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Accessible Material September 2008 Bluebook and Greenbook Tables and Charts Table of Contents Document Section Accessible Material Bluebook Recent Developments FOMC20080916bluebook20080911_1.htm Update on Monetary Policy Strategies FOMC20080916bluebook20080911_2.htm Policy Alternatives FOMC20080916bluebook20080911_3.htm Money and Debt Forecasts FOMC20080916bluebook20080911_4.htm Appendix A: Measures of the Equilibrium Real Rate FOMC20080916bluebook20080911_5.htm Greenbook Part 1 Domestic Developments FOMC20080916gbpt120080910_1.htm International Developments FOMC20080916gbpt120080910_2.htm Greenbook Part 2 Domestic Nonfinancial Developments FOMC20080916gbpt220080910_1.htm Domestic Financial Developments FOMC20080916gbpt220080910_2.htm International Developments FOMC20080916gbpt220080910_3.htm Greenbook Supplement Supplemental Notes Last update: March 7, 2014 FOMC20080916gbsup20080912_1.htm Accessible Material September 2008 Bluebook Tables and Charts† Recent Developments Chart 1 Financial Institutions Figure: GSE common stock prices Daily Dollars Date Fannie Mae Freddie Mac 2 January 2008 37.46 32.74 3 January 2008 35.92 32.20 4 January 2008 34.05 29.34 7 January 2008 34.23 29.16 8 January 2008 31.63 26.76 9 January 2008 32.71 27.14 10 January 2008 34.85 27.88 11 January 2008 36.74 29.46 14 January 2008 37.02 31.01 15 January 2008 36.30 30.73 16 January 2008 37.30 31.35 17 January 2008 35.00 29.08 18 January 2008 32.15 27.66 22 January 2008 32.09 28.68 23 January 2008 34.78 32.52 24 January 2008 34.19 32.00 25 January 2008 31.80 29.58 28 January 2008 33.04 29.90 29 January 2008 32.91 29.15 30 January 2008 31.13 27.90 31 January 2008 33.78 30.39 1 February 2008 35.40 32.45 4 February 2008 35.51 32.42 5 February 2008 33.23 30.28 6 February 2008 31.32 29.13 7 February 2008 32.37 31.05 8 February 2008 31.12 29.70 11 February 2008 29.75 28.98 12 February 2008 30.45 29.15 13 February 2008 31.47 29.15 14 February 2008 30.34 28.29 15 February 2008 29.39 28.40 19 February 2008 28.98 27.63 20 February 2008 29.83 28.75 21 February 2008 28.99 27.75 22 February 2008 28.72 26.61 25 February 2008 28.27 26.18 26 February 2008 26.97 25.21 27 February 2008 27.27 25.09 28 February 2008 27.90 24.49 29 February 2008 27.65 25.18 3 March 2008 26.44 23.72 4 March 2008 25.95 22.57 5 March 2008 24.27 21.64 6 March 2008 21.70 20.14 7 March 2008 22.77 19.65 10 March 2008 19.81 17.39 11 March 2008 22.00 20.16 12 March 2008 21.04 20.04 13 March 2008 22.97 21.30 14 March 2008 22.36 21.18 17 March 2008 22.21 20.62 18 March 2008 28.22 26.02 19 March 2008 30.71 29.90 20 March 2008 34.30 32.58 24 March 2008 31.16 30.61 25 March 2008 31.17 29.71 26 March 2008 29.25 27.70 27 March 2008 27.97 27.08 28 March 2008 26.02 25.45 31 March 2008 26.32 25.32 1 April 2008 31.50 29.22 2 April 2008 31.53 27.83 3 April 2008 30.87 28.35 4 April 2008 30.34 27.60 7 April 2008 29.85 26.60 8 April 2008 29.00 25.46 9 April 2008 28.12 24.83 10 April 2008 26.53 23.91 11 April 2008 26.04 23.49 14 April 2008 25.34 23.10 15 April 2008 25.95 23.95 16 April 2008 27.78 25.80 17 April 2008 28.25 26.81 18 April 2008 28.55 27.06 21 April 2008 27.92 26.14 22 April 2008 27.13 25.59 23 April 2008 26.30 24.51 24 April 2008 28.03 26.02 25 April 2008 30.93 27.94 28 April 2008 30.02 27.14 29 April 2008 28.35 25.56 30 April 2008 28.30 24.91 1 May 2008 29.75 26.77 2 May 2008 29.50 27.09 5 May 2008 28.29 25.52 6 May 2008 30.81 27.33 7 May 2008 29.05 26.01 8 May 2008 27.63 25.43 9 May 2008 27.81 25.15 12 May 2008 28.25 25.90 13 May 2008 28.12 24.96 14 May 2008 29.89 27.25 15 May 2008 30.23 27.27 16 May 2008 29.89 26.97 19 May 2008 28.95 27.01 20 May 2008 27.74 26.31 21 May 2008 27.41 26.16 22 May 2008 27.90 26.29 23 May 2008 27.59 25.73 27 May 2008 26.53 24.73 28 May 2008 26.81 25.16 29 May 2008 27.15 25.73 30 May 2008 27.02 25.42 2 June 2008 26.97 24.81 3 June 2008 26.72 24.58 4 June 2008 26.31 23.87 5 June 2008 27.59 25.29 6 June 2008 25.71 23.96 9 June 2008 23.68 22.55 10 June 2008 23.81 22.49 11 June 2008 23.33 21.62 12 June 2008 24.89 22.49 13 June 2008 24.77 23.01 16 June 2008 25.60 23.96 17 June 2008 24.67 23.44 18 June 2008 24.93 23.44 19 June 2008 25.00 23.65 20 June 2008 23.81 21.82 23 June 2008 22.34 19.99 24 June 2008 22.64 20.07 25 June 2008 22.66 20.01 26 June 2008 21.04 18.53 27 June 2008 20.80 17.85 30 June 2008 19.51 16.40 1 July 2008 19.59 16.21 2 July 2008 19.43 15.92 3 July 2008 18.78 14.50 7 July 2008 15.74 11.91 8 July 2008 17.62 13.46 9 July 2008 15.31 10.26 10 July 2008 13.20 8.00 11 July 2008 10.25 7.75 14 July 2008 9.73 7.11 15 July 2008 7.07 5.26 16 July 2008 9.25 6.83 17 July 2008 10.93 8.33 18 July 2008 13.40 9.18 21 July 2008 14.13 8.75 22 July 2008 13.41 9.70 23 July 2008 15.00 10.80 24 July 2008 12.02 8.81 25 July 2008 11.55 8.27 28 July 2008 10.31 7.72 29 July 2008 11.60 8.42 30 July 2008 12.21 8.73 31 July 2008 11.50 8.17 1 August 2008 11.82 7.98 4 August 2008 11.83 7.52 5 August 2008 13.60 8.04 6 August 2008 11.60 6.49 7 August 2008 9.95 5.89 8 August 2008 9.05 5.90 11 August 2008 8.40 5.60 12 August 2008 8.02 5.37 13 August 2008 7.69 5.55 14 August 2008 8.23 5.94 15 August 2008 7.91 5.85 18 August 2008 6.15 4.39 19 August 2008 6.01 4.17 20 August 2008 4.40 3.25 21 August 2008 4.85 3.16 22 August 2008 5.00 2.81 25 August 2008 5.19 3.29 26 August 2008 5.62 3.97 27 August 2008 6.48 4.75 28 August 2008 7.95 5.28 29 August 2008 6.84 4.51 2 September 2008 7.43 5.18 3 September 2008 7.32 5.38 4 September 2008 6.42 4.95 5 September 2008 7.04 5.10 8 September 2008 0.73 0.88 9 September 2008 0.99 0.88 10 September 2008 0.74 0.66 11 September 2008 0.78 0.59 Figure: Option-adjusted spreads on Agency MBS Daily Basis points Date 3 January 2006 Fannie Mae Ginnie Mae 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 13 March 2008 143.28 104.40 14 March 2008 136.85 99.05 17 March 2008 109.47 87.85 18 March 2008 117.24 82.44 19 March 2008 106.70 88.25 20 March 2008 104.67 91.58 24 March 2008 113.64 86.93 25 March 2008 109.41 86.05 26 March 2008 107.30 84.66 27 March 2008 117.62 93.42 28 March 2008 121.34 97.91 31 March 2008 112.78 90.62 1 April 2008 127.10 106.38 2 April 2008 130.22 112.41 3 April 2008 129.34 110.77 4 April 2008 107.51 89.48 7 April 2008 107.19 89.94 8 April 2008 111.64 91.52 9 April 2008 108.65 91.45 10 April 2008 117.28 93.73 11 April 2008 109.29 90.08 14 April 2008 117.94 95.44 15 April 2008 127.01 103.86 16 April 2008 134.58 109.71 17 April 2008 127.39 102.88 18 April 2008 120.87 98.43 21 April 2008 108.97 90.01 22 April 2008 108.34 89.22 23 April 2008 101.94 84.04 24 April 2008 109.38 90.79 25 April 2008 105.84 89.19 28 April 2008 101.34 86.52 29 April 2008 101.17 85.30 30 April 2008 98.31 83.39 1 May 2008 103.99 88.97 2 May 2008 102.72 87.33 5 May 2008 97.49 81.82 6 May 2008 99.46 85.08 7 May 2008 97.48 81.64 8 May 2008 90.10 75.03 9 May 2008 97.95 82.06 12 May 2008 101.83 87.22 13 May 2008 112.52 96.09 14 May 2008 108.07 94.07 15 May 2008 91.75 76.88 16 May 2008 90.98 76.24 19 May 2008 91.65 76.70 20 May 2008 88.35 73.30 21 May 2008 94.14 79.62 22 May 2008 95.57 85.07 23 May 2008 98.62 84.55 27 May 2008 104.36 89.17 28 May 2008 105.29 90.39 29 May 2008 106.17 92.54 30 May 2008 108.57 92.86 2 June 2008 105.74 89.98 3 June 2008 105.50 90.56 4 June 2008 116.21 100.30 5 June 2008 120.82 105.13 6 June 2008 123.80 106.23 9 June 2008 120.22 105.15 10 June 2008 123.03 111.68 11 June 2008 122.00 108.38 12 June 2008 122.78 112.34 13 June 2008 121.78 112.21 16 June 2008 125.09 114.63 17 June 2008 124.79 112.71 18 June 2008 121.25 107.01 19 June 2008 116.67 105.05 20 June 2008 116.47 106.44 23 June 2008 123.32 113.38 24 June 2008 124.18 112.18 25 June 2008 126.64 112.92 26 June 2008 127.29 113.15 27 June 2008 130.90 112.50 30 June 2008 125.92 107.32 1 July 2008 128.78 109.75 2 July 2008 138.32 117.81 3 July 2008 146.59 126.17 7 July 2008 164.12 133.25 8 July 2008 152.26 122.16 9 July 2008 141.58 110.76 10 July 2008 135.18 103.96 11 July 2008 126.79 102.85 14 July 2008 117.89 106.30 15 July 2008 125.26 111.15 16 July 2008 132.07 118.40 17 July 2008 146.46 133.55 18 July 2008 154.70 137.80 21 July 2008 156.78 140.72 22 July 2008 162.59 143.60 23 July 2008 148.66 128.87 24 July 2008 146.66 122.94 25 July 2008 143.90 126.08 28 July 2008 146.45 126.23 29 July 2008 147.83 129.22 30 July 2008 148.13 128.96 31 July 2008 148.66 126.55 1 August 2008 158.13 136.57 4 August 2008 165.23 144.90 5 August 2008 166.60 148.13 6 August 2008 175.19 156.49 7 August 2008 180.70 161.14 8 August 2008 181.80 159.89 11 August 2008 173.70 155.94 12 August 2008 174.35 156.72 13 August 2008 175.82 158.82 14 August 2008 176.28 156.94 15 August 2008 178.91 155.88 18 August 2008 175.34 148.90 19 August 2008 170.90 137.56 20 August 2008 161.97 122.63 21 August 2008 160.92 132.26 22 August 2008 164.70 138.87 25 August 2008 162.55 132.79 26 August 2008 155.37 122.85 27 August 2008 152.14 121.17 28 August 2008 152.82 123.08 29 August 2008 150.50 118.72 2 September 2008 162.62 133.33 3 September 2008 158.46 130.84 4 September 2008 149.19 119.82 5 September 2008 152.16 126.35 8 September 2008 88.56 70.38 9 September 2008 91.94 83.04 10 September 2008 91.95 78.17 11 September 2008 91.00 74.81 Note. Spreads over Treasury. Source. Bloomberg. Figure: S&P 500 Investment Bank and Brokerage Index Daily Index(1/2/2008=100) Date Index 2 January 2008 100.00 3 January 2008 99.04 4 January 2008 95.81 7 January 2008 94.44 8 January 2008 90.60 9 January 2008 92.42 10 January 2008 95.29 11 January 2008 96.24 14 January 2008 97.93 15 January 2008 93.56 16 January 2008 95.79 17 January 2008 90.61 18 January 2008 90.36 22 January 2008 93.73 23 January 2008 99.64 24 January 2008 99.10 25 January 2008 95.25 28 January 2008 98.08 29 January 2008 98.42 30 January 2008 98.01 31 January 2008 99.60 1 February 2008 101.31 4 February 2008 99.19 5 February 2008 93.59 6 February 2008 91.75 7 February 2008 93.22 8 February 2008 91.07 11 February 2008 90.25 12 February 2008 88.77 13 February 2008 89.19 14 February 2008 87.47 15 February 2008 88.32 19 February 2008 85.99 20 February 2008 88.53 21 February 2008 87.53 22 February 2008 89.30 25 February 2008 90.76 26 February 2008 90.07 27 February 2008 91.98 28 February 2008 88.85 29 February 2008 84.74 3 March 2008 82.74 4 March 2008 82.78 5 March 2008 82.87 6 March 2008 78.82 7 March 2008 79.00 10 March 2008 75.54 11 March 2008 80.96 12 March 2008 79.53 13 March 2008 80.85 14 March 2008 74.71 17 March 2008 68.38 18 March 2008 80.36 19 March 2008 76.05 20 March 2008 84.58 24 March 2008 84.63 25 March 2008 84.68 26 March 2008 81.20 27 March 2008 77.05 28 March 2008 74.98 31 March 2008 76.09 1 April 2008 83.05 2 April 2008 82.82 3 April 2008 82.72 4 April 2008 81.98 7 April 2008 83.46 8 April 2008 82.80 9 April 2008 80.31 10 April 2008 78.37 11 April 2008 76.85 14 April 2008 75.52 15 April 2008 76.68 16 April 2008 79.28 17 April 2008 81.64 18 April 2008 84.39 21 April 2008 83.56 22 April 2008 83.35 23 April 2008 82.80 24 April 2008 87.35 25 April 2008 88.72 28 April 2008 88.40 29 April 2008 88.10 30 April 2008 87.14 1 May 2008 90.99 2 May 2008 91.33 5 May 2008 89.51 6 May 2008 89.73 7 May 2008 85.80 8 May 2008 84.69 9 May 2008 84.75 12 May 2008 86.99 13 May 2008 85.48 14 May 2008 85.69 15 May 2008 86.91 16 May 2008 85.77 19 May 2008 84.22 20 May 2008 82.39 21 May 2008 79.89 22 May 2008 79.41 23 May 2008 77.08 27 May 2008 78.02 28 May 2008 78.31 29 May 2008 79.49 30 May 2008 79.38 2 June 2008 76.96 3 June 2008 75.61 4 June 2008 75.86 5 June 2008 78.01 6 June 2008 73.84 9 June 2008 71.50 10 June 2008 71.33 11 June 2008 67.52 12 June 2008 68.85 13 June 2008 73.53 16 June 2008 75.49 17 June 2008 73.29 18 June 2008 73.66 19 June 2008 74.06 20 June 2008 71.83 23 June 2008 69.51 24 June 2008 71.06 25 June 2008 71.62 26 June 2008 68.20 27 June 2008 67.55 30 June 2008 66.26 1 July 2008 67.18 2 July 2008 67.21 3 July 2008 67.32 7 July 2008 64.59 8 July 2008 67.53 9 July 2008 63.42 10 July 2008 62.49 11 July 2008 59.97 14 July 2008 57.13 15 July 2008 56.62 16 July 2008 63.81 17 July 2008 68.43 18 July 2008 68.84 21 July 2008 67.04 22 July 2008 71.32 23 July 2008 71.54 24 July 2008 66.68 25 July 2008 65.35 28 July 2008 61.78 29 July 2008 65.34 30 July 2008 67.59 31 July 2008 67.26 1 August 2008 68.02 4 August 2008 67.00 5 August 2008 69.84 6 August 2008 69.78 7 August 2008 66.33 8 August 2008 68.74 11 August 2008 69.17 12 August 2008 64.82 13 August 2008 63.60 14 August 2008 64.49 15 August 2008 64.53 18 August 2008 62.44 19 August 2008 60.46 20 August 2008 60.78 21 August 2008 60.39 22 August 2008 62.45 25 August 2008 60.68 26 August 2008 61.01 27 August 2008 62.04 28 August 2008 65.24 29 August 2008 65.99 2 September 2008 66.11 3 September 2008 67.34 4 September 2008 63.86 5 September 2008 65.31 8 September 2008 67.29 9 September 2008 61.38 10 September 2008 59.40 11 September 2008 56.70 Source. Bloomberg. Figure: CDS spreads for investment banks Daily Date Basis points 1 January 2007 18.22 2 January 2007 18.22 3 January 2007 18.28 4 January 2007 18.22 5 January 2007 18.50 8 January 2007 18.63 9 January 2007 18.76 10 January 2007 18.88 11 January 2007 18.96 12 January 2007 19.00 15 January 2007 18.99 16 January 2007 18.95 17 January 2007 18.87 18 January 2007 18.64 19 January 2007 18.84 22 January 2007 18.84 23 January 2007 18.80 24 January 2007 18.92 25 January 2007 19.00 26 January 2007 19.37 29 January 2007 19.32 30 January 2007 19.52 31 January 2007 19.62 1 February 2007 19.58 2 February 2007 19.40 5 February 2007 19.51 6 February 2007 19.33 7 February 2007 19.32 8 February 2007 19.36 9 February 2007 19.50 12 February 2007 20.59 13 February 2007 21.04 14 February 2007 21.30 15 February 2007 21.28 16 February 2007 21.30 19 February 2007 21.34 20 February 2007 21.36 21 February 2007 21.53 22 February 2007 21.71 23 February 2007 23.88 26 February 2007 23.44 27 February 2007 25.48 28 February 2007 26.15 1 March 2007 26.19 2 March 2007 26.59 5 March 2007 28.24 6 March 2007 27.09 7 March 2007 26.84 8 March 2007 26.45 9 March 2007 26.94 12 March 2007 26.55 13 March 2007 27.37 14 March 2007 28.07 15 March 2007 27.24 16 March 2007 28.63 19 March 2007 27.68 20 March 2007 26.77 21 March 2007 25.40 22 March 2007 25.01 23 March 2007 24.76 26 March 2007 24.75 27 March 2007 25.01 28 March 2007 25.49 29 March 2007 25.55 30 March 2007 25.92 2 April 2007 26.60 3 April 2007 26.73 4 April 2007 26.80 5 April 2007 25.87 6 April 2007 25.93 9 April 2007 25.91 10 April 2007 25.66 11 April 2007 24.97 12 April 2007 24.88 13 April 2007 24.74 16 April 2007 24.51 17 April 2007 24.50 18 April 2007 24.33 19 April 2007 23.58 20 April 2007 23.29 23 April 2007 23.10 24 April 2007 23.01 25 April 2007 23.34 26 April 2007 23.98 27 April 2007 23.92 30 April 2007 24.04 1 May 2007 23.87 2 May 2007 23.75 3 May 2007 23.65 4 May 2007 23.53 7 May 2007 23.32 8 May 2007 23.22 9 May 2007 23.17 10 May 2007 23.18 11 May 2007 23.02 14 May 2007 22.83 15 May 2007 22.64 16 May 2007 22.55 17 May 2007 22.51 18 May 2007 22.55 21 May 2007 22.49 22 May 2007 22.62 23 May 2007 22.65 24 May 2007 22.67 25 May 2007 22.80 28 May 2007 22.80 29 May 2007 22.91 30 May 2007 23.17 31 May 2007 22.99 1 June 2007 22.99 4 June 2007 22.96 5 June 2007 23.13 6 June 2007 23.57 7 June 2007 23.96 8 June 2007 24.40 11 June 2007 24.43 12 June 2007 24.85 13 June 2007 25.08 14 June 2007 24.68 15 June 2007 24.16 18 June 2007 24.50 19 June 2007 24.41 20 June 2007 26.45 21 June 2007 27.14 22 June 2007 27.71 25 June 2007 28.04 26 June 2007 27.83 27 June 2007 28.17 28 June 2007 28.11 29 June 2007 28.82 2 July 2007 29.28 3 July 2007 29.09 4 July 2007 29.19 5 July 2007 29.28 6 July 2007 29.22 9 July 2007 29.73 10 July 2007 32.24 11 July 2007 38.78 12 July 2007 36.97 13 July 2007 36.64 16 July 2007 36.03 17 July 2007 37.46 18 July 2007 40.12 19 July 2007 40.04 20 July 2007 47.14 23 July 2007 47.06 24 July 2007 49.67 25 July 2007 53.64 26 July 2007 73.62 27 July 2007 76.73 30 July 2007 74.57 31 July 2007 64.36 1 August 2007 67.39 2 August 2007 65.11 3 August 2007 72.38 6 August 2007 75.74 7 August 2007 69.16 8 August 2007 60.30 9 August 2007 66.45 10 August 2007 70.89 13 August 2007 66.27 14 August 2007 67.75 15 August 2007 71.44 16 August 2007 72.65 17 August 2007 67.95 20 August 2007 61.11 21 August 2007 58.37 22 August 2007 54.80 23 August 2007 53.89 24 August 2007 55.24 27 August 2007 53.92 28 August 2007 56.05 29 August 2007 58.58 30 August 2007 60.78 31 August 2007 59.92 3 September 2007 59.60 4 September 2007 58.35 5 September 2007 58.05 6 September 2007 57.56 7 September 2007 58.99 10 September 2007 58.86 11 September 2007 56.79 12 September 2007 57.22 13 September 2007 55.88 14 September 2007 55.12 17 September 2007 54.25 18 September 2007 47.79 19 September 2007 44.37 20 September 2007 40.70 21 September 2007 40.74 24 September 2007 45.12 25 September 2007 48.75 26 September 2007 46.00 27 September 2007 46.71 28 September 2007 47.27 1 October 2007 46.94 2 October 2007 46.30 3 October 2007 46.29 4 October 2007 44.85 5 October 2007 44.59 8 October 2007 44.57 9 October 2007 40.57 10 October 2007 40.79 11 October 2007 40.26 12 October 2007 42.50 15 October 2007 42.73 16 October 2007 45.96 17 October 2007 48.34 18 October 2007 48.13 19 October 2007 52.13 22 October 2007 50.71 23 October 2007 48.49 24 October 2007 50.62 25 October 2007 52.60 26 October 2007 53.46 29 October 2007 51.66 30 October 2007 52.57 31 October 2007 56.20 1 November 2007 65.34 2 November 2007 79.15 5 November 2007 81.51 6 November 2007 77.76 7 November 2007 86.28 8 November 2007 89.36 9 November 2007 89.52 12 November 2007 89.40 13 November 2007 79.47 14 November 2007 73.21 15 November 2007 77.05 16 November 2007 77.68 19 November 2007 86.23 20 November 2007 92.02 21 November 2007 97.79 22 November 2007 98.13 23 November 2007 93.54 26 November 2007 91.24 27 November 2007 85.80 28 November 2007 73.53 29 November 2007 73.81 30 November 2007 68.96 3 December 2007 75.26 4 December 2007 81.23 5 December 2007 78.74 6 December 2007 72.79 7 December 2007 67.08 10 December 2007 63.98 11 December 2007 68.33 12 December 2007 67.56 13 December 2007 69.62 14 December 2007 69.80 17 December 2007 70.11 18 December 2007 69.06 19 December 2007 69.57 20 December 2007 69.36 21 December 2007 69.25 24 December 2007 69.20 25 December 2007 69.18 26 December 2007 68.98 27 December 2007 69.07 28 December 2007 68.96 31 December 2007 69.34 1 January 2008 69.41 2 January 2008 71.27 3 January 2008 73.57 4 January 2008 78.41 7 January 2008 81.28 8 January 2008 83.49 9 January 2008 87.69 10 January 2008 86.25 11 January 2008 90.10 14 January 2008 86.92 15 January 2008 86.22 16 January 2008 84.90 17 January 2008 89.17 18 January 2008 92.27 21 January 2008 94.79 22 January 2008 99.03 23 January 2008 88.97 24 January 2008 80.63 25 January 2008 78.81 28 January 2008 81.55 29 January 2008 80.30 30 January 2008 81.31 31 January 2008 85.88 1 February 2008 83.95 4 February 2008 84.07 5 February 2008 89.15 6 February 2008 90.79 7 February 2008 93.61 8 February 2008 98.92 11 February 2008 106.33 12 February 2008 110.10 13 February 2008 110.86 14 February 2008 112.62 15 February 2008 123.21 18 February 2008 125.07 19 February 2008 128.29 20 February 2008 132.87 21 February 2008 132.67 22 February 2008 133.65 25 February 2008 135.76 26 February 2008 134.74 27 February 2008 137.90 28 February 2008 147.93 29 February 2008 165.15 3 March 2008 174.30 4 March 2008 186.25 5 March 2008 186.01 6 March 2008 201.49 7 March 2008 209.09 10 March 2008 235.72 11 March 2008 221.71 12 March 2008 215.62 13 March 2008 227.86 14 March 2008 237.52 17 March 2008 241.13 18 March 2008 168.87 19 March 2008 167.12 20 March 2008 167.39 21 March 2008 167.91 24 March 2008 140.66 25 March 2008 141.82 26 March 2008 151.48 27 March 2008 156.28 28 March 2008 159.71 31 March 2008 159.38 1 April 2008 145.39 2 April 2008 132.15 3 April 2008 126.27 4 April 2008 121.34 7 April 2008 115.83 8 April 2008 120.29 9 April 2008 125.46 10 April 2008 130.36 11 April 2008 129.30 14 April 2008 127.93 15 April 2008 123.13 16 April 2008 110.33 17 April 2008 107.92 18 April 2008 92.30 21 April 2008 95.01 22 April 2008 97.45 23 April 2008 99.25 24 April 2008 101.27 25 April 2008 97.86 28 April 2008 94.80 29 April 2008 96.29 30 April 2008 90.67 1 May 2008 86.07 2 May 2008 78.62 5 May 2008 80.74 6 May 2008 84.98 7 May 2008 86.21 8 May 2008 86.90 9 May 2008 87.76 12 May 2008 87.76 13 May 2008 85.04 14 May 2008 83.60 15 May 2008 82.67 16 May 2008 81.33 19 May 2008 80.76 20 May 2008 81.41 21 May 2008 83.41 22 May 2008 91.96 23 May 2008 93.72 26 May 2008 93.84 27 May 2008 95.46 28 May 2008 90.90 29 May 2008 88.98 30 May 2008 88.37 2 June 2008 91.97 3 June 2008 93.02 4 June 2008 96.61 5 June 2008 91.49 6 June 2008 94.26 9 June 2008 94.95 10 June 2008 98.87 11 June 2008 101.85 12 June 2008 100.37 13 June 2008 100.26 16 June 2008 98.88 17 June 2008 93.06 18 June 2008 96.37 19 June 2008 99.34 20 June 2008 105.91 23 June 2008 104.47 24 June 2008 107.49 25 June 2008 105.97 26 June 2008 121.47 27 June 2008 122.24 30 June 2008 118.64 1 July 2008 123.51 2 July 2008 118.27 3 July 2008 118.15 4 July 2008 118.05 7 July 2008 117.40 8 July 2008 117.93 9 July 2008 116.40 10 July 2008 119.45 11 July 2008 127.51 14 July 2008 128.85 15 July 2008 146.31 16 July 2008 143.58 17 July 2008 133.14 18 July 2008 131.47 21 July 2008 124.10 22 July 2008 122.62 23 July 2008 111.73 24 July 2008 114.54 25 July 2008 121.53 28 July 2008 124.33 29 July 2008 120.04 30 July 2008 112.73 31 July 2008 113.03 1 August 2008 112.51 4 August 2008 112.76 5 August 2008 109.59 6 August 2008 108.09 7 August 2008 110.51 8 August 2008 112.55 11 August 2008 109.47 12 August 2008 111.69 13 August 2008 119.38 14 August 2008 119.70 15 August 2008 120.93 18 August 2008 124.94 19 August 2008 135.95 20 August 2008 134.70 21 August 2008 140.05 22 August 2008 133.98 25 August 2008 136.01 26 August 2008 139.57 27 August 2008 139.24 28 August 2008 131.46 29 August 2008 130.58 1 September 2008 130.63 2 September 2008 126.51 3 September 2008 129.90 4 September 2008 135.04 5 September 2008 140.16 8 September 2008 132.68 9 September 2008 143.03 10 September 2008 147.16 Note. Median spread for 10 investment banks. Source. Markit. Figure: Lehman Brothers stock price Daily Date Basis points 2 January 2008 62.19 3 January 2008 61.00 4 January 2008 58.35 7 January 2008 58.05 8 January 2008 55.65 9 January 2008 54.99 10 January 2008 57.82 11 January 2008 58.15 14 January 2008 59.20 15 January 2008 55.71 16 January 2008 58.06 17 January 2008 54.66 18 January 2008 53.25 22 January 2008 54.93 23 January 2008 58.96 24 January 2008 59.56 25 January 2008 57.87 28 January 2008 60.63 29 January 2008 62.53 30 January 2008 62.59 31 January 2008 64.05 1 February 2008 66.00 4 February 2008 63.82 5 February 2008 59.82 6 February 2008 58.18 7 February 2008 60.48 8 February 2008 60.04 11 February 2008 58.25 12 February 2008 56.26 13 February 2008 55.31 14 February 2008 54.39 15 February 2008 54.77 19 February 2008 53.57 20 February 2008 55.39 21 February 2008 54.14 22 February 2008 54.22 25 February 2008 55.57 26 February 2008 56.84 27 February 2008 57.46 28 February 2008 54.68 29 February 2008 50.99 3 March 2008 48.61 4 March 2008 48.35 5 March 2008 48.06 6 March 2008 46.03 7 March 2008 46.36 10 March 2008 42.98 11 March 2008 46.31 12 March 2008 44.95 13 March 2008 45.99 14 March 2008 39.26 17 March 2008 31.75 18 March 2008 46.49 19 March 2008 42.23 20 March 2008 48.65 24 March 2008 46.64 25 March 2008 45.21 26 March 2008 42.49 27 March 2008 38.71 28 March 2008 37.87 31 March 2008 37.64 1 April 2008 44.34 2 April 2008 44.07 3 April 2008 43.32 4 April 2008 44.05 7 April 2008 44.60 8 April 2008 43.67 9 April 2008 40.54 10 April 2008 40.25 11 April 2008 39.87 14 April 2008 39.38 15 April 2008 39.67 16 April 2008 41.72 17 April 2008 43.64 18 April 2008 45.50 21 April 2008 45.10 22 April 2008 44.57 23 April 2008 43.69 24 April 2008 46.38 25 April 2008 46.87 28 April 2008 47.52 29 April 2008 46.57 30 April 2008 44.24 1 May 2008 46.93 2 May 2008 47.02 5 May 2008 45.80 6 May 2008 46.31 7 May 2008 43.64 8 May 2008 42.93 9 May 2008 43.54 12 May 2008 44.72 13 May 2008 42.95 14 May 2008 42.23 15 May 2008 44.77 16 May 2008 43.64 19 May 2008 42.79 20 May 2008 42.00 21 May 2008 39.56 22 May 2008 38.50 23 May 2008 36.11 27 May 2008 37.20 28 May 2008 36.84 29 May 2008 37.37 30 May 2008 36.81 2 June 2008 33.83 3 June 2008 30.61 4 June 2008 31.40 5 June 2008 33.85 6 June 2008 32.29 9 June 2008 29.48 10 June 2008 27.50 11 June 2008 23.75 12 June 2008 22.70 13 June 2008 25.81 16 June 2008 27.20 17 June 2008 25.14 18 June 2008 24.78 19 June 2008 24.46 20 June 2008 24.20 23 June 2008 22.80 24 June 2008 24.35 25 June 2008 24.69 26 June 2008 22.61 27 June 2008 22.25 30 June 2008 19.81 1 July 2008 20.96 2 July 2008 22.36 3 July 2008 22.85 7 July 2008 20.84 8 July 2008 22.27 9 July 2008 19.74 10 July 2008 17.30 11 July 2008 14.43 14 July 2008 12.40 15 July 2008 13.22 16 July 2008 16.65 17 July 2008 18.90 18 July 2008 19.11 21 July 2008 18.32 22 July 2008 20.20 23 July 2008 21.10 24 July 2008 18.52 25 July 2008 17.05 28 July 2008 15.27 29 July 2008 16.88 30 July 2008 18.23 31 July 2008 17.34 1 August 2008 18.65 4 August 2008 17.94 5 August 2008 20.24 6 August 2008 20.46 7 August 2008 17.67 8 August 2008 18.62 11 August 2008 18.44 12 August 2008 16.21 13 August 2008 15.57 14 August 2008 16.20 15 August 2008 16.17 18 August 2008 15.03 19 August 2008 13.07 20 August 2008 13.73 21 August 2008 13.72 22 August 2008 14.41 25 August 2008 13.45 26 August 2008 14.03 27 August 2008 14.78 28 August 2008 15.87 29 August 2008 16.09 2 September 2008 16.13 3 September 2008 16.94 4 September 2008 15.17 5 September 2008 16.20 8 September 2008 14.15 9 September 2008 7.79 10 September 2008 7.25 11 September 2008 4.22 Figure: CDS spreads for commercial banks Daily Basis points Date Regional bank index Large bank index 1 January 2007 14.47 7.55 2 January 2007 14.39 6.87 3 January 2007 15.10 6.96 4 January 2007 15.10 6.81 5 January 2007 15.10 7.56 8 January 2007 15.10 7.51 9 January 2007 15.10 7.30 10 January 2007 15.10 7.10 11 January 2007 15.10 7.15 12 January 2007 14.40 7.32 15 January 2007 14.40 7.34 16 January 2007 14.41 7.41 17 January 2007 13.73 7.33 18 January 2007 13.73 7.31 19 January 2007 13.73 7.31 22 January 2007 13.73 7.32 23 January 2007 13.75 6.95 24 January 2007 13.75 7.76 25 January 2007 13.75 7.88 26 January 2007 13.75 7.94 29 January 2007 13.75 7.89 30 January 2007 13.75 7.03 31 January 2007 13.77 7.05 1 February 2007 13.77 7.03 2 February 2007 13.77 7.04 5 February 2007 13.77 7.82 6 February 2007 13.77 7.84 7 February 2007 13.77 8.11 8 February 2007 13.79 8.08 9 February 2007 13.79 8.12 12 February 2007 13.79 8.24 13 February 2007 13.79 8.42 14 February 2007 13.79 8.66 15 February 2007 13.79 8.58 16 February 2007 13.79 8.59 19 February 2007 13.79 8.63 20 February 2007 12.78 8.64 21 February 2007 16.28 8.53 22 February 2007 13.75 8.60 23 February 2007 14.26 9.30 26 February 2007 14.78 9.46 27 February 2007 14.78 10.49 28 February 2007 14.78 10.54 1 March 2007 14.78 10.54 2 March 2007 14.78 10.55 5 March 2007 14.79 10.58 6 March 2007 14.79 10.53 7 March 2007 14.79 10.93 8 March 2007 14.79 10.94 9 March 2007 14.79 10.87 12 March 2007 14.80 11.17 13 March 2007 14.80 11.28 14 March 2007 14.80 14.08 15 March 2007 14.80 14.15 16 March 2007 16.14 14.89 19 March 2007 16.14 15.41 20 March 2007 16.35 15.15 21 March 2007 16.18 14.32 22 March 2007 16.18 13.35 23 March 2007 16.17 12.97 26 March 2007 16.17 12.26 27 March 2007 16.17 12.15 28 March 2007 16.25 12.60 29 March 2007 16.25 12.59 30 March 2007 16.33 12.67 2 April 2007 16.33 12.98 3 April 2007 16.33 13.06 4 April 2007 16.33 13.07 5 April 2007 16.33 13.16 6 April 2007 16.33 13.16 9 April 2007 16.25 13.16 10 April 2007 16.29 13.06 11 April 2007 16.29 12.72 12 April 2007 16.29 12.54 13 April 2007 16.29 12.54 16 April 2007 16.29 12.55 17 April 2007 16.29 12.56 18 April 2007 16.29 12.69 19 April 2007 16.29 12.63 20 April 2007 16.29 12.39 23 April 2007 16.25 12.26 24 April 2007 16.25 12.23 25 April 2007 16.68 12.22 26 April 2007 16.33 12.41 27 April 2007 16.33 12.14 30 April 2007 16.33 12.05 1 May 2007 16.33 9.15 2 May 2007 16.33 12.51 3 May 2007 16.33 12.34 4 May 2007 16.25 11.07 7 May 2007 16.33 11.04 8 May 2007 16.42 11.02 9 May 2007 15.01 11.03 10 May 2007 15.01 9.93 11 May 2007 14.75 9.98 14 May 2007 14.76 11.06 15 May 2007 14.76 11.06 16 May 2007 15.76 11.02 17 May 2007 15.76 11.02 18 May 2007 14.77 11.02 21 May 2007 14.77 11.06 22 May 2007 14.77 11.04 23 May 2007 14.77 11.04 24 May 2007 14.77 11.02 25 May 2007 14.78 9.50 28 May 2007 15.37 9.50 29 May 2007 14.84 9.50 30 May 2007 15.50 9.50 31 May 2007 15.41 9.50 1 June 2007 15.23 9.50 4 June 2007 15.23 9.50 5 June 2007 15.07 9.50 6 June 2007 15.10 9.50 7 June 2007 15.27 9.32 8 June 2007 15.56 9.32 11 June 2007 15.62 9.32 12 June 2007 15.63 9.32 13 June 2007 15.80 9.59 14 June 2007 15.88 9.79 15 June 2007 15.78 9.74 18 June 2007 15.27 9.94 19 June 2007 15.51 9.84 20 June 2007 15.88 9.49 21 June 2007 15.88 9.49 22 June 2007 15.88 9.49 25 June 2007 15.73 9.49 26 June 2007 15.69 9.66 27 June 2007 16.25 9.66 28 June 2007 16.07 9.66 29 June 2007 16.33 10.78 2 July 2007 16.33 12.07 3 July 2007 16.33 11.54 4 July 2007 16.33 11.54 5 July 2007 16.33 11.54 6 July 2007 16.33 11.54 9 July 2007 16.33 11.54 10 July 2007 16.85 12.32 11 July 2007 16.87 12.32 12 July 2007 17.08 12.32 13 July 2007 17.30 12.32 16 July 2007 17.21 12.32 17 July 2007 18.23 12.42 18 July 2007 17.39 12.42 19 July 2007 18.73 16.29 20 July 2007 19.79 19.85 23 July 2007 19.70 19.73 24 July 2007 22.17 17.76 25 July 2007 22.55 20.36 26 July 2007 20.16 24.84 27 July 2007 25.00 24.02 30 July 2007 32.75 22.27 31 July 2007 35.32 31.93 1 August 2007 37.02 33.75 2 August 2007 35.50 33.75 3 August 2007 35.75 36.54 6 August 2007 39.47 38.89 7 August 2007 39.04 39.78 8 August 2007 39.09 35.72 9 August 2007 39.23 40.32 10 August 2007 39.76 40.58 13 August 2007 33.60 39.82 14 August 2007 37.00 43.06 15 August 2007 37.00 43.64 16 August 2007 37.00 43.66 17 August 2007 36.00 43.66 20 August 2007 35.67 40.00 21 August 2007 35.67 35.74 22 August 2007 34.58 34.72 23 August 2007 36.00 32.17 24 August 2007 35.89 33.82 27 August 2007 35.89 31.33 28 August 2007 36.26 34.29 29 August 2007 37.54 33.69 30 August 2007 35.72 34.17 31 August 2007 36.92 34.73 3 September 2007 36.92 34.84 4 September 2007 36.92 36.14 5 September 2007 36.92 35.97 6 September 2007 36.92 36.57 7 September 2007 36.82 37.65 10 September 2007 37.27 38.62 11 September 2007 37.18 38.28 12 September 2007 37.53 37.05 13 September 2007 37.51 36.76 14 September 2007 37.09 37.69 17 September 2007 37.10 37.55 18 September 2007 36.79 35.21 19 September 2007 36.89 29.50 20 September 2007 35.25 29.63 21 September 2007 35.25 30.00 24 September 2007 35.78 31.98 25 September 2007 35.25 33.00 26 September 2007 35.25 30.00 27 September 2007 35.25 32.33 28 September 2007 34.94 32.78 1 October 2007 35.25 32.26 2 October 2007 35.25 31.13 3 October 2007 35.25 29.38 4 October 2007 34.21 28.13 5 October 2007 34.37 27.07 8 October 2007 34.31 26.53 9 October 2007 35.25 24.71 10 October 2007 35.48 23.55 11 October 2007 34.06 23.26 12 October 2007 33.22 23.32 15 October 2007 33.22 24.33 16 October 2007 32.99 24.60 17 October 2007 34.12 26.77 18 October 2007 35.87 29.07 19 October 2007 35.25 30.54 22 October 2007 35.25 32.48 23 October 2007 35.25 32.60 24 October 2007 34.63 35.03 25 October 2007 34.63 36.42 26 October 2007 34.63 35.68 29 October 2007 34.63 31.99 30 October 2007 34.00 36.29 31 October 2007 34.00 36.37 1 November 2007 34.63 37.20 2 November 2007 35.65 43.72 5 November 2007 37.42 45.19 6 November 2007 37.58 43.80 7 November 2007 39.04 50.53 8 November 2007 38.90 59.62 9 November 2007 38.81 67.23 12 November 2007 38.79 67.21 13 November 2007 38.74 63.04 14 November 2007 38.68 53.42 15 November 2007 37.37 54.27 16 November 2007 36.08 54.84 19 November 2007 38.66 60.60 20 November 2007 39.53 64.03 21 November 2007 47.75 69.58 22 November 2007 47.75 70.96 23 November 2007 50.85 69.08 26 November 2007 47.75 68.90 27 November 2007 47.75 66.85 28 November 2007 54.78 64.21 29 November 2007 55.32 59.08 30 November 2007 57.10 55.77 3 December 2007 57.68 58.24 4 December 2007 57.97 58.88 5 December 2007 57.22 55.92 6 December 2007 55.42 53.74 7 December 2007 53.36 44.33 10 December 2007 53.36 43.67 11 December 2007 52.65 43.97 12 December 2007 49.44 45.59 13 December 2007 55.86 50.78 14 December 2007 55.87 51.86 17 December 2007 55.87 55.57 18 December 2007 50.35 58.52 19 December 2007 50.35 58.68 20 December 2007 50.35 59.24 21 December 2007 50.35 59.43 24 December 2007 50.35 59.43 25 December 2007 50.35 59.45 26 December 2007 50.35 58.31 27 December 2007 50.35 58.20 28 December 2007 50.35 58.17 31 December 2007 50.35 57.99 1 January 2008 50.35 57.99 2 January 2008 49.00 64.38 3 January 2008 48.92 67.68 4 January 2008 55.97 72.44 7 January 2008 57.56 75.24 8 January 2008 58.24 74.98 9 January 2008 59.91 80.00 10 January 2008 60.25 80.00 11 January 2008 58.29 80.00 14 January 2008 57.90 80.00 15 January 2008 57.70 79.87 16 January 2008 57.60 79.10 17 January 2008 68.05 80.00 18 January 2008 67.35 83.44 21 January 2008 66.99 84.99 22 January 2008 66.99 86.25 23 January 2008 66.82 80.00 24 January 2008 66.45 67.00 25 January 2008 66.45 66.35 28 January 2008 76.98 68.33 29 January 2008 76.98 68.20 30 January 2008 77.36 67.14 31 January 2008 77.03 69.99 1 February 2008 76.98 67.53 4 February 2008 76.98 68.41 5 February 2008 80.01 70.87 6 February 2008 80.01 71.82 7 February 2008 90.50 74.82 8 February 2008 90.38 76.14 11 February 2008 93.01 80.21 12 February 2008 97.18 84.58 13 February 2008 97.24 85.25 14 February 2008 97.26 86.35 15 February 2008 99.11 95.62 18 February 2008 99.04 95.72 19 February 2008 99.26 97.47 20 February 2008 101.66 99.74 21 February 2008 101.68 95.00 22 February 2008 93.33 94.55 25 February 2008 93.33 91.87 26 February 2008 93.11 86.58 27 February 2008 93.04 87.22 28 February 2008 94.77 93.73 29 February 2008 96.88 102.74 3 March 2008 99.13 106.32 4 March 2008 99.13 122.60 5 March 2008 100.13 119.62 6 March 2008 119.12 134.03 7 March 2008 107.00 137.33 10 March 2008 106.60 150.00 11 March 2008 106.15 133.75 12 March 2008 106.90 142.79 13 March 2008 108.19 152.70 14 March 2008 108.69 158.11 17 March 2008 110.47 158.39 18 March 2008 108.22 123.27 19 March 2008 108.14 116.08 20 March 2008 121.85 114.74 21 March 2008 121.85 114.80 24 March 2008 121.48 105.09 25 March 2008 121.39 89.99 26 March 2008 121.32 97.83 27 March 2008 121.22 97.39 28 March 2008 107.38 98.27 31 March 2008 108.14 98.19 1 April 2008 110.33 92.50 2 April 2008 108.66 92.67 3 April 2008 108.74 87.56 4 April 2008 109.01 84.55 7 April 2008 110.89 80.36 8 April 2008 110.21 82.71 9 April 2008 109.67 89.65 10 April 2008 109.97 93.90 11 April 2008 110.15 93.83 14 April 2008 110.28 97.31 15 April 2008 109.70 96.46 16 April 2008 108.61 88.84 17 April 2008 108.69 86.45 18 April 2008 109.05 75.30 21 April 2008 108.89 74.78 22 April 2008 108.80 77.41 23 April 2008 108.48 77.77 24 April 2008 108.64 79.23 25 April 2008 108.33 75.98 28 April 2008 103.39 70.49 29 April 2008 103.74 68.76 30 April 2008 103.35 64.24 1 May 2008 103.39 58.50 2 May 2008 103.02 55.17 5 May 2008 102.84 61.63 6 May 2008 102.64 67.38 7 May 2008 102.35 68.17 8 May 2008 97.61 68.58 9 May 2008 98.09 69.42 12 May 2008 98.28 68.03 13 May 2008 97.71 66.57 14 May 2008 97.54 65.05 15 May 2008 97.97 62.35 16 May 2008 98.03 61.39 19 May 2008 96.19 60.60 20 May 2008 96.86 62.75 21 May 2008 97.36 64.75 22 May 2008 99.57 68.80 23 May 2008 99.68 69.98 26 May 2008 99.70 70.24 27 May 2008 99.57 75.40 28 May 2008 99.43 77.40 29 May 2008 99.76 77.44 30 May 2008 99.62 76.81 2 June 2008 99.95 80.66 3 June 2008 99.54 81.98 4 June 2008 99.20 87.75 5 June 2008 98.92 85.05 6 June 2008 99.07 85.35 9 June 2008 99.48 85.49 10 June 2008 99.49 86.43 11 June 2008 99.36 86.40 12 June 2008 99.19 84.89 13 June 2008 99.21 84.58 16 June 2008 94.79 83.45 17 June 2008 96.06 80.67 18 June 2008 107.49 82.60 19 June 2008 111.55 86.04 20 June 2008 115.37 94.00 23 June 2008 130.32 92.13 24 June 2008 131.15 96.67 25 June 2008 132.59 95.14 26 June 2008 139.32 102.61 27 June 2008 165.64 106.90 30 June 2008 143.22 109.50 1 July 2008 161.34 120.80 2 July 2008 161.13 116.46 3 July 2008 174.71 116.05 4 July 2008 175.64 114.06 7 July 2008 148.02 113.98 8 July 2008 150.74 113.10 9 July 2008 146.34 108.50 10 July 2008 151.88 110.35 11 July 2008 152.30 113.65 14 July 2008 157.04 114.21 15 July 2008 162.73 130.30 16 July 2008 163.95 131.31 17 July 2008 172.11 122.61 18 July 2008 165.49 122.63 21 July 2008 161.74 112.87 22 July 2008 161.31 111.94 23 July 2008 161.07 94.33 24 July 2008 158.47 96.77 25 July 2008 156.07 107.28 28 July 2008 156.30 113.02 29 July 2008 157.73 112.42 30 July 2008 164.35 105.38 31 July 2008 164.35 104.87 1 August 2008 163.05 105.32 4 August 2008 163.25 105.52 5 August 2008 163.05 101.78 6 August 2008 154.30 98.91 7 August 2008 154.30 101.20 8 August 2008 155.80 105.40 11 August 2008 155.80 113.00 12 August 2008 160.97 111.83 13 August 2008 161.47 115.75 14 August 2008 164.45 116.50 15 August 2008 155.10 116.04 18 August 2008 155.10 116.70 19 August 2008 160.10 123.41 20 August 2008 169.45 121.47 21 August 2008 170.45 128.66 22 August 2008 170.45 128.24 25 August 2008 170.45 130.01 26 August 2008 170.95 130.60 27 August 2008 173.45 132.93 28 August 2008 171.95 128.88 29 August 2008 165.10 128.42 1 September 2008 165.10 128.16 2 September 2008 164.63 123.32 3 September 2008 162.63 121.01 4 September 2008 165.45 123.33 5 September 2008 165.97 129.38 8 September 2008 165.97 120.90 9 September 2008 167.63 127.23 10 September 2008 167.63 131.72 Note. Median spreads for 7 regional and 5 large commercial banks. Source. Markit. As shown in each figure, a vertical line marks the FOMC meeting on August 5, 2008. [Box:] Market Effects of Conservatorship for Fannie Mae and Freddie Mac Figure: GSE preferred stock prices A line chart shows two series, "Fannie Mae", and "Freddie Mac", from late May 2008 through September 10, 2008. Data is daily; unit is dollars. The FHFA announcement is marked with a vertical tripwire. The two series track closely throughout the period. The "Fannie Mae" series begins at about 24 in late May 2008, generally decreases to about 13 in July 2008, and to about 11 in August 2008. The series increases to about 14 around the time of FHFA announcement, and generally decreases to end at about 2.5 on September 10, 2008. The "Freddie Mac" series begins at about 25 in late May 2008, generally decreases to about 13 in July 2008, and to about 10 in August 2008. The series increases to about 14 around the time of FHFA announcement, and generally decreases to end at about 2 on September 10, 2008. Figure: GSE yield spreads A line chart shows three series, "Fannie Mae 30-year MBS"*, "Fannie Mae 10-year", and "Freddie Mac 10-year", from late May 2008 through September 10, 2008. Data is daily; unit is basis points. The FHFA announcement is marked with a vertical tripwire. The "Fannie Mae 30-year MBS" series begins at about 110 in late May 2008, generally increases to about 180 in August 2008, and generally decreases to about 150 around the time of FHFA announcement. It then generally decreases to end at about 90 on September 10, 2008. The "Fannie Mae 10-year" series begins at about 50 in late May 2008, generally increases to about 80 in July 2008, and generally decreases back to about 50 in July 2008. It then generally increases to about 95 in August 2008, and decreases to about 75 around the time of FHFA announcement. The series generally decreases and ends at about 49 in September 10, 2008. The "Freddie Mac 10-year" series begins at about 49 in late May 2008, generally increases to about 79 in July 2008, and generally decreases back to about 50 in July 2008. It then generally increases to about 90 in August 2008, and decreases to about 75 around the time of FHFA announcement. The series generally decreases and ends at about 49 in September 10, 2008. Note. Spreads over Treasury. * option-adjusted. Return to text Figure: GSE auction stop-out spread to OIS A line chart shows two series, "Fannie Mae 3month", and "Freddie Mac 3month", from June 2008 through September 10, 2008. Data is weekly; unit is basis points. The FHFA announcement is marked with a vertical tripwire. The "Fannie Mae 3month" series begins at about 20 in June 2008, generally increases to about 52 in July 2008, decreases to about 36 in August 2008 and generally increases to about 55 in early September 2008. The series decreases to about 45 around the time of FHFA announcement and continues to decrease to end at about 21 on September 10, 2008. The "Freddie Mac 3month" series begins at about 21 in June 2008, generally increases to about 50 in July 2008, decreases to about 35 in August 2008, and generally increases to about 55 in late August 2008. The generally decreases to about 25 around the time of FHFA announcement, and continues to decrease to end at about 10 on September 10, 2008. [Box:] Recent Developments at Commercial Banks Figure: Return on assets by bank size A line chart shows two series, "Other", and "Top 25", from 1990 through 2008. Data quarterly, SAAR; unit is percent. The "Other" series begins at about 0.6 percent in 1990, decreases to about 0.3 in early 1991, and generally increases to about 1.55 in 1998 and 1999. The series decreases to about 1.2 in 2000, 1.2 in 2000, generally increases to about 1.5 in late 2003, and generally decreases to end at about 0.4 in 2008. The "Top 25" series begins at about 0.5 percent in 1990, generally decreases to about 0.1 in 1991, and generally increases to about 1.2 in 1993. It then fluctuates between about 0.75 and 1.3 through 2001, generally increases to about 1.6 in early 2007, and generally decreases to end at about 0.3 in 2008. Figure: Regulatory capital ratios A line chart shows three series, "Total (tier one and tier two)", "Tier one", and "Leverage", from 1990 through 2008. Data is quarterly; unit is percent. The "Total (tier one and tier two" series begins at about 9.5 percent in 1990, increases to about 13 in 1994, and generally decreases to end at about 12.4 in 2008. The "Tier one" series begins at about 7.6 in 1990, increases to about 10.7 in 1994, and generally decreases to end at about 9.5 in 2008. The "Leverage" series begins at about 6.3 in 1990, increases to about 7.8 in 1994, fluctuates between about 7.8 and 8 through 2007 and ends at about 7.6 in 2008. Figure: Reserve adequacy and delinquency rate, all loans A line chart shows two series, "Loan-loss reserves to chargeoffs (left scale)", and "Delinquency rate (right scale)", from 1985 through 2008. The left scale ranges from 0 to 25; unit is number of quarters. The right scale ranges from 0 to 7; unit is percent. Data is quarterly. The "Loan-loss reserves to chargeoffs" series begins at about 7 in 1985, increases to about 12 in 1987, generally decreases to about 6 in 1991, and generally increases to about 21.5 in 1994. It generally decreases to about 6.5 in 2001, generally increases to about 3.75 in 13 in 2005 and decreases to end at about 5 in 2008. The "Delinquency rate" series begins at about 4.5 in 1985, generally increases to about 6.2 in 1991, generally decreases to about 1.5 in 2006 and increases to end at about 3.25 in 2008. Chart 2 Interest Rate Developments Figure: Expected federal funds rates* Percent Date September 11, 2008 August 4, 2008 15 September 2008 1.98 2.02 15 October 2008 1.96 2.06 17 November 2008 1.91 2.12 15 December 2008 1.88 2.15 15 January 2009 1.88 2.20 16 February 2009 1.88 2.33 16 March 2009 1.89 2.38 1 May 2009 2.02 2.54 3 August 2009 2.16 2.71 2 November 2009 2.27 2.94 1 February 2010 2.55 3.23 3 May 2010 2.72 3.44 2 August 2010 2.96 3.63 1 November 2010 3.06 3.75 * 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 September FOMC meeting A bar chart shows two series, "Futures market"* and "Desk's survey"**, in terms of values that are 1.75, 2.00 and 2.25. Unit is percent. The "Futures market" series for the value of 1.75 is at about 7 percent, for the value of 2.00 is at about 86 percent and for the value of 2.25 is at about 5 percent. The "Desk's survey" series for the value of 1.75 is at about 5 percent, for the value of 2.00 is at about 92 percent and for the value of 2.25 is at about 2.25 percent respectively. * Derived from options on federal funds futures. Return to text ** Survey of primary dealer economists on Sept 8, 2008. Return to text Figure: Implied distribution of federal funds rate six months ahead* Percent Rate Recent: 9/11/2008 Last FOMC: 8/4/2008 0.25 1.96 0.00 0.50 0.57 0.02 0.75 0.73 1.03 1.00 2.71 1.05 1.25 5.28 2.03 1.50 7.85 3.05 1.75 13.29 3.13 2.00 18.58 8.74 2.25 17.73 21.49 2.50 12.08 15.08 2.75 7.71 13.02 3.00 3.60 10.06 3.25 2.36 6.58 3.50 2.54 5.60 3.75 1.12 4.01 4.00 0.00 1.06 4.25 0.84 1.55 4.50 1.05 1.48 4.75 0.00 0.01 5.00 0.00 0.00 5.25 0.00 0.02 5.50 0.00 1.01 * 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: Implied volatilities Daily Basis points Date 12-month Eurodollar 6-month Eurodollar* 2 January 2004 262.22 107.30 5 January 2004 262.03 107.95 6 January 2004 244.02 96.73 7 January 2004 240.90 90.64 8 January 2004 240.20 88.49 9 January 2004 215.71 72.31 12 January 2004 217.93 75.93 13 January 2004 213.23 74.81 14 January 2004 216.56 73.82 15 January 2004 220.11 74.34 16 January 2004 219.84 75.18 20 January 2004 219.73 75.48 21 January 2004 213.35 74.66 22 January 2004 205.54 75.05 23 January 2004 214.89 75.48 26 January 2004 223.08 75.95 27 January 2004 216.05 77.07 28 January 2004 231.98 85.24 29 January 2004 240.53 88.83 30 January 2004 237.26 89.23 2 February 2004 236.09 89.61 3 February 2004 232.32 87.63 4 February 2004 233.48 90.86 5 February 2004 239.70 96.05 6 February 2004 223.49 84.14 9 February 2004 225.54 85.22 10 February 2004 232.12 91.92 11 February 2004 209.03 77.31 12 February 2004 204.73 75.49 13 February 2004 198.34 74.57 17 February 2004 199.01 75.79 18 February 2004 200.33 77.81 19 February 2004 202.84 77.95 20 February 2004 209.65 81.57 23 February 2004 205.71 81.27 24 February 2004 204.47 82.52 25 February 2004 204.86 81.45 26 February 2004 208.85 82.15 27 February 2004 207.11 81.50 1 March 2004 213.89 82.52 2 March 2004 219.05 86.60 3 March 2004 225.23 90.14 4 March 2004 223.02 92.40 5 March 2004 195.85 65.47 8 March 2004 196.66 63.62 9 March 2004 197.44 64.10 10 March 2004 200.22 65.63 11 March 2004 203.01 66.24 12 March 2004 206.62 68.48 15 March 2004 206.48 74.63 16 March 2004 202.24 68.80 17 March 2004 199.32 67.87 18 March 2004 204.76 67.96 19 March 2004 202.93 68.57 22 March 2004 201.14 70.79 23 March 2004 201.93 71.37 24 March 2004 201.17 71.77 25 March 2004 201.20 70.96 26 March 2004 209.57 77.24 29 March 2004 214.47 79.80 30 March 2004 216.70 78.40 31 March 2004 210.85 79.50 1 April 2004 262.46 87.97 2 April 2004 242.22 94.32 5 April 2004 243.46 98.96 6 April 2004 231.30 94.87 7 April 2004 231.45 95.29 8 April 2004 232.75 95.86 12 April 2004 237.57 97.17 13 April 2004 228.25 98.62 14 April 2004 246.02 102.64 15 April 2004 246.27 104.17 16 April 2004 238.42 100.78 19 April 2004 245.86 103.12 20 April 2004 247.62 104.74 21 April 2004 255.32 106.33 22 April 2004 247.70 106.38 23 April 2004 258.96 111.70 26 April 2004 261.71 114.35 27 April 2004 263.73 113.59 28 April 2004 271.54 119.21 29 April 2004 272.29 118.94 30 April 2004 269.07 117.05 3 May 2004 270.51 120.28 4 May 2004 269.30 119.44 5 May 2004 268.16 119.01 6 May 2004 274.43 123.20 7 May 2004 275.78 119.49 10 May 2004 280.52 122.04 11 May 2004 278.21 122.68 12 May 2004 280.30 125.29 13 May 2004 286.69 127.76 14 May 2004 282.28 128.76 17 May 2004 285.56 129.47 18 May 2004 285.29 131.39 19 May 2004 287.43 132.81 20 May 2004 285.01 133.85 21 May 2004 292.17 135.87 24 May 2004 291.05 136.56 25 May 2004 286.80 137.89 26 May 2004 289.06 137.91 27 May 2004 296.30 146.67 28 May 2004 286.28 142.20 1 June 2004 289.91 142.95 2 June 2004 297.19 144.68 3 June 2004 295.05 143.76 4 June 2004 288.47 138.74 7 June 2004 275.63 129.89 8 June 2004 280.82 129.21 9 June 2004 286.80 129.92 10 June 2004 286.57 137.27 11 June 2004 293.44 137.55 14 June 2004 307.47 152.64 15 June 2004 292.35 140.02 16 June 2004 291.48 140.46 17 June 2004 286.84 140.74 18 June 2004 284.52 137.78 21 June 2004 280.72 136.04 22 June 2004 277.45 134.35 23 June 2004 279.19 135.54 24 June 2004 276.98 135.82 25 June 2004 269.81 133.93 28 June 2004 274.21 136.56 29 June 2004 270.43 136.60 30 June 2004 241.82 127.35 1 July 2004 253.37 131.74 2 July 2004 242.88 125.03 6 July 2004 247.17 124.99 7 July 2004 248.28 124.72 8 July 2004 250.32 126.84 9 July 2004 248.83 127.13 12 July 2004 248.71 126.80 13 July 2004 252.58 128.45 14 July 2004 251.39 129.50 15 July 2004 250.06 127.83 16 July 2004 244.66 120.95 19 July 2004 245.62 122.68 20 July 2004 248.48 117.45 21 July 2004 246.09 115.18 22 July 2004 243.58 110.85 23 July 2004 240.14 110.36 26 July 2004 243.73 110.74 27 July 2004 247.07 111.97 28 July 2004 247.20 112.92 29 July 2004 247.50 116.93 30 July 2004 243.98 118.94 2 August 2004 250.36 124.79 3 August 2004 248.66 124.38 4 August 2004 251.89 123.75 5 August 2004 251.93 127.40 6 August 2004 244.92 121.65 9 August 2004 252.54 124.34 10 August 2004 247.04 120.55 11 August 2004 243.18 120.84 12 August 2004 239.26 118.75 13 August 2004 239.77 119.04 16 August 2004 242.83 120.86 17 August 2004 242.59 118.79 18 August 2004 243.88 119.57 19 August 2004 245.45 122.28 20 August 2004 245.15 122.32 23 August 2004 246.09 123.99 24 August 2004 247.17 124.16 25 August 2004 245.15 119.07 26 August 2004 244.01 119.58 27 August 2004 243.26 119.41 30 August 2004 242.47 121.64 31 August 2004 236.68 121.17 1 September 2004 235.38 121.93 2 September 2004 259.22 130.81 3 September 2004 241.88 115.50 7 September 2004 237.34 114.60 8 September 2004 227.63 107.43 9 September 2004 226.68 109.02 10 September 2004 226.19 109.16 13 September 2004 225.06 109.08 14 September 2004 219.62 106.07 15 September 2004 224.57 105.96 16 September 2004 219.56 106.89 17 September 2004 221.75 109.81 20 September 2004 216.77 111.03 21 September 2004 210.73 103.77 22 September 2004 210.91 103.10 23 September 2004 214.74 103.33 24 September 2004 223.52 105.91 27 September 2004 226.10 107.79 28 September 2004 225.94 106.11 29 September 2004 228.18 104.30 30 September 2004 228.16 103.49 1 October 2004 225.77 96.14 4 October 2004 225.14 97.08 5 October 2004 227.30 93.29 6 October 2004 225.62 93.12 7 October 2004 214.78 92.75 8 October 2004 217.42 93.55 12 October 2004 214.76 97.33 13 October 2004 216.47 95.15 14 October 2004 212.24 97.03 15 October 2004 216.86 96.51 18 October 2004 213.96 93.98 19 October 2004 215.30 94.59 20 October 2004 214.12 96.84 21 October 2004 214.22 96.41 22 October 2004 213.50 94.96 25 October 2004 213.41 96.47 26 October 2004 213.66 93.75 27 October 2004 214.56 95.63 28 October 2004 215.20 98.51 29 October 2004 214.31 99.25 1 November 2004 218.21 101.30 2 November 2004 216.52 101.71 3 November 2004 214.80 104.72 4 November 2004 213.74 100.46 5 November 2004 214.08 98.55 8 November 2004 214.05 97.03 9 November 2004 211.14 94.34 11 November 2004 208.20 90.14 12 November 2004 206.08 90.01 15 November 2004 210.83 93.61 16 November 2004 213.19 96.34 17 November 2004 207.60 98.04 18 November 2004 211.17 95.98 19 November 2004 220.13 102.39 22 November 2004 219.62 105.85 23 November 2004 222.88 106.06 24 November 2004 217.85 104.09 26 November 2004 218.09 105.15 29 November 2004 218.12 106.39 30 November 2004 220.66 102.81 1 December 2004 219.77 102.36 2 December 2004 220.94 104.29 3 December 2004 212.60 96.15 6 December 2004 208.39 96.44 7 December 2004 206.96 95.78 8 December 2004 205.20 96.83 9 December 2004 207.75 97.12 10 December 2004 206.40 95.49 13 December 2004 210.96 93.90 14 December 2004 209.16 91.20 15 December 2004 208.94 90.04 16 December 2004 210.02 91.34 17 December 2004 211.54 90.43 20 December 2004 213.76 93.56 21 December 2004 216.31 92.40 22 December 2004 215.00 92.67 23 December 2004 215.34 94.66 27 December 2004 215.90 95.68 28 December 2004 215.05 95.12 29 December 2004 212.38 97.69 30 December 2004 212.48 96.38 31 December 2004 215.62 99.79 3 January 2005 215.55 99.28 4 January 2005 210.20 96.75 5 January 2005 207.52 97.78 6 January 2005 204.72 96.45 7 January 2005 201.02 87.04 10 January 2005 200.17 86.59 11 January 2005 197.84 88.39 12 January 2005 196.47 86.66 13 January 2005 190.31 86.29 14 January 2005 192.84 86.60 18 January 2005 194.80 88.41 19 January 2005 193.32 87.22 20 January 2005 190.09 87.39 21 January 2005 188.15 84.40 24 January 2005 184.48 83.49 25 January 2005 192.73 85.39 26 January 2005 195.06 86.83 27 January 2005 194.80 86.93 28 January 2005 192.83 84.57 31 January 2005 194.31 86.35 1 February 2005 194.53 84.53 2 February 2005 191.31 80.91 3 February 2005 188.63 76.44 4 February 2005 179.57 76.46 7 February 2005 179.08 74.28 8 February 2005 178.08 74.80 9 February 2005 178.41 78.04 10 February 2005 183.42 79.90 11 February 2005 187.81 77.84 14 February 2005 189.91 81.20 15 February 2005 192.15 84.16 16 February 2005 187.16 73.94 17 February 2005 184.12 71.14 18 February 2005 186.29 76.03 22 February 2005 189.09 81.25 23 February 2005 189.81 79.36 24 February 2005 187.66 80.82 25 February 2005 189.65 84.90 28 February 2005 192.19 89.20 1 March 2005 189.05 87.40 2 March 2005 192.26 89.11 3 March 2005 189.33 87.77 4 March 2005 185.94 79.74 7 March 2005 179.78 81.42 8 March 2005 181.04 83.66 9 March 2005 189.38 85.61 10 March 2005 190.22 89.51 11 March 2005 195.47 81.72 14 March 2005 195.21 89.28 15 March 2005 194.41 89.89 16 March 2005 197.00 90.29 17 March 2005 195.33 90.28 18 March 2005 195.17 90.72 21 March 2005 196.78 92.00 22 March 2005 195.23 86.16 23 March 2005 197.68 94.29 24 March 2005 198.36 95.34 28 March 2005 203.60 100.24 29 March 2005 203.25 100.92 30 March 2005 199.77 98.52 31 March 2005 197.38 91.79 1 April 2005 199.13 90.37 5 April 2005 196.27 90.01 6 April 2005 197.35 93.58 7 April 2005 198.58 93.78 8 April 2005 199.17 90.27 11 April 2005 199.10 89.02 12 April 2005 197.77 93.10 13 April 2005 192.70 93.43 14 April 2005 195.40 97.84 15 April 2005 200.79 107.84 18 April 2005 208.82 113.03 19 April 2005 201.82 109.56 20 April 2005 203.02 109.93 21 April 2005 203.10 106.18 22 April 2005 200.92 104.82 25 April 2005 198.86 105.53 26 April 2005 198.52 104.24 27 April 2005 201.51 105.89 28 April 2005 199.79 108.48 29 April 2005 200.67 106.44 2 May 2005 202.32 106.77 3 May 2005 199.92 104.84 4 May 2005 201.95 105.11 5 May 2005 197.80 106.05 6 May 2005 199.74 104.42 9 May 2005 198.57 103.25 10 May 2005 204.29 108.51 11 May 2005 206.87 112.05 12 May 2005 205.65 111.71 13 May 2005 213.19 115.12 16 May 2005 211.72 116.84 17 May 2005 212.94 113.29 18 May 2005 208.75 116.31 19 May 2005 206.78 109.57 20 May 2005 203.00 108.50 23 May 2005 205.12 107.87 24 May 2005 203.82 107.26 25 May 2005 199.09 103.90 26 May 2005 198.27 101.61 27 May 2005 196.50 102.47 31 May 2005 197.58 102.33 1 June 2005 200.66 108.56 2 June 2005 198.43 108.57 3 June 2005 199.38 107.98 6 June 2005 198.85 111.64 7 June 2005 197.02 111.03 8 June 2005 198.53 111.64 9 June 2005 197.23 106.15 10 June 2005 201.91 108.15 13 June 2005 203.54 105.33 14 June 2005 196.68 103.86 15 June 2005 190.68 101.21 16 June 2005 190.05 99.67 17 June 2005 186.61 97.44 20 June 2005 186.18 94.24 21 June 2005 187.04 96.55 22 June 2005 188.87 98.19 23 June 2005 189.62 98.78 24 June 2005 187.44 97.74 27 June 2005 189.74 97.96 28 June 2005 192.77 99.76 29 June 2005 193.16 102.63 30 June 2005 190.75 97.38 1 July 2005 191.79 94.36 5 July 2005 192.26 98.57 6 July 2005 192.18 96.54 7 July 2005 196.42 103.55 8 July 2005 188.29 93.29 11 July 2005 188.66 97.06 12 July 2005 186.91 95.96 13 July 2005 188.20 95.08 14 July 2005 183.64 92.93 15 July 2005 184.54 92.86 18 July 2005 184.17 94.51 19 July 2005 184.89 94.10 20 July 2005 181.74 91.53 21 July 2005 182.78 89.17 22 July 2005 180.51 92.69 25 July 2005 181.90 90.71 26 July 2005 180.74 91.23 27 July 2005 177.96 91.49 28 July 2005 181.67 91.52 29 July 2005 180.10 93.12 1 August 2005 181.20 90.11 2 August 2005 181.93 90.41 3 August 2005 178.90 92.77 4 August 2005 178.86 89.39 5 August 2005 176.60 80.84 8 August 2005 174.63 81.47 9 August 2005 174.89 81.36 10 August 2005 177.85 82.09 11 August 2005 179.91 86.04 12 August 2005 178.87 85.97 15 August 2005 179.30 88.51 16 August 2005 179.63 88.28 17 August 2005 183.06 90.45 18 August 2005 180.90 91.54 19 August 2005 183.07 87.12 22 August 2005 182.37 89.00 23 August 2005 182.97 94.66 24 August 2005 182.82 93.47 25 August 2005 180.35 92.35 26 August 2005 181.76 87.08 29 August 2005 183.93 88.51 30 August 2005 191.57 97.04 31 August 2005 192.23 112.39 1 September 2005 211.29 130.19 2 September 2005 209.27 130.06 6 September 2005 198.23 127.11 7 September 2005 201.53 116.68 8 September 2005 198.74 117.65 9 September 2005 196.92 115.03 12 September 2005 198.62 119.45 13 September 2005 197.59 118.88 14 September 2005 197.66 117.12 15 September 2005 196.75 115.15 16 September 2005 199.50 119.63 19 September 2005 205.24 121.54 20 September 2005 193.93 110.85 21 September 2005 200.78 116.41 22 September 2005 201.27 116.95 23 September 2005 190.67 108.55 26 September 2005 192.20 107.10 27 September 2005 191.78 103.98 28 September 2005 195.80 105.16 29 September 2005 199.99 109.36 30 September 2005 199.57 109.39 3 October 2005 195.45 110.94 4 October 2005 195.69 105.93 5 October 2005 197.16 111.62 6 October 2005 199.41 112.38 7 October 2005 194.93 108.08 11 October 2005 193.17 104.37 12 October 2005 194.81 106.06 13 October 2005 199.63 110.73 14 October 2005 202.77 111.12 17 October 2005 204.29 111.57 18 October 2005 200.58 111.00 19 October 2005 201.54 110.01 20 October 2005 201.25 109.33 21 October 2005 198.43 109.29 24 October 2005 196.89 109.01 25 October 2005 196.61 108.01 26 October 2005 201.72 105.88 27 October 2005 198.35 101.66 28 October 2005 198.79 101.67 31 October 2005 195.68 99.61 1 November 2005 184.41 95.03 2 November 2005 185.77 90.42 3 November 2005 188.03 86.35 4 November 2005 186.93 85.36 7 November 2005 189.69 87.29 8 November 2005 193.48 98.66 9 November 2005 198.17 93.94 10 November 2005 197.38 102.63 14 November 2005 203.15 98.62 15 November 2005 199.72 97.85 16 November 2005 208.16 103.07 17 November 2005 208.51 110.38 18 November 2005 207.89 101.47 21 November 2005 200.67 106.32 22 November 2005 202.09 108.65 23 November 2005 204.26 108.83 25 November 2005 202.95 110.36 28 November 2005 203.72 112.56 29 November 2005 204.87 112.06 30 November 2005 204.33 104.08 1 December 2005 203.69 106.05 2 December 2005 200.71 102.29 5 December 2005 194.69 102.67 6 December 2005 202.64 110.95 7 December 2005 201.24 103.30 8 December 2005 200.12 113.31 9 December 2005 198.57 99.94 12 December 2005 195.58 101.12 13 December 2005 198.04 107.51 14 December 2005 195.70 103.17 15 December 2005 193.64 101.41 16 December 2005 187.60 97.29 19 December 2005 185.25 87.38 20 December 2005 184.81 85.51 21 December 2005 185.47 84.37 22 December 2005 183.77 86.24 23 December 2005 185.68 87.97 27 December 2005 188.59 98.44 28 December 2005 187.17 100.55 29 December 2005 189.91 96.60 30 December 2005 189.33 93.59 3 January 2006 185.55 100.32 4 January 2006 179.83 93.90 5 January 2006 179.92 93.45 6 January 2006 177.92 90.11 9 January 2006 173.75 87.35 10 January 2006 175.62 85.00 11 January 2006 177.00 86.73 12 January 2006 177.89 88.24 13 January 2006 178.69 93.59 17 January 2006 184.09 97.80 18 January 2006 181.93 96.21 19 January 2006 181.15 88.16 20 January 2006 178.48 94.42 23 January 2006 179.11 95.07 24 January 2006 177.58 92.94 25 January 2006 182.70 90.02 26 January 2006 189.07 88.65 27 January 2006 189.99 87.20 30 January 2006 191.03 90.92 31 January 2006 186.33 89.24 1 February 2006 185.31 90.82 2 February 2006 185.36 93.66 3 February 2006 184.07 92.83 6 February 2006 187.38 96.54 7 February 2006 187.93 95.75 8 February 2006 190.18 96.49 9 February 2006 192.10 97.97 10 February 2006 190.70 97.47 13 February 2006 192.24 100.69 14 February 2006 190.58 98.09 15 February 2006 185.96 96.59 16 February 2006 183.59 93.65 17 February 2006 184.59 93.98 21 February 2006 184.64 89.24 22 February 2006 178.41 86.70 23 February 2006 178.33 87.48 24 February 2006 173.70 82.24 27 February 2006 171.15 83.98 28 February 2006 176.87 83.98 1 March 2006 179.16 90.71 2 March 2006 181.93 93.89 3 March 2006 182.17 94.73 6 March 2006 175.94 94.22 7 March 2006 176.60 96.46 8 March 2006 184.68 94.77 9 March 2006 179.94 91.81 10 March 2006 172.31 90.89 13 March 2006 172.70 88.02 14 March 2006 178.05 88.27 15 March 2006 179.96 85.35 16 March 2006 178.69 85.36 17 March 2006 177.10 84.16 20 March 2006 178.93 84.09 21 March 2006 181.16 83.45 22 March 2006 180.81 85.72 23 March 2006 183.81 87.22 24 March 2006 181.86 87.88 27 March 2006 183.85 88.99 28 March 2006 176.40 93.91 29 March 2006 181.61 94.35 30 March 2006 184.77 96.21 31 March 2006 183.28 97.32 3 April 2006 186.27 101.48 4 April 2006 184.75 99.59 5 April 2006 182.90 96.37 6 April 2006 179.47 95.04 7 April 2006 183.63 95.99 10 April 2006 184.24 91.58 11 April 2006 181.26 98.73 12 April 2006 185.06 94.90 13 April 2006 188.37 96.59 17 April 2006 184.58 97.85 18 April 2006 182.02 97.66 19 April 2006 181.45 97.22 20 April 2006 179.10 94.57 21 April 2006 176.77 95.39 24 April 2006 177.00 96.28 25 April 2006 181.94 95.28 26 April 2006 184.07 96.04 27 April 2006 177.07 97.05 28 April 2006 172.37 91.72 1 May 2006 177.04 96.31 2 May 2006 177.97 97.18 3 May 2006 182.07 101.73 4 May 2006 182.76 97.11 5 May 2006 178.91 97.20 8 May 2006 182.30 96.33 9 May 2006 183.70 98.11 10 May 2006 180.71 95.58 11 May 2006 181.40 96.95 12 May 2006 181.50 99.62 15 May 2006 183.57 100.78 16 May 2006 182.08 99.01 17 May 2006 184.42 99.93 18 May 2006 183.75 100.76 19 May 2006 184.44 100.41 22 May 2006 187.16 104.04 23 May 2006 186.40 102.45 24 May 2006 188.14 106.33 25 May 2006 186.97 103.60 26 May 2006 184.75 102.77 30 May 2006 187.75 101.32 31 May 2006 187.23 102.05 1 June 2006 183.97 99.24 2 June 2006 181.86 98.97 5 June 2006 180.14 95.53 6 June 2006 182.19 95.27 7 June 2006 181.29 93.76 8 June 2006 183.12 94.82 9 June 2006 183.52 94.41 12 June 2006 184.00 95.35 13 June 2006 184.93 97.55 14 June 2006 183.51 94.57 15 June 2006 184.35 96.99 16 June 2006 185.29 97.64 19 June 2006 186.94 95.47 20 June 2006 189.10 96.84 21 June 2006 190.83 98.13 22 June 2006 193.03 104.10 23 June 2006 196.92 105.89 26 June 2006 189.21 107.75 27 June 2006 195.44 103.42 28 June 2006 185.83 103.96 29 June 2006 189.50 98.72 30 June 2006 191.08 103.88 3 July 2006 192.21 106.09 5 July 2006 196.44 106.80 6 July 2006 195.67 104.99 7 July 2006 192.12 102.73 10 July 2006 191.12 104.42 11 July 2006 189.76 103.91 12 July 2006 190.24 104.19 13 July 2006 194.35 108.24 14 July 2006 195.20 111.07 17 July 2006 195.14 112.63 18 July 2006 197.64 110.89 19 July 2006 194.66 109.93 20 July 2006 196.36 110.95 21 July 2006 194.63 111.11 24 July 2006 196.09 110.92 25 July 2006 194.33 110.64 26 July 2006 200.76 109.34 27 July 2006 199.34 109.02 28 July 2006 196.33 110.63 31 July 2006 199.99 110.60 1 August 2006 198.35 110.02 2 August 2006 195.62 107.60 3 August 2006 196.63 104.53 4 August 2006 190.60 90.68 7 August 2006 188.91 97.70 8 August 2006 185.94 86.32 9 August 2006 180.81 86.98 10 August 2006 184.86 99.11 11 August 2006 186.88 98.12 14 August 2006 189.10 98.87 15 August 2006 187.69 100.62 16 August 2006 187.76 95.16 17 August 2006 188.67 97.44 18 August 2006 187.85 96.41 21 August 2006 188.27 99.35 22 August 2006 191.44 100.25 23 August 2006 190.97 99.96 24 August 2006 194.65 100.01 25 August 2006 195.94 100.63 28 August 2006 195.66 102.92 29 August 2006 197.64 102.36 30 August 2006 199.97 99.23 31 August 2006 200.66 103.77 1 September 2006 196.40 102.30 5 September 2006 199.25 104.39 6 September 2006 197.61 103.21 7 September 2006 198.02 101.75 8 September 2006 199.85 102.71 11 September 2006 201.33 105.35 12 September 2006 199.67 105.67 13 September 2006 203.41 106.61 14 September 2006 202.24 106.67 15 September 2006 202.36 103.67 18 September 2006 193.53 92.98 19 September 2006 195.01 99.20 20 September 2006 192.66 95.87 21 September 2006 192.17 101.56 22 September 2006 209.09 111.77 25 September 2006 216.62 116.60 26 September 2006 208.84 111.41 27 September 2006 208.74 110.37 28 September 2006 207.42 110.75 29 September 2006 200.69 109.87 2 October 2006 209.47 112.37 3 October 2006 207.12 111.52 4 October 2006 206.85 113.74 5 October 2006 210.20 113.28 6 October 2006 205.98 108.87 9 October 2006 206.34 111.21 10 October 2006 205.25 108.76 11 October 2006 209.26 107.58 12 October 2006 205.23 103.63 13 October 2006 200.70 87.39 16 October 2006 198.60 87.62 17 October 2006 199.39 97.00 18 October 2006 196.87 95.22 19 October 2006 193.69 84.24 20 October 2006 192.13 83.24 23 October 2006 196.41 86.32 24 October 2006 187.68 89.06 25 October 2006 192.47 85.74 26 October 2006 195.30 100.74 27 October 2006 198.27 106.88 30 October 2006 198.29 109.28 31 October 2006 196.33 108.72 1 November 2006 207.13 115.01 2 November 2006 204.96 112.54 3 November 2006 202.76 104.99 6 November 2006 200.35 103.72 7 November 2006 206.28 105.96 8 November 2006 199.96 109.78 9 November 2006 193.57 105.69 10 November 2006 195.78 106.40 13 November 2006 196.84 107.65 14 November 2006 197.15 107.87 15 November 2006 198.98 98.55 16 November 2006 194.06 98.16 17 November 2006 196.76 106.51 20 November 2006 194.74 108.33 21 November 2006 195.49 106.32 22 November 2006 196.46 108.33 24 November 2006 197.64 110.75 27 November 2006 199.15 112.90 28 November 2006 203.05 115.55 29 November 2006 204.45 115.76 30 November 2006 205.58 115.45 1 December 2006 211.87 128.69 4 December 2006 212.71 129.06 5 December 2006 215.26 131.46 6 December 2006 221.32 129.54 7 December 2006 218.16 128.29 8 December 2006 211.31 124.32 11 December 2006 210.52 127.68 12 December 2006 207.38 122.84 13 December 2006 206.26 122.94 14 December 2006 201.95 106.21 15 December 2006 200.80 103.32 18 December 2006 197.45 107.13 19 December 2006 198.79 106.56 20 December 2006 195.64 103.25 21 December 2006 195.71 107.78 22 December 2006 198.73 109.69 26 December 2006 200.20 111.66 27 December 2006 192.26 105.38 28 December 2006 190.09 101.66 29 December 2006 190.61 102.71 2 January 2007 191.88 104.88 3 January 2007 187.72 111.50 4 January 2007 197.15 109.58 5 January 2007 193.89 106.56 8 January 2007 182.45 95.04 9 January 2007 178.27 91.26 10 January 2007 174.41 91.79 11 January 2007 180.16 86.87 12 January 2007 176.85 83.29 16 January 2007 175.34 82.10 17 January 2007 171.84 66.72 18 January 2007 170.79 80.49 19 January 2007 171.81 65.68 22 January 2007 171.02 66.72 23 January 2007 164.04 68.73 24 January 2007 166.49 69.59 25 January 2007 169.64 73.88 26 January 2007 167.73 71.90 29 January 2007 165.52 72.45 30 January 2007 166.64 71.33 31 January 2007 166.68 66.76 1 February 2007 165.61 66.18 2 February 2007 161.10 62.78 5 February 2007 161.48 62.79 6 February 2007 170.67 63.04 7 February 2007 176.47 65.76 8 February 2007 173.75 64.97 9 February 2007 171.23 67.45 12 February 2007 171.13 67.30 13 February 2007 172.49 68.77 14 February 2007 175.29 65.14 15 February 2007 178.33 66.79 16 February 2007 178.96 65.17 20 February 2007 179.22 74.68 21 February 2007 178.97 67.96 22 February 2007 177.17 66.22 23 February 2007 180.35 68.07 26 February 2007 181.63 75.04 27 February 2007 203.81 105.65 28 February 2007 202.14 104.18 1 March 2007 209.03 111.63 2 March 2007 215.10 122.60 5 March 2007 215.12 126.39 6 March 2007 209.45 123.57 7 March 2007 208.55 125.47 8 March 2007 207.04 123.82 9 March 2007 202.12 116.19 12 March 2007 206.25 120.13 13 March 2007 211.01 129.17 14 March 2007 211.88 127.10 15 March 2007 208.69 123.78 16 March 2007 206.07 122.55 19 March 2007 203.26 107.25 20 March 2007 195.65 104.39 21 March 2007 208.03 116.85 22 March 2007 201.26 119.96 23 March 2007 203.22 109.62 26 March 2007 200.65 123.19 27 March 2007 206.94 115.00 28 March 2007 202.61 126.51 29 March 2007 202.10 111.26 30 March 2007 205.05 108.95 2 April 2007 206.34 110.71 3 April 2007 203.13 109.81 4 April 2007 203.31 109.50 5 April 2007 202.95 109.63 6 April 2007 185.10 90.13 9 April 2007 185.74 90.40 10 April 2007 184.82 92.18 11 April 2007 186.40 89.58 12 April 2007 185.73 90.43 13 April 2007 185.43 87.24 16 April 2007 186.10 88.93 17 April 2007 201.64 89.74 18 April 2007 203.48 94.00 19 April 2007 200.20 92.31 20 April 2007 199.96 91.97 23 April 2007 200.77 93.64 24 April 2007 198.61 103.69 25 April 2007 199.67 96.06 26 April 2007 189.18 97.21 27 April 2007 187.97 96.03 30 April 2007 203.39 99.93 1 May 2007 204.48 99.40 2 May 2007 192.05 102.32 3 May 2007 191.47 100.27 4 May 2007 188.11 97.39 7 May 2007 190.55 97.27 8 May 2007 186.67 96.39 9 May 2007 188.15 75.41 10 May 2007 183.25 93.74 11 May 2007 183.36 93.88 14 May 2007 176.70 83.09 15 May 2007 174.91 84.06 16 May 2007 172.85 83.69 17 May 2007 175.32 83.24 18 May 2007 175.46 75.03 21 May 2007 172.88 74.81 22 May 2007 172.61 74.95 23 May 2007 173.66 67.83 24 May 2007 170.14 67.86 25 May 2007 172.44 72.85 29 May 2007 172.02 66.92 30 May 2007 171.90 67.41 31 May 2007 160.48 68.24 1 June 2007 159.11 46.88 4 June 2007 158.11 45.82 5 June 2007 158.34 45.69 6 June 2007 158.29 46.75 7 June 2007 157.51 49.92 8 June 2007 158.07 49.09 11 June 2007 156.81 48.12 12 June 2007 161.58 50.29 13 June 2007 155.85 53.55 14 June 2007 152.21 53.74 15 June 2007 157.74 48.20 18 June 2007 157.88 49.86 19 June 2007 159.59 51.65 20 June 2007 161.09 53.18 21 June 2007 165.26 56.44 22 June 2007 169.00 79.20 25 June 2007 180.71 85.53 26 June 2007 172.35 82.44 27 June 2007 179.88 84.54 28 June 2007 170.97 61.28 29 June 2007 180.73 80.65 2 July 2007 178.95 81.01 3 July 2007 176.89 79.73 5 July 2007 175.23 59.27 6 July 2007 158.38 56.87 9 July 2007 173.94 56.98 10 July 2007 182.09 81.29 11 July 2007 174.10 64.51 12 July 2007 175.78 64.21 13 July 2007 173.80 63.47 16 July 2007 185.08 81.48 17 July 2007 175.11 63.41 18 July 2007 182.47 82.04 19 July 2007 180.79 79.91 20 July 2007 179.04 85.98 23 July 2007 182.11 82.38 24 July 2007 181.36 88.11 25 July 2007 196.39 93.26 26 July 2007 218.05 125.11 27 July 2007 219.43 127.58 30 July 2007 219.38 125.05 31 July 2007 215.84 121.76 1 August 2007 219.60 131.66 2 August 2007 222.05 131.76 3 August 2007 239.33 156.65 6 August 2007 243.51 152.54 7 August 2007 233.12 142.03 8 August 2007 223.00 138.42 9 August 2007 252.05 180.95 10 August 2007 257.93 184.44 13 August 2007 255.66 178.58 14 August 2007 262.95 180.93 15 August 2007 277.02 202.31 16 August 2007 301.48 240.43 17 August 2007 286.46 214.87 20 August 2007 292.76 213.13 21 August 2007 295.93 221.19 22 August 2007 285.33 201.59 23 August 2007 278.82 201.02 24 August 2007 256.11 184.72 27 August 2007 261.88 186.80 28 August 2007 271.96 193.73 29 August 2007 272.80 184.51 30 August 2007 274.91 192.05 31 August 2007 272.49 189.48 4 September 2007 272.18 188.34 5 September 2007 267.29 197.26 6 September 2007 253.81 188.20 7 September 2007 259.91 185.51 10 September 2007 258.28 187.17 11 September 2007 259.93 182.16 12 September 2007 265.60 191.55 13 September 2007 256.76 189.28 14 September 2007 252.58 190.39 17 September 2007 258.94 176.89 18 September 2007 241.68 167.51 19 September 2007 230.96 156.65 20 September 2007 240.12 158.65 21 September 2007 241.27 161.26 24 September 2007 244.75 167.64 25 September 2007 250.80 170.24 26 September 2007 253.86 175.77 27 September 2007 262.14 174.89 28 September 2007 263.76 173.28 1 October 2007 256.85 168.49 2 October 2007 249.08 161.61 3 October 2007 240.63 153.59 4 October 2007 241.34 157.03 5 October 2007 237.25 146.88 8 October 2007 238.37 148.70 9 October 2007 238.55 146.75 10 October 2007 232.81 140.91 11 October 2007 224.93 143.73 12 October 2007 216.21 133.96 15 October 2007 227.18 137.43 16 October 2007 228.20 147.45 17 October 2007 238.59 153.25 18 October 2007 240.96 155.70 19 October 2007 249.33 168.26 22 October 2007 249.09 167.19 23 October 2007 246.12 165.63 24 October 2007 250.29 176.94 25 October 2007 247.06 175.04 26 October 2007 241.27 164.32 29 October 2007 241.60 163.00 30 October 2007 235.11 157.66 31 October 2007 226.18 143.45 1 November 2007 237.99 157.62 2 November 2007 251.71 170.60 5 November 2007 242.66 165.56 6 November 2007 241.49 161.22 7 November 2007 245.66 165.15 8 November 2007 255.11 173.27 9 November 2007 251.06 170.82 12 November 2007 251.85 172.83 13 November 2007 244.42 163.56 14 November 2007 239.83 155.62 15 November 2007 246.72 168.20 16 November 2007 244.73 162.28 19 November 2007 248.42 161.02 20 November 2007 254.13 162.41 21 November 2007 254.62 173.85 23 November 2007 251.09 168.69 26 November 2007 263.37 172.96 27 November 2007 268.36 175.09 28 November 2007 258.13 167.21 29 November 2007 264.20 173.27 30 November 2007 265.15 171.03 3 December 2007 267.89 172.06 4 December 2007 258.79 169.16 5 December 2007 254.85 164.43 6 December 2007 255.70 168.02 7 December 2007 263.19 164.87 10 December 2007 268.03 171.57 11 December 2007 262.55 168.23 12 December 2007 266.18 172.48 13 December 2007 258.99 168.64 14 December 2007 261.35 166.47 17 December 2007 261.24 175.64 18 December 2007 263.43 181.90 19 December 2007 269.91 187.04 20 December 2007 278.59 198.37 21 December 2007 263.43 183.84 24 December 2007 265.36 184.31 26 December 2007 266.00 180.85 27 December 2007 255.95 176.78 28 December 2007 272.77 186.24 31 December 2007 272.27 188.65 2 January 2008 269.79 185.59 3 January 2008 269.89 177.09 4 January 2008 254.68 165.40 7 January 2008 252.95 160.85 8 January 2008 238.15 149.18 9 January 2008 253.35 162.79 10 January 2008 245.05 160.64 11 January 2008 238.87 161.88 14 January 2008 243.24 168.30 15 January 2008 245.67 172.69 16 January 2008 243.80 173.85 17 January 2008 249.55 179.55 18 January 2008 250.38 180.01 22 January 2008 238.15 173.30 23 January 2008 241.97 181.64 24 January 2008 273.44 203.63 25 January 2008 281.25 214.44 28 January 2008 267.34 208.82 29 January 2008 266.33 192.48 30 January 2008 242.72 176.03 31 January 2008 252.55 178.32 1 February 2008 250.37 167.82 4 February 2008 245.39 172.24 5 February 2008 249.80 173.98 6 February 2008 246.95 169.84 7 February 2008 249.69 173.32 8 February 2008 249.68 182.35 11 February 2008 255.89 178.81 12 February 2008 252.75 178.45 13 February 2008 249.14 176.93 14 February 2008 251.40 171.22 15 February 2008 252.88 168.33 19 February 2008 259.66 172.25 20 February 2008 271.62 185.14 21 February 2008 271.78 184.63 22 February 2008 267.88 183.18 25 February 2008 268.62 183.62 26 February 2008 264.84 180.56 27 February 2008 255.44 169.05 28 February 2008 258.66 165.60 29 February 2008 263.78 163.27 3 March 2008 260.05 159.34 4 March 2008 257.40 161.16 5 March 2008 259.09 159.12 6 March 2008 266.13 161.61 7 March 2008 260.08 174.13 10 March 2008 267.05 170.00 11 March 2008 262.05 168.39 12 March 2008 259.64 170.79 13 March 2008 269.15 172.61 14 March 2008 259.07 167.27 17 March 2008 253.38 161.61 18 March 2008 244.73 153.79 19 March 2008 240.05 150.01 20 March 2008 237.32 140.93 24 March 2008 241.45 140.01 25 March 2008 236.25 136.01 26 March 2008 246.20 139.47 27 March 2008 236.13 139.50 28 March 2008 231.06 132.92 31 March 2008 232.70 134.42 1 April 2008 226.27 125.75 2 April 2008 228.55 121.31 3 April 2008 222.73 118.36 4 April 2008 222.67 129.00 7 April 2008 226.30 121.40 8 April 2008 222.63 115.00 9 April 2008 214.14 115.81 10 April 2008 217.59 109.87 11 April 2008 212.71 115.73 14 April 2008 215.86 109.67 15 April 2008 224.16 115.38 16 April 2008 240.48 119.73 17 April 2008 254.74 142.06 18 April 2008 244.44 146.49 21 April 2008 241.32 140.92 22 April 2008 242.44 141.64 23 April 2008 238.06 136.42 24 April 2008 252.76 137.30 25 April 2008 251.92 138.67 28 April 2008 246.43 138.20 29 April 2008 238.51 136.34 30 April 2008 234.17 128.54 1 May 2008 230.02 119.47 2 May 2008 221.06 116.22 5 May 2008 219.24 112.50 6 May 2008 224.12 114.78 7 May 2008 226.03 115.65 8 May 2008 233.02 121.60 9 May 2008 237.72 124.09 12 May 2008 240.27 123.48 13 May 2008 258.80 128.82 14 May 2008 267.03 134.14 15 May 2008 258.31 135.15 16 May 2008 257.56 136.18 19 May 2008 253.91 136.87 20 May 2008 258.30 135.23 21 May 2008 263.85 133.21 22 May 2008 266.87 138.64 23 May 2008 259.08 137.19 27 May 2008 275.54 134.65 28 May 2008 269.17 134.79 29 May 2008 272.36 139.14 30 May 2008 265.20 133.94 2 June 2008 272.52 139.98 3 June 2008 275.96 139.37 4 June 2008 272.13 134.60 5 June 2008 269.87 136.69 6 June 2008 283.26 140.19 9 June 2008 327.37 166.98 10 June 2008 335.58 178.14 11 June 2008 325.41 174.22 12 June 2008 336.53 189.85 13 June 2008 338.33 184.49 16 June 2008 327.22 173.65 17 June 2008 308.91 174.18 18 June 2008 304.57 169.57 19 June 2008 305.96 168.12 20 June 2008 312.38 171.44 23 June 2008 308.52 172.54 24 June 2008 304.93 171.50 25 June 2008 298.28 162.23 26 June 2008 303.34 172.12 27 June 2008 302.24 171.58 30 June 2008 302.07 175.08 1 July 2008 303.85 170.90 2 July 2008 296.68 168.57 3 July 2008 291.21 163.49 4 July 2008 292.02 164.20 7 July 2008 287.00 165.44 8 July 2008 282.07 158.67 9 July 2008 277.95 155.80 10 July 2008 278.90 153.68 11 July 2008 282.51 157.92 14 July 2008 280.16 153.15 15 July 2008 272.34 147.96 16 July 2008 268.58 142.35 17 July 2008 277.65 144.79 18 July 2008 280.97 147.24 21 July 2008 280.17 150.50 22 July 2008 275.06 146.51 23 July 2008 275.62 150.24 24 July 2008 280.22 152.05 25 July 2008 272.93 147.48 28 July 2008 282.08 148.10 29 July 2008 268.96 148.03 30 July 2008 259.89 142.76 31 July 2008 262.20 136.96 1 August 2008 260.93 137.69 4 August 2008 256.35 138.91 5 August 2008 253.31 134.04 6 August 2008 251.05 130.67 7 August 2008 246.76 127.69 8 August 2008 248.65 124.45 11 August 2008 247.01 127.52 12 August 2008 246.31 125.19 13 August 2008 250.77 122.56 14 August 2008 247.53 122.35 15 August 2008 251.27 122.53 18 August 2008 248.40 121.56 19 August 2008 246.84 120.51 20 August 2008 246.87 118.80 21 August 2008 248.97 120.91 22 August 2008 256.78 121.56 25 August 2008 252.34 123.45 26 August 2008 252.58 121.62 27 August 2008 243.67 116.66 28 August 2008 246.46 118.00 29 August 2008 245.22 117.34 2 September 2008 239.81 114.49 3 September 2008 240.45 115.84 4 September 2008 238.62 114.92 5 September 2008 236.43 110.35 8 September 2008 234.41 108.29 9 September 2008 239.56 112.89 10 September 2008 242.90 111.67 11 September 2008 240.98 114.08 As shown in the figure, a vertical line marks the FOMC meeting on August 5, 2008. * Width of a 90 percent confidence interval computed from the term structures for the expected federal funds rate and implied volatility. Return to table Figure: Nominal Treasury yields* Daily Percent Date 10-year 2-year 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 13 March 2008 3.79 1.66 14 March 2008 3.66 1.48 17 March 2008 3.58 1.36 18 March 2008 3.67 1.59 19 March 2008 3.59 1.51 20 March 2008 3.54 1.53 24 March 2008 3.75 1.80 25 March 2008 3.72 1.77 26 March 2008 3.73 1.69 27 March 2008 3.78 1.72 28 March 2008 3.71 1.63 31 March 2008 3.69 1.61 1 April 2008 3.81 1.78 2 April 2008 3.83 1.89 3 April 2008 3.83 1.93 4 April 2008 3.73 1.83 7 April 2008 3.79 1.95 8 April 2008 3.81 1.89 9 April 2008 3.72 1.77 10 April 2008 3.76 1.82 11 April 2008 3.71 1.75 14 April 2008 3.75 1.77 15 April 2008 3.81 1.85 16 April 2008 3.93 1.98 17 April 2008 3.95 2.11 18 April 2008 3.97 2.16 21 April 2008 3.95 2.15 22 April 2008 3.94 2.16 23 April 2008 3.96 2.18 24 April 2008 4.06 2.32 25 April 2008 4.11 2.37 28 April 2008 4.05 2.29 29 April 2008 4.04 2.28 30 April 2008 3.98 2.22 1 May 2008 3.98 2.28 2 May 2008 4.09 2.38 5 May 2008 4.08 2.34 6 May 2008 4.13 2.32 7 May 2008 4.08 2.26 8 May 2008 4.01 2.18 9 May 2008 3.99 2.20 12 May 2008 3.99 2.25 13 May 2008 4.11 2.42 14 May 2008 4.13 2.48 15 May 2008 4.04 2.39 16 May 2008 4.06 2.41 19 May 2008 4.04 2.36 20 May 2008 3.99 2.29 21 May 2008 4.02 2.37 22 May 2008 4.13 2.50 23 May 2008 4.06 2.41 27 May 2008 4.15 2.49 28 May 2008 4.25 2.60 29 May 2008 4.30 2.62 30 May 2008 4.29 2.61 2 June 2008 4.19 2.48 3 June 2008 4.13 2.42 4 June 2008 4.20 2.46 5 June 2008 4.28 2.52 6 June 2008 4.17 2.41 9 June 2008 4.24 2.69 10 June 2008 4.33 2.85 11 June 2008 4.32 2.78 12 June 2008 4.43 2.97 13 June 2008 4.48 3.00 16 June 2008 4.47 2.98 17 June 2008 4.45 2.90 18 June 2008 4.36 2.84 19 June 2008 4.44 2.94 20 June 2008 4.36 2.84 23 June 2008 4.39 2.93 24 June 2008 4.29 2.80 25 June 2008 4.32 2.78 26 June 2008 4.25 2.65 27 June 2008 4.17 2.61 30 June 2008 4.17 2.61 1 July 2008 4.19 2.61 2 July 2008 4.17 2.58 3 July 2008 4.17 2.53 7 July 2008 4.13 2.47 8 July 2008 4.09 2.48 9 July 2008 4.03 2.42 10 July 2008 4.02 2.43 11 July 2008 4.14 2.58 14 July 2008 4.08 2.48 15 July 2008 4.05 2.39 16 July 2008 4.16 2.44 17 July 2008 4.25 2.57 18 July 2008 4.29 2.64 21 July 2008 4.26 2.64 22 July 2008 4.31 2.70 23 July 2008 4.34 2.73 24 July 2008 4.21 2.56 25 July 2008 4.32 2.65 28 July 2008 4.24 2.55 29 July 2008 4.27 2.61 30 July 2008 4.24 2.59 31 July 2008 4.16 2.48 1 August 2008 4.14 2.47 4 August 2008 4.15 2.49 5 August 2008 4.20 2.51 6 August 2008 4.23 2.53 7 August 2008 4.10 2.39 8 August 2008 4.12 2.47 11 August 2008 4.17 2.52 12 August 2008 4.09 2.41 13 August 2008 4.13 2.46 14 August 2008 4.07 2.41 15 August 2008 4.02 2.37 18 August 2008 4.00 2.33 19 August 2008 4.02 2.31 20 August 2008 3.97 2.25 21 August 2008 4.02 2.33 22 August 2008 4.05 2.41 25 August 2008 3.96 2.32 26 August 2008 3.96 2.34 27 August 2008 3.94 2.30 28 August 2008 3.96 2.35 29 August 2008 4.01 2.35 2 September 2008 3.92 2.26 3 September 2008 3.89 2.24 4 September 2008 3.83 2.18 5 September 2008 3.85 2.22 8 September 2008 3.85 2.27 9 September 2008 3.80 2.22 10 September 2008 3.84 2.21 11 September 2008 3.81 2.17 As shown in the figure, a vertical line marks the FOMC meeting on August 5, 2008. * Par yields from a smoothed nominal off-the-run Treasury yield curve. Return to table Figure: Oil prices and inflation compensation* Daily Date Spot WTI ($/barrel) Next Five Years (Percent) Five-to-Ten Year Forward (Percent) 3 January 2006 63.45 2.48 2.47 4 January 2006 63.43 2.46 2.48 5 January 2006 62.80 2.44 2.46 6 January 2006 64.22 2.48 2.44 9 January 2006 63.51 2.47 2.43 10 January 2006 63.38 2.49 2.47 11 January 2006 63.95 2.50 2.50 12 January 2006 63.95 2.52 2.52 13 January 2006 63.93 2.49 2.50 17 January 2006 66.32 2.50 2.51 18 January 2006 65.74 2.53 2.53 19 January 2006 66.84 2.56 2.54 20 January 2006 68.36 2.59 2.55 23 January 2006 67.86 2.55 2.51 24 January 2006 66.75 2.52 2.50 25 January 2006 65.36 2.51 2.52 26 January 2006 66.24 2.54 2.56 27 January 2006 67.77 2.59 2.58 30 January 2006 68.36 2.57 2.58 31 January 2006 67.93 2.61 2.60 1 February 2006 66.57 2.59 2.59 2 February 2006 64.69 2.57 2.58 3 February 2006 65.38 2.59 2.56 6 February 2006 65.13 2.59 2.56 7 February 2006 63.10 2.55 2.58 8 February 2006 62.56 2.53 2.56 9 February 2006 62.63 2.53 2.57 10 February 2006 61.85 2.53 2.57 13 February 2006 61.05 2.49 2.57 14 February 2006 59.58 2.45 2.57 15 February 2006 57.66 2.46 2.55 16 February 2006 58.47 2.50 2.56 17 February 2006 59.89 2.50 2.52 21 February 2006 61.13 2.53 2.51 22 February 2006 58.02 2.52 2.49 23 February 2006 58.33 2.52 2.50 24 February 2006 62.52 2.58 2.52 27 February 2006 61.01 2.55 2.52 28 February 2006 61.42 2.54 2.53 1 March 2006 61.42 2.54 2.54 2 March 2006 63.37 2.60 2.58 3 March 2006 63.68 2.62 2.61 6 March 2006 62.41 2.57 2.62 7 March 2006 61.59 2.56 2.61 8 March 2006 60.02 2.49 2.58 9 March 2006 60.48 2.48 2.59 10 March 2006 59.97 2.48 2.60 13 March 2006 61.78 2.47 2.59 14 March 2006 63.11 2.47 2.61 15 March 2006 62.18 2.48 2.61 16 March 2006 63.58 2.51 2.57 17 March 2006 62.78 2.50 2.59 20 March 2006 60.43 2.47 2.55 21 March 2006 60.58 2.45 2.55 22 March 2006 60.78 2.46 2.55 23 March 2006 63.42 2.48 2.57 24 March 2006 63.96 2.45 2.54 27 March 2006 64.17 2.44 2.55 28 March 2006 66.08 2.47 2.56 29 March 2006 66.46 2.48 2.56 30 March 2006 67.21 2.51 2.58 31 March 2006 66.66 2.50 2.60 3 April 2006 66.75 2.49 2.60 4 April 2006 66.24 2.46 2.59 5 April 2006 67.08 2.48 2.60 6 April 2006 67.95 2.49 2.61 7 April 2006 67.40 2.50 2.63 10 April 2006 68.75 2.53 2.64 11 April 2006 68.99 2.53 2.63 12 April 2006 68.63 2.54 2.62 13 April 2006 69.33 2.56 2.63 17 April 2006 70.41 2.56 2.63 18 April 2006 71.36 2.58 2.67 19 April 2006 72.18 2.61 2.72 20 April 2006 71.96 2.56 2.72 21 April 2006 73.83 2.57 2.71 24 April 2006 70.09 2.52 2.70 25 April 2006 68.38 2.50 2.73 26 April 2006 71.94 2.52 2.75 27 April 2006 70.98 2.54 2.77 28 April 2006 71.89 2.57 2.82 1 May 2006 73.71 2.62 2.83 2 May 2006 74.62 2.61 2.79 3 May 2006 72.29 2.60 2.77 4 May 2006 69.95 2.59 2.75 5 May 2006 70.20 2.61 2.75 8 May 2006 69.78 2.60 2.74 9 May 2006 70.70 2.63 2.76 10 May 2006 72.14 2.65 2.74 11 May 2006 73.33 2.66 2.80 12 May 2006 72.05 2.66 2.78 15 May 2006 69.42 2.59 2.77 16 May 2006 69.54 2.58 2.76 17 May 2006 68.70 2.62 2.79 18 May 2006 69.46 2.58 2.74 19 May 2006 68.54 2.55 2.69 22 May 2006 69.23 2.55 2.71 23 May 2006 71.51 2.57 2.70 24 May 2006 69.71 2.53 2.69 25 May 2006 71.12 2.57 2.69 26 May 2006 71.37 2.56 2.71 30 May 2006 72.03 2.60 2.73 31 May 2006 71.29 2.63 2.75 1 June 2006 70.34 2.61 2.74 2 June 2006 72.33 2.59 2.72 5 June 2006 72.60 2.60 2.70 6 June 2006 72.50 2.55 2.64 7 June 2006 70.82 2.52 2.61 8 June 2006 70.35 2.53 2.61 9 June 2006 71.63 2.48 2.59 12 June 2006 70.36 2.50 2.59 13 June 2006 68.56 2.47 2.60 14 June 2006 69.14 2.48 2.61 15 June 2006 69.50 2.50 2.65 16 June 2006 69.88 2.51 2.66 19 June 2006 68.98 2.50 2.64 20 June 2006 68.94 2.50 2.64 21 June 2006 70.70 2.51 2.63 22 June 2006 70.49 2.54 2.64 23 June 2006 70.54 2.54 2.65 26 June 2006 71.80 2.56 2.66 27 June 2006 71.92 2.54 2.64 28 June 2006 72.19 2.54 2.67 29 June 2006 73.52 2.60 2.68 30 June 2006 73.98 2.59 2.68 3 July 2006 ND 2.59 2.66 5 July 2006 75.19 2.60 2.66 6 July 2006 75.14 2.61 2.65 7 July 2006 74.09 2.61 2.64 10 July 2006 73.63 2.58 2.64 11 July 2006 74.16 2.57 2.62 12 July 2006 74.95 2.55 2.59 13 July 2006 76.70 2.59 2.61 14 July 2006 77.03 2.60 2.63 17 July 2006 75.31 2.59 2.64 18 July 2006 73.55 2.58 2.64 19 July 2006 72.67 2.57 2.64 20 July 2006 73.09 2.57 2.65 21 July 2006 73.94 2.56 2.62 24 July 2006 74.71 2.56 2.62 25 July 2006 73.41 2.59 2.67 26 July 2006 73.95 2.59 2.68 27 July 2006 74.55 2.60 2.68 28 July 2006 73.25 2.57 2.68 31 July 2006 74.41 2.56 2.69 1 August 2006 74.92 2.59 2.68 2 August 2006 75.82 2.61 2.68 3 August 2006 75.47 2.61 2.68 4 August 2006 74.77 2.62 2.69 7 August 2006 76.99 2.64 2.68 8 August 2006 76.32 2.63 2.72 9 August 2006 76.36 2.65 2.74 10 August 2006 74.01 2.60 2.72 11 August 2006 74.36 2.64 2.71 14 August 2006 73.56 2.63 2.70 15 August 2006 73.06 2.60 2.71 16 August 2006 71.90 2.55 2.71 17 August 2006 70.07 2.54 2.71 18 August 2006 71.15 2.53 2.70 21 August 2006 72.46 2.54 2.71 22 August 2006 72.64 2.55 2.73 23 August 2006 71.42 2.50 2.73 24 August 2006 72.02 2.45 2.71 25 August 2006 72.17 2.48 2.73 28 August 2006 70.62 2.44 2.72 29 August 2006 69.72 2.45 2.68 30 August 2006 70.04 2.43 2.68 31 August 2006 70.27 2.44 2.68 1 September 2006 69.20 2.41 2.67 5 September 2006 68.61 2.41 2.67 6 September 2006 67.51 2.41 2.68 7 September 2006 67.33 2.37 2.66 8 September 2006 66.26 2.35 2.65 11 September 2006 65.62 2.31 2.64 12 September 2006 63.77 2.31 2.64 13 September 2006 63.98 2.32 2.65 14 September 2006 63.23 2.36 2.66 15 September 2006 63.54 2.30 2.64 18 September 2006 63.81 2.31 2.64 19 September 2006 61.67 2.25 2.61 20 September 2006 60.47 2.22 2.59 21 September 2006 61.05 2.19 2.59 22 September 2006 60.11 2.20 2.58 25 September 2006 61.46 2.20 2.57 26 September 2006 61.02 2.22 2.55 27 September 2006 62.97 2.24 2.53 28 September 2006 62.77 2.26 2.57 29 September 2006 62.92 2.29 2.57 2 October 2006 61.04 2.25 2.57 3 October 2006 58.69 2.21 2.56 4 October 2006 59.42 2.18 2.56 5 October 2006 60.04 2.20 2.57 6 October 2006 59.77 2.21 2.59 9 October 2006 59.97 ND ND 10 October 2006 58.53 2.26 2.57 11 October 2006 57.60 2.24 2.56 12 October 2006 57.87 2.25 2.56 13 October 2006 58.58 2.26 2.58 16 October 2006 59.95 2.26 2.59 17 October 2006 58.94 2.22 2.57 18 October 2006 57.66 2.25 2.57 19 October 2006 58.51 2.24 2.60 20 October 2006 56.83 2.23 2.61 23 October 2006 57.02 2.24 2.60 24 October 2006 56.91 2.26 2.61 25 October 2006 59.11 2.28 2.61 26 October 2006 60.37 2.25 2.64 27 October 2006 60.76 2.23 2.63 30 October 2006 59.37 2.19 2.61 31 October 2006 58.74 2.20 2.60 1 November 2006 58.72 2.20 2.59 2 November 2006 57.89 2.20 2.57 3 November 2006 59.15 2.24 2.64 6 November 2006 60.03 2.26 2.63 7 November 2006 58.94 2.23 2.65 8 November 2006 59.84 2.24 2.65 9 November 2006 61.17 2.25 2.64 10 November 2006 59.60 2.23 2.61 13 November 2006 58.59 2.29 2.63 14 November 2006 58.29 2.27 2.59 15 November 2006 58.77 2.27 2.58 16 November 2006 56.27 2.24 2.57 17 November 2006 55.87 2.22 2.57 20 November 2006 56.46 2.21 2.54 21 November 2006 58.03 2.22 2.50 22 November 2006 58.45 2.22 2.51 24 November 2006 ND 2.25 2.50 27 November 2006 60.33 2.24 2.50 28 November 2006 61.00 2.26 2.50 29 November 2006 62.47 2.27 2.50 30 November 2006 63.14 2.27 2.53 1 December 2006 63.44 2.30 2.55 4 December 2006 62.44 2.26 2.54 5 December 2006 62.44 2.28 2.55 6 December 2006 62.20 2.27 2.55 7 December 2006 62.50 2.27 2.54 8 December 2006 62.04 2.27 2.57 11 December 2006 61.23 2.26 2.54 12 December 2006 61.03 2.23 2.53 13 December 2006 62.38 2.24 2.55 14 December 2006 62.52 2.27 2.54 15 December 2006 63.44 2.30 2.51 18 December 2006 62.22 2.25 2.50 19 December 2006 63.16 2.25 2.48 20 December 2006 63.23 2.23 2.48 21 December 2006 61.97 2.21 2.44 22 December 2006 61.92 2.23 2.44 26 December 2006 61.11 2.17 2.44 27 December 2006 60.35 2.16 2.43 28 December 2006 60.54 2.23 2.46 29 December 2006 61.06 2.25 2.47 2 January 2007 ND 2.33 2.47 3 January 2007 58.33 2.33 2.47 4 January 2007 55.41 2.27 2.44 5 January 2007 56.32 2.28 2.46 8 January 2007 56.10 2.29 2.45 9 January 2007 55.65 2.28 2.42 10 January 2007 54.03 2.28 2.42 11 January 2007 51.89 2.21 2.41 12 January 2007 53.00 2.22 2.40 16 January 2007 51.22 2.19 2.46 17 January 2007 52.25 2.21 2.47 18 January 2007 50.49 2.19 2.48 19 January 2007 51.99 2.24 2.49 22 January 2007 51.14 2.24 2.50 23 January 2007 53.90 2.30 2.53 24 January 2007 54.73 2.31 2.55 25 January 2007 53.59 2.31 2.55 26 January 2007 55.43 2.32 2.56 29 January 2007 54.02 2.31 2.54 30 January 2007 56.98 2.34 2.55 31 January 2007 58.15 2.36 2.55 1 February 2007 57.31 2.34 2.52 2 February 2007 59.03 2.35 2.52 5 February 2007 58.75 2.33 2.51 6 February 2007 58.89 2.29 2.46 7 February 2007 57.72 2.28 2.49 8 February 2007 59.72 2.26 2.47 9 February 2007 59.90 2.28 2.49 12 February 2007 57.82 2.26 2.48 13 February 2007 59.06 2.27 2.48 14 February 2007 58.00 2.25 2.49 15 February 2007 58.00 2.21 2.48 16 February 2007 59.41 2.23 2.49 20 February 2007 58.08 2.21 2.49 21 February 2007 59.53 2.27 2.48 22 February 2007 59.56 2.31 2.50 23 February 2007 60.53 2.31 2.51 26 February 2007 61.40 2.31 2.49 27 February 2007 61.47 2.28 2.47 28 February 2007 61.80 2.31 2.49 1 March 2007 62.01 2.31 2.49 2 March 2007 61.65 2.33 2.48 5 March 2007 60.08 2.29 2.44 6 March 2007 60.70 2.30 2.45 7 March 2007 61.83 2.29 2.44 8 March 2007 61.65 2.28 2.44 9 March 2007 60.06 2.29 2.43 12 March 2007 58.92 2.24 2.42 13 March 2007 57.94 2.27 2.44 14 March 2007 58.17 2.28 2.46 15 March 2007 57.56 2.27 2.48 16 March 2007 57.12 2.28 2.48 19 March 2007 56.60 2.29 2.47 20 March 2007 56.74 2.28 2.46 21 March 2007 57.37 2.30 2.50 22 March 2007 60.65 2.31 2.54 23 March 2007 61.49 2.31 2.54 26 March 2007 62.92 2.33 2.55 27 March 2007 62.94 2.35 2.56 28 March 2007 64.09 2.35 2.56 29 March 2007 66.04 2.36 2.55 30 March 2007 65.88 2.33 2.55 2 April 2007 65.95 2.33 2.55 3 April 2007 64.65 2.30 2.53 4 April 2007 64.39 2.32 2.54 5 April 2007 64.29 2.35 2.57 6 April 2007 ND 2.38 2.59 9 April 2007 61.52 2.34 2.58 10 April 2007 61.90 2.35 2.58 11 April 2007 62.02 2.34 2.56 12 April 2007 63.86 2.33 2.56 13 April 2007 63.64 2.32 2.55 16 April 2007 63.85 2.31 2.54 17 April 2007 63.11 2.20 2.53 18 April 2007 63.14 2.20 2.51 19 April 2007 61.84 2.22 2.51 20 April 2007 63.39 2.23 2.52 23 April 2007 65.35 2.25 2.51 24 April 2007 63.91 2.26 2.49 25 April 2007 65.12 2.29 2.51 26 April 2007 65.07 2.30 2.51 27 April 2007 66.47 2.31 2.53 30 April 2007 65.71 2.31 2.48 1 May 2007 64.41 2.31 2.48 2 May 2007 63.68 2.31 2.50 3 May 2007 63.20 2.31 2.49 4 May 2007 61.94 2.27 2.46 7 May 2007 61.48 2.26 2.44 8 May 2007 62.27 2.27 2.45 9 May 2007 61.56 2.28 2.45 10 May 2007 61.82 2.30 2.45 11 May 2007 62.38 2.31 2.45 14 May 2007 62.47 2.24 2.44 15 May 2007 63.18 2.22 2.42 16 May 2007 62.56 2.20 2.41 17 May 2007 64.87 2.24 2.40 18 May 2007 64.95 2.24 2.43 21 May 2007 66.28 2.26 2.44 22 May 2007 64.98 2.23 2.47 23 May 2007 65.08 2.25 2.50 24 May 2007 63.59 2.26 2.52 25 May 2007 64.76 2.26 2.52 29 May 2007 63.16 2.25 2.51 30 May 2007 63.50 2.26 2.53 31 May 2007 64.02 2.29 2.55 1 June 2007 65.09 2.30 2.55 4 June 2007 66.22 2.31 2.54 5 June 2007 65.62 2.31 2.55 6 June 2007 65.97 2.31 2.56 7 June 2007 66.93 2.33 2.60 8 June 2007 64.76 2.32 2.62 11 June 2007 65.97 2.34 2.63 12 June 2007 65.36 2.32 2.66 13 June 2007 66.27 2.32 2.65 14 June 2007 67.66 2.34 2.66 15 June 2007 68.00 2.25 2.64 18 June 2007 69.10 2.25 2.63 19 June 2007 69.11 2.24 2.63 20 June 2007 68.20 2.25 2.65 21 June 2007 67.93 2.26 2.68 22 June 2007 68.90 2.28 2.71 25 June 2007 68.94 2.25 2.69 26 June 2007 67.78 2.23 2.66 27 June 2007 68.98 2.25 2.65 28 June 2007 69.57 2.25 2.63 29 June 2007 70.69 2.24 2.61 2 July 2007 71.10 2.24 2.62 3 July 2007 71.42 2.25 2.62 5 July 2007 71.82 2.29 2.63 6 July 2007 72.82 2.30 2.64 9 July 2007 72.20 2.32 2.64 10 July 2007 72.20 2.30 2.62 11 July 2007 72.57 2.30 2.63 12 July 2007 72.51 2.31 2.62 13 July 2007 73.94 2.29 2.62 16 July 2007 74.16 2.27 2.61 17 July 2007 74.03 2.23 2.63 18 July 2007 75.06 2.27 2.63 19 July 2007 75.93 2.29 2.65 20 July 2007 75.58 2.25 2.62 23 July 2007 74.70 2.22 2.63 24 July 2007 73.52 2.24 2.67 25 July 2007 75.99 2.25 2.69 26 July 2007 74.96 2.20 2.64 27 July 2007 77.03 2.20 2.68 30 July 2007 76.84 2.23 2.69 31 July 2007 78.22 2.24 2.70 1 August 2007 76.54 2.17 2.67 2 August 2007 76.87 2.18 2.66 3 August 2007 75.49 2.15 2.62 6 August 2007 72.07 2.06 2.63 7 August 2007 72.43 2.13 2.65 8 August 2007 72.18 2.13 2.67 9 August 2007 71.60 2.13 2.67 10 August 2007 71.47 2.13 2.71 13 August 2007 71.62 2.14 2.68 14 August 2007 72.39 2.12 2.65 15 August 2007 73.34 2.08 2.67 16 August 2007 71.01 2.02 2.70 17 August 2007 71.99 2.08 2.71 20 August 2007 71.13 2.01 2.69 21 August 2007 69.48 2.03 2.70 22 August 2007 69.32 2.05 2.70 23 August 2007 70.04 2.06 2.68 24 August 2007 71.39 2.05 2.67 27 August 2007 71.98 2.03 2.69 28 August 2007 71.74 1.99 2.70 29 August 2007 73.52 2.00 2.68 30 August 2007 73.37 2.00 2.68 31 August 2007 74.05 1.99 2.66 4 September 2007 75.08 2.01 2.68 5 September 2007 75.74 1.99 2.69 6 September 2007 76.31 1.99 2.68 7 September 2007 76.71 1.99 2.69 10 September 2007 77.50 1.99 2.68 11 September 2007 78.24 2.03 2.70 12 September 2007 79.92 2.08 2.71 13 September 2007 80.10 2.11 2.72 14 September 2007 79.11 2.10 2.73 17 September 2007 80.57 2.12 2.75 18 September 2007 81.52 2.16 2.81 19 September 2007 81.94 2.15 2.81 20 September 2007 83.33 2.17 2.85 21 September 2007 83.36 2.16 2.81 24 September 2007 82.67 2.13 2.79 25 September 2007 81.64 2.10 2.78 26 September 2007 80.31 2.12 2.79 27 September 2007 82.89 2.13 2.81 28 September 2007 81.67 2.16 2.80 1 October 2007 80.25 2.14 2.79 2 October 2007 80.06 2.13 2.79 3 October 2007 79.98 2.14 2.78 4 October 2007 81.45 2.13 2.78 5 October 2007 81.23 2.16 2.79 8 October 2007 79.03 ND ND 9 October 2007 80.27 2.17 2.79 10 October 2007 81.31 2.16 2.80 11 October 2007 83.09 2.16 2.80 12 October 2007 83.70 2.19 2.79 15 October 2007 86.14 2.21 2.77 16 October 2007 87.62 2.19 2.77 17 October 2007 87.41 2.18 2.76 18 October 2007 89.48 2.17 2.74 19 October 2007 88.61 2.14 2.73 22 October 2007 87.57 2.14 2.73 23 October 2007 86.48 2.11 2.75 24 October 2007 89.36 2.15 2.74 25 October 2007 92.97 2.18 2.74 26 October 2007 91.87 2.20 2.78 29 October 2007 93.53 2.17 2.76 30 October 2007 90.39 2.17 2.77 31 October 2007 94.54 2.22 2.74 1 November 2007 93.49 2.22 2.75 2 November 2007 95.94 2.30 2.77 5 November 2007 93.99 2.32 2.79 6 November 2007 93.99 2.36 2.80 7 November 2007 96.38 2.32 2.81 8 November 2007 95.47 2.32 2.82 9 November 2007 96.33 2.35 2.80 12 November 2007 94.63 ND ND 13 November 2007 91.18 2.33 2.78 14 November 2007 94.10 2.29 2.75 15 November 2007 93.44 2.24 2.73 16 November 2007 95.10 2.25 2.75 19 November 2007 95.75 2.26 2.77 20 November 2007 98.83 2.29 2.77 21 November 2007 97.79 2.26 2.79 23 November 2007 98.18 2.30 2.77 26 November 2007 97.71 2.27 2.74 27 November 2007 94.43 2.26 2.77 28 November 2007 90.63 2.22 2.72 29 November 2007 91.02 2.23 2.75 30 November 2007 88.72 2.23 2.77 3 December 2007 89.32 2.18 2.76 4 December 2007 88.33 2.15 2.72 5 December 2007 87.50 2.10 2.67 6 December 2007 90.24 2.11 2.72 7 December 2007 88.29 2.11 2.76 10 December 2007 87.87 2.12 2.75 11 December 2007 90.03 2.06 2.71 12 December 2007 94.40 2.10 2.72 13 December 2007 92.26 2.16 2.73 14 December 2007 91.28 2.14 2.74 17 December 2007 90.64 2.13 2.74 18 December 2007 90.50 2.15 2.75 19 December 2007 91.05 2.11 2.71 20 December 2007 90.97 2.12 2.73 21 December 2007 93.32 2.14 2.77 24 December 2007 93.32 2.17 2.77 26 December 2007 95.98 2.16 2.78 27 December 2007 96.63 2.18 2.74 28 December 2007 96.01 2.15 2.69 31 December 2007 96.01 2.16 2.72 2 January 2008 99.63 2.27 2.71 3 January 2008 99.19 2.29 2.65 4 January 2008 97.92 2.26 2.67 7 January 2008 95.10 2.10 2.64 8 January 2008 96.34 2.12 2.65 9 January 2008 95.68 2.07 2.64 10 January 2008 93.72 2.07 2.70 11 January 2008 92.70 2.07 2.75 14 January 2008 94.21 2.11 2.78 15 January 2008 91.91 2.09 2.76 16 January 2008 90.85 2.08 2.75 17 January 2008 90.14 2.03 2.78 18 January 2008 90.58 2.03 2.79 22 January 2008 89.86 1.97 2.89 23 January 2008 87.32 1.99 2.96 24 January 2008 89.41 1.99 2.96 25 January 2008 90.71 2.04 2.93 28 January 2008 90.99 2.04 2.94 29 January 2008 91.65 2.10 3.00 30 January 2008 92.34 2.20 3.00 31 January 2008 91.76 2.14 3.00 1 February 2008 88.97 2.08 2.98 4 February 2008 90.02 2.08 2.95 5 February 2008 88.42 2.01 2.99 6 February 2008 87.15 2.00 3.01 7 February 2008 88.12 2.04 3.00 8 February 2008 91.78 2.07 3.00 11 February 2008 93.60 2.08 3.00 12 February 2008 92.79 2.06 3.00 13 February 2008 92.79 2.04 2.95 14 February 2008 95.47 2.11 2.93 15 February 2008 95.51 2.07 2.90 19 February 2008 100.01 2.14 2.93 20 February 2008 100.75 2.23 2.96 21 February 2008 98.39 2.16 2.90 22 February 2008 98.96 2.17 2.90 25 February 2008 99.41 2.24 2.93 26 February 2008 100.89 2.29 2.97 27 February 2008 99.65 2.27 2.95 28 February 2008 102.60 2.28 2.99 29 February 2008 101.85 2.25 2.94 3 March 2008 102.46 2.28 2.99 4 March 2008 99.52 2.30 3.10 5 March 2008 104.52 2.34 3.16 6 March 2008 105.48 2.29 3.15 7 March 2008 105.16 2.26 3.20 10 March 2008 107.90 2.18 3.19 11 March 2008 108.76 2.22 3.19 12 March 2008 109.93 2.21 3.17 13 March 2008 110.33 2.20 3.18 14 March 2008 110.21 2.03 3.15 17 March 2008 105.68 1.81 3.12 18 March 2008 109.42 1.95 3.11 19 March 2008 104.49 1.89 3.03 20 March 2008 101.84 1.89 3.01 21 March 2008 ND 1.89 3.01 24 March 2008 101.07 1.89 3.01 25 March 2008 100.98 1.83 2.96 26 March 2008 105.90 1.86 2.97 27 March 2008 107.59 1.96 3.03 28 March 2008 105.63 1.95 3.04 31 March 2008 101.59 1.98 3.02 1 April 2008 100.98 1.97 3.07 2 April 2008 104.84 2.00 3.07 3 April 2008 103.84 1.97 3.01 4 April 2008 106.23 1.94 2.98 7 April 2008 105.03 2.00 2.97 8 April 2008 108.50 1.96 2.98 9 April 2008 110.87 1.96 2.96 10 April 2008 110.12 1.96 2.92 11 April 2008 110.15 1.96 2.95 14 April 2008 111.76 1.97 2.97 15 April 2008 113.79 1.97 2.96 16 April 2008 114.93 1.99 2.96 17 April 2008 114.86 1.97 2.91 18 April 2008 116.69 1.98 2.93 21 April 2008 117.48 2.01 2.88 22 April 2008 119.38 2.06 2.82 23 April 2008 118.30 2.08 2.83 24 April 2008 117.16 2.06 2.80 25 April 2008 118.52 2.09 2.79 28 April 2008 118.75 2.05 2.75 29 April 2008 115.63 2.00 2.77 30 April 2008 113.46 2.00 2.74 1 May 2008 112.52 2.04 2.77 2 May 2008 116.32 2.10 2.82 5 May 2008 119.97 2.13 2.82 6 May 2008 121.85 2.10 2.84 7 May 2008 123.53 2.07 2.81 8 May 2008 123.70 2.08 2.84 9 May 2008 125.97 2.13 2.84 12 May 2008 124.24 2.12 2.83 13 May 2008 125.80 2.13 2.83 14 May 2008 124.23 2.19 2.82 15 May 2008 124.12 2.19 2.81 16 May 2008 126.30 2.24 2.84 19 May 2008 127.06 2.26 2.84 20 May 2008 129.08 2.29 2.86 21 May 2008 132.78 2.35 2.86 22 May 2008 130.22 2.36 2.86 23 May 2008 131.60 2.33 2.89 27 May 2008 128.85 2.33 2.85 28 May 2008 131.04 2.32 2.84 29 May 2008 126.63 2.34 2.83 30 May 2008 127.36 2.34 2.89 2 June 2008 127.76 2.33 2.91 3 June 2008 124.31 2.27 2.89 4 June 2008 122.30 2.26 2.90 5 June 2008 127.79 2.29 2.92 6 June 2008 138.55 2.31 2.90 9 June 2008 134.35 2.38 2.87 10 June 2008 131.31 2.41 2.83 11 June 2008 136.38 2.45 2.81 12 June 2008 136.74 2.47 2.78 13 June 2008 134.87 2.44 2.78 16 June 2008 134.62 2.46 2.80 17 June 2008 134.01 2.43 2.82 18 June 2008 136.68 2.44 2.77 19 June 2008 131.93 2.45 2.81 20 June 2008 134.63 2.41 2.77 23 June 2008 136.00 2.46 2.72 24 June 2008 136.40 2.44 2.70 25 June 2008 134.00 2.45 2.75 26 June 2008 139.65 2.52 2.80 27 June 2008 140.21 2.50 2.73 30 June 2008 140.00 2.53 2.75 1 July 2008 140.97 2.53 2.81 2 July 2008 143.57 2.55 2.83 3 July 2008 145.28 2.59 2.85 7 July 2008 141.38 2.49 2.85 8 July 2008 136.04 2.42 2.83 9 July 2008 136.06 2.40 2.82 10 July 2008 141.66 2.43 2.77 11 July 2008 145.66 2.48 2.77 14 July 2008 145.18 2.47 2.77 15 July 2008 138.74 2.43 2.79 16 July 2008 134.60 2.38 2.87 17 July 2008 129.29 2.36 2.85 18 July 2008 128.88 2.34 2.84 21 July 2008 131.04 2.31 2.80 22 July 2008 127.95 2.30 2.84 23 July 2008 123.69 2.16 2.82 24 July 2008 124.74 2.14 2.82 25 July 2008 123.26 2.12 2.88 28 July 2008 124.74 2.16 2.88 29 July 2008 122.19 2.11 2.89 30 July 2008 126.77 2.13 2.87 31 July 2008 124.08 2.04 2.87 1 August 2008 123.26 2.11 2.88 4 August 2008 121.41 2.09 2.88 5 August 2008 119.17 2.05 2.85 6 August 2008 118.58 2.01 2.81 7 August 2008 120.02 2.02 2.81 8 August 2008 115.20 2.01 2.80 11 August 2008 114.45 1.94 2.78 12 August 2008 113.02 1.92 2.77 13 August 2008 116.00 1.96 2.77 14 August 2008 115.00 1.98 2.78 15 August 2008 113.77 1.91 2.78 18 August 2008 112.88 1.90 2.77 19 August 2008 114.53 1.90 2.80 20 August 2008 114.98 1.92 2.81 21 August 2008 120.93 2.01 2.81 22 August 2008 114.70 1.96 2.81 25 August 2008 115.27 1.92 2.78 26 August 2008 116.77 1.94 2.78 27 August 2008 118.65 1.96 2.81 28 August 2008 116.09 1.94 2.79 29 August 2008 115.96 1.93 2.83 2 September 2008 110.21 1.79 2.78 3 September 2008 109.35 1.74 2.74 4 September 2008 107.89 1.67 2.66 5 September 2008 106.23 1.68 2.69 8 September 2008 106.34 1.69 2.73 9 September 2008 103.26 1.62 2.75 10 September 2008 102.58 1.62 2.81 11 September 2008 100.60 1.61 2.82 As shown in the figure, a vertical line marks the FOMC meeting on August 5, 2008. * Estimates based on smoothed nominal and inflation-indexed Treasury yield curves and adjusted for the indexation-lag (carry) effect. Return to table ND No data Return to table [Box:] Treasury Yields and the Probability of Low GSE Share Prices Figure: Probability of Low GSE Stock Prices* A line chart shows two series, "Fannie Mae", and "Freddie Mac", from July 2008 through September 2008. Data is daily; unit is percent. The "Fannie Mae" series begins at about 24 percent in July 2008, increases to about 33 shortly after, and decreases to about 13 in early August 2008. The series generally increases to about 43 by mid-August, and decreases to about 25 in late August 2008, and increases to end at about 75 in September 2008. The "Freddie Mac" series begins at about 37 in July 2008, increases to about 42 shortly after, decreases to about 33 in late July and early August 2008. The series generally increases to about 50 in mid-August, decreases to about 30 in late August 2008 and early September 2008. It then generally increases and ends at about 79 in September 2008. * Based on put options with the lowest strike for Fannie and Freddie. Return to text Correlation Matrix Probability Treasury-yields Fannie Mae Freddie Mac Lehman Bros. January P<$2.5 January P<$3 October P<$2.5 2 Year -.68 -.61 -.39 10 Year -.74 -.68 -.43 Chart 3 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 17 December 2007 ND 80.38 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 49.25 82.88 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 53.30 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 13 March 2008 38.80 57.35 14 March 2008 44.05 61.67 17 March 2008 42.98 63.78 18 March 2008 54.31 77.69 19 March 2008 42.83 62.88 20 March 2008 43.58 66.88 25 March 2008 47.48 62.30 26 March 2008 50.85 65.68 27 March 2008 50.83 69.58 28 March 2008 52.52 71.55 31 March 2008 52.41 71.46 1 April 2008 53.95 72.82 2 April 2008 54.75 68.35 3 April 2008 58.38 70.20 4 April 2008 59.82 72.70 7 April 2008 60.29 74.45 8 April 2008 59.76 73.70 9 April 2008 63.54 77.01 10 April 2008 63.10 76.85 11 April 2008 66.59 79.01 14 April 2008 66.11 79.38 15 April 2008 67.88 79.29 16 April 2008 68.82 78.17 17 April 2008 76.45 85.50 18 April 2008 85.67 94.15 21 April 2008 83.85 90.10 22 April 2008 84.75 90.00 23 April 2008 83.95 87.35 24 April 2008 81.98 86.84 25 April 2008 82.67 87.95 28 April 2008 79.90 85.39 29 April 2008 77.50 83.23 30 April 2008 75.50 81.65 1 May 2008 72.72 80.94 2 May 2008 70.20 78.75 6 May 2008 67.12 76.20 7 May 2008 61.87 74.59 8 May 2008 59.30 73.11 9 May 2008 54.95 70.45 12 May 2008 52.49 68.81 13 May 2008 51.49 69.01 14 May 2008 50.95 72.45 15 May 2008 50.55 72.58 16 May 2008 48.33 71.15 19 May 2008 46.67 69.30 20 May 2008 44.25 68.00 21 May 2008 41.69 65.56 22 May 2008 40.50 64.76 23 May 2008 39.50 65.36 27 May 2008 41.42 66.59 28 May 2008 38.57 65.69 29 May 2008 47.29 68.44 30 May 2008 45.50 67.01 2 June 2008 42.81 67.07 3 June 2008 45.07 67.06 4 June 2008 44.95 67.14 5 June 2008 44.26 66.14 6 June 2008 44.69 68.31 9 June 2008 44.26 67.42 10 June 2008 46.50 73.12 11 June 2008 44.14 69.11 12 June 2008 44.73 69.42 13 June 2008 43.69 66.53 16 June 2008 44.38 67.75 17 June 2008 41.75 64.93 18 June 2008 44.79 70.20 19 June 2008 44.82 71.07 20 June 2008 46.62 70.79 23 June 2008 45.75 70.99 24 June 2008 45.19 71.34 25 June 2008 45.00 71.26 26 June 2008 46.20 72.06 27 June 2008 45.06 72.43 30 June 2008 44.45 71.61 1 July 2008 42.97 71.20 2 July 2008 42.35 72.22 3 July 2008 45.10 71.43 4 July 2008 42.38 73.04 7 July 2008 42.48 73.27 8 July 2008 44.08 73.30 9 July 2008 41.83 73.34 10 July 2008 43.83 73.26 11 July 2008 43.95 73.01 14 July 2008 44.50 73.41 15 July 2008 44.31 74.34 16 July 2008 44.32 75.75 17 July 2008 44.31 74.88 18 July 2008 45.14 75.06 21 July 2008 43.41 73.84 22 July 2008 44.64 74.67 23 July 2008 44.82 73.80 24 July 2008 44.20 71.95 25 July 2008 44.10 73.31 28 July 2008 43.35 72.78 29 July 2008 44.51 74.67 30 July 2008 44.38 72.66 31 July 2008 43.97 72.97 1 August 2008 44.70 73.99 4 August 2008 44.88 73.36 5 August 2008 44.25 74.64 6 August 2008 45.89 75.10 7 August 2008 45.51 75.50 8 August 2008 45.06 76.22 11 August 2008 45.07 76.48 12 August 2008 45.58 75.99 13 August 2008 45.99 76.29 14 August 2008 45.76 76.59 15 August 2008 45.76 77.28 18 August 2008 45.76 77.55 19 August 2008 42.97 77.88 20 August 2008 46.89 78.09 21 August 2008 47.19 78.06 22 August 2008 45.99 77.60 26 August 2008 44.15 77.59 27 August 2008 45.57 77.95 28 August 2008 47.12 77.05 29 August 2008 46.61 77.26 2 September 2008 46.86 78.26 3 September 2008 47.45 78.82 4 September 2008 46.69 79.75 5 September 2008 46.19 78.69 8 September 2008 47.81 80.89 9 September 2008 48.23 81.26 10 September 2008 49.19 82.88 11 September 2008 49.45 84.72 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: Equity prices Daily Index(12/31/2000=100) Date Wilshire 5000 Dow Jones Financial 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 13 March 2008 108.96 92.23 14 March 2008 106.71 88.80 17 March 2008 105.35 87.45 18 March 2008 109.68 94.29 19 March 2008 107.07 92.51 20 March 2008 109.53 98.47 24 March 2008 111.46 99.20 25 March 2008 111.89 99.10 26 March 2008 111.03 95.88 27 March 2008 109.76 93.97 28 March 2008 108.86 92.19 31 March 2008 109.50 93.00 1 April 2008 113.23 99.52 2 April 2008 113.14 98.94 3 April 2008 113.35 99.37 4 April 2008 113.53 97.93 7 April 2008 113.71 98.79 8 April 2008 113.26 97.19 9 April 2008 112.16 95.43 10 April 2008 112.78 95.23 11 April 2008 110.51 93.56 14 April 2008 110.14 91.46 15 April 2008 110.66 92.48 16 April 2008 113.23 95.48 17 April 2008 113.15 96.72 18 April 2008 115.12 98.24 21 April 2008 114.94 96.65 22 April 2008 113.86 95.83 23 April 2008 114.16 95.21 24 April 2008 114.90 98.65 25 April 2008 115.71 100.14 28 April 2008 115.70 100.09 29 April 2008 115.25 99.51 30 April 2008 114.91 98.53 1 May 2008 116.79 102.28 2 May 2008 117.04 102.47 5 May 2008 116.62 101.20 6 May 2008 117.52 102.03 7 May 2008 115.53 98.50 8 May 2008 115.98 97.45 9 May 2008 115.31 96.63 12 May 2008 116.56 98.35 13 May 2008 116.68 97.12 14 May 2008 117.09 97.95 15 May 2008 118.30 99.09 16 May 2008 118.46 97.85 19 May 2008 118.46 97.39 20 May 2008 117.53 95.45 21 May 2008 115.67 93.16 22 May 2008 116.03 93.97 23 May 2008 114.61 92.40 27 May 2008 115.47 93.24 28 May 2008 116.06 92.70 29 May 2008 116.76 94.20 30 May 2008 117.12 93.57 2 June 2008 116.01 92.03 3 June 2008 115.49 91.55 4 June 2008 115.49 90.89 5 June 2008 117.77 92.75 6 June 2008 114.36 88.40 9 June 2008 114.30 86.48 10 June 2008 113.92 87.31 11 June 2008 112.02 84.63 12 June 2008 112.34 86.13 13 June 2008 114.08 87.71 16 June 2008 114.31 88.69 17 June 2008 113.67 86.21 18 June 2008 112.59 85.16 19 June 2008 113.00 85.89 20 June 2008 111.00 83.82 23 June 2008 110.84 81.66 24 June 2008 110.23 82.70 25 June 2008 110.93 83.06 26 June 2008 107.80 79.63 27 June 2008 107.43 78.65 30 June 2008 107.37 77.07 1 July 2008 107.66 77.77 2 July 2008 105.47 76.59 3 July 2008 105.25 76.18 7 July 2008 104.33 73.88 8 July 2008 106.24 78.16 9 July 2008 103.96 74.09 10 July 2008 104.68 73.68 11 July 2008 103.77 72.09 14 July 2008 102.80 68.69 15 July 2008 101.76 66.84 16 July 2008 104.33 74.37 17 July 2008 105.54 78.73 18 July 2008 105.48 79.39 21 July 2008 105.71 78.70 22 July 2008 107.17 83.51 23 July 2008 107.48 85.05 24 July 2008 104.89 79.59 25 July 2008 105.43 79.39 28 July 2008 103.59 76.16 29 July 2008 105.95 81.54 30 July 2008 107.61 82.90 31 July 2008 106.33 81.83 1 August 2008 105.85 82.35 4 August 2008 104.62 81.34 5 August 2008 107.37 85.17 6 August 2008 107.87 84.37 7 August 2008 105.99 80.61 8 August 2008 108.39 83.48 11 August 2008 109.30 85.10 12 August 2008 108.11 81.17 13 August 2008 107.96 79.08 14 August 2008 108.64 81.02 15 August 2008 109.00 81.82 18 August 2008 107.41 79.17 19 August 2008 106.36 76.98 20 August 2008 106.94 78.03 21 August 2008 107.08 77.24 22 August 2008 108.29 79.49 25 August 2008 106.20 77.14 26 August 2008 106.59 77.68 27 August 2008 107.52 78.89 28 August 2008 109.14 82.15 29 August 2008 107.79 81.69 2 September 2008 107.30 83.00 3 September 2008 106.99 84.05 4 September 2008 103.93 80.41 5 September 2008 104.33 82.68 8 September 2008 106.14 86.33 9 September 2008 102.47 81.13 10 September 2008 103.24 80.89 11 September 2008 104.43 81.97 Figure: Implied Volatility on S&P 500 (VIX) Weekly Friday* Period Percent 4 January 2002 20.45 11 January 2002 22.60 18 January 2002 22.52 25 January 2002 21.01 1 February 2002 21.12 8 February 2002 23.26 15 February 2002 22.37 22 February 2002 22.86 1 March 2002 19.96 8 March 2002 19.27 15 March 2002 18.42 22 March 2002 17.77 5 April 2002 19.13 12 April 2002 19.42 19 April 2002 18.30 26 April 2002 22.14 3 May 2002 20.19 10 May 2002 22.41 17 May 2002 17.70 24 May 2002 18.90 31 May 2002 19.98 7 June 2002 23.51 14 June 2002 25.96 21 June 2002 27.23 28 June 2002 25.40 5 July 2002 27.11 12 July 2002 32.94 19 July 2002 38.17 26 July 2002 35.51 2 August 2002 41.29 9 August 2002 35.33 16 August 2002 28.81 23 August 2002 29.32 30 August 2002 32.64 6 September 2002 36.33 13 September 2002 35.82 20 September 2002 38.98 27 September 2002 36.97 4 October 2002 39.46 11 October 2002 35.70 18 October 2002 33.53 25 October 2002 30.00 1 November 2002 29.30 8 November 2002 29.41 15 November 2002 26.65 22 November 2002 23.16 29 November 2002 27.50 6 December 2002 28.88 13 December 2002 28.18 20 December 2002 26.71 27 December 2002 29.55 3 January 2003 24.68 10 January 2003 24.32 17 January 2003 25.70 24 January 2003 31.51 31 January 2003 31.17 7 February 2003 34.01 14 February 2003 32.62 21 February 2003 30.25 28 February 2003 29.63 7 March 2003 31.08 14 March 2003 30.98 21 March 2003 28.67 28 March 2003 27.75 4 April 2003 29.13 11 April 2003 24.44 25 April 2003 20.80 2 May 2003 20.63 9 May 2003 19.69 16 May 2003 18.40 23 May 2003 19.17 30 May 2003 19.47 6 June 2003 21.25 13 June 2003 20.66 20 June 2003 19.14 27 June 2003 19.16 11 July 2003 18.47 18 July 2003 19.11 25 July 2003 17.75 1 August 2003 20.75 8 August 2003 19.59 15 August 2003 18.27 22 August 2003 18.55 29 August 2003 18.63 5 September 2003 18.17 12 September 2003 18.68 19 September 2003 19.08 26 September 2003 22.23 3 October 2003 19.50 10 October 2003 18.45 17 October 2003 17.62 24 October 2003 17.71 31 October 2003 16.10 7 November 2003 16.93 14 November 2003 16.94 21 November 2003 18.98 28 November 2003 16.32 5 December 2003 17.09 12 December 2003 16.41 19 December 2003 16.42 26 December 2003 17.45 2 January 2004 18.22 9 January 2004 16.75 16 January 2004 15.00 23 January 2004 15.50 30 January 2004 16.63 6 February 2004 16.00 13 February 2004 15.63 20 February 2004 16.25 27 February 2004 14.55 5 March 2004 14.48 12 March 2004 18.30 19 March 2004 19.15 26 March 2004 17.33 2 April 2004 15.64 16 April 2004 14.94 23 April 2004 14.01 30 April 2004 16.82 7 May 2004 18.13 14 May 2004 18.47 21 May 2004 18.49 28 May 2004 15.50 4 June 2004 16.78 11 June 2004 15.04 18 June 2004 14.99 25 June 2004 15.19 2 July 2004 15.08 9 July 2004 15.78 16 July 2004 14.34 23 July 2004 16.50 30 July 2004 15.32 6 August 2004 19.34 13 August 2004 17.98 20 August 2004 16.00 27 August 2004 14.71 3 September 2004 13.91 10 September 2004 13.76 17 September 2004 14.83 24 September 2004 14.28 1 October 2004 12.75 8 October 2004 15.05 15 October 2004 15.04 22 October 2004 15.28 29 October 2004 16.27 5 November 2004 13.84 12 November 2004 13.33 19 November 2004 13.50 26 November 2004 12.79 3 December 2004 12.96 10 December 2004 12.76 17 December 2004 11.95 31 December 2004 13.29 7 January 2005 13.49 14 January 2005 12.43 21 January 2005 14.36 28 January 2005 13.24 4 February 2005 11.21 11 February 2005 11.43 18 February 2005 11.33 25 February 2005 11.49 4 March 2005 11.94 11 March 2005 12.80 18 March 2005 13.14 1 April 2005 14.09 8 April 2005 12.62 15 April 2005 17.74 22 April 2005 15.38 29 April 2005 15.31 6 May 2005 14.05 13 May 2005 16.32 20 May 2005 13.14 27 May 2005 12.15 3 June 2005 12.15 10 June 2005 11.96 17 June 2005 11.48 24 June 2005 12.18 1 July 2005 11.40 8 July 2005 11.45 15 July 2005 10.33 22 July 2005 10.52 29 July 2005 11.57 5 August 2005 12.48 12 August 2005 12.74 19 August 2005 13.42 26 August 2005 13.72 2 September 2005 13.57 9 September 2005 11.98 16 September 2005 11.22 23 September 2005 12.96 30 September 2005 11.92 7 October 2005 14.59 14 October 2005 14.87 21 October 2005 16.13 28 October 2005 14.25 4 November 2005 13.17 18 November 2005 11.12 25 November 2005 10.88 2 December 2005 11.01 9 December 2005 11.69 16 December 2005 10.68 23 December 2005 10.27 30 December 2005 12.07 6 January 2006 11.00 13 January 2006 11.23 20 January 2006 14.56 27 January 2006 11.97 3 February 2006 12.96 10 February 2006 12.87 17 February 2006 12.01 24 February 2006 11.46 3 March 2006 11.96 10 March 2006 13.59 17 March 2006 12.12 24 March 2006 11.19 31 March 2006 11.39 7 April 2006 12.26 21 April 2006 11.59 28 April 2006 11.59 5 May 2006 11.62 12 May 2006 13.59 19 May 2006 17.18 26 May 2006 14.26 2 June 2006 14.32 9 June 2006 18.12 16 June 2006 17.25 23 June 2006 15.89 30 June 2006 13.08 7 July 2006 13.97 14 July 2006 18.05 21 July 2006 17.53 28 July 2006 14.33 4 August 2006 14.34 11 August 2006 14.30 18 August 2006 11.64 25 August 2006 12.31 1 September 2006 11.96 8 September 2006 13.16 15 September 2006 11.78 22 September 2006 12.60 29 September 2006 11.98 6 October 2006 11.56 13 October 2006 10.75 20 October 2006 10.63 27 October 2006 10.80 3 November 2006 11.16 10 November 2006 10.79 17 November 2006 10.05 24 November 2006 10.73 1 December 2006 11.66 8 December 2006 12.07 15 December 2006 10.05 22 December 2006 11.36 29 December 2006 11.56 5 January 2007 12.14 12 January 2007 10.15 19 January 2007 10.40 26 January 2007 11.13 2 February 2007 10.08 9 February 2007 11.10 16 February 2007 10.02 23 February 2007 10.58 2 March 2007 18.61 9 March 2007 14.09 16 March 2007 16.79 23 March 2007 12.95 30 March 2007 14.64 13 April 2007 12.20 20 April 2007 12.07 27 April 2007 12.45 4 May 2007 12.91 11 May 2007 12.95 18 May 2007 12.76 25 May 2007 13.34 1 June 2007 12.78 8 June 2007 14.84 15 June 2007 13.94 22 June 2007 15.75 29 June 2007 16.23 6 July 2007 14.72 13 July 2007 15.15 20 July 2007 17.18 27 July 2007 24.17 3 August 2007 25.16 10 August 2007 28.30 17 August 2007 29.99 24 August 2007 20.72 31 August 2007 23.38 7 September 2007 26.23 14 September 2007 24.92 21 September 2007 19.00 28 September 2007 18.00 5 October 2007 16.91 12 October 2007 17.73 19 October 2007 22.96 26 October 2007 19.56 2 November 2007 23.01 9 November 2007 28.50 16 November 2007 25.49 23 November 2007 25.61 30 November 2007 22.87 7 December 2007 20.85 14 December 2007 23.27 21 December 2007 18.47 28 December 2007 20.74 4 January 2008 23.94 11 January 2008 23.68 18 January 2008 27.18 25 January 2008 29.08 1 February 2008 24.02 8 February 2008 28.01 15 February 2008 25.06 22 February 2008 24.06 29 February 2008 26.54 7 March 2008 27.49 14 March 2008 31.16 28 March 2008 25.71 4 April 2008 22.45 11 April 2008 23.46 18 April 2008 20.13 25 April 2008 19.59 2 May 2008 18.18 9 May 2008 19.41 16 May 2008 16.47 23 May 2008 16.47 30 May 2008 17.83 6 June 2008 23.56 13 June 2008 21.22 20 June 2008 22.87 27 June 2008 23.44 11 July 2008 27.49 18 July 2008 24.05 25 July 2008 22.91 1 August 2008 22.57 8 August 2008 20.66 15 August 2008 19.58 22 August 2008 18.81 29 August 2008 20.65 5 September 2008 23.06 11 September 2008 24.39 * Latest observation is for most recent business day. Return to table Source. Chicago Board of Exchange. Figure: Corporate bond spreads* Daily Basis points Date 10-year BBB 10-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 184.70 536.71 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 138.68 355.16 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 13 March 2008 295.95 661.63 14 March 2008 299.18 676.43 17 March 2008 303.11 696.34 18 March 2008 304.85 678.85 19 March 2008 306.70 678.83 20 March 2008 308.61 687.09 24 March 2008 305.37 657.24 25 March 2008 305.92 654.38 26 March 2008 304.49 653.58 27 March 2008 304.14 647.51 28 March 2008 305.57 653.13 31 March 2008 303.67 666.69 1 April 2008 303.11 650.76 2 April 2008 302.11 645.78 3 April 2008 301.90 648.99 4 April 2008 301.08 645.38 7 April 2008 298.18 629.21 8 April 2008 295.74 627.65 9 April 2008 295.66 636.92 10 April 2008 297.08 634.82 11 April 2008 297.45 638.77 14 April 2008 296.65 637.22 15 April 2008 297.02 628.95 16 April 2008 297.53 611.20 17 April 2008 295.68 611.87 18 April 2008 290.63 596.47 21 April 2008 289.18 598.56 22 April 2008 288.19 595.88 23 April 2008 284.52 590.65 24 April 2008 283.10 579.85 25 April 2008 280.52 571.91 28 April 2008 279.61 574.27 29 April 2008 278.11 575.82 30 April 2008 274.85 574.41 1 May 2008 270.60 565.24 2 May 2008 264.47 553.51 5 May 2008 279.61 554.65 6 May 2008 264.61 555.34 7 May 2008 266.43 560.24 8 May 2008 267.85 569.55 9 May 2008 266.21 573.85 12 May 2008 266.67 575.74 13 May 2008 267.77 565.45 14 May 2008 268.10 560.51 15 May 2008 269.50 564.23 16 May 2008 265.38 560.78 19 May 2008 266.88 563.29 20 May 2008 267.23 568.72 21 May 2008 268.81 568.31 22 May 2008 269.05 563.02 23 May 2008 268.67 571.97 27 May 2008 268.97 565.41 28 May 2008 266.01 556.95 29 May 2008 267.18 554.41 30 May 2008 265.01 555.90 2 June 2008 262.60 560.08 3 June 2008 260.93 571.25 4 June 2008 259.97 565.93 5 June 2008 258.64 550.47 6 June 2008 261.05 561.67 9 June 2008 258.58 555.97 10 June 2008 260.97 551.89 11 June 2008 260.55 554.89 12 June 2008 260.16 545.16 13 June 2008 260.05 541.04 16 June 2008 261.22 544.38 17 June 2008 261.95 545.92 18 June 2008 263.99 553.86 19 June 2008 262.10 551.62 20 June 2008 264.81 563.31 23 June 2008 264.98 564.54 24 June 2008 270.46 583.34 25 June 2008 269.72 582.02 26 June 2008 273.86 599.04 27 June 2008 279.64 608.50 30 June 2008 281.28 605.04 1 July 2008 282.45 610.16 2 July 2008 281.43 614.25 3 July 2008 284.04 621.36 7 July 2008 283.44 623.41 8 July 2008 286.06 633.92 9 July 2008 289.49 635.91 10 July 2008 289.97 640.06 11 July 2008 291.49 637.32 14 July 2008 291.50 641.24 15 July 2008 295.06 650.00 16 July 2008 294.42 641.95 17 July 2008 294.91 621.65 18 July 2008 294.97 613.34 21 July 2008 295.47 607.73 22 July 2008 293.89 613.38 23 July 2008 295.71 606.13 24 July 2008 296.59 619.61 25 July 2008 294.93 611.90 28 July 2008 294.40 622.16 29 July 2008 294.03 618.97 30 July 2008 297.86 621.41 31 July 2008 301.36 637.61 1 August 2008 300.26 639.88 4 August 2008 301.39 641.46 5 August 2008 300.75 636.04 6 August 2008 302.74 633.74 7 August 2008 304.42 646.12 8 August 2008 304.24 646.00 11 August 2008 305.02 639.12 12 August 2008 306.03 643.92 13 August 2008 305.18 638.54 14 August 2008 306.33 645.14 15 August 2008 307.82 646.51 18 August 2008 308.19 650.91 19 August 2008 309.28 653.06 20 August 2008 312.67 659.96 21 August 2008 312.93 657.47 22 August 2008 313.13 655.07 25 August 2008 315.57 663.97 26 August 2008 315.99 663.69 27 August 2008 317.10 665.49 28 August 2008 317.75 662.37 29 August 2008 315.06 655.16 2 September 2008 315.96 678.53 3 September 2008 315.96 670.84 4 September 2008 318.83 677.57 5 September 2008 319.22 676.80 8 September 2008 320.73 673.98 9 September 2008 320.74 676.77 10 September 2008 324.68 678.44 11 September 2008 325.17 680.84 * Measured relative to an estimated off-the-run Treasury yield curve. Return to table Figure: Pricing in the secondary market for leveraged loans Daily Date Bid price (Percent of par value) Bid-ask spread (Basis points) 2 January 2007 98.23 59.8 3 January 2007 98.25 59.8 4 January 2007 98.26 60.4 5 January 2007 98.28 60.1 8 January 2007 98.29 60.2 9 January 2007 98.30 60.2 10 January 2007 98.31 59.9 11 January 2007 98.33 59.7 12 January 2007 98.34 59.5 16 January 2007 98.33 59.8 17 January 2007 98.28 59.8 18 January 2007 98.31 59.6 19 January 2007 98.33 59.7 22 January 2007 98.33 59.6 23 January 2007 98.40 59.2 24 January 2007 98.41 59.2 25 January 2007 98.42 59.0 26 January 2007 98.44 59.0 29 January 2007 98.45 58.9 30 January 2007 98.48 60.2 31 January 2007 98.52 59.6 1 February 2007 98.56 59.4 2 February 2007 98.58 59.1 5 February 2007 98.59 59.4 6 February 2007 98.60 59.2 7 February 2007 98.60 59.0 8 February 2007 98.64 58.7 9 February 2007 98.64 58.9 12 February 2007 98.65 58.8 13 February 2007 98.67 58.4 14 February 2007 98.69 58.3 15 February 2007 98.69 58.3 16 February 2007 98.68 59.3 20 February 2007 98.70 58.8 21 February 2007 98.72 58.4 22 February 2007 98.74 58.2 23 February 2007 98.80 57.5 26 February 2007 98.80 57.7 27 February 2007 98.82 57.7 28 February 2007 98.81 58.6 1 March 2007 98.81 58.1 2 March 2007 98.82 58.1 5 March 2007 98.82 58.3 6 March 2007 98.82 58.5 7 March 2007 98.81 58.4 8 March 2007 98.82 58.3 9 March 2007 98.82 58.0 12 March 2007 98.83 58.1 13 March 2007 98.81 58.4 14 March 2007 98.80 58.3 15 March 2007 98.79 58.3 16 March 2007 98.77 58.6 19 March 2007 98.75 58.8 20 March 2007 98.74 58.9 21 March 2007 98.73 58.7 22 March 2007 98.72 58.8 23 March 2007 98.72 58.8 26 March 2007 98.72 58.5 27 March 2007 98.71 58.9 28 March 2007 98.71 58.8 29 March 2007 98.71 58.7 30 March 2007 98.67 59.6 2 April 2007 98.66 59.6 3 April 2007 98.66 59.7 4 April 2007 98.66 59.2 5 April 2007 98.65 59.5 6 April 2007 98.65 59.6 9 April 2007 98.65 59.6 10 April 2007 98.65 59.5 11 April 2007 98.65 59.4 12 April 2007 98.66 59.1 13 April 2007 98.66 59.0 16 April 2007 98.67 58.9 17 April 2007 98.67 58.7 18 April 2007 98.70 58.3 19 April 2007 98.71 58.3 20 April 2007 98.71 57.8 23 April 2007 98.70 57.7 24 April 2007 98.72 57.5 25 April 2007 98.72 57.4 26 April 2007 98.73 57.6 27 April 2007 98.75 57.8 30 April 2007 98.77 56.5 1 May 2007 98.77 56.2 2 May 2007 98.78 56.5 3 May 2007 98.79 56.4 4 May 2007 98.79 56.2 7 May 2007 98.80 56.0 8 May 2007 98.80 55.8 9 May 2007 98.81 55.4 10 May 2007 98.80 55.4 11 May 2007 98.80 55.3 14 May 2007 98.81 55.7 15 May 2007 98.81 55.7 16 May 2007 98.80 55.7 17 May 2007 98.78 55.9 18 May 2007 98.78 56.0 21 May 2007 98.78 55.7 22 May 2007 98.78 55.7 23 May 2007 98.79 55.5 24 May 2007 98.80 55.4 25 May 2007 98.80 55.3 29 May 2007 98.80 55.6 30 May 2007 98.93 55.2 31 May 2007 98.93 55.9 1 June 2007 98.94 55.8 4 June 2007 98.93 56.0 5 June 2007 98.94 56.0 6 June 2007 98.94 56.1 7 June 2007 98.95 56.0 8 June 2007 98.95 56.0 11 June 2007 98.95 56.1 12 June 2007 98.95 56.2 13 June 2007 98.95 57.7 14 June 2007 98.97 56.3 15 June 2007 98.97 56.1 18 June 2007 98.96 56.3 19 June 2007 98.97 55.9 20 June 2007 98.96 55.8 21 June 2007 98.93 56.6 22 June 2007 98.93 56.6 25 June 2007 98.90 57.2 26 June 2007 98.89 57.5 27 June 2007 98.93 57.2 28 June 2007 98.82 59.7 29 June 2007 98.79 60.9 2 July 2007 98.78 61.0 3 July 2007 98.74 61.5 5 July 2007 98.72 62.0 6 July 2007 98.70 62.3 9 July 2007 98.64 63.4 10 July 2007 98.60 64.0 11 July 2007 98.52 65.9 12 July 2007 98.45 66.7 13 July 2007 98.42 66.9 16 July 2007 98.42 67.0 17 July 2007 98.40 67.2 18 July 2007 98.37 67.7 19 July 2007 98.25 70.2 20 July 2007 98.14 72.6 23 July 2007 97.88 79.8 24 July 2007 97.73 83.6 25 July 2007 97.58 89.1 26 July 2007 97.24 94.8 27 July 2007 96.76 103.9 30 July 2007 95.58 126.5 31 July 2007 95.13 137.5 1 August 2007 94.73 149.2 2 August 2007 94.61 150.8 3 August 2007 94.62 149.7 6 August 2007 94.80 150.3 7 August 2007 94.98 150.2 8 August 2007 95.06 147.5 9 August 2007 95.15 145.4 10 August 2007 95.14 144.8 13 August 2007 95.27 144.8 14 August 2007 95.12 145.0 15 August 2007 95.14 144.6 16 August 2007 95.07 145.5 17 August 2007 95.05 146.4 20 August 2007 94.89 149.7 21 August 2007 94.86 152.2 22 August 2007 94.82 152.0 23 August 2007 94.85 150.2 24 August 2007 94.80 150.9 27 August 2007 94.81 150.8 28 August 2007 94.70 150.8 29 August 2007 94.64 151.6 30 August 2007 94.62 150.7 31 August 2007 94.62 149.5 4 September 2007 94.55 148.1 5 September 2007 94.56 148.3 6 September 2007 94.51 147.8 7 September 2007 94.53 148.2 10 September 2007 94.52 147.3 11 September 2007 94.47 147.4 12 September 2007 94.45 146.8 13 September 2007 94.44 146.5 14 September 2007 94.45 145.3 17 September 2007 94.48 143.2 18 September 2007 94.59 140.8 19 September 2007 94.58 138.8 20 September 2007 94.73 137.6 21 September 2007 94.88 134.8 24 September 2007 94.96 134.2 25 September 2007 95.09 132.3 26 September 2007 95.19 130.0 27 September 2007 95.32 127.0 28 September 2007 95.31 126.5 1 October 2007 95.32 127.2 2 October 2007 95.36 125.0 3 October 2007 95.36 122.9 4 October 2007 95.40 121.8 5 October 2007 95.41 120.0 8 October 2007 95.42 120.1 9 October 2007 95.48 118.6 10 October 2007 95.57 119.0 11 October 2007 95.65 117.8 12 October 2007 95.79 114.7 15 October 2007 95.81 114.4 16 October 2007 95.80 114.4 17 October 2007 95.80 114.5 18 October 2007 95.77 113.7 19 October 2007 95.72 115.0 22 October 2007 95.57 118.3 23 October 2007 95.56 118.4 24 October 2007 95.59 116.6 25 October 2007 95.62 114.9 26 October 2007 95.61 114.7 29 October 2007 95.58 114.5 30 October 2007 95.55 114.3 31 October 2007 95.55 114.0 1 November 2007 95.52 114.4 2 November 2007 95.45 116.9 5 November 2007 95.42 116.5 6 November 2007 95.37 116.9 7 November 2007 95.36 115.7 8 November 2007 95.15 118.2 9 November 2007 95.05 119.6 12 November 2007 95.01 119.7 13 November 2007 94.93 120.1 14 November 2007 94.91 120.1 15 November 2007 94.86 120.8 16 November 2007 94.74 122.5 19 November 2007 94.60 123.1 20 November 2007 94.34 125.8 21 November 2007 94.27 126.2 23 November 2007 94.14 128.0 26 November 2007 94.07 129.3 27 November 2007 93.92 131.3 28 November 2007 93.86 131.8 29 November 2007 93.83 131.8 30 November 2007 93.82 130.6 3 December 2007 93.83 129.4 4 December 2007 93.81 129.5 5 December 2007 93.77 129.9 6 December 2007 93.73 129.7 7 December 2007 93.72 130.4 10 December 2007 93.71 130.6 11 December 2007 93.73 129.5 12 December 2007 93.69 131.5 13 December 2007 93.64 132.0 14 December 2007 93.47 135.3 17 December 2007 93.46 134.2 18 December 2007 93.43 134.3 19 December 2007 93.40 134.5 20 December 2007 93.36 135.1 21 December 2007 93.36 133.8 24 December 2007 93.34 134.5 26 December 2007 93.34 134.0 27 December 2007 93.31 133.9 28 December 2007 93.19 136.1 31 December 2007 93.17 136.0 2 January 2008 93.20 135.7 3 January 2008 93.21 135.4 4 January 2008 93.18 136.0 7 January 2008 93.12 136.0 8 January 2008 93.03 135.8 9 January 2008 92.91 137.2 10 January 2008 92.77 139.2 11 January 2008 92.70 140.7 14 January 2008 92.66 140.5 15 January 2008 92.61 140.5 16 January 2008 92.49 141.0 17 January 2008 92.30 143.5 18 January 2008 92.10 146.6 22 January 2008 91.90 150.6 23 January 2008 91.42 159.3 24 January 2008 91.29 163.2 25 January 2008 91.14 164.6 28 January 2008 90.96 166.7 29 January 2008 90.89 168.0 30 January 2008 90.75 166.1 31 January 2008 90.29 175.4 1 February 2008 89.69 185.9 4 February 2008 89.62 186.5 5 February 2008 89.39 189.3 6 February 2008 89.01 193.9 7 February 2008 88.54 198.0 8 February 2008 88.20 202.2 11 February 2008 87.35 214.5 12 February 2008 86.39 225.4 13 February 2008 86.05 228.5 14 February 2008 86.17 225.2 15 February 2008 86.27 225.9 19 February 2008 86.22 224.3 20 February 2008 86.29 221.6 21 February 2008 86.42 216.1 22 February 2008 86.52 210.3 25 February 2008 86.65 209.1 26 February 2008 86.84 210.0 27 February 2008 86.99 207.4 28 February 2008 86.86 206.4 29 February 2008 86.76 208.1 3 March 2008 86.65 206.5 4 March 2008 86.65 206.6 5 March 2008 86.61 206.3 6 March 2008 86.65 205.0 7 March 2008 86.53 204.3 10 March 2008 86.35 207.5 11 March 2008 86.38 204.8 12 March 2008 86.28 203.8 13 March 2008 86.19 205.8 14 March 2008 86.15 205.8 17 March 2008 86.00 208.0 18 March 2008 85.95 207.5 19 March 2008 85.95 206.3 20 March 2008 85.92 205.4 24 March 2008 85.95 207.0 25 March 2008 85.93 208.0 26 March 2008 85.96 207.0 27 March 2008 85.98 206.0 28 March 2008 86.00 206.0 31 March 2008 86.05 201.1 1 April 2008 85.96 199.5 2 April 2008 86.00 201.0 3 April 2008 86.06 200.0 4 April 2008 86.18 198.0 7 April 2008 86.31 196.0 8 April 2008 86.43 196.0 9 April 2008 86.51 195.0 10 April 2008 86.55 196.0 11 April 2008 86.63 195.0 14 April 2008 86.67 194.0 15 April 2008 86.69 195.0 16 April 2008 86.76 192.0 17 April 2008 86.81 192.5 18 April 2008 86.67 194.4 21 April 2008 86.90 193.0 22 April 2008 86.99 191.0 23 April 2008 87.10 190.0 24 April 2008 87.20 188.0 25 April 2008 87.30 186.0 28 April 2008 87.38 185.0 29 April 2008 87.51 184.0 30 April 2008 87.65 181.0 1 May 2008 87.76 181.0 2 May 2008 87.87 180.0 5 May 2008 87.97 180.0 6 May 2008 87.98 181.0 7 May 2008 88.00 179.0 8 May 2008 88.11 175.0 9 May 2008 87.99 176.0 12 May 2008 88.02 175.0 13 May 2008 87.90 176.0 14 May 2008 87.98 174.8 15 May 2008 87.97 175.2 16 May 2008 88.01 174.0 19 May 2008 88.08 173.0 20 May 2008 88.05 173.0 21 May 2008 88.22 170.0 22 May 2008 88.18 170.0 23 May 2008 88.18 170.0 27 May 2008 88.19 169.0 28 May 2008 88.25 169.0 29 May 2008 88.33 166.0 30 May 2008 88.38 165.0 2 June 2008 88.41 165.0 3 June 2008 88.41 163.0 4 June 2008 88.41 163.0 5 June 2008 88.40 163.0 6 June 2008 88.64 160.0 9 June 2008 88.67 160.0 10 June 2008 88.75 160.0 11 June 2008 88.75 161.0 12 June 2008 88.82 159.0 13 June 2008 88.85 159.0 16 June 2008 88.64 162.0 17 June 2008 88.68 161.0 18 June 2008 88.68 161.0 19 June 2008 88.63 161.0 20 June 2008 88.66 159.0 23 June 2008 88.73 160.0 24 June 2008 88.58 163.0 26 June 2008 88.35 166.0 27 June 2008 88.16 168.0 30 June 2008 87.95 171.0 1 July 2008 87.77 173.0 2 July 2008 87.67 173.0 3 July 2008 87.55 172.0 7 July 2008 87.53 173.0 8 July 2008 87.45 175.0 9 July 2008 87.92 167.0 10 July 2008 87.79 168.0 11 July 2008 87.66 169.0 14 July 2008 87.50 172.0 15 July 2008 87.39 173.0 16 July 2008 87.37 172.0 17 July 2008 87.43 171.0 18 July 2008 87.40 171.0 21 July 2008 87.29 172.0 22 July 2008 87.32 171.0 23 July 2008 87.34 170.0 24 July 2008 87.40 170.0 25 July 2008 87.55 168.0 28 July 2008 87.38 171.0 29 July 2008 87.27 171.0 30 July 2008 87.33 170.0 31 July 2008 87.30 169.0 1 August 2008 87.28 169.0 4 August 2008 87.28 170.0 5 August 2008 87.19 169.0 6 August 2008 87.13 170.0 7 August 2008 86.97 172.0 8 August 2008 86.94 172.0 11 August 2008 86.90 173.0 12 August 2008 86.78 175.0 13 August 2008 86.57 177.0 14 August 2008 86.49 179.0 15 August 2008 86.52 176.0 19 August 2008 86.46 176.0 20 August 2008 86.45 175.0 21 August 2008 86.38 175.0 22 August 2008 86.46 174.0 25 August 2008 86.54 173.0 26 August 2008 86.54 173.0 28 August 2008 86.52 172.0 29 August 2008 86.53 172.0 2 September 2008 86.55 171.0 3 September 2008 86.49 171.0 4 September 2008 86.53 170.0 5 September 2008 86.44 171.0 8 September 2008 86.56 173.0 9 September 2008 86.40 174.0 10 September 2008 86.28 174.0 Source. LSTA/LPC Mark-to-Market Pricing. Figure: Residential mortgage rate spreads Weekly Basis points Period FRM 1-year ARM 2 January 2002 200.25 301.50 9 January 2002 193.40 305.20 16 January 2002 191.20 306.40 23 January 2002 197.75 299.25 30 January 2002 195.40 287.80 6 February 2002 190.60 281.60 13 February 2002 191.60 276.00 20 February 2002 191.75 272.75 27 February 2002 193.00 267.80 6 March 2002 187.80 274.20 13 March 2002 178.40 254.40 20 March 2002 178.00 248.60 27 March 2002 180.00 242.00 3 April 2002 175.00 230.25 10 April 2002 174.80 243.40 17 April 2002 174.20 249.40 24 April 2002 169.60 251.80 1 May 2002 168.00 241.40 8 May 2002 166.20 248.60 15 May 2002 165.40 245.00 22 May 2002 161.20 246.40 29 May 2002 161.25 238.25 5 June 2002 164.60 238.20 12 June 2002 166.80 238.40 19 June 2002 177.00 244.20 26 June 2002 172.20 249.60 3 July 2002 175.00 252.00 10 July 2002 174.50 262.50 17 July 2002 180.80 252.60 24 July 2002 179.20 238.40 31 July 2002 190.20 258.00 7 August 2002 193.80 268.80 14 August 2002 200.60 267.40 21 August 2002 204.00 254.00 28 August 2002 196.40 250.40 4 September 2002 209.00 262.75 11 September 2002 216.40 256.20 18 September 2002 214.40 251.40 25 September 2002 224.20 253.00 2 October 2002 230.20 270.60 9 October 2002 232.20 266.00 16 October 2002 224.00 258.00 23 October 2002 209.60 248.00 30 October 2002 206.20 264.20 6 November 2002 207.00 268.20 13 November 2002 208.75 265.25 20 November 2002 199.60 265.20 27 November 2002 196.00 264.80 4 December 2002 197.50 265.50 11 December 2002 197.00 270.20 18 December 2002 194.60 260.20 25 December 2002 196.50 260.75 1 January 2003 199.75 269.75 8 January 2003 190.00 262.40 15 January 2003 183.00 262.80 22 January 2003 188.25 259.25 29 January 2003 190.80 256.00 5 February 2003 188.20 256.60 12 February 2003 189.40 258.60 19 February 2003 192.50 251.75 26 February 2003 195.00 254.60 5 March 2003 198.40 251.40 12 March 2003 199.20 253.60 19 March 2003 195.60 247.60 26 March 2003 190.40 252.60 2 April 2003 189.40 261.20 9 April 2003 189.00 259.20 16 April 2003 183.40 248.80 23 April 2003 178.75 245.00 30 April 2003 177.80 247.60 7 May 2003 176.00 243.00 14 May 2003 181.20 244.80 21 May 2003 189.60 246.00 28 May 2003 192.75 249.00 4 June 2003 190.40 249.00 11 June 2003 192.80 250.60 18 June 2003 198.40 255.80 25 June 2003 189.20 250.60 2 July 2003 184.20 240.60 9 July 2003 179.75 246.75 16 July 2003 186.80 249.60 23 July 2003 184.80 254.40 30 July 2003 184.20 252.60 6 August 2003 192.60 251.40 13 August 2003 186.00 248.20 20 August 2003 179.60 253.40 27 August 2003 180.40 252.60 3 September 2003 192.00 262.00 10 September 2003 177.40 261.60 17 September 2003 173.20 260.40 24 September 2003 177.60 253.80 1 October 2003 173.60 253.80 8 October 2003 176.00 250.80 15 October 2003 169.75 255.75 22 October 2003 165.80 244.60 29 October 2003 165.60 245.60 5 November 2003 162.00 240.60 12 November 2003 156.50 237.00 19 November 2003 160.80 241.00 26 November 2003 169.40 245.60 3 December 2003 163.75 237.75 10 December 2003 157.60 243.20 17 December 2003 157.20 249.20 24 December 2003 161.60 246.00 31 December 2003 160.75 244.00 7 January 2004 153.25 244.75 14 January 2004 155.00 240.40 21 January 2004 160.00 236.25 28 January 2004 156.60 237.00 4 February 2004 155.20 233.00 11 February 2004 154.20 231.00 18 February 2004 151.75 230.75 25 February 2004 152.80 226.60 3 March 2004 155.80 223.20 10 March 2004 158.20 223.40 17 March 2004 163.80 221.80 24 March 2004 164.80 218.80 31 March 2004 166.40 226.80 7 April 2004 165.40 235.20 14 April 2004 158.75 230.75 21 April 2004 152.80 223.60 28 April 2004 155.60 220.60 5 May 2004 156.40 219.40 12 May 2004 157.00 211.40 19 May 2004 152.60 216.40 26 May 2004 159.40 203.80 2 June 2004 160.25 212.75 9 June 2004 152.60 214.00 16 June 2004 153.75 193.25 23 June 2004 153.80 193.40 30 June 2004 153.00 202.20 7 July 2004 150.00 199.00 14 July 2004 151.20 199.20 21 July 2004 153.40 200.80 28 July 2004 155.00 201.40 4 August 2004 149.40 195.60 11 August 2004 153.60 208.40 18 August 2004 157.20 202.60 25 August 2004 156.40 204.40 1 September 2004 159.00 195.60 8 September 2004 159.50 191.00 15 September 2004 157.00 194.20 22 September 2004 163.20 189.80 29 September 2004 168.20 178.20 6 October 2004 163.00 184.80 13 October 2004 158.50 180.00 20 October 2004 164.00 182.80 27 October 2004 161.60 171.20 3 November 2004 161.20 168.80 10 November 2004 156.00 172.40 17 November 2004 155.25 165.50 24 November 2004 154.20 169.60 1 December 2004 148.00 156.50 8 December 2004 145.40 155.20 15 December 2004 153.20 155.00 22 December 2004 155.00 147.40 29 December 2004 151.75 143.50 5 January 2005 150.60 131.00 12 January 2005 146.40 126.00 19 January 2005 146.00 123.75 26 January 2005 148.40 131.60 2 February 2005 146.60 129.80 9 February 2005 149.20 116.00 16 February 2005 151.80 113.60 23 February 2005 143.50 107.00 2 March 2005 145.40 96.60 9 March 2005 146.60 102.40 16 March 2005 142.60 90.60 23 March 2005 146.00 89.60 30 March 2005 144.00 92.00 6 April 2005 146.00 89.40 13 April 2005 147.00 96.00 20 April 2005 153.20 98.80 27 April 2005 150.60 88.40 4 May 2005 154.60 89.20 11 May 2005 153.00 87.40 18 May 2005 158.60 94.60 25 May 2005 156.40 88.00 1 June 2005 160.25 96.25 8 June 2005 162.00 92.60 15 June 2005 155.60 89.00 22 June 2005 151.00 83.40 29 June 2005 158.20 82.20 6 July 2005 157.25 82.00 13 July 2005 154.20 83.80 20 July 2005 153.80 78.40 27 July 2005 151.60 71.20 3 August 2005 153.20 66.20 10 August 2005 150.00 68.40 17 August 2005 153.20 69.00 24 August 2005 156.40 68.20 31 August 2005 155.80 62.00 7 September 2005 163.75 74.25 14 September 2005 158.40 66.00 21 September 2005 156.40 61.20 28 September 2005 165.00 76.00 5 October 2005 162.80 72.40 12 October 2005 164.00 74.75 19 October 2005 161.60 71.60 26 October 2005 166.20 68.40 2 November 2005 172.80 79.60 9 November 2005 172.60 77.20 16 November 2005 181.75 83.50 23 November 2005 181.60 82.80 30 November 2005 180.75 83.50 7 December 2005 179.60 79.80 14 December 2005 178.80 81.00 21 December 2005 179.40 86.00 28 December 2005 183.50 80.75 4 January 2006 183.75 79.50 11 January 2006 174.80 75.20 18 January 2006 173.50 76.50 25 January 2006 172.00 74.20 1 February 2006 169.20 76.40 8 February 2006 168.20 70.00 15 February 2006 169.20 66.60 22 February 2006 170.25 62.25 1 March 2006 166.60 60.20 8 March 2006 166.40 69.20 15 March 2006 159.80 60.00 22 March 2006 164.00 65.60 29 March 2006 161.00 71.40 5 April 2006 156.80 73.20 12 April 2006 154.00 73.20 19 April 2006 150.75 71.75 26 April 2006 153.40 75.00 3 May 2006 147.60 72.20 10 May 2006 144.80 61.60 17 May 2006 145.20 62.60 24 May 2006 156.60 63.00 31 May 2006 158.50 65.75 7 June 2006 158.80 60.40 14 June 2006 163.20 57.60 21 June 2006 157.40 54.80 28 June 2006 155.20 54.20 5 July 2006 160.25 57.75 12 July 2006 160.80 48.60 19 July 2006 171.80 56.80 26 July 2006 167.20 59.00 2 August 2006 162.80 57.20 9 August 2006 162.00 59.80 16 August 2006 158.00 54.20 23 August 2006 164.60 52.60 30 August 2006 165.00 53.00 6 September 2006 170.75 62.00 13 September 2006 164.40 58.80 20 September 2006 162.60 52.40 27 September 2006 171.00 56.80 4 October 2006 168.40 56.40 11 October 2006 166.00 59.50 18 October 2006 157.20 52.80 25 October 2006 159.60 52.60 1 November 2006 165.60 52.00 8 November 2006 166.40 52.20 15 November 2006 164.00 50.80 22 November 2006 157.60 46.40 29 November 2006 161.00 47.00 6 December 2006 166.00 54.20 13 December 2006 159.20 52.00 20 December 2006 153.00 47.60 27 December 2006 156.75 50.75 3 January 2007 149.00 42.25 10 January 2007 155.40 44.40 17 January 2007 146.75 44.75 24 January 2007 146.80 40.20 31 January 2007 146.80 43.00 7 February 2007 148.20 41.40 14 February 2007 152.40 44.00 21 February 2007 153.00 44.50 28 February 2007 156.00 47.80 7 March 2007 161.60 55.80 14 March 2007 160.20 48.80 21 March 2007 160.80 46.60 28 March 2007 154.80 51.80 4 April 2007 151.60 52.60 11 April 2007 148.80 50.40 18 April 2007 145.20 49.80 25 April 2007 149.80 53.00 2 May 2007 149.60 51.80 9 May 2007 149.60 56.60 16 May 2007 152.40 63.00 23 May 2007 156.00 71.00 30 May 2007 155.00 62.25 6 June 2007 158.40 67.60 13 June 2007 157.40 76.60 20 June 2007 153.60 71.00 27 June 2007 155.40 69.80 4 July 2007 158.00 75.75 11 July 2007 160.40 70.80 18 July 2007 165.20 71.20 25 July 2007 172.40 71.40 1 August 2007 189.00 75.20 8 August 2007 182.80 83.40 15 August 2007 186.00 101.80 22 August 2007 189.00 146.20 29 August 2007 186.00 151.00 5 September 2007 193.75 148.25 12 September 2007 190.80 150.60 19 September 2007 184.60 150.40 26 September 2007 177.60 153.00 3 October 2007 180.60 150.00 10 October 2007 177.25 155.00 17 October 2007 174.40 152.00 24 October 2007 190.60 166.40 31 October 2007 185.00 158.80 7 November 2007 189.20 169.40 14 November 2007 197.75 187.25 21 November 2007 211.00 203.80 28 November 2007 214.50 216.75 5 December 2007 203.80 228.60 12 December 2007 204.60 231.00 19 December 2007 197.60 222.80 26 December 2007 198.25 216.50 2 January 2008 200.25 216.50 9 January 2008 200.40 228.40 16 January 2008 189.00 234.40 23 January 2008 189.25 249.50 30 January 2008 200.60 271.60 6 February 2008 203.20 292.60 13 February 2008 204.80 294.40 20 February 2008 218.25 289.50 27 February 2008 240.00 304.00 5 March 2008 240.80 316.60 12 March 2008 258.40 357.00 19 March 2008 243.00 375.80 26 March 2008 237.00 368.75 2 April 2008 235.00 359.60 9 April 2008 233.00 351.80 16 April 2008 230.20 352.60 23 April 2008 227.40 346.00 30 April 2008 220.80 336.60 7 May 2008 218.00 333.20 14 May 2008 217.80 317.60 21 May 2008 216.00 316.80 28 May 2008 214.75 306.50 4 June 2008 208.60 289.40 11 June 2008 227.40 277.80 18 June 2008 219.20 258.00 25 June 2008 229.20 274.00 2 July 2008 234.00 280.40 9 July 2008 244.50 291.25 16 July 2008 235.40 289.20 23 July 2008 251.60 318.00 30 July 2008 244.40 295.40 6 August 2008 251.20 295.80 13 August 2008 258.00 298.00 20 August 2008 263.60 317.40 27 August 2008 258.80 318.20 3 September 2008 258.25 301.00 10 September 2008 228.40 314.00 Note. FRM spread relative to 10-year Treasury. ARM spread relative to 1-year Treasury. Last weekly observation is for Sept. 10, 2008. Source. Freddie Mac. As shown in each figure, a vertical line marks the FOMC meeting on August 5, 2008. Chart 4 International Financial Indicators Figure: Nominal trade-weighted dollar indexes Daily Index(12/31/04=100) Date Broad Major Currencies Other Important Trading Partners 3 January 2005 100.33 100.44 100.20 4 January 2005 101.17 101.77 100.53 5 January 2005 101.17 101.66 100.64 6 January 2005 101.80 102.57 100.97 7 January 2005 101.88 102.89 100.79 10 January 2005 101.45 102.23 100.61 11 January 2005 101.12 101.74 100.44 12 January 2005 100.45 100.68 100.19 13 January 2005 100.63 101.06 100.15 14 January 2005 101.18 101.94 100.37 18 January 2005 101.30 102.17 100.36 19 January 2005 101.33 102.32 100.26 20 January 2005 101.68 102.88 100.39 21 January 2005 101.28 102.17 100.33 24 January 2005 101.28 102.28 100.21 25 January 2005 101.87 103.22 100.42 26 January 2005 101.31 102.29 100.26 27 January 2005 101.52 102.62 100.33 28 January 2005 101.55 102.84 100.17 31 January 2005 101.43 102.74 100.02 1 February 2005 101.53 102.97 99.99 2 February 2005 101.52 102.98 99.95 3 February 2005 101.65 103.32 99.88 4 February 2005 101.65 103.42 99.77 7 February 2005 102.22 104.39 99.93 8 February 2005 102.32 104.33 100.19 9 February 2005 102.33 104.40 100.13 10 February 2005 101.96 103.72 100.08 11 February 2005 101.91 103.74 99.98 14 February 2005 101.43 102.98 99.78 15 February 2005 101.37 102.88 99.76 16 February 2005 101.65 103.35 99.85 17 February 2005 101.24 102.65 99.73 18 February 2005 101.19 102.68 99.59 22 February 2005 100.62 101.86 99.30 23 February 2005 100.92 102.37 99.38 24 February 2005 101.07 102.53 99.51 25 February 2005 101.03 102.43 99.54 28 February 2005 100.54 101.65 99.35 1 March 2005 100.92 102.31 99.44 2 March 2005 101.07 102.54 99.50 3 March 2005 101.31 102.77 99.75 4 March 2005 100.76 101.87 99.58 7 March 2005 100.85 102.11 99.50 8 March 2005 100.32 101.13 99.46 9 March 2005 100.11 100.68 99.49 10 March 2005 100.10 100.62 99.53 11 March 2005 99.91 100.38 99.40 14 March 2005 100.49 101.13 99.79 15 March 2005 100.57 101.06 100.04 16 March 2005 100.25 100.52 99.95 17 March 2005 100.36 100.73 99.95 18 March 2005 100.45 100.97 99.88 21 March 2005 100.99 101.82 100.09 22 March 2005 100.74 101.39 100.02 23 March 2005 101.49 102.65 100.25 24 March 2005 101.70 102.94 100.37 25 March 2005 101.76 103.06 100.38 28 March 2005 102.17 103.62 100.63 29 March 2005 101.96 103.24 100.60 30 March 2005 101.82 103.15 100.40 31 March 2005 101.55 102.84 100.17 1 April 2005 101.79 103.33 100.15 4 April 2005 102.11 103.83 100.30 5 April 2005 102.09 103.80 100.27 6 April 2005 102.06 103.81 100.22 7 April 2005 101.89 103.62 100.06 8 April 2005 101.87 103.65 99.99 11 April 2005 101.74 103.54 99.84 12 April 2005 102.13 104.18 99.97 13 April 2005 101.74 103.70 99.68 14 April 2005 102.25 104.40 99.97 15 April 2005 102.00 103.91 99.97 18 April 2005 101.92 103.64 100.09 19 April 2005 101.64 103.32 99.86 20 April 2005 101.43 103.05 99.71 21 April 2005 101.42 103.05 99.70 22 April 2005 101.24 102.80 99.59 25 April 2005 101.39 103.11 99.56 26 April 2005 101.63 103.52 99.62 27 April 2005 101.68 103.60 99.65 28 April 2005 101.79 103.75 99.71 29 April 2005 101.65 103.64 99.55 2 May 2005 101.78 103.96 99.47 3 May 2005 101.73 103.89 99.44 4 May 2005 101.42 103.51 99.21 5 May 2005 101.26 103.28 99.13 6 May 2005 101.50 103.72 99.15 9 May 2005 101.53 103.72 99.23 10 May 2005 101.51 103.60 99.32 11 May 2005 101.80 104.18 99.30 12 May 2005 102.11 104.77 99.32 13 May 2005 102.51 105.48 99.40 16 May 2005 102.76 105.82 99.56 17 May 2005 102.62 105.66 99.43 18 May 2005 102.47 105.47 99.33 19 May 2005 102.55 105.68 99.28 20 May 2005 102.86 106.13 99.44 23 May 2005 102.64 105.81 99.33 24 May 2005 102.64 105.80 99.33 25 May 2005 102.61 105.87 99.21 26 May 2005 102.92 106.36 99.33 27 May 2005 102.58 105.91 99.11 31 May 2005 102.92 106.43 99.28 1 June 2005 103.18 106.87 99.35 2 June 2005 103.05 106.71 99.25 3 June 2005 103.06 106.80 99.18 6 June 2005 102.91 106.30 99.38 7 June 2005 102.83 106.22 99.30 8 June 2005 102.71 106.04 99.24 9 June 2005 103.24 106.88 99.45 10 June 2005 103.43 107.27 99.46 13 June 2005 103.92 108.11 99.59 14 June 2005 103.79 107.95 99.50 15 June 2005 103.38 107.19 99.42 16 June 2005 103.29 107.14 99.30 17 June 2005 102.88 106.46 99.16 20 June 2005 103.16 106.84 99.35 21 June 2005 103.00 106.66 99.20 22 June 2005 103.09 106.88 99.15 23 June 2005 103.23 107.07 99.25 24 June 2005 103.22 107.07 99.22 27 June 2005 103.13 106.81 99.31 28 June 2005 103.42 107.23 99.48 29 June 2005 103.37 107.15 99.44 30 June 2005 103.51 107.34 99.53 1 July 2005 104.08 108.58 99.45 5 July 2005 104.37 108.86 99.74 6 July 2005 104.32 108.73 99.78 7 July 2005 104.30 108.56 99.90 8 July 2005 104.16 108.38 99.81 11 July 2005 103.55 107.46 99.50 12 July 2005 103.00 106.53 99.33 13 July 2005 103.45 107.31 99.46 14 July 2005 103.34 107.29 99.26 15 July 2005 103.66 107.92 99.26 18 July 2005 103.38 107.50 99.11 19 July 2005 103.84 108.20 99.34 20 July 2005 103.91 108.24 99.44 21 July 2005 103.22 107.25 99.04 22 July 2005 103.00 107.49 98.38 25 July 2005 103.20 107.70 98.57 26 July 2005 103.59 108.31 98.75 27 July 2005 103.54 108.31 98.65 28 July 2005 103.32 107.99 98.51 29 July 2005 103.10 107.67 98.40 1 August 2005 102.74 107.01 98.33 2 August 2005 102.53 106.74 98.17 3 August 2005 102.21 106.23 98.05 4 August 2005 102.07 106.06 97.94 5 August 2005 102.38 106.64 97.99 8 August 2005 102.24 106.29 98.06 9 August 2005 102.35 106.42 98.14 10 August 2005 102.04 106.05 97.90 11 August 2005 101.69 105.25 97.98 12 August 2005 101.62 104.95 98.15 15 August 2005 101.74 105.24 98.09 16 August 2005 101.78 105.34 98.09 17 August 2005 102.08 105.84 98.18 18 August 2005 102.67 106.77 98.43 19 August 2005 102.93 106.86 98.86 22 August 2005 102.39 106.02 98.62 23 August 2005 102.44 105.96 98.79 24 August 2005 102.57 105.90 99.10 25 August 2005 102.19 105.32 98.93 26 August 2005 102.30 105.44 99.03 29 August 2005 102.66 105.91 99.28 30 August 2005 102.76 106.20 99.18 31 August 2005 102.31 105.48 99.00 1 September 2005 101.80 104.70 98.76 2 September 2005 101.46 104.30 98.49 6 September 2005 101.55 104.44 98.52 7 September 2005 101.68 104.62 98.60 8 September 2005 101.73 104.73 98.59 9 September 2005 101.47 104.26 98.55 12 September 2005 101.91 105.16 98.53 13 September 2005 102.06 105.29 98.70 14 September 2005 102.04 105.16 98.80 15 September 2005 102.23 105.64 98.68 16 September 2005 102.32 105.73 98.78 19 September 2005 102.27 105.52 98.88 20 September 2005 102.25 105.51 98.86 21 September 2005 102.08 105.28 98.74 22 September 2005 102.31 105.60 98.89 23 September 2005 102.63 106.17 98.95 26 September 2005 102.86 106.54 99.03 27 September 2005 103.03 106.86 99.06 28 September 2005 103.00 106.85 99.00 29 September 2005 102.82 106.64 98.86 30 September 2005 102.53 106.13 98.79 3 October 2005 102.98 106.99 98.83 4 October 2005 103.01 107.17 98.70 5 October 2005 102.93 107.03 98.70 6 October 2005 102.74 106.52 98.82 7 October 2005 102.71 106.50 98.79 11 October 2005 103.00 107.00 98.87 12 October 2005 102.99 106.77 99.06 13 October 2005 103.59 107.68 99.35 14 October 2005 103.16 106.99 99.19 17 October 2005 103.19 107.18 99.07 18 October 2005 103.50 107.72 99.14 19 October 2005 103.39 107.35 99.29 20 October 2005 103.31 107.27 99.20 21 October 2005 103.64 107.70 99.45 24 October 2005 103.49 107.54 99.30 25 October 2005 102.98 106.68 99.13 26 October 2005 103.07 106.79 99.22 27 October 2005 102.87 106.38 99.21 28 October 2005 103.06 106.91 99.07 31 October 2005 103.33 107.52 98.99 1 November 2005 103.30 107.52 98.95 2 November 2005 103.18 107.36 98.86 3 November 2005 103.39 107.83 98.82 4 November 2005 103.86 108.63 98.95 7 November 2005 103.96 108.92 98.87 8 November 2005 103.96 108.87 98.93 9 November 2005 103.93 108.96 98.78 10 November 2005 104.02 109.12 98.79 14 November 2005 104.33 109.84 98.71 15 November 2005 104.21 109.69 98.62 16 November 2005 104.30 109.86 98.64 17 November 2005 104.12 109.49 98.63 18 November 2005 104.21 109.59 98.72 21 November 2005 104.04 109.29 98.67 22 November 2005 104.06 109.18 98.82 23 November 2005 103.69 108.68 98.57 25 November 2005 103.88 109.03 98.61 28 November 2005 103.56 108.53 98.46 29 November 2005 103.60 108.70 98.38 30 November 2005 103.59 108.65 98.40 1 December 2005 103.80 109.16 98.32 2 December 2005 103.65 108.98 98.20 5 December 2005 103.39 108.43 98.23 6 December 2005 103.24 108.40 97.97 7 December 2005 103.49 108.75 98.10 8 December 2005 103.22 108.13 98.19 9 December 2005 103.39 108.20 98.46 12 December 2005 102.93 107.26 98.46 13 December 2005 103.01 107.52 98.36 14 December 2005 102.58 106.56 98.45 15 December 2005 102.80 107.02 98.44 16 December 2005 102.69 106.66 98.59 19 December 2005 102.85 107.00 98.56 20 December 2005 103.35 108.07 98.50 21 December 2005 103.35 108.21 98.37 22 December 2005 103.14 107.77 98.38 23 December 2005 103.17 107.85 98.36 27 December 2005 103.46 108.23 98.56 28 December 2005 103.34 107.98 98.57 29 December 2005 103.29 108.11 98.34 30 December 2005 103.26 108.20 98.20 3 January 2006 102.62 107.04 98.08 4 January 2006 102.11 106.37 97.72 5 January 2006 102.16 106.58 97.60 6 January 2006 101.89 106.16 97.48 9 January 2006 102.01 106.64 97.25 10 January 2006 101.97 106.47 97.34 11 January 2006 101.71 105.95 97.34 12 January 2006 101.88 106.50 97.13 13 January 2006 101.81 106.20 97.29 17 January 2006 102.10 106.68 97.39 18 January 2006 102.25 106.83 97.54 19 January 2006 102.03 106.52 97.41 20 January 2006 101.76 106.19 97.20 23 January 2006 101.26 105.29 97.09 24 January 2006 101.22 105.32 96.98 25 January 2006 101.23 105.44 96.88 26 January 2006 101.35 105.69 96.87 27 January 2006 101.51 106.13 96.76 30 January 2006 101.58 106.29 96.75 31 January 2006 101.30 105.84 96.64 1 February 2006 101.49 106.15 96.72 2 February 2006 101.68 106.27 96.95 3 February 2006 101.98 106.88 96.94 6 February 2006 101.97 107.13 96.69 7 February 2006 102.00 107.07 96.81 8 February 2006 102.30 107.48 97.00 9 February 2006 102.04 107.14 96.83 10 February 2006 102.12 107.36 96.76 13 February 2006 102.19 107.45 96.82 14 February 2006 102.18 107.50 96.75 15 February 2006 102.23 107.57 96.79 16 February 2006 102.29 107.73 96.75 17 February 2006 102.14 107.54 96.63 21 February 2006 102.05 107.39 96.60 22 February 2006 102.20 107.43 96.85 23 February 2006 101.99 107.15 96.72 24 February 2006 102.04 107.34 96.64 27 February 2006 101.86 107.00 96.61 28 February 2006 101.58 106.54 96.50 1 March 2006 101.64 106.70 96.46 2 March 2006 101.40 106.17 96.51 3 March 2006 101.51 106.22 96.67 6 March 2006 101.78 106.65 96.79 7 March 2006 102.34 107.39 97.17 8 March 2006 102.62 107.64 97.47 9 March 2006 102.53 107.67 97.28 10 March 2006 102.70 108.08 97.21 13 March 2006 102.60 107.88 97.22 14 March 2006 102.08 107.00 97.03 15 March 2006 101.97 106.94 96.88 16 March 2006 101.68 106.48 96.76 17 March 2006 101.61 106.26 96.83 20 March 2006 101.78 106.56 96.87 21 March 2006 102.19 107.18 97.08 22 March 2006 102.21 107.02 97.26 23 March 2006 102.52 107.66 97.27 24 March 2006 102.49 107.50 97.35 27 March 2006 102.53 107.43 97.49 28 March 2006 102.50 107.33 97.55 29 March 2006 102.74 107.77 97.58 30 March 2006 102.28 107.00 97.44 31 March 2006 102.25 107.14 97.24 3 April 2006 102.31 107.39 97.11 4 April 2006 101.83 106.60 96.94 5 April 2006 101.77 106.45 96.96 6 April 2006 101.83 106.38 97.16 7 April 2006 102.08 106.70 97.32 10 April 2006 102.08 106.83 97.19 11 April 2006 101.97 106.62 97.19 12 April 2006 102.04 106.71 97.25 13 April 2006 102.16 106.79 97.39 14 April 2006 102.14 106.84 97.32 17 April 2006 101.57 105.81 97.21 18 April 2006 101.39 105.68 96.98 19 April 2006 101.08 105.16 96.87 20 April 2006 101.21 105.35 96.94 21 April 2006 101.15 105.14 97.02 24 April 2006 100.81 104.70 96.79 25 April 2006 100.68 104.37 96.84 26 April 2006 100.60 104.02 97.05 27 April 2006 100.24 103.53 96.82 28 April 2006 99.89 102.94 96.71 1 May 2006 99.68 102.61 96.61 2 May 2006 99.45 102.30 96.46 3 May 2006 99.35 102.30 96.27 4 May 2006 99.29 102.12 96.33 5 May 2006 99.07 101.77 96.23 8 May 2006 98.98 101.80 96.02 9 May 2006 98.76 101.36 96.04 10 May 2006 98.46 101.02 95.77 11 May 2006 98.38 100.66 95.99 12 May 2006 98.71 100.85 96.45 15 May 2006 99.18 101.23 97.02 16 May 2006 99.03 101.15 96.80 17 May 2006 99.28 101.55 96.89 18 May 2006 99.52 101.60 97.33 19 May 2006 99.75 102.03 97.34 22 May 2006 99.79 101.55 97.92 23 May 2006 99.54 101.48 97.50 24 May 2006 100.23 102.25 98.10 25 May 2006 99.71 101.52 97.79 26 May 2006 99.75 101.83 97.55 30 May 2006 99.46 100.99 97.83 31 May 2006 99.62 101.28 97.86 1 June 2006 99.62 101.31 97.84 2 June 2006 99.41 100.82 97.91 5 June 2006 99.22 100.73 97.60 6 June 2006 99.96 101.90 97.90 7 June 2006 99.99 101.92 97.95 8 June 2006 100.72 102.95 98.37 9 June 2006 100.36 102.43 98.18 12 June 2006 100.38 102.39 98.26 13 June 2006 100.74 102.88 98.49 14 June 2006 100.65 102.75 98.44 15 June 2006 100.69 103.01 98.25 16 June 2006 100.70 103.14 98.14 19 June 2006 100.93 103.39 98.34 20 June 2006 100.80 103.16 98.31 21 June 2006 100.37 102.42 98.19 22 June 2006 100.86 103.36 98.23 23 June 2006 101.19 103.86 98.38 26 June 2006 101.13 103.79 98.34 27 June 2006 100.99 103.54 98.31 28 June 2006 101.15 103.89 98.28 29 June 2006 100.99 103.61 98.23 30 June 2006 100.04 102.32 97.64 3 July 2006 99.84 102.27 97.29 5 July 2006 100.11 102.65 97.44 6 July 2006 99.95 102.44 97.33 7 July 2006 99.57 102.00 97.02 10 July 2006 99.78 102.61 96.81 11 July 2006 100.00 102.88 96.99 12 July 2006 100.30 103.32 97.14 13 July 2006 100.35 103.30 97.27 14 July 2006 100.49 103.43 97.42 17 July 2006 100.88 104.16 97.46 18 July 2006 100.94 104.34 97.41 19 July 2006 100.74 104.08 97.27 20 July 2006 100.42 103.69 97.02 21 July 2006 100.34 103.50 97.04 24 July 2006 100.58 103.90 97.13 25 July 2006 100.74 104.23 97.11 26 July 2006 100.55 103.82 97.14 27 July 2006 100.05 103.09 96.87 28 July 2006 99.88 102.75 96.88 31 July 2006 99.82 102.66 96.85 1 August 2006 99.99 102.71 97.14 2 August 2006 99.78 102.39 97.05 3 August 2006 99.92 102.57 97.14 4 August 2006 99.48 101.92 96.91 7 August 2006 99.40 101.85 96.81 8 August 2006 99.53 102.05 96.89 9 August 2006 99.33 101.88 96.66 10 August 2006 99.74 102.62 96.72 11 August 2006 99.66 102.55 96.64 14 August 2006 99.85 102.83 96.74 15 August 2006 99.69 102.49 96.76 16 August 2006 99.29 101.97 96.48 17 August 2006 99.24 101.96 96.38 18 August 2006 99.61 102.51 96.59 21 August 2006 99.27 101.95 96.46 22 August 2006 99.49 102.37 96.47 23 August 2006 99.46 102.19 96.59 24 August 2006 99.67 102.33 96.88 25 August 2006 99.77 102.40 97.00 28 August 2006 99.73 102.40 96.93 29 August 2006 99.65 102.40 96.78 30 August 2006 99.48 102.14 96.68 31 August 2006 99.54 102.21 96.74 1 September 2006 99.41 102.03 96.67 5 September 2006 99.31 102.11 96.38 6 September 2006 99.48 102.20 96.62 7 September 2006 99.65 102.41 96.76 8 September 2006 100.03 103.10 96.83 11 September 2006 100.20 103.21 97.06 12 September 2006 100.11 103.12 96.97 13 September 2006 100.01 103.02 96.87 14 September 2006 99.86 102.78 96.80 15 September 2006 100.04 103.25 96.70 99.98 103.15 96.67 19 September 2006 100.01 18 September 2006 103.19 96.68 20 September 2006 99.99 103.18 96.66 21 September 2006 99.78 102.78 96.66 22 September 2006 99.71 102.41 96.88 25 September 2006 99.84 102.55 96.99 26 September 2006 99.90 102.86 96.80 27 September 2006 99.85 102.90 96.66 28 September 2006 99.87 102.89 96.70 29 September 2006 99.93 103.11 96.63 2 October 2006 99.77 102.82 96.58 3 October 2006 99.95 103.07 96.70 4 October 2006 100.18 103.47 96.75 5 October 2006 100.09 103.39 96.65 6 October 2006 100.37 103.86 96.73 10 October 2006 100.70 104.43 96.83 11 October 2006 100.71 104.49 96.79 12 October 2006 100.63 104.51 96.62 13 October 2006 100.60 104.71 96.35 16 October 2006 100.51 104.57 96.32 17 October 2006 100.34 104.24 96.30 18 October 2006 100.42 104.49 96.21 19 October 2006 100.12 103.91 96.19 20 October 2006 100.00 103.65 96.22 23 October 2006 100.27 104.12 96.28 24 October 2006 100.18 103.99 96.23 25 October 2006 100.04 103.81 96.14 26 October 2006 99.73 103.44 95.89 27 October 2006 99.34 102.83 95.72 30 October 2006 99.40 102.93 95.74 31 October 2006 99.23 102.60 95.73 1 November 2006 99.32 102.88 95.63 2 November 2006 99.46 103.01 95.78 3 November 2006 99.53 103.24 95.69 6 November 2006 99.62 103.29 95.82 7 November 2006 99.27 102.72 95.68 8 November 2006 99.39 102.90 95.74 9 November 2006 99.32 102.77 95.72 10 November 2006 99.27 102.64 95.75 13 November 2006 99.58 103.17 95.84 14 November 2006 99.53 103.17 95.75 15 November 2006 99.62 103.27 95.84 16 November 2006 99.60 103.29 95.77 17 November 2006 99.75 103.33 96.05 20 November 2006 99.79 103.46 95.99 21 November 2006 99.79 103.39 96.05 22 November 2006 99.32 102.56 95.95 24 November 2006 98.86 101.69 95.91 27 November 2006 98.80 101.54 95.93 28 November 2006 98.66 101.31 95.89 29 November 2006 98.66 101.51 95.69 30 November 2006 98.39 101.09 95.56 1 December 2006 98.27 100.93 95.49 4 December 2006 98.24 100.94 95.42 5 December 2006 98.02 100.79 95.11 6 December 2006 98.08 101.04 94.99 7 December 2006 98.10 101.14 94.94 8 December 2006 98.39 101.65 95.00 11 December 2006 98.47 101.70 95.10 12 December 2006 98.50 101.83 95.03 13 December 2006 98.52 101.93 94.98 14 December 2006 98.58 102.16 94.87 15 December 2006 98.77 102.51 94.89 18 December 2006 98.93 102.67 95.06 19 December 2006 98.74 102.12 95.22 20 December 2006 98.59 102.02 95.02 21 December 2006 98.71 102.18 95.11 22 December 2006 98.90 102.55 95.11 26 December 2006 98.96 102.62 95.16 27 December 2006 98.98 102.67 95.16 28 December 2006 98.84 102.53 95.02 29 December 2006 98.81 102.59 94.90 2 January 2007 98.53 102.18 94.74 3 January 2007 98.89 102.93 94.71 4 January 2007 99.27 103.35 95.05 5 January 2007 99.48 103.58 95.25 8 January 2007 99.50 103.52 95.35 9 January 2007 99.68 103.78 95.44 10 January 2007 99.80 103.97 95.50 11 January 2007 99.81 104.14 95.35 12 January 2007 99.66 103.82 95.37 16 January 2007 99.72 103.99 95.31 17 January 2007 99.50 103.79 95.08 18 January 2007 99.58 103.99 95.04 19 January 2007 99.45 103.78 94.98 22 January 2007 99.59 103.97 95.08 23 January 2007 99.57 103.85 95.17 24 January 2007 99.63 104.06 95.08 25 January 2007 99.56 103.92 95.07 26 January 2007 99.85 104.35 95.23 29 January 2007 99.92 104.32 95.38 30 January 2007 99.87 104.27 95.34 31 January 2007 99.69 103.96 95.28 1 February 2007 99.44 103.69 95.06 2 February 2007 99.69 104.18 95.07 5 February 2007 99.58 104.13 94.90 6 February 2007 99.45 103.97 94.79 7 February 2007 99.44 103.95 94.80 8 February 2007 99.52 104.05 94.87 9 February 2007 99.42 103.93 94.78 12 February 2007 99.64 104.15 95.01 13 February 2007 99.42 103.72 95.00 14 February 2007 99.02 103.16 94.75 15 February 2007 98.88 102.92 94.70 16 February 2007 98.87 102.88 94.73 20 February 2007 99.04 103.18 94.77 21 February 2007 99.01 103.11 94.78 22 February 2007 99.01 103.13 94.76 23 February 2007 98.92 102.88 94.84 26 February 2007 98.97 102.88 94.93 27 February 2007 98.81 102.36 95.13 28 February 2007 98.95 102.56 95.21 1 March 2007 99.03 102.66 95.26 2 March 2007 99.05 102.69 95.27 5 March 2007 99.31 103.12 95.36 6 March 2007 99.16 102.99 95.19 7 March 2007 99.10 102.90 95.17 8 March 2007 99.22 103.19 95.13 9 March 2007 99.12 103.08 95.03 12 March 2007 98.97 102.71 95.10 13 March 2007 98.89 102.54 95.10 14 March 2007 98.94 102.53 95.20 15 March 2007 98.92 102.60 95.12 16 March 2007 98.72 102.25 95.06 19 March 2007 98.80 102.42 95.04 20 March 2007 98.51 102.03 94.85 21 March 2007 98.33 101.90 94.63 22 March 2007 98.11 101.67 94.41 23 March 2007 98.28 101.94 94.48 26 March 2007 98.28 101.89 94.53 27 March 2007 98.18 101.72 94.51 28 March 2007 98.20 101.66 94.61 29 March 2007 98.22 101.78 94.54 30 March 2007 98.05 101.47 94.50 2 April 2007 98.06 101.51 94.48 3 April 2007 98.13 101.79 94.33 4 April 2007 98.11 101.78 94.30 5 April 2007 97.87 101.40 94.21 6 April 2007 98.00 101.68 94.19 9 April 2007 98.04 101.77 94.17 10 April 2007 97.88 101.33 94.30 11 April 2007 97.80 101.27 94.20 12 April 2007 97.58 100.83 94.20 13 April 2007 97.50 100.79 94.08 16 April 2007 97.38 100.54 94.09 17 April 2007 97.21 100.22 94.06 18 April 2007 97.12 100.09 94.03 19 April 2007 97.08 100.01 94.02 20 April 2007 96.99 99.92 93.93 23 April 2007 97.01 99.94 93.94 24 April 2007 97.00 99.85 94.03 25 April 2007 96.70 99.53 93.74 26 April 2007 97.01 100.07 93.82 27 April 2007 96.87 99.80 93.82 30 April 2007 96.71 99.43 93.86 1 May 2007 96.87 99.72 93.88 2 May 2007 96.89 99.81 93.84 3 May 2007 96.87 99.91 93.71 4 May 2007 96.77 99.81 93.60 7 May 2007 96.55 99.55 93.42 8 May 2007 96.71 99.87 93.42 9 May 2007 96.64 99.82 93.33 10 May 2007 96.79 100.09 93.35 11 May 2007 96.84 100.23 93.32 14 May 2007 96.67 100.00 93.22 15 May 2007 96.43 99.51 93.21 16 May 2007 96.66 100.04 93.15 17 May 2007 96.69 100.09 93.16 18 May 2007 96.52 99.72 93.18 21 May 2007 96.55 99.90 93.07 22 May 2007 96.43 99.82 92.91 23 May 2007 96.33 99.61 92.91 24 May 2007 96.56 99.84 93.14 25 May 2007 96.37 99.69 92.91 29 May 2007 96.24 99.41 92.93 30 May 2007 96.41 99.68 93.01 31 May 2007 96.21 99.44 92.85 1 June 2007 96.03 99.22 92.71 4 June 2007 95.90 98.90 92.77 5 June 2007 95.90 98.81 92.86 6 June 2007 96.03 98.79 93.13 7 June 2007 96.24 99.05 93.30 8 June 2007 96.63 99.48 93.66 11 June 2007 96.54 99.47 93.47 12 June 2007 96.57 99.62 93.39 13 June 2007 96.76 99.91 93.48 14 June 2007 96.77 100.04 93.37 15 June 2007 96.50 99.91 92.97 18 June 2007 96.43 99.92 92.80 19 June 2007 96.22 99.55 92.75 20 June 2007 96.25 99.52 92.86 21 June 2007 96.49 99.85 93.00 22 June 2007 96.34 99.61 92.95 25 June 2007 96.41 99.65 93.03 26 June 2007 96.36 99.48 93.12 27 June 2007 96.44 99.54 93.21 28 June 2007 96.14 99.20 92.94 29 June 2007 96.04 99.11 92.84 2 July 2007 95.55 98.33 92.64 3 July 2007 95.60 98.51 92.57 5 July 2007 95.67 98.56 92.64 6 July 2007 95.50 98.27 92.59 9 July 2007 95.48 98.27 92.57 10 July 2007 95.25 97.92 92.45 11 July 2007 95.21 97.87 92.42 12 July 2007 95.04 97.61 92.35 13 July 2007 94.93 97.50 92.23 16 July 2007 94.82 97.33 92.19 17 July 2007 94.84 97.39 92.16 18 July 2007 94.73 97.20 92.14 19 July 2007 94.66 97.21 91.99 20 July 2007 94.64 97.04 92.12 23 July 2007 94.57 97.12 91.89 24 July 2007 94.42 96.75 91.97 25 July 2007 94.81 97.23 92.28 26 July 2007 94.99 97.25 92.61 27 July 2007 95.38 97.76 92.88 30 July 2007 95.42 97.97 92.74 31 July 2007 95.28 97.83 92.61 1 August 2007 95.26 97.62 92.78 2 August 2007 95.17 97.55 92.67 3 August 2007 94.98 97.12 92.73 6 August 2007 94.98 97.05 92.79 7 August 2007 95.18 97.41 92.83 8 August 2007 95.00 97.19 92.69 9 August 2007 95.31 97.58 92.93 10 August 2007 95.40 97.48 93.21 13 August 2007 95.47 97.70 93.14 14 August 2007 95.88 98.22 93.43 15 August 2007 96.31 98.76 93.75 16 August 2007 96.70 98.64 94.65 17 August 2007 96.12 97.97 94.17 20 August 2007 96.02 97.95 93.98 21 August 2007 96.08 97.98 94.07 22 August 2007 95.92 97.93 93.81 23 August 2007 95.82 97.76 93.78 24 August 2007 95.55 97.40 93.60 27 August 2007 95.47 97.33 93.50 28 August 2007 95.66 97.52 93.70 29 August 2007 95.57 97.40 93.63 30 August 2007 95.57 97.46 93.58 31 August 2007 95.52 97.48 93.44 3 September 2007 95.52 97.48 93.45 4 September 2007 95.50 97.43 93.45 5 September 2007 95.40 97.09 93.60 6 September 2007 95.30 97.09 93.40 7 September 2007 95.14 96.62 93.55 10 September 2007 95.07 96.51 93.55 11 September 2007 94.78 96.15 93.32 12 September 2007 94.50 95.81 93.10 13 September 2007 94.48 95.91 92.96 14 September 2007 94.55 95.99 93.02 17 September 2007 94.65 96.02 93.19 18 September 2007 94.51 95.88 93.06 19 September 2007 94.03 95.42 92.55 20 September 2007 93.30 94.23 92.30 21 September 2007 93.39 94.45 92.26 24 September 2007 93.30 94.32 92.21 25 September 2007 93.24 94.14 92.28 26 September 2007 93.34 94.45 92.16 27 September 2007 93.26 94.36 92.08 28 September 2007 92.86 93.73 91.92 1 October 2007 92.81 93.71 91.84 2 October 2007 93.03 94.13 91.86 3 October 2007 93.03 94.22 91.75 4 October 2007 93.09 94.26 91.84 5 October 2007 92.68 93.68 91.62 8 October 2007 92.69 93.68 91.64 9 October 2007 92.80 94.01 91.52 10 October 2007 92.66 93.72 91.52 11 October 2007 92.44 93.44 91.37 12 October 2007 92.54 93.54 91.47 15 October 2007 92.50 93.43 91.49 16 October 2007 92.65 93.60 91.63 17 October 2007 92.47 93.32 91.54 18 October 2007 92.26 92.92 91.54 19 October 2007 92.05 92.62 91.44 22 October 2007 92.58 93.43 91.67 23 October 2007 92.13 92.69 91.53 24 October 2007 92.16 92.72 91.54 25 October 2007 91.92 92.46 91.35 26 October 2007 91.60 92.02 91.15 29 October 2007 91.38 91.82 90.89 30 October 2007 91.29 91.72 90.83 31 October 2007 91.12 91.52 90.69 1 November 2007 91.15 91.55 90.72 2 November 2007 90.90 91.00 90.79 5 November 2007 90.89 90.93 90.85 6 November 2007 90.52 90.38 90.65 7 November 2007 90.10 89.60 90.63 8 November 2007 90.27 89.86 90.71 9 November 2007 90.43 90.01 90.87 13 November 2007 91.02 90.97 91.07 14 November 2007 90.90 90.89 90.90 15 November 2007 91.35 91.52 91.15 16 November 2007 91.23 91.30 91.15 19 November 2007 91.42 91.49 91.33 20 November 2007 91.18 91.14 91.21 21 November 2007 91.24 91.01 91.48 22 November 2007 91.23 91.01 91.46 23 November 2007 91.12 90.93 91.32 26 November 2007 91.04 90.76 91.33 27 November 2007 91.30 91.24 91.36 28 November 2007 91.33 91.48 91.16 29 November 2007 91.26 91.45 91.04 30 November 2007 91.49 92.07 90.86 3 December 2007 91.52 92.01 90.99 4 December 2007 91.53 92.00 91.03 5 December 2007 91.72 92.59 90.78 6 December 2007 91.77 92.68 90.80 7 December 2007 91.59 92.49 90.64 10 December 2007 91.54 92.44 90.58 11 December 2007 91.57 92.53 90.53 12 December 2007 91.60 92.59 90.54 13 December 2007 91.97 93.23 90.62 14 December 2007 92.27 93.65 90.79 17 December 2007 92.38 93.62 91.06 18 December 2007 92.40 93.68 91.04 19 December 2007 92.45 93.79 91.03 20 December 2007 92.30 93.51 91.01 21 December 2007 92.21 93.50 90.84 24 December 2007 92.03 93.26 90.72 26 December 2007 91.78 92.83 90.66 27 December 2007 91.54 92.46 90.56 28 December 2007 91.26 91.92 90.55 31 December 2007 91.43 92.33 90.48 2 January 2008 91.15 91.80 90.45 3 January 2008 91.02 91.75 90.23 4 January 2008 91.02 91.69 90.30 7 January 2008 91.33 92.27 90.33 8 January 2008 91.11 91.99 90.17 9 January 2008 91.42 92.50 90.28 10 January 2008 91.38 92.43 90.25 11 January 2008 91.28 92.43 90.06 14 January 2008 91.03 92.09 89.91 15 January 2008 90.90 91.86 89.87 16 January 2008 91.39 92.61 90.10 17 January 2008 91.38 92.55 90.13 18 January 2008 91.62 92.81 90.35 22 January 2008 91.57 92.69 90.37 23 January 2008 91.62 92.67 90.50 24 January 2008 90.96 91.75 90.12 25 January 2008 90.97 91.91 89.97 28 January 2008 90.72 91.49 89.90 29 January 2008 90.60 91.41 89.73 30 January 2008 90.52 91.27 89.73 31 January 2008 90.43 91.26 89.54 1 February 2008 90.25 91.00 89.44 4 February 2008 90.25 91.03 89.41 5 February 2008 90.80 91.95 89.58 6 February 2008 90.72 91.84 89.52 7 February 2008 91.12 92.58 89.56 8 February 2008 90.93 92.25 89.53 11 February 2008 90.93 92.19 89.60 12 February 2008 90.70 91.87 89.45 13 February 2008 90.89 92.16 89.53 14 February 2008 90.67 91.83 89.43 15 February 2008 90.64 91.84 89.37 19 February 2008 90.69 92.10 89.19 20 February 2008 90.96 92.51 89.32 21 February 2008 90.45 91.69 89.14 22 February 2008 90.44 91.74 89.04 25 February 2008 90.29 91.38 89.13 26 February 2008 89.86 90.80 88.85 27 February 2008 89.11 89.68 88.49 28 February 2008 88.80 89.30 88.26 29 February 2008 88.92 89.27 88.53 3 March 2008 88.99 89.36 88.58 4 March 2008 89.03 89.46 88.57 5 March 2008 88.90 89.30 88.47 6 March 2008 88.68 88.79 88.55 7 March 2008 88.88 88.96 88.79 10 March 2008 88.91 88.90 88.91 11 March 2008 88.94 89.15 88.72 12 March 2008 88.53 88.47 88.60 13 March 2008 88.19 87.77 88.64 14 March 2008 88.24 87.75 88.76 17 March 2008 88.12 87.30 89.01 18 March 2008 87.92 87.28 88.60 19 March 2008 88.36 88.16 88.56 20 March 2008 89.05 89.30 88.79 21 March 2008 88.95 89.24 88.62 24 March 2008 89.06 89.49 88.58 25 March 2008 88.59 88.77 88.39 26 March 2008 88.32 88.24 88.40 27 March 2008 88.24 88.15 88.32 28 March 2008 88.40 88.39 88.40 31 March 2008 88.44 88.60 88.28 1 April 2008 88.77 89.37 88.13 2 April 2008 88.66 89.22 88.06 3 April 2008 88.43 88.70 88.13 4 April 2008 88.29 88.50 88.07 7 April 2008 88.38 88.78 87.95 8 April 2008 88.51 88.97 88.00 9 April 2008 88.35 88.73 87.94 10 April 2008 88.26 88.78 87.70 11 April 2008 88.26 88.70 87.77 14 April 2008 88.12 88.54 87.67 15 April 2008 88.25 88.67 87.78 16 April 2008 87.71 87.79 87.61 17 April 2008 87.92 88.23 87.58 18 April 2008 88.37 88.94 87.75 21 April 2008 88.12 88.42 87.79 22 April 2008 87.76 87.86 87.66 23 April 2008 88.20 88.77 87.58 24 April 2008 88.51 89.25 87.72 25 April 2008 88.64 89.38 87.84 28 April 2008 88.58 89.31 87.79 29 April 2008 88.65 89.25 88.00 30 April 2008 88.69 89.36 87.98 1 May 2008 88.90 89.86 87.89 2 May 2008 89.02 90.11 87.86 5 May 2008 88.85 89.80 87.84 6 May 2008 88.64 89.29 87.95 7 May 2008 89.12 89.85 88.34 8 May 2008 89.23 89.88 88.54 9 May 2008 89.02 89.42 88.59 12 May 2008 88.84 89.24 88.41 13 May 2008 88.94 89.35 88.49 14 May 2008 89.18 89.67 88.66 15 May 2008 89.00 89.43 88.52 16 May 2008 88.60 88.93 88.23 19 May 2008 88.63 89.11 88.11 20 May 2008 88.40 88.56 88.22 21 May 2008 87.99 88.03 87.94 22 May 2008 88.15 88.32 87.96 23 May 2008 88.03 88.05 88.01 27 May 2008 88.29 88.45 88.11 28 May 2008 88.34 88.72 87.92 29 May 2008 88.41 88.99 87.79 30 May 2008 88.40 89.08 87.67 2 June 2008 88.45 89.19 87.64 3 June 2008 88.65 89.66 87.58 4 June 2008 88.91 89.89 87.87 5 June 2008 88.92 89.96 87.81 6 June 2008 88.66 89.37 87.87 9 June 2008 88.77 89.61 87.85 10 June 2008 89.28 90.50 88.00 11 June 2008 89.03 89.98 88.01 12 June 2008 89.42 90.77 88.01 13 June 2008 89.56 91.00 88.06 16 June 2008 89.22 90.55 87.83 17 June 2008 89.02 90.43 87.56 18 June 2008 89.01 90.42 87.54 19 June 2008 88.91 90.18 87.58 20 June 2008 88.75 89.92 87.52 23 June 2008 89.04 90.33 87.69 24 June 2008 88.81 89.96 87.60 25 June 2008 88.90 90.11 87.62 26 June 2008 88.55 89.44 87.59 27 June 2008 88.51 89.21 87.72 30 June 2008 88.61 89.41 87.74 1 July 2008 88.69 89.36 87.95 2 July 2008 88.34 88.92 87.69 3 July 2008 88.73 89.67 87.71 7 July 2008 88.81 89.91 87.63 8 July 2008 88.80 89.96 87.57 9 July 2008 88.37 89.41 87.27 10 July 2008 88.34 89.33 87.27 11 July 2008 88.06 88.82 87.22 14 July 2008 87.96 88.68 87.17 15 July 2008 87.71 88.25 87.09 16 July 2008 87.74 88.43 86.98 17 July 2008 87.78 88.57 86.92 18 July 2008 87.92 88.85 86.92 21 July 2008 87.88 88.71 86.98 22 July 2008 88.03 89.12 86.88 23 July 2008 88.12 89.44 86.73 24 July 2008 88.23 89.70 86.70 25 July 2008 88.23 89.81 86.59 28 July 2008 88.29 89.72 86.81 29 July 2008 88.61 90.38 86.80 30 July 2008 88.62 90.39 86.81 31 July 2008 88.66 90.38 86.89 1 August 2008 88.63 90.38 86.84 4 August 2008 88.86 90.82 86.85 5 August 2008 89.10 91.29 86.88 6 August 2008 89.37 91.78 86.94 7 August 2008 89.63 92.05 87.19 8 August 2008 90.59 93.46 87.73 11 August 2008 90.72 93.68 87.77 12 August 2008 90.85 93.77 87.94 13 August 2008 90.94 93.83 88.04 14 August 2008 91.00 93.97 88.04 15 August 2008 91.35 94.47 88.24 18 August 2008 91.22 94.29 88.16 19 August 2008 91.27 94.21 88.34 20 August 2008 91.31 94.46 88.17 21 August 2008 90.56 93.19 87.92 22 August 2008 90.88 93.76 88.00 25 August 2008 90.97 93.62 88.30 26 August 2008 91.31 94.27 88.34 27 August 2008 91.25 94.24 88.27 28 August 2008 91.43 94.34 88.53 29 August 2008 91.63 94.58 88.67 2 September 2008 92.37 95.37 89.37 3 September 2008 92.38 95.13 89.63 4 September 2008 92.67 95.53 89.81 5 September 2008 92.81 95.66 89.96 8 September 2008 93.06 96.44 89.71 9 September 2008 93.00 96.09 89.91 10 September 2008 93.50 96.86 90.17 11 September 2008 93.80 96.92 90.68 Figure: Ten-year government bond yields (nominal) Daily Percent Date United Kingdom Germany Japan 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 13 March 2008 4.364 3.760 1.291 14 March 2008 4.328 3.732 1.267 17 March 2008 4.300 3.688 1.286 18 March 2008 4.355 3.761 1.324 19 March 2008 4.308 3.761 1.272 20 March 2008 4.289 3.752 ND 21 March 2008 4.291 3.762 1.276 24 March 2008 4.288 3.761 1.257 25 March 2008 4.431 3.883 1.257 26 March 2008 4.437 3.876 1.281 27 March 2008 4.495 3.924 1.276 28 March 2008 4.411 3.938 1.276 31 March 2008 4.348 3.899 1.281 1 April 2008 4.447 3.974 1.357 2 April 2008 4.431 3.993 1.370 3 April 2008 4.451 3.982 1.347 4 April 2008 4.450 3.946 1.333 7 April 2008 4.505 4.013 1.342 8 April 2008 4.500 4.021 1.328 9 April 2008 4.514 4.005 1.337 10 April 2008 4.482 3.982 1.337 11 April 2008 4.410 3.910 1.366 14 April 2008 4.431 3.908 1.328 15 April 2008 4.434 3.964 1.337 16 April 2008 4.531 4.037 1.337 17 April 2008 4.649 4.076 1.370 18 April 2008 4.729 4.133 1.394 21 April 2008 4.674 4.115 1.445 22 April 2008 4.688 4.148 1.459 23 April 2008 4.670 4.146 1.441 24 April 2008 4.770 4.182 1.469 25 April 2008 4.782 4.178 1.622 28 April 2008 4.741 4.201 1.599 29 April 2008 4.684 4.138 ND 30 April 2008 4.670 4.123 1.557 1 May 2008 4.623 4.117 1.557 2 May 2008 4.742 4.198 1.613 5 May 2008 4.742 4.158 ND 6 May 2008 4.672 4.133 ND 7 May 2008 4.713 4.176 1.627 8 May 2008 4.616 4.064 1.637 9 May 2008 4.580 3.995 1.559 12 May 2008 4.606 4.011 1.592 13 May 2008 4.706 4.084 1.587 14 May 2008 4.821 4.174 1.700 15 May 2008 4.843 4.203 1.676 16 May 2008 4.773 4.172 1.690 19 May 2008 4.828 4.220 1.662 20 May 2008 4.796 4.185 1.634 21 May 2008 4.875 4.265 1.611 22 May 2008 4.952 4.299 1.667 23 May 2008 4.924 4.265 1.751 26 May 2008 4.926 4.292 1.737 27 May 2008 4.925 4.306 1.779 28 May 2008 4.959 4.347 1.779 29 May 2008 5.032 4.430 1.797 30 May 2008 4.986 4.405 1.788 2 June 2008 4.955 4.347 1.746 3 June 2008 5.035 4.427 1.709 4 June 2008 4.949 4.384 1.744 5 June 2008 5.040 4.469 1.748 6 June 2008 4.992 4.421 1.795 9 June 2008 5.143 4.491 1.730 10 June 2008 5.131 4.520 1.800 11 June 2008 5.130 4.553 1.827 12 June 2008 5.155 4.597 1.800 13 June 2008 5.248 4.641 1.837 16 June 2008 5.215 4.630 1.874 17 June 2008 5.157 4.609 1.827 18 June 2008 5.158 4.613 1.781 19 June 2008 5.241 4.681 1.781 20 June 2008 5.148 4.628 1.762 23 June 2008 5.131 4.599 1.716 24 June 2008 5.148 4.602 1.711 25 June 2008 5.118 4.613 1.688 26 June 2008 5.008 4.516 1.664 27 June 2008 5.035 4.523 1.622 30 June 2008 5.130 4.621 1.622 1 July 2008 5.149 4.607 1.683 2 July 2008 5.126 4.653 1.664 3 July 2008 5.035 4.556 1.664 4 July 2008 4.963 4.495 1.650 7 July 2008 4.916 4.427 1.690 8 July 2008 4.906 4.413 1.615 9 July 2008 4.885 4.413 1.620 10 July 2008 4.869 4.400 1.582 11 July 2008 4.894 4.427 1.596 14 July 2008 4.896 4.398 1.587 15 July 2008 4.861 4.385 1.554 16 July 2008 4.872 4.392 1.578 17 July 2008 4.900 4.443 1.596 18 July 2008 5.040 4.571 1.578 21 July 2008 5.051 4.635 ND 22 July 2008 4.998 4.641 1.620 23 July 2008 5.046 4.662 1.648 24 July 2008 4.977 4.566 1.653 25 July 2008 4.994 4.604 1.578 28 July 2008 4.951 4.525 1.573 29 July 2008 4.898 4.477 1.549 30 July 2008 4.847 4.416 1.535 31 July 2008 4.806 4.355 1.540 1 August 2008 4.838 4.349 1.521 4 August 2008 4.810 4.334 1.507 5 August 2008 4.765 4.310 1.545 6 August 2008 4.747 4.341 1.518 7 August 2008 4.684 4.262 1.514 8 August 2008 4.683 4.261 1.467 11 August 2008 4.712 4.273 1.452 12 August 2008 4.635 4.230 1.457 13 August 2008 4.604 4.206 1.448 14 August 2008 4.635 4.203 1.443 15 August 2008 4.575 4.165 1.457 18 August 2008 4.596 4.143 1.443 19 August 2008 4.590 4.165 1.433 20 August 2008 4.559 4.123 1.443 21 August 2008 4.572 4.175 1.415 22 August 2008 4.602 4.219 1.448 25 August 2008 4.595 4.121 1.429 26 August 2008 4.494 4.114 1.419 27 August 2008 4.505 4.174 1.434 28 August 2008 4.485 4.179 1.424 29 August 2008 4.480 4.176 1.410 1 September 2008 4.458 4.126 1.471 2 September 2008 4.495 4.141 1.462 3 September 2008 4.496 4.140 1.462 4 September 2008 4.456 4.070 1.500 5 September 2008 4.381 4.001 1.438 8 September 2008 4.483 4.064 1.523 9 September 2008 4.440 4.043 1.495 10 September 2008 4.456 4.066 1.504 11 September 2008 4.417 4.042 ND As shown in the figure, the Japan series ends at about 1.5 on September 11, 2008. Figure: Stock price indexes: Industrial countries Daily Index(12/30/04=100) Date UK (FTSE-350) Euro Area (DJ Euro) Japan (Topix) 4 January 2005 100.60 100.93 100.33 5 January 2005 99.74 100.19 99.45 6 January 2005 100.07 100.79 99.86 7 January 2005 100.69 101.21 99.66 10 January 2005 100.44 101.19 ND 11 January 2005 100.04 100.36 100.67 12 January 2005 99.46 99.69 99.85 13 January 2005 99.85 100.10 99.17 14 January 2005 100.27 100.47 99.66 17 January 2005 100.79 101.01 100.06 18 January 2005 100.35 100.97 99.62 19 January 2005 100.31 100.99 99.54 20 January 2005 100.00 100.40 98.59 21 January 2005 100.05 100.50 98.48 24 January 2005 100.17 100.28 99.09 25 January 2005 100.77 100.99 98.99 26 January 2005 100.87 100.99 99.59 27 January 2005 100.97 101.35 99.33 28 January 2005 100.61 100.98 99.22 31 January 2005 101.08 101.94 99.70 1 February 2005 102.15 102.67 99.73 2 February 2005 102.40 102.82 100.20 3 February 2005 102.28 102.82 99.99 4 February 2005 102.93 103.76 99.64 7 February 2005 103.66 104.29 100.42 8 February 2005 104.02 104.42 100.50 9 February 2005 103.91 104.15 100.54 10 February 2005 104.07 104.04 100.96 11 February 2005 104.91 105.15 ND 14 February 2005 104.87 105.12 101.65 15 February 2005 105.16 105.60 101.61 16 February 2005 104.92 105.09 101.33 17 February 2005 105.00 105.18 101.07 18 February 2005 104.98 105.31 101.47 21 February 2005 104.92 104.86 101.49 22 February 2005 104.34 104.24 101.12 23 February 2005 103.51 103.72 100.29 24 February 2005 103.24 103.73 100.69 25 February 2005 103.98 104.92 101.54 28 February 2005 103.32 104.73 102.42 1 March 2005 103.95 105.35 102.63 2 March 2005 103.77 105.31 103.14 3 March 2005 104.18 105.19 103.47 4 March 2005 104.65 106.09 103.70 7 March 2005 104.46 106.31 104.37 8 March 2005 104.10 105.73 103.98 9 March 2005 103.81 105.25 104.44 10 March 2005 103.16 104.37 103.98 11 March 2005 103.59 104.56 104.38 14 March 2005 103.44 104.50 103.99 15 March 2005 103.91 105.12 103.76 16 March 2005 102.67 103.57 104.23 17 March 2005 102.37 103.70 103.71 18 March 2005 102.46 104.12 104.67 21 March 2005 102.65 103.68 ND 22 March 2005 102.65 104.00 104.60 23 March 2005 101.95 103.67 103.85 24 March 2005 102.28 104.51 103.38 25 March 2005 ND ND 103.84 28 March 2005 ND ND 103.86 29 March 2005 102.17 104.61 102.26 30 March 2005 101.76 104.25 101.69 31 March 2005 101.75 104.30 102.83 1 April 2005 102.20 104.66 103.21 4 April 2005 101.80 104.07 102.92 5 April 2005 102.68 104.76 103.49 6 April 2005 102.87 105.29 104.05 7 April 2005 103.44 105.71 104.11 8 April 2005 103.61 105.78 104.49 11 April 2005 103.38 105.54 103.52 12 April 2005 102.87 105.08 102.58 13 April 2005 103.16 105.56 102.33 14 April 2005 102.72 105.27 101.63 15 April 2005 101.58 103.25 100.09 18 April 2005 100.14 101.08 96.51 19 April 2005 100.79 101.45 98.01 20 April 2005 100.15 101.13 98.43 21 April 2005 100.09 101.29 97.71 22 April 2005 100.70 102.01 98.37 25 April 2005 100.99 102.28 98.48 26 April 2005 100.52 102.07 98.41 27 April 2005 99.26 100.59 98.32 28 April 2005 99.09 100.13 98.29 29 April 2005 99.28 100.20 ND 2 May 2005 ND 100.90 98.45 3 May 2005 100.46 101.23 ND 4 May 2005 100.75 101.76 ND 5 May 2005 101.20 102.49 ND 6 May 2005 101.47 102.87 100.10 9 May 2005 101.34 102.59 100.25 10 May 2005 100.93 101.93 100.00 11 May 2005 100.62 101.73 99.62 12 May 2005 101.07 102.37 99.20 13 May 2005 100.92 102.43 98.71 16 May 2005 100.90 102.28 97.72 17 May 2005 101.21 102.09 96.71 18 May 2005 102.17 103.69 96.48 19 May 2005 102.56 104.18 98.42 20 May 2005 102.73 104.27 98.28 23 May 2005 103.16 104.79 98.96 24 May 2005 103.05 104.54 98.84 25 May 2005 102.90 104.47 97.83 26 May 2005 103.46 105.28 97.73 27 May 2005 103.33 105.21 98.50 30 May 2005 ND 105.68 99.32 31 May 2005 102.95 105.19 99.54 1 June 2005 103.86 106.71 99.99 2 June 2005 103.80 106.81 99.93 3 June 2005 103.77 106.43 99.83 6 June 2005 103.40 106.01 99.63 7 June 2005 104.31 107.05 99.27 8 June 2005 103.89 106.88 99.91 9 June 2005 103.97 106.84 99.05 10 June 2005 104.44 107.54 99.94 13 June 2005 104.89 108.02 100.00 14 June 2005 104.78 108.09 100.06 15 June 2005 104.23 107.63 100.75 16 June 2005 104.81 108.14 100.95 17 June 2005 105.47 108.67 101.97 20 June 2005 105.33 108.14 101.83 21 June 2005 105.44 108.68 101.70 22 June 2005 105.83 108.87 102.05 23 June 2005 106.18 109.12 102.12 24 June 2005 105.44 108.19 102.07 27 June 2005 104.68 107.24 101.03 28 June 2005 105.61 108.17 101.78 29 June 2005 105.98 108.80 102.34 30 June 2005 106.13 108.90 102.40 1 July 2005 107.14 109.73 102.80 4 July 2005 107.53 109.90 103.17 5 July 2005 107.58 109.66 102.94 6 July 2005 108.47 110.16 102.96 7 July 2005 106.98 108.43 102.66 8 July 2005 108.56 110.09 102.43 11 July 2005 108.84 110.88 103.08 12 July 2005 108.33 110.58 103.16 13 July 2005 108.85 111.28 103.14 14 July 2005 109.03 111.80 103.61 15 July 2005 108.44 111.76 103.80 18 July 2005 108.07 111.74 ND 19 July 2005 107.80 112.97 103.64 20 July 2005 108.09 112.73 104.06 21 July 2005 108.26 112.81 103.93 22 July 2005 108.68 112.70 103.23 25 July 2005 109.21 112.78 103.54 26 July 2005 108.93 112.90 103.43 27 July 2005 109.19 113.24 104.29 28 July 2005 109.35 113.84 104.53 29 July 2005 109.62 113.64 104.81 1 August 2005 109.80 113.63 105.39 2 August 2005 110.49 114.43 105.18 3 August 2005 110.65 114.38 105.43 4 August 2005 110.37 113.48 104.74 5 August 2005 110.35 112.72 103.44 8 August 2005 110.86 113.14 103.68 9 August 2005 111.27 114.21 104.93 10 August 2005 111.58 115.37 106.80 11 August 2005 111.16 114.83 108.19 12 August 2005 110.95 114.20 108.31 15 August 2005 110.93 114.00 108.62 16 August 2005 110.51 113.49 108.92 17 August 2005 109.90 113.13 108.74 18 August 2005 109.41 112.67 108.99 19 August 2005 110.28 113.95 108.77 22 August 2005 110.43 114.15 110.45 23 August 2005 110.14 113.30 110.64 24 August 2005 109.68 113.11 110.96 25 August 2005 109.28 112.10 110.30 26 August 2005 108.82 111.17 110.68 29 August 2005 ND 111.56 109.48 30 August 2005 109.36 111.44 110.78 31 August 2005 110.16 112.43 110.58 1 September 2005 110.82 113.05 111.11 2 September 2005 110.77 112.91 111.58 5 September 2005 110.97 113.73 112.26 6 September 2005 111.36 114.80 111.89 7 September 2005 111.59 115.15 111.82 8 September 2005 111.06 115.08 111.24 9 September 2005 111.47 115.49 112.50 12 September 2005 111.85 115.45 113.93 13 September 2005 111.06 114.56 114.45 14 September 2005 111.28 114.96 114.15 15 September 2005 111.94 115.00 115.45 16 September 2005 112.44 115.87 115.59 19 September 2005 112.89 115.58 ND 20 September 2005 112.65 116.18 117.65 21 September 2005 111.65 114.78 118.10 22 September 2005 111.92 114.31 117.97 23 September 2005 112.48 114.95 ND 26 September 2005 113.25 116.79 120.60 27 September 2005 113.13 116.34 119.75 28 September 2005 114.07 117.59 121.91 29 September 2005 113.76 117.17 124.23 30 September 2005 113.80 117.74 122.85 3 October 2005 114.26 118.46 122.76 4 October 2005 114.15 119.01 123.68 5 October 2005 112.77 117.77 122.62 6 October 2005 111.56 116.52 119.29 7 October 2005 111.32 116.19 119.39 10 October 2005 111.59 116.44 ND 11 October 2005 111.78 116.66 122.30 12 October 2005 110.98 115.79 122.38 13 October 2005 109.34 114.58 122.46 14 October 2005 109.52 114.98 121.60 17 October 2005 109.73 115.09 121.21 18 October 2005 109.29 114.45 121.14 19 October 2005 107.20 112.32 120.02 20 October 2005 107.26 112.56 120.38 21 October 2005 106.80 112.07 120.51 24 October 2005 108.16 113.39 119.73 25 October 2005 107.68 112.96 121.22 26 October 2005 108.69 113.32 122.45 27 October 2005 107.69 111.44 123.85 28 October 2005 108.18 111.49 123.50 31 October 2005 110.45 113.89 125.67 1 November 2005 111.06 113.88 128.13 2 November 2005 111.50 114.20 128.24 3 November 2005 113.00 115.52 ND 4 November 2005 112.81 115.31 130.04 7 November 2005 113.60 115.64 130.40 8 November 2005 113.60 115.61 130.26 9 November 2005 113.19 115.54 129.41 10 November 2005 112.92 115.61 129.14 11 November 2005 113.75 116.99 130.00 14 November 2005 113.92 117.16 128.77 15 November 2005 113.39 117.10 128.08 16 November 2005 113.15 116.52 129.29 17 November 2005 113.77 117.03 131.38 18 November 2005 114.63 117.72 133.23 21 November 2005 114.70 118.25 132.87 22 November 2005 115.07 118.31 132.79 23 November 2005 115.45 118.99 ND 24 November 2005 115.05 118.69 132.01 25 November 2005 115.34 118.97 133.06 28 November 2005 114.49 118.52 134.25 29 November 2005 114.80 118.80 134.35 30 November 2005 113.54 118.34 133.63 1 December 2005 114.81 119.99 135.68 2 December 2005 115.75 120.63 137.76 5 December 2005 115.40 120.17 138.96 6 December 2005 115.93 120.77 138.42 7 December 2005 115.78 120.54 139.05 8 December 2005 115.71 120.72 136.46 9 December 2005 115.53 120.54 138.41 12 December 2005 115.27 120.88 140.70 13 December 2005 115.42 121.11 141.45 14 December 2005 115.62 120.88 139.37 15 December 2005 115.20 120.96 137.75 16 December 2005 115.97 121.99 137.50 19 December 2005 116.15 121.88 138.24 20 December 2005 116.30 122.04 140.39 21 December 2005 117.14 123.02 142.34 22 December 2005 117.43 123.03 142.47 23 December 2005 117.47 123.32 ND 26 December 2005 ND ND 143.43 27 December 2005 ND 123.78 142.47 28 December 2005 117.93 123.63 143.87 29 December 2005 118.36 124.00 144.72 30 December 2005 117.95 123.02 143.50 2 January 2006 ND 123.87 ND 3 January 2006 119.27 124.38 ND 4 January 2006 119.99 125.63 145.53 5 January 2006 119.46 125.46 146.58 6 January 2006 120.22 126.00 146.56 9 January 2006 120.18 126.27 ND 10 January 2006 119.31 125.55 144.31 11 January 2006 120.24 126.48 145.48 12 January 2006 120.33 126.64 146.51 13 January 2006 119.86 125.51 146.28 16 January 2006 120.43 126.03 145.28 17 January 2006 119.57 125.00 141.92 18 January 2006 118.86 123.86 136.97 19 January 2006 119.60 124.79 140.94 20 January 2006 119.25 123.63 141.30 23 January 2006 118.94 123.39 138.12 24 January 2006 118.48 123.24 140.26 25 January 2006 120.00 124.64 140.78 26 January 2006 120.37 126.43 142.94 27 January 2006 121.77 127.98 147.03 30 January 2006 121.57 127.87 148.25 31 January 2006 121.22 128.09 148.81 1 February 2006 122.16 129.42 147.37 2 February 2006 121.11 127.99 148.83 3 February 2006 121.34 128.15 148.57 6 February 2006 121.66 128.53 148.94 7 February 2006 121.11 128.54 149.05 8 February 2006 120.72 128.23 145.38 9 February 2006 122.47 129.83 146.33 10 February 2006 121.58 129.05 144.41 13 February 2006 122.13 129.95 140.74 14 February 2006 122.08 130.03 142.24 15 February 2006 122.09 129.99 141.29 16 February 2006 122.83 130.83 141.91 17 February 2006 123.34 131.29 139.64 20 February 2006 123.61 131.43 136.75 21 February 2006 123.52 131.82 140.27 22 February 2006 123.81 132.99 140.00 23 February 2006 123.15 132.93 142.70 24 February 2006 123.61 133.38 143.33 27 February 2006 123.94 133.96 144.12 28 February 2006 122.31 131.95 144.43 1 March 2006 123.36 133.05 142.27 2 March 2006 123.15 131.80 141.98 3 March 2006 123.56 131.16 140.30 6 March 2006 124.41 131.87 141.48 7 March 2006 123.52 131.21 140.73 8 March 2006 122.42 130.37 139.66 9 March 2006 123.34 131.55 142.74 10 March 2006 124.37 132.79 143.29 13 March 2006 125.49 133.85 145.67 14 March 2006 125.55 134.10 144.90 15 March 2006 125.97 134.58 144.98 16 March 2006 126.64 134.62 143.09 17 March 2006 126.81 134.72 144.74 20 March 2006 126.61 135.11 146.85 21 March 2006 126.59 135.30 ND 22 March 2006 126.98 135.71 146.69 23 March 2006 126.65 135.63 146.14 24 March 2006 127.63 136.06 146.95 27 March 2006 126.33 134.86 147.34 28 March 2006 125.60 134.20 147.24 29 March 2006 126.04 134.73 148.88 30 March 2006 127.11 136.20 150.19 31 March 2006 126.19 135.70 150.32 3 April 2006 127.32 136.60 152.63 4 April 2006 126.99 135.88 152.19 5 April 2006 127.78 136.35 151.88 6 April 2006 127.85 136.47 154.46 7 April 2006 127.44 135.34 155.16 10 April 2006 128.09 135.88 154.60 11 April 2006 126.92 133.97 153.98 12 April 2006 126.55 133.51 151.60 13 April 2006 127.21 133.67 151.68 14 April 2006 ND ND 151.71 17 April 2006 ND ND 149.53 18 April 2006 127.50 133.36 151.51 19 April 2006 128.48 135.06 151.99 20 April 2006 128.37 136.26 152.04 21 April 2006 129.41 137.34 152.78 24 April 2006 128.79 136.65 148.81 25 April 2006 128.61 136.81 149.59 26 April 2006 128.99 137.28 149.90 27 April 2006 128.05 136.44 150.43 28 April 2006 127.30 135.51 149.30 1 May 2006 ND ND 149.37 2 May 2006 128.45 136.35 151.11 3 May 2006 127.10 135.25 ND 4 May 2006 127.69 136.08 ND 5 May 2006 128.97 137.27 ND 8 May 2006 128.57 137.56 152.66 9 May 2006 129.27 137.98 152.01 10 May 2006 128.82 137.29 150.05 11 May 2006 128.02 136.44 148.86 12 May 2006 125.17 133.42 146.85 15 May 2006 123.41 131.57 146.29 16 May 2006 123.47 131.75 143.09 17 May 2006 119.89 127.73 144.14 18 May 2006 119.55 127.25 141.97 19 May 2006 119.40 127.71 142.53 22 May 2006 116.46 123.94 140.55 23 May 2006 119.87 126.92 137.37 24 May 2006 117.87 125.48 139.70 25 May 2006 119.77 127.23 137.85 26 May 2006 122.41 129.63 140.37 29 May 2006 ND 129.31 140.58 30 May 2006 119.39 126.35 140.29 31 May 2006 120.80 127.74 137.43 1 June 2006 121.29 128.16 137.83 2 June 2006 121.82 128.19 139.71 5 June 2006 121.59 127.18 138.73 6 June 2006 119.40 124.25 136.33 7 June 2006 120.12 125.08 133.39 8 June 2006 116.98 121.71 128.93 9 June 2006 119.04 123.56 130.36 12 June 2006 118.34 122.28 131.42 13 June 2006 116.02 119.59 126.85 14 June 2006 115.91 119.78 127.53 15 June 2006 118.54 122.79 129.26 16 June 2006 118.14 121.93 133.50 19 June 2006 118.69 122.92 132.88 20 June 2006 119.28 123.61 131.37 21 June 2006 119.35 123.85 130.96 22 June 2006 119.88 124.54 134.75 23 June 2006 120.03 124.73 134.44 26 June 2006 119.84 124.55 134.74 27 June 2006 119.32 123.69 134.77 28 June 2006 119.79 123.52 132.87 29 June 2006 122.03 125.91 134.63 30 June 2006 123.01 128.15 138.04 3 July 2006 124.07 128.74 138.59 4 July 2006 124.07 128.97 139.39 5 July 2006 122.89 127.27 138.30 6 July 2006 124.11 128.50 136.76 7 July 2006 124.03 128.11 136.84 10 July 2006 124.09 128.63 138.66 11 July 2006 123.25 127.12 137.94 12 July 2006 123.39 127.68 136.02 13 July 2006 121.31 125.48 134.92 14 July 2006 120.09 123.70 132.37 17 July 2006 119.86 122.98 ND 18 July 2006 119.42 122.66 128.33 19 July 2006 121.56 125.73 128.34 20 July 2006 121.48 126.12 132.96 21 July 2006 120.38 124.76 131.83 24 July 2006 122.64 127.13 131.71 25 July 2006 123.00 127.23 133.51 26 July 2006 123.54 127.63 132.25 27 July 2006 124.63 129.07 134.11 28 July 2006 125.46 129.87 135.64 31 July 2006 124.59 129.44 136.74 1 August 2006 123.72 128.15 136.31 2 August 2006 124.74 129.83 136.54 3 August 2006 122.80 128.89 136.52 4 August 2006 123.90 130.40 136.71 7 August 2006 122.67 128.63 133.97 8 August 2006 122.50 128.95 135.93 9 August 2006 123.32 129.96 137.30 10 August 2006 122.53 128.89 137.69 11 August 2006 122.45 128.90 137.25 14 August 2006 123.46 130.24 139.26 15 August 2006 124.05 131.55 139.62 16 August 2006 124.20 132.54 141.76 17 August 2006 124.34 132.95 141.91 18 August 2006 124.44 132.75 142.78 21 August 2006 124.64 132.25 141.28 22 August 2006 124.39 132.77 142.81 23 August 2006 123.55 131.86 142.68 24 August 2006 123.72 132.58 141.18 25 August 2006 123.96 132.65 140.90 28 August 2006 ND 133.45 139.20 29 August 2006 124.20 133.56 140.57 30 August 2006 125.04 134.12 140.28 31 August 2006 124.66 133.86 142.17 1 September 2006 125.63 134.44 142.08 4 September 2006 126.41 135.05 143.47 5 September 2006 126.32 134.42 143.64 6 September 2006 125.26 133.05 142.90 7 September 2006 123.74 131.94 140.35 8 September 2006 124.18 132.40 140.91 11 September 2006 123.51 132.04 138.87 12 September 2006 124.47 133.55 137.96 13 September 2006 124.53 134.09 137.74 14 September 2006 124.37 134.01 139.01 15 September 2006 124.48 134.57 138.60 18 September 2006 124.74 134.57 ND 19 September 2006 123.57 133.70 138.48 20 September 2006 124.29 135.47 136.58 21 September 2006 124.96 135.92 137.44 22 September 2006 123.48 134.49 136.01 25 September 2006 123.00 134.64 135.68 26 September 2006 124.53 136.30 134.77 27 September 2006 125.67 137.27 138.40 28 September 2006 126.54 137.41 139.40 29 September 2006 126.38 137.60 140.11 2 October 2006 126.38 137.44 141.36 3 October 2006 125.89 136.98 140.73 4 October 2006 126.50 138.02 139.35 5 October 2006 127.42 138.92 142.06 6 October 2006 127.45 138.91 142.15 9 October 2006 127.94 139.05 ND 10 October 2006 128.87 139.90 142.20 11 October 2006 128.89 140.09 141.10 12 October 2006 129.94 141.19 140.36 13 October 2006 130.69 141.25 141.61 16 October 2006 130.92 141.49 143.18 17 October 2006 129.47 139.70 142.48 18 October 2006 130.45 141.13 142.54 19 October 2006 130.55 141.12 142.29 20 October 2006 130.57 141.51 143.02 23 October 2006 130.77 142.18 144.34 24 October 2006 131.14 142.09 144.61 25 October 2006 131.77 142.45 143.82 26 October 2006 131.31 142.58 144.79 27 October 2006 130.67 142.21 143.59 30 October 2006 129.97 141.74 140.97 31 October 2006 130.12 141.84 140.69 1 November 2006 130.56 142.27 141.13 2 November 2006 130.53 141.15 140.83 3 November 2006 130.49 141.77 ND 6 November 2006 132.08 143.47 140.63 7 November 2006 132.55 144.26 140.63 8 November 2006 132.47 144.28 138.96 9 November 2006 132.38 144.31 138.22 10 November 2006 132.08 144.20 137.55 13 November 2006 131.93 144.92 136.46 14 November 2006 131.81 144.76 138.86 15 November 2006 132.73 145.71 138.48 16 November 2006 133.25 145.86 137.61 17 November 2006 131.89 144.84 136.87 20 November 2006 132.14 145.19 133.43 21 November 2006 132.16 145.45 133.34 22 November 2006 131.27 145.68 135.08 23 November 2006 130.87 145.34 ND 24 November 2006 130.40 144.21 133.79 27 November 2006 128.92 141.82 135.09 28 November 2006 128.49 141.38 135.27 29 November 2006 129.86 143.34 137.44 30 November 2006 129.22 142.11 139.44 1 December 2006 128.78 140.67 139.60 4 December 2006 129.40 141.67 139.85 5 December 2006 130.20 143.05 139.08 6 December 2006 130.32 143.07 140.49 7 December 2006 131.12 143.86 141.16 8 December 2006 131.60 143.94 140.60 11 December 2006 131.81 144.98 141.61 12 December 2006 131.65 145.15 142.37 13 December 2006 132.39 146.30 142.58 14 December 2006 133.16 147.05 143.69 15 December 2006 133.81 147.91 144.17 18 December 2006 133.59 147.81 144.86 19 December 2006 132.73 146.80 143.12 20 December 2006 132.62 147.51 145.00 21 December 2006 132.39 147.34 145.38 22 December 2006 132.54 146.12 145.45 25 December 2006 ND ND 144.82 26 December 2006 ND ND 145.48 27 December 2006 133.67 147.99 145.87 28 December 2006 133.65 148.01 146.04 29 December 2006 133.26 147.97 146.23 2 January 2007 135.15 149.97 ND 3 January 2007 135.30 149.99 ND 4 January 2007 134.59 149.42 147.78 5 January 2007 133.27 148.08 145.73 8 January 2007 132.74 148.11 ND 9 January 2007 132.77 148.41 147.19 10 January 2007 132.01 147.25 144.66 11 January 2007 133.33 149.67 144.11 12 January 2007 133.48 150.10 146.59 15 January 2007 134.09 150.70 148.27 16 January 2007 133.07 150.09 148.18 17 January 2007 132.82 149.57 148.46 18 January 2007 132.97 149.43 149.19 19 January 2007 133.55 150.68 149.11 22 January 2007 133.20 149.90 150.51 23 January 2007 133.25 149.75 150.55 24 January 2007 135.00 151.37 151.23 25 January 2007 134.13 150.89 150.43 26 January 2007 133.29 150.02 150.31 29 January 2007 133.48 150.72 150.80 30 January 2007 133.57 151.43 150.62 31 January 2007 132.80 151.00 149.78 1 February 2007 134.46 152.25 151.23 2 February 2007 135.20 152.89 151.56 5 February 2007 135.44 152.98 149.29 6 February 2007 136.09 153.14 150.69 7 February 2007 136.55 153.92 150.34 8 February 2007 136.02 152.97 149.63 9 February 2007 136.84 153.75 151.80 12 February 2007 136.18 152.58 ND 13 February 2007 136.73 153.43 152.74 14 February 2007 137.56 154.64 153.55 15 February 2007 137.85 154.62 154.55 16 February 2007 137.56 154.41 154.36 19 February 2007 138.16 155.18 154.83 20 February 2007 137.49 154.72 155.07 21 February 2007 136.40 154.07 155.46 22 February 2007 136.91 154.44 156.82 23 February 2007 137.32 154.56 157.87 26 February 2007 137.94 155.31 158.05 27 February 2007 134.45 150.57 157.56 28 February 2007 132.20 148.57 152.46 1 March 2007 131.01 146.70 151.36 2 March 2007 131.13 146.25 149.75 5 March 2007 129.74 144.76 144.63 6 March 2007 131.47 145.82 147.22 7 March 2007 132.11 146.62 146.97 8 March 2007 133.73 148.82 149.70 9 March 2007 134.13 149.12 150.51 12 March 2007 133.93 148.50 151.47 13 March 2007 132.34 146.80 150.09 14 March 2007 128.85 142.95 145.69 15 March 2007 131.75 145.80 147.37 16 March 2007 131.79 145.90 145.88 19 March 2007 133.17 148.32 147.36 20 March 2007 133.77 149.18 148.59 21 March 2007 134.71 149.52 ND 22 March 2007 136.00 152.30 150.64 23 March 2007 136.38 153.13 151.52 26 March 2007 135.43 151.77 151.47 27 March 2007 135.41 151.90 149.95 28 March 2007 134.84 150.96 148.84 29 March 2007 136.03 152.87 148.80 30 March 2007 135.78 152.95 149.06 2 April 2007 136.05 153.39 146.35 3 April 2007 137.19 155.25 148.25 4 April 2007 137.17 155.73 150.53 5 April 2007 137.81 156.00 149.68 6 April 2007 ND ND 149.36 9 April 2007 ND ND 151.19 10 April 2007 138.32 157.12 150.98 11 April 2007 138.17 156.82 151.27 12 April 2007 138.12 156.30 150.15 13 April 2007 139.01 157.38 148.35 16 April 2007 140.15 159.34 150.10 17 April 2007 139.66 159.28 149.28 18 April 2007 138.68 158.39 150.54 19 April 2007 138.39 157.85 148.48 20 April 2007 139.41 160.27 148.75 23 April 2007 139.32 159.85 148.36 24 April 2007 138.22 158.47 148.41 25 April 2007 138.96 159.78 146.77 26 April 2007 139.16 160.15 148.17 27 April 2007 138.17 159.26 147.96 30 April 2007 138.78 159.44 ND 1 May 2007 138.21 ND 147.29 2 May 2007 139.58 160.28 148.24 3 May 2007 140.60 160.49 ND 4 May 2007 142.10 161.46 ND 7 May 2007 ND 161.58 150.75 8 May 2007 140.94 160.17 150.71 9 May 2007 140.83 160.52 151.79 10 May 2007 140.38 159.43 151.09 11 May 2007 141.09 160.33 149.88 14 May 2007 140.91 160.07 150.57 15 May 2007 141.25 160.95 148.97 16 May 2007 141.09 160.54 148.91 17 May 2007 141.53 160.90 148.51 18 May 2007 142.76 162.58 147.50 21 May 2007 142.68 162.21 148.80 22 May 2007 142.09 162.50 150.62 23 May 2007 142.34 163.59 151.36 24 May 2007 141.25 162.22 151.19 25 May 2007 141.22 162.35 149.23 28 May 2007 ND ND 149.99 29 May 2007 141.96 162.87 151.17 30 May 2007 141.73 162.50 150.81 31 May 2007 142.24 164.28 152.72 1 June 2007 143.40 165.63 153.78 4 June 2007 143.06 164.97 154.21 5 June 2007 142.37 164.01 154.53 6 June 2007 139.85 160.91 154.70 7 June 2007 139.25 158.96 154.81 8 June 2007 139.18 158.70 152.76 11 June 2007 140.41 160.33 153.19 12 June 2007 139.45 159.23 152.36 13 June 2007 140.19 159.74 151.87 14 June 2007 142.22 162.66 152.80 15 June 2007 144.06 164.89 154.22 18 June 2007 143.44 164.27 155.56 19 June 2007 142.24 163.91 154.88 20 June 2007 142.19 164.52 155.16 21 June 2007 140.89 162.66 155.65 22 June 2007 140.32 162.21 154.66 25 June 2007 140.68 161.84 153.52 26 June 2007 140.08 160.61 153.60 27 June 2007 139.25 159.75 151.45 28 June 2007 140.27 161.53 152.32 29 June 2007 140.95 162.60 154.39 2 July 2007 140.65 162.13 154.86 3 July 2007 141.92 163.43 154.99 4 July 2007 142.68 164.14 155.04 5 July 2007 141.94 162.96 155.54 6 July 2007 143.05 164.07 154.80 9 July 2007 143.45 164.35 155.90 10 July 2007 141.73 162.52 155.63 11 July 2007 141.33 161.66 153.76 12 July 2007 143.09 163.94 153.36 13 July 2007 143.64 164.63 155.11 16 July 2007 143.28 165.00 ND 17 July 2007 142.37 164.20 154.67 18 July 2007 140.56 162.15 152.98 19 July 2007 142.17 163.77 153.79 20 July 2007 141.06 161.40 154.50 23 July 2007 141.71 162.51 152.86 24 July 2007 139.06 160.04 153.61 25 July 2007 137.95 158.41 152.57 26 July 2007 133.57 154.37 151.11 27 July 2007 132.82 153.65 147.85 30 July 2007 132.82 153.45 148.37 31 July 2007 136.09 156.35 148.41 1 August 2007 133.83 153.67 145.16 2 August 2007 134.82 155.04 145.21 3 August 2007 133.35 153.11 145.49 6 August 2007 132.38 151.88 145.09 7 August 2007 134.98 153.88 144.41 8 August 2007 136.92 156.93 145.18 9 August 2007 134.25 153.94 146.47 10 August 2007 129.44 149.92 142.13 13 August 2007 133.22 152.95 142.01 14 August 2007 131.55 151.28 142.43 15 August 2007 130.73 150.74 138.67 16 August 2007 125.41 145.69 136.34 17 August 2007 129.54 148.32 128.77 20 August 2007 129.84 149.30 132.53 21 August 2007 129.86 149.55 134.82 22 August 2007 132.34 151.94 134.38 23 August 2007 132.42 152.11 138.46 24 August 2007 132.89 152.68 137.94 27 August 2007 ND 152.91 138.11 28 August 2007 130.43 150.50 137.84 29 August 2007 131.15 151.35 135.48 30 August 2007 132.97 153.08 136.41 31 August 2007 135.01 154.95 139.89 3 September 2007 135.31 155.25 139.65 4 September 2007 136.70 156.16 138.89 5 September 2007 134.40 153.08 136.52 6 September 2007 135.23 153.62 136.44 7 September 2007 132.60 150.09 135.44 10 September 2007 131.33 148.84 132.67 11 September 2007 134.42 151.06 133.29 12 September 2007 134.90 151.38 132.94 13 September 2007 135.87 152.67 132.47 14 September 2007 134.12 151.53 134.37 17 September 2007 131.81 149.85 ND 18 September 2007 133.74 152.45 131.43 19 September 2007 137.56 156.77 136.36 20 September 2007 136.78 155.84 136.29 21 September 2007 137.43 156.50 135.01 24 September 2007 137.50 156.25 ND 25 September 2007 135.91 154.91 136.29 26 September 2007 136.63 156.24 137.09 27 September 2007 137.87 157.26 140.49 28 September 2007 137.51 157.05 140.62 1 October 2007 138.31 158.25 140.56 2 October 2007 138.46 159.04 142.64 3 October 2007 139.33 159.18 144.74 4 October 2007 139.58 159.20 144.01 5 October 2007 140.49 160.49 144.13 8 October 2007 139.38 160.09 ND 9 October 2007 140.91 160.75 144.40 10 October 2007 141.38 160.68 144.24 11 October 2007 143.24 161.66 145.92 12 October 2007 143.28 161.67 144.35 15 October 2007 141.46 160.19 144.17 16 October 2007 140.78 159.42 141.37 17 October 2007 142.24 160.41 139.20 18 October 2007 140.77 159.42 140.72 19 October 2007 139.09 158.91 138.42 22 October 2007 137.62 156.78 135.96 23 October 2007 138.94 158.11 136.61 24 October 2007 138.21 157.20 136.03 25 October 2007 140.29 159.17 134.66 26 October 2007 141.89 159.98 136.91 29 October 2007 142.78 161.02 139.74 30 October 2007 141.79 160.43 139.80 31 October 2007 143.27 161.61 140.92 1 November 2007 140.55 159.12 142.29 2 November 2007 139.39 158.71 139.19 5 November 2007 137.90 157.77 137.01 6 November 2007 138.18 158.36 136.96 7 November 2007 136.19 157.59 135.41 8 November 2007 135.95 156.25 131.95 9 November 2007 134.24 154.07 129.99 12 November 2007 134.91 154.24 126.68 13 November 2007 135.39 154.29 126.54 14 November 2007 136.93 155.24 130.28 15 November 2007 135.31 153.65 130.38 16 November 2007 133.83 152.69 128.01 19 November 2007 130.08 150.00 126.70 20 November 2007 132.18 151.56 127.80 21 November 2007 128.83 148.18 125.15 22 November 2007 130.55 148.69 125.03 23 November 2007 132.88 150.98 ND 26 November 2007 131.25 150.16 127.61 27 November 2007 130.24 149.73 128.63 28 November 2007 133.79 153.31 128.36 29 November 2007 134.71 154.13 131.74 30 November 2007 136.38 156.06 133.25 3 December 2007 135.20 155.27 133.27 4 December 2007 133.39 153.58 131.82 5 December 2007 137.08 156.10 132.79 6 December 2007 136.90 156.28 135.02 7 December 2007 138.41 157.44 135.85 10 December 2007 138.59 158.25 135.57 11 December 2007 138.11 157.81 136.31 12 December 2007 138.52 158.13 135.43 13 December 2007 134.40 154.60 131.88 14 December 2007 135.14 155.13 130.59 17 December 2007 132.48 152.42 128.10 18 December 2007 132.59 152.41 127.85 19 December 2007 132.77 151.90 126.72 20 December 2007 134.17 152.27 126.79 21 December 2007 136.02 154.57 127.80 24 December 2007 136.95 ND ND 25 December 2007 136.95 ND 130.13 26 December 2007 136.95 ND 131.21 27 December 2007 137.32 155.07 130.47 28 December 2007 137.01 155.24 128.36 31 December 2007 136.66 155.17 ND 2 January 2008 135.90 153.31 ND 3 January 2008 136.87 152.67 ND 4 January 2008 134.00 150.21 122.81 7 January 2008 133.48 149.93 121.14 8 January 2008 133.97 150.52 122.04 9 January 2008 132.10 148.76 123.89 10 January 2008 130.90 147.56 121.90 11 January 2008 130.57 147.18 119.83 14 January 2008 131.17 147.87 ND 15 January 2008 127.22 143.92 117.45 16 January 2008 125.47 142.43 113.29 17 January 2008 124.79 141.33 115.73 18 January 2008 124.80 139.47 116.69 21 January 2008 118.15 130.41 112.54 22 January 2008 121.72 132.46 106.12 23 January 2008 119.11 127.29 108.72 24 January 2008 124.62 134.94 111.73 25 January 2008 124.30 134.62 116.97 28 January 2008 122.66 133.90 112.47 29 January 2008 124.88 136.09 115.58 30 January 2008 124.00 135.18 114.83 31 January 2008 124.74 134.85 117.11 1 February 2008 128.00 137.65 116.29 4 February 2008 128.07 138.01 118.71 5 February 2008 124.65 132.72 117.91 6 February 2008 124.70 133.97 112.94 7 February 2008 121.68 131.64 113.52 8 February 2008 122.85 131.69 111.96 11 February 2008 121.33 130.78 ND 12 February 2008 125.56 135.17 111.87 13 February 2008 124.94 135.57 111.81 14 February 2008 125.08 135.60 115.90 15 February 2008 123.07 133.13 116.11 18 February 2008 126.31 135.55 115.95 19 February 2008 126.89 136.14 117.02 20 February 2008 125.40 134.51 113.32 21 February 2008 126.20 135.26 116.10 22 February 2008 125.18 133.87 114.94 25 February 2008 127.60 135.99 117.91 26 February 2008 129.40 137.98 117.21 27 February 2008 129.26 137.86 118.69 28 February 2008 126.90 135.40 117.70 29 February 2008 125.13 133.43 115.19 3 March 2008 123.83 131.64 110.57 4 March 2008 122.78 129.45 110.09 5 March 2008 124.69 132.19 109.94 6 March 2008 122.83 130.05 112.00 7 March 2008 121.38 128.51 108.54 10 March 2008 119.77 127.04 106.50 11 March 2008 121.07 128.99 107.44 12 March 2008 123.01 130.46 109.18 13 March 2008 121.15 128.51 105.76 14 March 2008 119.88 127.55 103.79 17 March 2008 115.34 122.72 100.00 18 March 2008 119.23 126.70 101.22 19 March 2008 118.03 125.63 104.06 20 March 2008 116.94 125.03 ND 21 March 2008 ND ND 106.12 24 March 2008 ND ND 106.48 25 March 2008 121.08 129.34 108.12 26 March 2008 120.49 128.94 107.65 27 March 2008 121.92 130.40 106.68 28 March 2008 121.43 130.05 108.19 31 March 2008 121.68 129.77 105.51 1 April 2008 124.99 133.93 107.03 2 April 2008 126.22 135.35 111.52 3 April 2008 125.44 134.40 113.05 4 April 2008 126.45 135.05 112.12 7 April 2008 127.83 136.26 113.57 8 April 2008 127.16 135.29 111.57 9 April 2008 126.98 134.26 109.85 10 April 2008 126.54 133.63 108.56 11 April 2008 125.12 131.90 111.22 14 April 2008 123.80 130.86 108.40 15 April 2008 125.28 131.44 109.25 16 April 2008 128.16 133.76 110.63 17 April 2008 126.94 133.05 112.50 18 April 2008 128.60 135.97 113.43 21 April 2008 128.36 134.73 115.82 22 April 2008 127.91 133.74 114.08 23 April 2008 128.85 134.82 114.33 24 April 2008 128.05 134.70 113.74 25 April 2008 128.87 135.96 116.55 28 April 2008 129.02 136.76 118.45 29 April 2008 128.82 135.88 ND 30 April 2008 128.97 136.97 118.18 1 May 2008 128.89 ND 117.09 2 May 2008 131.61 138.96 119.81 5 May 2008 ND 138.83 ND 6 May 2008 131.67 137.99 ND 7 May 2008 132.71 139.13 121.19 8 May 2008 133.06 138.67 119.43 9 May 2008 131.65 136.93 116.71 12 May 2008 132.10 137.40 116.80 13 May 2008 131.68 137.59 118.30 14 May 2008 131.59 138.89 119.43 15 May 2008 132.36 138.87 121.16 16 May 2008 133.52 139.36 121.42 19 May 2008 135.02 140.33 122.15 20 May 2008 131.11 137.83 121.76 21 May 2008 131.09 136.76 119.18 22 May 2008 130.82 136.80 120.01 23 May 2008 128.89 134.44 119.75 26 May 2008 ND 134.29 116.92 27 May 2008 128.29 133.82 119.02 28 May 2008 128.54 135.13 117.32 29 May 2008 128.57 135.33 120.09 30 May 2008 128.22 136.39 122.49 2 June 2008 127.18 134.46 123.96 3 June 2008 128.20 135.15 122.43 4 June 2008 126.57 133.84 124.43 5 June 2008 127.09 133.62 123.91 6 June 2008 125.16 130.61 124.22 9 June 2008 124.47 130.06 121.56 10 June 2008 123.36 129.08 120.32 11 June 2008 121.11 126.80 120.91 12 June 2008 122.56 127.87 118.57 13 June 2008 122.95 128.41 119.31 16 June 2008 122.77 127.72 121.93 17 June 2008 124.16 128.49 121.95 18 June 2008 121.90 126.48 122.62 19 June 2008 120.86 125.61 119.66 20 June 2008 119.11 123.49 118.02 23 June 2008 119.90 123.11 117.25 24 June 2008 119.09 122.04 117.36 25 June 2008 119.88 124.03 117.09 26 June 2008 116.80 120.72 116.98 27 June 2008 117.01 119.98 114.88 30 June 2008 118.85 120.28 114.83 1 July 2008 115.79 117.74 114.83 2 July 2008 114.37 117.19 113.18 3 July 2008 115.30 118.24 112.91 4 July 2008 113.89 116.38 112.90 7 July 2008 115.92 118.25 114.19 8 July 2008 114.35 116.30 111.65 9 July 2008 116.28 118.36 111.82 10 July 2008 113.79 116.08 112.28 11 July 2008 110.81 112.86 111.85 14 July 2008 111.70 113.68 111.40 15 July 2008 109.06 110.93 109.00 16 July 2008 108.88 112.23 108.67 17 July 2008 111.88 115.42 109.92 18 July 2008 113.94 117.47 108.94 21 July 2008 114.59 118.22 ND 22 July 2008 113.75 117.66 112.01 23 July 2008 115.67 119.94 113.37 24 July 2008 113.75 118.15 115.91 25 July 2008 113.35 118.03 112.93 28 July 2008 112.36 116.53 113.15 29 July 2008 112.51 116.79 111.48 30 July 2008 114.64 118.21 113.34 31 July 2008 114.43 118.12 113.39 1 August 2008 113.34 116.26 110.73 4 August 2008 112.62 115.42 108.58 5 August 2008 115.57 118.62 108.53 6 August 2008 116.24 119.89 111.10 7 August 2008 116.02 119.49 109.50 8 August 2008 116.41 120.20 109.59 11 August 2008 117.68 121.72 111.34 12 August 2008 117.40 121.31 110.59 13 August 2008 115.51 118.40 108.42 14 August 2008 116.46 118.61 107.77 15 August 2008 115.77 119.25 108.50 18 August 2008 115.57 119.14 109.93 19 August 2008 112.75 116.09 107.47 20 August 2008 113.75 116.59 107.28 21 August 2008 113.79 115.11 106.52 22 August 2008 116.69 117.46 105.81 25 August 2008 ND 116.40 107.80 26 August 2008 115.96 116.93 106.93 27 August 2008 117.03 117.00 106.44 28 August 2008 118.60 118.98 106.08 29 August 2008 119.43 119.47 109.14 1 September 2008 118.85 119.33 107.05 2 September 2008 119.40 121.13 105.46 3 September 2008 116.88 119.54 106.17 4 September 2008 113.98 116.08 104.52 5 September 2008 111.43 113.01 101.84 8 September 2008 115.73 116.53 105.81 9 September 2008 114.95 115.49 103.65 10 September 2008 113.76 114.66 103.72 11 September 2008 111.83 112.76 101.14 Figure: Stock price indexes: Emerging market economies A line chart shows three series, "Brazil (Bovespa)", "Korea (KOSPI)", and "Mexico (Bolsa)", from 2005 through September 11, 2008. Data is daily; unit is an index (12/30/04=100). The "Brazil" series begins at about 100 in 2005:Q1, it generally increases to about 230 by 2007:Q4, and generally decreases to about 75 by the time of August 2008, FOMC meeting. The series generally decreases and ends at about 165 on September 11, 2008. The "Korea" series begins at about 100 in 2005:Q1, it generally increases to about 255 by 2007:Q4, and generally decreases to about 210, around the time of August 2008, FOMC meeting. The series generally decreases and ends at about 199 on September 11, 2008. The "Mexico" series begins at about 100 in 2005:Q1, it generally increases to peak at about 280, and generally decreases to about 215 around the time of August 2008, FOMC meeting. The series generally decreases and ends at about 185 on September 11, 2008. Note. Last daily observation is for September 11, 2008. As shown in each figure, a vertical line marks the FOMC meeting on August 5, 2008. Chart 5 Debt and Money Growth of debt of nonfinancial sectors Percent, s.a.a.r. Total Business Household Government 2007 8.6 13.0 6.8 6.1 Q1 8.1 10.4 7.0 7.1 Q2 8.0 12.8 7.2 3.1 Q3 9.1 14.2 6.2 7.8 Q4 8.1 12.1 6.1 6.0 Q1 5.4 7.4 3.3 6.7 Q2 3.5 5.7 1.4 4.3 Q3p 3.9 3.4 0.8 10.3 2008 p Projected. Return to table Figure: Changes in selected components of debt of nonfinancial business sector* Monthly rate $Billions Period C&I Loans Commercial Paper Bonds Sum 2006 11.50 2.42 17.96 31.89 2007:H1 13.65 1.11 27.82 42.59 2007:H2 28.62 -2.00 24.04 50.66 2008:Q1 16.76 4.55 13.96 35.26 2008:Q2 9.81 -5.46 28.13 32.48 As shown in the figure, approximate values for July 2008 and August 2008 (estimated) are as follows: C&I loans: July 2008: 6, August 2008: -2. Commercial paper: July 2008: 0, August 2008: 26. Bonds: July 2008: 10, August 2008: 4. Sum: July 2008: 17.5, August 2008: 30. * 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 4.76 2007:Q2 7.37 5.63 2007:Q3 6.26 8.15 2007:Q4 5.08 3.99 2008:Q1 3.46 3.23 2008:Q2 3.03 2.21 As shown in the figure, the series end in projections for 2008:Q3: "Home mortgage" at about 0 percent, and "Consumer credit" at about 1.6 percent. Figure: Growth of house prices Annual rate, s.a. Percent Period OFHEO purchase-only index S&P Case-Shiller national index 1996:Q1 4.47 2.16 1996:Q2 2.87 2.40 1996:Q3 2.64 2.69 1996:Q4 2.55 1.09 1997:Q1 2.68 4.96 1997:Q2 3.81 3.46 1997:Q3 3.12 3.46 1997:Q4 4.20 5.85 1998:Q1 5.15 6.29 1998:Q2 5.36 7.36 1998:Q3 5.42 7.63 1998:Q4 6.39 6.89 1999:Q1 5.92 7.87 1999:Q2 5.93 7.01 1999:Q3 6.20 9.01 1999:Q4 6.04 8.83 2000:Q1 7.20 9.56 2000:Q2 6.86 10.95 2000:Q3 6.56 9.05 2000:Q4 6.96 9.30 2001:Q1 7.48 7.77 2001:Q2 6.83 8.48 2001:Q3 6.41 9.08 2001:Q4 6.28 5.39 2002:Q1 6.78 8.89 2002:Q2 7.42 10.81 2002:Q3 8.08 12.05 2002:Q4 8.06 10.64 2003:Q1 7.05 8.59 2003:Q2 6.48 8.02 2003:Q3 8.28 12.01 2003:Q4 8.48 14.10 2004:Q1 8.88 14.00 2004:Q2 8.73 15.87 2004:Q3 9.77 14.38 2004:Q4 9.76 14.18 2005:Q1 9.06 18.09 2005:Q2 9.90 15.57 2005:Q3 9.95 14.30 2005:Q4 8.77 10.90 2006:Q1 6.87 5.39 2006:Q2 3.77 -0.10 2006:Q3 1.85 -2.71 2006:Q4 3.10 -1.59 2007:Q1 3.43 -2.54 2007:Q2 1.92 -6.57 2007:Q3 -2.13 -7.61 2007:Q4 -5.13 -18.27 2008:Q1 -6.55 -23.29 2008:Q2 -5.34 -11.51 Source. Office of Housing Enterprise Oversight (OFHEO), Standard & Poor's Figure: Growth of M2 A bar chart plots growth of M2. Data are s.a.a.r.; unit is percent. Approximate values are as follows: 2006: 4.9 percent. 2007:H1: 4.7. 2007:H2: 7. 2008:Q1: 9.5. 2008:Q2: 5.6. August 2008 (estimated): -1.5. Figure: M2 velocity and opportunity cost Quarterly Period Velocity Opportunity cost* (Percentage points) 1993:Q1 1.912 0.768 1993:Q2 1.924 0.821 1993:Q3 1.932 0.940 1993:Q4 1.957 1.059 1994:Q1 1.983 1.227 1994:Q2 2.011 1.655 1994:Q3 2.034 2.147 1994:Q4 2.068 2.611 1995:Q1 2.084 2.984 1995:Q2 2.076 2.933 1995:Q3 2.066 2.699 1995:Q4 2.071 2.542 1996:Q1 2.074 2.375 1996:Q2 2.090 2.332 1996:Q3 2.094 2.410 1996:Q4 2.106 2.344 1997:Q1 2.110 2.315 1997:Q2 2.121 2.315 1997:Q3 2.122 2.283 1997:Q4 2.112 2.307 1998:Q1 2.101 2.322 1998:Q2 2.080 2.290 1998:Q3 2.076 2.180 1998:Q4 2.060 1.901 1999:Q1 2.050 1.832 1999:Q2 2.045 2.000 1999:Q3 2.047 2.093 1999:Q4 2.064 2.281 2000:Q1 2.056 2.591 2000:Q2 2.064 2.780 2000:Q3 2.049 2.875 2000:Q4 2.037 2.938 2001:Q1 1.997 2.442 2001:Q2 1.968 1.628 2001:Q3 1.925 1.230 2001:Q4 1.900 0.844 2002:Q1 1.886 0.563 2002:Q2 1.888 0.620 2002:Q3 1.871 0.614 2002:Q4 1.844 0.513 2003:Q1 1.835 0.414 2003:Q2 1.819 0.377 2003:Q3 1.824 0.350 2003:Q4 1.849 0.336 2004:Q1 1.866 0.330 2004:Q2 1.858 0.408 2004:Q3 1.867 0.642 2004:Q4 1.869 0.992 2005:Q1 1.886 1.364 2005:Q2 1.897 1.623 2005:Q3 1.909 1.863 2005:Q4 1.907 2.193 2006:Q1 1.919 2.539 2006:Q2 1.932 2.776 2006:Q3 1.929 2.841 2006:Q4 1.915 2.796 2007:Q1 1.904 2.731 2007:Q2 1.905 2.604 2007:Q3 1.911 2.246 2007:Q4 1.902 1.574 2008:Q1 1.872 0.780 As shown in the figure, the series end in 2008:Q2: Velocity at about 1.86, and opportunity cost at about 0.4 percentage points. * Two-quarter moving average. Return to table [Box:] Recent Behavior of the Components of M2 Figure: Liquid Deposits A line chart shows two series, "2007-08", and "2001", from 0 to 12 months after federal funds peak. Unit is an index. The "2007-08" series begins at about 100 at 0 months, and generally increases to end at about 120 at month 12. The "2001" series begins at about 100 at 0 months, generally increases and ends at about 104.5 at month 12. Note. Change in component of M2 over the policy easing cycle. The index is set to 100 in the month immediately preceding the first move in the easing cycle. Figure: Small Time Deposits A line chart shows two series, "2007-08", and "2001", from 0 to 12 months after federal funds peak. Unit is an index. The "2007-08" series begins at about 100 at 0 months, and generally increases to about 102.7 at month 6, decreases to about 100.5 at month 10, and generally increases to end at about 103.5 at month 12. The "2001" series begins at about 100 at 0 months, generally increases to about 100.9 at month 2, and generally decreases and ends at about 93 at month 12. Note. Change in component of M2 over the policy easing cycle. The index is set to 100 in the month immediately preceding the first move in the easing cycle. Figure: Retail Money Market Mutual Funds A line chart shows two series, "2007-08", and "2001", from 0 to 12 months after federal funds peak. Unit is an index. The "2007-08" series begins at about 100 at 0 months, and generally increases to about 106 at month 4, decreases to about 104 at month 5, and generally increases to end at about 106 at month 12. The "2001" series begins at about 100 at 0 months, generally increases to about 121 at month 8, and generally decreases and ends at about 117.5 at month 12. Note. Change in component of M2 over the policy easing cycle. The index is set to 100 in the month immediately preceding the first move in the easing cycle. † Note: Data values for figures are rounded and may not sum to totals. Return to text Last update: March 7, 2014 Accessible Material September 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 modelbased estimates Actual real funds rate based on lagged core inflation Greenbookconsistent measure Upper bound of range of modelbased estimates Upper bound of 70% confidence interval Upper bound of 90% confidence interval 1990:Q1 0.11 1.11 2.16 4.51 ND 4.64 4.97 6.01 1990:Q2 0.06 1.09 1.91 4.03 ND 4.16 4.65 5.65 1990:Q3 -0.77 0.21 1.11 3.73 ND 3.55 3.95 4.96 1990:Q4 -1.06 -0.10 0.98 3.45 ND 2.99 3.44 4.47 1991:Q1 -1.24 -0.27 0.69 2.18 ND 2.53 3.10 4.06 1991:Q2 -0.95 0.01 1.06 2.16 ND 2.61 3.27 4.20 1991:Q3 -0.93 0.07 1.00 1.99 ND 2.74 3.38 4.32 1991:Q4 -0.89 0.13 0.98 1.07 ND 2.72 3.39 4.28 1992:Q1 -0.57 0.40 1.31 0.44 ND 3.05 3.71 4.63 1992:Q2 -0.42 0.54 1.44 0.25 ND 3.14 3.83 4.75 1992:Q3 -0.56 0.39 1.51 -0.02 ND 3.12 3.74 4.70 1992:Q4 -0.33 0.60 1.70 0.00 ND 2.88 3.70 4.58 1993:Q1 -0.54 0.45 1.28 0.38 ND 3.05 3.72 4.63 1993:Q2 -0.71 0.23 1.19 0.29 ND 2.64 3.41 4.31 1993:Q3 -0.72 0.20 1.24 0.59 ND 2.39 3.27 4.16 1993:Q4 -0.43 0.49 1.62 0.72 ND 2.50 3.49 4.36 1994:Q1 -0.28 0.64 1.76 1.03 ND 3.09 3.81 4.72 1994:Q2 -0.14 0.74 1.92 1.84 ND 2.48 3.67 4.50 1994:Q3 -0.26 0.67 1.72 2.06 ND 2.38 3.61 4.44 1994:Q4 -0.13 0.77 1.96 2.74 ND 2.68 3.71 4.58 1995:Q1 -0.11 0.89 1.66 3.37 ND 2.92 4.02 4.87 1995:Q2 -0.33 0.69 1.41 3.69 ND 2.82 3.84 4.70 1995:Q3 -0.18 0.89 1.60 3.76 ND 3.56 4.24 5.13 1995:Q4 -0.13 0.89 1.70 3.68 ND 3.64 4.24 5.16 1996:Q1 -0.19 0.82 1.70 3.38 ND 3.64 4.21 5.16 1996:Q2 0.33 1.31 2.20 3.39 ND 3.73 4.51 5.36 1996:Q3 0.34 1.38 2.12 3.53 ND 4.28 4.80 5.76 1996:Q4 0.41 1.43 2.23 3.46 ND 4.23 4.82 5.77 1997:Q1 0.34 1.36 2.18 3.54 ND 4.41 4.90 5.90 1997:Q2 0.74 1.77 2.50 3.76 ND 4.16 4.98 5.88 1997:Q3 0.93 1.96 2.66 3.97 4.11 4.81 5.40 6.34 1997:Q4 0.76 1.84 2.50 4.16 4.30 5.45 5.79 6.87 1998:Q1 0.88 1.93 2.59 4.20 4.33 4.56 5.24 6.12 1998:Q2 0.75 1.82 2.47 4.34 4.16 4.90 5.40 6.40 1998:Q3 0.61 1.59 2.61 4.23 4.30 5.23 5.54 6.61 1998:Q4 0.72 1.69 2.59 3.44 3.47 4.87 5.31 6.32 1999:Q1 0.93 1.90 2.92 3.36 3.90 5.68 5.96 7.08 1999:Q2 0.95 2.01 2.74 3.23 4.08 5.45 5.82 6.88 1999:Q3 1.09 2.11 2.87 3.59 4.29 5.36 5.79 6.80 1999:Q4 1.50 2.53 3.25 3.77 4.37 4.74 5.74 6.63 2000:Q1 1.14 2.28 2.81 3.84 5.26 4.62 5.66 6.52 2000:Q2 1.23 2.16 3.12 4.54 5.63 4.08 5.18 6.03 2000:Q3 0.81 1.87 2.54 4.92 5.24 4.34 5.17 6.04 2000:Q4 0.54 1.50 2.41 4.96 4.55 3.64 4.57 5.43 2001:Q1 0.04 0.95 2.09 3.99 3.10 3.49 4.18 5.07 2001:Q2 -0.01 0.88 2.13 2.52 1.94 2.80 3.85 4.69 2001:Q3 -0.69 0.21 1.23 1.57 1.72 2.18 3.25 4.15 2001:Q4 -0.93 -0.06 1.00 -0.07 0.51 1.72 2.91 3.82 2002:Q1 -0.63 0.20 1.44 -0.09 0.66 1.90 3.13 4.00 2002:Q2 -0.99 -0.15 0.97 -0.02 0.54 1.68 2.80 3.69 2002:Q3 -1.97 -1.02 -0.49 -0.13 0.29 1.64 2.46 3.46 2002:Q4 -2.17 -1.19 -0.66 -0.10 -0.01 1.31 2.26 3.25 2003:Q1 -2.00 -0.96 -0.48 -0.25 0.33 2.61 3.16 4.15 2003:Q2 -1.26 -0.28 0.43 -0.11 0.44 2.61 3.25 4.19 2003:Q3 -0.56 0.40 1.23 -0.32 0.03 2.61 3.56 4.45 2003:Q4 -0.30 0.59 1.79 -0.44 0.18 2.61 3.57 4.44 2004:Q1 -0.44 0.48 1.55 -0.75 0.48 2.59 3.52 4.40 2004:Q2 -0.54 0.31 1.52 -1.08 0.67 2.03 3.25 4.15 2004:Q3 -0.77 0.08 1.17 -0.65 0.90 2.12 3.08 4.03 2004:Q4 -0.73 0.12 1.33 -0.26 1.29 2.02 3.06 3.96 2005:Q1 -0.52 0.36 1.57 0.24 1.88 2.06 3.28 4.16 2005:Q2 -0.49 0.34 1.41 0.85 1.44 2.06 3.32 4.21 2005:Q3 -0.30 0.52 1.75 1.40 1.78 2.22 3.45 4.32 2005:Q4 -0.46 0.41 1.50 1.85 2.16 2.09 3.34 4.22 2006:Q1 -0.30 0.52 1.80 2.42 2.61 2.33 3.47 4.37 2006:Q2 -0.22 0.70 1.64 2.66 2.57 2.82 3.78 4.64 2006:Q3 -0.37 0.52 1.53 2.82 2.61 2.62 3.60 4.51 2006:Q4 -0.45 0.41 1.54 2.98 2.80 2.10 3.35 4.23 2007:Q1 -0.62 0.26 1.34 2.93 2.96 2.14 3.20 4.08 2007:Q2 -0.40 0.43 1.71 3.21 3.22 2.16 3.34 4.24 2007:Q3 -0.15 0.73 1.60 3.08 3.08 2.71 3.77 4.68 2007:Q4 -0.95 0.08 0.62 2.32 2.52 3.30 3.87 4.88 2008:Q1 -2.50 -1.33 -1.11 1.03 0.17 2.33 3.20 4.19 2008:Q2 -2.45 -1.33 -1.00 -0.14 -0.13 2.22 2.84 3.97 2008:Q3 -3.65 -2.76 -1.85 -0.41 -0.28 1.96 2.20 3.59 Short-Run and Medium-Run Measures Current Estimate Previous Bluebook Short-Run Measures Single-equation model 2.0 2.3 Small structural model -1.8 -0.7 Large model (FRB/US) -1.7 -0.1 Confidence intervals for three model-based estimates 70 percent confidence interval -2.8 - 2.2 90 percent confidence interval -3.7 - 3.6 Greenbook-consistent measure -0.3 0.1 Single-equation model 2.1 2.2 Small structural model 1.7 1.7 Medium-Run Measures Confidence intervals for two model-based estimates 70 percent confidence interval 1.0 - 2.9 90 percent confidence interval 0.4 - 3.7 TIPS-based factor model 2.0 2.0 -0.4 -0.2 Memo Actual real federal funds rate Note: Appendix A provides background information regarding the construction of these measures and confidence intervals. The actual real federal funds rate shown is based on lagged core inflation as a proxy for inflation expectation. For information regarding alternative measures, see Appendix A. [Box:] Estimates of the Real Funds Rate and Optimal Monetary Policy A line chart shows three series, "Trailing core inflation", "Trailing headline inflation", and "Projected headline inflation", from 1986:Q2 through 2012. Unit is percent. The projection is marked with a vertical tripwire at 2008:Q3 and an arrow indicates that it continues through 2012:Q4. The "Trailing core inflation" series begins at about 2.5 in 1986:Q4, it generally increases to about 5.5 in 1989:Q2, and decreases to about 0 in 1992:Q3. The series generally increases to about 5 by 2005:Q4, it generally decreases to about -1.1 in 2004:Q2, and generally increases to about 3.2 by mid-2007. It generally decreases to about -0.5 around 2008:Q3 projection, and generally increases to end at about 2.1 in 2012:Q4. The "Trailing headline inflation" series begins at about 4 in 1986:Q4, it generally increases to about 5.2 in 1989:Q2, and decreases to about 0.25 in 1992:Q4. The series generally increases to about 4.6 by 1998:Q2, it generally decreases to about -1.6 in 2004:Q2, and generally increases to about 3.5 by 2006:Q4. It generally decreases to about -2.3 around 2008:Q3 projection, and generally increases to end at about 2.1 in 2012:Q4. The "Projected headline inflation" series begins at about 2.6 in 1986:Q4, it generally increases to about 5 in 1989:Q2, and decreases to about -0.5 in 1993:Q3. The series generally increases to about 4.5 by 2000:Q3, it generally decreases to about 0.2 and 0.3 from 2002 through 2004, and generally increases to about 3.2 in 2006 and 2007. It generally decreases to about 0 around 2008:Q3 projection, and generally increases to end at about 2.1 in 2012:Q4. Chart 7 Optimal Policy Under Alternative Inflation Goals 1½ Percent Inflation Goal Figure: Federal funds rate Percent Period Current Bluebook Previous Bluebook 2008:Q3 2.20 2.32 2008:Q4 2.24 2.46 2009:Q1 2.24 2.56 2009:Q2 2.22 2.62 2009:Q3 2.20 2.66 2009:Q4 2.19 2.70 2010:Q1 2.20 2.74 2010:Q2 2.24 2.80 2010:Q3 2.32 2.86 2010:Q4 2.42 2.94 2011:Q1 2.55 3.04 2011:Q2 2.71 3.15 2011:Q3 2.88 3.28 2011:Q4 3.06 3.41 2012:Q1 3.25 3.54 2012:Q2 3.45 3.68 2012:Q3 3.63 3.81 2012:Q4 3.81 3.92 2013:Q1 3.98 4.03 2013:Q2 4.12 4.12 2013:Q3 4.23 4.18 2013:Q4 4.32 4.23 Figure: Civilian unemployment rate Percent Period Current Bluebook Previous Bluebook 2008:Q3 5.960 5.785 2008:Q4 6.171 5.915 2009:Q1 6.165 5.993 2009:Q2 6.165 6.022 2009:Q3 6.160 6.051 2009:Q4 6.146 5.968 2010:Q1 6.038 5.784 2010:Q2 5.920 5.660 2010:Q3 5.863 5.570 2010:Q4 5.808 5.487 2011:Q1 5.660 5.397 2011:Q2 5.494 5.317 2011:Q3 5.345 5.245 2011:Q4 5.235 5.181 2012:Q1 5.142 5.120 2012:Q2 5.061 5.059 2012:Q3 4.993 5.000 2012:Q4 4.933 4.945 2013:Q1 4.883 4.897 2013:Q2 4.845 4.858 2013:Q3 4.817 4.830 2013:Q4 4.799 4.813 Figure: Core PCE inflation Percent Period Current Bluebook Previous Bluebook 2008:Q3 2.436 2.325 2008:Q4 2.448 2.334 2009:Q1 2.471 2.363 2009:Q2 2.488 2.443 2009:Q3 2.284 2.335 2009:Q4 2.135 2.210 2010:Q1 2.038 2.118 2010:Q2 1.980 2.050 2010:Q3 1.953 1.998 2010:Q4 1.948 1.949 2011:Q1 1.935 1.907 2011:Q2 1.914 1.869 2011:Q3 1.885 1.834 2011:Q4 1.847 1.804 2012:Q1 1.815 1.777 2012:Q2 1.788 1.755 2012:Q3 1.766 1.736 2012:Q4 1.749 1.722 2013:Q1 1.735 1.711 2013:Q2 1.725 1.704 2013:Q3 1.717 1.699 2013:Q4 1.711 1.696 2 Percent Inflation Goal Figure: Federal funds rate Percent Period Current Bluebook Previous Bluebook 2008:Q3 1.83 1.97 2008:Q4 1.59 1.85 2009:Q1 1.38 1.76 2009:Q2 1.23 1.70 2009:Q3 1.13 1.69 2009:Q4 1.10 1.73 2010:Q1 1.14 1.82 2010:Q2 1.25 1.96 2010:Q3 1.41 2.13 2010:Q4 1.63 2.34 2011:Q1 1.88 2.58 2011:Q2 2.17 2.84 2011:Q3 2.49 3.11 2011:Q4 2.81 3.38 2012:Q1 3.13 3.64 2012:Q2 3.44 3.89 2012:Q3 3.74 4.12 2012:Q4 4.01 4.32 2013:Q1 4.26 4.49 2013:Q2 4.48 4.64 2013:Q3 4.66 4.75 2013:Q4 4.80 4.82 Figure: Civilian unemployment rate Percent Period Current Bluebook Previous Bluebook 2008:Q3 5.961 5.787 2008:Q4 6.153 5.892 2009:Q1 6.113 5.932 2009:Q2 6.069 5.912 2009:Q3 6.019 5.892 2009:Q4 5.958 5.760 2010:Q1 5.809 5.531 2010:Q2 5.654 5.368 2010:Q3 5.566 5.247 2010:Q4 5.487 5.141 2011:Q1 5.323 5.034 2011:Q2 5.147 4.945 2011:Q3 4.994 4.873 2011:Q4 4.887 4.813 2012:Q1 4.803 4.764 2012:Q2 4.736 4.721 2012:Q3 4.688 4.684 2012:Q4 4.652 4.655 2013:Q1 4.630 4.637 2013:Q2 4.622 4.629 2013:Q3 4.620 4.625 2013:Q4 4.623 4.626 Figure: Core PCE inflation Percent Period Current Bluebook Previous Bluebook 2008:Q3 2.482 2.370 2008:Q4 2.518 2.404 2009:Q1 2.564 2.456 2009:Q2 2.605 2.560 2009:Q3 2.388 2.440 2009:Q4 2.249 2.325 2010:Q1 2.167 2.249 2010:Q2 2.130 2.201 2010:Q3 2.119 2.166 2010:Q4 2.136 2.138 2011:Q1 2.143 2.117 2011:Q2 2.143 2.099 2011:Q3 2.134 2.083 2011:Q4 2.115 2.071 2012:Q1 2.100 2.061 2012:Q2 2.088 2.054 2012:Q3 2.080 2.049 2012:Q4 2.076 2.047 2013:Q1 2.074 2.046 2013:Q2 2.073 2.047 2013:Q3 2.074 2.048 2013:Q4 2.075 2.051 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 Lower bound of 70% confidence interval Current Bluebook Previous Bluebook Greenbook assumption Upper bound of 70% confidence interval Upper bound of 90% confidence interval 2008:Q3 1.92 1.95 1.98 1.93 2.00 2.02 2.03 2008:Q4 1.51 1.78 2.18 2.00 2.00 2.59 2.78 2009:Q1 1.38 1.81 2.48 2.24 2.00 3.16 3.50 2009:Q2 1.34 1.89 2.82 2.63 2.00 3.74 4.24 2009:Q3 1.26 1.92 2.99 2.98 2.25 4.09 4.69 2009:Q4 1.09 1.81 3.01 3.22 2.50 4.27 4.95 2010:Q1 0.87 1.66 2.95 3.35 2.75 4.29 5.07 2010:Q2 0.67 1.55 2.88 3.43 2.75 4.28 5.08 2010:Q3 0.62 1.53 2.86 3.50 3.00 4.35 5.08 2010:Q4 0.75 1.56 2.90 3.53 3.00 4.44 5.17 2011:Q1 0.91 1.73 3.09 3.58 3.00 4.62 5.46 2011:Q2 1.12 1.94 3.31 3.62 3.00 4.89 5.74 2011:Q3 1.22 2.10 3.47 3.63 3.00 5.06 5.91 2011:Q4 1.23 2.12 3.50 3.62 3.25 5.14 5.93 2012:Q1 1.20 2.17 3.51 3.62 3.39 5.16 5.98 2012:Q2 1.27 2.15 3.53 3.66 3.53 5.23 6.07 2012:Q3 1.33 2.20 3.57 3.73 3.68 5.30 6.20 2012:Q4 1.36 2.25 3.63 3.81 3.81 5.36 6.22 2013:Q1 1.46 2.38 3.70 3.90 3.93 5.46 6.41 2013:Q2 1.51 2.45 3.77 3.97 4.02 5.55 6.43 2013:Q3 1.52 2.48 3.83 4.03 4.10 5.65 6.47 2013:Q4 1.59 2.55 3.88 4.06 4.16 5.67 6.49 Figure: Information from Financial Markets Percent Period Lower bound of 90% confidence interval Upper Upper Lower Expected bound of bound of bound of federal 90% 70% 70% funds confidence confidence confidence rate interval interval interval Previous Bluebook: Lower bound of 90% confidence interval Previous Bluebook: Lower bound of 70% confidence interval Previous Bluebook: Expected federal funds rate Previous Bluebook: Upper bound of 70% confidence interval Previous Bluebook: Upper bound of 90% confidence interval 2008:Q3 1.95 1.96 1.99 2.02 2.04 1.96 1.98 2.01 2.03 2.05 2008:Q4 1.71 1.80 1.98 2.16 2.27 1.76 1.87 2.07 2.26 2.38 2009:Q1 1.43 1.62 2.01 2.39 2.66 1.54 1.76 2.21 2.62 2.89 2009:Q2 1.14 1.38 1.98 2.54 2.98 1.31 1.62 2.32 2.93 3.36 2009:Q3 0.98 1.28 2.11 2.87 3.48 1.19 1.57 2.52 3.31 3.86 2009:Q4 0.92 1.27 2.32 3.26 4.03 1.18 1.63 2.77 3.70 4.35 2010:Q1 0.92 1.32 2.55 3.64 4.53 1.25 1.76 3.06 4.09 4.81 2010:Q2 0.93 1.36 2.72 3.91 4.86 1.35 1.91 3.30 4.39 5.15 2010:Q3 0.99 1.46 2.95 4.22 5.22 1.46 2.05 3.50 4.62 5.40 2010:Q4 1.07 1.59 3.20 4.54 5.57 1.54 2.15 3.61 4.74 5.52 2011:Q1 1.12 1.67 3.33 4.68 5.70 1.60 2.22 3.69 4.81 5.58 2011:Q2 1.17 1.74 3.43 4.78 5.79 1.65 2.28 3.76 4.88 5.65 2011:Q3 1.20 1.80 3.52 4.87 5.86 1.68 2.33 3.83 4.96 5.73 2011:Q4 1.23 1.85 3.59 4.94 5.91 1.70 2.37 3.90 5.04 5.81 2012:Q1 1.25 1.88 3.64 4.99 5.95 1.70 2.39 3.96 5.11 5.89 2012:Q2 1.25 1.90 3.69 5.04 5.99 1.68 2.40 4.02 5.18 5.97 2012:Q3 1.25 1.90 3.72 5.08 6.02 1.66 2.40 4.07 5.25 6.04 2012:Q4 1.24 1.89 3.74 5.11 6.05 1.63 2.38 4.11 5.32 6.12 2013:Q1 1.22 1.88 3.75 5.13 6.08 1.59 2.36 4.15 5.37 6.18 2013:Q2 1.20 1.86 3.76 5.16 6.11 1.55 2.34 4.18 5.42 6.25 2013:Q3 1.17 1.83 3.76 5.17 6.14 1.52 2.31 4.20 5.47 6.30 2013:Q4 1.15 1.80 3.75 5.19 6.16 1.48 2.28 4.22 5.51 6.36 Note: In both panels, the dark and light shading represent the 70 and 90 percent confidence intervals respectively. In the right hand panel, the thin dotted lines represent the confidence intervals shown in the previous Bluebook. Near-Term Prescriptions of Simple Policy Rules 1½ Percent Inflation Objective 2 Percent Inflation Objective Taylor (1993) rule Previous Bluebook Taylor (1999) rule Previous Bluebook First-difference rule Previous Bluebook 2008Q4 2009Q1 2008Q4 2009Q1 4.3 4.2 4.1 4.0 4.2 4.1 3.9 3.8 3.7 3.5 3.5 3.3 3.5 3.3 3.3 3.1 2.0 2.2 1.8 1.7 2.0 2.2 1.5 1.5 Memo 2008Q4 2009Q1 Estimated outcome-based rule 2.2 2.6 Estimated forecast-based rule 2.2 2.4 Greenbook assumption 2.0 2.0 Fed funds futures 1.9 1.9 Median expectation of primary dealers 2.0 2.0 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 September 2008 Bluebook Tables and Charts Policy Alternatives Table 1: Alternative Language for the September 2008 FOMC Announcement [Note: In Table 1, strong emphasis (bold) has been added to indicate red underlined text in the original document.] August FOMC Policy Decision Rationale Alternative A The Federal Open Market Committee 1. The Federal Open Market Committee decided today to keep decided today to keep its target for the its target for the federal funds rate federal funds rate at 2 percent. at 2 percent. Alternative B Alternative C The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. The Federal Open Market Committee decided today to raise its target for the federal funds rate 25 basis points to 2¼ percent. 2. Economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and elevated energy prices are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth. Incoming information suggests that growth in economic activity has slowed in recent months, partly reflecting a softening of household spending. In addition, labor markets have weakened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, some slowing in export growth, and past increases in energy prices are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth. Incoming information suggests that growth in economic activity has slowed in recent months, partly reflecting a softening of household spending. In addition, labor markets have weakened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, some slowing in export growth, and past increases in energy prices are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth. Incoming information suggests that growth in economic activity has slowed in recent months, partly reflecting a softening of household spending. In addition, labor markets have weakened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, some slowing in export growth, and past increases in energy prices are likely to weigh on economic growth over the next few quarters. Nonetheless, the accommodative stance of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth. 3. Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities, and some indicators of inflation expectations have been elevated. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain. Inflation has been high, but the Committee expects that the recent decline in energy and other commodity prices and increased slack in resource utilization will foster a moderation of inflation later this year and next year. Nevertheless, the inflation outlook remains highly uncertain. Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities, and some indicators of inflation expectations have been elevated. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain. Inflation has remained high, and some indicators of inflation expectations have been elevated. Although the Committee expects inflation to moderate later this year and next year, the possibility that inflation may fail to decline as anticipated is of significant concern. The downside risks to growth and the upside risks to inflation are both of significant concern to the Committee. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability. Although downside risks to growth remain, the upside risks to inflation are also of significant concern to the Committee. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability. The Committee took this action to provide additional assurance that inflation will abate as desired. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability. 4. Although downside risks to growth remain, the upside risks to inflation are also of significant concern to the Committee. The Assessment Committee will continue to monitor economic and financial of Risk developments and will act as needed to promote sustainable economic growth and price stability. Last update: March 7, 2014 Accessible Material September 2008 Bluebook Tables and Charts Money and Debt Forecasts Table 2: Alternative Growth Rates for M2 (percent, annual rate) No Change 25 bp Tightening Greenbook Forecast* Monthly Growth Rates Jan-08 8.0 8.0 8.0 Feb-08 17.0 17.0 17.0 Mar-08 12.4 12.4 12.4 Apr-08 2.4 2.4 2.4 May-08 1.3 1.3 1.3 Jun-08 -0.2 -0.2 -0.2 Jul-08 6.1 6.1 6.1 Aug-08 -1.5 -1.5 -1.5 Sep-08 1.3 1.1 1.3 Oct-08 3.6 3.0 3.6 Nov-08 3.5 2.7 3.5 Dec-08 3.5 2.8 3.5 Jan-09 3.4 2.8 3.4 Feb-09 3.3 2.9 3.3 Mar-09 3.5 3.1 3.5 2008 Q1 9.5 9.5 9.5 2008 Q2 5.7 5.7 5.7 2008 Q3 1.9 1.9 1.9 2008 Q4 2.5 2.0 2.5 2009 Q1 3.4 2.8 3.4 2007 5.8 5.8 5.8 2008 5.0 4.9 5.0 2009 3.9 3.6 3.5 2010 3.8 3.8 3.0 Aug-08 Dec-08 3.0 2.4 3.0 2008 Q3 Dec-08 2.8 2.2 2.8 2008 Q3 Mar-09 3.0 2.5 3.0 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 September 2008 Bluebook Tables and Charts Appendix A: Measures of the Equilibrium Real Rate Measure Singleequation Model Description 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 six variables: the output gap, the equity premium, the federal budget surplus, the trend growth rate of output, the real bond yield, and the real federal funds rate. 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. Actual real Proxy used for expected inflation federal funds rate (current value) Greenbook-consistent measure of the equilibrium real funds rate (current value) Average actual real funds rate (twelve-quarter average) Lagged core inflation -0.4 -0.3 0.4 Lagged headline inflation -2.4 -0.6 0.1 0.1 -0.1 0.6 Projected headline inflation Last update: March 7, 2014 Accessible Material September 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:Q4 except as noted. Figure: Federal Funds Rate Quarterly average Percent Period Current Greenbook July/August Greenbook Market forecast 2005:Q1 2.45 2.45 2.45 2005:Q2 2.94 2.94 2.94 2005:Q3 3.40 3.40 3.40 2005:Q4 3.95 3.95 3.95 2006:Q1 4.42 4.42 4.42 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 5.20 2007:Q4 4.50 4.50 4.50 2008:Q1 3.17 3.17 3.17 2008:Q2 2.10 2.10 2.10 2008:Q3 2.00 2.00 2.00 2008:Q4 2.00 2.00 1.96 2009:Q1 2.00 2.20 1.96 2009:Q2 2.00 2.50 2.06 2009:Q3 2.25 2.75 2.22 2009:Q4 2.50 2.75 2.34 2010:Q1 2.75 ND 2.63 2010:Q2 2.75 ND 2.81 2010:Q3 3.00 ND 3.03 2010:Q4 3.00 ND 3.14 Figure: Long-Term Interest Rates Quarterly average Percent Period Baa corporate rate: Current Greenbook Baa corporate rate: 10-year Treasury rate: July/August Greenbook Current Greenbook 10-year Treasury rate: July/August Greenbook 2005:Q1 5.97 5.97 4.30 4.30 2005:Q2 5.97 5.97 4.16 4.16 2005:Q3 5.98 5.98 4.22 4.22 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 6.75 3.67 3.67 2008:Q2 6.99 6.99 3.88 3.88 2008:Q3 7.10 7.25 3.85 4.05 2008:Q4 6.95 7.15 3.65 4.05 2009:Q1 6.90 7.00 3.70 4.05 2009:Q2 6.80 6.90 3.75 4.05 2009:Q3 6.65 6.75 3.80 4.05 2009:Q4 6.45 6.60 3.80 4.05 2010:Q1 6.40 ND 3.85 ND 2010:Q2 6.30 ND 3.85 ND 2010:Q3 6.25 ND 3.90 ND 2010:Q4 6.15 ND 3.90 ND Figure: Equity Prices Quarter-end 2005:Q1 = 100, ratio scale Period Wilshire 5000: Wilshire 5000: Current Greenbook July/August Greenbook 2005:Q1 100.00 100.00 2005:Q2 102.05 102.05 2005:Q3 105.59 105.59 2005:Q4 107.56 107.56 2006:Q1 113.04 113.04 2006:Q2 110.41 110.41 2006:Q3 114.67 114.67 2006:Q4 122.51 122.51 2007:Q1 123.81 123.81 2007:Q2 130.70 130.70 2007:Q3 132.00 132.00 2007:Q4 127.33 127.33 2008:Q1 114.55 114.55 2008:Q2 112.33 112.34 2008:Q3 107.71 111.53 2008:Q4 109.81 113.42 2009:Q1 112.95 116.17 2009:Q2 116.94 119.78 2009:Q3 121.11 123.51 2009:Q4 125.41 127.34 2010:Q1 129.01 ND 2010:Q2 132.71 ND 2010:Q3 135.29 ND 2010:Q4 137.91 ND Figure: House Prices Quarterly 2005:Q1 = 100, ratio scale OFHEO purchase-only index: OFHEO purchase-only index: Period Current Greenbook July/August Greenbook 2005:Q1 100.00 100.00 2005:Q2 102.39 102.40 2005:Q3 104.85 104.88 2005:Q4 107.07 107.14 2006:Q1 108.87 108.94 2006:Q2 109.88 109.99 2006:Q3 110.38 110.49 2006:Q4 111.23 111.37 2007:Q1 112.17 112.40 2007:Q2 112.70 112.97 2007:Q3 112.10 112.44 2007:Q4 110.63 110.87 2008:Q1 108.77 108.95 2008:Q2 107.29 107.08 2008:Q3 105.65 105.10 2008:Q4 103.75 103.13 2009:Q1 101.88 101.16 2009:Q2 100.32 99.58 2009:Q3 99.17 98.47 2009:Q4 98.42 97.82 2010:Q1 97.92 ND 2010:Q2 97.68 ND 2010:Q3 97.55 ND 2010:Q4 97.55 ND Note. The projection period begins in 2008:Q3. Figure: Crude Oil Prices Quarterly average Dollars per barrel Period West Texas intermediate: Current Greenbook West Texas intermediate: July/August Greenbook 2005:Q1 49.68 49.68 2005:Q2 53.09 53.09 2005:Q3 63.08 63.08 2005:Q4 60.03 60.03 2006:Q1 63.34 63.34 2006:Q2 70.53 70.53 2006:Q3 70.44 70.44 2006:Q4 60.04 60.04 2007:Q1 58.02 58.02 2007:Q2 64.97 64.97 2007:Q3 75.48 75.48 2007:Q4 90.75 90.75 2008:Q1 97.91 97.91 2008:Q2 123.88 123.88 2008:Q3 118.18 125.84 2008:Q4 103.45 123.17 2009:Q1 104.56 123.95 2009:Q2 105.61 124.04 2009:Q3 106.25 123.67 2009:Q4 106.57 123.27 2010:Q1 106.75 ND 2010:Q2 106.83 ND 2010:Q3 106.86 ND 2010:Q4 106.89 ND Figure: Broad Real Dollar Quarterly average 2005:Q1 = 100 Period Exchange Rate: Exchange Rate: Current Greenbook July/August Greenbook 2005:Q1 100.00 100.00 2005:Q2 101.27 101.27 2005:Q3 102.35 102.35 2005:Q4 103.50 103.50 2006:Q1 101.95 101.95 2006:Q2 100.69 100.69 2006:Q3 100.61 100.61 2006:Q4 99.14 99.14 2007:Q1 99.09 99.09 2007:Q2 97.11 97.11 2007:Q3 95.12 95.12 2007:Q4 91.97 91.96 2008:Q1 90.05 90.05 2008:Q2 88.51 88.51 2008:Q3 90.93 88.41 2008:Q4 92.30 87.80 2009:Q1 91.75 87.32 2009:Q2 91.31 86.75 2009:Q3 90.84 86.15 2009:Q4 90.32 85.53 2010:Q1 89.74 ND 2010:Q2 89.13 ND 2010:Q3 88.50 ND 2010:Q4 87.85 ND [Box:] Judgmental Effects of Financial Market Turmoil in the Staff Projection Figure: Measures of Financial Turmoil A line chart shows two series, "9-variable financial stress index (left scale)", and "index of change in bank credit standards (right scale)" from 1989 through 2007. The left scale ranges from 100 to 120. The right scale ranges from -20 to 80. The "9-variable financial stress index" series begins at about 102.5 in 1989, generally increases to about 109 in 1991, and generally decreases to about 103 in 1993. The series generally increases to about 116 in 1998 and 2002, generally decreases to about 100 in 2005 and 2007, and generally increases to about 118 in 2007. It then decreases and ends at about 113.5 in 2008. The "index of change in bank credit standards" series begins at about -21 in 1990, increases to about 53 shortly after, decreases to about -21 in 1993, and generally increases to about 42 in 2000 and 2001. The series generally decreases to about -20 in 2004 and 2006, and generally increases to end at about -80 in 2008. Selected Estimates of Effects of Financial Turmoil on Real GDP Percent deviation from Q4 baseline level Data source Methodology 2007 2008 2009 Senior loan officers' survey FRB/US 2 -0.3 -3.2 -4.7 Commercial loan credit standards VAR1 -0.4 -1.3 -2.2 3 1 -0.0 -0.7 -1.3 Index of survey responses Change in bank credit standards VAR Capital markets data 9-variable stress index FRB/US 1 -0.1 -1.4 -2.0 9-variable stress index FRB/US 2 -0.4 -2.0 -2.5 9-variable stress index VAR1 Memo item: Projection adjustments Staff judgment -0.0 -0.4 -1.6 -0.3 -1.8 -2.0 1. Stress treated as endogenous and simulated as part of a system of equations. Return to table 2. Stress treated as exogenous and phased out over four quarters. Return to table 3. Series shown as the dashed line in the chart; includes both business and consumer lending standards. Return to table Summary of the Near-Term Outlook (Percent change at annual rate except as noted) 2008:Q2 July/Aug. Measure GB Real GDP Sept. GB July/Aug. GB 2008:Q4 July/Aug. Sept. GB GB Sept. GB 2.7 3.5 .7 .6 .4 1.1 1.1 1.3 -.1 -1.2 -3.9 -2.1 2.0 1.7 1.6 -.5 -2.8 -1.6 -19.4 -13.4 -24.1 -17.6 -29.7 -20.0 3.3 3.5 -2.7 .1 -2.3 .7 4.1 4.1 1.5 1.9 1.7 1.7 Private domestic final purchases Personal consumption expenditures Residential investment 2008:Q3 Business fixed investment Government outlays for consumption and investment Contribution to growth (percentage points) Inventory investment Net exports Projections of Real GDP (Percent change at annual rate from end of preceding period except as noted) 2008 Measure 2009 H1 Real GDP 2010 H2 2.2 .8 2.1 2.7 Previous 1.8 .6 2.2 … Final sales 2.9 -.2 1.6 2.8 Previous PCE Previous Residential investment Previous BFI Previous Government purchases 2.5 -.5 1.4 … 1.3 -1.1 1.9 2.6 1.6 -.7 1.2 … -19.5 -18.8 -6.2 17.1 -22.0 -26.9 -8.3 … 3.0 .4 -.3 4.9 1.9 -2.5 -.6 … 3.0 1.8 1.3 .8 -1.4 -1.5 -.5 .6 2.7 1.5 2.3 3.1 1.0 .7 .8 1.0 Previous Exports Previous Imports Previous 3.1 1.6 1.5 … 9.1 5.6 5.6 5.1 8.1 7.0 7.5 … -4.2 -.5 2.8 4.9 -3.0 .1 2.4 … Contribution to growth (percentage points) Inventory change Previous Net exports Previous -.8 1.0 .4 -.1 -.7 1.1 .7 … 1.9 .8 .3 -.1 1.5 .9 .6 … Decomposition of Structural Labor Productivity Nonfarm Business Sector (Percent change, Q4 to Q4, except as noted) Measure 1974-95 Structural labor productivity 1996-2000 2001-06 2007 2008 2009 2010 1.5 2.5 2.6 2.1 2.0 2.0 2.0 1.5 2.5 2.7 2.1 2.0 2.0 … Capital deepening .7 1.4 .7 .7 .5 .5 .7 Previous .7 1.4 .7 .6 .5 .5 … .5 .7 1.6 1.2 1.3 1.3 1.2 Previous .5 .7 1.7 1.2 1.3 1.3 … Labor composition .3 .3 .3 .2 .2 .2 .1 3.0 3.4 2.6 2.5 2.5 2.5 2.4 3.0 3.4 2.7 2.5 2.5 2.5 … Previous Contributions1 Multifactor productivity 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 Previous Nonfarm private payroll employment Previous Household survey employment Previous Labor force participation rate1 Previous Civilian unemployment rate1 Previous 2007 2008 2009 2010 2.7 2.4 1.8 2.1 2.9 2.1 1.8 … .9 -.9 .7 .9 .9 -.8 .8 … .4 -.6 .6 1.0 .4 -.6 .7 … 66.0 66.0 65.7 65.5 66.0 65.9 65.6 … 4.8 6.2 6.2 5.9 4.8 5.9 5.9 … -.2 -1.2 -1.6 -1.4 .1 -1.3 -1.5 … 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 2007 2008 2009 2010 PCE chain-weighted price index Previous Food and beverages Previous Energy Previous 3.5 3.5 2.2 1.9 3.4 3.7 2.4 … 4.5 6.1 3.2 2.1 4.5 5.4 3.1 … 19.1 10.8 1.2 .8 19.6 17.4 2.5 … 2.2 2.4 2.1 1.9 Excluding food and energy Previous 2.1 2.3 2.2 … Consumer price index 4.0 4.0 2.3 2.0 4.0 4.4 2.5 … 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 2.3 2.6 2.3 2.1 2.3 2.5 2.4 … 2.6 2.9 2.2 1.9 2.6 2.2 2.3 … 3.0 2.9 3.1 3.0 3.0 3.4 3.4 … 3.6 4.1 3.9 3.6 4.4 4.2 4.1 … 3.4 7.1 1.0 1.3 3.3 6.9 1.4 … 1. December to December. Return to table The Long-Term Outlook (Percent change, Q4 to Q4, except as noted) Measure 2008 2009 2010 2011 2012 2013 Real GDP 1.5 2.1 2.7 3.3 3.1 2.8 Civilian unemployment rate 1 6.2 6.2 5.9 5.3 4.9 4.7 PCE prices, total 3.5 2.2 1.9 1.8 1.7 1.7 Core PCE prices 2.4 2.1 1.9 1.8 1.7 1.7 Federal funds rate 1 2.0 2.5 3.0 3.3 3.8 4.2 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) 2008 Measure and scenario 2009 H1 2010 2011 2012-13 H2 Real GDP Greenbook extension 2.2 0.8 2.1 2.7 3.3 2.9 More-persistent headwinds 2.2 -0.1 0.2 2.2 3.9 3.5 Typical recession 2.2 -1.5 1.0 3.7 4.4 3.4 Financial rebound 2.2 1.4 2.9 3.2 3.4 2.6 Stronger aggregate supply 2.3 1.1 2.6 3.2 3.8 3.4 Costly reallocation 2.2 -0.3 1.6 2.6 3.4 2.9 Unanchored inflation expectations 2.2 0.7 2.1 2.5 3.1 2.8 Unemployment rate 1 Greenbook extension 5.3 6.2 6.2 5.9 5.3 4.7 More-persistent headwinds 5.3 6.3 6.9 6.9 6.0 4.8 Typical recession 5.3 6.5 7.0 6.6 5.5 4.4 Financial rebound 5.3 6.1 5.9 5.4 4.7 4.4 Stronger aggregate supply 5.3 6.2 6.1 5.7 5.1 4.4 Costly reallocation 5.3 6.2 6.6 6.2 5.4 4.8 Unanchored inflation expectations 5.3 6.2 6.2 6.0 5.4 4.9 2.2 2.7 2.1 1.9 1.8 1.7 Core PCE inflation Greenbook extension More-persistent headwinds 2.2 2.7 2.1 1.9 1.6 1.4 Typical recession 2.2 2.7 2.0 1.7 1.5 1.4 Financial rebound 2.2 2.7 2.1 1.9 1.9 1.9 Stronger aggregate supply 2.2 2.6 1.7 1.3 1.2 1.0 Costly reallocation 2.2 2.7 2.3 2.2 2.1 1.8 Unanchored inflation expectations 2.2 3.2 2.8 2.5 2.4 2.3 Federal funds rate 1 Greenbook extension 2.1 2.0 2.5 3.0 3.3 4.2 More-persistent headwinds 2.1 1.6 0.4 0.6 1.9 3.8 Typical recession 2.1 1.0 0.2 1.6 3.0 4.4 Financial rebound 2.1 2.2 3.5 4.4 4.6 4.8 Stronger aggregate supply 2.1 2.0 2.1 2.2 2.4 3.1 Costly reallocation 2.1 2.0 2.3 3.0 3.6 4.3 Unanchored inflation expectations 2.1 2.1 3.2 3.9 4.0 4.7 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 2013 1.5 2.1 2.7 3.3 3.1 2.8 Greenbook forecast errors .7-2.3 .5-3.7 1.3-4.1 … … … FRB/US stochastic simulations .9-2.1 .9-3.4 1.3-4.1 1.8-4.9 1.5-4.7 1.2-4.4 Real GDP (percent change, Q4 to Q4) Projection Confidence interval Civilian unemployment rate (percent, Q4) Projection 6.2 6.2 5.9 5.3 4.9 4.7 … … … Confidence interval Greenbook forecast errors 5.9-6.4 5.5-6.8 4.9-6.9 FRB/US stochastic simulations 6.0-6.4 5.7-6.6 5.3-6.4 4.6-5.9 4.2-5.6 3.9-5.4 PCE prices, total (percent change, Q4 to Q4) Projection 3.5 2.2 1.9 1.8 .6-3.1 … 1.7 1.7 Confidence interval Greenbook forecast errors 3.0-3.9 1.3-3.1 FRB/US stochastic simulations 3.1-3.8 1.5-3.0 1.1-2.7 1.0-2.7 … … .8-2.7 .8-2.7 PCE prices excluding food and energy (percent change, Q4 to Q4) Projection 2.4 2.1 1.9 1.8 1.7 1.7 .8-3.0 … … … Confidence interval Greenbook forecast errors 2.1-2.8 1.5-2.8 FRB/US stochastic simulations 2.3-2.6 1.7-2.6 1.4-2.5 1.2-2.5 1.0-2.4 1.0-2.5 Federal funds rate (percent, Q4) Projection 2.0 2.5 3.0 3.3 3.8 4.2 Confidence interval FRB/US stochastic simulations 1.6-2.4 1.3-3.8 1.6-4.6 1.8-4.9 2.4-5.6 2.8-6.0 Notes: Intervals derived from Greenbook forecast errors are based on projections made from 1987-2007. Shocks underlying FRB/US stochastic simulations are randomly drawn from the 19872007 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 70 percent Greenbook lower bound lower bound extension 70 percent upper bound 90 percent upper bound Morepersistent headwinds Typical Financial recession rebound Stronger aggregate supply Costly reallocation Unanchored inflation expectations 2007:Q1 ND ND 1.25 ND ND ND ND ND ND ND ND 2007:Q2 ND ND 1.77 ND ND ND ND ND ND ND ND 2007:Q3 ND ND 2.75 ND ND ND ND ND ND ND ND 2007:Q4 ND ND 2.33 ND ND ND ND ND ND ND ND 2008:Q1 ND ND 2.54 ND ND ND ND ND ND ND ND 2008:Q2 2.21 2.21 2.21 2.21 2.21 2.21 2.21 2.21 2.24 2.21 2.21 2008:Q3 0.59 0.83 1.18 1.48 1.66 0.98 0.49 1.30 1.24 1.06 1.19 2008:Q4 0.46 0.87 1.49 2.12 2.49 1.03 0.35 1.80 1.65 0.94 1.43 2009:Q1 0.33 0.85 1.67 2.53 3.04 0.74 0.16 2.17 1.94 0.95 1.63 2009:Q2 -0.22 0.38 1.37 2.43 3.00 -0.10 -0.46 2.08 1.72 0.49 1.30 2009:Q3 0.01 0.70 1.78 2.93 3.63 0.03 0.32 2.58 2.22 0.93 1.71 2009:Q4 0.24 0.92 2.09 3.36 4.06 0.21 0.98 2.89 2.56 1.56 2.06 2010:Q1 0.36 1.07 2.29 3.64 4.39 0.60 1.60 3.06 2.79 1.87 2.22 2010:Q2 0.35 1.14 2.38 3.76 4.57 1.04 2.17 3.09 2.90 2.05 2.28 2010:Q3 0.44 1.21 2.51 3.94 4.78 1.60 3.00 3.13 3.05 2.27 2.36 2010:Q4 0.53 1.35 2.66 4.10 4.99 2.19 3.62 3.19 3.20 2.55 2.50 2011:Q1 0.79 1.60 2.97 4.49 5.32 2.90 4.22 3.39 3.52 2.95 2.79 2011:Q2 0.97 1.80 3.20 4.74 5.66 3.48 4.57 3.52 3.74 3.30 3.03 2011:Q3 1.04 1.87 3.33 4.89 5.80 3.83 4.58 3.56 3.86 3.47 3.16 2011:Q4 0.98 1.83 3.31 4.88 5.78 3.93 4.40 3.45 3.84 3.40 3.16 2012:Q1 0.78 1.68 3.16 4.78 5.67 3.84 4.10 3.21 3.67 3.20 3.03 2012:Q2 0.71 1.56 3.06 4.69 5.59 3.75 3.88 3.01 3.56 3.04 2.94 2012:Q3 0.58 1.48 3.00 4.61 5.54 3.67 3.71 2.85 3.49 2.92 2.89 2012:Q4 0.62 1.54 3.05 4.66 5.60 3.70 3.68 2.83 3.53 3.00 2.95 2013:Q1 0.58 1.47 3.02 4.64 5.61 3.65 3.57 2.76 3.50 3.00 2.93 2013:Q2 0.48 1.39 2.95 4.55 5.51 3.56 3.43 2.66 3.42 2.97 2.87 2013:Q3 0.37 1.33 2.88 4.49 5.42 3.47 3.28 2.56 3.35 2.93 2.81 2013:Q4 0.25 1.19 2.78 4.40 5.34 3.34 3.10 2.43 3.23 2.86 2.72 Figure: Unemployment Rate Percent Period 90 percent 70 percent Greenbook lower bound lower bound extension 70 percent upper bound 90 percent upper bound Morepersistent headwinds Typical Financial recession rebound Stronger aggregate supply Costly reallocation Unanchored inflation expectations 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 ND ND 4.796 ND ND ND ND ND ND ND ND 2008:Q1 ND ND 4.943 ND ND ND ND ND ND ND ND 2008:Q2 5.318 5.318 5.318 5.318 5.318 5.318 5.318 5.318 5.318 5.318 5.318 2008:Q3 5.817 5.864 5.960 6.052 6.108 5.996 6.091 5.937 5.931 6.009 5.959 2008:Q4 5.869 5.976 6.172 6.361 6.480 6.275 6.459 6.104 6.129 6.186 6.183 2009:Q1 5.723 5.885 6.166 6.440 6.602 6.391 6.608 6.038 6.107 6.269 6.181 2009:Q2 5.609 5.805 6.168 6.512 6.702 6.555 6.756 5.970 6.091 6.395 6.188 2009:Q3 5.531 5.759 6.166 6.556 6.768 6.723 6.892 5.894 6.071 6.503 6.188 2009:Q4 5.443 5.705 6.158 6.590 6.838 6.871 6.977 5.815 6.045 6.589 6.188 2010:Q1 5.291 5.566 6.060 6.523 6.810 6.900 6.916 5.652 5.929 6.557 6.098 2010:Q2 5.136 5.418 5.952 6.442 6.758 6.886 6.798 5.488 5.804 6.409 6.004 2010:Q3 5.043 5.343 5.904 6.417 6.720 6.885 6.671 5.395 5.738 6.301 5.972 2010:Q4 4.949 5.269 5.856 6.393 6.698 6.840 6.510 5.312 5.673 6.176 5.941 2011:Q1 4.767 5.123 5.713 6.261 6.591 6.663 6.240 5.149 5.513 5.948 5.814 2011:Q2 4.569 4.923 5.547 6.117 6.448 6.436 5.951 4.972 5.331 5.688 5.664 2011:Q3 4.369 4.749 5.392 5.969 6.323 6.204 5.680 4.816 5.163 5.523 5.524 2011:Q4 4.203 4.603 5.273 5.871 6.238 5.998 5.459 4.705 5.032 5.402 5.419 2012:Q1 4.085 4.475 5.169 5.770 6.146 5.805 5.264 4.622 4.918 5.299 5.326 2012:Q2 3.968 4.357 5.075 5.678 6.082 5.621 5.091 4.559 4.816 5.207 5.242 2012:Q3 3.835 4.260 4.993 5.629 6.011 5.452 4.939 4.513 4.727 5.125 5.168 2012:Q4 3.760 4.163 4.918 5.560 5.948 5.294 4.803 4.479 4.645 5.049 5.099 2013:Q1 3.681 4.084 4.852 5.504 5.887 5.149 4.686 4.458 4.575 4.979 5.039 2013:Q2 3.602 4.018 4.798 5.473 5.845 5.020 4.588 4.450 4.516 4.916 4.989 2013:Q3 3.551 3.972 4.754 5.436 5.845 4.906 4.510 4.453 4.469 4.862 4.948 2013:Q4 3.529 3.938 4.720 5.413 5.843 4.808 4.450 4.467 4.434 4.815 4.916 Figure: PCE Prices excluding Food and Energy 4-quarter percent change Period 90 percent 70 percent Greenbook lower bound lower bound extension 70 percent upper bound 90 percent upper bound Morepersistent headwinds Typical Financial recession rebound Stronger aggregate supply Costly reallocation Unanchored inflation expectations 2007:Q1 ND ND 2.347 ND ND ND ND ND ND ND ND 2007:Q2 ND ND 2.068 ND ND ND ND ND ND ND ND 2007:Q3 ND ND 2.014 ND ND ND ND ND ND ND ND 2007:Q4 ND ND 2.203 ND ND ND ND ND ND ND ND 2008:Q1 ND ND 2.178 ND ND ND ND ND ND ND ND 2008:Q2 2.246 2.246 2.246 2.246 2.246 2.246 2.246 2.246 2.246 2.246 2.246 2008:Q3 2.311 2.352 2.435 2.528 2.579 2.439 2.450 2.432 2.431 2.429 2.485 2008:Q4 2.162 2.285 2.447 2.627 2.722 2.459 2.469 2.440 2.389 2.442 2.681 2009:Q1 2.064 2.237 2.471 2.724 2.863 2.493 2.489 2.461 2.335 2.528 2.871 2009:Q2 1.973 2.194 2.490 2.828 2.999 2.524 2.494 2.477 2.261 2.600 3.060 2009:Q3 1.653 1.915 2.289 2.692 2.914 2.328 2.261 2.278 1.962 2.461 2.992 2009:Q4 1.432 1.713 2.140 2.595 2.869 2.176 2.079 2.133 1.749 2.371 2.842 2010:Q1 1.272 1.571 2.040 2.538 2.867 2.065 1.942 2.039 1.600 2.281 2.734 2010:Q2 1.161 1.461 1.977 2.517 2.876 1.985 1.843 1.980 1.492 2.235 2.661 2010:Q3 1.082 1.412 1.942 2.506 2.865 1.929 1.767 1.953 1.418 2.233 2.601 2010:Q4 1.023 1.377 1.927 2.529 2.859 1.889 1.714 1.946 1.373 2.246 2.560 2011:Q1 0.972 1.329 1.905 2.535 2.886 1.837 1.662 1.933 1.325 2.245 2.532 2011:Q2 0.929 1.275 1.875 2.519 2.911 1.776 1.607 1.914 1.273 2.226 2.496 2011:Q3 0.835 1.225 1.839 2.506 2.911 1.709 1.551 1.890 1.216 2.184 2.453 2011:Q4 0.772 1.164 1.797 2.474 2.878 1.637 1.493 1.862 1.156 2.119 2.405 2012:Q1 0.720 1.131 1.761 2.458 2.835 1.571 1.443 1.841 1.103 2.042 2.364 2012:Q2 0.672 1.089 1.732 2.444 2.849 1.513 1.404 1.830 1.059 1.976 2.330 2012:Q3 0.652 1.068 1.710 2.432 2.848 1.463 1.374 1.826 1.021 1.911 2.301 2012:Q4 0.635 1.042 1.694 2.432 2.851 1.420 1.354 1.828 0.989 1.862 2.278 2013:Q1 0.605 1.027 1.683 2.437 2.860 1.383 1.341 1.836 0.962 1.825 2.259 2013:Q2 0.589 1.014 1.676 2.441 2.880 1.352 1.336 1.849 0.940 1.796 2.245 2013:Q3 0.589 1.020 1.673 2.465 2.900 1.328 1.337 1.866 0.922 1.773 2.234 2013:Q4 0.573 1.018 1.673 2.472 2.906 1.308 1.344 1.887 0.975 1.757 2.225 Figure: Federal Funds Rate Percent Period 90 percent 70 percent Greenbook lower bound lower bound extension 70 percent upper bound 90 percent upper bound Morepersistent headwinds Typical Financial recession rebound Stronger aggregate supply Costly reallocation Unanchored inflation expectations 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 ND ND 4.50 ND ND ND ND ND ND ND ND 2008:Q1 ND ND 3.18 ND ND ND ND ND ND ND ND 2008:Q2 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2008:Q3 1.94 1.97 2.00 2.04 2.05 1.87 1.52 2.08 1.98 2.19 2.02 2008:Q4 1.32 1.60 2.00 2.41 2.60 1.64 1.00 2.24 1.96 2.01 2.05 2009:Q1 0.89 1.33 2.00 2.69 3.03 1.23 0.54 2.43 1.92 1.86 2.18 2009:Q2 0.51 1.07 2.00 2.92 3.42 0.72 0.15 2.64 1.84 1.76 2.36 2009:Q3 0.51 1.15 2.25 3.36 3.97 0.49 0.07 3.10 1.98 2.01 2.83 2009:Q4 0.58 1.27 2.50 3.78 4.46 0.35 0.15 3.53 2.12 2.29 3.25 2010:Q1 0.66 1.46 2.75 4.12 4.90 0.34 0.42 3.92 2.25 2.61 3.61 2010:Q2 0.51 1.39 2.75 4.19 4.99 0.21 0.57 4.03 2.15 2.64 3.66 2010:Q3 0.75 1.64 3.00 4.51 5.29 0.47 1.17 4.35 2.31 2.94 3.91 2010:Q4 0.78 1.61 3.00 4.57 5.32 0.61 1.58 4.40 2.24 3.02 3.87 2011:Q1 0.72 1.60 3.00 4.58 5.40 0.82 1.95 4.40 2.18 3.09 3.82 2011:Q2 0.72 1.57 3.00 4.60 5.49 1.07 2.26 4.39 2.14 3.16 3.77 2011:Q3 0.71 1.58 3.00 4.63 5.47 1.33 2.51 4.36 2.10 3.26 3.73 2011:Q4 0.93 1.82 3.25 4.92 5.76 1.82 2.93 4.57 2.32 3.54 3.94 2012:Q1 1.01 1.99 3.39 5.07 5.93 2.16 3.20 4.63 2.42 3.67 4.04 2012:Q2 1.18 2.09 3.53 5.28 6.14 2.48 3.44 4.68 2.54 3.78 4.16 2012:Q3 1.34 2.24 3.68 5.45 6.38 2.78 3.66 4.73 2.65 3.87 4.28 2012:Q4 1.47 2.36 3.81 5.59 6.47 3.04 3.85 4.77 2.76 3.95 4.39 2013:Q1 1.56 2.53 3.93 5.72 6.69 3.27 4.02 4.79 2.85 4.03 4.49 2013:Q2 1.65 2.63 4.02 5.86 6.77 3.46 4.16 4.80 2.92 4.10 4.58 2013:Q3 1.69 2.70 4.10 5.94 6.81 3.63 4.26 4.80 2.97 4.17 4.64 2013:Q4 1.75 2.75 4.16 5.98 6.85 3.76 4.34 4.78 3.01 4.22 4.68 Evolution of the Staff Forecast Figure: Change in Real GDP A line chart shows forecasts for change in real GDP for 2007, 2008, and 2009 over Greenbook publication dates from 2006 through September 10, 2008. Unit is percent, Q4/Q4. The 2007 series begins at about 3.0 at the beginning of 2006, decreases to about 2.1 on September 13, 2006, and fluctuates between about 1.9 and 2.25 through October 24, 2007. It generally increases to about 2.5 on July 30, 2008, and then decreases to end at about 2.3 on September 10, 2008. The 2008 series begins at about 2.4 on September 13, 2006, stays generally the same through June 20, 2007, then decreases to about 0.1 in March, and increases to end at about 1.5 on September 10, 2008. The 2009 series begins at about 2.25 on September 12, 2007 through January 23, 2008, increases to about 3.0 on March 13, 2008, and then decreases to end at about 2.1 on September 10, 2008. A dot indicates 2010 at about 2.7 percent for Greenbook publication date September 10, 2008. Figure: Unemployment Rate A line chart shows forecasts for unemployment rate for 2007, 2008, and 2009 over Greenbook publication dates from 2006 through September 10, 2008. Unit is percent, fourth quarter. The 2007 series begins at about 5.1 percent on January 25, 2006, decreases to about 4.9 on March 22, and increases to about 5.2 on June 21. It then decreases to about 4.7 on June 20, 2007 and stays about the same through December 5, 2007, and then increases to about 4.8 on January 23, 2008, stays about the same to end on September 10, 2008. The 2008 series begins at about 5.2 percent on September 13, 2006, decreases to about 4.9 on January 24, 2007, increases to about 5.1 on March 14, and decreases to about 4.8 on June 20, 2007. It then increases to about 5.7 on March 13, 2008, stays about the same on April 23, 2008, decreases to about 5.6 on June 18, and increases to end at about 6.2 on September 10, 2008. The 2009 series begins at about 4.9 percent on September 9, 2007, decreases to about 4.8 on October 24, 2007, then increases to about 5.5 on March 13, 2008, stays about the same on April 23, 2008 and increases to end at about 6.2 on September 10, 2008. A dot indicates 2010 at about 5.9 percent for Greenbook publication date September 10, 2008. Figure: Change in PCE Prices excluding Food and Energy A line chart shows forecasts for change in PCE prices excluding food and energy for 2007, 2008, and 2009 over Greenbook publication dates from 2006 through September 10, 2008. Unit is Percent, Q4/Q4. The 2007 series begins at about 1.75 percent on January 25, 2006, increases to about 2.3 on September 13, 2006, stays generally the same through May 2, decreases to about 1.75 on October 24, 2007, and then increases to about 2.1 on January 23, 2008 and increases to end at about 2.2 on September 10, 2008. The 2008 series begins at about 2.1 percent on September 13, 2006, stays generally the same through May 2, decreases to about 1.9 on September 12, , and then increases to about 2.25 on March 13, 2008 and increases to end at about 2.4 on September 10, 2008. The 2009 series begins at about 1.9 percent on September 12, 2007 and stays the same through March 13, 2008. It then decreases to end at about 2.1 on September 10, 2008. A dot indicates 2010 at about 1.9 percent for Greenbook publication date September 10, 2008. 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 07/30/08 09/10/08 07/30/08 09/10/08 07/30/08 09/10/08 07/30/08 09/10/08 07/30/08 09/10/08 Quarterly 2008: Q1 3.7 3.5 1.0 .9 3.6 3.6 2.3 2.3 4.9 4.9 Q2 3.2 4.7 2.7 3.5 4.1 4.2 1.9 2.1 5.3 5.3 Q3 4.3 5.5 .7 .6 4.7 5.5 2.6 2.9 5.8 6.0 Q4 2.4 3.8 .4 1.1 2.5 .6 2.6 2.6 5.9 6.2 2009: Q1 4.0 4.0 1.4 1.6 2.9 2.3 2.4 2.4 6.0 6.2 Q2 4.9 4.6 2.3 2.2 2.4 2.4 2.3 2.2 6.0 6.2 Q3 4.7 4.4 2.4 2.2 2.2 2.2 2.2 2.1 6.0 6.2 Q4 4.8 4.3 2.6 2.3 2.0 2.0 2.1 2.0 5.9 6.2 2010: Q1 … 4.3 … 2.4 … 1.9 … 2.0 … 6.1 Q2 … 4.6 … 2.6 … 1.9 … 1.9 … 6.0 Q3 … 4.7 … 2.8 … 1.8 … 1.9 … 5.9 Q4 … 4.8 … 2.9 … 1.8 … 1.9 … 5.9 3.4 4.1 1.8 2.2 3.9 3.9 2.1 2.2 .5 .5 Two-quarter 2 2008: Q2 Q4 3.4 4.7 .6 .8 3.6 3.0 2.6 2.7 .6 .9 2009: Q2 4.4 4.3 1.9 1.9 2.7 2.4 2.3 2.3 .1 .0 Q4 4.7 4.3 2.5 2.3 2.1 2.1 2.1 2.0 -.1 .0 2010: Q2 … 4.5 … 2.5 … 1.9 … 1.9 … -.2 Q4 … 4.8 … 2.8 … 1.8 … 1.9 … -.1 Four-quarter 3 2007:Q4 5.1 4.9 2.5 2.3 3.4 3.5 2.1 2.2 .4 .4 2008:Q4 3.4 4.4 1.2 1.5 3.7 3.5 2.3 2.4 1.1 1.4 2009:Q4 4.6 4.3 2.2 2.1 2.4 2.2 2.2 2.1 .0 .0 2010:Q4 … 4.6 … 2.7 … 1.9 … 1.9 … -.3 4.9 4.8 2.2 2.0 2.5 2.6 2.1 2.2 4.6 4.6 Annual 2007 2008 3.9 4.3 1.8 1.9 3.7 3.8 2.2 2.3 5.5 5.6 2009 4.0 4.4 1.6 1.7 2.9 2.5 2.4 2.3 6.0 6.2 2010 … 4.5 … 2.5 … 2.0 … 2.0 … 5.9 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) 2008 2009 2010 2008 1 2009 1 2010 1 Item Q1 Real GDP Previous Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 .9 3.5 .6 1.1 1.6 2.2 2.2 2.3 2.4 2.6 2.8 2.9 1.5 2.1 2.7 1.0 2.7 .7 .4 1.4 2.3 2.4 2.6 … … … … 1.2 2.2 … Final sales Previous Priv. dom. final purch. Previous Personal cons. expend. Previous Durables .9 5.0 .0 -.4 .8 2.2 2.1 1.6 1.8 3.6 3.4 2.4 1.4 1.6 2.8 .9 4.1 1.2 -2.2 .1 2.5 1.9 1.4 … … … … 1.0 1.4 … -.3 1.3 -1.2 -2.1 .5 1.1 1.6 2.1 2.9 3.3 3.6 3.5 -.6 1.3 3.3 -.3 1.1 -.1 -3.9 -.7 .8 1.1 1.6 … … … … -.8 .7 … .9 1.7 -.5 -1.6 1.5 1.8 2.1 2.2 2.4 2.5 2.6 2.6 .1 1.9 2.6 1.1 2.0 1.6 -2.8 .8 1.2 1.3 1.6 … … … … .4 1.2 … -4.3 -2.5 -4.0 2.5 6.1 4.2 5.1 4.1 5.7 5.4 4.7 3.5 -2.1 4.9 4.8 Nondurables -.4 4.2 -2.8 -4.1 1.1 1.8 2.1 2.3 2.5 2.6 2.8 2.9 -.8 1.8 2.7 Services 2.4 1.3 1.2 -1.0 1.0 1.4 1.6 1.7 1.9 2.0 2.2 2.4 1.0 1.4 2.1 -25.1 -13.4 -17.6 -20.0 -15.9 -4.9 -6.7 4.0 10.0 19.0 21.6 18.2 -19.1 -6.2 17.1 -24.6 -19.4 -24.1 -29.7 -26.0 -1.9 -4.5 1.9 … … … … -24.5 -8.3 … Residential investment Previous Business fixed invest. Previous Equipment & software 2.4 3.5 .1 .7 -1.3 -2.0 .7 1.4 4.2 4.3 5.6 5.6 1.7 -.3 4.9 .6 3.3 -2.7 -2.3 -3.5 -1.3 .8 1.8 … … … … -.3 -.6 … -.6 -3.5 -2.9 4.1 1.9 1.2 4.2 4.4 8.3 7.7 8.8 8.4 -.8 2.9 8.3 Previous .2 -.4 -3.7 -.3 -2.4 -.1 2.5 4.4 … … … … -1.1 1.1 … Nonres. structures 8.6 18.5 5.8 -5.4 -7.2 -7.6 -5.7 -4.4 -3.3 -2.2 -.7 .1 6.5 -6.2 -1.6 Previous 1.2 11.1 -.5 -6.2 -5.8 -3.7 -2.5 -3.2 … … … … 1.2 -3.8 … -462 -377 -358 -329 -326 -298 -284 -292 -312 -291 -284 -303 -381 -300 -298 -480 -415 -387 -364 -351 -311 -289 -292 … … … … -411 -311 … Exports 5.1 13.2 4.0 7.2 5.6 5.7 5.7 5.6 5.4 5.1 4.9 4.9 7.3 5.6 5.1 Imports -.8 -7.6 -.8 -.3 3.9 -1.0 1.7 6.7 8.7 .1 2.9 8.1 -2.4 2.8 4.9 1.9 4.1 1.9 1.7 1.5 1.4 1.1 1.1 .8 .8 .8 .8 2.4 1.3 .8 2.1 4.1 1.5 1.7 1.8 1.8 1.3 1.1 … … … … 2.4 1.5 … 5.8 6.8 2.7 2.9 3.0 2.7 2.6 2.6 2.0 2.0 2.0 2.0 4.5 2.8 2.0 Defense 7.3 7.4 4.7 4.9 3.7 3.2 3.0 2.9 2.0 2.0 2.0 2.0 6.1 3.2 2.0 Nondefense 2.9 5.5 -1.6 -1.4 1.5 1.6 1.8 2.1 2.0 2.0 1.9 1.9 1.3 1.8 2.0 -.3 2.5 1.4 1.0 .6 .6 .2 .2 .2 .1 .1 .1 1.2 .4 .1 Change in bus. inventories 2 -10 -52 -37 2 22 24 28 47 61 35 20 33 -24 30 37 2 -20 -57 -70 2 38 36 49 85 … … … … -36 52 … -18 -55 -39 1 21 23 28 47 62 35 19 33 -28 30 37 6 2 1 1 1 1 1 1 1 1 1 1 2 1 1 Net exports2 Previous2 Govt. cons. & invest. Previous Federal State & local Previous Nonfarm 2 2 Farm 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 2002 1 2003 1 2004 1 2005 1 2006 1 2007 1 2008 1 2009 1 2010 1 1.9 3.7 3.1 2.7 2.4 2.3 1.5 2.1 2.7 1.9 3.7 3.1 2.9 2.6 2.5 1.2 2.2 … .8 3.7 2.8 2.7 2.8 2.5 1.4 1.6 2.8 .8 3.7 2.8 2.9 3.0 2.8 1.0 1.4 … 1.1 4.1 4.3 3.1 2.3 1.4 -.6 1.3 3.3 1.1 4.1 4.3 3.3 2.4 1.8 -.8 .7 … 1.9 3.4 3.7 2.6 3.2 2.2 .1 1.9 2.6 1.9 3.4 3.7 2.8 3.4 2.6 .4 1.2 … Durables 1.2 8.3 5.6 1.2 6.9 4.2 -2.1 4.9 4.8 Nondurables 2.1 3.9 3.5 3.6 3.2 1.7 -.8 1.8 2.7 Services 1.9 2.2 3.3 2.4 2.6 2.1 1.0 1.4 2.1 Residential investment Previous Business fixed invest. Previous 7.0 11.7 6.7 5.4 -15.5 -19.0 -19.1 -6.2 17.1 7.0 11.7 6.7 6.4 -12.8 -18.6 -24.5 -8.3 … -6.5 4.9 7.5 4.9 6.5 6.4 1.7 -.3 4.9 -6.5 4.9 7.5 5.1 5.2 7.1 -.3 -.6 … -3.4 6.6 9.4 7.0 4.2 2.8 -.8 2.9 8.3 -3.4 6.6 9.4 7.1 2.5 3.6 -1.1 1.1 … Nonres. structures -14.9 .2 2.3 -.5 12.8 14.5 6.5 -6.2 -1.6 Previous -14.9 .2 2.3 -.3 12.3 15.1 1.2 -3.8 … -471 -519 -594 -617 -616 -547 -381 -300 -298 -471 -519 -594 -618 -624 -556 -411 -311 … Equipment & software Previous Net exports 2 Previous 2 Exports 3.8 5.8 7.4 7.0 10.1 8.9 7.3 5.6 5.1 Imports 9.7 4.8 11.5 4.8 3.8 1.1 -2.4 2.8 4.9 4.0 1.7 .7 .6 2.1 2.4 2.4 1.3 .8 4.0 1.7 .7 .9 2.5 2.3 2.4 1.5 … Govt. cons. & invest. Previous Federal 7.8 5.5 2.4 1.0 2.9 2.3 4.5 2.8 2.0 Defense 8.4 7.5 2.5 .8 4.1 2.7 6.1 3.2 2.0 Nondefense 6.8 1.9 2.3 1.4 .5 1.5 1.3 1.8 2.0 2.1 -.4 -.4 .3 1.6 2.4 1.2 .4 .1 12 14 54 39 42 -2 -24 30 37 12 14 54 33 40 5 -36 52 … 15 14 48 39 46 -4 -28 30 37 -2 0 6 0 -3 1 2 1 1 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) 2008 2009 2010 2008 1 2009 1 2010 1 Item Q1 Real GDP Previous Final sales Previous Priv. dom. final purch. Previous Personal cons. expend. Previous Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 .9 3.5 .6 1.1 1.6 2.2 2.2 2.3 2.4 2.6 2.8 2.9 1.5 2.1 2.7 1.0 2.7 .7 .4 1.4 2.3 2.4 2.6 … … … … 1.2 2.2 … .9 5.0 .0 -.4 .8 2.2 2.1 1.6 1.8 3.6 3.3 2.4 1.4 1.6 2.8 1.0 4.1 1.2 -2.3 .1 2.4 1.9 1.4 … … … … 1.0 1.4 … -.3 1.1 -1.0 -1.8 .4 .9 1.4 1.8 2.4 2.7 3.0 2.9 -.5 1.1 2.8 -.3 1.0 -.1 -3.4 -.6 .7 .9 1.4 … … … … -.7 .6 … .6 1.3 -.4 -1.1 1.1 1.3 1.5 1.5 1.7 1.8 1.8 1.8 .1 1.3 1.8 .8 1.4 1.1 -2.1 .6 .8 .9 1.1 … … … … .3 .9 … Durables -.3 -.2 -.3 .2 .4 .3 .4 .3 .4 .4 .3 .2 -.2 .3 .3 Nondurables -.1 .9 -.6 -.9 .2 .4 .4 .5 .5 .5 .6 .6 -.2 .4 .6 Services 1.0 .6 .5 -.4 .4 .6 .7 .7 .8 .9 .9 1.0 .4 .6 .9 -1.1 -.5 -.7 -.7 -.5 -.1 -.2 .1 .3 .5 .6 .5 -.8 -.2 .5 -1.1 -.8 -.9 -1.1 -.9 -.1 -.1 .1 … … … … -1.0 -.2 … Residential investment Previous Business fixed invest. Previous Equipment & software .3 .4 .0 .1 -.1 -.2 .1 .1 .4 .4 .6 .6 .2 .0 .5 .1 .4 -.3 -.2 -.4 -.1 .1 .2 … … … … .0 -.1 … .0 -.3 -.2 .3 .1 .1 .3 .3 .6 .5 .6 .6 -.1 .2 .6 Previous .0 .0 -.3 .0 -.2 .0 .2 .3 … … … … -.1 .1 … Nonres. structures .3 .6 .2 -.2 -.3 -.3 -.2 -.2 -.1 -.1 .0 .0 .2 -.2 -.1 Previous .0 .4 .0 -.2 -.2 -.1 -.1 -.1 … … … … .0 -.1 … .8 3.1 .7 1.0 .1 1.0 .5 -.4 -.7 .7 .2 -.7 1.4 .3 -.1 .8 2.3 1.0 .8 .4 1.4 .7 -.2 … … … … 1.2 .6 … Exports .6 1.6 .5 1.0 .8 .8 .8 .8 .8 .7 .7 .7 .9 .8 .7 Imports .1 1.4 .1 .1 -.7 .2 -.3 -1.1 -1.5 .0 -.5 -1.4 .4 -.5 -.9 .4 .8 .4 .3 .3 .3 .2 .2 .2 .2 .2 .2 .5 .3 .2 .4 .8 .3 .3 .4 .4 .3 .2 … … … … .5 .3 … .4 .5 .2 .2 .2 .2 .2 .2 .1 .1 .2 .2 .3 .2 .1 Defense .3 .4 .2 .2 .2 .2 .2 .1 .1 .1 .1 .1 .3 .2 .1 Nondefense .1 .1 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .3 .2 .1 .1 .1 .0 .0 .0 .0 .0 .0 .1 .1 .0 .0 -1.5 .6 1.5 .8 .1 .2 .7 .6 -1.0 -.6 .5 .1 .4 -.1 .0 -1.4 -.5 2.7 1.3 -.1 .5 1.3 … … … … .2 .7 … .2 -1.4 .6 1.5 .8 .1 .2 .7 .6 -1.0 -.6 .5 .2 .4 -.1 -.2 -.2 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 -.1 .0 .0 Net exports Previous Govt. cons. & invest. Previous Federal 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) 2008 2009 2010 2008 1 2009 1 2010 1 Item Q1 GDP chain-wt. price index Q3 Q4 Q1 Q2 Q3 Q4 Q1 2.7 2.3 2.3 2.1 2.0 2.7 .5 3.5 2.0 2.6 2.5 2.2 2.1 … … 3.6 4.2 5.5 .6 2.3 2.4 2.2 2.0 1.9 1.9 3.6 4.1 4.7 2.5 2.9 2.4 2.2 2.0 … … … 19.0 27.6 34.7 -26.4 -1.4 3.0 2.1 1.2 1.0 .7 18.6 28.1 28.4 -2.5 5.9 2.7 1.1 .5 … … 4.9 6.4 8.0 5.0 4.1 3.5 2.8 2.4 2.2 2.1 Previous 4.8 6.5 5.9 4.4 3.9 3.3 2.7 2.4 … Ex. food & energy 2.3 2.1 2.9 2.6 2.4 2.2 2.1 2.0 Previous 2.3 1.9 2.6 2.6 2.4 2.3 2.2 2.1 4.3 5.0 7.2 -.4 2.3 2.6 2.3 2.2 Previous Energy Previous Food CPI Previous 2.0 Q3 4.9 Previous 1.9 Q2 1.2 PCE chain-wt. price index 2.6 Q2 1.9 Q4 1.9 2.9 2.2 1.9 … … 2.2 2.3 … 1.8 1.8 3.5 2.2 1.9 … 3.7 2.4 … .7 .8 10.8 1.2 .8 … … 17.4 2.5 … 2.0 2.0 6.1 3.2 2.1 … … … 5.4 3.1 … 2.0 1.9 1.9 1.9 2.4 2.1 1.9 … … … … 2.3 2.2 … 2.1 2.0 2.0 2.0 4.0 2.3 2.0 4.3 5.0 5.9 2.4 3.1 2.6 2.2 2.1 … … … … 4.4 2.5 … Ex. food & energy 2.5 1.9 3.4 2.7 2.5 2.3 2.2 2.2 2.2 2.1 2.1 2.1 2.6 2.3 2.1 Previous 2.5 1.9 2.8 2.7 2.5 2.4 2.3 2.3 … … … … 2.5 2.4 … 3.0 2.3 3.2 3.2 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 2.9 3.1 3.0 3.0 3.3 3.5 3.5 3.4 3.4 3.4 3.4 … … … … 3.4 3.4 … 2.6 4.5 1.0 1.7 1.7 1.8 1.8 1.8 2.0 2.0 2.1 2.1 2.4 1.8 2.1 2.8 3.4 1.2 .9 1.4 2.0 1.9 1.9 … … … … 2.1 1.8 … 3.8 3.7 4.7 4.0 4.0 3.9 3.8 3.8 3.7 3.6 3.6 3.6 4.1 3.9 3.6 ECI, hourly compensation2 Previous2 Nonfarm business sector Output per hour Previous Compensation per hour Previous Unit labor costs Previous 5.0 4.0 4.1 4.0 4.1 4.1 4.1 4.0 … … … … 4.2 4.1 … 1.2 -.7 3.7 2.3 2.3 2.0 2.0 2.0 1.7 1.5 1.4 1.4 1.6 2.1 1.5 2.1 .6 2.8 3.0 2.6 2.0 2.1 2.1 … … … … 2.1 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 2008 2009 2010 2008 1 2009 1 Item Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 1 Q4 Employment and production Nonfarm payroll employment 2 Unemployment rate Previous GDP gap 3 3 4 Previous 4 Industrial production 5 Previous5 Manufacturing industr. prod. Previous 5 5 Capacity utilization rate - mfg. 3 Previous3 Housing starts 6 Light motor vehicle sales 6 -.1 -.2 -.2 -.3 .2 .3 .3 .2 .3 .5 .1 .2 -.9 .9 1.2 4.9 5.3 6.0 6.2 6.2 6.2 6.2 6.2 6.1 6.0 5.9 5.9 6.2 6.2 5.9 4.9 5.3 5.8 5.9 6.0 6.0 6.0 5.9 … … … … 5.9 5.9 … -.6 -.4 -.9 -1.2 -1.4 -1.5 -1.6 -1.6 -1.6 -1.6 -1.5 -1.4 -1.2 -1.6 -1.4 -.3 -.3 -.7 -1.3 -1.5 -1.5 -1.6 -1.5 … … … … -1.3 -1.5 … .4 -3.2 -2.6 4.1 3.2 2.2 3.1 3.5 3.8 4.1 3.8 3.7 -.4 3.0 3.8 .5 -3.1 1.3 1.1 1.7 1.7 2.4 3.9 … … … … -.1 2.4 … -1.0 -3.9 -2.1 1.3 2.3 2.3 3.0 3.5 4.4 4.8 4.3 4.2 -1.5 2.8 4.5 -.9 -3.7 .2 -.1 1.1 1.9 2.4 3.9 … … … … -1.1 2.3 … 78.7 77.6 76.8 76.8 77.0 77.1 77.4 77.8 78.4 79.0 79.5 80.1 76.8 77.8 80.1 78.7 77.6 77.3 77.0 77.0 77.1 77.3 77.8 … … … … 77.0 77.8 … 1.1 1.0 .9 .8 .8 .8 .9 .9 1.0 1.1 1.1 1.2 1.0 .9 1.1 15.2 14.1 13.2 13.7 14.3 14.5 14.8 15.0 15.3 15.6 15.9 15.9 14.1 14.6 15.7 3.5 4.7 5.5 3.8 4.0 4.6 4.4 4.3 4.3 4.6 4.7 4.8 4.4 4.3 4.6 Income and saving Nominal GDP 5 Real disposable pers. income Previous 5 5 Personal saving rate3 Previous 3 -.7 11.4 -8.3 -1.5 4.3 1.5 1.5 2.6 3.6 1.9 3.4 2.8 .0 2.5 2.9 1.4 11.3 -9.2 -2.6 3.5 1.4 1.6 2.7 … … … … .0 2.3 … .2 2.6 .7 .7 1.4 1.4 1.3 1.4 1.7 1.6 1.8 1.8 .7 1.4 1.8 .4 2.6 -.2 -.1 .6 .7 .8 1.1 … … … … -.1 1.1 … Corporate profits7 -4.3 -8.6 12.4 7.2 3.7 5.1 4.1 4.5 6.4 4.7 4.4 4.7 1.3 4.4 5.0 Profit share of GNP 3 11.2 10.8 11.0 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 -331 -636 -450 -383 -428 -417 -402 -411 -431 -406 -421 -420 -450 -415 -419 -52 -76 -80 -86 -77 -79 -72 -67 -60 -57 -47 -40 -73 -74 -51 12.4 11.6 11.5 12.2 12.1 12.2 12.2 12.3 12.5 12.5 12.6 12.7 12.2 12.3 12.7 .0 -1.0 -1.0 -.3 -.3 -.2 -.1 .1 .3 .4 .6 .8 -.3 .1 .8 Net federal saving8 Net state & local saving 8 Gross national saving rate3 Net national saving rate 3 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 2007 a 2008 2008 2009 2010 Q1 a Q2 a 2009 Q3 Q4 Unified budget Receipts Q1 Q2 2010 Q3 Q4 Q1 Q2 Q3 Q4 Not seasonally adjusted 1 Outlays1 1 2568 2555 2691 2819 540 788 621 642 536 833 681 650 586 875 709 684 2729 2958 3146 3249 746 744 755 786 798 789 773 828 816 811 794 859 44 -134 -144 -262 43 -92 -178 -230 64 -162 -403 -455 -430 -206 Previous -162 -358 -395 -399 -206 On-budget -343 -596 -641 -615 -237 Off-budget 181 194 186 185 31 91 12 72 17 91 6 68 17 95 5 69 Surplus/deficit 44 -85 -175 -89 -133 -242 59 -79 -164 -226 69 -79 -168 -47 -146 -216 -279 -47 -98 -247 -247 -31 -90 -244 Means of financing Borrowing 206 395 508 448 200 -48 153 151 259 -16 114 168 220 -40 100 165 Cash decrease -23 30 -5 0 11 -7 8 5 15 -15 -10 15 15 -20 -10 15 Other 2 -22 -22 -48 -18 -5 12 -28 -12 -12 -12 -12 -5 -5 -5 -5 -5 75 45 50 50 46 53 45 40 25 40 50 35 20 40 50 35 Cash operating balance, end of period NIPA federal sector Seasonally adjusted annual rates Receipts 2624 2629 2787 2950 2673 2491 2671 2716 2769 2800 2862 2896 2934 2966 3004 3042 Expenditures 2832 3042 3194 3367 3003 3127 3121 3099 3197 3217 3265 3307 3365 3372 3425 3462 Consumption expenditures 842 904 962 1006 898 918 929 938 958 970 981 992 1002 1011 1021 1031 Defense 569 620 665 696 614 629 640 649 663 671 679 686 693 699 705 711 Nondefense 273 285 296 311 284 289 289 289 296 299 302 306 309 312 316 319 Other spending 1990 2137 2233 2361 2105 2209 2192 2160 2239 2247 2284 2315 2363 2360 2404 2431 Current account surplus Gross investment Gross saving less gross investment 3 -209 -413 -408 -417 -331 -636 -450 -383 -428 -417 -402 -411 -431 -406 -421 -420 123 134 148 -221 -431 -433 -443 -344 -657 -473 -407 -453 -442 -428 -437 -456 -431 -446 -445 -229 -409 -350 -348 -329 -638 -423 -337 -375 -355 -333 -337 -361 -338 -355 -359 -0.3 1.2 -0.5 -0.1 0.6 2.1 -1.5 -0.6 0.2 -0.2 -0.2 0.0 0.1 -0.2 0.1 -0.0 0.2 0.7 -0.0 0.0 0.1 0.5 0.5 -0.3 -0.2 0.1 -0.1 -0.0 -0.0 0.0 0.0 0.0 0.2 0.7 0.0 -0.0 0.1 0.4 0.7 -0.5 -0.1 0.1 -0.1 -0.0 -0.0 0.0 0.0 0.0 155 129 139 142 144 147 149 151 153 154 156 157 159 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 2003 8.1 11.5 14.2 5.2 2.5 8.3 10.9 5.9 2004 8.9 11.2 13.7 5.5 6.2 7.4 9.0 6.5 2005 9.5 11.2 13.1 4.3 8.5 10.2 7.0 6.3 2006 9.1 10.2 11.2 4.5 10.5 8.1 3.9 5.3 2007 8.6 6.8 6.8 5.6 13.0 9.3 4.9 4.9 2008 4.2 1.6 .9 3.4 5.2 4.9 8.9 4.4 2009 4.4 1.7 1.2 2.7 4.8 7.4 9.4 4.3 2010 4.9 3.4 2.9 4.3 5.1 7.0 7.3 4.6 2008: 1 5.4 3.3 2.6 5.2 7.4 3.4 8.1 3.5 2 3.5 1.4 .8 4.4 5.7 .5 5.9 4.7 Quarter 3 3.9 .8 .2 2.0 3.4 8.6 11.1 5.5 4 3.7 .7 .1 2.0 4.0 7.0 9.5 3.8 2009: 1 4.1 .7 .1 2.0 4.1 7.2 11.6 4.0 2 3.8 1.2 .5 2.5 4.5 7.1 7.6 4.6 3 4.5 2.2 1.8 2.9 5.2 7.3 7.3 4.4 4 5.1 2.7 2.4 3.2 5.1 7.2 9.8 4.3 2010: 1 4.9 3.1 2.7 3.7 5.1 7.0 8.0 4.3 2 4.6 3.3 2.8 4.2 5.1 6.9 5.5 4.6 3 4.6 3.4 2.9 4.5 4.8 6.8 5.9 4.7 4 5.2 3.5 3.0 4.7 4.8 6.7 8.9 4.8 Note. Quarterly data are at seasonally adjusted annual rates. 1. Data after 2008:Q2 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) 2008 Category 2007 2008 2009 2009 2010 2010 Q3 Q4 Q1 861.9 762.7 1036.7 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Domestic nonfinancial sectors Net funds raised Total 1681.0 902.7 1173.0 1417.0 965.5 1232.5 1457.4 1435.9 1319.8 1340.9 1571.5 Net equity issuance -834.2 -431.5 -297.0 -272.0 -404.0 -452.0 -332.0 -312.0 -272.0 -272.0 -272.0 -272.0 -272.0 -272.0 Net debt issuance 2515.2 1334.2 1470.0 1689.0 1265.9 1214.7 1368.7 1277.5 1504.5 1729.4 1707.9 1591.8 1612.9 1843.5 Borrowing indicators Debt (percent of GDP)1 Borrowing (percent of GDP) 220.6 224.9 224.8 225.2 224.7 224.8 224.8 224.5 224.4 224.7 225.1 225.2 225.1 225.2 18.2 9.3 9.8 10.8 8.7 8.3 9.3 8.5 10.0 11.3 11.1 10.2 10.2 11.5 Households Net borrowing 2 880.4 217.5 241.4 481.8 117.3 102.9 103.7 164.9 310.9 386.0 445.5 469.0 497.7 515.1 Home mortgages 669.6 97.0 127.6 312.0 23.6 9.5 9.5 56.7 189.1 255.3 293.1 302.5 321.4 330.9 Consumer credit 136.0 87.5 70.8 117.5 51.8 52.0 52.3 65.8 78.4 86.7 101.0 114.5 123.7 130.7 Debt/DPI (percent) 3 131.8 130.8 128.5 125.9 130.8 131.3 129.4 128.5 127.8 127.2 126.4 126.2 125.6 125.3 185.6 255.6 301.0 309.9 244.9 247.3 308.0 290.6 291.5 313.8 333.0 301.8 288.4 316.1 Business Financing gap 4 Net equity issuance -834.2 -431.5 -297.0 -272.0 -404.0 -452.0 -332.0 -312.0 -272.0 -272.0 -272.0 -272.0 -272.0 -272.0 Credit market borrowing 1211.6 551.9 534.6 589.4 371.3 438.2 452.5 508.1 590.8 587.0 597.8 604.5 570.4 585.0 186.1 108.3 169.5 173.5 190.8 157.5 165.5 165.5 173.5 173.5 173.5 173.5 173.5 173.5 246.6 142.0 140.1 170.8 127.1 123.4 133.9 133.7 142.9 150.0 158.7 163.8 175.9 184.6 Net borrowing 237.1 456.4 524.6 444.3 586.5 516.2 647.1 439.0 429.3 583.0 491.1 344.7 371.3 569.9 Net borrowing (n.s.a.) 237.1 456.4 524.6 444.3 153.5 151.1 258.8 -16.3 114.2 167.8 219.8 -39.8 99.7 164.6 Unified deficit (n.s.a.) 187.9 440.0 489.1 426.3 134.0 144.2 262.0 -43.4 92.2 178.3 230.3 -64.3 85.2 175.1 851.7 385.0 456.5 728.3 300.7 266.7 227.8 381.7 639.8 576.8 735.7 938.6 702.0 537.1 State and local governments Net borrowing Current surplus 5 Federal government Depository institutions Funds supplied Note. Data after 2008:Q2 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 September 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.) Projection Indicator 2007 2008:H1 2008 2009 Q3 Foreign output July/Aug. Greenbook Foreign CPI July/Aug. Greenbook 4.2 1.7 2010 Q4 1.8 2.0 3.0 3.5 4.1 2.4 2.4 2.5 3.3 … 3.6 5.1 4.4 2.7 2.6 2.4 3.6 5.1 5.1 3.3 2.7 … Contribution to growth (percentage points) U.S. net exports July/Aug. Greenbook 0.8 1.9 0.7 1.0 0.3 -0.1 0.8 1.5 1.0 0.8 0.6 … Note. Changes for years measured as Q4/Q4; half-year is measured as Q2/Q4. … Not applicable. Return to table [Box:] Foreign Holdings of Agency Debt Securities Figure: Official Holdings at FRBNY* A line chart shows two series, "Treasury Securities", and "Agency Securities", from June 2007 through September 9, 2008. Data is daily; unit is billions of dollars. The "Treasury Securities" series begins at about 1200 in June 2007, increases to about 1225 in July 2007, decreases to about 1175 in August 2007, and then generally increases to end at about 1400 on September 9, 2008. The "Agency Securities" series begins at about 725 in June 2007, generally increases to about 990 in July 2008, and decreases to end at about 950 on September 9, 2008. * Confidential: Amounts held in custodial accounts at FRBNY. Return to text Figure: Share of Outstanding Agency Debt* A line chart shows a single series, from 2001 through 2008. Data is quarterly; unit is percent. The series begins at about 10.1 in 2001, and generally increases to end at about 20.9 in 2008. * Ratio of foreign holdings of short- and long-term agency securities to total outstanding agency securities; last obs.: 2008:Q2. Return to text Source. Federal Reserve and U.S. Treasury, with staff adjustments. Figure: Ownership Composition* A line chart shows four series, "Total", "Private", "Total Official", and "Official Asia", from 2001 through July 31, 2008. Data is monthly; unit is billions of dollars. The "Total" series begins at about 425 in 2001, generally increases to about 1650 in early 2008, and decreases to end at about 1575 on July 31, 2008. The "Private" series begins at about 275 in 2001, generally increases to about 650 in early 2008, and decreases to end at about 550 on July 31, 2008. The "Total Official" series begins at about 150 in 2001, generally increases and ends at about 1050 on July 31, 2008. The "Official Asia" series begins at about 100 in 2001, generally increases and ends at about 800 on July 31, 2008. * Holdings include short-term agency securities; last obs.: July 31, 2008. Return to text Source. U.S. Treasury, with staff adjustments. Figure: Country Composition* A line chart shows four series, "China", "Japan", "Russia", and "United Kingdom", from 2001 through July 31, 2008. Data is monthly; unit is billions of dollars. The "China" series begins at about 50 in 2001, generally increases and ends at about 560 on July 31, 2008. The "Japan" series begins at about 75 in 2001, generally increases and ends at about 250 on July 31, 2008. The "Russia" series begins at about 10 in 2001, generally increases and ends at about 130 on July 31, 2008. The "United Kingdom" series begins at about 25 in 2001, stays about the same through 2005, generally decreases to about 5 in 2007, and generally increases to end at about 100 on July 31, 2008. * Holdings include short-term agency securities; last obs.: July 31, 2008. Return to text Source. U.S. Treasury, with staff adjustments. Staff Projections of Selected Trade Prices (Percent change from end of previous period excepted as noted; s.a.a.r.) Projection Trade category 2007 2008:H1 2008 Q3 Q4 7.5 2.1 2009 2010 1.0 1.3 Imports Core goods July/Aug. Greenbook Oil (dollars per barrel) July/Aug. Greenbook 3.4 9.5 3.3 9.9 5.8 2.2 1.4 … 80.11 108.51 111.71 98.35 102.07 102.39 80.11 108.60 113.29 117.07 118.77 … 6.2 13.1 9.9 1.0 1.5 1.2 6.4 10.9 5.9 2.3 1.6 … Exports Core goods July/Aug. Greenbook Note. Prices for core exports exclude computers and semiconductors. Prices for core imports exclude computers, semiconductors, oil, and natural gas. Both prices are on a National Income and Product Account 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. … Not applicable. Return to table Staff Projections for Trade in Goods and Services (Percent change from end of previous period, a.r.) Projection Measure 2007 2008:H1 2008 2009 Q3 Real imports July/Aug. Greenbook 2010 Q4 1.1 -4.2 -.8 -.3 2.8 4.9 1.0 -3.0 -.6 .8 2.4 … Real exports July/Aug. Greenbook 8.9 9.1 4.0 7.2 5.6 5.1 8.4 8.1 6.8 7.3 7.5 … Note. Changes for years are measured as Q4/Q4; half-year is measured as Q2/Q4. Alternative Scenarios: Dollar Appreciation and a Disorderly Decline in the Dollar (Percent change from previous period, annual rate, except as noted) 2008 2009 Indicator and simulation 2010 H2 H1 H2 201113 U.S. real GDP Baseline 0.8 1.9 2.3 2.7 3.0 Dollar appreciation 0.8 1.7 1.9 2.3 3.2 Disorderly dollar decline 0.8 1.9 2.3 2.7 2.6 U.S. PCE prices excluding food and energy Baseline 2.7 2.3 2.0 1.9 1.7 Dollar appreciation 2.6 2.2 1.9 1.8 1.6 Disorderly dollar decline 2.8 2.5 2.1 2.0 1.9 Baseline 2.0 2.0 2.5 3.0 3.7 Dollar appreciation 2.0 1.9 2.1 2.1 3.2 Disorderly dollar decline 2.0 2.1 2.7 3.3 3.5 U.S. federal funds rate (percent) U.S. trade balance (percent share of GDP) Baseline -4.0 -3.7 -3.6 -3.5 -3.1 Dollar appreciation -3.9 -3.5 -3.5 -3.7 -3.8 Disorderly dollar decline -4.1 -3.9 -3.6 -3.0 -1.7 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 2008 2009 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 23 April 2008 -5.34 -5.15 -4.10 18 June 2008 -5.28 -5.23 -4.55 30 July 2008 -5.28 -5.05 -4.19 10 September 2008 -5.30 -4.83 -3.84 As shown in the figure, the staff forecast for 2010 for the September 10, 2008 Greenbook is about -3.4 percent of GDP. Figure: Foreign Real GDP Percent change, Q4/Q4 Greenbook publication date 2007 2008 2009 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 23 April 2008 4.13 2.27 3.60 18 June 2008 4.12 2.58 3.41 30 July 2008 4.12 2.42 3.26 10 September 2008 4.15 1.80 3.04 As shown in the figure, the staff forecast for 2010 for the September 10, 2008 Greenbook is about 3.55 percent change. Figure: Core Import Prices* Percent change, Q4/Q4 Greenbook publication date 2007 2008 2009 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 23 April 2008 3.30 4.60 1.27 18 June 2008 3.30 5.78 1.40 30 July 2008 3.30 6.90 1.40 10 September 2008 3.40 7.12 0.96 As shown in the figure, the staff forecast for 2010 for the September 10, 2008 Greenbook is about 1.2 percent change. * 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 changes) Projected Measure and country 2008 Q1 Q2 REAL GDP 1 Q3 2009 Q4 2010 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Quarterly changes at an annual rate Total Foreign 2.3 1.1 1.8 2.0 2.5 3.0 3.3 3.4 3.5 3.5 3.6 3.6 1.0 -0.3 0.4 0.5 1.1 1.8 2.1 2.2 2.2 2.3 2.3 2.3 0.3 0.2 0.4 1.0 2.2 2.5 2.5 2.5 2.5 2.5 2.5 Japan 3.2 -2.4 1.5 0.6 1.0 1.4 1.4 1.6 1.7 1.7 1.7 1.7 United Kingdom 1.1 Euro Area 2 2.7 -0.8 0.3 0.7 1.2 1.7 2.0 2.1 2.1 2.1 2.2 2.2 Germany 5.2 -2.0 0.2 0.8 1.2 1.8 2.3 2.7 2.7 2.7 2.8 2.8 4.0 3.0 3.7 4.0 4.3 4.6 4.8 5.1 5.2 5.2 5.2 5.2 8.0 3.2 5.2 5.4 5.9 6.1 6.3 6.3 6.4 6.5 6.5 6.5 Korea 3.3 3.4 3.5 3.7 3.9 4.3 4.4 4.5 4.6 4.6 4.7 4.7 China 11.7 9.9 8.9 8.7 9.3 9.3 9.5 9.5 9.6 9.6 9.6 9.6 -0.3 2.5 1.9 2.3 2.6 2.9 3.3 3.8 3.9 3.9 4.0 4.0 -0.5 0.6 1.3 1.7 2.2 2.6 3.0 3.8 3.9 3.9 3.9 3.9 3.4 6.5 3.6 3.6 3.8 3.8 3.9 3.9 3.9 3.9 3.9 3.9 4.1 4.7 4.8 4.3 3.8 3.1 2.6 2.6 2.5 2.5 2.4 2.4 2.2 2.7 3.3 2.9 2.8 2.2 1.8 1.8 1.8 1.7 1.7 1.6 Canada 1.8 2.3 3.0 2.9 3.0 2.2 1.8 2.0 2.0 1.9 1.9 1.9 Japan 1.0 1.4 2.1 1.9 1.7 1.4 0.5 0.5 0.5 0.5 0.5 0.5 Advanced Foreign Economies of which: Canada -0.8 Emerging Market Economies Asia Latin America Mexico Brazil 0.2 -0.4 -0.3 0.3 1.0 1.4 1.8 2.1 2.4 2.6 2.7 CONSUMER PRICES3 Total Foreign Advanced Foreign Economies Four-quarter changes of which: United Kingdom 4 2.4 3.4 4.6 5.0 4.8 3.9 2.9 2.4 2.1 2.0 2.0 1.9 2 3.4 3.6 3.9 3.1 2.7 2.4 2.2 2.3 2.3 2.1 2.0 1.9 Germany 3.1 3.0 3.0 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.0 2.0 5.9 6.7 6.2 5.7 4.8 4.0 3.5 3.3 3.2 3.2 3.1 3.1 6.5 7.1 6.2 5.5 4.4 3.6 3.3 3.2 3.1 3.0 3.0 2.9 3.8 4.8 5.6 5.1 5.0 3.6 2.9 2.7 2.6 2.6 2.6 2.6 Euro Area Emerging Market Economies Asia Korea China Latin America 8.0 7.8 5.5 4.7 3.2 2.9 3.3 3.2 3.1 3.0 3.0 2.9 4.5 5.5 6.0 6.0 5.6 4.8 3.9 3.7 3.6 3.5 3.5 3.5 Mexico 3.9 4.9 5.4 5.3 5.1 4.2 3.4 3.2 3.1 3.0 3.0 3.0 Brazil 4.6 5.5 6.3 6.3 5.9 5.3 4.6 4.6 4.5 4.5 4.5 4.5 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, Q4 to Q4) Projected Measure and country 2002 2003 2004 2005 2006 2007 2008 2009 2010 REAL GDP 1 Total Foreign Advanced Foreign Economies 3.0 2.9 3.8 4.0 4.0 4.2 1.8 3.0 3.5 2.5 1.8 2.6 2.7 2.7 2.5 0.4 1.8 2.3 3.5 1.5 3.7 3.0 2.2 2.8 0.0 2.0 2.5 of which: Canada Japan 2.0 2.4 1.1 2.9 2.5 1.4 0.7 1.3 1.7 United Kingdom 2.3 3.4 2.6 1.8 3.2 2.8 0.1 1.1 2.4 Euro Area 2 1.1 1.2 1.7 2.1 3.3 2.1 0.7 1.7 2.2 Germany 0.0 0.2 0.2 1.6 4.1 1.7 1.0 2.0 2.7 3.9 4.5 5.5 5.8 5.7 6.4 3.7 4.7 5.2 6.4 6.9 6.0 7.6 7.0 7.8 5.5 6.2 6.5 Korea 7.7 4.1 2.9 5.6 4.2 5.9 3.5 4.2 4.6 China 8.6 10.3 9.8 10.2 10.6 11.3 9.8 9.4 9.6 1.6 1.8 4.9 3.9 4.5 4.9 1.6 3.1 4.0 Mexico 2.0 1.3 4.4 3.4 3.7 4.2 0.8 2.9 3.9 Brazil 4.9 1.0 4.5 3.4 5.0 6.1 4.2 3.8 3.9 2.5 2.1 2.8 2.3 2.1 3.6 4.3 2.6 2.4 2.1 1.3 1.8 1.6 1.4 2.2 2.9 1.8 1.6 3.8 1.7 2.3 2.3 1.3 2.4 2.9 2.0 1.9 -0.5 -0.3 0.5 -1.0 0.3 0.5 1.9 0.5 0.5 1.5 1.3 1.4 2.1 2.7 2.1 5.0 2.4 1.9 Emerging Market Economies Asia Latin America CONSUMER PRICES 3 Total Foreign Advanced Foreign Economies of which: Canada Japan United Kingdom 4 2 2.3 2.0 2.3 2.3 1.8 2.9 3.1 2.3 1.9 Germany 1.2 1.1 2.1 2.2 1.3 3.1 2.4 2.0 2.0 2.9 3.1 3.9 3.0 2.9 5.1 5.7 3.3 3.1 Euro Area Emerging Market Economies Asia 0.8 2.3 3.1 2.6 2.3 5.4 5.5 3.2 2.9 Korea 3.4 3.5 3.4 2.5 2.1 3.4 5.1 2.7 2.6 China -0.6 2.7 3.2 1.4 2.1 6.6 4.7 3.2 2.9 6.4 4.9 5.7 3.8 4.1 4.3 6.0 3.7 3.5 Latin America Mexico Brazil 5.2 3.9 5.3 3.1 4.1 3.8 5.3 3.2 3.0 10.7 11.5 7.2 6.1 3.2 4.3 6.3 4.6 4.5 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 2002 2003 2004 2005 2006 2007 2008 2009 2010 NIPA REAL EXPORTS and IMPORTS Percentage point contribution to GDP growth, Q4/Q4 Net Goods & Services -0.9 -0.1 -0.9 -0.1 0.4 0.8 1.4 0.3 -0.1 Exports of G&S 0.4 0.6 0.7 0.7 1.1 1.0 0.9 0.8 0.7 Imports of G&S -1.3 -0.7 -1.7 -0.8 -0.6 -0.2 0.4 -0.5 -0.9 Percentage change, Q4/Q4 Exports of G&S 3.8 5.8 7.4 7.0 10.1 8.9 7.3 5.6 5.1 Services 10.2 3.0 8.3 4.0 11.5 9.3 4.4 3.4 5.0 Computers -1.1 11.3 5.8 14.2 8.1 0.9 14.8 9.5 9.5 Semiconductors 10.1 38.3 -6.0 17.6 2.9 29.3 4.5 11.0 11.0 Core Goods 1 0.6 4.9 8.0 7.4 10.0 8.2 8.5 6.3 4.8 Imports of G&S 9.7 4.8 11.5 4.8 3.8 1.1 -2.4 2.8 4.9 Services 8.8 2.2 9.3 -0.1 8.0 1.8 -0.6 3.6 3.7 Oil 3.8 1.2 10.8 1.0 -9.2 0.6 -5.9 -1.5 1.7 19.5 1.3 4.9 13.7 -12.6 12.1 -15.4 4.2 0.5 Natural Gas Computers 13.2 17.0 23.2 12.5 13.8 8.4 11.5 15.5 15.5 Semiconductors 11.0 -0.1 9.8 7.5 -0.3 3.8 5.2 5.0 5.0 Core Goods 2 10.0 5.2 11.4 5.9 5.7 0.1 -2.5 2.9 5.5 Billions of Chained 2000 Dollars Net Goods & Services -471.3 -518.9 -593.8 -616.6 -615.7 -546.5 -381.3 -299.9 -297.6 Exports of G&S 1013.3 1026.1 1126.1 1205.3 1314.8 1425.9 1550.5 1646.1 1734.0 Imports of G&S 1484.6 1545.0 1719.9 1821.9 1930.5 1972.4 1931.8 1946.0 2031.6 Billions of dollars US CURRENT ACCOUNT BALANCE -461.3 -523.4 -625.0 -729.0 -788.1 -731.2 -695.5 -577.2 -532.7 Current Acct as Percent of GDP Net Goods & Services (BOP) Investment Income, Net -4.4 -4.8 -5.3 -5.9 -6.0 -5.3 -4.8 -3.8 -3.4 -423.7 -496.9 -607.7 -711.6 -753.3 -700.3 -670.4 -556.7 -556.5 33.0 51.0 73.4 78.8 63.8 88.8 100.1 102.7 145.1 Direct, Net 102.4 112.7 150.9 173.2 184.1 233.9 250.5 238.9 262.7 Portfolio, Net -69.4 -61.7 -77.5 -94.4 -120.3 -145.1 -150.4 -136.2 -117.6 -70.5 -77.5 -90.6 -96.2 Other Income & Transfers,Net -98.6 -119.7 -125.2 -123.2 -121.2 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 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NIPA REAL EXPORTS and IMPORTS Percentage point contribution to GDP growth Net Goods & Services 0.3 0.8 -0.1 -1.3 0.1 0.6 -0.1 1.3 -1.2 1.7 2.0 0.9 Exports of G&S 0.8 0.9 0.0 1.1 1.7 0.6 0.4 1.7 0.1 1.0 2.5 0.5 Imports of G&S -0.5 -0.1 -0.1 -2.4 -1.6 0.0 -0.5 -0.3 -1.2 0.7 -0.5 0.4 15.6 0.6 8.8 23.0 4.4 Percentage change from previous period, s.a.a.r. Exports of G&S 8.1 8.8 0.4 10.9 16.7 5.5 3.5 Services 10.2 -2.8 3.2 5.7 13.4 2.7 3.2 28.6 -2.7 13.3 25.9 2.7 Computers 16.8 27.9 8.3 5.2 12.0 17.5 -7.9 12.7 3.9 -4.0 14.4 -9.2 Semiconductors -5.2 11.7 30.7 38.0 20.3 16.1 -5.6 -15.0 15.9 23.7 20.5 61.7 Core Goods 1 7.3 13.8 -2.9 12.4 18.3 5.6 4.8 11.8 1.3 6.6 22.1 3.7 Imports of G&S 3.2 0.6 0.8 15.3 10.3 0.1 3.1 2.0 7.7 -3.7 3.0 -2.3 -5.7 -0.0 -1.0 6.8 17.7 -2.0 -0.3 18.4 4.2 -2.0 6.3 -0.9 Services Oil Natural Gas Computers Semiconductors Core Goods 2 5.1 -27.1 -11.6 53.6 -2.8 -27.1 7.5 -10.6 30.9 -22.3 -13.5 16.5 58.6 -14.1 111.1 -41.9 -50.7 91.9 26.6 -51.2 70.8 74.2 28.2 -58.6 3.2 11.6 20.4 15.4 20.7 21.1 19.7 -4.3 34.9 -6.5 -0.2 9.7 -9.2 7.7 14.0 20.0 0.2 -0.5 17.7 -15.8 1.2 6.7 1.0 6.4 4.8 6.1 0.3 12.7 13.7 4.9 1.2 3.2 2.2 -1.1 5.8 -6.0 Billions of Chained 2000 Dollars, s.a.a.r. Net Goods & Services -623.7 -601.3 -603.6 -637.8 -636.0 -619.4 -623.0 -584.2 -618.6 -571.2 -511.8 -484.5 Exports of G&S 1177.9 1203.1 1204.3 1235.7 1284.3 1301.4 1312.6 1361.1 1363.2 1392.2 1466.2 1482.1 Imports of G&S 1801.7 1804.4 1807.9 1873.6 1920.2 1920.9 1935.7 1945.3 1981.8 1963.4 1978.0 1966.5 Billions of dollars, s.a.a.r. US CURRENT ACCOUNT BALANCE -696.2 -711.3 -675.6 -832.9 -783.8 -799.6 -843.6 -725.4 -787.7 -776.4 -691.8 -669.0 Current Account as % of GDP Net Goods & Services (BOP) Investment Income, Net -5.7 -5.8 -5.4 -6.6 -6.0 -6.1 -6.4 -5.4 -5.8 -5.7 -5.0 -4.8 -664.0 -682.9 -721.4 -778.0 -756.4 -767.4 -789.9 -699.5 -718.2 -715.3 -672.5 -695.1 88.6 77.8 88.7 59.9 65.2 70.7 51.7 67.7 57.8 45.8 98.9 152.6 Direct, Net 170.2 168.5 187.8 166.3 177.2 189.2 171.9 198.2 201.1 196.2 238.8 299.3 Portfolio, Net -81.6 -90.7 -99.0 -106.5 -112.0 -118.5 -120.3 -130.5 -143.2 -150.4 -139.9 -146.7 Other Inc. & Transfers, Net -120.9 -106.2 -42.9 -114.8 -92.6 -103.0 -105.4 -93.6 -127.4 -106.9 -118.3 -126.4 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 2008 Q1 Q2 2009 Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 Q3 Q4 NIPA REAL EXPORTS and IMPORTS Percentage point contribution to GDP growth Net Goods & Services 0.8 3.1 0.7 1.0 0.1 1.0 0.5 -0.4 -0.7 0.7 0.2 -0.7 Exports of G&S 0.6 1.6 0.5 1.0 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 Imports of G&S 0.1 1.4 0.1 0.1 -0.7 0.2 -0.3 -1.1 -1.5 -0.0 -0.5 -1.4 Percentage change from previous period, s.a.a.r. Exports of G&S 5.1 13.2 4.0 7.2 5.6 5.7 5.7 5.6 5.4 5.1 4.9 4.9 Services 6.4 5.9 3.4 2.0 2.7 3.3 3.6 4.0 4.4 4.8 5.3 5.5 Computers 0.4 57.7 -0.0 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 Semiconductors 4.6 -7.5 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 Core Goods 1 4.7 16.4 4.1 9.4 6.6 6.4 6.2 5.9 5.5 5.0 4.4 4.3 Imports of G&S -0.8 -7.6 -0.8 -0.3 3.9 -1.0 1.7 6.7 8.7 0.1 2.9 8.1 5.5 -7.6 2.7 -2.3 3.2 4.4 3.5 3.2 7.4 -0.3 3.9 4.1 Services Oil 17.6 -39.2 4.7 4.9 13.2 -20.5 -12.4 19.7 22.9 -19.2 -12.3 23.0 -40.5 4.3 18.2 -30.0 6.8 7.3 43.1 -28.0 2.1 1.8 37.6 -28.7 6.3 25.9 0.0 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 Semiconductors -3.3 14.9 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Core Goods 2 -6.4 2.2 -3.9 -1.7 0.7 2.7 3.9 4.4 4.9 5.4 5.7 5.9 Natural Gas Computers Billions of Chained 2000 Dollars, s.a.a.r. Net Goods & Services -462.0 -376.6 -357.7 -328.9 -325.5 -298.0 -283.5 -292.5 -311.7 -290.8 -284.5 -303.4 Exports of G&S 1500.6 1547.9 1563.1 1590.4 1612.3 1634.7 1657.4 1680.0 1702.2 1723.6 1744.5 1765.6 Imports of G&S 1962.6 1924.5 1920.8 1919.4 1937.8 1932.7 1940.9 1972.5 2013.9 2014.5 2029.0 2069.0 Billions of dollars, s.a.a.r. US CURRENT ACCOUNT BALANCE -705.5 -722.7 -714.2 -639.7 -635.5 -577.4 -547.0 -548.9 -565.3 -523.3 -508.1 -534.0 Current Account as % of GDP Net Goods & Services (BOP) Investment Income, Net Direct, Net Portfolio, Net Other Inc. & Transfers, Net -5.0 -5.0 -4.9 -4.4 -4.3 -3.9 -3.6 -3.7 -3.4 -3.2 -3.3 -699.7 -705.9 -689.8 -586.2 -588.9 -553.4 -535.1 -549.6 -578.7 -546.6 -536.9 -563.8 126.3 102.6 94.5 76.9 84.6 96.5 108.6 121.2 133.9 143.8 149.3 153.3 267.4 251.1 252.2 231.3 231.8 236.3 241.2 246.2 252.7 260.2 265.7 272.1 -141.1 -148.5 -157.8 -154.3 -147.2 -139.9 -132.6 -125.1 -118.8 -116.3 -116.4 -118.8 -132.1 -119.4 -118.9 -130.5 -131.3 -120.5 -120.5 -120.5 -120.5 -120.5 -120.5 -123.5 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 -3.6 Accessible Material September 2008 Greenbook Part 2 Tables and Charts† Domestic Nonfinancial Developments Changes in Employment (Thousands of employees; seasonally adjusted) 2007 2008 2007 Measure and sector Q4 Q1 Q2 June Average monthly change Nonfarm payroll employment (establishment survey) Private Natural resources and mining Manufacturing Ex. motor vehicles Construction Residential July Aug. Monthly change 91 80 -82 -71 -100 -60 -84 71 45 -97 -100 -110 -66 -101 3 4 4 6 8 10 12 -22 -17 -43 -39 -44 -38 -61 -15 -8 -31 -31 -38 -38 -22 -19 -41 -41 -49 -50 -20 -8 -20 -39 -30 -30 -28 -16 -19 Nonresidential 1 -2 -11 -19 -22 -4 10 Wholesale trade 9 6 -6 -7 -4 -16 -11 6 0 -29 -26 -8 -18 -20 Financial activities Retail trade -9 -14 -7 -6 -13 -3 -3 Professional and business services 26 44 -39 -29 -55 -17 -53 -7 4 -24 -30 -36 -24 -37 76 71 66 63 69 50 50 21 35 15 29 10 6 17 22 -16 -81 -26 -155 -72 -342 1.3 1.0 -1.1 -.9 -.1 -.1 -.1 33.8 33.8 33.7 33.7 33.7 33.7 33.7 41.2 41.2 41.1 41.0 41.0 41.0 40.9 Temporary help services Nonbusiness services 1 Total government Total employment (household survey) 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 September 2003 -2.67 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 -16.33 February 2008 -67.33 March 2008 -97.00 April 2008 -101.00 May 2008 -97.67 June 2008 -100.00 July 2008 -91.67 August 2008 -92.33 Figure: Aggregate Hours and Workweek of Production and 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 March 2008 107.6 33.8 April 2008 107.5 33.8 May 2008 107.1 33.7 June 2008 107.0 33.7 July 2008 106.9 33.7 August 2008 106.8 33.7 Selected Unemployment and Labor Force Participation Rates (Percent; seasonally adjusted) 2007 Rate and group 2008 2007 Q4 Q1 Q2 June July Aug. Civilian unemployment rate Total 4.6 4.8 4.9 5.3 5.5 5.7 6.1 15.7 16.4 16.8 17.4 18.1 20.3 18.9 20-24 years old 8.2 8.6 9.0 9.8 10.1 10.2 10.5 Men, 25 years and older 3.6 3.7 3.8 4.2 4.3 4.6 5.0 Women, 25 years and older 3.6 3.8 3.9 4.1 4.2 4.2 4.8 66.0 66.0 66.0 66.1 66.1 66.1 66.1 41.3 41.0 40.3 41.4 40.5 40.8 40.2 Teenagers Labor force participation rate Total Teenagers 20-24 years old 74.4 74.0 73.9 74.6 74.8 74.9 74.9 Men, 25 years and older 75.6 75.5 75.5 75.2 75.3 75.6 75.6 Women, 25 years and older 59.7 59.7 59.9 60.0 60.1 59.9 60.1 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 March 2008 5.1 66.003 April 2008 5.0 66.020 May 2008 5.5 66.209 June 2008 5.5 66.084 July 2008 5.7 66.108 August 2008 6.1 66.146 Figure: Persons Working Part Time for Economic Reasons Period Percent of household employment January 2000 2.274 February 2000 2.239 March 2000 2.280 April 2000 2.250 May 2000 2.319 June 2000 2.280 July 2000 2.235 August 2000 2.284 September 2000 2.280 October 2000 2.230 November 2000 2.465 December 2000 2.305 January 2001 2.350 February 2001 2.336 March 2001 2.303 April 2001 2.335 May 2001 2.433 June 2001 2.703 July 2001 2.528 August 2001 2.452 September 2001 3.038 October 2001 3.172 November 2001 3.087 December 2001 3.189 January 2002 2.954 February 2002 3.059 March 2002 2.956 April 2002 3.037 May 2002 2.920 June 2002 2.898 July 2002 2.950 August 2002 3.058 September 2002 3.076 October 2002 3.090 November 2002 3.124 December 2002 3.118 January 2003 3.262 February 2003 3.432 March 2003 3.309 April 2003 3.419 May 2003 3.238 June 2003 3.248 July 2003 3.318 August 2003 3.151 September 2003 3.455 October 2003 3.406 November 2003 3.447 December 2003 3.376 January 2004 3.333 February 2004 3.219 March 2004 3.351 April 2004 3.246 May 2004 3.258 June 2004 3.136 July 2004 3.116 August 2004 3.086 September 2004 3.128 October 2004 3.372 November 2004 3.157 December 2004 3.105 January 2005 3.065 February 2005 2.993 March 2005 3.086 April 2005 2.982 May 2005 3.001 June 2005 3.071 July 2005 3.048 August 2005 3.074 September 2005 3.179 October 2005 2.940 November 2005 2.898 December 2005 2.819 January 2006 2.828 February 2006 2.881 March 2006 2.715 April 2006 2.683 May 2006 2.787 June 2006 2.899 July 2006 2.878 August 2006 2.806 September 2006 2.719 October 2006 2.973 November 2006 2.811 December 2006 2.836 January 2007 2.839 February 2007 2.831 March 2007 2.878 April 2007 2.952 May 2007 3.009 June 2007 2.882 July 2007 2.916 August 2007 3.064 September 2007 3.006 October 2007 2.946 November 2007 3.037 December 2007 3.130 January 2008 3.198 February 2008 3.281 March 2008 3.286 April 2008 3.502 May 2008 3.536 June 2008 3.638 July 2008 3.840 August 2008 3.878 Figure: Unemployed Due to Job Loss Period Percent of labor force January 2000 1.78 February 2000 1.86 March 2000 1.77 April 2000 1.61 May 2000 1.73 June 2000 1.71 July 2000 1.74 August 2000 1.85 September 2000 1.77 October 2000 1.73 November 2000 1.76 December 2000 1.82 January 2001 1.95 February 2001 2.02 March 2001 2.12 April 2001 2.15 May 2001 2.21 June 2001 2.30 July 2001 2.34 August 2001 2.43 September 2001 2.52 October 2001 3.00 November 2001 3.10 December 2001 3.09 January 2002 3.12 February 2002 3.08 March 2002 3.07 April 2002 3.20 May 2002 3.21 June 2002 3.20 July 2002 3.18 August 2002 3.17 September 2002 3.12 October 2002 3.23 November 2002 3.27 December 2002 3.29 January 2003 3.23 February 2003 3.28 March 2003 3.26 April 2003 3.28 May 2003 3.48 June 2003 3.39 July 2003 3.38 August 2003 3.41 September 2003 3.38 October 2003 3.29 November 2003 3.18 December 2003 3.07 January 2004 2.99 February 2004 2.91 March 2004 3.11 April 2004 2.95 May 2004 2.85 June 2004 2.78 July 2004 2.85 August 2004 2.70 September 2004 2.73 October 2004 2.76 November 2004 2.74 December 2004 2.72 January 2005 2.71 February 2005 2.63 March 2005 2.55 April 2005 2.45 May 2005 2.42 June 2005 2.44 July 2005 2.39 August 2005 2.31 September 2005 2.50 October 2005 2.37 November 2005 2.33 December 2005 2.32 January 2006 2.22 February 2006 2.24 March 2006 2.29 April 2006 2.32 May 2006 2.30 June 2006 2.24 July 2006 2.18 August 2006 2.16 September 2006 2.13 October 2006 2.04 November 2006 2.11 December 2006 2.12 January 2007 2.22 February 2007 2.26 March 2007 2.12 April 2007 2.17 May 2007 2.21 June 2007 2.23 July 2007 2.37 August 2007 2.38 September 2007 2.36 October 2007 2.43 November 2007 2.35 December 2007 2.51 January 2008 2.47 February 2008 2.51 March 2008 2.70 April 2008 2.61 May 2008 2.77 June 2008 2.83 July 2008 2.85 August 2008 3.12 Figure: Job Losers Unemployed Less Than 5 Weeks Period Percent of household employment 3-month moving average January 2000 0.833 0.837 February 2000 0.838 0.842 March 2000 0.869 0.847 April 2000 0.729 0.812 May 2000 0.835 0.811 June 2000 0.868 0.811 July 2000 0.832 0.845 August 2000 0.875 0.859 September 2000 0.871 0.860 October 2000 0.795 0.847 November 2000 0.829 0.832 December 2000 0.847 0.824 January 2001 0.928 0.868 February 2001 1.011 0.929 March 2001 0.915 0.951 April 2001 1.068 0.998 May 2001 1.065 1.016 June 2001 1.095 1.076 July 2001 0.956 1.039 August 2001 1.087 1.046 September 2001 1.090 1.044 October 2001 1.317 1.165 November 2001 1.237 1.215 December 2001 1.133 1.229 January 2002 1.218 1.196 February 2002 1.188 1.180 March 2002 1.110 1.172 April 2002 1.085 1.128 May 2002 1.053 1.083 June 2002 1.061 1.066 July 2002 1.078 1.064 August 2002 1.137 1.092 September 2002 1.053 1.089 October 2002 1.082 1.091 November 2002 1.128 1.088 December 2002 1.087 1.099 January 2003 1.100 1.105 February 2003 1.074 1.087 March 2003 1.084 1.086 April 2003 1.067 1.075 May 2003 1.212 1.121 June 2003 1.106 1.128 July 2003 1.079 1.132 August 2003 1.130 1.105 September 2003 1.038 1.082 October 2003 1.026 1.065 November 2003 0.993 1.019 December 2003 1.012 1.010 January 2004 0.982 0.996 February 2004 0.877 0.957 March 2004 1.020 0.960 April 2004 1.033 0.977 May 2004 1.000 1.018 June 2004 0.947 0.993 July 2004 1.081 1.009 August 2004 0.968 0.998 September 2004 1.030 1.026 October 2004 0.993 0.997 November 2004 0.978 1.000 December 2004 0.991 0.988 January 2005 0.969 0.979 February 2005 0.974 0.978 March 2005 0.868 0.937 April 2005 0.907 0.917 May 2005 0.893 0.890 June 2005 0.938 0.913 July 2005 0.933 0.921 August 2005 0.883 0.918 September 2005 0.996 0.937 October 2005 0.909 0.929 November 2005 0.838 0.914 December 2005 0.883 0.877 January 2006 0.855 0.859 February 2006 0.834 0.858 March 2006 0.913 0.867 April 2006 0.917 0.888 May 2006 0.890 0.906 June 2006 0.955 0.921 July 2006 0.889 0.911 August 2006 0.827 0.890 September 2006 0.872 0.862 October 2006 0.836 0.845 November 2006 0.855 0.854 December 2006 0.934 0.875 January 2007 0.889 0.893 February 2007 0.929 0.917 March 2007 0.782 0.866 April 2007 0.876 0.862 May 2007 0.862 0.840 June 2007 0.825 0.854 July 2007 0.872 0.853 August 2007 0.900 0.866 September 2007 0.883 0.885 October 2007 0.944 0.909 November 2007 0.959 0.929 December 2007 0.973 0.959 January 2008 0.977 0.970 February 2008 0.992 0.981 March 2008 1.067 1.012 April 2008 0.938 0.999 May 2008 1.169 1.058 June 2008 0.984 1.030 July 2008 0.981 1.045 August 2008 1.181 1.049 Labor Market Indicators Figure: Unemployment Insurance Period Initial claims (Thousands) Insured unemployment (Millions) 9 January 1999 327.00 2.26 16 January 1999 337.43 2.29 23 January 1999 331.36 2.29 30 January 1999 324.90 2.28 6 February 1999 311.35 2.27 13 February 1999 304.59 2.26 20 February 1999 302.25 2.25 27 February 1999 301.17 2.24 6 March 1999 303.53 2.24 13 March 1999 302.70 2.23 20 March 1999 303.42 2.23 27 March 1999 302.69 2.23 3 April 1999 305.10 2.24 10 April 1999 307.70 2.24 17 April 1999 310.01 2.24 24 April 1999 308.22 2.24 1 May 1999 304.72 2.22 8 May 1999 302.43 2.21 15 May 1999 299.11 2.21 22 May 1999 301.07 2.22 29 May 1999 302.98 2.21 5 June 1999 301.42 2.21 12 June 1999 298.81 2.21 19 June 1999 297.22 2.20 26 June 1999 294.23 2.19 3 July 1999 290.04 2.19 10 July 1999 289.49 2.18 17 July 1999 293.77 2.19 24 July 1999 297.49 2.20 31 July 1999 300.88 2.19 7 August 1999 302.51 2.20 14 August 1999 298.26 2.18 21 August 1999 293.16 2.18 28 August 1999 290.55 2.18 4 September 1999 289.34 2.17 11 September 1999 286.65 2.17 18 September 1999 285.51 2.16 25 September 1999 289.57 2.16 2 October 1999 294.34 2.16 9 October 1999 296.70 2.14 16 October 1999 298.09 2.13 23 October 1999 291.69 2.11 30 October 1999 285.84 2.09 6 November 1999 283.74 2.09 13 November 1999 282.19 2.08 20 November 1999 281.21 2.08 27 November 1999 281.80 2.09 4 December 1999 282.97 2.08 11 December 1999 280.88 2.09 18 December 1999 283.51 2.10 25 December 1999 278.57 2.10 1 January 2000 278.34 2.10 8 January 2000 284.81 2.11 15 January 2000 285.44 2.11 22 January 2000 289.54 2.10 29 January 2000 289.33 2.11 5 February 2000 292.79 2.13 12 February 2000 295.48 2.13 19 February 2000 295.18 2.15 26 February 2000 293.90 2.15 4 March 2000 287.32 2.13 11 March 2000 279.76 2.12 18 March 2000 276.59 2.10 25 March 2000 274.58 2.08 1 April 2000 269.75 2.06 8 April 2000 269.19 2.04 15 April 2000 266.29 2.02 22 April 2000 266.65 2.01 29 April 2000 272.85 2.01 6 May 2000 279.08 2.00 13 May 2000 283.30 2.01 20 May 2000 284.79 2.00 27 May 2000 282.06 1.99 3 June 2000 281.32 2.00 10 June 2000 283.41 2.01 17 June 2000 286.97 2.02 24 June 2000 290.96 2.03 1 July 2000 288.87 2.04 8 July 2000 291.09 2.06 15 July 2000 293.48 2.08 22 July 2000 294.48 2.09 29 July 2000 298.71 2.09 5 August 2000 301.91 2.09 12 August 2000 304.89 2.09 19 August 2000 309.24 2.11 26 August 2000 312.60 2.12 2 September 2000 311.49 2.14 9 September 2000 309.94 2.14 16 September 2000 308.29 2.14 23 September 2000 302.44 2.13 30 September 2000 300.19 2.11 7 October 2000 300.05 2.11 14 October 2000 297.15 2.11 21 October 2000 298.93 2.10 28 October 2000 301.09 2.12 4 November 2000 306.75 2.11 11 November 2000 311.38 2.12 18 November 2000 320.55 2.17 25 November 2000 334.38 2.21 2 December 2000 335.98 2.24 9 December 2000 336.83 2.27 16 December 2000 342.32 2.28 23 December 2000 344.11 2.29 30 December 2000 348.01 2.33 6 January 2001 351.98 2.35 13 January 2001 343.09 2.36 20 January 2001 337.94 2.38 27 January 2001 340.21 2.40 3 February 2001 349.78 2.43 10 February 2001 361.55 2.45 17 February 2001 365.31 2.47 24 February 2001 371.18 2.49 3 March 2001 373.28 2.50 10 March 2001 380.04 2.53 17 March 2001 388.72 2.56 24 March 2001 386.74 2.58 31 March 2001 387.86 2.59 7 April 2001 389.25 2.60 14 April 2001 386.92 2.63 21 April 2001 392.51 2.67 28 April 2001 396.85 2.70 5 May 2001 392.66 2.73 12 May 2001 394.27 2.75 19 May 2001 394.82 2.77 26 May 2001 394.73 2.82 2 June 2001 401.03 2.87 9 June 2001 406.21 2.90 16 June 2001 404.21 2.93 23 June 2001 398.03 2.94 30 June 2001 395.01 2.95 7 July 2001 392.68 2.98 14 July 2001 395.43 3.01 21 July 2001 399.78 3.01 28 July 2001 398.07 3.03 4 August 2001 397.90 3.03 11 August 2001 395.09 3.06 18 August 2001 396.03 3.09 25 August 2001 397.80 3.12 1 September 2001 398.23 3.15 8 September 2001 401.67 3.17 15 September 2001 399.85 3.20 22 September 2001 414.38 3.23 29 September 2001 442.96 3.27 6 October 2001 460.01 3.33 13 October 2001 481.95 3.41 20 October 2001 489.14 3.47 27 October 2001 480.81 3.53 3 November 2001 471.69 3.57 10 November 2001 458.13 3.60 17 November 2001 445.62 3.66 24 November 2001 447.66 3.66 1 December 2001 453.93 3.66 8 December 2001 445.27 3.66 15 December 2001 434.69 3.62 22 December 2001 415.82 3.62 29 December 2001 404.90 3.58 5 January 2002 405.87 3.57 12 January 2002 413.03 3.54 19 January 2002 410.24 3.53 26 January 2002 408.57 3.55 2 February 2002 410.31 3.54 9 February 2002 405.19 3.55 16 February 2002 403.28 3.56 23 February 2002 399.25 3.55 2 March 2002 396.06 3.56 9 March 2002 396.47 3.56 16 March 2002 395.06 3.57 23 March 2002 399.25 3.58 30 March 2002 421.04 3.62 6 April 2002 432.51 3.66 13 April 2002 445.02 3.68 20 April 2002 445.27 3.69 27 April 2002 429.02 3.69 4 May 2002 420.15 3.68 11 May 2002 413.05 3.70 18 May 2002 411.93 3.71 25 May 2002 409.33 3.71 1 June 2002 401.37 3.70 8 June 2002 394.94 3.69 15 June 2002 391.00 3.67 22 June 2002 387.19 3.65 29 June 2002 389.23 3.63 6 July 2002 390.18 3.60 13 July 2002 387.31 3.57 20 July 2002 385.06 3.53 27 July 2002 386.23 3.50 3 August 2002 385.29 3.49 10 August 2002 386.52 3.49 17 August 2002 391.59 3.50 24 August 2002 393.51 3.51 31 August 2002 395.24 3.52 7 September 2002 401.87 3.53 14 September 2002 405.08 3.54 21 September 2002 405.72 3.55 28 September 2002 409.36 3.55 5 October 2002 406.45 3.58 12 October 2002 404.59 3.57 19 October 2002 407.36 3.56 26 October 2002 407.38 3.56 2 November 2002 407.54 3.54 9 November 2002 406.33 3.54 16 November 2002 400.71 3.52 23 November 2002 395.87 3.50 30 November 2002 389.08 3.46 7 December 2002 395.36 3.46 14 December 2002 405.37 3.48 21 December 2002 406.42 3.47 28 December 2002 414.38 3.48 4 January 2003 406.41 3.46 11 January 2003 393.60 3.43 18 January 2003 395.57 3.41 25 January 2003 394.95 3.41 1 February 2003 399.99 3.40 8 February 2003 403.01 3.41 15 February 2003 407.46 3.43 22 February 2003 411.06 3.44 1 March 2003 416.70 3.47 8 March 2003 425.18 3.49 15 March 2003 427.73 3.52 22 March 2003 425.11 3.54 29 March 2003 425.08 3.55 5 April 2003 423.38 3.56 12 April 2003 424.31 3.57 19 April 2003 434.00 3.59 26 April 2003 436.05 3.63 3 May 2003 438.74 3.67 10 May 2003 434.54 3.70 17 May 2003 428.46 3.71 24 May 2003 422.10 3.71 31 May 2003 422.94 3.72 7 June 2003 425.97 3.71 14 June 2003 424.99 3.71 21 June 2003 422.35 3.71 28 June 2003 421.78 3.70 5 July 2003 422.75 3.69 12 July 2003 420.53 3.66 19 July 2003 419.23 3.64 26 July 2003 411.42 3.62 2 August 2003 403.52 3.61 9 August 2003 401.40 3.61 16 August 2003 400.09 3.61 23 August 2003 398.38 3.59 30 August 2003 399.80 3.59 6 September 2003 404.20 3.60 13 September 2003 403.37 3.58 20 September 2003 400.39 3.59 27 September 2003 395.43 3.58 4 October 2003 386.58 3.57 11 October 2003 382.02 3.55 18 October 2003 384.05 3.52 25 October 2003 381.95 3.49 1 November 2003 376.07 3.45 8 November 2003 374.91 3.44 15 November 2003 370.54 3.41 22 November 2003 364.32 3.38 29 November 2003 363.03 3.36 6 December 2003 362.06 3.33 13 December 2003 360.41 3.31 20 December 2003 360.49 3.29 27 December 2003 358.49 3.27 3 January 2004 355.03 3.24 10 January 2004 352.44 3.22 17 January 2004 354.80 3.19 24 January 2004 355.84 3.16 31 January 2004 361.55 3.15 7 February 2004 368.85 3.15 14 February 2004 367.03 3.15 21 February 2004 368.98 3.14 28 February 2004 361.94 3.12 6 March 2004 352.65 3.09 13 March 2004 348.67 3.07 20 March 2004 345.30 3.06 27 March 2004 344.07 3.05 3 April 2004 341.99 3.03 10 April 2004 345.66 3.03 17 April 2004 349.59 3.02 24 April 2004 348.68 3.01 1 May 2004 345.84 3.01 8 May 2004 339.42 3.00 15 May 2004 335.66 2.98 22 May 2004 336.25 2.99 29 May 2004 338.86 2.97 5 June 2004 345.11 2.95 12 June 2004 342.60 2.96 19 June 2004 345.44 2.94 26 June 2004 348.82 2.94 3 July 2004 341.17 2.95 10 July 2004 341.86 2.91 17 July 2004 341.65 2.91 24 July 2004 341.57 2.91 31 July 2004 346.35 2.90 7 August 2004 345.18 2.92 14 August 2004 339.99 2.90 21 August 2004 338.32 2.89 28 August 2004 340.50 2.88 4 September 2004 337.76 2.87 11 September 2004 337.51 2.87 18 September 2004 337.84 2.86 25 September 2004 338.20 2.85 2 October 2004 340.78 2.84 9 October 2004 342.45 2.81 16 October 2004 338.51 2.79 23 October 2004 334.63 2.77 30 October 2004 333.47 2.76 6 November 2004 331.61 2.76 13 November 2004 334.36 2.75 20 November 2004 328.53 2.73 27 November 2004 329.37 2.74 4 December 2004 333.09 2.73 11 December 2004 327.78 2.73 18 December 2004 330.28 2.73 25 December 2004 326.25 2.73 1 January 2005 327.43 2.71 8 January 2005 337.94 2.71 15 January 2005 340.45 2.73 22 January 2005 343.34 2.70 29 January 2005 338.68 2.71 5 February 2005 326.38 2.71 12 February 2005 319.93 2.68 19 February 2005 317.84 2.67 26 February 2005 314.13 2.66 5 March 2005 320.51 2.66 12 March 2005 325.17 2.66 19 March 2005 328.15 2.66 26 March 2005 335.46 2.66 2 April 2005 337.16 2.67 9 April 2005 336.22 2.66 16 April 2005 330.40 2.65 23 April 2005 323.41 2.63 30 April 2005 322.00 2.61 7 May 2005 323.06 2.62 14 May 2005 326.29 2.62 21 May 2005 327.13 2.62 28 May 2005 327.89 2.62 4 June 2005 330.49 2.62 11 June 2005 332.88 2.63 18 June 2005 333.21 2.63 25 June 2005 326.20 2.63 2 July 2005 323.14 2.62 9 July 2005 322.47 2.61 16 July 2005 321.86 2.61 23 July 2005 323.78 2.61 30 July 2005 322.12 2.60 6 August 2005 317.80 2.60 13 August 2005 317.77 2.59 20 August 2005 316.90 2.59 27 August 2005 316.68 2.59 3 September 2005 320.36 2.58 10 September 2005 345.89 2.60 17 September 2005 373.26 2.65 24 September 2005 384.32 2.72 1 October 2005 399.04 2.79 8 October 2005 388.86 2.83 15 October 2005 369.35 2.84 22 October 2005 359.71 2.82 29 October 2005 343.51 2.79 5 November 2005 329.27 2.77 12 November 2005 320.11 2.75 19 November 2005 320.18 2.73 26 November 2005 316.74 2.69 3 December 2005 315.93 2.65 10 December 2005 320.07 2.62 17 December 2005 317.45 2.60 24 December 2005 319.77 2.62 31 December 2005 314.35 2.64 7 January 2006 311.05 2.62 14 January 2006 303.86 2.60 21 January 2006 297.00 2.55 28 January 2006 292.70 2.53 4 February 2006 286.82 2.51 11 February 2006 289.71 2.50 18 February 2006 289.03 2.49 25 February 2006 292.22 2.47 4 March 2006 295.37 2.46 11 March 2006 298.35 2.46 18 March 2006 303.41 2.46 25 March 2006 304.32 2.45 1 April 2006 303.42 2.44 8 April 2006 300.84 2.44 15 April 2006 299.17 2.43 22 April 2006 300.81 2.43 29 April 2006 306.96 2.43 6 May 2006 318.48 2.42 13 May 2006 327.81 2.42 20 May 2006 331.47 2.42 27 May 2006 332.57 2.43 3 June 2006 323.01 2.43 10 June 2006 313.04 2.44 17 June 2006 310.61 2.43 24 June 2006 306.10 2.44 1 July 2006 308.65 2.44 8 July 2006 316.35 2.45 15 July 2006 317.09 2.46 22 July 2006 315.97 2.46 29 July 2006 316.23 2.47 5 August 2006 314.35 2.47 12 August 2006 314.81 2.47 19 August 2006 317.77 2.48 26 August 2006 317.43 2.48 2 September 2006 316.59 2.48 9 September 2006 316.40 2.47 16 September 2006 318.55 2.47 23 September 2006 320.71 2.46 30 September 2006 319.39 2.45 7 October 2006 319.85 2.45 14 October 2006 314.78 2.46 21 October 2006 311.86 2.45 28 October 2006 316.10 2.45 4 November 2006 316.51 2.45 11 November 2006 318.94 2.44 18 November 2006 322.05 2.45 25 November 2006 326.02 2.47 2 December 2006 328.08 2.47 9 December 2006 327.58 2.48 16 December 2006 326.04 2.49 23 December 2006 319.77 2.47 30 December 2006 320.72 2.46 6 January 2007 321.14 2.45 13 January 2007 315.75 2.44 20 January 2007 320.15 2.47 27 January 2007 314.87 2.48 3 February 2007 313.47 2.49 10 February 2007 322.39 2.49 17 February 2007 318.87 2.51 24 February 2007 322.39 2.52 3 March 2007 324.81 2.53 10 March 2007 318.43 2.53 17 March 2007 315.80 2.51 24 March 2007 311.54 2.50 31 March 2007 311.29 2.50 7 April 2007 316.31 2.50 14 April 2007 321.05 2.52 21 April 2007 323.68 2.52 28 April 2007 321.31 2.53 5 May 2007 313.68 2.52 12 May 2007 305.95 2.51 19 May 2007 304.58 2.50 26 May 2007 304.89 2.50 2 June 2007 308.49 2.51 9 June 2007 311.50 2.51 16 June 2007 314.87 2.51 23 June 2007 316.03 2.52 30 June 2007 318.54 2.53 7 July 2007 316.16 2.54 14 July 2007 312.42 2.55 21 July 2007 310.66 2.55 28 July 2007 308.56 2.55 4 August 2007 312.11 2.55 11 August 2007 315.58 2.55 18 August 2007 320.11 2.56 25 August 2007 324.90 2.57 1 September 2007 325.28 2.58 8 September 2007 324.99 2.58 15 September 2007 323.15 2.58 22 September 2007 317.27 2.57 29 September 2007 318.36 2.55 6 October 2007 317.00 2.55 13 October 2007 321.81 2.55 20 October 2007 327.95 2.56 27 October 2007 329.98 2.57 3 November 2007 331.94 2.58 10 November 2007 332.01 2.59 17 November 2007 331.87 2.60 24 November 2007 336.10 2.61 1 December 2007 340.08 2.62 8 December 2007 339.81 2.64 15 December 2007 343.80 2.65 22 December 2007 344.86 2.68 29 December 2007 344.60 2.69 5 January 2008 342.79 2.72 12 January 2008 334.45 2.71 19 January 2008 327.12 2.70 26 January 2008 333.92 2.72 2 February 2008 339.19 2.71 9 February 2008 345.05 2.74 16 February 2008 349.57 2.75 23 February 2008 347.75 2.76 1 March 2008 346.04 2.78 8 March 2008 348.20 2.80 15 March 2008 356.38 2.83 22 March 2008 359.31 2.87 29 March 2008 374.66 2.91 5 April 2008 376.64 2.94 12 April 2008 376.59 2.96 19 April 2008 370.13 2.98 26 April 2008 364.30 3.00 3 May 2008 367.33 3.02 10 May 2008 367.18 3.05 17 May 2008 372.93 3.07 24 May 2008 371.21 3.08 31 May 2008 369.01 3.10 7 June 2008 372.03 3.10 14 June 2008 376.11 3.10 21 June 2008 379.30 3.11 28 June 2008 390.52 3.13 5 July 2008 381.07 3.14 12 July 2008 377.95 3.13 19 July 2008 381.68 3.17 26 July 2008 392.97 3.20 2 August 2008 420.07 3.26 9 August 2008 438.15 3.33 16 August 2008 446.28 3.37 23 August 2008 441.39 3.40 30 August 2008 438.22 ND Note. 4-week moving averages. Figure: Layoffs and Job Cuts Period Layoffs and discharges Announced job cuts (Thousands) (Percent of private employment) January 1999 ND 57.17 February 1999 ND 65.31 March 1999 ND 69.42 April 1999 ND 58.25 May 1999 ND 73.76 June 1999 ND 79.44 July 1999 ND 55.46 August 1999 ND 62.12 September 1999 ND 63.05 October 1999 ND 5.51 November 1999 ND 46.11 December 1999 ND 39.16 January 2000 ND 27.93 February 2000 ND 37.71 March 2000 ND 58.11 April 2000 ND 38.19 May 2000 ND 47.75 June 2000 ND 35.03 July 2000 ND 65.14 August 2000 ND 62.90 September 2000 ND 50.05 October 2000 ND 25.77 November 2000 ND 37.57 December 2000 1.227 126.63 January 2001 1.333 119.11 February 2001 1.300 103.83 March 2001 1.377 167.09 April 2001 1.338 166.72 May 2001 1.428 100.29 June 2001 1.323 142.62 July 2001 1.453 208.77 August 2001 1.355 146.11 September 2001 1.502 248.60 October 2001 1.683 224.72 November 2001 1.682 173.54 December 2001 1.423 154.69 January 2002 1.241 191.00 February 2002 1.395 128.75 March 2002 1.375 108.36 April 2002 1.329 113.28 May 2002 1.430 104.63 June 2002 1.430 112.06 July 2002 1.362 85.81 August 2002 1.352 122.40 September 2002 1.295 68.89 October 2002 1.386 159.80 November 2002 1.589 148.73 December 2002 1.412 87.79 January 2003 1.460 110.97 February 2003 1.386 137.57 March 2003 1.367 93.68 April 2003 1.418 146.03 May 2003 1.337 86.61 June 2003 1.534 77.37 July 2003 1.475 91.75 August 2003 1.446 83.04 September 2003 1.390 73.85 October 2003 1.384 155.45 November 2003 1.392 90.22 December 2003 1.600 90.60 January 2004 1.377 96.97 February 2004 1.480 74.82 March 2004 1.462 78.85 April 2004 1.510 70.68 May 2004 1.453 89.16 June 2004 1.337 82.44 July 2004 1.387 77.73 August 2004 1.545 76.99 September 2004 1.474 104.97 October 2004 1.476 84.48 November 2004 1.387 93.79 December 2004 1.498 108.90 January 2005 1.497 72.68 February 2005 1.475 103.96 March 2005 1.456 100.65 April 2005 1.511 55.78 May 2005 1.461 95.68 June 2005 1.446 127.24 July 2005 1.399 112.97 August 2005 1.344 74.59 September 2005 1.457 69.13 October 2005 1.259 63.78 November 2005 1.276 86.18 December 2005 1.303 108.30 January 2006 1.206 86.70 February 2006 1.278 80.61 March 2006 1.358 81.91 April 2006 1.219 57.69 May 2006 1.466 64.64 June 2006 1.251 80.67 July 2006 1.302 48.84 August 2006 1.250 70.23 September 2006 1.135 96.52 October 2006 1.345 54.74 November 2006 1.360 62.01 December 2006 1.313 54.23 January 2007 1.314 49.67 February 2007 1.282 75.73 March 2007 1.259 66.62 April 2007 1.337 70.14 May 2007 1.261 78.91 June 2007 1.352 66.59 July 2007 1.299 54.83 August 2007 1.357 85.00 September 2007 1.426 65.98 October 2007 1.438 53.23 November 2007 1.448 58.52 December 2007 1.316 43.06 January 2008 1.415 64.07 February 2008 1.387 63.23 March 2008 1.360 70.68 April 2008 1.349 90.56 May 2008 1.463 109.17 June 2008 1.446 91.16 July 2008 1.493 115.13 ND 94.48 August 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: 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 3.7 February 2008 2.8 3.6 March 2008 2.7 3.6 April 2008 2.7 3.7 May 2008 2.7 3.4 June 2008 2.6 3.6 July 2008 2.5 3.3 Source. Job Openings and Labor Turnover Survey. Figure: Job Availability and Hard-to-Fill Positions Period Job availability* (Index) Hard-to-fill** (Percent, 3-month moving average) January 1999 133.59 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 28.84 September 1999 135.30 28.69 October 1999 138.25 29.71 November 1999 139.15 30.89 December 1999 141.11 31.70 January 2000 143.77 31.45 February 2000 139.97 31.60 March 2000 140.90 31.89 April 2000 139.87 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 142.77 33.35 October 2000 141.69 33.05 November 2000 142.13 33.58 December 2000 139.83 33.37 January 2001 135.87 33.11 February 2001 131.87 31.60 March 2001 129.60 29.50 April 2001 125.27 27.51 May 2001 123.69 25.83 June 2001 122.43 26.09 July 2001 118.65 26.01 August 2001 116.88 26.99 September 2001 109.63 26.71 October 2001 103.74 25.41 November 2001 97.30 21.95 December 2001 97.77 20.10 January 2002 95.37 19.46 February 2002 96.16 19.56 March 2002 98.21 19.36 April 2002 97.26 19.71 May 2002 97.97 19.73 June 2002 94.59 20.46 July 2002 92.27 21.14 August 2002 92.80 21.11 September 2002 92.45 19.37 October 2002 90.76 18.38 November 2002 89.54 19.32 December 2002 84.52 19.23 January 2003 84.86 19.11 February 2003 81.52 18.16 March 2003 77.97 18.56 April 2003 82.24 17.66 May 2003 77.89 16.71 June 2003 76.91 16.49 July 2003 75.72 16.22 August 2003 76.48 17.50 September 2003 77.24 18.36 October 2003 81.51 19.36 November 2003 86.83 19.02 December 2003 83.58 19.35 January 2004 83.98 19.42 February 2004 85.13 19.40 March 2004 83.71 19.76 April 2004 85.85 20.29 May 2004 84.77 21.39 June 2004 89.97 20.87 July 2004 91.98 21.96 August 2004 91.79 21.55 September 2004 91.57 21.65 October 2004 93.05 21.67 November 2004 92.28 22.02 December 2004 94.79 23.12 January 2005 94.98 22.07 February 2005 97.62 22.36 March 2005 96.77 22.34 April 2005 95.63 22.91 May 2005 97.31 23.03 June 2005 98.38 21.90 July 2005 August 2005 September 2005 October 2005 97.16 21.68 100.11 21.61 98.90 22.65 99.13 22.70 November 2005 100.81 23.35 December 2005 102.30 23.17 January 2006 104.62 24.38 February 2006 105.70 24.35 March 2006 106.41 24.25 April 2006 107.94 25.84 May 2006 107.46 25.96 June 2006 106.87 26.91 July 2006 107.10 25.08 August 2006 103.09 24.72 September 2006 108.55 24.69 October 2006 107.74 25.72 November 2006 106.93 25.34 December 2006 107.57 23.53 January 2007 107.65 22.69 February 2007 108.18 23.02 March 2007 109.64 24.85 April 2007 107.10 24.77 May 2007 107.93 24.86 June 2007 106.38 25.23 July 2007 109.44 24.79 August 2007 107.59 24.82 September 2007 106.31 24.41 October 2007 105.34 24.11 November 2007 105.19 22.67 December 2007 102.11 21.57 January 2008 100.86 21.66 February 2008 96.34 21.33 March 2008 92.76 20.13 April 2008 87.69 19.07 May 2008 86.29 17.82 June 2008 83.96 18.86 July 2008 81.55 18.14 August 2008 80.95 17.89 * 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. Figure: Expected Labor Market Conditions Index Period Reuters/Michigan Conference Board January 1999 85 99.1 February 1999 92 100.5 March 1999 87 102.1 April 1999 91 104.4 May 1999 90 104.7 June 1999 98 108.1 July 1999 91 104.3 August 1999 87 104.6 September 1999 90 102.8 October 1999 88 101.3 November 1999 89 104.4 December 1999 95 105.9 January 2000 96 106.8 February 2000 94 105.6 March 2000 91 104.0 April 2000 91 104.8 May 2000 96 109.5 June 2000 88 106.6 July 2000 89 107.4 August 2000 92 106.1 September 2000 89 107.8 October 2000 83 105.8 November 2000 86 101.1 December 2000 73 98.3 January 2001 61 90.2 February 2001 57 84.3 March 2001 57 91.8 April 2001 54 89.4 May 2001 62 94.2 June 2001 65 97.5 July 2001 60 98.6 August 2001 58 98.0 September 2001 49 90.4 October 2001 50 84.9 November 2001 57 88.1 December 2001 65 97.2 January 2002 77 100.9 February 2002 76 98.8 March 2002 88 107.2 April 2002 91 107.4 May 2002 89 107.6 June 2002 85 106.1 July 2002 68 100.3 August 2002 71 99.6 September 2002 80 100.5 October 2002 69 93.2 November 2002 77 96.6 December 2002 73 95.2 January 2003 69 93.0 February 2003 70 83.9 March 2003 70 84.3 April 2003 80 95.5 May 2003 93 100.1 June 2003 85 102.0 July 2003 84 97.0 August 2003 89 99.4 September 2003 86 95.5 October 2003 83 99.2 November 2003 95 100.5 December 2003 102 106.1 January 2004 105 104.8 February 2004 95 97.6 March 2004 92 98.4 April 2004 93 100.6 May 2004 93 101.4 June 2004 104 103.1 July 2004 107 106.0 August 2004 94 101.2 September 2004 95 101.6 October 2004 95 98.4 November 2004 94 98.3 December 2004 97 101.1 January 2005 89 101.5 February 2005 89 98.5 March 2005 88 99.3 April 2005 82 95.6 May 2005 81 99.2 June 2005 84 99.0 July 2005 83 98.9 August 2005 77 99.1 September 2005 63 89.2 October 2005 66 88.3 November 2005 78 96.0 December 2005 74 96.7 January 2006 73 98.4 February 2006 72 93.5 March 2006 71 97.3 April 2006 71 99.1 May 2006 73 96.8 June 2006 73 98.3 July 2006 71 97.8 August 2006 70 96.1 September 2006 75 98.2 October 2006 78 97.1 November 2006 79 97.2 December 2006 79 98.4 January 2007 85 98.2 February 2007 75 99.1 March 2007 77 96.7 April 2007 71 97.6 May 2007 80 98.0 June 2007 75 97.0 July 2007 77 98.9 August 2007 69 97.7 September 2007 73 94.7 October 2007 70 93.1 November 2007 72 87.8 December 2007 61 91.0 January 2008 59 88.6 February 2008 59 80.9 March 2008 52 78.7 April 2008 46 75.9 May 2008 47 76.7 June 2008 41 72.3 July 2008 46 70.7 August 2008 50 79.9 Note. The proportion of households expecting labor market conditions to improve, minus the proportion expecting conditions to worsen, plus 100. Figure: Net Hiring Plans: Manpower, Inc. Period Percent 1999:Q1 21 1999:Q2 21 1999:Q3 21 1999:Q4 22 2000:Q1 21 2000:Q2 24 2000:Q3 25 2000:Q4 24 2001:Q1 24 2001:Q2 18 2001:Q3 14 2001:Q4 12 2002:Q1 7 2002:Q2 9 2002:Q3 15 2002:Q4 14 2003:Q1 15 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 21 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 2008:Q3 12 2008:Q4 9 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 16.44 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 13.64 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 9.26 December 2002 10.23 January 2003 8.73 February 2003 8.12 March 2003 5.90 April 2003 6.55 May 2003 7.10 June 2003 9.31 July 2003 10.32 August 2003 10.90 September 2003 10.98 October 2003 11.35 November 2003 11.86 December 2003 14.46 January 2004 15.44 February 2004 15.95 March 2004 15.20 April 2004 14.95 May 2004 14.91 June 2004 14.39 July 2004 14.37 August 2004 15.14 September 2004 15.00 October 2004 14.85 November 2004 15.95 December 2004 16.39 January 2005 16.14 February 2005 15.10 March 2005 14.47 April 2005 13.93 May 2005 13.81 June 2005 13.89 July 2005 14.58 August 2005 14.02 September 2005 14.89 October 2005 15.63 November 2005 15.34 December 2005 14.41 January 2006 14.22 February 2006 14.96 March 2006 14.70 April 2006 15.21 May 2006 15.01 June 2006 14.10 July 2006 13.41 August 2006 13.19 September 2006 15.06 October 2006 15.11 November 2006 16.77 December 2006 14.50 January 2007 14.64 February 2007 12.25 March 2007 14.64 April 2007 14.13 May 2007 14.80 June 2007 13.84 July 2007 13.54 August 2007 12.94 September 2007 12.67 October 2007 11.65 November 2007 11.30 December 2007 10.52 January 2008 9.70 February 2008 9.26 March 2008 8.33 April 2008 7.76 May 2008 5.50 June 2008 5.15 July 2008 4.90 August 2008 5.98 Note. Percent planning an increase in employment minus percent planning a reduction. * Seasonally adjusted by FRB staff. Return to table Output per Hour (Percent change from preceding period at an annual rate; seasonally adjusted) Sector 2007 2008 2006:Q2 to 2007:Q2 2007:Q2 to 2008:Q2 .5 3.4 1 5.8 .8 2.6 4.5 1 .6 1 4.9 -.7 2.5 5.0 1 2.3 1.8 1.9 -.2 5.6 Q3 Q4 Q1 Q2 Nonfarm business All persons All employees 2 Nonfinancial corporations 3 2.9 1.0 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 Selected Components of Industrial Production (Percent change from preceding comparable period) Component Proportion 2007 (percent) 2008 20071 Q1 2008 Q2 May June Annual rate July Monthly rate Total 100.0 2.1 .4 -3.2 -.2 .4 .2 Previous 100.0 2.1 .5 -3.1 -.2 .5 … 78.7 2.3 -1.0 -3.9 .0 .1 .4 73.6 2.6 .0 -2.1 .0 -.2 .2 69.3 1.3 -1.1 -3.3 .0 -.2 .2 Mining 11.6 .2 3.5 2.4 .1 .9 .9 Utilities 9.7 3.1 8.0 -4.1 -2.2 2.3 -1.9 24.7 2.3 7.0 -1.0 -.8 .9 .2 High technology 4.3 22.3 17.6 16.9 -.2 .5 .3 Computers 1.0 16.7 25.0 8.4 .3 .7 .6 Communications equipment 1.3 20.6 6.4 15.7 -.2 .0 -.2 Semiconductors 2 2.0 25.9 21.8 21.9 -.5 .8 .4 5.1 -2.2 -14.4 -28.9 .6 4.8 3.6 Total ex. selected industries 65.9 1.1 -2.0 -3.3 .0 -.1 .0 Consumer goods 19.9 .3 -1.7 -1.4 .0 .0 -.2 3.6 -2.4 -11.7 -5.1 -.1 -.5 -.3 16.3 .9 .6 -.6 .0 .2 -.2 7.3 2.8 2.6 -6.6 .2 .0 .5 Manufacturing Ex. motor veh. and parts Ex. high-tech industries Selected industries Energy Motor vehicles and parts Durables Nondurables Business equipment Defense and space equipment 1.7 4.2 1.3 -3.3 -.5 .8 .6 Construction supplies 4.2 -1.9 -7.6 -5.1 .4 -.2 .3 Business supplies 7.4 -.1 -3.5 -5.3 -.1 -.9 -.4 25.4 1.8 -2.5 -2.9 .0 .0 .1 Durables 13.6 2.9 -.4 -3.0 -.5 .3 .2 Nondurables 11.7 .6 -4.9 -2.8 .6 -.4 -.1 Materials 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 199495 high 2007 200102 low 2008 Q4 Q1 Q2 June July Total industry 81.0 85.1 73.6 81.0 80.6 79.7 79.8 79.9 Manufacturing 79.7 84.6 71.5 79.3 78.7 77.6 77.5 77.7 79.9 84.3 71.2 79.8 79.4 78.6 78.4 78.4 Ex. motor veh. and parts Mining 87.5 88.7 84.8 90.2 90.4 90.9 91.4 92.1 Utilities 86.8 93.9 84.6 85.9 86.7 85.7 86.2 84.4 Crude 86.6 89.5 81.9 89.3 89.5 89.4 89.4 90.1 Primary and semifinished 82.2 88.2 74.6 81.3 80.8 79.8 79.8 79.5 Finished 77.7 80.4 69.9 77.6 77.2 75.9 76.1 76.4 Stage-of-process groups Production of Domestic Light Vehicles (Millions of units at an annual rate except as noted) 2008 Item Q1 1 Q2 Q3 Q4 June July Aug. Sept. 9.7 8.5 8.7 8.6 9.0 9.6 8.0 8.7 Autos 3.9 3.6 4.4 4.2 3.7 4.7 4.1 4.4 Light trucks 5.7 4.9 4.3 4.5 5.3 4.9 3.8 4.3 Days' supply2 U.S. production 66 72 n.a. n.a. 75 88 71 n.a. Autos 52 48 n.a. n.a. 49 59 61 n.a. Light trucks 77 94 n.a. n.a. 99 115 80 n.a. 2.48 2.41 n.a. n.a. 2.41 2.58 2.42 n.a. Inventories3 Autos Light trucks Memo: U.S. production, total motor vehicles 4 .86 .78 n.a. n.a. .78 .85 .89 n.a. 1.63 1.63 n.a. n.a. 1.63 1.73 1.54 n.a. 9.9 8.8 9.0 8.9 9.2 9.8 8.2 8.9 Note. FRB seasonals. Components may not sum to totals because of rounding. 1. Production rates for September and the fourth 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. Return to table 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 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 3.228 February 2005 3.267 March 2005 3.140 April 2005 3.136 May 2005 3.069 June 2005 2.948 July 2005 2.601 August 2005 2.669 September 2005 2.772 October 2005 2.966 November 2005 3.000 December 2005 3.001 January 2006 2.960 February 2006 2.932 March 2006 3.009 April 2006 2.963 May 2006 3.006 June 2006 3.036 July 2006 2.992 August 2006 2.965 September 2006 2.963 October 2006 2.863 November 2006 2.773 December 2006 2.818 January 2007 2.762 February 2007 2.698 March 2007 2.706 April 2007 2.667 May 2007 2.625 June 2007 2.678 July 2007 2.838 August 2007 2.805 September 2007 2.736 October 2007 2.727 November 2007 2.712 December 2007 2.603 January 2008 2.576 February 2008 2.586 March 2008 2.483 April 2008 2.497 May 2008 2.379 June 2008 2.413 July 2008 2.582 August 2008 2.425 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 73.19 February 2004 74.00 March 2004 74.55 April 2004 77.43 May 2004 70.42 June 2004 81.85 July 2004 75.62 August 2004 78.39 September 2004 72.12 October 2004 75.67 November 2004 74.50 December 2004 70.30 January 2005 76.12 February 2005 77.82 March 2005 71.53 April 2005 70.31 May 2005 70.08 June 2005 62.74 July 2005 47.09 August 2005 61.14 September 2005 65.60 October 2005 79.45 November 2005 72.58 December 2005 69.32 January 2006 64.44 February 2006 68.84 March 2006 70.75 April 2006 70.40 May 2006 73.56 June 2006 73.81 July 2006 69.91 August 2006 72.99 September 2006 71.11 October 2006 70.88 November 2006 69.68 December 2006 68.09 January 2007 68.23 February 2007 65.58 March 2007 67.18 April 2007 65.24 May 2007 64.44 June 2007 68.89 July 2007 74.09 August 2007 68.04 September 2007 67.67 October 2007 68.72 November 2007 67.89 December 2007 65.51 January 2008 67.36 February 2008 68.25 March 2008 68.08 April 2008 71.75 May 2008 69.83 June 2008 74.55 July 2008 87.54 August 2008 71.47 A second series shown in the figure, "Using 3-month moving average of sales", begins at about 66 in 1998, increases to about 70 shortly after, then decreases to about 55 in 1998:Q3. It generally increases to about 75 in 2000:Q4, then generally decreases to about 49 in 2001:Q4, and generally increases to about 80 in 2004:Q3. The series generally decreases to about 54 in 2005:Q3, increases to about 90 by mid-2008, and decreases to end at about 71 in August 2008. Indicators of High-Tech Manufacturing Activity Figure: Rate of Change in Semiconductor Industrial Production 3-month moving average Percent Period MPUs Non-MPUs January 2002 5.86 0.81 February 2002 6.31 0.57 March 2002 4.41 1.27 April 2002 2.89 3.24 May 2002 4.28 4.95 June 2002 6.31 5.51 July 2002 6.06 4.75 August 2002 3.77 2.95 September 2002 2.51 1.40 October 2002 4.35 0.63 November 2002 7.44 0.61 December 2002 8.71 0.82 January 2003 8.51 1.29 February 2003 8.42 2.36 March 2003 8.01 2.89 April 2003 6.78 2.50 May 2003 6.16 1.86 June 2003 7.63 1.50 July 2003 8.26 1.39 August 2003 4.85 1.48 September 2003 October 2003 0.78 2.48 -0.42 3.68 November 2003 1.10 3.74 December 2003 1.98 3.06 January 2004 0.53 2.53 February 2004 0.48 2.27 March 2004 2.35 2.13 April 2004 2.89 2.32 May 2004 1.58 2.99 June 2004 -0.05 2.97 July 2004 0.48 1.94 August 2004 3.39 1.36 September 2004 5.49 1.85 October 2004 4.59 3.03 November 2004 1.21 3.81 December 2004 -1.48 3.78 January 2005 -0.99 3.70 February 2005 0.06 3.62 March 2005 0.78 3.17 April 2005 1.69 2.25 May 2005 1.28 1.44 June 2005 -0.13 1.57 July 2005 -1.00 2.24 August 2005 1.74 2.79 September 2005 6.00 2.73 October 2005 6.37 1.94 November 2005 3.59 1.00 December 2005 1.19 0.40 January 2006 1.99 0.23 February 2006 4.36 -0.13 March 2006 3.75 -0.80 April 2006 1.12 -1.16 May 2006 0.40 -0.95 June 2006 1.59 -0.28 July 2006 2.83 0.65 August 2006 3.37 1.59 September 2006 3.58 2.09 October 2006 4.43 2.04 November 2006 4.94 1.96 December 2006 4.45 1.85 January 2007 2.00 1.43 February 2007 -0.41 1.25 March 2007 1.29 1.48 April 2007 5.10 1.33 May 2007 5.94 0.88 June 2007 6.07 1.32 July 2007 6.56 2.72 August 2007 4.76 3.12 September 2007 2.62 2.07 October 2007 2.43 2.17 November 2007 4.51 2.45 December 2007 3.47 2.91 January 2008 0.74 2.32 February 2008 2.28 2.04 March 2008 4.72 2.25 April 2008 4.46 1.84 May 2008 2.17 1.49 June 2008 0.75 0.88 July 2008 1.09 0.48 Note. MPU is a microprocessor unit. Figure: High-Tech Inventory-Sales Ratios A line chart shows three series, "Semiconductor inventory", "Contract electronics & wholesale chip companies", and "Downstream final goods companies", from 2002 through 2008:Q2. Unit is 1995 = 100. The "Semiconductor inventory" series begins at about 119 in 2002:Q1, increases to about 135 in 2002:Q3, then generally decreases to about 96 in 2003 and 2004. The series generally increases to about 140 in 2007:Q1, and decreases to end at about 110 in 2008:Q2. The "Contract electronics & wholesale chip companies" series begins at about 105 in 2002:Q1, decreases to about 75 in 2005:Q2, generally increases to about 90 in 2006:Q2, and 2007:Q1. It decreases to about 80 in 2007:Q3, and increases to end at about 85 in 2008:Q2. The "Downstream final goods companies" series begins at about 48 in 2002:Q1, fluctuates around approximately 45 through 2005:Q4, then gradually increases to end at about 53 in 2008:Q2. Note. Company inventories aggregated by company chip consumption weights. Figure: Circuit Board Orders and Shipments A line chart shows two series, "Shipments", and "Orders" from 2002, through July 2008. Unit is billions of dollars. The "Shipments" series begins at about $119.9 billion in 2002, increases to about 130 in 2002:Q2, it generally decreases to about 91 in 2003:Q1, and generally increases to about 135 in 2004:Q2. It then decreases to about 122 in 2004:Q4, generally increases to about 147 in 2006:Q2, generally decreases to about 125 in 2007:Q1. The series generally increases to about 140 in 2007:Q4, it fluctuates between 125 and 140 and decreases to end at about 140 in July 2008. The "Orders" series begins at about $125 billion in 2002, increases to about 131 in 2002:Q2, it generally decreases to about 89 in 2003:Q2, and generally increases to about 170 in 2004:Q2. It then generally decreases to about 95 in 2004:Q4, generally increases to about 177 in 2005:Q3, generally decreases to about 122 in 2006:Q4. The series fluctuates between about 125 and 145 through 2008:Q1, and decreases to end at about 130 in July 2008. Note. U.S. and Canadian shipments of bare and loaded circuit boards. Source. Institute for Printed Circuits. Figure: U.S. Personal Computer and Server Absorption Millions of units, ratio scale Period PCs Servers 2002:Q1 11.31 0.436 2002:Q2 11.15 0.440 2002:Q3 11.24 0.456 2002:Q4 11.28 0.474 2003:Q1 11.51 0.492 2003:Q2 12.21 0.525 2003:Q3 12.77 0.558 2003:Q4 12.92 0.587 2004:Q1 13.08 0.612 2004:Q2 12.91 0.632 2004:Q3 13.18 0.656 2004:Q4 13.89 0.680 2005:Q1 13.90 0.698 2005:Q2 14.20 0.689 2005:Q3 14.69 0.688 2005:Q4 14.84 0.718 2006:Q1 14.88 0.710 2006:Q2 15.10 0.721 2006:Q3 14.88 0.741 2006:Q4 14.90 0.698 2007:Q1 15.74 0.729 2007:Q2 16.04 0.738 2007:Q3 15.91 0.743 2007:Q4 16.53 0.748 2008:Q1 16.46 0.768 2008:Q2 16.63 0.795 2008:Q3 17.11 ND Note. FRB seasonals. PCs include desktops, notebooks, and ultra portables. Q3 PC units are an IDC forecast. Source. International Data Corporation. Figure: Cisco Revenue and U.S. Sales of High-End Data Networking Equipment A line chart shows two series, "U.S. sales", and "Cisco", from 2001 through 2008:Q2. Unit is 2006 = 100. The "U.S. sales" series begins at about 110 in 2001:Q1, it generally decreases to about 65 in 2003:Q1, and generally increases to end at about 121 in 2008:Q1. The "Cisco" series begins at about 65 in 2001:Q1, and generally increases to end at about 138 in 2008:Q2. Note. FRB seasonals. Source. Synergy Research Group and Cisco Systems. Figure: Capital Expenditures by Selected Telecommunications Service Providers Billions of dollars, ratio scale Period Expenditures 2002:Q1 47.64 2002:Q2 44.79 2002:Q3 39.55 2002:Q4 41.99 2003:Q1 33.09 2003:Q2 31.39 2003:Q3 36.03 2003:Q4 38.36 2004:Q1 36.88 2004:Q2 36.17 2004:Q3 34.28 2004:Q4 35.84 2005:Q1 39.05 2005:Q2 42.18 2005:Q3 39.87 2005:Q4 38.96 2006:Q1 46.63 2006:Q2 41.27 2006:Q3 45.19 2006:Q4 43.13 2007:Q1 42.76 2007:Q2 41.79 2007:Q3 41.97 2007:Q4 43.18 2008:Q1 44.67 2008:Q2 42.11 As shown in the figure, the capital expenditures series begins at about $71 billion in 2001:Q1, and decreases almost steadily to about 47.64 by 2002:Q1. Note. FRB seasonals. Includes AT&T, Verizon, Sprint Nextel, and companies related by merger, acquisition, or spinoff. Source. SEC filings. Figure: Capital Expenditures by Selected Telecommunications Service Providers: Annual averages Billions of dollars, ratio scale Period Expenditures 2002 43.39 2003 34.95 2004 35.55 2005 39.78 2006 43.80 2007 42.41 As shown in the figure, the annual average for 2001 is about $65 billion. 2008:Q2 guidance is about $42 billion. Note. FRB seasonals. Includes AT&T, Verizon, Sprint Nextel, and companies related by merger, acquisition, or spinoff. Source. SEC filings. Guidance from Dell'Oro. Indicators of Industrial Activity Figure: Motor Vehicle Assemblies Millions of units Period Autos and light trucks Medium and heavy trucks January 2002 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 11.48 0.459 February 2005 12.06 0.430 March 2005 11.58 0.416 April 2005 11.02 0.422 May 2005 11.17 0.444 June 2005 11.53 0.429 July 2005 11.33 0.441 August 2005 11.73 0.415 September 2005 12.10 0.405 October 2005 12.07 0.433 November 2005 11.32 0.400 December 2005 10.84 0.407 January 2006 11.37 0.493 February 2006 11.06 0.467 March 2006 11.32 0.483 April 2006 11.12 0.493 May 2006 10.91 0.472 June 2006 11.13 0.412 July 2006 10.16 0.529 August 2006 10.68 0.457 September 2006 10.55 0.454 October 2006 10.23 0.451 November 2006 10.54 0.441 December 2006 10.73 0.424 January 2007 10.00 0.381 February 2007 10.38 0.355 March 2007 10.37 0.319 April 2007 10.76 0.265 May 2007 10.62 0.266 June 2007 10.92 0.273 July 2007 11.08 0.263 August 2007 10.71 0.245 September 2007 10.24 0.251 October 2007 10.18 0.224 November 2007 10.37 0.251 December 2007 10.23 0.258 January 2008 9.97 0.221 February 2008 9.90 0.235 March 2008 9.13 0.260 April 2008 8.17 0.268 May 2008 8.42 0.263 June 2008 9.04 0.209 July 2008 9.56 0.206 August 2008 7.96 0.267 As shown in the figure, in September 2008 the "Autos and light trucks" series is about 8.6 million units, and the "Medium and heavy trucks" series is about 0.24 million units. Note. September values are based on latest industry schedules. Figure: Utilities Output 2002 = 100 Period Electricity Natural gas January 2002 96.65 90.58 February 2002 96.88 92.68 98.66 97.26 April 2002 March 2002 101.59 101.68 May 2002 100.01 103.71 June 2002 100.43 101.42 July 2002 101.87 99.61 99.86 97.61 September 2002 101.47 97.27 August 2002 October 2002 101.87 104.53 November 2002 100.73 108.85 December 2002 99.97 104.81 January 2003 103.28 103.11 February 2003 104.59 110.31 March 2003 101.59 101.50 April 2003 101.52 100.25 May 2003 101.31 101.64 June 2003 98.09 98.97 July 2003 101.83 99.55 August 2003 102.88 98.10 September 2003 101.58 98.91 October 2003 101.92 100.10 November 2003 102.54 98.07 December 2003 103.77 100.37 January 2004 105.30 104.95 February 2004 106.19 108.59 March 2004 103.43 93.28 April 2004 104.28 96.69 May 2004 106.01 97.66 June 2004 104.10 95.94 July 2004 102.36 97.19 99.33 97.51 September 2004 103.66 98.04 October 2004 104.42 97.20 November 2004 104.55 97.85 December 2004 106.45 100.20 January 2005 105.25 99.06 February 2005 104.35 97.23 March 2005 106.41 100.87 April 2005 105.18 98.52 May 2005 103.52 102.72 June 2005 108.15 99.29 July 2005 108.89 97.68 August 2005 108.20 95.60 September 2005 110.11 92.81 October 2005 109.14 90.06 November 2005 107.47 90.76 December 2005 109.71 100.82 January 2006 104.23 80.31 February 2006 106.33 88.96 March 2006 108.34 93.09 April 2006 108.00 88.37 May 2006 108.59 88.83 June 2006 109.33 92.47 July 2006 111.17 92.53 August 2006 109.44 91.80 September 2006 105.32 93.50 October 2006 106.80 104.00 November 2006 108.71 95.80 December 2006 107.03 86.01 January 2007 109.06 93.13 February 2007 113.77 112.07 March 2007 109.16 94.33 April 2007 110.11 101.72 May 2007 110.14 96.21 June 2007 109.03 95.07 July 2007 107.81 95.55 August 2007 111.11 101.04 September 2007 111.53 97.36 October 2007 112.31 90.91 November 2007 111.12 99.43 August 2004 December 2007 109.72 101.16 January 2008 112.43 103.20 February 2008 113.52 107.86 March 2008 110.36 100.56 April 2008 111.73 103.75 May 2008 108.72 103.49 June 2008 111.92 102.81 July 2008 109.39 102.70 As shown in the figure, the Electricity series ends at about 106 in August 2008. Note. The August value for electricity generation is based on weekly generation data. Figure: Weekly Production Index excluding Motor Vehicles and Electricity Generation A bar chart shows "Monthly aggregate of weekly index" from January 2006 through August 2008. The "Weekly index" is represented by a line that is superimposed on the bars. Unit is an index. The approximate values for "Monthly aggregate of weekly index" are as follows: 2006 January: 9.63, February: 9.55, March: 9.47, April: 9.5, May: 9.65, June: 9.8: July: 9.77, August: 9.8, September: 9.84, October: 9.62, November: 9.41, December: 9.56. 2007 January: 9.57, February: 9.51, March: 9.58, April: 9.49, May: 9.5, June: 9.48: July: 9.55, August: 9.49, September: 9.5, October: 9.45, November: 9.53, December: 9.57. 2008 January: 9.65, February: 9.61, March: 9.6, April: 9.54, May: 9.45, June: 9.44: July: 9.65, August: 9.53. The "Weekly index" series begins at about 9.57 in January 2006, generally decreases to about 9.35 in March 2006, and generally increases to about 9.94 in July 2006. The series decreases to about 9.57 in late July 2006, generally increases to about 9.91 in September 2006, and generally decreases to about 9.3 in November 2006. It fluctuates between about 9.34 and 9.73 through November 2007, increases to about 9.84 in December 2007, and decreases to about 9.25 in late December 2007. The series increases to about 9.86 in January 2008, generally decreases to about 9.26 in early July 2008, and increases to about 9.8 shortly after in July. It decreases to about 9.4 in late August 2008, and then increases to end at about 9.68 in late August 2008. Note. One index point equals 1 percent of 2002 total industrial output. Figure: Foreign Industrial Production A line chart shows a single series, from 2002 through June 2008. Unit is 2001 = 100. The series begins at about 98.3 in 2002, generally increases to about 108.7 in 2007:Q3, and generally decreases to end at about 105.1 in June 2008. Note. Foreign IP index is a weighted average of Canadian, Mexican, Japanese, German, French, Italian, and British IP indexes. The weights are U.S. manufacturing export shares. Figure: IP Diffusion Index and Real Adjusted Durable Goods Orders Period IP diffusion (Index) RADGO (Percent) January 2002 50.35 -1.09 February 2002 58.65 -0.21 March 2002 63.16 -1.61 April 2002 62.41 1.04 May 2002 66.31 0.23 June 2002 64.89 -0.16 July 2002 60.28 1.08 August 2002 55.32 -0.43 September 2002 49.29 -0.39 October 2002 50.00 -1.04 November 2002 51.06 -0.43 December 2002 46.81 0.19 January 2003 51.06 -0.36 February 2003 45.39 1.14 March 2003 48.58 1.86 April 2003 42.55 -0.03 May 2003 40.78 -0.40 June 2003 44.68 0.19 July 2003 53.19 0.85 August 2003 51.06 -0.06 September 2003 51.42 0.43 October 2003 58.51 2.54 November 2003 65.96 2.45 December 2003 59.57 0.99 January 2004 57.09 -2.22 February 2004 55.32 -2.04 March 2004 54.61 1.22 April 2004 60.64 1.06 May 2004 59.57 1.01 June 2004 53.90 -1.93 July 2004 53.90 0.28 August 2004 56.74 -0.45 September 2004 62.06 0.76 October 2004 62.06 -0.66 November 2004 53.55 1.21 December 2004 61.35 0.72 January 2005 61.70 2.02 February 2005 63.48 1.09 March 2005 59.93 0.14 April 2005 49.29 -0.15 May 2005 51.77 -0.43 June 2005 54.26 2.21 July 2005 59.57 0.28 August 2005 57.45 1.92 September 2005 54.61 0.14 October 2005 57.80 1.89 November 2005 59.22 0.56 December 2005 54.26 0.37 January 2006 58.87 0.68 February 2006 50.35 0.94 March 2006 56.03 1.53 April 2006 50.35 0.42 May 2006 53.55 -0.06 June 2006 50.71 -0.38 July 2006 49.65 0.23 August 2006 52.48 -0.64 September 2006 49.65 0.10 October 2006 41.49 -0.71 November 2006 36.88 0.67 December 2006 45.04 -0.95 January 2007 48.23 -0.47 February 2007 52.84 -1.59 March 2007 50.71 -0.73 April 2007 63.12 0.91 May 2007 61.70 0.67 June 2007 62.41 0.21 July 2007 62.06 -0.10 August 2007 55.32 0.98 September 2007 54.61 0.37 October 2007 42.20 -0.37 November 2007 52.48 -1.15 December 2007 51.42 1.01 January 2008 46.81 0.05 February 2008 40.78 0.53 March 2008 46.10 -0.97 April 2008 39.36 0.17 May 2008 48.23 -0.35 June 2008 45.39 0.28 July 2008 50.89 0.40 Note. IP diffusion index is calculated on the basis of 3-month changes. The measure for real adjusted durable goods orders (RADGO) is a 3-month moving average. Figure: ISM Diffusion Index and Average of Regional New Orders Diffusion Indexes A line chart shows two series, "ISM", and "Regional average", from 2002 through August 2008. Unit is diffusion index. The "ISM" series begins at about 55 in 2002, increases to about 64 shortly after, generally decreases to about 47 in 2003:Q1, and generally increases to about 72 in 2003:Q4. The series then generally decreases and ends at about 48 in August 2008. The "Regional average" series begins at about 53 in 2002, increases to about 58 shortly after, generally decreases to about 45 in 2003:Q2, and generally increases to about 64.5 in 2003:Q4. The series then generally decreases and ends at about 48 in August 2008. Note. Regional average consists of new orders indexes from the Chicago, Dallas, Kansas City, New York, Philadelphia, and Richmond surveys. Sales of Light Vehicles (Millions of units at an annual rate; FRB seasonals) 2007 Category 2008 2007 Q4 Q1 Q2 16.1 16.0 15.2 14.1 13.6 12.5 13.7 Autos 7.6 7.7 7.4 7.6 7.5 6.9 6.8 Light trucks 8.5 8.2 7.8 6.5 6.1 5.6 6.9 Total North American1 June July Aug. 12.3 12.2 11.5 10.4 9.9 9.1 10.4 Autos 5.2 5.4 5.1 5.0 4.9 4.4 4.5 Light trucks 7.1 6.8 6.5 5.3 5.1 4.6 5.9 3.8 3.8 3.7 3.7 3.7 3.5 3.3 Foreign-produced Autos 2.4 2.4 2.4 2.6 2.7 2.5 2.3 Light trucks 1.4 1.4 1.3 1.1 1.0 1.0 1.0 51.3 50.5 50.2 45.9 45.3 42.4 45.9 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 March 2008 114 13 April 2008 110 14 May 2008 96 22 June 2008 91 24 July 2008 103 23 August 2008 103 17 Source. Reuters/University of Michigan Survey. Figure: Market Share of Light Vehicles by Segment Percent Period Large and midsize cars Pickup/van/SUV Small cars Cross utility January 2006 34.92 37.56 14.13 13.36 February 2006 32.80 39.36 13.38 14.42 March 2006 31.82 40.63 13.84 13.67 April 2006 32.08 37.60 15.99 14.29 May 2006 31.26 38.39 16.65 13.65 June 2006 31.24 38.69 16.20 13.83 July 2006 30.92 37.31 16.94 14.79 August 2006 31.67 37.25 16.69 14.36 September 2006 31.39 39.08 15.38 14.09 October 2006 32.24 39.51 14.12 14.08 November 2006 31.99 38.49 14.34 15.13 December 2006 34.00 36.85 14.33 14.75 January 2007 32.21 37.44 14.78 15.54 February 2007 31.56 37.34 14.37 16.69 March 2007 31.70 36.41 15.08 16.77 April 2007 30.40 36.97 15.20 17.39 May 2007 30.96 34.46 17.79 16.75 June 2007 31.34 33.74 17.35 17.52 July 2007 30.96 35.11 16.56 17.34 August 2007 30.18 36.64 15.65 17.51 September 2007 31.15 36.09 15.55 17.15 October 2007 31.51 35.25 15.83 17.36 November 2007 34.01 33.05 15.31 17.58 December 2007 33.65 33.21 15.15 17.93 January 2008 31.86 32.85 16.38 18.89 February 2008 32.33 32.77 16.17 18.69 March 2008 32.86 31.14 17.26 18.70 April 2008 32.58 29.62 19.18 18.59 May 2008 31.48 26.41 23.98 18.10 June 2008 32.45 27.01 22.85 17.65 July 2008 33.72 27.36 21.55 17.34 August 2008 31.37 32.31 18.07 18.22 Note. Data through May. FRB seasonals. Real Personal Consumption Expenditures (Percent change from preceding comparable period) 2008 Category 2007 Q1 2008 Q2 May June Annual rate Total real PCE July Monthly rate 2.8 .9 1.8 .3 -.1 -.4 Motor vehicles 2.0 -10.7 -19.3 -.8 -2.4 -4.0 Goods ex. motor vehicles 3.2 -.3 5.1 .5 -.4 -.8 3.5 .5 6.2 .7 -.6 -.6 2.6 2.4 1.3 .3 .2 .0 Ex. energy Services Ex. energy 2.6 2.2 1.1 .1 .2 .2 5.2 4.6 10.3 1.1 1.0 .4 Memo: Nominal retail control 1 1. Total sales less outlays at building material and supply stores and automobile and other motor vehicle dealers. Return to table Figure: Change in Real PCE Goods (19902008) Percent Period 6-month moving average July 1990 -0.268 August 1990 -0.065 September 1990 -0.097 October 1990 -0.283 November 1990 -0.134 December 1990 -0.395 July 1991 0.508 August 1991 0.249 September 1991 -0.152 October 1991 -0.070 November 1991 -0.094 December 1991 -0.088 January 1992 0.201 February 1992 0.298 March 1992 0.151 April 1992 0.326 May 1992 0.438 June 1992 0.426 July 1992 0.053 August 1992 0.148 September 1992 0.390 October 1992 0.534 November 1992 0.318 December 1992 0.534 January 1993 0.538 February 1993 0.277 March 1993 0.128 April 1993 0.219 May 1993 0.464 June 1993 0.194 July 1993 0.308 August 1993 0.384 September 1993 0.623 October 1993 0.382 November 1993 0.290 December 1993 0.387 January 1994 0.220 February 1994 0.560 March 1994 0.441 April 1994 0.538 May 1994 0.275 June 1994 0.383 July 1994 0.422 August 1994 0.296 September 1994 0.254 October 1994 0.350 November 1994 0.539 December 1994 0.427 January 1995 0.390 February 1995 0.027 March 1995 0.196 April 1995 -0.124 May 1995 0.047 June 1995 0.190 July 1995 0.118 August 1995 0.422 September 1995 0.377 October 1995 0.308 November 1995 0.323 December 1995 0.333 January 1996 0.182 February 1996 0.302 March 1996 0.288 April 1996 0.608 May 1996 0.434 June 1996 0.228 July 1996 0.520 August 1996 0.406 September 1996 0.294 October 1996 0.276 November 1996 0.309 December 1996 0.330 January 1997 0.395 February 1997 0.354 March 1997 0.479 April 1997 0.216 May 1997 0.102 June 1997 0.286 July 1997 0.381 August 1997 0.492 September 1997 0.277 October 1997 0.449 November 1997 0.704 December 1997 0.544 January 1998 0.335 February 1998 0.256 March 1998 0.443 April 1998 0.548 May 1998 0.530 June 1998 0.557 July 1998 0.537 August 1998 0.614 September 1998 0.635 October 1998 0.703 November 1998 0.620 December 1998 0.739 January 1999 0.579 February 1999 0.626 March 1999 0.582 April 1999 0.483 May 1999 0.565 June 1999 0.412 July 1999 0.570 August 1999 0.484 September 1999 0.452 October 1999 0.367 November 1999 0.281 December 1999 0.661 January 2000 0.516 February 2000 0.586 March 2000 0.663 April 2000 0.530 May 2000 0.470 June 2000 -0.011 July 2000 0.225 August 2000 0.112 September 2000 0.177 October 2000 0.257 November 2000 0.172 December 2000 0.338 January 2001 0.298 February 2001 0.338 March 2001 0.008 April 2001 0.006 May 2001 0.171 June 2001 0.103 July 2001 0.142 August 2001 September 2001 0.180 -0.011 October 2001 0.957 November 2001 0.607 December 2001 0.483 January 2002 0.551 February 2002 0.519 March 2002 0.763 April 2002 0.034 May 2002 0.015 June 2002 0.324 July 2002 0.345 August 2002 September 2002 October 2002 0.263 0.108 -0.066 November 2002 0.299 December 2002 0.334 January 2003 0.144 February 2003 -0.046 March 2003 0.367 April 2003 0.428 May 2003 0.375 June 2003 0.336 July 2003 0.492 August 2003 0.946 September 2003 0.585 October 2003 0.474 November 2003 0.633 December 2003 0.322 January 2004 0.368 February 2004 0.007 March 2004 0.424 April 2004 0.327 May 2004 0.327 June 2004 0.168 July 2004 0.237 August 2004 0.262 September 2004 0.267 October 2004 0.405 November 2004 0.201 December 2004 0.620 January 2005 0.303 February 2005 0.452 March 2005 0.148 April 2005 0.435 May 2005 0.207 June 2005 0.384 July 2005 0.667 August 2005 0.353 September 2005 0.238 October 2005 0.043 November 2005 0.320 December 2005 0.076 January 2006 0.159 February 2006 0.314 March 2006 0.505 April 2006 0.534 May 2006 0.437 June 2006 0.373 July 2006 0.221 August 2006 0.215 September 2006 0.233 October 2006 0.146 November 2006 0.196 December 2006 0.402 January 2007 0.289 February 2007 0.338 March 2007 0.411 April 2007 0.319 May 2007 0.464 June 2007 0.179 July 2007 0.198 August 2007 0.188 September 2007 0.145 October 2007 0.155 November 2007 0.035 December 2007 0.034 January 2008 -0.035 February 2008 -0.059 March 2008 -0.049 April 2008 0.031 May 2008 0.058 June 2008 -0.013 As shown in the figure, the 6-month moving average ends at about -0.1 percent in July 2008. Note. Shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (1990:Q3-1991:Q1 and 2001:Q1-2001:Q4). Figure: Change in Real PCE Goods (2006-2008) Percent Period 1-month 6-month December 2005 0.519 0.076 January 2006 1.670 0.159 February 2006 -0.222 0.314 March 2006 0.052 0.505 April 2006 0.828 0.534 May 2006 -0.225 0.437 June 2006 0.137 0.373 July 2006 0.754 0.221 -0.258 0.215 September 2006 0.162 0.233 October 2006 0.304 0.146 November 2006 0.078 0.196 December 2006 1.369 0.402 January 2007 0.080 0.289 February 2007 0.033 0.338 March 2007 0.600 0.411 April 2007 -0.245 0.319 May 2007 0.949 0.464 June 2007 -0.340 0.179 July 2007 0.189 0.198 -0.026 0.188 August 2006 August 2007 September 2007 October 2007 0.346 0.145 -0.186 0.155 November 2007 0.230 0.035 December 2007 -0.349 0.034 January 2008 -0.225 -0.035 February 2008 -0.171 -0.059 March 2008 0.404 -0.049 April 2008 0.299 0.031 May 2008 0.388 0.058 June 2008 -0.771 -0.013 As shown in the figure, the series end in July 2008. 1-month ends at about -1 percent, and 6-month ends at about -0.1 percent. Figure: Change in Real PCE Services (19902008) Percent Period 6-month moving average July 1990 0.371 August 1990 0.373 September 1990 0.294 October 1990 0.214 November 1990 0.087 December 1990 0.080 July 1991 0.265 August 1991 0.235 September 1991 0.203 October 1991 0.109 November 1991 0.186 December 1991 0.204 January 1992 0.257 February 1992 0.245 March 1992 0.382 April 1992 0.383 May 1992 0.308 June 1992 0.363 July 1992 0.332 August 1992 0.318 September 1992 0.282 October 1992 0.249 November 1992 0.318 December 1992 0.278 January 1993 0.144 February 1993 0.318 March 1993 0.164 April 1993 0.194 May 1993 0.063 June 1993 0.185 July 1993 0.282 August 1993 0.200 September 1993 0.270 October 1993 0.309 November 1993 0.357 December 1993 0.273 January 1994 0.337 February 1994 0.288 March 1994 0.209 April 1994 0.198 May 1994 0.258 June 1994 0.251 July 1994 0.124 August 1994 0.172 September 1994 0.239 October 1994 0.228 November 1994 0.158 December 1994 0.134 January 1995 0.172 February 1995 0.197 March 1995 0.186 April 1995 0.197 May 1995 0.264 June 1995 0.319 July 1995 0.298 August 1995 0.279 September 1995 0.230 October 1995 0.220 November 1995 0.235 December 1995 0.192 January 1996 0.247 February 1996 0.233 March 1996 0.319 April 1996 0.308 May 1996 0.237 June 1996 0.240 July 1996 0.230 August 1996 0.198 September 1996 0.175 October 1996 0.169 November 1996 0.192 December 1996 0.241 January 1997 0.242 February 1997 0.285 March 1997 0.231 April 1997 0.318 May 1997 0.340 June 1997 0.237 July 1997 0.345 August 1997 0.287 September 1997 0.353 October 1997 0.373 November 1997 0.295 December 1997 0.407 January 1998 0.276 February 1998 0.397 March 1998 0.415 April 1998 0.297 May 1998 0.408 June 1998 0.425 July 1998 0.443 August 1998 0.342 September 1998 0.330 October 1998 0.300 November 1998 0.240 December 1998 0.175 January 1999 0.251 February 1999 0.219 March 1999 0.271 April 1999 0.383 May 1999 0.383 June 1999 0.383 July 1999 0.382 August 1999 0.421 September 1999 0.348 October 1999 0.311 November 1999 0.346 December 1999 0.359 January 2000 0.317 February 2000 0.396 March 2000 0.450 April 2000 0.408 May 2000 0.399 June 2000 0.403 July 2000 0.392 August 2000 0.320 September 2000 0.291 October 2000 0.336 November 2000 0.321 December 2000 0.340 January 2001 0.248 February 2001 0.184 March 2001 0.181 April 2001 0.163 May 2001 0.154 June 2001 0.050 July 2001 0.136 August 2001 0.165 September 2001 0.072 October 2001 0.142 November 2001 0.105 December 2001 0.190 January 2002 0.132 February 2002 0.162 March 2002 0.221 April 2002 0.171 May 2002 0.219 June 2002 0.157 July 2002 0.226 August 2002 0.136 September 2002 0.123 October 2002 0.150 November 2002 0.109 December 2002 0.128 January 2003 0.116 February 2003 0.161 March 2003 0.140 April 2003 0.103 May 2003 0.160 June 2003 0.145 July 2003 0.157 August 2003 0.202 September 2003 0.211 October 2003 0.218 November 2003 0.216 December 2003 0.268 January 2004 0.318 February 2004 0.281 March 2004 0.257 April 2004 0.320 May 2004 0.320 June 2004 0.238 July 2004 0.195 August 2004 0.228 September 2004 0.304 October 2004 0.242 November 2004 0.225 December 2004 0.302 January 2005 0.243 February 2005 0.195 March 2005 0.185 April 2005 0.117 May 2005 0.143 June 2005 0.164 July 2005 0.199 August 2005 0.238 September 2005 0.246 October 2005 0.282 November 2005 0.244 December 2005 0.251 January 2006 0.101 February 2006 0.223 March 2006 0.188 April 2006 0.180 May 2006 0.221 June 2006 0.147 July 2006 0.312 August 2006 0.130 September 2006 0.147 October 2006 0.290 November 2006 0.219 December 2006 0.218 January 2007 0.249 February 2007 0.364 March 2007 0.248 April 2007 0.210 May 2007 0.152 June 2007 0.197 July 2007 0.151 August 2007 0.137 September 2007 0.186 October 2007 0.067 November 2007 0.217 December 2007 0.184 January 2008 0.203 February 2008 0.100 March 2008 0.174 April 2008 0.178 May 2008 0.106 June 2008 0.100 As shown in the figure, the 6-month moving average ends at about 0.9 percent in July 2008. Note. Shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (1990:Q3-1991:Q1 and 2001:Q1-2001:Q4). Figure: Change in Real PCE Services (2006-2008) Percent Period 1-month 6-month January 2006 -0.667 0.101 February 2006 0.965 0.223 March 2006 0.027 0.188 April 2006 0.020 0.180 May 2006 0.461 0.221 June 2006 0.075 0.147 July 2006 0.326 0.312 -0.130 0.130 September 2006 0.129 0.147 October 2006 0.878 0.290 November 2006 0.034 0.219 December 2006 0.069 0.218 January 2007 0.514 0.249 February 2007 0.562 0.364 August 2006 March 2007 -0.572 0.248 April 2007 0.654 0.210 May 2007 -0.318 0.152 June 2007 0.343 0.197 July 2007 0.235 0.151 August 2007 0.479 0.137 September 2007 -0.278 0.186 October 2007 -0.058 0.067 November 2007 0.580 0.217 December 2007 0.144 0.184 January 2008 0.354 0.203 February 2008 -0.139 0.100 0.163 0.174 March 2008 As shown in the figure, the 1-month series is about 0.01 percent in April 2008, increases to about 0.27 in May, decreases to about 0.21 in June, and decreases to end at about 0.03 percent in July 2008. The 6-month series is about 0.18 percent in April 2008, decreases to about 0.12 in May, increases to about 0.14 in June, and decreases to end at about 0.09 percent in July 2008. Fundamentals of Household Spending Figure: Change in Real DPI A line chart shows a single series, from 1997 through July 2008. Unit is 12-month percent change. The series begins at about 3.5 percent in 1997, generally increases to about 6.5 in 1998, fluctuates widely between about 0.5 and 6 and decreases to about -1 in 2005. It then generally increases to about 5 in 2006, generally decreases to about 1 in early 2008, and increases to end at about 6.2 in 2008:Q2. The series decreases and ends at about 1 in July 2008. Note. Values for December 2004 and December 2005 exclude the effect on income of the one-time Microsoft dividend in December 2004. Figure: Personal Saving Rate A line chart shows a single series, from 1997 through July 2008. Unit is percent. The series begins at about 3.5 percent in 1997, generally increases to about 4.7 in 1998:Q1, it generally decreases to about 1.3 in 1999:Q3, and fluctuates between about -0.2 and 4.3 through 2004. It then decreases to about -2.2 in 2005:Q3, increases to about 1 in 2006:Q1, fluctuates between about -0.1 and 1.7 through 2008:Q1 and increases to end at about 5 in 2008:Q2. The series decreases and ends at about 1 in July 2008. Note. The value for December 2004 excludes the effect on income of the one-time Microsoft dividend in that month. Figure: Household Net Worth and Wilshire 5000: Ratio of household net worth to DPI* Period Ratio 1998:Q2 5.750 1998:Q3 5.451 1998:Q4 5.744 1999:Q1 5.802 1999:Q2 5.948 1999:Q3 5.802 1999:Q4 6.194 2000:Q1 6.139 2000:Q2 6.003 2000:Q3 5.919 2000:Q4 5.717 2001:Q1 5.439 2001:Q2 5.573 2001:Q3 5.159 2001:Q4 5.422 2002:Q1 5.313 2002:Q2 5.066 2002:Q3 4.851 2002:Q4 4.975 2003:Q1 4.931 2003:Q2 5.098 2003:Q3 5.097 2003:Q4 5.315 2004:Q1 5.313 2004:Q2 5.315 2004:Q3 5.291 2004:Q4 5.462 2005:Q1 5.466 2005:Q2 5.507 2005:Q3 5.596 2005:Q4 5.580 2006:Q1 5.648 2006:Q2 5.600 2006:Q3 5.619 2006:Q4 5.694 2007:Q1 5.669 2007:Q2 5.754 2007:Q3 5.746 2007:Q4 5.613 2008:Q1 5.410 2008:Q2 5.175 As shown in the figure, the "Ratio of household net worth to DPI" series begins at about 5.7 in 1998:Q1. * 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 April 1998 10609.61 May 1998 10341.47 June 1998 10663.62 July 1998 10420.26 August 1998 8785.71 September 1998 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 March 2008 13332.01 April 2008 13991.12 May 2008 14260.76 June 2008 13073.54 July 2008 12946.89 August 2008 13124.49 As shown in the figure, the "Wilshire 5000"series begins at about 9400 in January 1998 and increases to about 10500 by March 1998. The series ends at about 12400 on September 9, 2008. 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 March 2008 2.25 3.45 April 2008 2.00 3.77 May 2008 2.00 4.06 June 2008 2.00 3.99 July 2008 2.00 3.99 August 2008 2.00 3.83 As shown in the figure, the series end on September 9, 2008: "Federal funds rate" ends at about 2.00 percent, and "Treasury yield" ends at about 3.6 percent. 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 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 1998 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 January 2004 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 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 March 2008 69.5 65.9 April 2008 62.6 62.8 May 2008 59.8 58.1 June 2008 56.4 51.0 July 2008 61.2 51.9 August 2008 63.0 58.5 Note. Shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (1990:Q3-1991:Q1 and 2001:Q1-2001:Q4). Private Housing Activity (Millions of units, seasonally adjusted; annual rate except as noted) 2008 Sector 2007 Q1 Q2 May June July All units Starts 1.36 1.05 1.02 .98 1.08 .97 Permits 1.40 .99 1.03 .98 1.14 .94 Single-family units Starts Permits Adjusted permits 1 2 1.05 .73 .67 .68 .66 .64 .98 .65 .63 .64 .62 .58 .99 .67 .65 .65 .64 .59 Permit backlog .109 .096 .089 .094 .089 .093 .78 .56 .52 .51 .50 .52 8.40 10.24 10.45 10.62 10.47 9.69 Sales 4.94 4.39 Months' supply3 8.67 10.24 10.31 10.02 10.39 10.03 New homes Sales Months' supply3 Existing homes 4.39 4.34 4.41 4.26 Multifamily units Starts .309 .325 .349 .300 .424 .324 Permits .419 .341 .400 .343 .522 .353 Permit backlog 2 .075 .067 .071 .065 .071 .067 .096 .092 .088 .087 .084 .085 .713 .560 .573 .580 .590 .610 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 A line chart shows three series, "Single-family starts (right scale)", "Single-family adjusted permits (right scale)", and "Multifamily starts (left scale)", from 1999 through July 2008. The right scale ranges from 0.0 to 2.0 and the left scale ranges from 0.2 to 1.0. Data are seasonally adjusted annual rate; unit is millions of units. The "Single-family starts" and "Single-family adjusted permits" series track fairly closely throughout the period. The "Single-family starts" and "Single-family adjusted permits" series begin at about 1.3 million units in 1999, they generally increases to about 1.85 by late 2005 and early 2006, and generally decrease to end at about 0.6 in July 2008. The ""Multifamily starts" series begins at about 0.4 million units in 1999, fluctuates between about 0.2 and 0.5 throughout the period, and ends at about 0.3 in July 2008. 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 A line chart shows two series, "Existing home sales (left scale)", and "Pending home sales (right scale)" from 1999 through July 2008. The left scale ranges from 4.0 to 6.5; unit is millions of units (annual rate). The right scale ranges from 70 to 140; unit is an index (2001=100). The "Existing home sales" series begins at about 4.7 million units in January 1999, generally increases to about 6.3 in 2005:Q3, and then generally decreases to end at about 4.4 in July 2008. The "Pending home sales" series begins at about 102 in 2001:Q1, increases to about 108 shortly after, generally decreases to about 90 in 2001:Q3 and generally increases to about 127 in 2005:Q2 and Q3. It then generally decreases to about 84 in early 2008 and increases to about 90 in 2008:Q2, and decreases to end at about 86 in July 2008. Source. National Association of Realtors. Figure: New Single-Family Home Sales A line chart shows one series, "Sales agreements (left scale)", from 1999 through July 2008. The left scale ranges from 0.3 to 1.5. Unit is millions of units (annual rate). The "Sales agreements" series begins at about 0.87 million units in 1999, generally increases to about 1.5 in 2005:Q3, and generally decreases to end at about 0.52 in July 2008. Note. [redacted]. Source. [redacted] for sales agreements, Census Bureau. Figure: Inventories of New Homes and Months' Supply A line chart shows two series, "Inventories of new homes (left scale)", and "Months' supply (right scale)" from 1999 through July 2008. The left scale ranges from 200 to 600; unit is thousands of units. The right scale ranges from 1 to 11; unit is months. The "Inventories of new homes" series begins at about 275 thousand units in 1999, generally increases to about 570 by mid-2006 and then generally decreases to end at about 412.5 in July 2008. The "Month's supply" series begins at about 3.5 in 1999, fluctuates between about 3.5 and 4.5 through 2005:Q3, it generally increases to about 10.2 in 2008:Q2, and decreases to end at about 9.8 in July 2008. Note. Months' supply is calculated using the 3-month moving average of sales. Source. Census Bureau. Figure: Mortgage Rates A line chart shows two series, "30-year conforming FRM", and "1-year conforming ARM" from 1999 through September 2008. Unit is percent. The "30-year conforming FRM" series begins at about 6.7 percent in 1999, generally increases to about 8.5 in 2000:Q2, it generally decreases to about 5.2 in 2003:Q2, then fluctuates between about 5.3 and 6.7 through 2007, and ends at about 6.3 in September 2008. The "1-year conforming ARM" series begins at about 5.5 percent in 1999, generally increases to about 7.3 in 2000:Q2, and generally decreases to about 3.4 in 2004:Q1. It then generally increases to about 5.8 in 2006:Q3 and generally decreases to end at about 5.2 in September 2008. Note. The September reading is a monthly average of data available through Sept. 3, 2008. Source. Federal Home Loan Mortgage Corporation. Figure: Prices of Existing Homes A line chart shows two series, "Monthly OFHEO purchase-only index", and "S&P/ Case-Shiller national price index" from 1999 through 2008. Unit is percent change from year earlier. The "S&P/ Case-Shiller national price index" series begins at about 7.25 in 1999, generally increases to about 15 by 2005, and then generally decreases to end at about -15 in 2008:Q2. The "Monthly OFHEO purchase-only index" series begins at about 6 in 1999, generally increases to about 10 by 2005 and then generally decreases to end at about -5 in June 2008. Note. The monthly OFHEO indexes is a 12-month percent change. The S&P/Case-Shiller index is a 4-quarter percent change. Source. For purchase-only indexes, OFHEO; for Case-Shiller, Standard & Poor's. Figure: Price of New Homes A line chart shows a single series, "Constant-quality index", from 1999 through 2008. Unit is percent change from year earlier. The "Constant quality index" series begins at about 3.1 percent in 1999, increases to about 6.5 in 2008:Q2, and generally increases to about 9.1 in 2005:Q4. It then generally decreases to about -8 in 2008:Q1, and increases to end at about -4 in 2008:Q2. Source. Census Bureau. Orders and Shipments of Nondefense Capital Goods (Percent change; seasonally adjusted current dollars) 2008 Category Q1 Q2 May Annual rate Shipments June July Monthly rate -.1 3.4 -.2 .7 2.5 -.4 5.9 .2 .6 1.6 Computers and peripherals -5.8 -19.0 2.9 -2.4 -2.6 Communications equipment 2.6 5.8 4.9 5.7 .8 All other categories -.1 8.8 -.5 .4 2.0 -5.6 -6.8 .0 -2.3 6.3 Excluding aircraft Orders Excluding aircraft Computers and peripherals Communications equipment All other categories 4.7 10.2 -.3 1.6 2.5 -1.7 -5.3 9.3 .3 -11.0 .6 .2 1.6 -4.1 18.4 5.7 12.9 -1.3 2.3 2.5 43.4 43.1 45.9 41.8 40.9 Memo: Shipments of complete aircraft1 1. From Census Bureau, Current Industrial Reports; billions of dollars, annual rate. Return to table Source. Census Bureau. Figure: Communications Equipment A line chart shows two series, "Shipments", and "Orders", from 2000 through July 2008. Unit is billions of chained (2000) dollars, ratio scale. The Shipments series begins at about 9 in 2000, increases to about 10.50 by 2001, generally decreases to about 4.75 by late 2002, and fluctuates between 4.75 and about 6.5 through 2007. It then ends at about 6.75 in July 2008. The Orders series begins at about 10 in 2000, increases to about 14 by mid-2000, decreases to about 2.5 by 2002 and then increases back to about 6.5 by late 2003. It then fluctuates between about 4.5 and 7.5 through 2007 and ends at about 7 in July 2008. 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 A line chart shows two series, "Shipments", and "Orders" from 2000:Q1 through July 2008. Unit is billions of chained (2000) dollars, ratio scale. The two series track fairly closely throughout the period. The Shipments series begins at about 44 in 2000, decreases to about 38 by 2002, generally increases to about 45 by 2006 and ends at about 44.5 in July 2008. The Orders series begins at about 46 in 2000, decreases to about 36 by 2002, generally increases to about 48 by late 2006 and ends at about 47 in July 2008. 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 July 2008. The industrial production curve is plotted as an index (2000 = 100) according to the left axis which ranges from 70 to 240, ratio scale. The real M3 shipments curve is plotted according to the right axis, which ranges from 7 to 24, 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 end at about 210 by July 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 end at about 18.5 by July 2008. Note. Ratio scales. 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 A line chart shows two series, "Sales of class 4-8 trucks" and "Net new orders of class 5-8 trucks", from 2000 through June 2008. Unit is thousands of units, ratio scale. As shown in the figure, the "sales of class 4-8 trucks" series starts at about 515 in January 1999, generally decreases to about 285 by late 2003, and then generally increases to about 580 by late 2006. The curve then decreases to about 325 by mid-2007, and ends at about 280 in July 2008. As shown in the figure, the "Net new orders of class 5-8 trucks" curve starts at about 390 in January 2000, generally increases to about 520 by early 2002. It then generally decreases to about 240 by late 2002, generally increases to about 720 in 2004, and peaks at about 930 by early 2006. The curve then generally decreases to about 275 by early 2007, generally increases to about 400 in early 2008, and decreases to end at about 320 in July 2008. 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 A line chart shows a single series from 1989:Q4 through 2008:Q1. Unit is 4-quarter percent change. The series begins at about 2.8 percent in 1998:Q4, decreases to about -2 .1 by 1991:Q1, increases to about 5 in 1992:Q4 and fluctuates between about 2.8 and 5.5 through 2001:Q1. It then decreases to about -0.5 by 2001:Q1, increases to about 5 by 2004:Q2 and then decreases to end at about 2.2 by 2008:Q2. Source. Bureau of Economic Analysis. Figure: User Cost of Capital A line chart shows two series, "Non-high tech", and "High-tech" from 1989 through 2008:Q2. Unit is 4-quarter percent change. The non-high tech series begins at about -3 in 1989:Q1, increases to about 11 by 1994:Q1 fluctuates between about 4.5 and -6 through 2001 and decreases to about -9 by mid-2003. It then increases to about 2 by 2006, decreases to end at about -2 in 2007 and increases to end at about 1.5 in 2008:Q2. The high-tech series begins at about -8.9 in 1989:Q1, increases to about -2.8 by 1994:Q1 fluctuates between about -3 and -13 through 2003. It then increases to end at about -3.5 in 2008:Q2. Source. Staff calculation. Figure: Corporate Bond Yields A line chart shows two series, "10-year high-yield", and "10-year BBB" from 2000 through September 9, 2008. Unit is percent. The 10-year high-yield series begins at about 11 percent in early 2000, increases to about 13.5 by late 2000 and generally decreases to about 7.25 by 2005:Q1. It then generally increases to about 10.5 in early 2008, decreases to about 9.7 and increases to end at about 10.6 on September 9, 2008. The 10-year BBB series begins at about 8.25 percent in early 2000, it increases to about 9 by 2000:Q2 and generally decreases to about 5 by 2003:Q2. It then fluctuates between about 5 and 6.5 through 2006:Q2, and increases to end at about 7 on September 9, 2008. Note. Daily averages based on Merrill Lynch bond data. Figure: Corporate Cash Flow A line chart shows two series, "Real cash flow (left scale)", and "Ratio of cash flow to fixed investment (right scale)" from 1990 through 2008:Q2. The left scale range is between 300 and 1700; unit is billions of chained (2000) dollars. The right scale is between 0.7 and 1.5; unit is ratio. The "Real cash flow" series begins at about 400 in 1990 and generally increases to about 1400 in 2006, end decreases to about 1280 and then increases to end at about 1350 in 2008:Q2. The "Ratio of cash flow to fixed investment" series begins at about 1.01 in 1990, increases to about 1.24 by 1991, decreases to about 0.88 by 2000 and then increases to about 1.38 by 2003. It decreases to about 1 in 2007:Q4 and then increases to end at about 1.05 in 2008:Q2. 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 A line chart shows two series, "ISM", and "Philadelphia Fed" from 2000 through August 2008. Unit is diffusion index. The ISM series begins at about 55 in 2000, decreases to about 40 by 2001:Q4, increases to about 62 by 2004:Q2, and decreases to end at about 50 in August 2008. The Philadelphia Fed series begins at about 55 in 2000 decreases to about 32 by 2001:Q1, increases to about 68 by 2004, and decreases to end at about 43 in August 2008. 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 Q1 and by staff projection thereafter) Figure: Total Structures A line chart shows a single series, "Total Structures" from 1999 through July 2008. Unit is Billions of chained (2000) dollars. The series begins at about 255 in 1999, generally increases to about 289 in 2000:Q3, it generally decreases to about 200 in 2004:Q2, and then generally increases to end at about 281 in July 2008. Figure: Office, Commercial, and Other A line chart shows three series, "Office", "Commercial", and "Other" from 1999 through July 2008. Unit is billions of chained (2000) dollars. The Office series begins at about 47.5 in 1999, decreases to about 42.5 in 2000:Q1, it generally increases to about 57.5 in 2000:Q4, and generally decreases to about 26 in 2003. It then generally increases to end at about 38 in July 2008. The Commercial series begins at about 57.5 in 1999, generally increases to about 65 in 2000, generally decreases to about 50 in late 2002, fluctuates between about 50 and 58 through 2007 and ends at about 55 in July 2008. The Other series begins at about 70 in 1999, generally decreases to about 60 in 2005, and then generally increases to end at about 85 in July 2008. Note. Other consists of structures for religious organizations, education, lodging, amusement and recreation, transportation, and health care. Figure: Manufacturing and Power & Communication A line chart shows two series, "Power & communication", and "Manufacturing" from 1999 through July 2008. Unit is billions of chained (2000) dollars. The "Power & communication" series begins at about 39 in 1999, generally increases to about 55 in 2000:Q4, decreases to about 39 in 2001:Q1, and generally increases to about 59 in 2001:Q4. It then generally decreases to about 31 by mid-2004, and generally increases to end at about 55 in July, 2008. The "Manufacturing" series begins at about 40 in 1999, decreases to about 32 in 2000:Q1, it generally increases to about 42 in 2001:Q1, and generally decreases to about 18 in 2003:Q1. It then generally increases to end at about 46 in July 2008. Figure: Architectural Billings and Nonresidential Construction Employment A line chart shows two series, "Billings (right scale)", and "Change in employment (left scale)", from 1999 through 2008. The right scale ranges from 35 to 60; unit is diffusion index. The left scale ranges from -1.0 to 3.0 percent; unit is percent. The "Billings (right scale)" series begins at about 55 in 1999, decreases to about 52.5 in 1999:Q2, increases to about 56 in 1999:Q4, and generally decreases to about 44 in 2001:Q4. It then generally increases to about 59 in 2005:Q4, decreases to about 50 in 2006:Q3, and generally increases to about 57.5 in 2007:Q3. The series generally decreases to end at about 45.1 in July 2008. The "Change in employment (left scale)" series begins at about 0 in 2001:Q1, it generally decreases to about -0.8 in 2002:Q2, then generally increases to about 0.75 in 2006:Q1, and generally decreases to end at about -0.1 in August 2008. Note. Both series are 3-month moving averages. Employment consists of industrial, commercial, and specialty trade construction. Source. For billings, American Institute of Architects; for employment, Bureau of Labor Statistics. Figure: Vacancy Rates A line chart shows three series, "Office", "Industrial", and "Retail" from 1999 through 2008:Q2. Unit is percent. The Office series begins at about 9.5 in 1999, it decreases to about 8 in 2000:Q2, increases to about 17 in 2003:Q1, and decreases to end at about 13 in 2008:Q2. The Industrial series begins at about 7.5 1999, decreases to about 7 in 2000, increases to about 12 in 2003 and then generally decreases to end at about 10 in 2008:Q2. The Retail series begins at about 8.8 in 1999, increases to about 10 in 2002:Q4, decreases to about 7 in 2005:Q4, and increases to end at about 9.1 in 2008:Q2. Note. Industrial space includes both manufacturing structures and warehouses. Source. Torto Wheaton Research. Figure: Drilling and Mining Indicators A line chart shows two series, "Footage drilled (left scale)", and "Drilling rigs (right scale)", from 1999 through September 2008. The left scale ranges from 0 to 35; unit is millions of feet. The right scale ranges from 400 to 2400; unit is number. The "Footage drilled" series begins at about 7.5 million feet in 1999, decreases to about 5.5 shortly after, generally increases to about 15 in 2001:Q2, and generally decreases to about 11 in 2002. It then generally increases and ends at about 28 in July 2008. The "Drilling rigs" series begins at about 600 in 1999, decreases to about 500 in 1999:Q2, increases to about 1250 in 2001:Q2, decreases to about 790 in 2002:Q2, and then generally increases to end at about 1990 in September 2008. Note. The September readings for drilling rigs are based on data through September 5, 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 Q4 Q1 Q2 May June July -20.6 -17.9 -52.9 n.a. n.a. n.a. -21.3 -15.3 -10.2 n.a. n.a. n.a. .7 -2.6 -42.7 n.a. n.a. n.a. 6.1 5.6 -23.7 -37.3 -14.6 e n.a. -24.5 -23.5 -7.5e n.a. n.a. n.a. Real inventory investment (chained 2000 dollars) Total nonfarm business Motor vehicles Nonfarm ex. motor vehicles Manufacturing and trade ex. wholesale and retail motor vehicles and parts Manufacturing Wholesale trade ex. motor vehicles & parts Retail trade ex. motor vehicles & parts 2.9 13.7 -3.3 .0 4.9 2.2 4.1e 6.5 -8.2 -4.0 -16.0 -11.2 Book-value inventory investment (current dollars) Manufacturing and trade ex. wholesale and retail motor vehicles and parts 70.4 95.8 95.3 78.1 129.8 n.a. Manufacturing 34.7 60.5 39.3 38.3 81.6 31.0 Wholesale trade ex. motor vehicles & parts 23.0 39.0 48.5 45.9 42.8 62.1 Retail trade ex. motor vehicles & parts 12.7 -3.7 7.5 -6.1 5.4 n.a. 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 A line chart shows two series, "Staff flow-of-goods system" and "Census book-value data", from 2000 through July 2008. Unit is months. The "Staff flow-of-goods system" series begins at about 1.77 months in 2000, decreases to about 1.74 in 2000:Q2, generally increases to about 1.78 in 2001:Q4 and generally decreases to about 1.58 in 2007:Q1. It then increases to end at about 1.59 in July 2008. The "Census book-value data" series begins at about 1.35 in 2000, increases to about 1.4 in 2001, generally decreases to about 1.18 in 2005, and increases to about 1.24 in 2006:Q4. It then decreases to end at about 1.15 in June 2008. 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 Customers' Inventories: Manufacturing A line chart shows a single series, "ISM Customer Inventories: Manufacturing", from 2000 through August 2008. Unit is an index. The series begins at about 46 in 2000, it generally increases to about 56 in 2001:Q1, then generally decreases to about 39 in 2002:Q2, and generally increases to about 46 in 2002:Q4. It then generally increases to about 54 in 2007:Q4, generally decreases to about 45 in 2008:Q2, and then generally increases to end at about 54 in August 2008. Note. A number above 50 indicates inventories are "too high." Source. Manufacturing ISM Report on Business. 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 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 -173.48 April 1996 -142.02 May 1996 -146.38 June 1996 -138.77 July 1996 -136.17 August 1996 -134.43 September 1996 -124.56 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 114.03 December 2001 106.03 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 -275.33 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 -365.35 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 -321.96 January 2006 -310.32 February 2006 -315.98 March 2006 -315.76 April 2006 -281.97 May 2006 -275.28 June 2006 -262.65 July 2006 -257.10 August 2006 -270.66 September 2006 -259.21 October 2006 -251.75 November 2006 -241.59 December 2006 -228.57 January 2007 -206.49 February 2007 -207.47 March 2007 -217.75 April 2007 -159.90 May 2007 -184.20 June 2007 -176.69 July 2007 -184.56 August 2007 -188.61 September 2007 -184.15 October 2007 -186.65 November 2007 -192.40 December 2007 -193.13 January 2008 -213.68 February 2008 -239.75 March 2008 -236.42 April 2008 -239.93 May 2008 -318.07 June 2008 -348.52 July 2008 -381.15 Figure: Outlays and Receipts 12-month moving sum Percent change from year earlier Period Outlays Receipts 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 1.84 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 6.78 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 8.24 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 5.85 11.53 March 2007 5.69 10.84 April 2007 5.95 12.02 May 2007 4.44 8.88 June 2007 3.95 8.03 July 2007 4.17 7.67 August 2007 3.87 7.75 September 2007 2.99 6.42 October 2007 3.06 6.06 November 2007 3.59 5.97 December 2007 4.06 5.88 January 2008 4.29 4.36 February 2008 4.76 3.86 March 2008 4.25 3.88 April 2008 4.71 1.88 May 2008 6.27 1.45 June 2008 6.60 0.31 July 2008 6.70 -0.49 Recent Federal Outlays and Receipts (Billions of dollars except as noted) July Function or source 2007 Outlays Net interest National defense Major transfers1 Other Receipts Individual income and payroll taxes Corporate income taxes Other Surplus or deficit (-) 2008 12 months ending in July Percent change 2007 2008 Percent change 226.3 249.0 10.0 2,743.5 2,927.4 6.7 24.0 24.1 .1 236.4 245.6 3.9 46.8 55.1 17.8 556.5 611.9 10.0 122.2 136.0 11.3 1,510.1 1,623.8 7.5 33.3 33.8 1.5 440.6 446.1 1.3 170.4 160.5 -5.8 2,559.0 2,546.3 -.5 142.3 131.0 -7.9 1,966.8 1,991.5 1.3 9.6 10.3 6.6 381.9 327.9 -14.1 18.5 19.2 3.9 210.3 227.0 7.9 -55.9 -88.5 … -184.6 -381.1 … -36.4 -102.8 … -166.0 -375.6 … Memo: Unadjusted surplus or deficit (-) 1. Includes Social Security, Medicare, Medicaid, and income security programs. Return to table … Not applicable. State and Local Indicators Figure: Real Spending on Consumption & Investment A line chart shows two series, "Spending", and "4-quarter moving average" from 1998 through 2008:Q2. Unit is percent change, annual rate. The "Spending" series begins at about 1.5 percent in 1998, widely fluctuates between about 8.2 and -2.5 throughout the period and then decreases to end at about 2.5 in 2008:Q2. The "4-quarter moving average" series begins at about 6 percent in 1999, decreases to about 1.9 in 2001, increases to about 4.2 in late 2001, and decreases to about -0.5 in 2004. It then increases to about 2.5 in 2007:Q4 and then decreases slightly to end at about 1.1 in 2008:Q2. Source. BEA, national income and product accounts. Figure: Net Change in Employment A bar chart shows net change in employment from 1998 through 2008: year to date. Unit is thousands of jobs, monthly average. The estimated values for the series are as follows: 1998: 26. 1999: 39. 2000: 25. 2001: 45. 2002: 17. 2003: 0. 2004: 15. 2005: 14. 2006: 17. 2007: 20. 2008: year to date: 17.5. Source. BLS, Employment Situation. Figure: Real Construction A line chart shows a single series from 1997:Q4 through July 2008. Data is an annual rate; unit is billions of chained (2000) dollars. The series begins at about 155 in 1997:Q4, decreases to about 146 in 1998, increases to about 188 in 2002:Q1, decreases to about 170 in 2005:Q1, then increases end at about 183 in 2008:Q2. The July 2008 projection is about 185. Note. Nominal CPIP deflated by BEA prices through Q2 and by a staff projection thereafter. Source. Census Bureau, Construction Spending. Figure: Net Saving A line chart shows a single series from 1987 through 2008:Q2. Unit is percent of nominal GDP. The series begins at about 0.1 percent in 1987, generally increases to about 0.5 in 1989, generally decreases to about -0.1 in 1991 and generally increases to about 0.7 in 1998. The series generally decreases to about -0.6 in 2003, then generally increases to about 0.5 in 2006, and generally decreases to end at about 0.5 in 2008:Q2. Source. BEA, national income and product accounts. Figure: State Revenues A line chart shows two series, "Individual and corporate income taxes", and "Total revenues" from 1997:Q4 through 2008:Q1. Data is 4-quarter moving average; unit is percent change from year earlier. The "Individual and corporate income taxes" series begins at about 7.5 percent in 1997:Q4, increases to about 13 in 2000, decreases to about -12.5 in 2002, increases to about 17 in 2005 and then decreases to end at about 5 in 2008:Q1. The "Total revenues" series begins at about 5.1 percent in 1997:Q4, increases to about 9.5 in 2000, decreases to about -5 in 2002, increases to about 11 in 2005 and then decreases to end at about 3 in 2008:Q1. Source. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue. Figure: Local Revenues A line chart shows two series, "Property taxes", and "Total revenues" from 1997:Q4 through 2008:Q1. Data is 4-quarter moving average; unit is percent change from year earlier. The "Property taxes" series begins at about 4.1 percent in 1997:Q4, decreases to about 2.2 in 1998, increases to about 11 in late 2002, decreases to about 3 in 2003 and increases to about 9 in 2005. It then decreases to end at about 4.7 in 2008:Q1. The "Total revenues" series begins at about 5.5 percent in 1997:Q4, decreases to about 1 in 1999, increases to about 8 in late 2002, and decreases to about 2.5 in 2003. It then increases to about 9 in 2005 and decreases to end at about 5.2 in 2008:Q1. Source. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue. Price Measures (Percent change) 12-month change Measures 3-month change 1-month change Annual rate Monthly rate July 2007 July 2008 Apr. 2008 July 2008 June 2008 July 2008 CPI Total 2.4 5.6 2.3 10.6 1.1 .8 Food 4.2 6.0 6.3 8.4 .8 .9 Energy 1.0 29.3 5.6 79.4 6.6 4.0 Ex. food and energy 2.2 2.5 1.2 3.5 .3 .3 Core goods -.6 .6 -.7 1.7 .1 .5 Core services 3.3 3.3 1.9 4.1 .4 .3 Shelter 3.7 2.5 .8 2.9 .3 .2 Other services 2.9 4.4 3.2 6.0 .5 .4 1.9 4.8 … … … … 1.8 2.2 … … … … 2.2 4.5 2.8 7.5 .7 .6 3.9 5.7 6.4 7.6 .6 1.0 .8 30.0 5.3 79.6 6.8 4.0 2.0 2.4 1.9 2.8 .3 .3 Chained CPI (n.s.a.) 1 Ex. food and energy 1 PCE prices Total Food and beverages Energy Ex. food and energy Core goods -.7 .2 -.4 .5 .1 .2 Core services 3.2 3.3 2.9 3.7 .3 .3 Housing services 3.5 2.7 1.6 2.6 .3 .2 Other services 3.0 3.5 3.4 4.1 .3 .3 Core market-based 1.7 2.1 1.5 2.5 .3 .2 Core non-market-based 3.6 3.8 3.8 3.9 .3 .5 4.2 9.8 6.4 18.9 1.8 1.2 6.4 8.7 2.5 10.9 1.5 .3 Energy 7.1 28.0 14.1 72.6 6.0 3.1 Ex. food and energy 2.5 3.5 4.7 4.7 .2 .7 Core consumer goods 2.6 3.8 5.0 5.1 .3 .6 Capital equipment 2.3 3.0 4.0 4.8 .3 .8 Intermediate materials 4.2 16.6 17.1 36.0 2.1 2.7 PPI Total finished goods Food Ex. food and energy Crude materials Ex. food and energy 2.4 10.2 11.9 23.2 1.3 2.0 12.9 51.2 80.5 76.5 3.7 4.2 9.5 36.3 79.5 37.9 -.2 3.4 1. Higher-frequency figures are not applicable for data that are not seasonally adjusted. 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 2.91 February 2005 2.23 2.78 March 2005 2.24 2.77 April 2005 2.10 2.90 May 2005 2.17 2.40 June 2005 2.06 2.20 July 2005 2.04 2.61 August 2005 2.07 3.02 September 2005 2.13 3.93 October 2005 2.15 3.59 November 2005 2.14 3.09 December 2005 2.16 3.09 January 2006 2.05 3.27 February 2006 2.04 3.05 March 2006 2.08 2.92 April 2006 2.23 3.01 May 2006 2.21 3.30 June 2006 2.37 3.48 July 2006 2.37 3.38 August 2006 2.51 3.24 September 2006 2.48 1.99 October 2006 2.41 1.53 November 2006 2.21 1.88 December 2006 2.24 2.29 January 2007 2.39 2.08 February 2007 2.42 2.31 March 2007 2.23 2.53 April 2007 2.14 2.37 May 2007 2.06 2.43 June 2007 2.01 2.40 July 2007 2.03 2.21 August 2007 1.96 1.96 September 2007 2.05 2.56 October 2007 2.11 3.15 November 2007 2.22 3.67 December 2007 2.28 3.55 January 2008 2.18 3.61 February 2008 2.13 3.49 March 2008 2.23 3.43 April 2008 2.19 3.40 May 2008 2.22 3.51 June 2008 2.30 4.05 July 2008 2.43 4.53 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 2.23 2.36 2.14 March 2005 2.24 2.35 1.94 April 2005 2.10 2.24 1.94 May 2005 2.17 2.19 1.85 June 2005 2.06 2.03 1.85 July 2005 2.04 2.14 1.75 August 2005 2.07 2.13 1.85 September 2005 2.13 1.98 1.75 October 2005 2.15 2.07 1.74 November 2005 2.14 2.12 1.74 December 2005 2.16 2.17 1.83 January 2006 2.05 2.12 1.74 February 2006 2.04 2.06 1.82 March 2006 2.08 2.09 2.00 April 2006 2.23 2.29 2.08 May 2006 2.21 2.44 2.18 June 2006 2.37 2.64 2.45 July 2006 2.37 2.69 2.54 August 2006 2.51 2.84 2.63 September 2006 2.48 2.93 2.62 October 2006 2.41 2.72 2.43 November 2006 2.21 2.62 2.25 December 2006 2.24 2.57 2.16 January 2007 2.39 2.67 2.29 February 2007 2.42 2.71 2.26 March 2007 2.23 2.45 2.10 April 2007 2.14 2.34 2.02 May 2007 2.06 2.24 1.98 June 2007 2.01 2.22 1.82 July 2007 2.03 2.21 1.77 August 2007 1.96 2.13 1.65 September 2007 2.05 2.14 1.65 October 2007 2.11 2.17 1.80 November 2007 2.22 2.33 2.02 December 2007 2.28 2.44 2.12 January 2008 2.18 2.47 2.16 February 2008 2.13 2.27 1.98 March 2008 2.23 2.35 2.06 April 2008 2.19 2.26 1.94 May 2008 2.22 2.31 2.02 June 2008 2.30 2.41 2.09 July 2008 2.43 2.51 2.21 Figure: PCE excluding Food and Energy Percent Period PCE Market-based components January 2000 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 1.75 February 2005 2.23 1.74 March 2005 2.24 1.73 April 2005 2.10 1.64 May 2005 2.17 1.72 June 2005 2.06 1.62 July 2005 2.04 1.61 August 2005 2.07 1.66 September 2005 2.13 1.74 October 2005 2.15 1.71 November 2005 2.14 1.72 December 2005 2.16 1.76 January 2006 2.05 1.63 February 2006 2.04 1.59 March 2006 2.08 1.67 April 2006 2.23 1.81 May 2006 2.21 1.86 June 2006 2.37 2.02 July 2006 2.37 2.03 August 2006 2.51 2.18 September 2006 2.48 2.17 October 2006 2.41 2.14 November 2006 2.21 1.92 December 2006 2.24 1.91 January 2007 2.39 2.14 February 2007 2.42 2.21 March 2007 2.23 1.98 April 2007 2.14 1.89 May 2007 2.06 1.72 June 2007 2.01 1.66 July 2007 2.03 1.67 August 2007 1.96 1.54 September 2007 2.05 1.58 October 2007 1.65 2.11 November 2007 2.22 1.79 December 2007 2.28 1.89 January 2008 2.18 1.77 February 2008 2.13 1.69 March 2008 2.23 1.74 April 2008 2.19 1.79 May 2008 2.22 1.86 June 2008 2.30 1.99 July 2008 2.43 2.11 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 0.19 2.85 -0.15 2.69 March 2000 April 2000 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 0.16 2.26 January 2001 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 -1.28 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 -2.38 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 -0.98 3.37 May 2004 -0.51 3.21 June 2004 -0.35 3.31 July 2004 -0.64 3.31 August 2004 -0.80 3.28 September 2004 -0.49 3.22 October 2004 -0.10 3.09 November 2004 0.18 3.20 December 2004 0.10 3.14 January 2005 0.37 3.09 February 2005 0.21 3.08 March 2005 0.07 3.16 -0.08 3.03 April 2005 May 2005 0.04 3.09 June 2005 -0.23 3.04 July 2005 -0.25 3.01 August 2005 -0.05 2.96 September 2005 -0.04 3.04 October 2005 -0.24 3.16 November 2005 -0.25 3.15 December 2005 -0.14 3.13 January 2006 -0.37 3.06 February 2006 -0.47 3.08 March 2006 -0.28 3.05 April 2006 -0.04 3.17 May 2006 -0.20 3.20 June 2006 -0.02 3.34 July 2006 0.02 3.33 August 2006 0.30 3.42 September 2006 0.20 3.42 October 2006 0.04 3.38 -0.37 3.27 November 2006 December 2006 -0.39 3.31 January 2007 -0.32 3.51 February 2007 -0.06 3.45 March 2007 -0.44 3.33 April 2007 -0.71 3.32 May 2007 -0.84 3.26 June 2007 -0.91 3.21 July 2007 -0.71 3.17 August 2007 -1.08 3.23 September 2007 -1.07 3.34 October 2007 -0.86 3.34 November 2007 -0.45 3.33 December 2007 -0.32 3.35 January 2008 -0.24 3.16 February 2008 -0.34 3.14 March 2008 -0.29 3.24 April 2008 -0.13 3.14 May 2008 -0.17 3.19 June 2008 0.03 3.21 July 2008 0.22 3.31 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 1.50 1.35 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 1.77 1.65 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 2.23 2.20 March 2005 2.24 2.86 April 2005 2.10 2.13 May 2005 2.17 2.43 June 2005 2.06 1.74 July 2005 2.04 1.77 August 2005 2.07 1.21 September 2005 2.13 1.80 October 2005 2.15 2.25 November 2005 2.14 2.73 December 2005 2.16 2.26 January 2006 2.05 2.04 February 2006 2.04 1.81 March 2006 2.08 2.51 April 2006 2.23 2.87 May 2006 2.21 3.09 June 2006 2.37 2.90 July 2006 2.37 2.30 August 2006 2.51 2.42 September 2006 2.48 2.25 October 2006 2.41 2.43 November 2006 2.21 1.55 December 2006 2.24 1.29 January 2007 2.39 1.96 February 2007 2.42 2.63 March 2007 2.23 2.48 April 2007 2.14 1.88 May 2007 2.06 1.64 June 2007 2.01 2.01 July 2007 2.03 1.85 August 2007 1.96 2.04 September 2007 2.05 2.41 October 2007 2.75 2.11 November 2007 2.22 2.59 December 2007 2.28 2.22 January 2008 2.18 2.23 February 2008 2.13 2.26 March 2008 2.23 2.27 April 2008 2.19 1.93 May 2008 2.22 2.01 June 2008 2.30 2.28 July 2008 2.43 2.79 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 February 2008 2.27 2.32 March 2008 2.35 2.03 April 2008 2.26 1.19 May 2008 2.31 1.85 June 2008 2.41 2.55 July 2008 2.51 3.46 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 Cents per gallon 10 January 2005 100.60 17 January 2005 97.25 24 January 2005 99.82 31 January 2005 105.10 7 February 2005 109.89 14 February 2005 103.24 21 February 2005 94.96 28 February 2005 93.24 7 March 2005 93.14 14 March 2005 94.97 21 March 2005 94.26 28 March 2005 100.75 4 April 2005 95.83 11 April 2005 104.67 18 April 2005 105.05 25 April 2005 97.40 2 May 2005 101.47 9 May 2005 93.52 16 May 2005 99.68 23 May 2005 95.40 30 May 2005 85.29 6 June 2005 81.15 13 June 2005 79.56 20 June 2005 74.57 27 June 2005 80.96 4 July 2005 87.41 11 July 2005 101.13 18 July 2005 106.55 25 July 2005 105.60 1 August 2005 93.62 8 August 2005 93.44 15 August 2005 107.13 22 August 2005 114.02 29 August 2005 110.16 5 September 2005 156.12 12 September 2005 150.91 19 September 2005 126.46 26 September 2005 135.19 3 October 2005 152.40 10 October 2005 156.52 17 October 2005 142.93 24 October 2005 137.44 31 October 2005 126.67 7 November 2005 117.55 14 November 2005 114.23 21 November 2005 105.29 28 November 2005 103.77 5 December 2005 98.57 12 December 2005 102.13 19 December 2005 115.50 26 December 2005 112.49 2 January 2006 103.76 9 January 2006 111.82 16 January 2006 104.21 23 January 2006 101.89 30 January 2006 104.39 6 February 2006 106.94 13 February 2006 109.74 20 February 2006 103.84 27 February 2006 103.76 6 March 2006 104.95 13 March 2006 107.54 20 March 2006 120.19 27 March 2006 108.44 3 April 2006 107.88 10 April 2006 109.24 17 April 2006 111.44 24 April 2006 124.16 1 May 2006 117.79 8 May 2006 125.64 15 May 2006 131.38 22 May 2006 126.41 29 May 2006 116.54 5 June 2006 117.21 12 June 2006 122.10 19 June 2006 121.51 26 June 2006 118.74 3 July 2006 125.15 10 July 2006 131.46 17 July 2006 131.95 24 July 2006 136.35 31 July 2006 134.16 7 August 2006 128.41 14 August 2006 131.54 21 August 2006 126.28 28 August 2006 121.90 4 September 2006 114.96 11 September 2006 111.15 18 September 2006 104.07 25 September 2006 101.98 2 October 2006 99.50 9 October 2006 101.37 16 October 2006 102.77 23 October 2006 107.53 30 October 2006 102.46 6 November 2006 98.30 13 November 2006 102.05 20 November 2006 107.10 27 November 2006 102.49 4 December 2006 105.71 11 December 2006 110.74 18 December 2006 114.73 25 December 2006 118.79 1 January 2007 124.13 8 January 2007 125.47 15 January 2007 126.03 22 January 2007 119.63 29 January 2007 113.65 5 February 2007 106.40 12 February 2007 113.18 19 February 2007 117.71 26 February 2007 116.94 5 March 2007 129.09 12 March 2007 133.53 19 March 2007 136.52 26 March 2007 122.95 2 April 2007 121.56 9 April 2007 135.16 16 April 2007 133.28 23 April 2007 128.25 30 April 2007 137.29 7 May 2007 153.91 14 May 2007 156.91 21 May 2007 159.24 28 May 2007 161.49 4 June 2007 148.16 11 June 2007 138.74 18 June 2007 122.86 25 June 2007 125.07 2 July 2007 123.56 9 July 2007 127.56 16 July 2007 134.50 23 July 2007 125.17 30 July 2007 110.85 6 August 2007 115.87 13 August 2007 110.31 20 August 2007 112.70 27 August 2007 106.97 3 September 2007 104.78 10 September 2007 103.02 17 September 2007 93.20 24 September 2007 95.16 1 October 2007 101.78 8 October 2007 106.98 15 October 2007 96.37 22 October 2007 102.15 29 October 2007 91.92 5 November 2007 102.23 12 November 2007 107.83 19 November 2007 103.67 26 November 2007 102.14 3 December 2007 119.13 10 December 2007 118.18 17 December 2007 114.34 24 December 2007 105.68 31 December 2007 105.55 7 January 2008 113.00 14 January 2008 111.21 21 January 2008 115.54 28 January 2008 108.84 4 February 2008 112.90 11 February 2008 103.61 18 February 2008 98.50 25 February 2008 106.56 3 March 2008 99.19 10 March 2008 91.39 17 March 2008 99.95 24 March 2008 102.94 31 March 2008 99.06 7 April 2008 89.83 14 April 2008 79.67 21 April 2008 77.63 28 April 2008 83.33 5 May 2008 82.85 12 May 2008 83.09 19 May 2008 84.49 26 May 2008 90.86 2 June 2008 94.76 9 June 2008 83.56 16 June 2008 82.93 23 June 2008 82.35 30 June 2008 78.50 7 July 2008 78.31 14 July 2008 74.00 21 July 2008 102.40 28 July 2008 105.57 4 August 2008 102.53 11 August 2008 111.74 18 August 2008 106.14 25 August 2008 95.15 1 September 2008 106.16 As shown in the figure, the series ends at about 115 cents per gallon on September 8, 2008. * Regular grade seasonally adjusted by FRB staff, less average spot crude price: 60% WTI, 40% Maya heavy crude. Includes gasoline taxes. Return to table Figure: Gasoline Price Decomposition Cents per gallon Period Retail price* Rack price Average spot crude price** 10 January 2005 193.53 136.94 92.93 17 January 2005 195.35 141.62 98.10 24 January 2005 197.98 143.63 98.16 31 January 2005 203.02 146.15 97.92 7 February 2005 202.06 142.09 92.18 14 February 2005 200.20 143.45 96.96 21 February 2005 199.54 141.02 104.58 28 February 2005 199.88 141.85 106.64 7 March 2005 205.02 151.74 111.88 14 March 2005 208.76 152.90 113.79 21 March 2005 211.62 157.40 117.36 28 March 2005 212.54 159.20 111.79 4 April 2005 215.42 166.89 119.60 11 April 2005 218.20 150.51 113.53 18 April 2005 210.76 144.52 105.71 25 April 2005 210.54 156.77 113.13 2 May 2005 210.97 145.39 109.50 9 May 2005 206.61 144.47 113.09 16 May 2005 204.84 140.46 105.16 23 May 2005 200.87 139.17 105.47 30 May 2005 197.37 142.28 112.08 6 June 2005 198.56 149.02 117.41 13 June 2005 199.26 147.49 119.70 20 June 2005 202.60 155.33 128.03 27 June 2005 210.87 158.46 129.91 4 July 2005 215.00 157.95 127.58 11 July 2005 228.22 171.76 127.09 18 July 2005 229.85 164.97 123.31 25 July 2005 226.54 167.02 120.94 1 August 2005 225.30 168.10 131.68 8 August 2005 231.56 179.65 138.12 15 August 2005 248.32 199.55 141.19 22 August 2005 253.76 194.86 139.73 29 August 2005 253.67 198.51 143.52 5 September 2005 299.70 232.93 143.58 12 September 2005 288.42 214.36 137.51 19 September 2005 272.24 190.01 145.78 26 September 2005 277.41 216.18 142.22 3 October 2005 293.72 236.99 141.31 10 October 2005 289.52 203.75 133.00 17 October 2005 280.91 195.20 137.98 24 October 2005 268.95 184.88 131.51 31 October 2005 255.30 179.81 128.63 7 November 2005 243.55 175.41 126.00 14 November 2005 234.21 164.49 119.98 21 November 2005 224.98 160.26 119.69 28 November 2005 223.32 162.44 119.55 5 December 2005 225.70 171.91 127.13 12 December 2005 232.58 177.35 130.45 19 December 2005 237.78 177.38 122.27 26 December 2005 236.05 175.78 123.55 2 January 2006 239.33 187.90 135.57 9 January 2006 247.41 193.70 135.60 16 January 2006 245.90 185.33 141.69 23 January 2006 247.02 189.61 145.12 30 January 2006 248.89 188.71 144.50 6 February 2006 247.17 181.54 140.22 13 February 2006 241.14 168.17 131.40 20 February 2006 235.73 175.21 131.89 27 February 2006 234.78 177.78 131.02 6 March 2006 240.11 188.55 135.16 13 March 2006 241.24 182.98 133.70 20 March 2006 252.34 193.45 132.15 27 March 2006 247.87 187.52 139.42 3 April 2006 252.89 195.09 145.01 10 April 2006 258.42 201.97 149.18 17 April 2006 264.63 209.28 153.19 24 April 2006 277.11 219.22 152.96 1 May 2006 278.15 207.63 160.37 8 May 2006 277.69 208.61 152.05 15 May 2006 282.03 219.63 150.65 22 May 2006 276.23 204.61 149.82 29 May 2006 272.33 208.16 155.79 5 June 2006 273.42 217.04 156.22 12 June 2006 273.42 214.24 151.32 19 June 2006 269.37 203.54 147.86 26 June 2006 272.50 214.81 153.76 3 July 2006 286.98 227.41 161.83 10 July 2006 290.53 229.18 159.07 17 July 2006 295.82 239.30 163.87 24 July 2006 297.47 240.46 161.12 31 July 2006 296.22 236.16 162.06 7 August 2006 298.27 238.54 169.86 14 August 2006 293.12 222.53 161.58 21 August 2006 284.59 218.00 158.30 28 August 2006 276.65 206.10 154.75 4 September 2006 264.84 191.89 149.88 11 September 2006 253.93 179.48 142.78 18 September 2006 242.25 174.69 138.19 25 September 2006 234.23 164.82 132.25 2 October 2006 232.06 172.72 132.56 9 October 2006 231.80 171.53 130.43 16 October 2006 232.92 171.12 130.15 23 October 2006 232.20 171.37 124.67 30 October 2006 231.58 175.40 129.12 6 November 2006 228.17 175.06 129.87 13 November 2006 229.75 176.33 127.70 20 November 2006 229.98 174.79 122.88 27 November 2006 233.33 179.17 130.84 4 December 2006 241.26 189.79 135.55 11 December 2006 243.70 184.35 132.96 18 December 2006 248.99 193.55 134.26 25 December 2006 250.89 189.27 132.10 1 January 2007 249.19 187.01 125.06 8 January 2007 245.40 174.21 119.93 15 January 2007 236.71 164.18 110.68 22 January 2007 229.88 160.33 110.26 29 January 2007 230.20 169.99 116.55 5 February 2007 233.13 177.01 126.73 12 February 2007 238.45 182.83 125.27 19 February 2007 243.51 186.98 125.80 26 February 2007 249.69 196.03 132.74 5 March 2007 259.24 202.24 130.15 12 March 2007 261.99 199.28 128.46 19 March 2007 260.95 197.67 124.43 26 March 2007 260.25 199.28 137.30 2 April 2007 265.75 206.11 144.20 9 April 2007 271.06 213.11 135.90 16 April 2007 274.31 215.59 141.02 23 April 2007 272.27 209.38 144.02 30 April 2007 282.80 228.21 145.51 7 May 2007 291.42 230.17 137.50 14 May 2007 296.64 247.48 139.74 21 May 2007 307.75 255.79 148.50 28 May 2007 304.88 246.21 143.39 4 June 2007 297.67 234.37 149.50 11 June 2007 287.55 214.64 148.81 18 June 2007 279.45 220.46 156.59 25 June 2007 280.35 225.31 155.28 2 July 2007 282.74 224.35 159.18 9 July 2007 289.63 240.58 162.07 16 July 2007 301.10 234.85 166.61 23 July 2007 293.19 224.44 168.02 30 July 2007 283.51 216.52 172.67 6 August 2007 278.24 213.20 162.37 13 August 2007 270.06 206.74 159.75 20 August 2007 270.30 219.02 157.60 27 August 2007 266.60 216.31 159.63 3 September 2007 271.30 225.99 166.52 10 September 2007 273.51 221.47 170.49 17 September 2007 270.61 222.86 177.41 24 September 2007 276.87 229.17 181.71 1 October 2007 279.51 224.39 177.73 8 October 2007 282.75 225.77 175.77 15 October 2007 286.99 229.83 190.62 22 October 2007 295.20 236.87 193.05 29 October 2007 298.37 245.78 206.45 5 November 2007 310.73 263.04 208.50 12 November 2007 318.79 267.58 210.96 19 November 2007 316.58 256.09 212.91 26 November 2007 318.74 262.75 216.60 3 December 2007 317.91 243.37 198.78 10 December 2007 314.58 245.19 196.40 17 December 2007 317.06 252.93 202.72 24 December 2007 315.40 258.23 209.72 31 December 2007 321.66 265.49 216.11 7 January 2008 326.22 267.69 213.22 14 January 2008 321.07 252.09 209.86 21 January 2008 315.44 251.63 199.90 28 January 2008 312.01 254.15 203.17 4 February 2008 312.71 251.40 199.81 11 February 2008 311.52 255.03 207.90 18 February 2008 319.86 265.38 221.37 25 February 2008 326.06 269.18 219.50 3 March 2008 326.20 267.92 227.01 10 March 2008 329.44 272.01 238.05 17 March 2008 332.25 268.44 232.30 24 March 2008 325.84 261.86 222.90 31 March 2008 324.66 265.71 225.60 7 April 2008 324.57 267.46 234.75 14 April 2008 325.99 268.01 246.32 21 April 2008 335.36 281.92 257.72 28 April 2008 345.29 289.66 261.96 5 May 2008 346.77 285.75 263.92 12 May 2008 358.15 308.62 275.06 19 May 2008 365.17 311.49 280.68 26 May 2008 377.72 324.56 286.86 2 June 2008 379.20 321.00 284.44 9 June 2008 383.09 329.72 299.53 16 June 2008 385.05 322.88 302.11 23 June 2008 387.11 325.74 304.76 30 June 2008 393.85 334.63 315.34 7 July 2008 400.88 341.85 322.57 14 July 2008 405.92 348.48 331.91 21 July 2008 404.09 320.19 301.70 28 July 2008 391.81 305.48 286.24 4 August 2008 382.77 313.13 280.24 11 August 2008 374.13 301.48 262.39 18 August 2008 365.79 294.26 259.65 25 August 2008 359.98 291.47 264.82 1 September 2008 359.48 306.33 253.32 As shown in the figure, the series end on September 8, 2008. "Retail price" ends at about 355 cents per gallon, "Rack price" ends at about 300 cents per gallon, and "Average spot crude price" ends at about 245 cents per gallon. * 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 209.59 221.06 February 2005 229.30 ND 207.85 219.32 March 2005 213.66 ND 199.11 210.58 April 2005 217.81 ND 202.37 213.84 May 2005 218.27 ND 206.81 218.28 June 2005 217.62 ND 206.19 217.66 July 2005 206.86 ND 203.51 214.98 August 2005 191.14 ND 192.94 204.41 September 2005 196.15 ND 196.49 207.96 October 2005 200.96 ND 192.02 203.48 November 2005 205.26 ND 201.01 212.48 December 2005 208.33 ND 202.46 213.93 January 2006 220.43 223.16 209.59 221.06 February 2006 222.37 225.12 207.85 219.32 March 2006 208.72 211.51 199.11 210.58 April 2006 206.86 210.90 202.37 213.84 May 2006 214.16 218.54 206.81 218.28 June 2006 213.29 217.94 206.19 217.66 July 2006 208.86 213.47 203.51 214.98 August 2006 208.99 213.69 192.94 204.41 September 2006 214.13 218.95 196.49 207.96 October 2006 204.60 209.29 192.02 203.48 November 2006 204.03 208.64 201.01 212.48 December 2006 211.81 216.62 202.46 213.93 January 2007 227.43 232.52 209.59 221.06 February 2007 215.33 220.16 207.85 219.32 March 2007 201.57 206.08 199.11 210.58 April 2007 196.92 201.21 202.37 213.84 May 2007 202.75 207.05 206.81 218.28 June 2007 205.55 209.84 206.19 217.66 July 2007 205.10 209.57 203.51 214.98 August 2007 193.97 198.10 192.94 204.41 September 2007 199.99 204.23 196.49 207.96 October 2007 198.59 203.02 192.02 203.48 November 2007 204.76 209.31 201.01 212.48 December 2007 218.11 223.41 202.46 213.93 January 2008 231.25 236.90 209.59 221.06 February 2008 233.76 239.43 207.85 219.32 March 2008 221.20 226.33 199.11 210.58 April 2008 210.01 214.82 202.37 213.84 May 2008 207.44 212.12 206.81 218.28 June 2008 209.77 214.57 27 June 2008 210.86 ND ND ND ND ND 203.51 214.98 4 July 2008 211.77 ND ND ND 11 July 2008 214.24 219.38 ND ND 18 July 2008 217.09 222.30 ND ND 25 July 2008 213.56 218.74 ND ND July 2008 August 2008 206.19 217.66 ND ND 192.94 204.41 1 August 2008 209.22 214.31 ND ND 8 August 2008 202.82 207.79 ND ND 15 August 2008 196.62 201.20 ND ND 22 August 2008 195.44 200.08 ND ND 29 August 2008 194.40 199.05 ND ND September 2008 ND ND 196.49 207.96 October 2008 ND ND 192.02 203.48 As shown in the figure, the series end on September 5, 2008. "Excluding ethanol" ends at about 187 million barrels, and "Adjusted for ethanol use" ends at about 204 million barrels. Note. Shaded region is average historical range as calculated by DOE. Monthly data through June 2008, weekly data thereafter. * 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 215.3 4 February 2008 215.0 5 February 2008 214.0 6 February 2008 210.0 7 February 2008 210.0 8 February 2008 210.0 11 February 2008 214.3 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 28 February 2008 236.2 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 13 March 2008 248.8 14 March 2008 247.1 17 March 2008 236.9 18 March 2008 242.0 19 March 2008 234.5 20 March 2008 236.0 24 March 2008 242.0 25 March 2008 245.0 26 March 2008 249.3 27 March 2008 249.7 28 March 2008 248.3 31 March 2008 245.0 1 April 2008 248.2 2 April 2008 252.3 3 April 2008 250.8 4 April 2008 251.6 7 April 2008 251.5 8 April 2008 251.4 9 April 2008 255.5 10 April 2008 252.5 11 April 2008 248.0 14 April 2008 249.1 15 April 2008 253.3 16 April 2008 254.2 17 April 2008 254.1 18 April 2008 255.5 21 April 2008 254.0 22 April 2008 256.6 23 April 2008 255.4 24 April 2008 251.0 25 April 2008 251.1 28 April 2008 253.6 29 April 2008 249.1 30 April 2008 250.4 1 May 2008 249.0 2 May 2008 248.0 5 May 2008 252.5 6 May 2008 254.8 7 May 2008 255.9 8 May 2008 259.5 9 May 2008 260.4 12 May 2008 257.7 13 May 2008 253.9 14 May 2008 249.1 15 May 2008 245.4 16 May 2008 247.6 19 May 2008 245.8 20 May 2008 248.1 21 May 2008 253.3 22 May 2008 250.4 23 May 2008 250.1 27 May 2008 248.5 28 May 2008 249.8 29 May 2008 240.6 30 May 2008 239.1 2 June 2008 240.8 3 June 2008 233.0 4 June 2008 230.0 5 June 2008 234.2 6 June 2008 245.1 9 June 2008 245.8 10 June 2008 249.8 11 June 2008 262.0 12 June 2008 269.1 13 June 2008 279.9 16 June 2008 285.9 17 June 2008 288.6 18 June 2008 293.7 19 June 2008 284.8 20 June 2008 286.8 23 June 2008 286.2 24 June 2008 284.0 25 June 2008 285.5 26 June 2008 289.9 27 June 2008 291.7 30 June 2008 284.7 1 July 2008 282.0 2 July 2008 286.1 3 July 2008 286.3 7 July 2008 280.9 8 July 2008 274.8 9 July 2008 272.8 10 July 2008 271.7 11 July 2008 273.7 14 July 2008 270.2 15 July 2008 259.9 16 July 2008 259.1 17 July 2008 251.0 18 July 2008 241.7 21 July 2008 237.3 22 July 2008 228.0 23 July 2008 230.0 24 July 2008 234.1 25 July 2008 237.9 28 July 2008 247.6 29 July 2008 245.5 30 July 2008 245.7 31 July 2008 246.0 1 August 2008 239.0 4 August 2008 224.5 5 August 2008 218.9 6 August 2008 215.9 7 August 2008 222.8 8 August 2008 204.0 11 August 2008 206.3 12 August 2008 210.0 13 August 2008 223.5 14 August 2008 224.9 15 August 2008 213.6 18 August 2008 218.0 19 August 2008 219.8 20 August 2008 227.8 21 August 2008 239.8 22 August 2008 234.0 25 August 2008 234.9 26 August 2008 234.8 27 August 2008 235.4 28 August 2008 230.6 29 August 2008 237.0 2 September 2008 223.5 3 September 2008 222.5 4 September 2008 223.5 5 September 2008 217.0 8 September 2008 220.5 9 September 2008 218.1 Source. Chicago Board of Trade. Figure: Ethanol Prices: Monthly futures, September 9 Cents per gallon Period Monthly futures, Sept. 9 October 2008 220.5 November 2008 217.0 December 2008 216.4 January 2009 216.3 February 2009 215.8 March 2009 214.0 April 2009 214.0 May 2009 214.5 Source. Chicago Board of Trade. Figure: PCE Food Prices 12-month percent change Period Food and beverages Ex. food and energy January 2005 2.67 2.29 February 2005 2.36 2.23 March 2005 2.33 2.24 April 2005 2.74 2.10 May 2005 2.16 2.17 June 2005 2.01 2.06 July 2005 2.03 2.04 August 2005 1.94 2.07 September 2005 2.24 2.13 October 2005 2.00 2.15 November 2005 2.18 2.14 December 2005 2.26 2.16 January 2006 2.50 2.05 February 2006 2.52 2.04 March 2006 2.43 2.08 April 2006 1.79 2.23 May 2006 1.99 2.21 June 2006 2.30 2.37 July 2006 2.27 2.37 August 2006 2.46 2.51 September 2006 2.51 2.48 October 2006 2.52 2.41 November 2006 2.25 2.21 December 2006 2.15 2.24 January 2007 2.39 2.39 February 2007 3.01 2.42 March 2007 3.25 2.23 April 2007 3.49 2.14 May 2007 3.61 2.06 June 2007 3.79 2.01 July 2007 3.91 2.03 August 2007 4.07 1.96 September 2007 4.18 2.05 October 2007 4.25 2.11 November 2007 4.52 2.22 December 2007 4.63 2.28 January 2008 4.67 2.18 February 2008 4.48 2.13 March 2008 4.34 2.23 April 2008 4.99 2.19 May 2008 4.90 2.22 June 2008 5.03 2.30 July 2008 5.69 2.43 Source. Bureau of Economic Analysis. Figure: Spot Agricultural Commodity Prices Dollars per bushel Period Corn Soybeans 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 18 March 2008 5.10 12.36 25 March 2008 5.10 12.37 1 April 2008 5.50 11.46 8 April 2008 5.57 11.94 15 April 2008 5.70 13.29 22 April 2008 5.59 13.30 29 April 2008 5.58 12.45 6 May 2008 5.62 12.25 13 May 2008 5.61 13.26 20 May 2008 5.44 12.94 27 May 2008 5.54 13.06 3 June 2008 5.66 13.24 10 June 2008 6.30 14.15 17 June 2008 6.95 15.23 24 June 2008 6.67 14.70 1 July 2008 6.74 15.93 8 July 2008 6.50 15.24 15 July 2008 5.94 15.11 22 July 2008 5.24 14.01 29 July 2008 5.44 13.69 5 August 2008 4.75 12.44 12 August 2008 4.64 11.88 19 August 2008 5.20 12.51 26 August 2008 5.33 13.21 2 September 2008 5.18 12.78 9 September 2008 4.96 11.81 As shown in the figure, the "Wheat" series begins at about $4 per bushel in 2005:Q1, generally increases to about 13 by 2008:Q1, and generally decreases to end at about 7.5 on September 9, 2008. Source. Commodity Research Bureau. Broad Measures of Inflation (Percent change, Q2 to Q2) Measure 2005 2006 2007 2008 Product prices GDP price index 2.9 3.5 2.8 2.0 3.1 3.4 2.5 1.9 3.1 3.6 2.1 1.5 3.3 3.9 2.6 3.5 3.0 3.2 2.4 2.2 2.5 3.3 2.4 3.7 2.1 2.3 2.1 2.2 2.2 3.1 2.2 3.6 1.7 1.9 1.8 1.9 2.9 3.9 2.6 4.3 2.2 2.5 2.3 2.3 2.6 3.6 2.4 3.8 1.9 2.2 1.9 2.0 Median CPI 2.4 2.9 3.1 3.1 Trimmed mean CPI 2.4 2.6 2.7 3.0 Trimmed mean PCE 2.3 2.7 2.6 2.6 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 2006: Q4 1.9 Median 3.5 Professional forecasters (10 years) 4 5 to 10 years 3 Mean 3.0 Median 3.5 3.0 CPI PCE 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 4.1 4.2 3.8 3.3 3.0 2.5 2.2 Q2 4.4 6.4 5.0 3.8 3.3 2.5 2.2 Q3 n.a. n.a. n.a. n.a. n.a. 2.5 2.2 2008: Apr. 3.9 5.7 4.8 3.5 3.2 … … May 4.2 7.0 5.2 4.0 3.4 2.5 2.2 June 5.0 6.5 5.1 4.0 3.4 … … July 5.6 6.3 5.1 3.5 3.2 … … Aug. n.a. 5.3 4.8 3.9 3.2 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 2008:Q1 3.77 2.97 2008:Q2 5.03 3.33 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 March 2008 4.3 2.9 April 2008 4.8 3.2 May 2008 5.2 3.4 June 2008 5.1 3.4 July 2008 5.1 3.2 August 2008 4.8 3.2 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 1.99 2005:Q3 2.00 1.97 2005:Q4 2.00 1.89 2006:Q1 2.00 2.16 2006:Q2 2.00 2.12 2006:Q3 2.00 2.42 2006:Q4 2.00 2.26 2007:Q1 2.00 2.06 2007:Q2 2.00 2.25 2007:Q3 2.10 2.11 2007:Q4 2.10 2.14 2008:Q1 2.20 2.27 2008:Q2 2.20 2.26 2008:Q3 2.20 2.19 * 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 2008:Q1 2.10 2.94 2008:Q2 2.21 2.85 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 11 January 2005 2.61 2.73 18 January 2005 2.60 2.69 25 January 2005 2.58 2.69 1 February 2005 2.61 2.67 8 February 2005 2.58 2.55 15 February 2005 2.64 2.57 22 February 2005 2.69 2.62 1 March 2005 2.74 2.68 8 March 2005 2.77 2.74 15 March 2005 2.79 2.80 22 March 2005 2.80 2.82 29 March 2005 2.74 2.79 5 April 2005 2.74 2.75 12 April 2005 2.69 2.71 19 April 2005 2.62 2.75 26 April 2005 2.64 2.69 3 May 2005 2.58 2.63 10 May 2005 2.57 2.65 17 May 2005 2.50 2.61 24 May 2005 2.42 2.54 31 May 2005 2.41 2.51 7 June 2005 2.37 2.47 14 June 2005 2.35 2.45 21 June 2005 2.39 2.46 28 June 2005 2.36 2.37 5 July 2005 2.37 2.39 12 July 2005 2.37 2.37 19 July 2005 2.29 2.37 26 July 2005 2.32 2.44 2 August 2005 2.35 2.47 9 August 2005 2.38 2.48 16 August 2005 2.35 2.47 23 August 2005 2.34 2.49 30 August 2005 2.41 2.48 6 September 2005 2.44 2.47 13 September 2005 2.49 2.51 20 September 2005 2.53 2.57 27 September 2005 2.54 2.57 4 October 2005 2.60 2.60 11 October 2005 2.54 2.54 18 October 2005 2.54 2.57 25 October 2005 2.51 2.60 1 November 2005 2.55 2.68 8 November 2005 2.63 2.76 15 November 2005 2.57 2.67 22 November 2005 2.53 2.59 29 November 2005 2.54 2.54 6 December 2005 2.55 2.57 13 December 2005 2.50 2.56 20 December 2005 2.50 2.52 27 December 2005 2.45 2.48 3 January 2006 2.47 2.45 10 January 2006 2.47 2.45 17 January 2006 2.50 2.51 24 January 2006 2.55 2.52 31 January 2006 2.56 2.57 7 February 2006 2.58 2.57 14 February 2006 2.51 2.57 21 February 2006 2.50 2.53 28 February 2006 2.54 2.51 7 March 2006 2.58 2.59 14 March 2006 2.48 2.59 21 March 2006 2.48 2.57 28 March 2006 2.46 2.55 4 April 2006 2.49 2.58 11 April 2006 2.51 2.62 18 April 2006 2.56 2.64 25 April 2006 2.55 2.72 2 May 2006 2.57 2.79 9 May 2006 2.61 2.76 16 May 2006 2.63 2.77 23 May 2006 2.58 2.73 30 May 2006 2.57 2.71 6 June 2006 2.60 2.71 13 June 2006 2.50 2.60 20 June 2006 2.50 2.64 27 June 2006 2.54 2.65 4 July 2006 2.58 2.67 11 July 2006 2.59 2.64 18 July 2006 2.58 2.62 25 July 2006 2.57 2.64 1 August 2006 2.58 2.68 8 August 2006 2.62 2.69 15 August 2006 2.62 2.72 22 August 2006 2.54 2.71 29 August 2006 2.46 2.71 5 September 2006 2.42 2.67 12 September 2006 2.35 2.65 19 September 2006 2.31 2.64 26 September 2006 2.20 2.58 3 October 2006 2.25 2.56 10 October 2006 2.22 2.57 17 October 2006 2.25 2.57 24 October 2006 2.24 2.60 31 October 2006 2.23 2.62 7 November 2006 2.23 2.62 14 November 2006 2.25 2.62 21 November 2006 2.23 2.55 28 November 2006 2.24 2.50 5 December 2006 2.28 2.53 12 December 2006 2.26 2.55 19 December 2006 2.26 2.52 26 December 2006 2.21 2.45 2 January 2007 2.25 2.46 9 January 2007 2.29 2.45 16 January 2007 2.22 2.43 23 January 2007 2.24 2.49 30 January 2007 2.32 2.55 6 February 2007 2.33 2.51 13 February 2007 2.27 2.48 20 February 2007 2.22 2.49 27 February 2007 2.30 2.49 6 March 2007 2.31 2.47 13 March 2007 2.27 2.43 20 March 2007 2.28 2.47 27 March 2007 2.32 2.54 3 April 2007 2.33 2.55 10 April 2007 2.35 2.57 17 April 2007 2.30 2.55 24 April 2007 2.23 2.51 1 May 2007 2.31 2.50 8 May 2007 2.28 2.47 15 May 2007 2.27 2.44 22 May 2007 2.24 2.43 29 May 2007 2.26 2.51 5 June 2007 2.29 2.54 12 June 2007 2.32 2.62 19 June 2007 2.28 2.64 26 June 2007 2.25 2.68 3 July 2007 2.24 2.63 10 July 2007 2.30 2.63 17 July 2007 2.28 2.62 24 July 2007 2.25 2.64 31 July 2007 2.22 2.68 7 August 2007 2.14 2.65 14 August 2007 2.13 2.68 21 August 2007 2.04 2.69 28 August 2007 2.03 2.69 4 September 2007 2.00 2.67 11 September 2007 2.00 2.69 18 September 2007 2.11 2.75 25 September 2007 2.14 2.81 2 October 2007 2.13 2.80 9 October 2007 2.15 2.78 16 October 2007 2.18 2.78 23 October 2007 2.15 2.74 30 October 2007 2.17 2.76 6 November 2007 2.28 2.77 13 November 2007 2.33 2.80 20 November 2007 2.27 2.75 27 November 2007 2.27 2.77 4 December 2007 2.20 2.74 11 December 2007 2.10 2.72 18 December 2007 2.14 2.73 25 December 2007 2.14 2.75 1 January 2008 2.17 2.73 8 January 2008 2.21 2.67 15 January 2008 2.08 2.73 22 January 2008 2.02 2.81 29 January 2008 2.03 2.96 5 February 2008 2.10 2.98 12 February 2008 2.05 3.00 19 February 2008 2.09 2.93 26 February 2008 2.22 2.93 4 March 2008 2.27 3.00 11 March 2008 2.26 3.18 18 March 2008 2.04 3.14 25 March 2008 1.88 3.00 1 April 2008 1.94 3.03 8 April 2008 1.97 3.00 15 April 2008 1.96 2.95 22 April 2008 2.00 2.90 29 April 2008 2.06 2.79 6 May 2008 2.08 2.80 13 May 2008 2.11 2.83 20 May 2008 2.23 2.84 27 May 2008 2.34 2.87 3 June 2008 2.32 2.87 10 June 2008 2.33 2.89 17 June 2008 2.45 2.80 24 June 2008 2.44 2.76 1 July 2008 2.51 2.77 8 July 2008 2.52 2.84 15 July 2008 2.44 2.78 22 July 2008 2.34 2.84 29 July 2008 2.14 2.86 5 August 2008 2.08 2.87 12 August 2008 1.98 2.79 19 August 2008 1.93 2.78 26 August 2008 1.95 2.79 2 September 2008 1.90 2.80 9 September 2008 1.68 2.72 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 Ratio scale, 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 97.25 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 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 18 March 2008 126.15 145.17 25 March 2008 123.64 139.80 1 April 2008 125.71 145.40 8 April 2008 129.75 154.83 15 April 2008 131.06 154.95 22 April 2008 132.10 154.91 29 April 2008 133.27 156.65 6 May 2008 133.05 152.84 13 May 2008 133.84 151.44 20 May 2008 134.84 151.48 27 May 2008 133.19 146.00 3 June 2008 130.99 139.32 10 June 2008 132.73 140.83 17 June 2008 132.37 138.41 24 June 2008 133.75 142.83 1 July 2008 134.50 141.99 8 July 2008 133.89 139.83 15 July 2008 135.75 146.35 22 July 2008 132.88 142.90 29 July 2008 129.92 141.42 5 August 2008 127.73 136.78 12 August 2008 123.09 128.70 19 August 2008 120.58 125.98 26 August 2008 122.83 131.67 2 September 2008 122.31 129.07 9 September 2008 116.24 116.11 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 Ratio scale, 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 406.56 394.78 15 August 2006 404.20 384.90 22 August 2006 403.88 385.55 29 August 2006 401.14 381.73 5 September 2006 405.65 392.46 12 September 2006 401.20 373.24 19 September 2006 401.15 366.06 26 September 2006 404.62 361.78 3 October 2006 406.89 363.61 10 October 2006 409.58 368.11 17 October 2006 417.76 382.02 24 October 2006 422.15 382.59 31 October 2006 426.42 383.92 7 November 2006 428.85 395.11 14 November 2006 423.40 391.75 21 November 2006 426.58 395.68 28 November 2006 430.19 400.87 5 December 2006 433.55 403.37 12 December 2006 433.87 397.29 19 December 2006 436.21 395.47 26 December 2006 432.58 392.94 9 January 2007 426.12 379.97 16 January 2007 430.31 384.25 23 January 2007 435.15 392.56 30 January 2007 431.28 391.18 6 February 2007 428.95 393.97 13 February 2007 431.83 397.88 20 February 2007 436.43 399.67 27 February 2007 442.58 411.01 6 March 2007 449.08 401.41 13 March 2007 452.86 399.90 20 March 2007 454.77 401.11 27 March 2007 458.44 405.53 3 April 2007 461.21 403.55 10 April 2007 466.25 409.35 17 April 2007 468.39 406.14 24 April 2007 468.94 403.09 1 May 2007 469.34 403.84 8 May 2007 471.96 403.49 15 May 2007 468.57 404.79 22 May 2007 467.99 402.38 29 May 2007 466.28 401.43 5 June 2007 476.74 412.26 12 June 2007 475.01 406.99 19 June 2007 476.46 413.63 26 June 2007 475.29 403.88 3 July 2007 480.46 412.41 10 July 2007 483.42 418.99 17 July 2007 482.90 415.66 24 July 2007 488.34 419.46 31 July 2007 487.08 424.52 7 August 2007 488.67 418.76 14 August 2007 479.88 416.11 21 August 2007 469.86 400.92 28 August 2007 474.01 405.72 4 September 2007 475.78 416.51 11 September 2007 477.32 425.38 18 September 2007 483.21 433.41 25 September 2007 490.74 443.94 2 October 2007 493.60 442.43 9 October 2007 489.72 438.57 16 October 2007 492.80 450.65 23 October 2007 493.35 446.09 30 October 2007 491.40 450.14 6 November 2007 493.39 458.79 13 November 2007 489.19 448.10 20 November 2007 481.00 452.36 27 November 2007 477.52 453.61 4 December 2007 473.24 455.39 11 December 2007 475.75 465.31 18 December 2007 472.14 467.63 8 January 2008 482.34 489.10 15 January 2008 477.55 494.93 22 January 2008 475.09 484.98 29 January 2008 477.86 500.23 5 February 2008 478.12 503.95 12 February 2008 485.72 515.69 19 February 2008 493.41 538.17 26 February 2008 503.47 557.35 4 March 2008 523.88 565.48 11 March 2008 510.73 564.74 18 March 2008 516.04 545.00 25 March 2008 509.91 527.07 1 April 2008 508.40 513.06 8 April 2008 509.92 531.48 15 April 2008 519.92 548.38 22 April 2008 523.32 549.42 29 April 2008 525.59 536.95 6 May 2008 521.03 543.54 13 May 2008 525.71 547.98 20 May 2008 510.07 548.62 27 May 2008 507.85 544.40 3 June 2008 494.48 541.52 10 June 2008 491.89 555.44 17 June 2008 494.05 581.52 24 June 2008 502.16 584.53 1 July 2008 503.61 609.15 8 July 2008 494.18 583.44 15 July 2008 499.40 586.02 22 July 2008 493.52 554.11 29 July 2008 488.98 542.74 5 August 2008 480.99 524.16 12 August 2008 469.14 507.32 19 August 2008 472.37 506.23 26 August 2008 475.63 522.45 2 September 2008 465.54 501.58 9 September 2008 459.21 474.63 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) Index JOC industrials 2007 1 12/18/07 to 7/29/08 2 7/29/08 2 to 9/9/08 7.6 15.7 -10.5 52-week change to 9/9/08 3.7 JOC metals 2.1 20.4 -17.9 -5.3 CRB spot industrials 8.2 3.6 -6.1 -3.8 CRB spot foodstuffs 25.5 23.4 -7.5 19.7 CRB futures 18.2 16.1 -12.5 11.6 1. From the last week of the preceding year to the last week of the year indicated. Return to table 2. July 29, 2008, is the Tuesday preceding publication of the July 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 2006:Q2 to 2007:Q2 2007:Q2 to 2008:Q2e 2007 Q3 2008 Q4 Q2 e Q1 Compensation per hour Nonfarm business 4.2 4.0 3.3 5.3 3.8 3.7 3.7 .6 -2.4 4.5 1.2 -.7 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 6.8 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 4.6 2005:Q2 3.1 3.9 2005:Q3 2.9 4.0 2005:Q4 2.9 3.6 2006:Q1 2.6 4.2 2006:Q2 2.8 3.9 2006:Q3 3.0 2.9 2006:Q4 3.2 4.3 2007:Q1 3.2 4.2 2007:Q2 3.1 4.2 2007:Q3 3.1 4.5 2007:Q4 3.0 3.6 2008:Q1 3.2 3.3 2008:Q2 3.0 4.0 * Value for 2008:Q2 is a staff estimate. Return to table Figure: Unit Labor Costs (Percent change from year-earlier period) Period Percent 1996:Q1 1.0 1996:Q2 0.5 1996:Q3 0.5 1996:Q4 0.7 1997:Q1 1.6 1997:Q2 1.2 1997:Q3 0.9 1997:Q4 2.0 1998:Q1 2.1 1998:Q2 3.7 1998:Q3 4.1 1998:Q4 2.7 1999:Q1 2.6 1999:Q2 1.6 1999:Q3 1.3 1999:Q4 1.6 2000:Q1 4.7 2000:Q2 2.9 2000:Q3 5.0 2000:Q4 4.3 2001:Q1 2.0 2001:Q2 2.8 2001:Q3 0.7 2001:Q4 0.3 2002:Q1 -1.6 2002:Q2 0.1 2002:Q3 -0.6 2002:Q4 0.2 2003:Q1 0.9 2003:Q2 0.2 2003:Q3 -0.3 2003:Q4 0.5 2004:Q1 -0.2 2004:Q2 -0.4 2004:Q3 1.9 2004:Q4 2.1 2005:Q1 2.2 2005:Q2 2.5 2005:Q3 2.0 2005:Q4 2.1 2006:Q1 2.9 2006:Q2 2.2 2006:Q3 2.6 2006:Q4 3.6 2007:Q1 4.2 2007:Q2 3.7 2007:Q3 2.0 2007:Q4 0.9 2008:Q1 -0.0 2008:Q2 0.6 Note. Value for 2008:Q2 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 3.73 March 2008 3.65 April 2008 3.47 May 2008 3.52 June 2008 3.39 July 2008 3.43 August 2008 3.60 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 1.583 2003:Q3 1.606 2003:Q4 1.596 2004:Q1 1.614 2004:Q2 1.624 2004:Q3 1.616 2004:Q4 1.613 2005:Q1 1.630 2005:Q2 1.632 2005:Q3 1.640 2005:Q4 1.637 2006:Q1 1.639 2006:Q2 1.655 2006:Q3 1.647 2006:Q4 1.618 2007:Q1 1.612 2007:Q2 1.631 2007:Q3 1.644 2007:Q4 1.635 2008:Q1 1.639 2008:Q2 1.645 Average, 1968-present: 1.573 Note. The markup is the ratio of output price to unit labor costs. Value for 2008:Q2 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 September 2008 Greenbook Part 2 Tables and Charts† Domestic Financial Developments Selected Financial Market Quotations (One-day quotes in percent except as noted) 2007 2008 Change to Sept. 9 from selected dates (percentage points) Instrument Aug. 6 June 24 Aug. 4 Sept. 9 2007 Aug. 6 2008 June 24 2008 Aug. 4 Short-term FOMC intended federal funds rate 5.25 2.00 2.00 2.00 -3.25 .00 .00 3-month 4.74 1.80 1.72 1.63 -3.11 -.17 -.09 6-month 4.72 2.20 1.93 1.85 -2.87 -.35 -.08 Treasury bills1 Commercial paper (A1/P1 rates)2 1-month 5.26 2.36 2.41 2.44 -2.82 .08 .03 3-month 5.29 2.78 2.72 2.78 -2.51 .00 .06 3-month 5.34 2.80 2.80 2.80 -2.54 .00 .00 6-month 5.27 3.17 3.10 3.11 -2.16 -.06 .01 1-month 5.33 2.70 2.60 2.65 -2.68 -.05 .05 3-month 5.35 3.00 3.00 3.00 -2.35 .00 .00 8.25 5.00 5.00 5.00 -3.25 .00 .00 2-year 4.49 2.80 2.49 2.22 -2.27 -.58 -.27 5-year 4.52 3.55 3.25 2.88 -1.64 -.67 -.37 10-year 4.82 4.29 4.15 3.80 -1.02 -.49 -.35 5-year 2.43 1.10 1.15 1.25 -1.18 .15 .10 10-year 2.48 1.76 1.71 1.67 -.81 -.09 -.04 4.51 4.76 4.74 4.62 .11 -.14 -.12 5.44 4.84 4.66 4.22 -1.22 -.62 -.44 5.34 4.98 4.82 4.31 -1.03 -.67 -.51 6.12 6.54 6.62 6.40 .28 -.14 -.22 6.57 7.00 7.17 7.01 .44 .01 -.16 9.21 10.13 10.57 10.57 1.36 .44 .00 6.59 6.45 6.52 6.35 -.24 -.10 -.17 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)9 30-year fixed 1-year adjustable 5.65 5.27 Record high 5.22 2008 5.15 -.50 -.12 -.07 Change to Sept. 9 from selected dates (percent) Stock exchange index Level Date June 24 Aug. 4 Sept. 9 Record high 2008 June 24 2008 Aug. 4 Dow Jones Industrial 14,165 10-9-07 11,807 11,284 11,231 -20.71 -4.88 -.47 S&P 500 Composite 1,565 10-9-07 1,314 1,249 1,225 -21.76 -6.83 -1.96 Nasdaq 5,049 3-10-00 2,368 2,286 2,210 -56.23 -6.69 -3.31 Russell 2000 856 7-13-07 708 704 707 -17.35 -.09 .45 Wilshire 5000 15,807 10-9-07 13,421 12,738 12,477 -21.07 -7.04 -2.06 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 9. Home mortgage rates for September 9, 2008, are for the week ending September 4, 2008. Return to table NOTES: August 6, 2007, is the day before the August 2007 FOMC meeting. June 24, 2008, is the day before the June 2008 FOMC monetary policy announcement. August 4, 2008, is the day before the most recent FOMC monetary policy announcement. Financial Institutions Figure: GSE Preferred Stock Prices A line chart shows two series, "Fannie Mae", and "Freddie Mac", from January 2008 through September 9, 2008. Data is daily; unit is dollars. The August 2008, FOMC meeting is marked with a vertical tripwire. The two series track very closely throughout the period. The "Fannie Mae" and "Freddie Mac" series begin at about 26 in January 2008, they generally decreases to about 13 in July 2008, and then increase to about 17.5 around the time of August 2008 FOMC meeting. They generally decrease shortly after the meeting, and end at about 2.5 on September 9, 2008. Source. Bloomberg. Figure: GSE Common Stock Prices A line chart shows two series, "Fannie Mae", and "Freddie Mac", from January 2008 through September 9, 2008. Data is daily; unit is dollars. The August 2008, FOMC meeting is marked with a vertical tripwire. The "Fannie Mae" series begins at about 37.5 in January 2008, generally decreases to about 20 in March 2008, increases to about 35 shortly after, and generally decreases to about 5 in July 2008. The series generally increases to about 12.5, around the time of August 2008, FOMC meeting, and then generally decreases to end at about 1 on September 9, 2008. The "Freddie Mac" series begins at about 32.5 in January 2008, generally decreases to about 17.5 in March 2008, increases to about 32.5 shortly after, and generally decreases to about 5 in July 2008. The series generally increases to about 7.5, around the time of August 2008, FOMC meeting, and then generally decreases to end at about 1 on September 9, 2008. Source. Bloomberg. Figure: CDS Senior Debt Spreads for GSEs A line chart shows two series "Fannie Mae", and "Freddie Mac", from January 2008 through September 5, 2008. Data is daily; unit is basis points. The August 2008, FOMC meeting is marked with a vertical tripwire. The two series track very closely throughout the period. The "Fannie Mae" and "Freddie Mac" series begin at about 40 in January 2008, generally increase to about 95 in March 2008, and generally decrease to about 20 in April 2008. The series generally increase to about 79 in July 2008, decease to about 40 by late July, and increase to about 45 around the time of August 2008, FOMC meeting. They generally increase shortly after the meeting to about 50, and decrease to end at about 39 on September 5, 2008. Note. Trading essentially halted after FHFA placed Fannie Mae and Freddie Mac in conservatorship. Source. Markit. Figure: CDS Subordinated Debt Spreads for GSEs A line chart shows two series "Fannie Mae", and "Freddie Mac", from January 2008 through September 5, 2008. Data is daily; unit is basis points. The August 2008, FOMC meeting is marked with a vertical tripwire. The two series track very closely throughout the period. The "Fannie Mae" and "Freddie Mac" series begin at about 10 in January 2008, generally increase to about 250 by March 2008, and generally decrease to about 90 by May 2008. They generally increase to about 240 in July 2008, generally decrease to about 140 in late July 2008, and generally increase to about 205, around the time of August 2008, FOMC meeting. The two series increase to about 350, shortly after the meeting, and then generally decrease to end at about 220 on September 5, 2008. Note. Trading essentially halted after FHFA placed Fannie Mae and Freddie Mac in conservatorship. Source. Markit. Figure: CDS Spreads for Investment Banks A line chart shows a single series, from January 2007 through September 9, 2008. Data is daily; unit is basis points. The August 2008, FOMC meeting is marked with a vertical tripwire. The series begins at about 10 in January 2007, generally increases to about 245 by March 2008, generally decreases to about 75 in May 2008, and generally increases to about 150 in July 2008. It generally decreases to about 110 around the time of August 2008, FOMC meeting. The series generally increases to end at about 149 on September 9, 2008. Note. Median spread for 10 investment banks. Source. Markit. Figure: CDS Spreads for U.S. Commercial Banks A line chart shows two series, "Regional bank index", and "Large bank index", from January 2007 through September 9, 2008. Data is daily; unit is basis points. The August 2008, FOMC meeting is marked with a vertical tripwire. The "Regional bank index" series begins at about 10 in January 2007, increases to about 35 in August 2007, and generally increases to about 124 by March 2008. The series generally decreases to about 100 in June 2008, increases to about 175 in July 2008, and it is at about 160, around the time of August 2008, FOMC meeting. It then increases to about 170 shortly after the meeting, and ends at about 165 on September 9, 2008. The "Large bank index" series begins at about 5 in January 2007, increases to about 45 in August 2007, and generally increases to about 155 in March 2008. The series generally decreases to about 55 in May 2008, generally increases to about 130 in July 2008, and decreases to about 100 around the time of August 2008, FOMC meeting. It then generally increases and ends at about 125 on September 9, 2008. Note. Median spreads for 7 regional and 5 large commercial banks. Source. Markit. Short-Term Funding and Interbank Markets Figure: Spread between Libor and OIS Rates A line chart shows two series, "from July 2007 through September 10, 2008. Data is daily, unit is basis points. The August 2008 FOMC meeting is marked with a vertical tripwire. The "1-month" series begins at about 5 basis points in July 2007, increases to about 95 by September 2007, decreases to about 18 by early November and increases to about 110 by December2007. It then decreases to about 9 in January 2008, increases to about 85 in April 2008, and decreases to about 45, around the time of August 2008, FOMC meeting. The series ends at about the same on September 10, 2008. The "3-month" series begins at about 6 basis points in July 2007, increases to about 95 by September 2007, decreases to about 43 by early November and increases to about 110 by December2007. It then decreases to about 30 in January 2008, increases to about 95 in April 2008, and decreases to about 75, around the time of August 2008, FOMC meeting. The series increases shortly after the meeting and ends at about 82 on September 10, 2008. Note. Libor quotes are taken at 6:00 a.m., and OIS quotes are observed at the close of business of the previous trading day. Source. British Banker's Association. Figure: Spreads on 30-Day Commercial Paper A line chart shows two series, "A2/P2", and "ABCP" from July 2007 through September 9, 2008. Data is daily; unit is basis points. The August 2008 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, then generally decreases to about 27 in early November and increases to about 150 by December 2007. It then declines to about 50 in January 2008. The series increases to about 100 in April 2008, decreases to about 80 around the time of August 2008, FOMC meeting, and ends at about 75 on September 9, 2008. The "ABCP" series begins at about 5 basis points in July 2007, increases to about 110 in September, then generally decreases to about 25 in late October and increases to about 175 by December 2007. It then declines to about 30 in January 2008. The series increases to about 95 in April 2008, decreases to about 60 around the time of August 2008, FOMC meeting, and ends at about 55 on September 9, 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. Source. Depository Trust & Clearing Corporation. Figure: Commercial Paper Spread for Financial Firms A line chart shows a single series from July 2007 through September 9, 2008. Data is daily; unit is basis points. The August 2008, FOMC meeting is marked with a vertical tripwire. The series begins at about 0 in July 2007, with some volatility, generally increases to about 70 in December 2007, and 75 in April 2008, and then generally decreases to about 10 in June 2008. It generally increases to about 35 around the time of August 2008, FOMC meeting and generally increases to end at about 40 on September 9, 2008. Note. 30-day AA financial rate minus 30-day AA nonfinancial rate. Source. Markit. Figure: Repo Rates on Treasury General Collateral A line chart shows two series, "Overnight", and "1-month", from July 2007 through September 9, 2008. Data is daily; unit is percent. The August 2008, FOMC meeting is marked with a vertical tripwire. The two series track very closely throughout the period. The two series begin at about 5 in July 2007, with some volatility generally decreases to about 0.5 (1-month), and 1.2 (Overnight) by March 2008, then they generally increase to about 2 around the time of August 2008, FOMC meeting and end at about the same on September 9, 2008. Source. Bloomberg. Figure: Primary Credit Outstanding A line chart shows a single series, "Weekly average (Wed.)", from July 2007 through September 3, 2008. Unit is billions of dollars. The August 2008, FOMC meeting is marked with a vertical tripwire. The series begins at about 0 in July 2007, it generally increases to about 16 by May 2008, decreases to about 12.5 in July 2008, and increases to about 17.5 around the time of August 2008, FOMC meeting. It then increases to end at about 19 on September 3, 2008. Source. Federal Reserve. Figure: Primary Dealer Credit Facility A line chart shows a single series, "Weekly average (Wed.)", from July 2007 through September 3, 2008. Unit is billions of dollars. The August 2008, FOMC meeting is marked with a vertical tripwire. The series begins at about 0 in July 2007, it stays about the same through May 2008, increases to about 37.5 in April 2008, and generally decreases to about 0 around the time of August 2008, FOMC meeting. It then ends at about the same on September 3, 2008. Source. Federal Reserve. Policy Expectations and Treasury Yields Figure: Eurodollar Rates A line chart plots two series, "June 2009" and "December 2008", from August 4 through September 9, 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 "June 2009" curve begins on August 4 at about 3.25 percent, generally increases to around 3.4 by August 6, fluctuates between about 2.8 and 3.4 and generally decreases through the remainder of the period. Regarding the notable events, the curve is about 3.3 around the FOMC statement August 5, about3.25 around CPI August 14, about 3.15 around PPI/housing starts August 19, about 3.15 around durable goods orders August 27, about 3.1 around GDP August 28, about 2.85 around Unemployment September 5, and about 3.15 around the GSE Announcement September 7. The curve ends at about 2.9 on September 9. As shown in the figure, the "December 2008" curve begins on August 4 at just over 3.0 percent, fluctuates between about 2.95 and 3.1 through September 2, and generally decreases through the remainder of the period. Regarding the notable events, the curve is about 3.05 around the FOMC statement August 5, about3.05 around CPI August 14, about 3.05 around PPI/housing starts August 19, about 3.0 around durable goods orders August 27, about 3.0 around GDP August 28, about 2.85 around Unemployment September 5, and about 3.0 around the GSE Announcement September 7. The curve ends at about 2.85 on September 9. Source. Bloomberg. Figure: Implied Federal Funds Rate A line chart plots two series, implied federal funds rates for September 2008 through October 2010, estimated on August 4, 2008 and September 9, 2008. Unit is percent. The August 4 curve begins at about 2.0 percent in September 2008, and steadily increases up to about 3.75 percent by October 2010. The September 9 curve begins at about 2.0 percent in September 2008, decreases through December to about 1.95, then generally increases to around 3.1 percent by October 2010. Note. Estimated from federal funds and Eurodollar futures, with an allowance for term premiums and other adjustments. Source. Chicago Mercantile Exchange; CBOT. Figure: Implied Volatility of Interest Rates A line chart plots two series, "10-year Treasury (right scale)", and "6-month Eurodollar (left scale)"*, from October 2005 through September 9, 2008. Data are daily; unit is basis points. The range of the left axis is approximately 30 to 300. The range of the right axis is 200 to 1200. Due to the choice of ranges, the two curves appear to track closely between about March 2006 and July 2006, and both series track fairly closely throughout the chart. The August 5, 2008 FOMC meeting is marked with a trip wire. As shown in the figure, the 6-month Eurodollar series begins October 2005 just above 100 basis points. It fluctuates between about 80 and 110 until November 2006, then increases to about 125 in December. It declines to about 60 between January and February 2007, increases back to about 125 by early March, and generally decreases to just below 50 by late May. It generally increases to about 250 by August, generally decreases to about 135 by October, and generally increases to about 210 by late January 2008. The curve generally decreases to about 110 by April, generally increases to about 190 by June, generally decreases to about 140 around the August 2008 FOMC meeting, and ends at about 110 on September 9, 2008. As shown in the figure, the 10-year Treasury series begins October 2005 around 500 basis points. It increases slightly, then generally decreases and fluctuates between about 300 and 500 through late May 2007. The series then increases to about 600 and briefly declines back to about 400 in June, generally increases to about 700 around August and September, and generally decreases to about 500 by October. It generally increases to about 1000 by April 2008, and generally decreases to about 800 by September 9, 2008. * 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 yields 0 to 20 years ahead, estimated on August 4, 2008 and September 9, 2008. Unit is percent. As shown in the figure, the August 4 curve starts at about 2.1 percent, and increases more quickly at first but then appears to level off at about 4.65 in 20 years. The September 9 curve starts at about 2.0 percent, and increases more quickly at first but then appears to level off at about 4.3 in 20 years. Note. Smoothed yield curve estimated from off-the-run Treasury coupon securities. Yields shown are those on notional par Treasury securities with semiannual coupons. Source. Federal Reserve Bank of New York. Figure: Inflation Compensation A line chart shows two series, "5 to 10 years ahead" and "Next five years"*, from January 2007 through September 9, 2008. Data are daily; unit is percent. The August 5, 2008 FOMC meeting is marked with a trip wire. As shown in the figure, the "5 to 10 years ahead" curve starts at about 2.5 percent in January 2007. It fluctuates between about 2.4 and 2.6 through mid-June, and between about 2.6 and 2.7 from mid-June through early September. It rises just above 2.8 in mid-September, and then fluctuates between about 2.6 and 2.8 through mid-January 2008. It generally increases to about 3.0 by late January, and to about 3.2 by March. The curve then generally decreases, reaching about 2.8 around the August 2008 FOMC meeting, and ending at about 2.75 on September 9, 2008. As shown in the figure, the "Next five years" curve starts at just above 2.3 percent in January 2007. It fluctuates between about 2.2 and 2.4 through late July 2007. The curve begins to fluctuate more widely, between about 2.0 and 2.4, from August 2007 through mid-March 2008, when it drops briefly to about 1.8. It then generally increases to about 2.6 by early July, generally decreases to about 2.0 around the FOMC meeting, and ends at about 1.6 percent on September 9, 2008. Note. Estimates based on smoothed nominal and inflation-indexed Treasury yields. * Adjusted for lagged indexation of TIPS. Return to text Source. Federal Reserve Bank of New York. Corporate Yields, Risk Spreads, and Stock Prices Figure: Selected Stock Price Indexes A line chart shows three series, "S&P Financial", "S&P Retailers", and "S&P 500", from January 2007 through September 9, 2008 on a daily basis. Unit is an index, August 4, 2008 = 100. The August 2008 FOMC meeting is marked with a tripwire. The "S&P financial" series begins at about 169 in January 2007, and fluctuates between about 159 and 173 through late July 2007. The curve then continues to fluctuate and generally decreases to about 100 around the August 2008 FOMC meeting, and ends just below 100 on September 9, 2008. The "S&P retailers" series begins at about 145 in January 2007, and fluctuates between about 142 and 152 through late July 2007. The series generally decreases to about 100 around the August 2008 FOMC meeting, and then increases shortly after the meeting, to end at about 120, on September 9, 2008. The "S&P 500" series starts at about 107 in January 2007, and fluctuates between about 104 and 117 through January 2008. It generally decreases just below 100 by March, generally increases to about 109 by May, and generally decreases again to about 100 around the August 2008 FOMC meeting. The curve decreases to about 95 shortly after the meeting, and then increases to end at about the 100 on September 9, 2008. Source. Standard & Poor's. 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 September 9, 2008+ on a monthly basis. Unit is percent. The "(Trend earnings) / P" series begins at about 11.6 percent in 1985, fluctuates between about 6 and 10 percent between about 1986 and 1994, generally decreases to about 4 by 1999, generally increases to about 7 by 2002. It generally decreases to about 5.1 by 2004, and generally increases to end at about 8.1 on September 9, 2008. The "Long-run real Treasury yield" series begins at about 7.9 percent in 1985, generally decreases to about 4 by 1986, and then fluctuates but generally decreases to ends at about 2.3 on September 9, 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 Source. Thomson Financial. Figure: Implied Volatility on S&P 500 (VIX) A line chart plots a single series "VIX", from 2002 through September 9, 2008 on a weekly (Friday*) basis. Unit is percent. The August 2008 FOMC meeting is marked with a tripwire. 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 mid- 2002, fluctuates more widely between about 20 and 40 through early 2003, then fluctuates less widely and generally decreases to about 10 by early 2007. It generally increases to about 15 by mid-2007, and fluctuates more widely between about 17 and 31 for the remainder of the period. The series is at about 23 around the time of the August 2008 FOMC meeting, and ends at about 25 on September 9, 2008. * Latest observation is for most recent business day. Return to text Source. Chicago Board of Exchange. Figure: Corporate Bond Yields A line chart shows two series, "10-year high-yield" and "10-year BBB", from 2002 through September 9, 2008 on a daily basis. Unit is percent. The August 2008 FOMC meeting is marked with a tripwire. The "10-year high-yield" series 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 by late 2003. It then fluctuates around that level through early 2007, generally increases to about 9.25 in mid-2007 and to about 10.5 early 2008. The series decreases to about 9.5 in 2008:Q2, and increases to about 10.5 around the time of August 2008 FOMC meeting and ends at about the same on September 9, 2008. The "10-year BBB" series 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 series fluctuates between about 5 and 7 through 2007, and increases to about 7.25 around the time of the August 2008 FOMC meeting. It then decreases slightly, shortly after the meeting and ends at about 7.2 on September 9, 2008. 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 September 9, 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 450 basis points. Due to the choice of ranges, the two curves appear to move roughly in parallel. The August 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. It fluctuates around that level through mid-2007, generally increases to about 700 by early 2008, and generally decreases to about 300 in 2008:Q2. The series increases to about 625 around the time of the August 2008, FOMC meeting, and then decreases to end at about 690 on September 9, 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. It fluctuates between about 90 and 150 through mid-2007, generally increases to about 305 by early 2008, and generally decreases to about 270 in 2008:Q2. The series increases to about 300 around the time of the August 2008, FOMC meeting and ends at about 320 on September 9, 2008. Note. Corporate yields from smoothed yield curves based on Merrill Lynch bond data and spreads measured relative to comparable-maturity Treasury securities. Figure: Investment-Grade CDS Indexes A line chart plots two series, Financial and Nonfinancial, from 2002 through September 9, 2008. Data are daily; unit is basis points. The two curves track fairly closely from mid-2002 through mid-2005. The August 2008 FOMC meeting is marked with a tripwire. The Financial series starts at about 75 basis points at the beginning of 2002, and generally decreases to about 55 in early2002. It generally increases to about 115 later that same year, and generally decreases to around 35 by late 2003. The curve then fluctuates between about 20 and 50 through 2007:Q3, generally increases to about 175 by 2008:Q1, then generally decreases to about 85 by 2008:Q2. It generally increases to about 135 around the August 2008, FOMC meeting, and then increases to end at about 170 on September 9, 2008. The Nonfinancial series starts at about 95 basis points at the beginning of 2002, and generally decreases to about 75 by mid-2002. It generally increases to about 100 later that same year, and generally decreases to around 35 by late 2003. The curve then fluctuates between about 25 and 45 through 2007:Q3, generally increases to about 85 by 2008:Q1, then generally decreases to about 55 by 2008:Q2. It generally increases to about 70 around the August 2008 FOMC meeting, and increases to end at about 75 on September 9, 2008. Source. Markit. 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 2008:Q2p . Data is a 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 about -26 by 2007:Q4, increases to about -15 shortly after, and decreases to end at about -25 in 2008:Q2. 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 about 12 by 2007:Q4 and decreases to end at about 8 in 2008:Q2. p Preliminary. Return to text Source. Thomson Financial. Figure: Revisions to Expected S&P 500 Earnings A line chart shows two series, "All firms", and "Nonfinancials" from 2002 through mid-August 2008. Data is monthly; unit is percent. The two series track fairly closely through 2007:Q3, and diverge at the end of the period. The "All firms" series begins at about -0.7 percent in 2002, generally decreases to about -3 by late 2002, generally increases to about 2.1 by 2004 and then generally decreases to about -2.3 percent by early 2008. The series increases to about -0.5 and then decreases to end at about -2.9 in mid-August 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 generally decreases to about -1.2 percent by early 2008. It then increases to about 1 in 2008:Q2, and decreases to end at about -0.9 in mid-August 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. Source. Thomson Financial. 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 2008:Q1. The right scale range is between 0.20 and 0.35, and the left scale range is between 0.03 and 0.12. Data are annual through 1999 and quarterly starting in 2000:Q1; 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 2008:Q1. The "Liquid assets over total assets" series begins at about 0.05 in mid-1989, generally increases to about 0.105 in 2004 and then decreases to end at about 0.089 in 2008:Q1. Source. Calculated using Compustat data. Figure: Bond Ratings Changes of Nonfinancial Companies A bar chart shows two series, "Upgrades", and "Downgrades" from 1991 through July 2008. Data is annual rate; unit is percent of outstandings. The estimated figures for Upgrades/Downgrades are as follows: 1991: +12, 27. 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. 2008 Q1: +5, 7. Q2: 4, 12. July: +1, 13. Source. Calculated with data from Moody's Investors Service. 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 July 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 1.6 in 2008:Q2. 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 0.5 in July 2008. * 6-month moving average, from Moody's Investors Service. Return to text Figure: Expected Year-Ahead Defaults A line chart shows a single series from 1993 through July 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, and decreases to about 0.2 in 2007. It then increases to end at about 1.0 in July 2008. Note. Firm-level estimates of default weighted by firm liabilities as a percent of total liabilities, excluding defaulted firms. Source. Calculated using 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 2008 2006 H1 H2 Q1 Q2 July Aug. Nonfinancial corporations Stocks 1 5.4 4.6 4.7 5.5 5.4 2.3 4.6 4.4 2.4 Initial public offerings 1.6 1.7 1.8 1.7 1.6 .3 .9 .1 .2 Seasoned offerings 3.8 2.8 2.9 3.9 3.8 2.0 3.7 4.4 2.2 Bonds 2 22.4 18.7 29.3 37.6 32.5 29.5 39.9 18.3 13.3 Investment grade 8.3 8.7 13.1 14.9 20.2 24.1 25.6 11.9 10.9 Speculative grade 8.2 5.2 6.2 11.8 3.3 1.3 4.9 .7 .4 Other (sold abroad/unrated) 5.9 4.8 10.1 10.9 9.0 4.1 9.4 5.7 2.0 1.7 -.2 2.4 1.1 -2.0 4.5 -5.5 -.3 27.2 2.4 9.6 11.6 13.9 28.7 16.8 9.8 6.6 -3.1 Stocks 1 6.9 5.0 5.3 9.3 7.9 13.2 21.1 10.3 1.0 2 134.1 170.4 180.6 200.5 102.8 54.9 77.0 14.8 25.7 Memo Net issuance of commercial paper3 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. Based on adjusted commercial bank credit data through Aug. 2008. Return to table Source. Depository Trust & Clearing Corporation; Thomson Financial; Federal Reserve Board. Figure: Selected Components of Net Debt Financing A stacked bar chart plots three series, commercial paper*, C&I loans*, 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. 2008:Q1: 4. 2008: Q2: -5. 2008: July: 5. August: 17. For C&I loans: 2003: -8. 2004: 4. 2005: 10. 2006: 13. 2007:H1: 12. 2007:H2: 30. 2008: Q1: 15. 2008: Q2: 9. 2008: July: 5. August: -3. For bonds: 2003: 13. 2004: 6. 2005: 5. 2006: 18. 2007:H1: 28. 2007:H2: 25. 2008: Q1: 13. 2008: Q2: 27. 2008: July: 10. August: 4. Approximate totals: 2003: 2. 2004: 12. 2005: 14. 2006: 35. 2007:H1: 41. 2007:H2: 53. 2008: Q1: 33. 2008: Q2: 32. 2008: July : 17.5. August: 28. * Seasonally adjusted, period-end basis. Return to text Source. Depository Trust & Clearing Corporation; Thomson Financial; Federal Reserve Board. 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. 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: 4.5. 2005: 3.5. 2006: 4. 2007:H1: 5. 2007:H2: 4. 2008:Q1: 2 and Q2 e : 5. For private issuance: 2003: 7. 2004: 7. 2005: 7.5. 2006: 10. 2007:H1: 13. 2007:H2: 17. 2008:Q1: 15 and Q2 e : 17. For repurchases: 2003: -11. 2004: -18. 2005: -28. 2006: -37. 2007:H1: -43. 2007:H2: -48. 2008:Q1: -40 and Q2 e : -34. For cash mergers: 2003: -4. 2004: -67. 2005: -14. 2006: -25. 2007:H1: -26. 2007:H2: -50. 2008:Q1: -13 and Q2 e : -10. Approximate totals: 2003: -76. 2004: -13. 2005: -31. 2006: -47. 2007:H1: -50. 2007:H2: -73. 2008:Q1: -35 and Q2 e : -24. e Staff estimate. Return to text Source. Thomson Financial; Investment Benchmark Report; Money Tree Report by PricewaterhouseCoopers, National Venture Capital Association, and Venture Economics. Commercial Real Estate Figure: Commercial Mortgage Debt A line chart shows commercial mortgage debt from 1996:Q4 through 2008:Q2. Data are quarterly; unit is percent change from year earlier. As shown in the figure, the series begins in 1996:Q4 slightly above 4 percent, generally increases to about 16 by 1999:Q3, and remains around 15 for the next three quarters, through 2000:Q2. It then generally decreases to a little less than 8 by 2002:Q4, generally increases back to around 16 by 2006:Q1, and generally decreases to end at a staff estimate of just above 9 in 2008:Q2. Source. Federal Reserve. Figure: Sales of Commercial Real Estate A line chart shows two curves, monthly sales of commercial real estate, and the 3-month moving average. Unit is billions of dollars. As shown in the figure, the 3-month moving average series begins around March 2001 at about 6, remains at about that level through April 2002, then generally increases to about 31 by September 2006. It generally increases to about 74 by April 2007, fluctuates between about 51 and 61 through November 2007, then generally decreases to about 17 by August 2008. The monthly sales curve follows the same general shape as the 3-month moving average, but with greater volatility. It begins in January 2001 at about 7, generally increases to about 43 by January 2007, increases further to about 120 by February 2007, and decreases to about 33 by March 2007. The curve fluctuates between about 30 and 80 through the end of 2007, and generally decreases to about 13 by August 2008. Source. Real Capital Analytics. Figure: Prices A line chart shows two series, "Transacted property" and "All property", from 1988 through 2008:Q2 on a quarterly basis. Unit is an index, 1996:Q4=100. As shown in the figure, the transacted property curve begins just below 100 in 1994:Q1, and stays at about that level through 1996:Q1. It then starts to increase to about 125 in 1997:Q4, and fluctuates around that level through about 2002:Q4. The curve generally increases to about 250 by mid-2007, and ends at about 230 in 2008:Q2. The all property curve starts at about 110 in 1988, increases to about 125 by late 1990, then generally decreases to just below 100 from 1993 through 1996. It then generally increases to about 130 from early 2001 through 2003, and generally continues to increase to just below 225 by 2008:Q2. Note. All-property index based on entire NCREIF portfolio. Transacted-property index based on sales involving NCREIF portfolio. Source. NCREIF, MIT Center for Real Estate. Figure: BBB Commercial Mortgage CDS Index Spreads (CMBX.NA) A line chart shows three series, 2006:H2*, 2006:H1*, and 2005:H2*, on a daily basis from about October 2006 through September 8, 2008. Unit is basis points. The August 5, 2008 FOMC meeting is marked with a tripwire. As shown in the figure, the three curves follow the same general shape. The 2005:H2 curve begins in October 2006 at about 50 basis points, remains at about that level through mid-February 2007, fluctuates between about 50 and 150 through July, then begins to fluctuate more widely and generally increases to almost 1200 by March 2008. It then generally decreases to just under 400 by April, generally increases to about 900 by the August 2008 FOMC meeting, and ends just above 1000 on September 8, 2008. The 2006:H1 curve begins in October 2006 at about 50 basis points, remains at about that level through mid-February 2007, fluctuates between about 50 and 200 through July, then begins to fluctuate more widely and generally increases to almost 1600 by March 2008. It then generally decreases to about 750 by April, generally increases to about 1400 by the August 2008 FOMC meeting, and ends just above 1500 on September 8, 2008. The 2006:H2 curve begins in April 2007 at about 200 basis points, fluctuates between about 180 and 300 through July, then begins to fluctuate more widely and generally increases to about 2000 by March 2008. It then generally decreases to about 1100 by April, generally increases to about 1800 by the August 2008 FOMC meeting, and ends at about 1900 on September 8, 2008. Note. Measured relative to Libor. * Corresponds to pools of mortgages originated in that period. Return to text Source. JP Morgan. Figure: Delinquency Rates on Commercial Mortgages A line chart shows two series, "At commercial banks"* and "At life insurance companies", from 1995:Q4 through 2008:Q2, and a third series, CMBS, from about January 1999 through August 2008. 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 4.25 by 2008:Q2. 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 2008:Q2 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 August 2008. * Excluding farmland. Return to text Source. Citigroup; Call Report; ACLI. Figure: Delinquency Rates on Commercial Mortgages at Banks A line chart shows three curves on a quarterly basis, "Residential construction", "Commercial construction", and "Existing properties", for 2007:Q1 through 2008:Q2. Unit is percent. As shown in the figure, approximate values for each quarter are as follows: For commercial construction, 1.75, 1.8, 2.3, 3.75, 5.5 and 6. For residential construction, 2.6, 3.1, 4.25, 7.3, 11 and 12.5. For existing properties, 1.25, 1.2, 1.25, 1.6, 1.9 and 2. Note. Data series for residential and commercial construction begin in 2007:Q1. Existing properties include nonresidential and multifamily. Source. Call Report. Residential Mortgages Figure: Mortgage Interest Rates A line chart shows two series, "30-year fixed-rate", and "Jumbo rate", from October 2006 through September 3, 2008. Data is weekly; unit is percent. The August 2008, FOMC meeting is marked with a vertical tripwire. The "30-year fixed-rate" series begins at about 6.25 percent in October 2006, fluctuates between about 6.2 and 6.4 through May 2007, and increases to about 6.75 in June 2007. The series generally decreases to about 5.5 in January 2008, and generally increases to about 6.5 around the time of August 2008, FOMC meeting. It then decreases to end at about 6.25 on September 3, 2008. The "Jumbo rate" series begins at about 6.4 percent in October 2006, generally increases to about 7.4 by August 2007, generally decreases to about 6.5 by January 2008, and generally increases to about 8.4 around the time of August 2008, FOMC meeting. The series decreases shortly after the meeting and ends at about 8.0 on September 3, 2008. Source. Freddie Mac, Inside Mortgage Finance. Figure: Mortgage Rate Spreads A line chart shows two series, "30-year fixed-rate spread", and "FNMA MBS option-adjusted spread", from October 2006 through September 9, 2008. Data is weekly; unit is basis points. The August 2008, FOMC meeting is marked with a vertical tripwire. The "30-year fixed-rate spread" series begins at about 175 in October 2006, generally increases to about 262.5 by March 2008, and decreases to about 205 in June 2008. The series generally increases to about 250, around the time of August 2008, FOMC meeting and continues to increase shortly after the meeting to end at about 262.5 on September 3, 2008. The "FNMA MBS option-adjusted spread" series begins at about 65 in October 2006, generally decreases to about 45 in December 2006, and then generally increases to about 162.5, around the time of August 2008, FOMC meeting. The series increases to about 175, shortly after the meeting and generally decreases to end at about 90 on September 9, 2008. Source. Bloomberg; Freddie Mac. Figure: House Prices A line chart shows two series, "OFHEO purchase-only index" and "S&P/Case-Shiller national index" from 1996 through 2008:Q2. Data is annual rate, seasonally adjusted; unit is percent change. The "OFHEO purchase-only index" series begins at about 2.5 percent in 1996, generally increases to about 10 by 2005, and generally decreases to end at about 5 in 2008:Q2. The "S&P/Case-Shiller national index" series begins at about 2 in 1996, with some volatility, and generally increases to about 18 by 2005. It then generally decreases to about -23 in early 2008, and increases to end at about -11 in 2008:Q2. Source. Office of Federal Housing Enterprise Oversight (OFHEO); Standard & Poor's. Figure: Delinquencies on Mortgages A line chart shows two series, "Subprime (left scale)", and "Prime (right scale)" from 2001 through June 2008. The left scale ranges from 4 to 22 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 7.9 percent in 2001, generally increases to about 9 in 2002, then generally decreases to about 5 in 2005, and generally increases to end at about 19 in June 2008. The Prime series begins at about 1.05 percent in 2001, generally increases to about 1.25 in 2002, then generally decreases to about 0.8 in 2005, and generally increases to end at about 1.75 in June 2008. Note. Percent of loans 90 or more days past due or in foreclosure. Prime includes near-prime mortgages. Source. First American LoanPerformance. Figure: Agency and Non-agency MBS Issuance A bar chart shows three series, "GSEs", "Ginnie Mae", and "Non-agency" from 2001 through 2008: Q1, Q2 and July. Data is monthly rate; unit is billions of dollars. The estimated values for GSEs, Ginnie Mae, and Non-agency are as follows: 2001: 80/15/15. 2002: 105/10/25. 2003: 160/15/40. 2004: 75/10/60. 2005: 70/5/90. 2006: 70/10/80. 2007:H1: 75/10/95. 2007:H2: 85/10/25. 2008:Q1: 85/10/0. 2008: Q2: 100/20/0. 2008: July: 51/25/0. Source. For agency issuance, Fannie Mae, Freddie Mac, and Ginnie Mae. For non-agency issuance, Inside Mortgage Finance. Figure: Mortgage Debt A line chart shows a single series, from 2001 through 2008:Q2e. Data is an annual rate; unit is percent change from previous quarter. The series begins at about 9 in 2001, with some volatility, generally increases to about 15.5 in 2003, and then generally decreases to end at a staff estimate about 1 in 2008:Q2. Source. Federal Reserve. 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 July 2008. Unit is percent. The "Credit card loans at commercial banks" series begins at about 4.6 percent in 1997, fluctuates between about 4.4 and 5 through 2003, and generally decreases to about 3.5 in late 2005. The series generally increases to about 4 by 2007 and ends at about 4.9 in 2008:Q2. 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 2.7 in 2008:Q2. 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 July 2008. Source. For auto loans, Federal Reserve; for credit cards and nonrevolving consumer loans, Call Report. Figure: Consumer Credit A line chart shows a single series, from 1999 through July 2008. Data is a 3-month percent change, annual rate; unit is percent change. The series begins at about 8.5 percent in 1999, generally decreases to about 6.2 in late 1999, and generally increases to about 15.5 in mid-2000. It generally decreases to about 2 in 2006, generally increases to about 8.2 in 2007, and generally decreases to end at about 3.5 in July 2008. Source. Federal Reserve. Figure: Gross Issuance of Consumer ABS by Type A bar chart shows three series, "Auto", "Credit card", and "Student loans" from 2005 through August 2008. Data is monthly rate; unit is billions of dollars. The estimated values for Student loans, credit card and auto are as follows: 2005: 7, 5 and 6. 2006: 6.5, 5, and 6. 2007:H1: 6, 8 and 7. 2007:H2: 6, 8 and 3. 2008:Q1: 3, 10 and 3. 2008:Q2: 7, 7 and 5. 2008: July: 2, 5, and 2. August: 4, 3, and 0. Note. Auto includes car loans, leases, and financing for buyers of motorcycles, trucks, and other vehicles. Source. Inside Mortgage Finance; Merrill Lynch. Figure: AAA ABS Spreads over Swaps A line chart shows three series, "3-year FFELP student loan", "2-year credit card", and "2-year auto", from June 2007 through September 5, 2008. Data is weekly; unit is basis points. The "3-year FFELP student loan" series begins at about 0 in June 2007, generally increases to about 105 in April 2008, generally decreases to about 45 in June 2008 and increases to end at about 110 on September 5, 2008. The "2-year credit card" series begins at about 0 in June 2007, generally increases to about 110 in April 2008, generally decreases to about 45 in June 2008 and increases to end at about 110 on September 5, 2008. The "2-year auto" series begins at about 0 in June 2007, generally increases to about 150 in April 2008, generally decreases to about 75 in June 2008 and increases to end at about 170 on September 5, 2008. Source. For credit cards and auto, Citigroup Global Markets; for student loans, Merrill Lynch. Net Flows into Mutual Funds (Billions of dollars, monthly rate) 2007 2008 Fund type July H1 Total long-term funds Equity funds Domestic International Hybrid funds 31.5 H2 Q1 Aug.e Q2 Assets July 5.8 1.7 22.6 -26.0 -11.0 8,100 14.3 1.1 -14.9 7.8 -26.4 -18.7 5,686 0.8 -8.5 -13.4 3.3 -18.7 -2.7 4,243 13.5 9.6 -1.5 4.4 -7.7 -16.0 1,443 2.6 1.1 0.7 2.0 -1.5 -0.3 664 Bond funds 14.6 3.5 16.0 12.9 1.8 8.0 1,751 High-yield 0.2 -0.7 -1.3 0.9 -0.6 0.1 147 12.0 4.8 15.2 8.2 -0.1 5.4 1,218 2.4 -0.6 2.1 3.7 2.5 2.5 386 26.3 98.8 126.9 -14.8 54.4 42.7 3,535 Other taxable Municipals Money market funds Note. Excludes reinvested dividends. e Staff estimate. Return to table Source. Investment Company Institute. Treasury Finance Figure: Foreign Participation in Treasury Auctions A line chart shows two series, "Indirect bids", and "Actual foreign allotment" from 2000 through September 2, 2008. Data is a 6-month moving average; unit is percent of total issue. The "Indirect bids" series begins at about 22 percent in late 2003, increases to about 32 by late 2004, fluctuates between about 25 and 34, and decreases to end at about 26 on September 2, 2008. The "Actual foreign allotment" series begins at about 10 percent in 2000, fluctuates and increases to about 25 in 2004, and generally decreases to end at about 15 on July 31, 2008. Note. Indirect bids and actual allotment are a percentage of the total amount accepted, including the amount tendered to the Federal Reserve. Moving averages include 2-, 5-, and 10-year original auctions and reopenings. Figure: Foreign Custody Holdings A line chart shows two series, "Treasury", and "Agency" from 2003 through September 3, 2008. Data is weekly average; unit is billions of dollars. The August 2008, FOMC meeting is marked with a vertical tripwire. The "Treasury" series begins at about $700 billion at the beginning of 2003 and generally increases to about 1400 around the time of the August 2008, FOMC meeting and ends at about 1425 on September 3, 2008. The "Agency" series begins at about $100 billion at the beginning of 2003 and generally increases to about 1000 around the time of the August 2008, FOMC meeting and ends at about 990 on September 3, 2008. Note. Securities held in custody at the Federal Reserve Bank of New York on behalf of foreign official institutions. Source. Federal Reserve Bank of New York. Figure: Treasury On-the-Run Premiums A line chart shows two series, "10-year", and "2-year" from 2001 through September 2008. Data is monthly average; unit is basis points. The "10-year" series begins at about 15 basis points in early 2001, increases to about 27 in 2002, and generally decreases to about 5 in 2007. The series increases to about 25 in early 2008, and then decreases to end at about 20 in September 2008. The "2-year" series begins at about 7.5 in 2001, generally decreases to about -2.5 in 2002, fluctuates between about -4 and 5 throughout early 2008. It then increases to about 7 by mid- 2008 and decreases to end at about 3 in September 2008. Note. Computed as the spread of the yield read from an estimated off-the-run yield curve over the on-the-run Treasury yield. September observation is the month-to-date average. Source. Federal Reserve Bank of New York. Figure: Average Absolute Nominal Yield Curve Fitting Error A line chart shows a single series, from 2001 through September 9, 2008. Data is daily; unit is basis points. The series begins at about 3 basis points in 2001, increases to about 13 in late 2001 and decreases to generally fluctuate between 1 and 4 through 2007. It generally increases to about 8.5 in 2008 and then decreases to end at about 5 on September 9, 2008. Note. Calculated from securities with 2 to 10 years until maturity, excluding on-the-run and first off-the-run securities. Figure: Treasury Bid-Ask Spread A line chart shows "2-year on-the-run Treasury notes" from February 2006 through September 9, 2008. Data is a 5-day moving average; unit is cents per $100 face value. The August 2008, FOMC meeting is marked with a vertical tripwire. The "2-year on-the-run Treasury notes" series begins at about 0.80 cents per $100 face value, in February 2006, fluctuates between about 0.82 and 0.875 through August 2007, and increases to about 1.08 in December 2007. The series decreases to about 0.875 in February 2008, increases to about 1.25 in March 2008, and generally decreases to about 0.88 around the time of August 2008, FOMC meeting. It then generally increases to end at about 0.94 on September 9, 2008. Source. BrokerTec Interdealer Market Data. Figure: Monthly Average Treasury Market Volume A line chart shows a single series, from 2001 through September 2008. Data is monthly average; unit is Volume (billions). The series begins at about 65 in 2001, with some volatility, increases to about 100 in late 2002, and generally decreases to about 55 in 2003. The series generally increases to about 280 in early 2008, then generally decreases to about 140 by mid-2008, and increases to end at about 170 in September 2008. Note. September obsevation is average for month to date. Source. BrokerTec Interdealer Market Data. State and Local Government Finance Gross Offerings of Municipal Securities (Billions of dollars; monthly rate, not seasonally adjusted) 2007 Type of security Total 1 2004 2005 2008 2006 H1 H2 Q1 Q2 29.5 52.5 34.7 38.4 36.1 41.8 38.9 July 41.8 Aug. 38.9 29.8 34.2 32.5 38.5 32.6 28.1 47.0 36.5 29.6 Refundings2 10.8 15.6 10.6 16.5 8.7 11.0 24.5 15.6 13.4 New capital 19.0 18.6 21.9 22.0 23.9 17.0 22.4 20.8 16.3 4.9 4.2 3.7 3.4 6.3 1.5 5.5 5.4 9.3 2.0 2.1 2.5 2.2 2.6 1.8 3.1 4.0 1.1 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 Source. Thomson Financial. Figure: Ratings Changes A bar graph shows two series, Upgrades and Downgrades, at an annual rate from 1989 through 2006, 2007:H1, 2007:H2, 2008:Q1, and 2008:Q2. Unit is number of ratings changes. Upgrades are plotted within a range of 0 to 2400. Downgrades are plotted within a range of 0 to 2400. 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:Q1: 400/800. 2008:Q2: 2000/600. Source. S&P's Credit Week Municipal; S&P's Ratings Direct. Figure: Municipal Bond Yields A line chart shows general obligation as two series, "20-year", and "1-year" from 1994 through September 9, 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 in March 2008, and ends at about 4.6 on September 4, 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 on September 9, 2008. Source. Municipal Market Advisors; Bond Buyer. Figure: Municipal Bond Yield Ratio A line chart shows "General Obligation over Treasury" as a single series "20-year", from 1994 through September 4, 2008. Data is weekly; unit is ratio. The "20-year" series begins at about 0.83 in 1994, fluctuates and increases to about 0.98 in late 2001, decreases to about 0.85 in early 2007 and then increases to about 1.15 in March 2008. It decreases to about 9.4 by mid-2008, and then increases to end at about 1.5 on September 4, 2008. Source. Bond Buyer. M2 Monetary Aggregate (Based on seasonally adjusted data) Percent change (annual rate) 1 Aggregate and components 2008 2006 2007 Q1 M2 4.9 5.8 3.5 .7 Small time deposits Retail money market funds Q2 July Aug. (e) Level (billions of dollars), Aug. (e) 9.5 5.7 6.1 -1.5 7,717 2.0 -.5 2.3 8.7 2.2 776 4.5 7.0 7.5 4.8 -8.2 4,649 18.6 4.3 2.4 -6.2 9.5 25.3 1,234 13.0 19.2 38.9 14.6 5.9 -5.0 1,051 15.7 39.4 46.8 33.1 -.4 13.2 2,271 3.1 2.0 -.4 2.0 8.1 5.0 842 Components 2 Currency Liquid deposits3 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 e Estimated. Return to table Source. Federal Reserve. Commercial Bank Credit (Percent change, annual rate, except as noted; seasonally adjusted) Type of credit Total H1 2007 H2 2007 Q1 2008 Q2 2008 July 2008 Aug. 2008e Level1 Aug. 2008e 6.2 11.3 6.0 3.6 1.9 5.3 9,059 7.2 11.5 9.5 4.4 .9 5.1 6,846 Commercial and industrial 6.9 26.2 15.5 13.0 5.7 -.1 1,511 Commercial real estate 6.2 10.3 9.9 10.2 -9.2 4.8 1,657 8.8 -1.1 3.4 3.3 -5.6 9.1 1,856 3.0 6.5 11.5 16.1 12.1 6.0 522 Loans2 Total To businesses To households Residential real estate Revolving home equity Other Consumer Originated 3 Other 4 10.7 -3.7 .7 -1.3 -12.3 10.2 1,334 2.9 10.8 8.8 6.0 11.0 8.5 842 3.1 9.2 8.2 6.8 5.9 2.2 1,251 9.6 19.9 12.1 -16.3 14.3 3.6 980 3.3 10.7 -4.2 .9 4.9 5.6 2,213 -5.0 -4.3 -11.2 8.4 15.4 41.1 1,186 14.5 28.9 3.0 -6.6 -6.2 -32.9 1,027 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 initial consolidation of certain variable interest entities (FIN 46), the initial 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, and foreign governments; and any trading account assets that are not Treasury or agency securities. Return to table e Estimated. Return to table Source. Federal Reserve. Figure: C&I Loan Rate Spreads A line chart shows two series, "Weighted average", and "Weighted average adjusted"*, from 1997 through 2008:Q3. Data is quarterly; unit is basis points. The "Weighted average" series begins at about 155 in 1997, generally increases to about 222 by 2004, and then generally decreases to end at about 183 in 2008:Q3. The "Weighted average adjusted" series begins at about 155 in 1997, generally increases to about 189 by late 2002, and then generally decreases to end at about 139 in 2003:Q3. 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 at Commercial Banks A line chart shows two series, "25 largest banks", and "All other banks", from 1991 through 2008:Q2. Data is Quarterly, s.a.a.r. Unit is percent. The "25 largest banks" series begins at about 0.3 in 1991, increases to about 0.4 shortly after, then decreases to about 0 in 1992, and increases to about 1.2 by late 1993. The series fluctuates between about 0.75 and 1.3 through 2003 and generally increases to about 1.6 by 2007. It generally decreases to about 0.3 in 2008:Q2. The "All other banks" series begins at about 0.55 in 1991, generally increases to about 1.5 by 1999, and then generally decreases to end at about 0.4 in 2008:Q2. 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 September 2008 Greenbook Part 2 Tables and Charts† International Developments Trade in Goods and Services Annual rate 2007 2007 Monthly rate 2008 Q4 Q1 2008 Q2 Apr. May June Percent change Nominal BOP Exports 14.5 10.4 18.4 23.2 3.7 1.2 4.0 Imports 9.7 11.4 13.8 17.5 4.6 .3 1.8 Exports 8.9 4.4 5.1 13.2 … … … Imports 1.1 -2.3 -.8 -7.6 … … … -700.3 -695.1 -699.7 -705.9 -60.5 -59.2 -56.8 -819.4 -835.7 -844.1 -860.4 -73.0 -72.1 -70.0 12.5 12.9 13.3 Real NIPA Billions of dollars Nominal BOP Net exports Goods, net Services, net 119.1 140.5 144.5 154.5 n.a. Not available. … Not applicable. BOP Balance of Payments. Return to table NIPA National Income and Product Accounts. Return to table Source. U.S. Department of Commerce, Bureau of Economic Analysis (BEA) and Census Bureau. U.S. International Trade In Goods and Services (Quarterly) Figure: Trade Balance Period Billions of dollars, annual rate 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 -540.89 2004:Q2 -598.85 2004:Q3 -621.54 2004:Q4 -669.38 2005:Q1 -663.10 2005:Q2 -682.80 2005:Q3 -720.75 2005:Q4 -778.16 2006:Q1 -756.64 2006:Q2 -767.52 2006:Q3 -790.15 2006:Q4 -699.72 2007:Q1 -718.59 2007:Q2 -715.25 2007:Q3 -672.53 2007:Q4 -694.87 2008:Q1 -707.80 As shown in the figure, the series ends at about -680 billion in June 2008. Figure: Contribution of Net Exports to Growth of Real Gross Domestic Product Period Percentage points, annual rate 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 0.28 2005:Q2 0.79 2005:Q3 -0.07 2005:Q4 -1.26 2006:Q1 0.09 2006:Q2 0.59 2006:Q3 -0.12 2006:Q4 1.33 2007:Q1 -1.20 2007:Q2 1.66 2007:Q3 2.03 2007:Q4 0.94 2008:Q1 0.77 As shown in the figure, the series ends at about 3.1 in 2008:Q2. Figure: Selected Exports Billions of dollars, annual rate Period 1999:Q1 Aircraft Consumer goods Industrial supplies Capital goods ex. aircraft 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 54.61 111.56 209.25 290.33 2005:Q2 64.82 114.17 219.83 298.15 2005:Q3 58.81 115.99 216.19 303.76 2005:Q4 65.05 119.38 218.29 317.91 2006:Q1 72.40 123.47 235.60 328.55 2006:Q2 72.70 127.01 254.25 339.18 2006:Q3 73.18 130.68 261.60 342.64 2006:Q4 82.17 135.19 266.14 348.88 2007:Q1 81.17 140.92 267.44 348.98 2007:Q2 80.36 143.46 282.69 352.98 2007:Q3 91.47 149.59 295.17 366.24 2007:Q4 96.29 150.54 310.40 372.59 2008:Q1 91.13 156.85 332.39 374.90 2008:Q2 91.32 163.90 378.95 389.19 Figure: Selected Imports Billions of dollars, annual rate 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 214.05 255.78 403.85 363.30 2005:Q2 229.98 257.77 409.29 381.21 2005:Q3 266.51 259.93 404.57 381.52 2005:Q4 296.38 296.33 410.64 391.26 2006:Q1 292.81 288.60 425.15 404.26 2006:Q2 313.87 291.75 435.74 415.41 2006:Q3 333.35 303.59 448.49 426.26 2006:Q4 269.73 291.83 461.35 427.47 2007:Q1 284.09 289.01 476.06 435.43 2007:Q2 312.57 304.93 472.65 439.71 2007:Q3 332.02 305.09 470.64 449.62 2007:Q4 396.00 297.44 480.02 453.06 2008:Q1 448.56 303.39 477.92 454.29 2008:Q2 494.17 331.02 493.55 469.43 Source. Bureau of Economic Analysis and Census Bureau. U.S. Exports and Imports of Goods and Services (Billions of dollars; annual rate, Balance of Payments basis) Change 1 Levels 2008 Q1 Exports of Goods and Services Goods exports Gold Other goods Capital goods 2008 Q2 May 2008 June 1817.1 1914.4 1896.4 1973.0 1271.3 1351.0 1332.0 1400.4 Q1 2008 Q2 May June 75.2 97.3 22.5 76.6 58.5 79.8 11.3 68.4 13.3 12.6 -5.6 -5.4 -6.0 1246.6 1332.0 1312.7 1387.2 45.9 85.3 16.6 74.4 24.6 19.0 19.3 466.2 480.7 473.3 487.5 -2.7 14.6 -8.1 14.3 Aircraft & parts 91.3 91.4 91.6 91.4 -5.0 .1 .4 -.3 Computers & accessories 43.2 47.2 47.0 46.9 -1.3 3.9 -.7 -.1 Semiconductors 52.3 51.3 50.3 53.4 -.9 -1.0 .0 3.1 279.3 290.9 284.4 295.9 4.5 11.5 -7.8 11.5 122.4 124.2 122.6 129.5 -3.4 1.8 2.2 6.9 Other capital goods Automotive Ind. supplies (ex. ag., gold) 332.5 379.9 375.4 412.6 22.1 47.4 23.7 37.1 Consumer goods 156.9 164.0 161.1 169.7 6.4 7.0 -.0 8.7 Agricultural 117.8 130.3 125.0 137.1 15.0 12.5 -3.9 12.1 50.8 53.0 55.4 50.7 8.4 2.1 25.4 -4.7 545.8 563.4 564.4 572.6 16.7 17.5 11.3 8.1 2516.8 2620.3 2606.8 2654.2 79.8 103.5 7.0 47.4 2115.4 2211.4 2197.3 2240.8 67.0 96.0 1.2 43.5 All other goods Services exports Imports of Goods and Services Goods imports Oil Gold Other goods Capital goods 448.7 491.7 466.1 534.3 52.6 43.0 -8.4 68.2 17.9 12.7 9.6 9.7 10.9 -5.2 -9.2 .1 1648.8 1707.0 1721.6 1696.8 3.6 58.2 18.9 -24.9 454.4 469.2 477.4 460.9 1.3 14.8 8.0 -16.4 37.0 38.1 35.7 39.4 1.9 1.1 -3.5 3.7 104.2 109.4 113.7 106.3 -1.2 5.1 5.6 -7.4 26.3 26.8 27.4 25.7 -.7 .6 -.0 -1.7 286.9 294.9 300.6 289.6 1.4 8.1 6.0 -11.0 Automotive 257.3 249.9 245.7 246.4 -2.7 -7.4 -12.0 .7 Ind. supplies (ex. oil, gold) 303.6 330.9 332.5 331.4 6.1 27.4 3.6 -1.2 Consumer goods Aircraft & parts Computers & accessories Semiconductors Other capital goods 478.2 493.2 502.1 495.2 -1.9 15.0 19.7 -6.9 Foods, feeds, beverages 85.4 90.1 91.7 90.0 1.7 4.7 3.1 -1.7 All other goods 69.9 73.7 72.3 73.0 -1.1 3.8 -3.7 .7 401.4 408.9 409.5 413.5 12.8 7.5 5.8 3.9 Services imports Memo: Oil quantity (mb/d) 14.06 12.36 .59 -1.64 -1.37 .59 Oil import price ($/bbl) 87.59 108.56 108.44 118.36 12.41 11.77 7.17 20.97 9.55 9.92 1. Change from previous quarter or month. Return to table Source. U.S. Department of Commerce, Bureau of Economic Analysis and Census Bureau. 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 4.32 3.88 February 2008 5.09 4.55 March 2008 6.12 5.38 April 2008 7.19 6.50 May 2008 7.22 6.65 June 2008 7.84 7.28 July 2008 8.43 7.93 Figure: Categories 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 2.03 9.59 February 2008 2.37 11.35 March 2008 2.65 13.97 April 2008 3.38 15.71 May 2008 3.47 15.43 June 2008 3.41 17.46 July 2008 3.52 19.11 Figure: Oil Dollars per barrel Period January 1999 Spot West Texas Intermediate Import unit value 12.47 9.88 February 1999 12.01 10.05 March 1999 14.66 11.20 April 1999 17.34 13.67 May 1999 17.75 15.25 June 1999 17.89 15.11 July 1999 20.07 16.80 August 1999 21.26 18.70 September 1999 23.88 20.49 October 1999 22.64 21.35 November 1999 24.86 21.74 December 1999 26.13 23.31 January 2000 27.27 24.02 February 2000 29.35 26.17 March 2000 29.89 27.43 April 2000 25.74 25.19 May 2000 28.78 25.35 June 2000 31.86 27.41 July 2000 29.72 28.35 August 2000 31.22 27.16 September 2000 33.88 29.74 October 2000 33.08 29.33 November 2000 34.40 29.41 December 2000 28.46 27.49 January 2001 29.58 25.54 February 2001 29.61 25.55 March 2001 27.24 24.02 April 2001 27.41 23.54 May 2001 28.64 24.47 June 2001 27.60 24.17 July 2001 26.45 23.01 August 2001 27.47 23.06 September 2001 25.88 23.94 October 2001 22.21 20.47 November 2001 19.67 17.83 December 2001 19.33 16.31 January 2002 19.67 17.14 February 2002 20.74 17.48 March 2002 24.42 20.41 April 2002 26.27 23.39 May 2002 27.02 24.49 June 2002 25.52 24.12 July 2002 26.94 24.62 August 2002 28.38 25.41 September 2002 29.67 26.31 October 2002 28.85 27.14 November 2002 26.27 25.01 December 2002 29.42 25.06 January 2003 32.94 28.26 February 2003 35.87 31.53 March 2003 33.55 31.79 April 2003 28.25 27.23 May 2003 28.14 25.08 June 2003 30.72 26.32 July 2003 30.76 27.55 August 2003 31.59 28.56 September 2003 28.29 27.28 October 2003 30.33 27.12 November 2003 31.05 27.42 December 2003 32.15 28.08 January 2004 34.24 29.80 February 2004 34.74 30.45 March 2004 36.76 32.03 April 2004 36.69 32.60 May 2004 40.29 35.04 June 2004 38.04 35.37 July 2004 40.80 35.19 August 2004 44.94 37.91 September 2004 45.95 39.17 October 2004 53.13 43.42 November 2004 48.46 41.12 December 2004 43.33 37.67 January 2005 46.84 37.13 February 2005 47.97 39.04 March 2005 54.22 43.36 April 2005 53.04 46.78 May 2005 49.83 45.17 June 2005 56.40 46.72 July 2005 58.70 50.75 August 2005 64.97 54.89 September 2005 65.57 60.25 October 2005 62.36 59.55 November 2005 58.30 54.38 December 2005 59.43 51.82 January 2006 65.51 54.70 February 2006 61.63 55.39 March 2006 62.87 54.78 April 2006 69.69 60.32 May 2006 70.94 65.50 June 2006 70.96 65.03 July 2006 74.41 68.19 August 2006 73.05 68.04 September 2006 63.87 63.03 October 2006 58.89 56.51 November 2006 59.15 53.77 December 2006 62.06 55.60 January 2007 54.23 53.25 February 2007 59.26 52.74 March 2007 60.56 56.35 April 2007 63.96 61.11 May 2007 63.46 64.30 June 2007 67.48 65.55 July 2007 74.12 69.28 August 2007 72.39 70.44 September 2007 79.93 70.64 October 2007 85.93 74.88 November 2007 94.62 82.19 December 2007 91.70 84.25 January 2008 92.95 85.41 February 2008 95.36 85.66 March 2008 105.42 91.57 April 2008 112.33 98.89 May 2008 125.39 108.44 June 2008 133.93 118.62 July 2008 133.44 ND August 2008 116.70 ND As shown in the figure, the Spot West Texas Intermediate series ends at about 107 in September 2008. Figure: Natural Gas Period Import price index (2000 = 100) Spot Henry Hub (Dollars per million Btu) January 1999 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 182.40 7.98 February 2008 198.30 8.54 March 2008 211.60 9.44 April 2008 225.70 10.13 May 2008 247.70 11.28 June 2008 271.30 12.68 July 2008 285.60 11.06 August 2008 ND 8.25 September 2008 ND 7.67 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 6.04 January 2008 8.18 6.81 February 2008 8.27 6.94 March 2008 9.47 7.93 April 2008 9.41 7.99 May 2008 9.69 8.05 June 2008 10.47 8.71 July 2008 12.53 10.25 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 2.54 15.39 February 2008 2.72 15.19 March 2008 2.76 17.63 April 2008 2.74 17.47 May 2008 2.72 18.10 June 2008 2.76 19.68 July 2008 ND 24.04 Source. Bureau of Labor Statistics, Wall Street Journal, and Commodity Research Bureau. Prices of U.S. Imports and Exports (Percentage change from previous period) Annual rate 2007 Monthly rate 2008 2008 Q4 Q1 Q2 May June July 16.3 15.4 36.3 2.8 2.9 1.7 73.6 44.3 150.3 9.6 8.9 4.0 BLS prices Merchandise imports Oil Non-oil Core goods1 4.6 8.4 12.6 .6 .9 .9 3.7 9.5 13.8 .6 .9 .9 Finished goods 2.0 3.9 5.7 .2 .1 .4 Cap. goods ex. comp. & semi. 2.5 4.1 8.5 .4 .2 .8 Automotive products 4.7 3.9 2.3 .0 .1 .1 Consumer goods 1.8 4.5 4.9 .2 .1 .3 Material-intensive goods Foods, feeds, beverages 7.6 22.1 32.1 1.3 2.4 1.8 10.3 17.7 18.9 .9 1.7 1.5 6.8 23.1 35.5 1.5 2.6 1.8 -2.7 -10.6 -4.1 -.4 -.9 -.7 1.6 -7.3 -5.2 1.0 -1.3 -.8 88.2 138.9 8.2 9.1 5.8 Industrial supplies ex. fuels Computers Semiconductors Natural gas 78.5 Merchandise exports 7.7 12.6 10.2 .3 1.0 1.4 Core goods2 9.1 15.4 12.2 .5 1.2 1.9 2.6 3.7 2.7 .2 .1 .3 Cap. goods ex. comp. & semi. 3.1 5.8 4.0 .3 .2 .3 Automotive products 1.3 1.6 1.9 .0 .0 .1 Consumer goods 2.4 2.8 2.1 .0 .1 .4 Material-intensive goods 17.5 30.1 23.2 .8 2.3 3.6 Agricultural products 40.9 58.1 14.6 .2 2.4 6.7 Industrial supples ex. ag. 11.2 21.9 26.9 1.1 2.2 2.6 -3.9 -10.3 -9.1 -.6 -.8 -1.1 1.0 .6 -1.2 -.4 2.4 -2.3 Finished goods Computers Semiconductors NIPA prices Chain price index Imports of goods & services 12.8 12.8 28.5 … … … 4.6 8.0 11.0 … … … 4.0 8.5 10.6 … … … 6.2 9.1 10.9 … … … 6.0 10.0 12.6 … … … 7.6 12.0 14.2 … … … Non-oil merchandise Core goods1 Exports of goods & services Total merchandise Core goods 2 1. Excludes computers, semiconductors, and natural gas. Return to table 2. Excludes computers and semiconductors. Return to table n.a. Not available. … Not applicable. BLS Bureau of Labor Statistics. Return to table NIPA National Income and Product Accounts. Source. Bureau of Economic Analysis and Bureau of Labor Statistics. Figure: Foreign Official Balances Held at the Federal Reserve Bank of New York A line chart shows series for two selected instruments, "Treasury securities" and "Agency securities", from May 2008 through September 9, 2008. Data is daily; unit is billions of dollars. The "Treasury securities" series begins at about 1310 in May 2008, and generally increases to end at about 1400 in September 9, 2008. The "Agency securities" series begins at about 930 in May 2008, generally increases to about 995 in July 2008, and generally decreases to end at about 950 in September 9, 2008. Source. Federal Reserve Bank of New York. Summary of U.S. International Transactions (Billions of dollars; not seasonally adjusted except as noted) 2007 2006 Q3 Official financial flows 1. Change in foreign official assets in the U.S. (increase, +) a. G-10 countries + ECB b. OPEC 2008 2007 Q4 Q1 Q2 June July 487.2 362.6 6.1 115.7 168.1 94.8 50.4 41.2 484.8 386.7 6.2 139.7 165.3 137.0 50.6 41.2 26.1 36.8 3.3 11.8 -1.5 0.2 7.4 -1.8 45.2 30.9 2.8 16.3 18.1 16.7 5.1 6.7 413.5 319.1 0.1 111.5 148.8 120.1 38.1 36.2 2.4 -24.1 -0.1 -24.0 2.7 -42.3 -0.2 0.0 351.9 411.7 95.8 97.8 -43.7 n.a. … … 122.7 -98.5 -49.9 -38.3 -145.9 -69.1 20.6 -82.6 634.2 750.5 32.5 190.9 46.7 67.4 -12.5 -52.9 -58.2 156.6 60.5 66.7 64.7 55.8 1.1 10.7 25.8 19.4 -2.6 16.4 -18.4 -52.1 -10.0 -50.7 c. Corporate and municipal bonds 517.8 383.5 -7.3 49.4 -10.7 53.5 -1.3 -6.2 d. Corporate stocks 4 148.9 191.1 -18.1 58.4 11.1 10.2 -2.3 -6.6 c. All other countries 2. Change in U.S. official assets (decrease, +) 1 Private financial flows Banks 3. Change in net foreign positions of banking offices in the U.S. 2 Securities3 4. Foreign net purchases (+) of U.S. securities a. Treasury securities b. Agency bonds 5. U.S. net acquisitions (-) of foreign securities -362.4 -287.2 -99.2 -4.7 -35.2 -30.3 -11.0 30.0 a. Bonds -224.5 -168.0 -42.6 -13.6 -7.8 -10.4 -11.5 12.9 b. Stock purchases -119.1 -107.9 -52.1 11.5 -26.7 -19.9 0.5 17.0 -18.8 -11.3 -4.5 -2.6 -0.8 0.0 0.0 0.0 -241.2 -333.3 -62.0 -110.9 -85.6 n.a. … … 242.0 237.5 105.9 55.7 46.6 n.a. … … c. Stock swaps 4 Other flows 5 6. U.S. direct investment (-) abroad 7. Foreign direct investment in the U.S. 8. Net derivatives (inflow, +) 9. Foreign acquisitions of U.S. currency 10. Other (inflow, +) 6 U.S. current account balance7 Capital account balance8 Statistical discrepancy 7 29.7 6.5 5.9 -13.5 -8.0 n.a. … … 2.2 -10.7 0.7 -3.5 -0.9 n.a. … … -75.3 146.8 161.9 22.0 138.6 n.a. … … -788.1 -731.2 -173.0 -167.2 -176.4 n.a. … … -3.9 -1.8 -0.6 -0.6 -0.6 n.a. … … -47.1 -41.3 71.6 -45.6 52.6 n.a. … … Source. U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Treasury International Capital reports with staff adjustments. 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. Includes changes in U.S. official reserve assets and in outstanding reciprocal currency swaps with certain foreign central banks. Return to table 2. 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 3. 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 4. Includes (4d) or represents (5c) stocks acquired through nonmarket means such as mergers and reincorporations. Return to table 5. Quarterly data; seasonally adjusted. Return to table 6. 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 and 8) since publication of the quarterly data in the Survey of Current Business. Return to table 7. Seasonally adjusted. Return to table 8. Seasonally adjusted; consists of transactions in nonproduced nonfinancial assets and capital transfers. Return to table G-10 Group of Ten (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kindom, United States). Return to table ECB European Central Bank. Return to table OPEC Organization of the Petroleum Exporting Countries. Return to table n.a. Not available. … Not applicable. Foreign Official Financial Inflows (+) through July 2008 (Billions of dollars; monthly rate, not seasonally adjusted) Figure: Total Monthly rate, not seasonally adjusted Billions of dollars 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 58.17 34.73 February 2004 38.07 37.84 March 2004 51.37 40.69 April 2004 20.41 39.30 May 2004 14.99 35.62 June 2004 44.25 37.88 July 2004 24.03 32.19 August 2004 19.14 29.03 September 2004 33.55 26.06 October 2004 34.16 28.35 November 2004 26.12 30.21 December 2004 33.27 28.38 January 2005 17.75 27.33 February 2005 3.45 24.72 March 2005 4.51 19.88 April 2005 38.45 20.59 May 2005 22.36 19.96 June 2005 20.03 17.76 July 2005 26.57 19.23 August 2005 26.11 23.00 September 2005 2.68 22.70 October 2005 35.24 22.16 November 2005 37.67 24.72 December 2005 25.27 25.59 January 2006 54.29 30.21 February 2006 45.57 33.45 March 2006 30.56 38.10 April 2006 44.15 39.59 May 2006 43.97 40.64 June 2006 39.18 42.95 July 2006 64.39 44.64 August 2006 34.70 42.83 September 2006 21.94 41.39 October 2006 23.70 37.98 November 2006 27.87 35.30 December 2006 54.49 37.85 January 2007 47.72 35.07 February 2007 63.17 39.81 March 2007 48.30 44.21 April 2007 40.73 47.05 May 2007 8.80 43.87 June 2007 32.14 40.14 July 2007 43.96 39.52 -31.73 23.70 August 2007 September 2007 -5.89 14.67 October 2007 39.54 14.47 November 2007 59.46 22.91 December 2007 40.80 24.36 January 2008 106.61 34.80 February 2008 16.58 42.85 March 2008 50.27 52.21 April 2008 45.90 53.27 May 2008 44.81 50.83 June 2008 52.94 52.85 July 2008 43.52 42.33 Figure: Group of Ten + European Central Bank Monthly rate, not seasonally adjusted Billions of dollars 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 39.50 15.88 February 2004 26.12 19.98 March 2004 36.94 24.78 April 2004 6.32 22.85 May 2004 15.99 22.25 June 2004 21.83 24.45 July 2004 3.38 18.43 August 2004 17.75 17.03 September 2004 -0.76 10.75 October 2004 1.64 9.97 November 2004 2.15 7.66 December 2004 -6.87 2.88 January 2005 -0.01 2.32 February 2005 3.77 -0.01 March 2005 3.67 0.72 -1.89 0.14 April 2005 May 2005 June 2005 July 2005 August 2005 September 2005 October 2005 -5.72 -1.18 -10.72 -1.82 9.52 -0.23 7.17 0.34 -2.91 -0.76 7.96 0.88 November 2005 11.01 3.67 December 2005 -6.23 4.42 January 2006 5.52 3.75 February 2006 2.33 2.95 March 2006 -0.51 3.35 April 2006 -3.44 1.45 May 2006 3.38 0.18 June 2006 0.40 1.28 July 2006 5.31 1.25 August 2006 0.25 0.90 September 2006 0.41 1.05 October 2006 9.55 3.22 November 2006 1.18 2.85 December 2006 1.67 3.06 January 2007 4.92 3.00 February 2007 -1.64 2.68 March 2007 9.03 4.12 April 2007 5.50 3.44 May 2007 1.20 3.45 June 2007 2.64 3.61 July 2007 4.47 3.53 -4.98 2.98 September 2007 3.80 2.11 October 2007 9.15 2.72 November 2007 1.63 2.79 December 2007 1.04 2.52 January 2008 2.87 2.25 February 2008 -7.34 1.86 2.92 1.71 August 2007 March 2008 April 2008 3.25 0.73 May 2008 -10.42 -1.28 June 2008 7.41 -0.22 July 2008 -1.80 -1.00 Figure: Organization of the Petroleum Exporting Countries Monthly rate, not seasonally adjusted Billions of dollars 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 August 2004 -6.22 -0.87 September 2004 7.08 0.24 October 2004 4.42 0.63 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 -0.40 0.34 5.00 0.77 March 2007 April 2007 -0.92 1.35 May 2007 2.72 1.87 June 2007 -1.40 1.96 July 2007 -0.45 0.76 August 2007 2.21 1.19 September 2007 1.03 0.53 October 2007 9.05 2.19 November 2007 -3.74 1.12 December 2007 11.01 3.19 January 2008 9.71 4.88 February 2008 8.30 5.89 March 2008 0.09 5.74 April 2008 1.44 4.47 May 2008 10.14 6.78 June 2008 5.10 5.80 July 2008 6.71 5.30 Figure: All other countries Monthly rate, not seasonally adjusted Billions of dollars 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 6.14 14.36 November 2003 14.96 12.50 December 2003 18.36 14.26 January 2004 17.10 16.36 February 2004 10.15 15.24 March 2004 13.98 13.45 April 2004 12.03 14.43 May 2004 -0.79 11.80 June 2004 26.36 13.14 July 2004 18.00 13.29 October 2003 August 2004 7.61 12.86 September 2004 27.23 15.07 October 2004 28.09 17.75 November 2004 22.05 21.56 December 2004 39.65 23.77 January 2005 14.35 23.16 0.99 22.06 February 2005 March 2005 6.79 18.65 April 2005 38.49 20.39 May 2005 25.30 20.93 June 2005 30.98 19.48 July 2005 20.50 20.51 August 2005 17.59 23.27 5.68 23.09 October 2005 16.87 19.49 November 2005 19.88 18.58 December 2005 33.02 18.92 January 2006 38.74 21.96 February 2006 38.40 25.43 March 2006 28.69 29.27 April 2006 40.08 33.13 May 2006 34.34 35.55 June 2006 30.91 35.19 July 2006 53.96 37.73 August 2006 28.87 36.14 September 2006 19.12 34.55 October 2006 18.51 30.95 November 2006 27.10 29.74 December 2006 54.79 33.72 January 2007 36.03 30.74 February 2007 61.22 36.13 March 2007 34.27 38.65 April 2007 40.14 42.26 May 2007 4.88 38.55 June 2007 30.90 34.57 July 2007 39.93 35.22 August 2007 -28.97 20.19 September 2007 September 2005 -10.73 12.69 October 2007 21.34 9.56 November 2007 61.57 19.01 December 2007 28.74 18.65 January 2008 94.03 27.67 February 2008 15.62 35.10 March 2008 47.25 44.76 April 2008 41.21 48.07 May 2008 45.09 45.33 June 2008 40.43 47.27 July 2008 38.61 38.04 Source. For all figures, U.S. Treasury International Capital reports with staff adjustments. Private Securities Flows through July 2008 (Billions of dollars; monthly rate, not seasonally adjusted) Foreign Net Purchases (+) of U.S. Securities Figure: Total Monthly rate, not seasonally adjusted Billions of dollars Period Total January 2003 17.44 February 2003 6-month moving average 27.34 -13.44 20.48 March 2003 58.86 24.56 April 2003 31.60 26.82 May 2003 63.00 30.64 June 2003 40.14 32.93 July 2003 48.05 38.03 August 2003 24.53 44.36 September 2003 -16.76 31.76 October 2003 -4.57 25.73 November 2003 40.01 21.90 December 2003 37.18 21.41 January 2004 37.03 19.57 February 2004 30.45 20.56 March 2004 13.70 25.63 April 2004 56.80 35.86 May 2004 28.82 34.00 June 2004 65.31 38.69 July 2004 38.63 38.95 August 2004 12.37 35.94 September 2004 31.49 38.90 October 2004 33.85 35.08 November 2004 76.09 42.96 December 2004 55.16 41.27 January 2005 47.78 42.79 February 2005 50.94 49.22 March 2005 56.63 53.41 April 2005 43.86 55.08 May 2005 8.82 43.86 June 2005 43.12 41.86 July 2005 46.50 41.65 August 2005 39.79 39.79 September 2005 80.81 43.82 October 2005 66.37 47.57 November 2005 73.45 58.34 December 2005 28.73 55.94 January 2006 34.86 54.00 February 2006 46.19 55.07 March 2006 62.28 51.98 April 2006 1.63 41.19 May 2006 69.35 40.51 June 2006 47.46 43.63 July 2006 21.36 41.38 August 2006 81.57 47.28 September 2006 75.04 49.40 October 2006 69.63 60.74 November 2006 107.26 67.06 December 2006 17.59 62.08 January 2007 94.33 74.24 February 2007 48.36 68.70 March 2007 85.52 70.45 April 2007 61.41 69.08 May 2007 153.01 76.70 June 2007 84.49 87.85 July 2007 11.13 73.98 1.91 66.24 August 2007 September 2007 October 2007 November 2007 December 2007 19.48 55.24 107.05 62.84 45.79 44.98 38.52 37.31 January 2008 -12.80 33.33 February 2008 48.61 41.11 March 2008 6.65 38.97 April 2008 32.23 26.50 May 2008 56.68 28.31 June 2008 -3.45 21.32 As shown in the figure, the series end in July 2008: Total ends at about -55 billion dollars, and the 6-month moving average ends at about 10 billion dollars. Figure: Treasury Securities Monthly rate, not seasonally adjusted Billions of dollars Period January 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 -19.38 11.07 November 2003 10.99 8.75 December 2003 8.14 6.58 10.08 2.32 February 2003 March 2003 October 2003 January 2004 February 2004 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 August 2004 -6.67 12.78 September 2004 -1.51 9.62 October 2004 -1.17 6.31 July 2004 November 2004 7.20 5.65 December 2004 -1.09 -0.00 January 2005 11.66 1.40 February 2005 22.70 6.30 March 2005 44.17 13.91 April 2005 18.04 17.11 May 2005 -19.60 12.65 June 2005 -11.44 10.92 July 2005 3.66 9.59 August 2005 9.32 7.36 11.33 1.88 9.91 0.53 39.64 10.40 September 2005 October 2005 November 2005 December 2005 -7.10 11.13 January 2006 -17.81 7.55 February 2006 -10.97 4.17 March 2006 2.87 2.76 April 2006 -39.13 -5.42 May 2006 1.86 -11.71 June 2006 13.26 -8.32 July 2006 -11.35 -7.24 8.81 -3.95 -19.05 -7.60 October 2006 -3.96 -1.74 November 2006 24.46 2.03 December 2006 -7.19 -1.38 January 2007 7.28 1.73 February 2007 4.86 1.07 30.75 9.37 April 2007 -29.77 5.07 May 2007 12.81 3.12 June 2007 3.48 4.90 July 2007 5.58 4.62 47.65 11.75 7.27 7.84 October 2007 49.56 21.06 November 2007 21.40 22.49 December 2007 -3.79 21.28 January 2008 -2.81 19.88 February 2008 26.52 16.36 March 2008 39.16 21.67 April 2008 50.01 21.75 May 2008 11.99 20.18 4.91 21.63 August 2006 September 2006 March 2007 August 2007 September 2007 June 2008 As shown in the figure, the series end in July 2008: Treasury securities ends at about 10 billion dollars, and the 6-month moving average ends at about 21 billion dollars. Figure: Agency Bonds Monthly rate, not seasonally adjusted Billions of dollars Period Agency Bonds 6-month moving average January 2003 6.75 7.71 February 2003 -7.35 5.05 March 2003 1.85 3.35 April 2003 1.76 1.48 May 2003 7.08 1.98 June 2003 -7.12 0.49 July 2003 -0.68 -0.74 August 2003 -13.12 -1.70 September 2003 -18.19 -5.05 October 2003 -1.71 -5.62 November 2003 -4.22 -7.51 December 2003 -1.87 -6.63 January 2004 8.77 -5.06 February 2004 4.73 -2.08 -15.43 -1.62 April 2004 14.02 1.00 May 2004 6.78 2.83 June 2004 4.08 3.83 July 2004 4.40 3.10 August 2004 1.07 2.49 September 2004 -4.34 4.34 October 2004 15.77 4.63 November 2004 13.88 5.81 December 2004 13.65 7.41 January 2005 9.85 8.31 February 2005 -1.17 7.94 March 2005 -7.57 7.40 April 2005 3.31 5.33 May 2005 10.80 4.81 4.83 3.34 July 2005 16.47 4.45 August 2005 -1.86 4.33 9.02 7.10 October 2005 16.75 9.33 November 2005 -6.06 6.52 December 2005 March 2004 June 2005 September 2005 -4.61 4.95 January 2006 5.74 3.16 February 2006 8.46 4.88 March 2006 -3.46 2.80 April 2006 -2.20 -0.36 May 2006 16.71 3.44 June 2006 2.96 4.70 July 2006 -7.84 2.44 August 2006 10.96 2.85 September 2006 October 2006 6.00 4.43 -4.16 4.10 November 2006 0.30 1.37 December 2006 -7.68 -0.40 January 2007 3.87 1.55 February 2007 -22.30 -4.00 March 2007 -12.30 -7.05 April 2007 12.89 -4.20 May 2007 9.87 -2.61 June 2007 13.53 0.93 July 2007 -4.47 -0.47 August 2007 1.07 3.43 September 2007 0.85 5.62 October 2007 8.79 4.94 November 2007 13.60 5.56 December 2007 -6.03 2.30 January 2008 -6.32 1.99 February 2008 16.75 4.61 March 2008 -30.06 -0.55 April 2008 -16.61 -4.78 May 2008 -12.95 -9.20 -3.70 -8.82 June 2008 As shown in the figure, the series end in July 2008: Agency bonds ends at about -50 billion dollars, and the 6-month moving average ends at about -20 billion dollars. Figure: Corporate and Municipal Bonds Monthly rate, not seasonally adjusted Billions of dollars 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 18.59 22.82 August 2005 30.77 23.81 September 2005 38.43 27.37 October 2005 30.10 29.72 November 2005 33.26 32.68 December 2005 30.12 30.21 January 2006 22.63 30.89 February 2006 30.20 30.79 March 2006 41.66 31.33 April 2006 33.97 31.97 May 2006 36.92 32.58 June 2006 34.05 33.24 July 2006 27.89 34.11 August 2006 53.93 38.07 September 2006 72.70 43.24 October 2006 49.04 45.75 November 2006 71.30 51.48 December 2006 43.51 53.06 January 2007 60.22 58.45 February 2007 53.63 58.40 March 2007 58.00 55.95 April 2007 42.67 54.89 May 2007 87.62 57.61 June 2007 39.25 56.90 July 2007 -8.35 45.47 August 2007 -7.81 35.23 September 2007 8.84 27.04 16.60 22.69 November 2007 6.52 9.18 December 2007 26.29 7.02 January 2008 -7.50 7.16 February 2008 9.00 9.96 October 2007 March 2008 -13.41 6.25 April 2008 10.83 5.29 May 2008 41.70 11.15 June 2008 -2.32 6.38 July 2008 -7.32 6.41 Figure: Corporate Stocks Monthly rate, not seasonally adjusted Billions of dollars Period Corporate Stocks 6-month moving average January 2003 -2.87 February 2003 1.48 -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 February 2004 March 2004 -10.08 4.91 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 3.65 0.62 November 2004 34.83 7.37 December 2004 7.31 7.89 October 2004 13.15 8.86 February 2005 January 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 9.60 7.98 September 2005 October 2005 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 22.95 12.51 January 2007 February 2007 12.17 March 2007 13.23 9.07 12.17 April 2007 35.61 13.33 May 2007 42.72 18.58 June 2007 28.22 25.12 July 2007 18.38 24.36 -39.01 15.83 August 2007 September 2007 2.52 14.74 32.11 14.16 November 2007 4.27 7.75 December 2007 22.06 6.72 October 2007 January 2008 3.84 4.30 February 2008 -3.66 10.19 March 2008 10.96 11.60 April 2008 -12.01 4.24 May 2008 15.94 6.19 June 2008 -2.34 2.12 July 2008 -6.64 0.38 U.S. Net Acquisitions (-) of Foreign Securities Figure: Total Monthly rate, not seasonally adjusted Billions of dollars Period January 2003 February 2003 Total 6-month moving average -7.54 -6.94 1.74 -5.87 -25.80 -9.23 April 2003 -0.34 -8.40 May 2003 -14.56 -10.03 June 2003 -17.95 -10.74 -3.12 -10.01 -17.69 -13.24 March 2003 July 2003 August 2003 September 2003 -6.94 -10.10 October 2003 -28.21 -14.75 November 2003 -16.51 -15.07 December 2003 -9.66 -13.69 January 2004 -17.42 -16.07 February 2004 -17.62 -16.06 March 2004 -0.94 -15.06 April 2004 -20.27 -13.74 May 2004 -11.47 -12.90 June 2004 -13.05 -13.46 July 2004 -17.60 -13.49 -7.65 -11.83 September 2004 -28.62 -16.44 October 2004 August 2004 -19.51 -16.32 November 2004 10.02 -12.73 December 2004 -26.10 -14.91 January 2005 -11.50 -13.89 February 2005 -19.81 -15.92 March 2005 -28.21 -15.85 April 2005 -14.95 -15.09 May 2005 -20.33 -20.15 June 2005 -21.87 -19.44 July 2005 -25.69 -21.81 -8.38 -19.90 September 2005 -32.13 -20.56 October 2005 -11.73 -20.02 November 2005 -25.76 -20.92 December 2005 -30.04 -22.29 January 2006 -27.07 -22.52 February 2006 -19.25 -24.33 March 2006 -28.99 -23.81 April 2006 -26.92 -26.34 May 2006 -34.42 -27.78 June 2006 -18.43 -25.85 July 2006 -27.77 -25.96 August 2006 -11.64 -24.69 September 2006 -31.45 -25.10 October 2006 -24.55 -24.71 November 2006 -53.00 -27.81 December 2006 -58.88 -34.55 January 2007 -21.61 -33.52 February 2007 -25.48 -35.83 March 2007 -52.09 -39.26 April 2007 -20.90 -38.66 May 2007 -41.24 -36.70 June 2007 -21.99 -30.55 July 2007 -15.78 -29.58 August 2007 August 2005 -36.87 -31.48 September 2007 -46.60 -30.56 October 2007 -8.33 -28.47 November 2007 18.85 -18.45 December 2007 -15.18 -17.32 January 2008 -20.03 -18.02 February 2008 -13.45 -14.12 March 2008 -1.76 -6.65 April 2008 8.77 -3.80 May 2008 -28.13 -11.63 June 2008 -12.95 -11.26 July 2008 32.46 -2.51 Figure: Bonds Monthly rate, not seasonally adjusted Billions of dollars 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 June 2003 July 2003 August 2003 September 2003 -1.74 -1.88 -10.68 -2.00 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 -6.22 -4.77 -10.86 -6.22 -1.83 -7.68 April 2004 3.36 -4.53 May 2004 -3.97 -3.11 June 2004 -3.74 -3.87 July 2004 -7.43 -4.08 August 2004 -5.25 -3.14 -23.08 -6.68 October 2004 -8.26 -8.62 November 2004 -6.66 -9.07 December 2004 -10.96 -10.27 January 2005 -3.21 -9.57 February 2005 -1.88 -9.01 March 2005 -8.20 -6.53 April 2005 -7.70 -6.44 May 2005 -12.77 -7.45 -6.54 -6.72 -10.38 -7.91 January 2004 February 2004 March 2004 September 2004 June 2005 July 2005 August 2005 15.10 -5.08 -19.32 -6.93 0.75 -5.53 November 2005 -1.84 -3.70 December 2005 -7.12 -3.80 -10.65 -3.85 -6.62 -7.47 March 2006 -15.17 -6.77 April 2006 -14.32 -9.29 May 2006 -25.44 -13.22 June 2006 -17.70 -14.98 July 2006 -24.17 -17.23 August 2006 -16.82 -18.93 September 2006 -21.82 -20.04 October 2006 -15.67 -20.27 November 2006 -17.85 -19.01 December 2006 September 2005 October 2005 January 2006 February 2006 -38.23 -22.43 January 2007 -6.36 -19.46 February 2007 -9.97 -18.32 March 2007 -38.55 -21.11 April 2007 -16.86 -21.30 May 2007 -27.61 -22.93 June 2007 July 2007 -12.49 -18.64 0.16 -17.55 August 2007 -23.03 -19.73 September 2007 -19.75 -16.59 October 2007 -9.73 -15.41 November 2007 10.28 -9.09 December 2007 -14.13 -9.36 January 2008 -16.64 -12.16 February 2008 6.68 -7.21 March 2008 2.21 -3.55 10.06 -0.26 April 2008 May 2008 -8.97 -3.46 June 2008 -11.46 -3.02 July 2008 16.61 2.52 Figure: Stock Purchases & Swaps Monthly rate, not seasonally adjusted Billions of dollars Period January 2003 February 2003 Stock Purchases & Swaps 6-month moving average -7.83 -3.40 -5.13 -4.59 -20.65 -7.75 April 2003 1.22 -6.35 May 2003 -12.82 -8.15 June 2003 -7.27 -8.75 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 March 2003 February 2004 March 2004 July 2004 -10.17 -9.41 August 2004 -2.40 -8.69 September 2004 -5.55 -9.76 October 2004 -11.25 -7.70 November 2004 16.69 -3.66 December 2004 -15.14 -4.64 January 2005 -8.29 -4.32 February 2005 -17.93 -6.91 March 2005 -20.01 -9.32 -7.25 -8.65 April 2005 May 2005 -7.56 -12.70 June 2005 -15.33 -12.73 July 2005 -15.31 -13.90 August 2005 -23.48 -14.82 September 2005 -12.81 -13.62 October 2005 -12.48 -14.49 November 2005 -23.92 -17.22 December 2005 -22.92 -18.49 January 2006 -16.42 -18.67 February 2006 -12.63 -16.86 March 2006 -13.82 -17.03 April 2006 -12.60 -17.05 May 2006 -8.99 -14.56 June 2006 -0.73 -10.86 July 2006 -3.60 -8.73 5.18 -5.76 -9.63 -5.06 August 2006 September 2006 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 -9.49 -11.91 July 2007 -15.94 -12.03 August 2007 -13.84 -11.75 September 2007 -26.85 -13.97 1.40 -13.06 November 2007 8.57 -9.36 December 2007 -1.05 -7.95 January 2008 -3.39 -5.86 June 2007 October 2007 February 2008 -20.12 -6.91 March 2008 -3.97 -3.09 April 2008 -1.30 -3.54 May 2008 -19.16 -8.16 -1.49 -8.24 June 2008 As shown in the figure, the series end in July 2008: Stock Purchases and Swaps ends at about 17 billion dollars, and the 6-month moving average ends at about -5 billion dollars. Source. For all figures, U.S. Treasury International Capital reports with staff adjustments. Exchange Value of the Dollar and Stock Market Indexes Percent change since July Greenbook Latest Exchange rates* Euro ($/euro) 1.4173 9.8 107.1 -1.0 Sterling ($/£) 1.7672 12.1 Canadian dollar (C$/$) 1.0677 4.3 Yen (¥/$) Nominal dollar indexes* Broad index Major currencies index OITP index 100.5 4.9 76.3 6.3 125.8 3.6 Stock market indexes 308.8 -2.3 TOPIX DJ Euro Stoxx 1191.6 -8.5 FTSE 100 5415.6 -0.1 S&P 500 1248.2 -1.2 * Positive percent change denotes appreciation of U.S. dollar. Return to table Figure: Exchange Value of the Dollar Weekly January 5, 2004 = 100 Period 9 January 2004 16 January 2004 23 January 2004 Major Currencies Index 99.71 Euro Yen 99.46 100.13 100.17 100.25 100.24 ND ND ND 30 January 2004 101.31 101.19 99.75 6 February 2004 101.43 100.89 99.45 13 February 2004 100.30 99.41 99.46 ND ND ND 20 February 2004 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 99.72 9 April 2004 102.66 104.86 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 11 June 2004 ND ND ND 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 103.35 104.57 103.38 10 September 2004 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 ND ND ND 22 October 2004 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 26 November 2004 ND ND ND 94.74 95.32 96.91 3 December 2004 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 25 February 2005 ND ND ND 96.58 96.11 98.55 4 March 2005 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 99.26 100.02 13 May 2005 98.59 20 May 2005 99.91 100.44 101.19 27 May 2005 100.10 100.87 101.55 3 June 2005 ND ND ND 10 June 2005 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 15 July 2005 ND ND ND 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 16 September 2005 ND ND ND 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 ND ND ND 21 October 2005 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 ND ND ND 103.64 108.40 112.16 ND ND ND 2 December 2005 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 ND ND ND 3 March 2006 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 9 June 2006 96.35 ND ND 16 June 2006 97.15 100.58 108.25 99.27 106.77 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 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 15 September 2006 97.38 ND ND 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 ND ND ND 20 October 2006 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 ND ND 1 December 2006 95.68 96.05 109.22 8 December 2006 95.53 95.37 108.72 15 December 2006 96.39 96.14 110.66 96.41 111.52 22 December 2006 96.66 29 December 2006 ND ND ND 5 January 2007 ND ND ND 12 January 2007 98.11 97.85 112.78 19 January 2007 ND 26 January 2007 98.28 97.78 114.30 ND ND 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 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 94.15 116.16 6 July 2007 ND ND ND 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 ND ND 85.75 102.80 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 ND ND 4 January 2008 ND ND ND 11 January 2008 87.22 86.15 102.97 86.06 101.10 18 January 2008 87.28 25 January 2008 ND 1 February 2008 86.24 ND ND 85.63 100.66 8 February 2008 86.85 86.71 100.77 15 February 2008 86.90 86.87 101.39 22 February 2008 ND 29 February 2008 85.11 ND ND 84.31 100.25 7 March 2008 84.25 83.01 97.27 14 March 2008 83.52 81.93 95.73 21 March 2008 83.38 81.23 92.86 28 March 2008 83.72 80.96 94.16 4 April 2008 83.97 80.82 95.82 11 April 2008 83.89 80.49 96.10 18 April 2008 83.55 79.97 96.21 25 April 2008 83.83 80.16 97.64 2 May 2008 84.63 81.58 98.32 9 May 2008 84.70 82.05 98.36 16 May 2008 84.39 81.70 98.38 23 May 2008 83.53 80.82 97.79 30 May 2008 ND ND ND 99.16 6 June 2008 84.67 81.54 13 June 2008 85.38 81.76 101.01 20 June 2008 85.31 81.67 101.72 27 June 2008 84.85 81.13 101.32 4 July 2008 ND 11 July 2008 84.54 ND ND 80.54 100.88 18 July 2008 83.66 79.84 25 July 2008 84.42 80.51 101.23 99.56 1 August 2008 85.27 81.23 101.70 8 August 2008 86.80 82.52 102.80 15 August 2008 88.76 85.32 103.45 22 August 2008 88.79 85.84 103.29 29 August 2008 89.01 86.25 103.09 Figure: Exchange Value of the Dollar Daily July 30, 2008 = 100 Date Major Currencies Index Euro Yen 1 May 2008 99.41 100.65 96.18 2 May 2008 99.69 100.83 97.37 5 May 2008 99.34 100.44 97.18 6 May 2008 98.78 100.07 96.64 7 May 2008 99.40 101.23 97.33 8 May 2008 99.43 100.97 96.02 9 May 2008 98.93 100.73 95.23 12 May 2008 98.72 100.15 95.99 13 May 2008 98.85 100.32 96.52 14 May 2008 99.20 100.59 97.25 15 May 2008 98.94 100.43 96.71 16 May 2008 98.38 99.79 96.02 19 May 2008 98.58 100.28 96.65 20 May 2008 97.97 99.31 95.83 21 May 2008 97.39 98.65 95.53 22 May 2008 97.71 99.08 96.17 23 May 2008 97.40 98.57 95.42 26 May 2008 ND ND ND 27 May 2008 97.85 98.91 96.13 28 May 2008 98.15 99.56 96.78 29 May 2008 98.45 100.21 97.55 30 May 2008 98.55 99.99 97.49 2 June 2008 98.67 100.06 96.52 3 June 2008 99.19 100.68 97.34 4 June 2008 99.45 100.69 97.06 5 June 2008 99.52 99.99 97.99 6 June 2008 98.87 98.91 97.37 99.14 98.99 98.05 100.12 100.56 99.09 9 June 2008 10 June 2008 11 June 2008 99.55 99.98 98.71 12 June 2008 100.42 100.91 99.79 13 June 2008 100.68 101.24 99.77 16 June 2008 100.17 100.56 100.02 17 June 2008 100.04 100.26 99.87 18 June 2008 100.03 100.37 99.89 19 June 2008 99.77 100.37 99.80 20 June 2008 99.48 99.57 99.31 23 June 2008 99.93 100.43 99.74 99.62 24 June 2008 99.52 99.79 25 June 2008 99.69 99.93 100.11 26 June 2008 98.95 98.86 99.19 27 June 2008 98.70 98.79 98.25 30 June 2008 98.91 98.80 98.15 1 July 2008 98.86 98.61 97.74 2 July 2008 98.37 98.05 97.87 3 July 2008 99.20 99.05 98.72 4 July 2008 ND ND ND 7 July 2008 99.47 99.44 99.43 8 July 2008 99.53 99.40 99.24 9 July 2008 98.91 98.82 99.03 10 July 2008 98.82 98.66 98.95 11 July 2008 98.26 97.87 98.12 14 July 2008 98.11 97.77 98.16 15 July 2008 97.63 97.71 96.87 16 July 2008 97.83 98.18 96.74 17 July 2008 97.98 98.10 97.83 18 July 2008 98.29 98.13 98.69 21 July 2008 98.13 98.00 98.68 22 July 2008 98.59 98.41 99.02 23 July 2008 98.94 99.05 99.55 24 July 2008 99.23 99.37 99.49 25 July 2008 99.35 99.18 99.74 28 July 2008 99.26 98.81 99.37 29 July 2008 99.98 99.81 100.02 30 July 2008 100.00 100.00 100.00 31 July 2008 99.99 99.81 99.94 1 August 2008 99.98 99.95 99.46 4 August 2008 100.47 99.94 100.06 5 August 2008 101.00 100.59 100.03 6 August 2008 101.53 100.97 101.13 7 August 2008 101.84 101.42 101.17 8 August 2008 103.39 103.40 101.78 11 August 2008 103.64 104.02 101.77 12 August 2008 103.74 104.39 101.49 13 August 2008 103.80 104.46 100.50 14 August 2008 103.96 104.73 101.46 15 August 2008 104.51 105.88 102.14 18 August 2008 104.31 105.63 101.76 19 August 2008 104.22 105.51 101.40 20 August 2008 104.50 105.84 101.67 21 August 2008 103.10 104.60 100.17 22 August 2008 103.72 105.13 101.58 25 August 2008 103.57 105.11 100.87 26 August 2008 104.29 106.13 101.53 27 August 2008 104.25 105.96 101.43 28 August 2008 104.37 105.95 101.29 29 August 2008 104.64 106.07 100.48 1 September 2008 ND ND ND 2 September 2008 105.51 107.14 100.63 3 September 2008 105.24 107.38 100.01 4 September 2008 105.68 108.35 99.62 5 September 2008 105.82 109.01 98.88 8 September 2008 106.69 110.14 99.76 9 September 2008 106.31 109.78 99.01 As shown in the figure, a vertical line marks the August 2008 Greenbook. 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 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 102.72 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 7 January 2005 14 January 2005 108.37 ND 106.87 21 January 2005 108.81 107.75 ND 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 ND 165.79 ND 21 April 2006 ND 164.54 117.74 28 April 2006 147.43 162.41 117.92 14 April 2006 5 May 2006 ND ND 118.44 12 May 2006 147.43 162.93 118.54 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 160.58 ND 128.00 12 January 2007 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 6 April 2007 ND 161.57 ND 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 4 May 2007 ND ND 134.83 11 May 2007 173.21 163.76 135.81 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 160.66 132.18 126.96 11 January 2008 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 14 March 2008 138.76 115.65 117.39 21 March 2008 28 March 2008 ND ND ND ND 116.62 120.62 4 April 2008 144.37 119.25 122.69 11 April 2008 144.98 120.45 122.44 18 April 2008 143.63 120.33 122.39 25 April 2008 145.55 124.74 125.05 2 May 2008 ND ND 126.23 9 May 2008 149.35 ND 126.38 16 May 2008 149.47 129.64 127.46 23 May 2008 148.18 130.89 126.32 30 May 2008 145.77 129.37 ND 6 June 2008 144.19 134.38 124.59 13 June 2008 138.69 130.42 121.89 20 June 2008 136.44 131.18 121.06 27 June 2008 131.71 126.70 117.56 4 July 2008 127.38 123.46 ND 11 July 2008 125.66 121.97 113.01 18 July 2008 123.04 118.97 112.04 25 July 2008 127.85 ND 114.20 1 August 2008 126.53 122.04 113.84 8 August 2008 128.20 118.83 115.21 15 August 2008 129.42 118.68 116.77 22 August 2008 126.20 116.59 115.29 29 August 2008 127.16 116.46 115.54 5 September 2008 127.22 114.00 ND Figure: Stock Market Indexes Daily July 30, 2008 = 100 Date DJ Euro Stoxx TOPIX S&P 500 1 May 2008 ND 103.31 111.57 2 May 2008 117.56 105.71 111.93 5 May 2008 117.44 ND 111.42 6 May 2008 116.73 ND 112.28 7 May 2008 117.70 106.93 110.24 8 May 2008 117.31 105.37 110.65 9 May 2008 115.84 102.98 109.90 12 May 2008 116.23 103.05 111.11 13 May 2008 116.40 104.38 111.07 14 May 2008 117.50 105.38 111.52 15 May 2008 117.48 106.90 112.70 16 May 2008 117.89 107.13 112.84 19 May 2008 118.71 107.77 112.94 20 May 2008 116.59 107.43 111.89 21 May 2008 115.69 105.15 110.09 22 May 2008 115.72 105.88 110.38 23 May 2008 113.73 105.66 108.92 26 May 2008 113.60 103.16 ND 27 May 2008 113.21 105.01 109.67 28 May 2008 114.31 103.51 110.10 29 May 2008 114.48 105.96 110.69 30 May 2008 115.38 108.07 110.86 2 June 2008 113.75 109.37 109.70 3 June 2008 114.33 108.02 109.06 4 June 2008 113.22 109.78 109.02 5 June 2008 113.03 109.32 111.15 6 June 2008 110.49 109.60 107.72 9 June 2008 110.02 107.26 107.80 10 June 2008 109.20 106.16 107.54 11 June 2008 107.26 106.68 105.72 12 June 2008 108.17 104.62 106.07 13 June 2008 108.62 105.26 107.67 16 June 2008 108.05 107.57 107.67 17 June 2008 108.69 107.60 106.95 18 June 2008 106.99 108.19 105.91 19 June 2008 106.26 105.57 106.30 20 June 2008 104.47 104.13 104.33 23 June 2008 104.15 103.45 104.34 24 June 2008 103.24 103.55 104.04 25 June 2008 104.92 103.31 104.65 26 June 2008 102.13 103.21 101.58 27 June 2008 101.49 101.36 101.20 30 June 2008 101.75 101.31 101.33 99.60 101.31 101.72 1 July 2008 2 July 2008 99.14 99.86 99.87 3 July 2008 100.02 99.62 99.98 4 July 2008 98.45 99.61 ND 7 July 2008 100.04 100.75 99.14 8 July 2008 98.38 98.50 100.83 9 July 2008 100.13 98.66 98.53 10 July 2008 98.20 99.06 99.22 11 July 2008 95.48 98.69 98.12 14 July 2008 96.17 98.29 97.24 15 July 2008 93.84 96.17 96.18 16 July 2008 94.94 95.88 98.59 17 July 2008 97.64 96.98 99.77 18 July 2008 99.38 96.12 99.80 21 July 2008 100.01 ND 99.75 22 July 2008 99.53 98.83 101.09 23 July 2008 101.46 100.03 101.50 24 July 2008 99.95 102.27 99.16 25 July 2008 99.85 99.64 99.57 28 July 2008 98.58 99.83 97.72 29 July 2008 98.79 98.36 100.00 30 July 2008 100.00 100.00 101.67 31 July 2008 99.93 100.05 100.33 1 August 2008 98.35 97.69 4 August 2008 97.64 95.80 98.88 5 August 2008 100.34 95.76 101.72 6 August 2008 101.42 98.03 102.06 7 August 2008 101.09 96.61 100.23 8 August 2008 101.69 96.70 102.62 11 August 2008 102.97 98.24 103.33 12 August 2008 102.63 97.58 102.09 13 August 2008 100.16 95.66 101.79 14 August 2008 100.34 95.08 102.35 15 August 2008 100.88 95.73 102.77 18 August 2008 100.79 96.99 101.22 19 August 2008 98.20 94.82 100.28 99.77 20 August 2008 98.63 94.66 100.90 21 August 2008 97.38 93.98 101.15 22 August 2008 99.37 93.36 102.30 25 August 2008 98.47 95.11 100.29 26 August 2008 98.92 94.35 100.66 27 August 2008 98.97 93.91 101.46 28 August 2008 100.65 93.59 102.97 29 August 2008 101.07 96.29 101.55 1 September 2008 100.95 94.45 ND 2 September 2008 102.47 93.05 101.14 3 September 2008 101.13 93.67 100.93 4 September 2008 98.20 92.22 97.91 5 September 2008 95.60 89.86 98.35 8 September 2008 98.58 93.36 100.36 9 September 2008 97.70 91.45 96.94 10 September 2008 96.92 91.51 ND As shown in the figure, a vertical line marks the August 2008 Greenbook. Industrial Countries: Nominal and Real Interest Rates Percent 3-month Libor 10-year nominal Change since July Greenbook Latest 10-year indexed Change since July Greenbook Latest Change since July Greenbook Latest Germany 4.96 -0.01 4.04 -0.37 1.92 Japan 0.90 -0.01 1.50 -0.04 1.28 0.12 United Kingdom 5.73 -0.06 4.44 -0.41 1.00 -0.45 Canada 3.45 0.16 3.46 -0.33 … … United States 2.82 0.02 3.66 -0.43 1.74 -0.05 … Not applicable. Libor London interbank offered rate. Return to table 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 -0.19 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 14 March 2008 3.76 1.31 3.51 21 March 2008 3.74 ND ND 28 March 2008 3.88 1.27 3.52 4 April 2008 3.96 1.34 3.55 11 April 2008 3.99 1.34 3.54 18 April 2008 4.02 1.35 3.67 25 April 2008 4.15 1.49 3.81 2 May 2008 4.16 ND 3.83 9 May 2008 4.11 ND 3.85 16 May 2008 4.13 1.65 3.86 23 May 2008 4.25 1.67 3.84 30 May 2008 4.36 1.78 ND 6 June 2008 4.41 1.75 3.98 13 June 2008 4.56 1.80 4.15 20 June 2008 4.63 1.81 4.20 27 June 2008 4.57 1.68 4.09 4 July 2008 4.59 1.66 ND 11 July 2008 4.42 1.62 3.90 18 July 2008 4.44 1.58 3.98 25 July 2008 4.62 ND 4.11 1 August 2008 4.42 1.54 4.04 8 August 2008 4.30 1.51 3.99 15 August 2008 4.22 1.45 3.91 22 August 2008 4.17 1.44 3.83 29 August 2008 4.15 1.42 3.79 5 September 2008 4.10 1.47 ND Figure: Nominal 10-Year Government Bond Yields Daily Percent Date Germany Japan United States 1 May 2008 4.12 1.56 3.78 2 May 2008 4.20 1.61 3.89 5 May 2008 4.16 ND 3.88 6 May 2008 4.13 ND 3.93 7 May 2008 4.18 1.63 3.87 8 May 2008 4.06 1.64 3.79 9 May 2008 4.00 1.56 3.77 12 May 2008 4.01 1.59 3.78 13 May 2008 4.08 1.59 3.90 14 May 2008 4.17 1.70 3.92 15 May 2008 4.20 1.68 3.83 16 May 2008 4.17 1.69 3.85 19 May 2008 4.22 1.66 3.83 20 May 2008 4.19 1.63 3.78 21 May 2008 4.27 1.61 3.81 22 May 2008 4.30 1.67 3.92 23 May 2008 4.27 1.75 3.85 26 May 2008 4.29 1.74 ND 27 May 2008 4.31 1.78 3.93 28 May 2008 4.35 1.78 4.03 29 May 2008 4.43 1.80 4.08 30 May 2008 4.41 1.79 4.06 2 June 2008 4.35 1.75 3.98 3 June 2008 4.43 1.71 3.92 4 June 2008 4.38 1.74 3.98 5 June 2008 4.47 1.75 4.06 6 June 2008 4.42 1.80 3.94 9 June 2008 4.49 1.73 4.02 10 June 2008 4.52 1.80 4.11 11 June 2008 4.55 1.83 4.10 12 June 2008 4.60 1.80 4.23 13 June 2008 4.64 1.84 4.27 16 June 2008 4.63 1.87 4.25 17 June 2008 4.61 1.83 4.23 18 June 2008 4.61 1.78 4.16 19 June 2008 4.68 1.78 4.22 20 June 2008 4.63 1.76 4.16 23 June 2008 4.60 1.72 4.19 24 June 2008 4.60 1.71 4.10 25 June 2008 4.61 1.69 4.12 26 June 2008 4.52 1.66 4.07 27 June 2008 4.52 1.62 3.99 30 June 2008 4.62 1.62 3.99 1 July 2008 4.61 1.68 4.01 2 July 2008 4.65 1.66 3.99 3 July 2008 4.56 1.66 3.99 4 July 2008 4.50 1.65 ND 7 July 2008 4.43 1.69 3.95 8 July 2008 4.41 1.62 3.91 9 July 2008 4.41 1.62 3.85 10 July 2008 4.40 1.58 3.83 11 July 2008 4.43 1.60 3.96 14 July 2008 4.40 1.59 3.90 15 July 2008 4.39 1.55 3.87 16 July 2008 4.39 1.58 3.97 17 July 2008 4.44 1.60 4.07 18 July 2008 4.57 1.58 4.11 21 July 2008 4.64 ND 4.09 22 July 2008 4.64 1.62 4.14 23 July 2008 4.66 1.65 4.16 24 July 2008 4.57 1.65 4.03 25 July 2008 4.60 1.58 4.13 28 July 2008 4.53 1.57 4.06 29 July 2008 4.48 1.55 4.09 30 July 2008 4.42 1.54 4.07 31 July 2008 4.36 1.54 3.99 1 August 2008 4.35 1.52 3.97 4 August 2008 4.33 1.51 3.98 5 August 2008 4.31 1.55 4.04 6 August 2008 4.34 1.52 4.06 7 August 2008 4.26 1.51 3.92 8 August 2008 4.26 1.47 3.94 11 August 2008 4.27 1.45 3.99 12 August 2008 4.23 1.46 3.91 13 August 2008 4.21 1.45 3.94 14 August 2008 4.20 1.44 3.89 15 August 2008 4.17 1.46 3.84 18 August 2008 4.14 1.44 3.82 19 August 2008 4.17 1.43 3.83 20 August 2008 4.12 1.44 3.79 21 August 2008 4.18 1.42 3.84 22 August 2008 4.22 1.45 3.87 25 August 2008 4.12 1.43 3.79 26 August 2008 4.11 1.42 3.79 27 August 2008 4.17 1.43 3.77 28 August 2008 4.18 1.42 3.79 29 August 2008 4.18 1.41 3.83 1 September 2008 4.13 1.47 ND 2 September 2008 4.14 1.46 3.74 3 September 2008 4.14 1.46 3.71 4 September 2008 4.07 1.50 3.64 5 September 2008 4.00 1.44 3.66 8 September 2008 4.06 1.52 3.66 9 September 2008 4.04 1.50 3.62 10 September 2008 4.07 1.50 ND As shown in the figure, a vertical line marks the August 2008 Greenbook. 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 20 January 2006 1.18 ND 2.07 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 14 March 2008 1.34 1.12 1.10 21 March 2008 1.43 1.16 ND 28 March 2008 1.60 1.19 1.32 4 April 2008 1.61 1.21 1.30 11 April 2008 1.63 1.17 1.30 18 April 2008 1.68 1.18 1.41 25 April 2008 1.77 1.25 1.53 2 May 2008 1.82 1.29 1.58 9 May 2008 1.73 1.32 1.55 16 May 2008 1.77 1.28 1.52 23 May 2008 1.88 1.27 1.43 30 May 2008 1.89 1.36 ND 6 June 2008 1.96 1.33 1.61 13 June 2008 2.14 1.34 1.72 20 June 2008 2.23 1.32 1.78 27 June 2008 2.10 1.18 1.67 4 July 2008 1.95 1.07 ND 11 July 2008 1.89 1.05 1.46 18 July 2008 1.99 1.04 1.55 25 July 2008 2.21 1.21 1.77 1 August 2008 2.11 1.18 1.75 8 August 2008 2.01 1.16 1.79 15 August 2008 1.92 1.18 1.80 22 August 2008 1.89 1.16 1.73 29 August 2008 1.93 1.21 1.71 5 September 2008 1.99 1.33 ND * Japan first issued inflation-indexed debt in March 2004. Return to table Figure: Inflation-Indexed 10-Year Government Bond Yields Daily Percent Date 1 May 2008 France Japan United States 1.79 1.28 1.53 2 May 2008 1.87 1.34 1.59 5 May 2008 1.83 1.34 1.56 6 May 2008 1.77 1.34 1.60 7 May 2008 1.78 1.35 1.59 8 May 2008 1.67 1.32 1.51 9 May 2008 1.62 1.23 1.46 12 May 2008 1.65 1.25 1.48 13 May 2008 1.74 1.25 1.58 14 May 2008 1.83 1.32 1.58 15 May 2008 1.84 1.29 1.49 16 May 2008 1.81 1.28 1.48 19 May 2008 1.88 1.24 1.45 20 May 2008 1.84 1.23 1.39 21 May 2008 1.89 1.24 1.39 22 May 2008 1.90 1.28 1.49 23 May 2008 1.89 1.37 1.43 26 May 2008 1.90 1.37 ND 27 May 2008 1.88 1.38 1.55 28 May 2008 1.88 1.35 1.65 29 May 2008 1.91 1.37 1.71 30 May 2008 1.89 1.34 1.66 2 June 2008 1.86 1.37 1.58 3 June 2008 1.96 1.28 1.56 4 June 2008 1.95 1.35 1.63 5 June 2008 2.04 1.31 1.69 6 June 2008 1.99 1.35 1.56 9 June 2008 2.05 1.25 1.60 10 June 2008 2.09 1.31 1.70 11 June 2008 2.14 1.37 1.68 12 June 2008 2.22 1.33 1.80 13 June 2008 2.23 1.42 1.84 16 June 2008 2.22 1.41 1.81 17 June 2008 2.22 1.36 1.80 18 June 2008 2.22 1.30 1.74 19 June 2008 2.28 1.29 1.79 20 June 2008 2.20 1.24 1.76 23 June 2008 2.15 1.21 1.79 24 June 2008 2.14 1.21 1.71 25 June 2008 2.14 1.20 1.71 26 June 2008 2.04 1.16 1.58 27 June 2008 2.01 1.11 1.55 30 June 2008 2.03 1.09 1.54 1 July 2008 2.00 1.12 1.53 2 July 2008 2.00 1.10 1.46 3 July 2008 1.88 1.06 1.47 4 July 2008 1.84 0.99 ND 7 July 2008 1.84 1.04 1.47 8 July 2008 1.91 1.03 1.47 9 July 2008 1.92 1.07 1.43 10 July 2008 1.90 1.05 1.42 11 July 2008 1.87 1.06 1.52 14 July 2008 1.84 1.03 1.48 15 July 2008 1.92 0.98 1.45 16 July 2008 2.01 1.01 1.52 17 July 2008 2.04 1.05 1.63 18 July 2008 2.14 1.12 1.68 21 July 2008 2.18 1.12 1.70 22 July 2008 2.19 1.16 1.74 23 July 2008 2.25 1.24 1.85 24 July 2008 2.16 1.30 1.74 25 July 2008 2.25 1.23 1.83 28 July 2008 2.15 1.23 1.74 29 July 2008 2.16 1.21 1.79 30 July 2008 2.12 1.16 1.78 31 July 2008 2.08 1.16 1.74 1 August 2008 2.04 1.15 1.69 4 August 2008 2.03 1.14 1.72 5 August 2008 2.05 1.19 1.81 6 August 2008 2.08 1.17 1.88 7 August 2008 1.95 1.16 1.75 8 August 2008 1.96 1.13 1.78 11 August 2008 1.98 1.21 1.87 12 August 2008 1.94 1.21 1.81 13 August 2008 1.90 1.19 1.82 14 August 2008 1.90 1.13 1.76 15 August 2008 1.88 1.15 1.74 18 August 2008 1.86 1.16 1.74 19 August 2008 1.89 1.16 1.76 20 August 2008 1.86 1.18 1.70 21 August 2008 1.90 1.15 1.70 22 August 2008 1.94 1.17 1.75 25 August 2008 1.83 1.17 1.71 26 August 2008 1.86 1.20 1.70 27 August 2008 1.96 1.25 1.66 28 August 2008 1.99 1.22 1.70 29 August 2008 2.02 1.24 1.75 1 September 2008 2.00 1.31 ND 2 September 2008 2.04 1.36 1.77 3 September 2008 2.02 1.33 1.78 4 September 2008 1.95 1.35 1.79 5 September 2008 1.93 1.29 1.79 8 September 2008 1.97 1.32 1.76 9 September 2008 1.96 1.28 1.74 10 September 2008 1.99 1.31 ND As shown in the figure, a vertical line marks the August 2008 Greenbook. 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 9.69 10.18 12 November 2004 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 10.63 10.20 14 March 2008 21 March 2008 12.35 11.53 28 March 2008 11.76 11.22 4 April 2008 11.22 10.83 11 April 2008 10.52 10.27 18 April 2008 10.72 10.48 25 April 2008 10.57 10.49 2 May 2008 10.13 10.18 9 May 2008 9.97 10.15 16 May 2008 9.72 9.92 23 May 2008 9.65 9.75 30 May 2008 9.42 9.67 6 June 2008 9.50 9.72 13 June 2008 10.54 10.55 20 June 2008 9.67 10.11 27 June 2008 9.38 9.90 4 July 2008 9.58 10.11 11 July 2008 9.32 9.88 18 July 2008 9.97 10.32 25 July 2008 8.97 9.58 1 August 2008 8.29 9.07 8 August 2008 15 August 2008 8.78 9.38 10.53 10.51 22 August 2008 10.28 10.25 29 August 2008 10.33 10.32 5 September 2008 11.17 10.82 * Derived from at-the-money options. Return to table Figure: Dollar-Euro Options-Implied Volatility* Daily Percent Date 1-month 3-month 1 May 2008 10.25 10.38 2 May 2008 9.95 10.03 5 May 2008 9.95 10.03 6 May 2008 9.75 9.93 7 May 2008 9.98 10.28 8 May 2008 10.13 10.18 9 May 2008 10.03 10.33 12 May 2008 10.13 10.28 13 May 2008 10.03 10.13 14 May 2008 9.80 9.98 15 May 2008 9.48 9.74 16 May 2008 9.18 9.50 19 May 2008 9.40 9.48 20 May 2008 9.65 9.70 21 May 2008 10.18 10.10 22 May 2008 9.63 9.83 23 May 2008 9.38 9.63 26 May 2008 9.48 9.68 27 May 2008 9.63 9.73 28 May 2008 9.60 9.73 29 May 2008 9.43 9.73 30 May 2008 8.98 9.48 2 June 2008 9.28 9.53 3 June 2008 9.55 9.70 4 June 2008 9.53 9.68 5 June 2008 9.33 9.75 6 June 2008 9.80 9.93 9 June 2008 10.43 10.45 10 June 2008 10.68 10.63 11 June 2008 10.28 10.43 12 June 2008 10.53 10.53 13 June 2008 10.78 10.73 16 June 2008 10.30 10.40 17 June 2008 9.85 10.20 18 June 2008 9.73 10.05 19 June 2008 9.25 10.00 20 June 2008 9.23 9.88 23 June 2008 9.53 9.98 24 June 2008 9.40 9.80 25 June 2008 9.18 9.63 26 June 2008 9.38 10.00 27 June 2008 9.43 10.08 30 June 2008 9.73 10.13 1 July 2008 9.63 10.13 2 July 2008 9.90 10.58 3 July 2008 9.53 9.98 4 July 2008 9.10 9.73 7 July 2008 9.13 9.63 8 July 2008 9.33 9.85 9 July 2008 9.33 9.90 10 July 2008 9.18 9.88 11 July 2008 9.63 10.15 14 July 2008 10.23 10.38 15 July 2008 10.68 10.83 16 July 2008 10.23 10.48 17 July 2008 9.53 10.18 18 July 2008 9.20 9.73 21 July 2008 9.21 9.79 22 July 2008 9.43 9.83 23 July 2008 9.05 9.58 24 July 2008 8.68 9.43 25 July 2008 8.48 9.26 28 July 2008 8.48 9.19 29 July 2008 8.46 9.08 30 July 2008 8.40 9.12 31 July 2008 8.06 9.02 1 August 2008 8.03 8.94 4 August 2008 8.11 8.88 5 August 2008 8.27 9.04 6 August 2008 8.40 9.11 7 August 2008 8.73 9.35 8 August 2008 10.40 10.51 11 August 2008 10.66 10.65 12 August 2008 10.41 10.44 13 August 2008 10.55 10.55 14 August 2008 10.39 10.40 15 August 2008 10.65 10.52 18 August 2008 10.37 10.30 19 August 2008 10.44 10.32 20 August 2008 10.26 10.22 21 August 2008 10.32 10.33 22 August 2008 10.03 10.08 25 August 2008 10.30 10.23 26 August 2008 10.37 10.40 27 August 2008 10.46 10.34 28 August 2008 10.36 10.38 29 August 2008 10.16 10.27 1 September 2008 10.65 10.49 2 September 2008 10.99 10.68 3 September 2008 11.20 10.78 4 September 2008 11.23 10.84 5 September 2008 11.77 11.32 8 September 2008 12.88 11.69 9 September 2008 12.67 11.55 10 September 2008 12.40 11.27 As shown in the figure, a vertical line marks the August 2008 Greenbook. * 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 12 May 2006 10.66 10.20 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 August 2007 10.02 9.11 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 12.54 11.14 4 January 2008 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 14 March 2008 15.66 13.55 21 March 2008 17.77 15.82 28 March 2008 16.52 14.38 4 April 2008 15.47 13.80 11 April 2008 14.04 12.89 18 April 2008 14.26 13.26 25 April 2008 13.27 12.28 2 May 2008 12.00 11.69 9 May 2008 11.48 11.32 16 May 2008 11.52 11.11 23 May 2008 12.01 11.49 30 May 2008 11.51 11.12 6 June 2008 11.59 11.14 13 June 2008 11.86 11.38 20 June 2008 10.58 10.58 27 June 2008 10.81 10.74 4 July 2008 11.39 11.24 11 July 2008 10.64 10.56 18 July 2008 12.05 11.61 25 July 2008 10.99 10.94 1 August 2008 10.09 10.36 8 August 2008 9.72 9.95 15 August 2008 10.32 10.21 22 August 2008 10.18 10.08 29 August 2008 10.36 10.22 5 September 2008 11.43 10.85 * Derived from at-the-money options. Return to table Figure: Yen-Dollar Options-Implied Volatility* Daily Percent Date 1-month 3-month 1 May 2008 12.10 11.80 2 May 2008 10.85 11.25 5 May 2008 10.85 11.25 6 May 2008 11.08 10.95 7 May 2008 10.80 10.70 8 May 2008 11.75 11.49 9 May 2008 12.91 12.21 12 May 2008 12.30 11.83 13 May 2008 11.70 11.13 14 May 2008 11.05 10.88 15 May 2008 11.15 10.73 16 May 2008 11.40 11.00 19 May 2008 11.45 11.03 20 May 2008 12.00 11.53 21 May 2008 12.45 11.78 22 May 2008 11.95 11.55 23 May 2008 12.20 11.55 26 May 2008 12.30 11.63 27 May 2008 11.85 11.43 28 May 2008 11.55 10.98 29 May 2008 11.05 10.78 30 May 2008 10.81 10.78 2 June 2008 11.65 11.18 3 June 2008 11.75 11.13 4 June 2008 11.88 11.13 5 June 2008 11.30 11.08 6 June 2008 11.35 11.18 9 June 2008 12.05 11.48 10 June 2008 11.95 11.53 11 June 2008 12.15 11.53 12 June 2008 11.65 11.28 13 June 2008 11.50 11.08 16 June 2008 10.83 10.73 17 June 2008 10.49 10.35 18 June 2008 10.50 10.43 19 June 2008 10.35 10.53 20 June 2008 10.75 10.88 23 June 2008 10.55 10.58 24 June 2008 10.40 10.43 25 June 2008 10.50 10.48 26 June 2008 11.15 10.98 27 June 2008 11.45 11.23 30 June 2008 11.85 11.58 1 July 2008 11.95 11.78 2 July 2008 11.65 11.48 3 July 2008 11.10 10.88 4 July 2008 10.40 10.48 7 July 2008 10.55 10.58 8 July 2008 10.60 10.55 9 July 2008 10.50 10.40 10 July 2008 10.45 10.43 11 July 2008 11.10 10.83 14 July 2008 11.40 10.88 15 July 2008 13.05 12.38 16 July 2008 12.58 12.18 17 July 2008 11.85 11.33 18 July 2008 11.35 11.28 21 July 2008 11.53 11.25 22 July 2008 11.15 11.18 23 July 2008 10.80 10.74 24 July 2008 10.75 10.75 25 July 2008 10.75 10.80 28 July 2008 10.45 10.61 29 July 2008 10.13 10.42 30 July 2008 10.07 10.26 31 July 2008 9.96 10.27 1 August 2008 9.86 10.22 4 August 2008 9.85 10.15 5 August 2008 9.85 10.18 6 August 2008 9.62 9.87 7 August 2008 9.54 9.74 8 August 2008 9.76 9.82 11 August 2008 9.95 9.96 12 August 2008 10.08 9.98 13 August 2008 10.91 10.66 14 August 2008 10.43 10.42 15 August 2008 10.23 10.05 18 August 2008 9.97 9.89 19 August 2008 10.19 10.03 20 August 2008 10.00 9.96 21 August 2008 10.75 10.52 22 August 2008 10.01 10.00 25 August 2008 10.20 10.11 26 August 2008 10.32 10.16 27 August 2008 10.45 10.20 28 August 2008 10.33 10.25 29 August 2008 10.51 10.40 1 September 2008 11.26 10.66 2 September 2008 10.85 10.39 3 September 2008 10.84 10.43 4 September 2008 11.35 10.88 5 September 2008 12.83 11.92 8 September 2008 12.20 10.91 9 September 2008 13.13 11.56 10 September 2008 13.08 11.54 As shown in the figure, a vertical line marks the August 2008 Greenbook. * 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 5 March 2004 9.38 15.88 9.96 12 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 15 July 2005 9.76 9.13 10.36 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 9.63 12.20 8.70 7 October 2005 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 9.82 22.29 8.65 10 March 2006 3 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 23 February 2007 9.14 11.48 7.12 2 March 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 14 March 2008 29.81 36.22 22.53 21 March 2008 30.78 37.56 24.61 28 March 2008 31.00 37.31 25.39 4 April 2008 31.57 37.71 25.54 11 April 2008 31.46 37.26 24.69 18 April 2008 26.18 34.42 24.02 25 April 2008 24.10 31.44 23.62 2 May 2008 22.68 31.00 22.51 9 May 2008 21.53 30.75 22.44 16 May 2008 20.74 30.17 22.13 23 May 2008 20.37 29.18 21.85 30 May 2008 19.46 28.25 21.55 6 June 2008 18.82 27.32 20.13 13 June 2008 16.26 25.23 18.36 20 June 2008 16.10 25.40 17.40 27 June 2008 15.71 24.10 16.71 4 July 2008 16.28 22.96 17.18 11 July 2008 17.25 21.91 17.36 18 July 2008 18.63 21.37 17.81 25 July 2008 19.92 21.05 18.51 1 August 2008 20.14 21.24 19.60 8 August 2008 20.98 21.65 20.70 15 August 2008 21.39 21.97 21.49 22 August 2008 21.89 21.28 21.29 29 August 2008 22.26 20.58 21.48 5 September 2008 22.59 21.27 21.25 * 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 May 2008 22.28 30.59 22.41 2 May 2008 22.49 30.82 22.39 5 May 2008 22.44 30.82 22.39 6 May 2008 21.30 30.82 22.40 7 May 2008 21.37 31.11 22.58 8 May 2008 21.38 30.30 22.40 9 May 2008 21.18 30.71 22.45 12 May 2008 20.82 30.71 22.36 13 May 2008 20.80 30.77 22.16 14 May 2008 20.76 30.02 22.11 15 May 2008 20.72 29.71 22.03 16 May 2008 20.62 29.63 21.98 19 May 2008 20.39 29.13 21.80 20 May 2008 20.47 29.11 21.85 21 May 2008 20.52 29.35 22.12 22 May 2008 20.19 29.34 22.04 23 May 2008 20.28 28.96 21.45 26 May 2008 20.09 28.01 21.64 27 May 2008 19.79 28.23 21.82 28 May 2008 19.37 28.43 21.81 29 May 2008 19.06 28.60 21.28 30 May 2008 18.96 27.98 21.18 2 June 2008 19.05 27.68 21.03 3 June 2008 18.80 27.83 19.64 4 June 2008 18.74 27.83 19.54 5 June 2008 18.47 26.85 19.92 6 June 2008 19.03 26.43 20.55 9 June 2008 17.15 25.49 20.44 10 June 2008 15.76 25.57 18.46 11 June 2008 16.10 24.97 18.06 12 June 2008 16.19 25.18 17.35 13 June 2008 16.08 24.96 17.49 16 June 2008 15.97 25.32 17.33 17 June 2008 15.88 25.16 17.38 18 June 2008 16.20 25.13 17.41 19 June 2008 16.05 25.66 17.25 20 June 2008 16.39 25.74 17.62 23 June 2008 16.40 25.15 17.58 24 June 2008 14.93 25.00 15.89 25 June 2008 15.18 23.47 15.95 26 June 2008 16.03 23.31 17.06 27 June 2008 15.99 23.57 17.06 30 June 2008 15.85 23.41 17.06 1 July 2008 16.31 23.09 17.07 2 July 2008 16.28 23.05 17.39 3 July 2008 16.45 22.91 17.35 4 July 2008 16.54 22.32 17.02 7 July 2008 16.93 21.73 17.16 8 July 2008 17.15 22.24 17.55 9 July 2008 17.15 22.08 17.44 10 July 2008 17.50 21.79 17.53 11 July 2008 17.53 21.73 17.13 14 July 2008 17.62 21.24 17.19 15 July 2008 18.16 21.49 17.24 16 July 2008 18.27 21.49 18.13 17 July 2008 19.41 21.63 18.28 18 July 2008 19.71 20.99 18.20 21 July 2008 19.72 20.83 18.20 22 July 2008 19.71 20.83 18.48 23 July 2008 20.12 20.84 18.51 24 July 2008 20.11 21.37 18.66 25 July 2008 19.94 21.40 18.67 28 July 2008 20.04 21.21 19.00 29 July 2008 20.06 21.20 19.64 30 July 2008 20.17 21.37 19.71 31 July 2008 20.17 21.19 19.84 1 August 2008 20.25 21.23 19.83 4 August 2008 20.23 21.56 19.69 5 August 2008 21.14 21.34 20.72 6 August 2008 21.17 21.86 20.71 7 August 2008 21.17 21.75 20.84 8 August 2008 21.21 21.74 21.53 11 August 2008 21.34 22.00 21.60 12 August 2008 21.09 22.02 21.65 13 August 2008 21.55 21.96 21.43 14 August 2008 21.56 21.89 21.46 15 August 2008 21.39 21.97 21.33 18 August 2008 21.39 21.71 21.35 19 August 2008 21.95 21.75 21.23 20 August 2008 21.85 21.60 21.26 21 August 2008 21.93 20.94 21.23 22 August 2008 22.33 20.41 21.38 25 August 2008 22.24 20.67 21.65 26 August 2008 22.23 20.60 21.65 27 August 2008 22.18 20.20 21.74 28 August 2008 22.52 20.20 21.57 29 August 2008 22.13 21.22 20.78 1 September 2008 22.13 21.13 20.96 2 September 2008 22.34 21.23 21.14 3 September 2008 22.21 21.26 20.86 4 September 2008 22.87 21.14 21.77 5 September 2008 23.41 21.60 21.53 8 September 2008 24.34 22.69 22.01 9 September 2008 24.34 ND 23.12 As shown in the figure, a vertical line marks the August 2008 Greenbook. * Annualized standard deviation of 60-day window of daily returns. Return to table Figure: Realized 10-Year Bond Volatility* Weekly Percent Period Germany Japan United States 2 January 2004 4.51 5.65 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 14 March 2008 6.19 5.01 11.07 21 March 2008 6.27 5.03 11.34 28 March 2008 6.49 4.96 11.32 4 April 2008 6.57 5.09 11.52 11 April 2008 6.65 5.02 11.62 18 April 2008 6.44 4.86 11.51 25 April 2008 6.17 4.47 11.16 2 May 2008 5.99 5.15 10.97 9 May 2008 6.12 5.25 10.77 16 May 2008 6.41 5.63 10.44 23 May 2008 6.50 5.73 9.99 30 May 2008 6.14 5.80 9.64 6 June 2008 6.25 5.90 9.21 13 June 2008 6.32 6.05 8.77 20 June 2008 6.17 6.12 8.67 27 June 2008 6.20 6.20 8.58 4 July 2008 6.47 6.30 8.31 11 July 2008 6.59 6.47 8.17 18 July 2008 6.57 6.33 8.50 25 July 2008 6.86 5.78 8.59 1 August 2008 6.95 5.69 8.74 8 August 2008 6.67 5.26 8.64 15 August 2008 6.54 4.98 8.74 22 August 2008 6.44 4.60 8.39 29 August 2008 6.39 4.50 8.15 5 September 2008 6.15 4.24 7.62 * Annualized standard deviation of 60-day window of daily returns. Return to table Figure: Realized 10-Year Bond Volatility* Daily Percent Date Germany Japan United States 1 May 2008 5.93 5.10 10.83 2 May 2008 6.06 5.20 10.88 5 May 2008 6.10 5.20 10.88 6 May 2008 5.96 5.20 10.89 7 May 2008 6.00 5.24 10.91 8 May 2008 6.25 5.17 10.64 9 May 2008 6.30 5.42 10.54 12 May 2008 6.22 5.45 10.45 13 May 2008 6.33 5.45 10.58 14 May 2008 6.48 5.83 10.56 15 May 2008 6.49 5.74 10.32 16 May 2008 6.51 5.68 10.32 19 May 2008 6.54 5.69 10.09 20 May 2008 6.54 5.72 10.11 21 May 2008 6.66 5.74 10.12 22 May 2008 6.50 5.72 10.03 23 May 2008 6.24 5.78 9.59 26 May 2008 6.21 5.78 9.67 27 May 2008 6.12 5.82 9.63 28 May 2008 6.10 5.82 9.71 29 May 2008 6.13 5.81 9.63 30 May 2008 6.13 5.79 9.58 2 June 2008 6.13 5.87 9.51 3 June 2008 6.18 5.94 9.25 4 June 2008 6.23 5.96 9.09 5 June 2008 6.34 5.87 9.11 6 June 2008 6.38 5.87 9.09 9 June 2008 6.38 6.06 8.99 10 June 2008 6.30 6.15 8.78 11 June 2008 6.30 6.03 8.58 12 June 2008 6.31 6.02 8.78 13 June 2008 6.33 5.98 8.72 16 June 2008 6.34 5.97 8.66 17 June 2008 6.09 6.08 8.61 18 June 2008 6.08 6.17 8.72 19 June 2008 6.12 6.17 8.73 20 June 2008 6.21 6.19 8.63 23 June 2008 6.19 6.29 8.62 24 June 2008 6.09 6.14 8.57 25 June 2008 6.09 6.16 8.56 26 June 2008 6.33 6.17 8.62 27 June 2008 6.28 6.23 8.50 30 June 2008 6.37 6.23 8.43 1 July 2008 6.39 6.31 8.43 2 July 2008 6.40 6.33 8.27 3 July 2008 6.61 6.33 8.22 4 July 2008 6.57 6.32 8.21 7 July 2008 6.69 6.29 8.26 8 July 2008 6.65 6.50 8.22 9 July 2008 6.56 6.50 8.03 10 July 2008 6.54 6.53 8.02 11 July 2008 6.49 6.52 8.33 14 July 2008 6.51 6.46 8.39 15 July 2008 6.50 6.49 8.41 16 July 2008 6.49 6.49 8.57 17 July 2008 6.52 6.48 8.56 18 July 2008 6.82 5.75 8.56 21 July 2008 6.88 5.78 8.52 22 July 2008 6.78 5.78 8.55 23 July 2008 6.77 5.76 8.42 24 July 2008 6.98 5.76 8.75 25 July 2008 6.89 5.84 8.71 28 July 2008 6.99 5.78 8.80 29 July 2008 7.02 5.75 8.77 30 July 2008 7.08 5.70 8.71 31 July 2008 6.89 5.70 8.71 1 August 2008 6.78 5.51 8.71 4 August 2008 6.78 5.48 8.71 5 August 2008 6.70 5.53 8.52 6 August 2008 6.56 5.09 8.52 7 August 2008 6.68 5.07 8.72 8 August 2008 6.66 5.13 8.72 11 August 2008 6.61 5.11 8.76 12 August 2008 6.63 5.09 8.83 13 August 2008 6.50 5.08 8.83 14 August 2008 6.47 4.95 8.66 15 August 2008 6.48 4.65 8.62 18 August 2008 6.47 4.66 8.55 19 August 2008 6.48 4.56 8.47 20 August 2008 6.47 4.57 8.31 21 August 2008 6.38 4.57 8.31 22 August 2008 6.42 4.63 8.33 25 August 2008 6.55 4.59 8.33 26 August 2008 6.40 4.55 8.27 27 August 2008 6.46 4.50 8.21 28 August 2008 6.29 4.50 8.09 29 August 2008 6.25 4.38 7.87 1 September 2008 6.17 4.43 7.81 2 September 2008 6.15 4.18 7.71 3 September 2008 6.12 4.13 7.72 4 September 2008 6.15 4.20 7.44 5 September 2008 6.16 4.26 7.41 8 September 2008 6.29 4.54 7.41 9 September 2008 6.29 4.50 7.43 10 September 2008 6.31 4.44 ND As shown in the figure, a vertical line marks the August 2008 Greenbook. * 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 July Greenbook* Mexico July Greenbook 10.5070 4.7 25630 -6.2 1.7569 12.6 48435 -16.6 2.14 -0.0 40606 2.8 China 6.8381 0.2 2151 -24.2 Hong Kong 7.7977 -0.1 20000 -11.9 Korea 1099.5 8.6 1465 -7.1 Taiwan 31.86 4.1 6458 -8.7 1.4323 4.7 940 -0.0 34.47 2.9 656 -2.1 Brazil Venezuela 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 Korea China 9 January 2004 99.28 99.93 99.48 100.00 16 January 2004 98.46 98.48 99.14 100.00 23 January 2004 ND ND 30 January 2004 99.66 101.17 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 100.38 103.04 ND ND 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 ND ND ND ND 11 June 2004 103.33 109.25 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 17 September 2004 ND ND 104.88 101.44 ND ND 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 93.48 99.99 99.08 12 November 2004 ND ND ND ND 19 November 2004 103.17 97.07 90.56 99.99 26 November 2004 ND ND ND ND 101.69 95.19 87.71 99.99 3 December 2004 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 ND ND ND ND 15 July 2005 8 July 2005 96.96 81.89 87.00 99.99 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 95.78 77.04 86.99 97.63 2 December 2005 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 ND ND ND ND 13 January 2006 6 January 2006 96.19 79.18 82.17 97.46 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 7 July 2006 100.08 76.71 79.51 96.55 21 July 2006 99.31 76.76 80.04 96.61 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 8 September 2006 ND ND ND ND 15 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 1 December 2006 100.14 76.07 77.99 94.69 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 ND ND ND ND 12 January 2007 5 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 2 March 2007 101.33 73.84 78.99 93.56 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 ND ND ND ND 16 November 2007 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 14 March 2008 98.11 59.40 81.89 85.75 21 March 2008 97.51 60.17 84.72 85.37 28 March 2008 97.13 60.72 82.96 84.94 4 April 2008 96.20 60.46 82.11 84.75 11 April 2008 95.87 59.11 81.82 84.57 18 April 2008 95.19 58.52 83.07 84.51 25 April 2008 95.37 58.19 83.46 84.53 2 May 2008 95.32 58.69 84.15 84.45 9 May 2008 95.64 58.51 86.19 84.43 16 May 2008 95.19 57.97 87.53 84.47 23 May 2008 94.38 57.82 87.52 84.05 30 May 2008 ND ND ND ND 6 June 2008 93.86 56.98 85.76 83.84 13 June 2008 94.43 57.20 86.69 83.53 20 June 2008 93.69 56.35 86.39 83.18 27 June 2008 93.54 56.07 87.02 82.96 ND ND ND ND 11 July 2008 4 July 2008 93.77 56.18 85.05 82.75 18 July 2008 93.27 55.70 84.57 82.43 25 July 2008 91.62 55.30 84.79 82.46 1 August 2008 91.22 54.80 84.75 82.56 8 August 2008 90.79 55.44 85.45 82.79 15 August 2008 92.50 56.78 86.95 82.90 22 August 2008 92.16 56.85 88.20 82.78 29 August 2008 92.61 57.03 90.93 82.40 Figure: Exchange Value of the Dollar Daily July 30, 2008 = 100 Date Mexico Brazil 1 May 2008 104.53 106.49 Korea 99.18 102.35 China 2 May 2008 104.22 105.50 99.67 102.34 5 May 2008 104.35 106.37 99.56 102.26 6 May 2008 104.55 106.41 100.27 102.33 7 May 2008 105.05 107.29 101.75 102.33 8 May 2008 104.97 107.59 102.79 102.53 9 May 2008 105.34 108.17 103.13 102.35 12 May 2008 104.49 106.82 103.03 102.36 13 May 2008 104.51 106.38 103.43 102.37 14 May 2008 104.52 106.49 103.43 102.52 15 May 2008 104.31 105.85 103.03 102.45 16 May 2008 103.94 105.29 102.44 102.36 19 May 2008 103.39 105.54 102.84 102.09 20 May 2008 103.61 105.99 103.43 102.13 21 May 2008 103.29 105.74 102.64 101.93 22 May 2008 103.48 106.14 103.13 101.68 23 May 2008 103.59 106.06 103.28 101.67 26 May 2008 27 May 2008 ND ND ND ND 103.61 107.07 102.84 101.73 28 May 2008 103.07 106.91 102.09 101.66 29 May 2008 102.70 105.58 101.75 101.62 30 May 2008 102.93 104.15 101.60 101.65 2 June 2008 103.03 104.49 100.99 101.54 3 June 2008 102.55 103.99 100.44 101.57 4 June 2008 102.85 104.41 100.66 101.99 5 June 2008 102.77 104.74 101.06 101.74 6 June 2008 103.32 104.20 101.80 101.40 9 June 2008 103.28 103.98 101.95 101.40 10 June 2008 103.52 105.11 101.50 101.43 11 June 2008 104.01 105.13 101.78 101.21 12 June 2008 103.53 105.04 102.07 101.17 13 June 2008 103.31 104.56 103.13 101.13 16 June 2008 102.99 104.13 102.59 100.94 17 June 2008 102.82 103.35 100.94 101.00 18 June 2008 102.59 103.10 101.67 100.80 19 June 2008 102.83 102.76 101.55 100.73 20 June 2008 102.38 102.65 101.90 100.77 23 June 2008 102.62 103.41 102.42 100.69 24 June 2008 102.57 102.72 102.00 100.63 25 June 2008 102.54 102.51 102.17 100.56 26 June 2008 102.37 102.05 102.86 100.52 27 June 2008 102.66 102.77 102.91 100.51 30 June 2008 102.68 102.18 103.41 100.47 1 July 2008 103.49 103.11 103.77 100.49 2 July 2008 103.35 102.55 102.39 100.40 3 July 2008 103.34 102.92 103.18 100.38 4 July 2008 ND ND ND ND 7 July 2008 102.86 102.52 103.18 100.43 8 July 2008 103.03 103.24 101.38 100.35 9 July 2008 102.68 102.96 98.78 100.53 10 July 2008 102.70 103.06 98.61 100.23 11 July 2008 102.73 102.72 98.81 100.10 14 July 2008 102.60 102.07 99.16 100.26 15 July 2008 102.86 102.11 99.41 99.91 16 July 2008 102.24 102.24 99.45 99.75 17 July 2008 101.88 101.74 99.87 99.88 99.85 18 July 2008 101.68 101.88 100.07 21 July 2008 101.36 101.52 100.46 100.00 22 July 2008 100.91 101.51 100.17 99.96 23 July 2008 100.12 101.49 99.67 100.01 24 July 2008 99.92 101.09 99.46 100.03 25 July 2008 99.91 100.79 99.48 99.88 28 July 2008 100.39 100.94 99.38 100.09 29 July 2008 100.27 100.70 99.38 30 July 2008 100.00 100.00 100.00 100.00 31 July 2008 100.00 100.35 99.99 99.92 100.17 1 August 2008 99.38 4 August 2008 99.01 100.50 100.44 100.29 99.84 100.34 100.22 5 August 2008 98.83 100.83 100.46 100.34 6 August 2008 99.18 101.26 100.32 100.31 7 August 2008 99.73 101.87 100.37 100.41 8 August 2008 100.91 103.22 101.55 100.49 11 August 2008 101.01 103.10 101.75 100.45 12 August 2008 101.32 103.96 102.16 100.57 13 August 2008 101.70 104.07 102.69 100.48 14 August 2008 101.33 103.97 102.69 100.48 15 August 2008 101.69 104.84 102.67 100.55 18 August 2008 101.06 104.47 103.01 100.63 19 August 2008 101.53 104.97 103.85 100.48 20 August 2008 101.05 104.07 103.46 100.38 21 August 2008 100.71 103.40 104.08 100.19 22 August 2008 100.82 103.71 104.94 100.09 25 August 2008 100.86 104.26 106.47 100.30 26 August 2008 101.43 105.03 107.43 99.31 27 August 2008 101.07 103.94 107.08 99.70 28 August 2008 101.68 104.23 106.82 100.19 29 August 2008 102.62 104.77 107.58 1 September 2008 2 September 2008 ND ND 99.97 ND ND 103.49 106.20 112.07 99.92 3 September 2008 103.45 107.28 113.40 100.23 4 September 2008 104.27 108.73 111.66 100.35 5 September 2008 104.60 111.11 110.42 100.19 8 September 2008 104.82 111.69 106.81 100.24 9 September 2008 104.71 112.59 108.61 100.16 As shown in the figure, a vertical line marks the August 2008 Greenbook. Figure: Stock Market Indexes Weekly January 5, 2004 = 100 Period Mexico Brazil Korea Hong Kong 9 January 2004 103.11 105.20 100.57 101.17 16 January 2004 103.81 104.87 102.96 102.25 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 100.17 103.32 101.20 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 ND 103.97 22 October 2004 125.99 102.45 101.48 ND 29 October 2004 129.27 102.11 99.51 99.46 5 November 2004 133.04 ND 103.27 102.52 12 November 2004 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 113.45 103.94 106.52 29 April 2005 140.59 111.44 112.85 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 3 June 2005 149.14 115.47 117.84 106.45 10 June 2005 149.46 111.13 106.77 ND ND 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 ND 137.80 116.79 ND 130.27 141.51 115.92 16 September 2005 23 September 2005 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 ND 122.06 10 March 2006 210.18 165.98 160.34 119.74 ND 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 ND 14 April 2006 ND ND 170.04 ND 21 April 2006 225.76 ND 174.08 ND 28 April 2006 231.71 178.23 174.39 128.19 5 May 2006 ND ND ND ND 12 May 2006 244.50 183.83 176.28 131.58 19 May 2006 231.87 171.55 168.30 126.23 121.62 26 May 2006 218.30 164.49 160.66 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 235.32 166.31 133.36 ND 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 16 February 2007 321.53 202.21 173.80 156.92 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 321.68 201.82 175.86 151.71 ND 178.93 ND 13 April 2007 6 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 ND ND ND 11 May 2007 338.06 225.44 193.27 ND ND 159.42 18 May 2007 342.21 228.54 194.72 160.99 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 177.10 27 July 2007 351.47 246.52 238.72 178.36 ND 231.54 ND 175.65 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 363.50 279.05 237.59 226.59 2 November 2007 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 14 March 2008 330.47 275.18 197.58 174.79 21 March 2008 ND ND 195.47 ND 28 March 2008 339.64 270.60 203.57 ND 4 April 2008 357.00 281.34 210.62 ND 11 April 2008 357.92 283.63 ND 187.20 18 April 2008 358.49 283.72 213.28 184.61 25 April 2008 360.02 193.99 2 May 2008 ND ND 218.73 ND ND ND 9 May 2008 350.12 310.77 ND 197.72 16 May 2008 353.57 316.52 ND ND 23 May 2008 355.54 ND 224.96 193.97 30 May 2008 358.78 320.93 221.45 186.96 6 June 2008 357.11 313.28 187.60 ND 13 June 2008 347.39 301.52 214.82 ND 20 June 2008 338.57 297.64 212.53 176.78 27 June 2008 332.99 287.76 207.41 172.70 4 July 2008 326.83 274.59 197.78 ND 11 July 2008 318.71 ND 187.78 167.54 18 July 2008 315.95 270.79 184.71 166.12 25 July 2008 311.15 262.40 192.69 175.35 1 August 2008 308.42 260.24 192.01 174.13 8 August 2008 306.05 252.37 189.06 ND 15 August 2008 306.29 243.42 ND 165.08 22 August 2008 303.43 244.27 185.88 ND 29 August 2008 297.92 246.31 180.43 162.80 5 September 2008 298.18 237.42 171.81 158.18 Figure: Stock Market Indexes Daily July 30, 2008 = 100 Date Mexico Brazil Korea Hong Kong 2 May 2008 111.83 119.51 117.15 115.65 5 May 2008 113.33 120.90 115.40 ND 6 May 2008 114.29 120.94 117.83 115.74 7 May 2008 112.61 118.91 117.51 112.87 8 May 2008 112.57 120.12 117.13 112.16 110.46 9 May 2008 112.28 119.99 115.59 12 May 2008 112.15 121.32 ND ND 13 May 2008 113.06 121.47 116.80 112.61 14 May 2008 114.71 120.65 116.86 112.53 15 May 2008 115.46 123.17 119.52 112.44 16 May 2008 115.26 125.37 119.72 112.91 19 May 2008 116.39 126.53 119.50 113.45 20 May 2008 115.40 126.66 118.73 110.92 21 May 2008 113.94 124.55 117.10 112.21 22 May 2008 114.37 110.37 ND 116.34 23 May 2008 113.73 123.10 115.86 108.92 26 May 2008 114.63 123.41 114.13 106.33 27 May 2008 114.99 122.31 115.69 107.01 28 May 2008 115.84 126.03 114.45 106.87 29 May 2008 116.54 123.70 116.70 107.46 30 May 2008 117.05 125.07 117.39 108.12 2 June 2008 115.80 123.87 117.10 109.43 3 June 2008 115.28 120.62 115.32 107.43 4 June 2008 115.12 118.31 116.23 106.31 5 June 2008 116.13 122.68 116.14 106.90 6 June 2008 114.02 120.23 ND 107.54 9 June 2008 113.23 119.36 114.66 ND 10 June 2008 113.11 116.77 112.47 103.02 11 June 2008 111.45 115.08 112.93 102.81 12 June 2008 111.56 115.98 110.25 101.47 13 June 2008 111.33 115.78 110.75 99.57 16 June 2008 111.11 115.92 111.61 101.49 17 June 2008 109.54 117.91 110.97 101.62 18 June 2008 108.42 115.59 112.45 102.80 19 June 2008 109.26 114.73 110.33 100.47 20 June 2008 108.11 111.32 109.72 100.24 23 June 2008 107.86 111.37 108.74 100.11 24 June 2008 107.22 110.55 108.44 98.97 25 June 2008 108.24 113.46 108.88 99.76 26 June 2008 106.89 110.17 108.87 98.96 27 June 2008 107.23 110.82 106.77 97.14 30 June 2008 107.60 112.02 106.16 97.41 1 July 2008 106.96 109.22 105.63 ND 2 July 2008 104.99 105.28 102.91 95.65 3 July 2008 104.20 102.12 101.83 93.62 4 July 2008 103.73 102.28 100.02 94.42 7 July 2008 103.90 101.80 100.13 96.57 8 July 2008 104.51 102.57 97.20 93.52 9 July 2008 102.84 96.30 96.10 ND 10 July 2008 102.05 103.81 97.45 96.17 11 July 2008 101.08 103.63 99.35 97.77 14 July 2008 100.73 104.61 98.79 97.02 15 July 2008 100.43 105.12 95.67 93.32 16 July 2008 102.38 106.91 95.54 93.53 17 July 2008 103.28 103.56 96.70 95.79 18 July 2008 103.12 103.35 95.71 96.40 21 July 2008 102.45 104.70 99.06 99.31 22 July 2008 101.00 102.76 98.96 99.28 23 July 2008 101.19 102.37 100.89 101.96 24 July 2008 98.39 98.95 103.07 101.75 25 July 2008 99.14 98.55 101.28 100.22 28 July 2008 97.86 97.98 101.31 99.99 29 July 2008 100.00 100.00 99.33 98.09 30 July 2008 100.57 103.37 100.00 100.00 31 July 2008 100.67 102.52 101.08 100.18 1 August 2008 98.68 99.29 99.75 100.76 4 August 2008 96.96 95.81 97.80 99.23 5 August 2008 98.80 97.29 97.33 96.73 6 August 2008 100.09 7 August 2008 98.79 98.23 99.14 100.06 99.13 97.42 ND 8 August 2008 99.32 97.49 99.43 96.45 11 August 2008 98.63 94.28 100.21 96.34 12 August 2008 97.50 93.90 99.96 95.37 13 August 2008 98.38 94.02 99.05 93.84 14 August 2008 99.74 95.00 99.65 94.28 15 August 2008 100.08 93.46 ND 93.26 18 August 2008 98.02 91.87 99.37 92.24 19 August 2008 97.85 92.41 97.70 90.28 20 August 2008 98.34 95.41 97.66 92.25 21 August 2008 97.13 96.37 95.87 89.87 22 August 2008 98.38 96.22 94.88 ND 25 August 2008 96.70 93.86 95.21 93.01 26 August 2008 95.43 93.65 94.46 92.80 27 August 2008 95.65 95.65 94.69 94.60 28 August 2008 96.80 97.14 93.44 92.43 29 August 2008 96.24 95.93 93.44 93.70 1 September 2008 96.73 95.04 89.65 92.14 2 September 2008 97.09 93.73 89.19 92.74 3 September 2008 96.89 92.22 90.44 90.72 4 September 2008 95.73 88.57 90.41 89.86 5 September 2008 94.82 89.48 89.01 87.85 8 September 2008 96.02 87.38 93.60 91.64 9 September 2008 93.82 83.45 92.19 90.31 ND ND 92.86 88.14 10 September 2008 As shown in the figure, a vertical line marks the August 2008 Greenbook. Emerging Markets: Short-Term Interest Rates and Dollar-Denominated Bond Spreads Percent Short-term interest rates* Change since July Greenbook Latest Mexico Dollar-denominated bond spreads** Change since July Greenbook Latest 8.19 0.37 2.04 0.35 Brazil 14.06 0.95 2.71 0.54 Argentina 13.00 -0.13 7.54 1.43 China … … 1.84 0.40 Korea 5.35 0.25 … … Taiwan 2.61 0.02 … … Singapore 1.00 0.25 … … Hong Kong 1.86 -0.06 … … * One-month interest rate except 1-week rate for Korea. (No reliable short-term interest rate exists for China.) Return to table ** EMBI+ Spreads or EMBI Global Spreads over similar-maturity U.S. Treasury securities. Return to table … Not applicable. Korea, Taiwan, and Hong Kong have no outstanding dollar-denominated sovereign bonds. Return to table Figure: EMBI+ Spreads Weekly Percent Period Overall Mexico Brazil 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 3.99 1.78 4.55 12 November 2004 3.92 ND ND 19 November 2004 3.83 1.70 4.34 26 November 2004 3.79 ND ND 3 December 2004 3.75 1.71 4.12 10 December 2004 3.76 1.70 4.13 17 December 2004 3.69 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 3.74 1.71 4.29 21 January 2005 3.80 ND ND 28 January 2005 3.68 1.67 4.18 4 February 2005 3.65 1.62 4.20 11 February 2005 3.58 1.58 4.09 18 February 2005 3.52 1.55 4.01 25 February 2005 3.48 ND ND 4 March 2005 3.41 1.52 3.91 11 March 2005 3.35 1.46 3.86 18 March 2005 3.61 1.66 4.23 25 March 2005 ND ND ND 1 April 2005 3.89 1.84 4.66 8 April 2005 3.84 1.86 4.56 15 April 2005 3.86 1.86 4.52 22 April 2005 3.95 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 3.84 1.84 4.40 20 May 2005 3.91 1.87 4.46 27 May 2005 3.79 1.74 4.29 3 June 2005 ND ND ND 10 June 2005 3.78 1.75 4.39 17 June 2005 3.16 1.70 4.16 24 June 2005 3.16 1.72 4.17 1 July 2005 3.12 1.71 4.17 8 July 2005 3.01 ND ND 15 July 2005 2.92 1.58 4.03 22 July 2005 2.91 1.57 4.07 29 July 2005 2.93 1.55 4.14 5 August 2005 2.82 1.50 3.90 12 August 2005 2.81 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 2.93 1.49 4.12 9 September 2005 2.80 ND ND 16 September 2005 2.68 1.35 3.79 23 September 2005 2.60 1.37 3.64 30 September 2005 2.50 1.39 3.52 7 October 2005 2.55 1.43 3.63 14 October 2005 2.70 ND ND 21 October 2005 2.71 1.48 3.76 28 October 2005 2.62 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 2.41 ND ND 2 December 2005 2.43 1.17 3.37 9 December 2005 2.44 1.25 3.19 16 December 2005 2.43 1.26 3.14 23 December 2005 2.43 1.25 3.09 30 December 2005 2.44 ND ND 6 January 2006 2.36 ND ND 13 January 2006 2.31 1.25 2.85 20 January 2006 2.32 ND ND 27 January 2006 2.19 1.15 2.69 3 February 2006 2.14 1.14 2.63 10 February 2006 2.08 1.15 2.53 17 February 2006 1.98 1.14 2.30 24 February 2006 1.97 ND ND 3 March 2006 1.87 1.04 2.17 10 March 2006 1.98 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 2.19 1.47 2.66 16 June 2006 2.24 1.55 2.63 23 June 2006 2.22 1.53 2.57 30 June 2006 2.29 1.46 2.60 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 1.86 1.14 2.12 18 August 2006 1.84 1.07 2.10 25 August 2006 1.92 1.09 2.23 1 September 2006 1.95 1.09 2.25 8 September 2006 1.91 1.10 2.20 15 September 2006 1.94 1.10 2.23 22 September 2006 2.03 1.17 2.34 29 September 2006 2.11 1.21 2.40 6 October 2006 2.06 1.20 2.30 13 October 2006 1.93 1.11 2.15 20 October 2006 1.86 1.09 2.11 27 October 2006 1.85 1.08 2.13 3 November 2006 1.91 1.12 2.20 10 November 2006 1.88 1.11 2.17 17 November 2006 1.89 1.12 2.17 24 November 2006 1.94 1.16 2.21 1 December 2006 2.01 1.21 2.27 8 December 2006 1.92 1.10 2.17 15 December 2006 1.80 1.05 2.07 22 December 2006 1.74 1.03 2.01 29 December 2006 1.71 1.01 1.96 5 January 2007 1.72 1.02 1.96 12 January 2007 1.76 1.04 1.97 19 January 2007 1.69 1.02 1.89 26 January 2007 1.68 0.98 1.86 2 February 2007 1.68 1.01 1.87 9 February 2007 1.69 1.01 1.84 16 February 2007 1.68 1.02 1.80 23 February 2007 1.68 1.02 1.79 2 March 2007 1.85 1.16 1.95 9 March 2007 1.88 1.16 1.97 16 March 2007 1.84 1.09 1.93 23 March 2007 1.75 1.02 1.81 30 March 2007 1.69 1.00 1.71 6 April 2007 1.62 0.93 1.63 13 April 2007 1.59 0.91 1.56 20 April 2007 1.60 0.90 1.51 27 April 2007 1.58 0.88 1.48 4 May 2007 1.64 0.86 1.54 11 May 2007 1.64 0.82 1.54 18 May 2007 1.58 0.78 1.47 25 May 2007 1.52 0.76 1.41 1 June 2007 1.52 0.75 1.42 8 June 2007 1.55 0.78 1.45 15 June 2007 1.58 0.83 1.46 22 June 2007 1.54 0.83 1.43 29 June 2007 1.69 0.90 1.56 6 July 2007 1.69 0.89 1.53 13 July 2007 1.68 0.88 1.53 20 July 2007 1.74 0.95 1.60 27 July 2007 2.04 1.19 1.92 3 August 2007 2.19 1.25 2.05 10 August 2007 2.06 1.16 1.89 17 August 2007 2.26 1.28 2.05 24 August 2007 2.36 1.32 2.10 31 August 2007 2.29 1.17 2.02 7 September 2007 2.29 1.15 2.03 14 September 2007 2.33 1.18 2.07 21 September 2007 2.04 1.05 1.82 28 September 2007 1.99 1.10 1.74 5 October 2007 1.99 1.10 1.70 12 October 2007 1.85 1.00 1.60 19 October 2007 1.91 1.06 1.67 26 October 2007 2.05 1.16 1.79 2 November 2007 1.97 1.07 1.77 9 November 2007 2.13 1.20 1.93 16 November 2007 2.26 1.33 2.03 23 November 2007 2.54 1.51 2.28 30 November 2007 2.59 1.56 2.36 7 December 2007 2.46 1.52 2.23 14 December 2007 2.29 1.38 2.08 21 December 2007 2.36 1.46 2.19 28 December 2007 2.25 1.35 2.07 ND ND ND 4 January 2008 11 January 2008 2.54 1.59 2.30 18 January 2008 2.65 1.66 2.41 25 January 2008 2.83 1.80 2.64 1 February 2008 2.72 1.78 2.54 8 February 2008 2.77 1.79 2.63 15 February 2008 2.79 1.76 2.61 22 February 2008 ND ND ND 29 February 2008 2.71 1.58 2.47 7 March 2008 2.87 1.68 2.61 14 March 2008 3.00 1.77 2.77 21 March 2008 3.14 1.81 2.92 28 March 2008 2.98 1.61 2.75 4 April 2008 2.95 1.58 2.71 11 April 2008 2.86 1.47 2.58 18 April 2008 2.72 1.40 2.37 25 April 2008 2.68 1.41 2.31 2 May 2008 2.61 1.36 2.16 9 May 2008 2.57 1.28 2.06 16 May 2008 2.59 1.28 2.08 23 May 2008 2.57 1.31 2.07 30 May 2008 2.51 1.36 2.00 6 June 2008 2.49 1.32 1.82 13 June 2008 2.47 1.33 1.88 20 June 2008 2.50 1.31 1.91 27 June 2008 2.77 1.52 2.13 4 July 2008 2.99 1.76 2.33 11 July 2008 3.05 1.85 2.42 18 July 2008 2.97 1.78 2.37 25 July 2008 2.79 1.69 2.21 1 August 2008 2.82 1.70 2.23 8 August 2008 2.85 1.61 2.24 15 August 2008 2.93 1.73 2.31 22 August 2008 3.02 1.83 2.41 29 August 2008 3.06 1.87 2.45 5 September 2008 3.12 1.91 2.51 Figure: EMBI+ Spreads Daily Percent Date Overall Mexico Brazil 1 May 2008 2.61 1.37 2.07 2 May 2008 2.53 1.28 2.01 5 May 2008 2.52 1.27 2.01 6 May 2008
@FedFRASER