Accessible Version
Accessible Version
Figure 1. Common Equity Tier 1 Ratio, by BHC Type
Line chart with two curves. Unit is percent of risk-weighted assets. Data are quarterly. The Large BHCs curve begins in 2001:Q1 at about 6.5, remains near that level until mid-2007, decreases to about 5 by 2008:Q4, increases to nearly 12 by 2014:Q1, and remains near that level through 2018:Q2. The Other BHCs curve begins in 2001:Q1 at about 10, decreases to about 8 by 2007:Q4, remains near that level through 2009:Q2, increases to about 12 by 2012:Q3, and remains near that level through 2018:Q2.
Note: The data are seasonally adjusted by Board staff. Sample includes banks as of 2018:Q2. Before 2014:Q1, the numerator of the common equity Tier 1 ratio is Tier 1 common capital for advanced-approaches bank holding companies (BHCs) (before 2015:Q1, for non-advanced-approaches BHCs). Afterward, the numerator is common equity Tier 1 capital. Large BHCs are those with greater than $50 billion in total assets. The denominator is risk-weighted assets. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, December 2007-June 2009.
Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.
Figure 2. Liquid Assets Held by Banks
Line chart with two curves. Unit is percent of assets. Data are quarterly. The Large BHCs curve begins in 2001:Q1 at about 5, increases to about 6 by 2002:Q1, decreases to nearly 2 by 2008:Q1, increases to nearly 13 by 2011:Q2, peaks at about 21 in 2014:Q4, and ends at about 18 in 2018:Q2. The Other BHCs curve begins in 2001:Q1 at about 7, decreases to about 2 by 2008:Q1, peaks at about 13 in 2011:Q1, and decreases to end at about 8 in 2018:Q2.
Note: Liquid assets are excess reserves plus estimates of securities that qualify as high-quality liquid assets. Haircuts and Level 2 asset caps are incorporated into the estimate. Large bank holding companies (BHCs) are those with greater than $50 billion in total assets.
Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies; Federal Reserve Board Form FR 2900, Report of Transaction Accounts, Other Deposits and Vault Cash.
Figure 3. Domestic Money Market Fund Assets
Stacked line chart with four curves. Unit is billions of dollars (real). Data are monthly. The institutional prime curve begins at about 300 in early 2000, increases to about 700 by late 2002, decreases to about 500 by mid-2005, increases to about 1200 by mid-2008, dips by late 2008 and remains in a range of about 800 to 1000 until 2016, decreases to about 100 by late 2016, and increases to end at about 200 in September 2018.
Including retail prime, the curve begins at about 750 in early 2000, increases to about 1200 by late 2002, decreases to about 950 by mid-2005, increases to about 1800 by mid-2008, dips to about 1500 by late 2008, increases to about 1650 by mid-2009, decreases to about 1400 by late 2015, decreases to about 350 by late 2016, and increases to end at about 500 in September 2018.
Including tax-exempt, the curve begins at about 900 in early 2000, increases to about 1300 by late 2002, decreases to about 1200 by mid-2005, increases to about 2300 by mid-2008, dips to about 1900 by late 2008, increases to about 2000 by mid-2009, decreases to about 1600 by late 2015, decreases to about 500 by late 2016, and increases to end at about 650 in September 2018.
Including government-only, the curve begins at about 1100 in early 2000, increases to about 1700 by late 2002, decreases to about 1500 by mid-2005, increases to about 3300 by early 2009, decreases to about 2450 by mid-2010, remains near that level until mid-2015, and increases to end at about 2900 in September 2018.
Note: The data are converted to constant 2018 dollars using the consumer price index. Key identifies regions in order from top to bottom.
Source: Federal Reserve Board staff calculations based on Investment Company Institute data; Bureau of Labor Statistics, consumer price index via Haver Analytics.
Figure 4. Issuance of Private Label Securitized Products, by Asset Class
Stacked bar chart with six series. Unit is billions of dollars (real). Data are annual. CDOs (including ABS, CDO, CLO) begins at about 50 in 2001, peaks at about 300 in 2006, decreases to about 50 by 2008, is near zero through 2011, and generally increases to end at about 150 in 2018. Auto loan/lease ABS begins at about 50 in 2001, decreases in 2008, increases to about 50 by 2012, and increases to end at about 100 in 2018. Esoteric ABS begins near zero in 2001, increases to about 50 by 2006, decreases to near zero from 2008 through 2012, and increases to end at about 100 in 2018. Private-label RMBS begins at about 150 in 2001, peaks at about 750 in 2006, decreases to about zero by 2008, and remains near that level through 2018. Non-agency CMBS begins at about 50 in 2001, peaks at about 200 in 2007, drops to about zero from 2008 through 2011, and increases to end at about 70 in 2018. Other begins at about 150 in 2001, peaks at about 325 in 2007, drops to about 100 in 2008, and remains near that level to end at about 70 in 2018. The total begins at about 400 in 2001, peaks near 1600 in 2006, drops to about 200 in 2008, and ends at about 500 in 2018.
Note: The data from the first three quarters of 2018 are annualized to create the 2018 bar. Esoteric asset-backed securities (ABS) are backed by unsecured personal loans, mobile phones, reperforming residential mortgages, aircraft and shipping container leases, marketplace lending, and franchise payments. CMBS is commercial mortgage-backed securities; CDO is collateralized debt obligation; CLO is collateralized loan obligation; RMBS is residential mortgage-backed securities. The "Other" category consists of subprime mortgages, real estate mortgage investment conduit (Re-REMIC) RMBS, Re-REMIC CMBS, and ABS backed by credit card debt, student loans, equipment, and floorplans. The data are converted to 2018 dollars using the consumer price index. Key identifies bar segments in order from bottom to top.
Source: Harrison Scott Publications, Asset-Backed Alert (ABAIert.com) and Commercial Mortgage Alert (CMAIert.com); Bureau of Labor Statistics, consumer price index via Haver Analytics.
Figure 5. Household Sector Credit-to-GDP Gap
Quarterly
Percentage point difference from trend
| Period | Credit-to-GDP gap |
|---|---|
| 1980:Q1 | 0.58 |
| 1980:Q2 | 0.75 |
| 1980:Q3 | 0.59 |
| 1980:Q4 | -0.38 |
| 1981:Q1 | -1.98 |
| 1981:Q2 | -1.71 |
| 1981:Q3 | -2.57 |
| 1981:Q4 | -2.22 |
| 1982:Q1 | -1.77 |
| 1982:Q2 | -2.22 |
| 1982:Q3 | -2.84 |
| 1982:Q4 | -2.66 |
| 1983:Q1 | -3.55 |
| 1983:Q2 | -3.91 |
| 1983:Q3 | -4.21 |
| 1983:Q4 | -4.19 |
| 1984:Q1 | -4.41 |
| 1984:Q2 | -4.41 |
| 1984:Q3 | -4.41 |
| 1984:Q4 | -3.90 |
| 1985:Q1 | -2.70 |
| 1985:Q2 | -2.21 |
| 1985:Q3 | -1.69 |
| 1985:Q4 | -0.23 |
| 1986:Q1 | -0.05 |
| 1986:Q2 | 0.38 |
| 1986:Q3 | 1.06 |
| 1986:Q4 | 1.86 |
| 1987:Q1 | 1.53 |
| 1987:Q2 | 1.93 |
| 1987:Q3 | 2.11 |
| 1987:Q4 | 0.95 |
| 1988:Q1 | 1.41 |
| 1988:Q2 | 1.22 |
| 1988:Q3 | 1.23 |
| 1988:Q4 | 0.86 |
| 1989:Q1 | 0.54 |
| 1989:Q2 | 0.51 |
| 1989:Q3 | 0.60 |
| 1989:Q4 | 0.99 |
| 1990:Q1 | 0.99 |
| 1990:Q2 | 0.82 |
| 1990:Q3 | 0.80 |
| 1990:Q4 | 1.42 |
| 1991:Q1 | 1.69 |
| 1991:Q2 | 1.34 |
| 1991:Q3 | 0.71 |
| 1991:Q4 | 0.84 |
| 1992:Q1 | 0.34 |
| 1992:Q2 | -0.46 |
| 1992:Q3 | -0.92 |
| 1992:Q4 | -1.43 |
| 1993:Q1 | -1.62 |
| 1993:Q2 | -1.81 |
| 1993:Q3 | -1.80 |
| 1993:Q4 | -2.26 |
| 1994:Q1 | -2.51 |
| 1994:Q2 | -2.92 |
| 1994:Q3 | -3.04 |
| 1994:Q4 | -3.09 |
| 1995:Q1 | -3.07 |
| 1995:Q2 | -2.86 |
| 1995:Q3 | -2.88 |
| 1995:Q4 | -3.07 |
| 1996:Q1 | -2.69 |
| 1996:Q2 | -3.28 |
| 1996:Q3 | -3.59 |
| 1996:Q4 | -4.04 |
| 1997:Q1 | -4.18 |
| 1997:Q2 | -4.80 |
| 1997:Q3 | -5.14 |
| 1997:Q4 | -5.39 |
| 1998:Q1 | -5.29 |
| 1998:Q2 | -5.07 |
| 1998:Q3 | -5.56 |
| 1998:Q4 | -5.76 |
| 1999:Q1 | -5.54 |
| 1999:Q2 | -5.20 |
| 1999:Q3 | -5.28 |
| 1999:Q4 | -5.66 |
| 2000:Q1 | -4.90 |
| 2000:Q2 | -5.65 |
| 2000:Q3 | -4.94 |
| 2000:Q4 | -5.02 |
| 2001:Q1 | -4.58 |
| 2001:Q2 | -4.15 |
| 2001:Q3 | -2.24 |
| 2001:Q4 | -2.18 |
| 2002:Q1 | -1.69 |
| 2002:Q2 | -1.41 |
| 2002:Q3 | -0.69 |
| 2002:Q4 | 0.49 |
| 2003:Q1 | 1.37 |
| 2003:Q2 | 3.28 |
| 2003:Q3 | 3.22 |
| 2003:Q4 | 3.66 |
| 2004:Q1 | 4.37 |
| 2004:Q2 | 5.15 |
| 2004:Q3 | 5.56 |
| 2004:Q4 | 6.58 |
| 2005:Q1 | 6.57 |
| 2005:Q2 | 7.78 |
| 2005:Q3 | 8.31 |
| 2005:Q4 | 8.96 |
| 2006:Q1 | 9.79 |
| 2006:Q2 | 11.03 |
| 2006:Q3 | 12.10 |
| 2006:Q4 | 12.57 |
| 2007:Q1 | 12.65 |
| 2007:Q2 | 13.44 |
| 2007:Q3 | 13.76 |
| 2007:Q4 | 13.97 |
| 2008:Q1 | 15.10 |
| 2008:Q2 | 13.49 |
| 2008:Q3 | 13.96 |
| 2008:Q4 | 13.32 |
| 2009:Q1 | 13.83 |
| 2009:Q2 | 13.79 |
| 2009:Q3 | 13.00 |
| 2009:Q4 | 11.24 |
| 2010:Q1 | 9.97 |
| 2010:Q2 | 8.24 |
| 2010:Q3 | 6.70 |
| 2010:Q4 | 5.39 |
| 2011:Q1 | 5.13 |
| 2011:Q2 | 3.51 |
| 2011:Q3 | 2.34 |
| 2011:Q4 | 1.04 |
| 2012:Q1 | -0.13 |
| 2012:Q2 | -1.09 |
| 2012:Q3 | -1.65 |
| 2012:Q4 | -2.01 |
| 2013:Q1 | -2.96 |
| 2013:Q2 | -3.29 |
| 2013:Q3 | -4.08 |
| 2013:Q4 | -4.80 |
| 2014:Q1 | -4.76 |
| 2014:Q2 | -5.59 |
| 2014:Q3 | -6.56 |
| 2014:Q4 | -6.77 |
| 2015:Q1 | -7.10 |
| 2015:Q2 | -7.52 |
| 2015:Q3 | -7.87 |
| 2015:Q4 | -7.93 |
| 2016:Q1 | -7.75 |
| 2016:Q2 | -8.02 |
| 2016:Q3 | -7.85 |
| 2016:Q4 | -8.11 |
| 2017:Q1 | -8.20 |
| 2017:Q2 | -8.21 |
| 2017:Q3 | -8.60 |
| 2017:Q4 | -8.58 |
| 2018:Q1 | -8.78 |
| 2018:Q2 | -9.63 |
Note: Calculated using a Hodrick-Prescott filter with lambda = 400,000. Shaded bars represent periods of recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.
Source: Federal Reserve Board staff calculations based on Bureau of Economic Analysis, national income and product accounts, and Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."
Figure 6. Corporate Business Sector Credit-to-GDP Gap
Quarterly
Percentage point difference from trend
| Period | Credit-to-GDP gap |
|---|---|
| 1980:Q1 | -2.82 |
| 1980:Q2 | -2.76 |
| 1980:Q3 | -3.10 |
| 1980:Q4 | -3.66 |
| 1981:Q1 | -4.64 |
| 1981:Q2 | -3.81 |
| 1981:Q3 | -3.69 |
| 1981:Q4 | -3.26 |
| 1982:Q1 | -2.42 |
| 1982:Q2 | -2.20 |
| 1982:Q3 | -1.86 |
| 1982:Q4 | -2.18 |
| 1983:Q1 | -2.07 |
| 1983:Q2 | -2.51 |
| 1983:Q3 | -2.75 |
| 1983:Q4 | -3.01 |
| 1984:Q1 | -2.85 |
| 1984:Q2 | -2.38 |
| 1984:Q3 | -1.96 |
| 1984:Q4 | -1.22 |
| 1985:Q1 | -1.28 |
| 1985:Q2 | -1.01 |
| 1985:Q3 | -0.89 |
| 1985:Q4 | 0.02 |
| 1986:Q1 | 0.37 |
| 1986:Q2 | 1.12 |
| 1986:Q3 | 1.79 |
| 1986:Q4 | 2.69 |
| 1987:Q1 | 2.97 |
| 1987:Q2 | 2.97 |
| 1987:Q3 | 3.25 |
| 1987:Q4 | 3.16 |
| 1988:Q1 | 3.49 |
| 1988:Q2 | 3.50 |
| 1988:Q3 | 3.44 |
| 1988:Q4 | 3.71 |
| 1989:Q1 | 3.72 |
| 1989:Q2 | 3.90 |
| 1989:Q3 | 3.68 |
| 1989:Q4 | 4.06 |
| 1990:Q1 | 3.86 |
| 1990:Q2 | 3.74 |
| 1990:Q3 | 3.70 |
| 1990:Q4 | 4.01 |
| 1991:Q1 | 3.39 |
| 1991:Q2 | 2.66 |
| 1991:Q3 | 1.81 |
| 1991:Q4 | 0.93 |
| 1992:Q1 | 0.32 |
| 1992:Q2 | -0.41 |
| 1992:Q3 | -0.91 |
| 1992:Q4 | -1.64 |
| 1993:Q1 | -1.60 |
| 1993:Q2 | -1.56 |
| 1993:Q3 | -1.44 |
| 1993:Q4 | -1.68 |
| 1994:Q1 | -1.46 |
| 1994:Q2 | -1.64 |
| 1994:Q3 | -1.53 |
| 1994:Q4 | -1.58 |
| 1995:Q1 | -1.23 |
| 1995:Q2 | -0.73 |
| 1995:Q3 | -0.88 |
| 1995:Q4 | -0.76 |
| 1996:Q1 | -0.93 |
| 1996:Q2 | -1.11 |
| 1996:Q3 | -1.13 |
| 1996:Q4 | -1.55 |
| 1997:Q1 | -1.47 |
| 1997:Q2 | -1.47 |
| 1997:Q3 | -1.07 |
| 1997:Q4 | -0.88 |
| 1998:Q1 | -0.26 |
| 1998:Q2 | 0.40 |
| 1998:Q3 | 0.59 |
| 1998:Q4 | 0.72 |
| 1999:Q1 | 1.35 |
| 1999:Q2 | 1.57 |
| 1999:Q3 | 2.42 |
| 1999:Q4 | 2.08 |
| 2000:Q1 | 2.78 |
| 2000:Q2 | 2.75 |
| 2000:Q3 | 3.03 |
| 2000:Q4 | 3.09 |
| 2001:Q1 | 2.97 |
| 2001:Q2 | 3.02 |
| 2001:Q3 | 3.32 |
| 2001:Q4 | 3.25 |
| 2002:Q1 | 2.86 |
| 2002:Q2 | 2.32 |
| 2002:Q3 | 1.81 |
| 2002:Q4 | 1.51 |
| 2003:Q1 | 1.11 |
| 2003:Q2 | 0.51 |
| 2003:Q3 | -0.16 |
| 2003:Q4 | -1.10 |
| 2004:Q1 | -0.96 |
| 2004:Q2 | -1.69 |
| 2004:Q3 | -1.83 |
| 2004:Q4 | -2.16 |
| 2005:Q1 | -2.44 |
| 2005:Q2 | -2.48 |
| 2005:Q3 | -2.84 |
| 2005:Q4 | -2.69 |
| 2006:Q1 | -2.70 |
| 2006:Q2 | -2.43 |
| 2006:Q3 | -2.53 |
| 2006:Q4 | -1.91 |
| 2007:Q1 | -1.49 |
| 2007:Q2 | -0.73 |
| 2007:Q3 | 0.15 |
| 2007:Q4 | 0.75 |
| 2008:Q1 | 1.63 |
| 2008:Q2 | 1.91 |
| 2008:Q3 | 2.27 |
| 2008:Q4 | 2.71 |
| 2009:Q1 | 2.78 |
| 2009:Q2 | 2.50 |
| 2009:Q3 | 1.54 |
| 2009:Q4 | -0.39 |
| 2010:Q1 | -0.76 |
| 2010:Q2 | -1.83 |
| 2010:Q3 | -1.91 |
| 2010:Q4 | -2.92 |
| 2011:Q1 | -2.83 |
| 2011:Q2 | -2.84 |
| 2011:Q3 | -2.47 |
| 2011:Q4 | -2.40 |
| 2012:Q1 | -2.75 |
| 2012:Q2 | -2.85 |
| 2012:Q3 | -2.40 |
| 2012:Q4 | -1.89 |
| 2013:Q1 | -2.00 |
| 2013:Q2 | -1.63 |
| 2013:Q3 | -1.29 |
| 2013:Q4 | -1.56 |
| 2014:Q1 | -1.05 |
| 2014:Q2 | -1.40 |
| 2014:Q3 | -1.49 |
| 2014:Q4 | -1.08 |
| 2015:Q1 | -0.45 |
| 2015:Q2 | -0.04 |
| 2015:Q3 | 0.19 |
| 2015:Q4 | 0.65 |
| 2016:Q1 | 1.62 |
| 2016:Q2 | 1.39 |
| 2016:Q3 | 1.62 |
| 2016:Q4 | 1.36 |
| 2017:Q1 | 1.93 |
| 2017:Q2 | 2.11 |
| 2017:Q3 | 2.23 |
| 2017:Q4 | 1.93 |
| 2018:Q1 | 1.73 |
| 2018:Q2 | 2.40 |
Note: Calculated using a Hodrick-Prescott filter with lambda = 400,000. Shaded bars represent periods of recession as defined by the National Bureau of Economic Research: January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009.
Source: Federal Reserve Board staff calculations based on Bureau of Economic Analysis, national income and product accounts, and Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."
Figure 7. Gross Balance Sheet Leverage of Public Nonfinancial Corporations
Quarterly
Percent
| Period | All firms | Risky firms |
|---|---|---|
| 1999:Q1 | 31.08 | 39.64 |
| 1999:Q2 | 30.85 | 39.38 |
| 1999:Q3 | 30.72 | 38.62 |
| 1999:Q4 | 30.72 | 38.38 |
| 2000:Q1 | 30.64 | 37.97 |
| 2000:Q2 | 29.85 | 37.32 |
| 2000:Q3 | 29.30 | 36.27 |
| 2000:Q4 | 29.52 | 36.82 |
| 2001:Q1 | 29.53 | 38.24 |
| 2001:Q2 | 29.66 | 39.03 |
| 2001:Q3 | 29.65 | 38.18 |
| 2001:Q4 | 30.32 | 39.25 |
| 2002:Q1 | 30.94 | 39.51 |
| 2002:Q2 | 30.02 | 37.98 |
| 2002:Q3 | 29.81 | 37.86 |
| 2002:Q4 | 29.57 | 37.93 |
| 2003:Q1 | 29.24 | 37.79 |
| 2003:Q2 | 28.42 | 37.68 |
| 2003:Q3 | 28.05 | 36.73 |
| 2003:Q4 | 27.08 | 36.52 |
| 2004:Q1 | 26.55 | 35.35 |
| 2004:Q2 | 25.94 | 34.86 |
| 2004:Q3 | 25.63 | 35.02 |
| 2004:Q4 | 25.41 | 34.22 |
| 2005:Q1 | 25.16 | 34.17 |
| 2005:Q2 | 25.02 | 32.65 |
| 2005:Q3 | 24.28 | 31.48 |
| 2005:Q4 | 24.35 | 32.21 |
| 2006:Q1 | 24.82 | 33.08 |
| 2006:Q2 | 24.66 | 32.82 |
| 2006:Q3 | 24.63 | 33.06 |
| 2006:Q4 | 24.91 | 34.52 |
| 2007:Q1 | 25.19 | 35.12 |
| 2007:Q2 | 25.45 | 34.74 |
| 2007:Q3 | 25.86 | 35.52 |
| 2007:Q4 | 26.16 | 35.84 |
| 2008:Q1 | 26.41 | 36.49 |
| 2008:Q2 | 26.53 | 36.23 |
| 2008:Q3 | 27.56 | 38.45 |
| 2008:Q4 | 29.15 | 40.50 |
| 2009:Q1 | 29.37 | 40.72 |
| 2009:Q2 | 28.35 | 38.84 |
| 2009:Q3 | 27.38 | 36.94 |
| 2009:Q4 | 27.13 | 37.63 |
| 2010:Q1 | 26.73 | 36.54 |
| 2010:Q2 | 26.60 | 36.53 |
| 2010:Q3 | 26.57 | 36.66 |
| 2010:Q4 | 26.33 | 36.20 |
| 2011:Q1 | 26.12 | 36.08 |
| 2011:Q2 | 26.19 | 36.14 |
| 2011:Q3 | 26.51 | 36.07 |
| 2011:Q4 | 26.40 | 35.48 |
| 2012:Q1 | 26.34 | 35.92 |
| 2012:Q2 | 26.90 | 36.75 |
| 2012:Q3 | 27.03 | 36.96 |
| 2012:Q4 | 27.33 | 37.86 |
| 2013:Q1 | 27.28 | 37.60 |
| 2013:Q2 | 27.72 | 38.28 |
| 2013:Q3 | 27.98 | 38.25 |
| 2013:Q4 | 28.19 | 38.71 |
| 2014:Q1 | 28.82 | 39.28 |
| 2014:Q2 | 28.61 | 38.18 |
| 2014:Q3 | 28.75 | 38.08 |
| 2014:Q4 | 29.30 | 38.99 |
| 2015:Q1 | 30.17 | 39.63 |
| 2015:Q2 | 30.70 | 39.73 |
| 2015:Q3 | 31.23 | 41.02 |
| 2015:Q4 | 32.16 | 40.55 |
| 2016:Q1 | 32.77 | 42.18 |
| 2016:Q2 | 32.96 | 41.78 |
| 2016:Q3 | 33.04 | 41.62 |
| 2016:Q4 | 33.00 | 40.98 |
| 2017:Q1 | 33.22 | 40.79 |
| 2017:Q2 | 33.61 | 41.72 |
| 2017:Q3 | 33.42 | 41.90 |
| 2017:Q4 | 33.26 | 41.16 |
| 2018:Q1 | 33.34 | 40.80 |
| 2018:Q2 | 33.27 | 41.16 |
Note: Gross leverage is the ratio of the book value of total debt to the book value of total assets. The sample of risky firms is composed of firms with positive short-term or long-term debt that either have an S&P firm rating of speculative-grade or have no S&P rating.
Source: Federal Reserve Board staff calculations based on S&P Global, Compustat.
Figure 8. Forward Price-to-Earnings Ratio of S&P 500 Firms
Monthly
Ratio
| Period | Price-to-Earnings Ratio |
|---|---|
| January 1988 | 10.33 |
| February 1988 | 10.89 |
| March 1988 | 11.05 |
| April 1988 | 10.98 |
| May 1988 | 9.88 |
| June 1988 | 10.66 |
| July 1988 | 10.33 |
| August 1988 | 9.78 |
| September 1988 | 9.99 |
| October 1988 | 10.12 |
| November 1988 | 9.47 |
| December 1988 | 9.81 |
| January 1989 | 10.06 |
| February 1989 | 10.14 |
| March 1989 | 10.12 |
| April 1989 | 10.43 |
| May 1989 | 10.73 |
| June 1989 | 10.85 |
| July 1989 | 11.24 |
| August 1989 | 11.56 |
| September 1989 | 11.51 |
| October 1989 | 11.47 |
| November 1989 | 11.52 |
| December 1989 | 11.88 |
| January 1990 | 11.53 |
| February 1990 | 11.32 |
| March 1990 | 11.49 |
| April 1990 | 11.65 |
| May 1990 | 12.07 |
| June 1990 | 12.38 |
| July 1990 | 12.39 |
| August 1990 | 11.50 |
| September 1990 | 10.79 |
| October 1990 | 10.30 |
| November 1990 | 11.18 |
| December 1990 | 11.66 |
| January 1991 | 11.25 |
| February 1991 | 13.43 |
| March 1991 | 13.77 |
| April 1991 | 14.45 |
| May 1991 | 13.64 |
| June 1991 | 13.90 |
| July 1991 | 14.15 |
| August 1991 | 14.40 |
| September 1991 | 14.21 |
| October 1991 | 14.31 |
| November 1991 | 14.46 |
| December 1991 | 14.01 |
| January 1992 | 15.37 |
| February 1992 | 15.00 |
| March 1992 | 14.85 |
| April 1992 | 14.81 |
| May 1992 | 14.70 |
| June 1992 | 14.01 |
| July 1992 | 14.43 |
| August 1992 | 14.45 |
| September 1992 | 14.41 |
| October 1992 | 14.00 |
| November 1992 | 14.52 |
| December 1992 | 14.70 |
| January 1993 | 14.62 |
| February 1993 | 14.67 |
| March 1993 | 15.01 |
| April 1993 | 15.04 |
| May 1993 | 14.71 |
| June 1993 | 14.64 |
| July 1993 | 14.63 |
| August 1993 | 14.76 |
| September 1993 | 14.81 |
| October 1993 | 14.64 |
| November 1993 | 14.67 |
| December 1993 | 14.48 |
| January 1994 | 14.74 |
| February 1994 | 14.60 |
| March 1994 | 14.33 |
| April 1994 | 13.46 |
| May 1994 | 13.42 |
| June 1994 | 13.46 |
| July 1994 | 13.00 |
| August 1994 | 13.20 |
| September 1994 | 13.10 |
| October 1994 | 12.92 |
| November 1994 | 12.56 |
| December 1994 | 12.09 |
| January 1995 | 12.32 |
| February 1995 | 12.48 |
| March 1995 | 12.50 |
| April 1995 | 12.66 |
| May 1995 | 12.90 |
| June 1995 | 13.05 |
| July 1995 | 13.30 |
| August 1995 | 13.36 |
| September 1995 | 13.68 |
| October 1995 | 13.77 |
| November 1995 | 13.80 |
| December 1995 | 14.32 |
| January 1996 | 14.01 |
| February 1996 | 15.23 |
| March 1996 | 14.81 |
| April 1996 | 14.79 |
| May 1996 | 15.20 |
| June 1996 | 14.71 |
| July 1996 | 14.40 |
| August 1996 | 14.92 |
| September 1996 | 15.25 |
| October 1996 | 15.61 |
| November 1996 | 16.07 |
| December 1996 | 15.85 |
| January 1997 | 16.46 |
| February 1997 | 17.36 |
| March 1997 | 16.65 |
| April 1997 | 16.02 |
| May 1997 | 17.38 |
| June 1997 | 18.39 |
| July 1997 | 19.23 |
| August 1997 | 18.68 |
| September 1997 | 18.92 |
| October 1997 | 19.20 |
| November 1997 | 18.60 |
| December 1997 | 18.87 |
| January 1998 | 18.66 |
| February 1998 | 20.36 |
| March 1998 | 21.42 |
| April 1998 | 21.90 |
| May 1998 | 21.69 |
| June 1998 | 21.42 |
| July 1998 | 22.77 |
| August 1998 | 21.16 |
| September 1998 | 20.01 |
| October 1998 | 19.28 |
| November 1998 | 22.02 |
| December 1998 | 22.30 |
| January 1999 | 23.71 |
| February 1999 | 23.53 |
| March 1999 | 24.73 |
| April 1999 | 24.96 |
| May 1999 | 24.74 |
| June 1999 | 24.30 |
| July 1999 | 25.44 |
| August 1999 | 23.91 |
| September 1999 | 23.47 |
| October 1999 | 22.55 |
| November 1999 | 24.50 |
| December 1999 | 24.42 |
| January 2000 | 24.85 |
| February 2000 | 24.03 |
| March 2000 | 23.73 |
| April 2000 | 23.91 |
| May 2000 | 23.89 |
| June 2000 | 24.10 |
| July 2000 | 24.09 |
| August 2000 | 23.86 |
| September 2000 | 23.85 |
| October 2000 | 21.44 |
| November 2000 | 22.24 |
| December 2000 | 22.10 |
| January 2001 | 21.98 |
| February 2001 | 22.07 |
| March 2001 | 19.72 |
| April 2001 | 21.41 |
| May 2001 | 22.23 |
| June 2001 | 21.67 |
| July 2001 | 21.61 |
| August 2001 | 21.17 |
| September 2001 | 18.42 |
| October 2001 | 20.37 |
| November 2001 | 21.49 |
| December 2001 | 21.57 |
| January 2002 | 21.00 |
| February 2002 | 20.47 |
| March 2002 | 20.75 |
| April 2002 | 20.17 |
| May 2002 | 19.40 |
| June 2002 | 18.11 |
| July 2002 | 16.15 |
| August 2002 | 16.60 |
| September 2002 | 15.72 |
| October 2002 | 15.77 |
| November 2002 | 16.01 |
| December 2002 | 16.12 |
| January 2003 | 16.48 |
| February 2003 | 15.33 |
| March 2003 | 15.70 |
| April 2003 | 15.67 |
| May 2003 | 16.55 |
| June 2003 | 17.68 |
| July 2003 | 17.27 |
| August 2003 | 16.94 |
| September 2003 | 17.41 |
| October 2003 | 17.50 |
| November 2003 | 17.10 |
| December 2003 | 17.43 |
| January 2004 | 18.10 |
| February 2004 | 18.09 |
| March 2004 | 17.40 |
| April 2004 | 17.10 |
| May 2004 | 15.97 |
| June 2004 | 16.41 |
| July 2004 | 15.92 |
| August 2004 | 15.51 |
| September 2004 | 15.77 |
| October 2004 | 15.49 |
| November 2004 | 16.17 |
| December 2004 | 16.32 |
| January 2005 | 15.95 |
| February 2005 | 16.17 |
| March 2005 | 15.64 |
| April 2005 | 15.30 |
| May 2005 | 15.27 |
| June 2005 | 15.41 |
| July 2005 | 15.41 |
| August 2005 | 15.14 |
| September 2005 | 14.95 |
| October 2005 | 14.33 |
| November 2005 | 14.61 |
| December 2005 | 14.98 |
| January 2006 | 14.90 |
| February 2006 | 14.93 |
| March 2006 | 15.06 |
| April 2006 | 14.99 |
| May 2006 | 14.29 |
| June 2006 | 13.69 |
| July 2006 | 13.90 |
| August 2006 | 14.13 |
| September 2006 | 14.26 |
| October 2006 | 14.65 |
| November 2006 | 14.81 |
| December 2006 | 14.83 |
| January 2007 | 15.01 |
| February 2007 | 15.39 |
| March 2007 | 14.56 |
| April 2007 | 15.31 |
| May 2007 | 15.51 |
| June 2007 | 15.30 |
| July 2007 | 15.41 |
| August 2007 | 13.87 |
| September 2007 | 15.01 |
| October 2007 | 15.01 |
| November 2007 | 14.32 |
| December 2007 | 14.20 |
| January 2008 | 13.49 |
| February 2008 | 13.68 |
| March 2008 | 13.09 |
| April 2008 | 13.80 |
| May 2008 | 14.30 |
| June 2008 | 13.51 |
| July 2008 | 12.60 |
| August 2008 | 13.29 |
| September 2008 | 12.01 |
| October 2008 | 9.93 |
| November 2008 | 9.74 |
| December 2008 | 11.87 |
| January 2009 | 11.48 |
| February 2009 | 12.46 |
| March 2009 | 12.42 |
| April 2009 | 13.51 |
| May 2009 | 14.66 |
| June 2009 | 14.73 |
| July 2009 | 14.80 |
| August 2009 | 15.20 |
| September 2009 | 15.91 |
| October 2009 | 15.85 |
| November 2009 | 15.12 |
| December 2009 | 14.89 |
| January 2010 | 14.80 |
| February 2010 | 13.81 |
| March 2010 | 14.44 |
| April 2010 | 14.83 |
| May 2010 | 12.99 |
| June 2010 | 12.82 |
| July 2010 | 12.49 |
| August 2010 | 12.10 |
| September 2010 | 12.36 |
| October 2010 | 12.84 |
| November 2010 | 12.57 |
| December 2010 | 13.03 |
| January 2011 | 13.21 |
| February 2011 | 13.70 |
| March 2011 | 12.61 |
| April 2011 | 12.97 |
| May 2011 | 12.90 |
| June 2011 | 12.07 |
| July 2011 | 12.64 |
| August 2011 | 11.28 |
| September 2011 | 11.24 |
| October 2011 | 11.50 |
| November 2011 | 11.68 |
| December 2011 | 11.40 |
| January 2012 | 12.33 |
| February 2012 | 12.63 |
| March 2012 | 12.96 |
| April 2012 | 12.66 |
| May 2012 | 12.01 |
| June 2012 | 11.89 |
| July 2012 | 12.59 |
| August 2012 | 12.92 |
| September 2012 | 13.34 |
| October 2012 | 13.21 |
| November 2012 | 12.19 |
| December 2012 | 12.86 |
| January 2013 | 13.12 |
| February 2013 | 13.53 |
| March 2013 | 13.72 |
| April 2013 | 13.59 |
| May 2013 | 14.48 |
| June 2013 | 14.10 |
| July 2013 | 14.51 |
| August 2013 | 14.58 |
| September 2013 | 14.84 |
| October 2013 | 14.71 |
| November 2013 | 15.03 |
| December 2013 | 15.20 |
| January 2014 | 15.42 |
| February 2014 | 15.44 |
| March 2014 | 15.60 |
| April 2014 | 15.49 |
| May 2014 | 15.45 |
| June 2014 | 15.83 |
| July 2014 | 15.97 |
| August 2014 | 15.55 |
| September 2014 | 15.89 |
| October 2014 | 14.76 |
| November 2014 | 16.19 |
| December 2014 | 16.11 |
| January 2015 | 16.23 |
| February 2015 | 17.35 |
| March 2015 | 17.27 |
| April 2015 | 17.29 |
| May 2015 | 17.09 |
| June 2015 | 16.96 |
| July 2015 | 16.98 |
| August 2015 | 16.75 |
| September 2015 | 16.09 |
| October 2015 | 16.14 |
| November 2015 | 16.80 |
| December 2015 | 16.69 |
| January 2016 | 15.29 |
| February 2016 | 15.91 |
| March 2016 | 16.71 |
| April 2016 | 17.09 |
| May 2016 | 16.67 |
| June 2016 | 16.74 |
| July 2016 | 17.39 |
| August 2016 | 17.52 |
| September 2016 | 16.92 |
| October 2016 | 16.89 |
| November 2016 | 16.95 |
| December 2016 | 17.33 |
| January 2017 | 17.27 |
| February 2017 | 17.91 |
| March 2017 | 18.04 |
| April 2017 | 17.54 |
| May 2017 | 17.50 |
| June 2017 | 17.91 |
| July 2017 | 18.23 |
| August 2017 | 18.09 |
| September 2017 | 18.18 |
| October 2017 | 18.44 |
| November 2017 | 18.15 |
| December 2017 | 18.64 |
| January 2018 | 18.72 |
| February 2018 | 17.28 |
| March 2018 | 17.37 |
| April 2018 | 16.92 |
| May 2018 | 16.68 |
| June 2018 | 16.84 |
| July 2018 | 17.03 |
| August 2018 | 16.82 |
| September 2018 | 17.21 |
| October 2018 | 16.49 |
Note: Median = 15.57. The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009. Aggregate forward price-to-earnings ratio of S&P 500 firms. Based on expected earnings for 12 months ahead.
Source: Federal Reserve Board staff calculations using Refinitiv (formerly Thomson Reuters), IBES Estimates.