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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 Points

Exhibit 8

Sentiment is shifting on the euro.

Net Long (+) or Short (-) Euro Futures Position Held by Large Speculators, Billions US Dollars

Exhibit 9

Stagflation risks are haunting the pound.

Real average weekly earnings, total pay, annual change, %

Exhibit 10

The Canadian economy should continue decelerating.

Real gross domestic product, monthly change, %

Exhibit 11

And the dollar is regaining ground.

DXY Dollar Index, 1973 = 100

Exhibit 12

But continued equity outperformance could provide some loonie support.

90-day rolling correlations with CADUSD

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