USD 23.7 Trillion$25.0
Feb 2020 – Jan 2021

For more information, visit: https://www.duffandphelps.com/costofcapital

0.85%

0.32%

3.08%

1.12%

-0.55%

0.03%

7.82%

5.93%

1.03%

Sources: Bloomberg (Brazil, India), Capital IQ (other countries)

Assets Held by Central Banks (in USD trillions)

U.S. Federal Reserve$20.0

European Central Bank
Bank of Japan$15.0

Bank of England

$10.0

$5.0

$0.0

Sources: Capital IQ, FRED® Economic Data, European Central Bank, Bank of Japan, Bank of England

Sources: Capital IQ, FRED® Economic Data, Morningstar Direct*The first lockdown due to COVID-19 began on January 23, 2020 in Wuhan, China.

U.S. Corporate Credit Spreads based on the difference in effective yields between the ICE BofA US High Yield Index and the ICE BofA US Corporate Index. Euro-Denominated Corporate Credit Spreads based on the differencein effective yields between the Bloomberg Barclays Pan-European High Yield Index (EUR) and the Bloomberg Barclays Euro Aggregate Corporate Bond Index. Long-term averages based on 1995 to present for VIX daily series,
1999 to present for VSTOXX daily series, 1996 to present for U.S. credit spread daily series, and 1998 to present for EUR-denominated credit spread monthly series

Source: U.S. Bureau of Labor Statistics, OECDSources: FRED® Economic Data (Eurozone, Japan, U.S.), National Bureau of Statistics of China, UK's Office for National Statistics*Data through December 2020 for the United States, and November 2020 for the Eurozone.

Quarter-on-quarter growth based on the growth rate from Q4 2019 to Q1 2020, Q1 2020 to Q2 2020 and Q2 2020 to Q3 2020. This rate is annualized by computing the compounded growth rate for four quarters as follows:(1 + Real GDP Q/Q Growth)^4. The annualized rate shows what the quarterly change would be if it lasted a full year.

Source: Capital IQ

WORLDUNITED STATESEUROZONE5.0
2.5 2.8

1.9 1.9

1.0 1.3

-3.6

-4.1

Sources: Michigan University’s Index of Consumer Sentiment, OECD’s Business Confidence Index,European Commission business and consumer surveys [The same methodology that the EuropeanCommission uses to standardize its Economic Sentiment Indicator (ESI) was applied to the Eurozone
Consumer Confidence and Business Climate Indicator series.]

4.4

4.0

*Difference due to rounding0-7.4*Difference due to rounding

Sources: OECD, IMF, World Bank, Blue Chip Economic Indicators, Consensus Economics, EIU, Fitch Ratings, IHS Markit, Moody's Analytics, Oxford Economics, S&P Global Ratings*Data through January 2021 for Consumer Confidence. Business Confidence through November andDecember 2020 in U.S. and Eurozone respectively.

Before COVID-19 median estimates based on data released in December 2019 and early January of 2020. After COVID-19 median estimates based on data available as of the date noted above.

30150Source: Worldometers.com

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