Accessible Version
Overview of financial system vulnerabilities
Asset valuations
- Yields on Treasury securities declined across all maturities in March amid heightened financial market volatility.
- Risk premiums in equity and corporate bond markets continued to be near the middle of their historical distributions.
- Real estate valuations remained very elevated even though activity weakened. Both house prices and commercial property prices have shown recent declines.
Borrowing by businesses and households
- The ratio of total private debt to gross domestic product (GDP) edged down but was still at a moderate level.
- The business debt-to-GDP ratio remained at a high level, but debt issuance by the riskiest companies slowed markedly. Interest coverage ratios for publicly traded firms declined a bit from historically high levels.
- Household debt remained at modest levels relative to GDP and was concentrated among prime-rated borrowers.
Leverage in the financial sector
- Poor management of interest rate risk and liquidity risk contributed to three sizable bank failures since March 2023. Concerns over broader spillovers in the banking sector led to official interventions by the Federal Reserve, the Federal Deposit Insurance Corporation, and the U.S. Department of Treasury.
- Broker-dealer leverage rested near historically low levels. The limited willingness and ability of dealers to intermediate during times of distress can amplify volatility.
- Hedge fund leverage remained elevated. Bank lending to nonbank financial institutions stabilized at high levels.
Funding risks
- Some banks experienced notable funding strains following the failures of Silicon Valley Bank and Signature Bank. The actions by the official sector reduced funding strains in the banking system.
- Structural vulnerabilities persisted at money market funds, other cash-management vehicles, and stablecoins. Certain types of mutual funds continued to be susceptible to large redemptions.
- Liquidity risks for life insurers remained elevated as the share of illiquid and risky assets continued to edge up. Domestic banks maintained high levels of liquid assets and stable funding.
Survey of salient risks to the U.S. financial system
Survey respondents cited several emerging and existing events or conditions as presenting risks to the U.S. financial system and the broader global economy. For more information, see the box "Survey of Salient Risks to Financial Stability."
| Persistent inflation; monetary tightening | Banking-sector stress | U.S.-China tensions | Commercial and residential real estate | Russia-Ukraine war | |
|---|---|---|---|---|---|
| May 2023 | 56% of contacts surveyed | 56% of contacts surveyed | 56% of contacts surveyed | 52% of contacts surveyed | 52% of contacts surveyed |
| November 2022 | 62% of contacts surveyed | 12% of contacts surveyed | 42% of contacts surveyed | 12% of contacts surveyed | 62% of contacts surveyed |
Figure 1.1. Nominal Treasury yields fell in March and April
Percent, annual rate
| Date | 2-year | 10-year |
|---|---|---|
| 199701 | 6.01 | 6.58 |
| 199702 | 5.9 | 6.42 |
| 199703 | 6.22 | 6.69 |
| 199704 | 6.45 | 6.89 |
| 199705 | 6.28 | 6.71 |
| 199706 | 6.09 | 6.49 |
| 199707 | 5.89 | 6.22 |
| 199708 | 5.94 | 6.3 |
| 199709 | 5.88 | 6.21 |
| 199710 | 5.77 | 6.03 |
| 199711 | 5.71 | 5.88 |
| 199712 | 5.72 | 5.81 |
| 199801 | 5.36 | 5.54 |
| 199802 | 5.42 | 5.57 |
| 199803 | 5.56 | 5.65 |
| 199804 | 5.56 | 5.64 |
| 199805 | 5.59 | 5.65 |
| 199806 | 5.52 | 5.5 |
| 199807 | 5.46 | 5.46 |
| 199808 | 5.27 | 5.34 |
| 199809 | 4.67 | 4.81 |
| 199810 | 4.09 | 4.53 |
| 199811 | 4.54 | 4.83 |
| 199812 | 4.51 | 4.65 |
| 199901 | 4.62 | 4.72 |
| 199902 | 4.88 | 5 |
| 199903 | 5.05 | 5.23 |
| 199904 | 4.98 | 5.18 |
| 199905 | 5.25 | 5.54 |
| 199906 | 5.62 | 5.9 |
| 199907 | 5.55 | 5.79 |
| 199908 | 5.68 | 5.94 |
| 199909 | 5.66 | 5.92 |
| 199910 | 5.86 | 6.11 |
| 199911 | 5.86 | 6.03 |
| 199912 | 6.1 | 6.28 |
| 200001 | 6.44 | 6.66 |
| 200002 | 6.61 | 6.52 |
| 200003 | 6.53 | 6.26 |
| 200004 | 6.4 | 5.99 |
| 200005 | 6.81 | 6.44 |
| 200006 | 6.48 | 6.1 |
| 200007 | 6.34 | 6.05 |
| 200008 | 6.23 | 5.83 |
| 200009 | 6.08 | 5.8 |
| 200010 | 5.91 | 5.74 |
| 200011 | 5.88 | 5.72 |
| 200012 | 5.35 | 5.24 |
| 200101 | 4.76 | 5.16 |
| 200102 | 4.66 | 5.1 |
| 200103 | 4.34 | 4.89 |
| 200104 | 4.23 | 5.14 |
| 200105 | 4.26 | 5.39 |
| 200106 | 4.08 | 5.28 |
| 200107 | 4.04 | 5.24 |
| 200108 | 3.76 | 4.97 |
| 200109 | 3.12 | 4.73 |
| 200110 | 2.73 | 4.57 |
| 200111 | 2.78 | 4.65 |
| 200112 | 3.11 | 5.09 |
| 200201 | 3.03 | 5.04 |
| 200202 | 3.02 | 4.91 |
| 200203 | 3.56 | 5.28 |
| 200204 | 3.42 | 5.21 |
| 200205 | 3.26 | 5.16 |
| 200206 | 2.99 | 4.93 |
| 200207 | 2.56 | 4.65 |
| 200208 | 2.13 | 4.26 |
| 200209 | 2 | 3.87 |
| 200210 | 1.91 | 3.94 |
| 200211 | 1.92 | 4.05 |
| 200212 | 1.84 | 4.03 |
| 200301 | 1.74 | 4.05 |
| 200302 | 1.63 | 3.9 |
| 200303 | 1.57 | 3.81 |
| 200304 | 1.62 | 3.96 |
| 200305 | 1.42 | 3.57 |
| 200306 | 1.23 | 3.33 |
| 200307 | 1.47 | 3.98 |
| 200308 | 1.86 | 4.45 |
| 200309 | 1.71 | 4.27 |
| 200310 | 1.75 | 4.29 |
| 200311 | 1.93 | 4.3 |
| 200312 | 1.91 | 4.27 |
| 200401 | 1.76 | 4.15 |
| 200402 | 1.74 | 4.08 |
| 200403 | 1.58 | 3.83 |
| 200404 | 2.07 | 4.35 |
| 200405 | 2.53 | 4.72 |
| 200406 | 2.76 | 4.73 |
| 200407 | 2.64 | 4.5 |
| 200408 | 2.51 | 4.28 |
| 200409 | 2.53 | 4.13 |
| 200410 | 2.58 | 4.1 |
| 200411 | 2.85 | 4.19 |
| 200412 | 3.01 | 4.23 |
| 200501 | 3.22 | 4.22 |
| 200502 | 3.38 | 4.17 |
| 200503 | 3.73 | 4.5 |
| 200504 | 3.65 | 4.34 |
| 200505 | 3.64 | 4.14 |
| 200506 | 3.64 | 4 |
| 200507 | 3.87 | 4.18 |
| 200508 | 4.04 | 4.26 |
| 200509 | 3.95 | 4.2 |
| 200510 | 4.27 | 4.46 |
| 200511 | 4.42 | 4.54 |
| 200512 | 4.4 | 4.47 |
| 200601 | 4.4 | 4.42 |
| 200602 | 4.67 | 4.57 |
| 200603 | 4.73 | 4.72 |
| 200604 | 4.89 | 4.99 |
| 200605 | 4.97 | 5.11 |
| 200606 | 5.12 | 5.11 |
| 200607 | 5.12 | 5.09 |
| 200608 | 4.9 | 4.88 |
| 200609 | 4.77 | 4.72 |
| 200610 | 4.8 | 4.73 |
| 200611 | 4.74 | 4.6 |
| 200612 | 4.67 | 4.56 |
| 200701 | 4.88 | 4.76 |
| 200702 | 4.85 | 4.72 |
| 200703 | 4.57 | 4.56 |
| 200704 | 4.67 | 4.69 |
| 200705 | 4.77 | 4.75 |
| 200706 | 4.98 | 5.1 |
| 200707 | 4.82 | 5 |
| 200708 | 4.31 | 4.67 |
| 200709 | 4.01 | 4.52 |
| 200710 | 3.97 | 4.53 |
| 200711 | 3.34 | 4.15 |
| 200712 | 3.12 | 4.1 |
| 200801 | 2.48 | 3.74 |
| 200802 | 1.97 | 3.74 |
| 200803 | 1.62 | 3.51 |
| 200804 | 2.05 | 3.68 |
| 200805 | 2.45 | 3.88 |
| 200806 | 2.77 | 4.1 |
| 200807 | 2.57 | 4.01 |
| 200808 | 2.42 | 3.89 |
| 200809 | 2.08 | 3.69 |
| 200810 | 1.61 | 3.81 |
| 200811 | 1.21 | 3.53 |
| 200812 | 0.82 | 2.42 |
| 200901 | 0.81 | 2.52 |
| 200902 | 0.98 | 2.87 |
| 200903 | 0.93 | 2.82 |
| 200904 | 0.93 | 2.93 |
| 200905 | 0.93 | 3.29 |
| 200906 | 1.18 | 3.72 |
| 200907 | 1.02 | 3.56 |
| 200908 | 1.12 | 3.59 |
| 200909 | 0.96 | 3.4 |
| 200910 | 0.95 | 3.39 |
| 200911 | 0.8 | 3.4 |
| 200912 | 0.87 | 3.59 |
| 201001 | 0.93 | 3.73 |
| 201002 | 0.86 | 3.69 |
| 201003 | 0.96 | 3.73 |
| 201004 | 1.06 | 3.85 |
| 201005 | 0.83 | 3.42 |
| 201006 | 0.72 | 3.2 |
| 201007 | 0.62 | 3.01 |
| 201008 | 0.52 | 2.7 |
| 201009 | 0.48 | 2.65 |
| 201010 | 0.38 | 2.54 |
| 201011 | 0.45 | 2.76 |
| 201012 | 0.62 | 3.29 |
| 201101 | 0.61 | 3.39 |
| 201102 | 0.77 | 3.58 |
| 201103 | 0.7 | 3.41 |
| 201104 | 0.73 | 3.46 |
| 201105 | 0.56 | 3.17 |
| 201106 | 0.41 | 3 |
| 201107 | 0.41 | 3 |
| 201108 | 0.23 | 2.3 |
| 201109 | 0.21 | 1.98 |
| 201110 | 0.28 | 2.15 |
| 201111 | 0.25 | 2.01 |
| 201112 | 0.26 | 1.98 |
| 201201 | 0.24 | 1.97 |
| 201202 | 0.28 | 1.97 |
| 201203 | 0.34 | 2.17 |
| 201204 | 0.29 | 2.05 |
| 201205 | 0.29 | 1.8 |
| 201206 | 0.29 | 1.62 |
| 201207 | 0.25 | 1.53 |
| 201208 | 0.27 | 1.68 |
| 201209 | 0.26 | 1.72 |
| 201210 | 0.28 | 1.75 |
| 201211 | 0.27 | 1.65 |
| 201212 | 0.26 | 1.72 |
| 201301 | 0.27 | 1.91 |
| 201302 | 0.27 | 1.98 |
| 201303 | 0.26 | 1.96 |
| 201304 | 0.23 | 1.76 |
| 201305 | 0.25 | 1.93 |
| 201306 | 0.33 | 2.3 |
| 201307 | 0.34 | 2.58 |
| 201308 | 0.36 | 2.74 |
| 201309 | 0.4 | 2.81 |
| 201310 | 0.34 | 2.62 |
| 201311 | 0.3 | 2.72 |
| 201312 | 0.34 | 2.9 |
| 201401 | 0.39 | 2.86 |
| 201402 | 0.33 | 2.71 |
| 201403 | 0.4 | 2.72 |
| 201404 | 0.42 | 2.71 |
| 201405 | 0.39 | 2.56 |
| 201406 | 0.45 | 2.6 |
| 201407 | 0.51 | 2.54 |
| 201408 | 0.47 | 2.42 |
| 201409 | 0.57 | 2.53 |
| 201410 | 0.45 | 2.3 |
| 201411 | 0.53 | 2.33 |
| 201412 | 0.64 | 2.21 |
| 201501 | 0.55 | 1.88 |
| 201502 | 0.62 | 1.98 |
| 201503 | 0.64 | 2.04 |
| 201504 | 0.54 | 1.94 |
| 201505 | 0.61 | 2.2 |
| 201506 | 0.69 | 2.36 |
| 201507 | 0.67 | 2.32 |
| 201508 | 0.7 | 2.17 |
| 201509 | 0.71 | 2.17 |
| 201510 | 0.64 | 2.07 |
| 201511 | 0.88 | 2.26 |
| 201512 | 0.98 | 2.24 |
| 201601 | 0.9 | 2.09 |
| 201602 | 0.73 | 1.78 |
| 201603 | 0.88 | 1.89 |
| 201604 | 0.77 | 1.81 |
| 201605 | 0.82 | 1.81 |
| 201606 | 0.73 | 1.64 |
| 201607 | 0.67 | 1.5 |
| 201608 | 0.74 | 1.56 |
| 201609 | 0.77 | 1.63 |
| 201610 | 0.84 | 1.76 |
| 201611 | 0.98 | 2.14 |
| 201612 | 1.2 | 2.49 |
| 201701 | 1.21 | 2.43 |
| 201702 | 1.2 | 2.42 |
| 201703 | 1.31 | 2.48 |
| 201704 | 1.24 | 2.3 |
| 201705 | 1.3 | 2.3 |
| 201706 | 1.34 | 2.19 |
| 201707 | 1.37 | 2.32 |
| 201708 | 1.34 | 2.21 |
| 201709 | 1.38 | 2.2 |
| 201710 | 1.55 | 2.36 |
| 201711 | 1.7 | 2.35 |
| 201712 | 1.84 | 2.4 |
| 201801 | 2.03 | 2.58 |
| 201802 | 2.18 | 2.86 |
| 201803 | 2.28 | 2.84 |
| 201804 | 2.38 | 2.87 |
| 201805 | 2.51 | 2.98 |
| 201806 | 2.53 | 2.91 |
| 201807 | 2.61 | 2.89 |
| 201808 | 2.64 | 2.89 |
| 201809 | 2.77 | 3 |
| 201810 | 2.86 | 3.15 |
| 201811 | 2.86 | 3.12 |
| 201812 | 2.68 | 2.83 |
| 201901 | 2.54 | 2.71 |
| 201902 | 2.5 | 2.68 |
| 201903 | 2.41 | 2.57 |
| 201904 | 2.34 | 2.53 |
| 201905 | 2.21 | 2.4 |
| 201906 | 1.81 | 2.07 |
| 201907 | 1.84 | 2.06 |
| 201908 | 1.57 | 1.63 |
| 201909 | 1.65 | 1.7 |
| 201910 | 1.55 | 1.71 |
| 201911 | 1.61 | 1.81 |
| 201912 | 1.61 | 1.86 |
| 202001 | 1.52 | 1.76 |
| 202002 | 1.33 | 1.5 |
| 202003 | 0.45 | 0.87 |
| 202004 | 0.22 | 0.66 |
| 202005 | 0.17 | 0.67 |
| 202006 | 0.19 | 0.73 |
| 202007 | 0.15 | 0.62 |
| 202008 | 0.14 | 0.65 |
| 202009 | 0.13 | 0.68 |
| 202010 | 0.15 | 0.79 |
| 202011 | 0.17 | 0.87 |
| 202012 | 0.14 | 0.93 |
| 202101 | 0.13 | 1.08 |
| 202102 | 0.12 | 1.26 |
| 202103 | 0.15 | 1.61 |
| 202104 | 0.16 | 1.64 |
| 202105 | 0.16 | 1.62 |
| 202106 | 0.2 | 1.52 |
| 202107 | 0.22 | 1.32 |
| 202108 | 0.22 | 1.28 |
| 202109 | 0.24 | 1.37 |
| 202110 | 0.39 | 1.58 |
| 202111 | 0.51 | 1.56 |
| 202112 | 0.68 | 1.47 |
| 202201 | 0.98 | 1.76 |
| 202202 | 1.44 | 1.93 |
| 202203 | 1.91 | 2.13 |
| 202204 | 2.54 | 2.75 |
| 202205 | 2.62 | 2.9 |
| 202206 | 3 | 3.14 |
| 202207 | 3.04 | 2.9 |
| 202208 | 3.25 | 2.9 |
| 202209 | 3.86 | 3.52 |
| 202210 | 4.38 | 3.98 |
| 202211 | 4.5 | 3.89 |
| 202212 | 4.29 | 3.62 |
| 202301 | 4.21 | 3.53 |
| 202302 | 4.53 | 3.75 |
| 202303 | 4.3 | 3.66 |
| 202304 | 4.02 | 3.46 |
Note: The 2-year and 10-year Treasury rates are the monthly average of the constant-maturity yields based on the most actively traded securities.
Source: Federal Reserve Board, Statistical Release H.15, "Selected Interest Rates."
Figure 1.2. An estimate of the nominal Treasury term premium remained low
Percentage points
| Date | Term Premium |
|---|---|
| 199701 | 1.49387619608925 |
| 199702 | 1.4219388961792 |
| 199703 | 1.56349500417709 |
| 199704 | 1.66056819395586 |
| 199705 | 1.56349525565193 |
| 199706 | 1.48142857210977 |
| 199707 | 1.30218181826852 |
| 199708 | 1.33278094586872 |
| 199709 | 1.32660953203837 |
| 199710 | 1.21571363644166 |
| 199711 | 1.06898887952169 |
| 199712 | 0.994054555892944 |
| 199801 | 0.88231999874115 |
| 199802 | 0.916031583359367 |
| 199803 | 0.974218176169829 |
| 199804 | 0.973090475513822 |
| 199805 | 0.975814998149872 |
| 199806 | 0.886295459487221 |
| 199807 | 0.864068183031949 |
| 199808 | 0.795357142175947 |
| 199809 | 0.57252856805211 |
| 199810 | 0.613519049826123 |
| 199811 | 0.688826313144282 |
| 199812 | 0.597131821242246 |
| 199901 | 0.698215792053624 |
| 199902 | 0.843757889772716 |
| 199903 | 0.995682602343352 |
| 199904 | 0.975800003324236 |
| 199905 | 1.13935790563885 |
| 199906 | 1.32467727227644 |
| 199907 | 1.28947368421053 |
| 199908 | 1.35223636843941 |
| 199909 | 1.34805713381086 |
| 199910 | 1.4444649875164 |
| 199911 | 1.27639001011848 |
| 199912 | 1.35427726398815 |
| 200001 | 1.50946500301361 |
| 200002 | 1.38115000724792 |
| 200003 | 1.21349130506101 |
| 200004 | 1.04713683693033 |
| 200005 | 1.23775907538154 |
| 200006 | 1.05134545673024 |
| 200007 | 0.963879996538162 |
| 200008 | 0.823352178801661 |
| 200009 | 0.836045002937317 |
| 200010 | 0.747542863800412 |
| 200011 | 0.701523809205918 |
| 200012 | 0.529730004072189 |
| 200101 | 0.69438095887502 |
| 200102 | 0.774110521140852 |
| 200103 | 0.783759092742747 |
| 200104 | 1.06420498788357 |
| 200105 | 1.2931318228895 |
| 200106 | 1.29323333785647 |
| 200107 | 1.25510475749061 |
| 200108 | 1.1700739186743 |
| 200109 | 1.21610587484696 |
| 200110 | 1.27206818623976 |
| 200111 | 1.41033499240875 |
| 200112 | 1.78161498904228 |
| 200201 | 1.75319523470742 |
| 200202 | 1.65985790051912 |
| 200203 | 1.84941499829292 |
| 200204 | 1.80147726969285 |
| 200205 | 1.74901364066384 |
| 200206 | 1.59664998650551 |
| 200207 | 1.44536362452941 |
| 200208 | 1.20719091458754 |
| 200209 | 0.934149995446205 |
| 200210 | 0.987090904604305 |
| 200211 | 1.1454631592098 |
| 200212 | 1.15573809260414 |
| 200301 | 1.16111426694053 |
| 200302 | 1.06583157652303 |
| 200303 | 0.992842858745938 |
| 200304 | 1.08824284871419 |
| 200305 | 0.81813333148048 |
| 200306 | 0.677409526847658 |
| 200307 | 1.10343636436896 |
| 200308 | 1.45625713893345 |
| 200309 | 1.33401905354999 |
| 200310 | 1.32285455682061 |
| 200311 | 1.33156110843023 |
| 200312 | 1.31312273849141 |
| 200401 | 1.23160499334335 |
| 200402 | 1.183631583264 |
| 200403 | 1.00030000572619 |
| 200404 | 1.34154762540545 |
| 200405 | 1.56125501394272 |
| 200406 | 1.48352380593618 |
| 200407 | 1.29254761763981 |
| 200408 | 1.12465454773469 |
| 200409 | 0.95767620347795 |
| 200410 | 0.896695005893707 |
| 200411 | 0.869494992494583 |
| 200412 | 0.833740906281905 |
| 200501 | 0.780529999732971 |
| 200502 | 0.683468420254557 |
| 200503 | 0.845963632518595 |
| 200504 | 0.720423814796266 |
| 200505 | 0.571966658035914 |
| 200506 | 0.449209088628942 |
| 200507 | 0.484030000865459 |
| 200508 | 0.47995217209277 |
| 200509 | 0.432985713084539 |
| 200510 | 0.527364999055862 |
| 200511 | 0.543864995241165 |
| 200512 | 0.481928574187415 |
| 200601 | 0.371660001575947 |
| 200602 | 0.424115787995489 |
| 200603 | 0.491604347591815 |
| 200604 | 0.613742100565057 |
| 200605 | 0.658986359834671 |
| 200606 | 0.618022729050029 |
| 200607 | 0.560589998960494 |
| 200608 | 0.443221734917682 |
| 200609 | 0.383484996855259 |
| 200610 | 0.36910476287206 |
| 200611 | 0.274742857331321 |
| 200612 | 0.272580000013113 |
| 200701 | 0.375890474943888 |
| 200702 | 0.350757895331634 |
| 200703 | 0.265227270397273 |
| 200704 | 0.35528571548916 |
| 200705 | 0.407745454799045 |
| 200706 | 0.667999991348812 |
| 200707 | 0.578766666707538 |
| 200708 | 0.532921739246534 |
| 200709 | 0.511942104289406 |
| 200710 | 0.532390914180062 |
| 200711 | 0.477490001916885 |
| 200712 | 0.527690000832081 |
| 200801 | 0.397038099311647 |
| 200802 | 0.631790000200272 |
| 200803 | 0.671790006756783 |
| 200804 | 0.776504546403885 |
| 200805 | 0.835947615759713 |
| 200806 | 0.921828576496669 |
| 200807 | 0.884422730315815 |
| 200808 | 0.791690480141413 |
| 200809 | 0.776576198282696 |
| 200810 | 1.1084409031001 |
| 200811 | 1.11563889516724 |
| 200812 | 0.506795446981083 |
| 200901 | 0.547700001299381 |
| 200902 | 0.740510529593418 |
| 200903 | 0.668354543772611 |
| 200904 | 0.67949048110417 |
| 200905 | 0.934760001301765 |
| 200906 | 1.27825456315821 |
| 200907 | 1.15004090829329 |
| 200908 | 1.17922379857018 |
| 200909 | 1.05722857656933 |
| 200910 | 1.02750476201375 |
| 200911 | 1.02790525712465 |
| 200912 | 1.10391820018942 |
| 201001 | 1.20727367777573 |
| 201002 | 1.15732631557866 |
| 201003 | 1.15418260512145 |
| 201004 | 1.22110000523654 |
| 201005 | 0.960190010070801 |
| 201006 | 0.825204543092034 |
| 201007 | 0.658290471349444 |
| 201008 | 0.424377272074873 |
| 201009 | 0.387247617755617 |
| 201010 | 0.278835001587868 |
| 201011 | 0.400010000169277 |
| 201012 | 0.808072726834904 |
| 201101 | 0.873700001835823 |
| 201102 | 1.01930526369496 |
| 201103 | 0.920582608036373 |
| 201104 | 0.967024999856949 |
| 201105 | 0.762685713313875 |
| 201106 | 0.606786362149499 |
| 201107 | 0.61241499632597 |
| 201108 | 0.150026087203751 |
| 201109 | -0.0431190477739576 |
| 201110 | 0.0662800004705787 |
| 201111 | -0.0326900002513867 |
| 201112 | -0.0621142848838298 |
| 201201 | -0.0896999998018146 |
| 201202 | -0.119230000674725 |
| 201203 | 0.023895455354994 |
| 201204 | -0.0574857145547867 |
| 201205 | -0.221072724258358 |
| 201206 | -0.331609524431683 |
| 201207 | -0.399980946665718 |
| 201208 | -0.297308694409288 |
| 201209 | -0.29425789258982 |
| 201210 | -0.282638093545323 |
| 201211 | -0.33052000105381 |
| 201212 | -0.292379996925592 |
| 201301 | -0.16697142769893 |
| 201302 | -0.116231578353204 |
| 201303 | -0.13496499992907 |
| 201304 | -0.258204544132406 |
| 201305 | -0.14679090899881 |
| 201306 | 0.13666999959969 |
| 201307 | 0.346813642165878 |
| 201308 | 0.462968176061457 |
| 201309 | 0.524625004827976 |
| 201310 | 0.363963635130362 |
| 201311 | 0.410194735778006 |
| 201312 | 0.552542859599704 |
| 201401 | 0.563266661905107 |
| 201402 | 0.453494740159888 |
| 201403 | 0.484333334934144 |
| 201404 | 0.501880952290126 |
| 201405 | 0.400666668301537 |
| 201406 | 0.431604760033744 |
| 201407 | 0.407331817529418 |
| 201408 | 0.342380950848262 |
| 201409 | 0.425128567786444 |
| 201410 | 0.272081818092953 |
| 201411 | 0.293038888110055 |
| 201412 | 0.214790911159732 |
| 201501 | 0.00559999986362527 |
| 201502 | 0.0680210537424213 |
| 201503 | 0.102645455404523 |
| 201504 | 0.0121045455651421 |
| 201505 | 0.190974999219179 |
| 201506 | 0.29705454476855 |
| 201507 | 0.259263634004376 |
| 201508 | 0.134219046682119 |
| 201509 | 0.135995237245446 |
| 201510 | 0.0714285712511767 |
| 201511 | 0.182115790091063 |
| 201512 | 0.12458181804554 |
| 201601 | 0.0117157894235693 |
| 201602 | -0.197440000623465 |
| 201603 | -0.123422727666118 |
| 201604 | -0.175476191299302 |
| 201605 | -0.174190475117593 |
| 201606 | -0.281345457515933 |
| 201607 | -0.378130002319813 |
| 201608 | -0.346008693394454 |
| 201609 | -0.303919047117233 |
| 201610 | -0.233139999210835 |
| 201611 | -0.000429997965693474 |
| 201612 | 0.239971428399994 |
| 201701 | 0.194879999756813 |
| 201702 | 0.182310527876804 |
| 201703 | 0.161569566182468 |
| 201704 | 0.00816315786428995 |
| 201705 | -0.0163909089328213 |
| 201706 | -0.128790908577767 |
| 201707 | -0.0597199995536357 |
| 201708 | -0.121347826136195 |
| 201709 | -0.140994998812675 |
| 201710 | -0.0568333335132116 |
| 201711 | -0.0927142862762724 |
| 201712 | -0.082375000603497 |
| 201801 | -0.00222857172290484 |
| 201802 | 0.139010527416279 |
| 201803 | 0.093342856370977 |
| 201804 | 0.0834190470743037 |
| 201805 | 0.132377272641117 |
| 201806 | 0.077390475996903 |
| 201807 | 0.0409333331599122 |
| 201808 | 0.0144130433808364 |
| 201809 | 0.0539684207668822 |
| 201810 | 0.112749999727715 |
| 201811 | 0.065265000378713 |
| 201812 | -0.130531578275718 |
| 201901 | -0.213571427833466 |
| 201902 | -0.234726317619023 |
| 201903 | -0.29969047719524 |
| 201904 | -0.315585714010965 |
| 201905 | -0.386936363848773 |
| 201906 | -0.537979997694492 |
| 201907 | -0.528490909121253 |
| 201908 | -0.743495456197045 |
| 201909 | -0.692489996552467 |
| 201910 | -0.629077269272371 |
| 201911 | -0.521136848550094 |
| 201912 | -0.485528574103401 |
| 202001 | -0.548323810100555 |
| 202002 | -0.708584205100411 |
| 202003 | -0.747604548931122 |
| 202004 | -0.836404760678609 |
| 202005 | -0.848649996519089 |
| 202006 | -0.838395449248227 |
| 202007 | -0.896695451302962 |
| 202008 | -0.888223807017008 |
| 202009 | -0.873147621041253 |
| 202010 | -0.808919049444653 |
| 202011 | -0.748073681404716 |
| 202012 | -0.717913633043116 |
| 202101 | -0.634089466772581 |
| 202102 | -0.512842107760279 |
| 202103 | -0.243360867966776 |
| 202104 | -0.21143181825226 |
| 202105 | -0.22790000140667 |
| 202106 | -0.276977270164273 |
| 202107 | -0.403057140963418 |
| 202108 | -0.427063633095134 |
| 202109 | -0.365047621585074 |
| 202110 | -0.207384999096394 |
| 202111 | -0.198465000838041 |
| 202112 | -0.262281818823381 |
| 202201 | -0.104759999364614 |
| 202202 | -0.0713315794342443 |
| 202203 | -0.00709130355845327 |
| 202204 | 0.283249996602535 |
| 202205 | 0.321052378841809 |
| 202206 | 0.321319048603376 |
| 202207 | -0.0563150002155453 |
| 202208 | -0.170813045423964 |
| 202209 | 0.0819285708102619 |
| 202210 | 0.217925000563264 |
| 202211 | 0.0366600008215755 |
| 202212 | -0.216776191301289 |
| 202301 | -0.332845001295209 |
| 202302 | -0.233573686135443 |
| 202303 | -0.251256520819405 |
| 202304 | -0.420113331079483 |
Note: Term premiums are estimated from a 3-factor term structure model using Treasury yields and Blue Chip interest rate forecasts.
Source: Department of the Treasury; Wolters Kluwer, Blue Chip Financial Forecasts; Federal Reserve Bank of New York; Federal Reserve Board staff estimates.
Figure 1.3. Interest rate volatility remained above its long-term median
Basis points
| Date | Implied Volatility of 10-Year Swap Rate |
|---|---|
| 200504 | 93.1407611818182 |
| 200505 | 87.2053020454545 |
| 200506 | 87.5994123636364 |
| 200507 | 89.342594 |
| 200508 | 84.2202744347826 |
| 200509 | 83.8325441363636 |
| 200510 | 86.0325223333333 |
| 200511 | 87.1229912727273 |
| 200512 | 77.7070317272727 |
| 200601 | 75.8552282272727 |
| 200602 | 72.57082995 |
| 200603 | 72.1180623913044 |
| 200604 | 76.56824595 |
| 200605 | 74.3080899130435 |
| 200606 | 70.7608532727273 |
| 200607 | 69.4930483333333 |
| 200608 | 62.8133045217391 |
| 200609 | 62.7310715238095 |
| 200610 | 64.0431154545455 |
| 200611 | 67.6373596363636 |
| 200612 | 66.234062 |
| 200701 | 66.4426889130435 |
| 200702 | 66.7878776 |
| 200703 | 70.8117155454546 |
| 200704 | 62.8650858095238 |
| 200705 | 58.1989928695652 |
| 200706 | 79.0500360952381 |
| 200707 | 82.6708996818182 |
| 200708 | 84.3294735217391 |
| 200709 | 97.0252322 |
| 200710 | 91.0426627826087 |
| 200711 | 97.0015865454545 |
| 200712 | 117.976205190476 |
| 200801 | 133.406423652174 |
| 200802 | 150.923306095238 |
| 200803 | 163.97233552381 |
| 200804 | 139.643575363636 |
| 200805 | 126.353198590909 |
| 200806 | 140.475449761905 |
| 200807 | 127.802219956522 |
| 200808 | 111.567181571429 |
| 200809 | 141.1032905 |
| 200810 | 188.875971130435 |
| 200811 | 205.83388575 |
| 200812 | 232.030661695652 |
| 200901 | 169.826971590909 |
| 200902 | 187.7330855 |
| 200903 | 157.275367409091 |
| 200904 | 129.736551454545 |
| 200905 | 153.281603190476 |
| 200906 | 223.655879409091 |
| 200907 | 197.755332409091 |
| 200908 | 180.745684190476 |
| 200909 | 147.807639681818 |
| 200910 | 134.645040636364 |
| 200911 | 112.442800571429 |
| 200912 | 110.287802913044 |
| 201001 | 110.495807619048 |
| 201002 | 100.7843527 |
| 201003 | 90.5415333043478 |
| 201004 | 95.7845809090909 |
| 201005 | 108.376839047619 |
| 201006 | 108.348928954545 |
| 201007 | 91.2602745454546 |
| 201008 | 100.908488681818 |
| 201009 | 110.990158909091 |
| 201010 | 102.931406714286 |
| 201011 | 109.178534727273 |
| 201012 | 125.347307227273 |
| 201101 | 113.23575147619 |
| 201102 | 111.22755815 |
| 201103 | 110.334852782609 |
| 201104 | 92.08106005 |
| 201105 | 89.4274393636364 |
| 201106 | 94.3602630909091 |
| 201107 | 101.407765333333 |
| 201108 | 117.109677521739 |
| 201109 | 121.005849181818 |
| 201110 | 124.639285238095 |
| 201111 | 125.236508363636 |
| 201112 | 105.109209590909 |
| 201201 | 86.8961869090909 |
| 201202 | 87.928798047619 |
| 201203 | 92.8956355454546 |
| 201204 | 86.3847064761905 |
| 201205 | 78.4844144782609 |
| 201206 | 89.6806648095238 |
| 201207 | 72.8232575909091 |
| 201208 | 78.5166424347826 |
| 201209 | 75.8383667 |
| 201210 | 75.6908457391304 |
| 201211 | 67.6227298181818 |
| 201212 | 61.8341229047619 |
| 201301 | 67.3589163478261 |
| 201302 | 68.8840089 |
| 201303 | 64.7794116190476 |
| 201304 | 60.4505235 |
| 201305 | 69.0075274782609 |
| 201306 | 100.3947363 |
| 201307 | 104.775979478261 |
| 201308 | 100.2640195 |
| 201309 | 101.211893142857 |
| 201310 | 81.617062173913 |
| 201311 | 74.5137228571429 |
| 201312 | 75.8982773636364 |
| 201401 | 70.363670826087 |
| 201402 | 69.2855606 |
| 201403 | 65.5307374285714 |
| 201404 | 62.8501716666667 |
| 201405 | 61.4742948181818 |
| 201406 | 61.9679537142857 |
| 201407 | 59.6560042608696 |
| 201408 | 62.2641432380952 |
| 201409 | 65.4064466363636 |
| 201410 | 76.7030626956522 |
| 201411 | 67.40892365 |
| 201412 | 70.2256455652174 |
| 201501 | 87.0186313636364 |
| 201502 | 91.13263945 |
| 201503 | 84.3177593181818 |
| 201504 | 77.4148326818182 |
| 201505 | 86.7601392380952 |
| 201506 | 88.911496 |
| 201507 | 82.9971814347826 |
| 201508 | 80.31959485 |
| 201509 | 79.7947395 |
| 201510 | 75.1609395454545 |
| 201511 | 72.1120120952381 |
| 201512 | 70.300521826087 |
| 201601 | 76.2914845238095 |
| 201602 | 89.1231934761905 |
| 201603 | 78.9347058181818 |
| 201604 | 72.0117337619048 |
| 201605 | 69.0779673636364 |
| 201606 | 77.249059 |
| 201607 | 76.8601374285714 |
| 201608 | 68.1436731739131 |
| 201609 | 67.2750649090909 |
| 201610 | 65.2515483809524 |
| 201611 | 83.5448066818182 |
| 201612 | 81.1593321363636 |
| 201701 | 81.1271510909091 |
| 201702 | 75.6451058 |
| 201703 | 69.9332405652174 |
| 201704 | 75.8273615 |
| 201705 | 62.2952567826087 |
| 201706 | 58.9056952272727 |
| 201707 | 59.5746184761905 |
| 201708 | 57.3938232608696 |
| 201709 | 58.1155528095238 |
| 201710 | 59.6366519545455 |
| 201711 | 52.3190709090909 |
| 201712 | 50.8717691904762 |
| 201801 | 55.5877003043478 |
| 201802 | 72.027128 |
| 201803 | 63.4433651363636 |
| 201804 | 58.5823622857143 |
| 201805 | 58.537723 |
| 201806 | 57.8168248095238 |
| 201807 | 53.9075479545455 |
| 201808 | 52.7038092608696 |
| 201809 | 51.701349 |
| 201810 | 58.2089809130435 |
| 201811 | 57.7368546363636 |
| 201812 | 59.4768278095238 |
| 201901 | 56.8872852608696 |
| 201902 | 50.92862395 |
| 201903 | 52.1450475238095 |
| 201904 | 51.7224289090909 |
| 201905 | 57.229373826087 |
| 201906 | 68.6766383 |
| 201907 | 62.13732 |
| 201908 | 81.9997485454546 |
| 201909 | 82.103384952381 |
| 201910 | 78.1486783478261 |
| 201911 | 66.9196303809524 |
| 201912 | 64.9177692272727 |
| 202001 | 63.7826934782609 |
| 202002 | 76.3504349 |
| 202003 | 128.198282909091 |
| 202004 | 79.1194908181818 |
| 202005 | 62.0802865714286 |
| 202006 | 68.1176147272727 |
| 202007 | 56.0211723913044 |
| 202008 | 54.0961076666667 |
| 202009 | 49.9714252727273 |
| 202010 | 68.7694889545455 |
| 202011 | 57.2393500952381 |
| 202012 | 58.7475827391304 |
| 202101 | 58.6661465714286 |
| 202102 | 68.86160195 |
| 202103 | 82.8590066956522 |
| 202104 | 76.9544033181818 |
| 202105 | 69.6327573333333 |
| 202106 | 66.3641393636364 |
| 202107 | 73.0951925454546 |
| 202108 | 75.2578712727273 |
| 202109 | 69.2562043181818 |
| 202110 | 73.8939421904762 |
| 202111 | 80.0323039090909 |
| 202112 | 80.5436253043478 |
| 202201 | 82.2416188571429 |
| 202202 | 89.12005315 |
| 202203 | 109.082986913044 |
| 202204 | 119.87279447619 |
| 202205 | 115.472141045455 |
| 202206 | 120.215722318182 |
| 202207 | 123.308576227273 |
| 202208 | 111.678260869565 |
| 202209 | 127.081818181818 |
| 202210 | 138.352380952381 |
| 202211 | 126.554545454545 |
| 202212 | 125.859090909091 |
| 202301 | 111.909090909091 |
| 202302 | 105.985 |
| 202303 | 120.695652173913 |
| 202304 | 112.621428571429 |
Note: The data begin in April 2005. Implied volatility on the 10-year swap rate, 1 month ahead, is derived from swaptions. The median value is 78.93 basis points.
Source: For data through July 13, 2022, Barclays Trading and IHS Markit; for data from July 14, 2022, onward, ICAP, Swaptions and Interest Rate Caps and Floors Data.
Figure 1.4. The price-to-earnings ratio of S&P 500 firms continued to be above its historical median
Ratio
| Date | Forward Price-to-Earnings Ratio |
|---|---|
| 198901 | 10.0671742071852 |
| 198902 | 10.1319694421189 |
| 198903 | 10.11418466847 |
| 198904 | 10.4232259582463 |
| 198905 | 10.725593921358 |
| 198906 | 10.8529156729879 |
| 198907 | 11.2422984165753 |
| 198908 | 11.5556754542242 |
| 198909 | 11.5074717257702 |
| 198910 | 11.4718058275942 |
| 198911 | 11.5143143242907 |
| 198912 | 11.884201147533 |
| 199001 | 11.528315328471 |
| 199002 | 11.3005872634517 |
| 199003 | 11.4949308091727 |
| 199004 | 11.6503643865759 |
| 199005 | 12.0730200775074 |
| 199006 | 12.3810239359247 |
| 199007 | 12.3902358555333 |
| 199008 | 11.5089305534682 |
| 199009 | 10.7864474541333 |
| 199010 | 10.3025226101324 |
| 199011 | 11.1818911075676 |
| 199012 | 11.6619796205543 |
| 199101 | 11.2550858931057 |
| 199102 | 13.4293328390948 |
| 199103 | 13.7688487548013 |
| 199104 | 14.4455914088974 |
| 199105 | 13.6421419272363 |
| 199106 | 13.9017468978428 |
| 199107 | 14.1581105589639 |
| 199108 | 14.39598868377 |
| 199109 | 14.2070851611185 |
| 199110 | 14.3145545789273 |
| 199111 | 14.4537086530241 |
| 199112 | 14.0102441469713 |
| 199201 | 15.368358289062 |
| 199202 | 15.0082392497479 |
| 199203 | 14.8636613724216 |
| 199204 | 14.8072465748702 |
| 199205 | 14.6969397459983 |
| 199206 | 14.0100742459998 |
| 199207 | 14.4295399036632 |
| 199208 | 14.4495625870657 |
| 199209 | 14.4077668469035 |
| 199210 | 14.0025690692984 |
| 199211 | 14.5158804016831 |
| 199212 | 14.7060423882035 |
| 199301 | 14.6115963363986 |
| 199302 | 14.6619199604946 |
| 199303 | 15.0106427377622 |
| 199304 | 15.0304486104987 |
| 199305 | 14.7171628110741 |
| 199306 | 14.6343585942742 |
| 199307 | 14.6317460229422 |
| 199308 | 14.7618188215198 |
| 199309 | 14.8034705344017 |
| 199310 | 14.6420126266835 |
| 199311 | 14.6668367840603 |
| 199312 | 14.4782805948521 |
| 199401 | 14.7481429679263 |
| 199402 | 14.6041375083065 |
| 199403 | 14.3352500190302 |
| 199404 | 13.456030580283 |
| 199405 | 13.4173391598185 |
| 199406 | 13.4683691836968 |
| 199407 | 13.0020648312486 |
| 199408 | 13.2064028460184 |
| 199409 | 13.1090121711998 |
| 199410 | 12.918680525647 |
| 199411 | 12.5567925753133 |
| 199412 | 12.0886432493601 |
| 199501 | 12.31489283675 |
| 199502 | 12.485007266347 |
| 199503 | 12.5047524715046 |
| 199504 | 12.6592147867659 |
| 199505 | 12.9075410977283 |
| 199506 | 13.055979860097 |
| 199507 | 13.3026602080606 |
| 199508 | 13.3528533034166 |
| 199509 | 13.674094701184 |
| 199510 | 13.7720386831429 |
| 199511 | 13.8027851238511 |
| 199512 | 14.319462193535 |
| 199601 | 14.0130038956195 |
| 199602 | 15.2293938516872 |
| 199603 | 14.8060899255747 |
| 199604 | 14.7872057751655 |
| 199605 | 15.1920808695328 |
| 199606 | 14.7149119753877 |
| 199607 | 14.4058539053309 |
| 199608 | 14.9200483225136 |
| 199609 | 15.244704520794 |
| 199610 | 15.6118581061616 |
| 199611 | 16.0724425650974 |
| 199612 | 15.8482429004173 |
| 199701 | 16.4601350149336 |
| 199702 | 17.3612715548802 |
| 199703 | 16.6463655723895 |
| 199704 | 16.0264780616226 |
| 199705 | 17.3840079181155 |
| 199706 | 18.3933625243185 |
| 199707 | 19.2290277376015 |
| 199708 | 18.6792011595562 |
| 199709 | 18.9192509930383 |
| 199710 | 19.199563318005 |
| 199711 | 18.6006297654653 |
| 199712 | 18.8678443887348 |
| 199801 | 18.6616667550781 |
| 199802 | 20.3620821455426 |
| 199803 | 21.4234029605327 |
| 199804 | 21.9046204071934 |
| 199805 | 21.6889419185948 |
| 199806 | 21.4190497549296 |
| 199807 | 22.772063516664 |
| 199808 | 21.1661052338416 |
| 199809 | 20.0142249134172 |
| 199810 | 19.2769848154015 |
| 199811 | 22.0184854731441 |
| 199812 | 22.2981591318599 |
| 199901 | 23.7035438838057 |
| 199902 | 23.5287425197971 |
| 199903 | 24.7239205867708 |
| 199904 | 24.9524833097916 |
| 199905 | 24.736530192212 |
| 199906 | 24.2960610147964 |
| 199907 | 25.4377464188884 |
| 199908 | 23.9033994297711 |
| 199909 | 23.465492349906 |
| 199910 | 22.5482243562647 |
| 199911 | 24.4965473831957 |
| 199912 | 24.4190632588604 |
| 200001 | 24.8500127988724 |
| 200002 | 24.0242446153595 |
| 200003 | 23.7274053921035 |
| 200004 | 23.910781231427 |
| 200005 | 23.8835488647179 |
| 200006 | 24.0989155218107 |
| 200007 | 24.0959197395895 |
| 200008 | 23.8563478921336 |
| 200009 | 23.8586212693265 |
| 200010 | 21.4415689830023 |
| 200011 | 22.245266538735 |
| 200012 | 22.0979087189795 |
| 200101 | 21.9792389998843 |
| 200102 | 22.0974977678334 |
| 200103 | 19.7213249631437 |
| 200104 | 21.408993546396 |
| 200105 | 22.2344467808483 |
| 200106 | 21.6724929305484 |
| 200107 | 21.6063705927885 |
| 200108 | 21.1653684134075 |
| 200109 | 18.4181006750978 |
| 200110 | 20.3746106446517 |
| 200111 | 21.4917696140268 |
| 200112 | 21.5711539024653 |
| 200201 | 20.9997457476363 |
| 200202 | 20.468041175139 |
| 200203 | 20.7499399824897 |
| 200204 | 20.1697400936086 |
| 200205 | 19.3975196296408 |
| 200206 | 18.1106136141448 |
| 200207 | 16.144104065009 |
| 200208 | 16.6002864808184 |
| 200209 | 15.7178737258545 |
| 200210 | 15.7767283938108 |
| 200211 | 16.0197351428456 |
| 200212 | 16.1196459159049 |
| 200301 | 16.4820136095937 |
| 200302 | 15.3393664577141 |
| 200303 | 15.7057513645709 |
| 200304 | 15.6782042497112 |
| 200305 | 16.5623879456789 |
| 200306 | 17.6901273568137 |
| 200307 | 17.2744306067917 |
| 200308 | 16.9370485150998 |
| 200309 | 17.4137585320906 |
| 200310 | 17.5046552098873 |
| 200311 | 17.1001663012497 |
| 200312 | 17.4286477429182 |
| 200401 | 18.0952942715105 |
| 200402 | 18.0922156165378 |
| 200403 | 17.3972400177488 |
| 200404 | 17.1053373211682 |
| 200405 | 15.9757170726185 |
| 200406 | 16.4110587244638 |
| 200407 | 15.9243481982502 |
| 200408 | 15.513231935436 |
| 200409 | 15.7695885840039 |
| 200410 | 15.4848461196724 |
| 200411 | 16.168463702106 |
| 200412 | 16.3212843601547 |
| 200501 | 15.9516954072526 |
| 200502 | 16.1670626964976 |
| 200503 | 15.6428047596538 |
| 200504 | 15.3033435828246 |
| 200505 | 15.2780375086805 |
| 200506 | 15.4142450595707 |
| 200507 | 15.407615596552 |
| 200508 | 15.1379673473605 |
| 200509 | 14.9529104955336 |
| 200510 | 14.3344615174609 |
| 200511 | 14.6095565360508 |
| 200512 | 14.978839195399 |
| 200601 | 14.9027949866491 |
| 200602 | 14.9314189191115 |
| 200603 | 15.0614315471095 |
| 200604 | 14.9915493858673 |
| 200605 | 14.2958362559054 |
| 200606 | 13.6922951790455 |
| 200607 | 13.9022250239988 |
| 200608 | 14.1250430472216 |
| 200609 | 14.2607559922987 |
| 200610 | 14.6540477350587 |
| 200611 | 14.8071513076266 |
| 200612 | 14.8247171994619 |
| 200701 | 15.0143695648518 |
| 200702 | 15.3899853189057 |
| 200703 | 14.5564950964851 |
| 200704 | 15.3143111991688 |
| 200705 | 15.5073679072785 |
| 200706 | 15.2975442906089 |
| 200707 | 15.4094597792472 |
| 200708 | 13.8720193248276 |
| 200709 | 15.0075987644657 |
| 200710 | 15.0142489154439 |
| 200711 | 14.3225667672557 |
| 200712 | 14.1975156411918 |
| 200801 | 13.4912907418099 |
| 200802 | 13.6764281171557 |
| 200803 | 13.0890226340655 |
| 200804 | 13.8050341062565 |
| 200805 | 14.3034743646662 |
| 200806 | 13.5074849056027 |
| 200807 | 12.5967075386936 |
| 200808 | 13.2894335487083 |
| 200809 | 12.0099232517863 |
| 200810 | 9.93183570501414 |
| 200811 | 9.73674311474256 |
| 200812 | 11.8728906448913 |
| 200901 | 11.479366075644 |
| 200902 | 12.4571934909775 |
| 200903 | 12.4233884482004 |
| 200904 | 13.5118967347282 |
| 200905 | 14.6564514630946 |
| 200906 | 14.7270108814209 |
| 200907 | 14.7971588048122 |
| 200908 | 15.2005246744186 |
| 200909 | 15.9097931240414 |
| 200910 | 15.8525942865293 |
| 200911 | 15.1214285157945 |
| 200912 | 14.8891204228012 |
| 201001 | 14.8033271222078 |
| 201002 | 13.80979681276 |
| 201003 | 14.4374134871356 |
| 201004 | 14.8235941565328 |
| 201005 | 12.9868381450424 |
| 201006 | 12.8174165613977 |
| 201007 | 12.494674325929 |
| 201008 | 12.1002473701947 |
| 201009 | 12.3544214744146 |
| 201010 | 12.8372710894154 |
| 201011 | 12.5678050182375 |
| 201012 | 13.0311450458787 |
| 201101 | 13.2144355711387 |
| 201102 | 13.7054230609555 |
| 201103 | 12.6073126882178 |
| 201104 | 12.9703029638387 |
| 201105 | 12.8955216757034 |
| 201106 | 12.0671220937582 |
| 201107 | 12.6380853372802 |
| 201108 | 11.2819845850644 |
| 201109 | 11.2422347561753 |
| 201110 | 11.4982283967366 |
| 201111 | 11.6744381767577 |
| 201112 | 11.4043366441588 |
| 201201 | 12.3280990052721 |
| 201202 | 12.6334535012203 |
| 201203 | 12.9636957702922 |
| 201204 | 12.656711974856 |
| 201205 | 12.0114718434985 |
| 201206 | 11.8911653768209 |
| 201207 | 12.5919104596551 |
| 201208 | 12.9175180065578 |
| 201209 | 13.3369889607517 |
| 201210 | 13.2083071938254 |
| 201211 | 12.1870178239455 |
| 201212 | 12.8551803881697 |
| 201301 | 13.1189796566723 |
| 201302 | 13.5300230222157 |
| 201303 | 13.7171760677603 |
| 201304 | 13.5910720706511 |
| 201305 | 14.4772815920518 |
| 201306 | 14.1019360313688 |
| 201307 | 14.508003942399 |
| 201308 | 14.5796132241299 |
| 201309 | 14.8366443232693 |
| 201310 | 14.7109227425549 |
| 201311 | 15.0320955165825 |
| 201312 | 15.1988338215562 |
| 201401 | 15.4252430366362 |
| 201402 | 15.4342440891567 |
| 201403 | 15.6027033991903 |
| 201404 | 15.4960980228424 |
| 201405 | 15.4499313038387 |
| 201406 | 15.8287685948327 |
| 201407 | 15.9658953143716 |
| 201408 | 15.5473865134388 |
| 201409 | 15.8925425683386 |
| 201410 | 14.7596221445493 |
| 201411 | 16.189883390834 |
| 201412 | 16.1134979343437 |
| 201501 | 16.2286971994056 |
| 201502 | 17.3509999704107 |
| 201503 | 17.2718966537922 |
| 201504 | 17.2854961209612 |
| 201505 | 17.088985228879 |
| 201506 | 16.9588977461734 |
| 201507 | 16.9772169014072 |
| 201508 | 16.7530460626705 |
| 201509 | 16.093088893263 |
| 201510 | 16.1401681798561 |
| 201511 | 16.7962345059878 |
| 201512 | 16.6871331543022 |
| 201601 | 15.2958625033011 |
| 201602 | 15.9113487881028 |
| 201603 | 16.7090370102316 |
| 201604 | 17.0915271906946 |
| 201605 | 16.6740205347203 |
| 201606 | 16.7454672559505 |
| 201607 | 17.3977629429638 |
| 201608 | 17.5188869533909 |
| 201609 | 16.9176715215672 |
| 201610 | 16.8895537223306 |
| 201611 | 16.9468143088282 |
| 201612 | 17.3283859668519 |
| 201701 | 17.2752500878079 |
| 201702 | 17.909808196704 |
| 201703 | 18.0365277976565 |
| 201704 | 17.5411101102714 |
| 201705 | 17.495125606295 |
| 201706 | 17.9095448963421 |
| 201707 | 18.2283824814624 |
| 201708 | 18.0949369312075 |
| 201709 | 18.1816001044339 |
| 201710 | 18.4433718251869 |
| 201711 | 18.1455032328558 |
| 201712 | 18.637672954483 |
| 201801 | 18.7257580148602 |
| 201802 | 17.2804175346685 |
| 201803 | 17.3746507659165 |
| 201804 | 16.921259725982 |
| 201805 | 16.6826807993206 |
| 201806 | 16.8409541808905 |
| 201807 | 17.029467989854 |
| 201808 | 16.8207376007116 |
| 201809 | 17.2091962591976 |
| 201810 | 16.4921820577268 |
| 201811 | 15.7184965524319 |
| 201812 | 14.6494267785085 |
| 201901 | 15.4544787177931 |
| 201902 | 16.3426324922794 |
| 201903 | 16.6017064466197 |
| 201904 | 17.0780854604336 |
| 201905 | 16.6616692736079 |
| 201906 | 17.0282761847525 |
| 201907 | 17.4493721865079 |
| 201908 | 16.5422964862988 |
| 201909 | 17.4029923152 |
| 201910 | 17.3126342839806 |
| 201911 | 17.8323901968299 |
| 201912 | 18.2515361469096 |
| 202001 | 18.731865259892 |
| 202002 | 19.2711513376624 |
| 202003 | 14.1257787905268 |
| 202004 | 18.9300807802764 |
| 202005 | 20.5181240602554 |
| 202006 | 22.3997981758114 |
| 202007 | 23.096322431073 |
| 202008 | 23.097509530222 |
| 202009 | 22.6402912265307 |
| 202010 | 22.8103716416134 |
| 202011 | 22.2430121977852 |
| 202012 | 22.5584144857107 |
| 202101 | 23.0472880396499 |
| 202102 | 22.7577271648318 |
| 202103 | 22.4530482530821 |
| 202104 | 22.6457718183993 |
| 202105 | 21.3306390222077 |
| 202106 | 21.5964261158389 |
| 202107 | 22.1794793766553 |
| 202108 | 21.4375558653595 |
| 202109 | 21.6305767023577 |
| 202110 | 20.8067097909515 |
| 202111 | 21.8412699690836 |
| 202112 | 21.6020320969553 |
| 202201 | 20.5507550229434 |
| 202202 | 19.9606389015591 |
| 202203 | 19.1287422501368 |
| 202204 | 19.3245595426881 |
| 202205 | 16.8647841125008 |
| 202206 | 16.1620569546522 |
| 202207 | 16.336252572997 |
| 202208 | 18.6066650197832 |
| 202209 | 17.1279547567621 |
| 202210 | 16.1721679689392 |
| 202211 | 17.5840329207811 |
| 202212 | 17.6530423094477 |
| 202301 | 17.4914831773666 |
| 202302 | 18.6593467490867 |
| 202303 | 17.4063817620655 |
Note: The figure shows the aggregate forward price-to-earnings ratio of S&P 500 firms, based on expected earnings for 12 months ahead. The median value is 15.5.
Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers’ Estimate System
Figure 1.5. An estimate of the equity premium fell below its historical median
Percentage points
| Date | Spread |
|---|---|
| 199110 | 3.31427010992933 |
| 199111 | 3.29903766883821 |
| 199112 | 3.80762327381709 |
| 199201 | 2.88297739349424 |
| 199202 | 2.79872283149168 |
| 199203 | 2.73553236501514 |
| 199204 | 3.00458317695771 |
| 199205 | 3.1447329688378 |
| 199206 | 3.59476231850855 |
| 199207 | 3.57410315122668 |
| 199208 | 3.78308638709405 |
| 199209 | 3.92795806513843 |
| 199210 | 3.83744985294281 |
| 199211 | 3.38282575652048 |
| 199212 | 3.38447460914295 |
| 199301 | 3.48812928288156 |
| 199302 | 3.80455674403826 |
| 199303 | 3.87349750163222 |
| 199304 | 4.09277390660521 |
| 199305 | 4.22688814007965 |
| 199306 | 4.40954764456495 |
| 199307 | 4.33184694012072 |
| 199308 | 4.35514790450371 |
| 199309 | 4.64818814163862 |
| 199310 | 4.76707844437311 |
| 199311 | 4.38464775579905 |
| 199312 | 4.44471028305064 |
| 199401 | 4.35630559800068 |
| 199402 | 4.17932752659611 |
| 199403 | 3.79479194239644 |
| 199404 | 3.82863271991632 |
| 199405 | 3.6780948404889 |
| 199406 | 3.73794171007627 |
| 199407 | 3.80104336936774 |
| 199408 | 3.75142590556865 |
| 199409 | 3.58307653107891 |
| 199410 | 3.43771055015621 |
| 199411 | 3.46588734108495 |
| 199412 | 3.88674595821905 |
| 199501 | 3.5405693051 |
| 199502 | 3.7605068722 |
| 199503 | 3.98661780517977 |
| 199504 | 4.09168277935384 |
| 199505 | 4.3816388443795 |
| 199506 | 4.72190430483636 |
| 199507 | 4.32177401927545 |
| 199508 | 4.08359366389548 |
| 199509 | 4.1793393536478 |
| 199510 | 4.11672246323124 |
| 199511 | 4.21912044125324 |
| 199512 | 4.1584239310457 |
| 199601 | 4.36825794779476 |
| 199602 | 3.64660625023885 |
| 199603 | 3.34441116801229 |
| 199604 | 3.09523853406768 |
| 199605 | 2.74370855801186 |
| 199606 | 2.81173305949495 |
| 199607 | 3.03327776030268 |
| 199608 | 3.03036178298195 |
| 199609 | 2.6548492282005 |
| 199610 | 2.80365147054795 |
| 199611 | 2.94339364584958 |
| 199612 | 2.95155842112662 |
| 199701 | 2.45520573885991 |
| 199702 | 2.28000174369389 |
| 199703 | 2.2215301597253 |
| 199704 | 2.11276149208368 |
| 199705 | 1.81520805647943 |
| 199706 | 1.69465150059229 |
| 199707 | 1.87902725529582 |
| 199708 | 1.9317849863801 |
| 199709 | 1.93794894389938 |
| 199710 | 1.68111523227904 |
| 199711 | 2.02992687327511 |
| 199712 | 2.04576274322786 |
| 199801 | 2.2949436509839 |
| 199802 | 1.77995283633 |
| 199803 | 1.46067140152118 |
| 199804 | 1.26767393076067 |
| 199805 | 1.28888214301285 |
| 199806 | 1.50294241812118 |
| 199807 | 1.27898469340859 |
| 199808 | 1.75769821997876 |
| 199809 | 2.48130982724038 |
| 199810 | 2.8586904668259 |
| 199811 | 1.96175057355216 |
| 199812 | 2.04317370279159 |
| 199901 | 1.44158033827905 |
| 199902 | 1.20179443139689 |
| 199903 | 0.757652474876651 |
| 199904 | 1.00716881935467 |
| 199905 | 0.715034105060791 |
| 199906 | 0.430593245375135 |
| 199907 | 0.329191710212053 |
| 199908 | 0.397004216947228 |
| 199909 | 0.456282422969048 |
| 199910 | 0.426474098012697 |
| 199911 | 0.244003950360101 |
| 199912 | 0.0268023157567292 |
| 200001 | -0.3032656520661 |
| 200002 | -0.0426616981237986 |
| 200003 | 0.210798232157346 |
| 200004 | 0.42038281573579 |
| 200005 | 0.0155125307449548 |
| 200006 | 0.319158109347865 |
| 200007 | 0.41283551769425 |
| 200008 | 0.634165408322303 |
| 200009 | 0.63142348406575 |
| 200010 | 1.2118213600059 |
| 200011 | 1.10252050340762 |
| 200012 | 1.57019995319645 |
| 200101 | 1.66645349274638 |
| 200102 | 1.67443981455751 |
| 200103 | 2.39243566165568 |
| 200104 | 1.7760571354528 |
| 200105 | 1.3997623125465 |
| 200106 | 1.607023592875 |
| 200107 | 1.68437798092391 |
| 200108 | 1.98420640803557 |
| 200109 | 2.8810414915 |
| 200110 | 2.6012692507 |
| 200111 | 2.2622389779 |
| 200112 | 1.7824856173 |
| 200201 | 1.93791003524762 |
| 200202 | 2.14872326663684 |
| 200203 | 1.7198010478 |
| 200204 | 1.96879481927273 |
| 200205 | 2.25610739240909 |
| 200206 | 2.862874067 |
| 200207 | 3.79269816983637 |
| 200208 | 3.98896969692727 |
| 200209 | 4.6980786989 |
| 200210 | 4.53603155908182 |
| 200211 | 4.36718466732632 |
| 200212 | 4.34433402042381 |
| 200301 | 4.26666269864286 |
| 200302 | 4.88128459231579 |
| 200303 | 4.82917049107619 |
| 200304 | 4.71462911144762 |
| 200305 | 4.79426717409048 |
| 200306 | 4.64640388553333 |
| 200307 | 4.1533528169 |
| 200308 | 3.76135928014286 |
| 200309 | 3.79677613429048 |
| 200310 | 3.76695695909091 |
| 200311 | 3.89602967763333 |
| 200312 | 3.82603433995454 |
| 200401 | 3.7461686332 |
| 200402 | 3.80818111896316 |
| 200403 | 4.28623384087391 |
| 200404 | 3.84953326100476 |
| 200405 | 3.8841399364 |
| 200406 | 3.70950446585238 |
| 200407 | 4.13893949434762 |
| 200408 | 4.51259184968182 |
| 200409 | 4.5774195257 |
| 200410 | 4.7206566224 |
| 200411 | 4.3630195187 |
| 200412 | 4.28530516053637 |
| 200501 | 4.4037711202 |
| 200502 | 4.38908917231053 |
| 200503 | 4.25580183483636 |
| 200504 | 4.61190540658571 |
| 200505 | 4.82339088994762 |
| 200506 | 4.91672370761818 |
| 200507 | 4.7448119167 |
| 200508 | 4.77045453108696 |
| 200509 | 4.9068993388381 |
| 200510 | 4.9194200861 |
| 200511 | 4.6847897322 |
| 200512 | 4.60452285023809 |
| 200601 | 4.7075706858 |
| 200602 | 4.53813451452105 |
| 200603 | 4.31615772679565 |
| 200604 | 4.09716671756316 |
| 200605 | 4.30855283720909 |
| 200606 | 4.62180473372727 |
| 200607 | 4.5434331795 |
| 200608 | 4.63647661581304 |
| 200609 | 4.7141859672 |
| 200610 | 4.52465787050476 |
| 200611 | 4.5921553973619 |
| 200612 | 4.6115312397 |
| 200701 | 4.18061487702857 |
| 200702 | 4.04869515229474 |
| 200703 | 4.57048102704546 |
| 200704 | 4.1554398798 |
| 200705 | 4.03293395713636 |
| 200706 | 3.76238264008571 |
| 200707 | 3.80630111938095 |
| 200708 | 4.81104277342174 |
| 200709 | 4.43432272694737 |
| 200710 | 4.42806255267273 |
| 200711 | 5.0820787472 |
| 200712 | 5.1702308131 |
| 200801 | 5.99236542527619 |
| 200802 | 5.8653756633 |
| 200803 | 6.4066248446 |
| 200804 | 5.85848437606573 |
| 200805 | 5.40148452922908 |
| 200806 | 5.59611223003047 |
| 200807 | 6.25069592780653 |
| 200808 | 5.96275613648711 |
| 200809 | 6.93194789699366 |
| 200810 | 8.31130028369268 |
| 200811 | 8.73694689022563 |
| 200812 | 7.98804871656921 |
| 200901 | 8.05084242592808 |
| 200902 | 7.04018505974376 |
| 200903 | 7.20349738969335 |
| 200904 | 6.64679021753963 |
| 200905 | 5.70125892872508 |
| 200906 | 5.23550785254012 |
| 200907 | 5.38569502671467 |
| 200908 | 5.1981393135808 |
| 200909 | 5.10547493161545 |
| 200910 | 4.9367586215199 |
| 200911 | 5.2360370910491 |
| 200912 | 5.19793166368101 |
| 201001 | 5.25092761711086 |
| 201002 | 5.78188350851631 |
| 201003 | 5.46123103667852 |
| 201004 | 5.20957048343204 |
| 201005 | 6.54449867090297 |
| 201006 | 6.84766606124505 |
| 201007 | 7.15988132056431 |
| 201008 | 7.77091655429029 |
| 201009 | 7.63562527445532 |
| 201010 | 7.35385754854428 |
| 201011 | 7.32779388986603 |
| 201012 | 6.48289546180822 |
| 201101 | 6.39736174756077 |
| 201102 | 5.95789238530971 |
| 201103 | 6.74336971908824 |
| 201104 | 6.57624514556917 |
| 201105 | 6.91050150152141 |
| 201106 | 7.61398458891775 |
| 201107 | 7.23200097733923 |
| 201108 | 8.8961105168292 |
| 201109 | 9.25279528588387 |
| 201110 | 8.9787419604627 |
| 201111 | 9.01082269488091 |
| 201112 | 9.25594657484572 |
| 201201 | 8.41948570794733 |
| 201202 | 8.23274699266021 |
| 201203 | 7.81297238914052 |
| 201204 | 8.31410809834019 |
| 201205 | 9.00794711445453 |
| 201206 | 9.27434276735411 |
| 201207 | 8.77473522152172 |
| 201208 | 8.40104263863512 |
| 201209 | 8.13473374693441 |
| 201210 | 8.14212148178375 |
| 201211 | 8.86975784029727 |
| 201212 | 8.37812512930164 |
| 201301 | 8.01870592441252 |
| 201302 | 7.7094125470598 |
| 201303 | 7.63463523581444 |
| 201304 | 7.92009856335572 |
| 201305 | 7.28380592809307 |
| 201306 | 7.06423492088767 |
| 201307 | 6.48580151508104 |
| 201308 | 6.27906523222149 |
| 201309 | 6.10425356118176 |
| 201310 | 6.44623375016323 |
| 201311 | 6.19116400955419 |
| 201312 | 5.93054739481541 |
| 201401 | 5.88706097647488 |
| 201402 | 6.02866244962135 |
| 201403 | 5.95024573188786 |
| 201404 | 5.96197078487209 |
| 201405 | 6.13970164674832 |
| 201406 | 5.93622989227505 |
| 201407 | 5.89168243048481 |
| 201408 | 6.17463015152176 |
| 201409 | 5.9182022520901 |
| 201410 | 6.62739123150448 |
| 201411 | 6.00233561147366 |
| 201412 | 6.16285441057464 |
| 201501 | 6.33899407408748 |
| 201502 | 5.82566185216909 |
| 201503 | 5.79434755000289 |
| 201504 | 5.93158333972074 |
| 201505 | 5.72115751844613 |
| 201506 | 5.60471874571566 |
| 201507 | 5.68063785116695 |
| 201508 | 5.91619708490709 |
| 201509 | 6.1480998708601 |
| 201510 | 6.23902229343793 |
| 201511 | 5.77911013343824 |
| 201512 | 5.84006839557105 |
| 201601 | 6.5192367463464 |
| 201602 | 6.56576231117415 |
| 201603 | 6.15618536653602 |
| 201604 | 6.21073317596073 |
| 201605 | 6.34834424421512 |
| 201606 | 6.49529255911596 |
| 201607 | 6.37364041717276 |
| 201608 | 6.27270779436429 |
| 201609 | 6.39686941017359 |
| 201610 | 6.34867955664142 |
| 201611 | 5.92841404892045 |
| 201612 | 5.43294458011085 |
| 201701 | 5.6133331435665 |
| 201702 | 5.41924850910846 |
| 201703 | 5.32079567197305 |
| 201704 | 5.66903558315205 |
| 201705 | 5.67298235371075 |
| 201706 | 5.67331478019448 |
| 201707 | 5.39390027719457 |
| 201708 | 5.54205558262142 |
| 201709 | 5.53039595958696 |
| 201710 | 5.25451160785882 |
| 201711 | 5.34318345197218 |
| 201712 | 5.14398668750061 |
| 201801 | 4.99733300872924 |
| 201802 | 5.15464457846546 |
| 201803 | 5.15182091416192 |
| 201804 | 5.34333978472825 |
| 201805 | 5.30707681590116 |
| 201806 | 5.31191534986694 |
| 201807 | 5.171997864582 |
| 201808 | 5.25004683623996 |
| 201809 | 5.00425187916363 |
| 201810 | 5.11592446455841 |
| 201811 | 5.44692161526154 |
| 201812 | 6.20368988130553 |
| 201901 | 5.96510666206428 |
| 201902 | 5.64534415351343 |
| 201903 | 5.64818671998041 |
| 201904 | 5.51566684081167 |
| 201905 | 5.7922087065743 |
| 201906 | 5.98601004568227 |
| 201907 | 5.87016521608618 |
| 201908 | 6.60857351919441 |
| 201909 | 6.23040326072807 |
| 201910 | 6.26247393216093 |
| 201911 | 5.97666267518493 |
| 201912 | 5.78984801525025 |
| 202001 | 5.76309665617919 |
| 202002 | 5.87192460984315 |
| 202003 | 8.33926023635579 |
| 202004 | 6.69405478310881 |
| 202005 | 6.29933990760407 |
| 202006 | 5.84819867148432 |
| 202007 | 5.73115726827897 |
| 202008 | 5.71130919230923 |
| 202009 | 5.77359955517924 |
| 202010 | 5.72079446388723 |
| 202011 | 5.74860449121579 |
| 202012 | 5.62534929606364 |
| 202101 | 5.46226318493684 |
| 202102 | 5.32183822668947 |
| 202103 | 4.98251217044348 |
| 202104 | 5.02723081674546 |
| 202105 | 5.3112020865 |
| 202106 | 5.35596394561818 |
| 202107 | 5.59175782068571 |
| 202108 | 5.78848814872727 |
| 202109 | 5.6605233405381 |
| 202110 | 5.7384919131 |
| 202111 | 5.5242733453 |
| 202112 | 5.65460775806364 |
| 202201 | 5.528336268 |
| 202202 | 5.50525441584211 |
| 202203 | 5.5428352422 |
| 202204 | 5.1635971869 |
| 202205 | 5.75145842834286 |
| 202206 | 5.74773600820476 |
| 202207 | 5.9317249162 |
| 202208 | 5.21512259492609 |
| 202209 | 5.03028964858095 |
| 202210 | 5.0359278599 |
| 202211 | 4.6373525239 |
| 202212 | 4.95262214457619 |
| 202301 | 4.5217580717 |
| 202302 | 3.93192863342632 |
| 202303 | 4.3642541305087 |
Note: The figure shows the difference between the aggregate forward earnings-to-price ratio of S&P 500 firms and the expected real Treasury yields, based on expected earnings for 12 months ahead. Expected real Treasury yields are calculated from the 10-year consumer price index inflation forecast, and the smoothed nominal yield curve is estimated from off-the-run securities. The median value is 4.78 percentage points.
Source: Federal Reserve Board staff calculations using Refinitiv (formerly Thomson Reuters), Institutional Brokers’ Estimate System; Department of the Treasury; Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.
Figure 1.6. Volatility in equity markets remained elevated
Percent
| Date | Option-implied volatility | Realized volatility |
|---|---|---|
| 199601 | 13.4736363636364 | 11.654654387096 |
| 199602 | 15.033 | 11.4858346987596 |
| 199603 | 17.762380952381 | 14.5664082930485 |
| 199604 | 16.2122222222222 | 12.2467942352492 |
| 199605 | 16.1463636363636 | 11.3119877565025 |
| 199606 | 16.5035294117647 | 11.1092542396686 |
| 199607 | 17.9786363636364 | 15.0331563520067 |
| 199608 | 15.7604545454545 | 13.4308646752193 |
| 199609 | 16.578 | 11.1802576528773 |
| 199610 | 16.2863636363636 | 9.85939413109233 |
| 199611 | 15.997 | 10.2611029522332 |
| 199612 | 19.2609523809524 | 13.423716423015 |
| 199701 | 19.6166666666667 | 14.5938801463345 |
| 199702 | 20.1394736842105 | 14.8234442156551 |
| 199703 | 20.17 | 14.6303799714861 |
| 199704 | 19.6955 | 17.1670901061588 |
| 199705 | 19.9247619047619 | 16.366869894327 |
| 199706 | 20.1942857142857 | 14.9957625734345 |
| 199707 | 20.5085714285714 | 16.1617415740984 |
| 199708 | 23.0847619047619 | 18.1160942577145 |
| 199709 | 23.7994736842105 | 18.7687982589057 |
| 199710 | 23.8708695652174 | 18.8179567156138 |
| 199711 | 31.9842105263158 | 24.0105681438817 |
| 199712 | 26.2763636363636 | 18.5233111121603 |
| 199801 | 23.8665 | 17.9069674989381 |
| 199802 | 19.9989473684211 | 15.3666239814318 |
| 199803 | 20.032380952381 | 12.6742831267449 |
| 199804 | 22.1621052631579 | 13.0077753715568 |
| 199805 | 20.874 | 13.9454146997346 |
| 199806 | 21.6627272727273 | 15.5972114786175 |
| 199807 | 20.2326315789474 | 14.6163978033844 |
| 199808 | 31.5880952380952 | 22.8071770636313 |
| 199809 | 38.132 | 34.2363371772038 |
| 199810 | 36.6081818181818 | 33.0397911879331 |
| 199811 | 26.223 | 23.1544968115374 |
| 199812 | 25.4790909090909 | 18.951146063223 |
| 199901 | 27.9688888888889 | 19.5167394416533 |
| 199902 | 28.8226315789474 | 21.7310479446262 |
| 199903 | 25.3095652173913 | 20.6547914674016 |
| 199904 | 23.4785714285714 | 19.8606771891501 |
| 199905 | 26.2045 | 20.9574353512418 |
| 199906 | 23.5457142857143 | 19.2625008554962 |
| 199907 | 21.0490476190476 | 16.5488683641917 |
| 199908 | 24.3236363636364 | 17.7454014218775 |
| 199909 | 24.5414285714286 | 18.9697791476146 |
| 199910 | 24.0214285714286 | 20.9104228504407 |
| 199911 | 21.8180952380952 | 19.2569642009132 |
| 199912 | 22.1590909090909 | 16.8950388819076 |
| 200001 | 23.202 | 19.2522877959905 |
| 200002 | 23.5955 | 21.8613458886678 |
| 200003 | 22.7340909090909 | 24.3909635574099 |
| 200004 | 27.1642105263158 | 32.6636875908469 |
| 200005 | 26.3731818181818 | 28.6595982569648 |
| 200006 | 21.54 | 22.8929512468821 |
| 200007 | 19.893 | 17.980698455837 |
| 200008 | 18.0886956521739 | 16.2120294147877 |
| 200009 | 19.6875 | 15.210097512096 |
| 200010 | 25.2 | 23.3598072752186 |
| 200011 | 26.3828571428572 | 24.8130668116938 |
| 200012 | 26.5305 | 25.2415227193931 |
| 200101 | 24.9185714285714 | 27.3602927142189 |
| 200102 | 23.4115789473684 | 21.5501206216313 |
| 200103 | 28.5355 | 26.8105843217018 |
| 200104 | 28.134 | 28.2492936427782 |
| 200105 | 22.9440909090909 | 21.9092129352145 |
| 200106 | 20.9404761904762 | 18.0688419334876 |
| 200107 | 22.3161904761905 | 17.406448709687 |
| 200108 | 21.8617391304348 | 16.9715954996617 |
| 200109 | 35.0653333333333 | 25.3382211209905 |
| 200110 | 32.6122727272727 | 27.4165117867325 |
| 200111 | 26.6309523809524 | 23.6806652617825 |
| 200112 | 23.72 | 18.7933239165029 |
| 200201 | 22.2528571428571 | 16.070437683007 |
| 200202 | 22.8757894736842 | 19.0062337533147 |
| 200203 | 18.985 | 18.1451144074509 |
| 200204 | 19.9004545454546 | 16.3426253004236 |
| 200205 | 20.0877272727273 | 17.4581975074258 |
| 200206 | 25.271 | 21.1297660156886 |
| 200207 | 34.0495454545455 | 33.7793436057224 |
| 200208 | 33.7427272727273 | 37.9689619975786 |
| 200209 | 37.6475 | 31.1270692682215 |
| 200210 | 35.4295454545455 | 35.0811720054367 |
| 200211 | 28.175 | 29.8084432942174 |
| 200212 | 28.2104761904762 | 23.9622713558251 |
| 200301 | 27.5063157894737 | 21.4469770986802 |
| 200302 | 32.2184210526316 | 23.2421878074318 |
| 200303 | 30.6342857142857 | 24.0040659796837 |
| 200304 | 23.9919047619048 | 22.7297184085992 |
| 200305 | 20.2395238095238 | 19.3927767398635 |
| 200306 | 20.362380952381 | 17.8736785998776 |
| 200307 | 19.1613636363636 | 17.9456251244365 |
| 200308 | 19.2742857142857 | 17.4355908104086 |
| 200309 | 19.532380952381 | 14.6240566861575 |
| 200310 | 18.0234782608696 | 14.3947297818711 |
| 200311 | 17.401052631579 | 13.1452074336775 |
| 200312 | 16.8263636363636 | 11.898187122352 |
| 200401 | 15.9533333333333 | 11.1295728431519 |
| 200402 | 15.9984210526316 | 12.4129954515346 |
| 200403 | 17.6873913043478 | 13.1050216976416 |
| 200404 | 15.6985714285714 | 13.2176376473784 |
| 200405 | 17.705 | 15.2903748948458 |
| 200406 | 15.3571428571429 | 12.4648362760251 |
| 200407 | 15.502380952381 | 11.5548195552748 |
| 200408 | 16.6840909090909 | 12.5061902836159 |
| 200409 | 14.0809523809524 | 10.5116153719172 |
| 200410 | 14.97 | 10.5381148511303 |
| 200411 | 13.5771428571429 | 11.2090269156889 |
| 200412 | 12.4595454545455 | 10.530867200208 |
| 200501 | 13.438 | 10.6794754834395 |
| 200502 | 11.7089473684211 | 9.96727979016155 |
| 200503 | 13.1263636363636 | 10.4490023874664 |
| 200504 | 14.4590476190476 | 11.9478937188177 |
| 200505 | 13.967619047619 | 13.1217580985616 |
| 200506 | 11.8686363636364 | 10.8737715332402 |
| 200507 | 11.049 | 10.2895879665238 |
| 200508 | 12.9513043478261 | 9.66274896484197 |
| 200509 | 12.6280952380952 | 10.3255272253914 |
| 200510 | 14.937619047619 | 12.9294659589076 |
| 200511 | 12.147619047619 | 11.9812454956094 |
| 200512 | 11.26 | 9.85764479290582 |
| 200601 | 12.036 | 9.74070927840563 |
| 200602 | 12.4710526315789 | 10.3861548214978 |
| 200603 | 11.6939130434783 | 9.66654813445549 |
| 200604 | 11.8473684210526 | 10.1713566525801 |
| 200605 | 14.4545454545455 | 11.8718349366883 |
| 200606 | 16.9186363636364 | 15.1757986984136 |
| 200607 | 15.326 | 13.8078862967776 |
| 200608 | 13.3517391304348 | 12.2540202959709 |
| 200609 | 12.1845 | 9.57363182582598 |
| 200610 | 11.3063636363636 | 8.86665500764492 |
| 200611 | 10.817619047619 | 9.04450419002803 |
| 200612 | 10.9645 | 9.47201978651976 |
| 200701 | 11.0425 | 9.44536945141541 |
| 200702 | 11.1552631578947 | 9.08685698016304 |
| 200703 | 15.1627272727273 | 14.3255030033515 |
| 200704 | 12.933 | 11.4023042808631 |
| 200705 | 13.2977272727273 | 9.90934356661084 |
| 200706 | 14.947619047619 | 11.4077110975207 |
| 200707 | 17.2733333333333 | 13.5121642188215 |
| 200708 | 25.0260869565217 | 23.4241339983899 |
| 200709 | 22.1989473684211 | 19.7348133045821 |
| 200710 | 19.115652173913 | 15.4888932450794 |
| 200711 | 25.582380952381 | 21.5029598907903 |
| 200712 | 21.651 | 20.9869846219637 |
| 200801 | 25.8161904761905 | 25.1342514466583 |
| 200802 | 25.456 | 27.937009713275 |
| 200803 | 27.1035 | 26.719877202649 |
| 200804 | 21.5627272727273 | 21.3689689262963 |
| 200805 | 18.3033333333333 | 16.8028233799403 |
| 200806 | 22.1104761904762 | 17.3827173198875 |
| 200807 | 24.3213636363636 | 23.0503260414801 |
| 200808 | 20.6957142857143 | 20.3662293912449 |
| 200809 | 30.2385714285714 | 30.102684176587 |
| 200810 | 61.1773913043478 | 66.3707408175557 |
| 200811 | 62.6394736842105 | 72.3187092534032 |
| 200812 | 52.405 | 61.6027363223955 |
| 200901 | 44.683 | 43.4083195158596 |
| 200902 | 45.5705263157895 | 40.477809802582 |
| 200903 | 44.7954545454545 | 42.715480862227 |
| 200904 | 38.0638095238095 | 35.1983309385203 |
| 200905 | 31.978 | 29.387605460327 |
| 200906 | 29.1404545454546 | 25.0830755581131 |
| 200907 | 26.1627272727273 | 21.5196966900661 |
| 200908 | 25.3371428571429 | 19.3235809597926 |
| 200909 | 24.9266666666667 | 17.4857833905631 |
| 200910 | 24.2522727272727 | 17.5702405784602 |
| 200911 | 23.7835 | 19.4845647025448 |
| 200912 | 21.2395454545455 | 15.2663970860801 |
| 201001 | 20.6431578947368 | 12.8398985969182 |
| 201002 | 22.54 | 17.9197082366811 |
| 201003 | 17.7673913043478 | 14.1303021968636 |
| 201004 | 17.4242857142857 | 12.4867727450024 |
| 201005 | 31.9295 | 27.5959641035495 |
| 201006 | 29.9163636363636 | 26.9833521430504 |
| 201007 | 25.5652380952381 | 23.0199006041922 |
| 201008 | 24.7459090909091 | 18.892145202711 |
| 201009 | 22.517619047619 | 16.8356259520512 |
| 201010 | 20.3733333333333 | 14.8889937243947 |
| 201011 | 20.0957142857143 | 13.9380294939093 |
| 201012 | 17.5695454545455 | 11.8416477621944 |
| 201101 | 17.3155 | 9.7366961073792 |
| 201102 | 17.43 | 10.6281043383697 |
| 201103 | 20.7234782608696 | 14.3028897723815 |
| 201104 | 16.244 | 12.4112280924203 |
| 201105 | 16.9114285714286 | 12.3593118533934 |
| 201106 | 19.1531818181818 | 13.5580037991357 |
| 201107 | 19.2275 | 13.7770826927417 |
| 201108 | 35.0291304347826 | 31.7176846070135 |
| 201109 | 36.53 | 30.9443763927647 |
| 201110 | 32.8290476190476 | 30.1570868207097 |
| 201111 | 31.9419047619048 | 25.0129420390113 |
| 201112 | 25.047619047619 | 20.6168002558854 |
| 201201 | 20.228 | 15.4695108469787 |
| 201202 | 18.4205 | 12.409164884339 |
| 201203 | 16.1672727272727 | 10.9007063852979 |
| 201204 | 17.823 | 11.4961277083449 |
| 201205 | 21.0018181818182 | 13.7201292791789 |
| 201206 | 21.1309523809524 | 15.5662009453077 |
| 201207 | 17.5652380952381 | 14.7999610603947 |
| 201208 | 15.6895652173913 | 13.1326573763986 |
| 201209 | 15.2847368421053 | 10.9759898228151 |
| 201210 | 16.2761904761905 | 11.2670177780026 |
| 201211 | 16.7019047619048 | 13.8098490976068 |
| 201212 | 17.307 | 12.878964905782 |
| 201301 | 13.5052380952381 | 11.7464530343877 |
| 201302 | 14.0726315789474 | 9.64237568335248 |
| 201303 | 13.0315 | 10.1316002935915 |
| 201304 | 13.9672727272727 | 11.4481004754934 |
| 201305 | 13.4936363636364 | 11.607839229783 |
| 201306 | 17.2715 | 14.4992536826173 |
| 201307 | 13.9745454545455 | 13.4815135063894 |
| 201308 | 14.21 | 10.3977359758941 |
| 201309 | 14.692 | 10.6911937854692 |
| 201310 | 15.4078260869565 | 11.2067997099562 |
| 201311 | 12.924 | 9.88683779960606 |
| 201312 | 14.192380952381 | 9.49681484929974 |
| 201401 | 14.2409523809524 | 9.33267308526438 |
| 201402 | 15.47 | 11.7661465862915 |
| 201403 | 14.8366666666667 | 11.6356857940038 |
| 201404 | 14.1980952380952 | 12.1990067066569 |
| 201405 | 12.4752380952381 | 10.9800649435702 |
| 201406 | 11.5414285714286 | 8.25326039581718 |
| 201407 | 12.2963636363636 | 7.97868126433434 |
| 201408 | 13.4919047619048 | 9.81793272643045 |
| 201409 | 13.4666666666667 | 8.80966876644924 |
| 201410 | 18.0586956521739 | 15.8048439638351 |
| 201411 | 13.4131578947368 | 13.3833816965613 |
| 201412 | 16.2922727272727 | 12.6647325092357 |
| 201501 | 19.1195 | 15.74339160653 |
| 201502 | 15.9042105263158 | 15.0451409935075 |
| 201503 | 14.8127272727273 | 11.8959266159298 |
| 201504 | 13.4947619047619 | 11.3532788612687 |
| 201505 | 13.3385 | 10.8610519971705 |
| 201506 | 14.3395454545455 | 10.1748803809507 |
| 201507 | 14.3527272727273 | 11.1894258274911 |
| 201508 | 19.4280952380952 | 17.1403464013827 |
| 201509 | 24.3771428571429 | 26.9025526899885 |
| 201510 | 16.7895454545455 | 19.538906320308 |
| 201511 | 16.21 | 14.1102321894075 |
| 201512 | 18.0254545454546 | 14.7495634335739 |
| 201601 | 23.7178947368421 | 20.9580550540468 |
| 201602 | 22.517 | 23.7676810507906 |
| 201603 | 15.8490909090909 | 17.4250067356967 |
| 201604 | 14.3004761904762 | 12.5562080583178 |
| 201605 | 14.8528571428571 | 11.4455994472265 |
| 201606 | 17.7745454545455 | 11.1116942020749 |
| 201607 | 13.1585 | 11.5271373000587 |
| 201608 | 12.3995652173913 | 8.41722040462609 |
| 201609 | 14.2195238095238 | 9.49250239117131 |
| 201610 | 14.5852380952381 | 9.85540487217842 |
| 201611 | 15.2361904761905 | 10.7365938489012 |
| 201612 | 12.472380952381 | 9.00140644831142 |
| 201701 | 11.6085 | 8.06071262990714 |
| 201702 | 11.5305263157895 | 7.16150102034602 |
| 201703 | 11.8978260869565 | 7.19892859194787 |
| 201704 | 13.1363157894737 | 8.48491921898109 |
| 201705 | 10.8622727272727 | 7.2401832949786 |
| 201706 | 10.5136363636364 | 7.00616891814337 |
| 201707 | 10.2645 | 7.11306394301058 |
| 201708 | 11.975652173913 | 6.90089283580559 |
| 201709 | 10.438 | 6.5345648615788 |
| 201710 | 10.1254545454545 | 5.26850692679341 |
| 201711 | 10.5404761904762 | 5.83881629369222 |
| 201712 | 10.2645 | 7.22759461099741 |
| 201801 | 11.062380952381 | 6.76848783641607 |
| 201802 | 22.4647368421053 | 20.5514692198572 |
| 201803 | 19.0238095238095 | 19.2422003919921 |
| 201804 | 18.267619047619 | 19.560864078734 |
| 201805 | 14.1245454545455 | 14.7954857540914 |
| 201806 | 13.6780952380952 | 11.034179781775 |
| 201807 | 13.147619047619 | 10.0184346370113 |
| 201808 | 12.5469565217391 | 8.26251417519857 |
| 201809 | 12.9105263157895 | 8.19025136681163 |
| 201810 | 19.3521739130435 | 14.6627527182782 |
| 201811 | 19.3890476190476 | 20.3202002691373 |
| 201812 | 24.9531578947368 | 24.2073852945459 |
| 201901 | 19.572380952381 | 24.7880516507319 |
| 201902 | 15.2347368421053 | 16.1440896223839 |
| 201903 | 14.4852380952381 | 12.5278612935021 |
| 201904 | 12.9490476190476 | 10.4103332413685 |
| 201905 | 16.7218181818182 | 11.9487788424912 |
| 201906 | 15.836 | 12.2900192578276 |
| 201907 | 13.3059090909091 | 9.33346875226231 |
| 201908 | 18.9790909090909 | 15.4920753234381 |
| 201909 | 15.559 | 13.7079072446148 |
| 201910 | 15.4665217391304 | 12.9255078916844 |
| 201911 | 12.5235 | 9.14484575510055 |
| 201912 | 13.7566666666667 | 8.39083092133427 |
| 202001 | 13.9409523809524 | 7.97552795564194 |
| 202002 | 19.6289473684211 | 12.2240511858791 |
| 202003 | 57.7368181818182 | 56.5007914639915 |
| 202004 | 41.4538095238095 | 53.355660702957 |
| 202005 | 30.897 | 32.7227739490475 |
| 202006 | 31.1195454545455 | 25.5985313451324 |
| 202007 | 26.8404545454546 | 21.4811688053595 |
| 202008 | 22.8895238095238 | 15.353382679701 |
| 202009 | 27.6476190476191 | 20.5208551967977 |
| 202010 | 29.4386363636364 | 19.5677279433296 |
| 202011 | 24.9955 | 20.0171659250012 |
| 202012 | 22.3740909090909 | 14.5344105612038 |
| 202101 | 24.91 | 13.9419336673716 |
| 202102 | 23.1405263157895 | 15.0439803534066 |
| 202103 | 21.8430434782609 | 18.3581360693046 |
| 202104 | 17.4161904761905 | 13.2178264282996 |
| 202105 | 19.7605 | 12.8121116475647 |
| 202106 | 16.9568181818182 | 10.5923841734159 |
| 202107 | 17.6033333333333 | 9.51671057313398 |
| 202108 | 17.4727272727273 | 8.98614614984583 |
| 202109 | 19.8247619047619 | 9.89582025520166 |
| 202110 | 17.8714285714286 | 13.1321790167752 |
| 202111 | 18.5004761904762 | 10.7460804667178 |
| 202112 | 21.3545454545455 | 15.7794437857976 |
| 202201 | 23.181 | 17.9098987944294 |
| 202202 | 25.7484210526316 | 24.0386449376156 |
| 202203 | 26.9686956521739 | 24.390096093764 |
| 202204 | 24.3735 | 19.5613028881102 |
| 202205 | 29.4457142857143 | 27.6387195845322 |
| 202206 | 28.1 | 26.5478085095568 |
| 202207 | 24.8685 | 24.1533869356391 |
| 202208 | 22.1695652173913 | 18.5662804118801 |
| 202209 | 27.4061904761905 | 21.3498291330466 |
| 202210 | 30.0057142857143 | 24.7569099879849 |
| 202211 | 23.4361904761905 | 23.4424935444618 |
| 202212 | 21.7842857142857 | 20.055125966124 |
| 202301 | 20.203 | 18.8539944768648 |
| 202302 | 20.0621052631579 | 18.0005914321293 |
| 202303 | 21.644347826087 | 18.3861275671257 |
| 202304 | 18.0361538461538 | 15.6944810931873 |
Note: Realized volatility is computed from an exponentially weighted moving average of 5-minute daily realized variances with 75 percent of weight distributed over the past 20 business days.
Source: Refinitiv, DataScope Tick History; Federal Reserve Board staff estimates.
Figure 1.7. Treasury market depth remained below historical norms
Millions of dollars
| Date | 5-year (right scale) | 10-year (right scale) | 30-year (left scale) |
|---|---|---|---|
| 20190102 | 163.75984 | 111.40664 | 15.54064 |
| 20190103 | 177.55076 | 124.30864 | 16.47146 |
| 20190104 | 181.33914 | 135.17844 | 16.36022 |
| 20190107 | 188.19386 | 149.59546 | 17.40608 |
| 20190108 | 207.78492 | 173.335 | 19.48318 |
| 20190109 | 199.9001 | 178.45656 | 19.77884 |
| 20190110 | 202.48588 | 188.26352 | 21.01854 |
| 20190111 | 209.47938 | 194.1466 | 22.20958 |
| 20190114 | 216.66364 | 192.83502 | 23.21604 |
| 20190115 | 231.12102 | 192.96156 | 23.6482 |
| 20190116 | 244.7372 | 197.76664 | 24.2794 |
| 20190117 | 252.08274 | 202.45752 | 24.40672 |
| 20190118 | 256.80476 | 208.21614 | 24.44446 |
| 20190122 | 265.9938 | 214.51542 | 24.21188 |
| 20190123 | 255.33238 | 219.21884 | 24.56338 |
| 20190124 | 261.82014 | 221.18918 | 24.08264 |
| 20190125 | 263.59756 | 224.34146 | 23.95696 |
| 20190128 | 260.36306 | 226.24202 | 23.898 |
| 20190129 | 261.4199 | 228.63594 | 23.66518 |
| 20190130 | 255.82188 | 223.47396 | 22.60758 |
| 20190131 | 251.26904 | 225.07368 | 22.2118 |
| 20190201 | 247.30232 | 220.58382 | 22.44858 |
| 20190204 | 254.66282 | 223.44268 | 23.01132 |
| 20190205 | 252.25096 | 224.585 | 23.70958 |
| 20190206 | 261.89972 | 226.51934 | 24.10508 |
| 20190207 | 256.82084 | 220.6974 | 24.71226 |
| 20190208 | 264.64722 | 219.54322 | 24.91172 |
| 20190211 | 265.74196 | 214.8135 | 24.7164 |
| 20190212 | 276.2135 | 212.27272 | 24.92244 |
| 20190213 | 281.33004 | 219.49424 | 25.93818 |
| 20190214 | 285.92156 | 224.26492 | 26.30802 |
| 20190215 | 279.40712 | 227.12332 | 26.66648 |
| 20190219 | 281.55486 | 228.86816 | 27.6053 |
| 20190220 | 271.57028 | 227.7178 | 27.9262 |
| 20190221 | 265.8629 | 223.21716 | 27.75934 |
| 20190222 | 263.9616 | 217.89734 | 27.39608 |
| 20190225 | 266.1104 | 218.00726 | 27.2746 |
| 20190226 | 263.92186 | 221.1539 | 26.49144 |
| 20190227 | 260.19308 | 226.91188 | 26.6188 |
| 20190228 | 255.46166 | 226.7543 | 26.63022 |
| 20190301 | 249.3595 | 227.6906 | 26.73014 |
| 20190304 | 245.82424 | 229.88656 | 26.40988 |
| 20190305 | 244.04748 | 233.2514 | 26.56272 |
| 20190306 | 246.2592 | 231.4305 | 26.33944 |
| 20190307 | 250.385 | 234.73824 | 26.00302 |
| 20190308 | 251.44418 | 238.97348 | 26.44536 |
| 20190311 | 252.27696 | 240.47218 | 26.52162 |
| 20190312 | 247.34172 | 242.24638 | 25.6849 |
| 20190313 | 242.33956 | 245.2535 | 26.07882 |
| 20190314 | 237.97246 | 245.71716 | 26.21804 |
| 20190315 | 238.43618 | 247.77758 | 26.07074 |
| 20190318 | 240.44394 | 244.88656 | 26.0704 |
| 20190319 | 246.38312 | 237.77246 | 26.57554 |
| 20190320 | 240.73298 | 228.88074 | 24.60666 |
| 20190321 | 245.58278 | 225.1447 | 24.86938 |
| 20190322 | 240.9546 | 212.39206 | 23.98168 |
| 20190325 | 234.93366 | 207.23006 | 23.24222 |
| 20190326 | 226.31214 | 203.29354 | 22.8788 |
| 20190327 | 214.3429 | 196.03862 | 23.0461 |
| 20190328 | 196.04714 | 187.97842 | 22.25276 |
| 20190329 | 192.85542 | 192.79334 | 22.2726 |
| 20190401 | 191.47522 | 194.94226 | 22.76078 |
| 20190402 | 190.57006 | 201.33546 | 22.89892 |
| 20190403 | 204.49398 | 214.2189 | 23.16114 |
| 20190404 | 215.96136 | 225.20144 | 22.98578 |
| 20190405 | 217.09588 | 231.68226 | 23.07214 |
| 20190408 | 215.81482 | 236.80662 | 23.1369 |
| 20190409 | 215.98746 | 236.39344 | 23.39834 |
| 20190410 | 208.90976 | 238.52872 | 23.82518 |
| 20190411 | 203.63364 | 236.0174 | 24.86446 |
| 20190412 | 204.26822 | 233.80548 | 25.25716 |
| 20190415 | 206.98604 | 231.68708 | 25.284 |
| 20190416 | 204.50764 | 232.36472 | 25.71666 |
| 20190417 | 212.65928 | 233.44984 | 25.80858 |
| 20190418 | 211.03788 | 228.88962 | 24.71618 |
| 20190422 | 209.3071 | 227.58854 | 24.56456 |
| 20190423 | 205.73732 | 229.989 | 24.72326 |
| 20190424 | 205.74852 | 225.74206 | 24.5589 |
| 20190425 | 205.09626 | 218.24236 | 24.73178 |
| 20190426 | 206.00582 | 219.24834 | 25.54566 |
| 20190429 | 208.56754 | 221.42304 | 25.75182 |
| 20190430 | 212.85478 | 225.94012 | 26.38464 |
| 20190501 | 204.65112 | 217.38056 | 25.35166 |
| 20190502 | 200.49466 | 216.59354 | 24.84018 |
| 20190503 | 201.722 | 216.3898 | 24.42738 |
| 20190506 | 195.2645 | 211.47178 | 24.45586 |
| 20190507 | 189.3821 | 203.72134 | 23.42436 |
| 20190508 | 191.09894 | 205.58538 | 23.45758 |
| 20190509 | 184.95494 | 198.48934 | 22.86626 |
| 20190510 | 174.97354 | 188.10226 | 21.52226 |
| 20190513 | 173.33782 | 185.5585 | 20.36212 |
| 20190514 | 173.50446 | 185.74882 | 20.15706 |
| 20190515 | 171.86 | 191.10488 | 21.01094 |
| 20190516 | 175.17318 | 199.27986 | 21.76218 |
| 20190517 | 176.82832 | 206.58034 | 23.12602 |
| 20190520 | 177.51122 | 211.71148 | 23.76684 |
| 20190521 | 172.9324 | 212.14726 | 24.31638 |
| 20190522 | 172.28098 | 210.34976 | 24.29894 |
| 20190523 | 167.95868 | 207.47768 | 23.98544 |
| 20190524 | 160.72302 | 199.70188 | 22.74918 |
| 20190528 | 159.76988 | 195.68918 | 22.86846 |
| 20190529 | 163.03014 | 194.80104 | 22.93426 |
| 20190530 | 167.16774 | 196.46638 | 22.59732 |
| 20190531 | 166.15666 | 196.55124 | 22.92906 |
| 20190603 | 172.09754 | 202.13864 | 23.64178 |
| 20190604 | 170.04524 | 202.6644 | 23.1558 |
| 20190605 | 160.67674 | 193.02528 | 22.6874 |
| 20190606 | 154.52972 | 186.717 | 22.511 |
| 20190607 | 149.7351 | 179.58896 | 22.09262 |
| 20190610 | 151.95952 | 183.1065 | 23.27112 |
| 20190611 | 155.62332 | 189.38812 | 24.5797 |
| 20190612 | 158.93302 | 199.36936 | 25.35554 |
| 20190613 | 159.19948 | 206.9073 | 26.21654 |
| 20190614 | 161.11538 | 212.81014 | 27.03052 |
| 20190617 | 161.32298 | 216.83296 | 26.73402 |
| 20190618 | 153.41318 | 207.4199 | 25.33476 |
| 20190619 | 149.16462 | 195.38934 | 24.41284 |
| 20190620 | 147.19736 | 185.50468 | 23.97186 |
| 20190621 | 145.80774 | 181.98674 | 23.48684 |
| 20190624 | 148.21524 | 177.25042 | 24.11672 |
| 20190625 | 150.43182 | 179.45322 | 25.48772 |
| 20190626 | 153.55864 | 186.5673 | 26.5989 |
| 20190627 | 154.51864 | 188.19148 | 27.3508 |
| 20190628 | 161.79442 | 194.02514 | 28.2209 |
| 20190701 | 158.06978 | 191.30796 | 27.73716 |
| 20190702 | 162.34564 | 193.13686 | 27.67158 |
| 20190703 | 161.45396 | 192.58242 | 26.7263 |
| 20190705 | 156.97154 | 191.46258 | 25.51868 |
| 20190708 | 154.60194 | 187.51436 | 25.42024 |
| 20190709 | 160.01196 | 188.9519 | 25.35972 |
| 20190710 | 153.4359 | 180.80558 | 24.76656 |
| 20190711 | 154.79448 | 175.64992 | 25.03862 |
| 20190712 | 162.73492 | 176.43086 | 25.31174 |
| 20190715 | 163.72544 | 174.47236 | 24.85204 |
| 20190716 | 159.47922 | 173.78482 | 24.21232 |
| 20190717 | 168.49652 | 181.97198 | 24.11936 |
| 20190718 | 169.15122 | 184.63546 | 23.57276 |
| 20190719 | 166.12268 | 182.99898 | 22.75598 |
| 20190722 | 167.3728 | 185.94622 | 21.9688 |
| 20190723 | 166.55788 | 188.27706 | 21.91416 |
| 20190724 | 167.04902 | 187.63748 | 21.64368 |
| 20190725 | 163.23174 | 184.83846 | 21.00694 |
| 20190726 | 165.63306 | 185.9083 | 21.31696 |
| 20190729 | 166.89696 | 185.92898 | 21.70978 |
| 20190730 | 167.58754 | 181.80962 | 21.49862 |
| 20190731 | 155.78566 | 169.40446 | 20.88862 |
| 20190801 | 150.0312 | 159.97688 | 20.84696 |
| 20190802 | 132.3202 | 140.4204 | 18.6955 |
| 20190805 | 115.73666 | 121.08526 | 16.2097 |
| 20190806 | 107.57184 | 107.86012 | 14.87992 |
| 20190807 | 96.6475 | 92.85372 | 12.75938 |
| 20190808 | 92.04132 | 84.93258 | 11.13886 |
| 20190809 | 93.74576 | 84.82208 | 10.60868 |
| 20190812 | 94.57242 | 83.273 | 10.87842 |
| 20190813 | 85.76596 | 77.22566 | 9.60078 |
| 20190814 | 87.5748 | 81.6175 | 9.6998 |
| 20190815 | 82.2852 | 78.6528 | 8.97726 |
| 20190816 | 81.71232 | 80.09994 | 8.99514 |
| 20190819 | 81.35712 | 81.48532 | 8.37476 |
| 20190820 | 88.48452 | 85.44656 | 8.716 |
| 20190821 | 94.87182 | 89.5007 | 8.6908 |
| 20190822 | 103.73172 | 99.36956 | 9.14508 |
| 20190823 | 101.26946 | 95.83044 | 8.51954 |
| 20190826 | 102.0645 | 93.18488 | 8.08458 |
| 20190827 | 104.1737 | 95.603 | 7.5057 |
| 20190828 | 113.25962 | 98.77294 | 7.42812 |
| 20190829 | 116.31066 | 100.59158 | 7.20312 |
| 20190830 | 128.50852 | 113.32228 | 8.0344 |
| 20190903 | 127.83636 | 117.08248 | 8.04582 |
| 20190904 | 127.3227 | 118.12568 | 8.40672 |
| 20190905 | 121.28454 | 121.57372 | 8.50948 |
| 20190906 | 112.57884 | 116.74572 | 8.6211 |
| 20190909 | 107.0502 | 116.27868 | 8.3028 |
| 20190910 | 109.5427 | 125.86064 | 8.64188 |
| 20190911 | 107.23276 | 133.51378 | 8.55944 |
| 20190912 | 97.59676 | 124.6652 | 8.32474 |
| 20190913 | 100.6719 | 131.75906 | 8.56094 |
| 20190916 | 101.62042 | 128.52268 | 9.04618 |
| 20190917 | 100.95006 | 119.38014 | 8.70464 |
| 20190918 | 97.64084 | 106.97786 | 8.36712 |
| 20190919 | 101.99762 | 107.84796 | 8.31326 |
| 20190920 | 102.18694 | 100.31926 | 7.87604 |
| 20190923 | 99.50824 | 98.4089 | 7.3642 |
| 20190924 | 96.61718 | 98.48378 | 7.30742 |
| 20190925 | 96.64504 | 97.76834 | 7.32142 |
| 20190926 | 94.27032 | 99.53742 | 7.55406 |
| 20190927 | 91.68938 | 97.44436 | 7.64412 |
| 20190930 | 94.13412 | 98.10464 | 7.65188 |
| 20191001 | 93.64292 | 96.9566 | 7.67882 |
| 20191002 | 95.6347 | 100.37584 | 8.04898 |
| 20191003 | 91.59386 | 95.56318 | 7.66106 |
| 20191004 | 90.32464 | 95.7302 | 7.38468 |
| 20191007 | 87.00182 | 94.8041 | 7.73614 |
| 20191008 | 84.7796 | 93.4804 | 7.96806 |
| 20191009 | 80.1995 | 90.52628 | 7.7483 |
| 20191010 | 81.48204 | 89.73866 | 8.09138 |
| 20191011 | 76.43364 | 82.8155 | 8.10528 |
| 20191015 | 75.52784 | 78.85044 | 7.64012 |
| 20191016 | 76.05128 | 77.45104 | 7.93744 |
| 20191017 | 76.05066 | 72.00874 | 8.1787 |
| 20191018 | 77.76402 | 72.60452 | 8.44242 |
| 20191021 | 87.08016 | 81.23654 | 9.1573 |
| 20191022 | 86.22418 | 81.47024 | 9.58028 |
| 20191023 | 92.88636 | 86.40764 | 9.70486 |
| 20191024 | 95.14936 | 90.65188 | 9.74918 |
| 20191025 | 96.65134 | 94.43596 | 10.02442 |
| 20191028 | 96.47394 | 97.71202 | 10.03628 |
| 20191029 | 99.48912 | 103.72974 | 10.5409 |
| 20191030 | 93.28842 | 100.2882 | 10.53856 |
| 20191031 | 94.22842 | 105.07524 | 11.08308 |
| 20191101 | 95.19416 | 107.2991 | 11.19332 |
| 20191104 | 100.6833 | 110.3258 | 11.3519 |
| 20191105 | 103.74626 | 112.90422 | 11.32916 |
| 20191106 | 107.89144 | 118.03982 | 11.7692 |
| 20191107 | 107.7464 | 116.23574 | 11.79608 |
| 20191108 | 105.7636 | 113.1586 | 11.78022 |
| 20191112 | 98.94336 | 105.1156 | 11.79938 |
| 20191113 | 95.48954 | 101.07528 | 11.6955 |
| 20191114 | 94.668 | 99.68788 | 11.72814 |
| 20191115 | 95.55294 | 101.75276 | 11.67732 |
| 20191118 | 98.9884 | 106.22594 | 11.80476 |
| 20191119 | 105.56578 | 115.72564 | 12.24032 |
| 20191120 | 108.35852 | 117.20396 | 12.35462 |
| 20191121 | 111.62598 | 118.056 | 12.14006 |
| 20191122 | 116.2778 | 119.86124 | 12.31826 |
| 20191125 | 123.48618 | 122.59986 | 12.80964 |
| 20191126 | 126.7312 | 120.83856 | 13.02134 |
| 20191127 | 128.21608 | 122.5244 | 13.27054 |
| 20191129 | 122.38318 | 119.30022 | 13.55096 |
| 20191202 | 120.08276 | 116.70016 | 13.6464 |
| 20191203 | 114.87836 | 112.23154 | 13.03976 |
| 20191204 | 112.04068 | 110.90498 | 12.85212 |
| 20191205 | 111.28632 | 107.18338 | 13.05568 |
| 20191206 | 116.25624 | 110.35272 | 13.03274 |
| 20191209 | 117.96552 | 110.28372 | 12.8238 |
| 20191210 | 117.85778 | 112.14162 | 13.1939 |
| 20191211 | 112.01772 | 107.76972 | 13.37788 |
| 20191212 | 106.92194 | 103.47922 | 12.80416 |
| 20191213 | 99.07578 | 93.9436 | 12.19712 |
| 20191216 | 96.2983 | 92.51998 | 11.92386 |
| 20191217 | 96.39308 | 90.82298 | 11.79366 |
| 20191218 | 100.36584 | 94.77236 | 11.3196 |
| 20191219 | 105.80566 | 98.13402 | 11.32302 |
| 20191220 | 115.88094 | 107.47998 | 11.70592 |
| 20191223 | 115.993 | 104.42998 | 10.98072 |
| 20191224 | 110.83782 | 93.72512 | 9.3675 |
| 20191226 | 105.91482 | 84.40828 | 8.4209 |
| 20191227 | 108.31098 | 87.79008 | 8.35106 |
| 20191230 | 105.99766 | 84.70142 | 7.9824 |
| 20191231 | 104.42604 | 85.55272 | 8.56112 |
| 20200102 | 112.61696 | 97.3299 | 9.94138 |
| 20200103 | 115.28352 | 103.57724 | 10.59198 |
| 20200106 | 115.76376 | 105.61426 | 10.83762 |
| 20200107 | 121.56904 | 110.82558 | 11.63038 |
| 20200108 | 125.56398 | 115.87048 | 11.97994 |
| 20200109 | 124.6785 | 118.40156 | 12.56432 |
| 20200110 | 129.48246 | 122.58628 | 12.98408 |
| 20200113 | 128.698 | 121.7917 | 13.32084 |
| 20200114 | 128.99154 | 122.78284 | 13.27432 |
| 20200115 | 132.52302 | 123.51858 | 13.32978 |
| 20200116 | 139.10122 | 127.86162 | 13.15922 |
| 20200121 | 141.42416 | 130.29684 | 13.41626 |
| 20200122 | 152.63776 | 136.20456 | 13.87268 |
| 20200123 | 155.68696 | 137.3518 | 13.81016 |
| 20200127 | 155.36376 | 138.91418 | 14.27792 |
| 20200128 | 153.72196 | 133.334 | 14.20282 |
| 20200129 | 153.69518 | 130.12124 | 14.27214 |
| 20200130 | 145.22698 | 124.14488 | 13.46614 |
| 20200203 | 144.22082 | 122.72482 | 13.61184 |
| 20200204 | 148.57286 | 123.93242 | 13.32236 |
| 20200205 | 149.01952 | 127.0765 | 13.4515 |
| 20200206 | 154.47908 | 132.08458 | 13.32876 |
| 20200210 | 158.98814 | 136.6024 | 14.15216 |
| 20200211 | 155.638 | 138.48798 | 14.1262 |
| 20200212 | 156.456 | 139.4929 | 14.19544 |
| 20200213 | 158.79328 | 138.4905 | 14.09528 |
| 20200218 | 160.1159 | 139.67684 | 14.28398 |
| 20200219 | 161.1251 | 138.8443 | 14.29254 |
| 20200220 | 166.76388 | 140.51742 | 14.68826 |
| 20200224 | 163.80632 | 137.99058 | 14.68362 |
| 20200225 | 160.78824 | 138.54498 | 14.66404 |
| 20200226 | 150.84564 | 131.22506 | 13.8954 |
| 20200227 | 132.75048 | 117.09818 | 12.19422 |
| 20200302 | 110.28746 | 98.24668 | 10.10748 |
| 20200303 | 90.68132 | 81.0664 | 8.30898 |
| 20200304 | 74.51126 | 66.0099 | 7.0563 |
| 20200305 | 64.1902 | 57.48652 | 6.55198 |
| 20200309 | 53.21086 | 47.25604 | 5.66878 |
| 20200310 | 47.3197 | 40.95186 | 5.21868 |
| 20200311 | 42.22556 | 36.48258 | 4.92302 |
| 20200312 | 31.56576 | 26.50428 | 4.10394 |
| 20200316 | 20.81585 | 15.6596 | 3.099925 |
| 20200317 | 20.6144333333333 | 15.6733 | 3.08403333333333 |
| 20200318 | 18.0277333333333 | 13.0484 | 3.05816666666667 |
| 20200319 | 15.656 | 10.3363333333333 | 2.98106666666667 |
| 20200323 | 15.7076 | 11.3024666666667 | 3.04286666666667 |
| 20200324 | 17.671725 | 12.09025 | 3.05895 |
| 20200325 | 20.39682 | 13.26872 | 3.12442 |
| 20200326 | 23.21116 | 15.4451 | 3.20986 |
| 20200327 | 26.74034 | 18.73466 | 3.35176 |
| 20200330 | 30.71838 | 21.24312 | 3.4178 |
| 20200331 | 34.3321 | 24.25096 | 3.49306 |
| 20200401 | 37.11824 | 26.9545 | 3.54626 |
| 20200402 | 40.68334 | 29.38782 | 3.57576 |
| 20200403 | 44.9109 | 31.9171 | 3.58202 |
| 20200406 | 51.47308 | 35.82262 | 3.6963 |
| 20200407 | 55.70178 | 40.3551 | 3.84896 |
| 20200408 | 59.69 | 43.78588 | 4.24544 |
| 20200409 | 59.79988 | 45.12424 | 4.33132 |
| 20200413 | 59.9762 | 46.47748 | 4.44532 |
| 20200414 | 62.0509 | 49.21806 | 4.57052 |
| 20200415 | 65.08244 | 49.96346 | 4.61072 |
| 20200416 | 69.28482 | 52.84012 | 4.48446 |
| 20200420 | 74.33984 | 55.54892 | 4.56674 |
| 20200421 | 80.16728 | 57.6009 | 4.59682 |
| 20200422 | 83.907 | 58.19762 | 4.52258 |
| 20200423 | 86.2565 | 58.82276 | 4.6281 |
| 20200427 | 90.6736 | 60.50888 | 4.606 |
| 20200428 | 95.45148 | 63.3787 | 4.69152 |
| 20200429 | 95.08796 | 64.06614 | 4.78274 |
| 20200430 | 95.44344 | 65.93478 | 4.95364 |
| 20200504 | 97.40564 | 67.4272 | 4.97194 |
| 20200505 | 98.75888 | 69.5844 | 4.96224 |
| 20200506 | 100.0717 | 71.04228 | 5.05394 |
| 20200507 | 103.98136 | 73.43434 | 5.02492 |
| 20200511 | 105.82066 | 74.3668 | 5.11884 |
| 20200512 | 110.5816 | 75.54386 | 5.25902 |
| 20200513 | 110.26544 | 72.89422 | 5.56788 |
| 20200514 | 113.8573 | 74.443 | 5.66282 |
| 20200515 | 117.13278 | 76.48742 | 5.78346 |
| 20200518 | 119.33396 | 79.47432 | 5.90792 |
| 20200519 | 119.41876 | 82.87848 | 6.51734 |
| 20200520 | 121.30134 | 88.05362 | 6.76642 |
| 20200521 | 121.78256 | 90.56566 | 6.95578 |
| 20200522 | 116.80984 | 87.98306 | 7.02632 |
| 20200526 | 119.23348 | 92.26946 | 7.36442 |
| 20200527 | 117.69618 | 96.97304 | 7.22544 |
| 20200528 | 118.2139 | 97.9801 | 7.33472 |
| 20200601 | 118.8996 | 99.47646 | 7.48274 |
| 20200602 | 129.5256 | 106.717 | 7.91858 |
| 20200603 | 133.48678 | 105.60402 | 7.91108 |
| 20200604 | 137.63242 | 102.83606 | 7.8254 |
| 20200605 | 135.74274 | 98.6993 | 7.52356 |
| 20200608 | 138.03122 | 98.34748 | 7.70138 |
| 20200609 | 138.5241 | 98.37678 | 7.85306 |
| 20200610 | 135.47702 | 93.54918 | 7.79892 |
| 20200611 | 134.52358 | 89.86952 | 7.90166 |
| 20200615 | 137.02196 | 89.95218 | 8.1116 |
| 20200616 | 131.99596 | 84.56548 | 8.26872 |
| 20200617 | 126.40116 | 79.56578 | 8.50228 |
| 20200618 | 124.5263 | 78.46056 | 8.55638 |
| 20200622 | 126.55674 | 82.82502 | 8.63334 |
| 20200623 | 131.90698 | 86.90458 | 8.91662 |
| 20200624 | 140.66978 | 93.67194 | 8.61414 |
| 20200625 | 148.9807 | 99.47266 | 8.3249 |
| 20200626 | 156.93976 | 107.90936 | 8.41848 |
| 20200629 | 162.32754 | 111.35412 | 8.46436 |
| 20200630 | 165.93254 | 116.6135 | 8.4139 |
| 20200701 | 163.25824 | 116.83438 | 8.52878 |
| 20200702 | 152.65036 | 110.69538 | 8.2295 |
| 20200706 | 152.43362 | 109.19 | 8.32348 |
| 20200707 | 153.46432 | 110.76512 | 8.3727 |
| 20200708 | 156.29676 | 112.63866 | 8.22928 |
| 20200709 | 161.9484 | 115.29002 | 8.52548 |
| 20200710 | 172.2762 | 121.9677 | 8.71482 |
| 20200713 | 172.56904 | 123.6061 | 9.1683 |
| 20200714 | 171.7831 | 123.9423 | 9.7196 |
| 20200715 | 167.39546 | 124.65002 | 10.68278 |
| 20200716 | 166.62246 | 122.23788 | 11.33108 |
| 20200720 | 169.48176 | 126.32804 | 12.50886 |
| 20200721 | 179.60684 | 127.64578 | 13.1887 |
| 20200722 | 182.08332 | 126.2548 | 13.48482 |
| 20200723 | 186.52668 | 125.46608 | 13.66106 |
| 20200727 | 187.6995 | 127.72174 | 14.08848 |
| 20200728 | 188.63498 | 124.99264 | 14.1469 |
| 20200729 | 178.50358 | 118.67514 | 13.53858 |
| 20200730 | 181.36836 | 120.02506 | 13.9688 |
| 20200803 | 174.18064 | 113.35396 | 13.62652 |
| 20200804 | 171.57208 | 111.18076 | 13.1291 |
| 20200805 | 176.17994 | 110.35356 | 13.02188 |
| 20200806 | 179.19326 | 118.52794 | 13.18738 |
| 20200810 | 177.90686 | 122.13356 | 12.6851 |
| 20200811 | 185.01052 | 129.6002 | 12.67198 |
| 20200812 | 186.75874 | 130.97078 | 12.57948 |
| 20200813 | 182.4701 | 129.58028 | 11.75558 |
| 20200817 | 188.83254 | 128.53762 | 11.4631 |
| 20200818 | 191.2519 | 124.10038 | 10.95294 |
| 20200819 | 190.49442 | 123.14042 | 10.60762 |
| 20200820 | 192.77386 | 128.39696 | 10.13584 |
| 20200821 | 195.5759 | 134.05466 | 10.17796 |
| 20200824 | 195.4726 | 138.04908 | 9.89654 |
| 20200825 | 196.18394 | 139.24284 | 9.6986 |
| 20200826 | 197.75476 | 138.51758 | 9.7914 |
| 20200827 | 187.74774 | 127.9713 | 9.4077 |
| 20200828 | 184.09484 | 124.1976 | 9.0357 |
| 20200831 | 179.7503 | 120.22402 | 8.9559 |
| 20200901 | 173.96434 | 121.22016 | 8.73332 |
| 20200902 | 172.63076 | 124.47514 | 8.19988 |
| 20200903 | 183.12964 | 135.18972 | 8.21748 |
| 20200904 | 181.48048 | 135.79408 | 8.2581 |
| 20200908 | 181.86346 | 134.01878 | 8.04182 |
| 20200909 | 187.13892 | 136.11944 | 8.09646 |
| 20200910 | 191.85882 | 131.98952 | 8.18456 |
| 20200914 | 195.58448 | 130.35288 | 8.49044 |
| 20200915 | 204.67352 | 135.07624 | 8.6599 |
| 20200916 | 201.19338 | 134.8804 | 8.75922 |
| 20200917 | 198.05602 | 133.93482 | 8.78078 |
| 20200921 | 198.27892 | 137.00058 | 8.79208 |
| 20200922 | 202.3799 | 136.96864 | 8.54238 |
| 20200928 | 199.90234 | 139.8416 | 8.61084 |
| 20200929 | 207.60756 | 142.56082 | 8.74122 |
| 20200930 | 208.13074 | 141.16894 | 8.68814 |
| 20201001 | 206.44498 | 143.60662 | 8.63398 |
| 20201005 | 199.31066 | 147.83476 | 8.84546 |
| 20201007 | 197.93436 | 149.39942 | 8.84154 |
| 20201008 | 197.15128 | 154.15716 | 9.29976 |
| 20201013 | 206.5335 | 158.75838 | 9.83784 |
| 20201014 | 219.14322 | 164.82918 | 10.85402 |
| 20201015 | 233.41644 | 166.17986 | 11.13862 |
| 20201019 | 246.37114 | 163.5935 | 11.533 |
| 20201020 | 256.32152 | 163.63868 | 11.56202 |
| 20201021 | 260.83602 | 163.33398 | 11.81698 |
| 20201022 | 262.64038 | 157.63286 | 11.31604 |
| 20201026 | 262.51468 | 157.36068 | 11.2749 |
| 20201027 | 260.33212 | 158.58516 | 11.21534 |
| 20201028 | 252.75376 | 156.9771 | 10.71714 |
| 20201029 | 246.6085 | 154.10334 | 10.09234 |
| 20201102 | 236.4022 | 147.06122 | 9.88306 |
| 20201103 | 231.50854 | 138.1398 | 9.51974 |
| 20201104 | 206.31596 | 119.54268 | 8.53706 |
| 20201105 | 192.59146 | 106.75318 | 8.06952 |
| 20201109 | 184.66132 | 100.3269 | 7.71498 |
| 20201110 | 187.6996 | 96.53414 | 7.59056 |
| 20201112 | 189.19082 | 97.21652 | 7.91336 |
| 20201116 | 220.2605 | 108.11184 | 8.51214 |
| 20201117 | 244.11606 | 120.11402 | 9.35372 |
| 20201118 | 259.41148 | 124.02558 | 9.79092 |
| 20201119 | 259.33652 | 130.23594 | 9.91962 |
| 20201120 | 259.675 | 130.8225 | 9.88706 |
| 20201123 | 248.33868 | 131.2191 | 10.1405 |
| 20201124 | 242.82376 | 126.3178 | 10.09958 |
| 20201125 | 234.83674 | 123.6824 | 10.15158 |
| 20201127 | 218.18432 | 114.16424 | 9.44278 |
| 20201130 | 223.04378 | 120.55372 | 9.73742 |
| 20201201 | 231.71774 | 123.9645 | 9.88276 |
| 20201202 | 233.66974 | 125.46862 | 9.76294 |
| 20201203 | 239.44932 | 126.40076 | 9.69476 |
| 20201207 | 261.67298 | 137.78758 | 10.25552 |
| 20201208 | 263.1002 | 131.70924 | 9.73212 |
| 20201209 | 261.5341 | 132.0655 | 9.54704 |
| 20201214 | 256.16676 | 130.52254 | 9.96954 |
| 20201215 | 255.90122 | 129.412 | 10.58968 |
| 20201216 | 245.95678 | 124.51484 | 10.92736 |
| 20201217 | 244.09866 | 123.6587 | 11.66914 |
| 20201221 | 234.10194 | 117.66574 | 12.0644 |
| 20201222 | 238.37252 | 116.81616 | 11.95292 |
| 20201223 | 234.45768 | 113.49792 | 11.4893 |
| 20201224 | 216.13994 | 99.98922 | 10.80246 |
| 20201228 | 203.52166 | 96.42508 | 10.41316 |
| 20201229 | 207.63766 | 96.53844 | 10.23026 |
| 20201230 | 206.44366 | 97.80162 | 10.14338 |
| 20201231 | 195.14164 | 97.55666 | 9.77138 |
| 20210104 | 222.88426 | 114.0208 | 10.48896 |
| 20210105 | 227.36972 | 122.57382 | 10.4899 |
| 20210106 | 216.06348 | 120.75024 | 10.39086 |
| 20210107 | 211.7185 | 125.4187 | 10.44888 |
| 20210108 | 219.81694 | 131.8398 | 10.74368 |
| 20210111 | 217.43406 | 133.80188 | 10.66068 |
| 20210112 | 216.97224 | 132.982 | 10.65528 |
| 20210113 | 226.13222 | 139.48634 | 10.99744 |
| 20210114 | 224.14478 | 135.19122 | 10.83946 |
| 20210115 | 227.49306 | 135.98902 | 10.9145 |
| 20210119 | 223.87816 | 134.00272 | 11.09144 |
| 20210120 | 228.34008 | 134.25834 | 11.61574 |
| 20210121 | 231.22058 | 136.75488 | 11.51788 |
| 20210122 | 237.41994 | 138.59558 | 11.5292 |
| 20210125 | 234.04456 | 140.0552 | 11.8242 |
| 20210126 | 236.42886 | 142.48244 | 11.84864 |
| 20210127 | 230.5085 | 139.95428 | 11.32378 |
| 20210128 | 229.95562 | 137.81324 | 11.20412 |
| 20210201 | 216.95194 | 131.39946 | 11.20548 |
| 20210202 | 218.15186 | 133.02786 | 11.18374 |
| 20210203 | 214.01122 | 131.2528 | 10.98748 |
| 20210204 | 221.36008 | 138.22516 | 11.94246 |
| 20210205 | 216.98146 | 138.53082 | 12.38396 |
| 20210208 | 228.2401 | 150.51788 | 13.34498 |
| 20210209 | 234.80626 | 154.73226 | 14.14414 |
| 20210210 | 231.9889 | 155.14848 | 14.8803 |
| 20210211 | 227.14976 | 149.60558 | 15.24002 |
| 20210212 | 232.89682 | 154.91644 | 15.71224 |
| 20210216 | 233.30156 | 151.9048 | 15.66814 |
| 20210217 | 225.32174 | 142.72126 | 15.13186 |
| 20210218 | 230.0765 | 145.522 | 15.34422 |
| 20210219 | 231.66842 | 147.3761 | 15.02458 |
| 20210222 | 231.27112 | 143.85932 | 14.68782 |
| 20210223 | 230.83984 | 142.61552 | 14.0864 |
| 20210224 | 221.30586 | 143.2169 | 14.16904 |
| 20210225 | 197.54472 | 126.17384 | 12.38098 |
| 20210226 | 159.8726 | 104.65394 | 10.40746 |
| 20210301 | 126.00146 | 84.66982 | 9.05316 |
| 20210302 | 98.9839 | 69.49422 | 8.76148 |
| 20210303 | 86.55444 | 58.88712 | 8.44132 |
| 20210304 | 84.72304 | 60.26232 | 9.1842 |
| 20210305 | 97.66666 | 67.33336 | 9.90432 |
| 20210308 | 113.96142 | 77.94876 | 10.98544 |
| 20210309 | 121.41804 | 88.86794 | 11.37782 |
| 20210310 | 131.27588 | 96.1307 | 11.62046 |
| 20210311 | 142.00274 | 100.7835 | 12.4438 |
| 20210312 | 152.10576 | 106.5879 | 13.25178 |
| 20210315 | 160.63 | 106.4319 | 13.43306 |
| 20210316 | 167.78254 | 103.62188 | 13.8071 |
| 20210317 | 163.37698 | 97.77988 | 13.7566 |
| 20210318 | 154.7268 | 95.93566 | 13.5237 |
| 20210319 | 139.14826 | 91.05052 | 13.29662 |
| 20210322 | 123.08708 | 91.4075 | 13.80442 |
| 20210323 | 111.38906 | 89.8772 | 13.71696 |
| 20210324 | 107.67402 | 94.09384 | 14.29362 |
| 20210325 | 108.56686 | 98.23378 | 14.23686 |
| 20210326 | 116.8719 | 105.38 | 15.03236 |
| 20210329 | 119.07776 | 107.79112 | 14.99174 |
| 20210330 | 121.57676 | 112.48856 | 15.64698 |
| 20210331 | 125.71922 | 117.60152 | 16.03164 |
| 20210401 | 125.68606 | 121.00024 | 17.12146 |
| 20210402 | 125.3318 | 122.070225 | 17.328825 |
| 20210405 | 122.504575 | 117.3133 | 16.92505 |
| 20210406 | 127.123925 | 120.825025 | 17.195075 |
| 20210407 | 127.18435 | 120.15755 | 17.450175 |
| 20210408 | 135.225025 | 121.855925 | 17.9033 |
| 20210409 | 133.2205 | 121.55434 | 17.6124 |
| 20210412 | 138.61072 | 130.488 | 18.3452 |
| 20210413 | 134.76758 | 130.2462 | 18.43628 |
| 20210414 | 134.66898 | 130.31456 | 18.32854 |
| 20210415 | 131.58248 | 131.84884 | 17.6887 |
| 20210416 | 134.04394 | 134.31622 | 17.73064 |
| 20210419 | 134.60128 | 135.01188 | 17.37942 |
| 20210420 | 136.10558 | 137.02124 | 17.47708 |
| 20210421 | 139.32252 | 139.47016 | 17.63926 |
| 20210422 | 138.23398 | 138.41328 | 17.95616 |
| 20210423 | 142.14122 | 142.9809 | 18.58228 |
| 20210426 | 139.41146 | 143.99054 | 19.2254 |
| 20210427 | 140.32436 | 144.64202 | 18.99772 |
| 20210428 | 133.59146 | 141.4136 | 18.72184 |
| 20210429 | 133.48274 | 143.30488 | 18.85816 |
| 20210430 | 130.1461 | 144.2015 | 18.63348 |
| 20210503 | 130.00818 | 141.39334 | 18.42542 |
| 20210504 | 129.1889 | 136.93446 | 18.22162 |
| 20210505 | 132.12702 | 138.09086 | 18.39248 |
| 20210506 | 131.21988 | 133.05748 | 18.3646 |
| 20210507 | 124.36396 | 122.34688 | 18.18092 |
| 20210510 | 125.06562 | 122.1898 | 18.41496 |
| 20210511 | 125.78964 | 123.8361 | 19.09358 |
| 20210512 | 126.28692 | 117.98276 | 19.33774 |
| 20210513 | 126.80176 | 117.78468 | 19.49604 |
| 20210514 | 130.96916 | 119.99986 | 19.90696 |
| 20210518 | 132.71104 | 117.34116 | 19.9432 |
| 20210519 | 129.4825 | 112.7724 | 19.25072 |
| 20210520 | 131.9084 | 120.24302 | 19.00746 |
| 20210521 | 136.61328 | 127.49652 | 18.99464 |
| 20210524 | 142.59506 | 137.1029 | 18.94866 |
| 20210525 | 146.71926 | 145.27138 | 18.90278 |
| 20210526 | 153.74864 | 155.91766 | 19.56464 |
| 20210527 | 154.45966 | 157.0089 | 19.8134 |
| 20210528 | 156.57146 | 156.67162 | 20.13946 |
| 20210601 | 161.90462 | 152.3268 | 20.36458 |
| 20210602 | 170.0271 | 155.03776 | 20.74916 |
| 20210603 | 172.71536 | 156.32636 | 20.69788 |
| 20210604 | 178.2749 | 163.10218 | 20.6987 |
| 20210607 | 186.7148 | 169.69044 | 20.293 |
| 20210608 | 186.16196 | 174.08264 | 20.47858 |
| 20210609 | 180.57818 | 175.15792 | 19.94138 |
| 20210610 | 177.1294 | 171.80626 | 19.20422 |
| 20210611 | 175.01986 | 168.50882 | 18.8256 |
| 20210614 | 166.52594 | 163.63718 | 18.32118 |
| 20210615 | 163.85488 | 163.87502 | 17.61422 |
| 20210616 | 159.36438 | 154.14918 | 17.03516 |
| 20210617 | 158.67394 | 148.5202 | 16.71404 |
| 20210618 | 146.09622 | 135.64518 | 15.81948 |
| 20210621 | 139.40624 | 126.85298 | 14.9165 |
| 20210622 | 133.6667 | 114.0756 | 13.55514 |
| 20210623 | 132.32414 | 112.59936 | 13.27152 |
| 20210624 | 133.90428 | 114.7106 | 12.89224 |
| 20210625 | 143.64774 | 120.024 | 13.16242 |
| 20210628 | 153.93562 | 126.6105 | 13.85622 |
| 20210629 | 163.09086 | 137.30016 | 14.51612 |
| 20210630 | 173.652 | 147.25144 | 14.82904 |
| 20210701 | 177.02608 | 152.65538 | 15.23948 |
| 20210702 | 176.42784 | 154.81486 | 15.1423 |
| 20210706 | 172.28798 | 151.10184 | 14.80706 |
| 20210707 | 164.78102 | 144.97368 | 14.5769 |
| 20210708 | 159.4031 | 137.49548 | 13.80754 |
| 20210709 | 162.72152 | 133.5974 | 13.25164 |
| 20210712 | 167.6156 | 137.27122 | 12.9766 |
| 20210713 | 166.97354 | 134.82408 | 12.35192 |
| 20210714 | 171.02224 | 136.50466 | 11.81934 |
| 20210715 | 171.2153 | 136.99938 | 11.53226 |
| 20210716 | 167.76932 | 134.85948 | 11.30472 |
| 20210719 | 166.22744 | 130.11426 | 10.93412 |
| 20210720 | 165.10148 | 128.8624 | 10.92964 |
| 20210721 | 163.2749 | 124.25358 | 11.24542 |
| 20210722 | 160.09376 | 117.3817 | 11.4982 |
| 20210723 | 157.25334 | 111.78278 | 11.57212 |
| 20210726 | 148.77418 | 106.63808 | 11.62438 |
| 20210727 | 144.64102 | 103.49632 | 11.71296 |
| 20210728 | 133.86684 | 97.8171 | 11.71074 |
| 20210730 | 135.86234 | 101.98398 | 12.19638 |
| 20210802 | 130.40612 | 100.42202 | 12.87134 |
| 20210803 | 133.72534 | 100.9233 | 13.6736 |
| 20210804 | 130.1089 | 99.14186 | 14.14652 |
| 20210805 | 137.28952 | 103.20252 | 14.5872 |
| 20210806 | 134.10798 | 95.89192 | 14.6339 |
| 20210809 | 139.11326 | 96.37154 | 14.77562 |
| 20210810 | 144.5863 | 97.47658 | 14.77786 |
| 20210811 | 151.59338 | 96.0891 | 15.08594 |
| 20210812 | 153.02718 | 92.84328 | 15.15906 |
| 20210813 | 152.48834 | 93.6063 | 15.34176 |
| 20210816 | 150.29792 | 93.45028 | 15.22928 |
| 20210817 | 140.46952 | 91.61434 | 15.20616 |
| 20210818 | 136.13134 | 93.79526 | 15.2617 |
| 20210819 | 134.78912 | 96.67546 | 15.6984 |
| 20210820 | 135.79128 | 99.73176 | 15.94886 |
| 20210823 | 137.01492 | 101.35496 | 15.93086 |
| 20210824 | 143.52012 | 102.9058 | 16.4726 |
| 20210825 | 148.04096 | 107.91554 | 16.85344 |
| 20210826 | 145.94768 | 108.89864 | 16.63136 |
| 20210827 | 144.83528 | 105.19564 | 16.13314 |
| 20210830 | 141.71208 | 104.32682 | 16.27316 |
| 20210831 | 145.8413 | 108.41898 | 15.9933 |
| 20210901 | 142.56902 | 105.03532 | 15.60808 |
| 20210902 | 147.2759 | 106.1653 | 15.69988 |
| 20210903 | 147.70842 | 109.60152 | 15.97802 |
| 20210907 | 150.95116 | 112.08726 | 16.21364 |
| 20210908 | 145.52368 | 112.77126 | 16.27468 |
| 20210909 | 149.32892 | 115.55196 | 16.7974 |
| 20210910 | 148.59618 | 116.956 | 16.90584 |
| 20210913 | 151.12018 | 120.66048 | 16.96276 |
| 20210914 | 150.98068 | 121.39136 | 16.67082 |
| 20210915 | 149.5448 | 118.43814 | 16.07636 |
| 20210916 | 147.61684 | 119.25986 | 15.15618 |
| 20210917 | 149.46968 | 122.2022 | 14.37782 |
| 20210920 | 148.61476 | 119.5911 | 13.9936 |
| 20210921 | 149.23342 | 119.45522 | 13.80592 |
| 20210922 | 147.60022 | 115.8254 | 13.66324 |
| 20210923 | 147.48642 | 115.617 | 13.71382 |
| 20210924 | 145.7533 | 112.10526 | 13.7532 |
| 20210927 | 139.1095 | 110.6893 | 13.33682 |
| 20210928 | 136.9729 | 108.85904 | 13.08238 |
| 20210929 | 142.57018 | 113.15406 | 12.96214 |
| 20210930 | 144.99898 | 116.24458 | 12.96554 |
| 20211001 | 143.20032 | 116.02694 | 13.03766 |
| 20211004 | 149.80214 | 117.46666 | 13.407 |
| 20211005 | 154.14626 | 120.21538 | 13.6003 |
| 20211006 | 152.27306 | 118.84074 | 13.95198 |
| 20211007 | 157.13266 | 120.12582 | 14.41582 |
| 20211008 | 163.73936 | 122.49488 | 14.45758 |
| 20211012 | 165.78212 | 125.01728 | 14.77276 |
| 20211013 | 162.73836 | 122.23216 | 15.1366 |
| 20211014 | 165.49746 | 126.6265 | 16.21078 |
| 20211015 | 163.34506 | 127.27682 | 16.98318 |
| 20211018 | 158.03098 | 127.3363 | 18.15222 |
| 20211019 | 156.53356 | 129.80464 | 18.85558 |
| 20211020 | 158.91926 | 136.01094 | 19.1417 |
| 20211021 | 155.16782 | 134.60512 | 18.96492 |
| 20211022 | 147.7463 | 129.84524 | 18.4081 |
| 20211025 | 146.62298 | 130.152 | 18.20152 |
| 20211026 | 142.3738 | 129.77152 | 18.4494 |
| 20211027 | 127.93068 | 128.76352 | 18.15976 |
| 20211028 | 117.73934 | 122.6518 | 17.23394 |
| 20211029 | 116.79872 | 122.999 | 16.58752 |
| 20211101 | 110.94072 | 121.02318 | 15.7091 |
| 20211102 | 113.55196 | 120.4086 | 14.5582 |
| 20211103 | 115.72188 | 112.65708 | 13.5309 |
| 20211104 | 123.2278 | 117.371 | 13.48322 |
| 20211105 | 120.75716 | 115.14558 | 13.47752 |
| 20211108 | 129.71484 | 116.78528 | 13.6313 |
| 20211109 | 127.02844 | 110.03308 | 13.51858 |
| 20211110 | 131.57276 | 109.62192 | 13.70726 |
| 20211112 | 132.21126 | 110.15252 | 13.36444 |
| 20211115 | 138.43842 | 112.09634 | 13.18914 |
| 20211116 | 136.19506 | 110.6129 | 12.54844 |
| 20211118 | 140.13988 | 116.30582 | 12.34076 |
| 20211119 | 140.37738 | 119.75718 | 12.52894 |
| 20211122 | 133.76338 | 115.54764 | 12.50674 |
| 20211123 | 128.71864 | 110.1177 | 12.37754 |
| 20211124 | 119.6818 | 103.72436 | 12.2336 |
| 20211126 | 102.42884 | 89.56986 | 11.45784 |
| 20211129 | 102.017 | 85.4889 | 11.24434 |
| 20211130 | 102.5936 | 81.35508 | 10.97034 |
| 20211201 | 100.8453 | 82.63634 | 10.95332 |
| 20211202 | 104.0279 | 83.7562 | 11.06208 |
| 20211203 | 110.44598 | 87.45792 | 11.48994 |
| 20211206 | 108.53768 | 90.13338 | 11.64272 |
| 20211207 | 113.6592 | 93.78928 | 12.15228 |
| 20211208 | 117.74288 | 96.17208 | 11.93984 |
| 20211209 | 121.94122 | 97.43392 | 12.12026 |
| 20211210 | 126.69964 | 102.50508 | 12.19786 |
| 20211213 | 130.71906 | 104.0335 | 12.28314 |
| 20211214 | 133.2058 | 103.71442 | 12.227 |
| 20211215 | 126.65562 | 99.48218 | 12.0534 |
| 20211216 | 122.09018 | 95.73614 | 11.83816 |
| 20211217 | 126.58206 | 94.69516 | 12.04588 |
| 20211220 | 125.06638 | 89.90792 | 11.7253 |
| 20211221 | 122.4068 | 88.98456 | 11.7726 |
| 20211222 | 130.83594 | 90.26486 | 12.3059 |
| 20211223 | 133.25908 | 92.99402 | 12.4024 |
| 20211227 | 132.20448 | 92.30624 | 12.32378 |
| 20211228 | 134.80204 | 94.56644 | 12.49384 |
| 20211229 | 132.94618 | 92.39322 | 12.09786 |
| 20211230 | 132.80112 | 90.20592 | 11.78446 |
| 20220103 | 135.83152 | 90.83684 | 11.67506 |
| 20220104 | 138.88714 | 93.29358 | 11.59706 |
| 20220105 | 140.1503 | 94.88636 | 11.45996 |
| 20220106 | 145.10406 | 100.49178 | 11.65594 |
| 20220107 | 145.88622 | 106.06972 | 11.65112 |
| 20220110 | 143.6806 | 108.2455 | 11.71002 |
| 20220111 | 138.92766 | 108.96046 | 11.71782 |
| 20220112 | 137.7721 | 110.33202 | 11.94486 |
| 20220113 | 137.38214 | 110.54996 | 12.23688 |
| 20220114 | 135.06952 | 108.12286 | 12.19682 |
| 20220118 | 133.63334 | 108.31118 | 12.28786 |
| 20220119 | 134.04776 | 109.0633 | 12.55186 |
| 20220120 | 134.54436 | 109.48254 | 12.58782 |
| 20220121 | 135.35928 | 110.1016 | 12.34524 |
| 20220124 | 133.26004 | 110.81306 | 12.5894 |
| 20220125 | 129.24588 | 110.30714 | 12.62168 |
| 20220126 | 121.69922 | 104.38642 | 12.22866 |
| 20220127 | 118.8586 | 102.02328 | 12.01292 |
| 20220128 | 113.17256 | 98.51868 | 11.67106 |
| 20220131 | 118.74528 | 103.09658 | 11.61514 |
| 20220202 | 126.36006 | 104.73264 | 11.55074 |
| 20220203 | 133.47528 | 109.88218 | 11.70108 |
| 20220204 | 135.58838 | 113.04392 | 11.58092 |
| 20220207 | 140.50664 | 117.11108 | 12.0147 |
| 20220208 | 142.39496 | 116.18852 | 12.25438 |
| 20220209 | 143.47356 | 113.01452 | 12.35158 |
| 20220210 | 140.14162 | 110.35672 | 12.1142 |
| 20220211 | 129.98584 | 101.00122 | 11.5587 |
| 20220214 | 117.4652 | 92.62152 | 11.07142 |
| 20220215 | 107.79274 | 85.33192 | 10.71586 |
| 20220216 | 95.52148 | 82.49614 | 10.37638 |
| 20220217 | 90.5338 | 79.7588 | 10.320475 |
| 20220218 | 89.261825 | 78.216025 | 10.4963 |
| 20220222 | 89.48705 | 78.386475 | 10.598675 |
| 20220223 | 83.975775 | 79.643275 | 10.259325 |
| 20220224 | 74.252675 | 70.1655 | 8.850875 |
| 20220225 | 74.42242 | 69.43822 | 8.71254 |
| 20220228 | 73.40266 | 72.2902 | 8.91412 |
| 20220301 | 65.48084 | 67.50792 | 8.24734 |
| 20220302 | 59.2746 | 62.08304 | 8.04106 |
| 20220303 | 60.05954 | 65.37662 | 8.76944 |
| 20220304 | 54.22404 | 66.02162 | 8.84234 |
| 20220307 | 46.77628 | 60.59598 | 7.84822 |
| 20220308 | 46.08596 | 61.60056 | 7.95582 |
| 20220309 | 42.15588 | 59.73658 | 7.44062 |
| 20220310 | 39.44124 | 58.2244 | 7.41708 |
| 20220311 | 39.73842 | 56.73258 | 7.6334 |
| 20220314 | 41.14512 | 59.38872 | 8.47718 |
| 20220315 | 42.67908 | 61.57234 | 8.50408 |
| 20220316 | 43.06912 | 61.45438 | 8.4792 |
| 20220317 | 45.23174 | 62.1309 | 8.43814 |
| 20220318 | 45.83398 | 62.18548 | 8.31646 |
| 20220321 | 46.4759 | 62.63092 | 8.3331 |
| 20220322 | 48.52742 | 64.42288 | 8.66688 |
| 20220323 | 49.43502 | 66.30842 | 9.24734 |
| 20220324 | 49.49132 | 66.5552 | 9.60576 |
| 20220325 | 47.57724 | 64.67276 | 9.37774 |
| 20220328 | 45.27178 | 61.35862 | 9.48278 |
| 20220329 | 42.03354 | 57.28272 | 9.36684 |
| 20220330 | 43.30642 | 55.52518 | 9.48994 |
| 20220331 | 44.35908 | 56.97126 | 9.72196 |
| 20220401 | 46.65016 | 59.35904 | 10.1316 |
| 20220404 | 49.71422 | 63.16582 | 10.20752 |
| 20220405 | 52.97168 | 65.41438 | 10.27516 |
| 20220406 | 52.4335 | 66.4138 | 9.98658 |
| 20220407 | 51.78074 | 66.85746 | 9.5792 |
| 20220408 | 50.76382 | 66.37954 | 9.49338 |
| 20220411 | 50.4006 | 65.19888 | 9.39124 |
| 20220412 | 49.5637 | 63.80904 | 9.54128 |
| 20220413 | 50.12442 | 63.8637 | 10.10604 |
| 20220414 | 46.85066 | 59.65172 | 10.08542 |
| 20220418 | 46.954 | 59.20884 | 10.18388 |
| 20220419 | 47.62704 | 58.7255 | 10.5744 |
| 20220420 | 46.46066 | 58.09068 | 10.7699 |
| 20220421 | 45.46708 | 57.35776 | 10.61314 |
| 20220422 | 47.38156 | 58.29628 | 11.09096 |
| 20220425 | 46.21096 | 56.21422 | 11.34822 |
| 20220426 | 44.34194 | 55.59648 | 11.30468 |
| 20220427 | 43.1528 | 56.59158 | 11.15234 |
| 20220428 | 43.11116 | 56.22294 | 11.17622 |
| 20220429 | 42.93232 | 56.66532 | 10.98966 |
| 20220502 | 44.36264 | 59.77692 | 11.02774 |
| 20220503 | 44.76276 | 59.6418 | 11.16752 |
| 20220504 | 44.05556 | 56.4283 | 10.94208 |
| 20220505 | 44.07744 | 57.81008 | 10.88526 |
| 20220506 | 44.93116 | 56.5175 | 10.71302 |
| 20220509 | 44.12528 | 55.10514 | 10.70974 |
| 20220510 | 44.43014 | 55.16166 | 10.4034 |
| 20220511 | 46.29844 | 55.57204 | 10.55766 |
| 20220512 | 47.55444 | 53.682 | 10.23328 |
| 20220513 | 49.28746 | 56.80912 | 10.15674 |
| 20220516 | 50.86476 | 58.4469 | 10.1368 |
| 20220517 | 53.18336 | 60.11926 | 10.27722 |
| 20220518 | 53.98152 | 63.42386 | 10.4452 |
| 20220519 | 54.16028 | 65.85572 | 10.6705 |
| 20220520 | 53.42712 | 66.54914 | 10.60088 |
| 20220523 | 55.37502 | 67.53318 | 9.93402 |
| 20220524 | 54.31636 | 67.69858 | 9.36744 |
| 20220525 | 53.75526 | 69.91024 | 8.71058 |
| 20220526 | 54.92862 | 72.78096 | 8.48848 |
| 20220527 | 54.24058 | 74.5852 | 8.29234 |
| 20220531 | 54.98 | 76.96472 | 8.4313 |
| 20220601 | 56.72946 | 81.18138 | 8.32474 |
| 20220602 | 59.07076 | 82.06752 | 8.56204 |
| 20220603 | 60.1406 | 80.82064 | 8.48872 |
| 20220606 | 63.67876 | 84.72396 | 8.78986 |
| 20220607 | 64.42966 | 87.96604 | 9.0495 |
| 20220608 | 65.52534 | 90.80294 | 9.45212 |
| 20220609 | 67.06615 | 93.27825 | 9.59475 |
| 20220610 | 64.51975 | 90.4172 | 9.18785 |
| 20220613 | 58.68465 | 79.805525 | 8.3029 |
| 20220614 | 51.257525 | 65.8964 | 7.520325 |
| 20220615 | 42.3537 | 49.018725 | 6.46645 |
| 20220616 | 42.59618 | 49.44618 | 6.4401 |
| 20220617 | 39.96654 | 47.56392 | 6.63684 |
| 20220621 | 39.0357 | 45.793525 | 6.758325 |
| 20220622 | 39.499675 | 48.852975 | 6.853475 |
| 20220623 | 39.213 | 52.311575 | 7.070925 |
| 20220624 | 36.345225 | 50.6125 | 7.08395 |
| 20220627 | 34.7148 | 51.091725 | 7.11315 |
| 20220628 | 35.68458 | 52.18708 | 7.432 |
| 20220629 | 35.64286 | 52.56788 | 7.86276 |
| 20220630 | 37.81248 | 54.72166 | 8.37376 |
| 20220701 | 37.1791 | 54.3481 | 8.42384 |
| 20220705 | 37.56366 | 53.97104 | 8.3923 |
| 20220706 | 35.42862 | 51.60396 | 7.9446 |
| 20220707 | 35.41974 | 52.31742 | 7.57766 |
| 20220708 | 35.44218 | 51.68998 | 7.21052 |
| 20220711 | 38.65488 | 55.16978 | 7.77758 |
| 20220712 | 40.57306 | 59.77344 | 8.1652 |
| 20220713 | 41.3306 | 62.53118 | 8.3917 |
| 20220714 | 40.15576 | 62.04206 | 8.43196 |
| 20220715 | 40.78726 | 62.66264 | 8.3615 |
| 20220718 | 41.72422 | 65.06456 | 8.07202 |
| 20220719 | 41.98022 | 64.0543 | 7.6619 |
| 20220720 | 45.49648 | 67.24798 | 7.8558 |
| 20220721 | 47.5944 | 67.68606 | 8.06892 |
| 20220722 | 47.66514 | 66.31168 | 8.2024 |
| 20220725 | 46.94908 | 64.81294 | 8.32232 |
| 20220726 | 47.62448 | 64.85534 | 8.80804 |
| 20220727 | 45.01624 | 61.7588 | 8.81744 |
| 20220728 | 43.96886 | 60.80444 | 8.96222 |
| 20220729 | 43.90744 | 61.96852 | 9.28172 |
| 20220801 | 43.47132 | 60.85566 | 9.39722 |
| 20220802 | 40.86864 | 55.33612 | 8.92834 |
| 20220803 | 40.85984 | 52.98604 | 8.95134 |
| 20220804 | 39.9587 | 50.71384 | 8.87784 |
| 20220805 | 38.15586 | 47.31904 | 8.60506 |
| 20220808 | 38.46328 | 45.96912 | 8.90624 |
| 20220809 | 39.91134 | 47.19346 | 9.31388 |
| 20220810 | 40.54232 | 46.56058 | 9.33602 |
| 20220811 | 40.8625 | 46.68022 | 9.35956 |
| 20220812 | 41.573 | 47.35978 | 9.77 |
| 20220815 | 42.99426 | 48.86996 | 9.76946 |
| 20220816 | 44.81586 | 48.92526 | 9.8881 |
| 20220817 | 45.44948 | 49.94964 | 10.07856 |
| 20220818 | 46.23684 | 51.27112 | 10.07828 |
| 20220819 | 47.14562 | 53.0224 | 10.20222 |
| 20220822 | 46.44226 | 52.18446 | 10.12888 |
| 20220823 | 45.53688 | 53.24572 | 9.92422 |
| 20220824 | 46.17274 | 57.19836 | 10.18626 |
| 20220825 | 47.38094 | 59.31968 | 10.38064 |
| 20220826 | 45.27596 | 57.86016 | 10.14516 |
| 20220829 | 46.22708 | 59.00414 | 9.98848 |
| 20220830 | 46.59748 | 60.64976 | 10.02078 |
| 20220831 | 48.8074 | 61.91416 | 10.09068 |
| 20220901 | 49.41216 | 61.57106 | 9.98248 |
| 20220902 | 51.17802 | 63.37362 | 9.89182 |
| 20220906 | 48.7418 | 64.8213 | 9.73148 |
| 20220907 | 48.67494 | 66.74572 | 10.13734 |
| 20220908 | 45.93536 | 64.303 | 9.99898 |
| 20220909 | 45.19908 | 65.88122 | 10.23652 |
| 20220912 | 46.3189 | 68.94404 | 10.536 |
| 20220913 | 46.67774 | 66.94756 | 10.87056 |
| 20220914 | 46.17268 | 68.55862 | 10.49838 |
| 20220915 | 47.27746 | 70.657 | 10.3349 |
| 20220916 | 46.59098 | 70.57262 | 10.17782 |
| 20220919 | 47.2466 | 72.51234 | 10.62798 |
| 20220920 | 48.40342 | 75.1414 | 11.09994 |
| 20220921 | 46.58668 | 70.57114 | 11.30514 |
| 20220922 | 44.91006 | 66.50992 | 11.53792 |
| 20220923 | 43.1096 | 64.08598 | 11.61574 |
| 20220926 | 39.32666 | 57.54706 | 10.97498 |
| 20220927 | 36.3678 | 54.0528 | 10.41376 |
| 20220928 | 34.90512 | 50.68964 | 9.89482 |
| 20220929 | 32.2783 | 47.45064 | 9.60836 |
| 20220930 | 30.84014 | 44.02202 | 9.55458 |
| 20221003 | 29.77584 | 42.96326 | 9.46672 |
| 20221004 | 30.96358 | 42.10054 | 9.1554 |
| 20221005 | 33.27848 | 45.47824 | 9.22628 |
| 20221006 | 35.95354 | 49.32636 | 9.33946 |
| 20221007 | 38.59802 | 52.46834 | 9.22548 |
| 20221011 | 41.20982 | 54.11314 | 9.42096 |
| 20221012 | 39.54952 | 54.63338 | 9.59434 |
| 20221013 | 38.10998 | 52.40174 | 9.85142 |
| 20221014 | 38.296 | 51.09928 | 9.80702 |
| 20221017 | 40.33962 | 52.79134 | 10.08022 |
| 20221018 | 41.08466 | 54.46078 | 10.26618 |
| 20221019 | 42.30502 | 55.34494 | 10.95476 |
| 20221020 | 44.38574 | 58.22654 | 11.69204 |
| 20221021 | 40.87136 | 56.93408 | 11.53964 |
| 20221024 | 36.1871 | 53.35486 | 11.26402 |
| 20221025 | 33.65318 | 51.53452 | 11.16188 |
| 20221026 | 31.86362 | 49.71454 | 10.91054 |
| 20221027 | 27.62266 | 46.52364 | 9.99468 |
| 20221028 | 28.05776 | 46.02984 | 10.05492 |
| 20221031 | 28.76256 | 45.84812 | 10.138 |
| 20221101 | 28.95344 | 45.40478 | 9.97248 |
| 20221102 | 29.1921 | 43.2938 | 9.52148 |
| 20221103 | 31.49338 | 43.02044 | 9.94032 |
| 20221104 | 32.09942 | 43.71606 | 10.43072 |
| 20221107 | 33.78078 | 48.20324 | 10.98998 |
| 20221108 | 35.17444 | 49.68538 | 11.47148 |
| 20221109 | 36.3129 | 52.40816 | 11.90904 |
| 20221110 | 35.1111 | 52.66454 | 10.99428 |
| 20221114 | 38.43218 | 54.49002 | 10.0583 |
| 20221115 | 38.03864 | 49.87128 | 8.75858 |
| 20221116 | 36.83656 | 48.47042 | 7.79114 |
| 20221117 | 35.37726 | 46.18746 | 6.46526 |
| 20221118 | 35.26598 | 45.47666 | 6.22534 |
| 20221121 | 32.3127 | 43.38264 | 5.72426 |
| 20221122 | 29.8006 | 42.64098 | 5.43396 |
| 20221123 | 28.27486 | 41.53156 | 5.3354 |
| 20221125 | 27.84312 | 41.95478 | 5.5923 |
| 20221128 | 29.33964 | 43.41226 | 6.05632 |
| 20221129 | 30.50488 | 44.21624 | 6.27536 |
| 20221130 | 32.04144 | 44.3818 | 6.55552 |
| 20221201 | 34.48566 | 45.25944 | 6.55912 |
| 20221202 | 35.8376 | 46.6138 | 6.43394 |
| 20221205 | 36.34234 | 46.55508 | 6.0361 |
| 20221206 | 37.73234 | 47.78052 | 6.27734 |
| 20221207 | 37.7146 | 48.38126 | 6.09612 |
| 20221208 | 38.72754 | 48.75202 | 6.1233 |
| 20221209 | 40.1797 | 50.135 | 6.3375 |
| 20221212 | 41.98568 | 53.47086 | 6.54976 |
| 20221213 | 40.50472 | 52.88946 | 6.4172 |
| 20221214 | 40.84324 | 52.68994 | 6.56356 |
| 20221215 | 40.67864 | 53.00714 | 6.28556 |
| 20221216 | 41.90852 | 53.80502 | 6.18252 |
| 20221219 | 42.52206 | 52.74118 | 6.21952 |
| 20221220 | 44.80672 | 55.55428 | 6.23862 |
| 20221221 | 47.2189 | 58.72382 | 6.28292 |
| 20221222 | 48.94236 | 59.31892 | 6.37122 |
| 20221223 | 46.87722 | 57.97662 | 6.32772 |
| 20221227 | 43.46462 | 56.67656 | 6.64988 |
| 20221228 | 41.34172 | 54.65848 | 6.95248 |
| 20221229 | 38.9552 | 53.96476 | 7.57528 |
| 20221230 | 34.96248 | 53.31662 | 8.01614 |
| 20230103 | 34.913 | 54.25518 | 8.21952 |
| 20230104 | 35.182225 | 54.94615 | 8.153425 |
| 20230105 | 38.549175 | 54.167125 | 8.602825 |
| 20230106 | 40.412775 | 51.0893 | 8.19855 |
| 20230109 | 42.68895 | 50.280025 | 8.217725 |
| 20230110 | 42.87035 | 48.136275 | 8.776725 |
| 20230111 | 42.04876 | 50.0454 | 8.76212 |
| 20230112 | 37.68414 | 48.87474 | 8.51052 |
| 20230113 | 36.47114 | 50.59214 | 8.63454 |
| 20230117 | 35.55236 | 54.76558 | 8.81084 |
| 20230118 | 34.97672 | 57.75696 | 8.3813 |
| 20230119 | 34.76308 | 59.76092 | 8.24946 |
| 20230120 | 36.67174 | 64.21188 | 8.26924 |
| 20230123 | 37.06572 | 67.4486 | 8.23308 |
| 20230124 | 37.72118 | 65.69318 | 8.1797 |
| 20230125 | 39.57704 | 66.07766 | 8.46008 |
| 20230126 | 38.73048 | 65.15902 | 8.58082 |
| 20230127 | 39.4457 | 67.87438 | 8.87478 |
| 20230130 | 40.40166 | 71.03002 | 9.1331 |
| 20230131 | 41.12066 | 74.39126 | 9.24176 |
| 20230201 | 38.61528 | 73.8754 | 9.0353 |
| 20230202 | 39.58278 | 75.00758 | 9.04306 |
| 20230203 | 38.48104 | 73.66604 | 8.7084 |
| 20230206 | 37.97706 | 73.70444 | 8.69548 |
| 20230207 | 36.14646 | 70.58174 | 8.45098 |
| 20230208 | 38.28766 | 70.1038 | 8.97988 |
| 20230209 | 40.17418 | 71.09954 | 9.1214 |
| 20230210 | 41.61714 | 69.27958 | 9.08546 |
| 20230213 | 43.00342 | 65.73126 | 9.23604 |
| 20230214 | 44.70334 | 63.91344 | 9.29936 |
| 20230215 | 44.0952 | 62.88484 | 9.21706 |
| 20230216 | 42.70352 | 61.0736 | 9.28402 |
| 20230217 | 42.81226 | 61.14736 | 9.66032 |
| 20230221 | 42.14294 | 61.4472 | 9.60856 |
| 20230222 | 43.36112 | 65.1108 | 9.916 |
| 20230223 | 44.52536 | 68.31232 | 10.04902 |
| 20230224 | 46.50476 | 70.5394 | 10.11734 |
| 20230227 | 48.11368 | 70.45644 | 9.90338 |
| 20230228 | 50.34368 | 72.36768 | 9.8879 |
| 20230301 | 50.4291 | 73.59186 | 9.81074 |
| 20230302 | 52.39418 | 74.03148 | 9.8656 |
| 20230306 | 53.95566 | 75.2933 | 9.8091 |
| 20230307 | 52.52814 | 76.70066 | 9.71648 |
| 20230308 | 50.30232 | 78.09796 | 9.53196 |
| 20230309 | 49.32294 | 78.32052 | 9.56564 |
| 20230310 | 44.83338 | 75.23356 | 8.73942 |
| 20230313 | 36.0699 | 63.23772 | 7.74868 |
| 20230314 | 33.6093 | 60.979625 | 7.51615 |
| 20230315 | 26.7489 | 45.9619 | 6.38125 |
| 20230316 | 18.85775 | 31.701675 | 4.8863 |
| 20230317 | 16.136875 | 24.244 | 4.7372 |
| 20230320 | 16.843975 | 25.52875 | 4.848775 |
| 20230321 | 17.93928 | 27.26864 | 4.90748 |
| 20230322 | 18.1636 | 28.3325 | 4.99766 |
| 20230323 | 20.50184 | 30.60182 | 5.18412 |
| 20230324 | 20.08816 | 30.3501 | 5.064 |
| 20230327 | 22.50428 | 31.75462 | 5.10218 |
| 20230328 | 25.07394 | 31.9749 | 5.17916 |
| 20230329 | 27.51066 | 35.65512 | 5.35434 |
| 20230330 | 30.6377 | 40.14302 | 5.931 |
| 20230331 | 36.42232 | 46.82402 | 6.50784 |
| 20230403 | 38.08452 | 49.45632 | 6.85702 |
| 20230404 | 38.46472 | 52.69548 | 7.19638 |
| 20230405 | 40.15102 | 53.2249 | 7.66846 |
| 20230406 | 42.82512 | 55.39596 | 7.55094 |
| 20230407 | 37.85028 | 48.80042 | 6.82934 |
| 20230410 | 38.69426 | 49.64114 | 6.73252 |
| 20230411 | 40.81486 | 52.33458 | 7.10724 |
| 20230412 | 40.1564 | 53.97312 | 6.99498 |
| 20230413 | 39.36464 | 54.7812 | 7.4322 |
| 20230414 | 43.50976 | 61.76278 | 8.20608 |
| 20230417 | 46.10148 | 66.48572 | 8.98356 |
| 20230418 | 46.0705 | 68.84264 | 9.06888 |
| 20230419 | 48.92286 | 73.07814 | 9.47608 |
| 20230420 | 48.70648 | 74.4837 | 9.62782 |
Note: Market depth is defined as the average top 3 bid and ask quote sizes for on-the-run Treasury securities.
Source: Inter Dealer Broker Community.
Figure 1.8. On-the-run market depth worsened in March then recovered
Millions of dollars
| Date | 2-year OTR market depth (right scale) | 10-year OTR market depth (left scale) |
|---|---|---|
| 20190903 | 47.6304070431444 | 36.7445210384914 |
| 20190904 | 46.8097407741249 | 37.2923437145399 |
| 20190905 | 45.1699980680815 | 38.5475109667845 |
| 20190906 | 43.935715863709 | 36.8578779204795 |
| 20190909 | 41.7479338510074 | 36.5457038949731 |
| 20190910 | 44.9034150255706 | 39.485116553768 |
| 20190911 | 46.5183567929142 | 42.1318560898067 |
| 20190912 | 42.4315334672866 | 38.8808906255879 |
| 20190913 | 43.0762911803859 | 40.6287316352957 |
| 20190916 | 42.4971914756087 | 39.7662174596623 |
| 20190917 | 40.7911277924325 | 37.1170826136474 |
| 20190918 | 36.7176626273351 | 32.4369103543784 |
| 20190919 | 40.3363731608614 | 32.9668335495051 |
| 20190920 | 40.6021206473066 | 30.9387257514698 |
| 20190923 | 39.5752395972396 | 30.4881737290651 |
| 20190924 | 39.3785745186842 | 30.4726289428609 |
| 20190925 | 38.4503625288789 | 30.7118484701069 |
| 20190926 | 36.5963779871361 | 31.0689429201875 |
| 20190927 | 34.8623573717632 | 30.6444236714512 |
| 20190930 | 37.0749538396857 | 31.1779638548096 |
| 20191001 | 34.710324225242 | 30.8664983844243 |
| 20191002 | 36.862745552213 | 31.8316073041562 |
| 20191003 | 35.6187776564396 | 30.7212270800714 |
| 20191004 | 35.9937275085669 | 30.7467599059838 |
| 20191007 | 34.7650497435187 | 30.4059603540621 |
| 20191008 | 35.2747543935698 | 30.0792614021866 |
| 20191009 | 33.2866706737966 | 29.588028070903 |
| 20191010 | 33.4451962912987 | 29.6925203777793 |
| 20191011 | 31.8197769979912 | 27.9626547962468 |
| 20191015 | 30.5970960179674 | 26.7928683449497 |
| 20191016 | 30.9684225435048 | 26.7687022356769 |
| 20191017 | 30.0892666035467 | 25.2867261854907 |
| 20191018 | 31.9429296030011 | 25.9200136832407 |
| 20191021 | 35.5409797934834 | 28.9109015912023 |
| 20191022 | 38.4230185303549 | 29.4282809887856 |
| 20191023 | 39.7473815029442 | 31.2575436364908 |
| 20191024 | 41.1525942924803 | 32.6299006631878 |
| 20191025 | 41.3935038506788 | 33.7674660755377 |
| 20191028 | 41.6834288399487 | 35.2392088127018 |
| 20191029 | 41.2054517094236 | 37.0473947480052 |
| 20191030 | 39.8044142756451 | 35.3517963460547 |
| 20191031 | 40.9303655259373 | 36.8136963208975 |
| 20191101 | 41.2839876214221 | 36.6900665098691 |
| 20191104 | 41.7002024129641 | 36.8735713030653 |
| 20191105 | 41.7890833848024 | 37.9302322114224 |
| 20191106 | 45.402006304253 | 40.9423820118527 |
| 20191107 | 47.514276022437 | 40.0067907257239 |
| 20191108 | 47.5072935177986 | 38.6853784585178 |
| 20191112 | 46.6070009468415 | 36.1436629143259 |
| 20191113 | 47.0789941652513 | 33.7450159032147 |
| 20191114 | 46.7712441183382 | 31.9325673109039 |
| 20191115 | 47.5071998775234 | 32.4307202136857 |
| 20191118 | 53.5443226368935 | 34.1262344529797 |
| 20191119 | 60.3070391043914 | 36.9819781977025 |
| 20191120 | 62.0457836527278 | 38.1257873921131 |
| 20191121 | 63.875693782017 | 38.9153242210603 |
| 20191122 | 65.1809358861115 | 40.2869508926078 |
| 20191125 | 71.3903558682882 | 42.0111900431595 |
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| 20191204 | 50.4954121042808 | 40.0259905826595 |
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| 20191209 | 50.5375307824462 | 38.5829383575193 |
| 20191210 | 54.2991479536311 | 38.6845876969475 |
| 20191211 | 54.630450938406 | 38.2140121433163 |
| 20191212 | 52.2708914204973 | 36.2641170416162 |
| 20191213 | 49.9772803817171 | 33.3086152612128 |
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| 20191217 | 47.3318671602771 | 31.9266220808234 |
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| 20210428 | 181.400308715933 | 47.7650428162347 |
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| 20210512 | 173.369711367839 | 39.6731012606195 |
| 20210513 | 172.786429701122 | 39.3294428895165 |
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| 20210519 | 214.476808370422 | 36.7216187787192 |
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| 20210622 | 124.963213553035 | 36.183847080889 |
| 20210623 | 125.452987013968 | 36.4333407301144 |
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| 20210625 | 127.805649234682 | 38.1600081163744 |
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| 20210629 | 145.293384850542 | 43.4072360433486 |
| 20210630 | 154.338001414908 | 47.0382202466407 |
| 20210701 | 168.084978873295 | 49.4367505064782 |
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| 20210707 | 160.042586365276 | 47.7591692798195 |
| 20210708 | 153.944186989124 | 45.4253277208328 |
| 20210709 | 147.497507936382 | 42.696550372528 |
| 20210712 | 133.87722357298 | 42.1652798637963 |
| 20210713 | 127.26831978386 | 41.0111903304163 |
| 20210714 | 123.839583525507 | 40.9927934482185 |
| 20210715 | 124.158432201573 | 41.6342388595395 |
| 20210716 | 120.932851529277 | 40.6313960925904 |
| 20210719 | 118.209573130706 | 37.490972190673 |
| 20210720 | 118.195379337968 | 37.5410507694333 |
| 20210721 | 119.258581390003 | 36.6381366440113 |
| 20210722 | 114.08182405425 | 34.2008843907353 |
| 20210723 | 112.737391600119 | 32.9112992807839 |
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| 20210727 | 133.935965148556 | 31.1889658168677 |
| 20210728 | 127.559338196004 | 29.1423258987938 |
| 20210729 | 126.947614169789 | 29.5413760268213 |
| 20210730 | 136.194955436762 | 32.0332722384812 |
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| 20210803 | 126.283215805311 | 32.5604812102002 |
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| 20210809 | 122.690271013578 | 28.9408209083339 |
| 20210810 | 125.248122756151 | 29.3138987344742 |
| 20210811 | 125.051634573768 | 29.7613823703881 |
| 20210812 | 126.548772928921 | 28.9191524633908 |
| 20210813 | 129.650347630465 | 29.12416771063 |
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| 20210817 | 121.945123350893 | 28.2144819721224 |
| 20210818 | 124.223109978665 | 28.0817248711436 |
| 20210819 | 122.789533882347 | 28.9139290604104 |
| 20210820 | 121.72296131746 | 30.2624468289701 |
| 20210823 | 127.119156360584 | 30.8868236119784 |
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| 20210825 | 140.670609064687 | 33.4477503237474 |
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| 20210827 | 130.906658046237 | 31.7499432252919 |
| 20210830 | 128.214296746437 | 31.5905738194016 |
| 20210831 | 126.060342445072 | 32.8986587187957 |
| 20210901 | 126.21718437638 | 31.5603802331957 |
| 20210902 | 127.275172385029 | 32.3286302289098 |
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| 20210907 | 126.607461818597 | 34.431354337313 |
| 20210908 | 125.796568049915 | 34.9134030191931 |
| 20210909 | 127.669981622367 | 36.0830669546364 |
| 20210910 | 124.884919717614 | 36.3524201023802 |
| 20210913 | 135.329875947613 | 38.37382746671 |
| 20210914 | 138.538201473364 | 38.0134823500149 |
| 20210915 | 132.916407431429 | 36.5576763891265 |
| 20210916 | 129.670732643928 | 36.5177355504807 |
| 20210917 | 131.696800443539 | 37.2015232209825 |
| 20210920 | 130.256715212347 | 36.4402948102106 |
| 20210921 | 128.434436170364 | 36.5136307938038 |
| 20210922 | 119.327510703971 | 35.2727833597282 |
| 20210923 | 119.431685216787 | 35.2124340531205 |
| 20210924 | 124.171263830067 | 34.3253730174038 |
| 20210927 | 134.555845375636 | 33.8045666010463 |
| 20210928 | 128.732804794713 | 33.4604431587985 |
| 20210929 | 141.960385222655 | 35.3324956327604 |
| 20210930 | 146.688935821518 | 37.1188298994567 |
| 20211001 | 137.957696990894 | 36.5504701912565 |
| 20211004 | 125.452822661824 | 36.8863949073929 |
| 20211005 | 129.10472528379 | 37.7077327594766 |
| 20211006 | 122.997694208909 | 37.0850135937429 |
| 20211007 | 119.778477206105 | 37.3488317506915 |
| 20211008 | 119.056131984873 | 37.965109577545 |
| 20211012 | 117.516431155109 | 39.4276810333433 |
| 20211013 | 107.669100470227 | 38.2341882204598 |
| 20211014 | 102.410652128591 | 38.8248397780967 |
| 20211015 | 94.0206424185202 | 37.9220610111255 |
| 20211018 | 87.1956244466091 | 37.9787837629277 |
| 20211019 | 78.7661277937298 | 37.8947139028202 |
| 20211020 | 78.8827398281342 | 39.6984193303146 |
| 20211021 | 74.4426222424214 | 39.2849987388615 |
| 20211022 | 67.1119765065883 | 38.2766069291487 |
| 20211025 | 68.3017527142238 | 38.6365250328851 |
| 20211026 | 68.0857782532686 | 38.4700183892706 |
| 20211027 | 62.9156694622844 | 38.5441287341602 |
| 20211028 | 58.0245336113172 | 36.7782035314659 |
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| 20211109 | 49.5223683402899 | 33.365622674755 |
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| 20211112 | 46.8123663028178 | 33.3419289846911 |
| 20211115 | 47.4962499260136 | 34.2939364271526 |
| 20211116 | 42.9137077714596 | 33.0438057905013 |
| 20211117 | 43.5798959974993 | 34.4164747730645 |
| 20211118 | 46.733536483872 | 36.4473084757793 |
| 20211119 | 45.3484763743764 | 35.8702644971181 |
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| 20211123 | 45.8201404649238 | 33.5803522460723 |
| 20211124 | 42.2765641539127 | 30.8607100708001 |
| 20211129 | 39.093486157045 | 29.1384810530318 |
| 20211130 | 39.0802028791755 | 27.7337092441254 |
| 20211201 | 34.5474883976734 | 27.4209788167307 |
| 20211202 | 33.5833044850211 | 27.1574134628062 |
| 20211203 | 32.0342270530171 | 26.1683607943349 |
| 20211206 | 30.9923311372293 | 26.4529795229999 |
| 20211207 | 32.8337345191224 | 27.6614170132825 |
| 20211208 | 33.1487856474209 | 28.5813112817888 |
| 20211209 | 34.807553019174 | 28.8320913051311 |
| 20211210 | 35.8416059640576 | 30.2846553545007 |
| 20211213 | 36.6040166855964 | 30.8781126827924 |
| 20211214 | 36.1342067751371 | 30.4243543717636 |
| 20211215 | 34.5171485565905 | 28.712126081203 |
| 20211216 | 32.13160301201 | 27.4866110524096 |
| 20211217 | 32.8134217299781 | 27.4138809674586 |
| 20211220 | 34.0659645379604 | 25.9560202348137 |
| 20211221 | 34.2437221176763 | 25.9708900677446 |
| 20211222 | 38.5295825296244 | 27.0429278817734 |
| 20211227 | 46.8595767990593 | 27.8113077562613 |
| 20211228 | 52.9966886941806 | 27.9181397627506 |
| 20211229 | 54.5309496230847 | 27.8720550886337 |
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| 20220104 | 51.6857230368416 | 27.4804981448939 |
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| 20220106 | 45.2967706188504 | 29.1760511836251 |
| 20220107 | 41.8099189209647 | 30.7130432274673 |
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| 20220112 | 42.4524493434477 | 33.4163761802904 |
| 20220113 | 41.5190791754892 | 34.6159718705597 |
| 20220114 | 44.3254339418182 | 34.6357207860525 |
| 20220118 | 43.9375228018902 | 34.9351667542489 |
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| 20220120 | 44.8849257958728 | 35.5170233444513 |
| 20220121 | 45.7295676932546 | 35.274671187595 |
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| 20220125 | 43.2445920650842 | 35.0554549416762 |
| 20220126 | 39.6710249779413 | 32.7510356532384 |
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| 20220128 | 32.6804700642634 | 30.4850085580818 |
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| 20220203 | 36.9636356939586 | 33.7360556289067 |
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| 20220208 | 35.2926851535801 | 34.2292318155291 |
| 20220209 | 35.7249540813693 | 34.2284355527403 |
| 20220210 | 35.1946778832926 | 33.5935326631024 |
| 20220211 | 33.3419724583347 | 31.2907890413356 |
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| 20220224 | 18.6246082465595 | 21.6420260367605 |
| 20220225 | 18.9624129571873 | 21.5803725555253 |
| 20220228 | 18.3940681413243 | 22.8403052132953 |
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| 20220303 | 13.3010874716277 | 20.6300975907736 |
| 20220304 | 11.8491587820878 | 21.0325442125656 |
| 20220307 | 9.85656773010418 | 19.1712926029774 |
| 20220308 | 10.1330251020979 | 19.8271737413568 |
| 20220309 | 9.3456735694868 | 19.693694293529 |
| 20220310 | 9.58854045517392 | 19.1073715943891 |
| 20220311 | 10.0023066103533 | 18.8494591715483 |
| 20220314 | 10.5063797978482 | 19.8783528037122 |
| 20220315 | 10.6711237865518 | 20.5903179725392 |
| 20220316 | 10.8197828542031 | 20.5777036484242 |
| 20220317 | 11.1272029967778 | 21.005011448715 |
| 20220318 | 11.2788285577217 | 20.9580179086039 |
| 20220321 | 11.3393546820577 | 21.0978741063213 |
| 20220322 | 11.9896456079428 | 21.7176657651334 |
| 20220323 | 12.4751492454722 | 22.5652607321486 |
| 20220324 | 12.8084766113944 | 22.8114763919574 |
| 20220325 | 12.4921095285337 | 22.3458274601071 |
| 20220328 | 13.1808726106024 | 21.2213493423687 |
| 20220329 | 12.5693132076493 | 19.5913351745608 |
| 20220330 | 12.8695382830507 | 18.537000340076 |
| 20220331 | 13.0547646276912 | 18.6951892977403 |
| 20220401 | 13.3797660424589 | 19.1059636275468 |
| 20220404 | 12.9522428036361 | 20.0139610410886 |
| 20220405 | 13.3375581909222 | 20.8725756908101 |
| 20220406 | 12.8188156901158 | 21.1672872168414 |
| 20220407 | 12.1888868204288 | 21.1506745071164 |
| 20220408 | 12.0763689363547 | 20.8358917864914 |
| 20220411 | 12.3927616637631 | 20.5090691681577 |
| 20220412 | 11.9285791001302 | 19.6793772450937 |
| 20220413 | 11.9992523770451 | 19.5422614969444 |
| 20220414 | 11.7659610757383 | 18.1421945834602 |
| 20220418 | 12.4482566546068 | 17.9809427861467 |
| 20220419 | 12.7374194829579 | 18.0559246240384 |
| 20220420 | 12.9537519581507 | 17.8635192705098 |
| 20220421 | 12.5244312068942 | 17.6726578010055 |
| 20220422 | 12.2757270372082 | 17.8070620788571 |
| 20220425 | 11.314838330651 | 17.2828060461159 |
| 20220426 | 11.1012523033231 | 16.6546205763108 |
| 20220427 | 10.8097840570496 | 16.7527961019337 |
| 20220428 | 10.8656701979106 | 16.5332724338649 |
| 20220429 | 11.3561381644036 | 16.8949257948372 |
| 20220502 | 11.2440577098641 | 17.4110378449177 |
| 20220503 | 10.7103147075406 | 17.3098855396052 |
| 20220504 | 10.3432167413032 | 16.3964054780638 |
| 20220505 | 10.3822597731067 | 16.7168000079532 |
| 20220506 | 10.0382436311251 | 16.231764922618 |
| 20220509 | 10.3838373596947 | 16.0907520400504 |
| 20220510 | 10.6018323304811 | 16.41253224838 |
| 20220511 | 10.9663903817576 | 17.0194460238875 |
| 20220512 | 11.2270487859288 | 16.5236849957145 |
| 20220513 | 11.9732865275443 | 17.2980183111616 |
| 20220516 | 12.8669173573672 | 17.6852208435469 |
| 20220517 | 13.0144918713044 | 18.1447339713895 |
| 20220518 | 13.6563045975801 | 18.8538570612155 |
| 20220519 | 13.9856931861127 | 19.7812735689453 |
| 20220520 | 14.2372969417789 | 20.1697870803669 |
| 20220523 | 13.9682779672431 | 20.7131367840723 |
| 20220524 | 14.7714734934454 | 20.8768230433352 |
| 20220525 | 14.6468382682294 | 21.4758571513573 |
| 20220526 | 14.6392919155956 | 22.2799832448075 |
| 20220527 | 13.7848666080012 | 23.0272599075891 |
| 20220531 | 14.3864891070676 | 23.588243649053 |
| 20220601 | 13.6218463493967 | 24.6811684602205 |
| 20220602 | 14.0372487585291 | 24.7410654726675 |
| 20220603 | 13.877647398842 | 24.3106190861961 |
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| 20220607 | 15.3101981853332 | 26.8540943776347 |
| 20220608 | 16.1295703335108 | 27.842547194383 |
| 20220609 | 16.1041351634127 | 27.9081467832865 |
| 20220610 | 16.1332996033039 | 27.1584700581572 |
| 20220613 | 14.4407613724996 | 24.2120661932808 |
| 20220614 | 13.4715960576834 | 20.5901327912884 |
| 20220615 | 11.516180268614 | 16.2951780123045 |
| 20220616 | 10.0906928527439 | 14.3269061206153 |
| 20220617 | 9.21334532991669 | 13.7296482964843 |
| 20220621 | 9.05274964416556 | 14.1393157927735 |
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| 20220623 | 9.02183191969924 | 15.8031573057935 |
| 20220624 | 9.27198961483016 | 15.6470477585421 |
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| 20220628 | 10.0625776110017 | 15.6722033495371 |
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| 20220630 | 10.0456304358887 | 16.2539632786221 |
| 20220701 | 9.7416400334533 | 16.0947783816452 |
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| 20220718 | 8.56275854626463 | 18.2990189995247 |
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| 20220721 | 9.8689382454836 | 19.2904469493799 |
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| 20220725 | 10.6657774733245 | 18.6544327372684 |
| 20220726 | 10.3994874676854 | 18.5592272490787 |
| 20220727 | 10.0190448161481 | 17.2604086384832 |
| 20220728 | 9.82101545464046 | 17.0503298661083 |
| 20220729 | 10.7050869637755 | 17.6988168913792 |
| 20220801 | 9.72878971498652 | 17.5192825606708 |
| 20220802 | 9.63648602318954 | 16.1819984477114 |
| 20220803 | 9.93476826964976 | 16.0451821194033 |
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| 20220826 | 12.2220874500567 | 16.9910928848838 |
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| 20220831 | 11.3466556184846 | 17.829395677893 |
| 20220901 | 10.9903420184697 | 17.6108220242847 |
| 20220902 | 11.4798762872957 | 18.3283941452133 |
| 20220906 | 11.8893550366217 | 18.6839972970952 |
| 20220907 | 12.2420978134721 | 19.3905918577366 |
| 20220908 | 11.7229654525396 | 18.2408191232879 |
| 20220909 | 11.7044860988758 | 18.6930169823291 |
| 20220912 | 12.4662991455786 | 19.7742193143751 |
| 20220913 | 11.8992350401297 | 19.1226284063527 |
| 20220914 | 12.2291926829424 | 19.4273413230052 |
| 20220915 | 12.2804764557908 | 20.4956916765787 |
| 20220916 | 12.510716138437 | 20.3823628693496 |
| 20220919 | 12.1144078208663 | 20.794162623234 |
| 20220920 | 12.8987353423854 | 21.9303859251226 |
| 20220921 | 12.0056232386058 | 20.6467063383856 |
| 20220922 | 11.889057795875 | 19.546367957838 |
| 20220923 | 11.3406033661365 | 18.9402894087956 |
| 20220926 | 11.0613297409255 | 17.3094443113988 |
| 20220927 | 10.0119493709969 | 16.3660156872041 |
| 20220928 | 9.95884594187608 | 15.6272770957706 |
| 20220929 | 9.87303770109125 | 14.6552169166677 |
| 20220930 | 9.96883780438079 | 14.045765498712 |
| 20221003 | 9.57280709029366 | 13.6301527371021 |
| 20221004 | 9.7204917039941 | 13.247422950979 |
| 20221005 | 9.60626826712303 | 14.2218841184994 |
| 20221006 | 9.60728434074987 | 15.2668348446451 |
| 20221007 | 9.63021609074008 | 15.8619396414748 |
| 20221011 | 10.8586589985211 | 16.4173731441689 |
| 20221012 | 11.6713102582971 | 16.84528994558 |
| 20221013 | 11.8818869424334 | 16.1646090700657 |
| 20221014 | 12.4050049914795 | 15.6776921770915 |
| 20221017 | 14.0330791626867 | 16.2545336451404 |
| 20221018 | 14.0437478022041 | 16.7444038491845 |
| 20221019 | 14.2925595442393 | 16.8226051205798 |
| 20221020 | 15.3528319536788 | 17.8074139580303 |
| 20221021 | 14.9246318098456 | 17.8791400914005 |
| 20221024 | 13.3694683389391 | 16.7750853407209 |
| 20221025 | 13.4805948359958 | 16.1163872440307 |
| 20221026 | 13.1439654906135 | 15.439949259411 |
| 20221027 | 12.1332938273849 | 14.2575453021748 |
| 20221028 | 12.1033776066608 | 13.9179683292382 |
| 20221031 | 12.9155731034731 | 14.1665894030383 |
| 20221101 | 12.2544630802535 | 13.9796067858041 |
| 20221102 | 11.9257273904134 | 13.300405768543 |
| 20221103 | 12.2387239804088 | 13.257847331384 |
| 20221104 | 12.459789063677 | 13.093316446687 |
| 20221107 | 12.7910011633082 | 13.8456410358659 |
| 20221108 | 13.5286149772473 | 14.2397520840986 |
| 20221109 | 14.2982528481447 | 15.1584751137479 |
| 20221110 | 13.8250802118203 | 15.0606812471424 |
| 20221114 | 14.50350307225 | 15.8508393799411 |
| 20221115 | 13.8800822574743 | 14.5167933909292 |
| 20221116 | 13.2138695449148 | 13.9121746750907 |
| 20221117 | 12.5930261142653 | 13.0313265488294 |
| 20221118 | 13.3261295566065 | 12.926872467414 |
| 20221121 | 14.1784642634742 | 12.2639958927918 |
| 20221122 | 14.4101544266667 | 12.1885857152437 |
| 20221123 | 13.8916218280638 | 11.6644869931519 |
| 20221125 | 13.6308881185887 | 12.122655681296 |
| 20221128 | 14.1986044245204 | 12.4793807651507 |
| 20221129 | 12.8454041667598 | 12.6543337565908 |
| 20221130 | 12.2101067645824 | 12.6933477918022 |
| 20221201 | 12.5185925513121 | 13.1261894153808 |
| 20221202 | 12.5173142037483 | 12.9421048172603 |
| 20221205 | 11.9707310549891 | 13.043620048529 |
| 20221206 | 12.1693348053931 | 13.5452211884586 |
| 20221207 | 12.237086984216 | 13.7653320672323 |
| 20221208 | 12.0707073459403 | 14.0162995388139 |
| 20221209 | 12.441402354844 | 14.6601581379839 |
| 20221212 | 13.1094214622223 | 15.8242757680822 |
| 20221213 | 12.4924458516027 | 15.6354579294452 |
| 20221214 | 12.5968094472027 | 15.4484110478943 |
| 20221215 | 12.9507164513442 | 15.0499744179206 |
| 20221216 | 13.4128321684928 | 15.2325305208215 |
| 20221219 | 13.5806069111502 | 14.8808051952846 |
| 20221220 | 14.4682635839244 | 15.6026510544283 |
| 20221221 | 14.4125256445748 | 16.5792039507098 |
| 20221222 | 14.3482190708333 | 17.0775432364707 |
| 20221223 | 12.9756628044719 | 16.6192248203288 |
| 20221227 | 12.3685723753689 | 16.0324777457832 |
| 20221228 | 11.5251460465926 | 15.5059165297009 |
| 20221229 | 11.2089442736269 | 15.2698357334558 |
| 20221230 | 10.5008004435015 | 15.4837998473422 |
| 20230103 | 10.9370537776526 | 15.9032348447763 |
| 20230104 | 10.753815897222 | 15.7266268374809 |
| 20230105 | 10.6001645829902 | 15.3212056865914 |
| 20230106 | 10.238835807674 | 14.6980508003362 |
| 20230109 | 10.5444671325091 | 14.4440348603875 |
| 20230110 | 10.6328055503527 | 14.1194765091494 |
| 20230111 | 10.1356149646763 | 14.7987360357666 |
| 20230112 | 9.95688316829274 | 14.5720979148074 |
| 20230113 | 10.5104916218826 | 14.9649620635784 |
| 20230117 | 10.7162403344821 | 15.8739717154642 |
| 20230118 | 10.7973413043319 | 16.4365285098713 |
| 20230119 | 10.7679441706551 | 16.5739992790696 |
| 20230120 | 11.6030470774104 | 17.7326689502082 |
| 20230123 | 11.8887151005299 | 18.6643362259454 |
| 20230124 | 12.4807727236361 | 18.0734697487623 |
| 20230125 | 12.7342734846143 | 18.3081226610129 |
| 20230126 | 12.9327226847727 | 18.0784365242003 |
| 20230127 | 13.3389177883114 | 18.6331042239171 |
| 20230130 | 14.1536685731276 | 19.1279227648363 |
| 20230131 | 14.4219263661143 | 19.9409506435674 |
| 20230201 | 13.8379908110849 | 19.371943284281 |
| 20230202 | 13.6924619448088 | 19.2184894632496 |
| 20230203 | 12.9877577940504 | 18.2824816914854 |
| 20230206 | 13.5775513623614 | 18.3746421645816 |
| 20230207 | 12.912701623907 | 17.6037767532508 |
| 20230208 | 14.031222445223 | 18.3952978723524 |
| 20230209 | 14.9269994890349 | 19.2493078108589 |
| 20230210 | 15.566953409721 | 19.4935287918668 |
| 20230213 | 14.6500195388016 | 18.7898956766314 |
| 20230214 | 14.4514261475663 | 18.0748265750403 |
| 20230215 | 14.3809845480804 | 17.1922800303532 |
| 20230216 | 13.8106464532316 | 16.8037380927005 |
| 20230217 | 13.3797749716079 | 16.7967556103575 |
| 20230221 | 13.1718067250207 | 16.8070738797203 |
| 20230222 | 13.5710465642354 | 18.5119921607142 |
| 20230223 | 13.4704271671145 | 19.5578617686092 |
| 20230224 | 13.4633226218725 | 19.8613423193581 |
| 20230227 | 13.7185268627422 | 19.9641089508433 |
| 20230228 | 14.1373326448296 | 20.7188133439175 |
| 20230301 | 14.358790874825 | 20.5160219651474 |
| 20230302 | 13.5994433218154 | 20.1991174567061 |
| 20230303 | 13.5299777606916 | 20.6514128499583 |
| 20230306 | 13.2404368585557 | 21.5852720688319 |
| 20230307 | 12.350888564154 | 20.857694891861 |
| 20230308 | 11.4169890326451 | 21.3925160819911 |
| 20230309 | 11.3679627705701 | 21.9795772983381 |
| 20230310 | 10.8089408944744 | 20.3955818148578 |
| 20230313 | 9.37946468496203 | 17.2817185686586 |
| 20230314 | 8.15079223835665 | 15.2173589625449 |
| 20230315 | 6.97457614107345 | 12.1669686775439 |
| 20230316 | 5.80471850003379 | 9.3089340186322 |
| 20230317 | 4.93422305784444 | 8.34965915258436 |
| 20230320 | 4.81005329845553 | 8.64464857924591 |
| 20230321 | 4.92468021436364 | 9.13542628975861 |
| 20230322 | 5.01407448962367 | 9.37412933481549 |
| 20230323 | 5.31542803757835 | 10.2086394206574 |
| 20230324 | 5.34761872540694 | 10.1607964729053 |
| 20230327 | 6.10994380991578 | 10.9604201097455 |
| 20230328 | 6.22332076101763 | 11.1438987696343 |
| 20230329 | 6.65949364105061 | 12.2435564964954 |
| 20230330 | 7.57650506157848 | 12.9452901689366 |
| 20230331 | 8.12318827679716 | 14.73476567643 |
| 20230403 | 7.73591129286086 | 15.0266151087104 |
| 20230404 | 7.89688063132032 | 15.6132743402685 |
| 20230405 | 8.1223423424686 | 15.4203487281293 |
| 20230406 | 7.58345919025548 | 16.0079212246423 |
| 20230410 | 7.68877897453386 | 15.443871396082 |
| 20230411 | 8.73661244700378 | 16.5386530014757 |
| 20230412 | 8.66547464602417 | 16.7381718758878 |
| 20230413 | 8.88644696193664 | 17.7634550398221 |
| 20230414 | 8.91010852837132 | 17.3278153819808 |
| 20230417 | 9.74926517730438 | 18.7036609183832 |
| 20230418 | 10.2038978697785 | 19.2199664895105 |
| 20230419 | 11.8860846992358 | 21.1307306352274 |
Note: The data show the time-weighted average market depth at the best quoted prices to buy and sell, for 2-year and 10-year Treasury notes. OTR is on-the-run.
Source: BrokerTec; Federal Reserve Board staff calculations.
Figure 1.9. A measure of liquidity in equity markets fell sharply in March
Market depth (number of contracts)
| Date | Close Depth |
|---|---|
| 20190903 | 90.2703703703704 |
| 20190904 | 101.676543209877 |
| 20190905 | 109.595061728395 |
| 20190906 | 112.127160493827 |
| 20190909 | 123.924691358025 |
| 20190910 | 132.402469135803 |
| 20190911 | 141.145679012346 |
| 20190912 | 134.882716049383 |
| 20190913 | 129.561728395062 |
| 20190916 | 115.028395061728 |
| 20190917 | 112.63950617284 |
| 20190918 | 102.158024691358 |
| 20190919 | 110.883950617284 |
| 20190920 | 117.546913580247 |
| 20190923 | 124.944444444444 |
| 20190924 | 120.30987654321 |
| 20190925 | 115.179012345679 |
| 20190926 | 107.79012345679 |
| 20190927 | 100.898765432099 |
| 20190930 | 101.441975308642 |
| 20191001 | 102.645679012346 |
| 20191002 | 100.859259259259 |
| 20191003 | 94.4888888888889 |
| 20191004 | 99.4592592592593 |
| 20191007 | 91.3654320987654 |
| 20191008 | 87.6123456790123 |
| 20191009 | 86.0987654320988 |
| 20191010 | 86.3172839506173 |
| 20191011 | 76.0172839506173 |
| 20191014 | 76.3950617283951 |
| 20191015 | 88.4641975308642 |
| 20191016 | 96.7604938271605 |
| 20191017 | 105.075308641975 |
| 20191018 | 115.972839506173 |
| 20191021 | 129.074074074074 |
| 20191022 | 129.427160493827 |
| 20191023 | 133.48024691358 |
| 20191024 | 135.892592592593 |
| 20191025 | 145.453086419753 |
| 20191028 | 148.365432098765 |
| 20191029 | 153.345679012346 |
| 20191030 | 149.092592592593 |
| 20191031 | 150.186419753086 |
| 20191101 | 150.543209876543 |
| 20191104 | 155.696296296296 |
| 20191105 | 157.051851851852 |
| 20191106 | 159.553086419753 |
| 20191107 | 165.686419753086 |
| 20191108 | 165.948148148148 |
| 20191111 | 166.386419753086 |
| 20191112 | 166.351851851852 |
| 20191113 | 172.292592592593 |
| 20191114 | 175.846913580247 |
| 20191115 | 191.12962962963 |
| 20191118 | 192.03950617284 |
| 20191119 | 192.807407407407 |
| 20191120 | 187.666666666667 |
| 20191121 | 182.460493827161 |
| 20191122 | 165.228395061728 |
| 20191125 | 174.98024691358 |
| 20191126 | 181.564197530864 |
| 20191127 | 195.092592592593 |
| 20191129 | 201.571926999463 |
| 20191202 | 199.460815888352 |
| 20191203 | 178.416371443908 |
| 20191204 | 174.55834675255 |
| 20191205 | 164.964519592056 |
| 20191206 | 177.88024691358 |
| 20191209 | 193.592592592593 |
| 20191210 | 202.901234567901 |
| 20191211 | 202.986419753086 |
| 20191212 | 194.093827160494 |
| 20191213 | 161.122222222222 |
| 20191216 | 161.424691358025 |
| 20191217 | 166.140740740741 |
| 20191218 | 169.72962962963 |
| 20191219 | 195.393827160494 |
| 20191220 | 222.816049382716 |
| 20191223 | 219.769135802469 |
| 20191224 | 208.280032206119 |
| 20191226 | 207.813365539453 |
| 20191227 | 193.417069243156 |
| 20191230 | 181.334353193774 |
| 20191231 | 171.05040257649 |
| 20200102 | 178.895061728395 |
| 20200103 | 165.234567901235 |
| 20200106 | 163.427160493827 |
| 20200107 | 160.998765432099 |
| 20200108 | 156.916049382716 |
| 20200109 | 151.543209876543 |
| 20200110 | 159.755555555556 |
| 20200113 | 160.416049382716 |
| 20200114 | 162.771604938272 |
| 20200115 | 166.533333333333 |
| 20200116 | 177.144444444444 |
| 20200117 | 183.661728395062 |
| 20200121 | 188.002469135802 |
| 20200122 | 196.26049382716 |
| 20200123 | 199.667901234568 |
| 20200124 | 183.407407407407 |
| 20200127 | 165.316049382716 |
| 20200128 | 158.837037037037 |
| 20200129 | 147.274074074074 |
| 20200130 | 131.897530864198 |
| 20200131 | 128.911111111111 |
| 20200203 | 130.41975308642 |
| 20200204 | 130.497530864198 |
| 20200205 | 126.514814814815 |
| 20200206 | 134.933333333333 |
| 20200207 | 134.6 |
| 20200210 | 141.924691358025 |
| 20200211 | 142.548148148148 |
| 20200212 | 152.156790123457 |
| 20200213 | 152.767901234568 |
| 20200214 | 160.204938271605 |
| 20200218 | 162.344444444444 |
| 20200219 | 170.186419753086 |
| 20200220 | 161.275308641975 |
| 20200221 | 153 |
| 20200224 | 135.258024691358 |
| 20200225 | 108.738271604938 |
| 20200226 | 75.7037037037037 |
| 20200227 | 54.2061728395062 |
| 20200228 | 35.2814814814815 |
| 20200302 | 24.8111111111111 |
| 20200303 | 19.4037037037037 |
| 20200304 | 18.3691358024691 |
| 20200305 | 18.4074074074074 |
| 20200306 | 18.7259259259259 |
| 20200309 | 22.0038461538462 |
| 20200310 | 21.6840930674264 |
| 20200311 | 18.9273029439696 |
| 20200312 | 16.2573124406458 |
| 20200313 | 14.7659544159544 |
| 20200316 | 9.21851851851852 |
| 20200317 | 8.31358024691358 |
| 20200318 | 7.48307548054383 |
| 20200319 | 7.26541166288002 |
| 20200320 | 7.1147943789294 |
| 20200323 | 7.49542115955618 |
| 20200324 | 8.60529770276606 |
| 20200325 | 11.3135802469136 |
| 20200326 | 11.5641975308642 |
| 20200327 | 12.3246913580247 |
| 20200330 | 12.9938271604938 |
| 20200331 | 13.9037037037037 |
| 20200401 | 13.5271604938272 |
| 20200402 | 14.6469135802469 |
| 20200403 | 16.5864197530864 |
| 20200406 | 20.1345679012346 |
| 20200407 | 20.2234567901235 |
| 20200408 | 20.8296296296296 |
| 20200409 | 22.3641975308642 |
| 20200413 | 22.7197530864198 |
| 20200414 | 23.2382716049383 |
| 20200415 | 26.0913580246914 |
| 20200416 | 27.1975308641975 |
| 20200417 | 30.2555555555556 |
| 20200420 | 32.4185185185185 |
| 20200421 | 31.2 |
| 20200422 | 32.1061728395062 |
| 20200423 | 32.8086419753087 |
| 20200424 | 33.0012345679012 |
| 20200427 | 37.2061728395062 |
| 20200428 | 39.8641975308642 |
| 20200429 | 41.4987654320988 |
| 20200430 | 42.4333333333333 |
| 20200501 | 43.7851851851852 |
| 20200504 | 42.1888888888889 |
| 20200505 | 46.5358024691358 |
| 20200506 | 46.4913580246914 |
| 20200507 | 50.2728395061729 |
| 20200508 | 55.8777777777778 |
| 20200511 | 60.7888888888889 |
| 20200512 | 60.9 |
| 20200513 | 60.7407407407407 |
| 20200514 | 57.7456790123457 |
| 20200515 | 50.3604938271605 |
| 20200518 | 50.5024691358025 |
| 20200519 | 47.7716049382716 |
| 20200520 | 52.1753086419753 |
| 20200521 | 55.4345679012346 |
| 20200522 | 60.958024691358 |
| 20200526 | 62.4901234567901 |
| 20200527 | 63.7641975308642 |
| 20200528 | 63.0617283950617 |
| 20200529 | 59.5283950617284 |
| 20200601 | 61.5901234567901 |
| 20200602 | 62.4851851851852 |
| 20200603 | 71.1049382716049 |
| 20200604 | 74.237037037037 |
| 20200605 | 82.0395061728395 |
| 20200608 | 84.0567901234568 |
| 20200609 | 82.1197530864198 |
| 20200610 | 71.6530864197531 |
| 20200611 | 63.0851851851852 |
| 20200612 | 51.0222222222222 |
| 20200615 | 39.1864197530864 |
| 20200616 | 28.3123456790123 |
| 20200617 | 26.9506172839506 |
| 20200618 | 28.0382716049383 |
| 20200619 | 32.6765432098766 |
| 20200622 | 39.0333333333333 |
| 20200623 | 46.5395061728395 |
| 20200624 | 46.537037037037 |
| 20200625 | 46.3197530864198 |
| 20200626 | 44.9320987654321 |
| 20200629 | 42.5962962962963 |
| 20200630 | 41.8617283950617 |
| 20200701 | 43.9641975308642 |
| 20200702 | 47.562962962963 |
| 20200706 | 53.058024691358 |
| 20200707 | 57.7925925925926 |
| 20200708 | 59.420987654321 |
| 20200709 | 59.4358024691358 |
| 20200710 | 57.9345679012346 |
| 20200713 | 59.0592592592593 |
| 20200714 | 51.3530864197531 |
| 20200715 | 47.6592592592593 |
| 20200716 | 48.4382716049383 |
| 20200717 | 54.6469135802469 |
| 20200720 | 59.9037037037037 |
| 20200721 | 67.2641975308642 |
| 20200722 | 74.4666666666667 |
| 20200723 | 74.1703703703704 |
| 20200724 | 70.9654320987654 |
| 20200727 | 73.3432098765432 |
| 20200728 | 75.9901234567901 |
| 20200729 | 81.3172839506173 |
| 20200730 | 84.2740740740741 |
| 20200731 | 87.7740740740741 |
| 20200803 | 83.0864197530864 |
| 20200804 | 82.9876543209877 |
| 20200805 | 82.1222222222222 |
| 20200806 | 89.7012345679013 |
| 20200807 | 89.3037037037037 |
| 20200810 | 89.5604938271605 |
| 20200811 | 91.6765432098765 |
| 20200812 | 89.4765432098766 |
| 20200813 | 86.5876543209877 |
| 20200814 | 85.6938271604938 |
| 20200817 | 90.7432098765432 |
| 20200818 | 93.6160493827161 |
| 20200819 | 99.820987654321 |
| 20200820 | 102.037037037037 |
| 20200821 | 104.198765432099 |
| 20200824 | 102.464197530864 |
| 20200825 | 98.7148148148148 |
| 20200826 | 102.730864197531 |
| 20200827 | 96.0123456790124 |
| 20200828 | 98.3876543209876 |
| 20200831 | 96.5493827160494 |
| 20200901 | 98.4407407407407 |
| 20200902 | 86.7481481481481 |
| 20200903 | 79.7271604938272 |
| 20200904 | 65.2456790123457 |
| 20200908 | 51.504938271605 |
| 20200909 | 41.9604938271605 |
| 20200910 | 31.4925925925926 |
| 20200911 | 28.8444444444444 |
| 20200914 | 34.8518518518519 |
| 20200915 | 46.9567901234568 |
| 20200916 | 49.5518518518519 |
| 20200917 | 54.2592592592593 |
| 20200918 | 63.6901234567901 |
| 20200921 | 65.4518518518519 |
| 20200922 | 59.0777777777778 |
| 20200923 | 58.7567901234568 |
| 20200924 | 55.4777777777778 |
| 20200925 | 51.3320987654321 |
| 20200928 | 53.6037037037037 |
| 20200929 | 57.4765432098766 |
| 20200930 | 57.2185185185185 |
| 20201001 | 57.7938271604938 |
| 20201002 | 56.0617283950617 |
| 20201005 | 55.8407407407407 |
| 20201006 | 52.0555555555556 |
| 20201007 | 53.9876543209877 |
| 20201008 | 58.3444444444445 |
| 20201009 | 64.3679012345679 |
| 20201012 | 63.9234567901235 |
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| 20201021 | 55.1950617283951 |
| 20201022 | 56.783950617284 |
| 20201023 | 56.8246913580247 |
| 20201026 | 55.9827160493827 |
| 20201027 | 55.7259259259259 |
| 20201028 | 56.162962962963 |
| 20201029 | 53.4098765432099 |
| 20201030 | 45.9037037037037 |
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| 20201104 | 36.3827160493827 |
| 20201105 | 33.9802469135802 |
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| 20201110 | 32.6777777777778 |
| 20201111 | 39.1358024691358 |
| 20201112 | 41.6358024691358 |
| 20201113 | 48.3753086419753 |
| 20201116 | 56.8234567901235 |
| 20201117 | 64.2777777777778 |
| 20201118 | 68.6913580246914 |
| 20201119 | 72.3888888888889 |
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| 20201124 | 66.0740740740741 |
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| 20201203 | 71.8407139023081 |
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| 20201210 | 84.7518518518519 |
| 20201211 | 77.1395061728395 |
| 20201214 | 74.1160493827161 |
| 20201215 | 74.2938271604938 |
| 20201216 | 77.9753086419753 |
| 20201217 | 87.9691358024691 |
| 20201218 | 90.758024691358 |
| 20201221 | 84.8444444444444 |
| 20201222 | 76.2703703703704 |
| 20201223 | 76.0222222222222 |
| 20201224 | 66.3659688674182 |
| 20201228 | 75.1511540526033 |
| 20201229 | 80.3276972624799 |
| 20201230 | 86.1042404723564 |
| 20201231 | 86.0536231884058 |
| 20210104 | 82.4962962962963 |
| 20210105 | 71.0493827160494 |
| 20210106 | 66.6876543209877 |
| 20210107 | 62.7913580246914 |
| 20210108 | 55.9851851851852 |
| 20210111 | 56.0283950617284 |
| 20210112 | 54.0098765432099 |
| 20210113 | 57.2481481481482 |
| 20210114 | 61.6481481481482 |
| 20210115 | 62.8604938271605 |
| 20210119 | 69.0950617283951 |
| 20210120 | 78.5123456790123 |
| 20210121 | 85.2024691358025 |
| 20210122 | 85.8777777777778 |
| 20210125 | 82.783950617284 |
| 20210126 | 79.5345679012346 |
| 20210127 | 66.8802469135803 |
| 20210128 | 54.1901234567901 |
| 20210129 | 41.3098765432099 |
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| 20210204 | 62.858024691358 |
| 20210205 | 76.2395061728395 |
| 20210208 | 87.4592592592593 |
| 20210209 | 93.1123456790124 |
| 20210210 | 92.562962962963 |
| 20210211 | 86.8617283950617 |
| 20210212 | 86.5950617283951 |
| 20210216 | 80.0370370370371 |
| 20210217 | 70.479012345679 |
| 20210218 | 71.8703703703704 |
| 20210219 | 71.7012345679012 |
| 20210222 | 66.8876543209877 |
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| 20210224 | 61.7987654320988 |
| 20210225 | 55.8814814814815 |
| 20210226 | 47.4703703703704 |
| 20210301 | 48.2987654320988 |
| 20210302 | 49.2061728395062 |
| 20210303 | 43.6234567901235 |
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| 20210305 | 40.6555555555556 |
| 20210308 | 32.6395061728395 |
| 20210309 | 34.8395061728395 |
| 20210310 | 35.5938271604938 |
| 20210311 | 41.8481481481482 |
| 20210312 | 44.241975308642 |
| 20210315 | 53.1864197530864 |
| 20210316 | 57.858024691358 |
| 20210317 | 62.0987654320988 |
| 20210318 | 63.7962962962963 |
| 20210319 | 67.3740740740741 |
| 20210322 | 70.320987654321 |
| 20210323 | 69.8666666666667 |
| 20210324 | 73.7987654320988 |
| 20210325 | 72.2283950617284 |
| 20210326 | 78.9592592592593 |
| 20210329 | 75.2592592592593 |
| 20210330 | 73.1358024691358 |
| 20210331 | 80.3444444444444 |
| 20210401 | 89.0024691358025 |
| 20210405 | 93.1962962962963 |
| 20210406 | 102.225925925926 |
| 20210407 | 108.083950617284 |
| 20210408 | 107.511111111111 |
| 20210409 | 111.102469135802 |
| 20210412 | 111.48024691358 |
| 20210413 | 109 |
| 20210414 | 109.369135802469 |
| 20210415 | 112.59012345679 |
| 20210416 | 111.706172839506 |
| 20210419 | 108.558024691358 |
| 20210420 | 103.320987654321 |
| 20210421 | 106.113580246914 |
| 20210422 | 99.0530864197531 |
| 20210423 | 99.7320987654321 |
| 20210426 | 102.211111111111 |
| 20210427 | 102.312345679012 |
| 20210428 | 100.244444444444 |
| 20210429 | 98.3 |
| 20210430 | 91.6530864197531 |
| 20210503 | 87.7111111111111 |
| 20210504 | 85.3358024691358 |
| 20210505 | 81.5518518518519 |
| 20210506 | 81.9666666666667 |
| 20210507 | 85.5382716049383 |
| 20210510 | 87.7444444444445 |
| 20210511 | 84.5222222222222 |
| 20210512 | 76.958024691358 |
| 20210513 | 74.083950617284 |
| 20210514 | 68.3864197530864 |
| 20210517 | 62.2271604938272 |
| 20210518 | 67.583950617284 |
| 20210519 | 68.4 |
| 20210520 | 72.341975308642 |
| 20210521 | 73.8740740740741 |
| 20210524 | 83.2271604938272 |
| 20210525 | 85.7283950617284 |
| 20210526 | 98.9555555555556 |
| 20210527 | 100.58024691358 |
| 20210528 | 106.930864197531 |
| 20210601 | 102.381481481482 |
| 20210602 | 104.266666666667 |
| 20210603 | 97.5962962962963 |
| 20210604 | 99.8691358024691 |
| 20210607 | 98.9753086419753 |
| 20210608 | 103.620987654321 |
| 20210609 | 103.661728395062 |
| 20210610 | 104.098765432099 |
| 20210611 | 100.811111111111 |
| 20210614 | 102.735802469136 |
| 20210615 | 101.454320987654 |
| 20210616 | 100.467901234568 |
| 20210617 | 99.0913580246914 |
| 20210618 | 94.2851851851852 |
| 20210621 | 88.2469135802469 |
| 20210622 | 88.0765432098765 |
| 20210623 | 91.6555555555556 |
| 20210624 | 96.1604938271605 |
| 20210625 | 109.777777777778 |
| 20210628 | 116.366666666667 |
| 20210629 | 119.746913580247 |
| 20210630 | 120.945679012346 |
| 20210701 | 128.088888888889 |
| 20210702 | 129.291358024691 |
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| 20210712 | 123.193827160494 |
| 20210713 | 114.743209876543 |
| 20210714 | 117.072839506173 |
| 20210715 | 122.93950617284 |
| 20210716 | 111.172839506173 |
| 20210719 | 90.5802469135802 |
| 20210720 | 91.2320987654321 |
| 20210721 | 90.3802469135802 |
| 20210722 | 92.4246913580247 |
| 20210723 | 101.38024691358 |
| 20210726 | 111.867901234568 |
| 20210727 | 107.753086419753 |
| 20210728 | 102.134567901235 |
| 20210729 | 104.344444444444 |
| 20210730 | 94.9320987654321 |
| 20210802 | 89.3938271604938 |
| 20210803 | 91.8098765432099 |
| 20210804 | 95.5320987654321 |
| 20210805 | 100.249382716049 |
| 20210806 | 107.953086419753 |
| 20210809 | 116.472839506173 |
| 20210810 | 123.148148148148 |
| 20210811 | 131.737037037037 |
| 20210812 | 137.57037037037 |
| 20210813 | 144.620987654321 |
| 20210816 | 147.264197530864 |
| 20210817 | 140.113580246914 |
| 20210818 | 130.169135802469 |
| 20210819 | 107.724691358025 |
| 20210820 | 92.579012345679 |
| 20210823 | 94.5518518518519 |
| 20210824 | 106.554320987654 |
| 20210825 | 118.47037037037 |
| 20210826 | 127.40987654321 |
| 20210827 | 137.235802469136 |
| 20210830 | 140.312345679012 |
| 20210831 | 136.128395061728 |
| 20210901 | 132.420987654321 |
| 20210902 | 140.071604938272 |
| 20210903 | 136.465432098765 |
| 20210907 | 131.413580246914 |
| 20210908 | 124.586419753086 |
| 20210909 | 120.501234567901 |
| 20210910 | 107.182716049383 |
| 20210913 | 93.4567901234568 |
| 20210914 | 83.0506172839506 |
| 20210915 | 83.0703703703704 |
| 20210916 | 76.4320987654321 |
| 20210917 | 76.4888888888889 |
| 20210920 | 76.5246913580247 |
| 20210921 | 68.6382716049383 |
| 20210922 | 61.7950617283951 |
| 20210923 | 61.2074074074074 |
| 20210924 | 63.1432098765432 |
| 20210927 | 68.362962962963 |
| 20210928 | 67.7864197530864 |
| 20210929 | 66.7864197530864 |
| 20210930 | 60.1913580246914 |
| 20211001 | 53.1950617283951 |
| 20211004 | 44.6506172839506 |
| 20211005 | 48.2753086419753 |
| 20211006 | 45.1061728395062 |
| 20211007 | 52.7382716049383 |
| 20211008 | 55.4925925925926 |
| 20211011 | 59.2086419753086 |
| 20211012 | 54.0271604938272 |
| 20211013 | 56.1 |
| 20211014 | 57.1333333333334 |
| 20211015 | 64.3049382716049 |
| 20211018 | 70.2160493827161 |
| 20211019 | 84.7765432098765 |
| 20211020 | 91.8037037037037 |
| 20211021 | 98.1666666666667 |
| 20211022 | 90.9395061728395 |
| 20211025 | 92.9148148148148 |
| 20211026 | 86.7148148148148 |
| 20211027 | 84.5888888888889 |
| 20211028 | 76.0851851851852 |
| 20211029 | 80.3024691358025 |
| 20211101 | 76.004938271605 |
| 20211102 | 81.2 |
| 20211103 | 83.6888888888889 |
| 20211104 | 88.7123456790124 |
| 20211105 | 89.6592592592593 |
| 20211108 | 88.7395061728395 |
| 20211109 | 78.8049382716049 |
| 20211110 | 75.4469135802469 |
| 20211111 | 73.5641975308642 |
| 20211112 | 78.5123456790123 |
| 20211115 | 77.4691358024692 |
| 20211116 | 85.2716049382716 |
| 20211117 | 89.7407407407407 |
| 20211118 | 87.0913580246914 |
| 20211119 | 79.9506172839506 |
| 20211122 | 81.0703703703704 |
| 20211123 | 70.858024691358 |
| 20211124 | 64.0962962962963 |
| 20211126 | 55.191975308642 |
| 20211129 | 51.3166666666667 |
| 20211130 | 43.5030864197531 |
| 20211201 | 42.8956790123457 |
| 20211202 | 36.4314814814815 |
| 20211203 | 35.4530864197531 |
| 20211206 | 31.2592592592593 |
| 20211207 | 39.3679012345679 |
| 20211208 | 41.4962962962963 |
| 20211209 | 45.8962962962963 |
| 20211210 | 49.4160493827161 |
| 20211213 | 51.0703703703704 |
| 20211214 | 45.062962962963 |
| 20211215 | 43.0148148148148 |
| 20211216 | 41.4481481481482 |
| 20211217 | 39.2283950617284 |
| 20211220 | 36.7456790123457 |
| 20211221 | 39.2617283950617 |
| 20211222 | 41.8876543209877 |
| 20211223 | 49.7444444444445 |
| 20211227 | 59.4 |
| 20211228 | 63.3827160493827 |
| 20211229 | 63.962962962963 |
| 20211230 | 65.0061728395062 |
| 20211231 | 57.7888888888889 |
| 20220103 | 52.6654320987654 |
| 20220104 | 53.2753086419753 |
| 20220105 | 50.9938271604938 |
| 20220106 | 45.2012345679012 |
| 20220107 | 44.0012345679012 |
| 20220110 | 39.5456790123457 |
| 20220111 | 35.7641975308642 |
| 20220112 | 33.0530864197531 |
| 20220113 | 34.2864197530864 |
| 20220114 | 31.6086419753086 |
| 20220118 | 30.1864197530864 |
| 20220119 | 28.3641975308642 |
| 20220120 | 27.0851851851852 |
| 20220121 | 23.2098765432099 |
| 20220124 | 20.820987654321 |
| 20220125 | 18.1876543209877 |
| 20220126 | 15.3123456790123 |
| 20220127 | 12.4888888888889 |
| 20220128 | 12.6950617283951 |
| 20220131 | 15.1382716049383 |
| 20220201 | 16.8283950617284 |
| 20220202 | 18.1666666666667 |
| 20220203 | 19.9962962962963 |
| 20220204 | 21.1395061728395 |
| 20220207 | 20.9666666666667 |
| 20220208 | 23.1481481481481 |
| 20220209 | 26.8950617283951 |
| 20220210 | 27.2666666666667 |
| 20220211 | 27.0086419753086 |
| 20220214 | 26.1024691358025 |
| 20220215 | 26.6259259259259 |
| 20220216 | 24.8679012345679 |
| 20220217 | 26.3024691358025 |
| 20220218 | 26.841975308642 |
| 20220222 | 27.1358024691358 |
| 20220223 | 25.1061728395062 |
| 20220224 | 21.8802469135803 |
| 20220225 | 19.6876543209877 |
| 20220228 | 18.3777777777778 |
| 20220301 | 17.4234567901235 |
| 20220302 | 16.2432098765432 |
| 20220303 | 17.0753086419753 |
| 20220304 | 16.5382716049383 |
| 20220307 | 16.283950617284 |
| 20220308 | 15.8148148148148 |
| 20220309 | 15.7481481481482 |
| 20220310 | 16.2308641975309 |
| 20220311 | 15.520987654321 |
| 20220314 | 15.2543209876543 |
| 20220315 | 16.5962962962963 |
| 20220316 | 16.7654320987654 |
| 20220317 | 17.0555555555556 |
| 20220318 | 19.6407407407407 |
| 20220321 | 21.3123456790123 |
| 20220322 | 23.8654320987654 |
| 20220323 | 25.9074074074074 |
| 20220324 | 28.1938271604938 |
| 20220325 | 28.9148148148148 |
| 20220328 | 31.4246913580247 |
| 20220329 | 30.5037037037037 |
| 20220330 | 31.9802469135803 |
| 20220331 | 31.8049382716049 |
| 20220401 | 32.4950617283951 |
| 20220404 | 34.2753086419753 |
| 20220405 | 35.4271604938272 |
| 20220406 | 34.2802469135803 |
| 20220407 | 33.1654320987654 |
| 20220408 | 32.8098765432099 |
| 20220411 | 30.5469135802469 |
| 20220412 | 29.6012345679012 |
| 20220413 | 31.283950617284 |
| 20220414 | 32.7716049382716 |
| 20220418 | 33.1876543209877 |
| 20220419 | 34.7765432098765 |
| 20220420 | 34.6950617283951 |
| 20220421 | 33.4888888888889 |
| 20220422 | 32.3333333333333 |
| 20220425 | 30.0679012345679 |
| 20220426 | 26.7876543209877 |
| 20220427 | 24.0320987654321 |
| 20220428 | 22.7259259259259 |
| 20220429 | 21.2814814814815 |
| 20220502 | 20.058024691358 |
| 20220503 | 18.4543209876543 |
| 20220504 | 19.1382716049383 |
| 20220505 | 17 |
| 20220506 | 15.0604938271605 |
| 20220509 | 14.662962962963 |
| 20220510 | 13.9333333333333 |
| 20220511 | 12.379012345679 |
| 20220512 | 11.979012345679 |
| 20220513 | 15.2728395061728 |
| 20220516 | 16.1641975308642 |
| 20220517 | 18.1271604938272 |
| 20220518 | 20.8913580246914 |
| 20220519 | 21.3765432098765 |
| 20220520 | 19.6592592592593 |
| 20220523 | 20.158024691358 |
| 20220524 | 19.9753086419753 |
| 20220525 | 18.6172839506173 |
| 20220526 | 21.6493827160494 |
| 20220527 | 26.1 |
| 20220531 | 26.5123456790124 |
| 20220601 | 27.1012345679012 |
| 20220602 | 29.0530864197531 |
| 20220603 | 27.4913580246914 |
| 20220606 | 24.3197530864198 |
| 20220607 | 28.2012345679012 |
| 20220608 | 30.6382716049383 |
| 20220609 | 31.7395061728395 |
| 20220610 | 30.6617283950617 |
| 20220613 | 29.0481481481482 |
| 20220614 | 25.5074074074074 |
| 20220615 | 22.7864197530864 |
| 20220616 | 20.4271604938272 |
| 20220617 | 21.0493827160494 |
| 20220621 | 24.0296296296296 |
| 20220622 | 24.2703703703704 |
| 20220623 | 23.9777777777778 |
| 20220624 | 27.9395061728395 |
| 20220627 | 29.1086419753086 |
| 20220628 | 28.8395061728395 |
| 20220629 | 29.0827160493827 |
| 20220630 | 29.9407407407407 |
| 20220701 | 26.1987654320988 |
| 20220705 | 26.1086419753086 |
| 20220706 | 24.0925925925926 |
| 20220707 | 26.820987654321 |
| 20220708 | 27.2703703703704 |
| 20220711 | 29.9493827160494 |
| 20220712 | 32.2037037037037 |
| 20220713 | 34.3654320987654 |
| 20220714 | 32.0456790123457 |
| 20220715 | 34.1086419753086 |
| 20220718 | 35.4543209876543 |
| 20220719 | 37.9753086419753 |
| 20220720 | 39.1135802469136 |
| 20220721 | 40.9061728395062 |
| 20220722 | 40.8777777777778 |
| 20220725 | 40.3123456790124 |
| 20220726 | 40.8222222222222 |
| 20220727 | 42.2024691358025 |
| 20220728 | 43.4679012345679 |
| 20220729 | 46.1925925925926 |
| 20220801 | 46.2716049382716 |
| 20220802 | 43.3308641975309 |
| 20220803 | 46.0975308641975 |
| 20220804 | 45.3037037037037 |
| 20220805 | 45.2296296296296 |
| 20220808 | 45.0469135802469 |
| 20220809 | 46.6172839506173 |
| 20220810 | 45.6382716049383 |
| 20220811 | 48.5320987654321 |
| 20220812 | 51.2024691358025 |
| 20220815 | 57.6876543209877 |
| 20220816 | 60.958024691358 |
| 20220817 | 59.8296296296296 |
| 20220818 | 60.9493827160494 |
| 20220819 | 60.8395061728395 |
| 20220822 | 61.0358024691358 |
| 20220823 | 58.8234567901235 |
| 20220824 | 62.4296296296296 |
| 20220825 | 63.6703703703704 |
| 20220826 | 59.0234567901235 |
| 20220829 | 52.441975308642 |
| 20220830 | 51.2296296296296 |
| 20220831 | 46.1444444444445 |
| 20220901 | 40.7641975308642 |
| 20220902 | 39.1197530864198 |
| 20220906 | 37.2555555555556 |
| 20220907 | 36.6111111111111 |
| 20220908 | 35.0975308641975 |
| 20220909 | 33.9518518518519 |
| 20220912 | 35.762962962963 |
| 20220913 | 38.5592592592593 |
| 20220914 | 38.1358024691358 |
| 20220915 | 39.8111111111111 |
| 20220916 | 42.0333333333333 |
| 20220919 | 43.0913580246914 |
| 20220920 | 45.4679012345679 |
| 20220921 | 44.9493827160494 |
| 20220922 | 43.7358024691358 |
| 20220923 | 42.6308641975309 |
| 20220926 | 40.0037037037037 |
| 20220927 | 36.0728395061728 |
| 20220928 | 36.0765432098766 |
| 20220929 | 36.6987654320988 |
| 20220930 | 35.6543209876543 |
| 20221003 | 36.8543209876543 |
| 20221004 | 36.9382716049383 |
| 20221005 | 37.0037037037037 |
| 20221006 | 35.5827160493827 |
| 20221007 | 35.7024691358025 |
| 20221010 | 34.2703703703704 |
| 20221011 | 32.8716049382716 |
| 20221012 | 31.7123456790124 |
| 20221013 | 30.2641975308642 |
| 20221014 | 28.3358024691358 |
| 20221017 | 29.8333333333333 |
| 20221018 | 30.8975308641975 |
| 20221019 | 31.3740740740741 |
| 20221020 | 34.2987654320988 |
| 20221021 | 35.2703703703704 |
| 20221024 | 33.279012345679 |
| 20221025 | 35.6604938271605 |
| 20221026 | 35.4913580246914 |
| 20221027 | 34.2814814814815 |
| 20221028 | 38.5148148148148 |
| 20221031 | 39.7135802469136 |
| 20221101 | 37.1827160493827 |
| 20221102 | 37.5098765432099 |
| 20221103 | 36.8901234567901 |
| 20221104 | 31.4703703703704 |
| 20221107 | 31.8049382716049 |
| 20221108 | 32.9283950617284 |
| 20221109 | 32.7246913580247 |
| 20221110 | 34.1777777777778 |
| 20221111 | 36.3901234567901 |
| 20221114 | 36.5160493827161 |
| 20221115 | 33.5456790123457 |
| 20221116 | 32.9296296296296 |
| 20221117 | 33.041975308642 |
| 20221118 | 32.6617283950617 |
| 20221121 | 33.5901234567901 |
| 20221122 | 38.2456790123457 |
| 20221123 | 41.1654320987654 |
| 20221125 | 42.6273483628556 |
| 20221128 | 47.4680891035964 |
| 20221129 | 49.6051261406334 |
| 20221130 | 49.2075952764359 |
| 20221201 | 46.8693236714976 |
| 20221202 | 47.7123456790123 |
| 20221205 | 45.7358024691358 |
| 20221206 | 44.5864197530864 |
| 20221207 | 42.2691358024691 |
| 20221208 | 46.4938271604938 |
| 20221209 | 42.6679012345679 |
| 20221212 | 43.6740740740741 |
| 20221213 | 38.2740740740741 |
| 20221214 | 36.6432098765432 |
| 20221215 | 33.0172839506173 |
| 20221216 | 34.8567901234568 |
| 20221219 | 33.8037037037037 |
| 20221220 | 38.1851851851852 |
| 20221221 | 44.0308641975309 |
| 20221222 | 46.2827160493827 |
| 20221223 | 45.0765432098765 |
| 20221227 | 42.3913580246914 |
| 20221228 | 41.3691358024691 |
| 20221229 | 40.8679012345679 |
| 20221230 | 38.7777777777778 |
| 20230103 | 37.9654320987654 |
| 20230104 | 38.8851851851852 |
| 20230105 | 38.9802469135802 |
| 20230106 | 38.5691358024691 |
| 20230109 | 42.7469135802469 |
| 20230110 | 45.3024691358025 |
| 20230111 | 50.9283950617284 |
| 20230112 | 50.7950617283951 |
| 20230113 | 51.7481481481482 |
| 20230117 | 50.5246913580247 |
| 20230118 | 53.358024691358 |
| 20230119 | 50.9901234567901 |
| 20230120 | 55.7938271604938 |
| 20230123 | 56.204938271605 |
| 20230124 | 55.5728395061728 |
| 20230125 | 53.1432098765432 |
| 20230126 | 52.0506172839506 |
| 20230127 | 52.5111111111111 |
| 20230130 | 51.9691358024691 |
| 20230131 | 55.758024691358 |
| 20230201 | 55.0530864197531 |
| 20230202 | 54.7592592592593 |
| 20230203 | 49.0506172839506 |
| 20230206 | 46.9814814814815 |
| 20230207 | 41.4358024691358 |
| 20230208 | 43.0851851851852 |
| 20230209 | 44.2691358024691 |
| 20230210 | 46.6975308641975 |
| 20230213 | 50.2950617283951 |
| 20230214 | 49.5827160493827 |
| 20230215 | 49.9518518518519 |
| 20230216 | 49.9074074074074 |
| 20230217 | 53.3592592592593 |
| 20230221 | 54.7456790123457 |
| 20230222 | 58.3234567901235 |
| 20230223 | 61.2234567901235 |
| 20230224 | 63.3950617283951 |
| 20230227 | 63.8086419753086 |
| 20230228 | 64.1913580246914 |
| 20230301 | 67.1679012345679 |
| 20230302 | 69.0283950617284 |
| 20230303 | 72.0827160493827 |
| 20230306 | 73.0049382716049 |
| 20230307 | 70.8925925925926 |
| 20230308 | 69.3049382716049 |
| 20230309 | 67.7925925925926 |
| 20230310 | 56.9814814814815 |
| 20230313 | 45.1012345679012 |
| 20230314 | 40.4543209876543 |
| 20230315 | 32.0518518518519 |
| 20230316 | 25.6148148148148 |
| 20230317 | 27.3432098765432 |
| 20230320 | 31.1481481481481 |
| 20230321 | 34.5962962962963 |
| 20230322 | 39.141975308642 |
| 20230323 | 41.3506172839506 |
| 20230324 | 42.2518518518519 |
| 20230327 | 43.662962962963 |
| 20230328 | 44.7481481481482 |
| 20230329 | 49.5296296296296 |
| 20230330 | 53.3197530864198 |
| 20230331 | 64.3753086419753 |
| 20230403 | 72.0728395061729 |
| 20230404 | 73.3938271604938 |
| 20230405 | 76.0185185185185 |
| 20230406 | 78.7617283950617 |
| 20230410 | 74.6234567901235 |
| 20230411 | 76.4160493827161 |
| 20230412 | 74.2592592592593 |
| 20230413 | 74.8617283950617 |
| 20230414 | 73.0493827160494 |
| 20230417 | 71.4962962962963 |
| 20230418 | 67.9938271604938 |
Note: The data show the depth at the best quoted prices to buy and sell, defined as the ask size plus the bid size divided by 2, for E-mini S&P 500 futures
Source: Refinitiv, DataScope Tick History; Federal Reserve Board staff calculations.
Figure 1.10. Corporate bond yields fell to near their historical averages
This is a line chart titled "Corporate bond yields fell to near their historical averages.” The x-axis measures time and ranges from years 1997 to 2023. The y-axis ranges from 0 to 24 percent. The data are monthly and there are two variables plotted on the chart. The first line is labeled "High-yield" and is designated by a black line. It begins at around 9 percent in 1997 and rises gradually to around 13 percent in 2002. It falls to around 8 percent in 2003 and remains there until 2007. The curve rises to 11 in early 2008, before spiking to about 22 percent in late 2008. The series falls sharply to about 9 percent in 2009 before decreasing more slowly to 7 percent in 2011. The series generally remains around 6 percent through 2020, with local spikes to around 9 in late 2011, early 2016, and early 2020. The series stays around 4 percent in 2021 before rising gradually to about 9 percent by October 2022. The series decreases slightly throughout 2023 to around 8 percent, where the series ends. The second line is labeled "Triple-B" and is designated by a blue line. It begins at around 7 percent in 1997, fluctuates between 6 and 9 percent until 2002, and rises to 10 percent in late 2008. The series falls sharply to around 5 percent in late 2009. It remains between 3 and 5 percent from 2010 to 2019. It has a spike in early 2020 from 2 to 5 percent then decreases back to around 2 percent in October 2020. It hovers at the level through the end of 2021. The series then rises to 6 percent by the end of 2022 and falls back to around 5 percent in early 2023.
Note: The triple-B series reflects the effective yield of the ICE Bank of America Merrill Lynch (BofAML) triple-B U.S. Corporate Index (C0A4), and the high-yield series reflects the effective yield of the ICE BofAML U.S. High Yield Index (H0A0).
Source: ICE Data Indices, LLC, used with permission.
Figure 1.11. Spreads to similar-maturity Treasury securities edged down
This is a line chart titled “Spreads to similar-maturity Treasury securities edged down.” The x-axis measures time and ranges from 1997 to 2023. The data are monthly, and there are two variables plotted on the chart. The first line is labeled "High-yield" and is designated by a black line. This line corresponds to the values on the right y-axis, which ranges from 0 to 24 percentage points. It begins at around 3 percentage points in 1997 and rises steadily, with local peaks in 1999, late 2000, and mid-2001,to around 10 percentage points by 2002. The series falls to 4 percentage points by the end of 2004 and then declines slowly to around 2 percent until 2007. The series then rises rapidly to its peak in late 2008 of around 20 percentage points. It then falls steeply in 2009 to around 6 percentage points before it falls gradually to 4 percentage points in 2011. In late 2011, the series spikes to 8 percentage points, before falling steadily to around 4 percentage points in 2014. The series rises gradually from 2014 to 2016 to 7 percentage points, then falls to around 4 percentage points again in 2017, remaining there through 2019. In early 2020, the series jumps to almost 9 percentage points then drops to about 5 percentage points in October. It then steadily decreases to about 3 percentage points in April 2021 to just below 3 percentage points and remains there until April 2022. The series then begins rising gradually again to around 5 percentage points in October 2022, then decreases slightly to around 4 percentage points by April 2023.The second line is labeled "Triple B" and is designated by a blue line. This line corresponds to the values on the left y-axis, which ranges from 0 to 12 percentage points. It begins at just under 1 percentage point in 1997, rises to around 3.5 percentage points by the end of 2002. The series declines to around 1 percentage point by the start of 2004 and remains there until mid-2007. From there, it rapidly rises to its peak in late 2008 of around 7.7 percentage points. The series then falls steeply in 2009 to around 3 percentage points and declines further to below 2 percentage points in 2011. The series jumps to 3 percentage points in mid-2011 before declining slowly to 1.5 percentage points in 2014. The series then rises gradually to around 3 percentage points in early 2016, then declines to around 1 percentage point by early 2018. The series remains around 1.5 percentage points from 2018 through early 2020 before jumping to almost 4 percentage points in March 2020. The series then decreases to 1 percent by April 2021 and remains there through 2021. It slightly increases at the very end of 2021 into 2022 to around 2 percentage points, then falls slightly to around 1.5 percentage points by April 2023.
Note: The triple-B series reflects the option-adjusted spread of the ICE Bank of America Merrill Lynch (BofAML) triple-B U.S. Corporate Index (C0A4), and the high-yield series reflects the option-adjusted spread of the ICE BofAML U.S. High Yield Index (H0A0).
Source: ICE Data Indices, LLC, used with permission.
Figure 1.12. The excess bond premium stayed near its historical average
Percentage points
| Date | Excess Bond Premium |
|---|---|
| 199701 | -0.344601244 |
| 199702 | -0.465161402 |
| 199703 | -0.492172027 |
| 199704 | -0.449220012 |
| 199705 | -0.44635659 |
| 199706 | -0.550327743 |
| 199707 | -0.522174295 |
| 199708 | -0.515808793 |
| 199709 | -0.568834485 |
| 199710 | -0.447567076 |
| 199711 | -0.339030416 |
| 199712 | -0.406998719 |
| 199801 | -0.367815428 |
| 199802 | -0.340068228 |
| 199803 | -0.391139969 |
| 199804 | -0.419914862 |
| 199805 | -0.380564694 |
| 199806 | -0.345060133 |
| 199807 | -0.306372961 |
| 199808 | 0.088095883 |
| 199809 | 0.073000922 |
| 199810 | 0.196812771 |
| 199811 | 0.185696733 |
| 199812 | 0.046072294 |
| 199901 | 0.042724483 |
| 199902 | -0.181985128 |
| 199903 | -0.168465424 |
| 199904 | -0.210215487 |
| 199905 | -0.206495603 |
| 199906 | -0.145677855 |
| 199907 | -0.09642815 |
| 199908 | -0.041956735 |
| 199909 | 0.090392094 |
| 199910 | 0.103768316 |
| 199911 | 0.069677176 |
| 199912 | -0.160370443 |
| 200001 | 0.023647228 |
| 200002 | 0.113133443 |
| 200003 | 0.379718416 |
| 200004 | 0.536955244 |
| 200005 | 0.717260769 |
| 200006 | 0.759137027 |
| 200007 | 0.84195605 |
| 200008 | 0.992956073 |
| 200009 | 1.105486291 |
| 200010 | 1.501711017 |
| 200011 | 1.584004913 |
| 200012 | 1.580122338 |
| 200101 | 1.123932248 |
| 200102 | 1.151119705 |
| 200103 | 1.083390501 |
| 200104 | 0.90024739 |
| 200105 | 0.760397289 |
| 200106 | 0.996921895 |
| 200107 | 0.762037978 |
| 200108 | 0.736593019 |
| 200109 | 1.20315135 |
| 200110 | 1.014690623 |
| 200111 | -0.109273732 |
| 200112 | 0.388955748 |
| 200201 | 0.545466806 |
| 200202 | 0.753471598 |
| 200203 | 0.263937846 |
| 200204 | 0.387077198 |
| 200205 | 0.482213846 |
| 200206 | 0.92312751 |
| 200207 | 1.523459769 |
| 200208 | 1.421364992 |
| 200209 | 1.59839202 |
| 200210 | 1.398693498 |
| 200211 | 1.011016458 |
| 200212 | 0.870902148 |
| 200301 | 0.824846405 |
| 200302 | 0.621615422 |
| 200303 | 0.116342275 |
| 200304 | 0.02707375 |
| 200305 | -0.513865396 |
| 200306 | -0.414871018 |
| 200307 | -1.082113845 |
| 200308 | -0.224987981 |
| 200309 | -0.570139733 |
| 200310 | -0.545530673 |
| 200311 | -0.567703518 |
| 200312 | -0.541292452 |
| 200401 | -0.733135527 |
| 200402 | -0.35261398 |
| 200403 | -0.539304079 |
| 200404 | -0.760690761 |
| 200405 | -0.379421337 |
| 200406 | -0.393888584 |
| 200407 | -0.330370579 |
| 200408 | -0.441383026 |
| 200409 | -0.56291736 |
| 200410 | -0.548924908 |
| 200411 | -0.687923787 |
| 200412 | -0.737560119 |
| 200501 | -0.721634432 |
| 200502 | -0.943752726 |
| 200503 | -0.649892049 |
| 200504 | -0.395551368 |
| 200505 | -0.317892575 |
| 200506 | -0.466104903 |
| 200507 | -0.566582083 |
| 200508 | -0.569595242 |
| 200509 | -0.475880355 |
| 200510 | -0.354861853 |
| 200511 | -0.323470594 |
| 200512 | -0.294238885 |
| 200601 | -0.373500569 |
| 200602 | -0.327524252 |
| 200603 | -0.412229715 |
| 200604 | -0.453781026 |
| 200605 | -0.357589722 |
| 200606 | -0.372676126 |
| 200607 | -0.27724216 |
| 200608 | -0.305449186 |
| 200609 | -0.361365047 |
| 200610 | -0.393609839 |
| 200611 | -0.364103057 |
| 200612 | -0.492643203 |
| 200701 | -0.554739024 |
| 200702 | -0.554614092 |
| 200703 | -0.37056059 |
| 200704 | -0.370682986 |
| 200705 | -0.592164342 |
| 200706 | -0.378611095 |
| 200707 | 0.027163161 |
| 200708 | 0.139907126 |
| 200709 | 0.073144355 |
| 200710 | -0.01376279 |
| 200711 | 0.333833202 |
| 200712 | 0.48407633 |
| 200801 | 0.713430868 |
| 200802 | 0.922669931 |
| 200803 | 1.14075673 |
| 200804 | 0.659599899 |
| 200805 | 0.669440807 |
| 200806 | 0.807563427 |
| 200807 | 1.067542464 |
| 200808 | 1.216593743 |
| 200809 | 1.780399852 |
| 200810 | 3.453580919 |
| 200811 | 3.201388507 |
| 200812 | 3.359799566 |
| 200901 | 2.809495312 |
| 200902 | 3.193002687 |
| 200903 | 2.744768856 |
| 200904 | 2.239223423 |
| 200905 | 1.36794866 |
| 200906 | 0.933144583 |
| 200907 | 0.329313133 |
| 200908 | 0.058753509 |
| 200909 | 0.046378149 |
| 200910 | -0.157247103 |
| 200911 | -0.02482907 |
| 200912 | -0.493960073 |
| 201001 | -0.213940593 |
| 201002 | -0.013374376 |
| 201003 | -0.17266406 |
| 201004 | -0.287257119 |
| 201005 | -0.140361209 |
| 201006 | 0.028212823 |
| 201007 | 0.155318996 |
| 201008 | -0.307896153 |
| 201009 | -0.027053002 |
| 201010 | -0.030690966 |
| 201011 | -0.156301818 |
| 201012 | -0.431220132 |
| 201101 | -0.037784581 |
| 201102 | -0.288802658 |
| 201103 | -0.328850752 |
| 201104 | -0.280451985 |
| 201105 | -0.155547857 |
| 201106 | -0.032742589 |
| 201107 | -0.078263964 |
| 201108 | -0.116331516 |
| 201109 | 0.424056031 |
| 201110 | -0.110974976 |
| 201111 | 0.488112645 |
| 201112 | 0.258717422 |
| 201201 | 0.16075725 |
| 201202 | 0.035410021 |
| 201203 | -0.36172706 |
| 201204 | -0.187752147 |
| 201205 | -0.101059879 |
| 201206 | 0.142664313 |
| 201207 | -0.029184609 |
| 201208 | -0.230574388 |
| 201209 | -0.174544638 |
| 201210 | -0.202813154 |
| 201211 | -0.069518597 |
| 201212 | -0.184688176 |
| 201301 | -0.113472459 |
| 201302 | -0.050254 |
| 201303 | -0.115872656 |
| 201304 | -0.144334298 |
| 201305 | -0.511750007 |
| 201306 | -0.366880888 |
| 201307 | -0.025754796 |
| 201308 | -0.134231609 |
| 201309 | -0.147665492 |
| 201310 | -0.055679141 |
| 201311 | -0.013986236 |
| 201312 | -0.168519701 |
| 201401 | -0.322255594 |
| 201402 | -0.224532885 |
| 201403 | -0.289796948 |
| 201404 | -0.370957578 |
| 201405 | -0.384501508 |
| 201406 | -0.318674848 |
| 201407 | -0.325291917 |
| 201408 | -0.321463713 |
| 201409 | -0.220678733 |
| 201410 | -0.221842606 |
| 201411 | 0.054501338 |
| 201412 | 0.082390435 |
| 201501 | -0.042360364 |
| 201502 | -0.289656365 |
| 201503 | -0.131067858 |
| 201504 | 0.002711603 |
| 201505 | 0.050115416 |
| 201506 | 0.147244694 |
| 201507 | 0.209060726 |
| 201508 | 0.396783069 |
| 201509 | 0.536861868 |
| 201510 | 0.42019112 |
| 201511 | 0.50921343 |
| 201512 | 0.68596893 |
| 201601 | 0.919105079 |
| 201602 | 0.948393619 |
| 201603 | 0.572960148 |
| 201604 | 0.22855792 |
| 201605 | 0.240695946 |
| 201606 | 0.050388835 |
| 201607 | -0.001637704 |
| 201608 | -0.032803608 |
| 201609 | -0.083865067 |
| 201610 | -0.084430154 |
| 201611 | -0.735035669 |
| 201612 | -0.247780492 |
| 201701 | -0.199796631 |
| 201702 | -0.187026779 |
| 201703 | -0.176236331 |
| 201704 | -0.126597542 |
| 201705 | -0.175974486 |
| 201706 | -0.134680175 |
| 201707 | -0.159665876 |
| 201708 | -0.089189554 |
| 201709 | -0.265535621 |
| 201710 | -0.225039531 |
| 201711 | -0.142866104 |
| 201712 | -0.205866123 |
| 201801 | -0.404471598 |
| 201802 | -0.247951373 |
| 201803 | -0.109018326 |
| 201804 | -0.287334121 |
| 201805 | -0.199096803 |
| 201806 | 0.021148005 |
| 201807 | -0.13343174 |
| 201808 | -0.101478826 |
| 201809 | -0.180623982 |
| 201810 | -0.005461643 |
| 201811 | 0.139819194 |
| 201812 | 0.336051224 |
| 201901 | 0.16775358 |
| 201902 | 0.056226527 |
| 201903 | -0.132196035 |
| 201904 | -0.015283244 |
| 201905 | -0.026354323 |
| 201906 | -0.003819871 |
| 201907 | -0.05450029 |
| 201908 | -0.170434983 |
| 201909 | -0.24985547 |
| 201910 | -0.242976543 |
| 201911 | -0.191231591 |
| 201912 | -0.303968732 |
| 202001 | -0.26379645 |
| 202002 | -0.16804904 |
| 202003 | 1.210043697 |
| 202004 | 0.655518866 |
| 202005 | 0.395846168 |
| 202006 | 0.043487313 |
| 202007 | -0.170615999 |
| 202008 | -0.294780117 |
| 202009 | -0.009562071 |
| 202010 | -0.216031213 |
| 202011 | -0.47545324 |
| 202012 | -0.511471925 |
| 202101 | -0.661647104 |
| 202102 | -0.946824664 |
| 202103 | -0.747475271 |
| 202104 | -0.491529672 |
| 202105 | -0.428590848 |
| 202106 | -0.585800763 |
| 202107 | -0.554852391 |
| 202108 | -0.481005086 |
| 202109 | -0.643516162 |
| 202110 | -0.522287221 |
| 202111 | -0.442323072 |
| 202112 | -0.441832088 |
| 202201 | -0.341321792 |
| 202202 | -0.205644913 |
| 202203 | -0.814395059 |
| 202204 | -0.289010259 |
| 202205 | -0.110621231 |
| 202206 | 0.088140522 |
| 202207 | 0.010402582 |
| 202208 | -0.026130465 |
| 202209 | 0.043596114 |
| 202210 | 0.101997279 |
| 202211 | -0.224236013 |
| 202212 | -0.010987826 |
| 202301 | -0.031001911 |
| 202302 | -0.14663346 |
| 202303 | -0.194652821 |
Note: The data begin in January 1997. The excess bond premium (EBP) is a measure of bond market investors’ risk sentiment. It is derived as the residual of a regression that models corporate bond spreads after controlling for expected default losses. By construction, its historical mean is zero. Positive (negative) EBP values indicate that investors’ risk appetite is below (above) its historical mean.
Source: Federal Reserve Board staff calculations based on Lehman Brothers Fixed Income Database (Warga); Intercontinental Exchange, Inc., ICE Data Services; Center for Research in Security Prices, CRSP/Compustat Merged Database, Wharton Research Data Services; S&P Global, Compustat.
Figure 1.13. Spreads in the leveraged loan market fell modestly
Percentage points
| Date | B | BB |
|---|---|---|
| 19970131 | 2.09188813027478 | |
| 19970228 | 2.08178410192779 | |
| 19970331 | 2.0821313539782 | |
| 19970430 | 2.13128050966926 | |
| 19970531 | 2.15663678327004 | |
| 19970630 | 2.16723470638971 | |
| 19970731 | 2.27865930277876 | 1.91211795426737 |
| 19970831 | 2.25519091192546 | 1.84799350267688 |
| 19970930 | 2.28226436624624 | 1.89031225692967 |
| 19971031 | 2.54870194148935 | 1.95239138987806 |
| 19971130 | 2.55227719847765 | 1.91123857847702 |
| 19971231 | 2.57766307859505 | 1.8853121084073 |
| 19980131 | 2.58328670414448 | 2.03962118865891 |
| 19980228 | 2.57724045434183 | 2.07686434704832 |
| 19980331 | 2.61434693144427 | 2.0142442090996 |
| 19980430 | 2.60471125675774 | 2.01964906051112 |
| 19980531 | 2.64727726013339 | 2.1742561357748 |
| 19980630 | 2.63838491070021 | 2.2804004021624 |
| 19980731 | 2.65298114421288 | 2.25461214228082 |
| 19980831 | 2.75105860252154 | 2.33040625069404 |
| 19980930 | 2.94176293011435 | 2.50368333817936 |
| 19981031 | 3.06324577222541 | 2.63021214384542 |
| 19981130 | 3.34669581632647 | 2.68688948779824 |
| 19981231 | 3.23167824969875 | 2.5574278061721 |
| 19990131 | 3.20045350392008 | 2.62222216268432 |
| 19990228 | 3.21252047029818 | 2.54969107864208 |
| 19990331 | 3.57072031339457 | 2.48431663439138 |
| 19990430 | 3.9333620829635 | 2.65158887562905 |
| 19990531 | 3.79734775882652 | 2.84294180372083 |
| 19990630 | 3.85661993243559 | 2.84376703464754 |
| 19990731 | 4.09639914591775 | 2.94888708534177 |
| 19990831 | 4.45692369680667 | 2.99404771578472 |
| 19990930 | 4.74567730353751 | 3.96252458533367 |
| 19991031 | 4.96156505726983 | 4.08542737863742 |
| 19991130 | 4.74194866264647 | 3.90885983736204 |
| 19991231 | 6.07594580603178 | 4.01508894466472 |
| 20000131 | 6.24211266836964 | 4.07331847721963 |
| 20000229 | 6.0743165320234 | 4.11406244684139 |
| 20000331 | 6.05480803120477 | 3.43483075505671 |
| 20000430 | 5.4393059506722 | 3.51119269263113 |
| 20000531 | 5.2455597903178 | 3.25902829785642 |
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| 20171222 | 3.91151776618421 | 2.62741150957061 |
| 20171229 | 3.88619959269827 | 2.5949562196173 |
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| 20180112 | 3.80788949014598 | 2.54363231733713 |
| 20180119 | 3.77164134032746 | 2.5240891062831 |
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| 20181130 | 4.17985958317769 | 2.8844288545427 |
| 20181207 | 4.33434796085598 | 3.00907876399125 |
| 20181214 | 4.50954585344991 | 3.15063351363666 |
| 20181221 | 4.83257332265705 | 3.37317030509131 |
| 20181228 | 4.94122329206996 | 3.46286007388947 |
| 20190104 | 4.73375437365023 | 3.18090595633502 |
| 20190111 | 4.486701419743 | 2.91121215889692 |
| 20190118 | 4.47568672444736 | 2.83841603241475 |
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| 20190524 | 4.21900172474993 | 2.68168053966785 |
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| 20191018 | 4.61878118929424 | 2.72144214325561 |
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| 20230407 | 5.10177038801146 | 3.2840999216597 |
| 20230414 | 5.05150348255803 | 3.25970723977671 |
Note: The data show secondary-market discounted spreads to maturity. Spreads are the constant spread used to equate discounted loan cash flows to the current market price. B-rated spreads begin in July 1997. The line break represents the data transitioning from monthly to weekly in November 2013.
Source: PitchBook Data, Leveraged Commentary & Data.
Figure 1.14. Commercial real estate prices, adjusted for inflation, declined
Jan. 2001=100
| Date | Equal-weighted |
|---|---|
| 199801 | 84.0765330430504 |
| 199802 | 84.3646049859051 |
| 199803 | 84.4895375475698 |
| 199804 | 84.992353147339 |
| 199805 | 85.2758384484608 |
| 199806 | 85.6581419704347 |
| 199807 | 85.5516775928221 |
| 199808 | 85.3849249338237 |
| 199809 | 84.8369382369741 |
| 199810 | 85.976832817968 |
| 199811 | 87.4965261376821 |
| 199812 | 89.2761964374019 |
| 199901 | 88.9421492213579 |
| 199902 | 89.1368296783896 |
| 199903 | 89.5372197263725 |
| 199904 | 89.8594384880276 |
| 199905 | 90.7961605214341 |
| 199906 | 91.2865601182536 |
| 199907 | 91.8021373489903 |
| 199908 | 92.3099457206403 |
| 199909 | 92.2817398907774 |
| 199910 | 92.992545926235 |
| 199911 | 93.7208099800213 |
| 199912 | 94.6515428929298 |
| 200001 | 95.2206512228022 |
| 200002 | 95.5472315487039 |
| 200003 | 95.6480234154523 |
| 200004 | 96.2929429820805 |
| 200005 | 97.4214158901194 |
| 200006 | 98.1410593578183 |
| 200007 | 98.2769824019393 |
| 200008 | 98.1349972833571 |
| 200009 | 97.1758287343921 |
| 200010 | 98.4941396090071 |
| 200011 | 99.2987700289845 |
| 200012 | 100.49524316113 |
| 200101 | 100 |
| 200102 | 100.046072581051 |
| 200103 | 99.8924505520413 |
| 200104 | 99.6082264252054 |
| 200105 | 99.1623049673067 |
| 200106 | 99.7195932744018 |
| 200107 | 101.400728628245 |
| 200108 | 103.152842428357 |
| 200109 | 103.80571871783 |
| 200110 | 104.158369520123 |
| 200111 | 103.340044605183 |
| 200112 | 103.148494484051 |
| 200201 | 103.529184130454 |
| 200202 | 104.39673595108 |
| 200203 | 105.319857414665 |
| 200204 | 105.489548937364 |
| 200205 | 105.852253301929 |
| 200206 | 105.920417883824 |
| 200207 | 106.584963023148 |
| 200208 | 107.162100570111 |
| 200209 | 108.469148925821 |
| 200210 | 110.304806055821 |
| 200211 | 112.321645066705 |
| 200212 | 114.23625992937 |
| 200301 | 113.895716616412 |
| 200302 | 112.703103831523 |
| 200303 | 112.4019991098 |
| 200304 | 113.971981663754 |
| 200305 | 115.522332413392 |
| 200306 | 116.114842801595 |
| 200307 | 116.668431417097 |
| 200308 | 117.016333394902 |
| 200309 | 118.215797853366 |
| 200310 | 119.950566339989 |
| 200311 | 121.541437952313 |
| 200312 | 122.84884560472 |
| 200401 | 123.339308051685 |
| 200402 | 124.363588181109 |
| 200403 | 125.29549394432 |
| 200404 | 126.849264984874 |
| 200405 | 127.449648356045 |
| 200406 | 128.88748582671 |
| 200407 | 130.726582985193 |
| 200408 | 132.510480763564 |
| 200409 | 133.296426956484 |
| 200410 | 133.059596890528 |
| 200411 | 133.888227857039 |
| 200412 | 135.826479354706 |
| 200501 | 138.245005163227 |
| 200502 | 140.009405769279 |
| 200503 | 141.406305116298 |
| 200504 | 141.916799084005 |
| 200505 | 143.521399104834 |
| 200506 | 144.524549088509 |
| 200507 | 145.283632306986 |
| 200508 | 146.340096446468 |
| 200509 | 146.774321351202 |
| 200510 | 148.685216184395 |
| 200511 | 151.39702177045 |
| 200512 | 153.210789313675 |
| 200601 | 152.780059678252 |
| 200602 | 153.569429320229 |
| 200603 | 152.989825656884 |
| 200604 | 152.458942564796 |
| 200605 | 152.275708035996 |
| 200606 | 152.986423676011 |
| 200607 | 152.05670270796 |
| 200608 | 150.968543958429 |
| 200609 | 151.022338480607 |
| 200610 | 152.050669072702 |
| 200611 | 154.167877718483 |
| 200612 | 154.856465027091 |
| 200701 | 155.779622233622 |
| 200702 | 155.718643748809 |
| 200703 | 155.716081334528 |
| 200704 | 156.059181169951 |
| 200705 | 155.341745939013 |
| 200706 | 155.217115746435 |
| 200707 | 154.531520284559 |
| 200708 | 155.167304753629 |
| 200709 | 154.321843696904 |
| 200710 | 152.874761824666 |
| 200711 | 151.047386139738 |
| 200712 | 149.907533347607 |
| 200801 | 149.431185215769 |
| 200802 | 148.014132649967 |
| 200803 | 145.660711009198 |
| 200804 | 142.639425965001 |
| 200805 | 140.408810415404 |
| 200806 | 137.686674367465 |
| 200807 | 136.074494052041 |
| 200808 | 135.152473584707 |
| 200809 | 133.497246058094 |
| 200810 | 132.86115836891 |
| 200811 | 131.953395543645 |
| 200812 | 129.994451935009 |
| 200901 | 125.389146900802 |
| 200902 | 121.901471239158 |
| 200903 | 118.357511588304 |
| 200904 | 115.905506642084 |
| 200905 | 114.309113089649 |
| 200906 | 112.972127822491 |
| 200907 | 112.88671753194 |
| 200908 | 111.02794838828 |
| 200909 | 108.438354123418 |
| 200910 | 105.627307448883 |
| 200911 | 105.009147698525 |
| 200912 | 104.840628315386 |
| 201001 | 105.651317716786 |
| 201002 | 106.239425778185 |
| 201003 | 105.897625085376 |
| 201004 | 103.982513878308 |
| 201005 | 101.530536398086 |
| 201006 | 99.6428466676103 |
| 201007 | 99.1113034756668 |
| 201008 | 98.7951758973166 |
| 201009 | 98.4481180770157 |
| 201010 | 97.9322222094508 |
| 201011 | 98.1539606955787 |
| 201012 | 97.7255672856014 |
| 201101 | 96.6377395983 |
| 201102 | 95.4160853398325 |
| 201103 | 93.9228638489797 |
| 201104 | 93.7639477208119 |
| 201105 | 93.8332593904751 |
| 201106 | 93.6230343520014 |
| 201107 | 93.2118601458536 |
| 201108 | 92.9329481444618 |
| 201109 | 93.8444949679132 |
| 201110 | 94.9795486033854 |
| 201111 | 95.9054219439518 |
| 201112 | 95.0913745414167 |
| 201201 | 93.6915337486063 |
| 201202 | 92.7541270705812 |
| 201203 | 92.4052922174668 |
| 201204 | 92.7335507772857 |
| 201205 | 93.4777997932625 |
| 201206 | 93.7901106853371 |
| 201207 | 94.5291224913386 |
| 201208 | 94.4580200225987 |
| 201209 | 94.6569176324553 |
| 201210 | 95.9007537940522 |
| 201211 | 97.9642453495472 |
| 201212 | 98.598458276788 |
| 201301 | 97.5011510139311 |
| 201302 | 96.5109916123696 |
| 201303 | 96.3222292528793 |
| 201304 | 98.2472685404213 |
| 201305 | 99.273384098667 |
| 201306 | 100.234587865231 |
| 201307 | 100.568011258624 |
| 201308 | 100.921298108403 |
| 201309 | 101.385983426828 |
| 201310 | 102.352386437722 |
| 201311 | 103.733700047385 |
| 201312 | 104.527713608457 |
| 201401 | 105.596888453151 |
| 201402 | 106.579435127796 |
| 201403 | 106.647764340831 |
| 201404 | 106.967951802837 |
| 201405 | 107.30746821682 |
| 201406 | 107.962405549454 |
| 201407 | 109.093150538327 |
| 201408 | 110.229577488775 |
| 201409 | 111.456551776521 |
| 201410 | 112.9545424489 |
| 201411 | 114.896042144381 |
| 201412 | 116.070210224408 |
| 201501 | 117.316527049889 |
| 201502 | 117.454562527393 |
| 201503 | 117.903016339779 |
| 201504 | 119.030414957097 |
| 201505 | 119.432216893837 |
| 201506 | 119.677046487056 |
| 201507 | 120.371389175964 |
| 201508 | 121.235388655473 |
| 201509 | 121.830602159361 |
| 201510 | 122.035615704899 |
| 201511 | 122.791489603318 |
| 201512 | 124.231411747148 |
| 201601 | 126.287882317342 |
| 201602 | 127.270077522544 |
| 201603 | 127.168509644384 |
| 201604 | 126.383739846434 |
| 201605 | 126.324667519923 |
| 201606 | 126.601054161685 |
| 201607 | 128.839780044997 |
| 201608 | 130.358714886794 |
| 201609 | 131.998884717219 |
| 201610 | 132.412059047371 |
| 201611 | 133.134445042998 |
| 201612 | 133.395319853727 |
| 201701 | 134.649249077805 |
| 201702 | 136.89534200863 |
| 201703 | 139.156390848018 |
| 201704 | 140.718860941483 |
| 201705 | 141.869918777059 |
| 201706 | 143.675621170899 |
| 201707 | 145.105595243143 |
| 201708 | 144.896069971751 |
| 201709 | 143.702127181038 |
| 201710 | 143.896825060046 |
| 201711 | 145.513208663264 |
| 201712 | 147.124160171779 |
| 201801 | 147.851865681164 |
| 201802 | 146.49271358826 |
| 201803 | 145.300041946899 |
| 201804 | 145.052912794593 |
| 201805 | 145.869764738545 |
| 201806 | 147.652525603777 |
| 201807 | 148.529023194451 |
| 201808 | 148.859879898595 |
| 201809 | 148.824035423937 |
| 201810 | 149.731980283239 |
| 201811 | 151.902295442173 |
| 201812 | 153.155343650314 |
| 201901 | 153.11478949102 |
| 201902 | 152.010835161498 |
| 201903 | 152.068084911522 |
| 201904 | 152.149482645444 |
| 201905 | 153.320925995397 |
| 201906 | 153.736905711399 |
| 201907 | 154.488044426663 |
| 201908 | 155.440958539475 |
| 201909 | 156.359136486318 |
| 201910 | 155.518924955241 |
| 201911 | 155.255576092803 |
| 201912 | 155.904251343822 |
| 202001 | 157.39990407381 |
| 202002 | 159.902433437458 |
| 202003 | 162.022621755763 |
| 202004 | 162.962761384815 |
| 202005 | 161.21658932987 |
| 202006 | 159.434431132123 |
| 202007 | 158.549172405394 |
| 202008 | 159.638833198067 |
| 202009 | 161.935860081819 |
| 202010 | 164.69922710872 |
| 202011 | 167.490165141964 |
| 202012 | 169.038083641332 |
| 202101 | 168.641417822735 |
| 202102 | 168.004766919987 |
| 202103 | 168.404334949738 |
| 202104 | 169.477371530393 |
| 202105 | 170.215319574793 |
| 202106 | 171.087500598143 |
| 202107 | 172.885293100059 |
| 202108 | 175.466572968714 |
| 202109 | 177.800895580405 |
| 202110 | 179.39326155446 |
| 202111 | 182.534503692887 |
| 202112 | 184.290260238863 |
| 202201 | 182.427416401947 |
| 202202 | 179.425927106857 |
| 202203 | 179.416138532419 |
| 202204 | 183.927252575427 |
| 202205 | 186.378494911302 |
| 202206 | 186.342044893819 |
| 202207 | 186.41322354383 |
| 202208 | 186.044273150888 |
| 202209 | 184.793790053481 |
| 202210 | 182.834091872861 |
| 202211 | 181.799665371663 |
| 202212 | 180.863140750597 |
| 202301 | 178.809374564675 |
| 202302 | 177.714386653114 |
Note: The data are deflated using the consumer price index and are seasonally adjusted by Federal Reserve Board staff. Horizontal dashed line marked at about 100.
Source: CoStar Group, Inc., CoStar Commercial Repeat Sale Indices; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 1.15. Income of commercial properties relative to prices turned up but remained near historically low levels
Percent
| Date | Capitalization rates |
|---|---|
| 200101 | 8.42584357863012 |
| 200102 | 8.42781520052805 |
| 200103 | 8.45107488070957 |
| 200104 | 8.40410730346602 |
| 200105 | 8.44598470367778 |
| 200106 | 8.43443116623516 |
| 200107 | 8.46440192410627 |
| 200108 | 8.49047340854757 |
| 200109 | 8.52706353450637 |
| 200110 | 8.51890632379222 |
| 200111 | 8.54278930178356 |
| 200112 | 8.60189504159418 |
| 200201 | 8.62476856542964 |
| 200202 | 8.64296125213148 |
| 200203 | 8.67036491795698 |
| 200204 | 8.72607757368058 |
| 200205 | 8.67297710137011 |
| 200206 | 8.68332807778808 |
| 200207 | 8.64366506628802 |
| 200208 | 8.59170245821039 |
| 200209 | 8.4848200792466 |
| 200210 | 8.43917115970125 |
| 200211 | 8.40666872445805 |
| 200212 | 8.34839769314451 |
| 200301 | 8.30837003409349 |
| 200302 | 8.28322727474802 |
| 200303 | 8.27356465297779 |
| 200304 | 8.24578617873165 |
| 200305 | 8.2395341443864 |
| 200306 | 8.17967300138605 |
| 200307 | 8.16027596059691 |
| 200308 | 8.13098768999149 |
| 200309 | 8.11598002420057 |
| 200310 | 8.10056671563384 |
| 200311 | 8.06997997892312 |
| 200312 | 8.02689006722155 |
| 200401 | 7.99268851705221 |
| 200402 | 7.94508915080036 |
| 200403 | 7.89879676102356 |
| 200404 | 7.86089693694391 |
| 200405 | 7.82778151600893 |
| 200406 | 7.80683425968593 |
| 200407 | 7.76241343644954 |
| 200408 | 7.72862958998758 |
| 200409 | 7.65524779945519 |
| 200410 | 7.60593016249442 |
| 200411 | 7.55231088656825 |
| 200412 | 7.451099965923 |
| 200501 | 7.4167478416903 |
| 200502 | 7.37611251696042 |
| 200503 | 7.32365360840731 |
| 200504 | 7.25143829371151 |
| 200505 | 7.20461531538126 |
| 200506 | 7.13368620793796 |
| 200507 | 7.08775943067056 |
| 200508 | 7.04119573234997 |
| 200509 | 6.9988709527343 |
| 200510 | 6.93584675253365 |
| 200511 | 6.89816520235029 |
| 200512 | 6.87456345501985 |
| 200601 | 6.81607423140863 |
| 200602 | 6.7843624257373 |
| 200603 | 6.74055298720345 |
| 200604 | 6.71439165575481 |
| 200605 | 6.68467464740217 |
| 200606 | 6.65548344741223 |
| 200607 | 6.62453741134636 |
| 200608 | 6.59855721680953 |
| 200609 | 6.56329141807013 |
| 200610 | 6.56852163598198 |
| 200611 | 6.56573484692916 |
| 200612 | 6.55911285764375 |
| 200701 | 6.53836090115696 |
| 200702 | 6.52596947742287 |
| 200703 | 6.5230596728874 |
| 200704 | 6.49546818128721 |
| 200705 | 6.46466036687501 |
| 200706 | 6.45308112842766 |
| 200707 | 6.44604577681963 |
| 200708 | 6.44370450135798 |
| 200709 | 6.44296440505414 |
| 200710 | 6.4464118343345 |
| 200711 | 6.43560981127971 |
| 200712 | 6.41796474884786 |
| 200801 | 6.42869607550139 |
| 200802 | 6.45318063814198 |
| 200803 | 6.46689893337549 |
| 200804 | 6.5102327238756 |
| 200805 | 6.55807578863154 |
| 200806 | 6.60556409914467 |
| 200807 | 6.63659667787835 |
| 200808 | 6.69327102103815 |
| 200809 | 6.74506242309547 |
| 200810 | 6.74002273613476 |
| 200811 | 6.78667683655712 |
| 200812 | 6.83225121254855 |
| 200901 | 6.89311075914261 |
| 200902 | 6.88448163392765 |
| 200903 | 6.93267028177336 |
| 200904 | 6.94331098047304 |
| 200905 | 6.98959052276069 |
| 200906 | 7.07836988580437 |
| 200907 | 7.19300572047141 |
| 200908 | 7.25585544471472 |
| 200909 | 7.34863338764458 |
| 200910 | 7.43500192033139 |
| 200911 | 7.46740949242617 |
| 200912 | 7.53452761696136 |
| 201001 | 7.53534410175527 |
| 201002 | 7.57055206518268 |
| 201003 | 7.60472277515922 |
| 201004 | 7.68447419753681 |
| 201005 | 7.68452563048413 |
| 201006 | 7.67507072014824 |
| 201007 | 7.63122825810434 |
| 201008 | 7.65948063678111 |
| 201009 | 7.62322747711913 |
| 201010 | 7.59882251144498 |
| 201011 | 7.57048501845777 |
| 201012 | 7.50046297121652 |
| 201101 | 7.50478864979292 |
| 201102 | 7.47221919234744 |
| 201103 | 7.42012825702305 |
| 201104 | 7.38919637086568 |
| 201105 | 7.35846677662324 |
| 201106 | 7.30461676507032 |
| 201107 | 7.27699432786489 |
| 201108 | 7.22734590741533 |
| 201109 | 7.20051810639882 |
| 201110 | 7.18833922788884 |
| 201111 | 7.16596475022796 |
| 201112 | 7.1484189898924 |
| 201201 | 7.10028578931502 |
| 201202 | 7.09489282617156 |
| 201203 | 7.07897799086012 |
| 201204 | 7.04377681922457 |
| 201205 | 7.00905090632236 |
| 201206 | 6.9775667084703 |
| 201207 | 6.9633256840026 |
| 201208 | 6.95055326158503 |
| 201209 | 6.93883575558521 |
| 201210 | 6.90317863989592 |
| 201211 | 6.87668902214853 |
| 201212 | 6.83624712744578 |
| 201301 | 6.84387664675707 |
| 201302 | 6.83552534610113 |
| 201303 | 6.83209300989012 |
| 201304 | 6.80889593579603 |
| 201305 | 6.80983384410484 |
| 201306 | 6.79057856923538 |
| 201307 | 6.77993247201006 |
| 201308 | 6.74244243055465 |
| 201309 | 6.72020881904156 |
| 201310 | 6.72492910917072 |
| 201311 | 6.71998217514889 |
| 201312 | 6.68940803741338 |
| 201401 | 6.65498383900351 |
| 201402 | 6.62733421230502 |
| 201403 | 6.59519149228537 |
| 201404 | 6.60627401588316 |
| 201405 | 6.58957544875651 |
| 201406 | 6.57100350314933 |
| 201407 | 6.53810491079586 |
| 201408 | 6.54007822183198 |
| 201409 | 6.50199690547994 |
| 201410 | 6.47045186153477 |
| 201411 | 6.46069812569514 |
| 201412 | 6.42824695230787 |
| 201501 | 6.41089449324977 |
| 201502 | 6.4061062569031 |
| 201503 | 6.39179720005736 |
| 201504 | 6.34602180441904 |
| 201505 | 6.31685779378745 |
| 201506 | 6.31284566724513 |
| 201507 | 6.29914851230495 |
| 201508 | 6.27790579393319 |
| 201509 | 6.28103987128524 |
| 201510 | 6.26078289452138 |
| 201511 | 6.23889573036485 |
| 201512 | 6.2208433057059 |
| 201601 | 6.22801795371945 |
| 201602 | 6.2112951814674 |
| 201603 | 6.19380064768652 |
| 201604 | 6.18849784038311 |
| 201605 | 6.17930902300057 |
| 201606 | 6.16904101117058 |
| 201607 | 6.15005190795455 |
| 201608 | 6.13946116303514 |
| 201609 | 6.11840257129291 |
| 201610 | 6.10405072639766 |
| 201611 | 6.11032781081764 |
| 201612 | 6.11921356312194 |
| 201701 | 6.10384498625873 |
| 201702 | 6.10853017240493 |
| 201703 | 6.12577587901098 |
| 201704 | 6.14429077799928 |
| 201705 | 6.13351194480313 |
| 201706 | 6.11623321245603 |
| 201707 | 6.11473692422265 |
| 201708 | 6.11117209387693 |
| 201709 | 6.10188013591182 |
| 201710 | 6.10854029441077 |
| 201711 | 6.09925453488376 |
| 201712 | 6.08967023771049 |
| 201801 | 6.08233571944813 |
| 201802 | 6.07525401717119 |
| 201803 | 6.05570703037291 |
| 201804 | 6.04190146995733 |
| 201805 | 6.0353564416931 |
| 201806 | 6.04093412603235 |
| 201807 | 6.04302230137015 |
| 201808 | 6.0357607819065 |
| 201809 | 6.04614021186564 |
| 201810 | 6.04710113295441 |
| 201811 | 6.04041872346675 |
| 201812 | 6.01925558375529 |
| 201901 | 6.02937646295481 |
| 201902 | 6.02221635139117 |
| 201903 | 6.0328710203642 |
| 201904 | 6.03239309684262 |
| 201905 | 6.06042022036958 |
| 201906 | 6.04777394052615 |
| 201907 | 6.04978743938403 |
| 201908 | 6.03706635384875 |
| 201909 | 6.01787128637901 |
| 201910 | 5.9995172957738 |
| 201911 | 5.98444877868421 |
| 201912 | 5.97997172611425 |
| 202001 | 5.97248572252907 |
| 202002 | 5.97508375195118 |
| 202003 | 5.94983260200468 |
| 202004 | 5.94358691669998 |
| 202005 | 5.90496518433265 |
| 202006 | 5.90032420995346 |
| 202007 | 5.8665493517823 |
| 202008 | 5.86021583668661 |
| 202009 | 5.86146926163959 |
| 202010 | 5.84259154942389 |
| 202011 | 5.82645817448599 |
| 202012 | 5.80136107907485 |
| 202101 | 5.77491728188188 |
| 202102 | 5.76740975816552 |
| 202103 | 5.7618802320532 |
| 202104 | 5.76431447520845 |
| 202105 | 5.75838234037657 |
| 202106 | 5.74677600731715 |
| 202107 | 5.73279866877929 |
| 202108 | 5.720350316234 |
| 202109 | 5.68017036674593 |
| 202110 | 5.65083765482454 |
| 202111 | 5.63943504840775 |
| 202112 | 5.59943814707029 |
| 202201 | 5.58321968088928 |
| 202202 | 5.56724575031055 |
| 202203 | 5.55344958031533 |
| 202204 | 5.52589084667315 |
| 202205 | 5.50285529824008 |
| 202206 | 5.48133301321941 |
| 202207 | 5.47327995778493 |
| 202208 | 5.45633817659465 |
| 202209 | 5.4690042890889 |
| 202210 | 5.49386964161838 |
| 202211 | 5.49795451395968 |
| 202212 | 5.52668613969197 |
| 202301 | 5.55067072752332 |
| 202302 | 5.54952335401614 |
| 202303 | 5.58294229642617 |
Note: The data are a 12-month moving average of weighted capitalization rates in the industrial, retail, office, and multifamily sectors, based on national square footage in 2009
Source: Real Capital Analytics; Andrew C. Florance, Norm G. Miller, Ruijue Peng, and Jay Spivey (2010), "Slicing, Dicing, and Scoping the Size of the U.S. Commercial Real Estate Market," Journal of Real Estate Portfolio Management, vol. 16 (May–August), pp. 101–18
Figure 1.16. Banks reported tightening lending standards in commercial real estate loans
Net percentage of banks reporting
| Date | CRE |
|---|---|
| 1997 Q1 | -7.60799569416485 |
| 1997 Q2 | -4.6356954483382 |
| 1997 Q3 | -11.2114977671118 |
| 1997 Q4 | -10.0161259114658 |
| 1998 Q1 | -10.74027535003 |
| 1998 Q2 | -2.15453709885753 |
| 1998 Q3 | 45.0523561986369 |
| 1998 Q4 | 8.38766304685774 |
| 1999 Q1 | 7.62400917524333 |
| 1999 Q2 | 6.24854454575557 |
| 1999 Q3 | 2.1619035615661 |
| 1999 Q4 | 2.86432567142633 |
| 2000 Q1 | 17.1306435882504 |
| 2000 Q2 | 26.0886688921949 |
| 2000 Q3 | 30.97919664134 |
| 2000 Q4 | 52.0035920585655 |
| 2001 Q1 | 45.5934233940008 |
| 2001 Q2 | 41.3622898643326 |
| 2001 Q3 | 47.3901312546859 |
| 2001 Q4 | 39.9298831015125 |
| 2002 Q1 | 25.9918169467341 |
| 2002 Q2 | 22.9987313686525 |
| 2002 Q3 | 13.2367675803509 |
| 2002 Q4 | 8.90744957654252 |
| 2003 Q1 | 9.58586556414535 |
| 2003 Q2 | 5.92202164750309 |
| 2003 Q3 | -3.24395844054619 |
| 2003 Q4 | -3.0733140237616 |
| 2004 Q1 | -16.8768237909398 |
| 2004 Q2 | -10.5108141992684 |
| 2004 Q3 | -19.114336749972 |
| 2004 Q4 | -25.1366643700468 |
| 2005 Q1 | -21.3954683745123 |
| 2005 Q2 | -13.8809256825499 |
| 2005 Q3 | 12.9154824223674 |
| 2005 Q4 | -0.0418179253518428 |
| 2006 Q1 | 8.17104212567341 |
| 2006 Q2 | 8.4144338344632 |
| 2006 Q3 | 28.3373553118953 |
| 2006 Q4 | 21.5567373131604 |
| 2007 Q1 | 18.7795123938407 |
| 2007 Q2 | 24.2419817445295 |
| 2007 Q3 | 63.3918565530904 |
| 2007 Q4 | 85.2621573282082 |
| 2008 Q1 | 83.9752032775114 |
| 2008 Q2 | 83.5566548258835 |
| 2008 Q3 | 85.5759285834399 |
| 2008 Q4 | 90.0193190344998 |
| 2009 Q1 | 68.8399038216203 |
| 2009 Q2 | 50.945983459918 |
| 2009 Q3 | 36.3720667356437 |
| 2009 Q4 | 31.725211759597 |
| 2010 Q1 | 7.54188284544671 |
| 2010 Q2 | 1.97240197279863 |
| 2010 Q3 | -0.0991611293885826 |
| 2010 Q4 | -1.86006357716668 |
| 2011 Q1 | -16.0645867129211 |
| 2011 Q2 | -9.40731562000936 |
| 2011 Q3 | -10.5951554885255 |
| 2011 Q4 | -5.44739653663913 |
| 2012 Q1 | -13.4114547757377 |
| 2012 Q2 | -19.0446839247694 |
| 2012 Q3 | -7.39823628652065 |
| 2012 Q4 | -12.2472706247951 |
| 2013 Q1 | -22.8950267922512 |
| 2013 Q2 | -13.0792423950967 |
| 2013 Q3 | -11.2375045014256 |
| 2013 Q4 | -9.12155687965971 |
| 2014 Q1 | -10.3918127123028 |
| 2014 Q2 | -21.5268618334174 |
| 2014 Q3 | -21.7296468904543 |
| 2014 Q4 | -20.0724100974478 |
| 2015 Q1 | -20.3311020211818 |
| 2015 Q2 | -2.38142225748 |
| 2015 Q3 | -0.376995019189623 |
| 2015 Q4 | 6.00630854884154 |
| 2016 Q1 | 27.1566282843321 |
| 2016 Q2 | 23.1742746283912 |
| 2016 Q3 | 17.1814444493236 |
| 2016 Q4 | 10.2492912521086 |
| 2017 Q1 | 14.065677870946 |
| 2017 Q2 | 10.3899677702707 |
| 2017 Q3 | 2.65326039118992 |
| 2017 Q4 | 0.987560721943953 |
| 2018 Q1 | -16.1476835847968 |
| 2018 Q2 | -0.833939652792768 |
| 2018 Q3 | -13.4435533457492 |
| 2018 Q4 | 4.90217788713888 |
| 2019 Q1 | 6.29808240403662 |
| 2019 Q2 | 3.80933872272782 |
| 2019 Q3 | 13.690212828591 |
| 2019 Q4 | 1.76088953840754 |
| 2020 Q1 | 75.4878371312003 |
| 2020 Q2 | 64.3419824998573 |
| 2020 Q3 | 52.7094426950428 |
| 2020 Q4 | 19.3105895386307 |
| 2021 Q1 | -1.66799390921339 |
| 2021 Q2 | -14.9614259218463 |
| 2021 Q3 | -17.3023203023197 |
| 2021 Q4 | -15.3463467247036 |
| 2022 Q1 | -4.26904837615576 |
| 2022 Q2 | 42.542950667124 |
| 2022 Q3 | 50.8604424776902 |
| 2022 Q4 | 58.0562038959817 |
Note: Banks' responses are weighted by their commercial real estate loan market shares. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked about the changes over the quarter. Horizonal line marked at zero, data points above zero to 100 are labeled Tightening and data points below zero to -100 are labeled Easing.
Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; Federal Reserve Board staff calculations.
Figure 1.17. Farmland prices reached near historical highs
2022 dollars per acre
| Year | Midwest index | U.S. |
|---|---|---|
| 1967 | 2905.35469 | |
| 1968 | 3047.404571 | |
| 1969 | 2988.372412 | |
| 1970 | 2858.431564 | |
| 1971 | 2671.737261 | |
| 1972 | 2675.94041 | |
| 1973 | 2877.904687 | |
| 1974 | 3474.605873 | |
| 1975 | 3870.838019 | |
| 1976 | 4547.409767 | |
| 1977 | 5457.355434 | |
| 1978 | 5698.989481 | |
| 1979 | 5783.039843 | |
| 1980 | 5787.503559 | |
| 1981 | 5505.661776 | |
| 1982 | 5017.253022 | |
| 1983 | 4259.517449 | |
| 1984 | 3743.901391 | |
| 1985 | 2669.788496 | |
| 1986 | 2120.424855 | |
| 1987 | 1803.959248 | |
| 1988 | 1976.048887 | |
| 1989 | 2162.131276 | |
| 1990 | 2170.642615 | |
| 1991 | 2123.431927 | |
| 1992 | 2129.840276 | |
| 1993 | 2132.099871 | |
| 1994 | 2585.524755 | |
| 1995 | 2494.933656 | |
| 1996 | 2664.333533 | |
| 1997 | 2451.878237 | 2315.015574 |
| 1998 | 2591.421515 | 2405.403098 |
| 1999 | 2616.360107 | 2459.174587 |
| 2000 | 2581.674163 | 2481.039055 |
| 2001 | 2563.284034 | 2495.711226 |
| 2002 | 2601.937381 | 2586.659794 |
| 2003 | 2636.126427 | 2639.873641 |
| 2004 | 2755.041967 | 2710.689708 |
| 2005 | 3183.313825 | 3086.966968 |
| 2006 | 3433.33306 | 3469.684748 |
| 2007 | 3804.599164 | 3570.438643 |
| 2008 | 4245.393009 | 3751.891078 |
| 2009 | 4034.643108 | 3641.211702 |
| 2010 | 4249.587084 | 3622.833995 |
| 2011 | 4932.015016 | 3876.816733 |
| 2012 | 5775.696571 | 4269.648494 |
| 2013 | 6613.272705 | 4785.770551 |
| 2014 | 7114.65293 | 5055.806033 |
| 2015 | 6831.782164 | 5062.035407 |
| 2016 | 6510.570247 | 4925.532583 |
| 2017 | 6309.819243 | 4810.801094 |
| 2018 | 6157.384777 | 4719.565849 |
| 2019 | 6042.621988 | 4692.757398 |
| 2020 | 5912.941136 | 4634.763556 |
| 2021 | 6181.428783 | 4773.002503 |
| 2022 | 6741.775849 | 5050 |
Note: The data for the U.S. begin in 1997. Midwest index is a weighted average of Corn Belt and Great Plains states derived from staff calculations. Values are given in real terms. The data are annual as of July. The median value is $3,308.32.
Source: Department of Agriculture; Federal Reserve Bank of Minneapolis staff calculations.
Figure 1.18. Farmland prices grew faster than rents
Ratio
| Year | Midwest index | U.S. |
|---|---|---|
| 1967 | 14.13418315 | |
| 1968 | 14.19879016 | |
| 1969 | 14.19528763 | |
| 1970 | 13.99434936 | |
| 1971 | 13.50686423 | |
| 1972 | 13.4008375 | |
| 1973 | 14.17058401 | |
| 1974 | 14.52808886 | |
| 1975 | 14.60469881 | |
| 1976 | 16.1613832 | |
| 1977 | 18.02016694 | |
| 1978 | 19.56115904 | |
| 1979 | 20.57529648 | |
| 1980 | 21.54630274 | |
| 1981 | 21.24967971 | |
| 1982 | 19.55679439 | |
| 1983 | 17.41888327 | |
| 1984 | 15.94691892 | |
| 1985 | 12.99502491 | |
| 1986 | 11.89889043 | |
| 1987 | 11.72150084 | |
| 1988 | 12.5228119 | |
| 1989 | 13.29508303 | |
| 1990 | 13.40922896 | |
| 1991 | 13.50559036 | |
| 1992 | 13.73775651 | |
| 1993 | 13.88773898 | |
| 1994 | 17.97416274 | |
| 1995 | 17.34956535 | |
| 1996 | 18.36206647 | |
| 1997 | 16.6669417 | |
| 1998 | 17.46987848 | 20.15037594 |
| 1999 | 18.1991863 | 20.74074074 |
| 2000 | 17.83993333 | 20.85714286 |
| 2001 | 17.9534721 | 21.26760563 |
| 2002 | 18.17789453 | 22.20670391 |
| 2003 | 18.63356997 | 22.73972603 |
| 2004 | 19.44520488 | 22.87581699 |
| 2005 | 22.49879125 | 26.41025641 |
| 2006 | 24.60507286 | 30.06289308 |
| 2007 | 25.78446123 | 32.64516129 |
| 2008 | 26.32248824 | 32.28070175 |
| 2009 | 24.43030238 | 26.96969697 |
| 2010 | 25.43891798 | 26.47058824 |
| 2011 | 27.83627176 | 26.84684685 |
| 2012 | 28.47719386 | 26.8 |
| 2013 | 30.44885464 | 28.01470588 |
| 2014 | 32.18539376 | 29.0070922 |
| 2015 | 31.64414073 | 28.47222222 |
| 2016 | 32.1020429 | 29.70588235 |
| 2017 | 32.28286079 | 29.63235294 |
| 2018 | 31.88732337 | 29.34782609 |
| 2019 | 32.04525701 | 29.28571429 |
| 2020 | 31.89708625 | 29.49640288 |
| 2021 | 33.8072955 | 31.34751773 |
| 2022 | 37.07418013 | 34.12162162 |
Note: The data for the U.S. begin in 1998. Midwest index is a weighted average of Corn Belt and Great Plains states derived from staff calculations. The data are annual as of July. The median value is 18.1.
Source: Department of Agriculture; Federal Reserve Bank of Minneapolis staff calculations.
Figure 1.19. House price growth decelerated sharply
12-month percent change
| Date | Zillow | CoreLogic | Case-Shiller |
|---|---|---|---|
| 200301 | 7.26467707157032 | 9.68589927814311 | 9.6272758502233 |
| 200302 | 7.34950329075211 | 9.62560862884092 | 9.75880944235376 |
| 200303 | 7.42397303784 | 9.57860226290118 | 9.64979224963961 |
| 200304 | 7.50468613220622 | 9.49252176501228 | 9.46229343175909 |
| 200305 | 7.5903502740823 | 9.25919722467563 | 9.14810828710986 |
| 200306 | 7.65167813841266 | 9.00095837333283 | 8.91032453200359 |
| 200307 | 7.68797894901633 | 8.81969395393826 | 8.86086183199936 |
| 200308 | 7.72221276412618 | 8.96498431171248 | 9.01146476389 |
| 200309 | 7.79027268207588 | 9.36919472117774 | 9.23579568093077 |
| 200310 | 7.86571834260923 | 9.86813157612974 | 9.3863960678611 |
| 200311 | 7.918685759099 | 10.3031490613779 | 9.57833228048011 |
| 200312 | 7.94518330302882 | 10.8715723529603 | 9.81517892253243 |
| 200401 | 8.00310644652663 | 11.3655454090086 | 10.2311006658833 |
| 200402 | 8.13072520323995 | 11.7701126143752 | 10.6756019636874 |
| 200403 | 8.32899324115501 | 12.33480847304 | 11.4221637924368 |
| 200404 | 8.5647908324289 | 13.0004538167804 | 12.0239098781516 |
| 200405 | 8.84298714467369 | 13.5017629397534 | 12.5075849514563 |
| 200406 | 9.17682286846072 | 14.1467765005307 | 12.9775576071456 |
| 200407 | 9.54937324669007 | 14.520808550772 | 13.1377645748236 |
| 200408 | 9.88736474499372 | 14.5878715072242 | 13.1205412958741 |
| 200409 | 10.1617517759222 | 14.7304047430092 | 13.1529034140648 |
| 200410 | 10.3796144640376 | 14.9881313046887 | 13.2772865632701 |
| 200411 | 10.5882381697324 | 15.2034209917831 | 13.4971535634503 |
| 200412 | 10.8248321780818 | 15.4750269490842 | 13.6360381006947 |
| 200501 | 11.0599376889496 | 15.5694104703021 | 13.8014355767181 |
| 200502 | 11.2646925558394 | 15.8269242913902 | 14.0040836443005 |
| 200503 | 11.4221822743745 | 16.2239881747479 | 14.2282065519156 |
| 200504 | 11.6039392165131 | 16.3726343826993 | 14.2427144616227 |
| 200505 | 11.738602097618 | 16.2181909701359 | 14.2991977347805 |
| 200506 | 11.836657602915 | 16.0041426945425 | 14.2838161041722 |
| 200507 | 11.8600048659445 | 15.8784287883416 | 14.2838387816726 |
| 200508 | 11.8797092025787 | 16.0271804094292 | 14.3748780963526 |
| 200509 | 11.8941715517455 | 16.2626935408954 | 14.5058345690155 |
| 200510 | 11.8952609452646 | 15.9834011959156 | 14.3634037108125 |
| 200511 | 11.8693786796876 | 15.6122070588581 | 14.0761904761905 |
| 200512 | 11.767185186772 | 15.1902731722722 | 13.5123211697233 |
| 200601 | 11.5759441106899 | 14.6848695972898 | 12.9269968150878 |
| 200602 | 11.3183858292253 | 13.8172484623928 | 12.0923913043478 |
| 200603 | 11.0411460587988 | 12.5046453409782 | 11.0402235994653 |
| 200604 | 10.7001722871919 | 10.9628677707685 | 9.97005988023952 |
| 200605 | 10.2922096239798 | 9.34285126325917 | 8.75309661436829 |
| 200606 | 9.76022322021339 | 7.50201101555447 | 7.28403673991396 |
| 200607 | 9.10129736990254 | 5.90842823241774 | 6.03676048248134 |
| 200608 | 8.33612685204338 | 4.51718889218889 | 4.82037289677127 |
| 200609 | 7.48279189157833 | 3.32242656778249 | 3.71037666798039 |
| 200610 | 6.63495632287597 | 2.41173540195233 | 2.96503496503497 |
| 200611 | 5.81237111600224 | 1.45008540032826 | 2.20404074135916 |
| 200612 | 5.05598228770451 | 0.36187069818987 | 1.73227472100382 |
| 200701 | 4.39305151317186 | -0.536287369001939 | 1.04518055632361 |
| 200702 | 3.78756390192341 | -1.38067564380068 | 0.534435261707988 |
| 200703 | 3.17947589997867 | -2.6815693444851 | -0.306429548563613 |
| 200704 | 2.53339149643568 | -3.56267384245184 | -0.827661312278797 |
| 200705 | 1.8448754467622 | -4.22340823756437 | -1.35589543334418 |
| 200706 | 1.15569848602591 | -4.54124439837567 | -1.63099431048497 |
| 200707 | 0.483590128729676 | -4.87680659911907 | -1.96089052597368 |
| 200708 | -0.127101055116931 | -5.4486893193487 | -2.26138828633407 |
| 200709 | -0.67540332236636 | -6.34571901594768 | -2.75787187839304 |
| 200710 | -1.18366168546251 | -7.49094704365574 | -3.54251562075524 |
| 200711 | -1.69105967694177 | -8.64267029227842 | -4.6125360779829 |
| 200712 | -2.19050392004039 | -9.72926157251744 | -5.39758773126671 |
| 200801 | -2.72667285742926 | -10.921574977731 | -6.37040280210157 |
| 200802 | -3.31637996158306 | -12.0442366999244 | -7.27790869732011 |
| 200803 | -3.97180598954518 | -12.7033411111247 | -7.83797134859213 |
| 200804 | -4.67834814528312 | -13.287443140323 | -8.12606380058199 |
| 200805 | -5.35756970018768 | -13.4036769060376 | -8.17022212447767 |
| 200806 | -5.99701597608438 | -13.4366898302091 | -8.26264184201829 |
| 200807 | -6.58504817409888 | -13.748937829931 | -8.44245538427537 |
| 200808 | -7.22455393485036 | -14.1571799668302 | -8.84980302946235 |
| 200809 | -7.82803645691558 | -14.974646545637 | -9.60808396605628 |
| 200810 | -8.39078320552363 | -15.7647706583165 | -10.3475468934828 |
| 200811 | -8.87198775780912 | -16.2612495053044 | -10.8986069878968 |
| 200812 | -9.32761452958774 | -17.0376876119585 | -11.993769470405 |
| 200901 | -9.70415167718619 | -17.526708111134 | -12.6958148234744 |
| 200902 | -9.90828254903813 | -17.1088964604809 | -12.748980436196 |
| 200903 | -9.98680636768723 | -16.3360202550683 | -12.7389673039128 |
| 200904 | -9.97871501030579 | -15.0632102215591 | -12.1855017032212 |
| 200905 | -9.95135192056812 | -13.3435143707656 | -11.2860735241289 |
| 200906 | -9.84918510809078 | -11.6044299831801 | -10.0516392458268 |
| 200907 | -9.63862125861826 | -10.0714436995281 | -9.02781968499186 |
| 200908 | -9.2946618508755 | -8.69855105668476 | -8.2846359873387 |
| 200909 | -8.88960765274139 | -7.47885565302068 | -7.58446050274844 |
| 200910 | -8.40683626014197 | -5.85823750948213 | -6.64739884393063 |
| 200911 | -7.75434157301993 | -3.88098177081557 | -5.20920099955148 |
| 200912 | -6.96744668704158 | -2.23559212480128 | -3.86102917076369 |
| 201001 | -6.11586579119758 | -1.41410518479036 | -2.91912158543118 |
| 201002 | -5.38534261218134 | -1.42258862754667 | -3.09578647879691 |
| 201003 | -4.67138743657739 | -0.275412352481138 | -1.992901992902 |
| 201004 | -3.92903900095557 | 0.812579870051329 | -1.04804682183203 |
| 201005 | -3.19267085364559 | 1.0244912710487 | -0.762637510967129 |
| 201006 | -2.60138200000843 | 0.670219609480242 | -1.40186915887852 |
| 201007 | -2.29161415414187 | -0.184237606396319 | -2.11608623548922 |
| 201008 | -2.17167613944644 | -1.22248992360407 | -2.81409703325146 |
| 201009 | -2.20700413892029 | -2.11736429700111 | -3.35494219073714 |
| 201010 | -2.35962449923147 | -2.7731434875641 | -3.66805761206085 |
| 201011 | -2.71248377660933 | -3.56458179310384 | -4.13681222117075 |
| 201012 | -3.16067754848541 | -3.71171954181384 | -4.11155052502387 |
| 201101 | -3.64224905686468 | -3.62568767977876 | -4.11034482758621 |
| 201102 | -4.08267293166055 | -3.56298288519336 | -3.71198881509962 |
| 201103 | -4.53723870035785 | -4.36250866012582 | -4.04596100278552 |
| 201104 | -5.07176531217439 | -4.5465221743231 | -4.29160935350757 |
| 201105 | -5.60726427919414 | -4.42550292727128 | -4.31855277475517 |
| 201106 | -6.02213231190843 | -3.92484185780896 | -3.89979688557887 |
| 201107 | -6.1444481085196 | -3.09495298760745 | -3.53754404987802 |
| 201108 | -6.0597602412492 | -2.32716462133176 | -3.16874957317491 |
| 201109 | -5.81868055254137 | -1.65010539429462 | -3.07032708664686 |
| 201110 | -5.55120915256811 | -1.41326888252818 | -3.29770139034444 |
| 201111 | -5.22646100870474 | -1.38678999574745 | -3.63136370046538 |
| 201112 | -4.90460322402623 | -1.0043410097747 | -3.88252862120459 |
| 201201 | -4.53180803772845 | -0.401641458482632 | -3.50258918296893 |
| 201202 | -4.06509194530905 | 0.518542048983828 | -2.71526063598084 |
| 201203 | -3.46858735063598 | 1.8862266746018 | -1.40068219754698 |
| 201204 | -2.74297100713197 | 2.67242586794976 | -0.495832135671168 |
| 201205 | -1.92401358291796 | 3.36338247885279 | 0.255881725780094 |
| 201206 | -1.04859023187075 | 3.7661011855658 | 0.8665633366211 |
| 201207 | -0.215539593365871 | 4.13212444704422 | 1.36293382042995 |
| 201208 | 0.498572399393815 | 4.65840778310641 | 2.05938359545808 |
| 201209 | 1.20315035834908 | 5.28392024781488 | 2.98922736676894 |
| 201210 | 1.93267181295811 | 5.97571407939029 | 4.01705079112781 |
| 201211 | 2.69778089228605 | 6.95357049330278 | 5.33401624350627 |
| 201212 | 3.46153006509955 | 7.79546228241585 | 6.43633942442851 |
| 201301 | 4.19774087913209 | 8.68857459537982 | 7.55757620928674 |
| 201302 | 4.82860336355636 | 9.37889818010409 | 8.32835820895522 |
| 201303 | 5.30906801009544 | 9.93420044987553 | 8.90622699838068 |
| 201304 | 5.74181475470812 | 9.94910337280488 | 9.0272261139597 |
| 201305 | 6.22624136999935 | 9.75437516082493 | 9.0818858560794 |
| 201306 | 6.73967225173053 | 9.39434055345171 | 9.26171684012015 |
| 201307 | 7.13568045771916 | 9.45558900210158 | 9.71028555586359 |
| 201308 | 7.57370680399046 | 9.61319903830313 | 10.1513371570728 |
| 201309 | 7.90774437950013 | 9.92085452823616 | 10.6123579939041 |
| 201310 | 8.29493742233249 | 10.1368629909417 | 10.8286448565673 |
| 201311 | 8.45942627037492 | 10.0698692880671 | 10.6974159488747 |
| 201312 | 8.53084669510291 | 9.92526349764606 | 10.7110585945645 |
| 201401 | 8.46441264062454 | 9.85100671886897 | 10.4358672302682 |
| 201402 | 8.39770273547996 | 9.79066475528361 | 10.1336456324056 |
| 201403 | 8.33770193803487 | 8.93501065399115 | 8.94160583941605 |
| 201404 | 8.20579499082268 | 7.96579476861168 | 7.94859905941578 |
| 201405 | 8.0258748142503 | 7.02765925359068 | 7.03886650201481 |
| 201406 | 7.67489312815022 | 6.3246605439343 | 6.25839033433484 |
| 201407 | 7.39901260356158 | 5.73008148439915 | 5.59100385368627 |
| 201408 | 7.02221579203218 | 5.34494903112648 | 5.05018820577163 |
| 201409 | 6.68895459444388 | 5.07094832676228 | 4.73446893787575 |
| 201410 | 6.16510951555118 | 5.09458147459531 | 4.60641764853346 |
| 201411 | 5.85495858958344 | 5.0505453805686 | 4.58082329317268 |
| 201412 | 5.67457618985104 | 4.98491395130446 | 4.50778503264692 |
| 201501 | 5.64277110518152 | 5.00235244122692 | 4.31699818033507 |
| 201502 | 5.57554038871325 | 5.08219791870453 | 4.22843560392819 |
| 201503 | 5.49437185002935 | 5.17087024393913 | 4.28066257211986 |
| 201504 | 5.46677831883924 | 5.21012318529977 | 4.29526906792661 |
| 201505 | 5.42395921967902 | 5.19698440886217 | 4.34756208634404 |
| 201506 | 5.44076422484616 | 5.19438989292169 | 4.34965708097701 |
| 201507 | 5.48746394598338 | 5.08874203044872 | 4.40349407682183 |
| 201508 | 5.68152723929239 | 5.08851042168576 | 4.47297700806211 |
| 201509 | 5.96346297422636 | 5.28586154848269 | 4.66993542214781 |
| 201510 | 6.3962458719333 | 5.3390493154407 | 4.8768797555569 |
| 201511 | 6.68716042189215 | 5.40975071504801 | 5.09420376815073 |
| 201512 | 6.89799716246294 | 5.51432361909847 | 5.20245103928872 |
| 201601 | 7.06542334514094 | 5.63898725638986 | 5.28721804511278 |
| 201602 | 7.22588072146082 | 5.64349038689057 | 5.19714337154174 |
| 201603 | 7.2235512194541 | 5.61342768527178 | 5.06276399547861 |
| 201604 | 7.1328199491459 | 5.57402660894486 | 5.01853268223804 |
| 201605 | 6.99323663814993 | 5.40426400594755 | 4.94035496072157 |
| 201606 | 6.95596572185288 | 5.19199642635448 | 4.8832516575382 |
| 201607 | 6.78178205633915 | 5.17875680275841 | 4.88252148997135 |
| 201608 | 6.55401700261599 | 5.14500640867806 | 4.98456613696124 |
| 201609 | 6.29407940048983 | 5.17802324440254 | 5.08426163953155 |
| 201610 | 6.0891630113652 | 5.30970154172964 | 5.12425021422451 |
| 201611 | 6.00214990335042 | 5.42468974137674 | 5.18983728232943 |
| 201612 | 5.95670615667586 | 5.45801038315298 | 5.30493375970762 |
| 201701 | 5.88060282003083 | 5.51847358603296 | 5.49588665447898 |
| 201702 | 5.84960324297759 | 5.6477400569498 | 5.55650636088768 |
| 201703 | 5.99558943073479 | 5.69876566065575 | 5.62853907134768 |
| 201704 | 6.23639096204739 | 5.65567421401588 | 5.63025210084034 |
| 201705 | 6.39474796953515 | 5.67989544979065 | 5.6615282244649 |
| 201706 | 6.43309215980653 | 5.76149911814633 | 5.69481090589271 |
| 201707 | 6.50978571333243 | 5.78421981484479 | 5.73707791498197 |
| 201708 | 6.6202985391281 | 5.84942184229158 | 5.82598279429381 |
| 201709 | 6.71434151657448 | 5.9083902404422 | 5.91465072030444 |
| 201710 | 6.79418827925379 | 5.97164647687391 | 6.01565047277469 |
| 201711 | 6.86760952197253 | 6.05786535000693 | 6.08988276161528 |
| 201712 | 6.93711164244887 | 6.03811768988424 | 6.20356813621821 |
| 201801 | 6.98872970131539 | 5.98556354579199 | 6.20600021661432 |
| 201802 | 6.98654881271347 | 6.19761068680109 | 6.42058044641409 |
| 201803 | 7.05491325082104 | 6.37059235332407 | 6.45437975769273 |
| 201804 | 7.00408369095123 | 6.29583028746472 | 6.4014850172368 |
| 201805 | 7.01627055631739 | 6.1639703059878 | 6.25032799790081 |
| 201806 | 6.9068076568347 | 5.91553922808372 | 6.1212814645309 |
| 201807 | 6.98953462895823 | 5.74234583077983 | 5.9115336916081 |
| 201808 | 7.03702119199397 | 5.51914285655212 | 5.64931055772792 |
| 201809 | 7.06983777300455 | 5.35326588168862 | 5.42010983934711 |
| 201810 | 6.8620499022443 | 5.19773285840124 | 5.27448869752422 |
| 201811 | 6.60654452630541 | 4.90995447944664 | 4.94218765987926 |
| 201812 | 6.34750964617966 | 4.62115716664793 | 4.52387030890989 |
| 201901 | 6.18220023298082 | 4.43396010001759 | 4.13012441362431 |
| 201902 | 6.1069431834463 | 4.14801018027271 | 3.82408206794983 |
| 201903 | 5.96347256063291 | 3.84320355986796 | 3.63077852754556 |
| 201904 | 5.82013553050132 | 3.76493319589066 | 3.52905991426577 |
| 201905 | 5.57112884934079 | 3.72199010654678 | 3.41301985577398 |
| 201906 | 5.44584567633536 | 3.66553314719785 | 3.20999754962018 |
| 201907 | 5.19320634232989 | 3.60299880210841 | 3.12256049960968 |
| 201908 | 5.00211900293554 | 3.7067952851641 | 3.10704197915652 |
| 201909 | 4.76960795904018 | 3.81382497493704 | 3.16471103753834 |
| 201910 | 4.79997167759725 | 3.92350725682106 | 3.21355536079462 |
| 201911 | 4.9685543996681 | 4.1280381743265 | 3.41263650546022 |
| 201912 | 5.20189531450975 | 4.38725371716128 | 3.6832592447853 |
| 202001 | 5.42166637803937 | 4.60560549126881 | 4.01038096170796 |
| 202002 | 5.56410405251526 | 4.85364295663266 | 4.30444140090003 |
| 202003 | 5.71833688691329 | 5.21188857841762 | 4.57748189902328 |
| 202004 | 5.8321267802142 | 5.17057523249352 | 4.60279248916707 |
| 202005 | 5.8135072002046 | 4.83502544122766 | 4.36547738453455 |
| 202006 | 5.68695972637913 | 5.04552407901068 | 4.38746438746439 |
| 202007 | 5.68554668791438 | 5.70594367949101 | 4.84008327024981 |
| 202008 | 6.03540146216806 | 6.28835514979293 | 5.83317589268845 |
| 202009 | 6.9050536160546 | 7.03709234387755 | 7.05082825994621 |
| 202010 | 7.92270531469325 | 7.8615889774071 | 8.42532314369281 |
| 202011 | 8.98712271909451 | 8.60604521423274 | 9.53705449745427 |
| 202012 | 9.91468455641506 | 9.35284575358818 | 10.4405182567727 |
| 202101 | 10.7159725973348 | 9.84052158996839 | 11.3318581987665 |
| 202102 | 11.5473983569608 | 10.3896387106293 | 12.1975239167136 |
| 202103 | 12.392480667095 | 11.4238059135709 | 13.4937967566563 |
| 202104 | 13.4726009398039 | 13.0031476818587 | 14.9958574979288 |
| 202105 | 14.9983134986839 | 14.817774906977 | 16.9145576861471 |
| 202106 | 16.814481420786 | 16.2571032906281 | 18.809133915575 |
| 202107 | 18.332204291176 | 16.9039746301917 | 19.8249018457512 |
| 202108 | 18.9120602353817 | 17.1135782673772 | 19.962511715089 |
| 202109 | 18.4709914614281 | 17.1663608721503 | 19.6711193404752 |
| 202110 | 17.7193396124808 | 17.0837625526225 | 19.069787678385 |
| 202111 | 17.023788814364 | 17.1609320321665 | 18.8078330105444 |
| 202112 | 16.6057740571598 | 17.4223480003867 | 18.8643829188175 |
| 202201 | 16.7184618234898 | 17.7679537543965 | 19.2532138024357 |
| 202202 | 17.1279967456209 | 18.5818115179373 | 20.0626959247649 |
| 202203 | 17.811774920115 | 19.6586599762801 | 20.8147389969294 |
| 202204 | 18.3176915309174 | 19.9279441385359 | 20.7813000320205 |
| 202205 | 18.3681969250546 | 19.4541408508513 | 19.9945199044898 |
| 202206 | 17.9429640665145 | 17.6586661149581 | 18.0443355411769 |
| 202207 | 16.9467718832851 | 15.3459955543852 | 15.6711358843025 |
| 202208 | 15.7702867878597 | 13.0570632014696 | 12.9650297619048 |
| 202209 | 14.5384456915033 | 11.2153074750562 | 10.6833671025972 |
| 202210 | 13.3794125664116 | 9.99177842674058 | 9.13874374246355 |
| 202211 | 12.0702179306341 | 8.49491967818246 | 7.52762180764353 |
| 202212 | 10.4934987085732 | 6.76116953031253 | 5.6311237124502 |
| 202301 | 8.65861760083688 | 5.45413027880297 | 3.79419169532995 |
| 202302 | 6.75722826504496 | 4.44324719009524 | |
| 202303 | 4.99390813472778 |
Note: The Zillow and CoreLogic data extend through February 2023, and the Case-Shiller data extend through January 2023.
Source: CoreLogic, Inc., Real Estate Data; Zillow, Inc., Real Estate Data; S&P Case-Shiller Home Price Indices.
Figure 1.20. Model-based measures of house price valuations remained historically high
Percent
| Date | Owner's equivalent rent | Market-based rents |
|---|---|---|
| 1979 Q1 | -1.426594 | |
| 1979 Q2 | -0.1195986 | |
| 1979 Q3 | -0.1194516 | |
| 1979 Q4 | 1.482301 | |
| 1980 Q1 | -1.190696 | |
| 1980 Q2 | -1.886218 | |
| 1980 Q3 | -1.02961 | |
| 1980 Q4 | 2.107316 | |
| 1981 Q1 | 5.715556 | |
| 1981 Q2 | 1.698296 | |
| 1981 Q3 | 0.1273517 | |
| 1981 Q4 | 2.336958 | |
| 1982 Q1 | 0.9941531 | |
| 1982 Q2 | 2.524492 | |
| 1982 Q3 | 6.203625 | |
| 1982 Q4 | 4.071608 | |
| 1983 Q1 | 7.109826 | |
| 1983 Q2 | 5.296197 | |
| 1983 Q3 | 4.523487 | |
| 1983 Q4 | -3.441958 | |
| 1984 Q1 | -2.203956 | |
| 1984 Q2 | -3.133725 | |
| 1984 Q3 | -1.061273 | |
| 1984 Q4 | 0.7543612 | |
| 1985 Q1 | 2.929619 | |
| 1985 Q2 | 6.786299 | |
| 1985 Q3 | 8.88738 | |
| 1985 Q4 | 6.812143 | |
| 1986 Q1 | 7.769249 | |
| 1986 Q2 | 5.728389 | |
| 1986 Q3 | 4.909401 | |
| 1986 Q4 | 2.944675 | |
| 1987 Q1 | 0.8187802 | |
| 1987 Q2 | -2.722194 | |
| 1987 Q3 | -2.943456 | |
| 1987 Q4 | -3.125422 | |
| 1988 Q1 | -4.818408 | |
| 1988 Q2 | 0 | |
| 1988 Q3 | -0.7298766 | |
| 1988 Q4 | 1.98889 | |
| 1989 Q1 | -0.1647936 | |
| 1989 Q2 | 2.376295 | |
| 1989 Q3 | 2.94313 | |
| 1989 Q4 | 2.499781 | |
| 1990 Q1 | 2.74167 | |
| 1990 Q2 | -0.0965068 | |
| 1990 Q3 | -1.488639 | |
| 1990 Q4 | -1.431934 | |
| 1991 Q1 | 0.3248589 | |
| 1991 Q2 | 0.5145317 | |
| 1991 Q3 | -0.8312861 | |
| 1991 Q4 | -2.353053 | |
| 1992 Q1 | -3.349406 | |
| 1992 Q2 | -4.25956 | |
| 1992 Q3 | -3.279838 | |
| 1992 Q4 | -5.258986 | |
| 1993 Q1 | -4.786732 | |
| 1993 Q2 | -4.468169 | |
| 1993 Q3 | -5.328523 | |
| 1993 Q4 | -4.694075 | |
| 1994 Q1 | -5.769559 | |
| 1994 Q2 | -7.986169 | |
| 1994 Q3 | -9.443126 | |
| 1994 Q4 | -8.401747 | |
| 1995 Q1 | -7.56704 | |
| 1995 Q2 | -3.579271 | |
| 1995 Q3 | -1.735082 | |
| 1995 Q4 | -1.184708 | |
| 1996 Q1 | -1.471456 | |
| 1996 Q2 | -5.145895 | |
| 1996 Q3 | -6.020688 | |
| 1996 Q4 | -6.465767 | |
| 1997 Q1 | -5.862849 | |
| 1997 Q2 | -3.790463 | |
| 1997 Q3 | -3.314945 | |
| 1997 Q4 | -4.185702 | |
| 1998 Q1 | -3.670713 | |
| 1998 Q2 | -1.525222 | |
| 1998 Q3 | -3.59187 | |
| 1998 Q4 | -2.301141 | |
| 1999 Q1 | -2.672192 | |
| 1999 Q2 | -2.074206 | |
| 1999 Q3 | -2.357964 | |
| 1999 Q4 | -3.085986 | |
| 2000 Q1 | -2.073356 | |
| 2000 Q2 | -0.2857024 | |
| 2000 Q3 | 3.017256 | |
| 2000 Q4 | 4.687507 | |
| 2001 Q1 | 6.044473 | |
| 2001 Q2 | 6.028567 | |
| 2001 Q3 | 4.871909 | |
| 2001 Q4 | 4.123568 | |
| 2002 Q1 | 2.765762 | |
| 2002 Q2 | 3.672033 | |
| 2002 Q3 | 4.419029 | |
| 2002 Q4 | 5.840318 | |
| 2003 Q1 | 7.314063 | |
| 2003 Q2 | 8.810431 | |
| 2003 Q3 | 7.764907 | |
| 2003 Q4 | 7.161535 | |
| 2004 Q1 | 8.778777 | 8.03173 |
| 2004 Q2 | 9.466578 | 7.972971 |
| 2004 Q3 | 13.26907 | 11.82124 |
| 2004 Q4 | 16.76815 | 15.01039 |
| 2005 Q1 | 17.26974 | 16.24369 |
| 2005 Q2 | 21.7885 | 19.062 |
| 2005 Q3 | 23.79385 | 20.48604 |
| 2005 Q4 | 24.47402 | 21.27457 |
| 2006 Q1 | 25.74417 | 21.67437 |
| 2006 Q2 | 25.76463 | 22.52505 |
| 2006 Q3 | 25.65886 | 23.37522 |
| 2006 Q4 | 26.81278 | 24.76389 |
| 2007 Q1 | 26.03505 | 23.9305 |
| 2007 Q2 | 26.53805 | 23.2058 |
| 2007 Q3 | 24.75198 | 22.14387 |
| 2007 Q4 | 21.6806 | 20.00187 |
| 2008 Q1 | 19.54039 | 18.02883 |
| 2008 Q2 | 16.73875 | 15.13179 |
| 2008 Q3 | 12.91267 | 12.74141 |
| 2008 Q4 | 8.498788 | 9.951779 |
| 2009 Q1 | 3.334431 | 7.823452 |
| 2009 Q2 | 1.887738 | 7.13152 |
| 2009 Q3 | -1.284284 | 4.51489 |
| 2009 Q4 | -3.573829 | 1.684572 |
| 2010 Q1 | -5.651538 | -0.3024396 |
| 2010 Q2 | -3.737232 | 0.9125814 |
| 2010 Q3 | -5.044893 | -1.426887 |
| 2010 Q4 | -7.338383 | -4.318311 |
| 2011 Q1 | -8.749423 | -7.242392 |
| 2011 Q2 | -12.38955 | -10.22904 |
| 2011 Q3 | -15.27606 | -13.09184 |
| 2011 Q4 | -17.36283 | -15.17454 |
| 2012 Q1 | -14.89462 | -14.21677 |
| 2012 Q2 | -16.36333 | -15.49348 |
| 2012 Q3 | -18.52809 | -16.81061 |
| 2012 Q4 | -17.94434 | -16.39961 |
| 2013 Q1 | -17.96123 | -16.33181 |
| 2013 Q2 | -16.64459 | -15.01186 |
| 2013 Q3 | -16.15543 | -14.65173 |
| 2013 Q4 | -14.74584 | -12.85552 |
| 2014 Q1 | -12.12849 | -11.28786 |
| 2014 Q2 | -11.15197 | -10.28322 |
| 2014 Q3 | -7.151145 | -8.189919 |
| 2014 Q4 | -6.977478 | -7.881824 |
| 2015 Q1 | -6.060919 | -7.623989 |
| 2015 Q2 | -5.955868 | -7.58936 |
| 2015 Q3 | -5.637957 | -7.497663 |
| 2015 Q4 | -5.044274 | -6.984275 |
| 2016 Q1 | -4.566349 | -6.26304 |
| 2016 Q2 | -3.835874 | -5.358379 |
| 2016 Q3 | -3.569212 | -4.864702 |
| 2016 Q4 | -3.407388 | -4.298392 |
| 2017 Q1 | -3.286643 | -3.879288 |
| 2017 Q2 | -2.55187 | -2.972213 |
| 2017 Q3 | -2.140838 | -1.874372 |
| 2017 Q4 | 0.8126945 | 0.415571 |
| 2018 Q1 | 2.549839 | 1.89823 |
| 2018 Q2 | 2.669892 | 1.88707 |
| 2018 Q3 | 3.554962 | 2.903822 |
| 2018 Q4 | 4.227796 | 3.346687 |
| 2019 Q1 | 6.375558 | 5.302972 |
| 2019 Q2 | 7.376726 | 5.488511 |
| 2019 Q3 | 7.16111 | 5.487645 |
| 2019 Q4 | 8.68696 | 6.366929 |
| 2020 Q1 | 7.804986 | 6.273607 |
| 2020 Q2 | 7.904656 | 7.456408 |
| 2020 Q3 | 7.526965 | 6.058952 |
| 2020 Q4 | 10.86544 | 7.165467 |
| 2021 Q1 | 13.02048 | 8.533897 |
| 2021 Q2 | 14.48489 | 9.430058 |
| 2021 Q3 | 17.68822 | 10.59328 |
| 2021 Q4 | 19.76215 | 10.44783 |
| 2022 Q1 | 25.58542 | 14.66448 |
| 2022 Q2 | 29.16241 | 17.10109 |
| 2022 Q3 | 26.77502 | 17.41702 |
| 2022 Q4 | 25.49551 | 17.3656 |
| 2023 Q1 | 25.15802 | 18.89746 |
Note: The owners' equivalent rent value for 2023:Q1 is based on monthly data through February 2023. The data for the market-based rents model begin in 2004:Q1 and extend through 2023:Q1. The value for 2023:Q1 is based on monthly data through January 2023. Valuation is measured as the deviation from the long-run relationship between the price-to-rent ratio and the real 10-year Treasury yield.
Source: For house prices, Zillow, Inc., Real Estate Data; for rent data, Bureau of Labor Statistics.
Figure 1.21. House price-to-rent ratios remained elevated across geographic areas
Jan. 2010=100
| Date | Median | Bottom line of middle 80% of markets | Top line of middle 80% of markets |
|---|---|---|---|
| 199601 | 81.8941967195182 | 72.5538894155566 | 104.925559536582 |
| 199602 | 81.5952999723091 | 72.5244735193835 | 104.753909973718 |
| 199603 | 81.4032156861052 | 72.2212428043073 | 104.518083497786 |
| 199604 | 81.6137713395969 | 72.123033973068 | 104.975189446717 |
| 199605 | 81.6930626241813 | 71.9980774380466 | 104.54762473462 |
| 199606 | 81.7794733196678 | 71.891577019423 | 104.413611757614 |
| 199607 | 81.7922012326009 | 71.8298768887509 | 104.327063403491 |
| 199608 | 81.8465482230268 | 71.6648268054262 | 104.337142985617 |
| 199609 | 81.8751422927473 | 71.5358364100819 | 104.149364714031 |
| 199610 | 81.9017708517668 | 71.317531236395 | 104.176850098927 |
| 199611 | 81.9833167710464 | 71.2808049087711 | 103.953377636553 |
| 199612 | 82.0442398956118 | 71.3617368759623 | 103.942802587668 |
| 199701 | 82.1600273778141 | 71.40629945855 | 103.48833293412 |
| 199702 | 82.2839884158468 | 71.4379108849964 | 103.554914874517 |
| 199703 | 82.53674808592 | 71.5606202564243 | 103.313796385691 |
| 199704 | 82.890595799474 | 71.6939007616681 | 102.98272449922 |
| 199705 | 83.0655864873668 | 71.8366126579281 | 103.038292191369 |
| 199706 | 83.233459274198 | 71.8202347408483 | 102.73781182545 |
| 199707 | 85.6151269297222 | 71.8904045435748 | 102.091278647782 |
| 199708 | 85.7077912706213 | 72.0093884638349 | 102.002086233314 |
| 199709 | 85.8104844264625 | 72.0320665473761 | 102.316480426585 |
| 199710 | 85.8888752946991 | 72.0515796571876 | 102.392473254033 |
| 199711 | 85.9281044840988 | 72.2327328644341 | 102.670026680343 |
| 199712 | 86.0882806050837 | 72.3284157353234 | 102.890083808278 |
| 199801 | 84.0595589409757 | 72.9832097158578 | 102.488521015361 |
| 199802 | 84.1315196081544 | 73.4751576361154 | 102.72983299461 |
| 199803 | 84.2132258099394 | 73.8867897059618 | 103.168989845604 |
| 199804 | 84.1589794864942 | 74.2322672941211 | 102.433767994448 |
| 199805 | 84.1283684253438 | 74.5451528556979 | 102.660408939644 |
| 199806 | 84.0889455442303 | 74.4495791312589 | 102.387790204013 |
| 199807 | 84.1698050511707 | 74.3344451810506 | 102.715569294019 |
| 199808 | 84.4232944273049 | 74.3436690013436 | 103.048597669872 |
| 199809 | 84.7799660205284 | 74.1445254981374 | 103.293431448404 |
| 199810 | 85.0744363639375 | 74.1395436785422 | 103.511585217157 |
| 199811 | 85.3174858000832 | 74.0953589454792 | 103.301741927023 |
| 199812 | 85.5264012128497 | 74.0607169755366 | 103.700155248269 |
| 199901 | 85.8555527668353 | 74.1284629385033 | 103.947813807851 |
| 199902 | 86.3546004901125 | 74.1148083843543 | 104.687447721684 |
| 199903 | 87.0282933278149 | 74.3675153354629 | 105.205073844478 |
| 199904 | 87.8785908796125 | 74.7409383612832 | 105.726689860415 |
| 199905 | 88.6435003116477 | 75.1693423031757 | 106.486369030684 |
| 199906 | 89.2330202903864 | 75.7049102810078 | 107.140872493014 |
| 199907 | 89.7768062373893 | 76.2624489219171 | 107.593887399055 |
| 199908 | 90.1641728510117 | 76.6085314045367 | 107.800521271269 |
| 199909 | 90.4146643114189 | 77.0881804600284 | 107.75113790284 |
| 199910 | 90.7625695793079 | 77.5855728058 | 107.846092292665 |
| 199911 | 90.8348578398665 | 77.9581263302996 | 107.961165302858 |
| 199912 | 91.3798209573544 | 78.4228757955743 | 108.419537347845 |
| 200001 | 91.7118164039059 | 78.7480447777817 | 108.527452164791 |
| 200002 | 91.7328604179574 | 79.0487388321591 | 108.466115084022 |
| 200003 | 91.5452706453205 | 79.4122795997641 | 108.152384640855 |
| 200004 | 92.1431169013937 | 80.015123902701 | 108.308632401332 |
| 200005 | 92.5340826747235 | 80.696626541891 | 108.405803120278 |
| 200006 | 92.9717543302602 | 81.2118475859321 | 108.528979346473 |
| 200007 | 93.6434081712036 | 81.9139510767884 | 108.679651799777 |
| 200008 | 94.1960143042527 | 82.5425521421611 | 108.741539176128 |
| 200009 | 95.0523914989012 | 82.9501679582515 | 108.798827565036 |
| 200010 | 95.5527686318251 | 83.5971725624078 | 108.830169730437 |
| 200011 | 95.6647873830526 | 84.2096992642324 | 108.885535666012 |
| 200012 | 96.2726184456757 | 84.6037621773813 | 108.901600541646 |
| 200101 | 97.0024292137104 | 84.7100259873738 | 108.770066362198 |
| 200102 | 98.0105188490247 | 85.0921449545857 | 108.546767053228 |
| 200103 | 98.4874389865821 | 85.5898839958121 | 108.454959933232 |
| 200104 | 99.0035856216251 | 86.1389286258404 | 108.730778540276 |
| 200105 | 99.0833568908622 | 86.5054962510864 | 109.515056260884 |
| 200106 | 98.7454282746675 | 86.9928192181457 | 110.178011658409 |
| 200107 | 98.9815497828142 | 87.6044942321619 | 111.006510274116 |
| 200108 | 98.8252622967041 | 88.0178020334149 | 111.963328085973 |
| 200109 | 98.8518253135643 | 88.2231092868493 | 112.808369355577 |
| 200110 | 98.8513216174572 | 88.8178766912973 | 113.85487994501 |
| 200111 | 98.6504864828274 | 89.0190506943522 | 114.55095621438 |
| 200112 | 98.6955172175718 | 88.7337168045619 | 114.529656485878 |
| 200201 | 98.6751708605583 | 88.5964041489463 | 114.763950112986 |
| 200202 | 98.9189307485389 | 88.5178512415066 | 114.969715440364 |
| 200203 | 99.1657202058934 | 88.5837675429461 | 115.320850677966 |
| 200204 | 99.789939753773 | 88.7909531720092 | 114.62245378621 |
| 200205 | 100.343840947773 | 89.237541284217 | 114.871343879693 |
| 200206 | 101.120733606651 | 89.9746233148531 | 115.089280912896 |
| 200207 | 101.865727559998 | 90.4979308105084 | 114.825274049371 |
| 200208 | 101.934900397503 | 90.6045187498164 | 115.106142533222 |
| 200209 | 101.975124382143 | 90.7472392960732 | 115.645801504869 |
| 200210 | 102.284741712504 | 90.9860113503105 | 116.605898878264 |
| 200211 | 102.578478452815 | 91.1800474163859 | 116.371116051693 |
| 200212 | 103.241933300515 | 91.3577404546851 | 116.404955231714 |
| 200301 | 103.622309578934 | 91.5809968799346 | 116.566111596191 |
| 200302 | 104.444826310354 | 91.7290073285343 | 116.855260842218 |
| 200303 | 104.865084739545 | 91.9976287654049 | 118.664369727366 |
| 200304 | 105.366664499399 | 92.2661676955486 | 120.446776612278 |
| 200305 | 105.915827305729 | 92.6074150680536 | 122.097114598142 |
| 200306 | 106.81431728399 | 92.8807672949484 | 123.488851760662 |
| 200307 | 107.364715981012 | 93.2359570109916 | 125.16624342229 |
| 200308 | 107.914474324266 | 93.4753990464757 | 126.7728586728 |
| 200309 | 108.469186065735 | 94.0266154441302 | 129.325224119531 |
| 200310 | 109.130868420728 | 95.0389283183059 | 130.687480413538 |
| 200311 | 109.831880832437 | 96.1708283457295 | 132.445371782449 |
| 200312 | 110.599244589508 | 97.1718775564805 | 133.659624498788 |
| 200401 | 111.139202757298 | 98.0026366070048 | 135.140637994817 |
| 200402 | 111.816592788981 | 98.9417469032326 | 137.742066753465 |
| 200403 | 112.438853934074 | 99.9532949973723 | 140.175303703166 |
| 200404 | 113.145831632656 | 101.086017563271 | 142.80924845324 |
| 200405 | 114.310041300336 | 102.749971520641 | 145.077143148527 |
| 200406 | 115.700219847815 | 103.643938786812 | 149.255981430177 |
| 200407 | 116.855283277967 | 104.602790368451 | 152.776732791807 |
| 200408 | 118.050445861396 | 105.699560560749 | 155.138154138834 |
| 200409 | 119.322114064994 | 106.286662901344 | 157.509053007967 |
| 200410 | 120.260083628513 | 106.465042852835 | 160.003063361325 |
| 200411 | 121.612816131082 | 106.575426157414 | 161.000572684314 |
| 200412 | 122.480186556237 | 106.375451287493 | 163.027429754942 |
| 200501 | 122.987327477545 | 107.033228462762 | 164.277929531262 |
| 200502 | 123.616559961867 | 107.035158538602 | 166.157721760334 |
| 200503 | 124.093343781183 | 106.802652333388 | 168.213126988533 |
| 200504 | 124.920460615893 | 107.549349986256 | 170.061240167991 |
| 200505 | 125.407586151907 | 107.864724091037 | 172.993511984697 |
| 200506 | 125.613134834648 | 108.572788954145 | 174.556467981317 |
| 200507 | 126.383681321705 | 108.268743799197 | 174.59456272423 |
| 200508 | 127.287987090499 | 108.638670816814 | 174.260616632985 |
| 200509 | 128.002559428521 | 109.425977306886 | 173.365532337221 |
| 200510 | 127.982442253123 | 110.841350046528 | 173.816147456986 |
| 200511 | 128.419953531788 | 112.388383368983 | 173.642581782379 |
| 200512 | 128.874293429922 | 112.806074825585 | 174.07170305378 |
| 200601 | 129.380673079709 | 112.86087877137 | 174.497674824625 |
| 200602 | 129.901706625027 | 112.849293948551 | 174.495348489558 |
| 200603 | 130.870604691136 | 112.566706324188 | 173.789702505924 |
| 200604 | 131.209319129057 | 112.235181645204 | 174.149907293571 |
| 200605 | 130.935962159018 | 111.93750107257 | 173.70041463904 |
| 200606 | 130.853124184854 | 111.651839725292 | 172.302812129472 |
| 200607 | 130.780073352551 | 111.299044810416 | 171.603677489428 |
| 200608 | 130.543839090705 | 111.142700303827 | 170.810523160159 |
| 200609 | 130.384309227064 | 110.865142230452 | 170.221312301512 |
| 200610 | 129.91535495465 | 110.989730474814 | 169.321668701325 |
| 200611 | 129.574667137174 | 111.460122035198 | 168.189001780077 |
| 200612 | 129.298590888974 | 112.501838695521 | 167.107889427703 |
| 200701 | 129.42975301442 | 112.717142823231 | 165.306576863058 |
| 200702 | 129.43150434941 | 112.872021706781 | 164.239973579711 |
| 200703 | 130.179464375867 | 112.594579454549 | 163.416595266176 |
| 200704 | 130.568659238285 | 112.121515910879 | 162.506052784833 |
| 200705 | 130.56447973348 | 112.732628761479 | 161.630932104936 |
| 200706 | 130.739261492908 | 112.80301788536 | 161.056246389226 |
| 200707 | 129.867888532535 | 112.457855876594 | 159.035829540314 |
| 200708 | 128.848771615038 | 112.083928426179 | 156.60168736425 |
| 200709 | 128.524915360698 | 111.691195448114 | 154.141009844509 |
| 200710 | 128.018871862095 | 111.207932791005 | 151.762813110946 |
| 200711 | 127.279582751882 | 110.725374154411 | 149.55547052252 |
| 200712 | 126.364945249649 | 110.1549600812 | 147.21011172255 |
| 200801 | 125.405927210785 | 109.439067753023 | 144.695592880134 |
| 200802 | 124.236516345292 | 109.12057679615 | 142.002825727089 |
| 200803 | 123.252886771631 | 108.54917865625 | 139.269491904886 |
| 200804 | 122.250700080249 | 107.963922820833 | 136.474807690704 |
| 200805 | 121.036257091477 | 107.297000297501 | 133.723427225567 |
| 200806 | 119.382063500523 | 106.615036855451 | 131.155417918945 |
| 200807 | 117.536329230769 | 106.138930279885 | 128.685123479965 |
| 200808 | 115.669854150854 | 105.631682568701 | 126.607963564876 |
| 200809 | 112.745375872643 | 105.088003985792 | 124.49842970519 |
| 200810 | 111.331032857494 | 104.449465374205 | 122.411717495778 |
| 200811 | 109.764843021876 | 103.826565419514 | 120.13372180843 |
| 200812 | 108.37641756195 | 102.800496871273 | 117.791890099478 |
| 200901 | 107.234675409377 | 101.210636689434 | 115.450985745594 |
| 200902 | 105.991877468315 | 100.007390648757 | 113.397499625339 |
| 200903 | 104.836820678837 | 99.8308354252035 | 111.347177369911 |
| 200904 | 103.968434605419 | 99.5742823740637 | 109.23138704587 |
| 200905 | 103.000251927485 | 99.3513691553964 | 107.336588888624 |
| 200906 | 101.928746013772 | 99.2155191041496 | 105.625621642133 |
| 200907 | 101.28998614988 | 98.8050754649693 | 104.261988365475 |
| 200908 | 100.464763701108 | 98.2056751098088 | 103.023473743578 |
| 200909 | 100.405505359748 | 97.9622679532748 | 102.071778058115 |
| 200910 | 100.162094103035 | 98.1978209388233 | 101.275030576518 |
| 200911 | 100.173181229364 | 98.663645144191 | 100.952865059688 |
| 200912 | 100.050439256966 | 99.5205494172819 | 100.601640645879 |
| 201001 | 100 | 100 | 100 |
| 201002 | 99.940276803656 | 99.5813588877877 | 100.554125247621 |
| 201003 | 100.103801078885 | 99.4463468044772 | 100.818499698142 |
| 201004 | 99.9397715050619 | 98.9799931640934 | 101.126330620412 |
| 201005 | 99.8759045469352 | 98.7869227366864 | 101.499011185095 |
| 201006 | 99.6292300904771 | 98.7390658045752 | 101.679540001804 |
| 201007 | 99.3248146232674 | 98.0332322846701 | 101.583463344264 |
| 201008 | 98.8723343897663 | 97.1640260491433 | 100.484320163519 |
| 201009 | 98.2973662738716 | 96.0745285968215 | 99.9646326151868 |
| 201010 | 97.7144892335758 | 94.8832878212098 | 99.6659640460128 |
| 201011 | 97.0552909259953 | 93.8487883298255 | 99.1687507289063 |
| 201012 | 96.4089432481425 | 92.9973148433876 | 98.7695337959802 |
| 201101 | 95.7879940972897 | 92.3349176870019 | 98.3510437064871 |
| 201102 | 95.1905209790698 | 90.9192030915167 | 97.9330922873483 |
| 201103 | 94.6102332531681 | 90.403076303759 | 97.2181369891699 |
| 201104 | 94.1198880344458 | 89.4158538324433 | 96.8982052122194 |
| 201105 | 93.3602946948849 | 88.5553916166361 | 96.2832462073672 |
| 201106 | 92.5123136682254 | 86.97886679787 | 95.8323545108459 |
| 201107 | 91.852278921862 | 85.9381061440153 | 94.9845168672879 |
| 201108 | 91.1342551845423 | 85.1835066817961 | 94.5542895453982 |
| 201109 | 90.4660849584102 | 84.9013207913313 | 94.0907306295703 |
| 201110 | 89.8644366701297 | 84.5219995917033 | 93.6216377741497 |
| 201111 | 89.3348499240124 | 84.0918850787515 | 93.3150182299584 |
| 201112 | 88.8910180495051 | 83.3169845606591 | 93.1659722483074 |
| 201201 | 88.5626894564075 | 82.6595227367783 | 92.8683046274633 |
| 201202 | 88.2207051641802 | 82.0081100103575 | 92.7033417751851 |
| 201203 | 88.1426974208926 | 82.0196255485275 | 92.7590658266983 |
| 201204 | 87.6716479963072 | 82.1844700243404 | 92.8323770386349 |
| 201205 | 87.5558894017535 | 82.3388109566733 | 92.9679727415929 |
| 201206 | 87.9693663920717 | 82.8635167046225 | 93.092158461369 |
| 201207 | 88.5556596017949 | 83.5830870643853 | 93.2208050030871 |
| 201208 | 89.5063861223011 | 83.7935693976807 | 93.549872937802 |
| 201209 | 90.363980141682 | 84.0639766200212 | 93.4675037347246 |
| 201210 | 90.8664968596622 | 84.299294632924 | 94.1943821798043 |
| 201211 | 91.0769699475269 | 84.687359793864 | 95.0486766616125 |
| 201212 | 91.1465630103662 | 85.2676787666975 | 96.1859830581153 |
| 201301 | 91.6446372034259 | 85.5948943610724 | 97.1532654423061 |
| 201302 | 91.8426282342445 | 85.9347002515818 | 98.5397759729337 |
| 201303 | 92.160023392443 | 85.9749152541444 | 99.2240952838845 |
| 201304 | 92.6099382488832 | 86.0151402661233 | 99.9487173435528 |
| 201305 | 93.106788364855 | 86.0262095318012 | 101.399819963712 |
| 201306 | 93.736687518903 | 86.029048262316 | 102.768201498455 |
| 201307 | 94.4133040062214 | 86.0722965386695 | 104.46343844242 |
| 201308 | 95.1582574464065 | 86.2710745019075 | 105.92342015229 |
| 201309 | 95.8479994009555 | 86.4892275874628 | 107.14210101516 |
| 201310 | 96.5904644718378 | 86.8191284385249 | 108.213244990496 |
| 201311 | 97.2012509598326 | 87.1063429232782 | 109.236558779293 |
| 201312 | 98.0382806114761 | 87.6716587825438 | 110.09707269693 |
| 201401 | 98.8191480050055 | 88.179348119646 | 110.443745673546 |
| 201402 | 99.569258105552 | 88.4475158432767 | 110.792390637456 |
| 201403 | 100.185764639584 | 88.9940318021765 | 111.165600802502 |
| 201404 | 100.512004483861 | 89.3952229500148 | 111.513123239689 |
| 201405 | 100.974204704475 | 89.6441279170143 | 111.877808040733 |
| 201406 | 101.159201835947 | 89.8707838777715 | 112.469626878325 |
| 201407 | 101.4840606303 | 90.2903251894751 | 113.221140224906 |
| 201408 | 101.543439150328 | 90.4843737098747 | 114.245159227185 |
| 201409 | 101.890886038702 | 90.04802018213 | 115.034771573855 |
| 201410 | 102.455185078819 | 90.3367117013705 | 115.789500810617 |
| 201411 | 102.911153667145 | 90.2849298500034 | 116.146667144189 |
| 201412 | 103.128612943181 | 90.4157926274592 | 116.96429093166 |
| 201501 | 103.096985601383 | 90.5335189957868 | 117.724218086141 |
| 201502 | 103.458320139716 | 89.8546926039403 | 118.244299644542 |
| 201503 | 103.426243681005 | 89.8349541419036 | 118.597592129409 |
| 201504 | 103.935012442274 | 89.7352974064352 | 119.236740458703 |
| 201505 | 104.298546310152 | 89.7486144094187 | 120.323302820617 |
| 201506 | 104.688424967841 | 89.5992996268591 | 120.904908556951 |
| 201507 | 105.242079801054 | 89.7685977399673 | 121.573669472165 |
| 201508 | 105.93104640695 | 90.2598788185577 | 122.247296941561 |
| 201509 | 106.39873190411 | 90.5838955365752 | 122.953098591545 |
| 201510 | 106.73687848534 | 91.1083125918 | 123.827822897204 |
| 201511 | 107.011495383817 | 91.0683993290217 | 124.598126370874 |
| 201512 | 107.435400042748 | 91.0242544144211 | 125.028086010026 |
| 201601 | 107.805494992058 | 91.3144301835857 | 125.527273326866 |
| 201602 | 108.256046191405 | 91.2019605985084 | 126.005066585739 |
| 201603 | 108.657058644597 | 91.168123164056 | 126.354160569249 |
| 201604 | 108.893272397321 | 91.1944594625264 | 126.336550072862 |
| 201605 | 109.00067565328 | 91.0170603941624 | 127.172418925528 |
| 201606 | 109.370068588523 | 91.4085168337093 | 127.975259763756 |
| 201607 | 109.445217088661 | 91.6850995320873 | 128.403414687418 |
| 201608 | 109.384311447056 | 91.7415564246818 | 128.151541577897 |
| 201609 | 109.237464319418 | 92.0001575948015 | 127.564014155791 |
| 201610 | 109.354611927346 | 92.2883932119948 | 127.543213875619 |
| 201611 | 109.689788512152 | 92.5164360071738 | 127.248377993132 |
| 201612 | 110.348821229388 | 92.7258317561306 | 127.22536157734 |
| 201701 | 110.956527387498 | 93.0936365151111 | 127.346421835487 |
| 201702 | 111.49924248698 | 92.685153381329 | 127.839626773537 |
| 201703 | 111.978753817857 | 92.6662071267031 | 128.241031532467 |
| 201704 | 112.640491579505 | 92.9520857576393 | 128.430936011839 |
| 201705 | 113.365866309632 | 93.2655527619664 | 128.764788871764 |
| 201706 | 113.942287163261 | 93.7755129846479 | 129.502131274661 |
| 201707 | 114.813457623722 | 94.0498250631145 | 130.063321288912 |
| 201708 | 114.980345213444 | 94.290075761008 | 130.613710578515 |
| 201709 | 115.28645292886 | 94.5820495109267 | 131.445661677712 |
| 201710 | 115.767757268828 | 94.8794580677973 | 132.001100242797 |
| 201711 | 115.999225289856 | 95.2080602483801 | 133.13617798202 |
| 201712 | 116.258430174785 | 95.6015035359458 | 134.161173862639 |
| 201801 | 116.599210571405 | 95.8726037598499 | 135.383989544371 |
| 201802 | 116.86013829699 | 96.0537616943108 | 136.527159587639 |
| 201803 | 117.184011445429 | 96.3383737739854 | 137.511346092817 |
| 201804 | 117.513949906166 | 96.3598813065752 | 138.475424146311 |
| 201805 | 117.899841329803 | 96.462412311096 | 139.394294146442 |
| 201806 | 117.884571848607 | 96.3073833169777 | 139.586400608861 |
| 201807 | 118.321948567351 | 96.4728933093056 | 140.256596935411 |
| 201808 | 118.53804080567 | 96.7685160864917 | 140.623527964211 |
| 201809 | 118.726519135498 | 96.9930135912204 | 140.8930214992 |
| 201810 | 118.840093546871 | 97.1670818524952 | 141.343634342513 |
| 201811 | 118.671829777977 | 97.2880956304923 | 141.127400242515 |
| 201812 | 118.341201572939 | 97.1181326246398 | 140.749271517769 |
| 201901 | 118.370553213979 | 97.2338295952081 | 139.934248333026 |
| 201902 | 117.975536238849 | 97.3091928471147 | 139.196117279969 |
| 201903 | 117.54748945857 | 97.3162130729051 | 138.063298750256 |
| 201904 | 117.223534856348 | 97.3592274221015 | 136.886858781723 |
| 201905 | 116.957133972733 | 97.5493664031554 | 136.332283133491 |
| 201906 | 116.830697142447 | 97.7841439059263 | 136.331892051199 |
| 201907 | 116.503470245793 | 97.9101090124382 | 136.658123559089 |
| 201908 | 116.593538711217 | 97.9963275360914 | 137.32350445035 |
| 201909 | 116.601216141455 | 98.1485025097868 | 137.509881932084 |
| 201910 | 117.111777543051 | 98.3681258562851 | 137.836758084801 |
| 201911 | 117.110955990394 | 98.3085267624178 | 137.944501097036 |
| 201912 | 117.350675012134 | 98.7417717237057 | 138.105579965224 |
| 202001 | 117.461667009207 | 98.7802499841573 | 138.113089685544 |
| 202002 | 117.738285674399 | 98.8294191128152 | 138.009517253324 |
| 202003 | 118.07063122358 | 98.846434039941 | 138.171603414714 |
| 202004 | 118.066752236455 | 99.1200290363487 | 138.965706224552 |
| 202005 | 118.001851462121 | 98.7587357780726 | 138.235387821995 |
| 202006 | 118.078984279066 | 98.5644246180662 | 137.669821804842 |
| 202007 | 118.383572637215 | 98.5341864919917 | 137.365781505416 |
| 202008 | 119.044949817752 | 98.5031121364904 | 138.222209200086 |
| 202009 | 120.641679070925 | 99.5379484637483 | 139.888698288866 |
| 202010 | 122.465541066674 | 100.517186605904 | 141.621462675543 |
| 202011 | 124.338866175051 | 101.843762552936 | 143.850848057349 |
| 202012 | 126.231541816919 | 103.007868543311 | 145.873515130573 |
| 202101 | 127.979073922213 | 103.904599255371 | 147.948980956268 |
| 202102 | 129.55780030071 | 104.80452867245 | 149.537476656667 |
| 202103 | 130.536273498975 | 105.601905272303 | 150.80614757506 |
| 202104 | 131.734246395759 | 106.19926145427 | 152.258344667641 |
| 202105 | 133.350014489398 | 107.064963873763 | 154.497151907836 |
| 202106 | 135.331229026855 | 107.96739158034 | 157.282566230313 |
| 202107 | 136.696720373984 | 108.938792301667 | 159.673344548921 |
| 202108 | 138.042982644271 | 110.053795906847 | 161.750599497619 |
| 202109 | 138.892003375932 | 110.419996135804 | 163.296381062226 |
| 202110 | 139.620288798377 | 111.092396863874 | 163.923745632542 |
| 202111 | 140.576924478769 | 111.062465562657 | 165.252834153801 |
| 202112 | 141.917367099445 | 111.703032643005 | 166.655149985341 |
| 202201 | 143.176633963355 | 112.374668979902 | 168.441672231644 |
| 202202 | 145.379950181506 | 112.788914998065 | 171.738140514224 |
| 202203 | 147.533378335035 | 113.543594059041 | 174.966783485408 |
| 202204 | 149.176742432053 | 114.29361462308 | 177.130212558388 |
| 202205 | 150.140914068709 | 114.752129617722 | 178.105034541322 |
| 202206 | 150.280448795176 | 114.856930258492 | 177.593561941439 |
| 202207 | 150.077073984549 | 114.498225270404 | 176.004944397764 |
| 202208 | 148.718216472088 | 113.822420970493 | 173.765820592911 |
| 202209 | 147.134486308873 | 113.032041605925 | 170.792590892052 |
| 202210 | 145.707929847243 | 111.700882037102 | 168.73215432183 |
| 202211 | 143.840263408807 | 111.230169467305 | 166.170413230544 |
| 202212 | 142.397361957241 | 110.23184912952 | 163.52935993644 |
| 202301 | 140.066441848961 | 110.021684698773 | 160.37905950495 |
| 202302 | 138.380559324436 | 109.57899255792 | 157.746843828316 |
| 202303 | 137.621581079294 | 109.124270549342 | 155.232300015496 |
Note: The data are seasonally adjusted. Percentiles are based on 19 large metropolitan statistical areas.
Source: For house prices, Zillow, Inc., Real Estate Data; for rent data, Bureau of Labor Statistics.
Figure 2.1. The total debt of households and businesses relative to GDP declined further
Ratio
| Date | Private Nonfinancial-Sector Credit-to-GDP Ratio |
|---|---|
| 1980 Q1 | 0.975766728008253 |
| 1980 Q2 | 0.985325765223683 |
| 1980 Q3 | 0.984688513812265 |
| 1980 Q4 | 0.969626438215716 |
| 1981 Q1 | 0.944681944788532 |
| 1981 Q2 | 0.961631376378168 |
| 1981 Q3 | 0.955814389275132 |
| 1981 Q4 | 0.970801793942852 |
| 1982 Q1 | 0.991095812176152 |
| 1982 Q2 | 0.993608589748053 |
| 1982 Q3 | 0.997284870550114 |
| 1982 Q4 | 1.00086258556423 |
| 1983 Q1 | 0.997894865943094 |
| 1983 Q2 | 0.991625517484956 |
| 1983 Q3 | 0.988465184259154 |
| 1983 Q4 | 0.989755464586716 |
| 1984 Q1 | 0.994025926970303 |
| 1984 Q2 | 1.00482367198133 |
| 1984 Q3 | 1.01626859276489 |
| 1984 Q4 | 1.03609525349935 |
| 1985 Q1 | 1.05351442306783 |
| 1985 Q2 | 1.06794427885996 |
| 1985 Q3 | 1.07687062904782 |
| 1985 Q4 | 1.1029861204556 |
| 1986 Q1 | 1.11363022289344 |
| 1986 Q2 | 1.13202708708259 |
| 1986 Q3 | 1.15008087603515 |
| 1986 Q4 | 1.17162108515774 |
| 1987 Q1 | 1.17621632999842 |
| 1987 Q2 | 1.18304904539175 |
| 1987 Q3 | 1.1912362538655 |
| 1987 Q4 | 1.18488500585264 |
| 1988 Q1 | 1.19844139164248 |
| 1988 Q2 | 1.20050304082669 |
| 1988 Q3 | 1.20515159000802 |
| 1988 Q4 | 1.20659434033724 |
| 1989 Q1 | 1.20601721604869 |
| 1989 Q2 | 1.21034740006304 |
| 1989 Q3 | 1.21236461578845 |
| 1989 Q4 | 1.2244236665375 |
| 1990 Q1 | 1.2233604264886 |
| 1990 Q2 | 1.2215821804864 |
| 1990 Q3 | 1.2234367550019 |
| 1990 Q4 | 1.23698089490407 |
| 1991 Q1 | 1.23617513849633 |
| 1991 Q2 | 1.22681986308815 |
| 1991 Q3 | 1.21115586574598 |
| 1991 Q4 | 1.20512966634422 |
| 1992 Q1 | 1.19488387896344 |
| 1992 Q2 | 1.17972950021504 |
| 1992 Q3 | 1.1707594491613 |
| 1992 Q4 | 1.15888554115426 |
| 1993 Q1 | 1.15931458977609 |
| 1993 Q2 | 1.15976997297229 |
| 1993 Q3 | 1.16300755961336 |
| 1993 Q4 | 1.15736088231411 |
| 1994 Q1 | 1.15952578906332 |
| 1994 Q2 | 1.15576276357537 |
| 1994 Q3 | 1.15927500400692 |
| 1994 Q4 | 1.16080156796089 |
| 1995 Q1 | 1.16952512725847 |
| 1995 Q2 | 1.18103568699473 |
| 1995 Q3 | 1.18368840803709 |
| 1995 Q4 | 1.18743118442176 |
| 1996 Q1 | 1.19429525544236 |
| 1996 Q2 | 1.19041484705285 |
| 1996 Q3 | 1.19239238764062 |
| 1996 Q4 | 1.18837786180755 |
| 1997 Q1 | 1.19317716682082 |
| 1997 Q2 | 1.19165753492999 |
| 1997 Q3 | 1.1972614469902 |
| 1997 Q4 | 1.20303728980926 |
| 1998 Q1 | 1.21792977596521 |
| 1998 Q2 | 1.23594805132257 |
| 1998 Q3 | 1.23953149495066 |
| 1998 Q4 | 1.24503531367741 |
| 1999 Q1 | 1.26184809474013 |
| 1999 Q2 | 1.27309507138726 |
| 1999 Q3 | 1.28733276168606 |
| 1999 Q4 | 1.28709004866483 |
| 2000 Q1 | 1.30912644134843 |
| 2000 Q2 | 1.30704703094932 |
| 2000 Q3 | 1.32378993745496 |
| 2000 Q4 | 1.33045473327057 |
| 2001 Q1 | 1.34097251531509 |
| 2001 Q2 | 1.35329634871214 |
| 2001 Q3 | 1.38327423424376 |
| 2001 Q4 | 1.38949323505119 |
| 2002 Q1 | 1.39630908332174 |
| 2002 Q2 | 1.39955866657604 |
| 2002 Q3 | 1.40794534615679 |
| 2002 Q4 | 1.42323485573705 |
| 2003 Q1 | 1.43086024870484 |
| 2003 Q2 | 1.44650954505733 |
| 2003 Q3 | 1.44034328292787 |
| 2003 Q4 | 1.43787211501232 |
| 2004 Q1 | 1.45210852197355 |
| 2004 Q2 | 1.45880367197881 |
| 2004 Q3 | 1.46682167295785 |
| 2004 Q4 | 1.478386654846 |
| 2005 Q1 | 1.48063308051531 |
| 2005 Q2 | 1.49952324042364 |
| 2005 Q3 | 1.50815307911453 |
| 2005 Q4 | 1.52375443966484 |
| 2006 Q1 | 1.53736613143753 |
| 2006 Q2 | 1.56058418616339 |
| 2006 Q3 | 1.57926201144498 |
| 2006 Q4 | 1.59750846892638 |
| 2007 Q1 | 1.6089722517808 |
| 2007 Q2 | 1.63093280540966 |
| 2007 Q3 | 1.64973228380409 |
| 2007 Q4 | 1.66445290259814 |
| 2008 Q1 | 1.68984712785565 |
| 2008 Q2 | 1.68105506763522 |
| 2008 Q3 | 1.69436168161364 |
| 2008 Q4 | 1.70685754200652 |
| 2009 Q1 | 1.7171613886063 |
| 2009 Q2 | 1.71536646780569 |
| 2009 Q3 | 1.69525704480111 |
| 2009 Q4 | 1.6554311960319 |
| 2010 Q1 | 1.63744090514813 |
| 2010 Q2 | 1.60550575015956 |
| 2010 Q3 | 1.58502219546739 |
| 2010 Q4 | 1.56315917120846 |
| 2011 Q1 | 1.56011493120777 |
| 2011 Q2 | 1.54113180526349 |
| 2011 Q3 | 1.53103133940422 |
| 2011 Q4 | 1.51732570849866 |
| 2012 Q1 | 1.50139456378388 |
| 2012 Q2 | 1.49219584220032 |
| 2012 Q3 | 1.49167831936439 |
| 2012 Q4 | 1.49306526655342 |
| 2013 Q1 | 1.47995892729891 |
| 2013 Q2 | 1.48213451966463 |
| 2013 Q3 | 1.47704574306011 |
| 2013 Q4 | 1.47449628829879 |
| 2014 Q1 | 1.48669337605934 |
| 2014 Q2 | 1.47361482354708 |
| 2014 Q3 | 1.45773003974982 |
| 2014 Q4 | 1.46481486668004 |
| 2015 Q1 | 1.4672530929867 |
| 2015 Q2 | 1.47159778927956 |
| 2015 Q3 | 1.47258157553193 |
| 2015 Q4 | 1.48024280279394 |
| 2016 Q1 | 1.49139211039426 |
| 2016 Q2 | 1.49016659863568 |
| 2016 Q3 | 1.49462077065599 |
| 2016 Q4 | 1.48670840599722 |
| 2017 Q1 | 1.49300497999968 |
| 2017 Q2 | 1.50045248503122 |
| 2017 Q3 | 1.49559280961314 |
| 2017 Q4 | 1.49327068699029 |
| 2018 Q1 | 1.48826860339661 |
| 2018 Q2 | 1.49282305392567 |
| 2018 Q3 | 1.49246101879619 |
| 2018 Q4 | 1.4961602638402 |
| 2019 Q1 | 1.49879249048866 |
| 2019 Q2 | 1.49553450547864 |
| 2019 Q3 | 1.49404298443807 |
| 2019 Q4 | 1.49267865543883 |
| 2020 Q1 | 1.5474993258437 |
| 2020 Q2 | 1.73054145315735 |
| 2020 Q3 | 1.6020986472137 |
| 2020 Q4 | 1.59027659715824 |
| 2021 Q1 | 1.56939385180056 |
| 2021 Q2 | 1.53787688201823 |
| 2021 Q3 | 1.52683519020043 |
| 2021 Q4 | 1.50367604645769 |
| 2022 Q1 | 1.50991375268386 |
| 2022 Q2 | 1.50691740760908 |
| 2022 Q3 | 1.49833884318114 |
| 2022 Q4 | 1.48526377324942 |
Note: The shaded bars with top caps indicate periods of business 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, December 2007–June 2009, and February 2020–April 2020. GDP is gross domestic product.
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 2.2. Both business and household debt-to-GDP ratios edged down
Ratio
| Date | Nonfinancial business (right scale) | Household (left scale) |
|---|---|---|
| 1980 Q1 | 0.495947082307887 | 0.479819645700366 |
| 1980 Q2 | 0.501995816043172 | 0.483329949180511 |
| 1980 Q3 | 0.501133386755671 | 0.483555127056594 |
| 1980 Q4 | 0.493935637470663 | 0.475690800745054 |
| 1981 Q1 | 0.483011683608571 | 0.461670261179961 |
| 1981 Q2 | 0.49526834827284 | 0.466363028105328 |
| 1981 Q3 | 0.496116523017633 | 0.4596978662575 |
| 1981 Q4 | 0.505501067111922 | 0.465300726830931 |
| 1982 Q1 | 0.519232495964025 | 0.471863316212127 |
| 1982 Q2 | 0.524071630854041 | 0.469536958894012 |
| 1982 Q3 | 0.531699878977709 | 0.465584991572405 |
| 1982 Q4 | 0.531243378149576 | 0.46961920741465 |
| 1983 Q1 | 0.53493235615805 | 0.462962509785044 |
| 1983 Q2 | 0.529911580486235 | 0.461713936998721 |
| 1983 Q3 | 0.527420870605628 | 0.461044313653526 |
| 1983 Q4 | 0.526054719390646 | 0.463700745196071 |
| 1984 Q1 | 0.530065602982968 | 0.463960323987335 |
| 1984 Q2 | 0.538377259981729 | 0.466446411999598 |
| 1984 Q3 | 0.547275019893493 | 0.468993572871396 |
| 1984 Q4 | 0.559379889508409 | 0.476715363990945 |
| 1985 Q1 | 0.562135593669093 | 0.491378829398738 |
| 1985 Q2 | 0.569021024301687 | 0.498923254558269 |
| 1985 Q3 | 0.569976837187609 | 0.506893791860213 |
| 1985 Q4 | 0.578743383915822 | 0.524242736539776 |
| 1986 Q1 | 0.58480656377457 | 0.52882365911887 |
| 1986 Q2 | 0.596018559667704 | 0.536008527414891 |
| 1986 Q3 | 0.604431004049987 | 0.545649871985162 |
| 1986 Q4 | 0.615051827894333 | 0.556569257263409 |
| 1987 Q1 | 0.619983753183927 | 0.556232576814489 |
| 1987 Q2 | 0.619848069976863 | 0.563200975414884 |
| 1987 Q3 | 0.623209483770784 | 0.568026770094717 |
| 1987 Q4 | 0.622286688043157 | 0.562598317809486 |
| 1988 Q1 | 0.628112821216343 | 0.570328570426139 |
| 1988 Q2 | 0.628943421587056 | 0.571559619239635 |
| 1988 Q3 | 0.630314215757259 | 0.574837374250757 |
| 1988 Q4 | 0.632365090974013 | 0.574229249363229 |
| 1989 Q1 | 0.63164910048586 | 0.574368115562831 |
| 1989 Q2 | 0.633022257785931 | 0.577325142277107 |
| 1989 Q3 | 0.630811721461223 | 0.581552894327229 |
| 1989 Q4 | 0.635627693794427 | 0.588795972743076 |
| 1990 Q1 | 0.631161368508289 | 0.592199057980306 |
| 1990 Q2 | 0.627652252640424 | 0.593929927845977 |
| 1990 Q3 | 0.626294654999172 | 0.597142100002727 |
| 1990 Q4 | 0.630060653820911 | 0.606920241083159 |
| 1991 Q1 | 0.623077562915294 | 0.613097575581035 |
| 1991 Q2 | 0.613748114450758 | 0.613071748637394 |
| 1991 Q3 | 0.600932461931212 | 0.610223403814766 |
| 1991 Q4 | 0.590048590957995 | 0.615081075386222 |
| 1992 Q1 | 0.581198132608907 | 0.61368574635453 |
| 1992 Q2 | 0.570500727657619 | 0.609228772557425 |
| 1992 Q3 | 0.562440370959826 | 0.608319078201473 |
| 1992 Q4 | 0.552092465531464 | 0.606793075622796 |
| 1993 Q1 | 0.550641143664 | 0.608673446112087 |
| 1993 Q2 | 0.549250771669419 | 0.610519201302876 |
| 1993 Q3 | 0.548645340417995 | 0.614362219195368 |
| 1993 Q4 | 0.543809449397739 | 0.613551432916371 |
| 1994 Q1 | 0.54460181582798 | 0.614923973235341 |
| 1994 Q2 | 0.54117349813321 | 0.614589265442158 |
| 1994 Q3 | 0.541963081812695 | 0.617311922194221 |
| 1994 Q4 | 0.540133794965399 | 0.62066777299549 |
| 1995 Q1 | 0.544588488955955 | 0.624936638302517 |
| 1995 Q2 | 0.550085562624547 | 0.630950124370185 |
| 1995 Q3 | 0.548933929878793 | 0.634754478158301 |
| 1995 Q4 | 0.550547784225224 | 0.636883400196537 |
| 1996 Q1 | 0.549648800757657 | 0.644646454684699 |
| 1996 Q2 | 0.547689982621339 | 0.642724864431509 |
| 1996 Q3 | 0.548783064384422 | 0.643609323256194 |
| 1996 Q4 | 0.545104942982075 | 0.643272918825474 |
| 1997 Q1 | 0.547341245095009 | 0.645835921725816 |
| 1997 Q2 | 0.547980971554176 | 0.643676563375818 |
| 1997 Q3 | 0.552983363506331 | 0.644278083483871 |
| 1997 Q4 | 0.557215699413649 | 0.645821590395609 |
| 1998 Q1 | 0.567106450361361 | 0.650823325603847 |
| 1998 Q2 | 0.578833804790997 | 0.657114246531573 |
| 1998 Q3 | 0.583404605827567 | 0.656126889123096 |
| 1998 Q4 | 0.586929554805896 | 0.658105758871512 |
| 1999 Q1 | 0.596922101702969 | 0.664925993037164 |
| 1999 Q2 | 0.601210869800267 | 0.67188420158699 |
| 1999 Q3 | 0.612360795182967 | 0.674971966503094 |
| 1999 Q4 | 0.611553398734911 | 0.675536649929915 |
| 2000 Q1 | 0.621797010431427 | 0.687329430917003 |
| 2000 Q2 | 0.62326419925603 | 0.683782831693294 |
| 2000 Q3 | 0.628748038047463 | 0.695041899407501 |
| 2000 Q4 | 0.632102895586553 | 0.698351837684021 |
| 2001 Q1 | 0.634153152876952 | 0.706819362438135 |
| 2001 Q2 | 0.638404755165582 | 0.714891593546561 |
| 2001 Q3 | 0.645302235700631 | 0.737971998543124 |
| 2001 Q4 | 0.646901518836186 | 0.742591716215006 |
| 2002 Q1 | 0.644356656002226 | 0.751952427319516 |
| 2002 Q2 | 0.640818152259572 | 0.758740514316471 |
| 2002 Q3 | 0.637858201536047 | 0.770087144620741 |
| 2002 Q4 | 0.637275025758417 | 0.785959829978629 |
| 2003 Q1 | 0.63249260859616 | 0.798367640108683 |
| 2003 Q2 | 0.626154823674422 | 0.820354721382905 |
| 2003 Q3 | 0.61696353548286 | 0.823379747445008 |
| 2003 Q4 | 0.606867056838999 | 0.831005058173325 |
| 2004 Q1 | 0.610717521535509 | 0.841391000438044 |
| 2004 Q2 | 0.606300764933667 | 0.852502907045142 |
| 2004 Q3 | 0.606797132326727 | 0.860024540631128 |
| 2004 Q4 | 0.605115391179555 | 0.873271263666447 |
| 2005 Q1 | 0.604650040736927 | 0.875983039778384 |
| 2005 Q2 | 0.608978525776744 | 0.890544714646896 |
| 2005 Q3 | 0.608554961780135 | 0.899598117334399 |
| 2005 Q4 | 0.614461546821108 | 0.90929289284373 |
| 2006 Q1 | 0.617448430638363 | 0.919917700799167 |
| 2006 Q2 | 0.625739234099087 | 0.9348449520643 |
| 2006 Q3 | 0.63091242887263 | 0.948349582572349 |
| 2006 Q4 | 0.641578368552861 | 0.955930100373516 |
| 2007 Q1 | 0.651071414175826 | 0.957900837604975 |
| 2007 Q2 | 0.663710010816492 | 0.967222794593171 |
| 2007 Q3 | 0.678325366378202 | 0.97140691742589 |
| 2007 Q4 | 0.68922038907356 | 0.975232513524581 |
| 2008 Q1 | 0.703363633235776 | 0.986483494619876 |
| 2008 Q2 | 0.709655871593274 | 0.971399196041949 |
| 2008 Q3 | 0.717303491328511 | 0.977058190285133 |
| 2008 Q4 | 0.733513925869621 | 0.973343616136901 |
| 2009 Q1 | 0.736552208347906 | 0.980609180258391 |
| 2009 Q2 | 0.732874768204903 | 0.982491699600785 |
| 2009 Q3 | 0.720188247090675 | 0.975068797710439 |
| 2009 Q4 | 0.696009240987526 | 0.959421955044376 |
| 2010 Q1 | 0.688976228361181 | 0.948464676786947 |
| 2010 Q2 | 0.67450325907016 | 0.9310024910894 |
| 2010 Q3 | 0.669812480248957 | 0.915209715218433 |
| 2010 Q4 | 0.657500118717361 | 0.905659052491102 |
| 2011 Q1 | 0.655369683790007 | 0.904745247417767 |
| 2011 Q2 | 0.651529050071236 | 0.889602755192259 |
| 2011 Q3 | 0.652332508567883 | 0.878698830836339 |
| 2011 Q4 | 0.650363738977509 | 0.866961969521155 |
| 2012 Q1 | 0.646167199292244 | 0.855227364491639 |
| 2012 Q2 | 0.647475956569732 | 0.844719885630584 |
| 2012 Q3 | 0.653548690710645 | 0.838129628653749 |
| 2012 Q4 | 0.66074981428573 | 0.832315452267687 |
| 2013 Q1 | 0.656733367209793 | 0.823225560089121 |
| 2013 Q2 | 0.662122951688941 | 0.82001156797569 |
| 2013 Q3 | 0.665363831545116 | 0.811681911514991 |
| 2013 Q4 | 0.663246622884783 | 0.811249665414005 |
| 2014 Q1 | 0.673356147160677 | 0.813337228898663 |
| 2014 Q2 | 0.670604545012304 | 0.803010278534772 |
| 2014 Q3 | 0.670382732520978 | 0.787347307228837 |
| 2014 Q4 | 0.679620546992193 | 0.785194319687843 |
| 2015 Q1 | 0.686074773274354 | 0.781178319712342 |
| 2015 Q2 | 0.692858140454829 | 0.778739648824728 |
| 2015 Q3 | 0.697899705904203 | 0.774681869627726 |
| 2015 Q4 | 0.706178333619444 | 0.7740644691745 |
| 2016 Q1 | 0.717367027717206 | 0.774025082677053 |
| 2016 Q2 | 0.717673966748832 | 0.772492631886848 |
| 2016 Q3 | 0.72154273298991 | 0.773078037666083 |
| 2016 Q4 | 0.716959858954333 | 0.769748547042892 |
| 2017 Q1 | 0.723909993809338 | 0.769094986190343 |
| 2017 Q2 | 0.730533482700878 | 0.769919002330337 |
| 2017 Q3 | 0.73089275190912 | 0.764700057704018 |
| 2017 Q4 | 0.731987082019126 | 0.761283604971161 |
| 2018 Q1 | 0.73082579105262 | 0.757442812343994 |
| 2018 Q2 | 0.741593742356266 | 0.7512293115694 |
| 2018 Q3 | 0.742959948621563 | 0.749501070174626 |
| 2018 Q4 | 0.746736448815758 | 0.749423815024437 |
| 2019 Q1 | 0.752617381027108 | 0.746175109461557 |
| 2019 Q2 | 0.751178660772846 | 0.74435584470579 |
| 2019 Q3 | 0.752984313137396 | 0.741058671300673 |
| 2019 Q4 | 0.7512067795998 | 0.741471875839033 |
| 2020 Q1 | 0.793235844389125 | 0.754263481454573 |
| 2020 Q2 | 0.904089535065689 | 0.826451918091662 |
| 2020 Q3 | 0.831612586359566 | 0.770486060854131 |
| 2020 Q4 | 0.820348223099636 | 0.769928374058603 |
| 2021 Q1 | 0.807716776800059 | 0.761677075000504 |
| 2021 Q2 | 0.786857375475627 | 0.751019506542606 |
| 2021 Q3 | 0.780113645531587 | 0.746721544668842 |
| 2021 Q4 | 0.766907355711116 | 0.736768690746578 |
| 2022 Q1 | 0.773343079843237 | 0.736570672840624 |
| 2022 Q2 | 0.771924610420051 | 0.734992797189026 |
| 2022 Q3 | 0.765726643518581 | 0.732612199662563 |
| 2022 Q4 | 0.76045635028123 | 0.72520314490876 |
Note: The shaded bars with top caps indicate periods of business 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, December 2007–June 2009, and February 2020–April 2020. GDP is gross domestic product.
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 2.3. Business debt adjusted for inflation declined modestly
Percent change, annual rate
| Date | Growth of aggregate debt |
|---|---|
| 1997 Q1 | 5.12038933577183 |
| 1997 Q2 | 5.86143532177104 |
| 1997 Q3 | 9.67272796199864 |
| 1997 Q4 | 6.59045321018987 |
| 1998 Q1 | 10.593816515722 |
| 1998 Q2 | 11.8010608949829 |
| 1998 Q3 | 8.54373028511568 |
| 1998 Q4 | 8.77303055674798 |
| 1999 Q1 | 10.8464936196988 |
| 1999 Q2 | 6.38999044136861 |
| 1999 Q3 | 10.5067673173416 |
| 1999 Q4 | 6.39574880324422 |
| 2000 Q1 | 8.79282988052437 |
| 2000 Q2 | 9.39363727956922 |
| 2000 Q3 | 4.36295138615766 |
| 2000 Q4 | 4.73133567075473 |
| 2001 Q1 | 1.09176945504366 |
| 2001 Q2 | 6.08618656367008 |
| 2001 Q3 | 3.25043913414549 |
| 2001 Q4 | 1.42307720338091 |
| 2002 Q1 | 1.79519912675627 |
| 2002 Q2 | -0.562074679095929 |
| 2002 Q3 | -0.446606399486595 |
| 2002 Q4 | 1.02744072344902 |
| 2003 Q1 | -0.189135274447642 |
| 2003 Q2 | -0.612657893730794 |
| 2003 Q3 | 1.14108290294563 |
| 2003 Q4 | -2.13486412249888 |
| 2004 Q1 | 4.16640742992103 |
| 2004 Q2 | 1.12308984228426 |
| 2004 Q3 | 5.25863954535314 |
| 2004 Q4 | 3.91651052053629 |
| 2005 Q1 | 4.50723112837932 |
| 2005 Q2 | 5.78414091256752 |
| 2005 Q3 | 4.96680013875017 |
| 2005 Q4 | 6.78838052023556 |
| 2006 Q1 | 7.82315432882989 |
| 2006 Q2 | 6.78031480090297 |
| 2006 Q3 | 4.5759587420939 |
| 2006 Q4 | 10.0084065035386 |
| 2007 Q1 | 7.96941994871476 |
| 2007 Q2 | 11.4622841686198 |
| 2007 Q3 | 11.4623334139891 |
| 2007 Q4 | 7.89341130684191 |
| 2008 Q1 | 5.895609785906 |
| 2008 Q2 | 6.32861875092098 |
| 2008 Q3 | 3.43161971694814 |
| 2008 Q4 | 1.4548223689521 |
| 2009 Q1 | -3.47798678580569 |
| 2009 Q2 | -4.82560575151149 |
| 2009 Q3 | -6.37195128207625 |
| 2009 Q4 | -6.78108116331702 |
| 2010 Q1 | -3.98650647444661 |
| 2010 Q2 | -3.66979518500532 |
| 2010 Q3 | 0.975959086992428 |
| 2010 Q4 | -0.495923708675948 |
| 2011 Q1 | -1.8831615901365 |
| 2011 Q2 | 0.730347385402831 |
| 2011 Q3 | 1.05770609600228 |
| 2011 Q4 | 2.39308797090242 |
| 2012 Q1 | 0.867904273539234 |
| 2012 Q2 | 2.67545695567354 |
| 2012 Q3 | 5.46964421032155 |
| 2012 Q4 | 6.15366767964868 |
| 2013 Q1 | 1.06652800310132 |
| 2013 Q2 | 3.82152093898209 |
| 2013 Q3 | 5.53956652957207 |
| 2013 Q4 | 2.44639253278246 |
| 2014 Q1 | 5.0154708583885 |
| 2014 Q2 | 3.81210236059864 |
| 2014 Q3 | 4.9392755752251 |
| 2014 Q4 | 6.69735077820865 |
| 2015 Q1 | 6.63329031943635 |
| 2015 Q2 | 6.80406778280959 |
| 2015 Q3 | 4.22934992215447 |
| 2015 Q4 | 5.20035416620353 |
| 2016 Q1 | 6.74749969031633 |
| 2016 Q2 | 2.06041012236201 |
| 2016 Q3 | 3.84894360546304 |
| 2016 Q4 | 0.224010939207659 |
| 2017 Q1 | 3.91026671874343 |
| 2017 Q2 | 5.43986962833109 |
| 2017 Q3 | 4.28558915807065 |
| 2017 Q4 | 3.41774865275103 |
| 2018 Q1 | 1.99102433258238 |
| 2018 Q2 | 1.14923501130404 |
| 2018 Q3 | 3.58797385676382 |
| 2018 Q4 | 2.76052940696937 |
| 2019 Q1 | 5.38979043620204 |
| 2019 Q2 | 2.09080319444849 |
| 2019 Q3 | 4.25713786257231 |
| 2019 Q4 | 1.08033042338602 |
| 2020 Q1 | 17.2506738772057 |
| 2020 Q2 | 16.6225315011176 |
| 2020 Q3 | -2.85865996688488 |
| 2020 Q4 | -0.62014421973028 |
| 2021 Q1 | 1.71090717385816 |
| 2021 Q2 | -3.44299483356274 |
| 2021 Q3 | 0.451493362475884 |
| 2021 Q4 | 2.17383829963542 |
| 2022 Q1 | 2.47086414763353 |
| 2022 Q2 | 2.58434251797209 |
| 2022 Q3 | -0.322791719540647 |
| 2022 Q4 | -0.693508286268124 |
Note: Nominal debt growth is seasonally adjusted and is translated into real terms after subtracting the growth rate of the price deflator for the core personal consumption expenditures price index.
Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."
Figure 2.4. Net issuance of risky debt remained subdued
Billions of dollars
| Date | Institutional leveraged loans | High-yield and unrated bonds |
|---|---|---|
| 2004 Q2 | 15.5699920654297 | -12.7997829915 |
| 2004 Q3 | 6.33000183105469 | -4.7444686799 |
| 2004 Q4 | 20.8800048828125 | -14.7427887499027 |
| 2005 Q1 | 10.5 | 2.97369487239999 |
| 2005 Q2 | 16.8999938964844 | -6.39830646900001 |
| 2005 Q3 | 7.27999877929688 | -12.991040792 |
| 2005 Q4 | 20.6100006103516 | 2.72848883801281 |
| 2006 Q1 | 27.1599884033203 | -13.66462260049 |
| 2006 Q2 | 40.1400146484375 | 12.5665759 |
| 2006 Q3 | 17.8599853515625 | -5.58880446140401 |
| 2006 Q4 | 66.3000183105469 | 30.5087983381185 |
| 2007 Q1 | 40.6799926757813 | 0.19438353519999 |
| 2007 Q2 | 54.3099975585938 | 23.3461726256 |
| 2007 Q3 | 25.7200012207031 | -7.04300563787999 |
| 2007 Q4 | 36.0599975585938 | -10.4225790406 |
| 2008 Q1 | 2.21002197265625 | -20.137899142 |
| 2008 Q2 | 26.219970703125 | 3.03224333508 |
| 2008 Q3 | 6.60003662109375 | -0.411358803119998 |
| 2008 Q4 | 4.79998779296875 | -23.875024039 |
| 2009 Q1 | -11.8200073242188 | -26.2652457618 |
| 2009 Q2 | -15.530029296875 | 1.71022144920001 |
| 2009 Q3 | -13.2599487304688 | -9.7909206677 |
| 2009 Q4 | -24.9800415039063 | -9.411476421 |
| 2010 Q1 | -17.8499755859375 | 3.24044121840999 |
| 2010 Q2 | -9.71002197265625 | 13.21006038522 |
| 2010 Q3 | 11.760009765625 | 14.20725090757 |
| 2010 Q4 | -15.3399963378906 | 25.00720073417 |
| 2011 Q1 | -4.489990234375 | 0.297346576070007 |
| 2011 Q2 | 25.4899597167969 | 16.39558409807 |
| 2011 Q3 | -5.50994873046875 | -7.89381352476999 |
| 2011 Q4 | 3.90997314453125 | 3.67994934657 |
| 2012 Q1 | -6.47000122070313 | 23.11510888568 |
| 2012 Q2 | 18.4499816894531 | -13.41272508643 |
| 2012 Q3 | -4.3800048828125 | 38.551299447 |
| 2012 Q4 | 25.9600219726563 | 21.514433235054 |
| 2013 Q1 | 11.2999877929688 | 23.0538808032 |
| 2013 Q2 | 31.3099975585938 | 18.30314829777 |
| 2013 Q3 | 45.1600341796875 | 25.86382232293 |
| 2013 Q4 | 43.5399780273438 | 22.54471547174 |
| 2014 Q1 | 29.4400024414063 | 16.1404124995 |
| 2014 Q2 | 45.6199951171875 | 14.93672500528 |
| 2014 Q3 | 48.4199829101563 | 32.9089474055 |
| 2014 Q4 | 26.1800537109375 | 3.99893349067398 |
| 2015 Q1 | 6.4599609375 | 32.918568314 |
| 2015 Q2 | -3.1099853515625 | 4.34897208902001 |
| 2015 Q3 | 8.58001708984375 | -0.700200462000011 |
| 2015 Q4 | 28.7999877929688 | -13.40292742203 |
| 2016 Q1 | 9.0899658203125 | -0.651168015490006 |
| 2016 Q2 | 4.99005126953125 | 2.35545931970999 |
| 2016 Q3 | -12.8800048828125 | -2.9850241269 |
| 2016 Q4 | 7.19000244140625 | -44.16601216503 |
| 2017 Q1 | -4.239990234375 | 9.0480177782 |
| 2017 Q2 | 49.0099487304688 | -10.65872364711 |
| 2017 Q3 | 13.030029296875 | -2.19109402510999 |
| 2017 Q4 | 16.8099975585938 | -4.03140545473999 |
| 2018 Q1 | 24.22998046875 | 16.382013855113 |
| 2018 Q2 | 62.2099609375 | -8.83634011242 |
| 2018 Q3 | 46.6800537109375 | 11.03669855589 |
| 2018 Q4 | 48.550048828125 | -20.50815190214 |
| 2019 Q1 | 45.5299072265625 | 13.27506095774 |
| 2019 Q2 | 9.2000732421875 | 20.450765386757 |
| 2019 Q3 | -11.330078125 | 11.01588355029 |
| 2019 Q4 | 13.090087890625 | 9.09712617657 |
| 2020 Q1 | 3.0899658203125 | 5.51345437497001 |
| 2020 Q2 | -11.4200439453125 | 93.01195992529 |
| 2020 Q3 | 14.320068359375 | 8.61172011498 |
| 2020 Q4 | -6.1700439453125 | -9.01062896420002 |
| 2021 Q1 | 13.6500244140625 | 20.95298496717 |
| 2021 Q2 | 51.3399658203125 | 31.00608038325 |
| 2021 Q3 | 41.239990234375 | 16.02658434896 |
| 2021 Q4 | 41.81005859375 | 2.43832248472999 |
| 2022 Q1 | 49.2999267578125 | -12.30289930992 |
| 2022 Q2 | 24.010009765625 | -13.08262721956 |
| 2022 Q3 | 16.0400390625 | -17.72667599021 |
| 2022 Q4 | -17.260009765625 | -14.53629588531 |
| 2023 Q1 | -12.3499755859375 | 1.22678656938 |
Note: The data begin in 2004:Q2. Institutional leveraged loans generally exclude loan commitments held by banks. The key identifies bars in order from top to bottom (except for some bars with at least one negative value).
Source: Mergent, Inc., Fixed Income Securities Database; PitchBook Data, Leveraged Commentary & Data.
Figure 2.5. Gross leverage of large businesses remained at high levels
Percent
| Date | 75th percentile | All firms |
|---|---|---|
| 2000 Q1 | 48.2251895902531 | 30.3564263387194 |
| 2000 Q2 | 47.8512910274851 | 29.6127038982134 |
| 2000 Q3 | 47.4916752996759 | 29.0151193989695 |
| 2000 Q4 | 47.0075509955252 | 29.1854282718471 |
| 2001 Q1 | 47.4697237151702 | 29.1890457623465 |
| 2001 Q2 | 47.4566357928043 | 29.3782265432472 |
| 2001 Q3 | 47.3327987583499 | 29.3662672043191 |
| 2001 Q4 | 47.1406803493913 | 29.9959167947027 |
| 2002 Q1 | 46.1168958488835 | 30.6158529597414 |
| 2002 Q2 | 44.4515954205301 | 29.671264575695 |
| 2002 Q3 | 44.0261077013163 | 29.4539919918574 |
| 2002 Q4 | 44.4031862654759 | 29.1860248966341 |
| 2003 Q1 | 42.8304982552851 | 28.9749836693453 |
| 2003 Q2 | 42.1814051044141 | 28.152684775778 |
| 2003 Q3 | 41.778402174698 | 27.7946636811908 |
| 2003 Q4 | 41.5829370986416 | 26.7335922058127 |
| 2004 Q1 | 39.4611769102911 | 26.3290576013691 |
| 2004 Q2 | 38.9295298728731 | 25.7183198116062 |
| 2004 Q3 | 38.6766403958058 | 25.4028274806063 |
| 2004 Q4 | 39.1666128317714 | 25.1533765370735 |
| 2005 Q1 | 37.7650381027056 | 24.9445243813487 |
| 2005 Q2 | 37.7659268377245 | 24.8186568908236 |
| 2005 Q3 | 37.485804088461 | 24.1398219060337 |
| 2005 Q4 | 38.3413203621397 | 24.1878463111021 |
| 2006 Q1 | 37.4089969135364 | 24.4665752875081 |
| 2006 Q2 | 37.7494310791866 | 24.3600772951014 |
| 2006 Q3 | 37.6753766883697 | 24.3794268642396 |
| 2006 Q4 | 38.5743531903771 | 24.7106039004861 |
| 2007 Q1 | 37.9644105711357 | 24.941203552258 |
| 2007 Q2 | 38.6513307464355 | 25.17934772838 |
| 2007 Q3 | 38.6792663578789 | 25.5782448686594 |
| 2007 Q4 | 38.9039179431054 | 25.8475197915081 |
| 2008 Q1 | 39.0754725683587 | 26.0721264694841 |
| 2008 Q2 | 38.9784176638834 | 26.1885397887753 |
| 2008 Q3 | 39.9924244055765 | 27.184339528262 |
| 2008 Q4 | 42.5941832069795 | 28.7702113769637 |
| 2009 Q1 | 41.5360940103296 | 28.7047387357173 |
| 2009 Q2 | 39.94144824529 | 27.9502038392091 |
| 2009 Q3 | 38.4629290894534 | 26.9735206023068 |
| 2009 Q4 | 38.7391984971353 | 26.7619804299678 |
| 2010 Q1 | 37.0714720373243 | 26.3441969214289 |
| 2010 Q2 | 36.692747160812 | 26.2195384009806 |
| 2010 Q3 | 36.2554627747218 | 26.2180666860652 |
| 2010 Q4 | 36.9372224474664 | 26.0097636569656 |
| 2011 Q1 | 36.0956578872633 | 25.7763362576759 |
| 2011 Q2 | 35.5998671606649 | 25.8398667542872 |
| 2011 Q3 | 36.3531138742403 | 26.1597690935254 |
| 2011 Q4 | 37.7767271733315 | 26.0864765474753 |
| 2012 Q1 | 36.9710924028517 | 26.024947442579 |
| 2012 Q2 | 37.2162434595519 | 26.5851867704262 |
| 2012 Q3 | 37.4879443178704 | 26.7030294388121 |
| 2012 Q4 | 38.8133589928573 | 27.084238988216 |
| 2013 Q1 | 38.0408713088227 | 26.9273994646632 |
| 2013 Q2 | 38.2434598229825 | 27.356714315619 |
| 2013 Q3 | 38.4820149247 | 27.6647818739868 |
| 2013 Q4 | 40.0775800374798 | 27.9222751037153 |
| 2014 Q1 | 39.1560584153986 | 28.5199456782381 |
| 2014 Q2 | 40.273653484526 | 28.4538340637666 |
| 2014 Q3 | 40.7598591989738 | 28.6148675873182 |
| 2014 Q4 | 42.1141552771589 | 29.19060577679 |
| 2015 Q1 | 42.2718921901098 | 30.0443493384378 |
| 2015 Q2 | 42.0235303321021 | 30.5698998362671 |
| 2015 Q3 | 42.5081424214184 | 31.1052696327401 |
| 2015 Q4 | 43.8176459026352 | 32.0408002745137 |
| 2016 Q1 | 43.7882069203809 | 32.6499915552233 |
| 2016 Q2 | 43.6719156562022 | 32.8902296591536 |
| 2016 Q3 | 42.9748567244078 | 32.9726012630924 |
| 2016 Q4 | 43.1012564175281 | 32.8283755612812 |
| 2017 Q1 | 42.6918920081189 | 33.0975696675671 |
| 2017 Q2 | 42.1884724879684 | 33.4699788446587 |
| 2017 Q3 | 42.0668661193383 | 33.2920573022925 |
| 2017 Q4 | 41.9132576363368 | 32.9340821079926 |
| 2018 Q1 | 41.9422735243289 | 33.243226079261 |
| 2018 Q2 | 42.1341972983285 | 33.0382627823095 |
| 2018 Q3 | 41.6257300338471 | 32.7637839834233 |
| 2018 Q4 | 42.449633846869 | 33.1517193315699 |
| 2019 Q1 | 46.2116384575259 | 35.2347683969733 |
| 2019 Q2 | 46.5303827461265 | 35.4071328003183 |
| 2019 Q3 | 47.3806807503245 | 35.4843966561016 |
| 2019 Q4 | 47.7943491167483 | 35.4540727010148 |
| 2020 Q1 | 49.8129046040097 | 37.45797574929 |
| 2020 Q2 | 49.1265716027244 | 37.6617528881046 |
| 2020 Q3 | 47.2191091999962 | 36.7908869390546 |
| 2020 Q4 | 46.5948889988229 | 36.0911728863788 |
| 2021 Q1 | 45.9044944165017 | 35.6766459224398 |
| 2021 Q2 | 45.0007042831152 | 35.1389477032426 |
| 2021 Q3 | 44.2678081606735 | 34.6051195319259 |
| 2021 Q4 | 44.2250706934466 | 34.2387434797027 |
| 2022 Q1 | 44.6821988089836 | 34.0875070639694 |
| 2022 Q2 | 45.4013792521962 | 34.0224109745344 |
| 2022 Q3 | 45.3211584875551 | 34.0889861200106 |
| 2022 Q4 | 45.0461297599628 | 34.2219484522666 |
Note: Gross leverage is an asset-weighted average of the ratio of firms’ book value of total debt to book value of total assets. The 75th percentile is calculated from a sample of the 2,500 largest firms by assets. The dashed sections of the lines in the first quarter of 2019 reflect the structural break in the series due to the 2019 compliance deadline for Financial Accounting Standards Board rule Accounting Standards Update 2016-02. The accounting standard requires operating leases, previously considered off-balance-sheet activities, to be included in measures of debt and assets.
Source: Federal Reserve Board staff calculations based on S&P Global, Compustat.
Figure 2.6. Firms’ ability to service their debt, as measured by the interest coverage ratio, was strong
Ratio
| Date | Median for all firms | Median for all non-investment grade firms |
|---|---|---|
| 2000 Q1 | 2.3557806401249 | 1.57600269632626 |
| 2000 Q2 | 2.32085280909984 | 1.52744165519226 |
| 2000 Q3 | 2.26196374645699 | 1.5004974383275 |
| 2000 Q4 | 2.19687226297558 | 1.43664109939278 |
| 2001 Q1 | 2.11642647550422 | 1.3701598242578 |
| 2001 Q2 | 2.06653288310713 | 1.34285569311955 |
| 2001 Q3 | 1.8723616976772 | 1.2440076445969 |
| 2001 Q4 | 1.77066664149324 | 1.27506642700844 |
| 2002 Q1 | 1.77484383959937 | 1.2650228050171 |
| 2002 Q2 | 1.73843793801776 | 1.28814936404174 |
| 2002 Q3 | 1.84138106302643 | 1.40232645405919 |
| 2002 Q4 | 1.99972497249725 | 1.525 |
| 2003 Q1 | 2.10139815914948 | 1.59479793637145 |
| 2003 Q2 | 2.11516853932584 | 1.4987922705314 |
| 2003 Q3 | 2.17306528304208 | 1.66437785780168 |
| 2003 Q4 | 2.29206214975224 | 1.66164461061642 |
| 2004 Q1 | 2.53714859437751 | 1.90206746463547 |
| 2004 Q2 | 2.86283185840708 | 2.05551678057929 |
| 2004 Q3 | 3.01918549565318 | 2.21974150802538 |
| 2004 Q4 | 2.9704641350211 | 2.34324155193993 |
| 2005 Q1 | 3.01254322885217 | 2.27659574468085 |
| 2005 Q2 | 2.99807699043397 | 2.22767855814609 |
| 2005 Q3 | 3.05223115062404 | 2.21643530783088 |
| 2005 Q4 | 3.02824618357833 | 2.26844262295082 |
| 2006 Q1 | 3.06276341924232 | 2.31574410780031 |
| 2006 Q2 | 3.0093085106383 | 2.27002349423323 |
| 2006 Q3 | 2.96626260982753 | 2.29058272632674 |
| 2006 Q4 | 2.91834625982243 | 2.25369345459157 |
| 2007 Q1 | 2.91703763658438 | 2.22903120936281 |
| 2007 Q2 | 2.83819946245 | 2.20811865434157 |
| 2007 Q3 | 2.7005929690809 | 2.10210622710623 |
| 2007 Q4 | 2.73118991788882 | 2.09460916442049 |
| 2008 Q1 | 2.7917676644387 | 2.15308849941534 |
| 2008 Q2 | 3.00130157826285 | 2.23492963484342 |
| 2008 Q3 | 2.98320158102767 | 2.25360019098553 |
| 2008 Q4 | 2.6275855913194 | 1.93285714285714 |
| 2009 Q1 | 2.69871697875033 | 1.95767250257467 |
| 2009 Q2 | 2.46823535486936 | 1.74089635854342 |
| 2009 Q3 | 2.33079656892273 | 1.58210513047982 |
| 2009 Q4 | 2.28171091445428 | 1.66691679331307 |
| 2010 Q1 | 2.61834084547999 | 1.93372194695424 |
| 2010 Q2 | 2.76101905777486 | 2.10056933395726 |
| 2010 Q3 | 2.93493563958166 | 2.19005339052107 |
| 2010 Q4 | 3.03974502024961 | 2.27389103250575 |
| 2011 Q1 | 3.18913905228684 | 2.47058177366506 |
| 2011 Q2 | 3.36715629957875 | 2.5625 |
| 2011 Q3 | 3.51857235951677 | 2.60909090909091 |
| 2011 Q4 | 3.45894189308626 | 2.58290035378932 |
| 2012 Q1 | 3.39713735448039 | 2.51354228341928 |
| 2012 Q2 | 3.42982777948553 | 2.58557535666683 |
| 2012 Q3 | 3.28607621440536 | 2.39596273291925 |
| 2012 Q4 | 3.09750480384113 | 2.37003458126598 |
| 2013 Q1 | 3.18815440749948 | 2.32926213267324 |
| 2013 Q2 | 3.25551441469983 | 2.28028985208579 |
| 2013 Q3 | 3.25858369098712 | 2.23148148148148 |
| 2013 Q4 | 3.16103401655293 | 2.19336393340594 |
| 2014 Q1 | 3.20796971670466 | 2.19931103521376 |
| 2014 Q2 | 3.41071498819827 | 2.38644560110961 |
| 2014 Q3 | 3.46315319981584 | 2.41502853519341 |
| 2014 Q4 | 3.36680923511336 | 2.31093268735508 |
| 2015 Q1 | 3.34991749174918 | 2.1910145556173 |
| 2015 Q2 | 3.29791666666667 | 2.19087560957469 |
| 2015 Q3 | 3.30996441281139 | 2.20499549954996 |
| 2015 Q4 | 3.11316776007498 | 2.11684399119375 |
| 2016 Q1 | 2.92951453786931 | 2.0395097946437 |
| 2016 Q2 | 2.91228070175439 | 1.97348814645998 |
| 2016 Q3 | 2.94243159640275 | 2.08947841726619 |
| 2016 Q4 | 2.98452157598499 | 2.01812977099237 |
| 2017 Q1 | 3.03983516483516 | 2.12024411714854 |
| 2017 Q2 | 3.10772710647433 | 2.21434371770264 |
| 2017 Q3 | 3.0630282984197 | 2.28199541872663 |
| 2017 Q4 | 3.08142857142857 | 2.28858639196676 |
| 2018 Q1 | 3.05212446302897 | 2.23808514246947 |
| 2018 Q2 | 3.08270828036274 | 2.3272477386151 |
| 2018 Q3 | 3.16658640340316 | 2.35878243512974 |
| 2018 Q4 | 3.06228765571914 | 2.31553747474559 |
| 2019 Q1 | 2.95527474609403 | 2.2106938255888 |
| 2019 Q2 | 2.88526822956733 | 2.02997129372841 |
| 2019 Q3 | 2.79381443298969 | 2.06544209772687 |
| 2019 Q4 | 2.6446956632816 | 2.01476377952756 |
| 2020 Q1 | 2.48539193848422 | 1.78647959183673 |
| 2020 Q2 | 2.12700770077008 | 1.32899453356035 |
| 2020 Q3 | 2.16405765568345 | 1.22568401343403 |
| 2020 Q4 | 2.0480443999019 | 1.22172401807438 |
| 2021 Q1 | 2.47412669588651 | 1.49718251913326 |
| 2021 Q2 | 3.01237560516407 | 1.88378046283023 |
| 2021 Q3 | 3.26578114152273 | 2.22167100804886 |
| 2021 Q4 | 3.19966450880583 | 2.16260350117277 |
| 2022 Q1 | 3.47237832679461 | 2.20713595820929 |
| 2022 Q2 | 3.45155692756069 | 2.0419754601227 |
| 2022 Q3 | 3.11526232114467 | 1.83873373101952 |
| 2022 Q4 | 3.0265444015444 | 1.87966417910448 |
Note: The interest coverage ratio is earnings before interest and taxes divided by interest payments. Firms with leverage less than 5 percent and interest payments less than $500,000 are excluded.
Source: Federal Reserve Board staff calculations based on S&P Global, Compustat.
Figure 2.7. Default rates on leveraged loans inched up from historically low levels
Percent
| Date | Default Rate of Leveraged Loans |
|---|---|
| Dec 1998 | 1.51000004261732 |
| Jan 1999 | 1.40000004321337 |
| Feb 1999 | 0.620000017806888 |
| Mar 1999 | 0.960000045597553 |
| Apr 1999 | 0.910000037401915 |
| May 1999 | 1.08000002801418 |
| Jun 1999 | 1.51000004261732 |
| Jul 1999 | 1.47000001743436 |
| Aug 1999 | 2.5900000706315 |
| Sep 1999 | 2.84000001847743 |
| Oct 1999 | 2.80000008642674 |
| Nov 1999 | 4.23000007867813 |
| Dec 1999 | 4.17000018060207 |
| Jan 2000 | 5.31999990344048 |
| Feb 2000 | 5.64000010490418 |
| Mar 2000 | 5.79000003635883 |
| Apr 2000 | 7.38999992609024 |
| May 2000 | 7.12999999523163 |
| Jun 2000 | 7.50000029802322 |
| Jul 2000 | 7.38999992609024 |
| Aug 2000 | 6.6600002348423 |
| Sep 2000 | 6.59999996423721 |
| Oct 2000 | 6.74000009894371 |
| Nov 2000 | 5.799999833107 |
| Dec 2000 | 6.5700002014637 |
| Jan 2001 | 5.8899998664856 |
| Feb 2001 | 5.64999990165234 |
| Mar 2001 | 5.48000000417233 |
| Apr 2001 | 4.7800000756979 |
| May 2001 | 6.41999989748001 |
| Jun 2001 | 6.27999976277351 |
| Jul 2001 | 6.81999996304512 |
| Aug 2001 | 6.8000003695488 |
| Sep 2001 | 6.49999976158142 |
| Oct 2001 | 6.71999976038933 |
| Nov 2001 | 6.49999976158142 |
| Dec 2001 | 6.3000001013279 |
| Jan 2002 | 7.24999979138374 |
| Feb 2002 | 7.24999979138374 |
| Mar 2002 | 6.84999972581863 |
| Apr 2002 | 6.94999992847443 |
| May 2002 | 5.68999983370304 |
| Jun 2002 | 7.41000026464462 |
| Jul 2002 | 6.8400003015995 |
| Aug 2002 | 6.78000003099442 |
| Sep 2002 | 6.40999972820281 |
| Oct 2002 | 6.58999979496002 |
| Nov 2002 | 6.53000026941299 |
| Dec 2002 | 6.01000003516674 |
| Jan 2003 | 5.13000003993511 |
| Feb 2003 | 5.00999987125397 |
| Mar 2003 | 5.46999983489513 |
| Apr 2003 | 5.26000000536442 |
| May 2003 | 5.35000003874302 |
| Jun 2003 | 2.62000001966953 |
| Jul 2003 | 2.63999998569489 |
| Aug 2003 | 2.66999993473291 |
| Sep 2003 | 2.91000008583069 |
| Oct 2003 | 2.30000000447035 |
| Nov 2003 | 2.280000038445 |
| Dec 2003 | 2.25000008940697 |
| Jan 2004 | 1.88999995589256 |
| Feb 2004 | 1.6100000590086 |
| Mar 2004 | 1.10999997705221 |
| Apr 2004 | 0.939999986439943 |
| May 2004 | 0.680000009015203 |
| Jun 2004 | 0.939999986439943 |
| Jul 2004 | 0.910000037401915 |
| Aug 2004 | 0.879999995231628 |
| Sep 2004 | 1.00999996066093 |
| Oct 2004 | 1.02000003680587 |
| Nov 2004 | 1.02000003680587 |
| Dec 2004 | 1.00999996066093 |
| Jan 2005 | 1.03000001981854 |
| Feb 2005 | 1.37000000104308 |
| Mar 2005 | 1.26000000163913 |
| Apr 2005 | 1.48000000044703 |
| May 2005 | 1.53999999165535 |
| Jun 2005 | 1.29000004380941 |
| Jul 2005 | 1.46000003442168 |
| Aug 2005 | 1.4299999922514 |
| Sep 2005 | 1.6499999910593 |
| Oct 2005 | 2.55999993532896 |
| Nov 2005 | 2.29000002145767 |
| Dec 2005 | 3.02000008523464 |
| Jan 2006 | 2.96000000089407 |
| Feb 2006 | 2.88999993354082 |
| Mar 2006 | 2.78999991714954 |
| Apr 2006 | 2.47000008821487 |
| May 2006 | 2.30000000447035 |
| Jun 2006 | 2.280000038445 |
| Jul 2006 | 2.08000000566244 |
| Aug 2006 | 2.08000000566244 |
| Sep 2006 | 1.5599999576807 |
| Oct 2006 | 0.989999994635581 |
| Nov 2006 | 1.07000004500151 |
| Dec 2006 | 0.480000022798777 |
| Jan 2007 | 0.44999998062849 |
| Feb 2007 | 0.240000011399388 |
| Mar 2007 | 0.230000005103648 |
| Apr 2007 | 0.219999998807907 |
| May 2007 | 0.15999999595806 |
| Jun 2007 | 0.150000001303852 |
| Jul 2007 | 0.209999992512167 |
| Aug 2007 | 0.209999992512167 |
| Sep 2007 | 0.419999985024333 |
| Oct 2007 | 0.329999998211861 |
| Nov 2007 | 0.249999994412065 |
| Dec 2007 | 0.240000011399388 |
| Jan 2008 | 0.719999987632036 |
| Feb 2008 | 0.939999986439943 |
| Mar 2008 | 1.07000004500151 |
| Apr 2008 | 1.30000002682209 |
| May 2008 | 1.73000004142523 |
| Jun 2008 | 1.7000000923872 |
| Jul 2008 | 1.89999993890524 |
| Aug 2008 | 2.03000009059906 |
| Sep 2008 | 1.90999992191792 |
| Oct 2008 | 1.97000000625849 |
| Nov 2008 | 1.94000005722046 |
| Dec 2008 | 3.75000014901161 |
| Jan 2009 | 4.94999997317790 |
| Feb 2009 | 5.24999983608723 |
| Mar 2009 | 8.02000015974045 |
| Apr 2009 | 8.03000032901763 |
| May 2009 | 8.65999981760979 |
| Jun 2009 | 9.1499999165535 |
| Jul 2009 | 9.57000032067299 |
| Aug 2009 | 9.67999994754791 |
| Sep 2009 | 9.74999964237213 |
| Oct 2009 | 10.7142902910709 |
| Nov 2009 | 10.8148016035557 |
| Dec 2009 | 9.61000025272369 |
| Jan 2010 | 8.82000029087067 |
| Feb 2010 | 8.59000012278557 |
| Mar 2010 | 5.82000017166138 |
| Apr 2010 | 5.64999990165234 |
| May 2010 | 4.6399999409914 |
| Jun 2010 | 4.01999987661839 |
| Jul 2010 | 3.46999987959862 |
| Aug 2010 | 3.57000008225440 |
| Sep 2010 | 3.55000011622906 |
| Oct 2010 | 2.280000038445 |
| Nov 2010 | 2.25000008940697 |
| Dec 2010 | 1.86999998986721 |
| Jan 2011 | 1.46000003442168 |
| Feb 2011 | 1.2699999846518 |
| Mar 2011 | 1.10999997705221 |
| Apr 2011 | 0.94999996945262 |
| May 2011 | 0.910000037401915 |
| Jun 2011 | 0.910000037401915 |
| Jul 2011 | 0.769999995827675 |
| Aug 2011 | 0.329999998211861 |
| Sep 2011 | 0.31999999191612 |
| Oct 2011 | 0.31999999191612 |
| Nov 2011 | 0.170000002253801 |
| Dec 2011 | 0.170000002253801 |
| Jan 2012 | 0.209999992512167 |
| Feb 2012 | 0.209999992512167 |
| Mar 2012 | 0.209999992512167 |
| Apr 2012 | 0.559999980032444 |
| May 2012 | 1.0499999858439 |
| Jun 2012 | 1.04000000283122 |
| Jul 2012 | 1.04000000283122 |
| Aug 2012 | 1.07000004500151 |
| Sep 2012 | 0.999999977648258 |
| Oct 2012 | 1.05999996885657 |
| Nov 2012 | 1.27999996766448 |
| Dec 2012 | 1.2699999846518 |
| Jan 2013 | 1.42000000923871 |
| Feb 2013 | 1.40000004321337 |
| Mar 2013 | 2.20999997109175 |
| Apr 2013 | 1.90999992191792 |
| May 2013 | 1.40000004321337 |
| Jun 2013 | 1.37000000104308 |
| Jul 2013 | 2.01999992132187 |
| Aug 2013 | 2.16000005602837 |
| Sep 2013 | 2.4100000038743 |
| Oct 2013 | 2.30999998748302 |
| Nov 2013 | 2.08000000566244 |
| Dec 2013 | 2.10999995470046 |
| Jan 2014 | 1.87999997287989 |
| Feb 2014 | 1.86000000685453 |
| Mar 2014 | 1.20999999344349 |
| Apr 2014 | 4.6399999409914 |
| May 2014 | 4.6000000089407 |
| Jun 2014 | 4.41000014543533 |
| Jul 2014 | 3.88999991118908 |
| Aug 2014 | 3.61000001430511 |
| Sep 2014 | 3.33999991416931 |
| Oct 2014 | 3.28000001609325 |
| Nov 2014 | 3.33000011742115 |
| Dec 2014 | 3.24000008404255 |
| Jan 2015 | 3.99000011384487 |
| Feb 2015 | 3.92000004649162 |
| Mar 2015 | 3.79000008106232 |
| Apr 2015 | 1.26000000163913 |
| May 2015 | 1.26000000163913 |
| Jun 2015 | 1.24000003561378 |
| Jul 2015 | 1.09999999403954 |
| Aug 2015 | 1.30000002682209 |
| Sep 2015 | 1.2699999846518 |
| Oct 2015 | 1.2699999846518 |
| Nov 2015 | 1.42000000923871 |
| Dec 2015 | 1.49999996647239 |
| Jan 2016 | 1.29000004380941 |
| Feb 2016 | 1.41000002622604 |
| Mar 2016 | 1.75000000745058 |
| Apr 2016 | 1.68999992311001 |
| May 2016 | 1.96000002324581 |
| Jun 2016 | 1.97000000625849 |
| Jul 2016 | 2.17000003904104 |
| Aug 2016 | 1.97999998927116 |
| Sep 2016 | 1.95000004023314 |
| Oct 2016 | 1.95000004023314 |
| Nov 2016 | 1.65999997407198 |
| Dec 2016 | 1.57999992370605 |
| Jan 2017 | 1.5599999576807 |
| Feb 2017 | 1.41000002622604 |
| Mar 2017 | 1.48999998345971 |
| Apr 2017 | 1.4299999922514 |
| May 2017 | 1.42000000923871 |
| Jun 2017 | 1.53999999165535 |
| Jul 2017 | 1.36000001803041 |
| Aug 2017 | 1.36000001803041 |
| Sep 2017 | 1.53000000864267 |
| Oct 2017 | 1.51000004261732 |
| Nov 2017 | 1.95000004023314 |
| Dec 2017 | 2.05000005662441 |
| Jan 2018 | 1.95000004023314 |
| Feb 2018 | 1.99999995529652 |
| Mar 2018 | 2.41999998688698 |
| Apr 2018 | 2.3700000718236 |
| May 2018 | 2.11999993771315 |
| Jun 2018 | 1.97999998927116 |
| Jul 2018 | 1.98999997228384 |
| Aug 2018 | 1.98999997228384 |
| Sep 2018 | 1.81000009179115 |
| Oct 2018 | 1.92000009119511 |
| Nov 2018 | 1.6100000590086 |
| Dec 2018 | 1.63000002503395 |
| Jan 2019 | 1.42000000923871 |
| Feb 2019 | 1.62000004202127 |
| Mar 2019 | 0.930000003427267 |
| Apr 2019 | 1.00999996066093 |
| May 2019 | 0.999999977648258 |
| Jun 2019 | 1.3399999588728 |
| Jul 2019 | 1.31999999284744 |
| Aug 2019 | 1.29000004380941 |
| Sep 2019 | 1.29000004380941 |
| Oct 2019 | 1.4299999922514 |
| Nov 2019 | 1.48000000044703 |
| Dec 2019 | 1.38999996706843 |
| Jan 2020 | 1.83000005781651 |
| Feb 2020 | 1.83000005781651 |
| Mar 2020 | 1.84000004082918 |
| Apr 2020 | 2.3199999704957 |
| May 2020 | 3.13999988138676 |
| Jun 2020 | 3.22999991476536 |
| Jul 2020 | 3.90000008046627 |
| Aug 2020 | 4.08000014722347 |
| Sep 2020 | 4.17000018060207 |
| Oct 2020 | 4.10999990999699 |
| Nov 2020 | 3.88999991118908 |
| Dec 2020 | 3.83000001311302 |
| Jan 2021 | 3.37999984622002 |
| Feb 2021 | 3.24999988079071 |
| Mar 2021 | 3.15000005066395 |
| Apr 2021 | 2.61000003665686 |
| May 2021 | 1.73000004142523 |
| Jun 2021 | 1.25000001862645 |
| Jul 2021 | 0.579999992623925 |
| Aug 2021 | 0.469999993219972 |
| Sep 2021 | 0.350000010803342 |
| Oct 2021 | 0.20000000949949 |
| Nov 2021 | 0.289999996311963 |
| Dec 2021 | 0.289999996311963 |
| Jan 2022 | 0.289999996311963 |
| Feb 2022 | 0.19000000320375 |
| Mar 2022 | 0.19000000320375 |
| Apr 2022 | 0.179999996908009 |
| May 2022 | 0.209999992512167 |
| Jun 2022 | 0.279999990016222 |
| Jul 2022 | 0.279999990016222 |
| Aug 2022 | 0.600000005215406 |
| Sep 2022 | 0.899999961256981 |
| Oct 2022 | 0.82999998703599 |
| Nov 2022 | 0.730000017210841 |
| Dec 2022 | 0.719999987632036 |
| Jan 2023 | 0.82999998703599 |
| Feb 2023 | 1.02000003680587 |
| Mar 2023 | 1.31999999284744 |
Note: The data begin in December 1998. The default rate is calculated as the amount in default over the past 12 months divided by the total outstanding volume at the beginning of the 12-month period. 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, and February 2020–April 2020.
Source: PitchBook Data, Leveraged Commentary & Data.
Figure 2.8. The majority of new leveraged loans last year have debt multiples greater than 5
Percent
| Date | Debt multiples<4x | Debt multiples 4x-4.99x | Debt multiples 5x-5.99x | Debt multiples >= 6x |
|---|---|---|---|---|
| 2001-12-31 | 61.1000001430512 | 26.1999994516373 | 10.1000003516674 | 2.70000007003546 |
| 2002-12-31 | 54.6000003814697 | 27.3000001907349 | 12.2000001370907 | 5.90000003576279 |
| 2003-12-31 | 52.6000022888184 | 29.3000012636185 | 11.5000002086163 | 6.69999998062849 |
| 2004-12-31 | 44.9999988079071 | 28.600001335144 | 17.5999999046326 | 8.79999976605176 |
| 2005-12-31 | 41.8000012636185 | 25.0999987125397 | 25.0999987125397 | 8.00000037997961 |
| 2006-12-31 | 36.3999992609024 | 26.3000011444092 | 21.0999995470046 | 16.2999995052814 |
| 2007-12-31 | 31.2000006437302 | 23.7000003457069 | 17.4999997019768 | 27.6999995112419 |
| 2008-12-31 | 63.0999982357025 | 14.2000004649162 | 12.0999999344349 | 10.700000077486 |
| 2009-12-31 | 53.1000018119812 | 17.7000001072884 | 11.5000002086163 | 17.7000001072884 |
| 2010-12-31 | 53.7000000476837 | 22.5999996066093 | 17.9000005125999 | 5.8000001590699 |
| 2011-12-31 | 43.7999993562698 | 22.5999996066093 | 19.200000166893 | 14.4000001251698 |
| 2012-12-31 | 35.8999997377396 | 26.6000002622604 | 21.7999994754791 | 15.8000003546476 |
| 2013-12-31 | 31.4999997615814 | 28.999999165535 | 23.1000006198883 | 16.4000004529953 |
| 2014-12-31 | 28.7000000476837 | 22.5999996066093 | 21.5000003576279 | 27.1999999880791 |
| 2015-12-31 | 30.3000003099442 | 24.8999997973442 | 26.1999994516373 | 18.7000006437302 |
| 2016-12-31 | 21.8999996781349 | 32.600000500679 | 24.4000002741814 | 21.000000089407 |
| 2017-12-31 | 22.6999998092651 | 27.5999993085861 | 27.5999993085861 | 22.0000006258488 |
| 2018-12-31 | 19.3000003695488 | 24.1999998688698 | 26.8999993801117 | 29.6000003814697 |
| 2019-12-31 | 20.2999994158745 | 23.4999999403954 | 23.2999995350838 | 32.8999996185303 |
| 2020-12-31 | 22.5999996066093 | 25.4999995231628 | 23.7000003457069 | 28.1999997794628 |
| 2021-12-31 | 20.8000004291534 | 23.199999332428 | 20.8000004291534 | 35.1999998092651 |
| 2022-12-31 | 23.3999997377396 | 19.3000003695488 | 20.8000004291534 | 36.5000009536743 |
Note: Volumes are for large corporations with earnings before interest, taxes, depreciation, and amortization (EBITDA) greater than $50 million and exclude existing tranches of add-ons and amendments as well as restatements with no new money. The key identifies bars in order from top to bottom.
Source: Mergent, Inc., Fixed Income Securities Database; PitchBook Data, Leveraged Commentary & Data.
Figure 2.9. Real household debt edged up
This is a line chart titled “Real household debt edged up”. The x-axis measures time and ranges from the years 1999 to 2022. The y-axis measures trillions of dollars (real) and ranges from 0 to 14. The data is quarterly. There are 3 variables charted on the plot. The first line is labeled 'Prime,' is designated by a black line, and ranges from about 4 to 12 trillion dollars. This variable rises from around 4 to about 10 trillion dollars from 1999 to 2008 and then declines to 8.6 trillion dollars in 2013. After 2013, this variable rises slowly until it reaches around 121.5 trillion dollars to end in 2022:Q4. The second variable is labeled 'Near prime' and is designated by a blue line. It ranges from around 2.6 to around 4.5 trillion dollars. The variable has a slight increase from 3 to around 4 trillion dollars from 2002 to 2008 but is otherwise stable around 3 trillion dollars through 2022:Q4. The third variable is labeled 'Subprime,' is designated by the red line, and ranges from 1.4 to around 3.5 trillion dollars. There is a slight increase from 1.4 trillion dollars in 1999 to around 2.9 trillion dollars in 2007, and there is a steeper increase to around 3.5 trillions of dollars between 2007 and 2010. Then, the variable decreases to around 2 trillion dollars from 2014 to 2020:Q2. It shows a slight drop to around 1.4 trillion dollars throughout 2021 and 2022 before a slight increase to around 1.6 trillion dollars in 2022:Q4.
Note: Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. Student loan balances before 2004 are estimated using average growth from 2004 to 2007, by risk score. The data are converted to constant 2022 dollars using the consumer price index.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 2.10. A model-based estimate of housing leverage was flat
This is a line chart titled "A model-based estimate of housing leverage was flat.” The x-axis ranges from the years 1999 to 2022. The y-axis ranges from 60 to 180 and measures indexed ratios of outstanding mortgage debt to home values (with 100 being the ratio in 1999:Q1). The data is quarterly, ending in the fourth quarter of 2022. There are two variables charted on the plot. The first line is labeled 'Relative to model-implied values' and is designated by the black line. It ranges from 100 to 135. The variable starts at 100 in 1999 and increases to around 135 in 2008 before decreasing to about 106 in 2022:Q4. The second line is labeled 'Relative to market value' and is designated by the blue line. The variable also starts at 100 in 1999 and hovers between 93 and 100 until 2006. It then rises to around 136 in the years 2009-2012 before decreasing to around 78 in 2022:Q3 and finally rising again to about 80 at the end of the sample in 2022:Q4.
Note: Housing leverage is estimated as the ratio of the average outstanding mortgage loan balance for owner-occupied homes with a mortgage to (1) current home values using the Zillow national house price index and (2) model-implied house prices estimated by a staff model based on rents, interest rates, and a time trend. Horizontal dashed line marked at 100.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; Zillow, Inc., Real Estate Data; Bureau of Labor Statistics via Haver Analytics.
Figure 2.11. Mortgage delinquency rates remained at historically low levels
This is a line chart titled “Mortgage delinquency rates remained at historically low levels.” The x-axis ranges from 2001 to 2022. The data is quarterly. The y-axis ranges from 0 to 10 percent of mortgages. There are two variables plotted. The first variable is “Delinquent”, which is shown as a solid black line. It begins around 3.3 percent in 2001 and stays between 2.9 and 3.5 percent until 2007. It then begins to rise to around 7.4 percent by 2010. It then steadily decreases to around 1.1 percent in 2021 before beginning to rise again to 1.7 percent in 2022:Q4. The second variable is “Delinquent/loss mitigation”, which is shown as a solid blue line. It begins around 5.1 percent in 2001 and stays between 5 and 6 percent until rising in 2008 to about 9 percent. It then gradually fluctuates while decreasing until 2018. In 2019, it spikes to 8 percent then drops to below 4.5 percent in 2021. The variable ends in 2022:Q4 by increasing slightly to about 4 percent.
Note: Loss mitigation includes tradelines that have a narrative code of forbearance, natural disaster, payment deferral (including partial), loan modification (including federal government plans), or loans with no scheduled payment and a nonzero balance. Delinquent includes loans reported to the credit bureau at least 30 days past due.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.
Figure 2.12. Very few homeowners had negative equity in their homes
Percent of mortgages
| Date | Negative equity |
|---|---|
| Jan 2011 | 25.2801477 |
| Feb 2011 | 25.14403759 |
| Mar 2011 | 24.99349439 |
| Apr 2011 | 24.93152259 |
| May 2011 | 24.86778766 |
| Jun 2011 | 24.80639321 |
| Jul 2011 | 24.65477237 |
| Aug 2011 | 24.50348051 |
| Sep 2011 | 24.35737809 |
| Oct 2011 | 24.65101748 |
| Nov 2011 | 24.93398222 |
| Dec 2011 | 25.22515278 |
| Jan 2012 | 24.69410388 |
| Feb 2012 | 24.19767741 |
| Mar 2012 | 23.66744432 |
| Apr 2012 | 23.20889984 |
| May 2012 | 22.73714373 |
| Jun 2012 | 22.28260234 |
| Jul 2012 | 22.1736435 |
| Aug 2012 | 22.06436208 |
| Sep 2012 | 21.95828597 |
| Oct 2012 | 21.83856143 |
| Nov 2012 | 21.72327356 |
| Dec 2012 | 21.60469997 |
| Jan 2013 | 21.11141237 |
| Feb 2013 | 20.66698986 |
| Mar 2013 | 20.17616238 |
| Apr 2013 | 18.42961703 |
| May 2013 | 16.62284533 |
| Jun 2013 | 14.87236255 |
| Jul 2013 | 14.35028271 |
| Aug 2013 | 13.83093694 |
| Sep 2013 | 13.33092231 |
| Oct 2013 | 13.37002764 |
| Nov 2013 | 13.40778486 |
| Dec 2013 | 13.44668947 |
| Jan 2014 | 13.24991987 |
| Feb 2014 | 13.07252344 |
| Mar 2014 | 12.87645744 |
| Apr 2014 | 12.22984772 |
| May 2014 | 11.56325433 |
| Jun 2014 | 10.91967054 |
| Jul 2014 | 10.73988151 |
| Aug 2014 | 10.56068372 |
| Sep 2014 | 10.3878061 |
| Oct 2014 | 10.48872349 |
| Nov 2014 | 10.58615501 |
| Dec 2014 | 10.68659407 |
| Jan 2015 | 10.5436008 |
| Feb 2015 | 10.41465931 |
| Mar 2015 | 10.27218916 |
| Apr 2015 | 9.81089448 |
| May 2015 | 9.33545318 |
| Jun 2015 | 8.87653133 |
| Jul 2015 | 8.70285064 |
| Aug 2015 | 8.52963032 |
| Sep 2015 | 8.36244321 |
| Oct 2015 | 8.36120879 |
| Nov 2015 | 8.36002953 |
| Dec 2015 | 8.35879671 |
| Jan 2016 | 8.27798383 |
| Feb 2016 | 8.20246359 |
| Mar 2016 | 8.12183901 |
| Apr 2016 | 7.77224037 |
| May 2016 | 7.41173511 |
| Jun 2016 | 7.06350915 |
| Jul 2016 | 6.82049908 |
| Aug 2016 | 6.57826395 |
| Sep 2016 | 6.34457424 |
| Oct 2016 | 6.31636698 |
| Nov 2016 | 6.2891235 |
| Dec 2016 | 6.26101007 |
| Jan 2017 | 6.18906946 |
| Feb 2017 | 6.12413954 |
| Mar 2017 | 6.05234088 |
| Apr 2017 | 5.85246608 |
| May 2017 | 5.64655486 |
| Jun 2017 | 5.44790211 |
| Jul 2017 | 5.28244106 |
| Aug 2017 | 5.11751836 |
| Sep 2017 | 4.9584182 |
| Oct 2017 | 4.94112558 |
| Nov 2017 | 4.92446662 |
| Dec 2017 | 4.907297 |
| Jan 2018 | 4.83929693 |
| Feb 2018 | 4.77808298 |
| Mar 2018 | 4.71050232 |
| Apr 2018 | 4.57110609 |
| May 2018 | 4.42716126 |
| Jun 2018 | 4.28796195 |
| Jul 2018 | 4.23688035 |
| Aug 2018 | 4.18590957 |
| Sep 2018 | 4.13664704 |
| Oct 2018 | 4.14557884 |
| Nov 2018 | 4.15418155 |
| Dec 2018 | 4.16299557 |
| Jan 2019 | 4.14798702 |
| Feb 2019 | 4.13446997 |
| Mar 2019 | 4.11951412 |
| Apr 2019 | 4.02813579 |
| May 2019 | 3.93386692 |
| Jun 2019 | 3.84281944 |
| Jul 2019 | 3.80144488 |
| Aug 2019 | 3.76017961 |
| Sep 2019 | 3.72032491 |
| Oct 2019 | 3.66656557 |
| Nov 2019 | 3.61460181 |
| Dec 2019 | 3.56094814 |
| Jan 2020 | 3.51876695 |
| Feb 2020 | 3.47933706 |
| Mar 2020 | 3.43725928 |
| Apr 2020 | 3.3802395 |
| May 2020 | 3.32143928 |
| Jun 2020 | 3.26465063 |
| Jul 2020 | 3.18478851 |
| Aug 2020 | 3.10515953 |
| Sep 2020 | 3.02830438 |
| Oct 2020 | 2.95595441 |
| Nov 2020 | 2.88609009 |
| Dec 2020 | 2.81408016 |
| Jan 2021 | 2.74729514 |
| Feb 2021 | 2.68697497 |
| Mar 2021 | 2.62021964 |
| Apr 2021 | 2.5176659 |
| May 2021 | 2.4120494 |
| Jun 2021 | 2.3102107 |
| Jul 2021 | 2.27230463 |
| Aug 2021 | 2.23455257 |
| Sep 2021 | 2.19814935 |
| Oct 2021 | 2.18375723 |
| Nov 2021 | 2.16986283 |
| Dec 2021 | 2.15556587 |
| Jan 2022 | 2.1152545 |
| Feb 2022 | 2.07897825 |
| Mar 2022 | 2.03896184 |
| Apr 2022 | 1.99090096 |
| May 2022 | 1.94135925 |
| Jun 2022 | 1.89351401 |
| Jul 2022 | 1.92150641 |
| Aug 2022 | 1.94942699 |
| Sep 2022 | 1.97637276 |
| Oct 2022 | 2.01374092 |
| Nov 2022 | 2.04982009 |
| Dec 2022 | 2.08701654 |
Source: CoreLogic, Inc., Real Estate Data.
Figure 2.13. New mortgage extensions to nonprime borrowers have been subdued
This is a bar graph titled ". New mortgage extensions to nonprime borrowers have been subdued.” The x-axis ranges from the years 2000 to 2022. The y-axis ranges from 0 to 1600, in billions of real dollars. There are three variables plotted. The first variable is labeled 'Subprime' and is designated by the orange bar. It ranges from around 90 to around 440 billion dollars. It starts at 278 billion dollars in 2000 and increases to around 462 billion dollars between 2001 and 2006. Then it decreases to around 132 billion dollars in 2009 and remains stable between about 100 billion dollars to 150 billion dollars through 2022. The variable ends at 97 billion dollars in 2022. The second variable is labeled 'Near prime' and is designated by the blue bars. It ranges from 278 to 1064 billions of dollars. The variable starts at around 600 billion dollars in 2000 and increases quickly, peaking at just over 1000 billion dollars in 2006 before falling from 2008 through 2012 to around 278 billion dollars. Since then, it has increased and stabilized around 490 billion dollars from 2016 to 2022, where the final observation is 468 billion dollars. The third variable is labeled 'Prime' and is designated by the black bars. It ranges from around 700 to 1570 billions of dollars. The variable starts at around 700 billion dollars in 2000 and steeply increases to a peak of around 1570 billions of dollars in 2003. The variable remains between 1200 and 1400 billion dollars from 2004 to 2007 before falling sharply from 2008 to 2012 to about 763 billion. The variable then builds back up to 900 billion dollars in 2013. It then climbs to around 1050 billion dollars in 2019, jumping to 1530 billion dollars in 2021, and ending around 1400 billion dollars in 2022.
Note: Year-over-year change in balances for the second quarter of each year among those households whose balance increased over this window. Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores were measured 1 year ago. The data are converted to constant 2022 dollars using the consumer price index. The key identifies bars in order from left to right.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 2.14. Real consumer credit edged up in the second half of 2022
This is a line chart titled "Real consumer credit edged up in the second half of 2022”. The x-axis ranges from the years 1999 to 2022. The y-axis ranges from 200 to 2000 and the units are in billions of real dollars. The data is quarterly. There are 3 variables plotted on the chart. The first variable is labeled 'Student loans' and is represented by a black line. The variable starts at around 542 billion dollars in 2005. There are two small, brief dips in 2008 and 2012 but otherwise balances steadily increase to about 1725 1780 billion dollars by 2020:Q2. The variable falls slightly and ends at 1610 in 2022:Q4. The second line is labeled 'Auto loans'; is designated by a blue line; and ranges from around 600 to around 1550 billion dollars. It starts around at around 600 in 1999 and increases to around 1230 billion dollars in 2005-2006. Auto loan balances fall slightly to around 950 in 2012 but began increasing again afterwards; the line ends at 1520 billion dollars in 2022:Q4. The last variable is labeled 'Credit cards' and is represented by a red line. It ranges from around 800 to 1200 billion dollars. Starting at around 850 billion dollars in 1999, credit cards balances increase to a little under 1000 billion dollars and remain steady for several years with a peak at around 1200 billion in 2009. Balances began to decrease after 2009 to around 840 billion dollars in 2013 and steadily increased to around just 1050 billion dollars by the end of 2019. The line varies slightly around 800 to 1000 billion dollars and ends at 970 billion dollars in 2022:Q4.
Note: The data are converted to constant 2022 dollars using the consumer price index. Student loan data begin in 2005.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 2.15. Real auto loans outstanding ticked up
This is a line chart labeled "Real auto loans outstanding ticked up". The x-axis ranges from the years 1999 to 2022, and the y-axis ranges from 100 to 800, and the units are in billions of real dollars. The data is quarterly, ending in 2022:Q4. There are 3 variables plotted on the chart. The first variable is labeled 'Prime' and is designated by a black line. It ranges from around 200 to 800 billion dollars. Auto loans to borrowers with prime credit scores started at around 200 billion dollars in 1999 and continued to increase to 512 billion dollars in the end of 2005. The series declines in 2006 until balances reached about 410 billion dollars in 2010. From 2011 onwards, the series increased, reaching around 760 billion dollars by 2022:Q4. The second variable labeled 'Near prime' is represented by a blue line and ranges from about 225 to 450 billion dollars. Starting around 225 billion dollars in 1999, the series increased to around 400 billion dollars in 2005 to 2006. The series decreased to around 270 billion dollars in 2010 before increasing again in 2011. The level was stable around 400 billion dollars since 2016, with a slight increase in 2021 to around 450 billion dollars, followed by a decline until 2022 to around 430 billion dollars where the series ends in 2022:Q4. The third variable is labeled 'Subprime,' is designated by a red line, and ranges from just under 200 to 360 billion dollars. It starts at just under 200 billion dollars in 1999 and increases to around 330 billion dollars in 2007. It decreases to around 230 billion of dollars in 2012 before beginning to increase to around 360 billion dollars in 2019. It decreases to around 300 billion dollars when the series ends in 2022:Q4.
Note: Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2022 dollars using the consumer price index.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 2.16. Auto loan delinquencies moved up in 2022 but still remained at modest levels
This chart is titled “Auto loan delinquencies moved up in 2022 but still remained at modest levels.” The x-axis ranges from 2000 to 2022. The data are measured quarterly. The y-axis ranges from 0 to 10 percent. There are two variables plotted. The first series is labeled “Delinquent” and represented by a solid black line. It begins around 3 percent and fluctuates within 1-2 percent for the next few years. It increases to around 5 percent in 2008:Q4, but then slowly decreases and hovers around 3 percent through 2019:Q1. The data decreases to around 2 percent in 2021:Q2 before returning to around 3 percent for year of 2022. The second variable is “Delinquent/loss mitigation” shown by a solid blue line. For the entirety of the plotted quarterly data, it ranges between 3 and 7.75 percent, with steady fluctuations in-between. It spikes to nearly 8 percent in early 2020, then decreases sharply to around 3.2 percent in early 2021, and increases to around 4.3 percent in 2022:Q4 where the data ends.
Note: Loss mitigation includes tradelines that have a narrative code of forbearance, natural disaster, payment deferral (including partial), loan modification (including federal government plans), or loans with no scheduled payment and a nonzero balance. Delinquent includes loans reported to the credit bureau as at least 30 days past due. The data for auto loans are reported semiannually by Risk Assessment, Data Analysis and Research until 2017, after which they are reported quarterly. The data for delinquent/loss mitigation begin in the first quarter of 2001.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.
Figure 2.17. Real credit card balances have increased in 2022, partially reversing earlier declines
This is a line chart labeled "Real credit card balances have increased in 2022, partially reversing earlier declines." The x-axis ranges from the years 1999 to 2022, and the y-axis ranges from 50 to 550 billions of real dollars. The data is quarterly, ending in 2022:Q4. There are three variables plotted on the chart. The first variable is labeled 'Prime' and is designated by a black line. It ranges from around 250 to 550 billion dollars. The series started at around 230 billion dollars in 1999 and increased to nearly 550 billion dollars in 2009. There is a slight decline from 2009 until balances were close just under 450 billion in 2012. From 2012 onwards, the series increased with fluctuations, reaching nearly 550 billion dollars at the end of 2019. It dropped to below 450 before returning to just under 550 in 2022:Q4. The second variable is labeled 'Near prime,' is represented by a blue line, and ranges from around 250 to 450 billion dollars. Starting around 400 billion dollars in 1999, the series increased to around 470 billion dollars in 2002 to 2003. Near prime balances decrease to around 410 billion dollars in 2005 and remains mostly flat until 2008 before decreasing to around 290 billion dollars in 2011. The level has risen slowly since then, nearing 340 billion dollars in 2019. It then decreases to around 290 billion dollars in 2022:Q4. The third variable is labeled 'Subprime', is designated by a red line, and ranges from around 125 to 310 billion dollars. It starts at around 230 billion dollars in 1999 and increases until reaching a peak at around 310 billion dollars in 2002. It decreases to around 220 billion dollars in 2005 before beginning to increase with fluctuations to around 280 billion dollars in 2008. It decreases to around 130 billion dollars in 2013 before slowly climbing again, reaching around 175 billion dollars in 2019:Q4. It then ends at around 150 billion dollars after a decrease into 2022:Q4.
Note: Subprime are those with an Equifax Risk Score below 620; near prime are from 620 to 719; prime are greater than 719. Scores are measured contemporaneously. The data are converted to constant 2022 dollars using the consumer price index.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 2.18. Credit card delinquencies increased but remained at low levels
This is a line chart titled "Credit card delinquencies increased but remained at low levels". The x-axis ranges from the years 2000 to 2022. The y-axis ranges from 0 to 8 percent, measuring delinquency rates on credit cards. The data are quarterly, ending in 2022:Q4. There is one variable plotted, denoted by a black line. It ranges from just under 2 to about 7.5 percent. It has been slowly increasing since 2016:Q4 to around 3 percent in 2020. Then, the series decreases to just under 2 percent before it increases to about 3 percent when the series ends in 2022:Q4.
Note: Delinquency measures the fraction of balances that are at least 30 days past due, excluding severe derogatory loans. The data are seasonally adjusted.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.
Figure 3.1. Banks’ average interest rate on interest-earning assets and average expense rate on liabilities increased
This is a line chart titled “Banks’ average interest rate on interest-earning assets and average expense rate on liabilities increased”. The x-axis measures time and ranges from years 2014 to 2022. The y-axis ranges from 0 to 6 percent. The data are quarterly ending in 2022:Q4. There are two variables plotted on the chart. The first series is labeled ‘Average interest rate on interest-earning assets’. This series is designated by a solid black line and ranges from about 3 to 5 percent. The variable begins around 3.5 percent and has a gradual increase to about 4.5 percent in the middle of 2019. There is a decline in 2020 and the series falls below 3 percent in 2021 and early 2022 before a sharp increase back to nearly 5 percent in 2022:Q4. The second series, labeled ‘Average interest expense rate on liabilities,' is designated by a solid blue line and ranges from just above 0 to 2 percent. This variable begins at about 0.5 and increases slowly to 1.3 percent, where it stays through 2019. Starting in 2020, it decreases to below 0.5 percent through 2021:Q4 before rising to its highest value just under 2 percent.
Note: Average interest rate on interest-earning assets is total interest income divided by total interest-earning assets. Average interest expense rate on liabilities is total interest expense divided by total liabilities. The data for average interest expense rate begin in 2014:Q2. The shaded bar with a top cap indicates a period of business recession as defined by the National Bureau of Economic Research: February 2020–April 2020.
Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.
Figure 3.2. The fair values of banks’ securities portfolios declined in 2022 as interest rates rose
Billions of dollars
| Date | Available-for-sale securities | Held-to-maturity securities |
|---|---|---|
| 2017 Q1 | -8.111687 | -4.757101 |
| 2017 Q2 | 3.276907 | -0.197852 |
| 2017 Q3 | 5.96604 | 1.161399 |
| 2017 Q4 | -5.073407 | -3.89542 |
| 2018 Q1 | -34.108959 | -20.489418 |
| 2018 Q2 | -40.477314 | -25.780933 |
| 2018 Q3 | -52.284694 | -32.27547 |
| 2018 Q4 | -29.390411 | -17.393425 |
| 2019 Q1 | -2.531019 | -2.091482 |
| 2019 Q2 | 22.8859 | 13.514615 |
| 2019 Q3 | 33.211495 | 21.081869 |
| 2019 Q4 | 28.134693 | 16.540752 |
| 2020 Q1 | 69.986467 | 36.415014 |
| 2020 Q2 | 91.677161 | 40.825215 |
| 2020 Q3 | 88.526919 | 38.224622 |
| 2020 Q4 | 85.19464 | 37.329579 |
| 2021 Q1 | 30.931676 | 1.789038 |
| 2021 Q2 | 41.78459 | 12.171575 |
| 2021 Q3 | 28.36388 | 3.048497 |
| 2021 Q4 | 3.009541 | -9.412761 |
| 2022 Q1 | -148.112222 | -141.441858 |
| 2022 Q2 | -224.450242 | -241.189052 |
| 2022 Q3 | -318.536495 | -367.181289 |
| 2022 Q4 | -277.069951 | -341.325573 |
Note: The figure plots the difference between the fair and amortized cost values of the securities. Sample consists of all bank holding companies and commercial banks. The key identifies bars in order from top to bottom (except for some bars with at least one negative value).
Source: Federal Financial Institutions Examination Council, Call Report Form FFIEC 031, Consolidated Reports of Condition and Income (Call Report); Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.
Figure A. Bank stock prices and stock indexes
This figure’s title is "Stock prices of selected banks and indexes." The x-axis ranges from Feb 1, 2023 to April 21, 2023. The units of the x-axis represent business days with x-tick marks representing every 5 business days beginning February 1, 2023. There is an additional x-axis event line denoting March 8, 2023 and this line runs vertical. The y-axis ranges from 0 to 120 where the y-label notes that “Feb 1, 2023 = 100.” The y-units represent stock or index price normalized compared to their price on Feb 1. The figure shows a time series of categories normalized by their price on February 1, 2023 such that Feb 1 = 100 for all series. The first category is labeled "S&P500 index" and is denoted by a solid black line. The series hovers around 100 until March 8, drops to around 95 by March 13, then recovers back to around the 100 level by the end of series on April 21. The second series is labeled "KBW Nasdaq Regional Banking Index" and is denoted by a dashed blue line. It begins on Feb 1 at 100 but drops slightly to around 95 by March 8, where it decreases to about 80 by March 13. The line then hovers slightly below 80 until the end of the series of April 21. The third series is labeled "KBW Nasdaq Bank Index" and is denoted by a dotted red line. It begins on Feb 1 at 100 but drops slightly to around 90 by March 8 where it sharply decreases to around 70 by March 13. The line then slightly increases then hovers around 75 until the end of the series on April 21. The fourth series is labeled "Silicon Valley Bank" and is denoted by a dotted green line. The series begins around the 100 level until February 15, where it dops slightly to around 85 by March 8. The series then decreases sharply to around 35 on March 9 and does not continue past this date. The fifth series is labeled "Signature Bank" and is denoted by a solid blue line. The series begins at 100 but then steadily declines to around 85 by March 8. It then falls sharply to around 50 by March 10 and does not continue after this date. The sixth series is labeled "Credit Suisse" and is denoted by a dotted black line. The series beings at 100 on February 1 then sharply falls to around 85 by February 8. The series then hovers around 80 until March 8, then drops steadily to around 50 by March 17. The series does not continue past this date. The final series is labeled "First Republic" and is denoted by a dark red dashed line. The series begins at 100 and then steadily drops to around 80 by March 8. The series then drastically falls to around 20 by March 13, rebounds slightly to around 25 on March 14, then falls to less than 10 on March 17. The line then hovers around slightly less than 10 until the end of series on April 21.
Note: Stock prices are not reported on or after the day of bank failure.
Source: Center for Research in Security Prices, CRSP/Compustat Merged Database, Wharton Research Data Services; Federal Reserve of St Louis, Federal Reserve Economic Data.
Figure B. Peak 1-day withdrawal rates for runs on the largest banks, by inflation-adjusted total assets
Percent of pre-run deposits
| Bank | Date | Effective outflow | Scheduled or expected outflow |
|---|---|---|---|
| Washington Mutual | Sept. 18, 2008 | 2.22 | 0 |
| Silicon Valley Bank | Mar. 9, 2023 | 26.01 | 0 |
| Silicon Valley Bank | Mar. 10, 2023 | 0 | 61.92 |
| Signature Bank | Mar. 10, 2023 | 20.09 | 0 |
| Continental Illinois | May 17, 1984 | 7.8 | 0 |
Note: Banks are sorted by inflation-adjusted total assets from left to right.
Sources: For Washington Mutual, Jonathan D Rose (2015), "Old-Fashioned Deposit Runs,"" Finance and Economics Discussion Series 2015-111 (Washington: Board of Governors of the Federal Reserve System, December) . For Silicon Valley Bank, Financial Institutions Examination Council, Consolidated Reports of Condition and Income; California Department of Financial Protection and Innovation (2023), “Order Taking Possession of Property and Business” (San Francisco: DFPI, March 10); and Board of Governors of the Federal Reserve System (2023), Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (Washington: Board of Governors, April). For Signature Bank, Federal Deposit Insurance Corporation (2023), FDIC’s Supervision of Signature Bank, (Washington: FDIC, April) . For Continental Illinois, Mark Carlson and Jonathan Rose (2019), “The Incentives of Large Sophisticated Creditors to Run on a Too Big to Fail Financial Institution,” Journal of Financial Stability, vol . 41 (April), pp . 91–104.
Figure 3.3. Banks’ risk-based capital ratio remained near the median level since the 2007–09 financial crisis
Percent of risk-weighted assets
| Date | G-SIBs | Large non-G-SIBs | Other BHCs |
|---|---|---|---|
| 2001 Q1 | 7.28798089707008 | 7.55709420646915 | 9.30569103760348 |
| 2001 Q2 | 7.2181116542044 | 7.54263687124086 | 9.42981755258611 |
| 2001 Q3 | 6.95305890025241 | 7.40808081006184 | 9.58280779297182 |
| 2001 Q4 | 7.10992833201515 | 7.38773758389363 | 8.92439317931481 |
| 2002 Q1 | 7.41840241704874 | 7.5346904051663 | 8.92742264882756 |
| 2002 Q2 | 7.22557252044691 | 7.62711847163921 | 8.97168359468582 |
| 2002 Q3 | 7.43627071759417 | 7.73162695677415 | 8.98310143097659 |
| 2002 Q4 | 7.12963836432242 | 7.56770459556846 | 8.91785466449603 |
| 2003 Q1 | 7.20583029284849 | 7.71999699765903 | 9.11084457869308 |
| 2003 Q2 | 7.11211814627463 | 7.6042379720915 | 9.05447110691179 |
| 2003 Q3 | 7.4780120766182 | 7.62229593312828 | 9.09265452865114 |
| 2003 Q4 | 7.29965440812706 | 7.68027619956347 | 9.02653332601679 |
| 2004 Q1 | 7.33621367855246 | 7.24057290009749 | 9.20576330294627 |
| 2004 Q2 | 6.90838128317484 | 7.21127973470472 | 8.94267700926759 |
| 2004 Q3 | 7.14473413299662 | 7.21709306004778 | 8.83291366533891 |
| 2004 Q4 | 7.3133719456141 | 7.40613314695581 | 8.6834724666289 |
| 2005 Q1 | 7.34975663905301 | 7.41457229861443 | 8.65098589670098 |
| 2005 Q2 | 7.09464731505156 | 7.48634645080255 | 8.55918095499621 |
| 2005 Q3 | 7.22262341957824 | 7.48700040171642 | 8.5845111034525 |
| 2005 Q4 | 7.25090429252952 | 7.44677644184731 | 8.34689935624101 |
| 2006 Q1 | 7.36499220106886 | 7.57749011685717 | 8.38231579233146 |
| 2006 Q2 | 7.15372541077383 | 7.58466332984724 | 8.38434341518486 |
| 2006 Q3 | 7.2672921484516 | 7.70825999388123 | 8.27933299233623 |
| 2006 Q4 | 7.32412332921488 | 7.44984540462722 | 8.40224273246245 |
| 2007 Q1 | 7.2528515864007 | 7.29429658824253 | 8.48831822142196 |
| 2007 Q2 | 6.84372376604504 | 7.08725255576021 | 8.32330347833325 |
| 2007 Q3 | 6.56298558526571 | 6.84066946026419 | 8.23129819912514 |
| 2007 Q4 | 5.77140237558933 | 6.57735522825521 | 7.96728443711993 |
| 2008 Q1 | 5.58678944592243 | 6.59871300849547 | 7.9297937937565 |
| 2008 Q2 | 5.47096459328894 | 6.41094965184797 | 8.00160470561265 |
| 2008 Q3 | 5.14399897928663 | 6.53834300007477 | 7.95434722487448 |
| 2008 Q4 | 4.62303785116968 | 6.39239131317386 | 7.91214343421969 |
| 2009 Q1 | 5.12022981175033 | 6.67401191092142 | 7.96671918476829 |
| 2009 Q2 | 6.34143063002069 | 7.31497529844833 | 8.04959080672336 |
| 2009 Q3 | 7.80602426222285 | 7.70383651469497 | 8.6649193719902 |
| 2009 Q4 | 8.26410853767652 | 7.89619839268403 | 8.97027856176826 |
| 2010 Q1 | 8.79770198478353 | 8.38646770745441 | 9.4945725799356 |
| 2010 Q2 | 9.11288042920514 | 8.65596746352526 | 10.0482124905369 |
| 2010 Q3 | 9.46966253390055 | 9.07631326883473 | 10.3668599013794 |
| 2010 Q4 | 9.79404556171431 | 9.58498751773462 | 10.6883514615717 |
| 2011 Q1 | 10.1186528843009 | 9.87245462702669 | 11.0058083615703 |
| 2011 Q2 | 10.151620812206 | 10.1832204223822 | 11.2115228063923 |
| 2011 Q3 | 10.1585326795932 | 10.1662080339399 | 11.2860067449836 |
| 2011 Q4 | 10.5427734569054 | 10.258726283159 | 11.4551755063184 |
| 2012 Q1 | 11.1645067764127 | 10.4623750135053 | 11.9081179472526 |
| 2012 Q2 | 11.1686897654526 | 10.3955868382306 | 12.2360496089384 |
| 2012 Q3 | 11.3826331669745 | 10.5603390219347 | 12.3100256617126 |
| 2012 Q4 | 11.60646423826 | 10.6116827872415 | 12.1153477225377 |
| 2013 Q1 | 11.0615502222788 | 10.8542125228907 | 12.2131695491579 |
| 2013 Q2 | 11.1465462181903 | 11.0580855126804 | 12.1166698409845 |
| 2013 Q3 | 11.3868883046359 | 11.2139977735784 | 12.3379772064474 |
| 2013 Q4 | 11.5306358135063 | 11.291819658786 | 12.3005175630989 |
| 2014 Q1 | 12.6165364458356 | 11.4609622097156 | 12.3415781027334 |
| 2014 Q2 | 11.5413280078463 | 11.4834544700167 | 12.1538802088662 |
| 2014 Q3 | 11.6481524906695 | 11.5272687739553 | 12.1795543865394 |
| 2014 Q4 | 11.6334890111107 | 11.5210040524689 | 12.1219317792526 |
| 2015 Q1 | 11.6281043458994 | 11.4491127667968 | 11.9787314657768 |
| 2015 Q2 | 11.7831826878222 | 11.3367924606176 | 11.9544146550031 |
| 2015 Q3 | 12.0542559071883 | 11.3823630793192 | 11.9024524654545 |
| 2015 Q4 | 11.9292919087806 | 11.2958147154032 | 11.7949743362373 |
| 2016 Q1 | 12.0610980264697 | 11.2854944850364 | 11.6816085387828 |
| 2016 Q2 | 12.0271096265491 | 11.3871942831657 | 11.6182228039176 |
| 2016 Q3 | 12.1659171622725 | 11.3628280854827 | 11.7669948769732 |
| 2016 Q4 | 12.3162656951633 | 11.3788443648971 | 11.9100717071417 |
| 2017 Q1 | 12.5717656394783 | 11.5680340903419 | 12.0211238762827 |
| 2017 Q2 | 12.5658836781172 | 11.4488494146493 | 12.0345902903888 |
| 2017 Q3 | 12.6483192687752 | 11.4674266140508 | 12.0436514272078 |
| 2017 Q4 | 12.2497881654989 | 11.3245398574351 | 11.9704233618632 |
| 2018 Q1 | 12.0560147188141 | 11.115888794279 | 12.0789566960184 |
| 2018 Q2 | 11.9717440809385 | 11.2605447688803 | 12.1011102915565 |
| 2018 Q3 | 12.0714500311489 | 11.2379591384889 | 12.1801868117256 |
| 2018 Q4 | 12.0627680437216 | 11.2838561759934 | 12.1022234685243 |
| 2019 Q1 | 12.4231072990768 | 11.4279041393925 | 12.2595895212543 |
| 2019 Q2 | 12.2491936519785 | 11.3673658216868 | 12.1589091022227 |
| 2019 Q3 | 12.1105245168183 | 11.311309555068 | 12.1684523261035 |
| 2019 Q4 | 11.9416454000659 | 11.1764755715085 | 12.2466360812155 |
| 2020 Q1 | 11.5930614955811 | 11.0338612962332 | 11.8345930745078 |
| 2020 Q2 | 11.8683370960779 | 11.4620448872289 | 12.0650070513067 |
| 2020 Q3 | 12.4640104291514 | 11.7782617187263 | 12.1902835410095 |
| 2020 Q4 | 12.454853641675 | 12.0609156329959 | 12.4740704247332 |
| 2021 Q1 | 12.7238935565162 | 12.3917539371597 | 12.7951738178762 |
| 2021 Q2 | 12.4505128644048 | 12.2126600299755 | 12.8636149595774 |
| 2021 Q3 | 12.3550499229511 | 12.0844989401813 | 12.81302444244 |
| 2021 Q4 | 12.2013356887482 | 11.69965178566 | 12.6099705998179 |
| 2022 Q1 | 11.7759456296397 | 11.4473646377679 | 12.4746072509825 |
| 2022 Q2 | 11.6533882901729 | 11.1792642454915 | 12.1408603607861 |
| 2022 Q3 | 11.9763345257488 | 11.0376237859757 | 12.062599715037 |
| 2022 Q4 | 12.1930410383037 | 10.854289371002 | 12.068022162199 |
Note: The data are seasonally adjusted by Federal Reserve Board staff. Sample consists of domestic bank holding companies (BHCs) and intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence. G-SIBs are global systemically important banks. Large non–G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. Before 2014:Q1 (advanced-approaches BHCs) or before 2015:Q1 (non-advanced-approaches BHCs), the numerator of the common equity Tier 1 ratio is Tier 1 common capital. Afterward, the numerator is common equity Tier 1 capital. The denominator is risk-weighted assets. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.
Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.
Figure 3.4. The ratio of tangible common equity to tangible assets increased for global systemically important banks but decreased for other banks
Percent of tangible assets
| Date | GSIBs | Large non-G-SIBs | Other BHCs |
|---|---|---|---|
| 1985 Q1 | 4.7237088709188 | 4.85356459815094 | 6.43165691425372 |
| 1985 Q2 | 4.59125345770151 | 4.63487729060401 | 6.28977138889605 |
| 1985 Q3 | 4.79523451561782 | 4.54620817720596 | 6.337779332488 |
| 1985 Q4 | 4.95967608741877 | 4.49022283599042 | 6.37388242229767 |
| 1986 Q1 | 4.93146188226754 | 4.52353680905428 | 6.48089582560272 |
| 1986 Q2 | 5.07004072298375 | 4.38760472393257 | 6.32070639711097 |
| 1986 Q3 | 5.27967283408765 | 4.56389327029598 | 6.36281200614292 |
| 1986 Q4 | 4.99029187639708 | 5.20979454423269 | 6.19829272678134 |
| 1987 Q1 | 5.05441602182307 | 6.09113626922849 | 6.33589781463836 |
| 1987 Q2 | 4.48201560368126 | 4.6476211196171 | 5.89302895620788 |
| 1987 Q3 | 4.30531450516138 | 4.84928262897134 | 5.99998296098831 |
| 1987 Q4 | 4.49699357783084 | 4.92219401832028 | 6.02162723827163 |
| 1988 Q1 | 4.54001116017465 | 5.13030960337157 | 5.99163982571866 |
| 1988 Q2 | 4.75340541154763 | 5.10607130712286 | 5.99285600340028 |
| 1988 Q3 | 4.4821089551021 | 5.10490783979604 | 6.11652592788053 |
| 1988 Q4 | 5.09656228088211 | 5.4233790440687 | 6.24481018671899 |
| 1989 Q1 | 5.08673220561322 | 5.32766057257529 | 6.31911777687453 |
| 1989 Q2 | 5.23945230260606 | 5.34174745841489 | 6.29073610102342 |
| 1989 Q3 | 4.95927441855786 | 5.17161980582769 | 6.20454543918887 |
| 1989 Q4 | 4.84010345687516 | 4.70075444207095 | 6.21562613177609 |
| 1990 Q1 | 4.93437274031224 | 4.65452408225931 | 6.28923772873769 |
| 1990 Q2 | 4.96534860846624 | 4.80802026994104 | 6.24133727583732 |
| 1990 Q3 | 4.82584433686173 | 4.87344967488032 | 6.2530386750788 |
| 1990 Q4 | 4.90428514134216 | 5.21465782769067 | 6.30896505467446 |
| 1991 Q1 | 5.06667765113433 | 5.27185599703929 | 6.42680312731554 |
| 1991 Q2 | 4.85324956274166 | 5.26829451399185 | 6.45471612614292 |
| 1991 Q3 | 4.81141178199701 | 4.81735287016918 | 6.51446297329968 |
| 1991 Q4 | 5.01136917248809 | 4.87615956328495 | 6.67984757707894 |
| 1992 Q1 | 5.47309079030955 | 4.77193195995496 | 6.79243428390552 |
| 1992 Q2 | 5.60634551117032 | 4.78766952621649 | 7.09774330430214 |
| 1992 Q3 | 5.68863165211333 | 5.03767882851918 | 7.23827094132403 |
| 1992 Q4 | 5.79370335704894 | 5.88616221274403 | 7.3964060663714 |
| 1993 Q1 | 6.00090930612608 | 6.13830378340153 | 7.5767082138859 |
| 1993 Q2 | 6.16893919764784 | 6.07781687933323 | 7.70653885862229 |
| 1993 Q3 | 6.3330020582721 | 6.21131442537914 | 7.74096069068731 |
| 1993 Q4 | 6.45876883455897 | 6.54754075981692 | 7.86003404887158 |
| 1994 Q1 | 5.95721574173736 | 5.74091577991539 | 7.79238348947851 |
| 1994 Q2 | 6.05870973027227 | 5.82678191073681 | 7.69301505778348 |
| 1994 Q3 | 5.85485701124102 | 6.10681640419658 | 7.73160587199826 |
| 1994 Q4 | 5.49608753971058 | 6.29087505686156 | 7.62321518005924 |
| 1995 Q1 | 5.30748211905843 | 5.87608238296238 | 7.74316251945215 |
| 1995 Q2 | 5.52538727362049 | 6.2276759968217 | 7.80609574134151 |
| 1995 Q3 | 5.57403951758764 | 6.25718493363703 | 7.87220166264624 |
| 1995 Q4 | 5.654076616403 | 6.31448352397093 | 7.94419295475057 |
| 1996 Q1 | 5.92437356439526 | 6.30998522197982 | 7.95063575902324 |
| 1996 Q2 | 5.7787559270633 | 6.26928685513284 | 7.8165707901499 |
| 1996 Q3 | 5.97686384003032 | 6.18268743530105 | 7.76277578639122 |
| 1996 Q4 | 5.77551540290233 | 6.12091214513455 | 7.77612322144828 |
| 1997 Q1 | 5.40807590724954 | 6.03904704100707 | 7.81855038320026 |
| 1997 Q2 | 5.32094108278849 | 5.89211085667613 | 7.72836478926663 |
| 1997 Q3 | 5.40306157004381 | 5.81657378668225 | 7.76497401145696 |
| 1997 Q4 | 5.32783199792995 | 5.80034422094241 | 7.82386167487895 |
| 1998 Q1 | 5.414585831434 | 5.62375485441717 | 7.83824174097702 |
| 1998 Q2 | 5.772072433707 | 5.629634790111 | 7.86762209558505 |
| 1998 Q3 | 5.93929326706571 | 5.5029053716923 | 7.82339446568351 |
| 1998 Q4 | 5.68564645120293 | 5.51154270673543 | 7.77577949992251 |
| 1999 Q1 | 5.77052812667777 | 5.67466924670892 | 7.72438824366544 |
| 1999 Q2 | 5.70790929095797 | 5.5847674783547 | 7.61768578940981 |
| 1999 Q3 | 5.77067681364251 | 5.54299963215503 | 7.51638675000577 |
| 1999 Q4 | 5.62390841378944 | 5.33253270666682 | 7.37341079411162 |
| 2000 Q1 | 5.67913101697044 | 5.23986163350551 | 7.32239209294374 |
| 2000 Q2 | 5.42713665351368 | 5.10771775738573 | 7.37709532807998 |
| 2000 Q3 | 5.52325537138311 | 5.4058902268505 | 7.4812010891243 |
| 2000 Q4 | 5.53887301599062 | 5.87843486575849 | 7.7184710990451 |
| 2001 Q1 | 4.88606502141708 | 5.70420503946666 | 7.57548628312507 |
| 2001 Q2 | 4.82321492352177 | 5.09857700157903 | 7.72071101292242 |
| 2001 Q3 | 4.46318349150256 | 5.02428879195926 | 7.89500287874762 |
| 2001 Q4 | 4.62513244786752 | 4.78132104503 | 7.76456099551383 |
| 2002 Q1 | 4.55824754501541 | 4.90613702593394 | 7.81837593514188 |
| 2002 Q2 | 4.67825847202571 | 5.08919875822492 | 7.94595295389432 |
| 2002 Q3 | 4.84366476483573 | 5.33635441580815 | 7.95095391038066 |
| 2002 Q4 | 4.79803714164231 | 5.41476639716279 | 7.97379598800855 |
| 2003 Q1 | 4.72398322621056 | 5.40882348480732 | 7.94186623484679 |
| 2003 Q2 | 4.77270374460117 | 5.32563068451466 | 7.76780105248557 |
| 2003 Q3 | 4.71501303165754 | 5.25642160494888 | 7.71423072060422 |
| 2003 Q4 | 4.53825717358464 | 5.27541673527332 | 7.75244758277061 |
| 2004 Q1 | 4.50529041304721 | 5.35914860500104 | 7.98018282801089 |
| 2004 Q2 | 4.03764036048786 | 4.75019587691012 | 7.5859483314235 |
| 2004 Q3 | 4.30482244014643 | 4.42903803329308 | 7.96682307137876 |
| 2004 Q4 | 4.41532320152134 | 4.23409230990107 | 8.15691409299721 |
| 2005 Q1 | 4.21817029153203 | 3.86778883199594 | 7.97949587525175 |
| 2005 Q2 | 4.33169902692178 | 4.35190685404607 | 8.138196628078 |
| 2005 Q3 | 4.29552238784801 | 3.99745610782647 | 8.05965161692807 |
| 2005 Q4 | 4.22919132410551 | 4.13105373303937 | 7.94956307831675 |
| 2006 Q1 | 4.03655438363319 | 3.74809905746012 | 7.85932035984816 |
| 2006 Q2 | 3.88060024868593 | 3.68248620240664 | 7.82137761837692 |
| 2006 Q3 | 4.06897402742052 | 3.89681098418779 | 8.03387314500217 |
| 2006 Q4 | 4.01169620829711 | 4.29165240079981 | 8.02473201434802 |
| 2007 Q1 | 3.80455376694069 | 4.20752197006904 | 7.98683416268728 |
| 2007 Q2 | 3.51144348458793 | 4.13516392672993 | 7.91135478032789 |
| 2007 Q3 | 3.38824027580952 | 4.22821486977363 | 7.90930103943964 |
| 2007 Q4 | 3.13549709320522 | 3.96069612506007 | 7.92737227397279 |
| 2008 Q1 | 2.91411268982261 | 3.6757284917324 | 7.93553864243601 |
| 2008 Q2 | 2.8592787678037 | 3.70473663561832 | 7.78662942060459 |
| 2008 Q3 | 2.24332602842351 | 3.49648874384641 | 7.59233610902086 |
| 2008 Q4 | 2.27310315928882 | 3.64065359524167 | 7.52143309505574 |
| 2009 Q1 | 2.67933520981887 | 4.01481192915341 | 7.53828541670217 |
| 2009 Q2 | 3.36188539437184 | 4.62884990355618 | 7.58942728210963 |
| 2009 Q3 | 4.30843170047897 | 4.80684165900717 | 7.8860499574582 |
| 2009 Q4 | 4.69336593690793 | 4.78017658119808 | 8.05690023375688 |
| 2010 Q1 | 4.7639103444209 | 4.79979428442565 | 8.31844363954323 |
| 2010 Q2 | 5.21045490067188 | 5.39744794575463 | 8.61869691853684 |
| 2010 Q3 | 5.46843083972949 | 5.63320853238453 | 8.79878576493679 |
| 2010 Q4 | 5.59684825937364 | 6.40684078977532 | 8.76721803477468 |
| 2011 Q1 | 5.69597338582748 | 6.65662051736126 | 8.93811340352063 |
| 2011 Q2 | 5.84811398071342 | 6.93273953195532 | 9.15426894885716 |
| 2011 Q3 | 6.05388503905373 | 7.23154201008738 | 9.27734559303667 |
| 2011 Q4 | 6.28922545175536 | 7.19133569790062 | 9.4370669153873 |
| 2012 Q1 | 6.35208307079801 | 7.29941392337569 | 9.48859885156612 |
| 2012 Q2 | 6.57100876096896 | 7.41626213083261 | 9.64147823972927 |
| 2012 Q3 | 6.71459239860791 | 7.57191211033028 | 9.6940963270237 |
| 2012 Q4 | 6.70852374349484 | 7.55931027232255 | 9.56658594499532 |
| 2013 Q1 | 6.78531698956402 | 7.82698460552213 | 9.71500072850035 |
| 2013 Q2 | 6.77324143681927 | 7.78545897164622 | 9.56720023126006 |
| 2013 Q3 | 6.80179682275397 | 7.91253678830174 | 9.5983966024266 |
| 2013 Q4 | 6.92711934007666 | 8.01943043040757 | 9.69182917957467 |
| 2014 Q1 | 6.98870974686852 | 8.15069939469183 | 9.73542581001662 |
| 2014 Q2 | 7.08530749919026 | 8.31072836796416 | 9.87481717080878 |
| 2014 Q3 | 7.18419700408077 | 8.33369389531421 | 9.69539122449216 |
| 2014 Q4 | 7.2120544016271 | 8.28820456866128 | 9.69343786605179 |
| 2015 Q1 | 7.29572249496211 | 8.42378973767747 | 9.73095895675589 |
| 2015 Q2 | 7.45608697217242 | 8.33178074867189 | 9.72519960911116 |
| 2015 Q3 | 7.63917574930302 | 8.55437915169276 | 9.74771159798438 |
| 2015 Q4 | 7.7727819949132 | 8.38162059958729 | 9.71866180946166 |
| 2016 Q1 | 7.74309580695799 | 8.48853677318935 | 9.79538515769193 |
| 2016 Q2 | 7.76489425051964 | 8.55478643339289 | 9.80361596343386 |
| 2016 Q3 | 7.77272553923029 | 8.34657077792927 | 9.78684230849598 |
| 2016 Q4 | 7.71780747261041 | 8.2230555351772 | 9.54423006773819 |
| 2017 Q1 | 7.64431962433969 | 8.2808009426581 | 9.71917370969968 |
| 2017 Q2 | 7.7169206519714 | 8.26112738467232 | 9.80428169390887 |
| 2017 Q3 | 7.68603656324499 | 8.39021184694146 | 9.79968539648024 |
| 2017 Q4 | 7.36272223162835 | 8.24158405568752 | 9.6301030403722 |
| 2018 Q1 | 7.17475347761294 | 8.19198399651527 | 9.62046755397736 |
| 2018 Q2 | 7.29377177392645 | 8.274877673441 | 9.65345473682343 |
| 2018 Q3 | 7.19967062894261 | 8.25712162813239 | 9.68829725803103 |
| 2018 Q4 | 7.22233261862194 | 8.2835994704377 | 9.68797654141241 |
| 2019 Q1 | 7.20822327126357 | 8.4378038716314 | 10.0271933235614 |
| 2019 Q2 | 7.21289142527361 | 8.6277090899251 | 10.1566234650881 |
| 2019 Q3 | 7.04144574252191 | 8.63417532030175 | 10.1190117437317 |
| 2019 Q4 | 7.00196194538865 | 8.45966605569489 | 9.9687373834289 |
| 2020 Q1 | 6.31113217781476 | 7.87080503343904 | 9.75179754308152 |
| 2020 Q2 | 6.24589317866425 | 7.90828274752286 | 9.20889454423436 |
| 2020 Q3 | 6.43160724786446 | 8.12256619044583 | 9.27948074587729 |
| 2020 Q4 | 6.37096620745956 | 8.18117854835424 | 9.16779445537611 |
| 2021 Q1 | 6.07564066257491 | 7.94843141198312 | 9.04560609019218 |
| 2021 Q2 | 6.15804651088797 | 7.9722611260037 | 9.22292181177787 |
| 2021 Q3 | 6.02088844643775 | 7.84187908703725 | 9.26649793130838 |
| 2021 Q4 | 6.04408015409337 | 7.52077938331987 | 8.87011683742838 |
| 2022 Q1 | 5.62199716508929 | 6.8621857386447 | 8.37876475315015 |
| 2022 Q2 | 5.76385837997458 | 6.49176821439841 | 8.04851838813456 |
| 2022 Q3 | 5.83075157091703 | 5.99489640452062 | 7.69924884837303 |
| 2022 Q4 | 6.05508355283436 | 5.9308402559084 | 7.64560195003322 |
Note: The data are seasonally adjusted by Federal Reserve Board staff. Sample consists of domestic bank holding companies (BHCs), intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence, and commercial banks. G-SIBs are global systemically important banks. Large non–G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. Bank equity is total equity capital net of preferred equity and intangible assets. Bank assets are total assets net of intangible assets. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990–March 1991, March 2001–November 2001, December 2007–June 2009, and February 2020–April 2020.
Source: For data through 1996, Federal Financial Institutions Examination Council, Call Report Form FFIEC 031, Consolidated Reports of Condition and Income (Call Report). For data from 1997 onward, Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies; and Federal Financial Institutions Examination Council, Call Report Form FFIEC 031, Consolidated Reports of Condition and Income (Call Report).
Figure 3.5. Borrower leverage for bank commercial and industrial loans continued to decrease
This is a line chart titled "Borrower leverage for bank commercial and industrial loans continued to decrease." The x-axis measures time and ranges from years 2013 to 2022. The y-axis ranges from 24 to 36 and shows debt percentage of assets. The data are quarterly and conclude in 2022:Q4. There are two variables plotted. The first line, labeled 'Non-publicly-traded firms,' is designated by a solid blue line, and ranges from about 30 to 34 percentage points. This variable begins near 32 percentage points, dips to about 30 percentage points towards the end of 2013, rises slowly to 34 percentage points through 2019 before decreasing back down to 33 percentage points where it hovered through 2020. It decreased throughout 2021, but started to level off in 2022 and ended just under 31 percentage points in 2022:Q4. The second line, labeled 'Publicly traded firms,' is designated by a solid black line and ranges from about 24 to 31 percentage points. This variable begins at about 25 percentage points and increases to 31 percentage points in 2020. Then, it decreases to below 30 percent through 2022:Q4.
Note: The figure shows the weighted median leverage of nonfinancial firms that borrow using commercial and industrial loans from the 24 banks that have filed in every quarter since 2013:Q1. Leverage is measured as the ratio of the book value of total debt to the book value of total assets of the borrower, as reported by the lender, and the median is weighted by committed amounts.
Source: Federal Reserve Board, Form FR Y-14Q (Schedule H.1), Capital Assessments and Stress Testing.
Figure 3.6. Lending standards for bank commercial and industrial loans have tightened
Net percentage of banks reporting
| date | Net percentage |
|---|---|
| 1997 Q1 | -1.82 |
| 1997 Q2 | 0.58 |
| 1997 Q3 | -9.55 |
| 1997 Q4 | 0.08 |
| 1998 Q1 | 0.37 |
| 1998 Q2 | 9.85 |
| 1998 Q3 | 57.93 |
| 1998 Q4 | 14.97 |
| 1999 Q1 | 7.33 |
| 1999 Q2 | 4.26 |
| 1999 Q3 | 9.6 |
| 1999 Q4 | 8.89 |
| 2000 Q1 | 15.76 |
| 2000 Q2 | 35.03 |
| 2000 Q3 | 67.99 |
| 2000 Q4 | 79.92 |
| 2001 Q1 | 49.17 |
| 2001 Q2 | 45.29 |
| 2001 Q3 | 65.54 |
| 2001 Q4 | 54.6 |
| 2002 Q1 | 21.48 |
| 2002 Q2 | 40.09 |
| 2002 Q3 | 33.34 |
| 2002 Q4 | 34.04 |
| 2003 Q1 | 14.76 |
| 2003 Q2 | -4.62 |
| 2003 Q3 | -8.93 |
| 2003 Q4 | -34.86 |
| 2004 Q1 | -34.36 |
| 2004 Q2 | -34.51 |
| 2004 Q3 | -34.45 |
| 2004 Q4 | -56.35 |
| 2005 Q1 | -32.87 |
| 2005 Q2 | -24.89 |
| 2005 Q3 | -14.66 |
| 2005 Q4 | -5.69 |
| 2006 Q1 | -34.83 |
| 2006 Q2 | -13.18 |
| 2006 Q3 | -12.98 |
| 2006 Q4 | -9.47 |
| 2007 Q1 | -20.52 |
| 2007 Q2 | 11.15 |
| 2007 Q3 | 33.07 |
| 2007 Q4 | 35.31 |
| 2008 Q1 | 58.04 |
| 2008 Q2 | 57.88 |
| 2008 Q3 | 87.52 |
| 2008 Q4 | 63.89 |
| 2009 Q1 | 13.52 |
| 2009 Q2 | 5.89 |
| 2009 Q3 | 4.92 |
| 2009 Q4 | -12.91 |
| 2010 Q1 | -14.76 |
| 2010 Q2 | -15.29 |
| 2010 Q3 | -8.36 |
| 2010 Q4 | -17.51 |
| 2011 Q1 | -21.84 |
| 2011 Q2 | -21.25 |
| 2011 Q3 | -0.76 |
| 2011 Q4 | 2.72 |
| 2012 Q1 | -16.29 |
| 2012 Q2 | -9.8 |
| 2012 Q3 | -2.87 |
| 2012 Q4 | -3.63 |
| 2013 Q1 | -19.11 |
| 2013 Q2 | -22.15 |
| 2013 Q3 | -11.43 |
| 2013 Q4 | -11.27 |
| 2014 Q1 | -6.71 |
| 2014 Q2 | -9.37 |
| 2014 Q3 | -6.2 |
| 2014 Q4 | -2.88 |
| 2015 Q1 | -2.02 |
| 2015 Q2 | 1.72 |
| 2015 Q3 | 4.02 |
| 2015 Q4 | 9.26 |
| 2016 Q1 | 8.68 |
| 2016 Q2 | 9.45 |
| 2016 Q3 | 1.71 |
| 2016 Q4 | -5.87 |
| 2017 Q1 | -0.25 |
| 2017 Q2 | -0.31 |
| 2017 Q3 | -5.65 |
| 2017 Q4 | -19.17 |
| 2018 Q1 | -22.22 |
| 2018 Q2 | -15.38 |
| 2018 Q3 | -16.22 |
| 2018 Q4 | -5.87 |
| 2019 Q1 | -6.6 |
| 2019 Q2 | -14.73 |
| 2019 Q3 | 1.14 |
| 2019 Q4 | -8.37 |
| 2020 Q1 | 45.91 |
| 2020 Q2 | 70.79 |
| 2020 Q3 | 27.63 |
| 2020 Q4 | -24.76 |
| 2021 Q1 | -41.5 |
| 2021 Q2 | -54.7 |
| 2021 Q3 | -27.31 |
| 2021 Q4 | -13.65 |
| 2022 Q1 | -4.89 |
| 2022 Q2 | 16.26 |
| 2022 Q3 | 37.59 |
| 2022 Q4 | 29.57 |
Note: Banks' responses are weighted by their commercial and industrial loan market shares. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked about the changes over the quarter. Results are shown for loans to large and medium-sized firms. The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: March 2001-November 2001, December 2007-June 2009, and February 2020-April 2020. Horizonal line marked at zero, data points above zero to 100 are labeled Tightening and data points below zero to -100 are labeled Easing.
Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; Federal Reserve Board staff calculations.
Figure 3.7. Leverage at broker-dealers remained historically low
Ratio of assets to equity
| Date | Calculated leverage |
|---|---|
| 1995 Q1 | 30.5982069909687 |
| 1995 Q2 | 30.715053408215 |
| 1995 Q3 | 31.3075187485227 |
| 1995 Q4 | 31.8437861119866 |
| 1996 Q1 | 33.1163299730913 |
| 1996 Q2 | 33.1013331739105 |
| 1996 Q3 | 33.3441693368288 |
| 1996 Q4 | 33.8799653746273 |
| 1997 Q1 | 35.2828507392546 |
| 1997 Q2 | 35.2869330076762 |
| 1997 Q3 | 35.498408212325 |
| 1997 Q4 | 32.9736871252037 |
| 1998 Q1 | 35.5055261963666 |
| 1998 Q2 | 35.0070818698421 |
| 1998 Q3 | 35.0660341830823 |
| 1998 Q4 | 30.4295790511052 |
| 1999 Q1 | 30.9114567834438 |
| 1999 Q2 | 29.3661582531347 |
| 1999 Q3 | 28.4326362993834 |
| 1999 Q4 | 28.557997841401 |
| 2000 Q1 | 29.8598214667065 |
| 2000 Q2 | 28.8894217207334 |
| 2000 Q3 | 28.5148996842856 |
| 2000 Q4 | 28.2648060796646 |
| 2001 Q1 | 28.5606199261993 |
| 2001 Q2 | 30.0320462611084 |
| 2001 Q3 | 31.4661945806851 |
| 2001 Q4 | 31.338968071904 |
| 2002 Q1 | 31.6577101403855 |
| 2002 Q2 | 31.2599437339207 |
| 2002 Q3 | 31.7889909984558 |
| 2002 Q4 | 30.6285592336147 |
| 2003 Q1 | 32.0302453053945 |
| 2003 Q2 | 34.7878365208373 |
| 2003 Q3 | 32.9734923391743 |
| 2003 Q4 | 33.6675097743329 |
| 2004 Q1 | 35.5833439029959 |
| 2004 Q2 | 37.7700967206065 |
| 2004 Q3 | 38.5887403329401 |
| 2004 Q4 | 39.2777396924885 |
| 2005 Q1 | 41.0738134100422 |
| 2005 Q2 | 41.4384392576605 |
| 2005 Q3 | 41.9749640265142 |
| 2005 Q4 | 39.880072868668 |
| 2006 Q1 | 40.503497005644 |
| 2006 Q2 | 40.6512138000326 |
| 2006 Q3 | 42.2873796143481 |
| 2006 Q4 | 43.0107629130303 |
| 2007 Q1 | 45.2778193125806 |
| 2007 Q2 | 46.8994959572924 |
| 2007 Q3 | 46.0204176455575 |
| 2007 Q4 | 46.2983034482759 |
| 2008 Q1 | 47.89183041899 |
| 2008 Q2 | 41.8661248648791 |
| 2008 Q3 | 43.2122746457033 |
| 2008 Q4 | 30.7077441601937 |
| 2009 Q1 | 28.3215972520395 |
| 2009 Q2 | 24.8998622255598 |
| 2009 Q3 | 24.9618375682385 |
| 2009 Q4 | 23.5052722711834 |
| 2010 Q1 | 24.5069614762614 |
| 2010 Q2 | 24.0433659395688 |
| 2010 Q3 | 24.3100066525033 |
| 2010 Q4 | 23.5247459227071 |
| 2011 Q1 | 24.2946419130198 |
| 2011 Q2 | 24.440313072373 |
| 2011 Q3 | 24.5657173756309 |
| 2011 Q4 | 24.6372270220987 |
| 2012 Q1 | 24.5318749709241 |
| 2012 Q2 | 24.4307914783732 |
| 2012 Q3 | 23.8525335546291 |
| 2012 Q4 | 23.4598855351307 |
| 2013 Q1 | 22.8428439449133 |
| 2013 Q2 | 22.1486328871893 |
| 2013 Q3 | 21.8371631014628 |
| 2013 Q4 | 21.097681616223 |
| 2014 Q1 | 21.1277118963169 |
| 2014 Q2 | 21.3475737106516 |
| 2014 Q3 | 20.7180067422846 |
| 2014 Q4 | 19.8169499480063 |
| 2015 Q1 | 19.7323566984349 |
| 2015 Q2 | 19.3348381307379 |
| 2015 Q3 | 18.8285458657231 |
| 2015 Q4 | 18.1493925866296 |
| 2016 Q1 | 18.1237576000291 |
| 2016 Q2 | 18.3046870769175 |
| 2016 Q3 | 18.035854625629 |
| 2016 Q4 | 17.6136082150251 |
| 2017 Q1 | 17.7695777550781 |
| 2017 Q2 | 18.307554150652 |
| 2017 Q3 | 17.4100389829624 |
| 2017 Q4 | 17.1500899174335 |
| 2018 Q1 | 17.2055763771559 |
| 2018 Q2 | 18.0641742412777 |
| 2018 Q3 | 17.9034846949206 |
| 2018 Q4 | 18.1021874008148 |
| 2019 Q1 | 17.9141401902138 |
| 2019 Q2 | 17.8151545552476 |
| 2019 Q3 | 17.7799223151373 |
| 2019 Q4 | 16.8651391545337 |
| 2020 Q1 | 17.2645675852628 |
| 2020 Q2 | 16.2564523706339 |
| 2020 Q3 | 16.5385023470571 |
| 2020 Q4 | 16.6195957937861 |
| 2021 Q1 | 16.582882045479 |
| 2021 Q2 | 16.2245377135745 |
| 2021 Q3 | 16.2545560469413 |
| 2021 Q4 | 15.7850315685682 |
| 2022 Q1 | 17.6559734587943 |
| 2022 Q2 | 17.2151009687427 |
| 2022 Q3 | 16.9552319201328 |
| 2022 Q4 | 15.9521612582599 |
Note: Leverage is calculated by dividing total assets by equity.
Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."
Figure 3.8. Trading profits decreased in 2022:Q4, consistent with seasonal patterns
This is a line chart titled "Trading profits decreased in 2022:Q4, consistent with seasonal patterns." The x-axis measures time and ranges from years 2018 to 2022. The y-axis ranges from 0 to 1000, and the units are in millions of dollars. The monthly data begin in January 2018 and end in December 2022. There is one variable charted on the plot. The series is designated by a solid black line and ranges from about 125 to nearly 900 million dollars. This variable begins just under 600 million dollars and drops to about 125 million towards the end of 2018. It rises sharply to nearly 900 million dollars in 2020, then decreases back down to around 375 million at the end of 2020 before spiking back up near 900 million dollars in early 2021. It decreased throughout 2021, spiked to 700 million dollars in January 2023 and ended around 280 million dollars in December 2022.
Note: Sample includes all trading desks of bank holding companies subject to the Volcker rule reporting requirement.
Source: Federal Reserve Board, Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV (Proprietary Trading and Certain Interests in and Relationships with Covered Funds, 12 C.F.R. pt. 248).
Figure 3.9. Shares of trading profits by trading desks
This is a stacked line chart titled "Share of trading profits by trading desks". The x-axis measures time and ranges from years 2018 to 2022. The y-axis measures percent and ranges from 0 to 100. The data are a monthly average and end in December 2022. There are 3 variables charted on the plot, which represent the total share of trading profits by trading desks. The overall trend has been steadily increasing portions from the “other” variable from about 25 percent to about 40 percent in June 2022, before a dip and rebound back to the same value in December 2022. The first variable, “Equity,” is designated by red shading. This variable remains steady except for one spike at the end of 2018 and a dip in the beginning of 2020. Typically, it stays around 35 percent. The second variable, “Fixed income, rates, and credit,” is designated by blue shading. This variable remains steady except for decreases at the end of 2018 and in early- to mid-2022. The third variable, “Other,” is designated by beige shading. This variable steadily increases from 25 percent in 2018 to around 40 percent in December 2022.
Note: Sample includes all trading desks of bank holding companies subject to the Volcker rule reporting requirement. The “other” category comprises desks trading in municipal securities, foreign exchange, and commodities, as well as any unclassified desks. The key identifies series in order from top to bottom.
Source: Federal Reserve Board, Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV (Proprietary Trading and Certain Interests in and Relationships with Covered Funds, 12 C.F.R. pt. 248).
Figure 3.10. Leverage at life insurance companies edged up but remained below its pandemic peak
Ratio of assets to equity
| date | Life | Property and casualty |
|---|---|---|
| 2001 Q1 | 8.36031592904979 | 5.40366999054728 |
| 2001 Q2 | 8.82585020638108 | 5.50412551164979 |
| 2001 Q3 | 9.44648974468406 | 6.22182224835869 |
| 2001 Q4 | 10.0257613115708 | 6.37394498076952 |
| 2002 Q1 | 9.63267975864237 | 6.24076941311445 |
| 2002 Q2 | 9.83256013883607 | 6.32269224424177 |
| 2002 Q3 | 10.1421354633282 | 6.41022916044875 |
| 2002 Q4 | 10.7948494380913 | 6.68349138015935 |
| 2003 Q1 | 11.0444036093948 | 6.7833902086454 |
| 2003 Q2 | 11.1563035459124 | 6.70037995131541 |
| 2003 Q3 | 11.000398484302 | 6.7172004844303 |
| 2003 Q4 | 10.9304909789063 | 6.70370328861639 |
| 2004 Q1 | 11.2863214243631 | 7.06100776622827 |
| 2004 Q2 | 11.3744519555969 | 6.75748631863471 |
| 2004 Q3 | 11.4750119231756 | 6.81601828574753 |
| 2004 Q4 | 11.6809163612236 | 6.82214880580096 |
| 2005 Q1 | 11.3044628735615 | 6.80749606424375 |
| 2005 Q2 | 10.6703534385654 | 6.6004657121062 |
| 2005 Q3 | 10.7843575460794 | 6.65878500411083 |
| 2005 Q4 | 10.8665204481768 | 6.48494682126386 |
| 2006 Q1 | 10.1954602542759 | 6.49722074825504 |
| 2006 Q2 | 10.0528558240603 | 6.39496711081614 |
| 2006 Q3 | 9.99070093624306 | 6.37042087836768 |
| 2006 Q4 | 9.94287031129512 | 6.29856308315291 |
| 2007 Q1 | 10.0314779911839 | 6.33680204150944 |
| 2007 Q2 | 9.8638303456092 | 6.32884725452754 |
| 2007 Q3 | 9.95656898579367 | 6.32929534189629 |
| 2007 Q4 | 9.73530665175089 | 6.08790498855485 |
| 2008 Q1 | 10.8557363070755 | 6.51333978154224 |
| 2008 Q2 | 10.7318206803053 | 6.4242324390778 |
| 2008 Q3 | 10.6872549094968 | 6.44578050059924 |
| 2008 Q4 | 10.8902998311562 | 5.96232123479701 |
| 2009 Q1 | 10.9093268151654 | 5.93918956547545 |
| 2009 Q2 | 10.0465788403065 | 5.60426130443896 |
| 2009 Q3 | 10.002488074213 | 5.57495421228905 |
| 2009 Q4 | 8.9444814617033 | 5.20132043363706 |
| 2010 Q1 | 9.24486321131444 | 5.16936699560405 |
| 2010 Q2 | 9.45005632526028 | 5.10355912993602 |
| 2010 Q3 | 9.73333363099908 | 5.18124847875797 |
| 2010 Q4 | 8.83655882827124 | 4.47788908728588 |
| 2011 Q1 | 9.73677012147704 | 4.62375003464552 |
| 2011 Q2 | 9.39889518893452 | 4.57562730425394 |
| 2011 Q3 | 9.47920180851116 | 4.41355795225886 |
| 2011 Q4 | 8.89180077429662 | 4.15631669274047 |
| 2012 Q1 | 8.85456724424128 | 4.14630955257915 |
| 2012 Q2 | 8.85769201088038 | 4.11755934675802 |
| 2012 Q3 | 9.19988171427961 | 4.16587552806339 |
| 2012 Q4 | 9.44261893518498 | 4.17857925771241 |
| 2013 Q1 | 9.2742684511091 | 4.10095338425342 |
| 2013 Q2 | 8.89309346916342 | 3.97245336982574 |
| 2013 Q3 | 8.67025335773517 | 3.92325820422153 |
| 2013 Q4 | 8.79813217242249 | 3.90056546307124 |
| 2014 Q1 | 8.54716656250108 | 3.87545478979077 |
| 2014 Q2 | 8.41872558950105 | 3.69426372107717 |
| 2014 Q3 | 8.3632004931639 | 3.64749726657816 |
| 2014 Q4 | 8.59546271991882 | 3.59439574531624 |
| 2015 Q1 | 8.42868478181508 | 3.55128755077522 |
| 2015 Q2 | 8.1572955022327 | 3.52714996532411 |
| 2015 Q3 | 8.37438136701651 | 3.47373609933601 |
| 2015 Q4 | 9.0388786741166 | 3.4696401622171 |
| 2016 Q1 | 9.52213703297625 | 3.56438923527121 |
| 2016 Q2 | 9.95370322118838 | 3.57875634540778 |
| 2016 Q3 | 10.0745398355137 | 3.56339050794092 |
| 2016 Q4 | 9.90261697983825 | 3.80688883619266 |
| 2017 Q1 | 10.2218312833215 | 3.59615546668862 |
| 2017 Q2 | 10.118382598691 | 3.60435770452915 |
| 2017 Q3 | 9.83861699649113 | 3.65321181836285 |
| 2017 Q4 | 10.0451538497148 | 3.74092613525481 |
| 2018 Q1 | 9.97016509227598 | 3.30270328589855 |
| 2018 Q2 | 9.81671602031617 | 2.96934699748403 |
| 2018 Q3 | 9.84661235233072 | 2.93472094305505 |
| 2018 Q4 | 9.93687320610675 | 3.03834780664888 |
| 2019 Q1 | 10.2037077144556 | 3.02014547919425 |
| 2019 Q2 | 10.3406942751515 | 3.01451114704615 |
| 2019 Q3 | 10.5471835563598 | 2.98613506696692 |
| 2019 Q4 | 10.5409647188869 | 2.89859858469055 |
| 2020 Q1 | 10.3468581293056 | 3.04236079126112 |
| 2020 Q2 | 11.5366784826833 | 3.13949319886997 |
| 2020 Q3 | 11.690842189919 | 3.11880743660849 |
| 2020 Q4 | 11.8006989909297 | 3.0366416650099 |
| 2021 Q1 | 11.126864673964 | 3.01244406616379 |
| 2021 Q2 | 11.1898154656827 | 2.9864565959719 |
| 2021 Q3 | 11.5559072547711 | 3.00193108573707 |
| 2021 Q4 | 11.3271336126059 | 2.84791826819638 |
| 2022 Q1 | 10.8215334658364 | 2.81760705723627 |
| 2022 Q2 | 9.85314601820248 | 2.88421990749108 |
| 2022 Q3 | 9.90663023332299 | 2.8867333850887 |
| 2022 Q4 | 10.0760307908456 | 2.85546991072237 |
Note: Ratio is calculated as (total assets – separate account assets)/(total capital – accumulated other comprehensive income) using generally accepted accounting principles. The largest 10 publicly traded life and property and casualty insurers are represented.
Source: Generally accepted accounting principles data from 10-Q and 10-K filings accessed via S&P Global, Capital IQ Pro.
Figure 3.11. Leverage at hedge funds remained elevated
Ratio
| Date | Mean | Median |
|---|---|---|
| 2013 Q1 | 6.475 | 2.246 |
| 2013 Q2 | 6.88 | 2.255 |
| 2013 Q3 | 6.641 | 2.263 |
| 2013 Q4 | 6.321 | 2.301 |
| 2014 Q1 | 6.497 | 2.327 |
| 2014 Q2 | 6.289 | 2.296 |
| 2014 Q3 | 6.455 | 2.229 |
| 2014 Q4 | 5.975 | 2.264 |
| 2015 Q1 | 5.981 | 2.183 |
| 2015 Q2 | 5.759 | 2.212 |
| 2015 Q3 | 6.018 | 2.21 |
| 2015 Q4 | 5.703 | 2.296 |
| 2016 Q1 | 6.177 | 2.232 |
| 2016 Q2 | 6.241 | 2.237 |
| 2016 Q3 | 6.293 | 2.169 |
| 2016 Q4 | 6.377 | 2.19 |
| 2017 Q1 | 6.735 | 2.205 |
| 2017 Q2 | 6.692 | 2.237 |
| 2017 Q3 | 6.93 | 2.169 |
| 2017 Q4 | 7.039 | 2.109 |
| 2018 Q1 | 8.312 | 2.175 |
| 2018 Q2 | 7.781 | 2.126 |
| 2018 Q3 | 7.324 | 2.137 |
| 2018 Q4 | 7.599 | 2.116 |
| 2019 Q1 | 8.036 | 2.055 |
| 2019 Q2 | 7.981 | 2.12 |
| 2019 Q3 | 7.854 | 2.055 |
| 2019 Q4 | 7.813 | 2.014 |
| 2020 Q1 | 7.942 | 2.015 |
| 2020 Q2 | 6.971 | 1.998 |
| 2020 Q3 | 7.436 | 1.97 |
| 2020 Q4 | 7.355 | 1.968 |
| 2021 Q1 | 7.411 | 1.925 |
| 2021 Q2 | 7.539 | 1.89 |
| 2021 Q3 | 7.625 | 1.872 |
| 2021 Q4 | 7.344 | 1.873 |
| 2022 Q1 | 7.402 | 1.856 |
| 2022 Q2 | 7.523 | 1.853 |
| 2022 Q3 | 7.464 | 1.854 |
Note: Leverage is computed as the ratio of hedge funds’ gross notional exposure to net asset value. Gross notional exposure includes the nominal value of all long and short positions and both on-balance-sheet and off-balance-sheet derivative notional exposures. Options are delta adjusted, and interest rate derivatives are reported at 10-year bond equivalents. The mean is weighted by net asset value. The data are reported on a 2-quarter lag beginning in the first quarter of 2013.
Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors.
Figure 3.12. Leverage at the largest hedge funds decreased but remained high
Ratio
| Date | Top 15, by gross asset value | 16-50, by gross asset value | 51 +, by gross asset value |
|---|---|---|---|
| 2013 Q1 | 11.127 | 5.529 | 1.651 |
| 2013 Q2 | 15.46 | 4.406 | 1.645 |
| 2013 Q3 | 14.153 | 4.365 | 1.628 |
| 2013 Q4 | 11.815 | 4.108 | 1.569 |
| 2014 Q1 | 9.803 | 5.364 | 1.63 |
| 2014 Q2 | 11.007 | 4.094 | 1.591 |
| 2014 Q3 | 12.492 | 4.454 | 1.602 |
| 2014 Q4 | 10.501 | 4.389 | 1.58 |
| 2015 Q1 | 12.382 | 4.386 | 1.666 |
| 2015 Q2 | 9.047 | 5.428 | 1.653 |
| 2015 Q3 | 11.07 | 3.932 | 1.588 |
| 2015 Q4 | 9.996 | 5.718 | 1.668 |
| 2016 Q1 | 13.662 | 3.162 | 1.649 |
| 2016 Q2 | 11.294 | 4.531 | 1.61 |
| 2016 Q3 | 12.395 | 4.56 | 1.606 |
| 2016 Q4 | 11.392 | 5.286 | 1.582 |
| 2017 Q1 | 14.104 | 6.226 | 1.665 |
| 2017 Q2 | 13.643 | 7.049 | 1.594 |
| 2017 Q3 | 13.529 | 7.466 | 1.562 |
| 2017 Q4 | 12.491 | 7.483 | 1.518 |
| 2018 Q1 | 13.8 | 6.942 | 1.608 |
| 2018 Q2 | 14.562 | 7.717 | 1.6 |
| 2018 Q3 | 16.559 | 9.612 | 1.552 |
| 2018 Q4 | 21.869 | 8.999 | 1.669 |
| 2019 Q1 | 21.713 | 9.041 | 1.617 |
| 2019 Q2 | 22.835 | 11.124 | 1.68 |
| 2019 Q3 | 20.93 | 8 | 1.765 |
| 2019 Q4 | 18.608 | 8.587 | 1.736 |
| 2020 Q1 | 17.089 | 7.549 | 1.708 |
| 2020 Q2 | 14.932 | 6.112 | 1.66 |
| 2020 Q3 | 12.995 | 7.922 | 1.588 |
| 2020 Q4 | 13.28 | 7.905 | 1.65 |
| 2021 Q1 | 11.506 | 7.98 | 1.613 |
| 2021 Q2 | 14.438 | 8.199 | 1.752 |
| 2021 Q3 | 19.855 | 7.956 | 1.621 |
| 2021 Q4 | 20.542 | 9.411 | 1.625 |
| 2022 Q1 | 19.404 | 8.29 | 1.595 |
| 2022 Q2 | 19.575 | 7.72 | 1.609 |
| 2022 Q3 | 14.375 | 8.583 | 1.578 |
Note: Leverage is measured by gross asset value (GAV) divided by net asset value (NAV). Funds are sorted into cohorts based on GAV. Average leverage is computed as the NAV-weighted mean.
Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors.
Figure 3.13. Dealers indicated that the use of leverage by hedge funds was unchanged recently
Net percentage
| Date | Hedge funds | Trading REITS | Insurance companies | Mutual funds |
|---|---|---|---|---|
| 2011 Q4 | -55 | 0 | 0 | 0 |
| 2012 Q1 | -20 | 15 | 5 | 5 |
| 2012 Q2 | -22.7272727272727 | 4.54545454545455 | 4.76190476190476 | 0 |
| 2012 Q3 | -4.54545454545455 | 5.88235294117647 | -4.76190476190476 | 0 |
| 2012 Q4 | 9.09090909090909 | 16.6666666666667 | 0 | 4.76190476190476 |
| 2013 Q1 | 27.2727272727273 | 5.55555555555556 | 4.76190476190476 | 0 |
| 2013 Q2 | 22.7272727272727 | 0 | 0 | 4.76190476190476 |
| 2013 Q3 | -18.1818181818182 | -33.3333333333333 | -4.54545454545455 | 4.76190476190476 |
| 2013 Q4 | -9.09090909090909 | -33.3333333333333 | 0 | 5 |
| 2014 Q1 | 0 | -38.8888888888889 | 0 | 5 |
| 2014 Q2 | 4.54545454545455 | -5.55555555555556 | -4.54545454545455 | 5 |
| 2014 Q3 | 22.7272727272727 | 11.7647058823529 | -4.54545454545455 | 0 |
| 2014 Q4 | 0 | 0 | 0 | 4.76190476190476 |
| 2015 Q1 | 14.2857142857143 | -5.88235294117647 | 0 | 10 |
| 2015 Q2 | 0 | 11.7647058823529 | 0 | 5 |
| 2015 Q3 | -5 | 0 | 5 | 5 |
| 2015 Q4 | 9.52380952380952 | 5.88235294117647 | 4.76190476190476 | 0 |
| 2016 Q1 | -4.76190476190476 | 5.88235294117647 | 5 | 0 |
| 2016 Q2 | -15 | 6.25 | 0 | 0 |
| 2016 Q3 | 4.34782608695652 | 5.26315789473684 | 0 | 4.54545454545455 |
| 2016 Q4 | 17.3913043478261 | -5.26315789473684 | 0 | 4.76190476190476 |
| 2017 Q1 | 0 | 0 | 0 | 0 |
| 2017 Q2 | 4.34782608695652 | 0 | 0 | 0 |
| 2017 Q3 | 17.3913043478261 | 5.26315789473684 | 0 | 4.54545454545455 |
| 2017 Q4 | 0 | -15 | 0 | 4.76190476190476 |
| 2018 Q1 | 0 | 5 | 0 | 0 |
| 2018 Q2 | 0 | 5 | 0 | 5 |
| 2018 Q3 | 4.34782608695652 | 5.26315789473684 | 0 | 0 |
| 2018 Q4 | 0 | 0 | 0 | 0 |
| 2019 Q1 | -8.69565217391304 | -4.76190476190476 | 0 | 0 |
| 2019 Q2 | 4.34782608695652 | 9.52380952380952 | 4.54545454545455 | 0 |
| 2019 Q3 | -4.54545454545455 | 10 | 5 | 0 |
| 2019 Q4 | 4.54545454545455 | 10 | 0 | 0 |
| 2020 Q1 | 0 | 4.54545454545455 | 0 | 0 |
| 2020 Q2 | -65.2173913043478 | -75 | -4.76190476190476 | -15 |
| 2020 Q3 | -4.34782608695652 | -42.1052631578947 | 5.55555555555556 | -11.1111111111111 |
| 2020 Q4 | -17.3913043478261 | -10.5263157894737 | 0 | 0 |
| 2021 Q1 | -4.34782608695652 | 15 | 0 | 0 |
| 2021 Q2 | -8.69565217391304 | 0 | 0 | 0 |
| 2021 Q3 | -21.7391304347826 | 5.26315789473684 | 0 | 0 |
| 2021 Q4 | -13.0434782608696 | 0 | 10 | 0 |
| 2022 Q1 | -8.69565217391304 | 0 | 0 | 0 |
| 2022 Q2 | -26.0869565217391 | 0 | 0 | 0 |
| 2022 Q3 | -18.1818181818182 | -5.26315789473684 | 5 | 0 |
| 2022 Q4 | -25 | 5.55555555555556 | 0 | -10.5263157894737 |
| 2023 Q1 | 5 | -6.25 | 5.26315789473684 | 0 |
Note: Net percentage equals the percentage of institutions that reported increased use of financial leverage over the past 3 months minus the percentage of institutions that reported decreased use of financial leverage over the past 3 months. REIT is real estate investment trust.
Source: Federal Reserve Board, Senior Credit Officer Opinion Survey on Dealer Financing Terms.
Figure A. Private credit fund assets and dry powder
Count (left scale)
Billions of dollars (right scale)
| year | Assets (right scale) | Dry powder (right scale) | Count of funds (left scale) |
|---|---|---|---|
| 2012 | 343.11959544 | 86.298032187 | 901 |
| 2013 | 415.03811649 | 101.989291087 | 1039 |
| 2014 | 419.06561893 | 80.331233899 | 1176 |
| 2015 | 437.84706011 | 90.620387093 | 1324 |
| 2016 | 504.917094512 | 131.805701467 | 1467 |
| 2017 | 553.008001778 | 131.00151297 | 1637 |
| 2018 | 625.269534765 | 162.548477552 | 1812 |
| 2019 | 703.216174609 | 171.821742795 | 1971 |
| 2020 | 841.913147462 | 231.231152592 | 2195 |
| 2021 | 999.612889968 | 228.274838145 | 2406 |
Note: Dry powder is estimated by subtracting balance sheet assets from regulatory assets under management, which include uncalled capital commitments. The key identifies bars in order from left to right.
Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors; Federal Reserve Board staff calculations.
Figure B. Shares of private credit fund assets held by different investors
| Investor Type | Percent |
|---|---|
| Public pensions | 17.4396512206653 |
| Private pensions | 13.2406399971195 |
| Private funds | 13.5914909858375 |
| Insurance | 9.83593435118293 |
| Individuals | 8.68743708062203 |
| Sovereign wealth funds | 7.23435447088927 |
| Nonprofits | 6.483712374984 |
| Other | 23.4867795186995 |
Note: As of 2021:Q4. The "other" category consists of banks, broker–dealers, registered investment companies, government entities (excluding pensions), non–U.S. investors of unknown type, and a residual category that is responsible for most of the reported assets.
Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors; Federal Reserve Board staff calculations.
Figure C. Leverage ratios of private credit funds
Ratio
| Date | Borrowings-to-assets, 95th percentile | Derivatives-to-assets, 95th percentile |
|---|---|---|
| 2012 | 0.880238661200006 | 0.750905049149237 |
| 2013 | 0.83721777894079 | 0.758376437405579 |
| 2014 | 1.01830930699825 | 0.846898207238824 |
| 2015 | 1.21142637539791 | 0.906746204728211 |
| 2016 | 1.17409203230116 | 0.798560048060557 |
| 2017 | 1.14582197687429 | 0.797954516788208 |
| 2018 | 1.22527916742959 | 0.716777915272236 |
| 2019 | 1.13796082792542 | 0.730373292335075 |
| 2020 | 1.13093611510531 | 0.613013833405504 |
| 2021 | 1.273591734111 | 0.660862849491887 |
Source: Securities and Exchange Commission, Form PF, Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors; Federal Reserve Board staff calculations.
Figure 3.14. Issuance of non-agency securitized products has slowed significantly since 2021
This is a stacked bar chart with five categories titled, "Issuance of non-agency securitized products has slowed significantly since 2021." The x-axis is in years and spans from 2001 to 2022. The bar for 2023 is annualized. The y-axis is in billions of real dollars and ranges from 0 to 3000. Data are annual. Other, represented in light gray, begins at about 250 billion in 2001, peaks at about 315 billion in 2006-2007, then drops to about 160 billion in 2008. The series rises to about 190 billion in 2009 before dipping back to around 110 billion in 2011. It generally rises through 2018, where it hits about 160 billion. The variable decreases to about 125 billion in 2020 and around 170 billion in 2022. For 2023, the measured value is 32 billion. All five categories together begin at about 1000 billion in 2001 and peak around 2800 billion in 2006. The total then drops to about 315 billion in 2008 and increases to about 650 billion in 2019 before dropping slightly to about 500 billion in 2020. Then, the total goes back up to 850 billion in 2021 before declining to around 300 billion in 2023. Private-label RMBS, represented in dark gray, begins at nearly 400 billion in 2001, peaks at about 1700 billion in 2006, then drops sharply to 3 billion in 2009 and stays near there through 2012. It then increases steadily to about 120 billion in 2019 before dipping slightly in 2020 and spiking up to around 175 billion in 2021. The variable ends at about 20 billion in 2023. Non-agency CMBS, represented in red shading, begins at about 110 billion dollars in 2001, peaks at about 330 billion dollars in 2007, rapidly decreases to about 15 billion dollars in 2008, and reaches a low of about 3 billion dollars in 2009. It then slowly increases to about 115 billion dollars in 2015. From this point, it alternates back and forth from about 115 billion dollars to around 80 billion, reaching almost 125 billion dollars in 2021 before declining to about 75 billion dollars in 2022. For the annualized 2023 data, the series falls to 15 billion dollars. Auto loan/lease ABS, represented in dark blue, begins at about 130 billion dollars in 2001 and remains around that level until 2008 where it decreases to 50 billion dollars. The bar increases to about 110 billion dollars by 2012 and gradually increases to around 140 billion dollars by 2021. It declines to around 114 billion dollars in 2022 and lowers to around 95 billion in 2023. The line representing CDOs (including CLOs and ABS CDOs), represented in tan, begins at about 90 billion dollars in 2001, peaks at about 570 billion dollars in 2006, decreases to about 70 billion dollars by 2008 and then 6 billion dollars in 2010. It increases to about 240 billion dollars in 2021, then decreases to 75 billion dollars in 2023.
Note: The data from the first quarter of 2023 are annualized to create the 2023 bar. CMBS is commercial mort-gage-backed securities; CDO is collateralized debt obligation; RMBS is residential mortgage-backed securities; CLO is collateralized loan obligation. The "other" category consists of other asset-backed securities (ABS) backed by credit card debt, student loans, equipment, floor plans, and miscellaneous receivables; resecuritized real estate mortgage investment conduit (Re-REMIC) RMBS; and Re-REMIC CMBS. The data are converted to constant 2023 dollars using the consumer price index. The key identifies bars in order from top to bottom.
Source: Green Street, Commercial Mortgage Alert's CMBS Database and Asset-Backed Alert's ABS Database; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 3.15. Bank credit commitments to nonbank financial institutions remained high
This is a stacked line chart titled "Bank credit commitments to nonbank financial institutions remained high." The x-axis measures time and ranges from years 2018 to 2022. The y-axis measures billions of dollars and ranges from 0 to 2250. The data are quarterly ending at 2022:Q4. There are 10 variables charted on the plot, which sum up to represent total committed amounts extended to nonbank financials by large banks. The overall trend has been steadily increasing from about 1300 billion in 2018 to almost 2000 billion in 2022:Q4. The first variable, 'Financial transactions processing', is designated by orange shading. This variable increases steadily from about 21 billion in 2018 to 38 billion in 2022:Q4. The second variable, 'Private equity, BDCs, and credit funds', is designated by turquoise shading. This variable steadily increases from 48 billion in 2018 to 75 billion in 2022:Q4. The third variable, 'Broker-dealers', is designated by light blue shading. This variable steadily increases from 106 billion in 2018 to 185 billion in 2022:Q4. The fourth variable, 'Insurance companies', is designated by medium blue shading. This variable decreases from 139 billion in 2018 to 107 billion in 2019:Q1 before increasing to 115 billion in 2019:Q2 where it hovers between 112 billion and 120 billion through 2021:Q4, then rises to 130 billion by 2022:Q4. The fifth variable, 'REITs', is designated by red shading. It begins around 115 billion in 2018:Q1 and increases to 126 billion in 2018:Q3. It then falls steadily through 2022:Q4 where it ends at 45 billion. The sixth variable, 'Open-end investment funds', is designated by green shading. This variable begins at 112 billion in 2018 and increases steadily to around 180 billion in 2022:Q4 before dropping slightly to around 175 billion by 2022:Q4. The seventh variable, 'Special purpose entities, CLOs, and ABS', is designated by light gray shading. This variable starts at 126 billion in 2018 and increases steadily to end at 271 billion in 2022:Q4. The eighth variable, 'Other financial vehicles', is designated by black shading. This variable increases steadily from 198 billion in 2018 to end around 450 billion in 2022:Q4. The ninth variable, 'Real estate lenders and lessors', is designated by beige shading. This variable has increased steadily from 161 billion in 2018:Q1 to almost 370 billion in 2022:Q4. The tenth variable, 'Consumer lenders, other lenders, and lessors', is designated by dark blue shading. This variable starts at 180 billion in 2018 and remains at about that level until 2019:Q2, where is decreases to 166 billion. It then increases steadily throughout the rest of the plotted period, rising to 211 billion in 2022:Q4.
Note: Committed amounts on credit lines and term loans extended to nonbank financial institutions by a balanced panel of 24 bank holding companies that have filed Form FR Y-14Q in every quarter since 2018:Q1. Nonbank financial institutions are identified based on reported North American Industry Classification System (NAICS) codes. In addition to NAICS codes, a name-matching algorithm is applied to identify specific entities such as real estate investment trusts (REITs), special purpose entities, collateralized loan obligations (CLOs), and as-set-backed securities (ABS). BDC is business development company. REITs incorporate both mortgage (trading) REITs and equity REITs. Broker-dealers also include commodity contracts dealers and brokerages and other securities and commodity exchanges. Other financial vehicles include closed-end investment and mutual funds.
Source: Federal Reserve Board, Form FR Y-14Q (Schedule H.1), Capital Assessments and Stress Testing.
Figure 3.16. Aggregate loan commitments and utilization rates of nonbank financial institutions increased during 2022 but varied across sectors
This is a bar chart titled "Aggregate loan commitments and utilization rates of nonbank financial institutions increased during 2022 but varied across sectors". The x-axis shows the ten different sectors of NBFIs and a total column. The y-axis represents percent growth of loan commitments and utilization rates to NBFIs and ranges from -40 to 60 percent. The data are quarterly. The chart shows the 2022:Q4 over 2021:Q4 growth rate. There are two variables plotted on the chart for each sector. Committed amounts is represented as a red bar and utilized amounts is represented as a light gray bar. From left to right, the first sector is 'REITs'. REITs have a committed amount of about -26 percent and a utilized amount of about -30 percent for 2022:Q4. The second sector is 'Financial transactions processing' which has a committed amount of about negative 31 percent and a utilized amount of about 6 percent for 2022:Q4. The third sector is ‘Consumer, leasing, & other lenders'. This sector has a committed amount of about 6 percent and a utilized amount of about 26 percent for 2022:Q4. The fourth sector is ‘Insurance companies' which has a committed amount of about 12 percent and a utilized amount of about 27 percent for 2022:Q4. The fifth sector is ‘PE, BDCs & credit funds'. This sector has a committed amount of about 17 percent and a utilized amount of about negative one percent as of 2022:Q4. The sixth sector is ‘Broker-dealers' which has a committed amount of about 11 percent and a utilized amount of about 7 percent in as of 2022:Q4. The seventh sector is 'Open-end investment funds' which have a committed amount of about negative 2 percent and a utilized amount of about negative 14 percent as of 2022:Q4. The eighth sector is ‘SPEs, CLOs, & ABS'. This sector has a committed amount of about 40 percent and a utilized amount of about 53 percent as of 2022:Q4. The ninth sector is 'Real estate lenders & lessors'. This sector has a committed amount of about 7 percent and a utilized amount of about negative 9 percent as of 2022:Q4. The tenth sector is ‘Other financial vehicles' which has a committed amount of about negative 0.5 percent and a utilized amount of about negative 7 percent as of 2022:Q4. There are two bars showing the total for all NBFIs, which show a committed amount of about 8 percent and a utilized amount of about 6.5 percent.
Note: 2022:Q4-over-2021:Q4 growth rates as of the end of the fourth quarter of 2022. REIT is real estate investment trust; PE is private equity; BDC is business development company; SPE is special purpose entity; CLO is collateralized loan obligation; ABS is asset-backed securities. The key identifies bars in order from left to right.
Source: Federal Reserve Board, Form FR Y-14Q (Schedule H.1), Capital Assessments and Stress Testing.
Figure 4.1: Ratios of runnable money-like liabilities to GDP edged down but remained above their historical medians
Percent of GDP
| Date | Other | Securities lending | Commercial paper | Domestic money market funds | Repurchase agreements | Uninsured deposits |
|---|---|---|---|---|---|---|
| 2002 Q1 | 76.3545728593294 | 68.1466487401542 | 64.4747797398079 | 51.4275218939816 | 30.2458526771225 | 11.2213538044234 |
| 2002 Q2 | 76.9426438224867 | 68.7177460488015 | 64.7566476797762 | 52.4156149687491 | 32.0475006427263 | 11.4801712047765 |
| 2002 Q3 | 76.8676357748815 | 68.3269556128959 | 65.5758184662844 | 53.4132175809174 | 33.3354939018339 | 12.3815075882257 |
| 2002 Q4 | 77.8880579498762 | 68.9317152180586 | 66.2666265530519 | 53.878602607601 | 33.5738928410937 | 12.8816494167731 |
| 2003 Q1 | 78.6987929875545 | 69.534127641736 | 66.2903311595407 | 54.1722057047234 | 34.1999104740764 | 13.1955359210072 |
| 2003 Q2 | 79.9717126545648 | 70.7509435077121 | 67.056868972301 | 55.3561589055029 | 36.374746814655 | 14.0221193541991 |
| 2003 Q3 | 78.0762949884213 | 69.167632292879 | 64.6547340298222 | 53.4903705410501 | 35.1383217936248 | 13.5069257329103 |
| 2003 Q4 | 77.055226794471 | 68.2640659914319 | 63.6246915106024 | 52.6788417685579 | 35.2132358351386 | 13.5338506885407 |
| 2004 Q1 | 78.6683941958277 | 69.6688486926768 | 65.1660568365275 | 54.0538087366675 | 37.2369355064123 | 14.0374265695776 |
| 2004 Q2 | 79.2468384362478 | 70.1480011215459 | 64.7432869828231 | 54.0109345921164 | 37.907180014836 | 14.4192314429104 |
| 2004 Q3 | 80.4233401969134 | 71.0207081356155 | 66.2301328568582 | 55.6170620308672 | 39.9980983322506 | 14.66919895473 |
| 2004 Q4 | 80.4172679188649 | 71.0671325738101 | 65.6356616393734 | 54.4996336476971 | 39.3619283819187 | 15.1441066110524 |
| 2005 Q1 | 81.6253495785547 | 72.3385207808693 | 66.32265344398 | 55.078713106873 | 40.4317056431619 | 15.042028041311 |
| 2005 Q2 | 83.5795672145146 | 74.3874664870517 | 67.7469122052684 | 56.1791202064961 | 41.9133534270765 | 15.1564307161029 |
| 2005 Q3 | 84.4048744716541 | 75.3297044311705 | 69.2081652275471 | 57.3620848165222 | 42.9366671569679 | 15.281148795558 |
| 2005 Q4 | 84.1588503252471 | 75.0997889285067 | 69.4943884107722 | 57.1852178289991 | 42.3560330361714 | 15.7771740910611 |
| 2006 Q1 | 85.8316816234504 | 76.7339080383304 | 71.1245249625214 | 58.6413275786274 | 43.7069590833184 | 15.4926202128477 |
| 2006 Q2 | 87.6224083759608 | 78.2914187348456 | 72.0345623882233 | 59.2070144933773 | 44.2478326925399 | 15.7642597820096 |
| 2006 Q3 | 92.1653688629352 | 82.2453490782638 | 75.212538929924 | 61.7690085009497 | 46.1527866203715 | 15.466179927928 |
| 2006 Q4 | 94.1309200075803 | 83.7740891727888 | 76.1752609971506 | 62.2324094074396 | 45.9457928752976 | 16.2619880698941 |
| 2007 Q1 | 97.5268725327433 | 87.069712064647 | 78.5060942363991 | 64.4133807076293 | 47.6765209840285 | 15.3948766299465 |
| 2007 Q2 | 98.6410305321552 | 88.1601933129645 | 79.4356144910015 | 64.7891759424378 | 47.6717302379441 | 15.2445678079739 |
| 2007 Q3 | 96.9701700046246 | 86.4184582304306 | 78.8851628100191 | 66.132642405332 | 47.4141490928527 | 15.2139356654784 |
| 2007 Q4 | 97.7972665466663 | 86.9753601881544 | 79.2366754128379 | 67.0852313545431 | 46.5477211841222 | 16.0589030929873 |
| 2008 Q1 | 101.511914020168 | 90.225698965328 | 83.8904624213734 | 71.7585117107014 | 48.8931371405612 | 16.0681219001032 |
| 2008 Q2 | 103.77776711114 | 92.0971792763156 | 80.0554266379247 | 68.2965123159878 | 45.3813536788898 | 15.5057640897241 |
| 2008 Q3 | 97.984749007428 | 86.7835956097271 | 79.9880853026568 | 69.5522903912524 | 46.3385344425027 | 16.3760690320747 |
| 2008 Q4 | 87.9614783371834 | 76.8492428250871 | 70.3202557968966 | 59.3723082444294 | 33.9499420422687 | 12.1927528701351 |
| 2009 Q1 | 87.1467321687609 | 76.2470458541481 | 70.8506538628245 | 60.9835153370491 | 34.190815421777 | 12.1270746890865 |
| 2009 Q2 | 85.8118104409122 | 75.0637588623638 | 68.9315392322097 | 60.0394040207765 | 34.0482314493322 | 12.1273265263305 |
| 2009 Q3 | 79.4105306596635 | 69.1248812495078 | 63.1383902665625 | 55.0457991551555 | 30.6294749948041 | 8.17650848349374 |
| 2009 Q4 | 74.5945289969321 | 65.2735651061837 | 59.4708101095402 | 51.7078262092097 | 28.9844397782381 | 8.66623643250177 |
| 2010 Q1 | 77.9513715553216 | 68.9032120354214 | 63.2352198707182 | 55.9138076957293 | 34.8317107816962 | 12.2150981068854 |
| 2010 Q2 | 75.0506602296332 | 66.4678129296003 | 60.8600015074037 | 53.9972994013106 | 35.0686963675134 | 12.2369494995408 |
| 2010 Q3 | 75.7080481979461 | 67.1005038221795 | 61.8771540728207 | 54.9388470378539 | 36.3777779393887 | 13.6654419153592 |
| 2010 Q4 | 70.5315664265801 | 62.1652659900208 | 57.0651683208538 | 50.1579928451813 | 31.8659423447645 | 9.53229456504612 |
| 2011 Q1 | 71.1702412299694 | 62.9889200746937 | 57.9391474754821 | 50.5703620646744 | 32.7758740238968 | 9.61279923381108 |
| 2011 Q2 | 70.6994114207582 | 62.9585475118548 | 57.7593627423243 | 50.8071172711688 | 33.3653965872687 | 10.097782614361 |
| 2011 Q3 | 69.3824525615782 | 61.9825356371563 | 57.3851322013004 | 50.9660597897329 | 34.2718016011446 | 10.3750475594634 |
| 2011 Q4 | 68.0463231428432 | 61.0632878176595 | 56.9016992140376 | 50.7836859610802 | 34.0482128540221 | 10.4607162573979 |
| 2012 Q1 | 67.5488128296657 | 60.7983343714801 | 56.627593402017 | 50.5322564028105 | 34.165925135092 | 10.5383568495643 |
| 2012 Q2 | 67.0468193059491 | 60.2760111213398 | 56.0850407092482 | 50.2434883440865 | 34.5496350832068 | 10.5993215652328 |
| 2012 Q3 | 66.6403076744545 | 59.8825671321548 | 55.8402226996428 | 50.0827502612155 | 34.448429277495 | 10.4764861967234 |
| 2012 Q4 | 67.7812034531914 | 61.2403442628578 | 57.6400390020917 | 51.9280175299954 | 35.9778250883155 | 11.9015117544854 |
| 2013 Q1 | 75.1537892488561 | 68.5372690367237 | 64.8256078819505 | 58.8670115027743 | 42.9734804030823 | 20.0850991586448 |
| 2013 Q2 | 73.5751071101866 | 67.2522397719674 | 63.3423979720853 | 57.4725695835762 | 41.9995693414339 | 20.0893137504865 |
| 2013 Q3 | 73.4330344732992 | 67.351536432221 | 63.2551894543174 | 57.539530458137 | 41.9303247001091 | 20.8577111673254 |
| 2013 Q4 | 72.9283649641272 | 65.5052197235798 | 61.6953517483973 | 56.2012192806865 | 40.5222919123167 | 21.4655550507522 |
| 2014 Q1 | 74.0228513474157 | 66.3693907115091 | 62.0840898523124 | 56.3569556752506 | 40.8041129128935 | 21.5273363242821 |
| 2014 Q2 | 72.7923949983511 | 65.1749489571968 | 60.9107177874056 | 55.2117029993331 | 40.4953140187726 | 21.9637258050952 |
| 2014 Q3 | 71.9112790150085 | 64.4431241510009 | 60.2261348712676 | 54.6702967300741 | 40.1516119384068 | 22.1604062857689 |
| 2014 Q4 | 71.2734555995537 | 64.1715687098788 | 60.2224386727454 | 55.068718208743 | 40.1456422766907 | 22.6996377773835 |
| 2015 Q1 | 71.5194453680895 | 64.4905888680927 | 60.5446923020869 | 55.3067413118517 | 40.4584987010145 | 22.7927943866755 |
| 2015 Q2 | 69.6334500423044 | 62.885784397733 | 59.1344873146262 | 53.8114546296718 | 39.5540563618714 | 22.6033576987636 |
| 2015 Q3 | 70.0446698637713 | 63.344492295987 | 59.7213892286461 | 54.3630665803926 | 39.7872766440332 | 22.5424958765683 |
| 2015 Q4 | 69.41989545373 | 62.6763971451214 | 59.1340820324557 | 54.0545925463444 | 39.1650601952491 | 22.9668882916594 |
| 2016 Q1 | 70.1352867688588 | 63.5586348313366 | 59.9655871538822 | 54.4795508854665 | 39.5205577123455 | 23.0912331718874 |
| 2016 Q2 | 70.5345888112109 | 63.8586679381443 | 60.3486019976252 | 54.9456323518935 | 40.4061364015953 | 23.2632237670429 |
| 2016 Q3 | 70.1479379397586 | 63.426733244938 | 60.0949905280598 | 55.2961623654025 | 40.910193780915 | 23.8371804335782 |
| 2016 Q4 | 68.8979537267848 | 62.1018651570772 | 59.0325972623284 | 54.4219314665532 | 40.1600973987476 | 24.0401927288182 |
| 2017 Q1 | 68.9126694431567 | 62.1505064123081 | 58.9516144995937 | 54.1112782511848 | 40.1365161056442 | 23.8337282128278 |
| 2017 Q2 | 68.9933191298351 | 62.272305012555 | 58.8644996776163 | 54.12294356437 | 40.4311647295908 | 23.6740337900255 |
| 2017 Q3 | 68.9417785616501 | 62.1192207269807 | 58.695933060261 | 53.7268695820319 | 39.9014304051068 | 23.6979186835021 |
| 2017 Q4 | 68.9223806437098 | 62.2241417142282 | 58.9280963241912 | 54.1247385145579 | 40.0808178822302 | 23.8389313802951 |
| 2018 Q1 | 68.1663091802291 | 61.615331894491 | 58.3081925512659 | 53.1574407528861 | 39.2064206683295 | 23.4265202233588 |
| 2018 Q2 | 67.3551494414924 | 60.7820645826818 | 57.4412565039066 | 52.3548078747728 | 38.5721921041478 | 22.8081228323364 |
| 2018 Q3 | 67.1201804436839 | 60.5135376037643 | 57.3404280594551 | 52.3362267709793 | 38.5340167041611 | 22.8794680487024 |
| 2018 Q4 | 69.098046486801 | 62.5778184120887 | 59.6931830410841 | 54.9588477880105 | 40.7297207551001 | 23.3009825574628 |
| 2019 Q1 | 70.7119401310985 | 64.2453953320993 | 60.4093093071779 | 55.4023623801947 | 40.783860464206 | 22.5940783593889 |
| 2019 Q2 | 70.5984370824938 | 64.1011919834699 | 61.0512845255819 | 56.0152350045066 | 41.2356641091713 | 22.6950581032975 |
| 2019 Q3 | 72.7055138128556 | 66.2072528844184 | 63.3150243107235 | 58.4116343166663 | 42.795708833788 | 23.159863999105 |
| 2019 Q4 | 72.7847903651911 | 66.2952910949069 | 63.6305172255675 | 58.8461002313679 | 42.390466814969 | 23.7245874018475 |
| 2020 Q1 | 78.940539023346 | 72.1589310530679 | 69.4229334962955 | 64.3981102121857 | 46.4482913367503 | 27.0889887181603 |
| 2020 Q2 | 91.3273309758526 | 83.4043076034265 | 80.098563818229 | 75.0054858834553 | 51.0039143727322 | 31.534528766206 |
| 2020 Q3 | 83.9969265217253 | 76.7264911321529 | 73.9052762745732 | 69.4562362420787 | 48.3816190059979 | 30.2769977994484 |
| 2020 Q4 | 84.2193188223623 | 77.1552654386826 | 74.2199113023421 | 69.9559465286824 | 49.9401603976316 | 31.5341409283544 |
| 2021 Q1 | 83.5697738247223 | 76.3236082983436 | 73.2489707645957 | 68.2754495765569 | 48.5679505718282 | 32.0269881780262 |
| 2021 Q2 | 82.4499348744371 | 75.1589670068863 | 71.9199244513776 | 67.1905059442822 | 47.4185194984206 | 31.9804668588184 |
| 2021 Q3 | 82.38081365687 | 75.1965724272712 | 71.8728950141534 | 67.3040422769663 | 48.0705717061654 | 32.7650344352935 |
| 2021 Q4 | 81.9368220747524 | 74.7888493635629 | 71.6491878518856 | 67.1752852537949 | 48.1066438573902 | 33.0834841949993 |
| 2022 Q1 | 80.7505959186581 | 73.8185985084381 | 70.5861229038065 | 65.8278927305237 | 47.2473875557386 | 32.7693261174349 |
| 2022 Q2 | 78.0958061067682 | 71.1797194147769 | 67.9208849794889 | 63.1622413870932 | 45.2339115082258 | 31.2458737453847 |
| 2022 Q3 | 75.7508724857053 | 68.9761900738278 | 65.8481935435388 | 61.1695362795539 | 43.3997448363739 | 29.4903228171278 |
| 2022 Q4 | 75.0900863425327 | 68.323783271862 | 65.2453372231617 | 60.4191744630965 | 42.4936359085919 | 28.7165356131795 |
Note: The black striped area denotes the period from 2008:Q4 to 2012:Q4, when insured deposits increased because of the Transaction Account Guarantee program. The “other” category consists of variable-rate demand obligations (VRDOs), federal funds, funding-agreement-backed securities, private liquidity funds, offshore money market funds, short-term investment funds, local government investment pools, and stablecoins. Securities lending includes only lending collateralized by cash. GDP is gross domestic product. Values for VRDOs come from Bloomberg beginning in 2019:Q1. See Jack Bao, Josh David, and Song Han (2015), "The Runnables," FEDS Notes (Washington: Board of Governors of the Federal Reserve System, September 3), https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/the-runnables-20150903.html.
Source: Securities and Exchange Commission, Private Funds Statistics; iMoneyNet, Inc., Offshore Money Fund Analyzer; Bloomberg Finance L.P.; Securities Industry and Financial Markets Association: U.S. Municipal Variable-Rate Demand Obligation Update; Risk Management Association, Securities Lending Report; DTCC Solutions LLC, an affiliate of the Depository Trust & Clearing Corporation: commercial paper data; Federal Reserve Board staff calculations based on Investment Company Institute data; Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States”; Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report); Bureau of Economic Analysis, gross domestic product via Haver Analytics.; DeFiLlama.
Figure 4.2. The amount of high-quality liquid assets held by banks decreased in 2022
This is a line chart titled "The amount of high-quality liquid assets held by banks decreased in 2022." The x-axis measures time and ranges from the years 2001 to 2022. The y-axis represents liquid assets as a percent of total assets, and ranges from 0 to 32 percent. The data are quarterly. There are three variables charted on the plot. The first line, labeled ‘Other BHCs’ is designated by a solid black line and ranges from about 5 percent to about 18 percent. The series falls from about 10 percent in 2001 to about 5 percent in 2008:Q1 and then rises steadily to about 12 percent in 2011 where it remains until the end of 2012. The line then declines steadily to around 9 percent at the end of 2019 before sharply increasing to about 18 percent by 2021:Q4. The series then declines rapidly to about 10 percent by 2022:Q4. The second line, labeled 'Large non-G-SIBs', is designated by a solid blue line and ranges from 6 to about 25 percent. This variable falls from about 9 percent to about 6 percent in 2008:Q2 before rising to 14 percent by 2011. The series falls to 12 percent in 2013 before rising slowly to 16 percent in 2017, where it remains with a slight decline until the end of 2019. The series then rises sharply from early 2020 to early 2021 to about 25 percent, before falling to about 18 percent by 2022:Q4. The third line, labeled G-SIBs, is designated by a solid red line and ranges from about 6 to 31 percent. It begins around 10 percent and remains there until 2004. The series then falls to around 6 percent by 2006, staying there until 2008. The series jumps sharply to 12 percent in late 2008, and then increases steadily to 22 percent through 2014. The series remains around 22 percent until late 2018 when it temporarily dips to 20 percent, before rising quickly to about 31 percent by the end of 2021. The series then declines sharply to about 27 percent ending on 2022:Q4.
Note: Sample consists of domestic bank holding companies (BHCs), intermediate holding companies (IHCs) with a substantial U.S. commercial banking presence, and commercial banks. G-SIBs are global systemically important U.S. banks. Large non–G-SIBs are BHCs and IHCs with greater than $100 billion in total assets that are not G-SIBs. Liquid assets are cash plus estimates of securities that qualify as high-quality liquid assets as defined by the Liquidity Coverage Ratio requirement. Accordingly, Level 1 assets and discounts and restrictions on Level 2 assets are incorporated into the estimate.
Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.
Figure 4.3. Banks' reliance on short-term wholesale funding remained low
This is a line chart titled "Banks' reliance on short-term wholesale funding remained low." The x-axis measures time and ranges from the years 2000 to 2022. The y-axis represents short-term wholesale funding as a percent of assets, and ranges from 5 to 40 percent. The data are quarterly. There is one variable charted on the plot. The variable is designated by a solid black line and ranges from about 10 to 35 percent. The variable begins near 28 percent in 2000:Q1, declines steadily to about 23 percent in 2003:Q4, increases to about 33 percent by the end of 2006 and remains there until 2008:Q1. It then steadily declines to about 16 percent in 2015:Q1 and remains near that level through 2019:Q3 before steadily declining to about 10 percent in 2021:Q4. The line then ticks up to about 13 percent ending 2022:Q4.
Note: Short-term wholesale funding is defined as the sum of large time deposits with maturity less than one year, federal funds purchased and securities sold under agreements to repurchase, deposits in foreign offices with maturity less than one year, trading liabilities (excluding revaluation losses on derivatives), and other borrowed money with maturity less than one year. 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, and February 2020–April 2020.
Source: Federal Reserve Board, Form FR Y-9C, Consolidated Financial Statements for Holding Companies.
Figure A. Outstanding balances of primary credit and Bank Term Funding Program
Billions of dollars
| Date | Primary credit | Bank Term Funding Program |
|---|---|---|
| 20230222 | 4.558 | 0 |
| 20230301 | 4.362 | 0 |
| 20230308 | 4.581 | 0 |
| 20230315 | 164.796 | 11.943 |
| 20230322 | 163.917 | 53.669 |
| 20230329 | 152.56 | 64.403 |
| 20230405 | 148.726 | 79.021 |
| 20230412 | 139.47 | 71.837 |
| 20230419 | 143.907 | 73.982 |
Note: The key identifies the areas from top to bottom.
Source: Federal Reserve Board, Statistical Release H 4 1, "Factors Affecting Reserve Balances"
Figure 4.4. Growth in money market funds was concentrated in retail prime funds
This is a stacked line chart titled “Growth in money market funds was concentrated in retail prime funds.” The x-axis ranges from 2000 to February 2023. The y-axis ranges from 0 to 6000 in billions of real dollars. The data are monthly. There are four variables charted on the plot. The first portion is labeled “Government,” it is designated by the tan-filled portion of the chart, and ranges from about 500 to about 4275. This variable starts around 500 billion dollars and remains around that level until early 2007. The series then increases to around 2000 billion dollars by the start of 2009 before falling back to around 1000 billion dollars by 2011. The series remains around this level until the end of 2015 when the series increases rapidly to around 2500 billion dollars. The series stays at this level until the end of 2018, rises to about 3000 billion dollars by the end of 2019, and rises sharply to about 4500 billion dollars in early 2020 before falling to about 4000 billion by August 2022. The variable then remains at 4000 billion until February 2023. The second portion is labeled “Tax exempt.” This series is designated by the orange-filled portion of the chart and ranges from about 100 to about 700. This variable starts around 350 billion dollars and increases continuously to the peak value of around 700 billion dollars in 2008. Starting in 2009, the variable declines quickly and then more gradually through 2015, ending 2015 at around 300 billion dollars. The series drops sharply to 150 billion dollars in 2016 and remains at that level through mid-2020, before declining steadily to around 90 by January 2022. The variable then slowly increases to around 110 billion by February 2023. The third portion is labeled “Retail prime,” it is designated by the light blue filled portion of the chart, and ranges from about 200 to about 1300 billion. This variable starts at 1200 billion dollars and fluctuates around this level until the end of 2001. The variable declines gradually from 2002 until 2005 where it hits a low of around 750 billion dollars. The series then increases until 2008 when it reaches a local peak of around 1100 billion dollars. The series then falls quickly, and then more slowly, through 2015, ending 2015 at about 600 billion dollars. The series falls sharply in 2016 to about 300 billion dollars and remains there until mid-2018. It then increases to almost 550 by early 2020. The series falls sharply to 350 billion dollars in mid-2020 before decreasing to about 200 billion dollars by April 2022. The variable then steadily increases to about 515 billion dollars by the end of the plotted series in February 2023. The fourth portion is labeled “Institutional prime,” it is designated by the dark blue filled portion of the chart and ranges from about 140 to about 1650. This variable starts at 800 billion dollars and generally increases from 2000 through 2002 to about 1300 billion dollars. From 2003 through early 2005, the series falls to about 900 billion dollars and then starts rising again, hitting about 1800 billion dollars in August 2008. The variable has a sharp decline in late 2008 to about 1300 billion dollars before quickly rebounding to about 1600 billion dollars in August 2009. The series generally falls over the next couple of years, hitting about 1100 billion dollars by early 2012, where it remains until late 2015. The variable experiences a sharp decline in December 2016 to the minimum value of around 140 billion dollars. The series increases through early 2020 to about 350 billion dollars, drops sharply in March 2020 to 240 billion dollars, increases back to about 340 billion dollars, before declining slowly to 215 billion dollars by June 2022. The series increases slightly to around 260 billion dollars by the end of the series of February 2023.
Note: The data are converted to constant 2023 dollars using the consumer price index. The key identifies areas in order from top to bottom.
Source: Federal Reserve Board staff calculations based on Investment Company Institute data; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 4.5: Corporate bonds held by bond mutual funds fell sharply
Billions of dollars (real)
| Date | Corporate bonds |
|---|---|
| 2000 Q1 | 380.72831722244 |
| 2000 Q2 | 376.93556816382 |
| 2000 Q3 | 361.955796583863 |
| 2000 Q4 | 330.114328492626 |
| 2001 Q1 | 338.42408481882 |
| 2001 Q2 | 339.741609913631 |
| 2001 Q3 | 334.932718469904 |
| 2001 Q4 | 412.992218725085 |
| 2002 Q1 | 423.605701075511 |
| 2002 Q2 | 471.739845668211 |
| 2002 Q3 | 455.162575049834 |
| 2002 Q4 | 455.806408975161 |
| 2003 Q1 | 456.531200808743 |
| 2003 Q2 | 502.236564330309 |
| 2003 Q3 | 507.203272140148 |
| 2003 Q4 | 500.286773560852 |
| 2004 Q1 | 542.379351338583 |
| 2004 Q2 | 466.98693298518 |
| 2004 Q3 | 467.526606385373 |
| 2004 Q4 | 477.852291779098 |
| 2005 Q1 | 450.106984428621 |
| 2005 Q2 | 451.752976524422 |
| 2005 Q3 | 414.537652069082 |
| 2005 Q4 | 415.429525855795 |
| 2006 Q1 | 426.101079095174 |
| 2006 Q2 | 410.792413287197 |
| 2006 Q3 | 411.335167229232 |
| 2006 Q4 | 433.692390834573 |
| 2007 Q1 | 438.300457881744 |
| 2007 Q2 | 428.411846118779 |
| 2007 Q3 | 412.858736999485 |
| 2007 Q4 | 400.698920767577 |
| 2008 Q1 | 390.415223791885 |
| 2008 Q2 | 414.484133369216 |
| 2008 Q3 | 383.019925354915 |
| 2008 Q4 | 350.053539721476 |
| 2009 Q1 | 374.131850645788 |
| 2009 Q2 | 439.653239635401 |
| 2009 Q3 | 494.63609661688 |
| 2009 Q4 | 568.522797161257 |
| 2010 Q1 | 654.450919440481 |
| 2010 Q2 | 659.664244940014 |
| 2010 Q3 | 730.380635718017 |
| 2010 Q4 | 858.012548709976 |
| 2011 Q1 | 899.415758703397 |
| 2011 Q2 | 903.157597630478 |
| 2011 Q3 | 818.913008817174 |
| 2011 Q4 | 854.851352078582 |
| 2012 Q1 | 948.729540373252 |
| 2012 Q2 | 970.454678359333 |
| 2012 Q3 | 1068.48172322946 |
| 2012 Q4 | 1126.49228296189 |
| 2013 Q1 | 1155.05258134775 |
| 2013 Q2 | 1162.80305825059 |
| 2013 Q3 | 1191.69247804088 |
| 2013 Q4 | 1244.41043669533 |
| 2014 Q1 | 1289.46490894055 |
| 2014 Q2 | 1323.44919085117 |
| 2014 Q3 | 1304.23561119287 |
| 2014 Q4 | 1334.78799374926 |
| 2015 Q1 | 1385.80413964698 |
| 2015 Q2 | 1370.44692295826 |
| 2015 Q3 | 1352.71791034179 |
| 2015 Q4 | 1289.16766922814 |
| 2016 Q1 | 1350.89289529726 |
| 2016 Q2 | 1387.50814777352 |
| 2016 Q3 | 1430.16267029554 |
| 2016 Q4 | 1357.76920066141 |
| 2017 Q1 | 1395.90179616922 |
| 2017 Q2 | 1395.77242198166 |
| 2017 Q3 | 1402.1113754755 |
| 2017 Q4 | 1363.30192976741 |
| 2018 Q1 | 1342.32254346393 |
| 2018 Q2 | 1333.96188084437 |
| 2018 Q3 | 1383.23676221631 |
| 2018 Q4 | 1296.62993448971 |
| 2019 Q1 | 1412.17489133375 |
| 2019 Q2 | 1463.90301380468 |
| 2019 Q3 | 1505.80758810113 |
| 2019 Q4 | 1455.54532120934 |
| 2020 Q1 | 1383.38523086772 |
| 2020 Q2 | 1724.83284802876 |
| 2020 Q3 | 1769.37829531669 |
| 2020 Q4 | 1787.75970407801 |
| 2021 Q1 | 1741.72238000286 |
| 2021 Q2 | 1766.99843353446 |
| 2021 Q3 | 1685.58563787886 |
| 2021 Q4 | 1645.90609678414 |
| 2022 Q1 | 1445.92375149701 |
| 2022 Q2 | 1210.36891028989 |
| 2022 Q3 | 1122.02601324255 |
| 2022 Q4 | 1148.66940369516 |
Note: The data show holdings of all U.S. corporate bonds by all U.S.-domiciled mutual funds (holdings of foreign bonds are excluded). The data are converted to constant 2022 dollars using the consumer price index.
Source: Federal Reserve Board staff estimates based on Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States”; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 4.6: Assets held by high-yield and bank-loan mutual funds decreased
Billions of dollars (real)
| Date | Bank loan mutual funds | High-yield bond mutual funds |
|---|---|---|
| 200001 | 226.521113744076 | 196.49058056872 |
| 200002 | 225.344751236749 | 194.874513780919 |
| 200003 | 214.524224299065 | 184.461311214953 |
| 200004 | 210.389547460595 | 180.259885814361 |
| 200005 | 202.787210029155 | 173.047027172012 |
| 200006 | 208.195589095128 | 177.804467053364 |
| 200007 | 206.010984027778 | 175.752886805556 |
| 200008 | 206.012725 | 175.166179166667 |
| 200009 | 198.717203454231 | 168.290277029361 |
| 200010 | 189.017426206897 | 158.682726206897 |
| 200011 | 177.742700057438 | 147.205971280873 |
| 200012 | 178.434428275862 | 148.940005517241 |
| 200101 | 194.826114448886 | 164.776476527698 |
| 200102 | 195.229416382253 | 166.312497610921 |
| 200103 | 187.992559818388 | 159.076406356413 |
| 200104 | 187.051394007914 | 156.190209836066 |
| 200105 | 191.594618120428 | 160.042816882386 |
| 200106 | 183.140575280899 | 152.121943146067 |
| 200107 | 184.800503661972 | 154.09109543662 |
| 200108 | 185.961491830986 | 155.079206535211 |
| 200109 | 170.14248323051 | 140.672649018508 |
| 200110 | 172.943215306697 | 144.988966122679 |
| 200111 | 180.926261330327 | 153.49792897407 |
| 200112 | 179.104506621392 | 152.345580305603 |
| 200201 | 182.559428571429 | 156.39772987013 |
| 200202 | 177.620808998875 | 152.108629471316 |
| 200203 | 185.343014765101 | 160.348729530201 |
| 200204 | 187.563198887653 | 163.045910122358 |
| 200205 | 184.740523248053 | 160.649898553949 |
| 200206 | 172.273124624792 | 148.926669705392 |
| 200207 | 162.326649194892 | 139.931524930594 |
| 200208 | 165.585199557277 | 144.181773768677 |
| 200209 | 159.717784309392 | 139.333796685083 |
| 200210 | 160.054181136238 | 140.814027799228 |
| 200211 | 172.353276999448 | 153.634159293988 |
| 200212 | 175.634682587065 | 157.521087893864 |
| 200301 | 179.427797468354 | 161.68866835443 |
| 200302 | 185.135720152922 | 167.809899290005 |
| 200303 | 195.764852117264 | 178.828311400651 |
| 200304 | 216.897783460283 | 199.763979760609 |
| 200305 | 220.810002179836 | 203.812132316076 |
| 200306 | 231.155498965705 | 214.212163962983 |
| 200307 | 225.841029690049 | 208.608574225122 |
| 200308 | 228.913816901408 | 211.26268992416 |
| 200309 | 234.214985961123 | 216.244181857451 |
| 200310 | 243.711297081081 | 223.849352432432 |
| 200311 | 248.68298601626 | 228.247063414634 |
| 200312 | 256.007820944113 | 235.089402061856 |
| 200401 | 260.082027861771 | 237.540145140389 |
| 200402 | 252.687827497315 | 229.609424919441 |
| 200403 | 249.981344503735 | 226.355611953042 |
| 200404 | 244.533313404255 | 219.880435531915 |
| 200405 | 233.164522686409 | 206.456421575886 |
| 200406 | 235.908039219821 | 207.516165102794 |
| 200407 | 239.615724392819 | 209.487249630412 |
| 200408 | 244.810732875989 | 213.39319408971 |
| 200409 | 249.454817061611 | 217.049960821485 |
| 200410 | 253.515614457831 | 220.279807228916 |
| 200411 | 257.871857591623 | 223.842285863874 |
| 200412 | 262.127598949028 | 227.411643089858 |
| 200501 | 260.714853696906 | 225.174086208705 |
| 200502 | 264.030233993744 | 227.736507403545 |
| 200503 | 248.912806001035 | 211.352161614071 |
| 200504 | 241.686136896197 | 204.183168961973 |
| 200505 | 243.589095679012 | 206.29669691358 |
| 200506 | 247.15591403599 | 209.584168843188 |
| 200507 | 249.861938382804 | 212.146086386899 |
| 200508 | 248.45493299389 | 210.928053360489 |
| 200509 | 240.207423138833 | 202.805202615694 |
| 200510 | 235.342359638554 | 197.533477108434 |
| 200511 | 239.024687854251 | 200.525998178138 |
| 200512 | 240.404484756098 | 201.582672560976 |
| 200601 | 240.106123449319 | 201.926902874433 |
| 200602 | 241.46535762456 | 202.892128233518 |
| 200603 | 240.989703903904 | 201.490526126126 |
| 200604 | 240.455514640199 | 200.371384019851 |
| 200605 | 237.645772444444 | 196.438863407407 |
| 200606 | 235.63526525382 | 193.109922523411 |
| 200607 | 239.390288550369 | 195.708616216216 |
| 200608 | 243.073998626778 | 198.731451495831 |
| 200609 | 247.443494726466 | 202.178120847708 |
| 200610 | 254.089046580773 | 207.70184420218 |
| 200611 | 256.717297667494 | 209.963924962779 |
| 200612 | 259.186033498513 | 211.86112864222 |
| 200701 | 263.264724922931 | 214.584218638843 |
| 200702 | 267.414811669836 | 217.209025695458 |
| 200703 | 267.297435817523 | 216.028411702832 |
| 200704 | 270.46576507359 | 217.919270197304 |
| 200705 | 274.64024717599 | 220.833101577791 |
| 200706 | 268.734825103671 | 213.021842266933 |
| 200707 | 255.426373626374 | 203.776389324961 |
| 200708 | 251.850063054007 | 203.969916457048 |
| 200709 | 258.528467936112 | 209.735218379778 |
| 200710 | 260.417180763487 | 211.833196768388 |
| 200711 | 248.125690061234 | 203.180829301018 |
| 200712 | 246.440262812089 | 203.609421813403 |
| 200801 | 235.046571347356 | 195.511794201251 |
| 200802 | 226.635083257359 | 192.133264491504 |
| 200803 | 220.469192424413 | 187.462848151062 |
| 200804 | 230.896587050735 | 197.134133495948 |
| 200805 | 230.050278259906 | 196.666970346025 |
| 200806 | 223.141159609716 | 189.402094189155 |
| 200807 | 219.558875816043 | 184.893700423706 |
| 200808 | 220.637879006418 | 186.538211661174 |
| 200809 | 202.61800816334 | 171.449497447242 |
| 200810 | 169.409593439625 | 143.498845008381 |
| 200811 | 156.807848981994 | 133.257568365305 |
| 200812 | 167.30171642217 | 144.674463725098 |
| 200901 | 178.992554808826 | 154.432995268609 |
| 200902 | 175.754767782161 | 150.478837284925 |
| 200903 | 180.678810769643 | 155.368021663399 |
| 200904 | 202.269895329207 | 174.512312324142 |
| 200905 | 217.981549266796 | 187.832276485111 |
| 200906 | 224.405749282545 | 192.889749041462 |
| 200907 | 240.711394699816 | 207.378170150127 |
| 200908 | 244.640009266381 | 210.833596189664 |
| 200909 | 257.415313308855 | 222.412569766957 |
| 200910 | 261.114318544526 | 225.864142993936 |
| 200911 | 263.637246429067 | 228.55245763417 |
| 200912 | 273.175687037217 | 236.446428740119 |
| 201001 | 277.994503038946 | 239.21061014274 |
| 201002 | 275.626687336498 | 235.513021717165 |
| 201003 | 287.76721220782 | 244.920206772013 |
| 201004 | 297.914520776665 | 251.651930700109 |
| 201005 | 278.525679949399 | 232.454737507906 |
| 201006 | 280.98275190971 | 234.484466588673 |
| 201007 | 294.012104526836 | 246.363108833958 |
| 201008 | 297.494148558027 | 248.955876177214 |
| 201009 | 309.066174446871 | 258.286452693887 |
| 201010 | 320.584125169745 | 266.988605237048 |
| 201011 | 317.945571861446 | 261.828956641362 |
| 201012 | 331.699643122744 | 269.532896855994 |
| 201101 | 349.690657742379 | 279.283417808312 |
| 201102 | 362.102561757543 | 285.190974971646 |
| 201103 | 362.970278027628 | 281.384153364926 |
| 201104 | 370.701504450748 | 285.057356762381 |
| 201105 | 374.842454196244 | 286.001964737746 |
| 201106 | 364.580676584471 | 274.702657428164 |
| 201107 | 370.3567013394 | 279.258596329707 |
| 201108 | 337.280223531749 | 258.912694961266 |
| 201109 | 327.505872915831 | 251.048499839128 |
| 201110 | 357.708633386479 | 278.314966897947 |
| 201111 | 348.642216682138 | 270.043228749503 |
| 201112 | 359.254459746889 | 281.631575560991 |
| 201201 | 377.236225266362 | 297.21396651446 |
| 201202 | 388.928956396077 | 308.571668474895 |
| 201203 | 391.333834484202 | 310.256331868592 |
| 201204 | 397.475950713867 | 314.393719016885 |
| 201205 | 389.39743097709 | 307.016111742053 |
| 201206 | 397.306809715964 | 314.510850887667 |
| 201207 | 411.979464697255 | 327.287458097632 |
| 201208 | 420.498787129035 | 334.137822978657 |
| 201209 | 427.77529910504 | 338.835176636835 |
| 201210 | 434.738425969557 | 342.659279171008 |
| 201211 | 437.525463098501 | 342.393164828578 |
| 201212 | 446.045768441775 | 347.621988580189 |
| 201301 | 458.646439812402 | 354.443291818656 |
| 201302 | 462.004748498919 | 351.681890026963 |
| 201303 | 472.594589063164 | 354.454665618435 |
| 201304 | 486.562263612164 | 361.778823984759 |
| 201305 | 487.286024254652 | 356.890813883105 |
| 201306 | 467.337593360285 | 330.887410237084 |
| 201307 | 490.300325005565 | 342.271889415915 |
| 201308 | 491.872248746136 | 334.749893148963 |
| 201309 | 506.61852239386 | 342.648137553438 |
| 201310 | 524.220263074512 | 354.503922310808 |
| 201311 | 532.424674924593 | 357.479275064466 |
| 201312 | 538.456211526331 | 358.387756909491 |
| 201401 | 544.543601292772 | 360.002010465295 |
| 201402 | 554.298990974568 | 367.501698178302 |
| 201403 | 553.856099503582 | 366.335432027187 |
| 201404 | 553.650316359587 | 367.867606802997 |
| 201405 | 554.791196469105 | 371.065084993695 |
| 201406 | 552.011857868702 | 371.850927780552 |
| 201407 | 532.436923064008 | 355.066962434418 |
| 201408 | 527.185888199385 | 354.216674738913 |
| 201409 | 504.990230516193 | 337.715905575324 |
| 201410 | 504.598462050347 | 343.291316202887 |
| 201411 | 507.289381455086 | 346.845458033208 |
| 201412 | 482.188051377272 | 331.874390576291 |
| 201501 | 483.201248400775 | 337.288564227858 |
| 201502 | 496.877783079558 | 350.637362496911 |
| 201503 | 487.605708138693 | 343.598907161219 |
| 201504 | 492.203530699623 | 347.62043626558 |
| 201505 | 491.339319021888 | 346.860720842707 |
| 201506 | 474.998118824328 | 334.533505141679 |
| 201507 | 469.081934348471 | 329.44232638045 |
| 201508 | 455.774190570503 | 320.564336595109 |
| 201509 | 440.132036563071 | 310.063256634937 |
| 201510 | 452.605847846013 | 324.014133822181 |
| 201511 | 441.010428759227 | 313.921322681768 |
| 201512 | 413.870112842194 | 295.473785181271 |
| 201601 | 399.264797143291 | 285.49806918908 |
| 201602 | 398.814639725698 | 288.921147816845 |
| 201603 | 418.242793576672 | 306.994958090471 |
| 201604 | 428.726013850983 | 316.491762385011 |
| 201605 | 427.766130317322 | 315.752449038209 |
| 201606 | 423.180368437212 | 312.574380170776 |
| 201607 | 437.299947803248 | 324.365550974949 |
| 201608 | 445.868340246378 | 331.888415729357 |
| 201609 | 448.497427804563 | 332.464411253044 |
| 201610 | 448.851204117007 | 330.274477617497 |
| 201611 | 443.743144522753 | 321.955252762551 |
| 201612 | 463.197304085623 | 333.316195864674 |
| 201701 | 470.840572395703 | 336.529899727803 |
| 201702 | 477.44177288457 | 338.36055959902 |
| 201703 | 470.762076611663 | 327.736565149446 |
| 201704 | 474.730598714237 | 329.613229130883 |
| 201705 | 478.530474271962 | 329.947600364479 |
| 201706 | 475.529966565288 | 326.741555795963 |
| 201707 | 477.424007582133 | 327.968766187609 |
| 201708 | 470.563120898994 | 322.710784582863 |
| 201709 | 470.730821047002 | 323.446361260681 |
| 201710 | 470.830949270868 | 323.082570146313 |
| 201711 | 460.074731887671 | 314.941131800105 |
| 201712 | 454.847762651912 | 310.375638558518 |
| 201801 | 454.56069908459 | 308.916062404435 |
| 201802 | 438.499210814849 | 292.234940058074 |
| 201803 | 435.239969225098 | 286.729498064547 |
| 201804 | 439.082119371293 | 288.043739512904 |
| 201805 | 436.758963861551 | 283.134314991176 |
| 201806 | 438.329881542448 | 281.924456226264 |
| 201807 | 442.282766124616 | 283.571956381991 |
| 201808 | 445.17867616381 | 284.48592783546 |
| 201809 | 449.506364230567 | 286.727492503139 |
| 201810 | 438.856305593452 | 275.455639836289 |
| 201811 | 428.271888842159 | 271.280958268198 |
| 201812 | 396.139389013386 | 257.931625224393 |
| 201901 | 408.706973684211 | 272.418728070175 |
| 201902 | 413.034934645694 | 279.142473177833 |
| 201903 | 409.700144924115 | 280.360081667335 |
| 201904 | 411.007987540501 | 283.857210700142 |
| 201905 | 398.97141136779 | 275.37646408322 |
| 201906 | 402.182922664293 | 282.138433609351 |
| 201907 | 402.540337918159 | 285.40467114366 |
| 201908 | 393.911634796031 | 281.705507526563 |
| 201909 | 394.978822008187 | 285.550716430583 |
| 201910 | 389.952449231774 | 285.345943904316 |
| 201911 | 389.27976439302 | 286.689731268079 |
| 201912 | 394.589823717574 | 292.985759648836 |
| 202001 | 392.822257695632 | 291.51174542875 |
| 202002 | 381.114241180154 | 282.863659221117 |
| 202003 | 311.758656877748 | 238.086861127792 |
| 202004 | 336.056452031873 | 261.474500076056 |
| 202005 | 362.921969156844 | 287.34412380945 |
| 202006 | 367.665066854928 | 293.831209983049 |
| 202007 | 384.428146861649 | 311.477921428323 |
| 202008 | 388.802116821459 | 316.059204364453 |
| 202009 | 382.860163208852 | 310.866844167819 |
| 202010 | 385.768827595742 | 314.94801281165 |
| 202011 | 401.337339036003 | 329.193495728762 |
| 202012 | 409.600184432995 | 336.698394619041 |
| 202101 | 413.045170539257 | 336.728219372893 |
| 202102 | 415.419624354597 | 335.56744127689 |
| 202103 | 412.201353231877 | 328.346137263711 |
| 202104 | 417.606528567256 | 329.472599698937 |
| 202105 | 413.797907241962 | 323.043566633853 |
| 202106 | 417.100814734115 | 323.605408397621 |
| 202107 | 418.729415281151 | 323.592290194613 |
| 202108 | 423.38220618715 | 325.876734255228 |
| 202109 | 426.239534978674 | 325.776017935912 |
| 202110 | 424.464488175596 | 321.502634739632 |
| 202111 | 417.265214212731 | 312.099798667377 |
| 202112 | 427.63322314761 | 318.944222781759 |
| 202201 | 420.206328481796 | 303.10527764736 |
| 202202 | 413.762626147274 | 292.310495284016 |
| 202203 | 405.924304357505 | 283.004360148033 |
| 202204 | 395.349310190966 | 268.573807249169 |
| 202205 | 380.292488710075 | 261.209474094753 |
| 202206 | 345.165295787197 | 234.393682988482 |
| 202207 | 357.672192955217 | 249.112245743833 |
| 202208 | 346.390945095907 | 238.123649918459 |
| 202209 | 323.968985606857 | 223.683917684159 |
| 202210 | 324.723513281344 | 228.145647960485 |
| 202211 | 327.399239396596 | 232.467869846932 |
| 202212 | 318.501351563527 | 228.099436854146 |
| 202301 | 323.350961125781 | 233.730466691179 |
| 202302 | 314.5 | 227.06 |
Note: The data are converted to constant 2023 dollars using the consumer price index. The key identifies series in order from top to bottom.
Source: Investment Company Institute; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 4.7. Bond and bank loan mutual funds experienced notable outflows during most of the past year
This is a stacked bar chart titled "Bond and bank loan mutual funds experienced notable outflows during most of the past year." The x-axis ranges from January 2017 to February 2023, with labels for February, May, August, and November of each year. The y-axis is in billions of dollars and ranges from negative 150 billion to 150 billion. The data are monthly. "Investment-grade bon¬d mutual funds" are shown in blue. The series starts at 5 billion in January 2017 and rises until March 2017 to 18 billion. It then oscillates within the range of 0 to 15 billion until September 2018 aside from one peak in January 2018 at 22 billion. Throughout 2018, it hovers around 5-10 billion before dropping dramatically in October 2018 to negative 14 billion, further declining to -21 billion in December 2018. It goes back to 0 in January 2019 and generally rises to a local peak of 27 billion in January 2020. In March 2020, it plummets to negative 89 billion before returning to a range of 22 to 42 billion through the rest of 2020. It decreases to 28 billion in February 2021 and then continues to decrease through May 2022 to a local minimum of negative 40 billion. The series increases to 2 billion by August 2022, drops to –21 billion by October 2022, and then increases to 13 billion by February 2023. "Bank loan mutual funds" are represented in orange. It begins around 3 billion and decreases through December 2017 to about negative 1 billion. It then increases steadily through June 2018 to about 2.5 billion dollars. It decreases to about negative 5 billion in November 2018 before dropping dramatically in December 2018 to about negative 13 billion. The variable recovers slowly through 2019 and ends at about negative 3 billion dollars in December 2019. In January 2020, it increases to around 0 before declining slightly in February and sharply to negative 11 billion in March and then hovers around negative 2 billion through October 2020. It increased to 0 in December 2020 and then continued to increase to about 4 billion by April 2021. The series declined slightly to hover around 2 billion until hitting its peak of about 8 billion in January 2022. The variable declined to around negative 5 billion in September 2022. The series then hovers around –5 billion until December 2022, increases to –2 billion until the end of February 2023. “High-yield bond mutual funds” are represented in tan. The bar begins around 700 million and decreases to negative 7 billion in March 2017, staying negative or just barely above 0 through 2017. The series decreases significantly in February 2018 to -10 billion, and then increases to 1 billion dollars in April 2018. The series then remains between negative 2 billion and positive 1 billion through January 2019, where it reaches about 3 billion. The series again oscillates between about negative 4 billion and positive 1 billion until February 2020. In March 2020, the series steeply declines to its lowest point around negative 10 billion before rebounding to its peak of 12 billion in May 2020. The series declines to negative 1 billion in August 2020 and bounces between negative 5 billion and 1 billion through the end of the plotted period, ending at about negative 2.75 billion in February 2023.
Note: Mutual fund assets under management as of February 2023 included $2,173 billion in investment-grade bond mutual funds, $227 billion in high-yield bond mutual funds, and $87 billion in bank-loan mutual funds. Bank-loan mutual funds, also known as floating-rate bond funds, are excluded from high-yield bond mutual funds.
Source: Investment Company Institute.
Figure 4.8: Life insurers held more risky, illiquid assets on their balance sheets
Percent share (left)
Billions of dollars (right)
| Date | Other Asset-backed securities | CRE loans | CRE loans, securitized | Alternative investments | Illiquid corporate debt | Illiquid corporate debt, securitized | Share of life insurer assets (left scale) | Share of P&C insurer assets (left scale) |
|---|---|---|---|---|---|---|---|---|
| 2006 | 249.36418603 | 273.648804584 | 187.455498163 | 137.227369076 | 315.647523327 | 9.270303692 | 33.0030869314266 | 10.0658860461362 |
| 2007 | 270.730957026 | 292.623409536 | 216.874778004 | 183.640538761 | 326.133744538 | 13.249053905 | 35.1041232508729 | 12.3516373592211 |
| 2008 | 265.607426858 | 304.065243431 | 221.587617153 | 167.91060784 | 344.172102371 | 14.399001351 | 35.0274125357628 | 11.923602928883 |
| 2009 | 236.553072997 | 294.424846975 | 222.574599429 | 171.216064385 | 348.192418629 | 17.606131236 | 33.785640580497 | 10.9670148172131 |
| 2010 | 210.314771583 | 286.600104879 | 189.620977307 | 224.584371363 | 365.131897943 | 21.039330465 | 31.5611735257269 | 12.8900226088888 |
| 2011 | 215.60023613 | 301.752914446 | 183.346141272 | 237.330714105 | 377.353517275 | 26.188385668 | 30.8027070530158 | 13.4533133440604 |
| 2012 | 200.744188476 | 314.087320617 | 168.96650069 | 254.111068642 | 392.086449227 | 33.480490214 | 30.663194026548 | 13.4410119479159 |
| 2013 | 198.967930661 | 331.622591525 | 164.953591833 | 275.472501071 | 419.17763096 | 44.967769724 | 30.6594691064958 | 15.0104918349368 |
| 2014 | 203.313842436 | 349.117587688 | 167.288968608 | 300.221108516 | 424.247682357 | 66.270302938 | 31.174669913411 | 14.9467114969197 |
| 2015 | 196.018451443 | 375.676087192 | 159.592154058 | 292.144032264 | 441.206048121 | 77.850096607 | 31.26838247257 | 15.0978321425401 |
| 2016 | 203.05483883 | 407.463499376 | 155.412854549 | 306.373932969 | 467.576719392 | 83.256406058 | 31.3259634110557 | 15.1870636989002 |
| 2017 | 197.672711926 | 442.798343026 | 153.500067568 | 334.043986596 | 479.074314785 | 91.958551953 | 31.5018247507745 | 14.7946391585644 |
| 2018 | 199.555198479 | 483.605361409 | 165.990013172 | 342.80620307 | 478.085246797 | 118.910516363 | 32.8672454837957 | 15.0210021229006 |
| 2019 | 197.781120644 | 534.207346616 | 184.3098524 | 381.329099858 | 544.570925459 | 144.402407646 | 34.7643081332679 | 15.2503054560003 |
| 2020 | 192.608234025 | 555.746173269 | 195.788367986 | 432.99886015 | 633.482974481 | 178.367179981 | 35.5582777200671 | 16.2697660808921 |
| 2021 | 197.252728613 | 577.934563702 | 199.072374184 | 494.496794022 | 674.352466529 | 206.567159997 | 36.1050395619078 | 15.7644871176267 |
Note: Securitized products include collateralized loan obligations for corporate debt, private-label commercial mortgage-backed securities for commercial real estate (CRE), and private-label residential mortgage-backed securities and asset-backed securities (ABS) backed by autos, credit cards, consumer loans, and student loans for other ABS. Illiquid corporate debt includes private placements, bank and syndicated loans, and high-yield bonds. Alternative investments include assets filed under Schedule BA. P&C is property and casualty. The key identifies bars in order from top to bottom.
Source: Staff estimates based on data from Bloomberg Finance L.P. and National Association of Insurance Commissioners Annual Statutory Filings.
Figure 4.9: Life insurers continued to rely on nontraditional liabilities
Billions of dollars (real)
| date | Repurchase agreements | Securities lending cash collateral | FHLB advances | Funding-agreement-backed securities |
|---|---|---|---|---|
| 2006 | 4.556142521082 | 201.694680804065 | 13.1421341943995 | 235.100467730024 |
| 2007 | 3.89990058183623 | 205.058720419379 | 23.711482835263 | 242.5744603645 |
| 2008 | 11.3913431769325 | 68.6731856589826 | 47.2996166453467 | 229.584863296452 |
| 2009 | 13.9995328606024 | 52.4739521190218 | 62.4381802648339 | 163.383717133596 |
| 2010 | 13.9481744037978 | 57.3885338756984 | 57.8544261947434 | 127.354722008546 |
| 2011 Q1 | 8.09268652636097 | 61.680535659143 | 57.9008353394953 | 113.485292103856 |
| 2011 Q2 | 8.90947035997227 | 60.7947247337356 | 56.8756512913815 | 107.335231142056 |
| 2011 Q3 | 8.96806734451587 | 58.1891249174259 | 56.8780578762704 | 99.9234387917754 |
| 2011 Q4 | 9.30677996481346 | 55.6518085686206 | 57.3887670799345 | 99.6701737060825 |
| 2012 Q1 | 10.605733319994 | 54.7161346301416 | 58.4729038591086 | 96.1252733809749 |
| 2012 Q2 | 13.6699744384468 | 62.7364070634154 | 62.3919551564049 | 97.727638312389 |
| 2012 Q3 | 14.5295270628384 | 70.9293353060921 | 61.958931512383 | 98.9430258959587 |
| 2012 Q4 | 14.4808118122682 | 69.2493076857124 | 60.2630341883192 | 94.9176758684791 |
| 2013 Q1 | 17.0686666531939 | 69.0211857956362 | 61.0618406101911 | 93.9651909659635 |
| 2013 Q2 | 17.0114432666028 | 70.2133746323889 | 62.2046797310301 | 84.0868792825118 |
| 2013 Q3 | 16.3817265519684 | 64.7993458783094 | 60.8968704621789 | 79.5266775993278 |
| 2013 Q4 | 14.642437515759 | 71.185756486214 | 61.9000614685621 | 77.2818120999243 |
| 2014 Q1 | 17.2332848023359 | 72.4955118290132 | 61.6844995478677 | 72.1398761442727 |
| 2014 Q2 | 17.2704146123303 | 74.807867798978 | 61.9305331126248 | 75.8462891583065 |
| 2014 Q3 | 19.0221677044478 | 78.5180018055623 | 62.3511919018586 | 79.3262577061057 |
| 2014 Q4 | 14.5323420207889 | 67.9134783292209 | 62.6769144697806 | 84.7831698694874 |
| 2015 Q1 | 13.953119136299 | 68.3532587006995 | 65.684517163188 | 87.8643970120771 |
| 2015 Q2 | 13.5095211166119 | 61.7791086017817 | 66.9281100183617 | 85.7574669039781 |
| 2015 Q3 | 13.5340616205876 | 61.7184267704675 | 68.4179339030023 | 80.605351481143 |
| 2015 Q4 | 10.7461611688525 | 61.6755922711422 | 69.5327231218325 | 86.4523595604041 |
| 2016 Q1 | 13.0937351764839 | 63.5950057246958 | 73.0805747678601 | 84.6589257962696 |
| 2016 Q2 | 14.7554461546892 | 66.6050793221821 | 76.8927009578666 | 85.6936493716941 |
| 2016 Q3 | 15.7092519586441 | 67.8808850644608 | 79.9670874288697 | 85.8632648116655 |
| 2016 Q4 | 11.9084193538968 | 58.3519183794025 | 80.6328048762918 | 91.2892400697022 |
| 2017 Q1 | 15.7016791864073 | 60.8791089702787 | 83.3317749190836 | 92.5850401883878 |
| 2017 Q2 | 15.9215696588664 | 61.5734147236825 | 83.0752065723638 | 96.6735811458581 |
| 2017 Q3 | 17.4160945837791 | 62.2911256371009 | 82.9700789225352 | 105.248816989931 |
| 2017 Q4 | 20.0268667832567 | 59.0782878293284 | 85.0327185715422 | 102.709319018321 |
| 2018 Q1 | 19.7354755703879 | 62.1216954274663 | 90.5392055081714 | 105.000358864181 |
| 2018 Q2 | 21.9406369937143 | 54.1776676777025 | 89.8779719272085 | 96.5303798018269 |
| 2018 Q3 | 21.3725715611716 | 55.0116230284537 | 88.146523641899 | 105.918944206908 |
| 2018 Q4 | 21.2208824194547 | 49.1244242515984 | 91.0061411593434 | 103.333083523136 |
| 2019 Q1 | 20.469969163253 | 53.2267067898172 | 93.1619869660104 | 106.883047175058 |
| 2019 Q2 | 19.2705405558732 | 52.7187064957625 | 92.1472815405312 | 104.974021985877 |
| 2019 Q3 | 18.3291693797435 | 52.7668472269234 | 95.4410032506644 | 105.899278636192 |
| 2019 Q4 | 19.6957793809334 | 51.869727640067 | 98.50867898603 | 107.995020809079 |
| 2020 Q1 | 21.4834566514443 | 49.1292144154127 | 116.113548030878 | 114.862059945095 |
| 2020 Q2 | 23.9873898393703 | 55.2827367744847 | 119.282991194728 | 120.604493990866 |
| 2020 Q3 | 23.6799459997444 | 54.3655847614495 | 114.512622364991 | 128.467977207547 |
| 2020 Q4 | 23.6322238513346 | 55.0318244412495 | 115.185556264104 | 132.685286648781 |
| 2021 Q1 | 29.2697251642643 | 58.8982314799138 | 123.565005018743 | 143.658549694441 |
| 2021 Q2 | 22.3632864533185 | 59.2894278677608 | 116.982400670539 | 157.419449122555 |
| 2021 Q3 | 19.8715049076396 | 64.0601081983608 | 113.117140320633 | 166.421337962542 |
| 2021 Q4 | 23.4179809812914 | 58.1008234819659 | 114.748053003115 | 167.391942770347 |
| 2022 Q1 | 22.0345924042418 | 58.3218617017617 | 123.889404009255 | 178.846083939507 |
| 2022 Q2 | 22.2906936909816 | 48.9533660898669 | 126.887297444627 | 175.686533164816 |
| 2022 Q3 | 23.3321373291495 | 44.1813613813068 | 128.570552353212 | 172.64718748986 |
| 2022 Q4 | 24.7527559 | 40.97131957 | 129.08366933429 | 174.48446709822 |
Note: The data are converted to constant 2022 dollars using the consumer price index. FHLB is Federal Home Loan Bank. The data are annual from 2006 to 2010 and quarterly thereafter. The key identifies series in order from top to bottom.
Source: Consumer price index, Bureau of Labor Statistics via Haver Analytics; Moody's Analytics, Inc., CreditView, Asset-Backed Commercial Paper Program Index; Securities and Exchange Commission, Forms 10-Q and 10-K; National Association of Insurance Commissioners, quarterly and annual statutory filings accessed via S&P Global, Capital IQ Pro; Bloomberg Finance L.P.
Figure A. Spring 2023: Most cited potential risks over the next 12 to 18 months
The chart is titled "Spring 2023: Most cited potential risks over the next 12 to 18 months." The x-axis ranges from 0 to 80 percent and the data in each category is represented by blue bars showing the percentage of respondents. The categories on the left axis are listed in the following order from top to bottom: Persistent inflation; monetary tightening at 56 percent, banking-sector stress at 56 percent, U.S.-China tensions at 56 percent of respondents, commercial and residential real estate at 52 percent, Russia-Ukraine war at 52 percent of respondents, debt limit at 48 percent, market liquidity strains and volatility at 40 percent, under-regulated nonbanks at 24 percent, and fiscal debt sustainability at 24 percent of respondents.
Note: Responses are to the following question: "Over the next 12–18 months, which shocks, if realized, do you think would have the greatest negative effect on the functioning of the U.S. financial system?"
Source: Federal Reserve Bank of New York survey of 25 market contacts from February to April.
Figure B. Fall 2022: Most cited potential risks over the next 12 to 18 months
The chart is titled “Fall 2022: Most cited potential risks over the next 12 to 18 months.” The x-axis ranges from 0 to 80 percent and the data in each category is represented by blue bars showing the percentage of respondents. The categories on the left axis are listed in the following order from top to bottom: Persistent inflation; monetary tightening at 62 percent, Russia’s invasion of Ukraine at 62 percent, market liquidity strains and volatility at 54 percent, higher energy prices at 54 percent, China-Taiwan conflict at 52 percent, under-regulated nonbanks at 38 percent, Europe recession at 31 percent, supply chain disruptions at 27 percent, value of U.S. dollar at 27 percent, and emerging market economy risks at 27 percent of respondents.
Note: Responses are to the following question: "Over the next 12–18 months, which shocks, if realized, do you think would have the greatest negative effect on the functioning of the U.S. financial system?"
Source: Federal Reserve Bank of New York survey of 26 market contacts from August to October.
Figure A. Spillovers of foreign shocks to the U.S. financial system
This figure's title is "Spillovers of foreign shocks to the U.S. financial system." This figure describes four important transmission channels: (1) U.S . dollar funding markets, (2) asset markets, (3) financial institution interconnectedness, and (4) the U.S . real economy. Shocks may generate stress for foreign financial markets, internationally active financial institutions, sovereigns, and international trade and commodity markets. This stress may be transmitted to the U.S . financial system through the four channels noted earlier, resulting in two types of spillovers: (1) disruptions to financial intermediation, which can reduce credit available to U.S. households and businesses; and (2) increased risks of default and insolvency due to realized or mark-to-market losses on assets held by U.S . financial institutions. The strength of these spillovers largely depends on the extent of cross-border linkages and how existing vulnerabilities in the U.S. financial system interact with the foreign stress.
Figure B: U.S. dollar-denominated bank claims on U.S. and non-U.S. residents as of 2022:Q3
Trillions of dollars
| Type | U.S. banks | Foreign banks |
|---|---|---|
| U.S. residents | 13.84464126 | 7.988756707 |
| Non-U.S. residents | 1.530509942 | 8.94860802 |
Note: The data exclude intragroup claims. The key identifies series in order from top to bottom.
Source: Bank for International Settlements, consolidated and locational banking statistics; Federal Reserve Board staff estimates.