CAD

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...

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