EUR

Exhibit 1 US household spending remains remarkably strong. Personal consumption expenditures, nominal and real (chained 2012 dollars), billions USD Exhibit 2 Labour market conditions are tight. Initial unemployment claims, thousands Exhibit 3 Core inflation is subsiding too slowly. All Items, Core (All Items Excluding Food and Energy), Personal Consumption Expenditures Index, Annual Change, %, SA Exhibit 4 And financial conditions are stabilizing. Bloomberg Financial Conditions Index Exhibit 5 Rate expectations are climbing. Target rate probabilities by meeting. Exhibit 6 Across the front end. Futures-implied policy rate by meeting date, % Exhibit 7 And the dollar is regaining ground. DXY Dollar...

Exhibit 1 Spending remains remarkably strong. Personal consumption expenditures, nominal and real (chained 2012 dollars), billions USD Exhibit 2 Core inflation is subsiding too slowly. All Items, Core (All Items Excluding Food and Energy), Personal Consumption Expenditures Index, Annual Change, %, SA Exhibit 3 Financial conditions are stabilizing. Bloomberg Financial Conditions Index Exhibit 4 Payrolls look unlikely to crumble. Initial unemployment claims, thousands Exhibit 5 Rate expectations are climbing. Target rate probabilities by meeting. Exhibit 6 Across the front end. Futures-implied policy rate by meeting date, % Exhibit 7 Differentials are putting the yen under pressure. Indicative 12-Month USDJPY Forward...