Chart 7.
The title is, "Credit Costs for Higher-Risk Borrowers Rose Dramatically in Recent Years."

A line chart showing the basis-point spread over 10-year constant-maturity Treasuries of high-yield bonds and investment-grade bonds from June 1998 through June 2002. The spread for high-yield bonds was 326 basis points in June 1998, 555 in December 1998, 461 in June 1999, 480 in December 1999, 608 in June 2000, 886 in December 2000, 787 in June 2001, 768 in December 2001, and 811 in June 2002. The spread for investment-grade bonds was 86 basis points in June 1998, 150 in December 1998, 116 in June 1999, 142 in December 1999, 186 in June 2000, 207 in December 2000, 145 in June 2001, 122 in December 2001, and 141 in June 2002.