Accessible Version
Overview of financial system vulnerabilities
Asset valuations
- Equity price-to-earnings ratios reached elevated levels.
- Risk premiums in corporate bond markets remained near the middle of their historical distributions.
- Prices of residential and commercial properties remained high relative to fundamentals.
Borrowing by businesses and households
- The ratio of total private debt to gross domestic product (GDP) continued to edge down and remained close to its historical average.
- The business debt-to-GDP ratio remained high, but debt issuance by the riskiest companies continued to be subdued. Firms’ ability to service their debt remained solid despite declining interest coverage ratios.
- Household debt was at modest levels relative to GDP and concentrated among prime-rated borrowers.
Leverage in the financial sector
- The banking system remained sound and resilient, as risk-based capital ratios remained close to average levels over the past decade.
- Nonetheless, high interest rates continued to depress the fair value of longer-maturity, fixed-rate assets that, for some banks, were sizable.
- Leverage remained high at the largest hedge funds.
- Broker-dealer leverage remained near historically low levels.
Funding risks
- Most domestic banks maintained high levels of liquid assets and stable funding.
- However, a subset of banks continued to face funding pressures, reflecting concerns over uninsured deposits and other factors.
- Structural vulnerabilities persisted at money market funds, some other mutual funds, and stablecoins.
- Liquidity risks for life insurers remained elevated as the share of illiquid and risky assets continued to edge up.
Survey of salient risks to the 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 | Commercial and residential real estate | Banking-sector stress | Market liquidity strains and volatility | Weakness in Chinese economy/financial sector | |
|---|---|---|---|---|---|
| Oct-23 | 72% of contacts surveyed | 72% of contacts surveyed | 56% of contacts surveyed | 56% of contacts surveyed | 44% of contacts surveyed |
| May-23 | 56% of contacts surveyed | 52% of contacts surveyed | 56% of contacts surveyed | 40% of contacts surveyed | 12% of contacts surveyed |
Figure 1.1. Nominal Treasury yields rose substantially in the third quarter of 2023
Percent, annual rate
| Date | 2-year | 10-year |
|---|---|---|
| Jan. 1997 | 6.01 | 6.58 |
| Feb. 1997 | 5.9 | 6.42 |
| Mar. 1997 | 6.22 | 6.69 |
| Apr. 1997 | 6.45 | 6.89 |
| May. 1997 | 6.28 | 6.71 |
| Jun. 1997 | 6.09 | 6.49 |
| Jul. 1997 | 5.89 | 6.22 |
| Aug. 1997 | 5.94 | 6.3 |
| Sep. 1997 | 5.88 | 6.21 |
| Oct. 1997 | 5.77 | 6.03 |
| Nov. 1997 | 5.71 | 5.88 |
| Dec. 1997 | 5.72 | 5.81 |
| Jan. 1998 | 5.36 | 5.54 |
| Feb. 1998 | 5.42 | 5.57 |
| Mar. 1998 | 5.56 | 5.65 |
| Apr. 1998 | 5.56 | 5.64 |
| May. 1998 | 5.59 | 5.65 |
| Jun. 1998 | 5.52 | 5.5 |
| Jul. 1998 | 5.46 | 5.46 |
| Aug. 1998 | 5.27 | 5.34 |
| Sep. 1998 | 4.67 | 4.81 |
| Oct. 1998 | 4.09 | 4.53 |
| Nov. 1998 | 4.54 | 4.83 |
| Dec. 1998 | 4.51 | 4.65 |
| Jan. 1999 | 4.62 | 4.72 |
| Feb. 1999 | 4.88 | 5 |
| Mar. 1999 | 5.05 | 5.23 |
| Apr. 1999 | 4.98 | 5.18 |
| May. 1999 | 5.25 | 5.54 |
| Jun. 1999 | 5.62 | 5.9 |
| Jul. 1999 | 5.55 | 5.79 |
| Aug. 1999 | 5.68 | 5.94 |
| Sep. 1999 | 5.66 | 5.92 |
| Oct. 1999 | 5.86 | 6.11 |
| Nov. 1999 | 5.86 | 6.03 |
| Dec. 1999 | 6.1 | 6.28 |
| Jan. 2000 | 6.44 | 6.66 |
| Feb. 2000 | 6.61 | 6.52 |
| Mar. 2000 | 6.53 | 6.26 |
| Apr. 2000 | 6.4 | 5.99 |
| May. 2000 | 6.81 | 6.44 |
| Jun. 2000 | 6.48 | 6.1 |
| Jul. 2000 | 6.34 | 6.05 |
| Aug. 2000 | 6.23 | 5.83 |
| Sep. 2000 | 6.08 | 5.8 |
| Oct. 2000 | 5.91 | 5.74 |
| Nov. 2000 | 5.88 | 5.72 |
| Dec. 2000 | 5.35 | 5.24 |
| Jan. 2001 | 4.76 | 5.16 |
| Feb. 2001 | 4.66 | 5.1 |
| Mar. 2001 | 4.34 | 4.89 |
| Apr. 2001 | 4.23 | 5.14 |
| May. 2001 | 4.26 | 5.39 |
| Jun. 2001 | 4.08 | 5.28 |
| Jul. 2001 | 4.04 | 5.24 |
| Aug. 2001 | 3.76 | 4.97 |
| Sep. 2001 | 3.12 | 4.73 |
| Oct. 2001 | 2.73 | 4.57 |
| Nov. 2001 | 2.78 | 4.65 |
| Dec. 2001 | 3.11 | 5.09 |
| Jan. 2002 | 3.03 | 5.04 |
| Feb. 2002 | 3.02 | 4.91 |
| Mar. 2002 | 3.56 | 5.28 |
| Apr. 2002 | 3.42 | 5.21 |
| May. 2002 | 3.26 | 5.16 |
| Jun. 2002 | 2.99 | 4.93 |
| Jul. 2002 | 2.56 | 4.65 |
| Aug. 2002 | 2.13 | 4.26 |
| Sep. 2002 | 2 | 3.87 |
| Oct. 2002 | 1.91 | 3.94 |
| Nov. 2002 | 1.92 | 4.05 |
| Dec. 2002 | 1.84 | 4.03 |
| Jan. 2003 | 1.74 | 4.05 |
| Feb. 2003 | 1.63 | 3.9 |
| Mar. 2003 | 1.57 | 3.81 |
| Apr. 2003 | 1.62 | 3.96 |
| May. 2003 | 1.42 | 3.57 |
| Jun. 2003 | 1.23 | 3.33 |
| Jul. 2003 | 1.47 | 3.98 |
| Aug. 2003 | 1.86 | 4.45 |
| Sep. 2003 | 1.71 | 4.27 |
| Oct. 2003 | 1.75 | 4.29 |
| Nov. 2003 | 1.93 | 4.3 |
| Dec. 2003 | 1.91 | 4.27 |
| Jan. 2004 | 1.76 | 4.15 |
| Feb. 2004 | 1.74 | 4.08 |
| Mar. 2004 | 1.58 | 3.83 |
| Apr. 2004 | 2.07 | 4.35 |
| May. 2004 | 2.53 | 4.72 |
| Jun. 2004 | 2.76 | 4.73 |
| Jul. 2004 | 2.64 | 4.5 |
| Aug. 2004 | 2.51 | 4.28 |
| Sep. 2004 | 2.53 | 4.13 |
| Oct. 2004 | 2.58 | 4.1 |
| Nov. 2004 | 2.85 | 4.19 |
| Dec. 2004 | 3.01 | 4.23 |
| Jan. 2005 | 3.22 | 4.22 |
| Feb. 2005 | 3.38 | 4.17 |
| Mar. 2005 | 3.73 | 4.5 |
| Apr. 2005 | 3.65 | 4.34 |
| May. 2005 | 3.64 | 4.14 |
| Jun. 2005 | 3.64 | 4 |
| Jul. 2005 | 3.87 | 4.18 |
| Aug. 2005 | 4.04 | 4.26 |
| Sep. 2005 | 3.95 | 4.2 |
| Oct. 2005 | 4.27 | 4.46 |
| Nov. 2005 | 4.42 | 4.54 |
| Dec. 2005 | 4.4 | 4.47 |
| Jan. 2006 | 4.4 | 4.42 |
| Feb. 2006 | 4.67 | 4.57 |
| Mar. 2006 | 4.73 | 4.72 |
| Apr. 2006 | 4.89 | 4.99 |
| May. 2006 | 4.97 | 5.11 |
| Jun. 2006 | 5.12 | 5.11 |
| Jul. 2006 | 5.12 | 5.09 |
| Aug. 2006 | 4.9 | 4.88 |
| Sep. 2006 | 4.77 | 4.72 |
| Oct. 2006 | 4.8 | 4.73 |
| Nov. 2006 | 4.74 | 4.6 |
| Dec. 2006 | 4.67 | 4.56 |
| Jan. 2007 | 4.88 | 4.76 |
| Feb. 2007 | 4.85 | 4.72 |
| Mar. 2007 | 4.57 | 4.56 |
| Apr. 2007 | 4.67 | 4.69 |
| May. 2007 | 4.77 | 4.75 |
| Jun. 2007 | 4.98 | 5.1 |
| Jul. 2007 | 4.82 | 5 |
| Aug. 2007 | 4.31 | 4.67 |
| Sep. 2007 | 4.01 | 4.52 |
| Oct. 2007 | 3.97 | 4.53 |
| Nov. 2007 | 3.34 | 4.15 |
| Dec. 2007 | 3.12 | 4.1 |
| Jan. 2008 | 2.48 | 3.74 |
| Feb. 2008 | 1.97 | 3.74 |
| Mar. 2008 | 1.62 | 3.51 |
| Apr. 2008 | 2.05 | 3.68 |
| May. 2008 | 2.45 | 3.88 |
| Jun. 2008 | 2.77 | 4.1 |
| Jul. 2008 | 2.57 | 4.01 |
| Aug. 2008 | 2.42 | 3.89 |
| Sep. 2008 | 2.08 | 3.69 |
| Oct. 2008 | 1.61 | 3.81 |
| Nov. 2008 | 1.21 | 3.53 |
| Dec. 2008 | 0.82 | 2.42 |
| Jan. 2009 | 0.81 | 2.52 |
| Feb. 2009 | 0.98 | 2.87 |
| Mar. 2009 | 0.93 | 2.82 |
| Apr. 2009 | 0.93 | 2.93 |
| May. 2009 | 0.93 | 3.29 |
| Jun. 2009 | 1.18 | 3.72 |
| Jul. 2009 | 1.02 | 3.56 |
| Aug. 2009 | 1.12 | 3.59 |
| Sep. 2009 | 0.96 | 3.4 |
| Oct. 2009 | 0.95 | 3.39 |
| Nov. 2009 | 0.8 | 3.4 |
| Dec. 2009 | 0.87 | 3.59 |
| Jan. 2010 | 0.93 | 3.73 |
| Feb. 2010 | 0.86 | 3.69 |
| Mar. 2010 | 0.96 | 3.73 |
| Apr. 2010 | 1.06 | 3.85 |
| May. 2010 | 0.83 | 3.42 |
| Jun. 2010 | 0.72 | 3.2 |
| Jul. 2010 | 0.62 | 3.01 |
| Aug. 2010 | 0.52 | 2.7 |
| Sep. 2010 | 0.48 | 2.65 |
| Oct. 2010 | 0.38 | 2.54 |
| Nov. 2010 | 0.45 | 2.76 |
| Dec. 2010 | 0.62 | 3.29 |
| Jan. 2011 | 0.61 | 3.39 |
| Feb. 2011 | 0.77 | 3.58 |
| Mar. 2011 | 0.7 | 3.41 |
| Apr. 2011 | 0.73 | 3.46 |
| May. 2011 | 0.56 | 3.17 |
| Jun. 2011 | 0.41 | 3 |
| Jul. 2011 | 0.41 | 3 |
| Aug. 2011 | 0.23 | 2.3 |
| Sep. 2011 | 0.21 | 1.98 |
| Oct. 2011 | 0.28 | 2.15 |
| Nov. 2011 | 0.25 | 2.01 |
| Dec. 2011 | 0.26 | 1.98 |
| Jan. 2012 | 0.24 | 1.97 |
| Feb. 2012 | 0.28 | 1.97 |
| Mar. 2012 | 0.34 | 2.17 |
| Apr. 2012 | 0.29 | 2.05 |
| May. 2012 | 0.29 | 1.8 |
| Jun. 2012 | 0.29 | 1.62 |
| Jul. 2012 | 0.25 | 1.53 |
| Aug. 2012 | 0.27 | 1.68 |
| Sep. 2012 | 0.26 | 1.72 |
| Oct. 2012 | 0.28 | 1.75 |
| Nov. 2012 | 0.27 | 1.65 |
| Dec. 2012 | 0.26 | 1.72 |
| Jan. 2013 | 0.27 | 1.91 |
| Feb. 2013 | 0.27 | 1.98 |
| Mar. 2013 | 0.26 | 1.96 |
| Apr. 2013 | 0.23 | 1.76 |
| May. 2013 | 0.25 | 1.93 |
| Jun. 2013 | 0.33 | 2.3 |
| Jul. 2013 | 0.34 | 2.58 |
| Aug. 2013 | 0.36 | 2.74 |
| Sep. 2013 | 0.4 | 2.81 |
| Oct. 2013 | 0.34 | 2.62 |
| Nov. 2013 | 0.3 | 2.72 |
| Dec. 2013 | 0.34 | 2.9 |
| Jan. 2014 | 0.39 | 2.86 |
| Feb. 2014 | 0.33 | 2.71 |
| Mar. 2014 | 0.4 | 2.72 |
| Apr. 2014 | 0.42 | 2.71 |
| May. 2014 | 0.39 | 2.56 |
| Jun. 2014 | 0.45 | 2.6 |
| Jul. 2014 | 0.51 | 2.54 |
| Aug. 2014 | 0.47 | 2.42 |
| Sep. 2014 | 0.57 | 2.53 |
| Oct. 2014 | 0.45 | 2.3 |
| Nov. 2014 | 0.53 | 2.33 |
| Dec. 2014 | 0.64 | 2.21 |
| Jan. 2015 | 0.55 | 1.88 |
| Feb. 2015 | 0.62 | 1.98 |
| Mar. 2015 | 0.64 | 2.04 |
| Apr. 2015 | 0.54 | 1.94 |
| May. 2015 | 0.61 | 2.2 |
| Jun. 2015 | 0.69 | 2.36 |
| Jul. 2015 | 0.67 | 2.32 |
| Aug. 2015 | 0.7 | 2.17 |
| Sep. 2015 | 0.71 | 2.17 |
| Oct. 2015 | 0.64 | 2.07 |
| Nov. 2015 | 0.88 | 2.26 |
| Dec. 2015 | 0.98 | 2.24 |
| Jan. 2016 | 0.9 | 2.09 |
| Feb. 2016 | 0.73 | 1.78 |
| Mar. 2016 | 0.88 | 1.89 |
| Apr. 2016 | 0.77 | 1.81 |
| May. 2016 | 0.82 | 1.81 |
| Jun. 2016 | 0.73 | 1.64 |
| Jul. 2016 | 0.67 | 1.5 |
| Aug. 2016 | 0.74 | 1.56 |
| Sep. 2016 | 0.77 | 1.63 |
| Oct. 2016 | 0.84 | 1.76 |
| Nov. 2016 | 0.98 | 2.14 |
| Dec. 2016 | 1.2 | 2.49 |
| Jan. 2017 | 1.21 | 2.43 |
| Feb. 2017 | 1.2 | 2.42 |
| Mar. 2017 | 1.31 | 2.48 |
| Apr. 2017 | 1.24 | 2.3 |
| May. 2017 | 1.3 | 2.3 |
| Jun. 2017 | 1.34 | 2.19 |
| Jul. 2017 | 1.37 | 2.32 |
| Aug. 2017 | 1.34 | 2.21 |
| Sep. 2017 | 1.38 | 2.2 |
| Oct. 2017 | 1.55 | 2.36 |
| Nov. 2017 | 1.7 | 2.35 |
| Dec. 2017 | 1.84 | 2.4 |
| Jan. 2018 | 2.03 | 2.58 |
| Feb. 2018 | 2.18 | 2.86 |
| Mar. 2018 | 2.28 | 2.84 |
| Apr. 2018 | 2.38 | 2.87 |
| May. 2018 | 2.51 | 2.98 |
| Jun. 2018 | 2.53 | 2.91 |
| Jul. 2018 | 2.61 | 2.89 |
| Aug. 2018 | 2.64 | 2.89 |
| Sep. 2018 | 2.77 | 3 |
| Oct. 2018 | 2.86 | 3.15 |
| Nov. 2018 | 2.86 | 3.12 |
| Dec. 2018 | 2.68 | 2.83 |
| Jan. 2019 | 2.54 | 2.71 |
| Feb. 2019 | 2.5 | 2.68 |
| Mar. 2019 | 2.41 | 2.57 |
| Apr. 2019 | 2.34 | 2.53 |
| May. 2019 | 2.21 | 2.4 |
| Jun. 2019 | 1.81 | 2.07 |
| Jul. 2019 | 1.84 | 2.06 |
| Aug. 2019 | 1.57 | 1.63 |
| Sep. 2019 | 1.65 | 1.7 |
| Oct. 2019 | 1.55 | 1.71 |
| Nov. 2019 | 1.61 | 1.81 |
| Dec. 2019 | 1.61 | 1.86 |
| Jan. 2020 | 1.52 | 1.76 |
| Feb. 2020 | 1.33 | 1.5 |
| Mar. 2020 | 0.45 | 0.87 |
| Apr. 2020 | 0.22 | 0.66 |
| May. 2020 | 0.17 | 0.67 |
| Jun. 2020 | 0.19 | 0.73 |
| Jul. 2020 | 0.15 | 0.62 |
| Aug. 2020 | 0.14 | 0.65 |
| Sep. 2020 | 0.13 | 0.68 |
| Oct. 2020 | 0.15 | 0.79 |
| Nov. 2020 | 0.17 | 0.87 |
| Dec. 2020 | 0.14 | 0.93 |
| Jan. 2021 | 0.13 | 1.08 |
| Feb. 2021 | 0.12 | 1.26 |
| Mar. 2021 | 0.15 | 1.61 |
| Apr. 2021 | 0.16 | 1.64 |
| May. 2021 | 0.16 | 1.62 |
| Jun. 2021 | 0.2 | 1.52 |
| Jul. 2021 | 0.22 | 1.32 |
| Aug. 2021 | 0.22 | 1.28 |
| Sep. 2021 | 0.24 | 1.37 |
| Oct. 2021 | 0.39 | 1.58 |
| Nov. 2021 | 0.51 | 1.56 |
| Dec. 2021 | 0.68 | 1.47 |
| Jan. 2022 | 0.98 | 1.76 |
| Feb. 2022 | 1.44 | 1.93 |
| Mar. 2022 | 1.91 | 2.13 |
| Apr. 2022 | 2.54 | 2.75 |
| May. 2022 | 2.62 | 2.9 |
| Jun. 2022 | 3 | 3.14 |
| Jul. 2022 | 3.04 | 2.9 |
| Aug. 2022 | 3.25 | 2.9 |
| Sep. 2022 | 3.86 | 3.52 |
| Oct. 2022 | 4.38 | 3.98 |
| Nov. 2022 | 4.5 | 3.89 |
| Dec. 2022 | 4.29 | 3.62 |
| Jan. 2023 | 4.21 | 3.53 |
| Feb. 2023 | 4.53 | 3.75 |
| Mar. 2023 | 4.3 | 3.66 |
| Apr. 2023 | 4.02 | 3.46 |
| May. 2023 | 4.13 | 3.57 |
| Jun. 2023 | 4.64 | 3.75 |
| Jul. 2023 | 4.83 | 3.9 |
| Aug. 2023 | 4.9 | 4.17 |
| Sep. 2023 | 5.02 | 4.38 |
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 increased but remained relatively low
Percentage points
| Date | Term Premium |
|---|---|
| Jan. 1997 | 1.49387619608925 |
| Feb. 1997 | 1.4219388961792 |
| Mar. 1997 | 1.56349500417709 |
| Apr. 1997 | 1.66056819395586 |
| May. 1997 | 1.56349525565193 |
| Jun. 1997 | 1.48142857210977 |
| Jul. 1997 | 1.3021772774783 |
| Aug. 1997 | 1.33278094586872 |
| Sep. 1997 | 1.32660953203837 |
| Oct. 1997 | 1.21571363644166 |
| Nov. 1997 | 1.06898887952169 |
| Dec. 1997 | 0.994054555892944 |
| Jan. 1998 | 0.88231999874115 |
| Feb. 1998 | 0.916031583359367 |
| Mar. 1998 | 0.974218176169829 |
| Apr. 1998 | 0.973090475513822 |
| May. 1998 | 0.975814998149872 |
| Jun. 1998 | 0.886295459487221 |
| Jul. 1998 | 0.864068183031949 |
| Aug. 1998 | 0.795357142175947 |
| Sep. 1998 | 0.57252856805211 |
| Oct. 1998 | 0.613523809682755 |
| Nov. 1998 | 0.688826313144282 |
| Dec. 1998 | 0.597131821242246 |
| Jan. 1999 | 0.698215792053624 |
| Feb. 1999 | 0.843757889772716 |
| Mar. 1999 | 0.995682602343352 |
| Apr. 1999 | 0.975800003324236 |
| May. 1999 | 1.13935790563885 |
| Jun. 1999 | 1.32467727227644 |
| Jul. 1999 | 1.28947368421053 |
| Aug. 1999 | 1.35223636843941 |
| Sep. 1999 | 1.34805713381086 |
| Oct. 1999 | 1.4444649875164 |
| Nov. 1999 | 1.27639001011848 |
| Dec. 1999 | 1.35427726398815 |
| Jan. 2000 | 1.50946500301361 |
| Feb. 2000 | 1.38115000724792 |
| Mar. 2000 | 1.21349130506101 |
| Apr. 2000 | 1.04713683693033 |
| May. 2000 | 1.23775907538154 |
| Jun. 2000 | 1.05134545673024 |
| Jul. 2000 | 0.963879996538162 |
| Aug. 2000 | 0.823352178801661 |
| Sep. 2000 | 0.836045002937317 |
| Oct. 2000 | 0.747542863800412 |
| Nov. 2000 | 0.701523809205918 |
| Dec. 2000 | 0.529735004901886 |
| Jan. 2001 | 0.69438095887502 |
| Feb. 2001 | 0.774110521140852 |
| Mar. 2001 | 0.783759092742747 |
| Apr. 2001 | 1.06420498788357 |
| May. 2001 | 1.2931318228895 |
| Jun. 2001 | 1.29323333785647 |
| Jul. 2001 | 1.25510475749061 |
| Aug. 2001 | 1.1700739186743 |
| Sep. 2001 | 1.21611175817602 |
| Oct. 2001 | 1.27206818623976 |
| Nov. 2001 | 1.41033499240875 |
| Dec. 2001 | 1.78161498904228 |
| Jan. 2002 | 1.75319523470742 |
| Feb. 2002 | 1.65985790051912 |
| Mar. 2002 | 1.84941499829292 |
| Apr. 2002 | 1.80147726969285 |
| May. 2002 | 1.74901364066384 |
| Jun. 2002 | 1.59664998650551 |
| Jul. 2002 | 1.44536362452941 |
| Aug. 2002 | 1.20719091458754 |
| Sep. 2002 | 0.934149995446205 |
| Oct. 2002 | 0.987090904604305 |
| Nov. 2002 | 1.1454631592098 |
| Dec. 2002 | 1.15573809260414 |
| Jan. 2003 | 1.16111426694053 |
| Feb. 2003 | 1.06583157652303 |
| Mar. 2003 | 0.992842858745938 |
| Apr. 2003 | 1.08824284871419 |
| May. 2003 | 0.81813333148048 |
| Jun. 2003 | 0.677409526847658 |
| Jul. 2003 | 1.10343636436896 |
| Aug. 2003 | 1.45625713893345 |
| Sep. 2003 | 1.33401905354999 |
| Oct. 2003 | 1.32285455682061 |
| Nov. 2003 | 1.33156110843023 |
| Dec. 2003 | 1.31312273849141 |
| Jan. 2004 | 1.23160499334335 |
| Feb. 2004 | 1.183631583264 |
| Mar. 2004 | 1.00030000572619 |
| Apr. 2004 | 1.34154762540545 |
| May. 2004 | 1.56125501394272 |
| Jun. 2004 | 1.48352380593618 |
| Jul. 2004 | 1.29254761763981 |
| Aug. 2004 | 1.12465454773469 |
| Sep. 2004 | 0.95767620347795 |
| Oct. 2004 | 0.896695005893707 |
| Nov. 2004 | 0.869494992494583 |
| Dec. 2004 | 0.833740906281905 |
| Jan. 2005 | 0.780529999732971 |
| Feb. 2005 | 0.683468420254557 |
| Mar. 2005 | 0.845963632518595 |
| Apr. 2005 | 0.720423814796266 |
| May. 2005 | 0.571966658035914 |
| Jun. 2005 | 0.449209088628942 |
| Jul. 2005 | 0.484030000865459 |
| Aug. 2005 | 0.47995217209277 |
| Sep. 2005 | 0.432985713084539 |
| Oct. 2005 | 0.527364999055862 |
| Nov. 2005 | 0.543864995241165 |
| Dec. 2005 | 0.481928574187415 |
| Jan. 2006 | 0.371660001575947 |
| Feb. 2006 | 0.424115787995489 |
| Mar. 2006 | 0.491604347591815 |
| Apr. 2006 | 0.613742100565057 |
| May. 2006 | 0.658986359834671 |
| Jun. 2006 | 0.618022729050029 |
| Jul. 2006 | 0.560589998960494 |
| Aug. 2006 | 0.443221734917682 |
| Sep. 2006 | 0.383484996855259 |
| Oct. 2006 | 0.36910476287206 |
| Nov. 2006 | 0.274742857331321 |
| Dec. 2006 | 0.272580000013113 |
| Jan. 2007 | 0.375890474943888 |
| Feb. 2007 | 0.350757895331634 |
| Mar. 2007 | 0.265227270397273 |
| Apr. 2007 | 0.35528571548916 |
| May. 2007 | 0.407745454799045 |
| Jun. 2007 | 0.667999991348812 |
| Jul. 2007 | 0.578766666707538 |
| Aug. 2007 | 0.532921739246534 |
| Sep. 2007 | 0.511942104289406 |
| Oct. 2007 | 0.532390914180062 |
| Nov. 2007 | 0.477490001916885 |
| Dec. 2007 | 0.527690000832081 |
| Jan. 2008 | 0.397038099311647 |
| Feb. 2008 | 0.631790000200272 |
| Mar. 2008 | 0.671790006756783 |
| Apr. 2008 | 0.776504546403885 |
| May. 2008 | 0.835947615759713 |
| Jun. 2008 | 0.921828576496669 |
| Jul. 2008 | 0.884422730315815 |
| Aug. 2008 | 0.791690480141413 |
| Sep. 2008 | 0.776576198282696 |
| Oct. 2008 | 1.1084409031001 |
| Nov. 2008 | 1.11563889516724 |
| Dec. 2008 | 0.506795446981083 |
| Jan. 2009 | 0.547700001299381 |
| Feb. 2009 | 0.740510529593418 |
| Mar. 2009 | 0.668354543772611 |
| Apr. 2009 | 0.67949048110417 |
| May. 2009 | 0.934760001301765 |
| Jun. 2009 | 1.27825456315821 |
| Jul. 2009 | 1.15004090829329 |
| Aug. 2009 | 1.17922379857018 |
| Sep. 2009 | 1.05722857656933 |
| Oct. 2009 | 1.02750476201375 |
| Nov. 2009 | 1.02790525712465 |
| Dec. 2009 | 1.10391820018942 |
| Jan. 2010 | 1.20727367777573 |
| Feb. 2010 | 1.15732631557866 |
| Mar. 2010 | 1.15418260512145 |
| Apr. 2010 | 1.22110000523654 |
| May. 2010 | 0.960190010070801 |
| Jun. 2010 | 0.825204543092034 |
| Jul. 2010 | 0.658290471349444 |
| Aug. 2010 | 0.424377272074873 |
| Sep. 2010 | 0.387247617755617 |
| Oct. 2010 | 0.278835001587868 |
| Nov. 2010 | 0.400010000169277 |
| Dec. 2010 | 0.808072726834904 |
| Jan. 2011 | 0.873700001835823 |
| Feb. 2011 | 1.01930526369496 |
| Mar. 2011 | 0.920582608036373 |
| Apr. 2011 | 0.967024999856949 |
| May. 2011 | 0.762685713313875 |
| Jun. 2011 | 0.606786362149499 |
| Jul. 2011 | 0.61241499632597 |
| Aug. 2011 | 0.150026087203751 |
| Sep. 2011 | -0.0431190477739576 |
| Oct. 2011 | 0.0662800004705787 |
| Nov. 2011 | -0.0326900002513867 |
| Dec. 2011 | -0.0621142848838298 |
| Jan. 2012 | -0.0896999998018146 |
| Feb. 2012 | -0.119230000674725 |
| Mar. 2012 | 0.023895455354994 |
| Apr. 2012 | -0.0574857145547867 |
| May. 2012 | -0.221072724258358 |
| Jun. 2012 | -0.331609524431683 |
| Jul. 2012 | -0.399980946665718 |
| Aug. 2012 | -0.297308694409288 |
| Sep. 2012 | -0.29425789258982 |
| Oct. 2012 | -0.282638093545323 |
| Nov. 2012 | -0.33052000105381 |
| Dec. 2012 | -0.292379996925592 |
| Jan. 2013 | -0.16697142769893 |
| Feb. 2013 | -0.116231578353204 |
| Mar. 2013 | -0.13496499992907 |
| Apr. 2013 | -0.258204544132406 |
| May. 2013 | -0.14679090899881 |
| Jun. 2013 | 0.13666999959969 |
| Jul. 2013 | 0.346813642165878 |
| Aug. 2013 | 0.462968176061457 |
| Sep. 2013 | 0.524625004827976 |
| Oct. 2013 | 0.363968179984526 |
| Nov. 2013 | 0.410194735778006 |
| Dec. 2013 | 0.552542859599704 |
| Jan. 2014 | 0.563266661905107 |
| Feb. 2014 | 0.453494740159888 |
| Mar. 2014 | 0.484333334934144 |
| Apr. 2014 | 0.501880952290126 |
| May. 2014 | 0.400666668301537 |
| Jun. 2014 | 0.431604760033744 |
| Jul. 2014 | 0.407331817529418 |
| Aug. 2014 | 0.342380950848262 |
| Sep. 2014 | 0.425128567786444 |
| Oct. 2014 | 0.272081818092953 |
| Nov. 2014 | 0.293038888110055 |
| Dec. 2014 | 0.214790911159732 |
| Jan. 2015 | 0.00559999986362527 |
| Feb. 2015 | 0.0680210537424213 |
| Mar. 2015 | 0.102645455404523 |
| Apr. 2015 | 0.0121045455651421 |
| May. 2015 | 0.190974999219179 |
| Jun. 2015 | 0.29705454476855 |
| Jul. 2015 | 0.259263634004376 |
| Aug. 2015 | 0.134219046682119 |
| Sep. 2015 | 0.135995237245446 |
| Oct. 2015 | 0.0714285712511767 |
| Nov. 2015 | 0.182115790091063 |
| Dec. 2015 | 0.12458181804554 |
| Jan. 2016 | 0.0117157894235693 |
| Feb. 2016 | -0.197440000623465 |
| Mar. 2016 | -0.123422727666118 |
| Apr. 2016 | -0.175476191299302 |
| May. 2016 | -0.174195236393384 |
| Jun. 2016 | -0.281345457515933 |
| Jul. 2016 | -0.378130002319813 |
| Aug. 2016 | -0.346008693394454 |
| Sep. 2016 | -0.303919047117233 |
| Oct. 2016 | -0.233139999210835 |
| Nov. 2016 | -0.000429997965693474 |
| Dec. 2016 | 0.239971428399994 |
| Jan. 2017 | 0.194874999672174 |
| Feb. 2017 | 0.182310527876804 |
| Mar. 2017 | 0.161569566182468 |
| Apr. 2017 | 0.00816315786428995 |
| May. 2017 | -0.0163909089328213 |
| Jun. 2017 | -0.128790908577767 |
| Jul. 2017 | -0.0597199995536357 |
| Aug. 2017 | -0.121347826136195 |
| Sep. 2017 | -0.140994998812675 |
| Oct. 2017 | -0.0568333335132116 |
| Nov. 2017 | -0.0927142862762724 |
| Dec. 2017 | -0.082375000603497 |
| Jan. 2018 | -0.00222857172290484 |
| Feb. 2018 | 0.139010527416279 |
| Mar. 2018 | 0.093342856370977 |
| Apr. 2018 | 0.0834190470743037 |
| May. 2018 | 0.132377272641117 |
| Jun. 2018 | 0.077390475996903 |
| Jul. 2018 | 0.0409333331599122 |
| Aug. 2018 | 0.0144130433808364 |
| Sep. 2018 | 0.0539684207668822 |
| Oct. 2018 | 0.112749999727715 |
| Nov. 2018 | 0.065265000378713 |
| Dec. 2018 | -0.130531578275718 |
| Jan. 2019 | -0.213571427833466 |
| Feb. 2019 | -0.234726317619023 |
| Mar. 2019 | -0.299685715919449 |
| Apr. 2019 | -0.315585714010965 |
| May. 2019 | -0.386936363848773 |
| Jun. 2019 | -0.537979997694492 |
| Jul. 2019 | -0.528490909121253 |
| Aug. 2019 | -0.743495456197045 |
| Sep. 2019 | -0.692489996552467 |
| Oct. 2019 | -0.629077269272371 |
| Nov. 2019 | -0.521136848550094 |
| Dec. 2019 | -0.485528574103401 |
| Jan. 2020 | -0.548323810100555 |
| Feb. 2020 | -0.708584205100411 |
| Mar. 2020 | -0.747604548931122 |
| Apr. 2020 | -0.836404760678609 |
| May. 2020 | -0.848649996519089 |
| Jun. 2020 | -0.838395449248227 |
| Jul. 2020 | -0.896695451302962 |
| Aug. 2020 | -0.888223807017008 |
| Sep. 2020 | -0.873147621041253 |
| Oct. 2020 | -0.808919049444653 |
| Nov. 2020 | -0.748073681404716 |
| Dec. 2020 | -0.717913633043116 |
| Jan. 2021 | -0.634089466772581 |
| Feb. 2021 | -0.512842107760279 |
| Mar. 2021 | -0.243360867966776 |
| Apr. 2021 | -0.21143181825226 |
| May. 2021 | -0.22790000140667 |
| Jun. 2021 | -0.276977270164273 |
| Jul. 2021 | -0.403057140963418 |
| Aug. 2021 | -0.427063633095134 |
| Sep. 2021 | -0.365047621585074 |
| Oct. 2021 | -0.207384999096394 |
| Nov. 2021 | -0.198465000838041 |
| Dec. 2021 | -0.262281818823381 |
| Jan. 2022 | -0.104759999364614 |
| Feb. 2022 | -0.0713315794342443 |
| Mar. 2022 | -0.00709130355845327 |
| Apr. 2022 | 0.283249996602535 |
| May. 2022 | 0.321057140827179 |
| Jun. 2022 | 0.321328572574116 |
| Jul. 2022 | -0.0563150002155453 |
| Aug. 2022 | -0.170813045423964 |
| Sep. 2022 | 0.0819238089135892 |
| Oct. 2022 | 0.217925000563264 |
| Nov. 2022 | 0.0366600008215755 |
| Dec. 2022 | -0.216776191301289 |
| Jan. 2023 | -0.332845001295209 |
| Feb. 2023 | -0.233573686135443 |
| Mar. 2023 | -0.251256520819405 |
| Apr. 2023 | -0.426719997823238 |
| May. 2023 | -0.432827270843766 |
| Jun. 2023 | -0.355114285434995 |
| Jul. 2023 | -0.288689997047186 |
| Aug. 2023 | -0.133069566025844 |
| Sep. 2023 | 0.00368500044569373 |
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 elevated by historical norms
Basis points
| Date | Implied Volatility of 10-Year Swap Rate |
|---|---|
| Apr. 2005 | 93.1407611818182 |
| May. 2005 | 87.2053020454545 |
| Jun. 2005 | 87.5994123636364 |
| Jul. 2005 | 89.342594 |
| Aug. 2005 | 84.2202744347826 |
| Sep. 2005 | 83.8325441363636 |
| Oct. 2005 | 86.0325223333333 |
| Nov. 2005 | 87.1229912727273 |
| Dec. 2005 | 77.7070317272727 |
| Jan. 2006 | 75.8552282272727 |
| Feb. 2006 | 72.57082995 |
| Mar. 2006 | 72.1180623913044 |
| Apr. 2006 | 76.56824595 |
| May. 2006 | 74.3080899130435 |
| Jun. 2006 | 70.7608532727273 |
| Jul. 2006 | 69.4930483333333 |
| Aug. 2006 | 62.8133045217391 |
| Sep. 2006 | 62.7310715238095 |
| Oct. 2006 | 64.0431154545455 |
| Nov. 2006 | 67.6373596363636 |
| Dec. 2006 | 66.234062 |
| Jan. 2007 | 66.4426889130435 |
| Feb. 2007 | 66.7878776 |
| Mar. 2007 | 70.8117155454546 |
| Apr. 2007 | 62.8650858095238 |
| May. 2007 | 58.1989928695652 |
| Jun. 2007 | 79.0500360952381 |
| Jul. 2007 | 82.6708996818182 |
| Aug. 2007 | 84.3294735217391 |
| Sep. 2007 | 97.0252322 |
| Oct. 2007 | 91.0426627826087 |
| Nov. 2007 | 97.0015865454545 |
| Dec. 2007 | 117.976205190476 |
| Jan. 2008 | 133.406423652174 |
| Feb. 2008 | 150.923306095238 |
| Mar. 2008 | 163.97233552381 |
| Apr. 2008 | 139.643575363636 |
| May. 2008 | 126.353198590909 |
| Jun. 2008 | 140.475449761905 |
| Jul. 2008 | 127.802219956522 |
| Aug. 2008 | 111.567181571429 |
| Sep. 2008 | 141.1032905 |
| Oct. 2008 | 188.875971130435 |
| Nov. 2008 | 205.83388575 |
| Dec. 2008 | 232.030661695652 |
| Jan. 2009 | 169.826971590909 |
| Feb. 2009 | 187.7330855 |
| Mar. 2009 | 157.275367409091 |
| Apr. 2009 | 129.736551454545 |
| May. 2009 | 153.281603190476 |
| Jun. 2009 | 223.655879409091 |
| Jul. 2009 | 197.755332409091 |
| Aug. 2009 | 180.745684190476 |
| Sep. 2009 | 147.807639681818 |
| Oct. 2009 | 134.645040636364 |
| Nov. 2009 | 112.442800571429 |
| Dec. 2009 | 110.1041495 |
| Jan. 2010 | 109.909501 |
| Feb. 2010 | 100.7843527 |
| Mar. 2010 | 90.5415333043478 |
| Apr. 2010 | 95.7845809090909 |
| May. 2010 | 108.376839047619 |
| Jun. 2010 | 108.348928954545 |
| Jul. 2010 | 91.2602745454546 |
| Aug. 2010 | 100.908488681818 |
| Sep. 2010 | 110.990158909091 |
| Oct. 2010 | 102.931406714286 |
| Nov. 2010 | 109.178534727273 |
| Dec. 2010 | 125.347307227273 |
| Jan. 2011 | 113.23575147619 |
| Feb. 2011 | 111.22755815 |
| Mar. 2011 | 110.334852782609 |
| Apr. 2011 | 92.08106005 |
| May. 2011 | 89.4274393636364 |
| Jun. 2011 | 94.3602630909091 |
| Jul. 2011 | 101.407765333333 |
| Aug. 2011 | 117.109677521739 |
| Sep. 2011 | 121.005849181818 |
| Oct. 2011 | 124.639285238095 |
| Nov. 2011 | 125.236508363636 |
| Dec. 2011 | 105.109209590909 |
| Jan. 2012 | 86.8961869090909 |
| Feb. 2012 | 87.928798047619 |
| Mar. 2012 | 92.8956355454546 |
| Apr. 2012 | 86.3847064761905 |
| May. 2012 | 78.4844144782609 |
| Jun. 2012 | 89.6806648095238 |
| Jul. 2012 | 72.8232575909091 |
| Aug. 2012 | 78.5166424347826 |
| Sep. 2012 | 75.8383667 |
| Oct. 2012 | 75.6908457391304 |
| Nov. 2012 | 67.6227298181818 |
| Dec. 2012 | 61.8341229047619 |
| Jan. 2013 | 67.3589163478261 |
| Feb. 2013 | 68.8840089 |
| Mar. 2013 | 64.7794116190476 |
| Apr. 2013 | 60.4505235 |
| May. 2013 | 69.0075274782609 |
| Jun. 2013 | 100.3947363 |
| Jul. 2013 | 104.775979478261 |
| Aug. 2013 | 100.2640195 |
| Sep. 2013 | 101.211893142857 |
| Oct. 2013 | 81.617062173913 |
| Nov. 2013 | 74.5137228571429 |
| Dec. 2013 | 75.8982773636364 |
| Jan. 2014 | 70.363670826087 |
| Feb. 2014 | 69.2855606 |
| Mar. 2014 | 65.5307374285714 |
| Apr. 2014 | 62.8501716666667 |
| May. 2014 | 61.4742948181818 |
| Jun. 2014 | 61.9679537142857 |
| Jul. 2014 | 59.6560042608696 |
| Aug. 2014 | 62.2641432380952 |
| Sep. 2014 | 65.4064466363636 |
| Oct. 2014 | 76.7030626956522 |
| Nov. 2014 | 67.40892365 |
| Dec. 2014 | 70.2256455652174 |
| Jan. 2015 | 87.0186313636364 |
| Feb. 2015 | 91.13263945 |
| Mar. 2015 | 84.3177593181818 |
| Apr. 2015 | 77.4148326818182 |
| May. 2015 | 86.7601392380952 |
| Jun. 2015 | 88.911496 |
| Jul. 2015 | 82.9971814347826 |
| Aug. 2015 | 80.31959485 |
| Sep. 2015 | 79.7947395 |
| Oct. 2015 | 75.1609395454545 |
| Nov. 2015 | 72.1120120952381 |
| Dec. 2015 | 70.300521826087 |
| Jan. 2016 | 76.2914845238095 |
| Feb. 2016 | 89.1231934761905 |
| Mar. 2016 | 78.9347058181818 |
| Apr. 2016 | 72.0117337619048 |
| May. 2016 | 69.0779673636364 |
| Jun. 2016 | 77.249059 |
| Jul. 2016 | 76.8601374285714 |
| Aug. 2016 | 68.1436731739131 |
| Sep. 2016 | 67.2750649090909 |
| Oct. 2016 | 65.2515483809524 |
| Nov. 2016 | 83.5448066818182 |
| Dec. 2016 | 81.1593321363636 |
| Jan. 2017 | 81.1271510909091 |
| Feb. 2017 | 75.6451058 |
| Mar. 2017 | 69.9332405652174 |
| Apr. 2017 | 75.8273615 |
| May. 2017 | 62.2952567826087 |
| Jun. 2017 | 58.9056952272727 |
| Jul. 2017 | 59.5746184761905 |
| Aug. 2017 | 57.3938232608696 |
| Sep. 2017 | 58.1155528095238 |
| Oct. 2017 | 59.6366519545455 |
| Nov. 2017 | 52.3190709090909 |
| Dec. 2017 | 50.8717691904762 |
| Jan. 2018 | 55.5877003043478 |
| Feb. 2018 | 72.027128 |
| Mar. 2018 | 63.4433651363636 |
| Apr. 2018 | 58.5823622857143 |
| May. 2018 | 58.537723 |
| Jun. 2018 | 57.8168248095238 |
| Jul. 2018 | 53.9075479545455 |
| Aug. 2018 | 52.7038092608696 |
| Sep. 2018 | 51.701349 |
| Oct. 2018 | 58.2089809130435 |
| Nov. 2018 | 57.7368546363636 |
| Dec. 2018 | 59.4768278095238 |
| Jan. 2019 | 56.8872852608696 |
| Feb. 2019 | 50.92862395 |
| Mar. 2019 | 52.1450475238095 |
| Apr. 2019 | 51.7224289090909 |
| May. 2019 | 57.229373826087 |
| Jun. 2019 | 68.6766383 |
| Jul. 2019 | 62.13732 |
| Aug. 2019 | 81.9997485454546 |
| Sep. 2019 | 82.103384952381 |
| Oct. 2019 | 78.1486783478261 |
| Nov. 2019 | 66.9196303809524 |
| Dec. 2019 | 64.9177692272727 |
| Jan. 2020 | 63.7826934782609 |
| Feb. 2020 | 76.3504349 |
| Mar. 2020 | 128.198282909091 |
| Apr. 2020 | 79.1194908181818 |
| May. 2020 | 62.0802865714286 |
| Jun. 2020 | 68.1176147272727 |
| Jul. 2020 | 56.0211723913044 |
| Aug. 2020 | 54.0961076666667 |
| Sep. 2020 | 49.9714252727273 |
| Oct. 2020 | 68.7694889545455 |
| Nov. 2020 | 57.2393500952381 |
| Dec. 2020 | 58.7475827391304 |
| Jan. 2021 | 58.6661465714286 |
| Feb. 2021 | 68.86160195 |
| Mar. 2021 | 82.8590066956522 |
| Apr. 2021 | 76.9544033181818 |
| May. 2021 | 69.6327573333333 |
| Jun. 2021 | 66.3641393636364 |
| Jul. 2021 | 73.0951925454546 |
| Aug. 2021 | 75.2578712727273 |
| Sep. 2021 | 69.091108 |
| Oct. 2021 | 73.5020376666667 |
| Nov. 2021 | 79.6158680454546 |
| Dec. 2021 | 80.1248898695652 |
| Jan. 2022 | 81.8231407142857 |
| Feb. 2022 | 88.68905865 |
| Mar. 2022 | 108.610251478261 |
| Apr. 2022 | 119.366245 |
| May. 2022 | 114.930118181818 |
| Jun. 2022 | 119.709321590909 |
| Jul. 2022 | 122.756632952381 |
| Aug. 2022 | 111.678260869565 |
| Sep. 2022 | 127.081818181818 |
| Oct. 2022 | 138.352380952381 |
| Nov. 2022 | 126.554545454545 |
| Dec. 2022 | 125.859090909091 |
| Jan. 2023 | 111.909090909091 |
| Feb. 2023 | 105.985 |
| Mar. 2023 | 120.695652173913 |
| Apr. 2023 | 112.905 |
| May. 2023 | 115.917391304348 |
| Jun. 2023 | 106.777272727273 |
| Jul. 2023 | 108.009523809524 |
| Aug. 2023 | 115.373913043478 |
| Sep. 2023 | 112.357142857143 |
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 79.37 basis points.
Source: For data through July 13, 2022, Barclays and S&P Global; 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 increased to levels further above its historical median
Ratio
| Date | Forward Price-to-Earnings Ratio |
|---|---|
| Jan. 1989 | 10.0671742071852 |
| Feb. 1989 | 10.1319694421189 |
| Mar. 1989 | 10.1141737310176 |
| Apr. 1989 | 10.4232150603229 |
| May. 1989 | 10.725593921358 |
| Jun. 1989 | 10.8529156729879 |
| Jul. 1989 | 11.2423747128629 |
| Aug. 1989 | 11.5556754542242 |
| Sep. 1989 | 11.5074717257702 |
| Oct. 1989 | 11.4718058275942 |
| Nov. 1989 | 11.5143143242907 |
| Dec. 1989 | 11.884201147533 |
| Jan. 1990 | 11.5283043228624 |
| Feb. 1990 | 11.3005872634517 |
| Mar. 1990 | 11.4949308091727 |
| Apr. 1990 | 11.6503643865759 |
| May. 1990 | 12.0730200775074 |
| Jun. 1990 | 12.3810129553295 |
| Jul. 1990 | 12.3902358555333 |
| Aug. 1990 | 11.5089142400092 |
| Sep. 1990 | 10.7864310499824 |
| Oct. 1990 | 10.3025059554225 |
| Nov. 1990 | 11.1818911075676 |
| Dec. 1990 | 11.6619796205543 |
| Jan. 1991 | 11.2550686940746 |
| Feb. 1991 | 13.4293328390948 |
| Mar. 1991 | 13.7688309882225 |
| Apr. 1991 | 14.4455914088974 |
| May. 1991 | 13.6421419272363 |
| Jun. 1991 | 13.9017290328506 |
| Jul. 1991 | 14.1581105589639 |
| Aug. 1991 | 14.3960591544952 |
| Sep. 1991 | 14.2070675052773 |
| Oct. 1991 | 14.314536935887 |
| Nov. 1991 | 14.4536796977807 |
| Dec. 1991 | 14.0102441469713 |
| Jan. 1992 | 15.368358289062 |
| Feb. 1992 | 15.0082392497479 |
| Mar. 1992 | 14.8636613724216 |
| Apr. 1992 | 14.8072465748702 |
| May. 1992 | 14.6969233822856 |
| Jun. 1992 | 14.0100742459998 |
| Jul. 1992 | 14.4295238409873 |
| Aug. 1992 | 14.4495625870657 |
| Sep. 1992 | 14.4078082896644 |
| Oct. 1992 | 14.0025531314128 |
| Nov. 1992 | 14.5158804016831 |
| Dec. 1992 | 14.7060423882035 |
| Jan. 1993 | 14.6115963363986 |
| Feb. 1993 | 14.6619042331675 |
| Mar. 1993 | 15.0106170351722 |
| Apr. 1993 | 15.0304486104987 |
| May. 1993 | 14.7171628110741 |
| Jun. 1993 | 14.6344429935446 |
| Jul. 1993 | 14.6317211301174 |
| Aug. 1993 | 14.7618038146379 |
| Sep. 1993 | 14.8034556907831 |
| Oct. 1993 | 14.6420126266835 |
| Nov. 1993 | 14.6668367840603 |
| Dec. 1993 | 14.4782805948521 |
| Jan. 1994 | 14.7481286896458 |
| Feb. 1994 | 14.6041236725787 |
| Mar. 1994 | 14.3352500190302 |
| Apr. 1994 | 13.456030580283 |
| May. 1994 | 13.4173259820021 |
| Jun. 1994 | 13.4683561702909 |
| Jul. 1994 | 13.0021340208967 |
| Aug. 1994 | 13.2064922288331 |
| Sep. 1994 | 13.1090121711998 |
| Oct. 1994 | 12.918680525647 |
| Nov. 1994 | 12.5567925753133 |
| Dec. 1994 | 12.0886316715102 |
| Jan. 1995 | 12.3148739390035 |
| Feb. 1995 | 12.4849965714328 |
| Mar. 1995 | 12.5047419563348 |
| Apr. 1995 | 12.6592147867659 |
| May. 1995 | 12.9075309538475 |
| Jun. 1995 | 13.0559628444293 |
| Jul. 1995 | 13.3026602080606 |
| Aug. 1995 | 13.3528464366027 |
| Sep. 1995 | 13.6740849882828 |
| Oct. 1995 | 13.7720291904032 |
| Nov. 1995 | 13.8027757308039 |
| Dec. 1995 | 14.3194528677986 |
| Jan. 1996 | 14.0130038956195 |
| Feb. 1996 | 15.2293938516872 |
| Mar. 1996 | 14.8060744142202 |
| Apr. 1996 | 14.7872794027797 |
| May. 1996 | 15.1920719449899 |
| Jun. 1996 | 14.7149033177118 |
| Jul. 1996 | 14.4058450818417 |
| Aug. 1996 | 14.9200395813766 |
| Sep. 1996 | 15.2447588821419 |
| Oct. 1996 | 15.6118581061616 |
| Nov. 1996 | 16.0724364730588 |
| Dec. 1996 | 15.8482429004173 |
| Jan. 1997 | 16.4601192052887 |
| Feb. 1997 | 17.361262916065 |
| Mar. 1997 | 16.6463655723895 |
| Apr. 1997 | 16.0264780616226 |
| May. 1997 | 17.3840007169058 |
| Jun. 1997 | 18.393347040633 |
| Jul. 1997 | 19.2290277376015 |
| Aug. 1997 | 18.6791187691043 |
| Sep. 1997 | 18.9192431538401 |
| Oct. 1997 | 19.1995565087991 |
| Nov. 1997 | 18.6006220829065 |
| Dec. 1997 | 18.8678443887348 |
| Jan. 1998 | 18.6616667550781 |
| Feb. 1998 | 20.3621130161184 |
| Mar. 1998 | 21.4234116945869 |
| Apr. 1998 | 21.9045105628532 |
| May. 1998 | 21.688978731078 |
| Jun. 1998 | 21.4190654409407 |
| Jul. 1998 | 22.7719887753468 |
| Aug. 1998 | 21.166218313794 |
| Sep. 1998 | 20.0142771405668 |
| Oct. 1998 | 19.2769294111676 |
| Nov. 1998 | 22.0184948974417 |
| Dec. 1998 | 22.2981770686493 |
| Jan. 1999 | 23.7035378949629 |
| Feb. 1999 | 23.5286816951792 |
| Mar. 1999 | 24.7240209049005 |
| Apr. 1999 | 24.9525779724043 |
| May. 1999 | 24.7366103177954 |
| Jun. 1999 | 24.2961449667603 |
| Jul. 1999 | 25.437735557673 |
| Aug. 1999 | 23.9033937177615 |
| Sep. 1999 | 23.4654920255853 |
| Oct. 1999 | 22.548294988054 |
| Nov. 1999 | 24.4966970526712 |
| Dec. 1999 | 24.4189702170033 |
| Jan. 2000 | 24.8498545453735 |
| Feb. 2000 | 24.0242616480681 |
| Mar. 2000 | 23.7273500418937 |
| Apr. 2000 | 23.9108287058882 |
| May. 2000 | 23.8836439775788 |
| Jun. 2000 | 24.0989619076006 |
| Jul. 2000 | 24.0959159017359 |
| Aug. 2000 | 23.8563529533663 |
| Sep. 2000 | 23.8585600495259 |
| Oct. 2000 | 21.4415565856369 |
| Nov. 2000 | 22.2453759064875 |
| Dec. 2000 | 22.0975498084653 |
| Jan. 2001 | 21.9792608658706 |
| Feb. 2001 | 22.0976601183249 |
| Mar. 2001 | 19.7213677304406 |
| Apr. 2001 | 21.4090303900642 |
| May. 2001 | 22.2344549008887 |
| Jun. 2001 | 21.6724864947627 |
| Jul. 2001 | 21.6064864245717 |
| Aug. 2001 | 21.1652824939133 |
| Sep. 2001 | 18.418128646395 |
| Oct. 2001 | 20.3746619521255 |
| Nov. 2001 | 21.4918729527042 |
| Dec. 2001 | 21.5711537042412 |
| Jan. 2002 | 20.9998322013028 |
| Feb. 2002 | 20.468123801054 |
| Mar. 2002 | 20.7500364826311 |
| Apr. 2002 | 20.1697948384977 |
| May. 2002 | 19.397478436371 |
| Jun. 2002 | 18.1106134186602 |
| Jul. 2002 | 16.1442372433748 |
| Aug. 2002 | 16.600322407169 |
| Sep. 2002 | 15.7178676367772 |
| Oct. 2002 | 15.7766854147274 |
| Nov. 2002 | 16.0198916279934 |
| Dec. 2002 | 16.1196925503201 |
| Jan. 2003 | 16.4820603944559 |
| Feb. 2003 | 15.3393709299896 |
| Mar. 2003 | 15.7058063844001 |
| Apr. 2003 | 15.678207721723 |
| May. 2003 | 16.5624424539852 |
| Jun. 2003 | 17.6901282540145 |
| Jul. 2003 | 17.2744269131236 |
| Aug. 2003 | 16.9370968021288 |
| Sep. 2003 | 17.4138086570328 |
| Oct. 2003 | 17.5046525027293 |
| Nov. 2003 | 17.1001423319694 |
| Dec. 2003 | 17.428587862445 |
| Jan. 2004 | 18.0953477625413 |
| Feb. 2004 | 18.0922175903274 |
| Mar. 2004 | 17.3971857402822 |
| Apr. 2004 | 17.1053535992784 |
| May. 2004 | 15.9757369303104 |
| Jun. 2004 | 16.4111379515486 |
| Jul. 2004 | 15.9243982071178 |
| Aug. 2004 | 15.5132692682056 |
| Sep. 2004 | 15.7696075660141 |
| Oct. 2004 | 15.4848564726803 |
| Nov. 2004 | 16.1684290787732 |
| Dec. 2004 | 16.3213320364282 |
| Jan. 2005 | 15.9517509576089 |
| Feb. 2005 | 16.1670159828408 |
| Mar. 2005 | 15.6428217289434 |
| Apr. 2005 | 15.3033627030124 |
| May. 2005 | 15.2781303726667 |
| Jun. 2005 | 15.4142752354093 |
| Jul. 2005 | 15.4076189015605 |
| Aug. 2005 | 15.1379673473605 |
| Sep. 2005 | 14.9529447839614 |
| Oct. 2005 | 14.3345633798088 |
| Nov. 2005 | 14.6096263132681 |
| Dec. 2005 | 14.978872974393 |
| Jan. 2006 | 14.9028077978899 |
| Feb. 2006 | 14.9314247137363 |
| Mar. 2006 | 15.0614392893921 |
| Apr. 2006 | 14.9915571573824 |
| May. 2006 | 14.2958243402724 |
| Jun. 2006 | 13.6922995958635 |
| Jul. 2006 | 13.9022064766894 |
| Aug. 2006 | 14.1250561973889 |
| Sep. 2006 | 14.2608659753928 |
| Oct. 2006 | 14.65406909002 |
| Nov. 2006 | 14.8071620058033 |
| Dec. 2006 | 14.8246715742259 |
| Jan. 2007 | 15.0143268847427 |
| Feb. 2007 | 15.3899853189057 |
| Mar. 2007 | 14.5565313421081 |
| Apr. 2007 | 15.3143338724436 |
| May. 2007 | 15.507340623362 |
| Jun. 2007 | 15.2975535625174 |
| Jul. 2007 | 15.4094405473658 |
| Aug. 2007 | 13.8720055198961 |
| Sep. 2007 | 15.0075872785211 |
| Oct. 2007 | 15.0142563408096 |
| Nov. 2007 | 14.3226078132245 |
| Dec. 2007 | 14.1975156315165 |
| Jan. 2008 | 13.491290731617 |
| Feb. 2008 | 13.6763881686425 |
| Mar. 2008 | 13.0890255953758 |
| Apr. 2008 | 13.8049927814277 |
| May. 2008 | 14.303469424039 |
| Jun. 2008 | 13.5075237705764 |
| Jul. 2008 | 12.5966893952695 |
| Aug. 2008 | 13.2895834333728 |
| Sep. 2008 | 12.0099145444176 |
| Oct. 2008 | 9.93189462286184 |
| Nov. 2008 | 9.73674647365533 |
| Dec. 2008 | 11.8729341409524 |
| Jan. 2009 | 11.479366075644 |
| Feb. 2009 | 12.4572503527493 |
| Mar. 2009 | 12.4233404685294 |
| Apr. 2009 | 13.5118823090507 |
| May. 2009 | 14.6564296896115 |
| Jun. 2009 | 14.7269512836574 |
| Jul. 2009 | 14.7971316442574 |
| Aug. 2009 | 15.2008333370086 |
| Sep. 2009 | 15.9101490492066 |
| Oct. 2009 | 15.8526401696312 |
| Nov. 2009 | 15.1214782908307 |
| Dec. 2009 | 14.8891696977559 |
| Jan. 2010 | 14.8033308267449 |
| Feb. 2010 | 13.8098463618111 |
| Mar. 2010 | 14.4374644008113 |
| Apr. 2010 | 14.8235853401721 |
| May. 2010 | 12.9868381450424 |
| Jun. 2010 | 12.817380366793 |
| Jul. 2010 | 12.4946553223176 |
| Aug. 2010 | 12.1002324580377 |
| Sep. 2010 | 12.354460747752 |
| Oct. 2010 | 12.8372459195844 |
| Nov. 2010 | 12.5678077733551 |
| Dec. 2010 | 13.0311393932212 |
| Jan. 2011 | 13.2144355692179 |
| Feb. 2011 | 13.7054256521898 |
| Mar. 2011 | 12.6072807393752 |
| Apr. 2011 | 12.9703298947955 |
| May. 2011 | 12.8955297735844 |
| Jun. 2011 | 12.0671220995828 |
| Jul. 2011 | 12.6380543910538 |
| Aug. 2011 | 11.2819710746078 |
| Sep. 2011 | 11.2422619863755 |
| Oct. 2011 | 11.4982308129935 |
| Nov. 2011 | 11.6744453300743 |
| Dec. 2011 | 11.4043137847932 |
| Jan. 2012 | 12.328069137077 |
| Feb. 2012 | 12.6334559090089 |
| Mar. 2012 | 12.9636957702922 |
| Apr. 2012 | 12.6567440935053 |
| May. 2012 | 12.0116208306746 |
| Jun. 2012 | 11.8911769898576 |
| Jul. 2012 | 12.5919404265328 |
| Aug. 2012 | 12.9175023083412 |
| Sep. 2012 | 13.3369913505065 |
| Oct. 2012 | 13.2082993544978 |
| Nov. 2012 | 12.1870178239455 |
| Dec. 2012 | 12.8552082191014 |
| Jan. 2013 | 13.1189796566723 |
| Feb. 2013 | 13.5300253115834 |
| Mar. 2013 | 13.7171556820603 |
| Apr. 2013 | 13.5910511721442 |
| May. 2013 | 14.4775024002568 |
| Jun. 2013 | 14.1019383813522 |
| Jul. 2013 | 14.5080179481071 |
| Aug. 2013 | 14.5795585536484 |
| Sep. 2013 | 14.8367110941737 |
| Oct. 2013 | 14.7109750707644 |
| Nov. 2013 | 15.0320946052702 |
| Dec. 2013 | 15.1988677185463 |
| Jan. 2014 | 15.4252385193823 |
| Feb. 2014 | 15.4341385893007 |
| Mar. 2014 | 15.6027354667202 |
| Apr. 2014 | 15.4960763711562 |
| May. 2014 | 15.4499067377898 |
| Jun. 2014 | 15.8287708322437 |
| Jul. 2014 | 15.9659101983146 |
| Aug. 2014 | 15.5473886490461 |
| Sep. 2014 | 15.8925667825403 |
| Oct. 2014 | 14.7596186452827 |
| Nov. 2014 | 16.1898754152841 |
| Dec. 2014 | 16.1135296061402 |
| Jan. 2015 | 16.2287692410694 |
| Feb. 2015 | 17.3510804162781 |
| Mar. 2015 | 17.2718898709291 |
| Apr. 2015 | 17.2854961096072 |
| May. 2015 | 17.0889641394198 |
| Jun. 2015 | 16.9588684154837 |
| Jul. 2015 | 16.9771660123959 |
| Aug. 2015 | 16.7530248694363 |
| Sep. 2015 | 16.0930077961356 |
| Oct. 2015 | 16.1402227224994 |
| Nov. 2015 | 16.7962196484938 |
| Dec. 2015 | 16.6871912260311 |
| Jan. 2016 | 15.2959393676864 |
| Feb. 2016 | 15.911268929756 |
| Mar. 2016 | 16.7091485953314 |
| Apr. 2016 | 17.0916536668678 |
| May. 2016 | 16.6740858953944 |
| Jun. 2016 | 16.7454941686885 |
| Jul. 2016 | 17.3977536224772 |
| Aug. 2016 | 17.5190155726164 |
| Sep. 2016 | 16.9177512004237 |
| Oct. 2016 | 16.8896064688013 |
| Nov. 2016 | 16.9468418350312 |
| Dec. 2016 | 17.3284243256063 |
| Jan. 2017 | 17.2752500878079 |
| Feb. 2017 | 17.9098413230605 |
| Mar. 2017 | 18.0365346963174 |
| Apr. 2017 | 17.5411101102714 |
| May. 2017 | 17.495125606295 |
| Jun. 2017 | 17.9095422998567 |
| Jul. 2017 | 18.2284815677477 |
| Aug. 2017 | 18.0948771252735 |
| Sep. 2017 | 18.1816125015003 |
| Oct. 2017 | 18.4434227010532 |
| Nov. 2017 | 18.1454083072413 |
| Dec. 2017 | 18.6376351750283 |
| Jan. 2018 | 18.7258654982959 |
| Feb. 2018 | 17.2803883524804 |
| Mar. 2018 | 17.3746351865854 |
| Apr. 2018 | 16.9212469542853 |
| May. 2018 | 16.6826316239902 |
| Jun. 2018 | 16.8409578713253 |
| Jul. 2018 | 17.0294779804557 |
| Aug. 2018 | 16.8207308843507 |
| Sep. 2018 | 17.2092153832245 |
| Oct. 2018 | 16.4923694550479 |
| Nov. 2018 | 15.7185698254243 |
| Dec. 2018 | 14.6494334731365 |
| Jan. 2019 | 15.4544824193505 |
| Feb. 2019 | 16.3426060913023 |
| Mar. 2019 | 16.6017284659393 |
| Apr. 2019 | 17.0780602866262 |
| May. 2019 | 16.6616889276728 |
| Jun. 2019 | 17.0282952900927 |
| Jul. 2019 | 17.4494237781561 |
| Aug. 2019 | 16.5423978563796 |
| Sep. 2019 | 17.4030524711923 |
| Oct. 2019 | 17.3126074323521 |
| Nov. 2019 | 17.8324221552982 |
| Dec. 2019 | 18.2515123892571 |
| Jan. 2020 | 18.7318351556017 |
| Feb. 2020 | 19.2710036598784 |
| Mar. 2020 | 14.1257883336198 |
| Apr. 2020 | 18.9301490658762 |
| May. 2020 | 20.518115977185 |
| Jun. 2020 | 22.3998652786803 |
| Jul. 2020 | 23.0961944056229 |
| Aug. 2020 | 23.0974716318702 |
| Sep. 2020 | 22.6402750899235 |
| Oct. 2020 | 22.8102755105396 |
| Nov. 2020 | 22.2430595649087 |
| Dec. 2020 | 22.5584138180575 |
| Jan. 2021 | 23.0474608048287 |
| Feb. 2021 | 22.7576542634702 |
| Mar. 2021 | 22.4530498285178 |
| Apr. 2021 | 22.6458386773974 |
| May. 2021 | 21.330678002255 |
| Jun. 2021 | 21.5965144613538 |
| Jul. 2021 | 22.1795836941987 |
| Aug. 2021 | 21.4375411940951 |
| Sep. 2021 | 21.6305458629054 |
| Oct. 2021 | 20.8066928573318 |
| Nov. 2021 | 21.841213246662 |
| Dec. 2021 | 21.6020329616536 |
| Jan. 2022 | 20.550761949638 |
| Feb. 2022 | 19.9605285888593 |
| Mar. 2022 | 19.1288046063189 |
| Apr. 2022 | 19.3245468711778 |
| May. 2022 | 16.8647628301618 |
| Jun. 2022 | 16.1620910831281 |
| Jul. 2022 | 16.3362697759251 |
| Aug. 2022 | 18.6067025408414 |
| Sep. 2022 | 17.1122312072407 |
| Oct. 2022 | 16.1647671046097 |
| Nov. 2022 | 17.5806992981899 |
| Dec. 2022 | 17.6435815695991 |
| Jan. 2023 | 17.491355467516 |
| Feb. 2023 | 18.6615446706202 |
| Mar. 2023 | 17.4155401227003 |
| Apr. 2023 | 18.5735861436719 |
| May. 2023 | 18.4148466031764 |
| Jun. 2023 | 19.1930485665955 |
| Jul. 2023 | 20.1626174411013 |
| Aug. 2023 | 19.1114103401871 |
| Sep. 2023 | 19.1377084402059 |
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 15.55 ratio.
Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers' Estimate System (IBES) estimates.
Figure 1.5. An estimate of the equity premium fell further below its historical median
Percentage points
| Date | Spread |
|---|---|
| Oct. 1991 | 3.31427872022933 |
| Nov. 1991 | 3.29905152903821 |
| Dec. 1991 | 3.80762327381709 |
| Jan. 1992 | 2.88297739349424 |
| Feb. 1992 | 2.79872283149168 |
| Mar. 1992 | 2.73553236501514 |
| Apr. 1992 | 3.00458317695771 |
| May. 1992 | 3.1447405446378 |
| Jun. 1992 | 3.59476231850855 |
| Jul. 1992 | 3.57411086582668 |
| Aug. 1992 | 3.78308638709405 |
| Sep. 1992 | 3.92793810083843 |
| Oct. 1992 | 3.83745798154281 |
| Nov. 1992 | 3.38282575652048 |
| Dec. 1992 | 3.38447460914295 |
| Jan. 1993 | 3.48812928288156 |
| Feb. 1993 | 3.80456406003826 |
| Mar. 1993 | 3.87350890883222 |
| Apr. 1993 | 4.09277390660521 |
| May. 1993 | 4.22688814007965 |
| Jun. 1993 | 4.40950823616495 |
| Jul. 1993 | 4.33185856752072 |
| Aug. 1993 | 4.35515479120371 |
| Sep. 1993 | 4.64819491513862 |
| Oct. 1993 | 4.76707844437311 |
| Nov. 1993 | 4.38464775579905 |
| Dec. 1993 | 4.44471028305064 |
| Jan. 1994 | 4.35631216250068 |
| Feb. 1994 | 4.17933401369611 |
| Mar. 1994 | 3.79479194239644 |
| Apr. 1994 | 3.82863271991632 |
| May. 1994 | 3.6781021604889 |
| Jun. 1994 | 3.73794888407627 |
| Jul. 1994 | 3.80100244196774 |
| Aug. 1994 | 3.75137465696865 |
| Sep. 1994 | 3.58307653107891 |
| Oct. 1994 | 3.43771055015621 |
| Nov. 1994 | 3.46588734108495 |
| Dec. 1994 | 3.88675388091905 |
| Jan. 1995 | 3.540581766 |
| Feb. 1995 | 3.7605137334 |
| Mar. 1995 | 3.98662452977977 |
| Apr. 1995 | 4.09168277935384 |
| May. 1995 | 4.3816449329795 |
| Jun. 1995 | 4.72191428713636 |
| Jul. 1995 | 4.32177401927545 |
| Aug. 1995 | 4.08359751519548 |
| Sep. 1995 | 4.1793445482478 |
| Oct. 1995 | 4.11672746813124 |
| Nov. 1995 | 4.21912537155324 |
| Dec. 1995 | 4.1584284791457 |
| Jan. 1996 | 4.36825794779476 |
| Feb. 1996 | 3.64660625023885 |
| Mar. 1996 | 3.34441824371229 |
| Apr. 1996 | 3.09520486226768 |
| May. 1996 | 2.74371242481186 |
| Jun. 1996 | 2.81173705789495 |
| Jul. 1996 | 3.03328201200268 |
| Aug. 1996 | 3.03036570968195 |
| Sep. 1996 | 2.6548258371005 |
| Oct. 1996 | 2.80365147054795 |
| Nov. 1996 | 2.94339600414958 |
| Dec. 1996 | 2.95155842112662 |
| Jan. 1997 | 2.45521157405991 |
| Feb. 1997 | 2.28000460979389 |
| Mar. 1997 | 2.2215301597253 |
| Apr. 1997 | 2.11276149208368 |
| May. 1997 | 1.81521043937943 |
| Jun. 1997 | 1.69465607729229 |
| Jul. 1997 | 1.87902725529582 |
| Aug. 1997 | 1.9318085999801 |
| Sep. 1997 | 1.93795113399938 |
| Oct. 1997 | 1.68111707947904 |
| Nov. 1997 | 2.02992909377511 |
| Dec. 1997 | 2.04576274322786 |
| Jan. 1998 | 2.2949436509839 |
| Feb. 1998 | 1.77994539073 |
| Mar. 1998 | 1.46066949852118 |
| Apr. 1998 | 1.26769682406067 |
| May. 1998 | 1.28887431741285 |
| Jun. 1998 | 1.50293899902118 |
| Jul. 1998 | 1.27899910650859 |
| Aug. 1998 | 1.75767297927876 |
| Sep. 1998 | 2.48129678904038 |
| Oct. 1998 | 2.8587053764259 |
| Nov. 1998 | 1.96174862965216 |
| Dec. 1998 | 2.04317009529159 |
| Jan. 1999 | 1.44158140417905 |
| Feb. 1999 | 1.20180541849689 |
| Mar. 1999 | 0.757636063576651 |
| Apr. 1999 | 1.00715361565467 |
| May. 1999 | 0.715021010460791 |
| Jun. 1999 | 0.430579023475135 |
| Jul. 1999 | 0.329193388712053 |
| Aug. 1999 | 0.397005216647228 |
| Sep. 1999 | 0.456282481869048 |
| Oct. 1999 | 0.426460205712697 |
| Nov. 1999 | 0.243979008960101 |
| Dec. 1999 | 0.0268179192567288 |
| Jan. 2000 | -0.3032400247661 |
| Feb. 2000 | -0.0426646492237985 |
| Mar. 2000 | 0.210808063657346 |
| Apr. 2000 | 0.42037451203579 |
| May. 2000 | 0.0154958567449555 |
| Jun. 2000 | 0.319150122247865 |
| Jul. 2000 | 0.41283617869425 |
| Aug. 2000 | 0.634164519022304 |
| Sep. 2000 | 0.63143423886575 |
| Oct. 2000 | 1.2118240566059 |
| Nov. 2000 | 1.10249840240762 |
| Dec. 2000 | 1.57027345379645 |
| Jan. 2001 | 1.66644896644638 |
| Feb. 2001 | 1.67440656665751 |
| Mar. 2001 | 2.39242466555568 |
| Apr. 2001 | 1.7760490970528 |
| May. 2001 | 1.3997606700465 |
| Jun. 2001 | 1.607024963075 |
| Jul. 2001 | 1.6843531689239 |
| Aug. 2001 | 1.98422558773557 |
| Sep. 2001 | 2.8810332459 |
| Oct. 2001 | 2.6012568912 |
| Nov. 2001 | 2.2622166053 |
| Dec. 2001 | 1.7824856599 |
| Jan. 2002 | 1.93789043084762 |
| Feb. 2002 | 2.14870354413684 |
| Mar. 2002 | 1.7197786352 |
| Apr. 2002 | 1.96878136247273 |
| May. 2002 | 2.25611834040909 |
| Jun. 2002 | 2.8628741266 |
| Jul. 2002 | 3.79264707203637 |
| Aug. 2002 | 3.98895665982727 |
| Sep. 2002 | 4.6980811636 |
| Oct. 2002 | 4.53604882638182 |
| Nov. 2002 | 4.36712369142632 |
| Dec. 2002 | 4.34431607332381 |
| Jan. 2003 | 4.26664547664286 |
| Feb. 2003 | 4.88128269161579 |
| Mar. 2003 | 4.82914818617619 |
| Apr. 2003 | 4.71462769894762 |
| May. 2003 | 4.79424730329048 |
| Jun. 2003 | 4.64640359883333 |
| Jul. 2003 | 4.1533540547 |
| Aug. 2003 | 3.76134244744286 |
| Sep. 2003 | 3.79675960449048 |
| Oct. 2003 | 3.76695784259091 |
| Nov. 2003 | 3.89603787463333 |
| Dec. 2003 | 3.82605405325455 |
| Jan. 2004 | 3.7461522971 |
| Feb. 2004 | 3.80818051596316 |
| Mar. 2004 | 4.28625177417391 |
| Apr. 2004 | 3.84952769760476 |
| May. 2004 | 3.8841321559 |
| Jun. 2004 | 3.70947504885238 |
| Jul. 2004 | 4.13891977364762 |
| Aug. 2004 | 4.51257633708182 |
| Sep. 2004 | 4.5774118926 |
| Oct. 2004 | 4.7206523047 |
| Nov. 2004 | 4.3630327631 |
| Dec. 2004 | 4.28528726303636 |
| Jan. 2005 | 4.4037492893 |
| Feb. 2005 | 4.38910704471053 |
| Mar. 2005 | 4.25579490003636 |
| Apr. 2005 | 4.61189724228571 |
| May. 2005 | 4.82335110584762 |
| Jun. 2005 | 4.91671100731818 |
| Jul. 2005 | 4.7448105245 |
| Aug. 2005 | 4.77045453108696 |
| Sep. 2005 | 4.9068840034381 |
| Oct. 2005 | 4.9193705128 |
| Nov. 2005 | 4.6847570405 |
| Dec. 2005 | 4.6045077949381 |
| Jan. 2006 | 4.7075649174 |
| Feb. 2006 | 4.53813191542105 |
| Mar. 2006 | 4.31615431379565 |
| Apr. 2006 | 4.09716325966316 |
| May. 2006 | 4.30855866760909 |
| Jun. 2006 | 4.62180237782727 |
| Jul. 2006 | 4.543442776 |
| Aug. 2006 | 4.63647002481304 |
| Sep. 2006 | 4.7141318871 |
| Oct. 2006 | 4.52464792600476 |
| Nov. 2006 | 4.59215051796191 |
| Dec. 2006 | 4.611552 |
| Jan. 2007 | 4.18063380972857 |
| Feb. 2007 | 4.04869515229474 |
| Mar. 2007 | 4.57046392134546 |
| Apr. 2007 | 4.1554302122 |
| May. 2007 | 4.03294530283636 |
| Jun. 2007 | 3.76237867798571 |
| Jul. 2007 | 3.80630921868095 |
| Aug. 2007 | 4.81104994732174 |
| Sep. 2007 | 4.43432782664737 |
| Oct. 2007 | 4.42805925877273 |
| Nov. 2007 | 5.0820587381 |
| Dec. 2007 | 5.1702308179 |
| Jan. 2008 | 5.99236543087619 |
| Feb. 2008 | 5.8653970211 |
| Mar. 2008 | 6.4066231161 |
| Apr. 2008 | 5.85850605996573 |
| May. 2008 | 5.40148694412908 |
| Jun. 2008 | 5.59609092863047 |
| Jul. 2008 | 6.25070736200653 |
| Aug. 2008 | 5.96267126938711 |
| Sep. 2008 | 6.93195393379366 |
| Oct. 2008 | 8.31124055469268 |
| Nov. 2008 | 8.73694334722563 |
| Dec. 2008 | 7.98801786086921 |
| Jan. 2009 | 8.05084242592808 |
| Feb. 2009 | 7.04014841784376 |
| Mar. 2009 | 7.20352847669335 |
| Apr. 2009 | 6.64679811893963 |
| May. 2009 | 5.70126906482508 |
| Jun. 2009 | 5.23553533164012 |
| Jul. 2009 | 5.38570743131467 |
| Aug. 2009 | 5.1980057284808 |
| Sep. 2009 | 5.10533432041545 |
| Oct. 2009 | 4.9367403636199 |
| Nov. 2009 | 5.2360153227491 |
| Dec. 2009 | 5.19790943638101 |
| Jan. 2010 | 5.25092592661086 |
| Feb. 2010 | 5.78185752731631 |
| Mar. 2010 | 5.46120661057852 |
| Apr. 2010 | 5.20957449563204 |
| May. 2010 | 6.54449867090297 |
| Jun. 2010 | 6.84768809274505 |
| Jul. 2010 | 7.15989349326431 |
| Aug. 2010 | 7.77092673909029 |
| Sep. 2010 | 7.63559954375532 |
| Oct. 2010 | 7.35387282194428 |
| Nov. 2010 | 7.32779214556603 |
| Dec. 2010 | 6.48289879060822 |
| Jan. 2011 | 6.39736174866077 |
| Feb. 2011 | 5.95789100580971 |
| Mar. 2011 | 6.74338981978824 |
| Apr. 2011 | 6.57622913706917 |
| May. 2011 | 6.91049663192141 |
| Jun. 2011 | 7.61398458491775 |
| Jul. 2011 | 7.23202035253923 |
| Aug. 2011 | 8.8961211313292 |
| Sep. 2011 | 9.25277374098387 |
| Oct. 2011 | 8.9787401328627 |
| Nov. 2011 | 9.01081744638091 |
| Dec. 2011 | 9.25596415104572 |
| Jan. 2012 | 8.41950536044734 |
| Feb. 2012 | 8.23274548406021 |
| Mar. 2012 | 7.81297238914052 |
| Apr. 2012 | 8.31408804834019 |
| May. 2012 | 9.00784384995453 |
| Jun. 2012 | 9.27433455445411 |
| Jul. 2012 | 8.77471632172172 |
| Aug. 2012 | 8.40105204653512 |
| Sep. 2012 | 8.13473240343441 |
| Oct. 2012 | 8.14212597528375 |
| Nov. 2012 | 8.86975784029727 |
| Dec. 2012 | 8.37810828820165 |
| Jan. 2013 | 8.01870592441252 |
| Feb. 2013 | 7.7094112964598 |
| Mar. 2013 | 7.63464607001444 |
| Apr. 2013 | 7.92010987715572 |
| May. 2013 | 7.28370057809307 |
| Jun. 2013 | 7.06423373918767 |
| Jul. 2013 | 6.48579486098104 |
| Aug. 2013 | 6.27909095172149 |
| Sep. 2013 | 6.10422322828176 |
| Oct. 2013 | 6.44620957026323 |
| Nov. 2013 | 6.19116441285419 |
| Dec. 2013 | 5.93053272111541 |
| Jan. 2014 | 5.88706287497488 |
| Feb. 2014 | 6.02870673742135 |
| Mar. 2014 | 5.95023255948786 |
| Apr. 2014 | 5.96197980157209 |
| May. 2014 | 6.13971193834832 |
| Jun. 2014 | 5.93622899927505 |
| Jul. 2014 | 5.89167659158481 |
| Aug. 2014 | 6.17462926802176 |
| Sep. 2014 | 5.9181926650901 |
| Oct. 2014 | 6.62739283780448 |
| Nov. 2014 | 6.00233865427366 |
| Dec. 2014 | 6.16284221247464 |
| Jan. 2015 | 6.33896672048748 |
| Feb. 2015 | 5.82563513116909 |
| Mar. 2015 | 5.79434982370289 |
| Apr. 2015 | 5.93158334352074 |
| May. 2015 | 5.72116474004613 |
| Jun. 2015 | 5.60472894401566 |
| Jul. 2015 | 5.68065550716695 |
| Aug. 2015 | 5.91620463600709 |
| Sep. 2015 | 6.1481311841601 |
| Oct. 2015 | 6.23900135623793 |
| Nov. 2015 | 5.77911539993824 |
| Dec. 2015 | 5.84004754107105 |
| Jan. 2016 | 6.5192038933464 |
| Feb. 2016 | 6.56579385457415 |
| Mar. 2016 | 6.15614539963602 |
| Apr. 2016 | 6.21068988036073 |
| May. 2016 | 6.34832073521512 |
| Jun. 2016 | 6.49528296151596 |
| Jul. 2016 | 6.37364349647276 |
| Aug. 2016 | 6.27266588706429 |
| Sep. 2016 | 6.39684157077359 |
| Oct. 2016 | 6.34866106584142 |
| Nov. 2016 | 5.92840446442045 |
| Dec. 2016 | 5.43293180551085 |
| Jan. 2017 | 5.6133331435665 |
| Feb. 2017 | 5.41923818170846 |
| Mar. 2017 | 5.32079355137305 |
| Apr. 2017 | 5.66903558315205 |
| May. 2017 | 5.67298235371075 |
| Jun. 2017 | 5.67331558969448 |
| Jul. 2017 | 5.39387045669457 |
| Aug. 2017 | 5.54207384812142 |
| Sep. 2017 | 5.53039220938696 |
| Oct. 2017 | 5.25449665135882 |
| Nov. 2017 | 5.34321228217218 |
| Dec. 2017 | 5.1439975636006 |
| Jan. 2018 | 4.99730235662924 |
| Feb. 2018 | 5.15465435106546 |
| Mar. 2018 | 5.15182607496192 |
| Apr. 2018 | 5.34334424522825 |
| May. 2018 | 5.30709448510116 |
| Jun. 2018 | 5.31191404866694 |
| Jul. 2018 | 5.171994419582 |
| Aug. 2018 | 5.25004921003996 |
| Sep. 2018 | 5.00424542176363 |
| Oct. 2018 | 5.11585556725841 |
| Nov. 2018 | 5.44689195876154 |
| Dec. 2018 | 6.20368676180553 |
| Jan. 2019 | 5.96510511226428 |
| Feb. 2019 | 5.64535403851343 |
| Mar. 2019 | 5.64817873088041 |
| Apr. 2019 | 5.51567547201168 |
| May. 2019 | 5.7922016268743 |
| Jun. 2019 | 5.98600345678227 |
| Jul. 2019 | 5.87014827198618 |
| Aug. 2019 | 6.60853647539441 |
| Sep. 2019 | 6.23038339842807 |
| Oct. 2019 | 6.26248289086094 |
| Nov. 2019 | 5.97665262518493 |
| Dec. 2019 | 5.78985514715025 |
| Jan. 2020 | 5.76310523577919 |
| Feb. 2020 | 5.87196437504315 |
| Mar. 2020 | 8.33925545375579 |
| Apr. 2020 | 6.69403572750881 |
| May. 2020 | 6.29934182760407 |
| Jun. 2020 | 5.84818529778432 |
| Jul. 2020 | 5.73118126837897 |
| Aug. 2020 | 5.71131629610923 |
| Sep. 2020 | 5.77360270327924 |
| Oct. 2020 | 5.72081293958723 |
| Nov. 2020 | 5.74859491731579 |
| Dec. 2020 | 5.62534942726364 |
| Jan. 2021 | 5.46223066023684 |
| Feb. 2021 | 5.32185230268947 |
| Mar. 2021 | 4.98251185794348 |
| Apr. 2021 | 5.02721777954545 |
| May. 2021 | 5.3111935194 |
| Jun. 2021 | 5.35594500391818 |
| Jul. 2021 | 5.59173661498572 |
| Aug. 2021 | 5.78849134112727 |
| Sep. 2021 | 5.6605299318381 |
| Oct. 2021 | 5.7384958246 |
| Nov. 2021 | 5.5242852358 |
| Dec. 2021 | 5.65460757276364 |
| Jan. 2022 | 5.5283346279 |
| Feb. 2022 | 5.50528210304211 |
| Mar. 2022 | 5.5428182008 |
| Apr. 2022 | 5.1636005801 |
| May. 2022 | 5.75144210151905 |
| Jun. 2022 | 5.74772294280476 |
| Jul. 2022 | 5.9317184701 |
| Aug. 2022 | 5.21511175722609 |
| Sep. 2022 | 5.03565426218095 |
| Oct. 2022 | 5.0387588917 |
| Nov. 2022 | 4.638430879 |
| Dec. 2022 | 4.95565966207619 |
| Jan. 2023 | 4.5217998138 |
| Feb. 2023 | 3.93129743172632 |
| Mar. 2023 | 4.3612329805087 |
| Apr. 2023 | 4.216399889 |
| May. 2023 | 4.1429009235 |
| Jun. 2023 | 3.75193399901429 |
| Jul. 2023 | 3.3981785291 |
| Aug. 2023 | 3.40835012594348 |
| Sep. 2023 | 3.1636660008 |
Note: The data begin in October 1991. 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 4.73 percentage points.
Source: Federal Reserve Board staff calculations using Refinitiv, Institutional Brokers' Estimate System (IBES) estimates; Department of the Treasury; Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.
Figure 1.6. Volatility in equity markets stood slightly above its historical median
Percent
| Date | Option-implied volatility | Realized volatility |
|---|---|---|
| Jan. 1996 | 13.4736363636364 | 11.6566187850931 |
| Feb. 1996 | 15.033 | 11.4877706421113 |
| Mar. 1996 | 17.762380952381 | 14.5688634686654 |
| Apr. 1996 | 16.2122222222222 | 12.2488584387225 |
| May. 1996 | 16.1463636363636 | 11.3138943978626 |
| Jun. 1996 | 16.5035294117647 | 11.11112671019 |
| Jul. 1996 | 17.9786363636364 | 15.0356901982493 |
| Aug. 1996 | 15.7604545454545 | 13.4331284543749 |
| Sep. 1996 | 16.578 | 11.1821420910606 |
| Oct. 1996 | 16.2863636363636 | 9.861055937049 |
| Nov. 1996 | 15.997 | 10.2628324664184 |
| Dec. 1996 | 19.2609523809524 | 13.425978997329 |
| Jan. 1997 | 19.6166666666667 | 14.5963399523465 |
| Feb. 1997 | 20.1394736842105 | 14.8259427148092 |
| Mar. 1997 | 20.17 | 14.6328459295624 |
| Apr. 1997 | 19.6955 | 17.1699836280343 |
| May. 1997 | 19.9247619047619 | 16.3696285386738 |
| Jun. 1997 | 20.1942857142857 | 14.9982901169365 |
| Jul. 1997 | 20.5085714285714 | 16.1644656439612 |
| Aug. 1997 | 23.0847619047619 | 18.1191477347283 |
| Sep. 1997 | 23.7994736842105 | 18.7719617495149 |
| Oct. 1997 | 23.8708695652174 | 18.8211284919062 |
| Nov. 1997 | 31.9842105263158 | 24.0146151375036 |
| Dec. 1997 | 26.2763636363636 | 18.5264332257845 |
| Jan. 1998 | 23.8665 | 17.909985727529 |
| Feb. 1998 | 19.9989473684211 | 15.369214033815 |
| Mar. 1998 | 20.032380952381 | 12.676419383691 |
| Apr. 1998 | 22.1621052631579 | 13.0099678387924 |
| May. 1998 | 20.874 | 13.9477652065617 |
| Jun. 1998 | 21.6627272727273 | 15.5998403966421 |
| Jul. 1998 | 20.2326315789474 | 14.6188614047591 |
| Aug. 1998 | 31.5880952380952 | 22.8110212250671 |
| Sep. 1998 | 38.132 | 34.2421077294608 |
| Oct. 1998 | 36.6081818181818 | 33.0453600617476 |
| Nov. 1998 | 26.223 | 23.1583995138956 |
| Dec. 1998 | 25.4790909090909 | 18.9543402886485 |
| Jan. 1999 | 27.9688888888889 | 19.5200289981339 |
| Feb. 1999 | 28.8226315789474 | 21.734710723945 |
| Mar. 1999 | 25.3095652173913 | 20.658272843137 |
| Apr. 1999 | 23.4785714285714 | 19.8640247165151 |
| May. 1999 | 26.2045 | 20.9609677377596 |
| Jun. 1999 | 23.5457142857143 | 19.2657475599323 |
| Jul. 1999 | 21.0490476190476 | 16.5516576844743 |
| Aug. 1999 | 24.3236363636364 | 17.748392418423 |
| Sep. 1999 | 24.5414285714286 | 18.9729765136561 |
| Oct. 1999 | 24.0214285714286 | 20.9139473129774 |
| Nov. 1999 | 21.8180952380952 | 19.2602099721433 |
| Dec. 1999 | 22.1590909090909 | 16.8978865494092 |
| Jan. 2000 | 23.202 | 19.2555327790101 |
| Feb. 2000 | 23.5955 | 21.8650306297721 |
| Mar. 2000 | 22.7340909090909 | 24.3950746668746 |
| Apr. 2000 | 27.1642105263158 | 32.6691930722064 |
| May. 2000 | 26.3731818181818 | 28.6644288470057 |
| Jun. 2000 | 21.54 | 22.8968098656007 |
| Jul. 2000 | 19.893 | 17.9837291118187 |
| Aug. 2000 | 18.0886956521739 | 16.214761960692 |
| Sep. 2000 | 19.6875 | 15.2126611818622 |
| Oct. 2000 | 25.2 | 23.3637445827611 |
| Nov. 2000 | 26.3828571428572 | 24.8172490668793 |
| Dec. 2000 | 26.5305 | 25.2457771910425 |
| Jan. 2001 | 24.9185714285714 | 27.3649043056417 |
| Feb. 2001 | 23.4115789473684 | 21.5537529055566 |
| Mar. 2001 | 28.5355 | 26.815103259492 |
| Apr. 2001 | 28.134 | 28.2540550757652 |
| May. 2001 | 22.9440909090909 | 21.9129057443342 |
| Jun. 2001 | 20.9404761904762 | 18.0718874460978 |
| Jul. 2001 | 22.3161904761905 | 17.4093825755783 |
| Aug. 2001 | 21.8617391304348 | 16.9744560708206 |
| Sep. 2001 | 35.0653333333333 | 25.3424918912052 |
| Oct. 2001 | 32.6122727272727 | 27.4211328539089 |
| Nov. 2001 | 26.6309523809524 | 23.6846566501038 |
| Dec. 2001 | 23.72 | 18.7964915409243 |
| Jan. 2002 | 22.2528571428571 | 16.073146363552 |
| Feb. 2002 | 22.8757894736842 | 19.0094372637987 |
| Mar. 2002 | 18.985 | 18.1481727758259 |
| Apr. 2002 | 19.9004545454546 | 16.3453798583316 |
| May. 2002 | 20.0877272727273 | 17.4611400956036 |
| Jun. 2002 | 25.271 | 21.1333274486287 |
| Jul. 2002 | 34.0495454545455 | 33.7850371314776 |
| Aug. 2002 | 33.7427272727273 | 37.9753616856707 |
| Sep. 2002 | 37.6475 | 31.1323157517717 |
| Oct. 2002 | 35.4295454545455 | 35.0870849550389 |
| Nov. 2002 | 28.175 | 29.8134675226808 |
| Dec. 2002 | 28.2104761904762 | 23.9663102089986 |
| Jan. 2003 | 27.5063157894737 | 21.4505919977116 |
| Feb. 2003 | 32.2184210526316 | 23.2461052901524 |
| Mar. 2003 | 30.6342857142857 | 24.0081118773625 |
| Apr. 2003 | 23.9919047619048 | 22.7335495143388 |
| May. 2003 | 20.2395238095238 | 19.3960454023669 |
| Jun. 2003 | 20.362380952381 | 17.8766912176074 |
| Jul. 2003 | 19.1613636363636 | 17.9486498687901 |
| Aug. 2003 | 19.2742857142857 | 17.438529588216 |
| Sep. 2003 | 19.532380952381 | 14.6265215784408 |
| Oct. 2003 | 18.0234782608696 | 14.3971560209866 |
| Nov. 2003 | 17.401052631579 | 13.1474230651579 |
| Dec. 2003 | 16.8263636363636 | 11.9001925679169 |
| Jan. 2004 | 15.9533333333333 | 11.1314487383844 |
| Feb. 2004 | 15.9984210526316 | 12.4150876683085 |
| Mar. 2004 | 17.6873913043478 | 13.1072305557955 |
| Apr. 2004 | 15.6985714285714 | 13.2198654870086 |
| May. 2004 | 17.705 | 15.2929520954062 |
| Jun. 2004 | 15.3571428571429 | 12.4669372305967 |
| Jul. 2004 | 15.502380952381 | 11.5567671260595 |
| Aug. 2004 | 16.6840909090909 | 12.5082982084267 |
| Sep. 2004 | 14.0809523809524 | 10.5133871100998 |
| Oct. 2004 | 14.97 | 10.5398910558138 |
| Nov. 2004 | 13.5771428571429 | 11.2109162029462 |
| Dec. 2004 | 12.4595454545455 | 10.5326421832962 |
| Jan. 2005 | 13.438 | 10.6812755145303 |
| Feb. 2005 | 11.7089473684211 | 9.9689597803016 |
| Mar. 2005 | 13.1263636363636 | 10.4507635721982 |
| Apr. 2005 | 14.4590476190476 | 11.9499075424551 |
| May. 2005 | 13.967619047619 | 13.1239697776445 |
| Jun. 2005 | 11.8686363636364 | 10.8756043130302 |
| Jul. 2005 | 11.049 | 10.2913222818729 |
| Aug. 2005 | 12.9513043478261 | 9.66437762615463 |
| Sep. 2005 | 12.6280952380952 | 10.3272675983211 |
| Oct. 2005 | 14.937619047619 | 12.9316452270514 |
| Nov. 2005 | 12.147619047619 | 11.9832649407059 |
| Dec. 2005 | 11.26 | 9.85930630401064 |
| Jan. 2006 | 12.036 | 9.74235107996928 |
| Feb. 2006 | 12.4710526315789 | 10.3879054132401 |
| Mar. 2006 | 11.6939130434783 | 9.66817743612014 |
| Apr. 2006 | 11.8473684210526 | 10.1730710399803 |
| May. 2006 | 14.4545454545455 | 11.8738359405788 |
| Jun. 2006 | 16.9186363636364 | 15.1783565870971 |
| Jul. 2006 | 15.326 | 13.8102136231216 |
| Aug. 2006 | 13.3517391304348 | 12.2560857174005 |
| Sep. 2006 | 12.1845 | 9.57524546639898 |
| Oct. 2006 | 11.3063636363636 | 8.86814948691125 |
| Nov. 2006 | 10.817619047619 | 9.04602864586561 |
| Dec. 2006 | 10.9645 | 9.47361630033122 |
| Jan. 2007 | 11.0425 | 9.44696147329916 |
| Feb. 2007 | 11.1552631578947 | 9.08838857458519 |
| Mar. 2007 | 15.1627272727273 | 14.3279175742578 |
| Apr. 2007 | 12.933 | 11.4042261451199 |
| May. 2007 | 13.2977272727273 | 9.91101379157058 |
| Jun. 2007 | 14.947619047619 | 11.4096338730991 |
| Jul. 2007 | 17.2733333333333 | 13.514441701057 |
| Aug. 2007 | 25.0260869565217 | 23.4280821482347 |
| Sep. 2007 | 22.1989473684211 | 19.7381396175246 |
| Oct. 2007 | 19.115652173913 | 15.49150390601 |
| Nov. 2007 | 25.582380952381 | 21.5065842257502 |
| Dec. 2007 | 21.651 | 20.9905219890264 |
| Jan. 2008 | 25.8161904761905 | 25.1384878376794 |
| Feb. 2008 | 25.456 | 27.9417185106449 |
| Mar. 2008 | 27.1035 | 26.7243808517076 |
| Apr. 2008 | 21.5627272727273 | 21.3725706770101 |
| May. 2008 | 18.3033333333333 | 16.8056555044715 |
| Jun. 2008 | 22.1104761904762 | 17.3856471858408 |
| Jul. 2008 | 24.3213636363636 | 23.0542111858013 |
| Aug. 2008 | 20.6957142857143 | 20.3696621296938 |
| Sep. 2008 | 30.2385714285714 | 30.1077579995026 |
| Oct. 2008 | 61.1773913043478 | 66.3819276400899 |
| Nov. 2008 | 62.6394736842105 | 72.3308986090795 |
| Dec. 2008 | 52.405 | 61.6131194953173 |
| Jan. 2009 | 44.683 | 43.4156360104618 |
| Feb. 2009 | 45.5705263157895 | 40.4846323582632 |
| Mar. 2009 | 44.7954545454545 | 42.7226805785173 |
| Apr. 2009 | 38.0638095238095 | 35.204263635321 |
| May. 2009 | 31.978 | 29.3925587563568 |
| Jun. 2009 | 29.1404545454546 | 25.0873033234118 |
| Jul. 2009 | 26.1627272727273 | 21.5233238460221 |
| Aug. 2009 | 25.3371428571429 | 19.3268379593117 |
| Sep. 2009 | 24.9266666666667 | 17.4887306283558 |
| Oct. 2009 | 24.2522727272727 | 17.5732020515553 |
| Nov. 2009 | 23.7835 | 19.4878488359566 |
| Dec. 2009 | 21.2395454545455 | 15.2689702451685 |
| Jan. 2010 | 20.6431578947368 | 12.8420627684371 |
| Feb. 2010 | 22.54 | 17.92272861273 |
| Mar. 2010 | 17.7673913043478 | 14.1326838665735 |
| Apr. 2010 | 17.4242857142857 | 12.488877396977 |
| May. 2010 | 31.9295 | 27.6006154175063 |
| Jun. 2010 | 29.9163636363636 | 26.9879002009458 |
| Jul. 2010 | 25.5652380952381 | 23.0237806202903 |
| Aug. 2010 | 24.7459090909091 | 18.8953294835111 |
| Sep. 2010 | 22.517619047619 | 16.8384636054728 |
| Oct. 2010 | 20.3733333333333 | 14.8915032719522 |
| Nov. 2010 | 20.0957142857143 | 13.9403787559562 |
| Dec. 2010 | 17.5695454545455 | 11.8436436780211 |
| Jan. 2011 | 17.3155 | 9.7383372325208 |
| Feb. 2011 | 17.43 | 10.6298957108276 |
| Mar. 2011 | 20.7234782608696 | 14.3053005318161 |
| Apr. 2011 | 16.244 | 12.4133200113049 |
| May. 2011 | 16.9114285714286 | 12.3613950217692 |
| Jun. 2011 | 19.1531818181818 | 13.5602890076561 |
| Jul. 2011 | 19.2275 | 13.7794048271223 |
| Aug. 2011 | 35.0291304347826 | 31.7230306390831 |
| Sep. 2011 | 36.53 | 30.9495920833367 |
| Oct. 2011 | 32.8290476190476 | 30.162169813219 |
| Nov. 2011 | 31.9419047619048 | 25.0171579832692 |
| Dec. 2011 | 25.047619047619 | 20.6202752281825 |
| Jan. 2012 | 20.228 | 15.4721182409961 |
| Feb. 2012 | 18.4205 | 12.4112564554688 |
| Mar. 2012 | 16.1672727272727 | 10.9025437049711 |
| Apr. 2012 | 17.823 | 11.4980653865886 |
| May. 2012 | 21.0018181818182 | 13.7224418140324 |
| Jun. 2012 | 21.1309523809524 | 15.5688246364909 |
| Jul. 2012 | 17.5652380952381 | 14.8024556014509 |
| Aug. 2012 | 15.6895652173913 | 13.1348708925604 |
| Sep. 2012 | 15.2847368421053 | 10.9778398315505 |
| Oct. 2012 | 16.2761904761905 | 11.2689168396496 |
| Nov. 2012 | 16.7019047619048 | 13.8121767547819 |
| Dec. 2012 | 17.307 | 12.8811356619473 |
| Jan. 2013 | 13.5052380952381 | 11.7484329050941 |
| Feb. 2013 | 14.0726315789474 | 9.64400091073805 |
| Mar. 2013 | 13.0315 | 10.133307980037 |
| Apr. 2013 | 13.9672727272727 | 11.4500300587223 |
| May. 2013 | 13.4936363636364 | 11.6097957370612 |
| Jun. 2013 | 17.2715 | 14.5016975392901 |
| Jul. 2013 | 13.9745454545455 | 13.4837858224316 |
| Aug. 2013 | 14.21 | 10.3994885196458 |
| Sep. 2013 | 14.692 | 10.6929957916859 |
| Oct. 2013 | 15.4078260869565 | 11.2086886218169 |
| Nov. 2013 | 12.924 | 9.88850423120719 |
| Dec. 2013 | 14.192380952381 | 9.4984155423318 |
| Jan. 2014 | 14.2409523809524 | 9.33424611211761 |
| Feb. 2014 | 15.47 | 11.7681297763561 |
| Mar. 2014 | 14.8366666666667 | 11.6376469948347 |
| Apr. 2014 | 14.1980952380952 | 12.2010628555177 |
| May. 2014 | 12.4752380952381 | 10.9819156391693 |
| Jun. 2014 | 11.5414285714286 | 8.25465148710588 |
| Jul. 2014 | 12.2963636363636 | 7.98002607516907 |
| Aug. 2014 | 13.4919047619048 | 9.81958754404602 |
| Sep. 2014 | 13.4666666666667 | 8.81115364065528 |
| Oct. 2014 | 18.0586956521739 | 15.8075078784219 |
| Nov. 2014 | 13.4131578947368 | 13.3856374724363 |
| Dec. 2014 | 16.2922727272727 | 12.6668671564202 |
| Jan. 2015 | 19.1195 | 15.7460451632904 |
| Feb. 2015 | 15.9042105263158 | 15.0476768597676 |
| Mar. 2015 | 14.8127272727273 | 11.8979316804852 |
| Apr. 2015 | 13.4947619047619 | 11.3551924622657 |
| May. 2015 | 13.3385 | 10.8628826330762 |
| Jun. 2015 | 14.3395454545455 | 10.1765953622772 |
| Jul. 2015 | 14.3527272727273 | 11.191311810975 |
| Aug. 2015 | 19.4280952380952 | 17.1432354155929 |
| Sep. 2015 | 24.3771428571429 | 26.9070871290945 |
| Oct. 2015 | 16.7895454545455 | 19.5421996130274 |
| Nov. 2015 | 16.21 | 14.1126104763073 |
| Dec. 2015 | 18.0254545454546 | 14.7520494800841 |
| Jan. 2016 | 23.7178947368421 | 20.9615875450159 |
| Feb. 2016 | 22.517 | 23.7716871056679 |
| Mar. 2016 | 15.8490909090909 | 17.4279437295529 |
| Apr. 2016 | 14.3004761904762 | 12.5583244136503 |
| May. 2016 | 14.8528571428571 | 11.4475286089058 |
| Jun. 2016 | 17.7745454545455 | 11.1135670838533 |
| Jul. 2016 | 13.1585 | 11.5290802049851 |
| Aug. 2016 | 12.3995652173913 | 8.41863913145869 |
| Sep. 2016 | 14.2195238095238 | 9.49410235733633 |
| Oct. 2016 | 14.5852380952381 | 9.85706600574345 |
| Nov. 2016 | 15.2361904761905 | 10.7384035073219 |
| Dec. 2016 | 12.472380952381 | 9.00292364000244 |
| Jan. 2017 | 11.6085 | 8.06207126717077 |
| Feb. 2017 | 11.5305263157895 | 7.16270809502993 |
| Mar. 2017 | 11.8978260869565 | 7.20014197506824 |
| Apr. 2017 | 13.1363157894737 | 8.4863493564837 |
| May. 2017 | 10.8622727272727 | 7.2414036316004 |
| Jun. 2017 | 10.5136363636364 | 7.00734981152148 |
| Jul. 2017 | 10.2645 | 7.11426285360016 |
| Aug. 2017 | 11.975652173913 | 6.90205598484582 |
| Sep. 2017 | 10.438 | 6.53566626585038 |
| Oct. 2017 | 10.1254545454545 | 5.26939493634829 |
| Nov. 2017 | 10.5404761904762 | 5.8398004291845 |
| Dec. 2017 | 10.2645 | 7.22881282579005 |
| Jan. 2018 | 11.062380952381 | 6.76962866852549 |
| Feb. 2018 | 22.4647368421053 | 20.5549331805747 |
| Mar. 2018 | 19.0238095238095 | 19.2454436747746 |
| Apr. 2018 | 18.267619047619 | 19.5641610724449 |
| May. 2018 | 14.1245454545455 | 14.7979795408323 |
| Jun. 2018 | 13.6780952380952 | 11.0360395984579 |
| Jul. 2018 | 13.147619047619 | 10.0201232493271 |
| Aug. 2018 | 12.5469565217391 | 8.26390682621656 |
| Sep. 2018 | 12.9105263157895 | 8.19163183789606 |
| Oct. 2018 | 19.3521739130435 | 14.6652241327976 |
| Nov. 2018 | 19.3890476190476 | 20.323625249354 |
| Dec. 2018 | 24.9531578947368 | 24.2114654617999 |
| Jan. 2019 | 19.572380952381 | 24.7922296895992 |
| Feb. 2019 | 15.2347368421053 | 16.1468107170011 |
| Mar. 2019 | 14.4852380952381 | 12.5299728709728 |
| Apr. 2019 | 12.9490476190476 | 10.4120879083958 |
| May. 2019 | 16.7218181818182 | 11.9507928153167 |
| Jun. 2019 | 15.836 | 12.2920907469007 |
| Jul. 2019 | 13.3059090909091 | 9.33504191322562 |
| Aug. 2019 | 18.9790909090909 | 15.4946865207096 |
| Sep. 2019 | 15.559 | 13.710217719438 |
| Oct. 2019 | 15.4665217391304 | 12.9276864926939 |
| Nov. 2019 | 12.5235 | 9.14638712356058 |
| Dec. 2019 | 13.7566666666667 | 8.39224520020588 |
| Jan. 2020 | 13.9409523809524 | 7.97687223498488 |
| Feb. 2020 | 19.6289473684211 | 12.2261115559997 |
| Mar. 2020 | 57.7368181818182 | 56.5103147014808 |
| Apr. 2020 | 41.4538095238095 | 53.3646538270374 |
| May. 2020 | 30.897 | 32.7282893894432 |
| Jun. 2020 | 31.1195454545455 | 25.6028459907694 |
| Jul. 2020 | 26.8404545454546 | 21.4847894674207 |
| Aug. 2020 | 22.8895238095238 | 15.355970500256 |
| Sep. 2020 | 27.6476190476191 | 20.5243139975057 |
| Oct. 2020 | 29.4386363636364 | 19.5710260939484 |
| Nov. 2020 | 24.9955 | 20.0205398286232 |
| Dec. 2020 | 22.3740909090909 | 14.5368603435865 |
| Jan. 2021 | 24.91 | 13.9442835874689 |
| Feb. 2021 | 23.1405263157895 | 15.0465160240402 |
| Mar. 2021 | 21.8430434782609 | 18.3612303425903 |
| Apr. 2021 | 17.4161904761905 | 13.220054299749 |
| May. 2021 | 19.7605 | 12.8142711355789 |
| Jun. 2021 | 16.9568181818182 | 10.5941695252216 |
| Jul. 2021 | 17.6033333333333 | 9.51831461960053 |
| Aug. 2021 | 17.4727272727273 | 8.98766076940569 |
| Sep. 2021 | 19.8247619047619 | 9.8974882008003 |
| Oct. 2021 | 17.8714285714286 | 13.1343924523093 |
| Nov. 2021 | 18.5004761904762 | 10.7478917241128 |
| Dec. 2021 | 21.3545454545455 | 15.7821034191714 |
| Jan. 2022 | 23.181 | 17.9129175170917 |
| Feb. 2022 | 25.7484210526316 | 24.0426966635955 |
| Mar. 2022 | 26.9686956521739 | 24.3942070570172 |
| Apr. 2022 | 24.3735 | 19.5645999557827 |
| May. 2022 | 29.4457142857143 | 27.6433781049473 |
| Jun. 2022 | 28.1 | 26.5522831563486 |
| Jul. 2022 | 24.8685 | 24.1574580014419 |
| Aug. 2022 | 22.1695652173913 | 18.5694097680019 |
| Sep. 2022 | 27.4061904761905 | 21.3534276577384 |
| Oct. 2022 | 30.0057142857143 | 24.7610827779089 |
| Nov. 2022 | 23.4361904761905 | 23.4464447888176 |
| Dec. 2022 | 21.7842857142857 | 20.0585062679304 |
| Jan. 2023 | 20.203 | 18.8571723273404 |
| Feb. 2023 | 20.0621052631579 | 18.0036254410824 |
| Mar. 2023 | 21.644347826087 | 18.3892265583928 |
| Apr. 2023 | 17.8178947368421 | 14.9560046513108 |
| May. 2023 | 17.6440909090909 | 12.8400203293641 |
| Jun. 2023 | 13.9942857142857 | 11.646162730456 |
| Jul. 2023 | 13.944 | 9.78994113867051 |
| Aug. 2023 | 15.8539130434783 | 10.9875912786461 |
| Sep. 2023 | 15.241 | 11.2191431515543 |
Note: Realized volatility is computed from an exponentially weighted moving average of 5-minute daily realized variances with 75 percent of the weight distributed over the past 20 business days.
Source: Refinitiv, DataScope Tick History; Federal Reserve Board staff estimates.
Figure 1.7. Corporate bond yields rose above their historical medians
This is a line chart titled "Corporate bond yields rose above their historical medians.” 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, but in recent months begins to rise again finishing with a value around 8.5 percent. 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. The series has a gradual increase throughout 2023 and finishes with a value a little above 6 percent.
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 1.8. Corporate bond spreads narrowed modestly
This is a line chart titled “Spreads to similar-maturity Treasury securities narrowed modestly.” 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 just below 4 percentage points by April 2023. The series ends with a slight uptick closer to a value of 4 percentage points in September 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 rises slightly to nearly 3.5 percentage points by April 2023 before settling just under 3 percentage points in September 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 1.9. The excess bond premium stayed near its historical mean
Percentage points
| Date | Excess Bond Premium |
|---|---|
| Jan. 1997 | -0.342654592313972 |
| Feb. 1997 | -0.462606020453062 |
| Mar. 1997 | -0.488225863128492 |
| Apr. 1997 | -0.446325228024708 |
| May. 1997 | -0.443022631173682 |
| Jun. 1997 | -0.546708874589439 |
| Jul. 1997 | -0.520514214958828 |
| Aug. 1997 | -0.513240025841649 |
| Sep. 1997 | -0.566511214901413 |
| Oct. 1997 | -0.446450436791833 |
| Nov. 1997 | -0.337927226474647 |
| Dec. 1997 | -0.406896466696926 |
| Jan. 1998 | -0.368127772422949 |
| Feb. 1998 | -0.340264401375967 |
| Mar. 1998 | -0.38985694687042 |
| Apr. 1998 | -0.418463493605027 |
| May. 1998 | -0.380388666460949 |
| Jun. 1998 | -0.34432985619128 |
| Jul. 1998 | -0.305805287336481 |
| Aug. 1998 | 0.0876908577843034 |
| Sep. 1998 | 0.0706088830813472 |
| Oct. 1998 | 0.195579766978977 |
| Nov. 1998 | 0.183618037872711 |
| Dec. 1998 | 0.0448810500433108 |
| Jan. 1999 | 0.0419411985207299 |
| Feb. 1999 | -0.179162607195593 |
| Mar. 1999 | -0.166613569198802 |
| Apr. 1999 | -0.208794494731105 |
| May. 1999 | -0.202818063983081 |
| Jun. 1999 | -0.142736114041885 |
| Jul. 1999 | -0.091682714533609 |
| Aug. 1999 | -0.0385897655692828 |
| Sep. 1999 | 0.0939673076214938 |
| Oct. 1999 | 0.106711873136345 |
| Nov. 1999 | 0.0719113625519607 |
| Dec. 1999 | -0.157144713313906 |
| Jan. 2000 | 0.0269023444258269 |
| Feb. 2000 | 0.116550608429196 |
| Mar. 2000 | 0.381396565144444 |
| Apr. 2000 | 0.539641369261961 |
| May. 2000 | 0.719720411341091 |
| Jun. 2000 | 0.757785075139698 |
| Jul. 2000 | 0.838485378935823 |
| Aug. 2000 | 0.987406838355595 |
| Sep. 2000 | 1.09866012767491 |
| Oct. 2000 | 1.49325633297258 |
| Nov. 2000 | 1.57416999643594 |
| Dec. 2000 | 1.56941159028422 |
| Jan. 2001 | 1.11843111839348 |
| Feb. 2001 | 1.14485371551199 |
| Mar. 2001 | 1.08068059410408 |
| Apr. 2001 | 0.902913940768504 |
| May. 2001 | 0.767025705872087 |
| Jun. 2001 | 1.00264738293937 |
| Jul. 2001 | 0.765986823965488 |
| Aug. 2001 | 0.740231203932793 |
| Sep. 2001 | 1.21004187874125 |
| Oct. 2001 | 1.02493828625665 |
| Nov. 2001 | -0.0798143329248804 |
| Dec. 2001 | 0.41143809700071 |
| Jan. 2002 | 0.566057239350279 |
| Feb. 2002 | 0.768954888913615 |
| Mar. 2002 | 0.287172297555725 |
| Apr. 2002 | 0.405788912297307 |
| May. 2002 | 0.498272224459145 |
| Jun. 2002 | 0.937586271290218 |
| Jul. 2002 | 1.5321018970319 |
| Aug. 2002 | 1.42863590371328 |
| Sep. 2002 | 1.60104233412729 |
| Oct. 2002 | 1.40493441318667 |
| Nov. 2002 | 1.02565550329109 |
| Dec. 2002 | 0.877572677963635 |
| Jan. 2003 | 0.83336457136619 |
| Feb. 2003 | 0.625866876065869 |
| Mar. 2003 | 0.123510872554585 |
| Apr. 2003 | 0.0313871034491822 |
| May. 2003 | -0.508940305879458 |
| Jun. 2003 | -0.410787740022125 |
| Jul. 2003 | -1.06010228260993 |
| Aug. 2003 | -0.211577848674675 |
| Sep. 2003 | -0.560429803784046 |
| Oct. 2003 | -0.533008132033334 |
| Nov. 2003 | -0.55347860426312 |
| Dec. 2003 | -0.530651432233169 |
| Jan. 2004 | -0.720420226991891 |
| Feb. 2004 | -0.345209202557827 |
| Mar. 2004 | -0.531969646836501 |
| Apr. 2004 | -0.743685194789939 |
| May. 2004 | -0.364998872963116 |
| Jun. 2004 | -0.382955422005865 |
| Jul. 2004 | -0.32345772276791 |
| Aug. 2004 | -0.436308152354757 |
| Sep. 2004 | -0.557652805439426 |
| Oct. 2004 | -0.546798006930873 |
| Nov. 2004 | -0.685037064047734 |
| Dec. 2004 | -0.733773990931012 |
| Jan. 2005 | -0.717909258774226 |
| Feb. 2005 | -0.937546882204814 |
| Mar. 2005 | -0.641642631300851 |
| Apr. 2005 | -0.391157367865282 |
| May. 2005 | -0.316369178717013 |
| Jun. 2005 | -0.465296505020496 |
| Jul. 2005 | -0.565068221057368 |
| Aug. 2005 | -0.571185072639314 |
| Sep. 2005 | -0.478334142853693 |
| Oct. 2005 | -0.357603918693502 |
| Nov. 2005 | -0.326164136034155 |
| Dec. 2005 | -0.297696080947531 |
| Jan. 2006 | -0.379898050043177 |
| Feb. 2006 | -0.333708112129151 |
| Mar. 2006 | -0.417819997883699 |
| Apr. 2006 | -0.461542459579889 |
| May. 2006 | -0.365281054055664 |
| Jun. 2006 | -0.38163344973104 |
| Jul. 2006 | -0.288321922986172 |
| Aug. 2006 | -0.319743358566256 |
| Sep. 2006 | -0.374782464289901 |
| Oct. 2006 | -0.409021856213695 |
| Nov. 2006 | -0.379209744212046 |
| Dec. 2006 | -0.5043889023895 |
| Jan. 2007 | -0.567129154616769 |
| Feb. 2007 | -0.570776823801444 |
| Mar. 2007 | -0.38579240981872 |
| Apr. 2007 | -0.385250451845491 |
| May. 2007 | -0.599693064208252 |
| Jun. 2007 | -0.386337026827033 |
| Jul. 2007 | 0.0131506216373607 |
| Aug. 2007 | 0.131866421115112 |
| Sep. 2007 | 0.0658028307906529 |
| Oct. 2007 | -0.0231702016961077 |
| Nov. 2007 | 0.324457647596637 |
| Dec. 2007 | 0.472228004140457 |
| Jan. 2008 | 0.712368772255747 |
| Feb. 2008 | 0.916705520367551 |
| Mar. 2008 | 1.14307185269507 |
| Apr. 2008 | 0.668393274197813 |
| May. 2008 | 0.674970313194251 |
| Jun. 2008 | 0.814394765680554 |
| Jul. 2008 | 1.07601925834041 |
| Aug. 2008 | 1.22196279433221 |
| Sep. 2008 | 1.79924996308288 |
| Oct. 2008 | 3.49808799456192 |
| Nov. 2008 | 3.25676602650737 |
| Dec. 2008 | 3.40573505581746 |
| Jan. 2009 | 2.84118131864063 |
| Feb. 2009 | 3.21583785257353 |
| Mar. 2009 | 2.76573090676891 |
| Apr. 2009 | 2.26000797746762 |
| May. 2009 | 1.39173215912464 |
| Jun. 2009 | 0.958905372603703 |
| Jul. 2009 | 0.355620245371908 |
| Aug. 2009 | 0.0843455897053222 |
| Sep. 2009 | 0.0670597950719074 |
| Oct. 2009 | -0.137332429577985 |
| Nov. 2009 | -0.0125003208026904 |
| Dec. 2009 | -0.468134735725282 |
| Jan. 2010 | -0.199226412567283 |
| Feb. 2010 | -0.00190275848456922 |
| Mar. 2010 | -0.157028302558628 |
| Apr. 2010 | -0.271656399187473 |
| May. 2010 | -0.124361296647204 |
| Jun. 2010 | 0.0399417642526339 |
| Jul. 2010 | 0.160126574893313 |
| Aug. 2010 | -0.2985417139328 |
| Sep. 2010 | -0.0240983703192152 |
| Oct. 2010 | -0.0335259913347787 |
| Nov. 2010 | -0.155065732619339 |
| Dec. 2010 | -0.419308170328175 |
| Jan. 2011 | -0.0347422667295692 |
| Feb. 2011 | -0.2802843455595 |
| Mar. 2011 | -0.318032148302704 |
| Apr. 2011 | -0.273360011516322 |
| May. 2011 | -0.152614265865076 |
| Jun. 2011 | -0.0290868572161616 |
| Jul. 2011 | -0.0791818761111847 |
| Aug. 2011 | -0.117134254191514 |
| Sep. 2011 | 0.429728336907522 |
| Oct. 2011 | -0.104313962234964 |
| Nov. 2011 | 0.491777805142673 |
| Dec. 2011 | 0.262337409152257 |
| Jan. 2012 | 0.160139726842456 |
| Feb. 2012 | 0.0352487786331954 |
| Mar. 2012 | -0.359000088557034 |
| Apr. 2012 | -0.188767269513164 |
| May. 2012 | -0.0999300774940681 |
| Jun. 2012 | 0.142260348989538 |
| Jul. 2012 | -0.0307548143311798 |
| Aug. 2012 | -0.232017956744432 |
| Sep. 2012 | -0.176704387441232 |
| Oct. 2012 | -0.203896239831106 |
| Nov. 2012 | -0.0724653515967768 |
| Dec. 2012 | -0.186421177307717 |
| Jan. 2013 | -0.115313646691141 |
| Feb. 2013 | -0.0545806000412084 |
| Mar. 2013 | -0.119939332120309 |
| Apr. 2013 | -0.148499387319392 |
| May. 2013 | -0.512032767313673 |
| Jun. 2013 | -0.362040050097863 |
| Jul. 2013 | -0.0252540057901918 |
| Aug. 2013 | -0.129993002664841 |
| Sep. 2013 | -0.146776794782754 |
| Oct. 2013 | -0.0570604553375129 |
| Nov. 2013 | -0.0162736417155209 |
| Dec. 2013 | -0.167000211229483 |
| Jan. 2014 | -0.319835840156109 |
| Feb. 2014 | -0.224053136372804 |
| Mar. 2014 | -0.286023875849994 |
| Apr. 2014 | -0.366937265461026 |
| May. 2014 | -0.381776315899949 |
| Jun. 2014 | -0.315262341668464 |
| Jul. 2014 | -0.318802042204127 |
| Aug. 2014 | -0.315231509742941 |
| Sep. 2014 | -0.212050737542109 |
| Oct. 2014 | -0.214202959831966 |
| Nov. 2014 | 0.0600609388176863 |
| Dec. 2014 | 0.0916388541472801 |
| Jan. 2015 | -0.0339773166670856 |
| Feb. 2015 | -0.278777768844384 |
| Mar. 2015 | -0.123749102404099 |
| Apr. 2015 | 0.00769989433460827 |
| May. 2015 | 0.0537624753398767 |
| Jun. 2015 | 0.150501594718493 |
| Jul. 2015 | 0.211973804429168 |
| Aug. 2015 | 0.399065293792935 |
| Sep. 2015 | 0.537325985648388 |
| Oct. 2015 | 0.421131600717042 |
| Nov. 2015 | 0.509235890071669 |
| Dec. 2015 | 0.687507638100786 |
| Jan. 2016 | 0.915038656240482 |
| Feb. 2016 | 0.943032732995768 |
| Mar. 2016 | 0.567900619463159 |
| Apr. 2016 | 0.223939960807561 |
| May. 2016 | 0.236270847410251 |
| Jun. 2016 | 0.0447087234523225 |
| Jul. 2016 | -0.00605046530348074 |
| Aug. 2016 | -0.0354574276927737 |
| Sep. 2016 | -0.0866478331861691 |
| Oct. 2016 | -0.0887496682133828 |
| Nov. 2016 | -0.732702671140523 |
| Dec. 2016 | -0.248658095868333 |
| Jan. 2017 | -0.201165200513581 |
| Feb. 2017 | -0.187943180525388 |
| Mar. 2017 | -0.179311459437347 |
| Apr. 2017 | -0.131907108016794 |
| May. 2017 | -0.18305179892922 |
| Jun. 2017 | -0.140569988593229 |
| Jul. 2017 | -0.166530251802495 |
| Aug. 2017 | -0.0960583189800039 |
| Sep. 2017 | -0.271011257417663 |
| Oct. 2017 | -0.230482100714866 |
| Nov. 2017 | -0.147105858617492 |
| Dec. 2017 | -0.209786055925185 |
| Jan. 2018 | -0.405818251357314 |
| Feb. 2018 | -0.251899716904795 |
| Mar. 2018 | -0.113703550610944 |
| Apr. 2018 | -0.290655202002838 |
| May. 2018 | -0.203975274654574 |
| Jun. 2018 | 0.016923190221527 |
| Jul. 2018 | -0.137831222087335 |
| Aug. 2018 | -0.107449274216188 |
| Sep. 2018 | -0.186080201806108 |
| Oct. 2018 | -0.013918188215331 |
| Nov. 2018 | 0.129777217220526 |
| Dec. 2018 | 0.320417327819023 |
| Jan. 2019 | 0.152505978254414 |
| Feb. 2019 | 0.0418333305529957 |
| Mar. 2019 | -0.148952632565049 |
| Apr. 2019 | -0.0315175056557446 |
| May. 2019 | -0.0456307607005333 |
| Jun. 2019 | -0.022073402791597 |
| Jul. 2019 | -0.0714880361690871 |
| Aug. 2019 | -0.189650311591176 |
| Sep. 2019 | -0.266446398274544 |
| Oct. 2019 | -0.256739357267056 |
| Nov. 2019 | -0.202940279960891 |
| Dec. 2019 | -0.316151813521143 |
| Jan. 2020 | -0.278062563358184 |
| Feb. 2020 | -0.183927133619995 |
| Mar. 2020 | 1.19696898468132 |
| Apr. 2020 | 0.643029112023211 |
| May. 2020 | 0.380335805991749 |
| Jun. 2020 | 0.0272846746576705 |
| Jul. 2020 | -0.185169910365913 |
| Aug. 2020 | -0.31077780158919 |
| Sep. 2020 | -0.025569091247438 |
| Oct. 2020 | -0.231903742777634 |
| Nov. 2020 | -0.490461210638625 |
| Dec. 2020 | -0.526647066759055 |
| Jan. 2021 | -0.677144380283303 |
| Feb. 2021 | -0.959527081355614 |
| Mar. 2021 | -0.759251186302484 |
| Apr. 2021 | -0.500733554648881 |
| May. 2021 | -0.438049127019538 |
| Jun. 2021 | -0.593417161541011 |
| Jul. 2021 | -0.563492013884247 |
| Aug. 2021 | -0.488693840805231 |
| Sep. 2021 | -0.649796834966299 |
| Oct. 2021 | -0.524857721557508 |
| Nov. 2021 | -0.444489711929827 |
| Dec. 2021 | -0.444306390209758 |
| Jan. 2022 | -0.342384352913873 |
| Feb. 2022 | -0.207389673418729 |
| Mar. 2022 | -0.804484528294439 |
| Apr. 2022 | -0.284175650847385 |
| May. 2022 | -0.114307984706695 |
| Jun. 2022 | 0.0793573455525871 |
| Jul. 2022 | -0.00914931864437251 |
| Aug. 2022 | -0.0440090653399343 |
| Sep. 2022 | 0.0278175524376121 |
| Oct. 2022 | 0.0789506539880993 |
| Nov. 2022 | -0.252953277003376 |
| Dec. 2022 | -0.0356710317458801 |
| Jan. 2023 | -0.0596270898202784 |
| Feb. 2023 | -0.17417918355601 |
| Mar. 2023 | -0.227823899808892 |
| Apr. 2023 | 0.132346948377925 |
| May. 2023 | 0.0805241216205419 |
| Jun. 2023 | 0.134384147474991 |
| Jul. 2023 | -0.0229730028956634 |
| Aug. 2023 | 0.0314957130194036 |
| Sep. 2023 | -0.0477807326434465 |
Note: 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 1.10. Spreads on leveraged loans fell modestly
Percentage points
| Date | B (monthly) | B (weekly) | BB (monthly) | BB (weekly) |
|---|---|---|---|---|
| 01/31/1997 | 2.09188813027478 | |||
| 02/28/1997 | 2.08178410192779 | |||
| 03/31/1997 | 2.0821313539782 | |||
| 04/30/1997 | 2.13128050966926 | |||
| 05/31/1997 | 2.15663678327004 | |||
| 06/30/1997 | 2.16723470638971 | |||
| 07/31/1997 | 2.27865930277876 | 1.91211795426737 | ||
| 08/31/1997 | 2.25519091192546 | 1.84799350267688 | ||
| 09/30/1997 | 2.28226436624624 | 1.89031225692967 | ||
| 10/31/1997 | 2.54870194148935 | 1.95239138987806 | ||
| 11/30/1997 | 2.55227719847765 | 1.91123857847702 | ||
| 12/31/1997 | 2.57766307859505 | 1.8853121084073 | ||
| 01/31/1998 | 2.58328670414448 | 2.03962118865891 | ||
| 02/28/1998 | 2.57724045434183 | 2.07686434704832 | ||
| 03/31/1998 | 2.61434693144427 | 2.0142442090996 | ||
| 04/30/1998 | 2.60471125675774 | 2.01964906051112 | ||
| 05/31/1998 | 2.64727726013339 | 2.1742561357748 | ||
| 06/30/1998 | 2.63838491070021 | 2.2804004021624 | ||
| 07/31/1998 | 2.65298114421288 | 2.25461214228082 | ||
| 08/31/1998 | 2.75105860252154 | 2.33040625069404 | ||
| 09/30/1998 | 2.94176293011435 | 2.50368333817936 | ||
| 10/31/1998 | 3.06324577222541 | 2.63021214384542 | ||
| 11/30/1998 | 3.34669581632647 | 2.68688948779824 | ||
| 12/31/1998 | 3.23167824969875 | 2.5574278061721 | ||
| 01/31/1999 | 3.20045350392008 | 2.62222216268432 | ||
| 02/28/1999 | 3.21252047029818 | 2.54969107864208 | ||
| 03/31/1999 | 3.57072031339457 | 2.48431663439138 | ||
| 04/30/1999 | 3.9333620829635 | 2.65158887562905 | ||
| 05/31/1999 | 3.79734775882652 | 2.84294180372083 | ||
| 06/30/1999 | 3.85661993243559 | 2.84376703464754 | ||
| 07/31/1999 | 4.09639914591775 | 2.94888708534177 | ||
| 08/31/1999 | 4.45692369680667 | 2.99404771578472 | ||
| 09/30/1999 | 4.74567730353751 | 3.96252458533367 | ||
| 10/31/1999 | 4.96156505726983 | 4.08542737863742 | ||
| 11/30/1999 | 4.74194866264647 | 3.90885983736204 | ||
| 12/31/1999 | 6.07594580603178 | 4.01508894466472 | ||
| 01/31/2000 | 6.24211266836964 | 4.07331847721963 | ||
| 02/29/2000 | 6.0743165320234 | 4.11406244684139 | ||
| 03/31/2000 | 6.05480803120477 | 3.43483075505671 | ||
| 04/30/2000 | 5.4393059506722 | 3.51119269263113 | ||
| 05/31/2000 | 5.2455597903178 | 3.25902829785642 | ||
| 06/30/2000 | 5.67158559945934 | 3.11633077776893 | ||
| 07/31/2000 | 6.03340100401027 | 3.00189608969078 | ||
| 08/31/2000 | 5.72920206373075 | 3.02041146177765 | ||
| 09/30/2000 | 6.65220806624019 | 3.19167801986832 | ||
| 10/31/2000 | 6.90970681334637 | 3.25572404050639 | ||
| 11/30/2000 | 7.30996411733616 | 3.0709693072654 | ||
| 12/31/2000 | 6.68883659623133 | 3.04620716632122 | ||
| 01/31/2001 | 6.26216559265882 | 2.95059470390094 | ||
| 02/28/2001 | 5.95037410707916 | 2.91025142523614 | ||
| 03/31/2001 | 6.8348554997985 | 2.94681492043774 | ||
| 04/30/2001 | 6.70873676752182 | 2.95507753634301 | ||
| 05/31/2001 | 6.49519380030705 | 2.94735515085341 | ||
| 06/30/2001 | 6.62316783543957 | 2.98929677062879 | ||
| 07/31/2001 | 6.71076176682289 | 3.03049463891544 | ||
| 08/31/2001 | 6.50998425898807 | 2.99783463202895 | ||
| 09/30/2001 | 7.41861800862683 | 3.34538512033514 | ||
| 10/31/2001 | 8.70615523076835 | 3.50811202527628 | ||
| 11/30/2001 | 6.81765816329182 | 3.1143087844617 | ||
| 12/31/2001 | 6.21014368310919 | 3.08920974701227 | ||
| 01/31/2002 | 5.89286230863572 | 3.05192671026051 | ||
| 02/28/2002 | 5.50244168261337 | 3.09142866939944 | ||
| 03/31/2002 | 5.2230700434849 | 3.06572116988246 | ||
| 04/30/2002 | 4.91982091590623 | 2.93946018349618 | ||
| 05/31/2002 | 5.62215768952538 | 2.95233394415463 | ||
| 06/30/2002 | 5.90371031672073 | 2.99329172692435 | ||
| 07/31/2002 | 6.63147354763437 | 3.37911052029842 | ||
| 08/31/2002 | 6.52683651010467 | 3.71526740579213 | ||
| 09/30/2002 | 6.63805299967334 | 3.75018611807546 | ||
| 10/31/2002 | 7.37496079911215 | 4.63927393752635 | ||
| 11/30/2002 | 6.71848802934704 | 4.13735824720685 | ||
| 12/31/2002 | 6.58138167838912 | 3.51504977973325 | ||
| 01/31/2003 | 6.1042887123579 | 3.6008317889486 | ||
| 02/28/2003 | 6.29662598070628 | 3.55664378996593 | ||
| 03/31/2003 | 6.03170446252915 | 3.56692318005584 | ||
| 04/30/2003 | 5.10701592299812 | 3.58065733646884 | ||
| 05/31/2003 | 4.65926353155153 | 3.35162084074896 | ||
| 06/30/2003 | 4.47566585183824 | 3.24248905217641 | ||
| 07/31/2003 | 4.51259015396569 | 3.03234954878876 | ||
| 08/31/2003 | 4.72497007493186 | 3.00626932126184 | ||
| 09/30/2003 | 4.97967971238535 | 2.98081491715672 | ||
| 10/31/2003 | 4.82321686517537 | 2.93755889404213 | ||
| 11/30/2003 | 4.77608795632832 | 2.85310817323464 | ||
| 12/31/2003 | 4.51467928453276 | 2.6096842608013 | ||
| 01/31/2004 | 4.03029588240263 | 2.50584845765378 | ||
| 02/29/2004 | 4.20273622017769 | 2.45050495529649 | ||
| 03/31/2004 | 3.91740711424247 | 2.38195219076694 | ||
| 04/30/2004 | 3.91963700739703 | 2.33385804691638 | ||
| 05/28/2004 | 4.06261763945341 | 2.40125276014603 | ||
| 06/25/2004 | 3.770043862382 | 2.34405188017961 | ||
| 07/30/2004 | 3.84362793338027 | 2.25514115056385 | ||
| 08/31/2004 | 3.69002375710118 | 2.20174843523389 | ||
| 09/30/2004 | 3.6132191586509 | 2.13629916371444 | ||
| 10/29/2004 | 3.42314267259918 | 2.10181111511617 | ||
| 11/30/2004 | 3.25822348403558 | 2.07276369311587 | ||
| 12/31/2004 | 3.20597759869138 | 2.01421096639184 | ||
| 01/31/2005 | 3.25257792381212 | 1.98007779319212 | ||
| 02/25/2005 | 3.14236991707397 | 1.93754573405074 | ||
| 03/31/2005 | 3.04703913863471 | 1.85071831549634 | ||
| 04/29/2005 | 3.29521581578657 | 1.82632886600368 | ||
| 05/31/2005 | 3.12460567509078 | 1.86077029367427 | ||
| 06/30/2005 | 3.0989292840778 | 1.84082502050528 | ||
| 07/29/2005 | 3.03893426657107 | 1.76522563810955 | ||
| 08/30/2005 | 2.97701212387517 | 1.68452592457589 | ||
| 09/30/2005 | 2.95968475602158 | 1.72581908938116 | ||
| 10/28/2005 | 3.00461148758371 | 1.77175634695531 | ||
| 11/30/2005 | 2.89325453111939 | 1.78389317184715 | ||
| 12/30/2005 | 2.8126312452552 | 1.80844276129604 | ||
| 01/31/2006 | 2.82383799143358 | 1.74509262913098 | ||
| 02/28/2006 | 2.78175102015367 | 1.68153963246369 | ||
| 03/31/2006 | 2.73977196409467 | 1.68006845983146 | ||
| 04/28/2006 | 2.7374360091284 | 1.66051441311656 | ||
| 05/31/2006 | 2.67311713249498 | 1.72787218226183 | ||
| 06/30/2006 | 2.67443850599523 | 1.8352632973603 | ||
| 07/28/2006 | 2.69880906374307 | 1.87550444857827 | ||
| 08/31/2006 | 2.74011534139188 | 1.86821573022612 | ||
| 09/29/2006 | 2.73862697147573 | 1.86028664985925 | ||
| 10/31/2006 | 2.69793073232383 | 1.82781796313336 | ||
| 11/30/2006 | 2.70284182597395 | 1.96649848866957 | ||
| 12/29/2006 | 2.72599794125974 | 1.94127586989883 | ||
| 01/31/2007 | 2.6009438606843 | 1.91399043749182 | ||
| 02/28/2007 | 2.5272169246271 | 1.74093261911432 | ||
| 03/30/2007 | 2.4927885532305 | 1.77072853120909 | ||
| 04/27/2007 | 2.46445680735925 | 1.79786483048767 | ||
| 05/31/2007 | 2.41101261501855 | 1.7854775964612 | ||
| 06/29/2007 | 2.69801407467645 | 2.01031142193302 | ||
| 07/31/2007 | 3.47862536221395 | 2.82408782626828 | ||
| 08/31/2007 | 3.5937015877151 | 2.99739196770473 | ||
| 09/28/2007 | 3.34114476544724 | 2.71172116173131 | ||
| 10/26/2007 | 3.28502814719285 | 2.63790557145956 | ||
| 11/30/2007 | 3.85693642989592 | 3.06270059562676 | ||
| 12/28/2007 | 4.15882970451708 | 2.92911429296445 | ||
| 01/31/2008 | 4.97580601761539 | 3.74354717570948 | ||
| 02/29/2008 | 6.07321224924927 | 4.37609661511741 | ||
| 03/28/2008 | 7.20862322105508 | 4.32482406795875 | ||
| 04/30/2008 | 6.34801131263565 | 3.68216495273447 | ||
| 05/30/2008 | 6.37950640066329 | 3.58771647847705 | ||
| 06/27/2008 | 6.39477656025946 | 3.86289048424729 | ||
| 07/31/2008 | 7.17316958878979 | 4.17916907289259 | ||
| 08/29/2008 | 7.65469664955774 | 4.23328471212778 | ||
| 09/30/2008 | 10.607979887877 | 5.941421105947 | ||
| 10/31/2008 | 17.0496957424426 | 9.27448359334444 | ||
| 11/28/2008 | 20.8910378938561 | 11.0334418958842 | ||
| 12/31/2008 | 24.7612246563106 | 11.4703036462376 | ||
| 01/30/2009 | 20.6985407092928 | 8.74457510422384 | ||
| 02/27/2009 | 20.7549427316504 | 7.85357321044109 | ||
| 03/31/2009 | 20.3194044491426 | 7.79174615240187 | ||
| 04/30/2009 | 15.786038192821 | 5.7679907102825 | ||
| 05/29/2009 | 12.3996603533352 | 5.56070162593438 | ||
| 06/30/2009 | 10.2336164578227 | 4.85609147918706 | ||
| 07/31/2009 | 8.49779936832999 | 4.18603261946884 | ||
| 08/31/2009 | 7.80796562290773 | 4.13370667387195 | ||
| 09/30/2009 | 6.96202796956235 | 4.00687340822193 | ||
| 10/30/2009 | 6.36999188965138 | 4.19524810650038 | ||
| 11/30/2009 | 6.70409102583303 | 4.52667154088844 | ||
| 12/31/2009 | 6.02043666937183 | 3.88209813583743 | ||
| 01/29/2010 | 5.67379035809451 | 3.69984828297773 | ||
| 02/26/2010 | 5.7822661128449 | 3.81346069657269 | ||
| 03/31/2010 | 5.27419835045083 | 3.49925432468838 | ||
| 04/30/2010 | 5.0460927826293 | 3.42850473957399 | ||
| 05/28/2010 | 6.10543623024698 | 3.98869269820655 | ||
| 06/30/2010 | 6.42705157683265 | 4.16663178231691 | ||
| 07/30/2010 | 5.98086462113477 | 4.01401196700854 | ||
| 08/31/2010 | 5.98119702611061 | 4.00699099853277 | ||
| 09/30/2010 | 5.61969456662555 | 3.88035423998445 | ||
| 10/29/2010 | 5.22023899583472 | 3.65819695629145 | ||
| 11/30/2010 | 5.61476070096215 | 3.70954513195812 | ||
| 12/31/2010 | 5.28999708060695 | 3.68691684025719 | ||
| 01/31/2011 | 4.80097016558672 | 3.50604518273776 | ||
| 02/28/2011 | 4.81988837128684 | 3.52192607285771 | ||
| 03/31/2011 | 4.85444457487651 | 3.43637521065588 | ||
| 04/29/2011 | 4.89480425026024 | 3.41062736021962 | ||
| 05/31/2011 | 5.04115512498801 | 3.57179875459206 | ||
| 06/30/2011 | 5.3503277520567 | 3.81206875808854 | ||
| 07/29/2011 | 5.42496965934118 | 3.82019930449133 | ||
| 08/31/2011 | 6.75122837180944 | 5.11095175061018 | ||
| 09/30/2011 | 6.84634418450028 | 4.68831852521755 | ||
| 10/31/2011 | 6.05515839539509 | 4.01878680390856 | ||
| 11/30/2011 | 6.53995760069879 | 4.24431121818214 | ||
| 12/30/2011 | 6.33434552748561 | 4.15559112077351 | ||
| 01/31/2012 | 5.70928828158087 | 3.85459973600913 | ||
| 02/29/2012 | 5.33490847175098 | 3.80114370520161 | ||
| 03/30/2012 | 5.37403609249873 | 3.75743553343684 | ||
| 04/30/2012 | 5.38119550782858 | 3.91407037181226 | ||
| 05/31/2012 | 5.86109397101384 | 4.26256828632616 | ||
| 06/29/2012 | 5.79267347095032 | 4.24860079202893 | ||
| 07/31/2012 | 5.87794053904916 | 4.10026247259039 | ||
| 08/31/2012 | 5.69416190819523 | 4.16761212907391 | ||
| 09/28/2012 | 5.5476911767617 | 3.96244043750308 | ||
| 10/31/2012 | 5.49088784138084 | 3.8331065872443 | ||
| 11/30/2012 | 5.60407425671063 | 3.83601469037822 | ||
| 12/31/2012 | 5.49233823127293 | 3.84047115766707 | ||
| 01/31/2013 | 5.28405064001766 | 3.71937944101957 | ||
| 02/28/2013 | 5.32035062291634 | 3.861849518314 | ||
| 03/28/2013 | 5.13598413524542 | 3.72611153995014 | ||
| 04/30/2013 | 5.0383598162799 | 3.78662384641244 | ||
| 05/31/2013 | 4.86938408394411 | 3.62152863963582 | ||
| 06/28/2013 | 4.9769299524155 | 3.58700717220769 | ||
| 07/31/2013 | 4.82136502220599 | 3.33340038812367 | ||
| 08/30/2013 | 4.92173338649918 | 3.40972662819095 | ||
| 09/30/2013 | 4.9932912216694 | 3.4562389124408 | ||
| 10/31/2013 | 4.90185285194628 | 3.43042130481635 | ||
| 11/22/2013 | 4.91637778364698 | 3.49995576462803 | ||
| 11/29/2013 | 4.91489145822393 | 3.51823397177957 | ||
| 12/06/2013 | 4.89817100430771 | 3.52459276910555 | ||
| 12/13/2013 | 4.87633132064758 | 3.51926546943906 | ||
| 12/20/2013 | 4.86250334679012 | 3.46052304917047 | ||
| 12/27/2013 | 4.83980360603194 | 3.39837080463852 | ||
| 01/03/2014 | 4.83926207860685 | 3.36962879124066 | ||
| 01/10/2014 | 4.77494501917518 | 3.34135203327447 | ||
| 01/17/2014 | 4.73975072568043 | 3.3524914539517 | ||
| 01/24/2014 | 4.73646798787304 | 3.33811266672592 | ||
| 01/31/2014 | 4.77016827236739 | 3.37325313687265 | ||
| 02/07/2014 | 4.76437119002641 | 3.36645353532583 | ||
| 02/14/2014 | 4.73872926184662 | 3.42315964086771 | ||
| 02/21/2014 | 4.71526742302429 | 3.43704694172964 | ||
| 02/28/2014 | 4.70979052611215 | 3.32352411407987 | ||
| 03/07/2014 | 4.70453342901222 | 3.31890602292125 | ||
| 03/14/2014 | 4.68132546123847 | 3.32047207715588 | ||
| 03/21/2014 | 4.64860397499193 | 3.30609210897079 | ||
| 03/28/2014 | 4.65233932128799 | 3.3187880657679 | ||
| 04/04/2014 | 4.71830446491942 | 3.37557489583033 | ||
| 04/11/2014 | 4.69698195730859 | 3.40917412257506 | ||
| 04/17/2014 | 4.71840205394015 | 3.40264500562951 | ||
| 04/25/2014 | 4.75595087556828 | 3.45350745879057 | ||
| 05/02/2014 | 4.73882504563956 | 3.40738497428832 | ||
| 05/09/2014 | 4.73296931694963 | 3.37252531166816 | ||
| 05/16/2014 | 4.69847111631524 | 3.38038639083675 | ||
| 05/23/2014 | 4.706252086923 | 3.38948227715568 | ||
| 05/30/2014 | 4.71765350547339 | 3.38995151133101 | ||
| 06/06/2014 | 4.6995774433724 | 3.40024991588999 | ||
| 06/13/2014 | 4.68582056857851 | 3.40250785908654 | ||
| 06/20/2014 | 4.6901188430303 | 3.38909477375372 | ||
| 06/27/2014 | 4.68084523433063 | 3.37139239803294 | ||
| 07/03/2014 | 4.66633452261199 | 3.38307288607895 | ||
| 07/11/2014 | 4.65857597067141 | 3.41784123114314 | ||
| 07/18/2014 | 4.6659170994457 | 3.41566751268603 | ||
| 07/25/2014 | 4.67109311730194 | 3.42556658674084 | ||
| 08/01/2014 | 4.74805780968992 | 3.49879613949364 | ||
| 08/08/2014 | 4.76257888201742 | 3.5583365069534 | ||
| 08/15/2014 | 4.80261064709441 | 3.63192707714925 | ||
| 08/22/2014 | 4.79454545842564 | 3.60877405954633 | ||
| 08/29/2014 | 4.75837697480166 | 3.57570601648156 | ||
| 09/05/2014 | 4.76726830882043 | 3.57521551140782 | ||
| 09/12/2014 | 4.81951602406893 | 3.62895900793567 | ||
| 09/19/2014 | 4.82183648754252 | 3.63256938129911 | ||
| 09/26/2014 | 4.90198628546893 | 3.71275918533139 | ||
| 10/03/2014 | 4.9731622277328 | 3.75530829164795 | ||
| 10/10/2014 | 4.98611463225786 | 3.78239737586072 | ||
| 10/17/2014 | 5.14012253202681 | 3.92146477437829 | ||
| 10/24/2014 | 5.08514834895335 | 3.8370866843996 | ||
| 10/31/2014 | 4.99933234616711 | 3.73780065651997 | ||
| 11/07/2014 | 5.01100684904652 | 3.70667733646381 | ||
| 11/14/2014 | 4.99526248182246 | 3.69454860804504 | ||
| 11/21/2014 | 5.00529508118267 | 3.6769910383602 | ||
| 11/28/2014 | 5.03232370180273 | 3.66995726094642 | ||
| 12/05/2014 | 5.1397457541618 | 3.69046140810833 | ||
| 12/12/2014 | 5.40528299362656 | 3.91427253842378 | ||
| 12/19/2014 | 5.51980796490439 | 3.94950852225728 | ||
| 12/26/2014 | 5.44830160805005 | 3.89882720993366 | ||
| 01/02/2015 | 5.44314434282006 | 3.88988542000737 | ||
| 01/09/2015 | 5.44088050559043 | 3.91557037578101 | ||
| 01/16/2015 | 5.45126002574333 | 3.89341142942705 | ||
| 01/23/2015 | 5.44320950277286 | 3.87960284354776 | ||
| 01/30/2015 | 5.4717472745429 | 3.92504357694723 | ||
| 02/06/2015 | 5.41379114714461 | 3.85642696588578 | ||
| 02/13/2015 | 5.33495035928777 | 3.79452283581625 | ||
| 02/20/2015 | 5.27347491984475 | 3.74824947188234 | ||
| 02/27/2015 | 5.22462583955283 | 3.72837399567687 | ||
| 03/06/2015 | 5.18878600162185 | 3.67783499969861 | ||
| 03/13/2015 | 5.16095196059059 | 3.68595865959697 | ||
| 03/20/2015 | 5.21212271838608 | 3.7039294958199 | ||
| 03/27/2015 | 5.21040576976154 | 3.6691098112641 | ||
| 04/02/2015 | 5.17689192920751 | 3.66188919704314 | ||
| 04/10/2015 | 5.12256794459723 | 3.58180059569194 | ||
| 04/17/2015 | 5.13622103857814 | 3.56328005594519 | ||
| 04/24/2015 | 5.11367740105739 | 3.56036280375722 | ||
| 05/01/2015 | 5.11800049041236 | 3.54895259745194 | ||
| 05/08/2015 | 5.09496299151701 | 3.56703795884056 | ||
| 05/15/2015 | 5.11173556438909 | 3.59520708059008 | ||
| 05/22/2015 | 5.12971847695507 | 3.56732242752164 | ||
| 05/29/2015 | 5.1385489287563 | 3.56770722014389 | ||
| 06/05/2015 | 5.22301671682687 | 3.58179778740348 | ||
| 06/12/2015 | 5.27686504688179 | 3.60793647410906 | ||
| 06/19/2015 | 5.30869653296769 | 3.6407188188135 | ||
| 06/26/2015 | 5.30953444734911 | 3.62499974273843 | ||
| 07/02/2015 | 5.35425665665574 | 3.62705513977472 | ||
| 07/10/2015 | 5.34092405702112 | 3.59355667538143 | ||
| 07/17/2015 | 5.29604279216756 | 3.54833725048025 | ||
| 07/24/2015 | 5.31247385220175 | 3.55294625765034 | ||
| 07/31/2015 | 5.36280463313124 | 3.58223070627914 | ||
| 08/07/2015 | 5.38387359994463 | 3.62467401701779 | ||
| 08/14/2015 | 5.41219695306286 | 3.68227449478734 | ||
| 08/21/2015 | 5.48304764794247 | 3.7089818819675 | ||
| 08/28/2015 | 5.56034620713565 | 3.73547202340285 | ||
| 09/04/2015 | 5.41201615980203 | 3.71974308819793 | ||
| 09/11/2015 | 5.42393013716328 | 3.69412111882769 | ||
| 09/18/2015 | 5.44558999930486 | 3.67578138345503 | ||
| 09/25/2015 | 5.52181476700323 | 3.7020468467027 | ||
| 10/02/2015 | 5.74736441251477 | 3.7814524235744 | ||
| 10/09/2015 | 5.75407152664045 | 3.7708172595384 | ||
| 10/16/2015 | 5.78555008004803 | 3.78068402704747 | ||
| 10/23/2015 | 5.76314916952293 | 3.7813489849771 | ||
| 10/30/2015 | 5.76807599065604 | 3.84873772418925 | ||
| 11/06/2015 | 5.77125800121641 | 3.81105380168687 | ||
| 11/13/2015 | 5.89956008310185 | 3.89986672118246 | ||
| 11/20/2015 | 6.07562302612588 | 3.94775121742508 | ||
| 11/27/2015 | 6.11454532437702 | 3.91666031917897 | ||
| 12/04/2015 | 6.20790434894555 | 3.87448434390473 | ||
| 12/11/2015 | 6.66078696304955 | 3.95863275027327 | ||
| 12/18/2015 | 7.00450487581199 | 4.02301498263567 | ||
| 12/24/2015 | 7.07631577811547 | 4.04999667361663 | ||
| 12/31/2015 | 7.07805136792277 | 4.03275706474643 | ||
| 01/08/2016 | 7.11676407939582 | 4.00644001367358 | ||
| 01/15/2016 | 7.2210975604736 | 4.03359478177958 | ||
| 01/22/2016 | 7.46337768524091 | 4.14091382690796 | ||
| 01/29/2016 | 7.42678670089386 | 4.14373685793356 | ||
| 02/05/2016 | 7.45999483429677 | 4.11214555773313 | ||
| 02/12/2016 | 7.71024442831311 | 4.26279275637569 | ||
| 02/19/2016 | 7.5240639280762 | 4.26707335543469 | ||
| 02/26/2016 | 7.50770241798086 | 4.24014746092948 | ||
| 03/04/2016 | 7.24520009893011 | 4.11303023510059 | ||
| 03/11/2016 | 6.95079647832345 | 3.97372927972425 | ||
| 03/18/2016 | 6.56339300174208 | 3.76342887181848 | ||
| 03/24/2016 | 6.50421022315242 | 3.78112959129545 | ||
| 04/01/2016 | 6.28089057388705 | 3.80515300854348 | ||
| 04/08/2016 | 6.20216637155657 | 3.73085005738116 | ||
| 04/15/2016 | 5.80787741744995 | 3.690519534833 | ||
| 04/22/2016 | 5.59908323159387 | 3.61692564314733 | ||
| 04/29/2016 | 5.52139347464069 | 3.60326241722237 | ||
| 05/06/2016 | 5.49952765042342 | 3.64283150155244 | ||
| 05/13/2016 | 5.46322213305495 | 3.65015830375734 | ||
| 05/20/2016 | 5.41681587934615 | 3.62108273361469 | ||
| 05/27/2016 | 5.33203362292375 | 3.57969950310109 | ||
| 06/03/2016 | 5.33630456818927 | 3.57047494826849 | ||
| 06/10/2016 | 5.2893665721734 | 3.60896516723463 | ||
| 06/17/2016 | 5.29490836136151 | 3.64507632982754 | ||
| 06/24/2016 | 5.34496110020322 | 3.64104107937441 | ||
| 07/01/2016 | 5.37963599435492 | 3.6516620150831 | ||
| 07/08/2016 | 5.33862198970846 | 3.62224721849152 | ||
| 07/15/2016 | 5.23473772354749 | 3.54090099024028 | ||
| 07/22/2016 | 5.14703681266651 | 3.48375055175672 | ||
| 07/29/2016 | 5.12163925234107 | 3.4487599093137 | ||
| 08/05/2016 | 5.09830271884235 | 3.46955660840227 | ||
| 08/12/2016 | 5.07211100901761 | 3.43932826921559 | ||
| 08/19/2016 | 5.13233801903715 | 3.44403937587897 | ||
| 08/26/2016 | 5.09757265285631 | 3.45441185579766 | ||
| 09/02/2016 | 5.04271659750334 | 3.42611597088864 | ||
| 09/09/2016 | 5.00157512777542 | 3.38567964898607 | ||
| 09/16/2016 | 5.00055027680326 | 3.36698596480488 | ||
| 09/23/2016 | 4.88504562421038 | 3.34908471542541 | ||
| 09/30/2016 | 4.88306837659863 | 3.34111843067678 | ||
| 10/07/2016 | 4.84030645117753 | 3.27493098141671 | ||
| 10/14/2016 | 4.86098316510816 | 3.27357158959381 | ||
| 10/21/2016 | 4.80530747023467 | 3.20248959643703 | ||
| 10/28/2016 | 4.77981780318977 | 3.19305339427132 | ||
| 11/04/2016 | 4.79701673867684 | 3.24851839970379 | ||
| 11/10/2016 | 4.79987437775647 | 3.27209881737001 | ||
| 11/18/2016 | 4.76775100252788 | 3.21853842737824 | ||
| 11/25/2016 | 4.74923311008474 | 3.20983696957339 | ||
| 12/02/2016 | 4.68170235078925 | 3.20028216033608 | ||
| 12/09/2016 | 4.59316229521329 | 3.09443007766811 | ||
| 12/16/2016 | 4.54333726114963 | 3.06594440963085 | ||
| 12/23/2016 | 4.59501723022806 | 3.07159749764825 | ||
| 12/30/2016 | 4.64336752809592 | 3.03577630657698 | ||
| 01/06/2017 | 4.56763913172123 | 3.01991974131742 | ||
| 01/13/2017 | 4.53657423317396 | 3.03011585809734 | ||
| 01/20/2017 | 4.55613459131796 | 3.05640018164289 | ||
| 01/27/2017 | 4.53502088905104 | 3.08667360182461 | ||
| 02/03/2017 | 4.50386572010133 | 3.06061959213651 | ||
| 02/10/2017 | 4.50864842346537 | 3.00743841833436 | ||
| 02/17/2017 | 4.44817748548348 | 2.95155920637098 | ||
| 02/24/2017 | 4.38856087782047 | 2.93218927897703 | ||
| 03/03/2017 | 4.34229959348746 | 2.88409623161945 | ||
| 03/10/2017 | 4.34439197323899 | 2.86958767103107 | ||
| 03/17/2017 | 4.32180828144712 | 2.85235146975824 | ||
| 03/24/2017 | 4.31639611186715 | 2.93696817826241 | ||
| 03/31/2017 | 4.25067399712789 | 2.90972981608549 | ||
| 04/07/2017 | 4.1548281469157 | 2.87888211801366 | ||
| 04/13/2017 | 4.11561365233479 | 2.85045098102648 | ||
| 04/21/2017 | 4.12901079481905 | 2.8327897612187 | ||
| 04/28/2017 | 4.12658447576905 | 2.81799604975454 | ||
| 05/05/2017 | 4.15789586631832 | 2.88118683586918 | ||
| 05/12/2017 | 4.13028738552222 | 2.88242432899756 | ||
| 05/19/2017 | 4.11115061258223 | 2.88877368930913 | ||
| 05/26/2017 | 4.03856830223847 | 2.88590368291577 | ||
| 06/02/2017 | 4.05462319439513 | 2.8659693763501 | ||
| 06/09/2017 | 4.03421705795138 | 2.86923816833126 | ||
| 06/16/2017 | 4.03666158594686 | 2.88012744812461 | ||
| 06/23/2017 | 4.07046880118707 | 2.8640374354623 | ||
| 06/30/2017 | 4.07836583024533 | 2.83919819967175 | ||
| 07/07/2017 | 4.0692808983178 | 2.83318329855319 | ||
| 07/14/2017 | 4.09480046963445 | 2.83288055949895 | ||
| 07/21/2017 | 4.09006272411951 | 2.80431436364773 | ||
| 07/28/2017 | 4.03022575240947 | 2.78096381744228 | ||
| 08/04/2017 | 4.03237919747284 | 2.75204425907666 | ||
| 08/11/2017 | 4.05640957124301 | 2.79943796474621 | ||
| 08/18/2017 | 4.06605176579403 | 2.7788642606794 | ||
| 08/25/2017 | 4.07179922383678 | 2.82070245102456 | ||
| 09/01/2017 | 4.05934413260524 | 2.85221006787829 | ||
| 09/08/2017 | 4.02195779086437 | 2.87263476250438 | ||
| 09/15/2017 | 4.01712607300918 | 2.89065377092883 | ||
| 09/22/2017 | 4.02240181940972 | 2.82480844370843 | ||
| 09/29/2017 | 4.01261108997878 | 2.71581802737161 | ||
| 10/06/2017 | 3.9801376016454 | 2.66825916590503 | ||
| 10/13/2017 | 3.94523593474567 | 2.66621357451677 | ||
| 10/20/2017 | 3.92501865446377 | 2.65054248736078 | ||
| 10/27/2017 | 3.94470887194254 | 2.65176796405097 | ||
| 11/03/2017 | 3.9658747221224 | 2.62679979211548 | ||
| 11/10/2017 | 3.98252891261967 | 2.62230662993716 | ||
| 11/17/2017 | 3.96101265071187 | 2.6463455345622 | ||
| 11/24/2017 | 3.95486511783194 | 2.6371524972503 | ||
| 12/01/2017 | 3.94824207720089 | 2.62863821380309 | ||
| 12/08/2017 | 3.94398250686086 | 2.60784429609643 | ||
| 12/15/2017 | 3.99904960207814 | 2.62225817366873 | ||
| 12/22/2017 | 3.91151776618421 | 2.62741150957061 | ||
| 12/29/2017 | 3.88619959269827 | 2.5949562196173 | ||
| 01/05/2018 | 3.87332191330704 | 2.55285062697653 | ||
| 01/12/2018 | 3.80788949014598 | 2.54363231733713 | ||
| 01/19/2018 | 3.77164134032746 | 2.5240891062831 | ||
| 01/26/2018 | 3.73386001489898 | 2.49594761567828 | ||
| 02/02/2018 | 3.70233791053562 | 2.438156129872 | ||
| 02/09/2018 | 3.74160329369141 | 2.4811853576384 | ||
| 02/16/2018 | 3.73065385882746 | 2.48637425328456 | ||
| 02/23/2018 | 3.72776746538791 | 2.50238264142974 | ||
| 03/02/2018 | 3.72263611801141 | 2.51309855397887 | ||
| 03/09/2018 | 3.72171718220192 | 2.50958072842874 | ||
| 03/16/2018 | 3.70461834383821 | 2.49426911033018 | ||
| 03/23/2018 | 3.72231576950643 | 2.49018121201369 | ||
| 03/30/2018 | 3.7230251951681 | 2.49285152442253 | ||
| 04/06/2018 | 3.71612127233982 | 2.49498620311494 | ||
| 04/13/2018 | 3.68343738109994 | 2.48872275663687 | ||
| 04/20/2018 | 3.66087969758433 | 2.45645300543463 | ||
| 04/27/2018 | 3.66893774143854 | 2.43889424627615 | ||
| 05/04/2018 | 3.68427149296337 | 2.43984005471942 | ||
| 05/11/2018 | 3.67930851146035 | 2.44477163013841 | ||
| 05/18/2018 | 3.67525845981945 | 2.46968335228819 | ||
| 05/25/2018 | 3.69176526211537 | 2.49195051030461 | ||
| 06/01/2018 | 3.72332340675616 | 2.48448039124568 | ||
| 06/08/2018 | 3.71382500681671 | 2.48614320452861 | ||
| 06/15/2018 | 3.72550947235705 | 2.49076377997511 | ||
| 06/22/2018 | 3.74568864270355 | 2.51663685834703 | ||
| 06/29/2018 | 3.76364651933181 | 2.55210342907046 | ||
| 07/06/2018 | 3.75000831557254 | 2.53111125673911 | ||
| 07/13/2018 | 3.75643716619156 | 2.54117486170418 | ||
| 07/20/2018 | 3.74809617253688 | 2.53204466005412 | ||
| 07/27/2018 | 3.75741714589224 | 2.51411306037712 | ||
| 08/03/2018 | 3.7528377908275 | 2.49816219761235 | ||
| 08/10/2018 | 3.76716622391631 | 2.51615723593393 | ||
| 08/17/2018 | 3.77435918226536 | 2.53300423077876 | ||
| 08/24/2018 | 3.80714169508916 | 2.48288833624394 | ||
| 08/31/2018 | 3.82743274272498 | 2.49270627312086 | ||
| 09/07/2018 | 3.81910810361591 | 2.49455194580355 | ||
| 09/14/2018 | 3.80641608895297 | 2.49930274201197 | ||
| 09/21/2018 | 3.77814271293329 | 2.48123153109327 | ||
| 09/28/2018 | 3.73482378128511 | 2.48072328864636 | ||
| 10/05/2018 | 3.72656245199978 | 2.47629985708589 | ||
| 10/12/2018 | 3.74729595553431 | 2.48655197238986 | ||
| 10/19/2018 | 3.74860505844252 | 2.48924037858587 | ||
| 10/26/2018 | 3.78971638505862 | 2.53710607340934 | ||
| 11/02/2018 | 3.84271285629863 | 2.58085479276245 | ||
| 11/09/2018 | 3.85503672675878 | 2.61467685919488 | ||
| 11/16/2018 | 3.95101152350418 | 2.68142568527006 | ||
| 11/23/2018 | 4.07374660613147 | 2.75960544817044 | ||
| 11/30/2018 | 4.17985958317769 | 2.8844288545427 | ||
| 12/07/2018 | 4.33434796085598 | 3.00907876399125 | ||
| 12/14/2018 | 4.50954585344991 | 3.15063351363666 | ||
| 12/21/2018 | 4.83257332265705 | 3.37317030509131 | ||
| 12/28/2018 | 4.94122329206996 | 3.46286007388947 | ||
| 01/04/2019 | 4.73375437365023 | 3.18090595633502 | ||
| 01/11/2019 | 4.486701419743 | 2.91121215889692 | ||
| 01/18/2019 | 4.47568672444736 | 2.83841603241475 | ||
| 01/25/2019 | 4.52734440887592 | 2.88150270351691 | ||
| 02/01/2019 | 4.54293545312963 | 2.88767136943739 | ||
| 02/08/2019 | 4.49250267781263 | 2.86281477648882 | ||
| 02/15/2019 | 4.44073466160228 | 2.8307858305961 | ||
| 02/22/2019 | 4.33191831622411 | 2.76026964519274 | ||
| 03/01/2019 | 4.23652832588994 | 2.68540522830284 | ||
| 03/08/2019 | 4.32283200278578 | 2.74664667090451 | ||
| 03/15/2019 | 4.31454877947418 | 2.73489610017568 | ||
| 03/22/2019 | 4.39741989864395 | 2.78664899792143 | ||
| 03/29/2019 | 4.45584150984744 | 2.87707104056228 | ||
| 04/05/2019 | 4.3159451260146 | 2.79292197190798 | ||
| 04/12/2019 | 4.25748716810827 | 2.74187611393584 | ||
| 04/18/2019 | 4.21402891775767 | 2.72785890714153 | ||
| 04/26/2019 | 4.18071902345997 | 2.69829143982099 | ||
| 05/03/2019 | 4.12750529430217 | 2.68315197273811 | ||
| 05/10/2019 | 4.20079036003462 | 2.68093889112379 | ||
| 05/17/2019 | 4.16356959802504 | 2.6819717156539 | ||
| 05/24/2019 | 4.21900172474993 | 2.68168053966785 | ||
| 05/31/2019 | 4.29964475758305 | 2.67587446689644 | ||
| 06/07/2019 | 4.30494313300387 | 2.66533403033834 | ||
| 06/14/2019 | 4.31331840903089 | 2.65367033083029 | ||
| 06/21/2019 | 4.31387927868547 | 2.66336916643676 | ||
| 06/28/2019 | 4.36415151101045 | 2.69929692833618 | ||
| 07/05/2019 | 4.35510858855109 | 2.69134857200558 | ||
| 07/12/2019 | 4.31907074668464 | 2.67279730917817 | ||
| 07/19/2019 | 4.30248306660984 | 2.65404417360417 | ||
| 07/26/2019 | 4.30303544647292 | 2.64709207709244 | ||
| 08/02/2019 | 4.30448715064339 | 2.72991332569066 | ||
| 08/09/2019 | 4.40934930713279 | 2.77004863224085 | ||
| 08/16/2019 | 4.50301207882155 | 2.80149663781179 | ||
| 08/23/2019 | 4.50999689810473 | 2.78083811908707 | ||
| 08/30/2019 | 4.46482146949076 | 2.8023572997496 | ||
| 09/06/2019 | 4.41971703517452 | 2.7415976790562 | ||
| 09/13/2019 | 4.34678088478722 | 2.66964922942204 | ||
| 09/20/2019 | 4.34022412526567 | 2.68027481859003 | ||
| 09/27/2019 | 4.32556151233034 | 2.67485256251625 | ||
| 10/04/2019 | 4.43294388971371 | 2.70441032347559 | ||
| 10/11/2019 | 4.58654495197368 | 2.74495028993093 | ||
| 10/18/2019 | 4.61878118929424 | 2.72144214325561 | ||
| 10/25/2019 | 4.63462952825916 | 2.71363575461445 | ||
| 11/01/2019 | 4.68316808948193 | 2.74595379782876 | ||
| 11/08/2019 | 4.67717900387977 | 2.75194374316822 | ||
| 11/15/2019 | 4.6150340620581 | 2.74513217561298 | ||
| 11/22/2019 | 4.66984659554786 | 2.75398635634921 | ||
| 11/29/2019 | 4.65818411628064 | 2.74263674496092 | ||
| 12/06/2019 | 4.54771273848953 | 2.71077821761063 | ||
| 12/13/2019 | 4.3637871257466 | 2.65641442555315 | ||
| 12/20/2019 | 4.24240182668674 | 2.64070995018315 | ||
| 12/27/2019 | 4.24130141056805 | 2.63801445965637 | ||
| 01/03/2020 | 4.23049444983206 | 2.62167247877522 | ||
| 01/10/2020 | 4.14029626872452 | 2.57931937654344 | ||
| 01/17/2020 | 4.10710221026255 | 2.57207486014564 | ||
| 01/24/2020 | 4.11279807013901 | 2.60142240124387 | ||
| 01/31/2020 | 4.19191771317293 | 2.62787380461248 | ||
| 02/07/2020 | 4.21811346555717 | 2.67868462426466 | ||
| 02/14/2020 | 4.21048702983462 | 2.69448073971834 | ||
| 02/21/2020 | 4.18981138242357 | 2.71089339469687 | ||
| 02/28/2020 | 4.58138557621447 | 3.03880080837431 | ||
| 03/06/2020 | 4.85477584715005 | 3.24309169306511 | ||
| 03/13/2020 | 6.39315211391352 | 4.75030012561186 | ||
| 03/20/2020 | 9.68739260092734 | 7.8806042671714 | ||
| 03/27/2020 | 9.0306529225545 | 6.1461346295332 | ||
| 04/03/2020 | 8.15259801651325 | 5.04829592148126 | ||
| 04/09/2020 | 7.30657588339548 | 4.26438475790934 | ||
| 04/17/2020 | 6.7360976048753 | 3.94069489976242 | ||
| 04/24/2020 | 6.91374564901344 | 4.12101405085405 | ||
| 05/01/2020 | 6.8824849427713 | 4.13917110058719 | ||
| 05/08/2020 | 6.55861011568805 | 4.05176174730315 | ||
| 05/15/2020 | 6.51186157473642 | 4.03392645967781 | ||
| 05/22/2020 | 6.15929618127385 | 3.70510790351894 | ||
| 05/29/2020 | 5.77001377931713 | 3.4344889145417 | ||
| 06/05/2020 | 5.4198791219675 | 3.2112860264866 | ||
| 06/12/2020 | 5.37102316454119 | 3.26416713949091 | ||
| 06/19/2020 | 5.21608940404011 | 3.13867739157079 | ||
| 06/26/2020 | 5.50974931325779 | 3.38152909811216 | ||
| 07/03/2020 | 5.39806282191817 | 3.35794001914109 | ||
| 07/10/2020 | 5.37437731397208 | 3.30091358378154 | ||
| 07/17/2020 | 5.20023680148142 | 3.19192136564217 | ||
| 07/24/2020 | 5.06954330950156 | 3.09475137870875 | ||
| 07/31/2020 | 5.0927880932399 | 3.12994566527787 | ||
| 08/07/2020 | 4.96005290443384 | 3.04927895220595 | ||
| 08/14/2020 | 4.86108506468236 | 3.01750549807591 | ||
| 08/21/2020 | 4.88126190230468 | 3.08827145429687 | ||
| 08/28/2020 | 4.83104673379427 | 3.07060158005247 | ||
| 09/04/2020 | 4.65395937636892 | 2.90011528470132 | ||
| 09/11/2020 | 4.57862586580644 | 2.86677815659921 | ||
| 09/18/2020 | 4.55619295794674 | 2.8817746529005 | ||
| 09/25/2020 | 4.74111097556897 | 3.05841006383966 | ||
| 10/02/2020 | 4.74973729390598 | 3.09762905126333 | ||
| 10/09/2020 | 4.63216027105228 | 3.00536761563756 | ||
| 10/16/2020 | 4.66633821543806 | 3.0363007477585 | ||
| 10/23/2020 | 4.82556847697998 | 3.06605226056402 | ||
| 10/30/2020 | 5.00410486151849 | 3.21763676843888 | ||
| 11/06/2020 | 4.80846502420817 | 3.05705969400357 | ||
| 11/13/2020 | 4.67376752764658 | 2.98700829582721 | ||
| 11/20/2020 | 4.66943570140276 | 3.02083782874059 | ||
| 11/27/2020 | 4.60730508698756 | 2.98489617363073 | ||
| 12/04/2020 | 4.49988024170091 | 2.89999632245025 | ||
| 12/11/2020 | 4.46126169486212 | 2.86494857960463 | ||
| 12/18/2020 | 4.39362491852663 | 2.80638031001718 | ||
| 12/24/2020 | 4.40935014394781 | 2.8127459954473 | ||
| 12/31/2020 | 4.38956255330549 | 2.79512899510646 | ||
| 01/08/2021 | 4.23329543415278 | 2.63397220424553 | ||
| 01/15/2021 | 4.15506644344309 | 2.64628839458702 | ||
| 01/22/2021 | 4.1603840947008 | 2.63271411742065 | ||
| 01/29/2021 | 4.22316097660908 | 2.69317560654646 | ||
| 02/05/2021 | 4.20291096662308 | 2.68301508442682 | ||
| 02/12/2021 | 4.13003648628249 | 2.70447106184269 | ||
| 02/19/2021 | 4.11652962039695 | 2.70891755513389 | ||
| 02/26/2021 | 4.13347853454002 | 2.6927847519463 | ||
| 03/05/2021 | 4.14089666271652 | 2.75376587820022 | ||
| 03/12/2021 | 4.15029675974803 | 2.77049424618101 | ||
| 03/19/2021 | 4.20770166320041 | 2.81491065354549 | ||
| 03/26/2021 | 4.2337836523724 | 2.84058371573269 | ||
| 04/02/2021 | 4.24216976821223 | 2.84234060257599 | ||
| 04/09/2021 | 4.16670358393048 | 2.79128932080083 | ||
| 04/16/2021 | 4.1595164342912 | 2.80930099144069 | ||
| 04/23/2021 | 4.18816945363116 | 2.77143980588233 | ||
| 04/30/2021 | 4.18242223783981 | 2.80354637622791 | ||
| 05/07/2021 | 4.18601516663148 | 2.81382373298497 | ||
| 05/14/2021 | 4.1895074229372 | 2.83972037729225 | ||
| 05/21/2021 | 4.16266527942296 | 2.81553035069414 | ||
| 05/28/2021 | 4.15102393126615 | 2.78910792195324 | ||
| 06/04/2021 | 4.13752526970911 | 2.81805168365214 | ||
| 06/11/2021 | 4.11886966406813 | 2.80114725876029 | ||
| 06/18/2021 | 4.14724738665526 | 2.85726846868376 | ||
| 06/25/2021 | 4.1674497136781 | 2.8846361124996 | ||
| 07/02/2021 | 4.16808501027835 | 2.89567726643191 | ||
| 07/09/2021 | 4.16252811661521 | 2.91082062412683 | ||
| 07/16/2021 | 4.15242194078449 | 2.85811178156657 | ||
| 07/23/2021 | 4.16536742244913 | 2.89548215307277 | ||
| 07/30/2021 | 4.21450427640906 | 2.92057529762784 | ||
| 08/06/2021 | 4.22990260207722 | 2.92647601377693 | ||
| 08/13/2021 | 4.22826319962781 | 3.08834455886038 | ||
| 08/20/2021 | 4.25221264339828 | 3.14229208727937 | ||
| 08/27/2021 | 4.23584489415241 | 3.11721155795411 | ||
| 09/03/2021 | 4.21437164838956 | 3.09462511718466 | ||
| 09/10/2021 | 4.18491760590191 | 3.07190748879936 | ||
| 09/17/2021 | 4.17651346154114 | 3.06541969655385 | ||
| 09/24/2021 | 4.17854494895039 | 3.06011664701043 | ||
| 10/01/2021 | 4.16983172948045 | 3.04855196484254 | ||
| 10/08/2021 | 4.18336936583397 | 3.04671880550561 | ||
| 10/15/2021 | 4.19600015243809 | 3.0466996965445 | ||
| 10/22/2021 | 4.18919880905461 | 3.05453607711811 | ||
| 10/29/2021 | 4.19674264218586 | 3.05898863205879 | ||
| 11/05/2021 | 4.17919091492711 | 3.05336404260009 | ||
| 11/12/2021 | 4.16570406060587 | 3.00451614957152 | ||
| 11/19/2021 | 4.16870972284368 | 3.00843875709851 | ||
| 11/26/2021 | 4.21072794923365 | 3.03842165372046 | ||
| 12/03/2021 | 4.28560225289367 | 3.08382558058027 | ||
| 12/10/2021 | 4.23950778343897 | 3.03051359434843 | ||
| 12/17/2021 | 4.22675301254695 | 3.0710875292918 | ||
| 12/24/2021 | 4.2198034931944 | 3.06022985306994 | ||
| 12/31/2021 | 4.28037633229866 | 3.08079993720851 | ||
| 01/07/2022 | 4.20642763486986 | 3.02483210270173 | ||
| 01/14/2022 | 4.1758813764982 | 2.99231002690423 | ||
| 01/21/2022 | 4.15720830018707 | 2.98513963099083 | ||
| 01/28/2022 | 4.23665026444295 | 3.03127961199681 | ||
| 02/04/2022 | 4.24434976129994 | 3.02785863506354 | ||
| 02/11/2022 | 4.29586119250583 | 3.05931500352623 | ||
| 02/18/2022 | 4.38417918616559 | 3.15982979231888 | ||
| 02/25/2022 | 4.46171519927789 | 3.22983846236946 | ||
| 03/04/2022 | 4.4537746867728 | 3.24193603990983 | ||
| 03/11/2022 | 4.77329785913411 | 3.50053771599677 | ||
| 03/18/2022 | 4.72174089781076 | 3.45360981464082 | ||
| 03/25/2022 | 4.5823469600073 | 3.33856216149833 | ||
| 04/01/2022 | 4.4331048380424 | 3.17536127110806 | ||
| 04/08/2022 | 4.19868280571032 | 3.01087177887668 | ||
| 04/15/2022 | 4.19981310817067 | 3.04871794483991 | ||
| 04/22/2022 | 4.21455467588161 | 3.01962953336435 | ||
| 04/29/2022 | 4.32392627002777 | 3.10274658464665 | ||
| 05/06/2022 | 4.45370498776753 | 3.23516224867446 | ||
| 05/13/2022 | 4.94292401350464 | 3.63349524195021 | ||
| 05/20/2022 | 5.09464865352738 | 3.72478381912594 | ||
| 05/27/2022 | 5.16713692006923 | 3.71841676120812 | ||
| 06/03/2022 | 4.96190902249778 | 3.48545036412118 | ||
| 06/10/2022 | 4.99038255375087 | 3.50535567368182 | ||
| 06/17/2022 | 5.38973078105364 | 3.83324796891127 | ||
| 06/24/2022 | 5.49972919392619 | 3.88932235681221 | ||
| 07/01/2022 | 5.87024843598552 | 4.16697621333022 | ||
| 07/08/2022 | 5.91197235877488 | 4.1931917061723 | ||
| 07/15/2022 | 5.84341300636366 | 4.13883942268278 | ||
| 07/22/2022 | 5.4138681662434 | 3.720255810389 | ||
| 07/29/2022 | 5.3657848919672 | 3.68371104373575 | ||
| 08/05/2022 | 5.18497258754535 | 3.49514018477731 | ||
| 08/12/2022 | 4.89893499237146 | 3.29749471391827 | ||
| 08/19/2022 | 4.98887241789133 | 3.33027462506864 | ||
| 08/26/2022 | 5.07694673634835 | 3.41590090858603 | ||
| 09/02/2022 | 5.23012890770867 | 3.47741643573316 | ||
| 09/09/2022 | 5.20813916105857 | 3.45706476697873 | ||
| 09/16/2022 | 5.29260414352571 | 3.4951882831456 | ||
| 09/23/2022 | 5.58069895713423 | 3.59514583215458 | ||
| 09/30/2022 | 5.95424627704004 | 3.8044689405769 | ||
| 10/07/2022 | 5.74787332032119 | 3.64247625709545 | ||
| 10/14/2022 | 5.91973992825147 | 3.6632204178041 | ||
| 10/21/2022 | 5.91555830600449 | 3.57145685899135 | ||
| 10/28/2022 | 5.9393160349981 | 3.55280821962995 | ||
| 11/04/2022 | 5.77744999132781 | 3.4684290570924 | ||
| 11/11/2022 | 5.65463490200775 | 3.43584534830288 | ||
| 11/18/2022 | 5.51877624984427 | 3.40342637810754 | ||
| 11/25/2022 | 5.53338512141118 | 3.41009529146504 | ||
| 12/02/2022 | 5.48187975284611 | 3.39905781322169 | ||
| 12/09/2022 | 5.49547200452299 | 3.39380985857368 | ||
| 12/16/2022 | 5.50482737446216 | 3.36601559915847 | ||
| 12/23/2022 | 5.45820522247659 | 3.37067928051912 | ||
| 12/30/2022 | 5.47131763392736 | 3.38462776604 | ||
| 01/06/2023 | 5.32532752746079 | 3.24028168773051 | ||
| 01/13/2023 | 5.0935681262709 | 3.10548972862594 | ||
| 01/20/2023 | 5.03228265237015 | 3.11398051722137 | ||
| 01/27/2023 | 4.91538780153413 | 3.08770211990513 | ||
| 02/03/2023 | 4.88783981636924 | 3.07568037144501 | ||
| 02/10/2023 | 4.80035578601994 | 3.08251777170337 | ||
| 02/17/2023 | 4.87803879409925 | 3.2642159953622 | ||
| 02/24/2023 | 5.0024355210421 | 3.32613083005194 | ||
| 03/03/2023 | 4.98220101336694 | 3.31908353110109 | ||
| 03/10/2023 | 5.02067218864067 | 3.41226325980725 | ||
| 03/17/2023 | 5.4284592280188 | 3.69312459188341 | ||
| 03/24/2023 | 5.46015865454741 | 3.41076956816121 | ||
| 03/31/2023 | 5.16159891946793 | 3.29848853008191 | ||
| 04/07/2023 | 5.10177038801146 | 3.2840999216597 | ||
| 04/14/2023 | 5.05150348255803 | 3.25970723977671 | ||
| 04/21/2023 | 4.97136536961754 | 3.27240854456264 | ||
| 04/28/2023 | 4.9648964189216 | 3.26087304478011 | ||
| 05/05/2023 | 5.0727824278723 | 3.31235367463578 | ||
| 05/12/2023 | 5.12192944492827 | 3.37095675952783 | ||
| 05/19/2023 | 5.14241091334059 | 3.39199445765739 | ||
| 05/26/2023 | 5.2714715506019 | 3.44621535151174 | ||
| 06/02/2023 | 5.25038727865748 | 3.44261557540231 | ||
| 06/09/2023 | 5.08601839192266 | 3.35070698269619 | ||
| 06/16/2023 | 4.96360494202584 | 3.29029499365745 | ||
| 06/23/2023 | 4.97692064563626 | 3.30342416330775 | ||
| 06/30/2023 | 4.81836912018537 | 3.209455621531 | ||
| 07/07/2023 | 4.72801127303233 | 3.16413316959267 | ||
| 07/14/2023 | 4.5892874041397 | 3.10757318770804 | ||
| 07/21/2023 | 4.65031936637405 | 3.12319738642292 | ||
| 07/28/2023 | 4.65130846202699 | 3.11844380406022 | ||
| 08/04/2023 | 4.72433331333539 | 3.13965908365023 | ||
| 08/11/2023 | 4.72097852024232 | 3.13169296626439 | ||
| 08/18/2023 | 4.7814995714259 | 3.13032972809667 | ||
| 08/25/2023 | 4.77112294713473 | 3.12093251651773 | ||
| 09/01/2023 | 4.69536558497596 | 3.1151301188841 | ||
| 09/08/2023 | 4.62774780915257 | 3.11556673686872 | ||
| 09/15/2023 | 4.49944612308881 | 3.07473169331102 | ||
| 09/22/2023 | 4.4967756645971 | 3.08696070338685 | ||
| 09/29/2023 | 4.60099862594902 | 3.13128052544342 |
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 dashed blacked line represents the data transitioning from monthly to weekly in November 2013.
Source: PitchBook Data, Leveraged Commentary & Data.
Figure 1.11. Treasury market depth remained below historical norms
This is a line chart titled “Treasury market depth remained below historical norms.” The x-axis measures time and ranges from January 2019 to October 2023. The data are 5-day moving average, and there are three variables plotted on the chart. The first line is labeled "5-year" and is designated by a black line. This line corresponds to the values on the right y-axis, which ranges from 0 to 350 in millions of dollars. It begins at around 160 million in 2019 and rises steadily, with local peaks in February of 2019 and October 2020. The peaks are between 260 and 285 million. In March of 2020, the series reaches its lowest value at 15 million. After the October 2020 peak there is some volatility within an overall downward trend. By March of 2022, the value is down to 40 million. Since the beginning of 2022, there has been a slight uptick in the series, with the final value finishing just over 50 million in October of 2023. The second line is labeled "10-year" and is designated by a red line. This line corresponds to the values on the right y-axis, which ranges from 0 to 350 in millions of dollars. It begins at just over 100 million dollars in 2019, rises to around 250 million by February of 2020. The series declines to around 75 million by August of 2019 and then upticks to 140 million in early 2020. There is a sharp decrease down to around 12 million in March of 2020. Following this sharp decline is an overall increase until June 2021 at a value of around 150 million. From this point there is a decreasing trend in the series until it finishes at a value around 80 million in October 2023. The third series is labeled “30-year” and is designated by a blue line. The line corresponds to values on the left y-axis, which ranges from 0 to 35 in millions of dollars. The line starts around 15 million in January 2019 before a quick increase to around 28 million in the middle of 2019. There is a sharp decline to just below 10 million in October of 2019 before a quick rise and then an even sharper decline to under 5 million in March 2020. From there, the series rises to over 20 million in April 2021, before gradually declining to around 10 million in the middle of 2023. The series ends with an uptick to a value of 15 million in October of 2023.
Note: Market depth is defined as the average top 3 bid and ask quote sizes for on-the-run Treasury securities.
Figure 1.12. On-the-run market depth improved in recent months but remained below historical norms
This is a line chart titled “On-the-run market depth improved in recent months but remains below historical norms.” The x-axis measures time and ranges from September 2019 to October 2023. The data are 5-day moving average, and there are two variables plotted on the chart. The first line is labeled "2-year OTR market depth" and is designated by a black line. This line corresponds to the values on the right y-axis, which ranges from 0 to 300 in millions of dollars. It begins at around 50 million in October 2019 and rises steadily, peaking in February of 2021 at around 280 million dollars. There is a sharp decrease and quick rebound back to around 275 million in July of 2021. The series has two quick decreases to around 50 million in January of 2022. Since then, there is a gradual decrease to around 30 million where the series has remained steady, and has a final value around 30 million as of October 2023. The second line is labeled "10-year OTR market depth" and is designated by a blue line. This line corresponds to the values on the left y-axis, which ranges from 0 to 60 in millions of dollars. It begins at just below 60 million dollars in 2019, rises to around 50 million by February of 2020. The series declines to around 7.5 million by April of 2020 and then upticks to 55 million in late 2020. There is a gradual decrease down to around 40 million in July of 2021. Following this decline is an overall steady period with a gradual decline to just over 10 million in March of 2023. From this point there is an increasing trend in the series until it finishes at a value around 25 million in October 2023.
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 1.13. A measure of liquidity in equity markets remained below average
Market depth (number of contracts)
5-day moving average
| Date | Close Depth |
|---|---|
| 09/03/2019 | 90.2703703703704 |
| 09/04/2019 | 101.676543209877 |
| 09/05/2019 | 109.595061728395 |
| 09/06/2019 | 112.127160493827 |
| 09/09/2019 | 123.924691358025 |
| 09/10/2019 | 132.402469135803 |
| 09/11/2019 | 141.145679012346 |
| 09/12/2019 | 134.882716049383 |
| 09/13/2019 | 129.561728395062 |
| 09/16/2019 | 115.028395061728 |
| 09/17/2019 | 112.63950617284 |
| 09/18/2019 | 102.158024691358 |
| 09/19/2019 | 110.883950617284 |
| 09/20/2019 | 117.546913580247 |
| 09/23/2019 | 124.944444444444 |
| 09/24/2019 | 120.30987654321 |
| 09/25/2019 | 115.179012345679 |
| 09/26/2019 | 107.79012345679 |
| 09/27/2019 | 100.898765432099 |
| 09/30/2019 | 101.441975308642 |
| 10/01/2019 | 102.645679012346 |
| 10/02/2019 | 100.859259259259 |
| 10/03/2019 | 94.4888888888889 |
| 10/04/2019 | 99.4592592592593 |
| 10/07/2019 | 91.3654320987654 |
| 10/08/2019 | 87.6123456790123 |
| 10/09/2019 | 86.0987654320988 |
| 10/10/2019 | 86.3172839506173 |
| 10/11/2019 | 76.0172839506173 |
| 10/14/2019 | 76.3950617283951 |
| 10/15/2019 | 88.4641975308642 |
| 10/16/2019 | 96.7604938271605 |
| 10/17/2019 | 105.075308641975 |
| 10/18/2019 | 115.972839506173 |
| 10/21/2019 | 129.074074074074 |
| 10/22/2019 | 129.427160493827 |
| 10/23/2019 | 133.48024691358 |
| 10/24/2019 | 135.892592592593 |
| 10/25/2019 | 145.453086419753 |
| 10/28/2019 | 148.365432098765 |
| 10/29/2019 | 153.345679012346 |
| 10/30/2019 | 149.092592592593 |
| 10/31/2019 | 150.186419753086 |
| 11/01/2019 | 150.543209876543 |
| 11/04/2019 | 155.696296296296 |
| 11/05/2019 | 157.051851851852 |
| 11/06/2019 | 159.553086419753 |
| 11/07/2019 | 165.686419753086 |
| 11/08/2019 | 165.948148148148 |
| 11/11/2019 | 166.386419753086 |
| 11/12/2019 | 166.351851851852 |
| 11/13/2019 | 172.292592592593 |
| 11/14/2019 | 175.846913580247 |
| 11/15/2019 | 191.12962962963 |
| 11/18/2019 | 192.03950617284 |
| 11/19/2019 | 192.807407407407 |
| 11/20/2019 | 187.666666666667 |
| 11/21/2019 | 182.460493827161 |
| 11/22/2019 | 165.228395061728 |
| 11/25/2019 | 174.98024691358 |
| 11/26/2019 | 181.564197530864 |
| 11/27/2019 | 195.092592592593 |
| 11/29/2019 | 201.571926999463 |
| 12/02/2019 | 199.460815888352 |
| 12/03/2019 | 178.416371443908 |
| 12/04/2019 | 174.55834675255 |
| 12/05/2019 | 164.964519592056 |
| 12/06/2019 | 177.88024691358 |
| 12/09/2019 | 193.592592592593 |
| 12/10/2019 | 202.901234567901 |
| 12/11/2019 | 202.986419753086 |
| 12/12/2019 | 194.093827160494 |
| 12/13/2019 | 161.122222222222 |
| 12/16/2019 | 161.424691358025 |
| 12/17/2019 | 166.140740740741 |
| 12/18/2019 | 169.72962962963 |
| 12/19/2019 | 195.393827160494 |
| 12/20/2019 | 222.816049382716 |
| 12/23/2019 | 219.769135802469 |
| 12/24/2019 | 208.280032206119 |
| 12/26/2019 | 207.813365539453 |
| 12/27/2019 | 193.417069243156 |
| 12/30/2019 | 181.334353193774 |
| 12/31/2019 | 171.05040257649 |
| 01/02/2020 | 178.895061728395 |
| 01/03/2020 | 165.234567901235 |
| 01/06/2020 | 163.427160493827 |
| 01/07/2020 | 160.998765432099 |
| 01/08/2020 | 156.916049382716 |
| 01/09/2020 | 151.543209876543 |
| 01/10/2020 | 159.755555555556 |
| 01/13/2020 | 160.416049382716 |
| 01/14/2020 | 162.771604938272 |
| 01/15/2020 | 166.533333333333 |
| 01/16/2020 | 177.144444444444 |
| 01/17/2020 | 183.661728395062 |
| 01/21/2020 | 188.002469135802 |
| 01/22/2020 | 196.26049382716 |
| 01/23/2020 | 199.667901234568 |
| 01/24/2020 | 183.407407407407 |
| 01/27/2020 | 165.316049382716 |
| 01/28/2020 | 158.837037037037 |
| 01/29/2020 | 147.274074074074 |
| 01/30/2020 | 131.897530864198 |
| 01/31/2020 | 128.911111111111 |
| 02/03/2020 | 130.41975308642 |
| 02/04/2020 | 130.497530864198 |
| 02/05/2020 | 126.514814814815 |
| 02/06/2020 | 134.933333333333 |
| 02/07/2020 | 134.6 |
| 02/10/2020 | 141.924691358025 |
| 02/11/2020 | 142.548148148148 |
| 02/12/2020 | 152.156790123457 |
| 02/13/2020 | 152.767901234568 |
| 02/14/2020 | 160.204938271605 |
| 02/18/2020 | 162.344444444444 |
| 02/19/2020 | 170.186419753086 |
| 02/20/2020 | 161.275308641975 |
| 02/21/2020 | 153 |
| 02/24/2020 | 135.258024691358 |
| 02/25/2020 | 108.738271604938 |
| 02/26/2020 | 75.7037037037037 |
| 02/27/2020 | 54.2061728395062 |
| 02/28/2020 | 35.2814814814815 |
| 03/02/2020 | 24.8111111111111 |
| 03/03/2020 | 19.4037037037037 |
| 03/04/2020 | 18.3691358024691 |
| 03/05/2020 | 18.4074074074074 |
| 03/06/2020 | 18.7259259259259 |
| 03/09/2020 | 22.0038461538462 |
| 03/10/2020 | 21.6840930674264 |
| 03/11/2020 | 18.9273029439696 |
| 03/12/2020 | 16.2573124406458 |
| 03/13/2020 | 14.7659544159544 |
| 03/16/2020 | 9.21851851851852 |
| 03/17/2020 | 8.31358024691358 |
| 03/18/2020 | 7.48307548054383 |
| 03/19/2020 | 7.26541166288002 |
| 03/20/2020 | 7.1147943789294 |
| 03/23/2020 | 7.49542115955618 |
| 03/24/2020 | 8.60529770276606 |
| 03/25/2020 | 11.3135802469136 |
| 03/26/2020 | 11.5641975308642 |
| 03/27/2020 | 12.3246913580247 |
| 03/30/2020 | 12.9938271604938 |
| 03/31/2020 | 13.9037037037037 |
| 04/01/2020 | 13.5271604938272 |
| 04/02/2020 | 14.6469135802469 |
| 04/03/2020 | 16.5864197530864 |
| 04/06/2020 | 20.1345679012346 |
| 04/07/2020 | 20.2234567901235 |
| 04/08/2020 | 20.8296296296296 |
| 04/09/2020 | 22.3641975308642 |
| 04/13/2020 | 22.7197530864198 |
| 04/14/2020 | 23.2382716049383 |
| 04/15/2020 | 26.0913580246914 |
| 04/16/2020 | 27.1975308641975 |
| 04/17/2020 | 30.2555555555556 |
| 04/20/2020 | 32.4185185185185 |
| 04/21/2020 | 31.2 |
| 04/22/2020 | 32.1061728395062 |
| 04/23/2020 | 32.8086419753087 |
| 04/24/2020 | 33.0012345679012 |
| 04/27/2020 | 37.2061728395062 |
| 04/28/2020 | 39.8641975308642 |
| 04/29/2020 | 41.4987654320988 |
| 04/30/2020 | 42.4333333333333 |
| 05/01/2020 | 43.7851851851852 |
| 05/04/2020 | 42.1888888888889 |
| 05/05/2020 | 46.5358024691358 |
| 05/06/2020 | 46.4913580246914 |
| 05/07/2020 | 50.2728395061729 |
| 05/08/2020 | 55.8777777777778 |
| 05/11/2020 | 60.7888888888889 |
| 05/12/2020 | 60.9 |
| 05/13/2020 | 60.7407407407407 |
| 05/14/2020 | 57.7456790123457 |
| 05/15/2020 | 50.3604938271605 |
| 05/18/2020 | 50.5024691358025 |
| 05/19/2020 | 47.7716049382716 |
| 05/20/2020 | 52.1753086419753 |
| 05/21/2020 | 55.4345679012346 |
| 05/22/2020 | 60.958024691358 |
| 05/26/2020 | 62.4901234567901 |
| 05/27/2020 | 63.7641975308642 |
| 05/28/2020 | 63.0617283950617 |
| 05/29/2020 | 59.5283950617284 |
| 06/01/2020 | 61.5901234567901 |
| 06/02/2020 | 62.4851851851852 |
| 06/03/2020 | 71.1049382716049 |
| 06/04/2020 | 74.237037037037 |
| 06/05/2020 | 82.0395061728395 |
| 06/08/2020 | 84.0567901234568 |
| 06/09/2020 | 82.1197530864198 |
| 06/10/2020 | 71.6530864197531 |
| 06/11/2020 | 63.0851851851852 |
| 06/12/2020 | 51.0222222222222 |
| 06/15/2020 | 39.1864197530864 |
| 06/16/2020 | 28.3123456790123 |
| 06/17/2020 | 26.9506172839506 |
| 06/18/2020 | 28.0382716049383 |
| 06/19/2020 | 32.6765432098766 |
| 06/22/2020 | 39.0333333333333 |
| 06/23/2020 | 46.5395061728395 |
| 06/24/2020 | 46.537037037037 |
| 06/25/2020 | 46.3197530864198 |
| 06/26/2020 | 44.9320987654321 |
| 06/29/2020 | 42.5962962962963 |
| 06/30/2020 | 41.8617283950617 |
| 07/01/2020 | 43.9641975308642 |
| 07/02/2020 | 47.562962962963 |
| 07/06/2020 | 53.058024691358 |
| 07/07/2020 | 57.7925925925926 |
| 07/08/2020 | 59.420987654321 |
| 07/09/2020 | 59.4358024691358 |
| 07/10/2020 | 57.9345679012346 |
| 07/13/2020 | 59.0592592592593 |
| 07/14/2020 | 51.3530864197531 |
| 07/15/2020 | 47.6592592592593 |
| 07/16/2020 | 48.4382716049383 |
| 07/17/2020 | 54.6469135802469 |
| 07/20/2020 | 59.9037037037037 |
| 07/21/2020 | 67.2641975308642 |
| 07/22/2020 | 74.4666666666667 |
| 07/23/2020 | 74.1703703703704 |
| 07/24/2020 | 70.9654320987654 |
| 07/27/2020 | 73.3432098765432 |
| 07/28/2020 | 75.9901234567901 |
| 07/29/2020 | 81.3172839506173 |
| 07/30/2020 | 84.2740740740741 |
| 07/31/2020 | 87.7740740740741 |
| 08/03/2020 | 83.0864197530864 |
| 08/04/2020 | 82.9876543209877 |
| 08/05/2020 | 82.1222222222222 |
| 08/06/2020 | 89.7012345679013 |
| 08/07/2020 | 89.3037037037037 |
| 08/10/2020 | 89.5604938271605 |
| 08/11/2020 | 91.6765432098765 |
| 08/12/2020 | 89.4765432098766 |
| 08/13/2020 | 86.5876543209877 |
| 08/14/2020 | 85.6938271604938 |
| 08/17/2020 | 90.7432098765432 |
| 08/18/2020 | 93.6160493827161 |
| 08/19/2020 | 99.820987654321 |
| 08/20/2020 | 102.037037037037 |
| 08/21/2020 | 104.198765432099 |
| 08/24/2020 | 102.464197530864 |
| 08/25/2020 | 98.7148148148148 |
| 08/26/2020 | 102.730864197531 |
| 08/27/2020 | 96.0123456790124 |
| 08/28/2020 | 98.3876543209877 |
| 08/31/2020 | 96.5493827160494 |
| 09/01/2020 | 98.4407407407407 |
| 09/02/2020 | 86.7481481481481 |
| 09/03/2020 | 79.7271604938272 |
| 09/04/2020 | 65.2456790123457 |
| 09/08/2020 | 51.504938271605 |
| 09/09/2020 | 41.9604938271605 |
| 09/10/2020 | 31.4925925925926 |
| 09/11/2020 | 28.8444444444444 |
| 09/14/2020 | 34.8518518518519 |
| 09/15/2020 | 46.9567901234568 |
| 09/16/2020 | 49.5518518518519 |
| 09/17/2020 | 54.2592592592593 |
| 09/18/2020 | 63.6901234567901 |
| 09/21/2020 | 65.4518518518519 |
| 09/22/2020 | 59.0777777777778 |
| 09/23/2020 | 58.7567901234568 |
| 09/24/2020 | 55.4777777777778 |
| 09/25/2020 | 51.3320987654321 |
| 09/28/2020 | 53.6037037037037 |
| 09/29/2020 | 57.4765432098766 |
| 09/30/2020 | 57.2185185185185 |
| 10/01/2020 | 57.7938271604938 |
| 10/02/2020 | 56.0617283950617 |
| 10/05/2020 | 55.8407407407407 |
| 10/06/2020 | 52.0555555555556 |
| 10/07/2020 | 53.9876543209877 |
| 10/08/2020 | 58.3444444444445 |
| 10/09/2020 | 64.3679012345679 |
| 10/12/2020 | 63.9234567901235 |
| 10/13/2020 | 64.583950617284 |
| 10/14/2020 | 62.758024691358 |
| 10/15/2020 | 60.0691358024691 |
| 10/16/2020 | 59.2037037037037 |
| 10/19/2020 | 55.9061728395062 |
| 10/20/2020 | 56.462962962963 |
| 10/21/2020 | 55.1950617283951 |
| 10/22/2020 | 56.783950617284 |
| 10/23/2020 | 56.8246913580247 |
| 10/26/2020 | 55.9827160493827 |
| 10/27/2020 | 55.7259259259259 |
| 10/28/2020 | 56.162962962963 |
| 10/29/2020 | 53.4098765432099 |
| 10/30/2020 | 45.9037037037037 |
| 11/02/2020 | 42.620987654321 |
| 11/03/2020 | 41.7123456790123 |
| 11/04/2020 | 36.3827160493827 |
| 11/05/2020 | 33.9802469135802 |
| 11/06/2020 | 36.741975308642 |
| 11/09/2020 | 35.1049382716049 |
| 11/10/2020 | 32.6777777777778 |
| 11/11/2020 | 39.1358024691358 |
| 11/12/2020 | 41.6358024691358 |
| 11/13/2020 | 48.3753086419753 |
| 11/16/2020 | 56.8234567901235 |
| 11/17/2020 | 64.2777777777778 |
| 11/18/2020 | 68.6913580246914 |
| 11/19/2020 | 72.3888888888889 |
| 11/20/2020 | 69.3086419753087 |
| 11/23/2020 | 65.7432098765432 |
| 11/24/2020 | 66.0740740740741 |
| 11/25/2020 | 63.2777777777778 |
| 11/27/2020 | 65.9863929146538 |
| 11/30/2020 | 68.3542941492217 |
| 12/01/2020 | 70.6530595813205 |
| 12/02/2020 | 69.79256575416 |
| 12/03/2020 | 71.8407139023081 |
| 12/04/2020 | 76.1111111111111 |
| 12/07/2020 | 80.0123456790124 |
| 12/08/2020 | 87.0654320987654 |
| 12/09/2020 | 86.9518518518519 |
| 12/10/2020 | 84.7518518518519 |
| 12/11/2020 | 77.1395061728395 |
| 12/14/2020 | 74.1160493827161 |
| 12/15/2020 | 74.2938271604938 |
| 12/16/2020 | 77.9753086419753 |
| 12/17/2020 | 87.9691358024691 |
| 12/18/2020 | 90.758024691358 |
| 12/21/2020 | 84.8444444444444 |
| 12/22/2020 | 76.2703703703704 |
| 12/23/2020 | 76.0222222222222 |
| 12/24/2020 | 66.3659688674182 |
| 12/28/2020 | 75.1511540526033 |
| 12/29/2020 | 80.3276972624799 |
| 12/30/2020 | 86.1042404723564 |
| 12/31/2020 | 86.0536231884058 |
| 01/04/2021 | 82.4962962962963 |
| 01/05/2021 | 71.0493827160494 |
| 01/06/2021 | 66.6876543209877 |
| 01/07/2021 | 62.7913580246914 |
| 01/08/2021 | 55.9851851851852 |
| 01/11/2021 | 56.0283950617284 |
| 01/12/2021 | 54.0098765432099 |
| 01/13/2021 | 57.2481481481482 |
| 01/14/2021 | 61.6481481481482 |
| 01/15/2021 | 62.8604938271605 |
| 01/19/2021 | 69.0950617283951 |
| 01/20/2021 | 78.5123456790123 |
| 01/21/2021 | 85.2024691358025 |
| 01/22/2021 | 85.8777777777778 |
| 01/25/2021 | 82.783950617284 |
| 01/26/2021 | 79.5345679012346 |
| 01/27/2021 | 66.8802469135803 |
| 01/28/2021 | 54.1901234567901 |
| 01/29/2021 | 41.3098765432099 |
| 02/01/2021 | 40.837037037037 |
| 02/02/2021 | 43.6827160493827 |
| 02/03/2021 | 49.5592592592593 |
| 02/04/2021 | 62.858024691358 |
| 02/05/2021 | 76.2395061728395 |
| 02/08/2021 | 87.4592592592593 |
| 02/09/2021 | 93.1123456790124 |
| 02/10/2021 | 92.562962962963 |
| 02/11/2021 | 86.8617283950617 |
| 02/12/2021 | 86.5950617283951 |
| 02/16/2021 | 80.0370370370371 |
| 02/17/2021 | 70.479012345679 |
| 02/18/2021 | 71.8703703703704 |
| 02/19/2021 | 71.7012345679012 |
| 02/22/2021 | 66.8876543209877 |
| 02/23/2021 | 61.862962962963 |
| 02/24/2021 | 61.7987654320988 |
| 02/25/2021 | 55.8814814814815 |
| 02/26/2021 | 47.4703703703704 |
| 03/01/2021 | 48.2987654320988 |
| 03/02/2021 | 49.2061728395062 |
| 03/03/2021 | 43.6234567901235 |
| 03/04/2021 | 41.6913580246914 |
| 03/05/2021 | 40.6555555555556 |
| 03/08/2021 | 32.6395061728395 |
| 03/09/2021 | 34.8395061728395 |
| 03/10/2021 | 35.5938271604938 |
| 03/11/2021 | 41.8481481481482 |
| 03/12/2021 | 44.241975308642 |
| 03/15/2021 | 53.1864197530864 |
| 03/16/2021 | 57.858024691358 |
| 03/17/2021 | 62.0987654320988 |
| 03/18/2021 | 63.7962962962963 |
| 03/19/2021 | 67.3740740740741 |
| 03/22/2021 | 70.320987654321 |
| 03/23/2021 | 69.8666666666667 |
| 03/24/2021 | 73.7987654320988 |
| 03/25/2021 | 72.2283950617284 |
| 03/26/2021 | 78.9592592592593 |
| 03/29/2021 | 75.2592592592593 |
| 03/30/2021 | 73.1358024691358 |
| 03/31/2021 | 80.3444444444444 |
| 04/01/2021 | 89.0024691358025 |
| 04/05/2021 | 93.1962962962963 |
| 04/06/2021 | 102.225925925926 |
| 04/07/2021 | 108.083950617284 |
| 04/08/2021 | 107.511111111111 |
| 04/09/2021 | 111.102469135802 |
| 04/12/2021 | 111.48024691358 |
| 04/13/2021 | 109 |
| 04/14/2021 | 109.369135802469 |
| 04/15/2021 | 112.59012345679 |
| 04/16/2021 | 111.706172839506 |
| 04/19/2021 | 108.558024691358 |
| 04/20/2021 | 103.320987654321 |
| 04/21/2021 | 106.113580246914 |
| 04/22/2021 | 99.0530864197531 |
| 04/23/2021 | 99.7320987654321 |
| 04/26/2021 | 102.211111111111 |
| 04/27/2021 | 102.312345679012 |
| 04/28/2021 | 100.244444444444 |
| 04/29/2021 | 98.3 |
| 04/30/2021 | 91.6530864197531 |
| 05/03/2021 | 87.7111111111111 |
| 05/04/2021 | 85.3358024691358 |
| 05/05/2021 | 81.5518518518519 |
| 05/06/2021 | 81.9666666666667 |
| 05/07/2021 | 85.5382716049383 |
| 05/10/2021 | 87.7444444444445 |
| 05/11/2021 | 84.5222222222222 |
| 05/12/2021 | 76.958024691358 |
| 05/13/2021 | 74.083950617284 |
| 05/14/2021 | 68.3864197530864 |
| 05/17/2021 | 62.2271604938272 |
| 05/18/2021 | 67.583950617284 |
| 05/19/2021 | 68.4 |
| 05/20/2021 | 72.341975308642 |
| 05/21/2021 | 73.8740740740741 |
| 05/24/2021 | 83.2271604938272 |
| 05/25/2021 | 85.7283950617284 |
| 05/26/2021 | 98.9555555555556 |
| 05/27/2021 | 100.58024691358 |
| 05/28/2021 | 106.930864197531 |
| 06/01/2021 | 102.381481481482 |
| 06/02/2021 | 104.266666666667 |
| 06/03/2021 | 97.5962962962963 |
| 06/04/2021 | 99.8691358024691 |
| 06/07/2021 | 98.9753086419753 |
| 06/08/2021 | 103.620987654321 |
| 06/09/2021 | 103.661728395062 |
| 06/10/2021 | 104.098765432099 |
| 06/11/2021 | 100.811111111111 |
| 06/14/2021 | 102.735802469136 |
| 06/15/2021 | 101.454320987654 |
| 06/16/2021 | 100.467901234568 |
| 06/17/2021 | 99.0913580246914 |
| 06/18/2021 | 94.2851851851852 |
| 06/21/2021 | 88.2469135802469 |
| 06/22/2021 | 88.0765432098765 |
| 06/23/2021 | 91.6555555555555 |
| 06/24/2021 | 96.1604938271605 |
| 06/25/2021 | 109.777777777778 |
| 06/28/2021 | 116.366666666667 |
| 06/29/2021 | 119.746913580247 |
| 06/30/2021 | 120.945679012346 |
| 07/01/2021 | 128.088888888889 |
| 07/02/2021 | 129.291358024691 |
| 07/06/2021 | 132.491358024691 |
| 07/07/2021 | 126.935802469136 |
| 07/08/2021 | 116.243209876543 |
| 07/09/2021 | 119.667901234568 |
| 07/12/2021 | 123.193827160494 |
| 07/13/2021 | 114.743209876543 |
| 07/14/2021 | 117.072839506173 |
| 07/15/2021 | 122.93950617284 |
| 07/16/2021 | 111.172839506173 |
| 07/19/2021 | 90.5802469135803 |
| 07/20/2021 | 91.2320987654321 |
| 07/21/2021 | 90.3802469135802 |
| 07/22/2021 | 92.4246913580247 |
| 07/23/2021 | 101.38024691358 |
| 07/26/2021 | 111.867901234568 |
| 07/27/2021 | 107.753086419753 |
| 07/28/2021 | 102.134567901235 |
| 07/29/2021 | 104.344444444444 |
| 07/30/2021 | 94.9320987654321 |
| 08/02/2021 | 89.3938271604938 |
| 08/03/2021 | 91.8098765432099 |
| 08/04/2021 | 95.5320987654321 |
| 08/05/2021 | 100.249382716049 |
| 08/06/2021 | 107.953086419753 |
| 08/09/2021 | 116.472839506173 |
| 08/10/2021 | 123.148148148148 |
| 08/11/2021 | 131.737037037037 |
| 08/12/2021 | 137.57037037037 |
| 08/13/2021 | 144.620987654321 |
| 08/16/2021 | 147.264197530864 |
| 08/17/2021 | 140.113580246914 |
| 08/18/2021 | 130.169135802469 |
| 08/19/2021 | 107.724691358025 |
| 08/20/2021 | 92.579012345679 |
| 08/23/2021 | 94.5518518518519 |
| 08/24/2021 | 106.554320987654 |
| 08/25/2021 | 118.47037037037 |
| 08/26/2021 | 127.40987654321 |
| 08/27/2021 | 137.235802469136 |
| 08/30/2021 | 140.312345679012 |
| 08/31/2021 | 136.128395061728 |
| 09/01/2021 | 132.420987654321 |
| 09/02/2021 | 140.071604938272 |
| 09/03/2021 | 136.465432098765 |
| 09/07/2021 | 131.413580246914 |
| 09/08/2021 | 124.586419753086 |
| 09/09/2021 | 120.501234567901 |
| 09/10/2021 | 107.182716049383 |
| 09/13/2021 | 93.4567901234568 |
| 09/14/2021 | 83.0506172839506 |
| 09/15/2021 | 83.0703703703704 |
| 09/16/2021 | 76.4320987654321 |
| 09/17/2021 | 76.4888888888889 |
| 09/20/2021 | 76.5246913580247 |
| 09/21/2021 | 68.6382716049383 |
| 09/22/2021 | 61.7950617283951 |
| 09/23/2021 | 61.2074074074074 |
| 09/24/2021 | 63.1432098765432 |
| 09/27/2021 | 68.362962962963 |
| 09/28/2021 | 67.7864197530864 |
| 09/29/2021 | 66.7864197530864 |
| 09/30/2021 | 60.1913580246914 |
| 10/01/2021 | 53.1950617283951 |
| 10/04/2021 | 44.6506172839506 |
| 10/05/2021 | 48.2753086419753 |
| 10/06/2021 | 45.1061728395062 |
| 10/07/2021 | 52.7382716049383 |
| 10/08/2021 | 55.4925925925926 |
| 10/11/2021 | 59.2086419753086 |
| 10/12/2021 | 54.0271604938272 |
| 10/13/2021 | 56.1 |
| 10/14/2021 | 57.1333333333334 |
| 10/15/2021 | 64.3049382716049 |
| 10/18/2021 | 70.2160493827161 |
| 10/19/2021 | 84.7765432098765 |
| 10/20/2021 | 91.8037037037037 |
| 10/21/2021 | 98.1666666666667 |
| 10/22/2021 | 90.9395061728395 |
| 10/25/2021 | 92.9148148148148 |
| 10/26/2021 | 86.7148148148148 |
| 10/27/2021 | 84.5888888888889 |
| 10/28/2021 | 76.0851851851852 |
| 10/29/2021 | 80.3024691358025 |
| 11/01/2021 | 76.004938271605 |
| 11/02/2021 | 81.2 |
| 11/03/2021 | 83.6888888888889 |
| 11/04/2021 | 88.7123456790124 |
| 11/05/2021 | 89.6592592592593 |
| 11/08/2021 | 88.7395061728395 |
| 11/09/2021 | 78.8049382716049 |
| 11/10/2021 | 75.4469135802469 |
| 11/11/2021 | 73.5641975308642 |
| 11/12/2021 | 78.5123456790123 |
| 11/15/2021 | 77.4691358024692 |
| 11/16/2021 | 85.2716049382716 |
| 11/17/2021 | 89.7407407407407 |
| 11/18/2021 | 87.0913580246914 |
| 11/19/2021 | 79.9506172839506 |
| 11/22/2021 | 81.0703703703704 |
| 11/23/2021 | 70.858024691358 |
| 11/24/2021 | 64.0962962962963 |
| 11/26/2021 | 55.191975308642 |
| 11/29/2021 | 51.3166666666667 |
| 11/30/2021 | 43.5030864197531 |
| 12/01/2021 | 42.8956790123457 |
| 12/02/2021 | 36.4314814814815 |
| 12/03/2021 | 35.4530864197531 |
| 12/06/2021 | 31.2592592592593 |
| 12/07/2021 | 39.3679012345679 |
| 12/08/2021 | 41.4962962962963 |
| 12/09/2021 | 45.8962962962963 |
| 12/10/2021 | 49.4160493827161 |
| 12/13/2021 | 51.0703703703704 |
| 12/14/2021 | 45.062962962963 |
| 12/15/2021 | 43.0148148148148 |
| 12/16/2021 | 41.4481481481482 |
| 12/17/2021 | 39.2283950617284 |
| 12/20/2021 | 36.7456790123457 |
| 12/21/2021 | 39.2617283950617 |
| 12/22/2021 | 41.8876543209877 |
| 12/23/2021 | 49.7444444444445 |
| 12/27/2021 | 59.4 |
| 12/28/2021 | 63.3827160493827 |
| 12/29/2021 | 63.962962962963 |
| 12/30/2021 | 65.0061728395062 |
| 12/31/2021 | 57.7888888888889 |
| 01/03/2022 | 52.6654320987654 |
| 01/04/2022 | 53.2753086419753 |
| 01/05/2022 | 50.9938271604938 |
| 01/06/2022 | 45.2012345679012 |
| 01/07/2022 | 44.0012345679012 |
| 01/10/2022 | 39.5456790123457 |
| 01/11/2022 | 35.7641975308642 |
| 01/12/2022 | 33.0530864197531 |
| 01/13/2022 | 34.2864197530864 |
| 01/14/2022 | 31.6086419753086 |
| 01/18/2022 | 30.1864197530864 |
| 01/19/2022 | 28.3641975308642 |
| 01/20/2022 | 27.0851851851852 |
| 01/21/2022 | 23.2098765432099 |
| 01/24/2022 | 20.820987654321 |
| 01/25/2022 | 18.1876543209877 |
| 01/26/2022 | 15.3123456790123 |
| 01/27/2022 | 12.4888888888889 |
| 01/28/2022 | 12.6950617283951 |
| 01/31/2022 | 15.1382716049383 |
| 02/01/2022 | 16.8283950617284 |
| 02/02/2022 | 18.1666666666667 |
| 02/03/2022 | 19.9962962962963 |
| 02/04/2022 | 21.1395061728395 |
| 02/07/2022 | 20.9666666666667 |
| 02/08/2022 | 23.1481481481481 |
| 02/09/2022 | 26.8950617283951 |
| 02/10/2022 | 27.2666666666667 |
| 02/11/2022 | 27.0086419753086 |
| 02/14/2022 | 26.1024691358025 |
| 02/15/2022 | 26.6259259259259 |
| 02/16/2022 | 24.8679012345679 |
| 02/17/2022 | 26.3024691358025 |
| 02/18/2022 | 26.841975308642 |
| 02/22/2022 | 27.1358024691358 |
| 02/23/2022 | 25.1061728395062 |
| 02/24/2022 | 21.8802469135803 |
| 02/25/2022 | 19.6876543209877 |
| 02/28/2022 | 18.3777777777778 |
| 03/01/2022 | 17.4234567901235 |
| 03/02/2022 | 16.2432098765432 |
| 03/03/2022 | 17.0753086419753 |
| 03/04/2022 | 16.5382716049383 |
| 03/07/2022 | 16.283950617284 |
| 03/08/2022 | 15.8148148148148 |
| 03/09/2022 | 15.7481481481482 |
| 03/10/2022 | 16.2308641975309 |
| 03/11/2022 | 15.520987654321 |
| 03/14/2022 | 15.2543209876543 |
| 03/15/2022 | 16.5962962962963 |
| 03/16/2022 | 16.7654320987654 |
| 03/17/2022 | 17.0555555555556 |
| 03/18/2022 | 19.6407407407407 |
| 03/21/2022 | 21.3123456790123 |
| 03/22/2022 | 23.8654320987654 |
| 03/23/2022 | 25.9074074074074 |
| 03/24/2022 | 28.1938271604938 |
| 03/25/2022 | 28.9148148148148 |
| 03/28/2022 | 31.4246913580247 |
| 03/29/2022 | 30.5037037037037 |
| 03/30/2022 | 31.9802469135803 |
| 03/31/2022 | 31.8049382716049 |
| 04/01/2022 | 32.4950617283951 |
| 04/04/2022 | 34.2753086419753 |
| 04/05/2022 | 35.4271604938272 |
| 04/06/2022 | 34.2802469135803 |
| 04/07/2022 | 33.1654320987654 |
| 04/08/2022 | 32.8098765432099 |
| 04/11/2022 | 30.5469135802469 |
| 04/12/2022 | 29.6012345679012 |
| 04/13/2022 | 31.283950617284 |
| 04/14/2022 | 32.7716049382716 |
| 04/18/2022 | 33.1876543209877 |
| 04/19/2022 | 34.7765432098765 |
| 04/20/2022 | 34.6950617283951 |
| 04/21/2022 | 33.4888888888889 |
| 04/22/2022 | 32.3333333333333 |
| 04/25/2022 | 30.0679012345679 |
| 04/26/2022 | 26.7876543209877 |
| 04/27/2022 | 24.0320987654321 |
| 04/28/2022 | 22.7259259259259 |
| 04/29/2022 | 21.2814814814815 |
| 05/02/2022 | 20.058024691358 |
| 05/03/2022 | 18.4543209876543 |
| 05/04/2022 | 19.1382716049383 |
| 05/05/2022 | 17 |
| 05/06/2022 | 15.0604938271605 |
| 05/09/2022 | 14.662962962963 |
| 05/10/2022 | 13.9333333333333 |
| 05/11/2022 | 12.379012345679 |
| 05/12/2022 | 11.979012345679 |
| 05/13/2022 | 15.2728395061728 |
| 05/16/2022 | 16.1641975308642 |
| 05/17/2022 | 18.1271604938272 |
| 05/18/2022 | 20.8913580246914 |
| 05/19/2022 | 21.3765432098765 |
| 05/20/2022 | 19.6592592592593 |
| 05/23/2022 | 20.158024691358 |
| 05/24/2022 | 19.9753086419753 |
| 05/25/2022 | 18.6172839506173 |
| 05/26/2022 | 21.6493827160494 |
| 05/27/2022 | 26.1 |
| 05/31/2022 | 26.5123456790124 |
| 06/01/2022 | 27.1012345679012 |
| 06/02/2022 | 29.0530864197531 |
| 06/03/2022 | 27.4913580246914 |
| 06/06/2022 | 24.3197530864198 |
| 06/07/2022 | 28.2012345679012 |
| 06/08/2022 | 30.6382716049383 |
| 06/09/2022 | 31.7395061728395 |
| 06/10/2022 | 30.6617283950617 |
| 06/13/2022 | 29.0481481481482 |
| 06/14/2022 | 25.5074074074074 |
| 06/15/2022 | 22.7864197530864 |
| 06/16/2022 | 20.4271604938272 |
| 06/17/2022 | 21.0493827160494 |
| 06/21/2022 | 24.0296296296296 |
| 06/22/2022 | 24.2703703703704 |
| 06/23/2022 | 23.9777777777778 |
| 06/24/2022 | 27.9395061728395 |
| 06/27/2022 | 29.1086419753086 |
| 06/28/2022 | 28.8395061728395 |
| 06/29/2022 | 29.0827160493827 |
| 06/30/2022 | 29.9407407407407 |
| 07/01/2022 | 26.1987654320988 |
| 07/05/2022 | 26.1086419753086 |
| 07/06/2022 | 24.0925925925926 |
| 07/07/2022 | 26.820987654321 |
| 07/08/2022 | 27.2703703703704 |
| 07/11/2022 | 29.9493827160494 |
| 07/12/2022 | 32.2037037037037 |
| 07/13/2022 | 34.3654320987654 |
| 07/14/2022 | 32.0456790123457 |
| 07/15/2022 | 34.1086419753086 |
| 07/18/2022 | 35.4543209876543 |
| 07/19/2022 | 37.9753086419753 |
| 07/20/2022 | 39.1135802469136 |
| 07/21/2022 | 40.9061728395062 |
| 07/22/2022 | 40.8777777777778 |
| 07/25/2022 | 40.3123456790124 |
| 07/26/2022 | 40.8222222222222 |
| 07/27/2022 | 42.2024691358025 |
| 07/28/2022 | 43.4679012345679 |
| 07/29/2022 | 46.1925925925926 |
| 08/01/2022 | 46.2716049382716 |
| 08/02/2022 | 43.3308641975309 |
| 08/03/2022 | 46.0975308641975 |
| 08/04/2022 | 45.3037037037037 |
| 08/05/2022 | 45.2296296296296 |
| 08/08/2022 | 45.0469135802469 |
| 08/09/2022 | 46.6172839506173 |
| 08/10/2022 | 45.6382716049383 |
| 08/11/2022 | 48.5320987654321 |
| 08/12/2022 | 51.2024691358025 |
| 08/15/2022 | 57.6876543209877 |
| 08/16/2022 | 60.958024691358 |
| 08/17/2022 | 59.8296296296296 |
| 08/18/2022 | 60.9493827160494 |
| 08/19/2022 | 60.8395061728395 |
| 08/22/2022 | 61.0358024691358 |
| 08/23/2022 | 58.8234567901235 |
| 08/24/2022 | 62.4296296296296 |
| 08/25/2022 | 63.6703703703704 |
| 08/26/2022 | 59.0234567901235 |
| 08/29/2022 | 52.441975308642 |
| 08/30/2022 | 51.2296296296296 |
| 08/31/2022 | 46.1444444444445 |
| 09/01/2022 | 40.7641975308642 |
| 09/02/2022 | 39.1197530864198 |
| 09/06/2022 | 37.2555555555556 |
| 09/07/2022 | 36.6111111111111 |
| 09/08/2022 | 35.0975308641975 |
| 09/09/2022 | 33.9518518518519 |
| 09/12/2022 | 35.762962962963 |
| 09/13/2022 | 38.5592592592593 |
| 09/14/2022 | 38.1358024691358 |
| 09/15/2022 | 39.8111111111111 |
| 09/16/2022 | 42.0333333333333 |
| 09/19/2022 | 43.0913580246914 |
| 09/20/2022 | 45.4679012345679 |
| 09/21/2022 | 44.9493827160494 |
| 09/22/2022 | 43.7358024691358 |
| 09/23/2022 | 42.6308641975309 |
| 09/26/2022 | 40.0037037037037 |
| 09/27/2022 | 36.0728395061728 |
| 09/28/2022 | 36.0765432098766 |
| 09/29/2022 | 36.6987654320988 |
| 09/30/2022 | 35.6543209876543 |
| 10/03/2022 | 36.8543209876543 |
| 10/04/2022 | 36.9382716049383 |
| 10/05/2022 | 37.0037037037037 |
| 10/06/2022 | 35.5827160493827 |
| 10/07/2022 | 35.7024691358025 |
| 10/10/2022 | 34.2703703703704 |
| 10/11/2022 | 32.8716049382716 |
| 10/12/2022 | 31.7123456790124 |
| 10/13/2022 | 30.2641975308642 |
| 10/14/2022 | 28.3358024691358 |
| 10/17/2022 | 29.8333333333333 |
| 10/18/2022 | 30.8975308641975 |
| 10/19/2022 | 31.3740740740741 |
| 10/20/2022 | 34.2987654320988 |
| 10/21/2022 | 35.2703703703704 |
| 10/24/2022 | 33.279012345679 |
| 10/25/2022 | 35.6604938271605 |
| 10/26/2022 | 35.4913580246914 |
| 10/27/2022 | 34.2814814814815 |
| 10/28/2022 | 38.5148148148148 |
| 10/31/2022 | 39.7135802469136 |
| 11/01/2022 | 37.1827160493827 |
| 11/02/2022 | 37.5098765432099 |
| 11/03/2022 | 36.8901234567901 |
| 11/04/2022 | 31.4703703703704 |
| 11/07/2022 | 31.8049382716049 |
| 11/08/2022 | 32.9283950617284 |
| 11/09/2022 | 32.7246913580247 |
| 11/10/2022 | 34.1777777777778 |
| 11/11/2022 | 36.3901234567901 |
| 11/14/2022 | 36.5160493827161 |
| 11/15/2022 | 33.5456790123457 |
| 11/16/2022 | 32.9296296296296 |
| 11/17/2022 | 33.041975308642 |
| 11/18/2022 | 32.6617283950617 |
| 11/21/2022 | 33.5901234567901 |
| 11/22/2022 | 38.2456790123457 |
| 11/23/2022 | 41.1654320987654 |
| 11/25/2022 | 42.6273483628556 |
| 11/28/2022 | 47.4680891035964 |
| 11/29/2022 | 49.6051261406334 |
| 11/30/2022 | 49.2075952764359 |
| 12/01/2022 | 46.8693236714976 |
| 12/02/2022 | 47.7123456790123 |
| 12/05/2022 | 45.7358024691358 |
| 12/06/2022 | 44.5864197530864 |
| 12/07/2022 | 42.2691358024691 |
| 12/08/2022 | 46.4938271604938 |
| 12/09/2022 | 42.6679012345679 |
| 12/12/2022 | 43.6740740740741 |
| 12/13/2022 | 38.2740740740741 |
| 12/14/2022 | 36.6432098765432 |
| 12/15/2022 | 33.0172839506173 |
| 12/16/2022 | 34.8567901234568 |
| 12/19/2022 | 33.8037037037037 |
| 12/20/2022 | 38.1851851851852 |
| 12/21/2022 | 44.0308641975309 |
| 12/22/2022 | 46.2827160493827 |
| 12/23/2022 | 45.0765432098765 |
| 12/27/2022 | 42.3913580246914 |
| 12/28/2022 | 41.3691358024691 |
| 12/29/2022 | 40.8679012345679 |
| 12/30/2022 | 38.7777777777778 |
| 01/03/2023 | 37.9654320987654 |
| 01/04/2023 | 38.8851851851852 |
| 01/05/2023 | 38.9802469135802 |
| 01/06/2023 | 38.5691358024691 |
| 01/09/2023 | 42.7469135802469 |
| 01/10/2023 | 45.3024691358025 |
| 01/11/2023 | 50.9283950617284 |
| 01/12/2023 | 50.7950617283951 |
| 01/13/2023 | 51.7481481481482 |
| 01/17/2023 | 50.5246913580247 |
| 01/18/2023 | 53.358024691358 |
| 01/19/2023 | 50.9901234567901 |
| 01/20/2023 | 55.7938271604938 |
| 01/23/2023 | 56.204938271605 |
| 01/24/2023 | 55.5728395061728 |
| 01/25/2023 | 53.1432098765432 |
| 01/26/2023 | 52.0506172839506 |
| 01/27/2023 | 52.5111111111111 |
| 01/30/2023 | 51.9691358024691 |
| 01/31/2023 | 55.758024691358 |
| 02/01/2023 | 55.0530864197531 |
| 02/02/2023 | 54.7592592592593 |
| 02/03/2023 | 49.0506172839506 |
| 02/06/2023 | 46.9814814814815 |
| 02/07/2023 | 41.4358024691358 |
| 02/08/2023 | 43.0851851851852 |
| 02/09/2023 | 44.2691358024691 |
| 02/10/2023 | 46.6975308641975 |
| 02/13/2023 | 50.2950617283951 |
| 02/14/2023 | 49.5827160493827 |
| 02/15/2023 | 49.9518518518519 |
| 02/16/2023 | 49.9074074074074 |
| 02/17/2023 | 53.3592592592593 |
| 02/21/2023 | 54.7456790123457 |
| 02/22/2023 | 58.3234567901235 |
| 02/23/2023 | 61.2234567901235 |
| 02/24/2023 | 63.3950617283951 |
| 02/27/2023 | 63.8086419753086 |
| 02/28/2023 | 64.1913580246914 |
| 03/01/2023 | 67.1679012345679 |
| 03/02/2023 | 69.0283950617284 |
| 03/03/2023 | 72.0827160493827 |
| 03/06/2023 | 73.0049382716049 |
| 03/07/2023 | 70.8925925925926 |
| 03/08/2023 | 69.3049382716049 |
| 03/09/2023 | 67.7925925925926 |
| 03/10/2023 | 56.9814814814815 |
| 03/13/2023 | 45.1012345679012 |
| 03/14/2023 | 40.4543209876543 |
| 03/15/2023 | 32.0518518518519 |
| 03/16/2023 | 25.6148148148148 |
| 03/17/2023 | 27.3432098765432 |
| 03/20/2023 | 31.1481481481481 |
| 03/21/2023 | 34.5962962962963 |
| 03/22/2023 | 39.141975308642 |
| 03/23/2023 | 41.3506172839506 |
| 03/24/2023 | 42.2518518518519 |
| 03/27/2023 | 43.662962962963 |
| 03/28/2023 | 44.7481481481482 |
| 03/29/2023 | 49.5296296296296 |
| 03/30/2023 | 53.3197530864198 |
| 03/31/2023 | 64.3753086419753 |
| 04/03/2023 | 72.0728395061729 |
| 04/04/2023 | 73.3938271604938 |
| 04/05/2023 | 76.0185185185185 |
| 04/06/2023 | 78.7617283950617 |
| 04/10/2023 | 74.6234567901235 |
| 04/11/2023 | 76.4160493827161 |
| 04/12/2023 | 74.2592592592593 |
| 04/13/2023 | 74.8617283950617 |
| 04/14/2023 | 73.0493827160494 |
| 04/17/2023 | 71.4962962962963 |
| 04/18/2023 | 67.9938271604938 |
| 04/19/2023 | 72.5407407407408 |
| 04/20/2023 | 71.5 |
| 04/21/2023 | 72.7185185185185 |
| 04/24/2023 | 76.9679012345679 |
| 04/25/2023 | 78.279012345679 |
| 04/26/2023 | 77.3308641975309 |
| 04/27/2023 | 81.4197530864198 |
| 04/28/2023 | 78.4358024691358 |
| 05/01/2023 | 75.562962962963 |
| 05/02/2023 | 73.5493827160494 |
| 05/03/2023 | 69.0962962962963 |
| 05/04/2023 | 59.2691358024691 |
| 05/05/2023 | 61.6086419753086 |
| 05/08/2023 | 60.7493827160494 |
| 05/09/2023 | 61.4246913580247 |
| 05/10/2023 | 61.2395061728395 |
| 05/11/2023 | 62.5950617283951 |
| 05/12/2023 | 61.0395061728395 |
| 05/15/2023 | 62.3024691358025 |
| 05/16/2023 | 61.9432098765432 |
| 05/17/2023 | 66.6148148148148 |
| 05/18/2023 | 67.1753086419753 |
| 05/19/2023 | 65.6259259259259 |
| 05/22/2023 | 62.7691358024691 |
| 05/23/2023 | 62.8641975308642 |
| 05/24/2023 | 59.9271604938272 |
| 05/25/2023 | 58.4382716049383 |
| 05/26/2023 | 60.1493827160494 |
| 05/30/2023 | 60.1098765432099 |
| 05/31/2023 | 60.3407407407407 |
| 06/01/2023 | 62.7358024691358 |
| 06/02/2023 | 67.3432098765432 |
| 06/05/2023 | 67.2024691358025 |
| 06/06/2023 | 69.0913580246914 |
| 06/07/2023 | 68.4555555555556 |
| 06/08/2023 | 70.9148148148148 |
| 06/09/2023 | 68.2802469135802 |
| 06/12/2023 | 68.6555555555556 |
| 06/13/2023 | 67.3259259259259 |
| 06/14/2023 | 65.5098765432099 |
| 06/15/2023 | 59.9481481481482 |
| 06/16/2023 | 58.0432098765432 |
| 06/20/2023 | 56.1777777777778 |
| 06/21/2023 | 53.8518518518519 |
| 06/22/2023 | 53.0382716049383 |
| 06/23/2023 | 53.8222222222222 |
| 06/26/2023 | 56.2666666666667 |
| 06/27/2023 | 61.4259259259259 |
| 06/28/2023 | 64.8 |
| 06/29/2023 | 69.7074074074074 |
| 06/30/2023 | 77.1703703703704 |
| 07/03/2023 | 81.4150026838433 |
| 07/05/2023 | 80.9298174986581 |
| 07/06/2023 | 87.4508051529791 |
| 07/07/2023 | 91.3495705850778 |
| 07/10/2023 | 86.7273483628556 |
| 07/11/2023 | 86.6530864197531 |
| 07/12/2023 | 86.9333333333333 |
| 07/13/2023 | 85.0851851851852 |
| 07/14/2023 | 80.3283950617284 |
| 07/17/2023 | 82.3234567901235 |
| 07/18/2023 | 83.9197530864198 |
| 07/19/2023 | 82.4506172839506 |
| 07/20/2023 | 78.6246913580247 |
| 07/21/2023 | 78.5506172839506 |
| 07/24/2023 | 76.8098765432099 |
| 07/25/2023 | 79.1666666666667 |
| 07/26/2023 | 77.8506172839506 |
| 07/27/2023 | 78.1506172839506 |
| 07/28/2023 | 78.1074074074074 |
| 07/31/2023 | 77.6197530864198 |
| 08/01/2023 | 72.5938271604938 |
| 08/02/2023 | 75.4259259259259 |
| 08/03/2023 | 76.2728395061729 |
| 08/04/2023 | 76.6320987654321 |
| 08/07/2023 | 78.7654320987654 |
| 08/08/2023 | 77.8358024691358 |
| 08/09/2023 | 77.2222222222222 |
| 08/10/2023 | 70.6 |
| 08/11/2023 | 66.4 |
| 08/14/2023 | 61.6679012345679 |
| 08/15/2023 | 57.3864197530864 |
| 08/16/2023 | 51.9592592592593 |
| 08/17/2023 | 55.1296296296296 |
| 08/18/2023 | 53.8691358024691 |
| 08/21/2023 | 53.8654320987654 |
| 08/22/2023 | 53.9345679012346 |
| 08/23/2023 | 55.6061728395062 |
| 08/24/2023 | 54.4111111111111 |
| 08/25/2023 | 52.2543209876543 |
| 08/28/2023 | 49.5938271604938 |
| 08/29/2023 | 51.1518518518519 |
| 08/30/2023 | 51.2246913580247 |
| 08/31/2023 | 53.8074074074074 |
| 09/01/2023 | 58.1074074074074 |
| 09/05/2023 | 64.2925925925926 |
| 09/06/2023 | 67.7024691358025 |
| 09/07/2023 | 70.8123456790124 |
| 09/08/2023 | 70.7864197530864 |
| 09/11/2023 | 72.0469135802469 |
| 09/12/2023 | 69.2950617283951 |
| 09/13/2023 | 68.6851851851852 |
| 09/14/2023 | 70.0296296296296 |
| 09/15/2023 | 70.2851851851852 |
| 09/18/2023 | 72.9604938271605 |
| 09/19/2023 | 76.2172839506173 |
| 09/20/2023 | 73.9703703703704 |
| 09/21/2023 | 70.9271604938272 |
| 09/22/2023 | 70.6765432098765 |
| 09/25/2023 | 67.2098765432099 |
| 09/26/2023 | 64.8506172839506 |
| 09/27/2023 | 63.4567901234568 |
| 09/28/2023 | 61.2555555555556 |
| 09/29/2023 | 57.1382716049383 |
| 10/02/2023 | 53.0518518518519 |
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 1.14. Commercial real estate prices, adjusted for inflation, continued to decline
Jan. 2001 = 100
| Date | Equal-weighted |
|---|---|
| Dec. 2000 | 100.122645411204 |
| Jan. 2001 | 100 |
| Feb. 2001 | 100.00877416829 |
| Mar. 2001 | 100.085571483705 |
| Apr. 2001 | 99.8782842688122 |
| May. 2001 | 99.5025327593243 |
| Jun. 2001 | 99.2974380727089 |
| Jul. 2001 | 99.4560284165127 |
| Aug. 2001 | 99.2811683917406 |
| Sep. 2001 | 98.643303877337 |
| Oct. 2001 | 98.7880763489875 |
| Nov. 2001 | 98.767318111502 |
| Dec. 2001 | 98.9808449503947 |
| Jan. 2002 | 98.611161328505 |
| Feb. 2002 | 98.1478361949096 |
| Mar. 2002 | 97.6165037874528 |
| Apr. 2002 | 97.1845000945103 |
| May. 2002 | 97.411593279175 |
| Jun. 2002 | 97.727480284999 |
| Jul. 2002 | 98.136685343185 |
| Aug. 2002 | 98.4483670451771 |
| Sep. 2002 | 98.9955896137934 |
| Oct. 2002 | 99.5643473870692 |
| Nov. 2002 | 100.296546046524 |
| Dec. 2002 | 101.250802972362 |
| Jan. 2003 | 101.535818336817 |
| Feb. 2003 | 101.455405873747 |
| Mar. 2003 | 101.470300207057 |
| Apr. 2003 | 102.250540159532 |
| May. 2003 | 102.944260718847 |
| Jun. 2003 | 103.354318399002 |
| Jul. 2003 | 103.780033570344 |
| Aug. 2003 | 103.96222936519 |
| Sep. 2003 | 104.216375760226 |
| Oct. 2003 | 104.889064444432 |
| Nov. 2003 | 105.636002175164 |
| Dec. 2003 | 106.12554030655 |
| Jan. 2004 | 105.992254752574 |
| Feb. 2004 | 105.939550959137 |
| Mar. 2004 | 105.989237085901 |
| Apr. 2004 | 106.574344787255 |
| May. 2004 | 107.016282732392 |
| Jun. 2004 | 107.859845214692 |
| Jul. 2004 | 109.333205264617 |
| Aug. 2004 | 110.656525816544 |
| Sep. 2004 | 111.801388597251 |
| Oct. 2004 | 112.498367226323 |
| Nov. 2004 | 113.654722416542 |
| Dec. 2004 | 115.265975073926 |
| Jan. 2005 | 116.248038362183 |
| Feb. 2005 | 116.785278625638 |
| Mar. 2005 | 117.075698084767 |
| Apr. 2005 | 117.548520379624 |
| May. 2005 | 119.051510648848 |
| Jun. 2005 | 120.47536242299 |
| Jul. 2005 | 121.460509687224 |
| Aug. 2005 | 122.399305218876 |
| Sep. 2005 | 122.434865140147 |
| Oct. 2005 | 123.56154923529 |
| Nov. 2005 | 125.706852576711 |
| Dec. 2005 | 127.159834181955 |
| Jan. 2006 | 127.025221908305 |
| Feb. 2006 | 127.582606274435 |
| Mar. 2006 | 127.642164858911 |
| Apr. 2006 | 127.179178984382 |
| May. 2006 | 127.03601853647 |
| Jun. 2006 | 127.208905703893 |
| Jul. 2006 | 127.231781279654 |
| Aug. 2006 | 127.349494653574 |
| Sep. 2006 | 128.328303954099 |
| Oct. 2006 | 129.408367667245 |
| Nov. 2006 | 130.07528249859 |
| Dec. 2006 | 130.465289257706 |
| Jan. 2007 | 130.859705536311 |
| Feb. 2007 | 131.158525785659 |
| Mar. 2007 | 131.154816859438 |
| Apr. 2007 | 131.557893026097 |
| May. 2007 | 131.972880758251 |
| Jun. 2007 | 132.764149145487 |
| Jul. 2007 | 133.443311645109 |
| Aug. 2007 | 133.76186729552 |
| Sep. 2007 | 132.794235103386 |
| Oct. 2007 | 131.473111996047 |
| Nov. 2007 | 129.452079522258 |
| Dec. 2007 | 128.338690439594 |
| Jan. 2008 | 126.644229776295 |
| Feb. 2008 | 125.366130417114 |
| Mar. 2008 | 123.449972267077 |
| Apr. 2008 | 121.825843679083 |
| May. 2008 | 119.783854642922 |
| Jun. 2008 | 117.404615849291 |
| Jul. 2008 | 115.480913921754 |
| Aug. 2008 | 114.523158851484 |
| Sep. 2008 | 113.096569302546 |
| Oct. 2008 | 112.409479085653 |
| Nov. 2008 | 112.485216203143 |
| Dec. 2008 | 111.346177493393 |
| Jan. 2009 | 108.472721433752 |
| Feb. 2009 | 105.513850747623 |
| Mar. 2009 | 102.84383847761 |
| Apr. 2009 | 100.187652445545 |
| May. 2009 | 97.5588533300711 |
| Jun. 2009 | 94.5148903552916 |
| Jul. 2009 | 92.6258724708187 |
| Aug. 2009 | 90.6245591576681 |
| Sep. 2009 | 89.0452073867612 |
| Oct. 2009 | 87.7000509126643 |
| Nov. 2009 | 86.6065416403292 |
| Dec. 2009 | 85.909057663628 |
| Jan. 2010 | 84.932633449946 |
| Feb. 2010 | 84.3812667106645 |
| Mar. 2010 | 83.6559477916756 |
| Apr. 2010 | 83.2561659261991 |
| May. 2010 | 83.0636342678198 |
| Jun. 2010 | 83.1323063409573 |
| Jul. 2010 | 83.2184089238512 |
| Aug. 2010 | 83.3114093817499 |
| Sep. 2010 | 83.5568035091817 |
| Oct. 2010 | 83.790952212741 |
| Nov. 2010 | 84.0817925346985 |
| Dec. 2010 | 84.2195071344857 |
| Jan. 2011 | 84.03666105253 |
| Feb. 2011 | 83.7875384470337 |
| Mar. 2011 | 83.1266870749633 |
| Apr. 2011 | 82.7926435906129 |
| May. 2011 | 82.7106565331287 |
| Jun. 2011 | 83.2163534077695 |
| Jul. 2011 | 83.6915081924661 |
| Aug. 2011 | 84.0941981018352 |
| Sep. 2011 | 84.6337561099046 |
| Oct. 2011 | 85.410316297393 |
| Nov. 2011 | 85.9677599596536 |
| Dec. 2011 | 86.5608515244018 |
| Jan. 2012 | 86.4958125626402 |
| Feb. 2012 | 86.3992625718936 |
| Mar. 2012 | 86.0130303974633 |
| Apr. 2012 | 86.0117887173603 |
| May. 2012 | 86.3904389012354 |
| Jun. 2012 | 86.8456959842301 |
| Jul. 2012 | 87.3790348769842 |
| Aug. 2012 | 87.3709997766727 |
| Sep. 2012 | 87.5564893451398 |
| Oct. 2012 | 88.2499482290514 |
| Nov. 2012 | 89.3528032205167 |
| Dec. 2012 | 90.2371372218314 |
| Jan. 2013 | 90.5601971539701 |
| Feb. 2013 | 90.3786657441441 |
| Mar. 2013 | 90.6975358984698 |
| Apr. 2013 | 91.3872827154668 |
| May. 2013 | 91.9037635611226 |
| Jun. 2013 | 92.4479951123862 |
| Jul. 2013 | 93.2222903023323 |
| Aug. 2013 | 93.9448407485587 |
| Sep. 2013 | 94.6718877965004 |
| Oct. 2013 | 95.7536528441434 |
| Nov. 2013 | 96.7640915032473 |
| Dec. 2013 | 97.5716745223895 |
| Jan. 2014 | 98.0079353614967 |
| Feb. 2014 | 98.4442613426465 |
| Mar. 2014 | 98.6008580812406 |
| Apr. 2014 | 99.0735359160785 |
| May. 2014 | 99.5534711570608 |
| Jun. 2014 | 100.219406947673 |
| Jul. 2014 | 101.107543880737 |
| Aug. 2014 | 102.118484558042 |
| Sep. 2014 | 102.886829166576 |
| Oct. 2014 | 104.032461558379 |
| Nov. 2014 | 105.543735894719 |
| Dec. 2014 | 107.149110959029 |
| Jan. 2015 | 108.657672529263 |
| Feb. 2015 | 109.113410268524 |
| Mar. 2015 | 109.288175715011 |
| Apr. 2015 | 109.808634273225 |
| May. 2015 | 109.925651190017 |
| Jun. 2015 | 110.154671979236 |
| Jul. 2015 | 110.710195455859 |
| Aug. 2015 | 111.416415479154 |
| Sep. 2015 | 112.129486115338 |
| Oct. 2015 | 112.714516022 |
| Nov. 2015 | 113.459838775407 |
| Dec. 2015 | 114.326703273702 |
| Jan. 2016 | 114.577309939311 |
| Feb. 2016 | 114.942935292367 |
| Mar. 2016 | 114.988519632032 |
| Apr. 2016 | 115.10071039593 |
| May. 2016 | 115.394763634262 |
| Jun. 2016 | 115.824190887239 |
| Jul. 2016 | 116.813947373877 |
| Aug. 2016 | 117.447465312864 |
| Sep. 2016 | 117.813022719958 |
| Oct. 2016 | 118.188738520331 |
| Nov. 2016 | 118.77587654958 |
| Dec. 2016 | 119.039181289639 |
| Jan. 2017 | 118.619516287373 |
| Feb. 2017 | 118.546967263739 |
| Mar. 2017 | 118.868231813054 |
| Apr. 2017 | 119.106802458627 |
| May. 2017 | 119.734341091882 |
| Jun. 2017 | 120.413155928424 |
| Jul. 2017 | 121.280609939809 |
| Aug. 2017 | 121.681273758909 |
| Sep. 2017 | 121.76624328087 |
| Oct. 2017 | 122.483661517564 |
| Nov. 2017 | 123.012499400247 |
| Dec. 2017 | 123.553115059566 |
| Jan. 2018 | 123.378294148229 |
| Feb. 2018 | 123.437047620799 |
| Mar. 2018 | 123.909835890907 |
| Apr. 2018 | 124.259420217823 |
| May. 2018 | 124.596199612084 |
| Jun. 2018 | 125.230761229306 |
| Jul. 2018 | 126.007773199913 |
| Aug. 2018 | 126.637281900704 |
| Sep. 2018 | 127.031914196038 |
| Oct. 2018 | 127.167740855394 |
| Nov. 2018 | 127.830032220514 |
| Dec. 2018 | 128.423293162164 |
| Jan. 2019 | 128.44964844651 |
| Feb. 2019 | 128.33129775715 |
| Mar. 2019 | 128.249806019137 |
| Apr. 2019 | 128.397147995681 |
| May. 2019 | 129.096339803968 |
| Jun. 2019 | 130.10287479962 |
| Jul. 2019 | 130.865352425745 |
| Aug. 2019 | 131.70743909528 |
| Sep. 2019 | 132.269291359558 |
| Oct. 2019 | 132.501197027874 |
| Nov. 2019 | 133.032063991268 |
| Dec. 2019 | 133.602324155646 |
| Jan. 2020 | 133.503109059092 |
| Feb. 2020 | 133.443688984535 |
| Mar. 2020 | 133.781181760441 |
| Apr. 2020 | 134.448366619117 |
| May. 2020 | 134.105088384482 |
| Jun. 2020 | 133.221457773773 |
| Jul. 2020 | 132.87386388746 |
| Aug. 2020 | 133.367121872866 |
| Sep. 2020 | 134.574872196016 |
| Oct. 2020 | 136.10720642133 |
| Nov. 2020 | 137.742241226577 |
| Dec. 2020 | 138.999613562277 |
| Jan. 2021 | 139.674772422761 |
| Feb. 2021 | 140.054370977376 |
| Mar. 2021 | 140.301875813024 |
| Apr. 2021 | 140.584825848447 |
| May. 2021 | 141.214416872485 |
| Jun. 2021 | 142.036449238693 |
| Jul. 2021 | 143.917108754576 |
| Aug. 2021 | 146.525503435683 |
| Sep. 2021 | 149.095776606807 |
| Oct. 2021 | 150.675817864229 |
| Nov. 2021 | 152.466566076027 |
| Dec. 2021 | 154.048083174032 |
| Jan. 2022 | 153.973386750475 |
| Feb. 2022 | 153.123074451531 |
| Mar. 2022 | 151.447616868458 |
| Apr. 2022 | 151.35535033211 |
| May. 2022 | 150.819929453444 |
| Jun. 2022 | 149.78251645078 |
| Jul. 2022 | 150.132926933423 |
| Aug. 2022 | 149.655988053152 |
| Sep. 2022 | 148.062888133699 |
| Oct. 2022 | 145.706432457798 |
| Nov. 2022 | 143.663459274034 |
| Dec. 2022 | 141.697268678747 |
| Jan. 2023 | 138.283506978698 |
| Feb. 2023 | 135.693827069218 |
| Mar. 2023 | 133.995498419001 |
| Apr. 2023 | 132.500041797308 |
| May. 2023 | 131.650726229309 |
| Jun. 2023 | 130.957400001806 |
| Jul. 2023 | 130.63927220084 |
| Aug. 2023 | 130.018800691266 |
Note: The data are deflated using the consumer price index.
Source: Real Capital Analytics; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 1.15. Income of commercial properties relative to prices continued to grow but remained well below historical norms
| Date | Percent |
|---|---|
| Jan. 2001 | 8.42584357863012 |
| Feb. 2001 | 8.42781520052805 |
| Mar. 2001 | 8.45107488070957 |
| Apr. 2001 | 8.40410730346602 |
| May. 2001 | 8.44598470367778 |
| Jun. 2001 | 8.43443116623516 |
| Jul. 2001 | 8.46440192410627 |
| Aug. 2001 | 8.49047340854757 |
| Sep. 2001 | 8.52733545888773 |
| Oct. 2001 | 8.51799479086562 |
| Nov. 2001 | 8.54194783930933 |
| Dec. 2001 | 8.60114744689785 |
| Jan. 2002 | 8.62400970060083 |
| Feb. 2002 | 8.64137740124293 |
| Mar. 2002 | 8.66879431048255 |
| Apr. 2002 | 8.72443700342998 |
| May. 2002 | 8.67116128768718 |
| Jun. 2002 | 8.68157821142445 |
| Jul. 2002 | 8.64184386696401 |
| Aug. 2002 | 8.58982821139849 |
| Sep. 2002 | 8.48260787357227 |
| Oct. 2002 | 8.43809405610541 |
| Nov. 2002 | 8.40554338196643 |
| Dec. 2002 | 8.3471553592314 |
| Jan. 2003 | 8.30715710612207 |
| Feb. 2003 | 8.28322727474802 |
| Mar. 2003 | 8.27356465297779 |
| Apr. 2003 | 8.24578617873165 |
| May. 2003 | 8.2395341443864 |
| Jun. 2003 | 8.17967300138605 |
| Jul. 2003 | 8.16027596059691 |
| Aug. 2003 | 8.13098768999149 |
| Sep. 2003 | 8.11598002420057 |
| Oct. 2003 | 8.10056671563384 |
| Nov. 2003 | 8.06997997892312 |
| Dec. 2003 | 8.02691910079522 |
| Jan. 2004 | 7.99271438239234 |
| Feb. 2004 | 7.9451084999485 |
| Mar. 2004 | 7.898685159487 |
| Apr. 2004 | 7.86078290336254 |
| May. 2004 | 7.8277375514013 |
| Jun. 2004 | 7.80676822185659 |
| Jul. 2004 | 7.76233550634321 |
| Aug. 2004 | 7.7284870331537 |
| Sep. 2004 | 7.6550928507341 |
| Oct. 2004 | 7.60577125803015 |
| Nov. 2004 | 7.55213085777665 |
| Dec. 2004 | 7.45094502902075 |
| Jan. 2005 | 7.41659678044071 |
| Feb. 2005 | 7.37595397822686 |
| Mar. 2005 | 7.32358847445548 |
| Apr. 2005 | 7.25143947984576 |
| May. 2005 | 7.20465076834108 |
| Jun. 2005 | 7.13372138256722 |
| Jul. 2005 | 7.08779184130356 |
| Aug. 2005 | 7.04124409584114 |
| Sep. 2005 | 6.99891680849711 |
| Oct. 2005 | 6.93588917870697 |
| Nov. 2005 | 6.89820295091301 |
| Dec. 2005 | 6.87459870952278 |
| Jan. 2006 | 6.81610787003842 |
| Feb. 2006 | 6.78439496426369 |
| Mar. 2006 | 6.74058293384808 |
| Apr. 2006 | 6.71439165575481 |
| May. 2006 | 6.68467464740217 |
| Jun. 2006 | 6.65548344741223 |
| Jul. 2006 | 6.62453741134636 |
| Aug. 2006 | 6.59855721680953 |
| Sep. 2006 | 6.56329141807013 |
| Oct. 2006 | 6.56844891152357 |
| Nov. 2006 | 6.56577034522139 |
| Dec. 2006 | 6.55914230032628 |
| Jan. 2007 | 6.53838318028966 |
| Feb. 2007 | 6.52598322532537 |
| Mar. 2007 | 6.52321332196099 |
| Apr. 2007 | 6.49560903001039 |
| May. 2007 | 6.46478687054059 |
| Jun. 2007 | 6.45319996579402 |
| Jul. 2007 | 6.44616140147657 |
| Aug. 2007 | 6.44381193731585 |
| Sep. 2007 | 6.44307439950393 |
| Oct. 2007 | 6.44664046122694 |
| Nov. 2007 | 6.43576555196738 |
| Dec. 2007 | 6.41815009027502 |
| Jan. 2008 | 6.42890591456606 |
| Feb. 2008 | 6.45340891170436 |
| Mar. 2008 | 6.46698148705782 |
| Apr. 2008 | 6.51033055664904 |
| May. 2008 | 6.55819129021592 |
| Jun. 2008 | 6.60569969480499 |
| Jul. 2008 | 6.63675939992215 |
| Aug. 2008 | 6.69356499943978 |
| Sep. 2008 | 6.74538876382535 |
| Oct. 2008 | 6.74012544590081 |
| Nov. 2008 | 6.78678016012706 |
| Dec. 2008 | 6.8323574497783 |
| Jan. 2009 | 6.89321127121927 |
| Feb. 2009 | 6.88458603568105 |
| Mar. 2009 | 6.93277315492913 |
| Apr. 2009 | 6.9434142409514 |
| May. 2009 | 6.98968637370023 |
| Jun. 2009 | 7.07758203814438 |
| Jul. 2009 | 7.19229098155824 |
| Aug. 2009 | 7.2551977588627 |
| Sep. 2009 | 7.34815016283176 |
| Oct. 2009 | 7.43476530490305 |
| Nov. 2009 | 7.46726990080005 |
| Dec. 2009 | 7.53458577857887 |
| Jan. 2010 | 7.53535388284773 |
| Feb. 2010 | 7.57064282921726 |
| Mar. 2010 | 7.60501325396685 |
| Apr. 2010 | 7.68501578112775 |
| May. 2010 | 7.68513363878034 |
| Jun. 2010 | 7.67507072014824 |
| Jul. 2010 | 7.63122825810434 |
| Aug. 2010 | 7.65948063678111 |
| Sep. 2010 | 7.62322747711913 |
| Oct. 2010 | 7.59882251144498 |
| Nov. 2010 | 7.57048501845777 |
| Dec. 2010 | 7.50046297121652 |
| Jan. 2011 | 7.50478864979292 |
| Feb. 2011 | 7.47221919234744 |
| Mar. 2011 | 7.42012825702305 |
| Apr. 2011 | 7.38919637086568 |
| May. 2011 | 7.35846677662324 |
| Jun. 2011 | 7.30461676507032 |
| Jul. 2011 | 7.27699432786489 |
| Aug. 2011 | 7.22734590741533 |
| Sep. 2011 | 7.20051810639882 |
| Oct. 2011 | 7.18833922788884 |
| Nov. 2011 | 7.16596475022796 |
| Dec. 2011 | 7.1484189898924 |
| Jan. 2012 | 7.10028578931502 |
| Feb. 2012 | 7.09489282617156 |
| Mar. 2012 | 7.07897799086012 |
| Apr. 2012 | 7.04377681922457 |
| May. 2012 | 7.00905090632236 |
| Jun. 2012 | 6.9775667084703 |
| Jul. 2012 | 6.9633256840026 |
| Aug. 2012 | 6.95055326158503 |
| Sep. 2012 | 6.93883575558521 |
| Oct. 2012 | 6.90203478915939 |
| Nov. 2012 | 6.87561686028113 |
| Dec. 2012 | 6.8352579622661 |
| Jan. 2013 | 6.84289390554406 |
| Feb. 2013 | 6.8345527607122 |
| Mar. 2013 | 6.8311116712576 |
| Apr. 2013 | 6.8079618019873 |
| May. 2013 | 6.80846566853779 |
| Jun. 2013 | 6.78920940734219 |
| Jul. 2013 | 6.7788278594117 |
| Aug. 2013 | 6.74135845909278 |
| Sep. 2013 | 6.71932305111918 |
| Oct. 2013 | 6.72491262448727 |
| Nov. 2013 | 6.72002365286595 |
| Dec. 2013 | 6.68852237095733 |
| Jan. 2014 | 6.65412451057281 |
| Feb. 2014 | 6.62650575676954 |
| Mar. 2014 | 6.59440625110582 |
| Apr. 2014 | 6.60540876987351 |
| May. 2014 | 6.58892554850192 |
| Jun. 2014 | 6.57035130461114 |
| Jul. 2014 | 6.53711064344463 |
| Aug. 2014 | 6.53920175937688 |
| Sep. 2014 | 6.50108647959625 |
| Oct. 2014 | 6.46951992863436 |
| Nov. 2014 | 6.45979956207163 |
| Dec. 2014 | 6.42802862125476 |
| Jan. 2015 | 6.41066675889126 |
| Feb. 2015 | 6.40588580014364 |
| Mar. 2015 | 6.39156849544721 |
| Apr. 2015 | 6.34576846250794 |
| May. 2015 | 6.31657441895361 |
| Jun. 2015 | 6.31256118204419 |
| Jul. 2015 | 6.29895423746734 |
| Aug. 2015 | 6.27768022964678 |
| Sep. 2015 | 6.28079985766562 |
| Oct. 2015 | 6.26051884460383 |
| Nov. 2015 | 6.23860592602248 |
| Dec. 2015 | 6.22092210922989 |
| Jan. 2016 | 6.2280973377016 |
| Feb. 2016 | 6.2113755101772 |
| Mar. 2016 | 6.19388118640685 |
| Apr. 2016 | 6.18858176522232 |
| May. 2016 | 6.17939528885356 |
| Jun. 2016 | 6.16912544090224 |
| Jul. 2016 | 6.15005190795455 |
| Aug. 2016 | 6.13946116303514 |
| Sep. 2016 | 6.11839000458607 |
| Oct. 2016 | 6.10404535532035 |
| Nov. 2016 | 6.1101643865522 |
| Dec. 2016 | 6.11906264113893 |
| Jan. 2017 | 6.10368443107753 |
| Feb. 2017 | 6.10836778233388 |
| Mar. 2017 | 6.12548540825519 |
| Apr. 2017 | 6.14397902842497 |
| May. 2017 | 6.13321489088518 |
| Jun. 2017 | 6.11595253506164 |
| Jul. 2017 | 6.11445493528646 |
| Aug. 2017 | 6.11090941758757 |
| Sep. 2017 | 6.10162932700453 |
| Oct. 2017 | 6.10829120882909 |
| Nov. 2017 | 6.09919261287353 |
| Dec. 2017 | 6.08961236246321 |
| Jan. 2018 | 6.08228030018647 |
| Feb. 2018 | 6.07520505539971 |
| Mar. 2018 | 6.05576547296285 |
| Apr. 2018 | 6.04195949587461 |
| May. 2018 | 6.03561144243326 |
| Jun. 2018 | 6.04118906279534 |
| Jul. 2018 | 6.04327523582776 |
| Aug. 2018 | 6.03601763537625 |
| Sep. 2018 | 6.046406025067 |
| Oct. 2018 | 6.04737051240222 |
| Nov. 2018 | 6.0406180017814 |
| Dec. 2018 | 6.0194601897703 |
| Jan. 2019 | 6.02958259882864 |
| Feb. 2019 | 6.02242579165463 |
| Mar. 2019 | 6.03307792103266 |
| Apr. 2019 | 6.03201535540081 |
| May. 2019 | 6.05956848130754 |
| Jun. 2019 | 6.04607522169444 |
| Jul. 2019 | 6.04807716701022 |
| Aug. 2019 | 6.03514114861287 |
| Sep. 2019 | 6.01573431829401 |
| Oct. 2019 | 5.99735763214668 |
| Nov. 2019 | 5.9820262647066 |
| Dec. 2019 | 5.97655959361672 |
| Jan. 2020 | 5.96921116086168 |
| Feb. 2020 | 5.97179638617433 |
| Mar. 2020 | 5.94608874285463 |
| Apr. 2020 | 5.94017417299258 |
| May. 2020 | 5.90161284394343 |
| Jun. 2020 | 5.89815157580793 |
| Jul. 2020 | 5.86437214031913 |
| Aug. 2020 | 5.85861180449616 |
| Sep. 2020 | 5.85909706306628 |
| Oct. 2020 | 5.84025225962965 |
| Nov. 2020 | 5.82547257923474 |
| Dec. 2020 | 5.80223526701112 |
| Jan. 2021 | 5.77654298832998 |
| Feb. 2021 | 5.76902795106815 |
| Mar. 2021 | 5.7637467712359 |
| Apr. 2021 | 5.76501273743481 |
| May. 2021 | 5.75890583203636 |
| Jun. 2021 | 5.74621626384078 |
| Jul. 2021 | 5.7322732442542 |
| Aug. 2021 | 5.71958407122421 |
| Sep. 2021 | 5.68022298663195 |
| Oct. 2021 | 5.65017496468009 |
| Nov. 2021 | 5.63777392059268 |
| Dec. 2021 | 5.59117512490506 |
| Jan. 2022 | 5.5708190008617 |
| Feb. 2022 | 5.55266257885631 |
| Mar. 2022 | 5.53338893576306 |
| Apr. 2022 | 5.50296473969557 |
| May. 2022 | 5.48094966792756 |
| Jun. 2022 | 5.45252187687312 |
| Jul. 2022 | 5.43944198896347 |
| Aug. 2022 | 5.42821397951633 |
| Sep. 2022 | 5.43663981783565 |
| Oct. 2022 | 5.4573663478555 |
| Nov. 2022 | 5.46268776881971 |
| Dec. 2022 | 5.4926252148404 |
| Jan. 2023 | 5.52148530497736 |
| Feb. 2023 | 5.52283782090155 |
| Mar. 2023 | 5.56896671608481 |
| Apr. 2023 | 5.60459839670514 |
| May. 2023 | 5.66716956841774 |
| Jun. 2023 | 5.73759122846028 |
| Jul. 2023 | 5.79712931675666 |
| Aug. 2023 | 5.84239202279566 |
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
This is a line chart titled “Banks reported tightening lending standards in commercial real estate loans.” The x-axis measures time and ranges from 1997 to 2023. The data are quarterly. There is one line on the chart. The line shows “Net percentage of banks reporting.” The series begins just under 0 in 1997 before a quick rise to around 40 in the middle of 1998. There is a dip and then an increase to 45 in 2000:Q1. There is a steady decrease and the series bottoms out at -20 in 2004:Q1. From there the series climbs to over 80 in 2008:Q4. From this peak, there is a decrease to below 0 starting in 2011 until 2015. The series has a small quick spike to around 20 in 2015, and remains roughly steady until another quick peak of 65 in 2019:Q1, before a dramatic decline to -20 in 2022:Q1. The series has been increasing and finishes at a value of around 60 in 2023:Q2. There is also a horizonal line marked at zero. Data points above zero to 100 are labeled Tightening and data points below zero to -100 are labeled Easing.
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.
Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; Federal Reserve Board staff calculations.
Figure 1.17. House prices started increasing again in recent months
12-month percent change
| Date | Zillow | CoreLogic | Case-Shiller |
|---|---|---|---|
| Jan. 2003 | 7.26332534373228 | 9.68021415415618 | 9.6272758502233 |
| Feb. 2003 | 7.34821224877625 | 9.62223794139738 | 9.75880944235376 |
| Mar. 2003 | 7.42269461960806 | 9.57580715168107 | 9.64979224963961 |
| Apr. 2003 | 7.50336554811991 | 9.49427532199505 | 9.46229343175909 |
| May. 2003 | 7.58896015990845 | 9.26053633585543 | 9.14810828710986 |
| Jun. 2003 | 7.65022220077094 | 9.00114573248963 | 8.91032453200359 |
| Jul. 2003 | 7.68648472198071 | 8.81631851722976 | 8.86086183199936 |
| Aug. 2003 | 7.7207081530811 | 8.95814680414197 | 9.01146476389 |
| Sep. 2003 | 7.78877467048208 | 9.36601313863913 | 9.23579568093077 |
| Oct. 2003 | 7.86424520720038 | 9.86596117172603 | 9.3863960678611 |
| Nov. 2003 | 7.91725640171266 | 10.3027300842736 | 9.57833228048011 |
| Dec. 2003 | 7.94381869127311 | 10.8632892350856 | 9.81517892253243 |
| Jan. 2004 | 8.00181606663433 | 11.3561452438623 | 10.2311006658833 |
| Feb. 2004 | 8.12949204176177 | 11.7622325684174 | 10.6756019636874 |
| Mar. 2004 | 8.32778330250711 | 12.3311765575177 | 11.4221637924368 |
| Apr. 2004 | 8.56356038999632 | 12.9956246535744 | 12.0239098781516 |
| May. 2004 | 8.84171023086706 | 13.4927863978056 | 12.5151699029126 |
| Jun. 2004 | 9.17549172121839 | 14.1360411084831 | 12.9775576071456 |
| Jul. 2004 | 9.54799693663057 | 14.5101303654266 | 13.1377645748236 |
| Aug. 2004 | 9.88596351055251 | 14.576751762506 | 13.1205412958741 |
| Sep. 2004 | 10.1603455803733 | 14.7211895376765 | 13.1529034140648 |
| Oct. 2004 | 10.3782177777532 | 14.9778795529386 | 13.2772865632701 |
| Nov. 2004 | 10.5868627200477 | 15.1972233835325 | 13.4971535634503 |
| Dec. 2004 | 10.8234889364981 | 15.4727701603662 | 13.6360381006947 |
| Jan. 2005 | 11.0586381131809 | 15.5714299555557 | 13.8014355767181 |
| Feb. 2005 | 11.2633290113605 | 15.8260470787245 | 14.0040836443005 |
| Mar. 2005 | 11.4205472221993 | 16.215811170312 | 14.2282065519156 |
| Apr. 2005 | 11.6017669666081 | 16.3636922579295 | 14.2427144616227 |
| May. 2005 | 11.735813440258 | 16.2098442232942 | 14.2914925171902 |
| Jun. 2005 | 11.8333571834265 | 15.9980633738831 | 14.2838161041722 |
| Jul. 2005 | 11.8564324352367 | 15.87115236688 | 14.2838387816726 |
| Aug. 2005 | 11.8760852570078 | 16.0241030264364 | 14.3748780963526 |
| Sep. 2005 | 11.890630242472 | 16.2544428451489 | 14.5058345690155 |
| Oct. 2005 | 11.8919323394876 | 15.9755954955239 | 14.3634037108125 |
| Nov. 2005 | 11.8663777253135 | 15.5986895776379 | 14.0761904761905 |
| Dec. 2005 | 11.7646428868723 | 15.1715946399592 | 13.5123211697233 |
| Jan. 2006 | 11.5738432520279 | 14.661122402174 | 12.9269968150878 |
| Feb. 2006 | 11.3166532482439 | 13.8017959280443 | 12.0923913043478 |
| Mar. 2006 | 11.0396665402329 | 12.4997811836622 | 11.0402235994653 |
| Apr. 2006 | 10.6988665564952 | 10.9544873436841 | 9.97005988023952 |
| May. 2006 | 10.2910111599717 | 9.33112197887872 | 8.75309661436829 |
| Jun. 2006 | 9.7590860203998 | 7.49001581132933 | 7.28403673991396 |
| Jul. 2006 | 9.10021321543759 | 5.89823980330726 | 6.03676048248134 |
| Aug. 2006 | 8.33508479398542 | 4.50714623488926 | 4.82605729877218 |
| Sep. 2006 | 7.4817587713278 | 3.31889671336219 | 3.71037666798039 |
| Oct. 2006 | 6.63394182638629 | 2.40697884090724 | 2.96503496503497 |
| Nov. 2006 | 5.8113842387537 | 1.44754285133435 | 2.20404074135916 |
| Dec. 2006 | 5.0550555261808 | 0.362402024575875 | 1.73227472100382 |
| Jan. 2007 | 4.39214389808882 | -0.538023008291261 | 1.04518055632361 |
| Feb. 2007 | 3.78664818266824 | -1.38546369883026 | 0.534435261707988 |
| Mar. 2007 | 3.17851930640373 | -2.68622700511364 | -0.306429548563613 |
| Apr. 2007 | 2.53238901915152 | -3.56349421612858 | -0.827661312278797 |
| May. 2007 | 1.84383499339449 | -4.21597238032954 | -1.35589543334418 |
| Jun. 2007 | 1.15464472568494 | -4.53175806541443 | -1.63099431048497 |
| Jul. 2007 | 0.482553638650487 | -4.86647506918701 | -1.96089052597368 |
| Aug. 2007 | -0.128110867819115 | -5.44163765888098 | -2.26668835746435 |
| Sep. 2007 | -0.676396210400602 | -6.34507857526718 | -2.75787187839304 |
| Oct. 2007 | -1.18462988573748 | -7.48146473402571 | -3.54251562075524 |
| Nov. 2007 | -1.69199654383914 | -8.6279705959405 | -4.6125360779829 |
| Dec. 2007 | -2.19139619025979 | -9.7118319601698 | -5.39758773126671 |
| Jan. 2008 | -2.72756043245954 | -10.9009465021008 | -6.37040280210157 |
| Feb. 2008 | -3.31728865170014 | -12.0170211777083 | -7.27790869732011 |
| Mar. 2008 | -3.97276162534871 | -12.6774271090448 | -7.84346012404632 |
| Apr. 2008 | -4.67934997561601 | -13.2593340060545 | -8.13155438423105 |
| May. 2008 | -5.3586106666193 | -13.37939973978 | -8.17022212447767 |
| Jun. 2008 | -5.99807705949873 | -13.4148941216368 | -8.26264184201829 |
| Jul. 2008 | -6.58609869362451 | -13.7279990167833 | -8.44245538427537 |
| Aug. 2008 | -7.22557810234876 | -14.1287356143999 | -8.84980302946235 |
| Sep. 2008 | -7.82903668780975 | -14.9405871712815 | -9.60808396605628 |
| Oct. 2008 | -8.39175235000201 | -15.7378695935913 | -10.3475468934828 |
| Nov. 2008 | -8.87292473543935 | -16.2359948117192 | -10.8986069878968 |
| Dec. 2008 | -9.32851331860634 | -17.0117052406013 | -11.993769470405 |
| Jan. 2009 | -9.70502577657843 | -17.5004817668201 | -12.6958148234744 |
| Feb. 2009 | -9.90914222693297 | -17.0909582051475 | -12.748980436196 |
| Mar. 2009 | -9.98765492158044 | -16.3136467399929 | -12.7337701012507 |
| Apr. 2009 | -9.97954847000265 | -15.0423130996109 | -12.1802534066459 |
| May. 2009 | -9.95217344584199 | -13.3207692235568 | -11.2860735241289 |
| Jun. 2009 | -9.85000393375862 | -11.5819924109903 | -10.0516392458268 |
| Jul. 2009 | -9.63945453888597 | -10.0495171662902 | -9.02781968499186 |
| Aug. 2009 | -9.29552225736902 | -8.68141980154695 | -8.2846359873387 |
| Sep. 2009 | -8.89048913838325 | -7.46146875132909 | -7.58446050274844 |
| Oct. 2009 | -8.40776569967486 | -5.84374839205037 | -6.64111585825584 |
| Nov. 2009 | -7.75534650201141 | -3.87249948520316 | -5.20920099955148 |
| Dec. 2009 | -6.96855514717157 | -2.22668104917812 | -3.86102917076369 |
| Jan. 2010 | -6.11701004137461 | -1.40179739227397 | -2.91912158543118 |
| Feb. 2010 | -5.38646759896272 | -1.41431737501999 | -3.09578647879691 |
| Mar. 2010 | -4.67244554689386 | -0.277666955735927 | -1.992901992902 |
| Apr. 2010 | -3.93003009814642 | 0.80636174330296 | -1.04804682183203 |
| May. 2010 | -3.1936022648769 | 1.01616078575601 | -0.762637510967129 |
| Jun. 2010 | -2.60227506126865 | 0.669299806146613 | -1.39519359145528 |
| Jul. 2010 | -2.29249975066626 | -0.181706728168859 | -2.10945273631841 |
| Aug. 2010 | -2.17256080003219 | -1.22027272041823 | -2.81409703325146 |
| Sep. 2010 | -2.20788880459508 | -2.11692101443075 | -3.35494219073714 |
| Oct. 2010 | -2.36049412007012 | -2.77306016021052 | -3.6745406824147 |
| Nov. 2010 | -2.71331984458353 | -3.56340313972722 | -4.13681222117075 |
| Dec. 2010 | -3.16146798392389 | -3.7126222582987 | -4.11155052502387 |
| Jan. 2011 | -3.64302228920792 | -3.62437540435256 | -4.11034482758621 |
| Feb. 2011 | -4.08345244298507 | -3.55148656717295 | -3.71198881509962 |
| Mar. 2011 | -4.53804429884515 | -4.34935564559776 | -4.04596100278552 |
| Apr. 2011 | -5.07260407799275 | -4.53813073145919 | -4.29160935350757 |
| May. 2011 | -5.60813464619358 | -4.41932036485362 | -4.31855277475517 |
| Jun. 2011 | -6.02302820332401 | -3.92670379299807 | -3.89953286845848 |
| Jul. 2011 | -6.14535919206957 | -3.09322090923836 | -3.54408077522531 |
| Aug. 2011 | -6.06068926148398 | -2.32302652604667 | -3.16874957317491 |
| Sep. 2011 | -5.81962118261597 | -1.65328837302035 | -3.07032708664686 |
| Oct. 2011 | -5.55216899214021 | -1.41202439800636 | -3.29770139034444 |
| Nov. 2011 | -5.22744892776966 | -1.38499978301916 | -3.63136370046538 |
| Dec. 2011 | -4.90563433045522 | -1.00138177921513 | -3.88252862120459 |
| Jan. 2012 | -4.53284266933878 | -0.41104561042678 | -3.50258918296893 |
| Feb. 2012 | -4.06691196613929 | 0.500278313125499 | -2.71526063598084 |
| Mar. 2012 | -3.4800201516712 | 1.87277344350367 | -1.3934247768343 |
| Apr. 2012 | -2.77505673919192 | 2.66322237267251 | -0.495832135671168 |
| May. 2012 | -1.98687131825814 | 3.3530364275706 | 0.255881725780094 |
| Jun. 2012 | -1.14730989985078 | 3.76062371966782 | 0.85945755547728 |
| Jul. 2012 | -0.351399448269814 | 4.12680986487365 | 1.36293382042995 |
| Aug. 2012 | 0.328961082119637 | 4.64714423017934 | 2.05938359545808 |
| Sep. 2012 | 1.0044002208951 | 5.27446940566825 | 2.98922736676894 |
| Oct. 2012 | 1.7073422912712 | 5.96081456888918 | 4.01705079112781 |
| Nov. 2012 | 2.44029860645918 | 6.93655802741327 | 5.33401624350627 |
| Dec. 2012 | 3.16160761208418 | 7.77860400406582 | 6.43633942442851 |
| Jan. 2013 | 3.86108774331747 | 8.68532410224048 | 7.55757620928674 |
| Feb. 2013 | 4.46483753005742 | 9.37030956048427 | 8.32835820895522 |
| Mar. 2013 | 4.94274977731178 | 9.91852343905396 | 8.89821152572312 |
| Apr. 2013 | 5.37502550739114 | 9.93470981402322 | 9.0272261139597 |
| May. 2013 | 5.86449262763041 | 9.75198895191321 | 9.0818858560794 |
| Jun. 2013 | 6.37972584972836 | 9.39595505554188 | 9.26171684012015 |
| Jul. 2013 | 6.77928768387249 | 9.45284492979368 | 9.71028555586359 |
| Aug. 2013 | 7.21093454263137 | 9.61225746026473 | 10.1513371570728 |
| Sep. 2013 | 7.5274732809248 | 9.9223166305484 | 10.6123579939041 |
| Oct. 2013 | 7.88653976193689 | 10.1379976815216 | 10.8286448565673 |
| Nov. 2013 | 8.02639600726604 | 10.077712943369 | 10.7043623228675 |
| Dec. 2013 | 8.09049519011872 | 9.93049170476849 | 10.7110585945645 |
| Jan. 2014 | 8.00871943802811 | 9.85220101106982 | 10.4358672302682 |
| Feb. 2014 | 7.91831279637106 | 9.80123476631992 | 10.1336456324056 |
| Mar. 2014 | 7.80730537787902 | 8.93106386930597 | 8.94160583941605 |
| Apr. 2014 | 7.64407616171405 | 7.96721480779072 | 7.94859905941578 |
| May. 2014 | 7.44207067917959 | 7.01916226491624 | 7.03236708696217 |
| Jun. 2014 | 7.08958751991572 | 6.31436435666944 | 6.25199769865115 |
| Jul. 2014 | 6.81382427081268 | 5.72839138791639 | 5.59100385368627 |
| Aug. 2014 | 6.44361330167709 | 5.34086596866907 | 5.05018820577163 |
| Sep. 2014 | 6.11943658237463 | 5.06313687505792 | 4.73446893787575 |
| Oct. 2014 | 5.60451726034138 | 5.09035355352155 | 4.60641764853346 |
| Nov. 2014 | 5.30232335445729 | 5.04503157342484 | 4.57426115329108 |
| Dec. 2014 | 5.12205842948517 | 4.98027326400928 | 4.50778503264692 |
| Jan. 2015 | 5.09879238827727 | 4.99298547972175 | 4.31699818033507 |
| Feb. 2015 | 5.04174687720313 | 5.06841035360386 | 4.22843560392819 |
| Mar. 2015 | 4.98770633347356 | 5.17308930383765 | 4.28066257211986 |
| Apr. 2015 | 4.97461744075746 | 5.20452307969428 | 4.29526906792661 |
| May. 2015 | 4.94061588988681 | 5.19788471773165 | 4.35389846975953 |
| Jun. 2015 | 4.95076186166909 | 5.2004632505397 | 4.35593526261957 |
| Jul. 2015 | 4.98706276228284 | 5.08452471868059 | 4.40349407682183 |
| Aug. 2015 | 5.16545126617352 | 5.08543214114965 | 4.47297700806211 |
| Sep. 2015 | 5.42532830540548 | 5.29067189291664 | 4.66993542214781 |
| Oct. 2015 | 5.83624498770634 | 5.33605082252143 | 4.8768797555569 |
| Nov. 2015 | 6.1077888398019 | 5.40453648344119 | 5.08820352814112 |
| Dec. 2015 | 6.3064402719777 | 5.5082401522557 | 5.20245103928872 |
| Jan. 2016 | 6.46147027106524 | 5.63673982082189 | 5.28721804511278 |
| Feb. 2016 | 6.6144305546537 | 5.63792838407808 | 5.19114205125128 |
| Mar. 2016 | 6.60343844668374 | 5.61159989724267 | 5.06276399547861 |
| Apr. 2016 | 6.51101601870848 | 5.57707249450334 | 5.01853268223804 |
| May. 2016 | 6.36988143995511 | 5.41175355904823 | 4.94617398894385 |
| Jun. 2016 | 6.34107547502284 | 5.1974326047137 | 4.8832516575382 |
| Jul. 2016 | 6.1767139431604 | 5.18716018824829 | 4.88252148997135 |
| Aug. 2016 | 5.96535382875391 | 5.14837157081987 | 4.98456613696124 |
| Sep. 2016 | 5.73109949118009 | 5.17171436653629 | 5.08426163953155 |
| Oct. 2016 | 5.56774132827673 | 5.31315855684744 | 5.12425021422451 |
| Nov. 2016 | 5.52277887866182 | 5.42791855775884 | 5.1901336073998 |
| Dec. 2016 | 5.51066938976249 | 5.45983265103988 | 5.30493375970762 |
| Jan. 2017 | 5.45546327005608 | 5.51472579138269 | 5.49588665447898 |
| Feb. 2017 | 5.42942446148429 | 5.64733876074483 | 5.55682336832497 |
| Mar. 2017 | 5.57429405280402 | 5.69144646357245 | 5.6228765571914 |
| Apr. 2017 | 5.80717300514585 | 5.65233097977987 | 5.63025210084034 |
| May. 2017 | 5.96607884841945 | 5.67255553514984 | 5.65012475741613 |
| Jun. 2017 | 5.99927893459877 | 5.7617343647481 | 5.68931398416888 |
| Jul. 2017 | 6.07264745916575 | 5.77987164255277 | 5.73707791498197 |
| Aug. 2017 | 6.17909002055658 | 5.85306856559587 | 5.82053795056082 |
| Sep. 2017 | 6.26954122700062 | 5.92032472421355 | 5.90921446045121 |
| Oct. 2017 | 6.32619827257557 | 5.96862952538307 | 6.01565047277469 |
| Nov. 2017 | 6.37245790545929 | 6.05781803911095 | 6.09564131791783 |
| Dec. 2017 | 6.41531456033591 | 6.032175720184 | 6.20356813621821 |
| Jan. 2018 | 6.45056653481568 | 5.98601440913472 | 6.20600021661432 |
| Feb. 2018 | 6.44234018892095 | 6.20122922660309 | 6.42633228840125 |
| Mar. 2018 | 6.50658240056356 | 6.37116983574274 | 6.46008684930039 |
| Apr. 2018 | 6.45999511259087 | 6.29160945834794 | 6.4014850172368 |
| May. 2018 | 6.46746783556957 | 6.16298209827441 | 6.25590427206887 |
| Jun. 2018 | 6.35281090540834 | 5.89774735558001 | 6.12680085296718 |
| Jul. 2018 | 6.42796524255229 | 5.73154200165078 | 5.90636626705249 |
| Aug. 2018 | 6.46983779680619 | 5.50979035397824 | 5.64960123488553 |
| Sep. 2018 | 6.49846082367063 | 5.34047642594012 | 5.42038805050816 |
| Oct. 2018 | 6.30242026004604 | 5.19643857664266 | 5.26936285816803 |
| Nov. 2018 | 6.06834407890002 | 4.90163263217156 | 4.93707152358539 |
| Dec. 2018 | 5.83373212127729 | 4.6172211776136 | 4.51876436047996 |
| Jan. 2019 | 5.68357257601729 | 4.4333109735087 | 4.12502549459515 |
| Feb. 2019 | 5.62254536549163 | 4.15275751955218 | 3.82408206794983 |
| Mar. 2019 | 5.50212027170332 | 3.84508807016698 | 3.63077852754556 |
| Apr. 2019 | 5.38384953297719 | 3.7620489592219 | 3.52905991426577 |
| May. 2019 | 5.16366824608092 | 3.7105892698261 | 3.40808060851527 |
| Jun. 2019 | 5.05902079992099 | 3.66328298840162 | 3.20999754962018 |
| Jul. 2019 | 4.82164331713139 | 3.60671599791762 | 3.12271285679434 |
| Aug. 2019 | 4.63553632314543 | 3.70693624065748 | 3.10719329859251 |
| Sep. 2019 | 4.4087127172233 | 3.8155841730073 | 3.16973415132924 |
| Oct. 2019 | 4.44408077145442 | 3.91664844091732 | 3.21858109753128 |
| Nov. 2019 | 4.61256818710413 | 4.12675582885661 | 3.4176783189508 |
| Dec. 2019 | 4.8458106170155 | 4.38644161477614 | 3.68832437713728 |
| Jan. 2020 | 5.06252843343246 | 4.60727040399214 | 4.01547426668625 |
| Feb. 2020 | 5.19241109108268 | 4.84490383011096 | 4.29954999021718 |
| Mar. 2020 | 5.31793585288505 | 5.20708251395601 | 4.57748189902328 |
| Apr. 2020 | 5.40544688537175 | 5.18479307811215 | 4.59797785267213 |
| May. 2020 | 5.36796971042057 | 4.8797574022315 | 4.36568589988536 |
| Jun. 2020 | 5.23606117764543 | 5.09366572115269 | 4.38271604938273 |
| Jul. 2020 | 5.23577963769322 | 5.72930232822465 | 4.8450437662645 |
| Aug. 2020 | 5.60131333424801 | 6.30614718058624 | 5.83345141939445 |
| Sep. 2020 | 6.48546233024386 | 7.06428538795473 | 7.04610883005333 |
| Oct. 2020 | 7.51169353168893 | 7.89359451135294 | 8.42060571752053 |
| Nov. 2020 | 8.57408195002279 | 8.63681897877389 | 9.53234018480106 |
| Dec. 2020 | 9.49283768253691 | 9.38636922809226 | 10.4310954063604 |
| Jan. 2021 | 10.2796719050069 | 9.88185078353992 | 11.3271503224895 |
| Feb. 2021 | 11.1048183388215 | 10.4177898199398 | 12.2027857243352 |
| Mar. 2021 | 11.9578879206844 | 11.4453950633167 | 13.4937967566563 |
| Apr. 2021 | 13.0454679741897 | 12.9756426956603 | 15.0103567318757 |
| May. 2021 | 14.5700588310713 | 14.7356244907461 | 16.9244851258581 |
| Jun. 2021 | 16.3773054233755 | 16.1375187980797 | 18.8236364463449 |
| Jul. 2021 | 17.8546931335208 | 16.7800948156005 | 19.8384403628323 |
| Aug. 2021 | 18.3645152031644 | 17.0094546578917 | 19.9767919307328 |
| Sep. 2021 | 17.8408008043297 | 17.0572243044924 | 19.6852129441848 |
| Oct. 2021 | 17.0345459419892 | 16.9810540285879 | 19.0793194970195 |
| Nov. 2021 | 16.3112349110094 | 17.0275469142884 | 18.8129465438581 |
| Dec. 2021 | 15.8769684994141 | 17.2614107174088 | 18.8745253637101 |
| Jan. 2022 | 15.9600883126453 | 17.5763860226615 | 19.2624857275764 |
| Feb. 2022 | 16.3243824026725 | 18.3265586356596 | 20.0668756530825 |
| Mar. 2022 | 16.9443808722698 | 19.2625872362812 | 20.8106448311157 |
| Apr. 2022 | 17.3962759583866 | 19.492047696857 | 20.7596253902185 |
| May. 2022 | 17.4164339350742 | 19.0395327529469 | 19.9741662752466 |
| Jun. 2022 | 16.9832543647969 | 17.3167805007871 | 18.0276405956893 |
| Jul. 2022 | 16.0263171907521 | 15.1113449963121 | 15.6618339295801 |
| Aug. 2022 | 14.9107419139948 | 12.9281361849991 | 12.971505096347 |
| Sep. 2022 | 13.7477431320985 | 11.1714165668883 | 10.6973146204 |
| Oct. 2022 | 12.630096228233 | 9.989097862042 | 9.15302543116048 |
| Nov. 2022 | 11.3494218436015 | 8.57068411495733 | 7.56384712914327 |
| Dec. 2022 | 9.90518348877627 | 6.93258319205582 | 5.66701360226825 |
| Jan. 2023 | 7.98521038199804 | 5.71403187792576 | 3.8401531806255 |
| Feb. 2023 | 5.92914125436514 | 4.6965051592738 | 2.16180463691431 |
| Mar. 2023 | 3.89183866512314 | 3.40745432055916 | 0.759116171885593 |
| Apr. 2023 | 2.24050896326336 | 2.24838683947616 | -0.0894839757399127 |
| May. 2023 | 1.04239853425241 | 1.58678214204269 | -0.355616456233067 |
| Jun. 2023 | 0.239676892891355 | 1.6317460843898 | 0.00648718780408103 |
| Jul. 2023 | 0.0380334580210755 | 2.46655859680221 | 0.983264960604297 |
| Aug. 2023 | 0.400293362477999 | 3.6826059211911 | |
| Sep. 2023 | 1.12623060389374 |
Note: The data extend through August 2023 for Zillow, August 2023 for CoreLogic, and July 2023 for Case-Shiller.
Source: CoreLogic, Inc., Real Estate Data; Zillow, Inc., Real Estate Data; S&P Case-Shiller Home Price Indices.
Figure 1.18. Model-based measures of house price valuations remained historically high
Percent
| Date | Owners’ equivalent rent | Market-based rents |
|---|---|---|
| 1979 Q1 | -2.053878 | |
| 1979 Q2 | -1.546366 | |
| 1979 Q3 | -1.379563 | |
| 1979 Q4 | 0.4884236 | |
| 1980 Q1 | -1.335259 | |
| 1980 Q2 | -1.927711 | |
| 1980 Q3 | -2.933388 | |
| 1980 Q4 | 0.8909474 | |
| 1981 Q1 | 5.418625 | |
| 1981 Q2 | 0.4329011 | |
| 1981 Q3 | -0.9381655 | |
| 1981 Q4 | 1.702936 | |
| 1982 Q1 | -0.2434554 | |
| 1982 Q2 | 2.104571 | |
| 1982 Q3 | 5.71422 | |
| 1982 Q4 | 2.579623 | |
| 1983 Q1 | 5.144848 | |
| 1983 Q2 | 4.560445 | |
| 1983 Q3 | 3.970817 | |
| 1983 Q4 | -3.89101 | |
| 1984 Q1 | -2.719034 | |
| 1984 Q2 | -3.54036 | |
| 1984 Q3 | -0.6841784 | |
| 1984 Q4 | 0.6055793 | |
| 1985 Q1 | 2.189178 | |
| 1985 Q2 | 6.733738 | |
| 1985 Q3 | 8.705838 | |
| 1985 Q4 | 6.465693 | |
| 1986 Q1 | 7.637759 | |
| 1986 Q2 | 5.308755 | |
| 1986 Q3 | 4.4006 | |
| 1986 Q4 | 2.808406 | |
| 1987 Q1 | 0.6590564 | |
| 1987 Q2 | -2.901239 | |
| 1987 Q3 | -2.33328 | |
| 1987 Q4 | -2.897306 | |
| 1988 Q1 | -4.893946 | |
| 1988 Q2 | -0.4161729 | |
| 1988 Q3 | -0.5594488 | |
| 1988 Q4 | 2.462643 | |
| 1989 Q1 | 0 | |
| 1989 Q2 | 2.422239 | |
| 1989 Q3 | 2.564025 | |
| 1989 Q4 | 2.157377 | |
| 1990 Q1 | 2.82936 | |
| 1990 Q2 | 0.3252387 | |
| 1990 Q3 | -1.564156 | |
| 1990 Q4 | -1.916806 | |
| 1991 Q1 | -0.1529345 | |
| 1991 Q2 | 0.0514211 | |
| 1991 Q3 | -1.102635 | |
| 1991 Q4 | -2.49085 | |
| 1992 Q1 | -3.731373 | |
| 1992 Q2 | -4.335872 | |
| 1992 Q3 | -3.353084 | |
| 1992 Q4 | -5.522439 | |
| 1993 Q1 | -4.677339 | |
| 1993 Q2 | -4.750458 | |
| 1993 Q3 | -6.044966 | |
| 1993 Q4 | -5.199265 | |
| 1994 Q1 | -6.093198 | |
| 1994 Q2 | -8.047783 | |
| 1994 Q3 | -9.137665 | |
| 1994 Q4 | -8.338039 | |
| 1995 Q1 | -7.544291 | |
| 1995 Q2 | -3.780952 | |
| 1995 Q3 | -2.509924 | |
| 1995 Q4 | -1.559588 | |
| 1996 Q1 | -1.557367 | |
| 1996 Q2 | -5.139285 | |
| 1996 Q3 | -5.737185 | |
| 1996 Q4 | -6.630965 | |
| 1997 Q1 | -6.275135 | |
| 1997 Q2 | -3.706548 | |
| 1997 Q3 | -3.153692 | |
| 1997 Q4 | -4.561168 | |
| 1998 Q1 | -3.712754 | |
| 1998 Q2 | -1.496841 | |
| 1998 Q3 | -3.75527 | |
| 1998 Q4 | -2.73537 | |
| 1999 Q1 | -3.172068 | |
| 1999 Q2 | -1.948405 | |
| 1999 Q3 | -2.285028 | |
| 1999 Q4 | -3.106393 | |
| 2000 Q1 | -0.7274792 | |
| 2000 Q2 | 1.049902 | |
| 2000 Q3 | 4.145594 | |
| 2000 Q4 | 5.701575 | |
| 2001 Q1 | 7.174034 | |
| 2001 Q2 | 7.129652 | |
| 2001 Q3 | 6.196125 | |
| 2001 Q4 | 5.394089 | |
| 2002 Q1 | 4.074428 | |
| 2002 Q2 | 5.360297 | |
| 2002 Q3 | 5.854921 | |
| 2002 Q4 | 6.688262 | |
| 2003 Q1 | 8.400552 | |
| 2003 Q2 | 10.15246 | |
| 2003 Q3 | 8.951419 | |
| 2003 Q4 | 8.724836 | |
| 2004 Q1 | 10.19315 | 9.410419 |
| 2004 Q2 | 10.55542 | 9.469364 |
| 2004 Q3 | 14.85589 | 13.24462 |
| 2004 Q4 | 18.02478 | 16.51028 |
| 2005 Q1 | 18.32626 | 17.70951 |
| 2005 Q2 | 23.12127 | 20.63206 |
| 2005 Q3 | 24.89252 | 22.14235 |
| 2005 Q4 | 25.63265 | 22.91874 |
| 2006 Q1 | 27.22137 | 23.39712 |
| 2006 Q2 | 27.15388 | 24.34738 |
| 2006 Q3 | 27.09391 | 25.11161 |
| 2006 Q4 | 27.94634 | 26.47344 |
| 2007 Q1 | 27.09288 | 25.47734 |
| 2007 Q2 | 28.05304 | 24.93633 |
| 2007 Q3 | 26.32432 | 23.94986 |
| 2007 Q4 | 22.98619 | 21.62771 |
| 2008 Q1 | 20.69064 | 19.5697 |
| 2008 Q2 | 17.96889 | 16.88177 |
| 2008 Q3 | 14.64155 | 14.64248 |
| 2008 Q4 | 9.983683 | 11.8168 |
| 2009 Q1 | 4.336428 | 9.537131 |
| 2009 Q2 | 2.95058 | 9.34787 |
| 2009 Q3 | 0.385328 | 6.772611 |
| 2009 Q4 | -1.885467 | 3.800442 |
| 2010 Q1 | -4.127623 | 1.744823 |
| 2010 Q2 | -2.153259 | 2.950113 |
| 2010 Q3 | -3.91045 | 0.4254985 |
| 2010 Q4 | -6.253335 | -2.432796 |
| 2011 Q1 | -6.993301 | -4.908144 |
| 2011 Q2 | -10.14686 | -8.174799 |
| 2011 Q3 | -13.92422 | -11.42347 |
| 2011 Q4 | -16.34723 | -13.54623 |
| 2012 Q1 | -13.32228 | -12.17398 |
| 2012 Q2 | -14.84856 | -13.43267 |
| 2012 Q3 | -17.30722 | -14.98146 |
| 2012 Q4 | -16.96036 | -14.39994 |
| 2013 Q1 | -16.8819 | -14.38488 |
| 2013 Q2 | -15.50964 | -13.18225 |
| 2013 Q3 | -15.21559 | -12.95143 |
| 2013 Q4 | -13.59349 | -11.62166 |
| 2014 Q1 | -11.44651 | -10.34014 |
| 2014 Q2 | -10.75004 | -9.831653 |
| 2014 Q3 | -6.736686 | -7.621659 |
| 2014 Q4 | -6.744213 | -7.560706 |
| 2015 Q1 | -5.984019 | -7.424695 |
| 2015 Q2 | -5.985713 | -7.501261 |
| 2015 Q3 | -5.552812 | -7.577625 |
| 2015 Q4 | -5.135964 | -7.324476 |
| 2016 Q1 | -5.013337 | -6.856378 |
| 2016 Q2 | -4.58022 | -6.035956 |
| 2016 Q3 | -4.440116 | -5.54539 |
| 2016 Q4 | -4.10992 | -4.817156 |
| 2017 Q1 | -3.742668 | -4.601269 |
| 2017 Q2 | -3.448341 | -4.003145 |
| 2017 Q3 | -3.510505 | -3.204298 |
| 2017 Q4 | -0.5639578 | -0.9005095 |
| 2018 Q1 | 1.234014 | 0.5438584 |
| 2018 Q2 | 1.350654 | 0.2062905 |
| 2018 Q3 | 2.104059 | 0.8946986 |
| 2018 Q4 | 2.670942 | 1.099581 |
| 2019 Q1 | 4.794356 | 2.852528 |
| 2019 Q2 | 5.444808 | 2.936316 |
| 2019 Q3 | 5.198221 | 2.694641 |
| 2019 Q4 | 6.800603 | 3.849444 |
| 2020 Q1 | 5.970737 | 3.541699 |
| 2020 Q2 | 5.585369 | 4.717325 |
| 2020 Q3 | 4.740833 | 3.355397 |
| 2020 Q4 | 8.493073 | 4.619315 |
| 2021 Q1 | 10.81652 | 5.984699 |
| 2021 Q2 | 12.10233 | 6.55883 |
| 2021 Q3 | 14.70733 | 7.279471 |
| 2021 Q4 | 16.21432 | 6.877668 |
| 2022 Q1 | 22.05111 | 11.06946 |
| 2022 Q2 | 25.76213 | 13.83886 |
| 2022 Q3 | 23.83915 | 13.57244 |
| 2022 Q4 | 22.27288 | 13.69224 |
| 2023 Q1 | 20.95157 | 13.6578 |
| 2023 Q2 | 25.39576 | 16.51439 |
| 2023 Q3 | 25.51664 | 17.28354 |
Note: The values for 2023:Q3 are based on monthly data through July 2023. The data for the market-based rents model begin in 2004:Q1. Valuation is measured as the deviation from the long-run
Source: For house prices, Zillow, Inc., Real Estate Data; for rent data, Bureau of Labor Statistics.
Figure 1.19. House price-to-rent ratios remained elevated across geographic areas
Jan. 2010 = 100
| Date | Median | Bottom Line Middle 80% | Top Line Middle 80% |
|---|---|---|---|
| Jan. 1996 | 81.9681274572213 | 72.6543779710577 | 104.969613458564 |
| Feb. 1996 | 81.6689815746875 | 72.6250958436169 | 104.797584738977 |
| Mar. 1996 | 81.4988519790244 | 72.321185961343 | 104.561287885484 |
| Apr. 1996 | 81.6945814688089 | 72.2235163305906 | 105.018774429917 |
| May. 1996 | 81.7775506118502 | 72.097975160357 | 104.590756133876 |
| Jun. 1996 | 81.8361451647189 | 71.9919730034103 | 104.457277476674 |
| Jul. 1996 | 81.8790080096426 | 71.9347501244701 | 104.370962216569 |
| Aug. 1996 | 81.948493602131 | 71.7645407396767 | 104.381518968734 |
| Sep. 1996 | 81.9828370010024 | 71.6381340148579 | 104.191724176655 |
| Oct. 1996 | 82.0054761488308 | 71.4161547748071 | 104.220625766499 |
| Nov. 1996 | 82.0795410024723 | 71.3790515322683 | 103.995617612711 |
| Dec. 1996 | 82.1467142631757 | 71.4564642960141 | 103.987101840414 |
| Jan. 1997 | 82.23458032906 | 71.5048600830293 | 103.530691365445 |
| Feb. 1997 | 82.3584674233602 | 71.5081279721694 | 103.597121171568 |
| Mar. 1997 | 82.6114152659654 | 71.6235579866995 | 103.355694739635 |
| Apr. 1997 | 82.9668086787596 | 71.7570620437013 | 103.025158623857 |
| May. 1997 | 83.1407539758188 | 71.9869293495667 | 103.080479079425 |
| Jun. 1997 | 83.3084322519694 | 71.9708568363002 | 102.780911213498 |
| Jul. 1997 | 85.6573338221186 | 72.0395971771348 | 102.116848437154 |
| Aug. 1997 | 85.7500244407946 | 72.1562794439941 | 102.086658971114 |
| Sep. 1997 | 85.8527825353958 | 72.1798703907948 | 102.400769704292 |
| Oct. 1997 | 85.9312439646217 | 72.208622997308 | 102.477021078774 |
| Nov. 1997 | 85.9384884583442 | 72.3930577801001 | 102.755275922676 |
| Dec. 1997 | 86.1312386634675 | 72.484465538277 | 102.975999316152 |
| Jan. 1998 | 84.1337437355806 | 73.1519473108155 | 102.55617919412 |
| Feb. 1998 | 84.2089526203087 | 73.644827335797 | 102.797706921698 |
| Mar. 1998 | 84.2922991821916 | 74.0564054327318 | 103.237341515942 |
| Apr. 1998 | 84.2451150050824 | 74.4045665595842 | 102.5014662947 |
| May. 1998 | 84.2169831819144 | 74.5472363983512 | 102.727878632468 |
| Jun. 1998 | 84.1763861173578 | 74.4264358253389 | 102.454766638328 |
| Jul. 1998 | 84.2588023728655 | 74.3113221558187 | 102.782338292394 |
| Aug. 1998 | 84.5147710446103 | 74.3209298312932 | 103.115389332393 |
| Sep. 1998 | 84.8642205773342 | 74.1214144778256 | 103.360239406778 |
| Oct. 1998 | 85.1553110638391 | 74.1168872519054 | 103.57842157993 |
| Nov. 1998 | 85.3988393979231 | 74.0721828943151 | 103.368993328543 |
| Dec. 1998 | 85.6036588250658 | 74.0376306662312 | 103.768114711761 |
| Jan. 1999 | 85.9416019595132 | 74.1053281831532 | 104.089100943219 |
| Feb. 1999 | 86.4379297302048 | 74.1013189187178 | 104.756810066174 |
| Mar. 1999 | 87.0759335208137 | 74.4916415315479 | 105.274705696542 |
| Apr. 1999 | 87.9150692441929 | 74.8671634195455 | 105.79650308602 |
| May. 1999 | 88.6794670950318 | 75.2958210201686 | 106.556261109937 |
| Jun. 1999 | 89.233034920199 | 75.8326951820406 | 107.210570188783 |
| Jul. 1999 | 89.7766749636288 | 76.3923747879851 | 107.663299399464 |
| Aug. 1999 | 90.1639916042609 | 76.7373619734893 | 107.869765788208 |
| Sep. 1999 | 90.4144350723353 | 77.2167057806358 | 107.820325643434 |
| Oct. 1999 | 90.7623426285859 | 77.7199534463205 | 107.915423328831 |
| Nov. 1999 | 90.8346877033354 | 78.0872432487128 | 108.031265688764 |
| Dec. 1999 | 91.3795978688234 | 78.5542593031337 | 108.490573010754 |
| Jan. 2000 | 91.7117561735973 | 78.8072681772446 | 108.573383337558 |
| Feb. 2000 | 91.7328459201469 | 79.1816568192227 | 108.539384018203 |
| Mar. 2000 | 91.5453736682252 | 79.5476358337815 | 108.293756999917 |
| Apr. 2000 | 92.143260312992 | 80.0206089110486 | 108.351030541161 |
| May. 2000 | 92.5343564797105 | 80.8398887023689 | 108.450333275383 |
| Jun. 2000 | 92.9722257963954 | 81.3568323171848 | 108.575202378911 |
| Jul. 2000 | 93.6438261679844 | 82.0624956460533 | 108.727251568747 |
| Aug. 2000 | 94.1964402646541 | 82.6913391007964 | 108.790141368462 |
| Sep. 2000 | 95.0527814987484 | 83.1002660999654 | 108.847968349187 |
| Oct. 2000 | 95.5531929485601 | 83.7566087690048 | 108.877243263506 |
| Nov. 2000 | 95.6651807890841 | 84.2284652914889 | 108.929186603555 |
| Dec. 2000 | 96.3124797859708 | 84.6221303187862 | 108.941231442081 |
| Jan. 2001 | 97.0605453588676 | 84.7278831553353 | 108.806602067433 |
| Feb. 2001 | 98.0630467925475 | 85.1096549408506 | 108.585384646629 |
| Mar. 2001 | 98.536202784412 | 85.6073246770206 | 108.491024116669 |
| Apr. 2001 | 99.031172329042 | 86.1562589115439 | 108.606116878686 |
| May. 2001 | 99.0988199907206 | 86.5231143330469 | 109.39057221339 |
| Jun. 2001 | 98.7583237471038 | 87.0105648586798 | 110.05469491303 |
| Jul. 2001 | 98.9937281956082 | 87.622234011219 | 110.884670908733 |
| Aug. 2001 | 98.8406504064679 | 88.0353797804193 | 111.843804619808 |
| Sep. 2001 | 98.8667161894926 | 88.2408264943437 | 112.691025625032 |
| Oct. 2001 | 98.8622734774534 | 88.8351420824373 | 113.738957574205 |
| Nov. 2001 | 98.694620634626 | 89.0298289296884 | 114.58980871265 |
| Dec. 2001 | 98.7560361004664 | 88.7180263364443 | 114.5679257036 |
| Jan. 2002 | 98.7342828213332 | 88.580709865507 | 114.800874395913 |
| Feb. 2002 | 98.9758952688582 | 88.5022196378128 | 115.005732374005 |
| Mar. 2002 | 99.2203915965491 | 88.5681998216866 | 115.355152190023 |
| Apr. 2002 | 99.8207952985508 | 88.7756135005922 | 114.656790836996 |
| May. 2002 | 100.36571383229 | 89.2223893337954 | 114.905767192705 |
| Jun. 2002 | 101.142577505191 | 89.9592511182888 | 115.123642061631 |
| Jul. 2002 | 101.957073805137 | 90.6555904578727 | 114.859386739504 |
| Aug. 2002 | 102.032939998541 | 90.7588403380282 | 115.140154807628 |
| Sep. 2002 | 102.071919619672 | 90.8999991721594 | 115.679750834859 |
| Oct. 2002 | 102.381667119669 | 91.1375052897741 | 116.640327965161 |
| Nov. 2002 | 102.672572053788 | 91.3299688378503 | 116.40421636593 |
| Dec. 2002 | 103.383824192294 | 91.5058723974616 | 116.437552296027 |
| Jan. 2003 | 103.763945727878 | 91.7272782214532 | 116.597702118433 |
| Feb. 2003 | 104.586310183793 | 91.8734728065438 | 116.830757280007 |
| Mar. 2003 | 105.005972557766 | 92.1409406808224 | 118.640256769891 |
| Apr. 2003 | 105.508286594932 | 92.4081936502152 | 120.422731650032 |
| May. 2003 | 106.005243336488 | 92.7491704037273 | 122.073676978958 |
| Jun. 2003 | 106.907064211389 | 93.0217491396024 | 123.464074055477 |
| Jul. 2003 | 107.388230503615 | 93.3794499950855 | 125.139399236219 |
| Aug. 2003 | 107.937679999581 | 93.4974458792166 | 126.743040426668 |
| Sep. 2003 | 108.492259819123 | 94.0408890238758 | 129.296340592119 |
| Oct. 2003 | 109.154504317421 | 95.0390844512235 | 130.657119767387 |
| Nov. 2003 | 109.854301012099 | 96.1706072973294 | 132.412907757303 |
| Dec. 2003 | 110.621094534427 | 97.1721092056491 | 133.631576259939 |
| Jan. 2004 | 111.16041130938 | 98.0031594620886 | 135.108540926041 |
| Feb. 2004 | 111.83783506966 | 98.9429678794678 | 137.710078610438 |
| Mar. 2004 | 112.460199747499 | 99.954824239203 | 140.143404948414 |
| Apr. 2004 | 113.167508295373 | 101.088295837366 | 142.778150784773 |
| May. 2004 | 114.310936444804 | 102.752568513961 | 145.048339974156 |
| Jun. 2004 | 115.665405813433 | 103.647002447705 | 149.227647868439 |
| Jul. 2004 | 116.819848091457 | 104.605494295481 | 152.656123313566 |
| Aug. 2004 | 118.01592341963 | 105.704825364471 | 155.018267309619 |
| Sep. 2004 | 119.288370433488 | 106.261180309121 | 157.389803069301 |
| Oct. 2004 | 120.231675464003 | 106.437680676042 | 159.884861126824 |
| Nov. 2004 | 121.584739213722 | 106.554002751501 | 160.883981780198 |
| Dec. 2004 | 122.453204528846 | 106.358172011728 | 162.913927742495 |
| Jan. 2005 | 122.961099418781 | 107.010388682902 | 164.162512507841 |
| Feb. 2005 | 123.590617380574 | 107.106720122113 | 166.04452427067 |
| Mar. 2005 | 124.067847936514 | 106.871939298085 | 168.101039524859 |
| Apr. 2005 | 124.896302230864 | 107.618306441395 | 169.966745581944 |
| May. 2005 | 125.404124726926 | 107.93133422314 | 172.904179097832 |
| Jun. 2005 | 125.681765124334 | 108.639020823139 | 174.664634953373 |
| Jul. 2005 | 126.450661831753 | 108.332472205675 | 174.653004226396 |
| Aug. 2005 | 127.351184663723 | 108.708875870367 | 174.271816002334 |
| Sep. 2005 | 128.065200196102 | 109.521064495527 | 173.399926178364 |
| Oct. 2005 | 127.978617710821 | 110.936592952487 | 173.824418606182 |
| Nov. 2005 | 128.43633794566 | 112.483511362407 | 173.616826645302 |
| Dec. 2005 | 128.859029583424 | 112.805182873231 | 174.139271053962 |
| Jan. 2006 | 129.369288571574 | 112.860440872348 | 174.607726212319 |
| Feb. 2006 | 129.884130825439 | 112.845230374731 | 174.524117763465 |
| Mar. 2006 | 130.852172366916 | 112.591743302682 | 173.776163770037 |
| Apr. 2006 | 131.236054853145 | 112.287225843241 | 174.250394505417 |
| May. 2006 | 130.952674309809 | 111.979178850469 | 173.845999047646 |
| Jun. 2006 | 130.878372324312 | 111.682236268309 | 172.333440156941 |
| Jul. 2006 | 130.804114286589 | 111.319467202227 | 171.604889358495 |
| Aug. 2006 | 130.566173481762 | 111.130993383743 | 170.803205284705 |
| Sep. 2006 | 130.405081212213 | 110.840732896324 | 170.169131557691 |
| Oct. 2006 | 129.931651397899 | 111.036647687227 | 169.304573904932 |
| Nov. 2006 | 129.619627085343 | 111.507345178452 | 168.210591874105 |
| Dec. 2006 | 129.343211020129 | 112.548044145733 | 167.262782647482 |
| Jan. 2007 | 129.473457971914 | 112.766608292231 | 165.381355093554 |
| Feb. 2007 | 129.472574823074 | 112.921019741593 | 164.323853839052 |
| Mar. 2007 | 130.221355316604 | 112.644354436569 | 163.521929979848 |
| Apr. 2007 | 130.610648515941 | 112.169295487854 | 162.576969556295 |
| May. 2007 | 130.55105407094 | 112.781807518981 | 161.677826403269 |
| Jun. 2007 | 130.75500658928 | 112.814312369138 | 161.030570746943 |
| Jul. 2007 | 129.856241162926 | 112.465089966789 | 159.048798886672 |
| Aug. 2007 | 128.841529169196 | 112.089653639325 | 156.619986876992 |
| Sep. 2007 | 128.529753694107 | 111.701239486785 | 154.153300140888 |
| Oct. 2007 | 128.021414053941 | 111.216978835524 | 151.783963293729 |
| Nov. 2007 | 127.28201748931 | 110.731617913649 | 149.580093286666 |
| Dec. 2007 | 126.367436200228 | 110.162766632641 | 147.238995416668 |
| Jan. 2008 | 125.408919056095 | 109.424408647903 | 144.718864197929 |
| Feb. 2008 | 124.239196107706 | 109.128688387751 | 142.026643609512 |
| Mar. 2008 | 123.255670428363 | 108.557974420641 | 139.291498932866 |
| Apr. 2008 | 122.253693572136 | 107.972890221677 | 136.48066471665 |
| May. 2008 | 121.04206743465 | 107.307820352072 | 133.72918079116 |
| Jun. 2008 | 119.417823527306 | 106.624945964058 | 131.156944149777 |
| Jul. 2008 | 117.543001581917 | 106.147879373305 | 128.691372846453 |
| Aug. 2008 | 115.662785823889 | 105.641379859367 | 126.617282937443 |
| Sep. 2008 | 112.77169451308 | 105.098055739461 | 124.508231809926 |
| Oct. 2008 | 111.34311227164 | 104.457782948391 | 122.425817498842 |
| Nov. 2008 | 109.782002286159 | 103.829533624927 | 120.139143763021 |
| Dec. 2008 | 108.395603346065 | 102.815947915656 | 117.797391945027 |
| Jan. 2009 | 107.236354172818 | 101.20781788625 | 115.455686163148 |
| Feb. 2009 | 106.065950352499 | 100.01103197059 | 113.402089361614 |
| Mar. 2009 | 104.804449939232 | 99.8158311308078 | 111.349404425294 |
| Apr. 2009 | 103.921681514417 | 99.6057610526946 | 109.233657172557 |
| May. 2009 | 103.006801204465 | 99.3625755892084 | 107.338440211414 |
| Jun. 2009 | 101.929256433602 | 99.2183240735454 | 105.627551310069 |
| Jul. 2009 | 101.259425678726 | 98.8055040468106 | 104.265227800077 |
| Aug. 2009 | 100.44577218323 | 98.1932452722116 | 103.026587008968 |
| Sep. 2009 | 100.389978027848 | 97.9832079204982 | 102.067587614315 |
| Oct. 2009 | 100.148744928071 | 98.2117730078287 | 101.293508291884 |
| Nov. 2009 | 100.161720522594 | 98.672038848192 | 100.968213692547 |
| Dec. 2009 | 100.057517281634 | 99.5222450034715 | 100.602271506667 |
| Jan. 2010 | 100 | 100 | 100 |
| Feb. 2010 | 99.938929414331 | 99.5547123018441 | 100.553585083548 |
| Mar. 2010 | 100.104161895191 | 99.4243805691385 | 100.8147723726 |
| Apr. 2010 | 99.9377147437442 | 98.9674063775936 | 101.129664415332 |
| May. 2010 | 99.8750945591473 | 98.7707568380044 | 101.513092660267 |
| Jun. 2010 | 99.6413922097739 | 98.7144291638116 | 101.695873989555 |
| Jul. 2010 | 99.3097134119064 | 98.0342716378506 | 101.605794431435 |
| Aug. 2010 | 98.8739296426193 | 97.1671841089878 | 100.502412464577 |
| Sep. 2010 | 98.303726352929 | 96.0805862673123 | 100.017004365833 |
| Oct. 2010 | 97.7177793828731 | 94.8872037796926 | 99.7049351523283 |
| Nov. 2010 | 97.0522988146402 | 93.8511758936733 | 99.1945720715431 |
| Dec. 2010 | 96.4097594224542 | 93.0055851060053 | 98.7719551375799 |
| Jan. 2011 | 95.7581275022503 | 92.3446747068587 | 98.3287609813935 |
| Feb. 2011 | 95.1773842485487 | 90.9380905928884 | 97.8962662350379 |
| Mar. 2011 | 94.6005841600427 | 90.4006963035259 | 97.197678617642 |
| Apr. 2011 | 94.1228627783108 | 89.4056884058198 | 96.8714977314605 |
| May. 2011 | 93.3605366195003 | 88.5492175207795 | 96.254590557191 |
| Jun. 2011 | 92.5165758782058 | 86.9774820552624 | 95.8193411093374 |
| Jul. 2011 | 91.8571293474052 | 85.9352428610571 | 94.9831062160547 |
| Aug. 2011 | 91.1214051704825 | 85.1841362716666 | 94.5385332670867 |
| Sep. 2011 | 90.433954761851 | 84.9016810024025 | 94.0916148256924 |
| Oct. 2011 | 89.860997554653 | 84.5209091047656 | 93.6253749324717 |
| Nov. 2011 | 89.3321291127617 | 84.1031881997722 | 93.3382369493427 |
| Dec. 2011 | 88.8943124792104 | 83.3318948893556 | 93.1732379218447 |
| Jan. 2012 | 88.5406215021743 | 82.6752111923524 | 92.868603431652 |
| Feb. 2012 | 88.1771275837117 | 81.9968943653328 | 92.6957330743563 |
| Mar. 2012 | 88.0648920942058 | 81.9897482354974 | 92.7564450845711 |
| Apr. 2012 | 87.5692478772485 | 82.119752305502 | 92.789407990985 |
| May. 2012 | 87.4494939678148 | 82.2216663044746 | 92.9073703433763 |
| Jun. 2012 | 87.8411186840237 | 82.7019815285518 | 92.9917062827787 |
| Jul. 2012 | 88.4219513724208 | 83.3976261511717 | 93.085841437771 |
| Aug. 2012 | 89.336189369388 | 83.5645061035503 | 93.4131336298181 |
| Sep. 2012 | 90.1943990395897 | 83.7872437899894 | 93.298422820017 |
| Oct. 2012 | 90.7085309617317 | 83.9761728187913 | 93.9853593796795 |
| Nov. 2012 | 90.9198368888165 | 84.3269652888666 | 94.9706983075191 |
| Dec. 2012 | 90.879192303899 | 84.9158426314141 | 96.0786732892433 |
| Jan. 2013 | 91.2845463756255 | 85.2413630934291 | 96.919763368802 |
| Feb. 2013 | 91.4459406408464 | 85.5637347525746 | 98.1663870935655 |
| Mar. 2013 | 91.8609441873187 | 85.5467612534944 | 98.9416718139191 |
| Apr. 2013 | 92.2892889990764 | 85.5471456693425 | 100.025081273868 |
| May. 2013 | 92.7661160121181 | 85.5084826165997 | 101.60691513909 |
| Jun. 2013 | 93.3795137445311 | 85.4696907402852 | 103.069826767645 |
| Jul. 2013 | 94.057460921927 | 85.4607687976579 | 104.834929030151 |
| Aug. 2013 | 94.7821456593301 | 85.6147928990225 | 106.4612005949 |
| Sep. 2013 | 95.4528670410843 | 85.7907542341998 | 107.744293519607 |
| Oct. 2013 | 96.3024368832829 | 86.1005750035935 | 108.857727796374 |
| Nov. 2013 | 96.8986290821208 | 86.313187917738 | 109.349191685116 |
| Dec. 2013 | 97.7176523590141 | 86.8363400280168 | 109.844610408946 |
| Jan. 2014 | 98.4815450833856 | 87.2771790411043 | 110.173781547366 |
| Feb. 2014 | 99.2109576710822 | 87.4625623938334 | 110.462897341368 |
| Mar. 2014 | 99.8009731755377 | 87.5840345529614 | 110.74223031692 |
| Apr. 2014 | 100.114568684579 | 87.9519018124314 | 111.021538328822 |
| May. 2014 | 100.55189746212 | 88.1881072524269 | 111.584054418012 |
| Jun. 2014 | 100.718207142082 | 88.4178919079917 | 112.023833821377 |
| Jul. 2014 | 101.027162537357 | 88.7793339182986 | 112.447315640447 |
| Aug. 2014 | 101.067133243672 | 88.9157610216161 | 113.428412426942 |
| Sep. 2014 | 101.296700325859 | 89.0092720806179 | 114.196198731302 |
| Oct. 2014 | 101.826086264117 | 88.9160723142946 | 114.882798926843 |
| Nov. 2014 | 102.239324911479 | 89.0666351538126 | 115.181880710229 |
| Dec. 2014 | 102.428143297858 | 89.2804769966557 | 115.93365182051 |
| Jan. 2015 | 102.375794913822 | 89.2906622345613 | 116.643952613929 |
| Feb. 2015 | 102.70766108813 | 88.7414688082529 | 117.128476336761 |
| Mar. 2015 | 102.628977932012 | 88.6800322945005 | 117.451385050889 |
| Apr. 2015 | 102.806272436727 | 88.5540796995926 | 118.068622358536 |
| May. 2015 | 103.027363066962 | 88.5463698587371 | 119.07864898974 |
| Jun. 2015 | 103.13216227526 | 88.3626518502831 | 119.590347196863 |
| Jul. 2015 | 103.643066952869 | 88.5234713893725 | 120.251892359014 |
| Aug. 2015 | 104.266835241574 | 88.9756451404879 | 120.8849430729 |
| Sep. 2015 | 104.838918070597 | 89.2584958823671 | 121.536147014075 |
| Oct. 2015 | 105.258644358492 | 89.7359948849561 | 122.308080140395 |
| Nov. 2015 | 105.662958775507 | 89.6606941042896 | 122.983694804734 |
| Dec. 2015 | 106.083348247656 | 89.5824102283074 | 123.336092500454 |
| Jan. 2016 | 106.496220934569 | 89.8313039542387 | 123.802943337056 |
| Feb. 2016 | 106.884496116421 | 89.6873605000618 | 124.263220984549 |
| Mar. 2016 | 107.222066357637 | 89.6226049354991 | 124.615363401288 |
| Apr. 2016 | 107.560745298716 | 89.6170104783142 | 124.616017270915 |
| May. 2016 | 107.757471382986 | 89.346696827854 | 125.395779885918 |
| Jun. 2016 | 108.164074079262 | 89.7538786577248 | 126.091463798283 |
| Jul. 2016 | 108.243335899069 | 90.0160842474628 | 126.530838708963 |
| Aug. 2016 | 108.177316876066 | 90.0537221975683 | 126.742010283735 |
| Sep. 2016 | 108.012628415532 | 90.2991371789381 | 127.074474824587 |
| Oct. 2016 | 108.100896934439 | 90.570766863928 | 127.413534753623 |
| Nov. 2016 | 108.419572391428 | 90.7813299452048 | 127.080074360149 |
| Dec. 2016 | 109.119403964169 | 90.966548907443 | 127.030240133158 |
| Jan. 2017 | 109.728395602928 | 91.304460570059 | 127.119807204986 |
| Feb. 2017 | 110.275828323902 | 90.7154692493345 | 127.598051200324 |
| Mar. 2017 | 110.785209845575 | 90.6201943969559 | 127.998286783029 |
| Apr. 2017 | 111.418807316873 | 90.487085942716 | 128.241199289595 |
| May. 2017 | 111.898446467338 | 90.739915367909 | 128.46698044043 |
| Jun. 2017 | 112.025680206459 | 91.1922138929574 | 129.128209458596 |
| Jul. 2017 | 112.4796960364 | 91.4375641782916 | 129.639709615518 |
| Aug. 2017 | 113.068813715133 | 91.6419709828407 | 130.138560844705 |
| Sep. 2017 | 113.600510445312 | 91.8977677358028 | 130.588608873722 |
| Oct. 2017 | 114.022366094331 | 92.1523537812951 | 131.024247555064 |
| Nov. 2017 | 114.204563153767 | 92.4412930477274 | 131.62128069268 |
| Dec. 2017 | 114.299790589905 | 92.804685559018 | 132.182485277523 |
| Jan. 2018 | 114.567101187053 | 93.0458836997761 | 132.785980203853 |
| Feb. 2018 | 114.928635398558 | 93.2008229945123 | 133.134844770376 |
| Mar. 2018 | 115.49735969438 | 93.4525335127265 | 133.582496856842 |
| Apr. 2018 | 115.965632456127 | 93.4541242157158 | 133.84983045754 |
| May. 2018 | 116.438167278753 | 93.516312596116 | 134.340556287253 |
| Jun. 2018 | 116.347899458368 | 93.3302134940488 | 133.965754723051 |
| Jul. 2018 | 116.760986346645 | 93.4633088450761 | 134.549730851199 |
| Aug. 2018 | 116.940037901912 | 93.7140692932886 | 135.195061486838 |
| Sep. 2018 | 116.917399303991 | 93.8950426162627 | 135.600906343723 |
| Oct. 2018 | 116.775914670875 | 94.0187677597283 | 135.488234656691 |
| Nov. 2018 | 116.46394291082 | 94.0795538400939 | 135.357077545157 |
| Dec. 2018 | 115.966410767623 | 93.9086236994653 | 135.473261740164 |
| Jan. 2019 | 115.937855294975 | 93.9963516021767 | 135.384417791141 |
| Feb. 2019 | 115.500424144786 | 94.056460990714 | 134.857129698158 |
| Mar. 2019 | 115.030189273117 | 94.0524474927318 | 134.430415111528 |
| Apr. 2019 | 114.60638987873 | 94.0898578013388 | 133.972381914487 |
| May. 2019 | 114.262836751021 | 94.2403365269129 | 133.574575537587 |
| Jun. 2019 | 114.098722198776 | 94.4371392976468 | 133.024981485622 |
| Jul. 2019 | 113.91445181342 | 94.5350983219258 | 132.795097389986 |
| Aug. 2019 | 113.751908158249 | 94.5972510707911 | 133.249725120108 |
| Sep. 2019 | 113.634428040896 | 94.7170819209508 | 133.568791694489 |
| Oct. 2019 | 113.969176669178 | 94.8898135673383 | 134.308323844407 |
| Nov. 2019 | 113.899133383981 | 94.7610863072753 | 135.186992882628 |
| Dec. 2019 | 114.129690482025 | 94.9661400773008 | 135.754697296351 |
| Jan. 2020 | 114.120885220018 | 94.9579843750582 | 135.775049091554 |
| Feb. 2020 | 114.265345019633 | 94.919951267889 | 135.688957501009 |
| Mar. 2020 | 114.590078357696 | 94.8263232514985 | 135.910989662404 |
| Apr. 2020 | 114.490486029389 | 94.9719556406929 | 136.824821518204 |
| May. 2020 | 114.261325030723 | 94.5121580799604 | 135.83138418045 |
| Jun. 2020 | 114.135413152443 | 94.2353797478496 | 135.215757098087 |
| Jul. 2020 | 114.433264349653 | 94.1534253097984 | 134.829343732109 |
| Aug. 2020 | 115.119353456528 | 94.0902656759311 | 135.462074847537 |
| Sep. 2020 | 116.614374674304 | 95.1112592566344 | 136.896609469364 |
| Oct. 2020 | 118.577066338606 | 96.0036872170743 | 138.437061056373 |
| Nov. 2020 | 120.69285108024 | 97.1896722116188 | 140.391368902697 |
| Dec. 2020 | 122.484240038059 | 98.3456956418662 | 141.64095531291 |
| Jan. 2021 | 124.229985981521 | 99.1920373701851 | 143.137201937737 |
| Feb. 2021 | 125.779396453721 | 100.07515425698 | 144.680370875979 |
| Mar. 2021 | 126.929585288109 | 100.808242191486 | 145.810049191957 |
| Apr. 2021 | 128.132938790012 | 101.379140825826 | 147.273255751027 |
| May. 2021 | 129.738865769678 | 102.111478857773 | 149.214526745459 |
| Jun. 2021 | 131.745296152553 | 102.845589942616 | 151.135660613556 |
| Jul. 2021 | 133.199481553055 | 103.467202670078 | 153.625564450228 |
| Aug. 2021 | 134.3795162965 | 104.14967386174 | 155.554294210968 |
| Sep. 2021 | 134.843017756484 | 104.27986739667 | 156.629471080395 |
| Oct. 2021 | 135.196184360958 | 104.52901480936 | 157.7495650084 |
| Nov. 2021 | 136.128810231483 | 104.192636785857 | 159.323653681714 |
| Dec. 2021 | 137.346901034004 | 104.781061316689 | 160.728401463263 |
| Jan. 2022 | 138.434784224802 | 105.44436924869 | 162.287405487952 |
| Feb. 2022 | 141.231332202969 | 106.074183307069 | 164.868158107723 |
| Mar. 2022 | 143.686185340943 | 106.977422974195 | 168.000190488897 |
| Apr. 2022 | 145.623769701564 | 107.901974440975 | 170.619894062752 |
| May. 2022 | 147.001957815886 | 108.310809603743 | 171.814000901852 |
| Jun. 2022 | 147.222115286749 | 108.308813613419 | 172.516862087903 |
| Jul. 2022 | 146.846934118357 | 107.880980911618 | 170.612212264484 |
| Aug. 2022 | 145.475187605775 | 107.1927448113 | 167.786033139166 |
| Sep. 2022 | 143.696574569864 | 106.82639171748 | 164.382944792372 |
| Oct. 2022 | 142.155747527417 | 105.350889702466 | 162.018366124837 |
| Nov. 2022 | 140.117664993457 | 104.755051185915 | 159.028875107305 |
| Dec. 2022 | 138.566027823458 | 104.112902256707 | 156.443580347896 |
| Jan. 2023 | 135.832586037039 | 103.536112775306 | 154.13313304664 |
| Feb. 2023 | 134.18007043544 | 102.85587143542 | 152.031983169561 |
| Mar. 2023 | 132.874783789956 | 101.942974095654 | 149.369781130244 |
| Apr. 2023 | 131.966563437452 | 101.862350553376 | 147.823036928213 |
| May. 2023 | 131.412657536802 | 101.872544132718 | 146.224359142049 |
| Jun. 2023 | 131.244027370219 | 102.094393881915 | 145.804928548472 |
| Jul. 2023 | 131.952438855032 | 102.704575163134 | 147.147374099182 |
| Aug. 2023 | 132.9516459799 | 103.225351889037 | 149.222965354825 |
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 1.20. Farmland prices stayed near historical highs
2022 dollars per acre
| Year | Midwest index | United States |
|---|---|---|
| 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 |
| 2023 | 7076.262464 | 5248.913365 |
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 value for 2023 is based on monthly data through July 2023. The median value is 3433.33 2022 dollars per acre.
Source: Department of Agriculture; Federal Reserve Bank of Minneapolis staff calculations.
Figure 1.21. Farmland prices grew faster than rents
Ratio
| Year | Midwest index | United States |
|---|---|---|
| 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 |
| 2023 | 38.31561184 | 35.22580645 |
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 value for 2023 is based on monthly data through July
Source: Department of Agriculture; Federal Reserve Bank of Minneapolis staff calculations.
Figure 2.1. The total debt of businesses and households relative to GDP declined further
Ratio
| Quarter | 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 | 1.18745048301814 |
| 1996 Q1 | 1.19431431887376 |
| 1996 Q2 | 1.19043352039876 |
| 1996 Q3 | 1.19241083463036 |
| 1996 Q4 | 1.18839602211732 |
| 1997 Q1 | 1.19319510370809 |
| 1997 Q2 | 1.19167514299214 |
| 1997 Q3 | 1.19727876236188 |
| 1997 Q4 | 1.20305440155822 |
| 1998 Q1 | 1.2179466936146 |
| 1998 Q2 | 1.23598707158401 |
| 1998 Q3 | 1.239569867528 |
| 1998 Q4 | 1.24507297241842 |
| 1999 Q1 | 1.26188528256692 |
| 1999 Q2 | 1.27313181212675 |
| 1999 Q3 | 1.28736889397815 |
| 1999 Q4 | 1.28712540159668 |
| 2000 Q1 | 1.30697041114741 |
| 2000 Q2 | 1.30457496887112 |
| 2000 Q3 | 1.32155417169623 |
| 2000 Q4 | 1.32765167485902 |
| 2001 Q1 | 1.33887829217904 |
| 2001 Q2 | 1.35168581941693 |
| 2001 Q3 | 1.38154693046437 |
| 2001 Q4 | 1.38801647020088 |
| 2002 Q1 | 1.39485074419252 |
| 2002 Q2 | 1.39799062407577 |
| 2002 Q3 | 1.40681661756512 |
| 2002 Q4 | 1.42191251350526 |
| 2003 Q1 | 1.42967035730481 |
| 2003 Q2 | 1.44496801224387 |
| 2003 Q3 | 1.43845604987918 |
| 2003 Q4 | 1.43633120102777 |
| 2004 Q1 | 1.44978780045737 |
| 2004 Q2 | 1.45637971024902 |
| 2004 Q3 | 1.46467479437937 |
| 2004 Q4 | 1.4749938813211 |
| 2005 Q1 | 1.4770211930711 |
| 2005 Q2 | 1.49616255358032 |
| 2005 Q3 | 1.50570029983317 |
| 2005 Q4 | 1.52176557789118 |
| 2006 Q1 | 1.53525651584363 |
| 2006 Q2 | 1.55925193609969 |
| 2006 Q3 | 1.57740096961916 |
| 2006 Q4 | 1.59501287789646 |
| 2007 Q1 | 1.60724239783321 |
| 2007 Q2 | 1.62859349085778 |
| 2007 Q3 | 1.6467355350139 |
| 2007 Q4 | 1.66019264076295 |
| 2008 Q1 | 1.68544595607749 |
| 2008 Q2 | 1.67825123080304 |
| 2008 Q3 | 1.68968975700985 |
| 2008 Q4 | 1.70544417868063 |
| 2009 Q1 | 1.71628433205353 |
| 2009 Q2 | 1.71453955696159 |
| 2009 Q3 | 1.69392593835288 |
| 2009 Q4 | 1.6539495711253 |
| 2010 Q1 | 1.63610349342109 |
| 2010 Q2 | 1.60381251429805 |
| 2010 Q3 | 1.58272104143239 |
| 2010 Q4 | 1.55907714399593 |
| 2011 Q1 | 1.55562921491184 |
| 2011 Q2 | 1.53638400006582 |
| 2011 Q3 | 1.52867063999264 |
| 2011 Q4 | 1.5145557839952 |
| 2012 Q1 | 1.49786813642956 |
| 2012 Q2 | 1.48969461869062 |
| 2012 Q3 | 1.48798682511965 |
| 2012 Q4 | 1.48777598184309 |
| 2013 Q1 | 1.47388397620906 |
| 2013 Q2 | 1.47573793448344 |
| 2013 Q3 | 1.46831590581437 |
| 2013 Q4 | 1.46391404057895 |
| 2014 Q1 | 1.47753663883006 |
| 2014 Q2 | 1.46295266697369 |
| 2014 Q3 | 1.44635234956551 |
| 2014 Q4 | 1.45385435158029 |
| 2015 Q1 | 1.45623853456321 |
| 2015 Q2 | 1.45928059106169 |
| 2015 Q3 | 1.46264042101497 |
| 2015 Q4 | 1.46877362506175 |
| 2016 Q1 | 1.48115018012858 |
| 2016 Q2 | 1.48011661365706 |
| 2016 Q3 | 1.48281539704432 |
| 2016 Q4 | 1.47467159617922 |
| 2017 Q1 | 1.48093504156932 |
| 2017 Q2 | 1.4882720465621 |
| 2017 Q3 | 1.48424308731277 |
| 2017 Q4 | 1.4806504318392 |
| 2018 Q1 | 1.47416788592872 |
| 2018 Q2 | 1.48325254002349 |
| 2018 Q3 | 1.48296025766958 |
| 2018 Q4 | 1.48790557851812 |
| 2019 Q1 | 1.49128812825431 |
| 2019 Q2 | 1.48625384181035 |
| 2019 Q3 | 1.48173790679037 |
| 2019 Q4 | 1.47779908950576 |
| 2020 Q1 | 1.53398618193535 |
| 2020 Q2 | 1.7046965915928 |
| 2020 Q3 | 1.57892878854231 |
| 2020 Q4 | 1.56437335109779 |
| 2021 Q1 | 1.54546380925643 |
| 2021 Q2 | 1.54232979892722 |
| 2021 Q3 | 1.5308915327572 |
| 2021 Q4 | 1.50582270580467 |
| 2022 Q1 | 1.51292219030029 |
| 2022 Q2 | 1.5090891410376 |
| 2022 Q3 | 1.50212841963299 |
| 2022 Q4 | 1.49207572361905 |
| 2023 Q1 | 1.48245843592586 |
| 2023 Q2 | 1.47722662946756 |
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
| Quarter | Nonfinancial business | Household |
|---|---|---|
| 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 | 0.550567082821599 | 0.636883400196537 |
| 1996 Q1 | 0.549667864189065 | 0.644646454684699 |
| 1996 Q2 | 0.547708655967254 | 0.642724864431509 |
| 1996 Q3 | 0.548801511374168 | 0.643609323256194 |
| 1996 Q4 | 0.545123103291847 | 0.643272918825474 |
| 1997 Q1 | 0.547359181982277 | 0.645835921725816 |
| 1997 Q2 | 0.54799857961632 | 0.643676563375818 |
| 1997 Q3 | 0.553000678878006 | 0.644278083483871 |
| 1997 Q4 | 0.55723281116261 | 0.645821590395609 |
| 1998 Q1 | 0.567123368010755 | 0.650823325603847 |
| 1998 Q2 | 0.578872825052435 | 0.657114246531573 |
| 1998 Q3 | 0.5834429784049 | 0.656126889123096 |
| 1998 Q4 | 0.586967213546904 | 0.658105758871512 |
| 1999 Q1 | 0.596959289529757 | 0.664925993037164 |
| 1999 Q2 | 0.601247610539764 | 0.67188420158699 |
| 1999 Q3 | 0.612396927475057 | 0.674971966503094 |
| 1999 Q4 | 0.611588751666765 | 0.675536649929915 |
| 2000 Q1 | 0.621832002806588 | 0.685138408340823 |
| 2000 Q2 | 0.623298353194662 | 0.681276615676463 |
| 2000 Q3 | 0.628733500578834 | 0.692820671117393 |
| 2000 Q4 | 0.632088521910848 | 0.695563152948175 |
| 2001 Q1 | 0.63413882654547 | 0.704739465633566 |
| 2001 Q2 | 0.63829710350033 | 0.713388715916596 |
| 2001 Q3 | 0.645222881255178 | 0.736324049209192 |
| 2001 Q4 | 0.64682262921927 | 0.741193840981608 |
| 2002 Q1 | 0.644278666481198 | 0.750572077711318 |
| 2002 Q2 | 0.640754133654682 | 0.75723649042109 |
| 2002 Q3 | 0.637794745831224 | 0.769021871733898 |
| 2002 Q4 | 0.637212014031093 | 0.784700499474164 |
| 2003 Q1 | 0.632430232369789 | 0.797240124935017 |
| 2003 Q2 | 0.626093211863482 | 0.818874800380385 |
| 2003 Q3 | 0.616903276129022 | 0.821552773750161 |
| 2003 Q4 | 0.606807849725039 | 0.829523351302735 |
| 2004 Q1 | 0.610684645136595 | 0.839103155320773 |
| 2004 Q2 | 0.606268402514197 | 0.850111307734825 |
| 2004 Q3 | 0.606765357418551 | 0.857909436960817 |
| 2004 Q4 | 0.605204397402328 | 0.869789483918771 |
| 2005 Q1 | 0.604738156566713 | 0.872283036504391 |
| 2005 Q2 | 0.609065659567197 | 0.887096894013119 |
| 2005 Q3 | 0.608636984861948 | 0.897063314971221 |
| 2005 Q4 | 0.614542527268421 | 0.907223050622761 |
| 2006 Q1 | 0.617527773774263 | 0.917728742069363 |
| 2006 Q2 | 0.625817687290089 | 0.933434248809606 |
| 2006 Q3 | 0.63099022161776 | 0.946410748001397 |
| 2006 Q4 | 0.641655365267857 | 0.953357512628601 |
| 2007 Q1 | 0.65114520608307 | 0.956097191750135 |
| 2007 Q2 | 0.663788471694579 | 0.964805019163201 |
| 2007 Q3 | 0.67840302299137 | 0.968332512022528 |
| 2007 Q4 | 0.689297181159599 | 0.970895459603353 |
| 2008 Q1 | 0.703440469810094 | 0.9820054862674 |
| 2008 Q2 | 0.709731952768322 | 0.968519278034719 |
| 2008 Q3 | 0.717379738061597 | 0.972310018948253 |
| 2008 Q4 | 0.733591708607126 | 0.971852470073505 |
| 2009 Q1 | 0.736631015857498 | 0.979653316196035 |
| 2009 Q2 | 0.732953899094626 | 0.981585657866959 |
| 2009 Q3 | 0.720271921384644 | 0.973654016968233 |
| 2009 Q4 | 0.696091643790915 | 0.957857927334386 |
| 2010 Q1 | 0.689061952872443 | 0.94704154054865 |
| 2010 Q2 | 0.674589105761188 | 0.929223408536859 |
| 2010 Q3 | 0.669899899000152 | 0.91282114243224 |
| 2010 Q4 | 0.657588497161953 | 0.90148864683398 |
| 2011 Q1 | 0.655468396206013 | 0.900160818705832 |
| 2011 Q2 | 0.651630376758175 | 0.884753623307645 |
| 2011 Q3 | 0.652433523691691 | 0.876237116300947 |
| 2011 Q4 | 0.650463800648632 | 0.864091983346567 |
| 2012 Q1 | 0.646269153182206 | 0.851598983247354 |
| 2012 Q2 | 0.647572686440492 | 0.842121932250126 |
| 2012 Q3 | 0.653644119034966 | 0.834342706084687 |
| 2012 Q4 | 0.660843307348004 | 0.82693267449509 |
| 2013 Q1 | 0.656071900673401 | 0.817812075535663 |
| 2013 Q2 | 0.661060608044134 | 0.814677326439307 |
| 2013 Q3 | 0.66377501070849 | 0.804540895105875 |
| 2013 Q4 | 0.661067673319812 | 0.802846367259133 |
| 2014 Q1 | 0.671356023681719 | 0.806180615148341 |
| 2014 Q2 | 0.668569720663426 | 0.794382946310268 |
| 2014 Q3 | 0.668185781489655 | 0.778166568075853 |
| 2014 Q4 | 0.677463682468127 | 0.776390669112167 |
| 2015 Q1 | 0.68343040831058 | 0.772808126252628 |
| 2015 Q2 | 0.68969759161268 | 0.769582999449009 |
| 2015 Q3 | 0.69440912449802 | 0.768231296516949 |
| 2015 Q4 | 0.702324425362285 | 0.766449199699465 |
| 2016 Q1 | 0.713564115772199 | 0.767586064356381 |
| 2016 Q2 | 0.713931527981795 | 0.766185085675264 |
| 2016 Q3 | 0.717165346778711 | 0.765650050265609 |
| 2016 Q4 | 0.712499605146925 | 0.762171991032291 |
| 2017 Q1 | 0.719053765533387 | 0.761881276035934 |
| 2017 Q2 | 0.725588200781299 | 0.762683845780799 |
| 2017 Q3 | 0.726141272899788 | 0.758101814412981 |
| 2017 Q4 | 0.726890803693631 | 0.753759628145567 |
| 2018 Q1 | 0.724701507283868 | 0.749466378644855 |
| 2018 Q2 | 0.737711623275004 | 0.74554091674849 |
| 2018 Q3 | 0.739074597343203 | 0.743885660326376 |
| 2018 Q4 | 0.743285966967856 | 0.74461961155026 |
| 2019 Q1 | 0.748282433587772 | 0.743005694666538 |
| 2019 Q2 | 0.745041600858555 | 0.741212240951799 |
| 2019 Q3 | 0.744051082216042 | 0.737686824574328 |
| 2019 Q4 | 0.740127812535527 | 0.73767127697023 |
| 2020 Q1 | 0.78334424326929 | 0.750641938666059 |
| 2020 Q2 | 0.888047256025832 | 0.816649335566967 |
| 2020 Q3 | 0.817806098031933 | 0.761122690510374 |
| 2020 Q4 | 0.806031891209163 | 0.758341459888628 |
| 2021 Q1 | 0.795062960767799 | 0.75040084848863 |
| 2021 Q2 | 0.784598015435274 | 0.757731783491945 |
| 2021 Q3 | 0.776658566023806 | 0.754232966733396 |
| 2021 Q4 | 0.762541055720913 | 0.743281650083759 |
| 2022 Q1 | 0.769713440938146 | 0.743208749362143 |
| 2022 Q2 | 0.768365848579836 | 0.740723292457765 |
| 2022 Q3 | 0.762969087587637 | 0.73915933204535 |
| 2022 Q4 | 0.757735614854437 | 0.734340108764615 |
| 2023 Q1 | 0.754909868316456 | 0.727548567609401 |
| 2023 Q2 | 0.75149011499533 | 0.725736514472225 |
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 continued to decline
Percent change, annual rate
| Quarter | Growth of agg debt |
|---|---|
| 1997 Q1 | 5.12016646272322 |
| 1997 Q2 | 5.86117492827758 |
| 1997 Q3 | 9.67238717521991 |
| 1997 Q4 | 6.59020717096602 |
| 1998 Q1 | 10.5934549358682 |
| 1998 Q2 | 11.8165820335641 |
| 1998 Q3 | 8.54305867383646 |
| 1998 Q4 | 8.77236992146241 |
| 1999 Q1 | 10.8457330542851 |
| 1999 Q2 | 6.38950600881757 |
| 1999 Q3 | 10.5060352825644 |
| 1999 Q4 | 6.39526047789502 |
| 2000 Q1 | 8.79220034757086 |
| 2000 Q2 | 9.39303028870349 |
| 2000 Q3 | 4.33129483300418 |
| 2000 Q4 | 4.73149097497761 |
| 2001 Q1 | 1.09185332416282 |
| 2001 Q2 | 6.02665566463769 |
| 2001 Q3 | 3.26889923828059 |
| 2001 Q4 | 1.42348971400102 |
| 2002 Q1 | 1.79556803588041 |
| 2002 Q2 | -0.553585683246536 |
| 2002 Q3 | -0.446438116727762 |
| 2002 Q4 | 1.02768448757052 |
| 2003 Q1 | -0.189032141988931 |
| 2003 Q2 | -0.612568642127829 |
| 2003 Q3 | 1.14137558335046 |
| 2003 Q4 | -2.134897630801 |
| 2004 Q1 | 4.18410670590771 |
| 2004 Q2 | 1.12327363852098 |
| 2004 Q3 | 5.2590510859929 |
| 2004 Q4 | 3.99751025853957 |
| 2005 Q1 | 4.50667746543947 |
| 2005 Q2 | 5.78306113593489 |
| 2005 Q3 | 4.96342705289778 |
| 2005 Q4 | 6.78715539360462 |
| 2006 Q1 | 7.82181841338169 |
| 2006 Q2 | 6.77903388177421 |
| 2006 Q3 | 4.57511494643684 |
| 2006 Q4 | 10.0070518441579 |
| 2007 Q1 | 7.96671146948124 |
| 2007 Q2 | 11.4642970337455 |
| 2007 Q3 | 11.4607883043968 |
| 2007 Q4 | 7.89215029198024 |
| 2008 Q1 | 5.89471723474262 |
| 2008 Q2 | 6.32778276548106 |
| 2008 Q3 | 3.43122217835883 |
| 2008 Q4 | 1.45473881930786 |
| 2009 Q1 | -3.47758000275227 |
| 2009 Q2 | -4.82525695811473 |
| 2009 Q3 | -6.36872217650443 |
| 2009 Q4 | -6.78062121914918 |
| 2010 Q1 | -3.98396060145345 |
| 2010 Q2 | -3.66864750242157 |
| 2010 Q3 | 0.977300589762967 |
| 2010 Q4 | -0.494841209612925 |
| 2011 Q1 | -1.87666813117102 |
| 2011 Q2 | 0.732309100910195 |
| 2011 Q3 | 1.05729668167175 |
| 2011 Q4 | 2.39249692300236 |
| 2012 Q1 | 0.869169473950373 |
| 2012 Q2 | 2.67215995805891 |
| 2012 Q3 | 5.46866098267497 |
| 2012 Q4 | 6.15247294492256 |
| 2013 Q1 | 1.06614443592764 |
| 2013 Q2 | 3.81944725174125 |
| 2013 Q3 | 5.53862797901703 |
| 2013 Q4 | 2.44889000306508 |
| 2014 Q1 | 5.01421432470577 |
| 2014 Q2 | 3.81746773600739 |
| 2014 Q3 | 4.93839478411692 |
| 2014 Q4 | 6.69789229788637 |
| 2015 Q1 | 6.62969970071728 |
| 2015 Q2 | 6.80642065263491 |
| 2015 Q3 | 4.22759391148699 |
| 2015 Q4 | 5.19619600531902 |
| 2016 Q1 | 6.74649806938047 |
| 2016 Q2 | 2.06188233816638 |
| 2016 Q3 | 3.84964093372663 |
| 2016 Q4 | 0.223810767496204 |
| 2017 Q1 | 3.90938643261322 |
| 2017 Q2 | 5.43934474536784 |
| 2017 Q3 | 4.28757978534315 |
| 2017 Q4 | 3.42028439101105 |
| 2018 Q1 | 1.98786895872101 |
| 2018 Q2 | 1.15486258112403 |
| 2018 Q3 | 3.58160930359847 |
| 2018 Q4 | 2.74577612249439 |
| 2019 Q1 | 5.08271790641363 |
| 2019 Q2 | 1.80808354013193 |
| 2019 Q3 | 3.9700549630497 |
| 2019 Q4 | 0.804468864933157 |
| 2020 Q1 | 17.7201596742404 |
| 2020 Q2 | 16.9682262664654 |
| 2020 Q3 | -2.67962237546356 |
| 2020 Q4 | -0.4196473357312 |
| 2021 Q1 | 1.68653658792244 |
| 2021 Q2 | -3.46562912252107 |
| 2021 Q3 | 0.291025045926368 |
| 2021 Q4 | 1.94306586001795 |
| 2022 Q1 | 2.53927129751154 |
| 2022 Q2 | 2.64025976306249 |
| 2022 Q3 | -0.389823116010104 |
| 2022 Q4 | -0.754855459866471 |
| 2023 Q1 | -0.166196228524256 |
| 2023 Q2 | -1.74654071916465 |
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
| Quarter | Institutional leveraged loans | High-yield and unrated bonds |
|---|---|---|
| 2004 Q2 | 15.5699920654297 | -12.7997829915 |
| 2004 Q3 | 6.33000183105469 | -4.7444686799 |
| 2004 Q4 | 20.8800048828125 | -13.2517237499027 |
| 2005 Q1 | 10.5 | 2.97369487239999 |
| 2005 Q2 | 16.8999938964844 | -6.410706469 |
| 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 | 3.29614121840999 |
| 2010 Q2 | -9.71002197265625 | 13.21006038522 |
| 2010 Q3 | 11.760009765625 | 14.20725090757 |
| 2010 Q4 | -15.3399963378906 | 25.00720073417 |
| 2011 Q1 | -4.489990234375 | 0.460114469560007 |
| 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 | 18.40314829777 |
| 2013 Q3 | 45.1600341796875 | 25.86382232293 |
| 2013 Q4 | 43.5399780273438 | 24.45471547174 |
| 2014 Q1 | 29.4400024414063 | 16.13022019701 |
| 2014 Q2 | 45.6199951171875 | 15.23672500528 |
| 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 | -13.22171942203 |
| 2016 Q1 | 9.0899658203125 | -0.651168015490006 |
| 2016 Q2 | 4.99005126953125 | 2.29576331970999 |
| 2016 Q3 | -12.8800048828125 | -3.45722012689998 |
| 2016 Q4 | 7.19000244140625 | -44.46532816503 |
| 2017 Q1 | -4.239990234375 | 9.0480177782 |
| 2017 Q2 | 49.0099487304688 | -10.65872364711 |
| 2017 Q3 | 13.030029296875 | -2.19109402510999 |
| 2017 Q4 | 16.8099975585938 | -4.00290545473999 |
| 2018 Q1 | 24.22998046875 | 16.272991855113 |
| 2018 Q2 | 62.2099609375 | -8.70022443242 |
| 2018 Q3 | 46.6800537109375 | 10.88415573089 |
| 2018 Q4 | 48.550048828125 | -20.50815190214 |
| 2019 Q1 | 45.5299072265625 | 13.27410395774 |
| 2019 Q2 | 9.2000732421875 | 19.044675168757 |
| 2019 Q3 | -11.330078125 | 11.01588355029 |
| 2019 Q4 | 13.090087890625 | 9.09712617657 |
| 2020 Q1 | 3.0899658203125 | 5.45498237497001 |
| 2020 Q2 | -11.4200439453125 | 92.61695992529 |
| 2020 Q3 | 14.320068359375 | 8.47445658297999 |
| 2020 Q4 | -6.1700439453125 | -8.23948369120002 |
| 2021 Q1 | 13.6500244140625 | 24.03772296717 |
| 2021 Q2 | 51.3399658203125 | 32.45654138325 |
| 2021 Q3 | 41.239990234375 | 15.58302734896 |
| 2021 Q4 | 41.81005859375 | 2.68470644672999 |
| 2022 Q1 | 49.2999267578125 | -11.60610530992 |
| 2022 Q2 | 24.010009765625 | -10.71569321956 |
| 2022 Q3 | 16.0400390625 | -18.48660499021 |
| 2022 Q4 | -17.260009765625 | -17.91920088531 |
| 2023 Q1 | -14.530029296875 | 3.79696356938 |
| 2023 Q2 | -4.77001953125 | -0.668577504149998 |
| 2023 Q3 | 14.10009765625 | -0.398376391980001 |
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 by historical standards
Percent
| Quarter | 75th percentile | All firms |
|---|---|---|
| 2000 Q1 | 48.1541093469476 | 30.3556691738926 |
| 2000 Q2 | 47.8512910274851 | 29.6119850167806 |
| 2000 Q3 | 47.4916752996759 | 29.0144310892762 |
| 2000 Q4 | 46.987233134119 | 29.1834881147439 |
| 2001 Q1 | 47.4697237151702 | 29.188143278166 |
| 2001 Q2 | 47.4566357928043 | 29.3773764649886 |
| 2001 Q3 | 47.3327987583499 | 29.3654676395939 |
| 2001 Q4 | 47.1406803493913 | 29.9949963145334 |
| 2002 Q1 | 46.0388334437923 | 30.6139690202328 |
| 2002 Q2 | 44.2756575730122 | 29.6704803240435 |
| 2002 Q3 | 44.0028427359103 | 29.4531561485676 |
| 2002 Q4 | 44.3929589445118 | 29.1851660922912 |
| 2003 Q1 | 42.8304982552851 | 28.9742796306472 |
| 2003 Q2 | 42.1814051044141 | 28.1520345968104 |
| 2003 Q3 | 41.7239663860221 | 27.7946841364473 |
| 2003 Q4 | 41.5117350218286 | 26.7331685351882 |
| 2004 Q1 | 39.4611769102911 | 26.328901532068 |
| 2004 Q2 | 38.9295298728731 | 25.7181280812211 |
| 2004 Q3 | 38.6766403958058 | 25.402650205434 |
| 2004 Q4 | 39.1666128317714 | 25.1530648485185 |
| 2005 Q1 | 37.7650381027056 | 24.9443526381839 |
| 2005 Q2 | 37.7659268377245 | 24.8183810591289 |
| 2005 Q3 | 37.4814478918035 | 24.1394223972239 |
| 2005 Q4 | 38.3413203621397 | 24.1878033195235 |
| 2006 Q1 | 37.4089969135364 | 24.4663519447606 |
| 2006 Q2 | 37.7494310791866 | 24.3599767855927 |
| 2006 Q3 | 37.6936147426923 | 24.3801774197625 |
| 2006 Q4 | 38.5743531903771 | 24.7120547650403 |
| 2007 Q1 | 37.9848455164371 | 24.9438695277017 |
| 2007 Q2 | 38.6841608823054 | 25.1796106403442 |
| 2007 Q3 | 38.705516034687 | 25.5830892417335 |
| 2007 Q4 | 38.9335972021326 | 25.8489597714632 |
| 2008 Q1 | 39.0800120932142 | 26.0735883963531 |
| 2008 Q2 | 38.9883943871761 | 26.1898077910348 |
| 2008 Q3 | 40.0301570510571 | 27.1855678786001 |
| 2008 Q4 | 42.6324740395116 | 28.7709317601094 |
| 2009 Q1 | 41.5219891233024 | 28.7044568963348 |
| 2009 Q2 | 39.8994417234298 | 27.9445902322492 |
| 2009 Q3 | 38.4629290894534 | 26.9740801049037 |
| 2009 Q4 | 38.7391984971353 | 26.7633017155249 |
| 2010 Q1 | 37.0714720373243 | 26.3442590621418 |
| 2010 Q2 | 36.692747160812 | 26.2198550180156 |
| 2010 Q3 | 36.2554627747218 | 26.2127022515447 |
| 2010 Q4 | 36.9372224474664 | 26.0098285723408 |
| 2011 Q1 | 36.0956578872633 | 25.7805605180767 |
| 2011 Q2 | 35.5998671606649 | 25.8394371681326 |
| 2011 Q3 | 36.3697337757757 | 26.1602535252367 |
| 2011 Q4 | 37.7408921142326 | 26.0867068571411 |
| 2012 Q1 | 36.9710924028517 | 26.0251272948517 |
| 2012 Q2 | 37.2162434595519 | 26.5853726542972 |
| 2012 Q3 | 37.4879443178704 | 26.7032244629106 |
| 2012 Q4 | 38.8133589928573 | 27.0845499070832 |
| 2013 Q1 | 38.0408713088227 | 26.9278293787378 |
| 2013 Q2 | 38.2434598229825 | 27.3571678937017 |
| 2013 Q3 | 38.5027871697802 | 27.6652480422878 |
| 2013 Q4 | 40.0898933743967 | 27.9228044853271 |
| 2014 Q1 | 39.2143428614575 | 28.5223782685081 |
| 2014 Q2 | 40.2756251316033 | 28.4507622533718 |
| 2014 Q3 | 40.7912324899085 | 28.6158891298342 |
| 2014 Q4 | 42.1337801696516 | 29.1935225271103 |
| 2015 Q1 | 42.3546376216443 | 30.0457708538016 |
| 2015 Q2 | 42.08336808844 | 30.5706323747146 |
| 2015 Q3 | 42.5319539563197 | 31.107529599186 |
| 2015 Q4 | 43.8355866031826 | 32.0421131476938 |
| 2016 Q1 | 43.7882069203809 | 32.6511709632344 |
| 2016 Q2 | 43.6719156562022 | 32.8903922476562 |
| 2016 Q3 | 42.9748567244078 | 32.9725329955741 |
| 2016 Q4 | 43.1012564175281 | 32.828306552064 |
| 2017 Q1 | 42.6851025413752 | 33.0975183464852 |
| 2017 Q2 | 42.1884724879684 | 33.4699894324615 |
| 2017 Q3 | 42.0668661193383 | 33.2920566803103 |
| 2017 Q4 | 41.9132576363368 | 32.9340702316226 |
| 2018 Q1 | 41.9422735243289 | 33.2432214264596 |
| 2018 Q2 | 42.1341972983285 | 33.0382861145005 |
| 2018 Q3 | 41.6377436826759 | 32.7641638423741 |
| 2018 Q4 | 42.4549859198893 | 33.1520934136387 |
| 2019 Q1 | 46.2700331472417 | 35.2352204024314 |
| 2019 Q2 | 46.5497676601209 | 35.4075599424365 |
| 2019 Q3 | 47.3806807503245 | 35.4848722570479 |
| 2019 Q4 | 47.8632300477217 | 35.454559628247 |
| 2020 Q1 | 49.8701121726862 | 37.458622986736 |
| 2020 Q2 | 49.1502415828911 | 37.662338754795 |
| 2020 Q3 | 47.2722532099892 | 36.7919983364808 |
| 2020 Q4 | 46.6312143600907 | 36.0922176316381 |
| 2021 Q1 | 45.9135304090273 | 35.6773005133339 |
| 2021 Q2 | 45.0084623943421 | 35.1400816666487 |
| 2021 Q3 | 44.2678081606735 | 34.6057262023283 |
| 2021 Q4 | 44.3394233895819 | 34.2004373104349 |
| 2022 Q1 | 44.7330420688278 | 34.0888502282158 |
| 2022 Q2 | 45.4976912152266 | 34.0272809051104 |
| 2022 Q3 | 45.351082995805 | 34.0926814217982 |
| 2022 Q4 | 45.4745964933274 | 34.2154383793044 |
| 2023 Q1 | 45.8299090881175 | 34.2747126748852 |
| 2023 Q2 | 45.2335804517462 | 34.1980485525867 |
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, continued to decline from post-pandemic highs
Ratio
| Quarter | Median for all firms | Median for all non-investment grade firms |
|---|---|---|
| 2000 Q1 | 2.36029256294827 | 1.58060556464812 |
| 2000 Q2 | 2.32273712851903 | 1.52961609959379 |
| 2000 Q3 | 2.26505465547531 | 1.50284810126582 |
| 2000 Q4 | 2.19876889353444 | 1.43707054969639 |
| 2001 Q1 | 2.12124828419823 | 1.37048431917428 |
| 2001 Q2 | 2.07647611571932 | 1.34288430099509 |
| 2001 Q3 | 1.88234486088537 | 1.24498056994819 |
| 2001 Q4 | 1.77499224906829 | 1.27961608775137 |
| 2002 Q1 | 1.77796704870869 | 1.26639708934813 |
| 2002 Q2 | 1.74039747735248 | 1.28831194087904 |
| 2002 Q3 | 1.84185303514377 | 1.40299414034586 |
| 2002 Q4 | 2.00299018253853 | 1.52512842465753 |
| 2003 Q1 | 2.10272768774252 | 1.59640587664859 |
| 2003 Q2 | 2.11539531273139 | 1.50416529204672 |
| 2003 Q3 | 2.17983100661279 | 1.66490765171504 |
| 2003 Q4 | 2.2970912948953 | 1.6651814911707 |
| 2004 Q1 | 2.5447247706422 | 1.90385638297872 |
| 2004 Q2 | 2.86702350965575 | 2.05882062357426 |
| 2004 Q3 | 3.02093183895849 | 2.22343568747318 |
| 2004 Q4 | 2.98376265247859 | 2.35119047619048 |
| 2005 Q1 | 3.01307433551452 | 2.27705223111609 |
| 2005 Q2 | 3.0042760760801 | 2.22767855814609 |
| 2005 Q3 | 3.05610743193525 | 2.22572101236021 |
| 2005 Q4 | 3.03043564750348 | 2.26951785183785 |
| 2006 Q1 | 3.06675963441385 | 2.31886674537302 |
| 2006 Q2 | 3.01334226251803 | 2.27101757039795 |
| 2006 Q3 | 2.98084486148963 | 2.29782608695652 |
| 2006 Q4 | 2.9279820593857 | 2.26500076463503 |
| 2007 Q1 | 2.91025292233843 | 2.22857969420328 |
| 2007 Q2 | 2.83819946245 | 2.20811865434157 |
| 2007 Q3 | 2.70073975124913 | 2.10897435897436 |
| 2007 Q4 | 2.73405909797823 | 2.09525234340427 |
| 2008 Q1 | 2.79681694532909 | 2.16057017228754 |
| 2008 Q2 | 3.00493378242122 | 2.2490828150397 |
| 2008 Q3 | 2.98423337261839 | 2.25483476892496 |
| 2008 Q4 | 2.63148670147687 | 1.93334822797564 |
| 2009 Q1 | 2.70543766578249 | 1.96036803219457 |
| 2009 Q2 | 2.47078060193555 | 1.74154734709418 |
| 2009 Q3 | 2.33367768595041 | 1.58769953971208 |
| 2009 Q4 | 2.28262374991007 | 1.66845238095238 |
| 2010 Q1 | 2.62028824833703 | 1.93936170212766 |
| 2010 Q2 | 2.76175952888743 | 2.10168876026754 |
| 2010 Q3 | 2.94068210550511 | 2.1921568627451 |
| 2010 Q4 | 3.04279279279279 | 2.27598491198659 |
| 2011 Q1 | 3.18913905228684 | 2.47058177366506 |
| 2011 Q2 | 3.37037037037037 | 2.56389758497317 |
| 2011 Q3 | 3.520922854775 | 2.61811105869668 |
| 2011 Q4 | 3.46009157838032 | 2.58849628395695 |
| 2012 Q1 | 3.39739663093415 | 2.51598818543727 |
| 2012 Q2 | 3.43083611452661 | 2.58644628350777 |
| 2012 Q3 | 3.28881909547739 | 2.39971588480825 |
| 2012 Q4 | 3.10065163102856 | 2.37340249586528 |
| 2013 Q1 | 3.19366550289704 | 2.33195364238411 |
| 2013 Q2 | 3.25635593220339 | 2.28190586904612 |
| 2013 Q3 | 3.27199461804602 | 2.23245614035088 |
| 2013 Q4 | 3.17006070563659 | 2.21171950048031 |
| 2014 Q1 | 3.2120085995086 | 2.20393039607466 |
| 2014 Q2 | 3.41990599929472 | 2.39107777291001 |
| 2014 Q3 | 3.47 | 2.41812799421495 |
| 2014 Q4 | 3.36951428471518 | 2.32258560910387 |
| 2015 Q1 | 3.35083120204604 | 2.20103281682737 |
| 2015 Q2 | 3.30121326803206 | 2.19806454445584 |
| 2015 Q3 | 3.31188118811881 | 2.2053190769439 |
| 2015 Q4 | 3.11452966121016 | 2.12054571828731 |
| 2016 Q1 | 2.93258966154367 | 2.04246323529412 |
| 2016 Q2 | 2.91235177063028 | 1.97552849264706 |
| 2016 Q3 | 2.94997205905748 | 2.09628008752735 |
| 2016 Q4 | 3.00336932063006 | 2.018533638145 |
| 2017 Q1 | 3.04163662123459 | 2.12527352297593 |
| 2017 Q2 | 3.10846470913186 | 2.24376731301939 |
| 2017 Q3 | 3.07336891579702 | 2.29034025671746 |
| 2017 Q4 | 3.08326913199795 | 2.29038992254963 |
| 2018 Q1 | 3.0566298784389 | 2.2398590465999 |
| 2018 Q2 | 3.08823529411765 | 2.33874458874459 |
| 2018 Q3 | 3.17361111111111 | 2.36029829416486 |
| 2018 Q4 | 3.06911126342244 | 2.32048649043273 |
| 2019 Q1 | 2.96531556810022 | 2.21296296296296 |
| 2019 Q2 | 2.89502119520265 | 2.04147952224108 |
| 2019 Q3 | 2.79617434623348 | 2.06540078742552 |
| 2019 Q4 | 2.65115217946689 | 2.01321640178641 |
| 2020 Q1 | 2.48539193848422 | 1.79347826086957 |
| 2020 Q2 | 2.12503711591428 | 1.32899453356035 |
| 2020 Q3 | 2.16565969954278 | 1.22821640307801 |
| 2020 Q4 | 2.05693650095322 | 1.22835667113561 |
| 2021 Q1 | 2.48204176961368 | 1.50157871958591 |
| 2021 Q2 | 3.02386363636364 | 1.89191395070857 |
| 2021 Q3 | 3.30645161290323 | 2.22851335414678 |
| 2021 Q4 | 3.20035588404179 | 2.18882328337981 |
| 2022 Q1 | 3.44628270326503 | 2.22051923156759 |
| 2022 Q2 | 3.40603520271581 | 2.0419754601227 |
| 2022 Q3 | 3.10882121688642 | 1.86126431904964 |
| 2022 Q4 | 2.63398203592814 | 1.69516348773842 |
| 2023 Q1 | 2.5133964975805 | 1.6392936239655 |
| 2023 Q2 | 2.43139534883721 | 1.57448619556083 |
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 |
| Apr. 2023 | 1.31000000983477 |
| May. 2023 | 1.57999992370605 |
| Jun. 2023 | 1.71000007539988 |
| Jul. 2023 | 1.75000000745058 |
| Aug. 2023 | 1.54999997466803 |
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 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: PitchBook Data, Leveraged Commentary & Data.
Figure 2.8. New leveraged loans with debt multiples less than 4 continued to rise
Percent
| Date | Debt multiples ≥ 6x | Debt multiples 5x-5.99x | Debt multiples 4x4.99x | Debt multiples ≤ 4x |
|---|---|---|---|---|
| 2001 | 2.70000007003546 | 10.1000003516674 | 26.1999994516373 | 61.1000001430512 |
| 2002 | 5.90000003576279 | 12.2000001370907 | 27.3000001907349 | 54.6000003814697 |
| 2003 | 6.69999998062849 | 11.5000002086163 | 29.3000012636185 | 52.6000022888184 |
| 2004 | 8.79999976605176 | 17.5999999046326 | 28.600001335144 | 44.9999988079071 |
| 2005 | 8.00000037997961 | 25.0999987125397 | 25.0999987125397 | 41.8000012636185 |
| 2006 | 16.2999995052814 | 21.0999995470046 | 26.3000011444092 | 36.3999992609024 |
| 2007 | 27.6999995112419 | 17.4999997019768 | 23.7000003457069 | 31.2000006437302 |
| 2008 | 10.700000077486 | 12.0999999344349 | 14.2000004649162 | 63.0999982357025 |
| 2009 | 17.7000001072884 | 11.5000002086163 | 17.7000001072884 | 53.1000018119812 |
| 2010 | 5.8000001590699 | 17.9000005125999 | 22.5999996066093 | 53.7000000476837 |
| 2011 | 14.4000001251698 | 19.200000166893 | 22.5999996066093 | 43.7999993562698 |
| 2012 | 15.8000003546476 | 21.7999994754791 | 26.6000002622604 | 35.8999997377396 |
| 2013 | 16.4000004529953 | 23.1000006198883 | 28.999999165535 | 31.4999997615814 |
| 2014 | 27.1999999880791 | 21.5000003576279 | 22.5999996066093 | 28.7000000476837 |
| 2015 | 18.7000006437302 | 26.1999994516373 | 24.8999997973442 | 30.3000003099442 |
| 2016 | 21.000000089407 | 24.4000002741814 | 32.600000500679 | 21.8999996781349 |
| 2017 | 22.0000006258488 | 27.5999993085861 | 27.5999993085861 | 22.6999998092651 |
| 2018 | 29.6000003814697 | 26.8999993801117 | 24.1999998688698 | 19.3000003695488 |
| 2019 | 32.8999996185303 | 23.2999995350838 | 23.4999999403954 | 20.2999994158745 |
| 2020 | 28.1999997794628 | 23.7000003457069 | 25.4999995231628 | 22.5999996066093 |
| 2021 | 35.1999998092651 | 20.8000004291534 | 23.199999332428 | 20.8000004291534 |
| 2022 | 36.5000009536743 | 20.8000004291534 | 19.3000003695488 | 23.3999997377396 |
| 2023 Q1 | 25.8000001311302 | 12.0999999344349 | 29.3000012636185 | 32.8000009059906 |
| 2023 Q2 | 18.0000005289912 | 26.1999994516373 | 18.0000007152557 | 37.7000004053116 |
Note: Volumes are for large corporations with earnings before interest, taxes, depreciation, and amortization 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 down
This is a line chart titled “Real household debt edged down”. The x-axis measures time and ranges from the years 1999 to 2023. 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 120 trillion dollars to end in 2023:Q2. 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 2023:Q2. 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 2023:Q2.
Note: Subprime are those with an Equifax Risk Score less than 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 2023 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 2023. 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 second quarter of 2023. 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 2023:Q2. 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 over 80 at the end of the sample in 2023:Q2. There is also a horizontal dashed line marked at 100.
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.
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 near historically low levels
This is a line chart titled “Mortgage delinquency rates remained near historically low levels.” The x-axis ranges from 2001 to 2023. 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 1.8 percent in 2023:Q2. 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 2023:Q2 by decreasing slightly to under 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 as 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 | 2.11821552 |
| Feb. 2022 | 2.08459919 |
| Mar. 2022 | 2.047522 |
| Apr. 2022 | 2.00213866 |
| May. 2022 | 1.95535125 |
| Jun. 2022 | 1.91017149 |
| Jul. 2022 | 1.94063819 |
| Aug. 2022 | 1.97100697 |
| Sep. 2022 | 2.00033102 |
| Oct. 2022 | 2.04170751 |
| Nov. 2022 | 2.08164013 |
| Dec. 2022 | 2.1228248 |
| Jan. 2023 | 2.11851546 |
| Feb. 2023 | 2.11462949 |
| Mar. 2023 | 2.11032795 |
| Apr. 2023 | 2.06517155 |
| May. 2023 | 2.0185603 |
| Jun. 2023 | 1.97349418 |
Note: NA
Source: CoreLogic, Inc., Real Estate Data.
Figure 2.13. New mortgage extensions to nonprime borrowers were subdued
This is a bar graph titled "New mortgage extensions to nonprime borrowers were subdued.” The x-axis ranges from the years 2000 to 2023. 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 91 billion dollars in 2023. 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, before a decline in the final few observations declines to 394 billion dollars in 2023. 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 then declining in the final two observations and ending around 1095 billion dollars in 2023.
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 less than 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 2023 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 down in the first half of 2023
This is a line chart titled "Real consumer credit edged down in the first half of 2023”. The x-axis ranges from the years 1999 to 2023. 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 1780 billion dollars by 2020:Q2. The variable falls slightly and ends just under 1600 in 2023:Q2. 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 1550 billion dollars in 2023:Q2. 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 just over 1000 billion dollars in 2023:Q2.
Note: The data are converted to constant 2023 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 for prime borrowers
This is a line chart labeled "Real auto loans outstanding ticked up for prime borrowers". The x-axis ranges from the years 1999 to 2023, and the y-axis ranges from 100 to 900, and the units are in billions of real dollars. The data is quarterly, ending in 2023:Q2. 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 790 billion dollars by 2023:Q2. 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 2023:Q2. 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 330 billion dollars when the series ends in 2023:Q2.
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 2023 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 remained at levels above their historical median
This chart is titled “Auto loan delinquencies remained at levels above their historical median.” The x-axis ranges from 2000 to 2023. 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 3.5 percent for the second quarter of 2023. 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 4.02 percent in 2023:Q2 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 the Risk Assessment, Data Analysis, and Research Data Warehouse 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 rose in the first half of 2023
This is a line chart labeled "Real credit card balances rose in the first half in 2023." The x-axis ranges from the years 1999 to 2023, and the y-axis ranges from 0 to 600 billions of real dollars. The data is quarterly, ending in 2023: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 2023:Q2. 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 310 billion dollars in 2023:Q2. 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 160 billion dollars after a slight increase into 2023:Q2.
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 2023 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 further in the first half of 2023
This is a line chart titled "Credit card delinquencies increased further in the first half of 2023”. The x-axis ranges from the years 2000 to 2023. The y-axis ranges from 0 to 8 percent, measuring delinquency rates on credit cards. The data are quarterly, ending in 2023:Q2. 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 3.5 percent when the series ends in 2023:Q2.
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 remained significantly above the average expense rate on liabilities
This is a line chart titled “Banks' average interest rate on interest-earning assets remained significantly above the average expense rate on liabilities”. The x-axis measures time and ranges from years 2014 to 2023. The y-axis ranges from -.5 to 6 percent. The data are quarterly ending in 2023:Q2. 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 5.5 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 5.5 percent in 2023:Q2. The second series, labeled ‘Average interest expense rate on liabilities,' is designated by a solid blue line and ranges from just above 0 to 2.5 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 of around 2.5 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 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 the second quarter of 2023 as interest rates rose
This is a stacked bar chart titled “The fair values of banks' securities portfolios declined in the second quarter of 2023 as interest rates rose.” The x-axis measures time and ranges from years 2017 to 2023. The y-axis ranges from -800 to 400 billion dollars. The data are quarterly and conclude in 2023:Q2. Two categories of banks’ fair value aggregate securities holdings are shown on the chart. The first variable is labeled ‘Available-for-sale securities’ (hereafter AFS) and is represented by a series of beige bars which range in magnitude from about -$330 to just under $100 billion. The second variable is labeled ‘Held-to-maturity securities’ (hereafter HTM) and is represented by a series of dark blue bars which range in magnitude from about -$370 to just over $40 billion in magnitude. The bars representing HTM always start from zero when the direction of the two bars is the same, which it almost always is. The bars for each series are also roughly the same size as the other in each period, with neither ever becoming more than about twice as big as the other. The two series collectively hover within a range of about -100 to 150 billion dollars until 2022:Q1, when both series see a pronounced drop to about -375 billion dollars each by 2022:Q3 before rising mildly to collectively end up around -575 billion dollars, with HTM comprising about -300 billion of this and AFS making up the remaining -175 billion.
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.
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 3.3. Banks' risk-based capital ratio remained near the median level since the Great Recession
Percent of risk-weighted assets
| Quarter | G-SIBs | Large non–G-SIBs | Other BHCs |
|---|---|---|---|
| 2001 Q1 | 7.13674737214721 | 7.53803282255843 | 9.33163984786682 |
| 2001 Q2 | 7.33727603051405 | 7.50479348702284 | 9.45067186498515 |
| 2001 Q3 | 7.00873665502712 | 7.26486353426049 | 9.62849198635094 |
| 2001 Q4 | 7.07997380569986 | 7.29661190010667 | 8.96516884430957 |
| 2002 Q1 | 7.28813955443213 | 7.49820441398786 | 9.01514986246456 |
| 2002 Q2 | 7.32737940412747 | 7.62280837998528 | 9.00682747522053 |
| 2002 Q3 | 7.48950717196073 | 7.71740660010258 | 8.99244561030596 |
| 2002 Q4 | 7.09988133305329 | 7.6015983362202 | 8.96637757349765 |
| 2003 Q1 | 7.09323810635267 | 7.66635613619986 | 9.16057909687585 |
| 2003 Q2 | 7.19861687975139 | 7.54409221899765 | 9.08986062393443 |
| 2003 Q3 | 7.52859633668072 | 7.65268705261918 | 9.1314489131487 |
| 2003 Q4 | 7.27070855771445 | 7.89052447070949 | 9.09412693965009 |
| 2004 Q1 | 7.23904972831992 | 7.21722060266102 | 9.18101197987572 |
| 2004 Q2 | 6.98313054364949 | 7.06144229578693 | 8.96691649585333 |
| 2004 Q3 | 7.19158304602105 | 7.14619232049849 | 8.84818497280348 |
| 2004 Q4 | 7.2841779111753 | 7.59785686569509 | 8.69279375555207 |
| 2005 Q1 | 7.26529090732299 | 7.44875238314645 | 8.65548268339049 |
| 2005 Q2 | 7.16193125784083 | 7.46508148252664 | 8.56564179275106 |
| 2005 Q3 | 7.26642809779969 | 7.4570647915109 | 8.58348286895767 |
| 2005 Q4 | 7.21998561738627 | 7.47659606705788 | 8.34803054376519 |
| 2006 Q1 | 7.2899651761595 | 7.56703923931236 | 8.38938800551231 |
| 2006 Q2 | 7.21674557323936 | 7.59439379106468 | 8.3464319362854 |
| 2006 Q3 | 7.30911959914732 | 7.74772535647029 | 8.32210173848127 |
| 2006 Q4 | 7.29043610084148 | 7.45675442737746 | 8.43974440433117 |
| 2007 Q1 | 7.18466043145009 | 7.31295377227607 | 8.5030798904767 |
| 2007 Q2 | 6.90520406697276 | 7.08071504279879 | 8.33790128319458 |
| 2007 Q3 | 6.60369733402875 | 6.85623765914405 | 8.24705901294254 |
| 2007 Q4 | 5.73459683814437 | 6.51858548268729 | 7.9813606967539 |
| 2008 Q1 | 5.52289119356596 | 6.62172312650578 | 7.94461032484209 |
| 2008 Q2 | 5.53170030888784 | 6.50261358499355 | 8.00610240762672 |
| 2008 Q3 | 5.18355865077915 | 6.60918444879525 | 7.95869011306806 |
| 2008 Q4 | 4.58519218620076 | 6.25745182266946 | 7.91433325047657 |
| 2009 Q1 | 5.05967950487124 | 6.59043551152265 | 7.97494105495518 |
| 2009 Q2 | 6.39998165275161 | 7.39755399563165 | 8.06943647924114 |
| 2009 Q3 | 7.84210943287367 | 7.80500140273395 | 8.65111581422183 |
| 2009 Q4 | 8.22870713654716 | 7.91655680372125 | 8.85780650214138 |
| 2010 Q1 | 8.74310078136316 | 8.38018042877533 | 9.39859877084483 |
| 2010 Q2 | 9.16993484730483 | 8.64799317401394 | 9.95939060569391 |
| 2010 Q3 | 9.49843518525268 | 9.00832830031004 | 10.2884698623192 |
| 2010 Q4 | 9.76002649842235 | 9.65894486665139 | 10.6243301879714 |
| 2011 Q1 | 10.0696884160825 | 9.99489850162499 | 10.9585482379686 |
| 2011 Q2 | 10.2095845024913 | 10.2140318438417 | 11.1672808944397 |
| 2011 Q3 | 10.1806225555603 | 10.0533169122944 | 11.255789364379 |
| 2011 Q4 | 10.5094589240705 | 10.280796143996 | 11.4390084337062 |
| 2012 Q1 | 11.1183314461868 | 10.5575152576103 | 11.9183089009085 |
| 2012 Q2 | 11.2290391144465 | 10.4074238955103 | 12.2546588012519 |
| 2012 Q3 | 11.4003629184648 | 10.4777381915109 | 12.3325441778695 |
| 2012 Q4 | 11.5734908296603 | 10.6068094356415 | 12.1342952733841 |
| 2013 Q1 | 11.0162168648136 | 10.9133424329541 | 12.2357958379162 |
| 2013 Q2 | 11.2105591198611 | 11.0596108027362 | 12.1319866463059 |
| 2013 Q3 | 11.4002722637964 | 11.1770559907232 | 12.3901826443664 |
| 2013 Q4 | 11.4957381631113 | 11.3204988443863 | 12.357430672046 |
| 2014 Q1 | 12.5724803318565 | 11.48391995662 | 12.4094480061208 |
| 2014 Q2 | 11.6119483946069 | 11.4190527254467 | 12.2404282796669 |
| 2014 Q3 | 11.6570586686392 | 11.4769935476866 | 12.2597023021903 |
| 2014 Q4 | 11.5944468187056 | 11.5773299672329 | 12.1845390237635 |
| 2015 Q1 | 11.5849114974376 | 11.4503499552253 | 12.0436733177081 |
| 2015 Q2 | 11.86222729363 | 11.265619831611 | 12.0138827041137 |
| 2015 Q3 | 12.0581292715171 | 11.327433983977 | 11.9658939714727 |
| 2015 Q4 | 11.8856717282836 | 11.315492512313 | 11.8793274664725 |
| 2016 Q1 | 12.0185589119546 | 11.2808801628219 | 11.7555670355363 |
| 2016 Q2 | 12.1164188198601 | 11.3413641674577 | 11.6951338901516 |
| 2016 Q3 | 12.1635655821895 | 11.2592028411468 | 11.8400852715218 |
| 2016 Q4 | 12.2674513756582 | 11.3380733869041 | 11.9735349447785 |
| 2017 Q1 | 12.5289139308923 | 11.5324280543553 | 12.0789624977945 |
| 2017 Q2 | 12.6678371713046 | 11.4229896718639 | 12.0807421815178 |
| 2017 Q3 | 12.6394459161107 | 11.4108799008064 | 12.0798842509963 |
| 2017 Q4 | 12.1957339575346 | 11.2975425873258 | 12.0072435132058 |
| 2018 Q1 | 12.0115520542566 | 11.0035638807189 | 12.1192990391812 |
| 2018 Q2 | 12.0880085428493 | 11.1974199517842 | 12.1531280169384 |
| 2018 Q3 | 12.05446572329 | 11.0695517158984 | 12.2348759257026 |
| 2018 Q4 | 12.0033109727695 | 11.1651537350399 | 12.1576348895046 |
| 2019 Q1 | 12.3763979347912 | 11.2268625652029 | 12.332398602789 |
| 2019 Q2 | 12.3827413402393 | 11.2600549141685 | 12.2312264309502 |
| 2019 Q3 | 12.0848911686732 | 11.1797744280206 | 12.237602229774 |
| 2019 Q4 | 11.876308310051 | 11.0261779585346 | 12.3100340974633 |
| 2020 Q1 | 11.5424496931464 | 10.7438262941257 | 11.8924600161713 |
| 2020 Q2 | 12.0211283519485 | 11.2517312824528 | 12.1238877398474 |
| 2020 Q3 | 12.4279933744964 | 11.6311273104791 | 12.2478104941919 |
| 2020 Q4 | 12.3636628199907 | 12.0200165638405 | 12.5334586573357 |
| 2021 Q1 | 12.6700856464625 | 12.3200000126565 | 12.8585022807011 |
| 2021 Q2 | 12.6267784157545 | 12.0913456360483 | 12.93000350846 |
| 2021 Q3 | 12.3063194463409 | 11.9194475889746 | 12.8790863051517 |
| 2021 Q4 | 12.1208303953053 | 11.6153792869379 | 12.6791802413118 |
| 2022 Q1 | 11.7231312931722 | 11.3533765723624 | 12.5040607594273 |
| 2022 Q2 | 11.8629414091981 | 10.9980438186719 | 12.1702167864891 |
| 2022 Q3 | 11.9130160609404 | 10.8856966457083 | 12.0905958223587 |
| 2022 Q4 | 12.1011443273832 | 10.7474784011304 | 12.158464208644 |
| 2023 Q1 | 12.6684358496732 | 10.6655946813332 | 12.1067829889513 |
| 2023 Q2 | 12.7466805034701 | 10.9050953610773 | 12.2370718414843 |
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 banks of all categories
Figure 3.4. The ratio of tangible common equity to tangible assets increased for banks of all categories
Percent of tangible assets
| Quarter | G-SIBs | Large non–G-SIBs | Other BHCs |
|---|---|---|---|
| 1985 Q1 | 4.7237088709188 | 4.85356459815094 | 6.35978726145973 |
| 1985 Q2 | 4.59125345770151 | 4.63487729060401 | 6.34792896497627 |
| 1985 Q3 | 4.79523451561782 | 4.54620817720596 | 6.36053053120674 |
| 1985 Q4 | 4.95967608741877 | 4.49022283599042 | 6.35671365832308 |
| 1986 Q1 | 4.93146188226754 | 4.52353680905428 | 6.42699875831872 |
| 1986 Q2 | 5.07004072298375 | 4.38760472393257 | 6.3657529833304 |
| 1986 Q3 | 5.27967283408765 | 4.56389327029598 | 6.38157904062038 |
| 1986 Q4 | 4.99029187639708 | 5.20979454423269 | 6.18261271043485 |
| 1987 Q1 | 5.05441602182307 | 6.09113626922849 | 6.29607552605817 |
| 1987 Q2 | 4.48201560368126 | 4.6476211196171 | 5.92518521663638 |
| 1987 Q3 | 4.30531450516138 | 4.84928262897134 | 6.01340843992593 |
| 1987 Q4 | 4.49699357783084 | 4.92219401832028 | 6.00988422780437 |
| 1988 Q1 | 4.54001116017465 | 5.13030960337157 | 5.96395283150306 |
| 1988 Q2 | 4.75340541154763 | 5.10607130712286 | 6.01812935746039 |
| 1988 Q3 | 4.4821089551021 | 5.10490783979604 | 6.12374706365171 |
| 1988 Q4 | 5.09656228088211 | 5.4233790440687 | 6.23516834571807 |
| 1989 Q1 | 5.08673220561322 | 5.32766057257529 | 6.29956712693479 |
| 1989 Q2 | 5.23945230260606 | 5.34174745841489 | 6.31331866672714 |
| 1989 Q3 | 4.95927441855786 | 5.17161980582769 | 6.20644757736901 |
| 1989 Q4 | 4.84010345687516 | 4.70075444207095 | 6.20668905062523 |
| 1990 Q1 | 4.93437274031224 | 4.65452408225931 | 6.27604893101672 |
| 1990 Q2 | 4.96534860846624 | 4.80802026994104 | 6.26063843960991 |
| 1990 Q3 | 4.82584433686173 | 4.87344967488032 | 6.25189149736494 |
| 1990 Q4 | 4.90428514134216 | 5.21465782769067 | 6.30130006793877 |
| 1991 Q1 | 5.06667765113433 | 5.27185599703929 | 6.41686188835762 |
| 1991 Q2 | 4.85324956274166 | 5.26829451399185 | 6.47197713003865 |
| 1991 Q3 | 4.81141178199701 | 4.81735287016918 | 6.51184204395687 |
| 1991 Q4 | 5.01136917248809 | 4.87615956328495 | 6.67336361141417 |
| 1992 Q1 | 5.47309079030955 | 4.77193195995496 | 6.7836637232025 |
| 1992 Q2 | 5.60634551117032 | 4.78766952621649 | 7.1134264053952 |
| 1992 Q3 | 5.68863165211333 | 5.03767882851918 | 7.23518229838822 |
| 1992 Q4 | 5.79370335704894 | 5.88616221274403 | 7.39170962261697 |
| 1993 Q1 | 6.00090930612608 | 6.13830378340153 | 7.56956059746972 |
| 1993 Q2 | 6.16893919764784 | 6.07781687933323 | 7.71827277419303 |
| 1993 Q3 | 6.3330020582721 | 6.21131442537914 | 7.73780027449885 |
| 1993 Q4 | 6.45876883455897 | 6.54754075981692 | 7.85732840760346 |
| 1994 Q1 | 5.95721574173736 | 5.74091577991539 | 7.78830635004262 |
| 1994 Q2 | 6.05870973027227 | 5.82678191073681 | 7.69941917134192 |
| 1994 Q3 | 5.85485701124102 | 6.10681640419658 | 7.72869360779413 |
| 1994 Q4 | 5.49608753971058 | 6.29087505686156 | 7.62182418643191 |
| 1995 Q1 | 5.30748211905843 | 5.87608238296238 | 7.74133079518709 |
| 1995 Q2 | 5.52538727362049 | 6.2276759968217 | 7.80834928474648 |
| 1995 Q3 | 5.57403951758764 | 6.25718493363703 | 7.86945131113949 |
| 1995 Q4 | 5.654076616403 | 6.31448352397093 | 7.94546208613418 |
| 1996 Q1 | 5.92437356439526 | 6.30998522197982 | 7.95053648076607 |
| 1996 Q2 | 5.7787559270633 | 6.26928685513284 | 7.81551595148148 |
| 1996 Q3 | 5.97686384003032 | 6.18268743530105 | 7.75968472429671 |
| 1996 Q4 | 5.77551540290233 | 6.12091214513455 | 7.77932279789295 |
| 1997 Q1 | 5.40807590724954 | 6.03904704100707 | 7.81763244112416 |
| 1997 Q2 | 5.32094108278849 | 5.89211085667613 | 7.7258754434649 |
| 1997 Q3 | 5.40306157004381 | 5.81657378668225 | 7.76346429574239 |
| 1997 Q4 | 5.32783199792995 | 5.80034422094241 | 7.82867744361563 |
| 1998 Q1 | 5.414585831434 | 5.62375485441717 | 7.83420489896329 |
| 1998 Q2 | 5.772072433707 | 5.629634790111 | 7.86473318034616 |
| 1998 Q3 | 5.93929326706571 | 5.5029053716923 | 7.82469504869376 |
| 1998 Q4 | 5.68564645120293 | 5.51154270673543 | 7.78216386379196 |
| 1999 Q1 | 5.77052812667777 | 5.67466924670892 | 7.71628274367713 |
| 1999 Q2 | 5.70790929095797 | 5.5847674783547 | 7.61430779978646 |
| 1999 Q3 | 5.77067681364251 | 5.54299963215503 | 7.52057569702046 |
| 1999 Q4 | 5.62390841378944 | 5.33253270666682 | 7.38158869220671 |
| 2000 Q1 | 5.67913101697044 | 5.23986163350551 | 7.3103496701092 |
| 2000 Q2 | 5.42713665351368 | 5.10771775738573 | 7.37224068751693 |
| 2000 Q3 | 5.52325537138311 | 5.4058902268505 | 7.48785088364054 |
| 2000 Q4 | 5.53887301599062 | 5.87843486575849 | 7.72922954413427 |
| 2001 Q1 | 4.88606502141708 | 5.70420503946666 | 7.56130061148072 |
| 2001 Q2 | 4.82321492352177 | 5.09857700157903 | 7.71516642933348 |
| 2001 Q3 | 4.46318349150256 | 5.02428879195926 | 7.90279723170253 |
| 2001 Q4 | 4.62513244786752 | 4.78132104503 | 7.77475244070457 |
| 2002 Q1 | 4.55824754501541 | 4.90613702593394 | 7.80495299720374 |
| 2002 Q2 | 4.67825847202571 | 5.08919875822492 | 7.93989380273317 |
| 2002 Q3 | 4.84366476483573 | 5.33635441580815 | 7.95704584500165 |
| 2002 Q4 | 4.79803714164231 | 5.41476639716279 | 7.9840553114192 |
| 2003 Q1 | 4.72398322621056 | 5.40882348480732 | 7.93194431298439 |
| 2003 Q2 | 4.77270374460117 | 5.32563068451466 | 7.76156111701116 |
| 2003 Q3 | 4.71501303165754 | 5.25642160494888 | 7.71723252269465 |
| 2003 Q4 | 4.53825717358464 | 5.27541673527332 | 7.76193268051099 |
| 2004 Q1 | 4.50529041304721 | 5.35914860500104 | 7.97082809515223 |
| 2004 Q2 | 4.03764036048786 | 4.75019587691012 | 7.58064246984694 |
| 2004 Q3 | 4.30482244014643 | 4.42903803329308 | 7.97108655183907 |
| 2004 Q4 | 4.41532320152134 | 4.23409230990107 | 8.16712717596886 |
| 2005 Q1 | 4.21817029153203 | 3.86778883199594 | 7.96794156447159 |
| 2005 Q2 | 4.33169902692178 | 4.35190685404607 | 8.13180629975753 |
| 2005 Q3 | 4.29552238784801 | 3.99745610782647 | 8.06713551446922 |
| 2005 Q4 | 4.22919132410551 | 4.13105373303937 | 7.95898559516094 |
| 2006 Q1 | 4.03655438363319 | 3.74809905746012 | 7.84752932268176 |
| 2006 Q2 | 3.88060024868593 | 3.68248620240664 | 7.81311544471423 |
| 2006 Q3 | 4.06897402742052 | 3.89681098418779 | 8.04265442146703 |
| 2006 Q4 | 4.01169620829711 | 4.29165240079981 | 8.03278667621627 |
| 2007 Q1 | 3.80455376694069 | 4.20752197006904 | 7.97803393114817 |
| 2007 Q2 | 3.51144348458793 | 4.13516392672993 | 7.90342918451823 |
| 2007 Q3 | 3.38824027580952 | 4.22821486977363 | 7.91660869611813 |
| 2007 Q4 | 3.13549709320522 | 3.96069612506007 | 7.93168754495198 |
| 2008 Q1 | 2.91411268982261 | 3.6757284917324 | 7.92905345075747 |
| 2008 Q2 | 2.8592787678037 | 3.70473663561832 | 7.78206141304974 |
| 2008 Q3 | 2.24332602842351 | 3.49648874384641 | 7.59957452042399 |
| 2008 Q4 | 2.27310315928882 | 3.64065359524167 | 7.52162149200275 |
| 2009 Q1 | 2.67933520981887 | 4.01481192915341 | 7.53091592287324 |
| 2009 Q2 | 3.36188539437184 | 4.62884990355618 | 7.58749192822819 |
| 2009 Q3 | 4.30843170047897 | 4.80684165900717 | 7.89488613822852 |
| 2009 Q4 | 4.69336593690793 | 4.78017658119808 | 8.05463844591154 |
| 2010 Q1 | 4.7639103444209 | 4.79979428442565 | 8.30918964181721 |
| 2010 Q2 | 5.21045490067188 | 5.39744794575463 | 8.62043754683094 |
| 2010 Q3 | 5.46843083972949 | 5.63320853238453 | 8.80860107458637 |
| 2010 Q4 | 5.59684825937364 | 6.40684078977532 | 8.76367131547316 |
| 2011 Q1 | 5.69597338582748 | 6.65662051736126 | 8.92695450929308 |
| 2011 Q2 | 5.84811398071342 | 6.93273953195532 | 9.1579638430203 |
| 2011 Q3 | 6.05388503905373 | 7.23154201008738 | 9.28468111020786 |
| 2011 Q4 | 6.28922545175536 | 7.19133569790062 | 9.43523341754963 |
| 2012 Q1 | 6.35208307079801 | 7.29941392337569 | 9.47810956350477 |
| 2012 Q2 | 6.57100876096896 | 7.41626213083261 | 9.64578506328339 |
| 2012 Q3 | 6.71459239860791 | 7.57191211033028 | 9.69692244022551 |
| 2012 Q4 | 6.70852374349484 | 7.55931027232255 | 9.5681970214402 |
| 2013 Q1 | 6.78531698956402 | 7.82698460552213 | 9.70575650955488 |
| 2013 Q2 | 6.77324143681927 | 7.78545897164622 | 9.57118594479147 |
| 2013 Q3 | 6.80179682275397 | 7.91253678830174 | 9.59542045909819 |
| 2013 Q4 | 6.92711934007666 | 8.01943043040757 | 9.69844823972128 |
| 2014 Q1 | 6.98870974686852 | 8.15069939469183 | 9.72600192531412 |
| 2014 Q2 | 7.08530749919026 | 8.31072836796416 | 9.8789990517902 |
| 2014 Q3 | 7.18419700408077 | 8.33369389531421 | 9.68850683856774 |
| 2014 Q4 | 7.2120544016271 | 8.28820456866128 | 9.70670404840066 |
| 2015 Q1 | 7.29572249496211 | 8.42378973767747 | 9.71902964839818 |
| 2015 Q2 | 7.45608697217242 | 8.33178074867189 | 9.72645115910594 |
| 2015 Q3 | 7.63917574930302 | 8.55437915169276 | 9.73840955868078 |
| 2015 Q4 | 7.7727819949132 | 8.38162059958729 | 9.74096116407933 |
| 2016 Q1 | 7.74309580695799 | 8.48853677318935 | 9.78044268630857 |
| 2016 Q2 | 7.76489425051964 | 8.55478643339289 | 9.80034515016015 |
| 2016 Q3 | 7.77272553923029 | 8.34657077792927 | 9.77475033849553 |
| 2016 Q4 | 7.71780747261041 | 8.2230555351772 | 9.57883981090918 |
| 2017 Q1 | 7.64431962433969 | 8.2808009426581 | 9.69948520607518 |
| 2017 Q2 | 7.7169206519714 | 8.26112738467232 | 9.79370064932168 |
| 2017 Q3 | 7.68603656324499 | 8.39021184694146 | 9.7823944920391 |
| 2017 Q4 | 7.36272223162835 | 8.24158405568752 | 9.68565373130191 |
| 2018 Q1 | 7.17475347761294 | 8.19198399651527 | 9.59616551175215 |
| 2018 Q2 | 7.29377177392645 | 8.274877673441 | 9.63215101597725 |
| 2018 Q3 | 7.19967062894261 | 8.25712162813239 | 9.66161202474276 |
| 2018 Q4 | 7.22233261862194 | 8.2835994704377 | 9.77071738126739 |
| 2019 Q1 | 7.20822327126357 | 8.4378038716314 | 9.99611041208117 |
| 2019 Q2 | 7.21289142527361 | 8.6277090899251 | 10.1207396124391 |
| 2019 Q3 | 7.04144574252191 | 8.63417532030175 | 10.0805578412207 |
| 2019 Q4 | 7.00196194538865 | 8.45966605569489 | 10.0892027731368 |
| 2020 Q1 | 6.31113217781476 | 7.87080503343904 | 9.71310216410253 |
| 2020 Q2 | 6.24589317866425 | 7.90828274752286 | 9.16276002608119 |
| 2020 Q3 | 6.43160724786446 | 8.12256619044583 | 9.23031121577953 |
| 2020 Q4 | 6.37096620745956 | 8.18117854835424 | 9.31317395518502 |
| 2021 Q1 | 6.07564066257491 | 7.94843141198312 | 8.99990689074917 |
| 2021 Q2 | 6.15804651088797 | 7.9722611260037 | 9.16711555145392 |
| 2021 Q3 | 6.02088844643775 | 7.84187908703725 | 9.20027696761468 |
| 2021 Q4 | 6.04408015409337 | 7.52077963390508 | 9.04807874786836 |
| 2022 Q1 | 5.62199716508929 | 6.86218596332381 | 8.33152248274472 |
| 2022 Q2 | 5.76385837997458 | 6.49176842476922 | 7.99052631228608 |
| 2022 Q3 | 5.83075157091703 | 5.99489640452062 | 7.62045730085928 |
| 2022 Q4 | 6.05508355283436 | 5.9308402559084 | 7.82535909605555 |
| 2023 Q1 | 6.06262593372533 | 6.06995622099006 | 7.99636382636249 |
| 2023 Q2 | 6.12005918133408 | 6.11559136539938 | 8.02964149898656 |
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 increased
This is a line chart titled "Borrower leverage for bank commercial and industrial loans increased." The x-axis measures time and ranges from years 2013 to 2023. The y-axis ranges from 24 to 36 and shows debt percentage of assets. The data are quarterly and conclude in 2023:Q2. 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 at almost exactly 32 percentage points in 2023:Q2. 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 2023:Q2.
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. Banks reported tightening lending standards in commercial and industrial loans
This is a line chart titled “Banks reported tightening lending standards in commercial and industrial loans." The x-axis measures time and ranges from years 1997 to 2023. The y-axis ranges from -100 to 100 and the units are net percentages of banks reporting tightening lending standards. The quarterly data begin in 1997:Q1 and end in 2023:Q2. There is one variable charted on the plot. The series is designated by a solid black line. The series begins around zero. In 2001, the series spikes to almost 80, coinciding with the recession period in 2001. This falls to almost -60% percent in 2004 and remains negative until 2007. The series then spikes again during 2008, coinciding with the Great Recession, reaching a maximum of over 80%. The series then remains between -20% and 20% between 2009 and 2019, before spiking again in 2020 to roughly 70%. The series then falls to roughly -50% in 2021 before rising again to roughly 30%, where the series ends in 2023:Q2. There is also a horizontal line marked at zero. Data points above zero to 100 are labeled Tightening and data points below zero to -100 are labeled Easing.
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.
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
| Quarter | 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 |
| 2023 Q1 | 16.9886531805054 |
| 2023 Q2 | 16.9211710527537 |
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 in June were near their average levels since 2018
This is a line chart titled " Trading profits in the second quarter of 2023 were near their average levels since 2018." The x-axis measures time and ranges from years 2018 to 2023. 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 June 2023. 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 just below 500 million dollars in June 2023.
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. Equities dropped slightly as a share of trading profits in the most recent data
This is a stacked line chart titled " Equities dropped slightly as a share of trading profits in the latter part of the second quarter of 2023". The x-axis measures time and ranges from years 2018 to 2023. The y-axis measures percent and ranges from 0 to 100. The data are a monthly average and end in June 2023. 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 blue 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 red 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 grey shading. This variable steadily increases from 25 percent in 2018 to its peak in mid-2022 before falling steadily through June 2023, ending at around 35%.
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 remained near the middle of its historical range
Ratio of assets to equity
| Quarter | 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 |
| 2023 Q1 | 10.5084960184284 | 2.81710229261477 |
| 2023 Q2 | 10.3904483225135 | 2.76147419537023 |
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 somewhat elevated
Percent
| Quarter | Mean Gross Leverage | Mean Balance Sheet Leverage |
|---|---|---|
| 2013 Q1 | 6.469 | 1.898 |
| 2013 Q2 | 6.88 | 1.909 |
| 2013 Q3 | 6.643 | 1.885 |
| 2013 Q4 | 6.321 | 1.818 |
| 2014 Q1 | 6.489 | 1.855 |
| 2014 Q2 | 6.289 | 1.838 |
| 2014 Q3 | 6.455 | 1.886 |
| 2014 Q4 | 5.975 | 1.835 |
| 2015 Q1 | 5.979 | 1.862 |
| 2015 Q2 | 5.759 | 1.83 |
| 2015 Q3 | 6.018 | 1.864 |
| 2015 Q4 | 5.703 | 1.827 |
| 2016 Q1 | 6.177 | 1.881 |
| 2016 Q2 | 6.243 | 1.911 |
| 2016 Q3 | 6.235 | 1.917 |
| 2016 Q4 | 6.377 | 1.902 |
| 2017 Q1 | 6.742 | 1.954 |
| 2017 Q2 | 6.692 | 1.958 |
| 2017 Q3 | 6.93 | 1.967 |
| 2017 Q4 | 7.039 | 1.929 |
| 2018 Q1 | 8.308 | 1.962 |
| 2018 Q2 | 7.788 | 1.997 |
| 2018 Q3 | 7.324 | 2.026 |
| 2018 Q4 | 7.599 | 2.086 |
| 2019 Q1 | 8.033 | 2.085 |
| 2019 Q2 | 7.982 | 2.118 |
| 2019 Q3 | 7.854 | 2.087 |
| 2019 Q4 | 7.813 | 2.074 |
| 2020 Q1 | 7.942 | 2.167 |
| 2020 Q2 | 6.973 | 1.993 |
| 2020 Q3 | 7.436 | 2.007 |
| 2020 Q4 | 7.355 | 1.988 |
| 2021 Q1 | 7.408 | 1.934 |
| 2021 Q2 | 7.531 | 1.945 |
| 2021 Q3 | 7.624 | 1.994 |
| 2021 Q4 | 7.346 | 1.988 |
| 2022 Q1 | 7.424 | 1.988 |
| 2022 Q2 | 7.508 | 2.042 |
| 2022 Q3 | 7.615 | 2.041 |
| 2022 Q4 | 7.703 | 2.063 |
| 2023 Q1 | 7.846 | 2.067 |
Note: Means are weighted by net asset value (NAV). On-balance-sheet leverage is the ratio of gross asset value to NAV. Gross leverage is the ratio of gross notional exposure to NAV. Gross notional exposure includes both on-balance-sheet exposures and off-balance-sheet derivative notional exposures. Options are delta-adjusted, and interest rate derivatives are reported at 10-year bond equivalent values. The data are reported on a two-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 increased
Figure 3.12. Leverage at the largest hedge funds increased
Ratio
| Quarter | Top 15, by GAV | 16-50, by GAV | 51+, by GAV |
|---|---|---|---|
| 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 | 1.618 |
| 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 | 1.651 |
| 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 | 1.577 |
| 2022 Q4 | 15.879 | 8.505 | 1.567 |
| 2023 Q1 | 16.686 | 7.403 | 1.573 |
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 remained largely unchanged
This is a line chart titled “Dealers indicated that the use of leverage by hedge funds remained largely unchanged.” The x-axis is in years and spans from 2011 to 2023. The y-axis is net percentage and ranges from -80% to 40%. Data are quarterly. The first line, titled “Hedge funds”, is designated by a thin, solid black line. This series begins around -50% at the start of 2012 but rises to round 20% by 2013 and remains between -20% and 20% between 2013 and 2022. In 2022, this series briefly dips below -20% before rising back to around 0%. The second line, titled “Trading REITs”, is designated by a medium-thickness, solid blue line. This series begins around 0% at the start of 2012. It remains around 0% until mid-2013, when it falls to around -40% for three quarters before returning to roughly 0%. This series remains around 0% until 2020, when it plummets to almost -80%. It then returns back to around 0% by early 2021, where it remains through 2023:Q3. The third line, titled “Insurance companies”, is designated by a thick, solid red line. This series begins at 0% in 2012 and remains around 0% through 2023:Q3, never falling below -10% or above 10%. The fourth line, titled “Mutual funds”, is designated by a dashed black line. This series begins around 0% and remains around 0% until 2020, when it briefly falls to nearly -20%. This series then recovers to around 0%, where it remains through 2023.
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 3.14. Issuance of non-agency securitized products has slowed significantly since 2022
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 2023. The bar for 2023 is annualized. The y-axis is in billions of real dollars and ranges from 0 to 3500. Data are annual. 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 500 billion in 2023. ‘Other’, represented in light gray, begins at about 260 billion in 2001, peaks at about 325 billion in 2006-2007, then drops to about 165 billion in 2008. The series rises to about 200 billion in 2009 before dipping back to around 115 billion in 2011. It generally rises through 2018, where it hits about 160 billion. The variable decreases to about 125 billion in 2020 before rising to around 160 billion in 2022. For 2023, the measured value is around 125 billion. ‘Private-label RMBS,’ represented in dark gray, begins at around 420 billion in 2001, peaks at about 1700 billion in 2006, then drops sharply to 42 billion in 2009 and stays near there through 2012. It then increases steadily to just over 125 billion in 2019 before dipping slightly in 2020 and spiking up to around 186 billion in 2021. The variable ends at just over 70 billion in 2023. ‘Non-agency CMBS’, represented in red shading, begins at about 115 billion dollars in 2001, peaks at about 335 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 just over 120 billion dollars in 2015. From this point, it alternates back and forth from about 115 billion dollars to around 80 billion, reaching just over 130 billion dollars in 2021 before declining to about 75 billion dollars in 2022. For the annualized 2023 data, the series falls to 36 billion dollars. ‘Auto loan/lease ABS,’ represented in dark blue, begins at about 140 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 150 billion dollars by 2021. It declines to around 110 billion dollars in 2022 and lowers to around 146 billion in 2023. The bar representing ‘CDOs (including CLOs and ABS CDOs)’, represented in tan, begins at about 95 billion dollars in 2001, peaks at about 575 billion dollars in 2006, decreases to about 75 billion dollars by 2008 and then 6 billion dollars in 2010. It increases to about 260 billion dollars in 2021, then decreases to 118 billion dollars in 2023.
Note: The data from the first and second quarters of 2023 are annualized to create the 2023 bar. RMBS is residential mortgage-backed securities; CMBS is commercial mortgage-backed securities; CDO is collateralized debt obligation; 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 2023. The y-axis measures billions of dollars and ranges from 0 to 2250. The data are quarterly ending at 2023:Q2. 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 just over 2000 billion in 2023:Q2. The first variable, 'Financial transactions processing', is designated by orange shading. This variable increases steadily from about 21 billion in 2018 to 36 billion in 2023:Q2. The second variable, 'Private equity, BDCs, and credit funds', is designated by turquoise shading. This variable steadily increases from 48 billion in 2018 to 77 billion in 2023:Q2. The third variable, 'Broker-dealers', is designated by light blue shading. This variable steadily increases from 106 billion in 2018 to 195 billion in 2023:Q2. 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 139 billion by 2023:Q2. The fifth variable, 'REITs', is designated by red shading. It begins around 118 billion in 2018:Q1 and increases to 124 billion in 2018:Q3. It then falls steadily through 2023:Q2 where it ends at 38 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 2023:Q2. 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 341 billion in 2023:Q2. The eighth variable, 'Other financial vehicles', is designated by black shading. This variable increases steadily from 198 billion in 2018 to end around 406 billion in 2023:Q2. 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 2023:Q2. 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 it decreases to 166 billion. It then increases steadily throughout the rest of the plotted period, rising to 223 billion in 2023:Q2.
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 asset-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 credit commitments to nonbank financial institutions increased over the past year but varied across sectors
This is a bar chart titled “Bank credit commitments to nonbank financial institutions resumed growing in the first half of 2023”. 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 40 percent. The data are quarterly. The chart shows the 2023:Q2-over-2022:Q2 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’. This sector saw its committed amount shrink by about 16 percent and its utilized amount shrink by about 35 percent as of 2023:Q2 vs 2022:Q2. The second sector is ‘Financial transactions processing’ which saw its committed amount grow by about 1 percent and saw its utilized amount grow by about 28 percent as of 2023:Q2 vs 2022:Q2. The third sector is ‘Consumer, leasing, & other lenders’. This sector saw its committed amount grow by about 8 percent and saw its utilized amount grow by about 17 percent as of 2023:Q2 vs 2022:Q2. The fourth sector is ‘Insurance companies’ which saw their committed amount grow by about 6 percent and saw their utilized amount grow by about 4 percent as of 2023:Q2 vs 2022:Q2. The fifth sector is ‘PE, BDCs & credit funds’. This sector saw its committed amount grow by about 3 percent and saw its utilized amount shrink by about 4 percent as of 2023:Q2 vs 2022:Q2. The sixth sector is ‘Broker-dealers’ which saw their committed amount grow by about 5 percent and saw their utilized amount grow by about 5 percent in as of 2023:Q2 vs 2022:Q2. The seventh sector is ‘Open-end investment funds’ which have seen their committed amount grow by about 2 percent and saw their utilized amount shrink by about 11 percent as of 2023:Q2 vs 2022:Q2. The eighth sector is ‘SPEs, CLOs, & ABS’. This sector saw its committed amount grow by about 26 percent and saw its utilized amount grow by about 35 percent as of 2023:Q2 vs 2022:Q2. The ninth sector is ‘Real estate lenders & lessors’. This sector saw its committed amount shrink by about 0.5 percent and saw its utilized amount grow by about 2 percent as of 2023:Q2 vs 2022:Q2. The tenth sector is ‘Other financial vehicles’ which saw their committed amount shrink by about 9 percent and saw their utilized amount shrink by about 16 percent as of 2023:Q2 vs 2022:Q2. There are two bars showing the total for all NBFIs, which show their committed amounts grew by about 3 percent and saw their utilized amount grow by about 3 percent as of 2023:Q2 vs 2022:Q2.
Note: 2023:Q2-over-2022:Q2 growth rates as of the end of the second quarter of 2023. 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
| Quarter | 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 | 87.9614723158102 | 76.8492375643982 | 70.3202509831473 | 59.3723041801182 | 33.9499397182369 | 12.1927520354844 |
| 2009 Q1 | 87.1467261298638 | 76.2470405705528 | 70.8506489531762 | 60.9835111111514 | 34.1908130524992 | 12.1270738487319 |
| 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 | 74.5945239055894 | 65.2735606510301 | 59.4708060504453 | 51.7078226799661 | 28.9844377999467 | 8.66623584100023 |
| 2010 Q1 | 77.9513768349309 | 68.9032167022032 | 63.2352241536096 | 55.9138114827449 | 34.8317131408314 | 12.2150989342082 |
| 2010 Q2 | 75.0506602296332 | 66.4678129296003 | 60.8600015074037 | 53.9972994013106 | 35.0686963675134 | 12.2369494995408 |
| 2010 Q3 | 75.7080381979444 | 67.1004949591171 | 61.8771458996916 | 54.9388397811807 | 36.3777731343798 | 13.6654401103405 |
| 2010 Q4 | 70.5315526054195 | 62.1652538082961 | 57.0651571385293 | 50.1579830163669 | 31.8659361004071 | 9.5322926971254 |
| 2011 Q1 | 71.1702226857275 | 62.9889036621911 | 57.939132378757 | 50.5703488879728 | 32.775865483758 | 9.61279672908339 |
| 2011 Q2 | 70.6993932432274 | 62.958531324578 | 57.7593478918103 | 50.8071042081471 | 33.3653880086891 | 10.0977800181193 |
| 2011 Q3 | 69.3824569956191 | 61.982539598289 | 57.3851358686256 | 50.9660630468329 | 34.2718037913608 | 10.3750482225041 |
| 2011 Q4 | 68.0463575047726 | 61.0633186533062 | 56.9017279481717 | 50.7837116057491 | 34.0482300476372 | 10.4607215398345 |
| 2012 Q1 | 67.5488927004117 | 60.7984062603575 | 56.6276603593468 | 50.5323161529209 | 34.1659655334027 | 10.5383693102781 |
| 2012 Q2 | 67.0468813590838 | 60.2760669079599 | 56.0850926170437 | 50.2435348454116 | 34.5496670595657 | 10.5993313751109 |
| 2012 Q3 | 66.6403035909875 | 59.8825634627766 | 55.8402192779643 | 50.0827471923332 | 34.448427166625 | 10.4764855547638 |
| 2012 Q4 | 67.7810672337859 | 61.2402211885708 | 57.6399231633128 | 51.9279131706256 | 35.9777527839348 | 11.9014878361014 |
| 2013 Q1 | 75.0673913606273 | 68.4584775962797 | 64.7510834211066 | 58.7993371309161 | 42.9240774655355 | 20.0620090367825 |
| 2013 Q2 | 73.4469629037248 | 67.1351079696929 | 63.232075858502 | 57.3724708258322 | 41.9264195806469 | 20.0543246180199 |
| 2013 Q3 | 73.247782562527 | 67.1816265148792 | 63.0956135250817 | 57.3943736082429 | 41.8245457026088 | 20.805092739178 |
| 2013 Q4 | 72.6784905696066 | 65.2807792452498 | 61.4839650174532 | 56.0086570911189 | 40.3834504181853 | 21.3920076378355 |
| 2014 Q1 | 73.7927606480179 | 66.1630898294241 | 61.8911092875872 | 56.1817771849438 | 40.6772784731559 | 21.4604213138379 |
| 2014 Q2 | 72.5605156851766 | 64.9673349282763 | 60.716687416433 | 55.0358267725518 | 40.3663166750024 | 21.8937606163614 |
| 2014 Q3 | 71.6648959687346 | 64.2223285615299 | 60.0197875669485 | 54.4829848864586 | 40.0140441382273 | 22.0844801100404 |
| 2014 Q4 | 71.0365456198165 | 63.9582651045621 | 60.022261810186 | 54.885672097042 | 40.0121998440445 | 22.6241851326275 |
| 2015 Q1 | 71.2336570768805 | 64.2328875520825 | 60.3027586004798 | 55.0857382124778 | 40.2968284706438 | 22.7017154678427 |
| 2015 Q2 | 69.3055556602213 | 62.5896638492843 | 58.8560311105167 | 53.5580638576496 | 39.3678017261788 | 22.496921582197 |
| 2015 Q3 | 69.684329493995 | 63.0186205655382 | 59.4141563225584 | 54.0833992259479 | 39.5825935181625 | 22.4265274336355 |
| 2015 Q4 | 69.0318172102284 | 62.3260170998317 | 58.8035046016451 | 53.7524110003845 | 38.9461156453062 | 22.8384964292305 |
| 2016 Q1 | 69.7543341063565 | 63.2134044590162 | 59.6398730784543 | 54.1836352213566 | 39.3058945609177 | 22.9658089074043 |
| 2016 Q2 | 70.1573139742575 | 63.5171012126487 | 60.0258098843833 | 54.6517395989018 | 40.1900123867006 | 23.1387936243053 |
| 2016 Q3 | 69.7128512709358 | 63.0333342813712 | 59.7222564176965 | 54.953192581987 | 40.656451754338 | 23.6893323323571 |
| 2016 Q4 | 68.4600170129032 | 61.7071264851471 | 58.6573678069011 | 54.0760088296624 | 39.9048273924174 | 23.8873858247628 |
| 2017 Q1 | 68.4412559382748 | 61.7253510918894 | 58.548341960099 | 53.7411171829784 | 39.8619527215234 | 23.6706879265931 |
| 2017 Q2 | 68.5172284455153 | 61.8425929088105 | 58.4583032474819 | 53.749466399277 | 40.1521681379392 | 23.5106703355656 |
| 2017 Q3 | 68.4842146135656 | 61.7069378343606 | 58.3063703969836 | 53.37028640305 | 39.6366061372784 | 23.5406365033722 |
| 2017 Q4 | 68.4327748778388 | 61.7821184080811 | 58.5094872241767 | 53.7402511563806 | 39.7960947001131 | 23.669586123399 |
| 2018 Q1 | 67.5859759269197 | 61.0907703424882 | 57.8117863079422 | 52.7048854005476 | 38.8726370681979 | 23.2270787001232 |
| 2018 Q2 | 66.9928126297379 | 60.4550876757819 | 57.1322514714525 | 52.073165388739 | 38.3646930269052 | 22.6854265534066 |
| 2018 Q3 | 66.7605101648988 | 60.1892696576118 | 57.0331635267289 | 52.055777733334 | 38.3275284604216 | 22.7568662132556 |
| 2018 Q4 | 68.7723471287272 | 62.2828526583404 | 59.411814241476 | 54.6997946474169 | 40.5377380349207 | 23.1911515561374 |
| 2019 Q1 | 70.4068728381159 | 63.9682261750343 | 60.1486898923079 | 55.1633440661047 | 40.6079096716506 | 22.4966023983312 |
| 2019 Q2 | 70.2276073383339 | 63.7644900732591 | 60.7306027490888 | 55.7210058951355 | 41.0190670936595 | 22.5758486287265 |
| 2019 Q3 | 72.161107605713 | 65.7115045217714 | 62.8409324512138 | 57.9742581862508 | 42.475262029875 | 22.9864469767022 |
| 2019 Q4 | 72.1339259250693 | 65.7024577805243 | 63.0615131499348 | 58.3198799041594 | 42.0113980444172 | 23.5124347445644 |
| 2020 Q1 | 78.3278207289862 | 71.5988500520606 | 68.8840886839087 | 63.8982669313545 | 46.0877702999211 | 26.8787301700358 |
| 2020 Q2 | 90.0596271846246 | 82.2465823693966 | 78.9867252255573 | 73.9643437076227 | 50.2959350256449 | 31.0968016748411 |
| 2020 Q3 | 82.890250009161 | 75.7156040644579 | 72.9315592786255 | 68.5411362411359 | 47.7441814691607 | 29.8780922791988 |
| 2020 Q4 | 82.9964532785489 | 76.0349700240775 | 73.1422372605782 | 68.9401853001461 | 49.2150287449604 | 31.0762648713919 |
| 2021 Q1 | 82.2344584483024 | 75.3566195893822 | 72.3209364419911 | 67.4104277111237 | 47.9526147182949 | 31.6212194792321 |
| 2021 Q2 | 81.1828949301398 | 74.3670286472401 | 71.1621153799639 | 66.4825300209777 | 46.9188779247812 | 31.6434936475904 |
| 2021 Q3 | 80.9213513458441 | 74.3175487765527 | 71.0327240791795 | 66.5172797552086 | 47.5086422448971 | 32.3820217625672 |
| 2021 Q4 | 80.3280383404923 | 73.862180729666 | 70.7614210846263 | 66.3429522208963 | 47.5105801617451 | 32.6735644360457 |
| 2022 Q1 | 79.1236857764416 | 72.9845626688292 | 69.7893640031282 | 65.0860057847437 | 46.7197709032028 | 32.3910553781394 |
| 2022 Q2 | 76.5501986025264 | 70.3871028899919 | 67.1660050326622 | 62.4624654746894 | 44.7417416683526 | 30.8836157411389 |
| 2022 Q3 | 74.435999016059 | 68.3079819040154 | 65.2125591057469 | 60.5826235479586 | 42.9978795038758 | 29.1827901033748 |
| 2022 Q4 | 73.7608573220269 | 67.6466735139037 | 64.5997496957724 | 59.899382550587 | 42.1573953562322 | 28.3823360995297 |
| 2023 Q1 | 74.8156089273742 | 68.6409101906251 | 65.6400302195478 | 60.352478730345 | 41.8130138769174 | 25.6140924409034 |
| 2023 Q2 | 74.8468840235376 | 68.7179355932803 | 65.7447115414505 | 60.505889790995 | 40.6554718109121 | 24.6058386061666 |
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); gross domestic product, Bureau of Economic Analysis via Haver Analytics; DeFiLlama.
Figure 4.2. The amount of high-quality liquid assets held by most banks continued to decrease in the first half of 2023
This is a line chart titled "The amount of high-quality liquid assets held by banks decreased in 2023.” The x-axis measures time and ranges from the years 2001 to 2023. 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 11 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 10 percent at the end of 2019 before sharply increasing to about 19 percent by 2021:Q4. The series then declines rapidly to about 12 percent by 2023:Q2. 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 10 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 to around 15 percent by 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 and then rising to about 20 percent as of 2023:Q2. 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 13 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 25 percent ending on 2023:Q2.
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 2023. 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 27 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 11 percent in 2021:Q4. The line then ticks up to about 15 percent ending 2023:Q2.
Note: Short-term wholesale funding is defined as the sum of large time deposits with maturity less than 1 year, federal funds purchased and securities sold under agreements to repurchase, deposits in foreign offices with maturity less than 1 year, trading liabilities (excluding revaluation losses on derivatives), and other borrowed money with maturity less than 1 year. The shaded bars indicate periods of economic 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 4.4. Credit extended by the Bank Term Funding Program stabilized at around $110 billion
Billions of dollars
| Date | Primary credit | Bank Term Funding Program |
|---|---|---|
| 02/22/2023 | 4.558 | 0 |
| 03/01/2023 | 4.362 | 0 |
| 03/08/2023 | 4.581 | 0 |
| 03/15/2023 | 164.796 | 11.943 |
| 03/22/2023 | 163.917 | 53.669 |
| 03/29/2023 | 152.56 | 64.403 |
| 04/05/2023 | 148.726 | 79.021 |
| 04/12/2023 | 139.47 | 71.837 |
| 04/19/2023 | 143.907 | 73.982 |
| 04/26/2023 | 155.182 | 81.327 |
| 05/03/2023 | 81.123 | 75.778 |
| 05/10/2023 | 92.424 | 83.101 |
| 05/17/2023 | 96.054 | 87.006 |
| 05/24/2023 | 96.118 | 91.907 |
| 05/31/2023 | 97.586 | 93.615 |
| 06/07/2023 | 103.328 | 100.161 |
| 06/14/2023 | 105.587 | 101.969 |
| 06/21/2023 | 105.943 | 102.735 |
| 06/28/2023 | 106.29 | 103.081 |
| 07/05/2023 | 105.315 | 101.959 |
| 07/12/2023 | 104.997 | 102.305 |
| 07/19/2023 | 105.56 | 102.927 |
| 07/26/2023 | 107.327 | 105.078 |
| 08/02/2023 | 107.582 | 105.684 |
| 08/09/2023 | 108.775 | 106.864 |
| 08/16/2023 | 109.208 | 107.242 |
| 08/23/2023 | 109.576 | 107.386 |
| 08/30/2023 | 110.434 | 107.527 |
| 09/06/2023 | 109.906 | 107.855 |
| 09/13/2023 | 110.691 | 107.993 |
| 09/20/2023 | 110.677 | 107.599 |
| 09/27/2023 | 110.908 | 107.715 |
| 10/04/2023 | 110.438 | 107.665 |
| 10/11/2023 | 111.464 | 108.884 |
Note: The key identifies series in order from top to bottom.
Source: Federal Reserve Board, Statistical Release H.4.1, “Factors Affecting Reserve Balances.”
Figure 4.5. 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 July 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 variable is labeled “Government,” it is designated by the tan-filled portion of the chart, and ranges from about 500 to about 4650. This variable starts around 600 billion dollars and remains around that level until mid-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 2700 billion dollars by the end of 2016. The series stays at this level until the end of 2018, when it begins a steady rise to about 3000 billion dollars by the end of 2019, and rises sharply to its series maximum of around 4650 billion dollars in early 2020 before steadily falling to about 4000 billion by October 2022. The variable then remains at 4000 billion until February 2023, after which it saw a pronounced rise to just over 4500 as of July 2023. The second portion is labeled “Tax exempt.” This series is designated by the orange-filled portion of the chart and ranges from about 90 to about just over 700. This variable starts around 380 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 160 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 November 2022 and has hovered around 110 billion from then to July 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 just under 1400 billion. This variable starts at 1300 billion dollars and fluctuates around this level early 2002. The variable declines gradually from mid-2002 until 2005 where it hits a low of around 850 billion dollars. The series then increases steadily from then through 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 320 billion dollars and remains there until mid-2018. It then increases steadily to around 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 580 billion dollars by the end of the plotted series in July 2023. The fourth portion is labeled “Institutional prime,” it is designated by the dark blue filled portion of the chart and ranges from about 160 to just under 1800. This variable starts at 770 billion dollars and generally increases from 2000 through 2002 to about 1400 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 1700 billion dollars in August 2009. The series generally falls over the next few years, hitting about 1200 billion dollars by early 2012, where it remains until late 2015. The variable experiences an accelerating decline beginning in early 2016, ending the year with its series minimum value of around 150 billion dollars. The series increases through early 2020 to about 370 billion dollars, drops sharply in March 2020 to 260 billion dollars, increases back to about 360 billion dollars, before declining steadily to 220 billion dollars by June 2022. The series increases slightly to around 270 billion dollars by the end of the series of July 2023.
Note: The data are converted to constant 2023 dollars using the consumer price index.
Source: Federal Reserve Board staff calculations based on Investment Company Institute data; consumer price index, Bureau of Labor Statistics via Haver Analytics.
Figure 4.6. Corporate bonds held by bond mutual funds stabilized in the first half of 2023
Billions of dollars (real)
| Quarter | Corporate bonds |
|---|---|
| 2000 Q1 | 389.44956462142 |
| 2000 Q2 | 385.302061104425 |
| 2000 Q3 | 370.178131631042 |
| 2000 Q4 | 338.516372216051 |
| 2001 Q1 | 346.702783439575 |
| 2001 Q2 | 349.8101972362 |
| 2001 Q3 | 345.784839174948 |
| 2001 Q4 | 422.99255379654 |
| 2002 Q1 | 433.97613491662 |
| 2002 Q2 | 481.725404669138 |
| 2002 Q3 | 465.243576578073 |
| 2002 Q4 | 466.214674047838 |
| 2003 Q1 | 471.280086863388 |
| 2003 Q2 | 518.945860392015 |
| 2003 Q3 | 523.856878383601 |
| 2003 Q4 | 515.402561997111 |
| 2004 Q1 | 559.071408502148 |
| 2004 Q2 | 482.012636961891 |
| 2004 Q3 | 483.510609423347 |
| 2004 Q4 | 495.21813124432 |
| 2005 Q1 | 469.532027007642 |
| 2005 Q2 | 472.906142985433 |
| 2005 Q3 | 438.804671219099 |
| 2005 Q4 | 437.996785891172 |
| 2006 Q1 | 450.638572556971 |
| 2006 Q2 | 434.674708075465 |
| 2006 Q3 | 436.230695839751 |
| 2006 Q4 | 459.548117164105 |
| 2007 Q1 | 464.917628784148 |
| 2007 Q2 | 455.088779594117 |
| 2007 Q3 | 442.298755944396 |
| 2007 Q4 | 430.415531567244 |
| 2008 Q1 | 419.433455477832 |
| 2008 Q2 | 442.499715345933 |
| 2008 Q3 | 407.028146353254 |
| 2008 Q4 | 375.445261020359 |
| 2009 Q1 | 395.950986546549 |
| 2009 Q2 | 463.528151716971 |
| 2009 Q3 | 522.105216004228 |
| 2009 Q4 | 596.400340226631 |
| 2010 Q1 | 687.249525631318 |
| 2010 Q2 | 693.967929109748 |
| 2010 Q3 | 777.74867904521 |
| 2010 Q4 | 891.06160078606 |
| 2011 Q1 | 932.759920405895 |
| 2011 Q2 | 935.248340234587 |
| 2011 Q3 | 848.632332771036 |
| 2011 Q4 | 884.257324229018 |
| 2012 Q1 | 978.865604096706 |
| 2012 Q2 | 999.207329502827 |
| 2012 Q3 | 1093.86658350823 |
| 2012 Q4 | 1158.25134773323 |
| 2013 Q1 | 1188.12101810796 |
| 2013 Q2 | 1197.51820995451 |
| 2013 Q3 | 1224.82007710277 |
| 2013 Q4 | 1269.93439161798 |
| 2014 Q1 | 1311.16705671428 |
| 2014 Q2 | 1345.98293396185 |
| 2014 Q3 | 1329.43722203007 |
| 2014 Q4 | 1360.10096504639 |
| 2015 Q1 | 1414.01499421899 |
| 2015 Q2 | 1402.52572830633 |
| 2015 Q3 | 1386.2252626592 |
| 2015 Q4 | 1313.65201009978 |
| 2016 Q1 | 1367.46775660772 |
| 2016 Q2 | 1399.62886931998 |
| 2016 Q3 | 1437.18136373797 |
| 2016 Q4 | 1382.04748119429 |
| 2017 Q1 | 1420.4463097736 |
| 2017 Q2 | 1420.30500035957 |
| 2017 Q3 | 1424.44748759503 |
| 2017 Q4 | 1386.2511236619 |
| 2018 Q1 | 1364.74638802431 |
| 2018 Q2 | 1355.40355587484 |
| 2018 Q3 | 1404.9982146034 |
| 2018 Q4 | 1315.86281628394 |
| 2019 Q1 | 1434.30289181484 |
| 2019 Q2 | 1456.16132280866 |
| 2019 Q3 | 1487.8357460176 |
| 2019 Q4 | 1484.04385085441 |
| 2020 Q1 | 1417.44824286751 |
| 2020 Q2 | 1742.88668164499 |
| 2020 Q3 | 1780.98847650773 |
| 2020 Q4 | 1805.20144148761 |
| 2021 Q1 | 1778.50300649801 |
| 2021 Q2 | 1830.02674542822 |
| 2021 Q3 | 1762.19722920402 |
| 2021 Q4 | 1706.83069916205 |
| 2022 Q1 | 1494.70891368634 |
| 2022 Q2 | 1258.01719539008 |
| 2022 Q3 | 1175.74725082007 |
| 2022 Q4 | 1172.78255772532 |
| 2023 Q1 | 1201.55269259386 |
| 2023 Q2 | 1182.655 |
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 2023 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 4.7. Assets held by bank loan and high-yield mutual funds continued to decrease in 2023
This is a stacked line chart titled “Assets held by high-yield and bank loan mutual funds continued to decrease in 2023.” The x-axis shows time and ranges from 2000 to 2023. The y-axis is given in billions of real dollars and ranges from 0 to 600 billion dollars. The data are monthly. There are two variables plotted in this chart. The first, ‘High-yield bond mutual funds,’ is shown in a tan shaded portion of the chart. It starts around 215 billion in 2000 and generally declines until late 2002, reaching a local minimum of around 150 billion dollars. From there, the series sees a marked increase to around 225 billion by early 2004, and gradually declines from there to around 200 billion by late 2008, before sharply declining to another local minimum of around 150 billion dollars in late 2009. From here, the series sees a rapid increase over the next several years, reaching a series maximum of around 375 billion dollars by late 2014. From there, the series experiences a steady decline to around 250 by late 2019/early 2020, before seeing another marked increase to local peak of around 340 billion dollars in mid-2021. From here, the series falls off quite rapidly, ending just over 225 billion dollars in august 2022. The second variable, ‘Bank loan mutual funds,’ is shown in a dark red shaded area of the chart. The series starts off at around 30 billion dollars in 2000 and generally hovers around there until late 2001 when it begins a stead decline to around 20 billion by late 2003. From here the series sees a prolonged rise to about 50-60 billion dollars by mid-2007, after which it sees a steady decline to around 30 by mid-2009. From there the series sees another period of stead growth until early-to-mid-2014, reaching its series peak just above 190 in March of 2014 before another period of decline, this time to around 110 by mid 2016. From here the series sees another period of growth, this time to around 160 by mid-2018. From here, the series sees yet another drop, this time to a sustained local minimum around 75 through 2020. From here the series sees on last rise to around 130 by mid-2022, after which the series sees a rapid decline, ending at around 80 billion in August 2023.
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 4.8. The outflows that bond and bank loan mutual funds experienced in 2022 have stabilized
This is a stacked bar chart titled “The outflows that bond and bank loan mutual funds experienced in 2022 have stabilized.” The x-axis ranges from January 2017 to August 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. There are three variables plotted on the chart. The first, “Investment-grade bon¬d mutual funds” is 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 gradually increases from there to August 2023, ending just above zero. The second variable, “Bank loan mutual funds” is 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, increasing just above zero in August 2023. The third variable, “High-yield bond mutual funds,” is represented in tan. The bar begins around 700 million and decreases to around 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 2 billion in August 2020 and bounces between negative 5 billion and 1 billion through the end of the plotted period, ending at about negative 1 billion in August 2023.
Note: Mutual fund assets under management as of August 2023 included $2,211 billion in investment-grade bond mutual funds, $313 billion in high-yield bond mutual funds, and $78 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 4.9. Life insurers held more risky, illiquid assets on their balance sheets
Billions of dollars (real)
| Date | Other asset-backed securities | Commercial real estate | Commercial real estate, securitized | Alternative investments | Illiquid corporate debt | Illiquid corporate debt, securitized | Life | Property and Casualty |
|---|---|---|---|---|---|---|---|---|
| 2006 | 359.564928280171 | 397.261798692721 | 272.127718398274 | 199.215894810414 | 458.232233319679 | 14.5057162978855 | 32.9905615122503 | 10.0683280923053 |
| 2007 | 379.367708934352 | 413.025375652629 | 306.112243252191 | 259.200733895769 | 460.32659729838 | 19.7593797253699 | 35.087752393237 | 12.3539990679199 |
| 2008 | 359.008643418743 | 413.307734362253 | 301.217113719897 | 228.236388081256 | 467.825519149046 | 20.5338046967684 | 35.0289795480554 | 11.9225605862124 |
| 2009 | 320.185517648063 | 401.631788717399 | 303.659667101894 | 233.559819772752 | 474.978352282512 | 24.0673354316535 | 33.7637238469331 | 10.9563951523471 |
| 2010 | 279.191607451034 | 384.649457638178 | 254.816319833302 | 301.417393672136 | 490.048670549398 | 28.1841384460515 | 31.5285639712043 | 12.8790513257176 |
| 2011 | 276.90276104932 | 392.59269668222 | 238.764671887786 | 308.776819031098 | 490.952256354409 | 33.4754321839907 | 30.7459101410932 | 13.4391512695172 |
| 2012 | 252.239511680723 | 400.355549379283 | 215.645333126013 | 323.906028074214 | 499.778295767049 | 41.3449135242012 | 30.5946179019082 | 13.4193718865514 |
| 2013 | 242.951005757274 | 416.604554361907 | 207.509673954778 | 346.065381190992 | 526.625468009676 | 55.3092029009872 | 30.5409726132408 | 14.9572433680249 |
| 2014 | 242.881892265203 | 431.581620883301 | 207.284602062362 | 371.135448932212 | 524.460569121065 | 80.5314710805572 | 31.0375433025077 | 14.8766565276581 |
| 2015 | 228.464769518456 | 463.86315745636 | 200.837906632881 | 360.722595496884 | 544.773448589953 | 94.7519092527052 | 31.1007998826227 | 15.0230970125192 |
| 2016 | 232.440684620706 | 496.84431557082 | 193.035305040777 | 373.579835415533 | 570.142028327603 | 100.327755082012 | 31.1327565819578 | 15.1120676549853 |
| 2017 | 216.464115126996 | 528.668895945006 | 187.042114955683 | 398.824172801045 | 572.151338359526 | 108.813910338887 | 31.2466164114608 | 14.6807319385432 |
| 2018 | 211.419037073746 | 563.622601838278 | 197.178375577268 | 399.526844652179 | 555.790578773629 | 137.258616331883 | 32.5563195176233 | 14.8704314917184 |
| 2019 | 208.191243855954 | 611.51523998408 | 212.249952967302 | 436.513195652847 | 621.845073929062 | 162.248621391662 | 34.4315254458594 | 15.1207030192424 |
| 2020 | 202.487511024897 | 628.418982536913 | 222.026511006827 | 489.620471040829 | 715.034009345273 | 196.644243631989 | 35.2502626627302 | 16.1532091808184 |
| 2021 | 199.997393808205 | 624.185509929754 | 214.445762324856 | 534.070382566476 | 727.598592868527 | 221.361315222748 | 35.8806745720462 | 15.6680054544675 |
| 2022 | 191.04770008 | 613.734573199 | 200.961864395 | 505.14685283 | 739.366542773 | 238.903278498 | 37.7953083805903 | 15.1425350757285 |
Note: The data are converted to constant 2022 dollars using the consumer price index. 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: Consumer price index, Bureau of Labor Statistics via Haver Analytics; staff estimates based on data from Bloomberg Finance L.P. and National Association of Insurance Commissioners Annual Statutory Filings.
Figure 4.10. Life insurers continued to rely on nontraditional liabilities
Billions of dollars (real)
| Date | Adjusted Repurchase Agreements | Adjusted Securities Lending | Adjusted FHLB Advances | Adjusted Funding-Agreement Backed Securities |
|---|---|---|---|---|
| 2006 | 4.65864194482691 | 206.232201005461 | 13.4377924569475 | 240.449436985838 |
| 2007 | 3.98763654717335 | 209.671921358452 | 24.2449194684468 | 248.031651900441 |
| 2008 | 11.6476139379795 | 70.2181245918859 | 48.3637149317962 | 234.749828193743 |
| 2009 | 14.314479995165 | 53.6544572996554 | 63.8428504364128 | 167.05935651011 |
| 2010 | 14.26196613684 | 58.6796022802961 | 59.1559757662536 | 130.219817987583 |
| 2011 Q1 | 8.27474749167581 | 63.0681611245659 | 59.2034289763681 | 116.038367867036 |
| 2011 Q2 | 9.10990649065605 | 62.1678185392315 | 58.1551813884994 | 109.749949138405 |
| 2011 Q3 | 9.16982173008765 | 59.5158384972879 | 58.157642114268 | 102.171413881969 |
| 2011 Q4 | 9.51615435968807 | 56.9101451173513 | 58.6798407300465 | 101.912451098011 |
| 2012 Q1 | 10.8443302358415 | 55.9503037183458 | 59.788367307084 | 98.2878012394168 |
| 2012 Q2 | 13.9775075030751 | 64.1645080215553 | 63.7955854028817 | 99.9262145344058 |
| 2012 Q3 | 14.8563974691863 | 72.5326281496411 | 63.3528200368274 | 101.168944661885 |
| 2012 Q4 | 14.8065862649258 | 70.8189199390629 | 61.6187701533029 | 97.0530364360442 |
| 2013 Q1 | 17.4526600124946 | 70.6155350117441 | 62.4355473031638 | 96.0791235046243 |
| 2013 Q2 | 17.3941492715367 | 71.7986537118981 | 63.6040968469707 | 85.9785796915934 |
| 2013 Q3 | 16.7502658475367 | 66.2653614181583 | 62.2668658258795 | 81.3157872657968 |
| 2013 Q4 | 14.9718480683196 | 72.7946122536664 | 63.2926255951108 | 79.0204190836943 |
| 2014 Q1 | 17.6209815746608 | 74.2617254944026 | 63.0722141833063 | 73.7628051241285 |
| 2014 Q2 | 17.6589466956461 | 76.4953537282152 | 63.3237827589839 | 77.5526012185512 |
| 2014 Q3 | 19.4501089317559 | 80.2863379684727 | 63.7539050984228 | 81.1108585312758 |
| 2014 Q4 | 14.8592757538542 | 69.4588040784608 | 64.0869554387658 | 86.6905347103979 |
| 2015 Q1 | 14.2670221015137 | 69.8947927617227 | 67.1622200943488 | 89.8410801425454 |
| 2015 Q2 | 13.8134444747919 | 64.7027335869652 | 68.4337900267186 | 87.6867504807775 |
| 2015 Q3 | 13.8385370696947 | 64.2160413382272 | 69.9571304418343 | 82.4187280468108 |
| 2015 Q4 | 10.987917286485 | 63.3332789636221 | 71.0969990456922 | 88.3972761198239 |
| 2016 Q1 | 13.3883046075427 | 65.9082902108422 | 74.7246666209993 | 86.5634955213887 |
| 2016 Q2 | 15.0873990609119 | 68.1381223123886 | 78.6225541180569 | 87.6214972470742 |
| 2016 Q3 | 16.0626626049911 | 69.4217599929872 | 81.766104984201 | 87.7949285213341 |
| 2016 Q4 | 12.1763227646965 | 59.664660022602 | 82.4467990603001 | 93.3429718083294 |
| 2017 Q1 | 16.0549194682876 | 62.8435297696659 | 85.2064877642863 | 94.6679235097057 |
| 2017 Q2 | 16.2797568099341 | 62.9586302841384 | 84.9441474059211 | 98.8484442703009 |
| 2017 Q3 | 17.8079040269879 | 63.692487524417 | 84.8366547019974 | 107.616596979557 |
| 2017 Q4 | 20.4774107042253 | 60.4382101779545 | 86.9456975033286 | 105.019967985928 |
| 2018 Q1 | 20.1794640729904 | 63.5192456512841 | 92.5760637381254 | 107.362549297599 |
| 2018 Q2 | 22.4342349501036 | 55.396501306507 | 91.8999544019165 | 98.7020213292335 |
| 2018 Q3 | 21.8533897686402 | 56.2492181310188 | 90.129553768065 | 108.301800031685 |
| 2018 Q4 | 21.6982880764966 | 50.2302104295082 | 93.0535040289021 | 105.657765305125 |
| 2019 Q1 | 20.9304815400453 | 54.4241466790377 | 95.2578498444787 | 109.287592400071 |
| 2019 Q2 | 19.7040694198759 | 53.9463194619223 | 94.2203166165545 | 107.335619919205 |
| 2019 Q3 | 18.7415202459984 | 53.9622476695036 | 97.5881371011888 | 108.281692045119 |
| 2019 Q4 | 20.1388748321035 | 53.0397552428843 | 100.724826260445 | 110.424582076978 |
| 2020 Q1 | 21.9667694308769 | 50.2360874438451 | 118.725751601568 | 117.446108819785 |
| 2020 Q2 | 24.5270335443044 | 56.5266384766567 | 121.966497648588 | 123.317730259905 |
| 2020 Q3 | 24.2126731471904 | 55.6181181028649 | 117.088809951226 | 131.358118060805 |
| 2020 Q4 | 24.1638773936447 | 56.273650243272 | 117.776882827349 | 135.670304206507 |
| 2021 Q1 | 29.9282054295969 | 60.2264330941647 | 126.344843829942 | 146.890432475011 |
| 2021 Q2 | 22.8663927441354 | 60.6281313422084 | 119.614150797218 | 160.96091051158 |
| 2021 Q3 | 20.3185536505964 | 65.5094414056226 | 115.661933782402 | 170.165314618471 |
| 2021 Q4 | 23.9448147106458 | 59.4213714969601 | 117.329537066497 | 171.157755098234 |
| 2022 Q1 | 22.5303040712772 | 59.6746686165367 | 126.676540816388 | 182.869579793293 |
| 2022 Q2 | 22.7921668623495 | 50.0661763268202 | 129.741877785001 | 179.638948684263 |
| 2022 Q3 | 23.8570398401249 | 45.1912245887517 | 131.484202069687 | 176.531226926073 |
| 2022 Q4 | 25.3096180312312 | 41.9512892091712 | 132.008634958891 | 178.409839767589 |
| 2023 Q1 | 25.2096317301108 | 43.7098039511647 | 135.787240596898 | 178.654937274636 |
| 2023 Q2 | 23.295528383 | 36.655749493 | 132.03398592141 | 179.073213406837 |
Note: The data are converted to constant 2023 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 bars 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. Fall 2023: Most cited potential risks over the next 12 to 18 months
Figure A: The chart is titled “Fall 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: Commercial and residential real estate at 72 percent, Persistent inflation; monetary tightening at 72 percent, Banking-sector stress at 56 percent, Market liquidity strains and volatility at 56 percent, China economy/financial sector at 44 percent, Fiscal debt sustainability at 44 percent, Under-regulated nonbanks at 36 percent, Foreign divestment from U.S. assets at 28 percent, Higher long-term rates at 28 percent, and Geopolitical risks at 28 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 August to October.
Figure B. Spring 2023: Most cited potential risks over the next 12 to 18 months
Figure B: 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.