Financial Stability Report
Accessible Version
Overview of financial system vulnerabilities
Asset valuations
- Equity price-to-earnings ratios moved to the upper end of their historical distributions.
- Corporate bond spreads fell to levels that are low relative to their historical averages.
- Prices of residential real estate remained high relative to fundamentals.
- Prices of commercial real estate declined amid deteriorating fundamentals.
Borrowing by businesses and households
- The ratio of total private debt to gross domestic product (GDP) declined further, approaching its historical average.
- The business debt-to-GDP ratio remained high, but business debt continued to decline in real terms amid subdued risky debt issuance. Firms' ability to service their debt remained robust.
- 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, with risk-based capital ratios well above regulatory requirements.
- Nonetheless, some banks continued to face sizable fair value losses on some fixed-rate assets held on their balance sheets.
- Leverage increased from already elevated levels 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, concerns over uninsured deposits and other factors continued to generate funding pressures for a subset of banks.
- Structural vulnerabilities persisted at money market funds, some other mutual funds, and stablecoins.
- Life insurers continued to hold a high share of illiquid and risky assets.
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 | Policy uncertainty | Commercial and residential real estate | Banking-sector stress | Fiscal debt sustainability | |
|---|---|---|---|---|---|
| April 2024 | 72% of contacts surveyed | 60% of contacts surveyed | 56% of contacts surveyed | 44% of contacts surveyed | 40% of contacts surveyed |
| October 2023 | 72% of contacts surveyed | 24% of contacts surveyed | 72% of contacts surveyed | 56% of contacts surveyed | 44% of contacts surveyed |
Figure 1.1. Nominal Treasury yields remained close to the highest levels in the past 15 years
Percent, annual rate
| Date | 2-year | 10-year |
|---|---|---|
| 1997-01-01 | 6.01 | 6.58 |
| 1997-02-01 | 5.9 | 6.42 |
| 1997-03-01 | 6.22 | 6.69 |
| 1997-04-01 | 6.45 | 6.89 |
| 1997-05-01 | 6.28 | 6.71 |
| 1997-06-01 | 6.09 | 6.49 |
| 1997-07-01 | 5.89 | 6.22 |
| 1997-08-01 | 5.94 | 6.3 |
| 1997-09-01 | 5.88 | 6.21 |
| 1997-10-01 | 5.77 | 6.03 |
| 1997-11-01 | 5.71 | 5.88 |
| 1997-12-01 | 5.72 | 5.81 |
| 1998-01-01 | 5.36 | 5.54 |
| 1998-02-01 | 5.42 | 5.57 |
| 1998-03-01 | 5.56 | 5.65 |
| 1998-04-01 | 5.56 | 5.64 |
| 1998-05-01 | 5.59 | 5.65 |
| 1998-06-01 | 5.52 | 5.5 |
| 1998-07-01 | 5.46 | 5.46 |
| 1998-08-01 | 5.27 | 5.34 |
| 1998-09-01 | 4.67 | 4.81 |
| 1998-10-01 | 4.09 | 4.53 |
| 1998-11-01 | 4.54 | 4.83 |
| 1998-12-01 | 4.51 | 4.65 |
| 1999-01-01 | 4.62 | 4.72 |
| 1999-02-01 | 4.88 | 5 |
| 1999-03-01 | 5.05 | 5.23 |
| 1999-04-01 | 4.98 | 5.18 |
| 1999-05-01 | 5.25 | 5.54 |
| 1999-06-01 | 5.62 | 5.9 |
| 1999-07-01 | 5.55 | 5.79 |
| 1999-08-01 | 5.68 | 5.94 |
| 1999-09-01 | 5.66 | 5.92 |
| 1999-10-01 | 5.86 | 6.11 |
| 1999-11-01 | 5.86 | 6.03 |
| 1999-12-01 | 6.1 | 6.28 |
| 2000-01-01 | 6.44 | 6.66 |
| 2000-02-01 | 6.61 | 6.52 |
| 2000-03-01 | 6.53 | 6.26 |
| 2000-04-01 | 6.4 | 5.99 |
| 2000-05-01 | 6.81 | 6.44 |
| 2000-06-01 | 6.48 | 6.1 |
| 2000-07-01 | 6.34 | 6.05 |
| 2000-08-01 | 6.23 | 5.83 |
| 2000-09-01 | 6.08 | 5.8 |
| 2000-10-01 | 5.91 | 5.74 |
| 2000-11-01 | 5.88 | 5.72 |
| 2000-12-01 | 5.35 | 5.24 |
| 2001-01-01 | 4.76 | 5.16 |
| 2001-02-01 | 4.66 | 5.1 |
| 2001-03-01 | 4.34 | 4.89 |
| 2001-04-01 | 4.23 | 5.14 |
| 2001-05-01 | 4.26 | 5.39 |
| 2001-06-01 | 4.08 | 5.28 |
| 2001-07-01 | 4.04 | 5.24 |
| 2001-08-01 | 3.76 | 4.97 |
| 2001-09-01 | 3.12 | 4.73 |
| 2001-10-01 | 2.73 | 4.57 |
| 2001-11-01 | 2.78 | 4.65 |
| 2001-12-01 | 3.11 | 5.09 |
| 2002-01-01 | 3.03 | 5.04 |
| 2002-02-01 | 3.02 | 4.91 |
| 2002-03-01 | 3.56 | 5.28 |
| 2002-04-01 | 3.42 | 5.21 |
| 2002-05-01 | 3.26 | 5.16 |
| 2002-06-01 | 2.99 | 4.93 |
| 2002-07-01 | 2.56 | 4.65 |
| 2002-08-01 | 2.13 | 4.26 |
| 2002-09-01 | 2 | 3.87 |
| 2002-10-01 | 1.91 | 3.94 |
| 2002-11-01 | 1.92 | 4.05 |
| 2002-12-01 | 1.84 | 4.03 |
| 2003-01-01 | 1.74 | 4.05 |
| 2003-02-01 | 1.63 | 3.9 |
| 2003-03-01 | 1.57 | 3.81 |
| 2003-04-01 | 1.62 | 3.96 |
| 2003-05-01 | 1.42 | 3.57 |
| 2003-06-01 | 1.23 | 3.33 |
| 2003-07-01 | 1.47 | 3.98 |
| 2003-08-01 | 1.86 | 4.45 |
| 2003-09-01 | 1.71 | 4.27 |
| 2003-10-01 | 1.75 | 4.29 |
| 2003-11-01 | 1.93 | 4.3 |
| 2003-12-01 | 1.91 | 4.27 |
| 2004-01-01 | 1.76 | 4.15 |
| 2004-02-01 | 1.74 | 4.08 |
| 2004-03-01 | 1.58 | 3.83 |
| 2004-04-01 | 2.07 | 4.35 |
| 2004-05-01 | 2.53 | 4.72 |
| 2004-06-01 | 2.76 | 4.73 |
| 2004-07-01 | 2.64 | 4.5 |
| 2004-08-01 | 2.51 | 4.28 |
| 2004-09-01 | 2.53 | 4.13 |
| 2004-10-01 | 2.58 | 4.1 |
| 2004-11-01 | 2.85 | 4.19 |
| 2004-12-01 | 3.01 | 4.23 |
| 2005-01-01 | 3.22 | 4.22 |
| 2005-02-01 | 3.38 | 4.17 |
| 2005-03-01 | 3.73 | 4.5 |
| 2005-04-01 | 3.65 | 4.34 |
| 2005-05-01 | 3.64 | 4.14 |
| 2005-06-01 | 3.64 | 4 |
| 2005-07-01 | 3.87 | 4.18 |
| 2005-08-01 | 4.04 | 4.26 |
| 2005-09-01 | 3.95 | 4.2 |
| 2005-10-01 | 4.27 | 4.46 |
| 2005-11-01 | 4.42 | 4.54 |
| 2005-12-01 | 4.4 | 4.47 |
| 2006-01-01 | 4.4 | 4.42 |
| 2006-02-01 | 4.67 | 4.57 |
| 2006-03-01 | 4.73 | 4.72 |
| 2006-04-01 | 4.89 | 4.99 |
| 2006-05-01 | 4.97 | 5.11 |
| 2006-06-01 | 5.12 | 5.11 |
| 2006-07-01 | 5.12 | 5.09 |
| 2006-08-01 | 4.9 | 4.88 |
| 2006-09-01 | 4.77 | 4.72 |
| 2006-10-01 | 4.8 | 4.73 |
| 2006-11-01 | 4.74 | 4.6 |
| 2006-12-01 | 4.67 | 4.56 |
| 2007-01-01 | 4.88 | 4.76 |
| 2007-02-01 | 4.85 | 4.72 |
| 2007-03-01 | 4.57 | 4.56 |
| 2007-04-01 | 4.67 | 4.69 |
| 2007-05-01 | 4.77 | 4.75 |
| 2007-06-01 | 4.98 | 5.1 |
| 2007-07-01 | 4.82 | 5 |
| 2007-08-01 | 4.31 | 4.67 |
| 2007-09-01 | 4.01 | 4.52 |
| 2007-10-01 | 3.97 | 4.53 |
| 2007-11-01 | 3.34 | 4.15 |
| 2007-12-01 | 3.12 | 4.1 |
| 2008-01-01 | 2.48 | 3.74 |
| 2008-02-01 | 1.97 | 3.74 |
| 2008-03-01 | 1.62 | 3.51 |
| 2008-04-01 | 2.05 | 3.68 |
| 2008-05-01 | 2.45 | 3.88 |
| 2008-06-01 | 2.77 | 4.1 |
| 2008-07-01 | 2.57 | 4.01 |
| 2008-08-01 | 2.42 | 3.89 |
| 2008-09-01 | 2.08 | 3.69 |
| 2008-10-01 | 1.61 | 3.81 |
| 2008-11-01 | 1.21 | 3.53 |
| 2008-12-01 | 0.82 | 2.42 |
| 2009-01-01 | 0.81 | 2.52 |
| 2009-02-01 | 0.98 | 2.87 |
| 2009-03-01 | 0.93 | 2.82 |
| 2009-04-01 | 0.93 | 2.93 |
| 2009-05-01 | 0.93 | 3.29 |
| 2009-06-01 | 1.18 | 3.72 |
| 2009-07-01 | 1.02 | 3.56 |
| 2009-08-01 | 1.12 | 3.59 |
| 2009-09-01 | 0.96 | 3.4 |
| 2009-10-01 | 0.95 | 3.39 |
| 2009-11-01 | 0.8 | 3.4 |
| 2009-12-01 | 0.87 | 3.59 |
| 2010-01-01 | 0.93 | 3.73 |
| 2010-02-01 | 0.86 | 3.69 |
| 2010-03-01 | 0.96 | 3.73 |
| 2010-04-01 | 1.06 | 3.85 |
| 2010-05-01 | 0.83 | 3.42 |
| 2010-06-01 | 0.72 | 3.2 |
| 2010-07-01 | 0.62 | 3.01 |
| 2010-08-01 | 0.52 | 2.7 |
| 2010-09-01 | 0.48 | 2.65 |
| 2010-10-01 | 0.38 | 2.54 |
| 2010-11-01 | 0.45 | 2.76 |
| 2010-12-01 | 0.62 | 3.29 |
| 2011-01-01 | 0.61 | 3.39 |
| 2011-02-01 | 0.77 | 3.58 |
| 2011-03-01 | 0.7 | 3.41 |
| 2011-04-01 | 0.73 | 3.46 |
| 2011-05-01 | 0.56 | 3.17 |
| 2011-06-01 | 0.41 | 3 |
| 2011-07-01 | 0.41 | 3 |
| 2011-08-01 | 0.23 | 2.3 |
| 2011-09-01 | 0.21 | 1.98 |
| 2011-10-01 | 0.28 | 2.15 |
| 2011-11-01 | 0.25 | 2.01 |
| 2011-12-01 | 0.26 | 1.98 |
| 2012-01-01 | 0.24 | 1.97 |
| 2012-02-01 | 0.28 | 1.97 |
| 2012-03-01 | 0.34 | 2.17 |
| 2012-04-01 | 0.29 | 2.05 |
| 2012-05-01 | 0.29 | 1.8 |
| 2012-06-01 | 0.29 | 1.62 |
| 2012-07-01 | 0.25 | 1.53 |
| 2012-08-01 | 0.27 | 1.68 |
| 2012-09-01 | 0.26 | 1.72 |
| 2012-10-01 | 0.28 | 1.75 |
| 2012-11-01 | 0.27 | 1.65 |
| 2012-12-01 | 0.26 | 1.72 |
| 2013-01-01 | 0.27 | 1.91 |
| 2013-02-01 | 0.27 | 1.98 |
| 2013-03-01 | 0.26 | 1.96 |
| 2013-04-01 | 0.23 | 1.76 |
| 2013-05-01 | 0.25 | 1.93 |
| 2013-06-01 | 0.33 | 2.3 |
| 2013-07-01 | 0.34 | 2.58 |
| 2013-08-01 | 0.36 | 2.74 |
| 2013-09-01 | 0.4 | 2.81 |
| 2013-10-01 | 0.34 | 2.62 |
| 2013-11-01 | 0.3 | 2.72 |
| 2013-12-01 | 0.34 | 2.9 |
| 2014-01-01 | 0.39 | 2.86 |
| 2014-02-01 | 0.33 | 2.71 |
| 2014-03-01 | 0.4 | 2.72 |
| 2014-04-01 | 0.42 | 2.71 |
| 2014-05-01 | 0.39 | 2.56 |
| 2014-06-01 | 0.45 | 2.6 |
| 2014-07-01 | 0.51 | 2.54 |
| 2014-08-01 | 0.47 | 2.42 |
| 2014-09-01 | 0.57 | 2.53 |
| 2014-10-01 | 0.45 | 2.3 |
| 2014-11-01 | 0.53 | 2.33 |
| 2014-12-01 | 0.64 | 2.21 |
| 2015-01-01 | 0.55 | 1.88 |
| 2015-02-01 | 0.62 | 1.98 |
| 2015-03-01 | 0.64 | 2.04 |
| 2015-04-01 | 0.54 | 1.94 |
| 2015-05-01 | 0.61 | 2.2 |
| 2015-06-01 | 0.69 | 2.36 |
| 2015-07-01 | 0.67 | 2.32 |
| 2015-08-01 | 0.7 | 2.17 |
| 2015-09-01 | 0.71 | 2.17 |
| 2015-10-01 | 0.64 | 2.07 |
| 2015-11-01 | 0.88 | 2.26 |
| 2015-12-01 | 0.98 | 2.24 |
| 2016-01-01 | 0.9 | 2.09 |
| 2016-02-01 | 0.73 | 1.78 |
| 2016-03-01 | 0.88 | 1.89 |
| 2016-04-01 | 0.77 | 1.81 |
| 2016-05-01 | 0.82 | 1.81 |
| 2016-06-01 | 0.73 | 1.64 |
| 2016-07-01 | 0.67 | 1.5 |
| 2016-08-01 | 0.74 | 1.56 |
| 2016-09-01 | 0.77 | 1.63 |
| 2016-10-01 | 0.84 | 1.76 |
| 2016-11-01 | 0.98 | 2.14 |
| 2016-12-01 | 1.2 | 2.49 |
| 2017-01-01 | 1.21 | 2.43 |
| 2017-02-01 | 1.2 | 2.42 |
| 2017-03-01 | 1.31 | 2.48 |
| 2017-04-01 | 1.24 | 2.3 |
| 2017-05-01 | 1.3 | 2.3 |
| 2017-06-01 | 1.34 | 2.19 |
| 2017-07-01 | 1.37 | 2.32 |
| 2017-08-01 | 1.34 | 2.21 |
| 2017-09-01 | 1.38 | 2.2 |
| 2017-10-01 | 1.55 | 2.36 |
| 2017-11-01 | 1.7 | 2.35 |
| 2017-12-01 | 1.84 | 2.4 |
| 2018-01-01 | 2.03 | 2.58 |
| 2018-02-01 | 2.18 | 2.86 |
| 2018-03-01 | 2.28 | 2.84 |
| 2018-04-01 | 2.38 | 2.87 |
| 2018-05-01 | 2.51 | 2.98 |
| 2018-06-01 | 2.53 | 2.91 |
| 2018-07-01 | 2.61 | 2.89 |
| 2018-08-01 | 2.64 | 2.89 |
| 2018-09-01 | 2.77 | 3 |
| 2018-10-01 | 2.86 | 3.15 |
| 2018-11-01 | 2.86 | 3.12 |
| 2018-12-01 | 2.68 | 2.83 |
| 2019-01-01 | 2.54 | 2.71 |
| 2019-02-01 | 2.5 | 2.68 |
| 2019-03-01 | 2.41 | 2.57 |
| 2019-04-01 | 2.34 | 2.53 |
| 2019-05-01 | 2.21 | 2.4 |
| 2019-06-01 | 1.81 | 2.07 |
| 2019-07-01 | 1.84 | 2.06 |
| 2019-08-01 | 1.57 | 1.63 |
| 2019-09-01 | 1.65 | 1.7 |
| 2019-10-01 | 1.55 | 1.71 |
| 2019-11-01 | 1.61 | 1.81 |
| 2019-12-01 | 1.61 | 1.86 |
| 2020-01-01 | 1.52 | 1.76 |
| 2020-02-01 | 1.33 | 1.5 |
| 2020-03-01 | 0.45 | 0.87 |
| 2020-04-01 | 0.22 | 0.66 |
| 2020-05-01 | 0.17 | 0.67 |
| 2020-06-01 | 0.19 | 0.73 |
| 2020-07-01 | 0.15 | 0.62 |
| 2020-08-01 | 0.14 | 0.65 |
| 2020-09-01 | 0.13 | 0.68 |
| 2020-10-01 | 0.15 | 0.79 |
| 2020-11-01 | 0.17 | 0.87 |
| 2020-12-01 | 0.14 | 0.93 |
| 2021-01-01 | 0.13 | 1.08 |
| 2021-02-01 | 0.12 | 1.26 |
| 2021-03-01 | 0.15 | 1.61 |
| 2021-04-01 | 0.16 | 1.64 |
| 2021-05-01 | 0.16 | 1.62 |
| 2021-06-01 | 0.2 | 1.52 |
| 2021-07-01 | 0.22 | 1.32 |
| 2021-08-01 | 0.22 | 1.28 |
| 2021-09-01 | 0.24 | 1.37 |
| 2021-10-01 | 0.39 | 1.58 |
| 2021-11-01 | 0.51 | 1.56 |
| 2021-12-01 | 0.68 | 1.47 |
| 2022-01-01 | 0.98 | 1.76 |
| 2022-02-01 | 1.44 | 1.93 |
| 2022-03-01 | 1.91 | 2.13 |
| 2022-04-01 | 2.54 | 2.75 |
| 2022-05-01 | 2.62 | 2.9 |
| 2022-06-01 | 3 | 3.14 |
| 2022-07-01 | 3.04 | 2.9 |
| 2022-08-01 | 3.25 | 2.9 |
| 2022-09-01 | 3.86 | 3.52 |
| 2022-10-01 | 4.38 | 3.98 |
| 2022-11-01 | 4.5 | 3.89 |
| 2022-12-01 | 4.29 | 3.62 |
| 2023-01-01 | 4.21 | 3.53 |
| 2023-02-01 | 4.53 | 3.75 |
| 2023-03-01 | 4.3 | 3.66 |
| 2023-04-01 | 4.02 | 3.46 |
| 2023-05-01 | 4.13 | 3.57 |
| 2023-06-01 | 4.64 | 3.75 |
| 2023-07-01 | 4.83 | 3.9 |
| 2023-08-01 | 4.9 | 4.17 |
| 2023-09-01 | 5.02 | 4.38 |
| 2023-10-01 | 5.07 | 4.8 |
| 2023-11-01 | 4.88 | 4.5 |
| 2023-12-01 | 4.46 | 4.02 |
| 2024-01-01 | 4.32 | 4.06 |
| 2024-02-01 | 4.54 | 4.21 |
| 2024-03-01 | 4.59 | 4.21 |
Note: The 2-year and 10-year Treasury rates are the monthly average of the constant-maturity yields based on the most actively traded securities.
Source: Federal Reserve Board, Statistical Release H.15, "Selected Interest Rates."
Figure 1.2. An estimate of the nominal Treasury term premium remained relatively low
Percentage points
| Date | Term Premium |
|---|---|
| 1997-01-01 | 1.49387619608925 |
| 1997-02-01 | 1.42193889617920 |
| 1997-03-01 | 1.56349500417709 |
| 1997-04-01 | 1.66056819395585 |
| 1997-05-01 | 1.56349525565193 |
| 1997-06-01 | 1.48142857210977 |
| 1997-07-01 | 1.30218181826852 |
| 1997-08-01 | 1.33278094586872 |
| 1997-09-01 | 1.32660953203837 |
| 1997-10-01 | 1.21571363644166 |
| 1997-11-01 | 1.06898887952169 |
| 1997-12-01 | 0.99405455589294 |
| 1998-01-01 | 0.88231999874115 |
| 1998-02-01 | 0.91603158335937 |
| 1998-03-01 | 0.97421817616983 |
| 1998-04-01 | 0.97309047551382 |
| 1998-05-01 | 0.97581499814987 |
| 1998-06-01 | 0.88629545948722 |
| 1998-07-01 | 0.86406818303195 |
| 1998-08-01 | 0.79535714217595 |
| 1998-09-01 | 0.57252856805211 |
| 1998-10-01 | 0.61351904982612 |
| 1998-11-01 | 0.68882631314428 |
| 1998-12-01 | 0.59713182124225 |
| 1999-01-01 | 0.69821579205362 |
| 1999-02-01 | 0.84375788977272 |
| 1999-03-01 | 0.99568260234335 |
| 1999-04-01 | 0.97580000332424 |
| 1999-05-01 | 1.13935790563885 |
| 1999-06-01 | 1.32467727227644 |
| 1999-07-01 | 1.28947368421053 |
| 1999-08-01 | 1.35223636843941 |
| 1999-09-01 | 1.34805713381086 |
| 1999-10-01 | 1.44446498751640 |
| 1999-11-01 | 1.27639001011848 |
| 1999-12-01 | 1.35427726398815 |
| 2000-01-01 | 1.50946500301361 |
| 2000-02-01 | 1.38115000724792 |
| 2000-03-01 | 1.21349130506101 |
| 2000-04-01 | 1.04713683693033 |
| 2000-05-01 | 1.23775907538154 |
| 2000-06-01 | 1.05134545673024 |
| 2000-07-01 | 0.96387999653816 |
| 2000-08-01 | 0.82335217880166 |
| 2000-09-01 | 0.83604500293732 |
| 2000-10-01 | 0.74754286380041 |
| 2000-11-01 | 0.70152380920592 |
| 2000-12-01 | 0.52973000407219 |
| 2001-01-01 | 0.69438095887502 |
| 2001-02-01 | 0.77411052114085 |
| 2001-03-01 | 0.78375909274275 |
| 2001-04-01 | 1.06420498788357 |
| 2001-05-01 | 1.29313182288950 |
| 2001-06-01 | 1.29323333785647 |
| 2001-07-01 | 1.25510475749061 |
| 2001-08-01 | 1.17007391867430 |
| 2001-09-01 | 1.21610587484696 |
| 2001-10-01 | 1.27206818623976 |
| 2001-11-01 | 1.41033499240875 |
| 2001-12-01 | 1.78161498904228 |
| 2002-01-01 | 1.75319523470742 |
| 2002-02-01 | 1.65985790051912 |
| 2002-03-01 | 1.84941499829292 |
| 2002-04-01 | 1.80147726969285 |
| 2002-05-01 | 1.74901364066384 |
| 2002-06-01 | 1.59664998650551 |
| 2002-07-01 | 1.44536362452941 |
| 2002-08-01 | 1.20719091458754 |
| 2002-09-01 | 0.93414999544621 |
| 2002-10-01 | 0.98709090460431 |
| 2002-11-01 | 1.14546315920980 |
| 2002-12-01 | 1.15573809260414 |
| 2003-01-01 | 1.16111426694053 |
| 2003-02-01 | 1.06583157652303 |
| 2003-03-01 | 0.99284285874594 |
| 2003-04-01 | 1.08824284871419 |
| 2003-05-01 | 0.81813333148048 |
| 2003-06-01 | 0.67740952684766 |
| 2003-07-01 | 1.10343636436896 |
| 2003-08-01 | 1.45625713893345 |
| 2003-09-01 | 1.33401905354999 |
| 2003-10-01 | 1.32285455682061 |
| 2003-11-01 | 1.33156110843023 |
| 2003-12-01 | 1.31312273849141 |
| 2004-01-01 | 1.23159999251366 |
| 2004-02-01 | 1.18363158326400 |
| 2004-03-01 | 1.00030000572619 |
| 2004-04-01 | 1.34154762540545 |
| 2004-05-01 | 1.56125501394272 |
| 2004-06-01 | 1.48352380593618 |
| 2004-07-01 | 1.29254761763981 |
| 2004-08-01 | 1.12465454773469 |
| 2004-09-01 | 0.95767620347795 |
| 2004-10-01 | 0.89669500589371 |
| 2004-11-01 | 0.86949499249458 |
| 2004-12-01 | 0.83374090628191 |
| 2005-01-01 | 0.78052999973297 |
| 2005-02-01 | 0.68346842025456 |
| 2005-03-01 | 0.84596363251860 |
| 2005-04-01 | 0.72042381479627 |
| 2005-05-01 | 0.57196665803591 |
| 2005-06-01 | 0.44920908862894 |
| 2005-07-01 | 0.48403000086546 |
| 2005-08-01 | 0.47995217209277 |
| 2005-09-01 | 0.43298571308454 |
| 2005-10-01 | 0.52736499905586 |
| 2005-11-01 | 0.54386499524117 |
| 2005-12-01 | 0.48192857418742 |
| 2006-01-01 | 0.37166000157595 |
| 2006-02-01 | 0.42411578799549 |
| 2006-03-01 | 0.49160434759182 |
| 2006-04-01 | 0.61374210056506 |
| 2006-05-01 | 0.65898635983467 |
| 2006-06-01 | 0.61802272905003 |
| 2006-07-01 | 0.56058999896050 |
| 2006-08-01 | 0.44322173491768 |
| 2006-09-01 | 0.38348499685526 |
| 2006-10-01 | 0.36910476287206 |
| 2006-11-01 | 0.27474285733132 |
| 2006-12-01 | 0.27258000001311 |
| 2007-01-01 | 0.37589047494389 |
| 2007-02-01 | 0.35075789533163 |
| 2007-03-01 | 0.26522727039727 |
| 2007-04-01 | 0.35528571548916 |
| 2007-05-01 | 0.40774545479905 |
| 2007-06-01 | 0.66799999134881 |
| 2007-07-01 | 0.57876666670754 |
| 2007-08-01 | 0.53292173924653 |
| 2007-09-01 | 0.51194210428941 |
| 2007-10-01 | 0.53239091418006 |
| 2007-11-01 | 0.47749000191689 |
| 2007-12-01 | 0.52769000083208 |
| 2008-01-01 | 0.39703809931165 |
| 2008-02-01 | 0.63179000020027 |
| 2008-03-01 | 0.67179000675678 |
| 2008-04-01 | 0.77650454640389 |
| 2008-05-01 | 0.83594761575971 |
| 2008-06-01 | 0.92182857649667 |
| 2008-07-01 | 0.88442273031582 |
| 2008-08-01 | 0.79169048014141 |
| 2008-09-01 | 0.77657619828270 |
| 2008-10-01 | 1.10844090310010 |
| 2008-11-01 | 1.11563889516724 |
| 2008-12-01 | 0.50679544698108 |
| 2009-01-01 | 0.54770000129938 |
| 2009-02-01 | 0.74051052959342 |
| 2009-03-01 | 0.66835454377261 |
| 2009-04-01 | 0.67949048110417 |
| 2009-05-01 | 0.93476000130177 |
| 2009-06-01 | 1.27825456315821 |
| 2009-07-01 | 1.15004090829329 |
| 2009-08-01 | 1.17922379857018 |
| 2009-09-01 | 1.05722857656933 |
| 2009-10-01 | 1.02750476201375 |
| 2009-11-01 | 1.02790525712465 |
| 2009-12-01 | 1.10391820018942 |
| 2010-01-01 | 1.20727894180699 |
| 2010-02-01 | 1.15732631557866 |
| 2010-03-01 | 1.15418260512145 |
| 2010-04-01 | 1.22110000523654 |
| 2010-05-01 | 0.96019001007080 |
| 2010-06-01 | 0.82520454309203 |
| 2010-07-01 | 0.65829047134944 |
| 2010-08-01 | 0.42437727207487 |
| 2010-09-01 | 0.38724761775562 |
| 2010-10-01 | 0.27883500158787 |
| 2010-11-01 | 0.40001000016928 |
| 2010-12-01 | 0.80807272683490 |
| 2011-01-01 | 0.87370000183582 |
| 2011-02-01 | 1.01930526369496 |
| 2011-03-01 | 0.92058260803637 |
| 2011-04-01 | 0.96702499985695 |
| 2011-05-01 | 0.76268571331388 |
| 2011-06-01 | 0.60678636214950 |
| 2011-07-01 | 0.61241499632597 |
| 2011-08-01 | 0.15002608720375 |
| 2011-09-01 | -0.04311904777396 |
| 2011-10-01 | 0.06628000047058 |
| 2011-11-01 | -0.03269000025139 |
| 2011-12-01 | -0.06211428488383 |
| 2012-01-01 | -0.08969999980181 |
| 2012-02-01 | -0.11923000067473 |
| 2012-03-01 | 0.02389545535499 |
| 2012-04-01 | -0.05748571455479 |
| 2012-05-01 | -0.22107272425836 |
| 2012-06-01 | -0.33160952443168 |
| 2012-07-01 | -0.39998094666572 |
| 2012-08-01 | -0.29730869440929 |
| 2012-09-01 | -0.29425789258982 |
| 2012-10-01 | -0.28263809354532 |
| 2012-11-01 | -0.33052000105381 |
| 2012-12-01 | -0.29237999692559 |
| 2013-01-01 | -0.16697142769893 |
| 2013-02-01 | -0.11623157835320 |
| 2013-03-01 | -0.13496499992907 |
| 2013-04-01 | -0.25820454413241 |
| 2013-05-01 | -0.14679090899881 |
| 2013-06-01 | 0.13666999959969 |
| 2013-07-01 | 0.34681364216588 |
| 2013-08-01 | 0.46296817606146 |
| 2013-09-01 | 0.52462500482798 |
| 2013-10-01 | 0.36396363513036 |
| 2013-11-01 | 0.41019473577801 |
| 2013-12-01 | 0.55254285959970 |
| 2014-01-01 | 0.56326666190511 |
| 2014-02-01 | 0.45349474015989 |
| 2014-03-01 | 0.48433333493414 |
| 2014-04-01 | 0.50188095229013 |
| 2014-05-01 | 0.40066666830154 |
| 2014-06-01 | 0.43160476003374 |
| 2014-07-01 | 0.40733181752942 |
| 2014-08-01 | 0.34238095084826 |
| 2014-09-01 | 0.42512856778644 |
| 2014-10-01 | 0.27208181809295 |
| 2014-11-01 | 0.29303888811006 |
| 2014-12-01 | 0.21479091115973 |
| 2015-01-01 | 0.00559999986363 |
| 2015-02-01 | 0.06802105374242 |
| 2015-03-01 | 0.10264545540452 |
| 2015-04-01 | 0.01210454556514 |
| 2015-05-01 | 0.19097499921918 |
| 2015-06-01 | 0.29705454476855 |
| 2015-07-01 | 0.25926363400438 |
| 2015-08-01 | 0.13421904668212 |
| 2015-09-01 | 0.13599523724545 |
| 2015-10-01 | 0.07142857125118 |
| 2015-11-01 | 0.18211579009106 |
| 2015-12-01 | 0.12458181804554 |
| 2016-01-01 | 0.01171578942357 |
| 2016-02-01 | -0.19744000062347 |
| 2016-03-01 | -0.12342272766612 |
| 2016-04-01 | -0.17547619129930 |
| 2016-05-01 | -0.17419047511759 |
| 2016-06-01 | -0.28134545751593 |
| 2016-07-01 | -0.37813000231981 |
| 2016-08-01 | -0.34600869339445 |
| 2016-09-01 | -0.30391904711723 |
| 2016-10-01 | -0.23313999921084 |
| 2016-11-01 | -0.00042999796569 |
| 2016-12-01 | 0.23997142839999 |
| 2017-01-01 | 0.19487999975681 |
| 2017-02-01 | 0.18231052787680 |
| 2017-03-01 | 0.16156956618247 |
| 2017-04-01 | 0.00816315786429 |
| 2017-05-01 | -0.01639090893282 |
| 2017-06-01 | -0.12879090857777 |
| 2017-07-01 | -0.05971999955364 |
| 2017-08-01 | -0.12134782613620 |
| 2017-09-01 | -0.14099499881268 |
| 2017-10-01 | -0.05683333351321 |
| 2017-11-01 | -0.09271428627627 |
| 2017-12-01 | -0.08237500060350 |
| 2018-01-01 | -0.00222857172290 |
| 2018-02-01 | 0.13901052741628 |
| 2018-03-01 | 0.09334285637098 |
| 2018-04-01 | 0.08341904707430 |
| 2018-05-01 | 0.13237727264112 |
| 2018-06-01 | 0.07739047599690 |
| 2018-07-01 | 0.04093333315991 |
| 2018-08-01 | 0.01441304338084 |
| 2018-09-01 | 0.05396842076688 |
| 2018-10-01 | 0.11274999972772 |
| 2018-11-01 | 0.06526500037871 |
| 2018-12-01 | -0.13053157827572 |
| 2019-01-01 | -0.21357142783347 |
| 2019-02-01 | -0.23472631761902 |
| 2019-03-01 | -0.29969047719524 |
| 2019-04-01 | -0.31558571401097 |
| 2019-05-01 | -0.38693636384877 |
| 2019-06-01 | -0.53797999769449 |
| 2019-07-01 | -0.52849090912125 |
| 2019-08-01 | -0.74349545619705 |
| 2019-09-01 | -0.69248999655247 |
| 2019-10-01 | -0.62907726927237 |
| 2019-11-01 | -0.52113684855009 |
| 2019-12-01 | -0.48552857410340 |
| 2020-01-01 | -0.54832381010056 |
| 2020-02-01 | -0.70858420510041 |
| 2020-03-01 | -0.74760454893112 |
| 2020-04-01 | -0.83640476067861 |
| 2020-05-01 | -0.84864999651909 |
| 2020-06-01 | -0.83839544924823 |
| 2020-07-01 | -0.89669545130296 |
| 2020-08-01 | -0.88822380701701 |
| 2020-09-01 | -0.87314762104125 |
| 2020-10-01 | -0.80891904944465 |
| 2020-11-01 | -0.74806841737346 |
| 2020-12-01 | -0.71791363304312 |
| 2021-01-01 | -0.63408946677258 |
| 2021-02-01 | -0.51284210776028 |
| 2021-03-01 | -0.24336086796678 |
| 2021-04-01 | -0.21143181825226 |
| 2021-05-01 | -0.22790000140667 |
| 2021-06-01 | -0.27697727016427 |
| 2021-07-01 | -0.40305714096342 |
| 2021-08-01 | -0.42706363309513 |
| 2021-09-01 | -0.36504762158507 |
| 2021-10-01 | -0.20738499909639 |
| 2021-11-01 | -0.19846500083804 |
| 2021-12-01 | -0.26228181882338 |
| 2022-01-01 | -0.10475999936461 |
| 2022-02-01 | -0.07133157943424 |
| 2022-03-01 | -0.00709130355845 |
| 2022-04-01 | 0.28324999660254 |
| 2022-05-01 | 0.32105714082718 |
| 2022-06-01 | 0.32132857257412 |
| 2022-07-01 | -0.05631500021555 |
| 2022-08-01 | -0.17081304542396 |
| 2022-09-01 | 0.08192857081026 |
| 2022-10-01 | 0.21792500056326 |
| 2022-11-01 | 0.03666000082158 |
| 2022-12-01 | -0.21677619130129 |
| 2023-01-01 | -0.33284500129521 |
| 2023-02-01 | -0.23357368613544 |
| 2023-03-01 | -0.25125652081941 |
| 2023-04-01 | -0.42671999782324 |
| 2023-05-01 | -0.43282727084377 |
| 2023-06-01 | -0.35511428543500 |
| 2023-07-01 | -0.28868999704719 |
| 2023-08-01 | -0.13306956602584 |
| 2023-09-01 | 0.00368500044569 |
| 2023-10-01 | 0.29071428307465 |
| 2023-11-01 | 0.13320476246909 |
| 2023-12-01 | -0.16031499789096 |
| 2024-01-01 | -0.13113809483392 |
| 2024-02-01 | -0.03578000004636 |
| 2024-03-01 | -0.05266999976011 |
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 fell slightly but continued to be elevated by historical norms
Basis points
| Date | Implied Volatility of 10-Year Swap Rate |
|---|---|
| 2005-04-01 | 93.1407611818182 |
| 2005-05-01 | 87.2053020454545 |
| 2005-06-01 | 87.5994123636364 |
| 2005-07-01 | 89.3425940000000 |
| 2005-08-01 | 84.2202744347826 |
| 2005-09-01 | 83.8325441363636 |
| 2005-10-01 | 86.0325223333333 |
| 2005-11-01 | 87.1229912727273 |
| 2005-12-01 | 77.7070317272727 |
| 2006-01-01 | 75.8552282272727 |
| 2006-02-01 | 72.5708299500000 |
| 2006-03-01 | 72.1180623913043 |
| 2006-04-01 | 76.5682459500000 |
| 2006-05-01 | 74.3080899130435 |
| 2006-06-01 | 70.7608532727273 |
| 2006-07-01 | 69.4930483333333 |
| 2006-08-01 | 62.8133045217391 |
| 2006-09-01 | 62.7310715238095 |
| 2006-10-01 | 64.0431154545455 |
| 2006-11-01 | 67.6373596363636 |
| 2006-12-01 | 66.2340620000000 |
| 2007-01-01 | 66.4426889130435 |
| 2007-02-01 | 66.7878776000000 |
| 2007-03-01 | 70.8117155454545 |
| 2007-04-01 | 62.8650858095238 |
| 2007-05-01 | 58.1989928695652 |
| 2007-06-01 | 79.0500360952381 |
| 2007-07-01 | 82.6708996818182 |
| 2007-08-01 | 84.3294735217391 |
| 2007-09-01 | 97.0252322000000 |
| 2007-10-01 | 91.0426627826087 |
| 2007-11-01 | 97.0015865454545 |
| 2007-12-01 | 117.9762051904760 |
| 2008-01-01 | 133.4064236521740 |
| 2008-02-01 | 150.9233060952380 |
| 2008-03-01 | 163.9723355238100 |
| 2008-04-01 | 139.6435753636360 |
| 2008-05-01 | 126.3531985909090 |
| 2008-06-01 | 140.4754497619050 |
| 2008-07-01 | 127.8022199565220 |
| 2008-08-01 | 111.5671815714290 |
| 2008-09-01 | 141.1032905000000 |
| 2008-10-01 | 188.8759711304350 |
| 2008-11-01 | 205.8338857500000 |
| 2008-12-01 | 232.0306616956520 |
| 2009-01-01 | 169.8269715909090 |
| 2009-02-01 | 187.7330855000000 |
| 2009-03-01 | 157.2753674090910 |
| 2009-04-01 | 129.7365514545450 |
| 2009-05-01 | 153.2816031904760 |
| 2009-06-01 | 223.6558794090910 |
| 2009-07-01 | 197.7553324090910 |
| 2009-08-01 | 180.7456841904760 |
| 2009-09-01 | 147.8076396818180 |
| 2009-10-01 | 134.6450406363640 |
| 2009-11-01 | 112.4428005714290 |
| 2009-12-01 | 110.1041495000000 |
| 2010-01-01 | 109.9095010000000 |
| 2010-02-01 | 100.7843527000000 |
| 2010-03-01 | 90.5415333043478 |
| 2010-04-01 | 95.7845809090909 |
| 2010-05-01 | 108.3768390476190 |
| 2010-06-01 | 108.3489289545450 |
| 2010-07-01 | 91.2602745454545 |
| 2010-08-01 | 100.9084886818180 |
| 2010-09-01 | 110.9901589090910 |
| 2010-10-01 | 102.9314067142860 |
| 2010-11-01 | 109.1785347272730 |
| 2010-12-01 | 125.3473072272730 |
| 2011-01-01 | 113.2357514761900 |
| 2011-02-01 | 111.2275581500000 |
| 2011-03-01 | 110.3348527826090 |
| 2011-04-01 | 92.0810600500000 |
| 2011-05-01 | 89.4274393636364 |
| 2011-06-01 | 94.3602630909091 |
| 2011-07-01 | 101.4077653333330 |
| 2011-08-01 | 117.1096775217390 |
| 2011-09-01 | 121.0058491818180 |
| 2011-10-01 | 124.6392852380950 |
| 2011-11-01 | 125.2365083636360 |
| 2011-12-01 | 105.1092095909090 |
| 2012-01-01 | 86.8961869090909 |
| 2012-02-01 | 87.9287980476190 |
| 2012-03-01 | 92.8956355454546 |
| 2012-04-01 | 86.3847064761905 |
| 2012-05-01 | 78.4844144782609 |
| 2012-06-01 | 89.6806648095238 |
| 2012-07-01 | 72.8232575909091 |
| 2012-08-01 | 78.5166424347826 |
| 2012-09-01 | 75.8383667000000 |
| 2012-10-01 | 75.6908457391304 |
| 2012-11-01 | 67.6227298181818 |
| 2012-12-01 | 61.8341229047619 |
| 2013-01-01 | 67.3589163478261 |
| 2013-02-01 | 68.8840089000000 |
| 2013-03-01 | 64.7794116190476 |
| 2013-04-01 | 60.4505235000000 |
| 2013-05-01 | 69.0075274782609 |
| 2013-06-01 | 100.3947363000000 |
| 2013-07-01 | 104.7759794782610 |
| 2013-08-01 | 100.2640195000000 |
| 2013-09-01 | 101.2118931428570 |
| 2013-10-01 | 81.6170621739130 |
| 2013-11-01 | 74.5137228571429 |
| 2013-12-01 | 75.8982773636364 |
| 2014-01-01 | 70.3636708260870 |
| 2014-02-01 | 69.2855606000000 |
| 2014-03-01 | 65.5307374285714 |
| 2014-04-01 | 62.8501716666667 |
| 2014-05-01 | 61.4742948181818 |
| 2014-06-01 | 61.9679537142857 |
| 2014-07-01 | 59.6560042608696 |
| 2014-08-01 | 62.2641432380952 |
| 2014-09-01 | 65.4064466363636 |
| 2014-10-01 | 76.7030626956522 |
| 2014-11-01 | 67.4089236500000 |
| 2014-12-01 | 70.2256455652174 |
| 2015-01-01 | 87.0186313636364 |
| 2015-02-01 | 91.1326394500000 |
| 2015-03-01 | 84.3177593181818 |
| 2015-04-01 | 77.4148326818182 |
| 2015-05-01 | 86.7601392380952 |
| 2015-06-01 | 88.9114960000000 |
| 2015-07-01 | 82.9971814347826 |
| 2015-08-01 | 80.3195948500000 |
| 2015-09-01 | 79.7947395000000 |
| 2015-10-01 | 75.1609395454545 |
| 2015-11-01 | 72.1120120952381 |
| 2015-12-01 | 70.3005218260870 |
| 2016-01-01 | 76.2914845238095 |
| 2016-02-01 | 89.1231934761905 |
| 2016-03-01 | 78.9347058181818 |
| 2016-04-01 | 72.0117337619048 |
| 2016-05-01 | 69.0779673636364 |
| 2016-06-01 | 77.2490590000000 |
| 2016-07-01 | 76.8601374285714 |
| 2016-08-01 | 68.1436731739130 |
| 2016-09-01 | 67.2750649090909 |
| 2016-10-01 | 65.2515483809524 |
| 2016-11-01 | 83.5448066818182 |
| 2016-12-01 | 81.1593321363636 |
| 2017-01-01 | 81.1271510909091 |
| 2017-02-01 | 75.6451058000000 |
| 2017-03-01 | 69.9332405652174 |
| 2017-04-01 | 75.8273615000000 |
| 2017-05-01 | 62.2952567826087 |
| 2017-06-01 | 58.9056952272727 |
| 2017-07-01 | 59.5746184761905 |
| 2017-08-01 | 57.3938232608696 |
| 2017-09-01 | 58.1155528095238 |
| 2017-10-01 | 59.6366519545455 |
| 2017-11-01 | 52.3190709090909 |
| 2017-12-01 | 50.8717691904762 |
| 2018-01-01 | 55.5877003043478 |
| 2018-02-01 | 72.0271280000000 |
| 2018-03-01 | 63.4433651363636 |
| 2018-04-01 | 58.5823622857143 |
| 2018-05-01 | 58.5377230000000 |
| 2018-06-01 | 57.8168248095238 |
| 2018-07-01 | 53.9075479545455 |
| 2018-08-01 | 52.7038092608696 |
| 2018-09-01 | 51.7013490000000 |
| 2018-10-01 | 58.2089809130435 |
| 2018-11-01 | 57.7368546363636 |
| 2018-12-01 | 59.4768278095238 |
| 2019-01-01 | 56.8872852608696 |
| 2019-02-01 | 50.9286239500000 |
| 2019-03-01 | 52.1450475238095 |
| 2019-04-01 | 51.7224289090909 |
| 2019-05-01 | 57.2293738260870 |
| 2019-06-01 | 68.6766383000000 |
| 2019-07-01 | 62.1373200000000 |
| 2019-08-01 | 81.9997485454546 |
| 2019-09-01 | 82.1033849523809 |
| 2019-10-01 | 78.1486783478261 |
| 2019-11-01 | 66.9196303809524 |
| 2019-12-01 | 64.9177692272727 |
| 2020-01-01 | 63.7826934782609 |
| 2020-02-01 | 76.3504349000000 |
| 2020-03-01 | 128.1982829090910 |
| 2020-04-01 | 79.1194908181818 |
| 2020-05-01 | 62.0802865714286 |
| 2020-06-01 | 68.1176147272727 |
| 2020-07-01 | 56.0211723913043 |
| 2020-08-01 | 54.0961076666667 |
| 2020-09-01 | 49.9714252727273 |
| 2020-10-01 | 68.7694889545455 |
| 2020-11-01 | 57.2393500952381 |
| 2020-12-01 | 58.7475827391304 |
| 2021-01-01 | 58.6661465714286 |
| 2021-02-01 | 68.8616019500000 |
| 2021-03-01 | 82.8590066956522 |
| 2021-04-01 | 76.9544033181818 |
| 2021-05-01 | 69.6327573333333 |
| 2021-06-01 | 66.3641393636364 |
| 2021-07-01 | 73.0951925454546 |
| 2021-08-01 | 75.2578712727273 |
| 2021-09-01 | 69.0911080000000 |
| 2021-10-01 | 73.5020376666667 |
| 2021-11-01 | 79.6158680454545 |
| 2021-12-01 | 80.1248898695652 |
| 2022-01-01 | 81.8231407142857 |
| 2022-02-01 | 88.6890586500000 |
| 2022-03-01 | 108.6102514782610 |
| 2022-04-01 | 119.3662450000000 |
| 2022-05-01 | 114.9301181818180 |
| 2022-06-01 | 119.7093215909090 |
| 2022-07-01 | 122.7566329523810 |
| 2022-08-01 | 111.6782608695650 |
| 2022-09-01 | 127.0818181818180 |
| 2022-10-01 | 138.3523809523810 |
| 2022-11-01 | 126.5545454545450 |
| 2022-12-01 | 125.8590909090910 |
| 2023-01-01 | 111.9090909090910 |
| 2023-02-01 | 105.9850000000000 |
| 2023-03-01 | 120.6956521739130 |
| 2023-04-01 | 112.9050000000000 |
| 2023-05-01 | 115.9173913043480 |
| 2023-06-01 | 106.7772727272730 |
| 2023-07-01 | 108.0095238095240 |
| 2023-08-01 | 115.3739130434780 |
| 2023-09-01 | 112.3571428571430 |
| 2023-10-01 | 129.3863636363640 |
| 2023-11-01 | 117.2909090909090 |
| 2023-12-01 | 112.5857142857140 |
| 2024-01-01 | 107.9869565217390 |
| 2024-02-01 | 108.1476190476190 |
| 2024-03-01 | 101.3190476190480 |
Note: The data begin in April 2005. Implied volatility on the 10-year swap rate, 1 month ahead, is derived from swaptions.
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 |
|---|---|
| 1989-01-01 | 10.0642041004352 |
| 1989-02-01 | 10.1351785277036 |
| 1989-03-01 | 10.1118922462201 |
| 1989-04-01 | 10.4207590726509 |
| 1989-05-01 | 10.7228446891080 |
| 1989-06-01 | 10.8504116333394 |
| 1989-07-01 | 11.2392594036221 |
| 1989-08-01 | 11.5544806266731 |
| 1989-09-01 | 11.5054534466439 |
| 1989-10-01 | 11.4766417155518 |
| 1989-11-01 | 11.5116562988962 |
| 1989-12-01 | 11.8812905010920 |
| 1990-01-01 | 11.5253301676757 |
| 1990-02-01 | 11.2996436482706 |
| 1990-03-01 | 11.4928153778434 |
| 1990-04-01 | 11.6485959646005 |
| 1990-05-01 | 12.0714446710221 |
| 1990-06-01 | 12.3791505291935 |
| 1990-07-01 | 12.3891135597196 |
| 1990-08-01 | 11.5099674895943 |
| 1990-09-01 | 10.7870645246304 |
| 1990-10-01 | 10.3021545599654 |
| 1990-11-01 | 11.1825864275695 |
| 1990-12-01 | 11.6620618537876 |
| 1991-01-01 | 11.2520631617467 |
| 1991-02-01 | 13.4297373973324 |
| 1991-03-01 | 13.7676511619486 |
| 1991-04-01 | 14.4448937578081 |
| 1991-05-01 | 13.6412911081324 |
| 1991-06-01 | 13.9019610555980 |
| 1991-07-01 | 14.1587352437613 |
| 1991-08-01 | 14.3984685279974 |
| 1991-09-01 | 14.2098281900941 |
| 1991-10-01 | 14.3177036674953 |
| 1991-11-01 | 14.4579694647543 |
| 1991-12-01 | 14.0147931972351 |
| 1992-01-01 | 15.3733240239014 |
| 1992-02-01 | 15.0166156856854 |
| 1992-03-01 | 14.8698923112736 |
| 1992-04-01 | 14.8084722682607 |
| 1992-05-01 | 14.7012566468572 |
| 1992-06-01 | 14.0119323477933 |
| 1992-07-01 | 14.4288994144297 |
| 1992-08-01 | 14.4492792036095 |
| 1992-09-01 | 14.4067638714479 |
| 1992-10-01 | 14.0007456665535 |
| 1992-11-01 | 14.5131946779659 |
| 1992-12-01 | 14.7028563487786 |
| 1993-01-01 | 14.6080305648220 |
| 1993-02-01 | 14.6587228139057 |
| 1993-03-01 | 15.0087911001116 |
| 1993-04-01 | 15.0293979690151 |
| 1993-05-01 | 14.7210841779365 |
| 1993-06-01 | 14.6369471028704 |
| 1993-07-01 | 14.6337185703868 |
| 1993-08-01 | 14.7630294485469 |
| 1993-09-01 | 14.8018281543635 |
| 1993-10-01 | 14.6403330198253 |
| 1993-11-01 | 14.6645709081992 |
| 1993-12-01 | 14.4751595360612 |
| 1994-01-01 | 14.7450744677096 |
| 1994-02-01 | 14.6015699627999 |
| 1994-03-01 | 14.3344033038633 |
| 1994-04-01 | 13.4596920513799 |
| 1994-05-01 | 13.4202863736397 |
| 1994-06-01 | 13.4712142158110 |
| 1994-07-01 | 13.0052681175532 |
| 1994-08-01 | 13.2082079828365 |
| 1994-09-01 | 13.1110084606934 |
| 1994-10-01 | 12.9187629694705 |
| 1994-11-01 | 12.5574041986423 |
| 1994-12-01 | 12.0890353997795 |
| 1995-01-01 | 12.3126519658941 |
| 1995-02-01 | 12.4846693022309 |
| 1995-03-01 | 12.5091571942069 |
| 1995-04-01 | 12.6617743349616 |
| 1995-05-01 | 12.9077616132025 |
| 1995-06-01 | 13.0562649494836 |
| 1995-07-01 | 13.3014044029565 |
| 1995-08-01 | 13.3508512326715 |
| 1995-09-01 | 13.6719030292704 |
| 1995-10-01 | 13.7722621172874 |
| 1995-11-01 | 13.8051714342521 |
| 1995-12-01 | 14.3198703612651 |
| 1996-01-01 | 14.0111990808930 |
| 1996-02-01 | 15.2296363731547 |
| 1996-03-01 | 14.8043570617285 |
| 1996-04-01 | 14.7865508354932 |
| 1996-05-01 | 15.1905957553161 |
| 1996-06-01 | 14.7279453444068 |
| 1996-07-01 | 14.4050285357334 |
| 1996-08-01 | 14.9198407030755 |
| 1996-09-01 | 15.2446849445196 |
| 1996-10-01 | 15.6118248760686 |
| 1996-11-01 | 16.0706498518185 |
| 1996-12-01 | 15.8458912292950 |
| 1997-01-01 | 16.4576680119022 |
| 1997-02-01 | 17.3592229505404 |
| 1997-03-01 | 16.6477699918784 |
| 1997-04-01 | 16.0273439394106 |
| 1997-05-01 | 17.3853457016968 |
| 1997-06-01 | 18.3931881211402 |
| 1997-07-01 | 19.2280005865275 |
| 1997-08-01 | 18.6788110161274 |
| 1997-09-01 | 18.9185335938964 |
| 1997-10-01 | 19.1994215237027 |
| 1997-11-01 | 18.6019105974642 |
| 1997-12-01 | 18.8729138031310 |
| 1998-01-01 | 18.6650034687728 |
| 1998-02-01 | 20.3669601330907 |
| 1998-03-01 | 21.4253585433257 |
| 1998-04-01 | 21.9020057955050 |
| 1998-05-01 | 21.6885495932345 |
| 1998-06-01 | 21.4202767974114 |
| 1998-07-01 | 22.7745506545565 |
| 1998-08-01 | 21.1679008585543 |
| 1998-09-01 | 20.0165228950352 |
| 1998-10-01 | 19.2754072745377 |
| 1998-11-01 | 22.0211043312729 |
| 1998-12-01 | 22.3010226324535 |
| 1999-01-01 | 23.7010191646146 |
| 1999-02-01 | 23.5293776819871 |
| 1999-03-01 | 24.7257169346688 |
| 1999-04-01 | 24.9502254591470 |
| 1999-05-01 | 24.7376864132027 |
| 1999-06-01 | 24.2960595118963 |
| 1999-07-01 | 25.4371035829107 |
| 1999-08-01 | 23.9049826729959 |
| 1999-09-01 | 23.4638389210304 |
| 1999-10-01 | 22.5467256311648 |
| 1999-11-01 | 24.4968203960140 |
| 1999-12-01 | 24.4215149840605 |
| 2000-01-01 | 24.8524227671678 |
| 2000-02-01 | 24.0255889542090 |
| 2000-03-01 | 23.7295651532395 |
| 2000-04-01 | 23.9131148640033 |
| 2000-05-01 | 23.8836044378258 |
| 2000-06-01 | 24.0995670787461 |
| 2000-07-01 | 24.0958175369778 |
| 2000-08-01 | 23.8545838586837 |
| 2000-09-01 | 23.8565753873583 |
| 2000-10-01 | 21.4410420929036 |
| 2000-11-01 | 22.2487933361038 |
| 2000-12-01 | 22.1000443693441 |
| 2001-01-01 | 21.9800191946399 |
| 2001-02-01 | 22.1005594615803 |
| 2001-03-01 | 19.7213721428790 |
| 2001-04-01 | 21.4098817133144 |
| 2001-05-01 | 22.2362968706407 |
| 2001-06-01 | 21.6731573132958 |
| 2001-07-01 | 21.6060912361179 |
| 2001-08-01 | 21.1659295675508 |
| 2001-09-01 | 18.4182139034709 |
| 2001-10-01 | 20.3745288143425 |
| 2001-11-01 | 21.4952535556687 |
| 2001-12-01 | 21.5712908975611 |
| 2002-01-01 | 21.0017915239501 |
| 2002-02-01 | 20.4682927801969 |
| 2002-03-01 | 20.7499019266520 |
| 2002-04-01 | 20.1691207958640 |
| 2002-05-01 | 19.3993497822044 |
| 2002-06-01 | 18.1122606516339 |
| 2002-07-01 | 16.1427558386424 |
| 2002-08-01 | 16.5998982014364 |
| 2002-09-01 | 15.7178472432077 |
| 2002-10-01 | 15.7758124045756 |
| 2002-11-01 | 16.0232602624122 |
| 2002-12-01 | 16.1214994318098 |
| 2003-01-01 | 16.4824698708600 |
| 2003-02-01 | 15.3421065680945 |
| 2003-03-01 | 15.7071724109081 |
| 2003-04-01 | 15.6796728500434 |
| 2003-05-01 | 16.5637852909061 |
| 2003-06-01 | 17.6909926511214 |
| 2003-07-01 | 17.2749947028794 |
| 2003-08-01 | 16.9374674060014 |
| 2003-09-01 | 17.4143520377129 |
| 2003-10-01 | 17.5055024483919 |
| 2003-11-01 | 17.1017666689584 |
| 2003-12-01 | 17.4299196211811 |
| 2004-01-01 | 18.0966656554652 |
| 2004-02-01 | 18.0921393153315 |
| 2004-03-01 | 17.3975908526079 |
| 2004-04-01 | 17.1059407678062 |
| 2004-05-01 | 15.9759396712240 |
| 2004-06-01 | 16.4112064237897 |
| 2004-07-01 | 15.9264261167857 |
| 2004-08-01 | 15.5140446712195 |
| 2004-09-01 | 15.7701948964300 |
| 2004-10-01 | 15.4842476577299 |
| 2004-11-01 | 16.1684935214670 |
| 2004-12-01 | 16.3213956962421 |
| 2005-01-01 | 15.9518142126453 |
| 2005-02-01 | 16.1662969568544 |
| 2005-03-01 | 15.6432295065534 |
| 2005-04-01 | 15.3024404778722 |
| 2005-05-01 | 15.2772492971762 |
| 2005-06-01 | 15.4143339294562 |
| 2005-07-01 | 15.4071892725404 |
| 2005-08-01 | 15.1376219514918 |
| 2005-09-01 | 14.9539231921628 |
| 2005-10-01 | 14.3352217875791 |
| 2005-11-01 | 14.6103020109322 |
| 2005-12-01 | 14.9788317527463 |
| 2006-01-01 | 14.9036136488607 |
| 2006-02-01 | 14.9322906372015 |
| 2006-03-01 | 15.0622206343863 |
| 2006-04-01 | 14.9922158568980 |
| 2006-05-01 | 14.2956520270790 |
| 2006-06-01 | 13.6920412774534 |
| 2006-07-01 | 13.9018656622377 |
| 2006-08-01 | 14.1250561969898 |
| 2006-09-01 | 14.2612911445694 |
| 2006-10-01 | 14.6542040923097 |
| 2006-11-01 | 14.8070524198371 |
| 2006-12-01 | 14.8246715656549 |
| 2007-01-01 | 15.0136351345782 |
| 2007-02-01 | 15.3892947314649 |
| 2007-03-01 | 14.5559652362442 |
| 2007-04-01 | 15.3150548160842 |
| 2007-05-01 | 15.5081074029821 |
| 2007-06-01 | 15.2972075726326 |
| 2007-07-01 | 15.4096842090421 |
| 2007-08-01 | 13.8716348166020 |
| 2007-09-01 | 15.0078786405010 |
| 2007-10-01 | 15.0147178674359 |
| 2007-11-01 | 14.3219244498574 |
| 2007-12-01 | 14.1969321826872 |
| 2008-01-01 | 13.4918915319416 |
| 2008-02-01 | 13.6770449749573 |
| 2008-03-01 | 13.0897547032142 |
| 2008-04-01 | 13.8053644963333 |
| 2008-05-01 | 14.3036525519596 |
| 2008-06-01 | 13.5080907651354 |
| 2008-07-01 | 12.5966395499155 |
| 2008-08-01 | 13.2893321467503 |
| 2008-09-01 | 12.0093578073256 |
| 2008-10-01 | 9.9318329213557 |
| 2008-11-01 | 9.7367465570831 |
| 2008-12-01 | 11.8730480320341 |
| 2009-01-01 | 11.4801309882739 |
| 2009-02-01 | 12.4581659513670 |
| 2009-03-01 | 12.4236915485468 |
| 2009-04-01 | 13.5116428176185 |
| 2009-05-01 | 14.6566754241186 |
| 2009-06-01 | 14.7265105693616 |
| 2009-07-01 | 14.7961580116896 |
| 2009-08-01 | 15.2017579149890 |
| 2009-09-01 | 15.9111503050052 |
| 2009-10-01 | 15.8536049171995 |
| 2009-11-01 | 15.1214375656104 |
| 2009-12-01 | 14.8891212062393 |
| 2010-01-01 | 14.8025979666784 |
| 2010-02-01 | 13.8091414998773 |
| 2010-03-01 | 14.4371052248703 |
| 2010-04-01 | 14.8231570236257 |
| 2010-05-01 | 12.9864828391494 |
| 2010-06-01 | 12.8167461676147 |
| 2010-07-01 | 12.4947046545179 |
| 2010-08-01 | 12.1003667402263 |
| 2010-09-01 | 12.3539276932622 |
| 2010-10-01 | 12.8366964759288 |
| 2010-11-01 | 12.5672398714282 |
| 2010-12-01 | 13.0317030449426 |
| 2011-01-01 | 13.2143960591698 |
| 2011-02-01 | 13.7053872409754 |
| 2011-03-01 | 12.6071998036253 |
| 2011-04-01 | 12.9702091001044 |
| 2011-05-01 | 12.8954180988548 |
| 2011-06-01 | 12.0666989300472 |
| 2011-07-01 | 12.6376440204923 |
| 2011-08-01 | 11.2820672894418 |
| 2011-09-01 | 11.2423592676524 |
| 2011-10-01 | 11.4984973126867 |
| 2011-11-01 | 11.6743764756942 |
| 2011-12-01 | 11.4047421189985 |
| 2012-01-01 | 12.3284610785806 |
| 2012-02-01 | 12.6339190258947 |
| 2012-03-01 | 12.9633528407449 |
| 2012-04-01 | 12.6564970125371 |
| 2012-05-01 | 12.0117862446820 |
| 2012-06-01 | 11.8910142644773 |
| 2012-07-01 | 12.5919771646056 |
| 2012-08-01 | 12.9173911712853 |
| 2012-09-01 | 13.3366589345093 |
| 2012-10-01 | 13.2080657632062 |
| 2012-11-01 | 12.1866166585069 |
| 2012-12-01 | 12.8556281783628 |
| 2013-01-01 | 13.1194077811375 |
| 2013-02-01 | 13.5304859215612 |
| 2013-03-01 | 13.7170526639079 |
| 2013-04-01 | 13.5910511828577 |
| 2013-05-01 | 14.4775023979513 |
| 2013-06-01 | 14.1017245235448 |
| 2013-07-01 | 14.5078041217903 |
| 2013-08-01 | 14.5798854005687 |
| 2013-09-01 | 14.8364575387916 |
| 2013-10-01 | 14.7113422962906 |
| 2013-11-01 | 15.0316866360930 |
| 2013-12-01 | 15.1988757168877 |
| 2014-01-01 | 15.4248175864551 |
| 2014-02-01 | 15.4338393754973 |
| 2014-03-01 | 15.6027065746791 |
| 2014-04-01 | 15.4957603050171 |
| 2014-05-01 | 15.4501929377274 |
| 2014-06-01 | 15.8287425554734 |
| 2014-07-01 | 15.9659101689999 |
| 2014-08-01 | 15.5474166716045 |
| 2014-09-01 | 15.8920957223448 |
| 2014-10-01 | 14.7599887576360 |
| 2014-11-01 | 16.1899130221622 |
| 2014-12-01 | 16.1131035842842 |
| 2015-01-01 | 16.2283076849354 |
| 2015-02-01 | 17.3507177718087 |
| 2015-03-01 | 17.2720142982500 |
| 2015-04-01 | 17.2856618571758 |
| 2015-05-01 | 17.0892184592933 |
| 2015-06-01 | 16.9590785982327 |
| 2015-07-01 | 16.9774450741791 |
| 2015-08-01 | 16.7533674541663 |
| 2015-09-01 | 16.0927541868382 |
| 2015-10-01 | 16.1399198814842 |
| 2015-11-01 | 16.7966149570643 |
| 2015-12-01 | 16.6871911987418 |
| 2016-01-01 | 15.2963724320877 |
| 2016-02-01 | 15.9109375981050 |
| 2016-03-01 | 16.7096594993403 |
| 2016-04-01 | 17.0917911605184 |
| 2016-05-01 | 16.6743988424736 |
| 2016-06-01 | 16.7458135049560 |
| 2016-07-01 | 17.3983444287421 |
| 2016-08-01 | 17.5193242795995 |
| 2016-09-01 | 16.9184989610450 |
| 2016-10-01 | 16.8904141860746 |
| 2016-11-01 | 16.9469515309043 |
| 2016-12-01 | 17.3279856476856 |
| 2017-01-01 | 17.2756616617434 |
| 2017-02-01 | 17.9103480024804 |
| 2017-03-01 | 18.0366846463876 |
| 2017-04-01 | 17.5409558534353 |
| 2017-05-01 | 17.4949360001073 |
| 2017-06-01 | 17.9097418837352 |
| 2017-07-01 | 18.2286600460627 |
| 2017-08-01 | 18.0945478475706 |
| 2017-09-01 | 18.1818373629954 |
| 2017-10-01 | 18.4437240185425 |
| 2017-11-01 | 18.1457879102924 |
| 2017-12-01 | 18.6376692915424 |
| 2018-01-01 | 18.7262484885268 |
| 2018-02-01 | 17.2803988036018 |
| 2018-03-01 | 17.3747047772781 |
| 2018-04-01 | 16.9213576865824 |
| 2018-05-01 | 16.6826816938149 |
| 2018-06-01 | 16.8409652987132 |
| 2018-07-01 | 17.0294750151743 |
| 2018-08-01 | 16.8204268095450 |
| 2018-09-01 | 17.2089760095866 |
| 2018-10-01 | 16.4932581451517 |
| 2018-11-01 | 15.7182948940772 |
| 2018-12-01 | 14.6494181498620 |
| 2019-01-01 | 15.4545056397489 |
| 2019-02-01 | 16.3429455334446 |
| 2019-03-01 | 16.6014790238239 |
| 2019-04-01 | 17.0782994682097 |
| 2019-05-01 | 16.6613495040966 |
| 2019-06-01 | 17.0282970780038 |
| 2019-07-01 | 17.4493702847224 |
| 2019-08-01 | 16.5422933240280 |
| 2019-09-01 | 17.4027941522372 |
| 2019-10-01 | 17.3126802778573 |
| 2019-11-01 | 17.8327729256194 |
| 2019-12-01 | 18.2514893671885 |
| 2020-01-01 | 18.7318433855344 |
| 2020-02-01 | 19.2709514596588 |
| 2020-03-01 | 14.1255861110428 |
| 2020-04-01 | 18.9302812691237 |
| 2020-05-01 | 20.5186351556240 |
| 2020-06-01 | 22.3998783273015 |
| 2020-07-01 | 23.0964175619734 |
| 2020-08-01 | 23.0978354058033 |
| 2020-09-01 | 22.6400443011802 |
| 2020-10-01 | 22.8106531500594 |
| 2020-11-01 | 22.2430885768087 |
| 2020-12-01 | 22.5579907811605 |
| 2021-01-01 | 23.0474493328223 |
| 2021-02-01 | 22.7579449513680 |
| 2021-03-01 | 22.4526301518681 |
| 2021-04-01 | 22.6454310611863 |
| 2021-05-01 | 21.3305491808641 |
| 2021-06-01 | 21.5963588323736 |
| 2021-07-01 | 22.1795072897431 |
| 2021-08-01 | 21.4373170710150 |
| 2021-09-01 | 21.6306098396725 |
| 2021-10-01 | 20.8064613602203 |
| 2021-11-01 | 21.8409008986592 |
| 2021-12-01 | 21.6016861564222 |
| 2022-01-01 | 20.5507579015692 |
| 2022-02-01 | 19.9604191188382 |
| 2022-03-01 | 19.1290110516015 |
| 2022-04-01 | 19.3246377044504 |
| 2022-05-01 | 16.8647924579843 |
| 2022-06-01 | 16.1620783346285 |
| 2022-07-01 | 16.3363668462096 |
| 2022-08-01 | 18.6068020769167 |
| 2022-09-01 | 17.1123905624570 |
| 2022-10-01 | 16.1646032750192 |
| 2022-11-01 | 17.5808992672092 |
| 2022-12-01 | 17.6433402431891 |
| 2023-01-01 | 17.4916138057654 |
| 2023-02-01 | 18.6618155856315 |
| 2023-03-01 | 17.4155807384435 |
| 2023-04-01 | 18.5735193903040 |
| 2023-05-01 | 18.4147376085252 |
| 2023-06-01 | 19.1935698596523 |
| 2023-07-01 | 20.1600647215234 |
| 2023-08-01 | 19.1070901189196 |
| 2023-09-01 | 19.1319115027220 |
| 2023-10-01 | 18.3089857899012 |
| 2023-11-01 | 18.8824473217250 |
| 2023-12-01 | 19.4746505860349 |
| 2024-01-01 | 19.5766519421527 |
| 2024-02-01 | 20.4711457297532 |
| 2024-03-01 | 20.8097539359783 |
Note: The figure shows the aggregate forward price-to-earnings ratio of Standard & Poor's (S&P) 500 firms, based on expected earnings for 12 months ahead. The median value is 15.64 ratio.
Source: Refinitiv, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.refinitiv.com/en/financial-data/company-data/institutional-brokers-estimate-system-ibes
Figure 1.5. An estimate of the equity premium fell further below its historical median
Percentage points
| Date | Spread |
|---|---|
| 1991-10-01 | 3.31273360602933 |
| 1991-11-01 | 3.29699872273821 |
| 1991-12-01 | 3.80530647491709 |
| 1992-01-01 | 2.88087560859424 |
| 1992-02-01 | 2.79500613189168 |
| 1992-03-01 | 2.73271320411514 |
| 1992-04-01 | 3.00402419565771 |
| 1992-05-01 | 3.14273499083780 |
| 1992-06-01 | 3.59381579580855 |
| 1992-07-01 | 3.57441077942668 |
| 1992-08-01 | 3.78322211639405 |
| 1992-09-01 | 3.92844126543843 |
| 1992-10-01 | 3.83837994024281 |
| 1992-11-01 | 3.38410059432048 |
| 1992-12-01 | 3.38594812094295 |
| 1993-01-01 | 3.48979985098156 |
| 1993-02-01 | 3.80604430773826 |
| 1993-03-01 | 3.87431938653222 |
| 1993-04-01 | 4.09323900090521 |
| 1993-05-01 | 4.22507816087965 |
| 1993-06-01 | 4.40833920366495 |
| 1993-07-01 | 4.33092569202072 |
| 1993-08-01 | 4.35459239050371 |
| 1993-09-01 | 4.64893768153862 |
| 1993-10-01 | 4.76786197487311 |
| 1993-11-01 | 4.38570124549905 |
| 1993-12-01 | 4.44619951245064 |
| 1994-01-01 | 4.35771664620068 |
| 1994-02-01 | 4.18053157149611 |
| 1994-03-01 | 3.79520399479644 |
| 1994-04-01 | 3.82661108131632 |
| 1994-05-01 | 3.67645808628890 |
| 1994-06-01 | 3.73637364017627 |
| 1994-07-01 | 3.79914900236774 |
| 1994-08-01 | 3.75039104536865 |
| 1994-09-01 | 3.58191503577891 |
| 1994-10-01 | 3.43766115105621 |
| 1994-11-01 | 3.46549945388495 |
| 1994-12-01 | 3.88647761941905 |
| 1995-01-01 | 3.54204716950000 |
| 1995-02-01 | 3.76072369490000 |
| 1995-03-01 | 3.98380191687977 |
| 1995-04-01 | 4.09008593725384 |
| 1995-05-01 | 4.38150648807950 |
| 1995-06-01 | 4.72173706003636 |
| 1995-07-01 | 4.32248373797545 |
| 1995-08-01 | 4.08471670689548 |
| 1995-09-01 | 4.18051167854780 |
| 1995-10-01 | 4.11660466303124 |
| 1995-11-01 | 4.21786811235324 |
| 1995-12-01 | 4.15822487614570 |
| 1996-01-01 | 4.36917718179476 |
| 1996-02-01 | 3.64650168723885 |
| 1996-03-01 | 3.34520172741229 |
| 1996-04-01 | 3.09553806956768 |
| 1996-05-01 | 2.74435208651186 |
| 1996-06-01 | 2.80571915039495 |
| 1996-07-01 | 3.03367549670268 |
| 1996-08-01 | 3.03045505118195 |
| 1996-09-01 | 2.65485765170050 |
| 1996-10-01 | 2.80366510454795 |
| 1996-11-01 | 2.94408770344958 |
| 1996-12-01 | 2.95249485862662 |
| 1997-01-01 | 2.45611642345990 |
| 1997-02-01 | 2.28068148909389 |
| 1997-03-01 | 2.22102337752530 |
| 1997-04-01 | 2.11242439348368 |
| 1997-05-01 | 1.81476541447943 |
| 1997-06-01 | 1.69470305149229 |
| 1997-07-01 | 1.87930506209582 |
| 1997-08-01 | 1.93189680568010 |
| 1997-09-01 | 1.93814937699938 |
| 1997-10-01 | 1.68115369847904 |
| 1997-11-01 | 2.02955669837511 |
| 1997-12-01 | 2.04433911512786 |
| 1998-01-01 | 2.29398570628390 |
| 1998-02-01 | 1.77877660623000 |
| 1998-03-01 | 1.46024535242118 |
| 1998-04-01 | 1.26821891956067 |
| 1998-05-01 | 1.28896554521285 |
| 1998-06-01 | 1.50267497322118 |
| 1998-07-01 | 1.27850512820859 |
| 1998-08-01 | 1.75729744847876 |
| 1998-09-01 | 2.48073621404038 |
| 1998-10-01 | 2.85911502572590 |
| 1998-11-01 | 1.96121045955216 |
| 1998-12-01 | 2.04259786059159 |
| 1999-01-01 | 1.44202973797905 |
| 1999-02-01 | 1.20167970179689 |
| 1999-03-01 | 0.75735862587665 |
| 1999-04-01 | 1.00753148545467 |
| 1999-05-01 | 0.71484515676079 |
| 1999-06-01 | 0.43059349997514 |
| 1999-07-01 | 0.32929105701205 |
| 1999-08-01 | 0.39672714054723 |
| 1999-09-01 | 0.45658272396905 |
| 1999-10-01 | 0.42676889711270 |
| 1999-11-01 | 0.24395845486010 |
| 1999-12-01 | 0.02639119425673 |
| 2000-01-01 | -0.30365587786610 |
| 2000-02-01 | -0.04289460642380 |
| 2000-03-01 | 0.21041464355735 |
| 2000-04-01 | 0.41997468193579 |
| 2000-05-01 | 0.01550278834496 |
| 2000-06-01 | 0.31904592154787 |
| 2000-07-01 | 0.41285312029425 |
| 2000-08-01 | 0.63447538642230 |
| 2000-09-01 | 0.63178292466575 |
| 2000-10-01 | 1.21193596870590 |
| 2000-11-01 | 1.10180791880762 |
| 2000-12-01 | 1.56976264679645 |
| 2001-01-01 | 1.66629199654638 |
| 2001-02-01 | 1.67381288985751 |
| 2001-03-01 | 2.39242353105568 |
| 2001-04-01 | 1.77586336655280 |
| 2001-05-01 | 1.39938811234650 |
| 2001-06-01 | 1.60688214797500 |
| 2001-07-01 | 1.68443782222390 |
| 2001-08-01 | 1.98408114613557 |
| 2001-09-01 | 2.88100811330000 |
| 2001-10-01 | 2.60128896300000 |
| 2001-11-01 | 2.26148483070000 |
| 2001-12-01 | 1.78245617610000 |
| 2002-01-01 | 1.93744617434762 |
| 2002-02-01 | 2.14866320993684 |
| 2002-03-01 | 1.71980988650000 |
| 2002-04-01 | 1.96894705347273 |
| 2002-05-01 | 2.25562103680909 |
| 2002-06-01 | 2.86237195840000 |
| 2002-07-01 | 3.79321550403636 |
| 2002-08-01 | 3.98911060092727 |
| 2002-09-01 | 4.69808941840000 |
| 2002-10-01 | 4.53639958778182 |
| 2002-11-01 | 4.36581136032632 |
| 2002-12-01 | 4.34362078092381 |
| 2003-01-01 | 4.26649474824286 |
| 2003-02-01 | 4.88012026351579 |
| 2003-03-01 | 4.82859445257619 |
| 2003-04-01 | 4.71403170444762 |
| 2003-05-01 | 4.79375781839048 |
| 2003-06-01 | 4.64612739473333 |
| 2003-07-01 | 4.15316378660000 |
| 2003-08-01 | 3.76121325934286 |
| 2003-09-01 | 3.79658041889048 |
| 2003-10-01 | 3.76668047029091 |
| 2003-11-01 | 3.89548243683333 |
| 2003-12-01 | 3.82561565585454 |
| 2004-01-01 | 3.74574984460000 |
| 2004-02-01 | 3.80820442936316 |
| 2004-03-01 | 4.28611792757391 |
| 2004-04-01 | 3.84932702700476 |
| 2004-05-01 | 3.88405272050000 |
| 2004-06-01 | 3.70944962535238 |
| 2004-07-01 | 4.13812018384762 |
| 2004-08-01 | 4.51225415668182 |
| 2004-09-01 | 4.57717572270000 |
| 2004-10-01 | 4.72090621950000 |
| 2004-11-01 | 4.36300811200000 |
| 2004-12-01 | 4.28526336553637 |
| 2005-01-01 | 4.40372443070000 |
| 2005-02-01 | 4.38938215331053 |
| 2005-03-01 | 4.25562825903636 |
| 2005-04-01 | 4.61229105468571 |
| 2005-05-01 | 4.82372858914762 |
| 2005-06-01 | 4.91668630451818 |
| 2005-07-01 | 4.74499150620000 |
| 2005-08-01 | 4.77060525838696 |
| 2005-09-01 | 4.90644644283810 |
| 2005-10-01 | 4.91905010280000 |
| 2005-11-01 | 4.68444048190000 |
| 2005-12-01 | 4.60452616743809 |
| 2006-01-01 | 4.70720209420000 |
| 2006-02-01 | 4.53774353992105 |
| 2006-03-01 | 4.31580989459565 |
| 2006-04-01 | 4.09687018736316 |
| 2006-05-01 | 4.30864298270909 |
| 2006-06-01 | 4.62194016562727 |
| 2006-07-01 | 4.54361912020000 |
| 2006-08-01 | 4.63647002501304 |
| 2006-09-01 | 4.71392283380000 |
| 2006-10-01 | 4.52458505930476 |
| 2006-11-01 | 4.59220050006190 |
| 2006-12-01 | 4.61155200390000 |
| 2007-01-01 | 4.18094068192857 |
| 2007-02-01 | 4.04898673499474 |
| 2007-03-01 | 4.57073109814545 |
| 2007-04-01 | 4.15512282580000 |
| 2007-05-01 | 4.03262646163636 |
| 2007-06-01 | 3.76252653068571 |
| 2007-07-01 | 3.80620660468095 |
| 2007-08-01 | 4.81124259312174 |
| 2007-09-01 | 4.43419846584737 |
| 2007-10-01 | 4.42785453147273 |
| 2007-11-01 | 5.08239187920000 |
| 2007-12-01 | 5.17052028280000 |
| 2008-01-01 | 5.99203536257619 |
| 2008-02-01 | 5.86504588650000 |
| 2008-03-01 | 6.40619756380000 |
| 2008-04-01 | 5.85831101896573 |
| 2008-05-01 | 5.40139743522908 |
| 2008-06-01 | 5.59578018003047 |
| 2008-07-01 | 6.25073877530653 |
| 2008-08-01 | 5.96281355298711 |
| 2008-09-01 | 6.93233993659366 |
| 2008-10-01 | 8.31130310569268 |
| 2008-11-01 | 8.73694325922563 |
| 2008-12-01 | 7.98793706866921 |
| 2009-01-01 | 8.05026199962808 |
| 2009-02-01 | 7.03955844934376 |
| 2009-03-01 | 7.20330101039335 |
| 2009-04-01 | 6.64692929843963 |
| 2009-05-01 | 5.70115467102508 |
| 2009-06-01 | 5.23573854134012 |
| 2009-07-01 | 5.38615213281467 |
| 2009-08-01 | 5.19760561578080 |
| 2009-09-01 | 5.10493879971545 |
| 2009-10-01 | 4.93635649371990 |
| 2009-11-01 | 5.23603313324910 |
| 2009-12-01 | 5.19793131028101 |
| 2010-01-01 | 5.25126037081086 |
| 2010-02-01 | 5.78222714141631 |
| 2010-03-01 | 5.46137893077852 |
| 2010-04-01 | 5.20976942213204 |
| 2010-05-01 | 6.54470934320297 |
| 2010-06-01 | 6.84807414724505 |
| 2010-07-01 | 7.15986189376431 |
| 2010-08-01 | 7.77083502709029 |
| 2010-09-01 | 7.63594879885532 |
| 2010-10-01 | 7.35420624684428 |
| 2010-11-01 | 7.32815170766603 |
| 2010-12-01 | 6.48256687530822 |
| 2011-01-01 | 6.39738437486077 |
| 2011-02-01 | 5.95791145490971 |
| 2011-03-01 | 6.74344074118824 |
| 2011-04-01 | 6.57630094126917 |
| 2011-05-01 | 6.91056378722141 |
| 2011-06-01 | 7.61427520271775 |
| 2011-07-01 | 7.23227729143923 |
| 2011-08-01 | 8.89604554062920 |
| 2011-09-01 | 9.25269677158387 |
| 2011-10-01 | 8.97853856346270 |
| 2011-11-01 | 9.01086796618091 |
| 2011-12-01 | 9.25563482344572 |
| 2012-01-01 | 8.41924748064734 |
| 2012-02-01 | 8.23245532886021 |
| 2012-03-01 | 7.81317644954052 |
| 2012-04-01 | 8.31424229074018 |
| 2012-05-01 | 9.00772920285453 |
| 2012-06-01 | 9.27444963755412 |
| 2012-07-01 | 8.77469315152172 |
| 2012-08-01 | 8.40111865133512 |
| 2012-09-01 | 8.13491928953440 |
| 2012-10-01 | 8.14225987218375 |
| 2012-11-01 | 8.87002795169727 |
| 2012-12-01 | 8.37785417060164 |
| 2013-01-01 | 8.01845717861252 |
| 2013-02-01 | 7.70915969025980 |
| 2013-03-01 | 7.63470082061444 |
| 2013-04-01 | 7.92010987135572 |
| 2013-05-01 | 7.28370057919307 |
| 2013-06-01 | 7.06434128018767 |
| 2013-07-01 | 6.48589645108104 |
| 2013-08-01 | 6.27893719082149 |
| 2013-09-01 | 6.10433841568176 |
| 2013-10-01 | 6.44603988696323 |
| 2013-11-01 | 6.19134496395419 |
| 2013-12-01 | 5.93052925871541 |
| 2014-01-01 | 5.88723978847488 |
| 2014-02-01 | 6.02883234772136 |
| 2014-03-01 | 5.95024442748786 |
| 2014-04-01 | 5.96211142807208 |
| 2014-05-01 | 6.13959204094832 |
| 2014-06-01 | 5.93624028517505 |
| 2014-07-01 | 5.89167660308481 |
| 2014-08-01 | 6.17461767512176 |
| 2014-09-01 | 5.91837917469010 |
| 2014-10-01 | 6.62722294600448 |
| 2014-11-01 | 6.00232430667366 |
| 2014-12-01 | 6.16300629487464 |
| 2015-01-01 | 6.33914197358748 |
| 2015-02-01 | 5.82575558956909 |
| 2015-03-01 | 5.79430811440289 |
| 2015-04-01 | 5.93152787082074 |
| 2015-05-01 | 5.72107765524613 |
| 2015-06-01 | 5.60465586411566 |
| 2015-07-01 | 5.68055868766695 |
| 2015-08-01 | 5.91608257620709 |
| 2015-09-01 | 6.14822911006009 |
| 2015-10-01 | 6.23911760913792 |
| 2015-11-01 | 5.77897527903824 |
| 2015-12-01 | 5.84004755087105 |
| 2016-01-01 | 6.51901880124640 |
| 2016-02-01 | 6.56592473127415 |
| 2016-03-01 | 6.15596241383602 |
| 2016-04-01 | 6.21064281396073 |
| 2016-05-01 | 6.34820817661512 |
| 2016-06-01 | 6.49516908241596 |
| 2016-07-01 | 6.37344831257276 |
| 2016-08-01 | 6.27256530526429 |
| 2016-09-01 | 6.39658031967359 |
| 2016-10-01 | 6.34837792694142 |
| 2016-11-01 | 5.92836626912045 |
| 2016-12-01 | 5.43307790161085 |
| 2017-01-01 | 5.61319523576650 |
| 2017-02-01 | 5.41908022520846 |
| 2017-03-01 | 5.32074745817305 |
| 2017-04-01 | 5.66908571735205 |
| 2017-05-01 | 5.67304430111075 |
| 2017-06-01 | 5.67325336659448 |
| 2017-07-01 | 5.39381674359457 |
| 2017-08-01 | 5.54217441592142 |
| 2017-09-01 | 5.53032418808696 |
| 2017-10-01 | 5.25440807165882 |
| 2017-11-01 | 5.34309699337217 |
| 2017-12-01 | 5.14398774200060 |
| 2018-01-01 | 4.99719313842924 |
| 2018-02-01 | 5.15465085116546 |
| 2018-03-01 | 5.15180302246192 |
| 2018-04-01 | 5.34330557232825 |
| 2018-05-01 | 5.30707649450116 |
| 2018-06-01 | 5.31191142986694 |
| 2018-07-01 | 5.17199544208200 |
| 2018-08-01 | 5.25015668283996 |
| 2018-09-01 | 5.00432624946363 |
| 2018-10-01 | 5.11552885845841 |
| 2018-11-01 | 5.44700323586154 |
| 2018-12-01 | 6.20369390200553 |
| 2019-01-01 | 5.96509539016428 |
| 2019-02-01 | 5.64522694771343 |
| 2019-03-01 | 5.64826923528041 |
| 2019-04-01 | 5.51559346621167 |
| 2019-05-01 | 5.79232389487430 |
| 2019-06-01 | 5.98600284018227 |
| 2019-07-01 | 5.87016584068618 |
| 2019-08-01 | 6.60857467479441 |
| 2019-09-01 | 6.23046869112807 |
| 2019-10-01 | 6.26245858696093 |
| 2019-11-01 | 5.97654232058493 |
| 2019-12-01 | 5.78986205825025 |
| 2020-01-01 | 5.76310289027919 |
| 2020-02-01 | 5.87197843114315 |
| 2020-03-01 | 8.33935680065579 |
| 2020-04-01 | 6.69399883560881 |
| 2020-05-01 | 6.29921850840407 |
| 2020-06-01 | 5.84818269718432 |
| 2020-07-01 | 5.73113943487897 |
| 2020-08-01 | 5.71124811000923 |
| 2020-09-01 | 5.77364772847924 |
| 2020-10-01 | 5.72074036088723 |
| 2020-11-01 | 5.74858905341579 |
| 2020-12-01 | 5.62543255946364 |
| 2021-01-01 | 5.46223281993684 |
| 2021-02-01 | 5.32179617638947 |
| 2021-03-01 | 4.98259510564348 |
| 2021-04-01 | 5.02729726404545 |
| 2021-05-01 | 5.31122183210000 |
| 2021-06-01 | 5.35597837161818 |
| 2021-07-01 | 5.59175214648571 |
| 2021-08-01 | 5.78854010982727 |
| 2021-09-01 | 5.66051625813810 |
| 2021-10-01 | 5.73854929880000 |
| 2021-11-01 | 5.52435071320000 |
| 2021-12-01 | 5.65468189236364 |
| 2022-01-01 | 5.52833558640000 |
| 2022-02-01 | 5.50530957904210 |
| 2022-03-01 | 5.54276178190000 |
| 2022-04-01 | 5.16357625670000 |
| 2022-05-01 | 5.75143168461905 |
| 2022-06-01 | 5.74772782330476 |
| 2022-07-01 | 5.93168209720000 |
| 2022-08-01 | 5.21508300712609 |
| 2022-09-01 | 5.03559984338095 |
| 2022-10-01 | 5.03882159030000 |
| 2022-11-01 | 4.63836618180000 |
| 2022-12-01 | 4.95573718627619 |
| 2023-01-01 | 4.52171537630000 |
| 2023-02-01 | 3.93121964032632 |
| 2023-03-01 | 4.36121958930870 |
| 2023-04-01 | 4.21641923910000 |
| 2023-05-01 | 4.14293306540000 |
| 2023-06-01 | 3.75179249061429 |
| 2023-07-01 | 3.39880653580000 |
| 2023-08-01 | 3.40953321844348 |
| 2023-09-01 | 3.16524925380000 |
| 2023-10-01 | 2.94532279432381 |
| 2023-11-01 | 3.08605225632857 |
| 2023-12-01 | 3.43509031830000 |
| 2024-01-01 | 3.23239242256667 |
| 2024-02-01 | 2.85228943560000 |
| 2024-03-01 | 2.79369884890000 |
| Note: The data begin in October 1991. The figure shows the difference between the aggregate forward earnings-to-price ratio of Standard & Poor's 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 4.71 percentage points. | |
| Source: Refinitiv, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.refinitiv.com/en/financial-data/company-data/institutional-brokers-estimate-system-ibes |
Note: The data begin in October 1991. The figure shows the difference between the aggregate forward earnings-to-price ratio of Standard & Poor's 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 4.71 percentage points.
Source: Refinitiv, Institutional Brokers' Estimate System, North American Summary & Detail Estimates, Level 2, Current & History Data, Adjusted and Unadjusted, https://www.refinitiv.com/en/financial-data/company-data/institutional-brokers-estimate-system-ibes
Figure 1.6. Volatility in equity markets decreased to levels slightly below the historical median
Percent
| Date | Option-implied volatility | Realized volatility |
|---|---|---|
| 1996-01-01 | 13.47363636 | 11.66238567 |
| 1996-02-01 | 15.033 | 11.493454 |
| 1996-03-01 | 17.76238095 | 14.57607113 |
| 1996-04-01 | 16.21222222 | 12.25491833 |
| 1996-05-01 | 16.14636364 | 11.31949173 |
| 1996-06-01 | 16.50352941 | 11.11662373 |
| 1996-07-01 | 17.97863636 | 15.04312882 |
| 1996-08-01 | 15.76045455 | 13.43977424 |
| 1996-09-01 | 16.578 | 11.18767424 |
| 1996-10-01 | 16.28636364 | 9.865934506 |
| 1996-11-01 | 15.997 | 10.26790981 |
| 1996-12-01 | 19.26095238 | 13.43262124 |
| 1997-01-01 | 19.61666667 | 14.60356121 |
| 1997-02-01 | 20.13947368 | 14.83327757 |
| 1997-03-01 | 20.17 | 14.64008525 |
| 1997-04-01 | 19.6955 | 17.17847815 |
| 1997-05-01 | 19.9247619 | 16.3777271 |
| 1997-06-01 | 20.19428571 | 15.00571023 |
| 1997-07-01 | 20.50857143 | 16.1724627 |
| 1997-08-01 | 23.0847619 | 18.12811184 |
| 1997-09-01 | 23.79947368 | 18.78124882 |
| 1997-10-01 | 23.87086957 | 18.83043988 |
| 1997-11-01 | 31.98421053 | 24.02649591 |
| 1997-12-01 | 26.27636364 | 18.53559882 |
| 1998-01-01 | 23.8665 | 17.91884635 |
| 1998-02-01 | 19.99894737 | 15.37681766 |
| 1998-03-01 | 20.03238095 | 12.6826908 |
| 1998-04-01 | 22.16210526 | 13.01640427 |
| 1998-05-01 | 20.874 | 13.9546656 |
| 1998-06-01 | 21.66272727 | 15.60755812 |
| 1998-07-01 | 20.23263158 | 14.62609381 |
| 1998-08-01 | 31.58809524 | 22.82230654 |
| 1998-09-01 | 38.132 | 34.25904836 |
| 1998-10-01 | 36.60818182 | 33.06170862 |
| 1998-11-01 | 26.223 | 23.16985669 |
| 1998-12-01 | 25.47909091 | 18.96371759 |
| 1999-01-01 | 27.96888889 | 19.52968616 |
| 1999-02-01 | 28.82263158 | 21.74546356 |
| 1999-03-01 | 25.30956522 | 20.66849313 |
| 1999-04-01 | 23.47857143 | 19.87385206 |
| 1999-05-01 | 26.2045 | 20.97133777 |
| 1999-06-01 | 23.54571429 | 19.27527892 |
| 1999-07-01 | 21.04904762 | 16.5598463 |
| 1999-08-01 | 24.32363636 | 17.7571731 |
| 1999-09-01 | 24.54142857 | 18.98236303 |
| 1999-10-01 | 24.02142857 | 20.92429409 |
| 1999-11-01 | 21.81809524 | 19.26973859 |
| 1999-12-01 | 22.15909091 | 16.90624646 |
| 2000-01-01 | 23.202 | 19.26505908 |
| 2000-02-01 | 23.5955 | 21.87584793 |
| 2000-03-01 | 22.73409091 | 24.40714366 |
| 2000-04-01 | 27.16421053 | 32.68535553 |
| 2000-05-01 | 26.37318182 | 28.67861002 |
| 2000-06-01 | 21.54 | 22.90813762 |
| 2000-07-01 | 19.893 | 17.99262622 |
| 2000-08-01 | 18.08869565 | 16.2227839 |
| 2000-09-01 | 19.6875 | 15.22018735 |
| 2000-10-01 | 25.2 | 23.37530335 |
| 2000-11-01 | 26.38285714 | 24.82952693 |
| 2000-12-01 | 26.5305 | 25.25826706 |
| 2001-01-01 | 24.91857143 | 27.37844257 |
| 2001-02-01 | 23.41157895 | 21.56441621 |
| 2001-03-01 | 28.5355 | 26.82836952 |
| 2001-04-01 | 28.134 | 28.26803323 |
| 2001-05-01 | 22.94409091 | 21.92374673 |
| 2001-06-01 | 20.94047619 | 18.08082817 |
| 2001-07-01 | 22.31619048 | 17.41799553 |
| 2001-08-01 | 21.86173913 | 16.98285386 |
| 2001-09-01 | 35.06533333 | 25.3550296 |
| 2001-10-01 | 32.61227273 | 27.43469893 |
| 2001-11-01 | 26.63095238 | 23.69637418 |
| 2001-12-01 | 23.72 | 18.80579075 |
| 2002-01-01 | 22.25285714 | 16.08109824 |
| 2002-02-01 | 22.87578947 | 19.01884182 |
| 2002-03-01 | 18.985 | 18.15715124 |
| 2002-04-01 | 19.90045455 | 16.35346642 |
| 2002-05-01 | 20.08772727 | 17.46977866 |
| 2002-06-01 | 25.271 | 21.14378276 |
| 2002-07-01 | 34.04954545 | 33.80175163 |
| 2002-08-01 | 33.74272727 | 37.99414927 |
| 2002-09-01 | 37.6475 | 31.14771787 |
| 2002-10-01 | 35.42954545 | 35.10444362 |
| 2002-11-01 | 28.175 | 29.82821716 |
| 2002-12-01 | 28.21047619 | 23.97816708 |
| 2003-01-01 | 27.50631579 | 21.46120427 |
| 2003-02-01 | 32.21842105 | 23.25760586 |
| 2003-03-01 | 30.63428571 | 24.01998943 |
| 2003-04-01 | 23.99190476 | 22.7447965 |
| 2003-05-01 | 20.23952381 | 19.40564122 |
| 2003-06-01 | 20.36238095 | 17.88553537 |
| 2003-07-01 | 19.16136364 | 17.95752962 |
| 2003-08-01 | 19.27428571 | 17.44715697 |
| 2003-09-01 | 19.53238095 | 14.63375777 |
| 2003-10-01 | 18.02347826 | 14.40427874 |
| 2003-11-01 | 17.40105263 | 13.1539275 |
| 2003-12-01 | 16.82636364 | 11.90607996 |
| 2004-01-01 | 15.95333333 | 11.13695581 |
| 2004-02-01 | 15.99842105 | 12.4212298 |
| 2004-03-01 | 17.6873913 | 13.11371511 |
| 2004-04-01 | 15.69857143 | 13.22640576 |
| 2004-05-01 | 17.705 | 15.30051799 |
| 2004-06-01 | 15.35714286 | 12.47310501 |
| 2004-07-01 | 15.50238095 | 11.56248462 |
| 2004-08-01 | 16.68409091 | 12.51448645 |
| 2004-09-01 | 14.08095238 | 10.51858841 |
| 2004-10-01 | 14.97 | 10.54510546 |
| 2004-11-01 | 13.57714286 | 11.21646259 |
| 2004-12-01 | 12.45954545 | 10.53785301 |
| 2005-01-01 | 13.438 | 10.68655987 |
| 2005-02-01 | 11.70894737 | 9.973891732 |
| 2005-03-01 | 13.12636364 | 10.45593389 |
| 2005-04-01 | 14.45904762 | 11.95581953 |
| 2005-05-01 | 13.96761905 | 13.13046261 |
| 2005-06-01 | 11.86863636 | 10.88098481 |
| 2005-07-01 | 11.049 | 10.29641372 |
| 2005-08-01 | 12.95130435 | 9.669158892 |
| 2005-09-01 | 12.62809524 | 10.33237682 |
| 2005-10-01 | 14.93761905 | 12.93804291 |
| 2005-11-01 | 12.14761905 | 11.98919343 |
| 2005-12-01 | 11.26 | 9.864184007 |
| 2006-01-01 | 12.036 | 9.747170922 |
| 2006-02-01 | 12.47105263 | 10.39304463 |
| 2006-03-01 | 11.69391304 | 9.672960582 |
| 2006-04-01 | 11.84736842 | 10.17810397 |
| 2006-05-01 | 14.45454545 | 11.87971029 |
| 2006-06-01 | 16.91863636 | 15.18586579 |
| 2006-07-01 | 15.326 | 13.81704596 |
| 2006-08-01 | 13.35173913 | 12.26214918 |
| 2006-09-01 | 12.1845 | 9.579982636 |
| 2006-10-01 | 11.30636364 | 8.872536834 |
| 2006-11-01 | 10.81761905 | 9.050503995 |
| 2006-12-01 | 10.9645 | 9.478303191 |
| 2007-01-01 | 11.0425 | 9.451635177 |
| 2007-02-01 | 11.15526316 | 9.092884881 |
| 2007-03-01 | 15.16272727 | 14.33500604 |
| 2007-04-01 | 12.933 | 11.40986817 |
| 2007-05-01 | 13.29772727 | 9.915917076 |
| 2007-06-01 | 14.94761905 | 11.41527857 |
| 2007-07-01 | 17.27333333 | 13.52112771 |
| 2007-08-01 | 25.02608696 | 23.43967274 |
| 2007-09-01 | 22.19894737 | 19.74790468 |
| 2007-10-01 | 19.11565217 | 15.49916803 |
| 2007-11-01 | 25.58238095 | 21.5172242 |
| 2007-12-01 | 21.651 | 21.00090665 |
| 2008-01-01 | 25.81619048 | 25.15092462 |
| 2008-02-01 | 25.456 | 27.95554214 |
| 2008-03-01 | 27.1035 | 26.73760223 |
| 2008-04-01 | 21.56272727 | 21.38314435 |
| 2008-05-01 | 18.30333333 | 16.81396978 |
| 2008-06-01 | 22.11047619 | 17.3942484 |
| 2008-07-01 | 24.32136364 | 23.06561682 |
| 2008-08-01 | 20.69571429 | 20.37973963 |
| 2008-09-01 | 30.23857143 | 30.12265324 |
| 2008-10-01 | 61.1773913 | 66.41476883 |
| 2008-11-01 | 62.66894737 | 72.36668294 |
| 2008-12-01 | 52.405 | 61.64360141 |
| 2009-01-01 | 44.683 | 43.43711506 |
| 2009-02-01 | 45.57052632 | 40.50466135 |
| 2009-03-01 | 44.79545455 | 42.74381681 |
| 2009-04-01 | 38.06380952 | 35.22168027 |
| 2009-05-01 | 31.978 | 29.40710016 |
| 2009-06-01 | 29.14045455 | 25.09971479 |
| 2009-07-01 | 26.16272727 | 21.5339721 |
| 2009-08-01 | 25.33714286 | 19.33639954 |
| 2009-09-01 | 24.92666667 | 17.49738284 |
| 2009-10-01 | 24.25227273 | 17.58189606 |
| 2009-11-01 | 23.789 | 19.49749008 |
| 2009-12-01 | 21.23954545 | 15.27652428 |
| 2010-01-01 | 20.64315789 | 12.84841613 |
| 2010-02-01 | 22.54 | 17.93159554 |
| 2010-03-01 | 17.7673913 | 14.13967574 |
| 2010-04-01 | 17.42428571 | 12.49505603 |
| 2010-05-01 | 31.9295 | 27.61427029 |
| 2010-06-01 | 29.91636364 | 27.00125195 |
| 2010-07-01 | 25.5652381 | 23.03517119 |
| 2010-08-01 | 24.74590909 | 18.90467759 |
| 2010-09-01 | 22.51761905 | 16.84679411 |
| 2010-10-01 | 20.37333333 | 14.89887056 |
| 2010-11-01 | 20.09571429 | 13.94727549 |
| 2010-12-01 | 17.56954545 | 11.84950309 |
| 2011-01-01 | 17.3155 | 9.743155088 |
| 2011-02-01 | 17.43 | 10.63515465 |
| 2011-03-01 | 20.72347826 | 14.31237781 |
| 2011-04-01 | 16.244 | 12.41946126 |
| 2011-05-01 | 16.91142857 | 12.36751059 |
| 2011-06-01 | 19.15318182 | 13.5669977 |
| 2011-07-01 | 19.2275 | 13.78622192 |
| 2011-08-01 | 35.02913043 | 31.738725 |
| 2011-09-01 | 36.53 | 30.9649038 |
| 2011-10-01 | 32.82904762 | 30.17709197 |
| 2011-11-01 | 31.94190476 | 25.02953474 |
| 2011-12-01 | 25.04761905 | 20.63047671 |
| 2012-01-01 | 20.228 | 15.47977278 |
| 2012-02-01 | 18.4205 | 12.41739669 |
| 2012-03-01 | 16.16727273 | 10.90793753 |
| 2012-04-01 | 17.823 | 11.50375383 |
| 2012-05-01 | 21.00181818 | 13.72923073 |
| 2012-06-01 | 21.13095238 | 15.57652701 |
| 2012-07-01 | 17.5652381 | 14.80977883 |
| 2012-08-01 | 15.68956522 | 13.14136912 |
| 2012-09-01 | 15.28473684 | 10.98327091 |
| 2012-10-01 | 16.27619048 | 11.27449192 |
| 2012-11-01 | 16.70190476 | 13.81901006 |
| 2012-12-01 | 17.307 | 12.88750836 |
| 2013-01-01 | 13.5052381 | 11.75424522 |
| 2013-02-01 | 14.07263158 | 9.648772095 |
| 2013-03-01 | 13.0315 | 10.13832124 |
| 2013-04-01 | 13.96727273 | 11.45569474 |
| 2013-05-01 | 13.49363636 | 11.61553946 |
| 2013-06-01 | 17.2715 | 14.50887198 |
| 2013-07-01 | 13.97454545 | 13.49045667 |
| 2013-08-01 | 14.21 | 10.40463347 |
| 2013-09-01 | 14.692 | 10.69828595 |
| 2013-10-01 | 15.40782609 | 11.21423391 |
| 2013-11-01 | 12.924 | 9.893396379 |
| 2013-12-01 | 14.19238095 | 9.503114701 |
| 2014-01-01 | 14.24095238 | 9.338864052 |
| 2014-02-01 | 15.47 | 11.77395183 |
| 2014-03-01 | 14.83666667 | 11.6434045 |
| 2014-04-01 | 14.19809524 | 12.2070991 |
| 2014-05-01 | 12.4752381 | 10.98734873 |
| 2014-06-01 | 11.54142857 | 8.258735318 |
| 2014-07-01 | 12.29636364 | 7.98397404 |
| 2014-08-01 | 13.49190476 | 9.824445597 |
| 2014-09-01 | 13.46666667 | 8.81551279 |
| 2014-10-01 | 18.05869565 | 15.81532834 |
| 2014-11-01 | 13.41315789 | 13.39225976 |
| 2014-12-01 | 16.29227273 | 12.67313385 |
| 2015-01-01 | 19.1195 | 15.75383522 |
| 2015-02-01 | 15.90421053 | 15.05512141 |
| 2015-03-01 | 14.81272727 | 11.90381795 |
| 2015-04-01 | 13.4947619 | 11.36081023 |
| 2015-05-01 | 13.3385 | 10.86825684 |
| 2015-06-01 | 14.33954545 | 10.18163004 |
| 2015-07-01 | 14.35272727 | 11.1968485 |
| 2015-08-01 | 19.42809524 | 17.1517167 |
| 2015-09-01 | 24.37714286 | 26.92039889 |
| 2015-10-01 | 16.78954545 | 19.55186774 |
| 2015-11-01 | 16.21 | 14.11959242 |
| 2015-12-01 | 18.02545455 | 14.75934777 |
| 2016-01-01 | 23.71789474 | 20.97195789 |
| 2016-02-01 | 22.517 | 23.78344769 |
| 2016-03-01 | 15.84909091 | 17.43656587 |
| 2016-04-01 | 14.30047619 | 12.5645374 |
| 2016-05-01 | 14.85285714 | 11.45319205 |
| 2016-06-01 | 17.77454545 | 11.11906531 |
| 2016-07-01 | 13.1585 | 11.534784 |
| 2016-08-01 | 12.39956522 | 8.422804092 |
| 2016-09-01 | 14.21952381 | 9.498799383 |
| 2016-10-01 | 14.5852381 | 9.8619426 |
| 2016-11-01 | 15.23619048 | 10.74371613 |
| 2016-12-01 | 12.47238095 | 9.007377664 |
| 2017-01-01 | 11.6085 | 8.066059822 |
| 2017-02-01 | 11.53052632 | 7.166251708 |
| 2017-03-01 | 11.89782609 | 7.203704107 |
| 2017-04-01 | 13.13631579 | 8.490547815 |
| 2017-05-01 | 10.86227273 | 7.244986177 |
| 2017-06-01 | 10.51363636 | 7.010816564 |
| 2017-07-01 | 10.2645 | 7.117782499 |
| 2017-08-01 | 11.97565217 | 6.905470645 |
| 2017-09-01 | 10.438 | 6.538899662 |
| 2017-10-01 | 10.12545455 | 5.272001869 |
| 2017-11-01 | 10.54047619 | 5.842689559 |
| 2017-12-01 | 10.2645 | 7.232389142 |
| 2018-01-01 | 11.06238095 | 6.772977813 |
| 2018-02-01 | 22.46473684 | 20.56510234 |
| 2018-03-01 | 19.02380952 | 19.25496499 |
| 2018-04-01 | 18.26761905 | 19.57384007 |
| 2018-05-01 | 14.12454545 | 14.80530056 |
| 2018-06-01 | 13.67809524 | 11.04149947 |
| 2018-07-01 | 13.14761905 | 10.02508051 |
| 2018-08-01 | 12.54695652 | 8.267995236 |
| 2018-09-01 | 12.91052632 | 8.195684491 |
| 2018-10-01 | 19.35217391 | 14.67247947 |
| 2018-11-01 | 19.38904762 | 20.33367997 |
| 2018-12-01 | 24.95315789 | 24.22344362 |
| 2019-01-01 | 19.57238095 | 24.80449517 |
| 2019-02-01 | 15.23473684 | 16.15479904 |
| 2019-03-01 | 14.4852381 | 12.53617184 |
| 2019-04-01 | 12.94904762 | 10.41723909 |
| 2019-05-01 | 16.72181818 | 11.95670524 |
| 2019-06-01 | 15.836 | 12.29817202 |
| 2019-07-01 | 13.30590909 | 9.339660246 |
| 2019-08-01 | 18.97909091 | 15.50235222 |
| 2019-09-01 | 15.559 | 13.71700059 |
| 2019-10-01 | 15.46652174 | 12.93408222 |
| 2019-11-01 | 12.5235 | 9.150912123 |
| 2019-12-01 | 13.75666667 | 8.396397103 |
| 2020-01-01 | 13.94095238 | 7.98081864 |
| 2020-02-01 | 19.62894737 | 12.23216019 |
| 2020-03-01 | 57.73681818 | 56.5382721 |
| 2020-04-01 | 41.45380952 | 53.39105497 |
| 2020-05-01 | 30.897 | 32.74448108 |
| 2020-06-01 | 31.11954545 | 25.61551251 |
| 2020-07-01 | 26.84045455 | 21.49541866 |
| 2020-08-01 | 22.88952381 | 15.36356757 |
| 2020-09-01 | 27.64761905 | 20.53446801 |
| 2020-10-01 | 29.43863636 | 19.58070848 |
| 2020-11-01 | 24.9955 | 20.03044461 |
| 2020-12-01 | 22.37409091 | 14.54405218 |
| 2021-01-01 | 24.91 | 13.95118225 |
| 2021-02-01 | 23.14052632 | 15.05396 |
| 2021-03-01 | 21.84304348 | 18.37031421 |
| 2021-04-01 | 17.41619048 | 13.22659467 |
| 2021-05-01 | 19.7605 | 12.82061075 |
| 2021-06-01 | 16.95681818 | 10.59941079 |
| 2021-07-01 | 17.60333333 | 9.523023623 |
| 2021-08-01 | 17.47272727 | 8.992107242 |
| 2021-09-01 | 19.8247619 | 9.902384793 |
| 2021-10-01 | 17.87142857 | 13.14089044 |
| 2021-11-01 | 18.50047619 | 10.75320904 |
| 2021-12-01 | 21.35454545 | 15.78991131 |
| 2022-01-01 | 23.181 | 17.92177959 |
| 2022-02-01 | 25.74842105 | 24.05459133 |
| 2022-03-01 | 26.96869565 | 24.40627562 |
| 2022-04-01 | 24.3735 | 19.57427917 |
| 2022-05-01 | 29.44571429 | 27.65705414 |
| 2022-06-01 | 28.1 | 26.56541939 |
| 2022-07-01 | 24.8685 | 24.16940944 |
| 2022-08-01 | 22.16956522 | 18.57859663 |
| 2022-09-01 | 27.40619048 | 21.36399186 |
| 2022-10-01 | 30.00571429 | 24.77333285 |
| 2022-11-01 | 23.43619048 | 23.45804447 |
| 2022-12-01 | 21.78428571 | 20.06842983 |
| 2023-01-01 | 20.203 | 18.86650155 |
| 2023-02-01 | 20.06210526 | 18.01253239 |
| 2023-03-01 | 21.64434783 | 18.39832428 |
| 2023-04-01 | 17.81789474 | 14.96340385 |
| 2023-05-01 | 17.64409091 | 12.84637268 |
| 2023-06-01 | 13.99428571 | 11.65192445 |
| 2023-07-01 | 13.944 | 9.794784524 |
| 2023-08-01 | 15.85391304 | 10.99302718 |
| 2023-09-01 | 15.241 | 11.22469361 |
| 2023-10-01 | 18.88772727 | 14.02808809 |
| 2023-11-01 | 14.07714286 | 12.85109814 |
| 2023-12-01 | 12.7185 | 10.58824329 |
| 2024-01-01 | 13.3952381 | 10.14732706 |
| 2024-02-01 | 13.944 | 10.2334945 |
| 2024-03-01 | 13.7875 | 10.20468152 |
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. Median refers to the median option-implied volatility.
Source: Cboe Volatility Index (VIX) accessed via Bloomberg Finance L.P.; Federal Reserve Board staff estimates.
Figure 1.7. Corporate bond yields fell slightly to levels near their historical medians
This is a line chart titled "Corporate bond yields fell slightly to levels near their historical medians." The x-axis measures time and ranges from years 1997 to 2024. 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 before jumping back up to 9 percent and stabilizing at 7 percent for the most recent months. 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 hovers between 5 and 6 percent through the end of the series.
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 to low levels relative to their historical distributions
This is a line chart titled "Corporate bond spreads narrowed to low levels relative to their historical distributions." The x-axis measures time and ranges from 1997 to 2024. 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 and remains there until early 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 shows a slight uptick closer to a value of 4 percentage points in September 2023 and declines to 3 percentage points by the end of the series in March 2024. 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 mid-2022, where it climbs to around 2 percentage points. The value gently declines throughout 2023 and early 2024, ending at 1.1 percentage points in March 2024.
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 fell slightly but remained near the middle of the historical range
Percentage points
| Date | Excess bond premium |
|---|---|
| 1997-01-01 | -0.341378592 |
| 1997-02-01 | -0.460756757 |
| 1997-03-01 | -0.486792226 |
| 1997-04-01 | -0.445170707 |
| 1997-05-01 | -0.442488534 |
| 1997-06-01 | -0.544831451 |
| 1997-07-01 | -0.516571605 |
| 1997-08-01 | -0.510807348 |
| 1997-09-01 | -0.562775122 |
| 1997-10-01 | -0.442270491 |
| 1997-11-01 | -0.334817257 |
| 1997-12-01 | -0.402776305 |
| 1998-01-01 | -0.363434441 |
| 1998-02-01 | -0.336640585 |
| 1998-03-01 | -0.385936345 |
| 1998-04-01 | -0.414648156 |
| 1998-05-01 | -0.377166149 |
| 1998-06-01 | -0.340166852 |
| 1998-07-01 | -0.302268502 |
| 1998-08-01 | 0.094220519 |
| 1998-09-01 | 0.079474952 |
| 1998-10-01 | 0.204564331 |
| 1998-11-01 | 0.188551041 |
| 1998-12-01 | 0.050982652 |
| 1999-01-01 | 0.047250112 |
| 1999-02-01 | -0.173381439 |
| 1999-03-01 | -0.163296856 |
| 1999-04-01 | -0.205292705 |
| 1999-05-01 | -0.199647096 |
| 1999-06-01 | -0.139740891 |
| 1999-07-01 | -0.089152208 |
| 1999-08-01 | -0.035158469 |
| 1999-09-01 | 0.096426153 |
| 1999-10-01 | 0.110177605 |
| 1999-11-01 | 0.075153326 |
| 1999-12-01 | -0.153508901 |
| 2000-01-01 | 0.029329571 |
| 2000-02-01 | 0.120434816 |
| 2000-03-01 | 0.387849988 |
| 2000-04-01 | 0.544895095 |
| 2000-05-01 | 0.724647095 |
| 2000-06-01 | 0.762615862 |
| 2000-07-01 | 0.844512228 |
| 2000-08-01 | 0.993876321 |
| 2000-09-01 | 1.105544707 |
| 2000-10-01 | 1.501712004 |
| 2000-11-01 | 1.583742098 |
| 2000-12-01 | 1.579503512 |
| 2001-01-01 | 1.126268676 |
| 2001-02-01 | 1.151416799 |
| 2001-03-01 | 1.086112726 |
| 2001-04-01 | 0.907904999 |
| 2001-05-01 | 0.770532245 |
| 2001-06-01 | 1.004550032 |
| 2001-07-01 | 0.770933709 |
| 2001-08-01 | 0.74446272 |
| 2001-09-01 | 1.212690514 |
| 2001-10-01 | 1.028560618 |
| 2001-11-01 | -0.069398074 |
| 2001-12-01 | 0.412145841 |
| 2002-01-01 | 0.565986047 |
| 2002-02-01 | 0.767539925 |
| 2002-03-01 | 0.285874074 |
| 2002-04-01 | 0.404525273 |
| 2002-05-01 | 0.496696194 |
| 2002-06-01 | 0.937391263 |
| 2002-07-01 | 1.534052416 |
| 2002-08-01 | 1.431614008 |
| 2002-09-01 | 1.607073755 |
| 2002-10-01 | 1.413196026 |
| 2002-11-01 | 1.027809306 |
| 2002-12-01 | 0.881496888 |
| 2003-01-01 | 0.834158529 |
| 2003-02-01 | 0.628878452 |
| 2003-03-01 | 0.128697183 |
| 2003-04-01 | 0.0309615 |
| 2003-05-01 | -0.497411447 |
| 2003-06-01 | -0.406941603 |
| 2003-07-01 | -1.053190286 |
| 2003-08-01 | -0.214685268 |
| 2003-09-01 | -0.556377062 |
| 2003-10-01 | -0.534010523 |
| 2003-11-01 | -0.554836891 |
| 2003-12-01 | -0.532881274 |
| 2004-01-01 | -0.720377036 |
| 2004-02-01 | -0.34678349 |
| 2004-03-01 | -0.530728921 |
| 2004-04-01 | -0.744727742 |
| 2004-05-01 | -0.368577262 |
| 2004-06-01 | -0.386550869 |
| 2004-07-01 | -0.326583574 |
| 2004-08-01 | -0.436176339 |
| 2004-09-01 | -0.5567513 |
| 2004-10-01 | -0.545452047 |
| 2004-11-01 | -0.684985694 |
| 2004-12-01 | -0.732288466 |
| 2005-01-01 | -0.715548852 |
| 2005-02-01 | -0.933908363 |
| 2005-03-01 | -0.638805402 |
| 2005-04-01 | -0.385857745 |
| 2005-05-01 | -0.311823826 |
| 2005-06-01 | -0.459484357 |
| 2005-07-01 | -0.560881499 |
| 2005-08-01 | -0.564202533 |
| 2005-09-01 | -0.473514167 |
| 2005-10-01 | -0.353162559 |
| 2005-11-01 | -0.321514038 |
| 2005-12-01 | -0.291669704 |
| 2006-01-01 | -0.374242769 |
| 2006-02-01 | -0.329382151 |
| 2006-03-01 | -0.413681262 |
| 2006-04-01 | -0.458258666 |
| 2006-05-01 | -0.363082849 |
| 2006-06-01 | -0.377320526 |
| 2006-07-01 | -0.284106931 |
| 2006-08-01 | -0.314604491 |
| 2006-09-01 | -0.36850879 |
| 2006-10-01 | -0.402633338 |
| 2006-11-01 | -0.372555231 |
| 2006-12-01 | -0.498179163 |
| 2007-01-01 | -0.561538027 |
| 2007-02-01 | -0.56369032 |
| 2007-03-01 | -0.380899848 |
| 2007-04-01 | -0.38062806 |
| 2007-05-01 | -0.5942433 |
| 2007-06-01 | -0.381903716 |
| 2007-07-01 | 0.020175065 |
| 2007-08-01 | 0.13658184 |
| 2007-09-01 | 0.070133735 |
| 2007-10-01 | -0.017461997 |
| 2007-11-01 | 0.331979307 |
| 2007-12-01 | 0.478924971 |
| 2008-01-01 | 0.716753276 |
| 2008-02-01 | 0.921306927 |
| 2008-03-01 | 1.146651272 |
| 2008-04-01 | 0.670229189 |
| 2008-05-01 | 0.674779429 |
| 2008-06-01 | 0.816289856 |
| 2008-07-01 | 1.07668813 |
| 2008-08-01 | 1.223562152 |
| 2008-09-01 | 1.802235749 |
| 2008-10-01 | 3.505405935 |
| 2008-11-01 | 3.287386081 |
| 2008-12-01 | 3.434612917 |
| 2009-01-01 | 2.852747699 |
| 2009-02-01 | 3.219217498 |
| 2009-03-01 | 2.779292553 |
| 2009-04-01 | 2.261261713 |
| 2009-05-01 | 1.392963535 |
| 2009-06-01 | 0.958035234 |
| 2009-07-01 | 0.354484533 |
| 2009-08-01 | 0.084875569 |
| 2009-09-01 | 0.064863195 |
| 2009-10-01 | -0.139221898 |
| 2009-11-01 | -0.011603752 |
| 2009-12-01 | -0.468745152 |
| 2010-01-01 | -0.202241812 |
| 2010-02-01 | -0.005845354 |
| 2010-03-01 | -0.160873465 |
| 2010-04-01 | -0.273883037 |
| 2010-05-01 | -0.121926314 |
| 2010-06-01 | 0.043881885 |
| 2010-07-01 | 0.161324108 |
| 2010-08-01 | -0.286172532 |
| 2010-09-01 | -0.01773387 |
| 2010-10-01 | -0.029063606 |
| 2010-11-01 | -0.149156555 |
| 2010-12-01 | -0.414755241 |
| 2011-01-01 | -0.036904031 |
| 2011-02-01 | -0.280544428 |
| 2011-03-01 | -0.319143733 |
| 2011-04-01 | -0.274204309 |
| 2011-05-01 | -0.15225431 |
| 2011-06-01 | -0.029390153 |
| 2011-07-01 | -0.075566246 |
| 2011-08-01 | -0.103262864 |
| 2011-09-01 | 0.440073132 |
| 2011-10-01 | -0.091291626 |
| 2011-11-01 | 0.498686125 |
| 2011-12-01 | 0.272085715 |
| 2012-01-01 | 0.169705499 |
| 2012-02-01 | 0.04216011 |
| 2012-03-01 | -0.348358167 |
| 2012-04-01 | -0.178299525 |
| 2012-05-01 | -0.085295994 |
| 2012-06-01 | 0.151386351 |
| 2012-07-01 | -0.020503108 |
| 2012-08-01 | -0.219471222 |
| 2012-09-01 | -0.165862595 |
| 2012-10-01 | -0.194617768 |
| 2012-11-01 | -0.063886107 |
| 2012-12-01 | -0.178168591 |
| 2013-01-01 | -0.110091977 |
| 2013-02-01 | -0.049275363 |
| 2013-03-01 | -0.113697465 |
| 2013-04-01 | -0.142298829 |
| 2013-05-01 | -0.504019776 |
| 2013-06-01 | -0.355288846 |
| 2013-07-01 | -0.024649505 |
| 2013-08-01 | -0.129448663 |
| 2013-09-01 | -0.144525104 |
| 2013-10-01 | -0.056655139 |
| 2013-11-01 | -0.017293505 |
| 2013-12-01 | -0.169109277 |
| 2014-01-01 | -0.318673738 |
| 2014-02-01 | -0.225254708 |
| 2014-03-01 | -0.287614172 |
| 2014-04-01 | -0.36826282 |
| 2014-05-01 | -0.381772465 |
| 2014-06-01 | -0.316255156 |
| 2014-07-01 | -0.319603615 |
| 2014-08-01 | -0.314922135 |
| 2014-09-01 | -0.211969565 |
| 2014-10-01 | -0.212532602 |
| 2014-11-01 | 0.061323386 |
| 2014-12-01 | 0.09367556 |
| 2015-01-01 | -0.02741207 |
| 2015-02-01 | -0.273491809 |
| 2015-03-01 | -0.119076367 |
| 2015-04-01 | 0.008866754 |
| 2015-05-01 | 0.054106669 |
| 2015-06-01 | 0.149703724 |
| 2015-07-01 | 0.212963921 |
| 2015-08-01 | 0.398904949 |
| 2015-09-01 | 0.537481461 |
| 2015-10-01 | 0.420371708 |
| 2015-11-01 | 0.508315542 |
| 2015-12-01 | 0.686305426 |
| 2016-01-01 | 0.917501575 |
| 2016-02-01 | 0.945779162 |
| 2016-03-01 | 0.569088712 |
| 2016-04-01 | 0.225135907 |
| 2016-05-01 | 0.237191731 |
| 2016-06-01 | 0.050658278 |
| 2016-07-01 | -0.00144443 |
| 2016-08-01 | -0.033565096 |
| 2016-09-01 | -0.083891539 |
| 2016-10-01 | -0.088238951 |
| 2016-11-01 | -0.726708697 |
| 2016-12-01 | -0.250782325 |
| 2017-01-01 | -0.203477088 |
| 2017-02-01 | -0.189571273 |
| 2017-03-01 | -0.179758805 |
| 2017-04-01 | -0.132423025 |
| 2017-05-01 | -0.182224344 |
| 2017-06-01 | -0.140724843 |
| 2017-07-01 | -0.16665312 |
| 2017-08-01 | -0.095340333 |
| 2017-09-01 | -0.27001982 |
| 2017-10-01 | -0.23054888 |
| 2017-11-01 | -0.147272841 |
| 2017-12-01 | -0.209004873 |
| 2018-01-01 | -0.405258573 |
| 2018-02-01 | -0.25310053 |
| 2018-03-01 | -0.11415488 |
| 2018-04-01 | -0.290513036 |
| 2018-05-01 | -0.203316288 |
| 2018-06-01 | 0.015889711 |
| 2018-07-01 | -0.138598593 |
| 2018-08-01 | -0.107475036 |
| 2018-09-01 | -0.186615939 |
| 2018-10-01 | -0.015512904 |
| 2018-11-01 | 0.129521277 |
| 2018-12-01 | 0.321656877 |
| 2019-01-01 | 0.152957621 |
| 2019-02-01 | 0.041425444 |
| 2019-03-01 | -0.145115221 |
| 2019-04-01 | -0.030624617 |
| 2019-05-01 | -0.040561 |
| 2019-06-01 | -0.019135844 |
| 2019-07-01 | -0.068967307 |
| 2019-08-01 | -0.181497578 |
| 2019-09-01 | -0.259663237 |
| 2019-10-01 | -0.251696732 |
| 2019-11-01 | -0.199353661 |
| 2019-12-01 | -0.313935005 |
| 2020-01-01 | -0.271218686 |
| 2020-02-01 | -0.174047697 |
| 2020-03-01 | 1.206990978 |
| 2020-04-01 | 0.647786211 |
| 2020-05-01 | 0.383727145 |
| 2020-06-01 | 0.032821844 |
| 2020-07-01 | -0.180763875 |
| 2020-08-01 | -0.306451489 |
| 2020-09-01 | -0.023538888 |
| 2020-10-01 | -0.22975045 |
| 2020-11-01 | -0.488399225 |
| 2020-12-01 | -0.526215283 |
| 2021-01-01 | -0.676334023 |
| 2021-02-01 | -0.957520732 |
| 2021-03-01 | -0.760997038 |
| 2021-04-01 | -0.502718027 |
| 2021-05-01 | -0.439758336 |
| 2021-06-01 | -0.593708333 |
| 2021-07-01 | -0.561982207 |
| 2021-08-01 | -0.488418925 |
| 2021-09-01 | -0.649450131 |
| 2021-10-01 | -0.525938419 |
| 2021-11-01 | -0.444578306 |
| 2021-12-01 | -0.445657058 |
| 2022-01-01 | -0.344501003 |
| 2022-02-01 | -0.209066147 |
| 2022-03-01 | -0.801658493 |
| 2022-04-01 | -0.287493295 |
| 2022-05-01 | -0.119317097 |
| 2022-06-01 | 0.077000835 |
| 2022-07-01 | -0.010338249 |
| 2022-08-01 | -0.045164649 |
| 2022-09-01 | 0.026108886 |
| 2022-10-01 | 0.076195563 |
| 2022-11-01 | -0.249611214 |
| 2022-12-01 | -0.035978473 |
| 2023-01-01 | -0.059099958 |
| 2023-02-01 | -0.172297342 |
| 2023-03-01 | -0.222744058 |
| 2023-04-01 | 0.133035001 |
| 2023-05-01 | 0.083327686 |
| 2023-06-01 | 0.133954325 |
| 2023-07-01 | -0.02297682 |
| 2023-08-01 | 0.030761378 |
| 2023-09-01 | -0.047038266 |
| 2023-10-01 | 0.19178664 |
| 2023-11-01 | -0.099912552 |
| 2023-12-01 | -0.252070115 |
| 2024-01-01 | -0.104989805 |
| 2024-02-01 | -0.167639507 |
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 declined modestly
Percentage points
| Date | B (monthly) | B (weekly) | BB (monthly) | BB (weekly) |
|---|---|---|---|---|
| 1997-01-31 | 2.09188813 | |||
| 1997-02-28 | 2.081784102 | |||
| 1997-03-31 | 2.082131354 | |||
| 1997-04-30 | 2.13128051 | |||
| 1997-05-31 | 2.156636783 | |||
| 1997-06-30 | 2.167234706 | |||
| 1997-07-31 | 2.278659303 | 1.912117954 | ||
| 1997-08-31 | 2.255190912 | 1.847993503 | ||
| 1997-09-30 | 2.282264366 | 1.890312257 | ||
| 1997-10-31 | 2.548701941 | 1.95239139 | ||
| 1997-11-30 | 2.552277198 | 1.911238578 | ||
| 1997-12-31 | 2.577663079 | 1.885312108 | ||
| 1998-01-31 | 2.583286704 | 2.039621189 | ||
| 1998-02-28 | 2.577240454 | 2.076864347 | ||
| 1998-03-31 | 2.614346931 | 2.014244209 | ||
| 1998-04-30 | 2.604711257 | 2.019649061 | ||
| 1998-05-31 | 2.64727726 | 2.174256136 | ||
| 1998-06-30 | 2.638384911 | 2.280400402 | ||
| 1998-07-31 | 2.652981144 | 2.254612142 | ||
| 1998-08-31 | 2.751058603 | 2.330406251 | ||
| 1998-09-30 | 2.94176293 | 2.503683338 | ||
| 1998-10-31 | 3.063245772 | 2.630212144 | ||
| 1998-11-30 | 3.346695816 | 2.686889488 | ||
| 1998-12-31 | 3.23167825 | 2.557427806 | ||
| 1999-01-31 | 3.200453504 | 2.622222163 | ||
| 1999-02-28 | 3.21252047 | 2.549691079 | ||
| 1999-03-31 | 3.570720313 | 2.484316634 | ||
| 1999-04-30 | 3.933362083 | 2.651588876 | ||
| 1999-05-31 | 3.797347759 | 2.842941804 | ||
| 1999-06-30 | 3.856619932 | 2.843767035 | ||
| 1999-07-31 | 4.096399146 | 2.948887085 | ||
| 1999-08-31 | 4.456923697 | 2.994047716 | ||
| 1999-09-30 | 4.745677304 | 3.962524585 | ||
| 1999-10-31 | 4.961565057 | 4.085427379 | ||
| 1999-11-30 | 4.741948663 | 3.908859837 | ||
| 1999-12-31 | 6.075945806 | 4.015088945 | ||
| 2000-01-31 | 6.242112668 | 4.073318477 | ||
| 2000-02-29 | 6.074316532 | 4.114062447 | ||
| 2000-03-31 | 6.054808031 | 3.434830755 | ||
| 2000-04-30 | 5.439305951 | 3.511192693 | ||
| 2000-05-31 | 5.24555979 | 3.259028298 | ||
| 2000-06-30 | 5.671585599 | 3.116330778 | ||
| 2000-07-31 | 6.033401004 | 3.00189609 | ||
| 2000-08-31 | 5.729202064 | 3.020411462 | ||
| 2000-09-30 | 6.652208066 | 3.19167802 | ||
| 2000-10-31 | 6.909706813 | 3.255724041 | ||
| 2000-11-30 | 7.309964117 | 3.070969307 | ||
| 2000-12-31 | 6.688836596 | 3.046207166 | ||
| 2001-01-31 | 6.262165593 | 2.950594704 | ||
| 2001-02-28 | 5.950374107 | 2.910251425 | ||
| 2001-03-31 | 6.8348555 | 2.94681492 | ||
| 2001-04-30 | 6.708736768 | 2.955077536 | ||
| 2001-05-31 | 6.4951938 | 2.947355151 | ||
| 2001-06-30 | 6.623167835 | 2.989296771 | ||
| 2001-07-31 | 6.710761767 | 3.030494639 | ||
| 2001-08-31 | 6.509984259 | 2.997834632 | ||
| 2001-09-30 | 7.418618009 | 3.34538512 | ||
| 2001-10-31 | 8.706155231 | 3.508112025 | ||
| 2001-11-30 | 6.817658163 | 3.114308784 | ||
| 2001-12-31 | 6.210143683 | 3.089209747 | ||
| 2002-01-31 | 5.892862309 | 3.05192671 | ||
| 2002-02-28 | 5.502441683 | 3.091428669 | ||
| 2002-03-31 | 5.223070043 | 3.06572117 | ||
| 2002-04-30 | 4.919820916 | 2.939460183 | ||
| 2002-05-31 | 5.62215769 | 2.952333944 | ||
| 2002-06-30 | 5.903710317 | 2.993291727 | ||
| 2002-07-31 | 6.631473548 | 3.37911052 | ||
| 2002-08-31 | 6.52683651 | 3.715267406 | ||
| 2002-09-30 | 6.638053 | 3.750186118 | ||
| 2002-10-31 | 7.374960799 | 4.639273938 | ||
| 2002-11-30 | 6.718488029 | 4.137358247 | ||
| 2002-12-31 | 6.581381678 | 3.51504978 | ||
| 2003-01-31 | 6.104288712 | 3.600831789 | ||
| 2003-02-28 | 6.296625981 | 3.55664379 | ||
| 2003-03-31 | 6.031704463 | 3.56692318 | ||
| 2003-04-30 | 5.107015923 | 3.580657336 | ||
| 2003-05-31 | 4.659263532 | 3.351620841 | ||
| 2003-06-30 | 4.475665852 | 3.242489052 | ||
| 2003-07-31 | 4.512590154 | 3.032349549 | ||
| 2003-08-31 | 4.724970075 | 3.006269321 | ||
| 2003-09-30 | 4.979679712 | 2.980814917 | ||
| 2003-10-31 | 4.823216865 | 2.937558894 | ||
| 2003-11-30 | 4.776087956 | 2.853108173 | ||
| 2003-12-31 | 4.514679285 | 2.609684261 | ||
| 2004-01-31 | 4.030295882 | 2.505848458 | ||
| 2004-02-29 | 4.20273622 | 2.450504955 | ||
| 2004-03-31 | 3.917407114 | 2.381952191 | ||
| 2004-04-30 | 3.919637007 | 2.333858047 | ||
| 2004-05-28 | 4.062617639 | 2.40125276 | ||
| 2004-06-25 | 3.770043862 | 2.34405188 | ||
| 2004-07-30 | 3.843627933 | 2.255141151 | ||
| 2004-08-31 | 3.690023757 | 2.201748435 | ||
| 2004-09-30 | 3.613219159 | 2.136299164 | ||
| 2004-10-29 | 3.423142673 | 2.101811115 | ||
| 2004-11-30 | 3.258223484 | 2.072763693 | ||
| 2004-12-31 | 3.205977599 | 2.014210966 | ||
| 2005-01-31 | 3.252577924 | 1.980077793 | ||
| 2005-02-25 | 3.142369917 | 1.937545734 | ||
| 2005-03-31 | 3.047039139 | 1.850718315 | ||
| 2005-04-29 | 3.295215816 | 1.826328866 | ||
| 2005-05-31 | 3.124605675 | 1.860770294 | ||
| 2005-06-30 | 3.098929284 | 1.840825021 | ||
| 2005-07-29 | 3.038934267 | 1.765225638 | ||
| 2005-08-30 | 2.977012124 | 1.684525925 | ||
| 2005-09-30 | 2.959684756 | 1.725819089 | ||
| 2005-10-28 | 3.004611488 | 1.771756347 | ||
| 2005-11-30 | 2.893254531 | 1.783893172 | ||
| 2005-12-30 | 2.812631245 | 1.808442761 | ||
| 2006-01-31 | 2.823837991 | 1.745092629 | ||
| 2006-02-28 | 2.78175102 | 1.681539632 | ||
| 2006-03-31 | 2.739771964 | 1.68006846 | ||
| 2006-04-28 | 2.737436009 | 1.660514413 | ||
| 2006-05-31 | 2.673117132 | 1.727872182 | ||
| 2006-06-30 | 2.674438506 | 1.835263297 | ||
| 2006-07-28 | 2.698809064 | 1.875504449 | ||
| 2006-08-31 | 2.740115341 | 1.86821573 | ||
| 2006-09-29 | 2.738626971 | 1.86028665 | ||
| 2006-10-31 | 2.697930732 | 1.827817963 | ||
| 2006-11-30 | 2.702841826 | 1.966498489 | ||
| 2006-12-29 | 2.725997941 | 1.94127587 | ||
| 2007-01-31 | 2.600943861 | 1.913990437 | ||
| 2007-02-28 | 2.527216925 | 1.740932619 | ||
| 2007-03-30 | 2.492788553 | 1.770728531 | ||
| 2007-04-27 | 2.464456807 | 1.79786483 | ||
| 2007-05-31 | 2.411012615 | 1.785477596 | ||
| 2007-06-29 | 2.698014075 | 2.010311422 | ||
| 2007-07-31 | 3.478625362 | 2.824087826 | ||
| 2007-08-31 | 3.593701588 | 2.997391968 | ||
| 2007-09-28 | 3.341144765 | 2.711721162 | ||
| 2007-10-26 | 3.285028147 | 2.637905571 | ||
| 2007-11-30 | 3.85693643 | 3.062700596 | ||
| 2007-12-28 | 4.158829705 | 2.929114293 | ||
| 2008-01-31 | 4.975806018 | 3.743547176 | ||
| 2008-02-29 | 6.073212249 | 4.376096615 | ||
| 2008-03-28 | 7.208623221 | 4.324824068 | ||
| 2008-04-30 | 6.348011313 | 3.682164953 | ||
| 2008-05-30 | 6.379506401 | 3.587716478 | ||
| 2008-06-27 | 6.39477656 | 3.862890484 | ||
| 2008-07-31 | 7.173169589 | 4.179169073 | ||
| 2008-08-29 | 7.65469665 | 4.233284712 | ||
| 2008-09-30 | 10.60797989 | 5.941421106 | ||
| 2008-10-31 | 17.04969574 | 9.274483593 | ||
| 2008-11-28 | 20.89103789 | 11.0334419 | ||
| 2008-12-31 | 24.76122466 | 11.47030365 | ||
| 2009-01-30 | 20.69854071 | 8.744575104 | ||
| 2009-02-27 | 20.75494273 | 7.85357321 | ||
| 2009-03-31 | 20.31940445 | 7.791746152 | ||
| 2009-04-30 | 15.78603819 | 5.76799071 | ||
| 2009-05-29 | 12.39966035 | 5.560701626 | ||
| 2009-06-30 | 10.23361646 | 4.856091479 | ||
| 2009-07-31 | 8.497799368 | 4.186032619 | ||
| 2009-08-31 | 7.807965623 | 4.133706674 | ||
| 2009-09-30 | 6.96202797 | 4.006873408 | ||
| 2009-10-30 | 6.36999189 | 4.195248107 | ||
| 2009-11-30 | 6.704091026 | 4.526671541 | ||
| 2009-12-31 | 6.020436669 | 3.882098136 | ||
| 2010-01-29 | 5.673790358 | 3.699848283 | ||
| 2010-02-26 | 5.782266113 | 3.813460697 | ||
| 2010-03-31 | 5.27419835 | 3.499254325 | ||
| 2010-04-30 | 5.046092783 | 3.42850474 | ||
| 2010-05-28 | 6.10543623 | 3.988692698 | ||
| 2010-06-30 | 6.427051577 | 4.166631782 | ||
| 2010-07-30 | 5.980864621 | 4.014011967 | ||
| 2010-08-31 | 5.981197026 | 4.006990999 | ||
| 2010-09-30 | 5.619694567 | 3.88035424 | ||
| 2010-10-29 | 5.220238996 | 3.658196956 | ||
| 2010-11-30 | 5.614760701 | 3.709545132 | ||
| 2010-12-31 | 5.289997081 | 3.68691684 | ||
| 2011-01-31 | 4.800970166 | 3.506045183 | ||
| 2011-02-28 | 4.819888371 | 3.521926073 | ||
| 2011-03-31 | 4.854444575 | 3.436375211 | ||
| 2011-04-29 | 4.89480425 | 3.41062736 | ||
| 2011-05-31 | 5.041155125 | 3.571798755 | ||
| 2011-06-30 | 5.350327752 | 3.812068758 | ||
| 2011-07-29 | 5.424969659 | 3.820199304 | ||
| 2011-08-31 | 6.751228372 | 5.110951751 | ||
| 2011-09-30 | 6.846344185 | 4.688318525 | ||
| 2011-10-31 | 6.055158395 | 4.018786804 | ||
| 2011-11-30 | 6.539957601 | 4.244311218 | ||
| 2011-12-30 | 6.334345527 | 4.155591121 | ||
| 2012-01-31 | 5.709288282 | 3.854599736 | ||
| 2012-02-29 | 5.334908472 | 3.801143705 | ||
| 2012-03-30 | 5.374036092 | 3.757435533 | ||
| 2012-04-30 | 5.381195508 | 3.914070372 | ||
| 2012-05-31 | 5.861093971 | 4.262568286 | ||
| 2012-06-29 | 5.792673471 | 4.248600792 | ||
| 2012-07-31 | 5.877940539 | 4.100262473 | ||
| 2012-08-31 | 5.694161908 | 4.167612129 | ||
| 2012-09-28 | 5.547691177 | 3.962440438 | ||
| 2012-10-31 | 5.490887841 | 3.833106587 | ||
| 2012-11-30 | 5.604074257 | 3.83601469 | ||
| 2012-12-31 | 5.492338231 | 3.840471158 | ||
| 2013-01-31 | 5.28405064 | 3.719379441 | ||
| 2013-02-28 | 5.320350623 | 3.861849518 | ||
| 2013-03-28 | 5.135984135 | 3.72611154 | ||
| 2013-04-30 | 5.038359816 | 3.786623846 | ||
| 2013-05-31 | 4.869384084 | 3.62152864 | ||
| 2013-06-28 | 4.976929952 | 3.587007172 | ||
| 2013-07-31 | 4.821365022 | 3.333400388 | ||
| 2013-08-30 | 4.921733386 | 3.409726628 | ||
| 2013-09-30 | 4.993291222 | 3.456238912 | ||
| 2013-10-31 | 4.901852852 | 3.430421305 | ||
| 2013-11-22 | 4.916377784 | 3.499955765 | ||
| 2013-11-29 | 4.914891458 | 3.518233972 | ||
| 2013-12-06 | 4.898171004 | 3.524592769 | ||
| 2013-12-13 | 4.876331321 | 3.519265469 | ||
| 2013-12-20 | 4.862503347 | 3.460523049 | ||
| 2013-12-27 | 4.839803606 | 3.398370805 | ||
| 2014-01-03 | 4.839262079 | 3.369628791 | ||
| 2014-01-10 | 4.774945019 | 3.341352033 | ||
| 2014-01-17 | 4.739750726 | 3.352491454 | ||
| 2014-01-24 | 4.736467988 | 3.338112667 | ||
| 2014-01-31 | 4.770168272 | 3.373253137 | ||
| 2014-02-07 | 4.76437119 | 3.366453535 | ||
| 2014-02-14 | 4.738729262 | 3.423159641 | ||
| 2014-02-21 | 4.715267423 | 3.437046942 | ||
| 2014-02-28 | 4.709790526 | 3.323524114 | ||
| 2014-03-07 | 4.704533429 | 3.318906023 | ||
| 2014-03-14 | 4.681325461 | 3.320472077 | ||
| 2014-03-21 | 4.648603975 | 3.306092109 | ||
| 2014-03-28 | 4.652339321 | 3.318788066 | ||
| 2014-04-04 | 4.718304465 | 3.375574896 | ||
| 2014-04-11 | 4.696981957 | 3.409174123 | ||
| 2014-04-17 | 4.718402054 | 3.402645006 | ||
| 2014-04-25 | 4.755950876 | 3.453507459 | ||
| 2014-05-02 | 4.738825046 | 3.407384974 | ||
| 2014-05-09 | 4.732969317 | 3.372525312 | ||
| 2014-05-16 | 4.698471116 | 3.380386391 | ||
| 2014-05-23 | 4.706252087 | 3.389482277 | ||
| 2014-05-30 | 4.717653505 | 3.389951511 | ||
| 2014-06-06 | 4.699577443 | 3.400249916 | ||
| 2014-06-13 | 4.685820569 | 3.402507859 | ||
| 2014-06-20 | 4.690118843 | 3.389094774 | ||
| 2014-06-27 | 4.680845234 | 3.371392398 | ||
| 2014-07-03 | 4.666334523 | 3.383072886 | ||
| 2014-07-11 | 4.658575971 | 3.417841231 | ||
| 2014-07-18 | 4.665917099 | 3.415667513 | ||
| 2014-07-25 | 4.671093117 | 3.425566587 | ||
| 2014-08-01 | 4.74805781 | 3.498796139 | ||
| 2014-08-08 | 4.762578882 | 3.558336507 | ||
| 2014-08-15 | 4.802610647 | 3.631927077 | ||
| 2014-08-22 | 4.794545458 | 3.60877406 | ||
| 2014-08-29 | 4.758376975 | 3.575706016 | ||
| 2014-09-05 | 4.767268309 | 3.575215511 | ||
| 2014-09-12 | 4.819516024 | 3.628959008 | ||
| 2014-09-19 | 4.821836488 | 3.632569381 | ||
| 2014-09-26 | 4.901986285 | 3.712759185 | ||
| 2014-10-03 | 4.973162228 | 3.755308292 | ||
| 2014-10-10 | 4.986114632 | 3.782397376 | ||
| 2014-10-17 | 5.140122532 | 3.921464774 | ||
| 2014-10-24 | 5.085148349 | 3.837086684 | ||
| 2014-10-31 | 4.999332346 | 3.737800657 | ||
| 2014-11-07 | 5.011006849 | 3.706677336 | ||
| 2014-11-14 | 4.995262482 | 3.694548608 | ||
| 2014-11-21 | 5.005295081 | 3.676991038 | ||
| 2014-11-28 | 5.032323702 | 3.669957261 | ||
| 2014-12-05 | 5.139745754 | 3.690461408 | ||
| 2014-12-12 | 5.405282994 | 3.914272538 | ||
| 2014-12-19 | 5.519807965 | 3.949508522 | ||
| 2014-12-26 | 5.448301608 | 3.89882721 | ||
| 2015-01-02 | 5.443144343 | 3.88988542 | ||
| 2015-01-09 | 5.440880506 | 3.915570376 | ||
| 2015-01-16 | 5.451260026 | 3.893411429 | ||
| 2015-01-23 | 5.443209503 | 3.879602844 | ||
| 2015-01-30 | 5.471747275 | 3.925043577 | ||
| 2015-02-06 | 5.413791147 | 3.856426966 | ||
| 2015-02-13 | 5.334950359 | 3.794522836 | ||
| 2015-02-20 | 5.27347492 | 3.748249472 | ||
| 2015-02-27 | 5.22462584 | 3.728373996 | ||
| 2015-03-06 | 5.188786002 | 3.677835 | ||
| 2015-03-13 | 5.160951961 | 3.68595866 | ||
| 2015-03-20 | 5.212122718 | 3.703929496 | ||
| 2015-03-27 | 5.21040577 | 3.669109811 | ||
| 2015-04-02 | 5.176891929 | 3.661889197 | ||
| 2015-04-10 | 5.122567945 | 3.581800596 | ||
| 2015-04-17 | 5.136221039 | 3.563280056 | ||
| 2015-04-24 | 5.113677401 | 3.560362804 | ||
| 2015-05-01 | 5.11800049 | 3.548952597 | ||
| 2015-05-08 | 5.094962992 | 3.567037959 | ||
| 2015-05-15 | 5.111735564 | 3.595207081 | ||
| 2015-05-22 | 5.129718477 | 3.567322428 | ||
| 2015-05-29 | 5.138548929 | 3.56770722 | ||
| 2015-06-05 | 5.223016717 | 3.581797787 | ||
| 2015-06-12 | 5.276865047 | 3.607936474 | ||
| 2015-06-19 | 5.308696533 | 3.640718819 | ||
| 2015-06-26 | 5.309534447 | 3.624999743 | ||
| 2015-07-02 | 5.354256657 | 3.62705514 | ||
| 2015-07-10 | 5.340924057 | 3.593556675 | ||
| 2015-07-17 | 5.296042792 | 3.54833725 | ||
| 2015-07-24 | 5.312473852 | 3.552946258 | ||
| 2015-07-31 | 5.362804633 | 3.582230706 | ||
| 2015-08-07 | 5.3838736 | 3.624674017 | ||
| 2015-08-14 | 5.412196953 | 3.682274495 | ||
| 2015-08-21 | 5.483047648 | 3.708981882 | ||
| 2015-08-28 | 5.560346207 | 3.735472023 | ||
| 2015-09-04 | 5.41201616 | 3.719743088 | ||
| 2015-09-11 | 5.423930137 | 3.694121119 | ||
| 2015-09-18 | 5.445589999 | 3.675781383 | ||
| 2015-09-25 | 5.521814767 | 3.702046847 | ||
| 2015-10-02 | 5.747364413 | 3.781452424 | ||
| 2015-10-09 | 5.754071527 | 3.77081726 | ||
| 2015-10-16 | 5.78555008 | 3.780684027 | ||
| 2015-10-23 | 5.76314917 | 3.781348985 | ||
| 2015-10-30 | 5.768075991 | 3.848737724 | ||
| 2015-11-06 | 5.771258001 | 3.811053802 | ||
| 2015-11-13 | 5.899560083 | 3.899866721 | ||
| 2015-11-20 | 6.075623026 | 3.947751217 | ||
| 2015-11-27 | 6.114545324 | 3.916660319 | ||
| 2015-12-04 | 6.207904349 | 3.874484344 | ||
| 2015-12-11 | 6.660786963 | 3.95863275 | ||
| 2015-12-18 | 7.004504876 | 4.023014983 | ||
| 2015-12-24 | 7.076315778 | 4.049996674 | ||
| 2015-12-31 | 7.078051368 | 4.032757065 | ||
| 2016-01-08 | 7.116764079 | 4.006440014 | ||
| 2016-01-15 | 7.22109756 | 4.033594782 | ||
| 2016-01-22 | 7.463377685 | 4.140913827 | ||
| 2016-01-29 | 7.426786701 | 4.143736858 | ||
| 2016-02-05 | 7.459994834 | 4.112145558 | ||
| 2016-02-12 | 7.710244428 | 4.262792756 | ||
| 2016-02-19 | 7.524063928 | 4.267073355 | ||
| 2016-02-26 | 7.507702418 | 4.240147461 | ||
| 2016-03-04 | 7.245200099 | 4.113030235 | ||
| 2016-03-11 | 6.950796478 | 3.97372928 | ||
| 2016-03-18 | 6.563393002 | 3.763428872 | ||
| 2016-03-24 | 6.504210223 | 3.781129591 | ||
| 2016-04-01 | 6.280890574 | 3.805153009 | ||
| 2016-04-08 | 6.202166372 | 3.730850057 | ||
| 2016-04-15 | 5.807877417 | 3.690519535 | ||
| 2016-04-22 | 5.599083232 | 3.616925643 | ||
| 2016-04-29 | 5.521393475 | 3.603262417 | ||
| 2016-05-06 | 5.49952765 | 3.642831502 | ||
| 2016-05-13 | 5.463222133 | 3.650158304 | ||
| 2016-05-20 | 5.416815879 | 3.621082734 | ||
| 2016-05-27 | 5.332033623 | 3.579699503 | ||
| 2016-06-03 | 5.336304568 | 3.570474948 | ||
| 2016-06-10 | 5.289366572 | 3.608965167 | ||
| 2016-06-17 | 5.294908361 | 3.64507633 | ||
| 2016-06-24 | 5.3449611 | 3.641041079 | ||
| 2016-07-01 | 5.379635994 | 3.651662015 | ||
| 2016-07-08 | 5.33862199 | 3.622247218 | ||
| 2016-07-15 | 5.234737724 | 3.54090099 | ||
| 2016-07-22 | 5.147036813 | 3.483750552 | ||
| 2016-07-29 | 5.121639252 | 3.448759909 | ||
| 2016-08-05 | 5.098302719 | 3.469556608 | ||
| 2016-08-12 | 5.072111009 | 3.439328269 | ||
| 2016-08-19 | 5.132338019 | 3.444039376 | ||
| 2016-08-26 | 5.097572653 | 3.454411856 | ||
| 2016-09-02 | 5.042716598 | 3.426115971 | ||
| 2016-09-09 | 5.001575128 | 3.385679649 | ||
| 2016-09-16 | 5.000550277 | 3.366985965 | ||
| 2016-09-23 | 4.885045624 | 3.349084715 | ||
| 2016-09-30 | 4.883068377 | 3.341118431 | ||
| 2016-10-07 | 4.840306451 | 3.274930981 | ||
| 2016-10-14 | 4.860983165 | 3.27357159 | ||
| 2016-10-21 | 4.80530747 | 3.202489596 | ||
| 2016-10-28 | 4.779817803 | 3.193053394 | ||
| 2016-11-04 | 4.797016739 | 3.2485184 | ||
| 2016-11-10 | 4.799874378 | 3.272098817 | ||
| 2016-11-18 | 4.767751003 | 3.218538427 | ||
| 2016-11-25 | 4.74923311 | 3.20983697 | ||
| 2016-12-02 | 4.681702351 | 3.20028216 | ||
| 2016-12-09 | 4.593162295 | 3.094430078 | ||
| 2016-12-16 | 4.543337261 | 3.06594441 | ||
| 2016-12-23 | 4.59501723 | 3.071597498 | ||
| 2016-12-30 | 4.643367528 | 3.035776307 | ||
| 2017-01-06 | 4.567639132 | 3.019919741 | ||
| 2017-01-13 | 4.536574233 | 3.030115858 | ||
| 2017-01-20 | 4.556134591 | 3.056400182 | ||
| 2017-01-27 | 4.535020889 | 3.086673602 | ||
| 2017-02-03 | 4.50386572 | 3.060619592 | ||
| 2017-02-10 | 4.508648423 | 3.007438418 | ||
| 2017-02-17 | 4.448177485 | 2.951559206 | ||
| 2017-02-24 | 4.388560878 | 2.932189279 | ||
| 2017-03-03 | 4.342299593 | 2.884096232 | ||
| 2017-03-10 | 4.344391973 | 2.869587671 | ||
| 2017-03-17 | 4.321808281 | 2.85235147 | ||
| 2017-03-24 | 4.316396112 | 2.936968178 | ||
| 2017-03-31 | 4.250673997 | 2.909729816 | ||
| 2017-04-07 | 4.154828147 | 2.878882118 | ||
| 2017-04-13 | 4.115613652 | 2.850450981 | ||
| 2017-04-21 | 4.129010795 | 2.832789761 | ||
| 2017-04-28 | 4.126584476 | 2.81799605 | ||
| 2017-05-05 | 4.157895866 | 2.881186836 | ||
| 2017-05-12 | 4.130287386 | 2.882424329 | ||
| 2017-05-19 | 4.111150613 | 2.888773689 | ||
| 2017-05-26 | 4.038568302 | 2.885903683 | ||
| 2017-06-02 | 4.054623194 | 2.865969376 | ||
| 2017-06-09 | 4.034217058 | 2.869238168 | ||
| 2017-06-16 | 4.036661586 | 2.880127448 | ||
| 2017-06-23 | 4.070468801 | 2.864037435 | ||
| 2017-06-30 | 4.07836583 | 2.8391982 | ||
| 2017-07-07 | 4.069280898 | 2.833183299 | ||
| 2017-07-14 | 4.09480047 | 2.832880559 | ||
| 2017-07-21 | 4.090062724 | 2.804314364 | ||
| 2017-07-28 | 4.030225752 | 2.780963817 | ||
| 2017-08-04 | 4.032379197 | 2.752044259 | ||
| 2017-08-11 | 4.056409571 | 2.799437965 | ||
| 2017-08-18 | 4.066051766 | 2.778864261 | ||
| 2017-08-25 | 4.071799224 | 2.820702451 | ||
| 2017-09-01 | 4.059344133 | 2.852210068 | ||
| 2017-09-08 | 4.021957791 | 2.872634763 | ||
| 2017-09-15 | 4.017126073 | 2.890653771 | ||
| 2017-09-22 | 4.022401819 | 2.824808444 | ||
| 2017-09-29 | 4.01261109 | 2.715818027 | ||
| 2017-10-06 | 3.980137602 | 2.668259166 | ||
| 2017-10-13 | 3.945235935 | 2.666213575 | ||
| 2017-10-20 | 3.925018654 | 2.650542487 | ||
| 2017-10-27 | 3.944708872 | 2.651767964 | ||
| 2017-11-03 | 3.965874722 | 2.626799792 | ||
| 2017-11-10 | 3.982528913 | 2.62230663 | ||
| 2017-11-17 | 3.961012651 | 2.646345535 | ||
| 2017-11-24 | 3.954865118 | 2.637152497 | ||
| 2017-12-01 | 3.948242077 | 2.628638214 | ||
| 2017-12-08 | 3.943982507 | 2.607844296 | ||
| 2017-12-15 | 3.999049602 | 2.622258174 | ||
| 2017-12-22 | 3.911517766 | 2.62741151 | ||
| 2017-12-29 | 3.886199593 | 2.59495622 | ||
| 2018-01-05 | 3.873321913 | 2.552850627 | ||
| 2018-01-12 | 3.80788949 | 2.543632317 | ||
| 2018-01-19 | 3.77164134 | 2.524089106 | ||
| 2018-01-26 | 3.733860015 | 2.495947616 | ||
| 2018-02-02 | 3.702337911 | 2.43815613 | ||
| 2018-02-09 | 3.741603294 | 2.481185358 | ||
| 2018-02-16 | 3.730653859 | 2.486374253 | ||
| 2018-02-23 | 3.727767465 | 2.502382641 | ||
| 2018-03-02 | 3.722636118 | 2.513098554 | ||
| 2018-03-09 | 3.721717182 | 2.509580728 | ||
| 2018-03-16 | 3.704618344 | 2.49426911 | ||
| 2018-03-23 | 3.72231577 | 2.490181212 | ||
| 2018-03-30 | 3.723025195 | 2.492851524 | ||
| 2018-04-06 | 3.716121272 | 2.494986203 | ||
| 2018-04-13 | 3.683437381 | 2.488722757 | ||
| 2018-04-20 | 3.660879698 | 2.456453005 | ||
| 2018-04-27 | 3.668937741 | 2.438894246 | ||
| 2018-05-04 | 3.684271493 | 2.439840055 | ||
| 2018-05-11 | 3.679308511 | 2.44477163 | ||
| 2018-05-18 | 3.67525846 | 2.469683352 | ||
| 2018-05-25 | 3.691765262 | 2.49195051 | ||
| 2018-06-01 | 3.723323407 | 2.484480391 | ||
| 2018-06-08 | 3.713825007 | 2.486143205 | ||
| 2018-06-15 | 3.725509472 | 2.49076378 | ||
| 2018-06-22 | 3.745688643 | 2.516636858 | ||
| 2018-06-29 | 3.763646519 | 2.552103429 | ||
| 2018-07-06 | 3.750008316 | 2.531111257 | ||
| 2018-07-13 | 3.756437166 | 2.541174862 | ||
| 2018-07-20 | 3.748096173 | 2.53204466 | ||
| 2018-07-27 | 3.757417146 | 2.51411306 | ||
| 2018-08-03 | 3.752837791 | 2.498162198 | ||
| 2018-08-10 | 3.767166224 | 2.516157236 | ||
| 2018-08-17 | 3.774359182 | 2.533004231 | ||
| 2018-08-24 | 3.807141695 | 2.482888336 | ||
| 2018-08-31 | 3.827432743 | 2.492706273 | ||
| 2018-09-07 | 3.819108104 | 2.494551946 | ||
| 2018-09-14 | 3.806416089 | 2.499302742 | ||
| 2018-09-21 | 3.778142713 | 2.481231531 | ||
| 2018-09-28 | 3.734823781 | 2.480723289 | ||
| 2018-10-05 | 3.726562452 | 2.476299857 | ||
| 2018-10-12 | 3.747295956 | 2.486551972 | ||
| 2018-10-19 | 3.748605058 | 2.489240379 | ||
| 2018-10-26 | 3.789716385 | 2.537106073 | ||
| 2018-11-02 | 3.842712856 | 2.580854793 | ||
| 2018-11-09 | 3.855036727 | 2.614676859 | ||
| 2018-11-16 | 3.951011524 | 2.681425685 | ||
| 2018-11-23 | 4.073746606 | 2.759605448 | ||
| 2018-11-30 | 4.179859583 | 2.884428855 | ||
| 2018-12-07 | 4.334347961 | 3.009078764 | ||
| 2018-12-14 | 4.509545853 | 3.150633514 | ||
| 2018-12-21 | 4.832573323 | 3.373170305 | ||
| 2018-12-28 | 4.941223292 | 3.462860074 | ||
| 2019-01-04 | 4.733754374 | 3.180905956 | ||
| 2019-01-11 | 4.48670142 | 2.911212159 | ||
| 2019-01-18 | 4.475686724 | 2.838416032 | ||
| 2019-01-25 | 4.527344409 | 2.881502704 | ||
| 2019-02-01 | 4.542935453 | 2.887671369 | ||
| 2019-02-08 | 4.492502678 | 2.862814776 | ||
| 2019-02-15 | 4.440734662 | 2.830785831 | ||
| 2019-02-22 | 4.331918316 | 2.760269645 | ||
| 2019-03-01 | 4.236528326 | 2.685405228 | ||
| 2019-03-08 | 4.322832003 | 2.746646671 | ||
| 2019-03-15 | 4.314548779 | 2.7348961 | ||
| 2019-03-22 | 4.397419899 | 2.786648998 | ||
| 2019-03-29 | 4.45584151 | 2.877071041 | ||
| 2019-04-05 | 4.315945126 | 2.792921972 | ||
| 2019-04-12 | 4.257487168 | 2.741876114 | ||
| 2019-04-18 | 4.214028918 | 2.727858907 | ||
| 2019-04-26 | 4.180719023 | 2.69829144 | ||
| 2019-05-03 | 4.127505294 | 2.683151973 | ||
| 2019-05-10 | 4.20079036 | 2.680938891 | ||
| 2019-05-17 | 4.163569598 | 2.681971716 | ||
| 2019-05-24 | 4.219001725 | 2.68168054 | ||
| 2019-05-31 | 4.299644758 | 2.675874467 | ||
| 2019-06-07 | 4.304943133 | 2.66533403 | ||
| 2019-06-14 | 4.313318409 | 2.653670331 | ||
| 2019-06-21 | 4.313879279 | 2.663369166 | ||
| 2019-06-28 | 4.364151511 | 2.699296928 | ||
| 2019-07-05 | 4.355108589 | 2.691348572 | ||
| 2019-07-12 | 4.319070747 | 2.672797309 | ||
| 2019-07-19 | 4.302483067 | 2.654044174 | ||
| 2019-07-26 | 4.303035446 | 2.647092077 | ||
| 2019-08-02 | 4.304487151 | 2.729913326 | ||
| 2019-08-09 | 4.409349307 | 2.770048632 | ||
| 2019-08-16 | 4.503012079 | 2.801496638 | ||
| 2019-08-23 | 4.509996898 | 2.780838119 | ||
| 2019-08-30 | 4.464821469 | 2.8023573 | ||
| 2019-09-06 | 4.419717035 | 2.741597679 | ||
| 2019-09-13 | 4.346780885 | 2.669649229 | ||
| 2019-09-20 | 4.340224125 | 2.680274819 | ||
| 2019-09-27 | 4.325561512 | 2.674852563 | ||
| 2019-10-04 | 4.43294389 | 2.704410323 | ||
| 2019-10-11 | 4.586544952 | 2.74495029 | ||
| 2019-10-18 | 4.618781189 | 2.721442143 | ||
| 2019-10-25 | 4.634629528 | 2.713635755 | ||
| 2019-11-01 | 4.683168089 | 2.745953798 | ||
| 2019-11-08 | 4.677179004 | 2.751943743 | ||
| 2019-11-15 | 4.615034062 | 2.745132176 | ||
| 2019-11-22 | 4.669846596 | 2.753986356 | ||
| 2019-11-29 | 4.658184116 | 2.742636745 | ||
| 2019-12-06 | 4.547712738 | 2.710778218 | ||
| 2019-12-13 | 4.363787126 | 2.656414426 | ||
| 2019-12-20 | 4.242401827 | 2.64070995 | ||
| 2019-12-27 | 4.241301411 | 2.63801446 | ||
| 2020-01-03 | 4.23049445 | 2.621672479 | ||
| 2020-01-10 | 4.140296269 | 2.579319377 | ||
| 2020-01-17 | 4.10710221 | 2.57207486 | ||
| 2020-01-24 | 4.11279807 | 2.601422401 | ||
| 2020-01-31 | 4.191917713 | 2.627873805 | ||
| 2020-02-07 | 4.218113466 | 2.678684624 | ||
| 2020-02-14 | 4.21048703 | 2.69448074 | ||
| 2020-02-21 | 4.189811382 | 2.710893395 | ||
| 2020-02-28 | 4.581385576 | 3.038800808 | ||
| 2020-03-06 | 4.854775847 | 3.243091693 | ||
| 2020-03-13 | 6.393152114 | 4.750300126 | ||
| 2020-03-20 | 9.687392601 | 7.880604267 | ||
| 2020-03-27 | 9.030652923 | 6.14613463 | ||
| 2020-04-03 | 8.152598017 | 5.048295921 | ||
| 2020-04-09 | 7.306575883 | 4.264384758 | ||
| 2020-04-17 | 6.736097605 | 3.9406949 | ||
| 2020-04-24 | 6.913745649 | 4.121014051 | ||
| 2020-05-01 | 6.882484943 | 4.139171101 | ||
| 2020-05-08 | 6.558610116 | 4.051761747 | ||
| 2020-05-15 | 6.511861575 | 4.03392646 | ||
| 2020-05-22 | 6.159296181 | 3.705107904 | ||
| 2020-05-29 | 5.770013779 | 3.434488915 | ||
| 2020-06-05 | 5.419879122 | 3.211286026 | ||
| 2020-06-12 | 5.371023165 | 3.264167139 | ||
| 2020-06-19 | 5.216089404 | 3.138677392 | ||
| 2020-06-26 | 5.509749313 | 3.381529098 | ||
| 2020-07-03 | 5.398062822 | 3.357940019 | ||
| 2020-07-10 | 5.374377314 | 3.300913584 | ||
| 2020-07-17 | 5.200236801 | 3.191921366 | ||
| 2020-07-24 | 5.06954331 | 3.094751379 | ||
| 2020-07-31 | 5.092788093 | 3.129945665 | ||
| 2020-08-07 | 4.960052904 | 3.049278952 | ||
| 2020-08-14 | 4.861085065 | 3.017505498 | ||
| 2020-08-21 | 4.881261902 | 3.088271454 | ||
| 2020-08-28 | 4.831046734 | 3.07060158 | ||
| 2020-09-04 | 4.653959376 | 2.900115285 | ||
| 2020-09-11 | 4.578625866 | 2.866778157 | ||
| 2020-09-18 | 4.556192958 | 2.881774653 | ||
| 2020-09-25 | 4.741110976 | 3.058410064 | ||
| 2020-10-02 | 4.749737294 | 3.097629051 | ||
| 2020-10-09 | 4.632160271 | 3.005367616 | ||
| 2020-10-16 | 4.666338215 | 3.036300748 | ||
| 2020-10-23 | 4.825568477 | 3.066052261 | ||
| 2020-10-30 | 5.004104862 | 3.217636768 | ||
| 2020-11-06 | 4.808465024 | 3.057059694 | ||
| 2020-11-13 | 4.673767528 | 2.987008296 | ||
| 2020-11-20 | 4.669435701 | 3.020837829 | ||
| 2020-11-27 | 4.607305087 | 2.984896174 | ||
| 2020-12-04 | 4.499880242 | 2.899996322 | ||
| 2020-12-11 | 4.461261695 | 2.86494858 | ||
| 2020-12-18 | 4.393624919 | 2.80638031 | ||
| 2020-12-24 | 4.409350144 | 2.812745995 | ||
| 2020-12-31 | 4.389562553 | 2.795128995 | ||
| 2021-01-08 | 4.233295434 | 2.633972204 | ||
| 2021-01-15 | 4.155066443 | 2.646288395 | ||
| 2021-01-22 | 4.160384095 | 2.632714117 | ||
| 2021-01-29 | 4.223160977 | 2.693175607 | ||
| 2021-02-05 | 4.202910967 | 2.683015084 | ||
| 2021-02-12 | 4.130036486 | 2.704471062 | ||
| 2021-02-19 | 4.11652962 | 2.708917555 | ||
| 2021-02-26 | 4.133478535 | 2.692784752 | ||
| 2021-03-05 | 4.140896663 | 2.753765878 | ||
| 2021-03-12 | 4.15029676 | 2.770494246 | ||
| 2021-03-19 | 4.207701663 | 2.814910654 | ||
| 2021-03-26 | 4.233783652 | 2.840583716 | ||
| 2021-04-02 | 4.242169768 | 2.842340603 | ||
| 2021-04-09 | 4.166703584 | 2.791289321 | ||
| 2021-04-16 | 4.159516434 | 2.809300991 | ||
| 2021-04-23 | 4.188169454 | 2.771439806 | ||
| 2021-04-30 | 4.182422238 | 2.803546376 | ||
| 2021-05-07 | 4.186015167 | 2.813823733 | ||
| 2021-05-14 | 4.189507423 | 2.839720377 | ||
| 2021-05-21 | 4.162665279 | 2.815530351 | ||
| 2021-05-28 | 4.151023931 | 2.789107922 | ||
| 2021-06-04 | 4.13752527 | 2.818051684 | ||
| 2021-06-11 | 4.118869664 | 2.801147259 | ||
| 2021-06-18 | 4.147247387 | 2.857268469 | ||
| 2021-06-25 | 4.167449714 | 2.884636112 | ||
| 2021-07-02 | 4.16808501 | 2.895677266 | ||
| 2021-07-09 | 4.162528117 | 2.910820624 | ||
| 2021-07-16 | 4.152421941 | 2.858111782 | ||
| 2021-07-23 | 4.165367422 | 2.895482153 | ||
| 2021-07-30 | 4.214504276 | 2.920575298 | ||
| 2021-08-06 | 4.229902602 | 2.926476014 | ||
| 2021-08-13 | 4.2282632 | 3.088344559 | ||
| 2021-08-20 | 4.252212643 | 3.142292087 | ||
| 2021-08-27 | 4.235844894 | 3.117211558 | ||
| 2021-09-03 | 4.214371648 | 3.094625117 | ||
| 2021-09-10 | 4.184917606 | 3.071907489 | ||
| 2021-09-17 | 4.176513462 | 3.065419697 | ||
| 2021-09-24 | 4.178544949 | 3.060116647 | ||
| 2021-10-01 | 4.169831729 | 3.048551965 | ||
| 2021-10-08 | 4.183369366 | 3.046718806 | ||
| 2021-10-15 | 4.196000152 | 3.046699697 | ||
| 2021-10-22 | 4.189198809 | 3.054536077 | ||
| 2021-10-29 | 4.196742642 | 3.058988632 | ||
| 2021-11-05 | 4.179190915 | 3.053364043 | ||
| 2021-11-12 | 4.165704061 | 3.00451615 | ||
| 2021-11-19 | 4.168709723 | 3.008438757 | ||
| 2021-11-26 | 4.210727949 | 3.038421654 | ||
| 2021-12-03 | 4.285602253 | 3.083825581 | ||
| 2021-12-10 | 4.239507783 | 3.030513594 | ||
| 2021-12-17 | 4.226753013 | 3.071087529 | ||
| 2021-12-24 | 4.219803493 | 3.060229853 | ||
| 2021-12-31 | 4.280376332 | 3.080799937 | ||
| 2022-01-07 | 4.206427635 | 3.024832103 | ||
| 2022-01-14 | 4.175881376 | 2.992310027 | ||
| 2022-01-21 | 4.1572083 | 2.985139631 | ||
| 2022-01-28 | 4.236650264 | 3.031279612 | ||
| 2022-02-04 | 4.244349761 | 3.027858635 | ||
| 2022-02-11 | 4.295861193 | 3.059315004 | ||
| 2022-02-18 | 4.384179186 | 3.159829792 | ||
| 2022-02-25 | 4.461715199 | 3.229838462 | ||
| 2022-03-04 | 4.453774687 | 3.24193604 | ||
| 2022-03-11 | 4.773297859 | 3.500537716 | ||
| 2022-03-18 | 4.721740898 | 3.453609815 | ||
| 2022-03-25 | 4.58234696 | 3.338562161 | ||
| 2022-04-01 | 4.433104838 | 3.175361271 | ||
| 2022-04-08 | 4.198682806 | 3.010871779 | ||
| 2022-04-15 | 4.199813108 | 3.048717945 | ||
| 2022-04-22 | 4.214554676 | 3.019629533 | ||
| 2022-04-29 | 4.32392627 | 3.102746585 | ||
| 2022-05-06 | 4.453704988 | 3.235162249 | ||
| 2022-05-13 | 4.942924014 | 3.633495242 | ||
| 2022-05-20 | 5.094648654 | 3.724783819 | ||
| 2022-05-27 | 5.16713692 | 3.718416761 | ||
| 2022-06-03 | 4.961909022 | 3.485450364 | ||
| 2022-06-10 | 4.990382554 | 3.505355674 | ||
| 2022-06-17 | 5.389730781 | 3.833247969 | ||
| 2022-06-24 | 5.499729194 | 3.889322357 | ||
| 2022-07-01 | 5.870248436 | 4.166976213 | ||
| 2022-07-08 | 5.911972359 | 4.193191706 | ||
| 2022-07-15 | 5.843413006 | 4.138839423 | ||
| 2022-07-22 | 5.413868166 | 3.72025581 | ||
| 2022-07-29 | 5.365784892 | 3.683711044 | ||
| 2022-08-05 | 5.184972588 | 3.495140185 | ||
| 2022-08-12 | 4.898934992 | 3.297494714 | ||
| 2022-08-19 | 4.988872418 | 3.330274625 | ||
| 2022-08-26 | 5.076946736 | 3.415900909 | ||
| 2022-09-02 | 5.230128908 | 3.477416436 | ||
| 2022-09-09 | 5.208139161 | 3.457064767 | ||
| 2022-09-16 | 5.292604144 | 3.495188283 | ||
| 2022-09-23 | 5.580698957 | 3.595145832 | ||
| 2022-09-30 | 5.954246277 | 3.804468941 | ||
| 2022-10-07 | 5.74787332 | 3.642476257 | ||
| 2022-10-14 | 5.919739928 | 3.663220418 | ||
| 2022-10-21 | 5.915558306 | 3.571456859 | ||
| 2022-10-28 | 5.939316035 | 3.55280822 | ||
| 2022-11-04 | 5.777449991 | 3.468429057 | ||
| 2022-11-11 | 5.654634902 | 3.435845348 | ||
| 2022-11-18 | 5.51877625 | 3.403426378 | ||
| 2022-11-25 | 5.533385121 | 3.410095291 | ||
| 2022-12-02 | 5.481879753 | 3.399057813 | ||
| 2022-12-09 | 5.495472005 | 3.393809859 | ||
| 2022-12-16 | 5.504827374 | 3.366015599 | ||
| 2022-12-23 | 5.458205222 | 3.370679281 | ||
| 2022-12-30 | 5.471317634 | 3.384627766 | ||
| 2023-01-06 | 5.325327527 | 3.240281688 | ||
| 2023-01-13 | 5.093568126 | 3.105489729 | ||
| 2023-01-20 | 5.032282652 | 3.113980517 | ||
| 2023-01-27 | 4.915387802 | 3.08770212 | ||
| 2023-02-03 | 4.887839816 | 3.075680371 | ||
| 2023-02-10 | 4.800355786 | 3.082517772 | ||
| 2023-02-17 | 4.878038794 | 3.264215995 | ||
| 2023-02-24 | 5.002435521 | 3.32613083 | ||
| 2023-03-03 | 4.982201013 | 3.319083531 | ||
| 2023-03-10 | 5.020672189 | 3.41226326 | ||
| 2023-03-17 | 5.428459228 | 3.693124592 | ||
| 2023-03-24 | 5.460158655 | 3.410769568 | ||
| 2023-03-31 | 5.161598919 | 3.29848853 | ||
| 2023-04-07 | 5.101770388 | 3.284099922 | ||
| 2023-04-14 | 5.051503483 | 3.25970724 | ||
| 2023-04-21 | 4.97136537 | 3.272408545 | ||
| 2023-04-28 | 4.964896419 | 3.260873045 | ||
| 2023-05-05 | 5.072782428 | 3.312353675 | ||
| 2023-05-12 | 5.121929445 | 3.37095676 | ||
| 2023-05-19 | 5.142410913 | 3.391994458 | ||
| 2023-05-26 | 5.271471551 | 3.446215352 | ||
| 2023-06-02 | 5.250387279 | 3.442615575 | ||
| 2023-06-09 | 5.086018392 | 3.350706983 | ||
| 2023-06-16 | 4.963604942 | 3.290294994 | ||
| 2023-06-23 | 4.976920646 | 3.303424163 | ||
| 2023-06-30 | 4.81836912 | 3.209455622 | ||
| 2023-07-07 | 4.728011273 | 3.16413317 | ||
| 2023-07-14 | 4.589287404 | 3.107573188 | ||
| 2023-07-21 | 4.650319366 | 3.123197386 | ||
| 2023-07-28 | 4.651308462 | 3.118443804 | ||
| 2023-08-04 | 4.724333313 | 3.139659084 | ||
| 2023-08-11 | 4.72097852 | 3.131692966 | ||
| 2023-08-18 | 4.781499571 | 3.130329728 | ||
| 2023-08-25 | 4.771122947 | 3.120932517 | ||
| 2023-09-01 | 4.695365585 | 3.115130119 | ||
| 2023-09-08 | 4.627747809 | 3.115566737 | ||
| 2023-09-15 | 4.499446123 | 3.074731693 | ||
| 2023-09-22 | 4.496775665 | 3.086960703 | ||
| 2023-09-29 | 4.600998626 | 3.131280525 | ||
| 2023-10-06 | 4.733948306 | 3.22947469 | ||
| 2023-10-13 | 4.67568455 | 3.193819494 | ||
| 2023-10-20 | 4.747057254 | 3.209050578 | ||
| 2023-10-27 | 4.849195646 | 3.24798128 | ||
| 2023-11-03 | 4.84012544 | 3.190864429 | ||
| 2023-11-10 | 4.763692951 | 3.220545383 | ||
| 2023-11-17 | 4.727226064 | 3.180166033 | ||
| 2023-11-24 | 4.742043873 | 3.199891096 | ||
| 2023-12-01 | 4.74406734 | 3.199542199 | ||
| 2023-12-08 | 4.676263869 | 3.175457263 | ||
| 2023-12-15 | 4.555429987 | 3.109022731 | ||
| 2023-12-22 | 4.523722427 | 3.083005886 | ||
| 2023-12-29 | 4.463796063 | 3.044391162 | ||
| 2024-01-05 | 4.444163938 | 3.038494465 | ||
| 2024-01-12 | 4.429988493 | 3.031755359 | ||
| 2024-01-19 | 4.46649594 | 3.022297521 | ||
| 2024-01-26 | 4.476769596 | 3.034873273 | ||
| 2024-02-02 | 4.44661255 | 3.087743745 | ||
| 2024-02-09 | 4.428573415 | 3.09455673 | ||
| 2024-02-16 | 4.401040415 | 3.073163408 | ||
| 2024-02-23 | 4.381699927 | 3.058544114 | ||
| 2024-03-01 | 4.363600458 | 3.011757418 | ||
| 2024-03-08 | 4.314119759 | 3.02985455 | ||
| 2024-03-15 | 4.252894879 | 3.008196675 | ||
| 2024-03-22 | 4.267491246 | 3.027814476 | ||
| 2024-03-29 | 4.271575033 | 2.968548512 |
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 black dashed line represents the data transitioning from monthly to weekly in November 2013.
Source: PitchBook Data, Leveraged Commentary & Data.
Figure 1.11. Treasury market depth increased but remained below historical norms
This is a line chart titled "Treasury market depth increased but remained below historical norms." The x-axis measures time and ranges from January 2019 to March 2024. 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. By the end of 2020, the value has risen again to about 260 million but declines to 40 million in March 2022, with much volatility in that decline. Since the beginning of 2023, there has been a slight uptick in the series, reaching about 80 million in December and climbing to 90 million by March 2024. 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, climbs to 240 million in April 2019, then declines to around 75 million by August of 2019. It 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 175 million. From this point there is a decreasing trend in the series with fluctuations between about 60 and 80 million throughout 2022 and 2023. In 2024, the series increases slightly to end at about 90 million by the end of March. 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 about 7 million in October of 2019 before a rise back to about 15 million and then an even sharper decline to under 5 million in March 2020. From there, the series rises to over 20 million in June 2021, before gradually declining to around 7 million in March 2022. The series hovers between 7 and 11 million until the end of 2022, when it declines again to about 5 million. It rises again to about 15 million by end the of 2023, drops to 10 million in the beginning of 2024, then ends at around 16 million in March 2024.
Note: Market depth is defined as the average top 3 bid and ask quote sizes for on-the-run Treasury securities.
Source: Inter Dealer Broker Community.
Figure 1.12. 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 remained below historical norms." The x-axis measures time and ranges from September 2019 to March 2024. 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 before there is a sharp decrease in March 2020 to a low of about 9 million. Then, there is a quick rebound back to around 285 million in February of 2021, a sharp drop down to about 110 million in March 2021, and an increase back to about 275 million in July 2021.The series has two quick decreases to around 50 million in January of 2022. Since then, there is a gradual decrease to around 10 million in early 2023 The series remains between 5 and 12 million for most of 2023, ending with a slight increase toward the end of the series to a final value of almost 29 million in March 2024. 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 about 35 million dollars in 2019, rises to around 50 million by February of 2020 before steeply dropping to 5 million in March 2020. The series increases back up to 55 million in late 2020. The series wavers between 30 and 50 million in 2021 and then declines throughout 2022 from about 30 million dollars to about 10 million dollars. March 2023 shows a further decline to about 8 million dollars before the series takes on an increasing trend reaches about 31 million in March 2024.
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)
| Date | Market Depth (number of contracts) |
|---|---|
| 2019-09-03 | 90.27037037 |
| 2019-09-04 | 101.6765432 |
| 2019-09-05 | 109.5950617 |
| 2019-09-06 | 112.1271605 |
| 2019-09-09 | 123.9246914 |
| 2019-09-10 | 132.4024691 |
| 2019-09-11 | 141.145679 |
| 2019-09-12 | 134.882716 |
| 2019-09-13 | 129.5617284 |
| 2019-09-16 | 115.0283951 |
| 2019-09-17 | 112.6395062 |
| 2019-09-18 | 102.1580247 |
| 2019-09-19 | 110.8839506 |
| 2019-09-20 | 117.5469136 |
| 2019-09-23 | 124.9444444 |
| 2019-09-24 | 120.3098765 |
| 2019-09-25 | 115.1790123 |
| 2019-09-26 | 107.7901235 |
| 2019-09-27 | 100.8987654 |
| 2019-09-30 | 101.4419753 |
| 2019-10-01 | 102.645679 |
| 2019-10-02 | 100.8592593 |
| 2019-10-03 | 94.48888889 |
| 2019-10-04 | 99.45925926 |
| 2019-10-07 | 91.3654321 |
| 2019-10-08 | 87.61234568 |
| 2019-10-09 | 86.09876543 |
| 2019-10-10 | 86.31728395 |
| 2019-10-11 | 76.01728395 |
| 2019-10-14 | 76.39506173 |
| 2019-10-15 | 88.46419753 |
| 2019-10-16 | 96.76049383 |
| 2019-10-17 | 105.0753086 |
| 2019-10-18 | 115.9728395 |
| 2019-10-21 | 129.0740741 |
| 2019-10-22 | 129.4271605 |
| 2019-10-23 | 133.4802469 |
| 2019-10-24 | 135.8925926 |
| 2019-10-25 | 145.4530864 |
| 2019-10-28 | 148.3654321 |
| 2019-10-29 | 153.345679 |
| 2019-10-30 | 149.0925926 |
| 2019-10-31 | 150.1864198 |
| 2019-11-01 | 150.5432099 |
| 2019-11-04 | 155.6962963 |
| 2019-11-05 | 157.0518519 |
| 2019-11-06 | 159.5530864 |
| 2019-11-07 | 165.6864198 |
| 2019-11-08 | 165.9481481 |
| 2019-11-11 | 166.3864198 |
| 2019-11-12 | 166.3518519 |
| 2019-11-13 | 172.2925926 |
| 2019-11-14 | 175.8469136 |
| 2019-11-15 | 191.1296296 |
| 2019-11-18 | 192.0395062 |
| 2019-11-19 | 192.8074074 |
| 2019-11-20 | 187.6666667 |
| 2019-11-21 | 182.4604938 |
| 2019-11-22 | 165.2283951 |
| 2019-11-25 | 174.9802469 |
| 2019-11-26 | 181.5641975 |
| 2019-11-27 | 195.0925926 |
| 2019-11-29 | 201.571927 |
| 2019-12-02 | 199.4608159 |
| 2019-12-03 | 178.4163714 |
| 2019-12-04 | 174.5583468 |
| 2019-12-05 | 164.9645196 |
| 2019-12-06 | 177.8802469 |
| 2019-12-09 | 193.5925926 |
| 2019-12-10 | 202.9012346 |
| 2019-12-11 | 202.9864198 |
| 2019-12-12 | 194.0938272 |
| 2019-12-13 | 161.1222222 |
| 2019-12-16 | 161.4246914 |
| 2019-12-17 | 166.1407407 |
| 2019-12-18 | 169.7296296 |
| 2019-12-19 | 195.3938272 |
| 2019-12-20 | 222.8160494 |
| 2019-12-23 | 219.7691358 |
| 2019-12-24 | 208.2800322 |
| 2019-12-26 | 207.8133655 |
| 2019-12-27 | 193.4170692 |
| 2019-12-30 | 181.3343532 |
| 2019-12-31 | 171.0504026 |
| 2020-01-02 | 178.8950617 |
| 2020-01-03 | 165.2345679 |
| 2020-01-06 | 163.4271605 |
| 2020-01-07 | 160.9987654 |
| 2020-01-08 | 156.9160494 |
| 2020-01-09 | 151.5432099 |
| 2020-01-10 | 159.7555556 |
| 2020-01-13 | 160.4160494 |
| 2020-01-14 | 162.7716049 |
| 2020-01-15 | 166.5333333 |
| 2020-01-16 | 177.1444444 |
| 2020-01-17 | 183.6617284 |
| 2020-01-21 | 188.0024691 |
| 2020-01-22 | 196.2604938 |
| 2020-01-23 | 199.6679012 |
| 2020-01-24 | 183.4074074 |
| 2020-01-27 | 165.3160494 |
| 2020-01-28 | 158.837037 |
| 2020-01-29 | 147.2740741 |
| 2020-01-30 | 131.8975309 |
| 2020-01-31 | 128.9111111 |
| 2020-02-03 | 130.4197531 |
| 2020-02-04 | 130.4975309 |
| 2020-02-05 | 126.5148148 |
| 2020-02-06 | 134.9333333 |
| 2020-02-07 | 134.6 |
| 2020-02-10 | 141.9246914 |
| 2020-02-11 | 142.5481481 |
| 2020-02-12 | 152.1567901 |
| 2020-02-13 | 152.7679012 |
| 2020-02-14 | 160.2049383 |
| 2020-02-18 | 162.3444444 |
| 2020-02-19 | 170.1864198 |
| 2020-02-20 | 161.2753086 |
| 2020-02-21 | 153 |
| 2020-02-24 | 135.2580247 |
| 2020-02-25 | 108.7382716 |
| 2020-02-26 | 75.7037037 |
| 2020-02-27 | 54.20617284 |
| 2020-02-28 | 35.28148148 |
| 2020-03-02 | 24.81111111 |
| 2020-03-03 | 19.4037037 |
| 2020-03-04 | 18.3691358 |
| 2020-03-05 | 18.40740741 |
| 2020-03-06 | 18.72592593 |
| 2020-03-09 | 22.00384615 |
| 2020-03-10 | 21.68409307 |
| 2020-03-11 | 18.92730294 |
| 2020-03-12 | 16.25731244 |
| 2020-03-13 | 14.76595442 |
| 2020-03-16 | 9.218518519 |
| 2020-03-17 | 8.313580247 |
| 2020-03-18 | 7.483075481 |
| 2020-03-19 | 7.265411663 |
| 2020-03-20 | 7.114794379 |
| 2020-03-23 | 7.49542116 |
| 2020-03-24 | 8.605297703 |
| 2020-03-25 | 11.31358025 |
| 2020-03-26 | 11.56419753 |
| 2020-03-27 | 12.32469136 |
| 2020-03-30 | 12.99382716 |
| 2020-03-31 | 13.9037037 |
| 2020-04-01 | 13.52716049 |
| 2020-04-02 | 14.64691358 |
| 2020-04-03 | 16.58641975 |
| 2020-04-06 | 20.1345679 |
| 2020-04-07 | 20.22345679 |
| 2020-04-08 | 20.82962963 |
| 2020-04-09 | 22.36419753 |
| 2020-04-13 | 22.71975309 |
| 2020-04-14 | 23.2382716 |
| 2020-04-15 | 26.09135802 |
| 2020-04-16 | 27.19753086 |
| 2020-04-17 | 30.25555556 |
| 2020-04-20 | 32.41851852 |
| 2020-04-21 | 31.2 |
| 2020-04-22 | 32.10617284 |
| 2020-04-23 | 32.80864198 |
| 2020-04-24 | 33.00123457 |
| 2020-04-27 | 37.20617284 |
| 2020-04-28 | 39.86419753 |
| 2020-04-29 | 41.49876543 |
| 2020-04-30 | 42.43333333 |
| 2020-05-01 | 43.78518519 |
| 2020-05-04 | 42.18888889 |
| 2020-05-05 | 46.53580247 |
| 2020-05-06 | 46.49135802 |
| 2020-05-07 | 50.27283951 |
| 2020-05-08 | 55.87777778 |
| 2020-05-11 | 60.78888889 |
| 2020-05-12 | 60.9 |
| 2020-05-13 | 60.74074074 |
| 2020-05-14 | 57.74567901 |
| 2020-05-15 | 50.36049383 |
| 2020-05-18 | 50.50246914 |
| 2020-05-19 | 47.77160494 |
| 2020-05-20 | 52.17530864 |
| 2020-05-21 | 55.4345679 |
| 2020-05-22 | 60.95802469 |
| 2020-05-26 | 62.49012346 |
| 2020-05-27 | 63.76419753 |
| 2020-05-28 | 63.0617284 |
| 2020-05-29 | 59.52839506 |
| 2020-06-01 | 61.59012346 |
| 2020-06-02 | 62.48518519 |
| 2020-06-03 | 71.10493827 |
| 2020-06-04 | 74.23703704 |
| 2020-06-05 | 82.03950617 |
| 2020-06-08 | 84.05679012 |
| 2020-06-09 | 82.11975309 |
| 2020-06-10 | 71.65308642 |
| 2020-06-11 | 63.08518519 |
| 2020-06-12 | 51.02222222 |
| 2020-06-15 | 39.18641975 |
| 2020-06-16 | 28.31234568 |
| 2020-06-17 | 26.95061728 |
| 2020-06-18 | 28.0382716 |
| 2020-06-19 | 32.67654321 |
| 2020-06-22 | 39.03333333 |
| 2020-06-23 | 46.53950617 |
| 2020-06-24 | 46.53703704 |
| 2020-06-25 | 46.31975309 |
| 2020-06-26 | 44.93209877 |
| 2020-06-29 | 42.5962963 |
| 2020-06-30 | 41.8617284 |
| 2020-07-01 | 43.96419753 |
| 2020-07-02 | 47.56296296 |
| 2020-07-06 | 53.05802469 |
| 2020-07-07 | 57.79259259 |
| 2020-07-08 | 59.42098765 |
| 2020-07-09 | 59.43580247 |
| 2020-07-10 | 57.9345679 |
| 2020-07-13 | 59.05925926 |
| 2020-07-14 | 51.35308642 |
| 2020-07-15 | 47.65925926 |
| 2020-07-16 | 48.4382716 |
| 2020-07-17 | 54.64691358 |
| 2020-07-20 | 59.9037037 |
| 2020-07-21 | 67.26419753 |
| 2020-07-22 | 74.46666667 |
| 2020-07-23 | 74.17037037 |
| 2020-07-24 | 70.9654321 |
| 2020-07-27 | 73.34320988 |
| 2020-07-28 | 75.99012346 |
| 2020-07-29 | 81.31728395 |
| 2020-07-30 | 84.27407407 |
| 2020-07-31 | 87.77407407 |
| 2020-08-03 | 83.08641975 |
| 2020-08-04 | 82.98765432 |
| 2020-08-05 | 82.12222222 |
| 2020-08-06 | 89.70123457 |
| 2020-08-07 | 89.3037037 |
| 2020-08-10 | 89.56049383 |
| 2020-08-11 | 91.67654321 |
| 2020-08-12 | 89.47654321 |
| 2020-08-13 | 86.58765432 |
| 2020-08-14 | 85.69382716 |
| 2020-08-17 | 90.74320988 |
| 2020-08-18 | 93.61604938 |
| 2020-08-19 | 99.82098765 |
| 2020-08-20 | 102.037037 |
| 2020-08-21 | 104.1987654 |
| 2020-08-24 | 102.4641975 |
| 2020-08-25 | 98.71481481 |
| 2020-08-26 | 102.7308642 |
| 2020-08-27 | 96.01234568 |
| 2020-08-28 | 98.38765432 |
| 2020-08-31 | 96.54938272 |
| 2020-09-01 | 98.44074074 |
| 2020-09-02 | 86.74814815 |
| 2020-09-03 | 79.72716049 |
| 2020-09-04 | 65.24567901 |
| 2020-09-08 | 51.50493827 |
| 2020-09-09 | 41.96049383 |
| 2020-09-10 | 31.49259259 |
| 2020-09-11 | 28.84444444 |
| 2020-09-14 | 34.85185185 |
| 2020-09-15 | 46.95679012 |
| 2020-09-16 | 49.55185185 |
| 2020-09-17 | 54.25925926 |
| 2020-09-18 | 63.69012346 |
| 2020-09-21 | 65.45185185 |
| 2020-09-22 | 59.07777778 |
| 2020-09-23 | 58.75679012 |
| 2020-09-24 | 55.47777778 |
| 2020-09-25 | 51.33209877 |
| 2020-09-28 | 53.6037037 |
| 2020-09-29 | 57.47654321 |
| 2020-09-30 | 57.21851852 |
| 2020-10-01 | 57.79382716 |
| 2020-10-02 | 56.0617284 |
| 2020-10-05 | 55.84074074 |
| 2020-10-06 | 52.05555556 |
| 2020-10-07 | 53.98765432 |
| 2020-10-08 | 58.34444444 |
| 2020-10-09 | 64.36790123 |
| 2020-10-12 | 63.92345679 |
| 2020-10-13 | 64.58395062 |
| 2020-10-14 | 62.75802469 |
| 2020-10-15 | 60.0691358 |
| 2020-10-16 | 59.2037037 |
| 2020-10-19 | 55.90617284 |
| 2020-10-20 | 56.46296296 |
| 2020-10-21 | 55.19506173 |
| 2020-10-22 | 56.78395062 |
| 2020-10-23 | 56.82469136 |
| 2020-10-26 | 55.98271605 |
| 2020-10-27 | 55.72592593 |
| 2020-10-28 | 56.16296296 |
| 2020-10-29 | 53.40987654 |
| 2020-10-30 | 45.9037037 |
| 2020-11-02 | 42.62098765 |
| 2020-11-03 | 41.71234568 |
| 2020-11-04 | 36.38271605 |
| 2020-11-05 | 33.98024691 |
| 2020-11-06 | 36.74197531 |
| 2020-11-09 | 35.10493827 |
| 2020-11-10 | 32.67777778 |
| 2020-11-11 | 39.13580247 |
| 2020-11-12 | 41.63580247 |
| 2020-11-13 | 48.37530864 |
| 2020-11-16 | 56.82345679 |
| 2020-11-17 | 64.27777778 |
| 2020-11-18 | 68.69135802 |
| 2020-11-19 | 72.38888889 |
| 2020-11-20 | 69.30864198 |
| 2020-11-23 | 65.74320988 |
| 2020-11-24 | 66.07407407 |
| 2020-11-25 | 63.27777778 |
| 2020-11-27 | 65.98639291 |
| 2020-11-30 | 68.35429415 |
| 2020-12-01 | 70.65305958 |
| 2020-12-02 | 69.79256575 |
| 2020-12-03 | 71.8407139 |
| 2020-12-04 | 76.11111111 |
| 2020-12-07 | 80.01234568 |
| 2020-12-08 | 87.0654321 |
| 2020-12-09 | 86.95185185 |
| 2020-12-10 | 84.75185185 |
| 2020-12-11 | 77.13950617 |
| 2020-12-14 | 74.11604938 |
| 2020-12-15 | 74.29382716 |
| 2020-12-16 | 77.97530864 |
| 2020-12-17 | 87.9691358 |
| 2020-12-18 | 90.75802469 |
| 2020-12-21 | 84.84444444 |
| 2020-12-22 | 76.27037037 |
| 2020-12-23 | 76.02222222 |
| 2020-12-24 | 66.36596887 |
| 2020-12-28 | 75.15115405 |
| 2020-12-29 | 80.32769726 |
| 2020-12-30 | 86.10424047 |
| 2020-12-31 | 86.05362319 |
| 2021-01-04 | 82.4962963 |
| 2021-01-05 | 71.04938272 |
| 2021-01-06 | 66.68765432 |
| 2021-01-07 | 62.79135802 |
| 2021-01-08 | 55.98518519 |
| 2021-01-11 | 56.02839506 |
| 2021-01-12 | 54.00987654 |
| 2021-01-13 | 57.24814815 |
| 2021-01-14 | 61.64814815 |
| 2021-01-15 | 62.86049383 |
| 2021-01-19 | 69.09506173 |
| 2021-01-20 | 78.51234568 |
| 2021-01-21 | 85.20246914 |
| 2021-01-22 | 85.87777778 |
| 2021-01-25 | 82.78395062 |
| 2021-01-26 | 79.5345679 |
| 2021-01-27 | 66.88024691 |
| 2021-01-28 | 54.19012346 |
| 2021-01-29 | 41.30987654 |
| 2021-02-01 | 40.83703704 |
| 2021-02-02 | 43.68271605 |
| 2021-02-03 | 49.55925926 |
| 2021-02-04 | 62.85802469 |
| 2021-02-05 | 76.23950617 |
| 2021-02-08 | 87.45925926 |
| 2021-02-09 | 93.11234568 |
| 2021-02-10 | 92.56296296 |
| 2021-02-11 | 86.8617284 |
| 2021-02-12 | 86.59506173 |
| 2021-02-16 | 80.03703704 |
| 2021-02-17 | 70.47901235 |
| 2021-02-18 | 71.87037037 |
| 2021-02-19 | 71.70123457 |
| 2021-02-22 | 66.88765432 |
| 2021-02-23 | 61.86296296 |
| 2021-02-24 | 61.79876543 |
| 2021-02-25 | 55.88148148 |
| 2021-02-26 | 47.47037037 |
| 2021-03-01 | 48.29876543 |
| 2021-03-02 | 49.20617284 |
| 2021-03-03 | 43.62345679 |
| 2021-03-04 | 41.69135802 |
| 2021-03-05 | 40.65555556 |
| 2021-03-08 | 32.63950617 |
| 2021-03-09 | 34.83950617 |
| 2021-03-10 | 35.59382716 |
| 2021-03-11 | 41.84814815 |
| 2021-03-12 | 44.24197531 |
| 2021-03-15 | 53.18641975 |
| 2021-03-16 | 57.85802469 |
| 2021-03-17 | 62.09876543 |
| 2021-03-18 | 63.7962963 |
| 2021-03-19 | 67.37407407 |
| 2021-03-22 | 70.32098765 |
| 2021-03-23 | 69.86666667 |
| 2021-03-24 | 73.79876543 |
| 2021-03-25 | 72.22839506 |
| 2021-03-26 | 78.95925926 |
| 2021-03-29 | 75.25925926 |
| 2021-03-30 | 73.13580247 |
| 2021-03-31 | 80.34444444 |
| 2021-04-01 | 89.00246914 |
| 2021-04-05 | 93.1962963 |
| 2021-04-06 | 102.2259259 |
| 2021-04-07 | 108.0839506 |
| 2021-04-08 | 107.5111111 |
| 2021-04-09 | 111.1024691 |
| 2021-04-12 | 111.4802469 |
| 2021-04-13 | 109 |
| 2021-04-14 | 109.3691358 |
| 2021-04-15 | 112.5901235 |
| 2021-04-16 | 111.7061728 |
| 2021-04-19 | 108.5580247 |
| 2021-04-20 | 103.3209877 |
| 2021-04-21 | 106.1135802 |
| 2021-04-22 | 99.05308642 |
| 2021-04-23 | 99.73209877 |
| 2021-04-26 | 102.2111111 |
| 2021-04-27 | 102.3123457 |
| 2021-04-28 | 100.2444444 |
| 2021-04-29 | 98.3 |
| 2021-04-30 | 91.65308642 |
| 2021-05-03 | 87.71111111 |
| 2021-05-04 | 85.33580247 |
| 2021-05-05 | 81.55185185 |
| 2021-05-06 | 81.96666667 |
| 2021-05-07 | 85.5382716 |
| 2021-05-10 | 87.74444444 |
| 2021-05-11 | 84.52222222 |
| 2021-05-12 | 76.95802469 |
| 2021-05-13 | 74.08395062 |
| 2021-05-14 | 68.38641975 |
| 2021-05-17 | 62.22716049 |
| 2021-05-18 | 67.58395062 |
| 2021-05-19 | 68.4 |
| 2021-05-20 | 72.34197531 |
| 2021-05-21 | 73.87407407 |
| 2021-05-24 | 83.22716049 |
| 2021-05-25 | 85.72839506 |
| 2021-05-26 | 98.95555556 |
| 2021-05-27 | 100.5802469 |
| 2021-05-28 | 106.9308642 |
| 2021-06-01 | 102.3814815 |
| 2021-06-02 | 104.2666667 |
| 2021-06-03 | 97.5962963 |
| 2021-06-04 | 99.8691358 |
| 2021-06-07 | 98.97530864 |
| 2021-06-08 | 103.6209877 |
| 2021-06-09 | 103.6617284 |
| 2021-06-10 | 104.0987654 |
| 2021-06-11 | 100.8111111 |
| 2021-06-14 | 102.7358025 |
| 2021-06-15 | 101.454321 |
| 2021-06-16 | 100.4679012 |
| 2021-06-17 | 99.09135802 |
| 2021-06-18 | 94.28518519 |
| 2021-06-21 | 88.24691358 |
| 2021-06-22 | 88.07654321 |
| 2021-06-23 | 91.65555556 |
| 2021-06-24 | 96.16049383 |
| 2021-06-25 | 109.7777778 |
| 2021-06-28 | 116.3666667 |
| 2021-06-29 | 119.7469136 |
| 2021-06-30 | 120.945679 |
| 2021-07-01 | 128.0888889 |
| 2021-07-02 | 129.291358 |
| 2021-07-06 | 132.491358 |
| 2021-07-07 | 126.9358025 |
| 2021-07-08 | 116.2432099 |
| 2021-07-09 | 119.6679012 |
| 2021-07-12 | 123.1938272 |
| 2021-07-13 | 114.7432099 |
| 2021-07-14 | 117.0728395 |
| 2021-07-15 | 122.9395062 |
| 2021-07-16 | 111.1728395 |
| 2021-07-19 | 90.58024691 |
| 2021-07-20 | 91.23209877 |
| 2021-07-21 | 90.38024691 |
| 2021-07-22 | 92.42469136 |
| 2021-07-23 | 101.3802469 |
| 2021-07-26 | 111.8679012 |
| 2021-07-27 | 107.7530864 |
| 2021-07-28 | 102.1345679 |
| 2021-07-29 | 104.3444444 |
| 2021-07-30 | 94.93209877 |
| 2021-08-02 | 89.39382716 |
| 2021-08-03 | 91.80987654 |
| 2021-08-04 | 95.53209877 |
| 2021-08-05 | 100.2493827 |
| 2021-08-06 | 107.9530864 |
| 2021-08-09 | 116.4728395 |
| 2021-08-10 | 123.1481481 |
| 2021-08-11 | 131.737037 |
| 2021-08-12 | 137.5703704 |
| 2021-08-13 | 144.6209877 |
| 2021-08-16 | 147.2641975 |
| 2021-08-17 | 140.1135802 |
| 2021-08-18 | 130.1691358 |
| 2021-08-19 | 107.7246914 |
| 2021-08-20 | 92.57901235 |
| 2021-08-23 | 94.55185185 |
| 2021-08-24 | 106.554321 |
| 2021-08-25 | 118.4703704 |
| 2021-08-26 | 127.4098765 |
| 2021-08-27 | 137.2358025 |
| 2021-08-30 | 140.3123457 |
| 2021-08-31 | 136.1283951 |
| 2021-09-01 | 132.4209877 |
| 2021-09-02 | 140.0716049 |
| 2021-09-03 | 136.4654321 |
| 2021-09-07 | 131.4135802 |
| 2021-09-08 | 124.5864198 |
| 2021-09-09 | 120.5012346 |
| 2021-09-10 | 107.182716 |
| 2021-09-13 | 93.45679012 |
| 2021-09-14 | 83.05061728 |
| 2021-09-15 | 83.07037037 |
| 2021-09-16 | 76.43209877 |
| 2021-09-17 | 76.48888889 |
| 2021-09-20 | 76.52469136 |
| 2021-09-21 | 68.6382716 |
| 2021-09-22 | 61.79506173 |
| 2021-09-23 | 61.20740741 |
| 2021-09-24 | 63.14320988 |
| 2021-09-27 | 68.36296296 |
| 2021-09-28 | 67.78641975 |
| 2021-09-29 | 66.78641975 |
| 2021-09-30 | 60.19135802 |
| 2021-10-01 | 53.19506173 |
| 2021-10-04 | 44.65061728 |
| 2021-10-05 | 48.27530864 |
| 2021-10-06 | 45.10617284 |
| 2021-10-07 | 52.7382716 |
| 2021-10-08 | 55.49259259 |
| 2021-10-11 | 59.20864198 |
| 2021-10-12 | 54.02716049 |
| 2021-10-13 | 56.1 |
| 2021-10-14 | 57.13333333 |
| 2021-10-15 | 64.30493827 |
| 2021-10-18 | 70.21604938 |
| 2021-10-19 | 84.77654321 |
| 2021-10-20 | 91.8037037 |
| 2021-10-21 | 98.16666667 |
| 2021-10-22 | 90.93950617 |
| 2021-10-25 | 92.91481481 |
| 2021-10-26 | 86.71481481 |
| 2021-10-27 | 84.58888889 |
| 2021-10-28 | 76.08518519 |
| 2021-10-29 | 80.30246914 |
| 2021-11-01 | 76.00493827 |
| 2021-11-02 | 81.2 |
| 2021-11-03 | 83.68888889 |
| 2021-11-04 | 88.71234568 |
| 2021-11-05 | 89.65925926 |
| 2021-11-08 | 88.73950617 |
| 2021-11-09 | 78.80493827 |
| 2021-11-10 | 75.44691358 |
| 2021-11-11 | 73.56419753 |
| 2021-11-12 | 78.51234568 |
| 2021-11-15 | 77.4691358 |
| 2021-11-16 | 85.27160494 |
| 2021-11-17 | 89.74074074 |
| 2021-11-18 | 87.09135802 |
| 2021-11-19 | 79.95061728 |
| 2021-11-22 | 81.07037037 |
| 2021-11-23 | 70.85802469 |
| 2021-11-24 | 64.0962963 |
| 2021-11-26 | 55.19197531 |
| 2021-11-29 | 51.31666667 |
| 2021-11-30 | 43.50308642 |
| 2021-12-01 | 42.89567901 |
| 2021-12-02 | 36.43148148 |
| 2021-12-03 | 35.45308642 |
| 2021-12-06 | 31.25925926 |
| 2021-12-07 | 39.36790123 |
| 2021-12-08 | 41.4962963 |
| 2021-12-09 | 45.8962963 |
| 2021-12-10 | 49.41604938 |
| 2021-12-13 | 51.07037037 |
| 2021-12-14 | 45.06296296 |
| 2021-12-15 | 43.01481481 |
| 2021-12-16 | 41.44814815 |
| 2021-12-17 | 39.22839506 |
| 2021-12-20 | 36.74567901 |
| 2021-12-21 | 39.2617284 |
| 2021-12-22 | 41.88765432 |
| 2021-12-23 | 49.74444444 |
| 2021-12-27 | 59.4 |
| 2021-12-28 | 63.38271605 |
| 2021-12-29 | 63.96296296 |
| 2021-12-30 | 65.00617284 |
| 2021-12-31 | 57.78888889 |
| 2022-01-03 | 52.6654321 |
| 2022-01-04 | 53.27530864 |
| 2022-01-05 | 50.99382716 |
| 2022-01-06 | 45.20123457 |
| 2022-01-07 | 44.00123457 |
| 2022-01-10 | 39.54567901 |
| 2022-01-11 | 35.76419753 |
| 2022-01-12 | 33.05308642 |
| 2022-01-13 | 34.28641975 |
| 2022-01-14 | 31.60864198 |
| 2022-01-18 | 30.18641975 |
| 2022-01-19 | 28.36419753 |
| 2022-01-20 | 27.08518519 |
| 2022-01-21 | 23.20987654 |
| 2022-01-24 | 20.82098765 |
| 2022-01-25 | 18.18765432 |
| 2022-01-26 | 15.31234568 |
| 2022-01-27 | 12.48888889 |
| 2022-01-28 | 12.69506173 |
| 2022-01-31 | 15.1382716 |
| 2022-02-01 | 16.82839506 |
| 2022-02-02 | 18.16666667 |
| 2022-02-03 | 19.9962963 |
| 2022-02-04 | 21.13950617 |
| 2022-02-07 | 20.96666667 |
| 2022-02-08 | 23.14814815 |
| 2022-02-09 | 26.89506173 |
| 2022-02-10 | 27.26666667 |
| 2022-02-11 | 27.00864198 |
| 2022-02-14 | 26.10246914 |
| 2022-02-15 | 26.62592593 |
| 2022-02-16 | 24.86790123 |
| 2022-02-17 | 26.30246914 |
| 2022-02-18 | 26.84197531 |
| 2022-02-22 | 27.13580247 |
| 2022-02-23 | 25.10617284 |
| 2022-02-24 | 21.88024691 |
| 2022-02-25 | 19.68765432 |
| 2022-02-28 | 18.37777778 |
| 2022-03-01 | 17.42345679 |
| 2022-03-02 | 16.24320988 |
| 2022-03-03 | 17.07530864 |
| 2022-03-04 | 16.5382716 |
| 2022-03-07 | 16.28395062 |
| 2022-03-08 | 15.81481481 |
| 2022-03-09 | 15.74814815 |
| 2022-03-10 | 16.2308642 |
| 2022-03-11 | 15.52098765 |
| 2022-03-14 | 15.25432099 |
| 2022-03-15 | 16.5962963 |
| 2022-03-16 | 16.7654321 |
| 2022-03-17 | 17.05555556 |
| 2022-03-18 | 19.64074074 |
| 2022-03-21 | 21.31234568 |
| 2022-03-22 | 23.8654321 |
| 2022-03-23 | 25.90740741 |
| 2022-03-24 | 28.19382716 |
| 2022-03-25 | 28.91481481 |
| 2022-03-28 | 31.42469136 |
| 2022-03-29 | 30.5037037 |
| 2022-03-30 | 31.98024691 |
| 2022-03-31 | 31.80493827 |
| 2022-04-01 | 32.49506173 |
| 2022-04-04 | 34.27530864 |
| 2022-04-05 | 35.42716049 |
| 2022-04-06 | 34.28024691 |
| 2022-04-07 | 33.1654321 |
| 2022-04-08 | 32.80987654 |
| 2022-04-11 | 30.54691358 |
| 2022-04-12 | 29.60123457 |
| 2022-04-13 | 31.28395062 |
| 2022-04-14 | 32.77160494 |
| 2022-04-18 | 33.18765432 |
| 2022-04-19 | 34.77654321 |
| 2022-04-20 | 34.69506173 |
| 2022-04-21 | 33.48888889 |
| 2022-04-22 | 32.33333333 |
| 2022-04-25 | 30.06790123 |
| 2022-04-26 | 26.78765432 |
| 2022-04-27 | 24.03209877 |
| 2022-04-28 | 22.72592593 |
| 2022-04-29 | 21.28148148 |
| 2022-05-02 | 20.05802469 |
| 2022-05-03 | 18.45432099 |
| 2022-05-04 | 19.1382716 |
| 2022-05-05 | 17 |
| 2022-05-06 | 15.06049383 |
| 2022-05-09 | 14.66296296 |
| 2022-05-10 | 13.93333333 |
| 2022-05-11 | 12.37901235 |
| 2022-05-12 | 11.97901235 |
| 2022-05-13 | 15.27283951 |
| 2022-05-16 | 16.16419753 |
| 2022-05-17 | 18.12716049 |
| 2022-05-18 | 20.89135802 |
| 2022-05-19 | 21.37654321 |
| 2022-05-20 | 19.65925926 |
| 2022-05-23 | 20.15802469 |
| 2022-05-24 | 19.97530864 |
| 2022-05-25 | 18.61728395 |
| 2022-05-26 | 21.64938272 |
| 2022-05-27 | 26.1 |
| 2022-05-31 | 26.51234568 |
| 2022-06-01 | 27.10123457 |
| 2022-06-02 | 29.05308642 |
| 2022-06-03 | 27.49135802 |
| 2022-06-06 | 24.31975309 |
| 2022-06-07 | 28.20123457 |
| 2022-06-08 | 30.6382716 |
| 2022-06-09 | 31.73950617 |
| 2022-06-10 | 30.6617284 |
| 2022-06-13 | 29.04814815 |
| 2022-06-14 | 25.50740741 |
| 2022-06-15 | 22.78641975 |
| 2022-06-16 | 20.42716049 |
| 2022-06-17 | 21.04938272 |
| 2022-06-21 | 24.02962963 |
| 2022-06-22 | 24.27037037 |
| 2022-06-23 | 23.97777778 |
| 2022-06-24 | 27.93950617 |
| 2022-06-27 | 29.10864198 |
| 2022-06-28 | 28.83950617 |
| 2022-06-29 | 29.08271605 |
| 2022-06-30 | 29.94074074 |
| 2022-07-01 | 26.19876543 |
| 2022-07-05 | 26.10864198 |
| 2022-07-06 | 24.09259259 |
| 2022-07-07 | 26.82098765 |
| 2022-07-08 | 27.27037037 |
| 2022-07-11 | 29.94938272 |
| 2022-07-12 | 32.2037037 |
| 2022-07-13 | 34.3654321 |
| 2022-07-14 | 32.04567901 |
| 2022-07-15 | 34.10864198 |
| 2022-07-18 | 35.45432099 |
| 2022-07-19 | 37.97530864 |
| 2022-07-20 | 39.11358025 |
| 2022-07-21 | 40.90617284 |
| 2022-07-22 | 40.87777778 |
| 2022-07-25 | 40.31234568 |
| 2022-07-26 | 40.82222222 |
| 2022-07-27 | 42.20246914 |
| 2022-07-28 | 43.46790123 |
| 2022-07-29 | 46.19259259 |
| 2022-08-01 | 46.27160494 |
| 2022-08-02 | 43.3308642 |
| 2022-08-03 | 46.09753086 |
| 2022-08-04 | 45.3037037 |
| 2022-08-05 | 45.22962963 |
| 2022-08-08 | 45.04691358 |
| 2022-08-09 | 46.61728395 |
| 2022-08-10 | 45.6382716 |
| 2022-08-11 | 48.53209877 |
| 2022-08-12 | 51.20246914 |
| 2022-08-15 | 57.68765432 |
| 2022-08-16 | 60.95802469 |
| 2022-08-17 | 59.82962963 |
| 2022-08-18 | 60.94938272 |
| 2022-08-19 | 60.83950617 |
| 2022-08-22 | 61.03580247 |
| 2022-08-23 | 58.82345679 |
| 2022-08-24 | 62.42962963 |
| 2022-08-25 | 63.67037037 |
| 2022-08-26 | 59.02345679 |
| 2022-08-29 | 52.44197531 |
| 2022-08-30 | 51.22962963 |
| 2022-08-31 | 46.14444444 |
| 2022-09-01 | 40.76419753 |
| 2022-09-02 | 39.11975309 |
| 2022-09-06 | 37.25555556 |
| 2022-09-07 | 36.61111111 |
| 2022-09-08 | 35.09753086 |
| 2022-09-09 | 33.95185185 |
| 2022-09-12 | 35.76296296 |
| 2022-09-13 | 38.55925926 |
| 2022-09-14 | 38.13580247 |
| 2022-09-15 | 39.81111111 |
| 2022-09-16 | 42.03333333 |
| 2022-09-19 | 43.09135802 |
| 2022-09-20 | 45.46790123 |
| 2022-09-21 | 44.94938272 |
| 2022-09-22 | 43.73580247 |
| 2022-09-23 | 42.6308642 |
| 2022-09-26 | 40.0037037 |
| 2022-09-27 | 36.07283951 |
| 2022-09-28 | 36.07654321 |
| 2022-09-29 | 36.69876543 |
| 2022-09-30 | 35.65432099 |
| 2022-10-03 | 36.85432099 |
| 2022-10-04 | 36.9382716 |
| 2022-10-05 | 37.0037037 |
| 2022-10-06 | 35.58271605 |
| 2022-10-07 | 35.70246914 |
| 2022-10-10 | 34.27037037 |
| 2022-10-11 | 32.87160494 |
| 2022-10-12 | 31.71234568 |
| 2022-10-13 | 30.26419753 |
| 2022-10-14 | 28.33580247 |
| 2022-10-17 | 29.83333333 |
| 2022-10-18 | 30.89753086 |
| 2022-10-19 | 31.37407407 |
| 2022-10-20 | 34.29876543 |
| 2022-10-21 | 35.27037037 |
| 2022-10-24 | 33.27901235 |
| 2022-10-25 | 35.66049383 |
| 2022-10-26 | 35.49135802 |
| 2022-10-27 | 34.28148148 |
| 2022-10-28 | 38.51481481 |
| 2022-10-31 | 39.71358025 |
| 2022-11-01 | 37.18271605 |
| 2022-11-02 | 37.50987654 |
| 2022-11-03 | 36.89012346 |
| 2022-11-04 | 31.47037037 |
| 2022-11-07 | 31.80493827 |
| 2022-11-08 | 32.92839506 |
| 2022-11-09 | 32.72469136 |
| 2022-11-10 | 34.17777778 |
| 2022-11-11 | 36.39012346 |
| 2022-11-14 | 36.51604938 |
| 2022-11-15 | 33.54567901 |
| 2022-11-16 | 32.92962963 |
| 2022-11-17 | 33.04197531 |
| 2022-11-18 | 32.6617284 |
| 2022-11-21 | 33.59012346 |
| 2022-11-22 | 38.24567901 |
| 2022-11-23 | 41.1654321 |
| 2022-11-25 | 42.62734836 |
| 2022-11-28 | 47.4680891 |
| 2022-11-29 | 49.60512614 |
| 2022-11-30 | 49.20759528 |
| 2022-12-01 | 46.86932367 |
| 2022-12-02 | 47.71234568 |
| 2022-12-05 | 45.73580247 |
| 2022-12-06 | 44.58641975 |
| 2022-12-07 | 42.2691358 |
| 2022-12-08 | 46.49382716 |
| 2022-12-09 | 42.66790123 |
| 2022-12-12 | 43.67407407 |
| 2022-12-13 | 38.27407407 |
| 2022-12-14 | 36.64320988 |
| 2022-12-15 | 33.01728395 |
| 2022-12-16 | 34.85679012 |
| 2022-12-19 | 33.8037037 |
| 2022-12-20 | 38.18518519 |
| 2022-12-21 | 44.0308642 |
| 2022-12-22 | 46.28271605 |
| 2022-12-23 | 45.07654321 |
| 2022-12-27 | 42.39135802 |
| 2022-12-28 | 41.3691358 |
| 2022-12-29 | 40.86790123 |
| 2022-12-30 | 38.77777778 |
| 2023-01-03 | 37.9654321 |
| 2023-01-04 | 38.88518519 |
| 2023-01-05 | 38.98024691 |
| 2023-01-06 | 38.5691358 |
| 2023-01-09 | 42.74691358 |
| 2023-01-10 | 45.30246914 |
| 2023-01-11 | 50.92839506 |
| 2023-01-12 | 50.79506173 |
| 2023-01-13 | 51.74814815 |
| 2023-01-17 | 50.52469136 |
| 2023-01-18 | 53.35802469 |
| 2023-01-19 | 50.99012346 |
| 2023-01-20 | 55.79382716 |
| 2023-01-23 | 56.20493827 |
| 2023-01-24 | 55.57283951 |
| 2023-01-25 | 53.14320988 |
| 2023-01-26 | 52.05061728 |
| 2023-01-27 | 52.51111111 |
| 2023-01-30 | 51.9691358 |
| 2023-01-31 | 55.75802469 |
| 2023-02-01 | 55.05308642 |
| 2023-02-02 | 54.75925926 |
| 2023-02-03 | 49.05061728 |
| 2023-02-06 | 46.98148148 |
| 2023-02-07 | 41.43580247 |
| 2023-02-08 | 43.08518519 |
| 2023-02-09 | 44.2691358 |
| 2023-02-10 | 46.69753086 |
| 2023-02-13 | 50.29506173 |
| 2023-02-14 | 49.58271605 |
| 2023-02-15 | 49.95185185 |
| 2023-02-16 | 49.90740741 |
| 2023-02-17 | 53.35925926 |
| 2023-02-21 | 54.74567901 |
| 2023-02-22 | 58.32345679 |
| 2023-02-23 | 61.22345679 |
| 2023-02-24 | 63.39506173 |
| 2023-02-27 | 63.80864198 |
| 2023-02-28 | 64.19135802 |
| 2023-03-01 | 67.16790123 |
| 2023-03-02 | 69.02839506 |
| 2023-03-03 | 72.08271605 |
| 2023-03-06 | 73.00493827 |
| 2023-03-07 | 70.89259259 |
| 2023-03-08 | 69.30493827 |
| 2023-03-09 | 67.79259259 |
| 2023-03-10 | 56.98148148 |
| 2023-03-13 | 45.10123457 |
| 2023-03-14 | 40.45432099 |
| 2023-03-15 | 32.05185185 |
| 2023-03-16 | 25.61481481 |
| 2023-03-17 | 27.34320988 |
| 2023-03-20 | 31.14814815 |
| 2023-03-21 | 34.5962963 |
| 2023-03-22 | 39.14197531 |
| 2023-03-23 | 41.35061728 |
| 2023-03-24 | 42.25185185 |
| 2023-03-27 | 43.66296296 |
| 2023-03-28 | 44.74814815 |
| 2023-03-29 | 49.52962963 |
| 2023-03-30 | 53.31975309 |
| 2023-03-31 | 64.37530864 |
| 2023-04-03 | 72.07283951 |
| 2023-04-04 | 73.39382716 |
| 2023-04-05 | 76.01851852 |
| 2023-04-06 | 78.7617284 |
| 2023-04-10 | 74.62345679 |
| 2023-04-11 | 76.41604938 |
| 2023-04-12 | 74.25925926 |
| 2023-04-13 | 74.8617284 |
| 2023-04-14 | 73.04938272 |
| 2023-04-17 | 71.4962963 |
| 2023-04-18 | 67.99382716 |
| 2023-04-19 | 72.54074074 |
| 2023-04-20 | 71.5 |
| 2023-04-21 | 72.71851852 |
| 2023-04-24 | 76.96790123 |
| 2023-04-25 | 78.27901235 |
| 2023-04-26 | 77.3308642 |
| 2023-04-27 | 81.41975309 |
| 2023-04-28 | 78.43580247 |
| 2023-05-01 | 75.56296296 |
| 2023-05-02 | 73.54938272 |
| 2023-05-03 | 69.0962963 |
| 2023-05-04 | 59.2691358 |
| 2023-05-05 | 61.60864198 |
| 2023-05-08 | 60.74938272 |
| 2023-05-09 | 61.42469136 |
| 2023-05-10 | 61.23950617 |
| 2023-05-11 | 62.59506173 |
| 2023-05-12 | 61.03950617 |
| 2023-05-15 | 62.30246914 |
| 2023-05-16 | 61.94320988 |
| 2023-05-17 | 66.61481481 |
| 2023-05-18 | 67.17530864 |
| 2023-05-19 | 65.62592593 |
| 2023-05-22 | 62.7691358 |
| 2023-05-23 | 62.86419753 |
| 2023-05-24 | 59.92716049 |
| 2023-05-25 | 58.4382716 |
| 2023-05-26 | 60.14938272 |
| 2023-05-30 | 60.10987654 |
| 2023-05-31 | 60.34074074 |
| 2023-06-01 | 62.73580247 |
| 2023-06-02 | 67.34320988 |
| 2023-06-05 | 67.20246914 |
| 2023-06-06 | 69.09135802 |
| 2023-06-07 | 68.45555556 |
| 2023-06-08 | 70.91481481 |
| 2023-06-09 | 68.28024691 |
| 2023-06-12 | 68.65555556 |
| 2023-06-13 | 67.32592593 |
| 2023-06-14 | 65.50987654 |
| 2023-06-15 | 59.94814815 |
| 2023-06-16 | 58.04320988 |
| 2023-06-20 | 56.17777778 |
| 2023-06-21 | 53.85185185 |
| 2023-06-22 | 53.0382716 |
| 2023-06-23 | 53.82222222 |
| 2023-06-26 | 56.26666667 |
| 2023-06-27 | 61.42592593 |
| 2023-06-28 | 64.8 |
| 2023-06-29 | 69.70740741 |
| 2023-06-30 | 77.17037037 |
| 2023-07-03 | 81.41500268 |
| 2023-07-05 | 80.9298175 |
| 2023-07-06 | 87.45080515 |
| 2023-07-07 | 91.34957059 |
| 2023-07-10 | 86.72734836 |
| 2023-07-11 | 86.65308642 |
| 2023-07-12 | 86.93333333 |
| 2023-07-13 | 85.08518519 |
| 2023-07-14 | 80.32839506 |
| 2023-07-17 | 82.32345679 |
| 2023-07-18 | 83.91975309 |
| 2023-07-19 | 82.45061728 |
| 2023-07-20 | 78.62469136 |
| 2023-07-21 | 78.55061728 |
| 2023-07-24 | 76.80987654 |
| 2023-07-25 | 79.16666667 |
| 2023-07-26 | 77.85061728 |
| 2023-07-27 | 78.15061728 |
| 2023-07-28 | 78.10740741 |
| 2023-07-31 | 77.61975309 |
| 2023-08-01 | 72.59382716 |
| 2023-08-02 | 75.42592593 |
| 2023-08-03 | 76.27283951 |
| 2023-08-04 | 76.63209877 |
| 2023-08-07 | 78.7654321 |
| 2023-08-08 | 77.83580247 |
| 2023-08-09 | 77.22222222 |
| 2023-08-10 | 70.6 |
| 2023-08-11 | 66.4 |
| 2023-08-14 | 61.66790123 |
| 2023-08-15 | 57.38641975 |
| 2023-08-16 | 51.95925926 |
| 2023-08-17 | 55.12962963 |
| 2023-08-18 | 53.8691358 |
| 2023-08-21 | 53.8654321 |
| 2023-08-22 | 53.9345679 |
| 2023-08-23 | 55.60617284 |
| 2023-08-24 | 54.41111111 |
| 2023-08-25 | 52.25432099 |
| 2023-08-28 | 49.59382716 |
| 2023-08-29 | 51.15185185 |
| 2023-08-30 | 51.22469136 |
| 2023-08-31 | 53.80740741 |
| 2023-09-01 | 58.10740741 |
| 2023-09-05 | 64.29259259 |
| 2023-09-06 | 67.70246914 |
| 2023-09-07 | 70.81234568 |
| 2023-09-08 | 70.78641975 |
| 2023-09-11 | 72.04691358 |
| 2023-09-12 | 69.29506173 |
| 2023-09-13 | 68.68518519 |
| 2023-09-14 | 70.02962963 |
| 2023-09-15 | 70.28518519 |
| 2023-09-18 | 72.96049383 |
| 2023-09-19 | 76.21728395 |
| 2023-09-20 | 73.97037037 |
| 2023-09-21 | 70.92716049 |
| 2023-09-22 | 70.67654321 |
| 2023-09-25 | 67.20987654 |
| 2023-09-26 | 64.85061728 |
| 2023-09-27 | 63.45679012 |
| 2023-09-28 | 61.25555556 |
| 2023-09-29 | 57.1382716 |
| 2023-10-02 | 53.05185185 |
| 2023-10-03 | 47.85555556 |
| 2023-10-04 | 45.42222222 |
| 2023-10-05 | 43.00123457 |
| 2023-10-06 | 43.14074074 |
| 2023-10-09 | 45.49382716 |
| 2023-10-10 | 48.67407407 |
| 2023-10-11 | 51.00493827 |
| 2023-10-12 | 52.45308642 |
| 2023-10-13 | 53.24444444 |
| 2023-10-16 | 55.17160494 |
| 2023-10-17 | 53.89876543 |
| 2023-10-18 | 52.25061728 |
| 2023-10-19 | 49.92592593 |
| 2023-10-20 | 49.27283951 |
| 2023-10-23 | 46.45925926 |
| 2023-10-24 | 45.05802469 |
| 2023-10-25 | 44.5 |
| 2023-10-26 | 45.21604938 |
| 2023-10-27 | 44.22222222 |
| 2023-10-30 | 46.42592593 |
| 2023-10-31 | 47.72469136 |
| 2023-11-01 | 47.62592593 |
| 2023-11-02 | 52.88641975 |
| 2023-11-03 | 57.64074074 |
| 2023-11-06 | 60.89259259 |
| 2023-11-07 | 65.80740741 |
| 2023-11-08 | 70.31975309 |
| 2023-11-09 | 69.60123457 |
| 2023-11-10 | 71.19506173 |
| 2023-11-13 | 72.04197531 |
| 2023-11-14 | 72.41481481 |
| 2023-11-15 | 73.14197531 |
| 2023-11-16 | 75.53703704 |
| 2023-11-17 | 77.06296296 |
| 2023-11-20 | 79.34074074 |
| 2023-11-21 | 79.57901235 |
| 2023-11-22 | 80.98148148 |
| 2023-11-24 | 80.32962963 |
| 2023-11-27 | 80.6308642 |
| 2023-11-28 | 80.85185185 |
| 2023-11-29 | 81.98024691 |
| 2023-11-30 | 83.76049383 |
| 2023-12-01 | 83.49506173 |
| 2023-12-04 | 87.10740741 |
| 2023-12-05 | 86.26296296 |
| 2023-12-06 | 89.23580247 |
| 2023-12-07 | 92.33209877 |
| 2023-12-08 | 92.72592593 |
| 2023-12-11 | 91.31851852 |
| 2023-12-12 | 93.58888889 |
| 2023-12-13 | 94.47530864 |
| 2023-12-14 | 89.65925926 |
| 2023-12-15 | 86.61604938 |
| 2023-12-18 | 88.9382716 |
| 2023-12-19 | 91.88518519 |
| 2023-12-20 | 89.71358025 |
| 2023-12-21 | 84.86666667 |
| 2023-12-22 | 86.50987654 |
| 2023-12-26 | 80.29876543 |
| 2023-12-27 | 73.53580247 |
| 2023-12-28 | 70.31728395 |
| 2023-12-29 | 71.43580247 |
| 2024-01-02 | 71.15555556 |
| 2024-01-03 | 67.49259259 |
| 2024-01-04 | 63.25061728 |
| 2024-01-05 | 58.71234568 |
| 2024-01-08 | 62.15802469 |
| 2024-01-09 | 63.72592593 |
| 2024-01-10 | 67.90246914 |
| 2024-01-11 | 66.25679012 |
| 2024-01-12 | 66.7345679 |
| 2024-01-16 | 62.34938272 |
| 2024-01-17 | 60.03209877 |
| 2024-01-18 | 56.74444444 |
| 2024-01-19 | 60.50740741 |
| 2024-01-22 | 60.04938272 |
| 2024-01-23 | 62.63580247 |
| 2024-01-24 | 62.25802469 |
| 2024-01-25 | 60.98641975 |
| 2024-01-26 | 59.56419753 |
| 2024-01-29 | 63.16419753 |
| 2024-01-30 | 62.67160494 |
| 2024-01-31 | 61.87283951 |
| 2024-02-01 | 61.56049383 |
| 2024-02-02 | 60.61728395 |
| 2024-02-05 | 58.47407407 |
| 2024-02-06 | 56.76790123 |
| 2024-02-07 | 58.09382716 |
| 2024-02-08 | 62.90123457 |
| 2024-02-09 | 67.95185185 |
| 2024-02-12 | 71.41358025 |
| 2024-02-13 | 72.86666667 |
| 2024-02-14 | 72.15925926 |
| 2024-02-15 | 70.07901235 |
| 2024-02-16 | 66.04691358 |
| 2024-02-20 | 60.21111111 |
| 2024-02-21 | 58.2691358 |
| 2024-02-22 | 57.94814815 |
| 2024-02-23 | 55.64938272 |
| 2024-02-26 | 55.89382716 |
| 2024-02-27 | 58.0691358 |
| 2024-02-28 | 60.48765432 |
| 2024-02-29 | 62.57654321 |
| 2024-03-01 | 69.81481481 |
| 2024-03-04 | 77.59753086 |
| 2024-03-05 | 78.11728395 |
| 2024-03-06 | 76.54938272 |
| 2024-03-07 | 78.62098765 |
| 2024-03-08 | 68.48271605 |
| 2024-03-11 | 55.20864198 |
| 2024-03-12 | 51.90740741 |
| 2024-03-13 | 53.47160494 |
| 2024-03-14 | 47.74691358 |
| 2024-03-15 | 49.62716049 |
| 2024-03-18 | 53.57283951 |
| 2024-03-19 | 55.10246914 |
| 2024-03-20 | 52.77160494 |
| 2024-03-21 | 54.98024691 |
| 2024-03-22 | 58.12345679 |
| 2024-03-25 | 60.73580247 |
| 2024-03-26 | 66.2308642 |
| 2024-03-27 | 70.11481481 |
| 2024-03-28 | 74.39382716 |
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 Standard & Poor's 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 | Jan. 2001 = 100 |
|---|---|
| 2000-12-01 | 99.90788133 |
| 2001-01-01 | 100 |
| 2001-02-01 | 100.2192712 |
| 2001-03-01 | 100.4764044 |
| 2001-04-01 | 100.3952541 |
| 2001-05-01 | 100.0814704 |
| 2001-06-01 | 99.87430125 |
| 2001-07-01 | 99.99135966 |
| 2001-08-01 | 99.75524143 |
| 2001-09-01 | 99.05491309 |
| 2001-10-01 | 99.13889931 |
| 2001-11-01 | 99.04670349 |
| 2001-12-01 | 99.17154908 |
| 2002-01-01 | 98.69589148 |
| 2002-02-01 | 98.1207089 |
| 2002-03-01 | 97.47977099 |
| 2002-04-01 | 96.96367503 |
| 2002-05-01 | 97.14842568 |
| 2002-06-01 | 97.48864045 |
| 2002-07-01 | 97.98841224 |
| 2002-08-01 | 98.44870314 |
| 2002-09-01 | 99.17174387 |
| 2002-10-01 | 99.91686717 |
| 2002-11-01 | 100.8056523 |
| 2002-12-01 | 101.8922739 |
| 2003-01-01 | 102.2710745 |
| 2003-02-01 | 102.233401 |
| 2003-03-01 | 102.2432757 |
| 2003-04-01 | 102.9887833 |
| 2003-05-01 | 103.6279631 |
| 2003-06-01 | 103.9768497 |
| 2003-07-01 | 104.3492254 |
| 2003-08-01 | 104.4884913 |
| 2003-09-01 | 104.7011577 |
| 2003-10-01 | 105.3219055 |
| 2003-11-01 | 106.0095944 |
| 2003-12-01 | 106.4505435 |
| 2004-01-01 | 106.3026533 |
| 2004-02-01 | 106.2747086 |
| 2004-03-01 | 106.3848957 |
| 2004-04-01 | 107.0516632 |
| 2004-05-01 | 107.5594544 |
| 2004-06-01 | 108.4291346 |
| 2004-07-01 | 109.8820255 |
| 2004-08-01 | 111.1611244 |
| 2004-09-01 | 112.271208 |
| 2004-10-01 | 112.9477338 |
| 2004-11-01 | 114.0968252 |
| 2004-12-01 | 115.7067299 |
| 2005-01-01 | 116.6924392 |
| 2005-02-01 | 117.233275 |
| 2005-03-01 | 117.5132921 |
| 2005-04-01 | 117.9622958 |
| 2005-05-01 | 119.439766 |
| 2005-06-01 | 120.8593749 |
| 2005-07-01 | 121.8792266 |
| 2005-08-01 | 122.9210453 |
| 2005-09-01 | 123.0947111 |
| 2005-10-01 | 124.3700478 |
| 2005-11-01 | 126.6264339 |
| 2005-12-01 | 128.149762 |
| 2006-01-01 | 128.0394513 |
| 2006-02-01 | 128.5991155 |
| 2006-03-01 | 128.6012816 |
| 2006-04-01 | 128.0360286 |
| 2006-05-01 | 127.7724757 |
| 2006-06-01 | 127.8256976 |
| 2006-07-01 | 127.7165515 |
| 2006-08-01 | 127.7004076 |
| 2006-09-01 | 128.5790787 |
| 2006-10-01 | 129.6143857 |
| 2006-11-01 | 130.3013355 |
| 2006-12-01 | 130.7436314 |
| 2007-01-01 | 131.1913372 |
| 2007-02-01 | 131.52309 |
| 2007-03-01 | 131.5258552 |
| 2007-04-01 | 131.903688 |
| 2007-05-01 | 132.2730017 |
| 2007-06-01 | 133.0291382 |
| 2007-07-01 | 133.6777962 |
| 2007-08-01 | 133.9216915 |
| 2007-09-01 | 132.8253493 |
| 2007-10-01 | 131.3774707 |
| 2007-11-01 | 129.2764849 |
| 2007-12-01 | 128.1265358 |
| 2008-01-01 | 126.409009 |
| 2008-02-01 | 125.1220234 |
| 2008-03-01 | 123.2019261 |
| 2008-04-01 | 121.5879257 |
| 2008-05-01 | 119.546513 |
| 2008-06-01 | 117.1528136 |
| 2008-07-01 | 115.2007837 |
| 2008-08-01 | 114.2256272 |
| 2008-09-01 | 112.7970618 |
| 2008-10-01 | 112.1111939 |
| 2008-11-01 | 112.1809699 |
| 2008-12-01 | 111.0492694 |
| 2009-01-01 | 108.1816201 |
| 2009-02-01 | 105.2033557 |
| 2009-03-01 | 102.4709523 |
| 2009-04-01 | 99.71137274 |
| 2009-05-01 | 96.95573853 |
| 2009-06-01 | 93.78166174 |
| 2009-07-01 | 91.76863702 |
| 2009-08-01 | 89.67531174 |
| 2009-09-01 | 88.03341599 |
| 2009-10-01 | 86.65569516 |
| 2009-11-01 | 85.54826372 |
| 2009-12-01 | 84.85141826 |
| 2010-01-01 | 83.90196601 |
| 2010-02-01 | 83.3911701 |
| 2010-03-01 | 82.71737914 |
| 2010-04-01 | 82.36299761 |
| 2010-05-01 | 82.22165926 |
| 2010-06-01 | 82.36398851 |
| 2010-07-01 | 82.55902823 |
| 2010-08-01 | 82.78926703 |
| 2010-09-01 | 83.17975845 |
| 2010-10-01 | 83.54307347 |
| 2010-11-01 | 83.91773841 |
| 2010-12-01 | 84.07034092 |
| 2011-01-01 | 83.8391212 |
| 2011-02-01 | 83.49653791 |
| 2011-03-01 | 82.73461581 |
| 2011-04-01 | 82.30608878 |
| 2011-05-01 | 82.15283027 |
| 2011-06-01 | 82.60286717 |
| 2011-07-01 | 83.04421554 |
| 2011-08-01 | 83.42426673 |
| 2011-09-01 | 83.94286072 |
| 2011-10-01 | 84.6858317 |
| 2011-11-01 | 85.19352164 |
| 2011-12-01 | 85.72654803 |
| 2012-01-01 | 85.61225255 |
| 2012-02-01 | 85.47926572 |
| 2012-03-01 | 85.07167107 |
| 2012-04-01 | 85.04985335 |
| 2012-05-01 | 85.40270005 |
| 2012-06-01 | 85.82756728 |
| 2012-07-01 | 86.31659555 |
| 2012-08-01 | 86.26938582 |
| 2012-09-01 | 86.42536582 |
| 2012-10-01 | 87.10971264 |
| 2012-11-01 | 88.21568083 |
| 2012-12-01 | 89.1105982 |
| 2013-01-01 | 89.43896617 |
| 2013-02-01 | 89.25981685 |
| 2013-03-01 | 89.57098403 |
| 2013-04-01 | 90.26274761 |
| 2013-05-01 | 90.79867419 |
| 2013-06-01 | 91.37287861 |
| 2013-07-01 | 92.17854249 |
| 2013-08-01 | 92.93944566 |
| 2013-09-01 | 93.70706208 |
| 2013-10-01 | 94.81692024 |
| 2013-11-01 | 95.83414339 |
| 2013-12-01 | 96.62601295 |
| 2014-01-01 | 97.03444652 |
| 2014-02-01 | 97.43508923 |
| 2014-03-01 | 97.56457018 |
| 2014-04-01 | 98.01801949 |
| 2014-05-01 | 98.48817157 |
| 2014-06-01 | 99.13513912 |
| 2014-07-01 | 99.97862785 |
| 2014-08-01 | 100.9227726 |
| 2014-09-01 | 101.6311647 |
| 2014-10-01 | 102.7356942 |
| 2014-11-01 | 104.2307465 |
| 2014-12-01 | 105.8332877 |
| 2015-01-01 | 107.3395552 |
| 2015-02-01 | 107.7897175 |
| 2015-03-01 | 107.9421267 |
| 2015-04-01 | 108.4249517 |
| 2015-05-01 | 108.5085737 |
| 2015-06-01 | 108.7176028 |
| 2015-07-01 | 109.2687227 |
| 2015-08-01 | 109.996427 |
| 2015-09-01 | 110.7516569 |
| 2015-10-01 | 111.3932502 |
| 2015-11-01 | 112.1792266 |
| 2015-12-01 | 113.0483767 |
| 2016-01-01 | 113.2586358 |
| 2016-02-01 | 113.5521024 |
| 2016-03-01 | 113.5268248 |
| 2016-04-01 | 113.5832684 |
| 2016-05-01 | 113.8415211 |
| 2016-06-01 | 114.2464052 |
| 2016-07-01 | 115.2080919 |
| 2016-08-01 | 115.8205123 |
| 2016-09-01 | 116.1726142 |
| 2016-10-01 | 116.5433655 |
| 2016-11-01 | 117.1323775 |
| 2016-12-01 | 117.3997782 |
| 2017-01-01 | 116.9953312 |
| 2017-02-01 | 116.9270176 |
| 2017-03-01 | 117.2416719 |
| 2017-04-01 | 117.4788786 |
| 2017-05-01 | 118.1041972 |
| 2017-06-01 | 118.7816925 |
| 2017-07-01 | 119.6389983 |
| 2017-08-01 | 120.0346782 |
| 2017-09-01 | 120.1210013 |
| 2017-10-01 | 120.8121255 |
| 2017-11-01 | 121.2882067 |
| 2017-12-01 | 121.7610046 |
| 2018-01-01 | 121.5306845 |
| 2018-02-01 | 121.5303809 |
| 2018-03-01 | 121.9362962 |
| 2018-04-01 | 122.2178869 |
| 2018-05-01 | 122.5045473 |
| 2018-06-01 | 123.1181801 |
| 2018-07-01 | 123.9196772 |
| 2018-08-01 | 124.6071648 |
| 2018-09-01 | 125.0539144 |
| 2018-10-01 | 125.2073297 |
| 2018-11-01 | 125.8452805 |
| 2018-12-01 | 126.4052753 |
| 2019-01-01 | 126.4130105 |
| 2019-02-01 | 126.2911294 |
| 2019-03-01 | 126.2044445 |
| 2019-04-01 | 126.3341938 |
| 2019-05-01 | 126.9857121 |
| 2019-06-01 | 127.9451972 |
| 2019-07-01 | 128.6878962 |
| 2019-08-01 | 129.5264135 |
| 2019-09-01 | 130.0616601 |
| 2019-10-01 | 130.207241 |
| 2019-11-01 | 130.5908816 |
| 2019-12-01 | 131.0096957 |
| 2020-01-01 | 130.8340396 |
| 2020-02-01 | 130.7733132 |
| 2020-03-01 | 131.1500217 |
| 2020-04-01 | 131.8317104 |
| 2020-05-01 | 131.4751282 |
| 2020-06-01 | 130.5424068 |
| 2020-07-01 | 130.1378381 |
| 2020-08-01 | 130.6126776 |
| 2020-09-01 | 131.8584571 |
| 2020-10-01 | 133.4406075 |
| 2020-11-01 | 135.1013607 |
| 2020-12-01 | 136.35646 |
| 2021-01-01 | 137.0340036 |
| 2021-02-01 | 137.4058823 |
| 2021-03-01 | 137.615617 |
| 2021-04-01 | 137.8128089 |
| 2021-05-01 | 138.314667 |
| 2021-06-01 | 138.9964557 |
| 2021-07-01 | 140.7157271 |
| 2021-08-01 | 143.1578887 |
| 2021-09-01 | 145.5907414 |
| 2021-10-01 | 147.1126399 |
| 2021-11-01 | 148.8863346 |
| 2021-12-01 | 150.4424255 |
| 2022-01-01 | 150.3398755 |
| 2022-02-01 | 149.41771 |
| 2022-03-01 | 147.6920177 |
| 2022-04-01 | 147.5623662 |
| 2022-05-01 | 147.083209 |
| 2022-06-01 | 146.1700245 |
| 2022-07-01 | 146.6263521 |
| 2022-08-01 | 146.277511 |
| 2022-09-01 | 144.8185275 |
| 2022-10-01 | 142.5591334 |
| 2022-11-01 | 140.5218923 |
| 2022-12-01 | 138.4559787 |
| 2023-01-01 | 134.8977571 |
| 2023-02-01 | 132.099581 |
| 2023-03-01 | 130.1640688 |
| 2023-04-01 | 128.4637786 |
| 2023-05-01 | 127.4365758 |
| 2023-06-01 | 126.6210883 |
| 2023-07-01 | 126.230755 |
| 2023-08-01 | 125.6405676 |
| 2023-09-01 | 125.2827025 |
| 2023-10-01 | 125.2121657 |
| 2023-11-01 | 125.266913 |
| 2023-12-01 | 125.1009944 |
| 2024-01-01 | 124.0725072 |
| 2024-02-01 | 122.9684575 |
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
Percent
| Date | Percent |
|---|---|
| 2001-01-01 | 8.57989741 |
| 2001-02-01 | 8.574046489 |
| 2001-03-01 | 8.561989697 |
| 2001-04-01 | 8.568342304 |
| 2001-05-01 | 8.591625327 |
| 2001-06-01 | 8.594615923 |
| 2001-07-01 | 8.6101211 |
| 2001-08-01 | 8.641056719 |
| 2001-09-01 | 8.655288755 |
| 2001-10-01 | 8.679044561 |
| 2001-11-01 | 8.725277391 |
| 2001-12-01 | 8.792315534 |
| 2002-01-01 | 8.819822962 |
| 2002-02-01 | 8.860719401 |
| 2002-03-01 | 8.88724549 |
| 2002-04-01 | 8.910460908 |
| 2002-05-01 | 8.905000918 |
| 2002-06-01 | 8.896379856 |
| 2002-07-01 | 8.852049348 |
| 2002-08-01 | 8.79501265 |
| 2002-09-01 | 8.73416556 |
| 2002-10-01 | 8.674044525 |
| 2002-11-01 | 8.61899609 |
| 2002-12-01 | 8.544885816 |
| 2003-01-01 | 8.497136174 |
| 2003-02-01 | 8.4645379 |
| 2003-03-01 | 8.455077922 |
| 2003-04-01 | 8.434485708 |
| 2003-05-01 | 8.395839521 |
| 2003-06-01 | 8.353448802 |
| 2003-07-01 | 8.323366828 |
| 2003-08-01 | 8.272360713 |
| 2003-09-01 | 8.256441706 |
| 2003-10-01 | 8.228072575 |
| 2003-11-01 | 8.198637451 |
| 2003-12-01 | 8.147957011 |
| 2004-01-01 | 8.113645987 |
| 2004-02-01 | 8.051983518 |
| 2004-03-01 | 7.989427051 |
| 2004-04-01 | 7.94373754 |
| 2004-05-01 | 7.912444885 |
| 2004-06-01 | 7.87588976 |
| 2004-07-01 | 7.845330492 |
| 2004-08-01 | 7.818807848 |
| 2004-09-01 | 7.75991065 |
| 2004-10-01 | 7.714431776 |
| 2004-11-01 | 7.657350195 |
| 2004-12-01 | 7.574750757 |
| 2005-01-01 | 7.527501283 |
| 2005-02-01 | 7.500876348 |
| 2005-03-01 | 7.462826849 |
| 2005-04-01 | 7.412860429 |
| 2005-05-01 | 7.352633439 |
| 2005-06-01 | 7.295349367 |
| 2005-07-01 | 7.238369271 |
| 2005-08-01 | 7.188579989 |
| 2005-09-01 | 7.136240466 |
| 2005-10-01 | 7.085665012 |
| 2005-11-01 | 7.054713096 |
| 2005-12-01 | 7.023864306 |
| 2006-01-01 | 6.977383082 |
| 2006-02-01 | 6.946358117 |
| 2006-03-01 | 6.907713383 |
| 2006-04-01 | 6.873758933 |
| 2006-05-01 | 6.847685522 |
| 2006-06-01 | 6.816424251 |
| 2006-07-01 | 6.778093348 |
| 2006-08-01 | 6.763648492 |
| 2006-09-01 | 6.743515793 |
| 2006-10-01 | 6.735970104 |
| 2006-11-01 | 6.725970892 |
| 2006-12-01 | 6.711367583 |
| 2007-01-01 | 6.693994176 |
| 2007-02-01 | 6.682568883 |
| 2007-03-01 | 6.668560158 |
| 2007-04-01 | 6.649227381 |
| 2007-05-01 | 6.62707761 |
| 2007-06-01 | 6.616301495 |
| 2007-07-01 | 6.616757401 |
| 2007-08-01 | 6.606369579 |
| 2007-09-01 | 6.602583644 |
| 2007-10-01 | 6.594944779 |
| 2007-11-01 | 6.586401447 |
| 2007-12-01 | 6.584345714 |
| 2008-01-01 | 6.589050539 |
| 2008-02-01 | 6.599620601 |
| 2008-03-01 | 6.616996498 |
| 2008-04-01 | 6.643872334 |
| 2008-05-01 | 6.684524328 |
| 2008-06-01 | 6.729662154 |
| 2008-07-01 | 6.771604282 |
| 2008-08-01 | 6.825750378 |
| 2008-09-01 | 6.870187222 |
| 2008-10-01 | 6.890966074 |
| 2008-11-01 | 6.93548321 |
| 2008-12-01 | 6.986544317 |
| 2009-01-01 | 7.044987845 |
| 2009-02-01 | 7.053238677 |
| 2009-03-01 | 7.07978514 |
| 2009-04-01 | 7.086916744 |
| 2009-05-01 | 7.12275683 |
| 2009-06-01 | 7.176377444 |
| 2009-07-01 | 7.260869119 |
| 2009-08-01 | 7.338198263 |
| 2009-09-01 | 7.422877786 |
| 2009-10-01 | 7.525061257 |
| 2009-11-01 | 7.568013187 |
| 2009-12-01 | 7.638560078 |
| 2010-01-01 | 7.647795624 |
| 2010-02-01 | 7.678250457 |
| 2010-03-01 | 7.738547174 |
| 2010-04-01 | 7.816543281 |
| 2010-05-01 | 7.830351279 |
| 2010-06-01 | 7.813880179 |
| 2010-07-01 | 7.783874392 |
| 2010-08-01 | 7.799878998 |
| 2010-09-01 | 7.762599704 |
| 2010-10-01 | 7.731650039 |
| 2010-11-01 | 7.706613266 |
| 2010-12-01 | 7.64711485 |
| 2011-01-01 | 7.636477889 |
| 2011-02-01 | 7.609878881 |
| 2011-03-01 | 7.561883288 |
| 2011-04-01 | 7.541582654 |
| 2011-05-01 | 7.509583563 |
| 2011-06-01 | 7.464878233 |
| 2011-07-01 | 7.434328029 |
| 2011-08-01 | 7.384329621 |
| 2011-09-01 | 7.351283236 |
| 2011-10-01 | 7.345766949 |
| 2011-11-01 | 7.316647559 |
| 2011-12-01 | 7.286025663 |
| 2012-01-01 | 7.25146612 |
| 2012-02-01 | 7.252402367 |
| 2012-03-01 | 7.230503615 |
| 2012-04-01 | 7.194750424 |
| 2012-05-01 | 7.164376226 |
| 2012-06-01 | 7.145066967 |
| 2012-07-01 | 7.130808368 |
| 2012-08-01 | 7.121137806 |
| 2012-09-01 | 7.107983061 |
| 2012-10-01 | 7.072796337 |
| 2012-11-01 | 7.049808658 |
| 2012-12-01 | 7.014479061 |
| 2013-01-01 | 7.017863264 |
| 2013-02-01 | 7.000941914 |
| 2013-03-01 | 6.993063575 |
| 2013-04-01 | 6.976457977 |
| 2013-05-01 | 6.979811145 |
| 2013-06-01 | 6.960841242 |
| 2013-07-01 | 6.95503934 |
| 2013-08-01 | 6.927353892 |
| 2013-09-01 | 6.923190302 |
| 2013-10-01 | 6.930920981 |
| 2013-11-01 | 6.942241129 |
| 2013-12-01 | 6.926955252 |
| 2014-01-01 | 6.900869865 |
| 2014-02-01 | 6.884390976 |
| 2014-03-01 | 6.863904125 |
| 2014-04-01 | 6.865491059 |
| 2014-05-01 | 6.845328258 |
| 2014-06-01 | 6.824740107 |
| 2014-07-01 | 6.799563907 |
| 2014-08-01 | 6.784243493 |
| 2014-09-01 | 6.74564139 |
| 2014-10-01 | 6.709267841 |
| 2014-11-01 | 6.686019478 |
| 2014-12-01 | 6.644695563 |
| 2015-01-01 | 6.628753424 |
| 2015-02-01 | 6.617910657 |
| 2015-03-01 | 6.598499039 |
| 2015-04-01 | 6.560480938 |
| 2015-05-01 | 6.534458208 |
| 2015-06-01 | 6.525913443 |
| 2015-07-01 | 6.506781252 |
| 2015-08-01 | 6.485626139 |
| 2015-09-01 | 6.479076116 |
| 2015-10-01 | 6.459788132 |
| 2015-11-01 | 6.435124319 |
| 2015-12-01 | 6.419296509 |
| 2016-01-01 | 6.423306998 |
| 2016-02-01 | 6.409381038 |
| 2016-03-01 | 6.395765863 |
| 2016-04-01 | 6.389512309 |
| 2016-05-01 | 6.378130458 |
| 2016-06-01 | 6.361573153 |
| 2016-07-01 | 6.339554707 |
| 2016-08-01 | 6.333472896 |
| 2016-09-01 | 6.313272606 |
| 2016-10-01 | 6.301493684 |
| 2016-11-01 | 6.307440009 |
| 2016-12-01 | 6.316049636 |
| 2017-01-01 | 6.296047147 |
| 2017-02-01 | 6.297070032 |
| 2017-03-01 | 6.306535582 |
| 2017-04-01 | 6.311614154 |
| 2017-05-01 | 6.303677062 |
| 2017-06-01 | 6.288486122 |
| 2017-07-01 | 6.283363825 |
| 2017-08-01 | 6.278404148 |
| 2017-09-01 | 6.271011886 |
| 2017-10-01 | 6.270512705 |
| 2017-11-01 | 6.263424333 |
| 2017-12-01 | 6.244489961 |
| 2018-01-01 | 6.238659254 |
| 2018-02-01 | 6.228588066 |
| 2018-03-01 | 6.213383239 |
| 2018-04-01 | 6.204013508 |
| 2018-05-01 | 6.196302555 |
| 2018-06-01 | 6.199286231 |
| 2018-07-01 | 6.200976128 |
| 2018-08-01 | 6.192751412 |
| 2018-09-01 | 6.200896785 |
| 2018-10-01 | 6.198805679 |
| 2018-11-01 | 6.190004902 |
| 2018-12-01 | 6.174771812 |
| 2019-01-01 | 6.183340675 |
| 2019-02-01 | 6.177599578 |
| 2019-03-01 | 6.182445717 |
| 2019-04-01 | 6.180072692 |
| 2019-05-01 | 6.202124256 |
| 2019-06-01 | 6.189355221 |
| 2019-07-01 | 6.188487102 |
| 2019-08-01 | 6.172225442 |
| 2019-09-01 | 6.153661292 |
| 2019-10-01 | 6.139307989 |
| 2019-11-01 | 6.122354491 |
| 2019-12-01 | 6.116613587 |
| 2020-01-01 | 6.114246406 |
| 2020-02-01 | 6.11003229 |
| 2020-03-01 | 6.083398772 |
| 2020-04-01 | 6.074728126 |
| 2020-05-01 | 6.030314137 |
| 2020-06-01 | 6.023048395 |
| 2020-07-01 | 5.993409572 |
| 2020-08-01 | 5.98799345 |
| 2020-09-01 | 5.980213475 |
| 2020-10-01 | 5.960279226 |
| 2020-11-01 | 5.948080264 |
| 2020-12-01 | 5.929729593 |
| 2021-01-01 | 5.904052328 |
| 2021-02-01 | 5.896408409 |
| 2021-03-01 | 5.888596998 |
| 2021-04-01 | 5.886520222 |
| 2021-05-01 | 5.882474611 |
| 2021-06-01 | 5.871057546 |
| 2021-07-01 | 5.857865881 |
| 2021-08-01 | 5.841699834 |
| 2021-09-01 | 5.800525939 |
| 2021-10-01 | 5.767301303 |
| 2021-11-01 | 5.747738258 |
| 2021-12-01 | 5.692625421 |
| 2022-01-01 | 5.671666515 |
| 2022-02-01 | 5.651471103 |
| 2022-03-01 | 5.62099125 |
| 2022-04-01 | 5.589316031 |
| 2022-05-01 | 5.563067536 |
| 2022-06-01 | 5.534118007 |
| 2022-07-01 | 5.516636955 |
| 2022-08-01 | 5.502791309 |
| 2022-09-01 | 5.509439274 |
| 2022-10-01 | 5.522909242 |
| 2022-11-01 | 5.529124045 |
| 2022-12-01 | 5.551637797 |
| 2023-01-01 | 5.572600971 |
| 2023-02-01 | 5.580185819 |
| 2023-03-01 | 5.631420664 |
| 2023-04-01 | 5.670707145 |
| 2023-05-01 | 5.732459027 |
| 2023-06-01 | 5.795817966 |
| 2023-07-01 | 5.850909682 |
| 2023-08-01 | 5.902372674 |
| 2023-09-01 | 5.954338286 |
| 2023-10-01 | 6.005229137 |
| 2023-11-01 | 6.0535556 |
| 2023-12-01 | 6.096709272 |
| 2024-01-01 | 6.109000598 |
| 2024-02-01 | 6.139703177 |
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 for commercial real estate loans
This is a line chart titled "Banks reported tightening lending standards for commercial real estate loans." The x-axis measures time and ranges from 1997 to 2024. The data are quarterly. There is one line on the chart. The line shows "Net percentage of banks reporting." 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." The series begins at about -7 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 reaches its minimum of -25 in 2004:Q4. From there the series climbs to over 90 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 27 in 2016, and remains roughly steady until another quick peak of 65 in 2020:Q2, before a dramatic decline to -17 in 2021:Q3. The series increased to 60 in mid-2023 before declining again to 20 in the final value for 2024:Q1.
Note: Banks' responses are weighted by their commercial real estate loan market shares. Survey respondents to the Senior Loan Officer Opinion Survey on Bank Lending Practices are asked about the changes over the quarter. 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 1.17. House prices continued to increase in recent months
12-month percent change
| Date | Zillow | CoreLogic | Case-Shiller |
|---|---|---|---|
| 2003-01-01 | 7.263325344 | 9.678970732 | 9.62727585 |
| 2003-02-01 | 7.348212249 | 9.623167733 | 9.758809442 |
| 2003-03-01 | 7.42269462 | 9.580487463 | 9.64979225 |
| 2003-04-01 | 7.503365548 | 9.496493054 | 9.462293432 |
| 2003-05-01 | 7.58896016 | 9.260170108 | 9.148108287 |
| 2003-06-01 | 7.650222201 | 9.001245789 | 8.910324532 |
| 2003-07-01 | 7.686484722 | 8.817260078 | 8.860861832 |
| 2003-08-01 | 7.720708153 | 8.961028176 | 9.011464764 |
| 2003-09-01 | 7.78877467 | 9.36735388 | 9.235795681 |
| 2003-10-01 | 7.864245207 | 9.868415397 | 9.386396068 |
| 2003-11-01 | 7.917256402 | 10.30474666 | 9.57833228 |
| 2003-12-01 | 7.943818691 | 10.86757998 | 9.815178923 |
| 2004-01-01 | 8.001816067 | 11.3589443 | 10.23110067 |
| 2004-02-01 | 8.129492042 | 11.76165048 | 10.67560196 |
| 2004-03-01 | 8.327783303 | 12.32588625 | 11.42216379 |
| 2004-04-01 | 8.56356039 | 12.99239681 | 12.02390988 |
| 2004-05-01 | 8.841710231 | 13.4892931 | 12.50758495 |
| 2004-06-01 | 9.175491721 | 14.13114973 | 12.97755761 |
| 2004-07-01 | 9.547996937 | 14.5069748 | 13.13776457 |
| 2004-08-01 | 9.885963511 | 14.57418145 | 13.1205413 |
| 2004-09-01 | 10.16034558 | 14.72051251 | 13.15290341 |
| 2004-10-01 | 10.37821778 | 14.97593235 | 13.27728656 |
| 2004-11-01 | 10.58686272 | 15.1937203 | 13.49715356 |
| 2004-12-01 | 10.82348894 | 15.46762967 | 13.6360381 |
| 2005-01-01 | 11.05863811 | 15.57258385 | 13.80143558 |
| 2005-02-01 | 11.26332901 | 15.82524358 | 14.00408364 |
| 2005-03-01 | 11.42054722 | 16.21193679 | 14.22820655 |
| 2005-04-01 | 11.60176697 | 16.36076032 | 14.24271446 |
| 2005-05-01 | 11.73581344 | 16.20894327 | 14.29919773 |
| 2005-06-01 | 11.83335718 | 16.00069832 | 14.2838161 |
| 2005-07-01 | 11.85643244 | 15.87198604 | 14.28383878 |
| 2005-08-01 | 11.87608526 | 16.020985 | 14.3748781 |
| 2005-09-01 | 11.89063024 | 16.24832377 | 14.50583457 |
| 2005-10-01 | 11.89193234 | 15.96984592 | 14.36340371 |
| 2005-11-01 | 11.86637773 | 15.59444552 | 14.07619048 |
| 2005-12-01 | 11.76464289 | 15.1687426 | 13.51232117 |
| 2006-01-01 | 11.57384325 | 14.65435426 | 12.92699682 |
| 2006-02-01 | 11.31665325 | 13.79734021 | 12.0923913 |
| 2006-03-01 | 11.03966654 | 12.50052516 | 11.0402236 |
| 2006-04-01 | 10.69886656 | 10.95554709 | 9.97005988 |
| 2006-05-01 | 10.29101116 | 9.330695625 | 8.753096614 |
| 2006-06-01 | 9.75908602 | 7.486807535 | 7.28403674 |
| 2006-07-01 | 9.100213215 | 5.897810058 | 6.036760482 |
| 2006-08-01 | 8.335084794 | 4.509524688 | 4.820372897 |
| 2006-09-01 | 7.481758771 | 3.318749684 | 3.710376668 |
| 2006-10-01 | 6.633941826 | 2.404379631 | 2.965034965 |
| 2006-11-01 | 5.811384239 | 1.443279212 | 2.204040741 |
| 2006-12-01 | 5.055055526 | 0.360397088 | 1.732274721 |
| 2007-01-01 | 4.392143898 | -0.536970654 | 1.045180556 |
| 2007-02-01 | 3.786648183 | -1.38672525 | 0.534435262 |
| 2007-03-01 | 3.178519306 | -2.688552684 | -0.306429549 |
| 2007-04-01 | 2.532389019 | -3.563242903 | -0.827661312 |
| 2007-05-01 | 1.843834993 | -4.210582545 | -1.355895433 |
| 2007-06-01 | 1.154644726 | -4.529195785 | -1.63099431 |
| 2007-07-01 | 0.482553639 | -4.866322665 | -1.960890526 |
| 2007-08-01 | -0.128110868 | -5.442150213 | -2.261388286 |
| 2007-09-01 | -0.67639621 | -6.341676488 | -2.757871878 |
| 2007-10-01 | -1.184629886 | -7.471845198 | -3.542515621 |
| 2007-11-01 | -1.691996544 | -8.618457275 | -4.612536078 |
| 2007-12-01 | -2.19139619 | -9.706142858 | -5.397587731 |
| 2008-01-01 | -2.727560432 | -10.8951061 | -6.370402802 |
| 2008-02-01 | -3.317288652 | -11.99905354 | -7.277908697 |
| 2008-03-01 | -3.972761625 | -12.66020806 | -7.843460124 |
| 2008-04-01 | -4.679349976 | -13.24888305 | -8.131554384 |
| 2008-05-01 | -5.358610667 | -13.37226804 | -8.170222124 |
| 2008-06-01 | -5.998077059 | -13.40659377 | -8.262641842 |
| 2008-07-01 | -6.586098694 | -13.71448919 | -8.442455384 |
| 2008-08-01 | -7.225578102 | -14.11288273 | -8.849803029 |
| 2008-09-01 | -7.829036688 | -14.92313703 | -9.608083966 |
| 2008-10-01 | -8.39175235 | -15.72309374 | -10.34754689 |
| 2008-11-01 | -8.872924735 | -16.22159071 | -10.89860699 |
| 2008-12-01 | -9.328513319 | -16.99799061 | -11.99953848 |
| 2009-01-01 | -9.705025777 | -17.48510489 | -12.69581482 |
| 2009-02-01 | -9.909142227 | -17.08440865 | -12.74898044 |
| 2009-03-01 | -9.987654922 | -16.30912183 | -12.73972603 |
| 2009-04-01 | -9.97954847 | -15.0396562 | -12.18025341 |
| 2009-05-01 | -9.952173446 | -13.31814617 | -11.28607352 |
| 2009-06-01 | -9.850003934 | -11.57833764 | -10.05163925 |
| 2009-07-01 | -9.639454539 | -10.04742217 | -9.027819685 |
| 2009-08-01 | -9.295522257 | -8.680094264 | -8.284635987 |
| 2009-09-01 | -8.890489138 | -7.466196547 | -7.584460503 |
| 2009-10-01 | -8.4077657 | -5.847382046 | -6.641115858 |
| 2009-11-01 | -7.755346502 | -3.876084719 | -5.209201 |
| 2009-12-01 | -6.968555147 | -2.226234546 | -3.854726629 |
| 2010-01-01 | -6.117010041 | -1.407978976 | -2.919121585 |
| 2010-02-01 | -5.386467599 | -1.427193033 | -3.095786479 |
| 2010-03-01 | -4.672445547 | -0.288322081 | -1.986212545 |
| 2010-04-01 | -3.930030098 | 0.808339147 | -1.048046822 |
| 2010-05-01 | -3.193602265 | 1.020375791 | -0.762637511 |
| 2010-06-01 | -2.602275061 | 0.671182038 | -1.395193591 |
| 2010-07-01 | -2.292499751 | -0.181456002 | -2.109452736 |
| 2010-08-01 | -2.1725608 | -1.219282802 | -2.814097033 |
| 2010-09-01 | -2.207888805 | -2.114657967 | -3.354942191 |
| 2010-10-01 | -2.36049412 | -2.776037413 | -3.674540682 |
| 2010-11-01 | -2.713319845 | -3.567738381 | -4.136812221 |
| 2010-12-01 | -3.161467984 | -3.714601876 | -4.111550525 |
| 2011-01-01 | -3.643022289 | -3.627147544 | -4.110344828 |
| 2011-02-01 | -4.083452443 | -3.546760699 | -3.718979378 |
| 2011-03-01 | -4.538044299 | -4.342528936 | -4.045961003 |
| 2011-04-01 | -5.072604078 | -4.543280796 | -4.291609354 |
| 2011-05-01 | -5.608134646 | -4.425405327 | -4.318552775 |
| 2011-06-01 | -6.023028203 | -3.925763927 | -3.899532868 |
| 2011-07-01 | -6.145359192 | -3.094679488 | -3.544080775 |
| 2011-08-01 | -6.060689261 | -2.324956103 | -3.168749573 |
| 2011-09-01 | -5.819621183 | -1.654795969 | -3.070327087 |
| 2011-10-01 | -5.552168992 | -1.404151003 | -3.29770139 |
| 2011-11-01 | -5.227448928 | -1.376452419 | -3.6313637 |
| 2011-12-01 | -4.90563433 | -1.009920398 | -3.882528621 |
| 2012-01-01 | -4.532842669 | -0.412397323 | -3.502589183 |
| 2012-02-01 | -4.066911966 | 0.510389751 | -2.708197197 |
| 2012-03-01 | -3.480020152 | 1.876460191 | -1.400682198 |
| 2012-04-01 | -2.775056739 | 2.665821095 | -0.495832136 |
| 2012-05-01 | -1.986871318 | 3.35788238 | 0.255881726 |
| 2012-06-01 | -1.1473099 | 3.760847111 | 0.859457555 |
| 2012-07-01 | -0.351399448 | 4.121964249 | 1.36293382 |
| 2012-08-01 | 0.328961082 | 4.640626198 | 2.059383595 |
| 2012-09-01 | 1.004400221 | 5.27226783 | 2.989227367 |
| 2012-10-01 | 1.707342291 | 5.955219274 | 4.017050791 |
| 2012-11-01 | 2.440298606 | 6.942970718 | 5.334016244 |
| 2012-12-01 | 3.161607612 | 7.793784669 | 6.436339424 |
| 2013-01-01 | 3.861087743 | 8.687980462 | 7.557576209 |
| 2013-02-01 | 4.46483753 | 9.359647329 | 8.328358209 |
| 2013-03-01 | 4.942749777 | 9.907301029 | 8.906226998 |
| 2013-04-01 | 5.375025507 | 9.930857572 | 9.027226114 |
| 2013-05-01 | 5.864492628 | 9.744641282 | 9.081885856 |
| 2013-06-01 | 6.37972585 | 9.391405532 | 9.26171684 |
| 2013-07-01 | 6.779287684 | 9.455532894 | 9.710285556 |
| 2013-08-01 | 7.210934543 | 9.614120537 | 10.14442678 |
| 2013-09-01 | 7.527473281 | 9.921501085 | 10.60543087 |
| 2013-10-01 | 7.886539762 | 10.13855308 | 10.82864486 |
| 2013-11-01 | 8.026396007 | 10.06384074 | 10.69741595 |
| 2013-12-01 | 8.09049519 | 9.920713557 | 10.71105859 |
| 2014-01-01 | 8.008719438 | 9.853528536 | 10.43586723 |
| 2014-02-01 | 7.918312796 | 9.804422705 | 10.13364563 |
| 2014-03-01 | 7.807305378 | 8.937148756 | 8.941605839 |
| 2014-04-01 | 7.644076162 | 7.961543413 | 7.948599059 |
| 2014-05-01 | 7.442070679 | 7.01542671 | 7.032367087 |
| 2014-06-01 | 7.08958752 | 6.314030032 | 6.251997699 |
| 2014-07-01 | 6.813824271 | 5.732051151 | 5.591003854 |
| 2014-08-01 | 6.443613302 | 5.346467465 | 5.05677897 |
| 2014-09-01 | 6.119436582 | 5.062858956 | 4.741028371 |
| 2014-10-01 | 5.60451726 | 5.078702799 | 4.606417649 |
| 2014-11-01 | 5.302323354 | 5.032153353 | 4.580823293 |
| 2014-12-01 | 5.122058429 | 4.971525407 | 4.507785033 |
| 2015-01-01 | 5.098792388 | 4.984295682 | 4.31699818 |
| 2015-02-01 | 5.041746877 | 5.056735786 | 4.228435604 |
| 2015-03-01 | 4.987706333 | 5.166303983 | 4.280662572 |
| 2015-04-01 | 4.974617441 | 5.204095702 | 4.295269068 |
| 2015-05-01 | 4.94061589 | 5.194394528 | 4.35389847 |
| 2015-06-01 | 4.950761862 | 5.200097126 | 4.355935263 |
| 2015-07-01 | 4.987062762 | 5.086050159 | 4.403494077 |
| 2015-08-01 | 5.165451266 | 5.084856377 | 4.472977008 |
| 2015-09-01 | 5.425328305 | 5.294202212 | 4.663955991 |
| 2015-10-01 | 5.836244988 | 5.337935439 | 4.876879756 |
| 2015-11-01 | 6.10778884 | 5.405790117 | 5.088203528 |
| 2015-12-01 | 6.306440272 | 5.511194189 | 5.19644359 |
| 2016-01-01 | 6.461470271 | 5.637716351 | 5.281203008 |
| 2016-02-01 | 6.614430555 | 5.64137912 | 5.191142051 |
| 2016-03-01 | 6.603438447 | 5.605441431 | 5.062763995 |
| 2016-04-01 | 6.511016019 | 5.581190506 | 5.012649291 |
| 2016-05-01 | 6.36988144 | 5.415935393 | 4.940354961 |
| 2016-06-01 | 6.341075475 | 5.195208135 | 4.877486307 |
| 2016-07-01 | 6.176713943 | 5.183730026 | 4.88252149 |
| 2016-08-01 | 5.965353829 | 5.145134968 | 4.978849891 |
| 2016-09-01 | 5.731099491 | 5.16425488 | 5.084552102 |
| 2016-10-01 | 5.567741328 | 5.307315553 | 5.124250214 |
| 2016-11-01 | 5.522778879 | 5.426733631 | 5.190133607 |
| 2016-12-01 | 5.51066939 | 5.451718911 | 5.305236708 |
| 2017-01-01 | 5.45546327 | 5.505545613 | 5.501913958 |
| 2017-02-01 | 5.429424461 | 5.639874643 | 5.556823368 |
| 2017-03-01 | 5.574294053 | 5.692842595 | 5.622876557 |
| 2017-04-01 | 5.807173005 | 5.646704384 | 5.630567539 |
| 2017-05-01 | 5.966078848 | 5.668548286 | 5.655983143 |
| 2017-06-01 | 5.999278935 | 5.757469175 | 5.695123962 |
| 2017-07-01 | 6.072647459 | 5.769089383 | 5.731614031 |
| 2017-08-01 | 6.179090021 | 5.846891072 | 5.826300027 |
| 2017-09-01 | 6.269541227 | 5.915676275 | 5.914972274 |
| 2017-10-01 | 6.326198273 | 5.974982573 | 6.010216281 |
| 2017-11-01 | 6.372457905 | 6.057013959 | 6.09021332 |
| 2017-12-01 | 6.41531456 | 6.028087241 | 6.209327549 |
| 2018-01-01 | 6.450566535 | 5.981458963 | 6.200584859 |
| 2018-02-01 | 6.442340189 | 6.192765315 | 6.420927467 |
| 2018-03-01 | 6.506582401 | 6.35691456 | 6.454725781 |
| 2018-04-01 | 6.459995113 | 6.28551407 | 6.401824547 |
| 2018-05-01 | 6.467467836 | 6.150830944 | 6.25065603 |
| 2018-06-01 | 6.352810905 | 5.894311698 | 6.121599834 |
| 2018-07-01 | 6.427965243 | 5.733810987 | 5.911839181 |
| 2018-08-01 | 6.469837797 | 5.511926568 | 5.649601235 |
| 2018-09-01 | 6.498460824 | 5.348202527 | 5.415255107 |
| 2018-10-01 | 6.30242026 | 5.188808101 | 5.274759073 |
| 2018-11-01 | 6.068344079 | 4.90142895 | 4.942440522 |
| 2018-12-01 | 5.833732121 | 4.616814085 | 4.51876436 |
| 2019-01-01 | 5.683572576 | 4.424470223 | 4.125235837 |
| 2019-02-01 | 5.622545365 | 4.144110642 | 3.824276282 |
| 2019-03-01 | 5.502120272 | 3.841347918 | 3.630961374 |
| 2019-04-01 | 5.383849533 | 3.754649802 | 3.529235831 |
| 2019-05-01 | 5.163668246 | 3.716830617 | 3.40824895 |
| 2019-06-01 | 5.0590208 | 3.665788468 | 3.210154872 |
| 2019-07-01 | 4.821643317 | 3.612043809 | 3.117833618 |
| 2019-08-01 | 4.635536323 | 3.705029524 | 3.10232309 |
| 2019-09-01 | 4.408712717 | 3.807750334 | 3.169888494 |
| 2019-10-01 | 4.444080771 | 3.911144132 | 3.213711837 |
| 2019-11-01 | 4.612568187 | 4.120408021 | 3.412802886 |
| 2019-12-01 | 4.845810617 | 4.377671716 | 3.683439179 |
| 2020-01-01 | 5.062528433 | 4.61598388 | 4.015670911 |
| 2020-02-01 | 5.192411091 | 4.853411559 | 4.299760309 |
| 2020-03-01 | 5.317935853 | 5.214392627 | 4.577704344 |
| 2020-04-01 | 5.405446885 | 5.190134717 | 4.598199239 |
| 2020-05-01 | 5.36796971 | 4.890210138 | 4.365894435 |
| 2020-06-01 | 5.236061178 | 5.098152809 | 4.382924165 |
| 2020-07-01 | 5.235779638 | 5.724422752 | 4.84527302 |
| 2020-08-01 | 5.601313334 | 6.308479729 | 5.838450638 |
| 2020-09-01 | 6.48546233 | 7.06743469 | 7.046441382 |
| 2020-10-01 | 7.511693532 | 7.907022848 | 8.421002972 |
| 2020-11-01 | 8.57408195 | 8.647552755 | 9.53278959 |
| 2020-12-01 | 9.492837683 | 9.393970154 | 10.43158688 |
| 2021-01-01 | 10.27967191 | 9.883120337 | 11.32297552 |
| 2021-02-01 | 11.10481834 | 10.4195094 | 12.19866804 |
| 2021-03-01 | 11.95788792 | 11.42905062 | 13.48977695 |
| 2021-04-01 | 13.04546797 | 12.93560032 | 15.00184128 |
| 2021-05-01 | 14.57005883 | 14.66306351 | 16.92068287 |
| 2021-06-01 | 16.37730542 | 16.06181284 | 18.81539441 |
| 2021-07-01 | 17.85469313 | 16.68967951 | 19.83030959 |
| 2021-08-01 | 18.3645152 | 16.91312241 | 19.96786575 |
| 2021-09-01 | 17.8408008 | 16.94928525 | 19.68167188 |
| 2021-10-01 | 17.03454594 | 16.86077063 | 19.07579845 |
| 2021-11-01 | 16.31123491 | 16.90796777 | 18.80945207 |
| 2021-12-01 | 15.8769685 | 17.13492671 | 18.86679751 |
| 2022-01-01 | 15.96008831 | 17.43637497 | 19.25565659 |
| 2022-02-01 | 16.3243824 | 18.16189397 | 20.05601304 |
| 2022-03-01 | 16.94438087 | 19.05328416 | 20.79597101 |
| 2022-04-01 | 17.39627596 | 19.25504081 | 20.75011007 |
| 2022-05-01 | 17.41643394 | 18.78412863 | 19.95615752 |
| 2022-06-01 | 16.98325436 | 17.09585044 | 18.01822498 |
| 2022-07-01 | 16.02631719 | 14.9347524 | 15.65230491 |
| 2022-08-01 | 14.91074191 | 12.80182821 | 12.96130952 |
| 2022-09-01 | 13.74774313 | 11.10448316 | 10.68705102 |
| 2022-10-01 | 12.63009623 | 9.958420431 | 9.142731857 |
| 2022-11-01 | 11.34942184 | 8.589821103 | 7.546281201 |
| 2022-12-01 | 9.905183489 | 7.019742558 | 5.653266332 |
| 2023-01-01 | 7.985210382 | 5.851465985 | 3.840697922 |
| 2023-02-01 | 5.929141254 | 4.844554095 | 2.176108074 |
| 2023-03-01 | 3.891838665 | 3.589156537 | 0.782997763 |
| 2023-04-01 | 2.240508963 | 2.473036755 | -0.06629761 |
| 2023-05-01 | 1.042398534 | 1.84850522 | -0.358960971 |
| 2023-06-01 | 0.239676893 | 1.876590394 | 0.009732676 |
| 2023-07-01 | 0.038033458 | 2.673497677 | 1.002995962 |
| 2023-08-01 | 0.400293362 | 3.71524129 | 2.601765248 |
| 2023-09-01 | 1.126230604 | 4.499230878 | 3.973906676 |
| 2023-10-01 | 1.753104705 | 4.721672607 | 4.717423329 |
| 2023-11-01 | 2.240924078 | 5.078432458 | 5.079835613 |
| 2023-12-01 | 2.639846153 | 5.49344391 | 5.574995753 |
| 2024-01-01 | 3.12584698 | 5.770113639 | 6.027799597 |
| 2024-02-01 | 3.622688591 |
Note: The data extend through February 2024 for Zillow and January 2024 for CoreLogic and Case-Shiller.
Source: Zillow, Inc., Real Estate Data; CoreLogic, Inc., Real Estate Data; S&P Case-Shiller Home Price Indices.
Figure 1.18. Model-based measures of house price valuations rose to historically high levels
Percent
| Date | Owners' equivalent rent | Market-based rents |
|---|---|---|
| 1979 Q1 | -2.328561 | |
| 1979 Q2 | -1.685635 | |
| 1979 Q3 | -1.503004 | |
| 1979 Q4 | 0.0383059 | |
| 1980 Q1 | -2.184649 | |
| 1980 Q2 | -2.550168 | |
| 1980 Q3 | -2.877757 | |
| 1980 Q4 | 0.5533166 | |
| 1981 Q1 | 4.5848 | |
| 1981 Q2 | 0.0664275 | |
| 1981 Q3 | -1.289051 | |
| 1981 Q4 | 1.248703 | |
| 1982 Q1 | -0.3131989 | |
| 1982 Q2 | 1.949455 | |
| 1982 Q3 | 5.461934 | |
| 1982 Q4 | 3.047389 | |
| 1983 Q1 | 5.42987 | |
| 1983 Q2 | 4.274276 | |
| 1983 Q3 | 3.325319 | |
| 1983 Q4 | -4.246031 | |
| 1984 Q1 | -3.037798 | |
| 1984 Q2 | -3.827118 | |
| 1984 Q3 | -1.166914 | |
| 1984 Q4 | 0.5206347 | |
| 1985 Q1 | 2.437311 | |
| 1985 Q2 | 6.717873 | |
| 1985 Q3 | 8.63956 | |
| 1985 Q4 | 6.543857 | |
| 1986 Q1 | 7.516171 | |
| 1986 Q2 | 5.307324 | |
| 1986 Q3 | 4.33472 | |
| 1986 Q4 | 2.55331 | |
| 1987 Q1 | 0.3982872 | |
| 1987 Q2 | -3.173941 | |
| 1987 Q3 | -2.859047 | |
| 1987 Q4 | -3.333158 | |
| 1988 Q1 | -4.812042 | |
| 1988 Q2 | -0.3477333 | |
| 1988 Q3 | -0.64926 | |
| 1988 Q4 | 2.131853 | |
| 1989 Q1 | -0.0680562 | |
| 1989 Q2 | 2.401153 | |
| 1989 Q3 | 2.695245 | |
| 1989 Q4 | 2.252002 | |
| 1990 Q1 | 2.551976 | |
| 1990 Q2 | -0.0284703 | |
| 1990 Q3 | -1.62042 | |
| 1990 Q4 | -1.71129 | |
| 1991 Q1 | 0 | |
| 1991 Q2 | 0.1494393 | |
| 1991 Q3 | -1.156216 | |
| 1991 Q4 | -2.526549 | |
| 1992 Q1 | -3.6495 | |
| 1992 Q2 | -4.330353 | |
| 1992 Q3 | -3.365326 | |
| 1992 Q4 | -5.415796 | |
| 1993 Q1 | -4.728534 | |
| 1993 Q2 | -4.728434 | |
| 1993 Q3 | -5.854865 | |
| 1993 Q4 | -5.247293 | |
| 1994 Q1 | -6.339446 | |
| 1994 Q2 | -8.404653 | |
| 1994 Q3 | -9.460835 | |
| 1994 Q4 | -8.443079 | |
| 1995 Q1 | -7.417401 | |
| 1995 Q2 | -3.512418 | |
| 1995 Q3 | -2.113634 | |
| 1995 Q4 | -1.415692 | |
| 1996 Q1 | -1.665956 | |
| 1996 Q2 | -5.289855 | |
| 1996 Q3 | -5.961552 | |
| 1996 Q4 | -6.567489 | |
| 1997 Q1 | -6.044544 | |
| 1997 Q2 | -3.74582 | |
| 1997 Q3 | -3.192604 | |
| 1997 Q4 | -4.358187 | |
| 1998 Q1 | -3.56808 | |
| 1998 Q2 | -1.55668 | |
| 1998 Q3 | -3.678106 | |
| 1998 Q4 | -2.623319 | |
| 1999 Q1 | -3.133943 | |
| 1999 Q2 | -2.215113 | |
| 1999 Q3 | -2.538522 | |
| 1999 Q4 | -3.133983 | |
| 2000 Q1 | -0.7522292 | |
| 2000 Q2 | 1.151486 | |
| 2000 Q3 | 4.338196 | |
| 2000 Q4 | 5.943393 | |
| 2001 Q1 | 7.334353 | |
| 2001 Q2 | 7.180398 | |
| 2001 Q3 | 6.158222 | |
| 2001 Q4 | 5.386293 | |
| 2002 Q1 | 4.094385 | |
| 2002 Q2 | 5.230755 | |
| 2002 Q3 | 5.918051 | |
| 2002 Q4 | 6.964344 | |
| 2003 Q1 | 8.492564 | |
| 2003 Q2 | 10.04663 | |
| 2003 Q3 | 8.8229 | |
| 2003 Q4 | 8.492189 | |
| 2004 Q1 | 10.04733 | 9.799056 |
| 2004 Q2 | 10.57121 | 9.595713 |
| 2004 Q3 | 14.72161 | 13.34027 |
| 2004 Q4 | 17.97048 | 16.82021 |
| 2005 Q1 | 18.41345 | 17.67251 |
| 2005 Q2 | 23.01278 | 20.71254 |
| 2005 Q3 | 24.8269 | 22.20213 |
| 2005 Q4 | 25.54626 | 22.83175 |
| 2006 Q1 | 27.01651 | 23.54704 |
| 2006 Q2 | 26.98872 | 24.49551 |
| 2006 Q3 | 27.02161 | 25.35833 |
| 2006 Q4 | 27.99141 | 26.78182 |
| 2007 Q1 | 27.21757 | 25.74147 |
| 2007 Q2 | 27.96719 | 25.31334 |
| 2007 Q3 | 26.21082 | 24.34096 |
| 2007 Q4 | 23.03292 | 22.01237 |
| 2008 Q1 | 20.85509 | 19.98795 |
| 2008 Q2 | 18.03287 | 17.27088 |
| 2008 Q3 | 14.46664 | 14.95821 |
| 2008 Q4 | 9.865533 | 12.36903 |
| 2009 Q1 | 4.512146 | 9.985521 |
| 2009 Q2 | 2.930059 | 9.649685 |
| 2009 Q3 | 0.0906214 | 6.986473 |
| 2009 Q4 | -2.161666 | 4.308165 |
| 2010 Q1 | -4.220772 | 2.12795 |
| 2010 Q2 | -2.28953 | 3.364969 |
| 2010 Q3 | -3.840134 | 0.9720666 |
| 2010 Q4 | -6.12351 | -2.056795 |
| 2011 Q1 | -7.283694 | -4.629424 |
| 2011 Q2 | -10.55083 | -7.634277 |
| 2011 Q3 | -13.88537 | -10.55994 |
| 2011 Q4 | -16.08071 | -13.17456 |
| 2012 Q1 | -13.48346 | -11.82207 |
| 2012 Q2 | -15.11064 | -13.01868 |
| 2012 Q3 | -17.46763 | -14.65411 |
| 2012 Q4 | -17.1614 | -14.24905 |
| 2013 Q1 | -17.19753 | -14.41889 |
| 2013 Q2 | -15.87502 | -13.21979 |
| 2013 Q3 | -15.5505 | -13.02808 |
| 2013 Q4 | -13.94538 | -11.76813 |
| 2014 Q1 | -11.66011 | -10.14328 |
| 2014 Q2 | -10.74354 | -9.846148 |
| 2014 Q3 | -6.860609 | -7.56479 |
| 2014 Q4 | -6.837957 | -7.586883 |
| 2015 Q1 | -6.083412 | -7.461777 |
| 2015 Q2 | -6.117486 | -7.624549 |
| 2015 Q3 | -5.789221 | -7.754744 |
| 2015 Q4 | -5.373367 | -7.429403 |
| 2016 Q1 | -5.15113 | -7.045554 |
| 2016 Q2 | -4.675496 | -6.239041 |
| 2016 Q3 | -4.562839 | -5.845804 |
| 2016 Q4 | -4.415582 | -5.217679 |
| 2017 Q1 | -4.181386 | -4.982132 |
| 2017 Q2 | -3.728443 | -4.206384 |
| 2017 Q3 | -3.569429 | -3.59534 |
| 2017 Q4 | -0.7287614 | -1.376178 |
| 2018 Q1 | 0.9423797 | 0.0731082 |
| 2018 Q2 | 1.061313 | -0.1438186 |
| 2018 Q3 | 1.907646 | 0.6559647 |
| 2018 Q4 | 2.551779 | 0.934967 |
| 2019 Q1 | 4.714018 | 2.781403 |
| 2019 Q2 | 5.47606 | 3.05267 |
| 2019 Q3 | 5.272511 | 2.658322 |
| 2019 Q4 | 6.674325 | 3.920341 |
| 2020 Q1 | 5.783723 | 3.535926 |
| 2020 Q2 | 5.486619 | 4.916675 |
| 2020 Q3 | 4.740018 | 3.192214 |
| 2020 Q4 | 8.18415 | 4.265221 |
| 2021 Q1 | 10.29073 | 5.690253 |
| 2021 Q2 | 11.66831 | 6.222749 |
| 2021 Q3 | 14.41883 | 6.91874 |
| 2021 Q4 | 16.06343 | 6.296105 |
| 2022 Q1 | 21.74296 | 10.24788 |
| 2022 Q2 | 25.24798 | 13.1689 |
| 2022 Q3 | 23.35482 | 13.02584 |
| 2022 Q4 | 21.96592 | 13.35792 |
| 2023 Q1 | 21.08259 | 13.48899 |
| 2023 Q2 | 25.27201 | 16.72712 |
| 2023 Q3 | 25.53063 | 17.78634 |
| 2023 Q4 | 27.40991 | 19.42793 |
| 2024 Q1 | 25.94049 |
Note: The owners' equivalent rent value for 2024:Q1 is based on monthly data through January 2024. The data for the market-based rents model begin in 2004:Q1 and extend through 2023:Q4. Valuation is measured as the deviation from the long-run relationship between the price-to-rent ratio and the real 10-year Treasury yield.
Source: For house prices, Zillow, Inc., Real Estate Data; for rent data, Bureau of Labor Statistics.
Figure 1.19. House price-to-rent ratios remained elevated across geographic areas
Jan. 2010 = 100
| Date | Median | Bottom Line Middle 80% | Top Line Middle 80% |
|---|---|---|---|
| 1996-01-01 | 81.96810181 | 72.65486457 | 104.969915 |
| 1996-02-01 | 81.66895602 | 72.62558324 | 104.7978863 |
| 1996-03-01 | 81.52527712 | 72.32167102 | 104.5615884 |
| 1996-04-01 | 81.73350792 | 72.2240014 | 105.019075 |
| 1996-05-01 | 81.8119612 | 72.09845948 | 104.5910563 |
| 1996-06-01 | 81.8859586 | 71.99245662 | 104.4575761 |
| 1996-07-01 | 81.90950589 | 71.9352333 | 104.371261 |
| 1996-08-01 | 81.96941588 | 71.76502182 | 104.3818173 |
| 1996-09-01 | 81.99644219 | 71.63861396 | 104.1920208 |
| 1996-10-01 | 82.02331059 | 71.41663218 | 104.2209231 |
| 1996-11-01 | 82.10493491 | 71.3795293 | 103.9959144 |
| 1996-12-01 | 82.16607602 | 71.45694157 | 103.9873979 |
| 1997-01-01 | 82.28228954 | 71.50533687 | 103.530985 |
| 1997-02-01 | 82.37928268 | 71.50860409 | 103.5974158 |
| 1997-03-01 | 82.61138942 | 71.62387406 | 103.3559888 |
| 1997-04-01 | 82.96678272 | 71.75737791 | 103.0254522 |
| 1997-05-01 | 83.14072796 | 71.98723125 | 103.0807722 |
| 1997-06-01 | 83.30840619 | 71.97115885 | 102.7812045 |
| 1997-07-01 | 85.65732286 | 72.03981725 | 102.1170548 |
| 1997-08-01 | 85.75001345 | 72.15650021 | 102.086914 |
| 1997-09-01 | 85.85277152 | 72.18009132 | 102.4010252 |
| 1997-10-01 | 85.93123292 | 72.20917736 | 102.4772754 |
| 1997-11-01 | 85.93847381 | 72.39361395 | 102.7555311 |
| 1997-12-01 | 86.13122756 | 72.48502265 | 102.9762552 |
| 1998-01-01 | 84.16007963 | 73.15267815 | 102.5562758 |
| 1998-02-01 | 84.23191797 | 73.64556354 | 102.7978035 |
| 1998-03-01 | 84.31385189 | 74.05714613 | 103.2374384 |
| 1998-04-01 | 84.2593327 | 74.40531103 | 102.5015629 |
| 1998-05-01 | 84.22598099 | 74.54723798 | 102.727975 |
| 1998-06-01 | 84.18185474 | 74.4264374 | 102.4548629 |
| 1998-07-01 | 84.26752247 | 74.31132373 | 102.7824344 |
| 1998-08-01 | 84.5248614 | 74.3209314 | 103.1154856 |
| 1998-09-01 | 84.88056704 | 74.12141602 | 103.3603356 |
| 1998-10-01 | 85.17546471 | 74.11688879 | 103.5785176 |
| 1998-11-01 | 85.41911153 | 74.07218442 | 103.3690892 |
| 1998-12-01 | 85.62860216 | 74.03763218 | 103.7682103 |
| 1999-01-01 | 85.95823335 | 74.10532969 | 104.0898239 |
| 1999-02-01 | 86.45782487 | 74.10129404 | 104.756906 |
| 1999-03-01 | 87.09532205 | 74.49161651 | 105.2748021 |
| 1999-04-01 | 87.91505509 | 74.86713826 | 105.7966 |
| 1999-05-01 | 88.67945281 | 75.29579569 | 106.5563591 |
| 1999-06-01 | 89.23303695 | 75.83266846 | 107.2106688 |
| 1999-07-01 | 89.776677 | 76.39234786 | 107.6633984 |
| 1999-08-01 | 90.16399365 | 76.73733493 | 107.8698648 |
| 1999-09-01 | 90.41443712 | 77.21667856 | 107.8204246 |
| 1999-10-01 | 90.76234468 | 77.71992605 | 107.9155225 |
| 1999-11-01 | 90.83468976 | 78.08721573 | 108.031365 |
| 1999-12-01 | 91.37959994 | 78.55423164 | 108.4906725 |
| 2000-01-01 | 91.71175824 | 78.80724044 | 108.5734745 |
| 2000-02-01 | 91.73284799 | 79.18162894 | 108.5394832 |
| 2000-03-01 | 91.54537574 | 79.54760782 | 108.2945089 |
| 2000-04-01 | 92.14326239 | 80.02060217 | 108.3510397 |
| 2000-05-01 | 92.53435856 | 80.83986035 | 108.4503425 |
| 2000-06-01 | 92.97222788 | 81.35680378 | 108.5752116 |
| 2000-07-01 | 93.64382826 | 82.06246684 | 108.7272608 |
| 2000-08-01 | 94.19644236 | 82.69131006 | 108.7901506 |
| 2000-09-01 | 95.0527836 | 83.1002369 | 108.8479776 |
| 2000-10-01 | 95.55319506 | 83.75657932 | 108.8772525 |
| 2000-11-01 | 95.66518291 | 84.22846978 | 108.9291958 |
| 2000-12-01 | 96.32525308 | 84.62213483 | 108.9412407 |
| 2001-01-01 | 97.06074582 | 84.72788767 | 108.8066113 |
| 2001-02-01 | 98.06883863 | 85.10965948 | 108.5853939 |
| 2001-03-01 | 98.54694204 | 85.60732925 | 108.4910333 |
| 2001-04-01 | 99.04917413 | 86.15626352 | 108.6061121 |
| 2001-05-01 | 99.12340247 | 86.52311897 | 109.3905674 |
| 2001-06-01 | 98.78664777 | 87.01056953 | 110.0546901 |
| 2001-07-01 | 99.02201121 | 87.62223872 | 110.884666 |
| 2001-08-01 | 98.8653342 | 88.03538452 | 111.8437997 |
| 2001-09-01 | 98.89073573 | 88.24083124 | 112.6910206 |
| 2001-10-01 | 98.88572166 | 88.83514687 | 113.7389525 |
| 2001-11-01 | 98.71552357 | 89.02982034 | 114.5898244 |
| 2001-12-01 | 98.7599837 | 88.71801778 | 114.5679413 |
| 2002-01-01 | 98.73820374 | 88.58070135 | 114.80089 |
| 2002-02-01 | 98.98161384 | 88.50221116 | 115.005748 |
| 2002-03-01 | 99.22886533 | 88.56819136 | 115.3551679 |
| 2002-04-01 | 99.84596071 | 88.77560502 | 114.6568064 |
| 2002-05-01 | 100.3976558 | 89.2223808 | 114.9057828 |
| 2002-06-01 | 101.1747839 | 89.9592425 | 115.1236577 |
| 2002-07-01 | 101.9832661 | 90.65555765 | 114.8594023 |
| 2002-08-01 | 102.0515726 | 90.7588075 | 115.1401704 |
| 2002-09-01 | 102.0898346 | 90.89996627 | 115.6797665 |
| 2002-10-01 | 102.3986601 | 91.13747231 | 116.6403438 |
| 2002-11-01 | 102.6915074 | 91.32993579 | 116.4042321 |
| 2002-12-01 | 103.3847965 | 91.5058393 | 116.437568 |
| 2003-01-01 | 103.7649223 | 91.72724505 | 116.5977178 |
| 2003-02-01 | 104.5872947 | 91.87343959 | 116.830751 |
| 2003-03-01 | 105.0069619 | 92.14090738 | 118.6402504 |
| 2003-04-01 | 105.5092823 | 92.40816026 | 120.4227252 |
| 2003-05-01 | 106.0058473 | 92.74913691 | 122.0736704 |
| 2003-06-01 | 106.9076756 | 93.02171557 | 123.4640674 |
| 2003-07-01 | 107.3882382 | 93.37941636 | 125.1393925 |
| 2003-08-01 | 107.9376878 | 93.49743529 | 126.7430336 |
| 2003-09-01 | 108.4922676 | 94.04087841 | 129.2963336 |
| 2003-10-01 | 109.1545122 | 95.03907803 | 130.6571127 |
| 2003-11-01 | 109.8543089 | 96.17060077 | 132.4129006 |
| 2003-12-01 | 110.6211025 | 97.17210258 | 133.6315691 |
| 2004-01-01 | 111.1604193 | 98.00315276 | 135.1085337 |
| 2004-02-01 | 111.8378431 | 98.94296107 | 137.7100712 |
| 2004-03-01 | 112.4602078 | 99.95481735 | 140.1433974 |
| 2004-04-01 | 113.1675164 | 101.0882888 | 142.7781431 |
| 2004-05-01 | 114.3109352 | 102.7525613 | 145.0483322 |
| 2004-06-01 | 115.6653985 | 103.6469953 | 149.2276399 |
| 2004-07-01 | 116.8198407 | 104.6054871 | 152.6561131 |
| 2004-08-01 | 118.0159158 | 105.704818 | 155.0182567 |
| 2004-09-01 | 119.288362 | 106.261129 | 157.3897918 |
| 2004-10-01 | 120.2316733 | 106.4376294 | 159.8848497 |
| 2004-11-01 | 121.584737 | 106.553951 | 160.8839709 |
| 2004-12-01 | 122.4532022 | 106.3581206 | 162.9139175 |
| 2005-01-01 | 122.9610971 | 107.0103373 | 164.1625035 |
| 2005-02-01 | 123.5906151 | 107.1074655 | 166.044515 |
| 2005-03-01 | 124.0678456 | 106.8726801 | 168.1010283 |
| 2005-04-01 | 124.8963 | 107.6190458 | 169.9667377 |
| 2005-05-01 | 125.4041327 | 107.932071 | 172.9041712 |
| 2005-06-01 | 125.6817514 | 108.6397626 | 174.6646597 |
| 2005-07-01 | 126.4506479 | 108.3332201 | 174.6530292 |
| 2005-08-01 | 127.3511706 | 108.7096358 | 174.2718409 |
| 2005-09-01 | 128.065186 | 109.521111 | 173.3999507 |
| 2005-10-01 | 127.9786258 | 110.9366388 | 173.8244435 |
| 2005-11-01 | 128.4363428 | 112.4835566 | 173.6168511 |
| 2005-12-01 | 128.8590219 | 112.8698859 | 174.139296 |
| 2006-01-01 | 129.3692967 | 112.9222164 | 174.6077498 |
| 2006-02-01 | 129.8841229 | 112.9082787 | 174.5241123 |
| 2006-03-01 | 130.8521646 | 112.6235234 | 173.7761588 |
| 2006-04-01 | 131.2360283 | 112.2896912 | 174.2504095 |
| 2006-05-01 | 130.9526473 | 111.9793302 | 173.8460266 |
| 2006-06-01 | 130.8783449 | 111.7030141 | 172.3334671 |
| 2006-07-01 | 130.8040869 | 111.349222 | 171.6049164 |
| 2006-08-01 | 130.5661465 | 111.1939275 | 170.8032322 |
| 2006-09-01 | 130.4050544 | 110.9152832 | 170.1691578 |
| 2006-10-01 | 129.9316244 | 111.0454759 | 169.3045998 |
| 2006-11-01 | 129.6195963 | 111.5081268 | 168.2106174 |
| 2006-12-01 | 129.3431807 | 112.5487821 | 167.2628089 |
| 2007-01-01 | 129.4734275 | 112.7673308 | 165.3813781 |
| 2007-02-01 | 129.4725438 | 112.9217411 | 164.3238788 |
| 2007-03-01 | 130.2213249 | 112.6450985 | 163.5219565 |
| 2007-04-01 | 130.6106183 | 112.170072 | 162.5769976 |
| 2007-05-01 | 130.5510478 | 112.7841908 | 161.6778519 |
| 2007-06-01 | 130.7549767 | 112.8192882 | 161.0305959 |
| 2007-07-01 | 129.8562323 | 112.47316 | 159.0488129 |
| 2007-08-01 | 128.841522 | 112.0988276 | 156.6200006 |
| 2007-09-01 | 128.5297296 | 111.7012413 | 154.1533143 |
| 2007-10-01 | 128.0213876 | 111.2169832 | 151.7839718 |
| 2007-11-01 | 127.2819921 | 110.7316188 | 149.5801087 |
| 2007-12-01 | 126.3674262 | 110.1627678 | 147.2390101 |
| 2008-01-01 | 125.4089002 | 109.4244107 | 144.7188747 |
| 2008-02-01 | 124.2391924 | 109.1286908 | 142.0266486 |
| 2008-03-01 | 123.2556528 | 108.5579774 | 139.2915071 |
| 2008-04-01 | 122.2536745 | 107.9728973 | 136.4806756 |
| 2008-05-01 | 121.0420487 | 107.3078192 | 133.729195 |
| 2008-06-01 | 119.4188465 | 106.6249429 | 131.1569656 |
| 2008-07-01 | 117.5430171 | 106.1478793 | 128.6913913 |
| 2008-08-01 | 115.6627861 | 105.6413769 | 126.6172983 |
| 2008-09-01 | 112.7716552 | 105.098058 | 124.5082428 |
| 2008-10-01 | 111.3430535 | 104.4577893 | 122.4258155 |
| 2008-11-01 | 109.7819276 | 103.8312099 | 120.1391481 |
| 2008-12-01 | 108.3955832 | 102.8147959 | 117.7973959 |
| 2009-01-01 | 107.2363606 | 101.2074844 | 115.4556904 |
| 2009-02-01 | 106.0659547 | 100.0006053 | 113.4020914 |
| 2009-03-01 | 104.8044508 | 99.83941193 | 111.3494044 |
| 2009-04-01 | 103.9216896 | 99.60674329 | 109.2336655 |
| 2009-05-01 | 103.0067907 | 99.36263775 | 107.3384551 |
| 2009-06-01 | 101.9292629 | 99.2184274 | 105.6275819 |
| 2009-07-01 | 101.2594508 | 98.80574569 | 104.2652544 |
| 2009-08-01 | 100.4457755 | 98.19337915 | 103.0266035 |
| 2009-09-01 | 100.3899818 | 97.98435091 | 102.067589 |
| 2009-10-01 | 100.1487474 | 98.21269205 | 101.2934624 |
| 2009-11-01 | 100.1617233 | 98.672572 | 100.9681761 |
| 2009-12-01 | 100.0575161 | 99.52161129 | 100.6022505 |
| 2010-01-01 | 100 | 100 | 100 |
| 2010-02-01 | 99.93893143 | 99.55481675 | 100.5535928 |
| 2010-03-01 | 100.1046602 | 99.42436025 | 100.8151261 |
| 2010-04-01 | 99.93771391 | 98.96741026 | 101.1296336 |
| 2010-05-01 | 99.8751165 | 98.77075964 | 101.5163017 |
| 2010-06-01 | 99.64187788 | 98.7144096 | 101.7001889 |
| 2010-07-01 | 99.32772098 | 98.03425888 | 101.6079834 |
| 2010-08-01 | 98.87394516 | 97.16717946 | 100.5039592 |
| 2010-09-01 | 98.30373719 | 96.08059857 | 100.0169513 |
| 2010-10-01 | 97.71779181 | 94.88720661 | 99.70488446 |
| 2010-11-01 | 97.05213279 | 93.85116961 | 99.1945389 |
| 2010-12-01 | 96.40975745 | 93.00559494 | 98.77195121 |
| 2011-01-01 | 95.77883771 | 92.34467172 | 98.32890778 |
| 2011-02-01 | 95.18527739 | 90.93822834 | 97.89628726 |
| 2011-03-01 | 94.60056551 | 90.40067886 | 97.19770131 |
| 2011-04-01 | 94.12284491 | 89.40567887 | 96.87147009 |
| 2011-05-01 | 93.36049532 | 88.54921033 | 96.25456064 |
| 2011-06-01 | 92.51660386 | 86.97753975 | 95.81932961 |
| 2011-07-01 | 91.85714537 | 85.935292 | 94.98286246 |
| 2011-08-01 | 91.12146732 | 85.18416027 | 94.53851769 |
| 2011-09-01 | 90.43401595 | 84.90173025 | 94.09164764 |
| 2011-10-01 | 89.86103669 | 84.52095756 | 93.62536838 |
| 2011-11-01 | 89.33212349 | 84.10318435 | 93.33844735 |
| 2011-12-01 | 88.89432775 | 83.33186588 | 93.17327674 |
| 2012-01-01 | 88.54061625 | 82.67517341 | 92.86856865 |
| 2012-02-01 | 88.17712786 | 81.99678309 | 92.69574988 |
| 2012-03-01 | 88.06479602 | 81.98964347 | 92.75671609 |
| 2012-04-01 | 87.56822587 | 82.11986195 | 92.78943415 |
| 2012-05-01 | 87.45332503 | 82.22171359 | 92.90740513 |
| 2012-06-01 | 87.84571129 | 82.70213821 | 92.99164112 |
| 2012-07-01 | 88.42403035 | 83.39748451 | 93.08248623 |
| 2012-08-01 | 89.33859046 | 83.56454342 | 93.413427 |
| 2012-09-01 | 90.19667827 | 83.78729318 | 93.33499941 |
| 2012-10-01 | 90.70917882 | 83.9760534 | 94.05622591 |
| 2012-11-01 | 90.91961619 | 84.32675428 | 94.97064238 |
| 2012-12-01 | 90.87983155 | 84.91566497 | 96.07863308 |
| 2013-01-01 | 91.28499474 | 85.24103618 | 96.9191932 |
| 2013-02-01 | 91.44599559 | 85.56350317 | 98.1666758 |
| 2013-03-01 | 91.86089873 | 85.54653792 | 98.94153812 |
| 2013-04-01 | 92.28950158 | 85.54711677 | 100.0250462 |
| 2013-05-01 | 92.765959 | 85.50867675 | 101.6068354 |
| 2013-06-01 | 93.379331 | 85.46968866 | 103.0696056 |
| 2013-07-01 | 94.05752489 | 85.46116619 | 104.8347398 |
| 2013-08-01 | 94.7821221 | 85.61485215 | 106.4609048 |
| 2013-09-01 | 95.4525965 | 85.79090846 | 107.74434 |
| 2013-10-01 | 96.30262693 | 86.10054126 | 108.8579158 |
| 2013-11-01 | 96.89869914 | 86.31303959 | 109.3491056 |
| 2013-12-01 | 97.71800836 | 86.83619057 | 109.8073745 |
| 2014-01-01 | 98.48000709 | 87.27706901 | 110.148761 |
| 2014-02-01 | 99.21061387 | 87.46218861 | 110.4657841 |
| 2014-03-01 | 99.80067416 | 87.58398313 | 110.7451191 |
| 2014-04-01 | 100.1145009 | 87.95184472 | 111.0209432 |
| 2014-05-01 | 100.5519598 | 88.18839791 | 111.5839569 |
| 2014-06-01 | 100.7196578 | 88.41805521 | 112.0237475 |
| 2014-07-01 | 101.0274245 | 88.77936966 | 112.4478002 |
| 2014-08-01 | 101.0673487 | 88.91594162 | 113.429035 |
| 2014-09-01 | 101.2969969 | 89.00936156 | 114.1962791 |
| 2014-10-01 | 101.8291622 | 88.91603996 | 114.883323 |
| 2014-11-01 | 102.2395 | 89.06670202 | 115.1824603 |
| 2014-12-01 | 102.4292722 | 89.28014356 | 115.9338568 |
| 2015-01-01 | 102.375274 | 89.29016267 | 116.643628 |
| 2015-02-01 | 102.7073843 | 88.74152425 | 117.1281023 |
| 2015-03-01 | 102.6301376 | 88.68028832 | 117.4505392 |
| 2015-04-01 | 102.8071149 | 88.5546257 | 118.065275 |
| 2015-05-01 | 103.0279521 | 88.54978919 | 119.0789028 |
| 2015-06-01 | 103.1348736 | 88.36347252 | 119.5881222 |
| 2015-07-01 | 103.6424881 | 88.52032179 | 120.2556318 |
| 2015-08-01 | 104.2647267 | 88.97168044 | 120.8870935 |
| 2015-09-01 | 104.8397507 | 89.2588726 | 121.5378529 |
| 2015-10-01 | 105.2628641 | 89.73598153 | 122.3105352 |
| 2015-11-01 | 105.6640037 | 89.66048103 | 122.9853237 |
| 2015-12-01 | 106.08538 | 89.58210006 | 123.3369653 |
| 2016-01-01 | 106.499655 | 89.83299527 | 123.7975488 |
| 2016-02-01 | 106.8839835 | 89.68747325 | 124.2611086 |
| 2016-03-01 | 107.2224331 | 89.62292297 | 124.611959 |
| 2016-04-01 | 107.5620875 | 89.61780176 | 124.6096758 |
| 2016-05-01 | 107.7587706 | 89.35217521 | 125.3947151 |
| 2016-06-01 | 108.1680106 | 89.7551298 | 126.0844254 |
| 2016-07-01 | 108.2372349 | 90.01166266 | 126.5495389 |
| 2016-08-01 | 108.1761533 | 90.04784898 | 126.7446068 |
| 2016-09-01 | 108.0166935 | 90.29942873 | 127.0817525 |
| 2016-10-01 | 108.105304 | 90.57056719 | 127.41296 |
| 2016-11-01 | 108.4208874 | 90.78099631 | 127.0776958 |
| 2016-12-01 | 109.1181693 | 90.96639646 | 127.0213328 |
| 2017-01-01 | 109.7149696 | 91.30613261 | 127.1138194 |
| 2017-02-01 | 110.2732063 | 90.7157962 | 127.5926974 |
| 2017-03-01 | 110.7852299 | 90.62071839 | 127.9956219 |
| 2017-04-01 | 111.4139912 | 90.48705357 | 128.2412925 |
| 2017-05-01 | 111.9033523 | 90.74572874 | 128.4884713 |
| 2017-06-01 | 112.0264767 | 91.19327927 | 129.1374933 |
| 2017-07-01 | 112.4821325 | 91.43771246 | 129.644283 |
| 2017-08-01 | 113.0609135 | 91.64120661 | 130.1280259 |
| 2017-09-01 | 113.6025779 | 91.89683857 | 130.6020968 |
| 2017-10-01 | 114.0059388 | 92.15048965 | 131.0298327 |
| 2017-11-01 | 114.2068412 | 92.43879428 | 131.6216449 |
| 2017-12-01 | 114.3021089 | 92.80338695 | 132.1791067 |
| 2018-01-01 | 114.5531738 | 93.04547315 | 132.7643152 |
| 2018-02-01 | 114.9286374 | 93.20077077 | 133.1131727 |
| 2018-03-01 | 115.4885488 | 93.45269319 | 133.5596504 |
| 2018-04-01 | 115.961127 | 93.45352055 | 133.8378634 |
| 2018-05-01 | 116.4446047 | 93.52482968 | 134.3347301 |
| 2018-06-01 | 116.3594308 | 93.33220422 | 133.9499004 |
| 2018-07-01 | 116.777281 | 93.46394933 | 134.6089142 |
| 2018-08-01 | 116.950095 | 93.71384988 | 135.2547548 |
| 2018-09-01 | 116.9258362 | 93.89482818 | 135.6146585 |
| 2018-10-01 | 116.7529814 | 94.01176673 | 135.4908958 |
| 2018-11-01 | 116.4634188 | 94.07086313 | 135.3549974 |
| 2018-12-01 | 115.9613283 | 93.90874179 | 135.4654029 |
| 2019-01-01 | 115.9063702 | 93.99738531 | 135.3353145 |
| 2019-02-01 | 115.501863 | 94.05838793 | 134.8081022 |
| 2019-03-01 | 115.0174707 | 94.05539132 | 134.3975819 |
| 2019-04-01 | 114.6087636 | 94.09115752 | 133.9573649 |
| 2019-05-01 | 114.2691082 | 94.2535739 | 133.5685501 |
| 2019-06-01 | 114.1393298 | 94.44049966 | 133.0244513 |
| 2019-07-01 | 113.9376737 | 94.53541991 | 132.8775822 |
| 2019-08-01 | 113.7697819 | 94.59502811 | 133.369628 |
| 2019-09-01 | 113.6356652 | 94.71417032 | 133.5919769 |
| 2019-10-01 | 113.9423206 | 94.87418491 | 134.2977386 |
| 2019-11-01 | 113.8752973 | 94.74366275 | 135.1794765 |
| 2019-12-01 | 114.0826809 | 94.96647935 | 135.7138068 |
| 2020-01-01 | 114.0822613 | 94.96186635 | 135.769719 |
| 2020-02-01 | 114.2709567 | 94.92806034 | 135.720926 |
| 2020-03-01 | 114.5794846 | 94.83698902 | 135.9580295 |
| 2020-04-01 | 114.4989491 | 94.99386541 | 136.8804292 |
| 2020-05-01 | 114.2827292 | 94.52817325 | 135.9212893 |
| 2020-06-01 | 114.2218181 | 94.24854834 | 135.3134033 |
| 2020-07-01 | 114.4860897 | 94.15353601 | 134.8489663 |
| 2020-08-01 | 115.1460764 | 94.06335436 | 135.3733314 |
| 2020-09-01 | 116.5935314 | 95.05513533 | 136.7651872 |
| 2020-10-01 | 118.5280548 | 95.98135239 | 138.3268123 |
| 2020-11-01 | 120.6618809 | 97.1858156 | 140.3121513 |
| 2020-12-01 | 122.3576687 | 98.34754989 | 141.5221747 |
| 2021-01-01 | 124.1555563 | 99.19725243 | 142.9418331 |
| 2021-02-01 | 125.7761517 | 100.0901513 | 144.5157441 |
| 2021-03-01 | 126.9235844 | 100.8446126 | 145.7355496 |
| 2021-04-01 | 128.1761702 | 101.4213333 | 147.2707757 |
| 2021-05-01 | 129.828521 | 102.1573976 | 149.2906812 |
| 2021-06-01 | 131.9418531 | 102.8843662 | 151.3037954 |
| 2021-07-01 | 133.336348 | 103.4794337 | 153.8738051 |
| 2021-08-01 | 134.4270017 | 104.1095203 | 155.8802618 |
| 2021-09-01 | 134.7633795 | 104.1143105 | 156.6770638 |
| 2021-10-01 | 135.1024125 | 104.4794122 | 157.6631239 |
| 2021-11-01 | 136.0555273 | 104.1799816 | 159.213585 |
| 2021-12-01 | 137.1681878 | 104.7701031 | 160.5638395 |
| 2022-01-01 | 138.3608807 | 105.4614098 | 161.9677505 |
| 2022-02-01 | 141.2459103 | 106.092597 | 164.6256503 |
| 2022-03-01 | 143.7007579 | 107.0487321 | 167.8943553 |
| 2022-04-01 | 145.7390424 | 107.9804272 | 170.6464581 |
| 2022-05-01 | 147.2122114 | 108.4100506 | 171.9912372 |
| 2022-06-01 | 147.4769491 | 108.3980793 | 172.8858361 |
| 2022-07-01 | 147.0297834 | 107.9308226 | 170.7363588 |
| 2022-08-01 | 145.4512297 | 107.1794057 | 167.5741337 |
| 2022-09-01 | 143.5231811 | 106.4942208 | 163.878729 |
| 2022-10-01 | 141.8830523 | 105.2436309 | 161.5316757 |
| 2022-11-01 | 139.9212928 | 104.722753 | 158.6492215 |
| 2022-12-01 | 138.3127793 | 104.0635458 | 156.2200462 |
| 2023-01-01 | 135.7336045 | 103.5679791 | 153.9500948 |
| 2023-02-01 | 134.1681169 | 102.8861267 | 152.0970987 |
| 2023-03-01 | 132.9278497 | 102.0494399 | 149.5313834 |
| 2023-04-01 | 132.1970177 | 101.9710579 | 147.9385009 |
| 2023-05-01 | 131.7921943 | 102.0215496 | 146.4176403 |
| 2023-06-01 | 131.677443 | 102.231954 | 146.2066047 |
| 2023-07-01 | 132.2807087 | 102.7917701 | 147.301773 |
| 2023-08-01 | 133.0125705 | 103.2392447 | 149.029695 |
| 2023-09-01 | 133.8615 | 103.7894012 | 150.5706548 |
| 2023-10-01 | 135.0724747 | 103.8689526 | 151.8480741 |
| 2023-11-01 | 135.1280792 | 103.8208419 | 151.4011311 |
| 2023-12-01 | 135.0149542 | 103.9608471 | 150.9860535 |
| 2024-01-01 | 134.8281312 | 103.7736802 | 150.3642566 |
| 2024-02-01 | 134.7002002 | 103.7964542 | 150.2293231 |
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 increased to near-historical highs
2022 dollars per acre
| Year | Midwest index | U.S. |
|---|---|---|
| 1967 | 2905.35469 | |
| 1968 | 3047.404571 | |
| 1969 | 2988.372412 | |
| 1970 | 2858.431564 | |
| 1971 | 2671.737261 | |
| 1972 | 2675.94041 | |
| 1973 | 2877.904687 | |
| 1974 | 3474.605873 | |
| 1975 | 3870.838019 | |
| 1976 | 4547.409767 | |
| 1977 | 5457.355434 | |
| 1978 | 5698.989481 | |
| 1979 | 5783.039843 | |
| 1980 | 5787.503559 | |
| 1981 | 5505.661776 | |
| 1982 | 5017.253022 | |
| 1983 | 4259.517449 | |
| 1984 | 3743.901391 | |
| 1985 | 2669.788496 | |
| 1986 | 2120.424855 | |
| 1987 | 1803.959248 | |
| 1988 | 1976.048887 | |
| 1989 | 2162.131276 | |
| 1990 | 2170.642615 | |
| 1991 | 2123.431927 | |
| 1992 | 2129.840276 | |
| 1993 | 2132.099871 | |
| 1994 | 2585.524755 | |
| 1995 | 2494.933656 | |
| 1996 | 2664.333533 | |
| 1997 | 2451.878237 | 2315.015574 |
| 1998 | 2591.421515 | 2405.403098 |
| 1999 | 2616.360107 | 2459.174587 |
| 2000 | 2581.674163 | 2481.039055 |
| 2001 | 2563.284034 | 2495.711226 |
| 2002 | 2601.937381 | 2586.659794 |
| 2003 | 2636.126427 | 2639.873641 |
| 2004 | 2755.041967 | 2710.689708 |
| 2005 | 3183.313825 | 3086.966968 |
| 2006 | 3433.33306 | 3469.684748 |
| 2007 | 3804.599164 | 3570.438643 |
| 2008 | 4245.393009 | 3751.891078 |
| 2009 | 4034.643108 | 3641.211702 |
| 2010 | 4249.587084 | 3622.833995 |
| 2011 | 4932.015016 | 3876.816733 |
| 2012 | 5775.696571 | 4269.648494 |
| 2013 | 6613.272705 | 4785.770551 |
| 2014 | 7114.65293 | 5055.806033 |
| 2015 | 6831.782164 | 5062.035407 |
| 2016 | 6510.570247 | 4925.532583 |
| 2017 | 6309.819243 | 4810.801094 |
| 2018 | 6157.384777 | 4719.565849 |
| 2019 | 6042.621988 | 4692.757398 |
| 2020 | 5912.941136 | 4634.763556 |
| 2021 | 6181.428783 | 4773.002503 |
| 2022 | 6741.775849 | 5050 |
| 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 median value is 3575.17 2023 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 | U.S. |
|---|---|---|
| 1967 | 14.13418315 | |
| 1968 | 14.19879016 | |
| 1969 | 14.19528763 | |
| 1970 | 13.99434936 | |
| 1971 | 13.50686423 | |
| 1972 | 13.4008375 | |
| 1973 | 14.17058401 | |
| 1974 | 14.52808886 | |
| 1975 | 14.60469881 | |
| 1976 | 16.1613832 | |
| 1977 | 18.02016694 | |
| 1978 | 19.56115904 | |
| 1979 | 20.57529648 | |
| 1980 | 21.54630274 | |
| 1981 | 21.24967971 | |
| 1982 | 19.55679439 | |
| 1983 | 17.41888327 | |
| 1984 | 15.94691892 | |
| 1985 | 12.99502491 | |
| 1986 | 11.89889043 | |
| 1987 | 11.72150084 | |
| 1988 | 12.5228119 | |
| 1989 | 13.29508303 | |
| 1990 | 13.40922896 | |
| 1991 | 13.50559036 | |
| 1992 | 13.73775651 | |
| 1993 | 13.88773898 | |
| 1994 | 17.97416274 | |
| 1995 | 17.34956535 | |
| 1996 | 18.36206647 | |
| 1997 | 16.6669417 | |
| 1998 | 17.46987848 | 20.15037594 |
| 1999 | 18.1991863 | 20.74074074 |
| 2000 | 17.83993333 | 20.85714286 |
| 2001 | 17.9534721 | 21.26760563 |
| 2002 | 18.17789453 | 22.20670391 |
| 2003 | 18.63356997 | 22.73972603 |
| 2004 | 19.44520488 | 22.87581699 |
| 2005 | 22.49879125 | 26.41025641 |
| 2006 | 24.60507286 | 30.06289308 |
| 2007 | 25.78446123 | 32.64516129 |
| 2008 | 26.32248824 | 32.28070175 |
| 2009 | 24.43030238 | 26.96969697 |
| 2010 | 25.43891798 | 26.47058824 |
| 2011 | 27.83627176 | 26.84684685 |
| 2012 | 28.47719386 | 26.8 |
| 2013 | 30.44885464 | 28.01470588 |
| 2014 | 32.18539376 | 29.0070922 |
| 2015 | 31.64414073 | 28.47222222 |
| 2016 | 32.1020429 | 29.70588235 |
| 2017 | 32.28286079 | 29.63235294 |
| 2018 | 31.88732337 | 29.34782609 |
| 2019 | 32.04525701 | 29.28571429 |
| 2020 | 31.89708625 | 29.49640288 |
| 2021 | 33.8072955 | 31.34751773 |
| 2022 | 37.07418013 | 34.12162162 |
| 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 median value is 18.18 ratio.
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
| Date | Private Nonfinancial-Sector Credit-to-GDP Ratio |
|---|---|
| 1980 Q1 | 0.976904068 |
| 1980 Q2 | 0.98646041 |
| 1980 Q3 | 0.985762212 |
| 1980 Q4 | 0.970645009 |
| 1981 Q1 | 0.945661074 |
| 1981 Q2 | 0.962580932 |
| 1981 Q3 | 0.956740597 |
| 1981 Q4 | 0.971714066 |
| 1982 Q1 | 0.992005624 |
| 1982 Q2 | 0.994518561 |
| 1982 Q3 | 0.998200707 |
| 1982 Q4 | 1.001775133 |
| 1983 Q1 | 0.998792254 |
| 1983 Q2 | 0.992476071 |
| 1983 Q3 | 0.989277018 |
| 1983 Q4 | 0.990527593 |
| 1984 Q1 | 0.994903602 |
| 1984 Q2 | 1.005821277 |
| 1984 Q3 | 1.017384587 |
| 1984 Q4 | 1.037319777 |
| 1985 Q1 | 1.054761655 |
| 1985 Q2 | 1.069232089 |
| 1985 Q3 | 1.078198256 |
| 1985 Q4 | 1.104356028 |
| 1986 Q1 | 1.115051064 |
| 1986 Q2 | 1.133598587 |
| 1986 Q3 | 1.151751352 |
| 1986 Q4 | 1.173860208 |
| 1987 Q1 | 1.178528621 |
| 1987 Q2 | 1.185741007 |
| 1987 Q3 | 1.19426089 |
| 1987 Q4 | 1.189125626 |
| 1988 Q1 | 1.202810675 |
| 1988 Q2 | 1.204993376 |
| 1988 Q3 | 1.209659397 |
| 1988 Q4 | 1.211427002 |
| 1989 Q1 | 1.211025152 |
| 1989 Q2 | 1.215358391 |
| 1989 Q3 | 1.217402923 |
| 1989 Q4 | 1.229449386 |
| 1990 Q1 | 1.2283176 |
| 1990 Q2 | 1.226584506 |
| 1990 Q3 | 1.228327434 |
| 1990 Q4 | 1.242033076 |
| 1991 Q1 | 1.24132246 |
| 1991 Q2 | 1.231897177 |
| 1991 Q3 | 1.21616639 |
| 1991 Q4 | 1.210211444 |
| 1992 Q1 | 1.20013792 |
| 1992 Q2 | 1.184780991 |
| 1992 Q3 | 1.175797946 |
| 1992 Q4 | 1.163609524 |
| 1993 Q1 | 1.164038298 |
| 1993 Q2 | 1.164346898 |
| 1993 Q3 | 1.167696101 |
| 1993 Q4 | 1.162162174 |
| 1994 Q1 | 1.164643802 |
| 1994 Q2 | 1.161260953 |
| 1994 Q3 | 1.165256255 |
| 1994 Q4 | 1.166848417 |
| 1995 Q1 | 1.175580864 |
| 1995 Q2 | 1.187237906 |
| 1995 Q3 | 1.189945237 |
| 1995 Q4 | 1.193935969 |
| 1996 Q1 | 1.200955637 |
| 1996 Q2 | 1.197309793 |
| 1996 Q3 | 1.199612048 |
| 1996 Q4 | 1.195841265 |
| 1997 Q1 | 1.201214925 |
| 1997 Q2 | 1.200485513 |
| 1997 Q3 | 1.206743691 |
| 1997 Q4 | 1.214129696 |
| 1998 Q1 | 1.230457183 |
| 1998 Q2 | 1.249978622 |
| 1998 Q3 | 1.255379808 |
| 1998 Q4 | 1.261801308 |
| 1999 Q1 | 1.278941426 |
| 1999 Q2 | 1.289533613 |
| 1999 Q3 | 1.303705852 |
| 1999 Q4 | 1.303132603 |
| 2000 Q1 | 1.323126291 |
| 2000 Q2 | 1.320472847 |
| 2000 Q3 | 1.337172356 |
| 2000 Q4 | 1.343216737 |
| 2001 Q1 | 1.354573648 |
| 2001 Q2 | 1.367271346 |
| 2001 Q3 | 1.396953865 |
| 2001 Q4 | 1.403711001 |
| 2002 Q1 | 1.410632911 |
| 2002 Q2 | 1.414383612 |
| 2002 Q3 | 1.423455759 |
| 2002 Q4 | 1.438807431 |
| 2003 Q1 | 1.446520798 |
| 2003 Q2 | 1.461687707 |
| 2003 Q3 | 1.455122559 |
| 2003 Q4 | 1.453453779 |
| 2004 Q1 | 1.467307147 |
| 2004 Q2 | 1.474258544 |
| 2004 Q3 | 1.482951299 |
| 2004 Q4 | 1.494436592 |
| 2005 Q1 | 1.49676329 |
| 2005 Q2 | 1.516548765 |
| 2005 Q3 | 1.526075122 |
| 2005 Q4 | 1.542027726 |
| 2006 Q1 | 1.555471441 |
| 2006 Q2 | 1.579646276 |
| 2006 Q3 | 1.59796183 |
| 2006 Q4 | 1.614701173 |
| 2007 Q1 | 1.627087848 |
| 2007 Q2 | 1.648463882 |
| 2007 Q3 | 1.666734344 |
| 2007 Q4 | 1.680610365 |
| 2008 Q1 | 1.706276215 |
| 2008 Q2 | 1.69876207 |
| 2008 Q3 | 1.710256575 |
| 2008 Q4 | 1.726472424 |
| 2009 Q1 | 1.738358143 |
| 2009 Q2 | 1.736508044 |
| 2009 Q3 | 1.715593912 |
| 2009 Q4 | 1.675388358 |
| 2010 Q1 | 1.657222507 |
| 2010 Q2 | 1.624430473 |
| 2010 Q3 | 1.603557535 |
| 2010 Q4 | 1.579593264 |
| 2011 Q1 | 1.576885907 |
| 2011 Q2 | 1.557872103 |
| 2011 Q3 | 1.550428498 |
| 2011 Q4 | 1.536455944 |
| 2012 Q1 | 1.519876182 |
| 2012 Q2 | 1.511757953 |
| 2012 Q3 | 1.510359023 |
| 2012 Q4 | 1.511051149 |
| 2013 Q1 | 1.496914649 |
| 2013 Q2 | 1.500308781 |
| 2013 Q3 | 1.492753381 |
| 2013 Q4 | 1.489572633 |
| 2014 Q1 | 1.503943135 |
| 2014 Q2 | 1.489750497 |
| 2014 Q3 | 1.473249837 |
| 2014 Q4 | 1.481398837 |
| 2015 Q1 | 1.484436402 |
| 2015 Q2 | 1.488060417 |
| 2015 Q3 | 1.492048746 |
| 2015 Q4 | 1.497912871 |
| 2016 Q1 | 1.510865445 |
| 2016 Q2 | 1.509490906 |
| 2016 Q3 | 1.511727134 |
| 2016 Q4 | 1.503756042 |
| 2017 Q1 | 1.510606178 |
| 2017 Q2 | 1.517952616 |
| 2017 Q3 | 1.514003919 |
| 2017 Q4 | 1.510801669 |
| 2018 Q1 | 1.503751841 |
| 2018 Q2 | 1.512450517 |
| 2018 Q3 | 1.512004579 |
| 2018 Q4 | 1.517027142 |
| 2019 Q1 | 1.520145746 |
| 2019 Q2 | 1.515153047 |
| 2019 Q3 | 1.510869731 |
| 2019 Q4 | 1.507230216 |
| 2020 Q1 | 1.565624244 |
| 2020 Q2 | 1.739051741 |
| 2020 Q3 | 1.610144339 |
| 2020 Q4 | 1.59546032 |
| 2021 Q1 | 1.575881481 |
| 2021 Q2 | 1.572259396 |
| 2021 Q3 | 1.559444043 |
| 2021 Q4 | 1.535972694 |
| 2022 Q1 | 1.543151344 |
| 2022 Q2 | 1.539269839 |
| 2022 Q3 | 1.532318414 |
| 2022 Q4 | 1.521901493 |
| 2023 Q1 | 1.512209606 |
| 2023 Q2 | 1.506812693 |
| 2023 Q3 | 1.485192282 |
| 2023 Q4 | 1.46944232 |
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 decreased
Ratio
| Date | Nonfinancial business | Household |
|---|---|---|
| 1980 Q1 | 0.497089082 | 0.479814986 |
| 1980 Q2 | 0.503135465 | 0.483324944 |
| 1980 Q3 | 0.502212336 | 0.483549876 |
| 1980 Q4 | 0.494959232 | 0.475685777 |
| 1981 Q1 | 0.483995614 | 0.46166546 |
| 1981 Q2 | 0.496222963 | 0.466357969 |
| 1981 Q3 | 0.497047944 | 0.459692653 |
| 1981 Q4 | 0.506418521 | 0.465295545 |
| 1982 Q1 | 0.520148111 | 0.471857513 |
| 1982 Q2 | 0.524987605 | 0.469530956 |
| 1982 Q3 | 0.532621657 | 0.46557905 |
| 1982 Q4 | 0.532162098 | 0.469613036 |
| 1983 Q1 | 0.535836654 | 0.4629556 |
| 1983 Q2 | 0.530769678 | 0.461706393 |
| 1983 Q3 | 0.528241107 | 0.461035911 |
| 1983 Q4 | 0.526836335 | 0.463691258 |
| 1984 Q1 | 0.530954281 | 0.463949321 |
| 1984 Q2 | 0.539386587 | 0.46643469 |
| 1984 Q3 | 0.548403012 | 0.468981576 |
| 1984 Q4 | 0.560616466 | 0.476703312 |
| 1985 Q1 | 0.563395355 | 0.4913663 |
| 1985 Q2 | 0.570321175 | 0.498910914 |
| 1985 Q3 | 0.571316774 | 0.506881482 |
| 1985 Q4 | 0.580125893 | 0.524230136 |
| 1986 Q1 | 0.586240493 | 0.528810571 |
| 1986 Q2 | 0.59760436 | 0.535994227 |
| 1986 Q3 | 0.606116672 | 0.54563468 |
| 1986 Q4 | 0.617304907 | 0.556555302 |
| 1987 Q1 | 0.62231108 | 0.556217541 |
| 1987 Q2 | 0.622555221 | 0.563185787 |
| 1987 Q3 | 0.626249065 | 0.568011825 |
| 1987 Q4 | 0.626274113 | 0.562851513 |
| 1988 Q1 | 0.632230398 | 0.570580277 |
| 1988 Q2 | 0.633170753 | 0.571822623 |
| 1988 Q3 | 0.634549063 | 0.575110334 |
| 1988 Q4 | 0.636912912 | 0.57451409 |
| 1989 Q1 | 0.636353838 | 0.574671313 |
| 1989 Q2 | 0.637711465 | 0.577646926 |
| 1989 Q3 | 0.635508874 | 0.581894049 |
| 1989 Q4 | 0.640293414 | 0.589155972 |
| 1990 Q1 | 0.635767256 | 0.592550344 |
| 1990 Q2 | 0.632316492 | 0.594268014 |
| 1990 Q3 | 0.630873952 | 0.597453482 |
| 1990 Q4 | 0.634807742 | 0.607225334 |
| 1991 Q1 | 0.627908241 | 0.613414219 |
| 1991 Q2 | 0.618510422 | 0.613386755 |
| 1991 Q3 | 0.605622809 | 0.610543581 |
| 1991 Q4 | 0.594806482 | 0.615404962 |
| 1992 Q1 | 0.586127018 | 0.614010902 |
| 1992 Q2 | 0.575229691 | 0.6095513 |
| 1992 Q3 | 0.567154653 | 0.608643293 |
| 1992 Q4 | 0.5564855 | 0.607124024 |
| 1993 Q1 | 0.555042686 | 0.608995612 |
| 1993 Q2 | 0.553508851 | 0.610838047 |
| 1993 Q3 | 0.553012904 | 0.614683197 |
| 1993 Q4 | 0.548289942 | 0.613872232 |
| 1994 Q1 | 0.549388868 | 0.615254934 |
| 1994 Q2 | 0.546313467 | 0.614947486 |
| 1994 Q3 | 0.547564852 | 0.617691403 |
| 1994 Q4 | 0.54577905 | 0.621069367 |
| 1995 Q1 | 0.550259635 | 0.625321229 |
| 1995 Q2 | 0.555906565 | 0.631331341 |
| 1995 Q3 | 0.554808623 | 0.635136614 |
| 1995 Q4 | 0.556647041 | 0.637288928 |
| 1996 Q1 | 0.555910375 | 0.645045262 |
| 1996 Q2 | 0.554180091 | 0.643129703 |
| 1996 Q3 | 0.555589389 | 0.644022659 |
| 1996 Q4 | 0.552173541 | 0.643667724 |
| 1997 Q1 | 0.554993121 | 0.646221804 |
| 1997 Q2 | 0.55641899 | 0.644066523 |
| 1997 Q3 | 0.562073587 | 0.644670103 |
| 1997 Q4 | 0.567909402 | 0.646220294 |
| 1998 Q1 | 0.579247683 | 0.651209499 |
| 1998 Q2 | 0.592469602 | 0.65750902 |
| 1998 Q3 | 0.59886119 | 0.656518618 |
| 1998 Q4 | 0.60329217 | 0.658509138 |
| 1999 Q1 | 0.61364313 | 0.665298296 |
| 1999 Q2 | 0.617272661 | 0.672260952 |
| 1999 Q3 | 0.628357387 | 0.675348465 |
| 1999 Q4 | 0.627213737 | 0.675918866 |
| 2000 Q1 | 0.637622562 | 0.685503729 |
| 2000 Q2 | 0.638841323 | 0.681631524 |
| 2000 Q3 | 0.643998133 | 0.693174222 |
| 2000 Q4 | 0.647306316 | 0.695910421 |
| 2001 Q1 | 0.649466282 | 0.705107366 |
| 2001 Q2 | 0.653510992 | 0.713760355 |
| 2001 Q3 | 0.660255123 | 0.736698742 |
| 2001 Q4 | 0.662128434 | 0.741582567 |
| 2002 Q1 | 0.659673854 | 0.750959058 |
| 2002 Q2 | 0.656778992 | 0.75760462 |
| 2002 Q3 | 0.654087021 | 0.769368739 |
| 2002 Q4 | 0.653769362 | 0.785038069 |
| 2003 Q1 | 0.648950536 | 0.797570263 |
| 2003 Q2 | 0.64248213 | 0.819205577 |
| 2003 Q3 | 0.633244541 | 0.821878019 |
| 2003 Q4 | 0.623595997 | 0.829857782 |
| 2004 Q1 | 0.627886466 | 0.839420681 |
| 2004 Q2 | 0.623834014 | 0.85042453 |
| 2004 Q3 | 0.62473289 | 0.858218409 |
| 2004 Q4 | 0.6243385 | 0.870098092 |
| 2005 Q1 | 0.624188884 | 0.872574406 |
| 2005 Q2 | 0.629163153 | 0.887385612 |
| 2005 Q3 | 0.628729368 | 0.897345754 |
| 2005 Q4 | 0.634523383 | 0.907504343 |
| 2006 Q1 | 0.63745849 | 0.918012951 |
| 2006 Q2 | 0.645914065 | 0.933732211 |
| 2006 Q3 | 0.651236739 | 0.946725091 |
| 2006 Q4 | 0.661009889 | 0.953691284 |
| 2007 Q1 | 0.67066911 | 0.956418739 |
| 2007 Q2 | 0.683334673 | 0.965129208 |
| 2007 Q3 | 0.69807919 | 0.968655154 |
| 2007 Q4 | 0.709394893 | 0.971215472 |
| 2008 Q1 | 0.723961071 | 0.982315144 |
| 2008 Q2 | 0.729950441 | 0.968811629 |
| 2008 Q3 | 0.737668886 | 0.972587689 |
| 2008 Q4 | 0.754372901 | 0.972099523 |
| 2009 Q1 | 0.758449957 | 0.979908186 |
| 2009 Q2 | 0.754662673 | 0.981845371 |
| 2009 Q3 | 0.74167856 | 0.973915352 |
| 2009 Q4 | 0.717290451 | 0.958097907 |
| 2010 Q1 | 0.709948045 | 0.947274462 |
| 2010 Q2 | 0.694980365 | 0.929450108 |
| 2010 Q3 | 0.690507553 | 0.913049982 |
| 2010 Q4 | 0.67787182 | 0.901721444 |
| 2011 Q1 | 0.676494817 | 0.90039109 |
| 2011 Q2 | 0.672887402 | 0.884984701 |
| 2011 Q3 | 0.673964 | 0.876464498 |
| 2011 Q4 | 0.672131923 | 0.864324021 |
| 2012 Q1 | 0.668044139 | 0.851832044 |
| 2012 Q2 | 0.669395694 | 0.842362259 |
| 2012 Q3 | 0.675769006 | 0.834590017 |
| 2012 Q4 | 0.683867628 | 0.827183521 |
| 2013 Q1 | 0.678850054 | 0.818064595 |
| 2013 Q2 | 0.685359586 | 0.814949195 |
| 2013 Q3 | 0.687926887 | 0.804826494 |
| 2013 Q4 | 0.686414551 | 0.803158082 |
| 2014 Q1 | 0.697461085 | 0.80648205 |
| 2014 Q2 | 0.695076145 | 0.794674352 |
| 2014 Q3 | 0.694801089 | 0.778448748 |
| 2014 Q4 | 0.704731539 | 0.776667298 |
| 2015 Q1 | 0.711336196 | 0.773100206 |
| 2015 Q2 | 0.718189777 | 0.76987064 |
| 2015 Q3 | 0.723536061 | 0.768512685 |
| 2015 Q4 | 0.731177099 | 0.766735772 |
| 2016 Q1 | 0.742996857 | 0.767868587 |
| 2016 Q2 | 0.743049029 | 0.766441877 |
| 2016 Q3 | 0.745828838 | 0.765898295 |
| 2016 Q4 | 0.741339726 | 0.762416315 |
| 2017 Q1 | 0.74846759 | 0.762138588 |
| 2017 Q2 | 0.754992517 | 0.7629601 |
| 2017 Q3 | 0.75560321 | 0.758400708 |
| 2017 Q4 | 0.75672458 | 0.754077089 |
| 2018 Q1 | 0.753971569 | 0.749780272 |
| 2018 Q2 | 0.766601937 | 0.74584858 |
| 2018 Q3 | 0.767819333 | 0.744185246 |
| 2018 Q4 | 0.772115245 | 0.744911898 |
| 2019 Q1 | 0.776824615 | 0.743321131 |
| 2019 Q2 | 0.773615855 | 0.741537192 |
| 2019 Q3 | 0.772844845 | 0.738024886 |
| 2019 Q4 | 0.769177884 | 0.738052331 |
| 2020 Q1 | 0.814389073 | 0.751235171 |
| 2020 Q2 | 0.921508272 | 0.817543469 |
| 2020 Q3 | 0.847954327 | 0.762190012 |
| 2020 Q4 | 0.835831339 | 0.75962898 |
| 2021 Q1 | 0.824443782 | 0.751437698 |
| 2021 Q2 | 0.813623839 | 0.758635556 |
| 2021 Q3 | 0.804471557 | 0.754972487 |
| 2021 Q4 | 0.79196404 | 0.744008654 |
| 2022 Q1 | 0.799000172 | 0.744151172 |
| 2022 Q2 | 0.797489011 | 0.741780829 |
| 2022 Q3 | 0.791764563 | 0.74055385 |
| 2022 Q4 | 0.786170691 | 0.735730802 |
| 2023 Q1 | 0.783206478 | 0.729003128 |
| 2023 Q2 | 0.779591569 | 0.727221124 |
| 2023 Q3 | 0.766799379 | 0.718392903 |
| 2023 Q4 | 0.755660711 | 0.713781608 |
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
| Date | Growth of agg debt |
|---|---|
| 1997 Q1 | 5.524567795 |
| 1997 Q2 | 6.429721511 |
| 1997 Q3 | 10.09240756 |
| 1997 Q4 | 7.692802233 |
| 1998 Q1 | 11.49384245 |
| 1998 Q2 | 12.67026647 |
| 1998 Q3 | 9.716102163 |
| 1998 Q4 | 9.327835671 |
| 1999 Q1 | 10.90264563 |
| 1999 Q2 | 5.87363442 |
| 1999 Q3 | 10.32916379 |
| 1999 Q4 | 6.188077584 |
| 2000 Q1 | 8.731948097 |
| 2000 Q2 | 9.21094499 |
| 2000 Q3 | 4.067373079 |
| 2000 Q4 | 4.658991931 |
| 2001 Q1 | 1.096571513 |
| 2001 Q2 | 5.8943017 |
| 2001 Q3 | 3.061644464 |
| 2001 Q4 | 1.566425207 |
| 2002 Q1 | 1.886750121 |
| 2002 Q2 | -0.118575601 |
| 2002 Q3 | -0.234263842 |
| 2002 Q4 | 1.199229492 |
| 2003 Q1 | -0.137171888 |
| 2003 Q2 | -0.589876788 |
| 2003 Q3 | 1.266406396 |
| 2003 Q4 | -1.655629064 |
| 2004 Q1 | 4.417830556 |
| 2004 Q2 | 1.43947391 |
| 2004 Q3 | 5.511730167 |
| 2004 Q4 | 4.786114043 |
| 2005 Q1 | 4.722852495 |
| 2005 Q2 | 6.112791561 |
| 2005 Q3 | 4.972027054 |
| 2005 Q4 | 6.589213911 |
| 2006 Q1 | 7.727122668 |
| 2006 Q2 | 6.715396535 |
| 2006 Q3 | 4.567087595 |
| 2006 Q4 | 9.236053721 |
| 2007 Q1 | 7.904476677 |
| 2007 Q2 | 11.24771652 |
| 2007 Q3 | 11.28163786 |
| 2007 Q4 | 7.959050489 |
| 2008 Q1 | 5.894467991 |
| 2008 Q2 | 6.054877606 |
| 2008 Q3 | 3.34664353 |
| 2008 Q4 | 1.471802414 |
| 2009 Q1 | -2.976054149 |
| 2009 Q2 | -4.826099822 |
| 2009 Q3 | -6.332817995 |
| 2009 Q4 | -6.60966677 |
| 2010 Q1 | -3.992235546 |
| 2010 Q2 | -3.705632191 |
| 2010 Q3 | 1.185162267 |
| 2010 Q4 | -0.574287767 |
| 2011 Q1 | -1.401725269 |
| 2011 Q2 | 0.939748076 |
| 2011 Q3 | 1.204075001 |
| 2011 Q4 | 2.512417743 |
| 2012 Q1 | 1.011568111 |
| 2012 Q2 | 2.67154051 |
| 2012 Q3 | 5.522883607 |
| 2012 Q4 | 6.476061467 |
| 2013 Q1 | 1.065371828 |
| 2013 Q2 | 4.705632581 |
| 2013 Q3 | 5.369665388 |
| 2013 Q4 | 3.423054883 |
| 2014 Q1 | 5.341959547 |
| 2014 Q2 | 4.343196012 |
| 2014 Q3 | 4.871036442 |
| 2014 Q4 | 7.112292746 |
| 2015 Q1 | 6.952050791 |
| 2015 Q2 | 6.928767622 |
| 2015 Q3 | 4.391004538 |
| 2015 Q4 | 4.699629649 |
| 2016 Q1 | 6.811589034 |
| 2016 Q2 | 1.859275105 |
| 2016 Q3 | 3.653901625 |
| 2016 Q4 | 0.499189367 |
| 2017 Q1 | 4.202833671 |
| 2017 Q2 | 5.478860875 |
| 2017 Q3 | 4.354468201 |
| 2017 Q4 | 3.87087221 |
| 2018 Q1 | 1.802855937 |
| 2018 Q2 | 1.09109823 |
| 2018 Q3 | 3.606929777 |
| 2018 Q4 | 2.684314395 |
| 2019 Q1 | 4.787679067 |
| 2019 Q2 | 2.203925114 |
| 2019 Q3 | 4.187846927 |
| 2019 Q4 | 0.956816295 |
| 2020 Q1 | 18.02269377 |
| 2020 Q2 | 15.9829245 |
| 2020 Q3 | -2.937658194 |
| 2020 Q4 | -0.609393112 |
| 2021 Q1 | 1.343564699 |
| 2021 Q2 | -3.266660483 |
| 2021 Q3 | -0.012794562 |
| 2021 Q4 | 1.975571254 |
| 2022 Q1 | 2.085251681 |
| 2022 Q2 | 2.521485423 |
| 2022 Q3 | -0.763322868 |
| 2022 Q4 | -1.120731715 |
| 2023 Q1 | -0.249669921 |
| 2023 Q2 | -1.742811094 |
| 2023 Q3 | -0.632325223 |
| 2023 Q4 | -1.233157066 |
Note: Nominal debt growth is seasonally adjusted and is translated into real terms after subtracting the growth rate of the price deflator for the core personal consumption expenditures price index.
Source: Federal Reserve Board, Statistical Release Z.1, "Financial Accounts of the United States."
Figure 2.4. Net issuance of risky debt remained subdued
Billions of dollars
| Date | Institutional leveraged loans | High-yield and unrated bonds |
|---|---|---|
| 2004 Q2 | 15.56999207 | -12.79978 |
| 2004 Q3 | 6.330001831 | -4.74447 |
| 2004 Q4 | 20.88000488 | -13.25172 |
| 2005 Q1 | 10.5 | 2.97369 |
| 2005 Q2 | 16.8999939 | -6.4107 |
| 2005 Q3 | 7.279998779 | -12.99104 |
| 2005 Q4 | 20.61000061 | 2.72849 |
| 2006 Q1 | 27.1599884 | -13.66463 |
| 2006 Q2 | 40.14001465 | 12.56658 |
| 2006 Q3 | 17.85998535 | -5.5888 |
| 2006 Q4 | 66.30001831 | 30.5088 |
| 2007 Q1 | 40.67999268 | 0.19438 |
| 2007 Q2 | 54.30999756 | 23.34618 |
| 2007 Q3 | 25.72000122 | -7.043 |
| 2007 Q4 | 36.05999756 | -10.42257 |
| 2008 Q1 | 2.210021973 | -20.1379 |
| 2008 Q2 | 26.2199707 | 3.03224 |
| 2008 Q3 | 6.600036621 | -0.41136 |
| 2008 Q4 | 4.799987793 | -23.87502 |
| 2009 Q1 | -11.82000732 | -25.44025 |
| 2009 Q2 | -15.5300293 | 2.31022 |
| 2009 Q3 | -13.25994873 | -9.19092 |
| 2009 Q4 | -24.9800415 | -9.41148 |
| 2010 Q1 | -17.84997559 | 3.29614 |
| 2010 Q2 | -9.710021973 | 13.21006 |
| 2010 Q3 | 11.76000977 | 14.20726 |
| 2010 Q4 | -15.33999634 | 25.0072 |
| 2011 Q1 | -4.489990234 | 0.52511 |
| 2011 Q2 | 25.48995972 | 16.39558 |
| 2011 Q3 | -5.50994873 | -7.89381 |
| 2011 Q4 | 3.909973145 | 3.67995 |
| 2012 Q1 | -6.470001221 | 23.11511 |
| 2012 Q2 | 18.44998169 | -13.41273 |
| 2012 Q3 | -4.380004883 | 38.5513 |
| 2012 Q4 | 25.96002197 | 21.51444 |
| 2013 Q1 | 11.29998779 | 23.05389 |
| 2013 Q2 | 31.30999756 | 19.65314 |
| 2013 Q3 | 45.16003418 | 25.86382 |
| 2013 Q4 | 43.53997803 | 24.45472 |
| 2014 Q1 | 29.44000244 | 16.13023 |
| 2014 Q2 | 45.61999512 | 15.23673 |
| 2014 Q3 | 48.41998291 | 32.90895 |
| 2014 Q4 | 26.18005371 | 3.99923 |
| 2015 Q1 | 6.459960938 | 32.91826 |
| 2015 Q2 | -3.109985352 | 4.34897 |
| 2015 Q3 | 8.58001709 | -0.70019 |
| 2015 Q4 | 28.79998779 | -13.22172 |
| 2016 Q1 | 9.08996582 | -0.65118 |
| 2016 Q2 | 4.99005127 | 2.29577 |
| 2016 Q3 | -12.88000488 | -3.45296 |
| 2016 Q4 | 7.190002441 | -44.46959 |
| 2017 Q1 | -4.239990234 | 9.04802 |
| 2017 Q2 | 49.00994873 | -10.65872 |
| 2017 Q3 | 13.0300293 | -2.19108 |
| 2017 Q4 | 16.80999756 | -4.0029 |
| 2018 Q1 | 24.22998047 | 16.27301 |
| 2018 Q2 | 62.20996094 | -8.70022 |
| 2018 Q3 | 46.68005371 | 10.88415 |
| 2018 Q4 | 48.55004883 | -20.50815 |
| 2019 Q1 | 45.52990723 | 13.27412 |
| 2019 Q2 | 9.200073242 | 19.04002 |
| 2019 Q3 | -11.33007813 | 11.01589 |
| 2019 Q4 | 13.09008789 | 9.09712 |
| 2020 Q1 | 3.08996582 | 4.84 |
| 2020 Q2 | -11.42004395 | 89.89667 |
| 2020 Q3 | 14.32006836 | 6.66938 |
| 2020 Q4 | -6.170043945 | -9.15942 |
| 2021 Q1 | 13.65002441 | 21.6375 |
| 2021 Q2 | 51.33996582 | 32.37538 |
| 2021 Q3 | 41.23999023 | 14.75297 |
| 2021 Q4 | 41.81005859 | 2.58813 |
| 2022 Q1 | 49.29992676 | -11.67106 |
| 2022 Q2 | 24.01000977 | -10.81049 |
| 2022 Q3 | 16.04003906 | -20.36269 |
| 2022 Q4 | -17.26000977 | -18.05832 |
| 2023 Q1 | -14.5300293 | 3.15098 |
| 2023 Q2 | -4.770019531 | -1.09656 |
| 2023 Q3 | 14.10009766 | -0.69521 |
| 2023 Q4 | -10.7800293 | -4.12515 |
| 2024 Q1 | 1.050048828 | 2.86056 |
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). For 2024:Q1, the value corresponds to preliminary data.
Source: Mergent, Inc., Fixed Income Securities Database; PitchBook Data, Leveraged Commentary & Data.
Figure 2.5. Gross leverage of large businesses stayed at high levels by historical standards
Percent
| Date | 75th percentile | All firms |
|---|---|---|
| 2000 Q1 | 48.22518959 | 30.36066213 |
| 2000 Q2 | 47.85129103 | 29.61834315 |
| 2000 Q3 | 47.4916753 | 29.01812282 |
| 2000 Q4 | 46.98723313 | 29.1862484 |
| 2001 Q1 | 47.46972372 | 29.18847959 |
| 2001 Q2 | 47.45663579 | 29.3780128 |
| 2001 Q3 | 47.33279876 | 29.3672552 |
| 2001 Q4 | 47.114257 | 29.99413866 |
| 2002 Q1 | 46.03883344 | 30.62843183 |
| 2002 Q2 | 44.47899961 | 29.68146916 |
| 2002 Q3 | 44.10561576 | 29.45409195 |
| 2002 Q4 | 44.42719318 | 29.1829845 |
| 2003 Q1 | 42.83049826 | 28.96385294 |
| 2003 Q2 | 42.23323467 | 28.14317819 |
| 2003 Q3 | 41.81523398 | 27.78464941 |
| 2003 Q4 | 41.5829371 | 26.71295023 |
| 2004 Q1 | 39.47446543 | 26.30994862 |
| 2004 Q2 | 39.02658073 | 25.70035022 |
| 2004 Q3 | 38.73209833 | 25.38418344 |
| 2004 Q4 | 39.17628101 | 25.13582588 |
| 2005 Q1 | 37.83441632 | 24.93111088 |
| 2005 Q2 | 37.77656538 | 24.80433113 |
| 2005 Q3 | 37.49171291 | 24.12772474 |
| 2005 Q4 | 38.36185456 | 24.17281003 |
| 2006 Q1 | 37.41706054 | 24.45331893 |
| 2006 Q2 | 37.74943108 | 24.34322656 |
| 2006 Q3 | 37.69361474 | 24.36061456 |
| 2006 Q4 | 38.57435319 | 24.68816018 |
| 2007 Q1 | 37.98484552 | 24.92378441 |
| 2007 Q2 | 38.68416088 | 25.15936756 |
| 2007 Q3 | 38.70551603 | 25.56110959 |
| 2007 Q4 | 39.00618888 | 25.83092547 |
| 2008 Q1 | 39.09109941 | 26.05283406 |
| 2008 Q2 | 39.01722293 | 26.17186604 |
| 2008 Q3 | 40.03015705 | 27.16203579 |
| 2008 Q4 | 42.68298453 | 28.75280943 |
| 2009 Q1 | 41.53609401 | 28.68569829 |
| 2009 Q2 | 39.94144825 | 27.93090197 |
| 2009 Q3 | 38.47628311 | 26.95544694 |
| 2009 Q4 | 38.74114533 | 26.74283967 |
| 2010 Q1 | 37.12920064 | 26.32497768 |
| 2010 Q2 | 36.74189215 | 26.20485765 |
| 2010 Q3 | 36.29314454 | 26.20494249 |
| 2010 Q4 | 36.97408555 | 25.98606953 |
| 2011 Q1 | 36.13785912 | 25.77651004 |
| 2011 Q2 | 35.6217811 | 25.83900299 |
| 2011 Q3 | 36.37818863 | 26.16629925 |
| 2011 Q4 | 37.81209717 | 26.09539502 |
| 2012 Q1 | 36.98532615 | 26.03436764 |
| 2012 Q2 | 37.40251807 | 26.59335309 |
| 2012 Q3 | 37.48794432 | 26.71167472 |
| 2012 Q4 | 38.87539411 | 27.09074157 |
| 2013 Q1 | 38.06344278 | 26.93256617 |
| 2013 Q2 | 38.25889993 | 27.36166699 |
| 2013 Q3 | 38.52848325 | 27.67393262 |
| 2013 Q4 | 40.12819788 | 27.90931014 |
| 2014 Q1 | 39.23531313 | 28.51130681 |
| 2014 Q2 | 40.27670938 | 28.44480452 |
| 2014 Q3 | 40.8563776 | 28.60824131 |
| 2014 Q4 | 42.14605379 | 29.18458831 |
| 2015 Q1 | 42.37653193 | 30.03572603 |
| 2015 Q2 | 42.08965859 | 30.56249138 |
| 2015 Q3 | 42.56209346 | 31.09943564 |
| 2015 Q4 | 43.85831048 | 32.03751657 |
| 2016 Q1 | 43.81904011 | 32.64905114 |
| 2016 Q2 | 43.69128876 | 32.88533639 |
| 2016 Q3 | 42.99261552 | 32.96539892 |
| 2016 Q4 | 43.20835102 | 32.83072553 |
| 2017 Q1 | 42.69999152 | 33.10365622 |
| 2017 Q2 | 42.19813175 | 33.47085216 |
| 2017 Q3 | 42.11563873 | 33.29300093 |
| 2017 Q4 | 41.94370416 | 32.93648501 |
| 2018 Q1 | 41.96083968 | 33.246877 |
| 2018 Q2 | 42.16942508 | 33.04128345 |
| 2018 Q3 | 41.66780488 | 32.76819893 |
| 2018 Q4 | 42.46719644 | 33.15509428 |
| 2019 Q1 | 46.27003315 | 35.23866323 |
| 2019 Q2 | 46.54976766 | 35.41600918 |
| 2019 Q3 | 47.38068075 | 35.48995904 |
| 2019 Q4 | 47.89091594 | 35.46096985 |
| 2020 Q1 | 49.87011217 | 37.47472614 |
| 2020 Q2 | 49.15808351 | 37.67416586 |
| 2020 Q3 | 47.38240586 | 36.80827156 |
| 2020 Q4 | 46.7428696 | 36.11153483 |
| 2021 Q1 | 45.95419927 | 35.69624116 |
| 2021 Q2 | 45.03069413 | 35.16016672 |
| 2021 Q3 | 44.3493714 | 34.61373805 |
| 2021 Q4 | 44.5938928 | 34.20924955 |
| 2022 Q1 | 44.85074297 | 34.10775222 |
| 2022 Q2 | 45.64604813 | 34.04572938 |
| 2022 Q3 | 45.42002844 | 34.11044189 |
| 2022 Q4 | 45.43752354 | 34.22139079 |
| 2023 Q1 | 45.85547534 | 34.29232784 |
| 2023 Q2 | 45.23358045 | 34.22653965 |
| 2023 Q3 | 45.46540095 | 34.00512136 |
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 2019:Q1 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, remained robust
Ratio
| Date | Median for all firms | Median for all non-investment-grade firms |
|---|---|---|
| 2000 Q1 | 2.360292563 | 1.586831964 |
| 2000 Q2 | 2.322737129 | 1.535478437 |
| 2000 Q3 | 2.265054655 | 1.513139092 |
| 2000 Q4 | 2.202857032 | 1.440115266 |
| 2001 Q1 | 2.126165515 | 1.374845615 |
| 2001 Q2 | 2.078394007 | 1.35093106 |
| 2001 Q3 | 1.893205111 | 1.247007292 |
| 2001 Q4 | 1.774992249 | 1.28086744 |
| 2002 Q1 | 1.777967049 | 1.267771374 |
| 2002 Q2 | 1.740397477 | 1.288533928 |
| 2002 Q3 | 1.841853035 | 1.403771253 |
| 2002 Q4 | 1.999724972 | 1.525256849 |
| 2003 Q1 | 2.101398159 | 1.599810651 |
| 2003 Q2 | 2.115168539 | 1.511046155 |
| 2003 Q3 | 2.173065283 | 1.669259396 |
| 2003 Q4 | 2.29206215 | 1.670344906 |
| 2004 Q1 | 2.544724771 | 1.915573278 |
| 2004 Q2 | 2.86702351 | 2.06335406 |
| 2004 Q3 | 3.020931839 | 2.240584847 |
| 2004 Q4 | 2.983762652 | 2.351190476 |
| 2005 Q1 | 3.012543229 | 2.279258235 |
| 2005 Q2 | 2.99807699 | 2.241625616 |
| 2005 Q3 | 3.056107432 | 2.232316678 |
| 2005 Q4 | 3.030435648 | 2.281152427 |
| 2006 Q1 | 3.066759634 | 2.322080804 |
| 2006 Q2 | 3.011325387 | 2.270520532 |
| 2006 Q3 | 2.973553736 | 2.294204407 |
| 2006 Q4 | 2.91758181 | 2.280753949 |
| 2007 Q1 | 2.917037637 | 2.230363059 |
| 2007 Q2 | 2.83771391 | 2.208405999 |
| 2007 Q3 | 2.697358952 | 2.109745313 |
| 2007 Q4 | 2.72808731 | 2.095252343 |
| 2008 Q1 | 2.791767664 | 2.165829276 |
| 2008 Q2 | 2.99897471 | 2.257105171 |
| 2008 Q3 | 2.98272101 | 2.255587674 |
| 2008 Q4 | 2.626292796 | 1.9375 |
| 2009 Q1 | 2.691996292 | 1.971870068 |
| 2009 Q2 | 2.465690108 | 1.743471954 |
| 2009 Q3 | 2.327915452 | 1.594690079 |
| 2009 Q4 | 2.281710914 | 1.677119496 |
| 2010 Q1 | 2.626213592 | 1.956251737 |
| 2010 Q2 | 2.753257277 | 2.107586596 |
| 2010 Q3 | 2.940682106 | 2.19412783 |
| 2010 Q4 | 3.042792793 | 2.295169347 |
| 2011 Q1 | 3.189139052 | 2.470581774 |
| 2011 Q2 | 3.37037037 | 2.563897585 |
| 2011 Q3 | 3.520922855 | 2.618111059 |
| 2011 Q4 | 3.460091578 | 2.582900354 |
| 2012 Q1 | 3.397396631 | 2.517071443 |
| 2012 Q2 | 3.430836115 | 2.58731721 |
| 2012 Q3 | 3.288819095 | 2.399715885 |
| 2012 Q4 | 3.094357977 | 2.377692676 |
| 2013 Q1 | 3.193665503 | 2.331953642 |
| 2013 Q2 | 3.256355932 | 2.283515346 |
| 2013 Q3 | 3.258583691 | 2.241230155 |
| 2013 Q4 | 3.161034017 | 2.2117195 |
| 2014 Q1 | 3.208108108 | 2.20770202 |
| 2014 Q2 | 3.427311999 | 2.391077773 |
| 2014 Q3 | 3.471111111 | 2.418127994 |
| 2014 Q4 | 3.36816176 | 2.310932687 |
| 2015 Q1 | 3.35 | 2.187229379 |
| 2015 Q2 | 3.302869288 | 2.19087561 |
| 2015 Q3 | 3.314109454 | 2.2049955 |
| 2015 Q4 | 3.123854957 | 2.12860618 |
| 2016 Q1 | 2.942279942 | 2.040986515 |
| 2016 Q2 | 2.925113293 | 1.994308549 |
| 2016 Q3 | 2.962765957 | 2.112754557 |
| 2016 Q4 | 2.984521576 | 2.018129771 |
| 2017 Q1 | 3.041636621 | 2.125273523 |
| 2017 Q2 | 3.108464709 | 2.229055515 |
| 2017 Q3 | 3.063028298 | 2.281995419 |
| 2017 Q4 | 3.082348852 | 2.289488157 |
| 2018 Q1 | 3.056629878 | 2.238972095 |
| 2018 Q2 | 3.086165702 | 2.344155844 |
| 2018 Q3 | 3.170138889 | 2.368234238 |
| 2018 Q4 | 3.069111263 | 2.327034884 |
| 2019 Q1 | 2.964207048 | 2.213307777 |
| 2019 Q2 | 2.895021195 | 2.043065756 |
| 2019 Q3 | 2.798534259 | 2.065400787 |
| 2019 Q4 | 2.657608696 | 2.013216402 |
| 2020 Q1 | 2.482370977 | 1.789978926 |
| 2020 Q2 | 2.125037116 | 1.331896552 |
| 2020 Q3 | 2.168613358 | 1.228216403 |
| 2020 Q4 | 2.061076946 | 1.238529072 |
| 2021 Q1 | 2.47443034 | 1.50469039 |
| 2021 Q2 | 2.997844828 | 1.895191538 |
| 2021 Q3 | 3.28492823 | 2.226959488 |
| 2021 Q4 | 3.199232586 | 2.186409847 |
| 2022 Q1 | 3.428070175 | 2.211100963 |
| 2022 Q2 | 3.400451703 | 2.04197546 |
| 2022 Q3 | 3.080863607 | 1.831810961 |
| 2022 Q4 | 2.60205619 | 1.658145412 |
| 2023 Q1 | 2.488460783 | 1.574048405 |
| 2023 Q2 | 2.403857661 | 1.515027269 |
| 2023 Q3 | 2.449599226 | 1.476692498 |
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. The default rate on leveraged loans remained around its historical median
Percent
| Date | Default Rate of Leveraged Loans |
|---|---|
| 1998-12-01 | 1.510000043 |
| 1999-01-01 | 1.400000043 |
| 1999-02-01 | 0.620000018 |
| 1999-03-01 | 0.960000046 |
| 1999-04-01 | 0.910000037 |
| 1999-05-01 | 1.080000028 |
| 1999-06-01 | 1.510000043 |
| 1999-07-01 | 1.470000017 |
| 1999-08-01 | 2.590000071 |
| 1999-09-01 | 2.840000018 |
| 1999-10-01 | 2.800000086 |
| 1999-11-01 | 4.230000079 |
| 1999-12-01 | 4.170000181 |
| 2000-01-01 | 5.319999903 |
| 2000-02-01 | 5.640000105 |
| 2000-03-01 | 5.790000036 |
| 2000-04-01 | 7.389999926 |
| 2000-05-01 | 7.129999995 |
| 2000-06-01 | 7.500000298 |
| 2000-07-01 | 7.389999926 |
| 2000-08-01 | 6.660000235 |
| 2000-09-01 | 6.599999964 |
| 2000-10-01 | 6.740000099 |
| 2000-11-01 | 5.799999833 |
| 2000-12-01 | 6.570000201 |
| 2001-01-01 | 5.889999866 |
| 2001-02-01 | 5.649999902 |
| 2001-03-01 | 5.480000004 |
| 2001-04-01 | 4.780000076 |
| 2001-05-01 | 6.419999897 |
| 2001-06-01 | 6.279999763 |
| 2001-07-01 | 6.819999963 |
| 2001-08-01 | 6.80000037 |
| 2001-09-01 | 6.499999762 |
| 2001-10-01 | 6.71999976 |
| 2001-11-01 | 6.499999762 |
| 2001-12-01 | 6.300000101 |
| 2002-01-01 | 7.249999791 |
| 2002-02-01 | 7.249999791 |
| 2002-03-01 | 6.849999726 |
| 2002-04-01 | 6.949999928 |
| 2002-05-01 | 5.689999834 |
| 2002-06-01 | 7.410000265 |
| 2002-07-01 | 6.840000302 |
| 2002-08-01 | 6.780000031 |
| 2002-09-01 | 6.409999728 |
| 2002-10-01 | 6.589999795 |
| 2002-11-01 | 6.530000269 |
| 2002-12-01 | 6.010000035 |
| 2003-01-01 | 5.13000004 |
| 2003-02-01 | 5.009999871 |
| 2003-03-01 | 5.469999835 |
| 2003-04-01 | 5.260000005 |
| 2003-05-01 | 5.350000039 |
| 2003-06-01 | 2.62000002 |
| 2003-07-01 | 2.639999986 |
| 2003-08-01 | 2.669999935 |
| 2003-09-01 | 2.910000086 |
| 2003-10-01 | 2.300000004 |
| 2003-11-01 | 2.280000038 |
| 2003-12-01 | 2.250000089 |
| 2004-01-01 | 1.889999956 |
| 2004-02-01 | 1.610000059 |
| 2004-03-01 | 1.109999977 |
| 2004-04-01 | 0.939999986 |
| 2004-05-01 | 0.680000009 |
| 2004-06-01 | 0.939999986 |
| 2004-07-01 | 0.910000037 |
| 2004-08-01 | 0.879999995 |
| 2004-09-01 | 1.009999961 |
| 2004-10-01 | 1.020000037 |
| 2004-11-01 | 1.020000037 |
| 2004-12-01 | 1.009999961 |
| 2005-01-01 | 1.03000002 |
| 2005-02-01 | 1.370000001 |
| 2005-03-01 | 1.260000002 |
| 2005-04-01 | 1.48 |
| 2005-05-01 | 1.539999992 |
| 2005-06-01 | 1.290000044 |
| 2005-07-01 | 1.460000034 |
| 2005-08-01 | 1.429999992 |
| 2005-09-01 | 1.649999991 |
| 2005-10-01 | 2.559999935 |
| 2005-11-01 | 2.290000021 |
| 2005-12-01 | 3.020000085 |
| 2006-01-01 | 2.960000001 |
| 2006-02-01 | 2.889999934 |
| 2006-03-01 | 2.789999917 |
| 2006-04-01 | 2.470000088 |
| 2006-05-01 | 2.300000004 |
| 2006-06-01 | 2.280000038 |
| 2006-07-01 | 2.080000006 |
| 2006-08-01 | 2.080000006 |
| 2006-09-01 | 1.559999958 |
| 2006-10-01 | 0.989999995 |
| 2006-11-01 | 1.070000045 |
| 2006-12-01 | 0.480000023 |
| 2007-01-01 | 0.449999981 |
| 2007-02-01 | 0.240000011 |
| 2007-03-01 | 0.230000005 |
| 2007-04-01 | 0.219999999 |
| 2007-05-01 | 0.159999996 |
| 2007-06-01 | 0.150000001 |
| 2007-07-01 | 0.209999993 |
| 2007-08-01 | 0.209999993 |
| 2007-09-01 | 0.419999985 |
| 2007-10-01 | 0.329999998 |
| 2007-11-01 | 0.249999994 |
| 2007-12-01 | 0.240000011 |
| 2008-01-01 | 0.719999988 |
| 2008-02-01 | 0.939999986 |
| 2008-03-01 | 1.070000045 |
| 2008-04-01 | 1.300000027 |
| 2008-05-01 | 1.730000041 |
| 2008-06-01 | 1.700000092 |
| 2008-07-01 | 1.899999939 |
| 2008-08-01 | 2.030000091 |
| 2008-09-01 | 1.909999922 |
| 2008-10-01 | 1.970000006 |
| 2008-11-01 | 1.940000057 |
| 2008-12-01 | 3.750000149 |
| 2009-01-01 | 4.949999973 |
| 2009-02-01 | 5.249999836 |
| 2009-03-01 | 8.02000016 |
| 2009-04-01 | 8.030000329 |
| 2009-05-01 | 8.659999818 |
| 2009-06-01 | 9.149999917 |
| 2009-07-01 | 9.570000321 |
| 2009-08-01 | 9.679999948 |
| 2009-09-01 | 9.749999642 |
| 2009-10-01 | 10.71429029 |
| 2009-11-01 | 10.8148016 |
| 2009-12-01 | 9.610000253 |
| 2010-01-01 | 8.820000291 |
| 2010-02-01 | 8.590000123 |
| 2010-03-01 | 5.820000172 |
| 2010-04-01 | 5.649999902 |
| 2010-05-01 | 4.639999941 |
| 2010-06-01 | 4.019999877 |
| 2010-07-01 | 3.46999988 |
| 2010-08-01 | 3.570000082 |
| 2010-09-01 | 3.550000116 |
| 2010-10-01 | 2.280000038 |
| 2010-11-01 | 2.250000089 |
| 2010-12-01 | 1.86999999 |
| 2011-01-01 | 1.460000034 |
| 2011-02-01 | 1.269999985 |
| 2011-03-01 | 1.109999977 |
| 2011-04-01 | 0.949999969 |
| 2011-05-01 | 0.910000037 |
| 2011-06-01 | 0.910000037 |
| 2011-07-01 | 0.769999996 |
| 2011-08-01 | 0.329999998 |
| 2011-09-01 | 0.319999992 |
| 2011-10-01 | 0.319999992 |
| 2011-11-01 | 0.170000002 |
| 2011-12-01 | 0.170000002 |
| 2012-01-01 | 0.209999993 |
| 2012-02-01 | 0.209999993 |
| 2012-03-01 | 0.209999993 |
| 2012-04-01 | 0.55999998 |
| 2012-05-01 | 1.049999986 |
| 2012-06-01 | 1.040000003 |
| 2012-07-01 | 1.040000003 |
| 2012-08-01 | 1.070000045 |
| 2012-09-01 | 0.999999978 |
| 2012-10-01 | 1.059999969 |
| 2012-11-01 | 1.279999968 |
| 2012-12-01 | 1.269999985 |
| 2013-01-01 | 1.420000009 |
| 2013-02-01 | 1.400000043 |
| 2013-03-01 | 2.209999971 |
| 2013-04-01 | 1.909999922 |
| 2013-05-01 | 1.400000043 |
| 2013-06-01 | 1.370000001 |
| 2013-07-01 | 2.019999921 |
| 2013-08-01 | 2.160000056 |
| 2013-09-01 | 2.410000004 |
| 2013-10-01 | 2.309999987 |
| 2013-11-01 | 2.080000006 |
| 2013-12-01 | 2.109999955 |
| 2014-01-01 | 1.879999973 |
| 2014-02-01 | 1.860000007 |
| 2014-03-01 | 1.209999993 |
| 2014-04-01 | 4.639999941 |
| 2014-05-01 | 4.600000009 |
| 2014-06-01 | 4.410000145 |
| 2014-07-01 | 3.889999911 |
| 2014-08-01 | 3.610000014 |
| 2014-09-01 | 3.339999914 |
| 2014-10-01 | 3.280000016 |
| 2014-11-01 | 3.330000117 |
| 2014-12-01 | 3.240000084 |
| 2015-01-01 | 3.990000114 |
| 2015-02-01 | 3.920000046 |
| 2015-03-01 | 3.790000081 |
| 2015-04-01 | 1.260000002 |
| 2015-05-01 | 1.260000002 |
| 2015-06-01 | 1.240000036 |
| 2015-07-01 | 1.099999994 |
| 2015-08-01 | 1.300000027 |
| 2015-09-01 | 1.269999985 |
| 2015-10-01 | 1.269999985 |
| 2015-11-01 | 1.420000009 |
| 2015-12-01 | 1.499999966 |
| 2016-01-01 | 1.290000044 |
| 2016-02-01 | 1.410000026 |
| 2016-03-01 | 1.750000007 |
| 2016-04-01 | 1.689999923 |
| 2016-05-01 | 1.960000023 |
| 2016-06-01 | 1.970000006 |
| 2016-07-01 | 2.170000039 |
| 2016-08-01 | 1.979999989 |
| 2016-09-01 | 1.95000004 |
| 2016-10-01 | 1.95000004 |
| 2016-11-01 | 1.659999974 |
| 2016-12-01 | 1.579999924 |
| 2017-01-01 | 1.559999958 |
| 2017-02-01 | 1.410000026 |
| 2017-03-01 | 1.489999983 |
| 2017-04-01 | 1.429999992 |
| 2017-05-01 | 1.420000009 |
| 2017-06-01 | 1.539999992 |
| 2017-07-01 | 1.360000018 |
| 2017-08-01 | 1.360000018 |
| 2017-09-01 | 1.530000009 |
| 2017-10-01 | 1.510000043 |
| 2017-11-01 | 1.95000004 |
| 2017-12-01 | 2.050000057 |
| 2018-01-01 | 1.95000004 |
| 2018-02-01 | 1.999999955 |
| 2018-03-01 | 2.419999987 |
| 2018-04-01 | 2.370000072 |
| 2018-05-01 | 2.119999938 |
| 2018-06-01 | 1.979999989 |
| 2018-07-01 | 1.989999972 |
| 2018-08-01 | 1.989999972 |
| 2018-09-01 | 1.810000092 |
| 2018-10-01 | 1.920000091 |
| 2018-11-01 | 1.610000059 |
| 2018-12-01 | 1.630000025 |
| 2019-01-01 | 1.420000009 |
| 2019-02-01 | 1.620000042 |
| 2019-03-01 | 0.930000003 |
| 2019-04-01 | 1.009999961 |
| 2019-05-01 | 0.999999978 |
| 2019-06-01 | 1.339999959 |
| 2019-07-01 | 1.319999993 |
| 2019-08-01 | 1.290000044 |
| 2019-09-01 | 1.290000044 |
| 2019-10-01 | 1.429999992 |
| 2019-11-01 | 1.48 |
| 2019-12-01 | 1.389999967 |
| 2020-01-01 | 1.830000058 |
| 2020-02-01 | 1.830000058 |
| 2020-03-01 | 1.840000041 |
| 2020-04-01 | 2.31999997 |
| 2020-05-01 | 3.139999881 |
| 2020-06-01 | 3.229999915 |
| 2020-07-01 | 3.90000008 |
| 2020-08-01 | 4.080000147 |
| 2020-09-01 | 4.170000181 |
| 2020-10-01 | 4.10999991 |
| 2020-11-01 | 3.889999911 |
| 2020-12-01 | 3.830000013 |
| 2021-01-01 | 3.379999846 |
| 2021-02-01 | 3.249999881 |
| 2021-03-01 | 3.150000051 |
| 2021-04-01 | 2.610000037 |
| 2021-05-01 | 1.730000041 |
| 2021-06-01 | 1.250000019 |
| 2021-07-01 | 0.579999993 |
| 2021-08-01 | 0.469999993 |
| 2021-09-01 | 0.350000011 |
| 2021-10-01 | 0.200000009 |
| 2021-11-01 | 0.289999996 |
| 2021-12-01 | 0.289999996 |
| 2022-01-01 | 0.289999996 |
| 2022-02-01 | 0.190000003 |
| 2022-03-01 | 0.190000003 |
| 2022-04-01 | 0.179999997 |
| 2022-05-01 | 0.209999993 |
| 2022-06-01 | 0.27999999 |
| 2022-07-01 | 0.27999999 |
| 2022-08-01 | 0.600000005 |
| 2022-09-01 | 0.899999961 |
| 2022-10-01 | 0.829999987 |
| 2022-11-01 | 0.730000017 |
| 2022-12-01 | 0.719999988 |
| 2023-01-01 | 0.829999987 |
| 2023-02-01 | 1.020000037 |
| 2023-03-01 | 1.319999993 |
| 2023-04-01 | 1.31000001 |
| 2023-05-01 | 1.579999924 |
| 2023-06-01 | 1.710000075 |
| 2023-07-01 | 1.750000007 |
| 2023-08-01 | 1.549999975 |
| 2023-09-01 | 1.339999959 |
| 2023-10-01 | 1.429999992 |
| 2023-11-01 | 1.48 |
| 2023-12-01 | 1.530000009 |
| 2024-01-01 | 1.470000017 |
| 2024-02-01 | 1.410000026 |
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 greater than 4 rebounded modestly in early 2024
Percent
| Year | Debt multiples ≥ 6x | Debt multiples 5x-5.99x | Debt multiples 4x4.99x | Debt multiples < 4x |
|---|---|---|---|---|
| 2001 | 2.70000007 | 10.10000035 | 26.19999945 | 61.10000014 |
| 2002 | 5.900000036 | 12.20000014 | 27.30000019 | 54.60000038 |
| 2003 | 6.699999981 | 11.50000021 | 29.30000126 | 52.60000229 |
| 2004 | 8.799999766 | 17.5999999 | 28.60000134 | 44.99999881 |
| 2005 | 8.00000038 | 25.09999871 | 25.09999871 | 41.80000126 |
| 2006 | 16.29999951 | 21.09999955 | 26.30000114 | 36.39999926 |
| 2007 | 27.69999951 | 17.4999997 | 23.70000035 | 31.20000064 |
| 2008 | 10.70000008 | 12.09999993 | 14.20000046 | 63.09999824 |
| 2009 | 17.70000011 | 11.50000021 | 17.70000011 | 53.10000181 |
| 2010 | 5.800000159 | 17.90000051 | 22.59999961 | 53.70000005 |
| 2011 | 14.40000013 | 19.20000017 | 22.59999961 | 43.79999936 |
| 2012 | 15.80000035 | 21.79999948 | 26.60000026 | 35.89999974 |
| 2013 | 16.40000045 | 23.10000062 | 28.99999917 | 31.49999976 |
| 2014 | 27.19999999 | 21.50000036 | 22.59999961 | 28.70000005 |
| 2015 | 18.70000064 | 26.19999945 | 24.8999998 | 30.30000031 |
| 2016 | 21.00000009 | 24.40000027 | 32.6000005 | 21.89999968 |
| 2017 | 22.00000063 | 27.59999931 | 27.59999931 | 22.69999981 |
| 2018 | 29.60000038 | 26.89999938 | 24.19999987 | 19.30000037 |
| 2019 | 32.89999962 | 23.29999954 | 23.49999994 | 20.29999942 |
| 2020 | 28.10000032 | 23.89999926 | 25.69999993 | 22.30000049 |
| 2021 | 35.09999961 | 20.39999962 | 23.10000062 | 21.40000015 |
| 2022 | 36.50000095 | 20.80000043 | 19.30000037 | 23.39999974 |
| 2023 | 16.99999943 | 18.79999936 | 26.39999986 | 37.79999912 |
| 2024 Q1 | 22.99999967 | 23.00000042 | 21.99999988 | 31.99999928 |
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 up
This is a line chart titled "Real household debt edged up." 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 16. 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 11 trillion dollars from 1999 to 2008 and then declines to 8.8 trillion dollars in 2013. After 2013, this variable rises slowly until it reaches 12.1 trillion dollars in 2021:Q3, falls slightly to 11.8 trillion dollars throughout 2022, then rises again to end at 12.3 trillion dollars in 2023:Q4. The second variable is labeled 'Near prime' and is designated by a blue line. It ranges from around 2.6 to around 4.5 trillion dollars. The variable has a slight increase from 3 to around 4.5 trillion dollars from 2002 to 2008 but is otherwise stable around 3 trillion dollars, declining slightly since 2020:Q4 to end at 2.9 trillion dollars in 2023:Q4. The third variable is labeled 'Subprime,' is designated by the red line, and ranges from 1.4 to around 3.5 trillion dollars. There is a slight increase from 1.4 trillion dollars in 1999 to around 3 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 1.8 trillion dollars in 2023:Q4.
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 increased modestly
This is a line chart titled "A model-based estimate of housing leverage increased modestly." The x-axis measures time and 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 fourth 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 103 in 2021:Q2 and then rising to 113 in 2023:Q4. The second line is labeled 'Relative to market value' and is designated by the blue line. The variable also starts at 100 in 1999 and hovers between 93 and 100 until 2006. It then rises to around 136 in the years 2009-2012 before decreasing to around 78 in 2022:Q3 and finally rising again to over 80 at the end of the sample in 2023:Q4. 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 ticked up from low levels
This is a line chart titled "Mortgage delinquency rates ticked up from low levels." The x-axis measures time and 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 and peaks around 7.4 percent in 2010. It then steadily decreases to around 1.1 percent in 2021 before beginning to rise again to 1.9 percent in 2023:Q4. The second variable is "Delinquent/loss mitigation", which is shown as a solid blue line. It begins around 5.1 percent in 2001 and stays between 5 and 6 percent until rising in 2008 to about 9 percent. It then gradually fluctuates while decreasing until 2017 when the series spikes to 8 percent, then falls back to around 5 percent in 2018:Q1 where it stays until the series spikes again to 8 percent in 2020:Q2. The series then falls again to around 5 percent in 2021 and continues decreasing until 3.7 percent at the end of the series in 2023:Q4.
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 |
|---|---|
| 2011-01-01 | 25.2801477 |
| 2011-02-01 | 25.14403759 |
| 2011-03-01 | 24.99349439 |
| 2011-04-01 | 24.93152259 |
| 2011-05-01 | 24.86778766 |
| 2011-06-01 | 24.80639321 |
| 2011-07-01 | 24.65477237 |
| 2011-08-01 | 24.50348051 |
| 2011-09-01 | 24.35737809 |
| 2011-10-01 | 24.65101748 |
| 2011-11-01 | 24.93398222 |
| 2011-12-01 | 25.22515278 |
| 2012-01-01 | 24.69410388 |
| 2012-02-01 | 24.19767741 |
| 2012-03-01 | 23.66744432 |
| 2012-04-01 | 23.20889984 |
| 2012-05-01 | 22.73714373 |
| 2012-06-01 | 22.28260234 |
| 2012-07-01 | 22.1736435 |
| 2012-08-01 | 22.06436208 |
| 2012-09-01 | 21.95828597 |
| 2012-10-01 | 21.83856143 |
| 2012-11-01 | 21.72327356 |
| 2012-12-01 | 21.60469997 |
| 2013-01-01 | 21.11141237 |
| 2013-02-01 | 20.66698986 |
| 2013-03-01 | 20.17616238 |
| 2013-04-01 | 18.42961703 |
| 2013-05-01 | 16.62284533 |
| 2013-06-01 | 14.87236255 |
| 2013-07-01 | 14.35028271 |
| 2013-08-01 | 13.83093694 |
| 2013-09-01 | 13.33092231 |
| 2013-10-01 | 13.37002764 |
| 2013-11-01 | 13.40778486 |
| 2013-12-01 | 13.44668947 |
| 2014-01-01 | 13.24991987 |
| 2014-02-01 | 13.07252344 |
| 2014-03-01 | 12.87645744 |
| 2014-04-01 | 12.22984772 |
| 2014-05-01 | 11.56325433 |
| 2014-06-01 | 10.91967054 |
| 2014-07-01 | 10.73988151 |
| 2014-08-01 | 10.56068372 |
| 2014-09-01 | 10.3878061 |
| 2014-10-01 | 10.48872349 |
| 2014-11-01 | 10.58615501 |
| 2014-12-01 | 10.68659407 |
| 2015-01-01 | 10.5436008 |
| 2015-02-01 | 10.41465931 |
| 2015-03-01 | 10.27218916 |
| 2015-04-01 | 9.81089448 |
| 2015-05-01 | 9.33545318 |
| 2015-06-01 | 8.87653133 |
| 2015-07-01 | 8.70285064 |
| 2015-08-01 | 8.52963032 |
| 2015-09-01 | 8.36244321 |
| 2015-10-01 | 8.36120879 |
| 2015-11-01 | 8.36002953 |
| 2015-12-01 | 8.35879671 |
| 2016-01-01 | 8.27798383 |
| 2016-02-01 | 8.20246359 |
| 2016-03-01 | 8.12183901 |
| 2016-04-01 | 7.77224037 |
| 2016-05-01 | 7.41173511 |
| 2016-06-01 | 7.06350915 |
| 2016-07-01 | 6.82049908 |
| 2016-08-01 | 6.57826395 |
| 2016-09-01 | 6.34457424 |
| 2016-10-01 | 6.31636698 |
| 2016-11-01 | 6.2891235 |
| 2016-12-01 | 6.26101007 |
| 2017-01-01 | 6.18906946 |
| 2017-02-01 | 6.12413954 |
| 2017-03-01 | 6.05234088 |
| 2017-04-01 | 5.85246608 |
| 2017-05-01 | 5.64655486 |
| 2017-06-01 | 5.44790211 |
| 2017-07-01 | 5.28244106 |
| 2017-08-01 | 5.11751836 |
| 2017-09-01 | 4.9584182 |
| 2017-10-01 | 4.94112558 |
| 2017-11-01 | 4.92446662 |
| 2017-12-01 | 4.907297 |
| 2018-01-01 | 4.83929693 |
| 2018-02-01 | 4.77808298 |
| 2018-03-01 | 4.71050232 |
| 2018-04-01 | 4.57110609 |
| 2018-05-01 | 4.42716126 |
| 2018-06-01 | 4.28796195 |
| 2018-07-01 | 4.23688035 |
| 2018-08-01 | 4.18590957 |
| 2018-09-01 | 4.13664704 |
| 2018-10-01 | 4.14557884 |
| 2018-11-01 | 4.15418155 |
| 2018-12-01 | 4.16299557 |
| 2019-01-01 | 4.14798702 |
| 2019-02-01 | 4.13446997 |
| 2019-03-01 | 4.11951412 |
| 2019-04-01 | 4.02813579 |
| 2019-05-01 | 3.93386692 |
| 2019-06-01 | 3.84281944 |
| 2019-07-01 | 3.80144488 |
| 2019-08-01 | 3.76017961 |
| 2019-09-01 | 3.72032491 |
| 2019-10-01 | 3.66656557 |
| 2019-11-01 | 3.61460181 |
| 2019-12-01 | 3.56094814 |
| 2020-01-01 | 3.51876695 |
| 2020-02-01 | 3.47933706 |
| 2020-03-01 | 3.43725928 |
| 2020-04-01 | 3.3802395 |
| 2020-05-01 | 3.32143928 |
| 2020-06-01 | 3.26465063 |
| 2020-07-01 | 3.18478851 |
| 2020-08-01 | 3.10515953 |
| 2020-09-01 | 3.02830438 |
| 2020-10-01 | 2.95595441 |
| 2020-11-01 | 2.88609009 |
| 2020-12-01 | 2.81408016 |
| 2021-01-01 | 2.74729514 |
| 2021-02-01 | 2.68697497 |
| 2021-03-01 | 2.62021964 |
| 2021-04-01 | 2.5176659 |
| 2021-05-01 | 2.4120494 |
| 2021-06-01 | 2.3102107 |
| 2021-07-01 | 2.27230463 |
| 2021-08-01 | 2.23455257 |
| 2021-09-01 | 2.19814935 |
| 2021-10-01 | 2.18375723 |
| 2021-11-01 | 2.16986283 |
| 2021-12-01 | 2.15556587 |
| 2022-01-01 | 2.11821552 |
| 2022-02-01 | 2.08459919 |
| 2022-03-01 | 2.047522 |
| 2022-04-01 | 2.00213866 |
| 2022-05-01 | 1.95535125 |
| 2022-06-01 | 1.91017149 |
| 2022-07-01 | 1.94119825 |
| 2022-08-01 | 1.9721538 |
| 2022-09-01 | 2.00201522 |
| 2022-10-01 | 2.04337861 |
| 2022-11-01 | 2.0833178 |
| 2022-12-01 | 2.12448952 |
| 2023-01-01 | 2.12087055 |
| 2023-02-01 | 2.11760861 |
| 2023-03-01 | 2.11399769 |
| 2023-04-01 | 2.07316583 |
| 2023-05-01 | 2.0310291 |
| 2023-06-01 | 1.99027887 |
| 2023-07-01 | 1.9410439 |
| 2023-08-01 | 1.89148523 |
| 2023-09-01 | 1.84320094 |
| 2023-10-01 | 1.83391588 |
| 2023-11-01 | 1.82496395 |
| 2023-12-01 | 1.81571828 |
Note: NA
Source: CoreLogic, Inc., Real Estate Data.
Figure 2.13. New mortgage extensions declined across all borrower categories
This is a bar graph titled "New mortgage extensions declined across all borrower categories." The x-axis measures time and ranges from the years 2000 to 2023. The data is annual. The y-axis ranges from 0 to 1800, in billions of dollars (real). 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 287 billion dollars in 2000 and increases to 477 billion dollars between 2001 and 2006. Then it decreases to around 136 billion dollars in 2009 and remains stable between about 100 billion dollars to 150 billion dollars, until falling to 85 billion dollars in 2023. The second variable is labeled 'Near prime' and is designated by the blue bars. It ranges from about 270 to 1100 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 287 billion dollars. Since then, it increased and stabilized around 490 billion dollars from 2016 to 2022, before a decline and ending at 315 billion dollars in 2023. The third variable is labeled 'Prime' and is designated by the black bars. It ranges from around 700 to 1600 billions of dollars. The variable starts at around 800 billion dollars in 2000 and steeply increases to a peak of around 1620 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 around 800 billion. The variable then builds back up to 957 billion dollars in 2013. It then climbs to around 1050 billion dollars in 2019, jumping to 1580 billion dollars in 2021, and then declining in the final two observations and ending at 928 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 since late last year
This is a line chart titled "Real consumer credit edged down since late last year." The x-axis measures time and ranges from the years 1999 to 2023. The y-axis ranges from 200 to 2000 and the units are in billions of dollars (real). 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 550 billion dollars in 2005. There are two small, brief dips in 2008 and 2012 but otherwise balances steadily increase to about 1840 billion dollars by 2020:Q2. The variable falls slightly and ends at 1463 billion dollars in 2023:Q4. The second line is labeled 'Auto loans'; is designated by a blue line; and ranges from around 600 to around 1550 billion dollars. It starts around at around 600 in 1999 and increases to around 1280 billion dollars in 2005. Auto loan balances fall slightly to around 980 in 2012 but began increasing again afterwards; the line ends at 1577 billion dollars in 2023:Q4. The last variable is labeled 'Credit cards' and is represented by a red line. It ranges from around 800 to 1300 billion dollars. Starting at around 900 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 1300 billion in 2008. Balances began to decrease after 2009 to around 870 billion dollars in 2013 and steadily increased to around 1020 billion dollars by the end of 2019. The line then falls until it reaches 883 billion dollars in 2022:Q1, then rises until 2023:Q4 where the series ends at 1111 billion dollars.
Note: The data are converted to constant 2023 dollars using the consumer price index. Student loan data begin in 2005:Q1.
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 and subprime borrowers
This is a line chart labeled "Real auto loans outstanding ticked up for prime and subprime borrowers." The x-axis measures time and ranges from the years 1999 to 2023, and the y-axis ranges from 100 to 900, and the units are in billions of dollars (real). The data is quarterly, ending in 2023:Q4. There are 3 variables plotted on the chart. The first variable is labeled 'Prime' and is designated by a black line. It ranges from around 200 to 800 billion dollars. Auto loans to borrowers with prime credit scores started at around 200 billion dollars in 1999 and continued to increase to 530 billion dollars in the end of 2005. The series declines in 2006 until balances reached about 430 billion dollars in 2010. From 2011 onwards, the series increased, reaching 798 billion dollars by 2021:Q2, falling slightly to 763 billion dollars in 2022:Q3, then rising again until the series ends at 800 billion dollars in 2023:Q4. The second variable labeled 'Near prime' is represented by a blue line and ranges from about 225 to 450 billion dollars. Starting around 225 billion dollars in 1999, the series increased to around 400 billion dollars in 2005 to 2006. The series decreased to around 270 billion dollars in 2010 before increasing again in 2011. The level was stable around 400 billion dollars since 2016, with a slight increase in 2021 to around 450 billion dollars, followed by a decline until to around 430 billion dollars where the series ends in 2023:Q4. The third variable is labeled 'Subprime,' is designated by a red line, and ranges from just under 200 to 360 billion dollars. It starts at just under 200 billion dollars in 1999 and increases to around 330 billion dollars in 2007. It decreases to around 230 billion of dollars in 2012 before beginning to increase to around 360 billion dollars in 2019. It decreases to around 300 billion dollars in 2022:Q1, then rises slightly to 348 billion dollars at the end of the series in 2023:Q4.
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. 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 is a line chart titled "Auto loan delinquencies remained at levels above their historical median." The x-axis measures time and ranges from 2000 to 2023. The data is 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 black line. It begins around 3 percent and fluctuates within 2-4 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 rising to around 3.8 percent for the fourth quarter of 2023. The second variable is "Delinquent/loss mitigation" shown by a solid blue line and ranges between 3 and 8 percent. It begins around 5 percent, then steadily fluctuates between 3 and 5 percent, until the series spikes to nearly 8 percent in early 2020, then decreases sharply to around 3.2 percent in early 2021, and increases to around 4.4 percent in 2023:Q4 where the data ends.
Note: Loss mitigation includes tradelines that have a narrative code of forbearance, natural disaster, payment deferral (including partial), loan modification (including federal government plans), or loans with no scheduled payment and a nonzero balance. Delinquent includes loans reported to the credit bureau as at least 30 days past due. The data for auto loans are reported semiannually by 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 2001:Q1.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.
Figure 2.17. Real credit card balances continued to rise in the second half of 2023
This is a line chart labeled "Real credit card balances continued to rise in the second half of 2023." The x-axis measures time and ranges from the years 1999 to 2023, and the y-axis ranges from 0 to 600 billions of dollars (real). 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 458 in 2021:Q1 before returning to 576 billion dollars in 2023:Q4. The second variable is labeled 'Near prime,' is represented by a blue line, and ranges from around 250 to 450 billion dollars. Starting around 400 billion dollars in 1999, the series increased to around 470 billion dollars in 2002 to 2003. Near prime balances decrease to around 410 billion dollars in 2005 and remains mostly flat until 2008 before decreasing to around 290 billion dollars in 2011. The level has risen slowly since then, reaching about 350 billion dollars in 2019. It decreased to around 270 billion dollars in 2021:Q1, then rose to 334 billion dollars in 2023:Q4. The third variable is labeled 'Subprime', is designated by a red line, and ranges from around 125 to 310 billion dollars. It starts at around 230 billion dollars in 1999 and increases until reaching a peak at around 310 billion dollars in 2002. It decreases to around 230 billion dollars in 2005 before beginning to increase with fluctuations to around 300 billion dollars in 2008. It decreases to around 140 billion dollars in 2013 before slowly climbing again, reaching around 185 billion dollars in 2019:Q4. It decreased through 2021 and then increases to end at 199 billion dollars in 2023:Q4.
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. 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 second half of 2023
This is a line chart titled "Credit card delinquencies increased further in the second half of 2023." The x-axis measures time and 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:Q4. There is one variable plotted, denoted by a black line. It ranges from just under 2 to about 7 percent. The series begins at 4 percent in 2000, rises to 6 percent through 2003, then falls just under 4 percent in 2005:Q4. The series then stays around 4 percent until 2008 when it slowly increases to 5 percent, then jumps to the series maximum of about 7 percent in 2009:Q1. The series then slowly falls to about 2 percent in 2015, then begins increasing in 2016:Q4 and reaches about 3 percent in 2020. Then, the series decreases to just under 2 percent in 2021 before it increases to about 3.9 percent when the series ends in 2023:Q4.
Note: Delinquency measures the fraction of balances that are at least 30 days past due, excluding severe derogatory loans, which are delinquent and have either been charged off, foreclosed, or repossessed by the lender. 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:Q4. There are two variables plotted on the chart. The first series is labeled 'Average interest rate on interest-earning assets'. This series is designated by a black line and ranges from about 3 to 6 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 6 percent in 2023:Q4. The second series, labeled 'Average interest expense rate on liabilities,' is designated by a 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 in 2023:Q4.
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. Banks' risk-based capital ratio increased to or beyond pre-pandemic levels
Percent of risk-weighted assets
| Date | G-SIBs | Large non-G-SIBs | Other BHCs |
|---|---|---|---|
| 2001 Q1 | 7.139956782 | 7.537611947 | 9.311116004 |
| 2001 Q2 | 7.220629163 | 7.507062498 | 9.471195912 |
| 2001 Q3 | 6.96365322 | 7.265338587 | 9.607967567 |
| 2001 Q4 | 7.233203664 | 7.294288606 | 8.985693619 |
| 2002 Q1 | 7.288600658 | 7.497783615 | 8.994624275 |
| 2002 Q2 | 7.220877484 | 7.625077582 | 9.027355038 |
| 2002 Q3 | 7.452291906 | 7.717881599 | 8.97191475 |
| 2002 Q4 | 7.238979993 | 7.599274722 | 8.986911852 |
| 2003 Q1 | 7.091012115 | 7.665935368 | 9.140043367 |
| 2003 Q2 | 7.100394608 | 7.54636186 | 9.110395 |
| 2003 Q3 | 7.49834781 | 7.653162039 | 9.123476062 |
| 2003 Q4 | 7.398133424 | 7.888200306 | 9.126325247 |
| 2004 Q1 | 7.234306285 | 7.216799818 | 9.16935124 |
| 2004 Q2 | 6.891791513 | 7.063712606 | 9.013860239 |
| 2004 Q3 | 7.167375098 | 7.146667351 | 8.850683869 |
| 2004 Q4 | 7.401912641 | 7.595531924 | 8.733341205 |
| 2005 Q1 | 7.257996377 | 7.448331544 | 8.646862962 |
| 2005 Q2 | 7.076372679 | 7.467352658 | 8.600165701 |
| 2005 Q3 | 7.247751801 | 7.457539922 | 8.56819174 |
| 2005 Q4 | 7.329790993 | 7.474270107 | 8.380358887 |
| 2006 Q1 | 7.279889206 | 7.566618317 | 8.373873268 |
| 2006 Q2 | 7.135810429 | 7.596666066 | 8.371493138 |
| 2006 Q3 | 7.295633343 | 7.748200629 | 8.303544664 |
| 2006 Q4 | 7.394030313 | 7.454427209 | 8.463049429 |
| 2007 Q1 | 7.171591412 | 7.312532714 | 8.467279232 |
| 2007 Q2 | 6.827749233 | 7.082988656 | 8.349022019 |
| 2007 Q3 | 6.595116803 | 6.856713129 | 8.213112288 |
| 2007 Q4 | 5.833732654 | 6.51625678 | 8.003930529 |
| 2008 Q1 | 5.506544795 | 6.621301891 | 7.920018252 |
| 2008 Q2 | 5.45631705 | 6.504888767 | 8.02610411 |
| 2008 Q3 | 5.17952986 | 6.609660151 | 7.941150945 |
| 2008 Q4 | 4.681981888 | 6.255121407 | 7.916374327 |
| 2009 Q1 | 5.039969526 | 6.590014059 | 7.921542034 |
| 2009 Q2 | 6.324916954 | 7.399830978 | 8.066365458 |
| 2009 Q3 | 7.841966792 | 7.805477383 | 8.606650469 |
| 2009 Q4 | 8.325470968 | 7.914224427 | 8.856629965 |
| 2010 Q1 | 8.720474656 | 8.379758693 | 9.368410915 |
| 2010 Q2 | 9.093814743 | 8.650272203 | 9.970065919 |
| 2010 Q3 | 9.501334373 | 9.008804619 | 10.28542946 |
| 2010 Q4 | 9.858296896 | 9.656610294 | 10.64402904 |
| 2011 Q1 | 10.04402005 | 9.994476445 | 10.94589389 |
| 2011 Q2 | 10.13131885 | 10.21631313 | 11.18823252 |
| 2011 Q3 | 10.1865667 | 10.05379361 | 11.23753593 |
| 2011 Q4 | 10.61085037 | 10.27845914 | 11.45341281 |
| 2012 Q1 | 11.08898532 | 10.55709286 | 11.89626122 |
| 2012 Q2 | 11.14734076 | 10.40970767 | 12.2723623 |
| 2012 Q3 | 11.40972655 | 10.47821533 | 12.31611769 |
| 2012 Q4 | 11.67971702 | 10.60446977 | 12.15359454 |
| 2013 Q1 | 10.98263822 | 10.91291964 | 12.21478629 |
| 2013 Q2 | 11.1240404 | 11.0618973 | 12.15136173 |
| 2013 Q3 | 11.41311337 | 11.1775336 | 12.37021068 |
| 2013 Q4 | 11.60826488 | 11.31815627 | 12.37744774 |
| 2014 Q1 | 12.5344432 | 11.48349673 | 12.38458545 |
| 2014 Q2 | 11.51941404 | 11.42134218 | 12.26261462 |
| 2014 Q3 | 11.67349226 | 11.47747168 | 12.2404982 |
| 2014 Q4 | 11.71485903 | 11.57498425 | 12.20490123 |
| 2015 Q1 | 11.54195948 | 11.44992625 | 12.02060778 |
| 2015 Q2 | 11.76216021 | 11.26791248 | 12.02578733 |
| 2015 Q3 | 12.07827835 | 11.32791269 | 11.93405241 |
| 2015 Q4 | 12.01600533 | 11.31314343 | 11.88822257 |
| 2016 Q1 | 11.9701969 | 11.28045594 | 11.72236676 |
| 2016 Q2 | 12.00714107 | 11.34366022 | 11.69859854 |
| 2016 Q3 | 12.18752521 | 11.25968217 | 11.80506385 |
| 2016 Q4 | 12.40988799 | 11.33572069 | 11.98794899 |
| 2017 Q1 | 12.47443491 | 11.53200326 | 12.0555656 |
| 2017 Q2 | 12.54756214 | 11.42528938 | 12.09748487 |
| 2017 Q3 | 12.66755633 | 11.41135989 | 12.05368497 |
| 2017 Q4 | 12.3527707 | 11.29518605 | 12.04443645 |
| 2018 Q1 | 11.9500974 | 11.00313848 | 12.11366084 |
| 2018 Q2 | 11.95458845 | 11.19972354 | 12.19534242 |
| 2018 Q3 | 12.08694653 | 11.07003243 | 12.24488413 |
| 2018 Q4 | 12.17768299 | 11.16279311 | 12.20889195 |
| 2019 Q1 | 12.30712014 | 11.22643651 | 12.36250798 |
| 2019 Q2 | 12.23396858 | 11.26236262 | 12.28835788 |
| 2019 Q3 | 12.12225241 | 11.1802559 | 12.25488574 |
| 2019 Q4 | 12.07099926 | 11.023813 | 12.36338153 |
| 2020 Q1 | 11.46421553 | 10.74339956 | 11.90906608 |
| 2020 Q2 | 11.85429015 | 11.25404331 | 12.16716314 |
| 2020 Q3 | 12.47065918 | 11.63160968 | 12.24621505 |
| 2020 Q4 | 12.58202129 | 11.99927772 | 12.57441095 |
| 2021 Q1 | 12.56420062 | 12.30079656 | 12.86570237 |
| 2021 Q2 | 12.41964478 | 12.07846017 | 12.977743 |
| 2021 Q3 | 12.33014042 | 11.90776003 | 12.89116526 |
| 2021 Q4 | 12.32217733 | 11.60622111 | 12.7453039 |
| 2022 Q1 | 11.59660583 | 11.34402961 | 12.53193658 |
| 2022 Q2 | 11.62712423 | 10.99644666 | 12.23978774 |
| 2022 Q3 | 11.913489 | 10.8806144 | 12.11480857 |
| 2022 Q4 | 12.33006844 | 10.73891125 | 12.22016811 |
| 2023 Q1 | 12.53230386 | 10.65857284 | 12.12020736 |
| 2023 Q2 | 12.47962884 | 10.90871936 | 12.26545774 |
| 2023 Q3 | 12.92806298 | 11.13104882 | 12.42014294 |
| 2023 Q4 | 13.02823103 | 11.32402224 | 12.551466 |
Note: The data are seasonally adjusted by Federal Reserve Board staff. The 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 3.3. The fair value losses of banks' securities portfolios declined through the end of 2023 but remained sizable
This is a stacked bar chart titled "The fair value losses of banks' securities portfolios declined through the end of 2023 but remained sizable." 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:Q4. Two variables are shown on the chart. The first variable is labeled 'Available-for-sale securities' (hereafter AFS) and is represented by dark blue bars which range from about -$320 to just under $100 billion. The second variable is labeled 'Held-to-maturity securities' (hereafter HTM) and is represented by beige bars which range in magnitude from about -$390 to just over $40 billion in magnitude. The bars for each series are 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 a combined -300 billion dollars. They decline further to almost -700 billion in aggregate in 2022:Q3, then recover to about -500 billion in 2023:Q1. They decline again in 2023:Q3 to about -700 billion again and end the year in 2023:Q4 with an increase to about -475 billion, with AFS accounting for about -200 billion and HTM accounting for about -275 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 3.4. The ratio of tangible common equity to tangible assets increased for banks of all categories
Percent of tangible assets
| Date | G-SIBs | Large non-G-SIBs | Other BHCs |
|---|---|---|---|
| 1985 Q1 | 4.723708871 | 4.86664552 | 6.359159293 |
| 1985 Q2 | 4.591253458 | 4.662415838 | 6.347591213 |
| 1985 Q3 | 4.795234516 | 4.567268942 | 6.360171645 |
| 1985 Q4 | 4.959676087 | 4.428526577 | 6.35798675 |
| 1986 Q1 | 4.931461882 | 4.536722128 | 6.426398055 |
| 1986 Q2 | 5.070040723 | 4.415069321 | 6.365368217 |
| 1986 Q3 | 5.279672834 | 4.584896562 | 6.381216413 |
| 1986 Q4 | 4.990291876 | 5.148162481 | 6.183803074 |
| 1987 Q1 | 5.054416022 | 6.104469784 | 6.295593891 |
| 1987 Q2 | 4.482015604 | 4.674775806 | 5.924820728 |
| 1987 Q3 | 4.305314505 | 4.87017224 | 6.013136713 |
| 1987 Q4 | 4.496993578 | 4.860912939 | 6.010849234 |
| 1988 Q1 | 4.54001116 | 5.143958481 | 5.96352929 |
| 1988 Q2 | 4.753405412 | 5.132688166 | 6.017762896 |
| 1988 Q3 | 4.482108955 | 5.125544798 | 6.123694067 |
| 1988 Q4 | 5.096562281 | 5.362511099 | 6.236009544 |
| 1989 Q1 | 5.086732206 | 5.341741912 | 6.299064528 |
| 1989 Q2 | 5.239452303 | 5.367794524 | 6.312842854 |
| 1989 Q3 | 4.959274419 | 5.191942854 | 6.20659731 |
| 1989 Q4 | 4.840103457 | 4.640221124 | 6.20744656 |
| 1990 Q1 | 4.93437274 | 4.669106858 | 6.275569364 |
| 1990 Q2 | 4.965348608 | 4.833683782 | 6.260115075 |
| 1990 Q3 | 4.825844337 | 4.893535831 | 6.252150015 |
| 1990 Q4 | 4.904285141 | 5.154267737 | 6.301941828 |
| 1991 Q1 | 5.066677651 | 5.286797712 | 6.416459012 |
| 1991 Q2 | 4.853249563 | 5.293638893 | 6.471419842 |
| 1991 Q3 | 4.811411782 | 4.837149838 | 6.512145026 |
| 1991 Q4 | 5.011369172 | 4.815914784 | 6.673899142 |
| 1992 Q1 | 5.47309079 | 4.787379375 | 6.783373014 |
| 1992 Q2 | 5.606345511 | 4.812863669 | 7.112861327 |
| 1992 Q3 | 5.688631652 | 5.057007441 | 7.235493063 |
| 1992 Q4 | 5.793703357 | 5.82608696 | 7.392099763 |
| 1993 Q1 | 6.000909306 | 6.154275501 | 7.569307115 |
| 1993 Q2 | 6.168939198 | 6.102716053 | 7.717836519 |
| 1993 Q3 | 6.333002058 | 6.229922033 | 7.738096605 |
| 1993 Q4 | 6.458768835 | 6.487935041 | 7.857536089 |
| 1994 Q1 | 5.957215742 | 5.757513375 | 7.788066259 |
| 1994 Q2 | 6.05870973 | 5.851278858 | 7.699194604 |
| 1994 Q3 | 5.854857011 | 6.124698621 | 7.728950831 |
| 1994 Q4 | 5.49608754 | 6.232098319 | 7.621878042 |
| 1995 Q1 | 5.307482119 | 5.892976273 | 7.741141026 |
| 1995 Q2 | 5.525387274 | 6.251580885 | 7.808300135 |
| 1995 Q3 | 5.574039518 | 6.274462371 | 7.86966858 |
| 1995 Q4 | 5.654076616 | 6.256798705 | 7.945288875 |
| 1996 Q1 | 5.924373564 | 6.326911535 | 7.950393556 |
| 1996 Q2 | 5.778755927 | 6.292611527 | 7.81561716 |
| 1996 Q3 | 5.97686384 | 6.199418485 | 7.759885304 |
| 1996 Q4 | 5.775515403 | 6.064333788 | 7.778970871 |
| 1997 Q1 | 5.408075907 | 6.055971375 | 7.81649307 |
| 1997 Q2 | 5.320941083 | 5.914914567 | 7.726044214 |
| 1997 Q3 | 5.40306157 | 5.832752125 | 7.763557522 |
| 1997 Q4 | 5.327831998 | 5.744818325 | 7.828162442 |
| 1998 Q1 | 5.414585831 | 5.640699796 | 7.834487099 |
| 1998 Q2 | 5.772072434 | 5.651936472 | 7.864889235 |
| 1998 Q3 | 5.939293267 | 5.51852844 | 7.823070386 |
| 1998 Q4 | 5.685646451 | 5.457024566 | 7.781451522 |
| 1999 Q1 | 5.770528127 | 5.691680105 | 7.715853699 |
| 1999 Q2 | 5.707909291 | 5.606600577 | 7.614531711 |
| 1999 Q3 | 5.770676814 | 5.558024193 | 7.519977556 |
| 1999 Q4 | 5.623908414 | 5.278880484 | 7.380905987 |
| 2000 Q1 | 5.679131017 | 5.257035453 | 7.311174501 |
| 2000 Q2 | 5.427136654 | 5.129157112 | 7.372510777 |
| 2000 Q3 | 5.523255371 | 5.420401959 | 7.48743695 |
| 2000 Q4 | 5.538873016 | 5.825614044 | 7.728270835 |
| 2001 Q1 | 4.886065021 | 5.721525334 | 7.56229523 |
| 2001 Q2 | 4.823214924 | 5.119304546 | 7.715525029 |
| 2001 Q3 | 4.463183492 | 5.038292903 | 7.901570007 |
| 2001 Q4 | 4.625132448 | 4.729584122 | 7.776162138 |
| 2002 Q1 | 4.558247545 | 4.923896197 | 7.805966776 |
| 2002 Q2 | 4.678258472 | 5.109039911 | 7.940272923 |
| 2002 Q3 | 4.843664765 | 5.349770161 | 7.956568963 |
| 2002 Q4 | 4.798037142 | 5.363953063 | 7.983116514 |
| 2003 Q1 | 4.723983226 | 5.427035588 | 7.933653286 |
| 2003 Q2 | 4.772703745 | 5.344575108 | 7.761928693 |
| 2003 Q3 | 4.715013032 | 5.269390104 | 7.717694501 |
| 2003 Q4 | 4.538257174 | 5.2254889 | 7.762206214 |
| 2004 Q1 | 4.505290413 | 5.377917038 | 7.97141893 |
| 2004 Q2 | 4.03764036 | 4.768137964 | 7.580925807 |
| 2004 Q3 | 4.30482244 | 4.441457768 | 7.970976857 |
| 2004 Q4 | 4.415323202 | 4.18504995 | 8.168933674 |
| 2005 Q1 | 4.218170292 | 3.887338992 | 7.96949349 |
| 2005 Q2 | 4.331699027 | 4.368945727 | 8.133171726 |
| 2005 Q3 | 4.295522388 | 4.009183232 | 8.06628818 |
| 2005 Q4 | 4.229191324 | 4.082765115 | 7.959054113 |
| 2006 Q1 | 4.036554384 | 3.768275429 | 7.848497868 |
| 2006 Q2 | 3.880600249 | 3.698818529 | 7.812490012 |
| 2006 Q3 | 4.068974027 | 3.907909154 | 8.041893915 |
| 2006 Q4 | 4.011696208 | 4.244282711 | 8.032413877 |
| 2007 Q1 | 3.804553767 | 4.228133741 | 7.978883725 |
| 2007 Q2 | 3.511443485 | 4.150651819 | 7.903526116 |
| 2007 Q3 | 3.388240276 | 4.238627613 | 7.915018708 |
| 2007 Q4 | 3.135497093 | 3.914437781 | 7.933672039 |
| 2008 Q1 | 2.91411269 | 3.696780923 | 7.931557613 |
| 2008 Q2 | 2.859278768 | 3.71935626 | 7.782938055 |
| 2008 Q3 | 2.243326028 | 3.506288574 | 7.603167442 |
| 2008 Q4 | 2.273103159 | 3.59549942 | 7.5207921 |
| 2009 Q1 | 2.67933521 | 4.036259626 | 7.53036052 |
| 2009 Q2 | 3.361885394 | 4.642708557 | 7.590317804 |
| 2009 Q3 | 4.3084317 | 4.815966145 | 7.893879978 |
| 2009 Q4 | 4.693365937 | 4.735868013 | 8.055344185 |
| 2010 Q1 | 4.763910344 | 4.821537151 | 8.309877913 |
| 2010 Q2 | 5.210454901 | 5.410922576 | 8.621863867 |
| 2010 Q3 | 5.46843084 | 5.641808627 | 8.810196025 |
| 2010 Q4 | 5.596848259 | 6.363282382 | 8.76359941 |
| 2011 Q1 | 5.695973386 | 6.678408691 | 8.928986538 |
| 2011 Q2 | 5.848113981 | 6.945861885 | 9.15900819 |
| 2011 Q3 | 6.053885039 | 7.23959308 | 9.288229803 |
| 2011 Q4 | 6.289225452 | 7.148599038 | 9.436515481 |
| 2012 Q1 | 6.352083071 | 7.321265293 | 9.478576908 |
| 2012 Q2 | 6.571008761 | 7.429093328 | 9.644670147 |
| 2012 Q3 | 6.714592399 | 7.579465446 | 9.69820452 |
| 2012 Q4 | 6.708523743 | 7.517298212 | 9.57070561 |
| 2013 Q1 | 6.78531699 | 7.848895968 | 9.709156541 |
| 2013 Q2 | 6.773241437 | 7.797981659 | 9.569635287 |
| 2013 Q3 | 6.801796823 | 7.91966692 | 9.595562062 |
| 2013 Q4 | 6.92711934 | 7.978015012 | 9.699922683 |
| 2014 Q1 | 6.988709747 | 8.172776904 | 9.725992266 |
| 2014 Q2 | 7.085307499 | 8.322943574 | 9.877155092 |
| 2014 Q3 | 7.184197004 | 8.340403796 | 9.69042024 |
| 2014 Q4 | 7.212054402 | 8.247241963 | 9.708037858 |
| 2015 Q1 | 7.295722495 | 8.446128135 | 9.718904941 |
| 2015 Q2 | 7.456086972 | 8.343722733 | 9.725020709 |
| 2015 Q3 | 7.639175749 | 8.560743565 | 9.740739121 |
| 2015 Q4 | 7.772781995 | 8.340958945 | 9.742256161 |
| 2016 Q1 | 7.743095807 | 8.511180594 | 9.78015827 |
| 2016 Q2 | 7.764894251 | 8.566459685 | 9.799967467 |
| 2016 Q3 | 7.772725539 | 8.352666966 | 9.77592052 |
| 2016 Q4 | 7.717807473 | 8.182518253 | 9.580009624 |
| 2017 Q1 | 7.644319624 | 8.303837317 | 9.699558748 |
| 2017 Q2 | 7.716920652 | 8.272623606 | 9.791540821 |
| 2017 Q3 | 7.686036563 | 8.396099072 | 9.784011015 |
| 2017 Q4 | 7.362722232 | 8.200962582 | 9.686527923 |
| 2018 Q1 | 7.174753478 | 8.21540944 | 9.595527711 |
| 2018 Q2 | 7.293771774 | 8.286261437 | 9.629635639 |
| 2018 Q3 | 7.199670629 | 8.262909112 | 9.663846545 |
| 2018 Q4 | 7.222332619 | 8.24279207 | 9.771254471 |
| 2019 Q1 | 7.208223271 | 8.461608953 | 9.99528169 |
| 2019 Q2 | 7.212891425 | 8.639027924 | 10.11849621 |
| 2019 Q3 | 7.041445743 | 8.639887513 | 10.08353991 |
| 2019 Q4 | 7.001961945 | 8.41853385 | 10.08937391 |
| 2020 Q1 | 6.311132178 | 7.894894611 | 9.711863015 |
| 2020 Q2 | 6.245893179 | 7.919667439 | 9.160595089 |
| 2020 Q3 | 6.431607248 | 8.12843812 | 9.233795349 |
| 2020 Q4 | 6.370966207 | 8.139787444 | 9.313332058 |
| 2021 Q1 | 6.075640663 | 7.972499846 | 8.998420613 |
| 2021 Q2 | 6.158046511 | 7.983568622 | 9.164368756 |
| 2021 Q3 | 6.020888446 | 7.848048269 | 9.204568429 |
| 2021 Q4 | 6.044080154 | 7.479268806 | 9.048489965 |
| 2022 Q1 | 5.621997165 | 6.886072053 | 8.329608592 |
| 2022 Q2 | 5.76385838 | 6.503005083 | 7.987173683 |
| 2022 Q3 | 5.830751571 | 6.001476797 | 7.624472208 |
| 2022 Q4 | 6.055083553 | 5.885128782 | 7.824159162 |
| 2023 Q1 | 6.062625934 | 6.088970074 | 7.99188089 |
| 2023 Q2 | 6.120059181 | 6.126431535 | 8.023618886 |
| 2023 Q3 | 6.191754918 | 6.107286745 | 7.951314065 |
| 2023 Q4 | 6.250543389 | 6.493089594 | 8.502234865 |
Note: The data are seasonally adjusted by Federal Reserve Board staff. The 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 inched down
This is a line chart titled "Borrower leverage for bank commercial and industrial loans inched down." The x-axis measures time and ranges from years 2013 to 2023. The y-axis ranges from 24 to 36 percent and shows debt as percentage of assets. The data are quarterly and conclude in 2023:Q4. There are two variables plotted. The first line, labeled 'Non-publicly-traded firms,' is designated by a blue line, and ranges from about 30 to 34 percent. This variable begins near 32 percentage points, dips to about 30 percent 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 leveled off in 2022 at around 31 percentage points. In 2023, it spiked up to 32 in the second quarter before dropping back down to end just above 31 percent. The second line, labeled 'Publicly traded firms,' is designated by a black line and ranges from about 24 to 31 percent. This variable begins at about 25 percentage points and increases steadily to 31 percentage points in 2020. Then, it steadily decreases to below 30 percent through 2023:Q4, ending at 29.3 percent.
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. The percentage of banks reporting tightening standards for commercial and industrial loans declined in the second half of 2023
This is a line chart titled “The percentage of banks reporting tightening standards for commercial and industrial loans declined in the second half of 2023." 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:Q4. Data points above zero to 100 are labeled 'Tightening' and data points below zero to -100 are labeled 'Easing.' There is one variable charted on the plot. The series is designated by a black line. The series begins around zero. In 2000:Q4, the series spikes to almost 80%, and remains elevated during the recession period in 2001. This falls to almost -60% in 2004 and then increases but remains negative until 2007. The series then spikes again during 2008, reaching a maximum of over 80%. The series then bounces between -20% and 20% between 2009 and 2019, before spiking again in early 2020 to roughly 70%. The series then falls to roughly -50% in 2021:Q2 before rising again to roughly 30% through 2023:Q2. The series sharply drops in the end of 2023, ending at about 4% in 2023:Q4. There is also a horizontal line marked at zero.
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 near historical lows
Ratio of assets to equity
| Date | Leverage |
|---|---|
| 1995 Q1 | 30.59820699 |
| 1995 Q2 | 30.71505341 |
| 1995 Q3 | 31.30751875 |
| 1995 Q4 | 31.84378611 |
| 1996 Q1 | 33.11632997 |
| 1996 Q2 | 33.10133317 |
| 1996 Q3 | 33.34416934 |
| 1996 Q4 | 33.87996537 |
| 1997 Q1 | 35.28285074 |
| 1997 Q2 | 35.28693301 |
| 1997 Q3 | 35.49840821 |
| 1997 Q4 | 32.97368713 |
| 1998 Q1 | 35.5055262 |
| 1998 Q2 | 35.00708187 |
| 1998 Q3 | 35.06603418 |
| 1998 Q4 | 30.42957905 |
| 1999 Q1 | 30.91145678 |
| 1999 Q2 | 29.36615825 |
| 1999 Q3 | 28.4326363 |
| 1999 Q4 | 28.55799784 |
| 2000 Q1 | 29.85982147 |
| 2000 Q2 | 28.88942172 |
| 2000 Q3 | 28.51489968 |
| 2000 Q4 | 28.26480608 |
| 2001 Q1 | 28.56061993 |
| 2001 Q2 | 30.03204626 |
| 2001 Q3 | 31.46619458 |
| 2001 Q4 | 31.33896807 |
| 2002 Q1 | 31.65771014 |
| 2002 Q2 | 31.25994373 |
| 2002 Q3 | 31.788991 |
| 2002 Q4 | 30.62855923 |
| 2003 Q1 | 32.03024531 |
| 2003 Q2 | 34.78783652 |
| 2003 Q3 | 32.97349234 |
| 2003 Q4 | 33.66750977 |
| 2004 Q1 | 35.5833439 |
| 2004 Q2 | 37.77009672 |
| 2004 Q3 | 38.58874033 |
| 2004 Q4 | 39.27773969 |
| 2005 Q1 | 41.07381341 |
| 2005 Q2 | 41.43843926 |
| 2005 Q3 | 41.97496403 |
| 2005 Q4 | 39.88007287 |
| 2006 Q1 | 40.50349701 |
| 2006 Q2 | 40.6512138 |
| 2006 Q3 | 42.28737961 |
| 2006 Q4 | 43.01076291 |
| 2007 Q1 | 45.27781931 |
| 2007 Q2 | 46.89949596 |
| 2007 Q3 | 46.02041765 |
| 2007 Q4 | 46.29830345 |
| 2008 Q1 | 47.89183042 |
| 2008 Q2 | 41.86612486 |
| 2008 Q3 | 43.21227465 |
| 2008 Q4 | 30.70774416 |
| 2009 Q1 | 28.32159725 |
| 2009 Q2 | 24.89986223 |
| 2009 Q3 | 24.96183757 |
| 2009 Q4 | 23.50527227 |
| 2010 Q1 | 24.50696148 |
| 2010 Q2 | 24.04336594 |
| 2010 Q3 | 24.31000665 |
| 2010 Q4 | 23.52474592 |
| 2011 Q1 | 24.29464191 |
| 2011 Q2 | 24.44031307 |
| 2011 Q3 | 24.56571738 |
| 2011 Q4 | 24.63722702 |
| 2012 Q1 | 24.53187497 |
| 2012 Q2 | 24.43079148 |
| 2012 Q3 | 23.85253355 |
| 2012 Q4 | 23.45988554 |
| 2013 Q1 | 22.84284394 |
| 2013 Q2 | 22.14863289 |
| 2013 Q3 | 21.8371631 |
| 2013 Q4 | 21.09768162 |
| 2014 Q1 | 21.1277119 |
| 2014 Q2 | 21.34757371 |
| 2014 Q3 | 20.71800674 |
| 2014 Q4 | 19.81694995 |
| 2015 Q1 | 19.7323567 |
| 2015 Q2 | 19.33483813 |
| 2015 Q3 | 18.82854587 |
| 2015 Q4 | 18.14939259 |
| 2016 Q1 | 18.1237576 |
| 2016 Q2 | 18.30468708 |
| 2016 Q3 | 18.03585463 |
| 2016 Q4 | 17.61360822 |
| 2017 Q1 | 17.76957776 |
| 2017 Q2 | 18.30755415 |
| 2017 Q3 | 17.41003898 |
| 2017 Q4 | 17.15008992 |
| 2018 Q1 | 17.20557638 |
| 2018 Q2 | 18.06417424 |
| 2018 Q3 | 17.90348469 |
| 2018 Q4 | 18.1021874 |
| 2019 Q1 | 17.91414019 |
| 2019 Q2 | 17.81515456 |
| 2019 Q3 | 17.77992232 |
| 2019 Q4 | 16.86513915 |
| 2020 Q1 | 17.26456759 |
| 2020 Q2 | 16.25645237 |
| 2020 Q3 | 16.53850235 |
| 2020 Q4 | 16.61959579 |
| 2021 Q1 | 16.58288205 |
| 2021 Q2 | 16.22453771 |
| 2021 Q3 | 16.25455605 |
| 2021 Q4 | 15.78503157 |
| 2022 Q1 | 17.65597346 |
| 2022 Q2 | 17.21510097 |
| 2022 Q3 | 16.95523192 |
| 2022 Q4 | 15.95216126 |
| 2023 Q1 | 16.98870923 |
| 2023 Q2 | 16.94542599 |
| 2023 Q3 | 16.64310648 |
| 2023 Q4 | 17.0818075 |
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 December declined below their average
This is a line chart titled "Trading profits in December declined below their average." 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 data is a monthly average and ends in December 2023. There is one variable charted on the plot. The series is designated by a 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 early 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 decreases throughout 2021 to 277 million in December 2021, then spiked to 700 million dollars in January 2022. It declined throughout 2022 to about 270 million in December but saw another beginning-of-year spike to 700 million in January 2023. The series declined throughout 2023, with a particularly sharp decline occurring from a value of about 400 million in November 2023 to a final value of about 200 million in December 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 increased further as a share of trading profits in the most recent data
This is a stacked line chart titled "Equities increased further as a share of trading profits in the most recent data." 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 December 2023. There are 3 variables charted on the plot, which represent the total share of trading profits by trading desks. The first variable, "Equity," is designated by red shading. This variable remains steady at around 35 percent except for a spike at the end of 2018 to about 50 percent and a dip in the beginning of 2020 to about 20 percent. Most recently, the series increases toward the end of 2023 to finish at about 40 percent in December. The second variable, "Fixed income, rates, and credit," is designated by blue shading. This variable remains steady around 40 percent except for decreases at the end of 2018 and in early- to mid-2022. The series drops to about 20 percent in December. The third variable, "Other," is designated by beige shading. This variable increases from about 25 percent in 2018 to its peak in mid-2022 at about 50 percent before declining through June 2023 and finally spiking back up to about 40 percent in December 2023.
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 rose and remained around its median
Ratio of assets to equity
| Date | Life | Property and casualty |
|---|---|---|
| 2001 Q1 | 8.360315929 | 5.403669991 |
| 2001 Q2 | 8.825850206 | 5.504125512 |
| 2001 Q3 | 9.446489745 | 6.221822248 |
| 2001 Q4 | 10.02576131 | 6.373944981 |
| 2002 Q1 | 9.632679759 | 6.240769413 |
| 2002 Q2 | 9.832560139 | 6.322692244 |
| 2002 Q3 | 10.14213546 | 6.41022916 |
| 2002 Q4 | 10.79484944 | 6.68349138 |
| 2003 Q1 | 11.04440361 | 6.783390209 |
| 2003 Q2 | 11.15630355 | 6.700379951 |
| 2003 Q3 | 11.00039848 | 6.717200484 |
| 2003 Q4 | 10.93049098 | 6.703703289 |
| 2004 Q1 | 11.28632142 | 7.061007766 |
| 2004 Q2 | 11.37445196 | 6.757486319 |
| 2004 Q3 | 11.47501192 | 6.816018286 |
| 2004 Q4 | 11.68091636 | 6.822148806 |
| 2005 Q1 | 11.30446287 | 6.807496064 |
| 2005 Q2 | 10.67035344 | 6.600465712 |
| 2005 Q3 | 10.78435755 | 6.658785004 |
| 2005 Q4 | 10.86652045 | 6.484946821 |
| 2006 Q1 | 10.19546025 | 6.497220748 |
| 2006 Q2 | 10.05285582 | 6.394967111 |
| 2006 Q3 | 9.990700936 | 6.370420878 |
| 2006 Q4 | 9.942870311 | 6.298563083 |
| 2007 Q1 | 10.03147799 | 6.336802042 |
| 2007 Q2 | 9.863830346 | 6.328847255 |
| 2007 Q3 | 9.956568986 | 6.329295342 |
| 2007 Q4 | 9.735306652 | 6.087904989 |
| 2008 Q1 | 10.85573631 | 6.513339782 |
| 2008 Q2 | 10.73182068 | 6.424232439 |
| 2008 Q3 | 10.68725491 | 6.445780501 |
| 2008 Q4 | 10.89029983 | 5.962321235 |
| 2009 Q1 | 10.90932682 | 5.939189565 |
| 2009 Q2 | 10.04657884 | 5.604261304 |
| 2009 Q3 | 10.00248807 | 5.574954212 |
| 2009 Q4 | 8.944481462 | 5.201320434 |
| 2010 Q1 | 9.244863211 | 5.169366996 |
| 2010 Q2 | 9.450056325 | 5.10355913 |
| 2010 Q3 | 9.733333631 | 5.181248479 |
| 2010 Q4 | 8.836558828 | 4.477889087 |
| 2011 Q1 | 9.736770121 | 4.623750035 |
| 2011 Q2 | 9.398895189 | 4.575627304 |
| 2011 Q3 | 9.479201809 | 4.413557952 |
| 2011 Q4 | 8.891800774 | 4.156316693 |
| 2012 Q1 | 8.854567244 | 4.146309553 |
| 2012 Q2 | 8.857692011 | 4.117559347 |
| 2012 Q3 | 9.199881714 | 4.165875528 |
| 2012 Q4 | 9.442618935 | 4.178579258 |
| 2013 Q1 | 9.274268451 | 4.100953384 |
| 2013 Q2 | 8.893093469 | 3.97245337 |
| 2013 Q3 | 8.670253358 | 3.923258204 |
| 2013 Q4 | 8.798132172 | 3.900565463 |
| 2014 Q1 | 8.547166563 | 3.87545479 |
| 2014 Q2 | 8.41872559 | 3.694263721 |
| 2014 Q3 | 8.363200493 | 3.647497267 |
| 2014 Q4 | 8.59546272 | 3.594395745 |
| 2015 Q1 | 8.428684782 | 3.551287551 |
| 2015 Q2 | 8.157295502 | 3.527149965 |
| 2015 Q3 | 8.374381367 | 3.473736099 |
| 2015 Q4 | 9.038878674 | 3.469640162 |
| 2016 Q1 | 9.522137033 | 3.564389235 |
| 2016 Q2 | 9.953703221 | 3.578756345 |
| 2016 Q3 | 10.07453984 | 3.563390508 |
| 2016 Q4 | 9.90261698 | 3.806888836 |
| 2017 Q1 | 10.22183128 | 3.596155467 |
| 2017 Q2 | 10.1183826 | 3.604357705 |
| 2017 Q3 | 9.838616996 | 3.653211818 |
| 2017 Q4 | 10.04515385 | 3.740926135 |
| 2018 Q1 | 9.970165092 | 3.302703286 |
| 2018 Q2 | 9.81671602 | 2.969346997 |
| 2018 Q3 | 9.846612352 | 2.934720943 |
| 2018 Q4 | 9.936873206 | 3.038347807 |
| 2019 Q1 | 10.20370771 | 3.020145479 |
| 2019 Q2 | 10.34069428 | 3.014511147 |
| 2019 Q3 | 10.54718356 | 2.986135067 |
| 2019 Q4 | 10.54096472 | 2.898598585 |
| 2020 Q1 | 10.34685813 | 3.042360791 |
| 2020 Q2 | 11.53667848 | 3.139493199 |
| 2020 Q3 | 11.69084219 | 3.118807437 |
| 2020 Q4 | 11.80069899 | 3.036641665 |
| 2021 Q1 | 11.12686467 | 3.012444066 |
| 2021 Q2 | 11.18981547 | 2.986456596 |
| 2021 Q3 | 11.55590725 | 3.001931086 |
| 2021 Q4 | 11.32713361 | 2.847918268 |
| 2022 Q1 | 10.82153347 | 2.817607057 |
| 2022 Q2 | 9.853146018 | 2.884219907 |
| 2022 Q3 | 9.906630233 | 2.886733385 |
| 2022 Q4 | 10.07603079 | 2.855469911 |
| 2023 Q1 | 10.50902812 | 2.843667603 |
| 2023 Q2 | 10.39107173 | 2.787514932 |
| 2023 Q3 | 9.91784836 | 2.79258154 |
| 2023 Q4 | 10.91318339 | 2.76413361 |
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 reached its highest level since data became available
The x-axis measures time and ranges from 2013 to 2023. The y-axis measures the leverage ratio and ranges from 0 to 10. Data are quarterly. The chart includes two variables. The first variable is titled 'Mean gross leverage' and is represented with a black line. This series starts around 6.5 and decreases to about 5.7 in 2015:Q4. The series then increases to a ratio of about 8 in 2020:Q1, before decreasing and the hovering between 7 and 8 through 2022. The series increased in recent quarters and reached its maximum value of about 8.5 in 2023:Q3, the last period for which data is available. The second variable is titled "Mean balance sheet leverage" and is represented with a blue line. The series starts slightly below 2 and remains relatively stable throughout the sample, reaching a local peak of about 2.1 in 2020:Q1. The series has increased slightly in recent quarters and reached its maximum value of around 2.2 in 2023:Q3, the last period for which data is available.
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 2-quarter lag beginning in 2013:Q1.
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
This is a line chart titled "Leverage at the largest hedge funds increased." The x-axis measures time and ranges from 2013 to 2023. The y-axis measures the leverage ratio, measured as gross asset value (GAV) divided by net asset value (NAV), and ranges from 0 to 30. Data are quarterly. The chart includes three variables. The first variable is titled "Top 15, by GAV" and is represented by a black line. The series starts at a ratio of about 11 and fluctuations around this level, on average, through 2017. The series increases through 2018 to a peak ratio of about 23 in 2019:Q2. The series then steadily declines to a ratio of about 12 in 2021:Q1 before increasing sharply to a ratio of about 21 in 2021:Q4. The series then declines to about 14 in 2022:Q3. After this, the series increases steadily to a ratio of about 18 in 2023:Q3, the last period for which data is available. The second variable is titled "16-50, by GAV" and is represented by a blue line. The series begins at a ratio of about 5 and remains around this level, with mild fluctuations, until the end of 2016. The series then increases to a peak ratio of about 11 in 2019:Q2. The series then decreases to a ratio of about 8 near the end of 2019 and fluctuates between about 6 and 9 throughout the sample. The series slightly increases to slightly above 7 in 2023:Q3, the last period for which data is available. The third variable is titled "51+, by GAV" and is represented by a red line. This series begins near a ratio of about 1.5 and remains almost flat throughout the sample. The reading for 2023:Q3, the last period for which we have data, is about 1.5.
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 measures time and ranges from years 2011 to 2024. The y-axis is net percentage and ranges from -80 to 40 percent. Data are quarterly. The first line, titled "Hedge funds", is designated by a solid black line. This series begins around -50 percent at the start of 2012 but rises to around 20 percent by 2013 and fluctuates between -20 and 20 percent between 2013 and 2022. In 2022, this series briefly dips below -20 percent before rising back to around 0 percent at the end of the year. The series drops to -14 percent in 2023:Q1 and recovers to about 0 percent through the end of 2023 and 2024:Q1. The second line, titled "Trading REITs", is designated by a solid blue line. This series begins around 0 percent at the start of 2012. It remains near this level until mid-2013, when it falls to around -35 percent for three quarters and then returns to roughly 0 percent. This series remains between about -5 and 5 percent until 2020, when it plummets to almost -80 percent. It then returns to around 0 percent by early 2021, where it remains through 2023. The series increases in 2024:Q1 at about 11 percent. The third line, titled "Insurance companies", is designated by a solid red line. This series begins at 0 percent in 2012 and remains between -5 and 5 percent through 2021:Q3 where it increases 10 percent. The series returns to hovering between -5 and 5 percent through the end of 2023, and then jumps back to 10 percent in 2024:Q1. The fourth line, titled "Mutual funds", is designated by a dashed black line. This series begins around 0 percent and remains between 0 and 5 percent until 2020, when it briefly falls to about -20 percent. This series then recovers to around 0 percent by 2021 through 2022:Q2. In 2022:Q3, the series drops to below -10 percent and then bounces between -5 and 0 percent, about where it stands in 2024:Q1.
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 increased in early 2024 from the subdued levels of 2023
This is a stacked bar chart with five categories titled, "Issuance of non-agency securitized products increased in early 2024 from the subdued levels of 2023." The x-axis measures time and ranges from the years 2001 to 2024. The data is annual and bar for 2024 is annualized. The y-axis is in billions of dollars (real) and ranges from 0 to 3200. The sum of the five categories begins at about 1000 billion in 2001 and peak around 3000 billion in 2006. The total then drops to about 350 billion in 2008 and steadily increases to about 700 billion in 2019 before dropping slightly to about 550 billion in 2020. Then, the sum increases to 930 billion in 2021 before declining to around 500 billion in 2023. The series finishes in 2024 with a jump to about 700 billion. 'Other', represented in light gray, begins at about 260 billion in 2001, peaks at about 330 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. The series declines in 2023 to about 117 billion, then rises again in the final value to about 160 billion in 2024. 'Private-label RMBS', represented in black, begins at around 420 billion in 2001, peaks at about 1700 billion in 2005-2006, then drops sharply to 42 billion in 2008 and stays in decline through 2012 to a low of 21 billion. It then increases steadily to just over 125 billion in 2019 before dipping slightly in 2020 and spiking up to around 190 billion in 2021. The variable declines to 70 billion in 2023 and ticks up to 105 billion in 2024. 'Non-agency CMBS', represented in red shading, begins at about 115 billion dollars in 2001, peaks at about 350 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 and 40 billion in 2023. For the annualized 2024 data, the series recovers to about 71 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 120 billion dollars in 2022 and rises to around 150 billion in 2023 and then 200 billion in 2024. The bar representing 'CDOs (including CLOs and ABS CDOs)', represented in beige, begins at about 95 billion dollars in 2001, increases rapidly and peaks at about 575 billion dollars in 2006. It then drops 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. The series is at about 180 billion for the final bar in 2024.
Note: The data from the first quarter of 2024 are annualized to create the 2024 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 2024 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 grew
This is a stacked line chart titled "Bank credit commitments to nonbank financial institutions grew." 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 and end in 2023:Q4. There are 10 variables charted on the plot, which sum up to represent total committed amounts extended to nonbank financials by large banks. The overall trend has been steadily increasing from about 1300 billion in 2018 to just over 2000 billion dollars in 2023:Q4. The first variable, 'Financial transactions processing', is designated by orange shading. This variable increases steadily from about 21 billion in 2018 to about 30 billion in 2023:Q4. The second variable, 'Private equity, BDCs, and credit funds', is designated by turquoise shading. This variable steadily increases from 48 billion in 2018 to 80 billion in 2023:Q4. 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:Q4. The fourth variable, 'Insurance companies', is designated by medium blue shading. This variable decreases from 139 billion in 2018 to 107 billion in 2019:Q1 before increasing modestly 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:Q4. The fifth variable, 'REITs', is designated by red shading. It begins around 118 billion in 2018:Q1 and increases to 122 billion in 2018:Q3. It then falls steadily through 2023:Q4 where it ends at 36 billion. The sixth variable, 'Open-end investment funds', is designated by green shading. This variable begins at 103 billion in 2018 and increases steadily to around 205 billion in 2023:Q4. The seventh variable, 'Special purpose entities, CLOs, and ABS', is designated by light gray shading. This variable starts at 124 billion in 2018 and increases steadily to end at 366 billion in 2023:Q4. The eighth variable, 'Other financial vehicles', is designated by black shading. This variable increases steadily from 198 billion in 2018 to end around 427 billion in 2023:Q4. The ninth variable, 'Real estate lenders and lessors', is designated by beige shading. This variable increases steadily from 160 billion in 2018:Q1 to about 360 billion in 2023:Q4. The tenth variable, 'Consumer lenders, other lenders, and lessors', is designated by dark blue shading. This variable starts at 180 billion in 2018 and remains at about that level until 2019:Q2, where it decreases to 163 billion. It then increases steadily throughout the rest of the plotted period, rising to 228 billion in 2023:Q4.
Note: Committed amounts on credit lines and term loans extended to nonbank financial institutions by a balanced panel of 24 bank holding companies that have filed Form FR Y-14Q in every quarter since 2018:Q1. Nonbank financial institutions are identified based on reported North American Industry Classification System (NAICS) codes. In addition to NAICS codes, a name-matching algorithm is applied to identify specific entities such as real estate investment trusts (REITs), special purpose entities, collateralized loan obligations (CLOs), and 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 in 2023 for most sectors except real estate investment trusts, broker-dealers, and real estate lenders and lessors
This is a bar chart titled "Aggregate credit commitments to nonbank financial institutions increased in 2023 for most sectors except real estate investment trusts, broker-dealers, and real estate lenders and lessors." 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 -50 to 80 percent. The data are quarterly. The chart shows the 2023:Q4-over-2022:Q4 growth rate. There are two variables plotted on the chart for each sector. 'Committed amounts' is represented as a red bar and 'utilized amounts' is represented as a light gray bar. From left to right, the first sector is 'REITs'. This sector saw its committed amount shrink by about 16 percent and its utilized amount shrink by about 35 percent as of 2023:Q4 vs 2022:Q4. The second sector is 'Financial transactions processing' which saw its committed amount grow by about 10 percent and saw its utilized amount grow by about 22 percent as of 2023:Q4 vs 2022:Q4. 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 10 percent as of 2023:Q4 vs 2022:Q4. The fourth sector is 'Insurance companies' which saw their committed amount grow by about 4 percent and saw their utilized amount grow by about 10 percent as of 2023:Q4 vs 2022:Q4. The fifth sector is 'PE, BDCs & credit funds.' This sector saw both its committed and utilized amounts grow by about 4 percent as of 2023:Q4 vs 2022:Q4. The sixth sector is ‘Broker-dealers’ which saw their committed and utilized amounts decrease by about 1 percent as of 2023:Q4 vs 2022:Q4. The seventh sector is 'Open-end investment funds' which have seen their committed amount grow by about 16 percent and their utilized amount grow by about 3 percent as of 2023:Q4 vs 2022:Q4. The eighth sector is 'SPEs, CLOs, & ABS'. This sector saw its committed amount grow by about 12 percent and saw its utilized amount grow by about 6 percent as of 2023:Q4 vs 2022:Q4. 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 6 percent as of 2023:Q4 vs 2022:Q4. The tenth sector is 'Other financial vehicles' which saw their committed amount increase by about 4 percent and their utilized amount increases by about 3 percent as of 2023:Q4 vs 2022:Q4. Lastly, there are two bars showing the total for all NBFIs, which show their committed amounts grew by about 5 percent and saw their utilized amount grow by about 4 percent as of 2023:Q4 vs 2022:Q4.
Note: The figure shows 2023:Q4-over-2022:Q4 growth rates as of the end of the fourth 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 remained above their historical medians
Percent of GDP
| Date | Other | Securities lending | Commercial paper | Domestic money market funds | Repurchase agreements | Uninsured deposits |
|---|---|---|---|---|---|---|
| 2002 Q1 | 75.3897839 | 68.15047946 | 64.47861046 | 51.43135262 | 30.2496834 | 11.2213538 |
| 2002 Q2 | 75.98029863 | 68.7218788 | 64.76078043 | 52.41974772 | 32.05163339 | 11.4801712 |
| 2002 Q3 | 75.79953068 | 68.33046079 | 65.57932364 | 53.41672276 | 33.33899908 | 12.38150759 |
| 2002 Q4 | 76.69417818 | 68.93501488 | 66.26992622 | 53.88190227 | 33.57719251 | 12.88164942 |
| 2003 Q1 | 77.56095922 | 69.5387552 | 66.29495872 | 54.17683327 | 34.20453804 | 13.19553592 |
| 2003 Q2 | 78.85848267 | 70.75554889 | 67.06147435 | 55.36076429 | 36.3793522 | 14.02211935 |
| 2003 Q3 | 77.01060818 | 69.17287956 | 64.65998129 | 53.4956178 | 35.14356906 | 13.50692573 |
| 2003 Q4 | 77.0586072 | 68.2674464 | 63.62807192 | 52.68222217 | 35.21661624 | 13.53385069 |
| 2004 Q1 | 78.67178292 | 69.67223742 | 65.16944556 | 54.05719746 | 37.24032423 | 14.03742657 |
| 2004 Q2 | 79.25068613 | 70.15184882 | 64.74713468 | 54.01478229 | 37.91102771 | 14.41923144 |
| 2004 Q3 | 80.42699676 | 71.0243647 | 66.23378942 | 55.62071859 | 40.00175489 | 14.66919895 |
| 2004 Q4 | 80.4201815 | 71.07004615 | 65.63857522 | 54.50254723 | 39.36484196 | 15.14410661 |
| 2005 Q1 | 81.62930599 | 72.3424772 | 66.32660986 | 55.08266952 | 40.43566206 | 15.04202804 |
| 2005 Q2 | 83.58329847 | 74.39119775 | 67.75064346 | 56.18285147 | 41.91708469 | 15.15643072 |
| 2005 Q3 | 84.40853399 | 75.33336395 | 69.21182474 | 57.36574433 | 42.94032667 | 15.2811488 |
| 2005 Q4 | 84.16237019 | 75.10330879 | 69.49790828 | 57.1887377 | 42.3595529 | 15.77717409 |
| 2006 Q1 | 85.83563838 | 76.7378648 | 71.12848172 | 58.64528434 | 43.71091584 | 15.49262021 |
| 2006 Q2 | 87.62634916 | 78.29535951 | 72.03850317 | 59.21095527 | 44.25177347 | 15.76425978 |
| 2006 Q3 | 92.16886459 | 82.2488448 | 75.21603465 | 61.77250422 | 46.15628234 | 15.46617993 |
| 2006 Q4 | 94.13467613 | 83.7778453 | 76.17901712 | 62.23616553 | 45.949549 | 16.26198807 |
| 2007 Q1 | 97.52987456 | 87.07271409 | 78.50909626 | 64.41638274 | 47.67952301 | 15.39487663 |
| 2007 Q2 | 98.64408524 | 88.16324802 | 79.4386692 | 64.79223065 | 47.67478494 | 15.24456781 |
| 2007 Q3 | 96.97329801 | 86.42158624 | 78.88829082 | 66.13577041 | 47.4172771 | 15.21393567 |
| 2007 Q4 | 97.80056156 | 86.9786552 | 79.23997043 | 67.08852637 | 46.5510162 | 16.05890309 |
| 2008 Q1 | 101.5154434 | 90.2292283 | 83.89399176 | 71.76204105 | 48.89666648 | 16.0681219 |
| 2008 Q2 | 103.7815411 | 92.1009533 | 80.05920066 | 68.30028634 | 45.3851277 | 15.50576409 |
| 2008 Q3 | 97.98813771 | 86.78698431 | 79.99147401 | 69.55567909 | 46.34192315 | 16.37606903 |
| 2008 Q4 | 87.96350456 | 76.85126981 | 70.32228323 | 59.37433643 | 33.95197197 | 12.19275204 |
| 2009 Q1 | 87.14897114 | 76.24928558 | 70.85289396 | 60.98575612 | 34.19305806 | 12.12707385 |
| 2009 Q2 | 85.81339709 | 75.0656653 | 68.93344567 | 60.04131046 | 34.05013789 | 12.12732653 |
| 2009 Q3 | 79.41225034 | 69.12741409 | 63.1409231 | 55.04833199 | 30.63200783 | 8.176508483 |
| 2009 Q4 | 74.5961588 | 65.27578522 | 59.47303062 | 51.71004725 | 28.98666237 | 8.666235841 |
| 2010 Q1 | 77.95240658 | 68.90482892 | 63.23683637 | 55.9154237 | 34.83332535 | 12.21509893 |
| 2010 Q2 | 75.05193938 | 66.46952743 | 60.86171601 | 53.9990139 | 35.07041087 | 12.2369495 |
| 2010 Q3 | 75.70951393 | 67.10240402 | 61.87905496 | 54.94074884 | 36.3796822 | 13.66544011 |
| 2010 Q4 | 70.53272252 | 62.16704306 | 57.0669464 | 50.15977227 | 31.86772536 | 9.532292697 |
| 2011 Q1 | 71.17191342 | 62.99112537 | 57.94135409 | 50.5725706 | 32.77808719 | 9.612796729 |
| 2011 Q2 | 70.70125401 | 62.96069222 | 57.76150878 | 50.8092651 | 33.3675489 | 10.09778002 |
| 2011 Q3 | 69.38410207 | 61.98449457 | 57.38709084 | 50.96801802 | 34.27375877 | 10.37504822 |
| 2011 Q4 | 68.0484027 | 61.0653652 | 56.90377449 | 50.78575815 | 34.05027659 | 10.46072154 |
| 2012 Q1 | 67.551076 | 60.80079619 | 56.63005029 | 50.53470608 | 34.16835546 | 10.53836931 |
| 2012 Q2 | 67.04883476 | 60.2786398 | 56.08766551 | 50.24610774 | 34.55223996 | 10.59933138 |
| 2012 Q3 | 66.64239631 | 59.88542531 | 55.84308113 | 50.08560904 | 34.45128902 | 10.47648555 |
| 2012 Q4 | 67.78293151 | 61.24277256 | 57.64247453 | 51.93046454 | 35.98030415 | 11.90148784 |
| 2013 Q1 | 75.07083463 | 68.46224349 | 64.75484931 | 58.80310302 | 42.92784336 | 20.06200904 |
| 2013 Q2 | 73.45079386 | 67.13893893 | 63.23590682 | 57.37630178 | 41.93025054 | 20.05432462 |
| 2013 Q3 | 73.251482 | 67.18532596 | 63.09931297 | 57.39807305 | 41.82824514 | 20.80509274 |
| 2013 Q4 | 72.68184764 | 65.28413632 | 61.48732209 | 56.01201416 | 40.38680749 | 21.39200764 |
| 2014 Q1 | 73.79607543 | 66.16640462 | 61.89442407 | 56.18509197 | 40.68059326 | 21.46042131 |
| 2014 Q2 | 72.56414605 | 64.9709653 | 60.72031778 | 55.03945714 | 40.36994704 | 21.89376062 |
| 2014 Q3 | 71.66837757 | 64.22581017 | 60.02326917 | 54.48646649 | 40.01752574 | 22.08448011 |
| 2014 Q4 | 71.03990676 | 63.96162625 | 60.02562295 | 54.88903324 | 40.01556099 | 22.62418513 |
| 2015 Q1 | 71.23706708 | 64.23629755 | 60.3061686 | 55.08914822 | 40.30023847 | 22.70171547 |
| 2015 Q2 | 69.30899076 | 62.59309895 | 58.85946622 | 53.56149896 | 39.37123683 | 22.49692158 |
| 2015 Q3 | 69.68770471 | 63.02199578 | 59.41753153 | 54.08677444 | 39.58596873 | 22.42652743 |
| 2015 Q4 | 69.03504458 | 62.32924447 | 58.80673198 | 53.75563837 | 38.94934302 | 22.83849643 |
| 2016 Q1 | 69.75760496 | 63.21667532 | 59.64314394 | 54.18690608 | 39.30916542 | 22.96580891 |
| 2016 Q2 | 70.16050408 | 63.52029132 | 60.02899999 | 54.65492971 | 40.1932025 | 23.13879362 |
| 2016 Q3 | 69.7160328 | 63.03651581 | 59.72543794 | 54.95637411 | 40.65963328 | 23.68933233 |
| 2016 Q4 | 68.46323353 | 61.71034301 | 58.66058433 | 54.07922535 | 39.90804391 | 23.88738582 |
| 2017 Q1 | 68.44442545 | 61.7285206 | 58.55151147 | 53.74428669 | 39.86512223 | 23.67068793 |
| 2017 Q2 | 68.52047383 | 61.8458383 | 58.46154864 | 53.75271179 | 40.15541353 | 23.51067034 |
| 2017 Q3 | 68.4873574 | 61.71008062 | 58.30951318 | 53.37342919 | 39.63974893 | 23.5406365 |
| 2017 Q4 | 68.43583317 | 61.7851767 | 58.51254552 | 53.74330945 | 39.79915299 | 23.66958612 |
| 2018 Q1 | 67.58887868 | 61.0936731 | 57.81468906 | 52.70778815 | 38.87553982 | 23.2270787 |
| 2018 Q2 | 66.99565488 | 60.45792993 | 57.13509372 | 52.07600764 | 38.36753528 | 22.68542655 |
| 2018 Q3 | 66.76363019 | 60.19238968 | 57.03628355 | 52.05889776 | 38.33064849 | 22.75686621 |
| 2018 Q4 | 68.77547856 | 62.28598409 | 59.41494568 | 54.70292608 | 40.54086947 | 23.19115156 |
| 2019 Q1 | 70.41002349 | 63.9713774 | 60.15184112 | 55.16649529 | 40.6110609 | 22.4966024 |
| 2019 Q2 | 70.23068824 | 63.7675714 | 60.73368408 | 55.72408723 | 41.02214842 | 22.57584863 |
| 2019 Q3 | 72.16383283 | 65.71423016 | 62.84365809 | 57.97698383 | 42.47798767 | 22.98644698 |
| 2019 Q4 | 72.13624055 | 65.70477296 | 63.06382833 | 58.32219509 | 42.01371323 | 23.51243474 |
| 2020 Q1 | 78.33092457 | 71.60195432 | 68.88719295 | 63.9013712 | 46.09087457 | 26.87873017 |
| 2020 Q2 | 90.06250774 | 82.24946353 | 78.98960639 | 73.96722487 | 50.29881619 | 31.09679922 |
| 2020 Q3 | 82.8934208 | 75.71878895 | 72.93474417 | 68.54432113 | 47.74736636 | 29.87809002 |
| 2020 Q4 | 82.99870713 | 76.03723801 | 73.14450524 | 68.94245328 | 49.21729673 | 31.07626265 |
| 2021 Q1 | 82.2364734 | 75.35864832 | 72.32296517 | 67.41245644 | 47.95464345 | 31.62121732 |
| 2021 Q2 | 81.1848673 | 74.36901386 | 71.16410059 | 66.48451523 | 46.92086313 | 31.64349155 |
| 2021 Q3 | 80.89225761 | 74.28846784 | 71.00364315 | 66.48819882 | 47.47956131 | 32.38201971 |
| 2021 Q4 | 80.17803649 | 73.71219101 | 70.61143136 | 66.34547338 | 47.51310132 | 32.67356246 |
| 2022 Q1 | 78.99670744 | 72.85759628 | 69.66239762 | 65.10928434 | 46.74304946 | 32.4115764 |
| 2022 Q2 | 76.41320811 | 70.25012411 | 67.02902625 | 62.47270161 | 44.7519778 | 30.89676502 |
| 2022 Q3 | 74.28888076 | 68.16087563 | 65.06545283 | 60.58033191 | 42.99558787 | 29.1779138 |
| 2022 Q4 | 73.63044082 | 67.46139255 | 64.54781653 | 59.89911075 | 42.15712356 | 28.37950904 |
| 2023 Q1 | 73.96762994 | 67.67295433 | 64.66251354 | 60.25084574 | 41.71138089 | 25.61260285 |
| 2023 Q2 | 74.79879946 | 68.55468991 | 65.55756872 | 61.15653604 | 41.30611806 | 24.60330185 |
| 2023 Q3 | 74.44658235 | 68.12666588 | 65.18893496 | 60.73185682 | 40.87894487 | 23.88230529 |
| 2023 Q4 | 74.67618603 | 68.1832118 | 65.2819301 | 60.8648965 | 41.25830497 | 23.93592864 |
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; Llama Corp, DeFiLlama.
Figure 4.2. The amount of high-quality liquid assets held by most banks stabilized in the second half of 2023
This is a line chart titled "The amount of high-quality liquid assets held by most banks stabilized in the second half of 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 in the chart. The first line, labeled "G-SIBs", is designated by a 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 early 2019 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 in 2023:Q2, then rises to 26 percent in 2023:Q4. The second line, labeled "Large non-G-SIBs", is designated by a 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, then declining slightly 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 21 percent as of 2023:Q4. The third line, labeled "Other BHCs" is designated by a 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 to about 12 percent at the end of the series in 2023:Q4.
Note: The 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. 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 as well as 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 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 series then increases to 16 percent in 2023:Q3 and ends in a slight decline to 15.6 percent in 2023:Q4.
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 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 A. Outstanding balances of the Bank Term Funding Program declined in early 2024
Billions of dollars
| Date | Outstanding balance |
|---|---|
| 2023-02-22 | 0 |
| 2023-03-01 | 0 |
| 2023-03-08 | 0 |
| 2023-03-15 | 11.943 |
| 2023-03-22 | 53.669 |
| 2023-03-29 | 64.403 |
| 2023-04-05 | 79.021 |
| 2023-04-12 | 71.837 |
| 2023-04-19 | 73.982 |
| 2023-04-26 | 81.327 |
| 2023-05-03 | 75.778 |
| 2023-05-10 | 83.101 |
| 2023-05-17 | 87.006 |
| 2023-05-24 | 91.907 |
| 2023-05-31 | 93.615 |
| 2023-06-07 | 100.161 |
| 2023-06-14 | 101.969 |
| 2023-06-21 | 102.735 |
| 2023-06-28 | 103.081 |
| 2023-07-05 | 101.959 |
| 2023-07-12 | 102.305 |
| 2023-07-19 | 102.927 |
| 2023-07-26 | 105.078 |
| 2023-08-02 | 105.684 |
| 2023-08-09 | 106.864 |
| 2023-08-16 | 107.242 |
| 2023-08-23 | 107.386 |
| 2023-08-30 | 107.527 |
| 2023-09-06 | 107.855 |
| 2023-09-13 | 107.993 |
| 2023-09-20 | 107.599 |
| 2023-09-27 | 107.715 |
| 2023-10-04 | 107.665 |
| 2023-10-11 | 108.884 |
| 2023-10-18 | 108.818 |
| 2023-10-25 | 109.068 |
| 2023-11-01 | 109.07 |
| 2023-11-08 | 112.935 |
| 2023-11-15 | 112.942 |
| 2023-11-22 | 114.099 |
| 2023-11-29 | 113.871 |
| 2023-12-06 | 121.695 |
| 2023-12-13 | 123.764 |
| 2023-12-20 | 131.335 |
| 2023-12-27 | 135.805 |
| 2024-01-03 | 141.202 |
| 2024-01-10 | 147.175 |
| 2024-01-17 | 161.501 |
| 2024-01-24 | 167.768 |
| 2024-01-31 | 165.238 |
| 2024-02-07 | 164.869 |
| 2024-02-14 | 164.772 |
| 2024-02-21 | 164.231 |
| 2024-02-28 | 163.474 |
| 2024-03-06 | 164.022 |
| 2024-03-13 | 167.463 |
| 2024-03-20 | 150.183 |
| 2024-03-27 | 132.806 |
Figure 4.4. Assets under management at money market funds continued to rise
This is a stacked line chart titled "Assets under management at money market funds continued to rise." The x-axis measures time and ranges from 2000 to 2024. The y-axis ranges from 0 to 7000 in billions of dollars (real). The data are monthly. There are four variables in the chart. The first variable is labeled "Government." It is designated by the beige portion of the chart and ranges from about 500 to about 4900. 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 4800 as of January 2024. The second portion is labeled "Tax exempt." This series is designated by the red 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 by January 2024. The third portion is labeled "Retail prime" and is designated by the light blue portion of the chart. The variable ranges from about 200 to around 1400 billion. This variable starts at 1300 billion dollars and fluctuates around this level through 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 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 billion dollars 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 increases to about 715 billion dollars by the end of the series in January 2024. 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 280 billion dollars by the end of the series in January 2024.
Note: The data are converted to constant 2024 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 4.5. Market capitalization of major stablecoins increased slightly since late last year
Billions of dollars
| Date | Other | TerraUSD | Dai | Binance USD | USD Coin | Tether |
|---|---|---|---|---|---|---|
| 2020-12-31 | 27.95769931 | 26.90580901 | 26.72195681 | 25.55852475 | 24.661137 | 20.95346883 |
| 2021-01-01 | 28.30055325 | 27.20588009 | 27.02560442 | 25.85374113 | 24.86680898 | 20.93511699 |
| 2021-01-02 | 28.88444069 | 27.75732416 | 27.57391081 | 26.36265557 | 25.28732776 | 21.16573574 |
| 2021-01-03 | 29.10249253 | 27.92797897 | 27.74475796 | 26.55387101 | 25.40800074 | 21.26914206 |
| 2021-01-04 | 29.33088254 | 28.17689296 | 27.99747232 | 26.75050937 | 25.57929965 | 21.36592152 |
| 2021-01-05 | 29.64883402 | 28.50557083 | 28.32404212 | 27.00784446 | 25.9748645 | 21.80181764 |
| 2021-01-06 | 30.19711903 | 28.95083149 | 28.76372974 | 27.44261331 | 26.37135775 | 21.99902318 |
| 2021-01-07 | 30.77427048 | 29.48121766 | 29.28895569 | 27.96711867 | 26.85908776 | 22.4747342 |
| 2021-01-08 | 31.34457878 | 30.00310557 | 29.81736085 | 28.45310987 | 27.35542791 | 22.85107341 |
| 2021-01-09 | 32.17136007 | 30.84325353 | 30.65341259 | 29.26426579 | 28.15951594 | 23.58372738 |
| 2021-01-10 | 32.77078792 | 31.42713822 | 31.24299952 | 29.81978534 | 28.66395563 | 23.91393401 |
| 2021-01-11 | 33.29392432 | 31.94571704 | 31.75878291 | 30.32824209 | 29.16114635 | 24.32953234 |
| 2021-01-12 | 33.49849894 | 32.17126599 | 31.98087129 | 30.59367856 | 29.530556 | 24.68539183 |
| 2021-01-13 | 33.19607948 | 31.7845691 | 31.58756374 | 30.21484573 | 29.14946803 | 24.35116546 |
| 2021-01-14 | 33.17551157 | 31.83555243 | 31.64538807 | 30.2745847 | 29.19909706 | 24.42538698 |
| 2021-01-15 | 33.13916469 | 31.70597406 | 31.50604173 | 30.09561774 | 29.00921378 | 24.16227232 |
| 2021-01-16 | 33.25177927 | 31.80678887 | 31.60972184 | 30.31878552 | 29.16459967 | 24.27945985 |
| 2021-01-17 | 33.58139842 | 32.12003418 | 31.92278897 | 30.55105475 | 29.41272117 | 24.36796951 |
| 2021-01-18 | 33.59238103 | 32.07321532 | 31.8876049 | 30.50497661 | 29.34270752 | 24.28103872 |
| 2021-01-19 | 33.80388794 | 32.24840315 | 32.04935531 | 30.64348428 | 29.49388451 | 24.3654354 |
| 2021-01-20 | 33.70022582 | 32.09450021 | 31.89952133 | 30.4968413 | 29.3527198 | 24.23694677 |
| 2021-01-21 | 34.3744515 | 32.75932685 | 32.55510064 | 31.14905214 | 30.02213015 | 24.71841086 |
| 2021-01-22 | 34.71235376 | 33.12397261 | 32.91670646 | 31.50299051 | 30.39803447 | 25.01869319 |
| 2021-01-23 | 34.78230468 | 33.18394784 | 32.96755479 | 31.52271005 | 30.33671362 | 24.81154118 |
| 2021-01-24 | 34.79119494 | 33.17727281 | 32.95088477 | 31.49043501 | 30.30506148 | 24.71214651 |
| 2021-01-25 | 35.02913351 | 33.39237797 | 33.1685963 | 31.63441514 | 30.41200109 | 24.80285357 |
| 2021-01-26 | 35.17638355 | 33.52197769 | 33.27452952 | 31.69648117 | 30.49795949 | 24.96456882 |
| 2021-01-27 | 35.3360144 | 33.63591275 | 33.37994274 | 31.78275057 | 30.56250273 | 25.13978388 |
| 2021-01-28 | 35.73453527 | 34.04360177 | 33.78628653 | 32.18010577 | 30.81109547 | 25.30757527 |
| 2021-01-29 | 35.934634 | 34.23174743 | 33.96548165 | 32.35417196 | 30.95796047 | 25.35001807 |
| 2021-01-30 | 36.00283817 | 34.30340022 | 34.03176029 | 32.41430471 | 30.92971437 | 25.1038313 |
| 2021-01-31 | 37.09560694 | 35.37434093 | 35.09778043 | 33.45669674 | 31.98422581 | 26.16883134 |
| 2021-02-01 | 37.49863188 | 35.75673323 | 35.47495901 | 33.82897038 | 32.35806915 | 26.48368276 |
| 2021-02-02 | 37.40523351 | 35.68223177 | 35.40679061 | 33.75337305 | 32.34360595 | 26.47245996 |
| 2021-02-03 | 37.83524094 | 36.09909832 | 35.82257265 | 34.11510118 | 32.7071903 | 26.76241111 |
| 2021-02-04 | 38.29483427 | 36.55232441 | 36.28594929 | 34.5514713 | 33.124078 | 27.03811174 |
| 2021-02-05 | 38.86683309 | 37.1338696 | 36.87580868 | 35.10440198 | 33.65141374 | 27.50282945 |
| 2021-02-06 | 39.59185734 | 37.8090357 | 37.54099343 | 35.71972387 | 34.20203665 | 27.87307723 |
| 2021-02-07 | 40.18689631 | 38.37760626 | 38.11662744 | 36.29229875 | 34.73828231 | 28.30060295 |
| 2021-02-08 | 40.42500413 | 38.5917556 | 38.31994673 | 36.5173874 | 34.97700024 | 28.52820663 |
| 2021-02-09 | 41.0879048 | 39.21260359 | 38.93277007 | 37.04191519 | 35.48122491 | 28.94891902 |
| 2021-02-10 | 42.14689548 | 40.10283964 | 39.81028425 | 37.86416441 | 36.26369907 | 29.62631407 |
| 2021-02-11 | 42.92356006 | 40.87568612 | 40.5674744 | 38.60132797 | 36.93758363 | 30.19617679 |
| 2021-02-12 | 43.63732045 | 41.60595762 | 41.27529841 | 39.24504935 | 37.56921745 | 30.6771049 |
| 2021-02-13 | 44.13606922 | 42.05996425 | 41.6933193 | 39.64952171 | 37.99747682 | 30.97653927 |
| 2021-02-14 | 44.99256276 | 42.8701672 | 42.47526505 | 40.40516576 | 38.68626318 | 31.50083867 |
| 2021-02-15 | 45.548039 | 43.46719111 | 43.0452501 | 40.97943333 | 39.23866301 | 31.83188554 |
| 2021-02-16 | 45.79150322 | 43.72822749 | 43.29493299 | 41.17191765 | 39.54843736 | 32.12563344 |
| 2021-02-17 | 46.13722772 | 44.07183993 | 43.61046516 | 41.41160203 | 39.8251391 | 32.35744786 |
| 2021-02-18 | 46.14699828 | 44.06027088 | 43.57499123 | 41.3180106 | 39.6689349 | 32.41329191 |
| 2021-02-19 | 47.15950697 | 45.06637055 | 44.56318541 | 42.25941036 | 40.52922732 | 33.16753766 |
| 2021-02-20 | 48.56411683 | 46.38602686 | 45.85888461 | 43.52442137 | 41.55796359 | 33.96443006 |
| 2021-02-21 | 49.65900913 | 47.43020054 | 46.88747167 | 44.52430618 | 42.34687368 | 34.54575309 |
| 2021-02-22 | 49.83232447 | 47.55044322 | 46.98718035 | 44.59302759 | 42.39668819 | 34.51004645 |
| 2021-02-23 | 50.47609555 | 48.24725427 | 47.65579976 | 45.27857597 | 43.01713555 | 34.93974913 |
| 2021-02-24 | 50.60904983 | 48.27646092 | 47.67972356 | 45.36024461 | 43.19994832 | 35.02548293 |
| 2021-02-25 | 51.4526938 | 49.10478066 | 48.49144524 | 46.14351447 | 43.86288792 | 35.41640669 |
| 2021-02-26 | 51.01283974 | 48.71182705 | 48.08629856 | 45.75652719 | 43.4700139 | 35.08360031 |
| 2021-02-27 | 52.25171879 | 49.87116609 | 49.21234121 | 46.87981114 | 44.52995829 | 35.58185998 |
| 2021-02-28 | 51.63640175 | 49.255286 | 48.57996752 | 46.24243436 | 43.86330363 | 34.80876227 |
| 2021-03-01 | 52.38109265 | 49.95613715 | 49.26689204 | 46.89891496 | 44.54689609 | 35.56829366 |
| 2021-03-02 | 52.91708989 | 50.31211769 | 49.60243299 | 47.12672959 | 44.57236603 | 35.49510761 |
| 2021-03-03 | 53.67679323 | 51.10450715 | 50.3712967 | 47.82791608 | 44.96329999 | 35.94897227 |
| 2021-03-04 | 53.23990377 | 50.67674548 | 49.95309115 | 47.42209689 | 44.61810673 | 35.82181994 |
| 2021-03-05 | 54.36836271 | 51.84371108 | 51.09553001 | 48.51850188 | 45.54449183 | 36.55712262 |
| 2021-03-06 | 54.36817103 | 51.85482635 | 51.08408889 | 48.5303969 | 45.32190114 | 36.38730059 |
| 2021-03-07 | 54.67663241 | 52.20847805 | 51.43097947 | 48.84155092 | 45.6052678 | 36.57262851 |
| 2021-03-08 | 54.8386355 | 52.35230708 | 51.56083503 | 49.01103363 | 45.85074158 | 36.65206318 |
| 2021-03-09 | 54.56590118 | 52.08418013 | 51.26875946 | 48.69077774 | 45.677574 | 36.49901303 |
| 2021-03-10 | 55.28377746 | 52.81889074 | 51.98338431 | 49.33852552 | 46.15096314 | 36.98440141 |
| 2021-03-11 | 55.52656088 | 53.07434264 | 52.2068458 | 49.58195917 | 46.36793814 | 37.18534023 |
| 2021-03-12 | 56.18631974 | 53.69153069 | 52.78475519 | 50.10792308 | 46.9782526 | 37.66631037 |
| 2021-03-13 | 57.04816344 | 54.5328935 | 53.56240766 | 50.83152167 | 47.62575359 | 38.26734084 |
| 2021-03-14 | 57.3378383 | 54.8011031 | 53.78330993 | 51.02336442 | 47.82986228 | 38.38604884 |
| 2021-03-15 | 57.37619607 | 54.79603759 | 53.77564941 | 51.00051921 | 47.88859967 | 38.53341151 |
| 2021-03-16 | 57.69429699 | 55.10917513 | 54.04847672 | 51.26172114 | 48.16546189 | 38.65033313 |
| 2021-03-17 | 57.9741529 | 55.39178509 | 54.23817393 | 51.42889017 | 48.35596355 | 38.77924519 |
| 2021-03-18 | 58.56942192 | 55.9303834 | 54.73251191 | 51.86632747 | 48.76038224 | 39.11822814 |
| 2021-03-19 | 58.94655229 | 56.28466116 | 55.03296061 | 52.14686596 | 48.94938873 | 39.17786256 |
| 2021-03-20 | 59.62860803 | 56.97340655 | 55.68225839 | 52.80633342 | 49.58013878 | 39.57494599 |
| 2021-03-21 | 60.00242991 | 57.35656903 | 56.0571574 | 53.17297918 | 49.91856732 | 39.86406695 |
| 2021-03-22 | 60.25557685 | 57.60509195 | 56.27132891 | 53.36959995 | 50.1292946 | 39.86815334 |
| 2021-03-23 | 60.41660322 | 57.86324444 | 56.49632988 | 53.56340067 | 50.19816582 | 39.92176543 |
| 2021-03-24 | 60.20191748 | 57.5971101 | 56.19481094 | 53.28012774 | 49.90484295 | 39.61437558 |
| 2021-03-25 | 60.42546915 | 57.87780445 | 56.44801324 | 53.52610782 | 50.21159507 | 39.82951277 |
| 2021-03-26 | 60.96129211 | 58.43206004 | 56.99212725 | 54.07000584 | 50.80547666 | 40.28031622 |
| 2021-03-27 | 61.73056545 | 58.99498071 | 57.49795503 | 54.53492802 | 51.1447271 | 40.27196838 |
| 2021-03-28 | 62.09509749 | 59.3503854 | 57.84040619 | 54.85725815 | 51.41608208 | 40.51576036 |
| 2021-03-29 | 62.78084732 | 59.95126736 | 58.33906298 | 55.33772356 | 51.84120967 | 40.83650954 |
| 2021-03-30 | 62.22461785 | 59.38874125 | 57.8095143 | 54.82409002 | 51.34428573 | 40.49650948 |
| 2021-03-31 | 62.70884013 | 59.84250495 | 58.2362812 | 55.22086289 | 51.63747349 | 40.72639826 |
| 2021-04-01 | 62.65331348 | 59.75435939 | 58.13430277 | 55.12524456 | 51.64329897 | 40.82866236 |
| 2021-04-02 | 62.75345552 | 59.87705517 | 58.22982489 | 55.26413093 | 51.73681952 | 40.86522903 |
| 2021-04-03 | 66.32674456 | 61.25247766 | 59.5894152 | 56.54759894 | 52.7215143 | 41.81313307 |
| 2021-04-04 | 67.00624527 | 61.92939079 | 60.25618402 | 57.19673437 | 53.24105602 | 42.47584077 |
| 2021-04-05 | 67.77948139 | 62.37599741 | 60.68965982 | 57.62070898 | 53.59319523 | 42.51618564 |
| 2021-04-06 | 67.58064092 | 62.37348682 | 60.68673822 | 57.6336941 | 53.55049799 | 42.51578376 |
| 2021-04-07 | 68.15358504 | 62.86171149 | 61.15477892 | 58.0916441 | 54.07356266 | 43.13812547 |
| 2021-04-08 | 67.65701572 | 63.11170383 | 61.41867969 | 58.35833319 | 54.16393732 | 43.15497075 |
| 2021-04-09 | 68.94326785 | 64.53048266 | 62.78784418 | 59.74395074 | 55.10065523 | 43.90733989 |
| 2021-04-10 | 69.29147062 | 64.81542034 | 63.06757438 | 60.02535205 | 55.09538172 | 43.86214161 |
| 2021-04-11 | 70.19615769 | 65.57965455 | 63.79951241 | 60.68338924 | 55.72878647 | 44.52636862 |
| 2021-04-12 | 70.21162026 | 65.72320101 | 63.97452995 | 60.82356757 | 55.78837978 | 44.48783888 |
| 2021-04-13 | 70.06342741 | 65.59600623 | 63.844713 | 60.71225562 | 55.64559963 | 44.63265083 |
| 2021-04-14 | 71.37020377 | 66.96690819 | 65.17745492 | 62.00666724 | 56.74870916 | 45.57392845 |
| 2021-04-15 | 72.25861099 | 67.66415352 | 65.89098293 | 62.73720266 | 57.39986711 | 45.91356418 |
| 2021-04-16 | 73.42538922 | 68.71977633 | 66.93879743 | 63.7364595 | 58.20181747 | 46.60066062 |
| 2021-04-17 | 75.02169924 | 70.16214868 | 68.33159992 | 65.01974054 | 58.86951132 | 46.91606012 |
| 2021-04-18 | 76.5827044 | 71.83376715 | 70.05152142 | 66.60967933 | 60.36282202 | 48.04515481 |
| 2021-04-19 | 78.2265181 | 72.76224065 | 70.9557409 | 67.52083165 | 61.11588007 | 48.46853591 |
| 2021-04-20 | 78.16065018 | 72.854545 | 71.05275963 | 67.63060861 | 60.99558077 | 48.23825855 |
| 2021-04-21 | 79.69391551 | 73.96642147 | 72.13297175 | 68.68064845 | 61.82380192 | 48.83999845 |
| 2021-04-22 | 80.46216755 | 74.62998176 | 72.77301007 | 69.35795367 | 62.11391128 | 49.03587517 |
| 2021-04-23 | 81.33904691 | 75.31663094 | 73.43540207 | 69.97542248 | 62.84988925 | 49.70979271 |
| 2021-04-24 | 81.11043615 | 75.04388923 | 73.16127309 | 69.72734333 | 62.84521416 | 49.56510599 |
| 2021-04-25 | 81.09370544 | 75.16387943 | 73.33030595 | 69.88809661 | 62.93377737 | 49.42916317 |
| 2021-04-26 | 82.82801387 | 76.60932169 | 74.72502668 | 71.25066794 | 64.15704288 | 50.49501513 |
| 2021-04-27 | 82.87359046 | 76.57304253 | 74.6809817 | 71.19188812 | 63.99402742 | 50.20767742 |
| 2021-04-28 | 83.22628367 | 76.87295895 | 74.94297241 | 71.39349511 | 63.9903421 | 50.13050926 |
| 2021-04-29 | 84.20075316 | 77.78916649 | 75.84885749 | 72.27445121 | 65.11673348 | 51.19104258 |
| 2021-04-30 | 84.71299736 | 78.82723188 | 76.79694879 | 73.12110422 | 65.91393221 | 51.28869907 |
| 2021-05-01 | 85.0804633 | 79.05309871 | 77.04329557 | 73.38788608 | 65.93127563 | 51.25070345 |
| 2021-05-02 | 85.78620488 | 79.72481594 | 77.73214135 | 73.99891449 | 66.41685501 | 51.70771641 |
| 2021-05-03 | 86.35665766 | 80.26696104 | 78.31131558 | 74.52123067 | 66.70045613 | 52.02562942 |
| 2021-05-04 | 86.88472051 | 80.43272614 | 78.43021935 | 74.52235581 | 67.04553464 | 52.40020709 |
| 2021-05-05 | 87.0803587 | 80.6325848 | 78.66084175 | 74.69473868 | 67.21858743 | 52.46422302 |
| 2021-05-06 | 88.45978091 | 81.90524643 | 79.88461235 | 75.78742528 | 68.02897981 | 52.94389222 |
| 2021-05-07 | 89.65708753 | 83.11303096 | 81.08196335 | 76.79067261 | 68.80659537 | 53.7551333 |
| 2021-05-08 | 91.14857537 | 84.53345083 | 82.48115493 | 78.10405024 | 70.28280327 | 55.06967438 |
| 2021-05-09 | 91.93638922 | 85.17700284 | 83.14200153 | 78.73259828 | 70.83880992 | 55.408048 |
| 2021-05-10 | 92.64681048 | 85.95168386 | 83.87538336 | 79.37166345 | 71.52468929 | 55.85154552 |
| 2021-05-11 | 93.46935143 | 86.82810138 | 84.76904758 | 80.15754881 | 72.18529591 | 56.5072768 |
| 2021-05-12 | 94.1683273 | 87.22095739 | 85.1414345 | 80.54255467 | 72.55059658 | 56.78231924 |
| 2021-05-13 | 95.01577244 | 88.10059085 | 86.02290958 | 81.3830484 | 73.43567461 | 57.83548226 |
| 2021-05-14 | 94.98471898 | 88.12223219 | 86.01229071 | 81.53659023 | 73.66308136 | 57.52852835 |
| 2021-05-15 | 95.73306975 | 88.83445862 | 86.72267802 | 82.12303837 | 74.25010101 | 57.94790987 |
| 2021-05-16 | 96.07737095 | 89.22859167 | 87.15731834 | 82.53994474 | 74.6777371 | 58.09308678 |
| 2021-05-17 | 97.01226123 | 90.05467772 | 87.94781046 | 83.25769018 | 75.31063849 | 58.57696814 |
| 2021-05-18 | 97.40250984 | 90.57835381 | 88.4827193 | 83.7371297 | 75.77606514 | 58.73818083 |
| 2021-05-19 | 96.69338643 | 89.93936883 | 87.84568661 | 83.09166863 | 75.15575865 | 58.11073732 |
| 2021-05-20 | 95.17145706 | 89.34869116 | 87.29713065 | 82.94253472 | 75.23459349 | 57.84422355 |
| 2021-05-21 | 97.27413895 | 91.3870201 | 89.35411021 | 85.07114647 | 76.93172512 | 58.73549639 |
| 2021-05-22 | 98.71386653 | 92.71882728 | 90.73975626 | 86.49178082 | 78.011859 | 58.56453863 |
| 2021-05-23 | 100.5029643 | 94.54356308 | 92.53053138 | 88.27914618 | 79.76441698 | 59.93892354 |
| 2021-05-24 | 100.6671323 | 94.83324836 | 92.93061868 | 88.86712322 | 80.25453114 | 59.77923724 |
| 2021-05-25 | 101.4164087 | 95.55323945 | 93.66337246 | 89.43337865 | 80.80319521 | 59.97441399 |
| 2021-05-26 | 102.0686901 | 96.31365968 | 94.36379306 | 90.08498524 | 81.25543683 | 60.37743659 |
| 2021-05-27 | 103.8158853 | 97.76351994 | 95.7763138 | 91.40937933 | 82.42752891 | 60.80494259 |
| 2021-05-28 | 104.110414 | 98.09831165 | 96.15317878 | 91.75546619 | 83.04392079 | 61.01207405 |
| 2021-05-29 | 105.2415325 | 99.19373235 | 97.21454241 | 92.75110977 | 83.74889828 | 61.38527217 |
| 2021-05-30 | 104.7059632 | 98.68365233 | 96.70849953 | 92.21630845 | 83.48039248 | 61.36548521 |
| 2021-05-31 | 105.1178462 | 99.07488464 | 97.13819453 | 92.69877407 | 84.11497802 | 61.6790966 |
| 2021-06-01 | 105.6035276 | 99.47176322 | 97.51267281 | 93.07263761 | 84.40605748 | 61.6621247 |
| 2021-06-02 | 106.4365853 | 100.1711667 | 98.21378217 | 93.78471648 | 84.98606472 | 62.25532114 |
| 2021-06-03 | 106.1790563 | 100.0036295 | 98.06319754 | 93.642439 | 84.58865266 | 61.87269249 |
| 2021-06-04 | 106.91059 | 100.6264897 | 98.66810085 | 94.16206803 | 84.8240151 | 61.85483789 |
| 2021-06-05 | 107.4363932 | 101.1337497 | 99.20642488 | 94.65643692 | 85.12305254 | 62.20046009 |
| 2021-06-06 | 107.8066449 | 101.4221256 | 99.49403457 | 94.93361793 | 85.36142976 | 62.38249724 |
| 2021-06-07 | 108.5860036 | 102.1158279 | 100.1982861 | 95.60165978 | 85.90263905 | 62.75058053 |
| 2021-06-08 | 107.9957236 | 101.5190734 | 99.62804858 | 94.96252608 | 85.53073521 | 62.46275456 |
| 2021-06-09 | 108.7916494 | 102.2426068 | 100.3249512 | 95.65405488 | 86.01851964 | 62.76536908 |
| 2021-06-10 | 109.3132529 | 102.5409223 | 100.5986754 | 95.70926571 | 86.17526259 | 62.77688364 |
| 2021-06-11 | 108.9773761 | 102.5740748 | 100.6769894 | 95.77552218 | 86.52148408 | 63.26893748 |
| 2021-06-12 | 108.6962056 | 102.8770836 | 100.9854333 | 95.98986673 | 86.35129321 | 62.85617211 |
| 2021-06-13 | 109.3180746 | 103.4714916 | 101.5670064 | 96.57234664 | 86.95571932 | 63.31077873 |
| 2021-06-14 | 109.1020506 | 103.2095308 | 101.2927243 | 96.29497574 | 86.62603214 | 62.70155095 |
| 2021-06-15 | 109.353118 | 103.3967466 | 101.4740024 | 96.43940233 | 86.90203671 | 62.91426346 |
| 2021-06-16 | 109.6254357 | 103.6911193 | 101.7739601 | 96.62349093 | 87.11397647 | 63.13696174 |
| 2021-06-17 | 108.448383 | 102.6945054 | 100.7920664 | 95.69021185 | 86.40264832 | 62.58696083 |
| 2021-06-18 | 109.1850751 | 103.4500926 | 101.5362342 | 96.51871755 | 87.17081209 | 63.099668 |
| 2021-06-19 | 109.307233 | 103.6008727 | 101.691481 | 96.65789606 | 87.22866324 | 62.8369332 |
| 2021-06-20 | 109.7326235 | 104.0728464 | 102.1500229 | 97.08960925 | 87.63676824 | 63.28805837 |
| 2021-06-21 | 109.9501251 | 104.2392544 | 102.3135814 | 97.32425411 | 87.5808395 | 62.90846383 |
| 2021-06-22 | 109.232491 | 103.8777181 | 101.9693453 | 97.115194 | 87.29196455 | 62.25910177 |
| 2021-06-23 | 110.5187852 | 105.1370605 | 103.2224188 | 98.36953997 | 88.56612309 | 63.24341188 |
| 2021-06-24 | 110.9636082 | 105.5118048 | 103.5928293 | 98.67278288 | 88.90242752 | 63.23704345 |
| 2021-06-25 | 110.881981 | 105.4576097 | 103.5448304 | 98.60801154 | 88.64436047 | 63.10367135 |
| 2021-06-26 | 111.0066489 | 105.5741504 | 103.6419802 | 98.77071351 | 88.78885424 | 62.81485308 |
| 2021-06-27 | 112.1504566 | 106.7031804 | 104.7817411 | 99.83304684 | 89.78613305 | 63.83136744 |
| 2021-06-28 | 111.8398371 | 106.3474029 | 104.4197479 | 99.43544336 | 89.42641872 | 63.35210191 |
| 2021-06-29 | 110.999481 | 105.6549082 | 103.7269509 | 98.75656862 | 88.60147748 | 63.20016214 |
| 2021-06-30 | 110.339709 | 104.9160463 | 103.0056788 | 98.04490858 | 87.90447306 | 62.68884671 |
| 2021-07-01 | 111.111057 | 105.5834964 | 103.661164 | 98.51238428 | 88.32842351 | 63.05833999 |
| 2021-07-02 | 111.3648785 | 105.8506558 | 103.9277914 | 98.74001734 | 88.28789242 | 62.86730402 |
| 2021-07-03 | 112.1433255 | 106.5721545 | 104.6308171 | 99.40652225 | 88.67930091 | 63.09799879 |
| 2021-07-04 | 112.1140868 | 106.5009811 | 104.5530334 | 99.35080508 | 88.61317378 | 62.9762109 |
| 2021-07-05 | 111.0771507 | 105.4408477 | 103.5049309 | 98.31911235 | 87.53666356 | 61.9500925 |
| 2021-07-06 | 112.2300874 | 106.5553121 | 104.6304636 | 99.36200694 | 88.65197339 | 63.03597099 |
| 2021-07-07 | 112.413671 | 106.5960621 | 104.6603742 | 99.39856268 | 88.62184301 | 62.83157044 |
| 2021-07-08 | 112.0770768 | 106.2378889 | 104.3145187 | 99.06138188 | 88.30089971 | 62.48993915 |
| 2021-07-09 | 112.8966496 | 107.0788346 | 105.1326558 | 99.87479096 | 88.95446515 | 62.81858593 |
| 2021-07-10 | 112.704094 | 106.8687997 | 104.9328498 | 99.62887097 | 88.92237886 | 62.80644734 |
| 2021-07-11 | 112.9222847 | 107.1002104 | 105.1596032 | 99.88113271 | 89.12439148 | 62.8964997 |
| 2021-07-12 | 112.5176806 | 106.700568 | 104.765201 | 99.46172093 | 88.68280481 | 62.50731161 |
| 2021-07-13 | 112.8052995 | 106.984036 | 105.0325562 | 99.74322631 | 89.24074608 | 62.69419257 |
| 2021-07-14 | 112.7158726 | 106.9187611 | 104.9790754 | 99.71843648 | 89.41709175 | 62.88379962 |
| 2021-07-15 | 112.9994943 | 107.2098947 | 105.2013442 | 99.92537388 | 89.22353034 | 62.4737119 |
| 2021-07-16 | 113.2582028 | 107.6113871 | 105.6064054 | 100.3281476 | 89.07405845 | 62.59025163 |
| 2021-07-17 | 112.0112205 | 106.7361562 | 104.732654 | 99.49128972 | 88.42257556 | 62.0965938 |
| 2021-07-18 | 112.8328411 | 107.5440251 | 105.5218562 | 100.2471369 | 89.01152357 | 62.38715857 |
| 2021-07-19 | 113.588557 | 108.2835213 | 106.252089 | 100.9464129 | 89.63509084 | 62.70862894 |
| 2021-07-20 | 112.9390604 | 107.6655248 | 105.637746 | 100.3909031 | 89.20094983 | 62.42529022 |
| 2021-07-21 | 112.9804485 | 107.818909 | 105.7785529 | 100.5552769 | 89.23128792 | 62.30083048 |
| 2021-07-22 | 113.5898251 | 108.4013754 | 106.3707036 | 101.1022287 | 89.62861443 | 62.42915887 |
| 2021-07-23 | 113.3323418 | 108.1408098 | 106.1068283 | 100.8352012 | 89.30566869 | 62.22728324 |
| 2021-07-24 | 113.6388086 | 108.4215146 | 106.3821103 | 101.0739693 | 89.36952544 | 62.23986102 |
| 2021-07-25 | 113.8474141 | 108.5896058 | 106.5435994 | 101.2431017 | 89.43365059 | 62.29356026 |
| 2021-07-26 | 114.3297127 | 109.032811 | 106.9519841 | 101.6410888 | 89.62936856 | 62.21430962 |
| 2021-07-27 | 113.8941225 | 108.6903702 | 106.6775901 | 101.3746348 | 89.47999028 | 62.58895169 |
| 2021-07-28 | 114.6801253 | 109.3994358 | 107.3654659 | 101.9991288 | 89.81213885 | 62.50353847 |
| 2021-07-29 | 113.919687 | 108.6796023 | 106.6424029 | 101.2764276 | 89.02551059 | 61.67637998 |
| 2021-07-30 | 114.4529367 | 109.2089301 | 107.1673126 | 101.7540472 | 89.52414263 | 62.32545143 |
| 2021-07-31 | 115.1615542 | 109.8464224 | 107.7828253 | 102.3681809 | 89.89531846 | 62.25040498 |
| 2021-08-01 | 114.243229 | 108.9568678 | 106.9163823 | 101.5120135 | 89.28334254 | 61.99195845 |
| 2021-08-02 | 114.4492289 | 109.2007103 | 107.1639733 | 101.7444569 | 89.75021826 | 62.48305603 |
| 2021-08-03 | 114.6518256 | 109.3331902 | 107.2855132 | 101.8379928 | 89.6995273 | 62.30191437 |
| 2021-08-04 | 115.2504742 | 109.8607152 | 107.8020444 | 102.3198544 | 90.2885327 | 62.83616236 |
| 2021-08-05 | 113.9549299 | 108.6165019 | 106.5595228 | 101.1715039 | 89.21254587 | 61.62383582 |
| 2021-08-06 | 114.6889222 | 109.3379403 | 107.2877713 | 101.8236012 | 89.80779652 | 62.25509735 |
| 2021-08-07 | 115.1323591 | 109.7081919 | 107.6343791 | 102.1716797 | 89.97563186 | 62.39311069 |
| 2021-08-08 | 115.428668 | 109.8984247 | 107.8153725 | 102.3185952 | 90.05575169 | 62.37223126 |
| 2021-08-09 | 115.5120884 | 110.0046855 | 107.9542231 | 102.3786497 | 90.23143167 | 62.62509763 |
| 2021-08-10 | 116.1267646 | 110.6396511 | 108.5486051 | 102.9944718 | 90.79632065 | 62.84953238 |
| 2021-08-11 | 116.0344558 | 110.4800399 | 108.3882817 | 102.8094983 | 90.65743083 | 62.64008608 |
| 2021-08-12 | 116.3166179 | 110.6629811 | 108.5697115 | 102.9731903 | 90.9812909 | 63.03862686 |
| 2021-08-13 | 116.7168803 | 111.0255934 | 108.8998872 | 103.2661967 | 91.22412016 | 63.34019562 |
| 2021-08-14 | 116.4181761 | 110.7274027 | 108.6090269 | 102.9275625 | 90.89131623 | 63.14359296 |
| 2021-08-15 | 116.8261988 | 111.0955411 | 108.9793995 | 103.2907736 | 91.26405152 | 63.5139015 |
| 2021-08-16 | 116.9910932 | 111.2380299 | 109.1259225 | 103.3786303 | 91.3299477 | 63.75959616 |
| 2021-08-17 | 116.9718277 | 111.154406 | 109.0123788 | 103.2693575 | 91.35829076 | 63.93726184 |
| 2021-08-18 | 117.3835826 | 111.6503031 | 109.4732443 | 103.7407923 | 91.88758437 | 64.48959136 |
| 2021-08-19 | 117.8111804 | 111.9901224 | 109.7741564 | 104.017872 | 92.02258834 | 64.54680859 |
| 2021-08-20 | 118.8619971 | 112.9683913 | 110.6772534 | 104.8803171 | 92.72413879 | 65.04097681 |
| 2021-08-21 | 117.8371297 | 112.0158935 | 109.7492469 | 103.9992605 | 91.81758706 | 64.8263734 |
| 2021-08-22 | 118.058443 | 112.252938 | 109.9841814 | 104.2047692 | 91.96523261 | 65.0623597 |
| 2021-08-23 | 118.9658326 | 113.0842503 | 110.7838954 | 104.947051 | 92.66788568 | 65.69016713 |
| 2021-08-24 | 118.3700895 | 112.4678687 | 110.1731987 | 104.3830476 | 92.07720572 | 65.17045907 |
| 2021-08-25 | 118.6845443 | 112.7494541 | 110.4525308 | 104.6515889 | 92.51952426 | 65.57542906 |
| 2021-08-26 | 119.0839655 | 113.1756653 | 110.8514529 | 105.0790209 | 92.9377958 | 65.86655277 |
| 2021-08-27 | 118.7812877 | 112.8709271 | 110.5262702 | 104.7489074 | 92.52627591 | 65.42774914 |
| 2021-08-28 | 119.5800307 | 113.6314016 | 111.2753235 | 105.4341927 | 93.18752019 | 66.02426348 |
| 2021-08-29 | 119.6102594 | 113.6861859 | 111.3219268 | 105.4983626 | 93.23727421 | 65.95594202 |
| 2021-08-30 | 119.5284949 | 113.6356482 | 111.276496 | 105.4259364 | 93.17948442 | 65.9504726 |
| 2021-08-31 | 119.5357287 | 113.7132435 | 111.332006 | 105.502602 | 93.25325383 | 65.85581692 |
| 2021-09-01 | 120.2742551 | 114.3347829 | 111.9291686 | 106.0457431 | 93.76523318 | 66.26635414 |
| 2021-09-02 | 120.4787583 | 114.5195711 | 112.0975785 | 106.2234901 | 93.67694024 | 66.12354422 |
| 2021-09-03 | 120.5372201 | 114.659427 | 112.2346323 | 106.1750619 | 93.66432525 | 66.06262429 |
| 2021-09-04 | 121.3919677 | 115.4627167 | 113.0357669 | 106.9415423 | 94.37740461 | 66.73003526 |
| 2021-09-05 | 121.6471727 | 115.6951416 | 113.2489321 | 107.1461515 | 94.51251996 | 66.77817018 |
| 2021-09-06 | 122.1455564 | 116.1470718 | 113.6995582 | 107.5542921 | 95.02764771 | 67.22849932 |
| 2021-09-07 | 123.0876086 | 117.0556699 | 114.5865093 | 108.3953922 | 95.81936497 | 67.90350089 |
| 2021-09-08 | 123.7041916 | 117.7286609 | 115.2548968 | 109.0279465 | 96.41859485 | 68.18409481 |
| 2021-09-09 | 125.7783482 | 119.7968054 | 117.3318335 | 111.0755148 | 98.3407147 | 69.68418596 |
| 2021-09-10 | 126.4613279 | 120.1047102 | 117.6171927 | 111.3562046 | 98.7131411 | 69.70367697 |
| 2021-09-11 | 125.4317921 | 119.4091408 | 116.8647134 | 110.7234422 | 98.26799237 | 69.08109617 |
| 2021-09-12 | 126.1461515 | 120.1099375 | 117.5308017 | 111.2309894 | 98.71677376 | 69.42510801 |
| 2021-09-13 | 127.6137295 | 121.5355593 | 118.9549096 | 112.5811649 | 100.0984739 | 70.8002113 |
| 2021-09-14 | 126.6994664 | 120.5773907 | 117.9904918 | 111.6594668 | 99.19621187 | 69.65224432 |
| 2021-09-15 | 126.9539397 | 120.7589654 | 118.1575218 | 111.8609883 | 99.10390059 | 69.75342647 |
| 2021-09-16 | 126.6620768 | 120.4310221 | 117.8281592 | 111.5302707 | 98.80319937 | 69.47959435 |
| 2021-09-17 | 126.9865264 | 120.6843783 | 118.07229 | 111.7477425 | 98.93944233 | 69.64349854 |
| 2021-09-18 | 127.5949829 | 121.2515915 | 118.6110017 | 112.245979 | 99.36077358 | 69.94134368 |
| 2021-09-19 | 127.4013658 | 121.0815095 | 118.4462091 | 112.0916354 | 99.21356001 | 69.66326657 |
| 2021-09-20 | 127.8409592 | 121.4587613 | 118.8160246 | 112.4456906 | 99.50627173 | 69.84866813 |
| 2021-09-21 | 126.3683154 | 120.114093 | 117.4749192 | 111.4413659 | 98.56156424 | 69.53847643 |
| 2021-09-22 | 125.8165848 | 119.5422321 | 116.9174173 | 110.8870007 | 97.99459063 | 68.54349065 |
| 2021-09-23 | 127.742653 | 121.3203675 | 118.6732203 | 112.6436646 | 99.67760585 | 69.59456983 |
| 2021-09-24 | 128.5793659 | 122.0914256 | 119.4213345 | 113.3122272 | 100.1370865 | 69.615921 |
| 2021-09-25 | 129.5788026 | 123.0263552 | 120.3536992 | 114.293859 | 100.6727204 | 69.91238238 |
| 2021-09-26 | 130.0505499 | 123.4458836 | 120.7645167 | 114.6741232 | 100.9487169 | 69.89039275 |
| 2021-09-27 | 130.4739566 | 123.8463931 | 121.1626563 | 115.0597892 | 101.2611776 | 69.93385114 |
| 2021-09-28 | 128.4619904 | 121.9429889 | 119.312919 | 113.1713997 | 99.77482092 | 68.80788669 |
| 2021-09-29 | 128.8436683 | 122.4166938 | 119.7642112 | 113.6139437 | 100.1763709 | 69.12107944 |
| 2021-09-30 | 130.2417856 | 123.8442958 | 121.1460653 | 114.9307056 | 101.4276638 | 69.82215527 |
| 2021-10-01 | 129.8812165 | 123.5174762 | 120.8282991 | 114.5928082 | 101.4952062 | 69.65655388 |
| 2021-10-02 | 129.6742304 | 123.3457096 | 120.6593146 | 114.4237083 | 101.276032 | 69.22584507 |
| 2021-10-03 | 129.6742817 | 123.3196569 | 120.6329569 | 114.417158 | 101.3271313 | 69.27439218 |
| 2021-10-04 | 130.2052615 | 123.7468685 | 121.0538896 | 114.7586073 | 101.6304166 | 69.26446039 |
| 2021-10-05 | 130.1919375 | 123.6751664 | 120.9731887 | 114.6625985 | 101.5964794 | 69.28222134 |
| 2021-10-06 | 130.3299426 | 123.71123 | 121.0075843 | 114.6825453 | 101.6504767 | 69.19918076 |
| 2021-10-07 | 130.4437141 | 123.753662 | 121.0489988 | 114.6195128 | 101.4304521 | 68.95504573 |
| 2021-10-08 | 130.887363 | 124.2490204 | 121.540074 | 115.0861105 | 102.0148407 | 69.29055872 |
| 2021-10-09 | 131.4223601 | 124.7063826 | 121.9810349 | 115.4758837 | 102.3328108 | 69.40440534 |
| 2021-10-10 | 131.7017947 | 124.9252274 | 122.1901169 | 115.6327382 | 102.4939416 | 69.40060329 |
| 2021-10-11 | 131.8033442 | 125.0317962 | 122.3071406 | 115.7551622 | 102.6039874 | 69.3709657 |
| 2021-10-12 | 133.0312705 | 126.1627922 | 123.4114395 | 116.8088225 | 103.539769 | 69.9938434 |
| 2021-10-13 | 132.3379205 | 125.4252047 | 122.6862332 | 116.0650839 | 102.8928883 | 69.82506809 |
| 2021-10-14 | 132.5922327 | 125.4899549 | 122.7423429 | 116.0717171 | 103.0130343 | 69.99862074 |
| 2021-10-15 | 132.6032346 | 125.4230094 | 122.6937046 | 115.9097959 | 102.6378741 | 69.70357535 |
| 2021-10-16 | 132.902994 | 125.76446 | 123.0142674 | 115.9889869 | 102.7564301 | 69.64953267 |
| 2021-10-17 | 133.3079724 | 126.1378652 | 123.391822 | 116.3441993 | 103.173837 | 70.34259455 |
| 2021-10-18 | 133.1120896 | 125.9013505 | 123.1552451 | 116.1108181 | 103.0168108 | 70.11620719 |
| 2021-10-19 | 133.0849794 | 125.8708893 | 123.1246435 | 116.0770382 | 102.9365461 | 70.10100041 |
| 2021-10-20 | 132.7345533 | 125.3386914 | 122.5805172 | 115.6159513 | 102.4778642 | 70.20710041 |
| 2021-10-21 | 133.5072564 | 125.9128454 | 123.1615578 | 116.0073597 | 102.6857961 | 70.10197234 |
| 2021-10-22 | 133.5788499 | 125.97233 | 123.2278784 | 115.8459482 | 102.8662006 | 70.30826623 |
| 2021-10-23 | 134.5148577 | 126.85372 | 124.0867229 | 116.653092 | 103.6869252 | 70.98530952 |
| 2021-10-24 | 135.0393214 | 127.3218229 | 124.5503037 | 117.1148115 | 104.0992346 | 71.1564135 |
| 2021-10-25 | 134.6929467 | 126.9968503 | 124.2157239 | 116.8404126 | 103.8737688 | 71.01659695 |
| 2021-10-26 | 134.7724392 | 126.976501 | 124.1810312 | 116.8212452 | 103.8563153 | 71.10621884 |
| 2021-10-27 | 134.3941016 | 126.5036292 | 123.7038385 | 116.36432 | 103.5521009 | 70.9302719 |
| 2021-10-28 | 134.8295211 | 126.755908 | 123.9978978 | 116.3938712 | 103.5850352 | 71.03135087 |
| 2021-10-29 | 135.6598974 | 127.4866122 | 124.7094291 | 117.0874468 | 104.0403706 | 71.24082743 |
| 2021-10-30 | 136.3994646 | 128.2647806 | 125.4796568 | 117.7924936 | 104.5425574 | 71.45374069 |
| 2021-10-31 | 137.1969801 | 128.9971489 | 126.1822865 | 118.3573544 | 104.8997521 | 71.59250139 |
| 2021-11-01 | 136.6495795 | 128.4355881 | 125.6364705 | 117.8431411 | 104.2190273 | 71.15110601 |
| 2021-11-02 | 137.2323812 | 129.0028603 | 126.1796503 | 118.3469626 | 104.6030904 | 71.34398979 |
| 2021-11-03 | 138.5447914 | 130.2144047 | 127.3762928 | 119.5316192 | 105.2572198 | 71.67562681 |
| 2021-11-04 | 139.2296099 | 130.8294499 | 127.9828813 | 120.1357881 | 105.9072646 | 72.13834899 |
| 2021-11-05 | 139.9739741 | 131.4061823 | 128.5377026 | 120.6942101 | 106.5681565 | 72.66784601 |
| 2021-11-06 | 141.1478454 | 132.5009998 | 129.60777 | 121.4230597 | 107.490617 | 73.37315869 |
| 2021-11-07 | 141.0250906 | 132.3456835 | 129.4572943 | 121.287117 | 107.7175175 | 73.24545984 |
| 2021-11-08 | 142.195204 | 133.3060597 | 130.3993425 | 122.2823521 | 108.5829394 | 74.14654073 |
| 2021-11-09 | 143.0737995 | 134.1220279 | 131.2205589 | 122.819804 | 109.1848912 | 74.81440068 |
| 2021-11-10 | 143.7594668 | 134.6653522 | 131.7563246 | 123.1135962 | 109.6459367 | 74.86613796 |
| 2021-11-11 | 144.2129102 | 135.082613 | 131.7823651 | 123.1631065 | 110.0684046 | 75.45331659 |
| 2021-11-12 | 143.8787929 | 134.7746484 | 131.0317808 | 122.4664521 | 109.5669437 | 75.00577374 |
| 2021-11-13 | 145.0903197 | 135.7866727 | 131.5798453 | 122.9286377 | 110.1721803 | 75.39693689 |
| 2021-11-14 | 145.5705325 | 136.0852426 | 131.4383325 | 122.8786542 | 110.0643358 | 75.35671242 |
| 2021-11-15 | 146.8675397 | 137.2023085 | 132.0822445 | 123.5173106 | 110.6316466 | 75.6948512 |
| 2021-11-16 | 146.1230344 | 136.56265 | 131.0339431 | 122.517678 | 109.6391081 | 74.98333442 |
| 2021-11-17 | 146.6144356 | 136.7935774 | 130.9159779 | 122.4076577 | 109.445236 | 74.75687455 |
| 2021-11-18 | 148.4041758 | 138.4796595 | 132.2289217 | 123.6723999 | 110.3400725 | 75.51081404 |
| 2021-11-19 | 147.5397097 | 137.6821501 | 131.0913097 | 122.5731162 | 109.4720483 | 75.02639822 |
| 2021-11-20 | 148.4729523 | 138.4440611 | 131.4603432 | 122.7719535 | 109.5662065 | 74.83317284 |
| 2021-11-21 | 149.1457513 | 138.992842 | 131.7325194 | 122.9988448 | 109.648052 | 74.74413992 |
| 2021-11-22 | 150.3591739 | 140.2249841 | 132.9935181 | 124.2536323 | 110.9156277 | 74.51489155 |
| 2021-11-23 | 149.48538 | 139.4097266 | 132.2288495 | 123.5966321 | 110.350477 | 73.94492832 |
| 2021-11-24 | 149.4611758 | 139.2861613 | 132.0594112 | 123.3241359 | 110.3890963 | 73.60161709 |
| 2021-11-25 | 150.1316782 | 139.7333009 | 132.4915252 | 123.7305644 | 110.7480395 | 73.52180315 |
| 2021-11-26 | 149.8198707 | 139.4474347 | 132.1725441 | 123.4008119 | 110.5219474 | 73.2132267 |
| 2021-11-27 | 150.90605 | 140.4115066 | 133.0621802 | 124.3960264 | 111.6137271 | 73.76575599 |
| 2021-11-28 | 151.6364276 | 141.1608126 | 133.765684 | 125.1038741 | 112.1601208 | 74.0274584 |
| 2021-11-29 | 152.0858393 | 141.5297499 | 134.0415844 | 125.309116 | 112.362141 | 73.92691307 |
| 2021-11-30 | 152.7146083 | 142.0628806 | 134.5272765 | 125.7931543 | 112.6728389 | 74.22670993 |
| 2021-12-01 | 153.3759153 | 142.5848165 | 134.8813683 | 126.0611406 | 112.7021279 | 74.14068749 |
| 2021-12-02 | 155.0455269 | 144.1571783 | 136.4554423 | 127.5427198 | 113.9980606 | 75.06104683 |
| 2021-12-03 | 154.7693804 | 143.8771311 | 136.0978213 | 127.2240127 | 113.6402154 | 74.70684254 |
| 2021-12-04 | 155.6522821 | 144.9777687 | 137.0897077 | 128.1738434 | 114.4215753 | 75.20727342 |
| 2021-12-05 | 156.2892655 | 145.7389605 | 137.720793 | 128.8043093 | 115.1733266 | 75.26835932 |
| 2021-12-06 | 159.1255714 | 148.4345586 | 140.2639329 | 131.2617068 | 117.7271892 | 76.71077202 |
| 2021-12-07 | 158.5923851 | 147.9112357 | 139.6712949 | 130.7330666 | 117.3828454 | 76.47753413 |
| 2021-12-08 | 160.3997977 | 149.5246271 | 141.1620718 | 132.1845822 | 118.6179045 | 77.50339327 |
| 2021-12-09 | 160.3936632 | 149.5037402 | 141.0202706 | 132.0441323 | 118.3670722 | 77.32794087 |
| 2021-12-10 | 160.4432698 | 149.1775668 | 140.6269748 | 131.7047276 | 117.9700263 | 77.00763637 |
| 2021-12-11 | 160.0292295 | 148.812936 | 140.2081177 | 131.3857015 | 117.6016397 | 76.58937122 |
| 2021-12-12 | 161.2989327 | 150.0516129 | 141.4170737 | 132.5000874 | 118.6476776 | 77.20349201 |
| 2021-12-13 | 161.4707782 | 150.2158792 | 141.5757629 | 132.668103 | 118.8212525 | 77.31524061 |
| 2021-12-14 | 161.108091 | 149.8724319 | 141.1831573 | 132.3334142 | 118.4743364 | 77.07238418 |
| 2021-12-15 | 162.4534553 | 151.2070047 | 142.4087374 | 133.5702701 | 119.4699531 | 77.62153254 |
| 2021-12-16 | 162.5005741 | 151.1935258 | 142.3917273 | 133.5301993 | 119.3338891 | 77.69369588 |
| 2021-12-17 | 161.870575 | 150.5619486 | 141.7868096 | 132.9097249 | 118.8114672 | 76.99039327 |
| 2021-12-18 | 162.5760111 | 151.167782 | 142.3493803 | 133.4301981 | 119.0802939 | 77.18061378 |
| 2021-12-19 | 163.2938159 | 151.6991588 | 142.7706796 | 133.8210908 | 119.417574 | 77.30216668 |
| 2021-12-20 | 162.7810233 | 151.2107709 | 142.245147 | 133.345051 | 119.045468 | 77.10621698 |
| 2021-12-21 | 165.2250589 | 153.6124505 | 144.378451 | 135.3329994 | 120.6629433 | 78.07307809 |
| 2021-12-22 | 165.1644743 | 153.2544768 | 143.8815227 | 134.8791735 | 120.2659042 | 77.72461768 |
| 2021-12-23 | 165.3947431 | 153.4919391 | 143.97206 | 134.9455665 | 120.2518946 | 77.55835509 |
| 2021-12-24 | 165.9189946 | 153.9175526 | 144.2524953 | 135.2106522 | 120.5234166 | 77.69618252 |
| 2021-12-25 | 166.6602464 | 154.5053413 | 144.6783307 | 135.6567091 | 120.7062096 | 78.11087091 |
| 2021-12-26 | 166.8132651 | 154.5626504 | 144.6409124 | 135.6200431 | 120.73571 | 78.17352977 |
| 2021-12-27 | 167.0085391 | 154.689272 | 144.7049649 | 135.6428398 | 120.7396091 | 78.28461508 |
| 2021-12-28 | 166.4924412 | 154.3200485 | 144.2770832 | 135.2539741 | 120.2070594 | 78.08015829 |
| 2021-12-29 | 166.7322076 | 154.5537215 | 144.4700078 | 135.4594657 | 120.3757124 | 78.22149364 |
| 2021-12-30 | 166.5511247 | 154.4019766 | 144.308808 | 135.3527483 | 120.5682627 | 78.24970409 |
| 2021-12-31 | 167.2224535 | 154.9835537 | 144.8280213 | 135.8569913 | 121.1125988 | 78.5463969 |
| 2022-01-01 | 166.2660285 | 154.0251877 | 143.8972692 | 134.957596 | 120.5176462 | 78.28579506 |
| 2022-01-02 | 168.1022009 | 155.7847182 | 145.5616324 | 136.5310035 | 121.9823142 | 79.22144089 |
| 2022-01-03 | 167.2024646 | 154.8555015 | 144.6832459 | 135.6478236 | 121.1745976 | 78.51928409 |
| 2022-01-04 | 167.4614498 | 154.9931816 | 144.7137152 | 135.6324364 | 121.1870228 | 78.46370637 |
| 2022-01-05 | 167.4724104 | 155.013484 | 144.6750091 | 135.5809709 | 121.1761298 | 78.39902067 |
| 2022-01-06 | 168.4070297 | 156.0046811 | 145.5592778 | 136.4769777 | 122.0379241 | 79.0104518 |
| 2022-01-07 | 168.2332198 | 155.8680499 | 145.4041224 | 136.4235269 | 121.9828994 | 78.73169392 |
| 2022-01-08 | 168.0656101 | 155.697002 | 145.215063 | 136.1741312 | 121.9836955 | 78.66291712 |
| 2022-01-09 | 167.4697566 | 155.2498539 | 144.8206629 | 135.8527075 | 121.6726242 | 78.11598649 |
| 2022-01-10 | 167.3468871 | 155.0530956 | 144.6278994 | 135.6719987 | 121.6751384 | 78.0133156 |
| 2022-01-11 | 168.6502194 | 156.2190353 | 145.6828886 | 136.6626921 | 122.5867398 | 78.56770601 |
| 2022-01-12 | 168.8652863 | 156.3952503 | 145.8329426 | 136.8133975 | 122.7477989 | 78.58793373 |
| 2022-01-13 | 169.8509477 | 157.2713611 | 146.6915717 | 137.596895 | 123.3956193 | 78.55834116 |
| 2022-01-14 | 170.087722 | 157.4195867 | 146.7998141 | 137.656801 | 123.3601744 | 78.31462214 |
| 2022-01-15 | 170.3711431 | 157.7629743 | 147.1237864 | 138.005573 | 123.7103858 | 78.53458015 |
| 2022-01-16 | 170.5441572 | 157.785878 | 147.1147299 | 137.9497057 | 123.5490214 | 78.30618276 |
| 2022-01-17 | 170.942799 | 158.2441932 | 147.5497548 | 138.2921596 | 123.8658212 | 78.44716699 |
| 2022-01-18 | 171.5117532 | 158.8422818 | 148.0478993 | 138.6999617 | 124.3572432 | 78.61015732 |
| 2022-01-19 | 171.0800406 | 158.4091607 | 147.6495001 | 138.3194526 | 124.1315253 | 78.38518973 |
| 2022-01-20 | 171.5530203 | 158.7666998 | 147.9731318 | 138.6061616 | 124.3016652 | 78.29919481 |
| 2022-01-21 | 172.2550679 | 159.2919635 | 148.4197786 | 139.001886 | 124.7261735 | 78.28845052 |
| 2022-01-22 | 171.4284835 | 158.9872796 | 148.0669412 | 138.8780404 | 124.6501515 | 78.08729116 |
| 2022-01-23 | 173.6517186 | 161.4059006 | 150.3269476 | 141.1683891 | 126.8017252 | 78.64540145 |
| 2022-01-24 | 173.0456002 | 160.8545176 | 149.7896492 | 140.6156632 | 126.5136235 | 78.30859964 |
| 2022-01-25 | 174.177215 | 162.1616245 | 150.9107166 | 141.580557 | 127.3561057 | 79.08111216 |
| 2022-01-26 | 174.0563321 | 162.1060044 | 150.8801832 | 141.6179837 | 127.2666382 | 78.38103851 |
| 2022-01-27 | 175.1910662 | 163.3672054 | 152.0930184 | 142.7199322 | 128.0845126 | 78.88120749 |
| 2022-01-28 | 175.4835669 | 164.4545157 | 153.1599402 | 143.955753 | 128.9947254 | 79.27279083 |
| 2022-01-29 | 174.0713306 | 163.3198892 | 152.103356 | 143.0124633 | 128.0400284 | 78.39290511 |
| 2022-01-30 | 174.8997169 | 164.050219 | 152.7347427 | 143.5805162 | 128.5921863 | 78.61421464 |
| 2022-01-31 | 174.4552335 | 163.6113867 | 152.317608 | 143.176797 | 128.1746499 | 78.34463325 |
| 2022-02-01 | 174.9359457 | 163.9672025 | 152.6934247 | 143.5249393 | 128.1622901 | 78.18904199 |
| 2022-02-02 | 175.4851778 | 164.4145536 | 153.120712 | 143.9106409 | 128.41754 | 78.12963866 |
| 2022-02-03 | 176.1145237 | 165.0959866 | 153.7636848 | 144.5812018 | 128.7649287 | 78.18917081 |
| 2022-02-04 | 177.0628555 | 165.9578002 | 154.6240061 | 145.4130582 | 129.1580793 | 78.17347247 |
| 2022-02-05 | 178.5715377 | 167.4455107 | 156.1025902 | 146.8335045 | 130.1803604 | 78.49485629 |
| 2022-02-06 | 177.4708126 | 166.3301815 | 155.0352322 | 145.7134094 | 129.146528 | 78.09841934 |
| 2022-02-07 | 177.9728989 | 166.7924877 | 155.4540398 | 146.0867983 | 129.4450037 | 78.19101228 |
| 2022-02-08 | 178.1839453 | 167.0917423 | 155.8361712 | 146.3613186 | 129.529661 | 78.19802261 |
| 2022-02-09 | 179.0240341 | 167.8835199 | 156.6015241 | 146.9144139 | 129.82225 | 78.1537567 |
| 2022-02-10 | 179.5150651 | 168.4293726 | 157.1437254 | 147.3819336 | 130.0739976 | 78.10452239 |
| 2022-02-11 | 180.4882874 | 169.3964884 | 158.122496 | 148.3034048 | 130.8015387 | 78.64536786 |
| 2022-02-12 | 181.0829724 | 169.9685989 | 158.5808068 | 148.7436667 | 130.938479 | 78.67118418 |
| 2022-02-13 | 181.0644997 | 169.9528225 | 158.5239743 | 148.6853115 | 131.0703519 | 78.68825109 |
| 2022-02-14 | 181.2725029 | 170.1792608 | 158.6625081 | 148.8258679 | 131.2118001 | 78.72749153 |
| 2022-02-15 | 181.0749132 | 170.0674121 | 158.5053208 | 148.6945075 | 131.1550955 | 78.64975166 |
| 2022-02-16 | 181.6984279 | 170.6172735 | 158.9534971 | 149.0092914 | 131.134619 | 78.58821653 |
| 2022-02-17 | 181.7103624 | 170.700483 | 158.9730367 | 149.0866825 | 131.3230186 | 78.79236401 |
| 2022-02-18 | 181.9322799 | 170.9946733 | 159.1515597 | 149.3785801 | 131.3906512 | 78.85652759 |
| 2022-02-19 | 182.3491541 | 171.3744519 | 159.3510873 | 149.5826856 | 131.35357 | 78.76044431 |
| 2022-02-20 | 183.3527888 | 172.3524423 | 160.2256176 | 150.4079523 | 132.1378728 | 79.32393394 |
| 2022-02-21 | 182.9165176 | 171.9885185 | 159.8523476 | 150.0886206 | 132.0137472 | 79.24588832 |
| 2022-02-22 | 183.235595 | 172.3539953 | 160.1184178 | 150.4042655 | 132.3388215 | 79.54339799 |
| 2022-02-23 | 183.5410603 | 172.6748186 | 160.3419501 | 150.6347425 | 132.1553071 | 79.3400294 |
| 2022-02-24 | 183.9018185 | 173.0671552 | 160.6214691 | 150.9645641 | 132.682556 | 79.78599346 |
| 2022-02-25 | 184.4245419 | 173.5866754 | 161.0058815 | 151.6093526 | 133.0166938 | 79.72361929 |
| 2022-02-26 | 183.8682236 | 172.8946277 | 160.2064164 | 150.9994922 | 132.9002129 | 79.67198998 |
| 2022-02-27 | 184.6308941 | 173.6340713 | 160.8045676 | 151.5519955 | 133.368051 | 79.87633028 |
| 2022-02-28 | 185.3455638 | 174.2897958 | 161.2730031 | 152.013427 | 133.757372 | 80.05693632 |
| 2022-03-01 | 184.7270287 | 173.66589 | 160.6442448 | 151.3963705 | 133.0314794 | 79.54622997 |
| 2022-03-02 | 184.8383013 | 173.8042718 | 160.6729123 | 151.3993154 | 132.9398918 | 79.37716975 |
| 2022-03-03 | 185.1067162 | 174.07063 | 160.7440453 | 151.5576289 | 133.3948919 | 79.95258189 |
| 2022-03-04 | 184.8384505 | 173.9164878 | 160.4472006 | 151.2508966 | 133.0590391 | 79.68134375 |
| 2022-03-05 | 184.784196 | 173.7960734 | 160.1466961 | 150.8492997 | 132.8208588 | 79.96701559 |
| 2022-03-06 | 185.0123452 | 174.0193072 | 160.2972292 | 150.998433 | 132.9966746 | 79.99286138 |
| 2022-03-07 | 185.1956722 | 174.232732 | 160.3889063 | 150.9798542 | 132.9708241 | 80.16785961 |
| 2022-03-08 | 184.1671564 | 173.1695857 | 159.3709139 | 149.9364634 | 132.010128 | 79.9013218 |
| 2022-03-09 | 184.764628 | 173.7390115 | 159.668297 | 150.3363395 | 132.4809543 | 80.0839404 |
| 2022-03-10 | 185.2434126 | 174.0430674 | 159.8592562 | 150.4840857 | 132.4409709 | 80.05972328 |
| 2022-03-11 | 185.6856417 | 174.4919201 | 160.0626062 | 150.6926101 | 132.6752604 | 80.12141274 |
| 2022-03-12 | 185.6524911 | 174.4681076 | 159.8676479 | 150.4855155 | 132.5171214 | 80.09838688 |
| 2022-03-13 | 185.9135658 | 174.6723577 | 159.9676494 | 150.5559211 | 132.5534165 | 80.11375486 |
| 2022-03-14 | 186.1425439 | 174.8808719 | 160.1322564 | 150.7098968 | 132.6739362 | 80.18638118 |
| 2022-03-15 | 185.9151648 | 174.6482763 | 159.8685906 | 150.4887955 | 132.529082 | 80.04868455 |
| 2022-03-16 | 185.833406 | 174.6576257 | 159.6699805 | 150.3316735 | 132.380922 | 80.08407024 |
| 2022-03-17 | 186.0134641 | 174.7707409 | 159.6871215 | 150.2971014 | 132.467124 | 80.15461307 |
| 2022-03-18 | 186.7302831 | 175.5134874 | 160.251378 | 150.8408094 | 133.0875328 | 80.25350214 |
| 2022-03-19 | 187.3356337 | 176.0728988 | 160.7282367 | 151.2655573 | 133.4788401 | 80.63889513 |
| 2022-03-20 | 187.5391862 | 176.2881444 | 160.8673433 | 151.3985707 | 133.6192322 | 80.7591147 |
| 2022-03-21 | 187.785028 | 176.5703664 | 161.0793347 | 151.5509091 | 133.7658192 | 80.80365869 |
| 2022-03-22 | 187.7436458 | 176.5367923 | 160.937823 | 151.4151268 | 133.7244227 | 80.74237539 |
| 2022-03-23 | 187.5066356 | 176.3210355 | 160.5910787 | 151.1034602 | 133.4388902 | 80.81389028 |
| 2022-03-24 | 186.8760589 | 175.7462503 | 159.9536916 | 150.5089086 | 132.8717592 | 80.61771756 |
| 2022-03-25 | 187.1384358 | 176.103212 | 160.2888817 | 151.0015992 | 133.4104586 | 80.89645567 |
| 2022-03-26 | 186.7036604 | 175.8803727 | 159.9198359 | 150.6579553 | 133.0988725 | 81.26931671 |
| 2022-03-27 | 186.9385272 | 176.0989649 | 159.9913507 | 150.7626018 | 133.1961306 | 81.265469 |
| 2022-03-28 | 186.8364171 | 175.9978266 | 159.8752404 | 150.6569491 | 133.1151004 | 81.0975129 |
| 2022-03-29 | 186.6840728 | 175.9510658 | 159.7975304 | 150.609092 | 133.1607579 | 81.16367975 |
| 2022-03-30 | 187.5299207 | 176.6698526 | 160.4185107 | 151.233853 | 133.6970061 | 81.6437425 |
| 2022-03-31 | 188.345591 | 177.4669357 | 161.0911103 | 151.877061 | 134.4230407 | 81.88080798 |
| 2022-04-01 | 187.8702043 | 177.0738233 | 160.7363071 | 151.5166562 | 134.211008 | 82.11124061 |
| 2022-04-02 | 188.6296119 | 177.8273049 | 161.350876 | 152.1446593 | 134.3695348 | 82.12883851 |
| 2022-04-03 | 188.2933624 | 177.5510464 | 161.0295641 | 151.9362034 | 134.2658514 | 82.24343657 |
| 2022-04-04 | 188.2522215 | 177.5319766 | 160.9646138 | 151.8838251 | 134.1273802 | 82.4454574 |
| 2022-04-05 | 188.0325582 | 177.4805459 | 160.8667318 | 151.7885846 | 134.1306935 | 82.49815577 |
| 2022-04-06 | 188.1047381 | 177.353012 | 160.6354861 | 151.5812262 | 133.6801383 | 82.48476106 |
| 2022-04-07 | 187.2270523 | 176.586 | 159.859809 | 150.8822459 | 133.2257756 | 82.40386003 |
| 2022-04-08 | 187.331944 | 176.6072436 | 159.8559413 | 150.8942713 | 133.2692239 | 82.52739458 |
| 2022-04-09 | 187.6397081 | 176.9191874 | 160.087678 | 151.0305661 | 133.4130238 | 82.65273924 |
| 2022-04-10 | 188.062862 | 177.3332641 | 160.5732336 | 151.538209 | 133.5584984 | 82.66062485 |
| 2022-04-11 | 188.0424743 | 177.3612786 | 160.5648927 | 151.5254575 | 133.6142754 | 82.79109357 |
| 2022-04-12 | 187.24447 | 176.6162637 | 159.795067 | 150.9809777 | 133.2312915 | 82.71345163 |
| 2022-04-13 | 187.5343797 | 176.8982066 | 159.9117718 | 151.1254104 | 133.4389927 | 83.00787859 |
| 2022-04-14 | 187.0527926 | 176.4682027 | 159.4332173 | 150.6869915 | 133.2219399 | 82.86651072 |
| 2022-04-15 | 187.119743 | 176.5121283 | 159.3281171 | 150.5091789 | 133.0966411 | 82.89767241 |
| 2022-04-16 | 187.0919157 | 176.4744447 | 159.1441091 | 150.3504126 | 132.9417821 | 82.80917008 |
| 2022-04-17 | 187.09382 | 176.4736891 | 159.0229859 | 150.2298145 | 132.8225919 | 82.87729615 |
| 2022-04-18 | 187.2220319 | 176.6315583 | 159.0766659 | 150.3062558 | 132.9261412 | 82.88516081 |
| 2022-04-19 | 187.0366996 | 176.4281665 | 158.744506 | 150.0090413 | 132.6764622 | 82.85763676 |
| 2022-04-20 | 187.2169271 | 176.6692751 | 158.8405188 | 150.1461399 | 132.7483699 | 82.75936448 |
| 2022-04-21 | 187.3452088 | 176.7660698 | 158.8001692 | 150.0785432 | 132.8252724 | 83.02146221 |
| 2022-04-22 | 187.7446373 | 177.1539961 | 159.1084701 | 150.4024704 | 133.0006655 | 83.17162719 |
| 2022-04-23 | 188.0794528 | 177.4963495 | 159.3585903 | 150.6544339 | 133.0532343 | 83.19456047 |
| 2022-04-24 | 188.2992041 | 177.7241703 | 159.5203984 | 150.8036885 | 133.2391228 | 83.28288623 |
| 2022-04-25 | 188.1678196 | 177.5808866 | 159.3418731 | 150.6374202 | 133.112227 | 83.23961963 |
| 2022-04-26 | 188.2175351 | 177.6537722 | 159.3458187 | 150.681822 | 132.9810055 | 83.15317831 |
| 2022-04-27 | 187.7242771 | 177.1748066 | 158.7275085 | 150.0797883 | 132.516758 | 83.25628998 |
| 2022-04-28 | 187.674287 | 176.9022475 | 158.4319238 | 149.8317911 | 132.4138752 | 83.1414838 |
| 2022-04-29 | 187.5329486 | 176.7931186 | 158.330245 | 149.7550683 | 132.4213247 | 83.11077271 |
| 2022-04-30 | 187.9792492 | 177.1866809 | 158.7039791 | 150.1861033 | 132.4880807 | 83.33092349 |
| 2022-05-01 | 188.253443 | 177.5104026 | 158.9254909 | 150.4568273 | 132.7769903 | 83.69740534 |
| 2022-05-02 | 188.0556193 | 177.3206726 | 158.7328043 | 150.2890693 | 132.5810762 | 83.38238119 |
| 2022-05-03 | 187.7694731 | 177.0559969 | 158.4115429 | 150.0690695 | 132.25114 | 83.19093132 |
| 2022-05-04 | 187.8795012 | 177.1616862 | 158.4627903 | 150.1629338 | 132.284263 | 83.33176889 |
| 2022-05-05 | 187.3926847 | 176.7118011 | 157.9882037 | 149.789753 | 131.9328436 | 83.1587408 |
| 2022-05-06 | 187.6019186 | 176.9318501 | 158.2421223 | 150.0196636 | 132.1041178 | 83.30220935 |
| 2022-05-07 | 186.8232497 | 176.080685 | 157.3070032 | 149.1415268 | 131.6518027 | 83.34808546 |
| 2022-05-08 | 186.5980291 | 175.9452176 | 157.3365549 | 149.353517 | 131.8632051 | 83.49176387 |
| 2022-05-09 | 181.146242 | 170.6122066 | 156.5612015 | 149.0042849 | 131.7483528 | 83.2463187 |
| 2022-05-10 | 178.1088726 | 167.8256376 | 156.001163 | 148.8378256 | 131.5869371 | 83.17363595 |
| 2022-05-11 | 177.1493029 | 167.0080573 | 155.2324961 | 148.2500632 | 131.1428167 | 82.69089571 |
| 2022-05-12 | 171.2118291 | 162.22195 | 152.1472461 | 145.9704898 | 129.1824581 | 79.48574472 |
| 2022-05-13 | 164.8624201 | 156.4959111 | 152.3134861 | 146.3056796 | 129.1824581 | 79.48574472 |
| 2022-05-14 | 160.8319685 | 152.6095676 | 151.1543674 | 145.1289942 | 127.5166488 | 76.73459314 |
| 2022-05-15 | 160.3343366 | 152.0732797 | 150.5730859 | 144.5647947 | 126.8063211 | 75.69867362 |
| 2022-05-16 | 160.1169833 | 151.8837468 | 150.6610324 | 144.6123392 | 126.8646471 | 75.71175679 |
| 2022-05-17 | 161.510227 | 153.0753642 | 151.8083571 | 145.7839734 | 127.7734421 | 75.71175679 |
| 2022-05-18 | 160.1173386 | 151.7512509 | 150.7533109 | 144.6258526 | 126.4174967 | 74.15811751 |
| 2022-05-19 | 160.3971372 | 152.1318982 | 151.0819063 | 144.9781683 | 126.5440516 | 74.16717583 |
| 2022-05-20 | 160.7533628 | 152.4194004 | 151.6821214 | 145.471477 | 126.915764 | 74.18120462 |
| 2022-05-21 | 159.9613381 | 151.6206499 | 150.9320881 | 144.7897233 | 126.2203506 | 73.25595713 |
| 2022-05-22 | 159.9769883 | 151.6267809 | 150.9817214 | 144.8561003 | 126.2731041 | 73.22102088 |
| 2022-05-23 | 160.1750062 | 151.7293935 | 150.9906336 | 144.8539135 | 126.3374535 | 73.23556537 |
| 2022-05-24 | 160.2479726 | 151.7812431 | 151.0596598 | 144.8906749 | 126.5466833 | 73.22823521 |
| 2022-05-25 | 160.4606134 | 151.9255162 | 151.1473933 | 144.9716563 | 126.6352553 | 73.22823521 |
| 2022-05-26 | 160.8650755 | 152.3496323 | 151.3098417 | 145.1361935 | 126.6553385 | 73.22724344 |
| 2022-05-27 | 159.9536592 | 151.4072925 | 150.9008958 | 144.7031436 | 126.4331874 | 73.23259434 |
| 2022-05-28 | 159.4456201 | 150.8957091 | 150.4496344 | 144.2353252 | 126.0740338 | 72.49973879 |
| 2022-05-29 | 159.4271847 | 150.8558326 | 150.6092856 | 144.3720328 | 126.2021013 | 72.5040868 |
| 2022-05-30 | 159.3752979 | 150.7678924 | 150.4682152 | 144.2270793 | 126.2540614 | 72.53583632 |
| 2022-05-31 | 159.8317074 | 150.7894319 | 150.5520994 | 144.257215 | 126.2849373 | 72.52493363 |
| 2022-06-01 | 160.3957615 | 151.3215188 | 151.084386 | 144.7134055 | 126.5112979 | 72.52613299 |
| 2022-06-02 | 161.2954783 | 152.1327446 | 151.9505992 | 145.5549307 | 127.4124691 | 72.60018841 |
| 2022-06-03 | 160.463519 | 151.3984726 | 151.1696298 | 144.7615391 | 126.6846079 | 72.5286089 |
| 2022-06-04 | 160.4370686 | 151.3450175 | 151.1295526 | 144.6980976 | 126.6413939 | 72.53007515 |
| 2022-06-05 | 160.3709762 | 151.282832 | 151.0782314 | 144.6602357 | 126.5961898 | 72.51909242 |
| 2022-06-06 | 160.3567821 | 151.2740906 | 151.0907967 | 144.6550377 | 126.5999527 | 72.5224974 |
| 2022-06-07 | 160.1579127 | 151.0418685 | 150.8769321 | 144.4162064 | 126.1719201 | 72.41095766 |
| 2022-06-08 | 159.8437088 | 150.9023576 | 150.7619002 | 144.256074 | 126.2387856 | 72.41095766 |
| 2022-06-09 | 159.8203373 | 150.8637683 | 150.7572083 | 144.1768835 | 126.2272084 | 72.42519649 |
| 2022-06-10 | 159.9121046 | 150.9658068 | 150.8385696 | 144.2557299 | 126.3356174 | 72.49236736 |
| 2022-06-11 | 159.3972317 | 150.4759239 | 150.3678579 | 143.7024553 | 125.6706734 | 72.49935497 |
| 2022-06-12 | 159.106864 | 150.2095661 | 150.1078126 | 143.4815582 | 125.5655568 | 72.46689293 |
| 2022-06-13 | 158.8261691 | 150.0297101 | 149.9191636 | 143.3148115 | 125.554529 | 72.29149492 |
| 2022-06-14 | 157.5267334 | 149.0229855 | 148.928914 | 142.4639928 | 124.8602347 | 71.50380861 |
| 2022-06-15 | 156.5757696 | 148.050862 | 147.9612326 | 141.5970026 | 124.1623217 | 70.82204745 |
| 2022-06-16 | 155.7794841 | 147.4944092 | 147.4055324 | 141.1198182 | 123.478146 | 69.96716646 |
| 2022-06-17 | 155.2609058 | 146.9721279 | 146.8923461 | 140.6454686 | 123.0637078 | 69.17447361 |
| 2022-06-18 | 154.7181989 | 146.6332739 | 146.5487959 | 140.1756983 | 122.5703223 | 68.17655233 |
| 2022-06-19 | 154.7701963 | 146.753966 | 146.6821394 | 140.3962627 | 122.7947828 | 68.13009145 |
| 2022-06-20 | 154.5600747 | 146.6324896 | 146.5403265 | 140.2506224 | 123.0549841 | 67.86362932 |
| 2022-06-21 | 153.9067717 | 145.9660156 | 145.8743165 | 139.5880412 | 122.3981027 | 67.44725273 |
| 2022-06-22 | 154.026703 | 145.9825895 | 145.8862311 | 139.561485 | 122.0340008 | 66.93936377 |
| 2022-06-23 | 153.9897138 | 146.0525528 | 145.9567147 | 139.6250337 | 122.0845145 | 66.96204257 |
| 2022-06-24 | 153.5703208 | 145.6366734 | 145.5407328 | 139.2118213 | 121.8119806 | 66.94899801 |
| 2022-06-25 | 153.5871093 | 145.6627983 | 145.5567182 | 139.229814 | 121.7830788 | 66.84187066 |
| 2022-06-26 | 153.8155159 | 145.8858335 | 145.7664479 | 139.4183941 | 121.9641621 | 66.84706631 |
| 2022-06-27 | 153.855081 | 145.9665223 | 145.7998248 | 139.4706765 | 122.0169629 | 66.85668841 |
| 2022-06-28 | 153.6478988 | 145.5966533 | 145.3719308 | 139.0360834 | 121.5367559 | 66.82444566 |
| 2022-06-29 | 153.8041966 | 145.8242962 | 145.3543586 | 139.103763 | 121.6267083 | 66.79119493 |
| 2022-06-30 | 153.8385572 | 145.9459877 | 145.2885856 | 138.9627898 | 121.3283087 | 66.46374871 |
| 2022-07-01 | 153.622429 | 145.7662424 | 145.2056494 | 138.8846838 | 121.2696258 | 66.27990494 |
| 2022-07-02 | 154.4755581 | 146.5867136 | 145.8840418 | 139.4825119 | 121.5981008 | 66.63356359 |
| 2022-07-03 | 154.3946812 | 146.5841821 | 145.9306673 | 139.5172976 | 121.6451802 | 66.63784308 |
| 2022-07-04 | 154.3839453 | 146.5593463 | 145.8056998 | 139.3748665 | 121.4963654 | 66.4948181 |
| 2022-07-05 | 154.3558851 | 146.5457933 | 145.838753 | 139.395034 | 121.5860534 | 66.4511699 |
| 2022-07-06 | 154.1725169 | 146.5036685 | 145.8662661 | 139.4340532 | 121.5470726 | 66.45165594 |
| 2022-07-07 | 153.8778111 | 146.2196514 | 145.6227711 | 139.1962071 | 121.2986876 | 66.44652064 |
| 2022-07-08 | 153.6443586 | 146.0215422 | 145.4275729 | 138.9729726 | 121.0637275 | 66.4059027 |
| 2022-07-09 | 153.7595683 | 146.1482449 | 145.5881189 | 139.1240774 | 121.1752806 | 66.47100167 |
| 2022-07-10 | 153.7604504 | 146.0638126 | 145.4927034 | 139.0062079 | 121.0571833 | 66.43231143 |
| 2022-07-11 | 153.6412251 | 146.1179974 | 145.5565916 | 139.1246821 | 121.1589182 | 66.46538477 |
| 2022-07-12 | 153.7804099 | 146.266243 | 145.7338087 | 139.2730288 | 121.1871688 | 66.46538477 |
| 2022-07-13 | 153.4203393 | 145.9105302 | 145.4318577 | 139.0241335 | 121.0492929 | 66.4264237 |
| 2022-07-14 | 153.3862035 | 145.8741136 | 145.437681 | 138.9693827 | 120.935391 | 66.35538004 |
| 2022-07-15 | 153.6085147 | 146.0756971 | 145.4913477 | 138.9931128 | 120.8528927 | 66.31793215 |
| 2022-07-16 | 153.0279719 | 145.4914751 | 144.9367289 | 138.3954034 | 120.4007938 | 66.31793215 |
| 2022-07-17 | 153.0462076 | 145.5059703 | 145.0067587 | 138.415992 | 120.4226862 | 66.34945027 |
| 2022-07-18 | 153.1338434 | 145.5868823 | 145.0991087 | 138.3861893 | 120.3947472 | 66.35600951 |
| 2022-07-19 | 153.4049646 | 145.8623983 | 145.348115 | 138.5782321 | 120.3888715 | 66.33308553 |
| 2022-07-20 | 153.3044109 | 145.6864331 | 145.1978766 | 138.3861685 | 120.2933003 | 66.32033362 |
| 2022-07-21 | 153.4652025 | 145.8041858 | 145.3503301 | 138.5109691 | 120.4968685 | 66.3236516 |
| 2022-07-22 | 153.3993273 | 145.7539556 | 145.3035179 | 138.4964832 | 120.5327512 | 66.28685752 |
| 2022-07-23 | 153.5180051 | 145.8861522 | 145.458498 | 138.5900032 | 120.5597157 | 66.2929265 |
| 2022-07-24 | 153.6262526 | 146.0059994 | 145.5784252 | 138.6584177 | 120.6770146 | 66.29236507 |
| 2022-07-25 | 153.6116409 | 145.9839231 | 145.5598872 | 138.6474436 | 120.6705373 | 66.29602664 |
| 2022-07-26 | 153.5344135 | 145.8934935 | 145.5175146 | 138.6402464 | 120.5982344 | 66.29200156 |
| 2022-07-27 | 153.437244 | 145.79762 | 145.4351058 | 138.5513341 | 120.6921876 | 66.31081311 |
| 2022-07-28 | 153.5146622 | 145.7861356 | 145.4281601 | 138.5018281 | 120.6300126 | 66.28554045 |
| 2022-07-29 | 153.3283843 | 145.5577932 | 145.1945588 | 138.2066127 | 120.2785927 | 66.38212406 |
| 2022-07-30 | 153.4330879 | 145.6669924 | 145.3220383 | 138.3047641 | 120.3566994 | 66.50713032 |
| 2022-07-31 | 153.4403787 | 145.6273621 | 145.2809492 | 138.2806334 | 120.3342381 | 66.6511732 |
| 2022-08-01 | 153.4382052 | 145.6474606 | 145.3018876 | 138.3269678 | 120.3789413 | 66.65161363 |
| 2022-08-02 | 153.7813814 | 145.9139572 | 145.5509378 | 138.5616114 | 120.5497759 | 66.75907943 |
| 2022-08-03 | 153.6939277 | 145.849052 | 145.5107761 | 138.5239317 | 120.5062594 | 66.87104177 |
| 2022-08-04 | 153.6596575 | 145.8665246 | 145.5282487 | 138.5839628 | 120.5610873 | 66.87080679 |
| 2022-08-05 | 153.5757496 | 145.782364 | 145.4485616 | 138.4290321 | 120.4165954 | 66.93667554 |
| 2022-08-06 | 153.7260346 | 145.9352141 | 145.6051053 | 138.5668147 | 120.5505197 | 66.92980596 |
| 2022-08-07 | 153.7424405 | 145.9610271 | 145.6309184 | 138.5488169 | 120.5325125 | 66.92980596 |
| 2022-08-08 | 153.6653647 | 145.8615184 | 145.5338171 | 138.5264094 | 120.5084276 | 66.91797772 |
| 2022-08-09 | 153.4189926 | 145.6010763 | 145.2872258 | 138.2481083 | 120.344892 | 66.91722298 |
| 2022-08-10 | 153.4775061 | 145.5103925 | 145.218691 | 138.1447291 | 120.3022447 | 66.96324987 |
| 2022-08-11 | 153.7190462 | 145.6933725 | 145.4006038 | 138.2883379 | 120.4042041 | 67.20861129 |
| 2022-08-12 | 153.6538019 | 145.6396242 | 145.3482017 | 138.3402152 | 120.4210368 | 67.35934967 |
| 2022-08-13 | 153.4601569 | 145.4395939 | 145.1637786 | 138.3296587 | 120.5939807 | 67.50494056 |
| 2022-08-14 | 153.6991838 | 145.6861988 | 145.4106135 | 138.5605738 | 120.8261699 | 67.7447019 |
| 2022-08-15 | 153.104735 | 145.195934 | 144.9158528 | 138.1071749 | 120.2885189 | 67.42902681 |
| 2022-08-16 | 153.3925532 | 145.4831996 | 145.2177647 | 138.4213186 | 120.3748295 | 67.58110376 |
| 2022-08-17 | 153.2522445 | 145.4323917 | 145.1768215 | 138.4026796 | 120.3284804 | 67.5697307 |
| 2022-08-18 | 153.2034393 | 145.4049743 | 145.1600389 | 138.4289085 | 120.0484587 | 67.55107573 |
| 2022-08-19 | 153.0437546 | 145.2565266 | 144.9862933 | 138.2901109 | 119.6548587 | 67.55034963 |
| 2022-08-20 | 152.9134648 | 145.0628578 | 144.8432275 | 138.1952 | 119.276661 | 67.54828824 |
| 2022-08-21 | 152.8239997 | 144.9786915 | 144.7614926 | 138.1725981 | 119.244965 | 67.55427532 |
| 2022-08-22 | 152.7835429 | 145.0587379 | 144.8367859 | 138.2788401 | 119.3657334 | 67.54650239 |
| 2022-08-23 | 152.6039362 | 144.9483869 | 144.7051095 | 138.1760743 | 119.0597086 | 67.53812562 |
| 2022-08-24 | 152.7778298 | 145.0747359 | 144.7889483 | 138.2793269 | 119.158672 | 67.53855857 |
| 2022-08-25 | 152.7964924 | 145.0754704 | 144.8047301 | 138.3080757 | 119.0709439 | 67.55136081 |
| 2022-08-26 | 152.8237511 | 145.1254224 | 144.8409335 | 138.3290764 | 119.0158302 | 67.637694 |
| 2022-08-27 | 152.8819879 | 145.1668892 | 144.9132098 | 138.421749 | 119.0339227 | 67.548174 |
| 2022-08-28 | 152.9459117 | 145.2077609 | 144.9625471 | 138.4865137 | 119.0935106 | 67.55439952 |
| 2022-08-29 | 152.7158398 | 144.9872879 | 144.7449265 | 138.2731506 | 119.0338589 | 67.54598288 |
| 2022-08-30 | 152.8996155 | 145.1574727 | 144.8898477 | 138.4071795 | 119.1190435 | 67.54891167 |
| 2022-08-31 | 153.2052654 | 145.4603191 | 145.2070458 | 138.6933912 | 119.2338321 | 67.5528133 |
| 2022-09-01 | 153.0468729 | 145.3571782 | 145.0528391 | 138.5411534 | 119.1421304 | 67.55158289 |
| 2022-09-02 | 153.0472567 | 145.318586 | 144.9597364 | 138.4109342 | 118.8999543 | 67.55175649 |
| 2022-09-03 | 152.7853509 | 145.0961894 | 144.8022005 | 138.2594394 | 118.703946 | 67.55012517 |
| 2022-09-04 | 152.8443713 | 145.141089 | 144.8169815 | 138.2828652 | 118.7272043 | 67.55257384 |
| 2022-09-05 | 152.6697332 | 144.9504375 | 144.658081 | 138.2099882 | 118.7719691 | 67.54955167 |
| 2022-09-06 | 152.6333135 | 144.9310957 | 144.5747052 | 138.1534581 | 118.7195862 | 67.54219649 |
| 2022-09-07 | 152.6675251 | 144.9755001 | 144.5893102 | 138.1818467 | 118.4529442 | 67.5470793 |
| 2022-09-08 | 152.7998895 | 145.1149312 | 144.7005544 | 138.296841 | 118.5900354 | 67.54719953 |
| 2022-09-09 | 152.9740458 | 145.29992 | 144.8701971 | 138.4600828 | 118.5481518 | 67.55015973 |
| 2022-09-10 | 153.2239201 | 145.5959183 | 145.0240274 | 138.6145357 | 118.6100016 | 67.55661099 |
| 2022-09-11 | 153.3660541 | 145.728112 | 145.1373207 | 138.7019116 | 118.6958469 | 67.67684559 |
| 2022-09-12 | 153.2962656 | 145.6473766 | 145.1245499 | 138.683717 | 118.6800159 | 67.74270786 |
| 2022-09-13 | 153.1334963 | 145.5853588 | 145.1674984 | 138.7493092 | 118.6264572 | 67.82163826 |
| 2022-09-14 | 153.1614075 | 145.6166987 | 145.1749603 | 138.7815476 | 118.5775079 | 67.89877216 |
| 2022-09-15 | 152.7219124 | 145.2327723 | 144.8673537 | 138.4853188 | 117.9674223 | 67.8830415 |
| 2022-09-16 | 152.4421315 | 144.9508475 | 144.6310021 | 138.2592537 | 117.5935004 | 67.92368932 |
| 2022-09-17 | 152.2636085 | 144.7851524 | 144.4832856 | 138.1090055 | 117.4519465 | 67.92358595 |
| 2022-09-18 | 152.3697953 | 144.8517952 | 144.5324972 | 138.0975943 | 117.4403899 | 67.92077606 |
| 2022-09-19 | 152.2851362 | 144.8112238 | 144.5084883 | 138.0816562 | 117.4245972 | 67.92358594 |
| 2022-09-20 | 152.4606468 | 145.0318846 | 144.6958127 | 138.3159389 | 117.297003 | 67.95658996 |
| 2022-09-21 | 152.7147319 | 145.2352005 | 144.9015733 | 138.4838592 | 117.4702454 | 67.966594 |
| 2022-09-22 | 152.5368963 | 145.0525733 | 144.7367208 | 138.326234 | 117.2891542 | 67.97549127 |
| 2022-09-23 | 152.5426277 | 145.0331735 | 144.7191576 | 138.2509612 | 117.1868338 | 67.95194927 |
| 2022-09-24 | 152.322338 | 144.8370654 | 144.5422236 | 138.0627489 | 117.0248113 | 67.949388 |
| 2022-09-25 | 152.2741479 | 144.7947479 | 144.5023093 | 138.0331861 | 116.9988466 | 67.95035901 |
| 2022-09-26 | 151.9740561 | 144.5367385 | 144.2617059 | 137.7936149 | 116.7592754 | 67.95262513 |
| 2022-09-27 | 151.2790688 | 144.422378 | 144.1011528 | 137.6398205 | 116.5891929 | 67.95135434 |
| 2022-09-28 | 151.1372743 | 144.2727783 | 143.9686355 | 137.5199641 | 116.4711859 | 67.95036428 |
| 2022-09-29 | 150.6290043 | 143.9460527 | 143.6420535 | 137.2360234 | 116.157997 | 67.94767681 |
| 2022-09-30 | 150.1392652 | 143.4578033 | 143.1598733 | 136.749037 | 115.8580761 | 67.9543537 |
| 2022-10-01 | 148.907031 | 142.1832186 | 141.8691697 | 135.4592249 | 114.5678764 | 67.94854271 |
| 2022-10-02 | 148.9237234 | 142.183705 | 141.8613646 | 135.4553009 | 114.5629206 | 67.94918206 |
| 2022-10-03 | 148.9467708 | 142.2124038 | 141.8906105 | 135.5160737 | 114.6248863 | 67.94457203 |
| 2022-10-04 | 148.7105216 | 141.9754687 | 141.6707051 | 135.3430616 | 114.4583323 | 67.94769734 |
| 2022-10-05 | 148.6814393 | 141.9230715 | 141.6123679 | 135.2660113 | 114.0775707 | 68.07462485 |
| 2022-10-06 | 148.7453622 | 141.9882665 | 141.6831481 | 135.3460997 | 113.953768 | 68.21849203 |
| 2022-10-07 | 148.7753392 | 142.0189368 | 141.7228626 | 135.3940968 | 113.7659962 | 68.22667671 |
| 2022-10-08 | 148.926517 | 142.1333548 | 141.8463701 | 135.5335994 | 113.7553503 | 68.32820669 |
| 2022-10-09 | 148.9298252 | 142.146467 | 141.8605715 | 135.547495 | 113.7681987 | 68.37695955 |
| 2022-10-10 | 148.9735098 | 142.0959786 | 141.753911 | 135.448332 | 113.7639968 | 68.37529892 |
| 2022-10-11 | 148.8526668 | 141.9802258 | 141.5575629 | 135.2781148 | 113.7382854 | 68.42021476 |
| 2022-10-12 | 148.8915338 | 142.022078 | 141.4498148 | 135.2040559 | 113.6687439 | 68.41564108 |
| 2022-10-13 | 148.2498419 | 141.3650095 | 140.9259204 | 134.7246414 | 113.5069744 | 68.41597838 |
| 2022-10-14 | 147.896594 | 141.0381758 | 140.5303793 | 134.4948002 | 113.1249564 | 68.41488093 |
| 2022-10-15 | 147.4282456 | 140.640725 | 140.1839256 | 134.151699 | 112.7737841 | 68.42770669 |
| 2022-10-16 | 147.3675325 | 140.5777418 | 140.1665829 | 134.1495955 | 112.769397 | 68.43288324 |
| 2022-10-17 | 147.2548181 | 140.4480856 | 140.0783543 | 134.0570801 | 112.7668629 | 68.43235908 |
| 2022-10-18 | 147.0720859 | 140.2514987 | 139.8650796 | 133.8628503 | 112.5482053 | 68.43770669 |
| 2022-10-19 | 146.9392834 | 140.1670742 | 139.8178221 | 133.9058613 | 112.3366431 | 68.45154249 |
| 2022-10-20 | 146.9021435 | 140.1360801 | 139.7303032 | 133.8541408 | 112.1392821 | 68.45357664 |
| 2022-10-21 | 146.4556223 | 139.7444486 | 139.3795882 | 133.5839571 | 111.7004194 | 68.44780656 |
| 2022-10-22 | 146.2549602 | 139.5311992 | 139.1671435 | 133.4180852 | 111.6475813 | 68.44825611 |
| 2022-10-23 | 146.2944231 | 139.5795794 | 139.2342061 | 133.4795704 | 111.7073682 | 68.45225897 |
| 2022-10-24 | 146.3715538 | 139.6471435 | 139.2627021 | 133.4770539 | 111.7100367 | 68.44861341 |
| 2022-10-25 | 146.0205136 | 139.5284094 | 139.1660804 | 133.3827613 | 111.6028478 | 68.47865576 |
| 2022-10-26 | 145.9006728 | 139.3750307 | 139.0160737 | 133.2260745 | 111.6499558 | 68.51175674 |
| 2022-10-27 | 146.0927593 | 139.551154 | 139.1845226 | 133.3912813 | 111.9054399 | 68.72700442 |
| 2022-10-28 | 146.0674348 | 139.5358632 | 139.1112205 | 133.3149739 | 112.0840789 | 68.89287837 |
| 2022-10-29 | 146.155731 | 139.6265241 | 139.2222306 | 133.4534258 | 112.0527214 | 68.97769218 |
| 2022-10-30 | 146.2386671 | 139.7054317 | 139.3214692 | 133.5395714 | 112.1430242 | 69.1161571 |
| 2022-10-31 | 146.326053 | 139.8369219 | 139.4563188 | 133.6839125 | 112.287481 | 69.27129375 |
| 2022-11-01 | 145.9008518 | 139.3698304 | 138.9944891 | 133.3111041 | 112.1637635 | 69.41508204 |
| 2022-11-02 | 145.8577875 | 139.3548955 | 138.9892332 | 133.3281187 | 111.6663602 | 69.33854702 |
| 2022-11-03 | 145.7042958 | 139.1721248 | 138.8250514 | 133.1571618 | 111.1855908 | 69.34099881 |
| 2022-11-04 | 145.8431673 | 139.2444911 | 138.8903909 | 133.2321079 | 110.7477916 | 69.35256443 |
| 2022-11-05 | 146.0494589 | 139.3846658 | 139.0113652 | 133.3196224 | 110.771444 | 69.35472056 |
| 2022-11-06 | 146.1489457 | 139.4185498 | 139.0446811 | 133.3268946 | 110.778697 | 69.4376619 |
| 2022-11-07 | 146.4878416 | 139.8027178 | 139.4482255 | 133.6756855 | 111.1198685 | 69.42184066 |
| 2022-11-08 | 147.4697494 | 140.7354481 | 140.3837255 | 134.5961706 | 112.0108134 | 69.51811639 |
| 2022-11-09 | 147.6844748 | 141.0055888 | 140.7277816 | 134.9732916 | 112.0108151 | 69.87798021 |
| 2022-11-10 | 145.8816872 | 139.2204934 | 138.9765992 | 133.5427457 | 110.4785502 | 68.20887325 |
| 2022-11-11 | 146.3179182 | 139.7318483 | 139.4771181 | 134.072674 | 110.9801644 | 68.15274076 |
| 2022-11-12 | 146.1243549 | 139.6530995 | 139.4274324 | 134.0330733 | 110.6565431 | 67.27187643 |
| 2022-11-13 | 145.4113584 | 138.8854461 | 138.6605889 | 133.2148852 | 109.8409823 | 66.34538103 |
| 2022-11-14 | 145.2383474 | 138.7865962 | 138.562816 | 133.1250103 | 109.7562936 | 66.29174992 |
| 2022-11-15 | 145.0435356 | 138.6165613 | 138.3944751 | 132.9204012 | 109.4575315 | 65.9562659 |
| 2022-11-16 | 145.0887185 | 138.5891444 | 138.3670073 | 132.9254834 | 109.7079941 | 65.8948733 |
| 2022-11-17 | 144.6619473 | 138.3415243 | 138.1239992 | 132.6943585 | 109.6373378 | 65.87549262 |
| 2022-11-18 | 144.2986341 | 138.0017308 | 137.7832846 | 132.331057 | 109.3962862 | 65.88867959 |
| 2022-11-19 | 144.5113896 | 138.2133134 | 137.9707685 | 132.5448049 | 109.6610636 | 65.86914864 |
| 2022-11-20 | 144.477333 | 138.2237721 | 138.0156758 | 132.5839142 | 109.6894289 | 65.84185078 |
| 2022-11-21 | 144.5457905 | 138.2502005 | 138.0364795 | 132.6112256 | 109.7184445 | 65.79603362 |
| 2022-11-22 | 143.6374229 | 137.313341 | 137.1227355 | 131.7657575 | 108.9624742 | 65.43130341 |
| 2022-11-23 | 143.6494197 | 137.3377089 | 137.1364859 | 131.7661159 | 108.9906361 | 65.45773574 |
| 2022-11-24 | 143.0124324 | 136.811103 | 136.6105596 | 131.3676532 | 108.505016 | 65.27427586 |
| 2022-11-25 | 143.2675773 | 137.068488 | 136.863015 | 131.6001556 | 108.733177 | 65.30219765 |
| 2022-11-26 | 142.9567739 | 136.6924863 | 136.497309 | 131.2394781 | 108.7275329 | 65.33556681 |
| 2022-11-27 | 143.1431204 | 136.858723 | 136.6537188 | 131.3878933 | 108.8859039 | 65.32114801 |
| 2022-11-28 | 143.1367803 | 136.8494878 | 136.6440168 | 131.4554565 | 109.0317678 | 65.31688505 |
| 2022-11-29 | 142.0840122 | 136.2908755 | 136.0933178 | 130.8975183 | 108.5120956 | 65.32668797 |
| 2022-11-30 | 141.4549021 | 135.8231628 | 135.6200017 | 130.4441571 | 108.0687942 | 65.25671597 |
| 2022-12-01 | 141.3098284 | 135.762634 | 135.556877 | 130.3662129 | 108.0922523 | 65.3528291 |
| 2022-12-02 | 141.1477464 | 135.5298578 | 135.3195732 | 130.1204261 | 107.9511134 | 65.35936439 |
| 2022-12-03 | 141.4219118 | 135.7853651 | 135.5652158 | 130.3423008 | 108.1768977 | 65.44308596 |
| 2022-12-04 | 141.5893779 | 135.9565142 | 135.7381997 | 130.5138142 | 108.3444969 | 65.4955318 |
| 2022-12-05 | 141.6911745 | 136.0557037 | 135.8413733 | 130.6200918 | 108.4670798 | 65.49225748 |
| 2022-12-06 | 141.4429663 | 135.8021385 | 135.5857152 | 130.3665132 | 108.2552272 | 65.57210906 |
| 2022-12-07 | 141.2983927 | 135.6675876 | 135.4559554 | 130.2852561 | 108.2177223 | 65.67536371 |
| 2022-12-08 | 141.1210014 | 135.4873829 | 135.2863522 | 130.1128321 | 108.0036412 | 65.6727357 |
| 2022-12-09 | 141.099797 | 135.4797366 | 135.2377913 | 130.0644154 | 107.9918855 | 65.69784271 |
| 2022-12-10 | 141.0057266 | 135.4598866 | 135.2318775 | 130.0578207 | 107.9422647 | 65.69834221 |
| 2022-12-11 | 141.0690857 | 135.5278656 | 135.2829026 | 130.1032216 | 107.9888611 | 65.69834221 |
| 2022-12-12 | 141.1800607 | 135.5464844 | 135.3022974 | 130.1260083 | 108.0020916 | 65.69834221 |
| 2022-12-13 | 140.8888339 | 135.3007453 | 135.0420704 | 129.8816109 | 107.8697126 | 65.79536465 |
| 2022-12-14 | 140.4891641 | 134.7877474 | 134.5422174 | 129.3792367 | 110.6041343 | 65.97751821 |
| 2022-12-15 | 140.2635452 | 134.6166431 | 134.3809362 | 129.2291781 | 110.657214 | 65.96714744 |
| 2022-12-16 | 140.3034822 | 134.6745152 | 134.4267152 | 129.3016586 | 110.609048 | 66.03016821 |
| 2022-12-17 | 139.7932734 | 134.1874593 | 133.9884415 | 128.8513082 | 110.3905085 | 66.04642982 |
| 2022-12-18 | 139.9738216 | 134.3722788 | 134.1625609 | 129.0152917 | 110.5567556 | 66.16048266 |
| 2022-12-19 | 139.9924862 | 134.3965318 | 134.1892709 | 129.0403834 | 110.5805416 | 66.15519088 |
| 2022-12-20 | 139.61292 | 133.9545421 | 133.7619711 | 128.611118 | 110.2540784 | 66.20334124 |
| 2022-12-21 | 139.3722156 | 133.6713391 | 133.4690643 | 128.2989947 | 110.2229516 | 66.23309321 |
| 2022-12-22 | 139.1436433 | 133.4400781 | 133.2479844 | 128.0739676 | 110.0426709 | 66.23784541 |
| 2022-12-23 | 139.0155378 | 133.3371314 | 133.1315064 | 127.9672293 | 109.975128 | 66.23458849 |
| 2022-12-24 | 138.513619 | 132.8586304 | 132.6545903 | 127.4991227 | 109.9349211 | 66.23779541 |
| 2022-12-25 | 138.565207 | 132.9306938 | 132.7239751 | 127.5646559 | 110.0652049 | 66.23779541 |
| 2022-12-26 | 138.5677642 | 132.9460012 | 132.7428736 | 127.595492 | 110.1869952 | 66.23779541 |
| 2022-12-27 | 138.5566327 | 132.9379166 | 132.7314793 | 127.5940152 | 110.2751064 | 66.24074451 |
| 2022-12-28 | 138.0915586 | 132.4922731 | 132.2756919 | 127.1543637 | 109.9552909 | 66.22042332 |
| 2022-12-29 | 138.0990833 | 132.5192696 | 132.3136808 | 127.2325829 | 110.1926484 | 66.22131867 |
| 2022-12-30 | 138.0049534 | 132.4288673 | 132.2292861 | 127.1512461 | 110.2572683 | 66.23118447 |
| 2022-12-31 | 137.8768676 | 132.301025 | 132.1019585 | 127.039294 | 110.3249606 | 66.22323702 |
| 2023-01-01 | 137.7682061 | 132.213253 | 132.0174173 | 126.9613666 | 110.3758645 | 66.23720188 |
| 2023-01-02 | 137.8675535 | 132.2682124 | 132.0714847 | 127.0179049 | 110.4356388 | 66.22985935 |
| 2023-01-03 | 137.8656448 | 132.2330781 | 132.0331646 | 126.9748195 | 110.5290527 | 66.23317216 |
| 2023-01-04 | 137.5359304 | 131.8736519 | 131.6707661 | 126.6121463 | 109.9887379 | 66.23284022 |
| 2023-01-05 | 137.4870532 | 131.8374696 | 131.636329 | 126.6024102 | 109.9480918 | 66.23648498 |
| 2023-01-06 | 137.1938585 | 131.5517421 | 131.3497028 | 126.33286 | 109.5360802 | 66.23863279 |
| 2023-01-07 | 136.8269923 | 131.2030886 | 131.0057764 | 125.999871 | 109.5177648 | 66.24360268 |
| 2023-01-08 | 137.0437698 | 131.3408735 | 131.1414451 | 126.0914127 | 109.6413974 | 66.24792383 |
| 2023-01-09 | 137.022462 | 131.3975543 | 131.1988925 | 126.1330273 | 109.8039203 | 66.27534832 |
| 2023-01-10 | 136.7885759 | 131.0905457 | 130.8783889 | 125.8065535 | 109.4430525 | 66.26513885 |
| 2023-01-11 | 136.9329433 | 131.2514719 | 131.042757 | 125.9706702 | 109.5125289 | 66.26359973 |
| 2023-01-12 | 137.0033317 | 131.292491 | 131.08633 | 126.0260811 | 109.6420714 | 66.26589768 |
| 2023-01-13 | 137.1133474 | 131.4044066 | 131.1939279 | 126.134787 | 109.7676382 | 66.27029202 |
| 2023-01-14 | 136.8667581 | 131.175645 | 130.9613348 | 125.873887 | 109.2891647 | 66.27081405 |
| 2023-01-15 | 137.0797115 | 131.3969641 | 131.161845 | 126.0630577 | 109.6105181 | 66.35466926 |
| 2023-01-16 | 137.2655896 | 131.578939 | 131.3300292 | 126.2259694 | 109.8459909 | 66.37403344 |
| 2023-01-17 | 137.1736179 | 131.4931665 | 131.2577807 | 126.1566729 | 109.8962907 | 66.48592393 |
| 2023-01-18 | 136.7201472 | 131.0403938 | 130.8016751 | 125.7016809 | 109.6312838 | 66.4928316 |
| 2023-01-19 | 136.5776765 | 130.8031161 | 130.5870725 | 125.472256 | 109.1439681 | 66.47748528 |
| 2023-01-20 | 136.5343336 | 130.7567914 | 130.5398055 | 125.4273133 | 109.0353904 | 66.4768205 |
| 2023-01-21 | 136.7431397 | 130.9548047 | 130.7255027 | 125.6091039 | 109.2542417 | 66.48413302 |
| 2023-01-22 | 137.0230804 | 131.2245448 | 130.9961489 | 125.862104 | 109.6321838 | 66.7034953 |
| 2023-01-23 | 137.1201601 | 131.3058567 | 131.0806322 | 125.9377336 | 109.8347629 | 66.76565416 |
| 2023-01-24 | 136.9563618 | 131.1121894 | 130.8876769 | 125.7422036 | 109.9037773 | 66.84705568 |
| 2023-01-25 | 136.9671501 | 131.1192233 | 130.9056309 | 125.7482297 | 110.281378 | 67.03919154 |
| 2023-01-26 | 137.2650103 | 131.3593859 | 131.1428547 | 125.9852816 | 110.3176559 | 67.18772835 |
| 2023-01-27 | 137.4701409 | 131.5096257 | 131.2933345 | 126.1516558 | 110.2182011 | 67.33503641 |
| 2023-01-28 | 137.2990328 | 131.3282503 | 131.1116455 | 125.980311 | 110.1664437 | 67.51734337 |
| 2023-01-29 | 137.4587326 | 131.4806342 | 131.2601487 | 126.1246041 | 110.32777 | 67.63990533 |
| 2023-01-30 | 137.4124737 | 131.4371782 | 131.2169458 | 126.0779648 | 110.3536628 | 67.77845377 |
| 2023-01-31 | 137.0682339 | 131.0423178 | 130.8331182 | 125.7088934 | 109.9592082 | 67.806044 |
| 2023-02-01 | 137.1822437 | 131.1488937 | 130.9059958 | 125.7944663 | 109.6824989 | 67.79882668 |
| 2023-02-02 | 137.1188548 | 131.1292803 | 130.9012648 | 125.8007254 | 109.6791166 | 67.81586302 |
| 2023-02-03 | 137.4170659 | 131.4178405 | 131.1645203 | 126.0534912 | 109.9519488 | 68.03621144 |
| 2023-02-04 | 137.2644585 | 131.2579216 | 130.8791245 | 125.78373 | 109.4910817 | 68.02804889 |
| 2023-02-05 | 137.2659883 | 131.2543001 | 130.8995698 | 125.7978425 | 109.5074889 | 68.07157371 |
| 2023-02-06 | 137.2811678 | 131.2815712 | 130.9544366 | 125.8436215 | 109.5696266 | 68.0730002 |
| 2023-02-07 | 137.1372342 | 131.1389098 | 130.8314178 | 125.7249808 | 109.5199003 | 68.18199016 |
| 2023-02-08 | 136.9477514 | 130.9588203 | 130.6485872 | 125.5527005 | 109.3535225 | 68.18462187 |
| 2023-02-09 | 136.7812792 | 130.7622392 | 130.4853688 | 125.3859058 | 109.1924748 | 68.17843634 |
| 2023-02-10 | 136.5981896 | 130.670121 | 130.4373349 | 125.3477928 | 109.1699079 | 68.18794001 |
| 2023-02-11 | 136.6292282 | 130.6858741 | 130.4278996 | 125.3390609 | 109.1716503 | 68.31892289 |
| 2023-02-12 | 136.6518178 | 130.7106077 | 130.4243085 | 125.3394283 | 109.16983 | 68.38818851 |
| 2023-02-13 | 136.5677478 | 130.6292313 | 130.3711156 | 125.2870114 | 109.1215743 | 68.4125002 |
| 2023-02-14 | 136.7339613 | 130.8390186 | 130.526242 | 125.4307059 | 109.6096937 | 69.15762712 |
| 2023-02-15 | 136.5730466 | 130.7686027 | 130.4730995 | 125.3849963 | 110.0368048 | 69.51270964 |
| 2023-02-16 | 136.1911899 | 130.3834691 | 130.0877977 | 125.0008442 | 110.7671912 | 69.7946481 |
| 2023-02-17 | 136.2936562 | 130.3938081 | 130.1233284 | 125.0308888 | 111.3082357 | 70.15320388 |
| 2023-02-18 | 136.2459223 | 130.3724612 | 130.0880577 | 125.0164253 | 111.6857437 | 70.28659066 |
| 2023-02-19 | 136.2638795 | 130.3976844 | 130.1138173 | 125.0313602 | 111.7750583 | 70.4159051 |
| 2023-02-20 | 136.3095853 | 130.446495 | 130.165808 | 125.081021 | 111.8251609 | 70.41586709 |
| 2023-02-21 | 135.9723583 | 130.0891819 | 129.8165615 | 124.7286699 | 111.9091725 | 70.43667966 |
| 2023-02-22 | 135.7407284 | 129.836008 | 129.5639241 | 124.5387464 | 112.0884654 | 70.46112089 |
| 2023-02-23 | 135.4638006 | 129.5384327 | 129.2808656 | 124.2469151 | 112.2432907 | 70.59132594 |
| 2023-02-24 | 135.3291482 | 129.4186223 | 129.1553231 | 124.1319344 | 112.4806063 | 70.68849288 |
| 2023-02-25 | 135.3279347 | 129.2748206 | 129.0014092 | 123.9773269 | 112.8313629 | 70.79194035 |
| 2023-02-26 | 135.4468214 | 129.4009995 | 129.1290444 | 124.1056362 | 112.9588444 | 70.84636379 |
| 2023-02-27 | 135.3720796 | 129.3219331 | 129.0466651 | 124.0192804 | 113.0362393 | 70.87637848 |
| 2023-02-28 | 135.0738497 | 129.0061524 | 128.7319635 | 123.7019281 | 113.0479837 | 70.91977848 |
| 2023-03-01 | 134.9221042 | 128.7922347 | 128.5300677 | 123.5061749 | 112.9603827 | 70.96817458 |
| 2023-03-02 | 134.761786 | 128.6080121 | 128.3390154 | 123.3266977 | 113.1451283 | 71.0632504 |
| 2023-03-03 | 134.9387014 | 128.7885476 | 128.5154961 | 123.4940978 | 113.8005417 | 71.10953344 |
| 2023-03-04 | 134.9350726 | 128.7767582 | 128.5310606 | 123.5231337 | 114.3346384 | 71.35605893 |
| 2023-03-05 | 135.0135552 | 128.8474267 | 128.6114818 | 123.5957139 | 114.6622718 | 71.43825524 |
| 2023-03-06 | 135.0840182 | 128.913465 | 128.675884 | 123.6743313 | 114.968294 | 71.47926504 |
| 2023-03-07 | 134.8809083 | 128.5693254 | 128.3307275 | 123.3269121 | 114.8698716 | 71.58196351 |
| 2023-03-08 | 134.9050711 | 128.5991092 | 128.3684378 | 123.3773204 | 114.9494984 | 71.72205869 |
| 2023-03-09 | 134.7890037 | 128.5470071 | 128.3240293 | 123.3460554 | 114.9215989 | 71.72595869 |
| 2023-03-10 | 134.7885896 | 128.5237759 | 128.3009597 | 123.3875288 | 114.9683209 | 71.79227622 |
| 2023-03-11 | 134.4202564 | 128.1001514 | 127.888568 | 122.8013854 | 114.388631 | 72.29137337 |
| 2023-03-12 | 131.5758372 | 125.3790755 | 125.1673504 | 119.555697 | 111.198318 | 72.12035831 |
| 2023-03-13 | 135.141811 | 128.449043 | 128.2186467 | 121.8937494 | 113.4247846 | 73.28302873 |
| 2023-03-14 | 135.0886355 | 128.449043 | 126.9361507 | 120.6622929 | 112.2436886 | 73.18377311 |
| 2023-03-15 | 132.6788892 | 126.0624971 | 125.8313716 | 119.8303082 | 111.4756622 | 73.4737603 |
| 2023-03-16 | 133.0238409 | 126.3776027 | 126.1578895 | 120.3507834 | 111.9682871 | 74.69202957 |
| 2023-03-17 | 133.1284274 | 126.4813464 | 126.258737 | 120.6871285 | 112.3866348 | 75.61482395 |
| 2023-03-18 | 133.1209529 | 126.4990166 | 126.2700175 | 120.8054903 | 112.5630663 | 76.55453623 |
| 2023-03-19 | 133.5036126 | 126.8559427 | 126.6263455 | 121.1906573 | 112.8987788 | 76.82319094 |
| 2023-03-20 | 133.2329301 | 126.5865746 | 126.3556135 | 120.935301 | 112.6434225 | 76.63531727 |
| 2023-03-21 | 133.5245728 | 126.9248498 | 126.7055657 | 121.290046 | 113.0330242 | 77.69440963 |
| 2023-03-22 | 133.3513336 | 126.7576808 | 126.5359857 | 121.1436712 | 112.9820769 | 77.89356414 |
| 2023-03-23 | 133.1677526 | 126.5835719 | 126.3736744 | 121.0731593 | 112.9431487 | 78.24308985 |
| 2023-03-24 | 133.3535121 | 126.7657383 | 126.5557992 | 121.2720927 | 113.1663266 | 78.87114683 |
| 2023-03-25 | 133.6533153 | 127.0379524 | 126.8326941 | 121.5683201 | 113.4701783 | 79.5680459 |
| 2023-03-26 | 133.9235273 | 127.1899089 | 126.9570649 | 121.6995183 | 113.6013765 | 79.71141332 |
| 2023-03-27 | 133.0499323 | 126.3627809 | 126.1436203 | 120.9145115 | 112.8646209 | 79.17688083 |
| 2023-03-28 | 132.6247937 | 125.9535182 | 125.7456071 | 120.5984437 | 112.7432074 | 79.52805603 |
| 2023-03-29 | 132.2625886 | 125.5956011 | 125.3868553 | 120.2680391 | 112.527372 | 79.59305782 |
| 2023-03-30 | 132.2178667 | 125.5303779 | 125.3159634 | 120.215222 | 112.5253659 | 79.6335479 |
| 2023-03-31 | 132.2191271 | 125.4911107 | 125.2822686 | 120.1804077 | 112.5331248 | 79.90400962 |
| 2023-04-01 | 131.709314 | 124.95261 | 124.7415675 | 119.6443477 | 112.0620855 | 79.76619697 |
| 2023-04-02 | 131.6372418 | 124.8698537 | 124.656573 | 119.557917 | 111.9832295 | 79.76619697 |
| 2023-04-03 | 131.853621 | 125.0886013 | 124.881655 | 119.7723685 | 112.197681 | 79.95510147 |
| 2023-04-04 | 132.4095099 | 125.189147 | 124.982499 | 119.8920864 | 112.4635589 | 80.06112811 |
| 2023-04-05 | 131.7764078 | 125.0164541 | 124.8081436 | 119.7156621 | 112.4086999 | 80.07721166 |
| 2023-04-06 | 131.7106528 | 124.9330366 | 124.7261512 | 119.6422964 | 112.4731164 | 80.18053398 |
| 2023-04-07 | 131.9296756 | 125.0961232 | 124.881115 | 119.7960461 | 112.7082425 | 80.26822349 |
| 2023-04-08 | 131.9333673 | 125.0590996 | 124.8497238 | 119.7692923 | 112.6742049 | 80.27338084 |
| 2023-04-09 | 132.1249575 | 125.2322144 | 125.0196199 | 119.9368646 | 112.8346893 | 80.36359403 |
| 2023-04-10 | 131.8094033 | 124.926944 | 124.7154473 | 119.6465144 | 112.551427 | 80.20318766 |
| 2023-04-11 | 131.9121777 | 124.9963641 | 124.7853569 | 119.7292121 | 112.7479985 | 80.503925 |
| 2023-04-12 | 131.8688294 | 124.8704688 | 124.6565027 | 119.6144306 | 112.7011964 | 80.52370956 |
| 2023-04-13 | 131.7987982 | 124.7480707 | 124.5270034 | 119.5060764 | 112.6795164 | 80.7315883 |
| 2023-04-14 | 131.914899 | 124.7914299 | 124.5729706 | 119.562731 | 112.8094952 | 80.99922595 |
| 2023-04-15 | 131.8656846 | 124.6998232 | 124.4786591 | 119.4604117 | 112.7483945 | 81.05825451 |
| 2023-04-16 | 131.7562709 | 124.6000139 | 124.3792226 | 119.3525489 | 112.6472303 | 80.99437505 |
| 2023-04-17 | 131.6770768 | 124.5365265 | 124.3157334 | 119.3057016 | 112.6275191 | 80.92346159 |
| 2023-04-18 | 131.5489607 | 124.4190131 | 124.2034726 | 119.321123 | 112.6475983 | 81.13397524 |
| 2023-04-19 | 131.2839893 | 124.1240459 | 123.90266 | 119.0423479 | 112.3930639 | 81.16419571 |
| 2023-04-20 | 131.3086095 | 124.0811689 | 123.8744633 | 119.0168789 | 112.3806513 | 81.3726897 |
| 2023-04-21 | 131.1365571 | 123.8981395 | 123.6918846 | 118.8413266 | 112.2410245 | 81.39739845 |
| 2023-04-22 | 129.9066087 | 122.702359 | 122.5113049 | 117.7127662 | 111.243706 | 80.62055931 |
| 2023-04-23 | 130.788633 | 123.578914 | 123.3824199 | 118.602441 | 112.1398434 | 81.51295016 |
| 2023-04-24 | 130.810764 | 123.6165679 | 123.4253067 | 118.6504756 | 112.1878779 | 81.52296016 |
| 2023-04-25 | 130.746839 | 123.5501316 | 123.3561786 | 118.5696206 | 112.1351965 | 81.6099284 |
| 2023-04-26 | 130.5724056 | 123.4508214 | 123.2584846 | 118.4736836 | 112.1144478 | 81.56648829 |
| 2023-04-27 | 130.7425127 | 123.6444571 | 123.4464069 | 118.6501237 | 112.2892447 | 81.82590044 |
| 2023-04-28 | 130.5427106 | 123.4565176 | 123.2618983 | 118.4797158 | 112.1749651 | 81.76839622 |
| 2023-04-29 | 130.4401933 | 123.3846832 | 123.1754549 | 118.4432338 | 112.2224387 | 81.85114287 |
| 2023-04-30 | 130.3848732 | 123.3254396 | 123.1160709 | 118.3836054 | 112.1628103 | 81.77946509 |
| 2023-05-01 | 130.4104639 | 123.3164354 | 123.1158391 | 118.3795626 | 112.1587675 | 81.78947509 |
| 2023-05-02 | 130.7369601 | 123.1779388 | 122.9825161 | 118.2545961 | 112.0811358 | 81.8726387 |
| 2023-05-03 | 130.7526302 | 123.1509961 | 122.9583044 | 118.2490544 | 112.1405963 | 82.01849083 |
| 2023-05-04 | 130.3455415 | 122.9737202 | 122.7827622 | 118.0976859 | 112.0883566 | 82.05745073 |
| 2023-05-05 | 130.2116661 | 122.8711288 | 122.6807649 | 118.0020654 | 112.0029475 | 82.05222289 |
| 2023-05-06 | 130.7075731 | 123.3600449 | 123.1728953 | 118.5002134 | 112.5111156 | 82.2322178 |
| 2023-05-07 | 130.6151981 | 123.2864261 | 123.1116601 | 118.4328453 | 112.4497305 | 82.2372278 |
| 2023-05-08 | 130.4468565 | 123.1111342 | 122.9391767 | 118.2544456 | 112.2653478 | 82.05813666 |
| 2023-05-09 | 130.5090658 | 123.1933014 | 123.0447156 | 118.3578731 | 112.4756822 | 82.40767946 |
| 2023-05-10 | 130.6447098 | 123.3650691 | 123.2098958 | 118.5140698 | 112.6902105 | 82.63099252 |
| 2023-05-11 | 130.4966208 | 123.2293118 | 123.0710736 | 118.3768316 | 112.596926 | 82.68171371 |
| 2023-05-12 | 130.4048591 | 123.157221 | 123.0119108 | 118.3327187 | 112.6030606 | 82.79587292 |
| 2023-05-13 | 130.4476715 | 123.2161797 | 123.06919 | 118.4002021 | 112.7744518 | 82.94945297 |
| 2023-05-14 | 130.4200816 | 123.1864721 | 123.038836 | 118.3655613 | 112.7279952 | 82.86666909 |
| 2023-05-15 | 130.4149368 | 123.1900436 | 123.0430912 | 118.3755715 | 112.7380055 | 82.88708155 |
| 2023-05-16 | 130.3303777 | 123.0319063 | 122.8804294 | 118.2122643 | 112.6297532 | 82.89208655 |
| 2023-05-17 | 130.1495873 | 122.8493888 | 122.7005157 | 118.031849 | 112.4598448 | 82.91491479 |
| 2023-05-18 | 129.8828866 | 122.5913376 | 122.4419264 | 117.7742075 | 112.2118569 | 82.84001813 |
| 2023-05-19 | 130.0052147 | 122.7362114 | 122.5890056 | 117.915733 | 112.3536272 | 82.84357393 |
| 2023-05-20 | 129.8790715 | 122.6423746 | 122.4945656 | 117.8300014 | 112.3127826 | 82.8957283 |
| 2023-05-21 | 130.0053677 | 122.7551157 | 122.6069186 | 117.9588522 | 112.4360333 | 82.98362902 |
| 2023-05-22 | 129.8950165 | 122.6439441 | 122.5000716 | 117.8366335 | 112.3138145 | 82.90572829 |
| 2023-05-23 | 129.7785088 | 122.5282347 | 122.3850106 | 117.7251756 | 112.246816 | 82.94920888 |
| 2023-05-24 | 129.7076559 | 122.4522672 | 122.3085693 | 117.6726775 | 112.2558298 | 83.09658752 |
| 2023-05-25 | 129.3019642 | 122.0738305 | 121.9357886 | 117.3122072 | 111.9743302 | 83.049248 |
| 2023-05-26 | 129.2854461 | 122.0298009 | 121.8924195 | 117.2702644 | 111.9494283 | 83.04799963 |
| 2023-05-27 | 129.2803663 | 122.0213356 | 121.8807427 | 117.2628576 | 111.9702038 | 83.09823954 |
| 2023-05-28 | 129.3121982 | 122.0401532 | 121.9004846 | 117.278186 | 111.9864956 | 83.08503992 |
| 2023-05-29 | 129.3645344 | 122.0917718 | 121.9498654 | 117.3260013 | 112.021765 | 83.18634277 |
| 2023-05-30 | 129.3448906 | 122.0241742 | 121.8853844 | 117.2636774 | 111.9707059 | 83.07879332 |
| 2023-05-31 | 129.2981716 | 121.9787964 | 121.8424468 | 117.2179752 | 111.9491704 | 83.13527654 |
| 2023-06-01 | 129.2425865 | 121.9135159 | 121.7811933 | 117.1567108 | 111.9435729 | 83.28168611 |
| 2023-06-02 | 129.1690453 | 121.8433133 | 121.7129201 | 117.1114795 | 111.9318113 | 83.22284522 |
| 2023-06-03 | 129.2046633 | 121.8709603 | 121.7391581 | 117.1479752 | 111.9815405 | 83.21177372 |
| 2023-06-04 | 129.1242294 | 121.7939706 | 121.6570894 | 117.0675906 | 111.9005564 | 83.13364507 |
| 2023-06-05 | 129.1801038 | 121.8535735 | 121.7039839 | 117.1100953 | 111.9378941 | 83.13864506 |
| 2023-06-06 | 129.0176705 | 121.7058473 | 121.5817063 | 116.9988628 | 111.8861122 | 83.19514306 |
| 2023-06-07 | 128.8804863 | 121.5410487 | 121.4121462 | 116.8426743 | 111.8304572 | 83.26448293 |
| 2023-06-08 | 128.7454518 | 121.3862604 | 121.2650773 | 116.697021 | 111.7779462 | 83.36086886 |
| 2023-06-09 | 128.6718741 | 121.2961076 | 121.168693 | 116.6164996 | 111.7389662 | 83.46434533 |
| 2023-06-10 | 128.1785293 | 120.9154419 | 120.7905334 | 116.2483961 | 111.4503169 | 83.32999742 |
| 2023-06-11 | 128.2945963 | 121.0506692 | 120.9434166 | 116.399466 | 111.6021496 | 83.42700772 |
| 2023-06-12 | 128.3500584 | 121.117497 | 121.0126756 | 116.466083 | 111.6632057 | 83.43201272 |
| 2023-06-13 | 128.0671441 | 120.8466202 | 120.7381495 | 116.2219428 | 111.5736053 | 83.46206741 |
| 2023-06-14 | 127.9337428 | 120.7324709 | 120.6196541 | 116.1232952 | 111.5201243 | 83.50521792 |
| 2023-06-15 | 127.7168575 | 120.5496902 | 120.4310551 | 115.9511368 | 111.4278045 | 83.53945905 |
| 2023-06-16 | 128.5215109 | 120.27101 | 120.1493876 | 115.761884 | 111.4081053 | 83.41198219 |
| 2023-06-17 | 128.7095035 | 120.4590505 | 120.3388885 | 115.9407803 | 111.6274103 | 83.49150089 |
| 2023-06-18 | 128.3717708 | 120.1180253 | 119.9983418 | 115.58324 | 111.272911 | 83.13839796 |
| 2023-06-19 | 128.3637488 | 120.1086306 | 119.9939771 | 115.5682117 | 111.2548417 | 83.12442775 |
| 2023-06-20 | 128.4816019 | 120.1538949 | 120.0360756 | 115.6195596 | 111.3061897 | 83.12342743 |
| 2023-06-21 | 129.0330472 | 120.6929064 | 120.5740194 | 116.1236683 | 111.8199904 | 83.41643593 |
| 2023-06-22 | 128.5752666 | 120.2062342 | 120.0833481 | 115.658673 | 111.3720338 | 83.13915298 |
| 2023-06-23 | 128.5557466 | 120.1153257 | 119.9947376 | 115.5507905 | 111.2853665 | 83.12053343 |
| 2023-06-24 | 128.6318655 | 120.1722378 | 120.0496374 | 115.5972893 | 111.3309224 | 83.12668906 |
| 2023-06-25 | 128.9211772 | 120.4432932 | 120.3235457 | 115.8690714 | 111.6069667 | 83.35554766 |
| 2023-06-26 | 128.6894378 | 120.2292455 | 120.1074557 | 115.6633119 | 111.392683 | 83.1686287 |
| 2023-06-27 | 128.6503776 | 120.166482 | 120.0352136 | 115.6007114 | 111.3700122 | 83.21450994 |
| 2023-06-28 | 128.7006527 | 120.2102748 | 120.0848806 | 115.670386 | 111.4517336 | 83.47230836 |
| 2023-06-29 | 128.1844129 | 119.811969 | 119.696538 | 115.3007787 | 111.1131752 | 83.21892563 |
| 2023-06-30 | 128.1351615 | 119.7081206 | 119.5876427 | 115.2087762 | 111.0558919 | 83.34377491 |
| 2023-07-01 | 127.5314051 | 119.0925594 | 118.9723944 | 114.6313653 | 110.4809173 | 83.32085901 |
| 2023-07-02 | 127.5031641 | 119.0639633 | 118.9430435 | 114.6016289 | 110.4519778 | 83.30377823 |
| 2023-07-03 | 127.5472721 | 119.1017254 | 118.9795177 | 114.6411073 | 110.4919211 | 83.30761099 |
| 2023-07-04 | 127.7335569 | 119.3595836 | 119.2340177 | 114.9042815 | 110.7562674 | 83.33187358 |
| 2023-07-05 | 127.8541902 | 119.4341899 | 119.3076427 | 114.9736738 | 110.8299403 | 83.33373407 |
| 2023-07-06 | 127.6771734 | 119.2700365 | 119.1497547 | 114.8324969 | 110.7113458 | 83.29558802 |
| 2023-07-07 | 127.2765515 | 119.0370494 | 118.9221258 | 114.6161846 | 110.5335524 | 83.28615272 |
| 2023-07-08 | 127.2769545 | 119.1175637 | 119.0016135 | 114.6945714 | 110.6273034 | 83.42110676 |
| 2023-07-09 | 127.2381832 | 119.0214032 | 118.9035482 | 114.6041765 | 110.5420607 | 83.33776898 |
| 2023-07-10 | 127.1213913 | 118.9178842 | 118.8043272 | 114.5133174 | 110.4635822 | 83.26695493 |
| 2023-07-11 | 127.0425783 | 118.8684817 | 118.7466604 | 114.4613227 | 110.4132148 | 83.3070411 |
| 2023-07-12 | 126.8842345 | 118.8102474 | 118.69165 | 114.3999076 | 110.3864189 | 83.35263401 |
| 2023-07-13 | 126.7572842 | 118.7531729 | 118.6336756 | 114.3507039 | 110.3408456 | 83.35721657 |
| 2023-07-14 | 127.0318914 | 119.0524584 | 118.9288676 | 114.6422528 | 110.6524544 | 83.49665325 |
| 2023-07-15 | 127.0386513 | 119.0853571 | 118.9589842 | 114.6785583 | 110.6919919 | 83.676596 |
| 2023-07-16 | 127.110585 | 119.1452388 | 118.9938985 | 114.7115632 | 110.7249968 | 83.70114347 |
| 2023-07-17 | 127.0605562 | 119.1016142 | 118.9188469 | 114.6382538 | 110.6477008 | 83.62852593 |
| 2023-07-18 | 126.8773862 | 118.9270714 | 118.7590323 | 114.4913172 | 110.5458734 | 83.72962932 |
| 2023-07-19 | 126.8110722 | 118.8968377 | 118.7387091 | 114.4720808 | 110.5579314 | 83.78443045 |
| 2023-07-20 | 126.5357212 | 118.678966 | 118.5175293 | 114.2599993 | 110.3625948 | 83.73030694 |
| 2023-07-21 | 126.4916865 | 118.6660858 | 118.5040876 | 114.2529833 | 110.3807163 | 83.79844691 |
| 2023-07-22 | 126.3606991 | 118.5913037 | 118.4086022 | 114.1742645 | 110.3052304 | 83.77533899 |
| 2023-07-23 | 126.3432006 | 118.6588787 | 118.4899235 | 114.2588041 | 110.3910854 | 83.86411933 |
| 2023-07-24 | 126.2324434 | 118.5701768 | 118.4034331 | 114.1709992 | 110.298096 | 83.78033899 |
| 2023-07-25 | 126.0240063 | 118.3713473 | 118.2131949 | 114.0126591 | 110.1749272 | 83.77696271 |
| 2023-07-26 | 125.9291459 | 118.2754152 | 118.1161445 | 113.9228964 | 110.1111772 | 83.78914604 |
| 2023-07-27 | 125.8920141 | 118.2319617 | 118.0793136 | 113.8935691 | 110.112031 | 83.87872331 |
| 2023-07-28 | 125.7380519 | 118.1225472 | 117.9706011 | 113.7951655 | 110.0481282 | 83.79615553 |
| 2023-07-29 | 125.5806367 | 118.0523791 | 117.8973836 | 113.7438492 | 110.0280194 | 83.8038364 |
| 2023-07-30 | 125.8197519 | 118.0385381 | 117.885516 | 113.7372738 | 110.0262103 | 83.77433745 |
| 2023-07-31 | 125.6956268 | 118.0791698 | 117.9280771 | 113.7744778 | 110.0586479 | 83.79728574 |
| 2023-08-01 | 125.6222983 | 118.0538291 | 117.9089306 | 113.7370873 | 110.0620878 | 83.86666832 |
| 2023-08-02 | 125.4057694 | 117.7686035 | 117.6247732 | 113.5095509 | 109.8721631 | 83.8571715 |
| 2023-08-03 | 125.2406103 | 117.5306709 | 117.3746016 | 113.2942151 | 109.7460621 | 83.85545464 |
| 2023-08-04 | 124.9790112 | 117.3088408 | 117.1607704 | 113.107326 | 109.6003762 | 83.83515658 |
| 2023-08-05 | 124.7001316 | 117.0397359 | 116.8959262 | 112.8620313 | 109.4309841 | 83.74262511 |
| 2023-08-06 | 124.7358806 | 117.0737354 | 116.926224 | 112.893352 | 109.4688321 | 83.79203143 |
| 2023-08-07 | 124.7140044 | 117.0098514 | 116.860971 | 112.8302064 | 109.4087891 | 83.73432082 |
| 2023-08-08 | 124.5823605 | 116.8361441 | 116.6832174 | 112.6595292 | 109.2590573 | 83.45289935 |
| 2023-08-09 | 124.8016653 | 117.0373836 | 116.8871097 | 112.8400969 | 109.4340608 | 83.47765237 |
| 2023-08-10 | 124.7194384 | 116.9307128 | 116.7803358 | 112.7337906 | 109.3345529 | 83.38937385 |
| 2023-08-11 | 124.4610596 | 116.7058728 | 116.5572857 | 112.5527577 | 109.1667037 | 83.35947402 |
| 2023-08-12 | 124.354678 | 116.5950144 | 116.450991 | 112.4831041 | 109.104302 | 83.32194834 |
| 2023-08-13 | 124.467077 | 116.6988309 | 116.5518423 | 112.5447001 | 109.1658134 | 83.34287872 |
| 2023-08-14 | 124.4969261 | 116.7390484 | 116.5934655 | 112.6003207 | 109.2223599 | 83.34329566 |
| 2023-08-15 | 124.0513017 | 116.4636902 | 116.3140501 | 112.3498395 | 108.9860663 | 83.32834348 |
| 2023-08-16 | 123.7433363 | 116.1872725 | 116.048004 | 112.1206912 | 108.7761664 | 83.08212107 |
| 2023-08-17 | 123.4194182 | 115.8869495 | 115.758953 | 111.8388428 | 108.525415 | 82.82099516 |
| 2023-08-18 | 123.3888703 | 115.8723549 | 115.7536087 | 111.8201845 | 108.5242911 | 82.74028653 |
| 2023-08-19 | 123.0371469 | 115.5197255 | 115.4009567 | 111.469885 | 108.2199381 | 82.78865722 |
| 2023-08-20 | 123.261911 | 115.7217717 | 115.5960699 | 111.6677118 | 108.4177649 | 82.74774236 |
| 2023-08-21 | 123.3965225 | 115.846267 | 115.7156084 | 111.7462815 | 108.4982781 | 82.82360878 |
| 2023-08-22 | 124.4537459 | 116.9020809 | 116.7736033 | 111.6915201 | 108.4725451 | 82.82609769 |
| 2023-08-23 | 124.343924 | 116.7995809 | 116.6747632 | 111.5929991 | 108.3918623 | 82.81520956 |
| 2023-08-24 | 124.3900075 | 116.8965046 | 116.768234 | 111.7052503 | 108.5051124 | 82.79871722 |
| 2023-08-25 | 124.4478642 | 116.7923256 | 116.6695762 | 111.5608378 | 108.3827379 | 82.82625827 |
| 2023-08-26 | 124.4916046 | 116.825875 | 116.7035471 | 111.5989976 | 108.4459331 | 82.8100065 |
| 2023-08-27 | 124.5039742 | 116.839076 | 116.7164023 | 111.5820239 | 108.4296531 | 82.75119811 |
| 2023-08-28 | 124.6162349 | 116.9389833 | 116.8172422 | 111.6675985 | 108.5145341 | 82.77397601 |
| 2023-08-29 | 124.674859 | 116.9133335 | 116.7910609 | 111.636428 | 108.5151203 | 82.781936 |
| 2023-08-30 | 125.1160277 | 117.1076763 | 116.9831109 | 111.7894554 | 108.6773964 | 82.8367055 |
| 2023-08-31 | 125.240573 | 117.0495512 | 116.9270885 | 111.7267256 | 108.6496964 | 82.82606835 |
| 2023-09-01 | 125.2464419 | 116.9741416 | 116.8558875 | 111.6439998 | 108.6628859 | 82.76528189 |
| 2023-09-02 | 125.2356365 | 116.9651178 | 116.8500264 | 111.6434473 | 108.7447818 | 82.8612967 |
| 2023-09-03 | 125.2315193 | 116.9578663 | 116.8405135 | 111.619981 | 108.7479667 | 82.87729201 |
| 2023-09-04 | 125.2654218 | 116.9967221 | 116.8814438 | 111.6459367 | 108.7938855 | 82.87729201 |
| 2023-09-05 | 125.0104073 | 116.7823512 | 116.6634312 | 111.4416087 | 108.5914883 | 82.84849352 |
| 2023-09-06 | 124.5492608 | 116.5575581 | 116.4416771 | 111.2232108 | 108.4713878 | 82.87965224 |
| 2023-09-07 | 124.3638 | 116.4954283 | 116.3785076 | 111.1316517 | 108.4454667 | 82.86551371 |
| 2023-09-08 | 124.1387005 | 116.255099 | 116.1382225 | 110.8974242 | 108.2671153 | 82.82176482 |
| 2023-09-09 | 124.2648148 | 116.4811639 | 116.3635453 | 111.1097452 | 108.5113301 | 82.96158434 |
| 2023-09-10 | 124.3450511 | 116.5462566 | 116.4193138 | 111.1588717 | 108.5617728 | 82.98141976 |
| 2023-09-11 | 124.5111166 | 116.724444 | 116.6006267 | 111.3053018 | 108.7165867 | 83.07636417 |
| 2023-09-12 | 124.2680172 | 116.5042249 | 116.3869062 | 111.0866189 | 108.5406098 | 82.97730393 |
| 2023-09-13 | 124.4165924 | 116.6656882 | 116.5469282 | 111.2390264 | 108.7022698 | 83.00154969 |
| 2023-09-14 | 124.4311271 | 116.6849325 | 116.5661735 | 111.2380302 | 108.7159712 | 83.00653545 |
| 2023-09-15 | 124.4023276 | 116.6667955 | 116.5470675 | 111.1923337 | 108.6875167 | 83.01904824 |
| 2023-09-16 | 124.2797651 | 116.5960559 | 116.4713212 | 111.1006504 | 108.6082946 | 83.01904824 |
| 2023-09-17 | 124.3762251 | 116.6890752 | 116.5672412 | 111.1757309 | 108.6813771 | 83.01904824 |
| 2023-09-18 | 124.3983427 | 116.7100298 | 116.5899411 | 111.1665228 | 108.6696747 | 83.01904824 |
| 2023-09-19 | 124.3428337 | 116.6603746 | 116.5382255 | 111.1291723 | 108.6557966 | 83.04150869 |
| 2023-09-20 | 124.4580623 | 116.7791674 | 116.6565087 | 111.2447556 | 108.7835672 | 83.2226411 |
| 2023-09-21 | 124.4428274 | 116.6145681 | 116.4934268 | 111.0726611 | 108.6327585 | 83.1602403 |
| 2023-09-22 | 124.3686506 | 116.3027903 | 116.1815543 | 110.7592073 | 108.3537883 | 83.07667655 |
| 2023-09-23 | 124.4516127 | 116.3777986 | 116.256065 | 110.8181854 | 108.431126 | 83.1784837 |
| 2023-09-24 | 124.4685409 | 116.4032572 | 116.277585 | 110.8227471 | 108.4380724 | 83.18086647 |
| 2023-09-25 | 124.5105478 | 116.4455008 | 116.3228424 | 110.8597598 | 108.4784928 | 83.18086647 |
| 2023-09-26 | 124.2914825 | 116.2323977 | 116.1091145 | 110.6490822 | 108.3020974 | 83.18500808 |
| 2023-09-27 | 124.184186 | 116.1619802 | 116.0373504 | 110.5824852 | 108.2746671 | 83.20293386 |
| 2023-09-28 | 124.1161235 | 116.0809713 | 115.9490576 | 110.4897396 | 108.2138057 | 83.24834076 |
| 2023-09-29 | 124.3505924 | 116.2562756 | 116.1277274 | 110.6517294 | 108.3831584 | 83.25369841 |
| 2023-09-30 | 123.9027624 | 115.7493371 | 115.6239492 | 110.1401942 | 107.8776557 | 83.16075411 |
| 2023-10-01 | 124.0184328 | 115.8727914 | 115.7467962 | 110.2683905 | 108.005852 | 83.23217268 |
| 2023-10-02 | 124.0677869 | 115.9018027 | 115.7746084 | 110.2837779 | 108.0212982 | 83.2201061 |
| 2023-10-03 | 124.2361092 | 116.1324479 | 116.0097386 | 110.5191305 | 108.256592 | 83.31798671 |
| 2023-10-04 | 124.0803326 | 115.9766541 | 115.8579056 | 110.3873238 | 108.1388532 | 83.34221774 |
| 2023-10-05 | 123.9615015 | 115.8701416 | 115.7513642 | 110.2840872 | 108.0423509 | 83.34402214 |
| 2023-10-06 | 124.1414229 | 116.0250757 | 115.9077368 | 110.4367329 | 108.2016832 | 83.46304986 |
| 2023-10-07 | 124.3986258 | 116.3220313 | 116.204455 | 110.7299507 | 108.5086808 | 83.49647991 |
| 2023-10-08 | 124.386388 | 116.287179 | 116.170451 | 110.6839357 | 108.4670994 | 83.45156684 |
| 2023-10-09 | 124.4502314 | 116.3606947 | 116.2445388 | 110.7571576 | 108.5403213 | 83.53501841 |
| 2023-10-10 | 124.5031535 | 116.4093518 | 116.2994058 | 110.7873251 | 108.5796734 | 83.55554113 |
| 2023-10-11 | 124.1996912 | 116.1093499 | 115.9985968 | 110.5006649 | 108.3529172 | 83.47517484 |
| 2023-10-12 | 123.9639486 | 115.9370651 | 115.8283053 | 110.3467305 | 108.1989828 | 83.48945259 |
| 2023-10-13 | 123.7479056 | 115.7469318 | 115.6390205 | 110.1902129 | 108.0493115 | 83.4448833 |
| 2023-10-14 | 123.7472245 | 115.7510015 | 115.641511 | 110.1850013 | 108.0583091 | 83.4934434 |
| 2023-10-15 | 123.7993753 | 115.8117941 | 115.7028193 | 110.2292509 | 108.1025587 | 83.50112578 |
| 2023-10-16 | 123.8821006 | 115.8900189 | 115.7779003 | 110.2981278 | 108.1714356 | 83.50320495 |
| 2023-10-17 | 123.9481857 | 115.9349525 | 115.8207893 | 110.354034 | 108.2431208 | 83.50223608 |
| 2023-10-18 | 124.135267 | 116.1163891 | 116.0066415 | 110.5280864 | 108.4150624 | 83.658559 |
| 2023-10-19 | 124.3530733 | 116.3305296 | 116.22234 | 110.7426717 | 108.6375053 | 83.8757997 |
| 2023-10-20 | 124.943917 | 116.4810732 | 116.3761824 | 110.8620041 | 108.7676339 | 83.90258146 |
| 2023-10-21 | 124.8468767 | 116.8726335 | 116.7642666 | 111.2257823 | 109.1263839 | 84.21438945 |
| 2023-10-22 | 124.8225347 | 116.8312983 | 116.7199646 | 111.1692057 | 109.06771 | 84.13135967 |
| 2023-10-23 | 124.8009534 | 116.7973898 | 116.6821067 | 111.1351963 | 109.0423876 | 84.14235967 |
| 2023-10-24 | 125.0938435 | 117.0491045 | 116.9344449 | 111.4180504 | 109.3207493 | 84.43265036 |
| 2023-10-25 | 124.3298302 | 116.3151544 | 116.2016766 | 110.7219465 | 108.6430936 | 84.18082837 |
| 2023-10-26 | 124.7389129 | 116.7158702 | 116.5935844 | 111.1163351 | 109.0332641 | 84.45305459 |
| 2023-10-27 | 124.7288235 | 116.7129455 | 116.5948026 | 111.1021847 | 109.0369596 | 84.48765572 |
| 2023-10-28 | 124.4546662 | 116.5412755 | 116.4245025 | 110.955837 | 108.895979 | 84.51523811 |
| 2023-10-29 | 124.4707622 | 116.5478638 | 116.4281595 | 110.991091 | 108.9291752 | 84.51523811 |
| 2023-10-30 | 124.5930911 | 116.6710635 | 116.5513984 | 111.1182234 | 109.0563076 | 84.59975335 |
| 2023-10-31 | 124.4046035 | 116.4677907 | 116.3483656 | 111.0055445 | 108.9778317 | 84.64916311 |
| 2023-11-01 | 124.2946505 | 116.3425756 | 116.2278205 | 110.9425141 | 108.9351972 | 84.76704658 |
| 2023-11-02 | 124.5638965 | 116.5731999 | 116.4562153 | 111.1196465 | 109.1196686 | 84.93431245 |
| 2023-11-03 | 124.4478128 | 116.3631633 | 116.2488672 | 110.928416 | 108.9810078 | 85.1375972 |
| 2023-11-04 | 124.8227958 | 116.6516531 | 116.539956 | 111.2104254 | 109.3105038 | 85.41521403 |
| 2023-11-05 | 124.9777358 | 116.7670773 | 116.6540489 | 111.3096537 | 109.4078322 | 85.42522403 |
| 2023-11-06 | 125.0441427 | 116.819903 | 116.7060362 | 111.3565101 | 109.4565885 | 85.45335213 |
| 2023-11-07 | 125.0873312 | 116.8586114 | 116.7432508 | 111.4223097 | 109.5275158 | 85.71210969 |
| 2023-11-08 | 125.4257327 | 117.1948132 | 117.0807302 | 111.7711801 | 109.8855456 | 86.14526707 |
| 2023-11-09 | 125.3821607 | 117.1427322 | 117.0255869 | 111.7425197 | 109.8546762 | 86.23608916 |
| 2023-11-10 | 125.5147164 | 117.2560787 | 117.1373194 | 111.8628593 | 109.9768774 | 86.48937473 |
| 2023-11-11 | 125.8495838 | 117.5637615 | 117.3982373 | 112.1423067 | 110.2565172 | 86.73844241 |
| 2023-11-12 | 125.8762698 | 117.6174991 | 117.483408 | 112.2066284 | 110.3287418 | 86.75724192 |
| 2023-11-13 | 125.8957349 | 117.6190634 | 117.4784799 | 112.2177277 | 110.3374953 | 86.7547128 |
| 2023-11-14 | 126.0448919 | 117.7765779 | 117.6470524 | 112.3934911 | 110.5330569 | 87.13644921 |
| 2023-11-15 | 125.9004377 | 117.6368711 | 117.5075144 | 112.2814695 | 110.4305459 | 87.25899582 |
| 2023-11-16 | 126.2389564 | 117.9870932 | 117.8493311 | 112.6369026 | 110.7913053 | 87.36434895 |
| 2023-11-17 | 126.5654367 | 118.3078606 | 118.175666 | 112.9630927 | 111.1201131 | 87.58952606 |
| 2023-11-18 | 126.748947 | 118.5305313 | 118.4011759 | 113.2070272 | 111.3991203 | 87.65040869 |
| 2023-11-19 | 126.9098744 | 118.6670011 | 118.5390019 | 113.3345953 | 111.5237692 | 87.7533744 |
| 2023-11-20 | 126.8972256 | 118.6541581 | 118.5247029 | 113.2946618 | 111.490516 | 87.68828369 |
| 2023-11-21 | 127.3660276 | 119.1207524 | 118.9907109 | 113.7673845 | 111.9649079 | 88.08721378 |
| 2023-11-22 | 127.4466215 | 119.2173962 | 119.0932779 | 113.8517666 | 112.0698244 | 88.36905884 |
| 2023-11-23 | 127.4796962 | 119.2845517 | 119.1535625 | 113.9290609 | 112.177872 | 88.43882771 |
| 2023-11-24 | 127.4658316 | 119.3623731 | 119.2332533 | 113.9989969 | 112.2413586 | 88.48699007 |
| 2023-11-25 | 128.0990741 | 119.9156966 | 119.7849047 | 114.5183829 | 112.7749994 | 88.77213426 |
| 2023-11-26 | 128.0984625 | 119.9247345 | 119.7750808 | 114.4957609 | 112.7523478 | 88.78965176 |
| 2023-11-27 | 128.344339 | 120.1498256 | 119.7244066 | 114.4454166 | 112.7002601 | 88.7559508 |
| 2023-11-28 | 128.1807991 | 120.0020973 | 119.5788206 | 114.311349 | 112.6018054 | 88.89722419 |
| 2023-11-29 | 128.4635009 | 120.3552931 | 119.9447417 | 114.6708742 | 112.976888 | 89.14088587 |
| 2023-11-30 | 128.6583147 | 120.6089827 | 120.0831626 | 114.8193277 | 113.1290183 | 89.34310533 |
| 2023-12-01 | 128.7427738 | 120.5852423 | 120.0716593 | 114.7940302 | 113.125039 | 89.31708045 |
| 2023-12-02 | 128.9179425 | 120.7624754 | 120.2350127 | 114.9665513 | 113.3056118 | 89.4991741 |
| 2023-12-03 | 128.9768995 | 120.8245212 | 120.3035581 | 115.0482228 | 113.3920416 | 89.5691241 |
| 2023-12-04 | 129.1891871 | 121.0332125 | 120.4202557 | 115.1391133 | 113.4838645 | 89.70934382 |
| 2023-12-05 | 128.9416671 | 120.8779292 | 120.3217515 | 115.0386741 | 113.4147531 | 89.77196568 |
| 2023-12-06 | 129.1703155 | 120.9979422 | 120.4894807 | 115.2097168 | 113.6074938 | 90.09580531 |
| 2023-12-07 | 129.1428126 | 120.9597406 | 120.5061598 | 115.188629 | 113.6050197 | 90.040209 |
| 2023-12-08 | 129.109399 | 121.1348961 | 120.7115759 | 115.39325 | 113.8517861 | 90.22800044 |
| 2023-12-09 | 129.3113423 | 121.3469298 | 120.9070938 | 115.565668 | 114.0565534 | 90.3077679 |
| 2023-12-10 | 129.5968431 | 121.6274721 | 121.2261231 | 115.8715113 | 114.3623347 | 90.5615691 |
| 2023-12-11 | 129.6442863 | 121.6578852 | 121.1766014 | 115.8103899 | 114.3018157 | 90.5010949 |
| 2023-12-12 | 129.3742146 | 121.4473053 | 121.040948 | 115.7179211 | 114.2403368 | 90.78801189 |
| 2023-12-13 | 128.7611415 | 120.8716818 | 120.4804021 | 115.2626769 | 113.793879 | 90.5280566 |
| 2023-12-14 | 129.191798 | 120.9857125 | 120.5867036 | 115.3962912 | 114.131168 | 90.5653378 |
| 2023-12-15 | 129.4657244 | 121.2719152 | 120.8742912 | 115.6847403 | 114.4248503 | 90.75057581 |
| 2023-12-16 | 129.6756313 | 121.2040859 | 120.8395181 | 115.6631732 | 114.4783979 | 90.75784853 |
| 2023-12-17 | 129.8331518 | 121.3458792 | 120.9809793 | 115.7705414 | 114.5775182 | 90.81401524 |
| 2023-12-18 | 129.8061035 | 121.3284404 | 120.9754625 | 115.7624203 | 114.5556413 | 90.78902196 |
| 2023-12-19 | 129.73256 | 121.3174538 | 120.9904381 | 115.7686747 | 114.5706408 | 90.70633737 |
| 2023-12-20 | 130.193934 | 121.5638907 | 121.2241296 | 116.001838 | 114.9818262 | 90.85219504 |
| 2023-12-21 | 130.5340704 | 121.8062919 | 121.4757359 | 116.2503932 | 115.2294034 | 90.9974784 |
| 2023-12-22 | 130.5343693 | 121.7888632 | 121.4452334 | 116.2211229 | 115.2052126 | 91.0426748 |
| 2023-12-23 | 130.9130219 | 122.2080296 | 121.8313437 | 116.5920555 | 115.5756195 | 91.16613436 |
| 2023-12-24 | 131.0632111 | 122.4170369 | 122.0590323 | 116.7901983 | 115.7747778 | 91.32416729 |
| 2023-12-25 | 130.9761698 | 122.3060196 | 121.974237 | 116.7128828 | 115.6954314 | 91.27645528 |
| 2023-12-26 | 130.9514099 | 122.2772327 | 121.9316957 | 116.6883036 | 115.6718676 | 91.2980652 |
| 2023-12-27 | 130.6216542 | 121.9484955 | 121.6229804 | 116.3980283 | 115.3789435 | 91.31553413 |
| 2023-12-28 | 131.0886852 | 122.3722099 | 122.0368597 | 116.8108676 | 115.789832 | 91.51844211 |
| 2023-12-29 | 130.8853666 | 122.2161845 | 121.9009507 | 116.7059659 | 115.6943914 | 91.49767742 |
| 2023-12-30 | 130.9795705 | 122.3874355 | 122.0731585 | 116.8743964 | 115.8553887 | 91.7433801 |
| 2023-12-31 | 130.9069532 | 122.3160156 | 121.9762381 | 116.7945963 | 115.7834395 | 91.76877046 |
| 2024-01-01 | 130.6214299 | 122.0291691 | 121.7096784 | 116.5453781 | 115.5294123 | 91.66591856 |
| 2024-01-02 | 131.1543461 | 122.5228144 | 122.1944845 | 116.9984189 | 115.9794112 | 91.95717375 |
| 2024-01-03 | 131.2772766 | 122.6635019 | 122.3452975 | 117.1326853 | 116.1226276 | 92.02011711 |
| 2024-01-04 | 131.7612584 | 123.0662509 | 122.8021317 | 117.5796832 | 116.5662694 | 92.35652636 |
| 2024-01-05 | 132.484838 | 123.7472822 | 123.4568181 | 118.2287083 | 117.2262925 | 92.8732247 |
| 2024-01-06 | 132.8790584 | 124.2847588 | 124.0129244 | 118.8119303 | 117.8649901 | 93.32040132 |
| 2024-01-07 | 133.2479078 | 124.6156719 | 124.3523894 | 119.1535112 | 118.22421 | 93.62152932 |
| 2024-01-08 | 133.1488881 | 124.5611395 | 124.3240809 | 119.1299074 | 118.1978211 | 93.58514532 |
| 2024-01-09 | 133.4457587 | 124.797809 | 124.5437791 | 119.3199907 | 118.5443384 | 94.05745678 |
| 2024-01-10 | 133.4159882 | 124.6494443 | 124.4047347 | 119.1741204 | 118.5488944 | 94.2286367 |
| 2024-01-11 | 133.8915804 | 125.1965286 | 124.9424988 | 119.7110578 | 119.0826802 | 94.68583413 |
| 2024-01-12 | 134.2385499 | 125.4688635 | 125.1886001 | 119.9514308 | 119.3768283 | 94.98032957 |
| 2024-01-13 | 134.1304524 | 125.3914223 | 125.1294057 | 119.9514308 | 119.3923131 | 94.94221125 |
| 2024-01-14 | 134.2173776 | 125.4742191 | 125.2017776 | 120.026312 | 119.4898377 | 94.95911822 |
| 2024-01-15 | 134.3728802 | 125.5892214 | 125.3253169 | 120.1822418 | 119.6465243 | 95.0779419 |
| 2024-01-16 | 134.0624465 | 125.4960374 | 125.223032 | 120.0844873 | 119.5594254 | 95.01453579 |
| 2024-01-17 | 134.048988 | 125.4283112 | 125.1472351 | 120.0139615 | 119.5976312 | 95.06894328 |
| 2024-01-18 | 134.0840989 | 125.4191436 | 125.1287358 | 120.0024173 | 119.7977137 | 95.04019458 |
| 2024-01-19 | 133.4215924 | 125.1387385 | 124.8570342 | 119.7470779 | 119.5965891 | 94.92442334 |
| 2024-01-20 | 133.5359446 | 125.0380113 | 124.7716459 | 119.6632519 | 119.5636217 | 94.90701192 |
| 2024-01-21 | 133.6153289 | 125.0754221 | 124.814584 | 119.7072758 | 119.6076456 | 94.84572275 |
| 2024-01-22 | 133.6342896 | 125.0322234 | 124.7740315 | 119.6752197 | 119.5757884 | 94.79105494 |
| 2024-01-23 | 133.7854531 | 125.0099762 | 124.7724109 | 119.6885317 | 119.5893386 | 94.86502611 |
| 2024-01-24 | 134.5718389 | 125.8599945 | 125.6291103 | 120.5197697 | 120.4201395 | 95.65950814 |
| 2024-01-25 | 134.4161978 | 125.7850385 | 125.5475525 | 120.4257339 | 120.3263025 | 95.51222846 |
| 2024-01-26 | 134.602473 | 126.0097822 | 125.775508 | 120.6246327 | 120.5252316 | 95.5435817 |
| 2024-01-27 | 134.8408397 | 126.5183847 | 126.2694526 | 121.1065564 | 121.0072406 | 95.96721871 |
| 2024-01-28 | 134.9244016 | 126.5834876 | 126.3236247 | 121.170667 | 121.0713739 | 95.96909999 |
| 2024-01-29 | 134.9816661 | 126.6230656 | 126.3668735 | 121.2131259 | 121.1136945 | 96.01970404 |
| 2024-01-30 | 135.3069592 | 126.9472358 | 126.6887784 | 121.5395659 | 121.4400351 | 96.04009547 |
| 2024-01-31 | 135.1103254 | 126.9519678 | 126.7026517 | 121.8170988 | 121.7178974 | 96.14051211 |
| 2024-02-01 | 135.1346206 | 126.9562552 | 126.7185138 | 121.8996067 | 121.8004945 | 96.00023443 |
| 2024-02-02 | 135.5044545 | 127.2947975 | 127.0579479 | 122.2375563 | 122.1378267 | 96.30514741 |
| 2024-02-03 | 135.4794658 | 127.2562975 | 127.0182661 | 122.1996587 | 122.1002644 | 96.20249429 |
| 2024-02-04 | 135.4556865 | 127.2535953 | 126.9975174 | 122.1802708 | 122.0810033 | 96.13523758 |
| 2024-02-05 | 135.520729 | 127.3101689 | 127.0656068 | 122.2495184 | 122.1502695 | 96.18186912 |
| 2024-02-06 | 135.3685976 | 127.1688678 | 126.9210984 | 122.1246052 | 122.0253167 | 96.06484928 |
| 2024-02-07 | 135.7080536 | 127.5120467 | 127.2663008 | 122.4505339 | 122.3512534 | 96.08091839 |
| 2024-02-08 | 136.0359094 | 127.8800596 | 127.6268911 | 122.8101592 | 122.7106284 | 96.269429 |
| 2024-02-09 | 136.332475 | 128.0439602 | 127.7917271 | 122.9873535 | 122.9025885 | 96.28957176 |
| 2024-02-10 | 136.5632407 | 128.1616419 | 127.9027637 | 123.0825716 | 122.9979757 | 96.20837838 |
| 2024-02-11 | 136.8362213 | 128.4367908 | 128.174088 | 123.3366874 | 123.2521759 | 96.42520726 |
| 2024-02-12 | 137.0629828 | 128.5887273 | 128.3305779 | 123.4743226 | 123.3891351 | 96.55872064 |
| 2024-02-13 | 136.6609459 | 128.4606911 | 128.1993338 | 123.3799493 | 123.2950153 | 96.63777043 |
| 2024-02-14 | 136.8385786 | 128.6247637 | 128.3684989 | 123.561168 | 123.4767849 | 96.78775838 |
| 2024-02-15 | 137.8168169 | 129.5318366 | 129.2616034 | 124.4408822 | 124.3556102 | 97.33624792 |
| 2024-02-16 | 137.7098511 | 129.4725736 | 129.1425854 | 124.314786 | 124.230021 | 97.30486893 |
| 2024-02-17 | 138.0508801 | 129.8008784 | 129.4869782 | 124.6650946 | 124.5803296 | 97.6346476 |
| 2024-02-18 | 138.2350957 | 129.9712666 | 129.6613343 | 124.8195474 | 124.7346979 | 97.7421741 |
| 2024-02-19 | 138.128496 | 129.8308517 | 129.5209324 | 124.6721458 | 124.5873808 | 97.66426035 |
| 2024-02-20 | 138.1518451 | 129.8284468 | 129.5029264 | 124.6070937 | 124.5225823 | 97.666842 |
| 2024-02-21 | 138.2296903 | 129.8533112 | 129.5493543 | 124.6912636 | 124.6067521 | 97.78771186 |
| 2024-02-22 | 138.252123 | 129.7967608 | 129.4986083 | 124.6464991 | 124.5619031 | 97.71263214 |
| 2024-02-23 | 138.6084711 | 129.8420809 | 129.5494649 | 124.7161752 | 124.6313257 | 97.75116757 |
| 2024-02-24 | 139.2694382 | 130.1093368 | 129.8036748 | 124.9507774 | 124.8659279 | 97.89785776 |
| 2024-02-25 | 139.0377174 | 130.0648693 | 129.7502247 | 124.8930366 | 124.8084406 | 97.8367695 |
| 2024-02-26 | 139.2160846 | 130.2199781 | 129.8483116 | 124.9764069 | 124.8917264 | 97.88894875 |
| 2024-02-27 | 139.6144261 | 130.5842324 | 130.2608143 | 125.3694649 | 125.2848689 | 98.07646675 |
| 2024-02-28 | 140.1916175 | 130.912122 | 130.588972 | 125.6860939 | 125.6013289 | 98.37806019 |
| 2024-02-29 | 140.6744819 | 131.2707088 | 130.9388465 | 126.0272169 | 125.9429149 | 98.65437683 |
| 2024-03-01 | 141.1280018 | 131.8336534 | 131.5163204 | 126.5850933 | 126.5002438 | 98.9329847 |
| 2024-03-02 | 141.5794826 | 132.3406839 | 132.0081101 | 127.0587856 | 126.9739361 | 99.27263372 |
| 2024-03-03 | 141.6943876 | 132.4113759 | 132.0573191 | 127.1399713 | 127.055463 | 99.42226026 |
| 2024-03-04 | 142.0302902 | 132.7394314 | 132.4060139 | 127.4686778 | 127.3839973 | 99.72490185 |
| 2024-03-05 | 142.1613424 | 132.9764215 | 132.6535929 | 127.7776166 | 127.6932575 | 100.238895 |
| 2024-03-06 | 142.4162823 | 133.1258721 | 132.7951979 | 128.0803153 | 127.9958404 | 100.5348358 |
| 2024-03-07 | 142.6373355 | 133.4527775 | 133.1313913 | 128.3502832 | 128.2658278 | 100.6225119 |
| 2024-03-08 | 142.9408053 | 133.9207083 | 133.5950648 | 129.2110478 | 129.1260293 | 101.2414171 |
| 2024-03-09 | 144.2220378 | 134.976923 | 134.6552335 | 130.3132678 | 130.2283338 | 101.7896287 |
| 2024-03-10 | 144.5155128 | 135.2383143 | 134.9155517 | 130.5755285 | 130.4903409 | 102.0163813 |
| 2024-03-11 | 144.6399228 | 135.4651154 | 135.1572235 | 130.6473973 | 130.5620407 | 102.0122558 |
| 2024-03-12 | 145.3943226 | 136.2104688 | 135.8909853 | 131.3869186 | 131.3006324 | 102.3671412 |
| 2024-03-13 | 145.6425282 | 136.5999544 | 136.2797362 | 131.7787504 | 131.6926332 | 102.7596398 |
| 2024-03-14 | 146.6514747 | 137.410401 | 137.0951917 | 132.572147 | 132.4841706 | 103.2272742 |
| 2024-03-15 | 146.9198926 | 137.5148269 | 137.2034965 | 132.6646031 | 132.5777253 | 103.4630828 |
| 2024-03-16 | 146.6626743 | 137.8451626 | 137.5620098 | 132.9493465 | 132.8621306 | 103.5146935 |
| 2024-03-17 | 146.7676003 | 137.9651863 | 137.7055464 | 133.0466863 | 132.9615833 | 103.5064804 |
| 2024-03-18 | 146.4372587 | 137.6370598 | 137.3754158 | 132.7600158 | 132.6758372 | 103.3688538 |
| 2024-03-19 | 147.2567244 | 138.2901733 | 138.0425189 | 133.3683742 | 133.2837782 | 103.656756 |
| 2024-03-20 | 147.4918242 | 138.8984023 | 138.6696037 | 134.0316255 | 133.9472131 | 104.0789476 |
| 2024-03-21 | 146.9964713 | 138.6667039 | 138.4213593 | 133.8277932 | 133.7434198 | 103.8921524 |
| 2024-03-22 | 147.799462 | 139.434239 | 139.1819015 | 134.5568404 | 134.4720754 | 104.1461526 |
| 2024-03-23 | 147.8902398 | 139.5086029 | 139.2577647 | 134.5559814 | 134.4713854 | 103.950512 |
| 2024-03-24 | 148.2363396 | 139.801966 | 139.5402222 | 134.763836 | 134.6791555 | 104.1015056 |
| 2024-03-25 | 148.5611636 | 140.0570374 | 139.7834896 | 135.0585241 | 134.9740126 | 104.2364556 |
Note: The key identifies series in order from top to bottom.
Source: Llama Corp, DeFiLlama.
Figure 4.6. Corporate bonds held by bond mutual funds remained stable in the second half of 2023
Billions of dollars (real)
| Date | Corporate bonds |
|---|---|
| 2000 Q1 | 389.8706164 |
| 2000 Q2 | 386.0006558 |
| 2000 Q3 | 370.6100645 |
| 2000 Q4 | 338.6399312 |
| 2001 Q1 | 346.8520233 |
| 2001 Q2 | 350.0228897 |
| 2001 Q3 | 345.9193982 |
| 2001 Q4 | 427.061778 |
| 2002 Q1 | 437.9606012 |
| 2002 Q2 | 486.7708085 |
| 2002 Q3 | 469.9963011 |
| 2002 Q4 | 470.7201022 |
| 2003 Q1 | 475.7678595 |
| 2003 Q2 | 523.793517 |
| 2003 Q3 | 528.8314338 |
| 2003 Q4 | 519.7791669 |
| 2004 Q1 | 563.8830092 |
| 2004 Q2 | 485.9768258 |
| 2004 Q3 | 487.2893858 |
| 2004 Q4 | 499.0823353 |
| 2005 Q1 | 473.1109252 |
| 2005 Q2 | 476.4692308 |
| 2005 Q3 | 441.7913265 |
| 2005 Q4 | 441.2692304 |
| 2006 Q1 | 453.9094548 |
| 2006 Q2 | 437.7102057 |
| 2006 Q3 | 438.9150027 |
| 2006 Q4 | 462.4091195 |
| 2007 Q1 | 467.9118288 |
| 2007 Q2 | 458.0678993 |
| 2007 Q3 | 444.8699162 |
| 2007 Q4 | 432.8614344 |
| 2008 Q1 | 421.7342279 |
| 2008 Q2 | 444.9834397 |
| 2008 Q3 | 409.6334724 |
| 2008 Q4 | 377.8773301 |
| 2009 Q1 | 398.6993971 |
| 2009 Q2 | 466.4459665 |
| 2009 Q3 | 524.938059 |
| 2009 Q4 | 599.4509881 |
| 2010 Q1 | 691.2747326 |
| 2010 Q2 | 697.9892745 |
| 2010 Q3 | 782.0829507 |
| 2010 Q4 | 897.4747774 |
| 2011 Q1 | 939.6548958 |
| 2011 Q2 | 942.4035211 |
| 2011 Q3 | 855.5395713 |
| 2011 Q4 | 891.8279756 |
| 2012 Q1 | 987.8044775 |
| 2012 Q2 | 1008.511677 |
| 2012 Q3 | 1104.247804 |
| 2012 Q4 | 1169.463697 |
| 2013 Q1 | 1199.674278 |
| 2013 Q2 | 1210.574663 |
| 2013 Q3 | 1238.217946 |
| 2013 Q4 | 1283.996141 |
| 2014 Q1 | 1325.847878 |
| 2014 Q2 | 1360.988529 |
| 2014 Q3 | 1344.176588 |
| 2014 Q4 | 1375.258431 |
| 2015 Q1 | 1429.352574 |
| 2015 Q2 | 1417.527167 |
| 2015 Q3 | 1401.135585 |
| 2015 Q4 | 1327.139775 |
| 2016 Q1 | 1382.13407 |
| 2016 Q2 | 1414.846288 |
| 2016 Q3 | 1452.865449 |
| 2016 Q4 | 1408.147596 |
| 2017 Q1 | 1447.415808 |
| 2017 Q2 | 1447.711506 |
| 2017 Q3 | 1452.040525 |
| 2017 Q4 | 1414.06858 |
| 2018 Q1 | 1391.417766 |
| 2018 Q2 | 1381.675969 |
| 2018 Q3 | 1432.193391 |
| 2018 Q4 | 1339.471035 |
| 2019 Q1 | 1463.046185 |
| 2019 Q2 | 1478.179974 |
| 2019 Q3 | 1509.21911 |
| 2019 Q4 | 1507.056084 |
| 2020 Q1 | 1430.933366 |
| 2020 Q2 | 1761.215476 |
| 2020 Q3 | 1805.799361 |
| 2020 Q4 | 1825.091568 |
| 2021 Q1 | 1815.166125 |
| 2021 Q2 | 1850.188492 |
| 2021 Q3 | 1780.273751 |
| 2021 Q4 | 1723.965707 |
| 2022 Q1 | 1526.238131 |
| 2022 Q2 | 1282.364647 |
| 2022 Q3 | 1197.052997 |
| 2022 Q4 | 1207.195144 |
| 2023 Q1 | 1236.208166 |
| 2023 Q2 | 1224.748028 |
| 2023 Q3 | 1168.005382 |
| 2023 Q4 | 1264.799 |
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 stayed relatively flat through early 2024
This is a stacked line chart titled "Assets held by bank loan and high-yield mutual funds stayed relatively flat through early 2024." The x-axis shows time and ranges from 2000 to 2024. The y-axis is given in billions of dollars (real) and ranges from 0 to 600 billion dollars. The data are monthly. There are two variables plotted in this chart. The first 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 hovers around there until late 2001 when it begins a steady 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 steady 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 billion dollars by mid-2016. The series then sees another period of growth, to around 160 billion dollars by mid-2018. The series then sees another drop to a sustained local minimum around 75 through 2020. The series then rises to around 130 billion dollars by mid-2022, after which the series declines to 78 billion dollars in mid-2023 then remains flat at around 80 billion dollars through February 2024. The second variable, 'High-yield bond mutual funds,' is shown in the beige shaded portion of the chart. It starts around 215 billion dollars 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, before gradually declining to around 200 billion dollars by late 2008. The series then declines further to around 150 billion dollars in late 2009. The series next sees a rapid increase over several years, reaching a series maximum of around 375 billion dollars by late 2014. The series then declines steadily to around 250 billion dollars by late 2019/early 2020, before seeing another marked increase to local peak of around 340 billion dollars in mid-2021. The series then declines markedly to around 230 billion dollars at the end of 2022. The series remains around 240 billion until the series ends at 248 billion dollars in February 2024.
Note: The data are converted to constant 2024 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. Flows have stabilized for bond and bank loan mutual funds
This is a stacked bar chart titled "Flows have stabilized for bond and bank loan mutual funds." The x-axis measures time and ranges from January 2017 to February 2024. 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 bond 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. In October 2018, the series drops to negative 14 billion, further declining to -21 billion dollars in December 2018. It increases to 0 in January 2019 and generally rises to a local peak of 27 billion dollars in January 2020. In March 2020, it plummets to negative 89 billion dollars before returning to a range of 22 to 42 billion through the rest of 2020. The series decreases to 28 billion in February 2021 and then continues to decrease through May 2022 to a local minimum of negative 40 billion dollars. The series gradually increases, with fluctuations, to February 2024, ending around 16 billion dollars. The second variable, "Bank loan mutual funds" is represented in red. 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 dollars through October 2020. The series increases to 0 in December 2020 and then continues to increase to about 4 billion by April 2021. The series declined slightly to hover around 2 billion until increasing to 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 to just above zero in February 2024. The third variable, "High-yield bond mutual funds", is represented in beige. 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 dollars before rebounding to its peak of 12 billion in May 2020. The series declines to about negative 2 billion in September 2020 and fluctuates between about negative 5 billion and 1 billion through the end of 2021. The series remains mostly negative hovering around negative 3 billion through 2022 and fluctuates between slightly above and slightly below 0 in 2023, ending around positive 2 billion dollars in February 2024.
Note: Mutual fund assets under management as of February 2024 included $2,263 billion in investment-grade bond mutual funds, $327 billion in high-yield bond mutual funds, and $79 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 continued to hold more risky, illiquid assets on their balance sheets
Billions of dollars (real)
| Year | Other ABS | CRE loans | CRE loans, securitized | Alternative investments | Illiquid corporate debt | Illiquid corporate debt, securitized | Share of life insurer assets | Share of P&C insurer assets |
|---|---|---|---|---|---|---|---|---|
| 2006 | 359.5649283 | 397.2617987 | 272.1277184 | 199.2158948 | 458.2322333 | 14.5057163 | 32.99056151 | 10.06832809 |
| 2007 | 379.3677089 | 413.0253757 | 306.1122433 | 259.2007339 | 460.3265973 | 19.75937973 | 35.08775239 | 12.35399907 |
| 2008 | 359.0086434 | 413.3077344 | 301.2171137 | 228.2363881 | 467.8255191 | 20.5338047 | 35.02897955 | 11.92256059 |
| 2009 | 320.1855176 | 401.6317887 | 303.6596671 | 233.5598198 | 474.9783523 | 24.06733543 | 33.76372385 | 10.95639515 |
| 2010 | 279.1916075 | 384.6494576 | 254.8163198 | 301.4173937 | 490.0486705 | 28.18413845 | 31.52856397 | 12.87905133 |
| 2011 | 276.902761 | 392.5926967 | 238.7646719 | 308.776819 | 490.9522564 | 33.47543218 | 30.74591014 | 13.43915127 |
| 2012 | 252.2395117 | 400.3555494 | 215.6453331 | 323.9060281 | 499.7782958 | 41.34491352 | 30.5946179 | 13.41937189 |
| 2013 | 242.9510058 | 416.6045544 | 207.509674 | 346.0653812 | 526.625468 | 55.3092029 | 30.54097261 | 14.95724337 |
| 2014 | 242.8818923 | 431.5816209 | 207.2846021 | 371.1354489 | 524.4605691 | 80.53147108 | 31.0375433 | 14.87665653 |
| 2015 | 228.4647695 | 463.8631575 | 200.8379066 | 360.7225955 | 544.7734486 | 94.75190925 | 31.10079988 | 15.02309701 |
| 2016 | 232.4406846 | 496.8443156 | 193.035305 | 373.5798354 | 570.1420283 | 100.3277551 | 31.13275658 | 15.11206765 |
| 2017 | 216.4641151 | 528.6688959 | 187.042115 | 398.8241728 | 572.1513384 | 108.8139103 | 31.24661641 | 14.68073194 |
| 2018 | 211.4190371 | 563.6226018 | 197.1783756 | 399.5268447 | 555.7905788 | 137.2586163 | 32.55631952 | 14.87043149 |
| 2019 | 208.1912439 | 611.51524 | 212.249953 | 436.5131957 | 621.8450739 | 162.2486214 | 34.43152545 | 15.12070302 |
| 2020 | 202.487511 | 628.4189825 | 222.026511 | 489.620471 | 715.0340093 | 196.6442436 | 35.25026266 | 16.15320918 |
| 2021 | 199.9973938 | 624.1855099 | 214.4457623 | 534.0703826 | 727.5985929 | 221.3613152 | 35.88067457 | 15.66800545 |
| 2022 | 191.0477001 | 613.7345732 | 200.9618644 | 505.1468528 | 739.3665428 | 238.9032785 | 37.79530838 | 15.14253508 |
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; Federal Reserve Board 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 use nontraditional liabilities for funding
Billions of dollars (real)
| Date | Repurchase agreements | Securities lending cash collateral | FHLB advances | Funding-agreement-backed securities |
|---|---|---|---|---|
| 2006 | 4.70391648 | 208.2364475 | 13.56838627 | 242.1066052 |
| 2007 | 4.026389985 | 211.7095965 | 24.48054124 | 250.4421221 |
| 2008 | 11.76081008 | 70.90053225 | 48.83373275 | 237.0312204 |
| 2009 | 14.4535938 | 54.17589265 | 64.46330065 | 168.6829058 |
| 2010 | 14.4005696 | 59.24987399 | 59.73087706 | 131.485346 |
| 2011 Q1 | 8.355164778 | 63.6810826 | 59.77879144 | 117.1660749 |
| 2011 Q2 | 9.198440185 | 62.77199012 | 58.72035657 | 110.8165428 |
| 2011 Q3 | 9.258937704 | 60.09423708 | 58.72284121 | 103.1643563 |
| 2011 Q4 | 9.608636132 | 57.46322054 | 59.25011476 | 102.9028768 |
| 2012 Q1 | 10.94971975 | 56.49405102 | 60.36941444 | 99.24300118 |
| 2012 Q2 | 14.11334648 | 64.78808423 | 64.41557627 | 100.8973372 |
| 2012 Q3 | 15.00077785 | 73.23752907 | 63.96850794 | 102.1521447 |
| 2012 Q4 | 14.95048256 | 71.50716637 | 62.21760587 | 97.99623644 |
| 2013 Q1 | 17.6222719 | 71.30180486 | 63.04232078 | 97.01285864 |
| 2013 Q2 | 17.56319253 | 72.49642158 | 64.22222675 | 86.81415372 |
| 2013 Q3 | 16.91305159 | 66.90935455 | 62.87199999 | 82.10604642 |
| 2013 Q4 | 15.11735044 | 73.50205924 | 63.9077285 | 79.78837094 |
| 2014 Q1 | 17.79222928 | 74.98343047 | 63.68517504 | 74.4796614 |
| 2014 Q2 | 17.83056336 | 77.238766 | 63.93918846 | 78.30628824 |
| 2014 Q3 | 19.63913283 | 81.06659253 | 64.3734909 | 81.89912611 |
| 2014 Q4 | 15.0036841 | 70.13383236 | 64.70977796 | 87.5330278 |
| 2015 Q1 | 14.4056747 | 70.57405815 | 67.81492926 | 90.71419149 |
| 2015 Q2 | 13.94768902 | 65.33154048 | 69.09885681 | 88.53892519 |
| 2015 Q3 | 13.97302548 | 64.84011837 | 70.63700166 | 83.21970602 |
| 2015 Q4 | 11.09470224 | 63.94877695 | 71.78794796 | 89.256356 |
| 2016 Q1 | 13.51841748 | 66.54881319 | 75.45087065 | 87.404754 |
| 2016 Q2 | 15.2340244 | 68.80031568 | 79.38663937 | 88.4730378 |
| 2016 Q3 | 16.21876595 | 70.09642826 | 82.56074051 | 88.64815455 |
| 2016 Q4 | 12.29465711 | 60.24450492 | 83.24804984 | 94.25011593 |
| 2017 Q1 | 16.21094756 | 63.45426818 | 86.0345583 | 95.58794404 |
| 2017 Q2 | 16.43796996 | 63.57048729 | 85.76966841 | 99.80909276 |
| 2017 Q3 | 17.98096832 | 64.31147645 | 85.66113105 | 108.6624579 |
| 2017 Q4 | 20.67641832 | 61.02557274 | 87.79067037 | 106.0405938 |
| 2018 Q1 | 20.37557613 | 64.13655094 | 93.47575474 | 108.4059412 |
| 2018 Q2 | 22.65225977 | 55.93486654 | 92.79307471 | 99.66124682 |
| 2018 Q3 | 22.0657697 | 56.7958704 | 91.00546861 | 109.35432 |
| 2018 Q4 | 21.90916067 | 50.71836759 | 93.95783499 | 106.6845895 |
| 2019 Q1 | 21.13389228 | 54.95306218 | 96.18360351 | 110.3496927 |
| 2019 Q2 | 19.8955614 | 54.47059125 | 95.13598712 | 108.3787502 |
| 2019 Q3 | 18.92365779 | 54.48667425 | 98.53653743 | 109.3340166 |
| 2019 Q4 | 20.33459243 | 53.55521668 | 101.7037102 | 111.4977321 |
| 2020 Q1 | 22.18025123 | 50.72430172 | 119.8795757 | 118.5874968 |
| 2020 Q2 | 24.76539701 | 57.07598683 | 123.1518166 | 124.516181 |
| 2020 Q3 | 24.44798153 | 56.15863709 | 118.2267256 | 132.6347085 |
| 2020 Q4 | 24.39871156 | 56.82053995 | 118.9214854 | 136.9888022 |
| 2021 Q1 | 30.21905963 | 60.81173752 | 127.5727133 | 148.3179721 |
| 2021 Q2 | 23.08861744 | 61.21733963 | 120.7766087 | 162.5251927 |
| 2021 Q3 | 20.51601744 | 66.14608821 | 116.7859825 | 171.8190488 |
| 2021 Q4 | 24.17751994 | 59.99885202 | 118.4697922 | 172.8211342 |
| 2022 Q1 | 22.74926253 | 60.25461078 | 127.9076338 | 184.6467791 |
| 2022 Q2 | 23.0136702 | 50.55273934 | 131.0027609 | 181.3847514 |
| 2022 Q3 | 24.08889204 | 45.63041088 | 132.7620178 | 178.2468276 |
| 2022 Q4 | 25.55558696 | 42.35898852 | 133.2915474 | 180.1436975 |
| 2023 Q1 | 25.45462896 | 44.13459321 | 137.106875 | 180.391177 |
| 2023 Q2 | 23.52192359 | 37.01198464 | 133.3171447 | 180.8135181 |
| 2023 Q3 | 21.57791998 | 39.63269251 | 135.3964353 | 183.2492657 |
| 2023 Q4 | 24.19641371 | 40.05008966 | 134.878983 | 184.237505 |
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. Spring 2024: Most cited potential risks over the next 12 to 18 months
Figure A: The chart is titled "Spring 2024: 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 72 percent, Policy uncertainty at 60 percent, Commercial and residential real estate at 56 percent, Banking-sector stress at 44 percent, Fiscal debt sustainability at 40 percent, Market liquidity strains and volatility at 36 percent, Treasury market dysfunction/basis trade at 32 percent, U.S.-China tensions at 32 percent, Middle East tensions at 32 percent, Cyberattacks at 28 percent, and Severe U.S./global recession 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 January to March.
Figure B. Fall 2023: Most cited potential risks over the next 12 to 18 months
Figure B: 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: Persistent inflation; monetary tightening at 72 percent, Commercial and residential real estate at 72 percent, Banking-sector stress at 56 percent, Market liquidity strains and volatility at 56 percent, Fiscal debt sustainability at 44 percent, China economy/financial sector at 44 percent, Under-regulated nonbanks at 36 percent, Foreign divestment from U.S. assets at 32 percent, Higher long-term rates at 28 percent, Leverage buildup at 28 percent, and Russia-Ukraine war 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.