Chart Source: Federal Reserve Board and Goldman Sachs Global Investment Research as of 2/6/2016. From 1962 to 1981 analysis uses the discount rate; from 1982 to 2013 analysis uses the Fed funds rate. Past performance does not guarantee future results, which may vary.

Chart Source: Federal Reserve Board and Goldman Sachs Global Investment Research as of 2/6/2016. From 1962 to 1981 analysis uses the discount rate; from 1982 to 2013 analysis uses the Fed funds rate. Past performance does not guarantee future results, which may vary.