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1 Revival of Inflation, Pick-up of Interest Rates, Market Correction Back to Normality or New Paradigm? Richard Brun Agence France Trésor

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  • Revival of Inflation, Pick-up of Interest Rates, Market CorrectionBack to Normality or New Paradigm?Richard BrunAgence France Trsor

  • Since 2005, inflation is apparently picking-up

    Graph2

    0.7490636704

    -0.3717472119

    1.4925373134

    3.3088235294

    2.846975089

    0.6920415225

    1.7182130584

    1.0135135135

    1.0033444816

    1.3245033113

    1.3071895425

    1.6129032258

    2.8571428571

    3.0864197531

    4.1916167665

    5.4597701149

    5.7220708447

    4.381443299

    3.2098765432

    6.2200956938

    11.036036036

    9.1277890467

    5.7620817844

    6.5026362039

    7.5907590759

    11.3496932515

    13.4986225895

    10.3155339806

    6.1606160616

    3.2124352332

    4.3172690763

    3.5611164581

    1.8587360595

    3.6496350365

    4.1373239437

    4.8182586644

    5.4032258065

    4.208110176

    3.0102790015

    2.9935851746

    2.5605536332

    2.8340080972

    2.9527559055

    2.2944550669

    1.5576323988

    2.2085889571

    3.3613445378

    2.8455284553

    1.581027668

    1.9

    3.3

    3.4

    3.6

    Source: Bloomberg

    Yearly inflation rate

    in %

    Yearly inflation rate

    Fed Funds since 54

    Fed funds & 10Y

    Fed Funds US50 Y average rate

    1954:07:000.85.7083788122

    1954:08:001.225.7083788122

    1954:09:001.065.7083788122

    1954:10:000.855.7083788122

    1954:11:000.835.7083788122

    1954:12:001.285.7083788122

    1955:01:001.395.7083788122

    1955:02:001.295.7083788122

    1955:03:001.355.7083788122

    1955:04:001.435.7083788122

    1955:05:001.435.7083788122

    1955:06:001.645.7083788122

    1955:07:001.685.7083788122

    1955:08:001.965.7083788122

    1955:09:002.185.7083788122

    1955:10:002.245.7083788122

    1955:11:002.355.7083788122

    1955:12:002.485.7083788122

    1956:01:002.455.7083788122

    1956:02:002.55.7083788122

    1956:03:002.55.7083788122

    1956:04:002.625.7083788122

    1956:05:002.755.7083788122

    1956:06:002.715.7083788122

    1956:07:002.755.7083788122

    1956:08:002.735.7083788122

    1956:09:002.955.7083788122

    1956:10:002.965.7083788122

    1956:11:002.885.7083788122

    1956:12:002.945.7083788122

    1957:01:002.845.7083788122

    1957:02:0035.7083788122

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    1957:04:0035.7083788122

    1957:05:0035.7083788122

    1957:06:0035.7083788122

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    1957:10:003.55.7083788122

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    1957:12:002.985.7083788122

    1958:01:002.725.7083788122

    1958:02:001.675.7083788122

    1958:03:001.25.7083788122

    1958:04:001.265.7083788122

    1958:05:000.635.7083788122

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    1958:11:002.275.7083788122

    1958:12:002.425.7083788122

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    1959:02:002.435.7083788122

    1959:03:002.85.7083788122

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    1959:06:003.395.7083788122

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    1961:03:002.025.7083788122

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    1961:06:001.735.7083788122

    1961:07:001.175.7083788122

    1961:08:0025.7083788122

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    1961:10:002.265.7083788122

    1961:11:002.615.7083788122

    1961:12:002.335.7083788122

    1962:01:002.155.7083788122

    1962:02:002.375.7083788122

    1962:03:002.855.7083788122

    1962:04:002.785.7083788122

    1962:05:002.365.7083788122

    1962:06:002.685.7083788122

    1962:07:002.715.7083788122

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    1965:03:004.045.7083788122

    1965:04:004.095.7083788122

    1965:05:004.15.7083788122

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    1967:11:004.135.7083788122

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    1968:05:006.115.7083788122

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    1968:08:006.035.7083788122

    1968:09:005.785.7083788122

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    1968:11:005.825.7083788122

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    1969:01:006.35.7083788122

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    1969:04:007.415.7083788122

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    1971:01:004.145.7083788122

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    1975:01:007.135.7083788122

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    1976:01:004.875.7083788122

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    1976:11:004.955.7083788122

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    1977:01:004.615.7083788122

    1977:02:004.685.7083788122

    1977:03:004.695.7083788122

    1977:04:004.735.7083788122

    1977:05:005.355.7083788122

    1977:06:005.395.7083788122

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    1978:01:006.75.7083788122

    1978:02:006.785.7083788122

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    1978:11:009.765.7083788122

    1978:12:0010.035.7083788122

    1979:01:0010.075.7083788122

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    1980:01:0013.825.7083788122

    1980:02:0014.135.7083788122

    1980:03:0017.195.7083788122

    1980:04:0017.615.7083788122

    1980:05:0010.985.7083788122

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    1980:07:009.035.7083788122

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    1980:09:0010.875.7083788122

    1980:10:0012.815.7083788122

    1980:11:0015.855.7083788122

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    1981:01:0019.085.7083788122

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    1981:05:0018.525.7083788122

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    1995:12:005.65.7083788122

    1996:01:005.565.7083788122

    1996:02:005.225.7083788122

    1996:03:005.315.7083788122

    1996:04:005.225.7083788122

    1996:05:005.245.7083788122

    1996:06:005.275.7083788122

    1996:07:005.45.7083788122

    1996:08:005.225.7083788122

    1996:09:005.35.7083788122

    1996:10:005.245.7083788122

    1996:11:005.315.7083788122

    1996:12:005.295.7083788122

    1997:01:005.255.7083788122

    1997:02:005.195.7083788122

    1997:03:005.395.7083788122

    1997:04:005.515.7083788122

    1997:05:005.55.7083788122

    1997:06:005.565.7083788122

    1997:07:005.525.7083788122

    1997:08:005.545.7083788122

    1997:09:005.545.7083788122

    1997:10:005.55.7083788122

    1997:11:005.525.7083788122

    1997:12:005.55.7083788122

    1998:01:005.565.7083788122

    1998:02:005.515.7083788122

    1998:03:005.495.7083788122

    1998:04:005.455.7083788122

    1998:05:005.495.7083788122

    1998:06:005.565.7083788122

    1998:07:005.545.7083788122

    1998:08:005.555.7083788122

    1998:09:005.515.7083788122

    1998:10:005.075.7083788122

    1998:11:004.835.7083788122

    1998:12:004.685.7083788122

    1999:01:004.635.7083788122

    1999:02:004.765.7083788122

    1999:03:004.815.7083788122

    1999:04:004.745.7083788122

    1999:05:004.745.7083788122

    1999:06:004.765.7083788122

    1999:07:004.995.7083788122

    1999:08:005.075.7083788122

    1999:09:005.225.7083788122

    1999:10:005.25.7083788122

    1999:11:005.425.7083788122

    1999:12:005.35.7083788122

    2000:01:005.455.7083788122

    2000:02:005.735.7083788122

    2000:03:005.855.7083788122

    2000:04:006.025.7083788122

    2000:05:006.275.7083788122

    2000:06:006.535.7083788122

    2000:07:006.545.7083788122

    2000:08:006.55.7083788122

    2000:09:006.525.7083788122

    2000:10:006.515.7083788122

    2000:11:006.515.7083788122

    2000:12:006.45.7083788122

    2001:01:005.985.7083788122

    2001:02:005.495.7083788122

    2001:03:005.315.7083788122

    2001:04:004.85.7083788122

    2001:05:004.215.7083788122

    2001:06:003.975.7083788122

    2001:07:003.775.7083788122

    2001:08:003.655.7083788122

    2001:09:003.075.7083788122

    2001:10:002.495.7083788122

    2001:11:002.095.7083788122

    2001:12:001.825.7083788122

    2002:01:001.735.7083788122

    2002:02:001.745.7083788122

    2002:03:001.735.7083788122

    2002:04:001.755.7083788122

    2002:05:001.755.7083788122

    2002:06:001.755.7083788122

    2002:07:001.735.7083788122

    2002:08:001.745.7083788122

    2002:09:001.755.7083788122

    2002:10:001.755.7083788122

    2002:11:001.345.7083788122

    2002:12:001.245.7083788122

    2003:01:001.245.7083788122

    2003:02:001.265.7083788122

    2003:03:001.255.7083788122

    2003:04:001.265.7083788122

    2003:05:001.265.7083788122

    2003:06:001.225.7083788122

    2003:07:001.015.7083788122

    2003:08:001.035.7083788122

    2003:09:001.015.7083788122

    2003:10:001.015.7083788122

    2003:11:0015.7083788122

    2003:12:000.985.7083788122

    2004:01:0015.7083788122

    2004:02:001.015.7083788122

    2004:03:0015.7083788122

    2004:04:0015.7083788122

    2004:05:0015.7083788122

    2004:06:001.035.7083788122

    2004:07:001.265.7083788122

    2004:08:001.435.7083788122

    2004:09:001.615.7083788122

    2004:10:001.765.7083788122

    2004:11:001.935.7083788122

    2004:12:002.165.7083788122

    2005:01:002.285.7083788122

    2005:02:002.55.7083788122

    2005:03:002.635.7083788122

    2005:04:002.795.7083788122

    2005:05:0035.7083788122

    2005:06:003.045.7083788122

    2005:07:003.265.7083788122

    2005:08:003.55.7083788122

    2005:09:003.625.7083788122

    2005:10:003.785.7083788122

    2005:11:0045.7083788122

    2005:12:004.165.7083788122

    2006:01:004.295.7083788122

    2006:02:004.495.7083788122

    2006:03:004.595.7083788122

    2006:04:004.795.7083788122

    2006:05:004.945.7083788122

    Fed Funds since 54

    Fed Funds US

    50 Y average rate

    Fed funds rates and average rate in 50 years

    10Y since 54

    10Y monthlyAverage rate

    1954:07:002.36.60735

    1954:08:002.366.60735

    1954:09:002.386.60735

    1954:10:002.436.60735

    1954:11:002.486.60735

    1954:12:002.516.60735

    1955:01:002.616.60735

    1955:02:002.656.60735

    1955:03:002.686.60735

    1955:04:002.756.60735

    1955:05:002.766.60735

    1955:06:002.786.60735

    1955:07:002.96.60735

    1955:08:002.976.60735

    1955:09:002.976.60735

    1955:10:002.886.60735

    1955:11:002.896.60735

    1955:12:002.966.60735

    1956:01:002.96.60735

    1956:02:002.846.60735

    1956:03:002.966.60735

    1956:04:003.186.60735

    1956:05:003.076.60735

    1956:06:0036.60735

    1956:07:003.116.60735

    1956:08:003.336.60735

    1956:09:003.386.60735

    1956:10:003.346.60735

    1956:11:003.496.60735

    1956:12:003.596.60735

    1957:01:003.466.60735

    1957:02:003.346.60735

    1957:03:003.416.60735

    1957:04:003.486.60735

    1957:05:003.66.60735

    1957:06:003.86.60735

    1957:07:003.936.60735

    1957:08:003.936.60735

    1957:09:003.926.60735

    1957:10:003.976.60735

    1957:11:003.726.60735

    1957:12:003.216.60735

    1958:01:003.096.60735

    1958:02:003.056.60735

    1958:03:002.986.60735

    1958:04:002.886.60735

    1958:05:002.926.60735

    1958:06:002.976.60735

    1958:07:003.26.60735

    1958:08:003.546.60735

    1958:09:003.766.60735

    1958:10:003.86.60735

    1958:11:003.746.60735

    1958:12:003.866.60735

    1959:01:004.026.60735

    1959:02:003.966.60735

    1959:03:003.996.60735

    1959:04:004.126.60735

    1959:05:004.316.60735

    1959:06:004.346.60735

    1959:07:004.46.60735

    1959:08:004.436.60735

    1959:09:004.686.60735

    1959:10:004.536.60735

    1959:11:004.536.60735

    1959:12:004.696.60735

    1960:01:004.726.60735

    1960:02:004.496.60735

    1960:03:004.256.60735

    1960:04:004.286.60735

    1960:05:004.356.60735

    1960:06:004.156.60735

    1960:07:003.96.60735

    1960:08:003.86.60735

    1960:09:003.86.60735

    1960:10:003.896.60735

    1960:11:003.936.60735

    1960:12:003.846.60735

    1961:01:003.846.60735

    1961:02:003.786.60735

    1961:03:003.746.60735

    1961:04:003.786.60735

    1961:05:003.716.60735

    1961:06:003.886.60735

    1961:07:003.926.60735

    1961:08:004.046.60735

    1961:09:003.986.60735

    1961:10:003.926.60735

    1961:11:003.946.60735

    1961:12:004.066.60735

    1962:01:004.086.60735

    1962:02:004.046.60735

    1962:03:003.936.60735

    1962:04:003.846.60735

    1962:05:003.876.60735

    1962:06:003.916.60735

    1962:07:004.016.60735

    1962:08:003.986.60735

    1962:09:003.986.60735

    1962:10:003.936.60735

    1962:11:003.926.60735

    1962:12:003.866.60735

    1963:01:003.836.60735

    1963:02:003.926.60735

    1963:03:003.936.60735

    1963:04:003.976.60735

    1963:05:003.936.60735

    1963:06:003.996.60735

    1963:07:004.026.60735

    1963:08:0046.60735

    1963:09:004.086.60735

    1963:10:004.116.60735

    1963:11:004.126.60735

    1963:12:004.136.60735

    1964:01:004.176.60735

    1964:02:004.156.60735

    1964:03:004.226.60735

    1964:04:004.236.60735

    1964:05:004.26.60735

    1964:06:004.176.60735

    1964:07:004.196.60735

    1964:08:004.196.60735

    1964:09:004.26.60735

    1964:10:004.196.60735

    1964:11:004.156.60735

    1964:12:004.186.60735

    1965:01:004.196.60735

    1965:02:004.216.60735

    1965:03:004.216.60735

    1965:04:004.26.60735

    1965:05:004.216.60735

    1965:06:004.216.60735

    1965:07:004.26.60735

    1965:08:004.256.60735

    1965:09:004.296.60735

    1965:10:004.356.60735

    1965:11:004.456.60735

    1965:12:004.626.60735

    1966:01:004.616.60735

    1966:02:004.836.60735

    1966:03:004.876.60735

    1966:04:004.756.60735

    1966:05:004.786.60735

    1966:06:004.816.60735

    1966:07:005.026.60735

    1966:08:005.226.60735

    1966:09:005.186.60735

    1966:10:005.016.60735

    1966:11:005.166.60735

    1966:12:004.846.60735

    1967:01:004.586.60735

    1967:02:004.636.60735

    1967:03:004.546.60735

    1967:04:004.596.60735

    1967:05:004.856.60735

    1967:06:005.026.60735

    1967:07:005.166.60735

    1967:08:005.286.60735

    1967:09:005.36.60735

    1967:10:005.486.60735

    1967:11:005.756.60735

    1967:12:005.76.60735

    1968:01:005.536.60735

    1968:02:005.566.60735

    1968:03:005.746.60735

    1968:04:005.646.60735

    1968:05:005.876.60735

    1968:06:005.726.60735

    1968:07:005.56.60735

    1968:08:005.426.60735

    1968:09:005.466.60735

    1968:10:005.586.60735

    1968:11:005.76.60735

    1968:12:006.036.60735

    1969:01:006.046.60735

    1969:02:006.196.60735

    1969:03:006.36.60735

    1969:04:006.176.60735

    1969:05:006.326.60735

    1969:06:006.576.60735

    1969:07:006.726.60735

    1969:08:006.696.60735

    1969:09:007.166.60735

    1969:10:007.16.60735

    1969:11:007.146.60735

    1969:12:007.656.60735

    1970:01:007.796.60735

    1970:02:007.246.60735

    1970:03:007.076.60735

    1970:04:007.396.60735

    1970:05:007.916.60735

    1970:06:007.846.60735

    1970:07:007.466.60735

    1970:08:007.536.60735

    1970:09:007.396.60735

    1970:10:007.336.60735

    1970:11:006.846.60735

    1970:12:006.396.60735

    1971:01:006.246.60735

    1971:02:006.116.60735

    1971:03:005.76.60735

    1971:04:005.836.60735

    1971:05:006.396.60735

    1971:06:006.526.60735

    1971:07:006.736.60735

    1971:08:006.586.60735

    1971:09:006.146.60735

    1971:10:005.936.60735

    1971:11:005.816.60735

    1971:12:005.936.60735

    1972:01:005.956.60735

    1972:02:006.086.60735

    1972:03:006.076.60735

    1972:04:006.196.60735

    1972:05:006.136.60735

    1972:06:006.116.60735

    1972:07:006.116.60735

    1972:08:006.216.60735

    1972:09:006.556.60735

    1972:10:006.486.60735

    1972:11:006.286.60735

    1972:12:006.366.60735

    1973:01:006.466.60735

    1973:02:006.646.60735

    1973:03:006.716.60735

    1973:04:006.676.60735

    1973:05:006.856.60735

    1973:06:006.96.60735

    1973:07:007.136.60735

    1973:08:007.46.60735

    1973:09:007.096.60735

    1973:10:006.796.60735

    1973:11:006.736.60735

    1973:12:006.746.60735

    1974:01:006.996.60735

    1974:02:006.966.60735

    1974:03:007.216.60735

    1974:04:007.516.60735

    1974:05:007.586.60735

    1974:06:007.546.60735

    1974:07:007.816.60735

    1974:08:008.046.60735

    1974:09:008.046.60735

    1974:10:007.96.60735

    1974:11:007.686.60735

    1974:12:007.436.60735

    1975:01:007.56.60735

    1975:02:007.396.60735

    1975:03:007.736.60735

    1975:04:008.236.60735

    1975:05:008.066.60735

    1975:06:007.866.60735

    1975:07:008.066.60735

    1975:08:008.46.60735

    1975:09:008.436.60735

    1975:10:008.146.60735

    1975:11:008.056.60735

    1975:12:0086.60735

    1976:01:007.746.60735

    1976:02:007.796.60735

    1976:03:007.736.60735

    1976:04:007.566.60735

    1976:05:007.96.60735

    1976:06:007.866.60735

    1976:07:007.836.60735

    1976:08:007.776.60735

    1976:09:007.596.60735

    1976:10:007.416.60735

    1976:11:007.296.60735

    1976:12:006.876.60735

    1977:01:007.216.60735

    1977:02:007.396.60735

    1977:03:007.466.60735

    1977:04:007.376.60735

    1977:05:007.466.60735

    1977:06:007.286.60735

    1977:07:007.336.60735

    1977:08:007.46.60735

    1977:09:007.346.60735

    1977:10:007.526.60735

    1977:11:007.586.60735

    1977:12:007.696.60735

    1978:01:007.966.60735

    1978:02:008.036.60735

    1978:03:008.046.60735

    1978:04:008.156.60735

    1978:05:008.356.60735

    1978:06:008.466.60735

    1978:07:008.646.60735

    1978:08:008.416.60735

    1978:09:008.426.60735

    1978:10:008.646.60735

    1978:11:008.816.60735

    1978:12:009.016.60735

    1979:01:009.16.60735

    1979:02:009.16.60735

    1979:03:009.126.60735

    1979:04:009.186.60735

    1979:05:009.256.60735

    1979:06:008.916.60735

    1979:07:008.956.60735

    1979:08:009.036.60735

    1979:09:009.336.60735

    1979:10:0010.36.60735

    1979:11:0010.656.60735

    1979:12:0010.396.60735

    1980:01:0010.86.60735

    1980:02:0012.416.60735

    1980:03:0012.756.60735

    1980:04:0011.476.60735

    1980:05:0010.186.60735

    1980:06:009.786.60735

    1980:07:0010.256.60735

    1980:08:0011.16.60735

    1980:09:0011.516.60735

    1980:10:0011.756.60735

    1980:11:0012.686.60735

    1980:12:0012.846.60735

    1981:01:0012.576.60735

    1981:02:0013.196.60735

    1981:03:0013.126.60735

    1981:04:0013.686.60735

    1981:05:0014.16.60735

    1981:06:0013.476.60735

    1981:07:0014.286.60735

    1981:08:0014.946.60735

    1981:09:0015.326.60735

    1981:10:0015.156.60735

    1981:11:0013.396.60735

    1981:12:0013.726.60735

    1982:01:0014.596.60735

    1982:02:0014.436.60735

    1982:03:0013.866.60735

    1982:04:0013.876.60735

    1982:05:0013.626.60735

    1982:06:0014.36.60735

    1982:07:0013.956.60735

    1982:08:0013.066.60735

    1982:09:0012.346.60735

    1982:10:0010.916.60735

    1982:11:0010.556.60735

    1982:12:0010.546.60735

    1983:01:0010.466.60735

    1983:02:0010.726.60735

    1983:03:0010.516.60735

    1983:04:0010.46.60735

    1983:05:0010.386.60735

    1983:06:0010.856.60735

    1983:07:0011.386.60735

    1983:08:0011.856.60735

    1983:09:0011.656.60735

    1983:10:0011.546.60735

    1983:11:0011.696.60735

    1983:12:0011.836.60735

    1984:01:0011.676.60735

    1984:02:0011.846.60735

    1984:03:0012.326.60735

    1984:04:0012.636.60735

    1984:05:0013.416.60735

    1984:06:0013.566.60735

    1984:07:0013.366.60735

    1984:08:0012.726.60735

    1984:09:0012.526.60735

    1984:10:0012.166.60735

    1984:11:0011.576.60735

    1984:12:0011.56.60735

    1985:01:0011.386.60735

    1985:02:0011.516.60735

    1985:03:0011.866.60735

    1985:04:0011.436.60735

    1985:05:0010.856.60735

    1985:06:0010.166.60735

    1985:07:0010.316.60735

    1985:08:0010.336.60735

    1985:09:0010.376.60735

    1985:10:0010.246.60735

    1985:11:009.786.60735

    1985:12:009.266.60735

    1986:01:009.196.60735

    1986:02:008.76.60735

    1986:03:007.786.60735

    1986:04:007.36.60735

    1986:05:007.716.60735

    1986:06:007.86.60735

    1986:07:007.36.60735

    1986:08:007.176.60735

    1986:09:007.456.60735

    1986:10:007.436.60735

    1986:11:007.256.60735

    1986:12:007.116.60735

    1987:01:007.086.60735

    1987:02:007.256.60735

    1987:03:007.256.60735

    1987:04:008.026.60735

    1987:05:008.616.60735

    1987:06:008.46.60735

    1987:07:008.456.60735

    1987:08:008.766.60735

    1987:09:009.426.60735

    1987:10:009.526.60735

    1987:11:008.866.60735

    1987:12:008.996.60735

    1988:01:008.676.60735

    1988:02:008.216.60735

    1988:03:008.376.60735

    1988:04:008.726.60735

    1988:05:009.096.60735

    1988:06:008.926.60735

    1988:07:009.066.60735

    1988:08:009.266.60735

    1988:09:008.986.60735

    1988:10:008.86.60735

    1988:11:008.966.60735

    1988:12:009.116.60735

    1989:01:009.096.60735

    1989:02:009.176.60735

    1989:03:009.366.60735

    1989:04:009.186.60735

    1989:05:008.866.60735

    1989:06:008.286.60735

    1989:07:008.026.60735

    1989:08:008.116.60735

    1989:09:008.196.60735

    1989:10:008.016.60735

    1989:11:007.876.60735

    1989:12:007.846.60735

    1990:01:008.216.60735

    1990:02:008.476.60735

    1990:03:008.596.60735

    1990:04:008.796.60735

    1990:05:008.766.60735

    1990:06:008.486.60735

    1990:07:008.476.60735

    1990:08:008.756.60735

    1990:09:008.896.60735

    1990:10:008.726.60735

    1990:11:008.396.60735

    1990:12:008.086.60735

    1991:01:008.096.60735

    1991:02:007.856.60735

    1991:03:008.116.60735

    1991:04:008.046.60735

    1991:05:008.076.60735

    1991:06:008.286.60735

    1991:07:008.276.60735

    1991:08:007.96.60735

    1991:09:007.656.60735

    1991:10:007.536.60735

    1991:11:007.426.60735

    1991:12:007.096.60735

    1992:01:007.036.60735

    1992:02:007.346.60735

    1992:03:007.546.60735

    1992:04:007.486.60735

    1992:05:007.396.60735

    1992:06:007.266.60735

    1992:07:006.846.60735

    1992:08:006.596.60735

    1992:09:006.426.60735

    1992:10:006.596.60735

    1992:11:006.876.60735

    1992:12:006.776.60735

    1993:01:006.66.60735

    1993:02:006.266.60735

    1993:03:005.986.60735

    1993:04:005.976.60735

    1993:05:006.046.60735

    1993:06:005.966.60735

    1993:07:005.816.60735

    1993:08:005.686.60735

    1993:09:005.366.60735

    1993:10:005.336.60735

    1993:11:005.726.60735

    1993:12:005.776.60735

    1994:01:005.756.60735

    1994:02:005.976.60735

    1994:03:006.486.60735

    1994:04:006.976.60735

    1994:05:007.186.60735

    1994:06:007.16.60735

    1994:07:007.36.60735

    1994:08:007.246.60735

    1994:09:007.466.60735

    1994:10:007.746.60735

    1994:11:007.966.60735

    1994:12:007.816.60735

    1995:01:007.786.60735

    1995:02:007.476.60735

    1995:03:007.26.60735

    1995:04:007.066.60735

    1995:05:006.636.60735

    1995:06:006.176.60735

    1995:07:006.286.60735

    1995:08:006.496.60735

    1995:09:006.26.60735

    1995:10:006.046.60735

    1995:11:005.936.60735

    1995:12:005.716.60735

    1996:01:005.656.60735

    1996:02:005.816.60735

    1996:03:006.276.60735

    1996:04:006.516.60735

    1996:05:006.746.60735

    1996:06:006.916.60735

    1996:07:006.876.60735

    1996:08:006.646.60735

    1996:09:006.836.60735

    1996:10:006.536.60735

    1996:11:006.26.60735

    1996:12:006.36.60735

    1997:01:006.586.60735

    1997:02:006.426.60735

    1997:03:006.696.60735

    1997:04:006.896.60735

    1997:05:006.716.60735

    1997:06:006.496.60735

    1997:07:006.226.60735

    1997:08:006.36.60735

    1997:09:006.216.60735

    1997:10:006.036.60735

    1997:11:005.886.60735

    1997:12:005.816.60735

    1998:01:005.546.60735

    1998:02:005.576.60735

    1998:03:005.656.60735

    1998:04:005.646.60735

    1998:05:005.656.60735

    1998:06:005.56.60735

    1998:07:005.459866.60735

    1998:08:005.346.60735

    1998:09:004.816.60735

    1998:10:004.526576.60735

    1998:11:004.832256.60735

    1998:12:004.656.60735

    1999:01:004.715456.60735

    1999:02:004.997166.60735

    1999:03:005.236.60735

    1999:04:005.175866.60735

    1999:05:005.546.60735

    1999:06:005.96.60735

    1999:07:005.785956.60735

    1999:08:005.935956.60735

    1999:09:005.926.60735

    1999:10:006.116.60735

    1999:11:006.036.60735

    1999:12:006.286.60735

    2000:01:006.666.60735

    2000:02:006.526.60735

    2000:03:006.266.60735

    2000:04:005.996.60735

    2000:05:006.446.60735

    2000:06:006.16.60735

    2000:07:006.056.60735

    2000:08:005.836.60735

    2000:09:005.86.60735

    2000:10:005.746.60735

    2000:11:005.726.60735

    2000:12:005.246.60735

    2001:01:005.166.60735

    2001:02:005.16.60735

    2001:03:004.896.60735

    2001:04:005.146.60735

    2001:05:005.396.60735

    2001:06:005.286.60735

    2001:07:005.246.60735

    2001:08:004.976.60735

    2001:09:004.736.60735

    2001:10:004.576.60735

    2001:11:004.656.60735

    2001:12:005.096.60735

    2002:01:005.046.60735

    2002:02:004.916.60735

    2002:03:005.286.60735

    2002:04:005.216.60735

    2002:05:005.166.60735

    2002:06:004.936.60735

    2002:07:004.656.60735

    2002:08:004.266.60735

    2002:09:003.876.60735

    2002:10:003.946.60735

    2002:11:004.056.60735

    2002:12:004.036.60735

    2003:01:004.056.60735

    2003:02:003.96.60735

    2003:03:003.816.60735

    2003:04:003.966.60735

    2003:05:003.576.60735

    2003:06:003.336.60735

    2003:07:003.986.60735

    2003:08:004.456.60735

    2003:09:004.276.60735

    2003:10:004.296.60735

    2003:11:004.36.60735

    2003:12:004.276.60735

    2004:01:004.156.60735

    2004:02:004.086.60735

    2004:03:003.836.60735

    2004:04:004.356.60735

    2004:05:004.726.60735

    2004:06:004.736.60735

    2004:07:004.56.60735

    2004:08:004.286.60735

    2004:09:004.136.60735

    2004:10:004.16.60735

    2004:11:004.196.60735

    2004:12:004.236.60735

    2005:01:004.226.60735

    2005:02:004.176.60735

    2005:03:004.56.60735

    2005:04:004.346.60735

    2005:05:004.146.60735

    2005:06:0046.60735

    2005:07:004.186.60735

    2005:08:004.266.60735

    2005:09:004.26.60735

    2005:10:004.466.60735

    2005:11:004.546.60735

    2005:12:004.476.60735

    2006:01:004.426.60735

    2006:02:004.576.60735

    2006:03:004.726.60735

    2006:04:004.996.60735

    2006:05:005.116.60735

    10Y since 54

    10Y monthly

    Average rate

    in %

    Evolution 10Y Rates and Average Rate

    Inflation

    Yearly inflation rate

    19540.7

    1955-0.4

    19561.5

    19573.3

    19582.8

    19590.7

    19601.7

    19611.0

    19621.0

    19631.3

    19641.3

    19651.6

    19662.9

    19673.1

    19684.2

    19695.5

    19705.7

    19714.4

    19723.2

    19736.2

    197411.0

    19759.1

    19765.8

    19776.5

    19787.6

    197911.3

    198013.5

    198110.3

    19826.2

    19833.2

    19844.3

    19853.6

    19861.9

    19873.6

    19884.1

    19894.8

    19905.4

    19914.2

    19923.0

    19933.0

    19942.6

    19952.8

    19963.0

    19972.3

    19981.6

    19992.2

    20003.4

    20012.8

    20021.6

    20031.9

    20043.3

    20053.4

    2006 (6 m)3.6

    DT:

    Inflation

    Source: Bloomberg

    Yearly inflation rate

    in %

    Yearly inflation rate

    Source: Bloomberg

  • Inflation is mainly due to oil prices increases..

    Graph1

    3.111.6741115279

    11.538.8753931115

    13.944.1206747703

    13.540.9274260408

    14.541.3927375038

    14.638.484030156

    21.550.4645487475

    3471.9606877101

    37.172.7053789228

    33.663.6196917016

    29.6554.1897596914

    26.4246.7439080674

    26.3545.0000576365

    1830.4357201216

    16.727.2038389013

    1726.5763249693

    21.8232.7680064887

    28.540.7615636563

    19.1226.6790277144

    19.526.4681512031

    14.1718.8194943323

    17.7623.0346227823

    19.5524.8347139901

    25.9232.0609919201

    17.6421.5180336961

    12.0914.5442840699

    25.630.075029094

    26.830.5677631872

    19.8422.1638290538

    31.234.1041179967

    32.5234.8158516429

    43.4545.4272357

    61.0462.44392

    67.8267.82

    Source:Bloomberg

    Prix nominal

    Prix rel 2006

    $ par barril

    Evolution des prix du ptrole (WTI) depuis 1973 (en valeur nominale et relle)

    Px petrole brut et recalcul

    PrixInflationPx compens InflationPx recalcul

    19733.101.08511.60376.611.7

    197411.501.11439.66338.038.9

    197513.901.06543.03317.444.1

    197613.501.04739.25303.240.9

    197714.501.06240.26285.541.4

    197814.601.08338.17263.638.5

    197921.501.12351.90234.750.5

    198034.001.10973.09211.672.0

    198137.101.08071.91196.072.7

    198233.601.03560.31189.363.6

    198329.651.03650.81182.854.2

    198426.421.03348.37176.946.7

    198526.351.03643.75170.845.0

    198618.001.01023.46169.130.4

    198716.701.03829.42162.927.2

    198817.001.04223.87156.326.6

    198921.821.04128.06150.232.8

    199028.501.05033.70143.040.8

    199119.121.02528.29139.526.7

    199219.501.02826.33135.726.5

    199314.171.02222.87132.818.8

    199417.761.02420.92129.723.0

    199519.551.02121.86127.024.8

    199625.921.02725.71123.732.1

    199717.641.01421.41122.021.5

    199812.091.01415.42120.314.5

    199925.601.02425.56117.530.1

    200026.801.03032.60114.130.6

    200119.841.02125.28111.722.2

    200231.201.02230.23109.334.1

    200332.521.02131.84107.134.8

    200443.451.024104.645.4

    200561.041.022102.362.4

    200667.821.023100.067.8

    Synthse

    Prix nominalPrix rel 2006

    19733.1011.7

    197411.5038.9

    197513.9044.1

    197613.5040.9

    197714.5041.4

    197814.6038.5

    197921.5050.5

    198034.0072.0

    198137.1072.7

    198233.6063.6

    198329.6554.2

    198426.4246.7

    198526.3545.0

    198618.0030.4

    198716.7027.2

    198817.0026.6

    198921.8232.8

    199028.5040.8

    199119.1226.7

    199219.5026.5

    199314.1718.8

    199417.7623.0

    199519.5524.8

    199625.9232.1

    199717.6421.5

    199812.0914.5

    199925.6030.1

    200026.8030.6

    200119.8422.2

    200231.2034.1

    200332.5234.8

    200443.4545.4

    200561.0462.4

    200667.8267.8

    Synthse

    Source:Bloomberg

    Prix nominal

    Prix rel 2006

    $ par barril

    Evolution des prix du ptrole (WTI) depuis 1973 (en valeur nominale et relle)

    Feuil3

  • And to commodities

  • As well as increase in capacity utilisationSource:Bloomberg

    Graph1

    82.782.229411764781.678.5545454545

    83.482.229411764781.678.5545454545

    83.582.229411764781.178.5545454545

    82.782.229411764780.978.5545454545

    82.282.229411764780.178.5545454545

    82.182.229411764780.378.5545454545

    82.482.229411764780.378.5545454545

    82.782.229411764781.378.5545454545

    84.182.229411764781.478.5545454545

    8482.229411764782.178.5545454545

    84.582.229411764782.278.5545454545

    84.982.229411764780.678.5545454545

    84.682.229411764779.478.5545454545

    83.482.22941176477778.5545454545

    82.982.229411764775.578.5545454545

    81.782.229411764774.478.5545454545

    80.882.229411764775.478.5545454545

    81.382.229411764776.178.5545454545

    81.282.229411764775.978.5545454545

    81.382.229411764775.478.5545454545

    81.182.229411764774.878.5545454545

    80.782.229411764774.378.5545454545

    80.882.229411764774.778.5545454545

    81.382.229411764775.878.5545454545

    8182.229411764776.578.5545454545

    8182.229411764777.278.5545454545

    8282.229411764777.278.5545454545

    82.182.229411764779.278.5545454545

    81.982.229411764779.478.5545454545

    81.182.22941176478078.5545454545

    80.982.229411764778.678.5545454545

    81.182.229411764780.778.5545454545

    8282.229411764781.378.5545454545

    EU

    Average EU

    US

    Average US

    In %

    Evolution of utilisation capacities in EU and US

    Feuil1

    Utilisation capacity in EU and US

    EUAverage EUUSAverage US

    Mar-9882.782.281.678.6

    Jun-9883.482.281.678.6

    Sep-9883.582.281.178.6

    Dec-9882.782.280.978.6

    Mar-9982.282.280.178.6

    Jun-9982.182.280.378.6

    Sep-9982.482.280.378.6

    Dec-9982.782.281.378.6

    Mar-0084.182.281.478.6

    Jun-008482.282.178.6

    Sep-0084.582.282.278.6

    Dec-0084.982.280.678.6

    Mar-0184.682.279.478.6

    Jun-0183.482.27778.6

    Sep-0182.982.275.578.6

    Dec-0181.782.274.478.6

    Mar-0280.882.275.478.6

    Jun-0281.382.276.178.6

    Sep-0281.282.275.978.6

    Dec-0281.382.275.478.6

    Mar-0381.182.274.878.6

    Jun-0380.782.274.378.6

    Sep-0380.882.274.778.6

    Dec-0381.382.275.878.6

    Mar-048182.276.578.6

    Jun-048182.277.278.6

    Sep-048282.277.278.6

    Dec-0482.182.279.278.6

    Mar-0581.982.279.478.6

    Jun-0581.182.28078.6

    Sep-0580.982.278.678.6

    Dec-0581.182.280.778.6

    Mar-068282.281.378.6

    Jun-0682.482.2

    Feuil1

    EU

    Average EU

    US

    Average US

    In %

    Evolution of utilisation capacities in EU and US

    Feuil2

    Feuil3

  • As a consequence the Fed has consistently hiked short term interest rates Since 2004 Source:Bloomberg

    Graph1

    0.85.7083788122

    1.225.7083788122

    1.065.7083788122

    0.855.7083788122

    0.835.7083788122

    1.285.7083788122

    1.395.7083788122

    1.295.7083788122

    1.355.7083788122

    1.435.7083788122

    1.435.7083788122

    1.645.7083788122

    1.685.7083788122

    1.965.7083788122

    2.185.7083788122

    2.245.7083788122

    2.355.7083788122

    2.485.7083788122

    2.455.7083788122

    2.55.7083788122

    2.55.7083788122

    2.625.7083788122

    2.755.7083788122

    2.715.7083788122

    2.755.7083788122

    2.735.7083788122

    2.955.7083788122

    2.965.7083788122

    2.885.7083788122

    2.945.7083788122

    2.845.7083788122

    35.7083788122

    2.965.7083788122

    35.7083788122

    35.7083788122

    35.7083788122

    2.995.7083788122

    3.245.7083788122

    3.475.7083788122

    3.55.7083788122

    3.285.7083788122

    2.985.7083788122

    2.725.7083788122

    1.675.7083788122

    1.25.7083788122

    1.265.7083788122

    0.635.7083788122

    0.935.7083788122

    0.685.7083788122

    1.535.7083788122

    1.765.7083788122

    1.85.7083788122

    2.275.7083788122

    2.425.7083788122

    2.485.7083788122

    2.435.7083788122

    2.85.7083788122

    2.965.7083788122

    2.95.7083788122

    3.395.7083788122

    3.475.7083788122

    3.55.7083788122

    3.765.7083788122

    3.985.7083788122

    45.7083788122

    3.995.7083788122

    3.995.7083788122

    3.975.7083788122

    3.845.7083788122

    3.925.7083788122

    3.855.7083788122

    3.325.7083788122

    3.235.7083788122

    2.985.7083788122

    2.65.7083788122

    2.475.7083788122

    2.445.7083788122

    1.985.7083788122

    1.455.7083788122

    2.545.7083788122

    2.025.7083788122

    1.495.7083788122

    1.985.7083788122

    1.735.7083788122

    1.175.7083788122

    25.7083788122

    1.885.7083788122

    2.265.7083788122

    2.615.7083788122

    2.335.7083788122

    2.155.7083788122

    2.375.7083788122

    2.855.7083788122

    2.785.7083788122

    2.365.7083788122

    2.685.7083788122

    2.715.7083788122

    2.935.7083788122

    2.95.7083788122

    2.95.7083788122

    2.945.7083788122

    2.935.7083788122

    2.925.7083788122

    35.7083788122

    2.985.7083788122

    2.95.7083788122

    35.7083788122

    2.995.7083788122

    3.025.7083788122

    3.495.7083788122

    3.485.7083788122

    3.55.7083788122

    3.485.7083788122

    3.385.7083788122

    3.485.7083788122

    3.485.7083788122

    3.435.7083788122

    3.475.7083788122

    3.55.7083788122

    3.55.7083788122

    3.425.7083788122

    3.55.7083788122

    3.455.7083788122

    3.365.7083788122

    3.525.7083788122

    3.855.7083788122

    3.95.7083788122

    3.985.7083788122

    4.045.7083788122

    4.095.7083788122

    4.15.7083788122

    4.045.7083788122

    4.095.7083788122

    4.125.7083788122

    4.015.7083788122

    4.085.7083788122

    4.15.7083788122

    4.325.7083788122

    4.425.7083788122

    4.65.7083788122

    4.655.7083788122

    4.675.7083788122

    4.95.7083788122

    5.175.7083788122

    5.35.7083788122

    5.535.7083788122

    5.45.7083788122

    5.535.7083788122

    5.765.7083788122

    5.45.7083788122

    4.945.7083788122

    55.7083788122

    4.535.7083788122

    4.055.7083788122

    3.945.7083788122

    3.985.7083788122

    3.795.7083788122

    3.95.7083788122

    3.995.7083788122

    3.885.7083788122

    4.135.7083788122

    4.515.7083788122

    4.65.7083788122

    4.715.7083788122

    5.055.7083788122

    5.765.7083788122

    6.115.7083788122

    6.075.7083788122

    6.025.7083788122

    6.035.7083788122

    5.785.7083788122

    5.915.7083788122

    5.825.7083788122

    6.025.7083788122

    6.35.7083788122

    6.615.7083788122

    6.795.7083788122

    7.415.7083788122

    8.675.7083788122

    8.95.7083788122

    8.615.7083788122

    9.195.7083788122

    9.155.7083788122

    95.7083788122

    8.855.7083788122

    8.975.7083788122

    8.985.7083788122

    8.985.7083788122

    7.765.7083788122

    8.15.7083788122

    7.945.7083788122

    7.65.7083788122

    7.215.7083788122

    6.615.7083788122

    6.295.7083788122

    6.25.7083788122

    5.65.7083788122

    4.95.7083788122

    4.145.7083788122

    3.725.7083788122

    3.715.7083788122

    4.155.7083788122

    4.635.7083788122

    4.915.7083788122

    5.315.7083788122

    5.565.7083788122

    5.555.7083788122

    5.25.7083788122

    4.915.7083788122

    4.145.7083788122

    3.55.7083788122

    3.295.7083788122

    3.835.7083788122

    4.175.7083788122

    4.275.7083788122

    4.465.7083788122

    4.555.7083788122

    4.85.7083788122

    4.875.7083788122

    5.045.7083788122

    5.065.7083788122

    5.335.7083788122

    5.945.7083788122

    6.585.7083788122

    7.095.7083788122

    7.125.7083788122

    7.845.7083788122

    8.495.7083788122

    10.45.7083788122

    10.55.7083788122

    10.785.7083788122

    10.015.7083788122

    10.035.7083788122

    9.955.7083788122

    9.655.7083788122

    8.975.7083788122

    9.355.7083788122

    10.515.7083788122

    11.315.7083788122

    11.935.7083788122

    12.925.7083788122

    12.015.7083788122

    11.345.7083788122

    10.065.7083788122

    9.455.7083788122

    8.535.7083788122

    7.135.7083788122

    6.245.7083788122

    5.545.7083788122

    5.495.7083788122

    5.225.7083788122

    5.555.7083788122

    6.15.7083788122

    6.145.7083788122

    6.245.7083788122

    5.825.7083788122

    5.225.7083788122

    5.25.7083788122

    4.875.7083788122

    4.775.7083788122

    4.845.7083788122

    4.825.7083788122

    5.295.7083788122

    5.485.7083788122

    5.315.7083788122

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    13.775.7083788122

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    17.195.7083788122

    17.615.7083788122

    10.985.7083788122

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    10.875.7083788122

    12.815.7083788122

    15.855.7083788122

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    19.085.7083788122

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    19.045.7083788122

    17.825.7083788122

    15.875.7083788122

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    13.315.7083788122

    12.375.7083788122

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    14.785.7083788122

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    12.595.7083788122

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    8.775.7083788122

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    8.635.7083788122

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    9.455.7083788122

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    10.295.7083788122

    10.325.7083788122

    11.065.7083788122

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    11.645.7083788122

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    9.995.7083788122

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    6.775.7083788122

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    8.135.7083788122

    8.25.7083788122

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    5.455.7083788122

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    3.985.7083788122

    3.735.7083788122

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    3.35.7083788122

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    2.925.7083788122

    3.025.7083788122

    3.035.7083788122

    3.075.7083788122

    2.965.7083788122

    35.7083788122

    3.045.7083788122

    3.065.7083788122

    3.035.7083788122

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    65.7083788122

    5.855.7083788122

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    4.685.7083788122

    4.635.7083788122

    4.765.7083788122

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    5.455.7083788122

    5.735.7083788122

    5.855.7083788122

    6.025.7083788122

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    5.495.7083788122

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    3.975.7083788122

    3.775.7083788122

    3.655.7083788122

    3.075.7083788122

    2.495.7083788122

    2.095.7083788122

    1.825.7083788122

    1.735.7083788122

    1.745.7083788122

    1.735.7083788122

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    1.755.7083788122

    1.735.7083788122

    1.745.7083788122

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    1.755.7083788122

    1.345.7083788122

    1.245.7083788122

    1.245.7083788122

    1.265.7083788122

    1.255.7083788122

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    1.015.7083788122

    1.035.7083788122

    1.015.7083788122

    1.015.7083788122

    15.7083788122

    0.985.7083788122

    15.7083788122

    1.015.7083788122

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    15.7083788122

    15.7083788122

    1.035.7083788122

    1.265.7083788122

    1.435.7083788122

    1.615.7083788122

    1.765.7083788122

    1.935.7083788122

    2.165.7083788122

    2.285.7083788122

    2.55.7083788122

    2.635.7083788122

    2.795.7083788122

    35.7083788122

    3.045.7083788122

    3.265.7083788122

    3.55.7083788122

    3.625.7083788122

    3.785.7083788122

    45.7083788122

    4.165.7083788122

    4.295.7083788122

    4.495.7083788122

    4.595.7083788122

    4.795.7083788122

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    Fed Funds US

    50 Y average rate

    Fed funds rates and average rate in 50 years

    Fed Funds since 54

    Fed funds & 10Y

    Fed Funds US50 Y average rate

    1954:07:000.85.7083788122

    1954:08:001.225.7083788122

    1954:09:001.065.7083788122

    1954:10:000.855.7083788122

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    1977:05:005.355.7083788122

    1977:06:005.395.7083788122

    1977:07:005.425.7083788122

    1977:08:005.95.7083788122

    1977:09:006.145.7083788122

    1977:10:006.475.7083788122

    1977:11:006.515.7083788122

    1977:12:006.565.7083788122

    1978:01:006.75.7083788122

    1978:02:006.785.7083788122

    1978:03:006.795.7083788122

    1978:04:006.895.7083788122

    1978:05:007.365.7083788122

    1978:06:007.65.7083788122

    1978:07:007.815.7083788122

    1978:08:008.045.7083788122

    1978:09:008.455.7083788122

    1978:10:008.965.7083788122

    1978:11:009.765.7083788122

    1978:12:0010.035.7083788122

    1979:01:0010.075.7083788122

    1979:02:0010.065.7083788122

    1979:03:0010.095.7083788122

    1979:04:0010.015.7083788122

    1979:05:0010.245.7083788122

    1979:06:0010.295.7083788122

    1979:07:0010.475.7083788122

    1979:08:0010.945.7083788122

    1979:09:0011.435.7083788122

    1979:10:0013.775.7083788122

    1979:11:0013.185.7083788122

    1979:12:0013.785.7083788122

    1980:01:0013.825.7083788122

    1980:02:0014.135.7083788122

    1980:03:0017.195.7083788122

    1980:04:0017.615.7083788122

    1980:05:0010.985.7083788122

    1980:06:009.475.7083788122

    1980:07:009.035.7083788122

    1980:08:009.615.7083788122

    1980:09:0010.875.7083788122

    1980:10:0012.815.7083788122

    1980:11:0015.855.7083788122

    1980:12:0018.95.7083788122

    1981:01:0019.085.7083788122

    1981:02:0015.935.7083788122

    1981:03:0014.75.7083788122

    1981:04:0015.725.7083788122

    1981:05:0018.525.7083788122

    1981:06:0019.15.7083788122

    1981:07:0019.045.7083788122

    1981:08:0017.825.7083788122

    1981:09:0015.875.7083788122

    1981:10:0015.085.7083788122

    1981:11:0013.315.7083788122

    1981:12:0012.375.7083788122

    1982:01:0013.225.7083788122

    1982:02:0014.785.7083788122

    1982:03:0014.685.7083788122

    1982:04:0014.945.7083788122

    1982:05:0014.455.7083788122

    1982:06:0014.155.7083788122

    1982:07:0012.595.7083788122

    1982:08:0010.125.7083788122

    1982:09:0010.315.7083788122

    1982:10:009.715.7083788122

    1982:11:009.25.7083788122

    1982:12:008.955.7083788122

    1983:01:008.685.7083788122

    1983:02:008.515.7083788122

    1983:03:008.775.7083788122

    1983:04:008.85.7083788122

    1983:05:008.635.7083788122

    1983:06:008.985.7083788122

    1983:07:009.375.7083788122

    1983:08:009.565.7083788122

    1983:09:009.455.7083788122

    1983:10:009.485.7083788122

    1983:11:009.345.7083788122

    1983:12:009.475.7083788122

    1984:01:009.565.7083788122

    1984:02:009.595.7083788122

    1984:03:009.915.7083788122

    1984:04:0010.295.7083788122

    1984:05:0010.325.7083788122

    1984:06:0011.065.7083788122

    1984:07:0011.235.7083788122

    1984:08:0011.645.7083788122

    1984:09:0011.35.7083788122

    1984:10:009.995.7083788122

    1984:11:009.435.7083788122

    1984:12:008.385.7083788122

    1985:01:008.355.7083788122

    1985:02:008.55.7083788122

    1985:03:008.585.7083788122

    1985:04:008.275.7083788122

    1985:05:007.975.7083788122

    1985:06:007.535.7083788122

    1985:07:007.885.7083788122

    1985:08:007.95.7083788122

    1985:09:007.925.7083788122

    1985:10:007.995.7083788122

    1985:11:008.055.7083788122

    1985:12:008.275.7083788122

    1986:01:008.145.7083788122

    1986:02:007.865.7083788122

    1986:03:007.485.7083788122

    1986:04:006.995.7083788122

    1986:05:006.855.7083788122

    1986:06:006.925.7083788122

    1986:07:006.565.7083788122

    1986:08:006.175.7083788122

    1986:09:005.895.7083788122

    1986:10:005.855.7083788122

    1986:11:006.045.7083788122

    1986:12:006.915.7083788122

    1987:01:006.435.7083788122

    1987:02:006.15.7083788122

    1987:03:006.135.7083788122

    1987:04:006.375.7083788122

    1987:05:006.855.7083788122

    1987:06:006.735.7083788122

    1987:07:006.585.7083788122

    1987:08:006.735.7083788122

    1987:09:007.225.7083788122

    1987:10:007.295.7083788122

    1987:11:006.695.7083788122

    1987:12:006.775.7083788122

    1988:01:006.835.7083788122

    1988:02:006.585.7083788122

    1988:03:006.585.7083788122

    1988:04:006.875.7083788122

    1988:05:007.095.7083788122

    1988:06:007.515.7083788122

    1988:07:007.755.7083788122

    1988:08:008.015.7083788122

    1988:09:008.195.7083788122

    1988:10:008.35.7083788122

    1988:11:008.355.7083788122

    1988:12:008.765.7083788122

    1989:01:009.125.7083788122

    1989:02:009.365.7083788122

    1989:03:009.855.7083788122

    1989:04:009.845.7083788122

    1989:05:009.815.7083788122

    1989:06:009.535.7083788122

    1989:07:009.245.7083788122

    1989:08:008.995.7083788122

    1989:09:009.025.7083788122

    1989:10:008.845.7083788122

    1989:11:008.555.7083788122

    1989:12:008.455.7083788122

    1990:01:008.235.7083788122

    1990:02:008.245.7083788122

    1990:03:008.285.7083788122

    1990:04:008.265.7083788122

    1990:05:008.185.7083788122

    1990:06:008.295.7083788122

    1990:07:008.155.7083788122

    1990:08:008.135.7083788122

    1990:09:008.25.7083788122

    1990:10:008.115.7083788122

    1990:11:007.815.7083788122

    1990:12:007.315.7083788122

    1991:01:006.915.7083788122

    1991:02:006.255.7083788122

    1991:03:006.125.7083788122

    1991:04:005.915.7083788122

    1991:05:005.785.7083788122

    1991:06:005.95.7083788122

    1991:07:005.825.7083788122

    1991:08:005.665.7083788122

    1991:09:005.455.7083788122

    1991:10:005.215.7083788122

    1991:11:004.815.7083788122

    1991:12:004.435.7083788122

    1992:01:004.035.7083788122

    1992:02:004.065.7083788122

    1992:03:003.985.7083788122

    1992:04:003.735.7083788122

    1992:05:003.825.7083788122

    1992:06:003.765.7083788122

    1992:07:003.255.7083788122

    1992:08:003.35.7083788122

    1992:09:003.225.7083788122

    1992:10:003.15.7083788122

    1992:11:003.095.7083788122

    1992:12:002.925.7083788122

    1993:01:003.025.7083788122

    1993:02:003.035.7083788122

    1993:03:003.075.7083788122

    1993:04:002.965.7083788122

    1993:05:0035.7083788122

    1993:06:003.045.7083788122

    1993:07:003.065.7083788122

    1993:08:003.035.7083788122

    1993:09:003.095.7083788122

    1993:10:002.995.7083788122

    1993:11:003.025.7083788122

    1993:12:002.965.7083788122

    1994:01:003.055.7083788122

    1994:02:003.255.7083788122

    1994:03:003.345.7083788122

    1994:04:003.565.7083788122

    1994:05:004.015.7083788122

    1994:06:004.255.7083788122

    1994:07:004.265.7083788122

    1994:08:004.475.7083788122

    1994:09:004.735.7083788122

    1994:10:004.765.7083788122

    1994:11:005.295.7083788122

    1994:12:005.455.7083788122

    1995:01:005.535.7083788122

    1995:02:005.925.7083788122

    1995:03:005.985.7083788122

    1995:04:006.055.7083788122

    1995:05:006.015.7083788122

    1995:06:0065.7083788122

    1995:07:005.855.7083788122

    1995:08:005.745.7083788122

    1995:09:005.85.7083788122

    1995:10:005.765.7083788122

    1995:11:005.85.7083788122

    1995:12:005.65.7083788122

    1996:01:005.565.7083788122

    1996:02:005.225.7083788122

    1996:03:005.315.7083788122

    1996:04:005.225.7083788122

    1996:05:005.245.7083788122

    1996:06:005.275.7083788122

    1996:07:005.45.7083788122

    1996:08:005.225.7083788122

    1996:09:005.35.7083788122

    1996:10:005.245.7083788122

    1996:11:005.315.7083788122

    1996:12:005.295.7083788122

    1997:01:005.255.7083788122

    1997:02:005.195.7083788122

    1997:03:005.395.7083788122

    1997:04:005.515.7083788122

    1997:05:005.55.7083788122

    1997:06:005.565.7083788122

    1997:07:005.525.7083788122

    1997:08:005.545.7083788122

    1997:09:005.545.7083788122

    1997:10:005.55.7083788122

    1997:11:005.525.7083788122

    1997:12:005.55.7083788122

    1998:01:005.565.7083788122

    1998:02:005.515.7083788122

    1998:03:005.495.7083788122

    1998:04:005.455.7083788122

    1998:05:005.495.7083788122

    1998:06:005.565.7083788122

    1998:07:005.545.7083788122

    1998:08:005.555.7083788122

    1998:09:005.515.7083788122

    1998:10:005.075.7083788122

    1998:11:004.835.7083788122

    1998:12:004.685.7083788122

    1999:01:004.635.7083788122

    1999:02:004.765.7083788122

    1999:03:004.815.7083788122

    1999:04:004.745.7083788122

    1999:05:004.745.7083788122

    1999:06:004.765.7083788122

    1999:07:004.995.7083788122

    1999:08:005.075.7083788122

    1999:09:005.225.7083788122

    1999:10:005.25.7083788122

    1999:11:005.425.7083788122

    1999:12:005.35.7083788122

    2000:01:005.455.7083788122

    2000:02:005.735.7083788122

    2000:03:005.855.7083788122

    2000:04:006.025.7083788122

    2000:05:006.275.7083788122

    2000:06:006.535.7083788122

    2000:07:006.545.7083788122

    2000:08:006.55.7083788122

    2000:09:006.525.7083788122

    2000:10:006.515.7083788122

    2000:11:006.515.7083788122

    2000:12:006.45.7083788122

    2001:01:005.985.7083788122

    2001:02:005.495.7083788122

    2001:03:005.315.7083788122

    2001:04:004.85.7083788122

    2001:05:004.215.7083788122

    2001:06:003.975.7083788122

    2001:07:003.775.7083788122

    2001:08:003.655.7083788122

    2001:09:003.075.7083788122

    2001:10:002.495.7083788122

    2001:11:002.095.7083788122

    2001:12:001.825.7083788122

    2002:01:001.735.7083788122

    2002:02:001.745.7083788122

    2002:03:001.735.7083788122

    2002:04:001.755.7083788122

    2002:05:001.755.7083788122

    2002:06:001.755.7083788122

    2002:07:001.735.7083788122

    2002:08:001.745.7083788122

    2002:09:001.755.7083788122

    2002:10:001.755.7083788122

    2002:11:001.345.7083788122

    2002:12:001.245.7083788122

    2003:01:001.245.7083788122

    2003:02:001.265.7083788122

    2003:03:001.255.7083788122

    2003:04:001.265.7083788122

    2003:05:001.265.7083788122

    2003:06:001.225.7083788122

    2003:07:001.015.7083788122

    2003:08:001.035.7083788122

    2003:09:001.015.7083788122

    2003:10:001.015.7083788122

    2003:11:0015.7083788122

    2003:12:000.985.7083788122

    2004:01:0015.7083788122

    2004:02:001.015.7083788122

    2004:03:0015.7083788122

    2004:04:0015.7083788122

    2004:05:0015.7083788122

    2004:06:001.035.7083788122

    2004:07:001.265.7083788122

    2004:08:001.435.7083788122

    2004:09:001.615.7083788122

    2004:10:001.765.7083788122

    2004:11:001.935.7083788122

    2004:12:002.165.7083788122

    2005:01:002.285.7083788122

    2005:02:002.55.7083788122

    2005:03:002.635.7083788122

    2005:04:002.795.7083788122

    2005:05:0035.7083788122

    2005:06:003.045.7083788122

    2005:07:003.265.7083788122

    2005:08:003.55.7083788122

    2005:09:003.625.7083788122

    2005:10:003.785.7083788122

    2005:11:0045.7083788122

    2005:12:004.165.7083788122

    2006:01:004.295.7083788122

    2006:02:004.495.7083788122

    2006:03:004.595.7083788122

    2006:04:004.795.7083788122

    2006:05:004.945.7083788122

    Fed Funds since 54

    Fed Funds US

    50 Y average rate

    Fed funds rates and average rate in 50 years

    10Y since 54

    10Y monthlyAverage rate

    1954:07:002.36.60735

    1954:08:002.366.60735

    1954:09:002.386.60735

    1954:10:002.436.60735

    1954:11:002.486.60735

    1954:12:002.516.60735

    1955:01:002.616.60735

    1955:02:002.656.60735

    1955:03:002.686.60735

    1955:04:002.756.60735

    1955:05:002.766.60735

    1955:06:002.786.60735

    1955:07:002.96.60735

    1955:08:002.976.60735

    1955:09:002.976.60735

    1955:10:002.886.60735

    1955:11:002.896.60735

    1955:12:002.966.60735

    1956:01:002.96.60735

    1956:02:002.846.60735

    1956:03:002.966.60735

    1956:04:003.186.60735

    1956:05:003.076.60735

    1956:06:0036.60735

    1956:07:003.116.60735

    1956:08:003.336.60735

    1956:09:003.386.60735

    1956:10:003.346.60735

    1956:11:003.496.60735

    1956:12:003.596.60735

    1957:01:003.466.60735

    1957:02:003.346.60735

    1957:03:003.416.60735

    1957:04:003.486.60735

    1957:05:003.66.60735

    1957:06:003.86.60735

    1957:07:003.936.60735

    1957:08:003.936.60735

    1957:09:003.926.60735

    1957:10:003.976.60735

    1957:11:003.726.60735

    1957:12:003.216.60735

    1958:01:003.096.60735

    1958:02:003.056.60735

    1958:03:002.986.60735

    1958:04:002.886.60735

    1958:05:002.926.60735

    1958:06:002.976.60735

    1958:07:003.26.60735

    1958:08:003.546.60735

    1958:09:003.766.60735

    1958:10:003.86.60735

    1958:11:003.746.60735

    1958:12:003.866.60735

    1959:01:004.026.60735

    1959:02:003.966.60735

    1959:03:003.996.60735

    1959:04:004.126.60735

    1959:05:004.316.60735

    1959:06:004.346.60735

    1959:07:004.46.60735

    1959:08:004.436.60735

    1959:09:004.686.60735

    1959:10:004.536.60735

    1959:11:004.536.60735

    1959:12:004.696.60735

    1960:01:004.726.60735

    1960:02:004.496.60735

    1960:03:004.256.60735

    1960:04:004.286.60735

    1960:05:004.356.60735

    1960:06:004.156.60735

    1960:07:003.96.60735

    1960:08:003.86.60735

    1960:09:003.86.60735

    1960:10:003.896.60735

    1960:11:003.936.60735

    1960:12:003.846.60735

    1961:01:003.846.60735

    1961:02:003.786.60735

    1961:03:003.746.60735

    1961:04:003.786.60735

    1961:05:003.716.60735

    1961:06:003.886.60735

    1961:07:003.926.60735

    1961:08:004.046.60735

    1961:09:003.986.60735

    1961:10:003.926.60735

    1961:11:003.946.60735

    1961:12:004.066.60735

    1962:01:004.086.60735

    1962:02:004.046.60735

    1962:03:003.936.60735

    1962:04:003.846.60735

    1962:05:003.876.60735

    1962:06:003.916.60735

    1962:07:004.016.60735

    1962:08:003.986.60735

    1962:09:003.986.60735

    1962:10:003.936.60735

    1962:11:003.926.60735

    1962:12:003.866.60735

    1963:01:003.836.60735

    1963:02:003.926.60735

    1963:03:003.936.60735

    1963:04:003.976.60735

    1963:05:003.936.60735

    1963:06:003.996.60735

    1963:07:004.026.60735

    1963:08:0046.60735

    1963:09:004.086.60735

    1963:10:004.116.60735

    1963:11:004.126.60735

    1963:12:004.136.60735

    1964:01:004.176.60735

    1964:02:004.156.60735

    1964:03:004.226.60735

    1964:04:004.236.60735

    1964:05:004.26.60735

    1964:06:004.176.60735

    1964:07:004.196.60735

    1964:08:004.196.60735

    1964:09:004.26.60735

    1964:10:004.196.60735

    1964:11:004.156.60735

    1964:12:004.186.60735

    1965:01:004.196.60735

    1965:02:004.216.60735

    1965:03:004.216.60735

    1965:04:004.26.60735

    1965:05:004.216.60735

    1965:06:004.216.60735

    1965:07:004.26.60735

    1965:08:004.256.60735

    1965:09:004.296.60735

    1965:10:004.356.60735

    1965:11:004.456.60735

    1965:12:004.626.60735

    1966:01:004.616.60735

    1966:02:004.836.60735

    1966:03:004.876.60735

    1966:04:004.756.60735

    1966:05:004.786.60735

    1966:06:004.816.60735

    1966:07:005.026.60735

    1966:08:005.226.60735

    1966:09:005.186.60735

    1966:10:005.016.60735

    1966:11:005.166.60735

    1966:12:004.846.60735

    1967:01:004.586.60735

    1967:02:004.636.60735

    1967:03:004.546.60735

    1967:04:004.596.60735

    1967:05:004.856.60735

    1967:06:005.026.60735

    1967:07:005.166.60735

    1967:08:005.286.60735

    1967:09:005.36.60735

    1967:10:005.486.60735

    1967:11:005.756.60735

    1967:12:005.76.60735

    1968:01:005.536.60735

    1968:02:005.566.60735

    1968:03:005.746.60735

    1968:04:005.646.60735

    1968:05:005.876.60735

    1968:06:005.726.60735

    1968:07:005.56.60735

    1968:08:005.426.60735

    1968:09:005.466.60735

    1968:10:005.586.60735

    1968:11:005.76.60735

    1968:12:006.036.60735

    1969:01:006.046.60735

    1969:02:006.196.60735

    1969:03:006.36.60735

    1969:04:006.176.60735

    1969:05:006.326.60735

    1969:06:006.576.60735

    1969:07:006.726.60735

    1969:08:006.696.60735

    1969:09:007.166.60735

    1969:10:007.16.60735

    1969:11:007.146.60735

    1969:12:007.656.60735

    1970:01:007.796.60735

    1970:02:007.246.60735

    1970:03:007.076.60735

    1970:04:007.396.60735

    1970:05:007.916.60735

    1970:06:007.846.60735

    1970:07:007.466.60735

    1970:08:007.536.60735

    1970:09:007.396.60735

    1970:10:007.336.60735

    1970:11:006.846.60735

    1970:12:006.396.60735

    1971:01:006.246.60735

    1971:02:006.116.60735

    1971:03:005.76.60735

    1971:04:005.836.60735

    1971:05:006.396.60735

    1971:06:006.526.60735

    1971:07:006.736.60735

    1971:08:006.586.60735

    1971:09:006.146.60735

    1971:10:005.936.60735

    1971:11:005.816.60735

    1971:12:005.936.60735

    1972:01:005.956.60735

    1972:02:006.086.60735

    1972:03:006.076.60735

    1972:04:006.196.60735

    1972:05:006.136.60735

    1972:06:006.116.60735

    1972:07:006.116.60735

    1972:08:006.216.60735

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