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Accessible Material March 2008 Bluebook and Greenbook Tables and Charts Table of Contents Document Section Accessible Material Bluebook Recent Developments FOMC20080318bluebook20080313_1.htm Update on Monetary Policy Strategies FOMC20080318bluebook20080313_2.htm Short-Run Policy Alternatives FOMC20080318bluebook20080313_3.htm Money and Debt Forecasts FOMC20080318bluebook20080313_4.htm Appendix A: Measures of the Equilibrium Real Rate FOMC20080318bluebook20080313_5.htm Greenbook Part 1 Domestic Developments FOMC20080318gbpt120080313_1.htm International Developments FOMC20080318gbpt120080313_2.htm Greenbook Part 2 Domestic Nonfinancial Developments FOMC20080318gbpt220080313_1.htm Domestic Financial Developments FOMC20080318gbpt220080313_2.htm International Developments FOMC20080318gbpt220080313_3.htm Greenbook Supplement Supplemental Notes Last update: March 7, 2014 FOMC20080318gbsup20080314_1.htm Accessible Material March 2008 Bluebook Tables and Charts† Recent Developments Chart 1 Asset Market Developments Figure: Spreads of Libor over OIS Daily Basis points Date 1-month 3-month 2 January 2007 5.61 8.15 3 January 2007 7.00 8.70 4 January 2007 6.50 8.20 5 January 2007 6.50 8.50 8 January 2007 6.40 8.65 9 January 2007 6.50 8.20 10 January 2007 6.50 8.60 11 January 2007 6.45 8.45 12 January 2007 6.70 8.25 15 January 2007 6.15 8.48 16 January 2007 6.05 8.45 17 January 2007 6.50 7.70 18 January 2007 6.35 7.85 19 January 2007 6.50 7.90 22 January 2007 6.50 8.00 23 January 2007 7.15 8.05 24 January 2007 7.00 7.85 25 January 2007 7.00 8.20 26 January 2007 7.20 8.00 29 January 2007 6.15 7.85 30 January 2007 7.20 8.00 31 January 2007 7.00 8.00 1 February 2007 7.00 8.00 2 February 2007 6.70 7.50 5 February 2007 6.70 7.50 6 February 2007 6.70 7.70 7 February 2007 6.70 7.70 8 February 2007 6.70 7.70 9 February 2007 6.70 7.70 12 February 2007 7.00 10.80 13 February 2007 6.65 7.40 14 February 2007 6.35 7.75 15 February 2007 6.15 7.75 16 February 2007 6.05 7.55 19 February 2007 6.55 7.65 20 February 2007 6.55 7.65 21 February 2007 7.00 7.70 22 February 2007 6.05 7.45 23 February 2007 6.35 7.65 26 February 2007 6.20 7.65 27 February 2007 7.00 7.70 28 February 2007 6.70 10.11 1 March 2007 6.45 8.15 2 March 2007 6.55 9.02 5 March 2007 6.71 7.20 6 March 2007 6.50 9.20 7 March 2007 6.70 8.20 8 March 2007 6.20 7.70 9 March 2007 6.25 7.85 12 March 2007 6.15 8.00 13 March 2007 6.20 7.99 14 March 2007 6.20 8.50 15 March 2007 6.50 8.25 16 March 2007 6.50 8.05 19 March 2007 6.25 8.45 20 March 2007 6.20 7.75 21 March 2007 5.50 7.45 22 March 2007 6.00 7.33 23 March 2007 6.00 7.74 26 March 2007 6.00 7.50 27 March 2007 5.70 7.55 28 March 2007 5.70 7.70 29 March 2007 6.50 7.14 30 March 2007 7.00 8.50 2 April 2007 6.50 7.50 3 April 2007 6.20 8.05 4 April 2007 6.60 7.70 5 April 2007 6.00 8.00 10 April 2007 6.20 7.70 11 April 2007 6.15 7.75 12 April 2007 6.20 8.06 13 April 2007 6.05 7.84 16 April 2007 6.05 7.67 17 April 2007 6.00 8.19 18 April 2007 6.00 8.01 19 April 2007 6.70 8.50 20 April 2007 6.70 8.50 23 April 2007 6.20 7.70 24 April 2007 6.70 8.50 25 April 2007 6.50 8.45 26 April 2007 5.95 8.15 27 April 2007 6.20 8.12 30 April 2007 6.20 8.00 1 May 2007 6.05 7.85 2 May 2007 6.20 8.00 3 May 2007 6.20 8.01 4 May 2007 5.95 8.36 8 May 2007 5.70 8.19 9 May 2007 6.20 8.31 10 May 2007 6.00 7.55 11 May 2007 6.30 8.60 14 May 2007 5.20 7.55 15 May 2007 6.20 7.95 16 May 2007 5.55 7.95 17 May 2007 6.10 3.80 18 May 2007 6.20 8.20 21 May 2007 5.85 7.85 22 May 2007 5.95 8.05 23 May 2007 6.20 8.20 24 May 2007 6.00 7.70 25 May 2007 5.85 7.55 29 May 2007 5.90 7.80 30 May 2007 6.00 7.50 31 May 2007 5.50 7.70 1 June 2007 5.50 7.70 4 June 2007 5.50 7.70 5 June 2007 5.05 7.70 6 June 2007 5.50 7.70 7 June 2007 5.50 8.00 8 June 2007 5.50 8.00 11 June 2007 5.50 8.00 12 June 2007 5.80 7.55 13 June 2007 5.50 7.65 14 June 2007 5.00 6.85 15 June 2007 5.55 7.45 18 June 2007 5.20 7.50 19 June 2007 5.50 7.65 20 June 2007 5.75 7.65 21 June 2007 5.65 7.65 22 June 2007 5.75 7.75 25 June 2007 5.70 8.50 26 June 2007 6.00 9.00 27 June 2007 6.00 8.00 28 June 2007 6.00 8.50 29 June 2007 6.10 7.65 2 July 2007 6.50 8.00 3 July 2007 6.45 8.65 4 July 2007 6.35 8.35 5 July 2007 6.55 8.35 6 July 2007 6.20 7.70 9 July 2007 6.25 8.05 10 July 2007 6.15 8.35 11 July 2007 6.55 8.75 12 July 2007 6.20 7.70 13 July 2007 6.20 8.20 16 July 2007 6.55 8.45 17 July 2007 6.20 8.20 18 July 2007 6.20 8.20 19 July 2007 6.20 8.00 20 July 2007 6.20 8.00 23 July 2007 6.50 9.25 24 July 2007 6.20 8.50 25 July 2007 6.20 8.20 26 July 2007 6.20 8.20 27 July 2007 8.20 12.65 30 July 2007 8.20 13.48 31 July 2007 7.35 11.07 1 August 2007 8.30 12.00 2 August 2007 8.05 12.30 3 August 2007 8.25 12.35 6 August 2007 11.95 18.12 7 August 2007 8.65 14.90 8 August 2007 9.35 13.75 9 August 2007 28.78 25.40 10 August 2007 45.92 47.45 13 August 2007 46.53 46.55 14 August 2007 46.63 43.90 15 August 2007 52.84 48.50 16 August 2007 52.75 58.25 17 August 2007 59.70 59.20 20 August 2007 50.48 59.20 21 August 2007 55.50 66.24 22 August 2007 60.00 69.03 23 August 2007 56.50 59.00 24 August 2007 52.35 58.16 28 August 2007 48.15 57.40 29 August 2007 55.40 63.68 30 August 2007 66.00 66.90 31 August 2007 75.40 77.58 3 September 2007 76.85 78.23 4 September 2007 80.50 81.66 5 September 2007 89.08 88.65 6 September 2007 90.45 91.77 7 September 2007 89.58 87.80 10 September 2007 93.22 92.77 11 September 2007 90.41 87.41 12 September 2007 88.50 93.81 13 September 2007 82.95 82.64 14 September 2007 74.03 86.03 17 September 2007 59.65 79.35 18 September 2007 60.12 79.25 19 September 2007 41.33 60.40 20 September 2007 41.33 57.40 21 September 2007 41.58 59.35 24 September 2007 41.47 57.75 25 September 2007 37.88 56.65 26 September 2007 38.38 60.06 27 September 2007 39.30 63.61 28 September 2007 39.57 65.33 1 October 2007 40.56 64.30 2 October 2007 41.12 64.50 3 October 2007 41.45 64.17 4 October 2007 40.50 63.58 5 October 2007 42.89 65.61 8 October 2007 40.75 60.51 10 October 2007 39.95 57.80 11 October 2007 38.22 59.45 12 October 2007 36.05 57.43 15 October 2007 32.85 53.74 16 October 2007 32.80 53.58 17 October 2007 32.62 56.33 18 October 2007 32.90 58.50 19 October 2007 32.95 61.92 22 October 2007 32.45 64.05 23 October 2007 28.45 58.73 24 October 2007 28.07 58.45 25 October 2007 29.58 59.76 26 October 2007 29.30 58.08 29 October 2007 25.85 55.30 30 October 2007 19.98 47.32 31 October 2007 17.62 44.13 1 November 2007 18.45 41.35 2 November 2007 18.75 45.50 5 November 2007 19.95 47.30 6 November 2007 19.89 49.30 7 November 2007 20.20 50.48 8 November 2007 19.20 51.89 9 November 2007 21.54 54.94 12 November 2007 26.66 55.25 14 November 2007 20.31 52.45 15 November 2007 22.82 56.20 16 November 2007 31.70 65.12 19 November 2007 42.30 68.09 20 November 2007 39.70 72.70 21 November 2007 37.01 73.00 22 November 2007 48.83 79.85 26 November 2007 49.75 81.46 27 November 2007 48.07 86.89 28 November 2007 48.39 84.23 29 November 2007 90.60 90.67 30 November 2007 101.83 98.82 3 December 2007 107.06 101.46 4 December 2007 108.39 103.30 5 December 2007 109.70 106.41 6 December 2007 105.75 104.77 7 December 2007 102.95 104.16 10 December 2007 107.69 101.95 11 December 2007 103.77 100.23 12 December 2007 95.75 95.95 13 December 2007 87.00 88.91 14 December 2007 82.97 85.83 18 December 2007 78.22 81.62 19 December 2007 76.14 80.35 20 December 2007 76.23 79.53 21 December 2007 76.45 78.90 24 December 2007 63.60 72.95 27 December 2007 70.10 72.30 28 December 2007 45.58 64.18 31 December 2007 41.95 63.20 3 January 2008 36.75 65.37 4 January 2008 37.25 66.45 7 January 2008 33.47 65.81 8 January 2008 34.37 63.25 9 January 2008 30.81 58.95 10 January 2008 26.89 53.89 11 January 2008 23.67 48.60 14 January 2008 20.07 41.70 15 January 2008 17.75 38.95 16 January 2008 13.74 33.53 17 January 2008 8.93 29.27 18 January 2008 18.19 36.22 21 January 2008 16.40 37.40 22 January 2008 34.55 53.70 23 January 2008 26.03 42.38 24 January 2008 20.35 36.43 25 January 2008 18.55 30.58 28 January 2008 19.97 32.67 29 January 2008 22.38 35.67 30 January 2008 19.33 31.99 31 January 2008 17.63 31.24 1 February 2008 20.58 35.85 4 February 2008 23.77 41.30 5 February 2008 28.86 42.99 6 February 2008 34.45 52.10 7 February 2008 31.10 50.38 8 February 2008 29.92 47.16 11 February 2008 29.07 49.25 12 February 2008 26.20 48.85 13 February 2008 24.07 48.10 14 February 2008 21.38 49.05 15 February 2008 24.98 53.60 18 February 2008 27.32 ND 20 February 2008 25.70 49.56 21 February 2008 30.25 49.30 22 February 2008 29.25 54.20 25 February 2008 29.98 52.69 26 February 2008 29.25 50.50 27 February 2008 30.44 53.20 28 February 2008 35.89 58.46 29 February 2008 41.81 64.90 3 March 2008 50.17 72.74 4 March 2008 50.45 72.26 5 March 2008 50.30 71.55 6 March 2008 48.11 67.90 7 March 2008 57.45 76.63 10 March 2008 47.95 73.32 11 March 2008 51.45 73.50 12 March 2008 38.93 58.70 Note. Libor quotes are taken at 6:00 am, and OIS quotes are observed at the close of business of the previous trading day. ND No data Return to table Figure: Spreads on thirty-day commercial paper Daily Basis points Date ABCP A2/P2 2 January 2007 2 15 3 January 2007 3 9 4 January 2007 4 15 5 January 2007 3 9 8 January 2007 2 9 9 January 2007 2 7 10 January 2007 2 10 11 January 2007 2 15 12 January 2007 4 8 16 January 2007 3 14 17 January 2007 3 12 18 January 2007 2 16 19 January 2007 3 ND 22 January 2007 4 16 23 January 2007 3 13 24 January 2007 3 17 25 January 2007 3 10 26 January 2007 2 12 29 January 2007 4 12 30 January 2007 2 11 31 January 2007 3 15 1 February 2007 3 13 2 February 2007 3 14 5 February 2007 3 16 6 February 2007 3 11 7 February 2007 3 11 8 February 2007 3 9 9 February 2007 3 8 12 February 2007 3 14 13 February 2007 2 9 14 February 2007 0 8 15 February 2007 5 5 16 February 2007 3 12 20 February 2007 4 15 21 February 2007 3 13 22 February 2007 3 13 23 February 2007 3 12 26 February 2007 4 12 27 February 2007 0 11 28 February 2007 6 13 1 March 2007 4 13 2 March 2007 4 11 5 March 2007 2 14 6 March 2007 5 12 7 March 2007 4 8 8 March 2007 3 9 9 March 2007 3 11 12 March 2007 3 8 13 March 2007 2 10 14 March 2007 2 14 15 March 2007 1 13 16 March 2007 4 12 19 March 2007 3 14 20 March 2007 4 13 21 March 2007 3 13 22 March 2007 3 8 23 March 2007 3 12 26 March 2007 4 10 27 March 2007 5 11 28 March 2007 5 13 29 March 2007 4 10 30 March 2007 7 13 2 April 2007 4 11 3 April 2007 5 10 4 April 2007 4 15 5 April 2007 5 10 6 April 2007 4 ND 9 April 2007 4 10 10 April 2007 2 14 11 April 2007 3 10 12 April 2007 2 12 13 April 2007 3 10 16 April 2007 4 17 17 April 2007 3 13 18 April 2007 3 13 19 April 2007 4 14 20 April 2007 2 10 23 April 2007 4 12 24 April 2007 2 9 25 April 2007 3 9 26 April 2007 5 10 27 April 2007 4 12 30 April 2007 4 ND 1 May 2007 3 13 2 May 2007 3 11 3 May 2007 5 9 4 May 2007 3 16 7 May 2007 3 10 8 May 2007 2 16 9 May 2007 2 10 10 May 2007 3 15 11 May 2007 4 12 14 May 2007 4 11 15 May 2007 2 11 16 May 2007 4 14 17 May 2007 2 7 18 May 2007 3 15 21 May 2007 4 10 22 May 2007 3 9 23 May 2007 3 12 24 May 2007 4 10 25 May 2007 6 10 29 May 2007 5 12 30 May 2007 5 10 31 May 2007 5 11 1 June 2007 4 11 4 June 2007 5 16 5 June 2007 5 9 6 June 2007 4 14 7 June 2007 5 12 8 June 2007 5 11 11 June 2007 5 ND 12 June 2007 4 11 13 June 2007 4 7 14 June 2007 3 7 15 June 2007 2 9 18 June 2007 6 11 19 June 2007 4 9 20 June 2007 5 10 21 June 2007 6 16 22 June 2007 7 10 25 June 2007 6 15 26 June 2007 1 9 27 June 2007 7 15 28 June 2007 8 14 29 June 2007 6 13 2 July 2007 5 16 3 July 2007 4 12 5 July 2007 6 12 6 July 2007 4 17 9 July 2007 4 8 10 July 2007 2 8 11 July 2007 6 14 12 July 2007 4 11 13 July 2007 5 13 16 July 2007 4 12 17 July 2007 3 10 18 July 2007 3 12 19 July 2007 7 10 20 July 2007 2 13 23 July 2007 3 14 24 July 2007 3 11 25 July 2007 5 10 26 July 2007 6 10 27 July 2007 5 9 30 July 2007 6 12 31 July 2007 6 14 1 August 2007 6 15 2 August 2007 6 13 3 August 2007 7 19 6 August 2007 9 20 7 August 2007 10 21 8 August 2007 13 25 9 August 2007 25 39 10 August 2007 39 59 13 August 2007 51 63 14 August 2007 49 59 15 August 2007 47 67 16 August 2007 66 67 17 August 2007 75 83 20 August 2007 65 86 21 August 2007 76 83 22 August 2007 67 87 23 August 2007 86 78 24 August 2007 72 76 27 August 2007 79 82 28 August 2007 77 77 29 August 2007 73 87 30 August 2007 96 88 31 August 2007 90 73 4 September 2007 93 93 5 September 2007 92 93 6 September 2007 104 85 7 September 2007 100 82 10 September 2007 107 93 11 September 2007 96 93 12 September 2007 113 96 13 September 2007 95 91 14 September 2007 74 75 17 September 2007 70 76 18 September 2007 59 69 19 September 2007 66 56 20 September 2007 50 55 21 September 2007 49 58 24 September 2007 42 63 25 September 2007 52 53 26 September 2007 48 67 27 September 2007 40 59 28 September 2007 53 61 1 October 2007 44 52 2 October 2007 40 64 3 October 2007 42 60 4 October 2007 36 62 5 October 2007 31 57 9 October 2007 37 54 10 October 2007 37 56 11 October 2007 18 56 12 October 2007 31 55 15 October 2007 26 46 16 October 2007 30 57 17 October 2007 22 45 18 October 2007 33 48 19 October 2007 23 45 22 October 2007 24 40 23 October 2007 29 46 24 October 2007 17 37 25 October 2007 22 42 26 October 2007 29 43 29 October 2007 24 40 30 October 2007 23 51 31 October 2007 27 49 1 November 2007 20 30 2 November 2007 23 39 5 November 2007 26 31 6 November 2007 26 41 7 November 2007 25 40 8 November 2007 26 39 9 November 2007 44 40 13 November 2007 37 39 14 November 2007 33 37 15 November 2007 28 43 16 November 2007 46 47 19 November 2007 47 47 20 November 2007 44 46 21 November 2007 42 51 23 November 2007 46 68 26 November 2007 54 65 27 November 2007 72 57 28 November 2007 57 66 29 November 2007 55 81 30 November 2007 92 73 114 96 4 December 2007 78 103 5 December 2007 135 113 6 December 2007 99 104 3 December 2007 7 December 2007 98 118 10 December 2007 176 112 11 December 2007 175 101 12 December 2007 155 128 13 December 2007 169 142 14 December 2007 141 132 17 December 2007 143 135 18 December 2007 161 147 19 December 2007 126 140 20 December 2007 135 144 21 December 2007 101 139 24 December 2007 59 149 26 December 2007 86 145 27 December 2007 71 144 28 December 2007 108 101 31 December 2007 54 92 2 January 2008 52 58 3 January 2008 38 54 4 January 2008 39 47 7 January 2008 24 61 8 January 2008 26 61 9 January 2008 24 62 10 January 2008 20 50 11 January 2008 26 36 14 January 2008 19 59 15 January 2008 23 37 16 January 2008 30 85 17 January 2008 29 54 18 January 2008 26 72 22 January 2008 47 59 23 January 2008 51 61 24 January 2008 35 56 25 January 2008 40 43 28 January 2008 34 47 29 January 2008 35 41 30 January 2008 37 62 31 January 2008 20 41 1 February 2008 30 46 4 February 2008 22 47 5 February 2008 21 40 6 February 2008 21 52 7 February 2008 29 54 8 February 2008 26 45 11 February 2008 22 48 12 February 2008 27 52 13 February 2008 24 48 14 February 2008 23 49 15 February 2008 18 53 19 February 2008 26 55 20 February 2008 32 48 21 February 2008 29 63 22 February 2008 32 51 25 February 2008 44 54 26 February 2008 45 69 27 February 2008 39 69 28 February 2008 43 55 29 February 2008 46 71 3 March 2008 56 77 4 March 2008 42 76 5 March 2008 23 70 6 March 2008 36 71 7 March 2008 43 72 10 March 2008 32 74 11 March 2008 33 77 12 March 2008 40 76 Note. The ABCP spread is the AA ABCP rate minus the AA financial rate. The A2/P2 spread is the A2/P2 nonfinancial rate minus the AA nonfinancial rate. Last observation is for March 12, 2008. Figure: Overnight repo rates Daily Percent Date 1 January 2007 Target federal funds rate Treasury MBS ND 4.87 5.27 2 January 2007 5.25 5.18 5.28 3 January 2007 5.25 5.20 5.24 4 January 2007 5.25 5.20 5.23 5 January 2007 5.25 5.19 5.22 8 January 2007 5.25 5.19 5.21 9 January 2007 5.25 5.16 5.20 10 January 2007 5.25 5.18 5.18 11 January 2007 5.25 5.18 5.20 12 January 2007 5.25 5.20 5.25 15 January 2007 ND 5.20 5.25 16 January 2007 5.25 5.25 5.25 17 January 2007 5.25 5.19 5.24 18 January 2007 5.25 5.20 5.21 19 January 2007 5.25 5.17 5.20 22 January 2007 5.25 5.20 5.20 23 January 2007 5.25 5.17 5.19 24 January 2007 5.25 5.17 5.18 25 January 2007 5.25 5.19 5.21 26 January 2007 5.25 5.19 5.25 29 January 2007 5.25 5.20 5.23 30 January 2007 5.25 5.15 5.18 31 January 2007 5.25 5.20 5.24 1 February 2007 5.25 5.18 5.24 2 February 2007 5.25 5.18 5.21 5 February 2007 5.25 5.18 5.20 6 February 2007 5.25 5.18 5.19 7 February 2007 5.25 5.18 5.22 8 February 2007 5.25 5.18 5.19 9 February 2007 5.25 5.19 5.22 12 February 2007 5.25 5.18 5.20 13 February 2007 5.25 5.21 5.22 14 February 2007 5.25 5.23 5.24 15 February 2007 5.25 5.24 5.24 16 February 2007 5.25 5.22 5.25 19 February 2007 5.25 5.22 5.25 20 February 2007 5.25 5.20 5.25 21 February 2007 5.25 5.20 5.22 22 February 2007 5.25 5.22 5.22 23 February 2007 5.25 5.20 5.20 26 February 2007 5.25 5.20 5.24 27 February 2007 5.25 5.22 5.24 28 February 2007 5.25 5.25 5.30 1 March 2007 5.25 5.24 5.28 2 March 2007 5.25 5.25 5.26 5 March 2007 5.25 5.24 5.23 6 March 2007 5.25 5.20 5.21 7 March 2007 5.25 5.21 5.21 8 March 2007 5.25 5.21 5.22 9 March 2007 5.25 5.21 5.22 12 March 2007 5.25 5.23 5.23 13 March 2007 5.25 5.21 5.21 14 March 2007 5.25 5.23 5.25 15 March 2007 5.25 5.26 5.30 16 March 2007 5.25 5.21 5.22 19 March 2007 5.25 5.21 5.21 20 March 2007 5.25 5.20 5.21 21 March 2007 5.25 5.20 5.21 22 March 2007 5.25 5.21 5.22 23 March 2007 5.25 5.20 5.21 26 March 2007 5.25 5.21 5.22 27 March 2007 5.25 5.21 5.25 28 March 2007 5.25 5.22 5.25 29 March 2007 5.25 5.24 5.29 30 March 2007 5.25 5.12 5.33 2 April 2007 5.25 5.25 5.29 3 April 2007 5.25 5.24 5.25 4 April 2007 5.25 5.23 5.25 5 April 2007 5.25 5.23 5.22 6 April 2007 5.25 5.21 5.22 9 April 2007 5.25 5.24 5.26 10 April 2007 5.25 5.23 5.24 11 April 2007 5.25 5.22 5.23 12 April 2007 5.25 5.21 5.23 13 April 2007 5.25 5.22 5.23 16 April 2007 5.25 5.23 5.30 17 April 2007 5.25 5.20 5.24 18 April 2007 5.25 5.16 5.18 19 April 2007 5.25 5.14 5.16 20 April 2007 5.25 5.13 5.18 23 April 2007 5.25 5.14 5.20 24 April 2007 5.25 5.16 5.18 25 April 2007 5.25 5.15 5.18 26 April 2007 5.25 5.12 5.18 27 April 2007 5.25 5.11 5.17 30 April 2007 5.25 5.10 5.19 1 May 2007 5.25 4.99 5.15 2 May 2007 5.25 5.10 5.20 3 May 2007 5.25 5.12 5.21 4 May 2007 5.25 5.11 5.20 7 May 2007 5.25 5.10 5.20 8 May 2007 5.25 5.10 5.19 9 May 2007 5.25 5.08 5.16 10 May 2007 5.25 5.08 5.16 11 May 2007 5.25 5.08 5.15 14 May 2007 5.25 5.10 5.17 15 May 2007 5.25 5.15 5.29 16 May 2007 5.25 5.10 5.25 17 May 2007 5.25 5.10 5.20 18 May 2007 5.25 5.11 5.21 21 May 2007 5.25 5.10 5.20 22 May 2007 5.25 5.11 5.20 23 May 2007 5.25 5.10 5.20 24 May 2007 5.25 5.11 5.20 25 May 2007 5.25 5.10 5.21 28 May 2007 ND 5.10 5.21 29 May 2007 5.25 5.12 5.23 30 May 2007 5.25 5.10 5.24 31 May 2007 5.25 5.13 5.28 1 June 2007 5.25 5.10 5.24 4 June 2007 5.25 5.10 5.21 5 June 2007 5.25 5.10 5.20 6 June 2007 5.25 5.12 5.21 7 June 2007 5.25 5.10 5.21 8 June 2007 5.25 5.12 5.23 11 June 2007 5.25 5.11 5.20 12 June 2007 5.25 5.14 5.23 13 June 2007 5.25 5.18 5.23 14 June 2007 5.25 5.19 5.28 15 June 2007 5.25 5.12 5.26 18 June 2007 5.25 5.06 5.21 19 June 2007 5.25 4.95 5.19 20 June 2007 5.25 4.93 5.20 21 June 2007 5.25 4.98 5.21 22 June 2007 5.25 4.98 5.21 25 June 2007 5.25 4.98 5.21 26 June 2007 5.25 5.06 5.25 27 June 2007 5.25 5.10 5.30 28 June 2007 5.25 4.95 5.27 29 June 2007 5.25 4.45 5.35 2 July 2007 5.25 5.00 5.28 3 July 2007 5.25 5.05 5.21 4 July 2007 ND 5.05 5.21 5 July 2007 5.25 5.03 5.21 6 July 2007 5.25 5.01 5.21 9 July 2007 5.25 5.06 5.22 10 July 2007 5.25 5.07 5.20 11 July 2007 5.25 5.08 5.19 12 July 2007 5.25 5.08 5.21 13 July 2007 5.25 5.10 5.24 16 July 2007 5.25 5.15 5.29 17 July 2007 5.25 5.15 5.23 18 July 2007 5.25 5.08 5.21 19 July 2007 5.25 5.08 5.20 20 July 2007 5.25 5.08 5.21 23 July 2007 5.25 5.10 5.21 24 July 2007 5.25 5.13 5.21 25 July 2007 5.25 5.12 5.20 26 July 2007 5.25 5.16 5.28 27 July 2007 5.25 5.16 5.25 30 July 2007 5.25 5.17 5.30 31 July 2007 5.25 5.10 5.28 1 August 2007 5.25 5.10 5.22 2 August 2007 5.25 5.14 5.23 3 August 2007 5.25 5.14 5.21 6 August 2007 5.25 5.14 5.23 7 August 2007 5.25 5.15 5.24 8 August 2007 5.25 5.15 5.26 9 August 2007 5.25 5.25 5.26 10 August 2007 5.25 5.10 5.20 13 August 2007 5.25 5.08 5.20 14 August 2007 5.25 4.98 5.11 15 August 2007 5.25 4.30 4.55 16 August 2007 5.25 4.35 4.95 17 August 2007 5.25 4.50 5.15 20 August 2007 5.25 4.20 5.20 21 August 2007 5.25 2.25 4.55 22 August 2007 5.25 2.25 4.80 23 August 2007 5.25 2.80 4.65 24 August 2007 5.25 4.35 4.85 27 August 2007 5.25 5.00 5.15 28 August 2007 5.25 5.15 5.25 29 August 2007 5.25 5.30 5.45 30 August 2007 5.25 5.00 5.25 31 August 2007 5.25 5.05 5.25 3 September 2007 ND 5.05 5.25 4 September 2007 5.25 5.20 5.25 5 September 2007 5.25 5.18 5.25 6 September 2007 5.25 5.20 5.20 7 September 2007 5.25 5.00 5.15 10 September 2007 5.25 4.95 5.00 11 September 2007 5.25 4.85 5.00 12 September 2007 5.25 4.88 5.00 13 September 2007 5.25 4.80 5.00 14 September 2007 5.25 4.95 5.00 17 September 2007 5.25 4.95 5.30 18 September 2007 4.75 5.05 5.10 19 September 2007 4.75 4.60 4.80 20 September 2007 4.75 4.52 4.75 21 September 2007 4.75 4.55 4.70 24 September 2007 4.75 4.60 4.65 25 September 2007 4.75 4.55 4.70 26 September 2007 4.75 4.55 4.70 27 September 2007 4.75 4.80 4.90 28 September 2007 4.75 4.00 5.00 1 October 2007 4.75 4.67 4.80 2 October 2007 4.75 4.73 4.80 3 October 2007 4.75 4.68 4.80 4 October 2007 4.75 4.65 4.70 5 October 2007 4.75 4.65 4.70 8 October 2007 ND 4.65 4.70 9 October 2007 4.75 4.70 4.80 10 October 2007 4.75 4.74 4.80 11 October 2007 4.75 4.74 4.75 12 October 2007 4.75 4.73 4.80 15 October 2007 4.75 4.76 4.90 16 October 2007 4.75 4.70 4.80 17 October 2007 4.75 4.60 4.80 18 October 2007 4.75 4.00 4.65 19 October 2007 4.75 4.55 4.70 22 October 2007 4.75 4.60 4.80 23 October 2007 4.75 4.65 4.80 24 October 2007 4.75 4.60 4.75 25 October 2007 4.75 4.42 4.75 26 October 2007 4.75 4.60 4.75 29 October 2007 4.75 4.70 4.80 30 October 2007 4.75 4.75 4.90 31 October 2007 4.50 4.50 4.90 1 November 2007 4.50 4.43 4.55 2 November 2007 4.50 4.45 4.55 5 November 2007 4.50 4.43 4.55 6 November 2007 4.50 4.35 4.50 7 November 2007 4.50 4.30 4.45 8 November 2007 4.50 4.27 4.45 9 November 2007 4.50 4.05 4.35 12 November 2007 ND 4.05 4.35 13 November 2007 4.50 4.25 4.35 14 November 2007 4.50 4.29 4.55 15 November 2007 4.50 4.25 4.80 16 November 2007 4.50 4.20 4.55 19 November 2007 4.50 4.25 4.55 20 November 2007 4.50 4.30 4.55 21 November 2007 4.50 4.25 4.55 22 November 2007 ND 4.25 4.55 23 November 2007 4.50 4.15 4.50 26 November 2007 4.50 4.20 4.65 27 November 2007 4.50 4.11 4.60 28 November 2007 4.50 3.80 4.55 29 November 2007 4.50 3.05 4.35 30 November 2007 4.50 3.00 4.40 3 December 2007 4.50 4.15 4.45 4 December 2007 4.50 4.40 4.55 5 December 2007 4.50 4.45 4.50 6 December 2007 4.50 4.35 4.45 7 December 2007 4.50 4.30 4.35 10 December 2007 4.50 4.23 4.40 11 December 2007 4.25 4.10 4.30 12 December 2007 4.25 4.20 4.25 13 December 2007 4.25 4.10 4.25 14 December 2007 4.25 4.10 4.25 17 December 2007 4.25 3.85 4.25 18 December 2007 4.25 3.55 4.30 19 December 2007 4.25 3.35 4.20 20 December 2007 4.25 3.00 4.15 21 December 2007 4.25 3.65 4.15 24 December 2007 4.25 4.10 4.30 25 December 2007 ND 4.10 4.30 26 December 2007 4.25 4.10 4.30 27 December 2007 4.25 4.25 4.30 28 December 2007 4.25 31 December 2007 3.75 4.35 4.25 1.90 4.15 1 January 2008 ND 1.90 4.15 2 January 2008 4.25 4.10 4.25 3 January 2008 4.25 4.00 4.25 4 January 2008 4.25 3.90 4.20 7 January 2008 4.25 3.90 4.20 8 January 2008 4.25 4.00 4.25 9 January 2008 4.25 4.07 4.20 10 January 2008 4.25 4.10 4.30 11 January 2008 4.25 4.15 4.25 14 January 2008 4.25 4.10 4.20 15 January 2008 4.25 4.05 4.25 16 January 2008 4.25 3.80 4.25 17 January 2008 4.25 3.65 4.25 18 January 2008 4.25 3.55 4.05 21 January 2008 ND 3.55 4.05 22 January 2008 3.50 1.75 3.75 23 January 2008 3.50 1.65 3.45 24 January 2008 3.50 2.30 3.25 25 January 2008 3.50 2.60 3.35 28 January 2008 3.50 2.30 3.45 29 January 2008 3.50 2.35 3.40 30 January 2008 3.00 2.15 3.15 31 January 2008 3.00 1.95 3.15 1 February 2008 3.00 2.40 3.15 4 February 2008 3.00 2.60 3.20 5 February 2008 3.00 2.60 3.10 6 February 2008 3.00 2.15 2.95 7 February 2008 3.00 2.30 3.00 8 February 2008 3.00 2.50 2.95 11 February 2008 3.00 2.75 3.00 12 February 2008 3.00 2.70 3.00 13 February 2008 3.00 2.75 3.00 14 February 2008 3.00 2.90 3.05 15 February 2008 3.00 2.95 3.15 18 February 2008 ND 2.95 3.15 19 February 2008 3.00 2.90 3.10 20 February 2008 3.00 2.65 2.85 21 February 2008 3.00 2.75 2.90 22 February 2008 3.00 2.75 2.90 25 February 2008 3.00 2.55 2.85 26 February 2008 3.00 2.40 2.90 27 February 2008 3.00 2.15 2.90 28 February 2008 3.00 1.95 3.00 29 February 2008 3.00 2.20 3.25 3 March 2008 3.00 2.80 3.00 4 March 2008 3.00 2.80 3.00 5 March 2008 3.00 2.55 2.90 6 March 2008 3.00 2.45 2.90 7 March 2008 3.00 2.45 3.05 10 March 2008 3.00 2.60 2.90 11 March 2008 3.00 2.50 2.85 12 March 2008 3.00 2.30 2.80 Source. Bloomberg Figure: CDS spreads at selected financial institutions Daily Basis points Date Banks* Broker/dealers** 1 January 2007 12.45 18.22 2 January 2007 12.44 18.22 3 January 2007 12.63 18.28 4 January 2007 12.82 18.22 5 January 2007 12.49 18.50 8 January 2007 12.34 18.63 9 January 2007 12.32 18.76 10 January 2007 12.67 18.88 11 January 2007 12.67 18.96 12 January 2007 12.24 19.00 15 January 2007 12.32 18.99 16 January 2007 12.32 18.95 17 January 2007 12.25 18.87 18 January 2007 12.26 18.64 19 January 2007 12.29 18.84 22 January 2007 12.29 18.84 23 January 2007 12.32 18.80 24 January 2007 12.32 18.92 25 January 2007 12.32 19.00 26 January 2007 12.20 19.37 29 January 2007 12.20 19.32 30 January 2007 12.20 19.52 31 January 2007 12.20 19.62 1 February 2007 12.22 19.58 2 February 2007 12.27 19.40 5 February 2007 12.13 19.51 6 February 2007 12.16 19.33 7 February 2007 12.18 19.32 8 February 2007 12.15 19.36 9 February 2007 12.36 19.50 12 February 2007 12.47 20.59 13 February 2007 12.45 21.04 14 February 2007 12.42 21.30 15 February 2007 12.42 21.28 16 February 2007 12.42 21.30 19 February 2007 12.42 21.34 20 February 2007 12.35 21.36 21 February 2007 13.50 21.53 22 February 2007 12.30 21.71 23 February 2007 12.40 23.88 26 February 2007 12.45 23.44 27 February 2007 13.50 25.48 28 February 2007 13.50 26.15 1 March 2007 13.46 26.19 2 March 2007 13.49 26.59 5 March 2007 13.64 28.24 6 March 2007 13.57 27.09 7 March 2007 13.50 26.84 8 March 2007 13.50 26.45 9 March 2007 13.50 26.94 12 March 2007 13.50 26.55 13 March 2007 14.53 27.37 14 March 2007 14.62 28.07 15 March 2007 14.66 27.24 16 March 2007 15.00 28.63 19 March 2007 15.41 27.68 20 March 2007 15.78 26.77 21 March 2007 15.11 25.40 22 March 2007 15.00 25.01 23 March 2007 14.82 24.76 26 March 2007 15.00 24.75 27 March 2007 15.00 25.01 28 March 2007 14.69 25.49 29 March 2007 14.69 25.55 30 March 2007 14.81 25.92 2 April 2007 14.61 26.60 3 April 2007 14.70 26.73 4 April 2007 14.70 26.80 5 April 2007 14.76 25.87 6 April 2007 14.76 25.93 9 April 2007 14.70 25.91 10 April 2007 14.62 25.66 11 April 2007 14.61 24.97 12 April 2007 14.54 24.88 13 April 2007 14.63 24.74 16 April 2007 14.63 24.51 17 April 2007 14.63 24.50 18 April 2007 14.47 24.33 19 April 2007 14.37 23.58 20 April 2007 14.26 23.29 23 April 2007 14.08 23.10 24 April 2007 13.99 23.01 25 April 2007 13.78 23.34 26 April 2007 14.49 23.98 27 April 2007 14.48 23.92 30 April 2007 13.89 24.04 1 May 2007 13.89 23.87 2 May 2007 13.89 23.75 3 May 2007 13.89 23.65 4 May 2007 13.95 23.53 7 May 2007 14.38 23.32 8 May 2007 14.00 23.22 9 May 2007 14.00 23.17 10 May 2007 14.00 23.18 11 May 2007 14.00 23.02 14 May 2007 14.00 22.83 15 May 2007 14.00 22.64 16 May 2007 13.80 22.55 17 May 2007 13.97 22.51 18 May 2007 13.98 22.55 21 May 2007 13.73 22.49 22 May 2007 13.50 22.62 23 May 2007 13.97 22.65 24 May 2007 13.50 22.67 25 May 2007 13.50 22.80 28 May 2007 13.50 22.80 29 May 2007 13.25 22.91 30 May 2007 13.74 23.17 31 May 2007 13.99 22.99 1 June 2007 13.99 22.99 4 June 2007 13.50 22.96 5 June 2007 14.01 23.13 6 June 2007 14.01 23.57 7 June 2007 13.50 23.96 8 June 2007 13.59 24.40 11 June 2007 14.24 24.43 12 June 2007 14.24 24.85 13 June 2007 13.69 25.08 14 June 2007 13.73 24.68 15 June 2007 13.97 24.16 18 June 2007 13.59 24.50 19 June 2007 13.59 24.41 20 June 2007 13.37 26.45 21 June 2007 13.48 27.14 22 June 2007 13.48 27.71 25 June 2007 13.55 28.04 26 June 2007 13.61 27.83 27 June 2007 14.08 28.17 28 June 2007 14.09 28.11 29 June 2007 14.53 28.82 2 July 2007 14.72 29.28 3 July 2007 14.66 29.09 4 July 2007 14.72 29.19 5 July 2007 15.15 29.28 6 July 2007 15.42 29.22 9 July 2007 15.38 29.73 10 July 2007 16.33 32.24 11 July 2007 16.23 38.78 12 July 2007 16.46 36.97 13 July 2007 16.85 36.64 16 July 2007 16.88 36.03 17 July 2007 17.01 37.46 18 July 2007 17.03 40.12 19 July 2007 18.73 40.04 20 July 2007 20.18 47.14 23 July 2007 20.17 47.06 24 July 2007 20.28 49.67 25 July 2007 20.66 53.64 26 July 2007 20.67 73.62 27 July 2007 24.02 76.73 30 July 2007 21.51 74.57 31 July 2007 25.00 64.36 1 August 2007 33.33 67.39 2 August 2007 31.75 65.11 3 August 2007 31.11 72.38 6 August 2007 29.84 75.74 7 August 2007 28.95 69.16 8 August 2007 29.84 60.30 9 August 2007 28.95 66.45 10 August 2007 28.67 70.89 13 August 2007 27.50 66.27 14 August 2007 28.08 67.75 15 August 2007 29.84 71.44 16 August 2007 29.84 72.65 17 August 2007 29.84 67.95 20 August 2007 34.50 61.11 21 August 2007 33.49 58.37 22 August 2007 32.38 54.80 23 August 2007 31.93 53.89 24 August 2007 32.00 55.24 27 August 2007 30.56 53.92 28 August 2007 32.48 56.05 29 August 2007 31.31 58.58 30 August 2007 32.00 60.78 31 August 2007 32.00 59.92 3 September 2007 32.00 59.60 4 September 2007 35.06 58.35 5 September 2007 35.26 58.05 6 September 2007 35.75 57.56 7 September 2007 35.62 58.99 10 September 2007 35.80 58.86 11 September 2007 36.04 56.79 12 September 2007 35.25 57.22 13 September 2007 35.39 55.88 14 September 2007 35.64 55.12 17 September 2007 34.77 54.25 18 September 2007 33.00 47.79 19 September 2007 30.39 44.37 20 September 2007 31.09 40.70 21 September 2007 31.46 40.74 24 September 2007 31.99 45.12 25 September 2007 33.00 48.75 26 September 2007 32.23 46.00 27 September 2007 32.37 46.71 28 September 2007 32.43 47.27 1 October 2007 32.20 46.94 2 October 2007 31.39 46.30 3 October 2007 31.98 46.29 4 October 2007 32.08 44.85 5 October 2007 31.47 44.59 8 October 2007 31.47 44.57 9 October 2007 30.35 40.57 10 October 2007 30.47 40.79 11 October 2007 30.07 40.26 12 October 2007 29.73 42.50 15 October 2007 29.54 42.73 16 October 2007 29.97 45.96 17 October 2007 31.48 48.34 18 October 2007 34.76 48.13 19 October 2007 34.65 52.13 22 October 2007 33.28 50.71 23 October 2007 34.63 48.49 24 October 2007 35.03 50.62 25 October 2007 34.00 52.60 26 October 2007 34.00 53.46 29 October 2007 31.99 51.66 30 October 2007 34.00 52.57 31 October 2007 34.00 56.20 1 November 2007 34.00 65.34 2 November 2007 36.86 79.15 5 November 2007 36.63 81.51 6 November 2007 37.63 77.76 7 November 2007 39.28 86.28 8 November 2007 41.92 89.36 9 November 2007 47.75 89.52 12 November 2007 47.75 89.40 13 November 2007 40.50 79.47 14 November 2007 39.85 73.21 15 November 2007 39.17 77.05 16 November 2007 39.23 77.68 19 November 2007 45.13 86.23 20 November 2007 51.26 92.02 21 November 2007 55.80 97.79 22 November 2007 55.86 98.13 23 November 2007 56.98 93.54 26 November 2007 56.39 91.24 27 November 2007 56.14 85.80 28 November 2007 56.29 73.53 29 November 2007 56.46 73.81 30 November 2007 54.68 68.96 3 December 2007 55.37 75.26 4 December 2007 56.85 81.23 5 December 2007 55.66 78.74 6 December 2007 53.48 72.79 7 December 2007 47.73 67.08 10 December 2007 46.89 63.98 11 December 2007 45.38 68.33 12 December 2007 45.48 67.56 13 December 2007 48.04 69.62 14 December 2007 51.86 69.80 17 December 2007 55.57 70.11 18 December 2007 52.24 69.06 19 December 2007 50.31 69.57 20 December 2007 50.35 69.36 21 December 2007 50.10 69.25 24 December 2007 50.22 69.20 25 December 2007 50.22 69.18 26 December 2007 50.22 68.98 27 December 2007 50.30 69.07 28 December 2007 50.30 68.96 31 December 2007 50.00 69.34 1 January 2008 50.00 69.41 2 January 2008 50.35 71.27 3 January 2008 51.86 73.57 4 January 2008 57.75 78.41 7 January 2008 59.43 81.28 8 January 2008 59.50 83.49 9 January 2008 60.92 87.69 10 January 2008 60.92 86.25 11 January 2008 60.75 90.10 14 January 2008 60.00 86.92 15 January 2008 60.00 86.22 16 January 2008 61.75 84.90 17 January 2008 70.80 89.17 18 January 2008 70.10 92.27 21 January 2008 69.74 94.79 22 January 2008 63.50 99.03 23 January 2008 63.50 88.97 24 January 2008 62.50 80.63 25 January 2008 63.05 78.81 28 January 2008 63.50 81.55 29 January 2008 63.50 80.30 30 January 2008 63.50 81.31 31 January 2008 63.50 85.88 1 February 2008 63.50 83.95 4 February 2008 63.50 84.07 5 February 2008 63.50 89.15 6 February 2008 65.25 90.79 7 February 2008 67.50 93.61 8 February 2008 67.81 98.92 11 February 2008 71.06 106.33 12 February 2008 70.64 110.10 13 February 2008 75.64 110.86 14 February 2008 76.67 112.62 15 February 2008 82.76 123.21 18 February 2008 82.67 125.07 19 February 2008 83.27 128.29 20 February 2008 85.75 132.87 21 February 2008 88.83 132.67 22 February 2008 88.00 133.65 25 February 2008 88.00 135.76 26 February 2008 85.25 134.74 27 February 2008 84.72 137.90 28 February 2008 87.04 147.93 29 February 2008 94.34 165.15 3 March 2008 96.58 174.30 4 March 2008 98.00 186.25 5 March 2008 98.00 186.01 6 March 2008 105.20 201.49 7 March 2008 106.09 209.09 10 March 2008 113.95 235.72 11 March 2008 112.04 221.71 12 March 2008 114.34 215.62 *Median spread of 26 banking organizations. Return to table **Median spread of 10 broker-dealers. Return to table Note. Last observation is for March 12, 2008. Figure: Equity prices Daily Index(12/31/00=100) Date Wilshire Dow Jones Financial 2 January 2001 96.62 97.15 3 January 2001 101.68 101.84 4 January 2001 100.40 100.74 5 January 2001 97.51 98.02 8 January 2001 97.21 97.63 9 January 2001 97.71 95.96 10 January 2001 99.09 97.49 11 January 2001 100.42 97.82 12 January 2001 100.04 96.08 16 January 2001 100.76 97.64 17 January 2001 101.10 97.34 18 January 2001 102.24 96.19 19 January 2001 101.71 95.76 22 January 2001 101.76 96.78 23 January 2001 103.35 98.36 24 January 2001 103.74 99.12 25 January 2001 102.98 99.24 26 January 2001 102.89 99.67 29 January 2001 103.82 100.13 30 January 2001 104.46 100.76 31 January 2001 103.74 99.59 1 February 2001 104.23 100.19 2 February 2001 102.13 99.86 5 February 2001 102.43 100.60 6 February 2001 102.50 98.87 7 February 2001 101.66 98.44 8 February 2001 100.97 98.24 9 February 2001 99.58 98.62 12 February 2001 100.64 100.19 13 February 2001 99.77 99.25 14 February 2001 99.74 98.36 15 February 2001 100.64 98.16 16 February 2001 98.80 98.39 20 February 2001 96.97 95.32 21 February 2001 95.24 92.64 22 February 2001 94.81 92.84 23 February 2001 94.45 92.51 26 February 2001 96.28 94.42 27 February 2001 95.21 95.09 28 February 2001 93.84 93.42 1 March 2001 93.87 93.44 2 March 2001 93.42 93.61 5 March 2001 93.91 93.43 6 March 2001 94.89 93.73 7 March 2001 95.46 95.53 8 March 2001 95.38 95.66 9 March 2001 93.07 93.52 12 March 2001 89.11 89.35 13 March 2001 90.46 91.43 14 March 2001 88.24 87.64 15 March 2001 88.56 89.87 16 March 2001 86.72 88.68 19 March 2001 88.32 89.73 20 March 2001 86.27 87.50 21 March 2001 84.66 85.02 22 March 2001 84.28 83.16 23 March 2001 86.03 86.20 26 March 2001 87.00 87.56 27 March 2001 89.05 90.07 28 March 2001 86.81 89.22 29 March 2001 86.38 88.85 30 March 2001 87.43 90.66 2 April 2001 86.09 90.88 3 April 2001 82.98 88.21 4 April 2001 82.69 86.02 5 April 2001 86.50 89.18 6 April 2001 84.75 86.96 9 April 2001 85.50 87.40 10 April 2001 87.89 89.50 11 April 2001 87.78 89.97 12 April 2001 89.13 90.75 16 April 2001 88.74 90.22 17 April 2001 89.72 90.76 18 April 2001 93.17 94.36 19 April 2001 94.49 94.80 20 April 2001 93.71 93.28 23 April 2001 92.19 92.18 24 April 2001 91.16 91.74 25 April 2001 92.68 92.63 26 April 2001 93.14 93.15 27 April 2001 94.52 95.06 30 April 2001 94.55 93.85 1 May 2001 95.82 94.70 2 May 2001 96.09 95.18 3 May 2001 94.62 94.97 4 May 2001 95.99 96.08 7 May 2001 95.67 95.43 8 May 2001 95.58 94.77 9 May 2001 95.13 94.48 10 May 2001 95.07 94.68 11 May 2001 94.38 93.66 14 May 2001 94.50 94.54 15 May 2001 94.60 95.18 16 May 2001 97.18 97.46 17 May 2001 97.70 97.00 18 May 2001 97.93 96.72 21 May 2001 99.72 97.85 22 May 2001 99.59 99.03 23 May 2001 97.92 98.34 24 May 2001 98.31 98.74 25 May 2001 97.32 97.76 29 May 2001 96.33 97.70 30 May 2001 94.67 96.91 31 May 2001 95.35 97.44 1 June 2001 95.86 97.32 4 June 2001 96.35 98.17 5 June 2001 97.76 98.90 6 June 2001 96.81 97.98 7 June 2001 97.33 97.72 8 June 2001 96.39 96.97 11 June 2001 95.48 96.50 12 June 2001 95.53 96.27 13 June 2001 94.53 95.76 14 June 2001 92.71 94.29 15 June 2001 92.30 94.49 18 June 2001 91.75 94.74 19 June 2001 91.94 95.62 20 June 2001 92.91 96.56 21 June 2001 93.82 99.42 22 June 2001 92.91 98.70 25 June 2001 92.42 97.58 26 June 2001 92.43 96.92 27 June 2001 92.22 96.78 28 June 2001 93.42 97.93 29 June 2001 93.69 97.82 2 July 2001 94.26 98.56 3 July 2001 94.07 98.37 5 July 2001 92.94 97.75 6 July 2001 90.83 95.95 9 July 2001 91.36 96.06 10 July 2001 90.04 94.19 11 July 2001 89.89 93.72 12 July 2001 92.05 95.70 13 July 2001 92.58 96.45 16 July 2001 91.53 95.58 17 July 2001 92.48 96.84 18 July 2001 91.86 97.05 19 July 2001 92.36 96.11 20 July 2001 92.09 95.55 23 July 2001 90.69 94.94 24 July 2001 89.19 94.04 25 July 2001 90.42 94.49 26 July 2001 91.47 95.23 27 July 2001 91.70 95.78 30 July 2001 91.60 95.71 31 July 2001 92.06 96.41 1 August 2001 92.48 97.01 2 August 2001 92.78 97.18 3 August 2001 92.34 97.01 6 August 2001 91.29 96.20 7 August 2001 91.48 96.64 8 August 2001 89.92 95.69 9 August 2001 89.88 95.49 10 August 2001 90.30 95.79 13 August 2001 90.49 95.84 14 August 2001 90.24 95.75 15 August 2001 89.61 95.63 16 August 2001 89.81 95.38 17 August 2001 88.37 94.11 20 August 2001 89.01 94.81 21 August 2001 87.97 94.16 22 August 2001 88.58 94.52 23 August 2001 88.31 94.17 24 August 2001 89.92 94.14 27 August 2001 89.56 93.18 28 August 2001 88.28 92.09 29 August 2001 87.42 91.25 30 August 2001 86.01 90.66 31 August 2001 86.36 91.02 4 September 2001 86.29 90.63 5 September 2001 86.01 89.64 6 September 2001 84.20 87.97 7 September 2001 82.68 86.15 10 September 2001 82.99 86.37 17 September 2001 78.77 82.14 18 September 2001 78.16 82.02 19 September 2001 76.85 80.74 20 September 2001 74.52 77.75 21 September 2001 73.10 76.62 24 September 2001 75.88 80.35 25 September 2001 76.44 81.57 26 September 2001 75.94 82.13 27 September 2001 76.79 83.54 28 September 2001 78.54 85.68 1 October 2001 78.17 85.49 2 October 2001 79.08 86.62 3 October 2001 80.84 88.01 4 October 2001 80.77 87.19 5 October 2001 80.79 87.19 8 October 2001 80.15 83.13 9 October 2001 79.75 83.68 10 October 2001 81.62 85.07 11 October 2001 83.03 86.12 12 October 2001 82.53 84.89 15 October 2001 82.46 85.60 16 October 2001 83.10 86.81 17 October 2001 81.44 86.01 18 October 2001 80.83 85.14 19 October 2001 81.27 84.27 22 October 2001 82.48 86.23 23 October 2001 82.09 86.21 24 October 2001 82.14 86.17 25 October 2001 83.31 87.32 26 October 2001 83.65 87.71 29 October 2001 81.72 85.47 30 October 2001 80.31 84.77 31 October 2001 80.46 84.00 1 November 2001 82.13 85.50 2 November 2001 82.27 86.06 5 November 2001 83.42 87.47 6 November 2001 84.63 88.76 7 November 2001 84.42 89.12 8 November 2001 84.51 89.13 9 November 2001 84.57 88.65 12 November 2001 84.51 88.56 13 November 2001 86.06 90.26 14 November 2001 86.33 90.70 15 November 2001 86.33 90.43 16 November 2001 86.13 89.54 19 November 2001 87.11 90.80 20 November 2001 86.43 90.32 21 November 2001 86.03 89.81 23 November 2001 87.03 91.15 26 November 2001 87.64 91.88 27 November 2001 87.17 91.55 28 November 2001 85.64 89.51 29 November 2001 86.60 90.42 30 November 2001 86.49 89.67 3 December 2001 85.77 88.39 4 December 2001 87.01 89.51 5 December 2001 88.98 91.04 6 December 2001 88.88 91.61 7 December 2001 88.25 91.50 10 December 2001 86.92 90.13 11 December 2001 86.77 90.42 12 December 2001 86.78 90.13 13 December 2001 85.49 88.89 14 December 2001 85.77 88.52 17 December 2001 86.65 89.31 18 December 2001 87.36 90.21 19 December 2001 87.73 91.49 20 December 2001 86.92 91.12 21 December 2001 87.43 90.84 24 December 2001 87.46 90.78 26 December 2001 87.91 91.03 27 December 2001 88.49 91.56 28 December 2001 88.85 92.35 31 December 2001 87.94 91.74 2 January 2002 88.30 91.40 3 January 2002 89.17 91.92 4 January 2002 89.79 93.17 7 January 2002 89.18 92.53 8 January 2002 88.96 91.45 9 January 2002 88.56 91.86 10 January 2002 88.62 92.25 11 January 2002 87.86 91.38 14 January 2002 87.15 90.62 15 January 2002 87.74 92.21 16 January 2002 86.35 91.18 17 January 2002 87.24 91.99 18 January 2002 86.31 91.69 22 January 2002 85.62 91.54 23 January 2002 86.42 91.63 24 January 2002 86.78 92.01 25 January 2002 86.86 92.35 28 January 2002 86.91 91.78 29 January 2002 84.74 88.04 30 January 2002 85.62 88.99 31 January 2002 86.77 90.39 1 February 2002 86.16 89.53 4 February 2002 84.14 86.86 5 February 2002 83.86 86.33 6 February 2002 83.22 85.57 7 February 2002 82.87 85.97 8 February 2002 84.18 88.14 11 February 2002 85.30 88.92 12 February 2002 85.04 88.44 13 February 2002 85.86 89.73 14 February 2002 85.66 89.88 15 February 2002 84.72 88.40 19 February 2002 83.11 86.30 20 February 2002 84.20 87.53 21 February 2002 82.94 86.27 22 February 2002 83.60 86.28 25 February 2002 84.98 88.16 26 February 2002 85.08 88.47 27 February 2002 85.11 89.10 28 February 2002 84.86 89.41 1 March 2002 86.73 90.49 4 March 2002 88.44 93.26 5 March 2002 87.98 93.36 6 March 2002 89.19 94.75 7 March 2002 88.82 94.10 8 March 2002 89.44 94.49 11 March 2002 89.70 94.93 12 March 2002 89.46 95.13 13 March 2002 88.64 94.38 14 March 2002 88.61 94.63 15 March 2002 89.56 96.32 18 March 2002 89.65 95.89 19 March 2002 89.96 96.34 20 March 2002 88.63 94.86 21 March 2002 88.89 94.93 22 March 2002 88.51 95.02 25 March 2002 87.25 93.55 26 March 2002 87.76 94.42 27 March 2002 88.26 95.38 28 March 2002 88.50 95.05 1 April 2002 88.41 94.57 2 April 2002 87.63 94.83 3 April 2002 86.76 93.92 4 April 2002 86.87 94.49 5 April 2002 86.66 95.08 8 April 2002 86.96 95.52 9 April 2002 86.48 96.08 10 April 2002 87.48 96.50 11 April 2002 85.58 94.28 12 April 2002 86.29 95.41 15 April 2002 85.73 94.18 16 April 2002 87.63 95.94 17 April 2002 87.41 96.22 18 April 2002 87.29 95.83 19 April 2002 87.35 95.90 22 April 2002 86.06 94.65 23 April 2002 85.62 94.17 24 April 2002 85.09 93.80 25 April 2002 85.02 93.05 26 April 2002 83.84 92.55 29 April 2002 83.12 91.90 30 April 2002 84.11 93.10 1 May 2002 84.75 93.59 2 May 2002 84.58 94.53 3 May 2002 83.79 94.07 6 May 2002 82.26 92.18 7 May 2002 81.97 91.74 8 May 2002 84.83 94.03 9 May 2002 83.61 93.09 10 May 2002 82.27 91.83 13 May 2002 83.69 93.27 14 May 2002 85.50 94.73 15 May 2002 85.15 94.50 16 May 2002 85.44 95.16 17 May 2002 86.02 95.68 20 May 2002 84.94 94.12 21 May 2002 83.97 93.48 22 May 2002 84.28 93.44 23 May 2002 85.16 94.42 24 May 2002 84.19 93.76 28 May 2002 83.58 92.87 29 May 2002 83.04 92.89 30 May 2002 82.84 92.57 31 May 2002 83.00 92.87 3 June 2002 81.02 91.03 4 June 2002 80.94 90.41 5 June 2002 81.56 91.13 6 June 2002 80.03 89.59 7 June 2002 80.10 89.70 10 June 2002 80.25 90.21 11 June 2002 78.92 88.62 12 June 2002 79.34 88.90 13 June 2002 78.49 87.09 14 June 2002 78.43 87.86 17 June 2002 80.58 91.33 18 June 2002 80.61 91.60 19 June 2002 79.32 90.50 20 June 2002 78.28 89.14 21 June 2002 77.12 88.35 24 June 2002 77.26 88.24 25 June 2002 75.98 87.62 26 June 2002 75.74 86.06 27 June 2002 76.98 87.96 28 June 2002 77.07 88.53 1 July 2002 75.30 87.18 2 July 2002 73.60 85.72 3 July 2002 73.90 84.78 5 July 2002 76.49 87.71 8 July 2002 75.55 87.35 9 July 2002 73.81 85.13 10 July 2002 71.59 82.65 11 July 2002 71.95 83.30 12 July 2002 71.55 82.63 15 July 2002 71.22 82.23 16 July 2002 70.18 81.21 17 July 2002 70.59 80.61 18 July 2002 68.70 78.02 19 July 2002 66.39 76.52 22 July 2002 64.27 73.89 23 July 2002 62.43 70.10 24 July 2002 65.78 73.82 25 July 2002 65.47 73.84 26 July 2002 66.46 75.83 29 July 2002 70.02 80.61 30 July 2002 70.33 80.93 31 July 2002 70.77 82.06 1 August 2002 68.88 80.28 2 August 2002 67.24 78.09 5 August 2002 65.02 75.33 6 August 2002 66.96 77.58 7 August 2002 68.15 78.67 8 August 2002 70.20 82.17 9 August 2002 70.40 82.98 12 August 2002 70.12 82.31 13 August 2002 68.62 80.39 14 August 2002 71.15 83.21 15 August 2002 71.98 84.00 16 August 2002 72.03 83.60 19 August 2002 73.56 85.55 20 August 2002 72.60 84.35 21 August 2002 73.57 84.84 22 August 2002 74.54 85.80 23 August 2002 72.91 84.15 26 August 2002 73.52 85.19 27 August 2002 72.41 84.52 28 August 2002 71.13 83.02 29 August 2002 71.26 83.35 30 August 2002 71.08 83.53 3 September 2002 68.31 79.77 4 September 2002 69.52 81.14 5 September 2002 68.42 79.98 6 September 2002 69.66 81.16 9 September 2002 70.28 82.30 10 September 2002 70.75 81.61 11 September 2002 70.72 81.28 12 September 2002 69.05 79.14 13 September 2002 69.33 79.71 16 September 2002 69.33 79.45 17 September 2002 68.03 77.89 18 September 2002 67.72 77.17 19 September 2002 65.75 74.62 20 September 2002 65.89 74.44 23 September 2002 64.95 74.30 24 September 2002 63.95 72.81 25 September 2002 65.47 74.25 26 September 2002 66.61 76.35 27 September 2002 64.66 74.19 30 September 2002 63.84 74.08 1 October 2002 66.07 77.05 2 October 2002 64.55 74.19 3 October 2002 63.84 71.35 4 October 2002 62.41 69.37 7 October 2002 61.14 67.06 8 October 2002 62.03 69.61 9 October 2002 60.31 66.63 10 October 2002 62.35 70.23 11 October 2002 64.66 73.50 14 October 2002 65.13 73.84 15 October 2002 68.09 78.74 16 October 2002 66.45 77.46 17 October 2002 68.02 79.56 18 October 2002 68.36 79.72 21 October 2002 69.48 80.57 22 October 2002 68.70 79.84 23 October 2002 69.24 79.98 24 October 2002 68.27 78.69 25 October 2002 69.40 80.49 28 October 2002 68.83 80.16 29 October 2002 68.23 79.39 30 October 2002 68.92 80.04 31 October 2002 68.64 79.59 1 November 2002 69.83 80.76 4 November 2002 70.39 81.33 5 November 2002 70.83 81.65 6 November 2002 71.53 81.64 7 November 2002 69.94 79.11 8 November 2002 69.31 78.63 11 November 2002 67.88 77.63 12 November 2002 68.44 78.38 13 November 2002 68.42 78.01 14 November 2002 70.07 80.22 15 November 2002 70.50 80.94 18 November 2002 69.80 79.49 19 November 2002 69.47 79.67 20 November 2002 70.79 81.49 21 November 2002 72.29 83.25 22 November 2002 72.14 83.00 25 November 2002 72.39 82.72 26 November 2002 70.92 80.72 27 November 2002 72.87 82.99 29 November 2002 72.66 82.59 2 December 2002 72.61 82.45 3 December 2002 71.50 81.50 4 December 2002 71.22 81.24 5 December 2002 70.45 79.98 6 December 2002 70.87 80.54 9 December 2002 69.30 79.08 10 December 2002 70.28 80.37 11 December 2002 70.33 80.41 12 December 2002 70.15 80.05 13 December 2002 69.20 79.16 16 December 2002 70.73 81.23 17 December 2002 70.18 80.77 18 December 2002 69.25 79.56 19 December 2002 68.76 79.03 20 December 2002 69.61 80.44 23 December 2002 69.77 80.26 24 December 2002 69.42 79.63 26 December 2002 69.28 79.59 27 December 2002 68.21 78.15 30 December 2002 68.44 78.72 31 December 2002 68.52 78.56 2 January 2003 70.64 81.03 3 January 2003 70.58 81.02 6 January 2003 72.05 83.28 7 January 2003 71.57 82.55 8 January 2003 70.60 81.70 9 January 2003 71.91 83.11 10 January 2003 71.93 83.01 13 January 2003 71.83 83.15 14 January 2003 72.22 83.83 15 January 2003 71.29 82.60 16 January 2003 71.05 81.96 17 January 2003 70.06 81.66 21 January 2003 68.99 80.40 22 January 2003 68.35 79.27 23 January 2003 69.04 80.10 24 January 2003 67.15 77.51 27 January 2003 66.05 76.50 28 January 2003 66.87 77.26 29 January 2003 67.30 77.44 30 January 2003 65.88 75.86 31 January 2003 66.73 77.09 3 February 2003 66.98 77.41 4 February 2003 66.11 75.75 5 February 2003 65.79 75.24 6 February 2003 65.36 74.29 7 February 2003 64.66 73.64 10 February 2003 65.12 74.22 11 February 2003 64.66 73.34 12 February 2003 63.83 72.50 13 February 2003 63.67 72.83 14 February 2003 64.86 74.26 18 February 2003 66.13 75.41 19 February 2003 65.67 75.09 20 February 2003 65.14 74.55 21 February 2003 66.00 75.46 24 February 2003 64.84 73.89 25 February 2003 65.29 74.42 26 February 2003 64.49 73.48 27 February 2003 65.21 74.59 28 February 2003 65.48 74.80 3 March 2003 65.05 74.35 4 March 2003 64.12 73.34 5 March 2003 64.60 74.14 6 March 2003 64.06 73.16 7 March 2003 64.53 73.79 10 March 2003 63.01 71.25 11 March 2003 62.50 70.21 12 March 2003 62.67 70.09 13 March 2003 64.77 72.83 14 March 2003 64.85 73.04 17 March 2003 67.04 75.37 18 March 2003 67.35 75.58 19 March 2003 67.83 76.58 20 March 2003 68.04 76.86 21 March 2003 69.51 78.73 24 March 2003 67.19 76.15 25 March 2003 68.00 76.65 26 March 2003 67.62 76.37 27 March 2003 67.54 76.03 28 March 2003 67.23 75.78 31 March 2003 66.13 74.44 1 April 2003 66.87 76.01 2 April 2003 68.57 77.94 3 April 2003 68.24 77.36 4 April 2003 68.33 78.11 7 April 2003 68.47 78.21 8 April 2003 68.28 78.37 9 April 2003 67.43 77.35 10 April 2003 67.79 77.87 11 April 2003 67.57 77.88 14 April 2003 68.84 79.54 15 April 2003 69.25 80.74 16 April 2003 68.50 79.74 17 April 2003 69.54 80.82 21 April 2003 69.48 80.75 22 April 2003 70.90 83.00 23 April 2003 71.51 83.75 24 April 2003 70.93 82.16 25 April 2003 70.02 81.24 28 April 2003 71.22 82.54 29 April 2003 71.46 82.53 30 April 2003 71.47 82.79 1 May 2003 71.44 82.78 2 May 2003 72.55 84.12 5 May 2003 72.42 83.86 6 May 2003 73.00 84.49 7 May 2003 72.67 84.12 8 May 2003 71.98 82.85 9 May 2003 72.96 83.59 12 May 2003 73.87 84.63 13 May 2003 73.70 84.45 14 May 2003 73.52 84.27 15 May 2003 74.05 84.95 16 May 2003 73.83 85.10 19 May 2003 72.13 83.16 20 May 2003 72.05 83.14 21 May 2003 72.36 83.49 22 May 2003 73.04 83.64 23 May 2003 73.23 83.89 27 May 2003 74.63 85.46 28 May 2003 74.77 86.10 29 May 2003 74.56 85.49 30 May 2003 75.71 87.24 2 June 2003 76.01 87.95 3 June 2003 76.30 88.23 4 June 2003 77.46 89.58 5 June 2003 77.87 90.08 6 June 2003 77.63 90.02 9 June 2003 76.63 88.08 10 June 2003 77.35 88.97 11 June 2003 78.33 90.29 12 June 2003 78.45 90.02 13 June 2003 77.65 89.71 16 June 2003 79.29 91.74 17 June 2003 79.36 91.47 18 June 2003 79.23 90.64 19 June 2003 78.07 88.78 20 June 2003 78.12 88.94 23 June 2003 76.96 87.52 24 June 2003 77.10 88.03 25 June 2003 76.65 87.64 26 June 2003 77.49 88.34 27 June 2003 76.86 87.71 30 June 2003 76.73 87.37 1 July 2003 77.28 88.49 2 July 2003 78.27 89.55 3 July 2003 77.72 89.06 7 July 2003 79.17 90.75 8 July 2003 79.56 91.32 9 July 2003 79.28 91.10 10 July 2003 78.21 89.79 11 July 2003 78.93 90.82 14 July 2003 79.47 92.57 15 July 2003 79.18 92.26 16 July 2003 78.67 91.60 17 July 2003 77.56 90.25 18 July 2003 78.41 91.36 21 July 2003 77.31 90.34 22 July 2003 78.05 91.04 23 July 2003 78.15 90.85 24 July 2003 77.68 90.53 25 July 2003 78.84 92.23 28 July 2003 78.81 91.88 29 July 2003 78.37 91.26 30 July 2003 78.25 91.23 31 July 2003 78.48 91.15 1 August 2003 77.65 89.37 4 August 2003 77.73 89.45 5 August 2003 76.43 88.25 6 August 2003 76.44 89.04 7 August 2003 76.89 89.46 8 August 2003 77.14 89.98 11 August 2003 77.46 89.84 12 August 2003 78.27 90.87 13 August 2003 77.87 90.13 14 August 2003 78.36 90.96 15 August 2003 78.41 90.72 18 August 2003 79.20 90.97 19 August 2003 79.53 91.06 20 August 2003 79.43 90.92 21 August 2003 79.79 90.79 22 August 2003 78.95 89.30 25 August 2003 78.75 89.34 26 August 2003 79.15 89.64 27 August 2003 79.27 89.23 28 August 2003 79.83 89.73 29 August 2003 80.25 90.31 2 September 2003 81.35 91.56 3 September 2003 81.70 91.95 4 September 2003 81.86 91.65 5 September 2003 81.36 91.19 8 September 2003 82.22 91.90 9 September 2003 81.58 91.55 10 September 2003 80.44 90.05 11 September 2003 80.92 90.46 12 September 2003 81.12 90.59 15 September 2003 80.84 90.40 16 September 2003 81.96 91.70 17 September 2003 81.73 91.59 18 September 2003 82.76 93.66 19 September 2003 82.57 93.56 22 September 2003 81.54 92.54 23 September 2003 82.08 93.13 24 September 2003 80.55 91.65 25 September 2003 79.88 91.15 26 September 2003 79.23 90.63 29 September 2003 80.02 91.56 30 September 2003 79.25 90.93 1 October 2003 80.98 93.21 2 October 2003 81.20 93.32 3 October 2003 82.05 93.84 6 October 2003 82.46 94.49 7 October 2003 82.88 95.02 8 October 2003 82.45 94.84 9 October 2003 82.89 95.20 10 October 2003 82.83 96.48 13 October 2003 83.51 96.48 14 October 2003 83.86 97.09 15 October 2003 83.57 96.69 16 October 2003 83.86 96.91 17 October 2003 82.94 96.00 20 October 2003 83.28 96.07 21 October 2003 83.48 95.95 22 October 2003 82.19 94.71 23 October 2003 82.37 95.44 24 October 2003 81.99 95.08 27 October 2003 82.35 95.23 28 October 2003 83.62 96.35 29 October 2003 83.83 96.67 30 October 2003 83.74 96.67 31 October 2003 83.97 96.84 3 November 2003 84.73 98.02 4 November 2003 84.36 97.70 5 November 2003 84.29 97.35 6 November 2003 84.79 97.89 7 November 2003 84.51 97.17 10 November 2003 83.89 96.99 11 November 2003 83.73 96.82 12 November 2003 84.82 97.41 13 November 2003 84.84 97.34 14 November 2003 84.14 96.23 17 November 2003 83.55 95.83 18 November 2003 82.81 94.91 19 November 2003 83.41 95.32 20 November 2003 82.77 94.65 21 November 2003 82.94 95.11 24 November 2003 84.36 96.14 25 November 2003 84.60 96.56 26 November 2003 84.96 97.18 28 November 2003 85.02 97.09 1 December 2003 86.00 98.18 2 December 2003 85.76 98.01 3 December 2003 85.43 97.72 4 December 2003 85.68 97.78 5 December 2003 85.03 97.07 8 December 2003 85.62 98.06 9 December 2003 84.81 97.08 10 December 2003 84.56 96.62 11 December 2003 85.67 97.53 12 December 2003 85.94 97.93 15 December 2003 85.29 97.31 16 December 2003 85.75 98.18 17 December 2003 85.87 98.01 18 December 2003 86.92 98.84 19 December 2003 86.89 99.10 22 December 2003 87.22 99.56 23 December 2003 87.53 99.79 24 December 2003 87.38 99.66 26 December 2003 87.55 99.76 29 December 2003 88.64 100.93 30 December 2003 88.70 101.15 31 December 2003 88.70 101.15 2 January 2004 88.52 100.69 5 January 2004 89.57 101.39 6 January 2004 89.73 101.48 7 January 2004 89.99 101.58 8 January 2004 90.42 101.82 9 January 2004 89.76 101.47 12 January 2004 90.25 101.86 13 January 2004 89.82 101.32 14 January 2004 90.53 102.24 15 January 2004 90.64 102.99 16 January 2004 91.30 103.36 20 January 2004 91.42 103.36 21 January 2004 92.01 104.72 22 January 2004 91.70 104.71 23 January 2004 91.63 104.44 26 January 2004 92.66 105.72 27 January 2004 91.80 104.96 28 January 2004 90.48 103.36 29 January 2004 90.72 103.79 30 January 2004 90.58 104.20 2 February 2004 90.84 104.68 3 February 2004 90.84 104.69 4 February 2004 89.93 103.75 5 February 2004 90.13 103.81 6 February 2004 91.41 105.39 9 February 2004 91.30 105.20 10 February 2004 91.83 105.52 11 February 2004 92.75 107.01 12 February 2004 92.31 106.65 13 February 2004 91.77 106.48 17 February 2004 92.68 107.26 18 February 2004 92.29 106.79 19 February 2004 91.80 106.56 20 February 2004 91.52 106.25 23 February 2004 91.08 106.17 24 February 2004 90.96 105.75 25 February 2004 91.44 106.35 26 February 2004 91.67 106.47 27 February 2004 91.76 106.84 1 March 2004 92.72 107.60 2 March 2004 92.19 107.21 3 March 2004 92.30 107.78 4 March 2004 92.71 108.03 5 March 2004 92.92 108.75 8 March 2004 92.15 108.25 9 March 2004 91.55 107.54 10 March 2004 90.17 106.00 11 March 2004 88.88 104.41 12 March 2004 90.08 105.73 15 March 2004 88.69 104.19 16 March 2004 89.06 105.07 17 March 2004 90.19 106.40 18 March 2004 90.02 106.44 19 March 2004 89.13 105.31 22 March 2004 87.91 104.05 23 March 2004 87.82 104.03 24 March 2004 87.57 103.20 25 March 2004 89.05 104.49 26 March 2004 89.03 104.29 29 March 2004 90.20 105.60 30 March 2004 90.65 106.10 31 March 2004 90.67 106.02 1 April 2004 91.22 107.09 2 April 2004 92.01 106.44 5 April 2004 92.64 106.55 6 April 2004 92.31 106.22 7 April 2004 91.86 105.93 8 April 2004 91.71 105.63 12 April 2004 92.09 105.66 13 April 2004 90.72 103.58 14 April 2004 90.53 102.29 15 April 2004 90.54 101.90 16 April 2004 90.98 103.08 19 April 2004 91.18 102.80 20 April 2004 89.78 100.99 21 April 2004 90.30 101.02 22 April 2004 91.61 102.55 23 April 2004 91.58 102.04 26 April 2004 91.24 101.82 27 April 2004 91.40 102.14 28 April 2004 90.08 100.58 29 April 2004 89.25 100.29 30 April 2004 88.65 99.99 3 May 2004 89.44 100.78 4 May 2004 89.63 101.15 5 May 2004 89.83 101.24 6 May 2004 89.12 100.19 7 May 2004 87.76 97.99 10 May 2004 86.64 96.81 11 May 2004 87.45 97.55 12 May 2004 87.53 98.40 13 May 2004 87.47 98.54 14 May 2004 87.34 98.62 17 May 2004 86.38 97.50 18 May 2004 87.04 98.43 19 May 2004 86.84 98.22 20 May 2004 86.88 98.79 21 May 2004 87.26 99.28 24 May 2004 87.55 99.54 25 May 2004 89.02 101.09 26 May 2004 89.27 101.77 27 May 2004 89.71 102.01 28 May 2004 89.74 102.15 1 June 2004 89.85 101.81 2 June 2004 90.12 102.27 3 June 2004 89.31 101.47 4 June 2004 89.82 102.18 7 June 2004 91.25 103.69 8 June 2004 91.32 103.53 9 June 2004 90.39 102.51 10 June 2004 90.72 102.81 14 June 2004 89.74 101.39 15 June 2004 90.39 101.86 16 June 2004 90.54 101.98 17 June 2004 90.44 102.09 18 June 2004 90.62 102.36 21 June 2004 90.27 102.11 22 June 2004 90.61 102.45 23 June 2004 91.43 102.96 24 June 2004 91.20 102.90 25 June 2004 90.95 102.66 28 June 2004 90.80 102.66 29 June 2004 91.04 102.23 30 June 2004 91.48 102.70 1 July 2004 90.54 101.97 2 July 2004 90.32 102.34 6 July 2004 89.49 101.62 7 July 2004 89.64 101.64 8 July 2004 88.77 100.77 9 July 2004 89.05 100.68 12 July 2004 89.10 101.32 13 July 2004 89.15 101.29 14 July 2004 88.88 100.90 15 July 2004 88.64 100.28 16 July 2004 88.15 100.09 19 July 2004 88.08 100.50 20 July 2004 88.81 100.94 21 July 2004 87.48 99.90 22 July 2004 87.58 99.69 23 July 2004 86.68 99.13 26 July 2004 86.33 99.15 27 July 2004 87.28 99.94 28 July 2004 87.21 100.02 29 July 2004 87.76 100.43 30 July 2004 87.89 100.41 2 August 2004 88.24 100.91 3 August 2004 87.61 100.51 4 August 2004 87.43 100.67 5 August 2004 86.01 99.04 6 August 2004 84.66 98.21 9 August 2004 84.69 98.25 10 August 2004 85.85 99.54 11 August 2004 85.56 99.71 12 August 2004 84.54 98.83 13 August 2004 84.63 98.75 16 August 2004 85.83 100.31 17 August 2004 86.08 100.92 18 August 2004 87.22 102.12 19 August 2004 86.87 101.69 20 August 2004 87.59 102.73 23 August 2004 87.32 102.35 24 August 2004 87.37 102.75 25 August 2004 88.07 103.51 26 August 2004 88.06 103.69 27 August 2004 88.33 103.76 30 August 2004 87.60 103.31 31 August 2004 88.04 103.95 1 September 2004 88.28 103.41 2 September 2004 89.24 104.51 3 September 2004 88.87 104.52 7 September 2004 89.52 105.71 8 September 2004 89.09 104.98 9 September 2004 89.36 104.80 10 September 2004 89.82 105.24 13 September 2004 90.06 105.03 14 September 2004 90.20 105.05 15 September 2004 89.63 104.64 16 September 2004 89.99 105.42 17 September 2004 90.29 105.44 20 September 2004 89.83 104.47 21 September 2004 90.43 105.27 22 September 2004 89.21 103.52 23 September 2004 88.87 102.62 24 September 2004 89.01 103.07 27 September 2004 88.41 102.38 28 September 2004 88.97 102.93 29 September 2004 89.41 103.25 30 September 2004 89.48 103.26 1 October 2004 90.82 104.79 4 October 2004 91.16 104.90 5 October 2004 91.08 104.48 6 October 2004 91.69 105.16 7 October 2004 90.74 104.68 8 October 2004 90.05 104.41 11 October 2004 90.23 104.66 12 October 2004 90.04 104.78 13 October 2004 89.37 104.02 14 October 2004 88.61 101.79 15 October 2004 89.02 102.20 18 October 2004 89.48 102.64 19 October 2004 88.67 101.04 20 October 2004 88.76 100.44 21 October 2004 89.13 100.69 22 October 2004 88.27 100.01 25 October 2004 88.27 100.02 26 October 2004 89.47 102.24 27 October 2004 90.64 103.42 28 October 2004 90.75 103.96 29 October 2004 90.91 104.07 1 November 2004 90.99 104.32 2 November 2004 90.96 104.71 3 November 2004 92.02 105.35 4 November 2004 93.39 107.08 5 November 2004 93.71 106.70 8 November 2004 93.59 106.57 9 November 2004 93.61 106.52 10 November 2004 93.62 106.76 11 November 2004 94.49 107.77 12 November 2004 95.35 108.61 15 November 2004 95.39 108.87 16 November 2004 94.74 107.91 17 November 2004 95.28 108.01 18 November 2004 95.34 107.73 19 November 2004 94.29 106.33 22 November 2004 94.87 107.12 23 November 2004 94.97 107.44 24 November 2004 95.44 107.89 26 November 2004 95.56 107.81 29 November 2004 95.35 107.50 30 November 2004 95.01 107.42 1 December 2004 96.38 109.43 2 December 2004 96.29 109.20 3 December 2004 96.38 109.17 6 December 2004 96.27 109.23 7 December 2004 95.12 108.08 8 December 2004 95.57 108.46 9 December 2004 96.02 108.96 10 December 2004 96.03 109.14 13 December 2004 96.83 109.92 14 December 2004 97.28 110.22 15 December 2004 97.60 110.69 16 December 2004 97.30 110.09 17 December 2004 96.78 109.69 20 December 2004 96.69 109.64 21 December 2004 97.58 110.83 22 December 2004 97.94 111.60 23 December 2004 98.01 111.52 27 December 2004 97.58 111.03 28 December 2004 98.40 111.72 29 December 2004 98.41 111.59 30 December 2004 98.46 111.69 31 December 2004 98.32 111.71 3 January 2005 97.37 111.12 4 January 2005 96.10 110.00 5 January 2005 95.54 109.39 6 January 2005 95.87 109.93 7 January 2005 95.67 109.40 10 January 2005 96.07 109.54 11 January 2005 95.42 108.96 12 January 2005 95.74 108.65 13 January 2005 95.07 107.84 14 January 2005 95.70 108.26 18 January 2005 96.64 109.84 19 January 2005 95.75 108.83 20 January 2005 95.02 108.07 21 January 2005 94.51 107.50 24 January 2005 94.03 107.46 25 January 2005 94.32 107.41 26 January 2005 94.92 107.79 27 January 2005 94.97 107.29 28 January 2005 94.71 107.05 31 January 2005 95.62 108.36 1 February 2005 96.27 109.55 2 February 2005 96.65 109.46 3 February 2005 96.38 109.05 4 February 2005 97.45 110.32 7 February 2005 97.33 110.23 8 February 2005 97.40 109.94 9 February 2005 96.45 109.59 10 February 2005 96.81 109.92 11 February 2005 97.53 110.67 14 February 2005 97.62 110.66 15 February 2005 97.91 110.88 16 February 2005 98.01 110.35 17 February 2005 97.25 109.39 18 February 2005 97.26 108.30 22 February 2005 95.80 106.55 23 February 2005 96.30 107.25 24 February 2005 97.06 107.55 25 February 2005 98.01 108.58 28 February 2005 97.43 107.78 1 March 2005 97.99 108.78 2 March 2005 97.97 108.36 3 March 2005 97.99 108.18 4 March 2005 98.89 109.55 7 March 2005 99.16 109.84 8 March 2005 98.62 109.52 9 March 2005 97.62 108.04 10 March 2005 97.66 108.60 11 March 2005 97.09 107.57 14 March 2005 97.69 108.44 15 March 2005 97.05 107.68 16 March 2005 96.25 106.72 17 March 2005 96.46 106.44 18 March 2005 96.34 105.97 21 March 2005 95.96 105.05 22 March 2005 95.09 103.18 23 March 2005 94.94 103.12 24 March 2005 94.96 102.79 28 March 2005 95.10 103.31 29 March 2005 94.28 102.86 30 March 2005 95.55 104.01 31 March 2005 95.58 103.81 1 April 2005 95.01 102.50 4 April 2005 95.26 103.00 5 April 2005 95.65 103.18 6 April 2005 95.86 103.85 7 April 2005 96.40 104.18 8 April 2005 95.55 103.43 11 April 2005 95.49 103.51 12 April 2005 96.03 104.77 13 April 2005 94.87 103.42 14 April 2005 93.85 102.23 15 April 2005 92.37 101.15 18 April 2005 92.66 101.95 19 April 2005 93.36 102.32 20 April 2005 92.13 100.95 21 April 2005 93.88 101.70 22 April 2005 93.11 101.29 25 April 2005 94.02 102.57 26 April 2005 93.20 102.07 27 April 2005 93.46 103.28 28 April 2005 92.36 102.19 29 April 2005 93.33 103.66 2 May 2005 93.81 103.96 3 May 2005 93.76 103.99 4 May 2005 94.96 105.80 5 May 2005 94.80 105.42 6 May 2005 94.77 104.84 9 May 2005 95.37 105.77 10 May 2005 94.42 104.49 11 May 2005 94.76 105.01 12 May 2005 93.77 103.90 13 May 2005 93.30 103.00 16 May 2005 94.27 104.73 17 May 2005 94.90 105.44 18 May 2005 95.98 106.65 19 May 2005 96.44 106.85 20 May 2005 96.33 106.82 23 May 2005 96.76 106.85 24 May 2005 96.80 106.56 25 May 2005 96.37 105.93 26 May 2005 97.06 106.63 27 May 2005 97.24 106.83 31 May 2005 96.81 106.58 1 June 2005 97.69 107.49 2 June 2005 97.92 107.33 3 June 2005 97.27 106.68 6 June 2005 97.45 107.02 7 June 2005 97.44 107.02 8 June 2005 97.17 107.10 9 June 2005 97.73 107.34 10 June 2005 97.54 107.10 13 June 2005 97.80 107.19 14 June 2005 98.12 107.51 15 June 2005 98.34 107.84 16 June 2005 98.80 108.23 17 June 2005 99.18 108.80 20 June 2005 99.12 108.72 21 June 2005 98.92 108.77 22 June 2005 98.99 108.91 23 June 2005 97.96 107.84 24 June 2005 97.27 107.70 27 June 2005 97.22 107.69 28 June 2005 98.20 108.64 29 June 2005 98.12 109.00 30 June 2005 97.54 108.42 1 July 2005 97.87 108.63 5 July 2005 98.79 109.43 6 July 2005 98.06 108.76 7 July 2005 98.32 108.99 8 July 2005 99.50 110.05 11 July 2005 100.21 110.58 12 July 2005 100.42 110.81 13 July 2005 100.42 110.98 14 July 2005 100.51 111.25 15 July 2005 100.65 111.51 18 July 2005 100.13 110.51 19 July 2005 100.91 110.71 20 July 2005 101.46 111.15 21 July 2005 100.72 110.46 22 July 2005 101.33 111.06 25 July 2005 100.88 110.68 26 July 2005 101.11 110.87 27 July 2005 101.52 110.92 28 July 2005 102.19 111.29 29 July 2005 101.52 110.36 1 August 2005 101.68 110.38 2 August 2005 102.41 111.14 3 August 2005 102.38 111.24 4 August 2005 101.55 110.32 5 August 2005 100.68 108.85 8 August 2005 100.31 108.14 9 August 2005 100.86 108.73 10 August 2005 100.73 108.60 11 August 2005 101.44 109.25 12 August 2005 100.89 108.84 15 August 2005 101.18 109.40 16 August 2005 99.99 108.90 17 August 2005 100.01 108.80 18 August 2005 99.86 108.78 19 August 2005 99.93 108.91 22 August 2005 100.14 109.24 23 August 2005 99.86 108.72 24 August 2005 99.35 107.81 25 August 2005 99.57 108.13 26 August 2005 98.90 107.11 29 August 2005 99.53 107.61 30 August 2005 99.23 106.99 31 August 2005 100.34 107.84 1 September 2005 100.48 108.23 2 September 2005 100.11 108.06 6 September 2005 101.35 109.31 7 September 2005 101.64 109.32 8 September 2005 101.24 108.73 9 September 2005 101.99 109.46 12 September 2005 101.99 109.59 13 September 2005 101.20 108.96 14 September 2005 100.78 108.63 15 September 2005 100.78 108.70 16 September 2005 101.48 110.11 19 September 2005 100.96 109.23 20 September 2005 100.18 108.69 21 September 2005 99.15 106.83 22 September 2005 99.43 107.31 23 September 2005 99.60 107.62 26 September 2005 99.75 107.49 27 September 2005 99.73 107.47 28 September 2005 99.76 106.92 29 September 2005 100.69 108.58 30 September 2005 100.93 108.47 3 October 2005 100.93 108.36 4 October 2005 99.94 107.15 5 October 2005 98.29 106.40 6 October 2005 97.77 106.56 7 October 2005 98.18 106.63 10 October 2005 97.47 105.89 11 October 2005 97.16 105.20 12 October 2005 96.37 104.48 13 October 2005 96.28 104.83 14 October 2005 97.21 106.06 17 October 2005 97.51 106.23 18 October 2005 96.50 105.56 19 October 2005 97.89 107.59 20 October 2005 96.49 106.51 21 October 2005 96.85 107.17 24 October 2005 98.52 109.19 25 October 2005 98.25 108.68 26 October 2005 97.81 108.95 27 October 2005 96.58 108.39 28 October 2005 98.12 110.27 31 October 2005 99.07 110.90 1 November 2005 98.81 110.39 2 November 2005 99.94 111.54 3 November 2005 100.35 111.22 4 November 2005 100.36 111.60 7 November 2005 100.63 112.39 8 November 2005 100.23 111.89 9 November 2005 100.42 112.46 10 November 2005 101.22 114.49 11 November 2005 101.54 115.12 14 November 2005 101.46 115.07 15 November 2005 100.97 114.02 16 November 2005 101.09 113.53 17 November 2005 102.19 114.90 18 November 2005 102.62 115.43 21 November 2005 103.24 116.07 22 November 2005 103.79 116.94 23 November 2005 104.13 117.91 25 November 2005 104.32 118.06 28 November 2005 103.27 117.17 29 November 2005 103.28 117.21 30 November 2005 102.84 115.73 1 December 2005 104.18 116.71 2 December 2005 104.25 116.72 5 December 2005 103.92 116.42 6 December 2005 104.04 116.22 7 December 2005 103.53 115.29 8 December 2005 103.53 115.17 9 December 2005 103.82 115.97 12 December 2005 103.94 115.65 13 December 2005 104.38 116.74 14 December 2005 104.76 117.22 15 December 2005 104.51 116.64 16 December 2005 104.21 116.80 19 December 2005 103.45 115.93 20 December 2005 103.47 116.11 21 December 2005 103.83 116.64 22 December 2005 104.31 117.25 23 December 2005 104.40 117.47 27 December 2005 103.37 116.60 28 December 2005 103.57 116.39 29 December 2005 103.29 116.13 30 December 2005 102.81 115.67 3 January 2006 104.42 117.51 4 January 2006 104.91 117.42 5 January 2006 104.96 117.85 6 January 2006 105.96 118.51 9 January 2006 106.46 119.07 10 January 2006 106.56 119.17 11 January 2006 106.86 119.65 12 January 2006 106.18 118.87 13 January 2006 106.31 118.77 17 January 2006 105.92 117.76 18 January 2006 105.55 117.36 19 January 2006 106.27 117.21 20 January 2006 104.43 114.87 23 January 2006 104.67 115.35 24 January 2006 105.14 115.73 25 January 2006 104.90 115.90 26 January 2006 105.74 117.65 27 January 2006 106.47 117.91 30 January 2006 106.60 117.61 31 January 2006 106.39 117.26 1 February 2006 106.49 117.28 2 February 2006 105.55 116.28 3 February 2006 105.02 115.67 6 February 2006 105.18 115.95 7 February 2006 104.19 115.24 8 February 2006 104.94 115.89 9 February 2006 104.74 116.09 10 February 2006 104.92 116.53 13 February 2006 104.43 116.17 14 February 2006 105.43 117.64 15 February 2006 105.85 118.22 16 February 2006 106.67 118.99 17 February 2006 106.53 118.66 21 February 2006 106.18 118.32 22 February 2006 106.96 120.35 23 February 2006 106.65 120.01 24 February 2006 106.86 120.23 27 February 2006 107.26 120.38 28 February 2006 106.13 119.22 1 March 2006 107.08 119.78 2 March 2006 106.96 119.13 3 March 2006 106.81 118.81 6 March 2006 106.05 118.62 7 March 2006 105.60 118.77 8 March 2006 105.74 118.84 9 March 2006 105.26 118.29 10 March 2006 106.00 119.27 13 March 2006 106.22 119.27 14 March 2006 107.32 120.57 15 March 2006 107.84 120.96 16 March 2006 108.00 121.38 17 March 2006 108.22 121.73 20 March 2006 108.11 121.67 21 March 2006 107.38 120.54 22 March 2006 108.05 121.36 23 March 2006 107.89 120.87 24 March 2006 108.14 120.90 27 March 2006 108.07 120.82 28 March 2006 107.49 119.89 29 March 2006 108.45 120.58 30 March 2006 108.28 119.93 31 March 2006 108.05 119.97 3 April 2006 108.10 119.87 4 April 2006 108.68 120.92 5 April 2006 109.17 121.27 6 April 2006 109.01 120.93 7 April 2006 107.91 119.78 10 April 2006 107.89 119.84 11 April 2006 106.99 118.80 12 April 2006 107.18 118.99 13 April 2006 107.30 119.10 17 April 2006 107.05 119.05 18 April 2006 108.92 121.15 19 April 2006 109.34 121.53 20 April 2006 109.36 121.66 21 April 2006 109.32 121.52 24 April 2006 109.00 121.29 25 April 2006 108.53 120.55 26 April 2006 108.75 121.19 27 April 2006 108.98 122.73 28 April 2006 109.08 123.77 1 May 2006 108.67 121.99 2 May 2006 109.26 122.63 3 May 2006 108.93 122.46 4 May 2006 109.38 122.87 5 May 2006 110.52 124.55 8 May 2006 110.51 124.15 9 May 2006 110.52 124.26 10 May 2006 110.30 124.26 11 May 2006 108.80 122.32 12 May 2006 107.42 121.09 15 May 2006 107.46 121.79 16 May 2006 107.31 121.67 17 May 2006 105.54 119.29 18 May 2006 104.80 118.31 19 May 2006 105.22 118.82 22 May 2006 104.66 118.48 23 May 2006 104.22 117.92 24 May 2006 104.27 117.96 25 May 2006 105.58 119.15 26 May 2006 106.22 120.03 30 May 2006 104.50 118.28 31 May 2006 105.47 118.99 1 June 2006 106.84 120.59 2 June 2006 107.06 121.09 5 June 2006 105.06 119.25 6 June 2006 104.76 118.85 7 June 2006 104.13 119.25 8 June 2006 104.13 119.55 9 June 2006 103.72 119.34 12 June 2006 102.18 117.78 13 June 2006 100.99 115.60 14 June 2006 101.47 114.92 15 June 2006 103.86 117.47 16 June 2006 103.44 116.75 19 June 2006 102.42 115.95 20 June 2006 102.33 116.16 21 June 2006 103.50 117.12 22 June 2006 102.99 116.62 23 June 2006 103.07 116.01 26 June 2006 103.62 116.99 27 June 2006 102.62 115.90 28 June 2006 103.10 116.39 29 June 2006 105.50 118.94 30 June 2006 105.53 118.65 3 July 2006 106.32 119.93 5 July 2006 105.42 119.00 6 July 2006 105.63 119.34 7 July 2006 104.80 118.81 10 July 2006 104.89 119.41 11 July 2006 105.31 119.53 12 July 2006 104.12 118.34 13 July 2006 102.65 116.68 14 July 2006 102.04 116.09 17 July 2006 101.81 116.11 18 July 2006 101.99 116.44 19 July 2006 104.00 119.46 20 July 2006 102.83 118.93 21 July 2006 101.90 118.06 24 July 2006 103.71 119.59 25 July 2006 104.47 119.92 26 July 2006 104.36 119.92 27 July 2006 103.76 119.21 28 July 2006 105.11 121.32 31 July 2006 105.04 120.91 1 August 2006 104.43 120.55 2 August 2006 105.07 120.72 3 August 2006 105.34 121.19 4 August 2006 105.22 121.66 7 August 2006 104.86 121.13 8 August 2006 104.39 120.39 9 August 2006 103.84 118.97 10 August 2006 104.33 119.48 11 August 2006 103.82 119.03 14 August 2006 103.96 119.17 15 August 2006 105.47 121.15 16 August 2006 106.43 121.81 17 August 2006 106.60 122.17 18 August 2006 106.94 122.33 21 August 2006 106.49 121.87 22 August 2006 106.60 121.85 23 August 2006 106.00 121.56 24 August 2006 106.18 121.82 25 August 2006 106.12 121.19 28 August 2006 106.74 122.04 29 August 2006 107.08 121.78 30 August 2006 107.21 121.97 31 August 2006 107.28 122.11 1 September 2006 107.82 122.29 5 September 2006 108.10 122.73 6 September 2006 106.87 122.23 7 September 2006 106.35 121.35 8 September 2006 106.71 122.06 11 September 2006 106.67 122.26 12 September 2006 107.94 123.80 13 September 2006 108.44 124.62 14 September 2006 108.25 124.67 15 September 2006 108.52 125.29 18 September 2006 108.60 124.96 19 September 2006 108.31 125.16 20 September 2006 108.90 126.02 21 September 2006 108.30 125.30 22 September 2006 107.90 125.24 25 September 2006 108.82 126.38 26 September 2006 109.61 126.93 27 September 2006 109.74 126.62 28 September 2006 109.92 126.94 29 September 2006 109.61 126.63 2 October 2006 109.15 126.15 3 October 2006 109.28 127.34 4 October 2006 110.67 128.77 5 October 2006 111.16 128.97 6 October 2006 110.83 128.39 9 October 2006 111.07 128.88 10 October 2006 111.34 128.89 11 October 2006 110.99 128.43 12 October 2006 112.17 129.20 13 October 2006 112.49 129.57 16 October 2006 112.91 129.34 17 October 2006 112.44 129.06 18 October 2006 112.53 129.35 19 October 2006 112.70 128.40 20 October 2006 112.66 128.32 23 October 2006 113.32 129.12 24 October 2006 113.35 129.04 25 October 2006 113.78 129.44 26 October 2006 114.52 130.54 27 October 2006 113.51 129.28 30 October 2006 113.62 129.71 31 October 2006 113.58 129.57 1 November 2006 112.59 128.40 2 November 2006 112.50 128.09 3 November 2006 112.38 127.74 6 November 2006 113.70 129.37 7 November 2006 113.93 129.56 8 November 2006 114.28 129.94 9 November 2006 113.65 129.20 10 November 2006 113.97 129.94 13 November 2006 114.27 130.13 14 November 2006 115.13 130.90 15 November 2006 115.54 130.92 16 November 2006 115.73 131.71 17 November 2006 115.79 131.46 20 November 2006 115.83 132.03 21 November 2006 116.10 132.08 22 November 2006 116.41 132.24 24 November 2006 116.10 131.91 27 November 2006 114.32 129.65 28 November 2006 114.66 129.75 29 November 2006 115.76 130.62 30 November 2006 115.94 130.46 1 December 2006 115.62 129.92 4 December 2006 116.77 131.51 5 December 2006 117.22 132.02 6 December 2006 117.10 132.20 7 December 2006 116.62 131.74 8 December 2006 116.80 132.03 11 December 2006 117.02 132.80 12 December 2006 116.80 132.79 13 December 2006 116.91 132.81 14 December 2006 117.84 133.70 15 December 2006 117.91 134.14 18 December 2006 117.36 134.51 19 December 2006 117.54 134.32 20 December 2006 117.45 134.62 21 December 2006 116.99 134.18 22 December 2006 116.44 133.62 26 December 2006 116.96 134.56 27 December 2006 117.83 135.61 28 December 2006 117.65 135.25 29 December 2006 117.10 134.49 3 January 2007 117.01 134.85 4 January 2007 117.20 134.72 5 January 2007 116.33 133.51 8 January 2007 116.60 133.93 9 January 2007 116.66 133.88 10 January 2007 116.97 134.32 11 January 2007 117.86 135.07 12 January 2007 118.48 135.36 16 January 2007 118.53 135.66 17 January 2007 118.41 135.32 18 January 2007 117.86 134.85 19 January 2007 118.31 135.21 22 January 2007 117.69 134.99 23 January 2007 118.20 135.09 24 January 2007 119.23 136.36 25 January 2007 117.93 134.71 26 January 2007 117.90 134.94 29 January 2007 117.93 134.42 30 January 2007 118.58 135.13 31 January 2007 119.35 135.97 1 February 2007 120.04 136.75 2 February 2007 120.26 137.11 5 February 2007 120.12 137.01 6 February 2007 120.29 137.78 7 February 2007 120.58 138.51 8 February 2007 120.46 137.82 9 February 2007 119.55 136.41 12 February 2007 119.11 135.83 13 February 2007 120.01 137.15 14 February 2007 120.83 138.06 15 February 2007 120.99 138.19 16 February 2007 121.01 138.30 20 February 2007 121.52 138.95 21 February 2007 121.44 138.54 22 February 2007 121.38 138.20 23 February 2007 120.98 136.74 26 February 2007 120.76 135.69 27 February 2007 116.65 131.07 28 February 2007 117.21 131.78 1 March 2007 116.92 131.48 2 March 2007 115.48 130.03 5 March 2007 114.13 127.67 6 March 2007 116.01 130.40 7 March 2007 115.75 129.48 8 March 2007 116.58 130.67 9 March 2007 116.73 130.97 12 March 2007 117.09 130.95 13 March 2007 114.70 126.94 14 March 2007 115.36 127.70 15 March 2007 115.90 128.87 16 March 2007 115.43 128.01 19 March 2007 116.70 129.44 20 March 2007 117.46 130.35 21 March 2007 119.39 133.32 22 March 2007 119.42 132.58 23 March 2007 119.55 132.78 26 March 2007 119.61 132.23 27 March 2007 118.88 131.17 28 March 2007 118.01 129.71 29 March 2007 118.38 130.39 30 March 2007 118.34 130.33 2 April 2007 118.66 129.76 3 April 2007 119.75 131.21 4 April 2007 119.87 130.89 5 April 2007 120.24 131.11 9 April 2007 120.30 131.04 10 April 2007 120.61 131.35 11 April 2007 119.85 130.29 12 April 2007 120.59 130.31 13 April 2007 121.03 131.01 16 April 2007 122.30 133.55 17 April 2007 122.46 133.86 18 April 2007 122.45 134.98 19 April 2007 122.18 134.67 20 April 2007 123.28 135.60 23 April 2007 123.06 135.12 24 April 2007 122.97 134.62 25 April 2007 124.10 136.24 26 April 2007 124.08 135.92 27 April 2007 123.96 135.76 30 April 2007 122.80 134.76 1 May 2007 123.06 134.91 2 May 2007 124.03 135.77 3 May 2007 124.50 136.55 4 May 2007 124.79 136.85 7 May 2007 125.02 137.16 8 May 2007 124.86 136.87 9 May 2007 125.33 137.72 10 May 2007 123.58 135.84 11 May 2007 124.79 137.06 14 May 2007 124.43 136.22 15 May 2007 124.08 135.74 16 May 2007 125.03 136.99 17 May 2007 124.89 136.53 18 May 2007 125.70 136.91 21 May 2007 126.12 137.09 22 May 2007 126.26 137.47 23 May 2007 126.05 137.22 24 May 2007 124.69 135.87 25 May 2007 125.41 136.14 29 May 2007 125.79 136.90 30 May 2007 126.82 137.86 31 May 2007 126.99 137.55 1 June 2007 127.57 138.07 4 June 2007 127.87 138.02 5 June 2007 127.17 137.05 6 June 2007 126.01 136.02 7 June 2007 123.77 133.59 8 June 2007 125.11 135.10 11 June 2007 125.21 135.44 12 June 2007 123.90 133.88 13 June 2007 125.64 136.06 14 June 2007 126.26 135.81 15 June 2007 127.15 136.48 18 June 2007 127.01 136.28 19 June 2007 127.22 136.74 20 June 2007 125.59 134.55 21 June 2007 126.28 134.76 22 June 2007 124.86 132.69 25 June 2007 124.34 131.80 26 June 2007 123.93 131.52 27 June 2007 125.11 132.73 28 June 2007 125.13 132.56 29 June 2007 124.92 131.63 2 July 2007 126.30 133.25 3 July 2007 126.73 133.87 5 July 2007 126.88 133.40 6 July 2007 127.36 133.71 9 July 2007 127.50 133.32 10 July 2007 125.69 130.45 11 July 2007 126.34 130.93 12 July 2007 128.56 133.59 13 July 2007 128.95 133.89 16 July 2007 128.57 133.40 17 July 2007 128.58 133.40 18 July 2007 128.29 131.87 19 July 2007 128.91 131.57 20 July 2007 127.35 129.21 23 July 2007 127.78 129.00 24 July 2007 125.20 125.27 25 July 2007 125.59 126.23 26 July 2007 122.69 123.24 27 July 2007 120.82 121.69 30 July 2007 121.99 123.05 31 July 2007 120.59 120.98 1 August 2007 121.19 121.36 2 August 2007 121.80 121.65 3 August 2007 118.53 117.04 6 August 2007 120.92 122.14 7 August 2007 121.74 123.18 8 August 2007 123.57 125.90 9 August 2007 120.24 121.55 10 August 2007 120.25 121.28 13 August 2007 120.18 120.28 14 August 2007 117.94 117.33 15 August 2007 116.18 116.14 16 August 2007 116.54 120.16 17 August 2007 119.35 124.42 20 August 2007 119.45 123.60 21 August 2007 119.67 124.31 22 August 2007 121.15 125.33 23 August 2007 120.90 124.64 24 August 2007 122.34 125.29 27 August 2007 121.30 123.57 28 August 2007 118.48 119.65 29 August 2007 121.01 121.83 30 August 2007 120.54 120.63 31 August 2007 121.94 122.45 4 September 2007 123.25 123.86 5 September 2007 121.93 121.35 6 September 2007 122.41 121.14 7 September 2007 120.37 119.38 10 September 2007 120.02 119.11 11 September 2007 121.63 120.69 12 September 2007 121.58 120.45 13 September 2007 122.45 122.28 14 September 2007 122.60 122.36 17 September 2007 121.88 121.45 18 September 2007 125.43 126.70 19 September 2007 126.24 127.49 20 September 2007 125.43 125.40 21 September 2007 125.98 125.68 24 September 2007 125.35 124.32 25 September 2007 125.28 123.83 26 September 2007 125.97 124.53 27 September 2007 126.57 125.59 28 September 2007 126.17 125.05 1 October 2007 127.92 127.59 2 October 2007 128.08 128.72 3 October 2007 127.44 128.69 4 October 2007 127.73 129.01 5 October 2007 129.14 130.65 8 October 2007 128.78 129.62 9 October 2007 129.82 130.62 10 October 2007 129.75 129.45 11 October 2007 129.00 129.08 12 October 2007 129.68 128.97 15 October 2007 128.52 126.64 16 October 2007 127.67 124.38 17 October 2007 127.94 124.11 18 October 2007 127.85 122.84 19 October 2007 124.63 119.33 22 October 2007 125.23 120.47 23 October 2007 126.37 121.23 24 October 2007 125.97 120.31 25 October 2007 125.75 119.62 26 October 2007 127.45 122.54 29 October 2007 127.97 122.39 30 October 2007 127.15 121.86 31 October 2007 128.72 122.93 1 November 2007 125.34 117.47 2 November 2007 125.40 115.53 5 November 2007 124.62 113.97 6 November 2007 126.11 115.88 7 November 2007 122.59 110.37 8 November 2007 122.55 111.00 9 November 2007 120.81 111.23 12 November 2007 119.44 111.34 13 November 2007 122.79 116.54 14 November 2007 121.97 115.67 15 November 2007 120.43 112.43 16 November 2007 120.95 111.56 19 November 2007 118.78 108.34 20 November 2007 119.13 107.01 21 November 2007 117.35 104.91 23 November 2007 119.24 107.95 26 November 2007 116.70 103.64 27 November 2007 118.26 106.22 28 November 2007 121.69 111.32 29 November 2007 121.74 110.54 30 November 2007 122.64 113.53 3 December 2007 121.95 112.33 4 December 2007 121.16 110.29 5 December 2007 122.89 112.47 6 December 2007 124.86 115.44 7 December 2007 124.80 114.40 10 December 2007 125.75 116.67 11 December 2007 122.57 111.07 12 December 2007 123.14 110.08 13 December 2007 123.20 109.61 14 December 2007 121.49 107.55 17 December 2007 119.54 106.47 18 December 2007 120.33 106.72 19 December 2007 120.28 106.88 20 December 2007 121.02 106.35 21 December 2007 123.02 108.55 24 December 2007 124.11 110.45 26 December 2007 124.23 109.89 27 December 2007 122.34 107.39 28 December 2007 122.47 106.83 31 December 2007 121.71 107.56 2 January 2008 120.02 105.09 3 January 2008 119.81 104.20 4 January 2008 116.71 101.20 7 January 2008 116.87 101.72 8 January 2008 114.68 98.06 9 January 2008 115.97 99.54 10 January 2008 117.00 101.71 11 January 2008 115.33 101.35 14 January 2008 116.51 102.19 15 January 2008 113.68 98.63 16 January 2008 113.12 99.88 17 January 2008 109.97 95.47 18 January 2008 109.30 93.82 22 January 2008 108.33 95.98 23 January 2008 110.65 102.56 24 January 2008 111.77 102.94 25 January 2008 110.25 100.59 28 January 2008 112.19 104.01 29 January 2008 112.84 105.34 30 January 2008 112.16 104.10 31 January 2008 114.13 106.99 1 February 2008 115.73 109.12 4 February 2008 114.61 106.52 5 February 2008 111.17 101.95 6 February 2008 110.20 100.81 7 February 2008 111.11 102.49 8 February 2008 110.75 100.24 11 February 2008 111.38 98.46 12 February 2008 112.09 99.76 13 February 2008 113.70 100.55 14 February 2008 112.16 98.62 15 February 2008 112.13 99.24 19 February 2008 112.07 98.40 20 February 2008 113.00 99.92 21 February 2008 111.50 98.48 22 February 2008 112.21 99.95 25 February 2008 113.88 101.19 26 February 2008 114.70 101.44 27 February 2008 114.53 102.04 28 February 2008 113.48 99.09 29 February 2008 110.51 95.40 3 March 2008 110.47 94.34 4 March 2008 110.03 93.57 5 March 2008 110.66 92.92 6 March 2008 108.12 89.55 7 March 2008 107.20 89.93 10 March 2008 105.31 87.41 11 March 2008 109.12 93.65 12 March 2008 108.24 91.73 Figure: Corporate bond spreads* Daily Basis points Date Ten-Year BBB Ten-Year High-Yield 2 January 2002 208.46 552.56 3 January 2002 208.71 547.65 4 January 2002 204.61 537.21 7 January 2002 207.70 546.40 8 January 2002 208.86 548.79 9 January 2002 208.71 549.02 10 January 2002 211.06 556.26 11 January 2002 211.28 561.46 14 January 2002 210.23 559.05 15 January 2002 212.58 568.20 16 January 2002 213.39 571.52 17 January 2002 213.25 567.83 18 January 2002 215.11 574.38 22 January 2002 211.38 572.12 23 January 2002 210.50 564.84 24 January 2002 210.65 564.21 25 January 2002 209.95 559.83 28 January 2002 208.51 564.53 29 January 2002 210.25 574.62 30 January 2002 214.31 583.73 31 January 2002 215.98 546.53 1 February 2002 216.56 550.39 4 February 2002 223.96 580.43 5 February 2002 232.95 566.94 6 February 2002 233.37 566.08 7 February 2002 234.59 566.00 8 February 2002 230.12 572.37 11 February 2002 232.35 572.25 12 February 2002 230.35 567.24 13 February 2002 227.50 564.30 14 February 2002 228.67 574.90 15 February 2002 229.04 580.75 19 February 2002 233.10 583.17 20 February 2002 235.02 584.92 21 February 2002 234.94 590.14 22 February 2002 236.00 593.46 25 February 2002 233.31 600.02 26 February 2002 229.40 594.76 27 February 2002 227.82 596.29 28 February 2002 226.46 566.29 1 March 2002 225.68 554.62 4 March 2002 223.75 546.37 5 March 2002 223.87 541.24 6 March 2002 221.69 532.44 7 March 2002 217.94 513.27 8 March 2002 215.48 497.39 11 March 2002 215.24 495.28 12 March 2002 215.91 493.62 13 March 2002 217.54 495.09 14 March 2002 217.52 485.30 15 March 2002 219.14 490.91 18 March 2002 219.70 491.16 19 March 2002 219.74 489.52 20 March 2002 218.62 481.32 21 March 2002 217.93 485.72 22 March 2002 216.80 482.93 25 March 2002 217.42 482.31 26 March 2002 217.47 491.02 27 March 2002 217.98 493.20 28 March 2002 216.86 493.00 1 April 2002 215.55 493.35 2 April 2002 217.50 497.41 3 April 2002 217.53 510.46 4 April 2002 218.11 508.82 5 April 2002 218.43 513.40 8 April 2002 218.02 511.24 9 April 2002 218.51 515.51 10 April 2002 219.30 510.88 11 April 2002 221.10 511.29 12 April 2002 221.17 522.07 15 April 2002 221.74 521.78 16 April 2002 220.66 519.74 17 April 2002 218.82 510.53 18 April 2002 218.72 504.72 19 April 2002 218.45 503.94 22 April 2002 218.88 506.89 23 April 2002 219.88 508.65 24 April 2002 221.62 515.67 25 April 2002 223.78 520.51 26 April 2002 223.82 527.75 29 April 2002 224.90 520.89 30 April 2002 225.76 493.26 1 May 2002 233.20 497.76 2 May 2002 232.82 498.44 3 May 2002 234.52 494.23 6 May 2002 234.40 497.13 7 May 2002 238.03 499.33 8 May 2002 235.48 492.37 9 May 2002 233.30 494.96 10 May 2002 236.53 503.08 13 May 2002 234.84 500.55 14 May 2002 234.33 497.96 15 May 2002 232.94 504.34 16 May 2002 236.95 515.22 17 May 2002 230.59 518.44 20 May 2002 236.42 523.90 21 May 2002 235.83 529.26 22 May 2002 234.15 535.29 23 May 2002 235.09 525.69 24 May 2002 234.24 525.68 28 May 2002 229.85 526.85 29 May 2002 228.33 532.51 30 May 2002 227.87 541.34 31 May 2002 212.41 545.70 3 June 2002 211.87 549.65 4 June 2002 212.64 551.11 5 June 2002 210.72 536.24 6 June 2002 212.84 542.70 7 June 2002 211.65 544.38 10 June 2002 213.78 560.91 11 June 2002 216.57 563.53 12 June 2002 217.83 572.10 13 June 2002 218.82 575.91 14 June 2002 220.20 590.05 17 June 2002 220.62 578.57 18 June 2002 222.40 583.58 19 June 2002 224.26 593.40 20 June 2002 228.96 591.48 21 June 2002 230.94 627.48 24 June 2002 235.94 605.62 25 June 2002 232.70 615.11 26 June 2002 245.03 655.14 27 June 2002 244.75 669.88 28 June 2002 247.55 671.70 1 July 2002 244.43 600.77 2 July 2002 253.25 622.28 3 July 2002 251.90 623.49 5 July 2002 250.73 613.46 8 July 2002 247.29 618.25 9 July 2002 244.29 619.06 10 July 2002 246.73 631.85 11 July 2002 250.21 643.04 12 July 2002 249.30 643.07 15 July 2002 256.83 642.38 16 July 2002 255.70 635.10 17 July 2002 251.78 638.13 18 July 2002 254.76 643.32 19 July 2002 259.49 651.09 22 July 2002 262.73 667.01 23 July 2002 268.06 683.99 24 July 2002 276.23 698.32 25 July 2002 279.74 700.63 26 July 2002 277.86 709.03 29 July 2002 281.50 694.99 30 July 2002 284.31 692.95 31 July 2002 276.37 694.85 1 August 2002 272.40 686.27 2 August 2002 275.01 711.68 5 August 2002 284.98 718.46 6 August 2002 285.50 715.36 7 August 2002 281.55 720.29 8 August 2002 283.37 721.40 9 August 2002 287.89 730.31 12 August 2002 288.96 739.41 13 August 2002 290.67 750.63 14 August 2002 291.93 754.18 15 August 2002 292.40 744.45 16 August 2002 288.61 730.33 19 August 2002 287.72 732.85 20 August 2002 277.75 727.72 21 August 2002 275.56 731.67 22 August 2002 272.29 710.60 23 August 2002 270.83 707.39 26 August 2002 270.97 699.31 27 August 2002 269.43 690.55 28 August 2002 268.96 691.71 29 August 2002 272.21 695.96 30 August 2002 272.19 698.52 3 September 2002 279.22 718.11 4 September 2002 277.15 714.87 5 September 2002 279.39 721.55 6 September 2002 278.22 712.85 9 September 2002 279.01 715.16 10 September 2002 275.80 714.81 11 September 2002 281.02 706.62 12 September 2002 278.36 698.67 13 September 2002 277.67 ND 16 September 2002 277.38 717.08 17 September 2002 280.74 715.32 18 September 2002 277.82 725.29 19 September 2002 278.24 739.89 20 September 2002 279.73 743.06 23 September 2002 282.38 751.62 24 September 2002 287.03 762.24 25 September 2002 286.38 757.43 26 September 2002 287.54 753.00 27 September 2002 288.53 765.93 30 September 2002 286.32 780.68 1 October 2002 287.82 776.91 2 October 2002 287.20 777.42 3 October 2002 288.64 779.08 4 October 2002 289.18 792.20 7 October 2002 294.94 800.27 8 October 2002 304.42 814.65 9 October 2002 312.11 832.97 10 October 2002 317.67 835.26 11 October 2002 314.16 823.08 15 October 2002 305.24 793.94 16 October 2002 309.57 790.65 17 October 2002 310.99 777.83 18 October 2002 313.83 784.33 21 October 2002 319.33 775.00 22 October 2002 315.80 773.34 23 October 2002 314.70 771.27 24 October 2002 312.75 771.08 25 October 2002 310.69 774.34 28 October 2002 306.93 769.70 29 October 2002 305.50 779.20 30 October 2002 302.04 772.30 31 October 2002 300.11 765.03 1 November 2002 297.74 755.41 4 November 2002 293.72 747.24 5 November 2002 288.80 737.98 6 November 2002 281.14 729.22 7 November 2002 281.54 740.99 8 November 2002 281.85 747.56 12 November 2002 287.98 739.97 13 November 2002 288.64 740.50 14 November 2002 281.59 716.25 15 November 2002 276.45 707.78 18 November 2002 266.31 707.05 19 November 2002 266.77 705.85 20 November 2002 262.39 686.98 21 November 2002 257.49 675.17 22 November 2002 254.34 673.60 25 November 2002 255.95 657.66 26 November 2002 258.57 668.82 27 November 2002 252.70 648.17 29 November 2002 253.98 657.47 2 December 2002 243.61 637.30 3 December 2002 247.45 632.86 4 December 2002 249.64 729.81 5 December 2002 249.10 734.55 6 December 2002 250.23 741.36 9 December 2002 253.11 658.92 10 December 2002 254.48 670.84 11 December 2002 252.87 678.19 12 December 2002 251.60 675.81 13 December 2002 251.46 669.91 16 December 2002 246.91 658.80 17 December 2002 241.79 660.24 18 December 2002 239.41 664.75 19 December 2002 239.96 675.04 20 December 2002 239.14 674.19 23 December 2002 238.89 671.22 24 December 2002 238.12 673.40 26 December 2002 240.21 675.93 27 December 2002 240.09 684.56 30 December 2002 239.02 684.96 31 December 2002 240.88 668.32 2 January 2003 236.63 641.93 3 January 2003 236.05 643.32 6 January 2003 233.13 624.11 7 January 2003 230.18 620.76 8 January 2003 230.49 615.36 9 January 2003 227.63 595.40 10 January 2003 225.46 593.09 13 January 2003 221.38 591.38 14 January 2003 223.71 594.38 15 January 2003 226.55 597.98 16 January 2003 230.10 600.23 17 January 2003 232.82 606.91 21 January 2003 236.79 607.70 22 January 2003 238.42 616.19 23 January 2003 236.90 612.55 24 January 2003 238.17 616.64 27 January 2003 240.88 623.02 28 January 2003 239.41 622.08 29 January 2003 238.55 619.09 30 January 2003 237.18 621.28 31 January 2003 236.48 616.54 3 February 2003 233.34 619.36 4 February 2003 234.39 621.66 5 February 2003 232.76 613.62 6 February 2003 232.93 621.81 7 February 2003 232.16 624.95 10 February 2003 233.27 622.21 11 February 2003 231.99 621.75 12 February 2003 232.76 632.85 13 February 2003 235.24 647.49 14 February 2003 236.06 641.58 18 February 2003 237.63 642.11 19 February 2003 234.83 641.04 20 February 2003 233.74 638.10 21 February 2003 232.96 630.87 24 February 2003 231.40 632.91 25 February 2003 234.73 637.26 26 February 2003 234.13 639.25 27 February 2003 233.37 637.37 28 February 2003 229.47 630.14 3 March 2003 224.95 635.51 4 March 2003 225.55 635.01 5 March 2003 228.46 637.83 6 March 2003 227.06 634.98 7 March 2003 231.95 638.06 10 March 2003 232.57 639.06 11 March 2003 235.16 636.46 12 March 2003 237.45 638.46 13 March 2003 232.46 623.18 14 March 2003 231.47 622.81 17 March 2003 232.52 612.26 18 March 2003 228.43 603.50 19 March 2003 226.83 594.01 20 March 2003 226.61 588.02 21 March 2003 222.00 576.95 24 March 2003 222.65 586.73 25 March 2003 222.61 585.86 26 March 2003 217.09 582.14 27 March 2003 215.41 581.64 28 March 2003 212.55 580.49 31 March 2003 212.01 576.84 1 April 2003 208.99 572.81 2 April 2003 204.20 555.88 3 April 2003 202.75 549.17 4 April 2003 205.55 545.49 7 April 2003 201.93 537.25 8 April 2003 205.56 545.58 9 April 2003 206.23 552.16 10 April 2003 207.55 551.35 11 April 2003 205.36 546.41 14 April 2003 206.35 539.71 15 April 2003 203.76 543.25 16 April 2003 199.82 541.73 17 April 2003 199.37 538.03 21 April 2003 196.69 530.37 22 April 2003 193.11 525.09 23 April 2003 188.47 513.72 24 April 2003 186.64 515.21 25 April 2003 185.36 513.49 28 April 2003 185.87 511.66 29 April 2003 185.19 504.68 30 April 2003 184.28 497.97 1 May 2003 183.78 494.96 2 May 2003 180.82 486.55 5 May 2003 179.92 484.71 6 May 2003 163.70 491.45 7 May 2003 173.54 505.44 8 May 2003 173.43 511.47 9 May 2003 176.44 514.56 12 May 2003 176.75 516.36 13 May 2003 177.65 516.25 14 May 2003 182.75 527.68 15 May 2003 184.27 528.04 16 May 2003 181.48 533.22 19 May 2003 184.68 536.69 20 May 2003 185.93 544.55 21 May 2003 190.02 551.28 22 May 2003 186.92 557.83 23 May 2003 185.00 559.73 27 May 2003 183.40 553.94 28 May 2003 182.61 554.44 29 May 2003 183.65 558.12 30 May 2003 182.05 554.31 2 June 2003 183.07 538.73 3 June 2003 181.49 546.58 4 June 2003 183.60 547.26 5 June 2003 179.94 534.35 6 June 2003 178.36 525.75 9 June 2003 179.16 531.82 10 June 2003 179.17 539.89 11 June 2003 176.87 534.77 12 June 2003 177.71 535.09 13 June 2003 177.09 536.03 16 June 2003 173.44 525.11 17 June 2003 169.84 510.50 18 June 2003 170.06 500.69 19 June 2003 170.40 503.47 20 June 2003 171.16 500.82 23 June 2003 172.52 511.36 24 June 2003 172.05 517.34 25 June 2003 170.63 507.29 26 June 2003 173.59 496.75 27 June 2003 171.95 493.68 30 June 2003 171.25 498.46 1 July 2003 173.33 499.03 2 July 2003 171.59 499.90 3 July 2003 171.47 488.88 7 July 2003 169.22 481.96 8 July 2003 167.40 478.52 9 July 2003 167.09 480.15 10 July 2003 166.86 482.64 11 July 2003 167.00 484.30 14 July 2003 166.09 476.26 15 July 2003 164.00 459.02 16 July 2003 163.66 460.12 17 July 2003 161.42 459.90 18 July 2003 161.91 458.69 21 July 2003 171.69 451.22 22 July 2003 162.47 445.95 23 July 2003 161.33 451.84 24 July 2003 159.57 444.85 25 July 2003 158.99 444.68 28 July 2003 162.73 439.61 29 July 2003 163.40 437.12 30 July 2003 163.93 450.92 31 July 2003 166.22 443.04 1 August 2003 162.84 453.64 4 August 2003 163.47 459.06 5 August 2003 163.21 455.84 6 August 2003 166.71 481.09 7 August 2003 167.55 489.95 8 August 2003 166.17 487.03 11 August 2003 165.34 478.14 12 August 2003 165.26 479.60 13 August 2003 165.59 466.42 14 August 2003 170.58 475.51 15 August 2003 165.84 475.02 18 August 2003 168.41 476.83 19 August 2003 168.24 475.48 20 August 2003 164.57 459.37 21 August 2003 160.99 445.90 22 August 2003 160.54 448.16 25 August 2003 162.18 441.28 26 August 2003 161.19 442.75 27 August 2003 161.38 435.50 28 August 2003 161.61 441.67 29 August 2003 160.17 434.47 2 September 2003 154.19 409.38 3 September 2003 153.76 408.09 4 September 2003 155.96 414.58 5 September 2003 160.23 430.44 8 September 2003 158.49 423.70 9 September 2003 159.54 424.00 10 September 2003 159.35 431.14 11 September 2003 157.82 426.15 12 September 2003 156.96 430.83 15 September 2003 154.28 428.41 16 September 2003 156.93 426.10 17 September 2003 154.34 432.42 18 September 2003 152.46 427.99 19 September 2003 149.80 426.70 22 September 2003 151.47 421.17 23 September 2003 152.98 426.45 24 September 2003 152.74 430.72 25 September 2003 151.51 432.92 26 September 2003 152.95 441.33 29 September 2003 153.34 435.02 30 September 2003 153.87 444.60 1 October 2003 153.85 443.01 2 October 2003 154.23 433.95 3 October 2003 152.01 416.44 6 October 2003 152.37 421.28 7 October 2003 151.62 409.90 8 October 2003 150.65 407.35 9 October 2003 150.13 401.24 10 October 2003 148.51 403.26 14 October 2003 148.49 391.51 15 October 2003 145.26 383.80 16 October 2003 141.38 375.91 17 October 2003 141.34 380.66 20 October 2003 141.16 380.91 21 October 2003 143.45 381.98 22 October 2003 147.12 393.15 23 October 2003 146.01 391.64 24 October 2003 145.98 402.17 27 October 2003 142.39 396.12 28 October 2003 145.16 402.06 29 October 2003 145.21 393.37 30 October 2003 142.55 387.05 31 October 2003 143.29 388.33 3 November 2003 142.12 381.39 4 November 2003 142.44 384.33 5 November 2003 142.32 379.53 6 November 2003 141.66 372.30 7 November 2003 141.23 371.01 10 November 2003 141.18 369.91 12 November 2003 138.82 375.32 13 November 2003 137.35 385.34 14 November 2003 138.55 391.48 17 November 2003 139.22 391.92 18 November 2003 138.92 394.88 19 November 2003 139.48 387.12 20 November 2003 139.20 393.02 21 November 2003 139.61 393.13 24 November 2003 139.75 385.39 25 November 2003 138.94 387.47 26 November 2003 137.78 380.28 28 November 2003 136.91 371.60 1 December 2003 135.50 360.65 2 December 2003 134.79 359.30 3 December 2003 133.26 352.70 4 December 2003 131.36 351.52 5 December 2003 132.55 362.40 8 December 2003 134.14 354.53 9 December 2003 136.99 350.37 10 December 2003 135.99 351.60 11 December 2003 134.61 357.51 12 December 2003 135.29 358.26 15 December 2003 134.50 355.18 16 December 2003 136.18 358.22 17 December 2003 135.60 361.69 18 December 2003 133.39 364.50 19 December 2003 131.35 363.14 22 December 2003 132.66 358.93 23 December 2003 132.83 350.34 24 December 2003 133.24 357.87 26 December 2003 132.06 360.96 29 December 2003 131.40 352.06 30 December 2003 132.02 347.82 31 December 2003 131.14 349.55 2 January 2004 129.70 338.06 5 January 2004 125.49 329.94 6 January 2004 126.22 334.36 7 January 2004 125.81 332.30 8 January 2004 124.72 328.29 9 January 2004 126.90 340.67 12 January 2004 126.24 340.33 13 January 2004 127.02 344.84 14 January 2004 126.45 347.43 15 January 2004 126.85 347.50 16 January 2004 125.71 341.33 20 January 2004 126.41 337.41 21 January 2004 126.28 337.84 22 January 2004 125.14 341.29 23 January 2004 125.39 331.27 26 January 2004 126.79 328.26 27 January 2004 125.80 335.05 28 January 2004 126.70 329.62 29 January 2004 127.67 335.52 30 January 2004 127.98 345.13 2 February 2004 129.53 346.81 3 February 2004 128.16 356.18 4 February 2004 129.86 357.91 5 February 2004 131.73 359.38 6 February 2004 129.61 368.35 9 February 2004 129.01 362.88 10 February 2004 129.38 360.88 11 February 2004 128.00 366.22 12 February 2004 128.00 359.56 13 February 2004 129.36 363.51 17 February 2004 130.69 361.99 18 February 2004 129.56 364.59 19 February 2004 131.31 365.34 20 February 2004 130.80 361.50 23 February 2004 131.89 368.36 24 February 2004 132.82 373.30 25 February 2004 134.03 373.30 26 February 2004 133.55 369.99 27 February 2004 132.73 373.36 1 March 2004 131.62 370.90 2 March 2004 132.49 365.55 3 March 2004 131.85 365.15 4 March 2004 132.04 366.92 5 March 2004 132.57 380.55 8 March 2004 132.77 383.95 9 March 2004 133.07 388.64 10 March 2004 134.68 388.42 11 March 2004 134.53 389.11 12 March 2004 135.09 388.77 15 March 2004 135.37 391.35 16 March 2004 137.08 400.55 17 March 2004 135.79 401.55 18 March 2004 136.18 395.52 19 March 2004 136.59 392.16 22 March 2004 137.48 398.88 23 March 2004 137.61 401.98 24 March 2004 138.99 403.37 25 March 2004 138.61 400.59 26 March 2004 137.60 390.31 29 March 2004 135.78 384.31 30 March 2004 135.30 383.81 31 March 2004 134.93 388.94 1 April 2004 135.45 383.94 2 April 2004 133.33 363.60 5 April 2004 131.97 357.58 6 April 2004 131.33 361.73 7 April 2004 129.79 359.13 8 April 2004 130.30 355.57 12 April 2004 128.41 351.99 13 April 2004 127.77 345.46 14 April 2004 126.22 344.97 15 April 2004 128.09 344.05 16 April 2004 128.76 347.41 19 April 2004 127.67 345.08 20 April 2004 128.58 342.67 21 April 2004 127.66 343.15 22 April 2004 127.84 346.36 23 April 2004 127.47 337.83 26 April 2004 126.31 339.37 27 April 2004 127.08 341.63 28 April 2004 128.01 337.50 29 April 2004 129.63 337.13 30 April 2004 128.28 340.24 3 May 2004 128.34 343.87 4 May 2004 130.06 344.92 5 May 2004 130.43 343.34 6 May 2004 133.91 348.38 7 May 2004 133.31 342.84 10 May 2004 135.13 356.67 11 May 2004 135.75 360.59 12 May 2004 135.81 362.69 13 May 2004 137.50 367.75 14 May 2004 137.49 376.78 17 May 2004 139.19 385.25 18 May 2004 138.36 376.97 19 May 2004 138.26 366.68 20 May 2004 137.78 374.98 21 May 2004 138.15 369.58 24 May 2004 137.03 369.01 25 May 2004 137.69 368.25 26 May 2004 137.62 369.38 27 May 2004 135.93 373.83 28 May 2004 136.76 368.05 1 June 2004 135.55 362.79 2 June 2004 135.49 361.43 3 June 2004 137.03 364.63 4 June 2004 136.78 358.14 7 June 2004 135.77 360.74 8 June 2004 134.96 358.28 9 June 2004 134.83 353.96 10 June 2004 134.70 355.62 14 June 2004 134.87 349.31 15 June 2004 135.24 366.97 16 June 2004 135.67 359.70 17 June 2004 135.39 362.43 18 June 2004 135.37 359.21 21 June 2004 135.70 359.72 22 June 2004 135.48 356.82 23 June 2004 136.10 357.60 24 June 2004 135.49 360.29 25 June 2004 135.37 359.21 28 June 2004 134.99 351.44 29 June 2004 135.73 356.68 30 June 2004 136.86 364.11 1 July 2004 136.65 364.82 2 July 2004 136.46 372.43 6 July 2004 137.17 366.64 7 July 2004 136.75 365.93 8 July 2004 137.56 364.72 9 July 2004 137.67 363.32 12 July 2004 137.04 362.83 13 July 2004 137.12 359.60 14 July 2004 136.65 357.43 15 July 2004 136.13 355.97 16 July 2004 134.14 363.54 19 July 2004 133.30 360.52 20 July 2004 133.47 349.71 21 July 2004 134.20 348.09 22 July 2004 131.72 352.48 23 July 2004 133.05 356.51 26 July 2004 133.43 354.94 27 July 2004 133.23 349.33 28 July 2004 133.16 351.30 29 July 2004 132.74 350.42 30 July 2004 132.16 357.11 2 August 2004 136.59 359.95 3 August 2004 136.24 365.08 4 August 2004 136.89 363.06 5 August 2004 136.97 364.33 6 August 2004 137.33 376.79 9 August 2004 135.67 372.81 10 August 2004 136.11 369.13 11 August 2004 135.89 370.12 12 August 2004 135.61 372.40 13 August 2004 134.92 375.57 16 August 2004 135.76 373.13 17 August 2004 135.44 376.45 18 August 2004 135.35 371.35 19 August 2004 134.01 369.14 20 August 2004 134.92 366.46 23 August 2004 134.67 361.29 24 August 2004 133.88 359.67 25 August 2004 133.27 359.26 26 August 2004 132.64 361.53 27 August 2004 131.94 360.42 30 August 2004 130.60 363.03 31 August 2004 130.99 368.32 1 September 2004 131.23 367.87 2 September 2004 131.33 362.86 3 September 2004 131.10 352.99 7 September 2004 129.97 356.89 8 September 2004 128.13 360.43 9 September 2004 128.83 355.28 10 September 2004 128.19 355.48 13 September 2004 128.55 355.76 14 September 2004 127.26 354.10 15 September 2004 127.70 352.06 16 September 2004 125.33 359.83 17 September 2004 127.55 354.24 20 September 2004 125.36 358.36 21 September 2004 126.36 360.10 22 September 2004 126.50 363.32 23 September 2004 127.40 359.62 24 September 2004 126.33 358.99 27 September 2004 126.59 362.80 28 September 2004 126.20 361.56 29 September 2004 125.44 355.90 30 September 2004 124.05 354.52 1 October 2004 123.92 348.78 4 October 2004 123.75 349.17 5 October 2004 123.02 347.51 6 October 2004 123.31 341.87 7 October 2004 121.81 337.67 8 October 2004 120.79 344.11 12 October 2004 121.65 345.16 13 October 2004 120.55 346.25 14 October 2004 119.80 351.49 15 October 2004 121.10 348.37 18 October 2004 120.98 350.98 19 October 2004 120.09 351.52 20 October 2004 122.57 358.95 21 October 2004 122.31 356.18 22 October 2004 122.26 354.75 25 October 2004 123.34 354.71 26 October 2004 121.16 350.97 27 October 2004 120.74 339.02 28 October 2004 120.59 337.70 29 October 2004 118.15 337.00 1 November 2004 118.55 329.70 2 November 2004 118.60 327.85 3 November 2004 116.67 324.23 4 November 2004 115.64 320.59 5 November 2004 114.48 310.71 8 November 2004 115.00 310.28 9 November 2004 115.36 310.83 10 November 2004 114.92 310.43 12 November 2004 113.92 314.22 15 November 2004 112.63 313.32 16 November 2004 112.17 315.38 17 November 2004 112.83 319.19 18 November 2004 112.23 318.61 19 November 2004 110.65 310.36 22 November 2004 110.52 313.71 23 November 2004 110.68 312.23 24 November 2004 110.72 ND 26 November 2004 110.12 306.78 29 November 2004 109.83 300.53 30 November 2004 109.65 300.57 1 December 2004 110.15 299.87 2 December 2004 109.31 298.62 3 December 2004 108.56 307.18 6 December 2004 108.46 308.96 7 December 2004 107.80 307.97 8 December 2004 107.00 315.53 9 December 2004 106.73 311.47 10 December 2004 107.45 312.96 13 December 2004 107.09 312.61 14 December 2004 106.60 314.84 15 December 2004 107.05 318.22 16 December 2004 107.20 307.70 17 December 2004 105.87 308.33 20 December 2004 105.24 308.43 21 December 2004 104.68 309.72 22 December 2004 105.20 306.94 23 December 2004 105.45 306.34 27 December 2004 104.68 299.24 28 December 2004 104.58 300.09 29 December 2004 104.66 297.05 30 December 2004 104.52 302.09 31 December 2004 105.42 305.90 3 January 2005 105.13 304.76 4 January 2005 104.11 297.09 5 January 2005 104.54 300.67 6 January 2005 105.81 301.93 7 January 2005 106.07 302.15 10 January 2005 106.02 304.73 11 January 2005 106.61 310.92 12 January 2005 107.00 312.86 13 January 2005 107.15 317.22 14 January 2005 107.75 316.65 18 January 2005 107.34 321.24 19 January 2005 107.58 320.44 20 January 2005 107.99 324.59 21 January 2005 107.89 326.64 24 January 2005 108.49 328.82 25 January 2005 107.67 321.08 26 January 2005 106.74 321.55 27 January 2005 106.46 318.42 28 January 2005 106.21 322.92 31 January 2005 105.85 322.80 1 February 2005 105.27 320.20 2 February 2005 103.96 317.43 3 February 2005 104.53 312.18 4 February 2005 102.61 318.59 7 February 2005 102.70 318.51 8 February 2005 103.24 317.88 9 February 2005 102.60 321.96 10 February 2005 103.27 315.13 11 February 2005 103.05 311.09 14 February 2005 101.90 311.52 15 February 2005 102.72 306.60 16 February 2005 102.74 300.41 17 February 2005 101.37 298.61 18 February 2005 100.46 293.01 22 February 2005 101.63 292.16 23 February 2005 100.98 293.09 24 February 2005 99.88 291.06 25 February 2005 100.10 290.42 28 February 2005 99.94 281.73 1 March 2005 98.96 281.17 2 March 2005 99.59 281.46 3 March 2005 98.61 281.34 4 March 2005 97.47 286.08 7 March 2005 98.10 285.46 8 March 2005 98.18 278.78 9 March 2005 97.46 268.52 10 March 2005 97.45 276.23 11 March 2005 97.67 270.14 14 March 2005 98.57 275.97 15 March 2005 98.79 274.37 16 March 2005 101.64 283.89 17 March 2005 104.07 295.76 18 March 2005 102.92 289.70 21 March 2005 104.25 295.17 22 March 2005 105.13 294.66 23 March 2005 108.58 304.14 24 March 2005 107.71 304.03 28 March 2005 109.30 304.38 29 March 2005 111.24 312.90 30 March 2005 113.51 321.77 31 March 2005 114.30 330.94 1 April 2005 115.30 334.25 4 April 2005 116.45 335.37 5 April 2005 116.20 329.88 6 April 2005 115.03 327.21 7 April 2005 113.50 319.42 8 April 2005 114.29 320.14 11 April 2005 115.53 325.88 12 April 2005 114.26 334.96 13 April 2005 115.83 336.18 14 April 2005 118.91 345.22 15 April 2005 120.75 359.74 18 April 2005 122.56 364.88 19 April 2005 121.89 367.22 20 April 2005 121.60 362.58 21 April 2005 119.91 352.26 22 April 2005 119.87 355.93 25 April 2005 120.09 358.56 26 April 2005 119.42 360.98 27 April 2005 120.55 370.38 28 April 2005 121.18 378.58 29 April 2005 123.85 382.31 2 May 2005 124.45 385.30 3 May 2005 125.93 387.29 4 May 2005 124.64 380.72 5 May 2005 120.06 392.56 6 May 2005 122.43 388.81 9 May 2005 122.00 387.59 10 May 2005 122.62 394.41 11 May 2005 123.78 405.66 12 May 2005 124.63 406.65 13 May 2005 127.44 415.43 16 May 2005 127.10 427.25 17 May 2005 129.47 434.45 18 May 2005 129.87 433.31 19 May 2005 128.69 421.91 20 May 2005 127.70 416.95 23 May 2005 126.97 414.79 24 May 2005 127.65 415.79 25 May 2005 125.68 404.35 26 May 2005 123.95 397.31 27 May 2005 122.57 391.94 31 May 2005 123.67 398.07 1 June 2005 123.57 399.30 2 June 2005 120.95 390.46 3 June 2005 120.38 380.01 6 June 2005 120.06 388.31 7 June 2005 120.00 390.58 8 June 2005 120.62 389.09 9 June 2005 122.72 392.44 10 June 2005 122.93 383.65 13 June 2005 122.49 380.07 14 June 2005 123.12 374.46 15 June 2005 122.34 372.59 16 June 2005 122.39 377.82 17 June 2005 122.59 377.54 20 June 2005 122.60 377.27 21 June 2005 123.13 379.44 22 June 2005 124.29 387.74 23 June 2005 124.47 387.43 24 June 2005 125.00 392.92 27 June 2005 125.21 395.67 28 June 2005 124.80 385.65 29 June 2005 124.87 382.17 30 June 2005 125.43 383.37 1 July 2005 123.44 372.61 5 July 2005 123.34 368.95 6 July 2005 124.58 373.40 7 July 2005 123.55 375.22 8 July 2005 124.16 366.89 11 July 2005 122.12 362.61 12 July 2005 121.39 355.56 13 July 2005 121.48 352.07 14 July 2005 119.86 346.93 15 July 2005 119.95 346.69 18 July 2005 119.80 343.72 19 July 2005 118.89 346.16 20 July 2005 118.87 350.57 21 July 2005 118.51 339.67 22 July 2005 118.18 339.74 25 July 2005 118.49 341.99 26 July 2005 117.84 341.81 27 July 2005 117.02 337.76 28 July 2005 116.71 342.48 29 July 2005 115.90 334.29 1 August 2005 114.85 331.55 2 August 2005 115.10 330.34 3 August 2005 115.88 336.45 4 August 2005 115.71 333.47 5 August 2005 116.25 331.83 8 August 2005 116.68 332.96 9 August 2005 116.24 333.51 10 August 2005 117.48 332.69 11 August 2005 118.21 337.99 12 August 2005 118.76 343.49 15 August 2005 116.98 341.29 16 August 2005 118.47 348.64 17 August 2005 118.73 344.30 18 August 2005 118.97 349.13 19 August 2005 118.23 347.72 22 August 2005 117.66 346.85 23 August 2005 117.25 347.42 24 August 2005 114.69 347.11 25 August 2005 113.63 347.65 26 August 2005 115.12 346.13 29 August 2005 114.01 347.59 30 August 2005 110.71 352.00 31 August 2005 119.15 367.29 1 September 2005 120.20 368.67 2 September 2005 120.41 369.66 6 September 2005 120.75 363.38 7 September 2005 120.02 359.68 8 September 2005 121.14 359.44 9 September 2005 121.60 361.57 12 September 2005 120.84 356.48 13 September 2005 121.56 358.69 14 September 2005 121.35 356.39 15 September 2005 121.97 351.41 16 September 2005 121.34 349.13 19 September 2005 122.24 355.58 20 September 2005 121.31 359.09 21 September 2005 122.83 367.84 22 September 2005 123.28 371.57 23 September 2005 123.29 363.45 26 September 2005 122.27 357.15 27 September 2005 122.58 358.53 28 September 2005 122.38 363.24 29 September 2005 121.98 360.54 30 September 2005 121.02 359.88 3 October 2005 122.45 352.83 4 October 2005 121.76 360.09 5 October 2005 122.28 362.77 6 October 2005 122.57 364.74 7 October 2005 123.45 368.53 11 October 2005 123.02 371.68 12 October 2005 125.47 373.60 13 October 2005 127.35 377.33 14 October 2005 128.25 373.40 17 October 2005 126.64 364.87 18 October 2005 125.93 359.74 19 October 2005 127.02 363.09 20 October 2005 126.89 362.08 21 October 2005 127.63 366.56 24 October 2005 127.15 360.67 25 October 2005 125.22 354.06 26 October 2005 127.68 355.66 27 October 2005 128.22 362.75 28 October 2005 128.10 364.23 31 October 2005 128.38 365.94 1 November 2005 128.73 363.58 2 November 2005 128.66 359.10 3 November 2005 126.81 352.21 4 November 2005 126.20 351.26 7 November 2005 125.72 354.60 8 November 2005 126.12 358.74 9 November 2005 126.19 354.56 10 November 2005 126.75 362.05 14 November 2005 126.21 362.70 15 November 2005 126.26 369.44 16 November 2005 127.99 377.56 17 November 2005 128.69 381.80 18 November 2005 130.05 382.23 21 November 2005 129.45 382.43 22 November 2005 129.94 384.33 23 November 2005 129.70 379.98 25 November 2005 129.56 383.27 28 November 2005 129.30 383.16 29 November 2005 129.05 372.67 30 November 2005 128.42 371.33 1 December 2005 128.89 369.98 2 December 2005 129.42 368.98 5 December 2005 130.10 368.84 6 December 2005 131.78 376.58 7 December 2005 131.22 373.71 8 December 2005 132.38 378.33 9 December 2005 132.39 369.64 12 December 2005 131.58 366.37 13 December 2005 131.17 367.35 14 December 2005 131.78 375.32 15 December 2005 131.55 373.06 16 December 2005 131.87 375.46 19 December 2005 131.88 375.94 20 December 2005 132.53 376.77 21 December 2005 132.48 369.16 22 December 2005 133.32 373.70 23 December 2005 133.34 379.44 27 December 2005 133.47 383.52 28 December 2005 133.35 380.73 29 December 2005 134.59 383.57 30 December 2005 134.41 382.52 3 January 2006 133.22 381.15 4 January 2006 133.92 379.91 5 January 2006 133.24 376.48 6 January 2006 133.26 370.91 9 January 2006 132.88 367.87 10 January 2006 133.38 365.15 11 January 2006 133.24 363.41 12 January 2006 132.46 367.80 13 January 2006 133.52 377.77 17 January 2006 133.50 382.24 18 January 2006 133.73 380.67 19 January 2006 133.75 375.55 20 January 2006 132.82 377.52 23 January 2006 133.04 376.43 24 January 2006 132.54 371.09 25 January 2006 131.42 360.42 26 January 2006 131.58 359.22 27 January 2006 129.16 357.55 30 January 2006 130.56 354.60 31 January 2006 130.23 354.40 1 February 2006 130.26 349.86 2 February 2006 129.92 349.90 3 February 2006 130.57 353.42 6 February 2006 131.09 356.25 7 February 2006 130.77 355.07 8 February 2006 131.11 353.74 9 February 2006 130.39 356.84 10 February 2006 129.75 353.13 13 February 2006 129.51 354.18 14 February 2006 129.22 351.96 15 February 2006 129.18 350.33 16 February 2006 128.98 349.89 17 February 2006 128.77 352.86 21 February 2006 128.29 350.26 22 February 2006 128.60 351.87 23 February 2006 127.75 348.33 24 February 2006 126.11 346.04 27 February 2006 126.02 344.70 28 February 2006 126.25 345.66 1 March 2006 127.17 344.46 2 March 2006 126.66 340.92 3 March 2006 127.11 339.80 6 March 2006 126.62 333.37 7 March 2006 127.08 335.81 8 March 2006 127.95 339.54 9 March 2006 127.54 338.73 10 March 2006 127.75 337.30 13 March 2006 128.73 335.55 14 March 2006 128.12 340.33 15 March 2006 129.07 337.54 16 March 2006 128.66 341.59 17 March 2006 127.38 341.87 20 March 2006 127.83 338.64 21 March 2006 128.11 331.56 22 March 2006 128.14 332.56 23 March 2006 128.35 329.38 24 March 2006 129.69 334.10 27 March 2006 128.95 330.25 28 March 2006 128.82 324.18 29 March 2006 129.06 324.33 30 March 2006 129.30 321.44 31 March 2006 129.17 322.61 3 April 2006 129.62 319.76 4 April 2006 129.68 322.02 5 April 2006 129.54 322.26 6 April 2006 130.34 320.05 7 April 2006 130.32 316.44 10 April 2006 130.31 318.61 11 April 2006 130.65 320.44 12 April 2006 130.91 317.29 13 April 2006 129.86 313.75 17 April 2006 130.66 317.43 18 April 2006 130.31 318.62 19 April 2006 130.12 314.14 20 April 2006 129.97 312.93 21 April 2006 129.98 315.07 24 April 2006 129.32 316.14 25 April 2006 128.73 309.24 26 April 2006 128.12 308.36 27 April 2006 128.44 310.33 28 April 2006 128.03 309.78 1 May 2006 126.63 304.45 2 May 2006 126.15 305.34 3 May 2006 125.75 303.16 4 May 2006 125.94 301.77 5 May 2006 125.39 304.29 8 May 2006 125.64 303.89 9 May 2006 125.95 303.37 10 May 2006 126.49 303.03 11 May 2006 126.06 300.40 12 May 2006 127.13 299.29 15 May 2006 126.45 304.82 16 May 2006 128.08 311.18 17 May 2006 127.96 311.98 18 May 2006 130.57 320.76 19 May 2006 130.63 321.65 22 May 2006 130.90 326.69 23 May 2006 131.30 324.60 24 May 2006 132.79 330.47 25 May 2006 132.15 326.09 26 May 2006 131.31 325.22 30 May 2006 132.88 323.91 31 May 2006 134.27 322.03 1 June 2006 134.52 323.68 2 June 2006 135.14 331.35 5 June 2006 135.34 331.11 6 June 2006 136.97 335.60 7 June 2006 137.10 334.16 8 June 2006 137.76 338.62 9 June 2006 138.67 340.37 12 June 2006 139.01 339.07 13 June 2006 139.28 345.01 14 June 2006 141.18 344.51 15 June 2006 141.83 342.86 16 June 2006 141.78 339.55 19 June 2006 142.52 339.20 20 June 2006 143.52 341.57 21 June 2006 143.95 347.87 22 June 2006 144.37 345.61 23 June 2006 144.79 344.09 26 June 2006 144.86 345.60 27 June 2006 146.06 348.72 28 June 2006 145.94 346.36 29 June 2006 145.21 345.42 30 June 2006 143.90 344.30 3 July 2006 146.51 346.12 5 July 2006 146.29 340.94 6 July 2006 145.71 344.78 7 July 2006 145.60 346.88 10 July 2006 145.80 346.22 11 July 2006 145.66 348.28 12 July 2006 145.96 349.15 13 July 2006 146.30 354.70 14 July 2006 147.40 357.53 17 July 2006 147.92 359.19 18 July 2006 147.54 354.24 19 July 2006 147.92 357.64 20 July 2006 147.86 360.15 21 July 2006 147.45 357.76 24 July 2006 147.23 360.57 25 July 2006 147.95 359.13 26 July 2006 147.66 359.71 27 July 2006 146.24 357.24 28 July 2006 146.51 361.24 31 July 2006 146.70 363.87 1 August 2006 146.65 363.93 2 August 2006 147.33 363.78 3 August 2006 146.36 364.42 4 August 2006 147.21 367.47 7 August 2006 147.72 365.10 8 August 2006 147.62 365.03 9 August 2006 147.40 363.52 10 August 2006 147.82 365.13 11 August 2006 147.25 361.43 14 August 2006 146.31 359.26 15 August 2006 145.89 363.58 16 August 2006 146.99 366.75 17 August 2006 146.70 364.45 18 August 2006 146.82 368.40 21 August 2006 146.74 368.65 22 August 2006 146.49 368.82 23 August 2006 146.91 367.93 24 August 2006 146.76 369.00 25 August 2006 146.91 370.18 28 August 2006 147.34 369.52 29 August 2006 147.03 370.06 30 August 2006 146.83 371.09 31 August 2006 146.46 376.35 1 September 2006 146.56 376.10 5 September 2006 146.14 369.92 6 September 2006 145.92 367.02 7 September 2006 146.48 368.88 8 September 2006 145.64 368.98 11 September 2006 146.27 366.43 12 September 2006 146.35 367.82 13 September 2006 147.09 365.16 14 September 2006 146.50 361.85 15 September 2006 145.94 360.34 18 September 2006 145.77 359.52 19 September 2006 147.01 367.46 20 September 2006 146.30 366.95 21 September 2006 147.50 375.49 22 September 2006 147.73 380.45 25 September 2006 148.50 384.27 26 September 2006 148.18 381.03 27 September 2006 147.90 377.44 28 September 2006 149.21 375.79 29 September 2006 148.30 373.50 2 October 2006 148.36 374.73 3 October 2006 148.11 368.72 4 October 2006 148.25 378.02 5 October 2006 148.00 372.56 6 October 2006 147.88 364.75 10 October 2006 147.42 360.22 11 October 2006 148.19 356.55 12 October 2006 147.49 355.01 13 October 2006 147.33 351.49 16 October 2006 146.83 353.05 17 October 2006 147.14 354.13 18 October 2006 145.80 353.84 19 October 2006 145.25 352.00 20 October 2006 144.72 351.99 23 October 2006 144.68 349.06 24 October 2006 144.07 349.22 25 October 2006 144.88 354.80 26 October 2006 143.28 357.22 27 October 2006 143.50 359.44 30 October 2006 143.31 358.84 31 October 2006 143.40 368.52 1 November 2006 143.06 370.96 2 November 2006 142.12 365.64 3 November 2006 140.76 353.29 6 November 2006 140.67 355.65 7 November 2006 140.17 357.64 8 November 2006 139.70 358.97 9 November 2006 139.43 356.48 10 November 2006 139.43 359.34 13 November 2006 138.64 356.53 14 November 2006 139.77 359.53 15 November 2006 140.64 354.85 16 November 2006 139.71 348.44 17 November 2006 139.64 356.55 20 November 2006 140.12 357.83 21 November 2006 140.24 361.16 22 November 2006 140.85 363.58 24 November 2006 140.19 364.65 27 November 2006 141.05 366.40 28 November 2006 140.75 371.48 29 November 2006 140.23 366.79 30 November 2006 141.18 375.05 1 December 2006 141.52 376.76 4 December 2006 141.40 375.87 5 December 2006 140.92 370.89 6 December 2006 140.22 364.83 7 December 2006 139.59 363.41 8 December 2006 139.00 356.95 11 December 2006 139.65 360.41 12 December 2006 140.94 364.64 13 December 2006 139.95 356.79 14 December 2006 140.28 356.88 15 December 2006 140.38 354.81 18 December 2006 139.96 355.66 19 December 2006 140.31 354.51 20 December 2006 139.82 353.86 21 December 2006 139.86 357.75 22 December 2006 139.57 350.98 26 December 2006 139.37 352.40 27 December 2006 139.65 347.97 28 December 2006 138.91 343.69 29 December 2006 138.97 341.91 2 January 2007 140.24 350.90 3 January 2007 138.84 350.34 4 January 2007 138.69 355.17 5 January 2007 138.04 354.21 8 January 2007 138.15 352.96 9 January 2007 138.32 351.92 10 January 2007 137.65 349.34 11 January 2007 137.97 343.89 12 January 2007 137.64 340.30 16 January 2007 137.30 340.60 17 January 2007 137.00 335.47 18 January 2007 136.17 337.83 19 January 2007 135.12 333.42 22 January 2007 136.30 334.08 23 January 2007 134.71 328.80 24 January 2007 134.83 326.57 25 January 2007 134.49 320.44 26 January 2007 134.01 320.69 29 January 2007 134.05 319.53 30 January 2007 134.77 324.30 31 January 2007 134.80 331.22 1 February 2007 134.53 326.55 2 February 2007 133.64 326.79 5 February 2007 133.04 327.30 6 February 2007 133.66 328.90 7 February 2007 132.62 326.62 8 February 2007 132.47 327.92 9 February 2007 131.84 321.43 12 February 2007 131.38 321.46 13 February 2007 131.13 319.57 14 February 2007 131.53 324.43 15 February 2007 131.11 323.64 16 February 2007 130.18 322.19 20 February 2007 129.79 322.68 21 February 2007 129.45 320.14 22 February 2007 128.88 314.46 23 February 2007 128.21 319.14 26 February 2007 128.81 323.79 27 February 2007 132.72 341.92 28 February 2007 130.72 339.30 1 March 2007 131.40 343.08 2 March 2007 132.83 350.75 5 March 2007 135.59 356.70 6 March 2007 134.96 351.96 7 March 2007 135.41 350.26 8 March 2007 134.62 344.97 9 March 2007 134.40 337.31 12 March 2007 134.37 341.63 13 March 2007 135.74 350.80 14 March 2007 136.11 351.39 15 March 2007 136.75 348.21 16 March 2007 137.01 348.41 19 March 2007 136.83 345.54 20 March 2007 137.86 347.63 21 March 2007 137.77 347.93 22 March 2007 137.47 339.86 23 March 2007 137.56 337.23 26 March 2007 137.28 339.67 27 March 2007 138.17 338.53 28 March 2007 139.01 340.41 29 March 2007 138.69 338.03 30 March 2007 138.93 336.33 2 April 2007 139.19 336.27 3 April 2007 139.28 333.93 4 April 2007 140.16 338.09 5 April 2007 139.58 332.92 9 April 2007 139.09 326.72 10 April 2007 138.60 327.47 11 April 2007 138.67 325.79 12 April 2007 138.44 325.77 13 April 2007 138.19 322.72 16 April 2007 137.95 322.93 17 April 2007 138.04 325.29 18 April 2007 137.74 328.04 19 April 2007 137.64 324.60 20 April 2007 137.31 321.47 23 April 2007 137.59 323.41 24 April 2007 137.97 324.66 25 April 2007 137.64 321.00 26 April 2007 137.32 316.81 27 April 2007 137.70 317.01 30 April 2007 137.84 325.83 1 May 2007 138.16 325.87 2 May 2007 137.65 324.16 3 May 2007 137.42 321.34 4 May 2007 138.06 324.55 7 May 2007 137.56 324.04 8 May 2007 137.02 324.34 9 May 2007 137.27 319.88 10 May 2007 136.96 320.78 11 May 2007 136.48 318.60 14 May 2007 135.96 316.25 15 May 2007 135.70 313.67 16 May 2007 136.12 313.92 17 May 2007 135.30 309.22 18 May 2007 135.53 305.84 21 May 2007 135.60 305.59 22 May 2007 134.73 300.87 23 May 2007 134.46 297.89 24 May 2007 134.90 299.00 25 May 2007 134.79 299.18 29 May 2007 135.49 298.31 30 May 2007 135.31 299.51 31 May 2007 136.18 296.45 1 June 2007 136.03 291.65 4 June 2007 135.74 296.76 5 June 2007 136.07 291.14 6 June 2007 136.72 296.78 7 June 2007 137.71 292.89 8 June 2007 138.75 295.65 11 June 2007 138.68 293.76 12 June 2007 137.62 289.89 13 June 2007 139.22 296.60 14 June 2007 137.38 293.19 15 June 2007 138.06 296.90 18 June 2007 137.24 296.47 19 June 2007 138.03 305.39 20 June 2007 136.89 301.83 21 June 2007 138.70 306.39 22 June 2007 139.38 309.81 25 June 2007 139.62 321.14 26 June 2007 140.54 319.52 27 June 2007 140.50 328.00 28 June 2007 141.52 324.22 29 June 2007 142.38 332.44 2 July 2007 142.20 340.20 3 July 2007 141.33 334.24 5 July 2007 142.14 326.70 6 July 2007 142.25 322.96 9 July 2007 142.09 327.15 10 July 2007 143.43 345.51 11 July 2007 143.17 345.98 12 July 2007 143.26 339.45 13 July 2007 143.97 337.73 16 July 2007 143.65 340.47 17 July 2007 144.16 339.62 18 July 2007 145.08 353.99 19 July 2007 145.75 350.94 20 July 2007 148.84 366.33 23 July 2007 149.91 374.37 24 July 2007 152.29 391.03 25 July 2007 153.14 396.53 26 July 2007 166.93 434.41 27 July 2007 171.51 441.62 30 July 2007 172.99 438.68 31 July 2007 172.70 433.08 1 August 2007 172.43 439.62 2 August 2007 170.59 431.68 3 August 2007 170.97 434.56 6 August 2007 174.37 438.31 7 August 2007 170.68 427.86 8 August 2007 169.62 404.42 9 August 2007 169.21 410.23 10 August 2007 168.41 414.16 13 August 2007 169.55 412.55 14 August 2007 171.26 417.37 15 August 2007 175.04 425.00 16 August 2007 177.83 444.84 17 August 2007 178.76 434.54 20 August 2007 179.38 434.93 21 August 2007 181.29 436.18 22 August 2007 181.31 429.42 23 August 2007 179.96 427.17 24 August 2007 180.50 426.50 27 August 2007 179.54 427.45 28 August 2007 180.65 433.95 29 August 2007 180.37 432.56 30 August 2007 182.44 437.91 31 August 2007 180.24 436.07 4 September 2007 179.45 433.34 5 September 2007 179.40 439.08 6 September 2007 180.65 433.91 7 September 2007 183.51 448.46 10 September 2007 186.00 453.75 11 September 2007 186.69 449.83 12 September 2007 187.52 446.25 13 September 2007 187.21 439.02 14 September 2007 187.66 439.70 17 September 2007 188.02 436.87 18 September 2007 186.46 429.08 19 September 2007 185.45 416.00 20 September 2007 182.41 403.90 21 September 2007 181.44 401.23 24 September 2007 179.96 397.31 25 September 2007 180.25 400.56 26 September 2007 179.61 397.52 27 September 2007 179.25 401.56 28 September 2007 178.97 402.35 1 October 2007 178.59 404.79 2 October 2007 178.76 404.79 3 October 2007 176.97 398.72 4 October 2007 176.33 402.91 5 October 2007 174.28 389.36 9 October 2007 172.47 383.55 10 October 2007 171.36 381.50 11 October 2007 169.84 377.31 12 October 2007 167.92 373.35 15 October 2007 167.18 373.58 16 October 2007 168.72 380.85 17 October 2007 168.54 391.86 18 October 2007 169.78 400.00 19 October 2007 172.30 416.61 22 October 2007 172.91 418.57 23 October 2007 173.24 414.97 24 October 2007 172.63 421.08 25 October 2007 174.93 420.03 26 October 2007 174.15 417.20 29 October 2007 174.90 418.52 30 October 2007 174.91 416.65 31 October 2007 178.51 417.05 1 November 2007 180.32 431.71 2 November 2007 181.36 439.49 5 November 2007 182.22 438.93 6 November 2007 183.09 434.52 7 November 2007 185.61 440.04 8 November 2007 188.37 449.27 9 November 2007 190.52 459.15 13 November 2007 193.37 460.56 14 November 2007 193.64 458.07 15 November 2007 197.14 473.78 16 November 2007 198.64 480.17 19 November 2007 202.12 497.19 20 November 2007 203.98 502.15 21 November 2007 204.57 513.80 23 November 2007 205.42 514.44 26 November 2007 208.40 529.17 27 November 2007 208.64 523.41 28 November 2007 210.36 510.03 29 November 2007 213.08 513.33 30 November 2007 212.09 511.95 3 December 2007 213.86 518.85 4 December 2007 215.52 522.21 5 December 2007 218.93 516.32 6 December 2007 221.19 507.40 7 December 2007 221.62 495.42 10 December 2007 221.73 489.59 11 December 2007 222.91 499.74 12 December 2007 224.31 497.78 13 December 2007 221.92 490.87 14 December 2007 221.80 485.65 17 December 2007 222.05 490.60 18 December 2007 219.77 494.72 19 December 2007 222.03 504.88 20 December 2007 219.06 507.31 21 December 2007 220.20 495.69 24 December 2007 218.65 491.55 26 December 2007 218.83 484.54 27 December 2007 219.12 491.58 28 December 2007 219.30 500.08 31 December 2007 220.10 520.89 2 January 2008 219.78 533.33 3 January 2008 224.44 541.09 4 January 2008 227.69 552.59 7 January 2008 229.45 558.83 8 January 2008 231.16 561.66 9 January 2008 235.34 578.43 10 January 2008 235.94 568.36 11 January 2008 239.11 576.18 14 January 2008 239.52 576.44 15 January 2008 241.87 586.60 16 January 2008 240.43 592.10 17 January 2008 245.32 607.63 18 January 2008 247.88 613.34 22 January 2008 251.67 633.65 23 January 2008 248.87 635.57 24 January 2008 244.40 611.23 25 January 2008 252.44 610.10 28 January 2008 252.35 609.10 29 January 2008 251.38 597.22 30 January 2008 250.99 588.16 31 January 2008 253.81 594.44 1 February 2008 254.15 595.80 4 February 2008 255.21 592.45 5 February 2008 255.61 602.94 6 February 2008 255.81 604.22 7 February 2008 256.02 599.33 8 February 2008 259.66 616.73 11 February 2008 261.06 628.81 12 February 2008 264.09 628.06 13 February 2008 262.56 621.11 14 February 2008 261.94 607.27 15 February 2008 266.98 617.20 19 February 2008 265.86 608.64 20 February 2008 266.25 610.30 21 February 2008 270.19 619.59 22 February 2008 271.38 616.98 25 February 2008 269.96 600.33 26 February 2008 270.52 594.98 27 February 2008 271.41 596.23 28 February 2008 273.59 609.40 29 February 2008 274.74 637.56 3 March 2008 276.02 639.23 4 March 2008 272.77 630.38 5 March 2008 278.93 626.15 6 March 2008 285.89 635.39 7 March 2008 287.49 645.06 10 March 2008 290.40 656.42 11 March 2008 292.75 646.19 12 March 2008 295.06 659.77 *Measured relative to an estimated off-the-run Treasury yield curve. Return to table Note. Last observation is for March 12, 2008. As shown in each figure, a vertical line marks the FOMC meeting on January 29-30, 2008. Chart 2 Asset Market Developments Figure: Average bid-asked spread and average bid price on leveraged loans Daily Date Bid-asked spread (basis points) Bid price (percent of par) 2 January 2007 59.8 98.23 3 January 2007 59.8 98.25 4 January 2007 60.4 98.26 5 January 2007 60.1 98.28 8 January 2007 60.2 98.29 9 January 2007 60.2 98.30 10 January 2007 59.9 98.31 11 January 2007 59.7 98.33 12 January 2007 59.5 98.34 16 January 2007 59.8 98.33 17 January 2007 59.8 98.28 18 January 2007 59.6 98.31 19 January 2007 59.7 98.33 22 January 2007 59.6 98.33 23 January 2007 59.2 98.40 24 January 2007 59.2 98.41 25 January 2007 59.0 98.42 26 January 2007 59.0 98.44 29 January 2007 58.9 98.45 30 January 2007 60.2 98.48 31 January 2007 59.6 98.52 1 February 2007 59.4 98.56 2 February 2007 59.1 98.58 5 February 2007 59.4 98.59 6 February 2007 59.2 98.60 7 February 2007 59.0 98.60 8 February 2007 58.7 98.64 9 February 2007 58.9 98.64 12 February 2007 58.8 98.65 13 February 2007 58.4 98.67 14 February 2007 58.3 98.69 15 February 2007 58.3 98.69 16 February 2007 59.3 98.68 20 February 2007 58.8 98.70 21 February 2007 58.4 98.72 22 February 2007 58.2 98.74 23 February 2007 57.5 98.80 26 February 2007 57.7 98.80 27 February 2007 57.7 98.82 28 February 2007 58.6 98.81 1 March 2007 58.1 98.81 2 March 2007 58.1 98.82 5 March 2007 58.3 98.82 6 March 2007 58.5 98.82 7 March 2007 58.4 98.81 8 March 2007 58.3 98.82 9 March 2007 58.0 98.82 12 March 2007 58.1 98.83 13 March 2007 58.4 98.81 14 March 2007 58.3 98.80 15 March 2007 58.3 98.79 16 March 2007 58.6 98.77 19 March 2007 58.8 98.75 20 March 2007 58.9 98.74 21 March 2007 58.7 98.73 22 March 2007 58.8 98.72 23 March 2007 58.8 98.72 26 March 2007 58.5 98.72 27 March 2007 58.9 98.71 28 March 2007 58.8 98.71 29 March 2007 58.7 98.71 30 March 2007 59.6 98.67 2 April 2007 59.6 98.66 3 April 2007 59.7 98.66 4 April 2007 59.2 98.66 5 April 2007 59.5 98.65 6 April 2007 59.6 98.65 9 April 2007 59.6 98.65 10 April 2007 59.5 98.65 11 April 2007 59.4 98.65 12 April 2007 59.1 98.66 13 April 2007 59.0 98.66 16 April 2007 58.9 98.67 17 April 2007 58.7 98.67 18 April 2007 58.3 98.70 19 April 2007 58.3 98.71 20 April 2007 57.8 98.71 23 April 2007 57.7 98.70 24 April 2007 57.5 98.72 25 April 2007 57.4 98.72 26 April 2007 57.6 98.73 27 April 2007 57.8 98.75 30 April 2007 56.5 98.77 1 May 2007 56.2 98.77 2 May 2007 56.5 98.78 3 May 2007 56.4 98.79 4 May 2007 56.2 98.79 7 May 2007 56.0 98.80 8 May 2007 55.8 98.80 9 May 2007 55.4 98.81 10 May 2007 55.4 98.80 11 May 2007 55.3 98.80 14 May 2007 55.7 98.81 15 May 2007 55.7 98.81 16 May 2007 55.7 98.80 17 May 2007 55.9 98.78 18 May 2007 56.0 98.78 21 May 2007 55.7 98.78 22 May 2007 55.7 98.78 23 May 2007 55.5 98.79 24 May 2007 55.4 98.80 25 May 2007 55.3 98.80 29 May 2007 55.6 98.80 30 May 2007 55.2 98.93 31 May 2007 55.9 98.93 1 June 2007 55.8 98.94 4 June 2007 56.0 98.93 5 June 2007 56.0 98.94 6 June 2007 56.1 98.94 7 June 2007 56.0 98.95 8 June 2007 56.0 98.95 11 June 2007 56.1 98.95 12 June 2007 56.2 98.95 13 June 2007 57.7 98.95 14 June 2007 56.3 98.97 15 June 2007 56.1 98.97 18 June 2007 56.3 98.96 19 June 2007 55.9 98.97 20 June 2007 55.8 98.96 21 June 2007 56.6 98.93 22 June 2007 56.6 98.93 25 June 2007 57.2 98.90 26 June 2007 57.5 98.89 27 June 2007 57.2 98.93 28 June 2007 59.7 98.82 29 June 2007 60.9 98.79 2 July 2007 61.0 98.78 3 July 2007 61.5 98.74 5 July 2007 62.0 98.72 6 July 2007 62.3 98.70 9 July 2007 63.4 98.64 10 July 2007 64.0 98.60 11 July 2007 65.9 98.52 12 July 2007 66.7 98.45 13 July 2007 66.9 98.42 16 July 2007 67.0 98.42 17 July 2007 67.2 98.40 18 July 2007 67.7 98.37 19 July 2007 70.2 98.25 20 July 2007 72.6 98.14 23 July 2007 79.8 97.88 24 July 2007 83.6 97.73 25 July 2007 89.1 97.58 26 July 2007 94.8 97.24 27 July 2007 103.9 96.76 30 July 2007 126.5 95.58 31 July 2007 137.5 95.13 1 August 2007 149.2 94.73 2 August 2007 150.8 94.61 3 August 2007 149.7 94.62 6 August 2007 150.3 94.80 7 August 2007 150.2 94.98 8 August 2007 147.5 95.06 9 August 2007 145.4 95.15 10 August 2007 144.8 95.14 13 August 2007 144.8 95.27 14 August 2007 145.0 95.12 15 August 2007 144.6 95.14 16 August 2007 145.5 95.07 17 August 2007 146.4 95.05 20 August 2007 149.7 94.89 21 August 2007 152.2 94.86 22 August 2007 152.0 94.82 23 August 2007 150.2 94.85 24 August 2007 150.9 94.80 27 August 2007 150.8 94.81 28 August 2007 150.8 94.70 29 August 2007 151.6 94.64 30 August 2007 150.7 94.62 31 August 2007 149.5 94.62 4 September 2007 148.1 94.55 5 September 2007 148.3 94.56 6 September 2007 147.8 94.51 7 September 2007 148.2 94.53 10 September 2007 147.3 94.52 11 September 2007 147.4 94.47 12 September 2007 146.8 94.45 13 September 2007 146.5 94.44 14 September 2007 145.3 94.45 17 September 2007 143.2 94.48 18 September 2007 140.8 94.59 19 September 2007 138.8 94.58 20 September 2007 137.6 94.73 21 September 2007 134.8 94.88 24 September 2007 134.2 94.96 25 September 2007 132.3 95.09 26 September 2007 130.0 95.19 27 September 2007 127.0 95.32 28 September 2007 126.5 95.31 1 October 2007 127.2 95.32 2 October 2007 125.0 95.36 3 October 2007 122.9 95.36 4 October 2007 121.8 95.40 5 October 2007 120.0 95.41 8 October 2007 120.1 95.42 9 October 2007 118.6 95.48 10 October 2007 119.0 95.57 11 October 2007 117.8 95.65 12 October 2007 114.7 95.79 15 October 2007 114.4 95.81 16 October 2007 114.4 95.80 17 October 2007 114.5 95.80 18 October 2007 113.7 95.77 19 October 2007 115.0 95.72 22 October 2007 118.3 95.57 23 October 2007 118.4 95.56 24 October 2007 116.6 95.59 25 October 2007 114.9 95.62 26 October 2007 114.7 95.61 29 October 2007 114.5 95.58 30 October 2007 114.3 95.55 31 October 2007 114.0 95.55 1 November 2007 114.4 95.52 2 November 2007 116.9 95.45 5 November 2007 116.5 95.42 6 November 2007 116.9 95.37 7 November 2007 115.7 95.36 8 November 2007 118.2 95.15 9 November 2007 119.6 95.05 12 November 2007 119.7 95.01 13 November 2007 120.1 94.93 14 November 2007 120.1 94.91 15 November 2007 120.8 94.86 16 November 2007 122.5 94.74 19 November 2007 123.1 94.60 20 November 2007 125.8 94.34 21 November 2007 126.2 94.27 23 November 2007 128.0 94.14 26 November 2007 129.3 94.07 27 November 2007 131.3 93.92 28 November 2007 131.8 93.86 29 November 2007 131.8 93.83 30 November 2007 130.6 93.82 3 December 2007 129.4 93.83 4 December 2007 129.5 93.81 5 December 2007 129.9 93.77 6 December 2007 129.7 93.73 7 December 2007 130.4 93.72 10 December 2007 130.6 93.71 11 December 2007 129.5 93.73 12 December 2007 131.5 93.69 13 December 2007 132.0 93.64 14 December 2007 135.3 93.47 17 December 2007 134.2 93.46 18 December 2007 134.3 93.43 19 December 2007 134.5 93.40 20 December 2007 135.1 93.36 21 December 2007 133.8 93.36 24 December 2007 134.5 93.34 26 December 2007 134.0 93.34 27 December 2007 133.9 93.31 28 December 2007 136.1 93.19 31 December 2007 136.0 93.17 2 January 2008 135.7 93.20 3 January 2008 135.4 93.21 4 January 2008 136.0 93.18 7 January 2008 136.0 93.12 8 January 2008 135.8 93.03 9 January 2008 137.2 92.91 10 January 2008 139.2 92.77 11 January 2008 140.7 92.70 14 January 2008 140.5 92.66 15 January 2008 140.5 92.61 16 January 2008 141.0 92.49 17 January 2008 143.5 92.30 18 January 2008 146.6 92.10 22 January 2008 150.6 91.90 23 January 2008 159.3 91.42 24 January 2008 163.2 91.29 25 January 2008 164.6 91.14 28 January 2008 166.7 90.96 29 January 2008 168.0 90.89 30 January 2008 166.1 90.75 31 January 2008 175.4 90.29 1 February 2008 185.9 89.69 4 February 2008 186.5 89.62 5 February 2008 189.3 89.39 6 February 2008 193.9 89.01 7 February 2008 198.0 88.54 8 February 2008 202.2 88.20 11 February 2008 214.5 87.35 12 February 2008 225.4 86.39 13 February 2008 228.5 86.05 14 February 2008 225.2 86.17 15 February 2008 225.9 86.27 19 February 2008 224.3 86.22 20 February 2008 221.6 86.29 21 February 2008 216.1 86.42 22 February 2008 210.3 86.52 25 February 2008 209.1 86.65 26 February 2008 210.0 86.84 27 February 2008 207.4 86.99 28 February 2008 206.4 86.86 29 February 2008 208.1 86.76 3 March 2008 206.5 86.65 4 March 2008 206.6 86.65 5 March 2008 206.3 86.61 6 March 2008 205.0 86.65 7 March 2008 204.3 86.53 10 March 2008 207.5 86.35 11 March 2008 204.8 86.38 12 March 2008 203.8 86.28 Source. LSTA/LPC Mark-to-Market Pricing. Figure: Municipal bond yield ratios Monthly Ratio Period Twenty-year One-year September 1999 0.875 0.704 October 1999 0.886 0.698 November 1999 0.903 0.688 December 1999 0.887 0.674 January 2000 0.889 0.673 February 2000 0.919 0.674 March 2000 0.920 0.675 April 2000 0.931 0.690 May 2000 0.917 0.716 June 2000 0.928 0.723 July 2000 0.915 0.710 August 2000 0.922 0.687 September 2000 0.911 0.699 October 2000 0.926 0.716 November 2000 0.935 0.705 December 2000 0.931 0.740 January 2001 0.903 0.706 February 2001 0.915 0.704 March 2001 0.934 0.751 April 2001 0.908 0.815 May 2001 0.893 0.801 June 2001 0.890 0.781 July 2001 0.896 0.746 August 2001 0.898 0.731 September 2001 0.912 0.849 October 2001 0.932 0.907 November 2001 0.941 0.931 December 2001 0.903 0.905 January 2002 0.899 0.809 February 2002 0.901 0.740 March 2002 0.877 0.723 April 2002 0.887 0.836 May 2002 0.890 0.811 June 2002 0.893 0.770 July 2002 0.907 0.776 August 2002 0.936 0.810 September 2002 0.960 0.795 October 2002 0.960 0.974 November 2002 0.963 1.025 December 2002 0.956 0.897 January 2003 0.960 0.896 February 2003 0.979 0.881 March 2003 0.967 0.884 April 2003 0.951 0.887 May 2003 0.962 0.883 June 2003 0.975 0.963 July 2003 0.946 0.942 August 2003 0.944 0.804 September 2003 0.934 0.821 October 2003 0.928 0.824 November 2003 0.908 0.788 December 2003 0.903 0.834 January 2004 0.912 0.852 February 2004 0.909 0.855 March 2004 0.923 0.868 April 2004 0.930 0.847 May 2004 0.922 0.825 June 2004 0.921 0.748 July 2004 0.917 0.727 August 2004 0.918 0.689 September 2004 0.917 0.693 October 2004 0.913 0.736 November 2004 0.918 0.764 December 2004 0.902 0.761 January 2005 0.917 0.740 February 2005 0.931 0.731 March 2005 0.931 0.739 April 2005 0.931 0.763 May 2005 0.938 0.798 June 2005 0.971 0.794 July 2005 0.958 0.736 August 2005 0.947 0.719 September 2005 0.948 0.733 October 2005 0.939 0.704 November 2005 0.941 0.711 December 2005 0.939 0.734 January 2006 0.933 0.721 February 2006 0.927 0.698 March 2006 0.901 0.710 April 2006 0.868 0.723 May 2006 0.856 0.720 June 2006 0.864 0.702 July 2006 0.877 0.705 August 2006 0.865 0.700 September 2006 0.865 0.705 October 2006 0.870 0.702 November 2006 0.866 0.697 December 2006 0.855 0.707 January 2007 0.856 0.706 February 2007 0.850 0.711 March 2007 0.860 0.723 April 2007 0.858 0.728 May 2007 0.861 0.738 June 2007 0.861 0.758 July 2007 0.873 0.752 August 2007 0.927 0.824 September 2007 0.920 0.860 October 2007 0.906 0.848 November 2007 0.972 0.966 December 2007 0.958 0.971 January 2008 0.965 1.019 February 2008 1.009 1.128 Note. Yields over Treasury. As shown in the figure, the twenty-year series begins in August 1999 at about 0.88 and ends in March 2008 at about 1.08. The one-year series begins in August 1999 at about 0.69 and ends in March 2008 at about 1.50. Source. Bloomberg. Money market fund flows ($ billions) Weekly rate Tax Exempt Total Taxable Prime Gov 2007:Q1 4.0 0.9 2.9 0.1 2007:Q2 7.8 0.9 4.5 2.5 2007:Q3 25.1 2.0 11.2 11.9 2007:Q4 21.3 3.5 6.9 10.8 2008:Jan. 34.0 1.4 23.9 8.6 2008:Feb. 28.2 -2.3 11.7 18.8 Source. Investment Company Institute. Figure: Mortgage rate spreads Weekly Basis points Period FRM One-Year ARM Jumbo-Conforming 5 January 2000 164.4 59.0 ND 12 January 2000 157.0 53.2 ND 19 January 2000 156.0 43.5 ND 26 January 2000 151.8 51.8 ND 2 February 2000 160.2 39.4 ND 9 February 2000 179.8 53.0 ND 16 February 2000 178.4 57.4 ND 23 February 2000 184.3 47.3 ND 1 March 2000 189.0 48.4 ND 8 March 2000 183.4 50.4 ND 15 March 2000 190.0 48.4 ND 22 March 2000 205.0 56.8 ND 29 March 2000 206.2 46.4 ND 5 April 2000 222.2 57.8 ND 12 April 2000 223.0 69.8 ND 19 April 2000 219.2 66.4 ND 26 April 2000 206.3 62.0 ND 3 May 2000 198.6 67.0 ND 10 May 2000 201.2 64.0 ND 17 May 2000 217.6 73.0 ND 24 May 2000 213.4 93.2 ND 31 May 2000 219.3 95.3 ND 7 June 2000 217.2 99.2 ND 14 June 2000 211.6 102.0 ND 21 June 2000 210.4 109.8 ND 28 June 2000 209.4 109.8 ND 5 July 2000 214.5 119.0 ND 12 July 2000 204.0 113.0 ND 19 July 2000 209.0 119.8 ND 26 July 2000 210.2 123.2 ND 2 August 2000 210.4 120.4 ND 9 August 2000 212.6 115.8 ND 16 August 2000 216.6 100.0 ND 23 August 2000 221.2 117.4 ND 30 August 2000 218.8 104.2 ND 6 September 2000 223.5 113.8 ND 13 September 2000 212.4 108.0 ND 20 September 2000 204.4 117.2 ND 27 September 2000 203.8 112.8 ND 4 October 2000 198.6 114.0 ND 11 October 2000 202.5 118.3 ND 18 October 2000 212.2 131.8 ND 25 October 2000 204.2 125.8 ND 1 November 2000 199.8 101.8 ND 8 November 2000 195.4 109.0 ND 15 November 2000 195.2 114.0 ND 22 November 2000 205.8 120.0 ND 29 November 2000 204.8 117.5 ND 6 December 2000 208.4 136.2 ND 13 December 2000 208.2 128.4 ND 20 December 2000 199.6 142.6 ND 27 December 2000 208.0 162.8 ND 3 January 2001 199.3 164.3 ND 10 January 2001 189.4 193.8 ND 17 January 2001 181.5 172.5 ND 24 January 2001 191.2 183.0 ND 31 January 2001 182.4 180.2 ND 7 February 2001 182.6 177.0 ND 14 February 2001 193.4 165.4 ND 21 February 2001 198.3 163.3 ND 28 February 2001 199.4 185.4 ND 7 March 2001 202.8 181.4 ND 14 March 2001 205.0 191.4 ND 21 March 2001 209.8 203.0 ND 28 March 2001 204.0 199.8 ND 4 April 2001 205.6 216.4 ND 11 April 2001 203.8 215.0 ND 18 April 2001 194.0 193.8 ND 25 April 2001 186.8 213.0 ND 2 May 2001 184.0 209.2 ND 9 May 2001 188.4 214.0 ND 16 May 2001 168.8 202.4 ND 23 May 2001 177.8 203.8 ND 30 May 2001 171.0 212.5 ND 6 June 2001 185.4 220.8 ND 13 June 2001 182.4 219.4 ND 20 June 2001 185.0 224.0 ND 27 June 2001 190.6 227.4 ND 4 July 2001 180.3 199.5 ND 11 July 2001 184.0 215.0 ND 18 July 2001 186.2 200.6 ND 25 July 2001 188.2 212.2 ND 1 August 2001 187.8 220.8 ND 8 August 2001 185.0 215.6 ND 15 August 2001 192.6 225.2 ND 22 August 2001 201.4 225.8 ND 29 August 2001 204.2 220.0 ND 5 September 2001 199.0 218.8 ND 12 September 2001 202.7 228.7 ND 19 September 2001 215.0 289.2 ND 26 September 2001 201.0 292.2 ND 3 October 2001 208.8 290.0 ND 10 October 2001 201.0 291.0 ND 17 October 2001 197.6 286.6 ND 24 October 2001 201.8 290.2 ND 31 October 2001 209.4 308.4 ND 7 November 2001 216.2 327.6 ND 14 November 2001 210.8 300.5 ND 21 November 2001 187.8 283.0 ND 28 November 2001 200.8 285.5 ND 5 December 2001 205.2 310.8 ND 12 December 2001 197.8 298.4 ND 19 December 2001 199.6 304.4 ND 26 December 2001 201.0 299.3 ND 2 January 2002 200.3 301.5 ND 9 January 2002 193.4 305.2 ND 16 January 2002 191.2 306.4 ND 23 January 2002 197.8 299.3 ND 30 January 2002 195.4 287.8 ND 6 February 2002 190.6 281.6 ND 13 February 2002 191.6 276.0 ND 20 February 2002 191.8 272.8 ND 27 February 2002 193.0 267.8 ND 6 March 2002 187.8 274.2 ND 13 March 2002 178.4 254.4 ND 20 March 2002 178.0 248.6 ND 27 March 2002 180.0 242.0 ND 3 April 2002 175.0 230.3 ND 10 April 2002 174.8 243.4 ND 17 April 2002 174.2 249.4 ND 24 April 2002 169.6 251.8 ND 1 May 2002 168.0 241.4 ND 8 May 2002 166.2 248.6 ND 15 May 2002 165.4 245.0 ND 22 May 2002 161.2 246.4 ND 29 May 2002 161.3 238.3 ND 5 June 2002 164.6 238.2 ND 12 June 2002 166.8 238.4 ND 19 June 2002 177.0 244.2 ND 26 June 2002 172.2 249.6 ND 3 July 2002 175.0 252.0 ND 10 July 2002 174.5 262.5 ND 17 July 2002 180.8 252.6 ND 24 July 2002 179.2 238.4 ND 31 July 2002 190.2 258.0 ND 7 August 2002 193.8 268.8 ND 14 August 2002 200.6 267.4 ND 21 August 2002 204.0 254.0 ND 28 August 2002 196.4 250.4 ND 4 September 2002 209.0 262.8 ND 11 September 2002 216.4 256.2 ND 18 September 2002 214.4 251.4 ND 25 September 2002 224.2 253.0 ND 2 October 2002 230.2 270.6 ND 9 October 2002 232.2 266.0 ND 16 October 2002 224.0 258.0 ND 23 October 2002 209.6 248.0 ND 30 October 2002 206.2 264.2 ND 6 November 2002 207.0 268.2 ND 13 November 2002 208.8 265.3 ND 20 November 2002 199.6 265.2 ND 27 November 2002 196.0 264.8 ND 4 December 2002 197.5 265.5 ND 11 December 2002 197.0 270.2 ND 18 December 2002 194.6 260.2 ND 25 December 2002 196.5 260.8 ND 1 January 2003 199.8 269.8 ND 8 January 2003 190.0 262.4 ND 15 January 2003 183.0 262.8 ND 22 January 2003 188.3 259.3 ND 29 January 2003 190.8 256.0 ND 5 February 2003 188.2 256.6 ND 12 February 2003 189.4 258.6 ND 19 February 2003 192.5 251.8 ND 26 February 2003 195.0 254.6 ND 5 March 2003 198.4 251.4 ND 12 March 2003 199.2 253.6 ND 19 March 2003 195.6 247.6 ND 26 March 2003 190.4 252.6 ND 2 April 2003 189.4 261.2 ND 9 April 2003 189.0 259.2 ND 16 April 2003 183.4 248.8 ND 23 April 2003 178.8 245.0 ND 30 April 2003 177.8 247.6 ND 7 May 2003 176.0 243.0 ND 14 May 2003 181.2 244.8 ND 21 May 2003 189.6 246.0 ND 28 May 2003 192.8 249.0 ND 4 June 2003 190.4 249.0 ND 11 June 2003 192.8 250.6 ND 18 June 2003 198.4 255.8 ND 25 June 2003 189.2 250.6 ND 2 July 2003 184.2 240.6 ND 9 July 2003 179.8 246.8 ND 16 July 2003 186.8 249.6 ND 23 July 2003 184.8 254.4 ND 30 July 2003 184.2 252.6 ND 6 August 2003 192.6 251.4 ND 13 August 2003 186.0 248.2 ND 20 August 2003 179.6 253.4 ND 27 August 2003 180.4 252.6 ND 3 September 2003 192.0 262.0 ND 10 September 2003 177.4 261.6 ND 17 September 2003 173.2 260.4 ND 24 September 2003 177.6 253.8 ND 1 October 2003 173.6 253.8 ND 8 October 2003 176.0 250.8 ND 15 October 2003 169.8 255.8 ND 22 October 2003 165.8 244.6 ND 29 October 2003 165.6 245.6 ND 5 November 2003 162.0 240.6 ND 12 November 2003 156.5 237.0 ND 19 November 2003 160.8 241.0 ND 26 November 2003 169.4 245.6 ND 3 December 2003 163.8 237.8 ND 10 December 2003 157.6 243.2 ND 17 December 2003 157.2 249.2 ND 24 December 2003 161.6 246.0 ND 31 December 2003 160.8 244.0 ND 7 January 2004 153.3 244.8 ND 14 January 2004 155.0 240.4 ND 21 January 2004 160.0 236.3 ND 28 January 2004 156.6 237.0 ND 4 February 2004 155.2 233.0 ND 11 February 2004 154.2 231.0 ND 18 February 2004 151.8 230.8 ND 25 February 2004 152.8 226.6 ND 3 March 2004 155.8 223.2 ND 10 March 2004 158.2 223.4 ND 17 March 2004 163.8 221.8 ND 24 March 2004 164.8 218.8 ND 31 March 2004 166.4 226.8 ND 7 April 2004 165.4 235.2 ND 14 April 2004 158.8 230.8 ND 21 April 2004 152.8 223.6 ND 28 April 2004 155.6 220.6 ND 5 May 2004 156.4 219.4 ND 12 May 2004 157.0 211.4 12.5 19 May 2004 152.6 216.4 12.5 26 May 2004 159.4 203.8 15.7 2 June 2004 160.3 212.8 16.6 9 June 2004 152.6 214.0 4.2 16 June 2004 153.8 193.3 6.3 23 June 2004 153.8 193.4 8.3 30 June 2004 153.0 202.2 12.5 7 July 2004 150.0 199.0 12.5 14 July 2004 151.2 199.2 18.7 21 July 2004 153.4 200.8 12.5 28 July 2004 155.0 201.4 18.8 4 August 2004 149.4 195.6 16.7 11 August 2004 153.6 208.4 12.5 18 August 2004 157.2 202.6 12.5 25 August 2004 156.4 204.4 ND 1 September 2004 159.0 195.6 ND 8 September 2004 159.5 191.0 12.5 15 September 2004 157.0 194.2 16.7 22 September 2004 163.2 189.8 20.8 29 September 2004 168.2 178.2 20.8 6 October 2004 163.0 184.8 16.6 13 October 2004 158.5 180.0 20.8 20 October 2004 164.0 182.8 12.5 27 October 2004 161.6 171.2 20.8 3 November 2004 161.2 168.8 12.5 10 November 2004 156.0 172.4 16.7 17 November 2004 155.3 165.5 12.5 24 November 2004 154.2 169.6 10.4 1 December 2004 148.0 156.5 4.1 8 December 2004 145.4 155.2 8.4 15 December 2004 153.2 155.0 8.4 22 December 2004 155.0 147.4 ND 29 December 2004 151.8 143.5 ND 5 January 2005 150.6 131.0 25.0 12 January 2005 146.4 126.0 18.7 19 January 2005 146.0 123.8 18.7 26 January 2005 148.4 131.6 18.8 2 February 2005 146.6 129.8 25.0 9 February 2005 149.2 116.0 20.8 16 February 2005 151.8 113.6 20.8 23 February 2005 143.5 107.0 18.8 2 March 2005 145.4 96.6 6.2 9 March 2005 146.6 102.4 12.5 16 March 2005 142.6 90.6 12.5 23 March 2005 146.0 89.6 12.5 30 March 2005 144.0 92.0 12.5 6 April 2005 146.0 89.4 16.7 13 April 2005 147.0 96.0 8.3 20 April 2005 153.2 98.8 16.6 27 April 2005 150.6 88.4 20.8 4 May 2005 154.6 89.2 20.8 11 May 2005 153.0 87.4 20.8 18 May 2005 158.6 94.6 20.9 25 May 2005 156.4 88.0 20.8 1 June 2005 160.3 96.3 25.0 8 June 2005 162.0 92.6 25.0 15 June 2005 155.6 89.0 37.5 22 June 2005 151.0 83.4 20.8 29 June 2005 158.2 82.2 33.4 6 July 2005 157.3 82.0 33.3 13 July 2005 154.2 83.8 29.1 20 July 2005 153.8 78.4 24.9 27 July 2005 151.6 71.2 16.6 3 August 2005 153.2 66.2 20.9 10 August 2005 150.0 68.4 25.0 17 August 2005 153.2 69.0 25.0 24 August 2005 156.4 68.2 ND 31 August 2005 155.8 62.0 ND 7 September 2005 163.8 74.3 25.0 14 September 2005 158.4 66.0 16.7 21 September 2005 156.4 61.2 ND 28 September 2005 165.0 76.0 20.8 5 October 2005 162.8 72.4 20.8 12 October 2005 164.0 74.8 16.6 19 October 2005 161.6 71.6 16.7 26 October 2005 166.2 68.4 16.7 2 November 2005 172.8 79.6 16.7 9 November 2005 172.6 77.2 16.7 16 November 2005 181.8 83.5 12.5 23 November 2005 181.6 82.8 20.8 30 November 2005 180.8 83.5 20.8 7 December 2005 179.6 79.8 16.7 14 December 2005 178.8 81.0 20.9 21 December 2005 179.4 86.0 ND 28 December 2005 183.5 80.8 ND 4 January 2006 183.8 79.5 20.9 11 January 2006 174.8 75.2 20.8 18 January 2006 173.5 76.5 25.0 25 January 2006 172.0 74.2 8.3 1 February 2006 169.2 76.4 20.8 8 February 2006 168.2 70.0 20.8 15 February 2006 169.2 66.6 16.7 22 February 2006 170.3 62.3 29.2 1 March 2006 166.6 60.2 20.8 8 March 2006 166.4 69.2 20.8 15 March 2006 159.8 60.0 16.7 22 March 2006 164.0 65.6 16.7 29 March 2006 161.0 71.4 16.7 5 April 2006 156.8 73.2 16.7 12 April 2006 154.0 73.2 8.4 19 April 2006 150.8 71.8 8.4 26 April 2006 153.4 75.0 8.4 3 May 2006 147.6 72.2 16.6 10 May 2006 144.8 61.6 20.8 17 May 2006 145.2 62.6 20.9 24 May 2006 156.6 63.0 16.6 31 May 2006 158.5 65.8 20.8 7 June 2006 158.8 60.4 16.6 14 June 2006 163.2 57.6 8.3 21 June 2006 157.4 54.8 8.3 28 June 2006 155.2 54.2 12.5 5 July 2006 160.3 57.8 12.5 12 July 2006 160.8 48.6 12.5 19 July 2006 171.8 56.8 8.4 26 July 2006 167.2 59.0 8.4 2 August 2006 162.8 57.2 12.5 9 August 2006 162.0 59.8 12.5 16 August 2006 158.0 54.2 6.3 23 August 2006 164.6 52.6 ND 30 August 2006 165.0 53.0 ND 6 September 2006 170.8 62.0 6.3 13 September 2006 164.4 58.8 12.5 20 September 2006 162.6 52.4 12.5 27 September 2006 171.0 56.8 6.3 4 October 2006 56.4 12.5 168.4 11 October 2006 166.0 59.5 6.3 18 October 2006 157.2 52.8 6.3 25 October 2006 159.6 52.6 0.0 1 November 2006 165.6 52.0 12.5 8 November 2006 166.4 52.2 12.5 15 November 2006 164.0 50.8 25.0 22 November 2006 157.6 46.4 18.8 29 November 2006 161.0 47.0 25.0 6 December 2006 166.0 54.2 18.7 13 December 2006 159.2 52.0 17.7 20 December 2006 153.0 47.6 ND 27 December 2006 156.8 50.8 ND 3 January 2007 149.0 42.3 19.8 10 January 2007 155.4 44.4 12.5 17 January 2007 146.8 44.8 6.3 24 January 2007 146.8 40.2 6.3 31 January 2007 146.8 43.0 6.2 7 February 2007 148.2 41.4 6.2 14 February 2007 152.4 44.0 12.5 21 February 2007 153.0 44.5 6.3 28 February 2007 156.0 47.8 6.2 7 March 2007 161.6 55.8 13.5 14 March 2007 160.2 48.8 17.4 21 March 2007 160.8 46.6 21.5 28 March 2007 154.8 51.8 21.5 4 April 2007 151.6 52.6 13.2 11 April 2007 148.8 50.4 16.7 18 April 2007 145.2 49.8 16.7 25 April 2007 149.8 53.0 25.7 2 May 2007 149.6 51.8 16.7 9 May 2007 149.6 56.6 16.7 16 May 2007 152.4 63.0 20.9 23 May 2007 156.0 71.0 16.7 30 May 2007 155.0 62.3 12.5 6 June 2007 158.4 67.6 12.5 13 June 2007 157.4 76.6 12.5 20 June 2007 153.6 71.0 25.0 27 June 2007 155.4 69.8 20.8 4 July 2007 158.0 75.8 20.8 11 July 2007 160.4 70.8 29.2 18 July 2007 165.2 71.2 12.5 25 July 2007 172.4 71.4 33.4 1 August 2007 189.0 75.2 41.6 8 August 2007 182.8 83.4 87.5 15 August 2007 186.0 101.8 50.0 22 August 2007 189.0 146.2 ND 29 August 2007 186.0 151.0 ND 5 September 2007 193.8 148.3 70.8 12 September 2007 190.8 150.6 75.0 19 September 2007 184.6 150.4 62.5 26 September 2007 177.6 153.0 50.0 3 October 2007 180.6 150.0 58.3 10 October 2007 177.3 155.0 50.0 17 October 2007 174.4 152.0 45.8 24 October 2007 190.6 166.4 45.9 31 October 2007 185.0 158.8 41.7 7 November 2007 189.2 169.4 37.5 14 November 2007 197.8 187.3 58.3 21 November 2007 211.0 203.8 75.0 28 November 2007 214.5 216.8 79.8 5 December 2007 203.8 228.6 92.3 12 December 2007 204.6 231.0 92.3 19 December 2007 197.6 222.8 ND 26 December 2007 198.3 216.5 ND 2 January 2008 200.3 216.5 83.4 9 January 2008 200.4 228.4 83.3 16 January 2008 189.0 234.4 87.5 23 January 2008 189.3 249.5 112.5 30 January 2008 200.6 271.6 100.0 6 February 2008 203.2 292.6 95.8 13 February 2008 204.8 294.4 83.4 20 February 2008 218.3 289.5 145.8 27 February 2008 240.0 304.0 108.3 5 March 2008 240.8 316.6 170.9 12 March 2008 258.4 357.0 154.1 Note. FRM spread relative to ten-year Treasury. ARM spread relative to one-year Treasury. Last weekly observation is for March 12, 2008. Source. Freddie Mac, Inside Mortgage Finance. Figure: Agency option-adjusted spreads Daily Basis points Date Fannie Mae Ginnie Mae 3 January 2006 69.83 28.26 4 January 2006 69.50 28.92 5 January 2006 67.89 23.83 6 January 2006 68.00 23.07 9 January 2006 64.81 19.57 10 January 2006 66.83 26.96 11 January 2006 67.91 29.68 12 January 2006 65.83 26.10 13 January 2006 64.66 23.15 17 January 2006 63.15 17.86 18 January 2006 63.45 18.47 19 January 2006 66.76 21.87 20 January 2006 64.42 21.05 23 January 2006 61.12 16.85 24 January 2006 62.94 19.97 25 January 2006 62.31 22.80 26 January 2006 63.33 26.28 27 January 2006 65.03 29.54 30 January 2006 63.23 28.11 31 January 2006 63.70 28.09 1 February 2006 68.88 34.08 2 February 2006 66.36 30.96 3 February 2006 67.74 33.10 6 February 2006 67.89 32.95 7 February 2006 65.86 31.77 8 February 2006 65.95 32.38 9 February 2006 67.98 32.49 10 February 2006 69.97 36.95 13 February 2006 67.51 33.95 14 February 2006 68.42 38.94 15 February 2006 71.89 43.28 16 February 2006 72.26 42.47 17 February 2006 73.41 42.78 21 February 2006 68.95 34.79 22 February 2006 70.70 35.55 23 February 2006 68.60 37.47 24 February 2006 68.93 39.66 27 February 2006 66.47 38.84 28 February 2006 62.97 34.46 1 March 2006 67.89 39.41 2 March 2006 66.14 41.72 3 March 2006 69.36 45.49 6 March 2006 66.14 45.12 7 March 2006 69.08 45.89 8 March 2006 69.22 45.74 9 March 2006 70.67 48.09 10 March 2006 67.86 43.97 13 March 2006 68.91 45.59 14 March 2006 67.94 43.90 15 March 2006 67.89 44.19 16 March 2006 67.46 44.86 17 March 2006 69.37 46.26 20 March 2006 69.51 46.68 21 March 2006 69.78 48.33 22 March 2006 71.10 49.31 23 March 2006 68.82 42.27 24 March 2006 66.55 39.04 27 March 2006 66.43 38.69 28 March 2006 66.07 40.26 29 March 2006 63.87 38.01 30 March 2006 63.68 40.41 31 March 2006 64.51 41.41 3 April 2006 66.85 42.89 4 April 2006 63.96 39.94 5 April 2006 65.81 41.24 6 April 2006 64.79 41.21 7 April 2006 65.62 43.39 10 April 2006 66.82 46.39 11 April 2006 66.73 47.21 12 April 2006 65.49 46.75 13 April 2006 63.62 46.46 17 April 2006 63.95 46.53 18 April 2006 63.72 47.79 19 April 2006 66.16 49.24 20 April 2006 66.89 49.99 21 April 2006 67.13 50.42 24 April 2006 66.13 47.54 25 April 2006 66.11 48.26 26 April 2006 67.14 49.31 27 April 2006 64.22 49.07 28 April 2006 66.92 50.62 1 May 2006 68.88 54.64 2 May 2006 68.45 55.26 3 May 2006 69.15 56.86 4 May 2006 72.15 59.01 5 May 2006 69.98 55.45 8 May 2006 68.02 55.14 9 May 2006 66.54 54.31 10 May 2006 67.61 57.17 11 May 2006 65.48 52.09 12 May 2006 67.96 54.44 15 May 2006 69.68 57.81 16 May 2006 70.75 58.54 17 May 2006 69.84 58.60 18 May 2006 70.48 55.42 19 May 2006 72.85 57.51 22 May 2006 72.04 56.55 23 May 2006 74.23 57.85 24 May 2006 72.45 56.99 25 May 2006 74.99 58.88 26 May 2006 77.22 60.66 30 May 2006 74.72 58.18 31 May 2006 76.57 59.92 1 June 2006 76.89 59.54 2 June 2006 75.17 56.22 5 June 2006 77.82 57.17 6 June 2006 76.44 54.73 7 June 2006 78.13 57.51 8 June 2006 77.70 57.67 9 June 2006 78.44 58.27 12 June 2006 77.75 57.99 13 June 2006 77.19 59.10 14 June 2006 80.72 64.39 15 June 2006 78.70 62.33 16 June 2006 79.03 62.97 19 June 2006 77.56 63.81 20 June 2006 76.49 64.81 21 June 2006 77.56 66.01 22 June 2006 77.05 68.50 23 June 2006 77.20 71.87 26 June 2006 78.59 74.81 27 June 2006 81.73 77.85 28 June 2006 79.73 77.14 29 June 2006 77.94 75.19 30 June 2006 79.40 71.22 3 July 2006 81.63 72.12 5 July 2006 79.07 70.51 6 July 2006 82.57 73.72 7 July 2006 81.30 71.27 10 July 2006 81.56 70.84 11 July 2006 81.59 70.89 12 July 2006 81.87 71.15 13 July 2006 79.81 69.28 14 July 2006 82.19 72.01 17 July 2006 83.37 72.89 18 July 2006 82.13 72.16 19 July 2006 79.62 69.37 20 July 2006 77.46 64.82 21 July 2006 77.38 65.14 24 July 2006 77.63 66.02 25 July 2006 77.54 66.53 26 July 2006 76.47 65.01 27 July 2006 74.26 63.51 28 July 2006 72.47 60.83 31 July 2006 70.19 58.18 1 August 2006 72.27 59.39 2 August 2006 71.90 58.80 3 August 2006 73.62 60.24 4 August 2006 71.52 56.95 7 August 2006 77.49 57.24 8 August 2006 71.47 58.78 9 August 2006 72.40 58.65 10 August 2006 71.30 57.67 11 August 2006 72.11 58.97 14 August 2006 72.23 58.86 15 August 2006 71.49 58.27 16 August 2006 66.89 52.95 17 August 2006 67.07 51.03 18 August 2006 68.48 52.54 21 August 2006 69.52 53.88 22 August 2006 69.01 54.13 23 August 2006 71.24 55.89 24 August 2006 71.81 57.18 25 August 2006 69.38 53.29 28 August 2006 71.67 54.15 29 August 2006 70.90 52.66 30 August 2006 70.19 53.32 31 August 2006 70.78 51.78 1 September 2006 73.46 54.29 5 September 2006 70.39 48.50 6 September 2006 71.08 48.20 7 September 2006 70.34 48.70 8 September 2006 69.90 48.09 11 September 2006 70.44 49.28 12 September 2006 69.03 48.56 13 September 2006 68.77 47.49 14 September 2006 71.20 50.60 15 September 2006 73.88 53.30 18 September 2006 72.37 52.60 19 September 2006 69.85 49.49 20 September 2006 71.62 50.82 21 September 2006 65.42 44.87 22 September 2006 65.21 43.81 25 September 2006 64.28 44.39 26 September 2006 69.27 52.34 27 September 2006 65.76 48.39 28 September 2006 67.90 51.27 29 September 2006 69.26 53.35 2 October 2006 68.81 52.61 3 October 2006 69.49 53.31 4 October 2006 65.60 47.91 5 October 2006 67.82 51.22 6 October 2006 71.10 56.29 10 October 2006 73.01 62.76 11 October 2006 71.95 57.53 12 October 2006 70.78 57.34 13 October 2006 71.44 56.88 16 October 2006 69.62 55.60 17 October 2006 67.98 54.02 18 October 2006 67.52 53.54 19 October 2006 67.66 53.65 20 October 2006 70.61 56.70 23 October 2006 68.99 54.88 24 October 2006 68.50 54.71 25 October 2006 68.20 54.27 26 October 2006 65.86 52.34 27 October 2006 65.44 51.94 30 October 2006 68.48 54.12 31 October 2006 64.44 50.49 1 November 2006 61.74 47.30 2 November 2006 65.62 50.96 3 November 2006 69.48 55.64 6 November 2006 64.51 49.54 7 November 2006 61.57 47.50 8 November 2006 63.57 49.21 9 November 2006 63.51 48.85 10 November 2006 61.90 47.42 13 November 2006 62.22 48.62 14 November 2006 60.16 48.73 15 November 2006 62.12 51.80 16 November 2006 58.65 47.94 17 November 2006 54.34 42.78 20 November 2006 55.30 42.58 21 November 2006 54.41 41.42 22 November 2006 55.89 43.93 24 November 2006 56.21 43.81 27 November 2006 55.39 44.41 28 November 2006 51.96 41.07 29 November 2006 54.45 43.48 30 November 2006 47.44 39.23 1 December 2006 40.02 32.32 4 December 2006 43.52 36.14 5 December 2006 44.21 36.51 6 December 2006 48.54 42.73 7 December 2006 50.76 45.09 8 December 2006 54.88 47.72 11 December 2006 52.09 44.72 12 December 2006 47.70 40.44 13 December 2006 50.78 43.18 14 December 2006 50.85 41.91 15 December 2006 51.82 42.25 18 December 2006 52.76 44.41 19 December 2006 54.80 44.37 20 December 2006 54.50 42.22 21 December 2006 51.31 41.28 22 December 2006 53.30 42.42 26 December 2006 53.03 41.98 27 December 2006 53.74 42.38 28 December 2006 53.15 41.98 29 December 2006 52.97 42.31 2 January 2007 52.35 41.34 3 January 2007 48.92 37.67 4 January 2007 46.40 34.86 5 January 2007 48.40 36.89 8 January 2007 47.58 37.19 9 January 2007 50.93 39.93 10 January 2007 51.42 40.10 11 January 2007 51.96 42.53 12 January 2007 53.70 45.22 16 January 2007 53.76 45.57 17 January 2007 56.88 48.89 18 January 2007 55.77 47.87 19 January 2007 55.00 48.35 22 January 2007 53.70 46.52 23 January 2007 54.09 47.97 24 January 2007 56.77 49.88 25 January 2007 57.58 51.09 26 January 2007 59.73 52.57 29 January 2007 61.58 54.47 30 January 2007 61.65 53.88 31 January 2007 64.25 56.41 1 February 2007 62.82 54.08 2 February 2007 60.26 51.28 5 February 2007 57.39 48.87 6 February 2007 55.48 46.87 7 February 2007 55.56 47.26 8 February 2007 56.94 48.60 9 February 2007 59.69 52.55 12 February 2007 61.14 54.24 13 February 2007 60.47 54.64 14 February 2007 57.94 51.62 15 February 2007 56.74 49.44 16 February 2007 58.48 52.01 20 February 2007 57.68 50.87 21 February 2007 60.10 52.99 22 February 2007 60.17 54.07 23 February 2007 58.83 51.85 26 February 2007 56.91 49.69 27 February 2007 57.32 51.05 28 February 2007 65.33 52.14 1 March 2007 60.79 50.32 2 March 2007 59.35 49.71 5 March 2007 58.78 49.55 6 March 2007 63.73 53.91 7 March 2007 58.11 50.01 8 March 2007 61.63 53.26 9 March 2007 63.96 56.28 12 March 2007 59.84 52.09 13 March 2007 53.20 47.38 14 March 2007 58.86 52.31 15 March 2007 61.74 52.61 16 March 2007 61.31 53.49 19 March 2007 60.38 54.28 20 March 2007 59.64 52.49 21 March 2007 59.00 47.42 22 March 2007 58.88 52.29 23 March 2007 60.02 53.02 26 March 2007 59.65 52.73 27 March 2007 58.75 51.25 28 March 2007 62.75 53.24 29 March 2007 64.33 58.25 30 March 2007 63.83 56.55 2 April 2007 64.25 58.04 3 April 2007 62.66 58.27 4 April 2007 60.53 53.32 5 April 2007 60.71 55.63 9 April 2007 62.90 59.91 10 April 2007 62.87 56.17 11 April 2007 63.88 57.87 12 April 2007 64.86 58.47 13 April 2007 65.96 59.03 16 April 2007 64.00 57.33 17 April 2007 60.92 54.59 18 April 2007 60.63 53.56 19 April 2007 62.34 55.03 20 April 2007 62.26 54.91 23 April 2007 61.16 54.08 24 April 2007 61.58 55.38 25 April 2007 64.19 58.49 26 April 2007 65.43 59.32 27 April 2007 64.81 58.51 30 April 2007 63.47 57.05 1 May 2007 67.13 60.73 2 May 2007 66.01 59.59 3 May 2007 65.78 59.51 4 May 2007 65.60 58.89 7 May 2007 66.56 59.98 8 May 2007 64.08 56.63 9 May 2007 67.77 60.51 10 May 2007 65.49 58.46 11 May 2007 67.79 60.12 14 May 2007 68.58 61.71 15 May 2007 69.08 61.34 16 May 2007 69.67 61.80 17 May 2007 71.22 63.49 18 May 2007 69.93 62.60 21 May 2007 70.78 62.70 22 May 2007 70.97 63.66 23 May 2007 70.93 62.85 24 May 2007 73.10 64.69 25 May 2007 73.45 65.28 29 May 2007 74.57 66.29 30 May 2007 74.28 65.89 31 May 2007 74.77 66.24 1 June 2007 74.15 66.01 4 June 2007 76.02 67.63 5 June 2007 74.42 68.15 6 June 2007 75.63 68.09 7 June 2007 77.16 68.83 8 June 2007 78.04 71.04 11 June 2007 77.29 70.42 12 June 2007 68.49 62.77 13 June 2007 76.81 70.60 14 June 2007 76.46 70.11 15 June 2007 75.06 68.04 18 June 2007 75.31 69.44 19 June 2007 76.20 70.14 20 June 2007 77.33 71.90 21 June 2007 75.93 70.82 22 June 2007 78.62 72.22 25 June 2007 79.33 72.41 26 June 2007 78.57 71.86 27 June 2007 77.59 70.90 28 June 2007 79.73 77.14 29 June 2007 77.94 75.19 2 July 2007 80.34 73.81 3 July 2007 79.31 73.96 5 July 2007 78.32 72.79 6 July 2007 77.79 72.96 9 July 2007 80.56 74.73 10 July 2007 80.72 75.11 11 July 2007 81.12 75.23 12 July 2007 79.51 72.62 13 July 2007 81.08 74.24 16 July 2007 82.41 75.98 17 July 2007 85.27 78.61 18 July 2007 85.83 78.92 19 July 2007 86.72 80.17 20 July 2007 88.35 81.21 23 July 2007 89.91 81.18 24 July 2007 90.40 82.47 25 July 2007 90.62 82.33 26 July 2007 90.20 79.99 27 July 2007 95.58 84.13 30 July 2007 93.19 81.56 31 July 2007 94.47 82.31 1 August 2007 95.81 84.69 2 August 2007 95.13 83.12 3 August 2007 88.62 77.77 6 August 2007 87.31 75.15 7 August 2007 88.43 75.83 8 August 2007 82.29 70.63 9 August 2007 79.76 68.37 10 August 2007 84.13 72.18 13 August 2007 86.76 74.79 14 August 2007 93.41 80.97 15 August 2007 91.84 78.78 16 August 2007 105.67 92.75 17 August 2007 93.70 81.55 20 August 2007 98.36 81.54 21 August 2007 92.04 80.10 22 August 2007 91.47 78.72 23 August 2007 95.06 85.16 24 August 2007 91.16 82.25 27 August 2007 83.97 75.93 28 August 2007 87.00 77.01 29 August 2007 90.97 81.07 30 August 2007 94.13 87.25 31 August 2007 97.14 90.92 4 September 2007 97.89 89.52 5 September 2007 93.47 86.20 6 September 2007 92.90 85.40 7 September 2007 82.05 74.64 10 September 2007 82.20 72.01 11 September 2007 89.19 77.17 12 September 2007 82.28 74.67 13 September 2007 87.16 79.26 14 September 2007 86.84 78.79 17 September 2007 88.36 80.13 18 September 2007 75.96 66.31 19 September 2007 74.84 66.95 20 September 2007 83.25 79.15 21 September 2007 80.29 76.13 24 September 2007 83.30 78.11 25 September 2007 86.64 80.49 26 September 2007 84.78 78.58 27 September 2007 84.61 77.77 28 September 2007 86.44 79.03 1 October 2007 82.77 79.95 2 October 2007 86.10 76.57 3 October 2007 85.81 81.12 4 October 2007 83.60 78.65 5 October 2007 87.08 81.30 9 October 2007 86.98 82.80 10 October 2007 86.18 79.80 11 October 2007 86.25 79.88 12 October 2007 89.32 82.56 15 October 2007 86.98 78.56 16 October 2007 88.60 76.89 17 October 2007 86.61 78.50 18 October 2007 88.97 78.64 19 October 2007 86.63 75.65 22 October 2007 90.01 77.94 23 October 2007 87.60 74.94 24 October 2007 83.50 70.20 25 October 2007 85.26 71.80 26 October 2007 87.80 74.89 29 October 2007 86.15 75.08 30 October 2007 87.70 73.93 31 October 2007 92.91 81.26 1 November 2007 91.92 76.58 2 November 2007 96.86 78.20 5 November 2007 105.26 87.78 6 November 2007 106.11 88.28 7 November 2007 108.70 87.61 8 November 2007 111.35 86.86 9 November 2007 115.45 89.10 13 November 2007 113.29 90.25 14 November 2007 113.02 87.03 15 November 2007 112.86 87.57 16 November 2007 117.83 92.23 19 November 2007 126.00 95.68 20 November 2007 135.62 101.29 21 November 2007 134.19 101.41 23 November 2007 114.97 65.39 26 November 2007 123.94 80.59 27 November 2007 107.81 64.87 28 November 2007 99.33 64.70 29 November 2007 97.55 63.06 30 November 2007 86.46 59.96 3 December 2007 91.43 65.79 4 December 2007 89.45 63.77 5 December 2007 83.57 57.59 6 December 2007 95.13 72.16 7 December 2007 105.32 84.12 10 December 2007 104.35 82.43 11 December 2007 96.85 76.47 12 December 2007 94.73 73.37 13 December 2007 97.41 75.26 14 December 2007 101.35 79.50 17 December 2007 95.89 74.66 18 December 2007 95.11 74.62 19 December 2007 83.43 64.41 20 December 2007 84.36 65.47 21 December 2007 94.81 74.71 24 December 2007 96.24 76.42 26 December 2007 96.35 77.92 27 December 2007 96.53 78.25 28 December 2007 84.47 67.61 31 December 2007 82.95 66.09 2 January 2008 73.90 57.56 3 January 2008 75.30 58.20 4 January 2008 67.64 49.98 7 January 2008 69.36 52.64 8 January 2008 66.71 49.74 9 January 2008 74.24 55.73 10 January 2008 70.29 50.73 11 January 2008 73.72 56.03 14 January 2008 61.33 48.40 15 January 2008 54.64 44.75 16 January 2008 66.96 54.59 17 January 2008 65.59 56.62 18 January 2008 64.59 54.72 22 January 2008 68.20 57.09 23 January 2008 60.90 48.61 24 January 2008 69.53 55.66 25 January 2008 71.75 69.50 28 January 2008 69.70 53.90 29 January 2008 59.43 50.26 30 January 2008 70.80 62.69 31 January 2008 71.48 66.14 1 February 2008 73.59 69.35 4 February 2008 77.66 67.11 5 February 2008 74.27 68.35 6 February 2008 77.47 67.87 7 February 2008 93.47 78.68 8 February 2008 93.92 79.75 11 February 2008 94.98 79.57 12 February 2008 98.10 78.82 13 February 2008 102.72 81.28 14 February 2008 116.74 90.00 15 February 2008 124.94 102.22 19 February 2008 135.64 108.08 20 February 2008 134.19 105.92 21 February 2008 118.62 91.63 22 February 2008 132.46 99.36 25 February 2008 138.79 101.27 26 February 2008 140.18 103.41 27 February 2008 128.32 92.77 28 February 2008 118.67 82.03 29 February 2008 114.86 79.17 3 March 2008 128.80 89.68 4 March 2008 152.64 98.89 5 March 2008 159.16 114.22 6 March 2008 195.66 146.88 7 March 2008 182.41 135.98 10 March 2008 171.87 125.20 11 March 2008 162.49 122.05 12 March 2008 143.38 105.73 Note. Spreads over Treasury. Source. Bloomberg. Figure: Ten-year investment grade CMBS spreads Weekly Basis points Period AAA BBB 3 January 2007 25.42 74.42 10 January 2007 25.73 74.73 17 January 2007 30.02 79.02 24 January 2007 26.18 75.18 31 January 2007 22.94 71.94 7 February 2007 25.53 75.53 14 February 2007 22.59 67.59 21 February 2007 22.12 64.12 28 February 2007 29.67 90.67 7 March 2007 27.68 88.68 14 March 2007 31.60 102.60 21 March 2007 24.27 95.27 28 March 2007 36.64 125.64 4 April 2007 33.82 132.82 11 April 2007 34.55 138.55 18 April 2007 31.72 154.72 25 April 2007 35.12 178.12 2 May 2007 31.72 179.72 9 May 2007 33.85 182.85 16 May 2007 35.06 195.06 23 May 2007 35.60 187.60 30 May 2007 32.97 166.97 6 June 2007 29.73 135.73 13 June 2007 28.10 132.10 20 June 2007 33.57 143.57 27 June 2007 35.14 178.14 5 July 2007 37.65 174.65 11 July 2007 39.38 193.38 18 July 2007 38.46 201.46 25 July 2007 47.09 226.09 1 August 2007 61.41 260.41 8 August 2007 71.01 280.01 15 August 2007 70.37 322.37 22 August 2007 69.35 321.35 29 August 2007 74.86 379.86 5 September 2007 65.25 374.25 12 September 2007 70.03 351.03 19 September 2007 65.63 349.63 26 September 2007 57.11 299.11 3 October 2007 50.50 348.50 10 October 2007 48.95 349.95 17 October 2007 55.62 357.62 24 October 2007 62.96 358.96 31 October 2007 78.09 455.09 7 November 2007 84.44 500.44 14 November 2007 101.41 500.41 21 November 2007 117.80 621.80 28 November 2007 126.99 630.99 5 December 2007 118.80 648.80 12 December 2007 94.14 716.13 19 December 2007 92.98 716.98 26 December 2007 110.17 734.17 2 January 2008 90.17 772.17 9 January 2008 113.81 774.81 16 January 2008 131.45 806.45 23 January 2008 199.51 1114.51 30 January 2008 167.97 1104.97 6 February 2008 228.30 1249.30 13 February 2008 277.76 1251.76 20 February 2008 267.42 1250.42 27 February 2008 246.71 1247.71 5 March 2008 295.48 1354.47 12 March 2008 327.33 1592.33 Note. Spreads over swaps. Last weekly observation is for March 12, 2008. Source. Morgan Stanley. As shown in each figure, a vertical line marks the FOMC meeting on January 29-30, 2008. Chart 3 Interest Rate Developments Figure: Expected federal funds rates* Percent Period March 13, 2008 January 29, 2008 17 March 2008 2.704 2.870 15 April 2008 2.304 2.710 15 May 2008 2.014 2.520 16 June 2008 1.974 2.470 15 July 2008 1.874 2.305 15 August 2008 1.833 2.229 15 September 2008 1.814 2.239 3 November 2008 1.786 2.249 2 February 2009 1.758 2.331 1 May 2009 1.892 2.476 3 August 2009 2.076 2.600 2 November 2009 2.210 2.693 1 February 2010 2.453 2.819 3 May 2010 2.654 2.937 *Estimates from federal funds and Eurodollar futures, with an allowance for term premiums and other adjustments. Return to table Figure: Probability density for target funds rate after the March meeting* A bar chart shows two series, "Binary options*", and "Desk's survey". Unit is percent. For target funds rates "less than or equal to 2.25", "equal to 2.50", or "greater than or equal to 2.75", the probability densities derived from binary options are about 58, 38, and 4 percent, respectively; the probability densities from the Desk's survey are about 46, 49, and 5 percent, respectively. * Derived from binary options on target funds rate after the meeting. Return to text Figure: Implied distribution of federal funds rate six months ahead* Percent Federal funds rate Recent: 3/13/2008 Last FOMC: 1/29/2008 0.25 3.04 0.33 0.50 1.86 0.13 0.75 2.78 1.73 1.00 2.72 2.71 1.25 6.05 3.83 1.50 6.79 6.57 1.75 10.26 9.28 2.00 12.98 10.95 2.25 14.59 14.10 2.50 13.53 9.78 2.75 11.29 10.55 3.00 5.50 11.35 3.25 3.78 7.39 3.50 2.10 2.88 3.75 0.73 2.61 4.00 0.81 1.97 4.25 0.26 1.91 4.50 0.67 1.07 4.75 0.26 0.36 5.00 0.00 0.39 5.25 0.00 0.13 *Derived from options on Eurodollar futures contracts, with term premium and other adjustments to estimate expectations for the federal funds rate. Return to table Figure: Nominal Treasury yields* Daily Percent Date Ten-Year Two-Year 2 January 2004 4.51 1.93 5 January 2004 4.54 1.94 6 January 2004 4.42 1.83 7 January 2004 4.39 1.82 8 January 2004 4.39 1.83 9 January 2004 4.24 1.66 12 January 2004 4.23 1.66 13 January 2004 4.18 1.61 14 January 2004 4.14 1.63 15 January 2004 4.12 1.66 16 January 2004 4.17 1.70 20 January 2004 4.20 1.70 21 January 2004 4.18 1.68 22 January 2004 4.12 1.64 23 January 2004 4.22 1.71 26 January 2004 4.29 1.75 27 January 2004 4.24 1.70 28 January 2004 4.35 1.86 29 January 2004 4.35 1.87 30 January 2004 4.30 1.83 2 February 2004 4.32 1.84 3 February 2004 4.27 1.77 4 February 2004 4.29 1.79 5 February 2004 4.32 1.85 6 February 2004 4.25 1.77 9 February 2004 4.23 1.75 10 February 2004 4.26 1.81 11 February 2004 4.19 1.71 12 February 2004 4.22 1.74 13 February 2004 4.18 1.69 17 February 2004 4.18 1.69 18 February 2004 4.19 1.71 19 February 2004 4.18 1.69 20 February 2004 4.24 1.75 23 February 2004 4.19 1.70 24 February 2004 4.17 1.69 25 February 2004 4.16 1.66 26 February 2004 4.19 1.68 27 February 2004 4.13 1.65 1 March 2004 4.14 1.66 2 March 2004 4.19 1.72 3 March 2004 4.21 1.74 4 March 2004 4.17 1.72 5 March 2004 3.98 1.57 8 March 2004 3.92 1.51 9 March 2004 3.87 1.49 10 March 2004 3.88 1.52 11 March 2004 3.90 1.52 12 March 2004 3.91 1.54 15 March 2004 3.91 1.55 16 March 2004 3.84 1.50 17 March 2004 3.84 1.51 18 March 2004 3.89 1.55 19 March 2004 3.93 1.56 22 March 2004 3.87 1.51 23 March 2004 3.86 1.51 24 March 2004 3.86 1.50 25 March 2004 3.89 1.50 26 March 2004 3.99 1.59 29 March 2004 4.04 1.62 30 March 2004 4.05 1.63 31 March 2004 3.99 1.58 1 April 2004 4.04 1.64 2 April 2004 4.29 1.88 5 April 2004 4.37 1.93 6 April 2004 4.32 1.88 7 April 2004 4.33 1.88 8 April 2004 4.36 1.91 12 April 2004 4.39 1.93 13 April 2004 4.50 2.02 14 April 2004 4.55 2.12 15 April 2004 4.57 2.11 16 April 2004 4.52 2.05 19 April 2004 4.55 2.08 20 April 2004 4.58 2.13 21 April 2004 4.61 2.23 22 April 2004 4.55 2.17 23 April 2004 4.64 2.31 26 April 2004 4.62 2.30 27 April 2004 4.59 2.25 28 April 2004 4.66 2.32 29 April 2004 4.71 2.37 30 April 2004 4.68 2.35 3 May 2004 4.68 2.35 4 May 2004 4.72 2.35 5 May 2004 4.76 2.38 6 May 2004 4.78 2.41 7 May 2004 4.96 2.67 10 May 2004 4.97 2.64 11 May 2004 4.95 2.63 12 May 2004 4.98 2.64 13 May 2004 5.02 2.69 14 May 2004 4.95 2.61 17 May 2004 4.86 2.52 18 May 2004 4.90 2.58 19 May 2004 4.95 2.64 20 May 2004 4.89 2.57 21 May 2004 4.92 2.63 24 May 2004 4.91 2.62 25 May 2004 4.89 2.61 26 May 2004 4.83 2.54 27 May 2004 4.76 2.48 28 May 2004 4.82 2.57 1 June 2004 4.87 2.61 2 June 2004 4.90 2.66 3 June 2004 4.88 2.65 4 June 2004 4.94 2.73 7 June 2004 4.93 2.70 8 June 2004 4.93 2.73 9 June 2004 4.97 2.80 10 June 2004 4.96 2.83 14 June 2004 5.03 2.97 15 June 2004 4.84 2.79 16 June 2004 4.89 2.84 17 June 2004 4.85 2.82 18 June 2004 4.87 2.83 21 June 2004 4.85 2.81 22 June 2004 4.87 2.81 23 June 2004 4.85 2.79 24 June 2004 4.80 2.75 25 June 2004 4.80 2.75 28 June 2004 4.90 2.88 29 June 2004 4.85 2.84 30 June 2004 4.76 2.72 1 July 2004 4.72 2.65 2 July 2004 4.62 2.55 6 July 2004 4.64 2.58 7 July 2004 4.64 2.57 8 July 2004 4.63 2.56 9 July 2004 4.62 2.56 12 July 2004 4.60 2.55 13 July 2004 4.64 2.59 14 July 2004 4.64 2.62 15 July 2004 4.64 2.64 16 July 2004 4.53 2.53 19 July 2004 4.52 2.55 20 July 2004 4.61 2.67 21 July 2004 4.64 2.72 22 July 2004 4.63 2.70 23 July 2004 4.60 2.69 26 July 2004 4.64 2.74 27 July 2004 4.76 2.83 28 July 2004 4.75 2.80 29 July 2004 4.74 2.76 30 July 2004 4.64 2.69 2 August 2004 4.62 2.66 3 August 2004 4.59 2.65 4 August 2004 4.59 2.66 5 August 2004 4.57 2.64 6 August 2004 4.39 2.41 9 August 2004 4.42 2.44 10 August 2004 4.46 2.55 11 August 2004 4.45 2.51 12 August 2004 4.42 2.49 13 August 2004 4.38 2.46 16 August 2004 4.42 2.48 17 August 2004 4.37 2.43 18 August 2004 4.39 2.42 19 August 2004 4.38 2.41 20 August 2004 4.39 2.46 23 August 2004 4.44 2.49 24 August 2004 4.44 2.49 25 August 2004 4.42 2.50 26 August 2004 4.39 2.47 27 August 2004 4.39 2.48 30 August 2004 4.35 2.45 31 August 2004 4.29 2.40 1 September 2004 4.28 2.39 2 September 2004 4.35 2.45 3 September 2004 4.44 2.60 7 September 2004 4.40 2.57 8 September 2004 4.32 2.49 9 September 2004 4.35 2.50 10 September 2004 4.33 2.50 13 September 2004 4.30 2.49 14 September 2004 4.28 2.46 15 September 2004 4.32 2.50 16 September 2004 4.22 2.42 17 September 2004 4.27 2.49 20 September 2004 4.21 2.43 21 September 2004 4.18 2.46 22 September 2004 4.13 2.46 23 September 2004 4.16 2.53 24 September 2004 4.18 2.59 27 September 2004 4.14 2.56 28 September 2004 4.16 2.53 29 September 2004 4.24 2.62 30 September 2004 4.27 2.61 1 October 2004 4.34 2.63 4 October 2004 4.32 2.63 5 October 2004 4.32 2.64 6 October 2004 4.37 2.69 7 October 2004 4.40 2.71 8 October 2004 4.30 2.59 12 October 2004 4.26 2.55 13 October 2004 4.24 2.51 14 October 2004 4.18 2.47 15 October 2004 4.21 2.53 18 October 2004 4.21 2.53 19 October 2004 4.21 2.55 20 October 2004 4.15 2.50 21 October 2004 4.16 2.54 22 October 2004 4.14 2.52 25 October 2004 4.13 2.51 26 October 2004 4.14 2.52 27 October 2004 4.24 2.62 28 October 2004 4.23 2.58 29 October 2004 4.18 2.56 1 November 2004 4.24 2.61 2 November 2004 4.23 2.60 3 November 2004 4.22 2.59 4 November 2004 4.22 2.63 5 November 2004 4.34 2.80 8 November 2004 4.36 2.80 9 November 2004 4.35 2.81 10 November 2004 4.38 2.83 12 November 2004 4.33 2.86 15 November 2004 4.33 2.89 16 November 2004 4.34 2.89 17 November 2004 4.27 2.82 18 November 2004 4.24 2.88 19 November 2004 4.33 2.96 22 November 2004 4.30 2.96 23 November 2004 4.31 2.99 24 November 2004 4.32 3.02 26 November 2004 4.37 3.05 29 November 2004 4.46 3.09 30 November 2004 4.49 3.05 1 December 2004 4.50 3.03 2 December 2004 4.52 3.06 3 December 2004 4.39 2.95 6 December 2004 4.36 2.94 7 December 2004 4.35 2.96 8 December 2004 4.25 2.91 9 December 2004 4.29 2.94 10 December 2004 4.27 2.94 13 December 2004 4.27 2.98 14 December 2004 4.25 2.98 15 December 2004 4.19 2.95 16 December 2004 4.30 3.02 17 December 2004 4.32 3.04 20 December 2004 4.32 3.06 21 December 2004 4.29 3.05 22 December 2004 4.32 3.04 23 December 2004 4.33 3.04 27 December 2004 4.41 3.09 28 December 2004 4.41 3.09 29 December 2004 4.44 3.13 30 December 2004 4.38 3.10 31 December 2004 4.34 3.08 3 January 2005 4.34 3.11 4 January 2005 4.40 3.20 5 January 2005 4.39 3.21 6 January 2005 4.39 3.19 7 January 2005 4.39 3.22 10 January 2005 4.39 3.23 11 January 2005 4.35 3.23 12 January 2005 4.34 3.22 13 January 2005 4.29 3.20 14 January 2005 4.32 3.25 18 January 2005 4.29 3.26 19 January 2005 4.29 3.26 20 January 2005 4.27 3.22 21 January 2005 4.25 3.17 24 January 2005 4.22 3.21 25 January 2005 4.30 3.24 26 January 2005 4.29 3.28 27 January 2005 4.31 3.29 28 January 2005 4.24 3.25 31 January 2005 4.23 3.28 1 February 2005 4.24 3.28 2 February 2005 4.24 3.31 3 February 2005 4.26 3.34 4 February 2005 4.17 3.29 7 February 2005 4.14 3.30 8 February 2005 4.12 3.33 9 February 2005 4.07 3.24 10 February 2005 4.15 3.30 11 February 2005 4.18 3.35 14 February 2005 4.16 3.38 15 February 2005 4.19 3.37 16 February 2005 4.24 3.43 17 February 2005 4.27 3.41 18 February 2005 4.35 3.47 22 February 2005 4.37 3.46 23 February 2005 4.36 3.48 24 February 2005 4.38 3.52 25 February 2005 4.36 3.54 28 February 2005 4.45 3.61 1 March 2005 4.47 3.61 2 March 2005 4.48 3.58 3 March 2005 4.48 3.59 4 March 2005 4.41 3.58 7 March 2005 4.39 3.60 8 March 2005 4.46 3.63 9 March 2005 4.61 3.69 10 March 2005 4.55 3.69 11 March 2005 4.64 3.76 14 March 2005 4.61 3.76 15 March 2005 4.64 3.77 16 March 2005 4.61 3.74 17 March 2005 4.57 3.72 18 March 2005 4.61 3.74 21 March 2005 4.63 3.75 22 March 2005 4.71 3.88 23 March 2005 4.70 3.88 24 March 2005 4.70 3.90 28 March 2005 4.73 3.92 29 March 2005 4.69 3.89 30 March 2005 4.65 3.88 31 March 2005 4.58 3.81 1 April 2005 4.54 3.77 4 April 2005 4.55 3.76 5 April 2005 4.57 3.78 6 April 2005 4.53 3.73 7 April 2005 4.58 3.76 8 April 2005 4.58 3.80 11 April 2005 4.54 3.78 12 April 2005 4.46 3.73 13 April 2005 4.47 3.69 14 April 2005 4.45 3.64 15 April 2005 4.37 3.58 18 April 2005 4.35 3.58 19 April 2005 4.30 3.52 20 April 2005 4.31 3.54 21 April 2005 4.40 3.66 22 April 2005 4.34 3.63 25 April 2005 4.33 3.65 26 April 2005 4.36 3.68 27 April 2005 4.32 3.64 28 April 2005 4.25 3.59 29 April 2005 4.28 3.65 2 May 2005 4.27 3.63 3 May 2005 4.28 3.66 4 May 2005 4.27 3.63 5 May 2005 4.25 3.57 6 May 2005 4.34 3.72 9 May 2005 4.35 3.76 10 May 2005 4.30 3.70 11 May 2005 4.28 3.69 12 May 2005 4.26 3.65 13 May 2005 4.22 3.61 16 May 2005 4.22 3.62 17 May 2005 4.21 3.62 18 May 2005 4.16 3.58 19 May 2005 4.20 3.65 20 May 2005 4.22 3.69 23 May 2005 4.15 3.66 24 May 2005 4.12 3.62 25 May 2005 4.16 3.62 26 May 2005 4.17 3.65 27 May 2005 4.16 3.66 31 May 2005 4.08 3.60 1 June 2005 3.98 3.50 2 June 2005 3.97 3.52 3 June 2005 4.06 3.59 6 June 2005 4.04 3.59 7 June 2005 3.99 3.56 8 June 2005 4.02 3.61 9 June 2005 4.04 3.64 10 June 2005 4.12 3.71 13 June 2005 4.17 3.72 14 June 2005 4.20 3.73 15 June 2005 4.20 3.74 16 June 2005 4.16 3.72 17 June 2005 4.16 3.72 20 June 2005 4.19 3.73 21 June 2005 4.13 3.71 22 June 2005 4.02 3.60 23 June 2005 4.04 3.63 24 June 2005 3.99 3.60 27 June 2005 3.97 3.59 28 June 2005 4.04 3.66 29 June 2005 4.06 3.67 30 June 2005 4.01 3.65 1 July 2005 4.12 3.77 5 July 2005 4.19 3.81 6 July 2005 4.15 3.79 7 July 2005 4.12 3.74 8 July 2005 4.18 3.82 11 July 2005 4.18 3.84 12 July 2005 4.22 3.87 13 July 2005 4.24 3.88 14 July 2005 4.26 3.89 15 July 2005 4.25 3.90 18 July 2005 4.29 3.92 19 July 2005 4.27 3.90 20 July 2005 4.24 3.91 21 July 2005 4.35 3.98 22 July 2005 4.30 3.94 25 July 2005 4.31 3.97 26 July 2005 4.31 3.98 27 July 2005 4.33 4.01 28 July 2005 4.26 3.98 29 July 2005 4.35 4.05 1 August 2005 4.39 4.07 2 August 2005 4.41 4.09 3 August 2005 4.37 4.06 4 August 2005 4.39 4.08 5 August 2005 4.46 4.15 8 August 2005 4.49 4.19 9 August 2005 4.47 4.16 10 August 2005 4.46 4.15 11 August 2005 4.40 4.11 12 August 2005 4.32 4.06 15 August 2005 4.35 4.10 16 August 2005 4.31 4.05 17 August 2005 4.36 4.09 18 August 2005 4.29 4.03 19 August 2005 4.29 4.04 22 August 2005 4.29 4.04 23 August 2005 4.28 4.03 24 August 2005 4.27 4.02 25 August 2005 4.26 4.03 26 August 2005 4.28 4.06 29 August 2005 4.27 4.06 30 August 2005 4.23 4.00 31 August 2005 4.09 3.84 1 September 2005 4.10 3.79 2 September 2005 4.11 3.76 6 September 2005 4.16 3.82 7 September 2005 4.22 3.87 8 September 2005 4.22 3.89 9 September 2005 4.20 3.90 12 September 2005 4.26 3.93 13 September 2005 4.22 3.89 14 September 2005 4.25 3.91 15 September 2005 4.30 3.92 16 September 2005 4.35 3.98 19 September 2005 4.34 3.94 20 September 2005 4.34 4.01 21 September 2005 4.27 3.97 22 September 2005 4.27 3.96 23 September 2005 4.34 4.04 26 September 2005 4.39 4.09 27 September 2005 4.39 4.12 28 September 2005 4.35 4.12 29 September 2005 4.39 4.15 30 September 2005 4.43 4.17 3 October 2005 4.48 4.25 4 October 2005 4.47 4.25 5 October 2005 4.45 4.24 6 October 2005 4.46 4.22 7 October 2005 4.45 4.22 11 October 2005 4.48 4.26 12 October 2005 4.53 4.28 13 October 2005 4.57 4.29 14 October 2005 4.58 4.30 17 October 2005 4.59 4.32 18 October 2005 4.58 4.30 19 October 2005 4.56 4.29 20 October 2005 4.56 4.30 21 October 2005 4.48 4.26 24 October 2005 4.55 4.30 25 October 2005 4.63 4.38 26 October 2005 4.70 4.43 27 October 2005 4.67 4.41 28 October 2005 4.68 4.44 31 October 2005 4.67 4.45 1 November 2005 4.68 4.47 2 November 2005 4.71 4.49 3 November 2005 4.76 4.51 4 November 2005 4.79 4.52 7 November 2005 4.77 4.48 8 November 2005 4.69 4.44 9 November 2005 4.76 4.50 10 November 2005 4.69 4.44 14 November 2005 4.74 4.50 15 November 2005 4.69 4.47 16 November 2005 4.62 4.42 17 November 2005 4.59 4.36 18 November 2005 4.62 4.43 21 November 2005 4.59 4.41 22 November 2005 4.56 4.35 23 November 2005 4.61 4.39 25 November 2005 4.56 4.36 28 November 2005 4.53 4.35 29 November 2005 4.61 4.43 30 November 2005 4.63 4.45 1 December 2005 4.65 4.47 2 December 2005 4.65 4.46 5 December 2005 4.69 4.49 6 December 2005 4.61 4.44 7 December 2005 4.64 4.45 8 December 2005 4.58 4.39 9 December 2005 4.65 4.46 12 December 2005 4.67 4.48 13 December 2005 4.65 4.45 14 December 2005 4.56 4.39 15 December 2005 4.58 4.41 16 December 2005 4.55 4.40 19 December 2005 4.55 4.41 20 December 2005 4.57 4.44 21 December 2005 4.59 4.48 22 December 2005 4.53 4.44 23 December 2005 4.47 4.39 27 December 2005 4.43 4.38 28 December 2005 4.47 4.40 29 December 2005 4.45 4.41 30 December 2005 4.47 4.43 3 January 2006 4.46 4.37 4 January 2006 4.44 4.34 5 January 2006 4.44 4.34 6 January 2006 4.47 4.38 9 January 2006 4.47 4.38 10 January 2006 4.52 4.42 11 January 2006 4.55 4.46 12 January 2006 4.51 4.41 13 January 2006 4.44 4.36 17 January 2006 4.42 4.36 18 January 2006 4.43 4.36 19 January 2006 4.47 4.40 20 January 2006 4.46 4.39 23 January 2006 4.45 4.38 24 January 2006 4.48 4.40 25 January 2006 4.57 4.49 26 January 2006 4.61 4.51 27 January 2006 4.61 4.53 30 January 2006 4.63 4.54 31 January 2006 4.61 4.55 1 February 2006 4.65 4.61 2 February 2006 4.64 4.61 3 February 2006 4.61 4.62 6 February 2006 4.61 4.64 7 February 2006 4.64 4.64 8 February 2006 4.66 4.66 9 February 2006 4.65 4.68 10 February 2006 4.69 4.72 13 February 2006 4.68 4.70 14 February 2006 4.71 4.72 15 February 2006 4.70 4.72 16 February 2006 4.69 4.71 17 February 2006 4.63 4.68 21 February 2006 4.66 4.72 22 February 2006 4.62 4.70 23 February 2006 4.66 4.75 24 February 2006 4.67 4.75 27 February 2006 4.70 4.76 28 February 2006 4.65 4.71 1 March 2006 4.68 4.72 2 March 2006 4.74 4.75 3 March 2006 4.79 4.78 6 March 2006 4.85 4.80 7 March 2006 4.85 4.81 8 March 2006 4.84 4.79 9 March 2006 4.84 4.79 10 March 2006 4.86 4.81 13 March 2006 4.87 4.83 14 March 2006 4.80 4.74 15 March 2006 4.83 4.75 16 March 2006 4.75 4.66 17 March 2006 4.78 4.68 20 March 2006 4.76 4.68 21 March 2006 4.81 4.75 22 March 2006 4.80 4.76 23 March 2006 4.84 4.79 24 March 2006 4.77 4.73 27 March 2006 4.80 4.76 28 March 2006 4.88 4.83 29 March 2006 4.91 4.85 30 March 2006 4.96 4.88 31 March 2006 4.95 4.87 3 April 2006 4.97 4.90 4 April 2006 4.97 4.87 5 April 2006 4.94 4.84 6 April 2006 4.99 4.87 7 April 2006 5.06 4.92 10 April 2006 5.06 4.93 11 April 2006 5.02 4.91 12 April 2006 5.07 4.94 13 April 2006 5.13 4.99 17 April 2006 5.10 4.95 18 April 2006 5.07 4.88 19 April 2006 5.12 4.90 20 April 2006 5.12 4.92 21 April 2006 5.09 4.93 24 April 2006 5.06 4.91 25 April 2006 5.15 4.97 26 April 2006 5.18 5.02 27 April 2006 5.16 4.94 28 April 2006 5.14 4.90 1 May 2006 5.21 4.96 2 May 2006 5.19 4.96 3 May 2006 5.22 4.98 4 May 2006 5.23 5.01 5 May 2006 5.19 4.98 8 May 2006 5.19 5.01 9 May 2006 5.19 5.01 10 May 2006 5.19 5.03 11 May 2006 5.22 5.03 12 May 2006 5.27 5.04 15 May 2006 5.24 5.01 16 May 2006 5.19 4.98 17 May 2006 5.25 5.01 18 May 2006 5.15 4.96 19 May 2006 5.13 4.99 22 May 2006 5.12 4.97 23 May 2006 5.15 5.00 24 May 2006 5.11 4.95 25 May 2006 5.16 4.99 26 May 2006 5.14 4.96 30 May 2006 5.17 5.00 31 May 2006 5.21 5.07 1 June 2006 5.20 5.06 2 June 2006 5.08 4.95 5 June 2006 5.10 4.99 6 June 2006 5.08 5.01 7 June 2006 5.11 5.04 8 June 2006 5.08 5.03 9 June 2006 5.06 5.02 12 June 2006 5.06 5.04 13 June 2006 5.04 5.02 14 June 2006 5.13 5.12 15 June 2006 5.17 5.17 16 June 2006 5.20 5.19 19 June 2006 5.22 5.21 20 June 2006 5.23 5.23 21 June 2006 5.23 5.23 22 June 2006 5.27 5.27 23 June 2006 5.30 5.30 26 June 2006 5.32 5.30 27 June 2006 5.28 5.28 28 June 2006 5.32 5.32 29 June 2006 5.28 5.26 30 June 2006 5.22 5.20 3 July 2006 5.22 5.21 5 July 2006 5.30 5.29 6 July 2006 5.26 5.25 7 July 2006 5.21 5.21 10 July 2006 5.20 5.21 11 July 2006 5.17 5.20 12 July 2006 5.17 5.20 13 July 2006 5.14 5.15 14 July 2006 5.13 5.13 17 July 2006 5.14 5.15 18 July 2006 5.20 5.22 19 July 2006 5.12 5.14 20 July 2006 5.09 5.10 21 July 2006 5.11 5.11 24 July 2006 5.11 5.11 25 July 2006 5.13 5.13 26 July 2006 5.10 5.09 27 July 2006 5.11 5.08 28 July 2006 5.05 5.01 31 July 2006 5.05 5.00 1 August 2006 5.04 4.99 2 August 2006 5.02 4.98 3 August 2006 5.01 5.00 4 August 2006 4.96 4.94 7 August 2006 4.97 4.97 8 August 2006 4.98 4.94 9 August 2006 5.00 4.94 10 August 2006 5.00 4.95 11 August 2006 5.04 5.00 14 August 2006 5.07 5.04 15 August 2006 5.00 4.98 16 August 2006 4.94 4.91 17 August 2006 4.94 4.92 18 August 2006 4.91 4.90 21 August 2006 4.89 4.89 22 August 2006 4.89 4.89 23 August 2006 4.89 4.90 24 August 2006 4.88 4.90 25 August 2006 4.87 4.89 28 August 2006 4.88 4.90 29 August 2006 4.87 4.88 30 August 2006 4.85 4.85 31 August 2006 4.82 4.81 1 September 2006 4.82 4.78 5 September 2006 4.87 4.82 6 September 2006 4.89 4.83 7 September 2006 4.88 4.84 8 September 2006 4.86 4.81 11 September 2006 4.89 4.85 12 September 2006 4.86 4.83 13 September 2006 4.84 4.82 14 September 2006 4.87 4.85 15 September 2006 4.88 4.87 18 September 2006 4.89 4.89 19 September 2006 4.81 4.81 20 September 2006 4.81 4.82 21 September 2006 4.73 4.72 22 September 2006 4.68 4.68 25 September 2006 4.64 4.65 26 September 2006 4.66 4.69 27 September 2006 4.68 4.69 28 September 2006 4.70 4.70 29 September 2006 4.71 4.72 2 October 2006 4.69 4.68 3 October 2006 4.69 4.68 4 October 2006 4.65 4.62 5 October 2006 4.69 4.67 6 October 2006 4.78 4.76 10 October 2006 4.83 4.83 11 October 2006 4.86 4.87 12 October 2006 4.85 4.87 13 October 2006 4.88 4.89 16 October 2006 4.86 4.88 17 October 2006 4.85 4.86 18 October 2006 4.84 4.86 19 October 2006 4.86 4.88 20 October 2006 4.86 4.88 23 October 2006 4.90 4.92 24 October 2006 4.90 4.93 25 October 2006 4.84 4.88 26 October 2006 4.80 4.83 27 October 2006 4.75 4.77 30 October 2006 4.75 4.77 31 October 2006 4.68 4.72 1 November 2006 4.63 4.65 2 November 2006 4.67 4.68 3 November 2006 4.79 4.83 6 November 2006 4.77 4.83 7 November 2006 4.73 4.78 8 November 2006 4.70 4.76 9 November 2006 4.70 4.76 10 November 2006 4.66 4.73 13 November 2006 4.68 4.77 14 November 2006 4.64 4.74 15 November 2006 4.68 4.81 16 November 2006 4.72 4.85 17 November 2006 4.67 4.77 20 November 2006 4.66 4.76 21 November 2006 4.64 4.75 22 November 2006 4.63 4.75 24 November 2006 4.62 4.72 27 November 2006 4.60 4.71 28 November 2006 4.58 4.67 29 November 2006 4.59 4.69 30 November 2006 4.53 4.63 1 December 2006 4.50 4.52 4 December 2006 4.50 4.51 5 December 2006 4.52 4.52 6 December 2006 4.55 4.57 7 December 2006 4.56 4.58 8 December 2006 4.63 4.68 11 December 2006 4.59 4.66 12 December 2006 4.56 4.61 13 December 2006 4.65 4.70 14 December 2006 4.67 4.74 15 December 2006 4.67 4.73 18 December 2006 4.66 4.73 19 December 2006 4.67 4.73 20 December 2006 4.67 4.73 21 December 2006 4.63 4.68 22 December 2006 4.70 4.74 26 December 2006 4.68 4.73 27 December 2006 4.73 4.79 28 December 2006 4.77 4.83 29 December 2006 4.78 4.84 2 January 2007 4.76 4.81 3 January 2007 4.74 4.79 4 January 2007 4.70 4.73 5 January 2007 4.73 4.77 8 January 2007 4.73 4.79 9 January 2007 4.73 4.80 10 January 2007 4.76 4.83 11 January 2007 4.81 4.88 12 January 2007 4.84 4.89 16 January 2007 4.82 4.87 17 January 2007 4.86 4.92 18 January 2007 4.82 4.89 19 January 2007 4.85 4.92 22 January 2007 4.83 4.91 23 January 2007 4.88 4.95 24 January 2007 4.88 4.93 25 January 2007 4.93 4.98 26 January 2007 4.95 4.99 29 January 2007 4.96 5.00 30 January 2007 4.95 4.98 31 January 2007 4.89 4.93 1 February 2007 4.90 4.96 2 February 2007 4.90 4.94 5 February 2007 4.88 4.92 6 February 2007 4.83 4.90 7 February 2007 4.82 4.88 8 February 2007 4.81 4.88 9 February 2007 4.86 4.91 12 February 2007 4.88 4.93 13 February 2007 4.89 4.94 14 February 2007 4.81 4.87 15 February 2007 4.78 4.83 16 February 2007 4.77 4.83 20 February 2007 4.76 4.82 21 February 2007 4.77 4.84 22 February 2007 4.81 4.88 23 February 2007 4.76 4.82 26 February 2007 4.71 4.78 27 February 2007 4.58 4.61 28 February 2007 4.64 4.66 1 March 2007 4.64 4.64 2 March 2007 4.61 4.58 5 March 2007 4.60 4.57 6 March 2007 4.62 4.62 7 March 2007 4.59 4.58 8 March 2007 4.60 4.59 9 March 2007 4.67 4.70 12 March 2007 4.64 4.66 13 March 2007 4.59 4.56 14 March 2007 4.62 4.58 15 March 2007 4.62 4.61 16 March 2007 4.63 4.63 19 March 2007 4.66 4.66 20 March 2007 4.64 4.64 21 March 2007 4.62 4.56 22 March 2007 4.68 4.63 23 March 2007 4.70 4.65 26 March 2007 4.68 4.61 27 March 2007 4.71 4.62 28 March 2007 4.71 4.60 29 March 2007 4.72 4.64 30 March 2007 4.74 4.65 2 April 2007 4.74 4.65 3 April 2007 4.76 4.68 4 April 2007 4.75 4.65 5 April 2007 4.77 4.67 6 April 2007 4.84 4.79 9 April 2007 4.84 4.78 10 April 2007 4.82 4.75 11 April 2007 4.83 4.77 12 April 2007 4.82 4.77 13 April 2007 4.85 4.81 16 April 2007 4.82 4.79 17 April 2007 4.77 4.72 18 April 2007 4.74 4.68 19 April 2007 4.75 4.68 20 April 2007 4.76 4.68 23 April 2007 4.73 4.66 24 April 2007 4.70 4.62 25 April 2007 4.73 4.66 26 April 2007 4.77 4.71 27 April 2007 4.78 4.71 30 April 2007 4.70 4.64 1 May 2007 4.71 4.68 2 May 2007 4.72 4.69 3 May 2007 4.74 4.74 4 May 2007 4.71 4.70 7 May 2007 4.70 4.71 8 May 2007 4.70 4.71 9 May 2007 4.74 4.76 10 May 2007 4.72 4.72 11 May 2007 4.75 4.74 14 May 2007 4.76 4.76 15 May 2007 4.78 4.77 16 May 2007 4.78 4.76 17 May 2007 4.83 4.81 18 May 2007 4.88 4.84 21 May 2007 4.86 4.83 22 May 2007 4.91 4.86 23 May 2007 4.94 4.86 24 May 2007 4.93 4.87 25 May 2007 4.94 4.88 29 May 2007 4.95 4.90 30 May 2007 4.95 4.92 31 May 2007 4.97 4.94 1 June 2007 5.03 5.00 4 June 2007 5.00 4.99 5 June 2007 5.05 5.02 6 June 2007 5.04 4.98 7 June 2007 5.18 5.04 8 June 2007 5.19 5.04 11 June 2007 5.21 5.03 12 June 2007 5.33 5.10 13 June 2007 5.27 5.09 14 June 2007 5.30 5.12 15 June 2007 5.24 5.06 18 June 2007 5.22 5.04 19 June 2007 5.16 4.98 20 June 2007 5.21 5.02 21 June 2007 5.24 5.01 22 June 2007 5.22 4.97 25 June 2007 5.16 4.92 26 June 2007 5.18 4.94 27 June 2007 5.16 4.94 28 June 2007 5.19 4.99 29 June 2007 5.10 4.91 2 July 2007 5.07 4.88 3 July 2007 5.12 4.92 5 July 2007 5.22 5.02 6 July 2007 5.27 5.02 9 July 2007 5.23 5.00 10 July 2007 5.11 4.88 11 July 2007 5.16 4.92 12 July 2007 5.20 4.97 13 July 2007 5.18 4.96 16 July 2007 5.13 4.91 17 July 2007 5.16 4.94 18 July 2007 5.10 4.87 19 July 2007 5.12 4.89 20 July 2007 5.04 4.80 23 July 2007 5.05 4.83 24 July 2007 5.02 4.79 25 July 2007 5.00 4.77 26 July 2007 4.88 4.58 27 July 2007 4.89 4.57 30 July 2007 4.91 4.62 31 July 2007 4.87 4.59 1 August 2007 4.86 4.59 2 August 2007 4.87 4.62 3 August 2007 4.81 4.51 6 August 2007 4.82 4.49 7 August 2007 4.87 4.60 8 August 2007 4.97 4.68 9 August 2007 4.93 4.55 10 August 2007 4.93 4.53 13 August 2007 4.91 4.51 14 August 2007 4.87 4.44 15 August 2007 4.84 4.35 16 August 2007 4.75 4.14 17 August 2007 4.81 4.24 20 August 2007 4.78 4.18 21 August 2007 4.72 4.10 22 August 2007 4.75 4.17 23 August 2007 4.74 4.21 24 August 2007 4.74 4.32 27 August 2007 4.72 4.30 28 August 2007 4.66 4.16 29 August 2007 4.69 4.20 30 August 2007 4.64 4.14 31 August 2007 4.66 4.20 4 September 2007 4.68 4.20 5 September 2007 4.61 4.08 6 September 2007 4.63 4.13 7 September 2007 4.50 3.95 10 September 2007 4.45 3.91 11 September 2007 4.48 4.00 12 September 2007 4.52 4.01 13 September 2007 4.59 4.13 14 September 2007 4.57 4.09 17 September 2007 4.58 4.12 18 September 2007 4.61 4.05 19 September 2007 4.63 4.03 20 September 2007 4.78 4.14 21 September 2007 4.74 4.10 24 September 2007 4.73 4.09 25 September 2007 4.73 4.03 26 September 2007 4.73 4.02 27 September 2007 4.68 3.99 28 September 2007 4.69 4.00 1 October 2007 4.66 4.03 2 October 2007 4.64 3.99 3 October 2007 4.66 4.04 4 October 2007 4.64 4.02 5 October 2007 4.75 4.12 9 October 2007 4.76 4.16 10 October 2007 4.76 4.18 11 October 2007 4.77 4.16 12 October 2007 4.80 4.25 15 October 2007 4.79 4.24 16 October 2007 4.77 4.15 17 October 2007 4.67 4.02 18 October 2007 4.63 3.96 19 October 2007 4.52 3.83 22 October 2007 4.52 3.86 23 October 2007 4.52 3.84 24 October 2007 4.47 3.77 25 October 2007 4.48 3.77 26 October 2007 4.51 3.79 29 October 2007 4.50 3.82 30 October 2007 4.51 3.84 31 October 2007 4.58 3.95 1 November 2007 4.47 3.80 2 November 2007 4.43 3.68 5 November 2007 4.45 3.71 6 November 2007 4.49 3.73 7 November 2007 4.47 3.63 8 November 2007 4.43 3.50 9 November 2007 4.37 3.47 13 November 2007 4.40 3.56 14 November 2007 4.41 3.58 15 November 2007 4.31 3.39 16 November 2007 4.30 3.35 19 November 2007 4.23 3.21 20 November 2007 4.23 3.18 21 November 2007 4.20 3.03 23 November 2007 4.19 3.11 26 November 2007 4.01 2.94 27 November 2007 4.13 3.07 28 November 2007 4.20 3.20 29 November 2007 4.12 3.09 30 November 2007 4.16 3.06 3 December 2007 4.08 2.91 4 December 2007 4.08 2.90 5 December 2007 4.11 2.90 6 December 2007 4.20 3.03 7 December 2007 4.31 3.14 10 December 2007 4.33 3.17 11 December 2007 4.19 2.95 12 December 2007 4.24 3.07 13 December 2007 4.35 3.20 14 December 2007 4.41 3.30 17 December 2007 4.36 3.24 18 December 2007 4.30 3.19 19 December 2007 4.23 3.13 20 December 2007 4.21 3.08 21 December 2007 4.34 3.20 24 December 2007 4.39 3.24 26 December 2007 4.46 3.32 27 December 2007 4.38 3.23 28 December 2007 4.28 3.11 31 December 2007 4.22 3.06 2 January 2008 4.10 2.87 3 January 2008 4.08 2.80 4 January 2008 4.04 2.71 7 January 2008 4.01 2.73 8 January 2008 4.02 2.73 9 January 2008 3.97 2.67 10 January 2008 4.07 2.69 11 January 2008 3.98 2.56 14 January 2008 3.98 2.55 15 January 2008 3.88 2.50 16 January 2008 3.91 2.48 17 January 2008 3.83 2.40 18 January 2008 3.84 2.32 22 January 2008 3.71 2.04 23 January 2008 3.71 2.05 24 January 2008 3.87 2.23 25 January 2008 3.81 2.20 28 January 2008 3.81 2.18 29 January 2008 3.88 2.25 30 January 2008 3.96 2.30 31 January 2008 3.86 2.16 1 February 2008 3.82 2.08 4 February 2008 3.86 2.07 5 February 2008 3.80 1.92 6 February 2008 3.83 1.95 7 February 2008 3.96 2.00 8 February 2008 3.86 1.91 11 February 2008 3.84 1.90 12 February 2008 3.88 1.92 13 February 2008 3.92 1.88 14 February 2008 4.06 1.90 15 February 2008 3.98 1.89 19 February 2008 4.09 2.05 20 February 2008 4.12 2.16 21 February 2008 3.98 1.96 22 February 2008 3.99 1.97 25 February 2008 4.11 2.13 26 February 2008 4.08 2.05 27 February 2008 4.06 2.00 28 February 2008 3.93 1.86 29 February 2008 3.76 1.63 3 March 2008 3.77 1.60 4 March 2008 3.86 1.62 5 March 2008 3.93 1.67 6 March 2008 3.86 1.55 7 March 2008 3.80 1.54 10 March 2008 3.70 1.48 11 March 2008 3.84 1.75 12 March 2008 3.72 1.64 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. *Par yields from a smoothed nominal off-the-run Treasury yield curve. Return to table Figure: Changes in components of implied one-year forward rates since last FOMC A bar chart shows two series, "Real", and "Inflation Compensation" for 3 to 10 years ahead. Data is daily; unit is basis points. The estimated values for "Real"/"Inflation compensation" are as follows: 3 years ahead: -47 and 10. 5 years ahead: -10, and 5. 7 years ahead: 2, and 15. 10 years ahead: 10, and 30. Note. Forward rates are the one-year rates maturing at the end of the year shown on the horizontal axis as implied by smoothed yield curves fitted to nominal and indexed Treasury securities and adjusted for the carry effect. Figure: Inflation compensation and oil prices* Daily Date Next Five Years (Percent) Five-to-Ten Year Forward (Percent) Spot WTI ($/barrel) 2 January 2004 2.138 3.067 ND 5 January 2004 2.160 3.095 33.78 6 January 2004 2.126 3.053 33.73 7 January 2004 2.112 3.030 33.63 8 January 2004 2.058 3.035 33.98 9 January 2004 1.983 2.965 34.32 12 January 2004 1.943 2.939 34.73 13 January 2004 1.936 2.939 34.45 14 January 2004 1.931 2.817 34.53 15 January 2004 1.981 2.770 33.65 16 January 2004 2.038 2.835 35.08 20 January 2004 2.057 2.850 35.78 21 January 2004 2.081 2.880 34.98 22 January 2004 2.042 2.853 34.43 23 January 2004 2.057 2.881 35.03 26 January 2004 2.063 2.900 34.48 27 January 2004 2.062 2.913 34.43 28 January 2004 2.107 2.898 33.75 29 January 2004 2.120 2.938 32.68 30 January 2004 2.144 2.891 33.15 2 February 2004 2.186 2.900 34.98 3 February 2004 2.153 2.902 34.13 4 February 2004 2.161 2.909 33.13 5 February 2004 2.160 2.879 33.08 6 February 2004 2.138 2.886 32.48 9 February 2004 2.130 2.897 32.83 10 February 2004 2.135 2.885 33.88 11 February 2004 2.109 2.861 34.08 12 February 2004 2.107 2.879 33.93 13 February 2004 2.119 2.828 34.44 17 February 2004 2.094 2.808 35.18 18 February 2004 2.110 2.828 35.45 19 February 2004 2.105 2.792 36.03 20 February 2004 2.160 2.792 35.63 23 February 2004 2.128 2.775 35.78 24 February 2004 2.141 2.789 36.08 25 February 2004 2.148 2.817 37.18 26 February 2004 2.198 2.874 35.53 27 February 2004 2.270 2.844 36.18 1 March 2004 2.306 2.911 36.88 2 March 2004 2.330 2.937 36.68 3 March 2004 2.321 2.978 35.83 4 March 2004 2.257 2.970 36.63 5 March 2004 2.205 2.892 37.28 8 March 2004 2.160 2.873 37.08 9 March 2004 2.144 2.854 36.28 10 March 2004 2.085 2.820 36.13 11 March 2004 2.046 2.804 36.78 12 March 2004 2.045 2.794 36.18 15 March 2004 2.101 2.811 36.93 16 March 2004 2.104 2.812 37.48 17 March 2004 2.169 2.830 38.18 18 March 2004 2.197 2.840 37.93 19 March 2004 2.159 2.816 38.08 22 March 2004 2.117 2.793 37.13 23 March 2004 2.117 2.787 37.70 24 March 2004 2.141 2.821 37.58 25 March 2004 2.133 2.857 35.53 26 March 2004 2.155 2.924 35.73 29 March 2004 2.184 2.980 35.45 30 March 2004 2.162 2.982 36.25 31 March 2004 2.147 2.942 35.78 1 April 2004 2.185 2.976 34.28 2 April 2004 2.245 3.047 34.38 5 April 2004 2.259 3.083 34.38 6 April 2004 2.212 3.055 34.98 7 April 2004 2.135 2.989 36.15 8 April 2004 2.185 3.008 37.13 12 April 2004 2.239 3.049 37.83 13 April 2004 2.263 3.092 37.23 14 April 2004 2.247 3.086 36.73 15 April 2004 2.244 3.072 37.05 16 April 2004 2.280 3.104 37.73 19 April 2004 2.317 3.098 37.43 20 April 2004 2.321 3.063 37.60 21 April 2004 2.325 3.033 36.53 22 April 2004 2.243 2.968 37.43 23 April 2004 2.162 2.948 37.13 26 April 2004 2.239 2.989 36.98 27 April 2004 2.243 2.998 37.25 28 April 2004 2.227 2.939 37.48 29 April 2004 2.221 2.915 37.33 30 April 2004 2.224 2.928 37.38 3 May 2004 2.256 2.941 38.23 4 May 2004 2.282 2.979 38.98 5 May 2004 2.325 3.003 39.58 6 May 2004 2.278 2.997 39.38 7 May 2004 2.363 3.092 39.93 10 May 2004 2.344 3.133 38.93 11 May 2004 2.370 3.151 40.08 12 May 2004 2.444 3.216 40.78 13 May 2004 2.462 3.265 41.08 14 May 2004 2.417 3.233 41.38 17 May 2004 2.411 3.240 41.53 18 May 2004 2.452 3.279 40.53 19 May 2004 2.531 3.357 41.50 20 May 2004 2.535 3.343 40.93 21 May 2004 2.492 3.307 39.98 24 May 2004 2.568 3.297 41.88 25 May 2004 2.532 3.282 41.13 26 May 2004 2.519 3.239 40.70 27 May 2004 2.485 3.217 39.40 28 May 2004 2.468 3.225 39.90 1 June 2004 2.559 3.318 42.35 2 June 2004 2.519 3.280 39.95 3 June 2004 2.473 3.233 39.30 4 June 2004 2.502 3.242 38.60 7 June 2004 2.485 3.239 38.65 8 June 2004 2.443 3.180 37.28 9 June 2004 2.440 3.184 37.55 10 June 2004 2.459 3.160 38.45 14 June 2004 2.474 3.138 37.58 15 June 2004 2.416 3.007 37.18 16 June 2004 ND 3.043 37.33 17 June 2004 2.425 3.030 38.48 18 June 2004 2.449 3.046 38.75 21 June 2004 2.426 3.029 37.63 22 June 2004 2.433 3.041 38.13 23 June 2004 2.405 3.027 37.68 24 June 2004 2.371 3.016 37.75 25 June 2004 2.350 3.016 37.15 28 June 2004 2.354 3.030 36.34 29 June 2004 2.343 3.030 35.68 30 June 2004 2.356 3.061 37.05 1 July 2004 2.370 3.102 38.73 2 July 2004 2.348 3.091 38.38 6 July 2004 2.370 3.051 39.65 7 July 2004 2.368 3.027 39.08 8 July 2004 2.360 2.984 40.33 9 July 2004 2.346 2.983 39.98 12 July 2004 2.320 2.961 39.50 13 July 2004 2.342 2.964 39.43 14 July 2004 2.348 2.970 40.98 15 July 2004 2.386 2.966 40.78 16 July 2004 2.301 2.908 41.03 19 July 2004 2.293 2.903 41.45 20 July 2004 2.288 2.899 40.86 21 July 2004 2.318 2.944 40.83 22 July 2004 2.334 2.945 41.46 23 July 2004 2.327 2.919 41.53 26 July 2004 2.322 2.940 41.44 27 July 2004 2.338 2.965 41.84 28 July 2004 2.357 3.016 42.90 29 July 2004 2.397 3.035 42.75 30 July 2004 2.387 2.957 43.80 2 August 2004 2.391 2.970 43.83 3 August 2004 2.382 2.959 44.15 4 August 2004 2.352 2.918 42.83 5 August 2004 2.368 2.930 44.40 6 August 2004 2.317 2.894 43.95 9 August 2004 2.336 2.903 44.85 10 August 2004 2.344 2.895 44.55 11 August 2004 2.361 2.914 44.80 12 August 2004 2.385 2.960 45.50 13 August 2004 2.402 2.923 46.58 16 August 2004 2.384 2.932 46.05 17 August 2004 2.370 2.879 46.75 18 August 2004 2.372 2.896 47.28 19 August 2004 2.431 2.945 48.70 20 August 2004 2.410 2.937 47.86 23 August 2004 2.391 2.950 46.70 24 August 2004 2.366 2.951 45.61 25 August 2004 2.333 2.929 43.52 26 August 2004 2.333 2.905 43.10 27 August 2004 2.334 2.899 43.18 30 August 2004 2.341 2.870 42.28 31 August 2004 2.320 2.891 42.12 1 September 2004 2.328 2.871 44.01 2 September 2004 2.358 2.885 44.07 3 September 2004 2.404 2.888 44.00 7 September 2004 2.372 2.878 43.35 8 September 2004 2.330 2.852 42.78 9 September 2004 2.342 2.876 44.62 10 September 2004 2.294 2.863 42.82 13 September 2004 2.284 2.834 43.88 14 September 2004 2.274 2.833 44.40 15 September 2004 2.253 2.824 43.59 16 September 2004 2.216 2.785 43.90 17 September 2004 2.233 2.783 45.60 20 September 2004 2.224 2.775 46.36 21 September 2004 2.196 2.734 47.10 22 September 2004 2.199 2.723 48.56 23 September 2004 2.221 2.688 48.37 24 September 2004 2.239 2.690 48.81 27 September 2004 2.258 2.696 49.65 28 September 2004 2.291 2.741 49.91 29 September 2004 2.320 2.740 49.51 30 September 2004 2.364 2.772 49.65 1 October 2004 2.354 2.763 50.13 4 October 2004 2.312 2.720 49.91 5 October 2004 2.331 2.739 51.10 6 October 2004 2.301 2.725 52.03 7 October 2004 2.327 2.802 52.68 8 October 2004 2.306 2.792 53.32 11 October 2004 ND ND 53.65 12 October 2004 2.295 2.796 52.52 13 October 2004 2.294 2.793 53.65 14 October 2004 2.282 2.766 54.77 15 October 2004 2.307 2.766 54.94 18 October 2004 2.281 2.757 53.67 19 October 2004 2.296 2.750 53.29 20 October 2004 2.301 2.703 54.92 21 October 2004 2.377 2.685 54.47 22 October 2004 2.380 2.651 55.17 25 October 2004 2.365 2.645 55.23 26 October 2004 2.390 2.634 55.18 27 October 2004 2.398 2.634 52.47 28 October 2004 2.410 2.711 50.93 29 October 2004 2.414 2.696 51.77 1 November 2004 2.434 2.723 50.14 2 November 2004 2.484 2.763 49.63 3 November 2004 2.494 2.780 50.89 4 November 2004 2.456 2.731 48.83 5 November 2004 2.524 2.762 49.62 8 November 2004 2.519 2.795 49.09 9 November 2004 2.498 2.795 47.38 10 November 2004 2.505 2.822 48.87 11 November 2004 ND ND 47.43 12 November 2004 2.541 2.773 47.33 15 November 2004 2.573 2.811 46.88 16 November 2004 2.614 2.758 46.12 17 November 2004 2.591 2.729 46.85 18 November 2004 2.533 2.758 46.23 19 November 2004 2.590 2.787 48.45 22 November 2004 2.624 2.825 48.50 23 November 2004 2.606 2.780 48.75 24 November 2004 2.629 2.778 49.27 26 November 2004 2.679 2.832 ND 29 November 2004 2.692 2.824 49.77 30 November 2004 2.691 2.837 49.14 1 December 2004 2.668 2.843 47.50 2 December 2004 2.654 2.856 43.26 3 December 2004 2.596 2.850 42.55 6 December 2004 2.600 2.815 42.99 7 December 2004 2.602 2.813 41.47 8 December 2004 2.585 2.785 41.95 9 December 2004 2.597 2.812 42.54 10 December 2004 2.539 2.774 40.72 13 December 2004 2.569 2.784 41.02 14 December 2004 2.566 2.794 41.83 15 December 2004 2.592 2.785 44.20 16 December 2004 2.625 2.840 44.19 17 December 2004 2.633 2.858 46.29 20 December 2004 2.642 2.865 45.65 21 December 2004 2.666 2.919 45.56 22 December 2004 2.635 2.909 44.05 23 December 2004 2.652 2.942 43.99 27 December 2004 2.683 2.978 41.33 28 December 2004 2.676 2.961 41.78 29 December 2004 2.671 2.935 43.65 30 December 2004 2.659 2.915 43.46 31 December 2004 2.632 2.868 ND 3 January 2005 2.630 2.774 42.13 4 January 2005 2.650 2.787 43.92 5 January 2005 2.614 2.754 43.40 6 January 2005 2.610 2.773 45.57 7 January 2005 2.588 2.731 45.44 10 January 2005 2.628 2.712 45.54 11 January 2005 2.612 2.670 45.69 12 January 2005 2.624 2.682 46.38 13 January 2005 2.612 2.671 48.05 14 January 2005 2.594 2.704 48.39 18 January 2005 2.587 2.692 48.39 19 January 2005 2.615 2.699 47.56 20 January 2005 2.585 2.719 46.92 21 January 2005 2.571 2.703 48.29 24 January 2005 2.564 2.667 48.62 25 January 2005 2.588 2.645 49.45 26 January 2005 2.603 2.663 48.79 27 January 2005 2.627 2.676 48.85 28 January 2005 2.623 2.677 47.19 31 January 2005 2.596 2.670 48.21 1 February 2005 2.584 2.665 47.13 2 February 2005 2.574 2.590 46.70 3 February 2005 2.576 2.561 46.46 4 February 2005 2.575 2.536 46.49 7 February 2005 2.569 2.517 45.29 8 February 2005 2.595 2.527 45.41 9 February 2005 2.617 2.571 45.47 10 February 2005 2.648 2.564 47.11 11 February 2005 2.668 2.587 47.17 14 February 2005 2.671 2.581 47.45 15 February 2005 2.614 2.559 47.27 16 February 2005 2.635 2.561 48.34 17 February 2005 2.650 2.596 47.55 18 February 2005 2.723 2.659 48.36 22 February 2005 2.732 2.645 51.16 23 February 2005 2.735 2.664 50.63 24 February 2005 2.750 2.678 50.75 25 February 2005 2.724 2.658 50.95 28 February 2005 2.740 2.685 51.76 1 March 2005 2.752 2.729 51.69 2 March 2005 2.770 2.755 53.06 3 March 2005 2.770 2.773 53.58 4 March 2005 2.764 2.713 53.79 7 March 2005 2.771 2.719 53.90 8 March 2005 2.793 2.753 54.60 9 March 2005 2.841 2.806 54.77 10 March 2005 2.767 2.772 53.55 11 March 2005 2.797 2.799 54.43 14 March 2005 2.762 2.782 54.95 15 March 2005 2.787 2.829 55.05 16 March 2005 2.800 2.809 56.47 17 March 2005 2.793 2.829 56.40 18 March 2005 2.822 2.835 56.73 21 March 2005 2.806 2.830 56.62 22 March 2005 ND 2.810 54.04 23 March 2005 2.740 2.781 50.36 24 March 2005 2.746 2.798 51.10 28 March 2005 2.755 2.785 54.06 29 March 2005 2.733 2.769 54.24 30 March 2005 2.740 2.733 54.00 31 March 2005 2.753 2.752 55.41 1 April 2005 2.744 2.756 57.28 4 April 2005 2.758 2.750 57.01 5 April 2005 2.725 2.735 56.05 6 April 2005 2.695 2.731 55.86 7 April 2005 2.691 2.722 54.12 8 April 2005 ND 2.705 53.33 11 April 2005 2.693 2.689 53.72 12 April 2005 2.685 2.711 51.87 13 April 2005 2.632 2.755 50.23 14 April 2005 2.623 2.792 51.14 15 April 2005 2.591 2.756 50.50 18 April 2005 2.621 2.736 50.38 19 April 2005 2.619 2.702 52.30 20 April 2005 2.597 2.725 52.45 21 April 2005 2.647 2.736 52.21 22 April 2005 2.657 2.699 54.40 25 April 2005 2.647 2.636 53.58 26 April 2005 2.638 2.659 54.21 27 April 2005 2.602 2.621 51.62 28 April 2005 2.593 2.651 51.78 29 April 2005 2.591 2.642 49.73 2 May 2005 2.585 2.636 50.93 3 May 2005 2.543 2.626 49.51 4 May 2005 2.555 2.648 50.14 5 May 2005 2.538 2.648 50.84 6 May 2005 2.560 2.660 50.97 9 May 2005 2.603 2.670 52.04 10 May 2005 2.588 2.637 52.08 11 May 2005 2.569 2.633 50.46 12 May 2005 2.507 2.631 48.55 13 May 2005 2.468 2.597 48.67 16 May 2005 2.482 2.608 48.62 17 May 2005 2.479 2.604 48.98 18 May 2005 2.430 2.540 47.26 19 May 2005 2.412 2.517 46.93 20 May 2005 ND 2.555 46.81 23 May 2005 2.431 2.539 48.62 24 May 2005 2.417 2.526 49.38 25 May 2005 2.429 2.544 50.80 26 May 2005 2.403 2.515 51.02 27 May 2005 2.417 2.528 51.85 31 May 2005 2.406 2.465 51.98 1 June 2005 2.395 2.467 54.61 2 June 2005 2.365 2.452 53.64 3 June 2005 2.381 2.495 55.04 6 June 2005 2.377 2.470 54.50 7 June 2005 2.348 2.441 53.77 8 June 2005 2.343 2.446 52.55 9 June 2005 2.353 2.436 54.29 10 June 2005 2.338 2.438 53.55 13 June 2005 2.358 2.454 55.63 14 June 2005 2.368 2.474 55.01 15 June 2005 2.351 2.485 55.57 16 June 2005 2.372 2.479 56.58 17 June 2005 2.415 2.461 58.48 20 June 2005 2.424 2.470 59.37 21 June 2005 2.400 2.427 58.90 22 June 2005 2.335 2.373 57.85 23 June 2005 2.348 2.374 59.23 24 June 2005 2.337 2.362 59.65 27 June 2005 2.370 2.362 60.54 28 June 2005 2.396 2.381 58.20 29 June 2005 ND 2.404 57.26 30 June 2005 2.336 2.335 56.50 1 July 2005 2.389 2.395 58.76 5 July 2005 2.378 2.411 59.60 6 July 2005 2.386 2.382 61.29 7 July 2005 2.360 2.352 60.74 8 July 2005 2.353 2.352 59.64 11 July 2005 2.366 2.369 58.93 12 July 2005 2.397 2.386 60.63 13 July 2005 2.365 2.374 60.02 14 July 2005 2.295 2.351 57.81 15 July 2005 2.263 2.337 58.10 18 July 2005 2.241 2.369 57.33 19 July 2005 2.284 2.415 57.47 20 July 2005 2.283 2.414 56.73 21 July 2005 2.344 2.466 55.49 22 July 2005 2.352 2.461 56.66 25 July 2005 2.319 2.422 56.01 26 July 2005 2.322 2.430 59.21 27 July 2005 2.337 2.466 59.12 28 July 2005 2.315 2.443 59.95 29 July 2005 2.369 2.503 60.57 1 August 2005 2.361 2.470 61.58 2 August 2005 2.351 2.462 61.90 3 August 2005 2.364 2.470 60.87 4 August 2005 2.371 2.492 61.39 5 August 2005 2.393 2.478 62.32 8 August 2005 2.413 2.487 63.95 9 August 2005 2.375 2.473 63.08 10 August 2005 2.341 2.506 64.90 11 August 2005 2.341 2.483 65.81 12 August 2005 2.337 2.430 66.87 15 August 2005 2.367 2.467 66.28 16 August 2005 2.362 2.461 66.09 17 August 2005 2.344 2.517 63.26 18 August 2005 2.315 2.485 63.28 19 August 2005 2.336 2.498 65.36 22 August 2005 2.342 2.472 65.46 23 August 2005 2.352 2.488 65.37 24 August 2005 2.378 2.506 67.08 25 August 2005 2.392 2.456 67.30 26 August 2005 2.387 2.470 66.14 29 August 2005 2.401 2.483 67.21 30 August 2005 2.475 2.503 69.82 31 August 2005 2.383 2.403 68.95 1 September 2005 2.474 2.451 69.48 2 September 2005 2.466 2.489 67.58 6 September 2005 2.419 2.506 65.97 7 September 2005 2.435 2.540 64.38 8 September 2005 2.479 2.506 64.50 9 September 2005 2.528 2.477 64.09 12 September 2005 2.548 2.509 63.35 13 September 2005 2.485 2.503 63.12 14 September 2005 2.499 2.535 65.10 15 September 2005 2.501 2.560 64.76 16 September 2005 2.530 2.588 63.01 19 September 2005 2.567 2.606 67.40 20 September 2005 2.529 2.576 66.24 21 September 2005 2.539 2.525 66.76 22 September 2005 2.547 2.552 66.47 23 September 2005 2.527 2.570 64.37 26 September 2005 2.555 2.596 65.83 27 September 2005 2.552 2.602 65.07 28 September 2005 2.566 2.613 66.36 29 September 2005 2.608 2.618 66.80 30 September 2005 2.650 2.610 66.25 3 October 2005 2.615 2.591 65.48 4 October 2005 2.579 2.579 63.91 5 October 2005 2.561 2.576 62.80 6 October 2005 2.519 2.555 61.37 7 October 2005 2.511 2.544 61.84 10 October 2005 ND ND 61.81 11 October 2005 2.553 2.487 63.42 12 October 2005 2.547 2.498 64.13 13 October 2005 2.571 2.576 63.09 14 October 2005 2.482 2.561 62.64 17 October 2005 2.546 2.603 64.37 18 October 2005 2.557 2.633 63.21 19 October 2005 2.528 2.622 62.41 20 October 2005 2.527 2.611 61.04 21 October 2005 2.476 2.561 61.19 24 October 2005 2.497 2.581 61.13 25 October 2005 2.523 2.613 63.05 26 October 2005 2.536 2.658 60.67 27 October 2005 2.544 2.657 61.10 28 October 2005 2.558 2.680 61.23 31 October 2005 2.572 2.686 59.77 1 November 2005 2.562 2.726 59.86 2 November 2005 2.588 2.746 59.76 3 November 2005 2.620 2.787 61.79 4 November 2005 2.625 2.796 60.59 7 November 2005 2.701 2.762 59.48 8 November 2005 2.631 2.713 59.72 9 November 2005 2.644 2.741 58.94 10 November 2005 2.560 2.677 57.81 11 November 2005 ND ND 57.54 14 November 2005 2.563 2.641 57.70 15 November 2005 2.546 2.622 56.99 16 November 2005 2.544 2.611 57.89 17 November 2005 2.539 2.607 56.35 18 November 2005 2.500 2.594 56.15 21 November 2005 2.528 2.565 57.21 22 November 2005 2.561 2.569 58.45 23 November 2005 2.552 2.556 58.47 25 November 2005 2.521 2.511 ND 28 November 2005 2.560 2.538 57.37 29 November 2005 2.555 2.557 56.51 30 November 2005 2.544 2.601 57.33 1 December 2005 2.535 2.575 58.48 2 December 2005 2.542 2.562 59.33 5 December 2005 2.576 2.571 59.92 6 December 2005 2.528 2.526 59.95 7 December 2005 2.490 2.542 59.22 8 December 2005 2.473 2.534 60.67 9 December 2005 2.501 2.536 59.40 12 December 2005 2.524 2.581 61.31 13 December 2005 2.522 2.593 61.38 14 December 2005 2.486 2.520 60.86 15 December 2005 2.523 2.515 60.00 16 December 2005 2.491 2.525 58.07 19 December 2005 2.490 2.533 57.35 20 December 2005 2.498 2.530 57.99 21 December 2005 2.499 2.535 58.37 22 December 2005 2.468 2.484 58.24 23 December 2005 2.438 2.475 58.09 27 December 2005 2.431 2.453 58.16 28 December 2005 2.447 2.449 59.82 29 December 2005 2.454 2.434 60.32 30 December 2005 2.491 2.438 61.04 3 January 2006 2.484 2.475 63.45 4 January 2006 2.460 2.475 63.43 5 January 2006 2.436 2.458 62.80 6 January 2006 2.477 2.438 64.22 9 January 2006 2.470 2.433 63.51 10 January 2006 2.494 2.467 63.38 11 January 2006 2.504 2.499 63.95 12 January 2006 2.517 2.518 63.95 13 January 2006 2.490 2.496 63.93 17 January 2006 2.496 2.512 66.32 18 January 2006 2.532 2.526 65.74 19 January 2006 2.560 2.536 66.84 20 January 2006 2.594 2.546 68.36 23 January 2006 2.552 2.511 67.86 24 January 2006 2.519 2.496 66.75 25 January 2006 2.512 2.519 65.36 26 January 2006 2.536 2.562 66.24 27 January 2006 2.594 2.576 67.77 30 January 2006 2.571 2.584 68.36 31 January 2006 2.606 2.601 67.93 1 February 2006 2.592 2.587 66.57 2 February 2006 2.574 2.584 64.69 3 February 2006 2.588 2.555 65.38 6 February 2006 2.585 2.560 65.13 7 February 2006 2.550 2.576 63.10 8 February 2006 2.527 2.559 62.56 9 February 2006 2.531 2.566 62.63 10 February 2006 2.527 2.572 61.85 13 February 2006 2.486 2.573 61.05 14 February 2006 2.455 2.567 59.58 15 February 2006 2.462 2.553 57.66 16 February 2006 2.496 2.560 58.47 17 February 2006 2.503 2.524 59.89 21 February 2006 2.531 2.505 61.13 22 February 2006 2.519 2.494 58.02 23 February 2006 2.523 2.504 58.33 24 February 2006 2.581 2.524 62.52 27 February 2006 2.547 2.521 61.01 28 February 2006 2.543 2.530 61.42 1 March 2006 2.543 2.544 61.42 2 March 2006 2.605 2.578 63.37 3 March 2006 2.615 2.612 63.68 6 March 2006 2.571 2.619 62.41 7 March 2006 2.561 2.606 61.59 8 March 2006 2.491 2.579 60.02 9 March 2006 2.480 2.589 60.48 10 March 2006 2.479 2.603 59.97 13 March 2006 2.469 2.591 61.78 14 March 2006 2.474 2.609 63.11 15 March 2006 2.477 2.609 62.18 16 March 2006 2.510 2.570 63.58 17 March 2006 2.502 2.588 62.78 20 March 2006 2.475 2.553 60.43 21 March 2006 2.451 2.554 60.58 22 March 2006 2.460 2.548 60.78 23 March 2006 2.483 2.575 63.42 24 March 2006 2.450 2.540 63.96 27 March 2006 2.442 2.546 64.17 28 March 2006 2.473 2.564 66.08 29 March 2006 2.479 2.558 66.46 30 March 2006 2.506 2.577 67.21 31 March 2006 2.499 2.596 66.66 3 April 2006 2.494 2.600 66.75 4 April 2006 2.461 2.590 66.24 5 April 2006 2.482 2.602 67.08 6 April 2006 2.492 2.608 67.95 7 April 2006 2.497 2.629 67.40 10 April 2006 2.525 2.637 68.75 11 April 2006 2.532 2.628 68.99 12 April 2006 2.541 2.620 68.63 13 April 2006 2.557 2.627 69.33 17 April 2006 2.555 2.634 70.41 18 April 2006 2.583 2.670 71.36 19 April 2006 2.607 2.721 72.18 20 April 2006 2.563 2.723 71.96 21 April 2006 2.568 2.706 73.83 24 April 2006 2.524 2.697 70.09 25 April 2006 2.501 2.730 68.38 26 April 2006 2.517 2.748 71.94 27 April 2006 2.544 2.772 70.98 28 April 2006 2.574 2.818 71.89 1 May 2006 2.618 2.833 73.71 2 May 2006 2.606 2.791 74.62 3 May 2006 2.597 2.773 72.29 4 May 2006 2.590 2.748 69.95 5 May 2006 2.607 2.754 70.20 8 May 2006 2.603 2.744 69.78 9 May 2006 2.635 2.764 70.70 10 May 2006 2.646 2.742 72.14 11 May 2006 2.660 2.802 73.33 12 May 2006 2.656 2.779 72.05 15 May 2006 2.590 2.775 69.42 16 May 2006 2.583 2.760 69.54 17 May 2006 2.622 2.787 68.70 18 May 2006 2.583 2.740 69.46 19 May 2006 2.546 2.694 68.54 22 May 2006 2.555 2.710 69.23 23 May 2006 2.574 2.704 71.51 24 May 2006 2.534 2.694 69.71 25 May 2006 2.569 2.690 71.12 26 May 2006 2.563 2.714 71.37 30 May 2006 2.604 2.728 72.03 31 May 2006 2.634 2.753 71.29 1 June 2006 2.612 2.744 70.34 2 June 2006 2.588 2.723 72.33 5 June 2006 2.598 2.695 72.60 6 June 2006 2.547 2.640 72.50 7 June 2006 2.524 2.612 70.82 8 June 2006 2.526 2.608 70.35 9 June 2006 2.482 2.585 71.63 12 June 2006 2.499 2.595 70.36 13 June 2006 2.468 2.598 68.56 14 June 2006 2.484 2.612 69.14 15 June 2006 2.503 2.649 69.50 16 June 2006 2.510 2.662 69.88 19 June 2006 2.503 2.642 68.98 20 June 2006 2.502 2.639 68.94 21 June 2006 2.510 2.633 70.70 22 June 2006 2.537 2.644 70.49 23 June 2006 2.544 2.654 70.54 26 June 2006 2.558 2.657 71.80 27 June 2006 2.536 2.645 71.92 28 June 2006 2.535 2.667 72.19 29 June 2006 2.603 2.681 73.52 30 June 2006 2.590 2.681 73.98 3 July 2006 2.585 2.656 ND 5 July 2006 2.603 2.656 75.19 6 July 2006 2.609 2.652 75.14 7 July 2006 2.606 2.636 74.09 10 July 2006 2.575 2.636 73.63 11 July 2006 2.566 2.621 74.16 12 July 2006 2.551 2.589 74.95 13 July 2006 2.588 2.609 76.70 14 July 2006 2.596 2.629 77.03 17 July 2006 2.586 2.640 75.31 18 July 2006 2.581 2.639 73.55 19 July 2006 2.571 2.644 72.67 20 July 2006 2.571 2.651 73.09 21 July 2006 2.565 2.624 73.94 24 July 2006 2.557 2.617 74.71 25 July 2006 2.586 2.673 73.41 26 July 2006 2.591 2.681 73.95 27 July 2006 2.597 2.683 74.55 28 July 2006 2.570 2.679 73.25 31 July 2006 2.557 2.686 74.41 1 August 2006 2.591 2.679 74.92 2 August 2006 2.606 2.677 75.82 3 August 2006 2.613 2.682 75.47 4 August 2006 2.620 2.688 74.77 7 August 2006 2.640 2.679 76.99 8 August 2006 2.631 2.720 76.32 9 August 2006 2.649 2.736 76.36 10 August 2006 2.599 2.724 74.01 11 August 2006 2.641 2.714 74.36 14 August 2006 2.629 2.705 73.56 15 August 2006 2.604 2.706 73.06 16 August 2006 2.550 2.713 71.90 17 August 2006 2.536 2.709 70.07 18 August 2006 2.532 2.703 71.15 21 August 2006 2.545 2.707 72.46 22 August 2006 2.547 2.730 72.64 23 August 2006 2.498 2.725 71.42 24 August 2006 2.454 2.711 72.02 25 August 2006 2.482 2.730 72.17 28 August 2006 2.438 2.720 70.62 29 August 2006 2.451 2.682 69.72 30 August 2006 2.428 2.684 70.04 31 August 2006 2.439 2.675 70.27 1 September 2006 2.415 2.671 69.20 5 September 2006 2.406 2.665 68.61 6 September 2006 2.407 2.680 67.51 7 September 2006 2.370 2.661 67.33 8 September 2006 2.351 2.649 66.26 11 September 2006 2.311 2.642 65.62 12 September 2006 2.311 2.637 63.77 13 September 2006 2.320 2.646 63.98 14 September 2006 2.357 2.659 63.23 15 September 2006 2.296 2.641 63.54 18 September 2006 2.313 2.635 63.81 19 September 2006 2.250 2.613 61.67 20 September 2006 2.216 2.589 60.47 21 September 2006 2.191 2.593 61.05 22 September 2006 2.198 2.578 60.11 25 September 2006 2.196 2.575 61.46 26 September 2006 2.218 2.548 61.02 27 September 2006 2.239 2.535 62.97 28 September 2006 2.257 2.567 62.77 29 September 2006 2.287 2.571 62.92 2 October 2006 2.252 2.565 61.04 3 October 2006 2.209 2.557 58.69 4 October 2006 2.180 2.555 59.42 5 October 2006 2.202 2.565 60.04 6 October 2006 9 October 2006 2.211 2.591 59.77 ND ND 59.97 10 October 2006 2.256 2.573 58.53 11 October 2006 2.242 2.565 57.60 12 October 2006 2.250 2.561 57.87 13 October 2006 2.257 2.577 58.58 16 October 2006 2.262 2.585 59.95 17 October 2006 2.223 2.571 58.94 18 October 2006 2.245 2.567 57.66 19 October 2006 2.238 2.597 58.51 20 October 2006 2.232 2.611 56.83 23 October 2006 2.240 2.599 57.02 24 October 2006 2.265 2.609 56.91 25 October 2006 2.278 2.613 59.11 26 October 2006 2.248 2.640 60.37 27 October 2006 2.226 2.627 60.76 30 October 2006 2.195 2.607 59.37 31 October 2006 2.197 2.598 58.74 1 November 2006 2.202 2.593 58.72 2 November 2006 2.197 2.571 57.89 3 November 2006 2.239 2.642 59.15 6 November 2006 2.264 2.634 60.03 7 November 2006 2.235 2.654 58.94 8 November 2006 2.244 2.647 59.84 9 November 2006 2.246 2.643 61.17 10 November 2006 2.227 2.611 59.60 13 November 2006 2.290 2.628 58.59 14 November 2006 2.267 2.593 58.29 15 November 2006 2.270 2.577 58.77 16 November 2006 2.245 2.571 56.27 17 November 2006 2.217 2.572 55.87 20 November 2006 2.208 2.539 56.46 21 November 2006 2.219 2.503 58.03 22 November 2006 2.217 2.505 58.45 24 November 2006 2.247 2.502 ND 27 November 2006 2.244 2.502 60.33 28 November 2006 2.256 2.502 61.00 29 November 2006 2.268 2.496 62.47 30 November 2006 2.270 2.530 63.14 1 December 2006 2.299 2.546 63.44 4 December 2006 2.264 2.543 62.44 5 December 2006 2.279 2.554 62.44 6 December 2006 2.273 2.545 62.20 7 December 2006 2.266 2.536 62.50 8 December 2006 2.274 2.574 62.04 11 December 2006 2.258 2.544 61.23 12 December 2006 2.234 2.530 61.03 13 December 2006 2.241 2.552 62.38 14 December 2006 2.273 2.541 62.52 15 December 2006 2.295 2.510 63.44 18 December 2006 2.252 2.495 62.22 19 December 2006 2.248 2.484 63.16 20 December 2006 2.234 2.481 63.23 21 December 2006 2.209 2.438 61.97 22 December 2006 2.225 2.444 61.92 26 December 2006 2.174 2.441 61.11 27 December 2006 2.160 2.432 60.35 28 December 2006 2.232 2.460 60.54 29 December 2006 2.252 2.474 61.06 2 January 2007 2.328 2.470 ND 3 January 2007 2.326 2.469 58.33 4 January 2007 2.274 2.440 55.41 5 January 2007 2.281 2.462 56.32 8 January 2007 2.287 2.446 56.10 9 January 2007 2.283 2.421 55.65 10 January 2007 2.283 2.418 54.03 11 January 2007 2.208 2.415 51.89 12 January 2007 2.216 2.401 53.00 16 January 2007 2.185 2.464 51.22 17 January 2007 2.206 2.466 52.25 18 January 2007 2.193 2.479 50.49 19 January 2007 2.239 2.488 51.99 22 January 2007 2.240 2.502 51.14 23 January 2007 2.297 2.530 53.90 24 January 2007 2.313 2.550 54.73 25 January 2007 2.308 2.549 53.59 26 January 2007 2.325 2.561 55.43 29 January 2007 2.308 2.542 54.02 30 January 2007 2.338 2.549 56.98 31 January 2007 2.362 2.554 58.15 1 February 2007 2.337 2.519 57.31 2 February 2007 2.349 2.517 59.03 5 February 2007 2.330 2.509 58.75 6 February 2007 2.292 2.463 58.89 7 February 2007 2.275 2.490 57.72 8 February 2007 2.261 2.468 59.72 9 February 2007 2.284 2.490 59.90 12 February 2007 2.257 2.475 57.82 13 February 2007 2.272 2.482 59.06 14 February 2007 2.248 2.491 58.00 15 February 2007 2.212 2.479 58.00 16 February 2007 2.231 2.488 59.41 20 February 2007 2.211 2.488 58.08 21 February 2007 2.266 2.483 59.53 22 February 2007 2.313 2.505 59.56 23 February 2007 2.311 2.507 60.53 26 February 2007 2.305 2.492 61.40 27 February 2007 2.282 2.473 61.47 28 February 2007 2.306 2.486 61.80 1 March 2007 2.313 2.494 62.01 2 March 2007 2.325 2.477 61.65 5 March 2007 2.293 2.444 60.08 6 March 2007 2.300 2.455 60.70 7 March 2007 2.285 2.436 61.83 8 March 2007 2.283 2.437 61.65 9 March 2007 2.294 2.432 60.06 12 March 2007 2.242 2.423 58.92 13 March 2007 2.268 2.435 57.94 14 March 2007 2.279 2.458 58.17 15 March 2007 2.275 2.479 57.56 16 March 2007 2.277 2.478 57.12 19 March 2007 2.289 2.466 56.60 20 March 2007 2.277 2.460 56.74 21 March 2007 2.297 2.501 57.37 22 March 2007 2.306 2.538 60.65 23 March 2007 2.307 2.542 61.49 26 March 2007 2.332 2.553 62.92 27 March 2007 2.355 2.561 62.94 28 March 2007 2.351 2.562 64.09 29 March 2007 2.360 2.551 66.04 30 March 2007 2.331 2.550 65.88 2 April 2007 2.331 2.549 65.95 3 April 2007 2.297 2.533 64.65 4 April 2007 2.323 2.542 64.39 5 April 2007 2.351 2.570 64.29 6 April 2007 2.378 2.590 ND 9 April 2007 2.344 2.576 61.52 10 April 2007 2.352 2.583 61.90 11 April 2007 2.335 2.562 62.02 12 April 2007 2.333 2.561 63.86 13 April 2007 2.324 2.546 63.64 16 April 2007 2.307 2.536 63.85 17 April 2007 2.203 2.530 63.11 18 April 2007 2.198 2.512 63.14 19 April 2007 2.220 2.513 61.84 20 April 2007 2.226 2.524 63.39 23 April 2007 2.245 2.512 65.35 24 April 2007 2.259 2.493 63.91 25 April 2007 2.293 2.510 65.12 26 April 2007 2.304 2.507 65.07 27 April 2007 2.308 2.529 66.47 30 April 2007 2.313 2.481 65.71 1 May 2007 2.314 2.476 64.41 2 May 2007 2.313 2.498 63.68 3 May 2007 2.312 2.488 63.20 4 May 2007 2.272 2.458 61.94 7 May 2007 2.259 2.439 61.48 8 May 2007 2.268 2.451 62.27 9 May 2007 2.279 2.450 61.56 10 May 2007 2.305 2.453 61.82 11 May 2007 2.305 2.454 62.38 14 May 2007 2.242 2.436 62.47 15 May 2007 2.220 2.415 63.18 16 May 2007 2.201 2.413 62.56 17 May 2007 2.242 2.403 64.87 18 May 2007 2.242 2.431 64.95 21 May 2007 2.257 2.442 66.28 22 May 2007 2.233 2.470 64.98 23 May 2007 2.248 2.505 65.08 24 May 2007 2.264 2.516 63.59 25 May 2007 2.264 2.517 64.76 29 May 2007 2.247 2.509 63.16 30 May 2007 2.260 2.525 63.50 31 May 2007 2.287 2.548 64.02 1 June 2007 2.300 2.552 65.09 4 June 2007 2.309 2.538 66.22 5 June 2007 2.305 2.548 65.62 6 June 2007 2.306 2.565 65.97 7 June 2007 2.330 2.601 66.93 8 June 2007 2.317 2.623 64.76 11 June 2007 2.341 2.629 65.97 12 June 2007 2.321 2.661 65.36 13 June 2007 2.324 2.652 66.27 14 June 2007 2.338 2.661 67.66 15 June 2007 2.248 2.636 68.00 18 June 2007 2.251 2.633 69.10 19 June 2007 2.235 2.633 69.11 20 June 2007 2.248 2.653 68.20 21 June 2007 2.255 2.679 67.93 22 June 2007 2.276 2.707 68.90 25 June 2007 2.254 2.689 68.94 26 June 2007 2.231 2.658 67.78 27 June 2007 2.247 2.645 68.98 28 June 2007 2.252 2.632 69.57 29 June 2007 2.236 2.610 70.69 2 July 2007 2.244 2.621 71.10 3 July 2007 2.246 2.617 71.42 5 July 2007 2.289 2.634 71.82 6 July 2007 2.299 2.640 72.82 9 July 2007 2.321 2.643 72.20 10 July 2007 2.299 2.618 72.20 11 July 2007 2.298 2.622 72.57 12 July 2007 2.312 2.614 72.51 13 July 2007 2.287 2.618 73.94 16 July 2007 2.272 2.612 74.16 17 July 2007 2.234 2.626 74.03 18 July 2007 2.265 2.628 75.06 19 July 2007 2.290 2.652 75.93 20 July 2007 2.254 2.621 75.58 23 July 2007 2.224 2.630 74.70 24 July 2007 2.236 2.670 73.52 25 July 2007 2.249 2.687 75.99 26 July 2007 2.199 2.639 74.96 27 July 2007 2.197 2.676 77.03 30 July 2007 2.229 2.692 76.84 31 July 2007 2.237 2.697 78.22 1 August 2007 2.172 2.673 76.54 2 August 2007 2.179 2.662 76.87 3 August 2007 2.146 2.624 75.49 6 August 2007 2.061 2.631 72.07 7 August 2007 2.131 2.655 72.43 8 August 2007 2.134 2.675 72.18 9 August 2007 2.131 2.672 71.60 10 August 2007 2.135 2.711 71.47 13 August 2007 2.136 2.681 71.62 14 August 2007 2.124 2.654 72.39 15 August 2007 2.081 2.672 73.34 16 August 2007 2.016 2.696 71.01 17 August 2007 2.080 2.714 71.99 20 August 2007 2.011 2.690 71.13 21 August 2007 2.027 2.699 69.48 22 August 2007 2.045 2.696 69.32 23 August 2007 2.057 2.685 70.04 24 August 2007 2.046 2.675 71.39 27 August 2007 2.030 2.688 71.98 28 August 2007 1.991 2.697 71.74 29 August 2007 1.999 2.682 73.52 30 August 2007 2.001 2.675 73.37 31 August 2007 1.993 2.672 74.05 4 September 2007 2.006 2.682 75.08 5 September 2007 1.987 2.691 75.74 6 September 2007 1.989 2.679 76.31 7 September 2007 1.995 2.689 76.71 10 September 2007 1.986 2.685 77.50 11 September 2007 2.030 2.703 78.24 12 September 2007 2.082 2.714 79.92 13 September 2007 2.106 2.719 80.10 14 September 2007 2.099 2.733 79.11 17 September 2007 2.119 2.751 80.57 18 September 2007 2.163 2.814 81.52 19 September 2007 2.150 2.812 81.94 20 September 2007 2.175 2.854 83.33 21 September 2007 2.159 2.807 83.36 24 September 2007 2.132 2.793 82.67 25 September 2007 2.102 2.776 81.64 26 September 2007 2.124 2.788 80.31 27 September 2007 2.128 2.812 82.89 28 September 2007 2.155 2.803 81.67 1 October 2007 2.136 2.794 80.25 2 October 2007 2.127 2.792 80.06 3 October 2007 2.136 2.776 79.98 4 October 2007 2.130 2.776 81.45 5 October 2007 2.164 2.786 81.23 8 October 2007 ND ND 79.03 9 October 2007 2.169 2.792 80.27 10 October 2007 2.160 2.805 81.31 11 October 2007 2.156 2.796 83.09 12 October 2007 2.191 2.787 83.70 15 October 2007 2.205 2.771 86.14 16 October 2007 2.194 2.765 87.62 17 October 2007 2.176 2.760 87.41 18 October 2007 2.167 2.741 89.48 19 October 2007 2.139 2.730 88.61 22 October 2007 2.139 2.734 87.57 23 October 2007 2.107 2.746 86.48 24 October 2007 2.150 2.744 89.36 25 October 2007 2.184 2.744 92.97 26 October 2007 2.200 2.780 91.87 29 October 2007 2.169 2.759 93.53 30 October 2007 2.168 2.765 90.39 31 October 2007 2.217 2.742 94.54 1 November 2007 2.221 2.746 93.49 2 November 2007 2.298 2.767 95.94 5 November 2007 2.322 2.786 93.99 6 November 2007 2.360 2.803 93.99 7 November 2007 2.320 2.805 96.38 8 November 2007 2.321 2.819 95.47 9 November 2007 2.350 2.797 96.33 ND ND 94.63 12 November 2007 13 November 2007 2.326 2.776 91.18 14 November 2007 2.288 2.750 94.10 15 November 2007 2.245 2.728 93.44 16 November 2007 2.251 2.749 95.10 19 November 2007 2.261 2.771 95.75 20 November 2007 2.287 2.774 98.83 21 November 2007 2.263 2.793 97.79 23 November 2007 2.301 2.774 98.18 26 November 2007 2.265 2.745 97.71 27 November 2007 2.258 2.771 94.43 28 November 2007 2.224 2.724 90.63 29 November 2007 2.231 2.745 91.02 30 November 2007 2.229 2.772 88.72 3 December 2007 2.183 2.756 89.32 4 December 2007 2.152 2.723 88.33 5 December 2007 2.099 2.670 87.50 6 December 2007 2.111 2.720 90.24 7 December 2007 2.107 2.761 88.29 10 December 2007 2.119 2.747 87.87 11 December 2007 2.055 2.707 90.03 12 December 2007 2.104 2.715 94.40 13 December 2007 2.163 2.728 92.26 14 December 2007 2.144 2.742 91.28 17 December 2007 2.134 2.738 90.64 18 December 2007 2.148 2.749 90.50 19 December 2007 2.113 2.709 91.05 20 December 2007 2.121 2.729 90.97 21 December 2007 2.141 2.774 93.32 24 December 2007 2.165 2.771 93.32 26 December 2007 2.162 2.781 95.98 27 December 2007 2.176 2.743 96.63 28 December 2007 2.146 2.688 96.01 31 December 2007 2.161 2.719 96.01 2 January 2008 2.268 2.707 99.63 3 January 2008 2.293 2.654 99.19 4 January 2008 2.258 2.673 97.92 7 January 2008 2.097 2.644 95.10 8 January 2008 2.119 2.654 96.34 9 January 2008 2.070 2.642 95.68 10 January 2008 2.066 2.704 93.72 11 January 2008 2.066 2.754 92.70 14 January 2008 2.110 2.776 94.21 15 January 2008 2.086 2.758 91.91 16 January 2008 2.077 2.746 90.85 17 January 2008 2.035 2.778 90.14 18 January 2008 2.031 2.789 90.58 22 January 2008 1.973 2.893 89.86 23 January 2008 1.990 2.961 87.32 24 January 2008 1.986 2.965 89.41 25 January 2008 2.042 2.930 90.71 28 January 2008 2.045 2.939 90.99 29 January 2008 2.099 3.000 91.65 30 January 2008 2.199 3.002 92.34 31 January 2008 2.143 3.003 91.76 1 February 2008 2.081 2.978 88.97 4 February 2008 2.079 2.954 90.02 5 February 2008 2.009 2.986 88.42 6 February 2008 2.001 3.006 87.15 7 February 2008 2.036 2.996 88.12 8 February 2008 2.069 2.998 91.78 11 February 2008 2.079 2.998 93.60 12 February 2008 2.061 2.996 92.79 13 February 2008 2.037 2.950 92.79 14 February 2008 2.106 2.934 95.47 15 February 2008 2.071 2.896 95.51 19 February 2008 2.140 2.932 100.01 20 February 2008 2.235 2.956 100.75 21 February 2008 2.161 2.903 98.39 22 February 2008 2.173 2.905 98.96 25 February 2008 2.236 2.935 99.41 26 February 2008 2.290 2.974 100.89 27 February 2008 2.268 2.954 99.65 28 February 2008 2.280 2.985 102.60 29 February 2008 2.249 2.944 101.85 3 March 2008 2.278 2.992 102.46 4 March 2008 2.297 3.102 99.52 5 March 2008 2.345 3.164 104.52 6 March 2008 2.287 3.146 105.48 7 March 2008 2.258 3.200 105.16 10 March 2008 2.228 3.154 107.90 11 March 2008 2.225 3.191 108.76 12 March 2008 2.213 3.165 109.93 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. *Estimates based on smoothed nominal and inflation-indexed Treasury yield curves and adjusted for the indexation-lag (carry) effect. Return to table [Box:] Long-Run Inflation Expectations and Uncertainty Figure: Forward Inflation Compensation A line chart shows two series, "Five to ten years ahead", and "Four to five years ahead" from 2004 through about March 2008. Data is daily; unit is percent. The "five to ten years ahead" series begins at about 3.1 percent in 2004, increases to about 3.35 by mid-2004 and generally decreases to about 2.35 by mid-2005. It then generally fluctuates between about 2.4 and 2.8 through late 2007 and increases to end at about 3.2 percent by about March 2008. The "four to five years ahead" series begins at about 2.5 in 2004, fluctuates between about 2.1 and 2.75 through 2007 and ends just above 2.6 around March 2008. Note: Estimates based on smooth nominal and inflation-indexed Treasury yields. Figure: Index of Inflation Expectations and Uncertainty* A line chart shows a single series from 1994 through early 2008. Data is monthly; unit is percent. The series begins at about 3.9 in 1994, increases to about 4.7 in 1995 and generally decreases to about 1.4 by late 1998. It then increases to about 2.6 by early 2000, fluctuates between about 2.7 and 1.5 through 2007 and ends at about 2.6 in early 2008. * Measured as the first principal component of fourteen forward-looking inflation indicators. Return to text Chart 4 International Financial Indicators Figure: Nominal trade-weighted dollar indexes Daily Index(12/31/03=100) Date Broad Major Currencies Other Important Trading Partners 2 January 2004 99.88 99.87 99.75 5 January 2004 99.31 99.11 99.40 6 January 2004 99.07 98.83 99.22 7 January 2004 99.31 99.32 99.16 8 January 2004 98.89 98.68 99.00 9 January 2004 98.57 98.19 98.87 12 January 2004 98.60 98.42 98.67 13 January 2004 98.76 98.61 98.81 14 January 2004 98.94 98.95 98.81 15 January 2004 99.44 99.80 98.92 16 January 2004 99.87 100.63 98.90 20 January 2004 99.45 99.71 99.02 21 January 2004 99.58 99.84 99.17 22 January 2004 99.29 99.20 99.26 23 January 2004 99.67 100.04 99.13 26 January 2004 99.79 100.25 99.16 27 January 2004 99.38 99.60 99.01 28 January 2004 99.60 100.02 99.00 29 January 2004 100.56 101.33 99.58 30 January 2004 100.20 100.86 99.34 2 February 2004 100.35 101.20 99.26 3 February 2004 100.09 100.58 99.41 4 February 2004 100.04 100.57 99.32 5 February 2004 100.11 100.35 99.71 6 February 2004 99.81 99.97 99.51 9 February 2004 99.77 99.99 99.39 10 February 2004 99.64 99.69 99.44 11 February 2004 99.21 99.06 99.24 12 February 2004 99.17 99.08 99.13 13 February 2004 99.25 99.24 99.15 17 February 2004 98.96 98.77 99.05 18 February 2004 99.15 99.17 99.00 19 February 2004 99.71 99.96 99.30 20 February 2004 100.38 101.20 99.33 23 February 2004 100.27 100.88 99.45 24 February 2004 99.98 100.17 99.64 25 February 2004 100.51 101.21 99.59 26 February 2004 100.84 101.73 99.71 27 February 2004 100.76 101.64 99.65 1 March 2004 100.60 101.54 99.43 2 March 2004 101.25 102.78 99.44 3 March 2004 101.70 103.42 99.67 4 March 2004 101.24 102.62 99.57 5 March 2004 100.67 101.74 99.35 8 March 2004 100.86 102.05 99.42 9 March 2004 100.62 101.60 99.40 10 March 2004 101.21 102.68 99.45 11 March 2004 101.12 102.44 99.53 12 March 2004 101.50 103.11 99.60 15 March 2004 101.26 102.69 99.56 16 March 2004 101.09 102.29 99.64 17 March 2004 101.16 102.57 99.46 18 March 2004 100.48 101.19 99.56 19 March 2004 100.68 101.76 99.35 22 March 2004 100.39 101.20 99.36 23 March 2004 100.52 101.44 99.37 24 March 2004 100.78 101.93 99.38 25 March 2004 100.87 102.00 99.49 26 March 2004 100.88 101.98 99.54 29 March 2004 100.70 101.47 99.71 30 March 2004 100.56 101.17 99.75 31 March 2004 100.12 100.58 99.46 1 April 2004 99.85 100.18 99.36 2 April 2004 100.51 101.40 99.38 5 April 2004 100.80 102.00 99.35 6 April 2004 100.59 101.55 99.40 7 April 2004 100.42 101.17 99.45 8 April 2004 100.81 101.97 99.39 9 April 2004 100.87 102.06 99.41 12 April 2004 100.92 102.17 99.40 13 April 2004 101.39 103.03 99.46 14 April 2004 101.83 103.65 99.68 15 April 2004 101.99 103.90 99.75 16 April 2004 101.58 103.13 99.73 19 April 2004 101.64 103.32 99.64 20 April 2004 102.05 103.94 99.84 21 April 2004 102.45 104.58 99.97 22 April 2004 102.51 104.63 100.04 23 April 2004 102.59 104.81 100.02 26 April 2004 102.23 104.24 99.90 27 April 2004 102.12 104.00 99.91 28 April 2004 102.68 104.92 100.09 29 April 2004 102.71 104.59 100.51 30 April 2004 102.70 104.62 100.47 3 May 2004 102.86 104.82 100.57 4 May 2004 102.42 104.07 100.47 5 May 2004 102.06 103.52 100.31 6 May 2004 102.47 104.12 100.52 7 May 2004 103.47 105.59 101.01 10 May 2004 104.17 106.37 101.62 11 May 2004 104.07 106.29 101.51 12 May 2004 103.81 105.78 101.51 13 May 2004 104.31 106.69 101.58 14 May 2004 104.09 106.36 101.47 17 May 2004 103.66 105.61 101.39 18 May 2004 103.78 105.86 101.36 19 May 2004 103.27 105.03 101.21 20 May 2004 103.59 105.33 101.55 21 May 2004 103.27 104.80 101.44 24 May 2004 103.37 104.92 101.53 25 May 2004 102.99 104.42 101.28 26 May 2004 102.91 104.21 101.33 27 May 2004 102.17 103.01 101.10 28 May 2004 102.25 103.33 100.93 1 June 2004 102.43 103.45 101.18 2 June 2004 102.23 103.15 101.07 3 June 2004 102.41 103.47 101.10 4 June 2004 102.18 103.06 101.06 7 June 2004 101.68 102.38 100.77 8 June 2004 101.80 102.61 100.76 9 June 2004 102.25 103.42 100.82 10 June 2004 102.21 103.30 100.87 11 June 2004 102.70 104.11 101.01 14 June 2004 102.82 104.19 101.17 15 June 2004 102.49 103.63 101.10 16 June 2004 102.87 104.40 101.06 17 June 2004 102.65 104.10 100.93 18 June 2004 102.29 103.36 100.96 21 June 2004 102.27 103.40 100.88 22 June 2004 102.36 103.50 100.96 23 June 2004 102.38 103.51 100.99 24 June 2004 101.71 102.47 100.74 25 June 2004 101.90 102.83 100.73 28 June 2004 101.88 102.53 101.02 29 June 2004 102.22 103.01 101.22 30 June 2004 102.17 102.88 101.25 1 July 2004 101.87 102.50 101.05 2 July 2004 101.43 101.81 100.88 6 July 2004 101.51 101.92 100.93 7 July 2004 101.07 101.21 100.79 8 July 2004 101.12 101.19 100.92 9 July 2004 101.11 101.21 100.86 12 July 2004 100.98 101.05 100.78 13 July 2004 101.43 101.83 100.85 14 July 2004 101.20 101.43 100.81 15 July 2004 101.35 101.58 100.97 16 July 2004 100.84 100.79 100.77 19 July 2004 100.72 100.68 100.63 20 July 2004 100.95 101.02 100.74 21 July 2004 101.73 102.31 100.96 22 July 2004 101.44 101.75 100.97 23 July 2004 101.95 102.61 101.07 26 July 2004 102.10 102.78 101.22 27 July 2004 102.48 103.42 101.29 28 July 2004 102.48 103.48 101.24 29 July 2004 102.36 103.33 101.16 30 July 2004 102.38 103.44 101.07 2 August 2004 102.35 103.37 101.09 3 August 2004 102.12 102.93 101.08 4 August 2004 102.20 102.95 101.25 5 August 2004 102.25 103.08 101.20 6 August 2004 101.50 101.75 101.09 9 August 2004 101.59 102.06 100.94 10 August 2004 101.51 101.91 100.93 11 August 2004 101.89 102.48 101.09 12 August 2004 102.05 102.77 101.12 13 August 2004 101.39 101.59 101.03 16 August 2004 101.39 101.63 100.99 17 August 2004 101.32 101.62 100.84 18 August 2004 101.35 101.67 100.85 19 August 2004 100.97 101.04 100.77 20 August 2004 101.08 101.27 100.73 23 August 2004 101.47 101.97 100.79 24 August 2004 101.71 102.41 100.79 25 August 2004 101.79 102.56 100.81 26 August 2004 101.84 102.67 100.78 27 August 2004 101.91 102.78 100.80 30 August 2004 102.02 102.94 100.88 31 August 2004 101.60 102.25 100.74 1 September 2004 101.58 102.19 100.76 2 September 2004 101.57 102.08 100.86 3 September 2004 101.94 102.74 100.91 7 September 2004 101.64 102.11 100.99 8 September 2004 101.48 101.82 100.97 9 September 2004 101.44 101.81 100.90 10 September 2004 101.23 101.35 100.96 13 September 2004 101.48 101.90 100.88 14 September 2004 101.24 101.48 100.84 15 September 2004 101.65 102.36 100.72 16 September 2004 101.36 101.96 100.56 17 September 2004 101.46 102.15 100.56 20 September 2004 101.36 102.00 100.52 21 September 2004 101.10 101.53 100.50 22 September 2004 101.05 101.45 100.47 23 September 2004 100.92 101.17 100.51 24 September 2004 101.00 101.31 100.53 27 September 2004 100.95 101.14 100.62 28 September 2004 101.00 101.22 100.62 29 September 2004 100.94 101.13 100.59 30 September 2004 100.48 100.36 100.47 1 October 2004 100.44 100.47 100.29 4 October 2004 100.90 101.33 100.29 5 October 2004 100.66 100.95 100.21 6 October 2004 100.67 100.96 100.21 7 October 2004 100.64 100.90 100.22 8 October 2004 100.02 99.95 99.97 12 October 2004 100.39 100.51 100.11 13 October 2004 100.60 100.84 100.20 14 October 2004 100.22 100.08 100.25 15 October 2004 100.09 99.67 100.43 18 October 2004 100.12 99.66 100.51 19 October 2004 100.00 99.49 100.46 20 October 2004 99.58 98.73 100.41 21 October 2004 99.46 98.55 100.37 22 October 2004 99.32 98.39 100.24 25 October 2004 98.82 97.36 100.36 26 October 2004 98.85 97.48 100.28 27 October 2004 98.91 97.63 100.24 28 October 2004 98.74 97.27 100.28 29 October 2004 98.74 97.33 100.21 1 November 2004 98.81 97.48 100.20 2 November 2004 98.84 97.64 100.06 3 November 2004 98.39 96.96 99.90 4 November 2004 98.04 96.47 99.71 5 November 2004 97.76 96.00 99.64 8 November 2004 97.64 95.87 99.55 9 November 2004 97.70 95.93 99.61 10 November 2004 97.96 96.28 99.74 12 November 2004 97.49 95.68 99.43 15 November 2004 97.61 96.07 99.25 16 November 2004 97.36 95.65 99.19 17 November 2004 97.02 95.23 98.93 18 November 2004 97.32 95.78 98.95 19 November 2004 96.83 94.90 98.91 22 November 2004 96.78 94.82 98.91 23 November 2004 96.68 94.71 98.80 24 November 2004 96.33 94.24 98.60 26 November 2004 95.86 93.66 98.28 29 November 2004 96.01 93.86 98.36 30 November 2004 96.12 94.13 98.28 1 December 2004 95.77 93.75 97.98 2 December 2004 95.94 94.06 97.97 3 December 2004 95.72 93.73 97.88 6 December 2004 95.70 93.72 97.84 7 December 2004 95.84 93.88 97.96 8 December 2004 96.83 95.28 98.47 9 December 2004 96.88 95.31 98.54 10 December 2004 97.17 95.63 98.81 13 December 2004 96.82 95.20 98.55 14 December 2004 97.08 95.67 98.56 15 December 2004 96.31 94.51 98.24 16 December 2004 96.78 95.34 98.29 17 December 2004 96.61 95.04 98.29 20 December 2004 96.33 94.75 98.00 21 December 2004 96.44 94.90 98.06 22 December 2004 96.59 95.19 98.07 23 December 2004 96.28 94.74 97.91 24 December 2004 96.08 94.42 97.86 27 December 2004 95.67 93.66 97.84 28 December 2004 95.78 93.77 97.95 29 December 2004 96.02 94.14 98.05 30 December 2004 95.59 93.53 97.84 31 December 2004 95.54 93.64 97.60 3 January 2005 95.85 94.06 97.79 4 January 2005 96.66 95.29 98.11 5 January 2005 96.65 95.19 98.22 6 January 2005 97.26 96.05 98.54 7 January 2005 97.33 96.35 98.36 10 January 2005 96.92 95.73 98.19 11 January 2005 96.60 95.27 98.02 12 January 2005 95.96 94.28 97.78 13 January 2005 96.13 94.63 97.74 14 January 2005 96.67 95.45 97.95 18 January 2005 96.78 95.67 97.95 19 January 2005 96.80 95.81 97.85 20 January 2005 97.14 96.34 97.97 21 January 2005 96.76 95.67 97.92 24 January 2005 96.76 95.77 97.80 25 January 2005 97.32 96.66 98.00 26 January 2005 96.79 95.78 97.85 27 January 2005 96.98 96.09 97.92 28 January 2005 97.01 96.30 97.76 31 January 2005 96.90 96.20 97.62 1 February 2005 97.00 96.42 97.59 2 February 2005 96.99 96.43 97.55 3 February 2005 97.12 96.75 97.48 4 February 2005 97.11 96.85 97.36 7 February 2005 97.66 97.75 97.53 8 February 2005 97.75 97.70 97.78 9 February 2005 97.76 97.76 97.73 10 February 2005 97.41 97.13 97.68 11 February 2005 97.36 97.14 97.58 14 February 2005 96.90 96.43 97.37 15 February 2005 96.84 96.34 97.36 16 February 2005 97.12 96.78 97.45 17 February 2005 96.72 96.12 97.33 18 February 2005 96.67 96.15 97.20 22 February 2005 96.13 95.38 96.91 23 February 2005 96.42 95.86 96.99 24 February 2005 96.56 96.01 97.11 25 February 2005 96.52 95.92 97.15 28 February 2005 96.05 95.18 96.96 1 March 2005 96.41 95.80 97.04 2 March 2005 96.56 96.02 97.11 3 March 2005 96.79 96.24 97.35 4 March 2005 96.26 95.39 97.18 7 March 2005 96.35 95.61 97.11 8 March 2005 95.85 94.70 97.06 9 March 2005 95.64 94.28 97.10 10 March 2005 95.63 94.22 97.14 11 March 2005 95.45 93.99 97.01 14 March 2005 96.00 94.70 97.38 15 March 2005 96.08 94.64 97.63 16 March 2005 95.77 94.12 97.55 17 March 2005 95.88 94.33 97.55 18 March 2005 95.96 94.55 97.48 21 March 2005 96.48 95.34 97.68 22 March 2005 96.24 94.95 97.62 23 March 2005 96.96 96.12 97.84 24 March 2005 97.16 96.39 97.96 25 March 2005 97.22 96.50 97.97 28 March 2005 97.61 97.03 98.21 29 March 2005 97.41 96.67 98.18 30 March 2005 97.27 96.59 97.98 31 March 2005 97.02 96.30 97.76 1 April 2005 97.25 96.76 97.74 4 April 2005 97.56 97.22 97.88 5 April 2005 97.53 97.20 97.86 6 April 2005 97.51 97.20 97.80 7 April 2005 97.34 97.03 97.65 8 April 2005 97.32 97.06 97.58 11 April 2005 97.20 96.96 97.44 12 April 2005 97.57 97.55 97.56 13 April 2005 97.20 97.10 97.28 14 April 2005 97.68 97.76 97.56 15 April 2005 97.44 97.30 97.56 18 April 2005 97.37 97.05 97.68 19 April 2005 97.11 96.75 97.46 20 April 2005 96.90 96.50 97.31 21 April 2005 96.90 96.50 97.30 22 April 2005 96.72 96.26 97.20 25 April 2005 96.86 96.56 97.17 26 April 2005 97.09 96.93 97.22 27 April 2005 97.14 97.01 97.25 28 April 2005 97.24 97.15 97.31 29 April 2005 97.11 97.04 97.15 2 May 2005 97.23 97.35 97.07 3 May 2005 97.19 97.29 97.05 4 May 2005 96.89 96.93 96.82 5 May 2005 96.74 96.71 96.75 6 May 2005 96.97 97.13 96.77 9 May 2005 97.00 97.13 96.84 10 May 2005 96.98 97.01 96.93 11 May 2005 97.26 97.56 96.91 12 May 2005 97.55 98.11 96.93 13 May 2005 97.93 98.78 97.01 16 May 2005 98.17 99.09 97.17 17 May 2005 98.04 98.94 97.04 18 May 2005 97.90 98.76 96.94 19 May 2005 97.97 98.96 96.89 20 May 2005 98.27 99.38 97.05 23 May 2005 98.06 99.09 96.94 24 May 2005 98.05 99.07 96.94 25 May 2005 98.03 99.14 96.83 26 May 2005 98.32 99.60 96.94 27 May 2005 98.00 99.17 96.72 31 May 2005 98.33 99.66 96.89 1 June 2005 98.57 100.07 96.96 2 June 2005 98.45 99.92 96.86 3 June 2005 98.46 100.00 96.80 6 June 2005 98.31 99.54 96.99 7 June 2005 98.24 99.46 96.91 8 June 2005 98.12 99.29 96.85 9 June 2005 98.63 100.09 97.06 10 June 2005 98.82 100.45 97.06 13 June 2005 99.28 101.24 97.19 14 June 2005 99.16 101.09 97.10 15 June 2005 98.76 100.37 97.03 16 June 2005 98.68 100.33 96.91 17 June 2005 98.29 99.69 96.78 20 June 2005 98.56 100.05 96.96 21 June 2005 98.40 99.88 96.81 22 June 2005 98.49 100.08 96.77 23 June 2005 98.62 100.26 96.87 24 June 2005 98.61 100.26 96.83 27 June 2005 98.53 100.02 96.92 28 June 2005 98.81 100.41 97.08 29 June 2005 98.75 100.34 97.05 30 June 2005 98.89 100.52 97.13 1 July 2005 99.43 101.67 97.05 5 July 2005 99.71 101.94 97.34 6 July 2005 99.66 101.81 97.38 7 July 2005 99.65 101.66 97.50 8 July 2005 99.51 101.48 97.41 11 July 2005 98.93 100.62 97.10 12 July 2005 98.40 99.76 96.94 13 July 2005 98.83 100.48 97.06 14 July 2005 98.73 100.47 96.87 15 July 2005 99.03 101.06 96.88 18 July 2005 98.76 100.66 96.73 19 July 2005 99.21 101.32 96.95 20 July 2005 99.27 101.36 97.04 21 July 2005 98.61 100.43 96.66 22 July 2005 98.41 100.65 96.01 25 July 2005 98.59 100.85 96.20 26 July 2005 98.97 101.42 96.38 27 July 2005 98.92 101.42 96.28 28 July 2005 98.70 101.12 96.14 29 July 2005 98.50 100.82 96.03 1 August 2005 98.15 100.21 95.97 2 August 2005 97.95 99.95 95.81 3 August 2005 97.64 99.47 95.69 4 August 2005 97.51 99.31 95.58 5 August 2005 97.81 99.86 95.63 8 August 2005 97.68 99.53 95.70 9 August 2005 97.78 99.65 95.78 10 August 2005 97.49 99.30 95.54 11 August 2005 97.15 98.56 95.62 12 August 2005 97.08 98.28 95.78 15 August 2005 97.20 98.55 95.73 16 August 2005 97.24 98.64 95.73 17 August 2005 97.52 99.11 95.82 18 August 2005 98.08 99.98 96.06 19 August 2005 98.33 100.06 96.48 22 August 2005 97.82 99.28 96.24 23 August 2005 97.87 99.22 96.41 24 August 2005 97.99 99.17 96.72 25 August 2005 97.63 98.62 96.55 26 August 2005 97.74 98.73 96.65 29 August 2005 98.08 99.17 96.89 30 August 2005 98.18 99.45 96.80 31 August 2005 97.74 98.77 96.62 1 September 2005 97.25 98.04 96.39 2 September 2005 96.93 97.66 96.12 6 September 2005 97.01 97.79 96.15 7 September 2005 97.14 97.97 96.23 8 September 2005 97.19 98.07 96.22 9 September 2005 96.94 97.63 96.18 12 September 2005 97.36 98.47 96.16 13 September 2005 97.51 98.59 96.32 14 September 2005 97.49 98.47 96.42 15 September 2005 97.67 98.92 96.30 16 September 2005 97.76 99.00 96.40 19 September 2005 97.71 98.81 96.51 20 September 2005 97.69 98.80 96.48 21 September 2005 97.52 98.58 96.36 22 September 2005 97.75 98.88 96.51 23 September 2005 98.05 99.42 96.57 26 September 2005 98.27 99.77 96.65 27 September 2005 98.43 100.06 96.67 28 September 2005 98.40 100.06 96.62 29 September 2005 98.23 99.86 96.48 30 September 2005 97.95 99.38 96.41 3 October 2005 98.38 100.19 96.45 4 October 2005 98.41 100.36 96.32 5 October 2005 98.34 100.22 96.32 6 October 2005 98.15 99.74 96.44 7 October 2005 98.13 99.73 96.41 11 October 2005 98.41 100.19 96.49 12 October 2005 98.39 99.98 96.67 13 October 2005 98.96 100.84 96.96 14 October 2005 98.55 100.18 96.80 17 October 2005 98.59 100.36 96.68 18 October 2005 98.88 100.87 96.76 19 October 2005 98.77 100.52 96.90 20 October 2005 98.69 100.45 96.81 21 October 2005 99.02 100.85 97.05 24 October 2005 98.87 100.70 96.91 25 October 2005 98.38 99.90 96.75 26 October 2005 98.47 99.99 96.83 27 October 2005 98.27 99.61 96.82 28 October 2005 98.46 100.11 96.69 31 October 2005 98.71 100.68 96.61 1 November 2005 98.69 100.68 96.57 2 November 2005 98.58 100.54 96.48 3 November 2005 98.77 100.97 96.44 4 November 2005 99.22 101.72 96.57 7 November 2005 99.32 101.99 96.49 8 November 2005 99.32 101.94 96.55 9 November 2005 99.29 102.03 96.40 10 November 2005 99.37 102.18 96.41 14 November 2005 99.67 102.86 96.33 15 November 2005 99.56 102.71 96.25 16 November 2005 99.65 102.88 96.26 17 November 2005 99.47 102.53 96.26 18 November 2005 99.56 102.62 96.34 21 November 2005 99.39 102.34 96.29 22 November 2005 99.42 102.24 96.45 23 November 2005 99.06 101.77 96.20 25 November 2005 99.25 102.10 96.24 28 November 2005 98.93 101.63 96.09 29 November 2005 98.97 101.79 96.01 30 November 2005 98.96 101.74 96.04 1 December 2005 99.16 102.22 95.95 2 December 2005 99.02 102.05 95.83 5 December 2005 98.77 101.53 95.86 6 December 2005 98.64 101.50 95.62 7 December 2005 98.87 101.84 95.74 8 December 2005 98.61 101.25 95.82 9 December 2005 98.78 101.31 96.09 12 December 2005 98.33 100.44 96.09 13 December 2005 98.41 100.68 96.00 14 December 2005 98.00 99.79 96.08 15 December 2005 98.21 100.21 96.07 16 December 2005 98.11 99.87 96.21 19 December 2005 98.26 100.19 96.19 20 December 2005 98.74 101.20 96.13 21 December 2005 98.74 101.32 96.00 22 December 2005 98.54 100.92 96.01 23 December 2005 98.57 100.99 95.99 27 December 2005 98.84 101.35 96.19 28 December 2005 98.73 101.11 96.20 29 December 2005 98.68 101.24 95.97 30 December 2005 98.65 101.32 95.84 3 January 2006 98.04 100.23 95.72 4 January 2006 97.56 99.60 95.37 5 January 2006 97.60 99.80 95.25 6 January 2006 97.34 99.41 95.13 9 January 2006 97.45 99.85 94.91 10 January 2006 97.42 99.70 95.00 11 January 2006 97.17 99.21 95.00 12 January 2006 97.33 99.73 94.79 13 January 2006 97.27 99.45 94.95 17 January 2006 97.54 99.89 95.04 18 January 2006 97.68 100.03 95.19 19 January 2006 97.48 99.74 95.07 20 January 2006 97.22 99.44 94.86 23 January 2006 96.74 98.59 94.76 24 January 2006 96.70 98.62 94.64 25 January 2006 96.71 98.73 94.55 26 January 2006 96.82 98.97 94.54 27 January 2006 96.98 99.38 94.43 30 January 2006 97.05 99.53 94.42 31 January 2006 96.78 99.11 94.32 1 February 2006 96.96 99.39 94.39 2 February 2006 97.14 99.51 94.62 3 February 2006 97.42 100.09 94.61 6 February 2006 97.41 100.32 94.36 7 February 2006 97.45 100.26 94.48 8 February 2006 97.73 100.65 94.67 9 February 2006 97.48 100.32 94.50 10 February 2006 97.56 100.54 94.43 13 February 2006 97.63 100.62 94.49 14 February 2006 97.62 100.66 94.42 15 February 2006 97.67 100.73 94.46 16 February 2006 97.73 100.88 94.42 17 February 2006 97.58 100.70 94.30 21 February 2006 97.49 100.56 94.28 22 February 2006 97.64 100.60 94.52 23 February 2006 97.44 100.34 94.39 24 February 2006 97.49 100.51 94.31 27 February 2006 97.32 100.19 94.29 28 February 2006 97.04 99.77 94.17 1 March 2006 97.10 99.91 94.14 2 March 2006 96.87 99.41 94.19 3 March 2006 96.98 99.46 94.34 6 March 2006 97.24 99.86 94.46 7 March 2006 97.77 100.56 94.83 8 March 2006 98.04 100.80 95.13 9 March 2006 97.96 100.82 94.94 10 March 2006 98.12 101.21 94.87 13 March 2006 98.02 101.02 94.88 14 March 2006 97.52 100.19 94.70 15 March 2006 97.42 100.14 94.55 16 March 2006 97.14 99.71 94.43 17 March 2006 97.07 99.51 94.50 20 March 2006 97.24 99.79 94.54 21 March 2006 97.63 100.37 94.74 22 March 2006 97.64 100.22 94.92 23 March 2006 97.95 100.81 94.93 24 March 2006 97.91 100.66 95.01 27 March 2006 97.95 100.60 95.15 28 March 2006 97.93 100.50 95.20 29 March 2006 98.15 100.92 95.23 30 March 2006 97.72 100.19 95.10 31 March 2006 97.69 100.33 94.90 3 April 2006 97.74 100.56 94.77 4 April 2006 97.29 99.82 94.61 5 April 2006 97.22 99.68 94.62 6 April 2006 97.29 99.61 94.82 7 April 2006 97.52 99.92 94.98 10 April 2006 97.52 100.04 94.85 11 April 2006 97.42 99.84 94.85 12 April 2006 97.49 99.92 94.91 13 April 2006 97.60 100.00 95.05 14 April 2006 97.58 100.05 94.98 17 April 2006 97.04 99.08 94.87 18 April 2006 96.87 98.96 94.64 19 April 2006 96.57 98.47 94.53 20 April 2006 96.69 98.65 94.61 21 April 2006 96.63 98.46 94.68 24 April 2006 96.31 98.04 94.46 25 April 2006 96.18 97.73 94.51 26 April 2006 96.11 97.40 94.71 27 April 2006 95.77 96.94 94.49 28 April 2006 95.44 96.40 94.38 1 May 2006 95.23 96.09 94.28 2 May 2006 95.01 95.80 94.14 3 May 2006 94.92 95.79 93.95 4 May 2006 94.86 95.63 94.02 5 May 2006 94.64 95.30 93.91 8 May 2006 94.56 95.33 93.71 9 May 2006 94.36 94.92 93.73 10 May 2006 94.06 94.59 93.47 11 May 2006 93.99 94.26 93.68 12 May 2006 94.30 94.43 94.13 15 May 2006 94.75 94.79 94.68 16 May 2006 94.61 94.72 94.47 17 May 2006 94.85 95.09 94.56 18 May 2006 95.08 95.14 94.99 19 May 2006 95.30 95.54 95.00 22 May 2006 95.33 95.09 95.57 23 May 2006 95.10 95.03 95.15 24 May 2006 95.75 95.74 95.73 25 May 2006 95.26 95.06 95.43 26 May 2006 95.29 95.35 95.20 30 May 2006 95.02 94.57 95.48 31 May 2006 95.17 94.84 95.50 1 June 2006 95.18 94.86 95.48 2 June 2006 94.97 94.41 95.55 5 June 2006 94.79 94.32 95.26 6 June 2006 95.50 95.42 95.55 7 June 2006 95.53 95.44 95.59 8 June 2006 96.22 96.41 96.00 9 June 2006 95.88 95.91 95.82 12 June 2006 95.90 95.88 95.90 13 June 2006 96.25 96.34 96.12 14 June 2006 96.16 96.22 96.07 15 June 2006 96.19 96.45 95.88 16 June 2006 96.21 96.58 95.78 19 June 2006 96.42 96.82 95.97 20 June 2006 96.30 96.60 95.95 21 June 2006 95.89 95.91 95.83 22 June 2006 96.36 96.79 95.87 23 June 2006 96.67 97.25 96.01 26 June 2006 96.62 97.19 95.97 27 June 2006 96.48 96.96 95.94 28 June 2006 96.64 97.28 95.92 29 June 2006 96.48 97.02 95.86 30 June 2006 95.58 95.82 95.29 3 July 2006 95.39 95.77 94.95 5 July 2006 95.64 96.12 95.10 6 July 2006 95.49 95.93 94.99 7 July 2006 95.13 95.51 94.68 10 July 2006 95.32 96.08 94.48 11 July 2006 95.54 96.34 94.65 12 July 2006 95.82 96.75 94.81 13 July 2006 95.87 96.73 94.93 14 July 2006 96.01 96.85 95.08 17 July 2006 96.37 97.53 95.11 18 July 2006 96.44 97.70 95.06 19 July 2006 96.24 97.46 94.93 20 July 2006 95.94 97.10 94.68 21 July 2006 95.86 96.92 94.71 24 July 2006 96.09 97.29 94.79 25 July 2006 96.24 97.60 94.77 26 July 2006 96.06 97.22 94.81 27 July 2006 95.58 96.54 94.54 28 July 2006 95.42 96.22 94.55 31 July 2006 95.36 96.13 94.52 1 August 2006 95.53 96.18 94.80 2 August 2006 95.33 95.87 94.72 3 August 2006 95.46 96.04 94.81 4 August 2006 95.04 95.44 94.58 7 August 2006 94.96 95.37 94.49 8 August 2006 95.09 95.56 94.56 9 August 2006 94.90 95.40 94.33 10 August 2006 95.28 96.10 94.39 11 August 2006 95.21 96.03 94.32 14 August 2006 95.39 96.29 94.41 15 August 2006 95.24 95.97 94.44 16 August 2006 94.86 95.49 94.16 17 August 2006 94.81 95.48 94.06 18 August 2006 95.17 95.99 94.27 21 August 2006 94.84 95.46 94.14 22 August 2006 95.05 95.86 94.15 23 August 2006 95.02 95.69 94.27 24 August 2006 95.22 95.83 94.55 25 August 2006 95.31 95.89 94.67 28 August 2006 95.28 95.89 94.60 29 August 2006 95.21 95.88 94.45 30 August 2006 95.04 95.64 94.36 31 August 2006 95.10 95.71 94.41 1 September 2006 94.97 95.54 94.34 5 September 2006 94.88 95.62 94.06 6 September 2006 95.04 95.70 94.30 7 September 2006 95.20 95.89 94.43 8 September 2006 95.57 96.54 94.50 11 September 2006 95.73 96.65 94.73 12 September 2006 95.64 96.56 94.64 13 September 2006 95.55 96.47 94.54 14 September 2006 95.40 96.24 94.47 15 September 2006 95.58 96.68 94.37 18 September 2006 95.51 96.59 94.34 19 September 2006 95.54 96.63 94.36 20 September 2006 95.53 96.62 94.33 21 September 2006 95.33 96.24 94.33 22 September 2006 95.26 95.90 94.55 25 September 2006 95.38 96.02 94.66 26 September 2006 95.44 96.32 94.47 27 September 2006 95.39 96.36 94.33 28 September 2006 95.41 96.35 94.38 29 September 2006 95.47 96.55 94.30 2 October 2006 95.31 96.28 94.26 3 October 2006 95.49 96.52 94.37 4 October 2006 95.71 96.89 94.43 5 October 2006 95.62 96.81 94.33 6 October 2006 95.89 97.26 94.41 10 October 2006 96.21 97.79 94.50 11 October 2006 96.21 97.84 94.46 12 October 2006 96.14 97.86 94.29 13 October 2006 96.11 98.05 94.03 16 October 2006 96.03 97.92 94.01 17 October 2006 95.86 97.61 93.99 18 October 2006 95.94 97.84 93.90 19 October 2006 95.65 97.30 93.87 20 October 2006 95.54 97.06 93.90 23 October 2006 95.79 97.49 93.96 24 October 2006 95.71 97.37 93.92 25 October 2006 95.58 97.21 93.82 26 October 2006 95.28 96.86 93.58 27 October 2006 94.91 96.29 93.42 30 October 2006 94.96 96.38 93.43 31 October 2006 94.80 96.07 93.42 1 November 2006 94.89 96.33 93.33 2 November 2006 95.02 96.46 93.47 3 November 2006 95.09 96.67 93.39 6 November 2006 95.17 96.72 93.51 7 November 2006 94.84 96.19 93.37 8 November 2006 94.95 96.35 93.44 9 November 2006 94.88 96.24 93.42 10 November 2006 94.84 96.12 93.45 13 November 2006 95.13 96.61 93.54 14 November 2006 95.09 96.61 93.45 15 November 2006 95.17 96.70 93.53 16 November 2006 95.15 96.72 93.46 17 November 2006 95.30 96.76 93.74 20 November 2006 95.34 96.88 93.68 21 November 2006 95.33 96.81 93.74 22 November 2006 94.89 96.04 93.64 24 November 2006 94.45 95.22 93.60 27 November 2006 94.39 95.08 93.62 28 November 2006 94.26 94.86 93.59 29 November 2006 94.26 95.05 93.39 30 November 2006 94.00 94.66 93.26 1 December 2006 93.88 94.51 93.19 4 December 2006 93.86 94.52 93.12 5 December 2006 93.64 94.38 92.82 6 December 2006 93.70 94.61 92.70 7 December 2006 93.72 94.70 92.65 8 December 2006 94.00 95.19 92.72 11 December 2006 94.07 95.23 92.81 12 December 2006 94.10 95.36 92.75 13 December 2006 94.12 95.44 92.69 14 December 2006 94.18 95.66 92.58 15 December 2006 94.36 95.99 92.60 18 December 2006 94.52 96.14 92.77 19 December 2006 94.33 95.62 92.93 20 December 2006 94.19 95.53 92.73 21 December 2006 94.31 95.68 92.82 22 December 2006 94.48 96.03 92.82 26 December 2006 94.54 96.10 92.87 27 December 2006 94.56 96.14 92.87 28 December 2006 94.43 96.01 92.73 29 December 2006 94.40 96.06 92.62 2 January 2007 94.13 95.69 92.46 3 January 2007 94.47 96.39 92.43 4 January 2007 94.84 96.78 92.76 5 January 2007 95.04 96.99 92.96 8 January 2007 95.06 96.93 93.05 9 January 2007 95.23 97.18 93.15 10 January 2007 95.35 97.35 93.21 11 January 2007 95.36 97.52 93.06 12 January 2007 95.22 97.22 93.08 16 January 2007 95.27 97.38 93.02 17 January 2007 95.06 97.19 92.79 18 January 2007 95.13 97.37 92.75 19 January 2007 95.01 97.18 92.70 22 January 2007 95.14 97.35 92.79 23 January 2007 95.13 97.25 92.88 24 January 2007 95.18 97.44 92.79 25 January 2007 95.12 97.31 92.78 26 January 2007 95.40 97.71 92.94 29 January 2007 95.46 97.69 93.09 30 January 2007 95.41 97.64 93.04 31 January 2007 95.24 97.35 92.99 1 February 2007 95.00 97.10 92.77 2 February 2007 95.24 97.55 92.78 5 February 2007 95.13 97.50 92.62 6 February 2007 95.01 97.36 92.51 7 February 2007 95.00 97.34 92.51 8 February 2007 95.08 97.43 92.59 9 February 2007 94.98 97.32 92.50 12 February 2007 95.20 97.53 92.72 13 February 2007 94.99 97.12 92.71 14 February 2007 94.60 96.60 92.47 15 February 2007 94.46 96.37 92.43 16 February 2007 94.46 96.34 92.45 20 February 2007 94.62 96.62 92.49 21 February 2007 94.59 96.55 92.50 22 February 2007 94.59 96.57 92.48 23 February 2007 94.51 96.33 92.56 26 February 2007 94.55 96.33 92.65 27 February 2007 94.40 95.85 92.84 28 February 2007 94.54 96.04 92.92 1 March 2007 94.61 96.13 92.97 2 March 2007 94.63 96.16 92.98 5 March 2007 94.87 96.56 93.06 6 March 2007 94.73 96.44 92.90 7 March 2007 94.68 96.35 92.88 8 March 2007 94.79 96.62 92.84 9 March 2007 94.70 96.53 92.74 12 March 2007 94.55 96.17 92.81 13 March 2007 94.47 96.02 92.81 14 March 2007 94.52 96.01 92.91 15 March 2007 94.51 96.07 92.83 16 March 2007 94.31 95.75 92.77 19 March 2007 94.39 95.91 92.75 20 March 2007 94.11 95.54 92.57 21 March 2007 93.94 95.42 92.36 22 March 2007 93.73 95.21 92.14 23 March 2007 93.89 95.46 92.20 26 March 2007 93.89 95.41 92.26 27 March 2007 93.80 95.25 92.24 28 March 2007 93.82 95.20 92.33 29 March 2007 93.84 95.30 92.26 30 March 2007 93.67 95.02 92.22 2 April 2007 93.68 95.06 92.20 3 April 2007 93.75 95.32 92.06 4 April 2007 93.73 95.31 92.03 5 April 2007 93.50 94.95 91.94 6 April 2007 93.63 95.21 91.93 9 April 2007 93.66 95.30 91.90 10 April 2007 93.51 94.89 92.03 11 April 2007 93.44 94.83 91.94 12 April 2007 93.22 94.41 91.93 13 April 2007 93.15 94.38 91.82 16 April 2007 93.03 94.14 91.82 17 April 2007 92.87 93.84 91.80 18 April 2007 92.79 93.72 91.76 19 April 2007 92.75 93.65 91.76 20 April 2007 92.66 93.57 91.67 23 April 2007 92.68 93.58 91.68 24 April 2007 92.67 93.50 91.77 25 April 2007 92.38 93.20 91.48 26 April 2007 92.68 93.71 91.56 27 April 2007 92.55 93.45 91.56 30 April 2007 92.39 93.10 91.60 1 May 2007 92.54 93.38 91.62 2 May 2007 92.57 93.46 91.58 3 May 2007 92.55 93.55 91.45 4 May 2007 92.45 93.46 91.35 7 May 2007 92.24 93.22 91.18 8 May 2007 92.39 93.52 91.18 9 May 2007 92.33 93.48 91.09 10 May 2007 92.47 93.73 91.11 11 May 2007 92.52 93.86 91.07 14 May 2007 92.36 93.64 90.97 15 May 2007 92.12 93.18 90.97 16 May 2007 92.35 93.68 90.91 17 May 2007 92.37 93.72 90.91 18 May 2007 92.21 93.38 90.94 21 May 2007 92.24 93.55 90.83 22 May 2007 92.13 93.48 90.67 23 May 2007 92.03 93.28 90.67 24 May 2007 92.25 93.49 90.90 25 May 2007 92.07 93.35 90.68 29 May 2007 91.94 93.09 90.69 30 May 2007 92.11 93.34 90.77 31 May 2007 91.91 93.11 90.61 1 June 2007 91.74 92.91 90.47 4 June 2007 91.62 92.61 90.54 5 June 2007 91.62 92.53 90.63 6 June 2007 91.74 92.51 90.89 7 June 2007 91.94 92.75 91.06 8 June 2007 92.32 93.15 91.40 11 June 2007 92.23 93.15 91.22 12 June 2007 92.26 93.28 91.14 13 June 2007 92.44 93.56 91.24 14 June 2007 92.45 93.68 91.12 15 June 2007 92.20 93.55 90.73 18 June 2007 92.13 93.57 90.57 19 June 2007 91.92 93.22 90.52 20 June 2007 91.96 93.19 90.62 21 June 2007 92.18 93.50 90.76 22 June 2007 92.04 93.28 90.71 25 June 2007 92.10 93.32 90.79 26 June 2007 92.06 93.15 90.87 27 June 2007 92.13 93.21 90.96 28 June 2007 91.85 92.89 90.70 29 June 2007 91.76 92.81 90.61 2 July 2007 91.29 92.08 90.42 3 July 2007 91.34 92.24 90.35 5 July 2007 91.40 92.29 90.41 6 July 2007 91.23 92.02 90.36 9 July 2007 91.22 92.02 90.35 10 July 2007 91.00 91.69 90.23 11 July 2007 90.96 91.65 90.20 12 July 2007 90.80 91.41 90.12 13 July 2007 90.69 91.29 90.01 16 July 2007 90.59 91.14 89.97 17 July 2007 90.60 91.20 89.94 18 July 2007 90.50 91.02 89.92 19 July 2007 90.44 91.03 89.77 20 July 2007 90.41 90.86 89.90 23 July 2007 90.35 90.95 89.68 24 July 2007 90.20 90.60 89.76 25 July 2007 90.58 91.04 90.06 26 July 2007 90.75 91.07 90.38 27 July 2007 91.13 91.55 90.65 30 July 2007 91.16 91.74 90.51 31 July 2007 91.03 91.61 90.38 1 August 2007 91.01 91.41 90.54 2 August 2007 90.92 91.35 90.44 3 August 2007 90.74 90.94 90.49 6 August 2007 90.74 90.88 90.56 7 August 2007 90.93 91.22 90.60 8 August 2007 90.76 91.01 90.46 9 August 2007 91.06 91.37 90.69 10 August 2007 91.14 91.28 90.97 13 August 2007 91.21 91.48 90.90 14 August 2007 91.60 91.97 91.18 15 August 2007 92.01 92.47 91.49 16 August 2007 92.38 92.37 92.37 17 August 2007 91.83 91.74 91.91 20 August 2007 91.73 91.72 91.72 21 August 2007 91.79 91.74 91.81 22 August 2007 91.64 91.70 91.55 23 August 2007 91.54 91.54 91.52 24 August 2007 91.29 91.20 91.35 27 August 2007 91.21 91.14 91.25 28 August 2007 91.39 91.32 91.44 29 August 2007 91.30 91.21 91.37 30 August 2007 91.31 91.26 91.32 31 August 2007 91.25 91.28 91.19 3 September 2007 91.25 91.28 91.20 4 September 2007 91.23 91.24 91.20 5 September 2007 91.14 90.91 91.35 6 September 2007 91.04 90.92 91.15 7 September 2007 90.89 90.48 91.30 10 September 2007 90.83 90.37 91.29 11 September 2007 90.55 90.03 91.08 12 September 2007 90.28 89.72 90.86 13 September 2007 90.26 89.81 90.72 14 September 2007 90.33 89.89 90.78 17 September 2007 90.43 89.92 90.95 18 September 2007 90.29 89.78 90.82 19 September 2007 89.83 89.35 90.33 20 September 2007 89.14 88.24 90.08 21 September 2007 89.22 88.44 90.04 24 September 2007 89.14 88.32 89.99 25 September 2007 89.08 88.16 90.06 26 September 2007 89.17 88.44 89.94 27 September 2007 89.09 88.35 89.87 28 September 2007 88.71 87.77 89.71 1 October 2007 88.67 87.75 89.63 2 October 2007 88.88 88.14 89.65 3 October 2007 88.88 88.23 89.55 4 October 2007 88.94 88.26 89.63 5 October 2007 88.55 87.72 89.41 8 October 2007 88.56 87.72 89.43 9 October 2007 88.66 88.03 89.31 10 October 2007 88.52 87.76 89.32 11 October 2007 88.31 87.50 89.17 12 October 2007 88.41 87.59 89.27 15 October 2007 88.37 87.49 89.29 16 October 2007 88.51 87.65 89.43 17 October 2007 88.34 87.39 89.34 18 October 2007 88.14 87.01 89.33 19 October 2007 87.94 86.73 89.24 22 October 2007 88.44 87.48 89.46 23 October 2007 88.02 86.80 89.33 24 October 2007 88.04 86.82 89.34 25 October 2007 87.82 86.58 89.15 26 October 2007 87.51 86.17 88.96 29 October 2007 87.30 85.98 88.71 30 October 2007 87.22 85.88 88.65 31 October 2007 87.06 85.70 88.51 1 November 2007 87.09 85.73 88.54 2 November 2007 86.84 85.21 88.60 5 November 2007 86.84 85.15 88.66 6 November 2007 86.47 84.63 88.47 7 November 2007 86.08 83.90 88.45 8 November 2007 86.24 84.15 88.52 9 November 2007 86.39 84.28 88.68 13 November 2007 86.96 85.19 88.88 14 November 2007 86.84 85.11 88.71 15 November 2007 87.27 85.70 88.96 16 November 2007 87.16 85.49 88.96 19 November 2007 87.34 85.67 89.14 20 November 2007 87.11 85.34 89.02 21 November 2007 87.17 85.23 89.28 22 November 2007 87.16 85.23 89.26 23 November 2007 87.06 85.15 89.13 26 November 2007 86.98 84.99 89.14 27 November 2007 87.22 85.43 89.16 28 November 2007 87.25 85.66 88.97 29 November 2007 87.18 85.64 88.85 30 November 2007 87.41 86.22 88.68 3 December 2007 87.43 86.16 88.80 4 December 2007 87.45 86.15 88.83 5 December 2007 87.62 86.70 88.59 6 December 2007 87.68 86.78 88.62 7 December 2007 87.51 86.61 88.45 10 December 2007 87.45 86.56 88.40 11 December 2007 87.48 86.65 88.36 12 December 2007 87.51 86.70 88.36 13 December 2007 87.86 87.30 88.44 14 December 2007 88.15 87.70 88.61 17 December 2007 88.26 87.67 88.87 18 December 2007 88.28 87.72 88.85 19 December 2007 88.32 87.82 88.84 20 December 2007 88.18 87.57 88.82 21 December 2007 88.10 87.55 88.66 24 December 2007 87.92 87.33 88.54 26 December 2007 87.69 86.93 88.48 27 December 2007 87.46 86.58 88.39 28 December 2007 87.19 86.08 88.37 31 December 2007 87.35 86.45 88.30 2 January 2008 87.08 85.96 88.28 3 January 2008 86.95 85.91 88.06 4 January 2008 86.95 85.85 88.12 7 January 2008 87.26 86.40 88.16 8 January 2008 87.05 86.14 88.00 9 January 2008 87.34 86.61 88.10 10 January 2008 87.30 86.55 88.08 11 January 2008 87.21 86.55 87.89 14 January 2008 86.97 86.23 87.75 15 January 2008 86.84 86.02 87.70 16 January 2008 87.31 86.72 87.93 17 January 2008 87.30 86.66 87.97 18 January 2008 87.53 86.90 88.17 22 January 2008 87.48 86.79 88.19 23 January 2008 87.53 86.78 88.32 24 January 2008 86.90 85.92 87.95 25 January 2008 86.91 86.06 87.81 28 January 2008 86.67 85.67 87.73 29 January 2008 86.56 85.60 87.57 30 January 2008 86.48 85.46 87.57 31 January 2008 86.39 85.46 87.38 1 February 2008 86.22 85.21 87.29 4 February 2008 86.22 85.24 87.26 5 February 2008 86.75 86.10 87.42 6 February 2008 86.67 86.00 87.36 7 February 2008 87.05 86.69 87.41 8 February 2008 86.88 86.39 87.38 11 February 2008 86.88 86.32 87.45 12 February 2008 86.65 86.03 87.29 13 February 2008 86.83 86.30 87.37 14 February 2008 86.62 85.99 87.28 15 February 2008 86.60 86.00 87.22 19 February 2008 86.64 86.24 87.04 20 February 2008 86.90 86.62 87.17 21 February 2008 86.42 85.86 86.99 22 February 2008 86.40 85.91 86.90 25 February 2008 86.26 85.57 86.98 26 February 2008 85.85 85.03 86.71 27 February 2008 85.13 83.97 86.36 28 February 2008 84.83 83.62 86.13 29 February 2008 84.95 83.60 86.40 3 March 2008 85.02 83.67 86.45 4 March 2008 85.06 83.77 86.44 5 March 2008 84.93 83.62 86.34 6 March 2008 84.72 83.14 86.42 7 March 2008 84.91 83.30 86.65 10 March 2008 84.94 83.25 86.77 11 March 2008 84.97 83.48 86.58 12 March 2008 84.58 82.84 86.46 Figure: Ten-year government bond yields (nominal) Daily Percent Date UK Germany Japan 2 January 2004 4.762 4.257 1.362 5 January 2004 4.862 4.326 1.400 6 January 2004 4.849 4.273 1.367 7 January 2004 4.820 4.250 1.371 8 January 2004 4.821 4.253 1.371 9 January 2004 4.667 4.135 1.367 12 January 2004 4.679 4.145 ND 13 January 2004 4.653 4.153 1.305 14 January 2004 4.703 4.176 1.300 15 January 2004 4.695 4.159 1.286 16 January 2004 4.655 4.107 1.272 19 January 2004 4.705 4.156 1.300 20 January 2004 4.757 4.156 1.338 21 January 2004 4.760 4.157 1.338 22 January 2004 4.793 4.146 1.310 23 January 2004 4.776 4.110 1.334 26 January 2004 4.822 4.158 1.319 27 January 2004 4.832 4.171 1.305 28 January 2004 4.853 4.164 1.324 29 January 2004 4.915 4.241 1.329 30 January 2004 4.892 4.232 1.324 2 February 2004 4.907 4.235 1.319 3 February 2004 4.887 4.202 1.300 4 February 2004 4.868 4.192 1.276 5 February 2004 4.868 4.181 1.266 6 February 2004 4.839 4.153 1.271 9 February 2004 4.818 4.130 1.281 10 February 2004 4.798 4.125 1.257 11 February 2004 4.822 4.161 1.257 12 February 2004 4.782 4.123 1.238 13 February 2004 4.732 4.088 1.238 16 February 2004 4.776 4.112 1.252 17 February 2004 4.759 4.084 1.271 18 February 2004 4.750 4.061 1.233 19 February 2004 4.854 4.135 1.219 20 February 2004 4.836 4.119 1.200 23 February 2004 4.838 4.125 1.223 24 February 2004 4.813 4.101 1.224 25 February 2004 4.798 4.082 1.200 26 February 2004 4.812 4.094 1.214 27 February 2004 4.779 4.055 1.223 1 March 2004 4.772 4.036 1.257 2 March 2004 4.774 4.054 1.337 3 March 2004 4.853 4.108 1.417 4 March 2004 4.857 4.126 1.403 5 March 2004 4.734 3.979 1.427 8 March 2004 4.672 3.926 1.361 9 March 2004 4.655 3.925 1.356 10 March 2004 4.663 3.935 1.323 11 March 2004 4.643 3.890 1.285 12 March 2004 4.636 3.896 1.262 15 March 2004 4.641 3.899 1.290 16 March 2004 4.647 3.908 1.285 17 March 2004 4.650 3.874 1.309 18 March 2004 4.685 3.898 1.328 19 March 2004 4.687 3.895 1.384 22 March 2004 4.679 3.883 1.366 23 March 2004 4.682 3.892 1.328 24 March 2004 4.665 3.865 1.309 25 March 2004 4.664 3.852 1.309 26 March 2004 4.652 3.849 1.394 29 March 2004 4.785 3.951 1.473 30 March 2004 4.791 3.943 1.445 31 March 2004 4.772 3.938 1.427 1 April 2004 4.769 3.950 1.413 2 April 2004 4.882 4.080 1.422 5 April 2004 4.933 4.106 1.473 6 April 2004 4.914 4.079 1.511 7 April 2004 4.889 4.065 1.495 8 April 2004 4.900 4.078 1.490 9 April 2004 4.879 4.069 1.485 12 April 2004 4.879 4.069 1.523 13 April 2004 4.958 4.138 1.481 14 April 2004 5.006 4.174 1.546 15 April 2004 4.957 4.157 1.546 16 April 2004 4.921 4.109 1.495 19 April 2004 4.941 4.105 1.495 20 April 2004 4.974 4.158 1.504 21 April 2004 5.002 4.186 1.575 22 April 2004 4.971 4.161 1.578 23 April 2004 4.978 4.182 1.500 26 April 2004 4.989 4.187 1.518 27 April 2004 4.983 4.181 1.514 28 April 2004 4.997 4.182 1.518 29 April 2004 5.009 4.185 1.518 30 April 2004 5.013 4.186 1.532 3 May 2004 4.989 4.170 ND 4 May 2004 4.943 4.147 ND 5 May 2004 4.936 4.143 ND 6 May 2004 5.014 4.199 1.485 7 May 2004 5.101 4.291 1.485 10 May 2004 5.093 4.286 1.504 11 May 2004 5.093 4.296 1.532 12 May 2004 5.093 4.298 1.528 13 May 2004 5.137 4.340 1.500 14 May 2004 5.080 4.299 1.504 17 May 2004 5.043 4.273 1.452 18 May 2004 5.081 4.290 1.452 19 May 2004 5.172 4.353 1.490 20 May 2004 5.146 4.331 1.467 21 May 2004 5.130 4.285 1.457 24 May 2004 5.183 4.339 1.481 25 May 2004 5.150 4.311 1.467 26 May 2004 5.123 4.297 1.452 27 May 2004 5.110 4.292 1.462 28 May 2004 5.136 4.298 1.510 31 May 2004 5.157 4.374 1.526 1 June 2004 5.192 4.361 1.531 2 June 2004 5.205 4.366 1.562 3 June 2004 5.221 4.398 1.578 4 June 2004 5.213 4.391 1.594 7 June 2004 5.209 4.395 1.680 8 June 2004 5.202 4.375 1.701 9 June 2004 5.222 4.370 1.755 10 June 2004 5.219 4.404 1.772 11 June 2004 5.233 4.426 1.793 14 June 2004 5.246 4.424 1.827 15 June 2004 5.196 4.381 1.781 16 June 2004 5.189 4.368 1.850 17 June 2004 5.243 4.400 1.914 18 June 2004 5.177 4.356 1.869 21 June 2004 5.167 4.343 1.864 22 June 2004 5.179 4.358 1.869 23 June 2004 5.165 4.372 1.902 24 June 2004 5.113 4.305 1.935 25 June 2004 5.116 4.318 1.853 28 June 2004 5.143 4.348 1.853 29 June 2004 5.176 4.378 1.847 30 June 2004 5.133 4.343 1.793 1 July 2004 5.097 4.320 1.880 2 July 2004 5.026 4.245 1.809 5 July 2004 5.055 4.259 1.793 6 July 2004 5.045 4.244 1.788 7 July 2004 5.045 4.248 1.805 8 July 2004 5.023 4.230 1.751 9 July 2004 5.044 4.234 1.805 12 July 2004 5.039 4.221 1.773 13 July 2004 5.106 4.270 1.746 14 July 2004 5.086 4.254 1.767 15 July 2004 5.101 4.257 1.800 16 July 2004 5.041 4.212 1.767 19 July 2004 5.037 4.204 1.767 20 July 2004 5.051 4.226 1.757 21 July 2004 5.117 4.271 1.781 22 July 2004 5.134 4.265 1.786 23 July 2004 5.121 4.247 1.804 26 July 2004 5.140 4.254 1.805 27 July 2004 5.153 4.269 1.837 28 July 2004 5.194 4.314 1.846 29 July 2004 5.176 4.284 1.818 30 July 2004 5.118 4.230 1.846 2 August 2004 5.084 4.196 1.886 3 August 2004 5.106 4.202 1.848 4 August 2004 5.089 4.194 1.776 5 August 2004 5.019 4.157 1.717 6 August 2004 4.911 4.066 1.670 9 August 2004 4.956 4.081 1.647 10 August 2004 4.947 4.069 1.656 11 August 2004 4.977 4.094 1.656 12 August 2004 4.966 4.084 1.627 13 August 2004 4.917 4.034 1.538 16 August 2004 4.964 4.071 1.528 17 August 2004 4.966 4.078 1.580 18 August 2004 4.917 4.053 1.543 19 August 2004 4.968 4.085 1.564 20 August 2004 4.944 4.070 1.543 23 August 2004 5.005 4.108 1.575 24 August 2004 5.018 4.119 1.575 25 August 2004 4.991 4.099 1.591 26 August 2004 4.962 4.079 1.585 27 August 2004 4.961 4.068 1.549 30 August 2004 4.961 4.064 1.549 31 August 2004 4.960 4.059 1.512 1 September 2004 4.917 4.021 1.486 2 September 2004 4.951 4.051 1.485 3 September 2004 5.008 4.130 1.546 6 September 2004 4.978 4.136 1.605 7 September 2004 4.995 4.152 1.645 8 September 2004 4.994 4.166 1.621 9 September 2004 4.940 4.098 1.536 10 September 2004 4.903 4.054 1.504 13 September 2004 4.932 4.078 1.499 14 September 2004 4.924 4.069 1.514 15 September 2004 4.914 4.063 1.488 16 September 2004 4.946 4.070 1.520 17 September 2004 4.904 4.019 1.498 20 September 2004 4.897 4.018 ND 21 September 2004 4.901 4.023 1.472 22 September 2004 4.864 4.004 1.461 23 September 2004 4.792 3.938 ND 24 September 2004 4.842 3.983 1.398 27 September 2004 4.807 3.950 1.388 28 September 2004 4.804 3.948 1.398 29 September 2004 4.847 3.992 1.403 30 September 2004 4.846 3.998 1.430 1 October 2004 4.874 4.026 1.462 4 October 2004 4.898 4.044 1.530 5 October 2004 4.853 4.007 1.573 6 October 2004 4.842 4.003 1.596 7 October 2004 4.861 4.018 1.580 8 October 2004 4.792 3.953 1.569 11 October 2004 4.800 3.955 1.569 12 October 2004 4.731 3.911 1.468 13 October 2004 4.767 3.928 1.484 14 October 2004 4.746 3.901 1.457 15 October 2004 4.731 3.891 1.446 18 October 2004 4.737 3.888 1.473 19 October 2004 4.762 3.919 1.494 20 October 2004 4.711 3.877 1.452 21 October 2004 4.712 3.874 1.420 22 October 2004 4.715 3.877 1.478 25 October 2004 4.682 3.830 1.415 26 October 2004 4.691 3.821 1.415 27 October 2004 4.700 3.826 1.415 28 October 2004 4.758 3.903 1.484 29 October 2004 4.744 3.877 1.489 1 November 2004 4.750 3.873 1.505 2 November 2004 4.779 3.891 1.537 3 November 2004 4.800 3.901 ND 4 November 2004 4.735 3.847 1.510 5 November 2004 4.783 3.891 1.510 8 November 2004 4.783 3.904 1.542 9 November 2004 4.769 3.878 1.500 10 November 2004 4.737 3.855 1.476 11 November 2004 4.701 3.835 1.457 12 November 2004 4.692 3.809 1.476 15 November 2004 4.638 3.772 1.485 16 November 2004 4.632 3.752 1.467 17 November 2004 4.659 3.770 1.471 18 November 2004 4.696 3.802 1.434 19 November 2004 4.658 3.763 1.438 22 November 2004 4.642 3.763 1.405 23 November 2004 4.623 3.749 ND 24 November 2004 4.618 3.740 1.405 25 November 2004 4.583 3.783 1.415 26 November 2004 4.585 3.782 1.434 29 November 2004 4.615 3.822 1.452 30 November 2004 4.601 3.796 1.448 1 December 2004 4.605 3.771 1.443 2 December 2004 4.647 3.797 1.405 3 December 2004 4.649 3.771 1.448 6 December 2004 4.608 3.722 1.448 7 December 2004 4.582 3.688 1.434 8 December 2004 4.592 3.692 1.434 9 December 2004 4.518 3.622 1.405 10 December 2004 4.529 3.611 1.386 13 December 2004 4.513 3.604 1.365 14 December 2004 4.516 3.598 1.367 15 December 2004 4.468 3.547 1.363 16 December 2004 4.472 3.566 1.351 17 December 2004 4.517 3.627 1.400 20 December 2004 4.463 3.598 1.386 21 December 2004 4.479 3.631 1.365 22 December 2004 4.455 3.625 1.348 23 December 2004 4.457 3.599 ND 24 December 2004 4.458 3.601 1.358 27 December 2004 4.458 3.620 1.400 28 December 2004 4.458 3.615 1.429 29 December 2004 4.556 3.691 1.424 30 December 2004 4.586 3.697 1.438 31 December 2004 4.539 3.682 ND 3 January 2005 4.539 3.662 ND 4 January 2005 4.528 3.644 1.403 5 January 2005 4.563 3.674 1.383 6 January 2005 4.535 3.639 1.388 7 January 2005 4.508 3.600 1.404 10 January 2005 4.506 3.588 ND 11 January 2005 4.510 3.592 1.389 12 January 2005 4.528 3.611 1.366 13 January 2005 4.486 3.565 1.376 14 January 2005 4.505 3.568 1.381 17 January 2005 4.492 3.542 1.390 18 January 2005 4.550 3.559 1.362 19 January 2005 4.554 3.516 1.352 20 January 2005 4.605 3.575 1.352 21 January 2005 4.616 3.579 1.348 24 January 2005 4.592 3.546 1.352 25 January 2005 4.562 3.517 1.338 26 January 2005 4.600 3.567 1.343 27 January 2005 4.637 3.598 1.338 28 January 2005 4.594 3.551 1.314 31 January 2005 4.608 3.544 1.324 1 February 2005 4.573 3.524 1.300 2 February 2005 4.583 3.535 1.276 3 February 2005 4.614 3.563 1.310 4 February 2005 4.536 3.505 1.323 7 February 2005 4.512 3.486 1.314 8 February 2005 4.491 3.479 1.323 9 February 2005 4.506 3.451 1.366 10 February 2005 4.500 3.438 1.394 11 February 2005 4.534 3.462 ND 14 February 2005 4.574 3.489 1.436 15 February 2005 4.584 3.503 1.441 16 February 2005 4.557 3.500 1.408 17 February 2005 4.642 3.585 1.394 18 February 2005 4.693 3.660 1.403 21 February 2005 4.710 3.670 1.403 22 February 2005 4.733 3.691 1.437 23 February 2005 4.727 3.669 1.399 24 February 2005 4.755 3.699 1.394 25 February 2005 4.778 3.731 1.417 28 February 2005 4.740 3.703 1.460 1 March 2005 4.786 3.734 1.478 2 March 2005 4.840 3.779 1.483 3 March 2005 4.814 3.756 1.492 4 March 2005 4.805 3.740 1.518 7 March 2005 4.783 3.678 1.500 8 March 2005 4.832 3.699 1.495 9 March 2005 4.858 3.761 1.495 10 March 2005 4.863 3.761 1.475 11 March 2005 4.869 3.777 1.481 14 March 2005 4.862 3.781 1.500 15 March 2005 4.804 3.726 1.467 16 March 2005 4.810 3.720 1.467 17 March 2005 4.799 3.678 1.419 18 March 2005 4.825 3.711 1.424 21 March 2005 4.837 3.722 ND 22 March 2005 4.798 3.694 1.415 23 March 2005 4.817 3.724 1.410 24 March 2005 4.806 3.698 1.378 25 March 2005 4.812 3.711 1.357 28 March 2005 4.812 3.712 1.362 29 March 2005 4.788 3.703 1.358 30 March 2005 4.740 3.679 1.358 31 March 2005 4.701 3.622 1.309 1 April 2005 4.718 3.595 1.343 4 April 2005 4.718 3.604 1.334 5 April 2005 4.703 3.588 1.362 6 April 2005 4.699 3.593 1.380 7 April 2005 4.651 3.562 1.361 8 April 2005 4.692 3.580 1.356 11 April 2005 4.687 3.563 1.356 12 April 2005 4.698 3.558 1.337 13 April 2005 4.665 3.518 1.337 14 April 2005 4.661 3.534 1.337 15 April 2005 4.606 3.482 1.304 18 April 2005 4.578 3.456 1.271 19 April 2005 4.612 3.459 1.278 20 April 2005 4.595 3.457 1.257 21 April 2005 4.609 3.489 1.266 22 April 2005 4.588 3.464 1.285 25 April 2005 4.577 3.449 1.262 26 April 2005 4.560 3.428 1.252 27 April 2005 4.547 3.410 1.262 28 April 2005 4.548 3.400 1.243 29 April 2005 4.561 3.426 ND 2 May 2005 4.531 3.398 1.233 3 May 2005 4.516 3.382 ND 4 May 2005 4.546 3.417 ND 5 May 2005 4.527 3.400 1.233 6 May 2005 4.570 3.427 1.224 9 May 2005 4.574 3.431 1.285 10 May 2005 4.517 3.372 1.276 11 May 2005 4.455 3.335 1.276 12 May 2005 4.413 3.334 1.285 13 May 2005 4.365 3.305 1.281 16 May 2005 4.353 3.305 1.304 17 May 2005 4.378 3.314 1.300 18 May 2005 4.348 3.278 1.276 19 May 2005 4.350 3.341 1.266 20 May 2005 4.398 3.381 1.266 23 May 2005 4.377 3.363 1.295 24 May 2005 4.334 3.303 1.257 25 May 2005 4.329 3.300 1.228 26 May 2005 4.373 3.337 1.243 27 May 2005 4.388 3.334 1.252 30 May 2005 4.392 3.338 1.226 31 May 2005 4.327 3.289 1.247 1 June 2005 4.298 3.263 1.219 2 June 2005 4.251 3.236 1.223 3 June 2005 4.220 3.176 1.243 6 June 2005 4.279 3.218 1.243 7 June 2005 4.247 3.163 1.233 8 June 2005 4.217 3.135 1.238 9 June 2005 4.250 3.150 1.224 10 June 2005 4.271 3.152 1.224 13 June 2005 4.301 3.186 1.243 14 June 2005 4.319 3.195 1.238 15 June 2005 4.381 3.269 1.243 16 June 2005 4.425 3.335 1.309 17 June 2005 4.413 3.309 1.290 20 June 2005 4.435 3.312 1.281 21 June 2005 4.367 3.225 1.285 22 June 2005 4.267 3.146 1.262 23 June 2005 4.274 3.158 1.233 24 June 2005 4.235 3.128 1.205 27 June 2005 4.198 3.118 1.185 28 June 2005 4.230 3.153 1.205 29 June 2005 4.195 3.138 1.185 30 June 2005 4.202 3.155 1.171 1 July 2005 4.188 3.129 1.176 4 July 2005 4.225 3.174 1.219 5 July 2005 4.268 3.222 1.247 6 July 2005 4.278 3.219 1.238 7 July 2005 4.219 3.190 1.228 8 July 2005 4.205 3.173 1.205 11 July 2005 4.276 3.221 1.236 12 July 2005 4.309 3.232 1.242 13 July 2005 4.309 3.248 1.273 14 July 2005 4.343 3.272 1.252 15 July 2005 4.366 3.307 1.273 18 July 2005 4.298 3.258 1.273 19 July 2005 4.329 3.285 1.266 20 July 2005 4.330 3.288 1.266 21 July 2005 4.336 3.276 1.252 22 July 2005 4.319 3.241 1.228 25 July 2005 4.289 3.224 1.247 26 July 2005 4.323 3.252 1.256 27 July 2005 4.303 3.224 1.294 28 July 2005 4.314 3.235 1.294 29 July 2005 4.297 3.221 1.299 1 August 2005 4.352 3.283 1.337 2 August 2005 4.382 3.329 1.351 3 August 2005 4.386 3.332 1.370 4 August 2005 4.372 3.326 1.380 5 August 2005 4.405 3.371 1.380 8 August 2005 4.400 3.370 1.403 9 August 2005 4.392 3.356 1.399 10 August 2005 4.395 3.338 1.427 11 August 2005 4.404 3.342 1.486 12 August 2005 4.368 3.318 1.436 15 August 2005 4.335 3.278 ND 16 August 2005 4.327 3.260 1.460 17 August 2005 4.285 3.230 1.413 18 August 2005 4.265 3.214 1.413 19 August 2005 4.271 3.202 1.403 22 August 2005 4.278 3.210 1.464 23 August 2005 4.266 3.188 1.436 24 August 2005 4.229 3.159 1.408 25 August 2005 4.212 3.144 1.417 26 August 2005 4.214 3.139 1.403 29 August 2005 4.218 3.144 1.352 30 August 2005 4.200 3.165 1.361 31 August 2005 4.180 3.122 1.333 1 September 2005 4.138 3.078 1.319 2 September 2005 4.155 3.069 1.329 5 September 2005 4.151 3.047 1.338 6 September 2005 4.188 3.067 1.315 7 September 2005 4.194 3.082 1.324 8 September 2005 4.194 3.070 1.329 9 September 2005 4.172 3.054 1.343 12 September 2005 4.218 3.112 1.367 13 September 2005 4.210 3.112 1.367 14 September 2005 4.184 3.085 1.362 15 September 2005 4.191 3.111 1.348 16 September 2005 4.224 3.123 1.357 19 September 2005 4.240 3.114 ND 20 September 2005 4.211 3.075 1.357 21 September 2005 4.169 3.031 1.378 22 September 2005 4.175 3.029 1.362 23 September 2005 4.204 3.058 ND 26 September 2005 4.280 3.123 1.400 27 September 2005 4.270 3.114 1.405 28 September 2005 4.276 3.137 1.442 29 September 2005 4.269 3.158 1.490 30 September 2005 4.254 3.137 1.479 3 October 2005 4.292 3.178 1.501 4 October 2005 4.287 3.176 1.570 5 October 2005 4.266 3.175 1.500 6 October 2005 4.263 3.183 1.485 7 October 2005 4.273 3.187 1.514 10 October 2005 4.257 3.162 ND 11 October 2005 4.255 3.168 1.537 12 October 2005 4.304 3.206 1.532 13 October 2005 4.388 3.270 1.569 14 October 2005 4.389 3.265 1.574 17 October 2005 4.411 3.288 1.569 18 October 2005 4.398 3.289 1.553 19 October 2005 4.373 3.265 1.484 20 October 2005 4.406 3.290 1.547 21 October 2005 4.366 3.231 1.505 24 October 2005 4.359 3.236 1.494 25 October 2005 4.410 3.311 1.521 26 October 2005 4.429 3.378 1.553 27 October 2005 4.408 3.402 1.516 28 October 2005 4.360 3.406 1.510 31 October 2005 4.335 3.391 1.542 1 November 2005 4.341 3.418 1.565 2 November 2005 4.412 3.460 1.561 3 November 2005 4.441 3.473 ND 4 November 2005 4.437 3.494 1.603 7 November 2005 4.428 3.501 1.633 8 November 2005 4.428 3.490 1.596 9 November 2005 4.411 3.498 1.563 10 November 2005 4.435 3.522 1.574 11 November 2005 4.431 3.509 1.574 14 November 2005 4.413 3.503 1.516 15 November 2005 4.339 3.506 1.468 16 November 2005 4.210 3.427 1.494 17 November 2005 4.231 3.444 1.457 18 November 2005 4.268 3.539 1.457 21 November 2005 4.217 3.478 1.478 22 November 2005 4.238 3.495 1.473 23 November 2005 4.242 3.467 ND 24 November 2005 4.204 3.420 1.431 25 November 2005 4.201 3.427 1.431 28 November 2005 4.210 3.418 1.457 29 November 2005 4.215 3.419 1.441 30 November 2005 4.247 3.457 1.426 1 December 2005 4.182 3.397 1.447 2 December 2005 4.223 3.414 1.505 5 December 2005 4.265 3.419 1.564 6 December 2005 4.261 3.399 1.564 7 December 2005 4.280 3.391 1.537 8 December 2005 4.250 3.377 1.536 9 December 2005 4.331 3.445 1.558 12 December 2005 4.305 3.422 1.601 13 December 2005 4.297 3.403 1.585 14 December 2005 4.285 3.367 1.537 15 December 2005 4.285 3.380 1.505 16 December 2005 4.239 3.345 1.532 19 December 2005 4.196 3.339 1.537 20 December 2005 4.178 3.348 1.521 21 December 2005 4.214 3.397 1.548 22 December 2005 4.187 3.357 1.548 23 December 2005 4.181 3.326 ND 28 December 2005 4.117 3.298 1.521 29 December 2005 4.124 3.329 1.505 30 December 2005 4.100 3.309 1.468 2 January 2006 4.100 3.332 ND 3 January 2006 4.105 3.326 ND 4 January 2006 4.074 3.285 1.441 5 January 2006 4.071 3.273 1.431 6 January 2006 4.076 3.262 1.436 9 January 2006 4.106 3.259 ND 10 January 2006 4.136 3.287 1.429 11 January 2006 4.120 3.297 1.457 12 January 2006 4.083 3.275 1.447 13 January 2006 4.058 3.264 1.453 17 January 2006 3.988 3.267 1.426 18 January 2006 3.984 3.281 1.437 19 January 2006 4.044 3.339 1.485 20 January 2006 4.042 3.375 1.474 23 January 2006 4.023 3.385 1.437 24 January 2006 4.034 3.370 1.437 25 January 2006 4.106 3.433 1.463 26 January 2006 4.175 3.488 1.511 27 January 2006 4.198 3.480 1.549 30 January 2006 4.177 3.473 1.545 31 January 2006 4.150 3.467 1.550 1 February 2006 4.190 3.525 1.559 2 February 2006 4.202 3.508 1.565 3 February 2006 4.184 3.489 1.578 6 February 2006 4.194 3.486 1.546 7 February 2006 4.218 3.514 1.568 8 February 2006 4.217 3.504 1.562 9 February 2006 4.162 3.477 1.552 10 February 2006 4.182 3.476 1.594 13 February 2006 4.194 3.492 1.546 14 February 2006 4.160 3.498 1.594 15 February 2006 4.205 3.506 1.546 16 February 2006 4.169 3.512 1.562 17 February 2006 4.130 3.447 1.504 20 February 2006 4.116 3.436 1.514 21 February 2006 4.127 3.448 1.520 22 February 2006 4.111 3.419 1.509 23 February 2006 4.134 3.479 1.541 24 February 2006 4.168 3.490 1.594 27 February 2006 4.223 3.532 1.600 28 February 2006 4.190 3.489 1.584 1 March 2006 4.171 3.511 1.600 2 March 2006 4.229 3.573 1.637 3 March 2006 4.260 3.591 1.621 6 March 2006 4.258 3.585 1.637 7 March 2006 4.263 3.599 1.648 8 March 2006 4.286 3.644 1.600 9 March 2006 4.314 3.648 1.600 10 March 2006 4.344 3.687 1.675 13 March 2006 4.348 3.712 1.707 14 March 2006 4.313 3.654 1.680 15 March 2006 4.328 3.688 1.728 16 March 2006 4.311 3.658 1.734 17 March 2006 4.366 3.691 1.723 20 March 2006 4.344 3.663 1.739 21 March 2006 4.351 3.665 1.739 22 March 2006 4.323 3.644 1.734 23 March 2006 4.337 3.675 1.723 24 March 2006 4.329 3.634 1.739 27 March 2006 4.340 3.642 1.700 28 March 2006 4.397 3.731 1.707 29 March 2006 4.390 3.761 1.782 30 March 2006 4.390 3.786 1.793 31 March 2006 4.398 3.771 1.780 3 April 2006 4.417 3.822 1.864 4 April 2006 4.424 3.839 1.864 5 April 2006 4.393 3.850 1.837 6 April 2006 4.428 3.896 1.875 7 April 2006 4.414 3.896 1.880 10 April 2006 4.444 3.892 1.880 11 April 2006 4.454 3.875 1.891 12 April 2006 4.464 3.886 1.886 13 April 2006 4.535 3.952 1.940 14 April 2006 4.538 3.957 1.961 17 April 2006 4.538 3.956 1.973 18 April 2006 4.526 3.947 1.967 19 April 2006 4.511 3.954 1.886 20 April 2006 4.509 3.929 1.907 21 April 2006 4.552 3.952 1.918 24 April 2006 4.575 3.941 1.891 25 April 2006 4.634 3.986 1.924 26 April 2006 4.681 3.997 1.951 27 April 2006 4.648 3.966 1.989 28 April 2006 4.635 3.951 1.929 1 May 2006 4.611 3.949 1.886 2 May 2006 4.643 3.984 1.940 3 May 2006 4.666 4.007 ND 4 May 2006 4.698 4.034 ND 5 May 2006 4.684 4.002 ND 8 May 2006 4.705 4.018 1.983 9 May 2006 4.715 4.031 1.948 10 May 2006 4.691 3.989 2.000 11 May 2006 4.733 4.069 1.967 12 May 2006 4.744 4.081 1.990 15 May 2006 4.680 4.018 2.000 16 May 2006 4.617 3.978 1.962 17 May 2006 4.671 4.077 1.921 18 May 2006 4.578 4.032 1.944 19 May 2006 4.606 3.990 1.921 22 May 2006 4.564 3.916 1.832 23 May 2006 4.625 3.932 1.809 24 May 2006 4.585 3.891 1.837 25 May 2006 4.542 3.879 1.865 26 May 2006 4.548 3.884 1.865 29 May 2006 4.551 3.891 1.874 30 May 2006 4.573 3.939 1.851 31 May 2006 4.591 3.982 1.841 1 June 2006 4.636 3.996 1.930 2 June 2006 4.585 3.929 1.904 5 June 2006 4.600 3.970 1.862 6 June 2006 4.660 3.990 1.923 7 June 2006 4.645 4.008 1.881 8 June 2006 4.611 3.927 1.858 9 June 2006 4.570 3.934 1.848 12 June 2006 4.547 3.914 1.835 13 June 2006 4.519 3.868 1.783 14 June 2006 4.535 3.900 1.778 15 June 2006 4.624 3.950 1.788 16 June 2006 4.611 3.939 1.811 19 June 2006 4.666 3.976 1.825 20 June 2006 4.721 3.995 1.862 21 June 2006 4.723 4.015 1.848 22 June 2006 4.735 4.061 1.858 23 June 2006 4.748 4.081 1.872 26 June 2006 4.735 4.092 1.900 27 June 2006 4.735 4.094 1.900 28 June 2006 4.743 4.097 1.904 29 June 2006 4.716 4.066 1.913 30 June 2006 4.710 4.071 1.918 3 July 2006 4.742 4.092 1.960 4 July 2006 4.690 4.078 1.955 5 July 2006 4.725 4.137 1.976 6 July 2006 4.687 4.113 1.976 7 July 2006 4.648 4.065 1.953 10 July 2006 4.664 4.087 1.972 11 July 2006 4.635 4.051 1.967 12 July 2006 4.671 4.087 1.935 13 July 2006 4.642 4.048 1.916 14 July 2006 4.582 3.983 1.865 17 July 2006 4.619 3.993 ND 18 July 2006 4.662 4.014 1.837 19 July 2006 4.631 3.984 1.851 20 July 2006 4.630 3.985 1.823 21 July 2006 4.612 3.956 1.827 24 July 2006 4.605 3.956 1.860 25 July 2006 4.631 3.963 1.879 26 July 2006 4.658 3.983 1.865 27 July 2006 4.616 3.948 1.879 28 July 2006 4.593 3.920 1.930 31 July 2006 4.605 3.921 1.921 1 August 2006 4.618 3.929 1.921 2 August 2006 4.648 3.934 1.901 3 August 2006 4.733 3.974 1.881 4 August 2006 4.706 3.906 1.881 7 August 2006 4.673 3.907 1.839 8 August 2006 4.669 3.903 1.848 9 August 2006 4.681 3.934 1.848 10 August 2006 4.701 3.933 1.900 11 August 2006 4.750 3.981 1.853 14 August 2006 4.765 4.006 1.881 15 August 2006 4.734 3.970 1.858 16 August 2006 4.688 3.932 1.834 17 August 2006 4.659 3.920 1.830 18 August 2006 4.611 3.902 1.853 21 August 2006 4.567 3.861 1.820 22 August 2006 4.537 3.808 1.806 23 August 2006 4.555 3.827 1.802 24 August 2006 4.556 3.809 1.792 25 August 2006 4.551 3.793 1.717 28 August 2006 4.552 3.795 1.694 29 August 2006 4.572 3.828 1.713 30 August 2006 4.553 3.801 1.661 31 August 2006 4.516 3.760 1.646 1 September 2006 4.502 3.745 1.656 4 September 2006 4.529 3.748 1.695 5 September 2006 4.551 3.787 1.708 6 September 2006 4.573 3.831 1.700 7 September 2006 4.567 3.817 1.705 8 September 2006 4.537 3.787 1.726 11 September 2006 4.571 3.803 1.667 12 September 2006 4.611 3.839 1.704 13 September 2006 4.568 3.790 1.671 14 September 2006 4.574 3.792 1.667 15 September 2006 4.577 3.776 1.657 18 September 2006 4.653 3.831 ND 19 September 2006 4.622 3.780 1.695 20 September 2006 4.605 3.773 1.676 21 September 2006 4.575 3.752 1.695 22 September 2006 4.498 3.694 1.625 25 September 2006 4.454 3.663 1.611 26 September 2006 4.462 3.658 1.634 27 September 2006 4.472 3.672 1.648 28 September 2006 4.490 3.689 1.658 29 September 2006 4.523 3.709 1.671 2 October 2006 4.532 3.690 1.723 3 October 2006 4.559 3.735 1.695 4 October 2006 4.531 3.697 1.718 5 October 2006 4.522 3.711 1.727 6 October 2006 4.563 3.752 1.704 9 October 2006 4.558 3.760 ND 10 October 2006 4.614 3.811 1.718 11 October 2006 4.613 3.808 1.737 12 October 2006 4.618 3.803 1.741 13 October 2006 4.648 3.832 1.769 16 October 2006 4.645 3.830 1.783 17 October 2006 4.630 3.800 1.788 18 October 2006 4.646 3.817 1.793 19 October 2006 4.662 3.841 1.793 20 October 2006 4.690 3.839 1.788 23 October 2006 4.702 3.877 1.825 24 October 2006 4.705 3.875 1.806 25 October 2006 4.701 3.884 1.783 26 October 2006 4.664 3.858 1.742 27 October 2006 4.594 3.809 1.737 30 October 2006 4.563 3.793 1.723 31 October 2006 4.511 3.741 1.718 1 November 2006 4.507 3.706 1.709 2 November 2006 4.552 3.740 1.690 3 November 2006 4.585 3.773 ND 6 November 2006 4.606 3.792 1.755 7 November 2006 4.547 3.739 1.755 8 November 2006 4.569 3.758 1.725 9 November 2006 4.541 3.741 1.706 10 November 2006 4.520 3.714 1.696 13 November 2006 4.561 3.738 1.669 14 November 2006 4.533 3.712 1.725 15 November 2006 4.557 3.740 1.701 16 November 2006 4.572 3.748 1.697 17 November 2006 4.559 3.730 1.715 20 November 2006 4.537 3.719 1.678 21 November 2006 4.548 3.722 1.678 22 November 2006 4.554 3.720 1.668 23 November 2006 4.575 3.745 ND 24 November 2006 4.530 3.699 1.664 27 November 2006 4.567 3.723 1.673 28 November 2006 4.540 3.705 1.654 29 November 2006 4.545 3.720 1.687 30 November 2006 4.513 3.695 1.654 1 December 2006 4.469 3.664 1.603 4 December 2006 4.470 3.671 1.621 5 December 2006 4.498 3.680 1.617 6 December 2006 4.503 3.688 1.657 7 December 2006 4.529 3.712 1.671 8 December 2006 4.559 3.728 1.690 11 December 2006 4.597 3.745 1.653 12 December 2006 4.615 3.739 1.639 13 December 2006 4.636 3.751 1.611 14 December 2006 4.683 3.782 1.629 15 December 2006 4.682 3.799 1.662 18 December 2006 4.705 3.828 1.681 19 December 2006 4.734 3.864 1.634 20 December 2006 4.712 3.860 1.615 21 December 2006 4.725 3.875 1.620 22 December 2006 4.732 3.881 1.596 25 December 2006 4.733 3.876 1.596 26 December 2006 4.733 3.876 1.573 27 December 2006 4.782 3.925 1.643 28 December 2006 4.786 3.954 1.662 29 December 2006 4.741 3.948 1.676 1 January 2007 4.741 3.943 ND 2 January 2007 4.758 3.937 ND 3 January 2007 4.787 3.954 ND 4 January 2007 4.773 3.933 1.714 5 January 2007 4.802 3.982 1.709 8 January 2007 4.789 3.973 ND 9 January 2007 4.800 4.004 1.732 10 January 2007 4.810 4.021 1.746 11 January 2007 4.856 4.014 1.737 12 January 2007 4.904 4.063 1.737 15 January 2007 4.900 4.054 1.741 16 January 2007 4.888 4.040 1.737 17 January 2007 4.897 4.040 1.695 18 January 2007 4.906 4.062 1.704 19 January 2007 4.906 4.050 1.658 22 January 2007 4.888 4.021 1.653 23 January 2007 4.899 4.020 1.653 24 January 2007 4.911 4.040 1.662 25 January 2007 4.961 4.079 1.657 26 January 2007 4.986 4.092 1.695 29 January 2007 5.012 4.119 1.718 30 January 2007 4.987 4.110 1.700 31 January 2007 4.976 4.100 1.695 1 February 2007 5.005 4.091 1.709 2 February 2007 5.002 4.061 1.723 5 February 2007 4.987 4.031 ND 6 February 2007 4.983 4.030 1.746 7 February 2007 4.958 4.030 1.737 8 February 2007 4.917 4.047 1.732 9 February 2007 4.969 4.091 1.690 12 February 2007 4.985 4.108 ND 13 February 2007 4.959 4.125 1.732 14 February 2007 4.953 4.099 1.723 15 February 2007 4.863 4.044 1.732 16 February 2007 4.876 4.050 1.700 19 February 2007 4.895 4.066 1.709 20 February 2007 4.909 4.063 1.704 21 February 2007 4.887 4.053 1.686 22 February 2007 4.935 4.086 1.667 23 February 2007 4.891 4.047 1.672 26 February 2007 4.840 3.995 1.653 27 February 2007 4.801 3.965 1.639 28 February 2007 4.797 3.957 1.634 1 March 2007 4.788 3.947 1.648 2 March 2007 4.777 3.938 1.667 5 March 2007 4.753 3.915 1.625 6 March 2007 4.766 3.918 1.629 7 March 2007 4.769 3.920 1.625 8 March 2007 4.775 3.929 1.630 9 March 2007 4.819 3.959 1.611 12 March 2007 4.811 3.932 1.620 13 March 2007 4.768 3.905 1.610 14 March 2007 4.737 3.882 1.578 15 March 2007 4.785 3.907 1.592 16 March 2007 4.783 3.905 1.587 19 March 2007 4.813 3.926 1.582 20 March 2007 4.832 3.909 1.568 21 March 2007 4.834 3.927 1.586 22 March 2007 4.868 3.949 1.554 23 March 2007 4.904 4.001 1.615 26 March 2007 4.911 4.001 1.653 27 March 2007 4.943 4.022 1.644 28 March 2007 4.932 4.031 1.672 29 March 2007 4.957 4.053 1.643 30 March 2007 4.969 4.057 1.653 2 April 2007 4.981 4.072 1.653 3 April 2007 5.023 4.097 1.653 4 April 2007 4.994 4.071 1.690 5 April 2007 4.999 4.095 1.676 6 April 2007 4.997 4.097 1.671 9 April 2007 4.998 4.096 1.690 10 April 2007 5.021 4.128 1.681 11 April 2007 5.024 4.143 1.643 12 April 2007 5.058 4.182 1.667 13 April 2007 5.103 4.231 1.663 16 April 2007 5.080 4.207 1.695 17 April 2007 5.089 4.182 1.695 18 April 2007 5.043 4.154 1.700 19 April 2007 5.069 4.197 1.672 20 April 2007 5.067 4.203 1.681 23 April 2007 5.054 4.180 ND 24 April 2007 5.057 4.163 1.672 25 April 2007 5.060 4.188 1.648 26 April 2007 5.093 4.220 1.653 27 April 2007 5.115 4.220 1.620 30 April 2007 5.043 4.154 ND 1 May 2007 5.066 4.149 1.615 2 May 2007 5.103 4.210 1.629 3 May 2007 5.133 4.230 ND 4 May 2007 5.111 4.195 ND 7 May 2007 5.111 4.212 1.643 8 May 2007 5.091 4.195 1.648 9 May 2007 5.085 4.208 1.667 10 May 2007 5.103 4.214 1.648 11 May 2007 5.087 4.217 1.648 14 May 2007 5.135 4.269 1.648 15 May 2007 5.137 4.299 1.648 16 May 2007 5.129 4.303 1.648 17 May 2007 5.153 4.312 1.648 18 May 2007 5.167 4.311 1.648 21 May 2007 5.175 4.322 1.648 22 May 2007 5.172 4.338 1.639 23 May 2007 5.227 4.381 1.681 24 May 2007 5.210 4.369 1.695 25 May 2007 5.234 4.387 1.718 28 May 2007 5.234 4.392 1.723 29 May 2007 5.230 4.402 1.742 30 May 2007 5.242 4.399 1.728 31 May 2007 5.255 4.422 1.742 1 June 2007 5.291 4.461 ND 4 June 2007 5.293 4.456 1.783 5 June 2007 5.319 4.496 1.820 6 June 2007 5.277 4.461 1.832 7 June 2007 5.352 4.545 1.860 8 June 2007 5.391 4.572 1.892 11 June 2007 5.385 4.565 1.897 12 June 2007 5.447 4.611 1.920 13 June 2007 5.478 4.644 1.947 14 June 2007 5.475 4.644 1.943 15 June 2007 5.483 4.657 1.906 18 June 2007 5.493 4.663 1.878 19 June 2007 5.468 4.620 1.911 20 June 2007 5.503 4.640 1.883 21 June 2007 5.508 4.646 1.915 22 June 2007 5.524 4.653 1.888 25 June 2007 5.488 4.622 1.883 26 June 2007 5.469 4.602 1.869 27 June 2007 5.423 4.547 1.855 28 June 2007 5.435 4.566 1.901 29 June 2007 5.463 4.574 1.860 2 July 2007 5.420 4.511 1.878 3 July 2007 5.463 4.562 1.851 4 July 2007 5.497 4.604 1.900 5 July 2007 5.520 4.647 1.918 6 July 2007 5.547 4.677 1.927 9 July 2007 5.548 4.669 1.946 10 July 2007 5.446 4.589 1.955 11 July 2007 5.440 4.577 1.881 12 July 2007 5.464 4.620 1.900 13 July 2007 5.488 4.618 1.927 16 July 2007 5.456 4.579 ND 17 July 2007 5.481 4.596 1.923 18 July 2007 5.412 4.544 1.904 19 July 2007 5.414 4.550 1.900 20 July 2007 5.307 4.438 1.886 23 July 2007 5.317 4.440 1.853 24 July 2007 5.311 4.431 1.867 25 July 2007 5.283 4.404 1.862 26 July 2007 5.210 4.331 1.853 27 July 2007 5.198 4.323 1.788 30 July 2007 5.161 4.304 1.811 31 July 2007 5.209 4.347 1.797 1 August 2007 5.202 4.348 1.764 2 August 2007 5.237 4.374 1.797 3 August 2007 5.184 4.317 1.786 6 August 2007 5.194 4.323 1.754 7 August 2007 5.204 4.345 1.739 8 August 2007 5.297 4.425 1.762 9 August 2007 5.255 4.388 1.781 10 August 2007 5.223 4.354 1.720 13 August 2007 5.233 4.371 1.720 14 August 2007 5.182 4.360 1.706 15 August 2007 5.131 4.335 1.645 16 August 2007 5.079 4.246 1.650 17 August 2007 5.076 4.287 ND 20 August 2007 5.069 4.273 1.603 21 August 2007 5.004 4.230 1.555 22 August 2007 5.098 4.295 1.593 23 August 2007 5.064 4.268 1.607 24 August 2007 5.080 4.262 1.593 27 August 2007 5.079 4.252 1.631 28 August 2007 5.053 4.228 1.626 29 August 2007 5.036 4.225 1.593 30 August 2007 5.025 4.232 1.579 31 August 2007 5.036 4.242 1.612 3 September 2007 5.074 4.263 1.645 4 September 2007 5.082 4.275 1.621 5 September 2007 5.035 4.210 1.625 6 September 2007 5.018 4.206 1.615 7 September 2007 4.950 4.122 1.596 10 September 2007 4.900 4.072 1.521 11 September 2007 4.905 4.094 1.540 12 September 2007 4.900 4.125 1.521 13 September 2007 4.926 4.170 1.540 14 September 2007 4.867 4.166 1.564 17 September 2007 4.846 4.154 ND 18 September 2007 4.947 4.219 1.520 19 September 2007 4.992 4.284 1.606 20 September 2007 5.037 4.342 1.634 21 September 2007 5.090 4.358 1.681 24 September 2007 5.072 4.365 ND 25 September 2007 5.025 4.327 1.676 26 September 2007 5.058 4.385 1.672 27 September 2007 5.064 4.379 1.718 28 September 2007 5.011 4.329 1.676 1 October 2007 4.993 4.323 1.662 2 October 2007 4.964 4.317 1.695 3 October 2007 4.966 4.334 1.686 4 October 2007 4.941 4.289 1.714 5 October 2007 4.954 4.350 1.700 8 October 2007 4.949 4.353 ND 9 October 2007 4.895 4.319 1.709 10 October 2007 4.982 4.352 1.723 11 October 2007 5.022 4.394 1.732 12 October 2007 5.077 4.421 1.700 15 October 2007 5.087 4.429 1.723 16 October 2007 5.075 4.436 1.695 17 October 2007 5.028 4.394 1.657 18 October 2007 4.969 4.324 1.639 19 October 2007 4.889 4.225 1.606 22 October 2007 4.879 4.191 1.582 23 October 2007 4.891 4.199 1.607 24 October 2007 4.840 4.150 1.573 25 October 2007 4.849 4.160 1.611 26 October 2007 4.846 4.173 1.625 29 October 2007 4.848 4.171 1.611 30 October 2007 4.872 4.187 1.620 31 October 2007 4.928 4.239 1.606 1 November 2007 4.919 4.206 1.667 2 November 2007 4.865 4.177 1.596 5 November 2007 4.856 4.167 1.582 6 November 2007 4.865 4.183 1.587 7 November 2007 4.830 4.152 1.568 8 November 2007 4.781 4.126 1.549 9 November 2007 4.737 4.087 1.535 12 November 2007 4.753 4.100 1.526 13 November 2007 4.750 4.127 1.502 14 November 2007 4.737 4.146 1.526 15 November 2007 4.676 4.117 1.507 16 November 2007 4.635 4.100 1.483 19 November 2007 4.608 4.051 1.478 20 November 2007 4.618 4.056 1.478 21 November 2007 4.560 4.013 1.435 22 November 2007 4.525 4.028 1.430 23 November 2007 4.564 4.044 ND 26 November 2007 4.557 4.021 1.492 27 November 2007 4.590 4.037 1.507 28 November 2007 4.681 4.111 1.497 29 November 2007 4.575 4.066 1.497 30 November 2007 4.637 4.126 1.473 3 December 2007 4.584 4.067 1.464 4 December 2007 4.530 4.026 1.426 5 December 2007 4.487 4.033 1.490 6 December 2007 4.549 4.083 1.546 7 December 2007 4.641 4.199 1.561 10 December 2007 4.698 4.268 1.566 11 December 2007 4.670 4.240 1.574 12 December 2007 4.802 4.306 1.528 13 December 2007 4.764 4.282 1.509 14 December 2007 4.791 4.305 1.542 17 December 2007 4.756 4.289 1.542 18 December 2007 4.750 4.285 1.528 19 December 2007 4.681 4.284 1.485 20 December 2007 4.589 4.250 1.518 21 December 2007 4.637 4.304 1.546 24 December 2007 4.592 4.306 ND 25 December 2007 4.601 4.302 1.580 26 December 2007 4.598 4.307 1.551 27 December 2007 4.630 4.346 1.542 28 December 2007 4.557 4.313 1.500 31 December 2007 4.508 4.307 ND 1 January 2008 4.503 4.302 ND 2 January 2008 4.436 4.210 ND 3 January 2008 4.447 4.193 ND 4 January 2008 4.406 4.135 1.467 7 January 2008 4.410 4.125 1.462 8 January 2008 4.449 4.153 1.462 9 January 2008 4.397 4.089 1.471 10 January 2008 4.407 4.089 1.443 11 January 2008 4.424 4.087 1.434 14 January 2008 4.414 4.054 ND 15 January 2008 4.396 4.024 1.429 16 January 2008 4.383 3.978 1.391 17 January 2008 4.413 3.975 1.419 18 January 2008 4.439 3.974 1.396 21 January 2008 4.365 3.912 1.367 22 January 2008 4.499 3.992 1.324 23 January 2008 4.420 3.889 1.348 24 January 2008 4.535 3.998 1.391 25 January 2008 4.529 3.977 1.481 28 January 2008 4.488 3.948 1.410 29 January 2008 4.586 3.994 1.476 30 January 2008 4.567 4.018 1.434 31 January 2008 4.477 3.930 1.443 1 February 2008 4.473 3.919 1.429 4 February 2008 4.505 3.932 1.467 5 February 2008 4.409 3.846 1.476 6 February 2008 4.460 3.895 1.419 7 February 2008 4.430 3.877 1.429 8 February 2008 4.430 3.864 1.419 11 February 2008 4.497 3.859 ND 12 February 2008 4.617 3.945 1.405 13 February 2008 4.617 3.956 1.419 14 February 2008 4.639 4.005 1.467 15 February 2008 4.603 3.955 1.457 18 February 2008 4.652 4.015 1.452 19 February 2008 4.644 3.994 1.462 20 February 2008 4.688 4.025 1.429 21 February 2008 4.685 4.015 1.490 22 February 2008 4.687 4.003 1.452 25 February 2008 4.722 4.036 1.485 26 February 2008 4.716 4.074 1.481 27 February 2008 4.702 4.088 1.471 28 February 2008 4.602 4.001 1.419 29 February 2008 4.469 3.891 1.362 3 March 2008 4.448 3.860 1.348 4 March 2008 4.411 3.806 1.367 5 March 2008 4.484 3.861 1.371 6 March 2008 4.389 3.809 1.362 7 March 2008 4.327 3.788 1.338 10 March 2008 4.292 3.731 1.333 11 March 2008 4.356 3.789 1.338 12 March 2008 4.421 3.771 1.333 Figure: Stock price indexes: industrial countries Daily Index(12/31/03=100) Date 2 January 2004 UK (FTSE-350) Euro Area (DJ Euro) Japan (Topix) 100.72 101.37 ND 5 January 2004 100.78 101.81 101.47 6 January 2004 100.63 101.71 101.13 7 January 2004 100.02 101.09 100.76 8 January 2004 100.60 102.35 101.27 9 January 2004 100.10 101.76 102.12 12 January 2004 99.75 101.54 ND 13 January 2004 99.66 101.72 101.41 14 January 2004 100.20 102.78 101.37 15 January 2004 100.15 103.12 100.08 16 January 2004 100.92 104.11 101.46 19 January 2004 101.57 104.65 102.73 20 January 2004 101.19 103.90 103.09 21 January 2004 101.40 104.37 102.55 22 January 2004 100.61 104.81 102.95 23 January 2004 100.25 104.83 103.18 26 January 2004 99.93 104.30 102.41 27 January 2004 100.00 104.72 101.88 28 January 2004 100.36 104.95 101.39 29 January 2004 99.11 103.81 100.62 30 January 2004 98.84 103.17 100.37 2 February 2004 98.74 103.63 100.55 3 February 2004 98.89 103.10 99.96 4 February 2004 98.97 102.42 97.98 5 February 2004 98.77 102.38 98.26 6 February 2004 99.24 102.95 98.58 9 February 2004 99.94 104.15 98.19 10 February 2004 99.34 104.47 98.23 11 February 2004 99.20 104.81 ND 12 February 2004 98.93 104.99 98.78 13 February 2004 99.66 104.03 99.75 16 February 2004 99.60 104.53 100.13 17 February 2004 100.72 105.18 101.05 18 February 2004 100.44 105.35 100.89 19 February 2004 101.89 106.39 101.52 20 February 2004 101.90 105.41 101.44 23 February 2004 102.06 105.56 102.33 24 February 2004 101.43 104.19 100.50 25 February 2004 101.61 104.40 100.26 26 February 2004 101.81 104.70 101.57 27 February 2004 101.38 105.12 103.72 1 March 2004 102.37 105.90 106.12 2 March 2004 102.49 106.87 107.00 3 March 2004 102.13 106.33 106.93 4 March 2004 102.83 107.10 107.38 5 March 2004 102.64 106.96 108.37 8 March 2004 102.84 107.45 108.46 9 March 2004 102.54 106.22 108.69 10 March 2004 102.48 106.01 108.12 11 March 2004 100.25 103.07 107.34 12 March 2004 100.87 103.08 106.10 15 March 2004 99.62 100.47 107.78 16 March 2004 99.90 100.91 107.40 17 March 2004 100.55 102.64 109.39 18 March 2004 99.36 100.70 109.77 19 March 2004 99.87 101.02 109.04 22 March 2004 97.99 98.90 108.41 23 March 2004 97.70 99.10 108.51 24 March 2004 97.56 98.83 109.80 25 March 2004 98.96 100.60 111.14 26 March 2004 98.62 100.88 112.71 29 March 2004 99.65 102.11 112.98 30 March 2004 99.80 101.88 112.63 31 March 2004 99.29 101.93 112.99 1 April 2004 99.85 103.10 112.58 2 April 2004 101.01 105.17 113.46 5 April 2004 101.28 105.95 114.90 6 April 2004 101.09 104.78 115.88 7 April 2004 101.05 104.52 115.44 8 April 2004 101.49 104.82 115.92 9 April 2004 ND ND 114.10 12 April 2004 ND ND 115.61 13 April 2004 102.01 105.84 116.57 14 April 2004 101.23 104.67 116.69 15 April 2004 101.63 104.44 114.47 16 April 2004 102.22 104.84 114.61 19 April 2004 102.46 104.70 113.35 20 April 2004 103.04 105.51 115.40 21 April 2004 102.36 104.67 115.32 22 April 2004 103.02 105.44 115.53 23 April 2004 103.10 106.11 115.90 26 April 2004 103.15 105.97 116.03 27 April 2004 103.21 105.90 115.45 28 April 2004 102.09 104.41 115.64 29 April 2004 101.86 103.31 ND 30 April 2004 101.19 102.64 113.67 3 May 2004 ND 103.31 ND 4 May 2004 102.35 103.12 ND 5 May 2004 102.76 103.81 ND 6 May 2004 101.61 101.78 111.65 7 May 2004 101.14 101.53 110.27 10 May 2004 98.75 98.81 104.01 11 May 2004 100.04 100.17 104.33 12 May 2004 99.15 98.84 107.53 13 May 2004 100.04 99.94 105.01 14 May 2004 99.74 99.28 104.58 17 May 2004 98.76 97.94 100.97 18 May 2004 99.12 98.61 103.12 19 May 2004 100.43 100.51 105.99 20 May 2004 99.48 99.74 105.86 21 May 2004 24 May 2004 99.57 99.52 107.81 99.54 100.14 108.36 25 May 2004 99.28 99.47 106.90 26 May 2004 99.79 100.54 108.01 27 May 2004 100.08 101.28 107.95 28 May 2004 99.69 100.91 109.46 31 May 2004 ND ND 109.22 1 June 2004 99.47 100.10 109.64 2 June 2004 99.53 100.65 108.93 3 June 2004 99.76 100.95 107.27 4 June 2004 100.25 102.03 107.79 7 June 2004 101.04 102.99 110.35 8 June 2004 101.34 103.03 110.94 9 June 2004 101.08 102.64 110.45 10 June 2004 101.02 102.99 111.34 11 June 2004 100.96 102.81 111.17 14 June 2004 99.84 101.53 111.00 15 June 2004 100.34 102.39 110.31 16 June 2004 101.04 103.00 111.82 17 June 2004 101.10 103.06 111.79 18 June 2004 101.33 103.44 110.17 21 June 2004 101.33 103.33 111.65 22 June 2004 100.67 102.31 111.37 23 June 2004 101.08 102.71 110.78 24 June 2004 101.41 103.59 112.00 25 June 2004 101.31 103.49 112.34 28 June 2004 101.85 104.38 113.69 29 June 2004 101.73 104.12 113.73 30 June 2004 100.85 103.71 113.98 1 July 2004 100.00 103.48 113.87 2 July 2004 99.62 102.73 112.44 5 July 2004 99.48 102.67 110.81 6 July 2004 98.71 101.87 110.09 7 July 2004 98.43 101.80 109.22 8 July 2004 98.80 102.06 108.75 9 July 2004 99.04 102.06 109.89 12 July 2004 98.39 101.55 111.31 13 July 2004 98.40 101.68 111.76 14 July 2004 98.60 101.36 110.33 15 July 2004 97.92 100.18 110.29 16 July 2004 97.96 100.24 110.30 19 July 2004 97.59 99.69 ND 20 July 2004 97.90 100.07 109.18 21 July 2004 98.70 100.85 110.55 22 July 2004 97.15 99.14 109.64 23 July 2004 97.52 99.00 108.78 26 July 2004 96.62 98.03 107.98 27 July 2004 97.39 98.99 106.77 28 July 2004 98.04 99.01 108.24 29 July 2004 99.37 100.55 107.50 30 July 2004 99.28 100.63 109.16 2 August 2004 99.32 99.98 108.81 3 August 2004 99.61 100.46 107.99 4 August 2004 99.02 99.38 106.81 5 August 2004 99.13 99.63 107.01 6 August 2004 97.51 97.24 106.08 9 August 2004 96.94 96.43 105.55 10 August 2004 97.74 97.18 105.88 11 August 2004 96.94 96.41 107.42 12 August 2004 97.28 96.19 107.05 13 August 2004 96.74 95.93 105.09 16 August 2004 97.74 96.81 103.92 17 August 2004 97.96 97.27 104.43 18 August 2004 97.91 97.53 104.90 19 August 2004 98.15 97.66 106.11 20 August 2004 98.28 97.41 106.34 23 August 2004 99.11 98.68 106.76 24 August 2004 99.20 98.70 106.99 25 August 2004 99.28 98.88 108.17 26 August 2004 100.18 99.73 108.28 27 August 2004 100.92 100.27 109.02 30 August 2004 ND 100.03 109.04 31 August 2004 100.32 99.23 108.23 1 September 2004 101.20 99.93 108.81 2 September 2004 101.57 100.52 109.00 3 September 2004 102.25 101.34 107.76 6 September 2004 102.60 101.71 109.52 7 September 2004 102.68 101.86 109.68 8 September 2004 102.57 101.78 109.62 9 September 2004 102.15 101.25 108.57 10 September 2004 102.34 101.81 107.92 13 September 2004 102.66 102.98 109.12 14 September 2004 102.37 102.72 109.39 15 September 2004 102.42 102.46 108.12 16 September 2004 102.59 102.63 107.50 17 September 2004 103.35 103.30 107.17 20 September 2004 103.08 102.94 ND 21 September 2004 103.64 103.47 106.93 22 September 2004 103.31 102.53 106.74 23 September 2004 102.70 101.70 ND 24 September 2004 102.93 101.90 105.62 27 September 2004 102.22 101.31 104.94 28 September 2004 102.75 101.57 104.47 29 September 2004 103.22 102.15 104.34 30 September 2004 102.90 101.49 105.60 1 October 2004 104.76 103.67 107.05 4 October 2004 105.35 104.71 109.18 5 October 2004 105.82 104.90 109.24 6 October 2004 105.75 104.88 109.96 7 October 2004 105.63 104.93 109.40 8 October 2004 105.63 104.41 109.23 11 October 2004 105.35 104.30 ND 12 October 2004 104.49 103.36 107.96 13 October 2004 104.14 103.62 107.64 14 October 2004 104.00 103.04 106.32 15 October 2004 103.91 103.01 105.91 18 October 2004 103.94 102.78 105.50 19 October 2004 104.58 103.82 106.22 20 October 2004 103.72 102.80 104.81 21 October 2004 103.79 103.36 103.97 22 October 2004 103.80 103.50 104.52 25 October 2004 102.71 101.67 103.01 26 October 2004 103.16 101.89 102.83 27 October 2004 104.17 103.34 102.93 28 October 2004 104.42 104.31 104.46 29 October 2004 104.05 104.11 104.00 1 November 2004 105.10 104.87 103.53 2 November 2004 105.57 105.65 104.90 3 November 2004 106.16 105.84 ND 4 November 2004 106.40 105.74 105.58 5 November 2004 106.73 106.34 106.56 8 November 2004 106.19 106.36 105.65 9 November 2004 106.20 106.23 105.43 10 November 2004 106.59 106.64 105.47 11 November 2004 107.50 107.65 104.55 12 November 2004 107.93 107.78 105.78 15 November 2004 108.13 107.50 107.64 16 November 2004 107.42 106.76 107.35 17 November 2004 108.01 108.18 106.80 18 November 2004 108.21 108.07 106.38 19 November 2004 107.33 107.39 106.33 22 November 2004 106.66 106.94 104.42 23 November 2004 106.91 106.87 ND 24 November 2004 106.49 106.96 104.53 25 November 2004 107.18 107.86 104.86 26 November 2004 106.95 107.68 104.55 29 November 2004 107.09 107.55 105.74 30 November 2004 106.16 106.99 105.28 1 December 2004 106.83 108.15 104.18 2 December 2004 107.19 108.66 105.91 3 December 2004 107.21 108.24 106.40 6 December 2004 106.68 107.98 105.75 7 December 2004 106.85 108.42 104.79 8 December 2004 106.36 108.29 105.37 9 December 2004 106.02 107.47 104.20 10 December 2004 106.20 107.99 103.84 13 December 2004 107.16 108.82 104.04 14 December 2004 106.86 109.04 105.35 15 December 2004 107.06 108.77 105.56 16 December 2004 107.27 109.06 105.50 17 December 2004 106.47 107.96 106.48 20 December 2004 107.19 108.48 106.33 21 December 2004 107.27 108.72 106.96 22 December 2004 108.21 109.50 107.55 23 December 2004 108.47 109.81 ND 24 December 2004 108.66 ND 108.71 27 December 2004 ND 109.67 108.71 28 December 2004 ND 109.97 109.25 29 December 2004 109.15 109.91 109.17 30 December 2004 109.21 109.94 110.15 31 December 2004 109.13 ND ND 3 January 2005 ND 110.75 ND 4 January 2005 109.87 110.96 110.51 5 January 2005 108.93 110.15 109.55 6 January 2005 109.29 110.81 109.99 7 January 2005 109.97 111.27 109.78 10 January 2005 109.69 111.24 ND 11 January 2005 109.25 110.33 110.89 12 January 2005 108.62 109.60 109.98 13 January 2005 109.05 110.05 109.23 14 January 2005 109.51 110.46 109.77 17 January 2005 110.07 111.04 110.21 18 January 2005 109.59 111.01 109.73 19 January 2005 109.55 111.03 109.64 20 January 2005 109.22 110.37 108.59 21 January 2005 109.27 110.48 108.48 24 January 2005 109.40 110.25 109.15 25 January 2005 110.06 111.03 109.04 26 January 2005 110.16 111.02 109.70 27 January 2005 110.28 111.42 109.41 28 January 2005 109.88 111.02 109.29 31 January 2005 110.39 112.07 109.82 1 February 2005 111.57 112.87 109.85 2 February 2005 111.84 113.03 110.37 3 February 2005 111.70 113.03 110.14 4 February 2005 112.41 114.07 109.76 7 February 2005 113.21 114.65 110.61 8 February 2005 113.60 114.80 110.71 9 February 2005 113.48 114.50 110.74 10 February 2005 113.66 114.37 111.21 11 February 2005 114.57 115.60 ND 14 February 2005 114.53 115.57 111.97 15 February 2005 114.84 116.09 111.93 16 February 2005 114.59 115.53 111.62 17 February 2005 114.68 115.63 111.33 18 February 2005 114.66 115.77 111.77 21 February 2005 114.59 115.28 111.79 22 February 2005 113.96 114.60 111.38 23 February 2005 113.05 114.03 110.47 24 February 2005 112.75 114.04 110.91 25 February 2005 113.56 115.35 111.85 28 February 2005 112.84 115.14 112.81 1 March 2005 113.52 115.82 113.05 2 March 2005 113.33 115.78 113.61 3 March 2005 113.78 115.64 113.97 4 March 2005 114.29 116.63 114.22 7 March 2005 114.08 116.87 114.96 8 March 2005 113.70 116.24 114.54 9 March 2005 113.38 115.71 115.04 10 March 2005 112.67 114.74 114.54 11 March 2005 113.13 114.95 114.98 14 March 2005 112.98 114.88 114.54 15 March 2005 113.48 115.57 114.29 16 March 2005 112.13 113.86 114.81 17 March 2005 111.81 114.00 114.24 18 March 2005 111.90 114.46 115.29 21 March 2005 112.11 113.98 ND 22 March 2005 112.11 114.33 115.22 23 March 2005 111.34 113.97 114.39 24 March 2005 111.70 114.90 113.87 25 March 2005 ND ND 114.38 28 March 2005 ND ND 114.41 29 March 2005 111.58 115.01 112.64 30 March 2005 111.14 114.61 112.02 31 March 2005 111.12 114.67 113.27 1 April 2005 111.62 115.07 113.68 4 April 2005 111.18 114.42 113.36 5 April 2005 112.14 115.17 114.00 6 April 2005 112.35 115.75 114.62 7 April 2005 112.97 116.21 114.67 8 April 2005 113.16 116.29 115.10 11 April 2005 112.91 116.03 114.03 12 April 2005 112.35 115.52 112.99 13 April 2005 112.67 116.05 112.71 14 April 2005 112.19 115.74 111.95 15 April 2005 110.94 113.51 110.25 18 April 2005 109.37 111.13 106.30 19 April 2005 110.07 111.53 107.95 20 April 2005 109.38 111.18 108.42 21 April 2005 109.31 111.35 107.63 22 April 2005 109.98 112.15 108.36 25 April 2005 110.30 112.45 108.48 26 April 2005 109.78 112.22 108.40 27 April 2005 108.41 110.58 108.30 28 April 2005 108.22 110.09 29 April 2005 108.26 108.43 110.16 ND 2 May 2005 ND 110.93 108.44 3 May 2005 109.72 111.29 ND 4 May 2005 110.03 111.87 ND 5 May 2005 110.52 112.68 ND 6 May 2005 110.82 113.09 110.26 9 May 2005 110.68 112.79 110.42 10 May 2005 110.23 112.06 110.15 11 May 2005 109.90 111.84 109.74 12 May 2005 110.38 112.55 109.27 13 May 2005 110.22 112.61 108.73 16 May 2005 110.20 112.44 107.63 17 May 2005 110.54 112.24 106.53 18 May 2005 111.58 114.00 106.28 19 May 2005 112.01 114.53 108.41 20 May 2005 112.19 114.63 108.25 23 May 2005 112.66 115.21 109.01 24 May 2005 112.55 114.93 108.88 25 May 2005 112.38 114.86 107.76 26 May 2005 112.99 115.75 107.65 27 May 2005 112.86 115.67 108.49 30 May 2005 ND 116.18 109.40 31 May 2005 112.44 115.64 109.64 1 June 2005 113.43 117.31 110.14 2 June 2005 113.36 117.42 110.08 3 June 2005 113.33 117.00 109.97 6 June 2005 112.93 116.55 109.74 7 June 2005 113.92 117.69 109.35 8 June 2005 113.47 117.50 110.05 9 June 2005 113.56 117.46 109.11 10 June 2005 114.07 118.23 110.09 13 June 2005 114.55 118.75 110.15 14 June 2005 114.44 118.83 110.22 15 June 2005 113.84 118.32 110.97 16 June 2005 114.47 118.88 111.20 17 June 2005 115.19 119.47 112.33 20 June 2005 115.04 118.89 112.16 21 June 2005 115.16 119.48 112.02 22 June 2005 115.58 119.69 112.41 23 June 2005 115.96 119.97 112.49 24 June 2005 115.16 118.94 112.43 27 June 2005 114.33 117.90 111.28 28 June 2005 115.34 118.92 112.11 29 June 2005 115.74 119.62 112.72 30 June 2005 115.91 119.72 112.79 1 July 2005 117.02 120.64 113.23 4 July 2005 117.44 120.82 113.64 5 July 2005 117.50 120.56 113.39 6 July 2005 118.46 121.11 113.41 7 July 2005 116.83 119.21 113.08 8 July 2005 118.56 121.04 112.83 11 July 2005 118.87 121.89 113.54 12 July 2005 118.31 121.57 113.64 13 July 2005 118.88 122.34 113.61 14 July 2005 119.07 122.91 114.13 15 July 2005 118.43 122.86 114.33 18 July 2005 118.03 122.85 ND 19 July 2005 117.74 124.20 114.17 20 July 2005 118.05 123.94 114.63 21 July 2005 118.24 124.02 114.47 22 July 2005 118.70 123.90 113.71 25 July 2005 119.27 123.99 114.04 26 July 2005 118.97 124.12 113.92 27 July 2005 119.25 124.50 114.88 28 July 2005 119.43 125.15 115.14 29 July 2005 119.72 124.93 115.45 1 August 2005 119.91 124.92 116.09 2 August 2005 120.67 125.80 115.86 3 August 2005 120.85 125.75 116.13 4 August 2005 120.54 124.76 115.38 5 August 2005 120.52 123.92 113.94 8 August 2005 121.08 124.39 114.20 9 August 2005 121.52 125.56 115.58 10 August 2005 121.86 126.83 117.65 11 August 2005 121.40 126.24 119.17 12 August 2005 121.18 125.55 119.30 15 August 2005 121.15 125.33 119.65 16 August 2005 120.70 124.76 119.97 17 August 2005 120.03 124.37 119.78 18 August 2005 119.49 123.87 120.05 19 August 2005 120.44 125.27 119.82 22 August 2005 120.61 125.49 121.67 23 August 2005 120.28 124.56 121.88 24 August 2005 119.79 124.35 122.22 25 August 2005 119.35 123.24 121.50 26 August 2005 118.85 122.22 121.92 29 August 2005 ND 122.64 120.60 30 August 2005 119.44 122.52 122.03 31 August 2005 120.31 123.61 121.81 1 September 2005 121.03 124.28 122.39 2 September 2005 120.98 124.13 122.91 5 September 2005 121.19 125.03 123.65 6 September 2005 121.63 126.21 123.24 7 September 2005 121.87 126.59 123.17 8 September 2005 121.29 126.51 122.54 9 September 2005 121.74 126.97 123.92 12 September 2005 122.16 126.92 125.50 13 September 2005 121.29 125.95 126.07 14 September 2005 121.53 126.38 125.74 15 September 2005 122.25 126.43 127.17 16 September 2005 122.81 127.38 127.32 19 September 2005 123.29 127.07 ND 20 September 2005 123.03 127.72 129.59 21 September 2005 121.94 126.19 130.09 22 September 2005 122.24 125.67 129.94 23 September 2005 122.85 126.38 ND 26 September 2005 123.68 128.40 132.85 27 September 2005 123.56 127.90 131.91 28 September 2005 124.58 129.28 134.28 29 September 2005 124.24 128.81 136.83 30 September 2005 124.28 129.44 135.32 3 October 2005 124.78 130.23 135.22 4 October 2005 124.67 130.84 136.23 5 October 2005 123.17 129.48 135.07 6 October 2005 121.84 128.10 131.40 7 October 2005 121.58 127.74 131.51 10 October 2005 121.87 128.01 ND 11 October 2005 122.08 128.26 134.71 12 October 2005 121.21 127.29 134.80 13 October 2005 119.42 125.97 134.89 14 October 2005 119.62 126.41 133.94 17 October 2005 119.84 126.53 133.51 18 October 2005 119.36 125.82 133.44 19 October 2005 117.08 123.49 132.20 20 October 2005 117.14 123.74 132.60 21 October 2005 116.64 123.20 132.74 24 October 2005 118.13 124.65 131.89 25 October 2005 117.60 124.18 133.53 26 October 2005 118.71 124.58 134.88 27 October 2005 117.62 122.52 136.42 28 October 2005 118.14 122.57 136.04 31 October 2005 120.63 125.21 138.43 1 November 2005 121.29 125.20 141.14 2 November 2005 121.78 125.55 141.25 3 November 2005 123.41 127.01 ND 4 November 2005 123.21 126.77 143.24 7 November 2005 124.07 127.13 143.64 8 November 2005 124.07 127.10 143.48 9 November 2005 123.61 127.02 142.54 10 November 2005 123.33 127.10 142.25 11 November 2005 124.23 128.61 143.20 14 November 2005 124.42 128.80 141.84 15 November 2005 123.84 128.74 141.08 16 November 2005 123.57 128.10 142.41 17 November 2005 124.26 128.66 144.71 18 November 2005 125.19 129.42 146.75 21 November 2005 125.26 130.00 146.36 22 November 2005 125.68 130.07 146.26 23 November 2005 126.09 130.82 ND 24 November 2005 125.65 130.48 145.41 25 November 2005 125.96 130.79 146.56 28 November 2005 125.04 130.30 147.88 29 November 2005 125.38 130.61 147.99 30 November 2005 124.01 130.10 147.19 1 December 2005 125.39 131.91 149.45 2 December 2005 126.42 132.61 151.74 5 December 2005 126.03 132.11 153.07 6 December 2005 126.61 132.77 152.47 7 December 2005 126.45 132.52 153.17 8 December 2005 126.37 132.72 150.31 9 December 2005 126.17 132.52 152.46 12 December 2005 125.89 132.90 154.98 13 December 2005 126.05 133.15 155.81 14 December 2005 126.28 132.90 153.51 15 December 2005 125.82 132.98 151.74 16 December 2005 126.65 134.12 151.46 19 December 2005 126.85 133.99 152.27 20 December 2005 127.02 134.16 154.64 21 December 2005 127.93 135.24 156.79 22 December 2005 128.25 135.26 156.93 23 December 2005 128.29 135.57 ND 26 December 2005 ND ND 157.99 27 December 2005 ND 136.08 156.94 28 December 2005 128.80 135.92 158.47 29 December 2005 129.26 136.32 159.41 30 December 2005 128.82 135.24 158.07 2 January 2006 ND 136.18 ND 3 January 2006 130.26 136.74 ND 4 January 2006 131.05 138.12 160.30 5 January 2006 130.46 137.93 161.46 6 January 2006 131.30 138.53 161.44 9 January 2006 131.26 138.82 ND 10 January 2006 130.30 138.02 158.96 11 January 2006 131.32 139.04 160.24 12 January 2006 131.42 139.22 161.38 13 January 2006 130.90 137.99 161.13 16 January 2006 131.53 138.56 160.02 17 January 2006 130.58 137.42 156.33 18 January 2006 129.81 136.17 150.88 19 January 2006 130.62 137.19 155.25 20 January 2006 130.24 135.92 155.64 23 January 2006 129.90 135.66 152.14 24 January 2006 129.40 135.48 154.49 25 January 2006 131.05 137.02 155.07 26 January 2006 131.46 138.99 157.45 27 January 2006 132.99 140.70 161.96 30 January 2006 132.77 140.58 163.29 31 January 2006 132.39 140.82 163.92 1 February 2006 133.42 142.28 162.33 2 February 2006 132.26 140.71 163.94 3 February 2006 132.52 140.89 163.65 6 February 2006 132.87 141.31 164.06 7 February 2006 132.27 141.31 164.17 8 February 2006 131.84 140.98 160.14 9 February 2006 133.75 142.74 161.18 10 February 2006 132.78 141.88 159.07 13 February 2006 133.38 142.86 155.03 14 February 2006 133.33 142.95 156.68 15 February 2006 133.35 142.91 155.63 16 February 2006 134.15 143.83 156.31 17 February 2006 134.71 144.34 153.81 20 February 2006 135.00 144.49 150.63 21 February 2006 134.91 144.92 154.51 22 February 2006 135.22 146.20 154.21 23 February 2006 134.50 146.14 157.18 24 February 2006 135.00 146.63 157.88 27 February 2006 135.36 147.28 158.75 28 February 2006 133.58 145.06 159.09 1 March 2006 134.73 146.28 156.71 2 March 2006 134.50 144.90 156.39 3 March 2006 134.95 144.19 154.54 6 March 2006 135.88 144.98 155.84 7 March 2006 134.90 144.25 155.01 8 March 2006 133.71 143.33 153.84 9 March 2006 134.71 144.62 157.23 10 March 2006 135.83 145.99 157.83 13 March 2006 137.05 147.16 160.46 14 March 2006 137.12 147.43 159.61 15 March 2006 137.57 147.95 159.70 16 March 2006 138.31 148.00 157.62 17 March 2006 138.49 148.11 159.43 20 March 2006 138.28 148.54 161.75 21 March 2006 138.26 148.74 ND 22 March 2006 138.68 149.20 161.58 23 March 2006 138.32 149.11 160.98 24 March 2006 139.39 149.58 161.86 27 March 2006 137.97 148.26 162.29 28 March 2006 137.18 147.54 162.18 29 March 2006 137.65 148.12 163.99 30 March 2006 138.82 149.73 165.44 31 March 2006 137.81 149.18 165.58 3 April 2006 139.06 150.18 168.12 4 April 2006 138.69 149.38 167.64 5 April 2006 139.56 149.90 167.30 6 April 2006 139.63 150.03 170.13 7 April 2006 139.18 148.79 170.91 10 April 2006 139.89 149.39 170.29 11 April 2006 138.62 147.28 169.61 12 April 2006 138.21 146.78 166.99 13 April 2006 138.94 146.96 167.08 14 April 2006 ND ND 167.11 17 April 2006 ND ND 164.71 18 April 2006 139.25 146.61 166.88 19 April 2006 140.32 148.48 167.42 20 April 2006 140.20 149.80 167.47 21 April 2006 141.33 150.99 168.29 24 April 2006 140.66 150.23 163.91 25 April 2006 140.46 150.40 164.77 26 April 2006 140.87 150.92 165.12 27 April 2006 139.85 150.00 165.70 28 April 2006 139.03 148.98 164.46 1 May 2006 ND ND 164.53 2 May 2006 140.28 149.90 166.45 3 May 2006 138.81 148.69 ND 4 May 2006 139.46 149.60 ND 5 May 2006 140.86 150.91 ND 8 May 2006 140.42 151.24 168.16 9 May 2006 141.19 151.69 167.43 10 May 2006 140.69 150.93 165.28 11 May 2006 139.81 150.00 163.97 12 May 2006 136.71 146.68 161.75 15 May 2006 134.78 144.64 161.14 16 May 2006 134.85 144.84 157.61 17 May 2006 130.93 140.42 158.77 18 May 2006 130.57 139.90 156.38 19 May 2006 130.41 140.41 157.00 22 May 2006 127.19 136.25 154.82 23 May 2006 130.91 139.53 151.32 24 May 2006 128.73 137.95 153.88 25 May 2006 130.80 139.87 151.84 26 May 2006 133.69 142.51 154.62 29 May 2006 ND 142.16 154.85 30 May 2006 130.39 138.90 154.52 31 May 2006 131.93 140.43 151.38 1 June 2006 132.46 140.89 151.82 2 June 2006 133.05 140.93 153.89 5 June 2006 132.80 139.82 152.82 6 June 2006 130.41 136.60 150.17 7 June 2006 131.19 137.51 146.93 8 June 2006 127.76 133.81 142.02 9 June 2006 130.01 135.84 143.59 12 June 2006 129.24 134.43 144.76 13 June 2006 126.71 131.47 139.73 14 June 2006 126.59 131.68 140.48 15 June 2006 129.47 134.99 142.38 16 June 2006 129.02 134.04 147.05 19 June 2006 129.63 135.14 146.37 20 June 2006 130.27 135.89 144.71 21 June 2006 130.35 136.16 144.25 22 June 2006 130.93 136.92 148.43 23 June 2006 131.09 137.12 148.09 26 June 2006 130.89 136.93 148.41 27 June 2006 130.32 135.98 148.45 28 June 2006 130.83 135.80 146.36 29 June 2006 133.27 138.42 148.30 30 June 2006 134.35 140.89 152.05 3 July 2006 135.51 141.54 152.65 4 July 2006 135.51 141.79 153.54 5 July 2006 134.21 139.92 152.34 6 July 2006 135.54 141.26 150.65 7 July 2006 135.46 140.84 150.73 10 July 2006 135.53 141.42 152.73 11 July 2006 134.61 139.76 151.95 12 July 2006 134.76 140.37 149.82 13 July 2006 132.49 137.95 148.61 14 July 2006 131.15 135.99 145.80 17 July 2006 130.90 135.20 ND 18 July 2006 130.42 134.85 141.35 19 July 2006 132.76 138.23 141.37 20 July 2006 132.67 138.66 146.46 21 July 2006 131.47 137.15 145.21 24 July 2006 133.95 139.76 145.08 25 July 2006 134.34 139.88 147.06 26 July 2006 134.92 140.32 145.68 27 July 2006 136.12 141.89 147.73 28 July 2006 137.02 142.77 149.41 31 July 2006 136.08 142.31 150.62 1 August 2006 135.12 140.88 150.14 2 August 2006 136.23 142.73 150.39 3 August 2006 134.11 141.70 150.38 4 August 2006 135.32 143.36 150.59 7 August 2006 133.97 141.42 147.56 8 August 2006 133.79 141.76 149.73 9 August 2006 134.69 142.87 151.24 10 August 2006 133.82 141.70 151.66 11 August 2006 133.74 141.71 151.19 14 August 2006 134.84 143.18 153.40 15 August 2006 135.48 144.63 153.79 16 August 2006 135.64 145.71 156.15 17 August 2006 135.80 146.17 156.32 18 August 2006 135.91 145.94 157.27 21 August 2006 136.12 145.40 155.62 22 August 2006 135.85 145.96 157.30 23 August 2006 134.93 144.97 157.16 24 August 2006 135.12 145.75 155.51 25 August 2006 135.38 145.83 155.20 28 August 2006 ND 146.72 153.33 29 August 2006 135.65 146.84 154.83 30 August 2006 136.56 147.45 154.52 31 August 2006 136.15 147.16 156.60 1 September 2006 137.20 147.80 156.50 4 September 2006 138.06 148.47 158.03 5 September 2006 137.96 147.77 158.22 6 September 2006 136.81 146.27 157.41 7 September 2006 135.15 145.05 154.59 8 September 2006 135.63 145.56 155.21 11 September 2006 134.89 145.17 152.97 12 September 2006 135.94 146.82 151.96 13 September 2006 136.01 147.42 151.73 14 September 2006 135.83 147.33 153.12 15 September 2006 135.95 147.95 152.67 18 September 2006 136.24 147.94 ND 19 September 2006 134.96 146.99 152.53 20 September 2006 135.74 148.94 150.45 21 September 2006 136.47 149.42 151.39 22 September 2006 134.86 147.86 149.81 25 September 2006 134.33 148.02 149.45 26 September 2006 136.00 149.85 148.46 27 September 2006 137.25 150.91 152.44 28 September 2006 138.20 151.07 153.55 29 September 2006 138.03 151.28 154.33 2 October 2006 138.02 151.10 155.71 3 October 2006 137.49 150.59 155.01 4 October 2006 138.16 151.73 153.49 5 October 2006 139.16 152.72 156.48 6 October 2006 139.19 152.71 156.58 9 October 2006 139.73 152.86 ND 10 October 2006 140.74 153.80 156.64 11 October 2006 140.76 154.01 155.42 12 October 2006 141.91 155.22 154.61 13 October 2006 142.73 155.29 155.99 16 October 2006 142.98 155.55 157.71 17 October 2006 141.40 153.58 156.94 18 October 2006 142.48 155.15 157.01 19 October 2006 142.58 155.14 156.73 20 October 2006 142.60 155.58 157.53 23 October 2006 142.82 156.31 158.99 24 October 2006 143.23 156.21 159.29 25 October 2006 143.91 156.60 158.42 26 October 2006 143.40 156.75 159.49 27 October 2006 142.71 156.34 158.16 30 October 2006 141.94 155.83 155.28 31 October 2006 142.12 155.94 154.97 1 November 2006 142.60 156.40 155.46 2 November 2006 142.56 155.18 155.12 3 November 2006 142.52 155.86 ND 6 November 2006 144.25 157.73 154.90 7 November 2006 144.77 158.59 154.90 8 November 2006 144.67 158.62 153.06 9 November 2006 144.58 158.65 152.25 10 November 2006 144.25 158.53 151.52 13 November 2006 144.09 159.33 150.31 14 November 2006 143.95 159.14 152.96 15 November 2006 144.97 160.19 152.54 16 November 2006 145.53 160.35 151.58 17 November 2006 144.05 159.24 150.77 20 November 2006 144.32 159.62 146.97 21 November 2006 144.34 159.90 146.88 22 November 2006 143.37 160.16 148.79 23 November 2006 142.92 159.78 ND 24 November 2006 142.42 158.55 147.37 27 November 2006 140.80 155.92 148.80 28 November 2006 140.33 155.43 149.00 29 November 2006 141.82 157.58 151.40 30 November 2006 141.13 156.24 153.59 1 December 2006 140.64 154.65 153.77 4 December 2006 141.32 155.75 154.04 5 December 2006 142.20 157.27 153.20 6 December 2006 142.33 157.29 154.76 7 December 2006 143.20 158.15 155.48 8 December 2006 143.72 158.24 154.87 11 December 2006 143.96 159.38 155.98 12 December 2006 143.78 159.57 156.82 13 December 2006 144.59 160.84 157.06 14 December 2006 145.43 161.67 158.27 15 December 2006 146.14 162.61 158.80 18 December 2006 145.90 162.50 159.56 19 December 2006 144.97 161.39 157.65 20 December 2006 144.85 162.17 159.72 21 December 2006 144.59 161.99 160.13 22 December 2006 144.75 160.64 160.21 25 December 2006 ND ND 159.52 26 December 2006 ND ND 160.24 27 December 2006 145.98 162.70 160.68 28 December 2006 145.97 162.72 160.86 29 December 2006 145.54 162.67 161.07 2 January 2007 147.60 164.87 ND 3 January 2007 147.77 164.89 ND 4 January 2007 146.99 164.27 162.78 5 January 2007 145.55 162.80 160.52 8 January 2007 144.97 162.83 ND 9 January 2007 145.00 163.16 162.13 10 January 2007 144.17 161.88 159.34 11 January 2007 145.62 164.54 158.74 12 January 2007 145.78 165.02 161.47 15 January 2007 146.45 165.68 163.32 16 January 2007 145.33 165.01 163.22 17 January 2007 145.05 164.44 163.53 18 January 2007 145.23 164.28 164.34 19 January 2007 145.85 165.66 164.25 22 January 2007 145.48 164.79 165.79 23 January 2007 145.53 164.63 165.83 24 January 2007 147.44 166.41 166.58 25 January 2007 146.49 165.89 165.70 26 January 2007 145.57 164.93 165.57 29 January 2007 145.78 165.70 166.10 30 January 2007 145.87 166.48 165.91 31 January 2007 145.04 166.00 164.99 1 February 2007 146.85 167.38 166.58 2 February 2007 147.66 168.08 166.95 5 February 2007 147.92 168.18 164.44 6 February 2007 148.63 168.36 165.99 7 February 2007 149.14 169.21 165.60 8 February 2007 148.56 168.18 164.82 9 February 2007 149.44 169.03 167.20 12 February 2007 148.72 167.75 ND 13 February 2007 149.33 168.68 168.24 14 February 2007 150.24 170.01 169.14 15 February 2007 150.55 169.99 170.23 16 February 2007 150.24 169.76 170.02 19 February 2007 150.89 170.60 170.54 20 February 2007 150.16 170.10 170.81 21 February 2007 148.97 169.38 171.24 22 February 2007 149.53 169.79 172.74 23 February 2007 149.97 169.92 173.90 26 February 2007 150.65 170.75 174.09 27 February 2007 146.84 165.54 173.55 28 February 2007 144.38 163.34 167.94 1 March 2007 143.08 161.28 166.73 2 March 2007 143.21 160.79 164.95 5 March 2007 141.69 159.15 159.31 6 March 2007 143.59 160.31 162.17 7 March 2007 144.29 161.19 161.89 8 March 2007 146.05 163.61 164.89 9 March 2007 146.49 163.94 165.79 12 March 2007 146.27 163.26 166.85 13 March 2007 144.53 161.39 165.32 14 March 2007 140.72 157.16 160.48 15 March 2007 143.89 160.29 162.33 16 March 2007 143.94 160.40 160.69 19 March 2007 145.44 163.06 162.32 20 March 2007 146.10 164.01 163.68 21 March 2007 147.12 164.38 ND 22 March 2007 148.53 167.43 165.93 23 March 2007 148.94 168.35 166.90 26 March 2007 147.91 166.85 166.85 27 March 2007 147.89 167.00 165.17 28 March 2007 147.27 165.97 163.94 29 March 2007 148.57 168.06 163.91 30 March 2007 148.29 168.16 164.19 2 April 2007 148.58 168.64 161.21 3 April 2007 149.83 170.68 163.30 4 April 2007 149.81 171.21 165.81 5 April 2007 150.51 171.51 164.87 6 April 2007 ND ND 164.52 9 April 2007 ND ND 166.53 10 April 2007 151.07 172.74 166.30 11 April 2007 150.91 172.40 166.62 12 April 2007 150.85 171.83 165.39 13 April 2007 151.82 173.02 163.41 16 April 2007 153.07 175.17 165.34 17 April 2007 152.53 175.11 164.43 18 April 2007 151.46 174.13 165.83 19 April 2007 151.14 173.54 163.55 20 April 2007 152.25 176.19 163.85 23 April 2007 152.16 175.74 163.42 24 April 2007 150.96 174.22 163.47 25 April 2007 151.77 175.66 161.67 26 April 2007 151.99 176.07 163.21 27 April 2007 150.91 175.09 162.98 30 April 2007 151.57 175.29 ND 1 May 2007 150.94 ND 162.24 2 May 2007 152.44 176.21 163.29 3 May 2007 153.56 176.44 ND 4 May 2007 155.19 177.50 ND 7 May 2007 ND 177.64 166.05 8 May 2007 153.93 176.09 166.01 9 May 2007 153.81 176.47 167.20 10 May 2007 153.32 175.27 166.43 11 May 2007 154.09 176.26 165.10 14 May 2007 153.89 175.98 165.85 15 May 2007 154.26 176.95 164.09 16 May 2007 154.10 176.49 164.02 17 May 2007 154.57 176.89 163.58 18 May 2007 155.91 178.74 162.47 21 May 2007 155.83 178.34 163.91 22 May 2007 155.18 178.65 165.91 23 May 2007 155.46 179.85 166.72 24 May 2007 154.27 178.34 166.54 25 May 2007 154.23 178.48 164.37 28 May 2007 ND ND 165.22 29 May 2007 155.04 179.05 166.51 30 May 2007 154.79 178.65 166.12 31 May 2007 155.35 180.60 168.22 1 June 2007 156.61 182.09 169.39 4 June 2007 156.24 181.37 169.86 5 June 2007 155.48 180.31 170.22 6 June 2007 152.74 176.90 170.41 7 June 2007 152.09 174.75 170.52 8 June 2007 152.01 174.47 168.26 11 June 2007 153.35 176.27 168.74 12 June 2007 152.30 175.05 167.83 13 June 2007 153.11 175.62 167.28 14 June 2007 155.32 178.82 168.31 15 June 2007 157.34 181.28 169.87 18 June 2007 156.66 180.59 171.35 19 June 2007 155.35 180.20 170.60 20 June 2007 155.29 180.87 170.91 21 June 2007 153.87 178.83 171.45 22 June 2007 153.25 178.33 170.36 25 June 2007 153.65 177.93 169.10 26 June 2007 152.99 176.57 169.19 27 June 2007 152.08 175.63 166.82 28 June 2007 153.19 177.58 167.78 29 June 2007 153.94 178.76 170.06 2 July 2007 153.61 178.25 170.58 3 July 2007 155.00 179.67 170.73 4 July 2007 155.83 180.45 170.78 5 July 2007 155.02 179.15 171.33 6 July 2007 156.24 180.38 170.52 9 July 2007 156.67 180.68 171.72 10 July 2007 154.79 178.67 171.43 11 July 2007 154.35 177.72 169.37 12 July 2007 156.27 180.23 168.93 13 July 2007 156.87 180.99 170.86 16 July 2007 156.48 181.40 ND 17 July 2007 155.49 180.52 170.37 18 July 2007 153.51 178.27 168.50 19 July 2007 155.27 180.04 169.40 20 July 2007 154.06 177.44 170.18 23 July 2007 154.76 178.66 168.37 24 July 2007 151.88 175.94 169.21 25 July 2007 150.66 174.16 168.06 26 July 2007 145.88 169.71 166.45 27 July 2007 145.06 168.92 162.86 30 July 2007 145.05 168.70 163.43 31 July 2007 148.63 171.89 163.48 1 August 2007 146.17 168.94 159.90 2 August 2007 147.24 170.45 159.94 3 August 2007 145.64 168.33 160.25 6 August 2007 144.57 166.98 159.82 7 August 2007 147.42 169.17 159.07 8 August 2007 149.54 172.53 159.92 9 August 2007 146.62 169.24 161.33 10 August 2007 141.36 164.82 156.55 13 August 2007 145.50 168.15 156.43 14 August 2007 143.67 166.31 156.89 15 August 2007 142.77 165.72 152.74 16 August 2007 136.96 160.17 150.18 17 August 2007 141.48 163.06 141.84 20 August 2007 141.80 164.14 145.98 21 August 2007 141.82 164.42 148.50 22 August 2007 144.54 167.04 148.02 23 August 2007 144.62 167.23 152.52 24 August 2007 145.13 167.85 151.95 27 August 2007 ND 168.10 152.13 28 August 2007 142.44 165.45 151.83 29 August 2007 143.23 166.39 149.23 30 August 2007 145.22 168.29 150.26 31 August 2007 147.45 170.35 154.09 3 September 2007 147.78 170.68 153.82 4 September 2007 149.30 171.68 152.99 5 September 2007 146.78 168.29 150.38 6 September 2007 147.69 168.89 150.29 7 September 2007 144.82 165.01 149.18 10 September 2007 143.43 163.64 146.14 11 September 2007 146.81 166.07 146.82 12 September 2007 147.33 166.42 146.43 13 September 2007 148.39 167.84 145.91 14 September 2007 146.48 166.59 148.00 17 September 2007 143.96 164.74 ND 18 September 2007 146.07 167.60 144.77 19 September 2007 150.24 172.35 150.20 20 September 2007 149.38 171.33 150.13 21 September 2007 150.09 172.06 148.71 24 September 2007 150.17 171.78 ND 25 September 2007 148.43 170.30 150.12 26 September 2007 149.22 171.77 151.00 27 September 2007 150.58 172.89 154.75 28 September 2007 150.18 172.66 154.89 1 October 2007 151.05 173.98 154.82 2 October 2007 151.22 174.84 157.11 3 October 2007 152.17 175.00 159.44 4 October 2007 152.44 175.02 158.63 5 October 2007 153.43 176.44 158.76 8 October 2007 152.22 176.00 ND 9 October 2007 153.90 176.72 159.06 10 October 2007 154.41 176.65 158.88 11 October 2007 156.44 177.73 160.73 12 October 2007 156.48 177.74 159.00 15 October 2007 154.50 176.11 158.81 16 October 2007 153.75 175.27 155.72 17 October 2007 155.35 176.35 153.33 18 October 2007 153.74 175.26 155.00 19 October 2007 151.90 174.70 152.47 22 October 2007 150.30 172.36 149.76 23 October 2007 151.74 173.83 150.48 24 October 2007 150.95 172.82 149.84 25 October 2007 153.22 174.99 148.33 26 October 2007 154.97 175.88 150.81 29 October 2007 155.94 177.02 153.92 30 October 2007 154.86 176.38 153.99 31 October 2007 156.47 177.67 155.23 1 November 2007 153.50 174.93 156.73 2 November 2007 152.23 174.48 153.32 5 November 2007 150.60 173.45 150.92 6 November 2007 150.91 174.09 150.87 7 November 2007 148.74 173.25 149.15 8 November 2007 148.47 171.77 145.34 9 November 2007 146.61 169.38 143.18 12 November 2007 147.34 169.57 139.54 13 November 2007 147.87 169.62 139.38 14 November 2007 149.55 170.67 143.50 15 November 2007 147.78 168.92 143.61 16 November 2007 146.16 167.86 141.01 19 November 2007 142.06 164.91 139.56 20 November 2007 144.36 166.63 140.78 21 November 2007 140.70 162.91 137.85 22 November 2007 142.58 163.46 137.72 23 November 2007 145.13 165.98 ND 26 November 2007 143.35 165.08 140.56 27 November 2007 142.24 164.61 141.69 28 November 2007 146.12 168.55 141.39 29 November 2007 147.12 169.44 145.11 30 November 2007 148.94 171.56 146.78 3 December 2007 147.66 170.70 146.80 4 December 2007 145.68 168.84 145.21 5 December 2007 149.71 171.62 146.27 6 December 2007 149.52 171.81 148.73 7 December 2007 151.17 173.08 149.64 10 December 2007 151.37 173.98 149.33 11 December 2007 150.83 173.50 150.14 12 December 2007 151.28 173.85 149.18 13 December 2007 146.78 169.96 145.26 14 December 2007 147.59 170.54 143.84 17 December 2007 144.69 167.57 141.11 18 December 2007 144.81 167.55 140.82 19 December 2007 145.00 166.99 139.58 20 December 2007 146.53 167.41 139.65 21 December 2007 148.55 169.93 140.77 24 December 2007 149.56 ND ND 25 December 2007 149.56 ND 143.34 26 December 2007 149.56 ND 144.53 27 December 2007 149.98 170.48 143.72 28 December 2007 149.64 170.66 141.39 31 December 2007 149.25 170.59 ND 2 January 2008 148.43 168.55 ND 3 January 2008 149.48 167.84 ND 4 January 2008 146.35 165.13 135.28 7 January 2008 145.78 164.83 133.44 8 January 2008 146.32 165.48 134.43 9 January 2008 144.27 163.54 136.47 10 January 2008 142.96 162.22 134.27 11 January 2008 142.60 161.81 131.99 14 January 2008 143.25 162.57 ND 15 January 2008 138.94 158.22 129.37 16 January 2008 137.03 156.58 124.79 17 January 2008 136.28 155.38 127.47 18 January 2008 136.30 153.33 128.53 21 January 2008 129.04 143.37 123.96 22 January 2008 132.94 145.63 116.89 23 January 2008 130.09 139.94 119.76 24 January 2008 136.11 148.35 123.07 25 January 2008 135.75 148.00 128.85 28 January 2008 133.96 147.21 123.89 29 January 2008 136.39 149.62 127.31 30 January 2008 135.43 148.62 126.48 31 January 2008 136.23 148.25 129.00 1 February 2008 139.79 151.33 128.09 4 February 2008 139.87 151.72 130.76 5 February 2008 136.13 145.91 129.87 6 February 2008 136.19 147.29 124.41 7 February 2008 132.89 144.73 125.04 8 February 2008 134.17 144.77 123.33 11 February 2008 132.50 143.77 ND 12 February 2008 137.13 148.60 123.23 13 February 2008 136.45 149.05 123.15 14 February 2008 136.60 149.08 127.67 15 February 2008 134.41 146.35 127.90 18 February 2008 137.95 149.02 127.72 19 February 2008 138.58 149.67 128.90 20 February 2008 136.95 147.88 124.82 21 February 2008 137.83 148.71 127.88 22 February 2008 136.72 147.18 126.61 25 February 2008 139.36 149.51 129.88 26 February 2008 141.32 151.69 129.11 27 February 2008 141.17 151.56 130.74 28 February 2008 138.60 148.85 129.65 29 February 2008 136.66 146.69 126.88 3 March 2008 135.24 144.72 121.79 4 March 2008 134.09 142.32 121.27 5 March 2008 136.18 145.33 121.10 6 March 2008 134.15 142.98 123.37 7 March 2008 132.56 141.29 119.55 10 March 2008 130.81 139.67 117.31 11 March 2008 132.23 141.80 118.34 12 March 2008 134.35 143.42 120.26 Figure: Stock price indexes: emerging market economies Daily Index(12/31/03=100) Date Brazil (Bovespa) Korea (KOSPI) Mexico (Bolsa) 2 January 2004 100.94 101.30 100.26 5 January 2004 105.83 101.65 102.94 6 January 2004 106.03 101.57 102.76 7 January 2004 104.87 102.02 103.44 8 January 2004 106.66 101.66 104.26 9 January 2004 107.56 104.26 103.50 12 January 2004 109.00 104.94 103.79 13 January 2004 107.66 104.65 103.94 14 January 2004 105.23 104.80 104.28 15 January 2004 103.26 104.31 103.86 16 January 2004 104.13 104.59 104.53 19 January 2004 105.17 105.69 105.09 20 January 2004 106.49 106.25 106.00 21 January 2004 104.79 ND 107.19 22 January 2004 103.29 ND 107.98 23 January 2004 105.55 ND 107.79 26 January 2004 109.50 107.19 108.74 27 January 2004 108.95 106.45 109.29 28 January 2004 107.26 106.03 108.59 29 January 2004 100.67 105.27 107.38 30 January 2004 98.27 104.66 107.20 2 February 2004 97.98 105.45 109.53 3 February 2004 100.20 103.60 110.32 4 February 2004 97.52 103.06 109.99 5 February 2004 94.85 103.73 ND 6 February 2004 98.80 104.87 111.55 9 February 2004 98.76 106.67 112.36 10 February 2004 99.71 106.92 111.48 11 February 2004 104.32 108.10 112.28 12 February 2004 103.72 108.29 113.24 13 February 2004 101.32 108.82 113.50 16 February 2004 99.79 108.70 113.75 17 February 2004 100.85 109.14 114.83 18 February 2004 98.94 108.19 115.12 19 February 2004 94.22 108.75 114.52 20 February 2004 95.95 108.24 112.43 23 February 2004 ND 108.24 111.02 24 February 2004 ND 106.65 112.05 25 February 2004 97.18 106.93 112.86 26 February 2004 96.46 106.68 113.74 27 February 2004 97.84 108.97 113.60 1 March 2004 101.18 ND 115.48 2 March 2004 100.93 110.92 114.91 3 March 2004 101.41 110.50 114.30 4 March 2004 100.70 111.93 115.93 5 March 2004 102.86 111.68 115.91 8 March 2004 103.40 111.03 114.79 9 March 2004 101.97 109.98 114.60 10 March 2004 97.45 108.06 113.46 11 March 2004 93.37 107.30 110.58 12 March 2004 97.93 104.70 111.85 15 March 2004 95.49 105.13 111.33 16 March 2004 97.20 104.86 112.30 17 March 2004 98.49 107.61 113.24 18 March 2004 100.60 107.66 113.15 19 March 2004 100.11 108.96 114.15 22 March 2004 97.42 106.54 112.88 23 March 2004 95.36 106.84 114.31 24 March 2004 94.37 106.29 115.54 25 March 2004 94.44 105.26 117.62 26 March 2004 96.87 106.57 118.61 29 March 2004 96.83 107.89 118.88 30 March 2004 99.13 107.74 119.03 31 March 2004 99.58 108.61 119.58 1 April 2004 101.85 108.89 120.65 2 April 2004 103.20 109.00 121.81 5 April 2004 104.09 ND 122.22 6 April 2004 103.76 111.78 121.82 7 April 2004 100.93 112.24 122.19 8 April 2004 102.20 113.09 ND 9 April 2004 ND 111.68 ND 12 April 2004 102.44 113.34 123.29 13 April 2004 101.72 113.19 121.50 14 April 2004 100.34 113.03 120.63 15 April 2004 97.77 ND 120.64 16 April 2004 97.90 110.88 121.40 19 April 2004 97.26 111.27 121.05 20 April 2004 94.79 113.35 121.24 21 April 2004 ND 114.71 119.83 22 April 2004 95.08 113.98 121.03 23 April 2004 97.10 115.46 121.90 26 April 2004 95.90 113.45 121.07 27 April 2004 95.86 112.92 120.59 28 April 2004 92.07 111.24 116.44 29 April 2004 89.34 107.98 113.48 30 April 2004 88.18 106.43 113.11 3 May 2004 88.63 106.83 115.87 4 May 2004 89.89 107.00 117.49 5 May 2004 90.06 ND 115.00 6 May 2004 86.30 103.33 112.02 7 May 2004 83.74 103.46 111.32 10 May 2004 79.17 97.53 107.34 11 May 2004 83.36 97.57 109.70 12 May 2004 82.41 100.79 110.18 13 May 2004 82.76 97.46 111.24 14 May 2004 83.70 94.79 111.27 17 May 2004 81.50 89.92 109.21 18 May 2004 83.45 91.52 110.63 19 May 2004 84.04 95.96 111.06 20 May 2004 82.03 94.71 111.55 21 May 2004 82.02 97.00 111.81 24 May 2004 83.96 98.63 112.46 25 May 2004 84.81 96.71 113.60 26 May 2004 85.76 ND 114.41 27 May 2004 88.75 98.98 115.44 28 May 2004 88.45 100.72 114.02 31 May 2004 87.89 99.15 114.11 1 June 2004 87.90 100.62 114.19 2 June 2004 88.67 99.22 113.49 3 June 2004 87.24 94.99 112.65 4 June 2004 89.13 96.30 114.35 7 June 2004 91.95 99.84 117.89 8 June 2004 91.22 99.83 117.52 9 June 2004 89.33 98.00 116.19 10 June 2004 ND 96.50 116.32 11 June 2004 89.20 92.70 116.14 14 June 2004 87.64 91.13 114.76 15 June 2004 90.16 92.77 116.21 16 June 2004 92.01 92.80 115.42 17 June 2004 91.45 93.76 115.69 18 June 2004 91.44 91.49 116.25 21 June 2004 91.26 92.43 115.83 22 June 2004 90.84 92.08 115.29 23 June 2004 93.70 91.15 115.27 24 June 2004 93.13 94.13 115.77 25 June 2004 93.32 96.09 115.16 28 June 2004 91.52 95.10 115.26 29 June 2004 93.54 96.05 115.26 30 June 2004 95.11 96.93 116.90 1 July 2004 96.01 95.97 116.66 2 July 2004 97.00 93.18 116.44 5 July 2004 97.45 93.34 116.23 6 July 2004 95.29 93.56 115.07 7 July 2004 95.21 93.98 114.18 8 July 2004 93.93 91.73 113.41 9 July 2004 ND 92.20 114.18 12 July 2004 96.83 92.05 114.73 13 July 2004 97.48 92.63 114.08 14 July 2004 97.46 90.85 111.91 15 July 2004 99.23 90.38 112.28 16 July 2004 100.95 91.20 112.83 19 July 2004 99.40 92.56 112.80 20 July 2004 100.56 90.91 113.98 21 July 2004 98.08 92.92 113.55 22 July 2004 97.72 91.60 113.55 23 July 2004 97.10 90.97 112.65 26 July 2004 95.87 90.81 112.80 27 July 2004 97.75 91.09 115.06 28 July 2004 99.69 91.82 114.73 29 July 2004 99.96 90.12 114.38 30 July 2004 100.45 90.70 115.02 2 August 2004 100.95 88.76 115.67 3 August 2004 100.61 89.61 116.04 4 August 2004 99.74 89.97 114.56 5 August 2004 95.92 91.69 114.46 6 August 2004 97.38 90.53 112.18 9 August 2004 95.61 91.54 111.58 10 August 2004 97.75 92.34 112.68 11 August 2004 97.00 92.89 111.99 12 August 2004 97.00 94.57 111.57 13 August 2004 96.24 95.72 111.32 16 August 2004 97.87 95.45 112.55 17 August 2004 99.21 95.11 113.66 18 August 2004 102.44 95.37 114.61 19 August 2004 103.14 97.26 114.83 20 August 2004 104.31 97.15 115.33 23 August 2004 102.77 97.16 115.62 24 August 2004 102.85 97.73 116.23 25 August 2004 103.70 99.17 116.40 26 August 2004 101.55 99.94 115.95 27 August 2004 101.62 99.95 116.26 30 August 2004 102.85 99.32 115.97 31 August 2004 102.55 99.12 116.70 1 September 2004 101.24 100.82 117.45 2 September 2004 102.03 101.62 118.50 3 September 2004 100.80 101.23 117.51 6 September 2004 101.19 101.67 117.97 7 September 2004 ND 101.00 119.23 8 September 2004 101.34 100.63 119.81 9 September 2004 100.23 101.38 119.99 10 September 2004 98.73 103.16 121.11 13 September 2004 98.08 105.08 120.75 14 September 2004 100.33 105.02 121.67 15 September 2004 100.48 104.92 121.21 16 September 2004 102.88 105.51 ND 17 September 2004 103.77 104.61 122.69 20 September 2004 103.79 105.69 122.83 21 September 2004 103.91 105.73 123.37 22 September 2004 102.31 103.01 122.53 23 September 2004 103.18 102.34 122.92 24 September 2004 103.31 102.64 123.43 27 September 2004 102.69 ND 121.52 28 September 2004 104.47 ND 123.29 29 September 2004 104.37 ND 124.84 30 September 2004 104.54 103.01 124.58 1 October 2004 106.93 104.35 125.96 4 October 2004 108.61 108.65 127.13 5 October 2004 108.85 109.14 126.40 6 October 2004 108.05 109.47 126.10 7 October 2004 108.40 109.20 126.18 8 October 2004 107.60 108.72 124.17 11 October 2004 107.72 108.68 124.79 12 October 2004 ND 105.84 125.33 13 October 2004 104.74 105.61 124.41 14 October 2004 103.25 104.43 123.66 15 October 2004 105.09 103.85 124.97 18 October 2004 105.28 104.63 125.70 19 October 2004 102.95 105.56 125.34 20 October 2004 102.87 102.21 125.94 21 October 2004 103.70 101.22 126.96 22 October 2004 102.24 102.15 127.64 25 October 2004 101.65 99.68 127.09 26 October 2004 102.75 100.37 128.95 27 October 2004 104.20 99.90 130.95 28 October 2004 103.11 102.82 130.10 29 October 2004 103.63 102.98 130.93 1 November 2004 104.66 103.08 132.14 2 November 2004 ND 104.44 132.01 3 November 2004 106.40 106.21 133.77 4 November 2004 107.39 104.99 134.90 5 November 2004 105.87 106.16 134.09 8 November 2004 104.39 104.37 133.71 9 November 2004 104.40 104.12 134.01 10 November 2004 105.48 106.15 134.09 11 November 2004 105.78 106.24 136.12 12 November 2004 108.09 108.14 135.95 15 November 2004 ND 108.83 135.93 16 November 2004 106.91 108.13 135.88 17 November 2004 108.69 109.22 136.67 18 November 2004 108.57 108.03 136.88 19 November 2004 108.08 106.95 134.61 22 November 2004 109.93 104.85 135.07 23 November 2004 109.46 106.13 135.03 24 November 2004 109.59 107.63 135.38 25 November 2004 111.83 107.62 136.41 26 November 2004 112.42 105.85 137.30 29 November 2004 111.78 106.75 138.67 30 November 2004 113.01 108.31 137.60 1 December 2004 113.48 108.15 139.10 2 December 2004 113.33 109.05 137.76 3 December 2004 114.53 108.86 137.68 6 December 2004 115.27 107.41 138.60 7 December 2004 112.38 106.21 137.78 8 December 2004 112.29 107.53 137.73 9 December 2004 110.30 106.24 137.86 10 December 2004 112.13 104.21 139.40 13 December 2004 113.44 104.13 139.74 14 December 2004 114.96 104.77 141.34 15 December 2004 115.02 107.17 142.05 16 December 2004 116.17 107.77 142.18 17 December 2004 115.39 107.95 142.35 20 December 2004 114.84 109.08 142.28 21 December 2004 116.43 108.89 143.85 22 December 2004 115.68 108.96 144.53 23 December 2004 116.38 108.16 144.95 24 December 2004 ND 108.54 145.56 27 December 2004 116.64 108.17 145.76 28 December 2004 117.45 108.35 146.81 29 December 2004 117.65 109.07 148.17 30 December 2004 117.81 110.51 147.45 31 December 2004 ND ND 146.87 3 January 2005 115.68 110.24 148.07 4 January 2005 111.74 109.40 145.27 5 January 2005 111.04 109.19 143.16 6 January 2005 109.58 107.47 144.44 7 January 2005 111.29 107.42 141.59 10 January 2005 109.24 107.83 141.51 11 January 2005 109.59 109.08 138.90 12 January 2005 110.22 108.55 140.18 13 January 2005 111.55 109.23 141.70 14 January 2005 112.09 111.64 144.34 17 January 2005 110.25 113.86 145.74 18 January 2005 108.33 113.55 148.14 19 January 2005 109.15 113.02 148.21 20 January 2005 106.18 112.17 145.19 21 January 2005 107.11 113.43 144.10 24 January 2005 108.82 113.86 144.89 25 January 2005 ND 112.88 146.29 26 January 2005 110.32 114.34 148.32 27 January 2005 108.06 114.08 147.65 28 January 2005 107.79 113.68 148.27 31 January 2005 109.51 115.05 148.91 1 February 2005 108.60 113.94 151.68 2 February 2005 110.65 113.66 151.67 3 February 2005 111.86 114.57 152.82 4 February 2005 115.72 115.15 152.89 7 February 2005 ND 117.08 153.23 8 February 2005 ND ND 153.59 9 February 2005 118.34 ND 155.34 10 February 2005 118.80 ND 155.87 11 February 2005 119.94 116.84 155.93 14 February 2005 119.32 119.01 154.23 15 February 2005 119.67 119.51 155.72 16 February 2005 118.65 119.84 155.09 17 February 2005 121.83 119.96 154.54 18 February 2005 120.33 121.39 154.40 21 February 2005 120.76 121.96 154.63 22 February 2005 120.25 120.61 153.73 23 February 2005 122.32 119.45 153.97 24 February 2005 127.88 121.76 155.59 25 February 2005 127.83 122.97 157.70 28 February 2005 126.55 124.75 156.78 1 March 2005 124.71 ND 156.96 2 March 2005 126.82 124.27 156.56 3 March 2005 128.93 124.70 156.71 4 March 2005 131.30 124.95 157.62 7 March 2005 132.46 124.27 157.79 8 March 2005 130.51 123.38 156.37 9 March 2005 128.23 124.43 155.44 10 March 2005 128.47 123.18 152.60 11 March 2005 126.26 126.16 153.86 14 March 2005 126.36 125.78 150.52 15 March 2005 124.07 122.50 149.90 16 March 2005 125.14 122.50 148.90 17 March 2005 126.31 120.89 149.38 18 March 2005 124.09 120.85 148.88 21 March 2005 123.27 120.79 ND 22 March 2005 119.71 120.93 148.52 23 March 2005 118.04 119.25 146.13 24 March 2005 120.08 117.96 ND 25 March 2005 ND 119.07 ND 28 March 2005 118.08 120.60 145.86 29 March 2005 116.22 118.29 143.05 30 March 2005 119.04 117.85 143.87 31 March 2005 119.67 119.12 144.13 1 April 2005 120.41 121.12 144.56 4 April 2005 118.75 121.19 143.18 5 April 2005 6 April 2005 117.10 ND 139.86 115.55 121.87 138.38 7 April 2005 118.31 121.98 141.79 8 April 2005 116.41 122.38 142.48 11 April 2005 116.47 121.61 141.27 12 April 2005 117.85 121.10 142.37 13 April 2005 117.22 121.04 141.26 14 April 2005 112.36 117.66 139.09 15 April 2005 110.88 116.84 135.79 18 April 2005 111.88 114.10 133.48 19 April 2005 114.97 115.02 136.57 20 April 2005 112.71 115.62 134.65 21 April 2005 ND 115.84 137.16 22 April 2005 111.38 116.05 136.38 25 April 2005 113.47 116.71 140.72 26 April 2005 113.80 116.50 143.01 27 April 2005 113.52 114.73 141.61 28 April 2005 109.91 113.20 139.35 29 April 2005 111.73 112.41 140.11 2 May 2005 111.10 113.29 141.27 3 May 2005 111.15 112.72 140.51 4 May 2005 114.56 114.63 143.75 5 May 2005 114.39 ND 143.49 6 May 2005 115.08 116.05 143.44 9 May 2005 114.52 115.36 142.84 10 May 2005 111.36 115.24 142.09 11 May 2005 111.07 113.90 141.72 12 May 2005 108.46 113.63 141.54 13 May 2005 107.43 113.87 140.39 16 May 2005 109.63 114.60 141.47 17 May 2005 109.79 114.36 141.43 18 May 2005 111.97 114.76 144.71 19 May 2005 111.66 117.44 145.48 20 May 2005 110.28 117.45 146.48 23 May 2005 108.90 117.31 148.14 24 May 2005 110.38 117.38 148.04 25 May 2005 110.08 116.11 148.46 26 May 2005 ND 116.43 149.54 27 May 2005 113.58 118.53 149.30 30 May 2005 114.34 119.53 149.65 31 May 2005 113.36 119.67 147.40 1 June 2005 116.70 119.59 149.44 2 June 2005 119.80 119.76 151.05 3 June 2005 118.57 120.40 150.13 6 June 2005 114.93 ND 150.18 7 June 2005 112.55 119.76 149.49 8 June 2005 111.09 120.42 148.97 9 June 2005 110.11 121.82 150.37 10 June 2005 112.21 122.21 150.25 13 June 2005 111.99 122.18 151.21 14 June 2005 115.78 121.34 151.71 15 June 2005 114.59 123.59 153.51 16 June 2005 115.80 123.74 153.92 17 June 2005 117.42 123.80 154.86 20 June 2005 117.13 122.69 155.87 21 June 2005 115.67 122.11 154.04 22 June 2005 115.48 123.61 152.83 23 June 2005 111.60 124.68 152.24 24 June 2005 112.05 123.65 151.21 27 June 2005 113.44 122.25 152.98 28 June 2005 113.60 122.70 153.75 29 June 2005 113.00 123.24 154.06 30 June 2005 112.66 124.36 153.33 1 July 2005 113.83 125.57 153.60 4 July 2005 112.63 126.03 153.50 5 July 2005 110.97 125.67 155.18 6 July 2005 110.26 125.69 156.79 7 July 2005 109.95 126.66 157.47 8 July 2005 109.83 126.06 157.71 11 July 2005 112.50 128.34 156.99 12 July 2005 114.84 128.76 158.85 13 July 2005 116.28 129.54 159.24 14 July 2005 116.57 130.99 160.14 15 July 2005 113.42 130.70 158.64 18 July 2005 113.87 131.05 158.86 19 July 2005 113.65 132.66 161.08 20 July 2005 115.60 132.53 162.66 21 July 2005 116.22 132.56 162.27 22 July 2005 114.19 132.50 162.80 25 July 2005 110.32 134.41 160.71 26 July 2005 111.84 134.52 159.95 27 July 2005 113.95 134.82 161.15 28 July 2005 117.23 136.27 162.10 29 July 2005 117.12 137.08 163.83 1 August 2005 118.27 137.65 165.80 2 August 2005 120.47 138.01 166.88 3 August 2005 120.14 137.79 166.18 4 August 2005 119.04 137.09 166.14 5 August 2005 119.25 134.37 164.44 8 August 2005 120.12 134.04 165.96 9 August 2005 122.73 135.66 166.83 10 August 2005 121.95 136.28 167.16 11 August 2005 119.77 138.62 167.92 12 August 2005 121.20 139.41 166.83 15 August 2005 123.11 ND 168.76 16 August 2005 121.78 137.77 165.53 17 August 2005 123.29 137.32 165.55 18 August 2005 120.97 134.78 166.23 19 August 2005 119.82 134.44 166.89 22 August 2005 122.59 137.74 167.93 23 August 2005 120.39 137.64 167.34 24 August 2005 120.13 134.97 166.03 25 August 2005 123.23 135.35 166.05 26 August 2005 121.85 134.02 164.23 29 August 2005 123.15 131.14 162.90 30 August 2005 124.14 132.31 159.27 31 August 2005 126.12 133.63 161.94 1 September 2005 125.75 136.47 164.71 2 September 2005 127.35 137.64 167.96 5 September 2005 128.27 137.47 168.92 6 September 2005 129.76 138.48 170.89 7 September 2005 ND 140.99 173.35 8 September 2005 129.64 141.27 171.18 9 September 2005 131.80 142.16 172.97 12 September 2005 130.81 142.88 172.71 13 September 2005 129.85 142.85 171.54 14 September 2005 130.64 144.41 173.06 15 September 2005 132.06 144.27 175.42 16 September 2005 134.09 144.83 ND 19 September 2005 135.26 ND 178.01 20 September 2005 135.18 146.90 176.95 21 September 2005 138.68 147.61 178.90 22 September 2005 137.97 148.01 178.06 23 September 2005 140.73 145.04 177.93 26 September 2005 140.05 148.81 179.25 27 September 2005 138.85 149.21 179.66 28 September 2005 140.84 151.54 180.43 29 September 2005 140.35 151.87 180.12 30 September 2005 142.04 150.61 183.28 3 October 2005 143.26 ND 182.50 4 October 2005 140.69 153.30 181.16 5 October 2005 135.65 151.40 178.74 6 October 2005 131.44 148.33 173.36 7 October 2005 134.79 148.14 175.63 10 October 2005 136.16 151.37 175.85 11 October 2005 137.68 153.48 175.61 12 October 2005 ND 150.12 171.72 13 October 2005 134.37 147.21 169.69 14 October 2005 133.88 146.81 169.33 17 October 2005 136.00 145.10 173.76 18 October 2005 130.72 146.32 171.51 19 October 2005 131.75 142.24 171.82 20 October 2005 127.47 143.36 168.51 21 October 2005 131.21 145.98 169.45 24 October 2005 134.17 146.12 174.60 25 October 2005 132.66 145.71 174.73 26 October 2005 133.70 145.43 178.12 27 October 2005 131.01 143.87 175.52 28 October 2005 131.85 140.71 177.14 31 October 2005 135.78 142.85 179.18 1 November 2005 138.96 146.66 181.03 2 November 2005 ND 149.05 180.74 3 November 2005 139.86 150.24 179.62 4 November 2005 138.91 150.73 180.78 7 November 2005 139.20 150.30 181.28 8 November 2005 139.28 151.31 181.13 9 November 2005 137.91 151.42 181.70 10 November 2005 138.17 152.27 183.66 11 November 2005 137.21 154.94 183.47 14 November 2005 135.90 155.13 185.25 15 November 2005 ND 154.66 184.12 16 November 2005 137.08 156.30 185.45 17 November 2005 139.80 156.57 187.09 18 November 2005 139.87 156.93 188.12 21 November 2005 139.91 156.50 190.64 22 November 2005 141.61 153.51 191.77 23 November 2005 143.65 158.14 190.03 24 November 2005 143.66 159.33 190.45 25 November 2005 143.55 159.52 191.91 28 November 2005 141.02 159.58 191.42 29 November 2005 142.34 157.81 189.82 30 November 2005 143.53 160.04 191.36 1 December 2005 146.68 161.09 194.81 2 December 2005 147.65 161.60 195.00 5 December 2005 147.06 162.22 196.37 6 December 2005 149.41 162.95 198.11 7 December 2005 147.31 163.41 196.06 8 December 2005 146.07 163.34 195.68 9 December 2005 148.05 162.50 199.59 12 December 2005 148.27 164.45 ND 13 December 2005 150.29 164.85 202.60 14 December 2005 151.24 164.58 205.27 15 December 2005 149.27 165.00 203.77 16 December 2005 149.72 162.95 201.67 19 December 2005 148.43 165.21 200.86 20 December 2005 148.70 165.41 201.03 21 December 2005 150.73 167.03 202.17 22 December 2005 150.71 166.63 202.03 23 December 2005 149.90 167.70 202.41 26 December 2005 149.74 168.69 202.12 27 December 2005 150.07 169.43 202.75 28 December 2005 149.03 168.76 201.14 29 December 2005 150.46 170.14 202.75 ND ND 202.41 150.69 171.36 203.81 30 December 2005 2 January 2006 3 January 2006 155.33 172.06 210.35 4 January 2006 157.41 172.95 212.26 5 January 2006 157.11 172.13 211.57 6 January 2006 159.54 174.26 213.03 9 January 2006 158.92 173.72 216.01 10 January 2006 157.62 172.23 215.03 11 January 2006 161.68 171.96 217.85 12 January 2006 160.90 173.01 215.17 13 January 2006 161.43 174.70 214.77 16 January 2006 164.30 175.38 215.55 17 January 2006 162.43 171.40 210.22 18 January 2006 161.02 166.88 207.68 19 January 2006 165.76 167.83 210.58 20 January 2006 165.02 163.41 208.59 23 January 2006 164.74 160.04 209.74 24 January 2006 168.19 163.66 214.61 25 January 2006 ND 165.61 214.51 26 January 2006 170.96 166.86 218.49 27 January 2006 170.09 170.78 215.53 30 January 2006 171.98 ND 214.31 31 January 2006 172.61 172.67 214.97 1 February 2006 173.07 169.72 217.87 2 February 2006 167.76 169.54 216.71 3 February 2006 167.57 164.49 214.46 6 February 2006 167.84 165.49 ND 7 February 2006 164.42 164.34 212.22 8 February 2006 164.14 161.71 209.32 9 February 2006 165.86 163.03 210.55 10 February 2006 166.28 164.70 208.05 13 February 2006 162.41 162.92 203.33 14 February 2006 164.72 163.83 204.92 15 February 2006 167.47 160.83 206.58 16 February 2006 172.04 162.12 209.85 17 February 2006 172.79 164.39 210.12 20 February 2006 173.32 166.30 210.82 21 February 2006 171.64 166.09 210.31 22 February 2006 172.00 165.36 213.53 23 February 2006 172.71 167.91 217.36 24 February 2006 173.64 168.47 217.17 27 February 2006 ND 169.59 214.37 28 February 2006 ND 169.18 212.69 1 March 2006 176.19 ND 216.69 2 March 2006 175.95 168.70 217.19 3 March 2006 176.47 163.92 218.18 6 March 2006 172.48 165.87 215.93 7 March 2006 168.29 162.41 210.92 8 March 2006 167.69 162.09 209.19 9 March 2006 163.30 161.74 208.19 10 March 2006 165.90 162.83 209.43 13 March 2006 165.46 165.08 212.68 14 March 2006 168.83 163.60 215.35 15 March 2006 171.99 164.54 216.02 16 March 2006 171.60 164.79 217.92 17 March 2006 171.11 165.43 219.94 20 March 2006 171.81 166.11 222.63 21 March 2006 168.18 164.87 ND 22 March 2006 170.22 161.57 222.83 23 March 2006 168.52 161.87 218.93 24 March 2006 168.99 162.97 219.88 27 March 2006 169.28 164.10 218.60 28 March 2006 164.96 164.22 215.23 29 March 2006 168.60 164.39 217.53 30 March 2006 169.89 165.06 218.46 31 March 2006 170.68 167.70 219.12 3 April 2006 174.12 170.19 223.24 4 April 2006 174.50 170.92 224.71 5 April 2006 175.63 171.30 226.61 6 April 2006 176.67 172.32 225.91 7 April 2006 175.06 172.98 221.40 10 April 2006 173.03 172.48 222.26 11 April 2006 170.45 170.97 221.31 12 April 2006 172.81 170.66 219.69 13 April 2006 171.26 173.39 ND 14 April 2006 ND 176.72 ND 17 April 2006 172.97 175.48 223.21 18 April 2006 177.96 176.02 225.35 19 April 2006 179.61 177.36 226.63 20 April 2006 178.87 176.90 227.16 21 April 2006 ND 179.02 229.38 24 April 2006 178.77 176.50 229.65 25 April 2006 178.71 176.53 231.49 26 April 2006 181.73 179.01 233.84 27 April 2006 178.77 179.17 231.84 28 April 2006 181.52 175.12 234.74 2 May 2006 184.46 176.99 239.67 3 May 2006 184.02 177.03 240.57 4 May 2006 184.27 177.75 242.10 5 May 2006 186.26 ND 241.46 8 May 2006 186.70 179.13 245.68 9 May 2006 188.79 178.91 248.12 10 May 2006 187.76 178.99 247.65 11 May 2006 183.69 180.67 243.71 12 May 2006 180.84 178.26 240.53 15 May 2006 176.61 174.41 235.61 16 May 2006 177.26 170.48 237.07 17 May 2006 172.20 172.87 230.37 18 May 2006 170.02 168.39 229.86 19 May 2006 169.69 169.27 229.47 22 May 2006 164.13 165.11 220.22 23 May 2006 162.39 164.04 216.99 24 May 2006 160.96 164.47 213.81 25 May 2006 168.95 159.83 220.64 26 May 2006 173.72 163.12 222.68 29 May 2006 171.54 163.96 221.72 30 May 2006 163.75 162.54 214.22 31 May 2006 164.28 ND 212.36 1 June 2006 169.76 159.75 217.49 2 June 2006 170.63 161.47 220.82 5 June 2006 165.22 160.55 215.51 6 June 2006 164.41 ND 213.73 7 June 2006 158.59 156.26 209.36 8 June 2006 159.37 150.87 207.58 9 June 2006 157.74 152.42 201.80 12 June 2006 150.90 152.93 193.13 13 June 2006 147.72 148.49 189.34 14 June 2006 148.14 150.70 191.04 15 June 2006 ND 150.41 203.89 16 June 2006 154.70 155.69 205.13 19 June 2006 152.44 154.39 199.90 20 June 2006 151.25 151.20 202.17 21 June 2006 155.36 151.37 206.43 22 June 2006 154.33 152.81 206.80 23 June 2006 155.88 151.55 210.86 26 June 2006 155.74 152.71 210.24 27 June 2006 154.59 153.88 204.90 28 June 2006 156.66 152.79 205.81 29 June 2006 164.09 155.79 214.98 30 June 2006 164.73 159.76 217.70 3 July 2006 168.00 159.69 228.09 4 July 2006 168.05 158.62 231.14 5 July 2006 163.60 157.87 221.88 6 July 2006 164.29 155.91 227.94 7 July 2006 162.36 157.14 225.46 10 July 2006 162.53 160.27 223.99 11 July 2006 164.39 160.41 222.51 12 July 2006 162.93 159.94 220.79 13 July 2006 158.99 158.51 212.90 14 July 2006 158.97 154.82 208.39 17 July 2006 156.80 ND 209.63 18 July 2006 157.99 152.14 214.73 19 July 2006 165.43 152.17 225.94 20 July 2006 161.21 157.06 221.83 21 July 2006 159.69 156.82 222.02 24 July 2006 162.91 155.83 226.70 25 July 2006 164.96 157.86 228.33 26 July 2006 164.57 157.77 226.41 27 July 2006 165.89 159.89 228.97 28 July 2006 168.11 159.99 230.26 31 July 2006 166.74 160.08 228.49 1 August 2006 165.67 158.79 227.09 2 August 2006 167.69 159.75 229.04 3 August 2006 168.42 159.37 230.37 4 August 2006 170.21 160.91 231.43 7 August 2006 169.53 159.06 232.08 8 August 2006 169.09 161.72 231.29 9 August 2006 167.54 162.19 228.10 10 August 2006 167.98 160.88 227.94 11 August 2006 166.14 159.38 230.51 14 August 2006 164.40 159.75 230.70 15 August 2006 167.72 ND 233.58 16 August 2006 169.44 162.28 237.63 17 August 2006 168.91 163.78 238.44 18 August 2006 168.88 164.19 239.29 21 August 2006 167.12 163.03 237.19 22 August 2006 164.94 164.67 238.62 23 August 2006 159.70 163.43 235.84 24 August 2006 160.99 162.29 235.94 25 August 2006 161.71 163.97 238.71 28 August 2006 163.58 163.79 241.37 29 August 2006 163.26 165.86 241.97 30 August 2006 163.31 165.45 242.53 31 August 2006 162.94 166.86 239.33 1 September 2006 167.87 167.34 240.95 4 September 2006 169.51 167.64 243.15 5 September 2006 168.05 167.91 241.68 6 September 2006 165.09 167.39 238.37 7 September 2006 ND 166.66 236.87 8 September 2006 164.41 167.12 236.44 11 September 2006 160.87 164.56 234.36 12 September 2006 162.56 163.81 239.93 13 September 2006 164.37 164.44 242.41 14 September 2006 162.59 167.60 242.56 15 September 2006 162.66 167.89 245.00 18 September 2006 164.07 169.52 246.34 19 September 2006 161.38 169.47 246.26 20 September 2006 158.28 168.55 248.33 21 September 2006 156.64 168.59 244.43 22 September 2006 156.49 166.32 243.20 25 September 2006 157.28 167.16 246.44 26 September 2006 161.08 165.78 247.77 27 September 2006 162.37 167.76 247.28 28 September 2006 164.08 169.16 248.48 29 September 2006 163.92 169.16 249.42 2 October 2006 166.65 169.51 245.81 3 October 2006 163.86 ND 245.94 4 October 2006 169.76 166.77 251.34 5 October 2006 170.79 ND 253.85 6 October 2006 9 October 2006 170.62 ND 254.11 172.72 162.75 253.70 10 October 2006 173.84 163.85 256.09 11 October 2006 172.34 163.50 254.54 12 October 2006 ND 164.27 257.66 13 October 2006 174.71 166.35 259.78 16 October 2006 176.42 167.35 260.94 17 October 2006 174.93 166.68 259.22 18 October 2006 173.98 167.05 261.65 19 October 2006 175.03 167.02 263.42 20 October 2006 173.78 168.28 264.16 23 October 2006 176.41 168.36 265.16 24 October 2006 177.63 168.56 264.68 25 October 2006 177.92 169.16 266.03 26 October 2006 178.29 169.44 265.61 27 October 2006 176.87 168.88 258.81 30 October 2006 174.94 167.27 254.34 31 October 2006 176.57 168.32 262.04 1 November 2006 179.57 169.52 261.98 2 November 2006 ND 170.68 ND 3 November 2006 181.84 170.70 263.44 6 November 2006 185.49 170.12 269.84 7 November 2006 184.60 171.14 268.16 8 November 2006 185.89 170.23 272.08 9 November 2006 183.55 172.62 272.21 10 November 2006 183.12 172.16 272.32 13 November 2006 182.61 172.28 275.02 14 November 2006 185.69 173.60 276.15 15 November 2006 ND 174.23 276.46 16 November 2006 185.11 174.01 275.90 17 November 2006 184.51 174.20 275.10 20 November 2006 ND 172.96 ND 21 November 2006 186.95 173.42 279.53 22 November 2006 188.49 175.47 280.55 23 November 2006 189.19 175.06 281.17 24 November 2006 187.79 175.37 281.89 27 November 2006 184.00 175.79 277.91 28 November 2006 184.58 174.10 276.80 29 November 2006 188.74 175.47 281.70 30 November 2006 188.57 176.66 283.81 1 December 2006 185.85 176.93 ND 4 December 2006 191.82 175.95 286.60 5 December 2006 194.08 175.23 291.00 6 December 2006 193.81 174.38 291.25 7 December 2006 192.97 173.96 291.51 8 December 2006 193.28 171.51 292.85 11 December 2006 194.71 171.54 293.66 12 December 2006 193.46 169.85 ND 13 December 2006 194.66 170.63 292.09 14 December 2006 196.77 174.96 294.06 15 December 2006 196.06 175.39 292.86 18 December 2006 195.66 176.79 293.99 19 December 2006 196.03 176.11 291.31 20 December 2006 195.64 177.90 288.73 21 December 2006 195.11 177.19 290.46 22 December 2006 194.98 177.31 289.16 26 December 2006 196.09 176.87 292.26 27 December 2006 200.24 175.78 297.85 28 December 2006 200.00 176.94 298.97 ND ND 300.71 2 January 2007 29 December 2006 204.09 177.04 303.17 3 January 2007 199.88 173.84 302.66 4 January 2007 197.96 172.35 302.05 5 January 2007 189.98 170.93 297.15 8 January 2007 192.61 169.09 298.82 9 January 2007 188.91 169.52 293.15 10 January 2007 190.39 167.23 294.31 11 January 2007 191.89 168.41 298.43 12 January 2007 193.80 171.25 299.30 15 January 2007 193.01 171.57 301.07 16 January 2007 191.69 171.42 301.07 17 January 2007 192.19 170.16 301.96 18 January 2007 191.03 170.62 296.90 19 January 2007 195.30 167.82 298.04 22 January 2007 195.87 168.17 300.53 23 January 2007 198.67 168.14 304.82 24 January 2007 200.96 170.60 310.83 25 January 2007 ND 170.51 305.84 26 January 2007 199.73 169.15 307.50 29 January 2007 195.96 168.14 305.10 30 January 2007 198.07 169.08 308.52 31 January 2007 200.76 167.78 313.37 1 February 2007 201.54 170.58 316.56 2 February 2007 202.36 174.31 317.59 5 February 2007 203.66 174.90 ND 6 February 2007 203.95 176.21 319.12 7 February 2007 200.52 175.93 319.76 8 February 2007 201.88 175.60 320.60 9 February 2007 199.15 176.10 317.29 12 February 2007 197.58 174.45 318.04 13 February 2007 203.26 174.96 321.34 14 February 2007 206.85 177.14 324.49 15 February 2007 206.67 178.07 324.02 16 February 2007 206.19 178.71 323.94 19 February 2007 ND ND 325.06 20 February 2007 ND 179.22 325.06 21 February 2007 207.27 179.03 326.49 22 February 2007 208.90 180.76 326.04 23 February 2007 206.94 181.31 324.10 26 February 2007 207.80 181.33 318.88 27 February 2007 194.03 179.42 300.38 28 February 2007 197.39 174.83 302.88 1 March 2007 195.70 ND 302.98 2 March 2007 190.54 174.47 299.26 5 March 2007 185.19 169.75 293.21 6 March 2007 194.36 173.05 299.66 7 March 2007 191.88 174.04 297.71 8 March 2007 195.47 175.63 304.41 9 March 2007 198.47 175.60 308.19 12 March 2007 198.99 177.79 309.95 13 March 2007 192.25 177.13 302.31 14 March 2007 194.67 173.60 303.79 15 March 2007 194.63 176.01 305.66 16 March 2007 192.16 176.13 305.86 19 March 2007 196.58 178.04 ND 20 March 2007 199.45 178.14 311.62 21 March 2007 205.21 177.97 320.85 22 March 2007 204.28 178.67 321.30 23 March 2007 204.77 178.53 321.45 26 March 2007 205.27 178.83 320.16 27 March 2007 203.30 179.25 319.77 28 March 2007 200.05 177.59 319.47 29 March 2007 203.97 178.97 326.36 30 March 2007 205.99 179.17 326.85 2 April 2007 205.06 180.03 331.67 3 April 2007 208.16 180.55 333.68 4 April 2007 209.36 182.98 333.94 5 April 2007 209.78 182.81 ND 6 April 2007 ND 183.07 ND 9 April 2007 210.71 185.15 336.91 10 April 2007 212.15 184.92 335.58 11 April 2007 211.09 186.68 332.89 12 April 2007 212.92 188.18 336.62 13 April 2007 215.53 187.59 338.39 16 April 2007 220.01 188.98 337.89 17 April 2007 219.26 188.56 336.53 18 April 2007 219.05 189.29 336.08 19 April 2007 219.29 186.71 336.70 20 April 2007 222.20 189.10 339.19 23 April 2007 221.09 190.49 336.47 24 April 2007 220.68 192.02 335.91 25 April 2007 223.40 190.64 334.77 26 April 2007 220.66 191.58 333.62 27 April 2007 221.39 190.27 333.96 30 April 2007 220.16 190.23 329.68 2 May 2007 222.48 191.60 332.68 3 May 2007 225.84 192.41 338.28 4 May 2007 227.54 193.38 341.25 7 May 2007 226.12 195.44 338.55 8 May 2007 226.11 195.22 336.23 9 May 2007 230.70 196.55 341.01 10 May 2007 225.91 197.32 337.16 11 May 2007 228.91 197.80 341.76 14 May 2007 227.15 198.07 338.44 15 May 2007 227.19 196.05 336.77 16 May 2007 232.67 197.43 344.97 17 May 2007 232.19 199.28 346.53 18 May 2007 234.20 198.87 348.78 21 May 2007 235.76 200.84 349.15 22 May 2007 234.79 202.65 350.21 23 May 2007 233.01 203.10 350.98 24 May 2007 227.24 ND 344.94 25 May 2007 232.13 202.85 349.05 28 May 2007 234.39 204.50 351.65 29 May 2007 232.56 204.98 348.65 30 May 2007 236.22 205.09 356.78 31 May 2007 235.06 209.81 357.00 1 June 2007 240.25 211.70 363.22 4 June 2007 239.44 214.33 364.93 5 June 2007 239.08 214.90 366.92 6 June 2007 234.07 ND 360.21 7 June 2007 ND 216.24 354.56 8 June 2007 235.33 213.06 357.77 11 June 2007 237.34 211.74 361.94 12 June 2007 232.94 213.38 359.38 13 June 2007 238.32 212.41 362.51 14 June 2007 241.55 218.23 365.13 15 June 2007 245.18 218.61 365.30 18 June 2007 246.13 222.88 366.31 19 June 2007 245.74 223.00 364.57 20 June 2007 242.98 220.03 358.72 21 June 2007 245.80 221.32 361.91 22 June 2007 244.05 218.45 359.76 25 June 2007 243.03 216.81 355.83 26 June 2007 242.18 215.80 349.56 27 June 2007 243.49 213.78 350.24 28 June 2007 243.50 216.08 353.36 29 June 2007 244.61 215.07 354.18 2 July 2007 249.01 218.49 357.24 3 July 2007 250.49 222.71 365.17 4 July 2007 250.47 226.77 366.12 5 July 2007 251.54 227.92 365.85 6 July 2007 253.84 229.55 368.51 ND 232.34 364.83 251.31 233.69 360.91 9 July 2007 10 July 2007 11 July 2007 253.44 233.12 362.88 12 July 2007 259.09 235.57 366.80 13 July 2007 259.23 242.12 368.23 16 July 2007 258.02 240.47 366.86 17 July 2007 259.30 ND 363.59 18 July 2007 258.84 238.15 362.54 19 July 2007 261.39 239.04 365.54 20 July 2007 258.33 244.67 362.95 23 July 2007 261.00 245.84 365.75 24 July 2007 250.92 245.74 357.72 25 July 2007 251.85 247.22 353.64 26 July 2007 242.36 242.20 341.05 27 July 2007 238.00 232.29 343.77 30 July 2007 245.42 235.19 351.33 31 July 2007 243.67 238.47 348.59 1 August 2007 243.90 228.99 341.64 2 August 2007 245.95 228.57 345.58 3 August 2007 237.66 231.50 337.36 6 August 2007 238.76 228.82 337.93 7 August 2007 241.96 229.41 343.82 8 August 2007 248.43 234.78 348.62 9 August 2007 240.29 235.43 339.77 10 August 2007 236.72 225.54 334.50 13 August 2007 235.80 228.10 336.63 14 August 2007 228.96 224.23 328.54 15 August 2007 221.64 ND 319.95 16 August 2007 215.93 208.70 316.00 17 August 2007 218.38 202.05 324.16 20 August 2007 221.29 213.55 323.51 21 August 2007 224.03 214.16 324.82 22 August 2007 232.70 217.03 332.78 23 August 2007 233.17 221.99 334.95 24 August 2007 238.34 220.96 341.56 27 August 2007 238.70 222.40 344.23 28 August 2007 232.26 225.64 333.44 29 August 2007 237.15 225.26 337.80 30 August 2007 237.71 227.17 338.18 31 August 2007 245.71 231.06 345.05 3 September 2007 246.59 232.12 350.16 4 September 2007 248.47 231.25 351.70 5 September 2007 244.68 230.12 350.30 6 September 2007 245.40 232.98 350.38 7 September 2007 ND 232.50 343.97 10 September 2007 236.79 226.45 339.88 11 September 2007 242.49 227.87 343.27 12 September 2007 242.32 223.70 341.96 13 September 2007 246.93 227.95 344.53 14 September 2007 245.86 230.66 342.18 17 September 2007 244.38 230.87 338.76 18 September 2007 254.84 226.79 347.95 19 September 2007 257.52 234.69 346.92 20 September 2007 255.92 235.47 346.61 21 September 2007 259.93 236.74 347.72 24 September 2007 264.07 ND 347.27 25 September 2007 264.69 ND 344.44 26 September 2007 268.55 ND 344.54 27 September 2007 274.56 239.95 347.10 28 September 2007 271.92 240.10 344.46 1 October 2007 280.35 242.09 350.82 2 October 2007 278.90 248.44 357.60 3 October 2007 270.27 ND 354.50 4 October 2007 271.66 247.14 353.35 5 October 2007 280.26 246.21 358.61 8 October 2007 281.79 248.28 361.85 9 October 2007 285.79 248.44 361.58 10 October 2007 284.21 251.77 365.30 11 October 2007 280.87 253.96 363.61 12 October 2007 ND 249.96 369.21 15 October 2007 283.18 251.06 367.65 16 October 2007 277.55 247.41 366.46 17 October 2007 284.19 244.72 372.04 18 October 2007 284.49 247.33 373.34 19 October 2007 273.85 243.01 361.82 22 October 2007 275.29 234.83 363.48 23 October 2007 281.96 240.28 366.44 24 October 2007 281.63 238.48 364.38 25 October 2007 280.36 243.83 362.54 26 October 2007 289.06 250.16 365.39 29 October 2007 292.51 254.46 364.98 30 October 2007 289.54 253.16 361.37 31 October 2007 293.74 254.70 357.68 1 November 2007 288.04 254.49 350.26 2 November 2007 ND 249.08 ND 5 November 2007 283.14 248.64 342.88 6 November 2007 290.08 253.39 345.99 7 November 2007 285.57 252.02 336.34 8 November 2007 285.85 244.18 333.02 9 November 2007 289.26 245.52 331.53 12 November 2007 276.69 237.25 320.47 13 November 2007 282.99 238.42 335.23 14 November 2007 290.65 243.32 337.18 15 November 2007 ND 240.25 331.67 16 November 2007 290.56 237.59 336.90 19 November 2007 280.33 233.56 ND 20 November 2007 ND 230.94 330.30 21 November 2007 272.44 222.89 323.43 22 November 2007 272.76 221.91 324.27 23 November 2007 274.19 218.68 326.44 26 November 2007 265.64 228.85 317.02 27 November 2007 267.27 229.40 319.77 28 November 2007 277.54 226.31 332.86 29 November 2007 279.53 231.59 334.27 30 November 2007 283.35 235.10 338.48 3 December 2007 284.22 234.66 340.73 4 December 2007 285.48 236.56 341.08 5 December 2007 291.99 239.07 349.75 6 December 2007 295.87 240.92 355.39 7 December 2007 295.19 238.60 355.51 10 December 2007 294.32 235.15 354.54 11 December 2007 290.12 237.45 344.81 12 December 2007 291.15 237.75 ND 13 December 2007 282.69 236.32 342.09 14 December 2007 280.82 233.75 341.03 17 December 2007 269.06 226.94 329.36 18 December 2007 274.76 229.61 332.62 19 December 2007 277.57 ND 330.57 20 December 2007 277.55 227.50 331.41 21 December 2007 283.76 231.69 336.98 24 December 2007 ND 236.76 339.43 26 December 2007 289.11 235.19 341.12 27 December 2007 286.80 235.43 337.02 28 December 2007 287.30 234.01 337.68 ND ND 335.83 2 January 2008 31 December 2007 282.49 228.62 326.30 3 January 2008 282.83 228.53 328.14 4 January 2008 274.49 229.91 321.97 7 January 2008 273.30 225.87 320.09 8 January 2008 279.19 225.26 321.40 9 January 2008 281.85 227.51 322.92 10 January 2008 285.64 225.08 330.51 11 January 2008 278.56 219.84 326.58 14 January 2008 279.67 217.82 325.26 15 January 2008 269.41 215.48 317.92 16 January 2008 264.33 210.31 310.89 17 January 2008 256.50 212.60 303.56 18 January 2008 258.61 213.98 303.73 21 January 2008 241.54 207.66 287.48 22 January 2008 252.28 198.47 305.76 23 January 2008 243.90 200.86 314.04 24 January 2008 258.42 205.13 317.27 25 January 2008 ND 208.76 311.30 28 January 2008 263.50 200.71 315.61 29 January 2008 267.71 202.03 321.35 30 January 2008 271.13 196.01 321.73 31 January 2008 267.54 200.40 327.38 1 February 2008 274.68 201.62 334.61 4 February 2008 ND 208.48 ND 5 February 2008 ND 209.27 319.34 6 February 2008 265.19 ND 317.55 7 February 2008 265.18 ND 319.36 8 February 2008 265.67 ND 320.46 11 February 2008 272.72 202.37 327.33 12 February 2008 277.95 202.70 328.24 13 February 2008 281.48 201.28 333.21 14 February 2008 278.01 209.38 331.30 15 February 2008 275.55 209.05 326.82 18 February 2008 282.43 209.23 331.68 19 February 2008 280.16 212.22 328.58 20 February 2008 286.68 208.20 332.27 21 February 2008 286.88 210.23 333.83 22 February 2008 290.55 208.02 335.73 25 February 2008 292.32 210.82 340.67 26 February 2008 293.13 210.82 343.69 27 February 2008 294.54 212.27 345.92 28 February 2008 294.81 214.15 342.58 29 February 2008 285.52 211.13 328.80 3 March 2008 290.02 206.21 335.71 4 March 2008 286.27 206.75 332.69 5 March 2008 290.65 206.87 332.88 6 March 2008 283.21 209.38 326.51 7 March 2008 278.23 205.25 325.32 10 March 2008 269.82 200.46 320.71 11 March 2008 280.48 202.47 335.02 12 March 2008 279.62 204.61 332.94 As shown in each figure, a vertical line marks the FOMC meeting on January 29-30, 2008. Chart 5 Debt and Money Growth of debt of nonfinancial sectors Percent, s.a.a.r. Total Business Household 2006 8.7 2007 9.6 10.2 8.1 11.6 6.8 Q1 7.9 9.5 6.8 Q2 7.1 10.9 7.2 Q3 8.8 12.0 6.8 Q4 7.7 12.0 5.6 5.2 5.5 3.6 2008 Q1p p Projected. Return to table Figure: Changes in selected components of debt of nonfinancial business* Monthly rate $Billions Period C&I Loans Commercial Paper Bonds Sum 2005 9.61 2006 -0.38 4.99 14.22 12.84 3.89 18.22 34.96 2007:Q1 9.20 -0.13 23.70 32.77 2007:Q2 14.58 2.61 32.34 49.53 2007:Q3 35.93 -4.05 19.03 50.91 2007:Q4 23.05 -0.20 32.44 55.30 As shown in the figure, approximate values for January 2008 are as follows: C&I Loans: $7 billion. Commercial paper: 10. Bonds: 19. Sum: 36. Approximate values for February 2008 are as follows: C&I Loans: $7 billion. Commercial paper: 7. Bonds: 10. Sum: 24. *Commercial paper and C&I loans are seasonally adjusted, bonds are not. Return to table Figure: Growth of debt of household sector Quarterly, s.a.a.r. Percent Period Home Mortgage Consumer Credit 1991:Q1 7.81 0.23 1991:Q2 8.68 -0.97 1991:Q3 3.15 -2.31 1991:Q4 7.50 -1.23 1992:Q1 7.29 0.83 1992:Q2 4.17 -0.93 1992:Q3 6.59 1.57 1992:Q4 6.91 3.03 1993:Q1 3.45 3.88 1993:Q2 6.88 5.10 1993:Q3 5.84 8.18 1993:Q4 5.39 11.86 1994:Q1 5.65 11.97 1994:Q2 5.28 14.78 1994:Q3 4.73 14.37 1994:Q4 6.06 16.63 1995:Q1 4.76 14.58 1995:Q2 5.08 13.84 1995:Q3 5.04 13.93 1995:Q4 4.13 12.36 1996:Q1 7.64 10.00 1996:Q2 6.22 9.19 1996:Q3 4.78 7.37 1996:Q4 5.48 8.47 1997:Q1 6.75 3.28 1997:Q2 5.08 5.75 1997:Q3 7.92 5.69 1997:Q4 4.15 6.92 1998:Q1 8.03 2.97 1998:Q2 7.39 11.49 1998:Q3 6.49 6.92 1998:Q4 9.31 6.81 1999:Q1 10.10 9.10 1999:Q2 8.19 6.63 1999:Q3 9.81 8.31 1999:Q4 8.07 6.27 2000:Q1 7.71 8.50 2000:Q2 8.77 11.22 2000:Q3 8.76 11.01 2000:Q4 8.47 12.83 2001:Q1 8.64 10.06 2001:Q2 12.19 7.09 2001:Q3 10.81 4.59 2001:Q4 8.86 11.86 2002:Q1 11.82 6.10 2002:Q2 12.13 7.20 2002:Q3 13.11 4.54 2002:Q4 13.75 4.51 2003:Q1 12.29 5.59 2003:Q2 15.77 5.79 2003:Q3 14.34 5.17 2003:Q4 11.57 3.95 2004:Q1 11.73 6.35 2004:Q2 13.97 3.43 2004:Q3 13.28 5.64 2004:Q4 13.07 6.02 2005:Q1 10.94 4.93 2005:Q2 13.24 4.79 2005:Q3 13.87 4.56 2005:Q4 12.05 2.48 2006:Q1 13.71 2.65 2006:Q2 12.46 5.48 2006:Q3 9.62 5.07 2006:Q4 7.06 4.55 2007:Q1 7.38 4.83 2007:Q2 7.37 5.70 2007:Q3 6.25 6.88 2007:Q4 4.95 4.05 2008:Q1p 3.41 3.31 p Projected. Return to table Figure: Growth of house prices Quarterly, s.a.a.r. Percent Period OFHEO Purchase-Only Index 1996:Q1 4.47 1996:Q2 2.84 1996:Q3 2.67 1996:Q4 2.59 1997:Q1 2.67 1997:Q2 3.92 1997:Q3 3.08 1997:Q4 4.20 1998:Q1 5.22 1998:Q2 5.32 1998:Q3 5.45 1998:Q4 6.42 1999:Q1 5.89 1999:Q2 6.03 1999:Q3 6.19 1999:Q4 6.07 2000:Q1 7.16 2000:Q2 6.94 2000:Q3 6.55 2000:Q4 6.89 2001:Q1 7.51 2001:Q2 6.85 2001:Q3 6.43 2001:Q4 6.32 2002:Q1 6.80 2002:Q2 7.41 2002:Q3 8.13 2002:Q4 8.10 2003:Q1 6.94 2003:Q2 6.60 2003:Q3 8.32 2003:Q4 8.66 2004:Q1 8.64 2004:Q2 8.86 2004:Q3 9.98 2004:Q4 10.03 2005:Q1 8.93 2005:Q2 10.05 2005:Q3 10.12 2005:Q4 9.33 2006:Q1 6.52 2006:Q2 4.00 2006:Q3 2.25 2006:Q4 3.66 2007:Q1 3.37 2007:Q2 2.14 2007:Q3 -1.36 2007:Q4 -5.07 2008:Q1p -5.60 p Projected. Return to table Figure: Growth of M2 s.a.a.r. Period Percent 2005 4.22 2006:H1 4.35 2006:H2 5.42 2007:Q1 7.15 2007:Q2 6.08 2007:Q3 4.69 2007:Q4 5.35 January 2008 February 2008 8.25 16.54 Figure: M2 velocity and opportunity cost Quarterly Period Velocity Opportunity Cost* (percentage points) 1996:Q1 2.073 2.375 1996:Q2 2.089 2.332 1996:Q3 2.093 2.409 1996:Q4 2.105 2.344 1997:Q1 2.109 2.315 1997:Q2 2.121 2.314 1997:Q3 2.121 2.283 1997:Q4 2.111 2.307 1998:Q1 2.100 2.321 1998:Q2 2.079 2.289 1998:Q3 2.075 2.179 1998:Q4 2.059 1.901 1999:Q1 2.049 1.831 1999:Q2 2.044 1.999 1999:Q3 2.046 2.092 1999:Q4 2.063 2.280 2000:Q1 2.055 2.590 2000:Q2 2.063 2.778 2000:Q3 2.047 2.873 2000:Q4 2.036 2.937 2001:Q1 1.995 2.441 2001:Q2 1.966 1.627 2001:Q3 1.924 1.230 2001:Q4 1.898 0.843 2002:Q1 1.884 0.563 2002:Q2 1.887 0.620 2002:Q3 1.870 0.614 2002:Q4 1.843 0.513 2003:Q1 1.834 0.414 2003:Q2 1.818 0.377 2003:Q3 1.823 0.350 2003:Q4 1.848 0.336 2004:Q1 1.865 0.330 2004:Q2 1.857 0.408 2004:Q3 1.866 0.642 2004:Q4 1.868 0.992 2005:Q1 1.885 1.364 2005:Q2 1.896 1.622 2005:Q3 1.908 1.862 2005:Q4 1.906 2.192 2006:Q1 1.919 2.538 2006:Q2 1.931 2.776 2006:Q3 1.927 2.840 2006:Q4 1.914 2.795 2007:Q1 1.903 2.731 2007:Q2 1.905 2.603 2007:Q3 1.910 2.245 2007:Q4 1.899 1.572 2008:Q1p 1.868 0.815 As shown in the figure, velocity begins at about 1.92 in 1993:Q1, increases to about 2.08 by 1995:Q1, decreases to about 2.06 by Q3, and increases to about 2.07 by 1995:Q4. Opportunity cost begins at about 0.8 in 1993:Q1, increases to about 3.0 by 1995:Q1, and then decreases to about 2.5 by 1995:Q4. *Two-quarter moving average. Return to table p Projected. Return to table † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Bluebook Tables and Charts† Update on Monetary Policy Strategies Chart 6 Equilibrium Real Federal Funds Rate Figure: Short-Run Estimates with Confidence Intervals Percent Period Lower bound of 90% confidence interval Lower bound of 70% confidence interval Lower bound of range of model-based estimates Actual real federal funds rate Greenbookconsistent measure Upper bound of range of model-based estimates Upper bound of 70% confidence interval Upper bound of 90% confidence interval 1990:Q1 0.16 1.13 2.22 4.51 ND 4.09 4.59 5.58 1990:Q2 0.09 1.08 1.99 4.03 ND 3.75 4.38 5.33 1990:Q3 -0.69 0.28 1.16 3.73 ND 3.28 3.81 4.78 1990:Q4 -0.99 -0.01 1.09 3.45 ND 2.92 3.44 4.42 1991:Q1 -1.12 -0.14 0.81 2.18 ND 2.55 3.16 4.11 1991:Q2 -0.88 0.09 1.18 2.16 ND 3.05 3.56 4.53 1991:Q3 -0.81 0.17 1.12 1.99 ND 3.06 3.60 4.56 1991:Q4 -0.74 0.23 1.10 1.07 ND 2.88 3.54 4.48 1992:Q1 -0.47 0.52 1.42 0.44 ND 3.08 3.77 4.71 1992:Q2 -0.34 0.65 1.55 0.25 ND 3.26 3.91 4.83 1992:Q3 -0.45 0.50 1.61 -0.02 ND 3.24 3.85 4.79 1992:Q4 -0.28 0.65 1.79 0.00 ND 2.89 3.71 4.60 1993:Q1 -0.44 0.52 1.38 0.38 ND 2.97 3.72 4.60 1993:Q2 -0.62 0.32 1.30 0.29 ND 2.77 3.50 4.38 1993:Q3 -0.66 0.26 1.35 0.59 ND 2.33 3.27 4.17 1993:Q4 -0.34 0.55 1.71 0.72 ND 2.60 3.58 4.43 1994:Q1 -0.24 0.71 1.86 1.03 ND 3.12 3.85 4.72 1994:Q2 -0.07 0.85 2.00 1.84 ND 2.75 3.81 4.67 1994:Q3 -0.26 0.64 1.80 2.06 ND 2.37 3.57 4.40 1994:Q4 -0.20 0.69 1.85 2.74 ND 2.64 3.67 4.53 1995:Q1 -0.07 0.90 1.75 3.37 ND 2.86 3.93 4.80 1995:Q2 -0.36 0.61 1.50 3.69 ND 2.51 3.63 4.49 1995:Q3 -0.13 0.83 1.69 3.76 ND 3.04 3.95 4.83 1995:Q4 -0.07 0.85 1.79 3.68 ND 2.96 3.91 4.75 1996:Q1 -0.15 0.78 1.79 3.38 ND 2.99 3.84 4.70 1996:Q2 0.35 1.29 2.28 3.39 ND 3.45 4.35 5.21 1996:Q3 0.39 1.38 2.20 3.53 ND 4.10 4.71 5.64 1996:Q4 0.47 1.46 2.30 3.46 ND 3.97 4.68 5.60 1997:Q1 0.37 1.38 2.25 3.54 ND 4.13 4.73 5.69 1997:Q2 0.73 1.72 2.56 3.76 ND 3.82 4.80 5.66 1997:Q3 0.91 1.94 2.71 3.97 4.11 4.69 5.32 6.22 1997:Q4 0.75 1.82 2.55 4.16 4.30 5.30 5.67 6.73 1998:Q1 0.85 1.85 2.64 4.20 4.33 4.23 5.04 5.91 1998:Q2 0.74 1.77 2.52 4.34 4.16 4.41 5.12 6.03 1998:Q3 0.60 1.60 2.66 4.23 4.30 4.70 5.18 6.18 1998:Q4 0.72 1.69 2.62 3.44 3.47 4.45 5.06 6.01 1999:Q1 0.95 1.90 2.96 3.36 3.90 5.25 5.63 6.68 1999:Q2 1.00 2.02 2.78 3.23 4.08 5.45 5.81 6.90 1999:Q3 1.07 2.12 2.92 3.59 4.29 5.56 5.94 6.98 1999:Q4 1.56 2.59 3.28 3.77 4.37 4.99 5.83 6.71 2000:Q1 1.19 2.34 2.86 3.84 5.26 5.00 5.77 6.67 2000:Q2 1.34 2.30 3.16 4.54 5.63 4.34 5.35 6.19 2000:Q3 0.90 1.99 2.60 4.92 5.24 5.14 5.62 6.60 2000:Q4 0.60 1.61 2.47 4.96 4.55 4.26 4.90 5.83 2001:Q1 0.11 1.07 2.14 3.99 3.10 4.22 4.69 5.68 2001:Q2 0.10 1.02 2.21 2.52 1.94 3.28 4.11 5.00 2001:Q3 -0.45 0.46 1.40 1.57 1.72 2.99 3.69 4.64 2001:Q4 -0.63 0.25 1.20 -0.07 0.51 2.31 3.28 4.18 2002:Q1 -0.33 0.56 1.62 -0.09 0.66 2.61 3.59 4.47 2002:Q2 -0.60 0.29 1.19 -0.02 0.54 2.51 3.41 4.30 2002:Q3 -1.64 -0.60 -0.18 -0.13 0.29 2.16 3.09 4.04 2002:Q4 -1.78 -0.77 -0.33 -0.10 -0.01 2.26 2.98 3.96 2003:Q1 -1.74 -0.72 -0.19 -0.25 0.33 2.61 3.18 4.17 2003:Q2 -1.03 -0.08 0.66 -0.11 0.44 2.61 3.32 4.27 2003:Q3 -0.37 0.52 1.42 -0.32 0.03 2.61 3.62 4.53 2003:Q4 -0.19 0.68 1.93 -0.44 0.18 2.61 3.67 4.52 2004:Q1 -0.30 0.59 1.70 -0.75 0.48 2.59 3.59 4.48 2004:Q2 -0.16 0.73 1.68 -1.08 0.67 3.05 3.86 4.77 2004:Q3 -0.39 0.53 1.32 -0.65 0.90 2.80 3.72 4.63 2004:Q4 -0.35 0.51 1.56 -0.26 1.29 2.36 3.49 4.35 2005:Q1 -0.29 0.61 1.59 0.22 1.88 2.75 3.70 4.58 2005:Q2 -0.42 0.51 1.35 0.84 1.44 2.74 3.67 4.55 2005:Q3 -0.21 0.68 1.67 1.37 1.78 2.49 3.65 4.53 2005:Q4 -0.33 0.56 1.49 1.83 2.16 2.91 3.76 4.66 2006:Q1 -0.16 0.73 1.78 2.44 2.61 2.50 3.73 4.66 2006:Q2 -0.12 0.79 1.70 2.69 2.57 3.14 3.97 4.87 2006:Q3 -0.21 0.69 1.66 2.87 2.61 2.89 3.77 4.68 2006:Q4 -0.30 0.56 1.68 2.98 2.80 2.27 3.52 4.41 2007:Q1 -0.53 0.32 1.46 2.90 2.96 1.98 3.26 4.16 2007:Q2 -0.43 0.40 1.64 3.27 3.22 2.22 3.34 4.24 2007:Q3 -0.20 0.72 1.47 3.17 3.08 3.01 3.95 4.87 2007:Q4 -0.97 0.08 0.53 2.39 2.52 3.52 4.08 5.10 2008:Q1 -2.69 -1.71 -1.13 0.83 -0.49 2.02 2.34 3.63 Short-Run and Medium-Run Measures Current Estimate Previous Bluebook Short-Run Measures Single-equation model 2.0 2.3 Small structural model -1.1 0.7 Large model (FRB/US) -0.1 0.9 Confidence intervals for three model-based estimates 70 percent confidence interval -1.7 - 2.3 90 percent confidence interval -2.7 - 3.6 Greenbook-consistent measure -0.5 0.8 Medium-Run Measures Single-equation model 2.2 2.3 Small structural model 1.7 1.9 Confidence intervals for two model-based estimates 70 percent confidence interval 1.0 - 2.9 90 percent confidence interval 0.5 - 3.7 TIPS-based factor model 2.0 2.0 0.8 1.4 Memo Actual real federal funds rate Note: Appendix A provides background information regarding the construction of these measures and confidence intervals. Chart 7 Optimal Policy Under Alternative Inflation Goals 1½ Percent Inflation Goal Figure: Federal funds rate Percent Period Current Bluebook January Bluebook 2008:Q1 3.17 4.40 2008:Q2 3.01 4.26 2008:Q3 2.84 4.10 2008:Q4 2.66 3.92 2009:Q1 2.49 3.75 2009:Q2 2.35 3.58 2009:Q3 2.24 3.44 2009:Q4 2.16 3.31 2010:Q1 2.13 3.22 2010:Q2 2.15 3.15 2010:Q3 2.20 3.12 2010:Q4 2.29 3.11 2011:Q1 2.42 3.13 2011:Q2 2.58 3.17 2011:Q3 2.75 3.23 2011:Q4 2.94 3.30 2012:Q1 3.13 3.38 2012:Q2 3.33 3.46 2012:Q3 3.51 3.54 2012:Q4 3.68 3.62 Figure: Civilian unemployment rate Percent Period Current Bluebook January Bluebook 2008:Q1 4.90 4.98 2008:Q2 5.19 5.09 2008:Q3 5.49 5.17 2008:Q4 5.73 5.27 2009:Q1 5.77 5.34 2009:Q2 5.75 5.38 2009:Q3 5.71 5.38 2009:Q4 5.60 5.36 2010:Q1 5.51 5.34 2010:Q2 5.41 5.29 2010:Q3 5.32 5.24 2010:Q4 5.24 5.18 2011:Q1 5.17 5.13 2011:Q2 5.09 5.07 2011:Q3 5.01 5.02 2011:Q4 4.94 4.96 2012:Q1 4.87 4.92 2012:Q2 4.82 4.88 2012:Q3 4.77 4.84 2012:Q4 4.74 4.81 Figure: Core PCE inflation Four-quarter average Percent Period Current Bluebook January Bluebook 2008:Q1 2.17 2.06 2008:Q2 2.36 2.20 2008:Q3 2.38 2.18 2008:Q4 2.22 1.98 2009:Q1 2.03 1.88 2009:Q2 1.97 1.85 2009:Q3 1.91 1.82 2009:Q4 1.86 1.79 2010:Q1 1.83 1.76 2010:Q2 1.78 1.72 2010:Q3 1.74 1.70 2010:Q4 1.69 1.66 2011:Q1 1.66 1.64 2011:Q2 1.63 1.62 2011:Q3 1.61 1.61 2011:Q4 1.61 1.61 2012:Q1 1.60 1.61 2012:Q2 1.60 1.61 2012:Q3 1.60 1.60 2012:Q4 1.60 1.60 2 Percent Inflation Goal Figure: Federal funds rate Percent Period Current Bluebook January Bluebook 2008:Q1 3.17 4.40 2008:Q2 3.01 4.26 2008:Q3 2.84 4.10 2008:Q4 2.66 3.92 2009:Q1 2.49 3.75 2009:Q2 2.35 3.58 2009:Q3 2.24 3.44 2009:Q4 2.16 3.31 2010:Q1 2.13 3.22 2010:Q2 2.15 3.15 2010:Q3 2.20 3.12 2010:Q4 2.29 3.11 2011:Q1 2.42 3.13 2011:Q2 2.58 3.17 2011:Q3 2.75 3.23 2011:Q4 2.94 3.30 2012:Q1 3.13 3.38 2012:Q2 3.33 3.46 2012:Q3 3.51 3.54 2012:Q4 3.68 3.62 Figure: Civilian unemployment rate Percent Period Current Bluebook January Bluebook 2008:Q1 4.90 4.98 2008:Q2 5.19 5.07 2008:Q3 5.47 5.11 2008:Q4 5.67 5.16 2009:Q1 5.67 5.18 2009:Q2 5.60 5.17 2009:Q3 5.51 5.13 2009:Q4 5.35 5.07 2010:Q1 5.23 5.02 2010:Q2 5.09 4.95 2010:Q3 4.98 4.88 2010:Q4 4.89 4.82 2011:Q1 4.81 4.76 2011:Q2 4.73 4.71 2011:Q3 4.66 4.66 2011:Q4 4.59 4.63 2012:Q1 4.54 4.60 2012:Q2 4.50 4.59 2012:Q3 4.48 4.58 2012:Q4 4.47 4.58 Figure: Core PCE inflation Four-quarter average Percent Period Current Bluebook January Bluebook 2008:Q1 2.17 2.10 2008:Q2 2.41 2.27 2008:Q3 2.45 2.28 2008:Q4 2.31 2.09 2009:Q1 2.14 1.99 2009:Q2 2.08 1.97 2009:Q3 2.03 1.95 2009:Q4 2.00 1.95 2010:Q1 1.98 1.93 2010:Q2 1.95 1.92 2010:Q3 1.94 1.92 2010:Q4 1.91 1.91 2011:Q1 1.90 1.90 2011:Q2 1.89 1.90 2011:Q3 1.89 1.90 2011:Q4 1.90 1.91 2012:Q1 1.91 1.93 2012:Q2 1.92 1.93 2012:Q3 1.93 1.94 2012:Q4 1.94 1.94 Chart 8 The Policy Outlook in an Uncertain Environment Figure: FRB/US Model Simulations of Estimated Outcome-Based Rule Percent Period Lower bound of 90% confidence interval 2007:Q4 Lower bound of 70% confidence interval ND Current Bluebook ND 4.50 Previous Bluebook 4.50 Greenbook assumption Upper bound of 70% confidence interval 4.50 Upper bound of 90% confidence interval ND ND 2008:Q1 3.38 3.40 3.42 3.83 3.27 3.45 3.47 2008:Q2 2.07 2.34 2.70 3.53 2.16 3.11 3.30 2008:Q3 1.34 1.78 2.42 3.48 1.75 3.10 3.45 2008:Q4 0.70 1.28 2.16 3.54 1.75 3.09 3.55 2009:Q1 0.38 1.04 2.12 3.43 1.75 3.27 3.86 2009:Q2 0.35 1.09 2.29 3.30 1.75 3.59 4.30 2009:Q3 0.44 1.22 2.53 3.25 1.75 3.97 4.74 2009:Q4 0.53 1.40 2.74 3.25 1.75 4.25 5.07 2010:Q1 0.57 1.48 2.84 3.28 1.75 4.44 5.24 2010:Q2 0.58 1.47 2.90 3.31 1.75 4.56 5.36 2010:Q3 0.50 1.45 2.87 3.34 1.78 4.57 5.37 2010:Q4 0.37 1.30 2.73 3.36 1.97 4.44 5.28 2011:Q1 0.26 1.15 2.61 3.36 2.21 4.34 5.15 2011:Q2 0.23 1.12 2.55 3.35 2.48 4.26 5.17 2011:Q3 0.21 1.10 2.55 3.35 2.77 4.30 5.21 2011:Q4 0.28 1.19 2.60 3.35 3.05 4.39 5.34 2012:Q1 0.35 1.24 2.67 3.37 3.31 4.45 5.44 2012:Q2 0.36 1.27 2.75 3.40 3.54 4.57 5.53 2012:Q3 0.43 1.37 2.83 3.42 3.74 4.69 5.54 2012:Q4 0.42 1.48 2.92 3.44 3.90 4.78 5.67 Figure: Information from Financial Markets Percent Period Previous Upper Upper Lower Lower Bluebook: bound of bound of Expectations bound of bound of Lower bound of 90% 70% from forward 70% 90% confidence confidence 90% confidence contracts confidence confidence interval interval interval interval interval Previous Bluebook: Lower bound of 70% confidence interval Previous Bluebook: Expectations from forward contracts Previous Bluebook: Upper bound of 70% confidence interval Previous Bluebook: Upper bound of 90% confidence interval 2008:Q1 2.76 2.78 2.82 2.86 2.89 2.81 2.90 3.06 3.20 3.29 2008:Q2 1.72 1.84 2.09 2.31 2.47 1.99 2.22 2.69 3.08 3.33 2008:Q3 1.03 1.23 1.71 2.17 2.51 1.36 1.68 2.42 3.04 3.45 2008:Q4 0.78 0.99 1.68 2.37 2.90 1.05 1.40 2.34 3.17 3.71 2009:Q1 0.76 0.97 1.76 2.68 3.39 0.97 1.30 2.34 3.31 3.94 2009:Q2 0.80 1.01 1.88 3.00 3.83 0.97 1.30 2.43 3.50 4.20 2009:Q3 0.85 1.08 2.06 3.33 4.25 1.00 1.35 2.57 3.70 4.45 2009:Q4 0.89 1.15 2.27 3.63 4.63 1.04 1.43 2.72 3.90 4.68 2010:Q1 0.94 1.25 2.54 3.97 5.03 1.09 1.52 2.90 4.10 4.92 2010:Q2 1.00 1.37 2.85 4.34 5.46 1.14 1.59 3.01 4.22 5.05 2010:Q3 1.04 1.45 3.01 4.50 5.61 1.18 1.66 3.11 4.31 5.15 2010:Q4 1.08 1.53 3.15 4.63 5.73 1.21 1.72 3.20 4.41 5.24 2011:Q1 1.13 1.61 3.28 4.74 5.82 1.24 1.77 3.28 4.50 5.34 2011:Q2 1.16 1.68 3.39 4.85 5.91 1.26 1.81 3.37 4.60 5.43 2011:Q3 1.19 1.74 3.49 4.95 5.99 1.28 1.85 3.45 4.70 5.53 2011:Q4 1.22 1.79 3.58 5.04 6.08 1.28 1.87 3.54 4.80 5.63 2012:Q1 1.23 1.82 3.67 5.14 6.16 1.28 1.89 3.61 4.90 5.73 2012:Q2 1.23 1.84 3.74 5.22 6.23 1.27 1.90 3.68 5.00 5.82 2012:Q3 1.22 1.85 3.81 5.31 6.31 1.26 1.91 3.75 5.09 5.91 2012:Q4 1.21 1.86 3.87 5.38 6.39 1.25 1.91 3.82 5.17 6.00 Near-Term Prescriptions of Simple Policy Rules 1½ Percent Inflation Objective 2 Percent Inflation Objective 2008Q2 2008Q3 2008Q2 2008Q3 4.3 4.2 4.0 3.9 4.4 4.4 4.2 4.1 3.6 3.4 3.4 3.1 4.1 4.0 3.9 3.8 4.4 4.1 4.1 3.9 4.9 4.8 4.6 4.5 2.8 2.8 2.5 2.3 4.4 4.5 3.9 3.8 Taylor (1993) rule Previous Bluebook Taylor (1999) rule Previous Bluebook Taylor (1999) rule with higher r* Previous Bluebook First-difference rule Previous Bluebook Memo 2008Q2 2008Q3 Estimated outcome-based rule 2.6 2.4 Estimated forecast-based rule 2.5 2.1 Greenbook assumption 2.2 1.7 Fed funds futures 2.0 1.8 Median expectation of primary dealers 2.0 1.8 Note: Appendix B provides background information regarding the specification of each rule and the methodology used in constructing confidence intervals and near-term prescriptions. † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Bluebook Tables and Charts Short-Run Policy Alternatives Table 1: Alternative Language for the March 18, 2008 FOMC Announcement [Note: In Table 1, strong emphasis (bold) has been added to indicate red underlined text in the original document.] Alternative A Alternative B Alternative C Alternative D Rationale 1. The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent. The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 21/2 percent. The Federal Open Market Committee The Federal Open Market Committee decided today to lower its target for the decided today to keep its target for the federal funds rate 25 basis points to 2- federal funds rate at 3 percent. 3/4 percent. 2. Recent information indicates that the outlook for economic activity has weakened further and that downside risks persist. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to continue to weigh on economic growth. Policy Decision Recent information indicates that the outlook for economic activity has weakened further and that downside risks persist. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to continue to weigh on economic growth. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to continue to weigh on economic growth. Recent policy actions should help to promote moderate growth over time, but downside risks to growth remain. Growth in consumer spending has slowed, labor markets have softened, and financial markets remain under considerable stress. Although downside risks to growth remain, recent policy actions should help to promote moderate growth over time. 3. Inflation has been elevated, and some measures of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully. Inflation has been elevated, and some measures of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully. Inflation has been elevated, and upward pressure on inflation could result from several factors, including further increases in energy, commodity, and other import prices. Although the Committee expects inflation to moderate in coming quarters, the upside risks to the outlook for inflation have increased. The Committee will continue to monitor inflation developments carefully. Inflation has been elevated, and upward pressure on inflation could result from several factors, including further increases in energy, commodity, and other import prices. Although the Committee expects inflation to moderate in coming quarters, the upside risks to the outlook for inflation have increased. The Committee will continue to monitor inflation developments carefully. Today's policy action, combined with those taken earlier, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks. The Committee judges that the risks to growth outweigh the risks to inflation, particularly in light of stresses in financial markets. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address the evolving risks. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to promote price stability and sustainable economic growth. 4. Today's policy action, combined with those taken earlier, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, the Committee Assessment judges that the downside risks to of Risk growth outweigh the upside risks to inflation. The Committee will act in a timely manner as needed to promote sustainable economic growth and price stability. Last update: March 7, 2014 Accessible Material March 2008 Bluebook Tables and Charts Money and Debt Forecasts Table 2: Alternative Growth Rates for M2 (percent, annual rate) 75 bp Easing 50 bp Easing 25 bp Easing No change Greenbook Forecast* Monthly Growth Rates Jun-07 2.8 2.8 2.8 2.8 2.8 Jul-07 4.0 4.0 4.0 4.0 4.0 Aug-07 8.2 8.2 8.2 8.2 8.2 Sep-07 4.9 4.9 4.9 4.9 4.9 Oct-07 4.4 4.4 4.4 4.4 4.4 Nov-07 5.4 5.4 5.4 5.4 5.4 Dec-07 5.9 5.9 5.9 5.9 5.9 Jan-08 8.3 8.3 8.3 8.3 8.3 Feb-08 16.5 16.5 16.5 16.5 16.5 Mar-08 9.1 8.9 8.7 8.5 8.9 Apr-08 7.6 7.0 6.4 5.8 7.0 May-08 9.5 8.7 7.9 7.1 9.5 Jun-08 5.9 5.2 4.5 3.7 6.8 2007 Q1 7.1 7.1 7.1 7.1 7.1 2007 Q2 6.1 6.1 6.1 6.1 6.1 Quarterly Growth Rates 2007 Q3 4.7 4.7 4.7 4.7 4.7 2007 Q4 5.3 5.3 5.3 5.3 5.3 2008 Q1 9.4 9.4 9.4 9.4 9.4 2008 Q2 9.2 8.7 8.2 7.7 9.1 5.9 5.9 5.9 5.9 5.9 Annual Growth Rates 2007 2008 8.3 7.9 7.6 7.2 8.9 2009 5.2 5.2 5.2 5.2 5.5 Feb-08 Jun-08 8.1 7.5 6.9 6.3 8.1 2007 Q4 Mar-08 10.0 10.0 9.9 9.9 10.0 2007 Q4 Jun-08 9.1 8.8 8.4 8.1 9.2 Growth From To * This forecast is consistent with nominal GDP and interest rates in the Greenbook forecast. Return to table Last update: March 7, 2014 Accessible Material March 2008 Bluebook Tables and Charts Appendix A: Measures of the Equilibrium Real Rate Measure Description Singleequation Model The measure of the equilibrium real rate in the single-equation model is based on an estimated aggregate-demand relationship between the current value of the output gap and its lagged values as well as the lagged values of the real federal funds rate. Small Structural Model The small-scale model of the economy consists of equations for five variables: the output gap, the equity premium, the federal budget surplus, the trend growth rate of output, and the real bond yield. Large Model (FRB/US) Estimates of the equilibrium real rate using FRB/US--the staff's large-scale econometric model of the U.S. economy--depend on a very broad array of economic factors, some of which take the form of projected values of the model's exogenous variables. Greenbook- The FRB/US model is used in conjunction with an extended version of the Greenbook forecast to derive a Greenbook-consistent measure. FRB/US is first addconsistent factored so that its simulation matches the extended Greenbook forecast, and then a second simulation is run off this baseline to determine the value of the real federal funds rate that closes the output gap. TIPS-based Yields on TIPS (Treasury Inflation-Protected Securities) reflect investors' expectations of the future path of real interest rates, but also include term and liquidity premiums. The TIPS-based measure of the equilibrium real rate is constructed using the seven-year-ahead instantaneous real forward rate derived from TIPS Factor yields as of the Bluebook publication date. This forward rate is adjusted to remove estimates of the term and liquidity premiums based on a three-factor arbitrageModel free term-structure model applied to TIPS yields, nominal yields, and inflation. Because TIPS indexation is based on the total CPI, this measure is also adjusted for the medium-term difference--projected at 40 basis points--between total CPI inflation and core PCE inflation. Last update: March 7, 2014 Accessible Material March 2008 Greenbook Part 1 Tables and Charts† Domestic Developments Key Background Factors Underlying the Baseline Staff Projection Note. In each panel, shading represents the projection period, which begins in 2008:Q1. Figure: Federal Funds Rate Quarterly average Percent Period Current Greenbook January Greenbook Market forecast 2004:Q1 1.00 1.00 1.00 2004:Q2 1.00 1.00 1.00 2004:Q3 1.42 1.42 1.42 2004:Q4 1.94 1.94 1.94 2005:Q1 2.44 2.44 2.44 2005:Q2 2.91 2.91 2.91 2005:Q3 3.43 3.43 3.43 2005:Q4 3.97 3.97 3.97 2006:Q1 4.42 4.42 4.43 2006:Q2 4.90 4.90 4.90 2006:Q3 5.25 5.25 5.25 2006:Q4 5.25 5.25 5.25 2007:Q1 5.25 5.25 5.25 2007:Q2 5.25 5.25 5.25 2007:Q3 5.20 5.20 5.18 2007:Q4 4.50 4.50 4.52 2008:Q1 3.27 3.35 2.70 2008:Q2 2.16 3.00 2.01 2008:Q3 1.75 3.00 1.84 2008:Q4 1.75 3.00 1.79 2009:Q1 1.75 3.00 1.76 2009:Q2 1.75 3.00 1.89 2009:Q3 1.75 3.00 2.08 2009:Q4 1.75 3.00 2.21 Figure: Long-Term Interest Rates Quarterly average Percent Period Baa corporate rate: Current Greenbook Baa corporate rate: 10-year Treasury rate: January Greenbook Current Greenbook 10-year Treasury rate: January Greenbook 2004:Q1 6.27 6.27 4.02 4.02 2004:Q2 6.66 6.66 4.60 4.60 2004:Q3 6.45 6.45 4.30 4.30 2004:Q4 6.19 6.19 4.17 4.17 2005:Q1 5.96 5.96 4.30 4.30 2005:Q2 5.97 5.97 4.16 4.16 2005:Q3 5.98 5.98 4.21 4.21 2005:Q4 6.34 6.34 4.49 4.49 2006:Q1 6.31 6.31 4.58 4.58 2006:Q2 6.74 6.74 5.07 5.07 2006:Q3 6.59 6.59 4.89 4.89 2006:Q4 6.28 6.28 4.63 4.63 2007:Q1 6.30 6.30 4.68 4.68 2007:Q2 6.49 6.49 4.85 4.85 2007:Q3 6.63 6.63 4.74 4.74 2007:Q4 6.51 6.51 4.27 4.27 2008:Q1 6.75 6.45 3.70 3.60 2008:Q2 6.70 6.40 3.70 3.70 2008:Q3 6.65 6.45 3.75 3.85 2008:Q4 6.50 6.45 3.80 3.95 2009:Q1 6.40 6.45 3.85 4.05 2009:Q2 6.35 6.45 3.95 4.15 2009:Q3 6.30 6.45 4.00 4.25 2009:Q4 6.30 6.50 4.05 4.35 Figure: Equity Prices Quarter-end 2004:Q1 = 100, ratio scale Period Wilshire 5000: Wilshire 5000: Current Greenbook January Greenbook 2004:Q1 100.00 100.00 2004:Q2 100.90 100.90 2004:Q3 98.70 98.70 2004:Q4 108.44 108.44 2005:Q1 105.42 105.42 2005:Q2 107.58 107.58 2005:Q3 111.32 111.32 2005:Q4 113.39 113.39 2006:Q1 119.17 119.17 2006:Q2 116.39 116.39 2006:Q3 120.89 120.89 2006:Q4 129.15 129.15 2007:Q1 130.53 130.53 2007:Q2 137.78 137.78 2007:Q3 139.16 139.16 2007:Q4 134.24 134.25 2008:Q1 118.94 120.89 2008:Q2 120.84 122.79 2008:Q3 122.74 126.59 2008:Q4 124.69 130.53 2009:Q1 126.68 134.56 2009:Q2 130.62 138.73 2009:Q3 134.65 143.03 2009:Q4 138.82 147.47 Figure: House Prices Quarterly 2004:Q1 = 100, ratio scale OFHEO purchase-only index: OFHEO purchase-only index: Period Current Greenbook January Greenbook 2004:Q1 100.00 100.00 2004:Q2 102.14 102.34 2004:Q3 104.60 105.08 2004:Q4 107.13 107.78 2005:Q1 109.45 110.26 2005:Q2 112.10 113.26 2005:Q3 114.83 116.39 2005:Q4 117.42 118.91 2006:Q1 119.29 120.83 2006:Q2 120.47 122.22 2006:Q3 121.14 123.06 2006:Q4 122.23 123.89 2007:Q1 123.25 125.03 2007:Q2 123.91 125.63 2007:Q3 123.48 125.32 2007:Q4 121.89 124.53 2008:Q1 120.14 123.58 2008:Q2 118.36 122.55 2008:Q3 116.58 121.46 2008:Q4 114.80 120.37 2009:Q1 113.04 119.27 2009:Q2 111.60 118.25 2009:Q3 110.53 117.35 2009:Q4 109.83 116.61 Figure: Crude Oil Prices Quarterly average Dollars per barrel Period West Texas intermediate: Current Greenbook 2004:Q1 35.25 2004:Q2 38.34 2004:Q3 43.89 2004:Q4 48.31 2005:Q1 49.68 2005:Q2 53.09 2005:Q3 63.08 2005:Q4 60.03 2006:Q1 63.34 2006:Q2 70.53 2006:Q3 70.44 2006:Q4 60.04 2007:Q1 58.02 2007:Q2 64.97 2007:Q3 75.48 2007:Q4 90.75 2008:Q1 98.84 2008:Q2 108.56 2008:Q3 105.27 2008:Q4 103.70 2009:Q1 102.46 2009:Q2 101.40 2009:Q3 100.60 2009:Q4 100.08 As shown in the figure, the West Texas intermediate: January Greenbook curve tracks closely with the West Texas intermediate: Current Greenbook curve until 2007:Q4. The January Greenbook curve decreases to about 90 dollars per barrel in 2008:Q1, and decreases to end at about 85 dollars per barrel in 2009:Q4. Figure: Broad Real Dollar Quarterly average 2004:Q1 = 100 Period Exchange Rate: Current Greenbook 2004:Q1 100.00 2004:Q2 102.32 2004:Q3 101.47 2004:Q4 98.11 2005:Q1 97.15 2005:Q2 98.39 2005:Q3 99.44 2005:Q4 100.57 2006:Q1 99.06 2006:Q2 97.84 2006:Q3 97.77 2006:Q4 96.34 2007:Q1 96.28 2007:Q2 94.36 2007:Q3 92.44 2007:Q4 89.39 2008:Q1 87.74 2008:Q2 86.32 2008:Q3 85.64 2008:Q4 84.94 2009:Q1 84.28 2009:Q2 83.61 2009:Q3 82.96 2009:Q4 82.33 As shown in the figure, the Exchange Rate: January Greenbook curve tracks closely with the Exchange Rate: Current Greenbook curve until 2007:Q4. The January Greenbook curve decreases to about 88 in 2008:Q1, and decreases to end just below 85 in 2009:Q4. Summary of the Near-Term Outlook (Percent change at annual rate except as noted) 2008:Q1 2008:Q2 Measure Jan GB Real GDP Private domestic final purchases Personal consumption expenditures Residential investment Business fixed investment Government outlays for consumption and investment Mar GB .6 .1 Jan GB 1.2 Mar GB -1.0 -.9 -1.4 -.4 -2.0 1.3 .2 1.0 .5 -33.1 -33.1 -25.4 -33.3 -1.1 2.0 .0 -6.5 1.6 3.1 1.8 1.4 Contribution to growth (percentage points) Inventory investment .9 .1 -.2 -1.7 Net exports .1 .7 1.3 2.2 Projections of Real GDP (Percent change at annual rate from end of preceding period except as noted) Measure 2007:H2 Real GDP 2008:H1 2008:H2 2009 2.6 -.4 .7 3.0 Previous 2.7 .9 2.2 2.2 Final sales 3.0 .4 .2 2.2 Previous 2.9 Residential investment 2.8 1.7 .4 -.4 2.0 2.5 Previous .5 2.3 PCE 1.1 3.4 1.4 -23.2 Previous -18.8 -3.9 -29.4 -9.9 -1.4 7.4 BFI -33.2 -25.7 Previous -2.4 -2.7 2.1 8.4 1.7 1.2 .9 6.3 7.5 8.1 7.0 7.4 7.3 1.5 -3.7 .0 4.2 3.2 Previous 1.6 11.6 Previous Imports 2.8 2.1 12.6 Exports 1.5 2.2 3.9 Previous -.6 2.9 Government purchases .7 3.3 3.8 Contribution to growth (percentage points) Inventory change -.3 -.8 .5 .8 Previous -.2 .4 -.6 .5 1.2 1.4 1.0 .3 .8 .7 .4 .3 Net exports Previous Decomposition of Structural Labor Productivity Nonfarm Business Sector (Percent change, Q4 to Q4, except as noted) Measure Structural labor productivity 1974-95 1996-2000 2001-05 2006 2007 2008 2009 1.5 2.5 2.8 2.1 2.1 1.9 1.8 1.5 2.5 2.8 2.1 2.0 1.9 1.9 Capital deepening .7 1.4 .7 .7 .6 .4 .4 Previous .7 1.4 .7 .7 .6 .5 .5 Previous Contributions1 Multifactor productivity .5 .7 1.8 1.2 1.3 1.3 1.3 Previous .5 .7 1.8 1.2 1.2 1.2 1.2 Labor composition .3 .3 .3 .2 .2 .2 .1 3.0 3.3 2.7 2.4 2.4 2.3 2.2 3.0 3.3 2.7 2.4 2.4 2.3 2.3 MemO Potential GDP Previous Note. Components may not sum to totals because of rounding. For multiyear periods, the percent change is the annual average from Q4 of the year preceding the first year shown to Q4 of the last year shown. 1. Percentage points. Return to table The Outlook for the Labor Market (Percent change, Q4 to Q4, except as noted) Measure Output per hour, nonfarm business 2006 2007 2008 2009 Nonfarm private payroll employment 2.9 1.1 2.8 .9 Previous .9 2.7 1.6 1.9 Previous Labor force participation rate 1 .9 -.9 .9 1.1 .2 .7 2.1 .4 -.6 1.0 2.1 Household survey employment 1.7 1.8 Previous .4 .3 .8 65.6 65.4 65.7 65.5 4.4 4.8 5.7 5.5 4.8 5.1 5.2 .1 .1 -2.0 -1.3 .1 Previous 66.0 66.0 4.4 Civilian unemployment rate1 66.3 66.3 Previous .1 -.7 -.8 MemO GDP gap 2 Previous 1. Percent, average for the fourth quarter. Return to table 2. Actual less potential GDP in the fourth quarter of the year indicated as a percent of potential GDP. A negative number thus indicates that the economy is operating below potential. Return to table Inflation Projections (Percent change, Q4 to Q4, except as noted) Measure PCE chain-weighted price index Previous Food and beverages Previous Energy Previous Excluding food and energy Previous Consumer price index Previous Excluding food and energy Previous GDP chain-weighted price index Previous ECI for compensation of private industry workers 1 Previous Compensation per hour, nonfarm business sector Previous Prices of core nonfuel imports Previous 2006 2007 2008 2009 1.9 3.4 2.9 1.7 1.9 3.4 2.2 1.7 2.3 4.5 2.8 2.0 2.3 4.4 2.3 2.0 -4.0 19.6 10.4 -1.5 -4.0 18.8 3.2 -1.0 2.3 2.1 2.3 1.9 2.3 2.1 2.1 1.9 1.9 4.0 3.3 1.8 1.9 4.0 2.4 1.8 2.7 2.3 2.5 2.1 2.7 2.3 2.3 2.1 2.7 2.6 2.0 2.0 2.7 2.6 2.2 1.9 3.2 3.0 3.4 3.3 3.2 3.2 3.7 3.6 5.0 3.9 4.0 3.8 5.0 3.9 4.4 4.1 2.4 3.2 3.8 1.2 2.4 3.1 1.7 1.2 1. December to December. Return to table The Long-Term Outlook (Percent change, Q4 to Q4, except as noted) Measure 2007 2008 2009 2010 2011 2012 Real GDP 2.4 0.1 3.0 3.0 3.0 2.7 Civilian unemployment rate 1 4.8 5.7 5.5 5.2 5.0 4.8 Total PCE prices 3.4 2.9 1.7 1.8 1.7 1.7 Core PCE prices 2.1 2.3 1.9 1.8 1.7 1.7 Federal funds rate 1 4.5 1.8 1.8 2.0 3.0 3.9 1. Percent, average for the final quarter of the period. Return to table Alternative Scenarios (Percent change, annual rate, from end of preceding period except as noted) 2007 2008 Measure and scenario 2009 H2 H1 2010 2011-12 H2 Real GDP Greenbook baseline 2.6 -.4 .7 3.0 3.0 2.9 Greater housing correction 2.6 -.5 .4 2.5 3.0 3.2 2.6 -1.2 -.7 2.2 3.3 3.5 With more financial fallout Near-term upside risk 2.6 1.1 1.9 2.6 2.8 2.6 Faster recovery 2.6 -.4 1.1 3.4 3.0 2.8 Greater inflationary pressure 2.6 -.5 .5 2.8 3.0 2.9 Worker insecurity 2.6 -.6 .5 3.0 3.4 3.0 Greenbook baseline 4.8 5.2 5.7 5.5 5.2 4.8 Greater housing correction 4.8 5.2 5.8 5.7 5.5 4.9 Civilian unemployment rate 1 4.8 5.3 6.0 6.2 5.8 4.9 Near-term upside risk With more financial fallout 4.8 5.0 5.3 5.1 5.0 4.8 Faster recovery 4.8 5.2 5.6 5.3 4.9 4.7 Greater inflationary pressure 4.8 5.2 5.8 5.6 5.3 4.9 Worker insecurity 4.8 5.2 5.8 5.6 5.2 4.6 Core PCE inflation Greenbook baseline 2.4 2.5 2.1 1.9 1.8 1.7 Greater housing correction 2.4 2.5 2.1 1.9 1.7 1.6 2.4 2.5 2.1 1.9 1.7 1.4 With more financial fallout Near-term upside risk 2.4 2.5 2.1 1.9 1.9 1.9 Faster recovery 2.4 2.5 2.1 1.9 1.9 1.8 Greater inflationary pressure 2.4 2.9 2.7 2.3 2.1 1.9 Worker insecurity 2.4 2.5 2.0 1.8 1.6 1.6 Greenbook baseline 4.5 2.2 1.8 1.8 2.0 3.9 Greater housing correction 4.5 2.2 1.6 1.2 1.3 3.7 Federal funds rate 1 With more financial fallout Near-term upside risk 4.5 1.9 .9 .2 .9 3.7 4.5 2.8 3.0 2.4 2.3 3.9 Faster recovery 4.5 2.2 2.0 2.4 2.6 4.2 Greater inflationary pressure 4.5 2.3 2.0 2.2 2.3 4.1 Worker insecurity 4.5 2.1 1.6 1.4 1.9 4.1 1. Percent, average for the final quarter of the period. Return to table Selected Greenbook Projections and 70 Percent Confidence Intervals Derived from Historical Greenbook Forecast Errors and FRB/US Simulations Measure 2008 2009 2010 2011 2012 3.0 3.0 3.0 2.7 … … … Real GDP (percent change, Q4 to Q4) Projection 0.1 Confidence interval Greenbook forecast errors -1.3-1.6 1.6-4.4 FRB/US stochastic simulations -.9-1.2 1.6-4.5 1.4-4.6 1.4-4.8 1.0-4.5 Civilian unemployment rate (percent, Q4) Projection 5.7 5.5 5.2 5.0 4.8 … … … Confidence interval Greenbook forecast errors 5.2-6.1 4.6-6.4 FRB/US stochastic simulations 5.3-6.0 4.9-6.0 4.6-5.9 4.2-5.7 3.9-5.6 PCE prices, total (percent change, Q4 to Q4) Projection 2.9 1.7 1.8 1.7 1.7 2.1-3.7 .8-2.6 … … … FRB/US stochastic simulations 2.2-3.6 .9-2.6 .9-2.8 .7-2.8 .7-2.8 Confidence interval Greenbook forecast errors PCE prices excluding food and energy (percent change, Q4 to Q4) Projection 2.3 1.9 1.8 1.7 1.7 … … … Confidence interval Greenbook forecast errors 1.8-2.8 1.1-2.8 FRB/US stochastic simulations 2.0-2.7 1.4-2.6 1.1-2.6 1.0-2.6 .9-2.5 Federal funds rate (percent, Q4) Projection 1.7 1.7 2.0 .9-2.7 .4-3.3 .6-3.7 3.0 3.9 Confidence interval FRB/US stochastic simulations 1.4-4.9 2.3-5.8 Notes: Intervals derived from Greenbook forecast errors are based on projections made from 1986-2006. Shocks underlying FRB/US stochastic simulations are randomly drawn from the 19862006 set of model equation residuals. … Not applicable. The Greenbook forecast horizon has typically extended about two years. Return to table Forecast Confidence Intervals and Alternative Scenarios under the Assumption that Monetary Policy Follows an Estimated Taylor Rule Confidence Intervals based on FRB/US Stochastic Simulations Figure: Real GDP 4-quarter percent change Period 90 percent lower bound 70 percent lower bound Greenbook baseline 70 percent upper bound 90 percent upper bound Greater housing correction (GHC) GHC with more financial fallout Near-term Faster upside risk recovery Greater inflationary pressure Worker insecurity 2006:Q1 ND ND 3.31 ND ND ND ND ND ND ND ND 2006:Q2 ND ND 3.22 ND ND ND ND ND ND ND ND 2006:Q3 ND ND 2.37 ND ND ND ND ND ND ND ND 2006:Q4 ND ND 2.60 ND ND ND ND ND ND ND ND 2007:Q1 ND ND 1.55 ND ND ND ND ND ND ND ND 2007:Q2 ND ND 1.89 ND ND ND ND ND ND ND ND 2007:Q3 ND ND 2.84 ND ND ND ND ND ND ND ND 2007:Q4 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2008:Q1 2.06 2.14 2.30 2.45 2.52 2.29 2.16 2.69 2.30 2.28 2.25 2008:Q2 0.21 0.55 1.09 1.61 1.90 1.04 0.69 1.86 1.09 1.03 0.98 2008:Q3 -1.11 -0.63 0.10 0.87 1.28 -0.01 -0.62 1.17 0.20 -0.02 -0.05 2008:Q4 -1.38 -0.87 0.13 1.14 1.69 -0.06 -0.94 1.47 0.33 -0.05 -0.06 2009:Q1 -1.17 -0.52 0.65 1.87 2.55 0.38 -0.55 1.53 0.98 0.44 0.49 2009:Q2 -0.30 0.46 1.70 3.02 3.78 1.35 0.54 2.02 2.14 1.48 1.57 2009:Q3 0.20 0.96 2.30 3.74 4.50 1.89 1.30 2.19 2.71 2.10 2.22 2009:Q4 0.78 1.62 2.99 4.49 5.36 2.54 2.18 2.55 3.37 2.83 2.96 2010:Q1 0.91 1.74 3.18 4.70 5.63 2.78 2.63 2.76 3.47 3.07 3.29 2010:Q2 0.81 1.72 3.21 4.83 5.72 2.91 2.92 2.92 3.39 3.15 3.46 2010:Q3 0.67 1.60 3.13 4.75 5.73 2.98 3.12 2.92 3.23 3.10 3.50 2010:Q4 0.48 1.40 2.98 4.59 5.56 2.99 3.24 2.77 3.01 2.98 3.43 2011:Q1 0.45 1.35 2.96 4.61 5.57 3.08 3.37 2.76 2.94 2.97 3.38 2011:Q2 0.34 1.27 2.89 4.61 5.58 3.10 3.38 2.68 2.85 2.91 3.25 2011:Q3 0.27 1.30 2.90 4.61 5.59 3.16 3.43 2.65 2.86 2.93 3.18 2011:Q4 0.34 1.37 2.98 4.78 5.77 3.28 3.55 2.70 2.94 3.01 3.18 2012:Q1 0.26 1.30 2.96 4.75 5.79 3.27 3.54 2.65 2.91 2.98 3.08 2012:Q2 0.19 1.25 2.89 4.70 5.72 3.21 3.49 2.56 2.84 2.90 2.94 2012:Q3 0.13 1.15 2.81 4.63 5.70 3.13 3.43 2.48 2.76 2.82 2.81 2012:Q4 0.08 1.04 2.73 4.53 5.54 3.04 3.36 2.39 2.67 2.73 2.69 Greater housing correction (GHC) GHC with more financial fallout Figure: Unemployment Rate Percent Period 90 percent lower bound 70 percent lower bound Greenbook baseline 70 percent upper bound 90 percent upper bound Near-term Faster upside risk recovery Greater inflationary pressure Worker insecurity 2006:Q1 ND ND 4.702 ND ND ND ND ND ND ND ND 2006:Q2 ND ND 4.665 ND ND ND ND ND ND ND ND 2006:Q3 ND ND 4.657 ND ND ND ND ND ND ND ND 2006:Q4 ND ND 4.438 ND ND ND ND ND ND ND ND 2007:Q1 ND ND 4.491 ND ND ND ND ND ND ND ND 2007:Q2 ND ND 4.507 ND ND ND ND ND ND ND ND 2007:Q3 ND ND 4.676 ND ND ND ND ND ND ND ND 2007:Q4 4.800 4.800 4.800 4.800 4.800 4.800 4.800 4.800 4.800 4.800 4.800 2008:Q1 4.825 4.849 4.897 4.950 4.983 4.901 4.927 4.818 4.897 4.901 4.909 2008:Q2 4.926 5.022 5.197 5.373 5.477 5.210 5.295 5.000 5.197 5.213 5.226 2008:Q3 5.035 5.198 5.471 5.733 5.897 5.501 5.668 5.156 5.449 5.505 5.520 2008:Q4 5.125 5.318 5.675 6.016 6.218 5.731 5.991 5.248 5.622 5.731 5.740 2009:Q1 5.026 5.262 5.682 6.080 6.321 5.772 6.108 5.226 5.587 5.761 5.764 2009:Q2 4.912 5.165 5.639 6.082 6.368 5.770 6.155 5.209 5.497 5.740 5.734 2009:Q3 4.797 5.080 5.592 6.082 6.370 5.768 6.182 5.200 5.412 5.711 5.694 2009:Q4 4.634 4.945 5.493 6.029 6.336 5.719 6.148 5.136 5.281 5.626 5.597 2010:Q1 4.512 4.838 5.424 5.990 6.351 5.686 6.108 5.105 5.188 5.567 5.508 2010:Q2 4.395 4.729 5.349 5.953 6.336 5.632 6.027 5.064 5.098 5.497 5.398 2010:Q3 4.274 4.636 5.284 5.927 6.306 5.574 5.933 5.028 5.029 5.434 5.292 2010:Q4 4.170 4.563 5.236 5.906 6.315 5.522 5.840 5.010 4.984 5.385 5.204 2011:Q1 4.071 4.478 5.182 5.880 6.307 5.453 5.730 4.986 4.936 5.328 5.110 2011:Q2 3.958 4.389 5.118 5.845 6.300 5.367 5.604 4.954 4.882 5.260 5.014 2011:Q3 3.820 4.292 5.050 5.782 6.252 5.273 5.471 4.921 4.827 5.189 4.922 2011:Q4 3.743 4.181 4.982 5.739 6.180 5.174 5.334 4.888 4.771 5.115 4.835 2012:Q1 3.648 4.103 4.922 5.699 6.174 5.083 5.205 4.864 4.726 5.051 4.765 2012:Q2 3.538 4.020 4.870 5.663 6.146 4.998 5.084 4.847 4.689 4.995 4.709 2012:Q3 3.472 3.965 4.826 5.631 6.124 4.922 4.971 4.838 4.661 4.949 4.666 2012:Q4 3.428 3.913 4.788 5.592 6.083 4.851 4.865 4.833 4.639 4.908 4.632 Greater housing correction (GHC) GHC with more financial fallout Figure: PCE Prices excluding Food and Energy 4-quarter percent change Period 90 percent lower bound 70 percent lower bound Greenbook baseline 70 percent upper bound 90 percent upper bound Near-term Faster upside risk recovery Greater inflationary pressure Worker insecurity 2006:Q1 ND ND 2.039 ND ND ND ND ND ND ND ND 2006:Q2 ND ND 2.238 ND ND ND ND ND ND ND ND 2006:Q3 ND ND 2.404 ND ND ND ND ND ND ND ND 2006:Q4 ND ND 2.291 ND ND ND ND ND ND ND ND 2007:Q1 ND ND 2.388 ND ND ND ND ND ND ND ND 2007:Q2 ND ND 2.007 ND ND ND ND ND ND ND ND 2007:Q3 ND ND 1.922 ND ND ND ND ND ND ND ND 2007:Q4 2.123 2.123 2.123 2.123 2.123 2.123 2.123 2.123 2.123 2.123 2.123 2008:Q1 2.125 2.147 2.191 2.234 2.262 2.192 2.196 2.184 2.191 2.295 2.193 2008:Q2 2.196 2.286 2.430 2.583 2.668 2.431 2.444 2.415 2.430 2.652 2.427 2008:Q3 2.089 2.252 2.474 2.715 2.839 2.475 2.498 2.456 2.471 2.832 2.460 2008:Q4 1.780 2.005 2.315 2.650 2.822 2.316 2.351 2.297 2.309 2.821 2.285 2009:Q1 1.448 1.735 2.131 2.556 2.792 2.131 2.170 2.126 2.124 2.655 2.078 2009:Q2 1.243 1.568 2.046 2.548 2.852 2.042 2.079 2.058 2.040 2.580 1.969 2009:Q3 1.104 1.453 1.977 2.555 2.911 1.968 2.000 2.001 1.980 2.456 1.875 2009:Q4 0.978 1.376 1.933 2.553 2.906 1.916 1.941 1.966 1.946 2.345 1.805 2010:Q1 0.897 1.312 1.910 2.565 2.945 1.881 1.898 1.951 1.935 2.275 1.753 2010:Q2 0.808 1.253 1.874 2.560 2.962 1.831 1.835 1.925 1.911 2.184 1.700 2010:Q3 0.749 1.198 1.854 2.575 2.988 1.794 1.784 1.918 1.901 2.148 1.672 2010:Q4 0.664 1.128 1.823 2.561 3.015 1.748 1.719 1.904 1.878 2.100 1.646 2011:Q1 0.619 1.058 1.796 2.566 3.017 1.706 1.659 1.893 1.858 2.060 1.634 2011:Q2 0.584 1.040 1.774 2.556 3.017 1.671 1.607 1.885 1.841 2.027 1.630 2011:Q3 0.534 1.016 1.756 2.567 3.013 1.640 1.558 1.881 1.825 2.003 1.630 2011:Q4 0.507 0.987 1.746 2.571 3.021 1.619 1.517 1.884 1.817 1.988 1.637 2012:Q1 0.499 0.969 1.735 2.566 3.033 1.598 1.479 1.885 1.808 1.972 1.645 2012:Q2 0.444 0.948 1.724 2.553 3.049 1.579 1.443 1.885 1.799 1.956 1.650 2012:Q3 0.444 0.940 1.711 2.559 3.050 1.560 1.408 1.881 1.790 1.938 1.652 2012:Q4 0.420 0.926 1.696 2.542 3.066 1.540 1.374 1.873 1.780 1.919 1.651 Greater housing correction (GHC) GHC with more financial fallout Figure: Federal Funds Rate Percent Period 90 percent lower bound 70 percent lower bound Greenbook baseline 70 percent upper bound 90 percent upper bound Near-term Faster upside risk recovery Greater inflationary pressure Worker insecurity 2006:Q1 ND ND 4.46 ND ND ND ND ND ND ND ND 2006:Q2 ND ND 4.91 ND ND ND ND ND ND ND ND 2006:Q3 ND ND 5.25 ND ND ND ND ND ND ND ND 2006:Q4 ND ND 5.25 ND ND ND ND ND ND ND ND 2007:Q1 ND ND 5.26 ND ND ND ND ND ND ND ND 2007:Q2 ND ND 5.25 ND ND ND ND ND ND ND ND 2007:Q3 ND ND 5.07 ND ND ND ND ND ND ND ND 2007:Q4 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 2008:Q1 3.25 3.26 3.27 3.29 3.29 3.26 3.18 3.52 3.27 3.29 3.23 2008:Q2 1.53 1.81 2.16 2.57 2.72 2.12 1.86 2.77 2.16 2.22 2.07 2008:Q3 0.72 1.14 1.75 2.40 2.74 1.65 1.15 2.70 1.82 1.88 1.59 2008:Q4 0.34 0.89 1.75 2.64 3.09 1.58 0.82 2.98 1.92 1.98 1.54 2009:Q1 0.07 0.72 1.75 2.86 3.42 1.48 0.56 2.97 2.04 2.08 1.49 2009:Q2 0.00 0.57 1.75 3.02 3.73 1.37 0.38 2.77 2.16 2.15 1.44 2009:Q3 0.00 0.47 1.75 3.15 3.94 1.25 0.27 2.55 2.25 2.19 1.41 2009:Q4 0.00 0.45 1.75 3.27 4.08 1.12 0.19 2.38 2.32 2.19 1.39 2010:Q1 0.00 0.42 1.75 3.34 4.14 1.05 0.21 2.25 2.36 2.16 1.43 2010:Q2 0.00 0.38 1.75 3.42 4.23 1.02 0.32 2.15 2.37 2.12 1.51 2010:Q3 -0.00 0.42 1.78 3.50 4.28 1.06 0.51 2.12 2.37 2.11 1.63 2010:Q4 0.00 0.56 1.97 3.69 4.58 1.30 0.86 2.28 2.53 2.26 1.92 2011:Q1 0.01 0.76 2.21 3.98 4.80 1.60 1.27 2.49 2.74 2.48 2.24 2011:Q2 0.12 0.97 2.48 4.23 5.15 1.95 1.68 2.73 2.98 2.73 2.58 2011:Q3 0.27 1.21 2.77 4.57 5.51 2.30 2.09 2.97 3.23 3.01 2.91 2011:Q4 0.46 1.47 3.05 4.88 5.86 2.65 2.48 3.21 3.47 3.27 3.21 2012:Q1 0.64 1.68 3.31 5.13 6.14 2.97 2.83 3.43 3.70 3.53 3.49 2012:Q2 0.82 1.91 3.54 5.41 6.43 3.26 3.15 3.62 3.90 3.76 3.72 2012:Q3 0.99 2.11 3.74 5.58 6.59 3.51 3.44 3.77 4.07 3.95 3.91 2012:Q4 1.08 2.31 3.90 5.81 6.74 3.72 3.67 3.90 4.21 4.10 4.06 Evolution of the Staff Forecast Figure: Change in Real GDP Percent, Q4/Q4 Greenbook publication date 2007 forecast 2008 forecast 2009 forecast 25 January 2006 3.00 ND ND 22 March 2006 3.10 ND ND 3 May 2006 3.00 ND ND 21 June 2006 2.70 ND ND 3 August 2006 2.30 ND ND 13 September 2006 2.10 2.40 ND 18 October 2006 2.20 2.50 ND 6 December 2006 2.20 2.50 ND 24 January 2007 2.30 2.50 ND 14 March 2007 2.10 2.30 ND 2 May 2007 2.00 2.40 ND 20 June 2007 2.20 2.50 ND 2 August 2007 1.90 2.00 ND 12 September 2007 2.00 1.70 2.20 24 October 2007 2.30 1.70 2.20 5 December 2007 2.30 1.30 2.10 23 January 2008 2.40 1.50 2.20 As shown in the figure, approximate values for 12 March 2008 are as follows: 2007 forecast: 2.4 percent. 2008 forecast: 0.1. 2009 forecast: 2.9. Figure: Unemployment Rate Percent, fourth quarter Greenbook publication date 2007 forecast 2008 forecast 2009 forecast 25 January 2006 5.10 ND ND 22 March 2006 4.90 ND ND 3 May 2006 5.00 ND ND 21 June 2006 5.20 ND ND 3 August 2006 5.20 ND ND 13 September 2006 5.10 5.20 ND 18 October 2006 5.10 5.10 ND 6 December 2006 5.00 5.10 ND 24 January 2007 4.80 4.90 ND 14 March 2007 4.90 5.10 ND 2 May 2007 4.80 5.00 ND 20 June 2007 4.70 4.80 ND 2 August 2007 4.70 4.80 ND 12 September 2007 4.70 4.90 4.90 24 October 2007 4.70 4.80 4.80 5 December 2007 4.70 4.90 5.00 23 January 2008 4.80 5.10 5.20 As shown in the figure, approximate values for 12 March 2008 are as follows: 2007 forecast: 4.8 percent. 2008 forecast: 5.7. 2009 forecast: 5.45. Figure: Change in PCE Prices excluding Food and Energy Percent, Q4/Q4 Greenbook publication date 2007 forecast 2008 forecast 2009 forecast 25 January 2006 1.80 ND ND 22 March 2006 1.90 ND ND 3 May 2006 2.00 ND ND 21 June 2006 2.20 ND ND 3 August 2006 2.30 ND ND 13 September 2006 2.30 2.10 ND 18 October 2006 2.30 2.10 ND 6 December 2006 2.30 2.10 ND 24 January 2007 2.20 2.00 ND 14 March 2007 2.20 2.00 ND 2 May 2007 2.30 2.10 ND 20 June 2007 2.00 2.00 ND 2 August 2007 2.00 2.00 ND 12 September 2007 1.90 1.90 1.90 24 October 2007 1.80 1.90 1.90 5 December 2007 2.00 2.00 1.90 23 January 2008 2.10 2.10 1.90 As shown in the figure, approximate values for 12 March 2008 are as follows: 2007 forecast: 2.1 percent. 2008 forecast: 2.3. 2009 forecast: 1.9. Changes in GDP, Prices, and Unemployment (Percent, annual rate except as noted) Nominal GDP Real GDP Core PCE price index Unemployment rate 1 PCE price index Interval 01/23/08 03/13/08 01/23/08 03/13/08 01/23/08 03/13/08 01/23/08 03/13/08 01/23/08 03/13/08 Quarterly 2007: Q1 4.9 4.9 .6 .6 3.5 3.5 2.4 2.4 4.5 4.5 Q2 6.6 6.6 3.8 3.8 4.3 4.3 1.4 1.4 4.5 4.5 Q3 6.0 6.0 4.9 4.9 1.8 1.8 2.0 2.0 4.7 4.7 Q4 2.8 3.1 .5 .4 3.9 4.1 2.7 2.7 4.8 4.8 2008: Q1 3.3 2.7 .6 .1 3.0 4.1 2.4 2.7 5.0 4.9 Q2 3.2 .6 1.2 -1.0 2.1 4.0 2.1 2.3 5.1 5.2 Q3 3.9 2.8 1.9 .9 2.0 1.7 2.0 2.2 5.1 5.5 Q4 4.5 2.5 2.4 .5 1.8 1.8 2.0 2.1 5.1 5.7 2009: Q1 3.7 4.4 1.6 2.3 1.8 1.8 2.0 2.0 5.2 5.7 Q2 4.1 5.3 2.0 3.2 1.8 1.7 2.0 2.0 5.2 5.6 Q3 4.4 5.2 2.5 3.3 1.7 1.7 1.9 1.9 5.2 5.6 Q4 4.5 5.2 2.6 3.3 1.7 1.8 1.9 1.9 5.2 5.5 2007: Q2 5.7 5.7 2.2 2.2 3.9 3.9 1.9 1.9 .1 .1 Q4 4.4 4.5 2.7 2.6 2.9 2.9 2.4 2.4 .3 .3 2008: Q2 3.2 1.6 .9 -.4 2.5 4.0 2.3 2.5 .3 .4 Q4 4.2 2.7 2.2 .7 1.9 1.8 2.0 2.1 .0 .5 2009: Q2 3.9 4.8 1.8 2.7 1.8 1.7 2.0 2.0 .1 -.1 Q4 4.4 5.2 2.6 3.3 1.7 1.7 1.9 1.9 .0 -.1 2006:Q4 5.4 5.4 2.6 2.6 1.9 1.9 2.3 2.3 -.5 -.5 2007:Q4 5.0 5.1 2.4 2.4 3.4 3.4 2.1 2.1 .4 .4 Two-quarter 2 Four-quarter 3 2008:Q4 3.7 2.2 1.5 .1 2.2 2.9 2.1 2.3 .3 .9 2009:Q4 4.2 5.0 2.2 3.0 1.7 1.7 1.9 1.9 .0 -.2 2006 6.1 6.1 2.9 2.9 2.8 2.8 2.2 2.2 4.6 4.6 2007 4.9 4.9 2.2 2.2 2.5 2.6 2.1 2.1 4.6 4.6 2008 3.9 3.0 1.7 .9 2.7 3.3 2.2 2.4 5.1 5.3 2009 4.0 3.9 2.0 1.9 1.8 1.9 2.0 2.0 5.2 5.6 Annual 1. Level, except for two-quarter and four-quarter intervals. Return to table 2. Percent change from two quarters earlier; for unemployment rate, change is in percentage points. Return to table 3. Percent change from four quarters earlier; for unemployment rate, change is in percentage points. Return to table Changes in Real Gross Domestic Product and Related Items (Percent, annual rate except as noted) 2007 2008 2009 20071 20081 20091 Item Q1 Real GDP Previous Final sales Previous Priv. dom. final purch. Previous Personal cons. expend. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 .6 3.8 4.9 .4 .1 -1.0 .9 .5 2.3 3.2 3.3 3.3 2.4 .1 3.0 .6 3.8 4.9 .5 .6 1.2 1.9 2.4 1.6 2.0 2.5 2.6 2.4 1.5 2.2 1.3 3.6 4.0 1.9 .1 .7 1.7 -1.4 .8 3.1 2.9 2.1 2.7 .3 2.2 1.3 3.6 4.0 1.7 -.3 1.4 2.9 2.7 .4 1.9 2.8 1.8 2.6 1.7 1.7 2.2 1.7 2.2 .6 -1.4 -2.0 .0 -2.8 .3 2.0 2.3 2.8 1.7 -1.6 1.8 2.2 1.7 2.2 .9 -.9 -.4 2.4 2.9 .3 .8 2.4 2.4 1.7 1.0 1.5 3.7 1.4 2.8 1.8 .2 .5 1.9 -2.6 .9 2.3 2.3 2.7 2.4 .0 2.0 Previous 3.7 1.4 2.8 2.2 1.3 1.0 3.4 3.4 .1 .7 2.4 2.4 2.5 2.3 1.4 Durables 8.8 1.7 4.5 2.1 -5.9 -.3 8.4 3.3 .4 2.2 4.1 3.1 4.2 1.2 2.4 Nondurables 3.0 -.5 2.2 1.2 -2.4 -.7 -1.3 2.8 .5 .5 2.1 2.1 1.5 -.4 1.3 Services 3.1 2.3 2.8 2.1 2.7 1.3 2.4 -6.1 1.1 3.2 2.0 2.9 2.6 .0 2.3 -16.3 -11.8 -20.5 -25.7 -33.1 -33.3 -23.1 -14.2 -7.6 -5.3 -1.5 -.9 -18.8 -26.3 -3.9 -16.3 -11.8 -20.5 -30.6 -33.1 -25.4 -13.0 -6.8 -2.5 -.6 -.6 -1.7 -20.1 -20.2 -1.4 Residential investment Previous Business fixed invest. 2.1 Equipment & software 9.3 5.4 2.0 -6.5 -4.7 -.6 -1.4 1.9 3.5 4.4 6.9 -2.5 2.1 2.1 Previous 11.0 11.0 9.3 7.4 -1.1 .0 .7 2.3 2.5 2.3 3.1 3.4 7.4 .5 2.8 .7 -10.7 .3 4.7 6.2 2.1 -6.9 -.6 -1.0 3.6 5.8 6.9 3.3 -4.5 3.8 Previous .3 4.7 6.2 3.8 -2.5 -1.4 .7 3.2 3.7 3.1 4.1 4.3 3.7 .0 3.8 Nonres. structures 6.4 26.2 16.4 12.5 4.6 2.3 -.5 -.6 -2.3 -1.2 -.7 .0 15.1 1.4 -1.0 Previous 6.4 26.2 16.4 15.3 1.7 3.0 .8 .7 .2 .7 1.2 1.7 15.9 1.5 .9 -612 -574 -533 -504 -485 -422 -385 -367 -361 -329 -308 -320 -556 -415 -330 -612 -574 -533 -527 -522 -484 -463 -461 -461 -431 -413 -423 -562 -482 -432 Exports 1.1 7.5 19.1 6.4 6.0 6.6 7.3 7.6 8.3 8.1 8.0 8.0 8.4 6.9 8.1 Imports 3.9 -2.7 4.4 -1.2 .3 -7.5 -2.2 2.2 5.4 -.1 2.3 9.3 1.0 -1.9 4.2 -.5 4.1 3.8 2.0 3.1 1.4 1.9 2.4 2.0 1.8 1.4 1.1 2.3 2.2 1.6 -.5 4.1 3.8 4.0 1.6 1.8 1.2 1.1 1.1 1.0 .8 .7 2.8 1.4 .9 Net exports 2 Previous2 Govt. cons. & invest. Previous Federal -6.3 6.0 7.1 .9 6.2 1.4 3.8 5.1 4.1 3.4 2.8 2.2 1.8 4.1 3.1 -10.8 8.5 10.1 -.3 9.1 2.0 5.6 7.0 5.4 4.5 3.6 2.7 1.5 5.9 4.1 3.8 .9 1.1 3.4 .3 .1 .1 .9 1.0 1.0 1.0 1.0 2.3 .4 1.0 3.0 3.0 1.9 2.7 1.4 1.3 .9 .8 .9 .8 .5 .5 2.7 1.1 .7 0 6 31 -10 -11 -59 -82 -29 12 13 24 58 7 -45 26 0 6 31 -7 20 14 -15 -21 11 15 8 32 7 -1 16 -6 1 26 -13 -12 -63 -88 -32 11 12 23 60 2 -49 26 5 Defense 4 4 2 1 1 1 1 1 1 1 1 4 1 1 Nondefense State & local Change in bus. inventories 2 Previous2 Nonfarm Farm 2 2 1. Change from fourth quarter of previous year to fourth quarter of year indicated. Return to table 2. Billions of chained (2000) dollars. Return to table Changes in Real Gross Domestic Product and Related Items (Percent, annual rate except as noted) Item Real GDP Previous Final sales Previous Priv. dom. final purch. Previous Personal cons. expend. Previous Durables 20011 20021 20031 20041 20051 20061 20071 20081 20091 .2 1.9 3.7 3.1 2.9 2.6 2.4 .1 3.0 .2 1.9 3.7 3.1 2.9 2.6 2.4 1.5 2.2 1.5 .8 3.7 2.8 2.9 3.0 2.7 .3 2.2 1.5 .8 3.7 2.8 2.9 3.0 2.6 1.7 1.7 1.0 1.1 4.1 4.3 3.3 2.4 1.7 -1.6 1.8 1.0 1.1 4.1 4.3 3.3 2.4 1.7 1.0 1.5 2.8 1.9 3.4 3.7 2.8 3.4 2.4 .0 2.0 2.8 1.9 3.4 3.7 2.8 3.4 2.5 2.3 1.4 10.8 1.2 8.3 5.6 1.2 6.6 4.2 1.2 2.4 Nondurables 1.9 2.1 3.9 3.5 3.6 3.6 1.5 -.4 1.3 Services 1.6 1.9 2.2 3.3 2.7 2.6 2.6 .0 2.3 1.4 7.0 11.7 6.7 6.4 -12.8 -18.8 -26.3 -3.9 1.4 7.0 11.7 6.7 6.4 -12.8 -20.1 -20.2 -1.4 Residential investment Previous Business fixed invest. -9.6 -6.5 4.9 7.5 5.1 5.2 6.9 -2.5 2.1 -9.6 -6.5 4.9 7.5 5.1 5.2 -9.0 -3.4 6.6 9.4 7.1 2.5 7.4 .5 2.8 3.3 -4.5 3.8 -9.0 -3.4 6.6 9.4 7.1 2.5 3.7 .0 3.8 Nonres. structures -11.1 -14.9 .2 2.3 Previous -11.1 -14.9 .2 2.3 -.3 12.3 15.1 1.4 -1.0 -.3 12.3 15.9 1.5 .9 -399 -471 -519 -594 -618 -624 -556 -415 -330 -399 -471 -519 -594 -618 -624 -562 -482 -432 Exports -11.9 3.8 Imports -7.6 9.7 5.8 7.4 7.0 9.3 8.4 6.9 8.1 4.8 11.5 5.1 3.7 1.0 -1.9 4.2 5.0 4.0 1.7 .7 .9 2.5 2.3 2.2 1.6 5.0 4.0 1.7 .7 .9 2.5 2.8 1.4 .9 6.4 7.8 5.5 2.4 1.3 3.7 1.8 4.1 3.1 Defense 6.5 8.4 7.5 2.5 1.1 5.9 1.5 5.9 4.1 Nondefense 6.3 6.8 1.9 2.3 1.9 -.7 2.3 .4 1.0 4.2 2.1 -.4 -.4 .7 1.8 2.7 1.1 .7 -32 12 14 54 33 40 7 -45 26 -32 12 14 54 33 40 7 -1 16 -32 15 14 48 34 42 2 -49 26 0 -2 0 6 -0 -1 4 1 1 Previous Equipment & software Previous Net exports 2 Previous 2 Govt. cons. & invest. Previous Federal State & local Change in bus. inventories 2 Previous2 Nonfarm Farm 2 2 1. Change from fourth quarter of previous year to fourth quarter of year indicated. Return to table 2. Billions of chained (2000) dollars. Return to table Contributions to Changes in Real Gross Domestic Product (Percentage points, annual rate except as noted) 2007 2008 2009 20071 20081 20091 Item Q1 Real GDP Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 .6 3.8 4.9 .4 .1 -1.0 .9 .5 2.3 3.2 3.3 3.3 2.4 .1 3.0 .6 3.8 4.9 .5 .6 1.2 1.9 2.4 1.6 2.0 2.5 2.6 2.4 1.5 2.2 1.3 3.6 4.0 1.9 .1 .7 1.7 -1.4 .8 3.1 2.9 2.1 2.7 .3 2.2 1.3 3.6 4.0 1.7 -.3 1.4 2.9 2.7 .4 1.9 2.7 1.8 2.6 1.7 1.7 1.9 1.5 1.9 .5 -1.2 -1.8 .0 -2.4 .2 1.7 1.9 2.3 1.4 -1.4 1.5 1.9 1.5 1.9 .8 -.8 -.3 2.0 2.4 .3 .7 2.0 2.0 1.5 .8 1.3 2.6 1.0 2.0 1.3 .2 .4 1.3 -1.9 .6 1.6 1.6 1.9 1.7 .0 1.4 2.6 1.0 2.0 1.6 .9 .7 2.4 2.4 .1 .5 1.7 1.7 1.8 1.6 1.0 Durables .7 .1 .4 .2 -.5 .0 .6 .2 .0 .2 .3 .2 .3 .1 .2 Nondurables .6 -.1 .5 .2 -.5 -.1 -.3 .6 .1 .1 .4 .4 .3 -.1 .3 1.3 1.0 1.2 .9 1.1 .5 1.0 -2.7 .5 1.4 .9 1.2 1.1 .0 1.0 -.9 -.6 -1.1 -1.3 -1.6 -1.4 -.8 -.5 -.2 -.2 .0 .0 -1.0 -1.1 -.1 -.9 -.6 -1.1 -1.6 -1.6 -1.0 -.5 -.2 -.1 .0 .0 -.1 -1.1 -.8 .0 .2 1.1 1.0 .6 .2 -.7 -.5 -.1 -.1 .2 .4 .5 .7 -.3 .2 .2 1.1 1.0 .8 -.1 .0 .1 .2 .3 .2 .3 .4 .8 .1 .3 .0 .3 .4 .2 .0 -.8 -.5 .0 -.1 .2 .4 .4 .2 -.3 .3 Previous .0 .3 .4 .3 -.2 -.1 .0 .2 .3 .2 .3 .3 .3 .0 .3 Nonres. structures .2 .8 .5 .4 .2 .1 .0 .0 -.1 .0 .0 .0 .5 .1 .0 Previous Final sales Previous Priv. dom. final purch. Previous Personal cons. expend. Previous Services Residential investment Previous Business fixed invest. Previous Equipment & software Previous .2 Net exports .8 .5 .5 .1 .1 .0 .0 .0 .0 .0 .1 .5 .1 .0 -.5 1.3 1.4 1.0 .7 2.2 1.3 .6 .1 1.1 .7 -.5 .8 1.2 .3 -.5 1.3 1.4 .2 .1 1.3 .7 .0 .0 1.0 .6 -.4 .6 .5 .3 Exports .1 .9 2.1 .8 .7 .8 .9 1.0 1.1 1.1 1.1 1.1 1.0 .9 1.1 Imports -.6 .5 -.7 .2 -.1 1.4 .4 -.4 -.9 .0 -.4 -1.6 -.2 .3 -.7 -.1 .8 .7 .4 .6 .3 .4 .5 .4 .4 .3 .2 .5 .4 .3 -.1 .8 .7 .8 .3 .4 .2 .2 .2 .2 .2 .1 .5 .3 .2 -.5 .4 .5 .1 .4 .1 .3 .4 .3 .3 .2 .2 .1 .3 .2 -.5 .4 .5 .0 .4 .1 .3 .3 .3 .2 .2 .1 .1 .3 .2 .1 .0 .0 .1 .0 .0 .0 .0 .0 .0 .0 .0 .1 .0 .0 .4 .4 .2 .3 .2 .2 .1 .1 .1 .1 .1 .1 .3 .1 .1 -.7 .2 .9 -1.5 .1 -1.7 -.8 1.9 1.5 .0 .4 1.2 -.3 -.2 .8 -.7 .2 .9 -1.3 .9 -.2 -1.0 -.2 1.1 .1 -.2 .8 -.2 -.1 .5 -.7 .3 .9 -1.4 .0 -1.7 -.8 1.9 1.5 .0 .4 1.2 -.2 -.2 .8 .0 -.1 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Previous Govt. cons. & invest. Previous Federal Defense Nondefense State & local Change in bus. inventories Previous Nonfarm Farm 1. Change from fourth quarter of previous year to fourth quarter of year indicated. Return to table Changes in Prices and Costs (Percent, annual rate except as noted) 2007 2008 2009 20071 20081 20091 Item Q1 GDP chain-wt. price index Previous PCE chain-wt. price index Previous Energy Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4.2 2.6 1.0 2.7 2.5 1.6 2.0 2.0 2.1 2.1 1.9 1.9 2.6 2.0 2.0 4.2 2.6 1.0 2.4 2.7 2.0 2.0 2.0 2.1 2.0 1.9 1.8 2.6 2.2 1.9 3.5 4.3 1.8 4.1 4.1 4.0 1.7 1.8 1.8 1.7 1.7 1.8 3.4 2.9 1.7 3.5 4.3 1.8 3.9 3.0 2.1 2.0 1.8 1.8 1.8 1.7 1.7 3.4 2.2 1.7 16.1 51.3 -6.7 25.1 22.0 29.7 -4.3 -2.0 -1.2 -2.6 -1.8 -.5 19.6 10.4 -1.5 16.1 51.3 -6.7 21.6 11.8 1.2 .9 -.7 -1.0 -1.2 -1.0 -.7 18.8 3.2 -1.0 4.8 4.7 4.7 3.6 4.3 2.5 2.3 2.2 2.1 2.1 2.0 2.0 4.5 2.8 2.0 Previous 4.8 4.7 4.7 3.5 2.6 2.3 2.2 2.1 2.0 2.0 1.9 1.9 4.4 2.3 2.0 Ex. food & energy 2.4 1.4 2.0 2.7 2.7 2.3 2.2 2.1 2.0 2.0 1.9 1.9 2.1 2.3 1.9 Previous 2.4 1.4 2.0 2.7 2.4 2.1 2.0 2.0 2.0 2.0 1.9 1.9 2.1 2.1 1.9 3.7 4.6 2.8 5.0 5.0 4.8 1.7 1.8 1.8 1.7 1.7 1.8 4.0 3.3 1.8 Previous Food CPI 3.8 6.0 1.9 4.3 3.5 2.2 2.1 1.9 1.9 1.8 1.8 1.8 4.0 2.4 1.8 Ex. food & energy Previous 2.3 2.0 2.5 2.5 3.0 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.3 2.5 2.1 Previous 2.3 1.9 2.5 2.5 2.7 2.3 2.2 2.2 2.2 2.2 2.1 2.1 2.3 2.3 2.1 2.3 3.5 3.1 3.1 3.3 3.3 3.4 3.4 3.3 3.3 3.3 3.3 3.0 3.4 3.3 2.3 3.5 3.1 3.7 3.7 3.7 3.6 3.6 3.6 3.6 3.6 3.6 3.2 3.7 3.6 1.0 2.6 6.3 1.8 1.7 -.1 1.8 1.1 2.4 2.9 3.0 2.9 2.9 1.1 2.8 .7 2.2 6.2 1.8 .3 1.4 2.0 2.6 1.3 1.9 2.2 2.3 2.7 1.6 1.9 6.4 1.3 3.4 4.6 4.0 4.0 4.0 3.9 3.8 3.8 3.7 3.7 3.9 4.0 3.8 ECI, hourly compensation2 Previous2 Nonfarm business sector Output per hour Previous Compensation per hour Previous Unit labor costs Previous 5.9 1.0 4.3 4.4 4.3 4.5 4.5 4.4 4.3 4.2 4.1 4.0 3.9 4.4 4.1 5.4 -1.3 -2.7 2.8 2.3 4.1 2.1 2.7 1.4 .9 .7 .7 1.0 2.8 .9 5.2 -1.1 -1.8 2.5 3.9 3.1 2.5 1.8 2.9 2.3 1.9 1.7 1.2 2.8 2.2 1. Change from fourth quarter of previous year to fourth quarter of year indicated. Return to table 2. Private-industry workers. Return to table Other Macroeconomic Indicators 2007 2008 2009 20071 20081 20091 Item Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Employment and production Nonfarm payroll employment 2 GDP gap Previous -.1 -.4 -.2 -.2 .1 .3 .3 .3 1.2 -.8 1.1 4.5 4.7 4.8 4.9 5.2 5.5 5.7 5.7 5.6 5.6 5.5 4.8 5.7 5.5 4.5 4.7 4.8 5.0 5.1 5.1 5.1 5.2 5.2 5.2 5.2 4.8 5.1 5.2 .0 .6 .1 -.4 -1.3 -1.6 -2.0 -2.0 -1.8 -1.6 -1.3 .1 -2.0 -1.3 -.3 .0 .6 .1 -.3 -.6 -.7 -.7 -.8 -.9 -.8 -.8 .1 -.7 -.8 1.1 3.5 3.6 -1.0 -.2 -.7 -.5 1.6 2.7 2.9 3.1 3.5 1.8 .0 3.1 1.1 4 .3 -.4 4 .3 4.5 Previous3 .3 4.5 Unemployment rate .4 3 3.5 3.6 -1.0 -.2 1.0 3.4 2.8 2.2 2.2 2.7 3.1 1.8 1.8 2.5 .8 4.3 3.6 -1.7 .3 -1.2 -1.5 .9 2.7 3.3 3.4 3.8 1.7 -.4 3.3 Industrial production 5 Previous5 Manufacturing industr. prod. Previous 5 5 .8 Previous3 4.3 3.6 -1.9 -.5 .8 3.3 2.8 2.4 2.4 3.0 3.4 1.7 1.6 2.8 79.8 80.3 80.6 79.8 79.4 78.8 78.1 77.8 77.9 78.1 78.3 78.5 79.8 77.8 78.5 79.8 Capacity utilization rate - mfg. 3 80.3 80.6 79.8 79.2 78.9 79.1 79.2 79.2 79.2 79.3 79.5 79.8 79.2 79.5 Housing starts 6 1.5 1.5 1.3 1.2 1.0 .9 .9 .9 .9 .9 .9 1.0 1.3 .9 .9 16.4 16.0 15.9 16.1 15.2 14.6 15.2 15.7 15.6 15.8 15.9 16.0 16.1 15.2 15.8 4.9 6.6 6.0 3.1 2.7 .6 2.8 2.5 4.4 5.3 5.2 5.2 5.1 2.2 5.0 5.4 -.8 4.0 -.3 .7 10.2 -7.6 -.9 4.3 2.4 1.6 2.6 2.0 .4 2.7 5.4 -.8 4.5 -.6 1.8 1.0 14.7 -8.2 4.0 2.2 2.6 2.5 2.1 2.0 2.8 1.0 .3 .4 .0 .1 2.4 .0 .4 1.2 1.2 1.1 1.0 .0 .4 1.0 1.0 .3 .6 -.1 .0 .0 2.6 -.4 .6 .9 1.0 1.0 -.1 -.4 1.0 4.4 26.8 -4.9 -4.5 -2.3 -14.6 -2.6 -2.8 -.8 11.4 11.3 12.0 4.7 -5.7 8.3 11.4 Light motor vehicle sales 6 11.9 11.5 11.3 11.2 10.6 10.5 10.3 10.5 10.6 10.8 11.3 10.5 10.8 Income and saving Nominal GDP 5 Real disposable pers. income Previous 5 5 Personal saving rate3 Previous 3 Corporate profits7 Profit share of GNP 3 10.7 Net federal saving 8 Net state & local saving -219 8 -207 -230 -218 -362 -689 -466 -430 -435 -427 -400 -401 -218 -487 -416 -6 13 -13 -36 -45 -63 -60 -65 -61 -54 -46 -37 -10 -58 -50 13.8 13.8 13.2 12.7 12.0 11.2 11.0 11.5 11.6 11.9 12.1 12.3 12.7 11.5 12.3 1.7 1.7 1.2 .4 -.2 -1.3 -1.7 -1.1 -1.0 -.6 -.3 -.1 .4 -1.1 -.1 Gross national saving rate3 Net national saving rate3 1. Change from fourth quarter of previous year to fourth quarter of year indicated, unless otherwise indicated. Return to table 2. Change, millions. Return to table 3. Percent, annual values are for the fourth quarter of the year indicated. Return to table 4. Percent difference between actual and potential GDP; a negative number indicates that the economy is operating below potential. (In previous Greenbooks, we expressed the GDP gap with the opposite sign, so that a positive number indicated that actual output fell short of potential.) Annual values are for the fourth quarter of the year indicated. Return to table 5. Percent change, annual rate. Return to table 6. Level, millions, annual values are annual averages. Return to table 7. Percent change, annual rate, with inventory valuation and capital consumption adjustments. Return to table 8. Billions of dollars, annual values are annual averages. Return to table Staff Projections of Federal Sector Accounts and Related Items (Billions of dollars except as noted) Fiscal year Item 2006 a 2007a 2007 2008 2009 Q1 a Q2 a 2008 Q3 a Q4 a Unified budget 2568 2471 2632 547 2655 2730 2889 3025 -248 -162 -418 Previous -248 -163 -339 -293 -178 On-budget -434 -343 -603 -578 -212 Off-budget 186 181 185 185 Borrowing 237 206 383 421 Cash decrease -16 -23 35 -10 25 -19 28 -21 1 -18 1 52 75 40 50 6 Outlays Q2 Q3 Q4 Q1 Q2 Q3 Q4 Not seasonally adjusted 1 2407 Receipts Q1 2009 1 Surplus/deficit 1 824 622 606 530 731 603 600 539 828 664 639 725 687 664 712 749 723 705 738 783 760 744 799 -393 -178 137 -42 -106 -219 9 -102 -138 -245 69 -80 -160 137 -42 -106 -188 100 -144 -123 -217 101 -55 -144 53 -49 -165 -246 -81 -112 -206 -263 -24 -87 -230 34 85 7 59 26 90 10 68 18 92 152 -110 106 89 -50 18 -8 -14 25 75 7 70 180 7 106 137 234 27 -15 5 5 15 -44 94 149 -20 -10 15 -2 13 -1 -9 -5 -5 -5 -5 -5 57 30 45 40 35 20 40 50 35 Means of financing Other 2 Cash operating balance, end of period NIPA federal sector Seasonally adjusted annual rates Receipts 2437 2635 2569 2722 2620 2670 2689 2713 2657 2326 2581 2648 2699 2737 2804 2843 Expenditures 2685 2845 3003 3145 2838 2877 2920 2931 3019 3015 3047 3078 3134 3164 3204 3244 Consumption expenditures 798 843 905 963 830 850 868 877 906 913 925 939 960 972 982 992 Defense 533 570 619 665 556 574 590 597 618 625 635 647 662 671 679 686 Nondefense 266 273 287 299 274 276 278 280 287 289 290 293 298 301 303 306 Other spending 1887 2001 2098 2182 2008 2027 2052 2054 2113 2102 2122 2138 2174 2192 2221 2252 -248 -209 -434 117 121 125 -262 -221 -445 -438 -227 -216 -242 -228 -373 -700 -479 -444 -450 -443 -416 -417 -279 -234 -414 -328 -230 -222 -264 -234 -362 -659 -402 -338 -333 -331 -312 -326 -0.5 -0.4 1.2 -0.7 0.1 -0.1 0.3 -0.2 0.9 2.0 -1.8 -0.5 -0.1 -0.0 -0.2 0.1 0.3 0.2 0.6 -0.0 -0.0 0.1 0.1 0.0 0.1 0.3 0.7 -0.5 -0.1 0.1 -0.0 -0.0 0.3 0.2 0.5 -0.1 -0.0 0.1 0.1 0.1 0.0 0.0 0.4 0.4 -0.3 -0.3 0.0 0.0 Current account surplus Gross investment Gross saving less gross investment 3 -423 -219 -207 -230 -218 -362 -689 -466 -430 -435 -427 -400 -401 135 117 120 123 121 125 126 129 132 134 137 138 140 Fiscal indicators 4 High-employment (HEB) surplus/deficit Change in HEB, percent of potential GDP Fiscal impetus (FI), percent of GDP Previous 1. Budget receipts, outlays, and surplus/deficit include corresponding social security (OASDI) categories. The OASDI surplus and the Postal Service surplus are excluded from the on-budget surplus and shown separately as off-budget, as classified under current law. Return to table 2. Other means of financing are checks issued less checks paid, accrued items, and changes in other financial assets and liabilities. Return to table 3. Gross saving is the current account surplus plus consumption of fixed capital of the general government as well as government enterprises. Return to table 4. HEB is gross saving less gross investment (NIPA) of the federal government in current dollars, with cyclically sensitive receipts and outlays adjusted to the staff's measure of potential output and the NAIRU. Quarterly figures for change in HEB and FI are not at annual rates. The sign on Change in HEB, as a percent of nominal potential GDP, is reversed. FI is the weighted difference of discretionary changes in federal spending and taxes in chained (2000) dollars, scaled by real GDP. The annual FI estimates are on a calendar year basis. Also, for FI and the change in HEB, positive values indicate aggregate demand stimulus. Return to table a--Actual Return to table Change in Debt of the Domestic Nonfinancial Sectors (Percent) Period 1 Households Total Business State and local governments Federal government Memo: Nominal GDP Total Home mortgages Consumer credit Year 2002 7.3 10.9 13.3 5.7 2.4 11.0 7.6 3.6 2003 8.1 11.5 14.2 5.2 2.5 8.3 10.9 5.9 2004 8.8 11.2 13.7 5.5 5.8 7.4 9.0 6.5 2005 9.2 11.1 13.1 4.3 7.7 10.2 7.0 6.3 2006 8.7 10.2 11.1 4.5 9.6 8.2 3.9 5.4 2007 8.1 6.8 6.6 5.5 11.6 9.2 4.9 5.1 2008 4.8 3.1 2.9 2.6 5.0 6.4 8.4 2.2 2009 4.6 2.7 2.5 2.7 5.1 6.1 7.8 5.0 2007: 1 7.9 6.8 7.4 4.8 9.5 11.2 6.7 4.9 2 7.1 7.2 7.4 5.7 10.9 10.3 -1.4 6.6 3 8.8 6.8 6.2 6.9 12.0 6.5 8.8 6.0 4 7.7 5.6 5.0 4.0 12.0 7.6 5.1 3.1 2008: 1 5.2 3.6 3.4 3.3 5.5 5.8 8.5 2.7 Quarter 2 4.6 3.0 2.9 2.4 4.9 6.5 7.6 .6 3 4.6 2.8 2.7 2.4 4.7 6.5 8.2 2.8 4 4.5 2.7 2.5 2.3 4.5 6.4 8.2 2.5 2009: 1 5.2 2.7 2.5 2.4 4.8 6.1 11.8 4.4 2 3.8 2.6 2.4 2.5 5.1 6.0 3.4 5.3 3 4.4 2.7 2.5 2.9 5.1 5.9 6.7 5.2 4 4.7 2.8 2.5 3.1 5.0 5.8 8.5 5.2 Note. Quarterly data are at seasonally adjusted annual rates. 1. Data after 2007:Q4 are staff projections. Changes are measured from end of the preceding period to end of period indicated except for annual nominal GDP growth, which is calculated from Q4 to Q4. Return to table 2.6.3 FOF Flow of Funds Projections: Highlights (Billions of dollars at seasonally adjusted annual rates except as noted) 2007 Category 2006 2007 2008 2008 2009 2009 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Domestic nonfinancial sectors Net funds raised Total 1705.5 1507.5 1065.6 1230.2 1779.6 1197.7 1010.3 973.1 1127.2 1151.9 1413.8 989.2 1198.0 1319.8 Net equity issuance -614.1 -836.6 -431.3 -272.0 -846.0 -1157.6 -605.0 -496.0 -332.0 -292.0 -272.0 -272.0 -272.0 -272.0 Net debt issuance 2319.6 2344.1 1496.9 1502.2 2625.6 2355.3 1615.3 1469.1 1459.2 1443.9 1685.8 1261.2 1470.0 1591.8 Borrowing indicators Debt (percent of GDP)1 Borrowing (percent of GDP) 210.0 217.0 224.1 225.8 216.9 219.6 221.7 224.1 225.0 226.2 226.5 226.1 225.5 225.2 17.6 16.9 10.5 10.1 18.8 16.7 11.4 10.4 10.2 10.0 11.6 8.6 9.9 10.5 Households Net borrowing 2 1194.2 877.1 422.0 387.9 912.0 759.1 493.3 421.2 392.0 381.6 378.0 378.1 392.2 403.3 Home mortgages 987.8 654.8 306.7 269.0 638.5 514.2 358.6 311.4 283.1 273.7 269.0 264.2 269.0 273.7 Consumer credit 104.4 132.3 67.0 71.3 170.7 102.2 84.4 61.6 61.2 60.8 62.0 66.3 75.6 81.5 Debt/DPI (percent) 3 128.3 131.6 131.7 131.3 132.0 132.8 132.8 129.4 132.3 132.9 131.9 131.4 131.2 130.7 186.6 257.3 211.9 334.2 271.4 317.2 233.2 203.6 170.3 240.7 342.7 322.7 323.0 348.6 Business Financing gap 4 Net equity issuance Credit market borrowing -614.1 -836.6 -431.3 -272.0 -846.0 -1157.6 -605.0 -496.0 -332.0 -292.0 -272.0 -272.0 -272.0 -272.0 790.8 1045.7 504.1 539.1 1142.2 1174.5 558.3 505.2 483.9 468.9 512.1 547.2 547.9 549.1 Net borrowing 151.2 184.2 140.6 141.7 Current surplus 5 136.4 163.8 127.3 143.7 145.7 145.7 141.7 141.7 141.7 141.7 243.8 214.7 138.3 154.5 229.2 164.8 148.6 132.7 137.3 134.5 140.0 148.9 158.9 170.4 State and local governments Federal government Net borrowing 183.4 237.1 430.2 433.5 435.0 257.8 436.4 399.0 437.6 447.7 654.0 194.2 388.2 497.7 Net borrowing (n.s.a.) 183.4 237.1 430.2 433.5 105.7 89.4 179.7 7.2 106.4 136.9 234.1 -44.0 94.0 149.4 Unified deficit (n.s.a.) 209.2 187.9 450.7 415.5 41.8 105.5 219.4 -8.8 102.3 137.8 244.6 -68.5 79.5 159.9 693.7 852.9 443.3 476.3 1146.2 1061.8 618.9 480.4 414.0 259.9 507.9 517.2 494.9 385.1 Depository institutions Funds supplied Note. Data after 2007:Q4 are staff projections. 1. Average debt levels in the period (computed as the average of period-end debt positions) divided by nominal GDP. Return to table 2. Includes change in liabilities not shown in home mortgages and consumer credit. Return to table 3. Average debt levels in the period (computed as the average of period-end debt positions) divided by disposable personal income. Return to table 4. For corporations, excess of capital expenditures over U.S. internal funds. Return to table 5. NIPA state and local government saving plus consumption of fixed capital and net capital transfers. Return to table n.s.a. Not seasonally adjusted. Return to table 2.6.4 FOF † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Greenbook Part 1 Tables and Charts† International Developments Summary of Staff Projections (Percent change from end of previous period except as noted, s.a.a.r.) 2007 Projection Indicator 2008 H1 Q3 2007:Q4 2009 Q1 Q2 H2 Foreign output 4.5 4.5 3.2 2.5 1.9 2.3 3.6 January GB 4.5 4.5 2.7 2.7 2.8 3.0 3.4 3.1 4.0 4.3 4.6 2.9 2.6 2.5 January GB 3.0 4.2 4.4 2.7 2.5 2.5 2.5 U.S. net exports 0.4 1.4 1.0 0.7 2.2 1.0 0.3 January GB 0.4 1.4 0.2 0.1 1.3 0.4 0.3 Foreign CPI Contribution to U.S. real GDP growth (percentage points) Note. Changes for years are measured as Q4/Q4; for half-years, Q2/Q4 or Q4/Q2. Staff Projections of Selected Trade Prices (Percent change from end of previous period excepted as noted; s.a.a.r.) 2007 Projection Indicator 2008 H1 Q3 2007:Q4 2009 Q1 Q2 H2 Imports Core goods 3.1 3.1 3.6 5.8 4.8 2.4 1.2 3.1 3.1 3.1 3.0 1.2 1.3 1.2 63.84 70.31 80.34 91.85 103.44 99.21 95.58 63.84 70.31 79.75 83.30 83.29 82.20 80.36 6.7 4.5 7.6 9.5 4.6 1.5 0.8 6.7 4.5 7.5 3.7 0.6 0.8 0.8 January GB Oil (dollars per barrel) January GB Exports Core goods January GB Note. Prices for core exports and nonfuel core imports, which exclude computers and semiconductors, are on a NIPA chain-weighted basis. The price of imported oil for multiquarter periods is the price for the final quarter of the period. Imported oil includes both crude oil and refined products. Staff Projections for Trade in Goods and Services (Percent change from end of previous period, s.a.a.r.) 2007 Projection Measure 2008 H1 Q3 2007:Q4 2009 Q1 Real exports January GB Q2 H2 4.3 19.1 6.4 6.0 6.6 7.5 8.1 4.3 19.1 4.6 6.7 7.2 7.4 7.3 Real imports January GB 0.5 4.4 -1.2 0.3 -7.5 -0.0 4.2 0.5 4.4 2.1 3.9 -2.4 3.3 3.8 Note. Change for year is measured as Q4/Q4; half-years are Q2/Q4 or Q4/Q2. Alternative Scenarios: Higher Oil Prices and Higher Foreign Export Markups (Percent change from previous period, annual rate, except as noted) 2008 2009 Indicator and simulation 2010 H1 H2 H1 2011-12 H2 U.S. real GDP Baseline -0.4 0.7 2.7 3.3 3.0 2.9 Higher oil prices -0.7 0.2 2.4 3.2 3.1 3.0 Higher foreign export markups -0.3 0.9 2.8 3.2 2.8 2.7 U.S. PCE prices excluding food and energy Baseline 2.5 2.1 2.0 1.9 1.8 1.7 Higher oil prices 2.6 2.3 2.3 2.1 1.9 1.5 Higher foreign export markups 2.6 2.4 2.3 2.1 1.9 1.5 Baseline 2.7 1.8 1.8 1.8 2.0 3.5 Higher oil prices 2.8 2.0 2.0 1.9 1.9 3.2 Higher foreign export markups 2.8 2.2 2.4 2.3 2.2 3.3 -4.6 -4.2 -3.7 -3.3 -2.9 U.S federal funds rate (percent) U.S. trade balance (percent share of GDP) Baseline -5.2 Higher oil prices -6.1 -5.5 -5.0 -4.5 -4.0 -3.4 Higher foreign export markups -5.3 -4.8 -4.5 -3.9 -3.4 -2.9 Note. H1 is Q2/Q4; H2 is Q4/Q2. The federal funds rate is the average rate for the final quarter of the period. Evolution of the Staff Forecast Figure: Current Account Balance Percent of GDP Greenbook publication date 2007 forecast 2008 forecast 2009 forecast 25 January 2006 -7.53 ND ND 22 March 2006 -7.74 ND ND 3 May 2006 -7.75 ND ND 21 June 2006 -7.14 ND ND 3 August 2006 -7.03 ND ND 13 September 2006 -6.75 -6.96 ND 18 October 2006 -6.84 -7.09 ND 6 December 2006 -6.70 -6.87 ND 24 January 2007 -6.37 -6.67 ND 14 March 2007 -6.12 -6.38 ND 2 May 2007 -6.26 -6.40 ND 20 June 2007 -5.92 -6.21 ND 2 August 2007 -5.83 -5.81 ND 12 September 2007 -5.65 -5.54 -5.32 24 October 2007 -5.67 -5.49 -5.09 5 December 2007 -5.60 -5.40 -4.90 23 January 2008 -5.48 -5.40 -4.73 12 March 2008 -5.47 -5.33 -4.27 Figure: Foreign Real GDP Percent change, Q4/Q4 Greenbook publication date 2007 forecast 2008 forecast 2009 forecast 25 January 2006 3.41 ND ND 22 March 2006 3.44 ND ND 3 May 2006 3.45 ND ND 21 June 2006 3.33 ND ND 3 August 2006 3.23 ND ND 13 September 2006 3.20 3.26 ND 18 October 2006 3.23 3.31 ND 6 December 2006 3.30 3.41 ND 24 January 2007 3.37 3.46 ND 14 March 2007 3.49 3.45 ND 2 May 2007 3.56 3.49 ND 20 June 2007 3.64 3.49 ND 2 August 2007 3.80 3.41 ND 12 September 2007 3.77 3.16 3.23 24 October 2007 3.79 3.23 3.23 5 December 2007 3.97 3.06 3.24 23 January 2008 4.03 2.88 3.37 12 March 2008 4.16 2.28 3.57 Figure: Core Import Prices* Percent change, Q4/Q4 Greenbook publication date 2007 forecast 2008 forecast 2009 forecast 25 January 2006 1.08 ND ND 22 March 2006 1.17 ND ND 3 May 2006 1.31 ND ND 21 June 2006 1.47 ND ND 3 August 2006 1.39 ND ND 13 September 2006 1.44 0.97 ND 18 October 2006 1.37 0.98 ND 6 December 2006 2.11 1.04 ND 24 January 2007 1.55 1.04 ND 14 March 2007 1.97 1.10 ND 2 May 2007 3.24 1.34 ND 20 June 2007 3.49 1.58 ND 2 August 2007 3.36 1.63 ND 12 September 2007 2.85 1.25 1.04 24 October 2007 2.97 1.16 0.71 5 December 2007 2.89 1.14 0.86 23 January 2008 3.11 1.69 1.22 12 March 2008 3.22 3.85 1.18 *Prices for merchandise imports excluding computers, semiconductors, oil, and natural gas. Return to table Outlook for Foreign Real GDP and Consumer Prices: Selected Countries (Percent, Q4 to Q4) Projected Measure and country 2001 2002 2003 2004 2005 2006 2007 2008 2009 REAL GDP 1 Total Foreign Advanced Foreign Economies 0.4 3.1 3.0 3.8 3.9 4.0 4.2 2.3 3.6 0.9 2.5 1.8 2.6 2.8 2.5 2.8 0.9 2.4 of which: Canada 1.3 3.5 1.5 3.5 3.2 1.9 2.9 0.1 2.5 -1.7 2.0 2.4 1.1 2.9 2.5 1.7 0.9 1.6 United Kingdom 2.1 2.3 3.4 2.6 1.8 3.3 2.9 1.6 2.5 Euro Area 2 1.0 1.1 1.2 1.7 2.0 3.2 2.2 1.2 2.3 Japan Germany Emerging Market Economies Asia 1.1 -0.0 0.1 0.1 1.6 3.9 1.7 1.2 2.6 -0.4 4.0 4.8 5.7 5.4 5.9 6.0 4.2 5.2 1.0 6.4 6.9 6.0 7.6 6.9 7.7 5.4 6.5 Korea 4.7 7.7 4.2 2.9 5.7 4.0 5.7 3.8 4.6 China 7.1 8.5 10.1 9.7 10.0 10.5 11.2 8.5 9.8 -1.3 1.6 2.4 5.3 3.1 5.0 4.5 2.8 3.8 Latin America Mexico -1.3 2.0 2.1 4.8 2.5 4.3 3.8 2.2 3.6 Brazil -0.6 4.9 1.0 4.5 3.4 4.9 6.1 3.9 4.4 1.7 2.5 2.1 2.8 2.2 2.1 3.6 3.2 2.5 0.9 2.1 1.3 1.8 1.5 1.3 2.2 1.8 1.7 1.1 3.8 1.7 2.3 2.3 1.3 2.4 1.8 2.0 CONSUMER PRICES 3 Total Foreign Advanced Foreign Economies of which: Canada Japan -1.1 -0.5 -0.3 0.5 -1.0 0.3 0.5 0.6 0.4 United Kingdom 4 1.0 1.5 1.3 1.4 2.1 2.7 2.1 2.7 2.1 Euro Area 2 2.1 2.3 2.0 2.3 2.3 1.8 2.9 2.4 2.0 Germany 1.5 1.2 1.1 2.1 2.2 1.3 3.1 2.2 2.0 2.8 2.9 3.1 3.9 3.0 2.9 5.1 4.5 3.4 Emerging Market Economies Asia 1.2 0.8 2.3 3.1 2.6 2.3 5.4 4.7 3.2 Korea 3.3 3.4 3.5 3.4 2.5 2.1 3.4 3.2 2.9 China -0.1 -0.6 2.7 3.2 1.4 2.1 6.6 5.3 3.2 Latin America 5.3 6.4 4.9 5.7 3.8 4.1 4.3 4.2 3.7 Mexico 5.1 5.2 3.9 5.3 3.1 4.1 3.8 3.6 3.3 Brazil 7.5 10.7 11.5 7.2 6.1 3.2 4.3 4.8 3.8 1. Foreign GDP aggregates calculated using shares of U.S. exports. Return to table 2. Harmonized data for euro area from Eurostat. Return to table 3. Foreign CPI aggregates calculated using shares of U.S. non-oil imports. Return to table 4. CPI excluding mortgage interest payments, which is the targeted inflation rate. Return to table Outlook for Foreign Real GDP and Consumer Prices: Selected Countries (Percent changes) Projected Measure and country 2007 Q1 Q2 Q3 2008 Q4 Q1 Q2 2009 Q3 Q4 Q1 Q2 Q3 Q4 REAL GDP 1 Quarterly changes at an annual rate Total Foreign 4.6 4.5 4.5 3.2 2.5 1.9 2.2 2.5 3.4 3.5 3.6 3.8 3.9 2.3 3.1 1.8 1.1 0.5 0.8 1.1 2.2 2.3 2.4 2.6 Canada 4.0 3.8 3.0 0.8 0.5 -0.5 0.1 0.4 2.4 2.5 2.5 2.6 Japan 3.8 -1.5 1.2 3.5 1.1 0.8 0.8 1.0 1.4 1.5 1.6 1.8 United Kingdom 3.1 3.2 3.0 2.3 1.4 1.3 1.7 2.0 2.3 2.4 2.5 2.7 Euro Area 2 3.2 1.1 3.0 1.5 1.3 0.9 1.1 1.4 2.0 2.3 2.5 2.7 Germany 2.6 0.7 2.7 1.1 1.3 1.0 1.0 1.4 2.1 2.5 2.7 3.0 5.4 7.5 6.3 4.9 4.5 3.8 4.0 4.3 5.0 5.1 5.2 5.3 8.3 9.9 7.4 5.3 5.8 5.0 5.3 5.4 6.4 6.5 6.5 6.6 3.6 7.4 5.4 6.3 4.4 3.6 3.6 3.6 4.4 4.6 4.6 4.7 13.4 14.0 8.1 9.6 9.0 8.3 8.5 8.3 9.8 9.8 9.8 9.8 Advanced Foreign Economies of which: Emerging Market Economies Asia Korea China Latin America 2.7 5.5 5.8 4.2 3.0 2.3 2.5 3.2 3.7 3.6 3.9 4.1 Mexico 1.7 5.4 5.3 3.0 2.5 1.7 2.0 2.8 3.4 3.3 3.7 3.9 Brazil 4.0 6.3 7.4 6.6 4.0 3.8 3.8 4.2 4.2 4.5 4.5 4.5 CONSUMER PRICES3 Four-quarter changes Total Foreign 2.3 Advanced Foreign Economies 2.5 3.0 3.6 4.0 4.0 3.6 3.2 2.7 2.6 2.6 2.5 1.5 1.6 1.5 2.2 2.2 2.0 2.2 1.8 1.6 1.6 1.6 1.7 2.1 2.1 2.4 2.0 1.6 1.9 1.8 1.7 1.7 1.9 2.0 -0.1 -0.1 0.5 0.8 0.8 0.8 0.6 0.5 0.5 0.5 0.4 of which: Canada 1.9 Japan -0.1 United Kingdom 4 2.9 2.6 1.8 2.1 2.2 2.6 3.0 2.7 2.5 2.1 2.1 2.1 2 1.9 1.9 1.9 2.9 3.2 3.2 3.1 2.4 2.0 1.9 1.9 2.0 Germany 1.9 2.0 2.2 3.1 3.1 3.0 2.9 2.2 1.9 1.8 1.9 2.0 3.1 3.3 4.5 5.1 5.9 5.9 5.0 4.5 3.7 3.6 3.6 3.4 2.7 3.1 4.6 5.4 6.4 6.3 5.1 4.7 3.7 3.5 3.5 3.2 Korea 2.0 2.5 2.3 3.4 3.8 3.5 3.7 3.2 3.2 3.1 3.0 2.9 China 2.7 3.6 6.1 6.6 8.1 7.6 5.6 5.3 3.8 3.6 3.6 3.2 4.2 4.1 4.3 4.3 4.3 4.7 4.4 4.2 3.9 3.8 3.7 3.7 Mexico 4.1 4.0 4.0 3.8 3.7 4.1 3.8 3.6 3.6 3.5 3.4 3.3 Brazil 3.1 3.4 4.2 4.3 4.6 4.9 4.9 4.8 4.2 4.0 3.9 3.8 Euro Area Emerging Market Economies Asia Latin America 1. Foreign GDP aggregates calculated using shares of U.S. exports. Return to table 2. Harmonized data for euro area from Eurostat. Return to table 3. Foreign CPI aggregates calculated using shares of U.S. non-oil imports. Return to table 4. CPI excluding mortgage interest payments, which is the targeted inflation rate. Return to table Outlook for U.S. International Transactions Projected 2001 2002 2003 2004 2005 2006 2007 2008 2009 NIPA REAL EXPORTS and IMPORTS Percentage point contribution to GDP growth, Q4/Q4 Net Goods & Services -0.2 -0.9 -0.1 -0.9 -0.1 0.4 0.8 1.2 0.3 Exports of G&S -1.3 0.4 0.6 0.7 0.7 1.0 1.0 0.9 1.1 Imports of G&S 1.1 -1.3 -0.7 -1.7 -0.8 -0.6 -0.2 0.3 -0.7 Percentage change, Q4/Q4 Exports of G&S Services -11.9 3.8 5.8 7.4 7.0 9.3 8.4 6.9 8.1 -8.9 10.2 3.0 8.3 4.1 8.3 6.9 7.0 6.9 Computers -23.5 -1.1 11.3 5.8 14.0 8.2 -5.8 12.4 9.5 Semiconductors -34.6 10.1 38.3 -6.0 17.5 2.4 26.9 5.5 11.0 Core Goods 1 -10.2 0.6 4.9 8.0 7.5 10.2 8.8 6.7 8.6 Imports of G&S -7.6 9.7 4.8 11.5 5.1 3.7 1.0 -1.9 4.2 -5.9 8.8 2.2 9.3 1.4 6.1 1.9 -1.8 4.3 Services Oil 3.7 3.8 1.2 10.8 1.2 -9.0 1.4 -2.7 -.1 -6.5 19.5 1.3 4.9 11.3 -13.4 -18.0 36.5 2.6 Computers -13.6 13.2 17.0 23.2 12.2 13.6 6.8 13.8 15.5 Semiconductors -51.1 11.0 -0.1 9.8 7.6 -0.5 4.1 2.9 5.0 -6.5 10.0 5.2 11.4 6.0 5.9 0.4 -3.1 4.6 Natural Gas Core Goods 2 Billions of Chained 2000 Dollars Net Goods & Services -399.1 -471.3 -518.9 -593.8 -618.0 -624.5 -555.9 -414.8 -329.6 Exports of G&S 1036.7 1013.3 1026.1 1126.1 1203.4 1304.1 1409.7 1523.8 1643.8 Imports of G&S 1435.8 1484.6 1545.0 1719.9 1821.5 1928.6 1965.6 1938.5 1973.4 Billions of dollars US CURRENT ACCOUNT BALANCE -384.7 -459.6 -522.1 -640.2 -754.8 -811.5 -757.1 -760.7 -632.4 Current Acct as Percent of GDP -3.8 -4.4 -4.8 -5.5 -6.1 -6.2 -5.5 -5.3 -4.3 Net Goods & Services (BOP) -365.1 -423.7 -496.9 -612.1 -714.4 -758.5 -708.5 -696.5 -585.2 Investment Income, Net 36.9 33.2 51.1 62.5 54.5 43.2 62.3 49.9 61.0 Direct, Net 115.9 102.4 112.7 139.4 152.5 174.2 210.9 274.1 296.2 Portfolio, Net -79.0 -69.1 -61.5 -76.9 -98.1 -131.0 -148.6 -224.2 -235.1 -56.5 -69.2 -76.3 -90.6 -94.9 Other Income & Transfers,Net -96.1 -110.9 -114.2 -108.2 1. Merchandise exports excluding computers and semiconductors. Return to table 2. Merchandise imports excluding oil, natural gas, computers, and semiconductors. Return to table Outlook for U.S. International Transactions 2004 Q1 Q2 2005 Q3 Q4 Q1 Q2 2006 Q3 Q4 Q1 Q2 Q3 Q4 NIPA REAL EXPORTS and IMPORTS Percentage point contribution to GDP growth Net Goods & Services -0.8 -1.5 -0.4 -1.1 0.3 0.8 -0.1 -1.4 0.1 0.5 -0.2 1.2 Exports of G&S 0.9 0.6 0.3 1.0 0.6 0.9 0.2 1.1 1.2 0.6 0.6 1.5 Imports of G&S -1.7 -2.1 -0.7 -2.0 -0.3 -0.1 -0.3 -2.5 -1.1 -0.1 -0.9 -0.3 Percentage change from previous period, s.a.a.r. Exports of G&S 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 Services 16.2 5.1 -3.4 16.8 6.5 0.9 2.6 6.3 2.9 3.9 2.0 26.0 Computers -7.0 1.7 16.7 13.4 17.4 24.9 12.8 2.0 14.6 13.0 -3.9 9.9 Semiconductors 16.7 -13.4 -20.9 -2.4 -1.7 9.3 23.2 43.8 25.3 14.5 -11.5 -13.5 Core Goods 1 7.8 9.2 7.7 7.4 5.6 13.1 0.2 11.6 14.9 5.7 9.2 11.0 Imports of G&S 12.3 15.2 4.8 13.8 2.1 0.8 2.1 16.2 6.9 0.9 5.4 1.6 Services 16.5 8.9 Oil 39.2 -26.3 -7.1 Natural Gas 33.4 43.1 48.5 Computers 20.7 30.1 25.6 Semiconductors 43.0 18.5 6.5 23.0 Core Goods 2 1.8 10.5 -3.5 -0.5 0.0 10.3 9.5 -0.1 1.3 14.2 58.3 5.4 -26.2 -14.2 57.1 -3.6 -26.1 3.3 -6.9 -57.3 53.9 -4.0 108.6 -50.2 -49.4 123.0 24.1 -59.8 17.0 5.7 9.8 17.0 16.6 27.0 16.9 16.0 -3.2 3.9 -17.4 -9.5 7.7 15.7 18.8 0.1 -1.5 20.9 -17.9 5.4 11.6 2.3 6.1 2.8 13.1 9.7 5.4 5.5 3.1 Billions of Chained 2000 Dollars, s.a.a.r. Net Goods & Services -549.1 -591.1 -602.7 -632.3 -624.4 -601.0 -604.1 -642.6 -640.1 -626.6 -633.8 -597.3 Exports of G&S 1101.8 1119.4 1128.0 1155.3 1172.4 1199.3 1205.6 1236.4 1270.6 1288.4 1306.6 1350.9 Imports of G&S 1650.9 1710.5 1730.8 1787.7 1796.8 1800.3 1809.7 1879.0 1910.7 1915.0 1940.4 1948.2 Billions of dollars, s.a.a.r. US CURRENT ACCOUNT BALANCE -559.8 -634.7 -632.3 -733.8 -729.6 -732.9 -693.6 -863.2 -802.4 -822.4 -869.3 -751.8 Current Account as % of GDP -4.9 -5.5 -5.4 -6.1 -6.0 -6.0 -5.5 -6.8 -6.2 -6.3 -6.6 -5.6 Net Goods & Services (BOP) -544.1 -602.4 -626.4 -675.4 -666.6 -682.7 -723.8 -784.4 -758.8 -770.3 -797.2 -707.7 Investment Income, Net 82.2 59.4 69.2 39.2 56.2 53.5 72.8 35.3 48.3 49.2 30.0 45.3 Direct, Net 146.2 129.6 143.4 138.4 140.4 147.3 176.1 146.2 168.0 178.6 161.9 188.3 Portfolio, Net -63.9 -70.3 -74.2 -99.2 -84.3 -93.8 -103.3 -110.9 -119.8 -129.4 -132.0 -143.0 -97.8 -91.7 -75.1 -97.6 -119.2 -103.8 Other Inc. & Transfers, Net -42.6 -114.1 -91.8 -101.2 -102.1 -89.4 1. Merchandise exports excluding computers and semiconductors. Return to table 2. Merchandise imports excluding oil, natural gas, computers, and semiconductors. Return to table Outlook for U.S. International Transactions Projected 2007 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Q3 Q4 Q1 Q2 Q3 Q4 NIPA REAL EXPORTS and IMPORTS Percentage point contribution to GDP growth Net Goods & Services -0.5 1.3 1.4 1.0 0.7 2.2 1.3 0.6 0.1 1.1 0.7 -0.5 Exports of G&S 0.1 0.9 2.1 0.8 0.7 0.8 0.9 1.0 1.1 1.1 1.1 1.1 Imports of G&S -0.6 0.5 -0.7 0.2 -0.1 1.4 0.4 -0.4 -0.9 0.0 -0.4 -1.6 Percentage change from previous period, s.a.a.r. Exports of G&S 1.1 7.5 19.1 6.4 6.0 6.6 7.3 7.6 8.3 8.1 8.0 8.0 1.6 9.6 4.0 12.8 7.7 7.1 6.8 6.7 7.2 6.9 6.7 6.6 Computers -8.2 -17.8 19.9 -12.9 25.9 5.6 9.5 9.5 9.5 9.5 9.5 9.5 Semiconductors 25.4 23.2 6.3 58.0 0.0 0.6 11.0 11.0 11.0 11.0 11.0 11.0 0.3 7.1 27.4 2.5 4.9 6.8 7.3 7.9 8.7 8.5 8.4 8.6 Services Core Goods 1 Imports of G&S Services Oil Natural Gas Computers Semiconductors Core Goods 2 3.9 -2.7 4.4 -1.2 0.3 -7.5 -2.2 2.2 5.4 -0.1 2.3 9.3 2.3 -1.7 1.7 5.4 -2.6 -4.3 4.1 -4.4 3.0 4.7 4.8 4.8 29.6 -22.3 -18.2 28.2 24.3 -29.6 -14.7 20.4 16.8 -23.7 -15.7 32.2 8.3 258.5 -16.7 -86.0 71.0 129.8 49.0 -40.7 9.1 57.5 19.8 -46.2 41.1 -13.1 -3.8 10.2 14.7 9.4 15.5 15.5 15.5 15.5 15.5 15.5 4.0 3.3 3.4 5.9 -5.9 7.9 5.0 5.0 5.0 5.0 5.0 5.0 -2.3 -0.5 11.8 -6.5 -6.6 -3.3 -2.0 -0.5 1.8 4.7 5.9 6.3 Billions of Chained 2000 Dollars, s.a.a.r. Net Goods & Services -612.1 -573.9 -533.1 -504.4 -484.5 -422.4 -385.1 -367.0 -360.8 -329.0 -308.5 -320.3 Exports of G&S 1354.7 1379.5 1441.2 1463.7 1485.2 1509.3 1536.0 1564.5 1596.2 1627.7 1659.4 1691.8 Imports of G&S 1966.8 1953.4 1974.3 1968.1 1969.7 1931.7 1921.1 1931.5 1957.0 1956.8 1967.8 2012.1 Billions of dollars, s.a.a.r. US CURRENT ACCOUNT BALANCE -792.5 -759.8 -711.5 -764.4 -800.3 -788.5 -739.8 -714.2 -691.1 -632.4 -594.5 -611.6 Current Account as % of GDP -5.8 -5.5 -5.1 -5.4 -5.6 -5.6 -5.2 -5.0 -4.8 -4.3 -4.0 -4.0 Net Goods & Services (BOP) -714.5 -717.9 -690.3 -711.4 -739.3 -729.0 -672.3 -645.3 -635.8 -584.2 -552.5 -568.4 Investment Income, Net Direct, Net Portfolio, Net 36.2 57.4 88.6 67.0 53.2 54.6 46.7 45.3 51.2 58.3 64.4 70.3 191.0 201.5 221.0 230.0 251.5 276.1 282.6 286.2 290.7 294.5 297.6 301.8 -154.8 -144.1 -132.4 -163.0 -198.3 -221.4 -236.0 -241.0 -239.5 -236.2 -233.1 -231.6 Other Inc. & Transfers, Net -114.3 -99.4 -109.8 -120.0 -114.2 -114.2 -114.2 -114.2 -106.5 -106.5 -106.5 -113.5 1. Merchandise exports excluding computers and semiconductors. Return to table 2. Merchandise imports excluding oil, natural gas, computers, and semiconductors. Return to table † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Greenbook Part 2 Tables and Charts† Domestic Nonfinancial Developments Changes in Employment (Thousands of employees; seasonally adjusted) 2007 2008 2006 Measure and sector H1 Q3 Q4 Dec. Average monthly change Nonfarm payroll employment (establishment survey) Jan. Feb. Monthly change Natural resources and mining Manufacturing 175 107 71 80 41 -22 -63 159 Private 87 62 45 -14 -26 -101 5 3 2 4 4 2 2 -14 -24 -23 -17 -22 -31 -52 Construction 13 -7 -22 -41 -55 -25 -39 Wholesale trade 12 10 9 6 -2 -5 -7 5 12 1 0 -25 0 -34 Transportation and utilities Retail trade 10 2 7 -3 -8 -7 2 Information -2 0 -1 -4 -4 -4 1 Financial activities 9 Temporary help services Nonbusiness services 1 Total government -7 -8 -14 -8 -8 -12 46 19 22 44 52 -9 -20 1 -9 -13 4 -5 -11 -28 76 Professional and business services 80 76 71 54 61 58 16 20 8 35 55 4 38 264 23 58 -16 -436 37 -255 2.4 1.4 1.1 1.0 .1 -.4 -.1 33.9 33.8 33.8 33.8 33.8 33.7 33.7 41.1 Total employment (household survey) 41.1 41.4 41.2 41.1 41.1 41.1 Memo: Aggregate hours of private production workers (percent change) 2 Average workweek (hours) 3 Manufacturing (hours) 1. Nonbusiness services comprises education and health, leisure and hospitality, and "other." Return to table 2. Establishment survey. Annual data are percent changes from Q4 to Q4. Quarterly data are percent changes from preceding quarter at an annual rate. Monthly data are percent changes from preceding month. Return to table 3. Establishment survey. Return to table Figure: Changes in Private Payroll Employment 3-month moving average Period Thousands January 1999 221.33 February 1999 257.67 March 1999 182.67 April 1999 246.33 May 1999 203.33 June 1999 250.33 July 1999 222.67 August 1999 201.00 September 1999 184.33 October 1999 228.00 November 1999 261.00 December 1999 286.67 January 2000 241.00 February 2000 187.00 March 2000 216.33 April 2000 216.00 May 2000 145.00 June 2000 103.67 July 2000 92.33 August 2000 143.33 September 2000 146.67 October 2000 79.33 November 2000 139.67 December 2000 96.33 January 2001 87.00 February 2001 12.33 March 2001 -42.00 April 2001 -135.67 May 2001 -159.33 June 2001 -215.00 July 2001 -163.33 August 2001 -200.67 September 2001 -211.33 October 2001 -273.00 November 2001 -323.00 December 2001 -302.67 January 2002 -234.67 February 2002 -173.67 March 2002 -126.33 April 2002 -107.33 May 2002 -80.00 June 2002 -55.00 July 2002 -53.33 August 2002 -47.67 September 2002 -55.00 October 2002 13.33 November 2002 29.00 December 2002 -21.33 January 2003 -44.00 February 2003 -91.33 March 2003 -103.00 April 2003 -129.33 May 2003 -70.00 June 2003 -17.67 July 2003 -7.00 August 2003 -2.67 September 2003 62.67 October 2003 113.00 November 2003 115.00 December 2003 101.00 January 2004 103.00 February 2004 95.67 March 2004 155.00 April 2004 184.67 May 2004 277.00 June 2004 217.00 July 2004 152.33 August 2004 81.33 September 2004 101.33 October 2004 192.00 November 2004 177.67 December 2004 164.33 January 2005 88.67 February 2005 145.00 March 2005 143.00 April 2005 213.33 May 2005 199.00 June 2005 250.00 July 2005 239.00 August 2005 251.33 September 2005 200.67 October 2005 150.67 November 2005 190.67 December 2005 192.67 January 2006 240.67 February 2006 215.67 March 2006 250.67 April 2006 206.33 May 2006 129.00 June 2006 82.67 July 2006 99.33 August 2006 151.67 September 2006 158.67 October 2006 119.67 November 2006 119.00 December 2006 142.33 January 2007 155.33 February 2007 98.67 March 2007 89.33 April 2007 63.33 May 2007 108.67 June 2007 85.33 July 2007 105.67 August 2007 70.67 September 2007 62.33 October 2007 67.67 November 2007 71.67 December 2007 45.00 January 2008 February 2008 1.33 -47.00 Figure: Aggregate Hours and Workweek of Production or Nonsupervisory Workers Period Aggregate hours (2002=100) Workweek (Hours) January 1999 100.4 34.4 February 1999 100.8 34.4 March 1999 100.5 34.3 April 1999 101.1 34.4 May 1999 101.3 34.4 June 1999 101.5 34.4 July 1999 101.7 34.4 August 1999 101.9 34.4 September 1999 102.0 34.4 October 1999 102.4 34.4 November 1999 102.6 34.4 December 1999 102.9 34.4 January 2000 103.1 34.4 February 2000 103.2 34.4 March 2000 103.2 34.3 April 2000 103.7 34.4 May 2000 103.3 34.3 June 2000 103.5 34.3 July 2000 103.7 34.3 August 2000 103.4 34.2 September 2000 103.6 34.2 October 2000 103.9 34.3 November 2000 103.7 34.2 December 2000 103.2 34.0 January 2001 103.7 34.2 February 2001 103.0 34.0 March 2001 103.3 34.1 April 2001 102.7 34.0 May 2001 102.6 34.0 June 2001 102.4 34.0 July 2001 102.3 34.0 August 2001 101.8 33.9 September 2001 101.2 33.8 October 2001 100.6 33.7 November 2001 100.5 33.8 December 2001 100.7 33.9 January 2002 100.3 33.8 February 2002 100.3 33.8 March 2002 100.5 33.9 April 2002 100.4 33.9 May 2002 100.2 33.9 June 2002 100.1 33.9 July 2002 99.6 33.8 August 2002 99.9 33.9 September 2002 99.8 33.9 October 2002 99.6 33.8 November 2002 99.6 33.8 December 2002 99.3 33.8 January 2003 99.4 33.8 February 2003 98.6 33.6 March 2003 98.9 33.8 April 2003 98.3 33.6 May 2003 98.5 33.7 June 2003 98.2 33.6 July 2003 98.2 33.6 August 2003 98.5 33.7 September 2003 98.4 33.6 October 2003 98.8 33.7 November 2003 98.8 33.7 December 2003 98.6 33.6 January 2004 99.3 33.8 February 2004 99.3 33.8 March 2004 99.3 33.7 April 2004 99.6 33.7 May 2004 100.2 33.8 June 2004 99.8 33.6 July 2004 100.2 33.7 August 2004 100.4 33.7 September 2004 100.9 33.8 October 2004 101.0 33.7 November 2004 100.7 33.6 December 2004 101.5 33.8 January 2005 101.3 33.7 February 2005 101.9 33.8 March 2005 101.7 33.7 April 2005 102.4 33.8 May 2005 102.2 33.7 June 2005 102.6 33.7 July 2005 102.8 33.7 August 2005 103.0 33.7 September 2005 103.5 33.8 October 2005 103.6 33.8 November 2005 104.0 33.8 December 2005 104.2 33.8 January 2006 104.8 33.9 February 2006 104.8 33.8 March 2006 105.1 33.8 April 2006 105.6 33.9 May 2006 105.4 33.8 June 2006 105.8 33.9 July 2006 106.0 33.9 August 2006 106.2 33.9 September 2006 105.9 33.8 October 2006 106.3 33.9 November 2006 106.2 33.8 December 2006 106.7 33.9 January 2007 106.5 33.8 February 2007 106.2 33.7 March 2007 107.1 33.9 April 2007 106.8 33.8 May 2007 107.1 33.8 June 2007 107.6 33.9 July 2007 107.4 33.8 August 2007 107.4 33.8 September 2007 107.6 33.8 October 2007 107.7 33.8 November 2007 107.7 33.8 December 2007 107.8 33.8 January 2008 107.4 33.7 February 2008 107.3 33.7 Selected Unemployment and Labor Force Participation Rates (Percent; seasonally adjusted) 2007 Rate and group 2008 2007 Q2 Q3 Q4 Dec. Jan. Feb. Civilian unemployment rate Total 4.6 4.5 4.7 4.8 5.0 4.9 4.8 15.7 15.7 15.8 16.4 17.1 18.0 16.6 20-24 years old 8.2 7.8 8.6 8.6 9.4 8.7 8.9 Men, 25 years and older 3.6 3.5 3.6 3.7 3.8 3.8 3.7 Women, 25 years and older 3.6 3.6 3.7 3.8 3.9 3.8 3.8 Teenagers Labor force participation rate Total 66.0 66.0 66.0 66.0 66.0 66.1 65.9 Teenagers 41.3 41.5 40.7 41.0 41.0 41.0 40.0 20-24 years old 74.4 74.2 74.4 74.0 73.9 74.4 73.5 Men, 25 years and older 75.6 75.6 75.6 75.5 75.6 75.6 75.5 Women, 25 years and older 59.7 59.6 59.8 59.7 59.7 59.9 59.8 Figure: Labor Force Participation Rate and Unemployment Rate Percent Period Unemployment rate Participation rate January 2000 4.0 67.294 February 2000 4.1 67.331 March 2000 4.0 67.258 April 2000 3.8 67.330 May 2000 4.0 67.088 June 2000 4.0 67.112 July 2000 4.0 66.899 August 2000 4.1 66.934 September 2000 3.9 66.859 October 2000 3.9 66.832 November 2000 3.9 66.949 December 2000 3.9 67.021 January 2001 4.2 67.231 February 2001 4.2 67.115 March 2001 4.3 67.158 April 2001 4.4 66.924 May 2001 4.3 66.743 June 2001 4.5 66.693 July 2001 4.6 66.760 August 2001 4.9 66.514 September 2001 5.0 66.765 October 2001 5.3 66.736 November 2001 5.5 66.742 December 2001 5.7 66.711 January 2002 5.7 66.457 February 2002 5.7 66.764 March 2002 5.7 66.635 April 2002 5.9 66.692 May 2002 5.8 66.731 June 2002 5.8 66.607 July 2002 5.8 66.536 August 2002 5.7 66.559 September 2002 5.7 66.734 October 2002 5.7 66.554 November 2002 5.9 66.366 December 2002 6.0 66.319 January 2003 5.8 66.366 February 2003 5.9 66.375 March 2003 5.9 66.278 April 2003 6.0 66.416 May 2003 6.1 66.359 June 2003 6.3 66.537 July 2003 6.2 66.207 August 2003 6.1 66.113 September 2003 6.1 66.070 October 2003 6.0 66.077 November 2003 5.8 66.133 December 2003 5.7 65.943 January 2004 5.7 66.092 February 2004 5.6 65.971 March 2004 5.8 66.010 April 2004 5.6 65.919 May 2004 5.6 65.955 June 2004 5.6 66.065 July 2004 5.5 66.111 August 2004 5.4 65.981 September 2004 5.4 65.840 October 2004 5.5 65.933 November 2004 5.4 66.027 December 2004 5.4 65.922 January 2005 5.2 65.817 February 2005 5.4 65.903 March 2005 5.2 65.840 April 2005 5.1 66.054 May 2005 5.1 66.148 June 2005 5.0 66.063 July 2005 5.0 66.096 August 2005 4.9 66.171 September 2005 5.1 66.178 October 2005 5.0 66.118 November 2005 5.0 66.064 December 2005 4.8 65.974 January 2006 4.7 65.967 February 2006 4.7 66.080 March 2006 4.7 66.101 April 2006 4.7 66.128 May 2006 4.7 66.159 June 2006 4.6 66.203 July 2006 4.7 66.170 August 2006 4.7 66.239 September 2006 4.5 66.141 October 2006 4.4 66.237 November 2006 4.5 66.290 December 2006 4.4 66.364 January 2007 4.6 66.316 February 2007 4.5 66.162 March 2007 4.4 66.174 April 2007 4.5 65.963 May 2007 4.5 66.000 June 2007 4.6 66.067 July 2007 4.7 66.039 August 2007 4.7 65.839 September 2007 4.7 66.035 October 2007 4.8 65.877 November 2007 4.7 66.038 December 2007 5.0 65.993 January 2008 4.9 66.128 February 2008 4.8 65.880 Figure: Job Losers Unemployed Less Than 5 Weeks (as a percent of household employment) Period Percent 3-month moving average January 2000 0.833 0.838 February 2000 0.837 0.842 March 2000 0.866 0.846 April 2000 0.729 0.811 May 2000 0.835 0.810 June 2000 0.869 0.811 July 2000 0.833 0.845 August 2000 0.876 0.859 September 2000 0.871 0.860 October 2000 0.795 0.847 November 2000 0.830 0.832 December 2000 0.848 0.824 January 2001 0.927 0.868 February 2001 1.010 0.928 March 2001 0.913 0.950 April 2001 1.068 0.997 May 2001 1.065 1.015 June 2001 1.095 1.076 July 2001 0.957 1.039 August 2001 1.089 1.047 September 2001 1.089 1.045 October 2001 1.317 1.165 November 2001 1.239 1.215 December 2001 1.133 1.230 January 2002 1.218 1.197 February 2002 1.186 1.179 March 2002 1.110 1.171 April 2002 1.082 1.126 May 2002 1.053 1.081 June 2002 1.062 1.065 July 2002 1.079 1.065 August 2002 1.141 1.094 September 2002 1.051 1.090 October 2002 1.081 1.091 November 2002 1.129 1.087 December 2002 1.087 1.099 January 2003 1.101 1.106 February 2003 1.071 1.086 March 2003 1.094 1.088 April 2003 1.058 1.074 May 2003 1.214 1.122 June 2003 1.105 1.126 July 2003 1.079 1.133 August 2003 1.135 1.106 September 2003 1.036 1.083 October 2003 1.025 1.065 November 2003 0.993 1.018 December 2003 1.013 1.010 January 2004 0.983 0.997 February 2004 0.875 0.957 March 2004 1.038 0.966 April 2004 1.018 0.977 May 2004 1.003 1.020 June 2004 0.945 0.989 July 2004 1.077 1.009 August 2004 0.972 0.998 September 2004 1.026 1.025 October 2004 0.992 0.996 November 2004 0.977 0.998 December 2004 0.993 0.987 January 2005 0.971 0.980 February 2005 0.973 0.979 March 2005 0.897 0.947 April 2005 0.890 0.920 May 2005 0.898 0.895 June 2005 0.931 0.906 July 2005 0.923 0.917 August 2005 0.888 0.914 September 2005 0.993 0.935 October 2005 0.907 0.929 November 2005 0.838 0.912 December 2005 0.885 0.876 January 2006 0.858 0.860 February 2006 0.835 0.859 March 2006 0.953 0.882 April 2006 0.896 0.895 May 2006 0.896 0.915 June 2006 0.944 0.912 July 2006 0.874 0.904 August 2006 0.833 0.883 September 2006 0.868 0.858 October 2006 0.834 0.845 November 2006 0.855 0.853 December 2006 0.936 0.875 January 2007 0.893 0.895 February 2007 0.930 0.920 March 2007 0.828 0.884 April 2007 0.852 0.870 May 2007 0.869 0.850 June 2007 0.809 0.843 July 2007 0.851 0.843 August 2007 0.910 0.857 September 2007 0.879 0.880 October 2007 0.942 0.910 November 2007 0.960 0.927 December 2007 0.976 0.959 January 2008 0.982 0.973 February 2008 0.995 0.984 Figure: Unemployed Due to Job Loss (as a percent of the labor force) Period Percent January 2000 1.776 February 2000 1.864 March 2000 1.770 April 2000 1.610 May 2000 1.728 June 2000 1.713 July 2000 1.741 August 2000 1.853 September 2000 1.771 October 2000 1.726 November 2000 1.761 December 2000 1.823 January 2001 1.949 February 2001 2.019 March 2001 2.121 April 2001 2.148 May 2001 2.213 June 2001 2.302 July 2001 2.337 August 2001 2.432 September 2001 2.521 October 2001 3.004 November 2001 3.103 December 2001 3.087 January 2002 3.121 February 2002 3.076 March 2002 3.074 April 2002 3.195 May 2002 3.208 June 2002 3.204 July 2002 3.182 August 2002 3.166 September 2002 3.122 October 2002 3.233 November 2002 3.270 December 2002 3.292 January 2003 3.229 February 2003 3.276 March 2003 3.258 April 2003 3.282 May 2003 3.483 June 2003 3.389 July 2003 3.383 August 2003 3.410 September 2003 3.384 October 2003 3.290 November 2003 3.178 December 2003 3.074 January 2004 2.985 February 2004 2.914 March 2004 3.107 April 2004 2.954 May 2004 2.851 June 2004 2.783 July 2004 2.851 August 2004 2.704 September 2004 2.734 October 2004 2.757 November 2004 2.741 December 2004 2.720 January 2005 2.710 February 2005 2.632 March 2005 2.550 April 2005 2.445 May 2005 2.421 June 2005 2.441 July 2005 2.391 August 2005 2.307 September 2005 2.502 October 2005 2.369 November 2005 2.332 December 2005 2.321 January 2006 2.217 February 2006 2.239 March 2006 2.285 April 2006 2.316 May 2006 2.298 June 2006 2.236 July 2006 2.183 August 2006 2.162 September 2006 2.129 October 2006 2.036 November 2006 2.106 December 2006 2.123 January 2007 2.222 February 2007 2.258 March 2007 2.119 April 2007 2.174 May 2007 2.209 June 2007 2.233 July 2007 2.369 August 2007 2.376 September 2007 2.360 October 2007 2.434 November 2007 2.346 December 2007 2.507 January 2008 2.468 February 2008 2.513 Labor Market Indicators Figure: Unemployment Insurance Period Initial claims (Thousands) Insured unemployment (Millions) 9 January 1999 327.0 2.257 16 January 1999 337.4 2.294 23 January 1999 331.4 2.294 30 January 1999 324.9 2.283 6 February 1999 311.3 2.274 13 February 1999 304.6 2.258 20 February 1999 302.2 2.250 27 February 1999 301.2 2.240 6 March 1999 303.5 2.237 13 March 1999 302.7 2.231 20 March 1999 303.4 2.234 27 March 1999 302.7 2.227 3 April 1999 305.1 2.238 10 April 1999 307.7 2.241 17 April 1999 310.0 2.237 24 April 1999 308.2 2.237 1 May 1999 304.7 2.224 8 May 1999 302.4 2.212 15 May 1999 299.1 2.213 22 May 1999 301.1 2.220 29 May 1999 303.0 2.211 5 June 1999 301.4 2.210 12 June 1999 298.8 2.206 19 June 1999 297.2 2.195 26 June 1999 294.2 2.192 3 July 1999 290.0 2.194 10 July 1999 289.5 2.183 17 July 1999 293.8 2.194 24 July 1999 297.5 2.200 31 July 1999 300.9 2.191 7 August 1999 302.5 2.196 14 August 1999 298.3 2.184 21 August 1999 293.2 2.179 28 August 1999 290.5 2.180 4 September 1999 289.3 2.171 11 September 1999 286.7 2.168 18 September 1999 285.5 2.165 25 September 1999 289.6 2.162 2 October 1999 294.3 2.157 9 October 1999 296.7 2.143 16 October 1999 298.1 2.126 23 October 1999 291.7 2.108 30 October 1999 285.8 2.094 6 November 1999 283.7 2.092 13 November 1999 282.2 2.076 20 November 1999 281.2 2.082 27 November 1999 281.8 2.086 4 December 1999 283.0 2.085 11 December 1999 280.9 2.093 18 December 1999 283.5 2.096 25 December 1999 278.6 2.097 1 January 2000 278.3 2.099 8 January 2000 284.8 2.108 15 January 2000 285.4 2.106 22 January 2000 289.5 2.096 29 January 2000 289.3 2.112 5 February 2000 292.8 2.125 12 February 2000 295.5 2.131 19 February 2000 295.2 2.149 26 February 2000 293.9 2.148 4 March 2000 287.3 2.132 11 March 2000 279.8 2.122 18 March 2000 276.6 2.101 25 March 2000 274.6 2.079 1 April 2000 269.7 2.061 8 April 2000 269.2 2.043 15 April 2000 266.3 2.021 22 April 2000 266.6 2.012 29 April 2000 272.9 2.013 6 May 2000 279.1 2.003 13 May 2000 283.3 2.009 20 May 2000 284.8 2.000 27 May 2000 282.1 1.989 3 June 2000 281.3 1.997 10 June 2000 283.4 2.006 17 June 2000 287.0 2.017 24 June 2000 291.0 2.028 1 July 2000 288.9 2.036 8 July 2000 291.1 2.056 15 July 2000 293.5 2.076 22 July 2000 294.5 2.086 29 July 2000 298.7 2.094 5 August 2000 301.9 2.093 12 August 2000 304.9 2.090 19 August 2000 309.2 2.109 26 August 2000 312.6 2.118 2 September 2000 311.5 2.136 9 September 2000 309.9 2.143 16 September 2000 308.3 2.136 23 September 2000 302.4 2.130 30 September 2000 300.2 2.108 7 October 2000 300.0 2.106 14 October 2000 297.2 2.108 21 October 2000 298.9 2.104 28 October 2000 301.1 2.117 4 November 2000 306.7 2.111 11 November 2000 311.4 2.120 18 November 2000 320.5 2.169 25 November 2000 334.4 2.212 2 December 2000 336.0 2.241 9 December 2000 336.8 2.267 16 December 2000 342.3 2.277 23 December 2000 344.1 2.289 30 December 2000 348.0 2.326 6 January 2001 352.0 2.349 13 January 2001 343.1 2.361 20 January 2001 337.9 2.380 27 January 2001 340.2 2.396 3 February 2001 349.8 2.429 10 February 2001 361.5 2.446 17 February 2001 365.3 2.470 24 February 2001 371.2 2.486 3 March 2001 373.3 2.504 10 March 2001 380.0 2.534 17 March 2001 388.7 2.556 24 March 2001 386.7 2.577 31 March 2001 387.9 2.592 7 April 2001 389.3 2.598 14 April 2001 386.9 2.633 21 April 2001 392.5 2.670 28 April 2001 396.9 2.697 5 May 2001 392.7 2.734 12 May 2001 394.3 2.749 19 May 2001 394.8 2.769 26 May 2001 394.7 2.819 2 June 2001 401.0 2.866 9 June 2001 406.2 2.903 16 June 2001 404.2 2.933 23 June 2001 398.0 2.945 30 June 2001 395.0 2.954 7 July 2001 392.7 2.983 14 July 2001 395.4 3.006 21 July 2001 399.8 3.006 28 July 2001 398.1 3.031 4 August 2001 397.9 3.035 11 August 2001 395.1 3.059 18 August 2001 396.0 3.094 25 August 2001 397.8 3.120 1 September 2001 398.2 3.154 8 September 2001 401.7 3.172 15 September 2001 399.9 3.197 22 September 2001 414.4 3.232 29 September 2001 443.0 3.275 6 October 2001 460.0 3.334 13 October 2001 481.9 3.410 20 October 2001 489.1 3.474 27 October 2001 480.8 3.528 3 November 2001 471.7 3.573 10 November 2001 458.1 3.600 17 November 2001 445.6 3.658 24 November 2001 447.7 3.656 1 December 2001 453.9 3.657 8 December 2001 445.3 3.657 15 December 2001 434.7 3.619 22 December 2001 415.8 3.618 29 December 2001 404.9 3.582 5 January 2002 405.9 3.572 12 January 2002 413.0 3.538 19 January 2002 410.2 3.530 26 January 2002 408.6 3.551 2 February 2002 410.3 3.538 9 February 2002 405.2 3.553 16 February 2002 403.3 3.559 23 February 2002 399.2 3.554 2 March 2002 396.1 3.562 9 March 2002 396.5 3.563 16 March 2002 395.1 3.568 23 March 2002 399.3 3.583 30 March 2002 421.0 3.622 6 April 2002 432.5 3.663 13 April 2002 445.0 3.676 20 April 2002 445.3 3.695 27 April 2002 429.0 3.689 4 May 2002 420.2 3.684 11 May 2002 413.1 3.704 18 May 2002 411.9 3.709 25 May 2002 409.3 3.712 1 June 2002 401.4 3.700 8 June 2002 394.9 3.688 15 June 2002 391.0 3.665 22 June 2002 387.2 3.647 29 June 2002 389.2 3.628 6 July 2002 390.2 3.596 13 July 2002 387.3 3.569 20 July 2002 385.1 3.527 27 July 2002 386.2 3.504 3 August 2002 385.3 3.490 10 August 2002 386.5 3.488 17 August 2002 391.6 3.502 24 August 2002 393.5 3.509 31 August 2002 395.2 3.522 7 September 2002 401.9 3.533 14 September 2002 405.1 3.539 21 September 2002 405.7 3.553 28 September 2002 409.4 3.555 5 October 2002 406.5 3.577 12 October 2002 404.6 3.570 19 October 2002 407.4 3.555 26 October 2002 407.4 3.556 2 November 2002 407.5 3.540 9 November 2002 406.3 3.543 16 November 2002 400.7 3.523 23 November 2002 395.9 3.502 30 November 2002 389.1 3.464 7 December 2002 395.4 3.463 14 December 2002 405.4 3.478 21 December 2002 406.4 3.468 28 December 2002 414.4 3.483 4 January 2003 406.3 3.459 11 January 2003 392.8 3.431 18 January 2003 393.7 3.411 25 January 2003 393.9 3.415 1 February 2003 399.7 3.401 8 February 2003 404.5 3.420 15 February 2003 411.0 3.441 22 February 2003 414.9 3.449 1 March 2003 420.7 3.481 8 March 2003 428.5 3.508 15 March 2003 430.3 3.531 22 March 2003 427.1 3.551 29 March 2003 426.5 3.559 5 April 2003 425.2 3.563 12 April 2003 426.7 3.579 19 April 2003 436.9 3.601 26 April 2003 438.8 3.636 3 May 2003 440.5 3.672 10 May 2003 435.1 3.699 17 May 2003 428.1 3.708 24 May 2003 421.6 3.706 31 May 2003 422.5 3.716 7 June 2003 426.0 3.709 14 June 2003 425.1 3.705 21 June 2003 422.8 3.710 28 June 2003 422.4 3.702 5 July 2003 422.9 3.689 12 July 2003 419.9 3.666 19 July 2003 418.2 3.639 26 July 2003 410.0 3.616 2 August 2003 402.3 3.607 9 August 2003 400.8 3.606 16 August 2003 399.6 3.610 23 August 2003 398.6 3.592 30 August 2003 399.9 3.595 6 September 2003 404.2 3.593 13 September 2003 403.0 3.582 20 September 2003 398.9 3.583 27 September 2003 393.9 3.568 4 October 2003 384.7 3.560 11 October 2003 380.4 3.535 18 October 2003 383.3 3.505 25 October 2003 381.4 3.477 1 November 2003 375.7 3.441 8 November 2003 374.6 3.435 15 November 2003 369.9 3.401 22 November 2003 363.9 3.375 29 November 2003 363.1 3.353 6 December 2003 362.0 3.323 13 December 2003 360.5 3.305 20 December 2003 360.8 3.287 27 December 2003 358.5 3.271 3 January 2004 354.9 3.241 10 January 2004 351.3 3.218 17 January 2004 352.3 3.190 24 January 2004 353.7 3.163 31 January 2004 360.8 3.151 7 February 2004 370.5 3.159 14 February 2004 371.4 3.162 21 February 2004 374.3 3.154 28 February 2004 367.3 3.136 6 March 2004 357.4 3.110 13 March 2004 352.0 3.083 20 March 2004 348.2 3.073 27 March 2004 345.9 3.060 3 April 2004 344.2 3.038 10 April 2004 348.9 3.035 17 April 2004 353.2 3.025 24 April 2004 352.3 3.013 1 May 2004 348.3 3.013 8 May 2004 340.1 2.999 15 May 2004 335.2 2.983 22 May 2004 335.7 2.992 29 May 2004 338.4 2.969 5 June 2004 345.2 2.951 12 June 2004 342.9 2.953 19 June 2004 346.0 2.941 26 June 2004 349.3 2.941 3 July 2004 341.6 2.948 10 July 2004 341.2 2.912 17 July 2004 340.5 2.907 24 July 2004 339.7 2.909 31 July 2004 344.4 2.896 7 August 2004 343.9 2.914 14 August 2004 338.9 2.899 21 August 2004 338.2 2.885 28 August 2004 340.6 2.881 4 September 2004 337.8 2.870 11 September 2004 337.2 2.864 18 September 2004 336.5 2.859 25 September 2004 336.1 2.847 2 October 2004 338.6 2.826 9 October 2004 340.0 2.801 16 October 2004 337.2 2.778 23 October 2004 333.7 2.764 30 October 2004 332.7 2.755 6 November 2004 331.0 2.754 13 November 2004 333.4 2.739 20 November 2004 327.7 2.724 27 November 2004 329.1 2.728 4 December 2004 332.9 2.723 11 December 2004 327.6 2.723 18 December 2004 330.5 2.723 25 December 2004 326.0 2.732 1 January 2005 327.1 2.709 8 January 2005 335.9 2.712 15 January 2005 337.3 2.727 22 January 2005 339.2 2.702 29 January 2005 336.7 2.717 5 February 2005 327.0 2.716 12 February 2005 324.2 2.689 19 February 2005 324.4 2.685 26 February 2005 320.8 2.683 5 March 2005 327.5 2.675 12 March 2005 330.0 2.680 19 March 2005 332.6 2.670 26 March 2005 338.5 2.669 2 April 2005 340.5 2.672 9 April 2005 340.5 2.665 16 April 2005 335.1 2.655 23 April 2005 328.3 2.635 30 April 2005 325.3 2.623 7 May 2005 324.2 2.619 14 May 2005 325.8 2.622 21 May 2005 326.3 2.624 28 May 2005 327.2 2.619 4 June 2005 330.2 2.622 11 June 2005 333.3 2.627 18 June 2005 333.7 2.626 25 June 2005 327.0 2.623 2 July 2005 324.0 2.617 9 July 2005 321.9 2.608 16 July 2005 320.6 2.606 23 July 2005 321.4 2.606 30 July 2005 319.6 2.594 6 August 2005 316.0 2.595 13 August 2005 316.5 2.587 20 August 2005 316.4 2.586 27 August 2005 316.7 2.586 3 September 2005 320.2 2.583 10 September 2005 345.1 2.599 17 September 2005 371.3 2.645 24 September 2005 380.5 2.712 1 October 2005 395.3 2.775 8 October 2005 384.3 2.820 15 October 2005 366.6 2.821 22 October 2005 358.0 2.801 29 October 2005 342.1 2.775 5 November 2005 328.3 2.752 12 November 2005 318.5 2.738 19 November 2005 318.5 2.723 26 November 2005 315.8 2.683 3 December 2005 315.4 2.647 10 December 2005 319.3 2.614 17 December 2005 317.5 2.600 24 December 2005 319.3 2.626 31 December 2005 313.9 2.639 7 January 2006 309.2 2.623 14 January 2006 300.2 2.598 21 January 2006 292.0 2.555 28 January 2006 290.4 2.529 4 February 2006 287.0 2.522 11 February 2006 295.3 2.509 18 February 2006 297.4 2.508 25 February 2006 301.1 2.496 4 March 2006 304.9 2.486 11 March 2006 304.8 2.478 18 March 2006 309.4 2.472 25 March 2006 308.1 2.460 1 April 2006 307.2 2.454 8 April 2006 306.0 2.447 15 April 2006 305.2 2.442 22 April 2006 307.5 2.445 29 April 2006 311.9 2.437 6 May 2006 320.6 2.429 13 May 2006 327.0 2.424 20 May 2006 330.0 2.419 27 May 2006 331.4 2.424 3 June 2006 322.3 2.430 10 June 2006 313.6 2.433 17 June 2006 311.2 2.429 24 June 2006 307.2 2.436 1 July 2006 309.7 2.435 8 July 2006 315.9 2.447 15 July 2006 315.4 2.458 22 July 2006 312.9 2.455 29 July 2006 312.7 2.465 5 August 2006 311.4 2.465 12 August 2006 312.9 2.468 19 August 2006 316.7 2.476 26 August 2006 317.5 2.477 2 September 2006 316.3 2.475 9 September 2006 315.5 2.468 16 September 2006 316.7 2.460 23 September 2006 316.3 2.451 30 September 2006 315.3 2.439 7 October 2006 314.5 2.438 14 October 2006 311.1 2.437 21 October 2006 309.5 2.432 28 October 2006 314.1 2.432 4 November 2006 314.8 2.432 11 November 2006 316.6 2.429 18 November 2006 319.5 2.441 25 November 2006 324.5 2.454 2 December 2006 327.4 2.460 9 December 2006 326.6 2.476 16 December 2006 326.0 2.485 23 December 2006 319.2 2.470 30 December 2006 320.0 2.457 6 January 2007 319.0 2.452 13 January 2007 310.9 2.444 20 January 2007 312.5 2.465 27 January 2007 310.3 2.479 3 February 2007 311.5 2.499 10 February 2007 328.7 2.507 17 February 2007 330.0 2.535 24 February 2007 334.9 2.548 3 March 2007 338.2 2.556 10 March 2007 327.9 2.555 17 March 2007 324.0 2.529 24 March 2007 317.2 2.520 31 March 2007 316.3 2.506 7 April 2007 323.6 2.515 14 April 2007 329.4 2.532 21 April 2007 333.1 2.533 28 April 2007 328.9 2.539 5 May 2007 317.6 2.525 12 May 2007 306.3 2.509 19 May 2007 303.5 2.502 26 May 2007 304.2 2.497 2 June 2007 307.6 2.500 9 June 2007 312.2 2.498 16 June 2007 315.3 2.504 23 June 2007 317.3 2.512 30 June 2007 319.6 2.529 7 July 2007 318.2 2.540 14 July 2007 312.4 2.554 21 July 2007 308.8 2.547 28 July 2007 306.0 2.547 4 August 2007 307.8 2.544 11 August 2007 312.9 2.550 18 August 2007 318.3 2.560 25 August 2007 325.2 2.570 1 September 2007 324.9 2.582 8 September 2007 324.0 2.575 15 September 2007 321.2 2.568 22 September 2007 312.0 2.555 29 September 2007 313.1 2.534 6 October 2007 310.5 2.530 13 October 2007 316.8 2.525 20 October 2007 325.0 2.536 27 October 2007 327.5 2.551 3 November 2007 329.8 2.561 10 November 2007 330.3 2.569 17 November 2007 329.3 2.588 24 November 2007 335.2 2.594 1 December 2007 340.4 2.611 8 December 2007 338.7 2.632 15 December 2007 343.6 2.646 22 December 2007 344.6 2.685 29 December 2007 343.3 2.698 5 January 2008 340.2 2.725 12 January 2008 328.2 2.714 19 January 2008 315.7 2.703 26 January 2008 326.6 2.727 2 February 2008 335.4 2.724 9 February 2008 349.9 2.753 16 February 2008 361.9 2.776 23 February 2008 361.1 2.789 1 March 2008 360.2 2.813 8 March 2008 358.9 ND Note. 4-week moving averages. Figure: Layoffs and Job Cuts Period Layoffs and discharges Announced job cuts (Percent of private employment) (Thousands) January 1999 ND 57.1 February 1999 ND 65.3 March 1999 ND 69.4 April 1999 ND 58.2 May 1999 ND 73.8 June 1999 ND 79.4 July 1999 ND 55.5 August 1999 ND 62.2 September 1999 ND 63.2 October 1999 ND 5.5 November 1999 ND 46.1 December 1999 ND 39.1 January 2000 ND 27.9 February 2000 ND 37.6 March 2000 ND 58.0 April 2000 ND 38.2 May 2000 ND 47.7 June 2000 ND 35.1 July 2000 ND 65.4 August 2000 ND 62.9 September 2000 ND 50.2 October 2000 ND 25.7 November 2000 ND 37.5 December 2000 1.228 126.5 January 2001 1.333 119.0 February 2001 1.301 103.7 March 2001 1.377 166.9 April 2001 1.338 166.8 May 2001 1.428 100.2 June 2001 1.324 142.8 July 2001 1.453 209.4 August 2001 1.355 146.2 September 2001 1.502 248.6 October 2001 1.683 224.7 November 2001 1.682 173.4 December 2001 1.423 154.4 January 2002 1.241 190.7 February 2002 1.395 128.5 March 2002 1.375 108.1 April 2002 1.329 113.4 May 2002 1.430 104.6 June 2002 1.430 112.4 July 2002 1.362 87.0 August 2002 1.352 122.6 September 2002 1.295 69.0 October 2002 1.386 159.8 November 2002 1.589 148.4 December 2002 1.412 87.2 January 2003 1.460 110.2 February 2003 1.386 136.6 March 2003 1.367 93.1 April 2003 1.418 146.3 May 2003 1.337 87.6 June 2003 1.535 77.9 July 2003 1.475 93.9 August 2003 1.446 83.0 September 2003 1.389 73.9 October 2003 1.385 155.4 November 2003 1.393 89.8 December 2003 1.600 89.7 January 2004 1.377 95.7 February 2004 1.480 73.1 March 2004 1.461 77.8 April 2004 1.509 71.3 May 2004 1.452 91.4 June 2004 1.337 82.8 July 2004 1.387 81.0 August 2004 1.545 76.6 September 2004 1.472 105.1 October 2004 1.477 84.4 November 2004 1.388 93.2 December 2004 1.498 107.7 January 2005 1.507 70.9 February 2005 1.472 101.3 March 2005 1.451 99.2 April 2005 1.501 56.7 May 2005 1.463 99.3 June 2005 1.448 127.4 July 2005 1.403 117.6 August 2005 1.343 73.6 September 2005 1.454 69.1 October 2005 1.260 63.6 November 2005 1.277 85.4 December 2005 1.302 106.9 January 2006 1.229 84.6 February 2006 1.271 77.4 March 2006 1.346 80.4 April 2006 1.197 58.9 May 2006 1.470 69.0 June 2006 1.256 80.5 July 2006 1.313 54.6 August 2006 1.249 68.9 September 2006 1.131 96.5 October 2006 1.345 54.5 November 2006 1.360 61.1 December 2006 1.311 52.6 January 2007 1.353 47.2 February 2007 1.272 72.0 March 2007 1.243 64.7 April 2007 1.298 71.6 May 2007 1.267 84.2 June 2007 1.359 66.4 July 2007 1.317 61.7 August 2007 1.358 83.2 September 2007 1.423 65.8 October 2007 1.439 52.9 November 2007 1.450 57.4 December 2007 1.315 41.0 January 2008 1.260 60.9 ND 58.6 February 2008 Note. Both series are seasonally adjusted by FRB staff. Source. For layoffs and discharges, Job Openings and Labor Turnover Survey; for job cuts, Challenger, Gray, and Christmas, Inc. Figure: Net Hiring Plans: Manpower, Inc. Period Percent 1999:Q1 21 1999:Q2 20 1999:Q3 21 1999:Q4 22 2000:Q1 22 2000:Q2 23 2000:Q3 25 2000:Q4 25 2001:Q1 25 2001:Q2 18 2001:Q3 13 2001:Q4 12 2002:Q1 8 2002:Q2 9 2002:Q3 14 2002:Q4 14 2003:Q1 16 2003:Q2 11 2003:Q3 7 2003:Q4 10 2004:Q1 14 2004:Q2 20 2004:Q3 20 2004:Q4 20 2005:Q1 21 2005:Q2 20 2005:Q3 21 2005:Q4 20 2006:Q1 20 2006:Q2 21 2006:Q3 21 2006:Q4 20 2007:Q1 19 2007:Q2 18 2007:Q3 18 2007:Q4 18 2008:Q1 17 2008:Q2 14 Note. Percent planning an increase in employment minus percent planning a reduction. Figure: Net Hiring Plans: National Federation of Independent Business* (3-month moving average) Period Percent January 1999 16.65 February 1999 16.64 March 1999 16.15 April 1999 17.11 May 1999 16.17 June 1999 16.15 July 1999 15.04 August 1999 15.86 September 1999 17.09 October 1999 18.06 November 1999 19.30 December 1999 19.26 January 2000 19.15 February 2000 18.48 March 2000 17.26 April 2000 17.18 May 2000 16.45 June 2000 15.09 July 2000 15.20 August 2000 15.90 September 2000 17.59 October 2000 16.41 November 2000 14.52 December 2000 12.40 January 2001 12.56 February 2001 13.61 March 2001 14.68 April 2001 13.65 May 2001 12.69 June 2001 11.32 July 2001 11.62 August 2001 12.60 September 2001 12.56 October 2001 10.77 November 2001 9.45 December 2001 7.85 January 2002 9.02 February 2002 8.24 March 2002 10.62 April 2002 11.10 May 2002 12.69 June 2002 12.98 July 2002 12.07 August 2002 11.15 September 2002 9.22 October 2002 9.78 November 2002 9.25 December 2002 10.23 January 2003 8.73 February 2003 8.13 March 2003 5.90 April 2003 6.54 May 2003 7.09 June 2003 9.31 July 2003 10.32 August 2003 10.91 September 2003 10.99 October 2003 11.35 November 2003 11.85 December 2003 14.46 January 2004 15.44 February 2004 15.97 March 2004 15.21 April 2004 14.94 May 2004 14.89 June 2004 14.38 July 2004 14.38 August 2004 15.15 September 2004 15.00 October 2004 14.85 November 2004 15.94 December 2004 16.39 January 2005 16.14 February 2005 15.16 March 2005 14.51 April 2005 13.93 May 2005 13.72 June 2005 13.85 July 2005 14.56 August 2005 14.06 September 2005 14.90 October 2005 15.64 November 2005 15.33 December 2005 14.40 January 2006 14.24 February 2006 15.08 March 2006 14.77 April 2006 15.20 May 2006 14.84 June 2006 14.02 July 2006 13.36 August 2006 13.25 September 2006 15.08 October 2006 15.14 November 2006 16.75 December 2006 14.48 January 2007 14.67 February 2007 12.42 March 2007 14.73 April 2007 14.16 May 2007 14.55 June 2007 13.73 July 2007 13.43 August 2007 13.05 September 2007 12.71 October 2007 11.71 November 2007 11.28 December 2007 10.50 January 2008 9.72 February 2008 9.45 Note. Percent planning an increase in employment minus percent planning a reduction. * Seasonally adjusted by FRB staff. Return to table Figure: Job Openings and Hires Percent of private employment Period Job openings Hires December 2000 3.5 4.1 January 2001 3.5 4.1 February 2001 3.4 4.0 March 2001 3.1 4.0 April 2001 3.1 3.9 May 2001 3.0 3.8 June 2001 2.9 3.7 July 2001 2.7 3.7 August 2001 2.6 3.6 September 2001 2.6 3.7 October 2001 2.4 3.8 November 2001 2.4 3.7 December 2001 2.3 3.5 January 2002 2.3 3.4 February 2002 2.3 3.6 March 2002 2.3 3.3 April 2002 2.3 3.6 May 2002 2.3 3.6 June 2002 2.3 3.5 July 2002 2.3 3.8 August 2002 2.3 3.5 September 2002 2.3 3.6 October 2002 2.4 3.3 November 2002 2.3 3.4 December 2002 2.1 3.4 January 2003 2.3 3.5 February 2003 2.2 3.4 March 2003 2.1 3.4 April 2003 2.2 3.4 May 2003 2.2 3.4 June 2003 2.3 3.5 July 2003 2.2 3.6 August 2003 2.2 3.6 September 2003 2.1 3.6 October 2003 2.2 3.6 November 2003 2.3 3.6 December 2003 2.3 3.7 January 2004 2.3 3.6 February 2004 2.3 3.5 March 2004 2.4 4.1 April 2004 2.5 3.9 May 2004 2.5 3.7 June 2004 2.5 3.9 July 2004 2.6 3.7 August 2004 2.6 3.9 September 2004 2.6 3.8 October 2004 2.6 3.9 November 2004 2.5 4.3 December 2004 2.6 4.0 January 2005 2.6 4.0 February 2005 2.7 4.0 March 2005 2.8 4.1 April 2005 2.8 3.9 May 2005 2.7 4.0 June 2005 2.8 3.9 July 2005 2.8 3.9 August 2005 2.8 4.0 September 2005 2.9 4.0 October 2005 3.0 4.0 November 2005 3.1 4.0 December 2005 3.0 3.9 January 2006 3.0 4.0 February 2006 3.1 4.2 March 2006 3.1 4.0 April 2006 3.0 3.8 May 2006 3.2 4.1 June 2006 3.0 4.0 July 2006 2.9 4.2 August 2006 3.0 3.9 September 2006 3.1 3.9 October 2006 3.1 4.0 November 2006 3.1 4.0 December 2006 3.2 3.9 January 2007 3.2 4.0 February 2007 3.1 3.9 March 2007 3.1 3.9 April 2007 3.1 3.8 May 2007 3.1 3.9 June 2007 3.2 3.8 July 2007 3.1 3.9 August 2007 3.1 3.8 September 2007 3.1 3.7 October 2007 3.0 3.9 November 2007 3.0 3.7 December 2007 3.0 3.7 January 2008 2.9 3.5 Source. Job Openings and Labor Turnover Survey. Figure: Reuters/Michigan Expected Unemployment Change (next 12 months) Period Index January 1999 115 February 1999 108 March 1999 113 April 1999 109 May 1999 110 June 1999 102 July 1999 109 August 1999 113 September 1999 110 October 1999 112 November 1999 111 December 1999 105 January 2000 104 February 2000 106 March 2000 109 April 2000 109 May 2000 104 June 2000 112 July 2000 111 August 2000 108 September 2000 111 October 2000 117 November 2000 114 December 2000 127 January 2001 139 February 2001 143 March 2001 143 April 2001 146 May 2001 138 June 2001 135 July 2001 140 August 2001 142 September 2001 151 October 2001 150 November 2001 143 December 2001 135 January 2002 123 February 2002 124 March 2002 112 April 2002 109 May 2002 111 June 2002 115 July 2002 132 August 2002 129 September 2002 120 October 2002 131 November 2002 123 December 2002 127 January 2003 131 February 2003 130 March 2003 130 April 2003 120 May 2003 107 June 2003 115 July 2003 116 August 2003 111 September 2003 114 October 2003 117 November 2003 105 December 2003 98 January 2004 95 February 2004 105 March 2004 108 April 2004 107 May 2004 107 June 2004 96 July 2004 93 August 2004 106 September 2004 105 October 2004 105 November 2004 106 December 2004 103 January 2005 111 February 2005 111 March 2005 112 April 2005 118 May 2005 119 June 2005 116 July 2005 117 August 2005 123 September 2005 137 October 2005 134 November 2005 122 December 2005 126 January 2006 127 February 2006 128 March 2006 129 April 2006 129 May 2006 127 June 2006 127 July 2006 129 August 2006 130 September 2006 125 October 2006 122 November 2006 121 December 2006 121 January 2007 115 February 2007 125 March 2007 123 April 2007 129 May 2007 120 June 2007 125 July 2007 123 August 2007 131 September 2007 127 October 2007 130 November 2007 128 December 2007 139 January 2008 141 February 2008 141 Note. The fraction of households expecting unemployment to rise, minus the fraction expecting unemployment to fall, plus 100. Figure: Job Availability and Hard-to-Fill Positions Period Job availability* (Index) Hard-to-fill** (Percent, 3-month moving average) January 1999 133.58 29.45 February 1999 135.42 29.94 March 1999 133.24 30.60 April 1999 134.75 31.74 May 1999 133.97 30.68 June 1999 133.67 29.99 July 1999 135.28 28.80 August 1999 136.00 28.85 September 1999 135.30 28.69 October 1999 138.25 29.71 November 1999 139.14 30.89 December 1999 141.11 31.70 January 2000 143.77 31.45 February 2000 139.97 31.59 March 2000 140.90 31.89 April 2000 139.88 32.64 May 2000 140.83 33.62 June 2000 140.83 33.72 July 2000 143.40 33.58 August 2000 141.25 33.57 September 2000 142.76 33.34 October 2000 141.69 33.04 November 2000 142.12 33.58 December 2000 139.83 33.38 January 2001 135.87 33.12 February 2001 131.87 31.60 March 2001 129.60 29.49 April 2001 125.28 27.52 May 2001 123.70 25.84 June 2001 122.44 26.08 July 2001 118.65 26.01 August 2001 116.88 26.99 September 2001 109.62 26.70 October 2001 103.74 25.39 November 2001 97.29 21.96 December 2001 97.77 20.12 January 2002 95.37 19.47 February 2002 96.17 19.57 March 2002 98.21 19.37 April 2002 97.29 19.73 May 2002 97.97 19.74 June 2002 94.59 20.45 July 2002 92.26 21.11 August 2002 92.80 21.07 September 2002 92.43 19.34 October 2002 90.76 18.35 November 2002 89.53 19.33 December 2002 84.52 19.26 January 2003 84.86 19.16 February 2003 81.55 18.20 March 2003 77.98 18.59 April 2003 82.31 17.71 May 2003 77.88 16.69 June 2003 76.88 16.46 July 2003 75.68 16.14 August 2003 76.48 17.43 September 2003 77.20 18.30 October 2003 81.48 19.30 November 2003 86.81 19.05 December 2003 83.59 19.41 January 2004 84.02 19.51 February 2004 85.18 19.49 March 2004 83.76 19.82 April 2004 85.99 20.38 May 2004 84.78 21.35 June 2004 89.84 20.82 July 2004 91.92 21.83 August 2004 91.75 21.43 September 2004 91.47 21.54 October 2004 92.97 21.57 November 2004 92.24 22.08 December 2004 94.81 23.22 January 2005 95.08 22.22 February 2005 97.82 22.52 March 2005 96.93 22.42 April 2005 95.82 23.04 May 2005 97.36 22.95 June 2005 98.07 21.81 July 2005 96.99 21.51 100.04 21.44 September 2005 98.70 22.52 October 2005 99.02 22.57 November 2005 100.75 23.44 December 2005 102.33 23.30 January 2006 104.82 24.57 February 2006 106.10 24.55 March 2006 106.69 24.35 April 2006 108.18 25.98 May 2006 107.54 25.85 June 2006 106.35 26.81 July 2006 106.80 24.88 August 2006 102.99 24.51 September 2006 108.26 24.54 October 2006 107.62 25.56 November 2006 106.84 25.45 December 2006 107.64 23.68 January 2007 107.93 22.92 February 2007 108.80 23.26 March 2007 110.02 24.98 April 2007 107.33 24.94 May 2007 108.05 24.72 June 2007 105.68 25.11 July 2007 109.03 24.56 August 2007 107.47 24.58 September 2007 105.91 24.22 October 2007 105.24 23.92 November 2007 105.08 22.79 August 2005 December 2007 102.19 21.74 January 2008 101.23 21.92 February 2008 95.81 21.61 * Proportion of households believing jobs are plentiful, minus the proportion believing jobs are hard to get, plus 100. Return to table ** Percent of small businesses surveyed with at least one "hard-to-fill" job opening. Seasonally adjusted by FRB staff. Return to table Source. For job availability, Conference Board; for hard-to-fill, National Federation of Independent Business. Output per Hour (Percent change from preceding period at an annual rate; seasonally adjusted) 2007 2005:Q4 to 2006:Q4 2006:Q4 to 2007:Q4 .9 Sector 2.91 1.0 2.6 6.3 1.81 1.1 2.2 1 .7 2.9 5.2 .2 1 1.4 n.a. 1.2 2.1 2.9 n.a. Q1 Q2 Q3 Q4 Nonfarm business All persons All employees 2 Nonfinancial corporations 3 1. Staff estimates. Return to table 2. Assumes that the growth rate of hours of non-employees equals the growth rate of hours of employees. Return to table 3. All corporations doing business in the United States except banks, stock and commodity brokers, and finance and insurance companies. The sector accounts for about two-thirds of business employment. Nonfinancial corporate output is calculated as an income-side measure. Return to table n.a. Not available. Return to table Selected Components of Industrial Production (Percent change from preceding comparable period) Component Proportion 2007 (percent) 2007 20071 Q3 2007 Q4 Nov. 2008 Dec. Annual rate Jan. Monthly rate Total 100.0 1.8 3.6 -1.0 .4 .1 .1 Previous 100.0 1.8 3.6 -1.0 .3 .0 … Manufacturing Ex. motor veh. and parts Ex. high-tech industries 82.3 1.7 3.6 -1.7 .3 .2 .0 77.0 2.0 3.8 -1.0 .2 .2 .1 72.3 1.0 2.4 -2.2 .1 .1 .0 Mining 8.0 1.1 4.1 5.3 1.7 -.1 -1.8 Utilities 9.7 2.6 3.1 .1 .4 -.2 2.2 Selected industries Energy 19.8 2.6 4.8 2.4 .8 -.1 .9 High technology 4.7 17.2 26.4 17.2 1.3 1.0 1.9 Computers 1.3 24.3 14.0 13.1 1.8 1.0 1.3 Communications equipment 1.1 15.1 8.2 17.3 2.4 .7 1.9 Semiconductors 2 2.3 15.0 43.7 19.5 .5 1.2 2.2 5.3 -1.8 1.2 -12.3 1.1 .2 -1.3 Motor vehicles and parts Total ex. selected industries 70.2 .7 2.0 -2.3 .1 .1 -.2 Consumer goods 21.1 .2 .8 -2.6 -.5 -.1 -.1 3.9 -1.8 .5 -7.6 -.1 -.1 -.6 17.1 .7 .9 -1.5 -.5 -.1 .0 Durables Nondurables Business equipment 8.1 2.4 7.3 1.3 .3 .9 .2 Defense and space equipment 1.7 -1.0 2.8 -2.1 1.3 .0 .9 Construction supplies 4.5 -.8 1.3 -6.6 -.5 1.1 -1.1 Business supplies 7.9 -.2 .1 -1.9 .0 -.1 -.1 Materials 26.9 1.3 2.1 -2.4 .6 .0 -.2 Durables 15.0 2.8 4.6 -.7 .7 -.2 -.4 Nondurables 11.8 -.5 -1.0 -4.5 .5 .1 .0 1. From fourth quarter of preceding year to fourth quarter of year shown. Return to table 2. Includes related electronic components. Return to table … Not applicable. Return to table Capacity Utilization (Percent of capacity) Sector 19722007 average Total industry 199495 high 81.0 85.1 2007 200102 low Q2 73.6 Q3 81.7 2008 Q4 82.0 81.5 Dec. 81.5 Jan. 81.5 Manufacturing 79.8 84.6 71.6 80.3 80.6 79.8 79.8 79.7 80.0 84.3 71.4 80.5 80.8 80.1 80.0 80.0 Mining 87.5 88.9 84.8 89.9 90.8 91.9 92.4 90.6 Utilities 86.7 93.7 83.8 85.8 86.2 86.0 85.9 87.7 Ex. motor veh. and parts Stage-of-process groups Crude 86.6 89.5 82.0 89.2 89.7 90.2 90.7 89.8 Primary and semifinished 82.2 88.2 74.6 82.2 82.7 81.8 81.7 81.9 Finished 77.8 80.5 70.0 78.6 78.8 78.3 78.3 78.3 Production of Domestic Light Vehicles (Millions of units at an annual rate except as noted) 2007 2008 2007 2008 Item Q3 1 Q4 Q1 Q2 Dec. Jan. Feb. Mar. 10.7 10.3 9.9 10.1 10.3 9.9 9.9 10.0 Autos 3.9 4.0 4.0 4.1 4.1 4.0 3.9 4.1 Light trucks 6.8 6.3 5.9 6.1 6.2 6.0 6.0 5.9 Days' supply2 69 64 n.a. n.a. 64 67 68 n.a. Autos 59 51 n.a. n.a. 50 53 54 n.a. Light trucks 75 76 n.a. n.a. 76 78 79 n.a. 2.75 2.59 n.a. n.a. 2.59 2.56 2.59 n.a. .99 .90 n.a. n.a. .90 .88 .88 n.a. 1.76 1.69 n.a. n.a. 1.69 1.68 1.70 n.a. U.S. production Inventories3 Autos Light trucks Memo: U.S. production, total motor vehicles 4 10.9 10.5 10.1 10.4 10.5 Note. FRB seasonals. Components may not sum to totals because of rounding. 1. Production rates for March and the second quarter reflect the latest industry schedules. Return to table 2. Quarterly values are calculated with end-of-period stocks and average reported sales. Return to table 3. End-of-period stocks. Return to table 4. Includes medium and heavy trucks. Return to table n.a. Not available. Figure: Inventories of Light Vehicles Period Millions of units January 1998 2.887 February 1998 2.922 March 1998 2.952 April 1998 2.939 May 1998 2.879 June 1998 2.560 July 1998 2.464 August 1998 2.572 September 1998 2.596 October 1998 2.651 November 1998 2.671 December 1998 2.686 January 1999 2.732 February 1999 2.777 March 1999 2.828 April 1999 2.876 May 1999 2.873 June 1999 2.867 July 1999 2.849 August 1999 2.912 September 1999 2.909 October 1999 3.020 November 1999 3.048 December 1999 3.062 January 2000 3.092 February 2000 3.047 March 2000 3.066 April 2000 3.072 May 2000 3.099 June 2000 3.173 July 2000 3.263 August 2000 3.311 September 2000 3.289 October 2000 3.266 November 2000 3.267 December 2000 3.301 January 2001 3.204 February 2001 3.066 10.2 10.1 10.2 March 2001 2.995 April 2001 2.918 May 2001 2.888 June 2001 2.843 July 2001 2.837 August 2001 2.935 September 2001 2.882 October 2001 2.450 November 2001 2.418 December 2001 2.481 January 2002 2.539 February 2002 2.574 March 2002 2.551 April 2002 2.613 May 2002 2.699 June 2002 2.759 July 2002 2.725 August 2002 2.718 September 2002 2.801 October 2002 2.899 November 2002 3.017 December 2002 2.874 January 2003 2.951 February 2003 3.013 March 2003 3.092 April 2003 3.094 May 2003 3.100 June 2003 3.086 July 2003 3.103 August 2003 3.009 September 2003 3.101 October 2003 3.140 November 2003 3.140 December 2003 3.171 January 2004 3.148 February 2004 3.189 March 2004 3.257 April 2004 3.311 May 2004 3.264 June 2004 3.304 July 2004 3.337 August 2004 3.421 September 2004 3.301 October 2004 3.280 November 2004 3.236 December 2004 3.188 January 2005 3.219 February 2005 3.262 March 2005 3.120 April 2005 3.119 May 2005 3.061 June 2005 2.943 July 2005 2.616 August 2005 2.688 September 2005 2.782 October 2005 2.974 November 2005 3.020 December 2005 2.996 January 2006 2.953 February 2006 2.933 March 2006 2.989 April 2006 2.939 May 2006 2.986 June 2006 3.040 July 2006 3.018 August 2006 2.993 September 2006 2.970 October 2006 2.883 November 2006 2.794 December 2006 2.810 January 2007 2.749 February 2007 2.696 March 2007 2.674 April 2007 2.642 May 2007 2.601 June 2007 2.675 July 2007 2.872 August 2007 2.845 September 2007 2.747 October 2007 2.749 November 2007 2.745 December 2007 2.592 January 2008 2.560 February 2008 2.586 Figure: Days' Supply of Light Vehicles Days Period Using sales in current month January 1998 67.45 February 1998 70.09 March 1998 69.60 April 1998 66.68 May 1998 60.58 June 1998 54.78 July 1998 62.25 August 1998 64.79 September 1998 57.48 October 1998 56.28 November 1998 60.66 December 1998 56.47 January 1999 60.26 February 1999 59.79 March 1999 61.80 April 1999 62.48 May 1999 60.77 June 1999 60.86 July 1999 59.69 August 1999 60.88 September 1999 61.05 October 1999 65.03 November 1999 65.35 December 1999 62.30 January 2000 62.26 February 2000 58.67 March 2000 62.58 April 2000 64.82 May 2000 65.31 June 2000 68.68 July 2000 71.74 August 2000 70.87 September 2000 66.01 October 2000 70.66 November 2000 74.49 December 2000 78.12 January 2001 68.70 February 2001 64.65 March 2001 65.93 April 2001 66.86 May 2001 65.35 June 2001 61.50 July 2001 66.20 August 2001 69.61 September 2001 67.73 October 2001 41.34 November 2001 50.82 December 2001 60.20 January 2002 60.97 February 2002 57.93 March 2002 58.42 April 2002 57.40 May 2002 65.36 June 2002 63.67 July 2002 58.41 August 2002 56.52 September 2002 66.54 October 2002 69.42 November 2002 72.33 December 2002 62.40 January 2003 69.69 February 2003 73.99 March 2003 74.59 April 2003 72.23 May 2003 73.43 June 2003 70.85 July 2003 70.78 August 2003 63.69 September 2003 70.23 October 2003 74.15 November 2003 69.64 December 2003 70.36 January 2004 73.43 February 2004 73.97 March 2004 74.66 April 2004 77.33 May 2004 70.41 June 2004 81.93 July 2004 75.49 August 2004 78.37 September 2004 72.21 October 2004 75.69 November 2004 74.46 December 2004 70.07 January 2005 76.18 February 2005 77.46 March 2005 71.35 April 2005 70.32 May 2005 70.11 June 2005 62.99 July 2005 47.78 August 2005 61.64 September 2005 65.61 October 2005 79.43 November 2005 72.74 December 2005 67.76 January 2006 64.61 February 2006 68.64 March 2006 70.59 April 2006 70.32 May 2006 73.49 June 2006 74.28 July 2006 71.19 August 2006 73.50 September 2006 70.97 October 2006 71.23 November 2006 69.70 December 2006 68.24 January 2007 66.52 February 2007 65.27 March 2007 66.53 April 2007 65.18 May 2007 64.12 June 2007 69.23 July 2007 75.92 August 2007 68.77 September 2007 67.62 October 2007 69.11 November 2007 68.04 December 2007 64.04 January 2008 66.90 February 2008 68.05 As shown in the figure, the "Using 3-month moving average of sales" series begins at about 66 days in 1998, fluctuates between about 55 and 75 days through 2000, decreases to about 48 by late 2001 and generally increases to about 80 by 2004:Q3. It decreases to about 55 by 2005:Q3, increases to about 75 by 2005:Q4, fluctuates between about 65 and 75 through 2007, and ends at about 66 in February 2008. Indicators of High-Tech Manufacturing Activity Figure: MPU Shipments and Intel Revenue Billions of dollars, ratio scale Period Worldwide MPU shipments Intel revenue 2000:Q1 7.65 8.16 2000:Q2 8.40 8.78 2000:Q3 8.17 8.72 2000:Q4 7.46 8.11 2001:Q1 5.93 6.81 2001:Q2 5.95 6.70 2001:Q3 5.51 6.54 2001:Q4 5.75 6.52 2002:Q1 6.31 6.89 2002:Q2 5.87 6.69 2002:Q3 5.74 6.52 2002:Q4 5.97 6.67 2003:Q1 6.14 6.84 2003:Q2 6.40 7.23 2003:Q3 7.40 7.82 2003:Q4 7.53 8.13 2004:Q1 7.21 8.19 2004:Q2 7.56 8.58 2004:Q3 7.45 8.48 2004:Q4 7.94 8.90 2005:Q1 8.43 9.56 2005:Q2 8.96 9.91 2005:Q3 8.96 9.91 2005:Q4 8.57 9.44 2006:Q1 8.42 9.08 2006:Q2 7.26 8.65 2006:Q3 7.80 8.62 2006:Q4 8.40 8.94 2007:Q1 7.79 9.07 2007:Q2 8.49 9.43 2007:Q3 9.45 9.95 2007:Q4 9.30 9.85 Note. FRB seasonals. Q1 Intel revenue is the range of the company's guidance as of March 3, 2008 (approximately $9.5 to $10.2 billion). Source. Intel and Semiconductor Industry Association. Figure: Rate of Change in Semiconductor Industrial Production A line chart shows two series, "MPUs", and "Non-MPU chips" from 2000 and January 2008. Data is a 3-month moving average; unit is percent. The "MPUs" series begins at about 13 percent in 2000, decreases to about 0 by 2001:Q1, increases to about 7 by 2002:Q4 and then decreases to about -5 by 2005:Q1. It then increases to about 11 by 2006, decreases to about -4 by 2007 and ends at about 3 in January 2008. The "Non-MPU chips" series begins at about 5 percent in 2000, decreases to about -4 by 2001:Q2, and then fluctuates between about -0.5 and 5 through 2007 to end at about 2 in January 2008. Note. MPU is a microprocessor unit. Figure: U.S. Personal Computer and Server Sales Millions of units, ratio scale Period PCs Servers 2001:Q1 11.42 0.407 2001:Q2 11.21 0.400 2001:Q3 10.50 0.393 2001:Q4 10.97 0.399 2002:Q1 11.31 0.433 2002:Q2 11.14 0.442 2002:Q3 11.24 0.456 2002:Q4 11.28 0.473 2003:Q1 11.51 0.493 2003:Q2 12.20 0.524 2003:Q3 12.77 0.557 2003:Q4 12.93 0.588 2004:Q1 13.08 0.615 2004:Q2 12.90 0.629 2004:Q3 13.18 0.652 2004:Q4 13.90 0.684 2005:Q1 13.90 0.700 2005:Q2 14.18 0.688 2005:Q3 14.69 0.684 2005:Q4 14.87 0.723 2006:Q1 14.85 0.708 2006:Q2 15.07 0.724 2006:Q3 14.91 0.737 2006:Q4 14.96 0.702 2007:Q1 15.67 0.724 2007:Q2 15.98 0.749 2007:Q3 15.98 0.743 2007:Q4 16.62 0.754 Note. FRB seasonals. PCs include desktops, notebooks, ultraportables, and x86 PC servers. Q1 PC shipments is IDC forecast (approximately 16.7 million units). Source. International Data Corporation. Figure: Personal Computer Sales by Market Millions of units, ratio scale Period Consumers Businesses 2002:Q1 4.28 5.32 2002:Q2 4.10 5.27 2002:Q3 4.12 5.20 2002:Q4 4.32 5.20 2003:Q1 4.45 5.35 2003:Q2 4.95 5.57 2003:Q3 5.34 5.79 2003:Q4 4.98 6.01 2004:Q1 5.45 6.03 2004:Q2 4.98 6.11 2004:Q3 5.13 6.37 2004:Q4 5.49 6.60 2005:Q1 5.38 6.81 2005:Q2 5.65 6.78 2005:Q3 5.79 7.13 2005:Q4 5.87 7.20 2006:Q1 6.14 7.02 2006:Q2 6.07 7.21 2006:Q3 6.13 7.11 2006:Q4 6.02 7.21 2007:Q1 6.29 7.47 2007:Q2 6.53 7.56 2007:Q3 6.36 7.60 2007:Q4 6.75 7.71 Note. FRB seasonals. Source. International Data Corporation. Figure: Circuit Board Orders and Shipments Billions of dollars Period Orders Shipments January 2002 125.21 118.67 February 2002 120.78 127.74 March 2002 130.09 130.47 April 2002 131.57 130.79 May 2002 120.38 122.68 June 2002 113.12 123.94 July 2002 120.67 121.00 August 2002 107.51 117.14 September 2002 102.68 115.07 October 2002 102.34 113.96 November 2002 108.60 110.78 December 2002 108.38 110.27 January 2003 104.97 95.13 February 2003 100.75 97.76 97.28 92.63 April 2003 88.23 92.41 May 2003 104.24 94.48 June 2003 99.14 96.15 July 2003 99.67 96.68 March 2003 August 2003 114.77 94.31 September 2003 114.86 101.06 October 2003 121.74 106.33 November 2003 131.90 117.54 December 2003 122.46 112.87 January 2004 127.02 122.25 February 2004 161.35 125.20 March 2004 143.05 131.73 April 2004 144.13 131.18 May 2004 169.24 135.00 June 2004 112.11 126.09 July 2004 141.74 126.46 August 2004 125.98 125.38 September 2004 135.65 126.68 October 2004 125.01 122.32 November 2004 96.28 122.75 December 2004 159.91 122.09 January 2005 151.23 132.09 February 2005 128.53 127.44 March 2005 128.39 126.67 April 2005 134.29 125.81 May 2005 137.49 124.23 June 2005 157.12 130.07 July 2005 141.30 131.99 August 2005 144.13 133.70 September 2005 177.76 132.65 October 2005 122.53 132.35 November 2005 150.06 134.01 December 2005 156.28 138.14 January 2006 158.72 135.63 February 2006 156.83 139.66 March 2006 153.62 139.52 April 2006 148.88 143.04 May 2006 142.53 146.87 June 2006 146.42 144.87 July 2006 143.23 142.26 August 2006 152.29 145.50 September 2006 132.99 142.10 October 2006 138.82 144.14 November 2006 122.50 141.32 December 2006 129.80 139.08 January 2007 127.61 132.00 February 2007 126.70 127.99 March 2007 126.98 123.24 April 2007 135.74 126.00 May 2007 127.36 125.73 June 2007 126.54 128.91 July 2007 135.32 132.47 August 2007 138.31 129.02 September 2007 147.55 131.84 October 2007 144.45 142.12 November 2007 135.20 128.75 December 2007 130.73 131.14 January 2008 124.33 137.41 Note. U.S. and Canadian bare and loaded circuit board shipments. Source. Institute for Printed Circuits. Figure: Cisco Revenue and U.S. Sales of High-End Data Networking Equipment 2006 = 100 Cisco U.S. sales 2001:Q1 Period 64.00 113.01 2001:Q2 59.17 89.57 2001:Q3 60.22 78.61 2001:Q4 64.61 80.43 2002:Q1 65.49 75.77 2002:Q2 66.23 75.53 2002:Q3 65.48 69.77 2002:Q4 63.49 67.82 2003:Q1 62.94 65.06 2003:Q2 63.97 67.82 2003:Q3 68.90 69.16 2003:Q4 73.20 67.83 2004:Q1 76.83 81.19 2004:Q2 79.73 75.97 2004:Q3 80.81 84.97 2004:Q4 82.79 81.24 2005:Q1 84.58 89.03 2005:Q2 87.85 96.42 2005:Q3 88.95 98.85 2005:Q4 90.79 107.82 2006:Q1 100.00 100.00 2006:Q2 106.32 101.96 2006:Q3 111.35 105.42 2006:Q4 115.48 110.86 2007:Q1 121.09 111.43 2007:Q2 125.80 118.90 2007:Q3 130.04 118.66 2007:Q4 134.09 120.65 2008:Q1 133.32 ND Note. FRB seasonals. Source. Synergy Research Group and Cisco Systems. Indicators of Industrial Activity Figure: Weekly Production Index excluding Motor Vehicles and Electricity Generation A chart shows two series, "Weekly index" plotted as a curve, and "Monthly aggregate of weekly index" plotted as bars, from February 2006 through February 2008. As shown in the figure, the weekly index series begins at about 9.25 in February 2006, increases to about 9.6 by August, decreases to about 8.8 by November and then fluctuates between 9.1 and 9.4 through November 2007. It increases to about 9.6 by late 2007, decreases to about 8.9 by the end of 2007 and ends at about 9.3 in February 2008. Note. One index point equals 1 percent of 2002 total industrial output. Figure: Weekly Production Index excluding Motor Vehicles and Electricity Generation: Monthly aggregate of weekly index Period Index January 2006 9.302 February 2006 9.249 March 2006 9.209 April 2006 9.230 May 2006 9.400 June 2006 9.557 July 2006 9.486 August 2006 9.469 September 2006 9.570 October 2006 9.208 November 2006 8.949 December 2006 9.090 January 2007 9.150 February 2007 9.123 March 2007 9.265 April 2007 9.159 May 2007 9.247 June 2007 9.259 July 2007 9.356 August 2007 9.217 September 2007 9.289 October 2007 9.198 November 2007 9.307 December 2007 9.368 January 2008 9.362 February 2008 9.241 Note. One index point equals 1 percent of 2002 total industrial output. Figure: Motor Vehicle Assemblies Millions of units Period January 2002 Autos and light trucks Medium and heavy trucks 11.66 0.223 February 2002 11.94 0.241 March 2002 11.94 0.253 April 2002 12.21 0.252 May 2002 12.08 0.268 June 2002 12.41 0.278 July 2002 12.79 0.294 August 2002 12.57 0.287 September 2002 12.40 0.292 October 2002 11.98 0.261 November 2002 12.53 0.257 December 2002 11.85 0.241 January 2003 12.55 0.212 February 2003 11.81 0.227 March 2003 11.65 0.234 April 2003 11.48 0.235 May 2003 11.50 0.241 June 2003 11.76 0.253 July 2003 11.77 0.265 August 2003 11.46 0.262 September 2003 12.70 0.287 October 2003 11.89 0.289 November 2003 11.97 0.301 December 2003 12.02 0.310 January 2004 12.02 0.329 February 2004 12.12 0.319 March 2004 11.81 0.306 April 2004 12.01 0.325 May 2004 11.68 0.328 June 2004 11.17 0.345 July 2004 11.23 0.400 August 2004 11.73 0.376 September 2004 11.38 0.394 October 2004 11.51 0.410 November 2004 11.52 0.429 December 2004 11.76 0.415 January 2005 11.39 0.456 February 2005 12.02 0.429 March 2005 11.53 0.411 April 2005 11.07 0.415 May 2005 11.18 0.434 June 2005 11.62 0.426 July 2005 11.40 0.456 August 2005 11.75 0.414 September 2005 12.08 0.409 October 2005 11.92 0.440 November 2005 11.33 0.407 December 2005 10.95 0.419 January 2006 11.27 0.489 February 2006 11.01 0.467 March 2006 11.25 0.478 April 2006 11.18 0.484 May 2006 10.92 0.460 June 2006 11.23 0.407 July 2006 10.24 0.541 August 2006 10.70 0.459 September 2006 10.53 0.460 October 2006 10.11 0.461 November 2006 10.56 0.448 December 2006 10.86 0.439 9.90 0.379 February 2007 10.40 0.362 March 2007 10.38 0.326 April 2007 10.78 0.264 May 2007 10.60 0.263 June 2007 11.02 0.272 July 2007 11.16 0.258 August 2007 10.71 0.242 September 2007 10.19 0.251 October 2007 10.11 0.224 November 2007 10.37 0.251 December 2007 10.28 0.260 January 2008 9.95 0.226 February 2008 9.86 0.219 January 2007 Note. March values are based on latest industry schedules. (For "Autos and light trucks", approximately 10 million units; for "Medium and heavy trucks", approximately 0.25 million units.) Figure: Trade Shares Percent Period January 2002 Imports/domestic absorbtion Exports/shipments ND 15.67 February 2002 23.79 15.78 March 2002 23.38 15.76 April 2002 23.46 15.93 May 2002 23.46 15.96 June 2002 23.71 16.18 July 2002 23.79 16.22 August 2002 23.88 16.33 September 2002 23.87 16.25 October 2002 23.57 16.10 November 2002 23.69 16.06 December 2002 23.90 15.85 January 2003 24.33 15.85 February 2003 24.08 15.77 March 2003 24.00 15.88 April 2003 24.13 15.97 May 2003 24.46 16.02 June 2003 24.52 16.17 July 2003 24.43 16.17 August 2003 24.20 16.15 September 2003 24.25 16.04 October 2003 24.38 16.14 November 2003 24.65 16.47 December 2003 24.93 16.63 January 2004 25.02 16.71 February 2004 25.25 16.83 March 2004 25.43 17.04 April 2004 25.74 17.19 May 2004 25.85 17.29 June 2004 25.93 17.05 July 2004 25.95 17.06 August 2004 25.94 16.80 September 2004 25.94 17.10 October 2004 25.96 17.13 November 2004 25.96 17.05 December 2004 26.05 16.97 January 2005 25.89 16.88 February 2005 26.16 17.08 March 2005 25.78 16.97 April 2005 26.08 17.24 May 2005 25.95 17.26 June 2005 26.30 17.43 July 2005 26.15 17.28 August 2005 26.06 17.30 September 2005 25.99 17.07 October 2005 26.07 16.95 November 2005 26.15 16.88 December 2005 26.25 17.21 January 2006 26.40 17.49 February 2006 26.65 17.81 March 2006 26.82 18.01 April 2006 26.89 18.21 May 2006 26.84 18.24 June 2006 26.95 18.41 July 2006 27.10 18.53 August 2006 27.44 18.75 September 2006 27.91 19.17 October 2006 28.22 19.49 November 2006 28.52 19.87 December 2006 28.50 19.83 January 2007 28.69 20.03 February 2007 28.77 19.99 March 2007 28.82 20.05 April 2007 28.55 19.89 May 2007 28.36 19.92 June 2007 28.37 20.11 July 2007 28.55 20.43 August 2007 28.79 20.78 September 2007 28.80 21.01 October 2007 28.87 21.12 November 2007 28.77 21.08 December 2007 28.49 21.11 Note. Trade shares are 3-month moving averages. Source. Department of Commerce. Figure: IP for Aircraft 2002 = 100 Period Commercial Military January 2002 114.54 97.16 February 2002 113.26 98.14 March 2002 109.99 99.34 April 2002 101.76 96.70 May 2002 99.84 99.71 June 2002 97.18 99.94 July 2002 99.51 102.81 August 2002 94.38 102.34 September 2002 94.17 101.98 October 2002 94.76 102.54 November 2002 91.80 100.90 December 2002 89.93 99.29 January 2003 88.48 98.45 February 2003 87.86 97.76 March 2003 88.63 98.05 April 2003 85.90 95.69 May 2003 82.96 92.51 June 2003 82.26 92.43 July 2003 83.01 93.68 August 2003 82.62 93.07 September 2003 83.69 93.79 October 2003 81.34 93.92 November 2003 81.31 94.47 December 2003 81.85 95.90 January 2004 78.57 93.40 February 2004 79.84 96.15 March 2004 78.53 95.83 April 2004 79.28 97.95 May 2004 78.09 97.32 June 2004 77.90 97.79 July 2004 76.88 97.31 August 2004 77.01 97.64 September 2004 77.01 98.16 October 2004 75.91 96.88 November 2004 77.70 97.47 December 2004 76.98 98.05 January 2005 78.64 98.70 February 2005 80.12 103.12 March 2005 81.05 103.92 April 2005 88.28 104.23 May 2005 91.36 103.58 June 2005 93.60 107.16 July 2005 92.60 103.73 August 2005 96.93 106.58 39.44* 104.95 98.87 103.06 November 2005 114.31 104.38 December 2005 118.81 104.96 January 2006 122.67 105.82 February 2006 124.50 104.83 March 2006 124.57 102.14 April 2006 127.75 103.18 May 2006 128.98 103.04 June 2006 133.13 103.48 July 2006 135.98 103.29 August 2006 137.28 102.12 September 2006 137.19 102.16 October 2006 140.89 100.95 November 2006 148.09 100.25 December 2006 148.27 100.71 January 2007 151.44 101.50 February 2007 151.33 100.62 March 2007 153.39 100.48 April 2007 154.42 100.03 May 2007 153.05 98.76 June 2007 157.86 100.42 July 2007 160.11 100.70 August 2007 164.34 99.82 September 2007 165.11 99.31 October 2007 166.00 97.53 November 2007 167.80 97.78 December 2007 169.20 97.70 January 2008 170.34 97.70 September 2005 October 2005 * Boeing strike Return to table Figure: New Orders: ISM Survey and Change in Real Adjusted Durable Goods Orders (RADGO) Period ISM (Diffusion index) RADGO (Percent) January 2002 55.2 -1.11 February 2002 60.7 -0.21 March 2002 63.8 -1.67 April 2002 59.9 1.01 May 2002 61.8 0.37 June 2002 61.2 -0.19 July 2002 51.9 1.21 August 2002 50.6 -0.54 September 2002 52.9 -0.26 October 2002 52.1 -1.09 November 2002 49.9 -0.47 December 2002 58.7 0.11 January 2003 58.2 -0.45 February 2003 51.9 1.16 March 2003 47.2 1.77 April 2003 47.2 0.06 May 2003 53.4 -0.28 June 2003 53.6 0.23 July 2003 56.8 0.87 August 2003 61.1 -0.14 September 2003 60.8 0.63 October 2003 64.4 2.47 November 2003 69.1 2.40 December 2003 71.3 0.82 January 2004 70.6 -2.21 February 2004 66.5 -2.01 March 2004 64.6 1.14 April 2004 67.1 1.09 May 2004 64.5 1.05 June 2004 60.9 -1.89 July 2004 62.8 0.21 August 2004 62.1 -0.47 September 2004 57.7 0.94 October 2004 58.4 -0.64 November 2004 60.1 1.06 December 2004 66.3 0.54 January 2005 58.2 2.03 February 2005 55.5 1.00 March 2005 56.6 0.07 April 2005 54.7 -0.24 May 2005 52.5 -0.36 June 2005 55.9 2.18 July 2005 59.2 0.13 August 2005 56.0 1.83 September 2005 61.0 0.09 October 2005 60.4 1.83 November 2005 59.3 0.22 December 2005 59.5 0.14 January 2006 59.7 0.60 February 2006 61.1 0.63 March 2006 57.9 1.27 April 2006 57.4 0.27 May 2006 54.3 0.13 June 2006 56.1 -0.35 July 2006 55.1 0.16 August 2006 54.2 -0.59 September 2006 54.3 -0.03 October 2006 52.4 -0.78 November 2006 49.5 0.24 December 2006 52.9 -0.88 January 2007 52.4 -0.28 February 2007 55.4 -1.36 March 2007 51.5 -0.61 April 2007 58.1 0.82 May 2007 58.6 0.80 June 2007 58.5 0.52 July 2007 56.9 0.13 August 2007 54.5 1.10 September 2007 53.6 0.65 October 2007 52.8 -0.28 November 2007 52.5 -0.81 December 2007 46.9 0.67 January 2008 49.5 0.06 February 2008 49.1 ND Note. The diffusion index equals the percentage of respondents reporting greater levels of new orders plus one-half the percentage of respondents reporting that new orders were unchanged. RADGO is a 3-month moving average. Figure: Manufacturing Layoff Announcements Period January 2005 February 2005 Thousands 11.69 9.54 March 2005 20.26 April 2005 13.70 May 2005 12.82 June 2005 39.69 July 2005 39.24 August 2005 17.97 September 2005 15.77 October 2005 3.73 November 2005 43.47 December 2005 11.55 January 2006 66.57 February 2006 16.64 March 2006 14.64 April 2006 16.51 May 2006 14.60 June 2006 9.20 July 2006 7.62 August 2006 14.20 September 2006 41.68 October 2006 7.16 November 2006 14.41 December 2006 17.01 January 2007 11.41 February 2007 56.24 March 2007 9.75 April 2007 6.63 May 2007 18.73 June 2007 11.48 July 2007 7.19 August 2007 9.61 September 2007 8.28 October 2007 11.51 November 2007 14.89 December 2007 15.39 January 2008 12.73 February 2008 14.76 Note. FRB seasonals. Source. Collected by staff. Sales of Light Vehicles (Millions of units at an annual rate; FRB seasonals) 2007 Category 2008 2007 Q2 Q3 Q4 16.1 16.0 15.9 16.1 16.2 15.3 15.3 Autos 7.6 7.7 7.4 7.8 7.9 7.3 7.3 Light trucks 8.5 8.3 8.5 8.3 8.3 8.0 7.9 12.4 12.3 12.3 12.3 12.4 11.8 11.7 Autos 5.3 5.3 5.1 5.5 5.6 5.1 5.0 Light trucks 7.1 7.0 7.2 6.9 6.9 6.6 6.6 3.8 3.8 3.6 3.8 3.7 3.5 3.6 Autos 2.4 2.4 2.3 2.3 2.3 2.2 2.3 Light trucks 1.4 1.4 1.3 1.4 1.4 1.3 1.3 51.2 51.8 50.4 50.4 49.9 51.3 50.7 Total Dec. Jan. Feb. North American1 Foreign-produced Memo: Detroit Three domestic market share (percent) 2 Note. Components may not sum to totals because of rounding. 1. Excludes some vehicles produced in Canada that are classified as imports by the industry. Return to table 2. Domestic market share excludes sales of foreign brands affiliated with the Detroit Three. Return to table [Content redacted.] [Content redacted.] Figure: Car-Buying Attitudes Period Appraisal of car-buying conditions (Index) Bad time to buy: Gas prices and shortages (Percent) January 2002 156 0 February 2002 156 1 March 2002 149 1 April 2002 148 2 May 2002 151 1 June 2002 149 1 July 2002 155 0 August 2002 152 0 September 2002 158 1 October 2002 156 2 November 2002 153 1 December 2002 155 1 January 2003 152 2 February 2003 140 7 March 2003 141 8 April 2003 149 4 May 2003 160 2 June 2003 157 0 July 2003 160 1 August 2003 150 1 September 2003 152 2 October 2003 155 2 November 2003 161 1 December 2003 157 0 January 2004 161 1 February 2004 150 1 March 2004 153 4 April 2004 147 7 May 2004 144 8 June 2004 144 15 July 2004 142 7 August 2004 144 9 September 2004 148 6 October 2004 152 5 November 2004 138 8 December 2004 154 2 January 2005 147 1 February 2005 144 3 March 2005 130 11 April 2005 128 18 May 2005 133 16 June 2005 139 10 July 2005 152 9 August 2005 147 8 September 2005 125 20 October 2005 119 23 November 2005 125 15 December 2005 135 9 January 2006 137 10 February 2006 134 9 March 2006 138 9 April 2006 132 15 May 2006 112 25 June 2006 124 15 July 2006 130 13 August 2006 124 17 September 2006 128 14 October 2006 137 9 November 2006 140 7 December 2006 140 5 January 2007 136 6 February 2007 133 6 March 2007 138 6 April 2007 132 9 May 2007 124 15 June 2007 118 18 July 2007 125 14 August 2007 133 9 September 2007 139 7 October 2007 128 5 November 2007 117 9 December 2007 117 13 January 2008 119 9 February 2008 119 8 Source. Reuters/University of Michigan Survey. Figure: Ten-Day U.S. Light Vehicle Sales for Toyota, Honda, Nissan, and Mazda Annual rate Period Millions of units 10 January 2002 3.84 20 January 2002 3.85 31 January 2002 3.91 10 February 2002 3.40 20 February 2002 3.96 28 February 2002 3.99 10 March 2002 3.55 20 March 2002 3.96 31 March 2002 3.91 10 April 2002 4.03 20 April 2002 4.13 30 April 2002 4.01 10 May 2002 3.59 20 May 2002 3.88 31 May 2002 4.20 10 June 2002 4.06 20 June 2002 3.99 30 June 2002 3.92 10 July 2002 3.91 20 July 2002 4.10 31 July 2002 4.03 10 August 2002 3.96 20 August 2002 4.24 31 August 2002 4.14 10 September 2002 3.20 20 September 2002 4.16 30 September 2002 4.24 10 October 2002 4.28 20 October 2002 3.91 31 October 2002 3.62 10 November 2002 3.80 20 November 2002 3.93 30 November 2002 3.84 10 December 2002 3.90 20 December 2002 3.99 31 December 2002 4.38 10 January 2003 3.77 20 January 2003 3.95 31 January 2003 4.18 10 February 2003 4.29 20 February 2003 3.86 28 February 2003 4.04 10 March 2003 4.33 20 March 2003 4.20 31 March 2003 4.31 10 April 2003 4.06 20 April 2003 4.16 30 April 2003 4.10 10 May 2003 4.08 20 May 2003 4.05 31 May 2003 4.04 10 June 2003 4.20 20 June 2003 4.29 30 June 2003 4.56 10 July 2003 4.27 20 July 2003 4.25 31 July 2003 4.18 10 August 2003 4.47 20 August 2003 4.44 31 August 2003 4.79 10 September 2003 3.48 20 September 2003 4.28 30 September 2003 4.78 10 October 2003 4.19 20 October 2003 4.39 31 October 2003 4.55 10 November 2003 4.37 20 November 2003 4.46 30 November 2003 4.32 10 December 2003 4.28 20 December 2003 4.18 31 December 2003 4.38 10 January 2004 4.20 20 January 2004 4.48 31 January 2004 4.03 10 February 2004 4.38 20 February 2004 4.67 29 February 2004 4.58 10 March 2004 4.65 20 March 2004 4.53 31 March 2004 4.62 10 April 2004 4.59 20 April 2004 4.32 30 April 2004 4.55 10 May 2004 4.87 20 May 2004 4.80 31 May 2004 5.30 10 June 2004 4.49 20 June 2004 4.48 30 June 2004 4.46 10 July 2004 4.92 20 July 2004 4.65 31 July 2004 4.31 10 August 2004 4.33 20 August 2004 4.47 31 August 2004 4.79 10 September 2004 4.79 20 September 2004 4.49 30 September 2004 4.80 10 October 2004 4.50 20 October 2004 4.88 31 October 2004 4.77 10 November 2004 4.80 20 November 2004 4.80 30 November 2004 4.94 10 December 2004 5.11 20 December 2004 5.12 31 December 2004 5.84 10 January 2005 3.49 20 January 2005 4.80 31 January 2005 4.82 10 February 2005 4.93 20 February 2005 4.61 28 February 2005 4.99 10 March 2005 5.36 20 March 2005 4.88 31 March 2005 4.92 10 April 2005 5.07 20 April 2005 5.30 30 April 2005 4.78 10 May 2005 4.99 20 May 2005 4.95 31 May 2005 5.17 10 June 2005 5.25 20 June 2005 4.99 30 June 2005 5.23 10 July 2005 4.89 20 July 2005 5.04 31 July 2005 5.34 10 August 2005 5.12 20 August 2005 5.32 31 August 2005 5.15 10 September 2005 6.11 20 September 2005 5.13 30 September 2005 4.89 10 October 2005 5.10 20 October 2005 4.93 31 October 2005 4.83 10 November 2005 5.41 20 November 2005 4.92 30 November 2005 4.80 10 December 2005 5.47 20 December 2005 5.03 31 December 2005 4.84 10 January 2006 5.17 20 January 2006 5.26 31 January 2006 5.22 10 February 2006 5.40 20 February 2006 4.99 28 February 2006 5.34 10 March 2006 5.23 20 March 2006 5.25 31 March 2006 5.45 10 April 2006 5.39 20 April 2006 5.39 30 April 2006 5.44 10 May 2006 5.46 20 May 2006 5.43 31 May 2006 5.32 10 June 2006 5.32 20 June 2006 5.35 30 June 2006 5.22 10 July 2006 5.60 20 July 2006 5.57 31 July 2006 5.69 10 August 2006 5.69 20 August 2006 5.42 31 August 2006 5.10 10 September 2006 5.64 20 September 2006 5.42 30 September 2006 4.95 10 October 2006 5.59 20 October 2006 5.24 31 October 2006 5.40 10 November 2006 5.49 20 November 2006 5.42 30 November 2006 5.54 10 December 2006 5.46 20 December 2006 5.70 31 December 2006 5.42 10 January 2007 5.48 20 January 2007 5.33 31 January 2007 5.32 10 February 2007 5.35 20 February 2007 5.68 28 February 2007 5.39 10 March 2007 5.31 20 March 2007 5.60 31 March 2007 5.38 10 April 2007 5.27 20 April 2007 5.15 30 April 2007 5.51 10 May 2007 5.51 20 May 2007 5.58 31 May 2007 5.61 10 June 2007 5.54 20 June 2007 5.69 30 June 2007 5.19 10 July 2007 5.41 20 July 2007 5.45 31 July 2007 5.64 10 August 2007 5.62 20 August 2007 5.60 31 August 2007 5.74 10 September 2007 6.16 20 September 2007 5.56 30 September 2007 5.59 10 October 2007 5.62 20 October 2007 5.44 31 October 2007 5.54 10 November 2007 5.63 20 November 2007 5.93 30 November 2007 5.36 10 December 2007 5.98 20 December 2007 5.59 31 December 2007 6.05 10 January 2008 4.35 20 January 2008 6.15 31 January 2008 4.65 10 February 2008 4.62 20 February 2008 5.82 29 February 2008 5.04 As shown in the figure, the series ends at about 5.4 million units on March 10, 2008. Source. Nissan North America. Retail and Food Services Sales (Percent change from preceding period; seasonally adjusted current dollars) 2007 Category Q2 Q3 2008 Q4 Dec. Annual rate Total sales Retail control Jan. Feb. Monthly rate 4.8 -.7 .4 -.6 4.0 6.0 -.3 .6 -.2 4.7 5.0 1.9 -.3 .3 .0 .3 Ex. sales at gasoline stations 3.6 7.8 1 3.7 4.1 1.0 -.6 .0 -.1 Memo: Real PCE control 2 1. Total sales less outlays at building material and supply stores and automobile and other motor vehicle dealers. Return to table 2. Total goods spending excluding autos and trucks. The values for December and January are staff estimates. The value for February is a staff forecast. Return to table Figure: Change in Real PCE Goods Percent Period 1-month 6-month January 2004 0.956 0.368 February 2004 -0.313 0.007 March 2004 1.389 0.424 April 2004 -0.728 0.327 May 2004 1.284 0.327 June 2004 -1.583 0.168 July 2004 1.370 0.237 -0.163 0.262 September 2004 1.422 0.267 October 2004 0.101 0.405 November 2004 0.060 0.201 December 2004 0.927 0.620 January 2005 -0.244 0.351 February 2005 0.703 0.495 -0.265 0.214 April 2005 1.753 0.489 May 2005 -1.432 0.240 June 2005 1.787 0.384 July 2005 1.371 0.653 August 2005 -1.319 0.316 September 2005 -0.928 0.205 October 2005 0.433 -0.015 November 2005 0.451 0.299 December 2005 0.475 0.081 January 2006 1.625 0.123 February 2006 August 2004 March 2005 -0.317 0.290 March 2006 0.044 0.452 April 2006 0.715 0.499 May 2006 -0.304 0.373 June 2006 0.115 0.313 July 2006 1.256 0.251 -0.564 0.210 September 2006 0.298 0.253 October 2006 0.381 0.197 November 2006 0.368 0.309 December 2006 1.172 0.485 January 2007 0.268 0.321 February 2007 -0.130 0.393 0.157 0.369 -0.322 0.252 May 2007 0.705 0.308 June 2007 -0.520 0.026 July 2007 0.321 0.035 August 2007 0.397 0.123 September 2007 0.683 0.211 October 2007 0.024 0.268 November 2007 -0.136 0.128 December 2007 -0.480 0.135 January 2008 -0.281 0.034 February 2008 -0.054 -0.041 August 2006 March 2007 April 2007 Note. The values for December and January are staff estimates. The value for February is a staff forecast. Figure: Change in Real PCE Services Percent Period 1-month 6-month January 2004 0.633 0.318 February 2004 0.091 0.281 March 2004 -0.211 0.257 April 2004 0.627 0.320 May 2004 0.394 0.320 June 2004 -0.108 0.238 July 2004 0.377 0.195 August 2004 0.291 0.228 September 2004 0.243 0.304 October 2004 0.257 0.242 November 2004 0.292 0.225 December 2004 0.352 0.302 January 2005 0.037 0.245 February 2005 0.028 0.202 March 2005 0.224 0.198 April 2005 -0.224 0.118 May 2005 0.528 0.158 June 2005 0.511 0.184 July 2005 0.263 0.222 August 2005 0.313 0.269 September 2005 0.279 0.278 -0.007 0.314 November 2005 0.319 0.280 December 2005 0.426 0.265 October 2005 January 2006 -0.504 0.137 February 2006 0.936 0.241 March 2006 0.057 0.204 April 2006 -0.009 0.204 May 2006 0.433 0.223 June 2006 0.150 0.177 July 2006 0.202 0.295 August 2006 -0.005 0.138 September 2006 0.154 0.154 October 2006 0.698 0.272 November 2006 0.147 0.224 December 2006 0.042 0.206 January 2007 0.470 0.251 February 2007 0.558 0.345 March 2007 -0.460 0.242 April 2007 0.765 0.254 May 2007 -0.356 0.170 June 2007 0.475 0.242 July 2007 0.224 0.201 August 2007 0.469 0.186 September 2007 -0.094 0.247 October 2007 0.100 0.136 November 2007 0.643 0.303 December 2007 0.238 0.263 January 2008 0.391 0.291 Figure: Personal Saving Rate Period Percent January 1996 4.21 February 1996 4.31 March 1996 4.21 April 1996 3.12 May 1996 4.14 June 1996 4.55 July 1996 4.11 August 1996 4.05 September 1996 4.15 October 1996 3.81 November 1996 3.78 December 1996 3.76 January 1997 3.66 February 1997 3.54 March 1997 3.71 April 1997 3.76 May 1997 4.02 June 1997 3.87 July 1997 3.28 August 1997 3.33 September 1997 3.59 October 1997 3.51 November 1997 3.71 December 1997 3.77 January 1998 4.63 February 1998 4.62 March 1998 4.73 April 1998 4.71 May 1998 4.39 June 1998 4.37 July 1998 4.49 August 1998 4.35 September 1998 4.21 October 1998 3.94 November 1998 4.01 December 1998 3.53 January 1999 3.96 February 1999 3.71 March 1999 3.29 April 1999 2.47 May 1999 2.14 June 1999 2.13 July 1999 1.92 August 1999 1.85 September 1999 1.38 October 1999 1.97 November 1999 2.11 December 1999 1.61 January 2000 2.86 February 2000 2.38 March 2000 2.05 April 2000 2.36 May 2000 2.37 June 2000 2.47 July 2000 2.86 August 2000 2.83 September 2000 2.16 October 2000 2.28 November 2000 2.05 December 2000 1.46 January 2001 1.93 February 2001 1.70 March 2001 2.00 April 2001 1.56 May 2001 0.97 June 2001 1.06 July 2001 2.43 August 2001 3.70 September 2001 October 2001 4.15 -0.18 November 2001 0.67 December 2001 1.13 January 2002 2.92 February 2002 2.76 March 2002 3.04 April 2002 2.55 May 2002 3.14 June 2002 2.77 July 2002 1.93 August 2002 1.73 September 2002 2.20 October 2002 1.99 November 2002 1.82 December 2002 1.49 January 2003 1.83 February 2003 2.03 March 2003 1.75 April 2003 2.01 May 2003 2.34 June 2003 2.10 July 2003 2.83 August 2003 2.47 September 2003 1.74 October 2003 2.07 November 2003 2.15 December 2003 2.35 January 2004 1.94 February 2004 2.24 March 2004 2.01 April 2004 2.17 May 2004 1.59 June 2004 2.25 July 2004 1.75 August 2004 2.20 September 2004 1.40 October 2004 1.55 November 2004 1.38 December 2004 1.31 January 2005 1.15 February 2005 0.94 March 2005 0.90 April 2005 0.62 May 2005 1.06 June 2005 0.57 July 2005 0.19 August 2005 -2.31 September 2005 0.47 October 2005 0.47 November 2005 0.81 December 2005 0.99 January 2006 1.07 February 2006 0.82 March 2006 0.79 April 2006 0.41 May 2006 0.06 June 2006 0.47 July 2006 -0.35 August 2006 -0.05 September 2006 0.35 October 2006 0.44 November 2006 0.49 December 2006 0.35 January 2007 0.56 February 2007 0.85 March 2007 1.48 April 2007 0.44 May 2007 0.19 June 2007 0.28 July 2007 0.45 August 2007 0.48 September 2007 0.38 October 2007 0.32 November 2007 -0.29 December 2007 -0.04 January 2008 -0.06 Fundamentals of Household Spending Figure: Changes in Wages, Salaries, and Disposable Income A bar chart shows three series, "Nominal wage and salary disbursements (white)", "Nominal DPI (black)", and "Real DPI (striped)" from 2007 through January 2008. Unit is Percent, annual rate. The estimated values for "Nominal wage and salary disbursements" series are as follows: 2007: 4.8 percent. 2007:Q3: 4.0. 2007:Q4: 3.9. January 2008: 6.1. The estimated values for "Nominal DPI" series are as follows: 2007: 5.5 percent. 2007:Q3: 5.9. 2007:Q4: 3.8. January 2008: 5.5. The estimated values for "Real DPI" series are as follows: 2007: 2.0 percent. 2007:Q3: 4.0. 2007:Q4: -0.5. January 2008: 1.0. Figure: Changes in Real DPI Period 4-quarter percent change 1997:Q1 3.18 1997:Q2 3.17 1997:Q3 3.47 1997:Q4 4.30 1998:Q1 5.52 1998:Q2 6.19 1998:Q3 6.13 1998:Q4 5.56 1999:Q1 4.12 1999:Q2 2.76 1999:Q3 2.16 1999:Q4 2.85 2000:Q1 4.36 2000:Q2 4.92 2000:Q3 5.74 2000:Q4 4.37 2001:Q1 2.44 2001:Q2 1.32 2001:Q3 2.80 2001:Q4 1.19 2002:Q1 3.67 2002:Q2 4.59 2002:Q3 1.39 2002:Q4 2.90 2003:Q1 0.55 2003:Q2 1.33 2003:Q3 3.30 2003:Q4 3.68 2004:Q1 4.18 2004:Q2 3.51 2004:Q3 2.66 2004:Q4 2.94 2005:Q1 2.29 2005:Q2 2.33 2005:Q3 1.29 2005:Q4 2.21 2006:Q1 3.14 2006:Q2 2.55 2006:Q3 3.32 2006:Q4 3.21 2007:Q1 3.35 2007:Q2 3.10 2007:Q3 3.67 2007:Q4 2.17 Note. Values for 2004:Q4 and 2005:Q4 exclude the effect on income of the one-time Microsoft dividend in December 2004. Figure: Household Net Worth and Wilshire 5000: Ratio of household net worth to DPI* Period Ratio 1997:Q4 5.554 1998:Q1 5.729 1998:Q2 5.736 1998:Q3 5.432 1998:Q4 5.730 1999:Q1 5.788 1999:Q2 5.934 1999:Q3 5.788 1999:Q4 6.179 2000:Q1 6.127 2000:Q2 5.991 2000:Q3 5.910 2000:Q4 5.699 2001:Q1 5.422 2001:Q2 5.557 2001:Q3 5.147 2001:Q4 5.402 2002:Q1 5.295 2002:Q2 5.057 2002:Q3 4.845 2002:Q4 4.957 2003:Q1 4.910 2003:Q2 5.079 2003:Q3 5.076 2003:Q4 5.297 2004:Q1 5.294 2004:Q2 5.305 2004:Q3 5.281 2004:Q4 5.443 2005:Q1 5.421 2005:Q2 5.453 2005:Q3 5.547 2005:Q4 5.558 2006:Q1 5.621 2006:Q2 5.573 2006:Q3 5.615 2006:Q4 5.694 2007:Q1 5.642 2007:Q2 5.707 2007:Q3 5.696 2007:Q4 5.578 * The value for 2004:Q4 excludes the effect on income of the one-time Microsoft dividend in December 2004. Return to table Figure: Household Net Worth and Wilshire 5000: Wilshire 5000 Period Index October 1997 8865.25 November 1997 9142.43 December 1997 9298.19 January 1998 9340.80 February 1998 10006.44 March 1998 10494.72 April 1998 10609.61 May 1998 10341.47 June 1998 10663.62 July 1998 10420.26 August 1998 September 1998 8785.71 9346.81 October 1998 10032.19 November 1998 10650.20 December 1998 11317.59 January 1999 11724.83 February 1999 11286.08 March 1999 11707.67 April 1999 12259.36 May 1999 11976.75 June 1999 12583.60 July 1999 12189.84 August 1999 12042.23 September 1999 11713.80 October 1999 12449.40 November 1999 12851.93 December 1999 13812.67 January 2000 13230.62 February 2000 13511.00 March 2000 14296.18 April 2000 13541.70 May 2000 13052.96 June 2000 13618.50 July 2000 13330.31 August 2000 14280.04 September 2000 13613.01 October 2000 13314.68 November 2000 11976.24 December 2000 12175.88 January 2001 12631.36 February 2001 11425.29 March 2001 10645.85 April 2001 11512.46 May 2001 11610.22 June 2001 11407.15 July 2001 11208.51 August 2001 10515.09 September 2001 9562.93 October 2001 9796.86 November 2001 10531.45 December 2001 10707.68 January 2002 10564.72 February 2002 10332.89 March 2002 10775.74 April 2002 10241.18 May 2002 10106.49 June 2002 9384.03 July 2002 8616.94 August 2002 8654.04 September 2002 7773.63 October 2002 8357.32 November 2002 8846.71 December 2002 8343.19 January 2003 8125.07 February 2003 7972.60 March 2003 8051.86 April 2003 8701.97 May 2003 9218.89 June 2003 9342.95 July 2003 9555.19 August 2003 9770.56 September 2003 9649.68 October 2003 10224.52 November 2003 10352.22 December 2003 10799.63 January 2004 11029.20 February 2004 11172.89 March 2004 11039.42 April 2004 10793.66 May 2004 10926.36 June 2004 11138.91 July 2004 10701.65 August 2004 10719.15 September 2004 10895.48 October 2004 11068.95 November 2004 11568.54 December 2004 11971.14 January 2005 11642.57 February 2005 11863.48 March 2005 11638.27 April 2005 11363.52 May 2005 11787.81 June 2005 11876.74 July 2005 12360.81 August 2005 12217.13 September 2005 12289.26 October 2005 12063.24 November 2005 12521.92 December 2005 12517.69 January 2006 12953.63 February 2006 12922.27 March 2006 13155.44 April 2006 13280.93 May 2006 12841.69 June 2006 12849.29 July 2006 12789.67 August 2006 13062.54 September 2006 13345.97 October 2006 13829.07 November 2006 14116.71 December 2006 14257.55 January 2007 14531.92 February 2007 14271.61 March 2007 14409.27 April 2007 14952.35 May 2007 15462.16 June 2007 15210.65 July 2007 14682.66 August 2007 14847.70 September 2007 15362.02 October 2007 15673.36 November 2007 14932.67 December 2007 14819.58 January 2008 13896.65 February 2008 13455.96 12 March 2008 13363.84 Figure: Target Federal Funds Rate and 10-Year Treasury Yield Percent Period Federal funds rate Treasury yield January 1998 5.50 5.53 February 1998 5.50 5.62 March 1998 5.50 5.67 April 1998 5.50 5.68 May 1998 5.50 5.56 June 1998 5.50 5.44 July 1998 5.50 5.50 August 1998 5.50 5.05 September 1998 5.25 4.44 October 1998 5.00 4.64 November 1998 4.75 4.74 December 1998 4.75 4.65 January 1999 4.75 4.66 February 1999 4.75 5.29 March 1999 4.75 5.25 April 1999 4.75 5.36 May 1999 4.75 5.64 June 1999 5.00 5.81 July 1999 5.00 5.92 August 1999 5.25 5.98 September 1999 5.25 5.90 October 1999 5.25 6.02 November 1999 5.50 6.18 December 1999 5.50 6.45 January 2000 5.50 6.68 February 2000 5.75 6.42 March 2000 6.00 6.03 April 2000 6.00 6.23 May 2000 6.50 6.29 June 2000 6.50 6.03 July 2000 6.50 6.04 August 2000 6.50 5.73 September 2000 6.50 5.80 October 2000 6.50 5.77 November 2000 6.50 5.48 December 2000 6.50 5.12 January 2001 5.50 5.19 February 2001 5.50 4.92 March 2001 5.00 4.93 April 2001 4.50 5.35 May 2001 4.00 5.43 June 2001 3.75 5.42 July 2001 3.75 5.07 August 2001 3.50 4.85 September 2001 3.00 4.60 October 2001 2.50 4.30 November 2001 2.00 4.78 December 2001 1.75 5.07 January 2002 1.75 5.07 February 2002 1.75 4.88 March 2002 1.75 5.42 April 2002 1.75 5.11 May 2002 1.75 5.08 June 2002 1.75 4.86 July 2002 1.75 4.51 August 2002 1.75 4.14 September 2002 1.75 3.63 October 2002 1.75 3.93 November 2002 1.25 4.22 December 2002 1.25 3.83 January 2003 1.25 4.00 February 2003 1.25 3.71 March 2003 1.25 3.83 April 2003 1.25 3.89 May 2003 1.25 3.37 June 2003 1.00 3.54 July 2003 1.00 4.49 August 2003 1.00 4.45 September 2003 1.00 3.96 October 2003 1.00 4.33 November 2003 1.00 4.34 December 2003 1.00 4.27 January 2004 1.00 4.16 February 2004 1.00 3.99 March 2004 1.00 3.86 April 2004 1.00 4.53 May 2004 1.00 4.66 June 2004 1.25 4.62 July 2004 1.25 4.50 August 2004 1.50 4.13 September 2004 1.75 4.14 October 2004 1.75 4.05 November 2004 2.00 4.36 December 2004 2.25 4.24 January 2005 2.25 4.14 February 2005 2.50 4.36 March 2005 2.75 4.50 April 2005 2.75 4.21 May 2005 3.00 4.00 June 2005 3.25 3.94 July 2005 3.25 4.28 August 2005 3.50 4.02 September 2005 3.75 4.34 October 2005 3.75 4.57 November 2005 4.00 4.49 December 2005 4.25 4.39 January 2006 4.50 4.53 February 2006 4.50 4.55 March 2006 4.75 4.86 April 2006 4.75 5.07 May 2006 5.00 5.12 June 2006 5.25 5.15 July 2006 5.25 4.99 August 2006 5.25 4.74 September 2006 5.25 4.64 October 2006 5.25 4.61 November 2006 5.25 4.46 December 2006 5.25 4.71 January 2007 5.25 4.83 February 2007 5.25 4.56 March 2007 5.25 4.65 April 2007 5.25 4.63 May 2007 5.25 4.90 June 2007 5.25 5.03 July 2007 5.25 4.78 August 2007 5.25 4.54 September 2007 4.75 4.59 October 2007 4.50 4.48 November 2007 4.50 3.97 December 2007 4.25 4.04 January 2008 3.00 3.67 February 2008 3.00 3.53 12 March 2008 3.00 3.56 Figure: Consumer Confidence Period Reuters/Michigan (1966 = 100) Conference Board (1985 = 100) January 1990 93.0 106.5 February 1990 89.5 106.7 March 1990 91.3 110.6 April 1990 93.9 107.3 May 1990 90.6 107.3 June 1990 88.3 102.4 July 1990 88.2 101.7 August 1990 76.4 84.7 September 1990 72.8 85.6 October 1990 63.9 62.6 November 1990 66.0 61.7 December 1990 65.5 61.2 January 1991 66.8 55.1 February 1991 70.4 59.4 March 1991 87.7 81.1 April 1991 81.8 79.4 May 1991 78.3 76.4 June 1991 82.1 78.0 July 1991 82.9 77.7 August 1991 82.0 76.1 September 1991 83.0 72.9 October 1991 78.3 60.1 November 1991 69.1 52.7 December 1991 68.2 52.5 January 1992 67.5 50.2 February 1992 68.8 47.3 March 1992 76.0 56.5 April 1992 77.2 65.1 May 1992 79.2 71.9 June 1992 80.4 72.6 July 1992 76.6 61.2 August 1992 76.1 59.0 September 1992 75.6 57.3 October 1992 73.3 54.6 November 1992 85.3 65.6 December 1992 91.0 78.1 January 1993 89.3 76.7 February 1993 86.6 68.5 March 1993 85.9 63.2 April 1993 85.6 67.6 May 1993 80.3 61.9 June 1993 81.5 58.6 July 1993 77.0 59.2 August 1993 77.3 59.3 September 1993 77.9 63.8 October 1993 82.7 60.5 November 1993 81.2 71.9 December 1993 88.2 79.8 January 1994 94.3 82.6 February 1994 93.2 79.9 March 1994 91.5 86.7 April 1994 92.6 92.1 May 1994 92.8 88.9 June 1994 91.2 92.5 July 1994 89.0 91.3 August 1994 91.7 90.4 September 1994 91.5 89.5 October 1994 92.7 89.1 November 1994 91.6 100.4 December 1994 95.1 103.4 January 1995 97.6 101.4 February 1995 95.1 99.4 March 1995 90.3 100.2 April 1995 92.5 104.6 May 1995 89.8 102.0 June 1995 92.7 94.6 July 1995 94.4 101.4 August 1995 96.2 102.4 September 1995 88.9 97.3 October 1995 90.2 96.3 November 1995 88.2 101.6 December 1995 91.0 99.2 January 1996 89.3 88.4 February 1996 88.5 98.0 March 1996 93.7 98.4 April 1996 92.7 104.8 May 1996 89.4 103.5 June 1996 92.4 100.1 July 1996 94.7 107.0 August 1996 95.3 112.0 September 1996 94.7 111.8 October 1996 96.5 107.3 November 1996 99.2 109.5 December 1996 96.9 114.2 January 1997 97.4 118.7 February 1997 99.7 118.9 March 1997 100.0 118.5 April 1997 101.4 118.5 May 1997 103.2 127.9 June 1997 104.5 129.9 July 1997 107.1 126.3 August 1997 104.4 127.6 September 1997 106.0 130.2 October 1997 105.6 123.4 November 1997 107.2 128.1 December 1997 102.1 136.2 January 1998 106.6 128.3 February 1998 110.4 137.4 March 1998 106.5 133.8 April 1998 108.7 137.2 May 1998 106.5 136.3 June 1998 105.6 138.2 July 1998 105.2 137.2 August 1998 104.4 133.1 September 1998 100.9 126.4 October 1998 97.4 119.3 November 1998 102.7 126.4 December 1998 100.5 126.7 January 1999 103.9 128.9 February 1999 108.1 133.1 March 1999 105.7 134.0 April 1999 104.6 135.5 May 1999 106.8 137.7 June 1999 107.3 139.0 July 1999 106.0 136.2 August 1999 104.5 136.0 September 1999 107.2 134.2 October 1999 103.2 130.5 November 1999 107.2 137.0 December 1999 105.4 141.7 January 2000 112.0 144.7 February 2000 111.3 140.8 March 2000 107.1 137.1 April 2000 109.2 137.7 May 2000 110.7 144.7 June 2000 106.4 139.2 July 2000 108.3 143.0 August 2000 107.3 140.8 September 2000 106.8 142.5 October 2000 105.8 135.8 November 2000 107.6 132.6 December 2000 98.4 128.6 January 2001 94.7 115.7 February 2001 90.6 109.2 March 2001 91.5 116.9 April 2001 88.4 109.9 May 2001 92.0 116.1 June 2001 92.6 118.9 July 2001 92.4 116.3 August 2001 91.5 114.0 September 2001 81.8 97.0 October 2001 82.7 85.3 November 2001 83.9 84.9 December 2001 88.8 94.6 January 2002 93.0 97.8 February 2002 90.7 95.0 March 2002 95.7 110.7 April 2002 93.0 108.5 May 2002 96.9 110.3 June 2002 92.4 106.3 July 2002 88.1 97.4 August 2002 87.6 94.5 September 2002 86.1 93.7 October 2002 80.6 79.6 November 2002 84.2 84.9 December 2002 86.7 80.7 January 2003 82.4 78.8 February 2003 79.9 64.8 March 2003 77.6 61.4 April 2003 86.0 81.0 May 2003 92.1 83.6 June 2003 89.7 83.5 July 2003 90.9 77.0 August 2003 89.3 81.7 September 2003 87.7 77.0 October 2003 89.6 81.7 November 2003 93.7 92.5 December 2003 92.6 94.8 103.8 97.7 February 2004 94.4 88.5 March 2004 95.8 88.5 April 2004 94.2 93.0 May 2004 90.2 93.1 June 2004 95.6 102.8 July 2004 96.7 105.7 August 2004 95.9 98.7 September 2004 94.2 96.7 October 2004 91.7 92.9 November 2004 92.8 92.6 December 2004 97.1 102.7 January 2005 95.5 105.1 February 2005 94.1 104.4 March 2005 92.6 103.0 April 2005 87.7 97.5 May 2005 86.9 103.1 June 2005 96.0 106.2 July 2005 96.5 103.6 August 2005 89.1 105.5 September 2005 76.9 87.5 October 2005 74.2 85.2 November 2005 81.6 98.3 December 2005 91.5 103.8 January 2004 January 2006 91.2 106.8 February 2006 86.7 102.7 March 2006 88.9 107.5 April 2006 87.4 109.8 May 2006 79.1 104.7 June 2006 84.9 105.4 July 2006 84.7 107.0 August 2006 82.0 100.2 September 2006 85.4 105.9 October 2006 93.6 105.1 November 2006 92.1 105.3 December 2006 91.7 110.0 January 2007 96.9 110.2 February 2007 91.3 111.2 March 2007 88.4 108.2 April 2007 87.1 106.3 May 2007 88.3 108.5 June 2007 85.3 105.3 July 2007 90.4 111.9 August 2007 83.4 105.6 September 2007 83.4 99.5 October 2007 80.9 95.2 November 2007 76.1 87.8 December 2007 75.5 90.6 January 2008 78.4 87.3 February 2008 70.8 76.4 Private Housing Activity (Millions of units, seasonally adjusted; annual rate except as noted) 2007 Sector 2008 2007 Q3 Q4 Nov. Dec. Jan. All units Starts 1.36 1.30 1.15 1.18 1.00 1.01 Permits 1.38 1.32 1.14 1.16 1.08 1.06 Single-family units Starts 1.05 Permit backlog .82 .78 .74 .76 .77 .70 .68 .99 .97 .78 .78 .74 .70 .114 .109 .113 .109 .110 .78 .73 .65 .63 .61 .59 8.34 8.79 9.27 9.56 9.78 9.84 4.94 2 .83 .94 .109 Adjusted permits 1 .99 .97 Permits 4.76 4.39 4.41 4.32 4.34 8.68 9.15 10.02 New homes Sales Months' supply3 Existing homes Sales Months' supply Multifamily units 3 9.74 10.32 10.77 Starts .309 .310 .326 .362 .220 .269 Permits .407 .384 .377 .392 .378 .380 Permit backlog 2 .074 .075 .074 .072 .074 .078 .096 .096 .093 .093 .091 .091 .713 .701 .608 .611 .588 .550 Mobile homes Shipments Condos and co-ops Existing home sales 1. Adjusted permits equal permit issuance plus total starts outside of permit-issuing areas. Return to table 2. Number outstanding at end of period. Excludes permits that have expired or have been canceled, abandoned, or revoked. Not at an annual rate. Return to table 3. At current sales rate; expressed as the ratio of seasonally adjusted inventories to seasonally adjusted sales. Quarterly and annual figures are averages of monthly figures. Return to table Figure: Private Housing Starts and Permits (Seasonally adjusted annual rate) Millions of units Period Single-family starts Single-family adjusted permits Multifamily starts January 1999 1.349 1.299 0.399 February 1999 1.317 1.343 0.353 March 1999 1.345 1.297 0.365 April 1999 1.220 1.263 0.333 May 1999 1.312 1.303 0.299 June 1999 1.266 1.329 0.293 July 1999 1.308 1.328 0.361 August 1999 1.265 1.273 0.383 September 1999 1.286 1.258 0.349 October 1999 1.310 1.247 0.298 November 1999 1.321 1.270 0.327 December 1999 1.375 1.334 0.333 January 2000 1.268 1.301 0.368 February 2000 1.255 1.272 0.482 March 2000 1.313 1.309 0.291 April 2000 1.275 1.274 0.351 May 2000 1.230 1.232 0.345 June 2000 1.202 1.193 0.357 July 2000 1.142 1.196 0.321 August 2000 1.231 1.212 0.310 September 2000 1.195 1.238 0.312 October 2000 1.235 1.254 0.314 November 2000 1.212 1.237 0.339 December 2000 1.226 1.221 0.306 January 2001 1.275 1.276 0.325 February 2001 1.280 1.302 0.345 March 2001 1.218 1.268 0.372 April 2001 1.311 1.299 0.338 May 2001 1.285 1.293 0.320 June 2001 1.295 1.312 0.341 July 2001 1.298 1.278 0.372 August 2001 1.286 1.287 0.281 September 2001 1.243 1.228 0.319 October 2001 1.240 1.220 0.300 November 2001 1.244 1.277 0.358 December 2001 1.285 1.272 0.283 January 2002 1.307 1.308 0.374 February 2002 1.491 1.413 0.326 March 2002 1.284 1.334 0.367 April 2002 1.275 1.321 0.312 May 2002 1.389 1.306 0.363 June 2002 1.359 1.352 0.350 July 2002 1.329 1.353 0.337 August 2002 1.249 1.344 0.381 September 2002 1.449 1.441 0.361 October 2002 1.366 1.420 0.287 November 2002 1.403 1.433 0.357 December 2002 1.462 1.482 0.353 January 2003 1.537 1.454 0.316 February 2003 1.301 1.403 0.328 March 2003 1.399 1.423 0.327 April 2003 1.374 1.418 0.269 May 2003 1.391 1.423 0.360 June 2003 1.513 1.506 0.354 July 2003 1.535 1.525 0.362 August 2003 1.484 1.558 0.349 September 2003 1.555 1.584 0.384 October 2003 1.631 1.608 0.336 November 2003 1.694 1.570 0.389 December 2003 1.647 1.628 0.410 January 2004 1.560 1.569 0.351 February 2004 1.481 1.595 0.365 March 2004 1.632 1.682 0.366 April 2004 1.646 1.638 0.357 May 2004 1.652 1.700 0.329 June 2004 1.526 1.658 0.302 July 2004 1.675 1.640 0.327 August 2004 1.691 1.639 0.333 September 2004 1.555 1.633 0.350 October 2004 1.660 1.627 0.412 November 2004 1.458 1.592 0.324 December 2004 1.714 1.653 0.328 January 2005 1.739 1.680 0.405 February 2005 1.792 1.656 0.415 March 2005 1.583 1.606 0.281 April 2005 1.658 1.687 0.403 May 2005 1.714 1.675 0.311 June 2005 1.719 1.713 0.349 July 2005 1.724 1.747 0.330 August 2005 1.728 1.744 0.367 September 2005 1.789 1.839 0.362 October 2005 1.740 1.773 0.325 November 2005 1.808 1.751 0.339 December 2005 1.628 1.688 0.366 January 2006 1.837 1.708 0.455 February 2006 1.808 1.643 0.317 March 2006 1.610 1.592 0.355 April 2006 1.510 1.513 0.311 May 2006 1.582 1.479 0.362 June 2006 1.469 1.445 0.350 July 2006 1.434 1.354 0.312 August 2006 1.355 1.315 0.291 September 2006 1.391 1.247 0.330 October 2006 1.181 1.185 0.289 November 2006 1.273 1.174 0.292 December 2006 1.241 1.214 0.388 January 2007 1.123 1.139 0.280 February 2007 1.188 1.122 0.299 March 2007 1.205 1.167 0.286 April 2007 1.195 1.092 0.290 May 2007 1.155 1.077 0.285 June 2007 1.147 1.053 0.321 July 2007 1.058 1.029 0.313 August 2007 0.974 0.957 0.373 September 2007 0.938 0.919 0.244 October 2007 0.879 0.829 0.395 November 2007 0.816 0.783 0.362 December 2007 0.784 0.737 0.220 January 2008 0.743 0.701 0.269 Note. Adjusted permits equal permit issuance plus total starts outside of permit-issuing areas. Indicators of Single-Family Housing Figure: Existing Single-Family Home Sales Period Pending home sales (Index, 2001=100) Existing home sales (Millions of units, annual rate) January 2001 101.7 4.55 February 2001 107.0 4.66 March 2001 101.8 4.83 April 2001 98.6 4.73 May 2001 101.4 4.68 98.4 4.82 June 2001 July 2001 97.7 4.81 August 2001 97.5 4.85 September 2001 89.8 4.63 98.1 4.65 November 2001 October 2001 102.2 4.65 December 2001 108.7 4.86 January 2002 106.2 5.22 February 2002 106.1 5.20 March 2002 103.4 4.98 April 2002 103.6 5.00 May 2002 99.4 4.97 June 2002 98.6 4.86 July 2002 100.6 4.78 August 2002 102.0 4.73 September 2002 102.8 4.87 October 2002 100.9 5.02 November 2002 104.4 5.06 December 2002 103.2 5.28 January 2003 105.7 5.33 99.3 5.29 March 2003 103.5 5.17 April 2003 105.6 5.15 May 2003 106.0 5.24 June 2003 110.6 5.24 July 2003 113.3 5.53 August 2003 108.1 5.76 September 2003 108.3 5.80 October 2003 110.7 5.63 November 2003 110.3 5.48 December 2003 109.1 5.70 January 2004 111.8 5.51 February 2004 113.9 5.63 March 2004 120.9 5.86 April 2004 117.4 5.92 May 2004 121.8 6.03 June 2004 119.5 6.09 July 2004 121.0 6.00 August 2004 121.9 5.87 September 2004 124.0 5.88 October 2004 126.1 6.02 November 2004 124.1 6.11 December 2004 124.2 6.05 January 2005 122.6 6.20 February 2005 124.5 6.02 March 2005 123.8 6.10 April 2005 127.0 6.23 May 2005 125.4 6.18 June 2005 125.8 6.25 July 2005 126.9 6.24 August 2005 126.7 6.31 September 2005 125.9 6.34 October 2005 123.7 6.21 November 2005 120.6 6.14 December 2005 118.3 5.95 January 2006 118.4 5.87 February 2006 117.6 6.02 March 2006 115.4 6.01 April 2006 114.1 5.87 May 2006 112.4 5.78 June 2006 111.5 5.68 February 2003 July 2006 108.3 5.55 August 2006 110.1 5.55 September 2006 107.9 5.51 October 2006 107.0 5.56 November 2006 108.8 5.51 December 2006 113.7 5.53 January 2007 106.8 5.59 February 2007 107.6 5.80 March 2007 103.9 5.33 April 2007 101.5 5.17 May 2007 98.5 5.16 June 2007 101.4 5.01 July 2007 92.8 5.01 August 2007 85.8 4.81 September 2007 87.8 4.45 October 2007 89.8 4.43 November 2007 86.9 4.41 December 2007 85.9 4.32 January 2008 85.9 4.34 As shown in the figure, the existing home sales series begins in January 1999 at about 4.7 million units, then fluctuates between about 4.5 and 4.9 through December 2000. Source. National Association of Realtors. Figure: New Single-Family Home Sales Millions of units (annual rate) Period Sales agreements January 1999 0.875 February 1999 0.848 March 1999 0.863 April 1999 0.918 May 1999 0.888 June 1999 0.923 July 1999 0.900 August 1999 0.893 September 1999 0.826 October 1999 0.872 November 1999 0.863 December 1999 0.873 January 2000 0.873 February 2000 0.856 March 2000 0.900 April 2000 0.841 May 2000 0.857 June 2000 0.793 July 2000 0.887 August 2000 0.848 September 2000 0.912 October 2000 0.933 November 2000 0.880 December 2000 0.983 January 2001 0.936 February 2001 0.963 March 2001 0.939 April 2001 0.909 May 2001 0.885 June 2001 0.882 July 2001 0.880 August 2001 0.866 September 2001 0.853 October 2001 0.871 November 2001 0.924 December 2001 0.979 January 2002 0.880 February 2002 0.948 March 2002 0.923 April 2002 0.936 May 2002 0.978 June 2002 0.957 July 2002 0.956 August 2002 1.014 September 2002 1.044 October 2002 1.006 November 2002 1.024 December 2002 1.048 January 2003 0.999 February 2003 0.936 March 2003 0.999 April 2003 1.012 May 2003 1.078 June 2003 1.193 July 2003 1.168 August 2003 1.206 September 2003 1.131 October 2003 1.144 November 2003 1.093 December 2003 1.129 January 2004 1.165 February 2004 1.159 March 2004 1.276 April 2004 1.186 May 2004 1.241 June 2004 1.180 July 2004 1.088 August 2004 1.175 September 2004 1.214 October 2004 1.305 November 2004 1.179 December 2004 1.242 January 2005 1.203 February 2005 1.319 March 2005 1.328 April 2005 1.260 May 2005 1.286 June 2005 1.274 July 2005 1.389 August 2005 1.255 September 2005 1.244 October 2005 1.336 November 2005 1.214 December 2005 1.239 January 2006 1.185 February 2006 1.084 March 2006 1.126 April 2006 1.097 May 2006 1.087 June 2006 1.073 July 2006 0.969 August 2006 1.009 September 2006 1.004 October 2006 0.952 November 2006 0.987 December 2006 1.019 January 2007 0.890 February 2007 0.840 March 2007 0.830 April 2007 0.907 May 2007 0.861 June 2007 0.797 July 2007 0.796 August 2007 0.701 September 2007 0.693 October 2007 0.725 November 2007 0.630 December 2007 0.605 January 2008 0.588 Note: [redacted]. Source. [redacted] for sales agreements, Census Bureau. Figure: New Home Sales [redacted] Months' Supply Months Period Months' supply January 1999 3.63 February 1999 3.84 March 1999 4.02 April 1999 3.97 May 1999 3.98 June 1999 3.89 July 1999 3.94 August 1999 3.95 September 1999 4.14 October 1999 4.21 November 1999 4.29 December 1999 4.25 January 2000 4.29 February 2000 4.14 March 2000 4.29 April 2000 4.23 May 2000 4.23 June 2000 4.42 July 2000 4.30 August 2000 4.30 September 2000 4.08 October 2000 4.02 November 2000 4.03 December 2000 3.84 January 2001 3.81 February 2001 3.70 March 2001 3.70 April 2001 3.77 May 2001 3.89 June 2001 4.05 July 2001 4.15 August 2001 4.22 September 2001 4.29 October 2001 4.28 November 2001 4.19 December 2001 4.00 January 2002 4.01 February 2002 4.01 March 2002 4.14 April 2002 4.16 May 2002 4.15 June 2002 4.11 July 2002 4.15 August 2002 4.11 September 2002 3.98 October 2002 3.94 November 2002 3.96 December 2002 3.96 January 2003 4.00 February 2003 4.12 March 2003 4.15 April 2003 4.15 May 2003 4.00 June 2003 3.76 July 2003 3.58 August 2003 3.49 September 2003 3.59 October 2003 3.73 November 2003 3.91 December 2003 3.96 January 2004 3.98 February 2004 3.88 March 2004 3.81 April 2004 3.81 May 2004 3.72 June 2004 3.82 July 2004 4.10 August 2004 4.23 September 2004 4.25 October 2004 4.02 November 2004 4.07 December 2004 4.08 January 2005 4.38 February 2005 4.27 March 2005 4.16 April 2005 4.10 May 2005 4.18 June 2005 4.29 July 2005 4.23 August 2005 4.37 September 2005 4.51 October 2005 4.60 November 2005 4.76 December 2005 4.86 January 2006 5.17 February 2006 5.53 March 2006 5.86 April 2006 6.15 May 2006 6.13 June 2006 6.25 July 2006 6.59 August 2006 6.70 September 2006 6.76 October 2006 6.71 November 2006 6.63 December 2006 6.51 January 2007 6.66 February 2007 7.12 March 2007 7.71 April 2007 7.64 May 2007 7.52 June 2007 7.59 July 2007 7.89 August 2007 8.36 September 2007 8.66 October 2007 8.70 November 2007 8.82 December 2007 9.06 January 2008 9.52 Note. [redacted]. Months' supply is calculated using the 3-month moving average of sales. Source. [redacted] for months' supply, Census Bureau. Figure: Mortgage Rates Percent Period 30-year jumbo FRM 30-year conforming FRM 1-year conforming ARM January 1999 7.17 6.79 5.59 February 1999 7.12 6.81 5.65 March 1999 7.27 7.03 5.74 April 1999 7.14 6.90 5.59 May 1999 7.38 7.14 5.72 June 1999 7.84 7.58 5.94 July 1999 7.94 7.61 5.97 August 1999 8.30 7.94 6.18 September 1999 8.15 7.80 6.18 October 1999 8.20 7.89 6.31 November 1999 8.06 7.74 6.36 December 1999 8.21 7.91 6.53 January 2000 8.46 8.21 6.61 February 2000 8.60 8.32 6.72 March 2000 8.55 8.24 6.72 April 2000 8.51 8.15 6.79 May 2000 8.84 8.52 7.10 June 2000 8.56 8.22 7.23 July 2000 8.53 8.15 7.28 August 2000 8.43 8.01 7.28 September 2000 8.28 7.90 7.27 October 2000 8.17 7.79 7.23 November 2000 8.16 7.73 7.22 December 2000 7.83 7.32 7.05 January 2001 7.62 7.04 6.67 February 2001 7.53 7.04 6.42 March 2001 7.40 6.93 6.25 April 2001 7.49 7.08 6.11 May 2001 7.53 7.16 5.88 June 2001 7.51 7.14 5.79 July 2001 7.49 7.13 5.71 August 2001 7.32 6.95 5.71 September 2001 7.20 6.82 5.57 October 2001 7.02 6.61 5.27 November 2001 7.10 6.68 5.19 December 2001 7.49 7.07 5.23 January 2002 7.37 7.00 5.16 February 2002 7.15 6.84 4.98 March 2002 7.32 7.07 5.09 April 2002 7.18 6.99 4.96 May 2002 6.99 6.81 4.79 June 2002 6.85 6.65 4.65 July 2002 6.70 6.47 4.50 August 2002 6.51 6.25 4.36 September 2002 6.37 6.09 4.29 October 2002 6.39 6.12 4.27 November 2002 6.32 6.05 4.14 December 2002 6.29 6.05 4.12 January 2003 6.15 5.92 3.99 February 2003 6.07 5.84 3.86 March 2003 5.96 5.75 3.76 April 2003 6.01 5.79 3.79 May 2003 5.72 5.43 3.64 June 2003 5.61 5.23 3.52 July 2003 5.99 5.73 3.59 August 2003 6.56 6.29 3.82 September 2003 6.46 6.15 3.86 October 2003 6.29 5.95 3.74 November 2003 6.23 5.93 3.75 December 2003 6.14 5.88 3.75 January 2004 5.97 5.71 3.63 February 2004 5.87 5.63 3.55 March 2004 5.69 5.46 3.42 April 2004 6.06 5.91 3.69 May 2004 6.43 6.27 3.88 June 2004 6.44 6.27 4.11 July 2004 6.25 6.02 4.09 August 2004 6.15 5.87 4.05 September 2004 6.06 5.75 3.99 October 2004 6.00 5.72 4.02 November 2004 5.98 5.73 4.15 December 2004 5.99 5.75 4.18 January 2005 5.96 5.71 4.12 February 2005 5.91 5.63 4.16 March 2005 6.17 5.93 4.23 April 2005 6.10 5.86 4.25 May 2005 6.01 5.72 4.23 June 2005 5.92 5.58 4.24 July 2005 6.01 5.70 4.40 August 2005 6.09 5.80 4.53 September 2005 6.09 5.79 4.52 October 2005 6.32 6.07 4.86 November 2005 6.57 6.32 5.14 December 2005 6.55 6.28 5.17 January 2006 6.44 6.14 5.17 February 2006 6.51 6.25 5.34 March 2006 6.61 6.32 5.42 April 2006 6.74 6.51 5.62 May 2006 6.82 6.61 5.64 June 2006 6.86 6.69 5.71 July 2006 6.94 6.76 5.79 August 2006 6.76 6.52 5.64 September 2006 6.70 6.40 5.56 October 2006 6.64 6.36 5.55 November 2006 6.56 6.24 5.51 December 2006 6.47 6.13 5.45 January 2007 6.53 6.24 5.48 February 2007 6.50 6.25 5.50 March 2007 6.47 6.15 5.43 April 2007 6.52 6.18 5.45 May 2007 6.56 6.26 5.52 June 2007 6.86 6.66 5.68 July 2007 6.94 6.70 5.71 August 2007 7.28 6.57 5.67 September 2007 7.35 6.38 5.66 October 2007 7.06 6.35 5.66 November 2007 6.88 6.20 5.46 December 2007 7.01 6.09 5.50 January 2008 6.78 5.76 5.23 February 2008 6.93 5.92 5.03 March 2008 7.07 6.08 5.04 Note. The Mar. readings are for data through Mar. 12, 2008. Source. Conforming rates are from Freddie Mac. The jumbo rate is the sum of the 30-year conforming FRM rate and the jumbo conforming spread from bankrate.com. Figure: Prices of Existing Homes: Repeat transactions, purchase-only index Percent change from preceding period, annual rate Period Index 1999:Q1 5.89 1999:Q2 6.03 1999:Q3 6.19 1999:Q4 6.07 2000:Q1 7.16 2000:Q2 6.94 2000:Q3 6.55 2000:Q4 6.89 2001:Q1 7.51 2001:Q2 6.85 2001:Q3 6.43 2001:Q4 6.32 2002:Q1 6.80 2002:Q2 7.41 2002:Q3 8.13 2002:Q4 8.10 2003:Q1 6.94 2003:Q2 6.60 2003:Q3 8.32 2003:Q4 8.66 2004:Q1 8.64 2004:Q2 8.86 2004:Q3 9.98 2004:Q4 10.03 2005:Q1 8.93 2005:Q2 10.05 2005:Q3 10.12 2005:Q4 9.33 2006:Q1 6.52 2006:Q2 4.00 2006:Q3 2.25 2006:Q4 3.66 2007:Q1 3.37 2007:Q2 2.14 2007:Q3 -1.36 2007:Q4 -5.07 Source. OFHEO. Figure: Prices of Existing Homes: CaseShiller price index Percent change from preceding period, annual rate Period Index January 1999 7.86 February 1999 9.71 March 1999 9.48 April 1999 12.17 May 1999 10.06 June 1999 11.92 July 1999 10.97 August 1999 11.70 September 1999 11.22 October 1999 9.80 November 1999 12.30 December 1999 12.29 January 2000 11.03 February 2000 14.32 March 2000 15.84 April 2000 16.86 May 2000 19.24 June 2000 15.74 July 2000 9.45 August 2000 10.48 September 2000 11.27 October 2000 13.07 November 2000 15.98 December 2000 16.16 January 2001 16.84 February 2001 13.81 March 2001 11.10 April 2001 7.90 May 2001 5.30 June 2001 5.43 July 2001 6.24 August 2001 8.62 September 2001 10.52 October 2001 8.68 November 2001 8.72 December 2001 3.68 January 2002 8.05 February 2002 9.27 March 2002 12.46 April 2002 15.14 May 2002 18.72 June 2002 18.51 July 2002 18.98 August 2002 17.70 September 2002 15.47 October 2002 16.48 November 2002 15.59 December 2002 13.75 January 2003 11.33 February 2003 10.44 March 2003 8.29 April 2003 8.74 May 2003 9.34 June 2003 7.82 July 2003 14.06 August 2003 15.42 September 2003 18.49 October 2003 18.46 November 2003 19.86 December 2003 19.73 January 2004 18.34 February 2004 19.41 March 2004 21.84 April 2004 23.57 May 2004 24.19 June 2004 25.83 July 2004 21.74 August 2004 15.09 September 2004 13.01 October 2004 13.95 November 2004 13.93 December 2004 14.34 January 2005 17.87 February 2005 21.24 March 2005 19.21 April 2005 16.04 May 2005 15.36 June 2005 15.23 July 2005 15.68 August 2005 14.75 September 2005 14.86 October 2005 15.70 November 2005 14.35 December 2005 11.34 January 2006 6.99 February 2006 9.01 March 2006 -0.91 April 2006 1.81 May 2006 0.88 June 2006 -1.71 July 2006 -1.74 August 2006 -3.16 September 2006 -3.65 October 2006 -0.11 November 2006 -0.09 December 2006 -3.77 January 2007 -2.28 February 2007 -1.04 March 2007 -7.06 April 2007 -8.49 May 2007 -7.41 June 2007 -8.11 July 2007 -6.77 August 2007 -8.54 September 2007 -11.34 October 2007 -13.91 November 2007 -19.85 December 2007 -20.82 Note. The Case-Shiller price index is the 10-city index and is seasonally adjusted by FRB staff. Source. Chicago Mercantile Exchange. Figure: Price of New Homes Percent change from preceding period, annual rate Period Constant quality index 1999:Q1 1.12 1999:Q2 10.89 1999:Q3 1.34 1999:Q4 2.53 2000:Q1 3.71 2000:Q2 2.61 2000:Q3 6.84 2000:Q4 3.89 2001:Q1 0.54 2001:Q2 4.61 2001:Q3 2.87 2001:Q4 7.00 2002:Q1 6.51 2002:Q2 4.64 2002:Q3 -5.03 2002:Q4 18.77 2003:Q1 0.11 2003:Q2 3.83 2003:Q3 10.41 2003:Q4 8.26 2004:Q1 11.28 2004:Q2 3.73 2004:Q3 12.60 2004:Q4 2.06 2005:Q1 5.00 2005:Q2 12.42 2005:Q3 8.97 2005:Q4 11.22 2006:Q1 -0.37 2006:Q2 6.14 2006:Q3 -2.54 2006:Q4 -3.48 2007:Q1 12.90 2007:Q2 -5.54 2007:Q3 -9.04 2007:Q4 -6.25 Source. Census Bureau. Orders and Shipments of Nondefense Capital Goods (Percent change; seasonally adjusted current dollars) 2007 Category Q3 Q4 Annual rate Shipments 2008 Nov. Dec. Jan. Monthly rate 9.4 2.8 -.5 1.4 1.9 6.1 4.9 .1 1.6 .0 Computers and peripherals -15.2 36.6 -.9 3.6 -.1 Communications equipment 13.1 -16.9 3.4 4.0 -4.5 8.0 4.4 -.1 1.2 .5 -1.5 6.6 5.4 5.4 -8.2 3.4 -1.7 -.1 5.2 -1.5 Excluding aircraft All other categories Orders Excluding aircraft Computers and peripherals Communications equipment All other categories .7 8.2 11.6 5.1 -11.8 17.3 -42.1 -1.0 18.5 -12.6 2.4 2.5 -1.2 4.0 .7 44.9 46.7 47.4 43.6 53.1 Memo: Shipments of complete aircraft1 1. From Census Bureau, Current Industrial Reports; billions of dollars, annual rate. Return to table Figure: Communications Equipment Billions of chained (2000) dollars, ratio scale Period Shipments Orders January 2000 8.74 9.84 February 2000 8.55 7.87 March 2000 9.18 9.71 April 2000 9.26 10.74 May 2000 9.75 9.06 June 2000 9.44 14.23 July 2000 9.64 10.39 August 2000 9.85 9.83 September 2000 10.21 10.84 October 2000 10.03 10.01 November 2000 10.06 10.54 December 2000 10.32 10.13 January 2001 10.11 9.39 February 2001 9.86 9.32 March 2001 9.95 9.14 April 2001 9.12 8.07 May 2001 8.88 8.67 June 2001 8.90 8.05 July 2001 8.53 7.83 August 2001 8.25 7.98 September 2001 7.63 6.21 October 2001 7.42 6.62 November 2001 6.93 7.04 December 2001 7.31 7.91 January 2002 5.97 3.77 February 2002 6.29 5.10 March 2002 5.70 3.81 April 2002 5.92 5.10 May 2002 5.74 5.24 June 2002 5.56 4.64 July 2002 5.40 4.71 August 2002 5.23 4.62 September 2002 5.30 2.24 October 2002 4.70 3.64 November 2002 5.36 4.64 December 2002 4.90 3.99 January 2003 5.02 5.23 February 2003 5.07 5.14 March 2003 5.07 5.72 April 2003 4.72 5.24 May 2003 4.72 4.91 June 2003 5.49 4.91 July 2003 5.48 5.67 August 2003 5.30 5.27 September 2003 5.39 5.77 October 2003 5.66 6.72 November 2003 5.68 5.02 December 2003 5.79 4.37 January 2004 5.74 4.98 February 2004 5.63 5.44 March 2004 5.51 5.61 April 2004 5.95 6.20 May 2004 5.77 5.37 June 2004 5.39 4.72 July 2004 5.68 5.13 August 2004 5.91 5.36 September 2004 5.35 5.01 October 2004 5.37 5.10 November 2004 5.54 5.15 December 2004 5.12 4.94 January 2005 5.58 6.00 February 2005 5.25 5.36 March 2005 5.66 5.47 April 2005 4.74 4.66 May 2005 5.39 4.91 June 2005 5.46 5.65 July 2005 5.54 5.49 August 2005 5.56 5.47 September 2005 5.47 4.61 October 2005 5.66 5.60 November 2005 5.28 5.20 December 2005 5.42 4.85 January 2006 6.53 6.49 February 2006 6.65 7.27 March 2006 6.61 8.04 April 2006 6.61 5.89 May 2006 6.62 6.51 June 2006 6.77 7.49 July 2006 6.20 6.55 August 2006 6.42 7.29 September 2006 6.54 7.68 October 2006 6.57 6.39 November 2006 6.57 6.52 December 2006 5.54 6.56 January 2007 6.14 6.25 February 2007 6.56 6.39 March 2007 6.18 5.54 April 2007 6.27 6.30 May 2007 6.25 7.35 June 2007 6.25 5.91 July 2007 6.34 6.40 August 2007 6.37 6.48 September 2007 6.42 7.01 October 2007 5.99 5.80 November 2007 6.13 5.66 December 2007 6.21 6.56 January 2008 6.17 5.81 Note. Shipments and orders are deflated by a price index that is derived from the BEA's quality-adjusted price indexes and uses the PPI for communications equipment for monthly interpolation. Figure: Non-High-Tech, Nontransportation Equipment Billions of chained (2000) dollars, ratio scale Period Shipments Orders January 2000 44.44 46.39 February 2000 42.12 41.85 March 2000 44.06 44.95 April 2000 44.94 45.09 May 2000 43.86 44.88 June 2000 44.94 45.75 July 2000 44.47 45.16 August 2000 44.29 44.64 September 2000 44.83 46.28 October 2000 44.42 44.44 November 2000 44.22 43.18 December 2000 44.38 43.14 January 2001 43.58 44.42 February 2001 43.60 42.95 March 2001 42.65 41.01 April 2001 41.38 40.06 May 2001 41.78 41.67 June 2001 41.05 40.33 July 2001 39.80 39.41 August 2001 40.25 40.00 September 2001 38.54 38.31 October 2001 38.82 36.65 November 2001 37.57 37.77 December 2001 37.97 37.88 January 2002 37.52 35.89 February 2002 37.89 36.71 March 2002 38.57 36.26 April 2002 38.03 37.70 May 2002 39.60 38.71 June 2002 39.47 37.47 July 2002 39.31 38.81 August 2002 40.01 39.44 September 2002 39.79 38.59 October 2002 39.54 38.99 November 2002 39.40 38.07 December 2002 38.84 37.62 January 2003 37.71 37.62 February 2003 38.06 37.97 March 2003 38.93 40.59 April 2003 38.33 38.21 May 2003 38.94 39.29 June 2003 38.71 39.33 July 2003 38.35 38.32 August 2003 37.84 38.40 September 2003 39.24 39.75 October 2003 38.64 38.92 November 2003 39.20 40.87 December 2003 39.38 42.68 January 2004 38.26 38.24 February 2004 38.19 38.47 March 2004 40.16 43.04 April 2004 39.70 39.42 May 2004 39.00 39.36 June 2004 40.78 41.00 July 2004 40.49 41.30 August 2004 40.33 39.48 September 2004 41.33 43.10 October 2004 40.97 40.66 November 2004 40.81 41.67 December 2004 42.35 42.80 January 2005 42.84 44.23 February 2005 42.74 43.98 March 2005 42.18 43.69 April 2005 42.69 44.00 May 2005 43.26 43.77 June 2005 43.32 45.19 July 2005 43.07 44.21 August 2005 43.66 45.59 September 2005 44.26 46.00 October 2005 44.13 45.62 November 2005 44.91 45.92 December 2005 45.28 46.42 January 2006 44.76 46.96 February 2006 45.05 46.21 March 2006 45.54 47.41 April 2006 45.61 47.33 May 2006 46.10 47.71 June 2006 45.52 47.18 July 2006 45.51 47.18 August 2006 45.86 46.77 September 2006 45.42 49.20 October 2006 45.38 48.62 November 2006 45.29 47.59 December 2006 45.82 47.12 January 2007 42.71 44.51 February 2007 43.25 43.60 March 2007 44.15 46.19 April 2007 44.36 46.95 May 2007 44.31 44.57 June 2007 43.89 44.92 July 2007 44.07 45.76 August 2007 44.34 45.26 September 2007 44.72 44.66 October 2007 44.13 44.85 November 2007 44.30 44.33 December 2007 44.85 46.04 January 2008 44.40 46.47 Note. Shipments and orders are deflated by the staff price indexes for the individual equipment types included in this category. Indexes are derived from the BEA's quality-adjusted price indexes. Figure: Computers and Peripherals A line chart shows two series, "Industrial production (left scale)", and "Real M3 shipments (right scale)", from 2000 through January 2008. The industrial production curve is plotted as an index (2000 = 100) according to the left axis which ranges from 70 to 220, ratio scale. The real M3 shipments curve is plotted according to the right axis, which ranges from 7 to 22, ratio scale; unit is billions of chained (2000) dollars. The industrial production curve begins at about 90 in January 2000, fluctuates between about 90 and 110 through 2004. It then generally increases to about 205 by January 2008. The real M3 shipments curve begins at about 9.5 in 2000 fluctuates between about 8.5 and 12 through late 2004. It then generally increases to about 19.5 by January 2008. Note. Shipments are deflated by the staff price index for computers and peripheral equipment, which is derived from the BEA's quality-adjusted price indexes. Figure: Medium and Heavy Trucks Thousands of units, ratio scale Period Sales of class 4-8 trucks Net new orders of class 5-8 trucks January 2000 513.53 396.40 February 2000 519.83 339.44 March 2000 531.77 348.72 April 2000 495.27 373.59 May 2000 482.62 333.02 June 2000 521.88 344.20 July 2000 453.68 391.09 August 2000 451.00 395.39 September 2000 406.60 368.41 October 2000 387.92 369.46 November 2000 374.88 301.94 December 2000 387.22 344.28 January 2001 407.17 325.45 February 2001 388.08 328.79 March 2001 378.46 296.35 April 2001 339.44 303.31 May 2001 378.26 290.18 June 2001 357.06 343.83 July 2001 339.81 318.13 August 2001 340.44 330.38 September 2001 304.10 310.58 October 2001 341.44 281.70 November 2001 310.40 360.62 December 2001 313.37 311.29 January 2002 311.60 402.24 February 2002 298.22 368.55 March 2002 302.65 481.58 April 2002 326.12 529.75 May 2002 339.12 421.08 June 2002 306.18 338.51 July 2002 327.09 263.66 August 2002 345.45 319.17 September 2002 340.62 250.77 October 2002 333.56 314.95 November 2002 331.90 332.68 December 2002 302.96 326.56 January 2003 285.16 358.49 February 2003 294.46 341.31 March 2003 284.90 331.34 April 2003 311.23 360.21 May 2003 308.96 382.67 June 2003 314.80 399.73 July 2003 340.82 459.28 August 2003 330.52 426.17 September 2003 351.41 468.37 October 2003 348.56 466.85 November 2003 371.42 497.59 December 2003 391.35 547.29 January 2004 394.09 526.64 February 2004 393.73 579.45 March 2004 409.92 619.30 April 2004 403.48 713.53 May 2004 410.69 663.05 June 2004 404.97 608.33 July 2004 438.10 581.80 August 2004 439.05 708.48 September 2004 443.72 678.10 October 2004 454.91 642.43 November 2004 459.70 735.04 December 2004 500.85 672.87 January 2005 515.92 590.41 February 2005 485.45 592.00 March 2005 478.45 522.50 April 2005 487.00 480.37 May 2005 473.87 507.88 June 2005 503.23 579.79 July 2005 512.50 585.57 August 2005 491.85 579.40 September 2005 505.01 543.56 October 2005 483.29 625.43 November 2005 509.74 589.85 December 2005 521.81 733.32 January 2006 520.25 739.09 February 2006 561.45 722.09 March 2006 561.81 964.00 April 2006 538.63 643.03 May 2006 538.43 619.99 June 2006 547.98 569.88 July 2006 507.40 676.62 August 2006 544.07 561.77 September 2006 550.41 475.13 October 2006 550.76 433.87 November 2006 536.36 390.99 December 2006 580.56 379.10 January 2007 507.42 297.01 February 2007 467.37 312.80 March 2007 434.61 297.97 April 2007 383.25 291.53 May 2007 353.07 347.90 June 2007 351.87 356.79 July 2007 321.49 432.52 August 2007 332.56 362.04 September 2007 326.67 337.90 October 2007 335.01 450.03 November 2007 329.30 470.47 December 2007 334.90 496.55 January 2008 336.70 421.66 February 2008 327.22 ND Note. Annual rate, FRB seasonals. Source. For sales, Ward's Communications; for orders, ACT Research. Fundamentals of Equipment and Software Investment Figure: Real Business Output Period 4-quarter percent change 1990:Q1 2.71 1990:Q2 2.20 1990:Q3 1.20 1990:Q4 -0.22 1991:Q1 -2.17 1991:Q2 -1.52 1991:Q3 -0.67 1991:Q4 1.08 1992:Q1 3.10 1992:Q2 3.37 1992:Q3 3.96 1992:Q4 4.99 1993:Q1 3.86 1993:Q2 3.37 1993:Q3 3.06 1993:Q4 3.13 1994:Q1 4.16 1994:Q2 5.17 1994:Q3 4.84 1994:Q4 4.87 1995:Q1 4.15 1995:Q2 2.74 1995:Q3 3.38 1995:Q4 2.69 1996:Q1 3.12 1996:Q2 4.84 1996:Q3 4.73 1996:Q4 5.21 1997:Q1 5.19 1997:Q2 5.10 1997:Q3 5.48 1997:Q4 4.97 1998:Q1 5.58 1998:Q2 4.49 1998:Q3 4.35 1998:Q4 5.40 1999:Q1 4.93 1999:Q2 5.13 1999:Q3 5.22 1999:Q4 5.35 2000:Q1 4.36 2000:Q2 5.30 2000:Q3 3.64 2000:Q4 2.13 2001:Q1 1.87 2001:Q2 0.35 2001:Q3 -0.17 2001:Q4 -0.42 2002:Q1 0.73 2002:Q2 0.77 2002:Q3 2.30 2002:Q4 2.04 2003:Q1 1.47 2003:Q2 2.20 2003:Q3 4.10 2003:Q4 4.48 2004:Q1 4.84 2004:Q2 5.00 2004:Q3 3.26 2004:Q4 3.51 2005:Q1 3.84 2005:Q2 3.40 2005:Q3 3.83 2005:Q4 3.39 2006:Q1 3.82 2006:Q2 3.63 2006:Q3 2.43 2006:Q4 2.84 2007:Q1 1.52 2007:Q2 1.97 2007:Q3 3.18 2007:Q4 2.57 Source. Bureau of Economic Analysis. Figure: User Cost of Capital 4-quarter percent change Period High-tech Non-high-tech 1990:Q1 -8.68 -2.85 1990:Q2 -7.50 -1.72 1990:Q3 -6.23 0.16 1990:Q4 -6.02 1.74 1991:Q1 -8.18 -1.89 1991:Q2 -9.06 -3.39 1991:Q3 -9.46 -4.71 1991:Q4 -10.19 -6.69 1992:Q1 -9.78 -4.52 1992:Q2 -10.21 -3.08 1992:Q3 -11.24 -3.26 1992:Q4 -9.36 -1.93 1993:Q1 -8.00 -4.37 1993:Q2 -7.49 -4.62 1993:Q3 -7.00 -4.77 1993:Q4 -7.97 -5.46 1994:Q1 -6.72 -0.10 1994:Q2 -3.99 5.85 1994:Q3 -2.63 9.05 1994:Q4 -2.44 10.86 1995:Q1 -4.56 6.83 1995:Q2 -7.63 0.36 1995:Q3 -8.41 -0.80 1995:Q4 -10.05 -3.80 1996:Q1 -9.14 -1.99 1996:Q2 -7.42 2.57 1996:Q3 -7.82 3.34 1996:Q4 -8.27 3.00 1997:Q1 -8.82 2.40 1997:Q2 -9.60 0.12 1997:Q3 -10.35 -2.45 1997:Q4 -9.74 -2.14 1998:Q1 -9.75 -2.92 1998:Q2 -9.94 -3.52 1998:Q3 -9.07 -2.33 1998:Q4 -8.02 0.01 1999:Q1 -6.73 1.77 1999:Q2 -5.20 2.69 1999:Q3 -3.56 4.60 1999:Q4 -3.32 4.16 2000:Q1 -3.77 2.11 2000:Q2 -3.97 1.53 2000:Q3 -5.59 -1.25 2000:Q4 -6.58 -2.71 2001:Q1 -9.26 -4.65 2001:Q2 -11.04 -5.75 2001:Q3 -11.50 -4.79 2001:Q4 -12.80 -6.21 2002:Q1 -10.67 -3.37 2002:Q2 -10.05 -3.18 2002:Q3 -10.16 -4.87 2002:Q4 -8.84 -2.64 2003:Q1 -11.27 -5.71 2003:Q2 -12.85 -8.86 2003:Q3 -12.56 -6.25 2003:Q4 -12.94 -6.37 2004:Q1 -11.42 -6.65 2004:Q2 -9.03 -2.62 2004:Q3 -8.65 -5.11 2004:Q4 -6.44 -4.36 2005:Q1 -5.76 -2.06 2005:Q2 -5.89 -2.94 2005:Q3 -5.20 -2.41 2005:Q4 -5.53 -1.69 2006:Q1 -5.98 -1.03 2006:Q2 -5.39 1.10 2006:Q3 -6.29 1.82 2006:Q4 -7.62 -0.36 2007:Q1 -6.86 -1.19 2007:Q2 -7.41 -2.44 2007:Q3 -5.95 -1.00 2007:Q4 -5.40 -1.19 Source. Staff calculation. Figure: Corporate Bond Yields Percent Date 10-year high-yield 10-year BBB 3 January 2000 10.89 8.23 4 January 2000 10.92 8.16 5 January 2000 11.01 8.27 6 January 2000 11.04 8.22 7 January 2000 10.98 8.20 10 January 2000 10.94 8.22 11 January 2000 10.98 8.30 12 January 2000 10.95 8.32 13 January 2000 11.00 8.26 14 January 2000 11.00 8.33 17 January 2000 11.00 8.33 18 January 2000 11.13 8.39 19 January 2000 11.00 8.36 20 January 2000 11.10 8.40 21 January 2000 11.09 8.41 24 January 2000 11.05 8.31 25 January 2000 11.03 8.31 26 January 2000 11.04 8.29 27 January 2000 11.05 8.28 28 January 2000 11.03 8.23 31 January 2000 11.13 8.26 1 February 2000 11.08 8.22 2 February 2000 11.20 8.19 3 February 2000 11.12 8.07 4 February 2000 11.07 8.13 7 February 2000 11.16 8.24 8 February 2000 11.12 8.19 9 February 2000 11.13 8.28 10 February 2000 11.15 8.34 11 February 2000 11.16 8.31 14 February 2000 11.11 8.21 15 February 2000 11.15 8.23 16 February 2000 11.34 8.24 17 February 2000 10.98 8.26 18 February 2000 11.21 8.17 21 February 2000 11.19 8.17 22 February 2000 11.18 8.04 23 February 2000 11.05 8.12 24 February 2000 11.05 8.04 25 February 2000 11.30 8.06 28 February 2000 11.44 8.19 29 February 2000 11.37 8.24 1 March 2000 11.40 8.21 2 March 2000 11.40 8.23 3 March 2000 11.40 8.21 6 March 2000 11.40 8.24 7 March 2000 11.39 8.22 8 March 2000 11.38 ND 9 March 2000 11.38 8.18 10 March 2000 11.46 8.22 13 March 2000 11.49 8.21 14 March 2000 11.49 8.17 15 March 2000 11.54 8.15 16 March 2000 11.53 8.12 17 March 2000 11.53 8.06 20 March 2000 11.54 8.05 21 March 2000 11.53 8.02 22 March 2000 11.57 8.01 23 March 2000 11.59 7.96 24 March 2000 11.65 8.06 27 March 2000 11.66 8.09 28 March 2000 11.75 8.09 29 March 2000 11.81 8.07 30 March 2000 11.89 8.13 31 March 2000 11.88 8.10 3 April 2000 11.85 8.05 4 April 2000 11.91 7.94 5 April 2000 11.93 7.97 6 April 2000 11.90 7.99 7 April 2000 11.86 7.95 10 April 2000 11.73 7.90 11 April 2000 11.76 8.06 12 April 2000 11.76 8.16 13 April 2000 11.76 8.12 14 April 2000 11.77 8.10 17 April 2000 11.73 8.19 18 April 2000 11.82 8.24 19 April 2000 11.78 8.17 20 April 2000 11.77 8.17 24 April 2000 11.84 8.17 25 April 2000 11.83 8.30 26 April 2000 11.85 8.31 27 April 2000 11.87 8.43 28 April 2000 11.83 8.49 1 May 2000 11.89 8.54 2 May 2000 11.87 8.59 3 May 2000 11.87 8.66 4 May 2000 11.91 8.72 5 May 2000 11.93 8.78 8 May 2000 11.95 8.84 9 May 2000 11.97 8.81 10 May 2000 11.98 8.73 11 May 2000 11.98 8.71 12 May 2000 12.03 8.80 15 May 2000 12.01 8.79 16 May 2000 12.03 8.77 17 May 2000 12.02 8.83 18 May 2000 12.06 8.90 19 May 2000 12.12 8.86 22 May 2000 12.11 8.78 23 May 2000 12.15 8.80 24 May 2000 12.19 8.82 25 May 2000 12.21 8.80 26 May 2000 12.21 8.75 29 May 2000 12.21 8.75 30 May 2000 12.22 8.79 31 May 2000 12.23 8.72 1 June 2000 12.21 8.63 2 June 2000 12.14 8.58 5 June 2000 12.14 8.52 6 June 2000 12.11 8.53 7 June 2000 12.07 8.50 8 June 2000 12.06 8.49 9 June 2000 12.01 8.48 12 June 2000 12.00 8.44 13 June 2000 12.01 8.46 14 June 2000 12.01 8.40 15 June 2000 11.98 8.40 16 June 2000 11.95 8.33 19 June 2000 11.97 8.34 20 June 2000 11.96 8.35 21 June 2000 12.00 8.42 22 June 2000 11.99 8.42 23 June 2000 12.00 8.47 26 June 2000 11.97 8.40 27 June 2000 11.97 8.39 28 June 2000 11.97 8.41 29 June 2000 11.97 8.32 30 June 2000 12.01 8.31 3 July 2000 12.01 8.27 4 July 2000 12.01 8.27 5 July 2000 12.01 8.25 6 July 2000 12.04 8.32 7 July 2000 12.04 8.28 11 July 2000 12.05 8.31 12 July 2000 12.07 8.34 13 July 2000 12.04 8.25 14 July 2000 12.00 8.34 17 July 2000 11.99 8.39 18 July 2000 12.02 8.37 19 July 2000 12.01 8.35 20 July 2000 11.98 8.21 21 July 2000 11.97 8.20 24 July 2000 11.97 8.23 25 July 2000 11.98 8.23 26 July 2000 12.00 8.22 27 July 2000 12.00 8.19 28 July 2000 12.03 8.21 31 July 2000 12.11 8.23 1 August 2000 12.13 8.19 2 August 2000 12.15 8.16 3 August 2000 12.09 8.14 4 August 2000 12.10 8.10 7 August 2000 12.10 8.13 8 August 2000 12.10 8.10 9 August 2000 12.07 8.10 10 August 2000 12.06 8.06 11 August 2000 12.06 8.11 14 August 2000 12.05 8.10 15 August 2000 12.08 8.09 16 August 2000 12.09 8.12 17 August 2000 12.08 8.10 18 August 2000 12.06 8.07 21 August 2000 12.06 8.08 22 August 2000 12.04 8.08 23 August 2000 12.04 8.04 24 August 2000 12.04 8.03 25 August 2000 12.02 8.03 28 August 2000 11.99 8.07 29 August 2000 11.98 8.11 30 August 2000 11.96 8.10 31 August 2000 11.83 8.03 1 September 2000 11.82 7.99 4 September 2000 11.83 7.97 5 September 2000 11.73 7.98 6 September 2000 11.73 8.02 7 September 2000 11.71 8.05 8 September 2000 11.71 8.03 11 September 2000 11.72 8.07 12 September 2000 11.75 8.08 13 September 2000 11.74 8.04 14 September 2000 11.74 8.10 15 September 2000 11.78 8.15 18 September 2000 11.85 8.19 19 September 2000 11.90 8.15 20 September 2000 11.95 8.20 21 September 2000 11.99 8.17 22 September 2000 12.01 8.12 25 September 2000 11.99 8.12 26 September 2000 12.00 8.11 27 September 2000 12.05 8.09 28 September 2000 12.08 8.08 29 September 2000 12.08 8.05 2 October 2000 12.22 8.08 3 October 2000 12.21 8.12 4 October 2000 12.20 8.14 5 October 2000 12.19 8.11 6 October 2000 12.20 8.08 9 October 2000 12.18 8.08 10 October 2000 12.23 8.06 11 October 2000 12.29 8.04 12 October 2000 12.31 8.01 13 October 2000 12.43 8.02 16 October 2000 12.42 8.04 17 October 2000 12.51 7.97 18 October 2000 12.64 7.98 19 October 2000 12.65 7.97 20 October 2000 12.65 7.96 23 October 2000 12.62 7.91 24 October 2000 12.60 7.96 25 October 2000 12.59 8.00 26 October 2000 12.68 8.00 27 October 2000 12.71 8.04 30 October 2000 12.71 8.04 31 October 2000 12.71 8.06 1 November 2000 12.74 8.03 2 November 2000 12.72 8.03 3 November 2000 12.82 8.11 6 November 2000 12.82 8.14 7 November 2000 12.86 8.13 8 November 2000 12.80 8.12 9 November 2000 12.84 8.08 10 November 2000 12.83 8.08 13 November 2000 12.83 8.04 14 November 2000 12.84 8.03 15 November 2000 12.84 7.99 16 November 2000 12.85 8.00 17 November 2000 12.99 8.03 20 November 2000 12.95 8.02 21 November 2000 13.08 7.98 22 November 2000 13.17 7.92 23 November 2000 13.17 7.92 24 November 2000 13.17 7.95 27 November 2000 13.21 7.97 28 November 2000 13.23 7.93 29 November 2000 13.33 7.90 30 November 2000 13.59 7.86 1 December 2000 13.63 7.93 4 December 2000 13.67 7.95 5 December 2000 13.59 7.87 6 December 2000 13.49 7.77 7 December 2000 13.49 7.77 8 December 2000 13.51 7.80 11 December 2000 13.38 7.82 12 December 2000 13.29 7.81 13 December 2000 12.84 7.72 14 December 2000 12.82 7.66 15 December 2000 12.73 7.62 18 December 2000 12.76 7.61 19 December 2000 13.08 7.63 20 December 2000 12.94 7.54 21 December 2000 13.08 7.49 22 December 2000 13.09 7.47 26 December 2000 13.08 7.48 27 December 2000 13.03 7.53 28 December 2000 13.04 7.56 29 December 2000 13.08 7.57 2 January 2001 12.91 7.41 3 January 2001 12.88 7.58 4 January 2001 12.79 7.48 5 January 2001 12.75 7.42 8 January 2001 12.54 7.39 9 January 2001 12.54 7.42 10 January 2001 12.57 7.51 11 January 2001 12.41 7.53 12 January 2001 12.32 7.69 15 January 2001 12.32 7.68 16 January 2001 12.36 7.64 17 January 2001 12.14 7.57 18 January 2001 12.22 7.48 19 January 2001 12.18 7.55 22 January 2001 12.11 7.60 23 January 2001 12.10 7.62 24 January 2001 12.10 7.67 25 January 2001 12.06 7.63 26 January 2001 12.06 7.61 29 January 2001 12.07 7.64 30 January 2001 12.04 7.54 31 January 2001 11.78 7.45 1 February 2001 11.75 7.37 2 February 2001 11.73 7.43 5 February 2001 11.66 7.43 6 February 2001 11.68 7.50 7 February 2001 11.68 7.46 8 February 2001 11.65 7.48 9 February 2001 11.59 7.38 12 February 2001 11.58 7.40 13 February 2001 11.58 7.42 14 February 2001 11.58 7.46 15 February 2001 11.56 7.53 16 February 2001 11.51 7.45 19 February 2001 11.58 7.45 20 February 2001 11.59 7.46 21 February 2001 11.63 7.51 22 February 2001 11.65 7.54 23 February 2001 11.64 7.49 26 February 2001 11.61 7.46 27 February 2001 11.55 7.37 28 February 2001 11.45 7.33 1 March 2001 11.45 7.28 2 March 2001 11.49 7.36 5 March 2001 11.47 7.37 6 March 2001 11.46 7.39 7 March 2001 11.42 7.33 8 March 2001 11.37 7.30 9 March 2001 11.37 7.34 12 March 2001 11.44 7.34 13 March 2001 11.49 7.37 14 March 2001 11.59 7.28 15 March 2001 11.59 7.25 16 March 2001 11.59 7.20 19 March 2001 11.65 7.25 20 March 2001 11.71 7.23 21 March 2001 11.83 7.22 22 March 2001 11.93 7.16 23 March 2001 11.90 7.24 26 March 2001 11.83 7.29 27 March 2001 11.80 7.42 28 March 2001 11.86 7.42 29 March 2001 11.81 7.42 30 March 2001 11.87 7.35 2 April 2001 11.96 7.38 3 April 2001 12.17 7.35 4 April 2001 12.25 7.35 5 April 2001 12.24 7.39 6 April 2001 12.23 7.30 9 April 2001 12.26 7.35 10 April 2001 12.27 7.49 11 April 2001 12.21 7.52 12 April 2001 12.20 7.56 16 April 2001 12.20 7.67 17 April 2001 12.12 7.60 18 April 2001 12.15 7.54 19 April 2001 12.19 7.65 20 April 2001 12.17 7.66 23 April 2001 12.17 7.58 24 April 2001 12.14 7.58 25 April 2001 12.16 7.62 26 April 2001 12.17 7.53 27 April 2001 12.16 7.65 30 April 2001 11.94 7.54 1 May 2001 11.90 7.51 2 May 2001 11.76 7.48 3 May 2001 11.72 7.40 4 May 2001 11.75 7.38 7 May 2001 11.72 7.40 8 May 2001 11.71 7.42 9 May 2001 11.71 7.36 10 May 2001 11.77 7.47 11 May 2001 11.83 7.68 14 May 2001 11.87 7.62 15 May 2001 11.85 7.68 16 May 2001 11.90 7.64 17 May 2001 11.96 7.61 18 May 2001 11.90 7.56 21 May 2001 11.90 7.55 22 May 2001 11.89 7.55 23 May 2001 11.91 7.56 24 May 2001 11.91 7.65 25 May 2001 11.90 7.65 29 May 2001 11.91 7.66 30 May 2001 11.98 7.64 31 May 2001 11.95 7.52 1 June 2001 11.68 7.50 4 June 2001 11.74 7.46 5 June 2001 11.73 7.39 6 June 2001 11.69 7.37 7 June 2001 11.71 7.42 8 June 2001 11.78 7.47 11 June 2001 11.78 7.41 12 June 2001 11.78 7.37 13 June 2001 11.68 7.40 14 June 2001 11.75 7.36 15 June 2001 11.81 7.38 18 June 2001 11.90 7.40 19 June 2001 11.94 7.40 20 June 2001 11.97 7.39 21 June 2001 11.97 7.37 22 June 2001 11.97 7.30 25 June 2001 11.96 7.32 26 June 2001 12.00 7.39 27 June 2001 12.02 7.40 28 June 2001 12.01 7.49 29 June 2001 12.01 7.57 2 July 2001 11.97 7.53 3 July 2001 12.05 7.56 5 July 2001 11.96 7.61 6 July 2001 11.96 7.57 9 July 2001 11.94 7.55 10 July 2001 11.88 7.50 11 July 2001 11.88 7.50 12 July 2001 11.86 7.46 13 July 2001 11.87 7.46 16 July 2001 11.90 7.41 17 July 2001 11.81 7.42 18 July 2001 11.89 7.32 19 July 2001 11.85 7.34 20 July 2001 11.88 7.34 23 July 2001 11.86 7.32 24 July 2001 11.83 7.29 25 July 2001 11.86 7.36 26 July 2001 11.88 7.35 27 July 2001 11.88 7.30 30 July 2001 11.83 7.25 31 July 2001 11.62 7.20 1 August 2001 11.65 7.21 2 August 2001 11.62 7.28 3 August 2001 11.54 7.30 6 August 2001 11.60 7.30 7 August 2001 11.54 7.31 8 August 2001 11.49 7.20 9 August 2001 11.49 7.25 10 August 2001 11.56 7.21 13 August 2001 11.58 7.19 14 August 2001 11.58 7.20 15 August 2001 11.59 7.22 16 August 2001 11.60 7.18 17 August 2001 11.62 7.09 20 August 2001 11.59 7.16 21 August 2001 11.58 7.16 22 August 2001 11.59 7.17 23 August 2001 11.56 7.14 24 August 2001 11.58 7.17 27 August 2001 11.58 7.18 28 August 2001 11.55 7.10 29 August 2001 11.54 7.03 30 August 2001 11.59 7.04 31 August 2001 11.32 7.09 3 September 2001 11.38 ND 4 September 2001 11.36 7.22 5 September 2001 11.38 7.21 6 September 2001 11.37 7.10 7 September 2001 11.40 7.06 10 September 2001 11.44 7.11 17 September 2001 12.14 7.12 18 September 2001 12.08 7.27 19 September 2001 12.07 7.22 20 September 2001 12.14 7.27 21 September 2001 12.19 7.24 24 September 2001 12.22 7.27 25 September 2001 12.33 7.26 26 September 2001 12.40 7.17 27 September 2001 12.44 7.12 28 September 2001 12.64 7.13 1 October 2001 12.77 7.07 2 October 2001 12.58 7.04 3 October 2001 12.47 7.01 4 October 2001 12.45 7.02 5 October 2001 12.24 7.00 9 October 2001 12.14 7.09 10 October 2001 12.07 7.09 11 October 2001 12.01 7.15 12 October 2001 11.90 7.14 15 October 2001 11.71 7.10 16 October 2001 11.78 7.06 17 October 2001 11.74 7.01 18 October 2001 11.78 7.03 19 October 2001 11.78 7.06 22 October 2001 11.76 7.06 23 October 2001 11.75 7.08 24 October 2001 11.77 7.04 25 October 2001 11.68 7.00 26 October 2001 11.65 7.00 29 October 2001 11.61 6.95 30 October 2001 11.61 6.94 31 October 2001 11.30 6.86 1 November 2001 11.28 6.81 2 November 2001 11.29 6.95 5 November 2001 11.30 6.92 6 November 2001 11.28 6.89 7 November 2001 11.24 6.81 8 November 2001 11.17 6.88 9 November 2001 11.12 6.88 13 November 2001 11.12 6.95 14 November 2001 11.13 7.03 15 November 2001 11.07 7.23 16 November 2001 11.05 7.35 19 November 2001 11.01 7.21 20 November 2001 11.10 7.28 21 November 2001 11.06 7.37 23 November 2001 10.99 7.40 26 November 2001 11.00 7.38 27 November 2001 10.93 7.31 28 November 2001 10.89 7.32 29 November 2001 10.85 ND 30 November 2001 10.76 7.15 3 December 2001 10.76 7.17 4 December 2001 10.77 7.10 5 December 2001 10.84 7.31 6 December 2001 10.89 7.37 7 December 2001 10.93 7.52 10 December 2001 11.04 7.50 11 December 2001 11.10 7.48 12 December 2001 11.14 7.38 13 December 2001 11.18 7.50 14 December 2001 11.28 7.55 17 December 2001 11.28 7.60 18 December 2001 11.29 7.50 19 December 2001 11.28 7.41 20 December 2001 11.24 7.41 21 December 2001 11.26 7.44 24 December 2001 11.27 7.48 26 December 2001 11.26 7.53 27 December 2001 11.24 7.42 28 December 2001 11.23 7.44 31 December 2001 11.03 7.33 2 January 2002 11.05 7.61 3 January 2002 10.95 7.56 4 January 2002 10.88 7.56 7 January 2002 10.86 7.48 8 January 2002 10.89 7.49 9 January 2002 10.89 7.48 10 January 2002 10.84 7.38 11 January 2002 10.83 7.32 14 January 2002 10.81 7.32 15 January 2002 10.85 7.29 16 January 2002 10.89 7.31 17 January 2002 10.95 7.40 18 January 2002 10.95 7.36 22 January 2002 10.96 7.36 23 January 2002 10.99 7.45 24 January 2002 10.98 7.45 25 January 2002 10.97 7.47 28 January 2002 11.03 7.47 29 January 2002 11.02 7.38 30 January 2002 11.12 7.43 31 January 2002 10.80 7.49 1 February 2002 10.79 7.45 4 February 2002 11.01 7.45 5 February 2002 10.86 7.52 6 February 2002 10.91 7.58 7 February 2002 10.93 7.62 8 February 2002 10.95 7.53 11 February 2002 10.97 7.57 12 February 2002 10.99 7.62 13 February 2002 11.00 7.63 14 February 2002 11.03 7.57 15 February 2002 11.01 7.50 19 February 2002 11.06 7.56 20 February 2002 11.07 7.57 21 February 2002 11.11 7.56 22 February 2002 11.10 7.53 25 February 2002 11.18 7.52 26 February 2002 11.21 7.55 27 February 2002 11.14 7.46 28 February 2002 10.88 7.48 1 March 2002 10.87 7.58 4 March 2002 10.81 7.58 5 March 2002 10.75 7.58 6 March 2002 10.71 7.60 7 March 2002 10.67 7.72 8 March 2002 10.61 7.79 11 March 2002 10.60 7.80 12 March 2002 10.57 7.79 13 March 2002 10.55 7.78 14 March 2002 10.58 7.90 15 March 2002 10.57 7.85 18 March 2002 10.54 7.83 19 March 2002 10.54 7.84 20 March 2002 10.53 7.90 21 March 2002 10.56 7.88 22 March 2002 10.55 7.89 25 March 2002 10.54 7.89 26 March 2002 10.56 7.83 27 March 2002 10.58 7.83 28 March 2002 10.66 7.89 1 April 2002 10.66 7.88 2 April 2002 10.62 7.82 3 April 2002 10.69 7.76 4 April 2002 10.65 7.75 5 April 2002 10.64 7.69 8 April 2002 10.66 7.72 9 April 2002 10.66 7.69 10 April 2002 10.64 7.72 11 April 2002 10.61 7.71 12 April 2002 10.68 7.67 15 April 2002 10.65 7.65 16 April 2002 10.67 7.68 17 April 2002 10.63 7.71 18 April 2002 10.55 7.69 19 April 2002 10.52 7.67 22 April 2002 10.54 7.66 23 April 2002 10.55 7.66 24 April 2002 10.54 7.60 25 April 2002 10.58 7.61 26 April 2002 10.62 7.58 29 April 2002 10.59 7.63 30 April 2002 10.30 7.63 1 May 2002 10.31 7.66 2 May 2002 10.36 7.70 3 May 2002 10.26 7.67 6 May 2002 10.31 7.69 7 May 2002 10.33 7.71 8 May 2002 10.39 7.83 9 May 2002 10.38 7.77 10 May 2002 10.41 7.74 13 May 2002 10.47 7.82 14 May 2002 10.53 7.89 15 May 2002 10.56 7.84 16 May 2002 10.61 7.82 17 May 2002 10.70 7.83 20 May 2002 10.69 7.82 21 May 2002 10.70 7.77 22 May 2002 10.71 7.70 23 May 2002 10.65 7.74 24 May 2002 10.64 7.73 28 May 2002 10.65 7.68 29 May 2002 10.65 7.61 30 May 2002 10.69 7.55 31 May 2002 10.76 7.42 3 June 2002 10.79 7.41 4 June 2002 10.78 7.39 5 June 2002 10.67 7.42 6 June 2002 10.70 7.40 7 June 2002 10.77 7.45 10 June 2002 10.90 7.43 11 June 2002 10.87 7.40 12 June 2002 10.92 7.38 13 June 2002 10.92 7.35 14 June 2002 10.96 7.26 17 June 2002 10.91 7.33 18 June 2002 10.95 7.33 19 June 2002 10.94 7.25 20 June 2002 11.00 7.38 21 June 2002 11.30 7.34 24 June 2002 11.15 7.46 25 June 2002 11.26 7.44 26 June 2002 11.54 7.44 27 June 2002 11.79 7.54 28 June 2002 11.83 7.59 1 July 2002 11.10 7.54 2 July 2002 11.24 7.55 3 July 2002 11.26 7.54 5 July 2002 11.27 7.64 8 July 2002 11.27 7.56 9 July 2002 11.22 7.47 10 July 2002 11.23 7.38 11 July 2002 11.34 7.41 12 July 2002 11.31 7.37 15 July 2002 11.34 7.48 16 July 2002 11.35 7.56 17 July 2002 11.33 7.47 18 July 2002 11.33 7.45 19 July 2002 11.36 7.44 22 July 2002 11.43 7.38 23 July 2002 11.57 7.41 24 July 2002 11.73 7.51 25 July 2002 11.70 7.49 26 July 2002 11.79 7.48 29 July 2002 11.82 7.68 30 July 2002 11.82 7.73 31 July 2002 11.70 7.52 1 August 2002 11.59 7.45 2 August 2002 11.70 7.34 5 August 2002 11.73 7.40 6 August 2002 11.83 7.53 7 August 2002 11.81 7.42 8 August 2002 11.87 7.49 9 August 2002 11.84 7.42 12 August 2002 11.89 7.38 13 August 2002 11.91 7.31 14 August 2002 11.91 7.29 15 August 2002 11.91 7.39 16 August 2002 11.92 7.50 19 August 2002 11.92 7.47 20 August 2002 11.76 7.26 21 August 2002 11.82 7.26 22 August 2002 11.69 7.31 23 August 2002 11.59 7.22 26 August 2002 11.48 7.19 27 August 2002 11.47 7.26 28 August 2002 11.42 7.19 29 August 2002 11.40 7.16 30 August 2002 11.40 7.14 3 September 2002 11.44 7.05 4 September 2002 11.38 7.01 5 September 2002 11.41 6.99 6 September 2002 11.45 7.10 9 September 2002 11.47 7.11 10 September 2002 11.44 7.05 11 September 2002 11.42 7.16 12 September 2002 11.25 7.05 13 September 2002 ND 6.98 16 September 2002 11.35 6.96 17 September 2002 11.31 6.96 18 September 2002 11.39 6.92 19 September 2002 11.49 6.87 20 September 2002 11.53 6.89 23 September 2002 11.52 6.83 24 September 2002 11.61 6.86 25 September 2002 11.67 6.95 26 September 2002 11.63 6.98 27 September 2002 11.68 6.91 30 September 2002 11.78 6.83 1 October 2002 11.83 6.94 2 October 2002 11.81 6.91 3 October 2002 11.83 6.93 4 October 2002 11.94 6.91 7 October 2002 11.98 6.93 8 October 2002 12.14 7.03 9 October 2002 12.27 7.06 10 October 2002 12.35 7.18 11 October 2002 12.38 7.29 15 October 2002 12.31 7.42 16 October 2002 12.28 7.47 17 October 2002 12.25 7.58 18 October 2002 12.29 7.59 21 October 2002 12.28 7.72 22 October 2002 12.30 7.72 23 October 2002 12.26 7.69 24 October 2002 12.17 7.59 25 October 2002 12.16 7.52 28 October 2002 12.09 7.46 29 October 2002 12.06 7.32 30 October 2002 12.01 7.30 31 October 2002 11.88 7.23 1 November 2002 11.85 7.27 4 November 2002 11.82 7.29 5 November 2002 11.76 7.26 6 November 2002 11.65 7.17 7 November 2002 11.57 6.98 8 November 2002 11.60 6.95 11 November 2002 11.59 6.95 12 November 2002 11.52 7.00 13 November 2002 11.51 6.99 14 November 2002 11.45 7.10 15 November 2002 11.39 7.08 18 November 2002 11.35 6.94 19 November 2002 11.30 6.91 20 November 2002 11.23 6.98 21 November 2002 11.18 7.00 22 November 2002 11.20 7.01 25 November 2002 11.04 7.03 26 November 2002 11.04 6.94 27 November 2002 11.05 7.10 28 November 2002 11.05 7.10 29 November 2002 11.09 7.06 2 December 2002 10.89 6.96 3 December 2002 10.86 7.01 4 December 2002 11.78 6.97 5 December 2002 11.77 6.91 6 December 2002 11.81 6.90 9 December 2002 10.94 6.88 10 December 2002 11.04 6.88 11 December 2002 11.06 6.81 12 December 2002 11.04 6.80 13 December 2002 11.04 6.86 16 December 2002 11.00 6.89 17 December 2002 11.00 6.82 18 December 2002 10.98 6.73 19 December 2002 10.98 6.63 20 December 2002 10.98 6.63 23 December 2002 10.96 6.64 24 December 2002 10.95 6.60 26 December 2002 10.95 6.59 27 December 2002 10.94 6.50 30 December 2002 10.93 6.47 31 December 2002 10.78 6.50 2 January 2003 10.75 6.70 3 January 2003 10.74 6.67 6 January 2003 10.59 6.68 7 January 2003 10.52 6.61 8 January 2003 10.42 6.57 9 January 2003 10.41 6.73 10 January 2003 10.36 6.69 13 January 2003 10.33 6.63 14 January 2003 10.31 6.60 15 January 2003 10.33 6.62 16 January 2003 10.35 6.65 17 January 2003 10.36 6.62 20 January 2003 10.35 6.65 21 January 2003 10.33 6.62 22 January 2003 10.36 6.58 23 January 2003 10.35 6.60 24 January 2003 10.34 6.56 27 January 2003 10.46 6.63 28 January 2003 10.46 6.63 29 January 2003 10.49 6.68 30 January 2003 10.46 6.62 31 January 2003 10.39 6.59 3 February 2003 10.44 6.58 4 February 2003 10.41 6.54 5 February 2003 10.41 6.60 6 February 2003 10.43 6.55 7 February 2003 10.44 6.51 10 February 2003 10.46 6.57 11 February 2003 10.44 6.55 12 February 2003 10.50 6.50 13 February 2003 10.59 6.47 14 February 2003 10.61 6.55 18 February 2003 10.60 6.55 19 February 2003 10.52 6.46 20 February 2003 10.46 6.42 21 February 2003 10.44 6.46 24 February 2003 10.42 6.40 25 February 2003 10.41 6.39 26 February 2003 10.40 6.34 27 February 2003 10.36 6.32 28 February 2003 10.24 6.23 3 March 2003 10.27 6.16 4 March 2003 10.24 6.14 5 March 2003 10.24 6.15 6 March 2003 10.25 6.17 7 March 2003 10.24 6.18 10 March 2003 10.20 6.14 11 March 2003 10.19 6.18 12 March 2003 10.21 6.20 13 March 2003 10.21 6.30 14 March 2003 10.18 6.26 17 March 2003 10.17 6.37 18 March 2003 10.17 6.42 19 March 2003 10.14 6.47 20 March 2003 10.12 6.50 21 March 2003 10.11 6.56 24 March 2003 10.09 6.44 25 March 2003 10.07 6.44 26 March 2003 10.02 6.37 27 March 2003 10.00 6.34 28 March 2003 9.96 6.28 31 March 2003 9.83 6.18 1 April 2003 9.80 6.16 2 April 2003 9.73 6.21 3 April 2003 9.65 6.19 4 April 2003 9.64 6.24 7 April 2003 9.62 6.27 8 April 2003 9.62 6.22 9 April 2003 9.66 6.20 10 April 2003 9.67 6.23 11 April 2003 9.66 6.25 14 April 2003 9.63 6.30 15 April 2003 9.61 6.22 16 April 2003 9.58 6.16 17 April 2003 9.56 6.17 21 April 2003 9.50 6.17 22 April 2003 9.46 6.14 23 April 2003 9.35 6.10 24 April 2003 9.27 5.99 25 April 2003 9.24 5.96 28 April 2003 9.23 5.97 29 April 2003 9.19 5.99 30 April 2003 9.06 5.92 1 May 2003 9.01 5.90 2 May 2003 8.98 5.93 5 May 2003 8.94 5.89 6 May 2003 8.92 5.65 7 May 2003 8.95 5.63 8 May 2003 8.99 5.61 9 May 2003 9.00 5.62 12 May 2003 8.97 5.58 13 May 2003 8.96 5.57 14 May 2003 8.97 5.52 15 May 2003 8.98 5.55 16 May 2003 8.98 5.46 19 May 2003 9.00 5.48 20 May 2003 9.00 5.42 21 May 2003 9.07 5.46 22 May 2003 9.09 5.38 23 May 2003 9.11 5.36 27 May 2003 9.14 5.43 28 May 2003 9.16 5.44 29 May 2003 9.10 5.36 30 May 2003 9.09 5.36 2 June 2003 8.99 5.44 3 June 2003 8.98 5.33 4 June 2003 8.94 5.30 5 June 2003 8.86 5.32 6 June 2003 8.80 5.33 9 June 2003 8.78 5.26 10 June 2003 8.77 5.16 11 June 2003 8.73 5.16 12 June 2003 8.70 5.13 13 June 2003 8.65 5.06 16 June 2003 8.61 5.09 17 June 2003 8.55 5.14 18 June 2003 8.55 5.24 19 June 2003 8.57 5.24 20 June 2003 8.59 5.29 23 June 2003 8.61 5.23 24 June 2003 8.64 5.18 25 June 2003 8.63 5.26 26 June 2003 8.66 5.43 27 June 2003 8.69 5.47 30 June 2003 8.69 5.41 1 July 2003 8.71 5.46 2 July 2003 8.72 5.44 3 July 2003 8.72 5.55 7 July 2003 8.72 5.59 8 July 2003 8.70 5.58 9 July 2003 8.69 5.56 10 July 2003 8.69 5.53 11 July 2003 8.67 5.50 14 July 2003 8.66 5.56 15 July 2003 8.69 5.74 16 July 2003 8.73 5.76 17 July 2003 8.74 5.75 18 July 2003 8.75 5.78 21 July 2003 8.76 5.97 22 July 2003 8.79 5.95 23 July 2003 8.80 5.90 24 July 2003 8.81 5.96 25 July 2003 8.84 5.98 28 July 2003 8.88 6.11 29 July 2003 8.96 6.22 30 July 2003 9.04 6.17 31 July 2003 9.11 6.34 1 August 2003 9.21 6.31 4 August 2003 9.18 6.23 5 August 2003 9.26 6.33 6 August 2003 9.34 6.20 7 August 2003 9.37 6.15 8 August 2003 9.33 6.12 11 August 2003 9.34 6.21 12 August 2003 9.35 6.21 13 August 2003 9.43 6.42 14 August 2003 9.50 6.45 15 August 2003 9.49 6.40 18 August 2003 9.45 6.37 19 August 2003 9.33 6.25 20 August 2003 9.24 6.29 21 August 2003 9.18 6.33 22 August 2003 9.16 6.28 25 August 2003 9.14 6.35 26 August 2003 9.12 6.31 27 August 2003 9.09 6.35 28 August 2003 9.03 6.23 29 August 2003 8.99 6.25 2 September 2003 8.90 6.35 3 September 2003 8.88 6.34 4 September 2003 8.85 6.27 5 September 2003 8.84 6.14 8 September 2003 8.82 6.17 9 September 2003 8.79 6.14 10 September 2003 8.76 6.04 11 September 2003 8.77 6.09 12 September 2003 8.76 6.02 15 September 2003 8.73 5.99 16 September 2003 8.72 6.03 17 September 2003 8.68 5.90 18 September 2003 8.64 5.88 19 September 2003 8.62 5.85 22 September 2003 8.64 5.94 23 September 2003 8.66 5.93 24 September 2003 8.63 5.85 25 September 2003 8.61 5.80 26 September 2003 8.61 5.73 29 September 2003 8.60 5.78 30 September 2003 8.57 5.66 1 October 2003 8.55 5.66 2 October 2003 8.53 5.74 3 October 2003 8.55 5.90 6 October 2003 8.55 5.86 7 October 2003 8.53 5.95 8 October 2003 8.51 5.94 9 October 2003 8.49 5.98 10 October 2003 8.47 5.92 14 October 2003 8.45 6.02 15 October 2003 8.42 6.03 16 October 2003 8.39 6.05 17 October 2003 8.38 5.98 20 October 2003 8.37 5.97 21 October 2003 8.36 5.97 22 October 2003 8.37 5.91 23 October 2003 8.41 5.96 24 October 2003 8.41 5.84 27 October 2003 8.40 5.87 28 October 2003 8.39 5.82 29 October 2003 8.39 5.91 30 October 2003 8.38 5.94 31 October 2003 8.36 5.91 3 November 2003 8.35 5.96 4 November 2003 8.32 5.90 5 November 2003 8.32 5.95 6 November 2003 8.33 6.02 7 November 2003 8.34 6.04 10 November 2003 8.34 6.05 12 November 2003 8.34 5.98 13 November 2003 8.31 5.83 14 November 2003 8.29 5.76 17 November 2003 8.26 5.73 18 November 2003 8.27 5.71 19 November 2003 8.26 5.78 20 November 2003 8.25 5.71 21 November 2003 8.24 5.70 24 November 2003 8.24 5.78 25 November 2003 8.22 5.73 26 November 2003 8.21 5.79 28 November 2003 8.21 5.86 1 December 2003 8.17 5.92 2 December 2003 8.14 5.90 3 December 2003 8.10 5.91 4 December 2003 8.05 5.85 5 December 2003 8.00 5.71 8 December 2003 7.98 5.78 9 December 2003 7.98 5.84 10 December 2003 7.97 5.81 11 December 2003 7.98 5.75 12 December 2003 7.98 5.75 15 December 2003 7.97 5.77 16 December 2003 7.97 5.75 17 December 2003 7.95 5.69 18 December 2003 7.94 5.63 19 December 2003 7.93 5.61 22 December 2003 7.91 5.65 23 December 2003 7.92 5.74 24 December 2003 7.91 5.67 26 December 2003 7.91 5.62 29 December 2003 7.90 5.69 30 December 2003 7.90 5.74 31 December 2003 7.89 5.71 2 January 2004 7.89 5.81 5 January 2004 7.84 5.79 6 January 2004 7.77 5.68 7 January 2004 7.71 5.65 8 January 2004 7.68 5.64 9 January 2004 7.64 5.51 12 January 2004 7.64 5.50 13 January 2004 7.63 5.45 14 January 2004 7.61 5.40 15 January 2004 7.59 5.39 16 January 2004 7.59 5.43 20 January 2004 7.58 5.47 21 January 2004 7.56 5.45 22 January 2004 7.54 5.38 23 January 2004 7.54 5.48 26 January 2004 7.57 5.56 27 January 2004 7.59 5.50 28 January 2004 7.64 5.61 29 January 2004 7.71 5.63 30 January 2004 7.75 5.58 2 February 2004 7.79 5.61 3 February 2004 7.83 5.55 4 February 2004 7.87 5.59 5 February 2004 7.92 5.64 6 February 2004 7.93 5.55 9 February 2004 7.86 5.52 10 February 2004 7.87 5.56 11 February 2004 7.85 5.47 12 February 2004 7.82 5.50 13 February 2004 7.81 5.47 17 February 2004 7.80 5.48 18 February 2004 7.84 5.49 19 February 2004 7.84 5.50 20 February 2004 7.85 5.55 23 February 2004 7.88 5.51 24 February 2004 7.91 5.50 25 February 2004 7.89 5.50 26 February 2004 7.89 5.52 27 February 2004 7.87 5.46 1 March 2004 7.85 5.45 2 March 2004 7.85 5.52 3 March 2004 7.86 5.52 4 March 2004 7.84 5.49 5 March 2004 7.79 5.31 8 March 2004 7.76 5.25 9 March 2004 7.76 5.20 10 March 2004 7.76 5.22 11 March 2004 7.79 5.25 12 March 2004 7.80 5.26 15 March 2004 7.83 5.27 16 March 2004 7.84 5.21 17 March 2004 7.86 5.20 18 March 2004 7.85 5.26 19 March 2004 7.85 5.29 22 March 2004 7.85 5.24 23 March 2004 7.88 5.23 24 March 2004 7.89 5.25 25 March 2004 7.89 5.27 26 March 2004 7.89 5.36 29 March 2004 7.88 5.40 30 March 2004 7.89 5.40 31 March 2004 7.88 5.34 1 April 2004 7.88 5.40 2 April 2004 7.92 5.62 5 April 2004 7.95 5.69 6 April 2004 7.94 5.64 7 April 2004 7.92 5.63 8 April 2004 7.91 5.66 12 April 2004 7.91 5.68 13 April 2004 7.95 5.78 14 April 2004 8.00 5.81 15 April 2004 8.01 5.85 16 April 2004 8.00 5.81 19 April 2004 8.00 5.82 20 April 2004 8.01 5.87 21 April 2004 8.04 5.88 22 April 2004 8.01 5.83 23 April 2004 8.01 5.91 26 April 2004 8.02 5.88 27 April 2004 8.01 5.86 28 April 2004 8.03 5.94 29 April 2004 8.08 6.01 30 April 2004 8.08 5.96 3 May 2004 8.12 5.97 4 May 2004 8.17 6.02 5 May 2004 8.19 6.06 6 May 2004 8.27 6.12 7 May 2004 8.38 6.29 10 May 2004 8.53 6.32 11 May 2004 8.56 6.31 12 May 2004 8.61 6.34 13 May 2004 8.70 6.40 14 May 2004 8.72 6.33 17 May 2004 8.72 6.26 18 May 2004 8.67 6.28 19 May 2004 8.62 6.33 20 May 2004 8.64 6.26 21 May 2004 8.62 6.30 24 May 2004 8.60 6.28 25 May 2004 8.57 6.27 26 May 2004 8.53 6.21 27 May 2004 8.50 6.12 28 May 2004 8.50 6.19 1 June 2004 8.50 6.23 2 June 2004 8.51 6.25 3 June 2004 8.52 6.25 4 June 2004 8.53 6.31 7 June 2004 8.54 6.29 8 June 2004 8.52 6.28 9 June 2004 8.51 6.32 10 June 2004 8.51 6.30 14 June 2004 8.53 6.38 15 June 2004 8.51 6.19 16 June 2004 8.49 6.25 17 June 2004 8.48 6.21 18 June 2004 8.46 6.22 21 June 2004 8.45 6.21 22 June 2004 8.43 6.22 23 June 2004 8.43 6.21 24 June 2004 8.40 6.15 25 June 2004 8.40 6.16 28 June 2004 8.41 6.25 29 June 2004 8.42 6.21 30 June 2004 8.41 6.13 1 July 2004 8.37 6.09 2 July 2004 8.34 5.98 6 July 2004 8.30 6.01 7 July 2004 8.30 6.00 8 July 2004 8.27 6.00 9 July 2004 8.26 6.00 12 July 2004 8.23 5.97 13 July 2004 8.23 6.01 14 July 2004 8.21 6.01 15 July 2004 8.20 6.00 16 July 2004 8.16 5.87 19 July 2004 8.13 5.86 20 July 2004 8.11 5.95 21 July 2004 8.12 5.99 22 July 2004 8.15 5.95 23 July 2004 8.17 5.93 26 July 2004 8.19 5.97 27 July 2004 8.26 6.10 28 July 2004 8.27 6.08 29 July 2004 8.25 6.07 30 July 2004 8.21 5.96 2 August 2004 8.22 5.99 3 August 2004 8.24 5.95 4 August 2004 8.22 5.96 5 August 2004 8.21 5.94 6 August 2004 8.15 5.76 9 August 2004 8.14 5.77 10 August 2004 8.15 5.82 11 August 2004 8.15 5.81 12 August 2004 8.15 5.78 13 August 2004 8.14 5.73 16 August 2004 8.15 5.78 17 August 2004 8.13 5.72 18 August 2004 8.10 5.74 19 August 2004 8.07 5.72 20 August 2004 8.06 5.74 23 August 2004 8.05 5.78 24 August 2004 8.04 5.78 25 August 2004 8.01 5.75 26 August 2004 8.00 5.71 27 August 2004 7.99 5.71 30 August 2004 7.98 5.66 31 August 2004 7.97 5.60 1 September 2004 7.96 5.59 2 September 2004 7.98 5.66 3 September 2004 7.97 5.75 7 September 2004 7.97 5.70 8 September 2004 7.93 5.61 9 September 2004 7.91 5.64 10 September 2004 7.89 5.61 13 September 2004 7.86 5.58 14 September 2004 7.83 5.56 15 September 2004 7.84 5.59 16 September 2004 7.82 5.48 17 September 2004 7.81 5.55 20 September 2004 7.79 5.46 21 September 2004 7.78 5.45 22 September 2004 7.76 5.40 23 September 2004 7.76 5.44 24 September 2004 7.77 5.44 27 September 2004 7.77 5.40 28 September 2004 7.77 5.42 29 September 2004 7.79 5.49 30 September 2004 7.82 5.51 1 October 2004 7.83 5.58 4 October 2004 7.81 5.56 5 October 2004 7.80 5.55 6 October 2004 7.79 5.61 7 October 2004 7.78 5.62 8 October 2004 7.74 5.50 11 October 2004 7.74 5.51 12 October 2004 7.71 5.48 13 October 2004 7.70 5.44 14 October 2004 7.70 5.38 15 October 2004 7.70 5.42 18 October 2004 7.72 5.42 19 October 2004 7.73 5.42 20 October 2004 7.74 5.37 21 October 2004 7.72 5.38 22 October 2004 7.69 5.37 25 October 2004 7.67 5.36 26 October 2004 7.65 5.35 27 October 2004 7.63 5.45 28 October 2004 7.60 5.43 29 October 2004 7.55 5.36 1 November 2004 7.54 5.43 2 November 2004 7.51 5.41 3 November 2004 7.46 5.39 4 November 2004 7.43 5.38 5 November 2004 7.44 5.48 8 November 2004 7.46 5.51 9 November 2004 7.46 5.51 10 November 2004 7.49 5.53 11 November 2004 7.49 5.53 12 November 2004 7.48 5.47 15 November 2004 7.46 5.46 16 November 2004 7.50 5.47 17 November 2004 7.46 5.40 18 November 2004 7.43 5.36 19 November 2004 7.44 5.44 22 November 2004 7.44 5.41 23 November 2004 7.43 5.42 24 November 2004 ND 5.42 25 November 2004 7.43 5.42 26 November 2004 7.43 5.47 29 November 2004 7.46 5.56 30 November 2004 7.49 5.58 1 December 2004 7.50 5.60 2 December 2004 7.51 5.61 3 December 2004 7.47 5.48 6 December 2004 7.45 5.45 7 December 2004 7.43 5.43 8 December 2004 7.41 5.32 9 December 2004 7.40 5.35 10 December 2004 7.40 5.35 13 December 2004 7.39 5.34 14 December 2004 7.40 5.31 15 December 2004 7.37 5.26 16 December 2004 7.38 5.37 17 December 2004 7.41 5.38 20 December 2004 7.40 5.37 21 December 2004 7.39 5.34 22 December 2004 7.39 5.37 23 December 2004 7.40 5.39 27 December 2004 7.40 5.46 28 December 2004 7.41 5.46 29 December 2004 7.41 5.49 30 December 2004 7.40 5.43 31 December 2004 7.40 5.39 3 January 2005 7.39 5.39 4 January 2005 7.37 5.44 5 January 2005 7.40 5.44 6 January 2005 7.41 5.45 7 January 2005 7.42 5.46 10 January 2005 7.44 5.45 11 January 2005 7.46 5.42 12 January 2005 7.47 5.41 13 January 2005 7.46 5.36 14 January 2005 7.48 5.39 18 January 2005 7.51 5.37 19 January 2005 7.49 5.36 20 January 2005 7.51 5.35 21 January 2005 7.52 5.33 24 January 2005 7.51 5.31 25 January 2005 7.51 5.37 26 January 2005 7.51 5.36 27 January 2005 7.50 5.38 28 January 2005 7.47 5.31 31 January 2005 7.46 5.29 1 February 2005 7.44 5.29 2 February 2005 7.41 5.28 3 February 2005 7.38 5.30 4 February 2005 7.35 5.19 7 February 2005 7.32 5.17 8 February 2005 7.29 5.15 9 February 2005 7.29 5.10 10 February 2005 7.30 5.19 11 February 2005 7.29 5.21 14 February 2005 7.28 5.18 15 February 2005 7.25 5.21 16 February 2005 7.24 5.27 17 February 2005 7.26 5.28 18 February 2005 7.28 5.35 22 February 2005 7.30 5.39 23 February 2005 7.29 5.37 24 February 2005 7.29 5.37 25 February 2005 7.26 5.36 28 February 2005 7.26 5.45 1 March 2005 7.28 5.45 2 March 2005 7.29 5.47 3 March 2005 7.29 5.47 4 March 2005 7.27 5.38 7 March 2005 7.25 5.37 8 March 2005 7.25 5.45 9 March 2005 7.29 5.58 10 March 2005 7.31 5.53 11 March 2005 7.34 5.61 14 March 2005 7.37 5.60 15 March 2005 7.38 5.63 16 March 2005 7.45 5.63 17 March 2005 7.53 5.61 18 March 2005 7.51 5.64 21 March 2005 7.58 5.67 22 March 2005 7.66 5.76 23 March 2005 7.74 5.79 24 March 2005 7.74 5.77 28 March 2005 7.77 5.82 29 March 2005 7.82 5.80 30 March 2005 7.86 5.78 31 March 2005 7.89 5.73 1 April 2005 7.88 5.69 4 April 2005 7.91 5.72 5 April 2005 7.87 5.73 6 April 2005 7.81 5.68 7 April 2005 7.77 5.71 8 April 2005 7.78 5.72 11 April 2005 7.80 5.70 12 April 2005 7.81 5.61 13 April 2005 7.83 5.63 14 April 2005 7.90 5.64 15 April 2005 7.96 5.58 18 April 2005 8.00 5.57 19 April 2005 7.97 5.52 20 April 2005 7.93 5.52 21 April 2005 7.92 5.60 22 April 2005 7.90 5.54 25 April 2005 7.92 5.53 26 April 2005 7.97 5.55 27 April 2005 8.02 5.52 28 April 2005 8.04 5.47 29 April 2005 8.10 5.52 2 May 2005 8.12 5.52 3 May 2005 8.15 5.54 4 May 2005 8.08 5.52 5 May 2005 8.18 5.45 6 May 2005 8.23 5.56 9 May 2005 8.23 5.57 10 May 2005 8.24 5.52 11 May 2005 8.33 5.51 12 May 2005 8.32 5.50 13 May 2005 8.37 5.49 16 May 2005 8.50 5.49 17 May 2005 8.55 5.50 18 May 2005 8.49 5.46 19 May 2005 8.42 5.49 20 May 2005 8.39 5.49 23 May 2005 8.30 5.42 24 May 2005 8.27 5.39 25 May 2005 8.20 5.42 26 May 2005 8.14 5.41 27 May 2005 8.08 5.39 31 May 2005 8.06 5.32 1 June 2005 7.98 5.22 2 June 2005 7.87 5.18 3 June 2005 7.86 5.26 6 June 2005 7.92 5.24 7 June 2005 7.89 5.19 8 June 2005 7.91 5.22 9 June 2005 7.97 5.27 10 June 2005 7.96 5.35 13 June 2005 7.97 5.39 14 June 2005 7.95 5.43 15 June 2005 7.93 5.43 16 June 2005 7.94 5.39 17 June 2005 7.94 5.39 20 June 2005 7.96 5.41 21 June 2005 7.92 5.36 22 June 2005 7.90 5.27 23 June 2005 7.91 5.28 24 June 2005 7.92 5.24 27 June 2005 7.93 5.23 28 June 2005 7.90 5.29 29 June 2005 7.88 5.31 30 June 2005 7.84 5.26 1 July 2005 7.84 5.35 5 July 2005 7.88 5.42 6 July 2005 7.89 5.40 7 July 2005 7.87 5.35 8 July 2005 7.85 5.42 11 July 2005 7.81 5.40 12 July 2005 7.77 5.43 13 July 2005 7.76 5.46 14 July 2005 7.73 5.46 15 July 2005 7.72 5.45 18 July 2005 7.73 5.49 19 July 2005 7.73 5.46 20 July 2005 7.75 5.43 21 July 2005 7.75 5.54 22 July 2005 7.69 5.48 25 July 2005 7.73 5.50 26 July 2005 7.73 5.49 27 July 2005 7.71 5.50 28 July 2005 7.68 5.43 29 July 2005 7.69 5.51 1 August 2005 7.70 5.53 2 August 2005 7.71 5.56 3 August 2005 7.73 5.52 4 August 2005 7.72 5.55 5 August 2005 7.78 5.62 8 August 2005 7.82 5.65 9 August 2005 7.80 5.63 10 August 2005 7.79 5.63 11 August 2005 7.78 5.58 12 August 2005 7.76 5.51 15 August 2005 7.77 5.52 16 August 2005 7.79 5.49 17 August 2005 7.80 5.55 18 August 2005 7.78 5.48 19 August 2005 7.77 5.47 22 August 2005 7.76 5.47 23 August 2005 7.75 5.45 24 August 2005 7.74 5.42 25 August 2005 7.74 5.40 26 August 2005 7.74 5.43 29 August 2005 7.75 5.41 30 August 2005 7.75 5.34 31 August 2005 7.77 5.28 1 September 2005 7.78 5.30 2 September 2005 7.80 5.31 6 September 2005 7.80 5.37 7 September 2005 7.82 5.42 8 September 2005 7.81 5.43 9 September 2005 7.82 5.42 12 September 2005 7.82 5.46 13 September 2005 7.80 5.43 14 September 2005 7.81 5.46 15 September 2005 7.81 5.52 16 September 2005 7.84 5.56 19 September 2005 7.89 5.56 20 September 2005 7.93 5.55 21 September 2005 7.95 5.50 22 September 2005 7.98 5.50 23 September 2005 7.97 5.57 26 September 2005 7.96 5.61 27 September 2005 7.98 5.62 28 September 2005 7.99 5.58 29 September 2005 7.99 5.61 30 September 2005 8.03 5.64 3 October 2005 8.01 5.71 4 October 2005 8.07 5.69 5 October 2005 8.08 5.67 6 October 2005 8.11 5.69 7 October 2005 8.13 5.68 11 October 2005 8.20 5.71 12 October 2005 8.27 5.79 13 October 2005 8.34 5.84 14 October 2005 8.31 5.86 17 October 2005 8.24 5.86 18 October 2005 8.18 5.84 19 October 2005 8.19 5.83 20 October 2005 8.18 5.83 21 October 2005 8.15 5.76 24 October 2005 8.15 5.82 25 October 2005 8.17 5.88 26 October 2005 8.25 5.97 27 October 2005 8.29 5.95 28 October 2005 8.32 5.96 31 October 2005 8.33 5.95 1 November 2005 8.32 5.97 2 November 2005 8.31 6.00 3 November 2005 8.29 6.03 4 November 2005 8.30 6.05 7 November 2005 8.32 6.03 8 November 2005 8.28 5.95 9 November 2005 8.31 6.03 10 November 2005 8.31 5.96 14 November 2005 8.37 6.00 15 November 2005 8.39 5.96 16 November 2005 8.39 5.90 17 November 2005 8.41 5.88 18 November 2005 8.44 5.92 21 November 2005 8.41 5.88 22 November 2005 8.40 5.86 23 November 2005 8.41 5.90 25 November 2005 8.39 5.86 28 November 2005 8.37 5.83 29 November 2005 8.34 5.90 30 November 2005 8.34 5.91 1 December 2005 8.35 5.94 2 December 2005 8.34 5.94 5 December 2005 8.38 5.99 6 December 2005 8.37 5.93 7 December 2005 8.38 5.95 8 December 2005 8.36 5.90 9 December 2005 8.35 5.97 12 December 2005 8.33 5.98 13 December 2005 8.33 5.97 14 December 2005 8.31 5.88 15 December 2005 8.31 5.90 16 December 2005 8.31 5.87 19 December 2005 8.31 5.87 20 December 2005 8.33 5.89 21 December 2005 8.28 5.91 22 December 2005 8.27 5.86 23 December 2005 8.26 5.80 27 December 2005 8.26 5.76 28 December 2005 8.27 5.80 29 December 2005 8.29 5.80 30 December 2005 8.30 5.82 3 January 2006 8.27 5.79 4 January 2006 8.24 5.78 5 January 2006 8.21 5.78 6 January 2006 8.18 5.80 9 January 2006 8.15 5.80 10 January 2006 8.17 5.85 11 January 2006 8.19 5.88 12 January 2006 8.19 5.84 13 January 2006 8.22 5.78 17 January 2006 8.24 5.76 18 January 2006 8.24 5.77 19 January 2006 8.22 5.81 20 January 2006 8.23 5.78 23 January 2006 8.21 5.78 24 January 2006 8.19 5.81 25 January 2006 8.18 5.89 26 January 2006 8.21 5.93 27 January 2006 8.18 5.90 30 January 2006 8.17 5.93 31 January 2006 8.16 5.92 1 February 2006 8.14 5.95 2 February 2006 8.14 5.94 3 February 2006 8.14 5.91 6 February 2006 8.17 5.92 7 February 2006 8.19 5.95 8 February 2006 8.20 5.97 9 February 2006 8.21 5.95 10 February 2006 8.22 5.99 13 February 2006 8.22 5.98 14 February 2006 8.23 6.01 15 February 2006 8.21 5.99 16 February 2006 8.19 5.98 17 February 2006 8.16 5.92 21 February 2006 8.16 5.94 22 February 2006 8.14 5.90 23 February 2006 8.14 5.93 24 February 2006 8.13 5.94 27 February 2006 8.14 5.96 28 February 2006 8.10 5.91 1 March 2006 8.13 5.96 2 March 2006 8.15 6.01 3 March 2006 8.19 6.06 6 March 2006 8.18 6.11 7 March 2006 8.20 6.12 8 March 2006 8.24 6.12 9 March 2006 8.23 6.11 10 March 2006 8.23 6.14 13 March 2006 8.23 6.16 14 March 2006 8.21 6.08 15 March 2006 8.20 6.12 16 March 2006 8.16 6.03 17 March 2006 8.19 6.05 20 March 2006 8.14 6.04 21 March 2006 8.13 6.09 22 March 2006 8.13 6.08 23 March 2006 8.13 6.12 24 March 2006 8.11 6.06 27 March 2006 8.10 6.09 28 March 2006 8.12 6.17 29 March 2006 8.15 6.20 30 March 2006 8.17 6.25 31 March 2006 8.18 6.25 3 April 2006 8.17 6.27 4 April 2006 8.19 6.26 5 April 2006 8.16 6.23 6 April 2006 8.19 6.29 7 April 2006 8.22 6.36 10 April 2006 8.24 6.36 11 April 2006 8.23 6.33 12 April 2006 8.24 6.37 13 April 2006 8.27 6.43 17 April 2006 8.27 6.40 18 April 2006 8.25 6.37 19 April 2006 8.26 6.42 20 April 2006 8.25 6.42 21 April 2006 8.24 6.39 24 April 2006 8.23 6.36 25 April 2006 8.24 6.44 26 April 2006 8.27 6.47 27 April 2006 8.26 6.44 28 April 2006 8.24 6.42 1 May 2006 8.25 6.47 2 May 2006 8.24 6.45 3 May 2006 8.26 6.48 4 May 2006 8.24 6.49 5 May 2006 8.23 6.44 8 May 2006 8.23 6.45 9 May 2006 8.23 6.45 10 May 2006 8.22 6.45 11 May 2006 8.23 6.49 12 May 2006 8.26 6.54 15 May 2006 8.29 6.50 16 May 2006 8.30 6.47 17 May 2006 8.37 6.53 18 May 2006 8.36 6.46 19 May 2006 8.34 6.43 22 May 2006 8.39 6.43 23 May 2006 8.39 6.46 24 May 2006 8.42 6.44 25 May 2006 8.42 6.48 26 May 2006 8.39 6.45 30 May 2006 8.41 6.50 31 May 2006 8.43 6.55 1 June 2006 8.43 6.54 2 June 2006 8.39 6.43 5 June 2006 8.42 6.46 6 June 2006 8.44 6.45 7 June 2006 8.45 6.48 8 June 2006 8.46 6.45 9 June 2006 8.46 6.44 12 June 2006 8.46 6.45 13 June 2006 8.49 6.44 14 June 2006 8.57 6.54 15 June 2006 8.60 6.59 16 June 2006 8.60 6.62 19 June 2006 8.61 6.64 20 June 2006 8.64 6.66 21 June 2006 8.71 6.67 22 June 2006 8.73 6.72 23 June 2006 8.75 6.75 26 June 2006 8.78 6.77 27 June 2006 8.77 6.74 28 June 2006 8.79 6.78 29 June 2006 8.74 6.74 30 June 2006 8.66 6.65 3 July 2006 8.68 6.69 5 July 2006 8.71 6.76 6 July 2006 8.71 6.72 7 July 2006 8.67 6.66 10 July 2006 8.66 6.66 11 July 2006 8.65 6.63 12 July 2006 8.66 6.63 13 July 2006 8.69 6.61 14 July 2006 8.71 6.61 17 July 2006 8.73 6.62 18 July 2006 8.74 6.67 19 July 2006 8.70 6.60 20 July 2006 8.69 6.57 21 July 2006 8.69 6.58 24 July 2006 8.71 6.58 25 July 2006 8.72 6.61 26 July 2006 8.70 6.57 27 July 2006 8.68 6.57 28 July 2006 8.66 6.52 31 July 2006 8.69 6.52 1 August 2006 8.68 6.51 2 August 2006 8.65 6.49 3 August 2006 8.65 6.47 4 August 2006 8.63 6.43 7 August 2006 8.62 6.45 8 August 2006 8.63 6.46 9 August 2006 8.63 6.47 10 August 2006 8.65 6.48 11 August 2006 8.65 6.51 14 August 2006 8.66 6.53 15 August 2006 8.64 6.46 16 August 2006 8.61 6.41 17 August 2006 8.58 6.40 18 August 2006 8.59 6.37 21 August 2006 8.58 6.36 22 August 2006 8.58 6.35 23 August 2006 8.57 6.36 24 August 2006 8.57 6.35 25 August 2006 8.57 6.34 28 August 2006 8.57 6.35 29 August 2006 8.57 6.34 30 August 2006 8.56 6.32 31 August 2006 8.59 6.29 1 September 2006 8.58 6.28 5 September 2006 8.57 6.33 6 September 2006 8.56 6.35 7 September 2006 8.57 6.34 8 September 2006 8.55 6.32 11 September 2006 8.55 6.35 12 September 2006 8.53 6.32 13 September 2006 8.50 6.31 14 September 2006 8.49 6.33 15 September 2006 8.48 6.34 18 September 2006 8.49 6.35 19 September 2006 8.49 6.28 20 September 2006 8.48 6.27 21 September 2006 8.49 6.21 22 September 2006 8.49 6.16 25 September 2006 8.48 6.12 26 September 2006 8.47 6.14 27 September 2006 8.45 6.15 28 September 2006 8.46 6.19 29 September 2006 8.45 6.20 2 October 2006 8.44 6.18 3 October 2006 8.38 6.17 4 October 2006 8.43 6.13 5 October 2006 8.41 6.17 6 October 2006 8.42 6.25 10 October 2006 8.43 6.30 11 October 2006 8.42 6.34 12 October 2006 8.40 6.33 13 October 2006 8.39 6.35 16 October 2006 8.39 6.33 17 October 2006 8.39 6.32 18 October 2006 8.37 6.29 19 October 2006 8.38 6.31 20 October 2006 8.38 6.30 23 October 2006 8.39 6.34 24 October 2006 8.39 6.34 25 October 2006 8.39 6.29 26 October 2006 8.37 6.23 27 October 2006 8.35 6.19 30 October 2006 8.34 6.18 31 October 2006 8.36 6.11 1 November 2006 8.34 6.06 2 November 2006 8.33 6.09 3 November 2006 8.32 6.19 6 November 2006 8.33 6.18 7 November 2006 8.30 6.13 8 November 2006 8.29 6.10 9 November 2006 8.26 6.09 10 November 2006 8.25 6.05 13 November 2006 8.24 6.06 14 November 2006 8.23 6.03 15 November 2006 8.23 6.08 16 November 2006 8.21 6.12 17 November 2006 8.24 6.07 20 November 2006 8.24 6.06 21 November 2006 8.25 6.04 22 November 2006 8.27 6.04 24 November 2006 8.26 6.02 27 November 2006 8.27 6.01 28 November 2006 8.29 5.99 29 November 2006 8.26 5.99 30 November 2006 8.28 5.95 1 December 2006 8.27 5.92 4 December 2006 8.26 5.92 5 December 2006 8.23 5.93 6 December 2006 8.20 5.96 7 December 2006 8.19 5.95 8 December 2006 8.20 6.02 11 December 2006 8.20 5.99 12 December 2006 8.20 5.97 13 December 2006 8.22 6.05 14 December 2006 8.24 6.07 15 December 2006 8.22 6.07 18 December 2006 8.22 6.06 19 December 2006 8.21 6.07 20 December 2006 8.21 6.07 21 December 2006 8.20 6.03 22 December 2006 8.21 6.09 26 December 2006 8.20 6.07 27 December 2006 8.21 6.12 28 December 2006 8.21 6.16 29 December 2006 8.20 6.17 2 January 2007 8.27 6.16 3 January 2007 8.24 6.13 4 January 2007 8.25 6.08 5 January 2007 8.27 6.11 8 January 2007 8.26 6.11 9 January 2007 8.25 6.11 10 January 2007 8.25 6.14 11 January 2007 8.25 6.19 12 January 2007 8.25 6.22 16 January 2007 8.23 6.20 17 January 2007 8.22 6.23 18 January 2007 8.20 6.19 19 January 2007 8.18 6.20 22 January 2007 8.17 6.19 23 January 2007 8.17 6.23 24 January 2007 8.15 6.23 25 January 2007 8.14 6.28 26 January 2007 8.16 6.29 29 January 2007 8.16 6.30 30 January 2007 8.19 6.29 31 January 2007 8.20 6.24 1 February 2007 8.17 6.25 2 February 2007 8.17 6.24 5 February 2007 8.15 6.21 6 February 2007 8.12 6.17 7 February 2007 8.08 6.14 8 February 2007 8.09 6.13 9 February 2007 8.08 6.18 12 February 2007 8.10 6.19 13 February 2007 8.09 6.20 14 February 2007 8.05 6.12 15 February 2007 8.02 6.09 16 February 2007 7.99 6.07 20 February 2007 7.99 6.06 21 February 2007 7.97 6.07 22 February 2007 7.96 6.10 23 February 2007 7.95 6.04 26 February 2007 7.95 6.00 27 February 2007 8.00 5.91 28 February 2007 8.04 5.95 1 March 2007 8.08 5.96 2 March 2007 8.11 5.93 5 March 2007 8.17 5.96 6 March 2007 8.14 5.97 7 March 2007 8.09 5.94 8 March 2007 8.05 5.94 9 March 2007 8.05 6.02 12 March 2007 8.05 5.98 13 March 2007 8.10 5.95 14 March 2007 8.13 5.98 15 March 2007 8.11 5.99 16 March 2007 8.11 6.00 19 March 2007 8.11 6.02 20 March 2007 8.11 6.01 21 March 2007 8.09 5.99 22 March 2007 8.08 6.06 23 March 2007 8.08 6.08 26 March 2007 8.08 6.06 27 March 2007 8.09 6.09 28 March 2007 8.12 6.10 29 March 2007 8.11 6.11 30 March 2007 8.10 6.13 2 April 2007 8.10 6.13 3 April 2007 8.10 6.15 4 April 2007 8.13 6.15 5 April 2007 8.10 6.17 9 April 2007 8.10 6.23 10 April 2007 8.09 6.20 11 April 2007 8.08 6.21 12 April 2007 8.08 6.21 13 April 2007 8.07 6.23 16 April 2007 8.05 6.20 17 April 2007 8.02 6.15 18 April 2007 8.02 6.11 19 April 2007 8.00 6.13 20 April 2007 7.97 6.13 23 April 2007 7.96 6.11 24 April 2007 7.95 6.08 25 April 2007 7.94 6.11 26 April 2007 7.94 6.14 27 April 2007 7.95 6.16 30 April 2007 7.96 6.08 1 May 2007 7.97 6.09 2 May 2007 7.96 6.09 3 May 2007 7.96 6.12 4 May 2007 7.95 6.09 7 May 2007 7.94 6.08 8 May 2007 7.94 6.07 9 May 2007 7.94 6.11 10 May 2007 7.93 6.09 11 May 2007 7.93 6.11 14 May 2007 7.93 6.12 15 May 2007 7.92 6.14 16 May 2007 7.92 6.14 17 May 2007 7.92 6.18 18 May 2007 7.93 6.23 21 May 2007 7.91 6.21 22 May 2007 7.91 6.25 23 May 2007 7.92 6.28 24 May 2007 7.92 6.28 25 May 2007 7.93 6.28 29 May 2007 7.93 6.30 30 May 2007 7.95 6.31 31 May 2007 7.93 6.33 1 June 2007 7.94 6.39 4 June 2007 7.97 6.36 5 June 2007 7.96 6.41 6 June 2007 8.01 6.41 7 June 2007 8.10 6.55 8 June 2007 8.15 6.58 11 June 2007 8.15 6.60 12 June 2007 8.23 6.71 13 June 2007 8.23 6.66 14 June 2007 8.23 6.67 15 June 2007 8.21 6.62 18 June 2007 8.19 6.60 19 June 2007 8.22 6.54 20 June 2007 8.23 6.58 21 June 2007 8.30 6.63 22 June 2007 8.32 6.61 25 June 2007 8.37 6.56 26 June 2007 8.38 6.59 27 June 2007 8.44 6.56 28 June 2007 8.43 6.60 29 June 2007 8.43 6.52 2 July 2007 8.47 6.49 3 July 2007 8.47 6.54 5 July 2007 8.49 6.64 6 July 2007 8.50 6.69 9 July 2007 8.50 6.65 10 July 2007 8.57 6.54 11 July 2007 8.62 6.60 12 July 2007 8.60 6.63 13 July 2007 8.56 6.62 16 July 2007 8.53 6.57 17 July 2007 8.56 6.60 18 July 2007 8.64 6.55 19 July 2007 8.63 6.58 20 July 2007 8.70 6.53 23 July 2007 8.79 6.55 24 July 2007 8.93 6.55 25 July 2007 8.97 6.53 26 July 2007 9.22 6.55 27 July 2007 9.31 6.60 30 July 2007 9.30 6.64 31 July 2007 9.20 6.60 1 August 2007 9.26 6.59 2 August 2007 9.19 6.58 3 August 2007 9.16 6.52 6 August 2007 9.21 6.57 7 August 2007 9.15 6.58 8 August 2007 9.02 6.67 9 August 2007 9.03 6.62 10 August 2007 9.08 6.62 13 August 2007 9.04 6.61 14 August 2007 9.04 6.58 15 August 2007 9.09 6.59 16 August 2007 9.19 6.52 17 August 2007 9.16 6.60 20 August 2007 9.13 6.57 21 August 2007 9.09 6.54 22 August 2007 9.05 6.56 23 August 2007 9.01 6.54 24 August 2007 9.01 6.55 27 August 2007 8.99 6.51 28 August 2007 9.00 6.47 29 August 2007 9.02 6.49 30 August 2007 9.01 6.46 31 August 2007 9.02 6.46 4 September 2007 9.01 6.48 5 September 2007 9.00 6.40 6 September 2007 8.97 6.44 7 September 2007 8.99 6.34 10 September 2007 8.99 6.31 11 September 2007 8.98 6.35 12 September 2007 8.98 6.40 13 September 2007 8.98 6.47 14 September 2007 8.97 6.45 17 September 2007 8.95 6.46 18 September 2007 8.90 6.47 19 September 2007 8.79 6.49 20 September 2007 8.82 6.60 21 September 2007 8.75 6.55 24 September 2007 8.71 6.53 25 September 2007 8.73 6.53 26 September 2007 8.71 6.53 27 September 2007 8.70 6.48 28 September 2007 8.71 6.48 1 October 2007 8.71 6.45 2 October 2007 8.69 6.43 3 October 2007 8.64 6.43 4 October 2007 8.66 6.40 5 October 2007 8.65 6.50 9 October 2007 8.60 6.49 10 October 2007 8.58 6.47 11 October 2007 8.54 6.46 12 October 2007 8.53 6.48 15 October 2007 8.53 6.46 16 October 2007 8.58 6.46 17 October 2007 8.59 6.36 18 October 2007 8.63 6.32 19 October 2007 8.68 6.24 22 October 2007 8.71 6.25 23 October 2007 8.67 6.26 24 October 2007 8.68 6.20 25 October 2007 8.68 6.23 26 October 2007 8.69 6.26 29 October 2007 8.68 6.25 30 October 2007 8.67 6.26 31 October 2007 8.75 6.37 1 November 2007 8.79 6.28 2 November 2007 8.82 6.24 5 November 2007 8.84 6.28 6 November 2007 8.84 6.32 7 November 2007 8.87 6.33 8 November 2007 8.92 6.31 9 November 2007 8.96 6.28 13 November 2007 9.00 6.33 14 November 2007 8.99 6.35 15 November 2007 9.05 6.28 16 November 2007 9.11 6.29 19 November 2007 9.20 6.25 20 November 2007 9.25 6.27 21 November 2007 9.33 6.24 23 November 2007 9.34 6.25 26 November 2007 9.31 6.10 27 November 2007 9.36 6.21 28 November 2007 9.30 6.30 29 November 2007 9.25 6.25 30 November 2007 9.27 6.28 3 December 2007 9.27 6.22 4 December 2007 9.30 6.23 5 December 2007 9.27 6.30 6 December 2007 9.27 6.41 7 December 2007 9.26 6.53 10 December 2007 9.23 6.55 11 December 2007 9.18 6.41 12 December 2007 9.22 6.48 13 December 2007 9.26 6.57 14 December 2007 9.26 6.62 17 December 2007 9.27 6.58 18 December 2007 9.25 6.50 19 December 2007 9.28 6.45 20 December 2007 9.29 6.41 21 December 2007 9.30 6.55 24 December 2007 9.31 6.58 26 December 2007 9.31 6.65 27 December 2007 9.29 6.57 28 December 2007 9.28 6.47 31 December 2007 9.43 6.42 2 January 2008 9.43 6.30 3 January 2008 9.49 6.32 4 January 2008 9.57 6.32 7 January 2008 9.60 6.31 8 January 2008 9.63 6.33 9 January 2008 9.76 6.33 10 January 2008 9.76 6.43 11 January 2008 9.74 6.37 14 January 2008 9.74 6.37 15 January 2008 9.75 6.30 16 January 2008 9.83 6.31 17 January 2008 9.91 6.29 18 January 2008 9.97 6.31 22 January 2008 10.05 6.23 23 January 2008 10.07 6.20 24 January 2008 9.98 6.31 25 January 2008 9.91 6.33 28 January 2008 9.90 6.33 29 January 2008 9.85 6.39 30 January 2008 9.84 6.47 31 January 2008 9.80 6.39 1 February 2008 9.77 6.36 4 February 2008 9.78 6.41 5 February 2008 9.83 6.36 6 February 2008 9.87 6.39 7 February 2008 9.95 6.52 8 February 2008 10.03 6.46 11 February 2008 10.12 6.45 12 February 2008 10.16 6.52 13 February 2008 10.13 6.55 14 February 2008 10.13 6.68 15 February 2008 10.15 6.65 19 February 2008 10.17 6.75 20 February 2008 10.22 6.78 21 February 2008 10.18 6.68 22 February 2008 10.16 6.71 25 February 2008 10.12 6.81 26 February 2008 10.03 6.79 27 February 2008 10.02 6.77 28 February 2008 10.02 6.66 29 February 2008 10.13 6.50 3 March 2008 10.16 6.53 4 March 2008 10.16 6.58 5 March 2008 10.19 6.72 6 March 2008 10.21 6.71 7 March 2008 10.25 6.67 10 March 2008 10.26 6.60 11 March 2008 10.30 6.77 12 March 2008 10.32 6.67 Note. Daily averages based on Merrill Lynch bond data. Figure: Corporate Cash Flow Period Real cash flow (Billions of chained (2000) dollars) Ratio of cash flow to fixed investment 1990:Q1 410.54 1.010 1990:Q2 429.10 1.058 1990:Q3 404.34 0.983 1990:Q4 417.53 1.037 1991:Q1 445.08 1.129 1991:Q2 438.49 1.123 1991:Q3 436.08 1.124 1991:Q4 441.31 1.152 1992:Q1 471.59 1.233 1992:Q2 472.02 1.190 1992:Q3 445.20 1.093 1992:Q4 472.98 1.116 1993:Q1 482.46 1.141 1993:Q2 496.60 1.132 1993:Q3 506.09 1.132 1993:Q4 525.62 1.126 1994:Q1 512.88 1.061 1994:Q2 532.66 1.079 1994:Q3 546.29 1.079 1994:Q4 564.31 1.078 1995:Q1 580.66 1.065 1995:Q2 604.78 1.090 1995:Q3 636.15 1.134 1995:Q4 645.72 1.109 1996:Q1 666.41 1.117 1996:Q2 679.99 1.094 1996:Q3 686.24 1.059 1996:Q4 708.03 1.062 1997:Q1 738.37 1.065 1997:Q2 763.44 1.069 1997:Q3 791.33 1.048 1997:Q4 791.42 0.990 1998:Q1 743.94 0.941 1998:Q2 744.20 0.899 1998:Q3 767.26 0.894 1998:Q4 777.60 0.897 1999:Q1 845.11 0.961 1999:Q2 867.68 0.982 1999:Q3 881.60 0.957 1999:Q4 906.67 0.983 2000:Q1 856.59 0.894 2000:Q2 866.14 0.878 2000:Q3 862.15 0.867 2000:Q4 874.43 0.886 2001:Q1 916.94 0.905 2001:Q2 953.51 0.983 2001:Q3 972.35 1.033 2001:Q4 1026.60 1.125 2002:Q1 1049.35 1.189 2002:Q2 1062.80 1.192 2002:Q3 1081.87 1.251 2002:Q4 1127.57 1.314 2003:Q1 1082.18 1.289 2003:Q2 1125.80 1.286 2003:Q3 1166.54 1.288 2003:Q4 1197.90 1.293 2004:Q1 1268.47 1.378 2004:Q2 1265.60 1.363 2004:Q3 1292.00 1.308 2004:Q4 1169.17 1.116 2005:Q1 1302.17 1.254 2005:Q2 1315.20 1.242 2005:Q3 1315.62 1.207 2005:Q4 1294.35 1.168 2006:Q1 1366.01 1.189 2006:Q2 1392.41 1.194 2006:Q3 1384.93 1.173 2006:Q4 1321.81 1.124 2007:Q1 1318.87 1.118 2007:Q2 1356.69 1.109 2007:Q3 1338.07 1.051 Note. Cash flow and fixed investment for the corporate business sector. Source. Bureau of Economic Analysis; FRB flow of funds accounts. Figure: Surveys of Business Conditions Diffusion index Period ISM Philadelphia Fed January 2000 56.7 55.40 February 2000 55.8 57.15 March 2000 54.9 59.80 April 2000 54.7 55.05 May 2000 53.2 56.95 June 2000 51.4 51.20 July 2000 52.5 52.40 August 2000 49.9 58.55 September 2000 49.7 52.85 October 2000 48.7 51.05 November 2000 48.5 53.65 December 2000 43.9 46.10 January 2001 42.3 31.40 February 2001 42.1 35.20 March 2001 43.1 39.80 April 2001 42.7 44.70 May 2001 41.3 44.15 June 2001 43.2 46.40 July 2001 43.5 43.70 August 2001 46.3 41.00 September 2001 46.2 46.05 October 2001 40.8 38.40 November 2001 44.1 41.25 December 2001 45.3 44.60 January 2002 47.5 54.75 February 2002 50.7 55.50 March 2002 52.4 56.00 April 2002 52.4 56.15 May 2002 53.1 55.15 June 2002 53.6 60.15 July 2002 50.2 53.00 August 2002 50.3 49.60 September 2002 50.5 52.40 October 2002 49.0 46.45 November 2002 48.5 53.75 December 2002 51.6 54.00 January 2003 51.3 51.80 February 2003 48.8 49.20 March 2003 46.3 47.90 April 2003 46.1 46.30 May 2003 49.0 49.75 June 2003 49.0 51.85 July 2003 51.0 53.85 August 2003 53.2 60.80 September 2003 52.4 60.65 October 2003 55.2 64.40 November 2003 58.4 63.60 December 2003 60.1 63.90 January 2004 60.8 66.75 February 2004 59.9 63.95 March 2004 60.6 64.55 April 2004 60.6 65.55 May 2004 61.4 64.55 June 2004 60.5 65.35 July 2004 59.9 67.35 August 2004 58.5 63.70 September 2004 57.4 60.00 October 2004 56.3 64.00 November 2004 56.2 59.90 December 2004 57.2 63.75 January 2005 56.6 54.85 February 2005 54.4 60.40 March 2005 54.8 56.90 April 2005 52.5 61.65 May 2005 51.0 54.60 June 2005 52.9 49.45 July 2005 54.3 54.15 August 2005 51.9 57.60 September 2005 56.6 53.85 October 2005 57.3 53.05 November 2005 56.3 55.35 December 2005 54.4 57.65 January 2006 54.8 50.80 February 2006 55.0 56.75 March 2006 54.3 56.35 April 2006 55.9 55.60 May 2006 53.8 56.75 June 2006 52.7 55.95 July 2006 53.4 52.20 August 2006 53.5 58.95 September 2006 51.9 50.30 October 2006 51.1 51.75 November 2006 49.7 52.50 December 2006 51.5 50.70 January 2007 49.3 51.80 February 2007 51.5 50.10 March 2007 50.7 50.10 April 2007 52.8 49.55 May 2007 52.8 52.05 June 2007 53.4 58.85 July 2007 52.3 53.45 August 2007 51.2 52.85 September 2007 50.5 54.60 October 2007 50.4 54.20 November 2007 50.0 53.70 December 2007 48.4 49.20 January 2008 50.7 39.55 February 2008 48.3 37.95 Source. Manufacturing ISM Report on Business; Philadelphia Fed Business Outlook Survey. Nonresidential Construction and Indicators (All spending series are seasonally adjusted at an annual rate; nominal CPIP deflated by BEA prices through Q3 and by staff projection thereafter) Figure: Total Structures Billions of chained (2000) dollars Period Total structures January 1999 256.23 February 1999 264.41 March 1999 265.63 April 1999 256.24 May 1999 252.75 June 1999 259.57 July 1999 264.65 August 1999 254.69 September 1999 255.94 October 1999 254.26 November 1999 262.79 December 1999 263.28 January 2000 251.63 February 2000 268.71 March 2000 270.74 April 2000 266.76 May 2000 277.20 June 2000 272.35 July 2000 274.56 August 2000 283.47 September 2000 287.57 October 2000 283.83 November 2000 285.12 December 2000 277.35 January 2001 272.60 February 2001 264.71 March 2001 273.60 April 2001 271.24 May 2001 272.90 June 2001 275.08 July 2001 268.75 August 2001 263.28 September 2001 258.46 October 2001 256.08 November 2001 247.91 December 2001 251.33 January 2002 250.70 February 2002 243.78 March 2002 239.13 April 2002 236.81 May 2002 228.12 June 2002 221.92 July 2002 216.11 August 2002 213.95 September 2002 210.62 October 2002 213.69 November 2002 213.09 December 2002 206.37 January 2003 209.35 February 2003 207.45 March 2003 211.23 April 2003 209.13 May 2003 214.37 June 2003 213.26 July 2003 206.83 August 2003 210.15 September 2003 214.17 October 2003 212.89 November 2003 205.68 December 2003 210.02 January 2004 205.87 February 2004 204.67 March 2004 207.00 April 2004 206.61 May 2004 203.75 June 2004 200.51 July 2004 204.97 August 2004 206.36 September 2004 209.60 October 2004 207.51 November 2004 206.63 December 2004 204.88 January 2005 206.64 February 2005 206.32 March 2005 205.33 April 2005 204.72 May 2005 205.34 June 2005 200.35 July 2005 199.98 August 2005 201.46 September 2005 205.72 October 2005 205.21 November 2005 206.27 December 2005 207.14 January 2006 210.13 February 2006 209.12 March 2006 210.19 April 2006 214.14 May 2006 215.29 June 2006 219.44 July 2006 221.98 August 2006 226.20 September 2006 223.35 October 2006 223.19 November 2006 228.18 December 2006 227.77 January 2007 226.94 February 2007 232.70 March 2007 235.58 April 2007 239.02 May 2007 243.78 June 2007 245.27 July 2007 244.69 August 2007 250.63 September 2007 256.06 October 2007 257.74 November 2007 260.40 December 2007 260.97 January 2008 257.47 Figure: Office, Commercial, and Other Billions of chained (2000) dollars Period Office Commercial Other January 1999 47.07 57.79 70.42 February 1999 48.79 58.30 72.36 March 1999 47.67 60.92 73.10 April 1999 46.96 62.11 72.70 May 1999 46.81 62.98 70.38 June 1999 47.98 61.54 69.42 July 1999 46.40 61.61 70.42 August 1999 47.39 60.83 68.95 September 1999 48.08 61.83 69.34 October 1999 46.44 61.72 68.97 November 1999 45.09 65.63 70.73 December 1999 44.69 65.06 70.08 January 2000 43.27 62.30 67.74 February 2000 48.11 65.91 70.37 March 2000 49.76 63.82 72.51 April 2000 51.04 62.56 71.02 May 2000 52.80 63.05 73.26 June 2000 51.99 63.49 72.72 July 2000 52.06 63.10 72.25 August 2000 54.62 65.98 72.64 September 2000 55.93 65.69 71.05 October 2000 54.48 65.62 71.51 November 2000 56.00 63.20 70.39 December 2000 57.44 62.96 67.47 January 2001 56.64 62.07 68.03 February 2001 54.65 63.13 67.10 March 2001 55.63 62.75 69.10 April 2001 52.80 63.86 67.45 May 2001 50.59 62.57 67.84 June 2001 52.03 61.72 68.26 July 2001 48.87 62.78 67.88 August 2001 45.29 60.59 67.01 September 2001 42.72 59.82 66.79 October 2001 42.67 59.51 66.81 November 2001 40.32 59.31 65.87 December 2001 38.23 58.86 65.42 January 2002 38.43 60.41 65.44 February 2002 37.19 58.65 64.48 March 2002 35.37 59.47 64.57 April 2002 35.42 57.68 66.60 May 2002 33.87 55.42 66.13 June 2002 33.43 53.92 65.17 July 2002 32.94 51.85 63.70 August 2002 32.47 53.67 64.00 September 2002 31.91 54.27 63.30 October 2002 30.96 53.72 64.46 November 2002 31.05 52.80 63.49 December 2002 29.50 50.10 61.99 January 2003 28.64 51.78 61.94 February 2003 27.03 50.07 63.15 March 2003 27.07 50.65 64.00 April 2003 26.36 51.32 63.51 May 2003 26.65 52.21 68.55 June 2003 27.97 53.17 65.70 July 2003 27.68 54.21 64.48 August 2003 28.39 54.84 64.21 September 2003 28.56 52.86 64.55 October 2003 30.63 52.72 64.98 November 2003 29.76 50.96 63.19 December 2003 29.49 51.77 63.60 January 2004 27.82 52.44 60.26 February 2004 28.60 52.23 62.75 March 2004 28.91 52.72 64.82 April 2004 29.08 54.11 65.22 May 2004 28.73 54.80 65.24 June 2004 28.37 55.94 64.83 July 2004 29.60 57.50 64.90 August 2004 28.14 54.38 64.53 September 2004 27.77 54.90 65.18 October 2004 28.09 53.20 64.42 November 2004 28.16 52.53 64.67 December 2004 28.15 51.41 63.06 January 2005 30.32 50.87 62.05 February 2005 31.40 50.95 61.22 March 2005 30.33 51.44 61.89 April 2005 30.76 52.09 60.61 May 2005 30.33 52.97 60.20 June 2005 29.51 50.69 59.47 July 2005 27.83 50.93 60.67 August 2005 27.77 51.29 61.26 September 2005 29.18 51.57 63.52 October 2005 28.37 52.95 61.71 November 2005 28.09 53.25 61.49 December 2005 28.44 54.08 61.64 January 2006 28.93 54.03 61.95 February 2006 30.09 51.66 63.43 March 2006 30.44 51.18 64.33 April 2006 31.61 50.48 65.92 May 2006 32.18 51.17 66.75 June 2006 33.11 51.33 67.54 July 2006 34.78 51.90 67.90 August 2006 35.00 52.72 68.22 September 2006 34.43 53.33 68.71 October 2006 34.22 52.08 69.78 November 2006 35.19 53.80 70.47 December 2006 35.60 54.08 70.93 January 2007 37.27 55.07 69.46 February 2007 36.25 55.72 70.79 March 2007 35.72 55.93 73.45 April 2007 35.68 57.40 73.77 May 2007 35.57 57.37 75.10 June 2007 36.64 57.24 75.59 July 2007 36.04 56.79 77.04 August 2007 37.67 56.61 79.73 September 2007 39.00 57.13 81.50 October 2007 39.19 57.58 81.89 November 2007 38.52 56.76 82.05 December 2007 38.44 54.21 81.46 January 2008 38.65 53.94 80.57 Note. Other consists of structures for religious organizations, education, lodging, amusement and recreation, transportation, and health care. Figure: Manufacturing and Power & Communication Billions of chained (2000) dollars Period Manufacturing Power & communication January 1999 40.75 38.57 February 1999 39.42 44.03 March 1999 39.74 42.39 April 1999 37.05 35.50 May 1999 36.38 34.41 June 1999 36.29 42.74 July 1999 36.25 48.14 August 1999 35.71 40.12 September 1999 35.19 39.95 October 1999 33.42 42.06 November 1999 33.54 46.12 December 1999 35.02 46.32 January 2000 32.98 43.90 February 2000 36.16 46.36 March 2000 36.77 45.87 April 2000 36.80 43.66 May 2000 40.15 46.09 June 2000 38.51 43.76 July 2000 37.26 48.12 August 2000 38.47 49.50 September 2000 38.20 54.35 October 2000 38.78 51.12 November 2000 38.62 54.93 December 2000 37.88 49.64 January 2001 42.44 41.47 February 2001 39.23 38.72 March 2001 41.48 43.01 April 2001 39.74 46.15 May 2001 37.84 52.72 June 2001 38.79 52.66 July 2001 37.88 49.88 August 2001 36.84 52.31 September 2001 37.02 50.87 October 2001 32.38 53.44 November 2001 27.98 53.30 December 2001 28.53 59.26 January 2002 26.64 58.88 February 2002 24.43 58.08 March 2002 23.44 55.35 April 2002 22.87 53.26 May 2002 22.20 49.55 June 2002 21.56 46.80 July 2002 20.51 46.17 August 2002 19.43 43.03 September 2002 18.71 40.97 October 2002 19.26 43.98 November 2002 19.29 45.08 December 2002 18.67 44.85 January 2003 18.02 47.70 February 2003 18.11 48.12 March 2003 19.05 49.60 April 2003 18.94 47.91 May 2003 20.42 45.35 June 2003 20.75 44.54 July 2003 19.87 39.33 August 2003 19.94 41.57 September 2003 20.63 45.92 October 2003 21.02 42.06 November 2003 20.17 39.98 December 2003 19.55 44.16 January 2004 19.42 44.52 February 2004 20.41 38.96 March 2004 19.49 39.33 April 2004 19.30 37.31 May 2004 19.92 33.34 June 2004 18.45 30.84 July 2004 19.67 31.74 August 2004 20.14 37.61 September 2004 20.77 39.30 October 2004 22.24 38.32 November 2004 23.79 36.33 December 2004 24.31 36.72 January 2005 24.13 37.91 February 2005 24.23 36.74 March 2005 24.83 35.40 April 2005 24.16 35.56 May 2005 23.49 36.82 June 2005 23.73 35.60 July 2005 23.64 35.43 August 2005 24.60 35.14 September 2005 24.63 35.45 October 2005 24.56 35.87 November 2005 24.67 37.18 December 2005 24.75 36.67 January 2006 24.65 38.92 February 2006 23.87 38.53 March 2006 24.75 37.76 April 2006 26.29 38.33 May 2006 25.48 38.03 June 2006 27.04 38.84 July 2006 26.14 39.64 August 2006 29.36 39.27 September 2006 27.15 38.04 October 2006 25.73 39.77 November 2006 26.32 40.66 December 2006 26.26 39.21 January 2007 25.52 37.96 February 2007 26.47 41.97 March 2007 25.88 43.24 April 2007 26.95 43.55 May 2007 27.61 46.67 June 2007 26.81 47.44 July 2007 26.56 46.85 August 2007 26.64 48.44 September 2007 27.21 49.71 October 2007 28.50 49.05 November 2007 29.75 51.82 December 2007 32.56 53.01 January 2008 32.54 50.29 Figure: Architectural Billings and Nonresidential Construction Employment Period Billings (Diffusion index) Change in employment (Percent) January 1999 54.93 ND February 1999 54.53 ND March 1999 53.53 ND April 1999 52.83 ND May 1999 52.47 ND June 1999 52.50 ND July 1999 53.93 ND August 1999 53.53 ND September 1999 54.53 ND October 1999 54.00 ND November 1999 55.43 ND December 1999 56.50 ND January 2000 56.37 ND February 2000 56.03 ND March 2000 53.90 ND April 2000 53.90 ND May 2000 52.80 ND June 2000 52.00 ND July 2000 51.27 ND August 2000 51.57 ND September 2000 52.80 ND October 2000 53.80 ND November 2000 53.30 ND December 2000 53.50 ND January 2001 50.17 ND February 2001 48.03 ND March 2001 45.07 ND April 2001 46.70 -0.02 May 2001 47.87 -0.16 June 2001 47.40 -0.32 July 2001 47.00 -0.24 August 2001 48.60 -0.33 September 2001 48.87 -0.37 October 2001 46.07 -0.43 November 2001 43.57 -0.45 December 2001 44.03 -0.38 January 2002 45.97 -0.34 February 2002 46.40 -0.33 March 2002 47.40 -0.48 April 2002 47.73 -0.78 May 2002 49.37 -0.80 June 2002 50.27 -0.46 July 2002 51.00 -0.25 August 2002 50.73 -0.00 September 2002 49.90 -0.26 October 2002 49.93 -0.29 November 2002 49.50 -0.25 December 2002 48.90 -0.19 January 2003 48.53 0.00 February 2003 48.00 -0.31 March 2003 48.07 -0.42 April 2003 48.70 -0.27 May 2003 49.07 0.05 June 2003 49.87 0.14 July 2003 48.87 -0.06 August 2003 47.23 -0.08 September 2003 48.03 0.05 October 2003 48.50 -0.00 November 2003 49.83 -0.13 December 2003 48.90 -0.05 January 2004 50.17 0.01 February 2004 52.57 0.04 March 2004 54.53 0.06 April 2004 54.57 0.08 May 2004 53.30 0.38 June 2004 52.03 0.19 July 2004 50.93 0.14 August 2004 51.60 -0.11 September 2004 50.63 0.03 October 2004 52.43 0.33 November 2004 51.63 0.33 December 2004 51.27 0.31 January 2005 52.27 -0.11 February 2005 54.07 0.08 March 2005 56.73 -0.05 April 2005 56.20 0.47 May 2005 56.27 0.27 June 2005 55.13 0.38 July 2005 56.07 0.11 August 2005 56.10 0.45 September 2005 58.73 0.33 October 2005 58.70 0.46 November 2005 59.00 0.44 December 2005 55.83 0.42 January 2006 54.33 0.49 February 2006 53.83 0.54 March 2006 54.07 0.77 April 2006 54.23 0.75 May 2006 52.30 0.45 June 2006 51.57 0.41 July 2006 50.30 0.41 August 2006 53.50 0.53 September 2006 54.50 0.51 October 2006 54.80 0.30 November 2006 53.40 0.02 December 2006 54.83 0.07 January 2007 56.47 0.43 February 2007 55.53 0.09 March 2007 54.23 0.35 April 2007 53.20 -0.23 May 2007 54.03 0.16 June 2007 55.77 -0.15 July 2007 57.57 -0.10 August 2007 57.23 0.04 September 2007 55.07 -0.04 October 2007 53.27 0.25 November 2007 53.40 0.15 December 2007 54.40 -0.01 January 2008 53.50 -0.08 Note. Both series are 3-month moving averages. Employment consists of industrial, commercial, and specialty trade construction. As shown in the figure, the change in employment series ends at about -0.1 in February 2008. Source. For billings, American Institute of Architects; for employment, Bureau of Labor Statistics. Figure: Vacancy Rates Percent Period Retail Office Industrial 1999:Q1 8.8 9.4 7.7 1999:Q2 8.7 9.5 7.8 1999:Q3 8.7 9.6 7.7 1999:Q4 8.6 9.4 7.5 2000:Q1 8.6 8.9 7.3 2000:Q2 8.6 8.1 6.8 2000:Q3 8.7 8.1 6.7 2000:Q4 8.6 8.5 6.8 2001:Q1 2001:Q2 8.9 9.8 7.3 9.1 11.2 8.4 2001:Q3 9.3 12.8 9.1 2001:Q4 9.5 14.1 10.0 2002:Q1 9.6 15.3 10.6 2002:Q2 9.7 15.5 11.0 2002:Q3 9.9 16.1 11.1 2002:Q4 10.0 16.4 11.3 2003:Q1 9.8 16.9 11.4 2003:Q2 9.7 17.0 11.7 2003:Q3 9.5 16.8 11.7 2003:Q4 9.3 16.7 11.8 2004:Q1 9.0 16.6 11.8 2004:Q2 8.6 16.2 11.6 2004:Q3 8.2 15.8 11.4 2004:Q4 7.8 15.3 11.1 2005:Q1 7.7 15.0 11.0 2005:Q2 7.4 14.5 10.6 2005:Q3 7.3 14.1 10.2 2005:Q4 7.1 13.6 9.8 2006:Q1 7.7 13.5 9.9 2006:Q2 8.1 13.1 9.7 2006:Q3 8.0 12.9 9.5 2006:Q4 8.2 12.6 9.4 2007:Q1 8.5 12.7 9.3 2007:Q2 9.0 12.4 9.3 2007:Q3 8.8 12.5 9.2 2007:Q4 9.2 12.5 9.4 Note. Industrial space includes both manufacturing structures and warehouses. Source. Torto Wheaton Research. Figure: Drilling and Mining Indicators Period Drilling rigs (number) Footage drilled (Millions of feet) January 1999 599 7.87 February 1999 565 6.62 March 1999 553 5.79 April 1999 526 6.47 May 1999 539 7.38 June 1999 558 7.22 July 1999 581 7.15 August 1999 618 8.01 September 1999 663 8.72 October 1999 705 8.82 November 1999 762 10.29 December 1999 780 9.90 January 2000 787 10.26 February 2000 801 10.65 March 2000 819 11.28 April 2000 850 10.78 May 2000 874 10.82 June 2000 874 11.02 July 2000 916 11.30 August 2000 945 12.22 September 2000 963 11.59 October 2000 1009 11.95 November 2000 1050 11.98 December 2000 1090 12.65 January 2001 1148 13.34 February 2001 1194 14.03 March 2001 1232 14.17 April 2001 1259 14.83 May 2001 1260 15.28 June 2001 1253 14.98 July 2001 1229 14.98 August 2001 1194 15.12 September 2001 1141 14.05 October 2001 1075 14.93 November 2001 997 13.85 December 2001 909 12.71 January 2002 897 13.14 February 2002 862 11.86 March 2002 802 11.49 April 2002 773 11.49 May 2002 832 11.45 June 2002 826 11.41 July 2002 814 11.62 August 2002 812 11.61 September 2002 829 11.20 October 2002 835 11.35 November 2002 835 11.77 December 2002 874 11.82 January 2003 884 12.30 February 2003 941 11.44 March 2003 974 13.07 April 2003 1000 14.66 May 2003 1034 13.73 June 2003 1047 14.21 July 2003 1042 14.48 August 2003 1052 14.77 September 2003 1064 15.24 October 2003 1090 15.05 November 2003 1112 14.61 December 2003 1136 15.49 January 2004 1142 14.59 February 2004 1151 14.02 March 2004 1161 16.16 April 2004 1161 15.39 May 2004 1162 16.23 June 2004 1162 16.08 July 2004 1181 15.48 August 2004 1199 15.62 September 2004 1215 16.25 October 2004 1229 15.59 November 2004 1260 18.59 December 2004 1268 17.88 January 2005 1291 18.69 February 2005 1303 18.76 March 2005 1323 18.51 April 2005 1338 18.85 May 2005 1320 18.11 June 2005 1347 18.31 July 2005 1374 19.17 August 2005 1399 19.35 September 2005 1428 20.11 October 2005 1466 20.58 November 2005 1483 21.57 December 2005 1495 19.62 January 2006 1512 20.93 February 2006 1558 22.27 March 2006 1566 22.43 April 2006 1600 23.27 May 2006 1639 23.37 June 2006 1659 23.84 July 2006 1660 24.20 August 2006 1694 24.38 September 2006 1710 24.71 October 2006 1718 24.16 November 2006 1704 24.30 December 2006 1743 24.83 January 2007 1758 25.54 February 2007 1763 25.42 March 2007 1761 25.34 April 2007 1755 25.44 May 2007 1753 25.41 June 2007 1763 25.50 July 2007 1759 25.53 August 2007 1759 25.47 September 2007 1754 25.55 October 2007 1747 25.36 November 2007 1796 26.37 December 2007 1835 27.22 January 2008 1794 26.64 February 2008 1794 ND March 2008 1813 ND Note. The March readings for drilling rigs are based on data through March 7, 2008. Both series are seasonally adjusted by FRB staff. Source. DOE/Baker Hughes. Nonfarm Inventory Investment (Billions of dollars; seasonally adjusted annual rate) 2007 2008 Measure and sector Q2 Q3 Q4 Nov. Dec. Jan. Real inventory investment (chained 2000 dollars) Total nonfarm business 1.3 Motor vehicles -9.6 26.0 -13.4 e n.a. n.a. n.a. 13.3 -25.3 n.a. n.a. n.a. n.a. n.a. n.a. -23.1 45.8 e n.a. Nonfarm ex. motor vehicles 10.9 12.7 11.9 e Manufacturing and trade ex. wholesale and retail motor vehicles and parts 10.8 18.1 8.5 -4.2 3.1 9.9 14.2 21.0 n.a. Wholesale trade ex. motor vehicles & parts Manufacturing 6.5 13.9 -7.7 -11.1 1.2e n.a. Retail trade ex. motor vehicles & parts 8.5 1.1 6.4 -26.2 23.7 n.a. 60.7 38.3 74.3 54.0 128.5 139.8 21.6 12.6 36.3 43.8 Wholesale trade ex. motor vehicles & parts 20.6 21.4 23.6 26.1 39.8 43.4 Retail trade ex. motor vehicles & parts 18.4 4.3 14.5 -15.9 33.7 16.4 Book-value inventory investment (current dollars) Manufacturing and trade ex. wholesale and retail motor vehicles and parts Manufacturing n.a. Not available. e Staff estimate of real inventory investment based on revised book-value data. Return to table Source. For real inventory investment, BEA; for book-value data, Census Bureau. Figure: Inventory Ratios ex. Motor Vehicles Months Period Census book-value data Staff flow-of-goods system January 2000 1.348 1.772 February 2000 1.372 1.763 March 2000 1.352 1.746 April 2000 1.348 1.742 May 2000 1.360 1.723 June 2000 1.353 1.739 July 2000 1.366 1.737 August 2000 1.377 1.754 September 2000 1.356 1.730 October 2000 1.374 1.731 November 2000 1.386 1.741 December 2000 1.372 1.728 January 2001 1.389 1.743 February 2001 1.379 1.740 March 2001 1.395 1.729 April 2001 1.407 1.753 May 2001 1.382 1.756 June 2001 1.399 1.754 July 2001 1.388 1.753 August 2001 1.376 1.747 September 2001 1.388 1.753 October 2001 1.386 1.748 54.9 80.1 November 2001 1.371 1.752 December 2001 1.355 1.776 January 2002 1.348 1.743 February 2002 1.336 1.726 March 2002 1.326 1.714 April 2002 1.310 1.720 May 2002 1.302 1.702 June 2002 1.303 1.709 July 2002 1.310 1.713 August 2002 1.304 1.697 September 2002 1.307 1.702 October 2002 1.301 1.708 November 2002 1.297 1.679 December 2002 1.318 1.692 January 2003 1.297 1.665 February 2003 1.299 1.670 March 2003 1.286 1.677 April 2003 1.311 1.686 May 2003 1.305 1.669 June 2003 1.282 1.685 July 2003 1.263 1.676 August 2003 1.267 1.672 September 2003 1.252 1.668 October 2003 1.247 1.667 November 2003 1.245 1.648 December 2003 1.239 1.659 January 2004 1.236 1.639 February 2004 1.238 1.640 March 2004 1.204 1.647 April 2004 1.215 1.628 May 2004 1.218 1.636 June 2004 1.222 1.628 July 2004 1.229 1.623 August 2004 1.225 1.630 September 2004 1.223 1.623 October 2004 1.221 1.618 November 2004 1.219 1.611 December 2004 1.217 1.595 January 2005 1.219 1.605 February 2005 1.227 1.603 March 2005 1.225 1.610 April 2005 1.218 1.615 May 2005 1.222 1.610 June 2005 1.215 1.596 July 2005 1.216 1.607 August 2005 1.200 1.601 September 2005 1.183 1.626 October 2005 1.175 1.604 November 2005 1.183 1.595 December 2005 1.181 1.591 January 2006 1.178 1.608 February 2006 1.184 1.613 March 2006 1.184 1.603 April 2006 1.188 1.609 May 2006 1.181 1.614 June 2006 1.187 1.600 July 2006 1.195 1.598 August 2006 1.197 1.591 September 2006 1.231 1.607 October 2006 1.241 1.618 November 2006 1.244 1.620 December 2006 1.224 1.616 January 2007 1.241 1.615 February 2007 1.235 1.574 March 2007 1.219 1.605 April 2007 1.213 1.597 May 2007 1.200 1.591 June 2007 1.206 1.596 July 2007 1.196 1.590 August 2007 1.205 1.592 September 2007 1.207 1.585 October 2007 1.201 1.592 November 2007 1.179 1.589 December 2007 1.195 1.621 January 2008 1.191 1.611 Note. Flow-of-goods system covers total industry ex. motor vehicles and parts, and inventories are relative to consumption. Census data cover manufacturing and trade ex. motor vehicles and parts, and inventories are relative to sales. Figure: ISM Customer Inventories: Manufacturing Period Index January 2000 46.5 February 2000 48.0 March 2000 48.0 April 2000 47.0 May 2000 50.5 June 2000 47.0 July 2000 49.5 August 2000 50.5 September 2000 48.5 October 2000 50.5 November 2000 51.5 December 2000 51.0 January 2001 56.0 February 2001 52.5 March 2001 52.0 April 2001 50.0 May 2001 51.0 June 2001 48.0 July 2001 45.0 August 2001 48.5 September 2001 48.5 October 2001 44.5 November 2001 44.5 December 2001 44.0 January 2002 43.5 February 2002 41.5 March 2002 40.0 April 2002 40.5 May 2002 39.0 June 2002 44.5 July 2002 42.5 August 2002 42.5 September 2002 40.5 October 2002 42.5 November 2002 46.5 December 2002 43.0 January 2003 42.5 February 2003 46.0 March 2003 42.0 April 2003 44.5 May 2003 45.0 June 2003 45.5 July 2003 42.5 August 2003 43.0 September 2003 44.5 October 2003 39.0 November 2003 39.5 December 2003 39.0 January 2004 40.0 February 2004 38.5 March 2004 39.5 April 2004 40.5 May 2004 37.0 June 2004 39.0 July 2004 37.5 August 2004 45.5 September 2004 41.5 October 2004 43.5 November 2004 43.5 December 2004 44.0 January 2005 44.5 February 2005 42.5 March 2005 46.0 April 2005 41.5 May 2005 47.5 June 2005 44.0 July 2005 44.5 August 2005 46.5 September 2005 44.5 October 2005 41.0 November 2005 43.5 December 2005 48.0 January 2006 46.0 February 2006 48.5 March 2006 48.0 April 2006 46.5 May 2006 44.0 June 2006 45.5 July 2006 44.5 August 2006 46.0 September 2006 49.0 October 2006 52.0 November 2006 50.5 December 2006 50.5 January 2007 52.0 February 2007 53.0 March 2007 48.0 April 2007 47.0 May 2007 48.0 June 2007 47.0 July 2007 51.0 August 2007 49.0 September 2007 50.0 October 2007 54.0 November 2007 49.0 December 2007 51.5 January 2008 49.5 February 2008 49.0 Note. A number above 50 indicates inventories are "too high." Federal Government Budget (Unified basis; adjusted for payment-timing shifts and financial transactions; data from Monthly Treasury Statement) Figure: Surplus or Deficit (-) 12-month moving sum Period Billions of dollars January 1994 -260.72 February 1994 -255.48 March 1994 -243.41 April 1994 -230.42 May 1994 -222.24 June 1994 -215.19 July 1994 -213.57 August 1994 -207.36 September 1994 -202.86 October 1994 -197.40 November 1994 -196.19 December 1994 -196.45 January 1995 -198.08 February 1995 -192.61 March 1995 -203.00 April 1995 -188.00 May 1995 -190.43 June 1995 -188.93 July 1995 -184.81 August 1995 -192.32 September 1995 -189.06 October 1995 -181.31 November 1995 -181.97 December 1995 -169.71 January 1996 -165.01 February 1996 -169.01 March 1996 -173.49 April 1996 -142.02 May 1996 -146.38 June 1996 -138.77 July 1996 -136.17 August 1996 -134.43 September 1996 -124.57 October 1996 -132.27 November 1996 -127.92 December 1996 -126.69 January 1997 -123.81 February 1997 -124.35 March 1997 -107.86 April 1997 -87.28 May 1997 -84.11 June 1997 -69.12 July 1997 -67.99 August 1997 -62.30 September 1997 -47.43 October 1997 -35.04 November 1997 -26.85 December 1997 -18.69 January 1998 -6.30 February 1998 -3.26 March 1998 4.97 April 1998 33.68 May 1998 36.31 June 1998 46.93 July 1998 57.44 August 1998 65.80 September 1998 63.50 October 1998 62.66 November 1998 62.14 December 1998 70.96 January 1999 79.26 February 1999 79.19 March 1999 79.19 April 1999 80.37 May 1999 85.61 June 1999 87.99 July 1999 87.23 August 1999 94.22 September 1999 112.74 October 1999 114.94 November 1999 115.50 December 1999 126.86 January 2000 144.90 February 2000 144.64 March 2000 141.73 April 2000 169.73 May 2000 199.39 June 2000 211.43 July 2000 223.33 August 2000 224.84 September 2000 243.21 October 2000 248.24 November 2000 250.56 December 2000 250.58 January 2001 265.61 February 2001 259.01 March 2001 244.50 April 2001 274.25 May 2001 250.11 June 2001 226.81 July 2001 211.27 August 2001 180.04 September 2001 140.85 October 2001 132.11 November 2001 114.04 December 2001 106.04 January 2002 60.72 February 2002 33.81 March 2002 9.94 April 2002 -102.80 May 2002 -144.49 June 2002 -168.49 July 2002 -178.18 August 2002 -179.75 September 2002 -185.16 October 2002 -209.72 November 2002 -215.40 December 2002 -245.24 January 2003 -255.56 February 2003 -275.32 March 2003 -281.22 April 2003 -297.32 May 2003 -304.90 June 2003 -313.88 July 2003 -338.43 August 2003 -359.60 September 2003 -372.78 October 2003 -382.11 November 2003 -389.76 December 2003 -399.76 January 2004 -412.20 February 2004 -425.31 March 2004 -427.80 April 2004 -448.74 May 2004 -446.81 June 2004 -436.48 July 2004 -439.19 August 2004 -428.56 September 2004 -415.06 October 2004 -414.13 November 2004 -416.33 December 2004 -400.30 January 2005 -403.45 February 2005 -408.04 March 2005 -406.04 April 2005 -365.34 May 2005 -339.56 June 2005 -336.27 July 2005 -333.07 August 2005 -330.42 September 2005 -312.66 October 2005 -310.82 November 2005 -336.61 December 2005 -321.97 January 2006 -310.32 February 2006 -315.97 March 2006 -315.77 April 2006 -281.97 May 2006 -275.27 June 2006 -262.66 July 2006 -257.10 August 2006 -270.66 September 2006 -259.20 October 2006 -251.77 November 2006 -241.60 December 2006 -228.52 January 2007 -206.52 February 2007 -207.50 March 2007 -213.61 April 2007 -159.93 May 2007 -184.23 June 2007 -172.56 July 2007 -180.55 August 2007 -184.57 September 2007 -181.36 October 2007 -182.54 November 2007 -188.51 December 2007 -189.29 January 2008 -209.40 February 2008 -231.33 Figure: Outlays and Receipts 12-month moving sum Percent change from year earlier Period Outlays Receipts January 1994 2.93 6.85 February 1994 2.81 7.19 March 1994 2.12 7.00 April 1994 1.82 8.44 May 1994 1.82 8.77 June 1994 1.72 8.87 July 1994 1.85 9.09 August 1994 1.64 9.19 September 1994 1.65 9.04 October 1994 1.78 9.77 November 1994 1.66 9.37 December 1994 2.03 8.74 January 1995 2.68 8.56 February 1995 2.82 8.69 March 1995 3.66 7.76 April 1995 4.56 8.93 May 1995 4.87 8.35 June 1995 5.26 8.31 July 1995 5.34 8.58 August 1995 5.49 7.61 September 1995 5.50 7.48 October 1995 5.06 7.11 November 1995 5.01 6.91 December 1995 4.28 7.03 January 1996 3.97 7.15 February 1996 4.42 6.90 March 1996 3.80 6.67 April 1996 3.60 7.59 May 1996 3.22 7.01 June 1996 2.43 6.52 July 1996 2.72 6.71 August 1996 2.37 7.02 September 1996 2.39 7.49 October 1996 3.22 7.27 November 1996 3.25 7.65 December 1996 4.15 7.81 January 1997 4.03 7.50 February 1997 3.39 7.03 March 1997 3.49 8.68 April 1997 3.35 7.54 May 1997 3.16 7.87 June 1997 3.81 9.07 July 1997 3.51 8.59 August 1997 3.26 8.58 September 1997 3.11 8.69 October 1997 2.53 9.44 November 1997 2.15 9.24 December 1997 2.29 9.81 January 1998 1.95 10.04 February 1998 2.15 10.49 March 1998 2.09 9.75 April 1998 2.04 10.07 May 1998 1.85 9.81 June 1998 1.68 9.23 July 1998 1.43 9.54 August 1998 1.67 9.94 September 1998 2.22 9.31 October 1998 2.13 8.30 November 1998 2.96 8.58 December 1998 2.36 7.93 January 1999 2.44 7.70 February 1999 2.25 7.29 March 1999 2.91 7.41 April 1999 2.93 5.65 May 1999 2.93 5.80 June 1999 3.25 5.58 July 1999 3.43 5.06 August 1999 3.67 5.19 September 1999 2.86 5.61 October 1999 2.98 5.90 November 1999 2.71 5.68 December 1999 3.26 6.33 January 2000 3.20 6.79 February 2000 3.66 7.22 March 2000 3.37 6.75 April 2000 3.18 8.07 May 2000 4.33 10.52 June 2000 3.96 10.66 July 2000 3.80 11.20 August 2000 4.05 11.07 September 2000 4.20 11.10 October 2000 4.56 11.57 November 2000 4.26 11.35 December 2000 3.55 9.96 January 2001 4.41 10.51 February 2001 4.33 10.06 March 2001 4.36 9.47 April 2001 4.70 9.73 May 2001 3.87 6.05 June 2001 4.31 4.63 July 2001 4.82 3.68 August 2001 5.09 2.29 September 2001 5.30 -0.40 October 2001 5.17 -1.15 November 2001 5.87 -1.53 December 2001 6.11 -1.72 January 2002 6.16 -4.51 February 2002 6.46 -5.20 March 2002 6.21 -5.86 April 2002 6.81 -11.98 May 2002 7.61 -12.22 June 2002 7.15 -12.69 July 2002 7.49 -12.11 August 2002 6.79 -11.34 September 2002 7.26 -9.41 October 2002 7.54 -9.91 November 2002 6.89 -9.86 December 2002 7.58 -10.31 January 2003 7.06 -9.14 February 2003 6.84 -8.99 March 2003 7.34 -7.64 April 2003 6.84 -3.28 May 2003 6.26 -2.01 June 2003 7.04 -0.34 July 2003 6.85 -1.29 August 2003 7.20 -1.98 September 2003 7.38 -2.14 October 2003 7.36 -1.28 November 2003 7.47 -1.26 December 2003 7.27 -0.32 January 2004 7.34 -0.33 February 2004 7.51 0.29 March 2004 7.43 0.45 April 2004 7.40 0.18 May 2004 7.45 0.80 June 2004 6.98 1.40 July 2004 6.93 2.62 August 2004 6.99 4.54 September 2004 6.20 5.13 October 2004 5.49 4.88 November 2004 6.06 5.90 December 2004 5.98 7.28 January 2005 6.43 8.39 February 2005 6.28 8.73 March 2005 6.23 8.91 April 2005 6.51 12.78 May 2005 6.55 14.09 June 2005 6.79 13.88 July 2005 6.35 13.63 August 2005 6.41 13.14 September 2005 7.20 14.23 October 2005 7.92 15.16 November 2005 8.36 14.39 December 2005 8.25 14.03 January 2006 8.00 14.46 February 2006 8.13 14.55 March 2006 8.14 14.40 April 2006 7.53 13.00 May 2006 8.40 12.90 June 2006 8.33 13.21 July 2006 8.63 13.64 August 2006 8.70 12.89 September 2006 8.61 12.36 October 2006 8.31 12.23 November 2006 6.89 12.33 December 2006 6.60 11.82 January 2007 6.26 11.80 February 2007 5.86 11.53 March 2007 5.53 10.84 April 2007 5.95 12.02 May 2007 4.44 8.88 June 2007 3.79 8.03 July 2007 4.02 7.67 August 2007 3.72 7.75 September 2007 2.89 6.42 October 2007 2.91 6.06 November 2007 3.45 5.97 December 2007 3.92 5.88 January 2008 4.13 4.36 February 2008 4.45 3.86 Recent Federal Outlays and Receipts (Billions of dollars except as noted) January-February Function or source 2007 Outlays 2008 12 months ending in February Percent change 2007 2008 Percent change 472.6 504.6 6.8 2,701.6 2,821.7 4.4 Net interest 38.9 43.0 10.4 227.7 251.9 10.6 National defense 87.2 99.7 14.3 544.4 586.4 7.7 Major transfers1 276.8 3.9 1,472.1 1,547.2 5.1 69.7 74.3 6.6 457.4 436.1 -4.7 380.9 370.9 -2.6 2,494.1 2,590.4 3.9 335.5 Other 287.7 331.9 -1.1 1,904.5 2,014.5 5.8 Receipts Individual income and payroll taxes Corporate income taxes 15.0 4.4 -70.8 373.4 353.4 -5.4 Other 30.5 34.7 13.9 216.2 222.5 2.9 Surplus or deficit (-) -91.6 -133.7 … -207.5 -231.3 … -81.8 -157.7 … -192.7 -263.9 … Memo: Unadjusted surplus or deficit (-) 1. Includes Social Security, Medicare, Medicaid, and income security programs. Return to table … Not applicable. Administration Budget Projections and Economic Assumptions Item 2008 2009 Budget projections (fiscal years) 2010 2011 2012 2013 Billions of dollars Receipts 2521 2700 2931 3076 3270 3428 Outlays 2931 3107 3091 3171 3222 3399 Surplus -410 -407 -160 -95 48 29 Percent of GDP Receipts 17.6 18.0 18.6 18.6 18.8 18.8 Outlays 20.5 20.7 19.6 19.1 18.5 18.6 Surplus -2.9 -2.7 -1.0 -.6 .3 .2 Economic assumptions (calendar years) Percent change, fourth quarter to fourth quarter Real GDP 2.7 3.0 3.0 2.9 2.8 2.8 GDP price index 2.0 2.0 2.0 2.0 2.0 2.0 CPI-U 2.1 2.2 2.3 2.3 2.3 2.3 Percent, annual average Unemployment rate 4.9 4.9 4.8 4.8 4.8 4.8 3-month 3.7 3.8 4.0 4.1 4.1 4.1 10-year 4.6 4.9 5.1 5.2 5.3 5.3 Treasury yields Source. Office of Management and Budget (2008), Budget of the United States Government: Fiscal Year 2009 (February). State and Local Indicators Figure: Real Spending on Consumption & Investment Percent change, annual rate Period Spending 4-quarter moving average 1997:Q4 1.45 2.16 1998:Q1 2.05 1.68 1998:Q2 7.20 3.08 1998:Q3 7.66 4.59 1998:Q4 3.78 5.17 1999:Q1 5.44 6.02 1999:Q2 2.82 4.92 1999:Q3 3.40 3.86 1999:Q4 5.08 4.18 2000:Q1 3.21 3.63 2000:Q2 0.07 2.94 2000:Q3 1.25 2.40 2000:Q4 2.47 1.75 2001:Q1 3.97 1.94 2001:Q2 7.25 3.73 2001:Q3 -2.34 2.84 2001:Q4 8.36 4.31 2002:Q1 3.53 4.20 2002:Q2 0.95 2.63 2002:Q3 1.90 3.69 2002:Q4 2.02 2.10 2003:Q1 -2.18 0.67 2003:Q2 -0.79 0.24 2003:Q3 2.10 0.29 2003:Q4 -0.59 -0.37 2004:Q1 -1.01 -0.07 2004:Q2 0.73 0.31 2004:Q3 -1.10 -0.49 2004:Q4 -0.10 -0.37 2005:Q1 0.43 -0.01 2005:Q2 1.46 0.17 2005:Q3 0.05 0.46 2005:Q4 0.72 0.66 2006:Q1 2.94 1.29 2006:Q2 2.48 1.55 2006:Q3 0.65 1.70 2006:Q4 1.30 1.84 2007:Q1 3.02 1.86 2007:Q2 3.01 2.00 2007:Q3 1.94 2.32 As shown in the figure, both series end at about 2.7 percent in 2007:Q4. Figure: Net Change in Employment Thousands of jobs, monthly average Period Net Change in Employment 1998 26.42 1999 39.58 2000 24.17 2001 45.42 2002 17.00 2003 -0.08 As shown in the figure, approximate values for 2004 through 2008:Q1 are as follows: 2004: 15 thousand jobs. 2005: 14. 2006: 17. 2007: 20. 2008:Q1: 26. Note. Q1 is the average for January and February. Figure: Real Construction Annual rate Billions of chained (2000) dollars Period Real Construction 1997:Q4 154.42 1998:Q1 146.75 1998:Q2 150.48 1998:Q3 155.13 1998:Q4 154.59 1999:Q1 159.95 1999:Q2 160.19 1999:Q3 162.05 1999:Q4 168.25 2000:Q1 171.75 2000:Q2 165.63 2000:Q3 165.20 2000:Q4 168.17 2001:Q1 172.02 2001:Q2 183.80 2001:Q3 180.71 2001:Q4 184.54 2002:Q1 187.99 2002:Q2 183.35 2002:Q3 183.85 2002:Q4 186.34 2003:Q1 182.11 2003:Q2 180.22 2003:Q3 184.18 2003:Q4 182.09 2004:Q1 178.49 2004:Q2 178.84 2004:Q3 172.92 2004:Q4 170.05 2005:Q1 169.93 2005:Q2 173.44 2005:Q3 171.76 2005:Q4 170.80 2006:Q1 174.53 2006:Q2 176.25 2006:Q3 172.91 2006:Q4 173.38 2007:Q1 176.96 2007:Q2 179.98 2007:Q3 182.37 As shown in the figure, approximate values for 2007:Q4 and January 2008 are as follows: 2007:Q4: 184. January 2008: 182. Note. Nominal CPIP deflated by BEA prices through Q4 and by a staff projection thereafter. Figure: Net Saving Percent of nominal GDP Period Net Saving 1987:Q1 0.131 1987:Q2 0.414 1987:Q3 0.255 1987:Q4 0.248 1988:Q1 0.275 1988:Q2 0.261 1988:Q3 0.411 1988:Q4 0.450 1989:Q1 0.496 1989:Q2 0.498 1989:Q3 0.412 1989:Q4 0.120 1990:Q1 0.277 1990:Q2 0.175 1990:Q3 0.103 1990:Q4 -0.053 1991:Q1 -0.118 1991:Q2 -0.104 1991:Q3 -0.003 1991:Q4 -0.054 1992:Q1 -0.004 1992:Q2 0.033 1992:Q3 -0.060 1992:Q4 0.074 1993:Q1 -0.152 1993:Q2 -0.026 1993:Q3 -0.005 1993:Q4 0.230 1994:Q1 0.061 1994:Q2 0.091 1994:Q3 0.250 1994:Q4 0.187 1995:Q1 0.139 1995:Q2 0.005 1995:Q3 0.180 1995:Q4 0.323 1996:Q1 0.311 1996:Q2 0.281 1996:Q3 0.346 1996:Q4 0.380 1997:Q1 0.365 1997:Q2 0.441 1997:Q3 0.530 1997:Q4 0.544 1998:Q1 0.566 1998:Q2 0.540 1998:Q3 0.565 1998:Q4 0.703 1999:Q1 0.540 1999:Q2 0.493 1999:Q3 0.558 1999:Q4 0.581 2000:Q1 0.581 2000:Q2 0.606 2000:Q3 0.496 2000:Q4 0.356 2001:Q1 0.325 2001:Q2 0.255 2001:Q3 -0.085 2001:Q4 -0.299 2002:Q1 -0.341 2002:Q2 -0.337 2002:Q3 -0.299 2002:Q4 -0.329 2003:Q1 -0.572 2003:Q2 -0.251 2003:Q3 -0.074 2003:Q4 0.135 2004:Q1 -0.069 2004:Q2 -0.017 2004:Q3 -0.104 2004:Q4 0.237 2005:Q1 0.263 2005:Q2 0.210 2005:Q3 0.043 2005:Q4 -0.020 2006:Q1 0.275 2006:Q2 0.326 2006:Q3 0.093 2006:Q4 0.057 2007:Q1 -0.043 2007:Q2 0.098 2007:Q3 -0.093 As shown in the figure, the series ends at about -0.25 in 2007:Q4. Note. Q4 is a staff estimate. Figure: State Revenues 4-quarter moving average Percent change from year earlier Period Individual and corporate income taxes Total revenues 1997:Q4 7.44 5.44 1998:Q1 6.53 5.81 1998:Q2 9.86 7.30 1998:Q3 10.10 7.12 1998:Q4 10.56 7.54 1999:Q1 9.95 6.80 1999:Q2 6.07 4.78 1999:Q3 6.02 5.03 1999:Q4 5.64 5.23 2000:Q1 8.50 7.25 2000:Q2 12.60 9.52 2000:Q3 13.27 9.62 2000:Q4 12.87 8.83 2001:Q1 9.60 6.53 2001:Q2 4.37 3.50 2001:Q3 1.42 2.09 2001:Q4 -1.13 0.87 2002:Q1 -5.34 -1.31 2002:Q2 -12.62 -4.44 2002:Q3 -12.33 -4.19 2002:Q4 -10.42 -3.17 2003:Q1 -7.47 -1.31 2003:Q2 -0.73 2.17 2003:Q3 1.27 3.32 2003:Q4 2.43 4.18 2004:Q1 4.62 5.75 2004:Q2 9.26 8.29 2004:Q3 9.71 8.30 2004:Q4 10.29 8.90 2005:Q1 12.05 9.49 2005:Q2 15.99 10.87 2005:Q3 16.83 11.72 2005:Q4 16.59 11.29 2006:Q1 15.11 10.41 2006:Q2 12.16 8.90 2006:Q3 11.12 7.78 2006:Q4 9.94 6.83 2007:Q1 9.96 6.40 2007:Q2 7.44 4.92 2007:Q3 6.89 4.41 Source. Census Bureau. Figure: Local Revenues 4-quarter moving average Percent change from year earlier Period Property taxes Total revenues 1997:Q4 4.11 5.50 1998:Q1 3.51 4.72 1998:Q2 3.44 4.23 1998:Q3 2.30 2.70 1998:Q4 2.64 2.04 1999:Q1 3.73 1.86 1999:Q2 3.91 1.32 1999:Q3 4.50 2.67 1999:Q4 5.38 4.60 2000:Q1 4.66 5.09 2000:Q2 4.78 6.42 2000:Q3 4.35 5.99 2000:Q4 4.84 5.86 2001:Q1 5.34 5.91 2001:Q2 5.68 5.46 2001:Q3 7.01 5.81 2001:Q4 5.54 4.35 2002:Q1 7.39 5.27 2002:Q2 10.63 7.23 2002:Q3 10.56 7.56 2002:Q4 10.89 8.02 2003:Q1 9.07 6.89 2003:Q2 2.78 2.65 2003:Q3 4.66 4.19 2003:Q4 5.18 4.94 2004:Q1 5.57 5.77 2004:Q2 9.02 8.74 2004:Q3 6.44 7.00 2004:Q4 7.81 8.15 2005:Q1 7.63 8.08 2005:Q2 8.02 8.62 2005:Q3 8.86 9.09 2005:Q4 8.07 8.31 2006:Q1 8.48 8.46 2006:Q2 7.83 7.82 2006:Q3 6.77 6.94 2006:Q4 6.87 6.93 2007:Q1 6.50 6.56 2007:Q2 6.87 6.48 2007:Q3 7.59 6.81 Source. Census Bureau. Price Measures (Percent change) 12-month change 3-month change 1-month change Annual rate Measures Monthly rate Jan. 2007 Jan. 2008 Oct. 2007 Jan. 2008 Dec. 2007 Jan. 2008 CPI Total 2.1 Ex. food and energy 2.6 6.8 .4 .4 4.9 4.6 4.7 .1 .7 -3.1 Energy 4.3 2.4 Food 19.6 2.6 43.6 1.7 .7 2.7 2.5 2.3 3.1 .2 .3 Core goods -.2 .2 -.1 1.2 .0 .2 Core services 3.8 3.4 3.2 3.9 .3 .4 Shelter 4.4 3.1 2.6 3.7 .3 .4 Other services 3.1 3.7 3.8 4.3 .3 .4 Chained CPI (n.s.a.) 1 Ex. food and energy 1.8 1 3.9 … … … … 2.3 2.2 … … … … 2.1 3.7 2.2 5.4 .3 .4 2.4 4.7 4.2 4.3 .1 .6 -2.6 23.1 -7.2 45.4 1.8 .6 PCE prices 2 Total Food and beverages Energy Ex. food and energy 2.4 2.2 2.6 3.0 .2 .3 Core goods -.3 -.3 -.6 1.3 .0 .3 Core services 3.6 3.2 4.0 3.6 .3 .3 Shelter 4.4 3.1 2.9 3.6 .3 .3 Other services 3.3 3.2 4.3 3.6 .3 .3 Core market-based 2.2 1.9 2.0 2.8 .2 .3 Core non-market-based 3.5 3.4 5.3 3.7 .3 .4 .1 7.4 1.0 13.5 -.3 1.0 PPI Total finished goods Food 2.5 8.3 9.7 12.0 1.4 1.7 -6.9 22.6 -6.3 44.7 -3.0 1.5 1.7 2.3 1.0 3.7 .2 .4 Core consumer goods 1.5 2.7 1.4 3.8 .2 .4 Capital equipment 2.1 1.6 -.3 3.5 .1 .4 Intermediate materials 1.1 8.8 -1.6 18.4 -.2 1.4 Energy Ex. food and energy Ex. food and energy 3.6 -.9 7.5 .0 .8 31.3 1.3 63.9 1.1 2.5 18.2 Ex. food and energy 4.1 -9.5 Crude materials 20.9 20.8 19.2 .2 4.0 1. Higher-frequency figures are not applicable for data that are not seasonally adjusted. Return to table 2. BEA's published PCE prices in January does not incorporate January PPI medical prices. Return to table … Not applicable. Consumer Prices (12-month change except as noted) Figure: PCE Prices Percent Period Core PCE Total PCE January 2000 1.69 2.37 February 2000 1.85 2.69 March 2000 2.02 3.03 April 2000 1.80 2.48 May 2000 1.75 2.42 June 2000 1.68 2.68 July 2000 1.62 2.60 August 2000 1.64 2.33 September 2000 1.58 2.38 October 2000 1.50 2.27 November 2000 1.57 2.35 December 2000 1.51 2.24 January 2001 1.60 2.39 February 2001 1.67 2.27 March 2001 1.60 1.93 April 2001 1.73 2.23 May 2001 1.73 2.49 June 2001 2.00 2.41 July 2001 2.18 2.20 August 2001 2.21 2.31 September 2001 1.47 1.64 October 2001 2.20 1.98 November 2001 2.30 1.78 December 2001 2.17 1.46 January 2002 1.88 1.13 February 2002 1.83 1.09 March 2002 1.80 1.32 April 2002 1.82 1.47 May 2002 1.84 1.15 June 2002 1.69 1.03 July 2002 1.56 1.23 August 2002 1.71 1.43 September 2002 2.41 1.88 October 2002 1.65 1.62 November 2002 1.46 1.75 December 2002 1.56 2.00 January 2003 1.55 2.06 February 2003 1.47 2.40 March 2003 1.51 2.51 April 2003 1.35 1.84 May 2003 1.40 1.76 June 2003 1.36 1.77 July 2003 1.43 1.84 August 2003 1.33 1.94 September 2003 1.27 2.03 October 2003 1.42 1.93 November 2003 1.41 1.79 December 2003 1.49 1.96 January 2004 1.65 2.11 February 2004 1.77 2.00 March 2004 1.89 1.90 April 2004 2.05 2.35 May 2004 2.09 2.93 June 2004 2.21 3.11 July 2004 2.12 2.93 August 2004 2.06 2.66 September 2004 2.12 2.50 October 2004 2.15 2.99 November 2004 2.31 3.26 December 2004 2.24 3.01 January 2005 2.29 2.76 February 2005 2.25 2.71 March 2005 2.27 2.81 April 2005 2.13 2.98 May 2005 2.19 2.60 June 2005 2.07 2.35 July 2005 2.08 2.72 August 2005 2.11 3.06 September 2005 2.16 3.88 October 2005 2.18 3.60 November 2005 2.16 2.97 December 2005 2.19 2.93 January 2006 2.06 3.25 February 2006 2.02 3.02 March 2006 2.04 2.89 April 2006 2.20 3.00 May 2006 2.17 3.33 June 2006 2.34 3.49 July 2006 2.32 3.38 August 2006 2.45 3.22 September 2006 2.44 1.97 October 2006 2.38 1.50 November 2006 2.23 1.91 December 2006 2.26 2.31 January 2007 2.44 2.13 February 2007 2.46 2.34 March 2007 2.26 2.53 April 2007 2.09 2.32 May 2007 2.01 2.37 June 2007 1.91 2.31 July 2007 1.95 2.12 August 2007 1.88 1.85 September 2007 1.94 2.45 October 2007 1.99 2.99 November 2007 2.14 3.62 December 2007 2.23 3.59 January 2008 2.18 3.68 Figure: CPI and PCE ex. Food and Energy Percent Period PCE CPI CPI chained January 2000 1.69 2.00 ND February 2000 1.85 2.16 ND March 2000 2.02 2.44 ND April 2000 1.80 2.32 ND May 2000 1.75 2.43 ND June 2000 1.68 2.49 ND July 2000 1.62 2.49 ND August 2000 1.64 2.60 ND September 2000 1.58 2.59 ND October 2000 1.50 2.52 ND November 2000 1.57 2.58 ND December 2000 1.51 2.58 1.90 January 2001 1.60 2.63 1.89 February 2001 1.67 2.73 1.99 March 2001 1.60 2.66 1.98 April 2001 1.73 2.60 1.88 May 2001 1.73 2.54 1.88 June 2001 2.00 2.71 2.17 July 2001 2.18 2.70 2.07 August 2001 2.21 2.70 2.17 September 2001 1.47 2.63 1.96 October 2001 2.20 2.63 1.96 November 2001 2.30 2.79 2.05 December 2001 2.17 2.74 2.16 January 2002 1.88 2.56 2.05 February 2002 1.83 2.60 2.04 March 2002 1.80 2.43 1.94 April 2002 1.82 2.53 2.03 May 2002 1.84 2.53 2.13 June 2002 1.69 2.26 1.64 July 2002 1.56 2.20 1.74 August 2002 1.71 2.36 1.73 September 2002 2.41 2.24 1.92 October 2002 1.65 2.24 1.82 November 2002 1.46 1.97 1.63 December 2002 1.56 1.92 1.63 January 2003 1.55 1.91 1.63 February 2003 1.47 1.74 1.34 March 2003 1.51 1.69 1.24 April 2003 1.35 1.47 1.14 May 2003 1.40 1.58 1.14 June 2003 1.36 1.53 1.24 July 2003 1.43 1.52 1.14 August 2003 1.33 1.31 1.04 September 2003 1.27 1.20 0.85 October 2003 1.42 1.30 0.94 November 2003 1.41 1.09 0.85 December 2003 1.49 1.15 0.76 January 2004 1.65 1.15 0.94 February 2004 1.77 1.25 1.22 March 2004 1.89 1.61 1.50 April 2004 2.05 1.76 1.69 May 2004 2.09 1.71 1.69 June 2004 2.21 1.87 1.69 July 2004 2.12 1.76 1.69 August 2004 2.06 1.71 1.59 September 2004 2.12 1.96 1.87 October 2004 2.15 2.01 1.96 November 2004 2.31 2.17 2.15 December 2004 2.24 2.17 2.25 January 2005 2.29 2.27 2.15 February 2005 2.25 2.36 2.14 March 2005 2.27 2.35 1.94 April 2005 2.13 2.24 1.94 May 2005 2.19 2.19 1.85 June 2005 2.07 2.03 1.85 July 2005 2.08 2.14 1.75 August 2005 2.11 2.13 1.85 September 2005 2.16 1.98 1.75 October 2005 2.18 2.07 1.74 November 2005 2.16 2.12 1.74 December 2005 2.19 2.17 1.83 January 2006 2.06 2.12 1.74 February 2006 2.02 2.06 1.82 March 2006 2.04 2.09 2.00 April 2006 2.20 2.29 2.08 May 2006 2.17 2.44 2.18 June 2006 2.34 2.64 2.45 July 2006 2.32 2.69 2.54 August 2006 2.45 2.84 2.63 September 2006 2.44 2.93 2.62 October 2006 2.38 2.72 2.43 November 2006 2.23 2.62 2.25 December 2006 2.26 2.57 2.16 January 2007 2.44 2.67 2.29 February 2007 2.46 2.71 2.26 March 2007 2.26 2.45 2.10 April 2007 2.09 2.34 2.02 May 2007 2.01 2.24 1.98 June 2007 1.91 2.22 1.82 July 2007 1.95 2.21 1.77 August 2007 1.88 2.13 1.65 September 2007 1.94 2.14 1.65 October 2007 1.99 2.17 1.80 November 2007 2.14 2.33 2.02 December 2007 2.23 2.44 2.12 January 2008 2.18 2.47 2.16 Figure: PCE excluding Food and Energy Percent Period January 2000 PCE Market-based components 1.69 1.21 February 2000 1.85 1.37 March 2000 2.02 1.54 April 2000 1.80 1.28 May 2000 1.75 1.27 June 2000 1.68 1.21 July 2000 1.62 1.34 August 2000 1.64 1.52 September 2000 1.58 1.49 October 2000 1.50 1.46 November 2000 1.57 1.52 December 2000 1.51 1.43 January 2001 1.60 1.47 February 2001 1.67 1.57 March 2001 1.60 1.49 April 2001 1.73 1.61 May 2001 1.73 1.54 June 2001 2.00 1.81 July 2001 2.18 1.85 August 2001 2.21 1.75 September 2001 1.47 1.66 October 2001 2.20 1.66 November 2001 2.30 1.84 December 2001 2.17 1.77 January 2002 1.88 1.50 February 2002 1.83 1.46 March 2002 1.80 1.41 April 2002 1.82 1.52 May 2002 1.84 1.59 June 2002 1.69 1.47 July 2002 1.56 1.33 August 2002 1.71 1.53 September 2002 2.41 1.59 October 2002 1.65 1.50 November 2002 1.46 1.27 December 2002 1.56 1.35 January 2003 1.55 1.37 February 2003 1.47 1.27 March 2003 1.51 1.30 April 2003 1.35 1.13 May 2003 1.40 1.19 June 2003 1.36 1.13 July 2003 1.43 1.22 August 2003 1.33 1.07 September 2003 1.27 0.95 October 2003 1.08 1.42 November 2003 1.41 0.96 December 2003 1.49 1.02 January 2004 1.65 1.15 February 2004 1.77 1.28 March 2004 1.89 1.40 April 2004 2.05 1.47 May 2004 2.09 1.47 June 2004 2.21 1.58 July 2004 2.12 1.46 August 2004 2.06 1.39 September 2004 2.12 1.45 October 2004 2.15 1.50 November 2004 2.31 1.73 December 2004 2.24 1.68 January 2005 2.29 1.77 February 2005 2.25 1.76 March 2005 2.27 1.76 April 2005 2.13 1.66 May 2005 2.19 1.74 June 2005 2.07 1.62 July 2005 2.08 1.64 August 2005 2.11 1.68 September 2005 2.16 1.73 October 2005 1.70 2.18 November 2005 2.16 1.70 December 2005 2.19 1.76 January 2006 2.06 1.59 February 2006 2.02 1.57 March 2006 2.04 1.63 April 2006 2.20 1.80 May 2006 2.17 1.82 June 2006 2.34 2.01 July 2006 2.32 2.00 August 2006 2.45 2.15 September 2006 2.44 2.18 October 2006 2.38 2.15 November 2006 2.23 1.97 December 2006 2.26 1.97 January 2007 2.44 2.20 February 2007 2.46 2.27 March 2007 2.26 2.06 April 2007 2.09 1.93 May 2007 2.01 1.82 June 2007 1.91 1.73 July 2007 1.95 1.75 August 2007 1.88 1.63 September 2007 1.94 1.65 October 2007 1.99 1.71 November 2007 2.14 1.87 December 2007 2.23 1.98 January 2008 2.18 1.91 Figure: PCE Goods and Services Percent Period Goods ex. food and energy Services ex. energy January 2000 -0.73 2.79 February 2000 -0.50 2.91 March 2000 0.19 2.85 April 2000 -0.15 2.69 May 2000 -0.08 2.58 June 2000 -0.27 2.57 July 2000 -0.24 2.48 August 2000 -0.29 2.53 September 2000 -0.27 2.44 October 2000 -0.47 2.41 November 2000 -0.05 2.33 December 2000 -0.04 2.24 January 2001 0.16 2.26 February 2001 0.27 2.31 March 2001 -0.22 2.42 April 2001 -0.38 2.69 May 2001 -0.72 2.84 June 2001 -0.40 3.08 July 2001 -0.20 3.25 August 2001 -0.49 3.42 September 2001 -0.99 2.57 October 2001 -0.70 3.49 November 2001 -0.71 3.64 December 2001 -0.90 3.54 January 2002 -1.14 3.23 February 2002 -1.17 3.18 March 2002 -1.17 3.12 April 2002 -0.86 3.02 May 2002 -0.70 2.97 June 2002 -0.86 2.83 July 2002 -1.30 2.83 August 2002 -0.64 2.76 September 2002 -0.52 3.71 October 2002 -0.90 2.78 November 2002 -1.29 2.68 December 2002 -1.27 2.82 January 2003 -1.47 2.89 February 2003 -1.67 2.86 March 2003 -1.70 2.92 April 2003 -2.15 2.90 May 2003 -2.34 3.06 June 2003 -2.37 3.01 July 2003 -2.13 3.01 August 2003 -2.42 2.99 September 2003 -2.59 2.99 October 2003 -2.41 3.12 November 2003 -2.42 3.10 December 2003 -2.25 3.14 January 2004 -1.87 3.19 February 2004 -1.49 3.20 March 2004 -1.14 3.21 April 2004 -0.99 3.37 May 2004 -0.51 3.21 June 2004 -0.36 3.31 July 2004 -0.64 3.31 August 2004 -0.80 3.28 September 2004 -0.49 3.22 October 2004 -0.09 3.09 November 2004 0.18 3.20 December 2004 0.11 3.14 January 2005 0.32 3.11 February 2005 0.18 March 2005 3.13 0.06 3.20 April 2005 -0.10 3.07 May 2005 0.05 3.09 June 2005 -0.23 3.05 July 2005 -0.19 3.04 August 2005 -0.01 3.00 September 2005 0.00 3.07 October 2005 -0.20 3.18 November 2005 -0.20 3.16 December 2005 -0.06 3.14 January 2006 -0.22 3.02 February 2006 -0.33 3.01 March 2006 -0.19 2.98 April 2006 0.03 3.10 May 2006 -0.17 3.14 June 2006 0.00 3.30 July 2006 0.05 3.26 August 2006 0.30 3.34 September 2006 0.21 3.35 October 2006 0.07 3.34 November 2006 -0.31 3.27 December 2006 -0.35 3.34 January 2007 -0.28 3.56 February 2007 -0.05 3.49 March 2007 -0.42 3.35 April 2007 -0.68 3.23 May 2007 -0.80 3.17 June 2007 -0.88 3.06 July 2007 -0.69 3.03 August 2007 -1.05 3.07 September 2007 -1.04 3.15 October 2007 -0.84 3.15 November 2007 -0.49 3.20 December 2007 -0.38 3.27 January 2008 -0.31 3.19 Figure: PCE excluding Food and Energy Percent Period PCE 3-month change, annual rate January 2000 1.69 2.24 February 2000 1.85 2.46 March 2000 2.02 2.63 April 2000 1.80 1.79 May 2000 1.75 1.42 June 2000 1.68 0.59 July 2000 1.62 0.63 August 2000 1.64 0.63 September 2000 1.58 1.48 October 2000 1.35 1.50 November 2000 1.57 1.79 December 2000 1.51 1.36 January 2001 1.60 2.63 February 2001 1.67 2.86 March 2001 1.60 2.96 April 2001 1.73 2.33 May 2001 1.73 1.65 June 2001 2.00 2.18 July 2001 2.18 2.41 August 2001 2.21 2.53 September 2001 1.47 -0.59 October 2001 2.20 1.44 November 2001 2.30 2.17 December 2001 2.17 4.18 January 2002 1.88 1.34 February 2002 1.83 1.00 March 2002 1.80 1.48 April 2002 1.82 2.10 May 2002 1.84 1.68 June 2002 1.69 1.77 July 2002 1.56 1.36 August 2002 1.71 2.02 September 2002 2.41 2.22 October 2002 1.65 1.77 November 2002 1.46 1.14 December 2002 1.56 0.76 January 2003 1.55 0.98 February 2003 1.47 1.07 March 2003 1.51 1.28 April 2003 1.35 1.28 May 2003 1.40 1.39 June 2003 1.36 1.17 July 2003 1.43 1.70 August 2003 1.33 1.73 September 2003 1.27 1.89 October 2003 1.42 1.73 November 2003 1.41 1.46 December 2003 1.49 1.64 January 2004 1.65 1.88 February 2004 1.77 2.52 March 2004 1.89 2.87 April 2004 2.05 2.88 May 2004 2.09 2.65 June 2004 2.21 2.44 July 2004 2.12 2.00 August 2004 2.06 1.63 September 2004 2.12 1.54 October 2004 2.15 1.83 November 2004 2.31 2.44 December 2004 2.24 2.12 January 2005 2.29 2.44 February 2005 2.25 2.30 March 2005 2.27 2.97 April 2005 2.13 2.24 May 2005 2.19 2.37 June 2005 2.07 1.66 July 2005 2.08 1.80 August 2005 2.11 1.33 September 2005 2.16 1.90 October 2005 2.22 2.18 November 2005 2.16 2.64 December 2005 2.19 2.22 January 2006 2.06 1.96 February 2006 2.02 1.75 March 2006 2.04 2.38 April 2006 2.20 2.81 May 2006 2.17 2.97 June 2006 2.34 2.87 July 2006 2.32 2.28 August 2006 2.45 2.45 September 2006 2.44 2.28 October 2006 2.38 2.47 November 2006 2.23 1.75 December 2006 2.26 1.51 January 2007 2.44 2.21 February 2007 2.46 2.69 March 2007 2.26 2.37 April 2007 2.09 1.42 May 2007 2.01 1.17 June 2007 1.91 1.50 July 2007 1.95 1.71 August 2007 1.88 1.91 September 2007 1.94 2.39 October 2007 1.99 2.65 November 2007 2.14 2.79 December 2007 2.23 2.66 January 2008 2.18 2.97 Figure: CPI excluding Food and Energy Percent Period CPI 3-month change, annual rate January 2000 2.00 2.72 February 2000 2.16 2.26 March 2000 2.44 2.94 April 2000 2.32 2.25 May 2000 2.43 2.93 June 2000 2.49 2.47 July 2000 2.49 2.69 August 2000 2.60 2.68 September 2000 2.59 2.68 October 2000 2.52 2.45 November 2000 2.58 2.67 December 2000 2.58 2.21 January 2001 2.63 2.88 February 2001 2.73 2.87 March 2001 2.66 3.09 April 2001 2.60 2.64 May 2001 2.54 1.97 June 2001 2.71 2.85 July 2001 2.70 2.84 August 2001 2.70 3.06 September 2001 2.63 2.39 October 2001 2.63 2.16 November 2001 2.79 3.03 December 2001 2.74 2.81 January 2002 2.56 2.80 February 2002 2.60 2.14 March 2002 2.43 1.71 April 2002 2.53 2.14 May 2002 2.53 1.92 June 2002 2.26 2.13 July 2002 2.20 1.70 August 2002 2.36 2.34 September 2002 2.24 2.33 October 2002 2.24 2.12 November 2002 1.97 1.69 December 2002 1.92 1.68 January 2003 1.91 1.89 February 2003 1.74 1.26 March 2003 1.69 0.84 April 2003 1.47 0.21 May 2003 1.58 0.83 June 2003 1.53 1.04 July 2003 1.52 1.88 August 2003 1.31 1.46 September 2003 1.20 1.46 October 2003 1.30 1.25 November 2003 1.09 0.83 December 2003 1.15 1.04 January 2004 1.15 1.45 February 2004 1.25 1.87 March 2004 1.61 2.70 April 2004 1.76 2.49 May 2004 1.71 2.69 June 2004 1.87 2.06 July 2004 1.76 1.85 August 2004 1.71 1.43 September 2004 1.96 2.05 October 2004 2.01 2.25 November 2004 2.17 2.87 December 2004 2.17 2.04 January 2005 2.27 2.24 February 2005 2.36 2.24 March 2005 2.35 3.06 April 2005 2.24 2.43 May 2005 2.19 2.22 June 2005 2.03 1.21 July 2005 2.14 1.41 August 2005 2.13 1.40 September 2005 1.98 1.60 October 2005 2.07 2.21 November 2005 2.12 2.61 December 2005 2.17 2.81 January 2006 2.12 2.40 February 2006 2.06 2.19 March 2006 2.09 2.79 April 2006 2.29 3.19 May 2006 2.44 3.58 June 2006 2.64 3.57 July 2006 2.69 3.16 August 2006 2.84 2.95 September 2006 2.93 2.55 October 2006 2.72 2.35 November 2006 2.62 1.56 December 2006 2.57 1.55 January 2007 2.67 1.96 February 2007 2.71 2.69 March 2007 2.45 2.20 April 2007 2.34 2.01 May 2007 2.24 1.72 June 2007 2.22 2.34 July 2007 2.21 2.46 August 2007 2.13 2.47 September 2007 2.14 2.48 October 2007 2.17 2.27 November 2007 2.33 2.60 December 2007 2.44 2.61 January 2008 2.47 3.15 Energy and Food Price Indicators (Data from Energy Information Administration except as noted) Figure: Total Gasoline Margin Retail price less average spot crude price* Period 10 January 2005 Cents per gallon 100.72 17 January 2005 97.65 24 January 2005 100.04 31 January 2005 104.94 7 February 2005 109.34 14 February 2005 102.31 21 February 2005 94.02 28 February 2005 92.66 7 March 2005 92.92 14 March 2005 95.11 21 March 2005 94.71 28 March 2005 101.43 4 April 2005 96.74 11 April 2005 105.81 18 April 2005 106.37 25 April 2005 98.55 2 May 2005 102.36 9 May 2005 94.15 16 May 2005 100.06 23 May 2005 97.22 30 May 2005 89.82 6 June 2005 88.40 13 June 2005 89.53 20 June 2005 85.98 27 June 2005 90.29 4 July 2005 94.46 11 July 2005 105.88 18 July 2005 109.10 25 July 2005 106.89 1 August 2005 93.92 8 August 2005 92.75 15 August 2005 105.45 22 August 2005 111.31 29 August 2005 106.37 5 September 2005 151.26 12 September 2005 144.97 19 September 2005 119.76 26 September 2005 129.12 3 October 2005 147.15 10 October 2005 152.09 17 October 2005 139.29 24 October 2005 133.96 31 October 2005 123.04 7 November 2005 113.78 14 November 2005 110.30 21 November 2005 101.52 28 November 2005 100.63 5 December 2005 96.08 12 December 2005 100.29 19 December 2005 114.30 26 December 2005 111.89 2 January 2006 103.75 9 January 2006 112.40 16 January 2006 105.39 23 January 2006 102.92 30 January 2006 104.70 6 February 2006 106.54 13 February 2006 108.62 20 February 2006 102.43 27 February 2006 102.79 6 March 2006 104.43 13 March 2006 107.46 20 March 2006 120.52 27 March 2006 109.07 3 April 2006 108.78 10 April 2006 110.43 17 April 2006 112.88 24 April 2006 125.42 1 May 2006 118.71 8 May 2006 126.23 15 May 2006 131.63 22 May 2006 128.09 29 May 2006 121.98 5 June 2006 126.40 12 June 2006 135.05 19 June 2006 137.11 26 June 2006 131.86 3 July 2006 135.16 10 July 2006 138.35 17 July 2006 135.78 24 July 2006 138.34 31 July 2006 134.89 7 August 2006 127.88 14 August 2006 129.75 21 August 2006 123.28 28 August 2006 117.80 4 September 2006 109.78 11 September 2006 104.88 18 September 2006 96.85 25 September 2006 94.96 2 October 2006 92.92 9 October 2006 95.23 16 October 2006 97.08 23 October 2006 102.02 30 October 2006 96.92 6 November 2006 92.72 13 November 2006 96.44 20 November 2006 101.71 27 November 2006 98.02 4 December 2006 102.21 11 December 2006 108.21 18 December 2006 113.15 25 December 2006 118.02 1 January 2007 124.15 8 January 2007 126.26 15 January 2007 127.60 22 January 2007 121.19 29 January 2007 114.18 5 February 2007 105.88 12 February 2007 111.62 19 February 2007 115.56 26 February 2007 115.43 5 March 2007 128.27 12 March 2007 133.43 19 March 2007 137.04 26 March 2007 123.61 2 April 2007 122.28 9 April 2007 135.94 16 April 2007 134.12 23 April 2007 128.99 30 April 2007 137.85 7 May 2007 154.30 14 May 2007 157.12 21 May 2007 160.76 28 May 2007 167.55 4 June 2007 158.86 11 June 2007 154.08 18 June 2007 142.05 25 June 2007 141.65 2 July 2007 136.12 9 July 2007 136.10 16 July 2007 139.02 23 July 2007 127.26 30 July 2007 111.72 6 August 2007 115.52 13 August 2007 108.73 20 August 2007 109.91 27 August 2007 103.01 3 September 2007 99.65 10 September 2007 96.72 17 September 2007 85.78 24 September 2007 87.65 1 October 2007 94.54 8 October 2007 100.01 15 October 2007 89.67 22 October 2007 95.61 29 October 2007 85.41 5 November 2007 95.73 12 November 2007 101.35 19 November 2007 97.38 26 November 2007 96.82 3 December 2007 114.88 10 December 2007 114.99 17 December 2007 112.21 24 December 2007 104.45 31 December 2007 105.15 7 January 2008 113.43 14 January 2008 112.48 21 January 2008 117.00 28 January 2008 109.16 4 February 2008 112.02 11 February 2008 101.53 18 February 2008 95.51 25 February 2008 104.43 3 March 2008 98.20 10 March 2008 91.55 *Regular grade seasonally adjusted by FRB staff, less average spot crude price: 60% WTI, 40% Maya heavy crude. Return to table Figure: Gasoline Price Decomposition Cents per gallon Period Retail price* Rack price Average spot crude price** 10 January 2005 193.65 135.47 92.93 17 January 2005 195.75 140.20 98.10 24 January 2005 198.20 142.36 98.16 31 January 2005 202.86 145.07 97.92 7 February 2005 201.51 141.20 92.18 14 February 2005 199.27 142.76 96.96 21 February 2005 198.60 140.47 104.58 28 February 2005 199.30 141.39 106.64 7 March 2005 204.80 151.38 111.88 14 March 2005 208.90 152.63 113.79 21 March 2005 212.07 157.31 117.36 28 March 2005 213.22 159.47 111.79 4 April 2005 216.34 167.53 119.60 11 April 2005 219.35 151.52 113.53 18 April 2005 212.09 145.86 105.71 25 April 2005 211.68 158.15 113.13 2 May 2005 211.86 146.75 109.50 9 May 2005 207.24 145.82 113.09 16 May 2005 205.22 141.78 105.16 23 May 2005 202.68 141.26 105.47 30 May 2005 201.90 145.72 112.08 6 June 2005 205.81 153.82 117.41 13 June 2005 209.23 153.64 119.70 20 June 2005 214.01 162.13 128.03 27 June 2005 220.20 163.99 129.91 4 July 2005 222.04 162.08 127.58 11 July 2005 232.97 174.51 127.09 18 July 2005 232.41 166.39 123.31 25 July 2005 227.83 167.82 120.94 1 August 2005 225.60 168.49 131.68 8 August 2005 230.87 179.63 138.12 15 August 2005 246.64 199.12 141.19 22 August 2005 251.04 194.24 139.73 29 August 2005 249.89 198.00 143.52 5 September 2005 294.83 232.53 143.58 12 September 2005 282.48 214.07 137.51 19 September 2005 265.54 189.66 145.78 26 September 2005 271.35 215.04 142.22 3 October 2005 288.47 234.97 141.31 10 October 2005 285.09 200.85 133.00 17 October 2005 277.27 191.44 137.98 24 October 2005 265.46 181.03 131.51 31 October 2005 251.67 176.23 128.63 7 November 2005 239.78 172.08 126.00 14 November 2005 230.28 161.41 119.98 21 November 2005 221.21 157.38 119.69 28 November 2005 220.18 159.65 119.55 5 December 2005 223.21 169.20 127.13 12 December 2005 230.74 174.73 130.45 19 December 2005 236.57 174.84 122.27 26 December 2005 235.44 173.36 123.55 2 January 2006 239.32 185.59 135.57 9 January 2006 248.00 191.50 135.60 16 January 2006 247.07 183.24 141.69 23 January 2006 248.04 187.78 145.12 30 January 2006 249.20 187.25 144.50 6 February 2006 246.76 180.45 140.22 13 February 2006 240.03 167.45 131.40 20 February 2006 234.32 174.70 131.89 27 February 2006 233.81 177.26 131.02 6 March 2006 239.58 188.01 135.16 13 March 2006 241.16 182.42 133.70 20 March 2006 252.67 192.99 132.15 27 March 2006 248.49 187.61 139.42 3 April 2006 253.80 195.76 145.01 10 April 2006 259.60 203.23 149.18 17 April 2006 266.07 211.09 153.19 24 April 2006 278.38 221.15 152.96 1 May 2006 279.08 209.51 160.37 8 May 2006 278.28 210.45 152.05 15 May 2006 282.28 221.43 150.65 22 May 2006 277.91 207.27 149.82 29 May 2006 277.76 212.90 155.79 5 June 2006 282.62 223.86 156.22 12 June 2006 286.38 223.13 151.32 19 June 2006 284.96 213.82 147.86 26 June 2006 285.62 223.28 153.76 3 July 2006 296.99 233.67 161.83 10 July 2006 297.42 233.23 159.07 17 July 2006 299.65 241.19 163.87 24 July 2006 299.46 241.41 161.12 31 July 2006 296.95 236.73 162.06 7 August 2006 297.74 238.73 169.86 14 August 2006 291.33 222.33 161.58 21 August 2006 281.59 217.55 158.30 28 August 2006 272.55 205.68 154.75 4 September 2006 259.66 191.50 149.88 11 September 2006 247.66 179.12 142.78 18 September 2006 235.03 174.24 138.19 25 September 2006 227.21 163.32 132.25 2 October 2006 225.49 169.95 132.56 9 October 2006 225.67 167.49 130.43 16 October 2006 227.23 165.83 130.15 23 October 2006 226.68 165.78 124.67 30 October 2006 226.04 170.27 129.12 6 November 2006 222.59 170.38 129.87 13 November 2006 224.14 172.11 127.70 20 November 2006 224.58 170.93 122.88 27 November 2006 228.86 175.43 130.84 4 December 2006 237.76 186.16 135.55 11 December 2006 241.16 180.82 132.96 18 December 2006 247.41 190.13 134.26 25 December 2006 250.12 185.99 132.10 1 January 2007 249.21 183.88 125.06 8 January 2007 246.19 171.22 119.93 15 January 2007 238.28 161.34 110.68 22 January 2007 231.45 157.79 110.26 29 January 2007 230.73 167.95 116.55 5 February 2007 232.61 175.47 126.73 12 February 2007 236.89 181.79 125.27 19 February 2007 241.36 186.29 125.80 26 February 2007 248.17 195.29 132.74 5 March 2007 258.43 201.43 130.15 12 March 2007 261.89 198.39 128.46 19 March 2007 261.47 196.80 124.43 26 March 2007 260.91 199.04 137.30 2 April 2007 266.47 206.58 144.20 9 April 2007 271.84 214.29 135.90 16 April 2007 275.15 217.49 141.02 23 April 2007 273.02 211.60 144.02 30 April 2007 283.36 230.52 145.51 7 May 2007 291.81 232.58 137.50 14 May 2007 296.85 249.98 139.74 21 May 2007 309.27 259.17 148.50 28 May 2007 310.94 252.17 143.39 4 June 2007 308.36 242.97 149.50 11 June 2007 302.89 225.87 148.81 18 June 2007 298.64 233.81 156.59 25 June 2007 296.93 236.55 155.28 2 July 2007 295.30 232.55 159.18 9 July 2007 298.17 245.74 162.07 16 July 2007 305.63 236.97 166.61 23 July 2007 295.28 225.11 168.02 30 July 2007 284.38 216.93 172.67 6 August 2007 277.88 213.37 162.37 13 August 2007 268.49 206.66 159.75 20 August 2007 267.50 218.71 157.60 27 August 2007 262.64 215.87 159.63 3 September 2007 266.17 225.42 166.52 10 September 2007 267.20 220.77 170.49 17 September 2007 263.20 221.99 177.41 24 September 2007 269.36 227.32 181.71 1 October 2007 272.27 221.25 177.73 8 October 2007 275.78 221.35 175.77 15 October 2007 280.29 224.14 190.62 22 October 2007 288.67 230.64 193.05 29 October 2007 291.86 240.01 206.45 5 November 2007 304.23 257.73 208.50 12 November 2007 312.31 262.72 210.96 19 November 2007 310.29 251.63 212.91 26 November 2007 313.42 258.47 216.60 3 December 2007 313.66 239.24 198.78 10 December 2007 311.39 241.21 196.40 17 December 2007 314.94 249.09 202.72 24 December 2007 314.18 254.48 209.72 31 December 2007 321.26 261.80 216.11 7 January 2008 326.65 264.07 213.22 14 January 2008 322.34 248.52 209.86 21 January 2008 316.91 248.29 199.90 28 January 2008 312.32 251.38 203.17 4 February 2008 311.83 249.21 199.81 11 February 2008 309.44 253.42 207.90 18 February 2008 316.88 264.31 221.37 25 February 2008 323.93 268.28 219.50 3 March 2008 325.21 267.14 227.01 10 March 2008 329.60 271.34 238.05 * Regular grade seasonally adjusted by FRB staff. Return to table ** 60% WTI, 40% Maya heavy crude. Return to table Figure: Gasoline Inventories Millions of barrels Period Excluding ethanol Adjusted for ethanol use* Lower bound of average historical range Upper bound of average historical range January 2005 222.16 ND 208.99 220.46 February 2005 229.30 ND 204.45 215.92 March 2005 213.66 ND 199.30 210.77 April 2005 217.81 ND 202.81 214.28 May 2005 218.27 ND 207.26 218.73 June 2005 217.62 ND 205.93 217.40 July 2005 206.86 ND 203.15 214.62 August 2005 191.14 ND 193.84 205.30 September 2005 196.15 ND 197.38 208.85 October 2005 200.96 ND 191.00 202.47 November 2005 205.26 ND 200.59 212.06 December 2005 208.33 ND 200.75 212.22 January 2006 220.43 223.16 208.99 220.46 February 2006 222.37 225.12 204.45 215.92 March 2006 208.72 211.51 199.30 210.77 April 2006 206.86 210.90 202.81 214.28 May 2006 214.16 218.54 207.26 218.73 June 2006 213.29 217.94 205.93 217.40 July 2006 208.86 213.47 203.15 214.62 August 2006 208.99 213.69 193.84 205.30 September 2006 214.13 218.95 197.38 208.85 October 2006 204.60 209.29 191.00 202.47 November 2006 204.03 208.64 200.59 212.06 December 2006 211.81 216.62 200.75 212.22 January 2007 227.93 233.02 208.99 220.46 February 2007 214.96 219.79 204.45 215.92 March 2007 201.21 205.72 199.30 210.77 April 2007 196.84 201.13 202.81 214.28 May 2007 202.84 207.15 207.26 218.73 June 2007 204.91 209.21 205.93 217.40 July 2007 204.82 209.30 203.15 214.62 August 2007 193.54 197.67 193.84 205.30 September 2007 198.72 202.96 197.38 208.85 October 2007 196.37 200.80 191.00 202.47 November 2007 201.71 206.26 200.59 212.06 December 2007 215.05 ND 200.75 212.22 7 December 2007 ND 207.07 ND ND 14 December 2007 ND 210.16 ND ND 21 December 2007 ND 210.78 ND ND 28 December 2007 207.84 212.99 ND ND ND ND 208.99 220.46 4 January 2008 213.06 218.46 ND ND 11 January 2008 215.26 220.77 ND ND 18 January 2008 220.34 225.98 ND ND 25 January 2008 223.90 229.51 ND ND ND ND 204.45 215.92 1 February 2008 227.49 233.13 ND ND 8 February 2008 229.24 234.79 ND ND 15 February 2008 230.26 235.86 ND ND 22 February 2008 232.62 238.17 ND ND 29 February 2008 234.28 239.92 ND ND ND ND 199.30 210.77 January 2008 February 2008 March 2008 7 March 2008 April 2008 235.97 241.77 ND ND ND ND 202.81 214.28 Note. Shaded region is average historical range as calculated by DOE. Monthly data through December 2007, weekly data thereafter, as indicated by line weights. * Adjustment for approximate amount of fuel ethanol to be blended with RBOB component of inventories; estimated by FRB staff. Return to table Figure: Ethanol Prices: Near-futures price, daily Cents per gallon Date Near-futures price 23 March 2005 122.0 24 March 2005 124.5 28 March 2005 123.0 29 March 2005 122.5 30 March 2005 121.5 31 March 2005 123.0 1 April 2005 121.5 4 April 2005 120.0 5 April 2005 120.5 6 April 2005 120.0 7 April 2005 116.0 8 April 2005 115.0 11 April 2005 117.0 12 April 2005 117.0 13 April 2005 117.0 14 April 2005 117.0 15 April 2005 117.0 18 April 2005 117.0 19 April 2005 119.0 20 April 2005 119.0 21 April 2005 119.0 22 April 2005 119.0 25 April 2005 119.0 26 April 2005 119.0 27 April 2005 116.0 28 April 2005 115.0 29 April 2005 115.0 2 May 2005 115.0 3 May 2005 118.0 4 May 2005 118.0 5 May 2005 118.0 6 May 2005 118.0 9 May 2005 118.0 10 May 2005 118.0 11 May 2005 118.0 12 May 2005 116.0 13 May 2005 116.0 16 May 2005 116.0 17 May 2005 117.0 18 May 2005 118.0 19 May 2005 119.0 20 May 2005 117.0 23 May 2005 118.0 24 May 2005 118.0 25 May 2005 119.0 26 May 2005 119.0 27 May 2005 120.0 31 May 2005 120.0 1 June 2005 121.0 2 June 2005 122.5 3 June 2005 121.0 6 June 2005 121.0 7 June 2005 123.0 8 June 2005 122.0 9 June 2005 122.0 10 June 2005 123.0 13 June 2005 123.0 14 June 2005 123.0 15 June 2005 124.0 16 June 2005 129.0 17 June 2005 130.0 20 June 2005 136.0 21 June 2005 138.0 22 June 2005 138.0 23 June 2005 141.0 24 June 2005 141.0 27 June 2005 141.0 28 June 2005 144.0 29 June 2005 149.0 30 June 2005 147.0 1 July 2005 149.0 5 July 2005 149.0 6 July 2005 149.0 7 July 2005 153.0 8 July 2005 159.0 11 July 2005 162.0 12 July 2005 165.0 13 July 2005 162.0 14 July 2005 163.0 15 July 2005 162.0 18 July 2005 170.0 19 July 2005 178.0 20 July 2005 174.0 21 July 2005 175.0 22 July 2005 174.0 25 July 2005 176.0 26 July 2005 174.0 27 July 2005 175.0 28 July 2005 175.0 29 July 2005 177.0 1 August 2005 178.0 2 August 2005 175.0 3 August 2005 183.0 4 August 2005 184.0 5 August 2005 182.0 8 August 2005 183.0 9 August 2005 186.5 10 August 2005 185.0 11 August 2005 189.5 12 August 2005 186.5 15 August 2005 188.5 16 August 2005 191.5 17 August 2005 191.5 18 August 2005 195.0 19 August 2005 196.5 22 August 2005 198.5 23 August 2005 197.5 24 August 2005 197.5 25 August 2005 197.4 26 August 2005 198.0 29 August 2005 203.0 30 August 2005 215.0 31 August 2005 230.0 1 September 2005 270.0 2 September 2005 260.0 6 September 2005 253.0 7 September 2005 254.0 8 September 2005 251.5 9 September 2005 258.0 12 September 2005 250.0 13 September 2005 247.5 14 September 2005 238.0 15 September 2005 229.0 16 September 2005 230.5 19 September 2005 231.0 20 September 2005 232.5 21 September 2005 235.5 22 September 2005 244.0 23 September 2005 245.0 26 September 2005 242.0 27 September 2005 240.0 28 September 2005 241.5 29 September 2005 241.5 30 September 2005 243.0 3 October 2005 242.0 4 October 2005 250.0 5 October 2005 247.0 6 October 2005 230.0 7 October 2005 235.0 10 October 2005 224.0 11 October 2005 224.5 12 October 2005 219.5 13 October 2005 210.0 14 October 2005 197.5 17 October 2005 202.7 18 October 2005 203.0 19 October 2005 203.0 20 October 2005 204.0 21 October 2005 205.0 24 October 2005 203.0 25 October 2005 210.0 26 October 2005 214.0 27 October 2005 216.0 28 October 2005 220.0 31 October 2005 222.0 1 November 2005 223.0 2 November 2005 219.0 3 November 2005 213.0 4 November 2005 217.5 7 November 2005 226.0 8 November 2005 216.0 9 November 2005 220.5 10 November 2005 215.5 11 November 2005 212.0 14 November 2005 212.0 15 November 2005 202.0 16 November 2005 201.5 17 November 2005 201.0 18 November 2005 197.0 21 November 2005 199.5 22 November 2005 199.0 23 November 2005 193.0 25 November 2005 190.0 28 November 2005 191.0 29 November 2005 191.5 30 November 2005 191.0 1 December 2005 190.0 2 December 2005 192.0 5 December 2005 191.5 6 December 2005 196.5 7 December 2005 198.0 8 December 2005 197.5 9 December 2005 206.0 12 December 2005 206.0 13 December 2005 200.0 14 December 2005 209.0 15 December 2005 198.0 16 December 2005 198.0 19 December 2005 200.0 20 December 2005 203.0 21 December 2005 201.0 22 December 2005 200.0 23 December 2005 201.5 27 December 2005 203.0 28 December 2005 204.0 29 December 2005 208.0 30 December 2005 209.0 3 January 2006 212.0 4 January 2006 212.0 5 January 2006 210.0 6 January 2006 217.0 9 January 2006 225.0 10 January 2006 230.0 11 January 2006 235.0 12 January 2006 227.0 13 January 2006 233.0 17 January 2006 248.0 18 January 2006 258.0 19 January 2006 248.0 20 January 2006 249.0 23 January 2006 249.0 24 January 2006 246.0 25 January 2006 246.0 26 January 2006 244.5 27 January 2006 247.0 30 January 2006 249.5 31 January 2006 249.0 1 February 2006 250.0 2 February 2006 250.0 3 February 2006 255.0 6 February 2006 260.0 7 February 2006 257.5 8 February 2006 259.0 9 February 2006 260.0 10 February 2006 270.0 13 February 2006 273.0 14 February 2006 270.0 15 February 2006 258.0 16 February 2006 250.0 17 February 2006 247.0 21 February 2006 249.0 22 February 2006 247.0 23 February 2006 246.0 24 February 2006 248.0 27 February 2006 250.5 28 February 2006 242.0 1 March 2006 243.0 2 March 2006 242.0 3 March 2006 244.5 6 March 2006 247.0 7 March 2006 242.0 8 March 2006 240.0 9 March 2006 245.0 10 March 2006 240.0 13 March 2006 241.5 14 March 2006 242.0 15 March 2006 243.0 16 March 2006 240.0 17 March 2006 242.0 20 March 2006 239.0 21 March 2006 240.0 22 March 2006 243.0 23 March 2006 246.0 24 March 2006 247.0 27 March 2006 246.0 28 March 2006 248.0 29 March 2006 249.5 30 March 2006 252.0 31 March 2006 256.5 3 April 2006 262.0 4 April 2006 255.0 5 April 2006 258.0 6 April 2006 265.0 7 April 2006 265.0 10 April 2006 267.5 11 April 2006 273.0 12 April 2006 273.0 13 April 2006 270.5 17 April 2006 272.5 18 April 2006 274.0 19 April 2006 276.0 20 April 2006 273.0 21 April 2006 274.0 24 April 2006 267.0 25 April 2006 264.0 26 April 2006 264.0 27 April 2006 262.0 28 April 2006 272.5 1 May 2006 272.0 2 May 2006 279.0 3 May 2006 275.0 4 May 2006 271.0 5 May 2006 277.0 8 May 2006 282.5 9 May 2006 291.5 10 May 2006 295.0 11 May 2006 295.0 12 May 2006 310.0 15 May 2006 285.0 16 May 2006 288.5 17 May 2006 297.5 18 May 2006 303.0 19 May 2006 314.0 22 May 2006 317.0 23 May 2006 323.0 24 May 2006 330.0 25 May 2006 333.0 26 May 2006 342.0 30 May 2006 351.0 31 May 2006 363.0 1 June 2006 362.0 2 June 2006 368.0 5 June 2006 352.5 6 June 2006 351.5 7 June 2006 370.0 8 June 2006 370.0 9 June 2006 372.5 12 June 2006 380.0 13 June 2006 397.5 14 June 2006 406.0 15 June 2006 380.5 16 June 2006 394.0 19 June 2006 408.0 20 June 2006 423.0 21 June 2006 408.0 22 June 2006 393.0 23 June 2006 383.0 26 June 2006 368.0 27 June 2006 354.0 28 June 2006 339.0 29 June 2006 337.0 30 June 2006 340.0 3 July 2006 322.0 5 July 2006 311.0 6 July 2006 330.0 7 July 2006 335.0 10 July 2006 360.5 11 July 2006 349.0 12 July 2006 315.0 13 July 2006 315.0 14 July 2006 305.0 17 July 2006 300.0 18 July 2006 296.0 19 July 2006 292.0 20 July 2006 288.0 21 July 2006 280.0 24 July 2006 280.0 25 July 2006 260.8 26 July 2006 262.4 27 July 2006 251.0 28 July 2006 253.0 31 July 2006 255.9 1 August 2006 245.0 2 August 2006 248.0 3 August 2006 255.0 4 August 2006 256.0 7 August 2006 259.0 8 August 2006 251.0 9 August 2006 252.0 10 August 2006 248.0 11 August 2006 255.5 14 August 2006 254.0 15 August 2006 253.9 16 August 2006 252.0 17 August 2006 240.7 18 August 2006 242.5 21 August 2006 242.5 22 August 2006 235.0 23 August 2006 231.3 24 August 2006 230.0 25 August 2006 228.5 28 August 2006 228.3 29 August 2006 226.0 30 August 2006 219.0 31 August 2006 219.0 1 September 2006 218.5 5 September 2006 215.0 6 September 2006 211.0 7 September 2006 208.0 8 September 2006 204.0 11 September 2006 201.5 12 September 2006 187.0 13 September 2006 187.0 14 September 2006 186.0 15 September 2006 186.0 18 September 2006 184.5 19 September 2006 184.0 20 September 2006 179.0 21 September 2006 177.0 22 September 2006 173.5 25 September 2006 172.0 26 September 2006 168.0 27 September 2006 172.0 28 September 2006 175.0 29 September 2006 176.5 2 October 2006 179.5 3 October 2006 181.2 4 October 2006 180.2 5 October 2006 183.5 6 October 2006 186.0 9 October 2006 189.0 10 October 2006 189.5 11 October 2006 185.0 12 October 2006 185.0 13 October 2006 188.0 16 October 2006 188.5 17 October 2006 189.0 18 October 2006 194.0 19 October 2006 196.0 20 October 2006 199.0 23 October 2006 203.5 24 October 2006 211.5 25 October 2006 218.0 26 October 2006 211.4 27 October 2006 204.0 30 October 2006 208.0 31 October 2006 201.5 1 November 2006 202.5 2 November 2006 203.5 3 November 2006 205.0 6 November 2006 207.0 7 November 2006 212.0 8 November 2006 212.0 9 November 2006 212.0 10 November 2006 212.0 13 November 2006 212.0 14 November 2006 212.0 15 November 2006 210.5 16 November 2006 212.0 17 November 2006 208.5 20 November 2006 212.0 21 November 2006 218.0 22 November 2006 217.0 24 November 2006 217.5 27 November 2006 219.7 28 November 2006 221.5 29 November 2006 226.0 30 November 2006 225.0 1 December 2006 231.5 4 December 2006 238.5 5 December 2006 245.0 6 December 2006 224.0 7 December 2006 223.5 8 December 2006 223.5 11 December 2006 225.0 12 December 2006 224.5 13 December 2006 224.0 14 December 2006 228.5 15 December 2006 233.0 18 December 2006 235.0 19 December 2006 235.0 20 December 2006 238.5 21 December 2006 240.7 22 December 2006 239.0 26 December 2006 236.3 27 December 2006 242.6 28 December 2006 243.5 29 December 2006 249.3 3 January 2007 249.0 4 January 2007 244.2 5 January 2007 226.0 8 January 2007 224.9 9 January 2007 216.9 10 January 2007 203.9 11 January 2007 202.9 12 January 2007 207.9 16 January 2007 199.0 17 January 2007 193.8 18 January 2007 187.0 19 January 2007 187.9 22 January 2007 187.0 23 January 2007 189.0 24 January 2007 193.0 25 January 2007 194.0 26 January 2007 194.0 29 January 2007 194.5 30 January 2007 198.5 31 January 2007 198.0 1 February 2007 201.0 2 February 2007 202.5 5 February 2007 208.5 6 February 2007 205.5 7 February 2007 205.5 8 February 2007 202.5 9 February 2007 205.5 12 February 2007 202.5 13 February 2007 204.5 14 February 2007 204.5 15 February 2007 208.0 16 February 2007 209.8 20 February 2007 209.3 21 February 2007 210.8 22 February 2007 216.3 23 February 2007 214.0 26 February 2007 220.0 27 February 2007 226.0 28 February 2007 225.8 1 March 2007 228.0 2 March 2007 229.5 5 March 2007 232.0 6 March 2007 221.5 7 March 2007 232.0 8 March 2007 237.0 9 March 2007 228.0 12 March 2007 233.0 13 March 2007 238.0 14 March 2007 237.0 15 March 2007 232.0 16 March 2007 232.0 19 March 2007 233.0 20 March 2007 230.5 21 March 2007 230.0 22 March 2007 230.0 23 March 2007 230.0 26 March 2007 233.0 27 March 2007 230.0 28 March 2007 225.5 29 March 2007 227.0 30 March 2007 219.5 2 April 2007 219.4 3 April 2007 214.0 4 April 2007 212.0 5 April 2007 210.0 9 April 2007 212.6 10 April 2007 216.6 11 April 2007 223.7 12 April 2007 228.0 13 April 2007 220.5 16 April 2007 220.3 17 April 2007 217.5 18 April 2007 219.1 19 April 2007 215.6 20 April 2007 211.0 23 April 2007 215.0 24 April 2007 218.6 25 April 2007 222.2 26 April 2007 219.0 27 April 2007 216.1 30 April 2007 216.2 1 May 2007 221.5 2 May 2007 220.3 3 May 2007 225.0 4 May 2007 210.6 7 May 2007 209.5 8 May 2007 210.0 9 May 2007 210.0 10 May 2007 214.0 11 May 2007 212.6 14 May 2007 216.5 15 May 2007 215.5 16 May 2007 213.3 17 May 2007 214.0 18 May 2007 217.3 21 May 2007 217.5 22 May 2007 215.0 23 May 2007 215.5 24 May 2007 217.5 25 May 2007 220.6 29 May 2007 223.0 30 May 2007 224.0 31 May 2007 219.0 1 June 2007 217.0 4 June 2007 214.3 5 June 2007 212.0 6 June 2007 199.1 7 June 2007 198.5 8 June 2007 192.0 11 June 2007 192.6 12 June 2007 192.6 13 June 2007 197.4 14 June 2007 204.9 15 June 2007 204.9 18 June 2007 199.8 19 June 2007 195.0 20 June 2007 195.2 21 June 2007 196.9 22 June 2007 197.5 25 June 2007 196.0 26 June 2007 193.4 27 June 2007 192.0 28 June 2007 195.0 29 June 2007 195.0 2 July 2007 199.0 3 July 2007 197.5 5 July 2007 199.7 6 July 2007 196.3 9 July 2007 193.9 10 July 2007 198.0 11 July 2007 197.2 12 July 2007 199.9 13 July 2007 201.9 16 July 2007 199.6 17 July 2007 199.3 18 July 2007 201.3 19 July 2007 199.0 20 July 2007 200.9 23 July 2007 196.3 24 July 2007 194.0 25 July 2007 197.0 26 July 2007 197.9 27 July 2007 196.4 30 July 2007 192.5 31 July 2007 198.7 1 August 2007 193.0 2 August 2007 191.5 3 August 2007 190.5 6 August 2007 182.2 7 August 2007 183.9 8 August 2007 184.5 9 August 2007 183.6 10 August 2007 183.4 13 August 2007 185.9 14 August 2007 182.0 15 August 2007 185.4 16 August 2007 180.0 17 August 2007 181.2 20 August 2007 172.9 21 August 2007 172.4 22 August 2007 172.8 23 August 2007 172.7 24 August 2007 172.1 27 August 2007 172.9 28 August 2007 168.2 29 August 2007 171.9 30 August 2007 169.0 31 August 2007 167.0 4 September 2007 166.3 5 September 2007 165.0 6 September 2007 164.0 7 September 2007 154.0 10 September 2007 155.8 11 September 2007 159.3 12 September 2007 158.8 13 September 2007 160.8 14 September 2007 160.8 17 September 2007 161.5 18 September 2007 161.0 19 September 2007 159.0 20 September 2007 159.9 21 September 2007 157.5 24 September 2007 155.0 25 September 2007 154.0 26 September 2007 151.5 27 September 2007 154.9 28 September 2007 155.0 1 October 2007 154.6 2 October 2007 158.5 3 October 2007 156.5 4 October 2007 157.2 5 October 2007 157.9 8 October 2007 154.5 9 October 2007 155.5 10 October 2007 154.5 11 October 2007 157.0 12 October 2007 157.5 15 October 2007 160.0 16 October 2007 161.0 17 October 2007 163.1 18 October 2007 165.0 19 October 2007 166.0 22 October 2007 169.0 23 October 2007 170.0 24 October 2007 173.0 25 October 2007 176.0 26 October 2007 176.8 29 October 2007 179.0 30 October 2007 175.0 31 October 2007 179.0 1 November 2007 179.5 2 November 2007 182.0 5 November 2007 187.5 6 November 2007 182.7 7 November 2007 186.9 8 November 2007 185.5 9 November 2007 187.2 12 November 2007 186.0 13 November 2007 183.0 14 November 2007 185.5 15 November 2007 186.8 16 November 2007 186.5 19 November 2007 186.5 20 November 2007 192.0 21 November 2007 191.6 23 November 2007 190.0 26 November 2007 195.0 27 November 2007 196.8 28 November 2007 193.0 29 November 2007 191.5 30 November 2007 195.0 3 December 2007 195.0 4 December 2007 198.0 5 December 2007 196.5 6 December 2007 187.9 7 December 2007 188.5 10 December 2007 191.9 11 December 2007 194.0 12 December 2007 197.0 13 December 2007 204.9 14 December 2007 208.1 17 December 2007 211.0 18 December 2007 213.4 19 December 2007 216.4 20 December 2007 218.0 21 December 2007 222.0 24 December 2007 221.9 26 December 2007 230.5 27 December 2007 230.0 28 December 2007 233.5 31 December 2007 236.8 2 January 2008 242.0 3 January 2008 235.5 4 January 2008 230.0 7 January 2008 214.0 8 January 2008 220.2 9 January 2008 221.0 10 January 2008 212.0 11 January 2008 221.0 14 January 2008 227.0 15 January 2008 225.0 16 January 2008 218.5 17 January 2008 222.0 18 January 2008 224.0 22 January 2008 220.0 23 January 2008 218.0 24 January 2008 217.7 25 January 2008 220.2 28 January 2008 220.2 29 January 2008 218.0 30 January 2008 219.5 31 January 2008 215.5 1 February 2008 215.5 4 February 2008 215.5 5 February 2008 215.5 6 February 2008 210.0 7 February 2008 210.0 8 February 2008 210.0 11 February 2008 210.0 12 February 2008 216.0 13 February 2008 219.0 14 February 2008 221.7 15 February 2008 223.3 19 February 2008 230.3 20 February 2008 229.0 21 February 2008 227.3 22 February 2008 226.3 25 February 2008 234.5 26 February 2008 232.0 27 February 2008 232.0 29 February 2008 236.0 3 March 2008 240.1 4 March 2008 240.0 5 March 2008 235.4 6 March 2008 235.5 7 March 2008 235.0 10 March 2008 238.9 11 March 2008 240.8 12 March 2008 245.0 Source. Chicago Board of Trade. Figure: Ethanol Prices: Monthly futures, Mar. 12 Cents per gallon Period Monthly futures, Mar. 12 March 2008 245.0 April 2008 244.9 May 2008 242.4 June 2008 238.7 July 2008 234.8 August 2008 233.0 September 2008 229.8 October 2008 234.3 November 2008 230.3 December 2008 231.5 January 2009 234.0 Source. Chicago Board of Trade. Figure: PCE Food Prices 12-month percent change Period Food and beverages Ex. food and energy January 2005 2.63 2.29 February 2005 2.39 2.25 March 2005 2.34 2.27 April 2005 2.80 2.13 May 2005 2.19 2.19 June 2005 2.04 2.07 July 2005 2.05 2.08 August 2005 1.97 2.11 September 2005 2.22 2.16 October 2005 2.06 2.18 November 2005 2.12 2.16 December 2005 2.19 2.19 January 2006 2.50 2.06 February 2006 2.53 2.02 March 2006 2.43 2.04 April 2006 1.78 2.20 May 2006 2.02 2.17 June 2006 2.30 2.34 July 2006 2.27 2.32 August 2006 2.44 2.45 September 2006 2.48 2.44 October 2006 2.51 2.38 November 2006 2.24 2.23 December 2006 2.10 2.26 January 2007 2.37 2.44 February 2007 2.96 2.46 March 2007 3.19 2.26 April 2007 3.45 2.09 May 2007 3.55 2.01 June 2007 3.76 1.91 July 2007 3.87 1.95 August 2007 4.05 1.88 September 2007 4.17 1.94 October 2007 4.15 1.99 November 2007 4.53 2.14 December 2007 4.68 2.23 January 2008 4.65 2.18 Source. Bureau of Economic Analysis. Figure: Spot Agricultural Commodity Prices Dollars per bushel Period Corn Soybeans 4 January 2005 1.86 5.20 11 January 2005 1.91 5.42 18 January 2005 1.80 5.13 25 January 2005 1.86 5.30 1 February 2005 1.84 5.09 8 February 2005 1.81 5.05 15 February 2005 1.86 5.34 22 February 2005 1.93 5.63 1 March 2005 1.93 5.91 8 March 2005 1.92 6.01 15 March 2005 2.05 6.54 22 March 2005 1.97 6.01 29 March 2005 1.99 5.99 5 April 2005 1.88 5.94 12 April 2005 1.92 5.97 19 April 2005 1.97 6.16 26 April 2005 1.99 6.26 3 May 2005 1.87 6.11 10 May 2005 1.89 6.21 17 May 2005 1.90 6.09 24 May 2005 1.99 6.37 31 May 2005 2.01 6.67 7 June 2005 1.99 6.64 14 June 2005 1.94 6.70 21 June 2005 2.12 7.24 28 June 2005 2.01 6.55 5 July 2005 2.14 7.04 12 July 2005 2.15 6.94 19 July 2005 2.30 6.79 26 July 2005 2.16 6.75 2 August 2005 2.11 6.88 9 August 2005 1.99 6.39 16 August 2005 1.90 6.11 23 August 2005 1.94 6.03 30 August 2005 1.87 5.89 6 September 2005 1.83 5.86 13 September 2005 1.75 5.56 20 September 2005 1.70 5.37 27 September 2005 1.66 5.42 4 October 2005 1.67 5.25 11 October 2005 1.65 5.21 18 October 2005 1.63 5.41 25 October 2005 1.67 5.46 1 November 2005 1.70 5.50 8 November 2005 1.74 5.58 15 November 2005 1.78 5.67 22 November 2005 1.74 5.50 29 November 2005 1.74 5.37 6 December 2005 1.80 5.49 13 December 2005 1.89 5.84 20 December 2005 1.94 5.91 27 December 2005 1.99 5.98 3 January 2006 2.04 6.01 10 January 2006 1.97 5.60 17 January 2006 1.92 5.43 24 January 2006 1.89 5.46 31 January 2006 2.03 5.71 7 February 2006 2.00 5.53 14 February 2006 2.03 5.56 21 February 2006 2.08 5.63 28 February 2006 2.13 5.55 7 March 2006 2.05 5.56 14 March 2006 2.05 5.56 21 March 2006 2.00 5.42 28 March 2006 2.01 5.62 4 April 2006 2.14 5.34 11 April 2006 2.23 5.37 18 April 2006 2.20 5.53 25 April 2006 2.14 5.62 2 May 2006 2.17 5.70 9 May 2006 2.12 5.72 16 May 2006 2.30 5.68 23 May 2006 2.23 5.53 30 May 2006 2.25 5.50 6 June 2006 2.22 5.60 13 June 2006 2.18 5.65 20 June 2006 2.08 5.58 27 June 2006 2.06 5.53 11 July 2006 2.37 5.77 18 July 2006 2.21 5.56 25 July 2006 2.13 5.27 1 August 2006 2.13 5.42 8 August 2006 2.09 5.23 15 August 2006 1.98 5.18 22 August 2006 1.98 5.17 29 August 2006 2.05 5.06 5 September 2006 2.11 5.12 12 September 2006 2.09 5.04 19 September 2006 2.20 5.17 26 September 2006 2.34 5.19 3 October 2006 2.38 5.07 10 October 2006 2.54 5.27 17 October 2006 3.00 5.71 24 October 2006 3.05 6.01 31 October 2006 3.05 6.10 7 November 2006 3.41 6.31 14 November 2006 3.45 6.39 21 November 2006 3.47 6.43 28 November 2006 3.68 6.57 5 December 2006 3.54 6.42 12 December 2006 3.50 6.41 19 December 2006 3.50 6.32 26 December 2006 3.45 6.38 9 January 2007 3.33 6.32 16 January 2007 3.76 6.72 23 January 2007 3.85 6.91 30 January 2007 3.82 6.85 6 February 2007 3.76 7.02 13 February 2007 3.84 7.10 20 February 2007 3.97 7.37 27 February 2007 3.89 7.30 6 March 2007 3.91 7.02 13 March 2007 3.76 7.11 20 March 2007 3.75 7.19 27 March 2007 3.61 7.12 3 April 2007 3.16 7.22 10 April 2007 3.42 7.02 17 April 2007 3.27 6.89 24 April 2007 3.40 6.77 1 May 2007 3.50 7.08 8 May 2007 3.39 6.92 15 May 2007 3.48 7.36 22 May 2007 3.47 7.52 29 May 2007 3.47 7.55 5 June 2007 3.67 7.85 12 June 2007 3.80 7.82 19 June 2007 3.83 7.81 26 June 2007 3.42 7.62 3 July 2007 3.05 8.03 10 July 2007 3.22 8.33 17 July 2007 3.02 7.67 24 July 2007 2.83 7.49 31 July 2007 2.94 7.68 7 August 2007 3.09 7.82 14 August 2007 3.05 7.89 21 August 2007 3.19 7.54 28 August 2007 3.07 7.99 4 September 2007 3.06 8.39 11 September 2007 2.98 8.55 18 September 2007 3.06 9.04 25 September 2007 3.28 9.12 2 October 2007 3.09 8.86 9 October 2007 3.06 8.93 16 October 2007 3.32 9.29 23 October 2007 3.34 9.34 30 October 2007 3.53 9.54 6 November 2007 3.70 9.92 13 November 2007 3.59 10.10 20 November 2007 3.64 10.41 27 November 2007 3.69 10.46 4 December 2007 3.81 10.50 11 December 2007 3.95 10.93 18 December 2007 4.03 11.08 8 January 2008 4.50 12.06 15 January 2008 4.72 12.32 22 January 2008 4.54 11.75 29 January 2008 4.69 12.09 5 February 2008 4.82 12.66 12 February 2008 4.72 12.61 19 February 2008 4.93 13.40 26 February 2008 5.04 14.06 4 March 2008 5.15 14.35 11 March 2008 5.34 13.30 As shown in the figure, the "Wheat" series begins at about $4 per bushel in 2005:Q1, and generally increases to end at about $13 on March 11, 2008. Source. Commodity Research Bureau. Broad Measures of Inflation (Percent change, Q4 to Q4) Measure 2004 2005 2006 2007 Product prices GDP price index 3.2 3.4 2.7 2.6 3.2 3.3 2.9 2.2 3.2 3.5 2.2 1.9 3.7 3.8 2.4 3.3 3.1 3.1 2.8 2.2 3.1 3.2 1.9 3.4 2.2 2.2 2.3 2.1 2.8 3.0 1.6 3.4 1.6 1.7 2.0 1.9 3.4 3.8 1.9 4.0 2.1 2.1 2.7 2.3 3.1 3.2 1.7 3.6 2.1 1.8 2.3 2.0 Median CPI 2.3 2.7 3.1 3.1 Trimmed mean CPI 2.3 2.6 2.7 2.8 Trimmed mean PCE 2.4 2.5 2.7 2.4 Less food and energy Nonfarm business chain price index Expenditure prices Gross domestic purchases price index Less food and energy PCE price index Less food and energy PCE price index, market based components Less food and energy CPI Less food and energy Chained CPI Less food and energy Surveys of Inflation Expectations (Percent) Reuters/Michigan Survey Period Actual CPI inflation1 1 year2 Mean Professional forecasters (10 years) 4 5 to 10 years 3 Median Mean Median CPI PCE 2006: Q2 4.0 4.5 3.5 3.6 3.1 2.5 … Q3 3.3 4.0 3.4 3.3 3.0 2.5 … Q4 1.9 3.5 3.0 3.5 3.0 2.5 … 2007: Q1 2.4 3.6 3.0 3.4 2.9 2.4 2.0 Q2 2.7 4.2 3.3 3.5 3.0 2.4 2.0 Q3 2.4 4.1 3.2 3.5 3.0 2.4 2.1 Q4 4.0 4.1 3.3 3.3 2.9 2.4 2.1 2008: Q1 n.a. n.a. n.a. n.a. n.a. 2.5 2.2 2007: Oct. 3.5 3.7 3.1 3.1 2.8 … … Nov. 4.3 4.3 3.4 3.4 2.9 2.4 2.1 Dec. 4.1 4.4 3.4 3.5 3.1 … … 2008: Jan. 4.3 4.0 3.4 3.4 3.0 … … Feb. n.a. 3.9 3.6 3.4 3.0 2.5 2.2 1. Percent change from the same period in the preceding year. Return to table 2. Responses to the question, By about what percent do you expect prices to go up, on average, during the next 12 months? Return to table 3. Responses to the question, By about what percent per year do you expect prices to go up, on average, during the next 5 to 10 years? Return to table 4. Median CPI and PCE price projections compiled by the Federal Reserve Bank of Philadelphia. Return to table … Not applicable. n.a. Not available. Measures of Expected Inflation Figure: Survey Measures (Reuters/Michigan) Quarterly Percent Period Median, next 12 months Median, next 5 to 10 years 1978:Q1 5.97 ND 1978:Q2 6.70 ND 1978:Q3 7.40 ND 1978:Q4 7.40 ND 1979:Q1 8.63 ND 1979:Q2 9.80 ND 1979:Q3 9.80 ND 1979:Q4 9.63 ND 1980:Q1 10.20 ND 1980:Q2 9.07 ND 1980:Q3 8.77 ND 1980:Q4 9.30 ND 1981:Q1 8.43 6.67 1981:Q2 7.47 ND 1981:Q3 6.50 6.33 1981:Q4 6.43 ND 1982:Q1 4.83 5.67 1982:Q2 4.27 ND 1982:Q3 4.77 5.27 1982:Q4 4.30 ND 1983:Q1 2.53 4.90 1983:Q2 3.27 ND 1983:Q3 3.27 4.97 1983:Q4 3.57 ND 1984:Q1 3.30 4.97 1984:Q2 4.10 ND 1984:Q3 3.13 4.97 1984:Q4 3.40 ND 1985:Q1 3.00 4.73 1985:Q2 3.30 ND 1985:Q3 2.83 4.67 1985:Q4 3.30 ND 1986:Q1 2.67 ND 1986:Q2 2.67 ND 1986:Q3 2.90 ND 1986:Q4 3.00 ND 1987:Q1 3.00 ND 1987:Q2 3.23 ND 1987:Q3 3.10 ND 1987:Q4 3.20 ND 1988:Q1 3.17 ND 1988:Q2 3.43 ND 1988:Q3 4.30 ND 1988:Q4 3.83 ND 1989:Q1 3.77 ND 1989:Q2 4.23 ND 1989:Q3 3.67 ND 1989:Q4 3.53 ND 1990:Q1 3.97 ND 1990:Q2 3.60 4.30 1990:Q3 4.23 4.50 1990:Q4 4.73 4.57 1991:Q1 3.53 4.60 1991:Q2 3.20 4.37 1991:Q3 3.10 4.03 1991:Q4 2.93 3.77 1992:Q1 2.63 3.53 1992:Q2 3.00 3.77 1992:Q3 2.83 3.80 1992:Q4 2.83 3.60 1993:Q1 3.07 3.70 1993:Q2 3.13 3.60 1993:Q3 3.07 3.37 1993:Q4 3.03 3.50 1994:Q1 2.87 3.30 1994:Q2 2.93 3.33 1994:Q3 3.13 3.30 1994:Q4 3.07 3.23 1995:Q1 3.07 3.23 1995:Q2 3.07 3.27 1995:Q3 2.87 3.13 1995:Q4 2.80 3.13 1996:Q1 2.83 3.23 1996:Q2 3.00 3.13 1996:Q3 3.10 3.23 1996:Q4 3.00 3.00 1997:Q1 2.93 3.10 1997:Q2 2.90 3.00 1997:Q3 2.73 3.00 1997:Q4 2.83 3.07 1998:Q1 2.40 2.87 1998:Q2 2.57 2.80 1998:Q3 2.43 2.77 1998:Q4 2.43 2.83 1999:Q1 2.63 2.83 1999:Q2 2.67 2.83 1999:Q3 2.73 2.87 1999:Q4 2.93 2.87 2000:Q1 3.03 3.00 2000:Q2 3.03 2.83 2000:Q3 2.87 2.90 2000:Q4 2.97 2.97 2001:Q1 2.87 2.97 2001:Q2 3.10 3.03 2001:Q3 2.70 2.93 2001:Q4 1.07 2.83 2002:Q1 2.23 2.77 2002:Q2 2.73 2.87 2002:Q3 2.57 2.73 2002:Q4 2.47 2.80 2003:Q1 2.77 2.73 2003:Q2 2.17 2.73 2003:Q3 2.33 2.70 2003:Q4 2.63 2.77 2004:Q1 2.73 2.87 2004:Q2 3.27 2.80 2004:Q3 2.87 2.77 2004:Q4 2.97 2.77 2005:Q1 3.00 2.80 2005:Q2 3.23 2.90 2005:Q3 3.47 2.93 2005:Q4 3.67 3.10 2006:Q1 3.00 2.90 2006:Q2 3.53 3.07 2006:Q3 3.37 3.03 2006:Q4 3.00 3.03 2007:Q1 3.00 2.93 2007:Q2 3.33 3.03 2007:Q3 3.23 2.97 2007:Q4 3.30 2.93 Figure: Survey Measures (Reuters/Michigan) Monthly Percent Period Median, next 12 months Median, next 5 to 10 years January 2005 2.9 2.7 February 2005 2.9 2.8 March 2005 3.2 2.9 April 2005 3.3 3.0 May 2005 3.2 2.9 June 2005 3.2 2.8 July 2005 3.0 2.9 August 2005 3.1 2.8 September 2005 4.3 3.1 October 2005 4.6 3.2 November 2005 3.3 3.0 December 2005 3.1 3.1 January 2006 3.0 2.9 February 2006 3.0 2.9 March 2006 3.0 2.9 April 2006 3.3 3.1 May 2006 4.0 3.2 June 2006 3.3 2.9 July 2006 3.2 2.9 August 2006 3.8 3.2 September 2006 3.1 3.0 October 2006 3.1 3.1 November 2006 3.0 3.0 December 2006 2.9 3.0 January 2007 3.0 3.0 February 2007 3.0 2.9 March 2007 3.0 2.9 April 2007 3.3 3.1 May 2007 3.3 3.1 June 2007 3.4 2.9 July 2007 3.4 3.1 August 2007 3.2 2.9 September 2007 3.1 2.9 October 2007 3.1 2.8 November 2007 3.4 2.9 December 2007 3.4 3.1 January 2008 3.4 3.0 February 2008 3.6 3.0 Figure: Inputs to Models of Inflation Quarterly Percent Period FRB/US long-run expectations measure for PCE inflation* Distributed lag of core PCE inflation** 1971:Q1 3.10 4.93 1971:Q2 3.10 4.77 1971:Q3 3.10 4.70 1971:Q4 3.49 4.43 1972:Q1 3.49 3.88 1972:Q2 3.49 4.25 1972:Q3 3.49 3.80 1972:Q4 3.92 3.77 1973:Q1 3.92 3.53 1973:Q2 3.92 3.46 1973:Q3 3.92 3.97 1973:Q4 3.92 3.93 1974:Q1 4.21 3.89 1974:Q2 4.89 4.58 1974:Q3 5.07 5.87 1974:Q4 5.07 6.86 1975:Q1 5.07 7.02 1975:Q2 5.10 6.92 1975:Q3 5.14 6.93 1975:Q4 5.14 7.12 1976:Q1 4.88 7.33 1976:Q2 4.40 7.32 1976:Q3 4.50 7.02 1976:Q4 4.50 7.35 1977:Q1 4.50 7.09 1977:Q2 4.62 6.76 1977:Q3 4.85 6.29 1977:Q4 4.85 6.40 1978:Q1 5.04 6.19 1978:Q2 5.42 6.35 1978:Q3 5.42 6.42 1978:Q4 5.66 6.40 1979:Q1 6.15 6.72 1979:Q2 6.15 6.12 1979:Q3 6.72 7.14 1979:Q4 6.72 6.86 1980:Q1 6.72 7.30 1980:Q2 6.72 7.91 1980:Q3 6.72 7.92 1980:Q4 7.05 8.15 1981:Q1 7.72 8.64 1981:Q2 7.37 8.54 1981:Q3 7.12 8.27 1981:Q4 7.23 8.47 1982:Q1 6.66 8.31 1982:Q2 6.26 7.91 1982:Q3 6.27 7.57 1982:Q4 6.10 7.53 1983:Q1 5.82 7.13 1983:Q2 6.08 6.82 1983:Q3 6.13 5.67 1983:Q4 6.15 6.28 1984:Q1 6.08 5.16 1984:Q2 6.00 5.07 1984:Q3 5.55 5.06 1984:Q4 5.20 4.65 1985:Q1 4.85 4.24 1985:Q2 4.97 4.64 1985:Q3 5.20 3.98 1985:Q4 5.11 3.87 1986:Q1 4.78 3.86 1986:Q2 4.75 3.96 1986:Q3 4.62 3.76 1986:Q4 4.61 3.85 1987:Q1 4.78 3.77 1987:Q2 4.80 3.64 1987:Q3 4.98 3.70 1987:Q4 4.64 3.74 1988:Q1 4.74 3.83 1988:Q2 4.54 3.94 1988:Q3 4.42 4.22 1988:Q4 4.17 4.10 1989:Q1 4.19 4.15 1989:Q2 4.24 4.27 1989:Q3 4.03 3.96 1989:Q4 3.81 3.86 1990:Q1 3.56 4.07 1990:Q2 3.77 4.34 1990:Q3 3.89 4.57 1990:Q4 3.80 4.25 1991:Q1 3.81 3.95 1991:Q2 3.84 4.27 1991:Q3 3.58 3.82 1991:Q4 3.50 3.92 1992:Q1 3.20 3.91 1992:Q2 3.40 4.03 1992:Q3 3.25 3.70 1992:Q4 3.10 3.54 1993:Q1 3.00 3.31 1993:Q2 3.20 3.12 1993:Q3 2.95 3.24 1993:Q4 2.95 2.75 1994:Q1 2.95 2.66 1994:Q2 3.00 2.57 1994:Q3 3.00 2.64 1994:Q4 3.00 2.69 1995:Q1 2.80 2.32 1995:Q2 2.85 2.31 1995:Q3 2.70 2.31 1995:Q4 2.50 2.22 1996:Q1 2.50 2.11 1996:Q2 2.50 2.11 1996:Q3 2.50 2.06 1996:Q4 2.50 2.01 1997:Q1 2.50 2.07 1997:Q2 2.35 1.81 1997:Q3 2.50 1.87 1997:Q4 2.15 1.56 1998:Q1 2.10 1.57 1998:Q2 2.00 1.57 1998:Q3 2.00 1.44 1998:Q4 2.00 1.48 1999:Q1 1.80 1.54 1999:Q2 2.00 1.40 1999:Q3 2.00 1.48 1999:Q4 2.00 1.40 2000:Q1 2.00 1.50 2000:Q2 2.00 1.76 2000:Q3 2.00 1.49 2000:Q4 2.00 1.37 2001:Q1 2.00 1.54 2001:Q2 2.00 1.94 2001:Q3 2.00 1.79 2001:Q4 2.05 1.67 2002:Q1 2.00 2.00 2002:Q2 2.00 1.69 2002:Q3 2.00 1.82 2002:Q4 1.95 1.78 2003:Q1 2.00 1.63 2003:Q2 2.00 1.62 2003:Q3 2.00 1.64 2003:Q4 2.00 1.67 2004:Q1 2.00 1.60 2004:Q2 2.00 1.86 2004:Q3 2.00 1.92 2004:Q4 2.00 1.74 2005:Q1 1.95 1.86 2005:Q2 2.00 2.01 2005:Q3 2.00 1.97 2005:Q4 2.00 1.92 2006:Q1 2.00 2.16 2006:Q2 2.00 2.10 2006:Q3 2.00 2.39 2006:Q4 2.00 2.26 2007:Q1 2.00 2.11 2007:Q2 2.00 2.28 2007:Q3 2.10 1.98 2007:Q4 2.10 2.08 2008:Q1 2.20 2.28 * For 2007 forward, the median projection for PCE inflation over the next 10 years from the Survey of Professional Forecasters (SPF); for 1991 to 2006, the equivalent SPF projection for the CPI; for 1981 to 1991, a related survey for the CPI conducted by Richard Hoey; and for the period preceding 1981, a model-based estimate constructed by Board staff. The survey data before 2007 are adjusted down 0.5 percentage point to put the CPI projections approximately on a PCE basis. Return to table ** Derived from one of the reduced-form Phillips curves used by Board staff. Return to table Figure: Inflation Compensation from TIPS Quarterly Percent Period Next 5 years 5 to 10 years ahead 2001:Q1 1.58 2.14 2001:Q2 1.90 2.48 2001:Q3 1.56 2.35 2001:Q4 1.21 2.50 2002:Q1 1.46 2.68 2002:Q2 1.75 2.76 2002:Q3 1.33 2.76 2002:Q4 1.17 2.75 2003:Q1 1.51 2.74 2003:Q2 1.37 2.47 2003:Q3 1.73 2.91 2003:Q4 2.02 3.11 2004:Q1 2.12 2.88 2004:Q2 2.37 3.11 2004:Q3 2.33 2.90 2004:Q4 2.51 2.79 2005:Q1 2.68 2.70 2005:Q2 2.50 2.57 2005:Q3 2.41 2.48 2005:Q4 2.53 2.58 2006:Q1 2.52 2.54 2006:Q2 2.56 2.69 2006:Q3 2.48 2.66 2006:Q4 2.24 2.55 2007:Q1 2.28 2.49 2007:Q2 2.28 2.54 2007:Q3 2.14 2.69 2007:Q4 2.19 2.76 Note. Based on a comparison of an estimated TIPS yield curve with an estimated nominal off-the-run Treasury yield curve, with an adjustment for the indexation-lag effect. Figure: Inflation Compensation from TIPS Weekly Percent Period Next 5 years 5 to 10 years ahead 12 January 2005 2.61 2.71 19 January 2005 2.60 2.69 26 January 2005 2.58 2.68 2 February 2005 2.60 2.66 9 February 2005 2.59 2.54 16 February 2005 2.65 2.57 23 February 2005 2.71 2.64 2 March 2005 2.75 2.70 9 March 2005 2.79 2.75 16 March 2005 2.78 2.80 23 March 2005 2.79 2.82 30 March 2005 2.75 2.78 6 April 2005 2.74 2.74 13 April 2005 2.68 2.72 20 April 2005 2.61 2.74 27 April 2005 2.64 2.67 4 May 2005 2.57 2.64 11 May 2005 2.57 2.65 18 May 2005 2.47 2.60 25 May 2005 2.42 2.54 1 June 2005 2.41 2.49 8 June 2005 2.36 2.46 15 June 2005 2.35 2.46 22 June 2005 2.39 2.44 29 June 2005 2.36 2.38 6 July 2005 2.37 2.39 13 July 2005 2.37 2.37 20 July 2005 2.27 2.38 27 July 2005 2.33 2.45 3 August 2005 2.35 2.47 10 August 2005 2.38 2.49 17 August 2005 2.35 2.47 24 August 2005 2.34 2.49 31 August 2005 2.41 2.46 7 September 2005 2.45 2.50 14 September 2005 2.51 2.51 21 September 2005 2.53 2.57 28 September 2005 2.55 2.59 5 October 2005 2.60 2.59 12 October 2005 2.53 2.52 19 October 2005 2.54 2.60 26 October 2005 2.51 2.60 2 November 2005 2.56 2.70 9 November 2005 2.64 2.76 16 November 2005 2.55 2.64 23 November 2005 2.54 2.58 30 November 2005 2.54 2.55 7 December 2005 2.53 2.56 14 December 2005 2.50 2.55 21 December 2005 2.50 2.53 28 December 2005 2.44 2.46 4 January 2006 2.48 2.46 11 January 2006 2.48 2.46 18 January 2006 2.51 2.51 25 January 2006 2.55 2.52 1 February 2006 2.58 2.58 8 February 2006 2.56 2.57 15 February 2006 2.49 2.57 22 February 2006 2.51 2.52 1 March 2006 2.55 2.52 8 March 2006 2.57 2.60 15 March 2006 2.48 2.60 22 March 2006 2.48 2.56 29 March 2006 2.47 2.56 5 April 2006 2.49 2.59 12 April 2006 2.52 2.62 19 April 2006 2.57 2.66 26 April 2006 2.53 2.72 3 May 2006 2.59 2.80 10 May 2006 2.62 2.75 17 May 2006 2.62 2.78 24 May 2006 2.56 2.71 31 May 2006 2.59 2.72 7 June 2006 2.57 2.68 14 June 2006 2.49 2.60 21 June 2006 2.51 2.65 28 June 2006 2.54 2.65 5 July 2006 2.59 2.67 12 July 2006 2.58 2.63 19 July 2006 2.58 2.63 26 July 2006 2.57 2.65 2 August 2006 2.58 2.68 9 August 2006 2.63 2.70 16 August 2006 2.60 2.71 23 August 2006 2.53 2.72 30 August 2006 2.45 2.71 6 September 2006 2.42 2.67 13 September 2006 2.33 2.65 20 September 2006 2.29 2.63 27 September 2006 2.21 2.57 4 October 2006 2.24 2.56 11 October 2006 2.23 2.57 18 October 2006 2.25 2.57 25 October 2006 2.25 2.61 1 November 2006 2.21 2.61 8 November 2006 2.24 2.63 15 November 2006 2.26 2.61 22 November 2006 2.22 2.54 29 November 2006 2.25 2.50 6 December 2006 2.28 2.54 13 December 2006 2.25 2.55 20 December 2006 2.26 2.50 27 December 2006 2.19 2.44 3 January 2007 2.29 2.47 10 January 2007 2.28 2.44 17 January 2007 2.20 2.44 24 January 2007 2.26 2.51 31 January 2007 2.33 2.55 7 February 2007 2.32 2.50 14 February 2007 2.26 2.48 21 February 2007 2.23 2.49 28 February 2007 2.30 2.49 7 March 2007 2.30 2.46 14 March 2007 2.27 2.44 21 March 2007 2.28 2.48 28 March 2007 2.33 2.55 4 April 2007 2.33 2.55 11 April 2007 2.35 2.58 18 April 2007 2.27 2.54 25 April 2007 2.25 2.51 2 May 2007 2.31 2.50 9 May 2007 2.28 2.46 16 May 2007 2.25 2.43 23 May 2007 2.24 2.45 30 May 2007 2.26 2.52 6 June 2007 2.30 2.55 13 June 2007 2.33 2.63 20 June 2007 2.26 2.64 27 June 2007 2.25 2.68 4 July 2007 2.25 2.62 11 July 2007 2.30 2.63 18 July 2007 2.27 2.62 25 July 2007 2.25 2.65 1 August 2007 2.21 2.68 8 August 2007 2.13 2.65 15 August 2007 2.12 2.68 22 August 2007 2.04 2.70 29 August 2007 2.02 2.69 5 September 2007 2.00 2.68 12 September 2007 2.02 2.69 19 September 2007 2.13 2.77 26 September 2007 2.14 2.80 3 October 2007 2.14 2.80 10 October 2007 2.16 2.79 17 October 2007 2.18 2.78 24 October 2007 2.14 2.74 31 October 2007 2.19 2.76 7 November 2007 2.30 2.78 14 November 2007 2.32 2.79 21 November 2007 2.26 2.76 28 November 2007 2.27 2.76 5 December 2007 2.18 2.73 12 December 2007 2.10 2.73 19 December 2007 2.14 2.73 26 December 2007 2.15 2.77 2 January 2008 2.19 2.71 9 January 2008 2.17 2.65 16 January 2008 2.08 2.75 23 January 2008 2.01 2.85 30 January 2008 2.07 2.97 6 February 2008 2.06 2.99 13 February 2008 2.06 2.99 20 February 2008 2.13 2.93 27 February 2008 2.23 2.93 5 March 2008 2.29 3.04 12 March 2008 2.24 3.17 Note. Based on a comparison of an estimated TIPS yield curve with an estimated nominal off-the-run Treasury yield curve, with an adjustment for the indexation-lag effect. Commodity Price Indexes Figure: Journal of Commerce 2006 = 100 Period Industrials Metals 8 January 1991 56.24 46.65 15 January 1991 56.39 45.72 22 January 1991 54.67 45.56 29 January 1991 53.67 44.97 5 February 1991 53.43 44.57 12 February 1991 53.52 45.43 19 February 1991 53.47 45.01 26 February 1991 52.55 45.18 5 March 1991 52.58 44.98 12 March 1991 52.26 44.48 19 March 1991 52.19 44.09 26 March 1991 52.17 44.05 2 April 1991 52.18 44.09 9 April 1991 52.44 43.85 16 April 1991 53.04 43.72 23 April 1991 53.15 44.05 30 April 1991 53.25 43.75 7 May 1991 53.34 42.78 14 May 1991 53.24 42.44 21 May 1991 53.24 41.74 28 May 1991 52.85 41.65 4 June 1991 52.45 41.15 11 June 1991 52.58 41.55 18 June 1991 52.81 41.57 25 June 1991 52.53 41.76 2 July 1991 52.38 41.94 9 July 1991 52.27 41.99 16 July 1991 51.82 41.58 23 July 1991 51.39 41.57 30 July 1991 51.21 41.49 6 August 1991 51.42 41.72 13 August 1991 51.33 41.85 20 August 1991 51.13 41.46 27 August 1991 51.29 41.60 3 September 1991 51.32 41.64 10 September 1991 51.34 41.76 17 September 1991 51.11 41.26 24 September 1991 51.55 41.54 1 October 1991 51.36 41.36 8 October 1991 51.39 41.14 15 October 1991 51.48 41.22 22 October 1991 51.71 41.59 29 October 1991 50.80 40.56 5 November 1991 50.61 40.20 12 November 1991 50.56 39.96 19 November 1991 50.66 40.06 26 November 1991 50.84 40.30 3 December 1991 50.90 40.13 10 December 1991 49.91 40.02 17 December 1991 49.77 40.08 24 December 1991 49.29 39.98 31 December 1991 49.63 40.42 7 January 1992 49.62 40.12 14 January 1992 49.35 40.04 21 January 1992 49.67 40.99 28 January 1992 49.21 41.60 4 February 1992 49.02 41.15 11 February 1992 50.22 41.67 18 February 1992 50.46 42.19 25 February 1992 50.12 42.32 3 March 1992 50.15 42.21 10 March 1992 50.17 42.31 17 March 1992 50.52 42.16 24 March 1992 50.79 42.19 31 March 1992 51.09 42.58 7 April 1992 51.47 42.70 14 April 1992 51.51 42.64 21 April 1992 51.73 42.62 28 April 1992 52.11 42.70 5 May 1992 52.08 42.63 12 May 1992 52.40 42.65 19 May 1992 52.71 42.90 26 May 1992 52.55 43.05 2 June 1992 52.43 43.25 9 June 1992 52.64 43.02 16 June 1992 53.03 43.33 23 June 1992 53.15 42.97 30 June 1992 53.56 44.46 7 July 1992 53.59 44.84 14 July 1992 53.27 44.52 21 July 1992 53.64 44.97 28 July 1992 54.38 45.02 4 August 1992 54.38 44.60 11 August 1992 54.19 45.24 18 August 1992 54.57 45.28 25 August 1992 54.48 45.49 1 September 1992 55.39 45.18 8 September 1992 55.35 44.76 15 September 1992 55.21 44.64 22 September 1992 55.12 44.24 29 September 1992 54.61 43.37 6 October 1992 54.00 41.92 13 October 1992 53.27 40.89 20 October 1992 53.26 40.53 27 October 1992 53.10 40.56 3 November 1992 52.47 39.77 10 November 1992 52.07 38.29 17 November 1992 52.31 38.26 24 November 1992 52.62 38.47 1 December 1992 53.35 39.42 8 December 1992 53.21 39.44 15 December 1992 52.32 39.20 22 December 1992 53.42 39.67 29 December 1992 53.18 39.80 5 January 1993 53.41 40.65 12 January 1993 53.63 41.03 19 January 1993 53.72 41.00 26 January 1993 53.93 40.97 2 February 1993 53.38 40.91 9 February 1993 54.66 41.93 16 February 1993 54.32 41.48 23 February 1993 54.35 41.35 2 March 1993 54.13 40.31 9 March 1993 55.16 40.42 16 March 1993 54.83 40.34 23 March 1993 55.18 40.58 30 March 1993 53.59 40.01 6 April 1993 53.34 39.41 13 April 1993 52.99 39.38 20 April 1993 52.84 38.52 27 April 1993 53.77 38.86 4 May 1993 52.42 38.52 11 May 1993 52.35 38.55 18 May 1993 51.14 37.87 25 May 1993 51.44 38.17 1 June 1993 50.75 37.60 8 June 1993 51.14 38.24 15 June 1993 51.22 38.09 22 June 1993 51.52 38.54 29 June 1993 51.24 38.48 6 July 1993 51.28 38.98 13 July 1993 50.84 38.47 20 July 1993 50.70 38.42 27 July 1993 51.00 38.37 3 August 1993 51.56 38.68 10 August 1993 51.56 37.85 17 August 1993 51.42 37.60 24 August 1993 51.38 37.75 31 August 1993 51.77 37.44 7 September 1993 51.40 37.56 14 September 1993 50.79 36.64 21 September 1993 50.05 35.50 28 September 1993 50.01 35.87 5 October 1993 49.88 36.29 12 October 1993 50.19 36.37 19 October 1993 50.34 37.00 26 October 1993 50.46 36.70 2 November 1993 50.55 36.72 9 November 1993 50.89 37.03 16 November 1993 51.03 36.95 23 November 1993 51.10 37.08 30 November 1993 50.81 37.09 7 December 1993 51.03 38.11 14 December 1993 51.08 39.20 21 December 1993 51.18 39.63 28 December 1993 51.36 39.67 4 January 1994 50.94 39.47 11 January 1994 51.83 39.92 18 January 1994 52.95 41.00 25 January 1994 53.47 41.22 1 February 1994 53.83 41.95 8 February 1994 54.44 42.40 15 February 1994 53.84 41.69 22 February 1994 53.60 42.40 1 March 1994 54.30 42.19 8 March 1994 54.02 41.75 15 March 1994 54.08 42.36 22 March 1994 54.37 42.83 29 March 1994 54.50 42.54 5 April 1994 54.78 42.18 12 April 1994 54.66 42.12 19 April 1994 55.35 41.73 26 April 1994 55.23 41.58 3 May 1994 55.72 42.30 10 May 1994 56.35 42.42 17 May 1994 56.86 43.28 24 May 1994 56.87 43.05 31 May 1994 56.66 42.62 7 June 1994 56.66 42.15 14 June 1994 57.72 43.60 21 June 1994 58.19 43.82 28 June 1994 57.54 42.62 5 July 1994 58.25 43.47 12 July 1994 58.74 44.50 19 July 1994 59.74 44.88 26 July 1994 59.77 44.58 2 August 1994 59.44 43.71 9 August 1994 60.02 44.45 16 August 1994 60.63 44.51 23 August 1994 61.07 44.48 30 August 1994 61.50 45.58 6 September 1994 62.25 46.47 13 September 1994 62.47 46.76 20 September 1994 62.58 46.94 27 September 1994 62.00 46.92 4 October 1994 62.39 46.94 11 October 1994 62.04 46.93 18 October 1994 62.29 47.50 25 October 1994 62.65 48.66 1 November 1994 63.94 50.23 8 November 1994 64.19 51.16 15 November 1994 64.41 51.41 22 November 1994 65.41 52.69 29 November 1994 65.51 51.93 6 December 1994 65.32 52.21 13 December 1994 66.00 51.87 20 December 1994 65.04 52.41 27 December 1994 66.01 52.87 3 January 1995 66.24 53.52 10 January 1995 66.67 54.26 17 January 1995 65.84 54.56 24 January 1995 67.47 56.07 31 January 1995 66.33 55.20 7 February 1995 65.45 52.60 14 February 1995 64.43 50.79 21 February 1995 64.61 51.53 28 February 1995 64.27 49.97 7 March 1995 64.30 50.32 14 March 1995 65.13 50.86 21 March 1995 65.16 50.22 28 March 1995 65.59 51.28 4 April 1995 65.67 51.72 11 April 1995 66.15 51.40 18 April 1995 66.14 51.30 25 April 1995 66.35 50.60 2 May 1995 65.95 50.95 9 May 1995 65.93 50.92 16 May 1995 64.95 50.79 23 May 1995 65.45 51.56 30 May 1995 65.55 51.84 6 June 1995 64.86 51.88 13 June 1995 64.65 52.41 20 June 1995 64.57 52.56 27 June 1995 64.79 53.14 11 July 1995 64.42 53.51 18 July 1995 64.52 53.92 25 July 1995 62.90 52.80 1 August 1995 63.03 53.17 8 August 1995 63.64 54.63 15 August 1995 63.70 54.99 22 August 1995 64.78 55.35 29 August 1995 64.03 55.00 5 September 1995 63.24 52.63 12 September 1995 63.05 53.09 19 September 1995 62.87 52.38 26 September 1995 62.85 53.28 3 October 1995 62.48 52.51 10 October 1995 61.44 51.78 17 October 1995 61.24 51.22 24 October 1995 61.70 51.28 31 October 1995 61.27 52.10 7 November 1995 62.21 52.86 14 November 1995 62.43 52.34 21 November 1995 62.41 51.95 28 November 1995 62.09 51.61 5 December 1995 62.41 51.88 12 December 1995 63.04 52.50 19 December 1995 62.57 52.23 26 December 1995 63.21 52.03 2 January 1996 63.20 51.67 9 January 1996 63.53 50.85 16 January 1996 62.09 50.67 23 January 1996 61.66 51.40 30 January 1996 61.62 51.03 6 February 1996 62.81 51.65 13 February 1996 63.83 51.57 20 February 1996 63.42 51.45 27 February 1996 62.98 51.44 5 March 1996 62.31 51.20 12 March 1996 62.59 51.67 19 March 1996 63.87 51.93 26 March 1996 64.09 52.28 2 April 1996 63.50 51.89 9 April 1996 64.11 51.69 16 April 1996 64.39 51.73 23 April 1996 64.65 52.10 30 April 1996 65.04 52.12 7 May 1996 65.02 52.91 14 May 1996 65.42 53.03 21 May 1996 65.05 52.37 28 May 1996 64.88 51.28 4 June 1996 63.72 50.66 11 June 1996 63.04 49.30 18 June 1996 62.79 47.99 25 June 1996 62.31 47.00 2 July 1996 62.57 47.33 9 July 1996 62.59 47.35 16 July 1996 62.75 46.78 23 July 1996 62.81 47.26 30 July 1996 62.83 47.25 6 August 1996 62.93 46.92 13 August 1996 63.41 47.13 20 August 1996 64.65 47.39 27 August 1996 64.14 47.35 3 September 1996 64.62 48.13 10 September 1996 64.38 47.69 17 September 1996 64.09 46.85 24 September 1996 63.68 46.91 1 October 1996 62.92 46.50 8 October 1996 64.09 46.21 15 October 1996 63.58 46.40 22 October 1996 62.97 46.16 29 October 1996 62.93 46.31 5 November 1996 62.01 45.87 12 November 1996 62.73 46.69 19 November 1996 63.23 46.73 26 November 1996 64.82 47.61 3 December 1996 64.77 47.16 10 December 1996 64.10 46.55 17 December 1996 64.87 46.45 24 December 1996 64.96 46.79 31 December 1996 64.20 46.93 7 January 1997 65.56 48.00 14 January 1997 66.27 48.98 21 January 1997 66.38 49.46 28 January 1997 65.11 49.31 4 February 1997 64.96 49.72 11 February 1997 64.64 49.95 18 February 1997 64.40 50.39 25 February 1997 63.85 50.79 4 March 1997 63.75 51.43 11 March 1997 63.89 50.63 18 March 1997 63.81 50.57 25 March 1997 63.18 50.29 1 April 1997 62.63 50.08 8 April 1997 61.73 48.61 15 April 1997 61.49 48.43 22 April 1997 62.01 48.95 29 April 1997 61.48 49.01 6 May 1997 61.57 49.80 13 May 1997 62.81 50.65 20 May 1997 62.18 50.88 27 May 1997 61.48 50.62 3 June 1997 61.87 49.98 10 June 1997 61.47 50.41 17 June 1997 61.41 50.34 24 June 1997 60.94 50.12 1 July 1997 60.82 49.73 8 July 1997 60.59 49.71 15 July 1997 60.53 49.67 22 July 1997 60.80 49.75 29 July 1997 62.20 51.56 5 August 1997 62.79 51.26 12 August 1997 62.98 51.12 19 August 1997 62.64 50.15 26 August 1997 62.25 50.10 2 September 1997 62.22 49.24 9 September 1997 62.10 49.01 16 September 1997 62.05 48.63 23 September 1997 62.27 49.13 30 September 1997 62.44 49.20 7 October 1997 62.55 48.14 14 October 1997 61.90 48.02 21 October 1997 61.86 47.39 28 October 1997 62.03 46.52 4 November 1997 61.98 47.12 11 November 1997 61.91 47.01 18 November 1997 61.79 47.08 25 November 1997 60.83 47.20 2 December 1997 60.17 46.79 9 December 1997 58.93 45.62 16 December 1997 57.53 44.99 23 December 1997 57.40 44.66 30 December 1997 56.72 44.68 6 January 1998 55.93 44.24 13 January 1998 54.35 43.63 20 January 1998 54.57 43.67 27 January 1998 55.18 44.31 3 February 1998 55.54 44.29 10 February 1998 54.99 43.31 17 February 1998 55.06 43.19 24 February 1998 54.57 42.63 3 March 1998 55.13 43.01 10 March 1998 54.94 43.53 17 March 1998 54.64 43.94 24 March 1998 56.20 43.84 31 March 1998 55.68 43.88 7 April 1998 55.23 43.86 14 April 1998 55.14 43.89 21 April 1998 55.14 44.05 28 April 1998 55.42 44.66 5 May 1998 55.44 44.31 12 May 1998 54.84 43.34 19 May 1998 54.23 42.46 26 May 1998 54.14 42.74 2 June 1998 55.09 42.60 9 June 1998 54.72 42.30 16 June 1998 53.78 41.65 23 June 1998 54.52 41.81 30 June 1998 53.69 41.27 7 July 1998 53.61 40.82 14 July 1998 53.60 40.86 21 July 1998 54.20 41.91 28 July 1998 54.03 42.39 4 August 1998 52.96 40.41 11 August 1998 53.27 40.29 18 August 1998 53.33 40.32 25 August 1998 52.91 40.19 1 September 1998 52.40 40.13 8 September 1998 52.51 40.22 15 September 1998 52.66 39.93 22 September 1998 52.51 39.37 29 September 1998 52.08 39.37 6 October 1998 50.74 37.31 13 October 1998 50.26 37.72 20 October 1998 49.64 37.51 27 October 1998 49.83 36.78 3 November 1998 49.91 36.88 10 November 1998 49.89 36.66 17 November 1998 49.81 36.38 24 November 1998 49.44 36.58 1 December 1998 48.87 36.35 8 December 1998 48.74 35.56 15 December 1998 48.58 35.29 22 December 1998 48.44 35.19 29 December 1998 48.03 34.95 5 January 1999 48.15 34.36 12 January 1999 48.81 36.32 19 January 1999 49.01 36.17 26 January 1999 48.72 36.00 2 February 1999 48.75 36.34 9 February 1999 49.47 37.65 16 February 1999 48.99 37.26 23 February 1999 48.69 37.25 2 March 1999 48.17 36.55 9 March 1999 48.56 36.12 16 March 1999 48.92 36.15 23 March 1999 49.49 36.75 30 March 1999 49.50 36.83 6 April 1999 50.18 36.22 13 April 1999 50.45 36.51 20 April 1999 51.24 37.84 27 April 1999 51.57 37.73 4 May 1999 52.45 38.34 11 May 1999 52.34 38.95 18 May 1999 52.90 38.99 25 May 1999 52.55 38.94 1 June 1999 52.32 37.25 8 June 1999 53.02 37.42 15 June 1999 53.47 38.21 22 June 1999 53.42 38.47 29 June 1999 53.87 38.94 6 July 1999 54.59 39.43 13 July 1999 54.73 40.33 20 July 1999 55.30 40.58 27 July 1999 55.25 39.98 3 August 1999 55.54 39.96 10 August 1999 56.79 41.56 17 August 1999 56.77 41.80 24 August 1999 56.23 41.48 31 August 1999 56.23 41.53 14 September 1999 57.67 42.63 21 September 1999 57.87 42.71 28 September 1999 57.74 42.00 5 October 1999 57.37 42.31 12 October 1999 56.34 42.05 19 October 1999 57.03 42.32 26 October 1999 57.49 42.47 2 November 1999 57.41 43.00 9 November 1999 57.68 43.41 16 November 1999 57.76 42.88 23 November 1999 57.78 43.21 30 November 1999 58.17 43.62 7 December 1999 58.32 44.31 14 December 1999 58.08 44.00 21 December 1999 58.06 44.68 28 December 1999 58.06 45.04 4 January 2000 58.27 45.88 11 January 2000 58.48 45.82 18 January 2000 58.63 45.71 25 January 2000 59.69 45.83 1 February 2000 59.43 45.33 8 February 2000 59.21 44.72 15 February 2000 59.89 44.78 22 February 2000 59.75 44.17 29 February 2000 59.63 43.82 7 March 2000 60.28 44.04 14 March 2000 60.54 43.65 21 March 2000 59.99 44.10 28 March 2000 59.71 43.45 4 April 2000 58.71 43.00 11 April 2000 58.18 42.54 18 April 2000 58.41 41.91 25 April 2000 58.31 42.10 2 May 2000 57.82 41.41 9 May 2000 59.09 42.85 16 May 2000 59.68 43.01 23 May 2000 60.37 43.17 30 May 2000 60.76 42.99 6 June 2000 59.53 41.33 13 June 2000 59.67 41.47 20 June 2000 60.12 42.32 27 June 2000 59.80 42.32 11 July 2000 59.27 42.01 18 July 2000 59.27 41.97 25 July 2000 58.61 42.47 1 August 2000 58.63 42.26 8 August 2000 59.32 41.98 15 August 2000 59.69 42.34 22 August 2000 60.44 42.33 29 August 2000 60.58 42.74 5 September 2000 60.88 43.07 12 September 2000 61.64 43.76 19 September 2000 62.43 43.79 26 September 2000 62.29 43.77 3 October 2000 61.70 42.97 10 October 2000 60.32 41.57 17 October 2000 60.39 41.22 24 October 2000 59.70 40.55 31 October 2000 58.83 40.30 7 November 2000 58.69 39.88 14 November 2000 59.67 39.30 21 November 2000 60.00 38.81 28 November 2000 60.42 39.21 5 December 2000 60.77 39.45 12 December 2000 61.50 40.53 19 December 2000 61.65 40.57 26 December 2000 61.58 40.53 2 January 2001 60.87 40.22 9 January 2001 61.73 40.12 16 January 2001 62.20 41.10 23 January 2001 62.25 41.34 30 January 2001 61.25 41.59 6 February 2001 59.74 40.32 13 February 2001 58.81 39.85 20 February 2001 58.20 39.61 27 February 2001 57.30 39.12 6 March 2001 57.53 39.66 13 March 2001 57.64 39.44 20 March 2001 57.21 38.74 27 March 2001 57.47 38.83 3 April 2001 55.95 37.94 10 April 2001 56.98 38.26 17 April 2001 57.70 38.71 24 April 2001 57.75 38.57 1 May 2001 57.86 38.75 8 May 2001 57.77 38.94 15 May 2001 57.86 38.65 22 May 2001 58.15 38.89 29 May 2001 56.97 38.63 5 June 2001 56.94 38.03 12 June 2001 56.59 37.72 19 June 2001 55.23 37.14 26 June 2001 54.68 37.03 3 July 2001 53.14 36.74 10 July 2001 53.55 36.67 17 July 2001 53.02 36.60 24 July 2001 52.88 36.11 31 July 2001 53.03 35.93 7 August 2001 52.67 35.39 14 August 2001 52.51 35.16 21 August 2001 53.07 35.80 28 August 2001 52.34 35.79 4 September 2001 51.76 35.44 11 September 2001 51.05 34.52 18 September 2001 51.03 34.67 25 September 2001 48.78 34.04 2 October 2001 48.68 33.83 9 October 2001 47.76 33.33 16 October 2001 47.60 33.49 23 October 2001 47.59 32.84 30 October 2001 47.91 33.05 6 November 2001 46.77 32.11 13 November 2001 47.30 33.17 20 November 2001 46.98 34.36 27 November 2001 46.79 34.31 4 December 2001 47.45 34.44 11 December 2001 46.98 33.29 18 December 2001 46.88 32.82 8 January 2002 47.63 34.63 15 January 2002 47.54 35.41 22 January 2002 47.18 34.87 29 January 2002 47.34 34.71 5 February 2002 48.03 35.53 12 February 2002 48.25 35.18 19 February 2002 48.23 35.34 26 February 2002 48.75 34.65 5 March 2002 50.44 36.17 12 March 2002 52.19 36.82 19 March 2002 52.97 36.97 26 March 2002 52.99 36.64 2 April 2002 53.14 36.94 9 April 2002 53.23 37.17 16 April 2002 52.22 36.55 23 April 2002 53.38 38.08 30 April 2002 53.06 38.13 7 May 2002 52.62 37.95 14 May 2002 53.37 38.14 21 May 2002 52.96 37.66 28 May 2002 53.35 37.82 4 June 2002 53.96 38.25 11 June 2002 55.02 38.74 18 June 2002 56.27 38.74 25 June 2002 57.18 38.54 2 July 2002 57.10 39.36 9 July 2002 55.60 39.07 16 July 2002 55.82 39.06 23 July 2002 55.32 38.24 30 July 2002 54.60 37.15 6 August 2002 53.72 36.34 13 August 2002 53.57 36.28 20 August 2002 54.60 36.39 27 August 2002 54.82 36.77 3 September 2002 54.60 36.85 10 September 2002 54.77 36.95 17 September 2002 55.20 37.05 24 September 2002 55.51 36.61 1 October 2002 55.44 36.55 8 October 2002 54.84 36.70 15 October 2002 55.03 37.07 22 October 2002 55.52 37.33 29 October 2002 55.87 38.09 5 November 2002 55.73 37.96 12 November 2002 55.29 37.76 19 November 2002 55.42 37.59 26 November 2002 56.56 38.16 3 December 2002 56.82 38.54 10 December 2002 56.49 38.00 17 December 2002 57.74 37.63 24 December 2002 58.46 37.80 31 December 2002 58.21 37.49 7 January 2003 58.74 38.08 14 January 2003 59.74 38.99 21 January 2003 60.79 39.64 28 January 2003 61.34 40.08 4 February 2003 61.88 40.55 11 February 2003 62.58 40.55 18 February 2003 62.80 40.71 25 February 2003 65.99 41.43 4 March 2003 64.56 41.41 11 March 2003 63.60 41.11 18 March 2003 62.45 40.64 25 March 2003 61.53 41.03 1 April 2003 61.04 39.98 8 April 2003 60.41 39.78 15 April 2003 60.41 39.81 22 April 2003 60.59 40.15 29 April 2003 59.07 39.74 6 May 2003 58.40 39.68 13 May 2003 58.45 39.84 20 May 2003 59.65 40.64 27 May 2003 59.57 40.60 3 June 2003 60.17 41.24 10 June 2003 60.87 41.09 17 June 2003 60.48 40.29 24 June 2003 61.06 40.47 1 July 2003 60.88 40.29 8 July 2003 61.57 41.00 15 July 2003 62.70 42.40 22 July 2003 62.78 41.91 29 July 2003 62.80 42.83 5 August 2003 63.67 43.67 12 August 2003 63.84 42.94 19 August 2003 63.91 42.50 26 August 2003 65.72 43.33 2 September 2003 66.04 43.11 9 September 2003 66.70 44.07 16 September 2003 66.56 43.78 23 September 2003 67.02 44.47 30 September 2003 67.79 44.26 7 October 2003 68.96 45.47 14 October 2003 70.72 46.76 21 October 2003 71.41 47.54 28 October 2003 72.06 47.18 4 November 2003 71.74 48.08 11 November 2003 72.69 49.17 18 November 2003 73.20 49.66 25 November 2003 71.60 49.18 2 December 2003 72.42 50.25 9 December 2003 74.77 52.78 16 December 2003 74.75 53.32 23 December 2003 73.95 54.42 30 December 2003 74.29 55.96 6 January 2004 75.25 56.54 13 January 2004 77.98 58.04 20 January 2004 77.72 57.27 27 January 2004 78.50 57.74 3 February 2004 78.76 59.07 10 February 2004 80.07 63.35 17 February 2004 81.70 64.70 24 February 2004 81.76 65.21 2 March 2004 83.33 67.59 9 March 2004 82.94 65.87 16 March 2004 83.08 66.06 23 March 2004 84.27 68.05 30 March 2004 83.52 67.12 6 April 2004 83.94 65.37 13 April 2004 84.13 64.06 20 April 2004 83.76 64.10 27 April 2004 82.04 62.19 4 May 2004 81.38 61.36 11 May 2004 79.64 57.35 18 May 2004 80.18 58.23 25 May 2004 80.61 59.82 1 June 2004 80.98 61.79 8 June 2004 80.30 61.24 15 June 2004 78.90 58.76 22 June 2004 79.04 60.97 29 June 2004 78.66 60.75 6 July 2004 79.55 62.11 13 July 2004 81.56 66.64 20 July 2004 81.47 66.03 27 July 2004 83.18 64.90 3 August 2004 83.93 65.94 10 August 2004 83.47 64.92 17 August 2004 85.23 67.43 24 August 2004 84.87 65.53 31 August 2004 83.86 64.72 7 September 2004 82.60 62.04 14 September 2004 83.75 63.38 21 September 2004 83.77 64.25 28 September 2004 83.80 66.74 5 October 2004 84.66 68.83 12 October 2004 85.96 72.46 19 October 2004 82.98 67.67 26 October 2004 83.59 66.89 2 November 2004 83.95 68.56 9 November 2004 85.17 70.80 16 November 2004 84.03 70.42 23 November 2004 83.73 70.76 30 November 2004 85.28 71.55 7 December 2004 83.32 68.40 14 December 2004 83.14 67.24 21 December 2004 83.63 69.49 28 December 2004 82.89 70.18 4 January 2005 82.67 70.33 11 January 2005 82.14 66.27 18 January 2005 82.58 66.80 25 January 2005 83.07 67.97 1 February 2005 82.37 68.37 8 February 2005 83.04 67.69 15 February 2005 83.61 68.30 22 February 2005 84.67 70.07 1 March 2005 86.72 70.41 8 March 2005 86.31 70.67 15 March 2005 87.13 70.85 22 March 2005 87.75 70.65 29 March 2005 86.75 69.61 5 April 2005 88.32 70.39 12 April 2005 87.79 72.54 19 April 2005 85.88 69.55 26 April 2005 86.36 70.34 3 May 2005 84.17 68.67 10 May 2005 82.68 67.77 17 May 2005 81.66 66.13 24 May 2005 80.81 66.39 31 May 2005 81.75 67.28 7 June 2005 81.32 63.65 14 June 2005 81.39 62.96 21 June 2005 82.50 63.86 28 June 2005 82.60 62.45 5 July 2005 81.49 60.96 12 July 2005 83.20 62.73 19 July 2005 83.22 62.80 26 July 2005 82.04 62.82 2 August 2005 83.67 63.95 9 August 2005 85.76 67.37 16 August 2005 86.97 69.08 23 August 2005 88.32 69.48 30 August 2005 88.40 69.54 6 September 2005 92.06 70.59 13 September 2005 93.50 71.12 20 September 2005 93.64 69.78 27 September 2005 96.19 72.38 4 October 2005 96.49 70.96 11 October 2005 96.03 71.71 18 October 2005 95.80 71.86 25 October 2005 93.49 70.41 1 November 2005 91.54 71.06 8 November 2005 90.82 73.83 15 November 2005 91.15 74.58 22 November 2005 91.96 75.57 29 November 2005 92.30 76.13 6 December 2005 94.78 79.52 13 December 2005 95.32 80.52 20 December 2005 94.53 80.13 27 December 2005 94.08 79.43 3 January 2006 93.44 79.92 10 January 2006 92.88 79.75 17 January 2006 94.78 82.22 24 January 2006 96.08 84.16 31 January 2006 96.97 87.00 7 February 2006 98.85 90.83 14 February 2006 95.79 87.33 21 February 2006 94.16 85.54 28 February 2006 93.86 86.26 7 March 2006 94.57 88.42 14 March 2006 93.95 86.60 21 March 2006 94.37 89.36 28 March 2006 95.70 91.70 4 April 2006 96.32 93.37 11 April 2006 97.13 96.53 18 April 2006 98.63 98.40 25 April 2006 101.28 102.32 2 May 2006 101.60 103.44 9 May 2006 102.40 105.91 16 May 2006 103.12 109.16 23 May 2006 100.98 103.30 30 May 2006 103.10 106.57 6 June 2006 102.75 104.14 13 June 2006 101.54 98.85 20 June 2006 100.62 95.50 27 June 2006 100.66 96.23 11 July 2006 101.98 101.71 18 July 2006 103.71 103.48 25 July 2006 100.51 1 August 2006 104.20 102.58 8 August 2006 102.22 98.01 15 August 2006 101.73 96.79 22 August 2006 101.59 98.67 29 August 2006 101.24 99.72 5 September 2006 100.14 100.64 12 September 2006 100.17 102.62 19 September 2006 99.11 100.97 26 September 2006 99.01 104.18 3 October 2006 98.36 105.95 10 October 2006 99.86 107.16 17 October 2006 100.46 111.41 24 October 2006 101.13 111.15 31 October 2006 101.82 111.41 7 November 2006 102.06 113.05 14 November 2006 101.05 108.22 21 November 2006 101.25 108.11 28 November 2006 103.16 112.25 5 December 2006 105.07 115.38 12 December 2006 104.66 116.10 19 December 2006 104.33 114.96 2 January 2007 105.28 115.66 9 January 2007 102.67 109.70 16 January 2007 103.53 111.81 23 January 2007 104.81 113.03 30 January 2007 105.54 114.07 6 February 2007 105.91 113.44 97.25 13 February 2007 106.23 114.11 20 February 2007 108.18 118.53 27 February 2007 110.01 124.84 6 March 2007 108.47 122.15 13 March 2007 108.79 125.86 20 March 2007 109.64 129.81 27 March 2007 110.37 129.12 3 April 2007 112.31 128.86 10 April 2007 112.91 132.55 17 April 2007 114.06 132.79 24 April 2007 114.26 132.97 1 May 2007 115.00 133.04 8 May 2007 114.69 134.02 15 May 2007 113.77 131.54 22 May 2007 114.65 129.91 29 May 2007 115.03 128.53 5 June 2007 115.93 131.58 12 June 2007 114.91 129.03 19 June 2007 115.87 130.40 26 June 2007 115.76 128.56 3 July 2007 115.46 129.80 10 July 2007 117.11 132.01 17 July 2007 116.77 130.45 24 July 2007 118.18 136.41 31 July 2007 116.60 130.16 7 August 2007 115.50 131.28 14 August 2007 114.61 128.51 21 August 2007 112.00 122.77 28 August 2007 111.91 125.80 4 September 2007 113.33 127.79 11 September 2007 112.10 122.60 18 September 2007 115.28 127.57 25 September 2007 117.65 132.69 2 October 2007 116.66 132.82 9 October 2007 116.23 132.20 16 October 2007 119.17 137.97 23 October 2007 118.12 132.93 30 October 2007 119.15 133.78 6 November 2007 118.73 131.80 13 November 2007 118.21 129.03 20 November 2007 116.90 124.44 27 November 2007 116.82 122.91 4 December 2007 115.30 124.13 11 December 2007 113.69 121.47 18 December 2007 112.31 117.41 8 January 2008 117.54 127.92 15 January 2008 119.26 130.93 22 January 2008 117.08 126.72 29 January 2008 116.52 127.68 5 February 2008 117.76 133.64 12 February 2008 119.76 136.54 19 February 2008 121.22 136.75 26 February 2008 124.42 141.77 4 March 2008 128.01 150.42 11 March 2008 126.69 146.90 Note. The Journal of Commerce (JOC) industrial price index is based almost entirely on industrial commodities, with a small weight given to energy commodities. Copyright for Journal of Commerce data is held by CIBCR, 1994. Figure: Commodity Research Bureau 1967 = 100 Period Spot industrials Futures 8 January 1991 301.10 219.65 15 January 1991 298.80 221.60 22 January 1991 298.00 217.13 29 January 1991 295.00 215.21 5 February 1991 294.40 213.90 12 February 1991 293.80 213.61 19 February 1991 292.40 213.08 26 February 1991 294.60 212.56 5 March 1991 295.90 220.82 12 March 1991 292.70 219.95 19 March 1991 290.20 218.72 26 March 1991 291.30 217.28 2 April 1991 291.30 222.20 9 April 1991 294.70 220.85 16 April 1991 295.00 220.57 23 April 1991 295.30 217.95 30 April 1991 293.90 216.18 7 May 1991 291.40 215.82 14 May 1991 290.30 214.32 21 May 1991 291.80 215.91 28 May 1991 288.10 216.98 4 June 1991 286.40 217.19 11 June 1991 286.60 216.17 18 June 1991 287.40 213.35 25 June 1991 283.30 210.79 2 July 1991 281.70 207.32 9 July 1991 280.10 206.18 16 July 1991 278.80 209.01 23 July 1991 279.50 211.93 30 July 1991 279.80 212.89 6 August 1991 280.00 212.77 13 August 1991 278.30 208.63 20 August 1991 276.20 204.68 27 August 1991 273.50 210.59 3 September 1991 273.00 211.87 10 September 1991 271.90 213.10 17 September 1991 271.50 215.15 24 September 1991 271.56 217.57 1 October 1991 272.31 216.41 8 October 1991 272.19 216.69 15 October 1991 271.84 216.30 22 October 1991 271.63 219.80 29 October 1991 270.76 218.49 5 November 1991 270.32 217.80 12 November 1991 269.50 213.94 19 November 1991 270.85 214.44 26 November 1991 272.66 213.68 3 December 1991 273.46 212.90 10 December 1991 268.91 210.81 17 December 1991 268.35 210.33 24 December 1991 268.56 209.93 31 December 1991 267.25 208.08 7 January 1992 267.05 207.23 14 January 1992 266.34 208.92 21 January 1992 265.60 210.28 28 January 1992 263.20 211.32 4 February 1992 262.55 212.33 11 February 1992 262.30 211.78 18 February 1992 262.38 210.11 25 February 1992 263.41 208.17 3 March 1992 264.95 210.88 10 March 1992 264.94 212.42 17 March 1992 267.35 211.56 24 March 1992 271.51 211.46 31 March 1992 273.34 209.77 7 April 1992 277.32 208.22 14 April 1992 277.59 206.08 21 April 1992 276.98 206.86 28 April 1992 280.69 205.37 5 May 1992 281.56 206.91 12 May 1992 281.36 208.78 19 May 1992 281.35 207.93 26 May 1992 281.62 207.59 2 June 1992 283.48 211.45 9 June 1992 283.83 212.54 16 June 1992 283.75 209.04 23 June 1992 284.12 209.11 30 June 1992 286.62 209.26 7 July 1992 285.78 205.28 14 July 1992 285.96 205.04 21 July 1992 284.77 203.55 28 July 1992 284.77 204.46 4 August 1992 284.59 203.89 11 August 1992 283.44 199.89 18 August 1992 283.61 201.15 25 August 1992 282.19 201.22 1 September 1992 280.83 200.87 8 September 1992 282.97 203.19 15 September 1992 290.01 202.96 22 September 1992 284.86 201.60 29 September 1992 280.29 199.52 6 October 1992 279.23 200.67 13 October 1992 277.67 200.93 20 October 1992 277.09 202.57 27 October 1992 276.01 200.12 3 November 1992 274.72 201.50 10 November 1992 265.66 199.51 17 November 1992 265.05 202.34 24 November 1992 265.30 202.99 1 December 1992 266.82 202.93 8 December 1992 267.29 201.81 15 December 1992 267.31 202.35 22 December 1992 266.15 204.13 29 December 1992 265.42 201.96 5 January 1993 266.58 201.47 12 January 1993 269.06 202.71 19 January 1993 269.15 202.06 26 January 1993 268.47 199.63 2 February 1993 268.79 199.59 9 February 1993 269.62 199.67 16 February 1993 270.88 202.10 23 February 1993 269.47 203.84 2 March 1993 267.90 204.65 9 March 1993 268.32 207.68 16 March 1993 266.91 209.39 23 March 1993 266.29 211.93 30 March 1993 265.87 211.28 6 April 1993 263.72 211.47 13 April 1993 262.04 211.84 20 April 1993 260.97 208.46 27 April 1993 261.03 210.85 4 May 1993 258.95 207.96 11 May 1993 258.40 208.05 18 May 1993 256.74 210.64 25 May 1993 258.60 209.90 1 June 1993 257.07 207.00 8 June 1993 257.77 205.96 15 June 1993 256.22 203.34 22 June 1993 258.97 205.62 29 June 1993 255.09 205.14 6 July 1993 255.99 217.30 13 July 1993 256.96 214.86 20 July 1993 257.06 217.33 27 July 1993 257.06 218.76 3 August 1993 257.47 223.27 10 August 1993 255.89 215.10 17 August 1993 254.52 213.86 24 August 1993 255.48 216.43 31 August 1993 254.84 217.19 7 September 1993 254.73 213.27 14 September 1993 253.22 212.35 21 September 1993 251.94 215.98 28 September 1993 251.65 215.37 5 October 1993 253.06 217.15 12 October 1993 255.98 220.27 19 October 1993 256.47 218.17 26 October 1993 255.08 217.70 2 November 1993 257.10 218.48 9 November 1993 257.28 217.75 16 November 1993 258.43 222.10 23 November 1993 259.27 222.18 30 November 1993 259.24 217.99 7 December 1993 262.58 222.34 14 December 1993 264.02 224.18 21 December 1993 264.96 224.05 28 December 1993 265.40 225.38 4 January 1994 265.81 226.74 11 January 1994 266.80 226.30 18 January 1994 270.50 227.42 25 January 1994 269.84 225.78 1 February 1994 272.19 226.99 8 February 1994 274.13 227.23 15 February 1994 274.28 227.22 22 February 1994 277.88 227.84 1 March 1994 277.14 227.35 8 March 1994 276.75 226.19 15 March 1994 278.85 229.31 22 March 1994 280.77 229.41 29 March 1994 281.91 226.87 5 April 1994 277.79 224.38 12 April 1994 279.71 222.63 19 April 1994 280.30 220.21 26 April 1994 284.49 221.65 3 May 1994 286.84 224.74 10 May 1994 286.21 224.94 17 May 1994 290.06 229.53 24 May 1994 290.96 234.69 31 May 1994 287.39 235.35 7 June 1994 288.31 228.96 14 June 1994 292.52 235.30 21 June 1994 293.16 234.29 28 June 1994 289.81 230.40 5 July 1994 292.01 226.73 12 July 1994 298.49 231.53 19 July 1994 302.65 234.20 26 July 1994 303.57 232.52 2 August 1994 300.24 233.16 9 August 1994 304.27 231.52 16 August 1994 304.31 229.17 23 August 1994 306.22 228.91 30 August 1994 310.04 231.53 6 September 1994 309.72 233.22 13 September 1994 311.66 232.53 20 September 1994 315.10 230.97 27 September 1994 316.68 231.65 4 October 1994 318.05 230.30 11 October 1994 317.53 227.88 18 October 1994 318.07 229.72 25 October 1994 319.58 232.25 1 November 1994 324.00 233.53 8 November 1994 325.64 233.97 15 November 1994 330.56 233.74 22 November 1994 333.44 231.15 29 November 1994 333.22 230.59 6 December 1994 336.88 227.99 13 December 1994 339.06 229.23 20 December 1994 339.88 232.49 27 December 1994 342.72 236.19 3 January 1995 344.68 234.76 10 January 1995 346.54 233.87 17 January 1995 346.52 235.58 24 January 1995 351.41 235.61 31 January 1995 349.52 232.78 7 February 1995 340.35 231.51 14 February 1995 336.07 234.62 21 February 1995 340.73 235.43 28 February 1995 340.92 234.25 7 March 1995 343.90 234.68 14 March 1995 344.59 235.67 21 March 1995 345.31 234.40 28 March 1995 346.40 232.92 4 April 1995 345.22 235.37 11 April 1995 348.78 237.28 18 April 1995 350.19 236.82 25 April 1995 353.95 236.63 2 May 1995 352.11 235.64 9 May 1995 351.52 231.01 16 May 1995 351.52 231.67 23 May 1995 352.03 236.48 30 May 1995 354.76 232.75 6 June 1995 353.02 234.06 13 June 1995 350.93 232.68 20 June 1995 353.87 236.66 27 June 1995 355.27 234.56 4 July 1995 354.39 233.38 11 July 1995 351.95 230.50 18 July 1995 344.72 234.00 25 July 1995 338.87 233.90 1 August 1995 336.49 233.92 8 August 1995 337.74 232.55 15 August 1995 338.49 234.28 22 August 1995 341.67 239.37 29 August 1995 342.00 239.33 5 September 1995 337.13 241.36 12 September 1995 333.23 240.33 19 September 1995 332.19 243.40 26 September 1995 335.49 241.16 3 October 1995 332.64 240.49 10 October 1995 332.54 239.74 17 October 1995 331.61 240.46 24 October 1995 332.11 241.66 31 October 1995 333.96 242.22 7 November 1995 339.05 244.34 14 November 1995 341.10 242.02 21 November 1995 339.95 241.54 28 November 1995 339.44 241.12 5 December 1995 336.97 244.08 12 December 1995 334.80 243.97 19 December 1995 331.32 245.44 26 December 1995 330.66 244.00 2 January 1996 331.53 244.45 9 January 1996 323.43 246.28 16 January 1996 329.57 238.98 23 January 1996 329.40 241.98 30 January 1996 328.50 245.45 6 February 1996 328.11 246.61 13 February 1996 325.50 249.68 20 February 1996 327.62 249.64 27 February 1996 328.85 249.25 5 March 1996 329.75 243.15 12 March 1996 330.12 246.89 19 March 1996 330.03 249.90 26 March 1996 331.56 252.66 2 April 1996 330.75 252.38 9 April 1996 331.75 255.82 16 April 1996 332.11 255.84 23 April 1996 335.13 261.07 30 April 1996 338.08 256.09 7 May 1996 340.06 259.34 14 May 1996 339.81 260.22 21 May 1996 342.67 257.59 28 May 1996 344.04 255.63 4 June 1996 343.69 250.05 11 June 1996 338.56 250.19 18 June 1996 336.94 251.40 25 June 1996 330.64 247.71 2 July 1996 332.13 248.66 9 July 1996 332.68 250.12 16 July 1996 333.11 247.91 23 July 1996 333.85 241.32 30 July 1996 339.51 240.51 6 August 1996 340.56 244.16 13 August 1996 343.52 249.91 20 August 1996 343.14 250.65 27 August 1996 346.05 249.76 3 September 1996 348.08 248.98 10 September 1996 346.47 248.14 17 September 1996 342.77 244.40 24 September 1996 339.79 245.31 1 October 1996 338.60 244.20 8 October 1996 339.73 249.14 15 October 1996 336.66 246.24 22 October 1996 330.55 244.96 29 October 1996 328.28 241.11 5 November 1996 328.24 236.13 12 November 1996 328.42 240.49 19 November 1996 330.95 245.51 26 November 1996 335.78 244.85 3 December 1996 332.78 241.63 10 December 1996 331.81 240.87 17 December 1996 330.98 244.54 24 December 1996 333.49 243.81 31 December 1996 334.92 238.20 7 January 1997 335.77 242.38 14 January 1997 340.11 242.31 21 January 1997 340.34 240.84 28 January 1997 340.80 242.27 4 February 1997 340.23 238.66 11 February 1997 343.47 237.58 18 February 1997 345.19 239.31 25 February 1997 345.06 241.62 4 March 1997 344.31 245.82 11 March 1997 341.60 247.14 18 March 1997 339.92 244.34 25 March 1997 339.19 245.49 1 April 1997 337.92 245.83 8 April 1997 333.61 239.98 15 April 1997 332.90 243.31 22 April 1997 332.90 246.54 29 April 1997 333.37 246.68 6 May 1997 332.97 246.04 13 May 1997 338.41 251.30 20 May 1997 339.76 251.00 27 May 1997 337.98 250.72 3 June 1997 338.12 248.44 10 June 1997 338.01 244.63 17 June 1997 338.52 244.89 24 June 1997 335.36 241.44 1 July 1997 335.36 238.70 8 July 1997 332.51 232.96 15 July 1997 332.75 235.15 22 July 1997 332.72 235.09 29 July 1997 339.66 241.81 5 August 1997 341.08 243.60 12 August 1997 341.81 243.09 19 August 1997 338.59 239.92 26 August 1997 338.93 237.69 2 September 1997 339.50 243.66 9 September 1997 337.14 242.31 16 September 1997 336.08 240.85 23 September 1997 339.08 241.46 30 September 1997 336.70 243.06 7 October 1997 334.16 245.69 14 October 1997 334.79 244.53 21 October 1997 333.13 243.77 28 October 1997 331.82 239.00 4 November 1997 331.86 241.61 11 November 1997 328.74 242.65 18 November 1997 327.42 241.03 25 November 1997 322.78 235.69 2 December 1997 318.27 236.89 9 December 1997 310.29 237.11 16 December 1997 307.57 233.01 23 December 1997 308.31 231.95 30 December 1997 306.88 230.50 6 January 1998 304.05 226.42 13 January 1998 295.58 225.90 20 January 1998 298.81 229.19 27 January 1998 300.31 233.20 3 February 1998 296.79 234.09 10 February 1998 295.52 233.26 17 February 1998 295.06 228.83 24 February 1998 299.18 224.14 3 March 1998 302.85 227.46 10 March 1998 302.51 225.51 17 March 1998 305.07 223.72 24 March 1998 304.07 229.73 31 March 1998 300.51 228.89 7 April 1998 298.39 225.36 14 April 1998 298.52 225.24 21 April 1998 300.33 227.23 28 April 1998 306.21 224.80 5 May 1998 306.08 226.46 12 May 1998 304.79 223.38 19 May 1998 305.35 218.46 26 May 1998 304.51 215.92 2 June 1998 305.69 215.13 9 June 1998 302.29 211.51 16 June 1998 297.83 209.02 23 June 1998 296.84 216.47 30 June 1998 296.20 214.63 7 July 1998 294.53 213.78 14 July 1998 294.45 210.10 21 July 1998 296.90 207.68 28 July 1998 295.77 206.63 4 August 1998 294.44 205.57 11 August 1998 291.23 202.90 18 August 1998 290.85 202.62 25 August 1998 287.69 199.77 1 September 1998 283.33 198.67 8 September 1998 285.19 202.52 15 September 1998 280.11 203.74 22 September 1998 277.85 202.78 29 September 1998 281.72 203.71 6 October 1998 278.58 202.93 13 October 1998 279.05 205.14 20 October 1998 274.44 202.95 27 October 1998 272.73 202.94 3 November 1998 274.44 204.95 10 November 1998 269.89 204.63 17 November 1998 267.82 200.90 24 November 1998 267.57 196.41 1 December 1998 267.75 202.94 8 December 1998 267.32 192.38 15 December 1998 266.42 191.67 22 December 1998 265.13 189.11 29 December 1998 263.49 190.94 5 January 1999 263.32 194.49 12 January 1999 262.43 196.62 19 January 1999 263.34 189.86 26 January 1999 262.72 187.60 2 February 1999 262.33 190.68 9 February 1999 263.41 188.95 16 February 1999 260.87 184.33 23 February 1999 256.01 186.21 2 March 1999 253.28 184.46 9 March 1999 253.36 188.15 16 March 1999 252.74 186.84 23 March 1999 256.48 189.87 30 March 1999 258.39 192.82 6 April 1999 256.06 190.79 13 April 1999 255.47 189.09 20 April 1999 258.29 190.99 27 April 1999 257.94 188.59 4 May 1999 257.45 192.66 11 May 1999 257.37 191.76 18 May 1999 261.17 190.47 25 May 1999 255.92 186.24 1 June 1999 255.30 188.01 8 June 1999 256.41 192.45 15 June 1999 258.41 191.41 22 June 1999 256.58 191.55 29 June 1999 258.12 189.37 6 July 1999 260.04 184.92 13 July 1999 263.11 185.70 20 July 1999 263.11 185.70 27 July 1999 261.63 189.16 3 August 1999 260.09 194.11 10 August 1999 263.19 198.49 17 August 1999 266.20 197.23 24 August 1999 264.48 196.76 31 August 1999 265.38 199.35 7 September 1999 266.72 202.48 14 September 1999 270.97 202.28 21 September 1999 272.35 200.13 28 September 1999 273.96 207.97 5 October 1999 264.02 203.17 12 October 1999 264.25 205.20 19 October 1999 266.83 205.09 26 October 1999 268.36 202.68 2 November 1999 268.91 202.70 9 November 1999 269.99 204.41 16 November 1999 268.45 206.32 23 November 1999 271.92 203.05 30 November 1999 272.77 204.07 7 December 1999 268.71 204.75 14 December 1999 266.75 202.57 21 December 1999 264.77 203.88 28 December 1999 266.04 204.10 4 January 2000 267.31 202.46 11 January 2000 269.03 204.04 18 January 2000 266.05 209.25 25 January 2000 267.59 212.02 1 February 2000 259.12 209.65 8 February 2000 260.16 210.38 15 February 2000 261.73 212.61 22 February 2000 261.74 212.02 29 February 2000 258.48 208.78 7 March 2000 260.42 215.66 14 March 2000 260.74 216.26 21 March 2000 262.79 213.79 28 March 2000 259.56 211.90 4 April 2000 257.43 211.36 11 April 2000 259.40 208.29 18 April 2000 258.30 212.75 25 April 2000 256.60 211.95 2 May 2000 263.49 216.85 9 May 2000 264.04 215.72 16 May 2000 264.73 221.15 23 May 2000 269.39 224.08 30 May 2000 267.31 223.39 6 June 2000 264.91 225.00 13 June 2000 263.34 224.88 20 June 2000 260.22 224.32 27 June 2000 258.04 226.02 4 July 2000 256.95 222.13 11 July 2000 253.54 220.11 18 July 2000 255.33 225.34 25 July 2000 255.87 218.20 1 August 2000 254.39 218.67 8 August 2000 255.08 218.90 15 August 2000 254.69 218.69 22 August 2000 256.92 220.08 29 August 2000 257.60 224.63 5 September 2000 258.03 229.75 12 September 2000 258.61 230.74 19 September 2000 257.51 228.26 26 September 2000 260.56 226.33 3 October 2000 260.74 226.94 10 October 2000 259.40 230.40 17 October 2000 258.71 229.92 24 October 2000 254.93 225.35 31 October 2000 253.13 219.28 7 November 2000 256.55 225.51 14 November 2000 252.28 225.17 21 November 2000 251.11 228.15 28 November 2000 251.55 229.04 5 December 2000 254.41 229.57 12 December 2000 255.06 229.91 19 December 2000 257.49 228.27 26 December 2000 256.70 228.85 2 January 2001 253.76 224.99 9 January 2001 255.90 229.00 16 January 2001 256.04 229.86 23 January 2001 254.43 229.33 30 January 2001 251.85 225.50 6 February 2001 249.00 225.93 13 February 2001 249.16 224.34 20 February 2001 248.52 222.25 27 February 2001 245.32 220.23 6 March 2001 248.62 223.97 13 March 2001 248.03 220.62 20 March 2001 245.26 212.83 27 March 2001 244.60 217.57 3 April 2001 242.28 210.63 10 April 2001 240.99 213.57 17 April 2001 245.71 214.93 24 April 2001 245.72 213.16 1 May 2001 244.35 216.12 8 May 2001 243.59 214.60 15 May 2001 245.29 216.00 22 May 2001 244.78 216.19 29 May 2001 245.03 210.52 5 June 2001 247.22 210.21 12 June 2001 246.66 211.98 19 June 2001 244.55 208.47 26 June 2001 244.70 205.77 3 July 2001 245.01 204.64 10 July 2001 245.70 206.55 17 July 2001 242.95 206.13 24 July 2001 243.63 202.76 31 July 2001 243.08 202.70 7 August 2001 238.28 200.16 14 August 2001 238.25 201.99 21 August 2001 236.16 199.78 28 August 2001 237.15 198.79 4 September 2001 235.59 198.71 11 September 2001 231.63 197.62 18 September 2001 228.76 197.82 25 September 2001 224.75 189.10 2 October 2001 222.84 188.63 9 October 2001 220.02 186.71 16 October 2001 221.52 185.24 23 October 2001 221.03 183.60 30 October 2001 214.40 185.68 6 November 2001 214.17 184.94 13 November 2001 218.66 189.94 20 November 2001 220.25 189.52 27 November 2001 223.16 190.23 4 December 2001 223.00 190.48 11 December 2001 224.67 188.91 18 December 2001 221.29 190.33 25 December 2001 219.27 191.59 1 January 2002 217.33 190.61 8 January 2002 220.64 195.03 15 January 2002 219.19 193.00 22 January 2002 218.86 189.09 29 January 2002 219.82 187.31 5 February 2002 220.42 189.76 12 February 2002 222.62 191.72 19 February 2002 220.07 190.15 26 February 2002 225.43 191.25 5 March 2002 227.64 196.80 12 March 2002 230.55 203.29 19 March 2002 232.46 203.53 26 March 2002 232.44 203.52 2 April 2002 232.48 208.23 9 April 2002 228.59 199.20 16 April 2002 231.11 198.05 23 April 2002 230.48 201.00 30 April 2002 227.92 201.16 7 May 2002 228.46 198.67 14 May 2002 231.76 204.81 21 May 2002 232.08 202.03 28 May 2002 236.14 201.49 4 June 2002 238.51 204.98 11 June 2002 242.28 200.13 18 June 2002 244.48 202.04 25 June 2002 245.72 207.19 2 July 2002 246.35 211.18 9 July 2002 246.98 211.09 16 July 2002 245.27 213.07 23 July 2002 245.56 210.99 30 July 2002 242.58 209.85 6 August 2002 240.20 209.69 13 August 2002 240.43 215.45 20 August 2002 240.45 213.44 27 August 2002 240.21 216.88 3 September 2002 242.09 217.95 10 September 2002 241.17 227.81 17 September 2002 240.90 227.53 24 September 2002 240.50 227.28 1 October 2002 241.08 226.87 8 October 2002 237.87 225.86 15 October 2002 240.95 231.38 22 October 2002 240.89 227.77 29 October 2002 242.34 227.36 5 November 2002 243.67 228.05 12 November 2002 242.89 225.41 19 November 2002 241.96 229.51 26 November 2002 244.59 230.04 3 December 2002 245.04 231.25 10 December 2002 248.88 232.69 17 December 2002 248.91 237.13 24 December 2002 249.36 238.25 31 December 2002 248.56 234.52 7 January 2003 250.29 238.98 14 January 2003 256.33 238.89 21 January 2003 256.16 242.11 28 January 2003 255.22 244.67 4 February 2003 256.93 248.16 11 February 2003 258.05 249.34 18 February 2003 257.53 246.99 25 February 2003 261.37 247.35 4 March 2003 262.39 245.20 11 March 2003 261.16 243.91 18 March 2003 261.43 235.55 25 March 2003 260.69 228.91 1 April 2003 258.61 230.05 8 April 2003 258.45 230.36 15 April 2003 260.42 231.73 22 April 2003 259.92 235.97 29 April 2003 256.61 230.48 6 May 2003 255.68 233.17 13 May 2003 257.16 240.51 20 May 2003 258.58 240.66 27 May 2003 259.57 237.46 3 June 2003 259.81 235.65 10 June 2003 261.30 237.62 17 June 2003 261.60 235.50 24 June 2003 258.54 232.99 1 July 2003 259.26 234.50 8 July 2003 261.42 235.91 15 July 2003 265.08 233.12 22 July 2003 263.85 230.61 29 July 2003 265.96 234.71 5 August 2003 263.26 234.81 12 August 2003 262.39 237.12 19 August 2003 262.78 236.09 26 August 2003 265.50 241.08 2 September 2003 267.43 241.29 9 September 2003 269.91 244.38 16 September 2003 272.61 237.67 23 September 2003 274.30 240.27 30 September 2003 280.62 243.66 7 October 2003 284.05 244.13 14 October 2003 289.41 247.75 21 October 2003 294.73 244.79 28 October 2003 297.14 249.07 4 November 2003 297.43 246.57 11 November 2003 298.14 251.60 18 November 2003 296.69 255.37 25 November 2003 289.46 245.67 2 December 2003 294.88 256.74 9 December 2003 301.41 261.05 16 December 2003 304.11 259.31 23 December 2003 306.51 255.76 30 December 2003 308.28 255.77 6 January 2004 309.60 265.41 13 January 2004 316.48 268.41 20 January 2004 314.52 270.77 27 January 2004 310.29 266.99 3 February 2004 307.81 261.77 10 February 2004 307.48 261.58 17 February 2004 310.87 267.07 24 February 2004 311.65 268.51 2 March 2004 314.58 274.84 9 March 2004 311.47 272.06 16 March 2004 316.06 279.67 23 March 2004 319.64 284.59 30 March 2004 322.14 282.57 6 April 2004 321.36 281.46 13 April 2004 316.29 277.42 20 April 2004 319.52 275.38 27 April 2004 316.92 274.24 4 May 2004 313.88 277.64 11 May 2004 311.48 271.30 18 May 2004 310.12 267.05 25 May 2004 314.72 275.65 1 June 2004 315.21 281.75 8 June 2004 313.17 271.44 15 June 2004 305.07 266.62 22 June 2004 302.90 267.60 29 June 2004 305.23 267.29 6 July 2004 306.65 270.24 13 July 2004 307.54 270.15 20 July 2004 312.03 272.30 27 July 2004 307.06 265.68 3 August 2004 306.69 269.29 10 August 2004 303.99 269.86 17 August 2004 307.68 271.69 24 August 2004 311.39 274.27 31 August 2004 311.46 276.50 7 September 2004 309.32 270.65 14 September 2004 319.69 273.39 21 September 2004 317.72 277.93 28 September 2004 318.61 281.73 5 October 2004 317.48 284.47 12 October 2004 317.69 284.42 19 October 2004 312.94 285.41 26 October 2004 313.14 288.19 2 November 2004 315.04 281.06 9 November 2004 319.55 283.36 16 November 2004 321.96 285.64 23 November 2004 323.94 288.72 30 November 2004 324.30 290.94 7 December 2004 324.26 281.21 14 December 2004 322.24 279.37 21 December 2004 323.12 286.73 28 December 2004 322.51 284.27 4 January 2005 319.22 279.13 11 January 2005 320.91 281.33 18 January 2005 319.36 283.79 25 January 2005 321.16 286.52 1 February 2005 322.20 283.91 8 February 2005 320.57 281.46 15 February 2005 324.45 289.33 22 February 2005 328.48 297.66 1 March 2005 329.03 305.26 8 March 2005 332.69 312.65 15 March 2005 335.63 320.50 22 March 2005 334.02 313.02 29 March 2005 334.36 308.93 5 April 2005 333.48 308.77 12 April 2005 338.20 302.63 19 April 2005 337.17 304.03 26 April 2005 338.70 309.78 3 May 2005 335.64 299.69 10 May 2005 334.90 301.44 17 May 2005 330.82 294.09 24 May 2005 328.92 296.72 31 May 2005 330.21 300.83 7 June 2005 331.15 306.21 14 June 2005 331.26 304.96 21 June 2005 333.72 311.69 28 June 2005 331.36 308.82 5 July 2005 329.56 314.33 12 July 2005 324.14 313.54 19 July 2005 323.09 308.13 26 July 2005 324.22 309.23 2 August 2005 326.00 320.01 9 August 2005 320.49 313.87 16 August 2005 322.36 312.07 23 August 2005 326.00 312.92 30 August 2005 327.22 318.44 6 September 2005 330.47 325.01 13 September 2005 329.94 317.78 20 September 2005 328.33 324.22 27 September 2005 330.60 325.94 4 October 2005 330.39 332.80 11 October 2005 334.95 336.16 18 October 2005 333.47 335.07 25 October 2005 333.41 337.43 1 November 2005 332.01 327.20 8 November 2005 333.18 330.95 15 November 2005 332.30 329.50 22 November 2005 332.59 330.87 29 November 2005 331.61 330.03 6 December 2005 339.87 339.46 13 December 2005 354.09 349.11 20 December 2005 353.34 343.91 27 December 2005 355.19 342.94 3 January 2006 355.81 352.29 10 January 2006 360.26 351.73 17 January 2006 362.89 354.50 24 January 2006 366.66 355.82 31 January 2006 368.48 363.30 7 February 2006 371.73 355.64 14 February 2006 372.87 348.82 21 February 2006 371.90 354.93 28 February 2006 369.84 353.27 7 March 2006 371.26 350.99 14 March 2006 368.95 351.24 21 March 2006 372.68 351.27 28 March 2006 373.64 358.05 4 April 2006 376.94 361.59 11 April 2006 380.35 365.58 18 April 2006 386.33 378.34 25 April 2006 394.36 376.80 2 May 2006 396.28 386.49 9 May 2006 400.46 390.26 16 May 2006 401.38 390.98 23 May 2006 399.93 387.10 30 May 2006 405.99 384.44 6 June 2006 401.08 379.92 13 June 2006 396.16 363.66 20 June 2006 398.84 368.80 27 June 2006 398.53 373.21 11 July 2006 405.13 391.77 18 July 2006 404.57 378.25 25 July 2006 401.55 379.68 1 August 2006 406.39 393.86 8 August 2006 406.40 394.78 15 August 2006 404.20 384.90 22 August 2006 403.88 385.55 29 August 2006 402.00 381.73 5 September 2006 407.56 392.46 12 September 2006 402.34 373.24 19 September 2006 402.28 366.06 26 September 2006 405.77 361.78 3 October 2006 408.31 363.61 10 October 2006 411.67 368.11 17 October 2006 419.88 382.02 24 October 2006 424.30 382.59 31 October 2006 427.88 383.92 7 November 2006 431.87 395.11 14 November 2006 436.40 391.75 21 November 2006 439.67 395.68 28 November 2006 443.39 400.87 5 December 2006 446.86 403.37 12 December 2006 445.82 397.29 19 December 2006 448.22 395.47 26 December 2006 446.45 392.94 9 January 2007 433.99 379.97 16 January 2007 439.36 384.25 23 January 2007 444.31 392.56 30 January 2007 440.36 391.18 6 February 2007 434.17 393.97 13 February 2007 439.47 397.88 20 February 2007 444.15 399.67 27 February 2007 450.41 411.01 6 March 2007 453.59 401.41 13 March 2007 456.90 399.90 20 March 2007 459.34 401.11 27 March 2007 463.04 405.53 3 April 2007 465.84 403.55 10 April 2007 473.36 409.35 17 April 2007 479.60 406.14 24 April 2007 482.61 403.09 1 May 2007 476.75 403.84 8 May 2007 488.51 403.49 15 May 2007 487.47 404.79 22 May 2007 486.86 402.38 29 May 2007 485.08 401.43 5 June 2007 495.13 412.26 12 June 2007 493.71 406.99 19 June 2007 495.23 413.63 26 June 2007 492.32 403.88 3 July 2007 497.68 412.41 10 July 2007 500.10 418.99 17 July 2007 500.96 415.66 24 July 2007 506.61 419.46 31 July 2007 505.30 424.52 7 August 2007 505.72 418.76 14 August 2007 496.62 416.11 21 August 2007 486.26 400.92 28 August 2007 490.56 405.72 4 September 2007 492.39 416.51 11 September 2007 493.95 425.38 18 September 2007 500.37 433.41 25 September 2007 507.84 443.94 2 October 2007 510.60 442.43 9 October 2007 507.50 438.57 16 October 2007 510.70 450.65 23 October 2007 516.28 446.09 30 October 2007 514.24 450.14 6 November 2007 519.12 458.79 13 November 2007 514.23 448.10 20 November 2007 509.59 452.36 27 November 2007 505.91 453.61 4 December 2007 501.37 455.39 11 December 2007 501.89 465.31 18 December 2007 497.52 467.63 8 January 2008 508.76 489.10 15 January 2008 503.70 494.93 22 January 2008 501.11 484.98 29 January 2008 504.04 500.23 5 February 2008 504.30 503.95 12 February 2008 512.32 515.69 19 February 2008 520.43 538.17 26 February 2008 531.04 557.35 4 March 2008 552.57 565.48 11 March 2008 542.32 564.74 Note. The Commodity Research Bureau (CRB) spot industrials index consists entirely of industrial commodities, excluding energy. The CRB futures index gives about a 60 percent weight to food commodities and splits the remaining weight roughly equally among energy commodities, industrial commodities, and precious metals. Selected Commodity Price Indexes (Percent change) 12/18/07 to 1/22/08 2 1 Index 2007 JOC industrials 1/22/08 2 to 3/11/08 52-week change to 3/11/08 7.6 JOC metals 4.2 8.2 16.5 2.1 7.9 15.9 16.7 CRB spot industrials 11.0 .7 8.2 18.7 CRB spot foodstuffs 25.5 2.4 14.2 35.6 CRB futures 18.2 3.7 16.4 41.2 1. From the last week of the preceding year to the last week of the year indicated. Return to table 2. January 22, 2008, is the Tuesday preceding publication of the January Greenbook. Return to table Hourly Compensation and Unit Labor Costs (Percent change from preceding period at compound annual rate; based on seasonally adjusted data) Category 2005:Q4 to 2006:Q4 2006:Q4 to 2007:Q4e 2007 Q1 Q2 Q4 e Q3 Compensation per hour Nonfarm business 5.0 3.9 6.4 1.3 3.4 4.6 4.1 1.0 5.4 -1.3 -2.7 2.8 Unit labor costs Nonfarm business e Staff estimate. Return to table Figure: Compensation per Hour (Percent change from year-earlier period) Percent Period ECI Productivity and costs* 1996:Q1 2.8 3.1 1996:Q2 2.9 3.5 1996:Q3 2.9 3.7 1996:Q4 3.1 3.2 1997:Q1 3.0 2.8 1997:Q2 2.9 2.6 1997:Q3 3.1 2.8 1997:Q4 3.5 4.2 1998:Q1 3.6 5.5 1998:Q2 3.5 6.1 1998:Q3 3.9 6.8 1998:Q4 3.5 5.5 1999:Q1 2.9 5.5 1999:Q2 3.3 4.5 1999:Q3 3.0 3.7 1999:Q4 3.5 5.2 2000:Q1 4.6 7.0 2000:Q2 4.6 6.9 2000:Q3 4.7 8.0 2000:Q4 4.2 6.5 2001:Q1 4.2 4.5 2001:Q2 4.0 4.9 2001:Q3 4.0 3.4 2001:Q4 4.1 3.6 2002:Q1 3.8 3.5 2002:Q2 4.0 4.0 2002:Q3 3.5 3.9 2002:Q4 3.1 3.2 2003:Q1 3.6 3.0 2003:Q2 3.5 3.5 2003:Q3 3.9 4.4 2003:Q4 4.0 5.3 2004:Q1 3.8 3.8 2004:Q2 3.9 3.4 2004:Q3 3.8 3.4 2004:Q4 3.8 3.9 2005:Q1 3.5 4.8 2005:Q2 3.1 3.9 2005:Q3 2.9 4.0 2005:Q4 2.9 3.4 2006:Q1 2.6 4.2 2006:Q2 2.8 3.8 2006:Q3 3.0 2.7 2006:Q4 3.2 5.0 2007:Q1 3.2 4.9 2007:Q2 3.1 5.3 2007:Q3 3.1 5.8 2007:Q4 3.0 3.9 * Value for 2007:Q4 is a staff estimate. Return to table Figure: Unit Labor Costs (Percent change from year-earlier period) Period Percent 1996:Q1 1.00 1996:Q2 0.50 1996:Q3 0.50 1996:Q4 0.70 1997:Q1 1.60 1997:Q2 1.20 1997:Q3 0.90 1997:Q4 2.00 1998:Q1 2.10 1998:Q2 3.70 1998:Q3 4.10 1998:Q4 2.70 1999:Q1 2.60 1999:Q2 1.60 1999:Q3 1.30 1999:Q4 1.60 2000:Q1 4.70 2000:Q2 2.90 2000:Q3 5.00 2000:Q4 4.30 2001:Q1 2.10 2001:Q2 2.80 2001:Q3 0.70 2001:Q4 0.30 2002:Q1 -1.60 2002:Q2 0.10 2002:Q3 -0.60 2002:Q4 0.20 2003:Q1 0.90 2003:Q2 0.20 2003:Q3 -0.40 2003:Q4 0.50 2004:Q1 -0.20 2004:Q2 -0.40 2004:Q3 1.90 2004:Q4 2.10 2005:Q1 2.40 2005:Q2 2.50 2005:Q3 1.70 2005:Q4 1.60 2006:Q1 2.80 2006:Q2 2.20 2006:Q3 2.60 2006:Q4 4.10 2007:Q1 4.30 2007:Q2 4.30 2007:Q3 2.80 2007:Q4 0.98 Note. Value for 2007:Q4 is a staff estimate. Figure: Average Hourly Earnings (Percent change from yearearlier period) Period Percent January 1996 3.22 February 1996 2.95 March 1996 2.94 April 1996 3.28 May 1996 3.36 June 1996 3.53 July 1996 3.25 August 1996 3.42 September 1996 3.58 October 1996 3.40 November 1996 3.65 December 1996 3.73 January 1997 3.63 February 1997 3.79 March 1997 4.04 April 1997 3.60 May 1997 3.76 June 1997 3.57 July 1997 3.65 August 1997 3.97 September 1997 3.71 October 1997 4.19 November 1997 4.18 December 1997 4.08 January 1998 4.07 February 1998 4.22 March 1998 4.12 April 1998 4.36 May 1998 4.26 June 1998 4.17 July 1998 4.08 August 1998 4.14 September 1998 4.13 October 1998 3.71 November 1998 3.62 December 1998 3.61 January 1999 3.75 February 1999 3.58 March 1999 3.57 April 1999 3.56 May 1999 3.63 June 1999 3.70 July 1999 3.92 August 1999 3.51 September 1999 3.81 October 1999 3.81 November 1999 3.64 December 1999 3.71 January 2000 3.62 February 2000 3.76 March 2000 3.82 April 2000 3.96 May 2000 3.80 June 2000 3.79 July 2000 3.77 August 2000 3.84 September 2000 3.75 October 2000 3.96 November 2000 4.17 December 2000 4.23 January 2001 3.93 February 2001 4.20 March 2001 4.12 April 2001 3.88 May 2001 4.02 June 2001 4.08 July 2001 3.78 August 2001 3.77 September 2001 3.68 October 2001 3.39 November 2001 3.44 December 2001 3.29 January 2002 3.29 February 2002 2.85 March 2002 2.77 April 2002 2.63 May 2002 2.62 June 2002 2.75 July 2002 2.88 August 2002 2.88 September 2002 2.94 October 2002 3.14 November 2002 2.92 December 2002 3.12 January 2003 3.12 February 2003 3.38 March 2003 3.17 April 2003 3.03 May 2003 3.09 June 2003 2.74 July 2003 2.80 August 2003 2.66 September 2003 2.32 October 2003 2.05 November 2003 2.11 December 2003 1.78 January 2004 1.91 February 2004 1.64 March 2004 1.83 April 2004 2.09 May 2004 1.96 June 2004 2.02 July 2004 2.01 August 2004 2.14 September 2004 2.40 October 2004 2.53 November 2004 2.46 December 2004 2.52 January 2005 2.58 February 2005 2.51 March 2005 2.63 April 2005 2.69 May 2005 2.62 June 2005 2.62 July 2005 2.80 August 2005 2.73 September 2005 2.60 October 2005 3.03 November 2005 2.90 December 2005 3.15 January 2006 3.27 February 2006 3.52 March 2006 3.57 April 2006 4.00 May 2006 3.80 June 2006 3.98 July 2006 3.96 August 2006 4.02 September 2006 4.20 October 2006 3.99 November 2006 4.17 December 2006 4.28 January 2007 4.20 February 2007 4.12 March 2007 4.17 April 2007 3.78 May 2007 4.08 June 2007 4.13 July 2007 4.05 August 2007 4.04 September 2007 4.09 October 2007 3.78 November 2007 3.83 December 2007 3.69 January 2008 3.68 February 2008 3.67 Figure: Markup, Nonfarm Business Ratio Period Nonfarm Business Markup 1996:Q1 1.619 1996:Q2 1.626 1996:Q3 1.625 1996:Q4 1.628 1997:Q1 1.623 1997:Q2 1.635 1997:Q3 1.638 1997:Q4 1.621 1998:Q1 1.605 1998:Q2 1.588 1998:Q3 1.585 1998:Q4 1.586 1999:Q1 1.576 1999:Q2 1.580 1999:Q3 1.583 1999:Q4 1.583 2000:Q1 1.535 2000:Q2 1.565 2000:Q3 1.537 2000:Q4 1.548 2001:Q1 1.531 2001:Q2 1.553 2001:Q3 1.554 2001:Q4 1.572 2002:Q1 1.574 2002:Q2 1.568 2002:Q3 1.580 2002:Q4 1.585 2003:Q1 1.585 2003:Q2 1.584 2003:Q3 1.607 2003:Q4 1.596 2004:Q1 1.613 2004:Q2 1.624 2004:Q3 1.616 2004:Q4 1.613 2005:Q1 1.628 2005:Q2 1.635 2005:Q3 1.644 2005:Q4 1.643 2006:Q1 1.636 2006:Q2 1.656 2006:Q3 1.651 2006:Q4 1.612 2007:Q1 1.605 2007:Q2 1.618 2007:Q3 1.630 2007:Q4 1.626 Average, 1968-present: 1.571 Note. The markup is the ratio of output price to unit labor costs. Value for 2007:Q4 is a staff estimate. † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Greenbook Part 2 Tables and Charts† Domestic Financial Developments Selected Financial Market Quotations (One-day quotes in percent except as noted) 2006 2007 June 29 Sept. 17 2008 Change to Mar. 12 from selected dates (percentage points) 5.25 5.25 3.50 3.00 -2.25 -2.25 -.50 3-month 4.88 4.05 2.23 1.45 -3.43 -2.60 -.78 6-month 5.06 4.15 2.29 1.53 -3.53 -2.62 -.76 1-month 5.27 5.23 3.08 2.69 -2.58 -2.54 -.39 3-month 5.37 5.25 3.02 2.97 -2.40 -2.28 -.05 3-month 5.47 5.52 3.22 2.84 -2.63 -2.68 -.38 6-month 5.59 5.36 3.17 2.77 -2.82 -2.59 -.40 1-month 5.33 5.55 3.30 2.90 -2.43 -2.65 -.40 3-month 5.49 5.60 3.30 2.90 -2.59 -2.70 -.40 8.25 8.25 6.50 6.00 -2.25 -2.25 -.50 2-year 5.26 4.12 2.25 1.64 -3.62 -2.48 -.61 5-year 5.15 4.18 2.89 2.48 -2.67 -1.70 -.41 10-year 5.28 4.58 3.88 3.72 -1.56 -.86 -.16 5-year 2.51 2.04 .78 .27 -2.24 -1.77 -.51 10-year 2.61 2.15 1.39 1.11 -1.50 -1.04 -.28 4.71 4.46 4.29 4.92 .21 .46 .63 5.81 5.17 4.26 4.29 -1.52 -.88 .03 5.59 5.01 4.26 4.49 -1.10 -.52 .23 6.20 6.05 5.66 6.06 -.14 .01 .40 6.74 6.46 6.39 6.67 -.07 .21 .28 8.74 8.95 9.85 10.32 1.58 1.37 .47 6.78 6.34 5.68 6.13 -.65 -.21 .45 Instrument Jan. 29 Mar. 12 2006 June 29 2007 Sept. 17 2008 Jan. 29 Short-term FOMC intended federal funds rate Treasury bills1 Commercial paper (A1/P1 rates)2 Large negotiable CDs 1 Eurodollar deposits3 Bank prime rate Intermediate- and long-term U.S. Treasury 4 U.S. Treasury indexed notes 5 Municipal general obligations (Bond Buyer) 6 Private instruments 10-year swap 7 10-year FNMA 10-year AA 8 10-year BBB 8 10-year high yield 8 Home mortgages (FHLMC survey rate) 30-year fixed 1-year adjustable 5.82 Record high 5.65 5.05 2007 5.14 2008 -.68 -.51 .09 Change to Mar. 12 from selected dates (percent) Stock exchange index Level Date Sept. 17 Jan. 29 Mar. 12 Record high 2007 Sept. 17 2008 Jan. 29 Dow Jones Industrial 14,165 10-9-07 13,403 12,480 12,110 -14.50 -9.65 -2.97 S&P 500 Composite 1,565 10-9-07 1,477 1,362 1,309 -16.38 -11.37 -3.93 Nasdaq 5,049 3-10-00 2,582 2,358 2,244 -55.55 -13.08 -4.84 Russell 2000 856 7-13-07 776 705 667 -22.02 -13.99 -5.37 Wilshire 5000 15,807 10-9-07 14,839 13,740 13,179 -16.62 -11.19 -4.08 1. Secondary market. Return to table 2. Financial commercial paper. Return to table 3. Bid rates for Eurodollar deposits collected around 9:30 a.m. eastern time. Return to table 4. Derived from a smoothed Treasury yield curve estimated using off-the-run securities. Return to table 5. Derived from a smoothed Treasury yield curve estimated using all outstanding securities and adjusted for the carry effect. Return to table 6. Most recent Thursday quote. Return to table 7. Constant-maturity yields estimated from Fannie Mae domestic noncallable coupon securities. Return to table 8. Derived from smoothed corporate yield curves estimated using Merrill Lynch bond data. Return to table NOTES: June 29, 2006, is the day the most recent policy tightening ended. September 17, 2007, is the day before the most recent policy easing began. January 29, 2008, is the day before the most recent FOMC announcement. Short-Term Funding and Interbank Markets Figure: Spreads between 30-Day Libor and OIS Rates A line chart shows a single series from July 2007 through March 12, 2008. Data is daily, unit is basis points. The January FOMC meeting is marked with a vertical tripwire. The series begins at about 5 basis points in July 2007, increases to about 93 by September 2007, decreases to about 18 by early November and increases to about 110 by December 2007. It then decreases to about 9, shortly before the January 2008 FOMC meeting, and increases after the meeting to about 58, and ends at about 39 on March 12, 2008. Note. LIBOR quotes are taken at 6:00 am, and OIS quotes are observed at the close of business of the previous trading day. Figure: Spreads on 30-Day Commercial Paper A line chart shows two series, "A2/P2", and "ABCP" from July 2007 through March 12, 2008. Data is daily; unit is basis points. The January FOMC meeting is marked with a vertical tripwire. The "A2/P2" series begins at about 15 basis points in July 2007, increases to about 98 in September, decreases to about 27 in early November and increases to about 150 by December 2007. It then declines to about 50 around the time of the January 2008, FOMC meeting and increases briefly after the meeting to end at about 75 on March 12, 2008. The "ABCP" series begins at about 5 basis points in July 2007, increases to about 110 in September, decreases to about 23 in late October and increases to about 175 by December 2007. It then declines to about 30 around the time of the January 2008, FOMC meeting and increases briefly after the meeting to end at about 47 on March 12, 2008. Note. The ABCP spread is the AA ABCP rate minus the AA financial rate. The A2/P2 spread is the A2/P2 nonfinancial rate minus the AA nonfinancial rate. Figure: Commercial Paper Outstandings A line chart shows two series, "ABCP", and "Unsecured CP" from January 2007 through March 12, 2008. Data is weekly; unit is billions of dollars. The January 2008 FOMC meeting is marked with a vertical tripwire. The "ABCP" series begins at about $1090 billion in January 2007, increases to about 1200 in July, decreases to about 750 in December and increases to about 810 around the time of January 2008 FOMC meeting. It then decreases to end at about 790 on March 12, 2008. The "Unsecured CP" series begins at about $910 billion in January 2007, increases to about 1025 in July, decreases to about 940 in September and increases to about 1045 around the time of January 2008 FOMC meeting. It then increases to end at about 1050 on March 12, 2008. Note. Seasonally adjusted; weeks ending on Wednesdays. Figure: Federal Funds Rates A line chart shows two series, "Target", and "Effective" from July 2007 through March 12, 2008. Data is daily; unit is percent. The January 2008 FOMC meeting is marked with a vertical tripwire. The "Target" series begins at about 5.3 percent in July 2007, decreases to about 4.5 in August and increases back to about 5.3 by September 2007, decreases with fluctuations to about 3.1 by January 2008. It then increases to about 4.25 in early January and decreases shortly before the FOMC meeting to about 3.5 in late January. Briefly after the meeting, the series decreases to end at about 3.0, on March 12, 2008. The "Effective" series begins at about 5.25 percent in July 2007, decreases to about 4.75 in mid-September 2007, and decreases to about 4.25 in December. It then decreases shortly before the FOMC meeting, to about 3.5 around the meeting in late January 2008. The series decreases in late January to end at about 3.0 on March 12, 2008. Figure: 3-Month Treasury Bill Rate A line chart shows a single series from July 2007 through March 12, 2008. Data is daily; unit is percent. The January 2008 FOMC meeting is marked with a vertical tripwire. The series begins at about 4.9 percent in July 2007, decreases to about 3.2 in August, increases to about 4.6 and then decreases to about 2.25 around the January 2008 FOMC meeting. It then decreases shortly after the meeting to end at about 1.5 on March 12, 2008. Figure: Treasury Repo Rates for General Collateral A line chart shows two series, "Overnight", and "1-Month" from July 2007 through March 12, 2008. Data is daily; unit is percent. The January 2008 FOMC meeting is marked with a vertical tripwire. The "Overnight" series begins at about 5 percent in July 2007, decreases to about 2.2 in August and increases to about 5.3 by September 2007, decreases with fluctuations to about 1.5 by January 2008. It then increases to about 2.25 in late January and decreases shortly after the FOMC meeting to about 1.5 again in early February. Briefly after the meeting, the series increases to about 3 by mid-February , decreases to about 1.7 and ends at about 2.4, on March 12, 2008. The "1-month" series begins at about 5 percent in July 2007, decreases to about 3.5 in mid-August 2007, and increases to about 4.75 by late August. It then decreases to about 2.5, around the time of January 2008, FOMC meeting, increases to about 2.75 in mid-February and then decreases to end at about 3.0 on March 12, 2008. Policy Expectations and Treasury Yields Figure: Money Market Futures Rates A line chart plots two series, "April 2008 federal funds" and "December 2009 Eurodollar", from January 28 through March 12, 2008, sampled at 5-minute intervals from 8:00 a.m. to 4:00 p.m. each business day, with no adjustments for term premiums. Unit is percent. Several notable events are marked with vertical tripwires. As shown in the figure, the April 2008 federal funds series begins on January 28 around 2.75 percent, and remains around that level until the FOMC statement on January 30. It declines to about 2.5 by January 31, and fluctuates between about 2.5 and 2.6 through the time of the January employment report on February 1, and until ISM nonmanufacturing on February 5. The curve decreases to about 2.35 by February 7, then generally increases to about 2.5 by the time of the FOMC minutes on February 20. The curve stays around that level until February 27, dips slightly before Chairman Bernanke's testimony, generally decreases to about 2.2 by the February employment report on March 7, and generally increases to about 2.3 by March 12. As shown in the figure, the December 2009 Eurodollar series begins on January 28 around 3.1 percent, then increases to about 3.4 by the time of the FOMC statement on January 30. It generally declines to about 3.2 by the January employment report on February 1, then fluctuates between about 3.1 and 3.2 until ISM nonmanufacturing on February 5, after which it reaches about 3.0. The curve then generally increases to about 3.6 around the time of the FOMC minutes on February 20, decreases to about 3.3 by February 22, and increases to about 3.5 by February 26. The curve generally decreases to about 3.3 by the time of Chairman Bernanke's testimony on February 27, continues to decrease through February 29 to about 2.8, and fluctuates around 2.9 until March 4. It then fluctuates between about 2.9 and 3.1 for the remainder of the period, showing about 2.9 around the February employment report on March 7, and ending at about 2.9. Overall, the April 2008 federal funds curve and the December 2009 eurodollar curve seem to follow similar trends, although the movements of the former are generally muted in comparison. Figure: Expected federal funds rates A line chart plots two series, expected federal funds rates for January 2008 through April 2010, estimated from federal funds and Eurodollar futures on January 29, 2008 and March 12, 2008. Unit is percent. The January 29 curve begins around 2.87 percent in January 2008, declines to about 2.25 by June, then increases to about 2.95 by the end of April 2010. The March 12 curve begins around 2.7 percent in January 2008, declines to about 1.75 percent by December, and then gradually increases to about 2.65 by the end of April 2010. Figure: Implied Volatility of Interest Rates A line chart plots two series, "6-month Eurodollar (left scale)"* and "10-year Treasury (right scale)", from October 2005 through March 12, 2008. Data are daily; unit is basis points. The range of the left axis is approximately 30 to 350. The range of the right axis is approximately 200 to 1100. Due to the choice of ranges, the two curves appear to track fairly closely from July 2006 through January 2007, March 2007 through May 2007, and August 2007 through December 2007. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the 6-month Eurodollar curve begins in October 2005 at about 110 basis points, and fluctuates between about 80 and 120 through November 2006. It increases to about 130 by December 2006, generally decreases to about 65 by February 2007, generally increases to about 125 by March, and generally decreases to a little below 50 by June. The curve then generally increases to about 230 daily basis points by August 2007, generally decreases to about 135 by October, then generally increases and fluctuates between about 135 and 215 for the remainder of the period. The curve is about 200 around the time of the January 2008 FOMC meeting, and ends at about 170 on March 12. As shown in the figure, the 10-year Treasury curve begins in October 2005 around 500 basis points, then generally decreases to around 350 by May 2007. It then fluctuates more widely and generally increases to about 900 around the time of the January 2008 FOMC meeting. The curve ends at about 910 on March 12. * Width of a 90 percent confidence interval computed from the term structures for the expected federal funds rate and implied volatility. Return to text Figure: Treasury Yield Curve A line chart plots two series, Treasury yield curves 0 to 20 years ahead, estimated on January 29, 2008 and March 12, 2008. Unit is percent. The January 29 curve starts at about 2.4 percent and decreases to about 2.3 around 1.5 years. It then increases to about 3.9 by year 10 and about 4.4 by year 20. The March 12 curve starts at about 1.65 and decreases to about 1.5 percent around 1.5 years. It then increases to about 3.7 by year 10 and just under 4.5 by year 20. Note. Smoothed yield curve estimated from off-the-run Treasury coupon securities. Yields shown are those on notional par Treasury securities with semiannual coupons. Figure: Inflation Compensation A line chart plots two series, "Five-to-ten years ahead" and "Next five years"* on a daily basis from January 2007 through March 12, 2008. Unit is percent. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the "Five-to-ten years ahead" series begins in January 2007 at about 2.45 percent, and fluctuates between about 2.4 and 2.6 through early June. It then generally increases to about 2.85 by mid-September, generally decreases to about 2.65 by early January 2008, and generally increases to end near 3.2 on March 12. The series is about 3.0 around the time of the January 2008 FOMC meeting. The "Next five years" series begins in January 2007 at about 2.3 percent, and fluctuates between about 2.2 and 2.4 through late July. It then fluctuates more widely between about 2.0 and 2.4 for the remainder of the period. The curve is about 2.2 around the time of the January 2008 FOMC meeting, and ends at about 2.2 on March 12, 2008. Note. Estimates based on smoothed nominal and inflation-indexed Treasury yields. * Adjusted for lagged indexation of TIPS. Return to text Corporate Yields, Risk Spreads, and Stock Prices Figure: Selected Stock Price Indexes A line chart plots two series, "DJ Financial" and "S&P 500", from January 2007 through March 12, 2008 on a daily basis. Unit is an index, January 29, 2008 = 100. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the DJ Financial curve starts at about 129 at the beginning of 2007, generally increases to about 133 by February, generally decreases to about 122 in March, generally increases to about 132 by the beginning of June, and generally decreases to about 110 by August. With somewhat greater volatility, the curve generally increases to about 125 by October, and generally decreases to end at about 88 on March 12, 2008. Around the time of the January 2008 FOMC meeting, the curve is about 100. As shown in the figure, the S&P 500 curve starts at about 104 at the beginning of 2007, generally increases to about 107 by February, decreases to about 102 by early March, generally increases to about 114 by July, and generally decreases to about 103 by August. The curve then generally increases to about 115 by October, and generally decreases to end at about 97 on March 12, 2008. Around the time of the January 2008 FOMC meeting, the curve is about 100. Figure: Ratio of Trend Earnings to Price for S&P 500 and Long-Run Treasury Yield A line chart shows two series, "(Trend earnings) / P"* and "Long-run real Treasury yield" from 1985 through March 12, 2008+ on a monthly basis. Unit is percent. As shown in the figure, the "(Trend earnings) / P" curve begins at about 10 percent in 1985, fluctuates between about 6 and 9 percent between about 1986 and 1994, generally decreases to less than 4 by 1999, generally increases to almost 8 by 2002, and generally decreases to about 5.5 by the end of 2003. It fluctuates around that level through 2007, then increases to end at about 6.75 on March 12, 2008. As shown in the figure, the "Long-run real Treasury yield" curve begins at about 8 percent in 1985, generally decreases to about 4.5 by 1986, and then fluctuates but generally decreases to about 2.75 by March 12, 2008. * Trend earnings are estimated using analysts' forecasts of year-ahead earnings from I/B/E/S. Return to text + Denotes the latest observation using daily interest rates and stock prices and latest earnings data from I/B/E/S. Return to text Figure: Implied Volatility on S&P 500 (VIX) A line chart plots the VIX from 2002 through March 12, 2008 on a weekly Friday* basis. Unit is percent. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the series begins at about 21 percent in January 2002, and fluctuates between about 17 and 22 through the first half of the year. The curve then generally increases to about 42 by the second half of 2002, fluctuates more widely between about 23 and 40, then generally decreases to about 18 by early 2003. It then fluctuates and generally decreases to about 10 by early 2007, and generally increases to about 18 by mid-2007. The curve then fluctuates more widely between about 17 and 30 for the remainder of the period. The curve is about 29 around the time of the January 2008 FOMC meeting, and ends at about 28 on March 12, 2008. * Latest observation is for most recent business day. Return to text Figure: Corporate Bond Yields A line chart shows two series, "10-year high-yield" and "10-year BBB", from 2002 through March 12, 2008 on a daily basis. Unit is percent. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the "10-year high-yield" curve begins at around 11 percent at the beginning of 2002, generally increases to about 12.5 by late 2002, then generally decreases to about 8.25 by late 2003. It then fluctuates around that level through early 2007, generally increases to about 10 by the time of the January 2008 FOMC meeting, and ends at about 10.25 on March 12, 2008. As shown in the figure, the "10-year BBB" curve begins at around 7.5 percent at the beginning of 2002, fluctuates around that level through mid-year, and generally decreases to about 5 by mid-2003. The curve then fluctuates between about 5 and 6.75 through the end of the period, ending at just above 6.5 on March 12, 2008. Around the January 2008 FOMC meeting, the curve is at about 6.3 percent. Note. Yields from smoothed yield curves based on Merrill Lynch bond data. Figure: Corporate Bond Spreads A line chart shows two series, "10-year high-yield" and "10-year BBB", from 2002 through March 12, 2008 on a daily basis. The "10-year high-yield" curve is plotted according to the left axis, which ranges from 0 to about 900 basis points. The "10-year BBB" curve is plotted according to the right axis, which ranges from 75 to about 390 basis points. Due to the choice of ranges, the two curves appear to move roughly in parallel. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the "10-year high-yield" curve begins at about 550 basis points at the beginning of 2002, generally increases to about 900 later the same year, then generally decreases to about 350 by late 2003. The curve fluctuates around that level through mid-2007, generally increases to about 600 by the January 2008 FOMC meeting, and ends at about 650 on March 12, 2008. As shown in the figure, the "10-year BBB" curve begins at about 200 basis points at the beginning of 2002, generally increases to about 315 later the same year, then generally decreases to about 125 by late 2003. The curve fluctuates between about 90 and 150 through mid-2007, generally increases to about 250 by the January FOMC meeting, and ends at about 300 on March 12, 2008. Note. Measured relative to comparable-maturity Treasuries. Figure: High-Yield Forward Credit Spreads A line chart shows two series, Near-term* and Far-term**, for 2002 through March 12, 2008 on a daily basis. Unit is basis points. The January 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the near-term curve begins at about 850 basis points at the beginning of 2002, generally decreases to about 650 by mid-year, generally increases to over 1000 by late 2002, then generally decreases to almost 300 by mid-2007. The curve then generally increases to about 800 by the January 2008 FOMC meeting, and ends at about 850 on March 12, 2008. As shown in the figure, the far-term curve begins at about 275 basis points at the beginning of 2002, generally increases to about 560 by late 2002, and generally decreases to about 150 by late 2003. The curve fluctuates between about 150 and 220 through early 2005, then increases and fluctuates between about 220 and 380 through the end of 2007. The curve generally increases to about 400 by the January 2008 FOMC meeting, and ends at about 400 on March 12, 2008. * Forward spread between years 2 and 3. Return to text ** Forward spread between years 9 and 10. Return to text Source. Staff estimates. Corporate Earnings and Credit Quality Figure: S&P 500 Earnings per Share A line chart shows two series, "All firms", and "Nonfinancials" from 1998 through 2007:Q4. Data is change from 4 quarters earlier; unit is percent. The "All firms" series begins at about 2 percent in 1998, increases to about 22 by mid-1999, decreases to about -25 by mid-2001 and increases to about 26 by early 2004. It then decreases to end at about -26 by 2007:Q4. The "Nonfinancials" series begins at about -1 percent in 1998, increases to about 22 by mid-1999, decreases to about -26 by mid-2001 and increases to about 33 by early 2004. It then decreases to end at about 12 by 2007:Q4. Source. I/B/E/S for S&P 500 earnings per share. Figure: Revisions to Expected S&P 500 Earnings A line chart shows two series, "All firms", and "Nonfinancials" from 2002 through mid-February 2008. Data is monthly; unit is percent. The two series track fairly closely throughout the chart. The "All firms" series begins at about -0.7 percent in 2002, decreases to about -3 by late 2002, increases to about 2.1 by 2004 and then decreases to end at about -1.9 percent by mid-February 2008. The "Nonfinancials" series begins at about -1 percent in 2002, decreases to about -3.6 by late 2002, increases to about 2.4 by 2004 and then decreases to end at about -1.3 percent by mid-February 2008. Note. Index is a weighted average of the percent change in the consensus forecasts of current-year and following-year EPS for a fixed sample. Figure: Financial Ratios for Nonfinancial Corporations A line chart shows two series, "Debt over total assets (right scale)", and "Liquid assets over total assets (left scale)" from 1989 through 2007:Q4. The right scale range is between 0.20 and 0.35, and the left scale range is between 0.03 and 0.12. Data is annual*; unit is ratio. The "Debt over total assets" series begins at about 0.325 in mid-1989, decreases to about 0.275 in 1996, increases to about 0.305 in 1999 and then decreases to about 0.275 in 2000. It increases to about 0.30 in 2002:Q1 decreases to about 0.245 in 2005, and then increases to end at about 0.26 in 2007:Q4. The "Liquid assets over total assets" series begins at about 0.05 in mid-1989, generally increases to about 0.325 in 2004 and then decreases to end at about 0.31 in 2007:Q4. * Data are quarterly starting in 2000:Q1. Return to text Source. Calculated with Compustat data. Figure: Selected Default and Delinquency Rates A line chart shows two series, "C&I loan delinquency rate (Call Report)", and "Bond default rate"* from 1990 through 2008. Unit is Percent of outstandings. The "C&I loan delinquency rate (Call Report)" series begins at about 5 in 1990:Q1, increases to about 6.2 in 1991, and decreases to about 1.5 in 1997 and 1998. It then increases to about 3.9 in 2002 and ends at about 1.3 in 2007:Q4. The "Bond default rate"* series begins at about 1.5 in 1990Q3, increases to about 3.2 in 1991, and decreases to about 0 in 1993. It fluctuates between about 0.01 and 1.2 through 2000, increases to about 3.8 in 2002:Q4 and then decreases to end at about 0.02 in January 2008. * 6-month moving average, from Moody's Investors Service. Return to text Figure: Bond Ratings Changes of Nonfinancial Companies A bar chart shows two series, "Upgrades", and "Downgrades" from 1992 through January 2008. Data is annual rate; unit is percent of outstandings. The estimated figures for Upgrades/Downgrades are as follows: 1992: +7, -36. 1993: +9, -15. 1994: +7, -10. 1995: +20, -8. 1996: +11, -11. 1997: +9, -10. 1998: +15, -10. 1999: +13, -17. 2000: +10, -22. 2001: +6, -31. 2002: +3, -37. 2003: +4, -20. 2004: +8, -10. 2005: +9, -13. 2006: +8, -14. 2007: +10,-10. January 2008: 2, 6. Source. Calculated with data from Moody's Investors Service. Figure: Expected Year-Ahead Defaults A line chart shows a single series from 1993 through January 2008. Data is monthly; unit is percent of liabilities. The series begins at about 0.6 percent in 1993, decreases to about 0.2 in 1997, increases to about 1.55 in 2002, decreases to about 0.2 in 2007 and then increases to end at about 0.5 in January 2008. Note. Firm-level estimates of default weighted by firm liabilities as a percent of total liabilities, excluding defaulted firms. Source. Moody's KMV. Business Finance Gross Issuance of Securities by U.S. Corporations (Billions of dollars; monthly rates, not seasonally adjusted) 2007 Type of security 2004 2005 2006 2008 2007 Q4 Jan. Feb. Nonfinancial corporations Stocks 1 5.4 4.6 4.7 5.5 6.5 1.9 3.1 Initial public offerings 1.6 1.7 1.8 1.6 2.0 .6 .1 Seasoned offerings 3.8 2.8 2.9 3.8 4.5 1.3 3.0 22.7 19.1 29.8 35.6 38.7 27.2 22.6 8.2 8.4 13.0 17.2 20.3 24.8 19.0 Bonds 2 Investment grade Speculative grade 9.7 6.4 8.0 10.3 6.8 1.0 .8 Other (sold abroad/unrated) 4.9 4.3 8.8 8.2 11.6 1.4 2.7 1.5 -.4 3.9 -.4 -.2 9.9 6.6 3.1 9.9 12.9 20.9 23.1 7.3 4.5 Stocks 1 6.9 5.0 5.3 8.6 12.3 25.1 9.1 2 139.3 176.3 187.7 156.0 82.3 93.0 44.3 Memo Net issuance of commercial paper 3 Change in C&I loans at commercial banks 3,4 Financial corporations Bonds Note. Components may not sum to totals because of rounding. 1. Excludes private placements and equity-for-equity swaps that occur in restructurings. Return to table 2. Data include regular and 144a private placements. Bond totals reflect gross proceeds rather than par value of original discount bonds. Bonds are categorized according to Moody's bond ratings or to Standard & Poor's if unrated by Moody's. Return to table 3. End-of-period basis, seasonally adjusted. Return to table 4. Adjusted commercial bank credit data. Return to table Figure: Selected Components of Net Debt Financing A stacked bar chart plots three series, commercial paper (seasonally adjusted, period-end basis), C&I loans (seasonally adjusted, period-end basis), and bonds, in billions of dollars at a monthly rate, for nonfinancial firms. The total (sum) of the three series is shown as a curve superimposed on the bars. Approximate values are as follows. For commercial paper: 2003: -3. 2004: 2. 2005: -1. 2006: 4. 2007:H1: 1. 2007:H2: -2.5. 2007:January: 9. 2007:February: 7. For C&I loans: 2003: -8. 2004: 4. 2005: 10. 2006: 13. 2007:H1: 12. 2007:H2: 30. 2007:January: 7. 2007:February: 5. For bonds: 2003: 13. 2004: 6. 2005: 5. 2006: 18. 2007:H1: 28. 2007:H2: 25. 2007:January: 18. 2007:February: 10. Approximate totals: 2003: 2. 2004: 12. 2005: 14. 2006: 35. 2007:H1: 41. 2007:H2: 53. 2007: January: 35. 2007:February: 22. Figure: Components of Net Equity Issuance A stacked bar chart plots four series, public issuance, private issuance, repurchases, and cash mergers, in billions of dollars at a monthly rate, for nonfinancial firms in 2003 through 2006, 2007:H1, 2007:Q3, and 2007:Q4e . The total (sum) of the four series is shown as a curve superimposed on the bars. Approximate values are as follows. For public issuance: 2003: 3. 2004: 4.55. 2005: 3.54. 2006: 4. 2007:H1: 5. 2007:Q3: 4. 2007:Q4: 7. For private issuance: 2003: 7. 2004: 7. 2005: 7.58. 2006: 810. 2007:H1: 1213. 2007:Q3: 167. 2007:Q4: 18. For repurchases: 2003: -11. 2004: -198. 2005: -2928. 2006: -37. 2007:H1: -453. 2007:Q3: -48. 2007:Q4: -40. For cash mergers: 2003: -4. 2004: -67. 2005: -134. 2006: -1325. 2007:H1: -256. 2007:Q3: -345. 2007:Q4: -106. Approximate totals: 2003: -76. 2004: -143. 2005: -351. 2006: -487. 2007:H1: -520. 2007:Q3: -621. 2007:Q4: -82. e Staff estimate. Return to text Commercial Real Estate Figure: Commercial Mortgage Debt Quarterly Period Percent change from year earlier 1996:Q4 4.17 1997:Q1 4.27 1997:Q2 5.32 1997:Q3 7.26 1997:Q4 8.20 1998:Q1 9.01 1998:Q2 9.05 1998:Q3 9.37 1998:Q4 11.05 1999:Q1 12.12 1999:Q2 12.28 1999:Q3 16.03 1999:Q4 15.05 2000:Q1 14.87 2000:Q2 15.23 2000:Q3 10.81 2000:Q4 10.04 2001:Q1 9.32 2001:Q2 8.62 2001:Q3 9.30 2001:Q4 9.47 2002:Q1 8.96 2002:Q2 8.95 2002:Q3 7.95 2002:Q4 7.79 2003:Q1 8.08 2003:Q2 8.35 2003:Q3 9.12 2003:Q4 9.19 2004:Q1 10.08 2004:Q2 10.17 2004:Q3 10.34 2004:Q4 11.36 2005:Q1 11.40 2005:Q2 12.52 2005:Q3 13.98 2005:Q4 15.07 2006:Q1 15.58 2006:Q2 15.30 2006:Q3 14.57 2006:Q4 13.74 2007:Q1 13.35 2007:Q2 13.91 2007:Q3 13.29 As shown in the figure, the series ends at about 12 in 2007:Q4. Source. Flow of funds. Figure: Sales of Commercial Real Estate 3-month moving average, monthly rate Period Billions of dollars March 2001 6.21 April 2001 6.35 May 2001 6.43 June 2001 6.70 July 2001 5.87 August 2001 6.09 September 2001 5.59 October 2001 5.82 November 2001 5.89 December 2001 7.57 January 2002 7.41 February 2002 6.63 March 2002 5.54 April 2002 5.64 May 2002 8.92 June 2002 8.97 July 2002 10.34 August 2002 8.21 September 2002 9.02 October 2002 8.46 November 2002 8.14 December 2002 11.00 January 2003 10.75 February 2003 11.19 March 2003 7.78 April 2003 7.71 May 2003 7.74 June 2003 8.40 July 2003 9.00 August 2003 9.68 September 2003 10.62 October 2003 11.07 November 2003 11.49 December 2003 14.82 January 2004 15.05 February 2004 14.90 March 2004 12.32 April 2004 13.41 May 2004 15.34 June 2004 17.17 July 2004 17.43 August 2004 18.12 September 2004 18.39 October 2004 19.01 November 2004 19.61 December 2004 23.68 January 2005 25.40 February 2005 24.12 March 2005 22.15 April 2005 24.32 May 2005 27.32 June 2005 29.48 July 2005 29.31 August 2005 30.52 September 2005 32.28 October 2005 32.08 November 2005 31.61 December 2005 30.70 January 2006 31.46 February 2006 30.46 March 2006 31.04 April 2006 29.00 May 2006 32.26 June 2006 31.29 July 2006 34.40 August 2006 32.06 September 2006 30.72 October 2006 33.90 November 2006 37.16 December 2006 41.39 January 2007 41.40 February 2007 68.63 March 2007 65.52 April 2007 73.73 May 2007 53.25 June 2007 58.87 July 2007 50.81 August 2007 52.94 September 2007 46.21 October 2007 57.49 November 2007 47.74 December 2007 44.69 As shown in the figure, the series decreases to a preliminary estimate of about 26 by February 2008. Source. Real Capital Analytics. Figure: Investment-Grade CMBS Spreads Weekly Basis points Period BBB AAA 3 January 2000 210 119 10 January 2000 210 114 17 January 2000 210 116 24 January 2000 205 112 31 January 2000 190 124 7 February 2000 195 131 14 February 2000 200 139 21 February 2000 205 144 28 February 2000 205 149 6 March 2000 215 143 13 March 2000 230 154 20 March 2000 235 155 27 March 2000 235 160 3 April 2000 245 173 10 April 2000 245 172 17 April 2000 240 165 24 April 2000 235 164 1 May 2000 240 163 4 May 2000 245 174 11 May 2000 250 178 18 May 2000 250 178 26 May 2000 255 174 1 June 2000 258 180 8 June 2000 245 168 15 June 2000 245 166 22 June 2000 245 165 7 July 2000 245 158 26 July 2000 245 160 3 August 2000 240 160 16 August 2000 235 165 24 August 2000 235 168 14 September 2000 238 166 21 September 2000 235 158 28 September 2000 235 151 13 October 2000 230 155 19 October 2000 230 156 26 October 2000 232 152 2 November 2000 232 151 9 November 2000 235 153 16 November 2000 233 153 30 November 2000 235 157 7 December 2000 240 150 14 December 2000 225 137 21 December 2000 230 143 28 December 2000 235 147 4 January 2001 225 136 11 January 2001 225 134 18 January 2001 225 137 31 January 2001 215 127 7 February 2001 225 139 14 February 2001 223 143 21 February 2001 223 143 28 February 2001 222 143 7 March 2001 227 144 14 March 2001 238 152 21 March 2001 231 146 28 March 2001 240 152 4 April 2001 237 147 11 April 2001 234 142 18 April 2001 224 135 25 April 2001 224 133 2 May 2001 219 127 8 May 2001 219 127 16 May 2001 212 123 23 May 2001 206 125 30 May 2001 210 128 6 June 2001 207 123 13 June 2001 209 129 20 June 2001 216 135 27 June 2001 215 132 3 July 2001 217 132 11 July 2001 221 133 18 July 2001 217 129 25 July 2001 216 128 1 August 2001 209 124 2 August 2001 209 124 7 August 2001 209 124 15 August 2001 213 128 22 August 2001 215 130 29 August 2001 209 124 5 September 2001 212 127 12 September 2001 222 132 19 September 2001 231 131 26 September 2001 229 130 3 October 2001 228 128 10 October 2001 227 132 17 October 2001 228 130 24 October 2001 226 128 31 October 2001 221 128 7 November 2001 215 122 14 November 2001 219 120 21 November 2001 222 121 28 November 2001 228 132 5 December 2001 217 128 12 December 2001 221 132 19 December 2001 225 133 26 December 2001 220 128 2 January 2002 215 123 9 January 2002 209 115 16 January 2002 208 117 23 January 2002 209 118 30 January 2002 209 118 6 February 2002 215 123 13 February 2002 197 121 20 February 2002 195 119 27 February 2002 193 116 6 March 2002 188 116 13 March 2002 189 116 20 March 2002 182 115 27 March 2002 181 112 3 April 2002 175 111 10 April 2002 169 109 17 April 2002 168 108 24 April 2002 170 105 1 May 2002 164 101 8 May 2002 180 103 15 May 2002 173 99 22 May 2002 169 97 29 May 2002 163 94 5 June 2002 166 95 12 June 2002 169 98 19 June 2002 161 95 26 June 2002 158 95 3 July 2002 158 95 10 July 2002 157 94 17 July 2002 159 96 24 July 2002 169 105 31 July 2002 177 109 7 August 2002 170 101 14 August 2002 169 100 21 August 2002 179 101 28 August 2002 178 98 4 September 2002 174 100 11 September 2002 176 101 18 September 2002 174 99 25 September 2002 183 109 2 October 2002 183 110 9 October 2002 193 115 16 October 2002 186 108 23 October 2002 187 109 30 October 2002 187 109 6 November 2002 176 93 13 November 2002 181 95 20 November 2002 196 95 27 November 2002 198 97 4 December 2002 193 98 11 December 2002 186 93 18 December 2002 179 92 25 December 2002 181 93 1 January 2003 180 92 8 January 2003 179 91 15 January 2003 178 88 22 January 2003 179 88 29 January 2003 170 87 5 February 2003 169 85 12 February 2003 171 85 19 February 2003 171 85 26 February 2003 173 84 5 March 2003 176 85 12 March 2003 174 88 19 March 2003 176 90 26 March 2003 180 90 2 April 2003 179 87 9 April 2003 171 87 16 April 2003 170 79 23 April 2003 168 77 30 April 2003 160 71 7 May 2003 153 68 14 May 2003 146 66 21 May 2003 139 69 28 May 2003 141 71 4 June 2003 140 71 11 June 2003 133 69 18 June 2003 137 72 25 June 2003 130 71 2 July 2003 131 71 9 July 2003 127 72 16 July 2003 138 73 23 July 2003 141 76 30 July 2003 145 85 6 August 2003 145 86 13 August 2003 158 89 20 August 2003 156 83 27 August 2003 161 88 3 September 2003 161 88 5 September 2003 161 88 10 September 2003 154 83 17 September 2003 147 81 24 September 2003 140 77 1 October 2003 145 79 8 October 2003 142 76 15 October 2003 138 74 22 October 2003 137 73 29 October 2003 136 72 5 November 2003 137 73 12 November 2003 132 76 18 November 2003 129 73 25 November 2003 129 72 3 December 2003 130 73 10 December 2003 128 70 17 December 2003 126 69 24 December 2003 129 71 31 December 2003 129 71 2 January 2004 129 73 7 January 2004 128 67 9 January 2004 128 67 14 January 2004 122 65 21 January 2004 122 64 28 January 2004 123 65 4 February 2004 124 68 11 February 2004 119 71 18 February 2004 118 71 25 February 2004 120 72 3 March 2004 120 70 10 March 2004 118 68 17 March 2004 117 66 24 March 2004 117 65 31 March 2004 114 69 7 April 2004 122 74 14 April 2004 122 74 21 April 2004 119 76 28 April 2004 125 75 5 May 2004 131 82 12 May 2004 132 82 19 May 2004 131 82 26 May 2004 130 81 2 June 2004 129 81 9 June 2004 133 81 16 June 2004 139 83 23 June 2004 139 84 30 June 2004 143 84 1 July 2004 143 84 7 July 2004 142 83 14 July 2004 139 83 21 July 2004 138 82 28 July 2004 140 85 4 August 2004 139 84 11 August 2004 138 81 18 August 2004 135 78 25 August 2004 132 75 1 September 2004 132 75 8 September 2004 132 77 15 September 2004 129 76 22 September 2004 126 73 29 September 2004 128 75 6 October 2004 136 78 13 October 2004 134 76 20 October 2004 133 76 27 October 2004 128 75 3 November 2004 128 75 10 November 2004 129 76 17 November 2004 127 70 24 November 2004 124 66 1 December 2004 126 68 8 December 2004 124 66 15 December 2004 124 67 22 December 2004 126 69 29 December 2004 127 70 5 January 2005 125 67 12 January 2005 125 66 19 January 2005 124 65 26 January 2005 123 62 2 February 2005 124 61 9 February 2005 123 60 16 February 2005 123 60 23 February 2005 124 62 2 March 2005 127 65 9 March 2005 128 65 16 March 2005 129 67 23 March 2005 136 70 30 March 2005 135 70 6 April 2005 137 71 13 April 2005 136 74 20 April 2005 134 72 27 April 2005 134 70 4 May 2005 134 72 11 May 2005 136 76 18 May 2005 146 76 25 May 2005 143 73 1 June 2005 142 73 8 June 2005 150 71 15 June 2005 158 74 22 June 2005 155 70 29 June 2005 162 72 6 July 2005 163 73 13 July 2005 162 72 20 July 2005 160 74 27 July 2005 159 73 3 August 2005 160 74 9 August 2005 150 75 16 August 2005 150 73 24 August 2005 150 73 31 August 2005 149 72 7 September 2005 149 73 14 September 2005 147 71 21 September 2005 149 74 28 September 2005 155 77 4 October 2005 157 78 5 October 2005 157 78 12 October 2005 158 79 19 October 2005 158 78 26 October 2005 159 78 2 November 2005 166 85 9 November 2005 163 82 16 November 2005 164 86 23 November 2005 164 86 30 November 2005 171 89 7 December 2005 177 90 14 December 2005 180 88 21 December 2005 180 88 28 December 2005 180 87 4 January 2006 179 86 11 January 2006 176 82 18 January 2006 170 81 25 January 2006 171 82 1 February 2006 172 83 8 February 2006 171 82 15 February 2006 173 84 22 February 2006 168 84 1 March 2006 159 83 8 March 2006 155 82 15 March 2006 154 82 22 March 2006 149 82 29 March 2006 143 81 5 April 2006 134 79 12 April 2006 134 79 19 April 2006 133 78 26 April 2006 132 77 3 May 2006 132 77 10 May 2006 131 76 17 May 2006 128 77 24 May 2006 130 81 31 May 2006 131 82 7 June 2006 131 82 14 June 2006 137 83 21 June 2006 138 83 28 June 2006 139 84 5 July 2006 141 86 12 July 2006 140 85 19 July 2006 140 86 26 July 2006 138 84 2 August 2006 138 82 9 August 2006 137 79 16 August 2006 137 79 23 August 2006 138 80 30 August 2006 139 81 6 September 2006 136 78 13 September 2006 133 79 20 September 2006 135 82 27 September 2006 133 79 4 October 2006 134 79 11 October 2006 136 81 18 October 2006 129 79 25 October 2006 134 79 1 November 2006 133 78 8 November 2006 133 80 15 November 2006 132 80 22 November 2006 129 77 29 November 2006 123 76 6 December 2006 120 73 13 December 2006 122 74 20 December 2006 124 76 27 December 2006 123 75 3 January 2007 122 73 10 January 2007 123 74 17 January 2007 125 76 24 January 2007 124 75 31 January 2007 127 78 7 February 2007 124 74 14 February 2007 120 75 21 February 2007 116 74 28 February 2007 145 84 7 March 2007 144 83 14 March 2007 154 83 21 March 2007 153 82 28 March 2007 174 85 4 April 2007 184 85 11 April 2007 189 85 18 April 2007 207 84 25 April 2007 228 85 2 May 2007 234 86 9 May 2007 234 85 16 May 2007 249 89 23 May 2007 241 89 30 May 2007 221 87 6 June 2007 193 87 13 June 2007 196 92 20 June 2007 201 91 27 June 2007 237 94 4 July 2007 233 96 5 July 2007 233 96 11 July 2007 256 102 18 July 2007 268 105 25 July 2007 296 117 1 August 2007 333 134 8 August 2007 347 138 15 August 2007 400 148 22 August 2007 395 143 29 August 2007 446 141 5 September 2007 445 136 12 September 2007 415 134 19 September 2007 411 127 26 September 2007 365 123 3 October 2007 412 114 10 October 2007 412 111 17 October 2007 424 122 24 October 2007 422 126 31 October 2007 513 136 7 November 2007 573 157 14 November 2007 572 173 21 November 2007 707 203 28 November 2007 694 190 5 December 2007 717 187 12 December 2007 794 172 19 December 2007 789 165 26 December 2007 790 166 2 January 2008 839 157 9 January 2008 837 176 16 January 2008 860 185 Note. Measured relative to the 10-year Treasury yield. As shown in the figure, the BBB series generally increases to about 1700 by March 12, 2008, and the AAA series generally increases to about 400 by March 12, 2008. Source. Morgan Stanley. Figure: CMBS Issuance A bar chart shows CMBS issuance at a quarterly rate for 1997 through 2006, and for 2007:Q1 through 2008:Q1 (quarter to date). Unit is billions of dollars. As shown in the figure, approximate values are as follows: for 1997, 8 billion. For 1998, 18. For 1999, 15. For 2000, 12. For 2001, 17. For 2002, 13. For 2003, 20. For 2004, 23. For 2005, 42. For 2006, 52. For 2007:Q1,56 . For 2007:Q2, 66. For 2007:Q3, 72. For 2007:Q4, 33. For 2008:Q1, 1. Source. Commercial Mortgage Alert. Figure: Rents and Vacancy Rates on Commercial Properties A line chart shows two series, Rents and Vacancy Rates, from about 1991:Q4 through 2007:Q4. Data are quarterly. Rent values are plotted according to the left axis, which ranges from -8 to 10 percent change from year earlier. Vacancy rate values are plotted according to the right axis, which ranges from 6 to 16 percent. Due to the choice of ranges, the two curves appear to move in opposite directions at equal rates. As shown in the figure, the vacancy rates curve begins in 1991:Q4 at about 13.5, generally decreases to about 7.9 by 2000:Q2, generally increases to about 12.8 by 2003:Q2, generally decreases to about 10.2 by 2005:Q4, and remains at about that level through the end of the period, ending at about 10.3 in 2007:Q4. The rents curve begins in 1992:Q4 at about -3, generally increases to about 7 by 1998:Q2, decreases to about 5 by 1999:Q2, increases to about 9 by 2000:Q2, decreases to about -3 by 2002:Q2, generally increases to about 6 by 2007:Q3, and ends at about 5.5 in 2007:Q4. Note. Average of series for office, industrial, and retail properties. Source. Torto Wheaton. Figure: Delinquency Rates on Commercial Mortgages A line chart shows two series, "At commercial banks"* and "At life insurance companies", from 1995:Q4 through 2007:Q4, and a third series, CMBS, from about January 1999 through December 2007. Unit is percent. As shown in the figure, the "At commercial banks" curve begins in 1995:Q4 at about 3.3 percent, and generally decreases to about 1.5 by 2000:Q2. It increases to just below 2 by 2001:Q3, generally decreases to about 1 by 2006:Q1, then increases to end at about 2.75 by 2007:Q4. The "At life insurance companies" curve begins in 1995:Q4 at about 2.3 percent, increases to about 2.7 percent by 1996:Q2, decreases to about 0.3 by 1999:Q2, then generally continues to decrease through 2007:Q4 until it is close to zero. The CMBS curve begins in 1999 at about 0.4 percent, generally increases to nearly 2 by late 2003, generally decreases to about 0.4 by early 2007, and remains at about that level through December, ending at about 0.3. * Excluding farmland. Return to text Source. Citigroup, Call Report, ACLI. Residential Mortgages Figure: Mortgage Debt A line chart shows a single series from 2001 through 2007:Q4. Data is Quarterly; unit is percent change from year earlier. The series begins at about 9.3 in 2001:Q1, increases to about 13.8 in 2003:Q2, decreases to about 12.2 by 2003:Q4, and increases to about 14.5 in 2004:Q4. It decreases to about 13.2 by 2005:Q4, increases to about 14.1 in 2006:Q1, and then decreases to end at about 6.5 in 2007:Q4. Source. Flow of funds. Figure: Delinquencies on Mortgages A line chart shows two series, "Subprime (left scale)", and "Prime (right scale)" from 2001 through January 2008. The left scale ranges from 4 to 18, and the right scale ranges from 0.0 to 3.0. Data is monthly; unit is percent of loans. The Subprime series begins at about 7.5 percent in 2001, increases to about 9.5 in early 2002, decreases to about 4.5 in 2005 and then increases to end at about 16.5 in January 2008. The Prime series begins at about 1.0 in 2001, increases to about 1.25 in early 2002, decreases to about 0.75 in 2007 and then ends at about 1.25 in December 2007. Note. Percent of loans 90 or more days past due or in foreclosure. Prime includes near-prime mortgages. Source. First American LoanPerformance. Figure: Credit Default Swap Premiums A line chart shows two series, "GSE Index", and "Banking Index" from September 2006 through March 12, 2008. Data is daily; unit is basis points. The January 2008, FOMC meeting is marked with a vertical tripwire. The "GSE Index" series begins at about 5 basis points in September 2006, and stays about the same through March 2007, increases to about 10 in mid-March and decreases back to about 5 in June. It then increases to about 35 in August 2007, decreases to about 15 in October, increases to about 65 in November and decreases to about 35 in December. The series then increases to about 55 around the time of the January 2008, FOMC meeting, continues to increase shortly after the meeting to about 95 by early March, and ends at about 78 on March 12, 2008. The "Banking Index" series begins at about 15 basis points in September 2006, stays generally the same through June and increases to about 35 in September. It then increases to about 57 in late November, to about 70 briefly before the January 2008, FOMC meeting, and then decreases to about 63 around the meeting. The series then increases to end at about 115 on March 12, 2008. Note. Sector index is the median of individual quotes. Source. Markit. Figure: FNMA 30-Year MBS Current Coupon Spreads A line chart shows two series, "Unadjusted", and "Option-adjusted" from September 2006 through March 12, 2008. Data is daily; unit is basis points. The January 2008, FOMC meeting is marked with a vertical tripwire. The "Unadjusted" series begins at about 125 basis points in September 2006, generally decreases to about 100 in mid-January 2007, increases to about 125 again in mid-March and then increases to about 200 in mid-August. The series continues to increase to about 250 in November and is around 250 by the time of January 2008, FOMC meeting. It then increases to about 345 in early March and ends at about 305 on March 12, 2008. The "Option-adjusted" series begins at about 75 basis points in September 2006, decreases to about 35 in early December, generally increases to about 105 in mid-August and then increases to about 130 in November. The series decrease to about 52 in mid-January and is around 70 by the time of January 2008, FOMC meeting. It then increases to about 195 in early March and ends at about 145 on March 12, 2008. Note. Option-adjusted spread from Bloomberg's prepayment model. Unadjusted spread relative to duration-matched Treasury. Source. Bloomberg. Figure: Prime Conforming Mortgage Rate and Spread A line chart shows two series, "30-year fixed-rate (right scale)", and "30-year fixed-rate spread (left scale)" from September 2006 through March 12, 2008. The right scale ranges from 5.0 to 7.0; unit is percent. The left scale ranges from 140 to 280; unit is basis points. Data is weekly. The January 2008, FOMC meeting is marked with a vertical tripwire. The "30-year fixed-rate" series begins at about 6.45 in September 2006, fluctuates between about 6.1 and 6.4 through early May and increases to about 6.75 in June 2007. The series generally decreases to about 5.5 shortly before the January 2008, FOMC meeting, increases to about 5.7 around the meeting and then increases to about 6.25 in early March. It ends at about 6.1 on March 12, 2008. The "30-year fixed-rate spread" series begins at about 165 in September 2006, decreases to about 145 in January 2007. The series increases to about 219 in November and decreases to about 190 around the time of January 2008, and then increases to end at about 265 on March 12, 2008. Note. FRM spread relative to 10-year Treasury. Source. Freddie Mac. Figure: Agency and Non-agency MBS Issuance A bar chart shows two series, "Agency", and "Non-agency" from 2001 through February 2008. Data is monthly rate; unit is billions of dollars. The estimated values for Agency/Non-agency are as follows: 2001: 20/90. 2002: 25/125. 2003: 40/135. 2004: 60/85. 2005: 90/80 2006: 85/75. 2007:H1: 75/100. 2007:H2: 25/100. January 2008: 5/90. February 2008: 2/110. Source. For agency issuance, Fannie Mae, Freddie Mac, and Ginnie Mae. For non-agency issuance, Inside Mortgage Finance MBS database. Consumer Credit and Household Wealth Figure: Delinquencies on Consumer Loans A line chart shows three series, "Credit card loans at commercial banks", "Nonrevolving consumer loans at commercial banks", and "Auto loans at captive finance companies" from 1997 through January 2008. Unit is percent. The "Credit card loans at commercial banks" series begins at about 4.6 percent in 1997, decreases to about 4.4 in early 2000, increases to about 5 in 2003 and generally decreases to about 3.5 in late 2005. It then increases to end at about 4.5 in 2007:Q4. The "Nonrevolving consumer loans at commercial banks" series begins at about 3.2 percent in 1997, increases to about 3.3 in early 1999, decreases to about 2.1 in late 2005 and increases to end at about 2.6 in 2007:Q4. The "Auto loans at captive finance companies" series begins at about 3.5 percent in 1997, decreases to about 2 in early 2000, fluctuates between about 2 and 2.3 through 2007 and then increases to end at about 2.5 in January 2008. Source. For credit cards and nonrevolving, Call Report; for auto loans, Federal Reserve. Figure: Consumer Credit A line chart shows a single series, from 1997 through January 2008. Data is monthly; unit is percent change from year earlier. The series begins at about 9 percent in 1997, decreases to about 5 in 1998, increases to about 13 in early 2001 and then decreases to about 3 in 2006. It ends at about 5 in January 2008. Figure: Gross Issuance of ABS by Type A stacked bar chart shows three series, "Auto", "Credit card", and "Student loans" from 2002 through 2008:F. Data is monthly rate; unit is billions of dollars. The estimated values for Student loans, credit card and auto are as follows: 2002: 2.5, 5 and 9. 2003: 4, 5, and 7. 2004: 5, 5 and 6. 2005: 6, 6 and 7. 2006: 7, 6, and 7. 2007:H1: 7, 8 and 7. 2007:H2: 4, 8 and 4. 2008:J: 4, 12 and 7. 2008:F: 1, 5 and 2. Note. Auto includes car loans, leases, and financing for buyers of motorcycles, trucks, and other vehicles. Source. Inside Mortgage Finance MBS database, Merrill Lynch. Figure: Interest Rates on Consumer Loans A line chart shows three series, "Credit cards", "Used auto loans", and "New auto loans" from 2002 through March 5, 2008. Data is weekly; unit is percent. The "Credit card" series begins at about 14 in 2002, decreases to about 13 in 2004 and 2005, then increases to end at about 13.5 on March 5, 2008. The "Used auto loans" series begins at about 11 in 2002, decreases to about 9 in 2004, increases to about 12.5 in early 2007 and then decreases to end at about 11 in 2008. The "New auto loans" series begins at about 5 in 2002, increases to about 7.9 around mid-2002, decreases to about 4.7 by the end of 2002 and then generally increases to about 8.2 by 2006. It then decreases to about 5 in mid-2006, increases to about 8.1 in early 2007 and ends about 7 on March 2, 2008. Source. For credit cards, Bank Rate Monitor; for auto, PIN. Net Flows into Mutual Funds (Billions of dollars, monthly rate) 2007 Fund type H1 Total long-term funds Equity funds Domestic 2008 2006 Q3 Q4 Jan. Assets Feb.e Jan. 18.9 31.9 4.6 7.0 -22.0 27.0 8,433 13.3 14.7 1.2 1.2 -44.8 10.2 6,023 0.9 1.3 -8.3 -8.5 -35.7 3.9 4,511 International 12.4 13.4 9.5 9.7 -9.1 6.3 1,512 Hybrid funds 0.6 2.6 1.0 1.2 -1.5 3.5 690 Bond funds 5.0 14.6 2.5 4.6 24.3 13.3 1,720 High-yield -0.2 0.2 -0.8 -0.6 -2.2 -0.5 152 4.0 11.9 3.1 6.5 24.0 12.1 1,189 Other taxable Municipals Money market funds 1.3 2.4 0.2 -1.3 2.5 1.7 380 27.8 26.3 110.9 87.2 178.8 112.3 3,325 Note. Excludes reinvested dividends. e Staff estimate based on confidential weekly data. Return to table Source. Investment Company Institute. State and Local Government Finance Gross Offerings of Municipal Securities (Billions of dollars; monthly rate, not seasonally adjusted) 2007 Type of security 2008 2004 2005 2006 H1 Total H2 Jan. Feb. 34.7 1 38.4 36.1 41.8 38.8 20.7 22.0 29.8 34.2 32.5 38.5 32.5 19.1 21.2 Refundings2 10.8 15.6 10.6 16.4 8.5 3.9 6.3 New capital 19.0 18.6 21.9 22.0 24.0 15.2 14.8 4.9 4.2 3.7 3.4 6.3 1.6 .8 2.0 2.1 2.5 2.2 2.6 1.0 .9 Long-term Short-term Memo: Long-term taxable 1. Includes issues for public and private purposes. Return to table 2. All issues that include any refunding bonds. Return to table Figure: Ratings Changes A bar graph shows two series, Upgrades and Downgrades, at an annual rate from 1989 through 2006, 2007:H1, 2007:H2, January, and February 2008. Unit is number of ratings changes. Upgrades are plotted within a range of 0 to 2800. Downgrades are plotted within a range of 0 to 2800. The estimated figures for upgrades/downgrades are as follows: 1989: 150/150. 1990: 100/500. 1991: 100/600. 1992: 500/550. 1993: 300/300. 1994: 350/400. 1995: 375/350. 1996: 700/200. 1997: 800/100. 1998: 650/100. 1999: 1050/400. 2000: 1200/450. 2001: 1100/700. 2002: 600/1600. 2003: 650/1000. 2004: 1000/600. 2005: 1100/900. 2006: 1800/300. 2007:H1: 1900/800. 2007:H2: 1800/1300. 2008, January: 350/1750. 2008, February: 500/500. Source. S&P's Credit Week Municipal and Ratings Direct. Figure: Municipal Bond Yields A line chart shows general obligation as two series, "20-year", and "1-year" from 1994 through March 12, 2008. Data is weekly; unit is percent. The 20-year series begins at about 5.5 percent in 1994 increases to about 7 in late 1994, decreases to about 5 in 1998 and increases to about 6 in 2000. It then generally decreases to about 4.1 and increases to end at about 5 on March 6, 2008. The 1-year series begins at about 3.5 percent in 1999, increases to about 4.5 in mid-2000, decreases to about 1 in mid-2003 and increases to about 3.75 in mid2006. It then decreases to end at about 2.2 on March 12, 2008. Source. Municipal Market Advisors and Bond Buyer. Figure: Municipal Bond Yield Ratio A line chart shows general obligation over Treasury as a single series from 1994 through March 6, 2008. Data is weekly; unit is ratio. The series begins at about 0.83 in 1994, fluctuates widely and increases to about 0.98 in late 2001, decreases to about 0.85 in early 2007 and then increases to end at about 1.2 on March 6, 2008. Source. Bond Buyer. M2 Monetary Aggregate (Based on seasonally adjusted data) Percent change (annual rate) 1 Aggregate and components 2007 2006 H1 M2 4.9 2008 2007 5.9 Q3 6.7 Q4 4.7 Jan. 5.3 Feb. (p) 8.3 16.5 Level (billions of dollars), Feb. (p) 7,602 Components 2 Currency 3.5 3 2.0 2.6 1.6 1.2 -1.4 1.4 759 .8 4.5 6.5 2.7 2.0 3.9 13.2 4,553 Small time deposits 18.5 4.2 4.1 2.1 6.2 7.5 1.9 1,226 Retail money market funds 12.9 20.5 15.5 21.5 24.6 36.9 61.1 1,057 15.6 38.3 22.7 38.1 53.4 25.9 89.0 2,042 3.1 2.0 2.5 1.9 1.0 -3.2 3.9 824 Liquid deposits Memo: Institutional money market funds Monetary base 1. For years, Q4 to Q4; for quarters and months, calculated from corresponding average levels. Return to table 2. Nonbank traveler's checks are not listed. Return to table 3. Sum of demand deposits, other checkable deposits, and savings deposits. Return to table p Preliminary. Return to table Commercial Bank Credit (Percent change, annual rate, except as noted; seasonally adjusted) Type of credit 2006 Total H1 2007 Q3 2007 Q4 2007 Jan. 2008 Feb. 2008e Level1 Feb. 2008e 9.6 9.4 12.4 9.0 4.7 6.3 8,799 10.9 10.2 12.6 11.8 12.4 4.0 6,743 Commercial and industrial 16.5 10.0 24.3 29.2 12.6 1.3 1,427 Commercial real estate 13.7 9.6 12.4 8.2 5.9 10.9 1,601 7.0 10.7 2.6 1.0 5.3 4.7 1,891 Loans2 Total To businesses To households Residential real estate Revolving home equity 1.4 2.0 6.7 11.9 10.9 5.9 489 Other 9.1 13.6 1.3 -2.6 3.3 4.2 1,401 Consumer 5.9 6.4 10.5 7.6 13.0 1.0 813 6.9 5.2 10.3 7.4 16.2 4.7 1,222 11.8 14.1 19.6 18.9 35.5 -1.7 1,012 6.1 6.9 11.7 .2 -20.1 14.1 2,056 1.9 -4.2 5.6 -22.3 -21.8 3.2 1,084 13.2 23.8 19.9 29.4 -18.3 26.4 972 Originated 3 Other 4 Securities Total Treasury and agency Other 5 Note. Yearly annual rates are Q4 to Q4; quarterly and monthly annual rates use corresponding average levels. Data have been adjusted to remove the effects of mark-to-market accounting rules (FIN 39 and FAS 115), the consolidation of certain variable interest entities (FIN 46), the adoption of fair value accounting (FAS 159), and the effects of sizable thrift-to-bank and bank-to-thrift structure activity in October 2006, March 2007, and October 2007. Data also account for breaks caused by reclassifications. 1. Billions of dollars. Pro rata averages of weekly (Wednesday) levels. Return to table 2. Excludes interbank loans. Return to table 3. Includes an estimate of outstanding loans securitized by commercial banks. Return to table 4. Includes security loans and loans to farmers, state and local governments, and all others not elsewhere classified. Also includes lease financing receivables. Return to table 5. Includes private mortgage-backed securities, securities of corporations, state and local governments, foreign governments, and any trading account assets that are not Treasury or agency securities, including revaluation gains on derivative contracts. Return to table e Estimated. Return to table Figure: C&I Loan Rate Spreads A line chart shows two series, "Weighted average", and "Weighted average adjusted"* from 1997:Q2 through 2008:Q1. Data is quarterly; unit is basis points. 2007:Q4 is marked with a vertical tripwire. The "Weighted average" series begins at about 155 basis points in 1997:Q2, increases to about 221 in 2004:Q1 and then decreases to end at about 190 in 2008:Q1. The series is at about 182 when it reaches the 2007:Q4 tripwire. The "Weighted average adjusted*" series begins at about 155 basis points in 1997:Q2, increases to about 190 in 2003:Q1 and decreases to end at about 145 in 2008:Q1. The series is at about 140 when it reaches the 2007:Q4 tripwire. Note. Spreads over market interest rate on an instrument of comparable maturity on loans less than $25 million (2006$). * Adjusted for changes in nonprice loan characteristics. Return to text Source. Survey of Terms of Business Lending. Figure: Return on Assets for Commercial Banks A line chart shows two series, "100 largest banks", and "All other banks" from 1991 through 2007:Q4. Data is Quarterly, s.a.a.r.; unit is Percent. 2007:Q3 is marked with a vertical tripwire. The "100 largest banks" series begins at about 0.25 in 1991:Q1, increases to about 1.25 in 1993:Q4, fluctuates between about 0.75 and 1.6 through 2006 and then decreases to end at about 0.25 in 2007:Q4. The series is at about 1.1 when it reaches the 2007:Q3 tripwire. The "All other banks" series begins at about 0.75 in 1991:Q1, increases to about 1.4 in 1993:Q4, fluctuates between about 1.2 and 1.4 through 2006 and then decreases to end at about 1 in 2007:Q4. The series is at about 1.25 when it reaches the 2007:Q3 tripwire. Source. Call Report. † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Greenbook Part 2 Tables and Charts† International Developments Trade in Goods and Services Annual rate 2007 Monthly rate 2007 Q2 Q3 2007 Q4 Nov. 2008 Dec. Jan. Percent change Nominal BOP Exports 14.5 16.0 27.0 12.6 .7 1.5 1.6 Imports 10.0 11.3 12.7 12.6 2.9 -1.2 1.3 Exports 7.9 7.5 19.1 4.8 … … … Imports .9 -2.7 4.4 -1.9 … … … -708.5 -717.9 -690.3 -711.4 -62.4 -57.9 -58.2 -815.4 -820.2 -802.2 -832.2 -72.8 -68.0 -68.7 10.4 10.1 10.5 Real NIPA Billions of dollars Nominal BOP Net exports Goods, net Services, net 106.9 102.4 111.9 120.8 Source. U.S. Department of Commerce, Bureaus of Economic Analysis and Census. n.a. Not available. … Not applicable. U.S. International Trade In Goods and Services (Quarterly) Figure: Trade Balance Period Billions of dollars, a.r. 1999:Q1 -214.37 1999:Q2 -253.70 1999:Q3 -285.91 1999:Q4 -305.80 2000:Q1 -359.85 2000:Q2 -363.60 2000:Q3 -388.54 2000:Q4 -406.98 2001:Q1 -392.27 2001:Q2 -356.45 2001:Q3 -360.52 2001:Q4 -352.05 2002:Q1 -374.18 2002:Q2 -415.79 2002:Q3 -431.61 2002:Q4 -472.60 2003:Q1 -499.35 2003:Q2 -494.75 2003:Q3 -493.33 2003:Q4 -501.14 2004:Q1 -544.40 2004:Q2 -602.16 2004:Q3 -626.49 2004:Q4 -675.05 2005:Q1 -665.79 2005:Q2 -682.61 2005:Q3 -723.20 2005:Q4 -784.53 2006:Q1 -759.20 2006:Q2 -770.51 2006:Q3 -797.53 2006:Q4 -707.78 2007:Q1 -715.00 2007:Q2 -717.94 2007:Q3 -690.35 2007:Q4 -711.00 As shown in the figure, the series ends at about -700 in January 2008. Figure: Contribution of Net Exports to Real GDP Growth Period Percentage points, a.r. 1999:Q1 -1.67 1999:Q2 -1.35 1999:Q3 -0.75 1999:Q4 0.01 2000:Q1 -1.53 2000:Q2 -0.98 2000:Q3 -0.87 2000:Q4 -0.07 2001:Q1 -0.04 2001:Q2 0.49 2001:Q3 -0.56 2001:Q4 -0.66 2002:Q1 -0.97 2002:Q2 -0.62 2002:Q3 -0.49 2002:Q4 -1.52 2003:Q1 0.21 2003:Q2 -0.73 2003:Q3 0.51 2003:Q4 -0.47 2004:Q1 -0.75 2004:Q2 -1.50 2004:Q3 -0.42 2004:Q4 -1.07 2005:Q1 0.26 2005:Q2 0.83 2005:Q3 -0.10 2005:Q4 -1.41 2006:Q1 0.13 2006:Q2 0.49 2006:Q3 -0.25 2006:Q4 1.25 2007:Q1 -0.51 2007:Q2 1.32 2007:Q3 1.38 2007:Q4 0.90 Figure: Selected Exports Billions of dollars, a.r. Period Aircraft Consumer goods Industrial supplies Capital goods ex. aircraft 1999:Q1 56.75 78.76 127.09 245.36 1999:Q2 49.91 79.41 130.95 251.10 1999:Q3 52.49 81.01 135.15 262.71 1999:Q4 52.66 84.46 146.67 272.41 2000:Q1 43.99 87.61 151.80 285.57 2000:Q2 51.75 88.73 154.67 304.40 2000:Q3 48.69 91.55 162.62 325.50 2000:Q4 47.96 89.55 162.18 319.91 2001:Q1 56.10 92.64 156.31 307.84 2001:Q2 54.89 91.56 148.25 277.00 2001:Q3 50.95 85.15 141.09 251.25 2001:Q4 48.31 84.03 136.34 240.49 2002:Q1 49.56 82.59 135.34 235.71 2002:Q2 50.43 84.31 145.35 243.03 2002:Q3 53.68 85.54 147.53 243.47 2002:Q4 48.11 84.95 148.76 237.75 2003:Q1 45.71 86.93 157.86 236.88 2003:Q2 43.54 87.79 155.39 239.60 2003:Q3 45.66 91.05 155.15 247.42 2003:Q4 51.60 93.88 162.37 263.81 2004:Q1 49.10 97.69 175.26 274.07 2004:Q2 47.76 102.66 184.22 281.86 2004:Q3 51.12 104.22 190.43 283.62 2004:Q4 51.96 108.39 201.30 286.36 2005:Q1 54.48 112.28 209.17 289.29 2005:Q2 64.11 114.76 219.15 296.79 2005:Q3 59.10 117.22 216.42 302.95 2005:Q4 65.64 120.09 218.84 317.24 2006:Q1 72.04 124.44 235.35 327.04 2006:Q2 71.59 127.55 253.32 337.54 2006:Q3 73.21 132.05 261.90 342.38 2006:Q4 83.68 135.96 267.03 347.99 2007:Q1 79.48 140.76 266.46 347.63 2007:Q2 78.64 143.31 280.42 351.28 2007:Q3 92.11 150.86 293.82 365.48 2007:Q4 98.60 150.72 311.69 371.15 Figure: Selected Imports Billions of dollars, a.r. Period Oil Industrial supplies Consumer goods Capital goods 1999:Q1 42.21 140.96 229.77 278.81 1999:Q2 63.80 145.79 234.39 291.60 1999:Q3 79.56 153.15 246.43 300.83 1999:Q4 85.73 162.22 256.78 311.50 2000:Q1 107.78 168.43 266.57 320.46 2000:Q2 117.88 173.09 279.78 346.19 2000:Q3 127.99 179.81 286.81 362.05 2000:Q4 127.35 182.82 294.15 359.33 2001:Q1 125.26 189.64 291.95 339.57 2001:Q2 108.55 170.98 286.39 299.80 2001:Q3 97.14 160.40 282.19 280.07 2001:Q4 83.36 152.03 277.03 272.76 2002:Q1 81.57 151.42 287.10 277.53 2002:Q2 104.06 160.33 305.80 285.46 2002:Q3 106.87 164.33 317.60 285.35 2002:Q4 121.69 170.70 320.53 284.85 2003:Q1 142.13 174.38 326.24 285.88 2003:Q2 125.86 174.40 327.78 292.06 2003:Q3 131.23 180.71 333.74 294.03 2003:Q4 133.13 181.82 347.83 311.57 2004:Q1 160.79 199.50 355.69 324.33 2004:Q2 166.50 224.93 376.34 340.41 2004:Q3 177.91 240.23 372.21 349.84 2004:Q4 216.38 248.51 387.63 359.78 2005:Q1 214.16 253.83 402.59 363.47 2005:Q2 230.78 257.65 407.99 380.53 2005:Q3 265.47 262.01 404.86 381.89 2005:Q4 296.66 296.34 412.83 391.39 2006:Q1 293.20 285.48 423.49 404.69 2006:Q2 315.08 291.55 433.37 414.21 2006:Q3 331.27 306.43 448.99 426.80 2006:Q4 270.40 292.32 464.76 427.71 2007:Q1 284.77 280.83 473.30 437.13 2007:Q2 312.98 304.96 469.27 437.68 2007:Q3 327.87 304.86 473.14 450.89 2007:Q4 399.38 289.45 483.61 453.04 U.S. Exports and Imports of Goods and Services (Billions of dollars, a.r., BOP basis) Levels Change 1 2007 Q3 2007 Q4 2008 Dec. Jan. 2007 Q3 2007 Dec. Q4 2008 Jan. Exports of G&S 1678.8 1729.2 1750.3 1778.8 97.4 50.4 26.1 28.5 Goods exports 1188.5 1217.2 1235.3 1254.6 74.4 28.7 26.1 19.3 17.9 -2.2 -2.3 1.9 5.4 1174.2 1205.2 1222.9 1236.7 Gold 76.6 31.0 24.2 13.9 14.3 Other goods Capital goods 12.0 12.4 457.5 469.6 481.6 475.4 27.7 12.1 23.1 -6.2 Aircraft & parts 92.1 98.5 106.0 97.0 13.5 6.4 16.1 -9.0 Computers & accessories 43.2 41.4 40.8 44.0 1.5 -1.8 -1.4 3.2 Semiconductors Other capital goods 48.4 52.6 55.9 54.5 -1.3 4.3 5.1 -1.4 273.9 277.1 278.9 280.0 14.0 3.2 3.3 1.1 Automotive 128.7 125.7 120.7 120.6 10.7 -2.9 -10.3 -.1 Ind. supplies (ex. ag., gold) 293.9 311.7 319.8 324.1 13.5 17.8 8.8 4.3 Consumer goods 150.9 150.7 154.7 160.6 7.6 -.2 6.8 5.9 Agricultural 101.8 102.6 102.7 109.6 15.9 .8 -1.4 6.8 41.5 44.8 43.3 46.5 1.3 3.4 5.9 3.2 490.3 512.0 515.0 524.2 22.9 21.7 .0 9.2 Imports of G&S 2369.1 2440.6 2444.6 2477.2 69.7 71.5 -28.6 32.6 Goods imports 1990.7 2049.4 2051.3 2079.5 56.4 58.7 -31.9 28.2 15.0 71.7 14.8 45.3 All other goods Services exports Oil 327.9 Capital goods 474.0 10.7 Other goods 428.8 7.0 7.8 11.0 .9 -3.6 2.8 3.1 1652.1 1642.8 1614.7 1594.5 Gold 399.5 40.5 -9.3 -49.6 -20.1 451.0 453.1 452.5 450.2 13.3 2.1 -2.1 -2.3 35.1 35.5 33.4 35.0 .7 .4 -1.8 1.7 101.5 103.4 107.6 106.0 -1.1 1.9 6.5 -1.7 26.5 27.0 26.8 26.4 .5 .5 -.3 -.4 287.8 287.2 284.7 282.8 13.1 -.7 -6.5 -1.9 Automotive 268.3 261.6 244.8 247.0 15.9 -6.6 -25.5 2.2 Ind. supplies (ex. oil, gold) 304.8 289.5 284.0 281.5 -.1 -15.3 -7.6 -2.5 Consumer goods Aircraft & parts Computers & accessories Semiconductors Other capital goods 473.2 483.7 482.5 461.6 3.9 10.5 -5.9 -20.9 Foods, feeds, bev. 83.6 82.8 81.6 85.5 3.4 -.9 -2.8 3.9 All other goods 71.3 72.2 69.3 68.7 4.2 .9 -5.6 -.6 378.4 391.2 393.3 397.7 13.4 12.8 3.3 4.4 Services imports Memo: Oil quantity (mb/d) 12.73 13.54 13.89 15.14 -.66 .81 .11 1.25 Oil import price ($/bbl) 70.50 80.62 84.54 85.72 6.52 10.12 2.30 1.18 1. Change from previous quarter or month. Return to table Source. U.S. Department of Commerce, Bureaus of Economic Analysis and Census. Prices of U.S. Imports and Exports Figure: Merchandise Imports 12-month percent change Period Core goods Non-oil goods January 1999 -1.71 -2.64 February 1999 -1.48 -2.26 March 1999 -1.49 -2.37 April 1999 -1.39 -2.27 May 1999 -1.08 -1.88 June 1999 -0.91 -1.69 July 1999 -0.56 -1.40 August 1999 -0.13 -0.90 September 1999 0.18 -0.50 October 1999 0.03 -0.50 November 1999 0.22 -0.20 December 1999 0.57 0.00 January 2000 0.54 -0.10 February 2000 0.85 0.30 March 2000 1.40 1.01 April 2000 1.61 1.32 May 2000 1.28 0.91 June 2000 1.22 1.11 July 2000 1.63 1.62 August 2000 1.66 1.62 September 2000 1.11 1.11 October 2000 1.02 1.01 November 2000 0.44 0.50 December 2000 0.70 1.31 January 2001 1.14 2.21 February 2001 0.60 1.10 March 2001 -0.08 0.00 April 2001 -0.62 -0.60 May 2001 -0.71 -0.70 June 2001 -0.63 -1.00 July 2001 -1.82 -2.40 August 2001 -2.21 -2.79 September 2001 -1.90 -2.70 October 2001 -2.21 -3.20 November 2001 -2.39 -3.30 December 2001 -3.02 -4.47 January 2002 -3.64 -5.41 February 2002 -3.68 -5.06 March 2002 -3.36 -4.20 April 2002 -2.65 -3.22 May 2002 -2.50 -3.02 June 2002 -2.39 -2.73 July 2002 -1.29 -1.64 August 2002 -0.80 -1.23 September 2002 -0.69 -0.92 October 2002 -0.26 -0.41 November 2002 -0.06 -0.31 December 2002 0.49 0.31 January 2003 0.73 0.73 February 2003 1.29 1.46 March 2003 1.74 2.40 April 2003 1.15 0.83 May 2003 1.10 0.73 June 2003 1.40 1.14 July 2003 1.35 1.14 August 2003 1.01 0.73 September 2003 1.20 0.93 October 2003 1.26 0.83 November 2003 1.69 1.14 December 2003 1.81 1.24 January 2004 2.29 1.76 February 2004 2.51 1.85 March 2004 2.55 1.02 April 2004 3.33 2.37 May 2004 3.60 2.79 June 2004 3.30 2.47 July 2004 3.30 2.47 August 2004 3.84 3.09 September 2004 3.98 2.88 October 2004 3.75 2.88 November 2004 3.87 3.59 December 2004 4.01 3.68 January 2005 4.00 3.15 February 2005 3.75 2.83 March 2005 3.62 2.93 April 2005 3.33 3.02 May 2005 3.06 2.61 June 2005 2.99 2.31 July 2005 2.59 2.11 August 2005 2.22 1.90 September 2005 2.25 2.70 October 2005 2.70 3.80 November 2005 2.20 2.78 December 2005 1.91 2.37 January 2006 1.76 2.36 February 2006 1.57 1.57 March 2006 1.20 0.98 April 2006 1.24 0.68 May 2006 2.16 1.57 June 2006 2.81 2.16 July 2006 3.07 2.36 August 2006 3.44 2.75 September 2006 3.26 1.95 October 2006 2.66 0.39 November 2006 3.21 1.45 December 2006 3.32 1.93 January 2007 3.29 1.54 February 2007 3.22 2.23 March 2007 3.51 2.82 April 2007 3.77 3.01 May 2007 3.53 2.89 June 2007 3.21 2.78 July 2007 3.42 2.88 August 2007 3.26 2.39 September 2007 3.00 2.19 October 2007 3.69 3.36 November 2007 3.62 3.14 December 2007 3.72 3.03 January 2008 4.40 3.88 February 2008 5.10 4.55 Figure: Catagories of Core Imports 12-month percent change Period Finished goods Material-intensive goods January 1999 -0.56 -4.50 February 1999 -0.38 -4.24 March 1999 -0.43 -4.14 April 1999 -0.40 -4.09 May 1999 -0.31 -3.19 June 1999 -0.34 -2.48 July 1999 -0.19 -1.32 0.00 -0.30 August 1999 September 1999 0.38 -0.07 October 1999 -0.12 0.62 November 1999 -0.36 2.07 December 1999 -0.36 3.26 January 2000 -0.45 3.41 February 2000 -0.65 4.77 March 2000 -0.53 6.68 April 2000 -0.28 6.75 May 2000 -0.21 5.36 June 2000 -0.28 5.45 July 2000 0.04 5.74 August 2000 -0.14 6.40 September 2000 -0.48 5.24 October 2000 -0.43 4.92 November 2000 -0.55 3.00 December 2000 -0.52 3.81 January 2001 -0.51 5.04 February 2001 -0.51 3.45 March 2001 -0.15 0.17 April 2001 -0.49 -0.72 May 2001 -0.65 -0.73 June 2001 -0.45 -1.16 July 2001 -0.79 -4.02 August 2001 -0.73 -5.91 September 2001 -0.52 -5.14 October 2001 -0.42 -6.56 November 2001 -0.56 -7.02 December 2001 -0.52 -9.17 January 2002 -0.87 -10.10 February 2002 -0.98 -10.07 March 2002 -1.40 -8.05 April 2002 -1.17 -6.12 May 2002 -1.10 -5.48 June 2002 -0.96 -5.23 July 2002 -0.73 -2.19 August 2002 -0.55 -0.75 September 2002 -0.73 0.22 October 2002 -0.71 1.64 November 2002 -0.75 2.85 December 2002 -0.56 4.09 January 2003 -0.25 4.31 February 2003 -0.05 6.11 March 2003 0.27 6.52 April 2003 0.30 4.38 May 2003 0.40 3.55 June 2003 0.52 4.21 July 2003 0.46 4.03 August 2003 0.23 3.87 September 2003 0.18 4.04 October 2003 0.33 4.31 November 2003 0.78 4.96 December 2003 0.67 5.60 January 2004 1.10 6.18 February 2004 1.11 7.19 March 2004 1.18 7.81 April 2004 1.14 10.67 May 2004 1.09 12.78 June 2004 0.73 11.62 July 2004 1.10 11.46 August 2004 1.33 13.19 September 2004 1.54 13.41 October 2004 1.45 12.50 November 2004 1.48 12.43 December 2004 2.01 12.62 January 2005 2.04 12.18 February 2005 2.23 10.41 March 2005 2.05 10.25 April 2005 2.13 8.83 May 2005 2.20 6.90 June 2005 2.37 7.02 July 2005 1.80 6.21 August 2005 1.65 4.77 September 2005 1.74 4.64 October 2005 1.59 6.38 November 2005 1.23 5.88 December 2005 0.67 5.61 January 2006 0.35 6.13 February 2006 0.24 6.12 March 2006 0.17 4.99 April 2006 0.13 5.03 May 2006 0.25 8.69 June 2006 0.45 10.82 July 2006 0.95 10.44 August 2006 1.05 11.28 September 2006 0.97 11.11 October 2006 1.11 9.00 November 2006 1.26 9.65 December 2006 1.47 9.51 January 2007 1.57 8.89 February 2007 1.45 8.30 March 2007 1.66 8.51 April 2007 1.77 9.28 May 2007 1.70 7.98 June 2007 1.67 6.68 July 2007 1.54 7.71 August 2007 1.66 7.08 September 2007 1.67 5.78 October 2007 1.73 7.79 November 2007 1.83 7.89 December 2007 1.93 7.92 January 2008 2.06 9.80 February 2008 2.30 11.53 Figure: Oil Dollars per barrel Period Spot WTI Import unit value January 1999 12.47 9.93 February 1999 12.01 10.14 March 1999 14.66 11.29 April 1999 17.34 13.78 May 1999 17.75 15.41 June 1999 17.89 15.25 July 1999 20.07 16.95 August 1999 21.26 18.87 September 1999 23.88 20.69 October 1999 22.64 21.56 November 1999 24.86 21.87 December 1999 26.13 23.45 January 2000 27.27 24.17 February 2000 29.35 26.39 March 2000 29.89 27.67 April 2000 25.74 25.35 May 2000 28.78 25.56 June 2000 31.86 27.68 July 2000 29.72 28.58 August 2000 31.22 27.38 September 2000 33.88 29.99 October 2000 33.08 29.53 November 2000 34.40 29.61 December 2000 28.46 27.64 January 2001 29.58 25.70 February 2001 29.61 25.69 March 2001 27.24 24.18 April 2001 27.41 23.69 May 2001 28.64 24.65 June 2001 27.60 24.42 July 2001 26.45 23.25 August 2001 27.47 23.28 September 2001 25.88 24.14 October 2001 22.21 20.66 November 2001 19.67 17.97 December 2001 19.33 16.43 January 2002 19.67 17.26 February 2002 20.74 17.59 March 2002 24.42 20.64 April 2002 26.27 23.53 May 2002 27.02 24.72 June 2002 25.52 24.37 July 2002 26.94 24.86 August 2002 28.38 25.70 September 2002 29.67 26.57 October 2002 28.85 27.33 November 2002 26.27 25.14 December 2002 29.42 25.14 January 2003 32.94 28.39 February 2003 35.87 31.72 March 2003 33.55 31.92 April 2003 28.25 27.39 May 2003 28.14 25.25 June 2003 30.72 26.48 July 2003 30.76 27.73 August 2003 31.59 28.76 September 2003 28.29 27.46 October 2003 30.33 27.23 November 2003 31.05 27.64 December 2003 32.15 28.20 January 2004 34.24 29.96 February 2004 34.74 30.64 March 2004 36.76 32.29 April 2004 36.69 32.84 May 2004 40.29 35.38 June 2004 38.04 35.61 July 2004 40.80 35.45 August 2004 44.94 38.20 September 2004 45.95 39.47 October 2004 53.13 43.77 November 2004 48.46 41.33 December 2004 43.33 37.93 January 2005 46.84 37.30 February 2005 47.97 39.28 March 2005 54.22 43.61 April 2005 53.04 47.00 May 2005 49.83 45.41 June 2005 56.40 47.11 July 2005 58.70 51.05 August 2005 64.97 55.29 September 2005 65.57 60.69 October 2005 62.36 60.00 November 2005 58.30 54.70 December 2005 59.43 52.08 January 2006 65.51 55.14 February 2006 61.63 55.86 March 2006 62.87 55.10 April 2006 69.69 60.68 May 2006 70.94 65.93 June 2006 70.96 65.49 July 2006 74.41 68.64 August 2006 73.05 68.49 September 2006 63.87 63.40 October 2006 58.89 56.88 November 2006 59.15 54.09 December 2006 62.06 55.84 January 2007 54.23 53.61 February 2007 59.26 53.14 March 2007 60.56 56.51 April 2007 63.96 61.38 May 2007 63.46 64.66 June 2007 67.48 65.89 July 2007 74.12 69.59 August 2007 72.39 70.82 September 2007 79.93 71.11 October 2007 85.93 75.12 November 2007 94.62 82.24 December 2007 91.70 84.54 January 2008 92.95 85.72 February 2008 95.36 ND 105.47 ND March 2008 Figure: Natural Gas Period January 1999 Import price index (2000=100) Spot Henry Hub (Dollars per million BTU) 57.90 1.84 February 1999 53.90 1.77 March 1999 48.40 1.80 April 1999 49.30 2.16 May 1999 56.40 2.26 June 1999 53.10 2.30 July 1999 60.50 2.32 August 1999 64.30 2.80 September 1999 68.80 2.52 October 1999 70.10 2.74 November 1999 80.40 2.33 December 1999 73.20 2.36 January 2000 67.40 2.44 February 2000 74.80 2.65 March 2000 76.20 2.79 April 2000 80.30 3.03 May 2000 78.80 3.58 June 2000 95.60 4.27 July 2000 100.50 3.96 August 2000 102.30 4.41 September 2000 108.30 5.07 October 2000 119.00 5.02 November 2000 123.60 5.54 December 2000 173.20 8.95 January 2001 215.50 8.17 February 2001 166.30 5.66 March 2001 123.80 5.16 April 2001 126.60 5.17 May 2001 120.50 4.21 June 2001 101.90 3.71 July 2001 81.90 3.10 August 2001 80.80 2.94 September 2001 77.30 2.15 October 2001 61.10 2.45 November 2001 74.30 2.37 December 2001 67.90 2.39 January 2002 69.70 2.25 February 2002 58.00 2.31 March 2002 64.90 3.03 April 2002 86.20 3.42 May 2002 84.50 3.49 June 2002 85.10 3.22 July 2002 80.00 2.98 August 2002 76.60 3.09 September 2002 84.00 3.55 October 2002 90.70 4.12 November 2002 93.60 4.03 December 2002 98.80 4.72 January 2003 121.20 5.44 February 2003 132.10 7.79 March 2003 190.70 5.95 April 2003 124.70 5.27 May 2003 123.20 5.81 June 2003 134.60 5.82 July 2003 125.10 5.03 August 2003 112.00 4.97 September 2003 117.80 4.62 October 2003 109.30 4.65 November 2003 109.50 4.49 December 2003 117.40 6.15 January 2004 142.50 6.17 February 2004 141.40 5.39 March 2004 123.60 5.38 April 2004 125.40 5.71 May 2004 131.80 6.30 June 2004 143.70 6.29 July 2004 137.10 5.93 August 2004 137.20 5.44 September 2004 120.50 5.11 October 2004 121.80 6.39 November 2004 169.90 6.16 December 2004 167.30 6.62 January 2005 153.30 6.13 February 2005 147.00 6.13 March 2005 148.20 6.92 April 2005 166.40 7.20 May 2005 163.00 6.48 June 2005 151.20 7.16 July 2005 161.70 7.64 August 2005 168.20 9.46 September 2005 217.00 11.88 October 2005 270.80 13.42 November 2005 274.00 10.28 December 2005 259.20 13.05 January 2006 254.60 8.65 February 2006 193.90 7.54 March 2006 169.20 6.90 April 2006 164.00 7.16 May 2006 164.20 6.23 June 2006 150.80 6.14 July 2006 149.10 6.22 August 2006 161.40 7.14 September 2006 152.80 4.90 October 2006 117.70 5.84 November 2006 168.50 7.36 December 2006 185.70 6.73 January 2007 161.20 6.59 February 2007 169.00 7.92 March 2007 177.10 7.10 April 2007 172.50 7.59 May 2007 175.80 7.62 June 2007 174.70 7.35 July 2007 160.70 6.21 August 2007 140.40 6.23 September 2007 136.40 6.08 October 2007 151.40 6.78 November 2007 175.90 7.15 December 2007 178.40 7.13 January 2008 179.90 7.98 February 2008 195.60 8.54 ND 9.55 March 2008 Figure: Merchandise Exports 12-month percent change Period Core goods Total goods January 1999 -2.09 -2.76 February 1999 -2.00 -2.67 March 1999 -2.16 -2.78 April 1999 -1.61 -2.19 May 1999 -1.52 -2.19 June 1999 -1.12 -1.70 July 1999 -0.83 -1.41 August 1999 0.05 -0.61 September 1999 0.74 0.00 October 1999 1.18 0.41 November 1999 1.16 0.41 December 1999 1.29 0.51 January 2000 1.42 0.71 February 2000 2.20 1.32 March 2000 3.04 2.15 April 2000 2.85 1.94 May 2000 2.84 2.04 June 2000 2.70 1.93 July 2000 2.60 1.94 August 2000 2.04 1.42 September 2000 2.56 1.93 October 2000 2.13 1.52 November 2000 1.89 1.31 December 2000 1.63 1.11 January 2001 1.65 1.11 February 2001 0.97 0.60 March 2001 0.29 0.00 April 2001 0.22 -0.10 May 2001 -0.26 -0.60 June 2001 -0.38 -0.70 July 2001 -0.63 -1.00 August 2001 -0.63 -1.00 September 2001 -1.08 -1.39 October 2001 -1.58 -1.99 November 2001 -2.10 -2.49 December 2001 -2.04 -2.50 January 2002 -2.19 -2.79 February 2002 -2.38 -2.89 March 2002 -1.90 -2.40 April 2002 -1.34 -1.90 May 2002 -0.97 -1.61 June 2002 -0.56 -1.41 July 2002 0.26 -0.71 August 2002 0.68 -0.30 September 2002 0.90 -0.20 October 2002 1.42 0.41 November 2002 2.16 1.02 December 2002 2.07 1.02 January 2003 2.39 1.44 February 2003 3.33 2.26 March 2003 3.27 2.15 April 2003 2.63 1.63 May 2003 2.64 1.73 June 2003 2.54 1.53 July 2003 1.95 1.12 August 2003 1.71 0.91 September 2003 1.84 1.01 October 2003 2.26 1.32 November 2003 2.67 1.72 December 2003 3.21 2.23 January 2004 3.66 2.63 February 2004 3.72 2.71 March 2004 4.34 3.31 April 2004 5.23 4.12 May 2004 5.54 4.41 June 2004 4.73 3.92 July 2004 5.45 4.53 August 2004 4.91 4.02 September 2004 4.82 4.01 October 2004 5.20 4.40 November 2004 4.96 4.18 December 2004 4.79 3.97 January 2005 4.87 4.04 February 2005 4.28 3.42 March 2005 4.25 3.30 April 2005 4.13 3.09 May 2005 3.50 2.50 June 2005 4.11 3.19 July 2005 3.80 2.79 August 2005 4.31 3.09 September 2005 4.86 3.56 October 2005 5.03 3.74 November 2005 3.96 2.77 December 2005 3.97 2.77 January 2006 3.85 2.75 February 2006 3.92 2.74 March 2006 3.32 2.26 April 2006 3.59 2.53 May 2006 4.64 3.47 June 2006 5.55 4.22 July 2006 5.76 4.49 August 2006 6.44 5.16 September 2006 4.94 3.91 October 2006 3.74 2.86 November 2006 4.88 3.90 December 2006 5.50 4.46 January 2007 5.28 4.15 February 2007 6.15 4.88 March 2007 6.90 5.42 April 2007 6.51 5.11 May 2007 5.87 4.62 June 2007 5.42 4.32 July 2007 5.00 4.03 August 2007 4.65 3.75 September 2007 5.53 4.48 October 2007 6.84 5.57 November 2007 7.47 6.17 December 2007 7.22 5.96 January 2008 8.14 6.73 February 2008 8.16 6.85 Figure: Categories of Core Exports 12-month percent change Period Finished goods Material-intensive goods January 1999 0.33 -5.85 February 1999 0.36 -5.74 March 1999 0.33 -5.88 April 1999 0.46 -4.73 May 1999 0.37 -4.44 June 1999 0.57 -3.60 July 1999 0.50 -3.07 August 1999 0.62 -0.79 September 1999 0.56 1.16 October 1999 0.70 2.22 November 1999 0.80 1.95 December 1999 0.71 2.40 January 2000 0.61 2.86 February 2000 0.67 5.06 March 2000 0.74 7.24 April 2000 0.76 6.42 May 2000 0.89 6.64 June 2000 0.80 5.97 July 2000 1.04 5.64 August 2000 1.06 3.84 September 2000 1.02 5.26 October 2000 0.78 4.24 November 2000 0.74 3.84 December 2000 0.91 3.16 January 2001 0.98 2.95 February 2001 0.90 0.90 March 2001 1.00 -0.86 April 2001 1.01 -0.94 May 2001 0.91 -2.23 June 2001 0.94 -2.37 July 2001 0.86 -3.03 August 2001 0.71 -2.64 September 2001 0.74 -3.96 October 2001 0.83 -5.28 November 2001 0.81 -6.56 December 2001 0.71 -6.63 January 2002 0.55 -6.48 February 2002 0.43 -6.73 March 2002 0.35 -5.63 April 2002 0.36 -3.98 May 2002 0.32 -3.03 June 2002 0.32 -1.68 July 2002 0.21 0.68 August 2002 0.38 1.40 September 2002 0.41 2.24 October 2002 0.37 3.81 November 2002 0.38 5.51 December 2002 0.29 5.71 January 2003 0.43 6.39 February 2003 0.64 8.76 March 2003 0.45 9.25 April 2003 0.39 7.40 May 2003 0.42 7.20 June 2003 0.51 6.69 July 2003 0.64 4.73 August 2003 0.52 4.33 September 2003 0.46 4.61 October 2003 0.51 5.75 November 2003 0.55 7.01 December 2003 0.73 8.16 January 2004 0.77 9.24 February 2004 0.72 9.28 March 2004 0.91 10.48 April 2004 1.05 12.54 May 2004 1.06 13.36 June 2004 0.97 11.24 July 2004 1.03 13.14 August 2004 1.21 11.46 September 2004 1.25 11.06 October 2004 1.42 11.63 November 2004 1.54 10.85 December 2004 1.69 10.12 January 2005 1.88 9.46 February 2005 1.87 8.20 March 2005 1.83 7.87 April 2005 1.91 7.48 May 2005 1.88 6.07 June 2005 1.80 7.67 July 2005 1.58 7.09 August 2005 1.48 8.67 September 2005 1.63 9.85 October 2005 1.55 10.05 November 2005 1.37 7.41 December 2005 1.28 7.49 January 2006 1.26 7.47 February 2006 1.38 7.50 March 2006 1.44 5.95 April 2006 1.60 6.31 May 2006 1.79 8.61 June 2006 2.04 10.65 July 2006 2.36 10.64 August 2006 2.44 12.12 September 2006 2.40 8.58 October 2006 2.35 5.61 November 2006 2.48 8.66 December 2006 2.52 9.91 January 2007 2.75 8.99 February 2007 2.63 11.10 March 2007 2.69 12.73 April 2007 2.63 11.90 May 2007 2.60 10.33 June 2007 2.48 9.17 July 2007 2.44 8.32 August 2007 2.53 7.35 September 2007 2.41 9.48 October 2007 2.55 12.61 November 2007 2.62 13.60 December 2007 2.77 12.93 January 2008 2.49 15.35 February 2008 2.68 14.98 Prices of U.S. Imports and Exports (Percentage change from previous period) Annual rate 2007 Q3 Q4 Monthly rate 2008 2007 e Dec. Q1 BLS prices 2008 Jan. Feb. Merchandise imports 9.7 16.3 11.1 -.2 1.6 .2 48.1 73.6 29.9 -1.8 4.8 -1.5 1.8 4.6 6.4 .4 .7 .6 3.1 3.7 7.3 .4 1.1 .7 2.2 2.0 3.1 .3 .4 .3 Cap. goods ex. comp. & semi. 3.9 2.7 3.0 .4 .3 .3 Automotive products 1.5 4.7 3.8 .6 .3 .2 Consumer goods 2.4 1.7 3.1 .1 .5 .3 Oil Non-oil Core goods1 Finished goods Material-intensive goods 5.3 7.6 16.9 .7 2.5 1.5 10.7 10.3 15.6 .7 3.2 -.1 4.6 6.8 17.3 .7 2.3 1.9 Computers -.2 -2.7 -9.7 -.5 -1.9 -.5 Semiconductors 4.9 1.6 -5.0 -.8 -1.0 -.1 -51.0 78.5 53.9 1.4 .8 8.7 Merchandise exports 2.8 7.5 9.2 .4 1.2 .9 Core goods2 3.1 9.1 11.2 .5 1.5 1.0 2.0 2.6 3.1 .3 .4 .3 2.4 3.0 3.8 .3 .5 .3 .8 1.3 1.4 .2 .2 .1 2.2 2.3 2.6 .4 .1 .4 Foods, feeds, beverages Industrial supplies ex. fuels Natural gas Finished goods Cap. goods ex. comp. & semi. Automotive products Consumer goods Material-intensive goods Industrial supples ex. ag. 4.5 17.5 21.1 .8 2.7 1.9 24.0 41.0 44.6 2.7 5.0 4.4 -.3 11.1 14.1 .1 1.9 1.1 -5.3 Agricultural products -3.9 -7.7 -.4 -1.3 -.4 .6 1.0 3.1 .7 -.4 1.0 Computers Semiconductors NIPA prices Chain price index Imports of goods & services Non-oil merchandise Core goods1 Exports of goods & services Total merchandise Core goods 2 7.5 13.0 n.a … … … 1.4 4.0 n.a … … … 3.1 3.6 n.a … … … 3.8 6.2 n.a … … … 3.2 6.3 n.a … … … 4.5 7.6 n.a … … … 1. Excludes computers, semiconductors, and natural gas. Return to table 2. Excludes computers and semiconductors. Return to table e/ Average of two months. Return to table n.a. Not available. … Not applicable. Summary of U.S. International Transactions (Billions of dollars, not seasonally adjusted except as noted) 2007 2006 2008 2007 Q1 Q2 Q3 Q4 Dec. Jan. Official financial flows 446.2 1. Change in foreign official assets in the U.S. (increase, +) 424.8 152.5 76.3 41.9 154.1 43.3 100.5 443.8 424.9 152.5 76.3 42.0 154.1 43.2 100.4 a. G-10 countries + ECB 21.4 43.6 9.1 6.2 10.1 18.3 3.1 4.7 b. OPEC 45.2 30.9 11.2 0.4 2.8 16.5 11.0 9.7 377.2 350.4 128.3 73.7 29.1 119.3 29.1 86.0 2.4 -0.1 -0.1 0.0 -0.1 -0.0 0.1 0.1 387.0 139.7 29.5 76.5 51.5 n.a. … … 142.3 -75.8 -12.8 9.0 -39.4 -32.5 -7.7 -36.7 541.6 596.0 175.8 247.8 8.0 164.4 33.5 7.2 -35.0 167.6 46.3 0.5 50.8 69.9 -1.5 1.6 c. All other countries 2. Change in U.S. official reserve assets (decrease, +) Private financial flows Banks 3. Change in net foreign positions of banking offices in the U.S. 1 Securities2 4. Foreign net purchases (+) of U.S. securities a. Treasury securities b. Agency bonds 14.9 -29.1 -32.0 29.0 -16.3 -9.8 -14.7 2.9 c. Corporate and municipal bonds 412.9 265.6 117.2 111.6 -8.3 45.1 27.7 -0.8 d. Corporate stocks 3 148.9 191.9 44.2 106.6 -18.2 59.3 22.0 3.5 -290.4 -255.4 -83.7 -68.7 -99.2 -3.8 -14.3 -20.9 5. U.S. net acquisitions (-) of foreign securities a. Bonds -152.5 -136.6 -39.4 -41.5 -42.6 -13.2 -13.7 -17.2 b. Stock purchases -119.1 -107.5 -40.1 -27.2 -52.2 11.9 -0.6 -3.7 -18.8 -11.3 -4.2 0.0 -4.5 -2.6 0.0 0.0 -235.4 n.a. -81.4 -78.0 -56.3 n.a. … … 180.6 n.a. 11.9 46.6 81.2 n.a. … … 8. Net derivatives (inflow, +) 28.8 n.a. 15.4 0.2 8.6 n.a. … … 9. Foreign acquisitions of U.S. currency 12.6 n.a. -1.6 3.3 4.7 n.a. … … 6.9 n.a. 5.9 -83.8 143.9 n.a. … … -811.5 n.a. -197.1 -188.9 -178.5 n.a. … … -3.9 n.a. -0.6 -0.6 -0.6 n.a. … … -17.8 n.a. 15.7 36.7 85.6 n.a. … … c. Stock swaps 3 Other flows (quarterly data, s.a.) 6. U.S. direct investment (-) abroad 7. Foreign direct investment in the U.S. 10. Other (inflow, +) 4 U.S. current account balance (s.a.) Capital account balance (s.a.) 5 Statistical discrepancy (s.a.) Note. Data in lines 1 through 5 differ in timing and coverage from the balance of payments data published by the Department of Commerce. Details may not sum to totals because of rounding. 1. Changes in dollar-denominated positions of all depository institutions and bank holding companies plus certain transactions between broker-dealers and unaffiliated foreigners (particularly borrowing and lending under repurchase agreements). Includes changes in custody liabilities other than U.S. Treasury bills. Return to table 2. Includes commissions on securities transactions and therefore does not match exactly the data on U.S. international transactions published by the Department of Commerce. Return to table 3. Includes (4d) or represents (5c) stocks acquired through non-market means such as mergers and reincorporations. Return to table 4. Transactions by nonbanking concerns and other banking and official transactions not shown elsewhere plus amounts resulting from adjustments made by the Department of Commerce and revisions in lines 1 through 5 since publication of the quarterly data in the Survey of Current Business. Return to table 5. Consists of transactions in nonproduced nonfinancial assets and capital transfers. Return to table n.a. Not available. … Not applicable. Foreign Official Financial Flows Through January 2008 (increase, +) ($ Billions, monthly, not seasonally adjusted) Figure: Total $ Billions, not seasonally adjusted Period January 2003 February 2003 March 2003 Total 6-month moving average 9.67 7.41 28.52 12.09 8.23 13.05 April 2003 -4.13 11.75 May 2003 53.42 17.60 June 2003 14.70 18.40 July 2003 7.50 18.04 August 2003 19.39 16.52 September 2003 34.29 20.86 October 2003 28.77 26.34 November 2003 37.07 23.62 December 2003 30.69 26.28 January 2004 57.80 34.67 February 2004 37.54 37.69 March 2004 51.32 40.53 April 2004 20.08 39.08 May 2004 14.58 35.33 June 2004 43.94 37.54 July 2004 23.39 31.81 August 2004 19.86 28.86 September 2004 32.43 25.71 October 2004 34.56 28.13 November 2004 26.23 30.07 December 2004 33.41 28.31 January 2005 17.90 27.40 3.79 24.72 February 2005 March 2005 4.07 19.99 April 2005 39.15 20.76 May 2005 22.10 20.07 June 2005 19.92 17.82 July 2005 27.09 19.35 August 2005 25.59 22.99 September 2005 2.50 22.73 October 2005 35.38 22.10 November 2005 36.35 24.47 December 2005 24.10 25.17 January 2006 51.69 29.27 February 2006 43.47 32.25 March 2006 28.40 36.56 April 2006 38.77 37.13 May 2006 41.67 38.02 June 2006 44.33 41.39 July 2006 50.65 41.21 August 2006 34.07 39.65 September 2006 24.51 39.00 October 2006 13.15 34.73 November 2006 22.55 31.54 December 2006 50.54 32.58 January 2007 42.72 31.26 February 2007 63.91 36.23 March 2007 45.91 39.80 April 2007 32.95 43.10 May 2007 7.91 40.66 June 2007 35.41 38.14 July 2007 47.16 38.87 -16.96 25.40 August 2007 September 2007 11.78 19.71 October 2007 42.79 21.35 November 2007 68.10 31.38 43.25 32.69 100.42 41.56 December 2007 January 2008 Figure: G-10 + ECB $ Billions, not seasonally adjusted Period January 2003 February 2003 G-10 + ECB 6-month moving average 6.59 1.47 6.31 4.02 March 2003 14.18 5.46 April 2003 -6.95 4.84 May 2003 25.41 8.04 June 2003 6.61 8.69 July 2003 3.46 8.17 August 2003 1.50 7.37 September 2003 8.12 6.36 October 2003 17.92 10.50 November 2003 19.56 9.53 8.65 9.87 January 2004 December 2003 38.94 15.78 February 2004 25.56 19.79 March 2004 36.38 24.50 April 2004 6.12 22.54 May 2004 15.79 21.91 June 2004 21.63 24.07 July 2004 3.38 18.14 August 2004 17.75 16.84 September 2004 -0.76 10.65 October 2004 1.64 9.90 November 2004 2.15 7.63 December 2004 -6.87 2.88 January 2005 -0.56 2.23 February 2005 3.22 -0.20 March 2005 3.12 0.45 April 2005 -1.89 -0.14 May 2005 -5.72 -1.45 -10.72 -2.09 9.52 -0.41 June 2005 July 2005 August 2005 September 2005 October 2005 7.17 0.24 -2.91 -0.76 7.56 0.82 November 2005 10.61 3.54 December 2005 -6.63 4.22 5.52 3.55 January 2006 February 2006 2.33 2.75 March 2006 -0.51 3.15 April 2006 -4.40 1.15 May 2006 2.42 -0.21 June 2006 -0.56 0.80 July 2006 5.51 0.80 August 2006 0.45 0.49 September 2006 0.61 0.67 October 2006 8.75 2.86 November 2006 0.38 2.52 December 2006 0.87 2.76 January 2007 3.89 2.49 February 2007 -2.88 1.94 March 2007 8.04 3.18 April 2007 4.46 2.46 May 2007 0.15 2.42 June 2007 1.58 2.54 July 2007 6.69 3.01 -2.70 3.04 August 2007 September 2007 6.08 2.71 11.46 3.88 November 2007 3.73 4.47 December 2007 3.14 4.73 January 2008 4.67 4.40 October 2007 Figure: OPEC $ Billions, not seasonally adjusted Period OPEC 6-month moving average January 2003 -2.23 -0.49 February 2003 -3.62 -1.12 March 2003 -1.80 -1.16 April 2003 -1.60 -1.65 May 2003 1.88 -1.47 June 2003 0.28 -1.18 July 2003 -0.44 -0.88 August 2003 1.01 -0.11 September 2003 1.46 0.43 October 2003 4.70 1.48 November 2003 2.54 1.59 December 2003 3.69 2.16 January 2004 1.57 2.49 February 2004 1.80 2.63 March 2004 0.45 2.46 April 2004 2.06 2.02 May 2004 -0.20 1.56 June 2004 -3.94 0.29 July 2004 2.66 0.47 -6.22 -0.87 September 2004 7.08 0.24 October 2004 4.42 0.63 August 2004 November 2004 1.93 0.99 December 2004 0.48 1.73 January 2005 3.41 1.85 February 2005 -1.31 2.67 March 2005 -5.95 0.50 April 2005 1.85 0.07 May 2005 2.78 0.21 June 2005 -0.23 0.09 July 2005 -3.44 -1.05 1.35 -0.61 August 2005 September 2005 -0.09 0.37 October 2005 10.41 1.80 November 2005 6.79 2.46 December 2005 -1.52 2.25 January 2006 10.03 4.49 February 2006 4.84 5.08 March 2006 2.39 5.49 April 2006 7.50 5.00 May 2006 6.25 4.92 June 2006 7.87 6.48 July 2006 5.13 5.66 August 2006 5.58 5.79 September 2006 2.42 5.79 October 2006 -4.37 3.81 November 2006 -0.41 2.70 December 2006 -1.98 1.06 January 2007 6.78 1.34 February 2007 -0.58 0.31 5.00 0.74 -0.92 1.32 March 2007 April 2007 May 2007 2.72 1.84 June 2007 -1.40 1.93 July 2007 -0.45 0.73 August 2007 2.21 1.19 September 2007 1.03 0.53 October 2007 9.23 2.22 November 2007 -3.74 1.15 December 2007 11.01 3.22 9.71 4.91 January 2008 Figure: All other countries $ Billions, not seasonally adjusted Period January 2003 All other countries 6-month moving average 5.32 6.42 February 2003 25.83 9.19 March 2003 -4.16 8.75 April 2003 4.42 8.56 May 2003 26.13 11.03 June 2003 7.82 10.89 July 2003 4.49 10.76 August 2003 16.88 9.26 September 2003 24.71 14.07 October 2003 6.14 14.36 November 2003 14.96 12.50 December 2003 18.36 14.26 January 2004 17.29 16.39 February 2004 10.18 15.27 March 2004 14.49 13.57 April 2004 11.90 14.53 May 2004 -1.01 11.87 June 2004 26.25 13.18 July 2004 17.36 13.19 August 2004 8.33 12.89 September 2004 26.11 14.82 October 2004 28.49 17.59 November 2004 22.16 21.45 December 2004 39.79 23.70 January 2005 15.05 23.32 February 2005 1.88 22.25 March 2005 6.90 19.04 April 2005 39.18 20.83 May 2005 25.04 21.31 June 2005 30.87 19.82 July 2005 21.02 20.82 August 2005 17.07 23.35 September 2005 5.50 23.12 October 2005 17.42 19.49 November 2005 18.95 18.47 December 2005 32.25 18.70 January 2006 36.14 21.22 February 2006 36.30 24.43 March 2006 26.52 27.93 April 2006 35.66 30.97 May 2006 33.00 33.31 June 2006 37.02 34.11 July 2006 40.01 34.75 August 2006 28.05 33.38 September 2006 21.48 32.54 October 2006 8.76 28.05 November 2006 22.58 26.32 December 2006 51.64 28.75 January 2007 32.05 27.43 February 2007 63.38 33.31 March 2007 32.86 35.21 April 2007 33.40 39.32 May 2007 5.04 36.40 June 2007 35.23 33.66 July 2007 40.91 35.14 -16.46 21.83 August 2007 September 2007 4.66 17.13 October 2007 22.10 15.25 November 2007 68.11 25.76 December 2007 29.09 24.74 January 2008 86.04 32.26 Private Securities Flows Through January 2008 ($ Billions, monthly, not seasonally adjusted) Foreign Net Purchases (+) of U.S. Securities Figure: Total $ Billions, not seasonally adjusted Period Total 6-month moving average January 2003 17.10 27.29 February 2003 -13.78 20.37 March 2003 58.53 24.39 April 2003 31.34 26.61 May 2003 62.74 30.39 June 2003 39.88 32.63 July 2003 47.70 37.73 August 2003 24.18 44.06 September 2003 -17.11 31.45 October 2003 -4.82 25.43 November 2003 39.76 21.60 December 2003 36.93 21.11 January 2004 36.86 19.30 February 2004 30.29 20.32 March 2004 13.54 25.43 April 2004 56.45 35.64 May 2004 28.47 33.76 June 2004 64.96 38.43 July 2004 38.30 38.67 August 2004 12.04 35.63 September 2004 31.16 38.56 October 2004 33.37 34.72 November 2004 75.61 42.57 December 2004 54.68 40.86 January 2005 47.30 42.36 February 2005 50.47 48.76 March 2005 56.15 52.93 April 2005 43.10 54.55 May 2005 8.06 43.29 June 2005 42.36 41.24 July 2005 45.11 40.88 August 2005 38.41 38.87 September 2005 79.43 42.75 October 2005 64.68 46.34 November 2005 71.77 56.96 December 2005 27.04 54.41 January 2006 35.09 52.74 February 2006 46.42 54.07 March 2006 62.51 51.25 April 2006 2.91 40.96 May 2006 70.63 40.77 June 2006 48.75 44.38 3.84 39.18 August 2006 64.33 42.16 September 2006 58.13 41.43 October 2006 54.13 49.97 November 2006 92.05 53.54 July 2006 December 2006 2.82 45.88 January 2007 76.31 57.96 February 2007 31.59 52.50 March 2007 67.86 54.12 April 2007 43.69 52.39 May 2007 136.17 59.74 June 2007 67.94 70.59 July 2007 3.90 58.52 August 2007 -6.25 52.22 September 2007 10.36 42.63 October 2007 89.08 50.20 November 2007 41.83 34.47 December 2007 33.51 28.74 7.16 29.28 January 2008 Figure: Treasury Securities $ Billions, not seasonally adjusted Period January 2003 February 2003 March 2003 Treasury Securities 6-month moving average -6.51 6.81 -13.68 4.03 30.12 4.50 April 2003 6.34 6.37 May 2003 24.86 8.73 June 2003 21.18 10.39 July 2003 35.62 17.41 August 2003 12.62 21.79 September 2003 -8.51 15.35 October 2003 -19.38 11.07 November 2003 10.99 8.75 December 2003 8.14 6.58 10.08 2.32 4.70 1.00 March 2004 17.47 5.33 April 2004 18.69 11.68 May 2004 11.12 11.70 June 2004 32.86 15.82 3.21 14.68 January 2004 February 2004 July 2004 August 2004 -6.67 12.78 September 2004 -1.51 9.62 October 2004 -1.17 6.31 7.20 5.65 December 2004 -1.09 -0.00 January 2005 11.79 1.43 February 2005 22.83 6.34 March 2005 44.30 13.98 April 2005 18.16 17.20 May 2005 -19.48 12.75 June 2005 -11.32 11.05 July 2005 3.78 9.71 August 2005 9.44 7.48 September 2005 11.45 2.00 October 2005 10.00 0.64 November 2005 39.73 10.51 December 2005 -7.01 11.23 January 2006 -17.50 7.68 February 2006 -10.66 4.34 3.18 2.96 November 2004 March 2006 April 2006 -36.68 -4.82 May 2006 4.31 -10.73 June 2006 15.71 -6.94 July 2006 -9.47 -5.60 August 2006 10.70 -2.04 -17.16 -5.43 October 2006 -0.88 0.53 November 2006 27.53 4.41 December 2006 -4.11 1.10 8.37 4.07 September 2006 January 2007 February 2007 6.13 3.31 31.85 11.48 April 2007 -25.07 7.45 May 2007 17.51 5.78 June 2007 8.03 7.80 July 2007 1.30 6.62 44.98 13.10 March 2007 August 2007 September 2007 4.54 8.55 October 2007 46.53 20.48 November 2007 24.93 21.72 December 2007 -1.52 20.13 1.64 20.18 January 2008 Figure: Agency Bonds $ Billions, not seasonally adjusted Period Agency Bonds 6-month moving average January 2003 6.41 7.65 February 2003 -7.69 4.94 March 2003 1.51 3.18 April 2003 1.50 1.27 May 2003 6.82 1.72 June 2003 -7.38 0.20 July 2003 -1.03 -1.05 August 2003 -13.47 -2.01 September 2003 -18.54 -5.35 October 2003 -1.96 -5.93 November 2003 -4.47 -7.81 December 2003 -2.12 -6.93 8.60 -5.33 January 2004 February 2004 4.56 -2.32 -15.59 -1.83 April 2004 13.67 0.78 May 2004 6.43 2.59 June 2004 3.73 3.57 July 2004 4.07 2.81 March 2004 August 2004 0.74 2.18 September 2004 -4.67 4.00 October 2004 15.29 4.27 November 2004 13.40 5.43 December 2004 13.17 7.00 January 2005 9.24 7.86 February 2005 -1.78 7.44 March 2005 -8.18 6.86 April 2005 2.44 4.72 May 2005 9.92 4.14 June 2005 3.95 2.60 July 2005 15.07 3.57 August 2005 -3.26 3.32 September 2005 7.63 5.96 October 2005 15.37 8.12 November 2005 -7.43 5.22 December 2005 -5.98 3.57 January 2006 6.14 2.08 February 2006 8.85 4.10 -3.07 2.31 April 2006 -2.55 -0.67 May 2006 16.36 3.29 2.61 4.72 March 2006 June 2006 July 2006 -10.89 1.89 August 2006 8.01 1.75 September 2006 3.19 2.79 October 2006 -5.04 2.38 November 2006 -0.47 -0.43 December 2006 -8.28 -2.24 3.36 0.13 February 2007 -22.70 -4.99 March 2007 -12.63 -7.63 April 2007 10.33 -5.07 May 2007 7.46 -3.74 January 2007 June 2007 11.26 -0.49 July 2007 -9.05 -2.56 August 2007 -3.56 0.63 September 2007 -3.69 2.12 October 2007 -0.07 0.39 November 2007 4.94 -0.03 December 2007 -14.71 -4.36 2.87 -2.37 January 2008 Figure: Corporate and Municipal Bonds $ Billions, not seasonally adjusted Period January 2003 Corporate and Municipal Bonds 6-month moving average 20.06 11.35 9.68 11.05 March 2003 24.11 14.85 April 2003 19.02 16.97 May 2003 24.35 17.90 June 2003 16.87 19.01 July 2003 22.64 19.45 August 2003 13.45 20.07 September 2003 16.04 18.73 October 2003 16.29 18.28 November 2003 24.31 18.27 December 2003 16.98 18.29 February 2003 January 2004 6.40 15.58 February 2004 16.32 16.06 March 2004 21.74 17.01 April 2004 13.96 16.62 May 2004 16.59 15.33 June 2004 24.18 16.53 July 2004 23.71 19.42 August 2004 20.39 20.10 September 2004 40.67 23.25 October 2004 15.61 23.53 November 2004 20.18 24.12 December 2004 35.28 25.97 January 2005 13.12 24.21 February 2005 24.84 24.95 March 2005 17.07 21.01 April 2005 15.98 21.08 May 2005 15.52 20.30 June 2005 44.91 21.91 July 2005 18.49 22.80 August 2005 30.67 23.77 September 2005 38.32 27.32 October 2005 29.70 29.60 November 2005 32.85 32.49 December 2005 29.72 29.96 January 2006 22.15 30.57 February 2006 29.72 30.41 March 2006 41.18 30.89 April 2006 33.16 31.46 May 2006 36.11 32.01 June 2006 33.23 32.59 July 2006 11.52 30.82 August 2006 37.74 32.16 September 2006 56.72 34.74 October 2006 31.33 34.44 November 2006 53.79 37.39 December 2006 26.26 36.23 January 2007 41.62 41.24 February 2007 36.00 40.95 March 2007 39.58 38.10 April 2007 22.82 36.68 May 2007 68.49 39.13 June 2007 20.34 38.14 July 2007 -6.76 30.08 August 2007 -8.56 22.65 September 2007 6.98 17.22 October 2007 9.63 15.02 November 2007 7.69 4.88 December 2007 27.74 6.12 January 2008 -0.83 7.11 Figure: Corporate Stocks $ Billions, not seasonally adjusted Period Corporate Stocks 6-month moving average January 2003 -2.87 1.48 February 2003 -2.08 0.35 March 2003 2.78 1.86 April 2003 4.49 2.00 May 2003 6.70 2.03 June 2003 9.20 3.04 July 2003 -9.53 1.93 August 2003 11.57 4.20 September 2003 -6.10 2.72 October 2003 0.23 2.01 November 2003 8.92 2.38 December 2003 13.94 3.17 January 2004 11.78 6.72 4.70 5.58 -10.08 4.91 February 2004 March 2004 April 2004 10.12 6.56 May 2004 -5.68 4.13 June 2004 4.19 2.50 July 2004 7.31 1.76 August 2004 -2.42 0.57 September 2004 -3.33 1.70 October 2004 November 2004 3.65 0.62 34.83 7.37 December 2004 7.31 7.89 13.15 8.86 February 2005 4.58 10.03 March 2005 2.96 11.08 April 2005 6.53 11.56 May 2005 2.10 6.10 June 2005 4.82 5.69 July 2005 7.78 4.79 August 2005 1.56 4.29 22.03 7.47 January 2005 September 2005 October 2005 9.60 7.98 November 2005 6.61 8.73 December 2005 10.32 9.65 January 2006 24.31 12.41 February 2006 18.50 15.23 March 2006 21.22 15.09 April 2006 8.99 14.99 May 2006 13.86 16.20 June 2006 -2.80 14.01 July 2006 12.67 12.07 August 2006 7.88 10.30 September 2006 15.38 9.33 October 2006 28.71 12.62 November 2006 11.20 12.17 December 2006 -11.05 10.80 January 2007 22.95 12.51 February 2007 12.17 13.23 March 2007 9.07 12.17 April 2007 35.61 13.33 May 2007 42.72 18.58 June 2007 28.31 25.14 July 2007 18.41 24.38 -39.11 15.83 August 2007 September 2007 2.53 14.74 32.99 14.31 November 2007 4.27 7.90 December 2007 22.01 6.85 3.48 4.36 October 2007 January 2008 U.S. Net Acquisitions (-) of Foreign Securities Figure: Total $ Billions, not seasonally adjusted Period Total 6-month moving average January 2003 -7.54 -6.94 February 2003 1.74 -5.87 -25.80 -9.23 March 2003 April 2003 -0.34 -8.40 May 2003 -14.56 -10.03 June 2003 July 2003 -17.95 -10.74 -3.12 -10.01 -17.69 -13.24 -6.94 -10.10 October 2003 -28.21 -14.75 November 2003 -16.51 -15.07 December 2003 -9.66 -13.69 January 2004 -15.42 -15.74 February 2004 -15.62 -15.39 1.06 -14.06 -18.27 -12.40 August 2003 September 2003 March 2004 April 2004 May 2004 -9.47 -11.23 June 2004 -11.05 -11.46 July 2004 -15.60 -11.49 August 2004 -5.65 -9.83 September 2004 -26.62 -14.44 October 2004 -17.51 -14.32 November 2004 12.02 -10.73 December 2004 -24.10 -12.91 -8.89 -11.79 February 2005 -17.19 -13.71 March 2005 -25.59 -13.54 April 2005 -12.33 -12.68 May 2005 -17.72 -17.64 June 2005 -19.25 -16.83 July 2005 -19.40 -18.58 -2.10 -16.06 September 2005 -25.85 -16.11 October 2005 -5.45 -14.96 November 2005 -19.47 -15.25 December 2005 -23.75 -16.00 January 2006 -21.07 -16.28 February 2006 -13.25 -18.14 March 2006 -22.99 -17.66 April 2006 -20.92 -20.24 May 2006 -28.42 -21.73 June 2006 -12.43 -19.85 July 2006 -21.77 -19.96 -5.64 -18.69 September 2006 -25.45 -19.10 October 2006 -18.55 -18.71 November 2006 -47.00 -21.81 December 2006 -52.88 -28.55 January 2007 -16.44 -27.66 February 2007 -20.31 -30.10 March 2007 -46.92 -33.68 April 2007 -15.73 -33.21 May 2007 -36.08 -31.39 June 2007 -16.85 -25.39 January 2005 August 2005 August 2006 July 2007 -15.77 -25.28 August 2007 -36.25 -27.93 September 2007 -47.22 -27.98 October 2007 -8.35 -26.75 November 2007 18.86 -17.60 December 2007 -14.31 -17.17 January 2008 -20.91 -18.03 Figure: Bonds $ Billions, not seasonally adjusted Period Bonds 6-month moving average January 2003 0.29 -3.55 February 2003 6.86 -1.28 March 2003 -5.16 -1.48 April 2003 -1.56 -2.05 May 2003 -1.74 -1.88 -10.68 -2.00 June 2003 July 2003 6.47 -0.97 -2.17 -2.47 6.92 -0.46 October 2003 -15.53 -2.79 November 2003 -12.52 -4.59 December 2003 0.87 -2.66 January 2004 -4.22 -4.44 February 2004 August 2003 September 2003 -8.86 -5.56 March 2004 0.17 -6.68 April 2004 5.36 -3.20 May 2004 -1.97 -1.44 June 2004 -1.74 -1.87 July 2004 -5.43 -2.08 August 2004 -3.25 -1.14 September 2004 -21.08 -4.68 October 2004 -6.26 -6.62 November 2004 -4.66 -7.07 December 2004 -8.96 -8.27 January 2005 -2.38 -7.76 February 2005 -1.05 -7.40 March 2005 -7.36 -5.11 April 2005 -6.87 -5.21 May 2005 -11.94 -6.43 June 2005 -5.71 -5.88 July 2005 -9.55 -7.08 August 2005 15.94 -4.25 -18.49 -6.10 September 2005 October 2005 1.58 -4.69 November 2005 -1.00 -2.87 December 2005 -6.28 -2.97 January 2006 -4.65 -2.15 February 2006 -0.62 -4.91 March 2006 -9.17 -3.36 April 2006 -8.32 -5.01 May 2006 -19.44 -8.08 June 2006 -11.70 -8.98 July 2006 -18.17 -11.23 August 2006 -10.82 -12.93 September 2006 -15.82 -14.04 October 2006 -9.67 -14.27 November 2006 -11.85 -13.01 December 2006 -32.23 -16.43 January 2007 -1.19 -13.60 February 2007 -4.80 -12.60 March 2007 -33.38 -15.52 April 2007 -11.69 -15.86 May 2007 -22.44 -17.62 -7.33 -13.47 June 2007 July 2007 0.16 -13.25 August 2007 -22.35 -16.17 September 2007 -20.39 -14.01 -9.75 -13.68 November 2007 10.30 -8.23 December 2007 -13.72 -9.29 January 2008 -17.19 -12.18 October 2007 Figure: Stock Purchases & Swaps $ Billions, not seasonally adjusted Period Stock Purchases & Swaps 6-month moving average January 2003 -7.83 -3.40 February 2003 -5.13 -4.59 -20.65 -7.75 April 2003 1.22 -6.35 May 2003 -12.82 -8.15 -7.27 -8.75 March 2003 June 2003 July 2003 -9.58 -9.04 August 2003 -15.51 -10.77 September 2003 -13.86 -9.64 October 2003 -12.69 -11.95 November 2003 -3.98 -10.48 December 2003 -10.53 -11.03 January 2004 -11.21 -11.30 -6.77 -9.84 0.89 -7.38 April 2004 -23.63 -9.21 May 2004 -7.51 -9.79 June 2004 -9.31 -9.59 -10.17 -9.41 August 2004 -2.40 -8.69 September 2004 -5.55 -9.76 -11.25 -7.70 November 2004 16.69 -3.66 December 2004 -15.14 -4.64 February 2004 March 2004 July 2004 October 2004 January 2005 -6.51 -4.03 February 2005 -16.15 -6.32 March 2005 -18.23 -8.43 -5.47 -7.47 April 2005 May 2005 June 2005 July 2005 August 2005 -5.78 -11.21 -13.55 -10.95 -9.86 -11.50 -18.03 -11.82 September 2005 -7.36 -10.01 October 2005 -7.03 -10.27 November 2005 -18.47 -12.38 December 2005 -17.47 -13.04 January 2006 -16.42 -14.13 February 2006 -12.63 -13.23 March 2006 -13.82 -14.31 April 2006 -12.60 -15.23 May 2006 -8.99 -13.65 June 2006 -0.73 -10.86 July 2006 -3.60 -8.73 5.18 -5.76 September 2006 -9.63 -5.06 October 2006 -8.87 -4.44 November 2006 -35.15 -8.80 December 2006 -20.64 -12.12 January 2007 -15.25 -14.06 February 2007 -15.51 -17.51 March 2007 -13.54 -18.16 April 2007 -4.04 -17.35 May 2007 -13.64 -13.77 -9.53 -11.92 July 2007 -15.93 -12.03 August 2007 -13.90 -11.76 September 2007 -26.83 -13.98 August 2006 June 2007 October 2007 1.40 -13.07 November 2007 8.57 -9.37 December 2007 -0.59 -7.88 January 2008 -3.72 -5.85 Exchange Value of the Dollar and Stock Market Indexes Percent change since January FOMC Latest Exchange rates* Euro ($/euro) Yen (¥/$) Sterling ($/£) Canadian dollar (C$/$) 1.5562 -5.0 100.8 -6.0 2.0360 -2.4 .9868 -0.7 Nominal dollar indexes* Broad index 95.4 -2.5 Major currencies index 69.8 -3.7 124.0 -1.2 339.7 -6.0 TOPIX 1215.9 -7.9 FTSE 100 5659.4 -3.0 S&P 500 1305.3 -4.2 OITP index Stock market indexes DJ Euro Stoxx * Positive percent change denotes appreciation of U.S. dollar. Return to table Figure: Exchange Value of the Dollar Weekly January 5, 2004 = 100 Period Major Currencies Index 2 January 2004 ND 9 January 2004 99.71 16 January 2004 23 January 2004 30 January 2004 Euro ND Yen ND 99.46 100.13 100.17 100.25 100.24 ND ND ND 101.31 101.19 99.75 6 February 2004 101.43 100.89 99.45 13 February 2004 100.30 99.41 99.46 20 February 2004 ND ND ND 27 February 2004 102.03 101.20 102.58 5 March 2004 103.33 103.33 103.98 12 March 2004 103.29 103.11 104.82 19 March 2004 103.01 103.30 102.01 26 March 2004 102.62 103.67 100.22 2 April 2004 101.86 103.76 98.69 9 April 2004 102.66 104.86 99.72 16 April 2004 104.10 105.89 101.27 23 April 2004 105.19 106.65 102.87 30 April 2004 105.41 106.50 103.34 7 May 2004 105.36 105.40 103.82 14 May 2004 107.25 107.02 107.34 21 May 2004 106.26 105.78 106.73 28 May 2004 104.91 104.49 105.09 4 June 2004 ND ND ND 11 June 2004 104.09 104.26 103.40 18 June 2004 104.86 105.00 103.52 25 June 2004 104.06 104.60 102.00 2 July 2004 103.46 104.00 102.24 9 July 2004 ND ND ND 16 July 2004 102.24 102.41 102.74 23 July 2004 102.58 103.21 103.03 30 July 2004 104.21 105.07 104.85 6 August 2004 103.73 104.85 104.53 13 August 2004 103.07 103.31 104.42 20 August 2004 102.35 102.83 103.50 27 August 2004 103.39 104.80 103.43 3 September 2004 10 September 2004 103.35 104.57 103.38 ND ND ND 17 September 2004 102.88 103.94 103.60 24 September 2004 102.40 103.50 103.95 1 October 2004 101.77 102.69 104.46 8 October 2004 101.72 102.93 104.48 15 October 2004 22 October 2004 ND ND ND 99.85 100.75 101.90 29 October 2004 98.29 99.41 100.29 5 November 2004 97.78 98.98 100.00 12 November 2004 ND ND ND 19 November 2004 96.38 97.54 98.41 ND ND ND 3 December 2004 26 November 2004 94.74 95.32 96.91 10 December 2004 95.61 95.17 98.12 17 December 2004 96.00 95.19 98.57 24 December 2004 95.65 94.35 97.95 31 December 2004 94.59 93.26 97.28 7 January 2005 96.24 95.61 98.18 14 January 2005 95.92 96.25 97.09 21 January 2005 ND ND ND 28 January 2005 96.98 97.32 97.33 4 February 2005 97.39 97.58 97.98 11 February 2005 98.37 98.90 99.46 18 February 2005 97.23 97.35 99.17 ND ND ND 4 March 2005 25 February 2005 96.58 96.11 98.55 11 March 2005 95.41 94.90 98.34 18 March 2005 95.31 94.95 98.57 25 March 2005 96.72 97.10 99.61 1 April 2005 97.53 98.14 101.19 8 April 2005 98.01 98.49 102.18 15 April 2005 98.20 98.27 101.64 22 April 2005 97.47 97.07 100.65 29 April 2005 97.81 97.95 99.58 6 May 2005 97.95 98.36 98.84 13 May 2005 98.59 99.26 100.02 20 May 2005 99.91 100.44 101.19 27 May 2005 100.10 100.87 101.55 3 June 2005 10 June 2005 ND ND ND 100.66 103.58 101.10 17 June 2005 101.44 104.78 102.96 24 June 2005 101.00 104.71 102.70 1 July 2005 101.49 104.99 104.08 8 July 2005 ND ND ND 15 July 2005 101.37 104.82 105.42 22 July 2005 101.79 105.11 105.46 29 July 2005 102.03 105.03 105.71 5 August 2005 100.65 103.17 105.13 12 August 2005 99.95 102.39 104.44 19 August 2005 100.15 103.39 103.60 26 August 2005 99.89 103.38 103.62 2 September 2005 99.50 102.65 104.18 9 September 2005 ND ND ND 16 September 2005 99.57 103.48 104.22 23 September 2005 99.78 104.32 105.18 30 September 2005 100.72 105.41 106.58 7 October 2005 100.94 105.55 107.37 14 October 2005 21 October 2005 ND ND ND 101.51 105.82 108.85 28 October 2005 100.96 104.93 108.66 4 November 2005 101.82 105.91 110.30 11 November 2005 18 November 2005 25 November 2005 2 December 2005 ND ND ND 103.64 108.40 112.16 ND ND ND 102.80 107.85 113.06 9 December 2005 102.39 107.55 113.74 16 December 2005 101.09 105.81 111.06 23 December 2005 101.83 106.73 109.96 30 December 2005 ND ND ND 6 January 2006 ND ND ND 13 January 2006 20 January 2006 100.48 104.96 107.82 ND ND ND 27 January 2006 99.74 103.63 109.02 3 February 2006 100.42 104.85 111.12 10 February 2006 101.31 106.08 111.58 17 February 2006 101.62 106.60 111.09 24 February 2006 3 March 2006 ND ND ND 100.64 106.17 109.43 10 March 2006 101.55 106.35 111.24 17 March 2006 101.01 105.03 110.59 24 March 2006 101.26 105.03 110.33 31 March 2006 101.41 104.97 110.56 7 April 2006 100.81 103.97 111.00 14 April 2006 100.86 104.72 111.75 21 April 2006 99.60 103.00 110.73 28 April 2006 98.17 101.60 107.88 5 May 2006 96.58 100.14 106.63 12 May 2006 95.55 99.04 104.46 19 May 2006 95.90 99.20 104.34 26 May 2006 96.11 99.12 105.61 2 June 2006 ND ND ND 9 June 2006 96.35 16 June 2006 97.15 100.58 108.25 23 June 2006 97.54 100.77 108.81 30 June 2006 97.72 100.65 109.28 7 July 2006 14 July 2006 ND 97.41 99.27 106.77 ND ND 99.80 108.45 21 July 2006 98.21 100.77 110.23 28 July 2006 97.84 100.13 109.54 4 August 2006 96.79 99.04 108.09 11 August 2006 96.55 98.88 108.72 18 August 2006 96.70 98.95 109.22 25 August 2006 96.60 99.00 109.82 1 September 2006 96.59 99.05 110.41 8 September 2006 ND ND ND 15 September 2006 97.38 99.86 110.85 22 September 2006 97.26 99.71 110.48 29 September 2006 97.18 99.81 110.64 6 October 2006 97.62 99.92 111.23 13 October 2006 20 October 2006 ND ND ND 98.42 100.94 111.98 27 October 2006 97.91 100.48 111.96 3 November 2006 97.25 99.45 110.54 10 November 2006 97.18 99.07 111.02 17 November 2006 97.54 98.96 111.17 24 November 2006 ND 1 December 2006 95.68 ND ND 96.05 109.22 8 December 2006 95.53 95.37 108.72 15 December 2006 96.39 96.14 110.66 22 December 2006 96.66 96.41 111.52 29 December 2006 ND 5 January 2007 ND 12 January 2007 98.11 19 January 2007 ND ND ND ND ND 97.85 112.78 ND ND 26 January 2007 98.28 97.78 114.30 2 February 2007 98.34 97.71 114.27 9 February 2007 98.26 97.59 113.88 16 February 2007 97.66 96.95 113.58 23 February 2007 ND ND ND 2 March 2007 96.96 96.07 111.61 9 March 2007 97.36 96.64 110.16 16 March 2007 96.86 95.81 110.24 23 March 2007 96.36 95.25 110.90 30 March 2007 96.09 95.00 110.80 6 April 2007 96.02 94.75 111.82 13 April 2007 95.61 94.28 112.34 20 April 2007 94.62 93.37 112.02 27 April 2007 94.32 93.14 112.10 4 May 2007 94.23 93.21 113.05 11 May 2007 94.39 93.60 113.14 18 May 2007 94.36 93.68 113.80 25 May 2007 94.26 94.22 114.56 1 June 2007 ND 8 June 2007 93.54 ND ND 94.17 114.47 15 June 2007 94.28 95.11 115.44 22 June 2007 94.19 94.51 116.57 29 June 2007 93.91 6 July 2007 ND 94.15 116.16 ND ND 13 July 2007 92.43 92.34 115.39 20 July 2007 91.86 91.85 114.85 27 July 2007 91.85 92.24 113.08 3 August 2007 92.23 92.48 111.98 10 August 2007 91.97 92.24 111.78 17 August 2007 92.83 93.81 109.65 24 August 2007 92.40 93.66 108.54 31 August 2007 92.06 92.91 108.94 7 September 2007 91.78 92.70 108.59 14 September 2007 90.77 91.52 107.88 21 September 2007 89.94 90.77 108.70 28 September 2007 89.00 89.67 108.54 5 October 2007 88.81 89.53 109.69 12 October 2007 88.50 89.54 110.50 19 October 2007 88.03 89.11 109.59 26 October 2007 87.54 88.90 107.59 2 November 2007 86.47 87.79 108.25 9 November 2007 85.18 86.79 106.67 16 November 2007 ND 23 November 2007 86.08 85.75 102.80 ND ND 30 November 2007 86.35 85.81 103.33 7 December 2007 87.25 86.39 104.38 14 December 2007 87.76 86.68 105.81 21 December 2007 88.45 88.27 106.83 28 December 2007 ND 4 January 2008 ND ND ND ND ND 11 January 2008 87.22 86.15 102.97 18 January 2008 87.28 86.06 101.10 25 January 2008 ND 1 February 2008 86.24 85.63 100.66 ND 8 February 2008 86.85 86.71 100.77 15 February 2008 86.90 86.87 101.39 ND ND 22 February 2008 ND 29 February 2008 85.11 84.31 100.25 ND 7 March 2008 84.25 83.01 97.27 Figure: Exchange Value of the Dollar Daily January 30, 2008 = 100 Date 1 November 2007 Major Currencies Index Euro Yen 100.31 102.40 107.10 2 November 2007 99.71 102.08 106.98 5 November 2007 99.63 102.16 106.80 6 November 2007 99.03 101.56 106.77 7 November 2007 98.17 100.78 105.63 8 November 2007 98.46 100.62 105.04 9 November 2007 98.62 100.80 103.40 12 November 2007 ND ND ND 13 November 2007 99.68 101.26 102.85 14 November 2007 99.59 100.76 103.85 15 November 2007 100.28 100.98 103.29 16 November 2007 100.04 100.89 103.54 19 November 2007 100.24 100.85 102.61 20 November 2007 99.86 99.97 102.61 21 November 2007 99.72 99.68 101.20 22 November 2007 99.72 99.68 101.20 23 November 2007 99.64 99.71 100.86 26 November 2007 99.44 99.46 100.86 27 November 2007 99.97 99.76 101.30 28 November 2007 100.23 100.22 102.92 29 November 2007 100.21 100.11 102.51 30 November 2007 100.89 100.64 103.52 3 December 2007 100.81 100.85 102.97 4 December 2007 100.81 100.16 102.27 5 December 2007 101.45 100.79 103.36 6 December 2007 101.55 100.98 103.54 7 December 2007 101.34 100.80 104.17 10 December 2007 101.28 100.46 104.06 11 December 2007 101.39 100.54 104.21 12 December 2007 101.45 100.54 104.76 13 December 2007 102.16 101.31 104.67 14 December 2007 102.62 102.42 105.69 17 December 2007 102.59 102.87 105.55 18 December 2007 102.65 102.71 105.52 19 December 2007 102.76 103.05 105.77 20 December 2007 102.46 102.99 105.33 21 December 2007 102.45 102.93 106.25 24 December 2007 102.19 102.59 106.71 25 December 2007 ND ND ND 26 December 2007 101.72 101.94 106.37 27 December 2007 101.30 101.24 106.29 28 December 2007 100.72 100.43 105.30 31 December 2007 101.16 101.23 104.16 1 January 2008 2 January 2008 ND ND ND 100.59 100.30 102.28 3 January 2008 100.53 100.31 102.17 4 January 2008 100.46 7 January 2008 101.10 100.67 101.72 99.97 101.05 8 January 2008 100.79 100.44 101.90 9 January 2008 101.35 100.81 102.00 10 January 2008 101.28 100.28 101.99 11 January 2008 101.28 99.97 101.73 14 January 2008 100.90 99.36 100.87 15 January 2008 100.65 99.60 16 January 2008 101.47 100.95 100.02 99.83 17 January 2008 101.41 100.63 99.78 18 January 2008 101.69 101.14 99.60 21 January 2008 ND ND ND 22 January 2008 101.56 101.18 99.54 23 January 2008 101.54 101.43 98.29 24 January 2008 100.53 100.31 99.47 25 January 2008 100.71 100.74 100.06 28 January 2008 100.24 99.95 99.44 29 January 2008 100.16 100.10 99.84 30 January 2008 100.00 100.00 100.00 31 January 2008 99.99 99.60 99.52 1 February 2008 99.70 99.54 99.11 4 February 2008 99.74 99.66 99.52 5 February 2008 100.75 100.98 99.71 6 February 2008 100.63 100.92 99.53 7 February 2008 101.44 101.98 99.60 8 February 2008 101.08 101.91 100.08 11 February 2008 101.01 101.90 12 February 2008 100.67 101.30 100.16 99.43 13 February 2008 100.98 101.46 100.84 14 February 2008 100.62 101.00 100.67 15 February 2008 100.63 100.74 100.39 18 February 2008 ND ND ND 19 February 2008 100.91 100.27 100.23 20 February 2008 101.36 100.81 100.67 21 February 2008 100.46 99.79 100.33 22 February 2008 100.52 99.71 25 February 2008 100.12 99.73 100.59 99.75 26 February 2008 99.49 99.28 100.45 27 February 2008 98.26 97.69 99.19 28 February 2008 97.84 97.43 98.50 29 February 2008 97.82 97.33 97.15 3 March 2008 97.91 97.28 96.57 4 March 2008 98.02 97.19 95.73 5 March 2008 97.84 96.73 96.96 6 March 2008 97.29 96.26 96.13 7 March 2008 97.47 96.41 95.75 10 March 2008 97.41 96.18 94.92 11 March 2008 97.68 96.43 95.92 12 March 2008 96.90 95.51 95.38 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The Yen curve ends at about 94. Figure: Stock Market Indexes Weekly January 5, 2004 = 100 Period DJ Euro Stoxx TOPIX S&P 500 9 January 2004 99.93 99.88 101.51 16 January 2004 100.82 ND 101.96 23 January 2004 102.65 101.41 ND 30 January 2004 102.34 99.87 102.72 6 February 2004 101.06 97.63 102.29 13 February 2004 102.63 ND 103.58 20 February 2004 103.49 99.55 ND 27 February 2004 102.93 100.20 103.09 5 March 2004 104.73 105.61 104.07 12 March 2004 103.29 106.19 101.74 19 March 2004 99.34 107.11 100.52 26 March 2004 97.89 108.52 99.20 101.01 111.30 101.94 2 April 2004 9 April 2004 ND 113.58 ND 16 April 2004 ND 113.92 102.23 23 April 2004 103.41 113.44 102.10 30 April 2004 102.58 ND 101.35 7 May 2004 100.88 ND 100.52 14 May 2004 97.64 103.57 98.73 21 May 2004 97.50 103.24 98.28 28 May 2004 98.68 106.57 100.41 4 June 2004 ND 107.00 ND 11 June 2004 101.06 109.25 ND 18 June 2004 100.85 109.42 102.08 25 June 2004 101.25 110.01 102.55 2 July 2004 101.84 111.90 102.21 9 July 2004 100.28 108.17 ND 16 July 2004 99.20 109.20 100.12 23 July 2004 97.97 ND 98.99 30 July 2004 97.67 106.37 98.81 6 August 2004 97.57 105.79 98.33 13 August 2004 94.71 104.66 96.49 20 August 2004 95.60 103.62 98.26 27 August 2004 97.48 106.28 99.41 3 September 2004 98.43 107.00 99.98 10 September 2004 99.87 107.49 ND 17 September 2004 100.99 106.70 101.52 24 September 2004 100.68 ND 100.74 1 October 2004 100.22 103.76 100.58 8 October 2004 102.90 107.82 102.20 15 October 2004 101.62 ND 100.52 22 October 2004 101.41 103.49 99.65 29 October 2004 101.23 101.95 100.84 5 November 2004 103.81 ND 103.42 12 November 2004 105.03 103.85 105.54 19 November 2004 105.67 105.35 106.36 26 November 2004 105.35 ND ND 3 December 2004 106.00 103.98 106.91 10 December 2004 106.11 103.28 106.95 17 December 2004 106.80 103.86 108.35 24 December 2004 ND ND ND 31 December 2004 ND ND 109.29 108.81 ND 107.32 14 January 2005 108.37 ND 106.87 21 January 2005 108.81 107.75 ND 7 January 2005 28 January 2005 108.97 107.74 105.59 4 February 2005 111.00 108.40 107.48 11 February 2005 112.74 ND 108.23 18 February 2005 113.66 110.11 108.78 25 February 2005 112.62 109.67 ND 4 March 2005 113.74 111.89 109.28 11 March 2005 113.64 113.15 109.36 18 March 2005 112.52 112.98 107.76 25 March 2005 ND ND ND 1 April 2005 ND 111.57 105.99 8 April 2005 113.51 112.70 106.70 15 April 2005 113.31 110.76 105.50 22 April 2005 109.48 106.18 103.72 29 April 2005 109.12 ND 104.11 6 May 2005 109.98 ND 105.42 13 May 2005 110.37 108.08 105.18 20 May 2005 111.55 105.87 106.55 27 May 2005 113.23 106.79 107.79 3 June 2005 114.63 108.26 ND 10 June 2005 115.39 108.08 108.05 17 June 2005 116.74 109.37 108.96 24 June 2005 117.27 110.68 108.90 1 July 2005 117.23 110.80 107.86 8 July 2005 118.40 111.63 ND 15 July 2005 120.14 112.21 110.41 22 July 2005 121.58 ND 110.90 29 July 2005 122.32 113.03 111.41 5 August 2005 122.80 113.81 111.63 12 August 2005 123.47 115.49 111.00 19 August 2005 122.50 118.12 110.28 26 August 2005 121.76 120.08 109.45 2 September 2005 121.24 120.18 109.71 9 September 2005 124.02 121.52 ND 16 September 2005 124.36 124.53 111.23 23 September 2005 124.35 ND 109.92 30 September 2005 126.47 132.30 110.14 7 October 2005 126.98 131.95 108.71 14 October 2005 124.92 ND 106.69 21 October 2005 122.34 130.98 106.84 28 October 2005 121.50 132.61 107.62 4 November 2005 123.70 ND 109.42 11 November 2005 125.12 140.96 110.56 18 November 2005 126.45 141.29 111.60 25 November 2005 128.11 ND ND 2 December 2005 128.77 146.70 113.56 9 December 2005 130.17 150.10 113.64 16 December 2005 130.84 151.28 114.37 23 December 2005 132.44 ND 114.01 ND 155.89 ND 30 December 2005 6 January 2006 135.05 ND ND 13 January 2006 136.15 ND 116.33 20 January 2006 134.61 153.37 ND 27 January 2006 135.12 153.97 114.62 3 February 2006 138.54 161.06 115.16 10 February 2006 139.12 159.39 113.96 17 February 2006 140.83 153.25 115.38 24 February 2006 143.08 152.64 ND 3 March 2006 142.95 154.83 116.24 10 March 2006 142.06 153.70 115.23 17 March 2006 145.10 157.06 117.23 24 March 2006 146.38 ND 117.49 31 March 2006 145.92 161.53 117.15 7 April 2006 146.99 166.38 117.64 14 April 2006 ND 165.79 ND 21 April 2006 ND 164.54 117.74 28 April 2006 147.43 162.41 117.92 ND 118.44 12 May 2006 5 May 2006 147.43 162.93 ND 118.54 19 May 2006 139.51 155.89 115.22 26 May 2006 136.74 151.08 114.22 2 June 2006 138.16 151.08 ND 9 June 2006 134.28 144.98 113.59 16 June 2006 130.95 140.81 111.83 23 June 2006 133.82 144.25 112.27 30 June 2006 135.15 146.57 113.29 7 July 2006 138.56 149.79 ND 14 July 2006 136.62 147.62 113.25 21 July 2006 134.38 ND 112.24 28 July 2006 138.41 144.87 114.39 4 August 2006 139.66 148.25 115.22 11 August 2006 139.37 148.10 114.60 18 August 2006 142.54 153.14 116.36 25 August 2006 142.99 153.90 116.93 1 September 2006 144.57 152.91 117.73 8 September 2006 144.01 154.43 ND 15 September 2006 144.32 150.29 118.48 22 September 2006 145.59 ND 119.04 29 September 2006 147.55 149.45 120.42 6 October 2006 149.07 153.21 121.22 13 October 2006 151.49 ND 122.37 20 October 2006 152.24 154.91 123.32 27 October 2006 153.66 156.58 124.55 3 November 2006 153.07 ND 123.69 10 November 2006 155.60 151.11 124.63 17 November 2006 156.81 149.44 125.85 24 November 2006 156.76 ND ND 1 December 2006 153.19 149.13 125.68 8 December 2006 154.54 152.24 127.27 15 December 2006 157.95 155.11 127.93 22 December 2006 158.86 157.15 128.11 29 December 2006 ND 158.16 ND 5 January 2007 ND ND ND 12 January 2007 160.58 ND 128.00 19 January 2007 162.07 161.37 ND 26 January 2007 162.38 163.50 128.77 2 February 2007 163.76 163.71 129.58 9 February 2007 165.59 163.22 130.47 16 February 2007 166.22 ND 130.72 23 February 2007 166.93 169.36 ND 2 March 2007 161.41 167.00 127.12 9 March 2007 158.76 160.46 125.69 16 March 2007 157.64 160.78 125.41 23 March 2007 162.50 ND 128.44 30 March 2007 164.23 162.43 128.59 ND 161.57 ND 6 April 2007 13 April 2007 ND 163.26 130.49 20 April 2007 171.72 162.22 132.93 27 April 2007 172.23 160.60 134.33 ND 134.83 11 May 2007 4 May 2007 173.21 163.76 ND 135.81 18 May 2007 173.86 161.63 136.29 25 May 2007 175.55 163.10 137.03 1 June 2007 ND 164.68 ND 8 June 2007 174.40 167.40 136.87 15 June 2007 174.25 165.97 136.65 22 June 2007 176.56 168.46 137.17 29 June 2007 174.14 166.15 135.43 6 July 2007 176.38 168.32 ND 13 July 2007 176.46 168.00 138.22 20 July 2007 176.34 ND 139.51 27 July 2007 170.39 164.58 135.54 3 August 2007 166.64 159.07 131.72 10 August 2007 165.55 157.04 132.59 17 August 2007 161.75 149.43 128.89 24 August 2007 163.18 147.23 131.69 31 August 2007 164.73 149.32 131.61 7 September 2007 165.90 149.15 ND 14 September 2007 163.15 144.54 132.85 21 September 2007 166.60 ND 136.58 28 September 2007 168.82 ND 137.46 5 October 2007 171.94 155.47 139.54 12 October 2007 173.81 ND 140.67 19 October 2007 172.41 152.83 138.37 26 October 2007 170.88 147.68 136.97 2 November 2007 172.96 152.40 137.84 9 November 2007 169.32 145.76 133.99 16 November 2007 166.31 139.37 131.72 23 November 2007 161.84 ND ND 30 November 2007 164.86 141.04 130.91 7 December 2007 168.16 145.20 134.10 14 December 2007 169.30 145.42 134.18 21 December 2007 164.90 138.36 131.68 28 December 2007 ND ND ND 4 January 2008 ND ND ND 11 January 2008 160.66 132.18 126.96 18 January 2008 154.42 ND 123.21 25 January 2008 142.47 120.73 ND 1 February 2008 146.35 125.12 123.52 8 February 2008 144.27 124.85 121.10 15 February 2008 144.75 ND 121.86 22 February 2008 145.85 125.35 ND 29 February 2008 146.99 127.38 123.26 7 March 2008 140.77 119.66 118.89 Figure: Stock Market Indexes Daily January 30, 2008 = 100 Date DJ Euro Stoxx TOPIX S&P 500 1 November 2007 117.71 123.91 110.73 2 November 2007 117.40 121.21 110.82 5 November 2007 116.71 119.32 110.27 6 November 2007 117.14 119.28 111.60 7 November 2007 116.57 117.92 108.32 8 November 2007 115.58 114.91 108.26 9 November 2007 113.97 113.20 106.71 12 November 2007 114.10 110.32 105.64 13 November 2007 114.13 110.20 108.72 14 November 2007 114.84 113.45 107.95 15 November 2007 113.66 113.54 106.52 16 November 2007 112.95 111.48 107.08 19 November 2007 110.96 110.34 105.21 20 November 2007 112.12 111.30 105.68 21 November 2007 109.62 108.98 104.00 22 November 2007 109.99 108.88 ND 23 November 2007 111.69 ND 105.76 26 November 2007 111.08 111.13 103.30 27 November 2007 110.76 112.02 104.84 28 November 2007 113.41 111.78 107.83 29 November 2007 114.01 114.72 107.89 30 November 2007 115.44 116.04 108.72 3 December 2007 114.86 116.06 108.08 4 December 2007 113.61 114.80 107.38 5 December 2007 115.48 115.64 109.01 6 December 2007 115.61 117.59 110.65 7 December 2007 116.46 118.31 110.45 10 December 2007 117.07 118.06 111.28 11 December 2007 116.74 118.70 108.47 12 December 2007 116.98 117.94 109.12 13 December 2007 114.36 114.85 109.26 14 December 2007 114.75 113.72 107.76 17 December 2007 112.75 111.56 106.14 18 December 2007 112.74 111.34 106.80 19 December 2007 112.36 110.35 106.66 20 December 2007 112.64 110.41 107.18 21 December 2007 114.34 111.29 108.97 24 December 2007 ND ND 109.85 25 December 2007 ND 113.33 ND 26 December 2007 ND 114.27 109.94 27 December 2007 114.71 113.62 108.37 28 December 2007 114.83 111.78 108.53 31 December 2007 114.79 ND 107.79 1 January 2008 ND ND ND 2 January 2008 113.41 ND 106.23 3 January 2008 112.93 ND 106.23 4 January 2008 111.11 106.95 103.62 7 January 2008 110.91 105.50 103.96 8 January 2008 111.35 106.28 102.05 9 January 2008 110.04 107.89 103.44 10 January 2008 109.15 106.15 104.26 11 January 2008 108.88 104.35 102.84 14 January 2008 109.39 ND 103.96 15 January 2008 106.46 102.28 101.37 16 January 2008 105.36 98.66 100.80 17 January 2008 104.55 100.78 97.87 18 January 2008 103.17 101.62 97.28 21 January 2008 96.47 98.00 ND 22 January 2008 97.99 92.41 96.20 23 January 2008 94.16 94.68 98.26 24 January 2008 99.82 97.30 99.25 25 January 2008 99.58 101.87 97.67 28 January 2008 99.05 97.95 99.39 29 January 2008 100.68 100.65 100.00 30 January 2008 100.00 100.00 99.52 31 January 2008 99.75 101.98 101.19 1 February 2008 101.83 101.27 102.43 4 February 2008 102.09 103.38 101.36 5 February 2008 98.18 102.68 98.12 6 February 2008 99.11 98.36 97.37 7 February 2008 97.38 98.86 98.14 8 February 2008 97.41 97.50 97.72 11 February 2008 96.74 ND 98.30 12 February 2008 99.99 97.42 99.01 13 February 2008 100.29 97.37 100.36 14 February 2008 100.31 100.93 99.01 15 February 2008 98.48 101.12 99.10 18 February 2008 100.27 100.98 ND 19 February 2008 20 February 2008 100.71 101.91 99.50 99.01 98.68 99.83 21 February 2008 100.06 101.11 98.55 22 February 2008 99.03 100.10 99.33 25 February 2008 100.60 102.68 100.70 26 February 2008 102.07 102.07 101.39 27 February 2008 101.98 103.36 101.30 28 February 2008 100.16 102.50 100.39 29 February 2008 98.70 100.32 97.68 3 March 2008 97.38 96.29 97.73 4 March 2008 95.76 95.88 97.39 5 March 2008 97.79 95.74 97.90 6 March 2008 96.21 97.53 95.75 7 March 2008 95.07 94.52 94.94 10 March 2008 93.98 92.75 93.47 11 March 2008 95.42 93.56 96.94 12 March 2008 96.75 95.08 96.98 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The DJ Euro Stoxx curve ends at about 94, the TOPIX curve ends at about 92, and the S&P 500 curve ends at about 96. Industrial Countries: Nominal and Real Interest Rates Percent 3-month LIBOR 10-year nominal Change since January FOMC Latest 10-year indexed Change since January FOMC Latest Change since January FOMC Latest Germany 4.60 0.22 3.73 -0.29 1.34 -0.46 Japan 0.98 0.10 1.29 -0.14 1.08 0.03 United Kingdom 5.84 0.25 4.33 -0.23 1.07 -0.28 Canada 3.70 -0.39 3.49 -0.41 … … United States 2.80 -0.44 3.49 -0.20 1.06 -0.35 Figure: Nominal 10-Year Government Bond Yields Weekly Percent Period Germany Japan United States 2 January 2004 ND 1.36 ND 9 January 2004 4.25 1.38 4.27 16 January 2004 4.15 ND 4.04 23 January 2004 4.15 1.32 ND 30 January 2004 4.19 1.32 4.17 6 February 2004 4.19 1.29 4.16 13 February 2004 4.13 1.25 4.08 20 February 2004 4.10 1.24 ND 27 February 2004 4.09 1.22 4.03 5 March 2004 4.06 1.37 4.00 12 March 2004 3.91 1.32 3.75 19 March 2004 3.89 1.32 3.75 26 March 2004 3.87 1.34 3.76 2 April 2004 3.97 1.44 3.95 9 April 2004 4.08 1.49 ND 16 April 2004 4.13 1.52 4.36 23 April 2004 4.16 1.53 4.43 30 April 2004 4.18 1.52 4.49 7 May 2004 4.19 ND 4.62 14 May 2004 4.30 1.51 4.81 21 May 2004 4.31 1.46 4.74 28 May 2004 4.31 1.47 4.68 4 June 2004 4.38 1.56 ND 11 June 2004 4.39 1.74 ND 18 June 2004 4.39 1.85 4.75 25 June 2004 4.34 1.88 4.69 2 July 2004 4.33 1.84 4.63 9 July 2004 4.24 1.79 ND 16 July 2004 4.24 1.77 4.47 23 July 2004 4.24 1.78 4.46 30 July 2004 4.27 1.83 4.56 6 August 2004 4.16 1.78 4.41 13 August 2004 4.07 1.62 4.28 20 August 2004 4.07 1.55 4.23 27 August 2004 4.09 1.58 4.25 3 September 2004 4.07 1.52 4.19 10 September 2004 4.12 1.58 ND 17 September 2004 4.06 1.50 4.14 24 September 2004 3.99 ND 4.04 1 October 2004 3.98 1.42 4.10 8 October 2004 4.01 1.57 4.20 15 October 2004 3.92 1.48 ND 22 October 2004 3.89 1.46 4.03 29 October 2004 3.85 1.44 4.05 5 November 2004 3.88 ND 4.12 12 November 2004 3.86 1.49 ND 19 November 2004 3.77 1.46 4.17 26 November 2004 3.76 ND ND 3 December 2004 3.79 1.44 4.35 10 December 2004 3.67 1.42 4.19 17 December 2004 3.59 1.37 4.16 24 December 2004 3.61 ND ND 31 December 2004 3.66 ND 4.29 7 January 2005 3.64 ND 4.28 14 January 2005 3.58 ND 4.25 21 January 2005 3.55 1.36 ND 28 January 2005 3.56 1.34 4.19 4 February 2005 3.53 1.31 4.14 11 February 2005 3.46 ND 4.06 18 February 2005 3.55 1.42 4.16 25 February 2005 3.69 1.41 ND 4 March 2005 3.74 1.49 4.37 11 March 2005 3.74 1.49 4.45 18 March 2005 3.72 1.46 4.51 25 March 2005 3.71 ND ND 1 April 2005 3.66 1.35 4.55 8 April 2005 3.59 1.36 4.48 15 April 2005 3.53 1.33 4.37 22 April 2005 3.47 1.27 4.26 29 April 2005 3.42 ND 4.24 6 May 2005 3.40 ND 4.22 13 May 2005 3.36 1.28 4.21 20 May 2005 3.32 1.28 4.11 27 May 2005 3.33 1.26 4.07 3 June 2005 3.26 1.23 ND 10 June 2005 3.16 1.23 3.97 17 June 2005 3.26 1.26 4.10 24 June 2005 3.19 1.25 4.00 1 July 2005 3.14 1.18 3.97 8 July 2005 3.20 1.23 ND 15 July 2005 3.26 1.26 4.16 22 July 2005 3.27 1.26 4.22 29 July 2005 3.23 1.28 4.25 5 August 2005 3.33 1.36 4.34 12 August 2005 3.34 1.43 4.36 19 August 2005 3.24 ND 4.24 26 August 2005 3.17 1.43 4.20 2 September 2005 3.12 1.34 4.09 9 September 2005 3.06 1.33 ND 16 September 2005 3.11 1.36 4.19 23 September 2005 3.06 ND 4.23 30 September 2005 3.13 1.44 4.30 7 October 2005 3.18 1.51 4.37 14 October 2005 3.21 ND ND 21 October 2005 3.27 1.53 4.46 28 October 2005 3.35 1.52 4.55 4 November 2005 3.45 ND 4.61 11 November 2005 3.50 1.59 ND 18 November 2005 3.48 1.48 4.52 25 November 2005 3.46 ND ND 2 December 2005 3.42 1.46 4.48 9 December 2005 3.41 1.55 4.52 16 December 2005 3.38 1.55 4.49 23 December 2005 3.35 ND 4.45 30 December 2005 ND ND ND 6 January 2006 3.30 ND ND 13 January 2006 3.28 ND 4.41 20 January 2006 ND ND ND 27 January 2006 3.43 1.48 4.46 3 February 2006 3.49 1.56 4.55 10 February 2006 3.49 1.56 4.56 17 February 2006 3.49 1.55 4.59 24 February 2006 3.45 1.54 ND 3 March 2006 3.54 1.61 4.61 10 March 2006 3.63 1.63 4.74 17 March 2006 3.68 1.71 4.71 24 March 2006 3.66 1.73 4.69 31 March 2006 3.74 1.75 4.80 7 April 2006 3.86 1.86 4.89 14 April 2006 3.91 1.91 ND 21 April 2006 3.95 1.93 5.02 28 April 2006 3.97 1.94 5.07 5 May 2006 4.00 ND 5.14 12 May 2006 4.04 1.98 5.14 19 May 2006 4.02 1.95 5.11 26 May 2006 3.90 1.84 5.05 2 June 2006 3.95 1.88 ND 9 June 2006 3.97 1.87 5.01 16 June 2006 3.91 1.80 5.05 23 June 2006 4.03 1.85 5.18 30 June 2006 4.08 1.91 5.22 7 July 2006 4.10 1.96 ND 14 July 2006 4.05 1.93 5.10 21 July 2006 3.99 ND 5.07 28 July 2006 3.95 1.88 5.05 4 August 2006 3.93 1.90 4.96 11 August 2006 3.93 1.86 4.94 18 August 2006 3.95 1.85 4.90 25 August 2006 3.82 1.79 4.81 1 September 2006 3.79 1.67 4.76 8 September 2006 3.79 1.71 ND 15 September 2006 3.80 1.67 4.79 22 September 2006 3.77 ND 4.71 29 September 2006 3.68 1.64 4.60 6 October 2006 3.72 1.71 4.62 13 October 2006 3.80 ND ND 20 October 2006 3.83 1.79 4.78 27 October 2006 3.86 1.78 4.77 3 November 2006 3.75 ND 4.64 10 November 2006 3.75 1.73 4.64 17 November 2006 3.73 1.70 4.61 24 November 2006 3.72 ND ND 1 December 2006 3.70 1.65 4.49 8 December 2006 3.70 1.65 4.48 15 December 2006 3.76 1.64 4.56 22 December 2006 3.86 1.63 4.60 29 December 2006 3.92 1.63 ND 5 January 2007 3.95 ND ND 12 January 2007 4.02 ND 4.70 19 January 2007 4.05 1.71 ND 26 January 2007 4.05 1.66 4.83 2 February 2007 4.10 1.71 4.86 9 February 2007 4.05 ND 4.77 16 February 2007 4.09 ND 4.75 23 February 2007 4.06 1.69 ND 2 March 2007 3.96 1.65 4.55 9 March 2007 3.93 1.62 4.53 16 March 2007 3.91 1.60 4.54 23 March 2007 3.94 1.58 4.58 30 March 2007 4.03 1.65 4.63 6 April 2007 4.09 1.67 4.68 13 April 2007 4.16 1.67 4.74 20 April 2007 4.19 1.69 4.69 27 April 2007 4.19 ND 4.67 4 May 2007 4.19 ND 4.65 11 May 2007 4.21 1.65 4.65 18 May 2007 4.30 1.65 4.74 25 May 2007 4.36 1.68 4.84 1 June 2007 4.42 ND ND 8 June 2007 4.51 1.84 5.02 15 June 2007 4.62 1.92 5.20 22 June 2007 4.64 1.90 5.14 29 June 2007 4.58 1.87 5.09 6 July 2007 4.60 1.89 ND 13 July 2007 4.61 1.92 5.10 20 July 2007 4.54 ND 5.03 27 July 2007 4.39 1.84 4.88 3 August 2007 4.34 1.79 4.77 10 August 2007 4.37 1.75 4.79 17 August 2007 4.32 ND 4.70 24 August 2007 4.27 1.59 4.62 31 August 2007 4.24 1.61 4.55 7 September 2007 4.22 1.62 ND 14 September 2007 4.13 1.54 4.42 21 September 2007 4.27 ND 4.57 28 September 2007 4.36 ND 4.61 5 October 2007 4.32 1.69 4.57 12 October 2007 4.37 ND ND 19 October 2007 4.36 1.66 4.57 26 October 2007 4.17 1.60 4.39 2 November 2007 4.20 1.62 4.39 9 November 2007 4.14 1.56 4.32 16 November 2007 4.12 1.51 ND 23 November 2007 4.04 ND ND 30 November 2007 4.07 1.49 3.94 7 December 2007 4.08 1.50 3.97 14 December 2007 4.28 1.54 4.12 21 December 2007 4.28 1.52 4.12 28 December 2007 4.31 ND ND 4 January 2008 4.23 ND ND 11 January 2008 4.11 1.45 3.85 18 January 2008 4.00 ND 3.72 25 January 2008 3.95 1.38 ND 1 February 2008 3.96 1.44 3.67 8 February 2008 3.88 1.44 3.66 15 February 2008 3.94 ND 3.72 22 February 2008 4.01 1.46 ND 29 February 2008 4.02 1.44 3.78 7 March 2008 3.82 1.36 3.61 Figure: Nominal 10-Year Government Bond Yields Daily Percent Date Germany Japan United States 1 November 2007 4.21 1.67 4.36 2 November 2007 4.18 1.60 4.31 5 November 2007 4.17 1.58 4.35 6 November 2007 4.18 1.59 4.38 7 November 2007 4.15 1.57 4.34 8 November 2007 4.13 1.55 4.28 9 November 2007 4.09 1.54 4.23 12 November 2007 4.10 1.53 ND 13 November 2007 4.13 1.50 4.26 14 November 2007 4.15 1.53 4.28 15 November 2007 4.12 1.51 4.17 16 November 2007 4.10 1.48 4.15 19 November 2007 4.05 1.48 4.07 20 November 2007 4.06 1.48 4.06 21 November 2007 4.01 1.44 4.00 22 November 2007 4.03 1.43 ND 23 November 2007 4.04 ND 4.01 26 November 2007 4.02 1.49 3.83 27 November 2007 4.04 1.51 3.95 28 November 2007 4.11 1.50 4.03 29 November 2007 4.07 1.50 3.94 30 November 2007 4.13 1.47 3.97 3 December 2007 4.07 1.46 3.89 4 December 2007 4.03 1.43 3.89 5 December 2007 4.03 1.49 3.92 6 December 2007 4.08 1.55 4.02 7 December 2007 4.20 1.56 4.12 10 December 2007 4.27 1.57 4.15 11 December 2007 4.24 1.57 3.98 12 December 2007 4.31 1.53 4.05 13 December 2007 4.28 1.51 4.18 14 December 2007 4.31 1.54 4.24 17 December 2007 4.29 1.54 4.20 18 December 2007 4.29 1.53 4.14 19 December 2007 4.28 1.49 4.06 20 December 2007 4.25 1.52 4.04 21 December 2007 4.30 1.55 4.18 24 December 2007 4.31 ND 4.23 25 December 2007 4.30 1.58 ND 26 December 2007 4.31 1.55 4.30 27 December 2007 4.35 1.54 4.21 28 December 2007 4.31 1.50 4.11 31 December 2007 4.31 ND 4.04 1 January 2008 4.30 ND ND 2 January 2008 4.21 ND 3.91 3 January 2008 4.19 ND 3.91 4 January 2008 4.14 1.47 3.88 7 January 2008 4.13 1.46 3.86 8 January 2008 4.15 1.46 3.86 9 January 2008 4.09 1.47 3.82 10 January 2008 4.09 1.44 3.91 11 January 2008 4.09 1.43 3.82 14 January 2008 4.05 ND 3.81 15 January 2008 4.02 1.43 3.72 16 January 2008 3.98 1.39 3.74 17 January 2008 3.98 1.42 3.66 18 January 2008 3.97 1.40 3.66 21 January 2008 3.91 1.37 ND 22 January 2008 3.99 1.32 3.52 23 January 2008 3.89 1.35 3.51 24 January 2008 4.00 1.39 3.68 25 January 2008 3.98 1.48 3.61 28 January 2008 3.95 1.41 3.61 29 January 2008 3.99 1.48 3.69 30 January 2008 4.02 1.43 3.78 31 January 2008 3.93 1.44 3.67 1 February 2008 3.92 1.43 3.62 4 February 2008 3.93 1.47 3.68 5 February 2008 3.85 1.48 3.61 6 February 2008 3.90 1.42 3.61 7 February 2008 3.88 1.43 3.74 8 February 2008 3.86 1.42 3.64 11 February 2008 3.86 ND 3.62 12 February 2008 3.95 1.41 3.66 13 February 2008 3.96 1.42 3.70 14 February 2008 4.01 1.47 3.85 15 February 2008 3.96 1.46 3.76 18 February 2008 4.02 1.45 ND 19 February 2008 3.99 1.46 3.89 20 February 2008 4.03 1.43 3.93 21 February 2008 4.02 1.49 3.77 22 February 2008 4.00 1.45 3.79 25 February 2008 4.04 1.49 3.91 26 February 2008 4.07 1.48 3.88 27 February 2008 4.09 1.47 3.85 28 February 2008 4.00 1.42 3.71 29 February 2008 3.89 1.36 3.53 3 March 2008 3.86 1.35 3.54 4 March 2008 3.81 1.37 3.63 5 March 2008 3.86 1.37 3.70 6 March 2008 3.81 1.36 3.62 7 March 2008 3.79 1.34 3.56 10 March 2008 3.73 1.33 3.46 11 March 2008 3.79 1.34 3.60 12 March 2008 3.79 1.33 ND As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The United States curve ends at about 3.5 percent. Figure: Inflation-Indexed 10-Year Government Bond Yields Weekly Percent Period France Japan* United States 2 January 2004 2.04 ND ND 9 January 2004 1.99 ND 1.99 16 January 2004 1.95 ND 1.88 23 January 2004 1.91 ND 1.84 30 January 2004 1.94 ND 1.90 6 February 2004 1.95 ND 1.85 13 February 2004 1.89 ND 1.80 20 February 2004 1.85 ND 1.80 27 February 2004 1.83 ND 1.73 5 March 2004 1.81 ND 1.58 12 March 2004 1.64 ND 1.49 19 March 2004 1.62 ND 1.44 26 March 2004 1.57 ND 1.45 2 April 2004 1.64 ND 1.55 9 April 2004 1.76 ND ND 16 April 2004 1.82 ND 1.89 23 April 2004 1.84 1.13 1.98 30 April 2004 1.88 ND 2.10 7 May 2004 1.87 ND 2.18 14 May 2004 1.93 1.10 2.23 21 May 2004 1.89 1.06 2.08 28 May 2004 1.84 1.06 2.03 4 June 2004 1.80 1.09 ND 11 June 2004 1.87 1.11 ND 18 June 2004 1.87 1.18 2.19 25 June 2004 1.89 1.18 2.16 2 July 2004 1.86 1.13 2.11 9 July 2004 1.77 1.06 ND 16 July 2004 1.77 1.01 2.02 23 July 2004 1.80 ND 2.04 30 July 2004 1.83 0.98 2.10 6 August 2004 1.75 0.86 1.97 13 August 2004 1.68 0.69 1.85 20 August 2004 1.67 0.64 1.83 27 August 2004 1.67 0.66 1.89 3 September 2004 1.67 0.67 1.84 10 September 2004 1.70 0.75 ND 17 September 2004 1.65 0.71 1.85 24 September 2004 1.58 ND 1.80 1 October 2004 1.53 0.63 1.78 8 October 2004 1.53 0.69 1.87 15 October 2004 1.46 ND ND 22 October 2004 1.44 0.59 1.70 29 October 2004 1.38 0.58 1.68 5 November 2004 1.40 ND 1.67 12 November 2004 1.33 0.58 ND 19 November 2004 1.47 0.57 1.66 26 November 2004 1.56 ND ND 3 December 2004 1.56 0.59 1.75 10 December 2004 1.44 0.58 1.65 17 December 2004 1.37 0.57 1.61 24 December 2004 1.40 ND ND 31 December 2004 1.46 ND 1.66 7 January 2005 1.41 ND 1.75 14 January 2005 1.40 ND 1.74 21 January 2005 1.38 0.54 ND 28 January 2005 1.39 0.52 1.70 4 February 2005 1.38 0.49 1.68 11 February 2005 1.31 ND 1.57 18 February 2005 1.40 0.61 1.62 25 February 2005 1.59 0.60 ND 4 March 2005 1.60 0.68 1.68 11 March 2005 1.56 0.65 1.72 18 March 2005 1.56 0.61 1.77 25 March 2005 1.54 ND ND 1 April 2005 1.49 0.44 1.84 8 April 2005 1.40 0.42 1.80 15 April 2005 1.40 0.39 1.73 22 April 2005 1.38 0.35 1.62 29 April 2005 1.36 ND 1.62 6 May 2005 1.37 ND 1.64 13 May 2005 1.31 0.35 1.66 20 May 2005 1.30 0.35 1.66 27 May 2005 1.29 0.33 1.65 3 June 2005 1.27 0.32 ND 10 June 2005 1.16 0.52 1.64 17 June 2005 1.28 0.65 1.76 24 June 2005 1.21 0.65 1.70 1 July 2005 1.18 0.58 1.69 8 July 2005 1.21 0.67 ND 15 July 2005 1.26 0.73 1.89 22 July 2005 1.26 ND 1.94 29 July 2005 1.20 0.78 1.92 5 August 2005 1.26 0.82 1.97 12 August 2005 1.27 0.94 1.99 19 August 2005 1.20 0.91 1.88 26 August 2005 1.13 0.95 1.82 2 September 2005 1.06 0.89 1.68 9 September 2005 0.99 0.84 ND 16 September 2005 1.04 0.83 1.70 23 September 2005 0.97 ND 1.71 30 September 2005 1.00 0.83 1.75 7 October 2005 1.03 0.86 1.86 14 October 2005 1.08 ND ND 21 October 2005 1.14 0.83 1.92 28 October 2005 1.23 0.85 2.01 4 November 2005 1.30 ND 2.03 11 November 2005 1.39 0.92 ND 18 November 2005 1.42 0.85 2.12 25 November 2005 1.40 ND ND 2 December 2005 1.33 0.89 2.15 9 December 2005 1.29 0.88 2.19 16 December 2005 1.29 0.88 2.17 23 December 2005 1.28 ND 2.14 30 December 2005 1.24 ND ND 6 January 2006 1.19 ND ND 13 January 2006 1.18 ND 2.07 20 January 2006 1.21 0.66 ND 27 January 2006 1.30 0.69 2.03 3 February 2006 1.35 0.73 2.03 10 February 2006 1.35 0.75 2.06 17 February 2006 1.37 0.75 2.10 24 February 2006 1.35 0.75 ND 3 March 2006 1.43 0.76 2.05 10 March 2006 1.50 0.78 2.20 17 March 2006 1.53 0.81 2.18 24 March 2006 1.51 ND 2.22 31 March 2006 1.56 0.80 2.32 7 April 2006 1.70 0.88 2.39 14 April 2006 1.76 0.94 ND 21 April 2006 1.81 0.98 2.40 28 April 2006 1.79 0.94 2.43 5 May 2006 1.77 ND 2.45 12 May 2006 1.79 0.99 2.44 19 May 2006 1.75 0.98 2.45 26 May 2006 1.67 0.92 2.44 2 June 2006 1.71 0.96 ND 9 June 2006 1.75 1.01 2.46 16 June 2006 1.71 0.97 2.50 23 June 2006 1.83 1.01 2.61 30 June 2006 1.86 1.04 2.63 7 July 2006 1.83 1.13 ND 14 July 2006 1.80 1.06 2.54 21 July 2006 1.76 ND 2.51 28 July 2006 1.75 1.06 2.47 4 August 2006 1.71 1.08 2.39 11 August 2006 1.67 1.02 2.32 18 August 2006 1.71 1.01 2.33 25 August 2006 1.62 0.97 2.27 1 September 2006 1.59 1.02 2.29 8 September 2006 1.62 1.07 ND 15 September 2006 1.62 1.02 2.39 22 September 2006 1.62 1.06 2.37 29 September 2006 1.58 1.07 2.29 6 October 2006 1.59 1.14 2.33 13 October 2006 1.65 ND ND 20 October 2006 1.71 1.17 2.49 27 October 2006 1.71 1.17 2.46 3 November 2006 1.60 ND 2.36 10 November 2006 1.58 1.13 2.31 17 November 2006 1.59 1.16 2.32 24 November 2006 1.57 ND ND 1 December 2006 1.54 1.14 2.20 8 December 2006 1.57 1.13 2.16 15 December 2006 1.65 1.10 2.23 22 December 2006 1.71 1.11 2.34 29 December 2006 1.76 1.14 ND 5 January 2007 1.79 1.17 ND 12 January 2007 1.88 1.21 2.46 19 January 2007 1.92 1.21 ND 26 January 2007 1.89 1.17 2.46 2 February 2007 1.94 1.24 2.45 9 February 2007 1.90 1.26 2.42 16 February 2007 1.94 1.28 2.43 23 February 2007 1.93 1.26 ND 2 March 2007 1.83 1.22 2.20 9 March 2007 1.81 1.21 2.21 16 March 2007 1.79 1.17 2.20 23 March 2007 1.81 1.11 2.19 30 March 2007 1.85 1.19 2.19 6 April 2007 1.90 1.20 2.26 13 April 2007 1.98 1.20 2.31 20 April 2007 2.01 1.19 2.30 27 April 2007 2.00 1.15 2.26 4 May 2007 1.99 1.11 2.25 11 May 2007 2.02 1.12 2.29 18 May 2007 2.12 1.13 2.40 25 May 2007 2.16 1.15 2.49 1 June 2007 2.22 1.18 ND 8 June 2007 2.31 1.25 2.63 15 June 2007 2.41 1.30 2.76 22 June 2007 2.45 1.27 2.71 29 June 2007 2.42 1.24 2.69 6 July 2007 2.43 1.30 ND 13 July 2007 2.44 1.33 2.73 20 July 2007 2.39 1.34 2.69 27 July 2007 2.28 1.32 2.57 3 August 2007 2.24 1.27 2.49 10 August 2007 2.28 1.25 2.57 17 August 2007 2.21 1.20 2.51 24 August 2007 2.15 1.17 2.45 31 August 2007 2.13 1.20 2.40 7 September 2007 2.10 1.19 ND 14 September 2007 2.01 1.12 2.22 21 September 2007 2.11 1.16 2.27 28 September 2007 2.14 1.24 2.34 5 October 2007 2.08 1.28 2.29 12 October 2007 2.12 1.29 ND 19 October 2007 2.12 1.25 2.27 26 October 2007 1.96 1.19 2.10 2 November 2007 1.92 1.16 2.06 9 November 2007 1.82 1.10 1.93 16 November 2007 1.81 1.05 ND 23 November 2007 1.74 1.06 ND 30 November 2007 1.77 1.10 1.68 7 December 2007 1.80 1.11 1.79 14 December 2007 1.99 1.18 1.92 21 December 2007 1.99 1.13 1.87 28 December 2007 2.02 ND ND 4 January 2008 1.92 1.04 ND 11 January 2008 1.83 1.00 1.66 18 January 2008 1.70 0.98 1.52 25 January 2008 1.70 0.98 ND 1 February 2008 1.70 1.06 1.40 8 February 2008 1.62 1.10 1.44 15 February 2008 1.62 1.12 1.49 22 February 2008 1.64 1.11 ND 29 February 2008 1.60 1.10 1.43 7 March 2008 1.42 1.07 1.20 * Japan first issued inflation-indexed debt in March 2004. Return to table Figure: Inflation-Indexed 10-Year Government Bond Yields Daily Percent Date France Japan United States 1 November 2007 1.92 1.19 2.04 2 November 2007 1.86 1.12 1.94 5 November 2007 1.85 1.13 1.95 6 November 2007 1.84 1.12 1.96 7 November 2007 1.81 1.11 1.97 8 November 2007 1.80 1.08 1.92 9 November 2007 1.78 1.06 1.86 12 November 2007 1.79 1.06 ND 13 November 2007 1.81 1.05 1.91 14 November 2007 1.84 1.07 1.93 15 November 2007 1.81 1.06 1.86 16 November 2007 1.80 1.04 1.85 19 November 2007 1.75 1.04 1.76 20 November 2007 1.77 1.06 1.75 21 November 2007 1.71 1.04 1.72 22 November 2007 1.71 1.07 ND 23 November 2007 1.74 1.07 1.70 26 November 2007 1.73 1.12 1.56 27 November 2007 1.72 1.13 1.67 28 November 2007 1.81 1.10 1.77 29 November 2007 1.77 1.10 1.68 30 November 2007 1.83 1.07 1.71 3 December 2007 1.77 1.04 1.67 4 December 2007 1.75 1.03 1.70 5 December 2007 1.77 1.10 1.78 6 December 2007 1.81 1.19 1.84 7 December 2007 1.92 1.21 1.94 10 December 2007 1.98 1.20 1.96 11 December 2007 1.95 1.23 1.85 12 December 2007 2.01 1.18 1.88 13 December 2007 1.98 1.16 1.95 14 December 2007 2.01 1.16 1.97 17 December 2007 1.99 1.16 1.94 18 December 2007 1.98 1.13 1.87 19 December 2007 1.99 1.09 1.83 20 December 2007 1.96 1.12 1.81 21 December 2007 2.02 1.14 1.91 24 December 2007 2.02 ND 1.94 25 December 2007 2.01 1.17 ND 26 December 2007 2.01 1.14 2.01 27 December 2007 2.06 1.14 1.94 28 December 2007 2.02 1.05 1.88 31 December 2007 2.02 1.05 1.80 1 January 2008 2.02 1.05 ND 2 January 2008 1.88 1.05 1.68 3 January 2008 1.88 1.02 1.67 4 January 2008 1.82 1.00 1.64 7 January 2008 1.83 1.00 1.66 8 January 2008 1.87 1.01 1.66 9 January 2008 1.82 1.03 1.64 10 January 2008 1.83 1.00 1.72 11 January 2008 1.81 0.99 1.61 14 January 2008 1.77 0.99 1.57 15 January 2008 1.73 0.99 1.50 16 January 2008 1.67 0.96 1.55 17 January 2008 1.67 1.00 1.48 18 January 2008 1.67 0.99 1.49 21 January 2008 1.64 0.96 ND 22 January 2008 1.74 0.92 1.36 23 January 2008 1.64 0.94 1.32 24 January 2008 1.76 1.01 1.47 25 January 2008 1.73 1.08 1.40 28 January 2008 1.71 1.02 1.40 29 January 2008 1.74 1.08 1.42 30 January 2008 1.75 1.05 1.45 31 January 2008 1.64 1.07 1.37 1 February 2008 1.64 1.07 1.38 4 February 2008 1.67 1.12 1.43 5 February 2008 1.60 1.12 1.40 6 February 2008 1.64 1.07 1.42 7 February 2008 1.61 1.10 1.53 8 February 2008 1.58 1.10 1.42 11 February 2008 1.56 1.10 1.37 12 February 2008 1.64 1.09 1.43 13 February 2008 1.64 1.13 1.50 14 February 2008 1.67 1.16 1.61 15 February 2008 1.61 1.14 1.56 18 February 2008 1.68 1.12 ND 19 February 2008 1.63 1.12 1.61 20 February 2008 1.64 1.07 1.59 21 February 2008 1.63 1.13 1.52 22 February 2008 1.63 1.10 1.52 25 February 2008 1.65 1.13 1.59 26 February 2008 1.67 1.12 1.51 27 February 2008 1.66 1.12 1.51 28 February 2008 1.58 1.07 1.35 29 February 2008 1.46 1.04 1.22 3 March 2008 1.42 1.04 1.20 4 March 2008 1.41 1.08 1.23 5 March 2008 1.46 1.06 1.25 6 March 2008 1.41 1.08 1.21 7 March 2008 1.39 1.11 1.11 10 March 2008 1.32 1.15 1.04 11 March 2008 1.36 1.15 1.16 12 March 2008 1.38 1.13 ND As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. Measures of Market Volatility Figure: Dollar-Euro Options-Implied Volatility* Weekly Percent Period 1-month 3-month 2 January 2004 10.62 11.10 9 January 2004 10.98 11.06 16 January 2004 11.11 10.81 23 January 2004 11.17 10.91 30 January 2004 11.49 10.99 6 February 2004 11.73 11.11 13 February 2004 11.23 10.97 20 February 2004 11.18 10.95 27 February 2004 11.16 10.91 5 March 2004 11.89 11.26 12 March 2004 11.65 11.23 19 March 2004 11.59 11.35 26 March 2004 11.45 11.25 2 April 2004 11.59 11.39 9 April 2004 11.27 11.28 16 April 2004 11.65 11.47 23 April 2004 11.48 11.34 30 April 2004 11.15 11.19 7 May 2004 11.37 11.27 14 May 2004 11.17 11.09 21 May 2004 10.64 10.76 28 May 2004 10.74 10.99 4 June 2004 11.27 11.12 11 June 2004 10.50 10.70 18 June 2004 10.56 10.64 25 June 2004 10.24 10.47 2 July 2004 10.16 10.31 9 July 2004 9.89 10.24 16 July 2004 9.56 10.04 23 July 2004 9.12 9.74 30 July 2004 9.51 9.92 6 August 2004 9.61 9.91 13 August 2004 9.26 9.90 20 August 2004 9.19 9.98 27 August 2004 9.52 10.20 3 September 2004 9.69 10.25 10 September 2004 9.51 10.00 17 September 2004 9.06 9.74 24 September 2004 8.45 9.38 1 October 2004 8.74 9.31 8 October 2004 8.42 8.94 15 October 2004 8.42 8.87 22 October 2004 9.21 9.53 29 October 2004 10.05 10.20 5 November 2004 10.13 10.27 12 November 2004 9.69 10.18 19 November 2004 9.25 9.88 26 November 2004 9.42 9.95 3 December 2004 9.41 9.98 10 December 2004 9.73 10.23 17 December 2004 9.54 9.98 24 December 2004 9.50 9.96 31 December 2004 10.10 10.37 7 January 2005 10.51 10.23 14 January 2005 9.47 9.54 21 January 2005 9.49 9.55 28 January 2005 9.37 9.46 4 February 2005 8.89 9.23 11 February 2005 8.74 9.06 18 February 2005 8.81 9.08 25 February 2005 8.67 9.01 4 March 2005 8.48 8.84 11 March 2005 8.49 8.94 18 March 2005 8.46 8.93 25 March 2005 8.47 8.83 1 April 2005 8.48 8.83 8 April 2005 8.18 8.60 15 April 2005 8.28 8.67 22 April 2005 8.57 8.91 29 April 2005 8.32 8.72 6 May 2005 8.26 8.59 13 May 2005 8.33 8.60 20 May 2005 8.33 8.61 27 May 2005 8.35 8.60 3 June 2005 9.08 9.18 10 June 2005 8.82 9.13 17 June 2005 9.39 9.47 24 June 2005 9.45 9.46 1 July 2005 9.14 9.22 8 July 2005 9.37 9.40 15 July 2005 8.97 9.05 22 July 2005 8.80 8.88 29 July 2005 8.61 8.79 5 August 2005 8.62 8.69 12 August 2005 8.27 8.60 19 August 2005 8.38 8.67 26 August 2005 8.39 8.72 2 September 2005 8.77 9.08 9 September 2005 8.94 9.14 16 September 2005 8.77 9.04 23 September 2005 8.83 9.03 30 September 2005 8.88 9.03 7 October 2005 8.95 8.93 14 October 2005 8.88 8.92 21 October 2005 8.98 9.04 28 October 2005 8.80 8.99 4 November 2005 8.89 8.98 11 November 2005 9.20 9.30 18 November 2005 9.19 9.24 25 November 2005 9.27 9.30 2 December 2005 8.99 9.25 9 December 2005 8.48 9.07 16 December 2005 8.86 9.19 23 December 2005 8.73 9.19 30 December 2005 8.97 9.27 6 January 2006 9.20 9.35 13 January 2006 9.03 9.15 20 January 2006 8.89 8.97 27 January 2006 8.87 8.93 3 February 2006 8.70 8.83 10 February 2006 8.57 8.75 17 February 2006 8.52 8.67 24 February 2006 8.02 8.46 3 March 2006 7.80 8.23 10 March 2006 7.85 8.29 17 March 2006 7.68 8.27 24 March 2006 7.44 8.13 31 March 2006 7.51 8.18 7 April 2006 8.09 8.46 14 April 2006 7.67 8.17 21 April 2006 8.24 8.50 28 April 2006 8.33 8.58 5 May 2006 8.70 8.82 12 May 2006 9.05 9.08 19 May 2006 9.29 9.32 26 May 2006 9.36 9.28 2 June 2006 9.12 9.13 9 June 2006 8.74 8.80 16 June 2006 8.45 8.54 23 June 2006 7.91 8.24 30 June 2006 8.07 8.29 7 July 2006 8.21 8.40 14 July 2006 7.79 8.10 21 July 2006 7.68 8.02 28 July 2006 7.50 7.93 4 August 2006 8.10 8.24 11 August 2006 7.67 8.05 18 August 2006 7.48 7.97 25 August 2006 7.76 8.03 1 September 2006 7.78 8.13 8 September 2006 7.62 8.06 15 September 2006 7.31 7.92 22 September 2006 6.93 7.60 29 September 2006 6.59 7.05 6 October 2006 6.45 6.78 13 October 2006 6.84 7.13 20 October 2006 6.40 6.82 27 October 2006 5.78 6.29 3 November 2006 5.91 6.30 10 November 2006 5.98 6.37 17 November 2006 6.14 6.41 24 November 2006 6.18 6.48 1 December 2006 7.33 7.63 8 December 2006 7.48 7.78 15 December 2006 7.21 7.27 22 December 2006 6.67 6.77 29 December 2006 6.76 6.80 5 January 2007 6.90 6.86 12 January 2007 6.33 6.35 19 January 2007 6.29 6.27 26 January 2007 6.08 6.16 2 February 2007 6.04 6.18 9 February 2007 5.88 6.03 16 February 2007 5.90 5.95 23 February 2007 5.53 5.69 2 March 2007 5.95 5.98 9 March 2007 5.97 6.05 16 March 2007 6.13 6.26 23 March 2007 6.24 6.36 30 March 2007 5.83 6.06 6 April 2007 5.79 6.04 13 April 2007 5.90 6.03 20 April 2007 5.95 6.07 27 April 2007 5.60 5.71 4 May 2007 5.58 5.61 11 May 2007 5.36 5.40 18 May 2007 5.30 5.39 25 May 2007 5.27 5.42 1 June 2007 5.08 5.24 8 June 2007 4.91 5.11 15 June 2007 5.03 5.24 22 June 2007 4.75 5.06 29 June 2007 4.87 5.15 6 July 2007 5.13 5.34 13 July 2007 5.44 5.56 20 July 2007 5.30 5.48 27 July 2007 5.38 5.55 3 August 2007 5.60 5.86 10 August 2007 6.02 6.25 17 August 2007 7.14 7.17 24 August 2007 6.66 6.66 31 August 2007 6.48 6.50 7 September 2007 6.87 6.78 14 September 2007 7.12 7.02 21 September 2007 6.76 6.72 28 September 2007 6.66 6.65 5 October 2007 7.13 6.75 12 October 2007 6.75 6.45 19 October 2007 6.81 6.50 26 October 2007 7.36 6.99 2 November 2007 7.45 7.12 9 November 2007 8.40 7.95 16 November 2007 9.04 8.21 23 November 2007 9.54 8.52 30 November 2007 9.22 8.74 7 December 2007 9.01 8.63 14 December 2007 8.40 8.17 21 December 2007 9.26 8.91 28 December 2007 9.26 8.81 4 January 2008 9.51 9.05 11 January 2008 9.17 8.93 18 January 2008 9.68 9.20 25 January 2008 9.64 9.26 1 February 2008 9.12 8.84 8 February 2008 9.56 9.28 15 February 2008 9.21 9.16 22 February 2008 8.84 8.89 29 February 2008 9.12 9.06 7 March 2008 9.91 9.73 * Derived from at-the-money options. Return to table Figure: Dollar-Euro Options-Implied Volatility* Daily Percent Date 1-month 3-month 1 November 2007 7.40 7.13 2 November 2007 7.20 7.00 5 November 2007 7.50 7.15 6 November 2007 7.55 7.18 7 November 2007 8.80 8.25 8 November 2007 8.85 8.45 9 November 2007 9.30 8.70 12 November 2007 10.00 9.15 13 November 2007 8.75 8.03 14 November 2007 8.63 7.80 15 November 2007 8.73 8.03 16 November 2007 9.08 8.04 19 November 2007 8.85 7.93 20 November 2007 9.48 8.40 21 November 2007 9.85 8.75 22 November 2007 9.65 8.75 23 November 2007 9.88 8.75 26 November 2007 9.50 8.65 27 November 2007 9.03 8.73 28 November 2007 9.50 8.88 29 November 2007 9.34 9.00 30 November 2007 8.75 8.45 3 December 2007 8.90 8.48 4 December 2007 9.03 8.48 5 December 2007 9.25 8.78 6 December 2007 9.08 8.83 7 December 2007 8.80 8.60 10 December 2007 8.40 8.18 11 December 2007 8.53 8.23 12 December 2007 8.40 8.18 13 December 2007 8.05 7.95 14 December 2007 8.63 8.30 17 December 2007 9.38 8.98 18 December 2007 9.15 8.80 19 December 2007 9.25 8.83 20 December 2007 9.28 9.00 21 December 2007 9.25 8.95 24 December 2007 9.25 8.68 25 December 2007 9.25 8.78 26 December 2007 9.25 8.83 27 December 2007 9.20 8.88 28 December 2007 9.35 8.88 31 December 2007 9.35 8.95 1 January 2008 9.33 8.96 2 January 2008 9.78 9.05 3 January 2008 9.65 9.23 4 January 2008 9.43 9.05 7 January 2008 9.73 9.18 8 January 2008 9.04 8.83 9 January 2008 9.15 8.88 10 January 2008 8.95 8.88 11 January 2008 8.98 8.88 14 January 2008 9.55 9.08 15 January 2008 9.55 9.10 16 January 2008 9.98 9.23 17 January 2008 9.78 9.30 18 January 2008 9.53 9.30 21 January 2008 10.05 9.55 22 January 2008 9.88 9.40 23 January 2008 9.73 9.30 24 January 2008 9.58 9.23 25 January 2008 8.98 8.83 28 January 2008 9.20 8.98 29 January 2008 9.05 8.78 30 January 2008 9.15 8.75 31 January 2008 9.23 8.88 1 February 2008 8.98 8.80 4 February 2008 8.98 8.90 5 February 2008 9.38 9.18 6 February 2008 9.73 9.33 7 February 2008 10.03 9.50 8 February 2008 9.68 9.48 11 February 2008 9.88 9.68 12 February 2008 9.43 9.35 13 February 2008 9.15 9.03 14 February 2008 8.75 8.85 15 February 2008 8.83 8.90 18 February 2008 8.73 8.80 19 February 2008 8.93 8.93 20 February 2008 9.00 9.00 21 February 2008 8.88 8.88 22 February 2008 8.65 8.83 25 February 2008 8.35 8.73 26 February 2008 8.80 8.60 27 February 2008 9.43 9.13 28 February 2008 9.50 9.40 29 February 2008 9.53 9.45 3 March 2008 9.63 9.48 4 March 2008 9.58 9.53 5 March 2008 9.83 9.62 6 March 2008 10.33 9.80 7 March 2008 10.20 10.25 10 March 2008 10.23 9.98 11 March 2008 10.18 9.90 12 March 2008 10.25 10.00 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The 1-month curve ends at about 10.8 percent, and the 3-month curve ends at about 10.4 percent. * Derived from at-the-money options. Return to table Figure: Yen-Dollar Options-Implied Volatility* Weekly Percent Period 1-month 3-month 2 January 2004 8.64 9.17 9 January 2004 8.65 9.08 16 January 2004 8.72 8.87 23 January 2004 9.45 9.20 30 January 2004 10.08 9.59 6 February 2004 10.71 9.80 13 February 2004 8.00 8.47 20 February 2004 7.87 8.16 27 February 2004 8.44 8.36 5 March 2004 8.81 8.53 12 March 2004 9.08 8.60 19 March 2004 10.30 9.56 26 March 2004 10.62 9.85 2 April 2004 11.64 10.44 9 April 2004 10.41 9.98 16 April 2004 10.90 10.13 23 April 2004 10.56 9.95 30 April 2004 10.73 10.06 7 May 2004 11.02 10.22 14 May 2004 11.47 10.51 21 May 2004 11.62 10.71 28 May 2004 11.59 10.78 4 June 2004 11.90 10.96 11 June 2004 11.19 10.66 18 June 2004 11.30 10.77 25 June 2004 11.31 10.75 2 July 2004 10.75 10.23 9 July 2004 10.20 9.76 16 July 2004 9.82 9.45 23 July 2004 9.37 9.23 30 July 2004 9.59 9.36 6 August 2004 9.50 9.32 13 August 2004 8.70 8.87 20 August 2004 8.95 9.23 27 August 2004 9.06 9.28 3 September 2004 9.11 9.26 10 September 2004 8.71 9.09 17 September 2004 8.44 8.82 24 September 2004 8.31 8.58 1 October 2004 8.77 8.63 8 October 2004 8.19 8.18 15 October 2004 8.19 8.27 22 October 2004 8.83 8.73 29 October 2004 9.61 9.31 5 November 2004 9.31 9.16 12 November 2004 8.74 8.85 19 November 2004 9.57 9.43 26 November 2004 9.84 9.83 3 December 2004 9.76 9.83 10 December 2004 9.78 9.75 17 December 2004 9.65 9.51 24 December 2004 9.60 9.58 31 December 2004 10.22 9.93 7 January 2005 10.37 9.92 14 January 2005 10.25 9.80 21 January 2005 10.67 10.04 28 January 2005 10.22 9.71 4 February 2005 9.36 9.24 11 February 2005 9.32 9.03 18 February 2005 9.27 9.06 25 February 2005 8.93 9.03 4 March 2005 9.02 9.07 11 March 2005 8.90 9.00 18 March 2005 8.88 9.01 25 March 2005 8.67 8.87 1 April 2005 8.75 8.85 8 April 2005 8.06 8.40 15 April 2005 8.26 8.50 22 April 2005 8.36 8.63 29 April 2005 8.34 8.64 6 May 2005 8.68 8.81 13 May 2005 8.22 8.44 20 May 2005 8.36 8.52 27 May 2005 7.92 8.20 3 June 2005 7.86 8.08 10 June 2005 7.77 8.11 17 June 2005 7.75 8.01 24 June 2005 7.65 7.93 1 July 2005 7.74 7.82 8 July 2005 8.03 8.03 15 July 2005 7.74 7.91 22 July 2005 8.10 8.10 29 July 2005 8.12 8.12 5 August 2005 8.31 8.23 12 August 2005 8.24 8.23 19 August 2005 8.13 8.19 26 August 2005 8.07 8.18 2 September 2005 8.36 8.36 9 September 2005 8.23 8.32 16 September 2005 8.24 8.23 23 September 2005 8.00 8.15 30 September 2005 8.15 8.15 7 October 2005 8.15 8.09 14 October 2005 8.04 8.05 21 October 2005 8.10 8.09 28 October 2005 7.88 8.06 4 November 2005 7.88 8.06 11 November 2005 7.75 8.02 18 November 2005 7.85 8.00 25 November 2005 7.79 7.90 2 December 2005 7.77 7.99 9 December 2005 7.84 8.13 16 December 2005 8.63 8.54 23 December 2005 8.48 8.47 30 December 2005 8.50 8.45 6 January 2006 8.89 8.63 13 January 2006 9.28 9.02 20 January 2006 9.00 8.83 27 January 2006 8.89 8.74 3 February 2006 8.89 8.70 10 February 2006 9.05 8.81 17 February 2006 9.11 8.85 24 February 2006 8.84 8.75 3 March 2006 9.11 8.90 10 March 2006 8.94 8.78 17 March 2006 8.86 8.77 24 March 2006 8.87 8.84 31 March 2006 9.02 8.92 7 April 2006 8.70 8.78 14 April 2006 8.11 8.44 21 April 2006 8.49 8.55 28 April 2006 9.25 9.19 5 May 2006 9.63 9.37 10.66 10.20 12 May 2006 19 May 2006 10.78 10.33 26 May 2006 10.84 10.24 2 June 2006 10.24 9.95 9 June 2006 9.29 9.19 16 June 2006 8.80 8.86 23 June 2006 8.48 8.58 30 June 2006 8.70 8.72 7 July 2006 8.89 8.83 14 July 2006 8.94 8.73 21 July 2006 8.43 8.47 28 July 2006 8.24 8.40 4 August 2006 8.73 8.70 11 August 2006 8.30 8.45 18 August 2006 8.05 8.33 25 August 2006 8.03 8.25 1 September 2006 7.92 8.17 8 September 2006 7.98 8.21 15 September 2006 7.88 8.08 22 September 2006 7.50 7.84 29 September 2006 6.99 7.28 6 October 2006 6.80 6.99 13 October 2006 7.27 7.34 20 October 2006 7.08 7.31 27 October 2006 6.66 6.98 3 November 2006 6.96 7.13 10 November 2006 6.59 6.87 17 November 2006 6.73 6.88 24 November 2006 6.74 6.72 1 December 2006 7.36 7.40 8 December 2006 7.79 7.70 15 December 2006 7.02 7.11 22 December 2006 6.40 6.59 29 December 2006 6.26 6.48 5 January 2007 6.56 6.65 12 January 2007 6.56 6.56 19 January 2007 6.61 6.64 26 January 2007 6.89 6.85 2 February 2007 7.46 7.26 9 February 2007 7.62 7.23 16 February 2007 7.33 7.12 23 February 2007 7.05 6.92 2 March 2007 8.21 7.66 9 March 2007 9.08 8.16 16 March 2007 9.41 8.27 23 March 2007 8.97 8.09 30 March 2007 8.78 7.90 6 April 2007 8.48 7.81 13 April 2007 7.70 7.43 20 April 2007 7.71 7.40 27 April 2007 7.30 7.21 4 May 2007 7.10 7.04 11 May 2007 6.76 6.80 18 May 2007 6.45 6.52 25 May 2007 6.36 6.49 1 June 2007 6.36 6.55 8 June 2007 6.24 6.41 15 June 2007 6.35 6.51 22 June 2007 6.09 6.42 29 June 2007 7.07 6.96 6 July 2007 6.84 6.91 13 July 2007 7.02 6.96 20 July 2007 7.08 7.11 27 July 2007 8.09 7.71 3 August 2007 9.30 8.58 10.02 9.11 10 August 2007 17 August 2007 13.52 11.55 24 August 2007 13.49 10.99 31 August 2007 13.41 10.86 7 September 2007 13.39 11.22 14 September 2007 12.47 10.71 21 September 2007 10.67 9.54 28 September 2007 9.62 9.02 5 October 2007 9.42 8.57 12 October 2007 7.97 7.48 19 October 2007 9.19 8.33 26 October 2007 10.35 9.01 2 November 2007 9.26 8.59 9 November 2007 11.70 9.80 16 November 2007 13.98 11.56 23 November 2007 14.29 12.04 30 November 2007 13.36 11.25 7 December 2007 11.05 10.25 14 December 2007 10.30 10.08 21 December 2007 10.08 9.75 28 December 2007 9.73 9.47 4 January 2008 12.54 11.14 11 January 2008 12.32 11.28 18 January 2008 13.79 12.22 25 January 2008 14.26 12.69 1 February 2008 13.04 11.87 8 February 2008 11.77 10.96 15 February 2008 11.42 10.75 22 February 2008 11.18 10.48 29 February 2008 11.55 10.83 7 March 2008 14.40 12.99 * Derived from at-the-money options. Return to table Figure: Yen-Dollar Options-Implied Volatility* Daily Percent Date 1 November 2007 1-month 3-month 9.05 8.60 2 November 2007 8.90 8.50 5 November 2007 10.03 9.05 6 November 2007 9.60 8.83 7 November 2007 11.56 9.93 8 November 2007 12.30 10.48 9 November 2007 15.00 10.70 12 November 2007 17.45 13.63 13 November 2007 14.35 11.65 14 November 2007 12.33 10.47 15 November 2007 12.15 10.55 16 November 2007 13.62 11.48 19 November 2007 13.20 11.15 20 November 2007 13.67 11.57 21 November 2007 14.98 12.50 22 November 2007 14.80 12.50 23 November 2007 14.80 12.50 26 November 2007 15.13 12.33 27 November 2007 13.73 11.80 28 November 2007 13.50 10.78 29 November 2007 12.50 10.83 30 November 2007 11.93 10.53 3 December 2007 11.50 10.40 4 December 2007 11.65 10.58 5 December 2007 11.20 10.40 6 December 2007 10.90 10.13 7 December 2007 10.00 9.75 10 December 2007 10.10 9.75 11 December 2007 10.43 10.25 12 December 2007 10.30 10.03 13 December 2007 10.45 10.25 14 December 2007 10.20 10.10 17 December 2007 10.45 10.05 18 December 2007 10.30 9.93 19 December 2007 10.13 9.80 20 December 2007 9.80 9.45 21 December 2007 9.70 9.53 24 December 2007 9.55 9.43 25 December 2007 9.60 9.43 26 December 2007 9.55 9.38 27 December 2007 9.68 9.48 28 December 2007 10.25 9.63 31 December 2007 11.45 10.40 1 January 2008 11.50 10.53 2 January 2008 12.80 11.40 3 January 2008 13.48 11.65 4 January 2008 13.48 11.73 7 January 2008 13.40 11.70 8 January 2008 12.35 11.23 9 January 2008 12.25 11.23 10 January 2008 11.45 11.03 11 January 2008 12.13 11.20 14 January 2008 13.55 11.93 15 January 2008 13.65 12.23 16 January 2008 13.90 12.10 17 January 2008 13.85 12.28 18 January 2008 14.00 12.58 21 January 2008 15.25 13.25 22 January 2008 14.90 13.15 23 January 2008 14.89 13.00 24 January 2008 13.58 12.45 25 January 2008 12.68 11.60 28 January 2008 13.88 12.45 29 January 2008 13.00 11.84 30 January 2008 13.25 11.73 31 January 2008 12.80 11.83 1 February 2008 12.25 11.50 4 February 2008 11.60 10.85 5 February 2008 11.78 10.78 6 February 2008 11.90 11.15 7 February 2008 11.98 11.23 8 February 2008 11.58 10.78 11 February 2008 12.05 11.23 12 February 2008 11.90 10.98 13 February 2008 11.40 10.75 14 February 2008 10.75 10.30 15 February 2008 10.98 10.48 18 February 2008 11.08 10.43 19 February 2008 11.25 10.45 20 February 2008 11.38 10.48 21 February 2008 10.85 10.35 22 February 2008 11.35 10.68 25 February 2008 10.60 10.23 26 February 2008 10.50 10.03 27 February 2008 11.45 10.58 28 February 2008 11.48 11.05 29 February 2008 13.70 12.25 3 March 2008 15.08 13.50 4 March 2008 14.31 12.89 5 March 2008 13.40 12.23 6 March 2008 14.20 12.80 7 March 2008 15.00 13.53 10 March 2008 15.10 13.30 11 March 2008 14.08 12.65 12 March 2008 14.08 12.83 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The 1-month curve ends at nearly 17 percent, and the 3-month curve ends at about 14.5 percent. * Derived from at-the-money options. Return to table Figure: Realized Stock Market Volatility* Weekly Percent Period DJ Euro Stoxx TOPIX S&P 500 2 January 2004 12.61 24.25 10.70 9 January 2004 12.33 24.16 10.93 16 January 2004 12.11 22.92 10.63 23 January 2004 11.68 20.96 10.33 30 January 2004 11.05 20.17 10.95 6 February 2004 11.00 18.98 11.04 13 February 2004 9.79 16.58 10.81 20 February 2004 9.37 15.96 10.55 27 February 2004 9.42 15.83 10.25 9.38 15.88 9.96 12 March 2004 5 March 2004 10.40 14.06 10.46 19 March 2004 13.23 14.38 11.76 26 March 2004 14.31 14.37 12.10 2 April 2004 14.69 14.27 12.30 9 April 2004 15.17 14.21 12.30 16 April 2004 15.39 14.54 12.41 23 April 2004 15.50 15.18 12.34 30 April 2004 15.64 14.71 12.60 7 May 2004 15.90 14.80 12.59 14 May 2004 17.33 20.79 12.78 21 May 2004 17.85 23.30 12.98 28 May 2004 18.03 23.16 13.20 4 June 2004 17.90 23.38 13.00 11 June 2004 16.23 23.52 12.47 18 June 2004 15.22 23.39 11.95 25 June 2004 14.73 23.58 11.43 2 July 2004 14.08 23.51 11.32 9 July 2004 13.73 23.34 11.18 16 July 2004 13.56 23.13 10.58 23 July 2004 13.56 23.51 10.26 30 July 2004 13.67 23.08 10.18 6 August 2004 12.16 18.70 9.92 13 August 2004 12.16 15.51 10.84 20 August 2004 11.79 15.02 11.20 27 August 2004 11.76 14.76 11.11 3 September 2004 11.67 13.81 10.62 10 September 2004 11.48 14.12 10.68 17 September 2004 11.54 13.80 10.66 24 September 2004 11.50 13.74 10.89 1 October 2004 11.76 13.50 10.94 8 October 2004 12.44 13.95 11.34 15 October 2004 12.12 13.78 11.34 22 October 2004 11.63 13.46 11.27 29 October 2004 11.87 13.43 11.49 5 November 2004 10.83 13.51 10.86 12 November 2004 10.67 13.01 10.56 19 November 2004 10.75 13.57 10.68 26 November 2004 10.77 14.08 10.77 3 December 2004 10.82 13.98 10.84 10 December 2004 10.73 14.15 11.13 17 December 2004 10.68 14.13 10.89 24 December 2004 10.45 13.97 10.68 31 December 2004 9.69 13.14 10.41 7 January 2005 9.67 13.24 10.41 14 January 2005 9.56 13.10 10.20 21 January 2005 8.34 12.49 10.00 28 January 2005 8.01 11.96 9.77 4 February 2005 8.23 11.45 9.53 11 February 2005 7.93 10.55 9.47 18 February 2005 7.77 9.70 9.27 25 February 2005 7.72 9.02 9.14 4 March 2005 7.80 8.30 9.09 11 March 2005 7.82 7.75 9.17 18 March 2005 8.09 7.62 9.39 25 March 2005 8.37 7.88 9.44 1 April 2005 8.42 8.34 9.59 8 April 2005 8.27 8.41 9.71 15 April 2005 8.41 8.71 9.82 22 April 2005 10.22 12.34 10.91 29 April 2005 10.25 12.49 11.75 6 May 2005 10.38 12.73 12.05 13 May 2005 10.35 12.75 12.31 20 May 2005 10.56 13.25 12.51 27 May 2005 10.57 13.57 12.30 3 June 2005 10.70 13.73 12.34 10 June 2005 10.62 13.74 12.13 17 June 2005 10.43 13.62 11.88 24 June 2005 10.30 13.30 11.50 1 July 2005 10.57 13.25 11.60 8 July 2005 10.74 12.92 11.44 9.76 9.13 10.36 15 July 2005 22 July 2005 9.49 9.04 9.29 29 July 2005 9.17 8.98 8.80 5 August 2005 9.12 9.01 8.50 12 August 2005 9.29 9.13 8.17 19 August 2005 9.42 8.75 8.46 26 August 2005 9.54 8.95 8.31 2 September 2005 9.57 9.37 8.47 9 September 2005 9.71 9.29 8.68 16 September 2005 9.71 9.73 8.78 23 September 2005 9.59 9.60 8.77 30 September 2005 10.00 10.50 8.54 7 October 2005 9.63 12.20 8.70 14 October 2005 9.90 13.30 8.92 21 October 2005 10.53 13.42 9.53 28 October 2005 11.20 13.72 10.62 4 November 2005 12.01 14.00 11.20 11 November 2005 11.95 14.06 11.04 18 November 2005 11.79 14.31 11.11 25 November 2005 11.57 14.48 11.09 2 December 2005 11.53 14.79 11.25 9 December 2005 11.66 15.26 11.23 16 December 2005 11.36 16.20 10.89 23 December 2005 10.72 16.09 10.87 30 December 2005 10.48 15.31 10.45 6 January 2006 10.31 14.63 10.17 13 January 2006 9.66 14.62 9.45 20 January 2006 9.29 17.12 8.28 27 January 2006 8.55 19.24 8.20 3 February 2006 9.16 19.89 8.34 10 February 2006 9.35 20.16 8.60 17 February 2006 9.59 21.30 8.68 24 February 2006 9.41 22.34 8.50 3 March 2006 9.82 22.29 8.65 10 March 2006 10.41 21.93 8.88 17 March 2006 10.60 22.11 9.10 24 March 2006 10.37 22.23 9.12 31 March 2006 10.41 21.85 9.08 7 April 2006 10.49 21.73 9.09 14 April 2006 10.52 20.27 9.05 21 April 2006 10.39 18.48 8.92 28 April 2006 10.06 18.32 8.82 5 May 2006 10.13 18.05 8.56 12 May 2006 10.31 17.08 8.67 19 May 2006 12.61 16.31 9.35 26 May 2006 15.34 17.18 9.50 2 June 2006 16.56 17.70 9.84 9 June 2006 17.52 18.37 10.55 16 June 2006 19.27 20.31 11.33 23 June 2006 19.92 21.92 12.06 30 June 2006 20.04 22.26 12.48 7 July 2006 20.58 22.84 13.05 14 July 2006 20.31 22.87 12.80 21 July 2006 20.84 23.38 13.36 28 July 2006 21.28 24.18 14.15 4 August 2006 21.35 23.84 14.11 11 August 2006 20.65 23.76 13.52 18 August 2006 18.80 23.04 13.44 25 August 2006 17.69 22.54 13.08 1 September 2006 16.41 21.42 12.29 8 September 2006 14.45 19.06 11.71 15 September 2006 13.96 17.90 11.14 22 September 2006 13.85 17.45 10.56 29 September 2006 13.39 17.33 9.99 6 October 2006 12.75 17.41 9.67 13 October 2006 11.30 16.52 8.82 20 October 2006 10.46 15.37 7.62 27 October 2006 9.94 15.12 7.30 3 November 2006 8.99 14.88 7.47 10 November 2006 8.87 14.59 7.37 17 November 2006 8.72 14.67 7.23 24 November 2006 8.77 15.46 7.18 1 December 2006 9.68 15.73 7.63 8 December 2006 9.92 15.47 7.53 15 December 2006 9.70 15.08 7.48 22 December 2006 9.31 14.39 7.30 29 December 2006 9.50 13.60 7.30 5 January 2007 9.58 13.23 7.33 12 January 2007 9.57 13.93 7.33 19 January 2007 9.90 14.57 7.38 26 January 2007 10.16 13.86 7.48 2 February 2007 10.02 13.53 7.50 9 February 2007 10.08 13.49 7.48 16 February 2007 10.28 12.12 7.83 9.14 11.48 7.12 2 March 2007 23 February 2007 10.70 12.57 9.80 9 March 2007 11.77 16.19 11.37 16 March 2007 13.07 17.22 12.19 23 March 2007 14.35 18.20 12.75 30 March 2007 14.62 18.02 12.73 6 April 2007 14.61 17.86 12.79 13 April 2007 14.66 17.64 12.83 20 April 2007 14.81 18.01 12.86 27 April 2007 15.07 18.22 12.79 4 May 2007 15.25 18.26 12.94 11 May 2007 15.26 18.16 12.95 18 May 2007 15.33 18.19 13.11 25 May 2007 13.87 17.60 11.18 1 June 2007 13.15 14.96 10.15 8 June 2007 12.41 13.55 9.72 15 June 2007 11.75 12.59 10.19 22 June 2007 11.81 12.54 10.46 29 June 2007 11.84 11.78 10.91 6 July 2007 11.90 11.61 10.98 13 July 2007 11.94 11.11 11.42 20 July 2007 12.03 11.25 11.80 27 July 2007 13.24 11.54 12.95 3 August 2007 14.61 12.56 14.46 10 August 2007 15.96 12.97 16.63 17 August 2007 18.24 15.28 17.92 24 August 2007 19.21 20.46 18.43 31 August 2007 19.19 21.24 19.27 7 September 2007 19.29 21.95 19.57 14 September 2007 19.73 22.20 19.76 21 September 2007 20.61 23.46 20.38 28 September 2007 20.93 24.53 20.33 5 October 2007 20.82 25.15 20.04 12 October 2007 20.54 25.15 19.87 19 October 2007 19.79 25.46 19.32 26 October 2007 19.07 25.59 18.86 2 November 2007 18.17 26.05 17.49 9 November 2007 16.03 25.20 17.57 16 November 2007 14.86 22.58 18.43 23 November 2007 15.49 22.65 18.25 30 November 2007 15.75 22.71 19.08 7 December 2007 15.43 22.93 19.36 14 December 2007 14.62 22.06 19.40 21 December 2007 14.85 21.57 19.76 28 December 2007 15.25 21.18 20.19 4 January 2008 15.53 21.36 20.63 11 January 2008 15.84 21.61 21.46 18 January 2008 16.37 22.69 22.09 25 January 2008 24.01 27.44 22.87 1 February 2008 26.98 31.79 22.86 8 February 2008 28.31 32.09 22.75 15 February 2008 28.97 32.99 22.44 22 February 2008 29.03 33.40 21.38 29 February 2008 29.07 34.14 21.26 7 March 2008 29.49 35.36 21.17 * Annualized standard deviation of 60-day window of daily returns. Return to table Figure: Realized Stock Market Volatility* Daily Percent Date DJ Euro Stoxx TOPIX S&P 500 1 November 2007 18.08 26.14 17.32 2 November 2007 17.19 25.76 17.32 5 November 2007 16.78 25.98 17.36 6 November 2007 16.62 25.97 17.06 7 November 2007 16.64 25.44 17.96 8 November 2007 15.11 25.79 17.96 9 November 2007 15.02 22.82 17.50 12 November 2007 14.96 22.63 17.63 13 November 2007 14.96 22.29 18.63 14 November 2007 14.67 23.21 18.53 15 November 2007 14.83 22.23 18.73 16 November 2007 14.87 22.54 18.60 19 November 2007 15.30 22.62 18.87 20 November 2007 15.11 22.72 18.25 21 November 2007 15.76 22.86 17.95 22 November 2007 15.59 22.80 18.09 23 November 2007 15.71 22.24 18.08 26 November 2007 15.74 22.46 18.54 27 November 2007 15.68 22.55 18.68 28 November 2007 15.94 22.28 19.50 29 November 2007 15.97 23.08 19.48 30 November 2007 15.41 23.18 19.23 3 December 2007 15.34 22.74 19.26 4 December 2007 15.24 22.84 19.09 5 December 2007 15.58 22.89 19.36 6 December 2007 15.50 23.18 19.54 7 December 2007 15.47 23.00 19.54 10 December 2007 15.30 22.79 19.57 11 December 2007 14.93 22.60 19.34 12 December 2007 13.81 21.14 19.34 13 December 2007 14.53 21.87 19.30 14 December 2007 14.52 21.88 19.46 17 December 2007 14.95 22.01 19.66 18 December 2007 14.85 21.81 19.72 19 December 2007 14.75 21.81 19.68 20 December 2007 14.69 21.06 19.69 21 December 2007 15.03 21.16 20.02 24 December 2007 15.07 21.35 19.89 25 December 2007 15.15 21.23 20.07 26 December 2007 15.29 21.03 20.24 27 December 2007 15.42 21.04 20.43 28 December 2007 15.32 21.23 20.31 31 December 2007 15.31 21.23 20.34 1 January 2008 15.42 21.23 20.42 2 January 2008 15.56 21.43 20.61 3 January 2008 15.51 21.39 20.60 4 January 2008 15.86 21.54 21.17 7 January 2008 15.76 21.66 21.15 8 January 2008 15.77 21.47 21.43 9 January 2008 15.87 21.63 21.68 10 January 2008 15.90 21.64 21.78 11 January 2008 15.90 21.66 21.28 14 January 2008 15.72 21.61 21.41 15 January 2008 16.56 21.77 21.92 16 January 2008 16.65 23.05 21.93 17 January 2008 16.40 23.65 22.73 18 January 2008 16.50 23.37 22.46 21 January 2008 21.53 23.95 22.63 22 January 2008 21.93 26.96 22.84 23 January 2008 23.17 27.62 23.22 24 January 2008 26.70 28.38 22.74 25 January 2008 26.70 30.28 22.94 28 January 2008 26.70 31.25 23.34 29 January 2008 26.98 32.01 23.20 30 January 2008 26.99 31.97 22.35 31 January 2008 26.96 31.91 22.71 1 February 2008 27.30 31.79 22.69 4 February 2008 27.30 31.69 22.70 5 February 2008 28.46 31.72 22.79 6 February 2008 28.51 32.35 22.80 7 February 2008 28.65 32.38 22.75 8 February 2008 28.65 32.28 22.71 11 February 2008 28.47 32.57 22.48 12 February 2008 29.36 32.83 22.52 13 February 2008 29.02 32.53 22.49 14 February 2008 29.01 33.69 22.45 15 February 2008 28.99 33.33 22.24 18 February 2008 29.31 32.98 21.88 19 February 2008 29.33 33.00 21.83 20 February 2008 28.88 33.75 20.96 21 February 2008 28.89 33.68 21.12 22 February 2008 28.75 33.59 21.12 25 February 2008 29.02 34.17 21.35 26 February 2008 29.18 34.12 21.38 27 February 2008 28.91 34.21 21.08 28 February 2008 29.10 33.99 20.85 29 February 2008 29.13 34.23 21.63 3 March 2008 29.17 35.32 21.53 4 March 2008 29.31 35.27 20.88 5 March 2008 29.76 35.26 20.86 6 March 2008 29.60 35.18 21.34 7 March 2008 29.63 35.76 21.23 10 March 2008 29.52 35.75 21.24 11 March 2008 29.78 35.85 22.80 12 March 2008 30.00 36.06 22.80 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. * Annualized standard deviation of 60-day window of daily returns. Return to table Figure: Realized 10-Year Bond Volatility* Weekly Percent Period 2 January 2004 Germany Japan 4.51 5.65 U.S. 7.77 9 January 2004 4.69 5.33 7.93 16 January 2004 4.81 5.06 8.18 23 January 2004 4.82 4.84 7.96 30 January 2004 4.82 4.81 8.14 6 February 2004 4.75 4.29 7.99 13 February 2004 4.62 3.95 7.79 20 February 2004 4.63 3.93 7.67 27 February 2004 4.64 3.45 7.45 5 March 2004 4.64 3.69 7.24 12 March 2004 5.16 3.86 7.91 19 March 2004 5.16 3.92 7.74 26 March 2004 5.00 4.10 7.54 2 April 2004 5.07 4.57 7.70 9 April 2004 5.17 4.65 8.35 16 April 2004 5.18 4.78 8.39 23 April 2004 5.20 5.02 8.08 30 April 2004 5.11 5.24 8.04 7 May 2004 5.12 5.32 7.91 14 May 2004 5.21 5.34 8.01 21 May 2004 5.24 5.44 8.20 28 May 2004 5.19 5.16 8.14 4 June 2004 4.66 4.83 7.58 11 June 2004 4.62 5.00 7.50 18 June 2004 4.67 5.06 8.14 25 June 2004 4.43 4.91 7.95 2 July 2004 4.19 5.26 7.25 9 July 2004 4.23 5.48 7.28 16 July 2004 4.11 5.43 7.20 23 July 2004 4.19 5.24 7.34 30 July 2004 4.18 5.16 7.51 6 August 2004 4.08 5.39 7.34 13 August 2004 4.15 5.55 7.67 20 August 2004 4.07 5.82 7.61 27 August 2004 3.93 5.82 7.39 3 September 2004 3.97 5.57 7.39 10 September 2004 4.17 5.64 7.12 17 September 2004 4.20 5.55 7.13 24 September 2004 4.11 5.30 7.03 1 October 2004 4.17 5.00 6.93 8 October 2004 4.21 5.10 7.10 15 October 2004 4.25 5.35 7.09 22 October 2004 4.20 5.48 6.76 29 October 2004 4.19 5.52 6.56 5 November 2004 4.14 5.45 6.09 12 November 2004 4.14 5.24 6.22 19 November 2004 4.13 5.20 6.33 26 November 2004 4.14 5.22 6.31 3 December 2004 3.97 4.82 6.23 10 December 2004 3.99 4.66 6.48 17 December 2004 4.04 4.57 6.35 24 December 2004 4.04 4.62 6.38 31 December 2004 4.08 4.45 6.26 7 January 2005 4.07 4.13 5.95 14 January 2005 4.09 3.93 5.85 21 January 2005 4.06 3.39 5.80 28 January 2005 4.10 3.11 5.61 4 February 2005 4.11 2.98 5.45 11 February 2005 4.14 3.07 5.56 18 February 2005 4.27 3.08 5.58 25 February 2005 4.50 3.12 5.41 4 March 2005 4.44 3.16 5.11 11 March 2005 4.50 3.10 5.37 18 March 2005 4.47 3.06 5.62 25 March 2005 4.46 3.04 5.75 1 April 2005 4.41 3.08 5.86 8 April 2005 4.41 3.19 5.97 15 April 2005 4.34 3.19 6.07 22 April 2005 4.24 3.30 6.35 29 April 2005 4.13 3.27 6.49 6 May 2005 4.08 3.20 6.32 13 May 2005 4.03 3.32 6.36 20 May 2005 3.77 3.22 6.22 27 May 2005 3.89 3.14 6.13 3 June 2005 3.73 3.21 5.84 10 June 2005 3.84 3.13 5.73 17 June 2005 4.04 3.13 5.68 24 June 2005 4.48 3.24 5.71 1 July 2005 4.60 3.15 5.95 8 July 2005 4.73 3.30 6.23 15 July 2005 4.77 3.32 6.00 22 July 2005 4.87 3.30 5.92 29 July 2005 4.86 3.29 6.15 5 August 2005 4.93 3.17 6.18 12 August 2005 4.86 3.27 6.24 19 August 2005 4.71 3.48 6.43 26 August 2005 4.60 3.66 6.26 2 September 2005 4.40 3.84 6.25 9 September 2005 4.22 3.78 6.41 16 September 2005 3.83 3.63 6.30 23 September 2005 3.72 3.57 6.10 30 September 2005 3.78 3.58 5.83 7 October 2005 3.71 3.94 5.84 14 October 2005 3.65 4.16 5.79 21 October 2005 3.74 4.37 5.53 28 October 2005 3.91 4.64 5.63 4 November 2005 4.01 4.65 5.47 11 November 2005 3.91 4.49 5.41 18 November 2005 4.06 4.53 5.75 25 November 2005 4.48 4.49 5.58 2 December 2005 4.51 4.57 5.40 9 December 2005 4.52 4.84 5.55 16 December 2005 4.59 4.92 5.71 23 December 2005 4.53 4.88 5.64 30 December 2005 4.65 4.64 5.73 6 January 2006 4.66 4.55 5.69 13 January 2006 4.56 4.38 5.70 20 January 2006 4.31 4.14 5.46 27 January 2006 4.39 4.21 5.57 3 February 2006 4.54 4.15 5.37 10 February 2006 4.40 3.81 4.91 17 February 2006 3.88 4.11 4.76 24 February 2006 3.94 4.28 4.76 3 March 2006 4.06 4.11 4.54 10 March 2006 3.98 4.07 4.30 17 March 2006 4.05 4.31 4.29 24 March 2006 4.01 4.21 4.32 31 March 2006 4.18 4.24 4.57 7 April 2006 4.25 4.52 4.61 14 April 2006 4.21 4.48 4.64 21 April 2006 4.12 4.54 4.66 28 April 2006 4.04 4.71 4.77 5 May 2006 4.03 5.00 4.92 12 May 2006 4.13 4.94 4.87 19 May 2006 4.48 4.92 4.96 26 May 2006 4.75 5.24 5.10 2 June 2006 4.76 5.26 5.15 9 June 2006 4.86 5.38 5.29 16 June 2006 4.97 5.48 5.18 23 June 2006 4.84 5.38 4.99 30 June 2006 4.73 5.05 4.97 7 July 2006 4.75 5.04 4.93 14 July 2006 4.89 4.88 4.82 21 July 2006 4.98 4.83 4.74 28 July 2006 4.95 4.56 4.63 4 August 2006 4.88 4.41 4.71 11 August 2006 4.54 4.36 4.49 18 August 2006 4.26 4.11 4.49 25 August 2006 4.27 4.03 4.36 1 September 2006 4.04 3.83 4.06 8 September 2006 3.92 3.79 3.91 15 September 2006 3.88 3.93 3.69 22 September 2006 4.04 4.00 3.67 29 September 2006 4.03 4.11 3.75 6 October 2006 3.95 4.24 3.87 13 October 2006 3.95 4.18 4.10 20 October 2006 3.97 4.11 3.97 27 October 2006 3.97 4.10 3.97 3 November 2006 3.97 4.00 4.25 10 November 2006 4.00 3.85 4.53 17 November 2006 3.94 3.92 4.62 24 November 2006 3.88 3.73 4.77 1 December 2006 3.85 3.70 4.78 8 December 2006 3.73 3.66 4.88 15 December 2006 3.50 3.67 5.04 22 December 2006 3.39 3.60 4.96 29 December 2006 3.31 3.61 5.15 5 January 2007 3.22 3.72 4.99 12 January 2007 3.27 3.76 5.07 19 January 2007 3.26 3.70 5.14 26 January 2007 3.03 3.77 4.90 2 February 2007 2.83 3.79 4.53 9 February 2007 2.80 3.66 4.49 16 February 2007 2.88 3.67 4.58 23 February 2007 2.87 3.57 4.66 2 March 2007 3.09 3.33 5.22 9 March 2007 3.11 3.26 5.13 16 March 2007 3.12 3.07 5.26 23 March 2007 3.12 2.87 5.06 30 March 2007 3.16 3.07 5.01 6 April 2007 3.06 3.09 4.94 13 April 2007 3.06 3.13 4.91 20 April 2007 3.20 3.11 4.82 27 April 2007 3.24 3.09 4.76 4 May 2007 3.47 3.13 4.90 11 May 2007 3.45 3.08 4.73 18 May 2007 3.44 3.02 4.62 25 May 2007 3.20 3.03 4.07 1 June 2007 3.18 2.99 3.87 8 June 2007 3.24 3.05 3.88 15 June 2007 3.40 3.03 4.52 22 June 2007 3.44 2.95 4.83 29 June 2007 3.60 3.06 4.99 6 July 2007 3.87 3.25 5.18 13 July 2007 4.00 3.43 5.60 20 July 2007 4.19 3.55 5.87 27 July 2007 4.42 3.55 6.03 3 August 2007 4.53 3.74 6.28 10 August 2007 4.67 3.91 6.41 17 August 2007 4.87 4.14 6.54 24 August 2007 5.12 4.31 6.69 31 August 2007 5.01 4.31 6.53 7 September 2007 4.87 4.30 6.18 14 September 2007 5.08 4.40 6.41 21 September 2007 5.30 4.65 6.74 28 September 2007 5.30 4.82 6.92 5 October 2007 5.20 4.77 6.60 12 October 2007 5.18 4.69 6.70 19 October 2007 5.03 4.74 6.64 26 October 2007 5.23 4.69 6.70 2 November 2007 5.11 4.74 6.78 9 November 2007 4.97 4.78 6.92 16 November 2007 4.77 4.58 6.92 23 November 2007 4.81 4.51 7.11 30 November 2007 4.87 4.49 7.95 7 December 2007 4.97 4.44 8.03 14 December 2007 5.30 4.34 8.66 21 December 2007 5.18 4.12 8.92 28 December 2007 5.14 4.11 9.44 4 January 2008 5.15 4.16 9.49 11 January 2008 5.19 4.11 9.49 18 January 2008 4.96 4.07 9.61 25 January 2008 5.43 4.16 9.88 1 February 2008 5.83 4.78 10.32 8 February 2008 6.06 4.96 10.50 15 February 2008 6.21 5.08 10.72 22 February 2008 6.28 5.13 10.45 29 February 2008 6.13 5.17 10.81 7 March 2008 6.07 5.12 10.84 * Annualized standard deviation of 60-day window of daily returns. Return to table Figure: Realized 10-Year Bond Volatility* Daily Percent Date Germany Japan U.S. 1 November 2007 5.06 4.81 6.92 2 November 2007 5.05 4.87 6.94 5 November 2007 5.04 4.87 6.98 6 November 2007 5.05 4.87 6.97 7 November 2007 5.06 4.72 6.97 8 November 2007 4.87 4.74 6.89 9 November 2007 4.85 4.70 6.77 12 November 2007 4.85 4.66 6.81 13 November 2007 4.83 4.58 6.85 14 November 2007 4.71 4.55 6.84 15 November 2007 4.72 4.55 7.07 16 November 2007 4.72 4.57 7.06 19 November 2007 4.78 4.50 7.16 20 November 2007 4.77 4.50 7.09 21 November 2007 4.82 4.53 7.08 22 November 2007 4.83 4.52 7.10 23 November 2007 4.83 4.51 7.13 26 November 2007 4.83 4.50 7.69 27 November 2007 4.83 4.49 7.98 28 November 2007 4.89 4.49 8.05 29 November 2007 4.95 4.49 8.15 30 November 2007 4.86 4.50 7.90 3 December 2007 4.88 4.24 7.99 4 December 2007 4.92 4.29 7.96 5 December 2007 4.89 4.48 7.94 6 December 2007 4.90 4.61 8.03 7 December 2007 5.28 4.60 8.25 10 December 2007 5.39 4.55 8.28 11 December 2007 5.31 4.51 8.75 12 December 2007 5.31 4.25 8.83 13 December 2007 5.24 4.22 8.69 14 December 2007 5.24 4.16 8.75 17 December 2007 5.25 4.12 8.77 18 December 2007 5.21 4.09 8.81 19 December 2007 5.12 4.16 8.89 20 December 2007 5.15 4.11 8.87 21 December 2007 5.16 4.09 9.25 24 December 2007 5.16 4.12 9.30 25 December 2007 5.16 4.10 9.38 26 December 2007 5.16 4.13 9.47 27 December 2007 5.14 4.08 9.59 28 December 2007 5.07 4.14 9.48 31 December 2007 5.07 4.14 9.45 1 January 2008 5.04 4.14 9.45 2 January 2008 5.23 4.16 9.54 3 January 2008 5.18 4.19 9.53 4 January 2008 5.24 4.20 9.49 7 January 2008 5.23 4.15 9.49 8 January 2008 5.26 4.13 9.49 9 January 2008 5.32 4.09 9.40 10 January 2008 5.21 4.11 9.57 11 January 2008 4.95 4.07 9.52 14 January 2008 4.95 4.09 9.51 15 January 2008 4.97 4.08 9.62 16 January 2008 4.96 4.10 9.61 17 January 2008 4.96 4.06 9.68 18 January 2008 4.95 4.05 9.64 21 January 2008 5.05 4.08 9.73 22 January 2008 5.23 4.14 9.82 9.67 23 January 2008 5.41 4.19 24 January 2008 5.72 4.08 10.08 25 January 2008 5.71 4.33 10.12 28 January 2008 5.73 4.56 10.08 29 January 2008 5.78 4.79 10.19 30 January 2008 5.78 4.85 10.35 31 January 2008 5.94 4.85 10.48 1 February 2008 5.91 4.85 10.48 4 February 2008 5.92 4.92 10.45 5 February 2008 6.06 4.90 10.41 6 February 2008 6.11 5.01 10.40 7 February 2008 6.10 5.00 10.54 8 February 2008 6.10 4.99 10.68 11 February 2008 6.05 5.04 10.60 12 February 2008 6.23 5.09 10.63 13 February 2008 6.20 5.03 10.61 14 February 2008 6.25 5.14 10.86 15 February 2008 6.30 5.08 10.88 18 February 2008 6.37 5.03 10.48 19 February 2008 6.37 5.03 10.36 20 February 2008 6.27 5.07 10.28 21 February 2008 6.23 5.23 10.56 22 February 2008 6.14 5.27 10.56 25 February 2008 6.09 5.31 10.68 26 February 2008 6.09 5.25 10.70 27 February 2008 6.09 5.08 10.70 28 February 2008 6.21 5.05 10.84 29 February 2008 6.15 5.17 11.14 3 March 2008 6.04 5.17 11.12 4 March 2008 6.08 5.18 10.87 5 March 2008 6.05 5.11 10.88 6 March 2008 6.09 5.10 10.67 7 March 2008 6.07 5.06 10.64 10 March 2008 6.13 5.06 10.75 11 March 2008 6.23 5.06 11.07 12 March 2008 6.23 4.99 ND As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. * Annualized standard deviation of 60-day window of daily returns. Return to table Emerging Markets: Exchange Rates and Stock Market Indexes Exchange value of the dollar Stock market index Percent change since Latest Percent change since Latest January FOMC* Mexico January FOMC 10.7853 -0.4 29283 1.6865 -5.1 60762 2.1 2.14 -0.1 35281 -1.6 China 7.0900 -1.4 3971 -10.1 Hong Kong Brazil Venezuela 3.6 7.7843 -0.2 22302 -5.7 Korea 980.7 3.8 1616 1.7 Taiwan 30.68 -4.7 8211 8.8 1.3800 -2.8 940 0.0 31.45 0.0 814 6.7 Singapore Thailand * Positive percent change denotes appreciation of U.S. dollar. Return to table Figure: Exchange Value of the Dollar Weekly January 5, 2004 = 100 Period Mexico Brazil 2 January 2004 ND ND 9 January 2004 99.28 99.93 Korea China ND ND 99.48 100.00 16 January 2004 98.46 98.48 23 January 2004 ND ND 30 January 2004 99.66 101.17 99.14 100.00 ND ND 98.65 100.00 6 February 2004 100.86 102.62 98.02 100.00 13 February 2004 100.25 102.11 97.48 100.00 20 February 2004 27 February 2004 ND ND ND ND 100.38 103.04 98.78 100.00 5 March 2004 99.82 101.11 98.57 100.00 12 March 2004 99.64 101.17 98.49 100.00 19 March 2004 100.22 101.77 97.79 100.00 26 March 2004 100.03 102.45 97.18 100.00 2 April 2004 101.67 101.86 96.33 100.00 9 April 2004 101.76 100.75 96.08 100.00 16 April 2004 102.32 101.49 96.61 100.00 23 April 2004 102.83 102.23 97.04 100.00 30 April 2004 103.21 102.69 97.49 100.00 7 May 2004 104.04 104.78 98.18 100.00 14 May 2004 105.60 108.67 99.57 100.00 21 May 2004 104.87 110.27 98.93 100.00 28 May 2004 104.35 110.48 98.54 100.00 4 June 2004 11 June 2004 ND ND 103.33 109.25 ND ND 97.28 100.00 18 June 2004 103.50 109.91 97.36 100.00 25 June 2004 102.89 109.21 97.01 100.00 2 July 2004 104.47 108.37 96.79 100.00 9 July 2004 ND ND ND ND 16 July 2004 104.34 105.95 96.91 100.00 23 July 2004 103.86 105.90 97.41 100.00 30 July 2004 104.21 106.71 97.88 100.00 6 August 2004 103.90 106.79 97.73 100.00 13 August 2004 103.74 106.05 97.15 100.00 20 August 2004 103.25 104.66 97.05 100.00 27 August 2004 103.42 103.47 96.82 100.00 3 September 2004 104.05 102.71 96.56 100.00 10 September 2004 ND ND ND ND 17 September 2004 104.88 101.44 96.16 100.00 24 September 2004 103.84 100.42 96.29 100.00 1 October 2004 103.63 100.05 96.62 100.00 8 October 2004 102.66 99.06 96.50 100.00 ND ND ND ND 22 October 2004 15 October 2004 104.22 100.23 95.81 99.99 29 October 2004 104.68 100.27 94.52 99.99 5 November 2004 104.06 99.08 93.48 99.99 12 November 2004 ND ND ND ND 19 November 2004 103.17 97.07 90.56 99.99 ND ND ND ND 3 December 2004 26 November 2004 101.69 95.19 87.71 99.99 10 December 2004 102.17 96.38 88.26 99.99 17 December 2004 102.24 95.95 88.84 99.99 24 December 2004 101.44 94.19 88.31 99.99 31 December 2004 101.75 93.58 87.34 99.99 7 January 2005 102.97 94.45 87.77 99.99 14 January 2005 101.95 94.52 87.56 99.99 21 January 2005 ND ND ND ND 28 January 2005 102.45 93.38 86.34 99.99 4 February 2005 101.52 91.24 86.13 99.99 11 February 2005 101.61 91.38 86.92 99.99 18 February 2005 101.21 90.10 86.03 99.99 25 February 2005 ND ND ND ND 100.78 92.17 84.31 99.99 4 March 2005 11 March 2005 100.12 94.41 84.00 99.99 18 March 2005 101.67 95.98 84.11 99.99 25 March 2005 102.17 95.56 84.79 99.99 1 April 2005 102.19 94.11 85.43 99.99 8 April 2005 101.74 91.46 85.06 99.99 15 April 2005 100.81 90.18 85.21 99.99 22 April 2005 100.62 89.89 84.74 99.99 29 April 2005 100.73 88.44 83.88 99.99 6 May 2005 99.87 86.97 83.87 99.99 13 May 2005 100.06 86.29 83.83 99.99 20 May 2005 99.79 86.19 84.37 99.99 27 May 2005 99.50 84.51 84.04 99.99 3 June 2005 ND ND ND ND 10 June 2005 98.76 86.27 84.31 99.99 17 June 2005 98.39 85.13 84.98 99.99 24 June 2005 98.05 83.35 84.78 99.99 1 July 2005 98.02 82.61 86.14 99.99 8 July 2005 ND ND ND ND 96.96 81.89 87.00 99.99 15 July 2005 22 July 2005 96.51 82.25 86.79 99.59 29 July 2005 96.75 84.66 86.18 97.97 5 August 2005 96.29 81.40 85.39 97.91 12 August 2005 96.45 81.18 85.04 97.91 19 August 2005 96.70 82.97 85.54 97.87 26 August 2005 98.26 84.38 86.12 97.87 2 September 2005 98.05 82.98 86.63 97.82 ND ND ND 97.78 16 September 2005 9 September 2005 98.00 81.00 86.10 97.75 23 September 2005 98.45 79.96 86.37 97.74 30 September 2005 98.56 78.33 87.06 97.77 7 October 2005 97.67 78.87 87.28 97.76 ND ND ND ND 14 October 2005 21 October 2005 98.77 78.61 88.37 97.75 28 October 2005 98.77 79.38 87.75 97.71 4 November 2005 97.75 78.25 87.56 97.68 11 November 2005 ND ND ND ND 18 November 2005 96.95 77.08 86.89 97.67 25 November 2005 ND ND ND ND 2 December 2005 95.78 77.04 86.99 97.63 9 December 2005 95.44 77.01 86.80 97.60 16 December 2005 97.25 80.00 85.58 97.55 23 December 2005 97.03 81.67 85.21 97.56 30 December 2005 ND ND ND ND 6 January 2006 ND ND ND ND 96.19 79.18 82.17 97.46 13 January 2006 20 January 2006 ND ND ND ND 27 January 2006 95.41 78.17 81.62 97.41 3 February 2006 95.06 77.52 81.09 97.39 10 February 2006 95.35 76.30 81.21 97.32 17 February 2006 95.46 74.54 81.63 97.24 24 February 2006 ND ND ND ND 95.42 74.34 81.36 97.14 3 March 2006 10 March 2006 97.25 75.52 82.12 97.20 17 March 2006 97.07 74.21 81.83 97.14 24 March 2006 98.40 75.27 81.58 97.00 31 March 2006 99.36 77.01 81.77 96.94 7 April 2006 99.81 74.71 80.47 96.83 14 April 2006 100.73 74.96 80.32 96.80 21 April 2006 100.29 74.35 79.69 96.82 28 April 2006 100.90 73.81 79.16 96.85 5 May 2006 99.90 72.31 78.77 96.81 12 May 2006 99.33 72.80 78.11 96.71 19 May 2006 101.38 76.31 79.14 96.73 26 May 2006 102.00 80.32 79.51 96.93 2 June 2006 ND ND ND ND 9 June 2006 103.27 79.29 79.54 96.78 16 June 2006 103.83 79.42 80.43 96.69 23 June 2006 104.01 78.35 80.26 96.65 30 June 2006 103.45 77.36 80.27 96.62 ND ND ND ND 14 July 2006 100.08 76.71 79.51 96.55 21 July 2006 99.31 76.76 80.04 96.61 7 July 2006 28 July 2006 99.22 76.70 79.91 96.44 4 August 2006 99.56 76.22 80.57 96.33 11 August 2006 98.78 75.97 80.60 96.30 18 August 2006 98.07 74.95 80.78 96.45 25 August 2006 98.79 75.04 80.34 96.28 1 September 2006 99.11 74.90 80.65 96.17 ND ND ND ND 15 September 2006 8 September 2006 100.04 75.69 80.34 96.02 22 September 2006 99.75 76.01 79.68 95.81 29 September 2006 100.33 76.71 79.21 95.53 6 October 2006 100.25 75.77 79.56 95.49 13 October 2006 ND ND ND ND 20 October 2006 98.43 74.72 80.17 95.54 27 October 2006 97.97 74.85 80.02 95.41 3 November 2006 98.02 74.88 78.87 95.12 10 November 2006 98.68 74.89 78.60 95.06 17 November 2006 99.02 75.43 78.65 95.06 24 November 2006 ND ND ND ND 100.14 76.07 77.99 94.69 1 December 2006 8 December 2006 98.96 75.22 77.18 94.52 15 December 2006 98.29 74.97 77.39 94.57 22 December 2006 98.50 75.35 77.84 94.46 29 December 2006 ND ND ND ND 5 January 2007 ND ND ND ND 12 January 2007 99.91 75.15 78.72 94.28 19 January 2007 ND ND ND ND 26 January 2007 99.71 74.59 78.72 93.92 2 February 2007 100.29 74.13 78.81 93.83 9 February 2007 99.47 73.19 78.35 93.66 16 February 2007 99.74 73.45 78.60 93.69 23 February 2007 ND ND ND ND 101.33 73.84 78.99 93.56 2 March 2007 9 March 2007 101.32 74.00 79.43 93.55 16 March 2007 101.44 73.24 79.24 93.50 23 March 2007 100.65 72.42 78.81 93.42 30 March 2007 100.47 72.14 78.84 93.41 6 April 2007 99.93 71.21 78.40 93.37 13 April 2007 99.95 70.95 78.16 93.36 20 April 2007 99.90 71.07 77.91 93.28 27 April 2007 99.55 70.91 77.80 93.34 4 May 2007 99.20 70.95 77.94 93.10 11 May 2007 98.45 70.71 77.51 92.96 18 May 2007 98.20 69.14 77.72 92.75 25 May 2007 98.06 68.11 78.07 92.49 1 June 2007 ND ND ND ND 8 June 2007 98.67 68.30 77.84 92.42 15 June 2007 99.11 67.67 78.03 92.35 22 June 2007 97.99 66.93 77.81 92.06 29 June 2007 98.34 67.76 77.66 92.04 ND ND ND ND 13 July 2007 6 July 2007 98.00 65.96 77.08 91.57 20 July 2007 97.82 65.12 76.88 91.40 27 July 2007 98.85 65.59 76.87 91.39 3 August 2007 99.57 65.67 77.38 91.46 10 August 2007 99.70 66.81 77.57 91.44 17 August 2007 101.00 70.30 78.67 91.73 24 August 2007 100.74 70.35 79.06 91.64 31 August 2007 100.61 68.93 78.81 91.22 7 September 2007 100.59 68.51 78.70 91.15 14 September 2007 100.91 67.13 78.24 90.84 21 September 2007 100.25 65.79 77.57 90.76 28 September 2007 99.38 64.81 77.08 90.72 5 October 2007 98.96 63.69 76.80 90.72 12 October 2007 98.45 62.97 76.95 90.72 19 October 2007 98.30 63.24 76.89 90.76 26 October 2007 98.37 62.91 76.78 90.56 2 November 2007 97.25 61.21 76.09 90.20 9 November 2007 97.93 60.88 76.11 89.86 16 November 2007 ND ND ND ND 23 November 2007 99.86 62.22 77.82 89.63 30 November 2007 99.50 63.13 77.87 89.26 7 December 2007 98.75 62.60 77.34 89.44 14 December 2007 98.32 61.94 77.65 89.13 21 December 2007 98.57 63.12 78.76 89.07 28 December 2007 ND ND ND ND ND ND ND ND 11 January 2008 4 January 2008 99.37 61.65 78.69 87.79 18 January 2008 99.35 61.73 78.96 87.46 25 January 2008 ND ND ND ND 1 February 2008 98.49 61.83 79.24 86.86 8 February 2008 98.15 61.46 79.05 86.80 15 February 2008 97.78 61.22 79.24 86.84 22 February 2008 ND ND ND ND 29 February 2008 97.55 58.94 79.07 86.19 7 March 2008 97.68 58.67 79.73 85.86 Figure: Exchange Value of the Dollar Daily January 30, 2008 = 100 Date 1 November 2007 Mexico Brazil 98.48 98.28 Korea China 95.98 103.71 2 November 2007 98.79 98.72 96.08 103.71 5 November 2007 99.07 98.66 96.03 103.67 6 November 2007 98.81 97.30 95.89 103.62 7 November 2007 99.13 97.33 95.79 103.49 8 November 2007 99.86 97.60 95.98 103.20 9 November 2007 100.45 98.46 96.34 103.17 ND ND 12 November 2007 ND ND 13 November 2007 100.56 99.46 96.78 103.29 14 November 2007 100.35 97.51 96.62 103.25 15 November 2007 100.82 98.14 97.26 103.25 16 November 2007 100.90 98.00 97.07 103.25 19 November 2007 101.49 99.06 97.41 103.34 20 November 2007 101.19 98.83 97.54 103.22 21 November 2007 101.56 100.46 98.71 103.13 22 November 2007 101.56 100.46 98.71 103.13 23 November 2007 101.33 101.36 98.47 103.01 26 November 2007 101.44 102.95 98.31 102.86 27 November 2007 101.32 103.39 98.60 102.72 28 November 2007 100.95 101.11 98.54 102.77 29 November 2007 100.99 98.23 102.63 99.90 30 November 2007 100.60 100.12 97.45 102.70 3 December 2007 100.70 100.35 97.76 102.92 4 December 2007 100.71 102.40 97.60 102.97 5 December 2007 100.20 100.84 6 December 2007 100.03 100.51 97.67 102.76 97.54 103.07 7 December 2007 99.84 99.11 97.24 103.00 10 December 2007 99.89 99.14 97.70 102.76 11 December 2007 99.71 98.89 97.75 102.61 12 December 2007 99.81 98.90 98.00 102.54 13 December 2007 99.99 99.90 97.91 102.49 14 December 2007 99.93 101.02 98.39 102.56 17 December 2007 100.18 102.14 98.77 102.63 18 December 2007 100.26 101.77 99.30 102.54 19 December 2007 100.13 101.39 99.39 102.51 20 December 2007 100.08 101.37 99.83 102.44 21 December 2007 99.92 100.72 99.50 102.46 24 December 2007 99.83 100.77 99.39 102.17 25 December 2007 ND ND 26 December 2007 99.83 99.76 99.33 102.14 27 December 2007 100.33 99.31 99.47 101.62 28 December 2007 100.59 99.96 99.01 101.57 31 December 2007 100.79 100.07 99.03 101.44 1 January 2008 ND ND ND ND ND ND 2 January 2008 100.65 99.45 99.11 101.44 3 January 2008 100.47 98.41 99.07 101.17 4 January 2008 100.88 99.04 99.27 101.09 7 January 2008 100.79 99.44 99.47 101.10 8 January 2008 100.53 98.80 99.37 101.05 9 January 2008 101.31 99.70 99.16 100.99 10 January 2008 101.16 99.22 99.17 101.10 11 January 2008 100.84 98.38 99.17 100.98 14 January 2008 100.78 97.57 99.15 100.85 15 January 2008 100.80 98.33 98.96 100.60 99.74 100.68 16 January 2008 100.96 99.48 17 January 2008 101.01 99.95 100.07 100.46 18 January 2008 100.98 100.86 100.10 100.71 21 January 2008 ND ND ND ND 22 January 2008 100.87 101.32 100.20 100.76 23 January 2008 101.12 102.23 100.87 100.68 24 January 2008 100.55 100.39 100.38 100.44 25 January 2008 100.34 100.46 100.34 100.28 28 January 2008 100.38 100.28 100.39 100.05 29 January 2008 100.08 30 January 2008 100.00 100.00 100.00 100.00 99.72 99.63 100.07 31 January 2008 99.88 98.88 99.83 99.87 1 February 2008 99.82 98.09 99.95 99.91 4 February 2008 99.64 98.18 99.61 100.00 5 February 2008 99.93 99.03 99.80 99.89 6 February 2008 99.87 98.48 99.62 99.89 7 February 2008 99.66 99.06 99.61 99.89 8 February 2008 99.32 99.31 99.96 99.89 11 February 2008 99.46 99.03 100.00 99.99 12 February 2008 99.23 98.16 99.88 99.90 13 February 2008 99.25 98.20 100.03 100.08 14 February 2008 99.21 98.23 99.93 99.96 15 February 2008 99.40 98.51 99.96 99.82 18 February 2008 ND ND ND ND 19 February 2008 99.21 97.40 99.90 99.41 20 February 2008 99.70 97.54 100.26 99.32 21 February 2008 99.69 96.02 100.34 99.28 22 February 2008 99.48 96.11 100.34 99.29 25 February 2008 99.63 95.92 100.34 99.46 26 February 2008 99.08 94.84 100.16 99.54 27 February 2008 99.12 93.77 99.27 99.29 28 February 2008 98.54 94.50 99.17 98.87 29 February 2008 99.03 94.75 99.77 98.89 3 March 2008 98.79 94.38 100.22 98.78 4 March 2008 98.95 94.60 100.26 98.82 5 March 2008 98.80 93.78 100.33 98.84 6 March 2008 99.39 93.88 100.81 98.81 7 March 2008 100.12 94.91 101.25 98.88 10 March 2008 100.16 95.83 102.23 98.82 11 March 2008 99.68 95.69 102.26 98.77 12 March 2008 99.57 95.15 102.39 98.75 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The Korea curve ends at nearly 104. Figure: Stock Market Indexes Weekly January 5, 2004 = 100 Period 2 January 2004 9 January 2004 Mexico Brazil ND ND Korea Hong Kong ND ND 103.11 105.20 100.57 101.17 102.25 16 January 2004 103.81 104.87 102.96 23 January 2004 106.53 104.08 ND ND 30 January 2004 107.96 103.96 104.20 103.81 6 February 2004 ND 96.96 102.45 100.75 13 February 2004 112.28 100.62 106.01 104.54 20 February 2004 113.83 97.04 106.84 106.59 27 February 2004 112.36 ND 105.75 105.65 5 March 2004 115.01 100.48 ND 104.59 12 March 2004 112.76 97.91 106.45 101.71 19 March 2004 112.54 97.46 105.11 99.09 26 March 2004 115.49 94.81 104.57 96.61 2 April 2004 119.68 99.19 106.66 97.13 9 April 2004 ND ND ND ND 16 April 2004 121.18 99.11 ND ND 23 April 2004 120.70 ND 111.90 94.77 30 April 2004 116.63 91.41 108.61 92.89 7 May 2004 114.04 86.91 92.15 ND 14 May 2004 109.66 81.52 96.04 87.96 21 May 2004 110.56 81.84 92.30 86.77 28 May 2004 113.69 85.54 ND ND 4 June 2004 113.46 87.35 96.46 92.97 11 June 2004 116.51 ND 95.79 95.08 18 June 2004 115.36 89.70 90.89 92.62 25 June 2004 115.17 91.59 91.66 ND 2 July 2004 115.80 93.76 93.89 ND 9 July 2004 114.32 ND 91.45 94.08 16 July 2004 112.87 97.48 89.94 92.58 23 July 2004 113.01 97.66 90.30 94.36 30 July 2004 114.10 97.83 89.43 94.37 6 August 2004 114.28 98.00 88.65 95.05 13 August 2004 111.54 95.83 91.89 95.33 20 August 2004 113.90 100.45 94.51 94.54 27 August 2004 115.79 101.55 97.18 97.61 3 September 2004 116.92 100.95 98.79 99.50 10 September 2004 119.31 99.92 100.32 17 September 2004 ND 100.17 103.32 ND 101.20 24 September 2004 122.70 102.34 102.19 101.72 1 October 2004 123.71 103.63 ND ND 8 October 2004 125.67 107.30 107.26 102.30 15 October 2004 124.31 101.22 ND 103.97 22 October 2004 125.99 102.45 101.48 29 October 2004 129.27 102.11 5 November 2004 133.04 12 November 2004 ND 99.51 99.46 ND 103.27 102.52 134.43 104.65 104.08 104.82 19 November 2004 135.64 ND 106.47 106.25 26 November 2004 135.49 109.62 104.69 107.10 3 December 2004 137.80 112.17 106.47 108.82 10 December 2004 137.91 111.43 104.59 108.30 17 December 2004 141.16 113.93 104.63 107.69 24 December 2004 143.86 ND 106.96 109.15 31 December 2004 146.63 ND ND ND 7 January 2005 144.13 110.83 106.98 106.62 14 January 2005 140.96 109.51 107.49 104.07 21 January 2005 145.90 107.20 111.37 104.46 28 January 2005 146.70 ND 111.92 104.38 4 February 2005 151.20 110.24 112.61 104.51 11 February 2005 154.39 ND ND ND 18 February 2005 154.39 118.85 117.99 107.78 25 February 2005 154.72 122.66 119.38 108.23 4 March 2005 156.52 126.47 107.23 ND 11 March 2005 154.81 127.99 122.27 106.64 18 March 2005 149.13 124.03 120.51 106.42 25 March 2005 ND ND 117.66 ND 1 April 2005 143.92 117.58 117.45 ND 8 April 2005 140.77 116.14 ND ND 15 April 2005 139.59 113.89 117.71 105.39 22 April 2005 135.30 ND 113.45 103.94 29 April 2005 140.59 111.44 112.85 106.52 6 May 2005 142.12 112.20 ND ND 13 May 2005 141.35 109.54 112.54 107.46 20 May 2005 143.54 109.64 113.84 27 May 2005 148.31 ND 115.25 104.98 ND 3 June 2005 149.14 115.47 117.84 106.45 10 June 2005 149.46 111.13 ND 106.77 17 June 2005 152.64 114.05 120.93 106.90 24 June 2005 152.84 113.33 121.35 108.43 1 July 2005 153.15 112.25 121.61 ND 8 July 2005 155.73 109.70 123.97 108.34 15 July 2005 158.36 113.66 127.56 110.12 22 July 2005 161.11 113.64 130.11 112.48 29 July 2005 161.13 113.03 133.22 113.89 5 August 2005 165.46 118.33 134.76 115.95 12 August 2005 166.51 120.03 134.58 117.49 19 August 2005 166.16 120.67 ND 117.71 26 August 2005 165.89 120.51 133.74 115.24 2 September 2005 162.93 124.14 132.05 115.38 9 September 2005 171.02 16 September 2005 23 September 2005 ND 137.80 116.79 ND 130.27 141.51 115.92 177.51 136.29 ND ND 30 September 2005 180.08 139.12 147.96 117.71 7 October 2005 177.81 135.89 ND 116.30 14 October 2005 171.99 ND 147.36 ND 21 October 2005 170.57 130.21 142.25 111.35 28 October 2005 175.56 131.45 142.02 110.54 4 November 2005 179.80 ND 145.50 111.87 11 November 2005 181.77 137.07 149.58 111.86 18 November 2005 185.52 ND 153.39 113.15 25 November 2005 190.46 141.15 154.84 115.34 2 December 2005 191.98 142.91 157.42 115.85 9 December 2005 196.65 146.21 160.24 115.45 16 December 2005 ND 148.37 161.70 115.33 23 December 2005 201.18 148.30 163.69 116.78 30 December 2005 201.71 ND ND ND 6 January 2006 209.66 154.57 169.75 ND 13 January 2006 215.20 158.63 170.31 120.37 20 January 2006 209.98 162.19 166.23 120.21 27 January 2006 214.02 119.63 3 February 2006 215.10 169.02 10 February 2006 ND 162.70 ND ND ND 164.17 161.19 118.84 17 February 2006 206.42 166.33 160.17 118.54 24 February 2006 213.28 171.06 164.12 120.77 3 March 2006 215.26 122.06 ND ND 10 March 2006 210.18 165.98 160.34 119.74 17 March 2006 215.82 168.22 162.01 120.43 24 March 2006 ND 167.97 160.82 121.46 31 March 2006 217.22 167.12 162.41 121.65 7 April 2006 223.79 173.57 168.75 14 April 2006 ND ND 170.04 ND ND 21 April 2006 225.76 ND 174.08 ND 28 April 2006 231.71 178.23 174.39 128.19 5 May 2006 12 May 2006 ND ND ND ND 244.50 183.83 176.28 131.58 19 May 2006 231.87 171.55 168.30 126.23 26 May 2006 218.30 164.49 160.66 121.62 2 June 2006 216.76 166.43 ND ND 9 June 2006 209.05 159.57 ND 121.31 16 June 2006 195.99 ND 149.18 119.00 23 June 2006 204.70 152.42 149.79 120.99 30 June 2006 210.18 157.68 152.47 122.19 7 July 2006 226.31 163.72 155.28 125.89 14 July 2006 217.15 160.06 156.21 126.19 21 July 2006 218.26 158.74 124.78 ND 28 July 2006 227.54 163.75 155.70 128.49 4 August 2006 228.69 166.19 157.19 130.49 11 August 2006 229.39 166.50 158.04 131.98 18 August 2006 235.32 166.31 ND 133.36 25 August 2006 236.64 161.38 160.82 130.85 1 September 2006 240.60 162.67 163.17 132.42 8 September 2006 238.68 ND 164.62 132.95 15 September 2006 240.23 161.10 162.97 131.72 22 September 2006 245.07 157.89 165.75 134.51 29 September 2006 247.23 160.25 165.08 134.48 6 October 2006 249.56 166.78 ND ND 13 October 2006 255.69 ND 161.48 137.21 20 October 2006 261.20 173.20 164.56 138.67 27 October 2006 263.37 175.78 166.14 140.02 3 November 2006 ND ND 166.55 ND 10 November 2006 270.22 182.82 168.47 145.37 17 November 2006 275.01 ND 170.84 146.37 24 November 2006 ND ND 171.62 147.23 1 December 2006 ND 184.62 172.93 144.98 8 December 2006 289.89 191.40 171.38 144.95 15 December 2006 ND 193.32 169.67 145.45 22 December 2006 289.98 193.67 174.18 147.54 29 December 2006 5 January 2007 ND ND ND ND ND ND ND ND 12 January 2007 296.03 189.74 166.35 151.47 19 January 2007 299.03 190.86 167.55 154.96 26 January 2007 305.11 ND 166.56 158.88 2 February 2007 311.42 197.88 167.21 156.55 9 February 2007 ND 199.96 172.89 158.71 156.92 16 February 2007 321.53 202.21 173.80 23 February 2007 324.51 ND ND ND 2 March 2007 304.08 195.26 ND 152.39 9 March 2007 299.85 191.28 170.79 146.02 16 March 2007 304.72 192.74 173.27 146.92 23 March 2007 ND 200.18 175.37 149.97 30 March 2007 6 April 2007 321.68 201.82 175.86 ND 178.93 ND 13 April 2007 335.21 210.51 183.47 ND 20 April 2007 336.40 217.92 185.46 158.69 27 April 2007 334.08 219.39 187.90 158.18 4 May 2007 11 May 2007 ND 151.71 ND ND ND ND 338.06 225.44 193.27 159.42 160.99 18 May 2007 342.21 228.54 194.72 25 May 2007 347.96 230.43 ND ND 1 June 2007 354.54 233.51 203.85 157.67 8 June 2007 359.94 ND 159.47 ND 15 June 2007 361.91 236.85 211.38 159.50 22 June 2007 361.31 242.67 217.54 ND 29 June 2007 351.72 241.10 212.01 167.69 6 July 2007 363.63 248.74 221.43 13 July 2007 363.78 20 July 2007 363.35 256.77 ND 231.54 ND ND 175.65 177.10 27 July 2007 351.47 246.52 238.72 178.36 3 August 2007 344.01 241.06 228.77 174.33 10 August 2007 340.04 238.99 227.05 170.10 17 August 2007 324.21 222.06 ND 163.52 24 August 2007 330.66 227.77 214.00 171.56 31 August 2007 338.86 236.09 222.63 180.59 7 September 2007 348.39 184.37 ND 228.03 14 September 2007 341.47 240.62 223.63 187.15 21 September 2007 344.70 252.15 229.13 194.19 28 September 2007 344.66 266.26 ND 5 October 2007 354.05 273.72 ND ND 12 October 2007 363.36 ND 246.41 219.20 19 October 2007 367.30 278.05 242.70 ND 26 October 2007 363.50 279.05 237.59 2 November 2007 226.59 ND 249.06 240.73 9 November 2007 337.07 284.12 244.71 223.96 16 November 2007 331.43 ND 235.48 216.84 ND 23 November 2007 ND ND ND 221.93 206.68 30 November 2007 327.63 272.12 226.51 214.27 7 December 2007 347.59 287.85 234.10 223.42 14 December 2007 21 December 2007 28 December 2007 4 January 2008 ND 285.15 232.25 331.32 273.97 217.69 ND 207.61 ND ND ND ND ND ND ND ND 11 January 2008 323.46 277.11 221.06 209.15 18 January 2008 311.46 263.24 210.56 195.42 25 January 2008 306.37 ND 200.86 181.97 1 February 2008 323.29 266.42 196.90 183.89 8 February 2008 15 February 2008 ND ND ND ND 328.53 274.57 201.63 179.74 22 February 2008 331.56 282.69 206.18 182.08 29 February 2008 339.45 289.35 208.40 185.14 7 March 2008 329.76 283.02 203.53 177.87 Figure: Stock Market Indexes Daily January 30, 2008 = 100 Date 1 November 2007 2 November 2007 Mexico Brazil Korea Hong Kong 109.00 107.59 129.83 ND 133.14 ND 127.08 128.81 5 November 2007 106.70 105.76 126.85 122.36 6 November 2007 107.67 108.36 129.27 124.45 7 November 2007 104.66 106.67 128.58 125.60 8 November 2007 103.63 106.77 124.57 121.59 9 November 2007 103.17 108.05 125.26 121.69 12 November 2007 99.72 103.36 121.04 116.96 13 November 2007 104.32 105.71 121.64 117.54 14 November 2007 104.92 108.57 124.14 123.30 15 November 2007 103.21 121.55 16 November 2007 104.84 108.53 121.22 116.74 19 November 2007 ND 104.71 119.16 116.09 20 November 2007 102.78 ND 122.57 ND 117.82 117.41 21 November 2007 100.65 101.77 113.71 112.53 22 November 2007 100.91 101.89 113.21 109.94 23 November 2007 101.58 102.42 111.57 112.21 26 November 2007 27 November 2007 98.65 99.23 116.76 99.51 116.80 99.84 117.04 115.04 28 November 2007 103.58 103.67 115.46 115.72 29 November 2007 104.02 104.41 118.16 120.41 30 November 2007 105.33 105.84 119.95 121.10 3 December 2007 106.03 106.17 119.72 121.16 4 December 2007 106.14 106.64 120.69 122.09 5 December 2007 108.84 109.07 121.97 124.06 6 December 2007 110.59 110.52 122.91 124.97 7 December 2007 110.63 110.26 121.73 121.94 10 December 2007 110.33 109.94 119.97 120.49 11 December 2007 107.30 108.37 121.15 123.56 12 December 2007 ND 108.76 121.30 120.58 13 December 2007 106.45 105.60 120.57 117.29 14 December 2007 106.12 104.90 119.26 116.53 17 December 2007 102.49 100.50 115.78 112.44 18 December 2007 103.51 102.63 117.14 113.02 19 December 2007 102.87 103.68 ND 114.27 20 December 2007 103.13 103.67 116.07 114.22 21 December 2007 104.86 105.99 118.20 116.80 24 December 2007 105.62 118.92 25 December 2007 ND ND 120.79 ND ND ND 26 December 2007 106.15 107.99 119.99 ND 27 December 2007 104.88 107.13 120.11 117.71 28 December 2007 105.08 107.32 119.39 115.71 31 December 2007 104.50 ND ND 117.58 ND ND ND ND 1 January 2008 2 January 2008 101.54 105.52 116.64 116.52 3 January 2008 102.11 105.65 116.59 113.67 4 January 2008 100.19 102.53 117.30 116.34 7 January 2008 99.61 102.09 115.23 114.91 8 January 2008 100.01 104.29 114.93 114.62 9 January 2008 100.49 105.28 116.07 116.75 10 January 2008 102.85 106.70 114.83 115.12 11 January 2008 101.63 104.05 112.16 113.58 14 January 2008 101.22 104.47 111.13 111.90 15 January 2008 98.93 100.63 109.94 109.23 16 January 2008 96.74 103.37 98.74 107.29 17 January 2008 94.46 95.81 108.46 106.18 18 January 2008 94.52 96.60 109.17 106.55 21 January 2008 89.46 90.22 105.95 100.70 22 January 2008 95.15 94.23 101.26 91.98 23 January 2008 97.72 91.11 102.48 101.85 24 January 2008 98.73 96.53 104.65 99.52 25 January 2008 96.87 ND 106.50 106.21 28 January 2008 98.21 98.43 102.40 101.69 100.00 100.00 103.07 102.70 100.00 29 January 2008 30 January 2008 100.12 101.28 100.00 31 January 2008 101.87 99.93 102.24 99.16 1 February 2008 104.13 102.60 102.86 101.99 4 February 2008 ND 5 February 2008 99.37 6 February 2008 98.82 99.06 ND 99.22 7 February 2008 99.38 99.05 ND ND 99.72 99.24 8 February 2008 ND 106.36 105.83 ND 106.77 104.88 ND ND 11 February 2008 101.86 101.87 103.25 95.61 12 February 2008 102.14 103.82 103.41 96.91 13 February 2008 103.69 105.14 102.69 97.95 14 February 2008 103.10 103.85 106.82 101.56 15 February 2008 101.70 102.93 106.65 102.09 18 February 2008 103.21 105.50 106.74 100.45 19 February 2008 102.25 104.65 108.27 101.98 20 February 2008 103.40 107.09 106.22 99.73 21 February 2008 103.88 107.16 107.26 99.87 22 February 2008 104.48 108.53 106.13 98.53 25 February 2008 106.01 109.19 107.56 98.37 26 February 2008 106.95 109.50 107.56 100.26 27 February 2008 107.65 110.02 108.30 103.51 28 February 2008 106.60 110.12 109.26 103.97 29 February 2008 102.32 106.65 107.71 102.87 3 March 2008 104.47 108.33 105.20 99.71 4 March 2008 103.53 106.93 105.48 97.74 5 March 2008 103.59 108.57 105.54 97.72 6 March 2008 101.60 105.79 106.82 98.69 7 March 2008 101.23 103.93 104.71 95.13 10 March 2008 99.80 100.79 102.27 95.99 11 March 2008 104.25 104.77 103.30 97.22 12 March 2008 ND 105.20 104.39 99.02 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. The Brazil curve ends at about 102.5, the Korea curve ends at about 102, and the Hong Kong curve ends at about 94. Emerging Markets: Short-Term Interest Rates and Dollar-Denominated Bond Spreads Percent Short-term interest rates* Change since January FOMC Latest Mexico Dollar-denominated bond spreads** Change since January FOMC Latest 7.34 Argentina 1.83 0.08 11.10 Brazil 0.31 0.05 2.85 0.32 9.69 -1.06 5.21 0.63 China … … 1.64 0.40 Korea 5.10 -0.05 … … Taiwan 2.60 -0.03 … … Singapore 3.50 0.00 … … Hong Kong 2.04 -0.31 … … * One month interest rate except 1-week rate for Korea. No reliable short-term interest rate exists for China. Return to table ** EMBI+ or EMBI Global Spreads over similar-maturity U.S. Treasuries. Return to table … Korea, Taiwan, Singapore, and Hong Kong have no outstanding dollar-denominated sovereign bonds. Return to table Figure: EMBI+ Spreads Weekly Percent Period Overall Mexico Brazil 2 January 2004 ND ND ND 9 January 2004 3.90 1.83 4.21 16 January 2004 3.99 1.89 4.29 23 January 2004 4.04 ND ND 30 January 2004 4.14 1.98 4.55 6 February 2004 4.43 2.03 5.31 13 February 2004 4.36 1.92 5.17 20 February 2004 4.44 ND ND 27 February 2004 4.51 1.89 5.76 5 March 2004 4.38 1.84 5.51 12 March 2004 4.39 1.87 5.47 19 March 2004 4.40 1.89 5.54 26 March 2004 4.39 1.83 5.66 2 April 2004 4.29 1.79 5.60 9 April 2004 ND ND ND 16 April 2004 4.24 1.72 5.71 23 April 2004 4.42 1.79 6.15 30 April 2004 4.69 1.99 6.49 7 May 2004 5.09 2.22 7.06 14 May 2004 5.39 2.30 7.63 21 May 2004 5.13 2.07 7.29 28 May 2004 5.08 2.08 7.12 4 June 2004 5.03 ND ND 11 June 2004 4.88 2.08 6.66 18 June 2004 4.96 2.15 6.75 25 June 2004 4.85 2.15 6.51 2 July 2004 4.91 2.14 6.48 9 July 2004 4.86 ND ND 16 July 2004 4.72 2.09 6.10 23 July 2004 4.66 1.98 6.00 30 July 2004 4.72 1.99 6.10 6 August 2004 4.68 1.99 5.99 13 August 2004 4.59 1.98 5.80 20 August 2004 4.47 1.90 5.48 27 August 2004 4.35 1.85 5.24 3 September 2004 4.35 1.84 5.17 10 September 2004 4.27 ND ND 17 September 2004 4.23 1.83 4.91 24 September 2004 4.17 1.81 4.66 1 October 2004 4.23 1.90 4.75 8 October 2004 4.03 1.81 4.48 15 October 2004 4.06 ND ND 22 October 2004 4.19 1.91 4.83 29 October 2004 4.19 1.87 4.90 5 November 2004 3.98 1.78 4.55 12 November 2004 3.92 ND ND 19 November 2004 3.81 1.70 4.34 26 November 2004 3.78 ND ND 3 December 2004 3.75 1.71 4.12 10 December 2004 3.75 1.70 4.13 17 December 2004 3.68 1.68 4.05 24 December 2004 ND ND ND 31 December 2004 3.51 1.61 3.79 7 January 2005 3.66 1.69 4.07 14 January 2005 3.73 1.71 4.29 21 January 2005 3.79 ND ND 28 January 2005 3.66 1.67 4.18 4 February 2005 3.65 1.62 4.20 11 February 2005 3.57 1.58 4.09 18 February 2005 3.51 1.55 4.01 25 February 2005 3.48 ND ND 4 March 2005 3.41 1.52 3.91 11 March 2005 3.32 1.46 3.86 18 March 2005 3.60 1.66 4.23 25 March 2005 ND ND ND 3.89 1.84 4.66 1 April 2005 8 April 2005 3.83 1.86 4.56 15 April 2005 3.87 1.86 4.52 22 April 2005 3.94 1.89 4.59 29 April 2005 3.92 1.86 4.52 6 May 2005 3.83 1.82 4.36 13 May 2005 3.82 1.84 4.40 20 May 2005 3.89 1.87 4.46 27 May 2005 3.78 1.74 4.29 3 June 2005 ND ND ND 10 June 2005 3.77 1.75 4.39 17 June 2005 3.15 1.70 4.16 24 June 2005 3.16 1.72 4.17 1 July 2005 3.11 1.71 4.17 8 July 2005 3.01 ND ND 15 July 2005 2.91 1.58 4.03 22 July 2005 2.91 1.57 4.07 29 July 2005 2.92 1.55 4.14 5 August 2005 2.82 1.50 3.90 12 August 2005 2.79 1.49 3.89 19 August 2005 2.88 1.50 4.05 26 August 2005 2.94 1.50 4.15 2 September 2005 2.91 1.49 4.12 9 September 2005 2.79 ND ND 16 September 2005 2.66 1.35 3.79 23 September 2005 2.59 1.37 3.64 30 September 2005 2.50 1.39 3.52 7 October 2005 2.56 1.43 3.63 14 October 2005 2.69 ND ND 21 October 2005 2.71 1.48 3.76 28 October 2005 2.61 1.37 3.67 4 November 2005 2.51 1.31 3.55 11 November 2005 2.51 ND ND 18 November 2005 2.47 1.19 3.52 25 November 2005 2.40 ND ND 2 December 2005 2.43 1.17 3.37 9 December 2005 2.43 1.25 3.19 16 December 2005 2.43 1.26 3.14 23 December 2005 2.44 1.25 3.09 30 December 2005 2.43 ND ND 6 January 2006 2.35 ND ND 13 January 2006 2.30 1.25 2.85 20 January 2006 2.32 ND ND 27 January 2006 2.18 1.15 2.69 3 February 2006 2.13 1.14 2.63 10 February 2006 2.07 1.15 2.53 17 February 2006 1.97 1.14 2.30 24 February 2006 1.96 ND ND 3 March 2006 1.87 1.04 2.17 10 March 2006 1.97 1.23 2.32 17 March 2006 1.96 1.22 2.27 24 March 2006 1.98 1.27 2.30 31 March 2006 1.97 1.30 2.35 7 April 2006 1.95 1.33 2.39 14 April 2006 ND ND ND 21 April 2006 1.88 1.30 2.31 28 April 2006 1.81 1.23 2.25 5 May 2006 1.75 1.17 2.15 12 May 2006 1.79 1.21 2.22 19 May 2006 2.01 1.35 2.55 26 May 2006 2.17 1.47 2.77 2 June 2006 2.14 ND ND 9 June 2006 2.18 1.47 2.66 16 June 2006 2.23 1.55 2.63 23 June 2006 2.22 1.53 2.57 30 June 2006 2.27 1.44 2.58 7 July 2006 2.13 ND 2.46 14 July 2006 2.13 1.20 2.49 21 July 2006 2.09 1.19 2.40 28 July 2006 1.97 1.17 2.26 4 August 2006 1.95 1.20 2.22 11 August 2006 1.85 1.14 2.11 18 August 2006 1.84 1.07 2.10 25 August 2006 1.92 1.09 2.23 1 September 2006 1.93 1.08 2.23 8 September 2006 1.90 1.09 2.19 15 September 2006 1.94 1.09 2.23 22 September 2006 2.02 1.15 2.33 29 September 2006 2.11 1.20 2.40 6 October 2006 2.06 1.19 2.30 13 October 2006 1.93 1.11 2.15 20 October 2006 1.85 1.09 2.11 27 October 2006 1.84 1.08 2.12 3 November 2006 1.90 1.11 2.19 10 November 2006 1.87 1.10 2.16 17 November 2006 1.89 1.12 2.17 24 November 2006 1.93 1.15 2.20 1 December 2006 2.00 1.20 2.25 8 December 2006 1.92 1.10 2.17 15 December 2006 1.80 1.04 2.06 22 December 2006 1.74 1.02 2.00 29 December 2006 1.71 1.01 1.96 5 January 2007 1.72 1.02 1.95 12 January 2007 1.74 1.02 1.96 19 January 2007 1.69 1.02 1.89 26 January 2007 1.68 0.97 1.86 2 February 2007 1.68 1.03 1.86 9 February 2007 1.68 1.00 1.83 16 February 2007 1.67 1.01 1.80 23 February 2007 1.67 1.02 1.78 2 March 2007 1.84 1.15 1.94 9 March 2007 1.87 1.16 1.97 16 March 2007 1.83 1.09 1.93 23 March 2007 1.74 1.01 1.79 30 March 2007 1.69 0.99 1.71 6 April 2007 1.61 0.92 1.62 13 April 2007 1.58 0.90 1.56 20 April 2007 1.60 0.90 1.52 27 April 2007 1.58 0.87 1.48 4 May 2007 1.63 0.85 1.53 11 May 2007 1.63 0.81 1.54 18 May 2007 1.57 0.78 1.46 25 May 2007 1.52 0.77 1.42 1 June 2007 1.52 0.74 1.42 8 June 2007 1.54 0.77 1.44 15 June 2007 1.55 0.81 1.44 22 June 2007 1.53 0.81 1.43 29 June 2007 1.69 0.90 1.56 6 July 2007 1.67 0.87 1.51 13 July 2007 1.67 0.87 1.53 20 July 2007 1.74 0.95 1.60 27 July 2007 2.04 1.18 1.93 3 August 2007 2.19 1.25 2.04 10 August 2007 2.04 1.13 1.86 17 August 2007 2.23 1.26 2.03 24 August 2007 2.33 1.30 2.07 31 August 2007 2.30 1.18 2.02 7 September 2007 2.30 1.13 2.02 14 September 2007 2.33 1.18 2.07 21 September 2007 2.04 1.04 1.81 28 September 2007 1.98 1.08 1.72 5 October 2007 1.99 1.09 1.69 12 October 2007 1.85 1.00 1.60 19 October 2007 1.90 1.05 1.66 26 October 2007 2.03 1.14 1.76 2 November 2007 1.95 1.01 1.75 9 November 2007 2.12 1.20 1.92 16 November 2007 2.26 1.33 2.04 23 November 2007 2.53 1.50 2.28 30 November 2007 2.58 1.55 2.35 7 December 2007 2.43 1.50 2.22 14 December 2007 2.29 1.37 2.08 21 December 2007 2.35 1.45 2.17 28 December 2007 2.26 1.35 2.07 ND ND ND 4 January 2008 11 January 2008 2.55 1.60 2.30 18 January 2008 2.66 1.68 2.42 25 January 2008 2.81 1.78 2.62 1 February 2008 2.73 1.80 2.56 8 February 2008 2.77 1.78 2.62 15 February 2008 2.78 1.75 2.61 22 February 2008 ND ND ND 29 February 2008 2.72 1.58 2.48 7 March 2008 2.87 1.67 2.61 Figure: EMBI+ Spreads Daily Percent Date Overall Mexico Brazil 1 November 2007 1.96 0.84 1.81 2 November 2007 2.04 1.13 1.84 5 November 2007 2.05 1.12 1.84 6 November 2007 2.00 1.10 1.81 7 November 2007 2.15 1.23 1.95 8 November 2007 2.15 1.23 1.96 9 November 2007 2.26 1.33 2.06 12 November 2007 2.25 1.33 2.05 13 November 2007 2.17 1.26 1.98 14 November 2007 2.20 1.27 1.98 15 November 2007 2.34 1.40 2.09 16 November 2007 2.32 1.38 2.08 19 November 2007 2.43 1.45 2.17 20 November 2007 2.43 1.45 2.17 21 November 2007 2.59 1.54 2.34 22 November 2007 2.59 1.54 2.34 23 November 2007 2.59 1.54 2.36 26 November 2007 2.76 1.69 2.53 27 November 2007 2.66 1.59 2.45 28 November 2007 2.47 1.43 2.25 29 November 2007 2.53 1.51 2.29 30 November 2007 2.50 1.52 2.25 3 December 2007 2.56 1.61 2.34 4 December 2007 2.53 1.58 2.30 5 December 2007 2.43 1.49 2.20 6 December 2007 2.37 1.46 2.17 7 December 2007 2.28 1.37 2.07 10 December 2007 2.25 1.34 2.04 11 December 2007 2.43 1.49 2.20 12 December 2007 2.32 1.39 2.10 13 December 2007 2.21 1.33 2.04 14 December 2007 2.22 1.30 2.02 17 December 2007 2.32 1.42 2.15 18 December 2007 2.33 1.45 2.13 19 December 2007 2.41 1.50 2.23 20 December 2007 2.40 1.50 2.24 21 December 2007 2.29 1.38 2.10 24 December 2007 2.24 1.34 2.05 25 December 2007 2.24 1.33 2.05 26 December 2007 2.18 1.28 1.99 27 December 2007 2.25 1.34 2.06 28 December 2007 2.38 1.47 2.19 31 December 2007 2.40 1.51 2.22 1 January 2008 ND ND ND 2 January 2008 2.49 1.56 2.26 3 January 2008 2.51 1.56 2.26 4 January 2008 2.53 1.55 2.26 7 January 2008 2.53 1.57 2.27 8 January 2008 2.57 1.62 2.32 9 January 2008 2.54 1.61 2.31 10 January 2008 2.50 1.54 2.26 11 January 2008 2.59 1.66 2.34 14 January 2008 2.57 1.63 2.32 15 January 2008 2.69 1.73 2.44 16 January 2008 2.60 1.62 2.35 17 January 2008 2.72 1.71 2.46 18 January 2008 2.74 1.70 2.54 21 January 2008 2.85 1.80 2.64 22 January 2008 2.97 1.90 2.76 23 January 2008 2.78 1.72 2.59 24 January 2008 2.67 1.65 2.48 25 January 2008 2.79 1.84 2.61 28 January 2008 2.77 1.83 2.61 29 January 2008 2.70 1.75 2.53 30 January 2008 2.71 1.81 2.51 31 January 2008 2.74 1.80 2.56 1 February 2008 2.75 1.81 2.58 4 February 2008 2.71 1.75 2.54 5 February 2008 2.82 1.84 2.67 6 February 2008 2.79 1.79 2.64 7 February 2008 2.69 1.70 2.56 8 February 2008 2.84 1.83 2.70 11 February 2008 2.84 1.80 2.70 12 February 2008 2.82 1.79 2.64 13 February 2008 2.77 1.74 2.56 14 February 2008 2.72 1.70 2.54 15 February 2008 2.75 1.71 2.60 18 February 2008 ND ND ND 19 February 2008 2.78 1.80 2.63 20 February 2008 2.61 1.57 2.43 21 February 2008 2.77 1.72 2.55 22 February 2008 2.71 1.61 2.45 25 February 2008 2.62 1.54 2.39 26 February 2008 2.60 1.53 2.36 27 February 2008 2.65 1.53 2.40 28 February 2008 2.82 1.61 2.59 29 February 2008 2.91 1.71 2.65 3 March 2008 2.91 1.69 2.65 4 March 2008 2.86 1.66 2.60 5 March 2008 2.74 1.58 2.50 6 March 2008 2.90 1.73 2.63 7 March 2008 2.92 1.71 2.67 10 March 2008 3.04 1.82 2.82 11 March 2008 2.87 1.67 2.63 12 March 2008 2.88 1.67 2.64 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. Figure: EMBI Global Spreads Weekly Percent Period China Malaysia Indonesia* 2 January 2004 ND ND ND 9 January 2004 0.57 0.98 ND 16 January 2004 0.60 1.05 ND 23 January 2004 ND ND ND 30 January 2004 0.65 1.11 ND 6 February 2004 0.67 1.18 ND 13 February 2004 0.63 1.18 ND 20 February 2004 ND ND ND 27 February 2004 0.66 1.18 ND 5 March 2004 0.66 1.18 ND 12 March 2004 0.68 1.21 ND 19 March 2004 0.71 1.23 ND 26 March 2004 0.69 1.20 ND 2 April 2004 0.65 1.14 ND 9 April 2004 ND ND ND 16 April 2004 0.60 1.11 ND 23 April 2004 0.63 1.14 ND 30 April 2004 0.68 1.22 ND 7 May 2004 0.77 1.38 ND 14 May 2004 0.79 1.44 ND 21 May 2004 0.75 1.37 ND 28 May 2004 0.72 1.32 ND 4 June 2004 ND ND 4.26 11 June 2004 0.72 1.26 4.13 18 June 2004 0.72 1.27 4.10 25 June 2004 0.71 1.29 3.89 2 July 2004 0.69 1.29 3.61 9 July 2004 ND ND ND 16 July 2004 0.70 1.26 3.44 23 July 2004 0.69 1.25 3.40 30 July 2004 0.68 1.23 3.31 6 August 2004 0.70 1.21 3.39 13 August 2004 0.70 1.21 3.42 20 August 2004 0.69 1.21 3.30 27 August 2004 0.63 1.12 3.23 3 September 2004 0.71 1.12 3.19 10 September 2004 ND ND ND 17 September 2004 0.71 1.05 3.22 24 September 2004 0.69 1.05 3.11 1 October 2004 0.74 1.06 3.01 8 October 2004 0.74 1.01 2.87 15 October 2004 ND ND ND 22 October 2004 0.72 1.01 3.05 29 October 2004 0.69 0.99 3.05 5 November 2004 0.64 0.93 2.96 12 November 2004 ND ND ND 19 November 2004 0.57 0.81 2.85 26 November 2004 ND ND ND 3 December 2004 0.57 0.84 2.68 10 December 2004 0.57 0.84 2.86 17 December 2004 0.60 0.84 2.75 24 December 2004 ND ND ND 31 December 2004 0.60 0.79 2.43 7 January 2005 0.58 0.78 2.39 14 January 2005 0.59 0.80 2.50 21 January 2005 ND ND ND 28 January 2005 0.56 0.80 2.37 4 February 2005 0.55 0.78 2.26 11 February 2005 0.53 0.79 2.32 18 February 2005 0.53 0.79 2.16 25 February 2005 ND ND ND 4 March 2005 0.51 0.79 1.97 11 March 2005 0.49 0.77 1.84 18 March 2005 0.47 0.83 1.99 25 March 2005 ND ND ND 1 April 2005 0.53 0.96 2.24 8 April 2005 0.54 0.94 2.32 15 April 2005 0.54 0.93 2.76 22 April 2005 0.55 0.93 3.11 29 April 2005 0.59 0.93 3.07 6 May 2005 0.59 0.93 3.02 13 May 2005 0.58 0.87 2.98 20 May 2005 0.58 0.92 3.17 27 May 2005 0.58 0.90 2.87 3 June 2005 ND ND ND 10 June 2005 0.55 0.87 2.97 17 June 2005 0.56 0.88 2.86 24 June 2005 0.55 0.88 2.95 1 July 2005 0.56 0.88 2.97 8 July 2005 ND ND ND 15 July 2005 0.54 0.82 2.73 22 July 2005 0.54 0.79 2.67 29 July 2005 0.56 0.78 2.69 5 August 2005 0.56 0.78 2.59 12 August 2005 0.57 0.79 2.60 19 August 2005 0.59 0.80 2.84 26 August 2005 0.59 0.81 3.05 2 September 2005 0.64 0.84 3.26 9 September 2005 ND ND ND 16 September 2005 0.63 0.82 2.84 23 September 2005 0.63 0.82 2.83 30 September 2005 0.61 0.81 2.78 7 October 2005 0.59 0.81 2.85 14 October 2005 ND ND ND 21 October 2005 0.58 0.82 2.84 28 October 2005 0.56 0.82 2.76 4 November 2005 0.59 0.81 3.02 11 November 2005 ND ND ND 18 November 2005 0.71 0.82 2.85 25 November 2005 ND ND ND 2 December 2005 0.68 0.82 2.63 9 December 2005 0.68 0.83 2.61 16 December 2005 0.68 0.83 2.58 23 December 2005 0.68 0.82 2.60 30 December 2005 ND ND ND 6 January 2006 ND ND ND 13 January 2006 0.68 0.82 2.59 20 January 2006 ND ND ND 27 January 2006 0.67 0.82 2.53 3 February 2006 0.67 0.81 2.40 10 February 2006 0.67 0.79 2.35 17 February 2006 0.67 0.79 2.32 24 February 2006 ND ND ND 3 March 2006 0.64 0.75 2.27 10 March 2006 0.64 0.78 2.29 17 March 2006 0.64 0.81 2.30 24 March 2006 0.66 0.81 2.22 31 March 2006 0.67 0.85 2.18 7 April 2006 0.67 0.87 2.14 14 April 2006 ND ND ND 21 April 2006 0.68 0.88 2.05 28 April 2006 0.67 0.88 1.97 5 May 2006 0.66 0.88 1.95 12 May 2006 0.63 0.86 1.83 19 May 2006 0.62 0.87 2.01 26 May 2006 0.62 0.88 2.18 2 June 2006 ND ND ND 9 June 2006 0.61 0.89 2.29 16 June 2006 0.63 0.91 2.31 23 June 2006 0.65 0.92 2.22 30 June 2006 0.65 0.97 2.27 7 July 2006 0.65 0.95 2.18 14 July 2006 0.65 0.95 2.22 21 July 2006 0.66 0.93 2.24 28 July 2006 0.66 0.90 2.07 4 August 2006 0.64 0.88 2.03 11 August 2006 0.66 0.88 1.99 18 August 2006 0.66 0.88 2.02 25 August 2006 0.65 0.88 2.10 1 September 2006 0.65 0.88 2.08 8 September 2006 0.67 0.87 1.95 15 September 2006 0.67 0.86 1.95 22 September 2006 0.67 0.86 2.04 29 September 2006 0.67 0.87 2.09 6 October 2006 0.66 0.88 1.98 13 October 2006 0.65 0.85 1.86 20 October 2006 0.65 0.83 1.80 27 October 2006 0.62 0.81 1.84 3 November 2006 0.62 0.79 1.90 10 November 2006 ND ND 1.79 17 November 2006 ND ND ND 24 November 2006 0.58 0.69 1.90 1 December 2006 0.58 0.70 1.97 8 December 2006 0.58 0.69 1.86 15 December 2006 ND 0.65 ND 22 December 2006 0.51 0.65 1.67 29 December 2006 0.52 0.67 1.58 5 January 2007 0.51 0.67 1.55 12 January 2007 0.51 0.68 1.56 19 January 2007 0.51 0.69 1.52 26 January 2007 0.51 0.69 1.48 2 February 2007 0.50 0.70 1.51 9 February 2007 0.50 0.68 1.55 16 February 2007 0.50 0.70 1.58 23 February 2007 0.50 0.68 1.62 2 March 2007 0.53 0.71 1.84 9 March 2007 0.55 0.77 1.93 16 March 2007 0.55 0.72 1.89 23 March 2007 0.56 0.74 1.82 30 March 2007 0.56 0.70 1.74 6 April 2007 0.54 0.70 1.64 13 April 2007 0.54 0.70 1.59 20 April 2007 0.54 0.70 1.65 27 April 2007 ND ND ND 4 May 2007 0.53 0.69 1.67 11 May 2007 0.54 0.68 1.64 18 May 2007 0.53 0.67 1.54 25 May 2007 0.53 0.69 1.46 1 June 2007 0.52 0.69 1.42 8 June 2007 0.52 0.69 1.39 15 June 2007 0.54 0.72 1.39 22 June 2007 0.55 0.71 1.37 29 June 2007 0.56 0.75 1.57 6 July 2007 0.55 0.77 1.62 13 July 2007 0.57 0.80 1.64 20 July 2007 0.58 0.81 1.73 27 July 2007 0.62 0.86 2.03 3 August 2007 0.67 0.95 2.40 10 August 2007 0.76 1.02 2.22 17 August 2007 0.88 1.07 2.38 24 August 2007 0.96 1.12 2.58 31 August 2007 0.94 1.09 2.60 7 September 2007 0.93 1.10 2.53 14 September 2007 0.93 1.13 2.55 21 September 2007 0.93 1.13 2.16 28 September 2007 0.95 1.12 2.11 5 October 2007 0.94 1.11 2.14 12 October 2007 0.86 0.98 1.98 19 October 2007 0.94 0.97 2.02 26 October 2007 0.93 1.07 2.15 2 November 2007 0.91 1.06 2.14 9 November 2007 0.94 1.09 2.34 16 November 2007 0.98 1.12 2.52 23 November 2007 ND ND ND 30 November 2007 1.05 1.18 2.94 7 December 2007 1.10 1.17 2.78 14 December 2007 1.18 1.11 2.66 21 December 2007 1.17 1.17 2.70 28 December 2007 1.15 1.14 2.62 4 January 2008 ND ND ND 11 January 2008 1.29 1.28 3.21 18 January 2008 1.32 1.20 3.31 25 January 2008 1.40 1.28 3.36 1 February 2008 1.31 1.23 3.21 8 February 2008 1.37 1.25 3.21 15 February 2008 ND ND 3.16 22 February 2008 ND ND ND 29 February 2008 1.46 1.38 3.07 7 March 2008 1.51 1.37 3.12 * Begins May 2004. Return to table Figure: EMBI Global Spreads Daily Percent Date China Malaysia Indonesia 1 November 2007 0.87 1.06 2.18 2 November 2007 0.88 1.07 2.22 5 November 2007 0.88 1.07 2.27 6 November 2007 0.87 1.07 2.21 7 November 2007 1.00 1.11 2.35 8 November 2007 0.96 1.11 2.37 9 November 2007 0.99 1.11 2.49 12 November 2007 0.99 1.12 2.49 13 November 2007 0.95 1.09 2.45 14 November 2007 0.99 1.13 2.46 15 November 2007 1.00 1.13 2.58 16 November 2007 0.98 1.12 2.60 19 November 2007 0.99 1.17 2.69 20 November 2007 0.99 1.17 2.71 21 November 2007 1.03 1.19 2.90 22 November 2007 ND ND ND 23 November 2007 1.04 1.17 2.94 26 November 2007 1.04 1.19 3.10 27 November 2007 1.03 1.19 3.01 28 November 2007 1.03 1.17 2.85 29 November 2007 1.06 1.17 2.92 30 November 2007 1.10 1.20 2.84 3 December 2007 1.12 1.18 2.88 4 December 2007 1.09 1.17 2.89 5 December 2007 1.08 1.19 2.77 6 December 2007 1.11 1.18 2.72 7 December 2007 1.11 1.15 2.64 10 December 2007 1.09 1.15 2.63 11 December 2007 1.27 1.25 2.85 12 December 2007 1.23 0.92 2.71 13 December 2007 1.17 1.13 2.59 14 December 2007 1.12 1.08 2.54 17 December 2007 1.25 1.21 2.66 18 December 2007 1.19 1.20 2.69 19 December 2007 1.21 1.21 2.75 20 December 2007 1.16 1.16 2.75 21 December 2007 1.06 1.06 2.65 24 December 2007 1.13 1.13 2.59 25 December 2007 1.10 1.09 2.59 26 December 2007 1.12 1.11 2.56 27 December 2007 1.20 1.18 2.62 28 December 2007 1.20 1.19 2.75 31 December 2007 1.21 1.20 2.77 1 January 2008 ND ND ND 2 January 2008 1.20 1.21 2.90 3 January 2008 1.23 1.30 3.01 4 January 2008 1.25 1.25 3.02 7 January 2008 1.23 1.20 3.10 8 January 2008 1.31 1.34 3.12 9 January 2008 1.27 1.28 3.10 10 January 2008 1.28 1.21 3.34 11 January 2008 1.37 1.36 3.40 14 January 2008 1.22 1.15 3.35 15 January 2008 1.28 1.21 3.36 16 January 2008 1.31 1.16 3.23 17 January 2008 1.43 1.27 3.33 18 January 2008 1.36 1.21 3.29 21 January 2008 1.51 1.35 3.39 22 January 2008 1.46 1.45 3.50 23 January 2008 1.34 1.23 3.36 24 January 2008 1.32 1.13 3.22 25 January 2008 1.37 1.24 3.31 28 January 2008 1.32 1.23 3.26 29 January 2008 1.24 1.15 3.17 30 January 2008 1.46 1.31 3.18 31 January 2008 1.27 1.23 3.21 1 February 2008 1.25 1.24 3.23 4 February 2008 1.36 1.28 3.19 5 February 2008 1.43 1.31 3.27 6 February 2008 1.40 1.27 3.23 7 February 2008 1.34 1.19 3.14 8 February 2008 1.33 1.22 3.24 11 February 2008 1.32 1.20 3.23 12 February 2008 1.36 1.28 3.20 13 February 2008 1.35 1.26 3.16 14 February 2008 1.47 1.29 3.11 15 February 2008 ND ND 3.11 18 February 2008 ND ND ND 19 February 2008 1.57 1.41 3.09 20 February 2008 1.36 1.20 2.96 21 February 2008 1.39 1.31 3.06 22 February 2008 1.34 1.30 3.04 25 February 2008 1.35 1.30 2.96 26 February 2008 1.43 1.37 2.95 27 February 2008 1.42 1.31 3.00 28 February 2008 1.62 1.52 3.18 29 February 2008 1.49 1.38 3.24 3 March 2008 1.43 1.28 3.21 4 March 2008 1.45 1.35 3.14 5 March 2008 1.51 1.35 3.00 6 March 2008 1.59 1.45 3.11 7 March 2008 1.58 1.43 3.12 10 March 2008 1.50 1.42 3.22 11 March 2008 1.25 1.17 3.09 12 March 2008 1.44 1.45 3.12 As shown in the figure, a vertical line marks the FOMC meeting on January 29-30, 2008. Advanced Foreign Economies Figure: Average Real GDP* Quarterly Annualized percent change, s.a. Period Average Real GDP 1998:Q1 2.49 1998:Q2 1.03 1998:Q3 3.47 1998:Q4 3.68 1999:Q1 4.07 1999:Q2 3.45 1999:Q3 4.84 1999:Q4 5.50 2000:Q1 5.17 2000:Q2 3.79 2000:Q3 3.11 2000:Q4 2.09 2001:Q1 2.25 2001:Q2 0.20 2001:Q3 -0.54 2001:Q4 1.65 2002:Q1 3.03 2002:Q2 2.48 2002:Q3 2.88 2002:Q4 1.65 2003:Q1 0.79 2003:Q2 0.45 2003:Q3 2.05 2003:Q4 4.05 2004:Q1 2.88 2004:Q2 3.09 2004:Q3 2.62 2004:Q4 1.67 2005:Q1 1.54 2005:Q2 3.51 2005:Q3 3.10 2005:Q4 2.91 2006:Q1 3.21 2006:Q2 2.71 2006:Q3 1.79 2006:Q4 2.45 2007:Q1 3.91 2007:Q2 2.28 2007:Q3 3.08 2007:Q4 1.83 * Chain weighted by moving bilateral shares in U.S. merchandise exports. Return to table Figure: Consumer Prices Monthly 12-month percent change, s.a. Period Japan Euro Area Canada United Kingdom January 1998 1.77 1.12 1.22 1.53 February 1998 1.87 1.14 1.11 1.63 March 1998 2.27 1.12 1.00 1.69 April 1998 0.39 1.37 0.89 1.85 May 1998 0.68 1.26 1.00 2.05 June 1998 0.19 1.36 1.00 1.69 July 1998 -0.10 1.27 0.88 1.42 August 1998 -0.39 1.09 0.77 1.34 September 1998 -0.39 0.97 0.55 1.39 October 1998 0.10 0.87 1.10 1.32 November 1998 0.87 0.78 1.22 1.30 December 1998 0.58 0.77 1.10 1.50 January 1999 0.29 0.82 0.77 1.64 February 1999 0.00 0.85 0.77 1.46 -0.39 1.00 0.99 1.70 March 1999 April 1999 0.00 1.05 1.65 1.57 May 1999 -0.39 0.94 1.65 1.31 June 1999 -0.29 0.84 1.54 1.33 July 1999 -0.10 1.06 1.75 1.26 August 1999 0.29 1.18 2.08 1.20 September 1999 -0.10 1.15 2.63 1.16 October 1999 -0.68 1.35 2.18 1.10 November 1999 -1.25 1.47 2.29 1.18 December 1999 -1.16 1.73 2.62 1.11 January 2000 -0.77 1.89 2.40 0.84 February 2000 -0.58 2.00 2.72 0.97 March 2000 -0.29 1.94 3.04 0.65 April 2000 -0.48 1.70 2.05 0.57 May 2000 -0.48 1.69 2.27 0.54 June 2000 -0.39 2.09 2.92 0.76 July 2000 -0.39 2.02 3.02 0.83 August 2000 -0.49 2.05 2.47 0.59 September 2000 -0.68 2.50 2.57 0.97 October 2000 -0.68 2.38 2.88 0.99 November 2000 -0.49 2.51 3.31 1.10 December 2000 -0.19 2.47 3.19 0.82 January 2001 -0.29 2.04 2.98 0.85 February 2001 -0.49 1.95 2.76 0.82 March 2001 -0.78 2.18 2.43 0.90 April 2001 -0.78 2.70 3.60 1.16 May 2001 -0.68 3.08 3.91 1.68 June 2001 -0.88 2.81 3.25 1.72 July 2001 -0.88 2.58 2.62 1.41 August 2001 -0.78 2.38 2.83 1.81 September 2001 -0.88 2.17 2.61 1.37 October 2001 -0.88 2.22 1.87 1.20 November 2001 -1.07 1.97 0.62 0.84 December 2001 -1.27 2.03 0.72 1.09 January 2002 -1.37 2.64 1.34 1.58 February 2002 -1.56 2.57 1.55 1.44 March 2002 -1.27 2.49 1.75 1.50 April 2002 -1.08 2.26 1.74 1.35 May 2002 -0.88 1.98 1.02 0.87 June 2002 -0.69 1.91 1.22 0.66 July 2002 -0.79 2.06 2.24 1.08 August 2002 -0.88 2.13 2.55 0.99 September 2002 -0.69 2.11 2.44 1.07 October 2002 -0.89 2.27 3.26 1.37 November 2002 -0.39 2.28 4.31 1.56 December 2002 -0.30 2.25 3.89 1.65 January 2003 -0.40 2.13 4.38 1.27 February 2003 -0.20 2.42 4.57 1.54 March 2003 -0.10 2.45 4.25 1.51 April 2003 -0.10 2.05 2.81 1.44 May 2003 -0.20 1.78 2.72 1.30 June 2003 -0.40 1.89 2.71 1.16 July 2003 -0.20 1.92 2.19 1.29 August 2003 -0.30 2.06 2.09 1.38 September 2003 -0.20 2.17 2.18 1.49 October 2003 -0.10 1.94 1.58 1.37 November 2003 -0.50 2.14 1.48 1.32 December 2003 -0.40 1.94 2.07 1.25 January 2004 -0.30 1.92 1.27 1.37 February 2004 0.10 1.66 0.78 1.26 -0.10 1.68 0.68 1.10 March 2004 April 2004 -0.40 2.02 1.66 1.16 May 2004 -0.50 2.45 2.55 1.50 June 2004 0.00 2.37 2.44 1.62 July 2004 -0.10 2.30 2.24 1.37 August 2004 -0.20 2.28 1.85 1.27 September 2004 -0.10 2.12 1.75 1.13 October 2004 0.50 2.35 2.24 1.24 November 2004 0.80 2.18 2.52 1.44 December 2004 0.20 2.33 2.12 1.63 January 2005 -0.10 1.97 2.03 1.60 February 2005 -0.40 2.16 2.12 1.66 March 2005 -0.30 2.10 2.41 1.91 April 2005 -0.20 2.07 2.31 1.98 May 2005 -0.20 1.98 1.53 1.93 June 2005 -0.80 2.05 1.72 2.02 July 2005 -0.60 2.16 1.91 2.31 August 2005 -0.60 2.23 2.48 2.37 September 2005 -0.60 2.59 3.34 2.48 October 2005 -1.09 2.49 2.76 2.36 November 2005 -1.28 2.29 2.08 2.13 December 2005 -0.70 2.19 2.08 1.91 January 2006 -0.10 2.43 2.84 1.95 February 2006 -0.10 2.38 2.27 2.05 March 2006 -0.20 2.24 2.17 1.81 April 2006 -0.10 2.45 2.44 2.05 May 2006 0.10 2.47 2.82 2.24 June 2006 0.60 2.45 2.44 2.48 July 2006 0.30 2.42 2.34 2.36 August 2006 0.90 2.26 2.14 2.45 September 2006 0.60 1.75 0.74 2.43 October 2006 0.40 1.56 0.93 2.43 November 2006 0.30 1.85 1.39 2.70 December 2006 0.30 1.90 1.67 2.97 January 2007 0.00 1.87 1.19 2.73 February 2007 -0.20 1.88 2.12 2.81 March 2007 -0.10 1.95 2.40 3.06 April 2007 0.00 1.91 2.11 2.77 May 2007 0.00 1.87 2.10 2.50 June 2007 July 2007 -0.20 1.88 2.20 2.40 0.00 1.77 2.10 1.86 August 2007 -0.20 1.74 1.73 1.76 September 2007 -0.20 2.14 2.47 1.77 October 2007 0.30 2.55 2.47 2.09 November 2007 0.60 3.06 2.47 2.09 December 2007 0.70 3.06 2.37 2.08 January 2008 0.70 3.22 2.18 2.20 Figure: Official or Targeted Interest Rates Percent Period Japan Euro Area Canada United Kingdom 9 January 1998 0.50 ND 4.50 7.25 16 January 1998 0.50 ND 4.50 7.25 23 January 1998 0.50 ND 4.50 7.25 30 January 1998 0.50 ND 5.00 7.25 6 February 1998 0.50 ND 5.00 7.25 13 February 1998 0.50 ND 5.00 7.25 20 February 1998 0.50 ND 5.00 7.25 27 February 1998 0.50 ND 5.00 7.25 6 March 1998 0.50 ND 5.00 7.25 13 March 1998 0.50 ND 5.00 7.25 20 March 1998 0.50 ND 5.00 7.25 27 March 1998 0.50 ND 5.00 7.25 3 April 1998 0.50 ND 5.00 7.25 10 April 1998 0.50 ND 5.00 7.25 17 April 1998 0.50 ND 5.00 7.25 24 April 1998 0.50 ND 5.00 7.25 1 May 1998 0.50 ND 5.00 7.25 8 May 1998 0.50 ND 5.00 7.25 15 May 1998 0.50 ND 5.00 7.25 22 May 1998 0.50 ND 5.00 7.25 29 May 1998 0.50 ND 5.00 7.25 5 June 1998 0.50 ND 5.00 7.50 12 June 1998 0.50 ND 5.00 7.50 19 June 1998 0.50 ND 5.00 7.50 26 June 1998 0.50 ND 5.00 7.50 3 July 1998 0.50 ND 5.00 7.50 10 July 1998 0.50 ND 5.00 7.50 17 July 1998 0.50 ND 5.00 7.50 24 July 1998 0.50 ND 5.00 7.50 31 July 1998 0.50 ND 5.00 7.50 7 August 1998 0.50 ND 5.00 7.50 14 August 1998 0.50 ND 5.00 7.50 21 August 1998 0.50 ND 5.00 7.50 28 August 1998 0.50 ND 6.00 7.50 4 September 1998 0.50 ND 6.00 7.50 11 September 1998 0.50 ND 6.00 7.50 18 September 1998 0.50 ND 6.00 7.50 25 September 1998 0.50 ND 6.00 7.50 2 October 1998 0.50 ND 5.75 7.50 9 October 1998 0.50 ND 5.75 7.25 16 October 1998 0.50 ND 5.50 7.25 23 October 1998 0.50 ND 5.50 7.25 30 October 1998 0.50 ND 5.50 7.25 6 November 1998 0.50 ND 5.50 6.75 13 November 1998 0.50 ND 5.50 6.75 20 November 1998 0.50 ND 5.25 6.75 27 November 1998 0.50 ND 5.25 6.75 4 December 1998 0.50 ND 5.25 6.75 11 December 1998 0.50 ND 5.25 6.25 18 December 1998 0.50 ND 5.25 6.25 25 December 1998 0.50 ND 5.25 6.25 1 January 1999 0.50 ND 5.25 6.25 8 January 1999 0.50 3.00 5.25 6.00 15 January 1999 0.50 3.00 5.25 6.00 22 January 1999 0.50 3.00 5.25 6.00 29 January 1999 0.50 3.00 5.25 6.00 5 February 1999 0.50 3.00 5.25 5.50 12 February 1999 0.50 3.00 5.25 5.50 19 February 1999 0.50 3.00 5.25 5.50 26 February 1999 0.50 3.00 5.25 5.50 5 March 1999 0.50 3.00 5.25 5.50 12 March 1999 0.50 3.00 5.25 5.50 19 March 1999 0.50 3.00 5.25 5.50 26 March 1999 0.50 3.00 5.25 5.50 2 April 1999 0.50 3.00 5.00 5.50 9 April 1999 0.50 2.50 5.00 5.25 16 April 1999 0.50 2.50 5.00 5.25 23 April 1999 0.50 2.50 5.00 5.25 30 April 1999 0.50 2.50 5.00 5.25 7 May 1999 0.50 2.50 4.75 5.25 14 May 1999 0.50 2.50 4.75 5.25 21 May 1999 0.50 2.50 4.75 5.25 28 May 1999 0.50 2.50 4.75 5.25 4 June 1999 0.50 2.50 4.75 5.25 11 June 1999 0.50 2.50 4.75 5.00 18 June 1999 0.50 2.50 4.75 5.00 25 June 1999 0.50 2.50 4.75 5.00 2 July 1999 0.50 2.50 4.75 5.00 9 July 1999 0.50 2.50 4.75 5.00 16 July 1999 0.50 2.50 4.75 5.00 23 July 1999 0.50 2.50 4.75 5.00 30 July 1999 0.50 2.50 4.75 5.00 6 August 1999 0.50 2.50 4.75 5.00 13 August 1999 0.50 2.50 4.75 5.00 20 August 1999 0.50 2.50 4.75 5.00 27 August 1999 0.50 2.50 4.75 5.00 3 September 1999 0.50 2.50 4.75 5.00 10 September 1999 0.50 2.50 4.75 5.25 17 September 1999 0.50 2.50 4.75 5.25 24 September 1999 0.50 2.50 4.75 5.25 1 October 1999 0.50 2.50 4.75 5.25 8 October 1999 0.50 2.50 4.75 5.25 15 October 1999 0.50 2.50 4.75 5.25 22 October 1999 0.50 2.50 4.75 5.25 29 October 1999 0.50 2.50 4.75 5.25 5 November 1999 0.50 3.00 4.75 5.50 12 November 1999 0.50 3.00 4.75 5.50 19 November 1999 0.50 3.00 5.00 5.50 26 November 1999 0.50 3.00 5.00 5.50 3 December 1999 0.50 3.00 5.00 5.50 10 December 1999 0.50 3.00 5.00 5.50 17 December 1999 0.50 3.00 5.00 5.50 24 December 1999 0.50 3.00 5.00 5.50 31 December 1999 0.50 3.00 5.00 5.50 7 January 2000 0.50 3.00 5.00 5.50 14 January 2000 0.50 3.00 5.00 5.75 21 January 2000 0.50 3.00 5.00 5.75 28 January 2000 0.50 3.00 5.00 5.75 4 February 2000 0.50 3.25 5.25 5.75 11 February 2000 0.50 3.25 5.25 6.00 18 February 2000 0.50 3.25 5.25 6.00 25 February 2000 0.50 3.25 5.25 6.00 3 March 2000 0.50 3.25 5.25 6.00 10 March 2000 0.50 3.25 5.25 6.00 17 March 2000 0.50 3.50 5.25 6.00 24 March 2000 0.50 3.50 5.50 6.00 31 March 2000 0.50 3.50 5.50 6.00 7 April 2000 0.50 3.50 5.50 6.00 14 April 2000 0.50 3.50 5.50 6.00 21 April 2000 0.50 3.50 5.50 6.00 28 April 2000 0.50 3.75 5.50 6.00 5 May 2000 0.50 3.75 5.50 6.00 12 May 2000 0.50 3.75 5.50 6.00 19 May 2000 0.50 3.75 6.00 6.00 26 May 2000 0.50 3.75 6.00 6.00 2 June 2000 0.50 3.75 6.00 6.00 9 June 2000 0.50 4.25 6.00 6.00 16 June 2000 0.50 4.25 6.00 6.00 23 June 2000 0.50 4.25 6.00 6.00 30 June 2000 0.50 4.25 6.00 6.00 7 July 2000 0.50 4.25 6.00 6.00 14 July 2000 0.50 4.25 6.00 6.00 21 July 2000 0.50 4.25 6.00 6.00 28 July 2000 0.50 4.25 6.00 6.00 4 August 2000 0.50 4.25 6.00 6.00 11 August 2000 0.50 4.25 6.00 6.00 18 August 2000 0.50 4.25 6.00 6.00 25 August 2000 0.50 4.25 6.00 6.00 1 September 2000 0.50 4.50 6.00 6.00 8 September 2000 0.50 4.50 6.00 6.00 15 September 2000 0.50 4.50 6.00 6.00 22 September 2000 0.50 4.50 6.00 6.00 29 September 2000 0.50 4.50 6.00 6.00 6 October 2000 0.50 4.75 6.00 6.00 13 October 2000 0.50 4.75 6.00 6.00 20 October 2000 0.50 4.75 6.00 6.00 27 October 2000 0.50 4.75 6.00 6.00 3 November 2000 0.50 4.75 6.00 6.00 10 November 2000 0.50 4.75 6.00 6.00 17 November 2000 0.50 4.75 6.00 6.00 24 November 2000 0.50 4.75 6.00 6.00 1 December 2000 0.50 4.75 6.00 6.00 8 December 2000 0.50 4.75 6.00 6.00 15 December 2000 0.50 4.75 6.00 6.00 22 December 2000 0.50 4.75 6.00 6.00 29 December 2000 0.50 4.75 6.00 6.00 5 January 2001 0.50 4.75 6.00 6.00 12 January 2001 0.50 4.75 6.00 6.00 19 January 2001 0.50 4.75 6.00 6.00 26 January 2001 0.50 4.75 5.75 6.00 2 February 2001 0.50 4.75 5.75 6.00 9 February 2001 0.50 4.75 5.75 5.75 16 February 2001 0.35 4.75 5.75 5.75 23 February 2001 0.35 4.75 5.75 5.75 2 March 2001 0.25 4.75 5.75 5.75 9 March 2001 0.25 4.75 5.25 5.75 16 March 2001 0.25 4.75 5.25 5.75 23 March 2001 0.25 4.75 5.25 5.75 30 March 2001 0.25 4.75 5.25 5.75 6 April 2001 0.25 4.75 5.25 5.50 13 April 2001 0.25 4.75 5.25 5.50 20 April 2001 0.25 4.75 5.00 5.50 27 April 2001 0.25 4.75 5.00 5.50 4 May 2001 0.25 4.75 5.00 5.50 11 May 2001 0.25 4.50 5.00 5.25 18 May 2001 0.25 4.50 5.00 5.25 25 May 2001 0.25 4.50 5.00 5.25 1 June 2001 0.25 4.50 4.75 5.25 8 June 2001 0.25 4.50 4.75 5.25 15 June 2001 0.25 4.50 4.75 5.25 22 June 2001 0.25 4.50 4.75 5.25 29 June 2001 0.25 4.50 4.75 5.25 6 July 2001 0.25 4.50 4.75 5.25 13 July 2001 0.25 4.50 4.75 5.25 20 July 2001 0.25 4.50 4.50 5.25 27 July 2001 0.25 4.50 4.50 5.25 3 August 2001 0.25 4.50 4.50 5.00 10 August 2001 0.25 4.50 4.50 5.00 17 August 2001 0.25 4.50 4.50 5.00 24 August 2001 0.25 4.50 4.50 5.00 31 August 2001 0.25 4.25 4.25 5.00 7 September 2001 0.25 4.25 4.25 5.00 14 September 2001 0.25 4.25 4.25 5.00 21 September 2001 0.10 3.75 3.75 4.75 28 September 2001 0.10 3.75 3.75 4.75 5 October 2001 0.10 3.75 3.75 4.50 12 October 2001 0.10 3.75 3.75 4.50 19 October 2001 0.10 3.75 3.75 4.50 26 October 2001 0.10 3.75 3.00 4.50 2 November 2001 0.10 3.75 3.00 4.50 9 November 2001 0.10 3.25 3.00 4.00 16 November 2001 0.10 3.25 3.00 4.00 23 November 2001 0.10 3.25 3.00 4.00 30 November 2001 0.10 3.25 2.50 4.00 7 December 2001 0.10 3.25 2.50 4.00 14 December 2001 0.10 3.25 2.50 4.00 21 December 2001 0.10 3.25 2.50 4.00 28 December 2001 0.10 3.25 2.50 4.00 4 January 2002 0.10 3.25 2.50 4.00 11 January 2002 0.10 3.25 2.50 4.00 18 January 2002 0.10 3.25 2.25 4.00 25 January 2002 0.10 3.25 2.25 4.00 1 February 2002 0.10 3.25 2.25 4.00 8 February 2002 0.10 3.25 2.25 4.00 15 February 2002 0.10 3.25 2.25 4.00 22 February 2002 0.10 3.25 2.25 4.00 1 March 2002 0.10 3.25 2.25 4.00 8 March 2002 0.10 3.25 2.25 4.00 15 March 2002 0.10 3.25 2.25 4.00 22 March 2002 0.10 3.25 2.25 4.00 29 March 2002 0.10 3.25 2.25 4.00 5 April 2002 0.10 3.25 2.25 4.00 12 April 2002 0.10 3.25 2.25 4.00 19 April 2002 0.10 3.25 2.50 4.00 26 April 2002 0.10 3.25 2.50 4.00 3 May 2002 0.10 3.25 2.50 4.00 10 May 2002 0.10 3.25 2.50 4.00 17 May 2002 0.10 3.25 2.50 4.00 24 May 2002 0.10 3.25 2.50 4.00 31 May 2002 0.10 3.25 2.50 4.00 7 June 2002 0.10 3.25 2.75 4.00 14 June 2002 0.10 3.25 2.75 4.00 21 June 2002 0.10 3.25 2.75 4.00 28 June 2002 0.10 3.25 2.75 4.00 5 July 2002 0.10 3.25 2.75 4.00 12 July 2002 0.10 3.25 2.75 4.00 19 July 2002 0.10 3.25 3.00 4.00 26 July 2002 0.10 3.25 3.00 4.00 2 August 2002 0.10 3.25 3.00 4.00 9 August 2002 0.10 3.25 3.00 4.00 16 August 2002 0.10 3.25 3.00 4.00 23 August 2002 0.10 3.25 3.00 4.00 30 August 2002 0.10 3.25 3.00 4.00 6 September 2002 0.10 3.25 3.00 4.00 13 September 2002 0.10 3.25 3.00 4.00 20 September 2002 0.10 3.25 3.00 4.00 27 September 2002 0.10 3.25 3.00 4.00 4 October 2002 0.10 3.25 3.00 4.00 11 October 2002 0.10 3.25 3.00 4.00 18 October 2002 0.10 3.25 3.00 4.00 25 October 2002 0.10 3.25 3.00 4.00 1 November 2002 0.10 3.25 3.00 4.00 8 November 2002 0.10 3.25 3.00 4.00 15 November 2002 0.10 3.25 3.00 4.00 22 November 2002 0.10 3.25 3.00 4.00 29 November 2002 0.10 3.25 3.00 4.00 6 December 2002 0.10 2.75 3.00 4.00 13 December 2002 0.10 2.75 3.00 4.00 20 December 2002 0.10 2.75 3.00 4.00 27 December 2002 0.10 2.75 3.00 4.00 3 January 2003 0.10 2.75 3.00 4.00 10 January 2003 0.10 2.75 3.00 4.00 17 January 2003 0.10 2.75 3.00 4.00 24 January 2003 0.10 2.75 3.00 4.00 31 January 2003 0.10 2.75 3.00 4.00 7 February 2003 0.10 2.75 3.00 3.75 14 February 2003 0.10 2.75 3.00 3.75 21 February 2003 0.10 2.75 3.00 3.75 28 February 2003 0.10 2.75 3.00 3.75 7 March 2003 0.10 2.50 3.25 3.75 14 March 2003 0.10 2.50 3.25 3.75 21 March 2003 0.10 2.50 3.25 3.75 28 March 2003 0.10 2.50 3.25 3.75 4 April 2003 0.10 2.50 3.25 3.75 11 April 2003 0.10 2.50 3.25 3.75 18 April 2003 0.10 2.50 3.50 3.75 25 April 2003 0.10 2.50 3.50 3.75 2 May 2003 0.10 2.50 3.50 3.75 9 May 2003 0.10 2.50 3.50 3.75 16 May 2003 0.10 2.50 3.50 3.75 23 May 2003 0.10 2.50 3.50 3.75 30 May 2003 0.10 2.50 3.50 3.75 6 June 2003 0.10 2.00 3.50 3.75 13 June 2003 0.10 2.00 3.50 3.75 20 June 2003 0.10 2.00 3.50 3.75 27 June 2003 0.10 2.00 3.50 3.75 4 July 2003 0.10 2.00 3.50 3.75 11 July 2003 0.10 2.00 3.50 3.50 18 July 2003 0.10 2.00 3.25 3.50 25 July 2003 0.10 2.00 3.25 3.50 1 August 2003 0.10 2.00 3.25 3.50 8 August 2003 0.10 2.00 3.25 3.50 15 August 2003 0.10 2.00 3.25 3.50 22 August 2003 0.10 2.00 3.25 3.50 29 August 2003 0.10 2.00 3.25 3.50 5 September 2003 0.10 2.00 3.00 3.50 12 September 2003 0.10 2.00 3.00 3.50 19 September 2003 0.10 2.00 3.00 3.50 26 September 2003 0.10 2.00 3.00 3.50 3 October 2003 0.10 2.00 3.00 3.50 10 October 2003 0.10 2.00 3.00 3.50 17 October 2003 0.10 2.00 3.00 3.50 24 October 2003 0.10 2.00 3.00 3.50 31 October 2003 0.10 2.00 3.00 3.50 7 November 2003 0.10 2.00 3.00 3.75 14 November 2003 0.10 2.00 3.00 3.75 21 November 2003 0.10 2.00 3.00 3.75 28 November 2003 0.10 2.00 3.00 3.75 5 December 2003 0.10 2.00 3.00 3.75 12 December 2003 0.10 2.00 3.00 3.75 19 December 2003 0.10 2.00 3.00 3.75 26 December 2003 0.10 2.00 3.00 3.75 2 January 2004 0.10 2.00 3.00 3.75 9 January 2004 0.10 2.00 3.00 3.75 16 January 2004 0.10 2.00 3.00 3.75 23 January 2004 0.10 2.00 2.75 3.75 30 January 2004 0.10 2.00 2.75 3.75 6 February 2004 0.10 2.00 2.75 4.00 13 February 2004 0.10 2.00 2.75 4.00 20 February 2004 0.10 2.00 2.75 4.00 27 February 2004 0.10 2.00 2.75 4.00 5 March 2004 0.10 2.00 2.50 4.00 12 March 2004 0.10 2.00 2.50 4.00 19 March 2004 0.10 2.00 2.50 4.00 26 March 2004 0.10 2.00 2.50 4.00 2 April 2004 0.10 2.00 2.50 4.00 9 April 2004 0.10 2.00 2.50 4.00 16 April 2004 0.10 2.00 2.25 4.00 23 April 2004 0.10 2.00 2.25 4.00 30 April 2004 0.10 2.00 2.25 4.00 7 May 2004 0.10 2.00 2.25 4.25 14 May 2004 0.10 2.00 2.25 4.25 21 May 2004 0.10 2.00 2.25 4.25 28 May 2004 0.10 2.00 2.25 4.25 4 June 2004 0.10 2.00 2.25 4.25 11 June 2004 0.10 2.00 2.25 4.50 18 June 2004 0.10 2.00 2.25 4.50 25 June 2004 0.10 2.00 2.25 4.50 2 July 2004 0.10 2.00 2.25 4.50 9 July 2004 0.10 2.00 2.25 4.50 16 July 2004 0.10 2.00 2.25 4.50 23 July 2004 0.10 2.00 2.25 4.50 30 July 2004 0.10 2.00 2.25 4.50 6 August 2004 0.10 2.00 2.25 4.75 13 August 2004 0.10 2.00 2.25 4.75 20 August 2004 0.10 2.00 2.25 4.75 27 August 2004 0.10 2.00 2.25 4.75 3 September 2004 0.10 2.00 2.25 4.75 10 September 2004 0.10 2.00 2.50 4.75 17 September 2004 0.10 2.00 2.50 4.75 24 September 2004 0.10 2.00 2.50 4.75 1 October 2004 0.10 2.00 2.50 4.75 8 October 2004 0.10 2.00 2.50 4.75 15 October 2004 0.10 2.00 2.50 4.75 22 October 2004 0.10 2.00 2.75 4.75 29 October 2004 0.10 2.00 2.75 4.75 5 November 2004 0.10 2.00 2.75 4.75 12 November 2004 0.10 2.00 2.75 4.75 19 November 2004 0.10 2.00 2.75 4.75 26 November 2004 0.10 2.00 2.75 4.75 3 December 2004 0.10 2.00 2.75 4.75 10 December 2004 0.10 2.00 2.75 4.75 17 December 2004 0.10 2.00 2.75 4.75 24 December 2004 0.10 2.00 2.75 4.75 31 December 2004 0.10 2.00 2.75 4.75 7 January 2005 0.10 2.00 2.75 4.75 14 January 2005 0.10 2.00 2.75 4.75 21 January 2005 0.10 2.00 2.75 4.75 28 January 2005 0.10 2.00 2.75 4.75 4 February 2005 0.10 2.00 2.75 4.75 11 February 2005 0.10 2.00 2.75 4.75 18 February 2005 0.10 2.00 2.75 4.75 25 February 2005 0.10 2.00 2.75 4.75 4 March 2005 0.10 2.00 2.75 4.75 11 March 2005 0.10 2.00 2.75 4.75 18 March 2005 0.10 2.00 2.75 4.75 25 March 2005 0.10 2.00 2.75 4.75 1 April 2005 0.10 2.00 2.75 4.75 8 April 2005 0.10 2.00 2.75 4.75 15 April 2005 0.10 2.00 2.75 4.75 22 April 2005 0.10 2.00 2.75 4.75 29 April 2005 0.10 2.00 2.75 4.75 6 May 2005 0.10 2.00 2.75 4.75 13 May 2005 0.10 2.00 2.75 4.75 20 May 2005 0.10 2.00 2.75 4.75 27 May 2005 0.10 2.00 2.75 4.75 3 June 2005 0.10 2.00 2.75 4.75 10 June 2005 0.10 2.00 2.75 4.75 17 June 2005 0.10 2.00 2.75 4.75 24 June 2005 0.10 2.00 2.75 4.75 1 July 2005 0.10 2.00 2.75 4.75 8 July 2005 0.10 2.00 2.75 4.75 15 July 2005 0.10 2.00 2.75 4.75 22 July 2005 0.10 2.00 2.75 4.75 29 July 2005 0.10 2.00 2.75 4.75 5 August 2005 0.10 2.00 2.75 4.50 12 August 2005 0.10 2.00 2.75 4.50 19 August 2005 0.10 2.00 2.75 4.50 26 August 2005 0.10 2.00 2.75 4.50 2 September 2005 0.10 2.00 2.75 4.50 9 September 2005 0.10 2.00 3.00 4.50 16 September 2005 0.10 2.00 3.00 4.50 23 September 2005 0.10 2.00 3.00 4.50 30 September 2005 0.10 2.00 3.00 4.50 7 October 2005 0.10 2.00 3.00 4.50 14 October 2005 0.10 2.00 3.00 4.50 21 October 2005 0.10 2.00 3.25 4.50 28 October 2005 0.10 2.00 3.25 4.50 4 November 2005 0.10 2.00 3.25 4.50 11 November 2005 0.10 2.00 3.25 4.50 18 November 2005 0.10 2.00 3.25 4.50 25 November 2005 0.10 2.00 3.25 4.50 2 December 2005 0.10 2.25 3.25 4.50 9 December 2005 0.10 2.25 3.50 4.50 16 December 2005 0.10 2.25 3.50 4.50 23 December 2005 0.10 2.25 3.50 4.50 30 December 2005 0.10 2.25 3.50 4.50 6 January 2006 0.10 2.25 3.50 4.50 13 January 2006 0.10 2.25 3.50 4.50 20 January 2006 0.10 2.25 3.50 4.50 27 January 2006 0.10 2.25 3.75 4.50 3 February 2006 0.10 2.25 3.75 4.50 10 February 2006 0.10 2.25 3.75 4.50 17 February 2006 0.10 2.25 3.75 4.50 24 February 2006 0.10 2.25 3.75 4.50 3 March 2006 0.10 2.50 3.75 4.50 10 March 2006 0.10 2.50 4.00 4.50 17 March 2006 0.10 2.50 4.00 4.50 24 March 2006 0.10 2.50 4.00 4.50 31 March 2006 0.10 2.50 4.00 4.50 7 April 2006 0.10 2.50 4.00 4.50 14 April 2006 0.10 2.50 4.00 4.50 21 April 2006 0.10 2.50 4.00 4.50 28 April 2006 0.10 2.50 4.25 4.50 5 May 2006 0.10 2.50 4.25 4.50 12 May 2006 0.10 2.50 4.25 4.50 19 May 2006 0.10 2.50 4.25 4.50 26 May 2006 0.10 2.50 4.50 4.50 2 June 2006 0.10 2.50 4.50 4.50 9 June 2006 0.10 2.75 4.50 4.50 16 June 2006 0.10 2.75 4.50 4.50 23 June 2006 0.10 2.75 4.50 4.50 30 June 2006 0.10 2.75 4.50 4.50 7 July 2006 0.10 2.75 4.50 4.50 14 July 2006 0.40 2.75 4.50 4.50 21 July 2006 0.40 2.75 4.50 4.50 28 July 2006 0.40 2.75 4.50 4.50 4 August 2006 0.40 3.00 4.50 4.75 11 August 2006 0.40 3.00 4.50 4.75 18 August 2006 0.40 3.00 4.50 4.75 25 August 2006 0.40 3.00 4.50 4.75 1 September 2006 0.40 3.00 4.50 4.75 8 September 2006 0.40 3.00 4.50 4.75 15 September 2006 0.40 3.00 4.50 4.75 22 September 2006 0.40 3.00 4.50 4.75 29 September 2006 0.40 3.00 4.50 4.75 6 October 2006 0.40 3.25 4.50 4.75 13 October 2006 0.40 3.25 4.50 4.75 20 October 2006 0.40 3.25 4.50 4.75 27 October 2006 0.40 3.25 4.50 4.75 3 November 2006 0.40 3.25 4.50 4.75 10 November 2006 0.40 3.25 4.50 5.00 17 November 2006 0.40 3.25 4.50 5.00 24 November 2006 0.40 3.25 4.50 5.00 1 December 2006 0.40 3.25 4.50 5.00 8 December 2006 0.40 3.50 4.50 5.00 15 December 2006 0.40 3.50 4.50 5.00 22 December 2006 0.40 3.50 4.50 5.00 29 December 2006 0.40 3.50 4.50 5.00 5 January 2007 0.40 3.50 4.50 5.00 12 January 2007 0.40 3.50 4.50 5.25 19 January 2007 0.40 3.50 4.50 5.25 26 January 2007 0.40 3.50 4.50 5.25 2 February 2007 0.40 3.50 4.50 5.25 9 February 2007 0.40 3.50 4.50 5.25 16 February 2007 0.40 3.50 4.50 5.25 23 February 2007 0.75 3.50 4.50 5.25 2 March 2007 0.75 3.50 4.50 5.25 9 March 2007 0.75 3.75 4.50 5.25 16 March 2007 0.75 3.75 4.50 5.25 23 March 2007 0.75 3.75 4.50 5.25 30 March 2007 0.75 3.75 4.50 5.25 6 April 2007 0.75 3.75 4.50 5.25 13 April 2007 0.75 3.75 4.50 5.25 20 April 2007 0.75 3.75 4.50 5.25 27 April 2007 0.75 3.75 4.50 5.25 4 May 2007 0.75 3.75 4.50 5.25 11 May 2007 0.75 3.75 4.50 5.50 18 May 2007 0.75 3.75 4.50 5.50 25 May 2007 0.75 3.75 4.50 5.50 1 June 2007 0.75 3.75 4.50 5.50 8 June 2007 0.75 4.00 4.50 5.50 15 June 2007 0.75 4.00 4.50 5.50 22 June 2007 0.75 4.00 4.50 5.50 29 June 2007 0.75 4.00 4.50 5.50 6 July 2007 0.75 4.00 4.50 5.75 13 July 2007 0.75 4.00 4.75 5.75 20 July 2007 0.75 4.00 4.75 5.75 27 July 2007 0.75 4.00 4.75 5.75 3 August 2007 0.75 4.00 4.75 5.75 10 August 2007 0.75 4.00 4.75 5.75 17 August 2007 0.75 4.00 4.75 5.75 24 August 2007 0.75 4.00 4.75 5.75 31 August 2007 0.75 4.00 4.75 5.75 7 September 2007 0.75 4.00 4.75 5.75 14 September 2007 0.75 4.00 4.75 5.75 21 September 2007 0.75 4.00 4.75 5.75 28 September 2007 0.75 4.00 4.75 5.75 5 October 2007 0.75 4.00 4.75 5.75 12 October 2007 0.75 4.00 4.75 5.75 19 October 2007 0.75 4.00 4.75 5.75 26 October 2007 0.75 4.00 4.75 5.75 2 November 2007 0.75 4.00 4.75 5.75 9 November 2007 0.75 4.00 4.75 5.75 16 November 2007 0.75 4.00 4.75 5.75 23 November 2007 0.75 4.00 4.75 5.75 30 November 2007 0.75 4.00 4.75 5.75 7 December 2007 0.75 4.00 4.50 5.50 14 December 2007 0.75 4.00 4.50 5.50 21 December 2007 0.75 4.00 4.50 5.50 28 December 2007 0.75 4.00 4.50 5.50 4 January 2008 0.75 4.00 4.50 5.50 11 January 2008 0.75 4.00 4.50 5.50 18 January 2008 0.75 4.00 4.50 5.50 25 January 2008 0.75 4.00 4.25 5.50 1 February 2008 0.75 4.00 4.25 5.50 8 February 2008 0.75 4.00 4.25 5.25 15 February 2008 0.75 4.00 4.25 5.25 22 February 2008 0.75 4.00 4.25 5.25 29 February 2008 0.75 4.00 4.25 5.25 7 March 2008 0.75 4.00 3.75 5.25 Japanese Real GDP (Percent change from previous period except as noted, s.a.a.r.) Component 2007 2006 1 2007 1 Q1 Q2 Q3 Q4 GDP 2.5 1.7 3.8 -1.5 1.2 3.5 Total domestic demand 1.9 0.2 2.1 -2.0 -0.9 1.6 Consumption 1.6 1.1 2.5 0.6 0.6 0.9 Private investment 5.9 -3.1 -2.4 -8.2 -2.5 0.9 -10.2 -1.5 22.4 -15.5 -7.5 -1.7 Public investment Government consumption 0.2 1.6 0.8 1.2 0.6 3.6 Inventories2 0.3 0.0 0.1 -0.2 -0.4 0.5 Exports 6.4 11.1 14.8 4.6 12.2 13.2 Imports 2.7 2.0 4.1 2.1 -0.5 2.2 Net Exports2 0.6 1.4 1.7 0.4 1.9 1.8 1. Q4/Q4 Return to table 2. Percentage point contribution to GDP growth. Return to table Japan Figure: Economic Activity 2000 = 100 Period Industrial production Tertiary services April 1998 94.8 98.2 May 1998 94.0 98.2 June 1998 94.1 97.9 July 1998 93.9 98.1 August 1998 91.9 97.9 September 1998 93.3 98.1 October 1998 92.8 98.4 November 1998 92.4 98.2 December 1998 92.2 97.7 January 1999 93.3 98.1 February 1999 93.3 97.8 March 1999 94.9 98.1 April 1999 92.9 98.2 May 1999 94.6 98.1 June 1999 93.8 98.2 July 1999 94.5 98.4 August 1999 95.0 98.4 September 1999 95.8 98.7 October 1999 95.9 98.2 November 1999 97.1 98.9 December 1999 96.9 98.7 January 2000 96.9 98.7 February 2000 96.6 97.1 March 2000 98.2 99.0 April 2000 99.5 99.5 May 2000 99.1 99.6 June 2000 100.6 99.8 July 2000 100.1 99.7 August 2000 101.6 100.5 99.4 100.2 October 2000 101.1 101.0 November 2000 101.5 100.7 December 2000 September 2000 102.7 101.4 January 2001 98.3 101.2 February 2001 99.4 101.8 March 2001 97.7 101.6 April 2001 96.8 101.2 May 2001 94.8 101.0 June 2001 93.7 101.4 July 2001 92.2 101.1 August 2001 91.2 100.8 September 2001 89.3 100.6 October 2001 89.2 100.8 November 2001 87.7 101.1 December 2001 88.6 101.1 January 2002 88.0 100.9 February 2002 89.4 100.8 March 2002 90.1 101.2 April 2002 89.6 101.1 May 2002 93.4 101.4 June 2002 92.4 100.6 July 2002 93.0 101.4 August 2002 93.3 101.9 September 2002 94.0 101.2 October 2002 94.1 101.0 November 2002 93.7 101.3 December 2002 93.6 100.3 January 2003 94.8 101.7 February 2003 93.6 101.6 March 2003 93.6 101.4 April 2003 93.1 101.4 May 2003 94.1 101.8 June 2003 93.5 101.9 July 2003 94.0 100.5 August 2003 93.0 102.0 September 2003 96.4 102.8 October 2003 97.5 103.6 November 2003 98.8 102.4 98.2 102.4 101.0 104.4 December 2003 January 2004 February 2004 March 2004 97.2 101.2 98.4 102.8 April 2004 101.0 104.9 May 2004 100.5 103.8 June 2004 101.0 104.4 July 2004 101.1 104.1 August 2004 100.8 104.3 September 2004 100.2 104.3 99.1 104.6 November 2004 100.2 104.9 December 2004 100.0 105.0 January 2005 101.9 106.7 February 2005 101.0 106.0 March 2005 100.6 105.6 April 2005 101.7 106.7 May 2005 100.9 105.8 June 2005 100.8 106.4 October 2004 99.9 106.1 August 2005 July 2005 100.9 107.3 September 2005 101.1 106.6 October 2005 101.6 107.7 November 2005 103.6 108.0 December 2005 104.9 108.0 January 2006 103.8 108.8 February 2006 103.3 108.2 March 2006 104.3 107.3 April 2006 104.9 108.6 May 2006 104.6 109.4 June 2006 106.1 108.5 July 2006 106.0 108.6 August 2006 107.2 109.0 September 2006 106.7 107.7 October 2006 108.3 109.5 November 2006 108.7 109.4 December 2006 109.6 109.2 January 2007 107.1 109.6 February 2007 107.9 110.7 March 2007 107.6 108.6 April 2007 107.4 110.3 May 2007 107.1 110.2 June 2007 108.5 110.3 July 2007 108.1 109.9 August 2007 111.9 111.2 September 2007 110.3 109.2 October 2007 112.2 110.5 November 2007 110.4 110.5 December 2007 112.0 109.8 January 2008 109.8 ND Figure: Real Trade 2000 = 100 Period Real exports Real imports April 1998 85.1 83.3 May 1998 86.2 81.7 June 1998 83.6 84.0 July 1998 84.7 83.7 August 1998 82.9 83.6 September 1998 85.3 84.5 October 1998 86.8 82.8 November 1998 81.7 82.9 December 1998 84.7 80.6 January 1999 88.0 86.2 February 1999 82.8 89.4 March 1999 84.9 83.0 April 1999 85.6 87.7 May 1999 86.0 87.5 June 1999 86.8 88.7 July 1999 89.0 87.1 August 1999 90.4 90.1 September 1999 92.2 88.8 October 1999 90.8 89.1 November 1999 92.7 96.6 December 1999 94.4 93.1 January 2000 95.9 91.4 February 2000 95.9 91.4 March 2000 97.4 96.3 April 2000 100.2 98.6 May 2000 98.5 99.3 June 2000 103.2 100.1 July 2000 100.6 99.3 August 2000 103.0 102.3 September 2000 101.6 103.1 October 2000 103.3 106.2 November 2000 101.6 104.9 December 2000 99.0 107.2 January 2001 95.0 104.4 February 2001 99.6 106.3 March 2001 97.2 104.9 April 2001 94.9 101.3 May 2001 92.1 106.6 June 2001 90.6 100.4 July 2001 90.9 101.3 August 2001 90.5 99.6 September 2001 90.3 98.2 October 2001 89.1 99.4 November 2001 88.8 98.1 December 2001 85.1 96.2 January 2002 90.3 97.0 February 2002 91.9 104.0 March 2002 95.0 98.9 April 2002 96.0 99.9 May 2002 99.5 102.1 June 2002 100.9 101.9 July 2002 100.6 105.3 August 2002 100.6 104.0 September 2002 99.8 103.7 October 2002 100.5 101.5 November 2002 105.1 107.3 December 2002 102.6 107.9 January 2003 102.1 107.5 February 2003 104.6 108.9 March 2003 103.0 106.4 April 2003 103.1 108.5 May 2003 105.4 109.0 June 2003 102.9 110.4 July 2003 105.7 109.9 August 2003 108.3 108.9 September 2003 111.0 112.8 October 2003 112.7 110.5 November 2003 113.2 113.1 December 2003 117.3 113.2 January 2004 118.9 114.1 February 2004 119.0 113.2 March 2004 117.9 116.7 April 2004 122.6 116.1 May 2004 121.4 112.2 June 2004 124.4 121.5 July 2004 123.8 118.1 August 2004 122.8 118.0 September 2004 122.5 118.9 October 2004 124.4 121.6 November 2004 126.0 125.9 December 2004 123.6 118.5 January 2005 124.7 122.7 February 2005 122.6 120.3 March 2005 125.1 121.8 April 2005 125.6 122.1 May 2005 126.2 124.0 June 2005 127.8 125.7 July 2005 128.4 125.2 August 2005 130.0 127.6 September 2005 133.3 126.7 October 2005 133.8 125.8 November 2005 133.8 127.5 December 2005 136.5 129.9 January 2006 136.5 131.1 February 2006 139.5 128.7 March 2006 139.6 130.2 April 2006 137.5 131.4 May 2006 143.8 130.1 June 2006 141.3 128.9 July 2006 144.2 128.9 August 2006 146.6 130.7 September 2006 143.5 133.2 October 2006 145.1 131.7 November 2006 147.5 127.8 December 2006 146.2 131.4 January 2007 151.3 128.0 February 2007 149.0 137.8 March 2007 151.7 126.8 April 2007 147.0 125.9 May 2007 151.2 134.2 June 2007 151.9 134.3 July 2007 153.8 136.4 August 2007 164.5 133.0 September 2007 158.9 132.2 October 2007 159.7 131.4 November 2007 162.6 133.9 December 2007 162.6 133.8 January 2008 170.0 134.8 Figure: Labor Market Period Unemployment rate (Percent) Job openings to applications (Ratio) April 1998 4.0 0.56 May 1998 4.1 0.54 June 1998 4.1 0.52 July 1998 4.1 0.51 August 1998 4.4 0.50 September 1998 4.3 0.49 October 1998 4.3 0.48 November 1998 4.5 0.47 December 1998 4.4 0.47 January 1999 4.5 0.48 February 1999 4.6 0.48 March 1999 4.7 0.48 April 1999 4.7 0.47 May 1999 4.7 0.46 June 1999 4.8 0.46 July 1999 4.8 0.47 August 1999 4.7 0.47 September 1999 4.6 0.48 October 1999 4.6 0.49 November 1999 4.6 0.49 December 1999 4.7 0.50 January 2000 4.7 0.51 February 2000 4.9 0.52 March 2000 4.9 0.54 April 2000 4.8 0.56 May 2000 4.6 0.56 June 2000 4.7 0.58 July 2000 4.7 0.60 August 2000 4.6 0.61 September 2000 4.7 0.62 October 2000 4.7 0.64 November 2000 4.7 0.65 December 2000 4.8 0.65 January 2001 4.8 0.65 February 2001 4.7 0.64 March 2001 4.8 0.63 April 2001 4.8 0.62 May 2001 4.9 0.61 June 2001 5.0 0.61 July 2001 5.0 0.60 August 2001 5.1 0.58 September 2001 5.3 0.57 October 2001 5.3 0.54 November 2001 5.4 0.52 December 2001 5.4 0.51 January 2002 5.2 0.50 February 2002 5.3 0.51 March 2002 5.3 0.52 April 2002 5.3 0.52 May 2002 5.4 0.53 June 2002 5.5 0.53 July 2002 5.4 0.54 August 2002 5.5 0.55 September 2002 5.4 0.55 October 2002 5.4 0.56 November 2002 5.2 0.56 December 2002 5.4 0.57 January 2003 5.4 0.58 February 2003 5.2 0.59 March 2003 5.4 0.60 April 2003 5.5 0.61 May 2003 5.4 0.61 June 2003 5.4 0.62 July 2003 5.2 0.63 August 2003 5.1 0.65 September 2003 5.2 0.67 October 2003 5.1 0.70 November 2003 5.1 0.72 December 2003 4.9 0.75 January 2004 4.9 0.76 February 2004 4.9 0.76 March 2004 4.8 0.77 April 2004 4.8 0.78 May 2004 4.7 0.80 June 2004 4.7 0.82 July 2004 4.9 0.83 August 2004 4.8 0.84 September 2004 4.6 0.86 October 2004 4.6 0.89 November 2004 4.5 0.91 December 2004 4.5 0.91 January 2005 4.5 0.91 February 2005 4.6 0.91 March 2005 4.5 0.93 April 2005 4.5 0.94 May 2005 4.5 0.94 June 2005 4.3 0.95 July 2005 4.4 0.96 August 2005 4.3 0.96 September 2005 4.2 0.97 October 2005 4.4 0.98 November 2005 4.5 0.99 December 2005 4.4 1.01 January 2006 4.4 1.03 February 2006 4.1 1.04 March 2006 4.1 1.04 April 2006 4.1 1.05 May 2006 4.1 1.06 June 2006 4.3 1.07 July 2006 4.1 1.08 August 2006 4.1 1.07 September 2006 4.1 1.07 October 2006 4.0 1.07 November 2006 4.0 1.07 December 2006 4.0 1.07 January 2007 4.0 1.07 February 2007 4.0 1.05 March 2007 4.0 1.05 April 2007 3.9 1.05 May 2007 3.8 1.06 June 2007 3.7 1.07 July 2007 3.6 1.06 August 2007 3.8 1.05 September 2007 4.0 1.04 October 2007 3.9 1.02 November 2007 3.8 1.00 December 2007 3.8 0.98 January 2008 3.8 0.98 Figure: Consumer Price Inflation Percent, 12-month basis, n.s.a. Period CPI Core* April 1998 0.39 0.19 May 1998 0.48 0.00 June 1998 0.10 0.00 July 1998 -0.10 -0.10 August 1998 -0.29 -0.20 September 1998 -0.19 -0.48 October 1998 0.19 -0.39 November 1998 0.78 -0.29 December 1998 0.58 -0.29 January 1999 0.19 -0.10 February 1999 -0.10 -0.10 March 1999 -0.39 -0.10 April 1999 -0.10 -0.10 May 1999 -0.39 0.00 June 1999 -0.29 0.00 July 1999 -0.10 0.00 0.29 0.00 August 1999 September 1999 -0.19 0.00 October 1999 -0.67 -0.10 November 1999 -1.15 -0.19 December 1999 -1.06 -0.10 January 2000 -0.68 -0.29 February 2000 -0.68 -0.10 March 2000 -0.58 -0.29 April 2000 -0.77 -0.29 May 2000 -0.68 -0.19 June 2000 -0.58 -0.29 July 2000 -0.58 -0.29 August 2000 -0.49 0.10 September 2000 -0.97 -0.58 October 2000 -1.16 -0.87 November 2000 -0.88 -0.78 December 2000 -0.49 -0.78 January 2001 -0.39 -0.78 February 2001 -0.29 -0.78 March 2001 -0.68 -0.88 April 2001 -0.78 -0.88 May 2001 -0.78 -1.07 June 2001 -0.88 -0.98 July 2001 -0.78 -0.88 August 2001 -0.78 -0.98 September 2001 -0.78 -0.78 October 2001 -0.78 -0.69 November 2001 -0.98 -0.78 December 2001 -1.18 -0.88 January 2002 -1.37 -0.79 February 2002 -1.57 -0.79 March 2002 -1.18 -0.69 April 2002 -1.08 -0.89 May 2002 -0.88 -0.79 June 2002 -0.69 -0.79 July 2002 -0.79 -0.79 August 2002 -0.89 -0.89 September 2002 -0.69 -0.89 October 2002 -0.89 -0.89 November 2002 -0.40 -0.79 December 2002 -0.30 -0.69 January 2003 -0.40 -0.80 February 2003 -0.20 -0.70 March 2003 -0.10 -0.60 April 2003 -0.10 -0.40 May 2003 -0.20 -0.40 June 2003 -0.40 -0.40 July 2003 -0.20 -0.20 August 2003 -0.30 -0.10 September 2003 -0.20 -0.10 October 2003 0.00 0.10 November 2003 -0.50 -0.10 December 2003 -0.40 0.00 January 2004 -0.30 -0.10 February 2004 0.00 0.00 March 2004 -0.10 -0.10 April 2004 -0.40 -0.20 May 2004 -0.50 -0.30 June 2004 0.00 -0.10 July 2004 -0.10 -0.20 August 2004 -0.20 -0.20 September 2004 0.00 0.00 October 2004 0.50 -0.10 November 2004 0.80 -0.20 December 2004 0.20 -0.20 January 2005 0.20 0.10 February 2005 -0.10 -0.20 March 2005 0.00 -0.10 April 2005 0.10 0.00 May 2005 0.10 0.10 June 2005 -0.50 -0.20 July 2005 -0.30 -0.20 August 2005 -0.30 -0.20 September 2005 -0.30 -0.20 October 2005 -0.79 -0.10 November 2005 -0.99 -0.10 December 2005 -0.40 -0.20 January 2006 -0.10 -0.10 February 2006 -0.10 0.00 March 2006 -0.20 0.10 April 2006 -0.10 -0.10 May 2006 0.10 0.00 June 2006 0.50 0.20 July 2006 0.30 0.20 August 2006 0.90 0.30 September 2006 0.60 0.20 October 2006 0.40 0.10 November 2006 0.30 0.20 December 2006 0.30 0.10 January 2007 0.00 0.00 February 2007 -0.20 -0.10 March 2007 -0.10 -0.30 0.00 -0.10 May 2007 0.00 -0.10 June 2007 -0.20 -0.10 July 2007 0.00 -0.10 -0.20 -0.10 September 2007 -0.20 -0.10 April 2007 August 2007 October 2007 0.30 0.10 November 2007 0.60 0.40 December 2007 0.70 0.80 January 2008 0.70 0.80 * Excludes fresh food. Return to table Economic Indicators (Percent change from previous period except as noted, s.a.) 2007 2007 2008 Indicator Q2 Housing starts Q3 Q4 Nov. Dec. Jan. Feb. 0.1 Machinery orders 1 -35.5 18.1 11.6 9.9 13.0 n.a. -2.3 2.5 0.8 -2.8 -3.2 19.6 n.a. Household expenditures -0.1 -0.5 0.6 -0.5 1.6 2.5 n.a. New car registrations -1.9 1.4 4.6 0.3 -10.8 10.5 -2.7 Business sentiment 2 7.0 4.0 2.0 … … … … 1.7 1.5 2.4 2.4 2.6 3.0 3.4 Wholesale prices 3 1. Private sector, excluding ships and electric power. Return to table 2. Tankan survey, diffusion index. Level. Return to table 3. Percent change from year earlier, n.s.a. Return to table n.a. Not available. … Not applicable. Euro-Area Real GDP (Percent change from previous period except as noted, s.a.a.r.) Component 2007 2006 1 2007 1 Q1 Q2 Q3 Q4 GDP 3.2 2.2 3.2 1.1 3.0 1.5 Total domestic demand 2.4 1.9 4.1 0.2 3.6 -0.1 Consumption 2.1 1.1 0.2 2.5 2.0 -0.3 Investment 5.7 3.7 7.0 0.2 4.7 3.0 Government consumption 2.2 1.8 4.5 0.6 2.7 -0.3 -0.4 0.1 1.4 -1.3 0.8 -0.4 Inventories2 Exports 9.0 4.4 3.7 3.2 8.6 2.2 Imports 7.1 3.8 5.7 1.2 10.3 -1.5 Net Exports2 0.9 0.3 -0.8 0.9 -0.5 1.7 Memo: GDP of selected countries France 2.1 2.1 2.3 1.4 3.2 1.4 Germany 3.9 1.7 2.6 0.7 2.7 1.1 Italy 2.8 n.a. 1.3 0.2 1.7 n.a. 1. Q4/Q4 Return to table 2. Percentage point contribution to GDP growth. Return to table Euro Area Figure: Nominal Exports and Imports Billions of U.S. $ Period Exports Imports April 1998 73.87 65.43 May 1998 73.56 65.14 June 1998 73.70 67.84 July 1998 73.78 65.69 August 1998 70.92 64.56 September 1998 74.42 69.27 October 1998 75.78 71.12 November 1998 74.66 68.88 December 1998 74.75 69.00 January 1999 71.56 67.65 February 1999 70.41 66.53 March 1999 71.27 68.53 April 1999 69.72 65.58 May 1999 68.68 66.72 June 1999 70.95 66.81 July 1999 73.44 68.73 August 1999 72.19 69.03 September 1999 73.61 73.22 October 1999 75.90 73.81 November 1999 75.15 73.93 December 1999 75.29 74.50 January 2000 75.52 76.41 February 2000 76.67 77.50 March 2000 76.48 77.09 April 2000 73.99 73.82 May 2000 77.75 78.80 June 2000 76.33 78.96 July 2000 76.89 78.86 August 2000 76.89 79.44 September 2000 76.02 77.80 October 2000 75.20 77.81 November 2000 77.14 79.07 December 2000 81.30 83.29 January 2001 85.01 83.62 February 2001 80.88 79.25 March 2001 80.57 79.17 April 2001 78.92 77.46 May 2001 77.63 75.47 June 2001 77.01 74.50 July 2001 76.58 73.45 August 2001 79.96 75.58 September 2001 78.49 73.26 October 2001 80.14 73.95 November 2001 77.55 71.56 December 2001 77.80 69.81 January 2002 78.48 71.75 February 2002 78.41 71.82 March 2002 78.94 71.26 April 2002 79.93 74.68 May 2002 84.14 74.93 June 2002 86.09 77.97 July 2002 89.96 81.14 August 2002 88.01 78.76 September 2002 87.94 79.42 October 2002 88.96 81.87 November 2002 90.80 81.77 December 2002 89.85 82.63 January 2003 96.89 90.84 February 2003 95.83 89.71 March 2003 93.23 89.88 April 2003 94.87 90.17 May 2003 100.78 94.81 June 2003 97.83 91.75 July 2003 99.58 91.99 August 2003 97.09 87.31 September 2003 100.89 92.22 October 2003 106.14 97.36 November 2003 103.00 95.96 December 2003 112.84 104.44 January 2004 113.48 104.91 February 2004 117.16 107.75 March 2004 115.90 105.68 April 2004 115.93 106.38 May 2004 113.38 103.50 June 2004 117.36 110.63 July 2004 119.34 110.04 August 2004 115.90 110.65 September 2004 117.34 113.31 October 2004 121.17 116.24 November 2004 127.80 123.10 December 2004 130.49 123.61 January 2005 127.60 122.00 February 2005 125.34 120.28 March 2005 128.56 126.19 April 2005 133.60 129.96 May 2005 128.37 124.16 June 2005 126.07 122.09 July 2005 124.86 123.63 August 2005 130.48 132.35 September 2005 131.80 131.14 October 2005 125.77 126.62 November 2005 128.13 130.28 December 2005 131.13 133.01 January 2006 134.45 135.89 February 2006 132.40 134.47 March 2006 136.24 137.62 April 2006 136.59 138.13 May 2006 147.00 150.02 June 2006 145.21 148.12 July 2006 142.03 147.86 August 2006 148.05 152.13 September 2006 152.90 149.63 October 2006 150.15 148.85 November 2006 155.88 152.01 December 2006 162.29 158.38 January 2007 159.22 156.14 February 2007 161.74 159.70 March 2007 163.64 155.72 April 2007 165.06 161.43 May 2007 166.26 161.35 June 2007 169.27 162.87 July 2007 172.10 171.16 August 2007 175.02 170.29 September 2007 176.43 171.76 October 2007 182.55 179.35 November 2007 186.98 184.09 December 2007 180.69 183.76 Figure: Economic Sentiment Percent balance Period April 1998 Consumer confidence Industrial confidence -6.2 2.3 May 1998 -6.0 1.3 June 1998 -6.5 1.6 July 1998 -3.4 0.7 August 1998 -4.6 -0.1 September 1998 -4.7 -3.0 October 1998 -3.2 -6.8 November 1998 -1.2 -7.4 December 1998 -2.2 -8.6 January 1999 -0.6 -9.8 February 1999 -0.7 -11.0 March 1999 -2.3 -11.1 April 1999 -4.9 -10.3 May 1999 -5.8 -10.0 June 1999 -6.4 -8.3 July 1999 -4.4 -7.8 August 1999 -4.6 -6.5 September 1999 -4.0 -4.3 October 1999 -2.4 -3.1 November 1999 -1.6 -0.5 December 1999 -0.6 -0.2 January 2000 1.0 0.5 February 2000 0.4 2.4 March 2000 1.2 4.3 April 2000 2.0 4.2 May 2000 1.8 5.8 June 2000 0.8 5.6 July 2000 1.4 5.0 August 2000 1.8 4.8 September 2000 -1.5 5.3 October 2000 -0.3 4.5 November 2000 0.2 3.8 December 2000 1.6 2.6 January 2001 1.3 1.3 February 2001 0.6 0.0 March 2001 0.8 -2.5 April 2001 0.0 -4.9 May 2001 -2.2 -6.2 June 2001 -3.1 -7.8 July 2001 -5.8 -9.2 August 2001 -8.5 -10.3 September 2001 -8.7 -14.3 October 2001 -10.4 -16.8 November 2001 -12.5 -17.9 December 2001 -10.8 -15.2 January 2002 -10.7 -14.6 February 2002 -9.6 -12.3 March 2002 -9.0 -10.9 April 2002 -9.4 -10.2 May 2002 -8.3 -8.5 June 2002 -8.8 -9.5 July 2002 -10.3 -11.8 August 2002 -11.2 -12.0 -9.5 -9.5 October 2002 -12.2 -8.9 November 2002 -14.0 -9.3 December 2002 -16.5 -10.1 January 2003 -17.7 -10.1 February 2003 -18.9 -9.9 March 2003 -20.9 -11.0 September 2002 April 2003 -19.2 -11.4 May 2003 -19.8 -11.6 June 2003 -18.7 -12.5 July 2003 -18.6 -13.0 August 2003 -17.3 -10.7 September 2003 -16.9 -8.9 October 2003 -17.0 -8.2 November 2003 -15.6 -6.4 December 2003 -15.8 -8.2 January 2004 -15.2 -6.8 February 2004 -14.2 -7.0 March 2004 -14.1 -7.1 April 2004 -13.9 -4.7 May 2004 -15.4 -4.8 June 2004 -14.4 -4.5 July 2004 -14.6 -3.8 August 2004 -14.0 -3.8 September 2004 -12.9 -3.1 October 2004 -13.4 -2.5 November 2004 -12.9 -3.3 December 2004 -13.1 -3.9 January 2005 -12.8 -4.5 February 2005 -13.4 -6.3 March 2005 -14.0 -7.8 April 2005 -13.5 -9.2 May 2005 -14.7 -10.4 June 2005 -15.4 -9.5 July 2005 -15.6 -8.0 August 2005 -14.8 -7.3 September 2005 -14.6 -6.5 October 2005 -13.4 -5.6 November 2005 -13.4 -6.2 December 2005 -11.3 -4.7 January 2006 -11.2 -4.0 February 2006 -10.6 -2.1 March 2006 -11.1 -0.7 April 2006 -10.7 1.5 May 2006 -9.1 1.9 June 2006 -9.5 3.1 July 2006 -8.5 3.7 August 2006 -8.8 2.4 September 2006 -8.1 4.3 October 2006 -7.9 5.1 November 2006 -7.3 5.9 December 2006 -6.4 5.7 January 2007 -6.6 5.3 February 2007 -5.0 5.3 March 2007 -4.6 6.0 April 2007 -4.3 6.5 May 2007 -1.5 5.7 June 2007 -2.1 5.9 July 2007 -2.0 4.8 August 2007 -3.9 4.7 September 2007 -5.7 2.6 October 2007 -6.2 1.7 November 2007 -8.1 2.6 -8.7 1.6 -11.5 1.1 December 2007 January 2008 Figure: Unemployment Rate Period Percent April 1998 10.2 May 1998 10.1 June 1998 10.0 July 1998 10.0 August 1998 9.9 September 1998 9.9 October 1998 9.8 November 1998 9.8 December 1998 9.7 January 1999 9.5 February 1999 9.5 March 1999 9.4 April 1999 9.3 May 1999 9.3 June 1999 9.2 July 1999 9.1 August 1999 9.0 September 1999 8.9 October 1999 8.8 November 1999 8.7 December 1999 8.6 January 2000 8.5 February 2000 8.5 March 2000 8.4 April 2000 8.3 May 2000 8.2 June 2000 8.2 July 2000 8.1 August 2000 8.1 September 2000 8.0 October 2000 7.9 November 2000 7.9 December 2000 7.8 January 2001 7.8 February 2001 7.8 March 2001 7.8 April 2001 7.8 May 2001 7.8 June 2001 7.8 July 2001 7.8 August 2001 7.8 September 2001 7.8 October 2001 7.9 November 2001 7.9 December 2001 8.0 January 2002 8.0 February 2002 8.0 March 2002 8.0 April 2002 8.1 May 2002 8.1 June 2002 8.2 July 2002 8.3 August 2002 8.3 September 2002 8.4 October 2002 8.4 November 2002 8.5 December 2002 8.5 January 2003 8.6 February 2003 8.6 March 2003 8.7 April 2003 8.7 May 2003 8.7 June 2003 8.7 July 2003 8.7 August 2003 8.7 September 2003 8.7 October 2003 8.7 November 2003 8.7 December 2003 8.7 January 2004 8.7 February 2004 8.7 March 2004 8.8 April 2004 8.8 May 2004 8.8 June 2004 8.9 July 2004 8.8 August 2004 8.9 September 2004 8.9 October 2004 8.8 November 2004 8.9 December 2004 8.9 January 2005 8.9 February 2005 8.9 March 2005 9.0 April 2005 8.9 May 2005 8.9 June 2005 8.9 July 2005 8.9 August 2005 8.8 September 2005 8.8 October 2005 8.8 November 2005 8.7 December 2005 8.7 January 2006 8.7 February 2006 8.6 March 2006 8.6 April 2006 8.5 May 2006 8.4 June 2006 8.3 July 2006 8.1 August 2006 8.1 September 2006 8.1 October 2006 8.0 November 2006 7.9 December 2006 7.8 January 2007 7.7 February 2007 7.6 March 2007 7.6 April 2007 7.5 May 2007 7.5 June 2007 7.4 July 2007 7.4 August 2007 7.4 September 2007 7.3 October 2007 7.3 November 2007 7.2 December 2007 7.2 January 2008 7.1 Figure: Consumer Price Inflation Percent, 12-month basis, n.s.a. Period CPI Core* April 1998 1.38 1.48 May 1998 1.28 1.48 June 1998 1.39 1.54 July 1998 1.28 1.50 August 1998 1.08 1.53 September 1998 0.99 1.47 October 1998 0.88 1.49 November 1998 0.79 1.42 December 1998 0.79 1.35 January 1999 0.79 1.30 February 1999 0.79 1.23 March 1999 0.98 1.24 April 1999 1.07 1.15 May 1999 0.98 1.04 June 1999 0.87 1.01 July 1999 1.07 1.06 August 1999 1.16 0.99 September 1999 1.16 0.91 October 1999 1.37 0.92 November 1999 1.46 1.01 December 1999 1.75 1.07 January 2000 1.85 1.07 February 2000 1.94 0.94 March 2000 1.93 0.88 April 2000 1.74 1.01 May 2000 1.73 0.88 June 2000 2.12 0.95 July 2000 2.01 0.90 August 2000 2.02 0.97 September 2000 2.50 1.03 October 2000 2.39 1.11 November 2000 2.49 1.08 December 2000 2.48 1.51 January 2001 2.01 1.22 February 2001 1.90 1.18 March 2001 2.19 1.53 April 2001 2.74 1.86 May 2001 3.12 2.02 June 2001 2.83 2.08 July 2001 2.55 1.97 August 2001 2.35 1.92 September 2001 2.16 2.15 October 2001 2.25 2.35 November 2001 1.97 2.41 December 2001 2.05 2.40 January 2002 2.61 2.57 February 2002 2.52 2.60 March 2002 2.50 2.66 April 2002 2.30 2.50 May 2002 2.02 2.62 June 2002 1.92 2.55 July 2002 2.02 2.48 August 2002 2.12 2.49 September 2002 2.10 2.44 October 2002 2.30 2.34 November 2002 2.29 2.33 December 2002 2.28 2.25 January 2003 2.10 1.99 February 2003 2.37 2.04 March 2003 2.45 2.02 April 2003 2.08 2.15 May 2003 1.81 2.00 June 2003 1.89 1.97 July 2003 1.90 1.84 August 2003 2.07 1.86 September 2003 2.16 1.96 October 2003 1.97 1.99 November 2003 2.15 1.98 December 2003 1.97 1.90 January 2004 1.88 1.93 February 2004 1.61 2.04 March 2004 1.67 2.09 April 2004 2.04 2.12 May 2004 2.47 2.12 June 2004 2.38 2.15 July 2004 2.29 2.11 August 2004 2.30 2.17 September 2004 2.11 2.04 October 2004 2.37 1.99 November 2004 2.20 1.92 December 2004 2.36 2.07 January 2005 1.93 1.77 February 2005 2.10 1.60 March 2005 2.09 1.58 April 2005 2.08 1.41 May 2005 1.99 1.55 June 2005 2.07 1.41 July 2005 2.17 1.33 August 2005 2.24 1.32 September 2005 2.59 1.45 October 2005 2.50 1.50 November 2005 2.32 1.54 December 2005 2.22 1.41 January 2006 2.39 1.31 February 2006 2.33 1.34 March 2006 2.23 1.45 April 2006 2.46 1.60 May 2006 2.48 1.47 June 2006 2.48 1.56 July 2006 2.43 1.58 August 2006 2.26 1.49 September 2006 1.75 1.53 October 2006 1.56 1.63 November 2006 1.87 1.61 December 2006 1.92 1.63 January 2007 1.84 1.78 February 2007 1.84 1.90 March 2007 1.94 1.87 April 2007 1.91 1.90 May 2007 1.87 1.95 June 2007 1.89 1.92 July 2007 1.78 1.88 August 2007 1.75 2.01 September 2007 2.14 2.03 October 2007 2.55 2.14 November 2007 3.06 2.29 December 2007 3.07 2.35 January 2008 3.20 2.33 February 2008 3.20 ND * Excludes energy and unprocessed food. Return to table Economic Indicators (Percent change from previous period except as noted, s.a.) 2007 2007 2008 Indicator Q2 Industrial production Retail sales volume 1 2 Q3 Q4 Oct. Nov. Dec. Jan. 0.5 1.5 0.2 0.6 -0.3 0.0 0.9 -0.0 0.5 -0.9 -0.6 -0.5 -0.1 0.5 New car registrations 0.1 0.6 0.8 0.2 -0.7 2.5 -4.0 Employment 0.6 0.3 n.a. … … … … Producer prices 3 2.4 2.1 4.0 3.3 4.3 4.4 4.9 11.0 11.3 11.6 12.3 12.4 11.6 11.5 M3 3 1. Excludes construction. Return to table 2. Excludes motor vehicles. Return to table 3. Eurostat harmonized definition. Percent change from year earlier, s.a. Return to table n.a. Not available. … Not applicable. U.K. Real GDP (Percent change from previous period except as noted, s.a.a.r.) Component 2007 2006 1 2007 1 Q1 Q2 Q3 Q4 GDP 3.3 2.9 3.1 3.2 3.0 2.3 Total domestic demand 3.5 3.4 4.1 2.3 6.1 1.3 Consumption 2.7 Government consumption 2.7 3.5 2.9 3.7 0.8 10.1 Investment 0.9 3.1 -4.1 6.9 -2.1 1.4 2.2 4.0 0.3 1.3 3.5 Inventories2 -0.1 1.1 0.5 0.9 2.7 0.5 Exports -1.2 0.6 -2.4 1.2 5.8 -2.0 Imports -0.0 2.4 1.0 -1.9 16.5 -4.6 Net Exports2 -0.3 -0.6 -1.0 0.9 -3.2 0.9 1. Q4/Q4 Return to table 2. Percentage point contribution to GDP growth. Return to table United Kingdom Figure: Consumer Price Inflation Percent, 12-month basis, n.s.a. Period CPI Core* April 1998 1.81 1.79 May 1998 2.04 1.92 June 1998 1.67 1.81 July 1998 1.44 1.67 August 1998 1.33 1.49 September 1998 1.41 1.60 October 1998 1.36 1.46 November 1998 1.35 1.48 December 1998 1.55 1.54 January 1999 1.59 1.52 February 1999 1.41 1.26 March 1999 1.67 1.31 April 1999 1.54 1.29 May 1999 1.31 1.11 June 1999 1.35 1.14 July 1999 1.30 1.11 August 1999 1.21 1.03 September 1999 1.17 0.88 October 1999 1.11 0.75 November 1999 1.18 0.73 December 1999 1.12 0.57 January 2000 0.80 0.25 February 2000 0.94 0.39 March 2000 0.64 0.18 April 2000 0.56 0.27 May 2000 0.54 0.28 June 2000 0.79 0.17 July 2000 0.88 0.05 August 2000 0.59 0.19 September 2000 0.96 0.40 October 2000 1.00 0.63 November 2000 1.06 0.56 December 2000 0.80 0.50 January 2001 0.86 0.74 February 2001 0.82 0.67 March 2001 0.91 0.80 April 2001 1.17 1.00 May 2001 1.66 1.16 June 2001 1.71 1.38 July 2001 1.45 1.59 August 2001 1.83 1.80 September 2001 1.33 1.41 October 2001 1.21 1.25 November 2001 0.80 1.20 December 2001 1.06 1.46 January 2002 1.63 1.72 February 2002 1.48 1.59 March 2002 1.54 1.61 April 2002 1.37 1.38 May 2002 0.83 1.29 June 2002 0.62 1.28 July 2002 1.10 1.53 August 2002 0.99 1.30 September 2002 0.99 1.24 October 2002 1.37 1.56 November 2002 1.55 1.52 December 2002 1.66 1.65 January 2003 1.34 1.43 February 2003 1.58 1.57 March 2003 1.54 1.48 April 2003 1.45 1.52 May 2003 1.25 1.31 June 2003 1.11 1.09 July 2003 1.31 1.30 August 2003 1.39 1.33 September 2003 1.43 1.31 October 2003 1.35 1.26 November 2003 1.33 1.19 December 2003 1.27 1.06 January 2004 1.43 1.30 February 2004 1.29 1.21 March 2004 1.11 1.07 April 2004 1.13 1.06 May 2004 1.47 1.18 June 2004 1.58 1.32 July 2004 1.41 1.20 August 2004 1.30 1.11 September 2004 1.08 0.94 October 2004 1.21 0.92 November 2004 1.45 1.07 December 2004 1.67 1.30 January 2005 1.62 1.28 February 2005 1.65 1.23 March 2005 1.91 1.42 April 2005 1.94 1.42 May 2005 1.91 1.54 June 2005 2.01 1.53 July 2005 2.34 1.84 August 2005 2.41 1.82 September 2005 2.46 1.71 October 2005 2.35 1.72 November 2005 2.14 1.64 December 2005 1.92 1.46 January 2006 1.95 1.38 February 2006 2.04 1.50 March 2006 1.81 1.35 April 2006 2.03 1.35 May 2006 2.24 1.19 June 2006 2.49 1.38 July 2006 2.37 1.10 August 2006 2.48 1.28 September 2006 2.41 1.60 October 2006 2.42 1.64 November 2006 2.70 1.79 December 2006 2.99 1.94 January 2007 2.71 1.81 February 2007 2.80 1.94 March 2007 3.07 2.22 April 2007 2.77 2.11 May 2007 2.50 2.20 June 2007 2.42 2.20 July 2007 1.85 1.91 August 2007 1.77 1.90 September 2007 1.76 1.75 October 2007 2.09 1.84 November 2007 2.09 1.80 December 2007 2.08 1.84 January 2008 2.19 1.79 * Excludes energy and unprocessed food. Return to table Figure: Unemployment Rates Percent Period Labor force survey Claimant count April 1998 6.3 4.5 May 1998 6.3 4.5 June 1998 6.3 4.5 July 1998 6.3 4.5 August 1998 6.2 4.5 September 1998 6.2 4.4 October 1998 6.2 4.4 November 1998 6.1 4.4 December 1998 6.2 4.4 January 1999 6.2 4.3 February 1999 6.2 4.3 March 1999 6.1 4.3 April 1999 6.1 4.2 May 1999 6.0 4.2 June 1999 6.0 4.2 July 1999 5.9 4.1 August 1999 5.9 4.0 September 1999 5.8 4.0 October 1999 5.8 4.0 November 1999 5.8 3.9 December 1999 5.9 3.8 January 2000 5.8 3.8 February 2000 5.8 3.8 March 2000 5.7 3.7 April 2000 5.6 3.6 May 2000 5.5 3.6 June 2000 5.3 3.6 July 2000 5.2 3.5 August 2000 5.3 3.5 September 2000 5.4 3.4 October 2000 5.3 3.4 November 2000 5.2 3.4 December 2000 5.2 3.4 January 2001 5.2 3.3 February 2001 5.1 3.2 March 2001 5.0 3.2 April 2001 4.9 3.2 May 2001 5.0 3.2 June 2001 5.0 3.1 July 2001 5.1 3.1 August 2001 5.1 3.1 September 2001 5.1 3.1 October 2001 5.1 3.1 November 2001 5.2 3.1 December 2001 5.2 3.1 January 2002 5.1 3.1 February 2002 5.2 3.1 March 2002 5.2 3.1 April 2002 5.2 3.1 May 2002 5.2 3.1 June 2002 5.2 3.1 July 2002 5.2 3.1 August 2002 5.3 3.0 September 2002 5.2 3.0 October 2002 5.2 3.0 November 2002 5.1 3.0 December 2002 5.0 3.0 January 2003 5.1 3.0 February 2003 5.1 3.0 March 2003 5.1 3.0 April 2003 5.0 3.0 May 2003 4.9 3.0 June 2003 5.1 3.0 July 2003 5.1 3.0 August 2003 5.1 3.0 September 2003 5.0 3.0 October 2003 4.9 2.9 November 2003 4.9 2.9 December 2003 4.8 2.9 January 2004 4.8 2.9 February 2004 4.8 2.8 March 2004 4.8 2.8 April 2004 4.8 2.8 May 2004 4.8 2.7 June 2004 4.8 2.7 July 2004 4.7 2.7 August 2004 4.7 2.6 September 2004 4.7 2.6 October 2004 4.7 2.6 November 2004 4.7 2.6 December 2004 4.7 2.6 January 2005 4.8 2.6 February 2005 4.7 2.6 March 2005 4.7 2.6 April 2005 4.7 2.6 May 2005 4.8 2.7 June 2005 4.7 2.7 July 2005 4.7 2.7 August 2005 4.8 2.7 September 2005 4.9 2.7 October 2005 5.1 2.8 November 2005 5.1 2.8 December 2005 5.1 2.9 January 2006 5.2 2.8 February 2006 5.2 2.9 March 2006 5.3 2.9 April 2006 5.4 2.9 May 2006 5.5 2.9 June 2006 5.6 3.0 July 2006 5.5 3.0 August 2006 5.6 2.9 September 2006 5.5 3.0 October 2006 5.5 3.0 November 2006 5.5 2.9 December 2006 5.5 2.9 January 2007 5.5 2.9 February 2007 5.5 2.8 March 2007 5.5 2.8 April 2007 5.4 2.8 May 2007 5.4 2.7 June 2007 5.4 2.7 July 2007 5.4 2.7 August 2007 5.4 2.6 September 2007 5.3 2.6 October 2007 5.3 2.5 November 2007 5.2 2.5 December 2007 ND 2.5 January 2008 ND 2.5 Figure: Purchasing Managers Survey 50+ = expansion Period Services Manufacturing April 1998 58.10 48.99 May 1998 57.04 48.31 June 1998 57.05 47.08 July 1998 56.79 43.79 August 1998 54.29 44.51 September 1998 54.02 45.90 October 1998 52.11 41.81 November 1998 47.80 41.55 December 1998 47.39 43.29 January 1999 48.25 44.74 February 1999 49.47 46.36 March 1999 53.03 47.98 April 1999 56.34 49.17 May 1999 56.44 50.47 June 1999 56.59 51.61 July 1999 58.05 52.43 August 1999 57.32 53.11 September 1999 57.09 53.95 October 1999 56.82 54.26 November 1999 59.54 53.34 December 1999 58.31 56.34 January 2000 57.05 52.15 February 2000 57.25 50.46 March 2000 58.08 51.33 April 2000 58.74 50.97 May 2000 58.46 51.40 June 2000 57.15 50.76 July 2000 57.97 51.23 August 2000 58.30 51.62 September 2000 54.99 51.19 October 2000 57.05 50.04 November 2000 56.98 51.49 December 2000 57.58 51.05 January 2001 57.12 52.29 February 2001 56.69 50.93 March 2001 55.68 49.41 April 2001 51.16 47.44 May 2001 51.95 46.43 June 2001 52.12 47.75 July 2001 50.33 47.10 August 2001 50.94 46.39 September 2001 48.05 46.40 October 2001 46.29 46.49 November 2001 47.27 45.46 December 2001 49.37 45.50 January 2002 51.45 47.51 February 2002 52.06 49.80 March 2002 53.80 51.12 April 2002 54.50 53.11 May 2002 56.75 52.89 June 2002 54.86 50.93 July 2002 54.66 49.12 August 2002 55.12 51.26 September 2002 55.48 49.76 October 2002 55.57 49.81 November 2002 54.91 49.11 December 2002 53.23 48.52 January 2003 52.29 48.57 February 2003 50.24 49.04 March 2003 49.02 46.86 April 2003 50.73 48.97 May 2003 51.86 49.03 June 2003 54.48 49.90 July 2003 56.62 51.36 August 2003 57.00 52.74 September 2003 58.69 53.23 October 2003 59.08 53.98 November 2003 59.59 53.77 December 2003 58.45 55.39 January 2004 59.76 56.33 February 2004 59.47 53.33 March 2004 58.74 53.80 April 2004 58.99 55.09 May 2004 57.40 55.81 June 2004 56.77 54.73 July 2004 56.22 56.17 August 2004 56.91 53.09 September 2004 54.75 51.70 October 2004 56.28 52.64 November 2004 56.71 54.67 December 2004 54.89 53.42 January 2005 55.88 52.00 February 2005 55.09 51.41 March 2005 57.05 52.05 April 2005 56.51 49.05 May 2005 55.08 46.84 June 2005 55.84 49.58 July 2005 56.26 49.40 August 2005 55.19 50.25 September 2005 55.05 50.98 October 2005 56.14 51.78 November 2005 55.76 51.13 December 2005 57.89 51.92 January 2006 57.00 52.83 February 2006 58.89 51.87 March 2006 57.36 50.96 April 2006 59.70 54.27 May 2006 59.17 52.99 June 2006 58.72 55.18 July 2006 57.87 53.11 August 2006 56.72 52.65 September 2006 56.96 54.05 October 2006 59.26 53.87 November 2006 59.78 52.38 December 2006 60.56 52.18 January 2007 59.22 53.78 February 2007 57.40 55.72 March 2007 57.58 54.55 April 2007 57.25 54.15 May 2007 57.18 54.81 June 2007 57.74 54.47 July 2007 57.02 55.44 August 2007 57.55 55.82 September 2007 56.69 54.50 October 2007 53.08 52.71 November 2007 51.95 53.94 December 2007 52.36 52.41 January 2008 52.46 50.69 February 2008 54.05 51.26 Figure: Labor Costs Percent, 12-month basis Period Unit wage costs* Average earnings** April 1998 2.87 5.83 May 1998 3.47 6.05 June 1998 3.67 5.22 July 1998 4.00 5.65 August 1998 3.64 5.04 September 1998 3.54 5.13 October 1998 3.54 4.99 November 1998 2.59 4.74 December 1998 1.90 4.15 January 1999 2.40 4.37 February 1999 2.61 4.81 March 1999 1.10 4.44 April 1999 1.49 4.08 May 1999 -0.30 4.17 June 1999 -0.49 5.29 July 1999 -0.39 4.47 August 1999 -2.34 4.91 September 1999 -2.74 4.66 October 1999 -1.66 5.19 November 1999 -2.82 5.17 December 1999 -0.69 6.25 January 2000 -0.20 6.12 February 2000 -2.73 5.34 March 2000 -1.78 5.10 April 2000 -1.96 4.56 May 2000 -1.88 4.00 June 2000 -2.37 3.87 July 2000 -0.99 3.86 August 2000 -1.60 4.26 September 2000 0.40 4.24 October 2000 -1.49 4.11 November 2000 -1.00 4.41 December 2000 -2.27 4.77 January 2001 -3.52 4.45 February 2001 -0.30 5.78 March 2001 0.30 4.45 April 2001 1.20 5.07 May 2001 1.81 4.96 June 2001 2.13 5.04 July 2001 1.10 4.52 August 2001 0.61 4.49 September 2001 0.30 4.37 October 2001 1.31 4.15 November 2001 2.43 3.73 December 2001 3.44 2.52 January 2002 3.45 3.00 February 2002 1.81 2.59 March 2002 2.01 3.39 April 2002 -0.69 3.66 May 2002 -0.69 3.86 June 2002 6.25 3.74 July 2002 0.79 3.94 August 2002 1.72 3.53 September 2002 0.70 3.62 October 2002 1.39 3.60 November 2002 0.59 4.07 December 2002 0.00 3.49 January 2003 0.39 3.39 February 2003 0.20 2.52 March 2003 -0.49 4.12 April 2003 -0.30 3.07 May 2003 0.60 3.25 June 2003 -6.26 3.15 July 2003 -2.26 3.61 August 2003 -0.60 3.50 September 2003 -1.68 3.67 October 2003 -3.93 3.75 November 2003 -2.94 3.36 December 2003 -4.50 4.01 January 2004 -4.59 4.09 February 2004 -3.36 3.73 March 2004 -4.05 3.78 April 2004 -2.89 4.51 May 2004 -3.47 4.41 June 2004 -2.79 4.48 July 2004 -1.21 4.38 August 2004 -2.59 4.63 September 2004 -2.92 4.61 October 2004 -0.72 4.67 November 2004 -2.43 4.57 December 2004 -0.82 4.30 January 2005 -0.61 4.37 February 2005 -1.43 5.09 March 2005 1.96 4.25 April 2005 0.00 4.15 May 2005 -0.92 4.05 June 2005 -0.82 3.86 July 2005 -1.83 4.45 August 2005 -0.61 4.00 September 2005 1.35 3.73 October 2005 1.23 3.29 November 2005 1.87 3.62 December 2005 1.44 4.21 January 2006 1.65 3.27 February 2006 2.07 4.59 -1.01 4.16 April 2006 1.85 4.06 May 2006 0.83 4.30 June 2006 1.24 4.96 July 2006 1.24 3.77 August 2006 1.44 3.76 September 2006 1.02 4.00 October 2006 0.30 4.40 November 2006 -0.20 3.81 December 2006 -0.20 3.95 January 2007 -0.81 4.87 February 2007 0.41 4.87 March 2007 0.41 3.51 April 2007 -0.61 3.43 May 2007 1.44 3.57 June 2007 0.61 3.23 July 2007 0.92 3.79 -0.41 4.18 September 2007 0.41 4.16 October 2007 0.41 3.67 November 2007 1.53 4.14 December 2007 2.34 3.65 March 2006 August 2007 * Manufacturing industries. Return to table ** Whole economy, including bonuses. Return to table Economic Indicators (Percent change from previous period except as noted, s.a.) 2007 2007 2008 Indicator Q2 Producer input prices 1 1.0 Q3 2.7 Q4 10.7 Nov. Dec. Jan. Feb. 10.9 12.2 18.9 19.4 Industrial production Business confidence 0.9 0.3 -0.4 0.0 0.0 n.a. 13.3 7.3 9.0 3.0 9.0 11.0 -4.2 2 -0.3 20.3 2 -2.5 -3.8 -4.1 -5.0 -7.2 -8.8 Trade balance 3 -21.4 -26.9 -26.2 -9.0 -8.3 -8.1 n.a. Current account 3 -27.2 -40.5 … … … … Consumer confidence n.a. 1. Percent change from year earlier. Return to table 2. Percent balance. Return to table 3. Level in billions of US Dollars. Return to table n.a. Not available. … Not applicable. Canadian Real GDP (Percent change from previous period except as noted, s.a.a.r.) Component 2007 2006 1 2007 1 Q1 Q2 Q3 Q4 GDP 1.9 2.9 4.0 3.8 3.0 0.8 Total domestic demand 3.3 6.6 4.5 5.6 8.8 7.5 Consumption 4.5 5.4 4.0 5.8 4.5 7.4 Investment 4.9 4.7 2.7 4.7 6.1 5.5 Government consumption 3.1 5.0 2.6 4.1 6.2 6.9 Inventories2 -1.0 1.4 1.0 0.4 3.6 0.7 Exports -0.9 -1.2 1.0 2.3 0.7 -8.5 Imports 3.0 9.2 1.0 7.3 18.4 10.9 -1.6 -4.4 -0.0 -2.1 -7.2 -8.1 Net Exports2 1. Q4/Q4 Return to table 2. Percentage point contribution to GDP growth. Return to table Canada Figure: Real GDP by Industry* Period Percent change from year earlier April 1998 4.33 May 1998 3.79 June 1998 3.60 July 1998 2.49 August 1998 3.38 September 1998 3.58 October 1998 3.69 November 1998 3.94 December 1998 4.01 January 1999 4.87 February 1999 4.42 March 1999 4.11 April 1999 4.79 May 1999 5.17 June 1999 5.92 July 1999 6.53 August 1999 6.03 September 1999 6.35 October 1999 6.13 November 1999 6.68 December 1999 6.33 January 2000 6.44 February 2000 5.88 March 2000 6.67 April 2000 5.79 May 2000 6.16 June 2000 5.80 July 2000 5.42 August 2000 5.25 September 2000 4.74 October 2000 4.63 November 2000 3.84 December 2000 3.42 January 2001 2.92 February 2001 2.87 March 2001 2.08 April 2001 2.09 May 2001 1.93 June 2001 1.44 July 2001 1.03 August 2001 0.96 September 2001 0.18 October 2001 0.39 November 2001 0.90 December 2001 0.47 January 2002 1.58 February 2002 1.96 March 2002 1.71 April 2002 2.56 May 2002 2.19 June 2002 2.42 July 2002 2.98 August 2002 3.07 September 2002 3.49 October 2002 3.80 November 2002 3.18 December 2002 3.13 January 2003 2.49 February 2003 2.43 March 2003 2.53 April 2003 1.60 May 2003 1.86 June 2003 2.01 July 2003 2.29 August 2003 0.88 September 2003 2.26 October 2003 2.03 November 2003 2.22 December 2003 2.80 January 2004 2.55 February 2004 2.13 March 2004 3.22 April 2004 3.66 May 2004 3.32 June 2004 3.70 July 2004 3.20 August 2004 4.52 September 2004 3.59 October 2004 3.01 November 2004 3.16 December 2004 2.90 January 2005 2.94 February 2005 3.32 March 2005 2.16 April 2005 2.54 May 2005 2.89 June 2005 2.64 July 2005 2.75 August 2005 2.99 September 2005 2.86 October 2005 3.15 November 2005 3.39 December 2005 3.74 January 2006 3.71 February 2006 3.75 March 2006 4.08 April 2006 3.51 May 2006 3.35 June 2006 2.98 July 2006 2.87 August 2006 2.73 September 2006 2.23 October 2006 2.27 November 2006 1.87 December 2006 1.79 January 2007 1.95 February 2007 2.06 March 2007 2.22 April 2007 2.24 May 2007 2.62 June 2007 2.85 July 2007 2.79 August 2007 2.64 September 2007 2.97 October 2007 3.04 November 2007 3.00 December 2007 1.95 * Constructed from various Statistics Canada surveys and supplements the quarterly income and expenditure-based estimates. Return to table Figure: Real Trade 1997 = 100 Period Real exports Real imports April 1998 108.18 107.67 May 1998 106.94 107.70 June 1998 103.89 103.88 July 1998 104.33 101.09 August 1998 109.29 104.10 September 1998 112.35 107.45 October 1998 113.18 108.67 November 1998 112.86 108.29 December 1998 114.29 109.15 January 1999 116.96 109.08 February 1999 119.04 113.21 March 1999 116.39 110.51 April 1999 117.02 111.69 May 1999 117.43 114.54 June 1999 119.41 114.41 July 1999 119.92 114.48 August 1999 124.12 115.44 September 1999 121.26 117.67 October 1999 123.18 120.25 November 1999 126.09 120.66 December 1999 127.72 123.73 January 2000 130.97 124.30 February 2000 126.80 123.65 March 2000 131.66 126.05 April 2000 127.90 124.82 May 2000 133.90 126.98 June 2000 134.97 126.65 July 2000 131.87 127.35 August 2000 133.88 127.86 September 2000 133.92 127.54 October 2000 134.12 125.91 November 2000 133.82 125.29 December 2000 132.77 126.26 January 2001 132.92 124.88 February 2001 125.64 118.84 March 2001 129.04 120.61 April 2001 128.91 121.93 May 2001 127.40 120.59 June 2001 126.57 122.04 July 2001 126.64 119.24 August 2001 125.80 120.30 September 2001 123.38 114.63 October 2001 122.97 116.64 November 2001 127.65 114.84 December 2001 126.04 112.78 January 2002 125.43 113.65 February 2002 130.68 118.15 March 2002 124.82 115.82 April 2002 127.10 118.98 May 2002 126.97 120.17 June 2002 126.45 124.72 July 2002 130.04 122.41 August 2002 130.46 125.10 September 2002 128.91 122.58 October 2002 128.97 122.81 November 2002 127.59 122.46 December 2002 125.23 124.41 January 2003 126.99 123.60 February 2003 124.53 123.62 March 2003 124.83 124.33 April 2003 123.19 122.54 May 2003 124.57 124.98 June 2003 122.67 125.06 July 2003 124.92 125.66 August 2003 119.77 117.81 September 2003 128.42 124.87 October 2003 128.03 126.39 November 2003 129.00 129.56 December 2003 130.28 129.71 January 2004 123.54 125.87 February 2004 129.72 131.35 March 2004 130.47 132.06 April 2004 133.47 131.97 May 2004 132.47 138.16 June 2004 137.10 133.44 July 2004 136.76 139.81 August 2004 135.37 137.53 September 2004 131.83 139.80 October 2004 133.16 140.39 November 2004 132.85 140.22 December 2004 132.58 143.22 January 2005 133.60 145.73 February 2005 133.74 144.22 March 2005 132.99 144.65 April 2005 131.65 142.94 May 2005 133.78 144.29 June 2005 134.17 145.69 July 2005 134.26 146.78 August 2005 137.99 147.39 September 2005 138.48 150.47 October 2005 139.75 151.85 November 2005 140.29 150.50 December 2005 141.41 155.07 January 2006 141.30 155.40 February 2006 136.44 149.19 March 2006 137.10 152.19 April 2006 136.28 154.06 May 2006 134.89 154.68 June 2006 137.64 157.05 July 2006 136.87 160.40 August 2006 136.22 158.98 September 2006 137.00 155.97 October 2006 134.69 156.32 November 2006 137.18 158.19 December 2006 143.78 161.79 January 2007 142.22 158.14 February 2007 137.09 158.81 March 2007 141.30 161.53 April 2007 141.78 160.42 May 2007 140.59 159.35 June 2007 137.67 163.81 July 2007 140.56 172.48 August 2007 139.45 165.36 September 2007 137.31 170.21 October 2007 137.05 172.73 November 2007 140.63 174.53 December 2007 131.65 169.95 January 2008 130.90 168.57 Figure: Unemployment Rate Period Percent April 1998 8.3 May 1998 8.3 June 1998 8.4 July 1998 8.3 August 1998 8.0 September 1998 8.2 October 1998 8.0 November 1998 8.1 December 1998 8.2 January 1999 7.9 February 1999 7.9 March 1999 7.9 April 1999 8.2 May 1999 8.0 June 1999 7.6 July 1999 7.6 August 1999 7.5 September 1999 7.4 October 1999 7.2 November 1999 6.9 December 1999 6.8 January 2000 6.7 February 2000 6.8 March 2000 6.8 April 2000 6.8 May 2000 6.7 June 2000 6.7 July 2000 6.8 August 2000 7.0 September 2000 6.9 October 2000 7.0 November 2000 7.0 December 2000 6.8 January 2001 6.9 February 2001 7.0 March 2001 7.1 April 2001 7.1 May 2001 7.0 June 2001 7.1 July 2001 7.1 August 2001 7.2 September 2001 7.2 October 2001 7.4 November 2001 7.6 December 2001 8.0 January 2002 8.0 February 2002 7.9 March 2002 7.8 April 2002 7.7 May 2002 7.8 June 2002 7.5 July 2002 7.6 August 2002 7.4 September 2002 7.5 October 2002 7.5 November 2002 7.5 December 2002 7.5 January 2003 7.4 February 2003 7.4 March 2003 7.3 April 2003 7.6 May 2003 7.9 June 2003 7.7 July 2003 7.7 August 2003 7.8 September 2003 7.9 October 2003 7.6 November 2003 7.5 December 2003 7.3 January 2004 7.3 February 2004 7.3 March 2004 7.4 April 2004 7.2 May 2004 7.2 June 2004 7.3 July 2004 7.1 August 2004 7.1 September 2004 7.0 October 2004 7.1 November 2004 7.2 December 2004 7.1 January 2005 6.9 February 2005 7.0 March 2005 6.9 April 2005 6.8 May 2005 6.9 June 2005 6.9 July 2005 6.7 August 2005 6.7 September 2005 6.7 October 2005 6.7 November 2005 6.3 December 2005 6.5 January 2006 6.6 February 2006 6.4 March 2006 6.4 April 2006 6.3 May 2006 6.1 June 2006 6.1 July 2006 6.4 August 2006 6.5 September 2006 6.4 October 2006 6.2 November 2006 6.3 December 2006 6.1 January 2007 6.2 February 2007 6.1 March 2007 6.1 April 2007 6.2 May 2007 6.0 June 2007 6.1 July 2007 6.0 August 2007 6.0 September 2007 5.9 October 2007 5.8 November 2007 5.9 December 2007 6.0 January 2008 5.8 February 2008 5.8 Figure: Consumer Price Inflation Percent, 12-month basis, n.s.a. Period CPI Core* April 1998 0.89 1.20 May 1998 1.11 1.30 June 1998 0.99 1.19 July 1998 0.99 1.30 August 1998 0.88 1.19 September 1998 0.66 1.08 October 1998 1.10 1.30 November 1998 1.22 1.41 December 1998 1.00 1.30 January 1999 0.66 0.97 February 1999 0.66 0.97 March 1999 0.99 1.18 April 1999 1.65 1.29 May 1999 1.53 1.39 June 1999 1.64 1.50 July 1999 1.86 1.50 August 1999 2.08 1.61 September 1999 2.63 1.93 October 1999 2.29 1.49 November 1999 2.18 1.39 December 1999 2.63 1.39 January 2000 2.19 1.18 February 2000 2.73 1.28 March 2000 3.04 1.28 April 2000 2.16 1.17 May 2000 2.37 1.06 June 2000 2.80 1.27 July 2000 2.90 1.16 August 2000 2.57 1.16 September 2000 2.67 1.05 October 2000 2.77 1.26 November 2000 3.21 1.47 December 2000 3.20 1.69 January 2001 2.99 1.80 February 2001 2.87 1.68 March 2001 2.43 1.89 April 2001 3.49 2.20 May 2001 3.90 2.30 June 2001 3.35 2.19 July 2001 2.71 2.51 August 2001 2.82 2.40 September 2001 2.60 2.29 October 2001 2.18 1.87 November 2001 0.62 1.76 December 2001 0.72 1.66 January 2002 1.35 1.87 February 2002 1.45 2.28 March 2002 1.85 2.16 April 2002 1.74 2.26 May 2002 1.12 2.15 June 2002 1.22 2.15 July 2002 2.13 2.04 August 2002 2.54 2.44 September 2002 2.33 2.54 October 2002 3.16 2.54 November 2002 4.42 3.16 December 2002 3.80 2.76 January 2003 4.51 3.26 February 2003 4.68 3.04 March 2003 4.25 2.82 April 2003 2.91 2.11 May 2003 2.81 2.40 June 2003 2.60 2.10 July 2003 2.09 1.90 August 2003 1.98 1.49 September 2003 2.18 1.68 October 2003 1.58 1.78 November 2003 1.58 1.78 December 2003 2.08 2.09 January 2004 1.27 1.48 February 2004 0.68 1.18 March 2004 0.78 1.27 April 2004 1.66 1.77 May 2004 2.44 1.47 June 2004 2.54 1.67 July 2004 2.34 1.86 August 2004 1.85 1.57 September 2004 1.84 1.46 October 2004 2.33 1.36 November 2004 2.42 1.65 December 2004 2.13 1.75 January 2005 1.94 1.65 February 2005 2.13 1.75 March 2005 2.31 1.84 April 2005 2.40 1.64 May 2005 1.62 1.64 June 2005 1.71 1.54 July 2005 2.00 1.35 August 2005 2.58 1.73 September 2005 3.24 1.73 October 2005 2.57 1.73 November 2005 1.99 1.53 December 2005 2.09 1.53 January 2006 2.75 1.63 February 2006 2.18 1.72 March 2006 2.16 1.71 April 2006 2.44 1.62 May 2006 2.81 1.99 June 2006 2.43 1.71 July 2006 2.33 1.99 August 2006 2.14 1.99 September 2006 0.74 2.27 October 2006 1.02 2.36 November 2006 1.39 2.16 December 2006 1.67 2.07 January 2007 1.11 2.26 February 2007 2.04 2.35 March 2007 2.30 2.34 April 2007 2.20 2.53 May 2007 2.19 2.23 June 2007 2.19 2.52 July 2007 2.19 2.33 August 2007 1.73 2.23 September 2007 2.47 2.03 October 2007 2.39 1.75 November 2007 2.47 1.57 December 2007 2.38 1.48 January 2008 2.19 1.38 * Excludes 8 most volatile components and the effects of changes in indirect taxes. Return to table Economic Indicators (Percent change from previous period except as noted, s.a.) 2007 2007 2008 Indicator Q2 Nov. Dec. Jan. Feb. -0.4 -2.4 n.a. n.a. 6.4 -10.2 n.a. n.a. 1.3 0.3 0.5 n.a. n.a. 0.7 0.1 -0.0 0.3 0.3 97.4 100.8 97.9 … … … … 106.7 101.6 Industrial production Q3 Q4 n.a. … … … … 0.6 -0.4 -1.4 -0.8 -1.3 -1.2 Retail sales 2.5 0.3 Employment 0.4 0.4 New manufacturing orders Consumer attitudes 1 Business confidence 1 1. 2002=100. Return to table n.a. Not available. … Not applicable. Chinese Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 Indicator 2006 Q3 Real GDP 1 Industrial production 2008 2007 Q4 Dec. Jan. Feb. 10.5 11.2 8.1 9.6 … … … 14.6 18.6 3.2 3.3 1.3 n.a. n.a. Consumer prices 2 2.8 Merch. trade balance 3 6.5 6.1 6.6 6.5 7.1 8.7 177.5 262.1 281.8 250.5 228.8 291.2 230.9 1. Annual rate. Quarterly data estimated by staff from reported four-quarter growth rates. Annual data are Q4/Q4. Return to table 2. Percent change from year-earlier period, except annual data, which are Dec./Dec. Return to table 3. Billions of U.S. dollars, annual rate. Imports are c.i.f. Return to table n.a. Not available. … Not applicable. Indian Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 Indicator 2006 Q3 Real GDP 1 Q4 Dec. Jan. Feb. 9.1 Consumer prices 2 2 8.4 8.5 2.7 … … … 10.5 9.9 -.1 2.1 1.3 n.a. n.a. 6.5 Industrial production Wholesale prices 2008 2007 4.6 6.7 5.2 4.6 4.6 n.a. 3.8 3.9 4.6 -64.0 -113.2 n.a. 5.7 Current account 4 3.8 4.1 3.4 -53.1 -70.5 -71.1 -77.1 -9.5 Merch. trade balance 3 n.a. -22.1 n.a. … … … 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Percent change from year-earlier period, except annual data, which are Dec./Dec. Return to table 3. Billions of U.S. dollars, annual rate. Return to table 4. Billions of U.S. dollars, n.s.a., annual rate. Return to table n.a. Not available. … Not applicable. China and India Figure: Industrial Production January 2000 = 100 Period China India January 2002 124.85 108.25 February 2002 118.52 108.04 March 2002 122.00 108.98 April 2002 124.71 110.45 May 2002 127.45 110.13 June 2002 126.63 110.89 July 2002 128.02 112.43 August 2002 129.47 113.03 September 2002 131.17 112.51 October 2002 133.01 114.17 November 2002 134.53 112.99 December 2002 136.01 114.57 January 2003 141.51 115.43 February 2003 142.14 115.94 March 2003 142.13 115.44 April 2003 142.46 115.46 May 2003 143.63 117.22 June 2003 147.97 118.17 July 2003 149.84 119.51 August 2003 151.90 119.61 September 2003 153.74 120.50 October 2003 156.16 120.79 November 2003 159.17 122.73 December 2003 161.81 123.28 January 2004 158.70 124.58 February 2004 163.65 126.03 March 2004 168.18 124.69 April 2004 169.40 126.13 May 2004 170.51 125.01 June 2004 171.14 126.60 July 2004 174.24 129.48 August 2004 176.10 130.05 September 2004 178.08 131.82 October 2004 181.14 133.38 November 2004 183.48 132.62 December 2004 185.57 134.50 January 2005 185.26 133.94 February 2005 189.46 133.83 March 2005 192.44 136.82 April 2005 195.96 136.61 May 2005 197.47 138.13 June 2005 198.39 141.83 July 2005 201.38 135.55 August 2005 204.74 140.16 September 2005 207.03 140.90 October 2005 211.54 146.28 November 2005 213.71 140.85 December 2005 217.83 142.30 January 2006 207.47 145.50 February 2006 224.54 145.96 March 2006 226.56 148.73 April 2006 227.03 150.27 May 2006 232.43 153.89 June 2006 235.06 155.48 July 2006 235.43 153.40 August 2006 237.10 154.69 September 2006 239.78 157.61 October 2006 243.09 152.85 November 2006 246.50 163.31 December 2006 249.62 161.49 January 2007 253.49 162.44 February 2007 245.08 162.21 March 2007 269.77 170.50 April 2007 267.35 167.28 May 2007 270.11 169.93 June 2007 281.02 169.26 July 2007 278.73 166.11 August 2007 281.16 171.55 September 2007 285.02 168.51 October 2007 284.30 171.19 November 2007 292.25 171.67 December 2007 296.14 173.85 Figure: Consumer Prices Percent change from year earlier Period China India January 2002 -1.0 4.94 February 2002 0.0 5.19 March 2002 -0.8 5.17 April 2002 -1.3 4.69 May 2002 -1.1 4.66 June 2002 -0.8 4.16 July 2002 -0.9 3.89 August 2002 -0.7 3.86 September 2002 -0.7 4.30 October 2002 -0.8 5.18 November 2002 -0.7 3.60 December 2002 -0.4 3.20 January 2003 0.4 3.43 February 2003 0.2 3.86 March 2003 0.9 4.06 April 2003 1.0 5.12 May 2003 0.7 4.66 June 2003 0.3 4.41 July 2003 0.5 4.16 August 2003 0.9 3.10 September 2003 1.1 2.89 October 2003 1.8 3.29 November 2003 3.0 3.07 December 2003 3.2 3.72 January 2004 3.2 4.35 February 2004 2.1 4.13 March 2004 3.0 3.49 April 2004 3.8 2.23 May 2004 4.4 2.83 June 2004 5.0 3.02 July 2004 5.3 3.19 August 2004 5.3 4.61 September 2004 5.2 4.81 October 2004 4.3 4.57 November 2004 2.8 4.17 December 2004 2.4 3.79 January 2005 1.9 4.36 February 2005 3.9 4.17 March 2005 2.7 4.17 April 2005 1.8 4.96 May 2005 1.8 3.74 June 2005 1.6 3.32 July 2005 1.8 4.06 August 2005 1.3 3.45 September 2005 0.9 3.63 October 2005 1.2 4.18 November 2005 1.3 5.33 December 2005 1.6 5.57 January 2006 1.9 4.37 February 2006 0.9 4.57 March 2006 0.8 4.57 April 2006 1.2 4.65 May 2006 1.4 5.93 June 2006 1.5 7.27 July 2006 1.0 6.33 August 2006 1.3 5.94 September 2006 1.5 6.40 October 2006 1.4 6.92 November 2006 1.9 5.95 December 2006 2.8 6.53 January 2007 2.2 6.72 February 2007 2.7 7.56 March 2007 3.3 6.72 April 2007 3.0 6.67 May 2007 3.4 6.61 June 2007 4.4 5.69 July 2007 5.6 6.45 August 2007 6.5 7.26 September 2007 6.2 6.40 October 2007 6.5 5.51 November 2007 6.9 5.51 December 2007 6.5 4.58 January 2008 7.1 4.58 February 2008 8.7 ND Figure: Merchandise Trade Balances 3-mo. moving ave. (n.s.a.) Billions of dollars Period China India January 2002 3.17 -0.39 February 2002 3.52 -0.41 March 2002 3.03 -0.34 April 2002 2.67 -0.42 May 2002 1.92 -0.53 June 2002 2.36 -0.48 July 2002 2.34 -0.53 August 2002 2.50 -0.42 September 2002 2.06 -0.55 October 2002 2.06 -0.75 November 2002 2.02 -0.91 December 2002 2.69 -1.00 January 2003 1.91 -0.98 February 2003 1.52 -0.94 March 2003 0.42 -0.94 April 2003 1.26 -1.12 May 2003 1.94 -1.20 June 2003 2.40 -1.30 July 2003 2.08 -1.16 August 2003 1.89 -1.21 September 2003 1.45 -1.00 October 2003 1.67 -1.13 November 2003 2.07 -1.14 December 2003 3.60 -1.29 January 2004 2.62 -1.34 February 2004 1.10 -1.34 March 2004 -0.32 -1.24 April 2004 -0.16 -1.13 May 2004 0.74 -1.21 June 2004 0.81 -1.77 July 2004 1.51 -1.95 August 2004 2.31 -2.11 September 2004 3.48 -1.92 October 2004 3.97 -2.03 November 2004 5.23 -2.00 December 2004 6.48 -2.32 January 2005 8.79 -2.70 February 2005 8.48 -3.05 March 2005 8.21 -3.19 April 2005 7.28 -3.30 May 2005 8.03 -3.77 June 2005 8.28 -3.91 July 2005 9.18 -4.13 August 2005 9.33 -4.07 September 2005 8.93 -4.14 October 2005 8.32 -3.70 November 2005 7.72 -3.58 December 2005 8.35 -3.28 January 2006 9.51 -3.57 February 2006 9.22 -3.96 March 2006 10.52 -4.21 April 2006 11.33 -4.20 May 2006 13.31 -3.67 June 2006 13.09 -3.51 July 2006 13.15 -3.69 August 2006 14.51 -3.91 September 2006 15.48 -4.61 October 2006 17.19 -5.33 November 2006 17.85 -5.74 December 2006 19.07 -5.35 January 2007 18.89 -4.18 February 2007 23.35 -4.05 March 2007 20.68 -4.44 April 2007 21.40 -5.67 May 2007 18.12 -6.01 June 2007 22.91 -6.61 July 2007 23.85 -6.53 August 2007 23.80 -6.98 September 2007 23.48 -5.93 October 2007 22.58 -6.08 November 2007 22.69 -6.04 December 2007 20.88 -6.43 January 2008 21.89 -7.31 February 2008 20.86 ND Figure: Benchmark Interest Rates Percent Period China India January 2002 5.85 6.50 February 2002 5.31 6.50 March 2002 5.31 6.00 April 2002 5.31 6.00 May 2002 5.31 6.00 June 2002 5.31 5.75 July 2002 5.31 5.75 August 2002 5.31 5.75 September 2002 5.31 5.75 October 2002 5.31 5.50 November 2002 5.31 5.50 December 2002 5.31 5.50 January 2003 5.31 5.50 February 2003 5.31 5.50 March 2003 5.31 5.00 April 2003 5.31 5.00 May 2003 5.31 5.00 June 2003 5.31 5.00 July 2003 5.31 5.00 August 2003 5.31 4.50 September 2003 5.31 4.50 October 2003 5.31 4.50 November 2003 5.31 4.50 December 2003 5.31 4.50 January 2004 5.31 4.50 February 2004 5.31 4.50 March 2004 5.31 4.50 April 2004 5.31 4.50 May 2004 5.31 4.50 June 2004 5.31 4.50 July 2004 5.31 4.50 August 2004 5.31 4.50 September 2004 5.31 4.50 October 2004 5.58 4.75 November 2004 5.58 4.75 December 2004 5.58 4.75 January 2005 5.58 4.75 February 2005 5.58 4.75 March 2005 5.58 4.75 April 2005 5.58 5.00 May 2005 5.58 5.00 June 2005 5.58 5.00 July 2005 5.58 5.00 August 2005 5.58 5.00 September 2005 5.58 5.00 October 2005 5.58 5.25 November 2005 5.58 5.25 December 2005 5.58 5.25 January 2006 5.58 5.50 February 2006 5.58 5.50 March 2006 5.58 5.50 April 2006 5.85 5.50 May 2006 5.85 5.50 June 2006 5.85 5.75 July 2006 5.85 6.00 August 2006 6.12 6.00 September 2006 6.12 6.00 October 2006 6.12 6.00 November 2006 6.12 6.00 December 2006 6.12 6.00 January 2007 6.12 6.00 February 2007 6.12 6.00 March 2007 6.39 6.00 April 2007 6.39 6.00 May 2007 6.57 6.00 June 2007 6.57 6.00 July 2007 6.84 6.00 August 2007 7.02 6.00 September 2007 7.29 6.00 October 2007 7.29 6.00 November 2007 7.29 6.00 December 2007 7.47 6.00 January 2008 7.47 6.00 February 2008 7.47 6.00 Figure: Gross External Debt Percent of GDP Period China India 2002:Q1 32.22 22.29 2002:Q2 32.00 22.65 2002:Q3 32.01 22.19 2002:Q4 29.94 22.60 2003:Q1 32.39 21.30 2003:Q2 30.96 21.27 2003:Q3 30.61 20.77 2003:Q4 28.90 19.73 2004:Q1 21.93 19.06 2004:Q2 23.14 18.65 2004:Q3 21.57 18.38 2004:Q4 22.19 18.80 2005:Q1 24.17 19.34 2005:Q2 22.79 18.58 2005:Q3 24.29 18.57 2005:Q4 22.58 18.12 2006:Q1 22.52 17.78 2006:Q2 21.75 16.74 2006:Q3 ND 18.79 2006:Q4 ND 18.81 2007:Q1 ND 18.73 2007:Q2 ND 17.96 2007:Q3 ND 18.29 Figure: Short-Term External Debt Percent of reserves Period China India 2002:Q1 12.66 5.31 2002:Q2 12.89 5.58 2002:Q3 13.31 5.62 2002:Q4 9.65 5.82 2003:Q1 12.53 6.43 2003:Q2 10.29 7.48 2003:Q3 10.72 7.21 2003:Q4 9.85 6.09 2004:Q1 8.78 4.07 2004:Q2 7.77 5.11 2004:Q3 7.53 5.28 2004:Q4 6.98 5.42 2005:Q1 7.48 5.50 2005:Q2 8.02 5.35 2005:Q3 8.97 5.99 2005:Q4 7.65 6.68 2006:Q1 8.10 5.96 2006:Q2 7.47 5.81 2006:Q3 ND 6.68 2006:Q4 ND 5.87 2007:Q1 ND 6.22 2007:Q2 ND 6.30 2007:Q3 ND 12.81 NIEs Economic Indicators: Growth (Percent change from previous period, s.a., except as noted) 2007 Indicator Q3 Real GDP 2008 2006 2007 Q4 Nov. Dec. Jan. 1 Hong Kong 7.2 n.a. 5.8 n.a. … … … Korea 4.0 5.7 5.4 6.3 … … … Singapore 7.0 5.5 5.1 -4.8 … … … Taiwan 4.0 6.4 11.3 2.5 … … … Industrial production Hong Kong 2.4 n.a. -1.6 n.a. … … … Korea 8.8 7.0 2.5 3.2 .2 -.2 2.5 11.9 5.9 5.0 -7.2 3.1 -2.7 9.9 5.0 8.1 3.1 1.3 -2.4 -2.1 5.7 Singapore Taiwan 1. Annual rate. Annual data are Q4/Q4. Return to table n.a. Not available. … Not applicable. NIEs Economic Indicators: Merchandise Trade Balance (Billions of U.S. dollars, s.a.a.r.) 2007 Indicator Q3 Hong Kong Korea 2008 2006 2007 Q4 Dec. Jan. Feb. -17.9 -23.5 -27.7 -29.6 -23.7 -20.8 27.9 29.4 39.9 n.a. 23.2 17.1 -9.8 n.a. Singapore 33.1 36.1 41.2 25.0 18.1 39.8 n.a. Taiwan 11.6 16.8 18.4 22.1 7.1 7.4 6.2 n.a. Not available. NIEs Economic Indicators: CPI Inflation (Percent change from year earlier, except as noted) Indicator 2007 2006 1 2007 1 Q3 Q4 2008 Dec. Jan. Feb. Hong Kong 2.3 3.8 1.6 3.5 3.8 3.0 n.a. Korea 2.1 3.6 2.3 3.4 3.6 3.9 3.6 Singapore .8 4.4 2.7 4.1 4.4 6.6 n.a. Taiwan .7 3.3 1.5 4.5 3.3 3.0 3.9 1. Percent change from year-earlier period, except annual data, which are Dec./Dec Return to table n.a. Not available. NIEs Figure: Industrial Production Jan. 2000 = 100 Period Korea Singapore Hong Kong Taiwan 2002:Q1 109.08 91.73 87.61 98.90 2002:Q2 111.25 101.48 88.87 102.02 2002:Q3 113.18 93.60 85.59 101.11 2002:Q4 115.51 99.80 82.22 103.58 2003:Q1 115.62 101.87 79.48 104.02 2003:Q2 115.89 93.80 78.17 105.24 2003:Q3 116.96 98.33 77.68 109.99 2003:Q4 124.29 94.09 77.08 120.66 2004:Q1 128.62 101.08 80.65 119.18 2004:Q2 130.96 110.33 79.46 124.39 2004:Q3 128.96 109.35 80.14 120.23 2004:Q4 131.75 123.33 80.89 118.46 2005:Q1 132.95 110.93 79.96 118.71 2005:Q2 134.67 121.36 79.74 119.87 2005:Q3 138.08 132.28 83.39 128.92 2005:Q4 144.79 131.89 85.59 127.65 2006:Q1 150.29 139.47 85.39 130.03 2006:Q2 151.39 149.70 84.22 128.55 2006:Q3 152.18 142.32 82.78 127.59 2006:Q4 156.31 142.62 84.33 129.16 2007:Q1 155.35 137.70 83.96 132.52 2007:Q2 162.13 142.03 82.40 145.63 2007:Q3 168.83 141.14 81.10 146.96 2007:Q4 174.34 140.85 ND 143.00 Figure: Consumer Prices Percent change from year earlier Period Korea Singapore Hong Kong Taiwan January 2002 2.68 -1.10 -3.47 -1.68 February 2002 2.71 -0.62 -2.27 1.42 March 2002 2.34 -0.88 -2.18 0.01 April 2002 2.52 -1.05 -3.01 0.21 May 2002 2.97 -0.35 -3.11 -0.26 June 2002 2.56 0.14 -3.30 0.09 July 2002 2.07 -0.42 -3.48 0.41 August 2002 2.31 -0.44 -3.22 -0.28 September 2002 2.98 -0.42 -3.69 -0.77 October 2002 2.82 -0.20 -3.60 -1.70 November 2002 3.45 0.23 -3.60 -0.56 December 2002 3.78 0.44 -1.46 0.76 January 2003 3.83 0.87 -1.55 1.09 February 2003 3.94 0.39 -2.03 -1.52 March 2003 4.54 0.76 -2.13 -0.18 April 2003 3.77 0.86 -1.75 -0.10 May 2003 3.15 -0.09 -2.43 0.32 June 2003 3.00 -0.32 -3.12 -0.55 July 2003 3.15 0.27 -4.00 -0.98 August 2003 2.92 0.46 -3.82 -0.58 September 2003 3.26 0.69 -3.24 -0.22 October 2003 3.77 0.65 -2.65 -0.05 November 2003 3.44 0.56 -2.36 -0.47 December 2003 3.44 0.75 -1.87 -0.05 January 2004 3.42 0.68 -1.48 0.01 February 2004 3.31 2.02 -1.98 0.64 March 2004 3.09 0.99 -2.08 0.90 April 2004 3.27 1.46 -1.58 0.95 May 2004 3.31 2.36 -0.90 0.92 June 2004 3.66 1.86 -0.20 1.74 July 2004 4.31 2.04 0.91 3.34 August 2004 4.76 1.78 0.81 2.55 September 2004 3.80 1.89 0.71 2.79 October 2004 3.79 1.92 0.50 2.39 November 2004 3.31 1.75 0.50 1.53 December 2004 3.03 1.31 0.30 1.62 January 2005 3.45 0.39 -0.30 0.49 February 2005 3.38 -0.02 0.71 1.94 March 2005 3.01 0.42 0.71 2.30 April 2005 3.13 0.37 0.40 1.64 May 2005 3.07 -0.03 0.70 2.30 June 2005 2.80 -0.17 1.11 2.38 July 2005 2.49 0.07 1.11 2.40 August 2005 1.94 0.69 1.11 3.57 September 2005 2.44 0.62 1.51 3.16 October 2005 2.28 1.07 1.31 2.74 November 2005 2.48 0.98 1.20 2.50 December 2005 2.62 1.27 1.40 2.21 January 2006 2.26 1.74 1.81 2.67 February 2006 2.03 1.21 1.30 0.98 March 2006 2.03 1.16 1.70 0.41 April 2006 2.03 1.08 1.90 1.23 May 2006 2.30 1.09 2.10 1.59 June 2006 2.42 1.41 2.09 1.73 July 2006 2.34 1.11 2.29 0.79 August 2006 2.67 0.68 2.50 -0.56 September 2006 2.46 0.45 2.09 -1.23 October 2006 2.19 0.43 1.98 -1.19 November 2006 2.08 0.54 2.18 0.24 December 2006 2.09 0.81 2.27 0.67 January 2007 1.72 0.24 1.97 0.35 February 2007 2.18 0.61 0.79 1.75 March 2007 2.18 0.74 2.36 0.85 April 2007 2.47 0.61 1.27 0.68 May 2007 2.35 1.02 1.27 -0.02 June 2007 2.55 1.30 1.37 0.13 July 2007 2.51 2.63 1.56 -0.33 August 2007 2.03 2.93 1.66 1.61 September 2007 2.31 2.69 1.65 3.11 October 2007 3.02 3.65 3.21 5.33 November 2007 3.52 4.24 3.39 4.80 December 2007 3.61 4.43 3.77 3.33 January 2008 3.92 6.64 3.29 2.96 February 2008 3.58 ND ND 3.89 Figure: Merchandise Trade Balances 3-mo. moving ave. (n.s.a.) Billions of dollars Period Korea Singapore Hong Kong Taiwan January 2002 0.85 0.87 -0.84 2.07 February 2002 0.93 0.62 -0.41 2.10 March 2002 1.32 0.50 -0.33 1.89 April 2002 1.39 0.33 -0.15 1.49 May 2002 1.36 0.55 -0.54 1.34 June 2002 1.14 0.54 -0.73 1.53 July 2002 1.06 0.61 -0.80 1.35 August 2002 1.21 0.72 -0.91 1.40 September 2002 1.09 0.87 -0.71 1.05 October 2002 1.43 0.81 -0.76 1.09 November 2002 1.40 0.95 -0.67 1.23 December 2002 1.33 0.96 -0.76 1.62 January 2003 1.01 1.71 -0.64 1.53 February 2003 0.88 1.70 -0.60 1.41 March 2003 0.69 1.92 -0.55 1.33 April 2003 0.82 1.57 -0.49 1.52 May 2003 0.89 1.84 -0.28 1.52 June 2003 1.59 1.86 -0.32 1.47 July 2003 1.64 2.01 -0.36 1.59 August 2003 2.18 1.92 -0.70 1.59 September 2003 2.38 2.12 -0.73 1.66 October 2003 2.75 2.05 -0.92 1.68 November 2003 2.66 2.04 -1.18 1.42 December 2003 2.66 1.97 -1.26 1.15 January 2004 2.83 1.83 -1.09 1.04 February 2004 3.23 1.99 -1.13 0.80 March 2004 3.21 1.82 -1.16 0.77 April 2004 3.27 1.85 -1.39 0.67 May 2004 3.12 1.64 -0.98 1.00 June 2004 3.04 1.98 -1.05 0.83 July 2004 3.34 1.96 -0.99 0.82 August 2004 3.10 2.13 -1.24 0.74 September 2004 3.39 2.17 -1.19 0.91 October 2004 2.74 2.43 -1.07 0.51 November 2004 2.84 2.32 -0.89 0.24 December 2004 2.86 2.34 -0.64 -0.42 January 2005 3.65 2.12 -0.73 -0.40 February 2005 3.41 2.32 -0.61 -0.17 March 2005 3.26 2.01 -0.88 0.27 April 2005 2.52 2.17 -0.64 0.24 May 2005 2.55 2.29 -0.59 0.11 June 2005 2.54 2.41 -0.54 0.30 July 2005 2.64 2.47 -0.79 0.45 August 2005 2.74 2.48 -1.20 0.47 September 2005 2.51 2.46 -1.20 0.48 October 2005 2.59 2.47 -0.96 0.68 November 2005 2.52 2.54 -0.93 0.88 December 2005 2.54 2.96 -0.97 1.59 January 2006 2.00 3.29 -0.89 1.84 February 2006 1.68 2.85 -1.18 0.88 March 2006 1.91 2.86 -1.45 0.30 April 2006 2.09 2.75 -1.61 0.24 May 2006 2.28 2.99 -1.10 0.85 June 2006 2.13 2.81 -1.17 0.96 July 2006 1.82 2.48 -1.46 0.80 August 2006 2.08 2.48 -1.95 1.08 September 2006 2.16 2.44 -1.87 1.18 October 2006 2.56 3.07 -1.76 1.20 November 2006 3.12 3.35 -1.79 1.26 December 2006 3.01 2.84 -1.62 1.28 January 2007 2.81 3.13 -1.69 1.19 February 2007 2.41 2.66 -0.86 1.39 March 2007 2.46 3.37 -1.47 1.27 April 2007 2.55 2.94 -1.39 1.14 May 2007 2.14 3.30 -1.63 0.94 June 2007 2.10 3.15 -1.57 0.97 July 2007 2.25 3.21 -1.82 0.80 August 2007 3.12 3.36 -2.58 1.33 September 2007 3.33 3.44 -2.31 1.53 October 2007 3.59 3.24 -2.31 2.24 November 2007 2.53 2.63 -2.51 2.31 December 2007 1.93 2.08 -2.47 1.84 January 2008 0.66 2.11 -2.45 1.33 Figure: Benchmark Interest Rates Percent Period Korea Hong Kong Taiwan January 2002 4.00 3.25 2.13 February 2002 4.00 3.25 2.13 March 2002 4.00 ND 2.13 April 2002 4.00 3.25 2.13 May 2002 4.25 3.25 2.13 June 2002 4.25 3.25 1.88 July 2002 4.25 3.25 1.88 August 2002 4.25 3.25 1.88 September 2002 4.25 3.25 1.88 October 2002 4.25 3.25 1.88 November 2002 4.25 2.75 1.63 December 2002 4.25 2.75 1.63 January 2003 4.25 ND 1.63 February 2003 4.25 2.75 1.63 March 2003 4.25 2.75 1.63 April 2003 4.25 2.75 1.63 May 2003 4.00 2.75 1.63 June 2003 4.00 2.50 1.38 July 2003 3.75 2.50 1.38 August 2003 3.75 2.50 1.38 September 2003 3.75 2.50 1.38 October 2003 3.75 2.50 1.38 November 2003 3.75 2.50 1.38 December 2003 3.75 2.50 1.38 January 2004 3.75 2.50 1.38 February 2004 3.75 2.50 1.38 March 2004 3.75 2.50 1.38 April 2004 3.75 2.50 1.38 May 2004 3.75 2.50 1.38 June 2004 3.75 2.50 1.38 July 2004 3.75 2.75 1.38 August 2004 3.50 3.00 1.38 September 2004 3.50 3.25 1.63 October 2004 3.50 3.25 1.63 November 2004 3.25 3.50 1.63 December 2004 3.25 3.75 1.75 January 2005 3.25 ND 1.75 February 2005 3.25 4.00 1.75 March 2005 3.25 4.25 1.88 April 2005 3.25 4.25 1.88 May 2005 3.25 4.50 1.88 June 2005 3.25 4.50 1.88 July 2005 3.25 4.75 2.00 August 2005 3.25 5.00 2.00 September 2005 3.25 5.25 2.13 October 2005 3.50 5.25 2.13 November 2005 3.50 5.50 2.13 December 2005 3.75 5.75 2.25 January 2006 3.75 5.75 2.25 February 2006 4.00 6.00 2.25 March 2006 4.00 6.25 2.38 April 2006 4.00 6.25 2.38 May 2006 4.00 6.50 2.38 June 2006 4.25 6.75 2.50 July 2006 4.25 6.75 2.50 August 2006 4.50 6.75 2.50 September 2006 4.50 6.75 2.63 October 2006 4.50 6.75 2.63 November 2006 4.50 6.75 2.63 December 2006 4.50 6.75 2.75 January 2007 4.50 6.75 2.75 February 2007 4.50 6.75 2.75 March 2007 4.50 6.75 2.88 April 2007 4.50 6.75 2.88 May 2007 4.50 6.75 2.88 June 2007 4.50 6.75 3.13 July 2007 4.75 6.75 3.13 August 2007 5.00 6.75 3.13 September 2007 5.00 6.25 3.25 October 2007 5.00 6.25 3.25 November 2007 5.00 6.00 3.25 December 2007 5.00 5.75 3.38 January 2008 5.00 4.50 3.38 February 2008 5.00 4.50 3.38 Figure: Gross External Debt Percent of GDP Period Korea Taiwan 2002:Q1 26.61 8.75 2002:Q2 25.58 11.56 2002:Q3 24.85 12.18 2002:Q4 24.83 11.40 2003:Q1 25.72 13.24 2003:Q2 26.80 14.76 2003:Q3 26.21 16.31 2003:Q4 25.51 17.89 2004:Q1 25.73 19.41 2004:Q2 25.27 24.93 2004:Q3 24.50 23.01 2004:Q4 23.84 22.40 2005:Q1 23.32 22.77 2005:Q2 23.19 22.06 2005:Q3 23.59 21.37 2005:Q4 23.63 20.55 2006:Q1 23.87 19.60 2006:Q2 25.96 20.66 2006:Q3 27.89 ND 2006:Q4 26.82 ND 2007:Q1 28.26 ND 2007:Q2 29.66 ND 2007:Q3 35.15 ND Figure: Short-Term External Debt Percent of reserves Period Korea Taiwan 2002:Q1 41.53 12.23 2002:Q2 42.16 12.69 2002:Q3 45.04 13.34 2002:Q4 40.98 9.89 2003:Q1 44.87 11.74 2003:Q2 43.27 11.05 2003:Q3 40.26 13.04 2003:Q4 35.31 13.48 2004:Q1 35.58 13.65 2004:Q2 34.41 12.94 2004:Q3 30.28 15.02 2004:Q4 28.32 16.14 2005:Q1 30.87 12.71 2005:Q2 32.34 15.18 2005:Q3 32.60 16.71 2005:Q4 31.34 14.86 2006:Q1 34.42 15.26 2006:Q2 42.03 15.06 2006:Q3 47.33 ND 2006:Q4 45.21 ND 2007:Q1 46.60 ND 2007:Q2 51.77 ND 2007:Q3 56.81 ND ASEAN-4 Economic Indicators: Growth (Percent change from previous period, s.a., except as noted) 2007 Indicator Q3 Real GDP 2008 2006 2007 Q4 Nov. Dec. Jan. 1 Indonesia 5.9 6.2 9.3 5.7 … … … Malaysia 5.8 7.4 8.9 8.1 … … … Philippines 5.5 7.3 4.0 7.4 … … … Thailand 4.3 5.8 6.1 7.3 … … … -1.6 5.3 .2 .2 6.2 -1.6 n.a. 4.7 2.2 .8 1.6 4.6 1.4 .6 -9.9 -4.4 1.0 -1.5 -.3 2.7 n.a. 7.4 8.2 4.7 3.8 1.3 -.6 2.3 Industrial production 2 Indonesia 3 Malaysia Philippines Thailand 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Annual data are annual averages. Return to table 3. Staff estimate. Return to table n.a. Not available. … Not applicable. ASEAN-4 Economic Indicators: Merchandise Trade Balance (Billions of U.S. dollars, s.a.a.r.) 2007 Indicator 2008 2006 2007 Q3 Q4 Nov. Dec. Jan. Indonesia 39.7 39.6 37.5 36.7 34.9 38.3 42.6 Malaysia 29.5 29.2 33.2 28.1 27.4 30.5 35.1 Philippines -4.4 -5.0 -8.0 -9.5 -13.6 -9.4 n.a. 1.0 12.0 7.1 5.7 12.6 Thailand n.a. Not available. 11.9 18.2 ASEAN-4 Economic Indicators: CPI Inflation (Percent change from year earlier, except as noted) Indicator 2007 2006 1 2007 1 Q3 Q4 2008 Dec. Jan. Feb. Indonesia 6.5 6.5 6.5 6.7 6.5 7.3 7.4 Malaysia 3.1 2.4 1.8 2.2 2.4 2.3 n.a. Philippines 4.3 3.9 2.5 3.3 3.9 4.9 5.4 Thailand 3.5 3.2 1.6 2.9 3.2 4.3 5.4 1. Dec./Dec. Return to table n.a. Not available. ASEAN-4 Figure: Industrial Production Jan. 2000 = 100 Period Indonesia Malaysia Philippines Thailand January 2002 140.31 104.96 90.55 109.52 February 2002 134.20 109.64 92.41 111.22 March 2002 139.44 104.35 92.12 115.34 April 2002 148.40 109.60 92.95 114.60 May 2002 145.52 109.96 92.06 119.58 June 2002 145.90 107.73 92.34 117.57 July 2002 146.97 112.26 91.38 118.10 August 2002 145.10 111.10 90.19 123.49 September 2002 146.40 112.56 92.43 120.63 October 2002 149.33 112.19 92.44 123.17 November 2002 154.75 112.35 94.34 127.94 December 2002 119.67 112.08 87.61 120.95 January 2003 148.65 109.09 93.49 131.43 February 2003 153.58 119.49 92.00 127.41 March 2003 155.13 113.12 99.72 131.85 April 2003 149.26 116.70 93.42 136.61 May 2003 145.77 122.63 94.58 133.65 June 2003 153.35 116.97 91.57 132.91 July 2003 152.74 121.29 94.22 135.24 August 2003 152.78 119.64 93.51 131.96 September 2003 152.12 122.56 89.67 136.08 October 2003 153.67 125.06 87.94 140.85 November 2003 137.92 125.89 85.94 137.14 December 2003 156.09 128.86 85.76 146.46 January 2004 157.42 130.89 92.03 148.36 February 2004 149.42 133.08 92.50 151.64 March 2004 152.53 134.34 90.80 143.49 April 2004 151.75 134.41 92.16 149.42 May 2004 152.94 134.87 91.37 146.56 June 2004 152.97 136.42 94.20 147.30 July 2004 153.69 134.78 94.02 153.23 August 2004 158.24 135.84 89.81 145.71 September 2004 158.66 133.57 95.94 154.60 October 2004 173.13 134.78 92.83 155.56 November 2004 143.54 129.34 92.17 155.77 December 2004 160.32 137.31 93.72 159.47 January 2005 161.27 138.04 92.33 157.46 February 2005 166.70 133.56 95.20 153.44 March 2005 164.84 141.67 90.90 160.21 April 2005 156.53 138.11 96.64 163.60 May 2005 162.05 137.08 93.87 162.75 June 2005 156.46 140.12 91.84 168.04 July 2005 156.60 137.78 93.90 166.46 August 2005 158.24 141.93 94.05 166.88 September 2005 156.18 143.16 91.86 171.01 October 2005 164.50 143.63 99.68 168.15 November 2005 145.54 139.63 101.54 167.94 December 2005 146.22 139.40 93.57 169.10 January 2006 151.96 143.43 83.59 167.09 February 2006 154.10 144.28 84.95 173.65 March 2006 148.42 148.29 88.15 176.40 April 2006 153.23 144.88 84.50 170.90 May 2006 152.26 145.17 88.26 177.14 June 2006 155.51 148.03 86.30 179.37 July 2006 155.47 146.84 83.54 176.93 August 2006 155.32 147.71 87.90 179.58 September 2006 158.21 146.46 84.04 179.58 October 2006 152.50 140.54 82.86 177.88 November 2006 164.31 149.57 84.67 181.27 December 2006 165.55 147.74 84.54 180.53 January 2007 161.29 146.98 83.33 183.17 February 2007 159.17 146.09 72.82 182.54 March 2007 161.80 144.31 82.47 183.07 April 2007 165.33 146.24 81.82 182.43 May 2007 163.06 150.80 81.46 188.15 June 2007 163.39 149.86 82.69 186.24 July 2007 164.72 150.31 84.28 190.58 August 2007 162.80 149.10 82.46 197.25 September 2007 165.34 150.85 81.57 195.24 October 2007 158.98 147.28 80.97 200.42 November 2007 168.77 154.09 80.74 203.07 December 2007 166.08 156.30 82.91 201.90 ND 157.23 ND 206.56 January 2008 Figure: Consumer Prices Percent change from year earlier Period Indonesia Malaysia Philippines Thailand January 2002 14.29 1.08 3.71 0.75 February 2002 14.84 1.18 3.23 0.27 March 2002 14.14 2.05 3.51 0.57 April 2002 13.40 1.83 3.50 0.39 May 2002 13.03 1.94 3.50 0.11 June 2002 11.64 2.05 2.23 0.20 July 2002 10.26 2.05 2.51 0.10 August 2002 10.84 2.05 2.98 0.29 September 2002 10.58 2.05 2.69 0.40 October 2002 10.20 2.05 2.59 1.49 November 2002 10.09 1.60 2.40 1.19 December 2002 9.62 1.60 2.49 1.58 January 2003 8.56 1.60 2.75 2.22 February 2003 7.58 1.60 3.22 2.02 March 2003 7.14 0.63 3.02 1.71 April 2003 7.60 0.95 3.29 1.60 May 2003 7.23 0.95 3.38 1.90 June 2003 7.15 0.74 3.92 1.70 July 2003 6.52 0.95 3.72 1.80 August 2003 6.71 0.95 3.43 2.20 September 2003 6.38 1.05 3.61 1.69 October 2003 6.35 1.27 3.61 1.19 November 2003 5.34 1.05 3.88 1.79 December 2003 5.00 1.16 3.87 1.79 January 2004 4.73 0.94 4.11 1.28 February 2004 4.55 0.84 4.01 2.17 March 2004 5.05 0.94 4.18 2.37 April 2004 5.88 0.94 4.25 2.46 May 2004 6.55 1.15 4.51 2.45 June 2004 6.98 1.36 5.43 3.05 July 2004 7.45 1.36 6.56 3.15 August 2004 6.86 1.46 6.81 3.13 September 2004 6.29 1.57 7.24 3.63 October 2004 6.04 2.09 7.67 3.53 November 2004 6.08 2.19 8.17 3.03 December 2004 6.24 2.18 8.57 2.93 January 2005 7.23 2.49 8.41 2.73 February 2005 7.11 2.49 8.50 2.51 March 2005 8.78 2.60 8.45 3.19 April 2005 8.10 2.59 8.50 3.55 May 2005 7.47 3.10 8.45 3.73 June 2005 7.57 3.20 7.56 3.82 July 2005 8.01 2.99 7.14 5.34 August 2005 8.46 3.71 7.20 5.60 September 2005 9.09 3.60 6.99 5.96 October 2005 17.72 3.17 7.04 6.24 November 2005 18.33 3.36 7.07 5.89 December 2005 16.98 3.26 6.70 5.79 January 2006 16.97 3.25 6.73 5.88 February 2006 17.86 3.24 7.57 5.57 March 2006 15.67 4.76 7.64 5.71 April 2006 15.39 4.55 7.13 6.03 May 2006 15.69 3.91 6.86 6.18 June 2006 15.65 3.90 6.72 5.89 July 2006 15.28 4.10 6.36 4.44 August 2006 15.01 3.28 6.25 3.78 September 2006 14.56 3.27 5.70 2.68 October 2006 6.17 3.07 5.37 2.85 November 2006 5.25 2.96 4.65 3.50 December 2006 6.50 3.05 4.33 3.50 January 2007 6.24 3.24 3.86 3.05 February 2007 6.27 3.14 2.64 2.32 March 2007 6.48 1.55 2.19 2.04 April 2007 6.31 1.55 2.34 1.84 May 2007 6.06 1.45 2.41 1.91 June 2007 5.83 1.45 2.32 1.91 July 2007 6.10 1.63 2.59 1.73 August 2007 6.56 1.92 2.37 1.13 September 2007 6.95 1.83 2.66 2.09 October 2007 6.82 1.92 2.73 2.51 November 2007 6.68 2.30 3.23 3.03 December 2007 6.54 2.39 3.94 3.21 January 2008 7.35 2.28 4.86 4.26 February 2008 7.38 ND 5.36 5.41 Figure: Merchandise Trade Balances 3-mo. moving ave. (n.s.a.) Billions of dollars Period Indonesia Malaysia Philippines Thailand January 2002 2.13 1.06 0.30 0.22 February 2002 2.20 1.15 0.18 0.24 March 2002 2.19 1.23 0.03 0.29 April 2002 2.29 1.01 -0.39 0.25 May 2002 2.28 0.97 -0.47 0.30 June 2002 2.34 0.98 -0.48 0.26 July 2002 2.26 1.16 -0.30 0.23 August 2002 2.21 1.19 -0.45 0.10 September 2002 2.15 1.19 -0.47 0.15 October 2002 2.09 1.28 -0.53 0.26 November 2002 2.01 1.40 -0.43 0.33 December 2002 1.92 1.36 -0.37 0.17 January 2003 2.03 1.56 -0.36 0.20 February 2003 2.23 1.65 -0.35 0.24 March 2003 2.40 1.87 -0.38 0.37 April 2003 2.44 1.82 -0.38 0.43 May 2003 2.42 1.89 -0.48 0.49 June 2003 2.48 2.00 -0.38 0.60 July 2003 2.50 1.88 -0.40 0.48 August 2003 2.49 1.88 -0.25 0.34 September 2003 2.37 1.78 -0.24 0.19 October 2003 2.18 1.79 -0.17 0.13 November 2003 2.25 1.62 -0.26 0.25 December 2003 2.26 1.50 -0.40 0.02 January 2004 2.17 1.60 -0.55 0.19 February 2004 1.91 1.73 -0.55 0.10 March 2004 1.74 1.82 -0.53 0.17 April 2004 1.77 1.80 -0.47 0.06 May 2004 1.90 1.87 -0.38 0.06 June 2004 1.95 1.82 -0.35 0.22 July 2004 1.91 1.93 -0.41 0.27 August 2004 2.00 1.91 -0.36 0.08 September 2004 2.34 2.02 -0.35 -0.05 October 2004 2.69 1.93 -0.26 -0.03 November 2004 2.77 1.66 -0.23 -0.02 December 2004 2.25 1.51 -0.20 0.13 January 2005 2.01 1.55 -0.16 -0.34 February 2005 1.91 1.89 -0.29 -0.54 March 2005 2.27 2.25 -0.39 -0.95 April 2005 2.22 2.40 -0.50 -0.94 May 2005 2.15 2.34 -0.51 -0.99 June 2005 1.96 2.25 -0.57 -1.15 July 2005 2.04 2.02 -0.48 -0.85 August 2005 2.00 2.15 -0.52 -0.58 September 2005 2.24 2.11 -0.55 -0.12 October 2005 2.35 2.34 -0.62 -0.28 November 2005 2.76 2.13 -0.56 -0.33 December 2005 2.81 2.16 -0.52 -0.58 January 2006 3.07 2.11 -0.41 -0.34 February 2006 3.05 2.28 -0.35 -0.35 March 2006 3.25 2.36 -0.17 -0.01 April 2006 3.22 2.28 -0.16 0.03 May 2006 3.21 2.37 -0.28 0.09 June 2006 2.96 2.39 -0.33 -0.01 July 2006 3.03 2.59 -0.40 -0.15 August 2006 3.13 2.58 -0.35 -0.02 September 2006 3.34 2.71 -0.36 0.15 October 2006 3.36 2.56 -0.38 0.31 November 2006 3.43 2.32 -0.42 0.44 December 2006 3.68 2.35 -0.55 0.12 January 2007 3.58 2.29 -0.32 0.44 February 2007 3.64 2.44 -0.23 0.44 March 2007 3.57 2.03 -0.06 1.15 April 2007 3.75 2.04 -0.12 0.99 May 2007 3.53 2.19 -0.10 1.15 June 2007 3.42 2.54 -0.14 1.13 July 2007 3.40 2.71 -0.46 0.90 August 2007 3.34 2.57 -0.62 0.84 September 2007 3.12 2.76 -0.67 0.59 October 2007 2.96 2.62 -0.52 0.89 November 2007 2.93 2.62 -0.69 1.09 December 2007 3.06 2.34 -0.79 0.99 January 2008 3.22 2.58 ND 1.01 Figure: Benchmark Interest Rates Percent Period Indonesia Malaysia Philippines Thailand January 2002 16.93 2.75 7.50 1.83 February 2002 16.86 2.70 7.25 1.75 March 2002 16.76 2.71 7.00 1.65 April 2002 16.61 2.72 7.00 1.63 May 2002 15.51 2.71 7.00 1.63 June 2002 15.11 2.72 7.00 1.60 July 2002 14.93 2.74 7.00 1.57 August 2002 14.35 2.73 7.00 1.67 September 2002 13.22 2.72 7.00 1.69 October 2002 13.10 2.74 7.00 1.69 November 2002 13.06 2.75 7.00 1.60 December 2002 12.99 2.79 7.00 1.52 January 2003 12.69 2.77 7.00 1.52 February 2003 12.24 2.75 7.00 1.41 March 2003 11.40 2.81 7.00 1.58 April 2003 11.06 2.74 7.00 1.69 May 2003 10.44 2.76 7.00 1.68 June 2003 9.53 2.77 7.00 1.60 July 2003 9.10 2.75 6.75 1.13 August 2003 8.91 2.73 6.75 1.11 September 2003 8.66 2.71 6.75 1.10 October 2003 8.48 2.71 6.75 1.10 November 2003 ND 2.71 6.75 1.06 December 2003 8.31 2.71 6.75 1.01 January 2004 7.86 2.70 6.75 0.95 February 2004 7.48 2.71 6.75 0.98 March 2004 ND 2.71 6.75 0.99 April 2004 ND 2.70 6.75 0.97 May 2004 ND 2.70 6.75 0.98 June 2004 ND 2.70 6.75 1.00 July 2004 ND 2.70 6.75 1.04 August 2004 ND 2.70 6.75 1.13 September 2004 ND 2.70 6.75 1.43 October 2004 ND 2.70 6.75 1.53 November 2004 7.41 2.70 6.75 1.69 December 2004 ND 2.70 6.75 1.79 January 2005 ND 2.70 6.75 1.85 February 2005 ND 2.70 6.75 1.84 March 2005 ND 2.70 6.75 1.81 April 2005 ND 2.70 7.00 2.08 May 2005 7.95 2.70 7.00 2.25 June 2005 8.25 2.70 7.00 2.42 July 2005 8.50 2.70 7.00 2.55 August 2005 9.50 2.70 7.00 2.70 September 2005 10.00 2.70 7.25 3.10 October 2005 11.00 2.70 7.50 3.39 November 2005 12.25 3.00 7.50 3.69 December 2005 12.75 3.00 7.50 3.85 January 2006 12.75 3.00 7.50 4.03 February 2006 12.75 3.25 7.50 4.11 March 2006 12.75 3.25 7.50 4.31 April 2006 12.75 3.50 7.50 4.56 May 2006 12.50 3.50 7.50 4.63 June 2006 12.50 3.50 7.50 4.82 July 2006 12.25 3.50 7.50 4.86 August 2006 11.75 3.49 7.50 4.86 September 2006 11.25 3.50 7.50 4.86 October 2006 10.75 3.50 ND 4.89 November 2006 10.25 3.50 7.50 4.90 December 2006 9.75 3.50 7.50 4.89 January 2007 9.50 3.50 7.50 4.84 February 2007 9.25 3.50 ND 4.74 March 2007 9.00 3.50 7.50 4.50 April 2007 9.00 3.50 7.50 4.17 May 2007 8.75 3.50 7.50 3.85 June 2007 8.50 3.50 ND 3.50 July 2007 8.25 3.50 6.00 3.39 August 2007 8.25 3.49 6.00 3.25 September 2007 8.25 3.50 ND 3.25 October 2007 8.25 3.50 5.75 3.25 November 2007 8.25 3.50 5.50 3.25 December 2007 ND 3.50 5.25 3.25 January 2008 8.00 3.50 5.00 3.25 February 2008 8.00 3.50 ND 3.25 Figure: Gross External Debt Percent of GDP Period Indonesia Malaysia Philippines Thailand 2002:Q1 76.50 42.69 75.08 39.74 2002:Q2 66.65 42.86 71.69 39.58 2002:Q3 62.15 41.07 70.43 36.95 2002:Q4 64.22 41.84 63.06 34.72 2003:Q1 58.03 43.38 75.43 41.12 2003:Q2 55.59 49.36 71.47 41.39 2003:Q3 53.88 47.51 72.38 37.32 2003:Q4 56.98 44.53 64.29 32.97 2004:Q1 53.88 44.61 71.50 31.87 2004:Q2 53.17 44.65 67.21 32.00 2004:Q3 51.04 42.76 64.90 32.52 2004:Q4 52.05 43.73 55.31 29.82 2005:Q1 49.25 45.36 61.64 28.49 2005:Q2 45.70 43.32 58.23 30.26 2005:Q3 45.12 40.40 58.29 30.70 2005:Q4 42.96 38.71 47.36 28.02 2006:Q1 39.93 39.28 51.65 29.16 2006:Q2 36.35 37.76 48.28 29.01 2006:Q3 33.39 35.65 46.92 29.02 2006:Q4 33.64 34.41 38.65 26.49 2007:Q1 32.46 34.41 43.10 24.35 2007:Q2 31.05 32.19 38.78 23.46 2007:Q3 30.63 31.59 38.62 22.93 Figure: Short-Term External Debt Percent of reserves Period Indonesia Malaysia Philippines Thailand 2002:Q1 63.78 31.89 36.90 37.87 2002:Q2 58.63 28.39 40.25 33.96 2002:Q3 55.37 28.77 42.69 33.27 2002:Q4 50.05 32.51 41.71 29.55 2003:Q1 48.86 30.37 48.57 27.52 2003:Q2 48.80 32.32 48.39 27.50 2003:Q3 47.29 30.11 48.23 24.18 2003:Q4 44.92 26.50 45.25 22.03 2004:Q1 37.80 24.60 56.67 22.28 2004:Q2 38.24 28.08 50.23 20.27 2004:Q3 40.78 27.70 44.89 22.16 2004:Q4 47.51 24.29 38.47 20.39 2005:Q1 49.37 21.98 39.86 24.38 2005:Q2 53.76 22.08 40.28 27.57 2005:Q3 62.11 22.75 39.11 29.30 2005:Q4 55.15 23.99 40.15 26.75 2006:Q1 54.19 22.54 34.45 30.43 2006:Q2 51.14 22.67 31.82 25.83 2006:Q3 15.72 22.68 30.13 29.03 2006:Q4 29.70 19.87 25.01 22.44 2007:Q1 26.66 19.11 23.61 22.22 2007:Q2 29.65 19.48 25.36 23.62 2007:Q3 30.09 22.40 24.85 22.72 Mexican Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 Indicator 2006 Q3 1 2008 2007 Q4 Dec. Jan. Feb. 4.3 3.8 5.3 3.0 … … … Overall economic activity 5.0 3.2 1.5 .3 -.1 n.a. n.a. Industrial production 5.1 1.3 .7 .0 -.1 n.a. n.a. Unemployment rate2 3.6 3.7 3.6 3.8 3.8 3.8 n.a. 4.1 3.8 4.0 3.8 3.7 3.7 3.7 Real GDP Consumer prices 3 4 -6.1 -11.2 -11.4 -6.2 -9.6 -19.9 n.a. Merchandise imports 4 256.1 283.2 292.1 294.7 300.9 314.5 n.a. Merchandise exports 4 249.9 272.0 280.7 288.4 291.2 294.6 n.a. -2.1 -7.3 -5.3 -8.5 … … … Merch. trade balance Current account 5 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Percent; counts as unemployed those working one hour a week or less. Return to table 3. Percent change from year-earlier period, except annual data, which are Dec./Dec. Return to table 4. Billions of U.S. dollars, annual rate. Return to table 5. Billions of U.S. dollars, n.s.a., annual rate. Return to table n.a. Not available. … Not applicable. Brazilian Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 Indicator 2006 Q3 1 2008 2007 Q4 4.9 6.1 7.4 6.6 Industrial production 2.8 6.0 1.7 Unemployment rate2 10.0 9.3 9.2 3.3 4.5 46.5 13.6 Dec. Real GDP Consumer prices 3 Merch. trade balance Current account 4 5 Jan. Feb. … … … 1.9 -.8 1.8 n.a. 8.5 8.5 8.4 n.a. 4.2 4.3 4.5 4.5 4.6 40.0 33.0 33.9 32.5 30.8 19.2 3.3 3.8 -7.0 -4.6 -50.8 n.a. 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Percent. Return to table 3. Percent change from year-earlier period, except annual data, which are Dec./Dec. Price index is IPCA. Return to table 4. Billions of U.S. dollars, annual rate. Return to table 5. Billions of U.S. dollars, n.s.a., annual rate. Return to table n.a. Not available. … Not applicable. Argentine Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 Indicator 2006 Q3 1 2008 2007 Q4 Dec. Jan. Feb. 8.5 n.a. 11.8 n.a. … … … Industrial production 8.4 7.5 2.2 4.1 .2 .5 n.a. Unemployment rate2 10.2 8.5 8.1 7.5 … … … 9.7 8.4 8.7 8.4 8.4 8.2 8.4 12.3 11.2 7.1 15.8 21.0 17.0 n.a. 8.1 n.a. 3.2 n.a. … … … Real GDP Consumer prices 3 Merch. trade balance Current account 5 4 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Percent; n.s.a. Return to table 3. Percent change from year-earlier period, except annual data, which are Dec./Dec. Return to table 4. Billions of U.S. dollars, annual rate. Return to table 5. Billions of U.S. dollars, n.s.a., annual rate. Return to table n.a. Not available. … Not applicable. Venezuelan Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 2008 Indicator 2006 2007 Q3 Real GDP 1 11.4 2 12.0 16.1 Dec. … Jan. … Feb. … 10.0 Merch. trade balance 4 5 7.3 7.3 8.7 n.a. 16.1 20.1 22.4 24.1 25.3 -22.9 -34.3 -37.1 -40.0 … … … 23.7 21.4 27.9 … … … 27.1 Non oil trade balance 4 8.5 22.5 32.7 Consumer prices 3 8.5 17.0 Unemployment rate Current account 8.5 Q4 20.0 23.6 20.2 … … … 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Percent. Return to table 3. Percent change from year-earlier period, except annual data, which are Dec./Dec. Return to table 4. Billions of U.S. dollars, annual rate. Return to table 5. Billions of U.S. dollars, n.s.a., annual rate. Return to table n.a. Not available. … Not applicable. Latin America Figure: Industrial Production Jan. 2000 = 100 Argentina Brazil Mexico January 2002 Period 76.29 105.92 96.38 February 2002 77.32 107.82 96.60 March 2002 72.89 109.11 98.08 April 2002 78.56 107.82 97.93 May 2002 80.00 106.44 98.60 June 2002 79.38 107.67 98.30 July 2002 79.69 108.65 98.52 August 2002 81.55 108.10 98.60 September 2002 81.55 108.68 97.56 October 2002 82.58 113.61 97.71 November 2002 85.15 112.33 97.86 December 2002 87.01 109.04 97.34 January 2003 91.34 107.31 97.71 February 2003 89.90 106.87 98.08 March 2003 89.07 107.02 97.12 April 2003 90.21 107.39 98.01 May 2003 90.52 106.21 97.27 June 2003 92.06 104.77 97.27 July 2003 93.92 105.80 97.12 August 2003 93.92 106.92 97.12 September 2003 94.33 111.33 96.82 October 2003 97.11 113.70 98.23 November 2003 97.32 115.11 98.08 December 2003 97.63 112.76 98.74 January 2004 102.58 112.65 99.26 February 2004 101.65 112.44 98.45 March 2004 102.68 114.81 101.85 April 2004 97.94 114.93 101.85 May 2004 100.72 117.05 101.03 June 2004 102.68 117.13 100.96 July 2004 103.71 118.90 101.77 August 2004 104.12 119.73 102.14 September 2004 104.43 120.52 102.29 October 2004 104.85 120.93 102.07 November 2004 104.95 120.67 102.07 December 2004 106.80 120.87 103.03 January 2005 110.72 120.39 102.73 February 2005 107.22 118.13 102.81 March 2005 109.48 120.50 102.95 April 2005 110.31 120.72 102.07 May 2005 111.03 121.67 103.84 June 2005 110.52 125.09 102.07 July 2005 109.69 121.67 102.51 August 2005 112.06 122.44 102.88 September 2005 112.99 120.92 103.99 October 2005 113.09 120.83 104.87 November 2005 114.33 121.66 104.95 December 2005 114.85 125.02 106.35 January 2006 114.74 122.87 108.79 February 2006 117.63 124.87 108.05 March 2006 118.04 123.81 107.46 April 2006 118.97 124.47 108.12 May 2006 119.79 125.67 108.64 June 2006 121.55 123.18 109.90 July 2006 121.24 125.41 108.79 August 2006 121.34 125.70 108.12 September 2006 122.58 124.96 109.45 October 2006 122.89 125.51 108.71 November 2006 124.33 126.68 109.75 December 2006 124.95 127.53 109.23 January 2007 122.06 127.20 109.01 February 2007 125.77 128.06 108.57 March 2007 126.29 129.78 108.94 April 2007 126.91 129.83 109.97 May 2007 128.04 131.65 109.60 June 2007 128.04 133.17 110.64 July 2007 124.64 132.79 110.56 August 2007 133.51 134.54 111.30 September 2007 133.20 133.92 110.64 October 2007 134.64 138.42 110.93 November 2007 136.29 135.72 110.78 December 2007 136.60 134.61 110.64 January 2008 137.32 137.00 ND Figure: Consumer Prices Percent change from year earlier Period Argentina Brazil Mexico January 2002 0.77 7.68 4.85 February 2002 4.16 7.59 4.90 7.90 7.86 4.73 April 2002 March 2002 18.27 8.07 4.75 May 2002 22.91 7.86 4.76 June 2002 28.31 7.73 5.02 July 2002 32.92 7.58 5.54 August 2002 36.59 7.49 5.25 September 2002 38.53 7.97 4.88 October 2002 39.46 8.47 4.85 November 2002 40.58 10.97 5.26 December 2002 40.91 12.58 5.64 January 2003 39.57 14.59 5.20 February 2003 36.14 15.96 5.59 March 2003 31.59 16.67 5.66 April 2003 19.34 16.88 5.26 May 2003 14.30 17.35 4.77 June 2003 10.28 16.69 4.36 July 2003 7.45 15.55 4.15 August 2003 5.04 15.18 4.04 September 2003 3.63 15.24 3.99 October 2003 3.97 14.09 3.90 November 2003 3.58 11.08 3.93 December 2003 3.47 9.33 3.89 January 2004 2.54 7.72 4.21 February 2004 2.13 6.69 4.56 March 2004 2.13 5.87 4.21 April 2004 3.09 5.25 4.21 May 2004 4.32 5.12 4.36 June 2004 5.09 6.01 4.46 July 2004 5.17 6.73 4.50 August 2004 5.52 7.13 4.84 September 2004 6.06 6.66 5.03 October 2004 5.74 6.82 5.37 November 2004 5.33 7.22 5.40 December 2004 5.83 7.57 5.13 January 2005 6.95 7.33 4.53 February 2005 7.95 7.30 4.25 March 2005 9.03 7.47 4.36 April 2005 8.78 8.01 4.60 May 2005 8.70 7.98 4.66 June 2005 9.18 7.23 4.41 July 2005 9.81 6.54 4.49 August 2005 9.91 5.97 3.97 September 2005 10.41 5.99 3.48 October 2005 10.69 6.32 3.02 November 2005 11.93 6.19 2.92 December 2005 12.08 5.69 3.29 January 2006 11.86 5.77 3.92 February 2006 11.33 5.57 3.73 March 2006 11.03 5.37 3.40 April 2006 11.67 4.67 3.20 May 2006 11.59 4.26 3.03 June 2006 11.15 4.02 3.23 July 2006 10.75 3.97 3.08 August 2006 10.87 3.86 3.48 September 2006 10.51 3.71 4.08 October 2006 10.52 3.32 4.27 November 2006 9.94 3.05 4.09 December 2006 9.72 3.26 4.03 January 2007 9.59 3.13 3.96 February 2007 9.54 3.15 4.10 March 2007 9.10 3.09 4.21 April 2007 8.90 3.10 3.99 May 2007 8.87 3.30 3.96 June 2007 8.83 3.84 4.00 July 2007 8.72 3.88 4.14 August 2007 8.73 4.34 4.04 September 2007 8.59 4.31 3.78 October 2007 8.37 4.24 3.73 November 2007 8.51 4.31 3.93 December 2007 8.42 4.47 3.75 January 2008 8.19 4.48 3.70 February 2008 8.40 4.58 3.72 Figure: Merchandise Trade Balances 3-mo. moving ave. (n.s.a.) Billions of dollars Period Argentina Brazil Mexico January 2002 1.03 0.70 -0.75 February 2002 1.17 0.56 -0.68 March 2002 1.32 0.43 -0.70 April 2002 1.41 0.44 -0.76 May 2002 1.37 0.42 -0.71 June 2002 1.34 0.42 -0.65 July 2002 1.33 0.63 -0.65 August 2002 1.40 1.00 -0.61 September 2002 1.47 1.52 -0.61 October 2002 1.52 1.84 -0.59 November 2002 1.54 1.95 -0.62 December 2002 1.43 1.88 -0.57 January 2003 1.45 1.73 -0.33 February 2003 1.46 1.62 -0.10 March 2003 1.48 1.49 -0.16 April 2003 1.32 1.54 -0.61 May 2003 1.37 1.89 -0.82 June 2003 1.46 2.14 -0.79 July 2003 1.59 2.15 -0.60 August 2003 1.45 2.13 -0.62 September 2003 1.28 2.13 -0.51 October 2003 1.16 2.31 -0.46 November 2003 1.17 2.24 -0.41 December 2003 1.14 2.44 -0.44 January 2004 1.03 2.40 -0.22 February 2004 0.98 2.50 -0.28 March 2004 0.98 2.37 -0.33 April 2004 1.08 2.32 -0.69 May 2004 1.10 2.51 -0.57 June 2004 1.07 2.91 -0.66 July 2004 1.04 3.23 -0.59 August 2004 0.95 3.21 -0.76 September 2004 1.00 2.90 -0.62 October 2004 1.00 2.84 -0.59 November 2004 1.04 2.71 -0.81 December 2004 0.98 2.98 -1.22 January 2005 0.99 3.06 -1.41 February 2005 0.90 3.37 -1.23 March 2005 0.92 3.22 -0.94 April 2005 0.85 3.60 -0.76 May 2005 0.85 3.57 -0.59 June 2005 0.80 3.82 -0.44 July 2005 0.92 3.85 -0.53 August 2005 1.06 3.73 -0.64 September 2005 1.16 3.74 -0.58 October 2005 1.12 3.50 -0.47 November 2005 0.98 4.02 -0.46 December 2005 0.99 4.15 -0.55 January 2006 0.98 4.27 0.01 February 2006 1.00 3.92 0.20 March 2006 0.96 3.59 0.10 April 2006 0.96 3.44 -0.32 May 2006 0.96 3.23 -0.48 June 2006 0.98 3.44 -0.41 July 2006 0.93 3.84 -0.55 August 2006 0.98 4.09 -0.52 September 2006 0.94 4.19 -0.86 October 2006 1.02 3.94 -1.00 November 2006 1.08 3.95 -1.05 December 2006 1.24 4.21 -0.85 January 2007 1.06 4.10 -1.00 February 2007 0.98 4.12 -1.05 March 2007 0.78 3.39 -1.01 April 2007 0.85 3.75 -0.97 May 2007 0.79 3.78 -1.06 June 2007 0.86 4.04 -1.22 July 2007 0.74 3.27 -1.10 August 2007 0.66 2.85 -1.07 September 2007 0.61 2.78 -0.95 October 2007 0.93 3.21 -1.01 November 2007 1.24 3.18 -0.54 December 2007 1.51 ND -0.52 January 2008 1.54 ND -0.69 Figure: Benchmark Interest Rates Percent Period Brazil Mexico January 2002 19.00 8.00 February 2002 18.75 7.65 March 2002 18.50 7.25 April 2002 18.50 5.45 May 2002 18.50 7.24 June 2002 18.50 8.15 July 2002 18.00 5.50 August 2002 18.00 6.65 September 2002 18.00 8.10 October 2002 21.00 7.75 November 2002 22.00 7.00 December 2002 25.00 8.25 January 2003 25.50 9.00 February 2003 26.50 9.27 March 2003 26.50 8.90 April 2003 26.50 6.00 May 2003 26.50 4.75 June 2003 26.00 4.40 July 2003 24.50 4.05 August 2003 22.00 4.50 September 2003 20.00 4.25 October 2003 19.00 4.70 November 2003 17.50 6.25 December 2003 16.50 6.10 January 2004 16.50 5.20 February 2004 16.50 6.70 March 2004 16.25 6.15 April 2004 16.00 6.20 May 2004 16.00 6.35 June 2004 16.00 6.60 July 2004 16.00 6.75 August 2004 16.00 7.15 September 2004 16.25 7.66 October 2004 16.75 7.80 November 2004 17.25 8.25 December 2004 17.75 8.70 January 2005 18.25 8.83 February 2005 18.75 9.20 March 2005 19.25 9.50 April 2005 19.50 9.51 May 2005 19.75 9.75 June 2005 19.75 9.75 July 2005 19.75 9.75 August 2005 19.75 9.50 September 2005 19.50 9.25 October 2005 19.00 9.00 November 2005 18.50 8.75 December 2005 18.00 8.25 January 2006 17.25 7.75 ND 7.50 March 2006 16.50 7.25 April 2006 15.75 7.00 May 2006 15.75 7.00 June 2006 15.25 7.00 July 2006 14.75 7.00 August 2006 14.25 7.00 September 2006 14.25 7.00 October 2006 13.75 7.00 November 2006 13.25 7.00 December 2006 13.25 7.00 January 2007 13.00 7.00 February 2007 13.00 7.00 March 2007 12.75 7.00 April 2007 12.50 7.25 May 2007 12.50 7.25 June 2007 12.00 7.25 July 2007 11.50 7.25 August 2007 11.50 7.25 September 2007 11.25 7.25 October 2007 11.25 7.50 November 2007 11.25 7.50 December 2007 11.25 7.50 January 2008 11.25 7.50 February 2008 11.25 7.50 February 2006 Figure: Gross External Debt Percent of GDP Argentina Brazil Mexico 2002:Q1 Period 122.67 145.59 25.53 2002:Q2 170.27 152.47 24.00 2002:Q3 174.33 175.80 24.78 2002:Q4 166.06 196.02 25.19 2003:Q1 141.51 188.04 26.52 2003:Q2 121.94 159.14 24.66 2003:Q3 95.69 147.41 24.51 2003:Q4 117.36 137.28 25.59 2004:Q1 112.17 134.33 24.38 2004:Q2 108.32 131.20 23.98 2004:Q3 110.14 121.20 23.78 2004:Q4 106.54 110.38 23.29 2005:Q1 99.33 104.83 24.13 2005:Q2 65.78 89.67 23.15 2005:Q3 60.61 78.29 21.70 2005:Q4 58.60 68.19 21.25 2006:Q1 51.89 65.01 20.62 2006:Q2 51.36 60.50 21.34 2006:Q3 49.37 57.98 20.23 2006:Q4 46.81 61.09 20.23 2007:Q1 47.19 61.87 20.32 2007:Q2 45.56 60.11 20.81 2007:Q3 44.55 57.70 20.70 Figure: Short-Term External Debt Percent of reserves Period Argentina Brazil Mexico 2002:Q1 176.45 109.00 55.65 2002:Q2 222.15 91.70 52.08 2002:Q3 207.37 90.94 51.08 2002:Q4 180.54 86.16 45.22 2003:Q1 169.67 81.14 47.63 2003:Q2 163.67 81.87 44.53 2003:Q3 159.42 36.17 42.72 2003:Q4 418.51 41.34 36.69 2004:Q1 424.09 39.42 42.47 2004:Q2 382.23 40.14 36.22 2004:Q3 382.15 37.97 29.84 2004:Q4 376.41 35.73 29.60 2005:Q1 373.88 33.27 34.89 2005:Q2 175.51 28.20 33.47 2005:Q3 151.32 29.11 28.13 2005:Q4 134.00 35.26 26.94 2006:Q1 152.11 30.09 27.88 2006:Q2 132.52 26.46 26.14 2006:Q3 125.76 24.86 24.77 2006:Q4 68.62 23.87 27.70 2007:Q1 59.58 31.77 32.38 2007:Q2 54.16 31.36 32.14 2007:Q3 58.38 26.37 28.03 Turkish Economic Indicators (Percent change from previous period, s.a., except as noted) 2007 Indicator 2006 Q3 Real GDP 1 2008 2007 Q4 Dec. Jan. Feb. 5.7 Industrial production Consumer prices 2 n.a. -12.7 n.a. … … … 5.9 5.4 -.1 3.8 -15.0 n.a. n.a. 9.7 8.4 7.1 8.2 8.4 8.2 9.1 Merch. trade balance 3 -54.1 -62.9 -65.6 -72.8 -72.4 -82.4 n.a. Current account 4 -32.2 -38.0 -27.5 -46.8 -61.8 n.a. n.a. 9.8 9.9 10.0 10.0 … … … Unemployment rate 5 1. Annual rate. Annual data are Q4/Q4. Return to table 2. Percent change from year-earlier period, except annual data, which are Dec./Dec. Return to table 3. Billions of U.S. dollars, annual rate. Imports are c.i.f. Return to table 4. Billions of U.S. dollars, n.s.a., annual rate. Return to table 5. Percent Return to table n.a. Not available. … Not applicable. † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material March 2008 Greenbook Supplement Tables and Charts† Supplemental Notes Reuters/University of Michigan Survey of Consumers Indexes of consumer sentiment (Not seasonally adjusted) 2007 2008 Category Aug. Composite of current and expected conditions 1 Sept. Oct. Nov. Dec. Jan. Feb. Mar.P 83.4 83.4 80.9 76.1 75.5 78.4 70.8 70.5 98.4 97.9 97.6 91.5 91.0 94.4 83.8 84.6 73.7 74.1 70.1 66.2 65.6 68.1 62.4 61.4 103 109 111 101 98 98 94 94 120 119 119 115 112 116 112 110 87 82 78 73 68 68 54 48 88 96 84 76 81 88 83 87 133 139 128 117 117 119 119 115 152 144 142 136 137 146 123 125 118 123 131 122 128 124 140 130 131 127 130 128 139 141 141 145 24 21 21 19 23 21 24 21 Mean 4.0 4.0 3.7 4.3 4.4 4.0 3.9 4.6 Median 3.2 3.1 3.1 3.4 3.4 3.4 3.6 4.5 Mean 3.4 3.4 3.1 3.4 3.5 3.4 3.4 3.3 Median 2.9 2.9 2.8 2.9 3.1 3.0 3.0 2.9 Current conditions 1 Expected conditions 1 Personal financial situation Now compared with 12 months ago 2 Expected in 12 months 2 Expected business conditions Next 12 months 2 Next 5 years 2 Appraisal of buying conditions Cars Large household appliances 2 Houses Expected unemployment change - next 12 months Prob. household will lose a job - next 5 years Expected inflation - next 12 months Expected inflation - next 5 to 10 years Note. Figures on financial, business, and buying conditions are the percent reporting 'good times' (or 'better') minus the percent reporting 'bad times' (or 'worse'), plus 100. Expected change in unemployment is the fraction expecting unemployment to rise minus the fraction expecting unemployment to fall, plus 100. P Preliminary. Return to table 1. Feb. 1966 = 100. Return to table 2. Indicates the question is one of the five equally-weighted components of the index of sentiment. Return to table Figure: Consumer sentiment A line chart shows two series, "Reuters/Michigan (right scale)", and "Conference Board (left scale)" from 2000 through about March 2008. The right scale ranges from 60 to 130; unit is 1966 = 100. The left scale ranges from 40 to 180; unit is 1985 = 100. The "Reuters/Michigan" series begins at about 107 in 2000, decreases to about 77 in 2003:Q1, increases to about 104 in 2004:Q1 and decreases to about 74 in 2005:Q4. It then increases to about 98 in 2007:Q1 and then decreases to a preliminary estimate of about 70 by March 2008. The "Conference Board" series begins at about 135 in 2000, decreases to about 60 in 2003:Q1, increases to about 110 in 2007:Q3 and decreases to a preliminary estimate of about 78 by February 2008. Figure: Expected inflation A line chart shows two series, "Median, 5 to 10 years ahead", and "Median, 12 months ahead" from 2000 through March 2008. Unit is percent. The "Median, 5 to 10 years ahead" series begins at about 3 percent in 2000, fluctuates between about 2.5 and 3.2 throughout the period, and ends at a preliminary estimate of about 2.9 in March 2008. The "Median, 12 months ahead" series begins at about 3.2 percent in 2000, decreases to about 0.4 in 2001:Q4, increases to about 2.8 in 2002:Q2 and decreases to about 1.7 in 2003:Q3. It then increases to about 4.6 in 2005:Q4, and ends at a preliminary estimate of about 4.5 in March 2008. Recent Changes in Consumer Price Indexes (Percent change) 12-month change 2 Item Weights1 Feb. 2007 Feb. 2008 3-month change Nov. 2007 2007 Feb. 2008 Nov. Dec. Annual rate Total CPI 2008 Jan. Feb. Monthly rate 100.0 2.4 4.0 6.3 3.1 .9 .4 .4 .0 13.8 3.1 4.6 4.3 4.7 .4 .1 .7 .4 Meats, poultry, fish, and eggs 1.8 2.7 4.8 2.5 2.3 .0 -.1 .8 -.1 Fruits and vegetables 1.2 6.0 1.3 10.9 2.2 2.0 -.3 2.2 -1.3 10.9 2.8 4.9 3.9 5.4 .3 .2 .5 .6 Food Other Energy 9.7 -1.0 18.9 43.6 7.6 6.9 1.7 .7 -.5 Motor Fuel 5.5 -1.4 32.7 77.6 7.8 11.8 2.8 1.1 -2.0 Heating oil .4 .6 33.0 72.4 21.3 8.9 2.5 3.7 -1.2 Natural gas 1.1 -9.7 3.5 .2 21.9 .5 .2 -2.2 7.2 Electricity 2.8 3.7 3.4 9.5 -1.2 .6 .1 -.1 -.3 CPI excluding food and energy 76.5 2.7 2.3 2.6 2.3 .2 .2 .3 .0 Goods ex. food and energy 21.6 .0 .0 .5 .4 .1 .0 .2 -.1 Nondurables ex. food and energy 10.8 2.0 1.0 1.9 2.3 .2 .1 .4 .1 Apparel 3.7 2.1 -1.0 3.4 .8 .6 .1 .4 -.3 Tobacco .7 6.4 4.8 5.0 9.8 .2 .8 1.1 .4 6.3 1.4 1.8 .7 2.4 -.1 .0 .3 .3 10.8 -1.8 -1.0 -.9 -1.4 .1 -.1 -.1 -.2 4.6 -1.4 -.8 -.9 -2.5 .0 -.1 -.3 -.3 Other nondurables Durables New vehicles New cars -.5 -.6 -1.1 -1.8 .0 .0 -.3 -.1 -2.3 -.7 -.2 -2.5 .1 -.1 -.2 -.3 1.8 -3.5 2.0 -1.5 1.9 -.2 .2 .2 .0 .2 -11.5 -11.7 -22.2 1.8 -4.1 -.1 1.0 -.5 New trucks Used cars and trucks Computers Audio/Video Equipment Other Durables Services excluding energy Rent of shelter Owners' equivalent rent .7 -8.2 -5.3 -1.6 -4.2 -.1 .1 -.3 -.9 3.5 .1 -1.4 .9 -1.3 .5 -.2 .0 -.2 54.9 3.8 3.2 3.4 3.1 .3 .3 .4 .1 32.3 4.3 2.9 3.0 2.7 .3 .3 .4 .0 23.9 4.2 2.6 3.2 2.6 .3 .3 .3 .1 Rent of primary residence 5.8 4.6 3.7 4.5 3.6 .4 .4 .3 .2 Lodging away from home 2.6 4.3 3.5 -.9 1.0 -.2 .3 1.1 -1.2 22.6 3.0 3.5 3.8 3.6 .3 .3 .4 .1 Medical services 4.6 5.1 5.0 5.8 3.9 .4 .3 .6 .1 Tuition and other school fees 2.7 6.0 5.5 6.1 5.8 .5 .5 .6 .3 .7 1.4 7.6 18.8 7.4 1.9 1.2 .8 -.3 14.5 1.9 2.5 2.1 3.0 .2 .3 .3 .1 100.0 2.2 3.7 n.a. n.a. n.a. n.a. n.a. n.a. 77.6 2.3 2.0 n.a. n.a. n.a. n.a. n.a. n.a. Services ex. energy and shelter Air fares Other services Memo: Chained CPI All items less food and energy 1. Relative importance weights for December 2007, which are based on 2005-2006 expenditure weights. For the chained CPI, the 2005-2006 expenditure weights are shown. Return to table 2. Not seasonally adjusted. Return to table Consumer Price Index (Percent change at annual rate) Figure: All items A line chart shows two series, "12-month change", and "3-month change" from 2000 through February 2008. Unit is percent. The "12-month change" series begins at about 2.9 percent in 2000, fluctuates between about 1 and 4.9 throughout the period and ends at about 4 in February 2008. The "3-month change" series begins at about 3 percent in 2000, decreases to about -1.5 in December 2001, and June 2003, Increases to about 11 in September 2005, and then decreases to about -1.1 in December 2005 and about -3.2 in August 2006. The series then increases to about 6.9 in January 2008 and ends at about 3.1 in February 2008. Figure: Excluding food and energy As shown, the figure is nearly identical to the corresponding figure from the Greenbook Part 2 (description following), except that the "12-month change" and the "3-month change" curves end in February 2008 at about 2.3 and 2.35 percent, respectively. Percent Period 12-month change 3-month change January 2000 2.00 2.72 February 2000 2.16 2.26 March 2000 2.44 2.94 April 2000 2.32 2.25 May 2000 2.43 2.93 June 2000 2.49 2.47 July 2000 2.49 2.69 August 2000 2.60 2.68 September 2000 2.59 2.68 October 2000 2.52 2.45 November 2000 2.58 2.67 December 2000 2.58 2.21 January 2001 2.63 2.88 February 2001 2.73 2.87 March 2001 2.66 3.09 April 2001 2.60 2.64 May 2001 2.54 1.97 June 2001 2.71 2.85 July 2001 2.70 2.84 August 2001 2.70 3.06 September 2001 2.63 2.39 October 2001 2.63 2.16 November 2001 2.79 3.03 December 2001 2.74 2.81 January 2002 2.56 2.80 February 2002 2.60 2.14 March 2002 2.43 1.71 April 2002 2.53 2.14 May 2002 2.53 1.92 June 2002 2.26 2.13 July 2002 2.20 1.70 August 2002 2.36 2.34 September 2002 2.24 2.33 October 2002 2.24 2.12 November 2002 1.97 1.69 December 2002 1.92 1.68 January 2003 1.91 1.89 February 2003 1.74 1.26 March 2003 1.69 0.84 April 2003 1.47 0.21 May 2003 1.58 0.83 June 2003 1.53 1.04 July 2003 1.52 1.88 August 2003 1.31 1.46 September 2003 1.20 1.46 October 2003 1.30 1.25 November 2003 1.09 0.83 December 2003 1.15 1.04 January 2004 1.15 1.45 February 2004 1.25 1.87 March 2004 1.61 2.70 April 2004 1.76 2.49 May 2004 1.71 2.69 June 2004 1.87 2.06 July 2004 1.76 1.85 August 2004 1.71 1.43 September 2004 1.96 2.05 October 2004 2.01 2.25 November 2004 2.17 2.87 December 2004 2.17 2.04 January 2005 2.27 2.24 February 2005 2.36 2.24 March 2005 2.35 3.06 April 2005 2.24 2.43 May 2005 2.19 2.22 June 2005 2.03 1.21 July 2005 2.14 1.41 August 2005 2.13 1.40 September 2005 1.98 1.60 October 2005 2.07 2.21 November 2005 2.12 2.61 December 2005 2.17 2.81 January 2006 2.12 2.40 February 2006 2.06 2.19 March 2006 2.09 2.79 April 2006 2.29 3.19 May 2006 2.44 3.58 June 2006 2.64 3.57 July 2006 2.69 3.16 August 2006 2.84 2.95 September 2006 2.93 2.55 October 2006 2.72 2.35 November 2006 2.62 1.56 December 2006 2.57 1.55 January 2007 2.67 1.96 February 2007 2.71 2.69 March 2007 2.45 2.20 April 2007 2.34 2.01 May 2007 2.24 1.72 June 2007 2.22 2.34 July 2007 2.21 2.46 August 2007 2.13 2.47 September 2007 2.14 2.48 October 2007 2.17 2.27 November 2007 2.33 2.60 December 2007 2.44 2.61 January 2008 2.47 3.15 Figure: Excluding food and energy As shown, the series are nearly identical to the corresponding series from the Greenbook Part 2 (description following), except that the "Published 12-month change" and the "Chain CPI 12-month change" curves end in February 2008 at about 2.3 and 2.0 percent, respectively. Percent Period Published 12-month change Chain CPI 12-month change January 2000 2.00 ND February 2000 2.16 ND March 2000 2.44 ND April 2000 2.32 ND May 2000 2.43 ND June 2000 2.49 ND July 2000 2.49 ND August 2000 2.60 ND September 2000 2.59 ND October 2000 2.52 ND November 2000 2.58 ND December 2000 2.58 1.90 January 2001 2.63 1.89 February 2001 2.73 1.99 March 2001 2.66 1.98 April 2001 2.60 1.88 May 2001 2.54 1.88 June 2001 2.71 2.17 July 2001 2.70 2.07 August 2001 2.70 2.17 September 2001 2.63 1.96 October 2001 2.63 1.96 November 2001 2.79 2.05 December 2001 2.74 2.16 January 2002 2.56 2.05 February 2002 2.60 2.04 March 2002 2.43 1.94 April 2002 2.53 2.03 May 2002 2.53 2.13 June 2002 2.26 1.64 July 2002 2.20 1.74 August 2002 2.36 1.73 September 2002 2.24 1.92 October 2002 2.24 1.82 November 2002 1.97 1.63 December 2002 1.92 1.63 January 2003 1.91 1.63 February 2003 1.74 1.34 March 2003 1.69 1.24 April 2003 1.47 1.14 May 2003 1.58 1.14 June 2003 1.53 1.24 July 2003 1.52 1.14 August 2003 1.31 1.04 September 2003 1.20 0.85 October 2003 1.30 0.94 November 2003 1.09 0.85 December 2003 1.15 0.76 January 2004 1.15 0.94 February 2004 1.25 1.22 March 2004 1.61 1.50 April 2004 1.76 1.69 May 2004 1.71 1.69 June 2004 1.87 1.69 July 2004 1.76 1.69 August 2004 1.71 1.59 September 2004 1.96 1.87 October 2004 2.01 1.96 November 2004 2.17 2.15 December 2004 2.17 2.25 January 2005 2.27 2.15 February 2005 2.36 2.14 March 2005 2.35 1.94 April 2005 2.24 1.94 May 2005 2.19 1.85 June 2005 2.03 1.85 July 2005 2.14 1.75 August 2005 2.13 1.85 September 2005 1.98 1.75 October 2005 2.07 1.74 November 2005 2.12 1.74 December 2005 2.17 1.83 January 2006 2.12 1.74 February 2006 2.06 1.82 March 2006 2.09 2.00 April 2006 2.29 2.08 May 2006 2.44 2.18 June 2006 2.64 2.45 July 2006 2.69 2.54 August 2006 2.84 2.63 September 2006 2.93 2.62 October 2006 2.72 2.43 November 2006 2.62 2.25 December 2006 2.57 2.16 January 2007 2.67 2.29 February 2007 2.71 2.26 March 2007 2.45 2.10 April 2007 2.34 2.02 May 2007 2.24 1.98 June 2007 2.22 1.82 July 2007 2.21 1.77 August 2007 2.13 1.65 September 2007 2.14 1.65 October 2007 2.17 1.80 November 2007 2.33 2.02 December 2007 2.44 2.12 January 2008 2.47 2.16 Commercial Bank Credit (Percent change, annual rate, except as noted; seasonally adjusted) Type of credit Total 2006 H1 2007 Q3 2007 Q4 2007 Jan. 2008 Feb. 2008p Level1 Feb. 2008p 9.6 9.4 12.4 8.9 4.1 6.7 8,797 10.9 10.2 12.6 11.8 12.4 4.4 6,745 Loans2 Total To businesses Commercial and industrial 16.5 10.0 24.3 29.2 12.6 1.6 1,428 Commercial real estate 13.7 9.6 12.4 8.2 5.9 10.7 1,601 7.0 10.7 2.6 1.0 5.3 4.5 1,890 To households Residential real estate Revolving home equity 1.4 2.0 6.7 11.9 10.9 5.9 489 Other 9.1 13.6 1.3 -2.6 3.3 4.0 1,401 Consumer 5.9 6.4 10.5 7.6 12.7 1.3 813 6.9 5.2 10.3 7.4 16.0 4.9 1,222 11.8 14.1 19.6 18.9 35.5 .7 1,014 6.1 6.9 11.7 .2 -22.5 14.4 2,052 Originated 3 Other 4 Securities Total Treasury and agency Other 5 1.9 -4.2 5.6 -22.3 -21.7 4.7 1,085 13.2 23.8 19.9 29.3 -23.6 25.6 967 Note. Yearly annual rates are Q4 to Q4; quarterly and monthly annual rates use corresponding average levels. Data have been adjusted to remove the effects of mark-to-market accounting rules (FIN 39 and FAS 115), the consolidation of certain variable interest entities (FIN 46), the adoption of fair value accounting (FAS 159), and the effects of sizable thrift-to-bank and bank-to-thrift structure activity in October 2006, March 2007, and October 2007. Data also account for breaks caused by reclassifications. 1. Billions of dollars. Pro rata averages of weekly (Wednesday) levels. Return to table 2. Excludes interbank loans. Return to table 3. Includes an estimate of outstanding loans securitized by commercial banks. Return to table 4. Includes security loans and loans to farmers, state and local governments, and all others not elsewhere classified. Also includes lease financing receivables. Return to table 5. Includes private mortgage-backed securities, securities of corporations, state and local governments, foreign governments, and any trading account assets that are not Treasury or agency securities, including revaluation gains on derivative contracts. Return to table p Preliminary. Return to table Figure: C&I Loan Rate Spreads As shown, the figure is nearly identical to the corresponding figure from the Greenbook Part 2 (description following), except that in 2008:Q1, "Weighted average" ends slightly lower than 190 basis points, and "Weighted average adjusted*" ends slightly higher than 145 basis points. A line chart shows two series, "Weighted average", and "Weighted average adjusted"* from 1997:Q2 through 2008:Q1. Data is quarterly; unit is basis points. 2007:Q4 is marked with a vertical tripwire. The "Weighted average" series begins at about 155 basis points in 1997:Q2, increases to about 221 in 2004:Q1 and then decreases to end at about 190 in 2008:Q1. The series is at about 182 when it reaches the 2007:Q4 tripwire. The "Weighted average adjusted*" series begins at about 155 basis points in 1997:Q2, increases to about 190 in 2003:Q1 and decreases to end at about 145 in 2008:Q1. The series is at about 140 when it reaches the 2007:Q4 tripwire. Note. Spreads over market interest rate on an instrument of comparable maturity on loans less than $25 million (2006$). * Adjusted for changes in nonprice loan characteristics. Return to text Source. Survey of Terms of Business Lending. Figure: Return on Assets for Commercial Banks As shown, the figure is nearly identical to the corresponding figure from the Greenbook Part 2 (description following), except that in 2007:Q4, the "All other banks" series ends slightly lower at about 0.95 percent. A line chart shows two series, "100 largest banks", and "All other banks" from 1991 through 2007:Q4. Data is Quarterly, s.a.a.r.; unit is Percent. 2007:Q3 is marked with a vertical tripwire. The "100 largest banks" series begins at about 0.25 in 1991:Q1, increases to about 1.25 in 1993:Q4, fluctuates between about 0.75 and 1.6 through 2006 and then decreases to end at about 0.25 in 2007:Q4. The series is at about 1.1 when it reaches the 2007:Q3 tripwire. The "All other banks" series begins at about 0.75 in 1991:Q1, increases to about 1.4 in 1993:Q4, fluctuates between about 1.2 and 1.4 through 2006 and then decreases to end at about 1 in 2007:Q4. The series is at about 1.25 when it reaches the 2007:Q3 tripwire. Source. Call Report. Selected Financial Market Quotations (One-day quotes in percent except as noted) 2006 2007 June 29 Sept. 17 2008 Change to Mar. 13 from selected dates (percentage points) 5.25 5.25 3.50 3.00 -2.25 -2.25 -.50 3-month 4.88 4.05 2.23 1.33 -3.55 -2.72 -.90 6-month 5.06 4.15 2.29 1.47 -3.59 -2.68 -.82 1-month 5.27 5.23 3.08 2.61 -2.66 -2.62 -.47 3-month 5.37 5.25 3.02 2.80 -2.57 -2.45 -.22 3-month 5.47 5.52 3.22 2.78 -2.69 -2.74 -.44 6-month 5.59 5.36 3.17 2.82 -2.77 -2.54 -.35 1-month 5.33 5.55 3.30 2.80 -2.53 -2.75 -.50 3-month 5.49 5.60 3.30 2.85 -2.64 -2.75 -.45 8.25 8.25 6.50 6.00 -2.25 -2.25 -.50 2-year 5.26 4.12 2.25 1.66 -3.60 -2.46 -.59 5-year 5.15 4.18 2.89 2.52 -2.63 -1.66 -.37 10-year 5.28 4.58 3.88 3.79 -1.49 -.79 -.09 5-year 2.51 2.04 .78 .31 -2.20 -1.73 -.47 10-year 2.61 2.15 1.39 1.18 -1.43 -.97 -.21 4.71 4.46 4.29 4.94 .23 .48 .65 5.81 5.17 4.26 4.19 -1.62 -.98 -.07 5.59 5.01 4.26 4.57 -1.02 -.44 .31 6.20 6.05 5.66 6.16 -.04 .11 .50 6.74 6.46 6.39 6.75 .01 .29 .36 8.74 8.95 9.85 10.40 1.66 1.45 .55 Instrument Jan. 29 Mar. 13 2006 June 29 2007 Sept. 17 2008 Jan. 29 Short-term FOMC intended federal funds rate Treasury bills1 Commercial paper (A1/P1 rates)2 Large negotiable CDs 1 Eurodollar deposits3 Bank prime rate Intermediate- and long-term U.S. Treasury 4 U.S. Treasury indexed notes 5 Municipal general obligations (Bond Buyer) 6 Private instruments 10-year swap 7 10-year FNMA 10-year AA 8 10-year BBB 8 10-year high yield 8 Home mortgages (FHLMC survey rate) 30-year fixed 6.78 6.34 5.68 6.13 -.65 -.21 .45 1-year adjustable 5.82 5.65 5.05 5.14 -.68 -.51 .09 Record high 2007 2008 Change to Mar. 13 from selected dates (percent) Stock exchange index Level Date Sept. 17 Jan. 29 Mar. 13 Record high 2007 Sept. 17 2008 Jan. 29 Dow Jones Industrial 14,165 10-9-07 13,403 12,480 12,146 -14.25 -9.38 -2.68 S&P 500 Composite 1,565 10-9-07 1,477 1,362 1,315 -15.95 -10.91 -3.44 Nasdaq 5,049 3-10-00 2,582 2,358 2,264 -55.16 -12.32 -4.01 Russell 2000 856 7-13-07 776 705 680 -20.57 -12.39 -3.61 Wilshire 5000 15,807 10-9-07 14,839 13,740 13,267 -16.07 -10.60 -3.44 1. Secondary market. Return to table 2. Financial commercial paper. Return to table 3. Bid rates for Eurodollar deposits collected around 9:30 a.m. eastern time. Return to table 4. Derived from a smoothed Treasury yield curve estimated using off-the-run securities. Return to table 5. Derived from a smoothed Treasury yield curve estimated using all outstanding securities and adjusted for the carry effect. Return to table 6. Most recent Thursday quote. Return to table 7. Constant-maturity yields estimated from Fannie Mae domestic noncallable coupon securities. Return to table 8. Derived from smoothed corporate yield curves estimated using Merrill Lynch bond data. Return to table NOTES: June 29, 2006, is the day the most recent policy tightening ended. September 17, 2007, is the day before the most recent policy easing began. January 29, 2008, is the day before the most recent FOMC announcement. † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014
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