¿Está la bolsa en EE.UU. en diciembre 2021 sobrevaluada?

palabras claves: acciones, bonos, criptoactivos, dinero, fiat, inflación.

Sí, la bolsa en EE.UU. en diciembre 2021 está sobrevaluada.

La conocida Relación Precio / Beneficio (Price to Earnings Ratio) de Robert Shiller así lo indica (línea azul en el gráfico abajo). De hecho, ya casi estamos a niveles de la crisis de las “.com” (pico máximo); y seguramente lo superaremos poco antes de que la FED aumente su tasa de interés a finales del primer trimestre de 2022.

La línea naranja es una corrección hecha por mí. Básicamente, me apalanco sobre la norma histórica del 11% del ratio base monetaria sobre liquidez monetaria, para intentar extraer el efecto del Quantitative Easing; lo anterior, para dejar claro que la sobrevaluación bursátil se debe precisamente a esta política laxa, y que la caída de los mercados será importante una vez empiece la FED a subir los tipos de interés. Los inversores liquidarán posiciones en el mercado bursátil, de commodities y de criptoactivos y la FED responderá vendiendo gradualmente los bonos del Tesoro de EE.UU. que de largo plazo ha venido acumulado en los últimos 14 años, precisamente gracias al Quantitative Easing .

Mes	Relación Precio / Beneficio (Price to Earnings Ratio) de Robert Shiller
2-1871	10.92
3-1871	11.19
4-1871	12.05
5-1871	12.59
6-1871	12.59
7-1871	12.27
8-1871	12.55
9-1871	12.31
10-1871	11.47
11-1871	11.60
12-1871	11.59
1-1872	11.90
2-1872	11.96
3-1872	12.18
4-1872	12.25
5-1872	12.28
6-1872	12.27
7-1872	12.38
8-1872	12.13
9-1872	11.83
10-1872	12.13
11-1872	11.71
12-1872	12.17
1-1873	12.25
2-1873	12.05
3-1873	11.95
4-1873	11.78
5-1873	12.05
6-1873	12.22
7-1873	12.16
8-1873	12.12
9-1873	11.16
10-1873	10.40
11-1873	10.31
12-1873	10.96
1-1874	11.33
2-1874	11.63
3-1874	11.43
4-1874	11.26
5-1874	11.02
6-1874	11.19
7-1874	11.07
8-1874	11.14
9-1874	11.28
10-1874	11.40
11-1874	11.56
12-1874	11.45
1-1875	11.41
2-1875	11.35
3-1875	11.48
4-1875	11.51
5-1875	11.33
6-1875	11.28
7-1875	11.29
8-1875	11.24
9-1875	11.24
10-1875	11.06
11-1875	11.34
12-1875	11.45
1-1876	11.79
2-1876	11.96
3-1876	11.95
4-1876	11.63
5-1876	11.63
6-1876	11.88
7-1876	11.75
8-1876	11.18
9-1876	10.42
10-1876	10.20
11-1876	9.94
12-1876	9.74
1-1877	9.52
2-1877	9.23
3-1877	9.20
4-1877	8.31
5-1877	8.18
6-1877	8.05
7-1877	8.35
8-1877	9.29
9-1877	9.99
10-1877	10.22
11-1877	10.27
12-1877	10.25
1-1878	10.57
2-1878	10.45
3-1878	10.88
4-1878	11.29
5-1878	11.71
6-1878	12.21
7-1878	12.31
8-1878	12.06
9-1878	12.30
10-1878	12.28
11-1878	12.37
12-1878	12.58
1-1879	12.87
2-1879	13.18
3-1879	13.09
4-1879	13.66
5-1879	14.25
6-1879	14.45
7-1879	14.54
8-1879	14.61
9-1879	14.59
10-1879	15.29
11-1879	15.26
12-1879	14.77
1-1880	14.87
2-1880	15.12
3-1880	15.23
4-1880	15.46
5-1880	14.63
6-1880	14.95
7-1880	15.59
8-1880	16.10
9-1880	15.86
10-1880	16.26
11-1880	16.87
12-1880	17.33
1-1881	18.47
2-1881	18.15
3-1881	18.28
4-1881	17.95
5-1881	18.88
6-1881	19.04
7-1881	18.11
8-1881	17.28
9-1881	16.72
10-1881	16.25
11-1881	16.48
12-1881	15.96
1-1882	15.68
2-1882	15.15
3-1882	15.08
4-1882	14.92
5-1882	14.56
6-1882	14.33
7-1882	15.23
8-1882	15.53
9-1882	16.07
10-1882	15.76
11-1882	15.19
12-1882	15.38
1-1883	15.27
2-1883	14.75
3-1883	15.05
4-1883	15.47
5-1883	15.33
6-1883	15.91
7-1883	15.96
8-1883	15.20
9-1883	15.49
10-1883	15.05
11-1883	15.41
12-1883	14.89
1-1884	14.43
2-1884	14.80
3-1884	14.73
4-1884	14.35
5-1884	13.46
6-1884	12.90
7-1884	13.05
8-1884	13.86
9-1884	13.57
10-1884	13.28
11-1884	13.31
12-1884	13.43
1-1885	13.13
2-1885	13.39
3-1885	13.74
4-1885	13.54
5-1885	13.71
6-1885	13.97
7-1885	14.33
8-1885	15.13
9-1885	15.11
10-1885	15.98
11-1885	16.83
12-1885	16.31
1-1886	16.70
2-1886	17.01
3-1886	16.84
4-1886	16.81
5-1886	16.87
6-1886	17.82
7-1886	17.85
8-1886	17.72
9-1886	18.14
10-1886	18.55
11-1886	18.96
12-1886	18.20
1-1887	17.52
2-1887	17.12
3-1887	17.47
4-1887	17.82
5-1887	18.07
6-1887	17.71
7-1887	17.42
8-1887	16.74
9-1887	16.67
10-1887	15.88
11-1887	15.95
12-1887	15.45
1-1888	15.36
2-1888	15.41
3-1888	14.80
4-1888	15.02
5-1888	15.38
6-1888	15.08
7-1888	15.27
8-1888	15.60
9-1888	15.98
10-1888	15.72
11-1888	15.22
12-1888	14.94
1-1889	15.81
2-1889	16.19
3-1889	16.07
4-1889	16.05
5-1889	16.92
6-1889	17.22
7-1889	16.89
8-1889	17.14
9-1889	17.34
10-1889	17.05
11-1889	16.90
12-1889	16.61
1-1890	17.22
2-1890	17.03
3-1890	16.90
4-1890	17.26
5-1890	17.78
6-1890	17.68
7-1890	17.58
8-1890	16.60
9-1890	16.16
10-1890	15.48
11-1890	14.74
12-1890	14.44
1-1891	15.43
2-1891	15.47
3-1891	15.06
4-1891	15.40
5-1891	15.57
6-1891	15.66
7-1891	15.61
8-1891	16.16
9-1891	17.72
10-1891	17.72
11-1891	17.66
12-1891	18.20
1-1892	19.01
2-1892	19.03
3-1892	19.73
4-1892	19.95
5-1892	19.92
6-1892	19.77
7-1892	19.22
8-1892	19.20
9-1892	18.69
10-1892	19.03
11-1892	18.46
12-1892	18.02
1-1893	17.65
2-1893	17.13
3-1893	16.90
4-1893	17.10
5-1893	15.79
6-1893	15.42
7-1893	14.35
8-1893	14.58
9-1893	15.02
10-1893	15.27
11-1893	15.93
12-1893	15.62
1-1894	15.74
2-1894	16.19
3-1894	17.18
4-1894	17.42
5-1894	16.80
6-1894	16.60
7-1894	16.28
8-1894	16.45
9-1894	16.53
10-1894	16.51
11-1894	16.55
12-1894	16.66
1-1895	16.51
2-1895	16.32
3-1895	16.35
4-1895	16.39
5-1895	17.07
6-1895	17.21
7-1895	17.54
8-1895	18.08
9-1895	18.20
10-1895	17.95
11-1895	17.35
12-1895	16.54
1-1896	16.58
2-1896	17.50
3-1896	17.22
4-1896	17.65
5-1896	17.84
6-1896	17.78
7-1896	16.64
8-1896	15.70
9-1896	16.55
10-1896	16.44
11-1896	17.09
12-1896	16.50
1-1897	17.03
2-1897	16.90
3-1897	16.96
4-1897	16.71
5-1897	17.05
6-1897	17.85
7-1897	18.65
8-1897	18.99
9-1897	19.36
10-1897	19.03
11-1897	18.36
12-1897	18.75
1-1898	19.25
2-1898	18.91
3-1898	18.03
4-1898	17.70
5-1898	17.60
6-1898	19.53
7-1898	19.86
8-1898	20.55
9-1898	20.45
10-1898	19.95
11-1898	20.53
12-1898	21.39
1-1899	22.92
2-1899	23.04
3-1899	23.27
4-1899	23.16
5-1899	22.10
6-1899	21.20
7-1899	21.57
8-1899	21.72
9-1899	20.60
10-1899	20.15
11-1899	20.21
12-1899	18.51
1-1900	18.67
2-1900	18.71
3-1900	18.78
4-1900	18.95
5-1900	18.41
6-1900	17.99
7-1900	17.70
8-1900	18.07
9-1900	17.35
10-1900	18.10
11-1900	19.42
12-1900	20.75
1-1901	20.97
2-1901	21.69
3-1901	22.36
4-1901	24.40
5-1901	23.06
6-1901	25.23
7-1901	23.15
8-1901	23.07
9-1901	22.60
10-1901	22.26
11-1901	22.37
12-1901	21.69
1-1902	22.34
2-1902	22.46
3-1902	22.41
4-1902	22.83
5-1902	22.42
6-1902	21.97
7-1902	22.40
8-1902	23.17
9-1902	22.87
10-1902	20.62
11-1902	20.41
12-1902	19.64
1-1903	20.32
2-1903	20.11
3-1903	19.89
4-1903	18.99
5-1903	18.96
6-1903	17.83
7-1903	16.93
8-1903	16.31
9-1903	15.65
10-1903	15.26
11-1903	15.40
12-1903	16.04
1-1904	15.86
2-1904	15.02
3-1904	15.09
4-1904	15.56
5-1904	15.52
6-1904	15.47
7-1904	16.03
8-1904	16.31
9-1904	16.74
10-1904	17.63
11-1904	18.07
12-1904	18.16
1-1905	18.46
2-1905	19.17
3-1905	19.84
4-1905	19.49
5-1905	18.63
6-1905	18.73
7-1905	19.20
8-1905	19.58
9-1905	19.74
10-1905	19.89
11-1905	19.45
12-1905	19.57
1-1906	20.13
2-1906	19.86
3-1906	19.26
4-1906	18.87
5-1906	18.06
6-1906	18.18
7-1906	18.19
8-1906	18.96
9-1906	19.21
10-1906	18.10
11-1906	18.14
12-1906	17.67
1-1907	17.22
2-1907	16.22
3-1907	14.69
4-1907	14.68
5-1907	13.80
6-1907	13.14
7-1907	13.58
8-1907	12.51
9-1907	12.33
10-1907	10.84
11-1907	10.60
12-1907	11.34
1-1908	11.90
2-1908	11.56
3-1908	11.99
4-1908	12.45
5-1908	13.08
6-1908	13.05
7-1908	13.35
8-1908	13.89
9-1908	13.71
10-1908	13.69
11-1908	14.44
12-1908	14.58
1-1909	14.77
2-1909	14.17
3-1909	14.33
4-1909	14.64
5-1909	14.96
6-1909	15.04
7-1909	15.23
8-1909	15.43
9-1909	15.25
10-1909	14.99
11-1909	14.74
12-1909	14.75
1-1910	14.54
2-1910	14.00
3-1910	14.04
4-1910	13.56
5-1910	13.57
6-1910	13.01
7-1910	12.34
8-1910	12.75
9-1910	12.94
10-1910	13.92
11-1910	14.16
12-1910	13.74
1-1911	14.05
2-1911	14.73
3-1911	14.37
4-1911	14.76
5-1911	15.05
6-1911	15.33
7-1911	15.08
8-1911	13.91
9-1911	13.00
10-1911	13.07
11-1911	13.73
12-1911	13.93
1-1912	13.80
2-1912	13.53
3-1912	13.64
4-1912	13.66
5-1912	13.65
6-1912	13.78
7-1912	13.80
8-1912	13.99
9-1912	13.93
10-1912	13.90
11-1912	13.75
12-1912	13.40
1-1913	13.15
2-1913	12.68
3-1913	12.44
4-1913	12.43
5-1913	12.22
6-1913	11.49
7-1913	11.53
8-1913	11.85
9-1913	11.84
10-1913	11.47
11-1913	11.07
12-1913	11.17
1-1914	11.64
2-1914	11.91
3-1914	11.69
4-1914	11.52
5-1914	11.48
6-1914	11.43
7-1914	10.69
8-1914	10.49
9-1914	10.50
10-1914	10.61
11-1914	10.52
12-1914	10.17
1-1915	10.36
2-1915	10.33
3-1915	10.71
4-1915	11.40
5-1915	11.03
6-1915	11.15
7-1915	11.11
8-1915	11.58
9-1915	12.01
10-1915	12.55
11-1915	12.86
12-1915	12.88
1-1916	12.54
2-1916	12.35
3-1916	12.18
4-1916	11.91
5-1916	12.03
6-1916	12.00
7-1916	11.79
8-1916	11.73
9-1916	11.94
10-1916	12.05
11-1916	12.05
12-1916	11.41
1-1917	10.99
2-1917	10.06
3-1917	10.33
4-1917	9.64
5-1917	9.14
6-1917	9.15
7-1917	9.00
8-1917	8.57
9-1917	7.95
10-1917	7.39
11-1917	6.75
12-1917	6.41
1-1918	6.64
2-1918	6.78
3-1918	6.69
4-1918	6.52
5-1918	6.58
6-1918	6.50
7-1918	6.37
8-1918	6.30
9-1918	6.15
10-1918	6.29
11-1918	6.33
12-1918	6.13
1-1919	6.10
2-1919	6.24
3-1919	6.36
4-1919	6.46
5-1919	6.83
6-1919	7.02
7-1919	7.05
8-1919	6.48
9-1919	6.56
10-1919	6.79
11-1919	6.47
12-1919	6.16
1-1920	5.99
2-1920	5.46
3-1920	5.80
4-1920	5.60
5-1920	5.19
6-1920	5.04
7-1920	5.08
8-1920	5.02
9-1920	5.30
10-1920	5.35
11-1920	5.13
12-1920	4.78
1-1921	5.12
2-1921	5.27
3-1921	5.19
4-1921	5.30
5-1921	5.61
6-1921	5.22
7-1921	5.20
8-1921	5.16
9-1921	5.38
10-1921	5.48
11-1921	5.84
12-1921	6.11
1-1922	6.29
2-1922	6.46
3-1922	6.82
4-1922	7.27
5-1922	7.59
6-1922	7.56
7-1922	7.60
8-1922	8.02
9-1922	8.27
10-1922	8.43
11-1922	8.00
12-1922	7.96
1-1923	8.15
2-1923	8.53
3-1923	8.70
4-1923	8.37
5-1923	8.00
6-1923	7.67
7-1923	7.35
8-1923	7.44
9-1923	7.46
10-1923	7.32
11-1923	7.55
12-1923	7.81
1-1924	8.07
2-1924	8.16
3-1924	8.06
4-1924	7.92
5-1924	7.90
6-1924	8.05
7-1924	8.38
8-1924	8.72
9-1924	8.58
10-1924	8.42
11-1924	8.89
12-1924	9.31
1-1925	9.69
2-1925	9.83
3-1925	9.52
4-1925	9.48
5-1925	9.73
6-1925	9.80
7-1925	9.96
8-1925	10.11
9-1925	10.36
10-1925	10.72
11-1925	10.89
12-1925	11.15
1-1926	11.34
2-1926	11.39
3-1926	10.71
4-1926	10.40
5-1926	10.58
6-1926	11.20
7-1926	11.87
8-1926	12.49
9-1926	12.69
10-1926	12.43
11-1926	12.62
12-1926	13.01
1-1927	13.19
2-1927	13.63
3-1927	14.03
4-1927	14.49
5-1927	15.00
6-1927	15.12
7-1927	15.82
8-1927	16.86
9-1927	17.82
10-1927	17.54
11-1927	18.13
12-1927	18.65
1-1928	18.81
2-1928	18.87
3-1928	19.94
4-1928	21.26
5-1928	21.83
6-1928	20.91
7-1928	21.08
8-1928	21.76
9-1928	23.00
10-1928	23.58
11-1928	25.12
12-1928	25.30
1-1929	27.08
2-1929	27.13
3-1929	27.68
4-1929	27.57
5-1929	27.70
6-1929	27.94
7-1929	29.93
8-1929	31.48
9-1929	32.56
10-1929	28.96
11-1929	21.17
12-1929	22.01
1-1930	22.31
2-1930	23.70
3-1930	24.59
4-1930	25.84
5-1930	24.31
6-1930	21.87
7-1930	21.55
8-1930	21.30
9-1930	21.07
10-1930	18.21
11-1930	16.94
12-1930	16.06
1-1931	16.71
2-1931	18.16
3-1931	18.58
4-1931	16.87
5-1931	15.40
6-1931	15.06
7-1931	15.52
8-1931	15.01
9-1931	12.82
10-1931	11.15
11-1931	11.42
12-1931	9.31
1-1932	9.31
2-1932	9.34
3-1932	9.41
4-1932	7.19
5-1932	6.39
6-1932	5.57
7-1932	5.84
8-1932	8.83
9-1932	9.76
10-1932	8.48
11-1932	8.46
12-1932	8.26
1-1933	8.73
2-1933	7.83
3-1933	7.87
4-1933	8.72
5-1933	11.25
6-1933	13.10
7-1933	13.75
8-1933	13.00
9-1933	12.92
10-1933	11.70
11-1933	12.01
12-1933	12.28
1-1934	13.03
2-1934	13.93
3-1934	13.25
4-1934	13.52
5-1934	12.18
6-1934	12.29
7-1934	11.74
8-1934	11.32
9-1934	10.91
10-1934	11.11
11-1934	11.45
12-1934	11.64
1-1935	11.50
2-1935	11.09
3-1935	10.40
4-1935	11.10
5-1935	11.99
6-1935	12.54
7-1935	13.20
8-1935	14.11
9-1935	14.42
10-1935	14.83
11-1935	16.13
12-1935	16.16
1-1936	17.09
2-1936	18.10
3-1936	18.66
4-1936	18.72
5-1936	17.75
6-1936	18.39
7-1936	19.36
8-1936	19.62
9-1936	19.86
10-1936	20.91
11-1936	21.50
12-1936	21.13
1-1937	21.62
2-1937	22.24
3-1937	22.04
4-1937	20.56
5-1937	19.47
6-1937	18.71
7-1937	19.65
8-1937	19.81
9-1937	16.85
10-1937	14.36
11-1937	13.16
12-1937	13.01
1-1938	13.51
2-1938	13.26
3-1938	12.38
4-1938	11.79
5-1938	11.99
6-1938	12.29
7-1938	14.77
8-1938	14.90
9-1938	14.28
10-1938	16.06
11-1938	16.15
12-1938	15.76
1-1939	15.60
2-1939	15.66
3-1939	15.73
4-1939	13.92
5-1939	14.50
6-1939	14.83
7-1939	15.27
8-1939	15.12
9-1939	16.45
10-1939	16.82
11-1939	16.60
12-1939	16.28
1-1940	16.38
2-1940	16.22
3-1940	16.17
4-1940	16.37
5-1940	14.14
6-1940	12.84
7-1940	13.37
8-1940	13.65
9-1940	14.21
10-1940	14.33
11-1940	14.64
12-1940	13.91
1-1941	13.90
2-1941	13.00
3-1941	12.96
4-1941	12.43
5-1941	12.04
6-1941	12.16
7-1941	12.74
8-1941	12.46
9-1941	12.28
10-1941	11.58
11-1941	10.91
12-1941	10.09
1-1942	10.10
2-1942	9.68
3-1942	9.00
4-1942	8.54
5-1942	8.51
6-1942	8.91
7-1942	9.15
8-1942	9.01
9-1942	9.08
10-1942	9.60
11-1942	9.66
12-1942	9.62
1-1943	10.15
2-1943	10.71
3-1943	10.85
4-1943	11.04
5-1943	11.36
6-1943	11.52
7-1943	11.77
8-1943	11.21
9-1943	11.34
10-1943	11.19
11-1943	10.63
12-1943	10.74
1-1944	11.05
2-1944	10.95
3-1944	11.22
4-1944	10.94
5-1944	11.10
6-1944	11.53
7-1944	11.74
8-1944	11.54
9-1944	11.33
10-1944	11.58
11-1944	11.48
12-1944	11.64
1-1945	11.96
2-1945	12.34
3-1945	12.32
4-1945	12.63
5-1945	13.04
6-1945	13.13
7-1945	12.87
8-1945	12.92
9-1945	13.80
10-1945	14.37
11-1945	14.85
12-1945	15.02
1-1946	15.62
2-1946	15.76
3-1946	15.13
4-1946	16.04
5-1946	16.01
6-1946	15.77
7-1946	14.51
8-1946	13.98
9-1946	11.84
10-1946	11.39
11-1946	11.11
12-1946	11.37
1-1947	11.47
2-1947	11.95
3-1947	11.29
4-1947	10.90
5-1947	10.73
6-1947	11.08
7-1947	11.70
8-1947	11.34
9-1947	10.83
10-1947	11.13
11-1947	10.98
12-1947	10.68
1-1948	10.42
2-1948	10.00
3-1948	10.19
4-1948	10.78
5-1948	11.24
6-1948	11.58
7-1948	11.13
8-1948	10.72
9-1948	10.55
10-1948	10.83
11-1948	10.25
12-1948	10.16
1-1949	10.25
2-1949	9.87
3-1949	9.90
4-1949	9.78
5-1949	9.69
6-1949	9.07
7-1949	9.61
8-1949	9.85
9-1949	9.88
10-1949	10.17
11-1949	10.22
12-1949	10.53
1-1950	10.75
2-1950	10.91
3-1950	10.91
4-1950	11.18
5-1950	11.46
6-1950	11.55
7-1950	10.54
8-1950	11.04
9-1950	11.34
10-1950	11.66
11-1950	11.54
12-1950	11.31
1-1951	11.90
2-1951	12.14
3-1951	11.84
4-1951	11.95
5-1951	11.86
6-1951	11.62
7-1951	11.78
8-1951	12.26
9-1951	12.44
10-1951	12.31
11-1951	11.85
12-1951	12.15
1-1952	12.53
2-1952	12.36
3-1952	12.36
4-1952	12.24
5-1952	12.20
6-1952	12.45
7-1952	12.67
8-1952	12.68
9-1952	12.43
10-1952	12.13
11-1952	12.47
12-1952	12.93
1-1953	13.01
2-1953	12.86
3-1953	12.83
4-1953	12.16
5-1953	12.14
6-1953	11.62
7-1953	11.75
8-1953	11.72
9-1953	11.14
10-1953	11.39
11-1953	11.64
12-1953	11.75
1-1954	12.00
2-1954	12.22
3-1954	12.42
4-1954	12.91
5-1954	13.31
6-1954	13.36
7-1954	13.83
8-1954	14.04
9-1954	14.36
10-1954	14.62
11-1954	15.12
12-1954	15.79
1-1955	15.99
2-1955	16.44
3-1955	16.22
4-1955	16.69
5-1955	16.52
6-1955	17.37
7-1955	18.45
8-1955	18.22
9-1955	18.84
10-1955	17.77
11-1955	18.84
12-1955	18.94
1-1956	18.29
2-1956	18.27
3-1956	19.37
4-1956	19.37
5-1956	18.54
6-1956	18.16
7-1956	18.86
8-1956	18.67
9-1956	17.84
10-1956	17.42
11-1956	17.12
12-1956	17.20
1-1957	16.72
2-1957	15.84
3-1957	15.90
4-1957	16.12
5-1957	16.60
6-1957	16.73
7-1957	16.87
8-1957	15.87
9-1957	15.16
10-1957	14.15
11-1957	13.74
12-1957	13.67
1-1958	13.79
2-1958	13.78
3-1958	13.93
4-1958	13.91
5-1958	14.32
6-1958	14.64
7-1958	14.96
8-1958	15.54
9-1958	15.93
10-1958	16.56
11-1958	16.99
12-1958	17.36
1-1959	17.98
2-1959	17.76
3-1959	18.20
4-1959	18.43
5-1959	18.69
6-1959	18.45
7-1959	19.09
8-1959	18.96
9-1959	18.12
10-1959	18.02
11-1959	18.07
12-1959	18.62
1-1960	18.34
2-1960	17.55
3-1960	17.29
4-1960	17.43
5-1960	17.26
6-1960	17.82
7-1960	17.38
8-1960	17.58
9-1960	17.05
10-1960	16.61
11-1960	17.15
12-1960	17.56
1-1961	18.47
2-1961	19.23
3-1961	19.84
4-1961	20.38
5-1961	20.60
6-1961	20.33
7-1961	20.15
8-1961	20.94
9-1961	20.71
10-1961	20.92
11-1961	21.86
12-1961	22.04
1-1962	21.20
2-1962	21.45
3-1962	21.44
4-1962	20.66
5-1962	19.09
6-1962	16.83
7-1962	17.14
8-1962	17.57
9-1962	17.32
10-1962	16.74
11-1962	17.85
12-1962	18.59
1-1963	19.26
2-1963	19.47
3-1963	19.29
4-1963	20.15
5-1963	20.51
6-1963	20.38
7-1963	19.97
8-1963	20.47
9-1963	20.96
10-1963	20.89
11-1963	20.72
12-1963	21.04
1-1964	21.63
2-1964	21.83
3-1964	22.17
4-1964	22.42
5-1964	22.57
6-1964	22.30
7-1964	22.98
8-1964	22.65
9-1964	22.89
10-1964	23.21
11-1964	23.23
12-1964	22.75
1-1965	23.27
2-1965	23.37
3-1965	23.25
4-1965	23.42
5-1965	23.71
6-1965	22.39
7-1965	22.30
8-1965	22.67
9-1965	23.37
10-1965	23.78
11-1965	23.93
12-1965	23.69
1-1966	24.06
2-1966	23.70
3-1966	22.61
4-1966	23.11
5-1966	21.85
6-1966	21.56
7-1966	21.38
8-1966	19.91
9-1966	19.16
10-1966	18.83
11-1966	19.71
12-1966	19.74
1-1967	20.43
2-1967	21.07
3-1967	21.44
4-1967	21.69
5-1967	21.95
6-1967	21.55
7-1967	21.80
8-1967	22.03
9-1967	22.22
10-1967	22.07
11-1967	21.26
12-1967	21.75
1-1968	21.51
2-1968	20.42
3-1968	19.93
4-1968	21.28
5-1968	21.63
6-1968	22.00
7-1968	21.75
8-1968	21.14
9-1968	21.68
10-1968	22.00
11-1968	22.20
12-1968	22.28
1-1969	21.19
2-1969	20.90
3-1969	20.20
4-1969	20.43
5-1969	20.97
6-1969	19.71
7-1969	18.68
8-1969	18.43
9-1969	18.40
10-1969	18.45
11-1969	18.44
12-1969	17.33
1-1970	17.09
2-1970	16.37
3-1970	16.53
4-1970	15.87
5-1970	13.98
6-1970	13.80
7-1970	13.73
8-1970	14.10
9-1970	14.84
10-1970	15.06
11-1970	14.95
12-1970	15.87
1-1971	16.46
2-1971	17.03
3-1971	17.40
4-1971	17.92
5-1971	17.56
6-1971	17.08
7-1971	16.89
8-1971	16.52
9-1971	16.86
10-1971	16.43
11-1971	15.64
12-1971	16.60
1-1972	17.26
2-1972	17.46
3-1972	17.81
4-1972	17.92
5-1972	17.66
6-1972	17.64
7-1972	17.40
8-1972	17.94
9-1972	17.61
10-1972	17.53
11-1972	18.34
12-1972	18.65
1-1973	18.71
2-1973	17.89
3-1973	17.41
4-1973	16.94
5-1973	16.31
6-1973	15.81
7-1973	15.89
8-1973	15.28
9-1973	15.48
10-1973	15.91
11-1973	14.65
12-1973	13.49
1-1974	13.53
2-1974	12.96
3-1974	13.31
4-1974	12.55
5-1974	12.00
6-1974	11.89
7-1974	10.39
8-1974	9.82
9-1974	8.68
10-1974	8.74
11-1974	8.95
12-1974	8.29
1-1975	8.92
2-1975	9.76
3-1975	10.16
4-1975	10.23
5-1975	10.82
6-1975	11.01
7-1975	10.90
8-1975	10.09
9-1975	9.92
10-1975	10.33
11-1975	10.44
12-1975	10.25
1-1976	11.19
2-1976	11.59
3-1976	11.63
4-1976	11.69
5-1976	11.53
6-1976	11.54
7-1976	11.76
8-1976	11.60
9-1976	11.81
10-1976	11.35
11-1976	11.25
12-1976	11.60
1-1977	11.44
2-1977	11.01
3-1977	10.90
4-1977	10.64
5-1977	10.55
6-1977	10.53
7-1977	10.57
8-1977	10.27
9-1977	10.07
10-1977	9.77
11-1977	9.77
12-1977	9.68
1-1978	9.24
2-1978	9.05
3-1978	8.95
4-1978	9.26
5-1978	9.63
6-1978	9.55
7-1978	9.43
8-1978	10.02
9-1978	9.94
10-1978	9.53
11-1978	8.93
12-1978	9.01
1-1979	9.26
2-1979	9.00
3-1979	9.07
4-1979	9.13
5-1979	8.79
6-1979	8.85
7-1979	8.83
8-1979	9.13
9-1979	9.11
10-1979	8.68
11-1979	8.52
12-1979	8.75
1-1980	8.85
2-1980	9.05
3-1980	8.08
4-1980	7.84
5-1980	8.10
6-1980	8.51
7-1980	8.88
8-1980	9.07
9-1980	9.20
10-1980	9.36
11-1980	9.65
12-1980	9.39
1-1981	9.26
2-1981	8.83
3-1981	9.08
4-1981	9.09
5-1981	8.82
6-1981	8.77
7-1981	8.45
8-1981	8.40
9-1981	7.58
10-1981	7.65
11-1981	7.81
12-1981	7.83
1-1982	7.39
2-1982	7.18
3-1982	6.95
4-1982	7.26
5-1982	7.19
6-1982	6.69
7-1982	6.64
8-1982	6.64
9-1982	7.40
10-1982	8.00
11-1982	8.35
12-1982	8.47
1-1983	8.76
2-1983	8.91
3-1983	9.23
4-1983	9.53
5-1983	9.87
6-1983	10.00
7-1983	10.01
8-1983	9.73
9-1983	9.98
10-1983	10.00
11-1983	9.85
12-1983	9.82
1-1984	9.89
2-1984	9.32
3-1984	9.33
4-1984	9.31
5-1984	9.23
6-1984	9.01
7-1984	8.87
8-1984	9.62
9-1984	9.69
10-1984	9.60
11-1984	9.69
12-1984	9.60
1-1985	10.00
2-1985	10.49
3-1985	10.37
4-1985	10.40
5-1985	10.61
6-1985	10.81
7-1985	11.00
8-1985	10.74
9-1985	10.47
10-1985	10.55
11-1985	11.16
12-1985	11.69
1-1986	11.72
2-1986	12.39
3-1986	13.19
4-1986	13.55
5-1986	13.56
6-1986	13.89
7-1986	13.62
8-1986	13.89
9-1986	13.47
10-1986	13.43
11-1986	13.87
12-1986	14.09
1-1987	14.92
2-1987	15.82
3-1987	16.43
4-1987	16.20
5-1987	16.16
6-1987	16.83
7-1987	17.31
8-1987	18.33
9-1987	17.68
10-1987	15.53
11-1987	13.59
12-1987	13.39
1-1988	13.90
2-1988	14.30
3-1988	14.67
4-1988	14.43
5-1988	14.03
6-1988	14.77
7-1988	14.61
8-1988	14.24
9-1988	14.37
10-1988	14.81
11-1988	14.45
12-1988	14.70
1-1989	15.09
2-1989	15.47
3-1989	15.30
4-1989	15.69
5-1989	16.19
6-1989	16.64
7-1989	17.01
8-1989	17.73
9-1989	17.71
10-1989	17.64
11-1989	17.24
12-1989	17.65
1-1990	17.05
2-1990	16.51
3-1990	16.83
4-1990	16.81
5-1990	17.39
6-1990	17.82
7-1990	17.75
8-1990	16.17
9-1990	15.30
10-1990	14.82
11-1990	15.19
12-1990	15.85
1-1991	15.61
2-1991	17.36
3-1991	17.82
4-1991	18.16
5-1991	18.03
6-1991	18.01
7-1991	18.10
8-1991	18.51
9-1991	18.36
10-1991	18.35
11-1991	18.29
12-1991	18.44
1-1992	19.77
2-1992	19.58
3-1992	19.28
4-1992	19.30
5-1992	19.66
6-1992	19.31
7-1992	19.62
8-1992	19.72
9-1992	19.71
10-1992	19.37
11-1992	19.83
12-1992	20.45
1-1993	20.32
2-1993	20.54
3-1993	20.85
4-1993	20.46
5-1993	20.52
6-1993	20.61
7-1993	20.56
8-1993	20.81
9-1993	20.99
10-1993	21.11
11-1993	21.04
12-1993	21.16
1-1994	21.41
2-1994	21.26
3-1994	20.83
4-1994	20.05
5-1994	20.19
6-1994	20.29
7-1994	20.07
8-1994	20.53
9-1994	20.57
10-1994	20.39
11-1994	20.21
12-1994	19.91
1-1995	20.22
2-1995	20.80
3-1995	21.15
4-1995	21.64
5-1995	22.19
6-1995	22.72
7-1995	23.37
8-1995	23.28
9-1995	23.94
10-1995	23.93
11-1995	24.35
12-1995	25.03
1-1996	24.76
2-1996	25.97
3-1996	25.63
4-1996	25.42
5-1996	25.81
6-1996	25.96
7-1996	24.86
8-1996	25.41
9-1996	25.68
10-1996	26.48
11-1996	27.58
12-1996	27.72
1-1997	28.33
2-1997	29.26
3-1997	28.80
4-1997	27.58
5-1997	29.93
6-1997	31.25
7-1997	32.76
8-1997	32.58
9-1997	32.66
10-1997	32.90
11-1997	32.33
12-1997	33.03
1-1998	32.86
2-1998	34.71
3-1998	36.29
4-1998	37.27
5-1998	36.95
6-1998	36.80
7-1998	38.26
8-1998	35.42
9-1998	33.53
10-1998	33.77
11-1998	37.37
12-1998	38.82
1-1999	40.57
2-1999	40.40
3-1999	41.35
4-1999	42.70
5-1999	42.55
6-1999	42.18
7-1999	43.83
8-1999	41.93
9-1999	41.32
10-1999	40.55
11-1999	43.21
12-1999	44.19
1-2000	43.77
2-2000	42.18
3-2000	43.22
4-2000	43.53
5-2000	41.96
6-2000	42.78
7-2000	42.75
8-2000	42.87
9-2000	41.89
10-2000	39.37
11-2000	38.78
12-2000	37.27
1-2001	36.98
2-2001	35.83
3-2001	32.32
4-2001	32.17
5-2001	34.07
6-2001	33.07
7-2001	32.16
8-2001	31.40
9-2001	27.67
10-2001	28.58
11-2001	30.01
12-2001	30.50
1-2002	30.28
2-2002	29.09
3-2002	30.29
4-2002	29.01
5-2002	28.13
6-2002	26.39
7-2002	23.46
8-2002	23.59
9-2002	22.36
10-2002	21.96
11-2002	23.35
12-2002	23.10
1-2003	22.90
2-2003	21.21
3-2003	21.31
4-2003	22.43
5-2003	23.59
6-2003	24.83
7-2003	24.87
8-2003	24.64
9-2003	25.24
10-2003	25.68
11-2003	25.95
12-2003	26.64
1-2004	27.66
2-2004	27.65
3-2004	26.89
4-2004	26.90
5-2004	25.90
6-2004	26.40
7-2004	25.70
8-2004	25.17
9-2004	25.67
10-2004	25.41
11-2004	26.47
12-2004	27.14
1-2005	26.59
2-2005	26.74
3-2005	26.34
4-2005	25.41
5-2005	25.65
6-2005	26.07
7-2005	26.29
8-2005	26.10
9-2005	25.73
10-2005	24.88
11-2005	25.93
12-2005	26.44
1-2006	26.47
2-2006	26.25
3-2006	26.33
4-2006	26.15
5-2006	25.65
6-2006	24.75
7-2006	24.70
8-2006	25.05
9-2006	25.64
10-2006	26.54
11-2006	26.93
12-2006	27.28
1-2007	27.21
2-2007	27.32
3-2007	26.23
4-2007	26.98
5-2007	27.55
6-2007	27.42
7-2007	27.41
8-2007	26.15
9-2007	26.73
10-2007	27.32
11-2007	25.73
12-2007	25.96
1-2008	24.02
2-2008	23.50
3-2008	22.61
4-2008	23.36
5-2008	23.70
6-2008	22.42
7-2008	20.91
8-2008	21.40
9-2008	20.36
10-2008	16.39
11-2008	15.26
12-2008	15.38
1-2009	15.17
2-2009	14.12
3-2009	13.32
4-2009	14.98
5-2009	16.00
6-2009	16.38
7-2009	16.69
8-2009	18.09
9-2009	18.83
10-2009	19.36
11-2009	19.81
12-2009	20.32
1-2010	20.53
2-2010	19.92
3-2010	21.00
4-2010	21.80
5-2010	20.48
6-2010	19.74
7-2010	19.67
8-2010	19.77
9-2010	20.38
10-2010	21.24
11-2010	21.70
12-2010	22.40
1-2011	22.98
2-2011	23.49
3-2011	22.90
4-2011	23.14
5-2011	23.06
6-2011	22.10
7-2011	22.61
8-2011	20.05
9-2011	19.70
10-2011	20.16
11-2011	20.35
12-2011	20.52
1-2012	21.21
2-2012	21.80
3-2012	22.05
4-2012	21.78
5-2012	20.94
6-2012	20.55
7-2012	21.00
8-2012	21.41
9-2012	21.78
10-2012	21.58
11-2012	20.90
12-2012	21.24
1-2013	21.90
2-2013	22.05
3-2013	22.42
4-2013	22.60
5-2013	23.41
6-2013	22.93
7-2013	23.49
8-2013	23.36
9-2013	23.44
10-2013	23.83
11-2013	24.64
12-2013	24.86
1-2014	24.86
2-2014	24.59
3-2014	24.96
4-2014	24.79
5-2014	24.94
6-2014	25.56
7-2014	25.82
8-2014	25.62
9-2014	25.92
10-2014	25.16
11-2014	26.61
12-2014	26.79
1-2015	26.49
2-2015	27.00
3-2015	26.73
4-2015	26.79
5-2015	26.81
6-2015	26.50
7-2015	26.38
8-2015	25.69
9-2015	24.50
10-2015	25.49
11-2015	26.23
12-2015	25.97
1-2016	24.21
2-2016	24.00
3-2016	25.37
4-2016	25.92
5-2016	25.69
6-2016	25.84
7-2016	26.69
8-2016	26.95
9-2016	26.73
10-2016	26.53
11-2016	26.85
12-2016	27.87
1-2017	28.06
2-2017	28.66
3-2017	29.09
4-2017	28.90
5-2017	29.31
6-2017	29.75
7-2017	30.00
8-2017	29.91
9-2017	30.17
10-2017	30.92
11-2017	31.30
12-2017	32.09
1-2018	33.31
2-2018	32.04
3-2018	31.81
4-2018	30.97
5-2018	31.24
6-2018	31.63
7-2018	31.89
8-2018	32.39
9-2018	32.62
10-2018	31.04
11-2018	30.20
12-2018	28.29
1-2019	28.38
2-2019	29.54
3-2019	29.58
4-2019	30.13
5-2019	29.24
6-2019	29.28
7-2019	29.99
8-2019	28.71
9-2019	29.23
10-2019	28.84
11-2019	29.84
12-2019	30.33
1-2020	30.99
2-2020	30.73
3-2020	24.82
4-2020	25.93
5-2020	27.33
6-2020	28.84
7-2020	29.60
8-2020	31.16
9-2020	30.84
10-2020	31.28
11-2020	32.47
12-2020	33.77
1-2021	34.51
2-2021	35.10
3-2021	35.04
4-2021	36.72
5-2021	36.55
6-2021	36.70
7-2021	37.44
8-2021	38.10
9-2021	38.30
10-2021	37.67
11-2021	39.19
12-2021	39.33