00	2.89	2.81
26 July 2022	3.02	2.89	2.81
27 July 2022	2.96	2.82	2.78
28 July 2022	2.85	2.69	2.68
29 July 2022	2.89	2.70	2.67
1 August 2022	2.90	2.66	2.60
2 August 2022	3.06	2.85	2.75
3 August 2022	3.10	2.86	2.73
4 August 2022	3.03	2.76	2.68
5 August 2022	3.24	2.97	2.83
8 August 2022	3.21	2.91	2.77
9 August 2022	3.28	2.97	2.80
10 August 2022	3.23	2.93	2.78
11 August 2022	3.23	2.98	2.87
12 August 2022	3.25	2.97	2.84
15 August 2022	3.20	2.91	2.79
16 August 2022	3.25	2.95	2.82
17 August 2022	3.28	3.04	2.89
18 August 2022	3.22	3.02	2.88
19 August 2022	3.25	3.11	2.98
22 August 2022	3.32	3.17	3.03
23 August 2022	3.29	3.18	3.05
24 August 2022	3.36	3.20	3.11
25 August 2022	3.35	3.15	3.03
26 August 2022	3.37	3.20	3.04
29 August 2022	3.42	3.27	3.12
30 August 2022	3.46	3.27	3.11
31 August 2022	3.45	3.30	3.15
1 September 2022	3.51	3.39	3.26
2 September 2022	3.40	3.30	3.20
6 September 2022	3.50	3.43	3.33
7 September 2022	3.45	3.37	3.27
8 September 2022	3.48	3.39	3.29
9 September 2022	3.56	3.45	3.33
12 September 2022	3.58	3.47	3.37
13 September 2022	3.75	3.58	3.42
14 September 2022	3.78	3.60	3.41
15 September 2022	3.87	3.66	3.45
16 September 2022	3.85	3.62	3.45
19 September 2022	3.95	3.69	3.49
20 September 2022	3.96	3.75	3.57
21 September 2022	4.02	3.74	3.51
22 September 2022	4.11	3.91	3.70
23 September 2022	4.20	3.96	3.69
26 September 2022	4.27	4.15	3.88
27 September 2022	4.30	4.21	3.97
28 September 2022	4.07	3.92	3.72
29 September 2022	4.16	3.98	3.76
30 September 2022	4.22	4.06	3.83
3 October 2022	4.12	3.90	3.67
4 October 2022	4.10	3.84	3.62
5 October 2022	4.15	3.96	3.76
6 October 2022	4.23	4.05	3.83
7 October 2022	4.30	4.14	3.89
11 October 2022	4.30	4.14	3.93
12 October 2022	4.28	4.12	3.91
13 October 2022	4.47	4.21	3.97
14 October 2022	4.48	4.25	4.00
17 October 2022	4.45	4.24	4.02
18 October 2022	4.43	4.21	4.01
19 October 2022	4.55	4.35	4.14
20 October 2022	4.62	4.45	4.24
21 October 2022	4.49	4.34	4.21
24 October 2022	4.50	4.36	4.25
25 October 2022	4.42	4.25	4.10
26 October 2022	4.39	4.20	4.04
27 October 2022	4.30	4.09	3.96
28 October 2022	4.41	4.19	4.02
31 October 2022	4.51	4.27	4.10
1 November 2022	4.54	4.27	4.07
2 November 2022	4.61	4.30	4.10
3 November 2022	4.71	4.36	4.14
4 November 2022	4.66	4.33	4.17
7 November 2022	4.72	4.39	4.22
8 November 2022	4.67	4.31	4.14
9 November 2022	4.61	4.27	4.12
10 November 2022	4.34	3.95	3.82
14 November 2022	4.40	4.00	3.88
15 November 2022	4.37	3.93	3.80
16 November 2022	4.35	3.83	3.67
17 November 2022	4.43	3.93	3.77
18 November 2022	4.51	3.99	3.82
21 November 2022	4.48	3.97	3.83
22 November 2022	4.47	3.93	3.76
23 November 2022	4.46	3.88	3.71
25 November 2022	4.42	3.85	3.68
28 November 2022	4.46	3.88	3.69
29 November 2022	4.48	3.92	3.75
30 November 2022	4.38	3.82	3.68
1 December 2022	4.25	3.68	3.53
2 December 2022	4.28	3.67	3.51
5 December 2022	4.41	3.80	3.60
6 December 2022	4.34	3.73	3.51
7 December 2022	4.26	3.62	3.42
8 December 2022	4.31	3.71	3.48
9 December 2022	4.33	3.75	3.57
12 December 2022	4.39	3.80	3.61
13 December 2022	4.22	3.66	3.51
14 December 2022	4.23	3.64	3.49
15 December 2022	4.23	3.62	3.44
16 December 2022	4.17	3.61	3.48
19 December 2022	4.25	3.70	3.57
20 December 2022	4.25	3.79	3.69
21 December 2022	4.21	3.78	3.68
22 December 2022	4.24	3.79	3.67
23 December 2022	4.31	3.86	3.75
27 December 2022	4.32	3.94	3.84
28 December 2022	4.31	3.97	3.88
29 December 2022	4.34	3.94	3.83
30 December 2022	4.41	3.99	3.88
3 January 2023	4.40	3.94	3.79
4 January 2023	4.36	3.85	3.69
5 January 2023	4.45	3.90	3.71
6 January 2023	4.24	3.69	3.55
9 January 2023	4.19	3.66	3.53
10 January 2023	4.24	3.72	3.61
11 January 2023	4.20	3.66	3.54
12 January 2023	4.12	3.53	3.43
13 January 2023	4.22	3.60	3.49
17 January 2023	4.18	3.60	3.53
18 January 2023	4.06	3.43	3.37
19 January 2023	4.09	3.48	3.39
20 January 2023	4.14	3.56	3.48
23 January 2023	4.21	3.61	3.52
24 January 2023	4.12	3.58	3.46
25 January 2023	4.11	3.54	3.46
26 January 2023	4.17	3.58	3.49
27 January 2023	4.19	3.62	3.52
30 January 2023	4.25	3.68	3.55
31 January 2023	4.21	3.63	3.52
1 February 2023	4.09	3.48	3.39
2 February 2023	4.09	3.49	3.40
3 February 2023	4.30	3.67	3.53
6 February 2023	4.44	3.81	3.63
7 February 2023	4.47	3.85	3.67
8 February 2023	4.45	3.82	3.63
9 February 2023	4.48	3.87	3.67
10 February 2023	4.50	3.93	3.74
13 February 2023	4.52	3.93	3.72
14 February 2023	4.60	4.00	3.77
15 February 2023	4.62	4.04	3.81
16 February 2023	4.62	4.06	3.86
17 February 2023	4.60	4.03	3.82
21 February 2023	4.67	4.16	3.95
22 February 2023	4.66	4.13	3.93
23 February 2023	4.66	4.09	3.88
24 February 2023	4.78	4.19	3.95
27 February 2023	4.78	4.17	3.92
28 February 2023	4.81	4.18	3.92
1 March 2023	4.89	4.27	4.01
2 March 2023	4.89	4.32	4.08
3 March 2023	4.86	4.26	3.97
6 March 2023	4.89	4.27	3.98
7 March 2023	5.00	4.31	3.97
8 March 2023	5.05	4.34	3.98
9 March 2023	4.90	4.22	3.93
10 March 2023	4.60	3.96	3.70
13 March 2023	4.03	3.68	3.55
14 March 2023	4.20	3.78	3.64
15 March 2023	3.93	3.59	3.51
16 March 2023	4.14	3.72	3.56
17 March 2023	3.81	3.44	3.39
20 March 2023	3.92	3.56	3.47
21 March 2023	4.17	3.73	3.59
22 March 2023	3.96	3.54	3.48
23 March 2023	3.76	3.39	3.38
24 March 2023	3.76	3.41	3.38
27 March 2023	3.94	3.59	3.53
28 March 2023	4.02	3.63	3.55
29 March 2023	4.08	3.67	3.57
30 March 2023	4.10	3.66	3.55
31 March 2023	4.06	3.60	3.48
3 April 2023	3.97	3.52	3.43
4 April 2023	3.84	3.39	3.35
5 April 2023	3.79	3.36	3.30
6 April 2023	3.82	3.37	3.30
7 April 2023	3.97	3.49	3.39
10 April 2023	4.00	3.52	3.41
11 April 2023	4.03	3.54	3.43
12 April 2023	3.95	3.46	3.41
13 April 2023	3.96	3.51	3.45
14 April 2023	4.08	3.60	3.52
17 April 2023	4.18	3.69	3.60
18 April 2023	4.19	3.69	3.58
19 April 2023	4.24	3.71	3.60
20 April 2023	4.14	3.63	3.54
21 April 2023	4.17	3.66	3.57
24 April 2023	4.12	3.60	3.52
25 April 2023	3.86	3.43	3.40
26 April 2023	3.90	3.46	3.43
27 April 2023	4.07	3.60	3.53
28 April 2023	4.04	3.51	3.44
1 May 2023	4.14	3.64	3.59
2 May 2023	3.97	3.46	3.44
3 May 2023	3.89	3.37	3.38
4 May 2023	3.75	3.29	3.37
5 May 2023	3.92	3.41	3.44
8 May 2023	4.00	3.49	3.52
9 May 2023	4.01	3.51	3.53
10 May 2023	3.90	3.37	3.43
11 May 2023	3.89	3.36	3.39
12 May 2023	3.98	3.45	3.46
15 May 2023	3.99	3.46	3.50
16 May 2023	4.06	3.52	3.54
17 May 2023	4.12	3.58	3.57
18 May 2023	4.24	3.69	3.65
19 May 2023	4.28	3.76	3.70
22 May 2023	4.29	3.77	3.72
23 May 2023	4.26	3.76	3.70
24 May 2023	4.31	3.75	3.73
25 May 2023	4.50	3.90	3.83
26 May 2023	4.54	3.92	3.80
30 May 2023	4.46	3.81	3.69
31 May 2023	4.40	3.74	3.64
1 June 2023	4.33	3.70	3.61
2 June 2023	4.50	3.84	3.69
5 June 2023	4.46	3.82	3.69
6 June 2023	4.51	3.85	3.70
7 June 2023	4.56	3.93	3.79
8 June 2023	4.52	3.87	3.73
9 June 2023	4.59	3.92	3.75
12 June 2023	4.55	3.89	3.73
13 June 2023	4.67	4.01	3.84
14 June 2023	4.74	4.06	3.83
15 June 2023	4.62	3.91	3.72
16 June 2023	4.70	3.99	3.77
20 June 2023	4.68	3.96	3.74
21 June 2023	4.68	3.95	3.72
22 June 2023	4.77	4.03	3.80
23 June 2023	4.71	3.99	3.74
26 June 2023	4.65	3.96	3.72
27 June 2023	4.74	4.02	3.77
28 June 2023	4.71	3.97	3.71
29 June 2023	4.87	4.14	3.85
30 June 2023	4.87	4.13	3.81
3 July 2023	4.94	4.19	3.86
5 July 2023	4.94	4.25	3.95
6 July 2023	4.99	4.37	4.05
7 July 2023	4.94	4.35	4.06
10 July 2023	4.85	4.25	4.01
11 July 2023	4.88	4.24	3.99
12 July 2023	4.72	4.07	3.86
13 July 2023	4.59	3.93	3.76
14 July 2023	4.74	4.04	3.83
17 July 2023	4.74	4.02	3.81
18 July 2023	4.74	4.00	3.80
19 July 2023	4.74	3.98	3.75
20 July 2023	4.80	4.08	3.85
21 July 2023	4.82	4.09	3.84
24 July 2023	4.81	4.13	3.86
25 July 2023	4.85	4.15	3.91
26 July 2023	4.82	4.09	3.86
27 July 2023	4.91	4.24	4.01
28 July 2023	4.87	4.18	3.96
31 July 2023	4.88	4.18	3.97
1 August 2023	4.92	4.24	4.05
2 August 2023	4.88	4.24	4.08
3 August 2023	4.90	4.30	4.20
4 August 2023	4.78	4.15	4.05
7 August 2023	4.76	4.16	4.09
8 August 2023	4.74	4.10	4.02
9 August 2023	4.79	4.12	4.00
10 August 2023	4.82	4.21	4.09
11 August 2023	4.89	4.31	4.16
14 August 2023	4.96	4.36	4.19
15 August 2023	4.92	4.36	4.21
16 August 2023	4.97	4.42	4.28
17 August 2023	4.94	4.42	4.30
18 August 2023	4.92	4.38	4.26
21 August 2023	4.97	4.46	4.34
22 August 2023	5.02	4.49	4.34
23 August 2023	4.95	4.36	4.19
24 August 2023	4.98	4.39	4.23
25 August 2023	5.03	4.44	4.25
28 August 2023	4.98	4.38	4.20
29 August 2023	4.87	4.26	4.12
30 August 2023	4.90	4.27	4.12
31 August 2023	4.85	4.23	4.09
1 September 2023	4.87	4.29	4.18
5 September 2023	4.94	4.37	4.27
6 September 2023	5.01	4.44	4.30
7 September 2023	4.94	4.38	4.27
8 September 2023	4.98	4.39	4.26
11 September 2023	4.97	4.40	4.29
12 September 2023	4.98	4.41	4.27
13 September 2023	4.96	4.39	4.25
14 September 2023	5.00	4.42	4.29
15 September 2023	5.02	4.45	4.33
18 September 2023	5.05	4.46	4.32
19 September 2023	5.08	4.51	4.37
20 September 2023	5.12	4.52	4.35
21 September 2023	5.12	4.61	4.49
22 September 2023	5.10	4.57	4.44
25 September 2023	5.09	4.62	4.55
26 September 2023	5.04	4.62	4.56
27 September 2023	5.10	4.67	4.61
28 September 2023	5.04	4.62	4.59
29 September 2023	5.03	4.60	4.59
2 October 2023	5.12	4.72	4.69
3 October 2023	5.15	4.80	4.81
4 October 2023	5.05	4.72	4.73
5 October 2023	5.03	4.68	4.72
6 October 2023	5.08	4.75	4.78
10 October 2023	4.96	4.62	4.66
11 October 2023	4.99	4.59	4.58
12 October 2023	5.06	4.69	4.70
13 October 2023	5.04	4.65	4.63
16 October 2023	5.09	4.72	4.71
17 October 2023	5.19	4.86	4.83
18 October 2023	5.19	4.92	4.91
19 October 2023	5.14	4.95	4.98
20 October 2023	5.07	4.86	4.93
23 October 2023	5.05	4.81	4.86
24 October 2023	5.02	4.82	4.83
25 October 2023	5.08	4.89	4.95
26 October 2023	5.02	4.79	4.86
27 October 2023	4.99	4.76	4.84
30 October 2023	5.03	4.80	4.88
31 October 2023	5.07	4.82	4.88
1 November 2023	4.95	4.67	4.77
2 November 2023	4.98	4.65	4.67
3 November 2023	4.83	4.49	4.57
6 November 2023	4.93	4.60	4.67
7 November 2023	4.91	4.53	4.58
8 November 2023	4.93	4.51	4.49
9 November 2023	5.03	4.65	4.62
10 November 2023	5.04	4.65	4.61
13 November 2023	5.02	4.66	4.63
14 November 2023	4.80	4.42	4.44
15 November 2023	4.90	4.52	4.53
16 November 2023	4.83	4.43	4.45
17 November 2023	4.88	4.45	4.44
20 November 2023	4.89	4.44	4.42
21 November 2023	4.86	4.41	4.41
22 November 2023	4.89	4.44	4.42
24 November 2023	4.92	4.49	4.47
27 November 2023	4.84	4.38	4.39
28 November 2023	4.73	4.29	4.34
29 November 2023	4.64	4.22	4.27
30 November 2023	4.73	4.31	4.37
1 December 2023	4.56	4.14	4.22
4 December 2023	4.64	4.23	4.28
5 December 2023	4.57	4.14	4.18
6 December 2023	4.60	4.12	4.12
7 December 2023	4.58	4.11	4.14
8 December 2023	4.71	4.24	4.23
11 December 2023	4.71	4.25	4.23
12 December 2023	4.73	4.23	4.20
13 December 2023	4.46	4.00	4.04
14 December 2023	4.37	3.90	3.92
15 December 2023	4.44	3.91	3.91
18 December 2023	4.43	3.94	3.95
19 December 2023	4.41	3.94	3.93
20 December 2023	4.34	3.86	3.86
21 December 2023	4.33	3.87	3.89
22 December 2023	4.31	3.87	3.90
26 December 2023	4.26	3.89	3.89
27 December 2023	4.20	3.78	3.79
28 December 2023	4.26	3.83	3.84
29 December 2023	4.23	3.84	3.88
2 January 2024	4.33	3.93	3.95
3 January 2024	4.33	3.90	3.91
4 January 2024	4.38	3.97	3.99
5 January 2024	4.40	4.02	4.05
8 January 2024	4.36	3.97	4.01
9 January 2024	4.36	3.97	4.02
10 January 2024	4.37	3.99	4.04
11 January 2024	4.26	3.90	3.98
12 January 2024	4.14	3.84	3.96
16 January 2024	4.22	3.95	4.07
17 January 2024	4.34	4.02	4.10
18 January 2024	4.34	4.04	4.14
19 January 2024	4.39	4.08	4.15
22 January 2024	4.37	4.03	4.11
23 January 2024	4.31	4.06	4.14
24 January 2024	4.34	4.06	4.18
25 January 2024	4.28	4.01	4.14
26 January 2024	4.34	4.04	4.15
29 January 2024	4.29	3.97	4.08
30 January 2024	4.36	4.00	4.06
31 January 2024	4.27	3.91	3.99
1 February 2024	4.20	3.80	3.87
2 February 2024	4.36	3.99	4.03
5 February 2024	4.46	4.13	4.17
6 February 2024	4.39	4.03	4.09
7 February 2024	4.41	4.06	4.09
8 February 2024	4.46	4.12	4.15
9 February 2024	4.48	4.14	4.17
12 February 2024	4.46	4.13	4.17
13 February 2024	4.64	4.31	4.31
14 February 2024	4.56	4.25	4.27
15 February 2024	4.56	4.22	4.24
16 February 2024	4.64	4.29	4.30
20 February 2024	4.59	4.25	4.27
21 February 2024	4.64	4.30	4.32
22 February 2024	4.69	4.33	4.33
23 February 2024	4.67	4.28	4.26
26 February 2024	4.69	4.29	4.28
27 February 2024	4.70	4.32	4.31

Source: Department of the Treasury via Haver Analytics.

Return to text

Figure 31. Corporate bond yields, by securities rating, and municipal bond yield

Series: Investment-grade corporate, municipal, and high-yield corporate
Horizon: January 1, 2017, to February 27, 2024

Description: A line chart with three curves over January 1, 2017, to February 27, 2024. Units are percent, and the data are daily. The investment-grade corporate series starts slightly below 4, increases to about 5 by the end of 2018, and declines to around 3 by the beginning of 2020. The series sharply increases to about 5 in early 2020, decreases to around 2 by early 2021, rises to about 6 by the end of 2022, fluctuates between 5 and 7 through the beginning of 2024, and ends at around 6. The municipal series, following a similar pattern, starts a bit below 3 and fluctuates between 2 and 3 before declining in late 2018 and dropping to about 2 by the beginning of 2020. The series then increases sharply to about 3, decreases to about 1 by early 2022, and increases, ending at about 3. The high-yield corporate series starts at around 6 and increases to about 8 by the beginning of 2019. The series decreases to around 5 by the beginning of 2020, jumps to about 11 in early 2020, drops to around 4 by mid-2021, climbs to around 9 in late 2022, and fluctuates between about 8 and 10 through early 2024, ending slightly below 8.

Note: Investment-grade corporate reflects the effective yield of the ICE Bank of America Merrill Lynch (BofAML) triple-B U.S. Corporate Index (C0A4). High-yield corporate reflects the effective yield of the ICE BofAML High Yield Index (H0A0). Municipal reflects the yield to worst of the ICE BofAML U.S. Municipal Securities Index (U0A0).

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

Return to text

Figure 32. Yield and spread on agency mortgage-backed securities

Yield (Percent)
Spread (Basis points)
Daily

Date	Yield	Spread
3 January 2017	3.11	91.75
4 January 2017	3.13	92.56
5 January 2017	3.05	93.25
6 January 2017	3.10	92.72
9 January 2017	3.07	93.49
10 January 2017	3.07	93.20
11 January 2017	3.06	92.03
12 January 2017	3.05	93.96
13 January 2017	3.08	92.96
17 January 2017	3.04	95.35
18 January 2017	3.11	93.85
19 January 2017	3.17	95.40
20 January 2017	3.17	95.48
23 January 2017	3.11	96.15
24 January 2017	3.17	96.54
25 January 2017	3.22	96.31
26 January 2017	3.20	97.44
27 January 2017	3.18	96.17
30 January 2017	3.17	95.40
31 January 2017	3.15	97.61
1 February 2017	3.18	97.20
2 February 2017	3.16	96.06
3 February 2017	3.18	96.94
6 February 2017	3.11	97.39
7 February 2017	3.10	97.64
8 February 2017	3.06	98.67
9 February 2017	3.11	96.56
10 February 2017	3.11	96.16
13 February 2017	3.13	95.53
14 February 2017	3.16	93.41
15 February 2017	3.20	94.03
16 February 2017	3.15	95.16
17 February 2017	3.13	96.30
21 February 2017	3.14	96.27
22 February 2017	3.14	96.70
23 February 2017	3.11	98.47
24 February 2017	3.05	99.26
27 February 2017	3.10	98.54
28 February 2017	3.09	96.88
1 March 2017	3.19	96.47
2 March 2017	3.22	95.94
3 March 2017	3.22	96.71
6 March 2017	3.21	95.63
7 March 2017	3.23	94.53
8 March 2017	3.27	94.85
9 March 2017	3.34	97.06
10 March 2017	3.32	97.09
13 March 2017	3.35	97.34
14 March 2017	3.34	97.87
15 March 2017	3.23	96.52
16 March 2017	3.25	95.71
17 March 2017	3.23	96.04
20 March 2017	3.20	96.61
21 March 2017	3.16	96.56
22 March 2017	3.13	95.04
23 March 2017	3.15	96.94
24 March 2017	3.14	97.47
27 March 2017	3.12	96.08
28 March 2017	3.16	96.64
29 March 2017	3.13	96.99
30 March 2017	3.15	96.49
31 March 2017	3.13	96.50
3 April 2017	3.08	96.79
4 April 2017	3.08	95.59
5 April 2017	3.09	99.14
6 April 2017	3.07	96.98
7 April 2017	3.11	95.90
10 April 2017	3.10	96.04
11 April 2017	3.04	95.79
12 April 2017	3.04	99.59
13 April 2017	2.98	97.44
17 April 2017	2.99	96.36
18 April 2017	2.93	98.25
19 April 2017	2.95	97.32
20 April 2017	2.99	98.34
21 April 2017	2.99	98.27
24 April 2017	3.02	97.35
25 April 2017	3.08	96.52
26 April 2017	3.06	97.80
27 April 2017	3.04	98.05
28 April 2017	3.02	97.38
1 May 2017	3.05	96.97
2 May 2017	3.03	97.78
3 May 2017	3.04	94.90
4 May 2017	3.08	95.79
5 May 2017	3.07	94.55
8 May 2017	3.08	93.24
9 May 2017	3.11	93.18
10 May 2017	3.12	94.91
11 May 2017	3.12	96.29
12 May 2017	3.05	96.22
15 May 2017	3.05	95.21
16 May 2017	3.04	94.28
17 May 2017	2.93	94.02
18 May 2017	2.97	96.02
19 May 2017	2.98	97.32
22 May 2017	2.99	96.24
23 May 2017	3.01	94.55
24 May 2017	2.99	96.54
25 May 2017	2.97	95.93
26 May 2017	2.98	95.65
30 May 2017	2.94	95.70
31 May 2017	2.93	95.14
1 June 2017	2.95	96.82
2 June 2017	2.90	97.42
5 June 2017	2.92	95.59
6 June 2017	2.88	95.73
7 June 2017	2.91	94.73
8 June 2017	2.92	94.73
9 June 2017	2.93	93.65
12 June 2017	2.95	95.02
13 June 2017	2.94	94.40
14 June 2017	2.88	93.08
15 June 2017	2.92	95.67
16 June 2017	2.90	94.74
19 June 2017	2.92	92.99
20 June 2017	2.88	91.81
21 June 2017	2.90	93.08
22 June 2017	2.90	94.23
23 June 2017	2.89	93.04
26 June 2017	2.88	92.48
27 June 2017	2.93	91.43
28 June 2017	2.95	93.08
29 June 2017	2.99	92.70
30 June 2017	3.03	92.79
3 July 2017	3.07	92.83
5 July 2017	3.05	92.67
6 July 2017	3.08	92.29
7 July 2017	3.10	92.78
10 July 2017	3.07	91.56
11 July 2017	3.06	91.92
12 July 2017	3.02	91.79
13 July 2017	3.03	91.45
14 July 2017	3.02	92.08
17 July 2017	3.01	92.52
18 July 2017	2.97	92.98
19 July 2017	2.98	92.69
20 July 2017	2.98	93.31
21 July 2017	2.95	92.11
24 July 2017	2.96	91.12
25 July 2017	3.02	91.00
26 July 2017	2.97	91.15
27 July 2017	3.00	91.82
28 July 2017	2.98	91.28
31 July 2017	2.98	91.21
1 August 2017	2.94	91.06
2 August 2017	2.95	90.75
3 August 2017	2.92	90.64
4 August 2017	2.95	90.90
7 August 2017	2.94	90.29
8 August 2017	2.96	89.15
9 August 2017	2.92	89.60
10 August 2017	2.91	92.19
11 August 2017	2.89	92.36
14 August 2017	2.90	90.62
15 August 2017	2.94	89.26
16 August 2017	2.91	89.68
17 August 2017	2.88	90.94
18 August 2017	2.89	90.61
21 August 2017	2.88	91.02
22 August 2017	2.91	89.82
23 August 2017	2.87	90.32
24 August 2017	2.88	89.84
25 August 2017	2.86	88.86
28 August 2017	2.85	89.74
29 August 2017	2.83	91.42
30 August 2017	2.85	91.29
31 August 2017	2.82	90.95
1 September 2017	2.85	90.91
5 September 2017	2.77	90.78
6 September 2017	2.81	91.74
7 September 2017	2.77	92.81
8 September 2017	2.78	92.55
11 September 2017	2.83	90.83
12 September 2017	2.86	90.09
13 September 2017	2.88	88.91
14 September 2017	2.88	88.71
15 September 2017	2.89	88.25
18 September 2017	2.91	88.09
19 September 2017	2.91	87.25
20 September 2017	2.94	85.82
21 September 2017	2.95	86.73
22 September 2017	2.93	86.21
25 September 2017	2.89	85.68
26 September 2017	2.89	83.50
27 September 2017	2.96	85.00
28 September 2017	2.95	84.58
29 September 2017	2.96	83.88
2 October 2017	2.96	82.25
3 October 2017	2.96	83.19
4 October 2017	2.96	83.50
5 October 2017	2.99	84.38
6 October 2017	3.01	83.72
10 October 2017	2.99	83.74
11 October 2017	2.98	82.83
12 October 2017	2.96	81.66
13 October 2017	2.92	82.29
16 October 2017	2.94	81.93
17 October 2017	2.94	80.11
18 October 2017	2.98	81.95
19 October 2017	2.98	82.70
20 October 2017	3.02	80.97
23 October 2017	3.00	80.67
24 October 2017	3.03	79.99
25 October 2017	3.07	81.72
26 October 2017	3.08	81.80
27 October 2017	3.05	82.22
30 October 2017	2.99	80.48
31 October 2017	3.00	80.46
1 November 2017	3.01	81.90
2 November 2017	2.99	81.36
3 November 2017	2.97	80.97
6 November 2017	2.95	79.42
7 November 2017	2.94	78.81
8 November 2017	2.97	80.10
9 November 2017	2.99	81.65
10 November 2017	3.04	81.31
13 November 2017	3.04	79.99
14 November 2017	3.02	79.88
15 November 2017	2.99	80.60
16 November 2017	3.00	78.17
17 November 2017	3.00	79.78
20 November 2017	3.02	79.40
21 November 2017	3.01	77.94
22 November 2017	2.97	78.16
24 November 2017	2.98	77.71
27 November 2017	2.97	78.22
28 November 2017	2.98	77.49
29 November 2017	3.00	77.25
30 November 2017	3.04	76.02
1 December 2017	3.01	75.80
4 December 2017	3.02	75.87
5 December 2017	3.00	74.87
6 December 2017	2.98	76.34
7 December 2017	3.02	76.27
8 December 2017	3.02	76.30
11 December 2017	3.03	75.97
12 December 2017	3.04	74.69
13 December 2017	2.98	73.63
14 December 2017	2.96	71.95
15 December 2017	2.97	71.76
18 December 2017	3.00	71.80
19 December 2017	3.06	71.18
20 December 2017	3.09	72.29
21 December 2017	3.08	70.53
22 December 2017	3.07	69.99
26 December 2017	3.06	69.96
27 December 2017	3.01	69.31
28 December 2017	3.03	69.91
29 December 2017	3.00	70.25
2 January 2018	3.04	68.11
3 January 2018	3.01	66.41
4 January 2018	3.02	65.78
5 January 2018	3.04	66.38
8 January 2018	3.05	66.45
9 January 2018	3.12	67.80
10 January 2018	3.12	68.53
11 January 2018	3.10	66.78
12 January 2018	3.11	66.03
16 January 2018	3.11	66.32
17 January 2018	3.16	67.98
18 January 2018	3.19	66.95
19 January 2018	3.22	67.93
22 January 2018	3.26	70.30
23 January 2018	3.22	68.90
24 January 2018	3.25	71.42
25 January 2018	3.21	68.71
26 January 2018	3.27	70.16
29 January 2018	3.30	70.99
30 January 2018	3.34	71.61
31 January 2018	3.34	71.93
1 February 2018	3.40	72.86
2 February 2018	3.48	77.10
5 February 2018	3.42	78.00
6 February 2018	3.40	74.18
7 February 2018	3.48	77.51
8 February 2018	3.50	79.49
9 February 2018	3.49	81.57
12 February 2018	3.53	81.60
13 February 2018	3.50	81.26
14 February 2018	3.59	81.27
15 February 2018	3.56	78.62
16 February 2018	3.53	78.20
20 February 2018	3.54	77.40
21 February 2018	3.58	76.62
22 February 2018	3.57	78.35
23 February 2018	3.53	78.03
26 February 2018	3.53	79.68
27 February 2018	3.58	79.04
28 February 2018	3.54	77.89
1 March 2018	3.47	77.62
2 March 2018	3.53	78.83
5 March 2018	3.57	80.34
6 March 2018	3.57	80.91
7 March 2018	3.58	81.25
8 March 2018	3.56	81.07
9 March 2018	3.56	78.94
12 March 2018	3.54	78.52
13 March 2018	3.53	79.92
14 March 2018	3.51	80.03
15 March 2018	3.52	79.71
16 March 2018	3.54	78.56
19 March 2018	3.53	78.21
20 March 2018	3.56	77.31
21 March 2018	3.59	80.30
22 March 2018	3.52	79.48
23 March 2018	3.53	81.29
26 March 2018	3.54	79.45
27 March 2018	3.49	81.00
28 March 2018	3.49	80.64
29 March 2018	3.46	81.10
2 April 2018	3.46	82.21
3 April 2018	3.50	80.14
4 April 2018	3.49	79.36
5 April 2018	3.52	78.20
6 April 2018	3.47	79.98
9 April 2018	3.48	79.11
10 April 2018	3.50	79.01
11 April 2018	3.48	77.85
12 April 2018	3.53	77.92
13 April 2018	3.52	77.88
16 April 2018	3.52	75.62
17 April 2018	3.50	75.41
18 April 2018	3.55	75.26
19 April 2018	3.59	74.67
20 April 2018	3.63	75.20
23 April 2018	3.67	76.37
24 April 2018	3.68	76.93
25 April 2018	3.73	79.27
26 April 2018	3.68	76.72
27 April 2018	3.64	75.67
30 April 2018	3.63	75.67
1 May 2018	3.67	77.06
2 May 2018	3.65	76.91
3 May 2018	3.64	78.00
4 May 2018	3.63	76.48
7 May 2018	3.63	76.43
8 May 2018	3.66	77.12
9 May 2018	3.70	78.01
10 May 2018	3.66	76.39
11 May 2018	3.65	74.73
14 May 2018	3.67	74.89
15 May 2018	3.77	77.08
16 May 2018	3.79	77.71
17 May 2018	3.80	77.23
18 May 2018	3.75	77.48
21 May 2018	3.75	77.28
22 May 2018	3.76	77.75
23 May 2018	3.69	77.06
24 May 2018	3.67	77.15
25 May 2018	3.63	78.57
29 May 2018	3.48	80.05
30 May 2018	3.55	79.33
31 May 2018	3.54	78.58
1 June 2018	3.60	78.95
4 June 2018	3.64	78.09
5 June 2018	3.63	79.41
6 June 2018	3.69	80.21
7 June 2018	3.66	81.20
8 June 2018	3.68	82.50
11 June 2018	3.70	81.72
12 June 2018	3.68	79.67
13 June 2018	3.70	78.82
14 June 2018	3.66	78.31
15 June 2018	3.65	77.75
18 June 2018	3.65	79.32
19 June 2018	3.62	79.43
20 June 2018	3.65	78.52
21 June 2018	3.63	79.38
22 June 2018	3.64	80.53
25 June 2018	3.63	81.82
26 June 2018	3.62	80.52
27 June 2018	3.58	81.25
28 June 2018	3.59	80.80
29 June 2018	3.59	79.90
2 July 2018	3.61	80.43
3 July 2018	3.59	81.24
5 July 2018	3.59	79.90
6 July 2018	3.57	80.33
9 July 2018	3.59	78.77
10 July 2018	3.60	78.35
11 July 2018	3.58	78.41
12 July 2018	3.58	78.37
13 July 2018	3.56	77.75
16 July 2018	3.58	77.64
17 July 2018	3.58	76.69
18 July 2018	3.58	75.72
19 July 2018	3.55	76.49
20 July 2018	3.60	76.74
23 July 2018	3.67	77.73
24 July 2018	3.65	76.28
25 July 2018	3.64	75.57
26 July 2018	3.67	75.11
27 July 2018	3.67	76.63
30 July 2018	3.68	76.78
31 July 2018	3.67	76.30
1 August 2018	3.70	76.54
2 August 2018	3.69	77.01
3 August 2018	3.65	76.75
6 August 2018	3.64	77.05
7 August 2018	3.68	76.84
8 August 2018	3.67	77.25
9 August 2018	3.64	77.53
10 August 2018	3.58	76.88
13 August 2018	3.61	79.09
14 August 2018	3.63	79.56
15 August 2018	3.59	79.29
16 August 2018	3.60	79.48
17 August 2018	3.60	79.20
20 August 2018	3.56	79.82
21 August 2018	3.58	78.89
22 August 2018	3.57	80.61
23 August 2018	3.57	79.69
24 August 2018	3.57	79.90
27 August 2018	3.58	78.82
28 August 2018	3.62	79.22
29 August 2018	3.63	79.12
30 August 2018	3.62	81.01
31 August 2018	3.60	80.19
4 September 2018	3.65	81.13
5 September 2018	3.66	82.46
6 September 2018	3.63	80.90
7 September 2018	3.70	82.17
10 September 2018	3.70	81.08
11 September 2018	3.74	81.43
12 September 2018	3.72	79.54
13 September 2018	3.71	78.65
14 September 2018	3.75	80.18
17 September 2018	3.76	82.07
18 September 2018	3.81	81.47
19 September 2018	3.85	82.74
20 September 2018	3.84	82.15
21 September 2018	3.82	80.86
24 September 2018	3.83	80.77
25 September 2018	3.85	80.91
26 September 2018	3.81	79.81
27 September 2018	3.80	78.94
28 September 2018	3.80	80.21
1 October 2018	3.81	78.47
2 October 2018	3.79	79.43
3 October 2018	3.91	82.05
4 October 2018	3.96	84.31
5 October 2018	4.00	85.34
9 October 2018	3.97	84.41
10 October 2018	4.00	86.56
11 October 2018	3.91	84.24
12 October 2018	3.93	85.60
15 October 2018	3.96	87.47
16 October 2018	3.94	85.18
17 October 2018	3.97	85.44
18 October 2018	3.98	88.25
19 October 2018	4.02	89.65
22 October 2018	4.01	88.69
23 October 2018	3.98	89.35
24 October 2018	3.96	94.18
25 October 2018	3.96	89.94
26 October 2018	3.91	91.72
29 October 2018	3.93	93.84
30 October 2018	3.96	93.09
31 October 2018	4.00	93.68
1 November 2018	3.99	93.66
2 November 2018	4.07	94.48
5 November 2018	4.08	96.09
6 November 2018	4.08	94.07
7 November 2018	4.06	91.03
8 November 2018	4.08	91.65
9 November 2018	4.06	94.44
13 November 2018	4.04	97.41
14 November 2018	4.01	97.20
15 November 2018	3.99	96.28
16 November 2018	3.92	93.27
19 November 2018	3.92	95.93
20 November 2018	3.94	97.02
21 November 2018	3.95	97.46
23 November 2018	3.95	98.01
26 November 2018	3.95	96.88
27 November 2018	3.93	95.57
28 November 2018	3.88	91.87
29 November 2018	3.88	94.13
30 November 2018	3.87	94.37
3 December 2018	3.84	93.43
4 December 2018	3.78	93.48
6 December 2018	3.75	93.80
7 December 2018	3.68	91.00
10 December 2018	3.68	89.79
11 December 2018	3.71	88.82
12 December 2018	3.72	88.30
13 December 2018	3.72	89.30
14 December 2018	3.72	90.55
17 December 2018	3.69	91.25
18 December 2018	3.61	87.78
19 December 2018	3.57	87.38
20 December 2018	3.60	88.26
21 December 2018	3.61	89.27
24 December 2018	3.58	92.44
26 December 2018	3.62	87.98
27 December 2018	3.57	88.30
28 December 2018	3.55	91.09
31 December 2018	3.50	89.62
2 January 2019	3.47	89.96
3 January 2019	3.35	88.02
4 January 2019	3.45	86.90
7 January 2019	3.47	85.95
8 January 2019	3.51	85.43
9 January 2019	3.52	86.45
10 January 2019	3.53	87.81
11 January 2019	3.48	86.69
14 January 2019	3.49	87.21
15 January 2019	3.49	86.38
16 January 2019	3.51	87.18
17 January 2019	3.52	85.44
18 January 2019	3.55	84.59
22 January 2019	3.53	87.07
23 January 2019	3.56	88.26
24 January 2019	3.52	88.28
25 January 2019	3.56	88.25
28 January 2019	3.54	87.73
29 January 2019	3.49	85.93
30 January 2019	3.44	84.13
31 January 2019	3.35	81.57
1 February 2019	3.46	85.64
4 February 2019	3.50	86.55
5 February 2019	3.46	84.50
6 February 2019	3.45	84.53
7 February 2019	3.40	84.68
8 February 2019	3.38	84.93
11 February 2019	3.41	85.14
12 February 2019	3.43	84.08
13 February 2019	3.47	85.30
14 February 2019	3.42	85.25
15 February 2019	3.44	86.21
19 February 2019	3.39	82.51
20 February 2019	3.39	83.20
21 February 2019	3.43	82.96
22 February 2019	3.38	81.64
25 February 2019	3.41	83.17
26 February 2019	3.37	82.42
27 February 2019	3.42	83.43
28 February 2019	3.46	83.97
1 March 2019	3.52	86.03
4 March 2019	3.49	86.97
5 March 2019	3.47	84.98
6 March 2019	3.44	85.42
7 March 2019	3.37	83.49
8 March 2019	3.35	82.80
11 March 2019	3.36	82.41
12 March 2019	3.30	79.03
13 March 2019	3.30	78.59
14 March 2019	3.34	80.80
15 March 2019	3.30	80.26
18 March 2019	3.29	78.15
19 March 2019	3.29	78.00
20 March 2019	3.21	77.31
21 March 2019	3.20	75.94
22 March 2019	3.10	76.01
25 March 2019	3.04	72.06
26 March 2019	3.03	73.60
27 March 2019	3.02	73.18
28 March 2019	3.05	75.96
29 March 2019	3.09	76.70
1 April 2019	3.18	78.29
2 April 2019	3.16	78.31
3 April 2019	3.20	78.46
4 April 2019	3.18	76.89
5 April 2019	3.14	73.76
8 April 2019	3.18	75.12
9 April 2019	3.18	76.72
10 April 2019	3.14	76.11
11 April 2019	3.15	74.11
12 April 2019	3.22	75.43
15 April 2019	3.24	77.79
16 April 2019	3.30	79.25
17 April 2019	3.30	80.58
18 April 2019	3.27	79.23
22 April 2019	3.31	82.08
23 April 2019	3.28	81.98
24 April 2019	3.23	80.48
25 April 2019	3.23	79.77
26 April 2019	3.19	78.96
29 April 2019	3.24	80.99
30 April 2019	3.22	82.93
1 May 2019	3.21	79.41
2 May 2019	3.25	80.20
3 May 2019	3.21	77.20
6 May 2019	3.18	77.49
7 May 2019	3.15	80.30
8 May 2019	3.18	79.65
9 May 2019	3.18	82.61
10 May 2019	3.16	79.68
13 May 2019	3.12	82.67
14 May 2019	3.12	81.07
15 May 2019	3.08	82.48
16 May 2019	3.12	83.33
17 May 2019	3.11	83.47
20 May 2019	3.15	84.31
21 May 2019	3.16	83.35
22 May 2019	3.16	87.20
23 May 2019	3.05	84.25
24 May 2019	3.10	87.67
28 May 2019	3.05	88.57
29 May 2019	2.98	83.33
30 May 2019	2.97	84.75
31 May 2019	2.85	81.14
3 June 2019	2.73	78.04
4 June 2019	2.82	81.71
5 June 2019	2.85	85.78
6 June 2019	2.84	84.15
7 June 2019	2.72	75.27
10 June 2019	2.86	83.20
11 June 2019	2.88	84.69
12 June 2019	2.85	84.28
13 June 2019	2.79	82.17
14 June 2019	2.85	87.99
17 June 2019	2.84	87.33
18 June 2019	2.75	80.03
19 June 2019	2.63	73.29
20 June 2019	2.51	63.98
21 June 2019	2.69	75.76
24 June 2019	2.64	75.33
25 June 2019	2.61	74.55
26 June 2019	2.73	80.54
27 June 2019	2.63	74.79
28 June 2019	2.66	78.02
1 July 2019	2.72	81.40
2 July 2019	2.65	78.69
3 July 2019	2.57	72.45
5 July 2019	2.69	74.96
8 July 2019	2.69	73.10
9 July 2019	2.76	78.87
10 July 2019	2.74	79.41
11 July 2019	2.83	82.78
12 July 2019	2.82	83.19
15 July 2019	2.81	84.94
16 July 2019	2.85	84.49
17 July 2019	2.75	80.54
18 July 2019	2.73	81.79
19 July 2019	2.72	79.56
22 July 2019	2.70	77.10
23 July 2019	2.73	77.22
24 July 2019	2.71	77.13
25 July 2019	2.75	78.54
26 July 2019	2.77	80.76
29 July 2019	2.75	79.83
30 July 2019	2.75	80.36
31 July 2019	2.72	79.05
1 August 2019	2.56	76.97
2 August 2019	2.57	80.64
5 August 2019	2.46	81.38
6 August 2019	2.52	88.66
7 August 2019	2.45	83.04
8 August 2019	2.50	87.22
9 August 2019	2.50	84.62
12 August 2019	2.43	85.96
13 August 2019	2.50	87.99
14 August 2019	2.46	90.75
15 August 2019	2.37	90.32
16 August 2019	2.37	88.27
19 August 2019	2.45	91.81
20 August 2019	2.45	96.25
21 August 2019	2.49	95.82
22 August 2019	2.51	95.36
23 August 2019	2.45	98.61
26 August 2019	2.50	101.36
27 August 2019	2.47	102.62
28 August 2019	2.40	98.25
29 August 2019	2.43	97.59
30 August 2019	2.37	92.56
3 September 2019	2.31	90.03
4 September 2019	2.20	80.84
5 September 2019	2.34	83.56
6 September 2019	2.30	81.99
9 September 2019	2.42	85.53
10 September 2019	2.57	92.33
11 September 2019	2.57	89.06
12 September 2019	2.63	91.13
13 September 2019	2.77	94.86
16 September 2019	2.72	95.50
17 September 2019	2.69	95.76
18 September 2019	2.65	91.22
19 September 2019	2.63	90.66
20 September 2019	2.61	93.82
23 September 2019	2.57	91.97
24 September 2019	2.53	94.67
25 September 2019	2.62	95.98
26 September 2019	2.59	94.23
27 September 2019	2.58	95.29
30 September 2019	2.56	94.85
1 October 2019	2.55	97.00
2 October 2019	2.52	101.00
3 October 2019	2.45	101.30
4 October 2019	2.40	97.30
7 October 2019	2.47	100.11
8 October 2019	2.47	102.09
9 October 2019	2.53	103.24
10 October 2019	2.58	100.73
11 October 2019	2.65	97.25
15 October 2019	2.67	98.76
16 October 2019	2.64	98.28
17 October 2019	2.66	99.61
18 October 2019	2.66	100.04
21 October 2019	2.72	101.26
22 October 2019	2.72	103.33
23 October 2019	2.70	102.00
24 October 2019	2.69	101.85
25 October 2019	2.72	101.00
28 October 2019	2.79	103.30
29 October 2019	2.74	99.46
30 October 2019	2.71	101.68
31 October 2019	2.59	99.21
1 November 2019	2.61	96.69
4 November 2019	2.64	94.59
5 November 2019	2.73	96.95
6 November 2019	2.67	95.14
7 November 2019	2.78	95.23
8 November 2019	2.77	92.88
12 November 2019	2.74	91.13
13 November 2019	2.71	92.39
14 November 2019	2.67	94.94
15 November 2019	2.67	92.96
18 November 2019	2.65	93.41
19 November 2019	2.66	94.65
20 November 2019	2.63	97.82
21 November 2019	2.65	95.94
22 November 2019	2.67	97.41
25 November 2019	2.65	95.96
26 November 2019	2.62	96.38
27 November 2019	2.66	96.25
29 November 2019	2.66	95.76
2 December 2019	2.70	95.56
3 December 2019	2.59	96.22
4 December 2019	2.67	98.01
5 December 2019	2.68	97.12
6 December 2019	2.70	94.70
9 December 2019	2.70	95.01
10 December 2019	2.71	94.82
11 December 2019	2.66	94.87
12 December 2019	2.75	93.73
13 December 2019	2.66	92.49
16 December 2019	2.73	92.07
17 December 2019	2.70	89.82
18 December 2019	2.73	90.46
19 December 2019	2.71	88.35
20 December 2019	2.71	88.65
23 December 2019	2.73	88.82
24 December 2019	2.71	90.24
26 December 2019	2.71	89.96
27 December 2019	2.66	88.47
30 December 2019	2.67	87.85
31 December 2019	2.67	86.66
2 January 2020	2.65	87.40
3 January 2020	2.59	89.88
6 January 2020	2.59	88.49
7 January 2020	2.60	87.91
8 January 2020	2.63	86.25
9 January 2020	2.62	86.87
10 January 2020	2.60	86.56
13 January 2020	2.60	85.03
14 January 2020	2.58	85.38
15 January 2020	2.57	87.51
16 January 2020	2.58	86.27
17 January 2020	2.60	86.22
21 January 2020	2.56	88.15
22 January 2020	2.55	88.07
23 January 2020	2.51	86.40
24 January 2020	2.45	84.77
27 January 2020	2.39	86.83
28 January 2020	2.43	87.17
29 January 2020	2.37	86.88
30 January 2020	2.34	85.83
31 January 2020	2.28	86.12
3 February 2020	2.32	87.33
4 February 2020	2.42	90.01
5 February 2020	2.45	88.84
6 February 2020	2.42	87.12
7 February 2020	2.36	86.49
10 February 2020	2.35	88.15
11 February 2020	2.39	89.33
12 February 2020	2.44	90.38
13 February 2020	2.44	92.10
14 February 2020	2.42	91.33
18 February 2020	2.40	92.69
19 February 2020	2.40	91.88
20 February 2020	2.37	92.50
21 February 2020	2.32	94.12
24 February 2020	2.19	89.54
25 February 2020	2.16	91.77
26 February 2020	2.17	93.14
27 February 2020	2.13	92.10
28 February 2020	1.92	91.50
2 March 2020	1.87	88.25
3 March 2020	1.78	88.86
4 March 2020	1.74	85.66
5 March 2020	1.72	92.93
6 March 2020	1.58	92.27
9 March 2020	1.49	99.41
10 March 2020	2.01	131.05
11 March 2020	2.20	146.14
12 March 2020	2.34	157.04
13 March 2020	2.46	163.71
16 March 2020	2.01	139.53
17 March 2020	2.04	119.91
18 March 2020	2.50	151.48
19 March 2020	2.76	187.27
20 March 2020	2.31	159.17
23 March 2020	2.00	143.22
24 March 2020	1.81	113.31
25 March 2020	1.76	104.02
26 March 2020	1.65	97.65
27 March 2020	1.56	99.52
30 March 2020	1.54	99.69
31 March 2020	1.75	121.14
1 April 2020	1.84	134.09
2 April 2020	1.74	122.71
3 April 2020	1.67	116.79
6 April 2020	1.70	114.40
7 April 2020	1.69	107.31
8 April 2020	1.64	101.63
9 April 2020	1.57	100.43
13 April 2020	1.68	108.35
14 April 2020	1.69	109.57
15 April 2020	1.58	109.91
16 April 2020	1.61	112.96
17 April 2020	1.68	117.31
20 April 2020	1.74	124.93
21 April 2020	1.71	125.47
22 April 2020	1.66	115.62
23 April 2020	1.64	114.57
24 April 2020	1.62	114.02
27 April 2020	1.59	105.31
28 April 2020	1.53	103.45
29 April 2020	1.54	104.28
30 April 2020	1.54	103.94
1 May 2020	1.56	106.32
4 May 2020	1.58	108.33
5 May 2020	1.60	109.19
6 May 2020	1.62	107.65
7 May 2020	1.56	110.39
8 May 2020	1.56	105.28
11 May 2020	1.63	108.72
12 May 2020	1.60	108.90
13 May 2020	1.57	109.62
14 May 2020	1.54	106.84
15 May 2020	1.54	106.84
18 May 2020	1.63	107.28
19 May 2020	1.56	103.93
20 May 2020	1.53	102.39
21 May 2020	1.57	105.28
22 May 2020	1.59	108.54
26 May 2020	1.59	107.30
27 May 2020	1.60	108.59
28 May 2020	1.61	109.30
29 May 2020	1.56	108.88
1 June 2020	1.56	107.15
2 June 2020	1.58	107.78
3 June 2020	1.62	104.57
4 June 2020	1.65	104.37
5 June 2020	1.71	101.78
8 June 2020	1.65	98.18
9 June 2020	1.61	98.78
10 June 2020	1.53	99.33
11 June 2020	1.51	101.89
12 June 2020	1.55	103.30
15 June 2020	1.56	104.12
16 June 2020	1.59	104.49
17 June 2020	1.60	106.06
18 June 2020	1.59	106.63
19 June 2020	1.59	107.71
22 June 2020	1.59	106.75
23 June 2020	1.56	103.57
24 June 2020	1.56	104.60
25 June 2020	1.54	104.29
26 June 2020	1.52	104.51
29 June 2020	1.51	105.47
30 June 2020	1.48	100.83
1 July 2020	1.49	99.22
2 July 2020	1.48	99.82
6 July 2020	1.45	95.25
7 July 2020	1.37	89.76
8 July 2020	1.37	88.54
9 July 2020	1.28	82.86
10 July 2020	1.31	83.48
13 July 2020	1.32	85.20
14 July 2020	1.29	83.39
15 July 2020	1.28	82.16
16 July 2020	1.27	81.97
17 July 2020	1.32	85.14
20 July 2020	1.32	86.95
21 July 2020	1.28	84.24
22 July 2020	1.27	83.64
23 July 2020	1.28	85.34
24 July 2020	1.31	88.39
27 July 2020	1.27	80.64
28 July 2020	1.21	78.31
29 July 2020	1.11	69.76
30 July 2020	1.07	67.75
31 July 2020	1.12	74.44
3 August 2020	1.11	72.36
4 August 2020	1.10	74.43
5 August 2020	1.15	76.35
6 August 2020	1.14	75.88
7 August 2020	1.15	75.43
10 August 2020	1.15	73.55
11 August 2020	1.26	80.17
12 August 2020	1.25	75.96
13 August 2020	1.26	74.95
14 August 2020	1.29	78.66
17 August 2020	1.26	77.13
18 August 2020	1.24	77.28
19 August 2020	1.24	75.17
20 August 2020	1.24	78.02
21 August 2020	1.24	78.32
24 August 2020	1.24	77.03
25 August 2020	1.26	76.81
26 August 2020	1.27	78.05
27 August 2020	1.30	77.48
28 August 2020	1.28	77.35
31 August 2020	1.26	75.66
1 September 2020	1.29	81.73
2 September 2020	1.29	82.96
3 September 2020	1.30	86.51
4 September 2020	1.39	88.21
8 September 2020	1.36	87.81
9 September 2020	1.40	90.37
10 September 2020	1.41	93.82
11 September 2020	1.41	94.59
14 September 2020	1.41	93.80
15 September 2020	1.42	94.37
16 September 2020	1.42	93.67
17 September 2020	1.40	91.58
18 September 2020	1.43	93.17
21 September 2020	1.42	94.89
22 September 2020	1.42	94.38
23 September 2020	1.43	95.12
24 September 2020	1.42	95.20
25 September 2020	1.40	94.38
28 September 2020	1.40	93.07
29 September 2020	1.38	93.16
30 September 2020	1.41	92.62
1 October 2020	1.40	92.41
2 October 2020	1.40	91.22
5 October 2020	1.44	88.39
6 October 2020	1.41	87.00
7 October 2020	1.42	83.95
8 October 2020	1.41	85.89
9 October 2020	1.41	84.35
13 October 2020	1.38	85.02
14 October 2020	1.36	84.39
15 October 2020	1.37	83.64
16 October 2020	1.36	82.16
19 October 2020	1.37	81.46
20 October 2020	1.40	82.30
21 October 2020	1.40	80.43
22 October 2020	1.40	77.72
23 October 2020	1.41	79.79
26 October 2020	1.39	81.31
27 October 2020	1.38	81.29
28 October 2020	1.37	80.45
29 October 2020	1.40	78.70
30 October 2020	1.41	78.07
2 November 2020	1.41	78.18
3 November 2020	1.43	78.67
4 November 2020	1.31	75.72
5 November 2020	1.29	73.35
6 November 2020	1.31	71.70
9 November 2020	1.44	74.12
10 November 2020	1.46	74.09
12 November 2020	1.38	73.56
13 November 2020	1.37	71.64
16 November 2020	1.37	70.70
17 November 2020	1.33	70.28
18 November 2020	1.36	72.24
19 November 2020	1.33	70.66
20 November 2020	1.33	72.06
23 November 2020	1.35	72.69
24 November 2020	1.36	72.66
25 November 2020	1.37	73.89
27 November 2020	1.34	73.02
30 November 2020	1.31	71.11
1 December 2020	1.37	70.05
2 December 2020	1.37	68.96
3 December 2020	1.37	70.64
4 December 2020	1.40	70.97
7 December 2020	1.38	70.62
8 December 2020	1.37	71.34
9 December 2020	1.41	73.41
10 December 2020	1.38	72.49
11 December 2020	1.34	70.99
14 December 2020	1.34	70.89
15 December 2020	1.37	72.99
16 December 2020	1.37	72.64
17 December 2020	1.38	71.68
18 December 2020	1.39	71.61
21 December 2020	1.40	73.23
22 December 2020	1.39	74.04
23 December 2020	1.40	73.25
24 December 2020	1.38	72.47
28 December 2020	1.37	70.92
29 December 2020	1.36	70.94
30 December 2020	1.36	70.51
31 December 2020	1.34	69.21
4 January 2021	1.33	68.79
5 January 2021	1.37	70.11
6 January 2021	1.43	69.32
7 January 2021	1.45	67.51
8 January 2021	1.48	67.18
11 January 2021	1.52	69.48
12 January 2021	1.54	71.46
13 January 2021	1.52	72.50
14 January 2021	1.53	70.66
15 January 2021	1.50	71.30
19 January 2021	1.50	72.10
20 January 2021	1.46	68.97
21 January 2021	1.47	68.94
22 January 2021	1.46	68.80
25 January 2021	1.44	70.42
26 January 2021	1.41	67.37
27 January 2021	1.37	64.75
28 January 2021	1.42	67.43
29 January 2021	1.46	67.91
1 February 2021	1.44	68.20
2 February 2021	1.44	65.62
3 February 2021	1.47	66.26
4 February 2021	1.47	66.64
5 February 2021	1.48	65.19
8 February 2021	1.46	62.94
9 February 2021	1.46	63.07
10 February 2021	1.45	64.28
11 February 2021	1.45	63.86
12 February 2021	1.52	66.85
16 February 2021	1.64	70.06
17 February 2021	1.67	73.81
18 February 2021	1.63	70.19
19 February 2021	1.70	73.27
22 February 2021	1.77	77.91
23 February 2021	1.78	79.60
24 February 2021	1.84	83.50
25 February 2021	2.02	84.00
26 February 2021	1.90	80.50
1 March 2021	1.83	74.80
2 March 2021	1.75	70.32
3 March 2021	1.78	67.70
4 March 2021	1.90	74.69
5 March 2021	1.88	70.74
8 March 2021	1.90	67.52
9 March 2021	1.88	68.94
10 March 2021	1.87	70.45
11 March 2021	1.86	70.31
12 March 2021	1.97	72.64
15 March 2021	1.97	73.58
16 March 2021	1.99	76.35
17 March 2021	1.97	75.70
18 March 2021	2.07	78.84
19 March 2021	2.09	77.29
22 March 2021	2.05	77.34
23 March 2021	2.00	76.59
24 March 2021	1.97	74.87
25 March 2021	1.96	73.89
26 March 2021	2.02	75.78
29 March 2021	2.05	73.99
30 March 2021	2.06	74.16
31 March 2021	2.05	72.41
1 April 2021	2.02	72.78
2 April 2021	2.05	70.40
5 April 2021	2.02	68.78
6 April 2021	1.96	68.84
7 April 2021	1.95	67.77
8 April 2021	1.93	68.41
9 April 2021	1.94	67.34
12 April 2021	1.94	65.47
13 April 2021	1.87	62.86
14 April 2021	1.89	63.53
15 April 2021	1.79	60.98
16 April 2021	1.84	62.07
19 April 2021	1.86	63.28
20 April 2021	1.83	63.38
21 April 2021	1.81	61.60
22 April 2021	1.80	61.33
23 April 2021	1.83	62.23
26 April 2021	1.85	63.55
27 April 2021	1.89	63.43
28 April 2021	1.87	62.52
29 April 2021	1.87	61.29
30 April 2021	1.83	57.43
3 May 2021	1.82	58.91
4 May 2021	1.82	60.76
5 May 2021	1.81	61.63
6 May 2021	1.79	59.13
7 May 2021	1.78	59.41
10 May 2021	1.79	57.43
11 May 2021	1.83	61.11
12 May 2021	1.90	61.81
13 May 2021	1.88	62.80
14 May 2021	1.85	62.94
17 May 2021	1.86	61.83
18 May 2021	1.84	60.60
19 May 2021	1.89	61.14
20 May 2021	1.85	61.64
21 May 2021	1.85	61.67
24 May 2021	1.81	59.75
25 May 2021	1.77	59.03
26 May 2021	1.78	58.60
27 May 2021	1.83	62.13
28 May 2021	1.81	62.90
1 June 2021	1.83	61.98
2 June 2021	1.83	63.48
3 June 2021	1.88	64.54
4 June 2021	1.82	64.97
7 June 2021	1.84	65.64
8 June 2021	1.81	66.23
9 June 2021	1.78	65.48
10 June 2021	1.75	66.33
11 June 2021	1.77	65.79
14 June 2021	1.83	67.61
15 June 2021	1.84	68.83
16 June 2021	1.93	70.11
17 June 2021	1.90	69.46
18 June 2021	1.87	69.91
21 June 2021	1.91	70.96
22 June 2021	1.87	69.81
23 June 2021	1.87	66.52
24 June 2021	1.86	66.03
25 June 2021	1.90	66.75
28 June 2021	1.83	63.36
29 June 2021	1.82	62.98
30 June 2021	1.80	64.29
1 July 2021	1.84	65.30
2 July 2021	1.79	64.04
6 July 2021	1.74	65.26
7 July 2021	1.72	66.08
8 July 2021	1.67	65.15
9 July 2021	1.74	66.22
12 July 2021	1.75	65.37
13 July 2021	1.80	66.18
14 July 2021	1.74	65.09
15 July 2021	1.70	65.55
16 July 2021	1.70	65.36
19 July 2021	1.62	67.58
20 July 2021	1.63	66.89
21 July 2021	1.70	67.71
22 July 2021	1.68	68.75
23 July 2021	1.68	67.35
26 July 2021	1.67	66.26
27 July 2021	1.66	67.88
28 July 2021	1.68	68.64
29 July 2021	1.66	65.79
30 July 2021	1.64	67.90
2 August 2021	1.59	66.32
3 August 2021	1.61	68.85
4 August 2021	1.64	70.58
5 August 2021	1.66	68.78
6 August 2021	1.73	69.00
9 August 2021	1.77	70.79
10 August 2021	1.81	71.83
11 August 2021	1.78	69.96
12 August 2021	1.78	68.87
13 August 2021	1.74	69.87
16 August 2021	1.71	70.92
17 August 2021	1.74	72.04
18 August 2021	1.74	71.26
19 August 2021	1.72	70.71
20 August 2021	1.75	72.32
23 August 2021	1.73	71.20
24 August 2021	1.74	69.67
25 August 2021	1.79	69.44
26 August 2021	1.78	69.16
27 August 2021	1.73	68.10
30 August 2021	1.72	68.80
31 August 2021	1.73	69.94
1 September 2021	1.76	71.65
2 September 2021	1.75	71.64
3 September 2021	1.75	69.78
7 September 2021	1.79	68.80
8 September 2021	1.76	68.24
9 September 2021	1.74	69.45
10 September 2021	1.77	68.73
13 September 2021	1.76	68.87
14 September 2021	1.72	68.65
15 September 2021	1.75	69.38
16 September 2021	1.80	70.55
17 September 2021	1.83	70.12
20 September 2021	1.79	71.89
21 September 2021	1.81	72.00
22 September 2021	1.83	74.36
23 September 2021	1.91	73.74
24 September 2021	1.94	71.68
27 September 2021	1.96	72.74
28 September 2021	2.01	72.64
29 September 2021	2.00	72.45
30 September 2021	1.98	72.66
1 October 2021	1.90	69.43
4 October 2021	1.92	69.58
5 October 2021	1.98	71.73
6 October 2021	1.98	72.09
7 October 2021	2.01	71.21
8 October 2021	2.04	71.20
12 October 2021	2.05	71.11
13 October 2021	2.03	70.20
14 October 2021	1.97	68.94
15 October 2021	2.03	67.35
18 October 2021	2.05	67.06
19 October 2021	2.06	65.03
20 October 2021	2.06	65.05
21 October 2021	2.11	65.09
22 October 2021	2.11	67.19
25 October 2021	2.07	65.99
26 October 2021	2.06	64.43
27 October 2021	1.99	64.43
28 October 2021	2.03	65.59
29 October 2021	2.02	65.36
1 November 2021	2.01	62.48
2 November 2021	2.00	64.73
3 November 2021	2.02	62.48
4 November 2021	1.97	65.84
5 November 2021	1.89	64.83
8 November 2021	1.93	61.46
9 November 2021	1.89	61.71
10 November 2021	2.02	62.48
12 November 2021	2.06	65.11
15 November 2021	2.07	62.91
16 November 2021	2.07	62.24
17 November 2021	2.06	63.77
18 November 2021	2.04	63.92
19 November 2021	2.02	64.22
22 November 2021	2.10	61.51
23 November 2021	2.13	62.93
24 November 2021	2.15	65.83
26 November 2021	2.02	69.87
29 November 2021	2.03	68.00
30 November 2021	2.00	71.13
1 December 2021	2.01	72.07
2 December 2021	2.05	72.70
3 December 2021	1.99	74.79
6 December 2021	2.05	73.39
7 December 2021	2.07	69.59
8 December 2021	2.07	67.52
9 December 2021	2.07	69.30
10 December 2021	2.07	70.68
13 December 2021	2.04	72.07
14 December 2021	2.04	70.90
15 December 2021	2.06	69.57
16 December 2021	2.02	70.69
17 December 2021	2.03	73.10
20 December 2021	2.03	72.98
21 December 2021	2.09	72.82
22 December 2021	2.07	72.39
23 December 2021	2.08	70.14
27 December 2021	2.07	69.72
28 December 2021	2.04	66.39
29 December 2021	2.09	67.03
30 December 2021	2.10	70.75
31 December 2021	2.05	65.66
3 January 2022	2.17	67.49
4 January 2022	2.20	68.60
5 January 2022	2.28	70.68
6 January 2022	2.33	73.15
7 January 2022	2.41	78.08
10 January 2022	2.46	80.49
11 January 2022	2.39	76.12
12 January 2022	2.39	76.88
13 January 2022	2.42	83.67
14 January 2022	2.51	84.36
18 January 2022	2.63	86.52
19 January 2022	2.57	84.58
20 January 2022	2.57	84.80
21 January 2022	2.53	88.74
24 January 2022	2.48	84.40
25 January 2022	2.52	85.46
26 January 2022	2.60	84.45
27 January 2022	2.59	85.38
28 January 2022	2.56	86.03
31 January 2022	2.54	83.36
1 February 2022	2.57	84.74
2 February 2022	2.54	85.24
3 February 2022	2.59	84.78
4 February 2022	2.72	86.02
7 February 2022	2.69	84.62
8 February 2022	2.74	85.64
9 February 2022	2.76	87.79
10 February 2022	2.92	92.81
11 February 2022	2.88	99.64
14 February 2022	2.96	102.16
15 February 2022	2.97	97.77
16 February 2022	2.98	101.81
17 February 2022	2.91	99.64
18 February 2022	2.90	102.59
22 February 2022	2.95	105.17
23 February 2022	3.00	105.74
24 February 2022	2.97	106.82
25 February 2022	2.94	102.58
28 February 2022	2.79	101.54
1 March 2022	2.63	99.48
2 March 2022	2.86	106.47
3 March 2022	2.83	103.08
4 March 2022	2.73	103.78
7 March 2022	2.80	105.79
8 March 2022	2.92	109.08
9 March 2022	2.98	107.86
10 March 2022	3.06	110.94
11 March 2022	3.07	108.86
14 March 2022	3.23	110.86
15 March 2022	3.25	112.38
16 March 2022	3.33	114.79
17 March 2022	3.28	109.02
18 March 2022	3.21	107.48
21 March 2022	3.44	111.39
22 March 2022	3.50	111.43
23 March 2022	3.43	110.27
24 March 2022	3.48	112.22
25 March 2022	3.70	118.20
28 March 2022	3.69	119.22
29 March 2022	3.58	112.64
30 March 2022	3.51	111.05
31 March 2022	3.48	111.09
1 April 2022	3.58	111.30
4 April 2022	3.57	107.79
5 April 2022	3.74	112.76
6 April 2022	3.80	114.37
7 April 2022	3.79	110.87
8 April 2022	3.90	115.59
11 April 2022	3.97	118.39
12 April 2022	3.83	113.69
13 April 2022	3.80	111.59
14 April 2022	3.94	113.46
18 April 2022	3.99	117.35
19 April 2022	4.06	114.42
20 April 2022	4.01	115.08
21 April 2022	4.16	122.74
22 April 2022	4.16	124.30
25 April 2022	4.07	124.71
26 April 2022	4.02	124.06
27 April 2022	4.06	124.20
28 April 2022	4.08	122.22
29 April 2022	4.13	122.15
2 May 2022	4.25	124.97
3 May 2022	4.22	122.62
4 May 2022	4.12	118.85
5 May 2022	4.28	124.67
6 May 2022	4.30	121.11
9 May 2022	4.25	125.03
10 May 2022	4.17	121.83
11 May 2022	4.14	123.78
12 May 2022	4.06	123.26
13 May 2022	4.15	124.42
16 May 2022	4.09	123.46
17 May 2022	4.22	124.53
18 May 2022	4.16	126.97
19 May 2022	4.09	125.31
20 May 2022	4.01	122.48
23 May 2022	4.08	120.94
24 May 2022	3.95	119.44
25 May 2022	3.90	116.89
26 May 2022	3.90	117.66
27 May 2022	3.89	116.66
31 May 2022	4.00	116.72
1 June 2022	4.12	118.33
2 June 2022	4.04	112.35
3 June 2022	4.09	113.50
6 June 2022	4.23	119.07
7 June 2022	4.13	114.56
8 June 2022	4.20	116.61
9 June 2022	4.24	118.10
10 June 2022	4.47	127.46
13 June 2022	4.78	128.64
14 June 2022	4.91	135.77
15 June 2022	4.75	139.40
16 June 2022	4.71	139.01
17 June 2022	4.66	136.39
21 June 2022	4.70	135.51
22 June 2022	4.56	136.58
23 June 2022	4.47	135.75
24 June 2022	4.52	136.67
27 June 2022	4.58	135.80
28 June 2022	4.63	140.60
29 June 2022	4.49	136.74
30 June 2022	4.34	134.26
1 July 2022	4.23	135.32
5 July 2022	4.15	132.86
6 July 2022	4.34	139.73
7 July 2022	4.44	140.90
8 July 2022	4.43	131.51
11 July 2022	4.41	139.13
12 July 2022	4.41	142.42
13 July 2022	4.39	142.52
14 July 2022	4.48	146.99
15 July 2022	4.41	141.88
18 July 2022	4.38	136.88
19 July 2022	4.44	136.50
20 July 2022	4.49	138.32
21 July 2022	4.30	134.70
22 July 2022	4.17	134.80
25 July 2022	4.18	133.04
26 July 2022	4.19	134.28
27 July 2022	4.03	123.39
28 July 2022	3.90	121.80
29 July 2022	3.79	110.46
1 August 2022	3.73	109.72
2 August 2022	4.02	121.86
3 August 2022	3.97	117.50
4 August 2022	3.89	116.84
5 August 2022	4.12	122.29
8 August 2022	4.02	118.02
9 August 2022	4.06	117.78
10 August 2022	3.97	111.95
11 August 2022	4.09	116.09
12 August 2022	4.06	115.24
15 August 2022	4.00	114.59
16 August 2022	4.04	115.30
17 August 2022	4.20	123.86
18 August 2022	4.20	125.22
19 August 2022	4.37	132.70
22 August 2022	4.49	139.05
23 August 2022	4.50	138.84
24 August 2022	4.56	140.48
25 August 2022	4.42	133.29
26 August 2022	4.50	137.65
29 August 2022	4.56	136.81
30 August 2022	4.57	138.45
31 August 2022	4.63	140.49
1 September 2022	4.77	144.94
2 September 2022	4.66	140.75
6 September 2022	4.87	148.79
7 September 2022	4.74	141.92
8 September 2022	4.76	141.73
9 September 2022	4.81	142.38
12 September 2022	4.85	143.16
13 September 2022	4.99	149.31
14 September 2022	4.97	146.34
15 September 2022	5.07	151.43
16 September 2022	5.08	154.89
19 September 2022	5.15	156.20
20 September 2022	5.21	154.98
21 September 2022	5.12	149.41
22 September 2022	5.41	160.87
23 September 2022	5.61	178.78
26 September 2022	5.81	179.68
27 September 2022	5.78	169.45
28 September 2022	5.46	163.62
29 September 2022	5.56	168.86
30 September 2022	5.66	171.58
3 October 2022	5.47	168.35
4 October 2022	5.40	166.84
5 October 2022	5.52	165.73
6 October 2022	5.65	171.40
7 October 2022	5.72	170.45
11 October 2022	5.81	177.49
12 October 2022	5.82	180.53
13 October 2022	5.86	176.86
14 October 2022	5.92	179.73
17 October 2022	5.88	174.59
18 October 2022	5.84	172.59
19 October 2022	5.98	173.08
20 October 2022	6.13	178.10
21 October 2022	6.04	176.67
24 October 2022	6.04	173.82
25 October 2022	5.90	172.46
26 October 2022	5.80	167.99
27 October 2022	5.68	165.00
28 October 2022	5.77	166.07
31 October 2022	5.89	170.05
1 November 2022	5.85	168.27
2 November 2022	5.85	164.69
3 November 2022	5.89	164.18
4 November 2022	5.94	168.66
7 November 2022	5.98	167.34
8 November 2022	5.85	162.93
9 November 2022	5.85	165.42
10 November 2022	5.31	142.28
14 November 2022	5.38	144.48
15 November 2022	5.32	145.28
16 November 2022	5.20	145.45
17 November 2022	5.28	142.71
18 November 2022	5.32	141.10
21 November 2022	5.35	145.41
22 November 2022	5.29	144.83
23 November 2022	5.18	138.73
25 November 2022	5.17	140.26
28 November 2022	5.21	142.60
29 November 2022	5.30	146.10
30 November 2022	5.17	142.21
1 December 2022	4.97	136.11
2 December 2022	4.93	133.57
5 December 2022	5.12	141.52
6 December 2022	5.07	144.63
7 December 2022	4.93	141.45
8 December 2022	5.04	144.83
9 December 2022	5.14	147.81
12 December 2022	5.20	149.46
13 December 2022	4.99	140.18
14 December 2022	4.97	140.79
15 December 2022	4.87	134.01
16 December 2022	4.87	132.71
19 December 2022	5.00	136.34
20 December 2022	5.11	136.69
21 December 2022	5.09	135.79
22 December 2022	5.10	137.39
23 December 2022	5.19	138.54
27 December 2022	5.33	144.38
28 December 2022	5.38	145.11
29 December 2022	5.29	140.82
30 December 2022	5.34	140.83
3 January 2023	5.33	146.09
4 January 2023	5.23	146.28
5 January 2023	5.26	145.97
6 January 2023	5.00	137.56
9 January 2023	4.92	132.98
10 January 2023	5.01	134.91
11 January 2023	4.91	131.36
12 January 2023	4.76	128.15
13 January 2023	4.87	132.01
17 January 2023	4.91	134.48
18 January 2023	4.72	132.04
19 January 2023	4.79	135.09
20 January 2023	4.89	137.14
23 January 2023	4.95	138.16
24 January 2023	4.88	135.65
25 January 2023	4.83	133.42
26 January 2023	4.85	131.20
27 January 2023	4.85	127.50
30 January 2023	4.94	132.73
31 January 2023	4.87	129.22
1 February 2023	4.65	121.56
2 February 2023	4.64	119.98
3 February 2023	4.87	126.80
6 February 2023	5.08	135.83
7 February 2023	5.11	135.07
8 February 2023	5.08	135.27
9 February 2023	5.16	139.45
10 February 2023	5.28	144.16
13 February 2023	5.25	142.02
14 February 2023	5.34	145.20
15 February 2023	5.37	144.55
16 February 2023	5.38	142.42
17 February 2023	5.38	145.96
21 February 2023	5.59	154.00
22 February 2023	5.52	148.56
23 February 2023	5.45	146.59
24 February 2023	5.58	150.92
27 February 2023	5.52	147.87
28 February 2023	5.52	146.51
1 March 2023	5.65	151.04
2 March 2023	5.72	152.47
3 March 2023	5.59	147.22
6 March 2023	5.60	147.76
7 March 2023	5.66	152.45
8 March 2023	5.71	155.48
9 March 2023	5.62	154.14
10 March 2023	5.42	159.14
13 March 2023	5.15	153.15
14 March 2023	5.33	162.39
15 March 2023	5.15	160.03
16 March 2023	5.26	162.48
17 March 2023	5.02	160.49
20 March 2023	5.17	165.10
21 March 2023	5.28	162.19
22 March 2023	5.03	152.28
23 March 2023	4.93	154.09
24 March 2023	4.93	153.78
27 March 2023	5.09	152.62
28 March 2023	5.19	159.60
29 March 2023	5.16	154.28
30 March 2023	5.13	152.53
31 March 2023	5.05	150.72
3 April 2023	4.98	150.94
4 April 2023	4.88	150.79
5 April 2023	4.80	147.02
6 April 2023	4.88	154.74
7 April 2023	5.03	159.35
10 April 2023	5.12	165.20
11 April 2023	5.11	162.87
12 April 2023	5.01	157.13
13 April 2023	5.03	155.24
14 April 2023	5.17	160.55
17 April 2023	5.28	163.25
18 April 2023	5.29	165.87
19 April 2023	5.33	167.38
20 April 2023	5.24	165.03
21 April 2023	5.24	162.03
24 April 2023	5.16	160.47
25 April 2023	5.06	164.46
26 April 2023	5.15	170.28
27 April 2023	5.23	166.85
28 April 2023	5.18	170.18
1 May 2023	5.30	168.25
2 May 2023	5.11	166.15
3 May 2023	5.03	165.81
4 May 2023	4.97	164.37
5 May 2023	5.08	165.96
8 May 2023	5.19	168.12
9 May 2023	5.22	169.95
10 May 2023	5.07	166.94
11 May 2023	5.02	164.86
12 May 2023	5.18	172.21
15 May 2023	5.22	174.15
16 May 2023	5.27	174.17
17 May 2023	5.28	170.60
18 May 2023	5.38	170.54
19 May 2023	5.45	171.89
22 May 2023	5.49	174.87
23 May 2023	5.49	175.70
24 May 2023	5.56	181.60
25 May 2023	5.72	185.98
26 May 2023	5.77	191.13
30 May 2023	5.59	184.41
31 May 2023	5.47	178.03
1 June 2023	5.37	171.65
2 June 2023	5.49	172.55
5 June 2023	5.50	174.55
6 June 2023	5.47	169.48
7 June 2023	5.55	168.60
8 June 2023	5.43	163.45
9 June 2023	5.45	161.33
12 June 2023	5.42	161.24
13 June 2023	5.53	160.34
14 June 2023	5.52	157.91
15 June 2023	5.38	156.85
16 June 2023	5.41	153.14
20 June 2023	5.42	156.73
21 June 2023	5.40	156.86
22 June 2023	5.54	162.22
23 June 2023	5.47	160.08
26 June 2023	5.45	160.67
27 June 2023	5.50	160.41
28 June 2023	5.42	158.27
29 June 2023	5.66	166.75
30 June 2023	5.60	162.82
3 July 2023	5.67	164.24
5 July 2023	5.80	170.01
6 July 2023	5.95	174.28
7 July 2023	5.91	170.79
10 July 2023	5.82	168.98
11 July 2023	5.83	171.39
12 July 2023	5.57	160.70
13 July 2023	5.40	155.70
14 July 2023	5.55	161.00
17 July 2023	5.50	158.92
18 July 2023	5.50	160.02
19 July 2023	5.48	161.28
20 July 2023	5.62	165.56
21 July 2023	5.60	163.57
24 July 2023	5.61	161.76
25 July 2023	5.68	164.98
26 July 2023	5.56	158.80
27 July 2023	5.82	169.13
28 July 2023	5.70	163.41
31 July 2023	5.69	161.23
1 August 2023	5.84	169.85
2 August 2023	5.88	172.25
3 August 2023	5.98	172.62
4 August 2023	5.78	168.45
7 August 2023	5.77	164.27
8 August 2023	5.75	169.38
9 August 2023	5.74	167.95
10 August 2023	5.84	168.79
11 August 2023	5.97	173.59
14 August 2023	6.05	177.26
15 August 2023	6.09	180.83
16 August 2023	6.11	176.23
17 August 2023	6.17	181.12
18 August 2023	6.13	181.00
21 August 2023	6.23	182.77
22 August 2023	6.22	180.87
23 August 2023	6.06	178.58
24 August 2023	6.12	181.16
25 August 2023	6.11	176.19
28 August 2023	6.03	174.16
29 August 2023	5.88	168.77
30 August 2023	5.87	167.85
31 August 2023	5.85	168.68
1 September 2023	5.89	165.43
5 September 2023	6.02	169.73
6 September 2023	6.08	171.01
7 September 2023	6.00	167.13
8 September 2023	5.99	166.61
11 September 2023	6.01	166.48
12 September 2023	6.00	165.86
13 September 2023	5.94	162.32
14 September 2023	5.98	162.02
15 September 2023	6.04	165.45
18 September 2023	6.03	163.89
19 September 2023	6.08	164.29
20 September 2023	6.07	163.32
21 September 2023	6.24	168.58
22 September 2023	6.17	166.57
25 September 2023	6.28	169.07
26 September 2023	6.33	174.31
27 September 2023	6.43	179.27
28 September 2023	6.34	173.64
29 September 2023	6.32	172.36
2 October 2023	6.46	175.06
3 October 2023	6.63	182.32
4 October 2023	6.55	182.31
5 October 2023	6.50	179.71
6 October 2023	6.56	179.36
10 October 2023	6.44	180.38
11 October 2023	6.38	179.80
12 October 2023	6.51	181.96
13 October 2023	6.49	184.99
16 October 2023	6.58	186.10
17 October 2023	6.72	187.56
18 October 2023	6.76	184.63
19 October 2023	6.81	184.49
20 October 2023	6.79	189.40
23 October 2023	6.71	187.22
24 October 2023	6.69	186.13
25 October 2023	6.79	187.40
26 October 2023	6.69	186.29
27 October 2023	6.66	186.18
30 October 2023	6.67	183.09
31 October 2023	6.66	180.81
1 November 2023	6.50	177.70
2 November 2023	6.36	170.15
3 November 2023	6.20	166.51
6 November 2023	6.33	169.77
7 November 2023	6.26	170.06
8 November 2023	6.22	171.86
9 November 2023	6.34	170.47
10 November 2023	6.37	173.68
13 November 2023	6.35	170.08
14 November 2023	6.04	161.31
15 November 2023	6.15	162.90
16 November 2023	6.03	159.01
17 November 2023	6.03	158.43
20 November 2023	6.03	159.71
21 November 2023	5.98	157.38
22 November 2023	6.00	157.44
24 November 2023	6.09	160.63
27 November 2023	5.97	158.34
28 November 2023	5.86	154.68
29 November 2023	5.78	153.99
30 November 2023	5.86	152.41
1 December 2023	5.69	150.86
4 December 2023	5.79	153.08
5 December 2023	5.68	151.62
6 December 2023	5.61	148.52
7 December 2023	5.61	148.39
8 December 2023	5.72	148.72
11 December 2023	5.73	149.25
12 December 2023	5.69	147.06
13 December 2023	5.43	141.21
14 December 2023	5.33	142.20
15 December 2023	5.38	146.57
18 December 2023	5.39	144.71
19 December 2023	5.35	141.62
20 December 2023	5.32	145.60
21 December 2023	5.33	144.72
22 December 2023	5.31	142.13
26 December 2023	5.28	138.90
27 December 2023	5.16	137.63
28 December 2023	5.25	141.45
29 December 2023	5.24	138.35
2 January 2024	5.40	146.09
3 January 2024	5.36	145.31
4 January 2024	5.47	149.45
5 January 2024	5.48	144.81
8 January 2024	5.42	143.27
9 January 2024	5.46	146.43
10 January 2024	5.45	143.97
11 January 2024	5.32	138.17
12 January 2024	5.25	134.51
16 January 2024	5.42	141.23
17 January 2024	5.51	145.41
18 January 2024	5.54	145.19
19 January 2024	5.55	143.39
22 January 2024	5.52	145.14
23 January 2024	5.57	146.87
24 January 2024	5.61	149.16
25 January 2024	5.52	144.04
26 January 2024	5.54	144.47
29 January 2024	5.48	145.31
30 January 2024	5.44	140.75
31 January 2024	5.30	134.64
1 February 2024	5.22	138.76
2 February 2024	5.49	147.99
5 February 2024	5.64	149.26
6 February 2024	5.53	147.20
7 February 2024	5.56	148.95
8 February 2024	5.64	150.31
9 February 2024	5.65	149.70
12 February 2024	5.64	149.33
13 February 2024	5.89	157.53
14 February 2024	5.82	156.36
15 February 2024	5.76	153.02
16 February 2024	5.86	156.89
20 February 2024	5.81	155.07
21 February 2024	5.88	157.16
22 February 2024	5.89	155.82
23 February 2024	5.81	153.66
26 February 2024	5.88	159.46
27 February 2024	5.89	157.39

Note: The data are daily. Yield shown is for the uniform mortgage-backed securities 30-year current coupon, the coupon rate at which new mortgage-backed securities would be priced at par, or face, value for dates after May 31, 2019; for earlier dates, the yield shown is for the Fannie Mae 30-year current coupon. Spread shown is to the average of the 5-year and 10-year nominal Treasury yields.

Return to text

Figure 33. Equity prices

Series: Dow Jones bank index and S&P 500 index

Horizon: January 1, 2017, to February 27, 2024

Description: A line chart with two curves over January 1, 2017, to February 27, 2024. Units for both series have been indexed to 100 based on their respective values on December 31, 2019, and the data are daily. The Dow Jones bank index series starts at around 75 and rises to about 100 by early 2018. The series fluctuates between about 75 and 100 until early 2020, when it plummets to about 50. The series rebounds to slightly below 125 by mid-2021, fluctuates between about 100 and 125 through early 2022, and then falls to a bit above 75 in mid-2022. It fluctuates between around 75 and 100 until early 2024, ending at around 100. The S&P 500 index series follows a similar trajectory until early 2020. In early 2020, the gap between the series sharply increases to and persists at about 25 until early 2023, widening to and remaining at around 50 through early 2024, for a final series value of a bit above 15¬0.

Source: S&P Dow Jones Indices LLC via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page.)

Return to text

Developments Related to Financial Stability

Figure A. Private nonfinancial-sector credit-to-GDP ratio

Quarterly
Ratio

Period	Private nonfinancial-sector credit-to-GDP ratio
1981:Q1	0.95
1981:Q2	0.96
1981:Q3	0.96
1981:Q4	0.97
1982:Q1	0.99
1982:Q2	0.99
1982:Q3	1.00
1982:Q4	1.00
1983:Q1	1.00
1983:Q2	0.99
1983:Q3	0.99
1983:Q4	0.99
1984:Q1	0.99
1984:Q2	1.01
1984:Q3	1.02
1984:Q4	1.04
1985:Q1	1.05
1985:Q2	1.07
1985:Q3	1.08
1985:Q4	1.10
1986:Q1	1.12
1986:Q2	1.13
1986:Q3	1.15
1986:Q4	1.17
1987:Q1	1.18
1987:Q2	1.19
1987:Q3	1.19
1987:Q4	1.19
1988:Q1	1.20
1988:Q2	1.20
1988:Q3	1.21
1988:Q4	1.21
1989:Q1	1.21
1989:Q2	1.21
1989:Q3	1.22
1989:Q4	1.23
1990:Q1	1.23
1990:Q2	1.23
1990:Q3	1.23
1990:Q4	1.24
1991:Q1	1.24
1991:Q2	1.23
1991:Q3	1.21
1991:Q4	1.21
1992:Q1	1.20
1992:Q2	1.18
1992:Q3	1.17
1992:Q4	1.16
1993:Q1	1.16
1993:Q2	1.16
1993:Q3	1.17
1993:Q4	1.16
1994:Q1	1.16
1994:Q2	1.16
1994:Q3	1.16
1994:Q4	1.17
1995:Q1	1.17
1995:Q2	1.19
1995:Q3	1.19
1995:Q4	1.19
1996:Q1	1.20
1996:Q2	1.20
1996:Q3	1.20
1996:Q4	1.19
1997:Q1	1.20
1997:Q2	1.20
1997:Q3	1.21
1997:Q4	1.21
1998:Q1	1.23
1998:Q2	1.25
1998:Q3	1.25
1998:Q4	1.26
1999:Q1	1.28
1999:Q2	1.29
1999:Q3	1.30
1999:Q4	1.30
2000:Q1	1.32
2000:Q2	1.32
2000:Q3	1.34
2000:Q4	1.34
2001:Q1	1.35
2001:Q2	1.37
2001:Q3	1.40
2001:Q4	1.40
2002:Q1	1.41
2002:Q2	1.41
2002:Q3	1.42
2002:Q4	1.44
2003:Q1	1.45
2003:Q2	1.46
2003:Q3	1.45
2003:Q4	1.45
2004:Q1	1.47
2004:Q2	1.47
2004:Q3	1.48
2004:Q4	1.49
2005:Q1	1.50
2005:Q2	1.52
2005:Q3	1.53
2005:Q4	1.54
2006:Q1	1.55
2006:Q2	1.58
2006:Q3	1.60
2006:Q4	1.61
2007:Q1	1.63
2007:Q2	1.65
2007:Q3	1.67
2007:Q4	1.68
2008:Q1	1.71
2008:Q2	1.70
2008:Q3	1.71
2008:Q4	1.73
2009:Q1	1.74
2009:Q2	1.74
2009:Q3	1.71
2009:Q4	1.67
2010:Q1	1.66
2010:Q2	1.62
2010:Q3	1.60
2010:Q4	1.58
2011:Q1	1.58
2011:Q2	1.56
2011:Q3	1.55
2011:Q4	1.54
2012:Q1	1.52
2012:Q2	1.51
2012:Q3	1.51
2012:Q4	1.51
2013:Q1	1.50
2013:Q2	1.50
2013:Q3	1.49
2013:Q4	1.49
2014:Q1	1.50
2014:Q2	1.49
2014:Q3	1.47
2014:Q4	1.48
2015:Q1	1.48
2015:Q2	1.49
2015:Q3	1.49
2015:Q4	1.50
2016:Q1	1.51
2016:Q2	1.51
2016:Q3	1.51
2016:Q4	1.50
2017:Q1	1.51
2017:Q2	1.52
2017:Q3	1.51
2017:Q4	1.51
2018:Q1	1.50
2018:Q2	1.51
2018:Q3	1.51
2018:Q4	1.52
2019:Q1	1.52
2019:Q2	1.51
2019:Q3	1.51
2019:Q4	1.51
2020:Q1	1.56
2020:Q2	1.74
2020:Q3	1.61
2020:Q4	1.59
2021:Q1	1.57
2021:Q2	1.57
2021:Q3	1.56
2021:Q4	1.53
2022:Q1	1.54
2022:Q2	1.54
2022:Q3	1.53
2022:Q4	1.52
2023:Q1	1.51
2023:Q2	1.51
2023:Q3	1.48

Note: Data extend through 2023:Q3. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1981 to November 1982, July 1990 to March 1991, March 2001 to November 2001, December 2007 to June 2009, and February 2020 to April 2020. GDP is gross domestic product.

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

Return to text

Figure 34. Ratio of total commercial bank credit to nominal gross domestic product

Quarterly
Percent

Period	Ratio
2004:Q1	60.90
2004:Q2	61.55
2004:Q3	61.46
2004:Q4	61.68
2005:Q1	62.48
2005:Q2	63.11
2005:Q3	63.68
2005:Q4	63.89
2006:Q1	63.90
2006:Q2	64.90
2006:Q3	65.78
2006:Q4	65.97
2007:Q1	66.37
2007:Q2	66.76
2007:Q3	67.63
2007:Q4	68.52
2008:Q1	69.46
2008:Q2	69.16
2008:Q3	68.91
2008:Q4	70.79
2009:Q1	70.90
2009:Q2	70.50
2009:Q3	68.86
2009:Q4	66.43
2010:Q1	64.71
2010:Q2	62.74
2010:Q3	62.12
2010:Q4	61.53
2011:Q1	60.96
2011:Q2	60.04
2011:Q3	60.02
2011:Q4	59.88
2012:Q1	59.68
2012:Q2	59.70
2012:Q3	60.02
2012:Q4	60.10
2013:Q1	59.69
2013:Q2	59.56
2013:Q3	58.67
2013:Q4	58.31
2014:Q1	59.14
2014:Q2	59.04
2014:Q3	59.11
2014:Q4	59.60
2015:Q1	60.82
2015:Q2	61.23
2015:Q3	61.61
2015:Q4	62.48
2016:Q1	63.32
2016:Q2	63.80
2016:Q3	64.28
2016:Q4	64.44
2017:Q1	64.15
2017:Q2	64.08
2017:Q3	63.78
2017:Q4	63.20
2018:Q1	62.57
2018:Q2	62.22
2018:Q3	62.25
2018:Q4	62.40
2019:Q1	63.08
2019:Q2	63.04
2019:Q3	63.15
2019:Q4	63.37
2020:Q1	65.04
2020:Q2	74.67
2020:Q3	69.13
2020:Q4	68.20
2021:Q1	67.46
2021:Q2	66.76
2021:Q3	66.31
2021:Q4	65.81
2022:Q1	66.43
2022:Q2	66.55
2022:Q3	66.54
2022:Q4	65.67
2023:Q1	64.94
2023:Q2	64.16
2023:Q3	62.73
2023:Q4	61.81

Source: Federal Reserve Board, Statistical Release H.8, "Assets and Liabilities of Commercial Banks in the United States"; Bureau of Economic Analysis via Haver Analytics.

Return to text

Figure 35. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
2004:Q1	1.25	16.04
2004:Q2	1.02	13.04
2004:Q3	1.19	14.83
2004:Q4	1.19	14.46
2005:Q1	1.17	13.63
2005:Q2	1.19	14.25
2005:Q3	1.26	15.58
2005:Q4	1.23	15.13
2006:Q1	1.14	13.66
2006:Q2	1.16	14.51
2006:Q3	1.25	16.14
2006:Q4	1.35	16.74
2007:Q1	1.01	11.81
2007:Q2	1.07	13.53
2007:Q3	0.76	10.43
2007:Q4	-0.10	-1.38
2008:Q1	0.13	1.23
2008:Q2	-0.16	-1.98
2008:Q3	-0.63	-7.80
2008:Q4	-1.57	-21.16
2009:Q1	0.04	0.11
2009:Q2	-0.09	-0.98
2009:Q3	0.15	2.23
2009:Q4	0.13	1.53
2010:Q1	0.42	4.38
2010:Q2	0.52	6.04
2010:Q3	0.43	5.05
2010:Q4	0.52	5.73
2011:Q1	0.61	6.07
2011:Q2	0.42	4.60
2011:Q3	0.93	10.03
2011:Q4	0.60	6.26
2012:Q1	0.58	5.59
2012:Q2	0.70	7.01
2012:Q3	0.72	7.16
2012:Q4	0.89	8.59
2013:Q1	0.81	7.63
2013:Q2	0.85	8.21
2013:Q3	0.82	7.78
2013:Q4	0.93	8.72
2014:Q1	0.85	7.85
2014:Q2	0.81	7.60
2014:Q3	0.87	7.99
2014:Q4	0.84	7.53
2015:Q1	0.95	8.73
2015:Q2	0.94	8.66
2015:Q3	0.99	8.77
2015:Q4	0.87	7.44
2016:Q1	0.80	7.14
2016:Q2	0.90	8.19
2016:Q3	0.97	8.68
2016:Q4	0.96	8.34
2017:Q1	0.94	8.65
2017:Q2	0.94	8.77
2017:Q3	0.98	8.61
2017:Q4	0.16	1.17
2018:Q1	1.10	10.30
2018:Q2	1.15	10.85
2018:Q3	1.22	10.95
2018:Q4	1.22	10.99
2019:Q1	1.18	10.92
2019:Q2	1.20	11.07
2019:Q3	1.05	9.48
2019:Q4	1.10	10.11
2020:Q1	0.25	2.48
2020:Q2	0.43	4.49
2020:Q3	0.91	9.16
2020:Q4	1.18	11.99
2021:Q1	1.40	14.41
2021:Q2	1.34	13.92
2021:Q3	1.15	11.94
2021:Q4	1.11	11.96
2022:Q1	0.89	9.87
2022:Q2	0.91	10.18
2022:Q3	0.92	10.38
2022:Q4	0.99	11.29
2023:Q1	1.13	12.70
2023:Q2	0.99	11.09
2023:Q3	0.92	9.96
2023:Q4	0.53	5.85

Note: The data are quarterly.

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

Return to text

Figure 36. Components of foreign consumer price inflation

Advanced foreign economies
Percent

Period	Energy	Food	Core
2017–19 avg.	0.33	0.32	1.07
2020–21 avg.	0.27	0.35	1.05
2022	2.93	1.68	3.21
2023:H1	0.30	2.29	3.63
2023:H2	-0.62	1.41	3.01

Note: The advanced foreign economy aggregate is the average of Canada, the euro area, and the U.K., weighted by shares of U.S. non-oil goods imports. The emerging market economy aggregate is the average of Argentina, Brazil, Chile, Colombia, Hong Kong, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Russia, Saudi Arabia, Singapore, South Korea, Taiwan, Thailand, and Vietnam, weighted by shares of U.S. non-oil goods imports, and begins in 2017:Q2. The inflation measure is the Harmonised Index of Consumer Prices for the euro area and the consumer price index for other economies. The data show percent changes from year-ago levels.

Source: Federal Reserve Board staff calculations; Haver Analytics.

Emerging market economies
Percent

Period	Energy	Food	Core
2017–19 avg.	0.57	1.06	1.74
2020–21 avg.	0.39	1.60	1.24
2022	0.99	2.92	2.40
2023:H1	0.10	2.65	2.57
2023:H2	0.08	1.90	2.14

Note: The advanced foreign economy aggregate is the average of Canada, the euro area, and the U.K., weighted by shares of U.S. non-oil goods imports. The emerging market economy aggregate is the average of Argentina, Brazil, Chile, Colombia, Hong Kong, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Russia, Saudi Arabia, Singapore, South Korea, Taiwan, Thailand, and Vietnam, weighted by shares of U.S. non-oil goods imports, and begins in 2017:Q2. The inflation measure is the Harmonised Index of Consumer Prices for the euro area and the consumer price index for other economies. The data show percent changes from year-ago levels.

Source: Federal Reserve Board staff calculations; Haver Analytics.

Return to text

Figure 37. Consumer price inflation in foreign economies

Monthly
Percent change from year earlier

Period	AFEs ex. Japan	EMEs ex. China
January 2016	0.95	2.71
February 2016	0.53	3.01
March 2016	0.55	2.71
April 2016	0.52	2.76
May 2016	0.55	2.78
June 2016	0.59	2.75
July 2016	0.53	2.75
August 2016	0.59	2.72
September 2016	0.84	2.87
October 2016	0.92	3.01
November 2016	0.91	3.13
December 2016	1.31	3.08
January 2017	1.85	3.88
February 2017	2.02	3.84
March 2017	1.63	4.06
April 2017	1.89	4.06
May 2017	1.44	4.06
June 2017	1.28	3.90
July 2017	1.38	3.98
August 2017	1.58	4.29
September 2017	1.65	4.14
October 2017	1.51	4.04
November 2017	1.92	4.18
December 2017	1.73	4.36
January 2018	1.57	3.66
February 2018	1.57	3.64
March 2018	1.83	3.43
April 2018	1.61	3.32
May 2018	2.12	3.43
June 2018	2.18	3.58
July 2018	2.41	3.63
August 2018	2.34	3.61
September 2018	2.24	3.77
October 2018	2.40	3.69
November 2018	1.90	3.40
December 2018	1.74	3.25
January 2019	1.44	2.90
February 2019	1.53	2.76
March 2019	1.60	2.93
April 2019	1.88	3.18
May 2019	1.68	3.17
June 2019	1.61	2.94
July 2019	1.45	2.81
August 2019	1.38	2.48
September 2019	1.30	2.32
October 2019	1.19	2.40
November 2019	1.39	2.61
December 2019	1.68	3.01
January 2020	1.72	3.38
February 2020	1.57	3.15
March 2020	0.81	2.70
April 2020	0.21	1.64
May 2020	-0.06	1.66
June 2020	0.36	2.18
July 2020	0.34	2.44
August 2020	0.03	2.64
September 2020	0.09	2.65
October 2020	0.10	2.63
November 2020	0.15	2.27
December 2020	0.23	1.96
January 2021	0.96	2.08
February 2021	0.98	2.60
March 2021	1.63	3.26
April 2021	2.15	4.41
May 2021	2.58	4.58
June 2021	2.37	4.34
July 2021	2.68	4.26
August 2021	3.36	4.20
September 2021	3.73	4.36
October 2021	4.28	4.62
November 2021	4.82	5.27
December 2021	4.98	5.23
January 2022	5.14	5.21
February 2022	5.80	5.32
March 2022	7.14	5.89
April 2022	7.30	6.18
May 2022	8.03	6.37
June 2022	8.51	6.80
July 2022	8.55	6.90
August 2022	8.41	6.99
September 2022	8.82	7.07
October 2022	9.31	6.89
November 2022	8.92	6.50
December 2022	8.25	6.54
January 2023	7.73	6.66
February 2023	7.47	6.33
March 2023	6.19	5.61
April 2023	6.16	5.14
May 2023	5.28	4.68
June 2023	4.73	4.17
July 2023	4.70	4.18
August 2023	4.90	4.43
September 2023	4.31	4.38
October 2023	3.09	4.28
November 2023	2.73	4.29
December 2023	3.17	4.56
January 2024	2.87	4.54

Note: The advanced foreign economy (AFE) aggregate is the average of Canada, the euro area, and the U.K., weighted by shares of U.S. non-oil goods imports. The emerging market economy (EME) aggregate is the average of Argentina, Brazil, Chile, Colombia, Hong Kong, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Russia, Saudi Arabia, Singapore, South Korea, Taiwan, Thailand, and Vietnam, weighted by shares of U.S. non-oil goods imports. The inflation measure is the Harmonised Index of Consumer Prices for the euro area and the consumer price index for other economies.

Source: Federal Reserve Board staff calculations; Haver Analytics.

Return to text

Figure 38. Nominal 10-year government bond yields in selected advanced foreign economies

Series: Germany, U.K., Canada, and Japan
Horizon: January 4, 2019, to February 23, 2024

Description: A line chart with four curves over January 4, 2019, to February 23, 2024. Units are percent, and the data are weekly averages of daily benchmark yields. The curves for Germany, the U.K., Canada, and Japan all vary significantly at short time scales. The Germany series begins just above 0, decreases to around negative 0.5 by mid-2019, stays between 0 and negative 1 through 2021, and slowly rises to just over 0 in early 2022. The series then climbs to more than 2.5 by early 2023, approaching 3 before declining to around 2 at the end of 2023 and then rebounding to and ending around 2.5. The U.K. series begins slightly above 1, slumps to just above 0 by mid-2020, climbs steadily to about 2.5 by mid-2022, and then sharply increases to over 4 in late 2022. The series declines to about 3 in early 2023 and then rises to around 4.5 before decreasing to about 3.5 by the start of 2024, rising to and ending around 4. The Canada series begins around 2, slides to around 0.5 by mid-2020, increases to about 1.5 in early 2021, and stays between 1 and 2 until early 2022, when it rises quickly and fluctuates between about 2.5 and 3.5 until mid-2023, increasing to around 4 by year-end. The series falls to about 3 by early 2024 before rising to and ending around 3.5. The Japan series begins around 0 and stays slightly below 0 in 2019 and slightly above 0 from 2020 to 2021 before rising gradually to about 0.5 by the beginning of 2023. The series stays at around 0.5 for the first half of 2023 and then rises to about 1 in late 2023 before decreasing to and ending a bit below 1 in early 2024.

Note: The data are weekly averages of daily benchmark yields and extend through February 23, 2024.

Source: Bloomberg.

Return to text

Figure 39. U.S. dollar exchange rate index

Weekly
Week ending December 27, 2019 = 100

Period	Broad dollar index
4 January 2013	78.68
11 January 2013	78.62
18 January 2013	78.41
25 January 2013	78.67
1 February 2013	78.67
8 February 2013	78.83
15 February 2013	79.07
22 February 2013	79.47
1 March 2013	79.92
8 March 2013	80.11
15 March 2013	79.96
22 March 2013	79.93
29 March 2013	79.88
5 April 2013	79.77
12 April 2013	79.56
19 April 2013	79.67
26 April 2013	79.81
3 May 2013	79.20
10 May 2013	79.25
17 May 2013	80.18
24 May 2013	80.62
31 May 2013	80.95
7 June 2013	80.51
14 June 2013	80.10
21 June 2013	80.64
28 June 2013	81.66
5 July 2013	81.79
12 July 2013	81.81
19 July 2013	81.04
26 July 2013	80.68
2 August 2013	80.92
9 August 2013	80.62
16 August 2013	80.78
23 August 2013	81.26
30 August 2013	81.76
6 September 2013	81.92
13 September 2013	81.16
20 September 2013	80.44
27 September 2013	80.33
4 October 2013	80.32
11 October 2013	80.35
18 October 2013	79.93
25 October 2013	79.73
1 November 2013	80.08
8 November 2013	80.71
15 November 2013	80.91
22 November 2013	80.70
29 November 2013	81.00
6 December 2013	81.09
13 December 2013	80.70
20 December 2013	80.90
27 December 2013	81.07
3 January 2014	81.07
10 January 2014	81.43
17 January 2014	81.59
24 January 2014	82.04
31 January 2014	82.20
7 February 2014	82.18
14 February 2014	81.83
21 February 2014	81.70
28 February 2014	81.82
7 March 2014	81.64
14 March 2014	81.63
21 March 2014	81.89
28 March 2014	81.80
4 April 2014	81.59
11 April 2014	81.10
18 April 2014	81.27
25 April 2014	81.44
2 May 2014	81.30
9 May 2014	80.94
16 May 2014	81.04
23 May 2014	81.06
30 May 2014	81.17
6 June 2014	81.36
13 June 2014	81.30
20 June 2014	81.26
27 June 2014	80.98
4 July 2014	80.68
11 July 2014	80.77
18 July 2014	80.99
25 July 2014	81.06
1 August 2014	81.55
8 August 2014	81.86
15 August 2014	81.71
22 August 2014	81.82
29 August 2014	82.02
5 September 2014	82.30
12 September 2014	82.93
19 September 2014	83.14
26 September 2014	83.72
3 October 2014	84.41
10 October 2014	84.30
17 October 2014	84.23
24 October 2014	84.30
31 October 2014	84.35
7 November 2014	85.51
14 November 2014	85.68
21 November 2014	85.85
28 November 2014	86.10
5 December 2014	86.96
12 December 2014	87.57
19 December 2014	88.02
26 December 2014	88.46
2 January 2015	88.63
9 January 2015	89.45
16 January 2015	89.29
23 January 2015	89.92
30 January 2015	90.69
6 February 2015	90.73
13 February 2015	91.01
20 February 2015	91.08
27 February 2015	91.25
6 March 2015	91.94
13 March 2015	93.68
20 March 2015	93.63
27 March 2015	92.19
3 April 2015	92.50
10 April 2015	92.28
17 April 2015	92.53
24 April 2015	92.03
1 May 2015	91.10
8 May 2015	90.98
15 May 2015	90.49
22 May 2015	91.17
29 May 2015	92.45
5 June 2015	92.32
12 June 2015	91.87
19 June 2015	91.50
26 June 2015	91.76
3 July 2015	92.34
10 July 2015	92.97
17 July 2015	93.43
24 July 2015	94.09
31 July 2015	94.19
7 August 2015	94.75
14 August 2015	94.92
21 August 2015	95.38
28 August 2015	95.54
4 September 2015	95.85
11 September 2015	95.83
18 September 2015	95.40
25 September 2015	96.28
2 October 2015	96.23
9 October 2015	95.04
16 October 2015	94.37
23 October 2015	95.01
30 October 2015	95.53
6 November 2015	95.85
13 November 2015	96.87
20 November 2015	96.97
27 November 2015	96.94
4 December 2015	96.93
11 December 2015	97.28
18 December 2015	97.91
25 December 2015	97.98
1 January 2016	98.01
8 January 2016	99.12
15 January 2016	99.80
22 January 2016	100.43
29 January 2016	99.90
5 February 2016	99.24
12 February 2016	98.89
19 February 2016	98.70
26 February 2016	98.74
4 March 2016	98.28
11 March 2016	97.28
18 March 2016	96.64
25 March 2016	96.35
1 April 2016	95.74
8 April 2016	95.75
15 April 2016	95.25
22 April 2016	94.98
29 April 2016	94.82
6 May 2016	94.96
13 May 2016	95.89
20 May 2016	96.60
27 May 2016	97.06
3 June 2016	97.10
10 June 2016	95.88
17 June 2016	96.75
24 June 2016	96.07
1 July 2016	97.19
8 July 2016	97.34
15 July 2016	97.05
22 July 2016	97.47
29 July 2016	97.63
5 August 2016	96.91
12 August 2016	96.50
19 August 2016	95.79
26 August 2016	96.17
2 September 2016	97.05
9 September 2016	96.31
16 September 2016	97.41
23 September 2016	97.62
30 September 2016	97.35
7 October 2016	97.66
14 October 2016	98.34
21 October 2016	98.14
28 October 2016	98.59
4 November 2016	98.53
11 November 2016	98.98
18 November 2016	101.30
25 November 2016	101.90
2 December 2016	101.79
9 December 2016	101.25
16 December 2016	101.70
23 December 2016	102.67
30 December 2016	102.81
6 January 2017	102.62
13 January 2017	102.42
20 January 2017	101.92
27 January 2017	101.35
3 February 2017	100.54
10 February 2017	100.57
17 February 2017	100.62
24 February 2017	100.44
3 March 2017	100.66
10 March 2017	100.97
17 March 2017	100.39
24 March 2017	99.36
31 March 2017	99.12
7 April 2017	99.50
14 April 2017	99.36
21 April 2017	99.14
28 April 2017	99.28
5 May 2017	99.28
12 May 2017	99.59
19 May 2017	98.67
26 May 2017	98.27
2 June 2017	98.08
9 June 2017	97.67
16 June 2017	97.47
23 June 2017	97.86
30 June 2017	97.16
7 July 2017	97.32
14 July 2017	96.64
21 July 2017	95.58
28 July 2017	95.37
4 August 2017	95.11
11 August 2017	95.43
18 August 2017	95.41
25 August 2017	94.93
1 September 2017	94.52
8 September 2017	93.70
15 September 2017	93.82
22 September 2017	94.05
29 September 2017	95.11
6 October 2017	95.59
13 October 2017	95.45
20 October 2017	95.83
27 October 2017	96.54
3 November 2017	96.75
10 November 2017	96.69
17 November 2017	96.41
24 November 2017	95.81
1 December 2017	95.43
8 December 2017	95.89
15 December 2017	96.25
22 December 2017	96.03
29 December 2017	95.72
5 January 2018	94.79
12 January 2018	94.76
19 January 2018	93.57
26 January 2018	92.84
2 February 2018	92.53
9 February 2018	93.31
16 February 2018	92.99
23 February 2018	93.26
2 March 2018	93.64
9 March 2018	93.54
16 March 2018	93.49
23 March 2018	93.58
30 March 2018	92.98
6 April 2018	93.19
13 April 2018	92.86
20 April 2018	92.93
27 April 2018	94.43
4 May 2018	95.14
11 May 2018	95.75
18 May 2018	96.23
25 May 2018	96.51
1 June 2018	96.86
8 June 2018	96.93
15 June 2018	97.40
22 June 2018	98.23
29 June 2018	98.24
6 July 2018	98.03
13 July 2018	97.60
20 July 2018	98.07
27 July 2018	97.84
3 August 2018	97.69
10 August 2018	98.14
17 August 2018	99.32
24 August 2018	98.58
31 August 2018	98.42
7 September 2018	99.27
14 September 2018	98.93
21 September 2018	98.37
28 September 2018	98.43
5 October 2018	98.85
12 October 2018	99.10
19 October 2018	98.96
26 October 2018	99.81
2 November 2018	100.41
9 November 2018	100.15
16 November 2018	100.70
23 November 2018	100.56
30 November 2018	100.90
7 December 2018	100.47
14 December 2018	100.88
21 December 2018	100.59
28 December 2018	100.40
4 January 2019	99.90
11 January 2019	98.92
18 January 2019	98.97
25 January 2019	99.08
1 February 2019	98.56
8 February 2019	98.84
15 February 2019	99.48
22 February 2019	99.04
1 March 2019	98.82
8 March 2019	99.57
15 March 2019	99.41
22 March 2019	98.94
29 March 2019	99.45
5 April 2019	99.47
12 April 2019	99.11
19 April 2019	99.19
26 April 2019	99.79
3 May 2019	99.81
10 May 2019	100.02
17 May 2019	100.42
24 May 2019	100.59
31 May 2019	100.82
7 June 2019	100.44
14 June 2019	100.01
21 June 2019	99.92
28 June 2019	99.19
5 July 2019	99.41
12 July 2019	99.49
19 July 2019	99.40
26 July 2019	99.76
2 August 2019	100.20
9 August 2019	100.90
16 August 2019	101.23
23 August 2019	101.53
30 August 2019	102.03
6 September 2019	101.81
13 September 2019	101.26
20 September 2019	101.30
27 September 2019	101.71
4 October 2019	101.96
11 October 2019	101.61
18 October 2019	100.79
25 October 2019	100.44
1 November 2019	100.35
8 November 2019	100.48
15 November 2019	100.96
22 November 2019	100.97
29 November 2019	101.32
6 December 2019	100.99
13 December 2019	100.44
20 December 2019	100.06
27 December 2019	100.00
3 January 2020	99.43
10 January 2020	99.61
17 January 2020	99.53
24 January 2020	99.85
31 January 2020	100.17
7 February 2020	100.51
14 February 2020	100.74
21 February 2020	101.18
28 February 2020	101.61
6 March 2020	101.01
13 March 2020	102.86
20 March 2020	106.89
27 March 2020	107.53
3 April 2020	106.91
10 April 2020	106.47
17 April 2020	106.28
24 April 2020	107.12
1 May 2020	106.54
8 May 2020	106.50
15 May 2020	106.81
22 May 2020	105.91
29 May 2020	104.92
5 June 2020	103.39
12 June 2020	102.93
19 June 2020	103.83
26 June 2020	103.84
3 July 2020	104.09
10 July 2020	103.38
17 July 2020	103.11
24 July 2020	102.43
31 July 2020	101.53
7 August 2020	101.63
14 August 2020	101.48
21 August 2020	101.04
28 August 2020	100.91
4 September 2020	100.30
11 September 2020	100.52
18 September 2020	99.92
25 September 2020	101.36
2 October 2020	101.36
9 October 2020	100.43
16 October 2020	100.28
23 October 2020	99.65
30 October 2020	100.14
6 November 2020	99.58
13 November 2020	98.81
20 November 2020	98.34
27 November 2020	98.19
4 December 2020	97.35
11 December 2020	96.90
18 December 2020	96.68
25 December 2020	96.96
1 January 2021	96.52
8 January 2021	96.17
15 January 2021	96.48
22 January 2021	96.41
29 January 2021	96.86
5 February 2021	97.27
12 February 2021	96.66
19 February 2021	96.86
26 February 2021	96.99
5 March 2021	97.68
12 March 2021	98.27
19 March 2021	97.82
26 March 2021	98.27
2 April 2021	98.57
9 April 2021	97.99
16 April 2021	97.64
23 April 2021	97.09
30 April 2021	96.82
7 May 2021	96.82
14 May 2021	96.24
21 May 2021	96.02
28 May 2021	95.94
4 June 2021	95.86
11 June 2021	95.79
18 June 2021	96.77
25 June 2021	97.35
2 July 2021	97.30
9 July 2021	97.79
16 July 2021	97.74
23 July 2021	98.25
30 July 2021	97.76
6 August 2021	97.71
13 August 2021	98.07
20 August 2021	98.51
27 August 2021	98.38
3 September 2021	97.72
10 September 2021	97.84
17 September 2021	97.96
24 September 2021	98.43
1 October 2021	98.96
8 October 2021	99.09
15 October 2021	98.99
22 October 2021	98.40
29 October 2021	98.40
5 November 2021	98.89
12 November 2021	98.72
19 November 2021	99.54
26 November 2021	100.49
3 December 2021	100.56
10 December 2021	100.19
17 December 2021	100.40
24 December 2021	100.27
31 December 2021	99.87
7 January 2022	99.76
14 January 2022	99.18
21 January 2022	99.19
28 January 2022	99.96
4 February 2022	99.72
11 February 2022	99.41
18 February 2022	99.40
25 February 2022	99.65
4 March 2022	100.29
11 March 2022	101.31
18 March 2022	100.98
25 March 2022	100.35
1 April 2022	99.96
8 April 2022	100.37
15 April 2022	100.85
22 April 2022	101.40
29 April 2022	103.26
6 May 2022	103.67
13 May 2022	104.50
20 May 2022	103.74
27 May 2022	102.69
3 June 2022	102.34
10 June 2022	102.82
17 June 2022	104.95
24 June 2022	104.37
1 July 2022	104.58
8 July 2022	106.19
15 July 2022	106.90
22 July 2022	106.14
29 July 2022	105.92
5 August 2022	105.57
12 August 2022	104.93
19 August 2022	105.69
26 August 2022	106.60
2 September 2022	107.12
9 September 2022	107.74
16 September 2022	107.66
23 September 2022	108.93
30 September 2022	110.78
7 October 2022	109.85
14 October 2022	110.74
21 October 2022	110.71
28 October 2022	110.05
4 November 2022	110.37
11 November 2022	108.75
18 November 2022	106.90
25 November 2022	107.33
2 December 2022	106.42
9 December 2022	106.15
16 December 2022	105.88
23 December 2022	105.79
30 December 2022	105.34
6 January 2023	105.31
13 January 2023	103.69
20 January 2023	103.25
27 January 2023	103.03
3 February 2023	102.88
10 February 2023	104.04
17 February 2023	104.12
24 February 2023	104.79
3 March 2023	104.82
10 March 2023	104.96
17 March 2023	105.13
24 March 2023	104.37
31 March 2023	103.66
7 April 2023	103.33
14 April 2023	103.19
21 April 2023	103.29
28 April 2023	103.42
5 May 2023	103.25
12 May 2023	103.02
19 May 2023	103.62
26 May 2023	104.40
2 June 2023	104.36
9 June 2023	103.84
16 June 2023	103.15
23 June 2023	103.16
30 June 2023	103.48
7 July 2023	103.60
14 July 2023	102.36
21 July 2023	101.93
28 July 2023	102.27
4 August 2023	103.06
11 August 2023	103.63
18 August 2023	104.45
25 August 2023	104.44
1 September 2023	104.40
8 September 2023	105.70
15 September 2023	105.20
22 September 2023	105.26
29 September 2023	106.27
6 October 2023	107.16
13 October 2023	106.82
20 October 2023	107.16
27 October 2023	107.27
3 November 2023	106.83
10 November 2023	105.84
17 November 2023	105.32
24 November 2023	104.41
1 December 2023	104.08
8 December 2023	104.65
15 December 2023	104.48
22 December 2023	103.68
29 December 2023	102.90
5 January 2024	103.71
12 January 2024	103.84
19 January 2024	104.83
26 January 2024	104.78
2 February 2024	104.68
9 February 2024	105.07
16 February 2024	105.22
23 February 2024	105.06

Note: The data, which are in foreign currency units per dollar, are weekly averages of daily values of the broad dollar index and extend through February 23, 2024. As indicated by the arrow, increases in the data reflect U.S. dollar appreciation and decreases reflect U.S. dollar depreciation.

Source: Federal Reserve Board staff calculations; Federal Reserve Board, Statistical Release H.10, "Foreign Exchange Rates."

Return to text

Figure 40. Equity indexes for selected foreign economies

Series: China, Japan, euro area, and U.K.

Horizon: January 8, 2016, to February 23, 2024

Description: A line chart with four curves over January 8, 2016, to February 24, 2023. Units are an index with the week ending January 8, 2016, equal to 100, and the data are weekly averages of daily data. The euro-area series begins at 100, increases to about 120 by mid-2017, fluctuates between approximately 100 and about 120 through late 2019, increases to nearly 130 before plunging to almost 80 in early 2020, climbs to nearly 150 by late 2021, and then drops to around 110 by mid-2022. The series then rises to around 140 in early 2023 before dropping to around 130 by the start of 2024 and then rapidly rising to and ending at about 150. The Japan series tracks closely with that of the euro area, though the Japan series runs about 5 to 10 points lower in 2016, mid-2017, 2019, and 2021. It then fluctuates between around 120 and 135 through 2022 before rising rapidly to around 160 near the end of 2023 and climbing to just below 180 by the end of the horizon. The U.K. series also tracks closely with that of the euro area before 2020, though it runs around 5 to 15 points higher, with the most notable gap occurring from 2016 to early 2017. The series drops to around 85 in early 2020, gradually rises to around 120 by the end of 2021, fluctuates between about 115 and 125 in 2022, and increases to and fluctuates between approximately 120 and 130 from 2023 through early 2024, finishing near 125. The China series remains below the others for most of the sample period, fluctuating between about 75 and 110, with peaks of about 110 in early 2018 and approximately 100 in early 2019 and a low of about 75 at the end of 2018. After rising from the low in 2018 to about 100 in early 2019, the series fluctuates around 90 for the rest of the year, falls to about 85 in early 2020, increases steadily through 2020 and 2021 to just above 110, dips down to about 90 in both early and late 2022, and then rebounds slightly to 100 by the middle of 2023 before declining to around 90 by early 2024. Note: The data are weekly averages of daily data and extend through February 23, 2024.

Source: For the euro area, Dow Jones Euro Stoxx Index; for Japan, Tokyo Stock Price Index; for China, Shanghai Composite Index; for the U.K., FTSE 100 Index; all via Bloomberg. (For Dow Jones Indices licensing information, see the note on the Contents page.)

Return to text

Monetary Policy Report – March 2024