USD 24.1 Trillion
USD 24.1 Trillion$25.0
Feb 2020 – Apr 2021

U.S. Federal Reserve

Assets Held by Central Banks (in USD trillions)$20.0

European Central Bank
Bank of Japan$15.0
Bank of England

$10.0

$5.0

$0.0

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

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

1.68%

1.47%

9.49%

-0.30%-0.39%-0.34%-0.04%

0.35%

0.70%

0.78%

-0.29%

0.38%

3.18%

6.08%

0.10%

Sources: Capital IQ, FRED® Economic Data, Morningstar DirectU.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 basedon the difference in effective yields between the Bloomberg Barclays Pan-European High Yield Index(EUR) and the Bloomberg Barclays Euro Aggregate Corporate Bond Index. Long-term averages basedon 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: Capital IQ*The first lockdown due to COVID-19 began on January 23, 2020 in Wuhan, China.

Sources: Bloomberg (Brazil, India), European Central Bank (Eurozone aggregate yield),
Capital IQ (other countries)WORLD

UNITED STATES

6.2

5.6
4.2

3.5
-3.5

-3.6
Source: U.S. Bureau of Labor Statistics, Eurostat*Data through March 2021 for the United States, and February 2021 for the Eurozone.

EUROZONE

CHINA
8.4
5.4

4.2 4.0
2.3-6.8

Sources: Michigan University’s Index of Consumer Sentiment, OECD’s Business Confidence Index,European Commission business and consumer surveys [The same methodology that the European
Commission uses to standardize its Economic Sentiment Indicator (ESI) was applied to the EurozoneConsumer Confidence and Business Climate Indicator series.]*Data through March 2021 for Consumer Sentiment. Business Confidence through February 2021
and March 2021 in U.S. and Eurozone respectively.

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
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.
Compound annual growth rate (CAGR) is calculated as the annualized rate of return of median real GDP growth rate estimates from the end of 2019 through the end of 2021:[(1 + 2020 Real GDP Growth Rate) * ( 1 + 2021 Real GDP Growth Rate ) ] ^ (1/2) – 1. Cumulative growth is calculated as the total (cumulative) growth rates of median real GDP estimates from the end of 2019 through the endof 2021: (1 + 2020 Real GDP Growth Rate ) * ( 1 + 2021 Real GDP Growth Rate ) – 1. These metrics show the annualized and cumulative real GDP growth rates that were expected at the end of 2019 (Before COVID-19) for
the 2020–2021 period versus what the expectations are currently (After COVID-19).

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