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Exhibit 1

Currency markets are still unwinding last year's excesses.

Change in exchange rate relative to January 02, 2022, %

Exhibit 2

Japanese inflation rates remain elevated, but are heading for a rollover.

Annual change in core inflation rate, %

Exhibit 3

Rate expectations remain deeply divergent.

Implied change in policy rate relative to April 24, 2023, %

Exhibit 4

The economy's momentum hasn't slowed.

Subcomponent contributions to forecasted growth aggregate, %

Exhibit 5

Wage growth is still running hot.

3-month average of median wage growth, %

Exhibit 6

But credit growth is slowing.

Deposits, Consumer Loans, Commercial and Industrial Loans, and Other Loans and Leases, All Commercial Banks, Billions USD

Exhibit 7

Jobless claims are ticking higher.

Initial unemployment claims, thousands

Exhibit X

Another debt ceiling panic is approaching.

Statutory debt ceiling (gaps where suspended) versus total debt outstanding, trillions USD

Exhibit 8

But fear indicators look overblown.

Five-year credit default swap prices, December 15, 2007 - April 21, 2023

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