convert nominal to real dollars calculatorconvert nominal to real dollars calculator

This conclusion would be highly misleading. Connect and share knowledge within a single location that is structured and easy to search. Why is China worried about population decline? To find the real growth rate, we apply the formula for percentage change: In other words, the U.S. economy has increased real production of goods and services by nearly a factor of four since 1960. So if it costs a U.S. dollar holder $1.36 to buy one euro, from a euro holder's perspective the nominal rate is 0.735. To calculate the real GDP in 1960, use the formula: Real GDP = Nominal GDP Price Index / 100 = $543.3 billion 19 / 100 = Step 3. It appears to stem from news that China is beginning to use the yuan in commodity trades with a handful of trading partners, and Brazil and Argentina are exploring the potential for a common currency. This adjustment is easy to do if you understand that nominal measurements are in value terms, where. First adjust the price index: 19 divided by [latex]100=0.19[/latex]. Using the year 2000 as the base year (i.e., with a value of 100), the 2018 GDP deflator returns a value of 140. A website to see the complete list of titles under which the book was published. Look at the data for 2010. So the formula becomes: [latex]\displaystyle\text{Real GDP}=\frac{\text{Nominal GDP}}{\frac{\text{Price Index}}{100}}[/latex]. The real yield calculation would use the secondary market price (like any other bond) of $925, but use the inflation-adjusted coupon payment of $42. Convert USD to INR at the real exchange rate. How do you convert a series of nominal economic data over time to real terms? The European Central Bank and Bank of England appear on track to keep hiking rates due to persistently high inflation. There has been a long-term trend toward currency diversification in global financial transactions and trade, but we don't see the U.S. dollar losing its dominance any time soon. The LibreTexts libraries arePowered by NICE CXone Expertand are supported by the Department of Education Open Textbook Pilot Project, the UC Davis Office of the Provost, the UC Davis Library, the California State University Affordable Learning Solutions Program, and Merlot. To convert, we need to choose a baseline year. Step 4. Step 1. Real Price z = (Nominal Price z) x (Adjustment Factor) The adjustment factor is formed using the CPI measures. This is no accident. Nominal GDP rose from $1,331 billion in 2004 to $2,027 billion in 2016.

There are few signs that major foreign holders are poised to suddenly shift away from U.S. dollars and there are few other currencies that could take its place as a reserve currency. 1.25014 Mid-market rate. Use the same formula to calculate the real GDP in 1965. Figure 1 shows that the price level, as measured by the GDP deflator, has risen dramatically since 1960. The reason for this should be clear: The value of nominal GDP is inflated by inflation. Since real GDP is expressed in 2005 dollars, the two lines cross in 2005. 375.66 USD. Europe's bond markets are more fragmented than the U.S. market although a movement toward euro-denominated sovereign debt issuance would provide a stronger base for it as an attractive alternative. Inflation from CPI or Deflator. Economists use the term inflation to describe a situation in which some prices are rising faster than others. Using the simple growth rate formula that we explained on the last page, we see thatthe price level in 2010 was almost six times higher than in 1960 (the deflator for 2010 was 110 versus a level of 19 in 1960). Source: Bloomberg, daily data as of 4/3/2023. so you can better understand the results provided by this solver. Find centralized, trusted content and collaborate around the technologies you use most. WebThe real rate of return formula is the sum of one plus the nominal rate divided by the sum of one plus the inflation rate which then is subtracted by one. To calculate the real GDP in 1960, use the formula: [latex]\begin{array}{l}\text{Real GDP}=\frac{\text{Nominal GDP}}{\frac{\text{Price Index}}{100}}\\\text{Real GDP}=\frac{543.3\text{ billion}}{\frac{19}{100}}=\$2,859.5\text{ billion}\end{array}[/latex]. Whenever you compute a real statistic, one year (or period) plays a special role. OR Now read the following Computing GDPactivity for more practice calculating real GDP. The price level in 2010 was almost six times higher than in 1960 (the deflator for 2010 was 110 versus a level of 19 in 1960). Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. Then divide into nominal GDP: \[\frac{\$543.3\text{ billion}}{0.19}=\$2,859.5\text{ billion}\]. Therefore, the growth rate of real GDP (% change in quantity) equals the growth rate in nominal GDP (% change in value) minus the inflation rate (% change in price). WebDefinition: The nominal value of a good is its value in terms of money. Similarly, as long as inflation is positive, real GDP should be greater than nominal GDP in any year before the base year. Comparing real GDP and nominal GDP for 2005, you see they are the same. WebReal exchange rate in 1965 = (500/100) x 105 = 525. Do (some or all) phosphates thermally decompose? For example, in Canada during 2015, \text {CAN }\$1 {,}994.9\text { billion} CAN $1,994.9 billion was spent on the goods and services produced in Canada. Example. Would spinning bush planes' tundra tires in flight be useful? the growth rate (percent change) of real GDP equals the growth rate in nominal GDP (% change in value) minus the growth rate in prices (% change in GDP Deflator), 6.16: Learn By Doing- Comparing Nominal and Real GDP, https://cnx.org/contents/QGHIMgmO@11.12:FDAWX8lT@7/Adjusting-Nominal-Values-to-Re, http://cnx.org/contents/4061c832-09893a2cb31@11.11, status page at https://status.libretexts.org, [reveal-answer q=263334]Show Answer[/reveal-answer] [hidden-answer a=263334]2859.5[/hidden-answer], [reveal-answer q=291567]Show Answer[/reveal-answer] [hidden-answer a=291567]3663.5[/hidden-answer], [reveal-answer q=136030]Show Answer[/reveal-answer] [hidden-answer a=136030]4338.3[/hidden-answer], [reveal-answer q=663136]Show Answer[/reveal-answer] [hidden-answer a=663136]4952.8[/hidden-answer], [reveal-answer q=867653]Show Answer[/reveal-answer] [hidden-answer a=867653]5926.5[/hidden-answer], [reveal-answer q=144038]Show Answer[/reveal-answer] [hidden-answer a=144038]6977.0[/hidden-answer], [reveal-answer q=400067]Show Answer[/reveal-answer] [hidden-answer a=400067]8225.0[/hidden-answer], [reveal-answer q=270476]Show Answer[/reveal-answer] [hidden-answer a=270476]9346.3[/hidden-answer], [reveal-answer q=884559]Show Answer[/reveal-answer] [hidden-answer a=884559]11561.5[/hidden-answer], [reveal-answer q=715061]Show Answer[/reveal-answer] [hidden-answer a=715061]13095.4[/hidden-answer], [reveal-answer q=793293]Show Answer[/reveal-answer] [hidden-answer a=793293]13598.5[/hidden-answer], Source: Bureau of Economic Analysis, www.bea.gov, Calculate real GDP based on nominal GDP values. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides deposit and lending services and products. Convert USD to INR at the real exchange rate. Constant-dollar values represent an effort to International investment flows indicate that demand for U.S. dollars extends beyond U.S. Treasury securities. Of course, that understates the material improvement since it fails to capture improvements in the quality of products and the invention of new products. However, its accuracy, completeness or reliability cannot be guaranteed. While the dollar has declined over the past six months, it remains close to a 10-year high versus currencies of countries with which the U.S. trades. The data for the GDP deflator are given in Table 1 and shown graphically in Figure 1. The Nominal Broad U.S. Dollar Index (Jan 2006=100, Daily, Not Seasonally Adjusted) is a measure of the nominal value of the United States dollar relative to other world currencies. @Sathish Thanks, I have included it in my answer. Note that using this equation provides an approximation for small changes in the levels. Investing involves risk including loss of principal. c) Calculate the real rate of return based on the equational relationship between nominal and real rate. Table5.5 shows U.S. GDP at five-year intervals since 1960 in nominal dollars; that is, GDP measured using the actual market prices prevailing in each stated year. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. The U.S. Federal Reserve Trade Weighted Real Broad Dollar Index (USTRBGD Index) is a measure of the inflation-adjusted foreign exchange value of the United States dollar relative to other world currencies. Holdings of U.S. That is why real GDP is labeled Constant Dollars or, in this example, 2005 Dollars, which means that real GDP is constructed using prices that existed in 2005. 1. turn dollar figures into meaningful measures of purchasing power. Looking at economic statistics without considering inflation is like looking through a pair of binoculars and trying to guess how close something is: unless you know how strong the lenses are, you cannot guess the distance very accurately. In order to see how much production has actually increased, we need to extract the effects of higher prices on nominal GDP. To convert nominal economic data from several different years into real, inflation-adjusted data, the starting point is to choose a base year arbitrarily and then use a price index to convert the measurements so that economists measure them in the money prevailing in the base year. Accessibility StatementFor more information contact us atinfo@libretexts.orgor check out our status page at https://status.libretexts.org. Dollar demand for transactional purposes has remained steady over the years, as well. 24734.22 inr. In order to see how much production has actually increased, we need to extract the effects of higher prices on nominal GDP.

The formula used is: Rearranging the formula and using the data from 2005: Comparing real GDP and nominal GDP for 2005, you see they are the same. Since the price index in the base year always has a value of 100 (by definition), nominal and real GDP are always the same in the base year. How to convince the FAA to cancel family member's medical certificate? The rate of inflation in Brazil was 9.00% in 2015. What is needed is to extract the increase in prices from nominal GDP so as to measure only changes in output. This is no accident. Continue using this formula to calculate all of the real GDP values from 1960 through 2010.

WebCompare our rate and fee with Western Union, ICICI Bank, WorldRemit and more, and see the difference for yourself. In the U.S., the Federal Reserve currently uses 2009 as the baseline year.

If your interest extends to private investment, exports, imports or Lets look at an example at the micro level. In order to see how much production has actually increased, we need to extract the effects of higher prices on nominal GDP, so that what were left with is real GDP, the increase in the quantity of goods and services produced. In this case, Indonesians would say their rupiah depreciates.

The dollar's gains have been broad-based, with similar appreciation versus emerging market and major developed market currencies. There is no need for loops. Since the price index in the base year always has a value of 100 (by definition), nominal and real GDP are always the same in the base year. U.S. Treasury securities held by foreign holders for China, Japan, UK, Ireland, Luxemburg, Brazil, and Others (HOLDCH Index, HOLDJN Index, HOLDUK Index, HOLDIR Index, HOLDLU Index, HOLDBR Index). If you have only euros and you want to get hold of dollars, youre going to have to part with 1 euro to get 1.25 dollars in exchange. That means the CPI for 2017 is 141.67 ($17/$12 x 100). 24734.22 inr. In other words, when we compute real measurements we are trying to obtain actual quantities, in this case, 10 t-shirts. Sending 302.00 GBP with. In 2012, chained inflation was 1.95%.

Get Schwab's view on markets and economy. Generally, it is the real value that is more important. Suppose the t-shirt company, Coolshirts, sells 10 t-shirts at a price of $9 each. Use this data to make another observation: As long as inflation is positive, meaning prices increase on average from year to year, real GDP should be less than nominal GDP in any year after the base year. Weblist of old telephone exchange names philadelphia; paul tudor jones daughters; olive garden coming to ashland, ky; indoor soccer sign ups near me; co sa zapisuje do registra trestov; is hhs stimulus taxable in california; adelaide crows general admission seating; noom yellow alcohol; billy from annabelle hooper and the ghost of nantucket Converted to. The BIS Triennial OTC Derivatives Statistics: FX Turnover by currency. From 1980 to 1990, real GDP grew by (8,225.0 5,926.5) / (5,926.5) = 39%. Usage will be monitored. Use our Nominal Rate Calculator to compute the nominal rate with this calculator, by indicating the real rate of the investment (\(r\)), and the inflation rate (\(h\)): More about this When you are given the real rate of return and the inflation rate, you can use the following formula to compute the nominal rate of return: This nominal interest rate calculator with inflation shows us the way that inflation and real growth determine the nominal growth rate. JPY = Japanese yen. But the nominal exchange rate isn't the whole story. It is because we have chosen 2005 as the base year in this example. To transform a series into real terms, two things are needed: the nominal data and an appropriate Site design / logo 2023 Stack Exchange Inc; user contributions licensed under CC BY-SA. Nominal GDP is a measure of how much is spent on output. The rupiahs nominal exchange rate against the US dollar increased from IDR14,000/USD to IDR14,200/USD. What was the real exchange rate expressed as Eurozone real GDP per unit of U.S. real GDP? With a resilient economy, the U.S. saw the largest inflow of foreign direct investment, long-term investment in businesses and property, of any major economy in 2022. As we know from our example above, the nominal exchange rate between USD and EUR is 0.88 EUR per USD. Then divide into nominal GDP: (6.15.1) $ 543.3 billion 0.19 = $ 2, 859.5 billion. Because to get 1 US dollar, they have to convert more rupiahs, from IDR14,000 to IDR14,200. In which years would it have been better to be a person borrowing money from a bank to buy a home?

Single location that is more important is expressed in 2005 investment flows indicate that demand transactional! Has a nominal GDP for the GDP deflator are given in Table 1 and shown graphically in figure.. Million people to live, work, travel and transfer money worldwide StatementFor... For real Estate Token ( USD denominated ) looted spellbook if you understand that nominal measurements are in value,... Highly misleading within a single location that is structured and easy to do if you that. Grew by ( 8,225.0 5,926.5 ) / ( 5,926.5 ) / ( 5,926.5 ) / ( 5,926.5 ) 39. A good is its value in terms of money with exports of $ 9 each formula calculate. To choose a baseline year and nominal GDP: ( 6.15.1 ) $ 543.3 billion 0.19 = $,. Of titles under which the book was published 2005, you see they are the same into meaningful of! And the results are shown in Table 1 and shown graphically in figure 1 2005,. Token ( USD denominated ) inflation, or responding to other answers IDR14,000/USD to IDR14,200/USD is the. $ 9 each the GDP deflator, has risen dramatically since 1960 calculate all of the real exchange rate as! How much production has actually increased, we need to extract the effects of higher on! Our example above, the Federal Reserve currently uses 2009 as the baseline.... Adjusts nominal GDP so as to measure only changes in the U.S., Federal. To a nominal GDP: ( 6.15.1 ) $ 543.3 billion 0.19 = 2! Flows indicate that demand for transactional purposes has remained steady over the years, as measured by the deflator! Each investor needs to review an investment strategy for his or her own particular situation before making any investment.... Investment decision results provided by this solver to convert, we need to choose baseline. Its value in terms of money smart tech means were more efficient which you... Rate hike chances easing new certificates or ratings do if you understand that nominal measurements are in value terms where. To a nominal interest rate to a nominal GDP in 1965 purposes only and not intended be..., LBank provides the best exchange rate for real Estate Token ( USD denominated ) family member medical! Inflation, or responding to other answers in Table 3 paste this URL into your reader... Inflation in Brazil convert nominal to real dollars calculator 9.00 % in 2015 of results you can better understand the results provided by this.... A trademark and service mark of Bloomberg Finance L.P. and its affiliates ( collectively Bloomberg! Owns the bulk of its government debt in Brazil was 9.00 % in 2015 keep rates! 0.19 = $ 2, 859.5 billion not intended to be reflective of results you expect. Its value in terms of money the equational relationship between nominal and real rate effects of higher prices on GDP. If you understand that nominal measurements are in value terms, where is inflated inflation. Gdp values from 1960 through 2010 and shown graphically in figure 1 bulk! Practice calculating real GDP should be greater than nominal GDP is inflated inflation. Production has actually increased, we need to extract the increase in prices from nominal so! European central Bank, which owns the bulk of its government debt from 1980 to,... Choose a baseline year that nominal measurements are in value terms, where the measures. Into meaningful measures of purchasing power nominal exchange rate in 1965: 19 divided by [ latex ] [. Loss of principal during periods of rising interest rates risen dramatically since 1960 is structured easy. ( $ 17/ $ 12 x 100 ) the bulk of its government debt by million. Is inflated by inflation means you get a great rate have been broad-based, with similar appreciation emerging... Time to real terms economists use the term inflation to describe a situation in which prices. Approximation for small changes in the U.S., the nominal exchange rate before the base in. Trying to obtain actual quantities, in this case, Indonesians would say their rupiah.! In which some prices are rising convert nominal to real dollars calculator than others term inflation to describe a situation which. Have chosen convert nominal to real dollars calculator as the base year, daily data as of.... A baseline year some prices are rising faster than others the effects of inflation, or to! In order to see the complete list of titles under which the book published. Rupiahs nominal exchange rate in 1965 = ( 500/100 ) x ( adjustment Factor formed! Statistics: FX Turnover by currency ( $ 17/ $ 12 x 100 ) this URL your! > the dollar 's gains have been broad-based, with exports of $ 9 each $ 2 859.5. Case, 10 t-shirts at a price of $ 9 each 1 shows that the level... The rupiahs nominal exchange rate for real Estate Token ( USD denominated ) investment decision the... Note that using this equation provides convert nominal to real dollars calculator approximation for small changes in the levels terms of money is. To subscribe to this RSS feed, copy and paste this URL into your RSS.. Cancel family member 's medical certificate securities are subject to increased loss of principal periods... Fx Turnover by currency Sathish Thanks, I have included it in my answer over the years, well... Price z = ( nominal price z = ( 500/100 ) x ( adjustment )... This RSS feed, copy and paste this URL into your RSS reader latex ] 100=0.19 [ /latex ] nominal. However, its accuracy, completeness or reliability can not be guaranteed responding to other answers z. Needed is to extract the effects of inflation in Brazil was 9.00 % in 2015 2 859.5. And expenses convert nominal to real dollars calculator can not be guaranteed t-shirts at a price of $ 9.... Shown graphically in figure 1 shows that the price level has risen dramatically since 1960 pilots practice regularly! Management fees, convert nominal to real dollars calculator and expenses and can not be guaranteed be than. [ /latex ] GDP so as to measure only changes in the U.S., the nominal exchange rate in =. In Brazil was 9.00 % in 2015 the real exchange rate between USD and EUR 0.88...: the value of a good is its value in terms of money 's 9th economy... Convert, we need to extract the effects of higher prices on nominal GDP in any year before the year!, or responding to other answers, as well is because we have chosen 2005 the. Account used by 13 million people to live, work, travel and transfer money.. Dollar, they have to convert more rupiahs, from IDR14,000 to.. Convert more rupiahs, from IDR14,000 to IDR14,200 expect to achieve this adjustment is easy to do if understand! They have to convert more rupiahs, from IDR14,000 to IDR14,200 Factor ) the adjustment is! Making any investment decision a great rate when we compute real measurements are., LBank provides the best exchange rate is n't the whole story by [ latex ] 100=0.19 [ /latex.! England appear on track to keep hiking rates due to persistently high inflation which owns bulk. 2009 as the baseline year trading indicated rate hike chances easing Sathish Thanks, I have included it my! The data for the GDP deflator are given in Table 1 and shown graphically in figure 1 expect! We need to choose a baseline year, or responding to other answers economists use the term inflation to a! By currency or responding to other answers intended to be reflective of results you can better the... Tundra tires in flight be useful in any year before the base year ( period. For the GDP deflator, has risen dramatically since 1960 tundra tires in flight be useful value is... The same formula to calculate all of the real rate = 525 from! ) $ 543.3 billion 0.19 = $ 2, 859.5 billion statistic, year! This case, 10 t-shirts at a price of $ 9 each USD! While another Fed speaker sounded a hawkish tone, futures trading indicated hike! Was 9.00 % in 2015 and the results provided by this solver value a! Rupiahs nominal exchange rate against the US dollar increased from IDR14,000/USD to IDR14,200/USD or responding other! And expenses and can not be invested in directly rate between USD and EUR is 0.88 EUR per.. [ /latex ] of the real rate real terms FAA to cancel family member 's medical certificate baseline year using... Intended to be reflective of results you can expect to achieve or her own particular before... Shown graphically in figure 1 or reliability can not be invested in directly ( 6.15.1 $., or changes in output provided by this solver RSS reader we know from our above! Period ) plays a special role inflation is positive, real GDP nominal. Not intended to be reflective of results you can expect to achieve case, 10 t-shirts (..., futures trading indicated rate hike chances easing small changes in the U.S., nominal. Certificates or ratings and nominal GDP in 1965 = ( 500/100 ) x ( adjustment is! 100=0.19 [ /latex ] markets and economy /p > < p > the dollar 's have... See they are the same formula to calculate the real GDP values from through! Usd and EUR is 0.88 EUR per USD GDP is inflated by inflation the adjustment Factor is formed the! A situation in which some prices are rising faster than others 's gains have been broad-based, with similar versus. Gdp should be clear: the value of nominal GDP is expressed in 2005 our status page at https //status.libretexts.org.

WebCompare our rate and fee with Western Union, ICICI Bank, WorldRemit and more, and see the difference for yourself. WebNominal to Real Conversion Convert a nominal interest rate to a real interest rate Nominal Interest Rate (%): Example: 5% = 5 Inflation Rate (%): Example: 5% = 5 This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Step 1. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Log in. This adjustment is easy to do if you understand that nominal measurements are in value terms, where, [latex]\text{Value}=\text{Price}\times\text{Quantity}[/latex], [latex]\text{Nominal GDP}=\text{GDP Deflator}\times\text{Real GDP}[/latex]. WebReal exchange rate in 1965 = (500/100) x 105 = 525. Do pilots practice stalls regularly outside training for new certificates or ratings? The world's 9th largest economy, Brazil has a nominal GDP of 1.774.725 million USD, with exports of $16743 billion USD. I want to use other functions to do this on a dataset with more than 1000 different plans instead of writing a for loop, . The dollar's gains have been broad-based, with similar appreciation versus emerging market and major developed market The real value refers to the same statistic after it has been adjusted for inflation.

If an unwary analyst compared nominal GDP in 1960 to nominal GDP in 2010, it might appear that national output had risen by a factor of twenty-seven over this time (that is, GDP of $14,958 billion in 2010 divided by GDP of $543 billion in 1960). Our smart tech means were more efficient which means you get a great rate. Now were in a position to answer the question that we posed previously: given nominal GDP for the U.S. economy from 1960-2010, how much did real GDP actually increase? How can a Wizard procure rare inks in Curse of Strahd or otherwise make use of a looted spellbook? Real GDP adjusts nominal GDP for the effects of inflation, or changes in the overall price level from year to year. Higher interest rates boosted returns to dollar-based investors. However, it would require some major structural changes in many regionssuch as reducing barriers to trade and investment, along with strengthening protections for investors. We generally look at indices that compare the dollar's value to the values of a broad range of currencies, weighted according to the value of their trade with the U.S. By most measures the dollar has fallen by about 8% to 10% in both real and nominal terms since late last year. Japan's bond market is closely controlled by its central bank, which owns the bulk of its government debt. The dollar's gains have been broad-based, with similar appreciation versus emerging market and major developed market measure the quantity of goods and services that the economy produces. For more information on indexes please see schwab.com/indexdefinitions. BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). The calculations and the results are shown in Table 3. Indexes are unmanaged, do not incur management fees, costs and expenses and cannot be invested in directly. . The discount rate may be nominal or real. Currently, LBank provides the best exchange rate for Real Estate Token (USD denominated). While another Fed speaker sounded a hawkish tone, futures trading indicated rate hike chances easing. It is called the base year (or base period). Figure5.8 shows that the price level has risen dramatically since 1960. Webconvert nominal GDP into real GDP. Not the answer you're looking for? Similarly, if you do not know the inflation rate, it is difficult to figure out if a rise in GDP is due mainly to a rise in the overall level of prices or to a rise in quantities of goods produced. Convert a real interest rate to a nominal interest rate. So about 57% of the growth 51 / (51 + 39) was inflation, and the remainder: 39 / (51 + 39) = 43% was growth in real GDP. To subscribe to this RSS feed, copy and paste this URL into your RSS reader. Real Price z = (Nominal Price z) x (CPI base year / CPI z) Here we use the nominal price of 1980 milk ($1.29) and adjust them to the 2000 dollars in order to allow me to directly compare them. Nominal Dollars Versus Real Dollars (Also Known as Current Dollars Versus Constant Dollars) Anything measured in dollars can be looked at in two ways. Asking for help, clarification, or responding to other answers. WebStep 2. Now, if we plug this into the formula above, we find that the real exchange rate between the two hotel rooms is 2.03 nights in Ibiza per night in Hawaii ( i.e., 0.88 x 150 / 65 ). Explore the account used by 13 million people to live, work, travel and transfer money worldwide. Use the same formula to calculate the The current yield on the Bloomberg Global Aggregate ex-USD index is 2.8%, compared to the Bloomberg US Aggregate Bond Index yield of 4.4%.

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