Accessible Version

Figure 1. Personal consumption expenditures price indexes

Monthly
Percent change from year earlier

Period	Trimmed mean	Total	Excluding food and energy
January 2017	1.95	2.01	1.86
February 2017	1.91	2.20	1.87
March 2017	1.84	1.91	1.68
April 2017	1.78	1.77	1.64
May 2017	1.68	1.56	1.55
June 2017	1.68	1.47	1.58
July 2017	1.64	1.49	1.50
August 2017	1.64	1.57	1.43
September 2017	1.63	1.76	1.42
October 2017	1.63	1.68	1.54
November 2017	1.65	1.79	1.55
December 2017	1.66	1.77	1.58
January 2018	1.72	1.76	1.63
February 2018	1.75	1.84	1.64
March 2018	1.79	2.00	1.91
April 2018	1.76	2.05	1.88
May 2018	1.86	2.27	1.98
June 2018	1.90	2.27	1.94
July 2018	1.93	2.34	2.00
August 2018	1.93	2.18	1.90
September 2018	1.94	2.01	1.96
October 2018	1.96	2.05	1.87
November 2018	2.02	1.94	2.01
December 2018	2.02	1.86	2.04
January 2019	1.92	1.50	1.85
February 2019	1.96	1.43	1.74
March 2019	2.00	1.51	1.61
April 2019	2.12	1.58	1.65
May 2019	2.02	1.46	1.57
June 2019	2.00	1.41	1.68
July 2019	2.04	1.44	1.67
August 2019	2.04	1.42	1.76
September 2019	2.01	1.30	1.65
October 2019	2.02	1.33	1.64
November 2019	1.93	1.33	1.47
December 2019	1.93	1.54	1.50
January 2020	1.98	1.70	1.55
February 2020	1.98	1.64	1.66
March 2020	1.88	1.15	1.49
April 2020	1.74	0.41	0.93
May 2020	1.82	0.45	0.95
June 2020	1.80	0.71	0.91
July 2020	1.85	0.90	1.16
August 2020	1.87	1.17	1.37
September 2020	1.86	1.25	1.44
October 2020	1.79	1.12	1.37
November 2020	1.72	1.15	1.43
December 2020	1.71	1.37	1.55
January 2021	1.70	1.62	1.72
February 2021	1.71	1.89	1.75
March 2021	1.81	2.71	2.26
April 2021	1.94	3.72	3.22
May 2021	2.01	4.16	3.64
June 2021	2.08	4.37	3.95
July 2021	2.13	4.53	4.01
August 2021	2.22	4.64	4.02
September 2021	2.46	4.81	4.07
October 2021	2.75	5.41	4.50
November 2021	3.06	5.99	4.95
December 2021	3.33	6.18	5.24
January 2022	3.71	6.30	5.37
February 2022	3.91	6.55	5.57
March 2022	3.99	6.89	5.55
April 2022	4.03	6.62	5.25
May 2022	4.24	6.69	5.07
June 2022	4.63	7.12	5.19
July 2022	4.72	6.62	4.96
August 2022	4.95	6.52	5.21
September 2022	4.98	6.56	5.47
October 2022	4.98	6.35	5.33
November 2022	4.92	5.93	5.09
December 2022	4.86	5.44	4.87
January 2023	4.78	5.48	4.90
February 2023	4.75	5.19	4.84
March 2023	4.82	4.44	4.78
April 2023	4.88	4.45	4.76
May 2023	4.70	3.96	4.69
June 2023	4.33	3.20	4.28
July 2023	4.18	3.31	4.19
August 2023	3.88	3.35	3.73
September 2023	3.80	3.37	3.59
October 2023	3.59	2.94	3.38
November 2023	3.42	2.70	3.18
December 2023	3.23	2.62	2.94
January 2024	3.20	2.48	2.94
February 2024	3.11	2.50	2.83
March 2024	3.05	2.72	2.83
April 2024	2.94	2.68	2.78
May 2024	2.79	2.56	2.57

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

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Figure 2. Core personal consumption expenditures 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	2.31	2.33	3.38
November 2023	2.27	1.92	3.18
December 2023	1.55	1.88	2.94
January 2024	3.03	2.67	2.94
February 2024	3.72	2.99	2.83
March 2024	4.48	3.00	2.83
April 2024	3.45	3.24	2.78
May 2024	2.74	3.23	2.57

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

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Figure 3. 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	-1.73	1.39
January 2024	-4.92	1.45
February 2024	-2.29	1.34
March 2024	2.59	1.50
April 2024	3.00	1.34
May 2024	4.84	1.25

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	3.78	6.92	0.28
November 2023	3.53	6.70	0.18
December 2023	3.34	6.31	-0.08
January 2024	3.62	6.13	-0.57
February 2024	3.42	5.85	-0.38
March 2024	3.52	5.79	-0.56
April 2024	3.48	5.64	-0.58
May 2024	3.39	5.54	-1.12

Note: The data are monthly.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 4. Spot and futures prices for crude oil

Series: Brent spot price and 24-month-ahead futures contracts

Horizon: January 1, 2019, to June 28, 2024

Description: A line chart with two curves over January 1, 2019, to June 28, 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 85 in June 2024, with two smaller peaks near 100 and 90 in October 2023 and April 2024, respectively. 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 June 2024.

The data are weekly averages of daily data and extend through June 28, 2024.

Source: ICE Brent Futures via Bloomberg.

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Figure 5. Spot prices for commodities

Weekly
Week ending January 4, 2019 = 100

Period	Industrial metals	Agriculture and livestock
4 January 2019	100.00	100.00
11 January 2019	101.49	101.71
18 January 2019	102.04	101.80
25 January 2019	103.90	101.97
1 February 2019	105.38	101.46
8 February 2019	106.97	101.62
15 February 2019	104.36	101.30
22 February 2019	107.37	100.19
1 March 2019	109.23	98.78
8 March 2019	107.97	97.93
15 March 2019	108.30	99.44
22 March 2019	108.80	102.39
29 March 2019	108.15	102.00
5 April 2019	108.70	101.84
12 April 2019	108.07	103.03
19 April 2019	107.80	102.81
26 April 2019	106.70	100.10
3 May 2019	104.62	98.38
10 May 2019	102.72	96.12
17 May 2019	102.34	96.65
24 May 2019	100.64	99.04
31 May 2019	100.14	101.90
7 June 2019	98.90	101.34
14 June 2019	99.39	103.35
21 June 2019	100.00	104.35
28 June 2019	101.54	103.22
5 July 2019	100.13	101.59
12 July 2019	101.22	102.42
19 July 2019	103.73	101.43
26 July 2019	102.93	100.98
2 August 2019	101.68	98.08
9 August 2019	99.70	96.72
16 August 2019	100.96	92.94
23 August 2019	100.36	91.87
30 August 2019	100.12	91.75
6 September 2019	101.96	90.57
13 September 2019	103.81	92.28
20 September 2019	102.88	95.02
27 September 2019	101.76	96.07
4 October 2019	100.81	97.97
11 October 2019	101.95	98.14
18 October 2019	101.82	99.96
25 October 2019	102.91	99.20
1 November 2019	103.89	99.53
8 November 2019	104.56	99.95
15 November 2019	101.56	101.65
22 November 2019	99.85	100.74
29 November 2019	100.08	101.35
6 December 2019	99.18	101.05
13 December 2019	101.10	102.15
20 December 2019	102.55	104.53
27 December 2019	103.37	104.66
3 January 2020	102.97	105.18
10 January 2020	102.96	105.07
17 January 2020	104.08	106.22
24 January 2020	101.92	105.98
31 January 2020	96.38	102.53
7 February 2020	95.57	101.53
14 February 2020	96.73	102.02
21 February 2020	96.37	103.36
28 February 2020	94.66	99.10
6 March 2020	95.12	98.43
13 March 2020	92.77	94.80
20 March 2020	86.86	89.57
27 March 2020	83.33	94.11
3 April 2020	83.40	88.89
10 April 2020	83.90	87.89
17 April 2020	85.84	86.92
24 April 2020	85.90	86.84
1 May 2020	86.15	87.08
8 May 2020	85.87	89.14
15 May 2020	86.14	89.18
22 May 2020	88.11	88.96
29 May 2020	87.96	89.93
5 June 2020	90.90	90.01
12 June 2020	93.57	90.63
19 June 2020	93.48	89.85
26 June 2020	94.15	88.50
3 July 2020	95.71	89.98
10 July 2020	98.84	91.64
17 July 2020	101.35	91.78
24 July 2020	101.70	92.04
31 July 2020	102.35	91.97
7 August 2020	104.16	91.67
14 August 2020	104.02	93.09
21 August 2020	106.15	95.48
28 August 2020	106.66	96.73
4 September 2020	107.69	97.84
11 September 2020	106.91	99.19
18 September 2020	108.25	101.43
25 September 2020	105.51	100.98
2 October 2020	104.75	101.85
9 October 2020	106.02	104.76
16 October 2020	108.67	105.78
23 October 2020	110.24	107.16
30 October 2020	108.78	106.02
6 November 2020	110.99	106.64
13 November 2020	112.58	109.60
20 November 2020	116.05	110.74
27 November 2020	117.88	111.90
4 December 2020	121.67	109.99
11 December 2020	122.51	109.56
18 December 2020	123.95	111.76
25 December 2020	122.30	114.54
1 January 2021	122.00	117.34
8 January 2021	125.12	120.46
15 January 2021	123.74	124.15
22 January 2021	123.74	124.43
29 January 2021	122.77	125.68
5 February 2021	121.75	126.76
12 February 2021	127.33	127.73
19 February 2021	131.62	129.33
26 February 2021	137.49	131.12
5 March 2021	134.38	128.70
12 March 2021	132.79	129.56
19 March 2021	134.72	130.47
26 March 2021	134.75	129.10
2 April 2021	132.97	128.87
9 April 2021	134.80	130.75
16 April 2021	136.56	132.13
23 April 2021	139.97	136.87
30 April 2021	145.21	142.77
7 May 2021	148.59	146.98
14 May 2021	151.32	146.78
21 May 2021	148.57	142.36
28 May 2021	147.85	140.89
4 June 2021	148.45	144.79
11 June 2021	148.08	142.59
18 June 2021	144.51	134.52
25 June 2021	143.17	130.84
2 July 2021	145.67	134.53
9 July 2021	145.32	129.25
16 July 2021	146.20	132.25
23 July 2021	145.18	134.51
30 July 2021	150.30	134.96
6 August 2021	149.24	135.12
13 August 2021	148.45	137.41
20 August 2021	145.52	138.03
27 August 2021	148.19	137.09
3 September 2021	150.33	134.96
10 September 2021	153.53	131.68
17 September 2021	154.50	131.94
24 September 2021	152.35	131.86
1 October 2021	151.48	134.91
8 October 2021	152.78	135.92
15 October 2021	162.64	134.13
22 October 2021	164.46	134.76
29 October 2021	156.49	137.17
5 November 2021	151.96	139.06
12 November 2021	152.08	140.98
19 November 2021	151.18	144.42
26 November 2021	153.79	146.69
3 December 2021	150.82	142.16
10 December 2021	151.29	142.98
17 December 2021	151.12	142.53
24 December 2021	155.32	144.70
31 December 2021	157.65	145.77
7 January 2022	159.25	144.70
14 January 2022	162.36	144.91
21 January 2022	166.00	148.97
28 January 2022	165.20	150.58
4 February 2022	164.13	152.35
11 February 2022	169.01	156.00
18 February 2022	170.34	156.75
25 February 2022	172.67	161.63
4 March 2022	182.52	170.02
11 March 2022	193.04	175.84
18 March 2022	185.68	173.50
25 March 2022	186.64	176.53
1 April 2022	185.97	172.35
8 April 2022	185.32	172.76
15 April 2022	181.57	178.20
22 April 2022	182.24	180.40
29 April 2022	172.98	177.80
6 May 2022	166.06	176.05
13 May 2022	156.99	175.66
20 May 2022	160.24	182.19
27 May 2022	161.79	179.18
3 June 2022	160.04	173.53
10 June 2022	161.67	173.92
17 June 2022	151.17	169.03
24 June 2022	144.77	160.66
1 July 2022	140.06	154.32
8 July 2022	133.64	148.27
15 July 2022	128.50	146.87
22 July 2022	131.09	145.65
29 July 2022	134.75	147.37
5 August 2022	136.37	146.85
12 August 2022	140.88	151.15
19 August 2022	138.12	150.08
26 August 2022	139.05	152.94
2 September 2022	134.57	153.97
9 September 2022	131.38	153.77
16 September 2022	133.87	156.11
23 September 2022	130.92	156.02
30 September 2022	125.69	152.27
7 October 2022	131.27	152.78
14 October 2022	130.30	154.48
21 October 2022	127.75	152.70
28 October 2022	129.76	151.75
4 November 2022	130.49	153.52
11 November 2022	137.61	152.84
18 November 2022	141.47	153.18
25 November 2022	136.90	152.05
2 December 2022	141.14	150.85
9 December 2022	146.30	148.22
16 December 2022	143.34	149.78
23 December 2022	141.95	151.59
30 December 2022	143.22	154.21
6 January 2023	140.48	149.91
13 January 2023	149.31	150.38
20 January 2023	154.33	152.18
27 January 2023	155.36	152.52
3 February 2023	153.18	155.18
10 February 2023	147.35	154.45
17 February 2023	144.62	155.51
24 February 2023	144.76	154.19
3 March 2023	143.73	150.66
10 March 2023	140.98	150.19
17 March 2023	138.23	149.85
24 March 2023	139.28	148.28
31 March 2023	142.75	152.00
7 April 2023	139.87	152.99
14 April 2023	140.85	153.08
21 April 2023	143.40	153.60
28 April 2023	138.25	149.81
5 May 2023	137.80	148.13
12 May 2023	134.74	148.88
19 May 2023	131.98	147.56
26 May 2023	129.14	146.14
2 June 2023	130.11	147.36
9 June 2023	131.09	148.36
16 June 2023	133.62	147.19
23 June 2023	132.75	152.62
30 June 2023	129.28	145.71
7 July 2023	129.13	144.56
14 July 2023	132.44	144.48
21 July 2023	131.82	148.95
28 July 2023	133.93	151.23
4 August 2023	134.55	144.13
11 August 2023	130.97	143.50
18 August 2023	127.89	141.62
25 August 2023	129.86	142.63
1 September 2023	131.39	143.64
8 September 2023	130.81	144.02
15 September 2023	131.65	144.24
22 September 2023	130.86	143.20
29 September 2023	130.45	141.37
6 October 2023	128.42	139.95
13 October 2023	127.45	140.37
20 October 2023	126.45	141.38
27 October 2023	127.13	139.19
3 November 2023	128.80	139.47
10 November 2023	129.45	139.98
17 November 2023	129.22	141.14
24 November 2023	130.10	139.39
1 December 2023	129.43	137.40
8 December 2023	126.77	136.72
15 December 2023	128.04	136.35
22 December 2023	131.45	135.42
29 December 2023	133.95	135.78
5 January 2024	131.05	133.76
12 January 2024	128.87	134.14
19 January 2024	127.40	134.44
26 January 2024	130.18	137.56
2 February 2024	130.99	138.24
9 February 2024	127.12	138.16
16 February 2024	127.45	137.56
23 February 2024	129.47	137.07
1 March 2024	129.33	137.46
8 March 2024	130.97	136.94
15 March 2024	134.33	140.00
22 March 2024	134.61	141.07
29 March 2024	133.55	141.12
5 April 2024	138.35	140.65
12 April 2024	142.74	141.10
19 April 2024	147.83	140.61
26 April 2024	149.62	143.87
3 May 2024	149.77	141.03
10 May 2024	149.64	142.89
17 May 2024	154.00	142.41
24 May 2024	158.36	144.92
31 May 2024	156.73	144.95
7 June 2024	151.02	142.09
14 June 2024	147.50	141.31
21 June 2024	145.84	138.98
28 June 2024	144.86	136.49

Note: The data are weekly averages of daily data and extend through June 28, 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.

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Figure 6. 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	-0.78
January 2024	-0.31
February 2024	-0.62
March 2024	0.00
April 2024	0.78
May 2024	0.47

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 7. Reasons for operating below full capacity

Quarterly
Percent

Period	Insufficient supply of materials	Insufficient supply of labor
2019:Q1	7.50	18.80
2019:Q2	7.10	21.00
2019:Q3	7.30	19.90
2019:Q4	7.40	16.30
2020:Q1	9.80	16.10
2020:Q2	9.40	15.20
2020:Q3	11.00	18.60
2020:Q4	13.50	21.80
2021:Q1	21.60	28.00
2021:Q2	33.30	41.00
2021:Q3	38.10	46.30
2021:Q4	42.70	43.60
2022:Q1	39.20	45.20
2022:Q2	39.50	44.70
2022:Q3	34.20	42.80
2022:Q4	27.70	37.20
2023:Q1	23.70	34.40
2023:Q2	19.50	30.80
2023:Q3	17.30	29.40
2023:Q4	16.30	25.40
2024:Q1	10.30	19.80

Note: The series are the share of firms selecting each reason for operating below full capacity.

Source: U.S. Census Bureau: Quarterly Survey of Plant Capacity Utilization.

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Housing Services Inflation and Market Rent Measures

Figure A. Contributions to 12-month change in core personal consumption expenditures price index

Monthly
Percentage points

Period	Core goods	Core services ex. housing	Housing services
January 2005	0.03	1.66	0.46
February 2005	-0.02	1.71	0.47
March 2005	-0.05	1.82	0.46
April 2005	-0.10	1.76	0.43
May 2005	-0.03	1.76	0.43
June 2005	-0.10	1.75	0.42
July 2005	-0.08	1.76	0.43
August 2005	-0.02	1.75	0.42
September 2005	-0.03	1.78	0.43
October 2005	-0.10	1.91	0.44
November 2005	-0.09	1.93	0.46
December 2005	-0.07	1.87	0.46
January 2006	-0.08	1.75	0.45
February 2006	-0.12	1.78	0.46
March 2006	-0.09	1.75	0.48
April 2006	-0.03	1.85	0.52
May 2006	-0.09	1.92	0.56
June 2006	-0.05	2.01	0.61
July 2006	-0.05	1.94	0.63
August 2006	0.01	1.97	0.66
September 2006	-0.02	1.92	0.67
October 2006	-0.06	1.81	0.70
November 2006	-0.16	1.70	0.71
December 2006	-0.17	1.72	0.73
January 2007	-0.14	1.88	0.73
February 2007	-0.08	1.87	0.73
March 2007	-0.17	1.80	0.72
April 2007	-0.24	1.74	0.69
May 2007	-0.26	1.68	0.64
June 2007	-0.26	1.64	0.59
July 2007	-0.24	1.70	0.57
August 2007	-0.34	1.76	0.55
September 2007	-0.31	1.85	0.54
October 2007	-0.24	1.88	0.53
November 2007	-0.15	1.93	0.53
December 2007	-0.13	1.98	0.53
January 2008	-0.13	1.78	0.52
February 2008	-0.17	1.73	0.49
March 2008	-0.11	1.77	0.48
April 2008	-0.09	1.67	0.49
May 2008	-0.11	1.75	0.49
June 2008	-0.08	1.77	0.50
July 2008	-0.03	1.75	0.50
August 2008	0.06	1.65	0.49
September 2008	0.04	1.50	0.48
October 2008	-0.02	1.17	0.46
November 2008	-0.06	0.97	0.45
December 2008	-0.12	0.81	0.42
January 2009	-0.13	0.59	0.42
February 2009	-0.01	0.46	0.41
March 2009	0.08	0.24	0.41
April 2009	0.24	0.27	0.40
May 2009	0.27	0.13	0.41
June 2009	0.28	0.06	0.37
July 2009	0.21	0.07	0.34
August 2009	0.16	0.16	0.31
September 2009	0.26	0.21	0.25
October 2009	0.32	0.69	0.22
November 2009	0.33	0.88	0.15
December 2009	0.38	1.00	0.13
January 2010	0.35	1.26	0.08
February 2010	0.24	1.40	0.05
March 2010	0.13	1.63	0.00
April 2010	-0.07	1.68	-0.03
May 2010	-0.10	1.77	-0.04
June 2010	-0.15	1.73	-0.04
July 2010	-0.17	1.65	-0.03
August 2010	-0.13	1.57	-0.04
September 2010	-0.21	1.50	-0.01
October 2010	-0.27	1.33	0.01
November 2010	-0.24	1.30	0.06
December 2010	-0.26	1.23	0.08
January 2011	-0.19	1.20	0.12
February 2011	-0.14	1.21	0.15
March 2011	-0.15	1.19	0.17
April 2011	-0.01	1.21	0.19
May 2011	0.08	1.23	0.20
June 2011	0.15	1.21	0.22
July 2011	0.22	1.26	0.25
August 2011	0.23	1.31	0.29
September 2011	0.20	1.33	0.31
October 2011	0.25	1.14	0.33
November 2011	0.28	1.19	0.34
December 2011	0.31	1.29	0.35
January 2012	0.30	1.38	0.36
February 2012	0.25	1.39	0.36
March 2012	0.29	1.35	0.38
April 2012	0.22	1.33	0.40
May 2012	0.15	1.25	0.40
June 2012	0.09	1.31	0.39
July 2012	0.07	1.30	0.39
August 2012	-0.00	1.24	0.38
September 2012	0.04	1.25	0.40
October 2012	0.03	1.44	0.40
November 2012	-0.01	1.38	0.40
December 2012	-0.06	1.34	0.39
January 2013	-0.07	1.26	0.39
February 2013	-0.10	1.25	0.40
March 2013	-0.18	1.26	0.40
April 2013	-0.19	1.16	0.39
May 2013	-0.21	1.19	0.40
June 2013	-0.18	1.21	0.42
July 2013	-0.18	1.24	0.41
August 2013	-0.16	1.25	0.42
September 2013	-0.18	1.28	0.42
October 2013	-0.21	1.24	0.42
November 2013	-0.22	1.29	0.43
December 2013	-0.22	1.31	0.45
January 2014	-0.26	1.25	0.46
February 2014	-0.26	1.19	0.46
March 2014	-0.24	1.20	0.47
April 2014	-0.21	1.29	0.48
May 2014	-0.19	1.32	0.48
June 2014	-0.17	1.24	0.49
July 2014	-0.16	1.25	0.50
August 2014	-0.19	1.22	0.49
September 2014	-0.16	1.20	0.50
October 2014	-0.14	1.10	0.50
November 2014	-0.21	1.08	0.50
December 2014	-0.21	1.06	0.49
January 2015	-0.26	0.96	0.49
February 2015	-0.19	0.95	0.50
March 2015	-0.15	0.90	0.51
April 2015	-0.13	0.89	0.51
May 2015	-0.12	0.84	0.51
June 2015	-0.18	0.89	0.53
July 2015	-0.22	0.85	0.54
August 2015	-0.21	0.87	0.54
September 2015	-0.19	0.86	0.55
October 2015	-0.24	0.85	0.55
November 2015	-0.19	0.83	0.54
December 2015	-0.18	0.80	0.55
January 2016	-0.14	0.97	0.55
February 2016	-0.14	1.03	0.55
March 2016	-0.18	1.08	0.54
April 2016	-0.15	1.11	0.55
May 2016	-0.19	1.18	0.56
June 2016	-0.21	1.19	0.56
July 2016	-0.21	1.24	0.56
August 2016	-0.15	1.26	0.57
September 2016	-0.15	1.24	0.58
October 2016	-0.13	1.30	0.59
November 2016	-0.21	1.31	0.61
December 2016	-0.22	1.36	0.62
January 2017	-0.13	1.37	0.62
February 2017	-0.14	1.38	0.62
March 2017	-0.15	1.20	0.61
April 2017	-0.23	1.26	0.60
May 2017	-0.24	1.19	0.58
June 2017	-0.19	1.18	0.58
July 2017	-0.16	1.08	0.58
August 2017	-0.23	1.07	0.59
September 2017	-0.31	1.16	0.57
October 2017	-0.24	1.21	0.57
November 2017	-0.22	1.19	0.56
December 2017	-0.21	1.21	0.57
January 2018	-0.19	1.23	0.57
February 2018	-0.20	1.28	0.56
March 2018	-0.16	1.48	0.57
April 2018	-0.09	1.37	0.59
May 2018	-0.03	1.40	0.59
June 2018	-0.09	1.42	0.58
July 2018	-0.11	1.50	0.59
August 2018	-0.16	1.46	0.58
September 2018	-0.12	1.49	0.57
October 2018	-0.14	1.42	0.56
November 2018	-0.05	1.47	0.57
December 2018	-0.06	1.52	0.55
January 2019	-0.08	1.35	0.55
February 2019	-0.13	1.28	0.57
March 2019	-0.17	1.19	0.58
April 2019	-0.23	1.27	0.58
May 2019	-0.21	1.19	0.58
June 2019	-0.10	1.18	0.59
July 2019	-0.13	1.19	0.59
August 2019	-0.02	1.18	0.58
September 2019	-0.05	1.10	0.59
October 2019	-0.08	1.13	0.57
November 2019	-0.13	1.03	0.56
December 2019	-0.13	1.06	0.57
January 2020	-0.20	1.17	0.58
February 2020	-0.11	1.20	0.57
March 2020	-0.15	1.09	0.56
April 2020	-0.31	0.73	0.54
May 2020	-0.38	0.82	0.55
June 2020	-0.42	0.85	0.51
July 2020	-0.22	0.91	0.50
August 2020	-0.07	0.98	0.48
September 2020	-0.08	1.10	0.45
October 2020	-0.10	1.04	0.45
November 2020	-0.01	1.04	0.42
December 2020	0.05	1.12	0.40
January 2021	0.13	1.23	0.38
February 2021	0.04	1.34	0.38
March 2021	0.17	1.72	0.37
April 2021	0.67	2.15	0.37
May 2021	1.00	2.22	0.37
June 2021	1.16	2.32	0.41
July 2021	1.09	2.44	0.42
August 2021	1.07	2.45	0.44
September 2021	1.13	2.38	0.49
October 2021	1.40	2.49	0.53
November 2021	1.50	2.76	0.59
December 2021	1.66	2.83	0.63
January 2022	1.84	2.74	0.69
February 2022	2.02	2.71	0.72
March 2022	1.98	2.70	0.76
April 2022	1.68	2.68	0.81
May 2022	1.50	2.63	0.86
June 2022	1.49	2.67	0.92
July 2022	1.43	2.44	0.98
August 2022	1.46	2.57	1.05
September 2022	1.50	2.72	1.12
October 2022	1.22	2.82	1.15
November 2022	1.02	2.74	1.20
December 2022	0.82	2.65	1.27
January 2023	0.68	2.77	1.30
February 2023	0.58	2.79	1.34
March 2023	0.64	2.66	1.34
April 2023	0.64	2.62	1.35
May 2023	0.64	2.57	1.34
June 2023	0.43	2.43	1.31
July 2023	0.29	2.52	1.28
August 2023	0.12	2.29	1.23
September 2023	0.04	2.29	1.19
October 2023	0.08	2.09	1.16
November 2023	0.05	1.95	1.12
December 2023	-0.02	1.85	1.06
January 2024	-0.15	2.00	1.03
February 2024	-0.10	1.90	0.99
March 2024	-0.15	1.95	0.98
April 2024	-0.15	1.94	0.96
May 2024	-0.29	1.89	0.94

Source: Bureau of Economic Analysis via Haver Analytics; Federal Reserve Board staff calculations.

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Period	PCE housing services	Apartment List single-family and multifamily units	Zillow single-family units	RealPage multifamily units	CoreLogic single-family detached units
January 2005	2.68	ND	ND	2.60	2.74
February 2005	2.74	ND	ND	2.36	2.39
March 2005	2.69	ND	ND	2.11	2.79
April 2005	2.53	ND	ND	2.42	2.68
May 2005	2.54	ND	ND	2.71	2.55
June 2005	2.44	ND	ND	3.01	2.52
July 2005	2.48	ND	ND	3.15	2.58
August 2005	2.40	ND	ND	3.33	3.04
September 2005	2.47	ND	ND	3.53	4.04
October 2005	2.52	ND	ND	3.52	4.44
November 2005	2.64	ND	ND	3.53	4.64
December 2005	2.64	ND	ND	3.54	4.57
January 2006	2.64	ND	ND	3.75	4.34
February 2006	2.67	ND	ND	3.96	5.04
March 2006	2.82	ND	ND	4.14	4.98
April 2006	3.02	ND	ND	4.14	5.45
May 2006	3.24	ND	ND	4.09	5.06
June 2006	3.55	ND	ND	4.06	4.75
July 2006	3.68	ND	ND	4.16	4.39
August 2006	3.86	ND	ND	4.25	3.97
September 2006	3.95	ND	ND	4.36	3.30
October 2006	4.13	ND	ND	4.43	2.44
November 2006	4.17	ND	ND	4.56	2.26
December 2006	4.29	ND	ND	4.69	1.85
January 2007	4.29	ND	ND	4.61	1.91
February 2007	4.29	ND	ND	4.55	1.35
March 2007	4.22	ND	ND	4.46	1.35
April 2007	4.03	ND	ND	4.50	1.34
May 2007	3.71	ND	ND	4.53	1.45
June 2007	3.46	ND	ND	4.54	1.38
July 2007	3.29	ND	ND	4.54	1.30
August 2007	3.20	ND	ND	4.57	1.42
September 2007	3.16	ND	ND	4.61	1.56
October 2007	3.06	ND	ND	4.55	1.82
November 2007	3.09	ND	ND	4.49	1.66
December 2007	3.05	ND	ND	4.44	1.77
January 2008	2.97	ND	ND	4.37	1.70
February 2008	2.83	ND	ND	4.37	1.56
March 2008	2.77	ND	ND	4.26	1.13
April 2008	2.81	ND	ND	4.18	0.62
May 2008	2.80	ND	ND	4.10	0.48
June 2008	2.85	ND	ND	3.97	0.57
July 2008	2.83	ND	ND	3.76	0.34
August 2008	2.75	ND	ND	3.59	0.06
September 2008	2.71	ND	ND	3.43	-0.22
October 2008	2.60	ND	ND	3.07	-0.55
November 2008	2.53	ND	ND	2.72	-1.10
December 2008	2.34	ND	ND	2.37	-1.64
January 2009	2.35	ND	ND	1.68	-2.22
February 2009	2.30	ND	ND	0.93	-2.52
March 2009	2.31	ND	ND	0.25	-3.03
April 2009	2.24	ND	ND	-0.47	-3.45
May 2009	2.27	ND	ND	-1.20	-3.77
June 2009	2.04	ND	ND	-1.96	-4.07
July 2009	1.83	ND	ND	-2.24	-3.94
August 2009	1.71	ND	ND	-2.62	-4.02
September 2009	1.37	ND	ND	-2.96	-3.79
October 2009	1.15	ND	ND	-2.82	-3.47
November 2009	0.78	ND	ND	-2.72	-2.52
December 2009	0.68	ND	ND	-2.63	-2.01
January 2010	0.41	ND	ND	-1.89	-1.33
February 2010	0.26	ND	ND	-1.19	-1.05
March 2010	0.01	ND	ND	-0.72	0.07
April 2010	-0.14	ND	ND	-0.14	0.94
May 2010	-0.24	ND	ND	0.48	1.59
June 2010	-0.20	ND	ND	1.07	1.99
July 2010	-0.14	ND	ND	1.25	2.19
August 2010	-0.20	ND	ND	1.45	2.43
September 2010	-0.03	ND	ND	1.24	2.42
October 2010	0.06	ND	ND	1.59	2.60
November 2010	0.30	ND	ND	1.68	2.41
December 2010	0.44	ND	ND	2.11	2.63
January 2011	0.63	ND	ND	2.19	2.63
February 2011	0.79	ND	ND	2.21	3.19
March 2011	0.95	ND	ND	2.45	3.23
April 2011	1.05	ND	ND	2.51	3.15
May 2011	1.12	ND	ND	2.39	2.94
June 2011	1.21	ND	ND	2.68	2.97
July 2011	1.38	ND	ND	3.02	2.95
August 2011	1.61	ND	ND	3.17	2.92
September 2011	1.69	ND	ND	3.71	2.82
October 2011	1.85	ND	ND	3.54	2.81
November 2011	1.88	ND	ND	3.67	3.02
December 2011	1.96	ND	ND	3.06	3.17
January 2012	2.01	ND	ND	3.09	3.23
February 2012	2.01	ND	ND	3.14	2.94
March 2012	2.11	ND	ND	3.08	2.71
April 2012	2.24	ND	ND	3.28	2.70
May 2012	2.25	ND	ND	3.60	2.82
June 2012	2.21	ND	ND	3.47	2.89
July 2012	2.16	ND	ND	2.91	2.91
August 2012	2.14	ND	ND	3.20	3.02
September 2012	2.22	ND	ND	3.34	3.17
October 2012	2.23	ND	ND	3.27	3.35
November 2012	2.23	ND	ND	3.15	3.28
December 2012	2.20	ND	ND	3.51	3.30
January 2013	2.19	ND	ND	3.23	3.25
February 2013	2.25	ND	ND	3.22	3.38
March 2013	2.22	ND	ND	3.48	3.53
April 2013	2.19	ND	ND	3.20	3.64
May 2013	2.26	ND	ND	3.30	3.73
June 2013	2.35	ND	ND	3.42	3.69
July 2013	2.32	ND	ND	3.82	3.73
August 2013	2.39	ND	ND	3.74	3.75
September 2013	2.35	ND	ND	3.81	3.73
October 2013	2.34	ND	ND	4.09	3.66
November 2013	2.41	ND	ND	4.28	3.71
December 2013	2.53	ND	ND	4.50	3.69
January 2014	2.58	ND	ND	4.99	3.72
February 2014	2.58	ND	ND	4.97	3.65
March 2014	2.67	ND	ND	5.10	3.63
April 2014	2.71	ND	ND	5.51	3.73
May 2014	2.73	ND	ND	5.62	3.75
June 2014	2.75	ND	ND	5.80	3.91
July 2014	2.85	ND	ND	6.25	3.95
August 2014	2.80	ND	ND	6.33	4.03
September 2014	2.85	ND	ND	6.32	4.10
October 2014	2.87	ND	ND	6.42	3.98
November 2014	2.89	ND	ND	6.78	3.94
December 2014	2.80	ND	ND	6.82	3.91
January 2015	2.85	ND	ND	6.58	4.25
February 2015	2.93	ND	ND	6.74	4.51
March 2015	2.94	ND	ND	6.46	4.59
April 2015	2.97	ND	ND	6.61	4.45
May 2015	2.98	ND	ND	6.41	4.35
June 2015	3.10	ND	ND	6.60	4.34
July 2015	3.14	ND	ND	6.49	4.40
August 2015	3.17	ND	ND	6.65	4.30
September 2015	3.22	ND	ND	6.79	4.34
October 2015	3.23	ND	ND	6.45	4.44
November 2015	3.18	ND	ND	6.15	4.49
December 2015	3.23	ND	ND	6.06	4.54
January 2016	3.25	ND	4.88	6.11	4.51
February 2016	3.22	ND	4.70	5.93	4.71
March 2016	3.19	ND	4.45	5.81	4.67
April 2016	3.21	ND	4.25	5.44	4.63
May 2016	3.31	ND	4.20	5.30	4.57
June 2016	3.28	ND	4.17	4.97	4.28
July 2016	3.28	ND	4.10	4.43	3.88
August 2016	3.32	ND	3.98	3.38	3.68
September 2016	3.39	ND	3.84	3.32	3.47
October 2016	3.47	ND	3.71	3.29	3.45
November 2016	3.58	ND	3.58	2.94	3.32
December 2016	3.64	ND	3.45	2.68	3.05
January 2017	3.61	ND	3.53	2.49	2.88
February 2017	3.62	ND	3.80	2.44	2.64
March 2017	3.60	ND	4.22	2.66	2.86
April 2017	3.52	ND	4.42	2.58	3.04
May 2017	3.43	ND	4.53	2.61	3.02
June 2017	3.41	ND	4.54	2.77	3.05
July 2017	3.39	ND	4.59	2.60	3.08
August 2017	3.45	ND	4.59	3.15	3.15
September 2017	3.37	ND	4.75	2.74	3.17
October 2017	3.36	ND	4.83	2.69	3.25
November 2017	3.30	ND	4.97	2.98	3.38
December 2017	3.35	ND	5.03	2.98	3.62
January 2018	3.38	1.68	4.97	2.98	3.57
February 2018	3.29	1.87	4.78	3.13	3.57
March 2018	3.37	2.23	4.55	3.06	3.27
April 2018	3.47	2.40	4.45	3.19	3.34
May 2018	3.49	2.00	4.39	3.48	3.34
June 2018	3.43	2.17	4.39	3.39	3.49
July 2018	3.47	2.34	4.39	3.96	3.50
August 2018	3.42	2.98	4.46	4.23	3.55
September 2018	3.37	3.08	4.37	4.85	3.50
October 2018	3.34	3.09	4.41	5.06	3.42
November 2018	3.39	3.11	4.45	4.84	3.44
December 2018	3.28	3.21	4.57	5.00	3.57
January 2019	3.26	3.40	4.53	5.03	3.62
February 2019	3.37	3.57	4.49	4.82	3.51
March 2019	3.41	3.37	4.44	4.97	3.46
April 2019	3.45	3.34	4.45	5.05	3.29
May 2019	3.43	3.21	4.50	4.80	3.24
June 2019	3.51	3.10	4.53	4.60	3.12
July 2019	3.46	2.99	4.56	4.33	3.19
August 2019	3.42	2.89	4.56	4.28	3.21
September 2019	3.48	2.72	4.61	3.78	3.30
October 2019	3.38	2.56	4.59	3.46	3.15
November 2019	3.32	2.48	4.49	3.54	3.12
December 2019	3.33	2.49	4.35	3.59	3.04
January 2020	3.39	2.58	4.38	3.56	3.04
February 2020	3.34	2.57	4.46	3.58	3.12
March 2020	3.26	2.38	4.52	3.44	3.09
April 2020	3.11	1.05	4.31	2.01	2.47
May 2020	3.09	-0.26	4.09	0.77	1.91
June 2020	2.86	-1.46	4.04	0.08	1.77
July 2020	2.82	-1.54	4.34	-0.21	2.47
August 2020	2.70	-1.45	4.68	-1.06	3.21
September 2020	2.50	-1.11	5.12	-1.43	4.04
October 2020	2.51	-0.95	5.53	-1.28	5.14
November 2020	2.30	-0.86	5.99	-1.00	6.07
December 2020	2.19	-0.95	6.43	-1.08	6.70
January 2021	2.03	-0.69	6.89	-0.87	6.95
February 2021	2.04	-0.26	7.29	-0.74	7.18
March 2021	2.01	0.52	7.80	-0.42	7.76
April 2021	2.03	2.50	8.66	1.44	9.01
May 2021	2.09	5.12	9.72	3.64	10.43
June 2021	2.30	8.45	10.66	5.76	11.64
July 2021	2.37	10.93	11.18	7.74	12.21
August 2021	2.51	13.32	11.68	10.23	12.67
September 2021	2.84	15.74	12.06	12.48	12.98
October 2021	3.08	17.10	12.42	13.70	13.15
November 2021	3.45	17.79	12.72	13.84	12.99
December 2021	3.71	17.76	12.95	14.62	13.07
January 2022	4.02	17.61	13.05	15.18	13.40
February 2022	4.27	17.30	13.19	16.01	13.77
March 2022	4.49	17.02	13.20	16.21	13.80
April 2022	4.77	16.60	13.16	16.15	13.80
May 2022	5.09	15.76	12.70	16.11	13.43
June 2022	5.51	14.30	12.21	15.23	12.61
July 2022	5.90	12.35	11.61	14.07	11.54
August 2022	6.36	10.08	10.92	12.64	10.21
September 2022	6.76	7.25	10.14	11.05	8.91
October 2022	6.99	5.41	9.49	10.01	7.29
November 2022	7.27	4.07	8.82	9.61	6.24
December 2022	7.69	3.49	8.40	8.86	5.15
January 2023	7.92	2.97	7.85	7.94	4.20
February 2023	8.17	2.65	7.35	6.92	3.36
March 2023	8.20	2.34	6.81	6.41	2.84
April 2023	8.27	1.66	6.33	5.63	2.47
May 2023	8.19	0.86	6.00	4.36	2.26
June 2023	7.93	-0.14	5.53	3.56	2.35
July 2023	7.74	-0.84	5.27	2.65	2.27
August 2023	7.42	-1.32	5.09	2.18	2.19
September 2023	7.15	-1.39	5.10	1.87	2.05
October 2023	6.92	-1.27	4.99	1.45	2.07
November 2023	6.70	-1.07	5.02	1.30	2.30
December 2023	6.31	-0.93	4.81	1.17	2.52
January 2024	6.13	-0.86	4.91	1.41	2.97
February 2024	5.85	-0.86	4.90	1.46	3.28
March 2024	5.79	-0.79	5.02	1.35	3.33
April 2024	5.64	-0.71	4.85	1.40	3.25
May 2024	5.54	-0.71	4.72	1.59	ND
June 2024	ND	-0.70	ND	ND	ND

Figure 8. Measures of inflation expectations

Monthly
Percent

Period	Michigan survey next 12 months	Michigan survey next 5 to 10 years
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
March 2024	2.90	2.80
April 2024	3.20	3.00
May 2024	3.30	3.00
June 2024	3.00	3.00

Note: The data for the Michigan survey are monthly and extend through June 2024. The Survey of Professional Forecasters (SPF) data are quarterly and extend through 2024:Q2.

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

Figure 8. Measures of inflation expectations

Quarterly
Percent

Period	SPF 10 years ahead	SPF 6 to 10 years ahead
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
2024:Q2	2.10	2.00

Note: The data for the Michigan survey are monthly and extend through June 2024. The Survey of Professional Forecasters (SPF) data are quarterly and extend through 2024:Q2.

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

Return to text

Figure 9. Inflation compensation implied by Treasury Inflation-Protected Securities

Series: 5-to-10-year and 5-year

Horizon: January 4, 2016, to June 28, 2024

Description: A line chart with two curves over January 4, 2016, to June 28, 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, climbing to around 2.4 by February 2024. The series fluctuates before landing above 2.2 at the beginning of March. The series then oscillates but increases steadily to just above 2.4 in April 2024. It then fluctuates above 2.3 before peaking again above 2.4 in May 2024. The series then fluctuates, finishing at slightly below 2.3 at the end of June 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 to around 2.3 by February 2024. The series then fluctuates around 2.3 until rising slightly above 2.4 by April 2024. It then fluctuates between about 2.2 and 2.4 before landing above 2.3 at the end of May 2024 and then decreasing to just above 2.1 by June 2024. The series increases and ends around 2.3 in late June 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.

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Figure 10. 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	212.3
January 2024	242.7
February 2024	260.7
March 2024	267.3
April 2024	237.0
May 2024	249.0

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.

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Figure 11. 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
February 2024	3.9
March 2024	3.8
April 2024	3.9
May 2024	4.0

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 12. Unemployment rate, by race and ethnicity

Monthly
Percent

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

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.

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Figure 13. Labor force participation rate

Series: Labor force participation rate

Horizon: January 2005 to May 2024

Description: A line chart with one curve over January 2005 to May 2024. Units are percent, and the data are monthly. The series begins just below 66 in January 2005, fluctuates between about 65 and 66 through July 2009, and decreases to just below 63 in April 2014, with the series dipping to just above 64 in December 2009 and just below 63 in October 2013 during the decline. The series then increases slowly, peaking above 63 in February 2020. It then decreases rapidly to above 60 in April 2020 before increasing quickly to a little over 62 in August 2020. The series then climbs at a slower pace, ending above 62 in May 2024.

Note: Data are monthly, and values before January 2024 are estimated by Federal Reserve Board staff in order to eliminate discontinuities in the published history.
Source: Bureau of Labor Statistics via Haver Analytics.

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

Race and ethnicity
Monthly
Percentage points

Period	White	Black or African American	Hispanic or Latino	Asian
January 2019	-0.08	-0.11	0.03	-0.32
February 2019	-0.06	-1.08	-0.13	-0.06
March 2019	-0.17	-0.60	-0.08	-0.31
April 2019	-0.29	-0.34	-0.84	-0.61
May 2019	-0.28	-0.17	-0.39	-0.31
June 2019	-0.22	-0.69	-0.78	0.67
July 2019	-0.49	-0.53	-0.93	-0.18
August 2019	0.02	-0.06	0.05	0.52
September 2019	0.22	0.45	0.46	0.39
October 2019	0.33	1.03	1.11	0.44
November 2019	0.45	1.07	0.93	0.26
December 2019	0.58	1.04	0.56	-0.50
January 2020	0.84	0.48	0.99	-0.58
February 2020	0.64	0.29	0.82	-0.09
March 2020	-0.43	-0.53	-1.62	-0.75
April 2020	-10.07	-12.10	-13.68	-9.72
May 2020	-8.03	-11.00	-12.10	-10.60
June 2020	-5.87	-9.36	-9.13	-7.73
July 2020	-5.68	-9.20	-8.15	-6.53
August 2020	-4.24	-7.20	-6.09	-5.44
September 2020	-4.24	-7.44	-6.34	-5.84
October 2020	-3.23	-5.83	-4.53	-4.34
November 2020	-3.52	-4.87	-4.97	-3.07
December 2020	-3.36	-4.85	-5.29	-2.09
January 2021	-3.31	-4.95	-5.39	-2.22
February 2021	-3.18	-5.64	-5.50	-1.74
March 2021	-2.85	-5.56	-4.46	-1.54
April 2021	-2.83	-4.37	-4.02	-2.67
May 2021	-2.77	-4.05	-3.94	-1.96
June 2021	-2.82	-3.71	-4.33	-1.42
July 2021	-2.16	-3.83	-2.91	-0.51
August 2021	-2.12	-2.85	-2.69	-0.72
September 2021	-2.07	-2.89	-2.91	0.38
October 2021	-1.42	-3.07	-2.16	0.50
November 2021	-0.94	-1.93	-0.77	1.46
December 2021	-0.58	-2.33	-0.84	1.93
January 2022	-0.89	-0.98	-0.86	1.39
February 2022	-0.49	-1.37	-0.04	0.59
March 2022	-0.09	-0.40	-0.08	1.92
April 2022	-0.41	0.51	-0.30	1.53
May 2022	-0.30	0.65	-0.20	1.98
June 2022	-0.40	0.04	0.11	1.65
July 2022	-0.31	0.15	-0.17	0.78
August 2022	-0.08	-0.09	0.64	2.42
September 2022	-0.18	0.35	0.48	2.19
October 2022	-0.16	0.16	0.21	0.98
November 2022	-0.32	0.42	0.10	2.20
December 2022	0.21	0.55	0.49	1.69
January 2023	0.26	0.87	0.55	1.65
February 2023	0.34	1.46	-0.35	2.13
March 2023	0.29	1.99	0.28	3.49
April 2023	0.37	1.60	0.44	2.59
May 2023	0.39	1.42	0.72	2.05
June 2023	0.73	1.34	0.85	1.59
July 2023	0.58	1.49	1.13	1.99
August 2023	0.60	1.55	0.75	1.56
September 2023	0.66	0.36	0.78	1.74
October 2023	0.62	0.57	0.42	1.70
November 2023	0.72	1.52	0.51	1.22
December 2023	0.38	1.74	0.47	1.09
January 2024	0.22	1.87	-0.29	2.31
February 2024	0.29	2.10	0.75	2.95
March 2024	0.44	1.43	1.10	2.12
April 2024	0.53	1.18	1.21	2.39
May 2024	0.46	1.27	1.25	2.52

Note: 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	Women some college or more	Women high school or less	Men some college or more	Men high school or less
January 2019	-0.41	0.04	-0.02	0.11
February 2019	-0.43	0.07	0.37	-0.77
March 2019	-0.47	-0.52	0.16	0.17
April 2019	-0.32	-0.50	-0.09	0.13
May 2019	-0.19	-0.71	0.01	-0.38
June 2019	0.01	-0.50	0.05	-0.79
July 2019	-0.36	-1.05	-0.34	-0.03
August 2019	0.20	0.37	-0.09	0.04
September 2019	0.25	1.11	-0.12	0.20
October 2019	0.51	0.62	0.02	0.29
November 2019	0.65	0.03	0.12	0.54
December 2019	0.58	1.04	-0.06	0.48
January 2020	0.56	1.31	0.37	-0.24
February 2020	0.31	1.67	0.03	-0.68
March 2020	-0.56	-0.35	-0.59	-1.60
April 2020	-8.84	-14.61	-8.73	-13.87
May 2020	-7.93	-12.43	-7.18	-11.23
June 2020	-5.24	-9.86	-6.15	-8.73
July 2020	-5.84	-7.62	-6.26	-7.76
August 2020	-4.54	-6.47	-4.48	-5.95
September 2020	-4.15	-6.70	-4.25	-5.95
October 2020	-3.15	-4.95	-3.56	-4.97
November 2020	-2.98	-4.64	-3.73	-5.41
December 2020	-2.61	-4.84	-2.81	-6.15
January 2021	-2.83	-5.33	-3.00	-5.47
February 2021	-2.63	-5.10	-2.91	-6.03
March 2021	-2.04	-4.51	-2.64	-6.06
April 2021	-2.20	-4.24	-2.27	-5.54
May 2021	-2.20	-3.81	-2.36	-5.48
June 2021	-1.85	-4.34	-2.75	-4.45
July 2021	-1.51	-3.18	-1.80	-3.96
August 2021	-1.87	-2.37	-1.82	-3.19
September 2021	-1.29	-3.39	-1.76	-2.97
October 2021	-1.32	-2.48	-1.02	-2.43
November 2021	-0.36	-2.23	-1.01	-1.93
December 2021	0.12	-1.37	-0.61	-2.31
January 2022	0.10	-1.97	-1.35	-1.37
February 2022	-0.10	-1.91	-0.61	-1.05
March 2022	0.76	0.07	-0.27	-1.25
April 2022	0.49	-0.56	-0.03	-1.28
May 2022	0.56	-0.53	-0.15	-0.97
June 2022	0.40	-0.69	-0.45	-1.05
July 2022	0.34	-0.37	-0.21	-1.58
August 2022	0.91	-0.14	-0.40	-1.01
September 2022	0.33	0.37	-0.34	-0.51
October 2022	0.34	-0.93	-0.27	-0.98
November 2022	0.31	-0.88	-0.29	-1.22
December 2022	0.45	0.44	-0.13	-0.54
January 2023	0.90	0.71	-0.29	-1.19
February 2023	1.03	0.78	-0.34	-0.73
March 2023	1.52	0.51	-0.07	-0.50
April 2023	1.30	0.62	-0.09	-0.47
May 2023	1.02	1.13	-0.28	-0.23
June 2023	1.25	1.49	-0.04	-0.26
July 2023	1.57	0.77	-0.07	-0.05
August 2023	1.42	0.99	-0.02	-0.19
September 2023	1.48	0.92	0.16	-0.56
October 2023	1.50	1.11	-0.31	-0.60
November 2023	1.48	1.10	0.12	-0.48
December 2023	1.22	0.94	-0.13	-0.60
January 2024	1.25	0.91	-0.13	-0.63
February 2024	1.50	0.54	-0.27	-0.39
March 2024	1.37	0.90	-0.47	0.08
April 2024	1.61	1.07	-0.40	-0.52
May 2024	1.75	0.99	-0.38	-0.98

Note: 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.

Disability
Monthly
Percentage points

Period	People with a disability	People without a disability
January 2019	-0.22	-0.08
February 2019	-0.67	-0.04
March 2019	0.28	-0.29
April 2019	-0.22	-0.25
May 2019	-0.37	-0.21
June 2019	-0.57	-0.17
July 2019	-0.21	-0.52
August 2019	1.64	-0.03
September 2019	0.48	0.13
October 2019	-0.64	0.37
November 2019	0.74	0.45
December 2019	-0.25	0.64
January 2020	1.98	0.61
February 2020	0.92	0.53
March 2020	0.47	-0.70
April 2020	-5.06	-10.81
May 2020	-4.50	-9.07
June 2020	-3.06	-6.85
July 2020	-3.92	-6.53
August 2020	-3.42	-4.97
September 2020	-3.35	-5.04
October 2020	-2.07	-4.01
November 2020	-2.50	-3.91
December 2020	-2.23	-3.64
January 2021	-2.49	-3.64
February 2021	-2.40	-3.47
March 2021	-2.21	-3.33
April 2021	-0.89	-3.20
May 2021	-0.99	-3.09
June 2021	0.11	-2.95
July 2021	-0.73	-2.12
August 2021	-0.64	-2.12
September 2021	2.17	-2.12
October 2021	2.14	-1.61
November 2021	4.46	-1.03
December 2021	2.47	-0.60
January 2022	3.35	-0.78
February 2022	2.93	-0.47
March 2022	3.37	0.02
April 2022	3.87	-0.10
May 2022	4.03	-0.03
June 2022	4.40	-0.36
July 2022	3.80	-0.19
August 2022	4.73	-0.01
September 2022	4.64	0.08
October 2022	5.26	-0.13
November 2022	4.84	-0.19
December 2022	6.07	0.19
January 2023	6.13	0.28
February 2023	7.92	0.32
March 2023	6.79	0.47
April 2023	5.37	0.50
May 2023	6.87	0.46
June 2023	7.16	0.68
July 2023	8.53	0.83
August 2023	7.97	0.72
September 2023	7.58	0.76
October 2023	7.57	0.75
November 2023	8.14	0.75
December 2023	8.68	0.51
January 2024	8.85	0.54
February 2024	8.69	0.64
March 2024	8.06	0.49
April 2024	9.45	0.49
May 2024	9.84	0.46

Note: 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.

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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	-0.70	-0.12	-0.14
February 2019	-0.89	-0.14	0.14
March 2019	-0.62	-0.25	-0.19
April 2019	-0.53	-0.25	-0.22
May 2019	0.03	-0.27	-0.30
June 2019	0.39	-0.22	-0.25
July 2019	0.56	-0.47	0.30
August 2019	-0.08	0.06	0.17
September 2019	0.46	0.22	0.11
October 2019	0.79	0.42	0.09
November 2019	0.31	0.47	0.13
December 2019	0.27	0.56	0.16
January 2020	0.62	0.64	0.10
February 2020	1.13	0.47	0.12
March 2020	-2.32	-0.58	-0.80
April 2020	-15.63	-10.39	-5.75
May 2020	-12.60	-8.67	-5.15
June 2020	-9.55	-6.48	-3.87
July 2020	-8.13	-6.24	-3.25
August 2020	-5.67	-4.77	-2.66
September 2020	-3.97	-4.87	-2.90
October 2020	-2.02	-3.81	-2.51
November 2020	-2.14	-3.81	-2.64
December 2020	-2.59	-3.52	-2.87
January 2021	-2.48	-3.51	-2.85
February 2021	-2.16	-3.38	-2.94
March 2021	-2.53	-3.20	-2.65
April 2021	-1.83	-3.10	-2.62
May 2021	-1.42	-2.97	-2.56
June 2021	-1.32	-2.88	-2.51
July 2021	-0.95	-2.20	-2.44
August 2021	-1.20	-2.06	-2.12
September 2021	-0.31	-1.98	-2.03
October 2021	0.28	-1.46	-2.14
November 2021	0.59	-0.93	-2.00
December 2021	0.58	-0.66	-1.80
January 2022	-0.43	-0.72	-1.19
February 2022	-0.49	-0.49	-1.17
March 2022	-0.48	-0.04	-1.23
April 2022	-0.77	-0.18	-1.34
May 2022	-0.34	-0.04	-1.26
June 2022	0.07	-0.21	-1.44
July 2022	-0.03	-0.09	-1.44
August 2022	0.28	0.24	-1.64
September 2022	-0.06	0.16	-1.38
October 2022	0.11	-0.00	-1.26
November 2022	0.27	-0.08	-1.57
December 2022	0.26	0.33	-1.34
January 2023	0.67	0.41	-1.31
February 2023	0.95	0.58	-1.77
March 2023	0.93	0.68	-1.61
April 2023	0.90	0.68	-1.58
May 2023	0.75	0.65	-1.77
June 2023	0.36	0.80	-1.61
July 2023	-0.28	0.89	-1.35
August 2023	0.28	0.84	-1.42
September 2023	0.49	0.80	-1.47
October 2023	0.52	0.78	-1.62
November 2023	1.11	0.87	-1.50
December 2023	0.67	0.66	-1.83
January 2024	0.82	0.73	-1.71
February 2024	-0.49	0.78	-1.74
March 2024	0.14	0.67	-1.53
April 2024	0.52	0.73	-1.85
May 2024	-0.44	0.74	-1.94

Note: 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.

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Figure C1. 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	1.64	1.74	1.54	1.24
November 2023	2.01	1.61	1.71	1.41
December 2023	2.15	1.95	2.05	1.65
January 2024	2.20	2.00	2.10	1.90
February 2024	2.22	1.92	2.32	2.02
March 2024	2.27	2.07	2.37	1.77
April 2024	ND	ND	ND	ND
May 2024	ND	ND	ND	ND
June 2024	ND	ND	ND	ND
July 2024	ND	ND	ND	ND
August 2024	ND	ND	ND	ND
September 2024	ND	ND	ND	ND
October 2024	ND	ND	ND	ND
November 2024	ND	ND	ND	ND
December 2024	ND	ND	ND	ND

Note: The data extend through March 2024. 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.

Figure C2. Prime-age employment-to-population ratios compared with the 2019 average ratio, by group

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	1.94	1.44
November 2023	2.11	1.61
December 2023	2.15	1.85
January 2024	2.30	2.00
February 2024	2.22	2.12
March 2024	2.37	2.07

Note: The data extend through March 2024. 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. Available jobs versus available workers

Monthly
Millions

Period	Available workers	Available jobs
January 2005	146.8	143.2
February 2005	147.2	143.0
March 2005	147.2	143.5
April 2005	147.8	144.2
May 2005	148.1	144.6
June 2005	148.1	144.4
July 2005	148.3	145.0
August 2005	148.6	145.5
September 2005	148.7	145.3
October 2005	148.7	145.7
November 2005	148.8	145.4
December 2005	148.8	145.8
January 2006	149.1	146.3
February 2006	149.5	146.7
March 2006	149.7	146.9
April 2006	149.7	147.4
May 2006	149.9	147.7
June 2006	150.2	147.7
July 2006	150.2	147.7
August 2006	150.5	147.9
September 2006	150.5	148.4
October 2006	150.9	148.9
November 2006	151.2	149.0
December 2006	151.6	149.5
January 2007	151.7	149.3
February 2007	151.6	149.5
March 2007	151.7	149.7
April 2007	151.0	149.2
May 2007	151.3	149.2
June 2007	151.6	149.4
July 2007	151.7	149.4
August 2007	151.3	148.9
September 2007	152.0	149.4
October 2007	151.7	149.2
November 2007	152.4	149.8
December 2007	152.4	149.5
January 2008	153.2	150.1
February 2008	152.8	149.9
March 2008	153.0	149.5
April 2008	152.9	149.5
May 2008	153.4	149.1
June 2008	153.4	149.0
July 2008	153.6	148.5
August 2008	153.7	148.0
September 2008	153.6	147.8
October 2008	153.9	147.1
November 2008	153.6	146.5
December 2008	153.7	145.7
January 2009	153.7	144.8
February 2009	154.0	143.8
March 2009	153.6	143.0
April 2009	153.9	142.6
May 2009	154.1	142.0
June 2009	154.1	142.0
July 2009	154.0	141.8
August 2009	153.7	141.1
September 2009	153.2	140.6
October 2009	153.2	140.3
November 2009	153.3	140.5
December 2009	152.5	139.9
January 2010	153.1	140.6
February 2010	153.3	141.1
March 2010	153.6	141.1
April 2010	154.3	141.7
May 2010	153.8	142.1
June 2010	153.3	141.8
July 2010	153.4	141.6
August 2010	153.8	142.2
September 2010	153.6	142.1
October 2010	153.4	141.7
November 2010	153.9	142.0
December 2010	153.4	142.2
January 2011	153.6	142.5
February 2011	153.5	142.7
March 2011	153.6	143.1
April 2011	153.8	143.1
May 2011	153.7	143.1
June 2011	153.7	142.8
July 2011	153.7	143.4
August 2011	154.2	143.9
September 2011	154.5	143.8
October 2011	154.3	144.5
November 2011	154.5	144.8
December 2011	154.4	144.8
January 2012	154.6	145.6
February 2012	154.9	146.0
March 2012	155.0	145.9
April 2012	154.8	146.1
May 2012	155.2	146.3
June 2012	155.4	146.5
July 2012	155.4	146.6
August 2012	155.1	146.4
September 2012	155.6	147.2
October 2012	156.0	147.7
November 2012	155.8	147.5
December 2012	156.1	147.6
January 2013	156.2	147.7
February 2013	155.7	147.7
March 2013	155.4	147.7
April 2013	155.8	148.0
May 2013	155.9	148.2
June 2013	156.1	148.5
July 2013	156.1	148.9
August 2013	156.1	148.7
September 2013	156.2	149.0
October 2013	155.1	148.1
November 2013	155.8	149.1
December 2013	155.7	149.4
January 2014	155.9	149.8
February 2014	156.0	149.7
March 2014	156.6	150.5
April 2014	155.9	150.6
May 2014	156.3	150.9
June 2014	156.3	151.6
July 2014	156.7	152.0
August 2014	156.8	152.0
September 2014	156.7	152.8
October 2014	157.1	152.9
November 2014	157.2	153.1
December 2014	157.1	153.1
January 2015	157.4	153.7
February 2015	157.1	153.8
March 2015	157.0	154.0
April 2015	157.5	154.2
May 2015	158.1	154.9
June 2015	157.5	154.8
July 2015	157.6	154.6
August 2015	157.8	155.8
September 2015	157.3	154.8
October 2015	157.7	155.3
November 2015	158.1	155.8
December 2015	158.6	156.4
January 2016	158.6	156.8
February 2016	159.0	157.3
March 2016	159.5	157.3
April 2016	159.5	157.6
May 2016	159.1	157.3
June 2016	159.3	157.3
July 2016	159.7	157.8
August 2016	160.0	158.2
September 2016	160.2	157.9
October 2016	160.1	158.1
November 2016	160.0	158.0
December 2016	160.2	158.6
January 2017	160.6	159.1
February 2017	160.8	159.0
March 2017	161.0	159.8
April 2017	161.3	160.0
May 2017	161.0	160.1
June 2017	161.2	160.1
July 2017	161.5	160.9
August 2017	161.6	160.7
September 2017	162.1	161.5
October 2017	161.3	160.9
November 2017	161.6	161.2
December 2017	161.6	161.2
January 2018	161.6	161.5
February 2018	162.4	162.5
March 2018	162.3	162.3
April 2018	162.4	162.7
May 2018	162.5	163.1
June 2018	162.8	163.4
July 2018	163.0	164.0
August 2018	162.3	163.3
September 2018	162.7	163.8
October 2018	163.2	164.4
November 2018	163.3	164.5
December 2018	163.8	164.9
January 2019	164.0	165.0
February 2019	164.1	165.4
March 2019	163.9	164.7
April 2019	163.6	164.9
May 2019	163.8	165.1
June 2019	164.2	165.5
July 2019	164.7	165.8
August 2019	164.8	165.9
September 2019	165.2	166.6
October 2019	165.5	166.7
November 2019	165.5	166.9
December 2019	165.7	166.7
January 2020	165.8	166.6
February 2020	165.9	167.3
March 2020	164.0	163.7
April 2020	157.7	140.4
May 2020	159.5	143.1
June 2020	161.5	149.3
July 2020	161.7	151.4
August 2020	162.3	155.2
September 2020	161.7	155.4
October 2020	162.4	157.8
November 2020	162.0	158.1
December 2020	162.2	158.2
January 2021	161.6	158.0
February 2021	161.6	158.7
March 2021	161.9	159.9
April 2021	162.4	161.0
May 2021	162.3	162.2
June 2021	162.8	163.1
July 2021	163.2	164.6
August 2021	163.2	165.8
September 2021	163.2	166.4
October 2021	163.4	166.9
November 2021	163.9	168.4
December 2021	164.1	168.9
January 2022	163.8	168.7
February 2022	163.9	168.9
March 2022	164.4	170.1
April 2022	164.1	170.3
May 2022	164.5	170.3
June 2022	164.5	169.9
July 2022	164.5	169.9
August 2022	165.2	170.7
September 2022	165.1	169.4
October 2022	165.1	169.9
November 2022	164.9	169.5
December 2022	165.6	170.6
January 2023	165.5	170.8
February 2023	165.9	170.4
March 2023	166.3	170.4
April 2023	166.4	170.3
May 2023	166.4	170.3
June 2023	166.6	170.0
July 2023	166.8	170.1
August 2023	167.5	170.0
September 2023	167.6	170.6
October 2023	167.4	170.3
November 2023	167.8	170.3
December 2023	167.1	169.8
January 2024	167.3	170.0
February 2024	167.4	169.7
March 2024	167.9	170.3
April 2024	168.0	169.8
May 2024	167.7	169.1

Note: 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 2024 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.

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Figure 15. Measures of change in hourly compensation

Monthly
Percent change from year earlier

Period	Atlanta Fed's Wage Growth Tracker	Average hourly earnings private sector
January 2016	3.10	2.55
February 2016	3.20	2.38
March 2016	3.20	2.37
April 2016	3.40	2.57
May 2016	3.50	2.44
June 2016	3.60	2.60
July 2016	3.40	2.76
August 2016	3.30	2.51
September 2016	3.60	2.63
October 2016	3.90	2.78
November 2016	3.90	2.57
December 2016	3.50	2.69
January 2017	3.20	2.44
February 2017	3.20	2.72
March 2017	3.40	2.59
April 2017	3.50	2.51
May 2017	3.40	2.46
June 2017	3.20	2.50
July 2017	3.30	2.61
August 2017	3.40	2.57
September 2017	3.60	2.79
October 2017	3.40	2.32
November 2017	3.20	2.43
December 2017	2.90	2.66
January 2018	3.00	2.81
February 2018	2.90	2.61
March 2018	3.30	2.87
April 2018	3.30	2.83
May 2018	3.20	2.94
June 2018	3.20	2.97
July 2018	3.30	2.77
August 2018	3.50	3.11
September 2018	3.50	3.13
October 2018	3.70	3.32
November 2018	3.90	3.43
December 2018	3.80	3.53
January 2019	3.80	3.22
February 2019	3.40	3.59
March 2019	3.50	3.50
April 2019	3.60	3.23
May 2019	3.70	3.26
June 2019	3.90	3.37
July 2019	3.90	3.43
August 2019	3.70	3.42
September 2019	3.60	3.11
October 2019	3.50	3.14
November 2019	3.70	3.32
December 2019	3.70	2.98
January 2020	3.80	3.08
February 2020	3.70	3.03
March 2020	3.50	3.49
April 2020	3.30	8.03
May 2020	3.50	6.68
June 2020	3.80	5.12
July 2020	3.90	4.85
August 2020	3.50	4.80
September 2020	3.50	4.76
October 2020	3.50	4.64
November 2020	3.70	4.51
December 2020	3.40	5.39
January 2021	3.40	5.24
February 2021	3.40	5.29
March 2021	3.40	4.48
April 2021	3.20	0.67
May 2021	3.00	2.25
June 2021	3.20	3.95
July 2021	3.70	4.32
August 2021	3.90	4.38
September 2021	4.20	4.88
October 2021	4.10	5.45
November 2021	4.30	5.43
December 2021	4.50	5.02
January 2022	5.10	5.68
February 2022	5.80	5.29
March 2022	6.00	5.92
April 2022	6.00	5.76
May 2022	6.10	5.56
June 2022	6.70	5.44
July 2022	6.70	5.48
August 2022	6.70	5.43
September 2022	6.30	5.14
October 2022	6.40	4.98
November 2022	6.40	5.09
December 2022	6.10	4.90
January 2023	6.10	4.55
February 2023	6.10	4.74
March 2023	6.40	4.62
April 2023	6.10	4.66
May 2023	6.00	4.55
June 2023	5.60	4.66
July 2023	5.70	4.67
August 2023	5.30	4.53
September 2023	5.20	4.52
October 2023	5.20	4.28
November 2023	5.20	4.26
December 2023	5.20	4.25
January 2024	5.00	4.35
February 2024	5.00	4.25
March 2024	4.70	4.14
April 2024	ND	3.98
May 2024	ND	4.08

Quarterly
Percent change from year earlier

Period	Employment cost index private sector
2016:Q1	1.79
2016:Q2	2.35
2016:Q3	2.26
2016:Q4	2.17
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
2024:Q1	4.07

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 and extend through March 2024.

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

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Figure 16. U.S. labor productivity

Quarterly
2017 average = 100

Period	Labor productivity
2013:Q1	95.6
2013:Q2	95.5
2013:Q3	96.1
2013:Q4	97.0
2014:Q1	96.2
2014:Q2	96.8
2014:Q3	97.4
2014:Q4	97.0
2015:Q1	97.6
2015:Q2	98.1
2015:Q3	98.4
2015:Q4	97.8
2016:Q1	98.2
2016:Q2	98.2
2016:Q3	98.6
2016:Q4	99.4
2017:Q1	99.5
2017:Q2	99.5
2017:Q3	100.3
2017:Q4	101.0
2018:Q1	101.5
2018:Q2	101.6
2018:Q3	101.7
2018:Q4	101.6
2019:Q1	102.4
2019:Q2	103.0
2019:Q3	104.1
2019:Q4	105.0
2020:Q1	104.7
2020:Q2	109.4
2020:Q3	111.2
2020:Q4	110.1
2021:Q1	110.9
2021:Q2	110.9
2021:Q3	110.3
2021:Q4	111.1
2022:Q1	109.3
2022:Q2	108.3
2022:Q3	108.3
2022:Q4	109.0
2023:Q1	108.9
2023:Q2	109.7
2023:Q3	110.9
2023:Q4	111.9
2024:Q1	112.0

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

Source: Bureau of Labor Statistics via Haver Analytics.

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Figure 17. 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 key identifies bars in order from left to right.

Source: Bureau of Economic Analysis via Haver Analytics.

Semiannual
Percent, annual rate

Period	Gross domestic product	Gross domestic income
2023:H1	2.15	0.47
2023:H2	4.13	2.76

Note: The key identifies bars in order from left to right.

Source: Bureau of Economic Analysis via Haver Analytics.

Quarterly
Percent, annual rate

Period	Gross domestic product	Gross domestic income
2024:Q1	1.41	1.33

Note: The key identifies bars in order from left to right.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 18. 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.

Semiannual
Percent, annual rate

Period	Personal consumption expenditures
2023:H1	2.28
2023:H2	3.19

Source: Bureau of Economic Analysis via Haver Analytics.

Quarterly
Percent, annual rate

Period	Personal consumption expenditures
2024:Q1	1.45

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 19. 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	4.50
September 2023	3.90
October 2023	3.80
November 2023	3.70
December 2023	3.60
January 2024	4.00
February 2024	3.70
March 2024	3.50
April 2024	3.70
May 2024	3.90

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 20. 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	67.8
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	104.8	76.9
March 2024	103.1	79.4
April 2024	97.5	77.2
May 2024	101.3	69.1
June 2024	100.4	68.2

Note: The data are monthly and extend through June 2024.

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

Return to text

Figure 21. Consumer credit flows

Annual
Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
2011	0.09	1.37	8.80
2012	-0.02	4.98	7.99
2013	1.18	5.72	7.61
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	2.81	6.51
2019	3.18	3.72	5.91
2020	-10.17	3.35	4.62
2021	5.47	7.54	3.22
2022	13.26	8.90	2.49
2023	8.85	4.65	-2.92

Note: Credit card balances were little changed in 2011 and 2012. The data extend through April 2024.

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

Monthly
Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
April 2024	-0.46	2.15	3.12

Note: Credit card balances were little changed in 2011 and 2012. The data extend through April 2024.

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

Quarterly
Billions of dollars, monthly rate

Period	Credit cards	Auto loans	Student loans
2024:Q1	6.73	1.55	3.56

Note: Credit card balances were little changed in 2011 and 2012. The data extend through April 2024.

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

Return to text

Figure 22. Mortgage interest rates

Weekly
Percent

Period	Mortgage rates
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
29 February 2024	6.94
7 March 2024	6.88
14 March 2024	6.74
21 March 2024	6.87
28 March 2024	6.79
4 April 2024	6.82
11 April 2024	6.88
18 April 2024	7.10
25 April 2024	7.17
2 May 2024	7.22
9 May 2024	7.09
16 May 2024	7.02
23 May 2024	6.94
30 May 2024	7.03
6 June 2024	6.99
13 June 2024	6.95
20 June 2024	6.87
27 June 2024	6.86

Note: The data are contract rates on 30-year, fixed-rate conventional home mortgage commitments and extend through June 27, 2024.

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

Return to text

Figure 23. Distribution of interest rates on outstanding mortgages

Series: Below 6 percent, below 5 percent, and below 4 percent

Horizon: January 2010 to May 2024

Description: A line chart with three curves over January 2010 to May 2024. Units are percent, and the data are monthly. The below 6 percent series begins just above 60 in January 2010. It rises over the time horizon until 2022, increasing the fastest between January 2010 and December 2014. It is around 85 percent in January 2014 and continues to gradually increase before reaching its peak around 95 in May 2022. It then decreases and ends just below 87 in May 2024.

The below 5 percent series stays under the below 6 percent series and above the below 4 percent series over the time horizon. The series begins around 20 in January 2010 and increases at a steady rate, reaching about 68 in December 2014. It then increases at a less substantial rate until September 2018, when it hits 82 before dipping to around 80 in early 2019. From there, the series increases to a peak of about 90 in April 2022 and then begins to decrease, ending a bit above 78 in May 2024.

The below 4 percent series begins just under 4 in January 2010. The series increases to about 35 in January 2014. From there, it moves up at a slower rate until hitting about 48 in late 2016 and fluctuating there through early 2018. The series then dips to around 43 in June 2019 before increasing again to a peak of about 71 in March 2022. It then begins to decease again and ends just above 61 in May 2024.

Note: The sample only includes outstanding mortgages current on their payments.

Source: ICE, McDash®.

Return to text

Figure 24. 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	0.60
February 2019	4.73	0.65
March 2019	4.69	0.72
April 2019	4.74	0.70
May 2019	4.87	0.62
June 2019	4.81	0.73
July 2019	4.85	0.65
August 2019	4.88	0.71
September 2019	4.73	0.71
October 2019	4.71	0.72
November 2019	4.69	0.71
December 2019	4.84	0.70
January 2020	4.77	0.69
February 2020	5.04	0.71
March 2020	4.79	0.62
April 2020	4.07	0.58
May 2020	3.74	0.71
June 2020	4.41	0.90
July 2020	5.37	0.98
August 2020	5.40	1.02
September 2020	5.68	0.98
October 2020	5.85	1.03
November 2020	5.76	0.88
December 2020	5.80	0.88
January 2021	5.86	0.90
February 2021	5.42	0.77
March 2021	5.26	0.86
April 2021	5.22	0.84
May 2021	5.17	0.73
June 2021	5.26	0.69
July 2021	5.36	0.73
August 2021	5.30	0.69
September 2021	5.48	0.73
October 2021	5.54	0.68
November 2021	5.72	0.79
December 2021	5.51	0.83
January 2022	5.70	0.80
February 2022	5.23	0.78
March 2022	5.00	0.71
April 2022	4.92	0.64
May 2022	4.76	0.65
June 2022	4.55	0.54
July 2022	4.34	0.52
August 2022	4.24	0.64
September 2022	4.22	0.56
October 2022	4.01	0.58
November 2022	3.74	0.60
December 2022	3.69	0.63
January 2023	3.65	0.64
February 2023	4.08	0.63
March 2023	3.91	0.64
April 2023	3.79	0.69
May 2023	3.79	0.74
June 2023	3.68	0.67
July 2023	3.62	0.70
August 2023	3.60	0.65
September 2023	3.55	0.69
October 2023	3.44	0.67
November 2023	3.50	0.61
December 2023	3.48	0.65
January 2024	3.60	0.66
February 2024	3.97	0.64
March 2024	3.82	0.68
April 2024	3.74	0.70
May 2024	3.71	0.62

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 25. Private housing starts and permits

Monthly
Millions of units, annual rate

Period	Single-family starts	Single-family permits	Multifamily starts
January 2007	1.13	1.17	0.28
February 2007	1.19	1.14	0.29
March 2007	1.20	1.15	0.29
April 2007	1.20	1.06	0.29
May 2007	1.13	1.04	0.29
June 2007	1.13	1.00	0.32
July 2007	1.04	0.98	0.31
August 2007	0.96	0.92	0.37
September 2007	0.94	0.86	0.25
October 2007	0.88	0.82	0.39
November 2007	0.83	0.80	0.36
December 2007	0.81	0.74	0.23
January 2008	0.77	0.71	0.31
February 2008	0.72	0.66	0.38
March 2008	0.73	0.64	0.28
April 2008	0.68	0.66	0.33
May 2008	0.68	0.63	0.29
June 2008	0.65	0.61	0.40
July 2008	0.62	0.57	0.31
August 2008	0.61	0.54	0.24
September 2008	0.54	0.53	0.28
October 2008	0.54	0.47	0.24
November 2008	0.46	0.42	0.19
December 2008	0.40	0.36	0.16
January 2009	0.36	0.34	0.13
February 2009	0.36	0.38	0.22
March 2009	0.35	0.36	0.15
April 2009	0.39	0.39	0.09
May 2009	0.41	0.43	0.13
June 2009	0.48	0.46	0.10
July 2009	0.51	0.49	0.09
August 2009	0.49	0.49	0.10
September 2009	0.51	0.48	0.08
October 2009	0.48	0.47	0.06
November 2009	0.50	0.48	0.09
December 2009	0.48	0.51	0.10
January 2010	0.51	0.50	0.10
February 2010	0.53	0.51	0.08
March 2010	0.54	0.54	0.09
April 2010	0.57	0.48	0.12
May 2010	0.46	0.44	0.13
June 2010	0.45	0.43	0.09
July 2010	0.43	0.41	0.12
August 2010	0.42	0.40	0.18
September 2010	0.45	0.40	0.15
October 2010	0.44	0.41	0.11
November 2010	0.45	0.42	0.09
December 2010	0.43	0.45	0.11
January 2011	0.43	0.42	0.20
February 2011	0.39	0.38	0.13
March 2011	0.43	0.40	0.17
April 2011	0.42	0.40	0.14
May 2011	0.41	0.41	0.15
June 2011	0.44	0.41	0.17
July 2011	0.43	0.42	0.19
August 2011	0.42	0.43	0.16
September 2011	0.42	0.43	0.23
October 2011	0.44	0.44	0.17
November 2011	0.47	0.45	0.25
December 2011	0.52	0.46	0.17
January 2012	0.52	0.46	0.21
February 2012	0.47	0.49	0.24
March 2012	0.47	0.48	0.22
April 2012	0.50	0.49	0.25
May 2012	0.52	0.49	0.19
June 2012	0.52	0.50	0.23
July 2012	0.52	0.52	0.22
August 2012	0.54	0.52	0.22
September 2012	0.59	0.56	0.25
October 2012	0.61	0.57	0.30
November 2012	0.57	0.57	0.26
December 2012	0.62	0.58	0.36
January 2013	0.60	0.59	0.28
February 2013	0.65	0.61	0.31
March 2013	0.62	0.61	0.39
April 2013	0.59	0.62	0.25
May 2013	0.61	0.62	0.32
June 2013	0.61	0.63	0.23
July 2013	0.59	0.62	0.29
August 2013	0.63	0.64	0.29
September 2013	0.58	0.63	0.27
October 2013	0.60	0.62	0.33
November 2013	0.70	0.64	0.40
December 2013	0.65	0.60	0.36
January 2014	0.57	0.62	0.32
February 2014	0.59	0.61	0.35
March 2014	0.65	0.62	0.32
April 2014	0.65	0.62	0.40
May 2014	0.65	0.63	0.36
June 2014	0.60	0.65	0.31
July 2014	0.66	0.65	0.43
August 2014	0.64	0.65	0.34
September 2014	0.66	0.66	0.36
October 2014	0.70	0.65	0.38
November 2014	0.66	0.66	0.34
December 2014	0.72	0.67	0.35
January 2015	0.70	0.66	0.38
February 2015	0.58	0.63	0.30
March 2015	0.63	0.66	0.33
April 2015	0.74	0.68	0.45
May 2015	0.71	0.70	0.37
June 2015	0.70	0.71	0.51
July 2015	0.76	0.70	0.39
August 2015	0.73	0.72	0.40
September 2015	0.75	0.71	0.48
October 2015	0.71	0.72	0.35
November 2015	0.77	0.73	0.40
December 2015	0.77	0.72	0.38
January 2016	0.75	0.72	0.34
February 2016	0.86	0.72	0.37
March 2016	0.75	0.74	0.36
April 2016	0.78	0.75	0.39
May 2016	0.75	0.75	0.40
June 2016	0.77	0.75	0.43
July 2016	0.77	0.72	0.47
August 2016	0.73	0.75	0.44
September 2016	0.78	0.75	0.29
October 2016	0.86	0.77	0.45
November 2016	0.82	0.77	0.32
December 2016	0.80	0.81	0.45
January 2017	0.79	0.79	0.41
February 2017	0.86	0.81	0.41
March 2017	0.84	0.83	0.35
April 2017	0.83	0.79	0.32
May 2017	0.83	0.80	0.33
June 2017	0.87	0.82	0.38
July 2017	0.84	0.82	0.37
August 2017	0.87	0.82	0.29
September 2017	0.84	0.83	0.34
October 2017	0.88	0.85	0.38
November 2017	0.92	0.86	0.35
December 2017	0.82	0.86	0.35
January 2018	0.87	0.86	0.43
February 2018	0.89	0.87	0.38
March 2018	0.88	0.85	0.44
April 2018	0.91	0.87	0.37
May 2018	0.97	0.86	0.39
June 2018	0.87	0.86	0.33
July 2018	0.87	0.88	0.34
August 2018	0.90	0.84	0.39
September 2018	0.88	0.86	0.38
October 2018	0.87	0.85	0.35
November 2018	0.78	0.85	0.40
December 2018	0.78	0.81	0.32
January 2019	0.92	0.80	0.31
February 2019	0.78	0.80	0.34
March 2019	0.84	0.81	0.35
April 2019	0.87	0.80	0.40
May 2019	0.84	0.83	0.45
June 2019	0.88	0.85	0.36
July 2019	0.89	0.86	0.35
August 2019	0.91	0.91	0.47
September 2019	0.93	0.91	0.38
October 2019	0.89	0.93	0.43
November 2019	0.92	0.95	0.44
December 2019	1.00	0.94	0.54
January 2020	0.97	0.97	0.61
February 2020	1.02	0.98	0.52
March 2020	0.88	0.88	0.38
April 2020	0.68	0.67	0.25
May 2020	0.75	0.75	0.30
June 2020	0.90	0.86	0.36
July 2020	1.00	1.01	0.53
August 2020	1.05	1.07	0.35
September 2020	1.11	1.14	0.35
October 2020	1.19	1.15	0.36
November 2020	1.18	1.16	0.37
December 2020	1.29	1.24	0.35
January 2021	1.15	1.25	0.49
February 2021	1.05	1.11	0.36
March 2021	1.21	1.17	0.46
April 2021	1.05	1.13	0.44
May 2021	1.11	1.12	0.50
June 2021	1.16	1.08	0.48
July 2021	1.13	1.06	0.47
August 2021	1.11	1.07	0.49
September 2021	1.09	1.06	0.47
October 2021	1.11	1.09	0.48
November 2021	1.22	1.13	0.48
December 2021	1.19	1.15	0.56
January 2022	1.19	1.25	0.52
February 2022	1.20	1.19	0.54
March 2022	1.16	1.14	0.52
April 2022	1.20	1.09	0.63
May 2022	1.06	1.03	0.48
June 2022	1.01	0.95	0.54
July 2022	0.91	0.92	0.49
August 2022	0.92	0.89	0.61
September 2022	0.88	0.86	0.59
October 2022	0.87	0.84	0.57
November 2022	0.80	0.79	0.62
December 2022	0.88	0.74	0.46
January 2023	0.83	0.76	0.53
February 2023	0.83	0.81	0.58
March 2023	0.82	0.85	0.52
April 2023	0.88	0.88	0.49
May 2023	1.00	0.92	0.58
June 2023	0.93	0.95	0.49
July 2023	1.00	0.95	0.47
August 2023	0.94	0.97	0.36
September 2023	0.97	0.98	0.39
October 2023	0.98	0.99	0.39
November 2023	1.13	1.00	0.38
December 2023	1.08	1.02	0.49
January 2024	1.01	1.03	0.37
February 2024	1.13	1.03	0.41
March 2024	1.04	0.98	0.26
April 2024	1.04	0.98	0.32
May 2024	0.98	0.96	0.30

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

Return to text

Figure 26. Growth rate in house prices

Monthly
Percent change from year earlier

Period	S&P/Case-Shiller	CoreLogic	Zillow
January 1989	7.40	9.79	4.36
February 1989	7.43	9.89	4.45
March 1989	7.38	10.50	4.57
April 1989	7.21	10.67	4.66
May 1989	6.90	10.25	4.67
June 1989	6.48	9.48	4.54
July 1989	6.04	8.62	4.29
August 1989	5.63	8.14	3.99
September 1989	5.30	7.96	3.73
October 1989	5.00	7.72	3.60
November 1989	4.71	7.50	3.59
December 1989	4.38	6.99	3.64
January 1990	4.01	6.48	3.69
February 1990	3.63	6.18	3.72
March 1990	3.27	5.73	3.74
April 1990	2.94	5.04	3.76
May 1990	2.63	4.65	3.78
June 1990	2.31	4.19	3.80
July 1990	1.95	3.92	3.86
August 1990	1.53	3.31	3.96
September 1990	1.05	2.52	4.01
October 1990	0.50	1.61	3.91
November 1990	-0.09	0.84	3.63
December 1990	-0.68	0.38	3.22
January 1991	-1.24	-0.20	2.73
February 1991	-1.69	-0.83	2.26
March 1991	-1.99	-1.34	1.86
April 1991	-2.10	-1.28	1.60
May 1991	-2.01	-1.07	1.49
June 1991	-1.79	-0.77	1.49
July 1991	-1.52	-0.87	1.51
August 1991	-1.25	-0.83	1.48
September 1991	-1.01	-0.88	1.41
October 1991	-0.77	-0.86	1.38
November 1991	-0.50	-0.79	1.43
December 1991	-0.18	-0.67	1.56
January 1992	0.20	-0.36	1.74
February 1992	0.56	-0.08	1.94
March 1992	0.82	0.28	2.10
April 1992	0.92	0.14	2.19
May 1992	0.84	-0.20	2.16
June 1992	0.62	-0.61	2.06
July 1992	0.39	-0.65	1.97
August 1992	0.25	-0.66	1.96
September 1992	0.27	-0.49	2.04
October 1992	0.42	-0.15	2.17
November 1992	0.62	0.04	2.33
December 1992	0.78	0.13	2.49
January 1993	0.84	0.21	2.63
February 1993	0.83	0.30	2.74
March 1993	0.79	0.17	2.82
April 1993	0.81	0.28	2.88
May 1993	0.95	0.47	2.98
June 1993	1.21	0.84	3.14
July 1993	1.52	1.18	3.33
August 1993	1.80	1.45	3.50
September 1993	1.97	1.73	3.62
October 1993	2.06	1.86	3.72
November 1993	2.10	2.14	3.84
December 1993	2.16	2.33	3.97
January 1994	2.27	2.38	4.11
February 1994	2.41	2.29	4.25
March 1994	2.57	2.34	4.37
April 1994	2.70	2.22	4.46
May 1994	2.79	2.42	4.52
June 1994	2.83	2.44	4.55
July 1994	2.82	2.43	4.56
August 1994	2.79	2.42	4.55
September 1994	2.74	2.23	4.50
October 1994	2.68	2.10	4.38
November 1994	2.60	1.82	4.19
December 1994	2.52	1.75	3.95
January 1995	2.43	1.72	3.70
February 1995	2.32	1.79	3.46
March 1995	2.20	1.81	3.28
April 1995	2.05	2.02	3.15
May 1995	1.90	1.94	3.03
June 1995	1.78	1.89	2.92
July 1995	1.70	2.07	2.83
August 1995	1.68	2.19	2.79
September 1995	1.72	2.30	2.81
October 1995	1.77	2.30	2.88
November 1995	1.79	2.39	2.99
December 1995	1.79	2.39	3.11
January 1996	1.81	2.49	3.26
February 1996	1.87	2.67	3.42
March 1996	1.99	2.92	3.40
April 1996	2.15	2.95	3.37
May 1996	2.29	2.94	3.32
June 1996	2.39	2.98	3.25
July 1996	2.44	2.83	3.16
August 1996	2.43	2.67	3.06
September 1996	2.40	2.66	2.95
October 1996	2.38	2.66	2.85
November 1996	2.39	2.70	2.76
December 1996	2.47	2.77	2.68
January 1997	2.56	2.77	2.59
February 1997	2.63	2.75	2.49
March 1997	2.67	2.74	2.58
April 1997	2.70	2.70	2.69
May 1997	2.73	2.81	2.82
June 1997	2.79	3.03	2.96
July 1997	2.87	3.22	3.07
August 1997	3.00	3.48	3.16
September 1997	3.17	3.73	3.23
October 1997	3.42	4.04	3.32
November 1997	3.71	4.35	3.45
December 1997	4.01	4.68	3.64
January 1998	4.29	4.99	3.84
February 1998	4.54	5.56	4.03
March 1998	4.79	5.90	4.17
April 1998	5.04	6.11	4.25
May 1998	5.30	6.19	4.30
June 1998	5.58	6.26	4.37
July 1998	5.85	6.46	4.48
August 1998	6.09	6.66	4.64
September 1998	6.27	6.84	4.79
October 1998	6.38	7.03	4.89
November 1998	6.42	7.22	4.91
December 1998	6.42	7.22	4.87
January 1999	6.43	7.27	4.84
February 1999	6.46	6.85	4.86
March 1999	6.53	6.73	4.96
April 1999	6.62	6.85	5.12
May 1999	6.72	7.18	5.31
June 1999	6.83	7.41	5.49
July 1999	6.95	7.48	5.62
August 1999	7.09	7.55	5.70
September 1999	7.24	7.58	5.76
October 1999	7.38	7.64	5.86
November 1999	7.53	7.61	6.03
December 1999	7.71	7.86	6.23
January 2000	7.93	8.00	6.42
February 2000	8.17	8.40	6.13
March 2000	8.40	8.85	5.85
April 2000	8.60	9.24	5.79
May 2000	8.72	9.40	5.79
June 2000	8.77	9.48	5.82
July 2000	8.79	9.58	5.91
August 2000	8.81	9.66	6.06
September 2000	8.89	9.72	6.24
October 2000	9.01	9.79	6.40
November 2000	9.14	9.90	6.53
December 2000	9.22	9.84	6.62
January 2001	9.18	9.89	6.63
February 2001	9.03	9.95	7.00
March 2001	8.80	9.76	7.30
April 2001	8.54	9.45	7.38
May 2001	8.32	9.12	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	8.58	7.41
October 2001	7.35	8.44	7.37
November 2001	7.05	8.24	7.28
December 2001	6.80	7.91	7.16
January 2002	6.68	7.61	7.03
February 2002	6.71	7.40	6.96
March 2002	6.88	7.31	6.91
April 2002	7.17	7.40	6.86
May 2002	7.53	7.80	6.82
June 2002	7.88	8.21	6.82
July 2002	8.20	8.53	6.85
August 2002	8.49	8.84	6.91
September 2002	8.78	8.92	6.96
October 2002	9.06	8.93	7.02
November 2002	9.34	9.05	7.09
December 2002	9.57	9.34	7.17
January 2003	9.70	9.58	7.26
February 2003	9.70	9.58	7.35
March 2003	9.57	9.55	7.42
April 2003	9.34	9.47	7.50
May 2003	9.10	9.29	7.59
June 2003	8.94	9.07	7.65
July 2003	8.93	8.94	7.69
August 2003	9.03	9.08	7.72
September 2003	9.20	9.45	7.79
October 2003	9.39	9.91	7.86
November 2003	9.61	10.32	7.92
December 2003	9.88	10.79	7.94
January 2004	10.26	11.25	8.00
February 2004	10.76	11.74	8.13
March 2004	11.34	12.30	8.33
April 2004	11.94	12.99	8.56
May 2004	12.48	13.58	8.84
June 2004	12.88	14.33	9.18
July 2004	13.10	14.67	9.55
August 2004	13.20	14.69	9.89
September 2004	13.26	14.85	10.16
October 2004	13.34	15.05	10.38
November 2004	13.48	15.24	10.59
December 2004	13.64	15.39	10.82
January 2005	13.80	15.47	11.06
February 2005	13.94	15.80	11.26
March 2005	14.06	16.15	11.42
April 2005	14.17	16.33	11.60
May 2005	14.24	16.27	11.74
June 2005	14.30	16.09	11.83
July 2005	14.36	15.89	11.86
August 2005	14.41	15.97	11.88
September 2005	14.42	16.17	11.89
October 2005	14.30	15.86	11.89
November 2005	14.02	15.46	11.87
December 2005	13.56	15.02	11.76
January 2006	12.90	14.55	11.57
February 2006	12.08	13.80	11.32
March 2006	11.09	12.53	11.04
April 2006	9.94	11.01	10.70
May 2006	8.67	9.35	10.29
June 2006	7.35	7.49	9.76
July 2006	6.04	5.75	9.10
August 2006	4.81	4.29	8.34
September 2006	3.75	3.09	7.48
October 2006	2.89	2.17	6.63
November 2006	2.20	1.24	5.81
December 2006	1.66	0.31	5.06
January 2007	1.19	-0.45	4.39
February 2007	0.68	-1.19	3.79
March 2007	0.09	-2.46	3.18
April 2007	-0.54	-3.31	2.53
May 2007	-1.18	-4.11	1.84
June 2007	-1.75	-4.65	1.15
July 2007	-2.22	-5.07	0.48
August 2007	-2.65	-5.71	-0.13
September 2007	-3.17	-6.57	-0.68
October 2007	-3.80	-7.57	-1.18
November 2007	-4.54	-8.63	-1.69
December 2007	-5.34	-9.51	-2.19
January 2008	-6.13	-10.45	-2.73
February 2008	-6.84	-11.62	-3.32
March 2008	-7.43	-12.22	-3.97
April 2008	-7.89	-12.92	-4.68
May 2008	-8.22	-13.34	-5.36
June 2008	-8.49	-13.68	-6.00
July 2008	-8.82	-14.01	-6.59
August 2008	-9.23	-14.49	-7.23
September 2008	-9.75	-15.19	-7.83
October 2008	-10.38	-15.84	-8.39
November 2008	-11.09	-16.30	-8.87
December 2008	-11.75	-16.92	-9.33
January 2009	-12.26	-17.17	-9.71
February 2009	-12.51	-16.78	-9.91
March 2009	-12.42	-16.01	-9.99
April 2009	-12.00	-14.81	-9.98
May 2009	-11.31	-13.43	-9.95
June 2009	-10.44	-11.98	-9.85
July 2009	-9.52	-10.30	-9.64
August 2009	-8.60	-9.00	-9.30
September 2009	-7.59	-7.57	-8.89
October 2009	-6.42	-5.78	-8.41
November 2009	-5.10	-3.72	-7.76
December 2009	-3.79	-1.98	-6.97
January 2010	-2.66	-0.96	-6.12
February 2010	-1.80	-1.01	-5.39
March 2010	-1.25	-0.00	-4.67
April 2010	-1.05	0.92	-3.93
May 2010	-1.21	0.83	-3.19
June 2010	-1.69	0.31	-2.60
July 2010	-2.31	-0.34	-2.29
August 2010	-2.89	-1.47	-2.17
September 2010	-3.34	-2.14	-2.21
October 2010	-3.62	-2.64	-2.36
November 2010	-3.80	-3.33	-2.71
December 2010	-3.94	-3.54	-3.16
January 2011	-4.08	-3.50	-3.64
February 2011	-4.24	-3.36	-4.08
March 2011	-4.40	-4.34	-4.54
April 2011	-4.47	-4.69	-5.07
May 2011	-4.36	-4.62	-5.61
June 2011	-4.06	-4.12	-6.02
July 2011	-3.66	-3.22	-6.15
August 2011	-3.29	-2.38	-6.06
September 2011	-3.14	-1.66	-5.82
October 2011	-3.25	-1.33	-5.55
November 2011	-3.44	-1.20	-5.23
December 2011	-3.51	-0.94	-4.91
January 2012	-3.26	-0.51	-4.53
February 2012	-2.65	0.42	-4.07
March 2012	-1.78	1.73	-3.48
April 2012	-0.85	2.38	-2.78
May 2012	0.02	3.19	-1.99
June 2012	0.79	3.78	-1.15
July 2012	1.50	4.11	-0.35
August 2012	2.25	4.83	0.33
September 2012	3.15	5.46	1.00
October 2012	4.22	6.16	1.71
November 2012	5.33	7.17	2.44
December 2012	6.37	7.92	3.16
January 2013	7.25	8.58	3.86
February 2013	7.94	9.16	4.46
March 2013	8.45	9.64	4.94
April 2013	8.85	9.65	5.38
May 2013	9.20	9.73	5.86
June 2013	9.56	9.65	6.38
July 2013	9.98	9.61	6.78
August 2013	10.40	9.97	7.21
September 2013	10.69	10.18	7.53
October 2013	10.81	10.28	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	9.59	9.43	7.92
March 2014	8.80	8.60	7.81
April 2014	7.95	7.69	7.64
May 2014	7.15	6.99	7.44
June 2014	6.45	6.52	7.09
July 2014	5.86	5.92	6.81
August 2014	5.35	5.65	6.44
September 2014	4.94	5.30	6.12
October 2014	4.64	5.16	5.60
November 2014	4.41	5.00	5.30
December 2014	4.23	4.86	5.12
January 2015	4.09	4.75	5.10
February 2015	4.05	4.70	5.04
March 2015	4.11	4.81	4.99
April 2015	4.26	5.02	4.97
May 2015	4.43	5.20	4.94
June 2015	4.56	5.37	4.95
July 2015	4.65	5.32	4.99
August 2015	4.72	5.35	5.17
September 2015	4.80	5.46	5.43
October 2015	4.87	5.37	5.84
November 2015	4.91	5.34	6.11
December 2015	4.92	5.41	6.31
January 2016	4.92	5.49	6.46
February 2016	4.93	5.37	6.61
March 2016	4.96	5.35	6.60
April 2016	5.00	5.42	6.51
May 2016	5.03	5.40	6.37
June 2016	5.06	5.31	6.34
July 2016	5.11	5.38	6.18
August 2016	5.13	5.34	5.97
September 2016	5.13	5.28	5.73
October 2016	5.14	5.33	5.57
November 2016	5.17	5.38	5.52
December 2016	5.23	5.37	5.51
January 2017	5.33	5.38	5.46
February 2017	5.44	5.45	5.43
March 2017	5.53	5.52	5.57
April 2017	5.61	5.54	5.81
May 2017	5.70	5.64	5.97
June 2017	5.78	5.82	6.00
July 2017	5.86	5.88	6.07
August 2017	5.92	6.00	6.18
September 2017	5.96	6.00	6.27
October 2017	6.02	5.99	6.33
November 2017	6.10	6.02	6.37
December 2017	6.20	6.03	6.42
January 2018	6.30	5.96	6.45
February 2018	6.36	6.11	6.44
March 2018	6.38	6.24	6.51
April 2018	6.34	6.22	6.46
May 2018	6.27	6.16	6.47
June 2018	6.16	5.96	6.35
July 2018	5.98	5.80	6.43
August 2018	5.76	5.61	6.47
September 2018	5.51	5.39	6.50
October 2018	5.22	5.20	6.30
November 2018	4.89	4.91	6.07
December 2018	4.52	4.64	5.83
January 2019	4.15	4.47	5.68
February 2019	3.83	4.17	5.62
March 2019	3.60	3.82	5.50
April 2019	3.44	3.68	5.38
May 2019	3.31	3.66	5.16
June 2019	3.21	3.62	5.06
July 2019	3.14	3.59	4.82
August 2019	3.11	3.73	4.64
September 2019	3.16	3.82	4.41
October 2019	3.29	3.93	4.44
November 2019	3.52	4.18	4.61
December 2019	3.82	4.45	4.85
January 2020	4.13	4.73	5.06
February 2020	4.35	4.97	5.19
March 2020	4.42	5.17	5.32
April 2020	4.36	5.06	5.41
May 2020	4.32	4.79	5.37
June 2020	4.47	5.00	5.24
July 2020	4.99	5.62	5.24
August 2020	5.90	6.32	5.60
September 2020	7.09	7.15	6.49
October 2020	8.37	8.02	7.51
November 2020	9.57	8.81	8.57
December 2020	10.61	9.55	9.49
January 2021	11.51	10.10	10.28
February 2021	12.44	10.62	11.10
March 2021	13.59	11.41	11.96
April 2021	15.04	12.71	13.05
May 2021	16.66	14.36	14.57
June 2021	18.18	15.73	16.38
July 2021	19.24	16.38	17.85
August 2021	19.68	16.77	18.36
September 2021	19.60	16.91	17.84
October 2021	19.32	16.89	17.03
November 2021	19.13	16.99	16.31
December 2021	19.26	17.18	15.88
January 2022	19.72	17.51	15.96
February 2022	20.30	18.11	16.32
March 2022	20.58	18.72	16.94
April 2022	20.25	18.71	17.40
May 2022	19.13	18.21	17.42
June 2022	17.34	16.68	16.98
July 2022	15.20	14.57	16.03
August 2022	13.04	12.62	14.91
September 2022	11.05	11.06	13.75
October 2022	9.24	9.95	12.63
November 2022	7.51	8.67	11.35
December 2022	5.76	7.16	9.91
January 2023	3.95	5.99	7.99
February 2023	2.26	4.94	5.93
March 2023	0.91	3.63	3.89
April 2023	0.10	2.48	2.24
May 2023	-0.07	1.74	1.04
June 2023	0.36	1.82	0.24
July 2023	1.27	2.68	0.04
August 2023	2.43	3.80	0.40
September 2023	3.58	4.58	1.13
October 2023	4.55	4.81	1.75
November 2023	5.27	5.16	2.24
December 2023	5.81	5.49	2.64
January 2024	6.23	5.68	3.13
February 2024	6.47	5.59	3.62
March 2024	6.48	5.26	4.09
April 2024	6.26	5.14	4.34
May 2024	NA	4.83	4.26

Note: S&P/Case-Shiller data extend through April 2024.

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.)

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Figure 27. Change in real business fixed investment

Annual
Percent, annual rate

Period	Structures	Equipment and intangible capital
2015	-5.57	2.96
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.

Source: Bureau of Economic Analysis via Haver Analytics.

Semiannual
Percent, annual rate

Period	Structures	Equipment and intangible capital
2023:H1	23.03	2.45
2023:H2	11.02	0.23

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.

Source: Bureau of Economic Analysis via Haver Analytics.

Quarterly
Percent, annual rate

Period	Structures	Equipment and intangible capital
2024:Q1	3.38	4.77

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.

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 28. 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.

Semiannual
Percent, annual rate

Period	Imports	Exports
2023:H1	-3.26	-1.55
2023:H2	3.20	5.23

Source: Bureau of Economic Analysis via Haver Analytics.

Quarterly
Percent, annual rate

Period	Imports	Exports
2024:Q1	6.12	1.57

Source: Bureau of Economic Analysis via Haver Analytics.

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Figure 29. 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	29.74	17.64
2022	24.79	19.35
2023	22.74	16.46
2024	23.00	16.84

Note: Through 2023, the receipts and expenditures data are on a unified-budget basis and are for fiscal years (October to September); gross domestic product (GDP) is for the 4 quarters ending in Q3. For 2024, receipts and expenditures are for the 12 months ending in May; GDP is the average of 2023:Q4 and 2024:Q1.

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

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Figure 30. 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, offset by certain types of interest income the government receives. Federal debt held by the public equals federal debt excluding most intragovernmental debt, 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. 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	67.21
1948:Q1	ND
1948:Q2	ND
1948:Q3	ND
1948:Q4	59.66
1949:Q1	ND
1949:Q2	ND
1949:Q3	ND
1949:Q4	62.21
1950:Q1	ND
1950:Q2	ND
1950:Q3	ND
1950:Q4	52.18
1951:Q1	ND
1951:Q2	ND
1951:Q3	ND
1951:Q4	46.88
1952:Q1	46.01
1952:Q2	45.73
1952:Q3	46.09
1952:Q4	45.68
1953:Q1	45.06
1953:Q2	44.41
1953:Q3	44.18
1953:Q4	44.47
1954:Q1	44.95
1954:Q2	45.43
1954:Q3	45.45
1954:Q4	45.16
1955:Q1	44.49
1955:Q2	43.58
1955:Q3	42.58
1955:Q4	41.56
1956:Q1	40.84
1956:Q2	39.99
1956:Q3	39.20
1956:Q4	38.37
1957:Q1	37.60
1957:Q2	36.93
1957:Q3	36.43
1957:Q4	36.11
1958:Q1	36.13
1958:Q2	36.53
1958:Q3	36.61
1958:Q4	36.62
1959:Q1	36.34
1959:Q2	35.85
1959:Q3	35.76
1959:Q4	35.66
1960:Q1	35.36
1960:Q2	35.16
1960:Q3	34.78
1960:Q4	34.50
1961:Q1	34.42
1961:Q2	34.26
1961:Q3	34.14
1961:Q4	33.80
1962:Q1	33.47
1962:Q2	33.20
1962:Q3	32.80
1962:Q4	32.62
1963:Q1	32.49
1963:Q2	32.32
1963:Q3	32.06
1963:Q4	31.62
1964:Q1	31.12
1964:Q2	30.60
1964:Q3	30.23
1964:Q4	29.94
1965:Q1	29.60
1965:Q2	29.16
1965:Q3	28.57
1965:Q4	27.87
1966:Q1	27.21
1966:Q2	26.56
1966:Q3	26.06
1966:Q4	25.63
1967:Q1	25.40
1967:Q2	25.13
1967:Q3	25.05
1967:Q4	25.07
1968:Q1	25.04
1968:Q2	25.01
1968:Q3	24.96
1968:Q4	24.69
1969:Q1	24.32
1969:Q2	23.82
1969:Q3	23.22
1969:Q4	22.73
1970:Q1	22.37
1970:Q2	22.19
1970:Q3	22.09
1970:Q4	22.10
1971:Q1	21.92
1971:Q2	21.91
1971:Q3	21.89
1971:Q4	21.89
1972:Q1	21.98
1972:Q2	21.84
1972:Q3	21.60
1972:Q4	21.24
1973:Q1	20.94
1973:Q2	20.66
1973:Q3	20.31
1973:Q4	19.85
1974:Q1	19.45
1974:Q2	19.08
1974:Q3	18.37
1974:Q4	17.74
1975:Q1	17.35
1975:Q2	17.35
1975:Q3	17.98
1975:Q4	18.78
1976:Q1	19.48
1976:Q2	20.04
1976:Q3	20.53
1976:Q4	20.85
1977:Q1	21.07
1977:Q2	21.05
1977:Q3	20.94
1977:Q4	20.86
1978:Q1	20.83
1978:Q2	20.75
1978:Q3	20.61
1978:Q4	20.26
1979:Q1	19.82
1979:Q2	19.54
1979:Q3	19.24
1979:Q4	19.13
1980:Q1	19.14
1980:Q2	19.38
1980:Q3	19.80
1980:Q4	20.16
1981:Q1	20.47
1981:Q2	20.62
1981:Q3	20.64
1981:Q4	20.91
1982:Q1	21.37
1982:Q2	21.88
1982:Q3	22.76
1982:Q4	23.77
1983:Q1	24.79
1983:Q2	25.91
1983:Q3	26.74
1983:Q4	27.23
1984:Q1	27.56
1984:Q2	27.79
1984:Q3	28.12
1984:Q4	28.67
1985:Q1	29.22
1985:Q2	29.86
1985:Q3	30.36
1985:Q4	30.87
1986:Q1	31.35
1986:Q2	31.91
1986:Q3	32.57
1986:Q4	33.19
1987:Q1	33.69
1987:Q2	33.99
1987:Q3	34.09
1987:Q4	34.01
1988:Q1	34.01
1988:Q2	33.92
1988:Q3	33.90
1988:Q4	33.89
1989:Q1	33.80
1989:Q2	33.71
1989:Q3	33.62
1989:Q4	33.63
1990:Q1	33.57
1990:Q2	33.64
1990:Q3	33.85
1990:Q4	34.25
1991:Q1	34.87
1991:Q2	35.51
1991:Q3	36.25
1991:Q4	36.92
1992:Q1	37.62
1992:Q2	38.37
1992:Q3	39.00
1992:Q4	39.50
1993:Q1	39.96
1993:Q2	40.43
1993:Q3	40.81
1993:Q4	41.17
1994:Q1	41.44
1994:Q2	41.48
1994:Q3	41.49
1994:Q4	41.41
1995:Q1	41.46
1995:Q2	41.66
1995:Q3	41.80
1995:Q4	41.94
1996:Q1	42.05
1996:Q2	41.87
1996:Q3	41.74
1996:Q4	41.54
1997:Q1	41.23
1997:Q2	40.80
1997:Q3	40.24
1997:Q4	39.65
1998:Q1	38.97
1998:Q2	38.30
1998:Q3	37.52
1998:Q4	36.72
1999:Q1	35.90
1999:Q2	35.06
1999:Q3	34.31
1999:Q4	33.59
2000:Q1	32.82
2000:Q2	31.81
2000:Q3	30.82
2000:Q4	29.73
2001:Q1	28.80
2001:Q2	28.06
2001:Q3	27.67
2001:Q4	27.51
2002:Q1	27.37
2002:Q2	27.67
2002:Q3	27.91
2002:Q4	28.21
2003:Q1	28.64
2003:Q2	29.14
2003:Q3	29.52
2003:Q4	29.86
2004:Q1	30.25
2004:Q2	30.53
2004:Q3	30.86
2004:Q4	31.14
2005:Q1	31.33
2005:Q2	31.34
2005:Q3	31.27
2005:Q4	31.22
2006:Q1	31.16
2006:Q2	31.09
2006:Q3	31.07
2006:Q4	30.95
2007:Q1	30.82
2007:Q2	30.62
2007:Q3	30.50
2007:Q4	30.48
2008:Q1	30.67
2008:Q2	31.05
2008:Q3	32.20
2008:Q4	34.42
2009:Q1	37.23
2009:Q2	40.83
2009:Q3	44.18
2009:Q4	46.67
2010:Q1	48.94
2010:Q2	50.97
2010:Q3	52.88
2010:Q4	54.95
2011:Q1	56.70
2011:Q2	58.19
2011:Q3	59.55
2011:Q4	60.78
2012:Q1	62.01
2012:Q2	63.26
2012:Q3	64.37
2012:Q4	65.52
2013:Q1	66.57
2013:Q2	67.38
2013:Q3	68.01
2013:Q4	68.41
2014:Q1	68.91
2014:Q2	69.10
2014:Q3	69.24
2014:Q4	69.45
2015:Q1	69.31
2015:Q2	69.45
2015:Q3	69.65
2015:Q4	70.09
2016:Q1	70.73
2016:Q2	71.30
2016:Q3	71.91
2016:Q4	72.24
2017:Q1	72.20
2017:Q2	72.27
2017:Q3	72.22
2017:Q4	72.05
2018:Q1	72.32
2018:Q2	72.49
2018:Q3	72.83
2018:Q4	73.42
2019:Q1	73.92
2019:Q2	74.35
2019:Q3	74.83
2019:Q4	75.21
2020:Q1	76.10
2020:Q2	82.48
2020:Q3	87.18
2020:Q4	91.98
2021:Q1	95.88
2021:Q2	94.22
2021:Q3	93.65
2021:Q4	92.75
2022:Q1	92.35
2022:Q2	91.82
2022:Q3	91.62
2022:Q4	91.32
2023:Q1	90.74
2023:Q2	90.86
2023:Q3	91.35
2023:Q4	92.23
2024:Q1	93.30

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, offset by certain types of interest income the government receives. Federal debt held by the public equals federal debt excluding most intragovernmental debt, 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. 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."

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Figure 31. 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	24.97	1.75
2022:Q2	15.42	1.81
2022:Q3	18.96	2.85
2022:Q4	13.79	5.34
2023:Q1	6.40	6.98
2023:Q2	-2.29	7.60
2023:Q3	-6.34	10.02
2023:Q4	-6.09	8.14
2024:Q1	-4.28	7.99

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

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

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Figure 32. 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	20.115
January 2024	20.162
February 2024	20.210
March 2024	20.276
April 2024	20.281
May 2024	20.320

Source: Bureau of Labor Statistics via Haver Analytics.

Return to text

Figure 33. Market-implied federal funds rate path

Quarterly
Percent

Period	December 29 2023	June 28 2024
2023:Q4	5.316	ND
2024:Q1	5.109	ND
2024:Q2	4.577	5.324
2024:Q3	4.138	5.270
2024:Q4	3.760	5.072
2025:Q1	3.452	4.830
2025:Q2	3.212	4.597
2025:Q3	3.042	4.398
2025:Q4	2.946	4.221
2026:Q1	2.909	4.071
2026:Q2	2.911	3.955
2026:Q3	2.941	3.868
2026:Q4	2.988	3.801
2027:Q1	3.040	3.750
2027:Q2	3.089	3.712
2027:Q3	3.123	3.685
2027:Q4	3.131	3.666
2028:Q1	ND	3.652
2028:Q2	ND	3.640

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 December 29, 2023, is compared with that as of June 28, 2024. The path is estimated with a spline approach, assuming a term premium of 0 basis points. The December 29, 2023, path extends through 2027:Q4 and the June 28, 2024, path through 2028:Q2.

Source: Bloomberg; Federal Reserve Board staff estimates.

Return to text

Figure 34. 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
28 February 2024	4.64	4.26	4.27
29 February 2024	4.64	4.26	4.25
1 March 2024	4.54	4.17	4.19
4 March 2024	4.61	4.21	4.22
5 March 2024	4.54	4.13	4.13
6 March 2024	4.55	4.12	4.11
7 March 2024	4.50	4.07	4.09
8 March 2024	4.48	4.06	4.09
11 March 2024	4.51	4.08	4.10
12 March 2024	4.58	4.15	4.16
13 March 2024	4.61	4.19	4.19
14 March 2024	4.68	4.29	4.29
15 March 2024	4.72	4.33	4.31
18 March 2024	4.73	4.36	4.34
19 March 2024	4.68	4.31	4.30
20 March 2024	4.59	4.25	4.27
21 March 2024	4.62	4.26	4.27
22 March 2024	4.59	4.20	4.22
25 March 2024	4.54	4.23	4.25
26 March 2024	4.56	4.22	4.24
27 March 2024	4.54	4.18	4.20
28 March 2024	4.59	4.21	4.20
1 April 2024	4.72	4.34	4.33
2 April 2024	4.70	4.35	4.36
3 April 2024	4.68	4.34	4.36
4 April 2024	4.65	4.30	4.31
5 April 2024	4.73	4.38	4.39
8 April 2024	4.78	4.43	4.42
9 April 2024	4.74	4.37	4.36
10 April 2024	4.97	4.61	4.55
11 April 2024	4.93	4.61	4.56
12 April 2024	4.88	4.54	4.50
15 April 2024	4.93	4.65	4.63
16 April 2024	4.97	4.69	4.67
17 April 2024	4.93	4.62	4.59
18 April 2024	4.98	4.68	4.64
19 April 2024	4.97	4.66	4.62
22 April 2024	4.97	4.66	4.62
23 April 2024	4.86	4.63	4.61
24 April 2024	4.89	4.64	4.65
25 April 2024	4.96	4.70	4.70
26 April 2024	4.96	4.68	4.67
29 April 2024	4.97	4.65	4.63
30 April 2024	5.04	4.72	4.69
1 May 2024	4.96	4.64	4.63
2 May 2024	4.87	4.57	4.58
3 May 2024	4.81	4.48	4.50
6 May 2024	4.82	4.48	4.49
7 May 2024	4.82	4.48	4.47
8 May 2024	4.84	4.50	4.48
9 May 2024	4.80	4.47	4.45
10 May 2024	4.87	4.52	4.50
13 May 2024	4.85	4.50	4.48
14 May 2024	4.81	4.46	4.45
15 May 2024	4.73	4.35	4.36
16 May 2024	4.78	4.40	4.38
17 May 2024	4.83	4.44	4.42
20 May 2024	4.82	4.46	4.44
21 May 2024	4.82	4.43	4.41
22 May 2024	4.86	4.47	4.43
23 May 2024	4.91	4.52	4.47
24 May 2024	4.93	4.53	4.46
28 May 2024	4.94	4.56	4.54
29 May 2024	4.96	4.63	4.61
30 May 2024	4.92	4.57	4.55
31 May 2024	4.89	4.52	4.51
3 June 2024	4.82	4.42	4.41
4 June 2024	4.77	4.35	4.33
5 June 2024	4.72	4.31	4.29
6 June 2024	4.72	4.29	4.28
7 June 2024	4.87	4.46	4.43
10 June 2024	4.87	4.48	4.47
11 June 2024	4.81	4.41	4.39
12 June 2024	4.75	4.32	4.31
13 June 2024	4.68	4.24	4.24
14 June 2024	4.67	4.22	4.20
17 June 2024	4.75	4.30	4.28
18 June 2024	4.69	4.24	4.22
20 June 2024	4.70	4.26	4.25
21 June 2024	4.70	4.26	4.25
24 June 2024	4.71	4.27	4.25
25 June 2024	4.65	4.25	4.23
26 June 2024	4.71	4.32	4.32
27 June 2024	4.70	4.29	4.29
28 June 2024	4.71	4.33	4.36

Source: Department of the Treasury via Haver Analytics.

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Figure 35. Corporate bond yields, by securities rating, and municipal bond yield

Series: Investment-grade corporate, municipal, and high-yield corporate

Horizon: January 1, 2017, to June 28, 2024

Description: A line chart with three curves over January 1, 2017, to June 28, 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 a bit above 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 mid-2024, and ends just below 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 a bit below 2 by the beginning of 2020. The series then increases sharply to about 3, decreases to about 1 by early 2022, and increases to and ends 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 by late 2022, and fluctuates between about 8 and 10 through mid-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 36. 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
28 February 2024	5.81	154.70
29 February 2024	5.80	154.01
1 March 2024	5.71	152.71
4 March 2024	5.75	153.75
5 March 2024	5.66	153.32
6 March 2024	5.61	149.13
7 March 2024	5.54	146.30
8 March 2024	5.51	143.38
11 March 2024	5.54	144.75
12 March 2024	5.60	144.72
13 March 2024	5.61	141.60
14 March 2024	5.76	146.96
15 March 2024	5.80	147.80
18 March 2024	5.84	149.08
19 March 2024	5.76	145.34
20 March 2024	5.67	141.25
21 March 2024	5.67	140.29
22 March 2024	5.61	139.58
25 March 2024	5.62	138.08
26 March 2024	5.59	136.47
27 March 2024	5.55	135.85
28 March 2024	5.58	137.55
1 April 2024	5.75	141.17
2 April 2024	5.74	138.39
3 April 2024	5.73	138.06
4 April 2024	5.66	135.83
5 April 2024	5.75	136.51
8 April 2024	5.82	139.95
9 April 2024	5.76	139.46
10 April 2024	6.05	147.05
11 April 2024	6.06	147.95
12 April 2024	6.02	149.80
15 April 2024	6.14	150.10
16 April 2024	6.17	149.47
17 April 2024	6.09	148.31
18 April 2024	6.16	149.69
19 April 2024	6.14	149.64
22 April 2024	6.13	148.55
23 April 2024	6.07	145.10
24 April 2024	6.12	147.84
25 April 2024	6.20	150.26
26 April 2024	6.15	147.02
29 April 2024	6.11	146.71
30 April 2024	6.22	151.14
1 May 2024	6.08	144.32
2 May 2024	6.03	145.21
3 May 2024	5.91	142.28
6 May 2024	5.94	145.21
7 May 2024	5.89	141.05
8 May 2024	5.93	144.11
9 May 2024	5.84	138.08
10 May 2024	5.93	141.82
13 May 2024	5.89	140.09
14 May 2024	5.82	136.73
15 May 2024	5.68	132.20
16 May 2024	5.74	135.03
17 May 2024	5.81	138.05
20 May 2024	5.82	136.90
21 May 2024	5.78	135.54
22 May 2024	5.83	138.17
23 May 2024	5.90	140.92
24 May 2024	5.90	140.84
28 May 2024	5.99	144.36
29 May 2024	6.08	145.77
30 May 2024	5.97	141.38
31 May 2024	5.95	143.10
3 June 2024	5.82	140.24
4 June 2024	5.75	140.70
5 June 2024	5.68	138.05
6 June 2024	5.69	140.71
7 June 2024	5.86	141.75
10 June 2024	5.91	143.28
11 June 2024	5.82	142.35
12 June 2024	5.67	135.59
13 June 2024	5.63	138.68
14 June 2024	5.65	144.20
17 June 2024	5.72	142.98
18 June 2024	5.65	141.96
20 June 2024	5.69	143.80
21 June 2024	5.69	143.38
24 June 2024	5.69	142.61
25 June 2024	5.71	146.60
26 June 2024	5.79	147.06
27 June 2024	5.76	147.14
28 June 2024	5.82	147.17
1 July 2024	5.98	151.96

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.

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Figure 37. Equity prices

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

Horizon: January 1, 2017, to June 28, 2024

Description: A line chart with two curves over January 1, 2017, to June 28, 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 through mid-2024, ending a bit above 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. The series then increases quickly, finishing slightly below 175.

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

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Figure 38. S&P 500 volatility

Series: VIX and expected volatility

Horizon: January 5, 2015, to June 28, 2024

Description: A line chart with two curves over January 5, 2015, to June 28, 2024. Units are percent, and the data are daily. The VIX series starts at around 20 in 2015, spikes to about 40 in late 2015, and fluctuates between about 10 and 30 in 2016 and 2017. The series generally increases during 2018 aside from spikes to nearly 40 in February 2018 and December 2018 and declines to about 15 by the beginning of 2020. The series sharply increases to about 85 in early 2020 and quickly decreases to about 20 by early 2021, where it then stays relatively constant throughout 2021 before gradually increasing to around 30 in mid-2022. It continues fluctuating between 15 and 35 until mid-2023. After jumping to a bit above 20 in early 2024, the series decreases to and stays at around 15 through mid-2024. The expected volatility series follows a similar trajectory but with a magnitude about 5 to 10 points lower.

Note: The VIX is an option-implied volatility measure that represents the expected annualized variability of the S&P 500 index over the following 30 days. The expected volatility series shows a forecast of 1-month realized volatility, using a heterogeneous autoregressive model based on 5-minute S&P 500 returns.

Source: Cboe Volatility Index® (VIX®) via Bloomberg; Refinitiv DataScope; Federal Reserve Board staff estimates.

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

Quarterly
Ratio

Period	Private nonfinancial-sector credit-to-GDP ratio
1980:Q1	0.98
1980:Q2	0.99
1980:Q3	0.99
1980:Q4	0.97
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	1.22
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	1.22
1991:Q4	1.21
1992:Q1	1.20
1992:Q2	1.18
1992:Q3	1.18
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	1.17
1994:Q4	1.17
1995:Q1	1.18
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	1.20
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	1.26
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	1.46
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	1.56
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	1.72
2009:Q4	1.68
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	1.52
2019:Q3	1.51
2019:Q4	1.51
2020:Q1	1.57
2020:Q2	1.74
2020:Q3	1.61
2020:Q4	1.60
2021:Q1	1.58
2021:Q2	1.57
2021:Q3	1.56
2021:Q4	1.54
2022:Q1	1.54
2022:Q2	1.54
2022:Q3	1.53
2022:Q4	1.52
2023:Q1	1.51
2023:Q2	1.50
2023:Q3	1.48
2023:Q4	1.47
2024:Q1	1.46

Note: The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980 to July 1980, 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 B. Nonfinancial business and household debt-to-GDP ratios

Ratio
Ratio

Period	Household	Nonfinancial business
1981:Q1	0.46	0.48
1981:Q2	0.47	0.50
1981:Q3	0.46	0.50
1981:Q4	0.47	0.51
1982:Q1	0.47	0.52
1982:Q2	0.47	0.52
1982:Q3	0.47	0.53
1982:Q4	0.47	0.53
1983:Q1	0.46	0.54
1983:Q2	0.46	0.53
1983:Q3	0.46	0.53
1983:Q4	0.46	0.53
1984:Q1	0.46	0.53
1984:Q2	0.47	0.54
1984:Q3	0.47	0.55
1984:Q4	0.48	0.56
1985:Q1	0.49	0.56
1985:Q2	0.50	0.57
1985:Q3	0.51	0.57
1985:Q4	0.52	0.58
1986:Q1	0.53	0.59
1986:Q2	0.54	0.60
1986:Q3	0.55	0.61
1986:Q4	0.56	0.62
1987:Q1	0.56	0.62
1987:Q2	0.56	0.62
1987:Q3	0.57	0.63
1987:Q4	0.56	0.63
1988:Q1	0.57	0.63
1988:Q2	0.57	0.63
1988:Q3	0.58	0.63
1988:Q4	0.57	0.64
1989:Q1	0.57	0.64
1989:Q2	0.58	0.64
1989:Q3	0.58	0.64
1989:Q4	0.59	0.64
1990:Q1	0.59	0.64
1990:Q2	0.59	0.63
1990:Q3	0.60	0.63
1990:Q4	0.61	0.63
1991:Q1	0.61	0.63
1991:Q2	0.61	0.62
1991:Q3	0.61	0.61
1991:Q4	0.62	0.59
1992:Q1	0.61	0.59
1992:Q2	0.61	0.58
1992:Q3	0.61	0.57
1992:Q4	0.61	0.56
1993:Q1	0.61	0.56
1993:Q2	0.61	0.55
1993:Q3	0.61	0.55
1993:Q4	0.61	0.55
1994:Q1	0.62	0.55
1994:Q2	0.61	0.55
1994:Q3	0.62	0.55
1994:Q4	0.62	0.55
1995:Q1	0.63	0.55
1995:Q2	0.63	0.56
1995:Q3	0.64	0.55
1995:Q4	0.64	0.56
1996:Q1	0.65	0.56
1996:Q2	0.64	0.55
1996:Q3	0.64	0.56
1996:Q4	0.64	0.55
1997:Q1	0.65	0.55
1997:Q2	0.64	0.56
1997:Q3	0.64	0.56
1997:Q4	0.65	0.57
1998:Q1	0.65	0.58
1998:Q2	0.66	0.59
1998:Q3	0.66	0.60
1998:Q4	0.66	0.60
1999:Q1	0.67	0.61
1999:Q2	0.67	0.62
1999:Q3	0.68	0.63
1999:Q4	0.68	0.63
2000:Q1	0.69	0.64
2000:Q2	0.68	0.64
2000:Q3	0.69	0.64
2000:Q4	0.70	0.65
2001:Q1	0.71	0.65
2001:Q2	0.71	0.65
2001:Q3	0.74	0.66
2001:Q4	0.74	0.66
2002:Q1	0.75	0.66
2002:Q2	0.76	0.66
2002:Q3	0.77	0.65
2002:Q4	0.79	0.65
2003:Q1	0.80	0.65
2003:Q2	0.82	0.64
2003:Q3	0.82	0.63
2003:Q4	0.83	0.62
2004:Q1	0.84	0.63
2004:Q2	0.85	0.62
2004:Q3	0.86	0.62
2004:Q4	0.87	0.62
2005:Q1	0.87	0.62
2005:Q2	0.89	0.63
2005:Q3	0.90	0.63
2005:Q4	0.91	0.63
2006:Q1	0.92	0.64
2006:Q2	0.93	0.65
2006:Q3	0.95	0.65
2006:Q4	0.95	0.66
2007:Q1	0.96	0.67
2007:Q2	0.97	0.68
2007:Q3	0.97	0.70
2007:Q4	0.97	0.71
2008:Q1	0.98	0.72
2008:Q2	0.97	0.73
2008:Q3	0.97	0.74
2008:Q4	0.97	0.75
2009:Q1	0.98	0.76
2009:Q2	0.98	0.75
2009:Q3	0.97	0.74
2009:Q4	0.96	0.72
2010:Q1	0.95	0.71
2010:Q2	0.93	0.69
2010:Q3	0.91	0.69
2010:Q4	0.90	0.68
2011:Q1	0.90	0.68
2011:Q2	0.88	0.67
2011:Q3	0.88	0.67
2011:Q4	0.86	0.67
2012:Q1	0.85	0.67
2012:Q2	0.84	0.67
2012:Q3	0.83	0.68
2012:Q4	0.83	0.68
2013:Q1	0.82	0.68
2013:Q2	0.81	0.69
2013:Q3	0.80	0.69
2013:Q4	0.80	0.69
2014:Q1	0.81	0.70
2014:Q2	0.79	0.70
2014:Q3	0.78	0.69
2014:Q4	0.78	0.70
2015:Q1	0.77	0.71
2015:Q2	0.77	0.72
2015:Q3	0.77	0.72
2015:Q4	0.77	0.73
2016:Q1	0.77	0.74
2016:Q2	0.77	0.74
2016:Q3	0.77	0.75
2016:Q4	0.76	0.74
2017:Q1	0.76	0.75
2017:Q2	0.76	0.75
2017:Q3	0.76	0.76
2017:Q4	0.75	0.76
2018:Q1	0.75	0.75
2018:Q2	0.75	0.77
2018:Q3	0.74	0.77
2018:Q4	0.74	0.77
2019:Q1	0.74	0.78
2019:Q2	0.74	0.77
2019:Q3	0.74	0.77
2019:Q4	0.74	0.77
2020:Q1	0.75	0.81
2020:Q2	0.82	0.92
2020:Q3	0.76	0.85
2020:Q4	0.76	0.84
2021:Q1	0.75	0.82
2021:Q2	0.76	0.81
2021:Q3	0.76	0.80
2021:Q4	0.74	0.79
2022:Q1	0.74	0.80
2022:Q2	0.74	0.80
2022:Q3	0.74	0.79
2022:Q4	0.74	0.78
2023:Q1	0.73	0.78
2023:Q2	0.73	0.78
2023:Q3	0.72	0.76
2023:Q4	0.71	0.75
2024:Q1	0.71	0.75

Note: The data are quarterly. 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 39. Ratio of total commercial bank credit to nominal gross domestic product

Quarterly
Percent

Period	Ratio
2004:Q1	60.89
2004:Q2	61.53
2004:Q3	61.44
2004:Q4	61.66
2005:Q1	62.47
2005:Q2	63.09
2005:Q3	63.66
2005:Q4	63.87
2006:Q1	63.89
2006:Q2	64.89
2006:Q3	65.77
2006:Q4	65.95
2007:Q1	66.35
2007:Q2	66.74
2007:Q3	67.61
2007:Q4	68.51
2008:Q1	69.45
2008:Q2	69.14
2008:Q3	68.89
2008:Q4	70.77
2009:Q1	70.88
2009:Q2	70.47
2009:Q3	68.84
2009:Q4	66.42
2010:Q1	64.69
2010:Q2	62.72
2010:Q3	62.10
2010:Q4	61.52
2011:Q1	60.94
2011:Q2	60.02
2011:Q3	60.01
2011:Q4	59.86
2012:Q1	59.67
2012:Q2	59.68
2012:Q3	60.01
2012:Q4	60.09
2013:Q1	59.67
2013:Q2	59.54
2013:Q3	58.66
2013:Q4	58.29
2014:Q1	59.12
2014:Q2	59.03
2014:Q3	59.10
2014:Q4	59.58
2015:Q1	60.78
2015:Q2	61.19
2015:Q3	61.58
2015:Q4	62.44
2016:Q1	63.28
2016:Q2	63.76
2016:Q3	64.25
2016:Q4	64.40
2017:Q1	64.11
2017:Q2	64.05
2017:Q3	63.74
2017:Q4	63.16
2018:Q1	62.53
2018:Q2	62.18
2018:Q3	62.21
2018:Q4	62.40
2019:Q1	63.03
2019:Q2	63.00
2019:Q3	63.12
2019:Q4	63.35
2020:Q1	64.99
2020:Q2	74.61
2020:Q3	69.09
2020:Q4	68.20
2021:Q1	67.41
2021:Q2	66.71
2021:Q3	66.26
2021:Q4	65.83
2022:Q1	66.40
2022:Q2	66.49
2022:Q3	66.45
2022:Q4	65.68
2023:Q1	64.91
2023:Q2	64.11
2023:Q3	62.65
2023:Q4	61.83
2024:Q1	61.72

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 40. Profitability of bank holding companies

Quarterly
Percent, annual rate

Period	Return on assets	Return on equity
2004:Q1	1.24	16.03
2004:Q2	1.02	13.08
2004:Q3	1.21	14.85
2004:Q4	1.18	14.38
2005:Q1	1.14	13.64
2005:Q2	1.19	14.32
2005:Q3	1.30	15.61
2005:Q4	1.22	14.95
2006:Q1	1.10	13.74
2006:Q2	1.17	14.61
2006:Q3	1.31	16.17
2006:Q4	1.33	16.47
2007:Q1	0.96	11.96
2007:Q2	1.08	13.66
2007:Q3	0.82	10.43
2007:Q4	-0.12	-1.71
2008:Q1	0.08	1.43
2008:Q2	-0.15	-1.87
2008:Q3	-0.57	-7.80
2008:Q4	-1.59	-21.48
2009:Q1	-0.01	0.33
2009:Q2	-0.08	-0.88
2009:Q3	0.19	2.20
2009:Q4	0.11	1.27
2010:Q1	0.39	4.59
2010:Q2	0.52	6.10
2010:Q3	0.45	5.01
2010:Q4	0.51	5.57
2011:Q1	0.59	6.21
2011:Q2	0.43	4.62
2011:Q3	0.94	9.99
2011:Q4	0.59	6.20
2012:Q1	0.57	5.67
2012:Q2	0.70	6.99
2012:Q3	0.73	7.14
2012:Q4	0.89	8.61
2013:Q1	0.81	7.64
2013:Q2	0.86	8.16
2013:Q3	0.82	7.80
2013:Q4	0.92	8.78
2014:Q1	0.85	7.85
2014:Q2	0.82	7.48
2014:Q3	0.87	8.03
2014:Q4	0.82	7.70
2015:Q1	0.96	8.66
2015:Q2	0.96	8.46
2015:Q3	0.98	8.84
2015:Q4	0.84	7.72
2016:Q1	0.82	7.01
2016:Q2	0.93	7.91
2016:Q3	0.95	8.79
2016:Q4	0.92	8.69
2017:Q1	0.96	8.45
2017:Q2	0.97	8.49
2017:Q3	0.96	8.75
2017:Q4	0.13	1.52
2018:Q1	1.12	10.10
2018:Q2	1.18	10.59
2018:Q3	1.19	11.08
2018:Q4	1.19	11.30
2019:Q1	1.20	10.71
2019:Q2	1.22	10.91
2019:Q3	1.03	9.59
2019:Q4	1.09	10.30
2020:Q1	0.26	2.31
2020:Q2	0.44	4.42
2020:Q3	0.90	9.27
2020:Q4	1.18	12.05
2021:Q1	1.40	14.27
2021:Q2	1.34	13.91
2021:Q3	1.15	12.10
2021:Q4	1.12	11.90
2022:Q1	0.88	9.76
2022:Q2	0.91	10.15
2022:Q3	0.92	10.62
2022:Q4	1.00	11.18
2023:Q1	1.11	12.58
2023:Q2	1.00	11.04
2023:Q3	0.92	10.29
2023:Q4	0.50	5.29
2024:Q1	0.87	9.75

Note: The data are quarterly.

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

Return to text

Figure 41. Consumer price inflation in foreign economies

Monthly
Percent change from year earlier

Period	AFEs ex. Japan	EMEs ex. China	Foreign
January 2016	0.95	2.71	1.88
February 2016	0.54	3.01	1.84
March 2016	0.55	2.71	1.69
April 2016	0.52	2.76	1.70
May 2016	0.55	2.78	1.72
June 2016	0.59	2.75	1.73
July 2016	0.53	2.75	1.70
August 2016	0.59	2.72	1.71
September 2016	0.84	2.87	1.91
October 2016	0.92	3.01	2.02
November 2016	0.91	3.13	2.08
December 2016	1.31	3.08	2.24
January 2017	1.85	3.88	2.93
February 2017	2.02	3.84	2.99
March 2017	1.63	4.06	2.93
April 2017	1.89	4.06	3.05
May 2017	1.44	4.06	2.84
June 2017	1.28	3.90	2.68
July 2017	1.38	3.98	2.76
August 2017	1.58	4.29	3.02
September 2017	1.65	4.14	2.98
October 2017	1.51	4.04	2.86
November 2017	1.92	4.18	3.12
December 2017	1.73	4.36	3.13
January 2018	1.57	3.66	2.68
February 2018	1.57	3.64	2.67
March 2018	1.83	3.43	2.68
April 2018	1.61	3.32	2.52
May 2018	2.12	3.43	2.81
June 2018	2.18	3.58	2.92
July 2018	2.41	3.63	3.05
August 2018	2.34	3.61	3.01
September 2018	2.24	3.77	3.05
October 2018	2.40	3.69	3.09
November 2018	1.90	3.40	2.70
December 2018	1.74	3.25	2.54
January 2019	1.44	2.90	2.23
February 2019	1.52	2.76	2.19
March 2019	1.60	2.93	2.31
April 2019	1.88	3.18	2.58
May 2019	1.68	3.17	2.48
June 2019	1.62	2.94	2.33
July 2019	1.45	2.81	2.18
August 2019	1.37	2.48	1.97
September 2019	1.29	2.32	1.84
October 2019	1.19	2.40	1.84
November 2019	1.39	2.61	2.05
December 2019	1.68	3.01	2.39
January 2020	1.73	3.38	2.65
February 2020	1.57	3.15	2.45
March 2020	0.82	2.70	1.86
April 2020	0.22	1.64	1.01
May 2020	-0.06	1.66	0.90
June 2020	0.36	2.18	1.37
July 2020	0.34	2.44	1.51
August 2020	0.02	2.64	1.48
September 2020	0.09	2.65	1.51
October 2020	0.09	2.63	1.51
November 2020	0.15	2.27	1.33
December 2020	0.23	1.96	1.19
January 2021	0.97	2.08	1.60
February 2021	0.98	2.60	1.90
March 2021	1.63	3.26	2.55
April 2021	2.16	4.41	3.43
May 2021	2.58	4.58	3.72
June 2021	2.37	4.34	3.49
July 2021	2.67	4.26	3.57
August 2021	3.35	4.20	3.83
September 2021	3.73	4.36	4.08
October 2021	4.27	4.62	4.46
November 2021	4.82	5.27	5.08
December 2021	4.98	5.23	5.12
January 2022	5.15	5.21	5.18
February 2022	5.79	5.33	5.52
March 2022	7.15	5.89	6.42
April 2022	7.31	6.18	6.66
May 2022	8.03	6.37	7.08
June 2022	8.52	6.80	7.53
July 2022	8.55	6.90	7.60
August 2022	8.40	6.99	7.59
September 2022	8.82	7.07	7.81
October 2022	9.29	6.89	7.91
November 2022	8.91	6.50	7.52
December 2022	8.26	6.54	7.27
January 2023	7.74	6.66	7.12
February 2023	7.47	6.33	6.82
March 2023	6.20	5.61	5.86
April 2023	6.16	5.13	5.57
May 2023	5.28	4.68	4.93
June 2023	4.73	4.17	4.41
July 2023	4.70	4.18	4.40
August 2023	4.90	4.43	4.63
September 2023	4.31	4.38	4.35
October 2023	3.09	4.28	3.78
November 2023	2.73	4.29	3.63
December 2023	3.17	4.56	3.97
January 2024	2.88	4.54	3.84
February 2024	2.73	4.71	3.87
March 2024	2.65	4.65	3.80
April 2024	2.48	4.79	3.81
May 2024	2.64	4.85	3.91

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 foreign aggregate is the import-weighted average of all aforementioned countries. 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 42. Foreign consumer price inflation components

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
2024:Q1	-0.27	0.71	2.41

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	1.09	1.71
2020–21 avg.	0.39	1.62	1.22
2022	0.99	2.95	2.37
2023:H1	0.09	2.67	2.54
2023:H2	0.08	1.91	2.12
2024:Q1	0.30	1.78	2.03

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.

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Figure 43. Equity indexes for selected foreign economies

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

Horizon: January 4, 2019, to June 28, 2024

Description: A line chart with four curves over January 4, 2019, to June 28, 2024. The units are indexed with the week ending January 4, 2019, equal to 100, and the data are weekly averages of daily data. The euro-area series begins at 100, 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 late 2022. The series then rises to around 140 by mid-2023 before dropping to around 130 by late 2023 and then rapidly rises and ends at about 150. The Japan series tracks closely with that of the euro area through 2020, though the Japan series runs about 5 to 10 points lower in 2019. It then increases to and fluctuates between around 120 and 135 through 2022 before rising rapidly to around 160 by the end of 2023 and to nearly 190 by the end of the horizon. The U.K. series also tracks closely with that of the euro area before 2020. The series drops to around 75 in early 2020, gradually rises to around 110 by the end of 2021, fluctuates between about 105 and 115 in 2022, and increases to and fluctuates between approximately 110 and 120 from 2023 through early 2024, finishing close to 125. The China series moves broadly in line with the other series before 2020 and rises slightly above the others through 2021, when it reaches a peak of nearly 150. The series then slowly declines through mid-2024, ending a bit below 120.

Note: The data are weekly averages of daily data and extend through June 28, 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.)

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Figure 44. Nominal 10-year government bond yields in selected advanced foreign economies

Series: Germany, U.K., Canada, and Japan

Horizon: January 4, 2019, to June 28, 2024

Description: A line chart with four curves over January 4, 2019, to June 28, 2024. The 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 at 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, rises to around 4.5 before decreasing to about 3.5 by the start of 2024, and climbs to and finishes around 4. The Canada series begins around 2, slides to a little over 0.5 by mid-2020, increases to about 1.5 by 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 before following a slightly bumpy rise to about 1 in June 2024.

Note: The data are weekly averages of daily benchmark yields and extend through June 28, 2024.

Source: Bloomberg.

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Figure 45. 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
1 March 2024	105.09
8 March 2024	104.59
15 March 2024	104.32
22 March 2024	104.94
29 March 2024	105.08
5 April 2024	105.15
12 April 2024	105.39
19 April 2024	106.69
26 April 2024	106.65
3 May 2024	106.43
10 May 2024	105.96
17 May 2024	105.53
24 May 2024	105.50
31 May 2024	105.84
7 June 2024	106.50
14 June 2024	107.57
21 June 2024	107.69
28 June 2024	107.66

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 June 28, 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."

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Monetary Policy Report – July 2024