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0.249 Tw [(mon)12(e)0(t)10(a)0(ry)11( pol)10(i)-1(c)11(y)0( be or)10(ie)11(nt)10(ed bey)11(o)0(nd)12( )-10(t)10(h)1(e ho)11(ri)10(zo)11(n of i)10(t)-1(s)]TJ 0 -1.462 TD 0.006 Tc 0.271 Tw [(i)9(m)4(m)-7(e)10(di)9(ate)10( )-11(i)9(m)4(pac)10(t)-2( on inf)9(l)-2(a)10(t)-2(i)9(o)-1(n and)11( )-11(t)9(h)0(e eco)10(nomy)98(. )-11(Th)11(is)]TJ T* -0.003 Tc 0.138 Tw [(imm)-16(e)1(d)-9(i)0(a)-10(t)-11(e h)-9(o)1(r)-11(i)0(z)-10(o)-10(n)2( is)-11( on)-9( th)-9(e)-10( )11(o)-10(r)-11(de)-10(r o)-10(f)0( t)-11(w)-6(o to)-10( th)-9(r)-11(e)1(e)-10( ye)-10(ar)-11(s.)]TJ 0 -1.473 TD 0.007 Tc 0.216 Tw [(T)-8(h)1(i)-12(s)-1( or)-12(ie)-11(nt)-12(at)-12(io)-11(n p)-10(r)-1(o)-11(p)-10(er)-12(ly)-11( )11(p)-10(u)-10(t)-1(s)-12( th)-10(e f)-12(o)0(c)-11(u)1(s)-12( of)-12( )11(a)-11( fo)-11(rw)-7(a)-11(r)-1(d)-10(-)]TJ 0 -1.462 TD 0.106 Tw [(look)-10(in)-10(g )-11(po)11(li)10(cy)11( on )11(the)11( ti)10(m)5(e)0( ho)11(ri)10(zo)11(n ov)11(er)10( whic)11(h m)5(o)0(n)12(e)0(ta)11(ry)]TJ 24.187 27.89 TD 0.128 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0.879 -1.187 TD -0.004 Tc [(an)-10(d)]TJ -0.879 -1.923 TD -0.003 Tc 0.182 Tw [(\225)-382(i)0(n)-9( p)-9(a)1(r)-11(t)0(i)-11(c)1(u)-9(l)-11(ar)44(,)-6( d)-9(ist)-11(o)-10(r)0(t)-11(i)0(o)-10(n)2(s)-11( t)-11(h)2(a)-10(t)0( )-11(cr)-11(ea)-10(te)-10( p)-9(e)-10(rv)-10(er)-11(se)-10( in)-9(c)-10(e)1(n)-9(-)]TJ 0.879 -1.198 TD 0.007 Tc -0.004 Tw [(t)10(i)-1(v)11(e)0(s)10( to)11( eng)12(a)0(ge)11( in )11(nonp)12(rod)12(u)1(ct)10(iv)11(e a)11(c)0(ti)10(vi)10(ti)10(es)10(.)]TJ 1.319 -2.011 TD 0.106 Tw [(L)12(e)0(t m)5(e)11( )-11(b)12(e)0( ev)11(en m)5(o)0(r)10(e)0( e)11(x)0(pl)10(ic)11(it)10( abo)11(u)1(t t)10(h)1(e ne)11(gat)10(i)10(v)0(e)]TJ -3.297 -1.462 TD 0.259 Tw [(e)11(f)-1(f)10(e)0(c)11(t)-1(s)10( )-11(o)11(f)-1( on)12(e par)10(t)-1(i)10(c)0(ul)10(ar)10( typ)12(e)0( of)10( )-11(n)12(o)0(npr)10(od)12(uct)10(i)-1(v)11(e)0( act)10(iv)11(it)10(y)]TJ 0 -1.473 TD 0.018 Tc 0.413 Tw [(in)-9(du)-9(ce)-11(d by)-11( )11(i)-12(n)1(f)-12(l)-1(at)-12(ion)-9(\222)53(s d)-9(isto)-11(rt)-12(ion)-9( )11(o)-11(f)-1( in)-9(ce)-11(nti)-12(v)0(e)-11(s)-1(\227t)-12(he)]TJ 0 -1.462 TD -0.003 Tc 0.171 Tw [(o)-21(v)-32(e)-21(r)-22(i)-33(n)-19(v)-10(e)-10(s)0(t)-11(m)-5(en)-9(t)-11( o)-10(f)0( )-11(re)-10(so)-10(u)-9(r)0(c)-10(e)1(s)-11( i)-11(n)2( )-11(th)-9(e)-10( fi)-11(n)-9(a)1(n)-9(c)-10(ia)-10(l )-11(se)-10(ct)-11(or)44(.)-6( A)-6(s)-11( a)]TJ T* 0.007 Tc -0.026 Tw [(f)10(o)0(r)10(m)5(er c)11(o)0(mmerc)11(ia)11(l ba)11(nke)11(r)54(,)4( I)10( )-11(a)11(m)-6( e)11(s)-1(pe)11(ci)10(al)10(ly)11( )-11(a)11(w)4(ar)10(e of)10( the)11( )-11(s)10(i)10(g)1(-)]TJ 0 -1.473 TD 0.051 Tw [(n)12(i)-1(f)10(i)-1(c)11(a)0(nc)11(e )11(of)10( t)10(h)1(i)10(s)-1( )11(co)11(st)10(, )11(and )11(I)10( b)12(e)0(l)10(i)-1(e)11(ve )11(t)10(h)1(at)10( i)10(t)10( d)12(e)0(se)11(rv)11(es)10( g)12(r)-1(ea)11(te)11(r)]TJ 0 -1.462 TD 0.095 Tw [(a)11(t)-1(t)10(e)0(nt)10(io)11(n tha)11(n)1( it)10( of)10(ten)12( )-11(r)10(e)0(c)11(e)0(i)10(ves)10( in e)11(cono)11(m)5(is)10(ts)10(\222 l)10(i)-1(s)10(t)-1(s)10( )-11(o)11(f)-1( t)10(h)1(e)]TJ T* -0.003 Tc 0.006 Tw [(co)-10(st)-11(s o)-10(f)0( i)-11(n)-9(fla)-10(t)-11(i)0(o)-10(n)2(.)]TJ 3.297 -1.473 TD 0.018 Tc 0.71 Tw [(Th)12(e re)11(so)11(ur)10(ce)11(s in)12( )-11(h)12(i)-1(g)12(h)1(-i)10(nf)10(l)10(a)0(t)10(i)-1(o)11(n)1( ec)11(ono)11(m)5(ie)11(s)]TJ -3.297 -1.462 TD 0.007 Tc 0.402 Tw [(di)-12(ve)-11(rt)-12(ed)-10( )11(f)-12(r)-1(o)-11(m)-6( pr)-12(od)-10(u)-10(c)0(t)-12(i)-1(v)-11(e)0( ac)-11(tiv)-11(it)-12(ie)-11(s to)-11( )11(n)-10(o)-11(np)-10(ro)-11(d)-10(u)1(c)-11(t)-1(i)-12(v)0(e)]TJ T* -0.003 Tc 0.05 Tw [(f)-11(i)-11(n)-20(a)-21(n)-9(c)-21(i)-11(a)-21(l)-11( t)-11(r)0(a)-10(n)-9(sa)-10(ct)-11(io)-10(n)-9(s)0( a)-10(r)0(e)-10( e)-10(n)2(o)-10(r)0(m)-16(o)1(u)-9(s)-11(.)-6( In)-9( th)-9(e)-10( h)-9(y)1(p)-9(e)-10(ri)-11(nf)-11(la)-10(ti)-11(on)-9(s)]TJ 0 -1.473 TD 0.007 Tc -0.026 Tw [(i)10(n)1( Euro)11(pe in)12( )-11(t)10(h)1(e 1920)12(s and aga)11(i)-1(n)12( )-11(i)10(n)1( )-11(v)11(a)0(r)10(i)-1(ou)12(s emer)21(g)12(i)-1(ng)12( )-11(mar)10(-)]TJ 0 -1.462 TD 0.006 Tc 0.085 Tw [(k)11(e)-1(t co)10(unt)9(ri)9(es)9( )-11(i)9(n)0( the)10( )-11(1)11(980s)9(, we saw f)9(i)-2(na)10(nci)9(a)-1(l)9( )-11(s)9(e)-1(c)10(t)-2(o)10(r)-2(s)9( )-11(gr)9(ow)]TJ ET 1 1 1 rg 320.68 746.4 248.4 -656.76 re f* BT 10.92 0 0 10.92 320.56 739.116 Tm 0 0 0 rg -0.003 Tc 0.259 Tw [(s)-11(e)-10(ve)-10(ra)-10(lf)-11(ol)-11(d)-9(.)-6( )11(A)-6( nu)-9(mb)-9(e)-10(r)0( of)-11( )11(e)-10(s)-11(tim)-16(at)-11(es)-11( )11(p)-9(u)-9(t)0( th)-9(e)-10( )11(r)-11(i)0(s)-11(e)1( in)-9( th)-9(e)]TJ T* 0.018 Tc 0.084 Tw [(f)10(i)21(n)12(a)11(n)23(c)11(i)10(a)22(l)10( )22(sec)-11(t)-1(o)-11(r)-1( s)-12(h)1(a)-11(r)-1(e )-11(of )-11(G)-7(D)-7(P)3( )-11(on)-9( th)-9(e )-11(or)-12(de)-11(r o)-11(f)-1( 1)-9( p)-9(e)0(r)-12(c)0(e)-11(n)1(t)]TJ T* 0.007 Tc 0.04 Tw [(f)-23(o)-11(r)-23( )-22(e)-22(v)-11(e)-22(r)-12(y)-22( )-33(1)-10(0)-20( )-33(pe)11(rc)11(ent)10(a)0(ge)11( )-11(po)11(int)10(s)-1( of inf)10(l)10(a)0(ti)10(on)12( )-11(up to inf)10(l)-1(a)11(t)-1(i)10(o)0(n)]TJ 0 -1.473 TD -0.004 Tc [(o)-11(f)-12( a)-11(b)-10(ou)-10(t)-12( )-11(10)12(0 per)10(cent)10(.)4( The )11(eco)11(nomies)10( th)12(at e)11(x)0(per)10(i)-1(e)11(n)1(ced )11(high)]TJ 0 -1.462 TD 0.007 Tc 0.38 Tw [(i)10(n)12(f)21(l)10(a)11(t)10(io)11(n con)12(sum)5(e)0(d)12( )-11(m)5(o)0(r)10(e)0( fi)10(na)11(nci)10(a)0(l)10( )-11(t)10(r)-1(a)11(n)1(sa)11(ct)10(io)11(ns fo)11(r an)]TJ T* 0.006 Tc -0.003 Tw [(ess)9(e)-1(n)11(t)-2(i)9(a)-1(l)9(l)-2(y )11(giv)10(e)-1(n a)10(m)4(ount)9( of)9( r)9(eal)9( go)10(ods)9( and)11( se)10(rvi)9(c)-1(e)10(s)-2(.)]TJ 3.297 -1.473 TD 0.007 Tc 0.117 Tw [(If)10( )-11(i)10(ndi)10(vi)10(dua)11(ls)10( mu)12(st)10( )-11(s)10(p)1(e)11(nd m)5(o)0(re)11( ti)10(m)5(e)0(, ef)10(fo)11(rt)10(, and)]TJ -3.297 -1.462 TD 0.051 Tw [(res)10(o)0(u)12(r)-1(ce)11(s en)12(gagi)10(ng i)10(n)1( fi)10(nanc)11(ia)11(l tr)10(an)12(sac)11(t)-1(i)10(o)0(n)12(s)-1( bec)11(a)0(us)10(e of)10( )-11(t)10(h)1(e)]TJ T* -0.004 Tc 0.029 Tw [(uncer)10(ta)11(int)10(y)0( i)10(n)1(fl)10(at)10(ion )11(enge)11(nder)10(s)-1(, t)10(h)1(en )11(more)11( of)10( th)12(e e)11(conomy\222)64(s)]TJ 0 -1.473 TD 0.018 Tw [(prod)12(ucti)10(ve cap)12(aci)10(ty is)10( )-11(tr)10(ans)10(f)-1(er)10(re)11(d )-11(to)11( )-11(th)12(e )-11(a)11(c)0(ti)10(vit)10(y)0( of handl)10(ing)]TJ 0 -1.462 TD 0.006 Tc 0.282 Tw [(t)-24(r)-13(a)-23(n)-11(s)-13(a)-23(c)-12(t)-24(i)-13(o)-12(n)-21(s)-13(.)-19( )-33(Cle)10(a)-1(rl)9(y)98(,)3( g)11(i)-2(ve)10(n )11(m)-7(y)10( ba)10(ckg)11(r)-2(ou)11(nd, )11(I )11(am n)11(o)-1(t)]TJ T* -0.003 Tc 0.072 Tw [(o)-10(p)-9(p)-9(o)1(s)-11(e)1(d)-9( )-11(to)-10( a)-10(n)-9( e)-10(x)1(p)-9(a)-10(ns)-11(io)-10(n)-9( o)-10(f)0( )-11(th)-9(e)-10( fi)-11(n)-9(a)1(n)-9(c)-10(ia)-10(l )-11(se)-10(ct)-11(or)-11( t)-11(h)-9(at)-11( s)-11(t)0(e)-10(m)-5(s)]TJ 0 -1.473 TD 0.007 Tc 0.018 Tw [(fr)10(om gr)10(owth)12( of)10( pro)11(duct)10(i)10(v)0(it)10(y)99(,)4( gr)10(owth)12( tha)11(t)-1( o)11(f)-1(f)10(e)0(r)10(s)-1( be)11(nef)10(i)10(t)-1(s)10( to)]TJ 0 -1.462 TD -0.015 Tc 0.051 Tw [(the publ)10(ic. Equa)11(lly)11( clea)11(rly)99(, I s)10(ee an e)11(x)0(pansi)10(o)0(n of)10( the f)10(i)-1(nanc)11(ial)]TJ T* 0.007 Tc 0.227 Tw [(sec)11(t)-1(o)11(r)-1( t)10(h)1(at)10( s)10(t)-1(ems)10( fr)10(om a)11(n)1( in)12(cr)10(eas)10(in)12(g numbe)11(r o)11(f)-1( p)12(eop)12(le)]TJ 0 -1.473 TD 0.006 Tc 0.239 Tw [(empl)9(oye)10(d )-11(a)10(s)-2( midd)11(le)10(m)-7(e)10(n, wher)9(e non)11(e)-1( w)-8(o)10(ul)9(d )-11(b)11(e)-1( nee)10(d)0(ed)]TJ 0 -1.462 TD -0.003 Tc 0.038 Tw [(w)-6(i)-11(th)-9(o)-10(u)-9(t th)-9(e)-10( )10(d)-9(i)-11(st)-11(or)-11(ti)-11(on)-9( of)-11( ri)-11(si)-11(ng)-9( in)-9(fl)-11(a)-10(tio)-10(n)-9( an)-9(d)-9( )10(i)-11(t)0(s)-11( a)-10(t)-22(t)-11(e)-10(n)-20(d)-19(a)-10(n)-20(t)]TJ T* 0.007 Tc 0.457 Tw [(u)-10(n)-10(c)0(e)-11(r)-1(t)-12(a)0(i)-12(n)1(t)-12(y)88(,)-7( )11(a)-11(s)-1( g)-9(r)-1(o)-11(w)-7(th)-10( th)-10(at)-12( di)-12(ve)-11(rt)-12(s re)-11(so)-11(u)-10(r)-1(ce)-11(s b)-10(e)-11(tt)10(er)]TJ 0 -1.473 TD 0.006 Tc 0.008 Tw [(empl)9(oye)10(d el)9(se)10(wher)9(e. A )11(bank)11( bra)10(n)0(ch)11( on )11(eve)10(ry)10( cor)9(ne)10(r mea)10(n)0(s)]TJ 0 -1.462 TD 0.007 Tc -0.015 Tw [(a )-11(co)11(rn)12(er st)10(ore)11( )-11(on none)11(.)]TJ 3.297 -1.473 TD -0.004 Tc [(In s)10(h)1(ort)10(,)4( th)12(e co)11(sts)10( of)10( ove)11(ri)10(nves)10(tment)10( in t)10(h)1(e f)10(i)-1(n)12(a)0(nci)10(a)0(l)]TJ -3.297 -1.462 TD 0.095 Tw [(sec)11(t)-1(or)65(, l)10(i)-1(ke )11(the)11( cos)10(ts)10( of)10( al)10(l )11(inf)10(l)-1(at)10(io)11(n-i)10(nduce)11(d)1( non)12(p)1(rod)12(u)1(cti)10(v)0(e)]TJ T* 0.007 Tc 0.04 Tw [(act)10(iv)11(it)10(ie)11(s\227)7(suc)11(h)1( )11(as)10( t)10(a)0(x)11( c)11(o)0(de)11( do)11(dge)11(s\227)7(dec)11(r)-1(ea)11(se)11( t)10(h)1(e)11( r)10(e)0(s)10(o)0(ur)10(ce)]TJ 0 -1.473 TD -0.003 Tc 0.039 Tw [(b)-9(a)-10(se)-10( av)-10(a)-10(ila)-10(b)-9(l)0(e)-10( to)-10( )11(t)-11(h)-9(e e)-10(c)1(o)-10(n)-9(om)-16(y fo)-10(r)-11( )11(g)-9(r)0(o)-10(w)-6(t)-11(h)2(.)-6( A)-6( mo)-10(ve)-10( to)-10( pr)-11(ic)-10(e)]TJ 0 -1.462 TD 0.018 Tc 0.391 Tw [(s)-12(t)-1(a)-11(b)1(il)-12(ity)-11( w)-7(o)-11(uld)-9( g)-9(i)-1(v)-11(e)0( )-11(the)-11(s)-1(e)-11( ec)-11(on)-9(om)-17(ies)-12( th)-9(e )-11(ne)-11(ce)-11(ssa)-11(ry)]TJ T* -0.004 Tc -0.004 Tw [(i)-34(n)-21(c)-33(e)-22(n)-31(t)-23(i)-23(v)-33(e)-22(s)-34( )11(t)-12(o)0( sh)-10(if)-12(t re)-11(so)-11(u)-10(r)-1(c)-11(e)-11(s)-1( ba)-11(c)-11(k)1( to)-11( )11(p)-10(r)-12(od)-10(u)-10(c)-11(tiv)-11(e)-11( )11(u)-10(s)-1(e)-11(s)-12(. In)-10( th)-10(e)]TJ 0 -1.473 TD 0.007 Tc 0.007 Tw [(cas)10(e o)11(f)-1( t)10(h)1(e)11( fi)10(nan)12(c)0(i)10(a)0(l)10( se)11(ct)10(or )11(in )11(a hi)10(gh-)10(in)12(fl)10(at)10(ion)12( ec)11(ono)11(m)-6(y)99(,)4( t)10(h)1(e)]TJ 0 -1.462 TD 0.029 Tw [(tr)10(ans)10(f)-1(e)11(r)-1( )11(of )11(re)11(so)11(urc)11(e)0(s)10( to)11( pr)10(odu)12(c)0(t)10(i)-1(ve)11( us)10(es)10( c)11(o)0(ul)10(d b)12(e)0( a)11(s)-1( )11(lar)32(g)1(e )11(as)]TJ T* -0.004 Tc 0.007 Tw [(a)-11( fe)-11(w)-7( p)-10(e)0(r)-12(c)0(e)-11(n)-10(ta)-11(g)-10(e)0( p)-10(o)0(i)-12(n)-10(ts)-12( )11(o)-11(f)-12( )11(G)-7(D)-18(P)123(.)-7( )11(T)-8(h)-10(is)-12( ca)-11(n)-10( be)-11( se)-11(ri)-12(o)-11(u)1(s)-12( mon)-10(e)-11(y)]TJ 0 -1.473 TD 0.15 Tw [(i)-12(n)-10(de)-11(e)-11(d)1(.)-7( )-11(A)-7(n)-10(d )-11(th)-10(is)-12( i)-12(s)-1( )-11(ju)-10(st)-12( o)-11(n)-10(e )-11(of)-12( t)-12(h)1(e)-11( b)-10(e)-11(ne)-11(f)-12(its)-12( o)-11(f)-1( )-11(re)-11(g)-10(a)0(i)-12(n)1(i)-12(n)-10(g)]TJ 0 -1.462 TD -0.003 Tc 0.006 Tw [(p)-9(r)-11(ic)-10(e s)-11(t)0(a)-10(b)-9(il)-11(ity)78(.)]TJ 3.297 -1.462 TD 0.007 Tc 0.292 Tw [(R)-7(a)11(pi)10(d move)11(s t)10(o)0(war)10(d)1( pr)10(ic)11(e s)10(t)-1(ab)12(il)10(it)10(y f)10(r)-1(o)11(m)-6( h)12(i)-1(gh)]TJ -3.297 -1.473 TD 0.029 Tc 0.172 Tw [(i)-12(n)2(fl)-12(atio)-11(n,)-7( h)-9(o)0(w)-7(e)-11(ver)43(, )-11(do)-11( h)-9(ave)-11( t)-12(h)2(ei)-12(r c)-11(o)0(st)-12(s u)-9(n)-9(d)2(er)-12( c)-11(e)0(rta)-11(in)]TJ 0 -1.462 TD 0.007 Tc 0.205 Tw [(c)-33(i)-23(r)-23(c)-33(u)-20(m)-28(s)-23(t)-34(a)-22(n)-20(c)-33(e)-22(s)-23(.)-29( The o)11(ver)10(de)11(vel)10(opme)11(nt of)10( a s)10(ect)10(or)10( fo)11(r no)]TJ T* -0.004 Tw [(rea)11(s)-1(o)11(n)1( oth)12(e)0(r t)10(h)1(an th)12(e inf)10(l)10(a)0(ti)10(on)12( )-11(r)10(a)0(t)10(e)0( )-11(i)10(s)10( )-11(pr)10(ec)11(is)10(el)10(y one of)10( tho)11(s)-1(e)]TJ 0 -1.473 TD -0.004 Tc 0.018 Tw [(cir)10(c)0(umst)10(ance)11(s. The re)11(m)-6(o)11(val)10( )-11(o)11(f)-1( the)11( )-11(di)10(st)10(ort)10(i)-1(on)12(ary)11( )-11(i)10(n)1(cen)12(tiv)11(e\227)]TJ 0 -1.462 TD 0.007 Tc 0.04 Tw [(inf)10(l)-1(a)11(t)-1(i)10(o)0(n\227)7(le)11(ads)10( to)11( )-11(a)11( ra)11(pid)12( )-11(t)10(r)-1(a)11(n)1(s)10(f)-1(e)11(r)-1( of)10( res)10(o)0(u)12(r)-1(ce)11(s o)11(u)1(t of)10( th)12(at)]TJ T* 0.008 Tc 0.226 Tw [(s)-11(e)1(c)-10(t)0(o)-10(r)55(,)-6( c)-10(a)1(u)-9(s)0(i)-11(n)2(g)-9( u)-9(n)-9(e)1(mp)-9(lo)-10(ym)-16(en)-8(t a)-10(n)-9(d b)-9(u)-8(si)-11(ne)-10(ss)-11( fa)-10(ilu)-9(re)-10(s )-11(to)]TJ 0 -1.473 TD 0.006 Tc 0.228 Tw [(f)-13(o)-1(l)-13(l)-2(o)-12(w)-8(: what)9( wa)10(s b)11(oom, g)11(oes)9( b)11(u)0(st)9(. I)9(n)0( t)9(h)0(os)9(e )11(ver)9(y s)9(a)-1(me)]TJ 0 -1.462 TD 0.007 Tc 0.062 Tw [(cou)12(ntr)10(i)-1(e)11(s)-1( whe)11(r)-1(e we s)10(a)0(w th)12(e ove)11(re)11(xpa)11(n)1(si)10(on o)11(f)-1( th)12(e fi)10(nan)12(c)0(i)10(a)0(l)]TJ T* 0.15 Tw [(sec)11(t)-1(o)11(r)54(, we )-11(h)12(ave)11( )-11(s)10(een)12( )-11(t)10(h)1(e sha)11(r)-1(p co)11(ntr)10(a)0(c)11(t)-1(i)10(o)0(n of th)12(at se)11(ct)10(or)]TJ ET endstream endobj 10 0 obj << /ProcSet [ /PDF /Text ] /Font << /F3 4 0 R >> /ExtGState << /GS1 6 0 R >> >> endobj 11 0 obj << /Type /Page /Parent 7 0 R /Resources 13 0 R /Contents 12 0 R >> endobj 12 0 obj << /Length 17113 >> stream 1 1 1 rg /GS1 gs 1 0 612 792 re f 0 0 0 rg 1 i 44.8 45.72 0.24 0.48 re f* 567.04 46.2 0.24 -0.48 re f* 45.04 46.2 522 -0.48 re f* BT /F3 1 Tf 8.4 0 0 8.4 318.04 33.84 Tm 0.003 Tc 0.004 Tw [(FRB)-15(N)-5(Y E)]TJ 6.72 0 0 6.72 352.24 33.816 Tm 0.007 Tc [(C)-7(O)-3(NOMIC)]TJ 8.4 0 0 8.4 383.56 33.84 Tm 0 Tw ( P)Tj 6.72 0 0 6.72 390.4 33.816 Tm 0.008 Tc [(OL)-10(IC)12(Y)]TJ 8.4 0 0 8.4 409.72 33.84 Tm 0.007 Tc ( R)Tj 6.72 0 0 6.72 417.52 33.816 Tm -0.002 Tc [(EV)-14(I)-8(E)-17(W)]TJ 8.4 0 0 8.4 438.64 33.84 Tm 0.008 Tc -0.001 Tw [( / )14(A)]TJ 6.72 0 0 6.72 451 33.816 Tm 0.01 Tc [(U)18(GUS)8(T)]TJ 8.4 0 0 8.4 472.84 33.84 Tm 0 Tc 0.007 Tw [( 19)-14(97)-8486(3)]TJ ET 1 1 1 rg 45.64 746.4 248.4 -657.96 re f* BT 10.92 0 0 10.92 45.64 739.116 Tm 0 0 0 rg -0.004 Tc 0.073 Tw [(w)-7(h)-10(en)-10( in)-10(fl)-12(a)-11(t)-1(i)-12(o)0(n)-10( w)-7(a)-11(s fi)-12(n)-10(a)0(l)-12(l)-1(y)-11( br)-12(o)-11(u)1(g)-10(h)-10(t)-1( d)-10(o)-11(w)-7(n)-10(. T)-8(h)-10(i)-12(s)-1( im)-17(pl)-12(ie)-11(s a)-11(n)]TJ 0 -1.462 TD 0.007 Tc 0.369 Tw [(a)11(ddi)10(ti)10(ona)11(l)-1( a)11(r)21(gum)5(en)12(t fo)11(r pr)10(ic)11(e s)10(t)-1(ab)12(il)10(it)10(y)99(.)4( Na)11(m)5(e)0(ly)99(, i)10(n)1( a)]TJ T* 0.006 Tc 0.03 Tw [(l)9(o)-1(w-)9(inf)9(l)9(a)-1(ti)9(on)11( env)10(i)-2(r)9(o)-1(nmen)11(t, t)9(h)0(es)9(e bo)10(om-b)11(ust)9( cy)10(cl)9(es c)10(r)-2(e)10(a)-1(t)9(e)-1(d)]TJ 0 -1.473 TD -0.003 Tc -0.016 Tw [(by)-10( d)-9(i)0(s)-11(t)0(o)-10(r)-11(tio)-10(n)-9(a)-10(ry)-10( in)-9(c)-10(e)1(n)-9(t)-11(iv)-10(es)-11( ar)-11(e)-10( le)-10(ss)-11( li)-11(k)-9(e)1(l)-11(y)1( t)-11(o)-10( eme)-10(r)11(g)-9(e)1( a)-10(n)-9(d)-9( ca)-10(n)]TJ 0 -1.462 TD 0.006 Tc -0.003 Tw [(b)11(e)-1( mor)9(e)-1( e)10(a)-1(si)9(l)9(y)-1( co)10(nta)10(i)-2(n)11(e)-1(d wh)11(en t)9(h)0(ey)10( ar)9(is)9(e.)]TJ 3.297 -1.462 TD -0.004 Tc 0.435 Tw [(The)11( avo)11(ida)11(n)1(ce o)11(f)-1( s)10(u)1(ch unn)12(eces)10(sa)11(ry bo)11(om-bus)10(t)]TJ -3.297 -1.473 TD 0.117 Tw [(c)11(ycl)10(es als)10(o)0( lim)5(i)10(ts the)11( )-11(se)11(ri)10(ous soc)11(i)-1(al)10( )-11(c)11(o)0(st)10(s )-11(t)10(h)1(at)10( )-11(i)10(n)1(fl)10(ati)10(o)0(n can)]TJ 0 -1.462 TD -0.015 Tc 0.04 Tw [(i)10(m)-6(po)11(se. For)10( one, inf)10(l)-1(at)10(ion m)5(ay st)10(rai)10(n)1( a count)10(ry\222)64(s)-1( so)11(cial)10( fabr)10(ic,)]TJ T* -0.004 Tc 0.161 Tw [(pi)10(tt)10(ing)12( dif)10(f)-1(e)11(r)-1(ent)10( gr)10(oups)10( in)12( a s)10(oci)10(ety)11( aga)11(i)-1(ns)10(t e)11(ach )11(oth)12(e)0(r )11(as)]TJ 0 -1.473 TD 0.007 Tw [(e)11(ach g)12(r)-1(oup)12( see)11(k)1(s t)10(o)0( m)5(a)0(ke c)11(e)0(rt)10(ai)10(n it)10(s wage)11(s ke)11(ep up wi)10(th t)10(h)1(e)]TJ 0 -1.462 TD -0.005 Tc -0.003 Tw [(r)9(i)-2(s)9(i)-2(ng l)9(eve)10(l of)9( )-11(p)11(ric)10(es)9(. )-11(Mor)9(eov)10(er)53(, as)9( we all)9( know)80(,)3( inf)9(l)-2(a)10(t)-2(i)9(o)-1(n al)9(so)]TJ T* -0.004 Tc -0.004 Tw [(t)10(e)0(nds)10( to)11( fal)10(l)-1( p)12(a)0(rt)10(icu)12(l)-1(ar)10(ly )11(hard)12( on t)10(h)1(e le)11(ss)10( for)10(t)-1(un)12(ate)11( in s)10(oci)10(et)10(y)88(,)]TJ 0 -1.473 TD -0.014 Tc 0.182 Tw [(of)-11(t)-11(e)1(n)-9( th)-9(e)-10( )11(l)-11(a)1(s)-11(t)-11( )11(t)-11(o)1( g)-9(e)1(t)-11( )11(e)-10(m)-5(p)-9(l)-11(oy)-10(m)-16(e)1(n)-9(t)-11( )11(a)-10(n)-9(d)-9( )11(t)-11(h)2(e)-10( fi)-11(rs)-11(t to)-10( lo)-10(se)-10( it)-11(.)]TJ 0 -1.462 TD -0.005 Tc -0.014 Tw [(The)10(s)-2(e pe)10(ople)10( )-11(do)10( )-11(no)10(t pos)9(s)-2(es)9(s the)10( )-11(e)10(conomi)9(c)-1( clo)10(u)0(t to kee)10(p)0( )-11(t)9(h)0(ei)9(r)]TJ T* -0.004 Tc 0.04 Tw [(i)10(n)1(co)11(me )11(st)10(rea)11(m)-6(s)10( st)10(eady)99(,)4( o)11(r)-1( ev)11(en bu)12(y nec)11(e)0(s)10(sit)10(ie)11(s, whe)11(n)1( a bo)11(ut)]TJ 0 -1.473 TD 0.095 Tw [(o)11(f)-1( i)10(n)1(fl)10(at)10(ion)12( le)11(ads)10( to)11( a )11(boom-b)12(ust)10( sc)11(enar)10(io )11(fo)11(r t)10(h)1(e )11(econ)12(omy)88(.)]TJ 0 -1.462 TD -0.005 Tc -0.003 Tw [(W)6(h)0(en t)9(h)0(e bus)9(t c)10(o)-1(mes, t)9(h)0(ey)10( als)9(o)-1( su)11(ff)9(er di)9(spr)9(o)-1(po)10(rti)9(ona)10(t)-2(el)9(y)87(.)]TJ 3.297 -1.462 TD -0.003 Tc 0.061 Tw [(It)-11( is)-11( imp)-9(o)-10(rt)-11(an)-9(t)-11( to)-10( n)-9(o)1(t)-11(e)1(,)-6( h)-9(o)-10(w)-6(e)1(v)-10(e)-10(r)55(,)-6( th)-9(a)-10(t)0( i)-11(f)0( w)-6(e)-10( ar)-11(e)-10( to)]TJ -3.297 -1.473 TD 0.038 Tw [(se)-9(t a g)-8(o)2(a)-9(l)1( fo)-9(r mo)-9(n)-8(e)2(t)-10(a)2(r)-10(y)-9( )11(p)-8(o)2(l)-10(i)1(c)-9(y)90(,)-5( w)-5(e)2( mu)-8(st)-10( )11(b)-8(e)-9( )11(c)-9(l)1(e)-9(a)-9(r)1( as)-10( )11(t)-10(o)2( w)-5(h)-8(at)]TJ 0 -1.462 TD 0.006 Tc 0.03 Tw [(we)10( ca)10(n ex)10(pec)10(t)-2( mon)11(e)-1(ta)10(ry)10( pol)9(i)-2(c)10(y)-1( t)9(o)-1( do)10( and)11( what)9( we k)11(n)0(ow i)9(t)]TJ 0 -1.473 TD 0.008 Tc 0.204 Tw [(ca)-10(nn)-9(o)-10(t)0( d)-9(o)1(.)-6( Wh)-9(at)-11( mon)-9(e)-10(ta)-10(ry)-10( )11(p)-9(o)-10(lic)-10(y c)-10(a)1(n)-9( d)-9(o)1( is)-11( to)-10( )11(a)-10(n)-9(ch)-9(or)]TJ 0 -1.462 TD 0.007 Tc -0.004 Tw [(in)-10(fla)-11(ti)-12(on)-9( a)11(t)-1( )11(lo)11(w pr)10(ic)11(e l)10(e)0(v)11(e)0(l)10(s)-1( )11(ove)11(r )11(the)11( l)10(o)0(ng )11(te)11(rm)5( a)11(nd )11(the)11(r)-1(e)11(b)1(y)]TJ T* -0.003 Tc 0.006 Tw [(lo)-10(ck)-9( in)-9( )11(i)-11(n)-9(fl)-11(at)-11(io)-10(n)-9( )11(e)-10(x)1(p)-9(e)-10(ct)-11(a)-10(tio)-10(n)-9(s)0(.)-6( In)-9( ad)-9(d)-9(i)0(t)-11(i)0(o)-10(n)-9(,)-6( )11(mo)-10(n)-9(e)1(t)-11(a)1(r)-11(y)-10( )11(p)-9(o)-10(lic)-10(y)]TJ 0 -1.473 TD -0.004 Tc 0.062 Tw [(ca)-11(n)-10( )11(h)-10(e)-11(lp)-10( of)-12(fs)-12(et)-12( th)-10(e)-11( )11(e)-11(f)-1(f)-12(e)0(c)-11(t)-1(s)-12( of)-12( fin)-10(a)-11(n)-10(ci)-12(al)-12( )11(c)-11(r)-12(is)-12(es)-12( )11(a)-11(s)-1( w)-7(e)-11(ll)-12( as)-12( )11(p)-10(r)-12(e-)]TJ 0 -1.462 TD 0.006 Tc -0.003 Tw [(v)10(e)-1(nt)9( ex)10(tr)9(eme d)11(o)-1(wnt)9(u)0(rn)11(s i)9(n)0( t)9(h)0(e e)10(con)11(omy)87(.)14( )]TJ 3.297 -1.462 TD 0.25 Tw [(Ov)10(er t)9(h)0(e p)11(a)-1(st)9( twe)10(n)0(ty)10( yea)10(rs)9(, the)10(r)-2(e)10( has)9( bee)10(n)0( an)]TJ -3.297 -1.473 TD 0.14 Tw [(e)10(m)-7(e)10(r)20(gi)9(ng c)10(o)-1(ns)9(ens)9(u)0(s)9( among)11( pol)9(i)-2(c)10(y)-1(make)10(rs)9( and)11( eco)10(nomi)9(st)9(s)]TJ 0 -1.462 TD -0.003 Tc 0.138 Tw [(th)-9(a)-10(t)0( a)-10(n)2( a)-10(c)-10(t)0(i)-11(v)1(i)-11(s)0(t)-11( mo)-10(ne)-10(ta)-10(r)-11(y)1( p)-9(o)-10(li)-11(cy)-10( to)-10( st)-11(im)-16(ul)-11(at)-11(e)-10( ou)-9(t)-11(p)2(u)-9(t)-11( an)-9(d)]TJ T* 0.007 Tc 0.018 Tw [(r)10(e)0(du)12(ce )11(une)11(m)-6(p)12(loy)11(m)5(ent)10( be)11(yond)12( i)10(t)-1(s)10( su)12(st)10(ai)10(nabl)10(e )11(le)11(vel)10( l)10(ead)12(s t)10(o)]TJ 0 -1.473 TD [(h)12(i)-1(gh)12(er i)10(n)1(fl)10(at)10(io)11(n )-11(b)12(u)1(t not)10( to l)10(o)0(wer)10( )-11(un)12(empl)10(oymen)12(t or)10( )-11(hi)10(ghe)11(r)]TJ 0 -1.462 TD 0.062 Tw [(o)11(u)1(tp)12(ut. )11(M)-6(o)11(re)11(ove)11(r)54(,)4( a)11(l)-1(t)10(h)1(ou)12(gh s)10(o)0(me c)11(o)0(un)12(tr)10(ie)11(s ha)11(ve)11( m)-6(a)11(nag)12(e)0(d)]TJ T* -0.026 Tw [(t)10(o)0( e)11(x)0(pe)11(ri)10(enc)11(e)0( r)10(a)0(pi)10(d gr)10(owt)10(h)1( in)12( th)12(e pr)10(es)10(enc)11(e)0( of)10( hi)10(gh i)10(n)1(f)10(l)-1(a)11(t)-1(i)10(o)0(n)]TJ 0 -1.473 TD -0.004 Tc 0.018 Tw [(ra)-11(te)-11(s,)-7( 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As )11(a r)8(e)-2(s)8(u)-1(lt)8(, we )11(hav)9(e)-2( wi)8(tne)9(s)-3(s)8(e)-2(d )11(a gr)8(owi)8(ng c)9(o)-2(m-)]TJ T* 0.007 Tc 0.194 Tw [(m)5(i)10(tm)5(en)12(t am)5(ong)12( )-11(ce)11(nt)10(ra)11(l bank)12(s thr)10(o)0(u)12(ghou)12(t)-1( the)11( )-11(wo)11(rl)10(d )-11(t)10(o)]TJ 0 -1.473 TD 0.006 Tc -0.003 Tw [(p)11(r)-2(i)9(ce s)9(t)9(a)-1(bi)9(li)9(ty)10( as)9( the)10( pr)9(imar)9(y g)11(oal)9( of)9( mone)10(ta)10(ry )11(pol)9(i)-2(c)10(y)87(.)]TJ 3.297 -1.462 TD 0.03 Tw [(One)10( po)10(int)9( i)9(s)-2( wo)10(rt)9(h emph)11(as)9(iz)10(ing)11(:)3( All)9(o)-1(wi)9(ng e)10(ven)11( a)]TJ -3.297 -1.462 TD -0.003 Tc 0.083 Tw [(lo)-10(w)-6( le)-10(v)-10(e)1(l)-11( of)-11( in)-9(fl)-11(at)-11(io)-10(n)-9( to)-10( p)-9(e)1(r)-11(s)0(i)-11(s)0(t)-11( w)-6(i)0(t)-11(h)2(o)-10(u)-9(t a)-10( co)-10(mm)-16(it)-11(men)-9(t)-11( to)]TJ ET 1 1 1 rg 320.68 746.4 248.4 -655.56 re f* BT 10.92 0 0 10.92 320.56 739.116 Tm 0 0 0 rg 0.313 Tw [(b)-9(r)-11(in)-9(g)-9( th)-9(at)-11( le)-10(v)-10(e)1(l)-11( )11(d)-9(o)-10(w)-6(n)-9(w)-6(a)1(r)-11(d)-9( to)-10(w)-6(a)1(r)-11(d)-9( pr)-11(ic)-10(e)-10( )11(s)-11(t)0(a)-10(b)-9(il)-11(it)-11(y p)-9(e)-10(r-)]TJ T* 0.007 Tc 0.358 Tw [(mi)10(ts)10(\227a)11(nd may e)11(ven)12( )-11(e)11(n)1(co)11(ur)10(age)11(\227)-4(ex)11(pec)11(t)-1(a)11(t)-1(i)10(o)0(ns)10( for)10( st)10(il)10(l)]TJ T* 0.029 Tw [(sha)11(r)-1(pe)11(r )11(pri)10(c)0(e)11( ri)10(se)11(s i)10(n)1( t)10(h)1(e)11( fu)12(tur)10(e)0(. )11(Such)12( ex)11(pec)11(t)-1(a)11(t)-1(i)10(o)0(ns)10( pr)10(ovi)10(de)]TJ 0 -1.473 TD -0.004 Tw [(an o)11(p)1(eni)10(ng )11(for)10( a )11(dem)5(a)0(n)12(d)1(-d)12(ri)10(ven)12( bur)10(st)10( of)10( in)12(fl)10(at)10(ion)12(.)4( )]TJ 3.297 -1.462 TD 0.006 Tc 0.173 Tw [(But wha)10(t)-2( mone)10(ta)10(ry)10( )-11(p)11(o)-1(l)9(i)-2(c)10(y)-1( ca)10(nnot)9( do, i)9(n)0( an)11(d of)]TJ -3.297 -1.462 TD 0.019 Tc 0.182 Tw [(i)-11(tse)-10(lf,)-6( i)-11(s)0( p)-8(r)0(o)-10(d)2(u)-8(c)-10(e e)-10(c)1(o)-10(n)2(o)-10(m)-5(ic)-10( g)-8(r)0(ow)-6(t)-11(h)2(.)-6( E)-7(c)-10(on)-8(omic)-10( g)-8(r)0(o)-10(w)-6(th)]TJ 0 -1.473 TD -0.004 Tc 0.073 Tw [(ste)11(m)-6(s)10( )-11(f)10(r)-1(o)11(m)-6( inc)11(r)-1(ea)11(se)11(s in the)11( )-11(s)10(upply)11( )-11(o)11(f)-1( capi)10(t)-1(a)11(l)-1( and la)11(bor and)]TJ 0 -1.462 TD -0.004 Tw [(fro)11(m th)12(e )-11(p)12(r)-1(odu)12(c)0(ti)10(vit)10(y)0( with)12( )-11(whi)10(c)0(h lab)12(o)0(r and ca)11(pit)10(a)0(l ar)10(e )-11(u)12(s)-1(ed,)]TJ T* 0.095 Tw [(neit)10(her)10( )-11(o)11(f)-1( whic)11(h )-11(i)10(s)-1( dir)10(ect)10(ly)11( )-11(i)10(n)1(fl)10(uenc)11(ed by m)-6(o)11(net)10(a)0(ry)11( )-11(po)11(lic)11(y)88(.)]TJ 0 -1.473 TD -0.005 Tc 0.173 Tw [(H)-7(o)10(w)-8(e)10(ver)64(, wit)9(h)0(out)9( do)10(ubt, )11(monet)9(a)-1(ry)10( po)10(lic)10(y )11(can )11(hel)9(p)0( f)9(o)-1(st)9(er)]TJ 0 -1.462 TD -0.003 Tw [(econ)11(omic gr)9(owth)11( by ens)9(u)0(ri)9(ng a)10( sta)10(ble)10( pri)9(ce e)10(n)0(vir)9(o)-1(nment)9(.)3( )]TJ 3.297 -1.462 TD 0.006 Tc 0.008 Tw [(Some wo)10(uld)11( ar)20(gu)11(e th)11(at)9( est)9(a)-1(b)11(l)-2(i)9(s)-2(hi)9(ng p)11(r)-2(i)9(ce s)9(t)-2(a)10(b)0(i)9(l)-2(i)9(t)-2(y)]TJ -3.297 -1.473 TD 0.007 Tc -0.015 Tw [(as )11(the)11( pr)10(imar)10(y go)11(al)10( of)10( mone)11(tar)10(y)0( p)12(o)0(l)10(i)-1(cy)11( mean)12(s t)10(h)1(at)10( a )11(cen)12(tr)10(al)]TJ 0 -1.462 TD 0.006 Tc 0.129 Tw [(bank)11( w)-8(o)10(ul)9(d no l)9(o)-1(ng)11(er)9( )-11(b)11(e)-1( co)10(nce)10(r)-2(ne)10(d ab)11(out)9( out)9(put)9( or j)9(o)-1(b)]TJ T* -0.003 Tc 0.138 Tw [(g)-9(r)-11(ow)-6(t)-11(h)-9(.)-6( I )-11(w)-6(o)-10(ul)-11(d)-9( li)-11(k)-9(e)1( )-11(to)-10( ma)-10(k)-9(e)1( )-11(cl)-11(ea)-10(r)-11( fo)-10(r)-11( th)-9(e)-10( r)-11(e)1(c)-10(o)-10(r)0(d)-9( t)-11(h)-9(at)-11( I)]TJ 0 -1.473 TD 0.007 Tc 0.106 Tw [(bel)10(i)-1(e)11(ve )11(thi)10(s)-1( )11(vie)11(w)4( t)10(o)0( be)11( si)10(mply)11( wro)11(ng. )11(A)-7( )11(st)10(abl)10(e)0( p)12(r)-1(i)10(ce )11(and)]TJ 0 -1.462 TD 0.205 Tw [(fi)10(nan)12(c)0(ia)11(l en)12(vi)10(ron)12(m)-6(e)11(n)1(t a)11(l)-1(m)5(o)0(s)10(t)-1( ce)11(rt)10(ai)10(nly)11( )-11(wi)10(ll)10( enha)11(nce)11( )-11(t)10(h)1(e)]TJ T* 0.139 Tw [(cap)12(aci)10(ty)11( of)10( mo)11(net)10(a)0(r)10(y)0( po)11(li)10(cy)11( t)10(o)0( f)10(i)-1(g)12(h)1(t )11(occ)11(as)10(io)11(ns )11(of)10( cy)11(cl)10(ic)11(al)]TJ 0 -1.473 TD 0.15 Tw [(weak)12(nes)10(s)-1( in t)10(h)1(e ec)11(onomy)99(.)4( Wha)11(t)-1( is)10( impor)10(t)-1(a)11(n)1(t)10( )-11(t)10(o)0( bea)11(r)-1( in)]TJ 0 -1.462 TD 0.018 Tw [(m)-6(i)10(nd )11(is)10( t)10(h)1(at)10( by)11( e)11(n)1(su)12(ri)10(ng a)11( s)10(t)-1(a)11(b)1(le)11( pr)10(ic)11(e )11(env)11(i)-1(r)10(o)0(nmen)12(t, )11(m)-6(o)11(n-)]TJ 0 -1.473 TD 0.139 Tw [(eta)11(r)-1(y)11( )-11(po)11(li)10(cy)11( )-11(he)11(lp)12(s fos)10(t)-1(e)11(r)-1( ec)11(ono)11(m)-6(i)10(c)0( gr)10(owth)12(. )-11(Thi)10(s)10( )-11(i)10(s)-1( a key)]TJ 0 -1.462 TD -0.004 Tw [(poi)10(n)1(t\227)7(and)12( is)10( of)10(te)11(n ov)11(er)10(lo)11(oke)11(d)1(.)]TJ 3.297 -1.462 TD 0.084 Tw [(In t)10(r)-1(yi)10(ng t)10(o)0( de)11(ter)10(m)5(in)12(e the)11( ext)10(ent)10( of)10( fut)10(u)1(r)10(e)0( in)12(fl)10(a-)]TJ -3.297 -1.473 TD 0.006 Tc -0.003 Tw [(ti)9(on, a ce)10(ntr)9(a)-1(l)9( bank)11( )-11(mus)9(t)-2( lo)10(ok at)9( )-11(a)10( )-11(b)11(r)-2(o)10(a)-1(d ar)9(ra)10(y of ec)10(ono)10(m)4(ic)]TJ 0 -1.462 TD 0.007 Tc 0.051 Tw [(ind)12(i)-1(c)11(a)0(to)11(rs)10( t)10(h)1(at)10( r)10(e)0(f)10(l)-1(e)11(c)0(t )11(dem)5(a)11(nd p)12(r)-1(es)10(su)12(re)11(s a)11(nd )11(sup)12(p)1(ly)11( de)11(vel)10(-)]TJ T* -0.002 Tc 0.06 Tw [(o)-9(p)-8(me)-9(nt)-10(s in)-8( th)-8(e)-9( )11(e)-9(c)-9(o)2(n)-8(o)-9(my)90(.)-5( )11(U)-16(n)3(f)-10(o)2(r)-10(t)1(u)-8(n)-8(a)-9(te)-9(ly)90(,)-5( th)-8(e)-9(r)1(e)-9( )11(i)-10(s)1( n)-8(o)2( si)-10(n)-8(g)3(l)-10(e)]TJ 0 -1.473 TD 0.008 Tc 0.16 Tw [(sum)6(m)6(a)1(r)11(y)1( me)12(as)11(ure)12( )-11(t)11(h)2(at)11( )-11(pr)11(ov)12(ide)12(s)0( a re)12(li)11(abl)11(e)1( ove)12(ra)12(ll)11( )-11(a)12(s)0(s)11(e)1(ss)11(-)]TJ 0 -1.462 TD 0.007 Tc 0.018 Tw [(m)-6(e)11(nt )11(of )11(the)11( many)11( compl)10(ex)11( an)12(d di)10(ver)10(se)11( in)12(fl)10(uen)12(ces)10( on)12( in)12(fl)10(a-)]TJ T* -0.002 Tc 0.06 Tw [(t)-10(i)1(o)-9(n)-8(,)-5( w)-5(h)-8(ic)-9(h)-8( ma)-9(k)-8(e)2(s)-10( it)-10( mo)-9(r)-10(e)2( d)-8(i)-10(ff)-10(ic)-9(ul)-10(t )-11(w)-5(i)1(t)-10(h)3(i)-10(n)-8( mo)-9(st)-10( c)-9(o)2(u)-8(n)-8(t)1(r)-10(i)1(e)-9(s)]TJ 0 -1.473 TD -0.004 Tc 0.007 Tw [(t)-12(o)-11( re)-11(ac)-11(h)-10( a)-11( n)-10(a)0(t)-12(i)-1(o)-11(n)-10(al)-12( co)-11(n)-10(s)-1(e)-11(n)-10(su)-10(s )-11(on)-10( p)-10(o)-11(li)-12(cy)-11( a)-11(t)-1( a)-11(n)-10(y )-11(po)-11(in)-10(t)-12(.)-7( N)-6(o)-11(ne)-11(-)]TJ 0 -1.462 TD 0.007 Tc 0.062 Tw [(the)11(l)-1(e)11(s)-1(s)10(,)4( w)-7(h)12(il)10(e i)10(t)-1(s)10( )-11(o)11(n)1(e e)11(x)0(pl)10(ic)11(it)10( )-11(g)12(oal)10( m)5(u)1(st)10( be pr)10(ic)11(e st)10(abi)10(l)10(i)-1(t)10(y)88(,)]TJ T* 0.216 Tw [(m)-6(o)11(net)10(a)0(r)10(y)0( pol)10(i)-1(c)11(y)0( ca)11(n and)12( )-11(mus)10(t)-1( 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Tc 0.129 Tw [(Some co)10(untr)9(i)-2(e)10(s)-2( hav)10(e)-1( beg)11(un to c)10(o)-1(mm)-7(i)9(t)-2( t)9(h)0(ei)9(r ce)10(ntr)9(a)-1(l ba)10(nks)]TJ 0 -1.473 TD -0.015 Tc -0.015 Tw [(s)-12(t)-12(a)0(t)-12(u)-10(to)-11(r)-12(i)-1(l)-12(y)0( )-11(to)-11( p)-10(u)-10(r)-12(su)-10(i)-12(n)1(g)-10( )-11(th)-10(e)-11( o)-11(b)-10(je)-11(c)-11(t)-1(i)-12(v)-11(e )-11(of)-12( p)-10(r)-12(ic)-11(e)-11( st)-12(a)-11(b)-10(il)-12(it)-12(y )-11(an)-10(d)-10( )-11(ar)-12(e)]TJ 0 -1.462 TD -0.004 Tc 0.238 Tw [(gran)12(tin)12(g )-11(t)10(h)1(em a high)12( )-11(de)11(gree)11( )-11(o)11(f)-1( ind)12(e)0(pend)12(ence)11( )-11(t)10(o)0( do so.)]TJ T* 0.095 Tw [(Em)-6(pi)10(ri)10(cal)10( re)11(sea)11(r)-1(ch i)10(n)1( re)11(cen)12(t ye)11(ars)10( has)10( shown t)10(h)1(at)10( both)12( the)]TJ ET endstream endobj 13 0 obj << /ProcSet [ /PDF /Text ] /Font << /F3 4 0 R >> /ExtGState << /GS1 6 0 R >> >> endobj 14 0 obj << /Type /Page /Parent 7 0 R /Resources 16 0 R /Contents 15 0 R >> endobj 15 0 obj << 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te)-10(n)-9(d)-9( to)-10( d)-9(e)1(c)-10(l)0(i)-11(n)-9(e)-10( )11(i)-11(n)]TJ 0 -1.462 TD -0.004 Tc 0.194 Tw [(t)10(h)1(e pre)11(s)-1(en)12(ce of)10( )-11(i)10(n)1(cr)10(eas)10(ed inde)11(pend)12(ence)11( )-11(f)10(o)0(r ce)11(ntr)10(a)0(l ba)11(nks.)]TJ T* -0.016 Tc 0.173 Tw [(Thi)9(s)-2( is)9( )-11(why s)9(o)-1( m)-7(a)-1(ny)10( )-11(go)10(vernment)9(s)-2(, part)9(icul)9(arl)9(y)-1( among the)]TJ 0 -1.473 TD -0.015 Tc 0.029 Tw [(e)11(m)-6(er)21(gi)10(ng market)10( count)10(rie)11(s, have)11( been pr)10(ovid)12(i)-1(ng the)11(ir c)11(e)0(ntr)10(a)0(l)]TJ 0 -1.462 TD -0.004 Tw [(ba)11(nks with)12( )-11(i)10(n)1(cre)11(a)0(sed)12( )-11(a)11(u)1(tono)11(my)99(.)]TJ 3.297 -2.011 TD -0.014 Tc 0.006 Tw [(Once)12( a c)12(o)1(mm)6(it)11(men)13(t)0( has)11( bee)12(n)2( m)6(a)1(de t)11(o)1( pr)11(ice )11(sta)12(bili)11(ty)]TJ -3.297 -1.473 TD 0.007 Tc 0.018 Tw [(a)11(s)-1( th)12(e )-11(g)12(oal)10( of mone)11(ta)11(ry po)11(li)10(cy\227)7(and)12( )-11(t)10(h)1(at)10( )-11(c)11(o)0(mmit)10(m)-6(e)11(n)1(t)10( )-11(ha)11(s)]TJ 0 -1.462 TD 0.062 Tw [(b)12(een)12( )-11(e)11(n)1(t)10(r)-1(us)10(te)11(d to)11( an i)10(nde)11(pend)12(ent)10( cen)12(tr)10(al)10( bank)12(\227t)10(her)10(e)0( ar)10(e)]TJ T* 0.27 Tw [(s)10(e)0(v)11(e)0(ra)11(l p)12(o)0(s)10(s)-1(i)10(b)1(le)11( app)12(r)-1(o)11(ach)12(es )11(to i)10(m)5(pl)10(ement)10(i)-1(n)12(g)1( th)12(at)10( goa)11(l)-1(.)]TJ 0 -1.473 TD -0.015 Tc 0.007 Tw [(W)7(h)1(ile)11( t)10(h)1(e c)11(h)1(oice)11( wil)10(l)-1( )11(depend )11(on )11(a )11(countr)10(y)0(\222)64(s)-1( hi)10(st)10(ory)99(,)4( ec)11(onomic)]TJ 0 -1.462 TD 0.006 Tc 0.118 Tw [(c)10(o)-1(nd)11(it)9(ion)11(s)-2(, a)10(nd t)9(r)-2(a)10(d)0(it)9(i)9(o)-1(ns)9(, al)9(l s)9(u)0(cc)10(es)9(sf)9(ul)9( appr)9(oa)10(che)10(s)-2( s)9(h)0(ar)9(e)]TJ T* -0.003 Tc 0.193 Tw [(tw)-6(o)-10( )11(i)-11(m)-5(p)-9(o)1(r)-11(t)0(a)-10(n)-9(t fe)-10(at)-11(u)-9(r)0(e)-10(s)0(:)-6( fi)-11(rs)-11(t,)-6( )11(t)-11(h)-9(ey)-10( )11(f)-11(o)1(c)-10(u)-9(s on)-9( a lo)-10(n)-9(g)2(-)-11(t)0(e)-10(r)-11(m)]TJ 0 -1.473 TD -0.015 Tc 0.018 Tw [(t)10(i)-1(me hori)10(zon a)11(nd, seco)11(nd, they pr)10(ovi)10(de a tr)10(anspa)11(r)-1(ent)10( sta)11(ndard)]TJ 0 -1.462 TD 0.006 Tc 0.03 Tw [(f)9(o)-1(r)9( th)11(e a)10(s)-2(s)9(e)-1(ss)9(ment)9( of)9( po)10(li)9(cy)98(. Fo)10(r ma)10(ny o)10(f)-2( t)9(h)0(e)10(s)-2(e )11(appr)9(oa)10(che)10(s)-2(,)]TJ T* 0.041 Tw [(wha)10(t)-2( )11(gui)9(des)9( mon)11(e)-1(t)9(a)-1(ry)10( po)10(li)9(cy)10( is)9( a)10(n)0( a)10(nno)10(unce)10(d)0( t)9(a)-1(r)20(g)11(et)9(. Su)11(ch)]TJ 0 -1.473 TD 0.007 Tc 0.073 Tw [(a)11( tar)32(g)1(et)10( )-11(i)10(s)10( )-11(o)11(n)1(e pr)10(ov)11(en mean)12(s of)10( cr)10(edi)10(b)1(l)10(y)0( con)12(vey)11(ing)12( )-11(t)10(o)0( t)10(h)1(e)]TJ 0 -1.462 TD -0.015 Tw [(p)12(ubl)10(ic )11(th)12(e c)11(o)0(mmit)10(m)-6(e)11(n)1(t)10( to)11( pr)10(ic)11(e )11(st)10(abi)10(l)-1(i)10(t)-1(y)11( an)12(d t)10(h)1(er)10(eb)12(y l)10(o)0(c)11(k)1(-)]TJ 0 -1.473 TD -0.003 Tc 0.006 Tw [(in)-9(g)-9( in)-9( in)-9(fl)-11(at)-11(io)-10(n)-9( ex)-10(p)-9(e)1(c)-10(t)0(a)-10(t)-11(io)-10(ns)-11(.)]TJ 3.297 -1.462 TD -0.015 Tc 0.073 Tw [(Ther)10(e ar)10(e a number)10( of po)11(ssi)10(ble t)10(a)0(r)21(g)1(et)10(s fo)11(r monet)10(a)0(ry)]TJ -3.297 -1.462 TD 0.008 Tc 0.028 Tw [(po)-10(li)-11(cy)89(.)-6( A)-6(l)0(l)-11( )11(h)-9(a)-10(ve)-10( )11(b)-9(e)-10(en)-9( us)-11(ed)-9( w)-6(ith)-9( su)-9(cc)-10(es)-11(s in)-9( so)-10(me c)-10(o)1(u)-9(n)-9(tri)-11(es)]TJ 0 -1.473 TD 0.017 Tc -0.003 Tw [(wh)11(il)9(e )11(mee)10(t)-2(i)9(n)0(g)11( wi)9(th)11( f)9(a)-1(i)9(l)9(u)0(r)9(e)-1( )11(in)11( o)10(t)-2(h)11(e)-1(r)9(s)-2(, )11(de)10(pe)10(ndi)9(ng )11(up)11(on )11(th)11(e)]TJ 0 -1.462 TD 0.007 Tc 0.04 Tw [(ec)-11(on)-10(o)-11(m)-6(ic)-11( co)-11(nt)-12(ex)-11(t i)-12(n)1( w)-7(h)-10(i)-12(c)0(h)-10( th)-10(ey)-11( h)-10(a)0(v)-11(e)0( b)-10(e)-11(en)-10( im)-6(p)-10(l)-1(e)-11(m)-6(e)-11(n)1(t)-12(e)0(d)-10(.)]TJ T* 0.018 Tc 0.007 Tw [(I)10(t)10( i)10(s)-1( )11(us)10(ef)10(ul)10( t)10(o)0( )11(st)10(ep)12( ba)11(ck)12( a)11(nd )11(re)11(vi)10(ew )11(br)10(ie)11(fl)10(y)11( t)10(h)1(e )11(ad)12(va)11(nta)11(g)1(e)11(s)]TJ 0 -1.473 TD 0.073 Tw [(an)-9(d )-11(dr)-12(aw)-7(b)-9(ack)-9(s,)-7( a)-11(s)-1( I)-12( se)-11(e )-11(th)-9(em,)-7( o)-11(f)-1( t)-12(h)1(re)-11(e )-11(di)-12(ffe)-11(ren)-9(t)-1( )-11(tar)10(g)-9(et-)]TJ 0 -1.462 TD 0.028 Tc 0.107 Tw [(i)9(n)1(g)11( f)9(r)9(a)-1(me)10(wor)9(k)1(s)9(\227)6(ex)10(ch)11(an)11(ge)10( r)9(a)-1(t)9(e)10(s,)14( mo)10(ne)10(ta)10(ry)10( )11(ag)11(gr)9(eg)11(at)9(es)9(,)]TJ T* 0.018 Tc 0.007 Tw [(an)-9(d in)-9(fl)-12(ati)-12(o)0(n)-9(.)4( )]TJ 3.297 -1.473 TD 0.008 Tc -0.016 Tw [(Fi)-11(xi)-11(ng)-9( th)-9(e)-10( va)-10(lu)-9(e o)-10(f)0( t)-11(h)2(e)-10( d)-9(o)1(me)-10(st)-11(ic)-10( cu)-9(rr)-11(en)-9(cy)-10( re)-10(la)-10(ti)-11(ve)]TJ -3.297 -1.462 TD 0.018 Tc 0.04 Tw [(t)10(o)0( )11(tha)11(t)10( of)10( a )11(lo)11(w-i)10(n)1(f)10(l)-1(a)11(t)10(io)11(n c)11(o)0(un)12(tr)10(y i)10(s)10( on)12(e a)11(ppr)10(oa)11(ch)12( ce)11(nt)10(ra)11(l)]TJ T* 0.007 Tc 0.073 Tw [(ba)-11(n)-10(k)1(s)-12( )11(h)-10(a)0(v)-11(e)-11( )11(u)-10(s)-1(e)-11(d)-10( )11(t)-12(o)0( pu)-10(rs)-12(u)-10(e)0( pr)-12(ic)-11(e st)-12(ab)-10(il)-12(ity)88(.)-7( T)-8(h)1(e)-11( ad)-10(va)-11(n)-10(t)-1(a)-11(g)1(e)]TJ 0 -1.473 TD 0.008 Tc 0.127 Tw [(of)-11( an)-9( e)-10(x)1(c)-10(h)2(a)-10(n)-9(ge)-10( ra)-10(te)-10( ta)-10(r)11(g)2(e)-10(t)0( i)-11(s)0( i)-11(ts )-11(cla)-10(r)0(i)-11(t)0(y)89(,)-6( w)-6(h)-9(ic)-10(h )-11(mak)-9(e)1(s)-11( it)]TJ 0 -1.462 TD 0.007 Tc -0.004 Tw [(ea)-11(sil)-12(y u)-10(n)1(d)-10(e)-11(rst)-12(oo)-11(d)-10( )11(b)-10(y)0( th)-10(e)-11( )11(p)-10(u)1(b)-10(l)-12(ic.)-7( In)-10( )11(p)-10(r)-1(a)-11(c)-11(tic)-11(e,)-7( it o)-11(b)1(l)-12(i)-1(g)-10(e)0(s)-12( )11(t)-12(h)1(e)]TJ T* [(ce)-11(nt)-12(ra)-11(l b)-10(a)0(n)-10(k)-10( to)-11( lim)-17(it m)-17(o)0(n)-10(e)0(y)-11( cr)-12(ea)-11(ti)-12(on)-10( to)-11( le)-11(ve)-11(ls)-12( co)-11(mp)-10(ar)-12(ab)-10(le)]TJ 0 -1.473 TD 0.018 Tc 0.117 Tw [(t)10(o)0( t)10(h)1(os)10(e o)11(f)-1( th)12(e co)11(unt)10(r)10(y)0( to)11( )-11(wh)12(os)10(e cu)12(rr)10(en)12(cy i)10(t)-1( i)10(s)-1( pe)11(gge)11(d.)]TJ 0 -1.462 TD [(W)7(h)1(e)11(n)1( cr)10(ed)12(ibl)10(y)11( )-11(m)5(a)11(in)12(ta)11(in)12(ed, a)11(n)1( ex)11(cha)11(n)1(g)12(e)0( ra)11(te)11( ta)11(r)21(g)1(e)11(t)-1( ca)11(n)]TJ T* 0.007 Tc 0.029 Tw [(lo)-11(w)-7(e)0(r)-12( in)-10(f)-12(l)-1(at)-12(io)-11(n )-11(e)-11(x)0(p)-10(e)0(c)-11(t)-1(a)-11(t)-1(i)-12(o)0(n)-10(s)-1( )-11(to)-11( t)-12(h)-10(e )-11(le)-11(ve)-11(l )-11(pr)-12(ev)-11(ai)-12(lin)-10(g)-10( i)-12(n)-10( t)-12(h)1(e)]TJ 0 -1.473 TD 0.007 Tw [(an)-10(ch)-10(o)-11(r)-1( co)-11(u)-10(n)1(t)-12(r)-1(y)88(.)]TJ 3.297 -1.462 TD -0.004 Tc 0.216 Tw [(E)-8(x)0(p)-10(e)-11(ri)-12(en)-10(c)-11(e)0(s)-12( )11(w)-7(i)-12(th)-10( fi)-12(xe)-11(d)-10( ex)-11(ch)-10(a)-11(n)-10(ge)-11( ra)-11(te)-11(s,)-7( h)-10(o)0(w)-18(e)0(v)-11(e)0(r)43(,)]TJ -3.297 -1.462 TD 0.007 Tc 0.106 Tw [(p)12(o)0(in)12(t t)10(o)0( a)11( numbe)11(r o)11(f)-1( )11(dra)11(w)4(bac)11(k)1(s. )11(A)-7( )11(cou)12(ntr)10(y)0( t)10(h)1(at)10( f)10(i)-1(x)11(e)0(s)10( it)10(s)]TJ 0 -1.473 TD -0.003 Tc 0.083 Tw [(ex)-10(c)-10(h)2(a)-10(n)-9(ge)-10( ra)-10(t)-11(e)1( su)-9(r)-11(r)0(e)-10(n)-9(de)-10(r)-11(s)0( co)-10(n)-9(t)0(r)-11(o)-10(l of)-11( it)-11(s d)-9(o)1(m)-16(e)1(s)-11(t)0(i)-11(c)1( mo)-10(n)-9(e)-10(ta)-10(ry)]TJ 0 -1.462 TD 0.007 Tc 0.084 Tw [(p)12(o)0(li)10(cy)99(. I)10(t)-1( ca)11(n nei)10(t)-1(h)12(e)0(r r)10(e)0(s)10(p)1(ond)12( )-11(t)10(o)0( do)11(me)11(st)10(ic)11( sho)11(c)0(ks)10( tha)11(t)-1( ar)10(e)]TJ T* -0.026 Tw [(n)12(o)0(t f)10(e)0(l)10(t)-1( b)12(y)0( t)10(h)1(e a)11(n)1(cho)11(r)-1( c)11(o)0(un)12(tr)10(y no)11(r av)11(oi)10(d sh)12(ock)12(s t)10(r)-1(a)11(n)1(smi)10(t)-1(t)10(e)0(d)]TJ ET 1 1 1 rg 320.68 746.4 248.4 -659.16 re f* BT 10.92 0 0 10.92 320.56 739.116 Tm 0 0 0 rg 0.006 Tc 0.162 Tw [(by the)10( )-11(an)11(cho)10(r)-2( coun)11(t)-2(r)9(y)87(.)14( )-11(Mor)9(eov)10(er)64(, )-11(i)9(n)0( )-11(t)9(h)0(e env)10(i)-2(r)9(o)-1(nmen)11(t of)]TJ T* 0.096 Tw [(ope)10(n)0(, gl)9(oba)10(l)-2( c)10(a)-1(pi)9(ta)10(l mar)9(k)0(et)9(s)9(,)3( fi)9(xed)11( exc)10(han)11(g)0(e r)9(a)-1(t)9(e)-1( r)9(e)-1(gi)9(mes)]TJ T* 0.007 Tc 0.216 Tw [(are)11( su)12(bje)11(c)0(t)10( to)11( su)12(dden)12( spe)11(c)0(ul)10(at)10(iv)11(e a)11(t)-1(t)10(ack)12(s whe)11(n)1( m)5(a)0(r)10(k)1(et)10(s)]TJ 0 -1.473 TD 0.006 Tc 0.107 Tw [(per)9(cei)9(ve)10( tha)10(t)-2( do)10(mest)9(i)9(c)-1( nee)10(d)0(s)9( and e)10(xch)11(ange)10( commi)9(tment)9(s)]TJ 0 -1.462 TD 0.007 Tc -0.004 Tw [(div)11(e)0(r)21(g)1(e)11(.)4( The)11(s)-1(e)11( sp)12(ecu)12(la)11(ti)10(ve )11(att)10(a)0(c)11(k)1(s )11(can)12( be )11(ver)10(y d)12(i)-1(s)10(r)-1(up)12(ti)10(ve )11(to)]TJ T* 0.006 Tc -0.014 Tw [(any)10( )-11(cou)11(ntr)9(y)-1(\222)63(s)-2( eco)10(nomy)98(.)]TJ 3.297 -1.473 TD 0.007 Tc 0.172 Tw [(O)-7(n)12( bal)10(a)0(nc)11(e, i)10(t)-1( s)10(eems)10( tha)11(t)-1( a f)10(i)-1(x)11(e)0(d e)11(xch)12(ange)11( ra)11(te)]TJ -3.297 -1.462 TD 0.006 Tc 0.228 Tw [(appr)9(oa)10(ch t)9(o)-1( p)11(r)-2(i)9(ce )11(st)9(abi)9(l)-2(i)9(t)-2(y)10( make)10(s mos)9(t)-2( s)9(e)-1(ns)9(e )11(w)-8(h)11(en t)9(h)0(e)]TJ T* 0.007 Tc 0.194 Tw [(cou)12(ntr)10(y)0( ado)11(p)1(t)10(i)-1(ng)12( )-11(i)10(t)-1( ha)11(s an e)11(cono)11(m)5(y cl)10(ose)11(l)-1(y)11( )-11(t)10(i)-1(e)11(d)1( to)11( )-11(t)10(h)1(e)]TJ 0 -1.473 TD 0.029 Tw [(cou)12(ntr)10(y)0( )11(or)10( co)11(unt)10(ri)10(es)10( i)10(t)-1( )11(is)10( p)12(e)0(ggi)10(ng )11(to)11( a)11(nd )11(is)10( t)10(hus)10( s)10(ubj)10(ec)11(t )11(to)]TJ 0 -1.462 TD 0.238 Tw [(si)10(m)-6(i)10(l)10(a)0(r i)10(n)1(te)11(rna)11(t)-1(i)10(o)0(na)11(l sh)12(ock)12(s in an)12(y cas)10(e. Thi)10(s)-1( app)12(r)-1(o)11(ach)]TJ T* -0.015 Tc 0.018 Tw [(could )11(als)10(o)0( be wor)10(t)-1(hwhil)10(e)0( if)10( a c)11(o)0(untr)10(y)0( is)10( unabl)10(e\227fo)11(r what)10(ever)]TJ 0 -1.473 TD 0.007 Tc 0.04 Tw [(rea)11(s)-1(o)11(n)1(\227t)10(o m)-6(a)11(ke a cre)11(d)1(i)10(b)1(le)11( )-11(co)11(mm)-6(i)10(t)-1(me)11(nt to)11( )-11(pr)10(ic)11(e )-11(s)10(t)-1(a)11(b)1(i)10(l)-1(i)10(t)-1(y)]TJ 0 -1.462 TD 0.062 Tw [(on a domes)10(t)-1(i)10(c)0( ba)11(si)10(s al)10(one)11(.)4( )-11(I)10(n)1( ei)10(the)11(r)-1( si)10(tu)12(ati)10(o)0(n)12(,)4( )-11(t)10(h)1(e co)11(unt)10(ry)]TJ T* 0.084 Tw [(m)-6(u)12(st)10( ha)11(ve)11( a)11(vai)10(la)11(bl)10(e a)11( l)10(a)0(r)32(g)1(er)65(, l)10(o)0(w-)10(in)12(fl)10(at)10(ion)12( a)11(n)1(cho)11(r)-1( )11(co)11(unt)10(ry)]TJ 0 -1.473 TD 0.006 Tc -0.003 Tw [(to )11(w)-8(h)11(ic)10(h i)9(t)-2( c)10(a)-1(n pe)10(g i)9(t)-2(s)9( cur)9(r)-2(e)10(n)0(cy)98(.)]TJ 3.297 -1.462 TD 0.007 Tc 0.853 Tw [(T)91(a)0(r)32(g)1(et)10(ing)12( )-11(mone)11(ta)11(ry aggr)10(eg)12(ate)11(s)-1( is)10( )-11(an)12(oth)12(e)0(r)]TJ -3.297 -1.462 TD 0.006 Tc -0.003 Tw [(appr)9(oa)10(ch )11(many)10( c)10(e)-1(nt)9(ra)10(l )11(ba)10(nks)9( us)9(ed)11( i)9(n)0( )11(the)10( 1)11(970s)9( a)10(nd )11(198)11(0s.)]TJ 0 -1.473 TD 0.007 Tc 0.117 Tw [(This)10( appr)10(oa)11(ch ha)11(s bee)11(n)1( suc)11(c)0(e)11(s)-1(s)10(f)-1(ul)10(ly)11( )-11(m)5(a)11(int)10(a)0(i)10(n)1(ed)12( )-11(b)12(y)0( a fe)11(w)]TJ 0 -1.462 TD 0.38 Tw [(pro)11(m)-6(i)10(n)1(e)11(n)1(t co)11(unt)10(ri)10(es.)15( )-11(Gi)10(ven a dep)12(e)0(nda)11(bl)10(e rel)10(a)0(t)10(i)-1(o)11(n)1(s)10(h)1(ip)]TJ 0 -1.473 TD 0.095 Tw [(bet)10(w)4(een)12( the)11( ta)11(r)21(g)1(et)10(ed mo)11(net)10(a)0(r)10(y)0( ag)12(gre)11(g)1(at)10(e a)11(nd t)10(h)1(e go)11(al)10( of)]TJ 0 -1.462 TD -0.014 Tc 0.083 Tw [(pric)12(e st)11(abil)11(ity)12(\227where )11(mov)12(e)1(me)12(nt i)11(n)2( the m)6(o)1(ne)12(tary)12( aggre)12(g)2(ate)]TJ T* 0.007 Tc 0.336 Tw [(pre)11(d)1(ic)11(ts)10( m)5(o)11(vem)5(en)12(t )11(in)12( pr)10(ic)11(es)10(\227t)10(his)10( f)10(r)10(a)0(m)5(e)0(wor)10(k)1( )11(of)10(fe)11(rs)10( a)]TJ 0 -1.473 TD 0.006 Tc 0.206 Tw [(number)9( o)10(f)-2( a)10(d)0(va)10(nt)9(age)10(s)-2(. )11(Lik)11(e)-1( e)10(xch)11(ange)10( r)9(a)-1(t)9(e)-1( t)9(a)-1(r)20(g)11(eti)9(ng,)14( an)]TJ 0 -1.462 TD 0.007 Tc 0.238 Tw [(anno)11(unc)11(ed mone)11(tar)10(y)0( t)10(a)0(r)21(g)1(e)11(t)-1( is)10( eas)10(il)10(y und)12(er)10(st)10(ood by)11( )-11(t)10(h)1(e)]TJ T* 0.347 Tw [(publ)10(ic)11(. I)10(n)1( f)10(act)10(, i)10(t)-1( )11(co)11(nvey)11(s )11(m)-6(o)11(re)11( i)10(n)1(fo)11(rmat)10(io)11(n t)10(h)1(an)12( an)]TJ 0 -1.473 TD -0.015 Tc 0.073 Tw [(exchan)12(ge ra)11(te t)10(a)0(r)21(g)1(et )11(becaus)10(e)0( i)10(t)-1( sho)11(w)-7(s)10( where)11( m)-6(o)11(netar)10(y)0( pol)10(i)-1(cy)]TJ 0 -1.462 TD 0.007 Tc 0.051 Tw [(is)10( )-11(a)11(nd wher)10(e inf)10(l)10(a)0(ti)10(on)12( )-11(i)10(s)-1( li)10(ke)11(ly t)10(o)0( be goi)10(ng. The)11( )-11(t)10(a)0(r)21(g)12(et)10(ing)]TJ T* 0.216 Tw [(of mone)11(tar)10(y)0( agg)12(r)-1(eg)12(at)10(es has)10( )-11(t)10(h)1(e add)12(i)-1(t)10(i)-1(o)11(n)1(al)10( )-11(a)11(d)1(van)12(ta)11(ge of)]TJ 0 -1.473 TD -0.015 Tc 0.073 Tw [(focus)10(i)-1(ng )11(poli)10(cy on)12( a qu)12(antit)10(y t)10(h)1(at )11(a ce)11(ntra)11(l ba)11(nk can )11(cont)10(r)-1(ol)]TJ 0 -1.462 TD 0.007 Tc -0.004 Tw [(qui)10(ckl)10(y)88(,)15( eas)10(i)10(l)-1(y)99(,)4( an)12(d di)10(re)11(ct)10(ly)99(.)]TJ 3.297 -1.462 TD 0.106 Tw [(It)10( is)10( i)10(m)-6(p)12(o)0(r)10(t)-1(an)12(t t)10(o)0( )11(em)5(pha)11(si)10(ze )11(tha)11(t)-1( )11(the)11( ad)12(vant)10(a)0(g)12(e)0(s)]TJ -3.297 -1.473 TD 0.04 Tw [(of )11(a mone)11(ta)11(ry )11(aggr)10(ega)11(t)-1(e)11( ta)11(r)21(g)1(et)10( ar)10(e t)10(o)0(t)10(a)0(l)10(l)-1(y)11( depe)11(nde)11(nt u)12(p)1(on)]TJ 0 -1.462 TD -0.003 Tc 0.149 Tw [(t)-11(h)-9(e p)-9(r)0(e)-10(d)-9(ic)-10(ta)-10(b)-9(ili)-11(ty)-10( of)-11( )11(t)-11(h)-9(e re)-10(la)-10(t)-11(i)0(o)-10(n)2(s)-11(h)-9(ip)-9( be)-10(tw)-6(e)-10(e)-10(n)2( t)-11(h)2(e)-10( mon)-9(e)-10(y)]TJ T* -0.004 Tc -0.026 Tw [(tar)21(g)12(et and )-11(t)10(h)1(e )-11(i)10(n)1(f)10(l)-1(at)10(ion)12( )-11(goa)11(l)-1(. )-11(I)10(f)-1( flu)12(ctua)11(ti)10(ons in the vel)10(oci)10(ty of)]TJ 0 -1.473 TD 0.106 Tw [(mo)11(ney\227)7(perh)12(aps du)12(e to f)10(i)-1(na)11(ncia)11(l in)12(nova)11(tio)11(n\227wea)11(k)1(en th)12(is)]TJ 0 -1.462 TD 0.128 Tw [(rel)10(a)0(ti)10(ons)10(h)1(ip)12(, t)10(h)1(is)10( f)10(r)-1(am)5(ewor)10(k wi)10(ll)10( no)11(t )11(bri)10(ng p)12(r)-1(i)10(ce )11(st)10(abil)11(i)-23(t)-34(y)66(.)]TJ T* 0.008 Tc 0.204 Tw [(I)-11(n)-9( )11(t)-11(h)-9(e U)-6(n)-9(ite)-10(d)-9( St)-11(ate)-10(s)0(,)-6( t)-11(h)2(e)-10(s)0(e)-10( re)-10(lat)-11(i)0(o)-10(n)2(s)-11(h)-9(ip)-9(s ar)-11(e n)-9(o)-10(t su)-9(ff)-11(i-)]TJ 0 -1.473 TD 0.007 Tc -0.026 Tw [(c)-11(i)-1(e)-11(n)-10(tly)-10( st)10(abl)10(e)0( fo)11(r th)12(e mo)11(net)10(a)0(r)10(y)0( ta)11(r)21(g)1(et)10(i)10(ng appr)10(oa)11(ch to)11( )-11(wo)11(rk.)]TJ 3.297 -1.462 TD 0.216 Tw [(A)-7( t)10(h)1(ir)10(d appr)10(oa)11(ch to)11( )-11(pr)10(ic)11(e st)10(abi)10(l)-1(i)10(t)-1(y)11( )-11(i)10(s)-1( to)11( )-11(t)10(a)0(r)21(g)12(et)]TJ -3.297 -1.462 TD 0.006 Tc 0.052 Tw [(inf)9(l)-2(a)10(t)-2(i)9(o)-1(n.)14( )-11(Thi)9(s)-2( app)11(r)-2(o)10(ach ha)10(s bee)10(n)0( )-11(a)10(d)0(opt)9(e)-1(d by)10( )-11(a numbe)10(r of)]TJ ET endstream endobj 16 0 obj << /ProcSet [ /PDF /Text ] /Font << /F3 4 0 R >> /ExtGState << /GS1 6 0 R >> >> endobj 17 0 obj << /Type /Page /Parent 7 0 R /Resources 19 0 R /Contents 18 0 R >> endobj 18 0 obj << /Length 17113 >> stream 1 1 1 rg /GS1 gs 1 0 612 792 re f 0 0 0 rg 1 i 44.8 45.72 0.24 0.48 re f* 567.04 46.2 0.24 -0.48 re f* 45.04 46.2 522 -0.48 re f* BT /F3 1 Tf 8.4 0 0 8.4 318.04 33.84 Tm 0.003 Tc 0.004 Tw [(FRB)-15(N)-5(Y E)]TJ 6.72 0 0 6.72 352.24 33.816 Tm 0.007 Tc [(C)-7(O)-3(NOMIC)]TJ 8.4 0 0 8.4 383.56 33.84 Tm 0 Tw ( P)Tj 6.72 0 0 6.72 390.4 33.816 Tm 0.008 Tc [(OL)-10(IC)12(Y)]TJ 8.4 0 0 8.4 409.72 33.84 Tm 0.007 Tc ( R)Tj 6.72 0 0 6.72 417.52 33.816 Tm -0.002 Tc [(EV)-14(I)-8(E)-17(W)]TJ 8.4 0 0 8.4 438.64 33.84 Tm 0.008 Tc -0.001 Tw [( / )14(A)]TJ 6.72 0 0 6.72 451 33.816 Tm 0.01 Tc [(U)18(GUS)8(T)]TJ 8.4 0 0 8.4 472.84 33.84 Tm 0 Tc 0.007 Tw [( 19)-14(97)-8486(5)]TJ ET 1 1 1 rg 45.64 746.4 248.4 -657.96 re f* BT 10.92 0 0 10.92 45.64 739.116 Tm 0 0 0 rg 0.007 Tc 0.084 Tw [(c)11(e)0(nt)10(ra)11(l ban)12(k)1(s ov)11(er)10( )-11(t)10(h)1(e pa)11(st)10( )-11(s)10(eve)11(ra)11(l ye)11(ar)10(s, as)10( )-11(t)10(h)1(e f)10(o)0(ll)10(owi)10(n)1(g)]TJ 0 -1.462 TD -0.003 Tc 0.16 Tw [(st)-11(ud)-9(y)-10( s)-11(h)-9(ow)-6(s)-11(,)-6( a)-10(n)-9(d )-11(th)-9(e)-10( i)-11(n)-9(it)-11(ia)-10(l )-11(re)-10(su)-9(lt)-11(s )-11(a)-10(p)2(p)-9(e)-10(ar)-11( p)-9(o)-10(si)-11(ti)-11(ve)-10(.)-6( T)-7(h)-9(e)]TJ T* 0.007 Tc 0.238 Tw [(a)11(d)1(va)11(nta)11(g)1(e i)10(n)1(f)10(l)-1(at)10(io)11(n ta)11(r)21(g)1(e)11(t)-1(i)10(ng sh)12(are)11(s)-1( wi)10(th e)11(xcha)11(nge)11( )-11(r)10(a)0(t)10(e)]TJ 0 -1.473 TD 0.117 Tw [(a)11(nd m)5(o)0(ne)11(ta)11(ry t)10(a)0(r)21(g)1(e)11(t)-1(i)10(ng i)10(s)-1( it)10(s t)10(r)-1(a)11(n)1(sp)12(are)11(n)1(cy)11( to t)10(h)1(e pub)12(li)10(c.)]TJ 0 -1.462 TD -0.003 Tc 0.061 Tw [(T)-7(h)2(e)-10( co)-10(mmi)-11(tm)-16(en)-9(t t)-11(o)1( p)-9(r)0(i)-11(c)1(e)-10( st)-11(ab)-9(il)-11(it)-11(y i)-11(s)0( ma)-10(de)-10( cl)-11(ea)-10(r)-11( )11(i)-11(n)2( p)-9(o)-10(lic)-10(y)]TJ T* -0.015 Tc [(t)10(e)0(rm)5(s, and de)11(viat)10(ions)10( )-11(f)10(r)-1(om)5( the)11( )-11(pu)12(rsui)10(t)-1( of t)10(h)1(e inf)10(l)-1(at)10(ion ta)11(r)21(g)1(et)]TJ 0 -1.473 TD 0.007 Tc 0.084 Tw [(o)11(ver)10( the)11( )-11(l)10(o)0(ng)12(er t)10(e)0(rm ar)10(e obv)11(i)-1(o)11(u)1(s. Li)10(ke a mone)11(ta)11(ry ag)12(gre)11(-)]TJ 0 -1.462 TD -0.015 Tc [(ga)11(te ta)11(r)21(g)1(et, an i)10(n)1(fl)10(ati)10(o)0(n tar)21(g)1(e)11(t)-1( al)10(so pro)11(v)0(ides)10( mo)11(netar)10(y)0( poli)10(cy)]TJ T* 0.007 Tc -0.004 Tw [(wi)10(th)12( )-11(t)10(h)1(e nec)11(e)0(ss)10(ar)10(y fl)10(exi)10(bi)10(li)10(ty)11( )-11(t)10(o)0( res)10(p)1(on)12(d )-11(t)10(o)0( eco)11(nomi)10(c nee)11(d)1(s)]TJ 0 -1.473 TD 0.161 Tw [(i)10(n)1( the)11( )-11(s)10(h)1(or)10(t te)11(rm)5(. Fin)12(a)0(l)10(l)-1(y)99(,)4( )-11(t)10(a)0(r)32(g)1(et)10(ing)12( )-11(i)10(n)1(fl)10(at)10(io)11(n avo)11(ids)10( )-10(t)21(h)12(e)]TJ 0 -1.462 TD -0.005 Tc [(pr)9(obl)9(e)-1(m )-11(o)10(f)-2( vel)9(oci)9(ty)10( )-11(s)9(h)0(ock)11(s beca)10(use)10( )-11(mone)10(tar)9(y)-1( pol)9(i)-2(cy)10( )-11(i)9(s)-2( no)]TJ T* -0.004 Tc -0.004 Tw [(l)10(o)0(nge)11(r de)11(pende)11(nt upo)11(n the)11( m)-6(o)11(ney-)10(inf)10(l)-1(a)11(t)-1(i)10(o)0(n re)11(lat)10(i)-1(o)11(n)1(shi)10(p)1(.)]TJ 3.297 -1.473 TD -0.003 Tc 0.116 Tw [(T)-7(h)2(e)-10( ma)-10(in)-9( d)-9(r)0(a)-10(w)-6(b)-9(a)1(c)-10(k)-9( of)-11( in)-9(fl)-11(at)-11(io)-10(n)-9( ta)-10(r)11(g)2(e)-10(t)-11(in)-9(g)-9( )11(i)-11(s)0( t)-11(h)-9(at)]TJ -3.297 -1.462 TD 0.007 Tc 0.018 Tw [(i)10(n)1(f)10(l)-1(a)11(t)-1(i)10(o)0(n it)10(se)11(lf)10( )-11(i)10(s)-1( no)11(t dir)10(e)0(c)11(t)-1(l)10(y)0( or ev)11(en ea)11(si)10(ly)11( )-11(c)11(o)0(nt)10(ro)11(ll)10(abl)10(e)0( by)]TJ T* 0.227 Tw [(t)10(h)1(e )11(m)5(o)0(n)12(e)0(ta)11(ry)11( a)11(u)1(th)12(or)10(it)10(ie)11(s. )11(Fur)10(th)12(erm)5(o)11(re,)15( p)12(o)0(li)10(cy)11( m)5(o)11(ves)10( i)10(n)]TJ 0 -1.473 TD -0.004 Tc -0.004 Tw [(pu)-10(r)-12(s)-1(u)-10(i)-1(t)-12( o)-11(f)-1( t)-12(h)-10(e i)-12(n)1(f)-12(l)-1(a)-11(t)-12(io)-11(n )-11(ta)-11(r)21(g)-10(e)-11(t)-1( o)-11(n)-10(ly)-11( t)-12(a)0(k)-10(e)-11( ef)-12(fe)-11(ct)-12( w)-7(i)-12(th)-10( a)-11( la)-11(g)-10(,)4( )-11(so)]TJ 0 -1.462 TD 0.007 Tc 0.084 Tw [(t)10(h)1(at)10( su)12(cce)11(ss)10( in)12( hit)10(t)-1(i)10(ng t)10(h)1(e)11( tar)32(g)1(et)10( is)10( not)10( qui)10(ckl)10(y)0( a)11(ppa)11(ren)12(t)-1(.)]TJ T* 0.018 Tc [(Th)12(is)10( i)10(s)-1( a)11( pr)10(ob)12(le)11(m)5( th)12(at)10( is)10( no)11(t p)12(r)-1(e)11(s)-1(e)11(n)1(t)10( in)12( ei)10(t)10(h)1(er)10( e)11(xch)12(ang)12(e)]TJ 0 -1.473 TD 0.007 Tc 0.227 Tw [(ra)-11(te)-11( )-10(or)10( m)5(o)0(ne)11(tar)10(y)0( a)11(ggr)10(ega)11(t)-1(e)11( ta)11(r)21(g)1(et)10(in)12(g. The)11(s)-1(e)11( di)10(ff)10(ic)11(ult)10(i)-1(e)11(s)]TJ 0 -1.462 TD -0.003 Tc 0.072 Tw [(ma)-10(y me)-10(a)-10(n)2( t)-11(h)-9(at)-11( th)-9(e t)-11(a)1(r)11(g)-9(e)-10(t)0( c)-10(a)1(n)-9(n)-9(o)-10(t st)-11(ri)-11(ct)-11(ly)-10( b)-9(e)1( m)-16(e)1(t)-11( at)-11( ti)-11(mes)-11(,)]TJ 0 -1.473 TD 0.215 Tw [(w)-6(h)-9(ic)-10(h,)-6( a)-10(t)0( a mi)-11(ni)-11(mu)-9(m,)-6( co)-10(u)-9(l)0(d)-9( le)-10(ad)-9( to)-10( a ri)-11(se)-10( in)-9( in)-9(fl)-11(at)-11(io)-10(n)]TJ 0 -1.462 TD 0.007 Tc 0.117 Tw [(ex)-11(pe)-11(c)-11(t)-1(at)-12(io)-11(ns)-12(.)-7( )11(N)-17(e)0(v)-11(e)0(r)-12(t)-1(h)-10(e)0(l)-12(e)0(s)-12(s)-1(,)-7( fo)-11(r co)-11(u)-10(n)1(t)-12(rie)-11(s t)-12(h)1(a)-11(t)-1( ar)-12(e u)-10(n)-10(a)0(b)-10(l)-1(e)]TJ T* -0.003 Tc 0.105 Tw [(o)-10(r)-22( )-11(u)-9(n)-9(w)-6(il)-11(li)-11(ng)-9( t)-11(o)-10( fi)-11(x )-11(th)-9(e)-10(ir )-11(ex)-10(c)-10(h)2(a)-10(n)-9(g)-9(e)1( r)-11(a)-10(te)-10( to)-10( t)-11(h)-9(at)-11( o)-10(f)0( a)-10(n)-9(ot)-11(h)-9(e)1(r)]TJ 0 -1.473 TD 0.007 Tc 0.183 Tw [(c)11(o)0(un)12(tr)10(y and)12( can)12(not)10( re)11(ly)11( on s)10(t)-1(a)11(b)1(le)11( re)11(la)11(ti)10(ons)10(h)1(ip)12(s be)11(twe)11(e)0(n)]TJ 0 -1.462 TD -0.003 Tc 0.522 Tw [(mo)-10(ne)-10(ta)-10(r)-11(y)1( a)-10(g)-9(g)-9(r)0(e)-10(g)2(a)-10(t)-11(es)-11( a)-10(n)2(d)-9( g)-9(o)-10(al)-11(s,)-6( t)-11(h)-9(e )-11(in)-9(fl)-11(at)-11(io)-10(n)-9( ta)-10(r)11(g)-9(et)]TJ T* 0.029 Tc 0.216 Tw [(ap)-9(pro)-11(ach)-9( )-11(offe)-11(rs )-11(a )-11(tra)-11(nsp)-9(a)0(re)-11(nt)-12( m)-6(e)-11(ans)-12( o)-11(f)-1( c)-11(o)0(m)-6(m)-6(i)-1(t)-12(m)-6(en)-9(t)]TJ 0 -1.473 TD 0.007 Tc 0.018 Tw [(o)-22(v)-22(e)-33(r)-23( )-33(t)10(h)1(e l)10(o)0(ng)12(er)10( te)11(rm)5(. I)10( bel)10(i)-1(e)11(v)0(e)11( tha)11(t)-1( t)10(h)1(e)11( inf)10(l)10(a)0(ti)10(on)12(-t)10(ar)21(ge)11(ti)10(ng)]TJ 0 -1.462 TD 0.03 Tc 0.204 Tw [(ap)-8(pro)-10(ach)-8( to)-10( pr)-11(ice)-10( sta)-10(bili)-11(ty me)-10(rits)-11( fu)-8(rth)-8(er s)-11(t)0(ud)-8(y a)-10(n)3(d)]TJ T* 0.029 Tc [(con)-9(sid)-9(er)21(a)33(t)21(i)32(o)22(n)23(.)]TJ 12.48 0 0 12.48 81.64 258.161 Tm (W)Tj 9.96 0 0 9.96 94.12 258.125 Tm 0.005 Tc [(HA)9(T)]TJ 12.48 0 0 12.48 114.64 258.161 Tm ( )Tj 9.96 0 0 9.96 117.76 258.125 Tm (A)Tj 12.48 0 0 12.48 124.48 258.161 Tm 0 Tc 0 Tw ( S)Tj 9.96 0 0 9.96 133.12 258.125 Tm 0.003 Tc [(TR)7(ATEGY)]TJ 12.48 0 0 12.48 178.12 258.161 Tm ( )Tj 9.96 0 0 9.96 181.24 258.125 Tm 0.004 Tc (FOR)Tj 12.48 0 0 12.48 200.08 258.161 Tm 0 Tc ( M)Tj 9.96 0 0 9.96 213.64 258.125 Tm 0.009 Tc [(O)8(N)4(ET)18(ARY)]TJ 12.48 0 0 12.48 260.32 258.161 Tm ( )Tj -14.317 -1.288 TD (P)Tj 9.96 0 0 9.96 88.6 242.045 Tm 0.002 Tc [(OL)8(ICY)]TJ 12.48 0 0 12.48 116.92 242.081 Tm 0 Tc ( R)Tj 9.96 0 0 9.96 128.32 242.045 Tm -0.001 Tc [(EQ)-14(UI)7(R)-9(E)1(S)]TJ 10.92 0 0 10.92 45.64 227.076 Tm -0.004 Tc 0.095 Tw [(I)10(n)1( )-11(my )-11(v)11(i)-1(ew)81(, )-11(t)10(h)1(er)10(efo)11(r)-1(e, the chal)10(le)11(nge to )-11(mon)12(e)0(ta)11(ry poli)10(cy in)]TJ 0 -1.462 TD 0.019 Tc 0.182 Tw [(tod)-8(a)-10(y\222)54(s e)-10(n)2(v)-10(iro)-10(nme)-10(n)2(t)-11( )11(i)-11(s)0( to c)-10(o)1(n)-8(sid)-8(er)-11( )11(h)-8(o)1(w)-6( w)-6(e)1( may)-10( most)]TJ T* -0.004 Tc 0.018 Tw [(e)-22(f)-23(f)-34(e)-22(c)-33(t)-23(i)-23(v)-33(e)-22(l)-23(y)-32( bu)12(ild)12( on ou)12(r cu)12(rre)11(nt l)10(o)0(w i)10(n)1(fl)10(ati)10(o)0(n b)12(y)0( m)5(a)0(ki)10(ng it)10(s)]TJ 0 -1.473 TD 0.04 Tw [(pe)11(rmane)11(n)1(ce )11(a cr)10(edi)10(b)1(le)11( pol)10(i)-1(cy)11( goa)11(l)-1(. Thi)10(s)-1( )11(goal)10( ra)11(is)10(es )11(a hos)10(t)-1( )11(of)]TJ 0 -1.462 TD -0.014 Tc 0.006 Tw [(im)-16(po)-10(r)-11(t)0(a)-10(n)-9(t q)-9(u)-9(e)-10(st)-11(io)-10(n)-9(s)-11(.)]TJ 3.297 -2.011 TD 0.007 Tc 0.04 Tw [(F)12(o)0(r )11(one)11(,)4( ev)11(en i)10(f)-1( )11(w)-7(e)11( ag)12(ree)11(\227)-4(a)11(s)-1( I)10( be)11(li)10(eve)11( we a)11(l)-1(r)10(e)0(a)11(d)1(y)]TJ -3.297 -1.473 TD 0.183 Tw [(d)12(o)0(\227t)10(hat)10( pr)10(ic)11(e s)10(t)-1(ab)12(il)10(it)10(y mus)10(t)-1( be)11( th)12(e pr)10(imar)10(y l)10(o)0(ng)12(-t)10(erm)]TJ 0 -1.462 TD 0.106 Tw [(g)12(oal)10( of)10( )-11(mon)12(e)0(t)10(a)0(ry)11( pol)10(i)-1(c)11(y)88(,)15( )-11(wh)12(at e)11(xac)11(tl)10(y do)11(es pr)10(i)10(ce s)10(t)-1(a)11(b)1(il)10(it)10(y)]TJ T* -0.003 Tc 0.182 Tw [(me)-10(an)-9( i)-11(n)-9( p)-9(r)0(a)-10(c)1(t)-11(i)0(c)-10(a)-10(l)0( )-11(te)-10(rms)-11( o)-10(v)-10(e)1(r)-11( b)-9(o)-10(th)-9( t)-11(h)2(e)-10( )-11(in)-9(te)-10(rm)-16(ed)-9(ia)-10(t)-11(e)1( )-11(an)-9(d)]TJ ET 1 1 1 rg 320.68 746.4 248.4 -660.36 re f* BT 10.92 0 0 10.92 320.56 739.116 Tm 0 0 0 rg 0.007 Tc 0.062 Tw [(lon)12(g)1( te)11(rm)5(?)11( Sec)11(ond,)15( what)10( ki)10(nd of)10( in)12(st)10(it)10(ut)10(ion)12(a)0(l)10( st)10(ruc)11(t)-1(ur)10(e i)10(s)]TJ T* 0.007 Tw [(nee)11(d)1(ed )11(to)11( e)11(n)1(ab)12(le)11( t)10(h)1(e )11(ce)11(ntr)10(a)0(l)10( b)12(a)0(nk )11(t)10(o)0( c)11(o)0(nv)11(ey )11(t)10(o)0( )11(the)11( mar)10(k)1(et)10(s)]TJ T* 0.062 Tw [(and t)10(h)1(e pub)12(li)10(c an)12( )-11(e)11(x)0(pl)10(ic)11(it)10( commit)10(m)5(ent)10( to pr)10(ic)11(e st)10(ab)12(il)10(it)10(y?)]TJ 0 -1.473 TD -0.004 Tc -0.015 Tw [(A)-7( re)11(lat)10(e)0(d ques)10(t)-1(i)10(o)0(n is)10( )-11(ho)11(w)-7( sho)11(u)1(ld su)12(ch a )-11(p)12(o)0(li)10(cy be ar)10(tic)11(ula)11(t)-1(ed)]TJ 0 -1.462 TD 0.095 Tw [(to th)12(e publi)10(c)0( to)11( )-11(mak)12(e)0( the ce)11(ntr)10(a)0(l)10( )-11(ba)11(nk acc)11(ount)10(able)11( )-11(a)11(nd to)]TJ T* -0.014 Tc 0.072 Tw [(f)-11(o)-10(st)-11(e)-10(r)0( a)-10( p)-9(o)-10(li)-11(ti)-11(c)-10(a)1(l)-11( c)-10(o)1(n)-9(s)-11(en)-9(s)-11(u)-9(s i)-11(n)-9( s)-11(u)2(p)-9(p)-9(o)-10(rt)-11( o)-10(f)0( )-11(th)-9(is)-11( c)-10(o)-10(mmi)-11(tm)-16(en)-9(t)-11(?)]TJ 0 -1.473 TD 0.019 Tc 0.006 Tw [(F)-8(i)0(n)-8(a)1(l)-11(l)0(y)89(,)-6( ho)-10(w)-6( can)-8( an)-8( ex)-10(p)-8(lic)-10(it p)-8(o)1(li)-11(cy)-10( co)-10(mmitme)-10(n)2(t)-11( to p)-8(r)0(i)-11(c)1(e)]TJ 0 -1.462 TD -0.004 Tc 0.106 Tw [(s)-34(t)-23(a)-33(b)-21(i)-23(l)-34(i)-23(t)-23(y)-32( be )-11(i)10(m)-6(p)12(l)-1(em)5(en)12(ted in pra)11(c)0(ti)10(ce with)12(out push)12(i)-1(ng the)]TJ T* -0.015 Tc 0.007 Tw [(economy t)10(oo ha)11(rd i)10(n)1( one )11(dire)11(cti)10(o)0(n or)10( anot)10(her? )11(These )11(are )11(a f)10(e)0(w)]TJ 0 -1.473 TD 0.029 Tw [(of th)12(e quest)10(ions)10( w)-7(e)11( at th)12(e Feder)10(a)0(l Res)10(e)0(rve Ba)11(nk of New Y)92(o)0(rk)]TJ 0 -1.462 TD [(are )11(aski)10(ng o)11(u)1(rse)11(lves)10( as)10( we )11(cons)10(i)-1(der)10( t)10(h)1(e meri)10(ts)10( of)10( our)10( co)11(untry)11(\222)53(s)]TJ T* -0.004 Tw [(taki)10(ng a ste)11(p furt)10(her i)10(n)1( its)10( conduc)11(t of monet)10(a)0(ry po)11(lic)11(y)88(.)]TJ 3.297 -1.473 TD -0.003 Tc 0.105 Tw [(L)-9(e)-10(t me of)-11(fe)-10(r tw)-6(o)-10( )11(p)-9(o)-10(ssi)-11(b)-9(l)0(e)-10( )11(b)-9(a)1(s)-11(i)0(c)-10( )11(d)-9(e)-10(fi)-11(ni)-11(ti)-11(on)-9(s)-11( )11(w)-6(h)-9(os)-11(e)]TJ -3.297 -1.462 TD 0.006 Tc 0.14 Tw [(rel)9(e)-1(v)10(a)-1(nc)10(e )11(depe)10(nds)9( on)11( t)9(h)0(e )11(ti)9(m)-7(e)10( f)9(r)-2(a)10(m)-7(e)10( wi)9(th )11(whi)9(c)-1(h )11(pol)9(i)-2(c)10(y)-1(-)]TJ T* -0.003 Tw [(m)-7(a)10(ker)9(s)-2( )11(ar)9(e c)10(o)-1(nc)10(er)9(ned)11(.)3( One)10( de)10(fi)9(nit)9(i)9(o)-1(n )11(w)-8(o)10(ul)9(d a)10(ppl)9(y o)10(ver)9( t)9(h)0(e)]TJ 0 -1.473 TD -0.004 Tc 0.106 Tw [(l)-12(o)-11(ng)-10( te)-11(rm)-17(. In)-10( th)-10(i)-12(s)-1( ti)-12(me f)-12(r)-1(a)-11(m)-6(e,)-7( a)-11(s)-1( I st)-12(at)-12(ed)-10( at)-12( th)-10(e o)-11(u)1(t)-12(s)-1(e)-11(t)-12(, I)]TJ 0 -1.462 TD 0.04 Tw [(w)-7(o)11(uld )11(def)10(i)-1(ne)11( pr)10(ice)11( st)10(abi)10(l)-1(i)10(t)-1(y )11(as )11(bei)10(ng r)10(eac)11(hed )11(w)-7(h)12(en i)10(n)1(fl)10(at)10(ion)]TJ T* -0.004 Tw [(is n)12(o)0(t a)11( cons)10(i)-1(de)11(rat)10(i)-1(o)11(n)1( in h)12(o)0(use)11(h)1(ol)10(d and bu)12(sin)12(ess)10( dec)11(isi)10(ons)10(.)4( )]TJ 3.297 -1.473 TD 0.007 Tc 0.062 Tw [(Wha)11(t)-1( do)11(es t)10(h)1(i)10(s)-1( mean)12( in pr)10(ac)11(ti)10(ce?)11( W)73(e)0( kn)12(ow tha)11(t)-1(,)]TJ -3.297 -1.462 TD -0.003 Tc 0.039 Tw [(a)-10(s)-11( cu)-9(r)-11(r)0(e)-10(n)-9(tly)-10( m)-16(e)1(a)-10(s)0(u)-9(r)-11(ed)-9(,)-6( a)-10( ze)-10(r)-11(o)1( i)-11(n)-9(fl)-11(at)-11(io)-10(n)-9( ra)-10(te)-10( i)-11(s)0( n)-9(o)-10(t t)-11(h)-9(e )-11(sa)-10(me)]TJ 0 -1.473 TD 0.006 Tc 0.25 Tw [(thi)9(ng as)9( )-10(pr)9(ic)10(e st)9(abi)9(l)-2(i)9(t)9(y)87(. Thi)9(s)-2( is)9( )-10(be)10(ca)10(use)10( )-10(o)10(f)-2( well)9(-)9(known)]TJ 0 -1.462 TD -0.003 Tc 0.05 Tw [(e)-10(r)-11(ro)-10(rs)-11( )11(i)-11(n)2( me)-10(as)-11(ur)-11(in)-9(g)-9( )11(i)-11(n)-9(fla)-10(t)-11(i)0(o)-10(n)2( th)-9(a)-10(t)0( st)-11(em fr)-11(om)-16( )11(ma)-10(n)-9(y)1( fa)-10(ct)-11(o)-10(r)0(s)-11(,)]TJ T* 0.006 Tc -0.014 Tw [(inc)10(l)-2(u)11(d)0(ing)11( how )11(qual)9(i)9(t)-2(y )11(impr)9(ove)10(m)-7(e)10(nt)9(s a)10(nd n)11(e)-1(w pr)9(odu)11(c)-1(t)9(s)-2( a)10(r)-2(e)]TJ 0 -1.473 TD 0.007 Tc 0.238 Tw [(val)10(ued)12( in)12( th)12(e co)11(ns)10(umer )11(pri)10(c)0(e)11( in)12(dex)11(.)4( Alt)10(h)1(ou)12(gh t)10(h)1(er)10(e i)10(s)]TJ 0 -1.462 TD 0.051 Tw [(m)-6(u)12(ch r)10(e)0(s)10(ear)10(ch o)11(n)1( t)10(h)1(is)10( to)11(pic)11(,)4( ec)11(ono)11(m)-6(i)10(s)-1(t)10(s)-1( a)11(nd p)12(o)0(li)10(cy)11(m)-6(a)11(ker)10(s)]TJ T* -0.004 Tc -0.015 Tw [(canno)11(t agr)10(ee upo)11(n )-11(a)11( )-11(s)10(i)-1(n)12(g)1(le numbe)11(r for)10( the magni)10(tud)12(e)0( of th)12(is)]TJ 0 -1.473 TD 0.051 Tw [(m)-6(e)11(asur)10(ement)10( er)10(ror)65(.)4( I)10(n)1( most)10( s)10(t)-1(udi)10(es,)15( the)11( er)10(ror)10( ha)11(s be)11(en e)11(s)-1(t)10(i)-1(-)]TJ 0 -1.462 TD -0.026 Tw [(m)-6(a)11(ted t)10(o)0( r)10(a)0(nge)11( fro)11(m)-6( 0)12(.)4(5 per)10(cent)10( to)11( 2.0 per)10(cen)12(t. The)11(r)-1(ef)10(ore)11(,)4( as)]TJ T* 0.062 Tw [(a pr)10(act)10(ica)11(l)-1( mat)10(t)-1(er)65(, pr)10(ice)11( st)10(abi)10(l)-1(i)10(t)-1(y )11(m)-6(a)0(y)11( bes)10(t)-1( b)12(e)0( th)12(ought)10( of)10( as)]TJ 0 -1.473 TD -0.013 Tc 0.005 Tw [(a)-9(n)-8( in)-8(f)-10(l)1(a)-9(t)-10(io)-9(n)-8( ra)-9(t)-10(e)2( f)-10(a)-9(ll)-10(in)-8(g)-8( so)-9(me)-9(w)-5(h)-8(e)-9(r)1(e)-9( w)-5(i)-10(th)-8(i)-10(n)-8( th)-8(i)-10(s)1( r)-10(a)2(n)-8(g)-8(e)-9(.)]TJ 3.297 -1.462 TD -0.003 Tc 0.16 Tw [(W)63(e)-10(re)-10( w)-6(e)-10( to)-10( mo)-10(v)-10(e)1( t)-11(o)-10( a m)-16(o)1(n)-9(e)-10(ta)-10(ry)-10( p)-9(o)-10(lic)-10(y)-10( st)-11(ra)-10(te)-10(g)-9(y)]TJ -3.297 -1.462 TD 0.006 Tc 0.195 Tw [(tha)10(t)-2( ha)10(s a)10( numer)9(ic)10(al)9( inf)9(l)9(a)-1(ti)9(on)11( goal)9(, gi)9(ve)10(n th)11(e pr)9(obl)9(e)-1(ms)]TJ 0 -1.473 TD -0.003 Tw [(wit)9(h)0( m)4(e)-1(a)10(s)-2(ur)9(em)4(en)11(t )11(err)9(o)-1(r)64(,)3( h)11(o)-1(w m)4(i)9(ght )11(th)11(is)9( go)10(al )11(be )11(se)10(t?)10( If)9( t)9(h)0(e)]TJ 0 -1.462 TD 0.007 Tc 0.084 Tw [(inf)10(l)-1(a)11(t)-1(i)10(o)0(n )11(goa)11(l)-1( i)10(s)10( se)11(t t)10(o)0(o)11( hi)10(gh, we)11( r)10(un t)10(h)1(e )11(ri)10(sk )11(of )11(al)10(lo)11(wing)]TJ T* 0.062 Tw [(the)11( )-11(s)10(t)-1(a)11(r)-1(t)10( )-11(o)11(f)-1( an upwa)11(r)-1(d)12( )-11(s)10(p)1(ir)10(al)10( )-11(i)10(n)1( in)12(fl)10(at)10(ion)12( )-11(e)11(x)0(pe)11(ct)10(ati)10(o)0(n)12(s)-1( and)]TJ 0 -1.473 TD 0.018 Tc 0.073 Tw [(in)12(fl)10(at)10(io)11(n. I)10(n)1(de)11(ed)12(, th)12(is)10( is)10( why I)10( )-11(d)12(o)0( no)11(t be)11(li)10(e)11(ve t)10(h)1(a)11(t)-1( pr)10(i)10(c)0(e)]TJ 0 -1.462 TD 0.007 Tc 0.04 Tw [(s)-12(t)-1(a)-11(b)1(i)-12(l)-1(i)-12(t)-1(y)-11( i)-12(s)-1( )-11(c)-11(o)0(n)-10(s)-1(i)-12(ste)-11(n)-10(t)-1( )-11(w)-7(i)10(th )11(the)11( 3 p)12(e)0(rc)11(ent)10( i)10(n)1(fl)10(at)10(io)11(n r)10(a)0(t)10(e)0( we)]TJ T* -0.004 Tw [(cur)10(r)-1(e)11(n)1(tl)10(y h)12(ave)11( in)12( the)11( Uni)10(t)-1(ed)12( St)10(at)10(es.)]TJ 3.297 -1.473 TD 0.062 Tw [(If)10(, on t)10(h)1(e o)11(t)-1(he)11(r h)12(a)0(nd, t)10(h)1(e)11( inf)10(l)-1(a)11(t)-1(i)10(o)0(n g)12(oal)10( is)10( se)11(t t)10(o)0(o)]TJ -3.297 -1.462 TD -0.015 Tc -0.015 Tw [(low)81(,)4( w)-7(e)11( run the)11( ris)10(k of t)10(i)-1(ppi)10(ng the e)11(conom)5(y int)10(o)0( a de)11(flat)10(i)-1(on )-11(i)-23(n)]TJ T* 0.007 Tc 0.117 Tw [(whic)11(h t)10(h)1(e )11(tr)10(ue )11(pr)10(ice)11( l)10(eve)11(l )11(is)10( a)11(c)0(t)10(u)1(al)10(ly)11( fa)11(ll)10(i)10(ng. H)5(i)10(st)10(or)10(y h)12(a)0(s)]TJ ET endstream endobj 19 0 obj << /ProcSet [ /PDF /Text ] /Font << /F3 4 0 R >> /ExtGState << /GS1 6 0 R >> >> endobj 20 0 obj << /Type /Page /Parent 7 0 R /Resources 22 0 R /Contents 21 0 R >> endobj 21 0 obj << /Length 18355 >> stream 1 1 1 rg /GS1 gs 1 0 612 792 re f BT /F3 1 Tf 8.4 0 0 8.4 46.6 33.84 Tm 0 0 0 rg 8.357 Tc -8.364 Tw [(6F)8343(R)8353(B)8354(N)8349(Y)8338( E)]TJ 6.72 0 0 6.72 155.32 33.816 Tm 0.007 Tc [(C)11(O)-3(NOMIC)]TJ 8.4 0 0 8.4 186.64 33.84 Tm 0 Tw ( P)Tj 6.72 0 0 6.72 193.48 33.816 Tm 0.01 Tc [(OL)10(ICY)]TJ 8.4 0 0 8.4 212.8 33.84 Tm -0.007 Tc ( R)Tj 6.72 0 0 6.72 220.6 33.816 Tm -0.002 Tc [(EV)-14(I)-8(E)0(W)]TJ 8.4 0 0 8.4 241.72 33.84 Tm -0.007 Tc 0.014 Tw [( / A)]TJ 6.72 0 0 6.72 253.96 33.816 Tm 0.01 Tc [(UGUS)8(T)]TJ 8.4 0 0 8.4 275.92 33.84 Tm 0.014 Tc -0.021 Tw [( 19)14(97)]TJ ET 1 i 44.8 45.72 0.24 0.48 re f* 567.04 46.2 0.24 -0.48 re f* 45.04 46.2 522 -0.48 re f* 1 1 1 rg 45.64 746.4 248.4 -676.44 re f* BT 10.92 0 0 10.92 45.64 739.116 Tm 0 0 0 rg 0.019 Tc 0.149 Tw [(sh)-8(ow)-6(n)-8( th)-8(at)-11( de)-10(fla)-10(tio)-10(n)-8( ca)-10(n )-11(be)-10( ex)-10(tre)-10(mel)-11(y)1( h)-8(a)1(r)-11(m)-5(fu)-8(l t)-11(o)1( t)-11(h)2(e)]TJ 0 -1.462 TD 0.007 Tc 0.007 Tw [(e)-11(c)-22(o)-11(n)-20(o)-11(m)-17(y)-21( )11(in g)12(e)0(ne)11(ra)11(l, a)11(nd t)10(o)0( f)10(i)10(n)1(anc)11(i)-1(a)11(l)-1( m)5(a)11(rke)11(t)-1(s)10( in)12( par)10(t)10(i)-1(cu)12(la)11(r)54(.)]TJ T* -0.015 Tc 0.073 Tw [(The)11( w)-7(o)11(rst)10( fi)10(nanci)10(a)0(l c)11(ris)10(es )11(in our)10( his)10(t)-1(or)10(y hav)11(e)0( been)12( ass)10(ocia)11(t)-1(ed)]TJ 0 -1.473 TD 0.006 Tc -0.003 Tw [(wi)9(th)11( def)9(l)-2(a)10(t)-2(i)9(o)-1(na)10(ry)10( per)9(i)-2(o)10(d)0(s.)14( )]TJ 3.297 -1.462 TD -0.003 Tc 0.226 Tw [(T)-7(h)2(e)-10(r)0(e)-10(f)-11(or)-11(e,)-6( w)-6(e)1(r)-11(e)-10( )11(w)-6(e)-10( )11(t)-11(o)1( se)-10(t a)-10( )11(n)-9(u)-9(m)-5(er)-11(ic)-10(a)-10(l)0( in)-9(fl)-11(at)-11(io)-10(n)]TJ -3.297 -1.462 TD 0.007 Tc 0.249 Tw [(g)12(oal)10( fo)11(r mo)11(net)10(a)0(r)10(y)0( po)11(li)10(cy)99(, I)10( bel)10(i)-1(e)11(ve )11(tha)11(t)-1( a)11(n)1( ap)12(pro)11(p)1(ri)10(at)10(e)]TJ 0 -1.473 TD 0.006 Tc -0.003 Tw [(n)11(u)0(m)4(b)0(er)9( f)9(o)-1(r )11(th)11(is)9( go)10(al)9( sh)11(oul)9(d)0( b)11(e)-1( wi)9(th)11(in )11(the)10( r)9(e)-1(a)10(s)-2(on)11(abl)9(e)-1( )11(ran)11(g)0(e)]TJ 0 -1.462 TD 0.007 Tc 0.073 Tw [(o)11(f)-1( mea)11(s)-1(ur)10(emen)12(t er)10(ro)11(r\227)18(b)12(u)1(t i)10(n)1( th)12(e uppe)11(r e)11(nd of)10( the)11( ran)12(g)1(e)]TJ T* -0.004 Tc [(be)-11(c)-11(a)0(u)-10(s)-12(e of)-12( )11(t)-12(h)-10(e d)-10(a)0(n)-10(g)-10(e)0(r)-12(s)-1( of)-12( )11(d)-10(e)-11(fl)-12(at)-12(io)-11(n)-10(.)-7( )11(S)-11(u)-10(ch)-10( a nu)-10(m)-6(e)-11(r)-12(i)-1(c)-11(a)0(l)-12( )11(g)-10(o)-11(al)]TJ 0 -1.473 TD 0.006 Tc -0.003 Tw [(c)10(o)-1(ul)9(d be u)11(nder)9(s)-2(t)9(o)-1(o)10(d)0( as t)9(h)0(e pr)9(emi)9(u)0(m )-11(n)11(eed)11(ed t)9(o)-1( pre)10(v)-1(e)10(n)0(t t)9(h)0(e)]TJ 0 -1.462 TD -0.003 Tc 0.05 Tw [(ec)-10(o)-10(n)2(o)-10(m)-5(y)-10( fr)-11(om)-16( )11(b)-9(e)-10(in)-9(g)-9( ti)-11(p)-9(p)2(e)-10(d)-9( to)-10(w)-6(a)1(r)-11(d)-9( de)-10(fl)-11(at)-11(io)-10(n)-9( or)-11( n)-9(e)1(e)-10(d)-9(le)-10(ss)-11(ly)]TJ T* 0.007 Tc -0.004 Tw [(f)10(o)0(r)21(g)12(oi)10(ng ou)12(tpu)12(t)-1(.)]TJ 3.297 -1.473 TD -0.003 Tc 0.039 Tw [(T)-7(h)2(u)-9(s)-11(,)-6( in)-9( th)-9(e)-10( lo)-10(n)-9(g)-9( te)-10(rm,)-6( a)-10( n)-9(u)-9(m)-5(er)-11(ic)-10(a)-10(l)0( d)-9(e)-10(fin)-9(i)-11(t)0(i)-11(o)1(n)-9( f)-11(o)1(r)]TJ -3.297 -1.462 TD 0.007 Tc 0.095 Tw [(p)12(r)-1(i)10(ce st)10(ab)12(il)10(it)10(y woul)10(d )-11(p)12(r)-1(o)11(v)0(id)12(e a fr)10(amewor)10(k fo)11(r the)11( )-11(d)12(i)-1(s)10(c)0(us)10(-)]TJ T* -0.003 Tc 0.05 Tw [(si)-11(on)-9( a)-10(n)-9(d e)-10(v)-10(a)1(l)-11(u)-9(at)-11(io)-10(n)-9( of)-11( mo)-10(n)-9(e)1(t)-11(a)1(r)-11(y)-10( po)-10(l)-11(i)0(c)-10(y)89(.)-6( In)-9( p)-9(r)-11(ac)-10(ti)-11(ca)-10(l )-11(te)-10(rms)-11(,)]TJ 0 -1.473 TD 0.006 Tc 0.107 Tw [(t)9(h)0(i)9(s)-2( woul)9(d m)-7(e)10(an t)9(h)0(at)9( )-11(t)9(h)0(e)10( )-11(Fe)10(der)9(a)-1(l)9( R)-8(e)10(se)10(rv)10(e woul)9(d be hel)9(d)]TJ 0 -1.462 TD 0.007 Tc 0.38 Tw [(a)11(cco)11(unt)10(abl)10(e)0( to)11(\227a)11(nd w)-7(h)12(en su)12(cce)11(ss)10(fu)12(l, jud)12(g)1(ed)12( )-11(cr)10(ed)12(ibl)10(e)]TJ T* -0.003 Tc 0.028 Tw [(by)-10(\227)-14(a)1(n)-9( e)-10(x)-10(p)-9(lic)-10(it)-11( i)-11(n)-9(fl)-11(at)-11(io)-10(n)-9( p)-9(e)1(r)-11(f)0(o)-10(r)0(m)-16(a)1(n)-9(c)-10(e )-11(st)-11(an)-9(d)-9(a)-10(rd)-9( t)-11(h)2(a)-10(t)-11( w)-6(o)-10(u)-9(l)0(d)]TJ 0 -1.473 TD -0.004 Tc 0.007 Tw [(en)-10(s)-12(u)1(r)-12(e)0( s)-12(t)-1(a)-11(b)-10(le)-11( in)-10(fl)-12(at)-12(io)-11(n)-10( ex)-11(p)-10(e)0(c)-11(t)-1(a)-11(t)-12(io)-11(ns)-12(.)]TJ 3.297 -1.462 TD 0.336 Tw [(In)-10( t)-12(h)1(e)-11( in)-10(t)-12(e)0(r)-12(m)-6(e)-11(d)1(i)-12(a)-11(te)-11( te)-11(rm)-17(, )-11(by)-11( c)-11(o)0(n)-10(t)-12(ra)-11(st)-12(,)-7( ov)-11(e)-11(r)-1( a)]TJ -3.297 -1.473 TD 0.007 Tc 0.15 Tw [(p)12(e)0(ri)10(od)12( of)10(, s)10(a)0(y)99(,)4( t)10(h)1(r)10(ee )11(yea)11(rs)10(\227t)10(he )11(ti)10(m)-6(e)11( ho)11(ri)10(zo)11(n ov)11(er)10( whi)10(c)0(h)]TJ 0 -1.462 TD -0.002 Tc 0.225 Tw [(mo)-9(ne)-9(ta)-9(r)-10(y)2( p)-8(o)-9(li)-10(cy)-9( a)-9(f)1(f)-10(e)2(c)-9(t)-10(s i)-10(n)-8(fla)-9(t)-10(i)1(o)-9(n)3(\227)-13(t)1(h)-8(e)-9( g)-8(o)-9(al)-10( o)-9(f)1( mo)-9(n)-8(e)-9(ta)-9(ry)]TJ T* 0.007 Tc 0.161 Tw [(p)12(o)0(li)10(cy)11( i)10(s)-1( )11(to)11( pu)12(t )11(the)11( e)11(con)12(omy )11(on )11(the)11( p)12(a)0(th)12( t)10(h)1(at)10( mov)11(e)0(s)10( i)10(t)]TJ 0 -1.473 TD -0.003 Tc 0.127 Tw [(to)-10(w)-6(a)1(r)-11(d)-9( lo)-10(n)-9(g)-9(-)0(t)-11(e)1(r)-11(m)-5( p)-9(r)-11(ic)-10(e )-11(st)-11(ab)-9(il)-11(it)-11(y)89(,)-6( t)-11(a)1(k)-9(i)-11(ng)-9( i)-11(n)-9(to)-10( a)-10(c)1(c)-10(o)-10(u)2(n)-9(t)-11( th)-9(e)]TJ 0 -1.462 TD 0.007 Tc 0.095 Tw [(e)11(con)12(omic)11( and)12( fi)10(nan)12(c)0(i)10(a)0(l)10( pre)11(s)-1(s)10(u)1(r)10(e)0(s )11(on t)10(h)1(e e)11(c)0(o)11(n)1(omy)99(.)4( At l)10(o)0(w)]TJ T* -0.004 Tc 0.029 Tw [(l)10(eve)11(ls)10( of)10( i)10(n)1(fl)10(at)10(ion,)15( th)12(ere)11( a)11(r)-1(e )11(subs)10(ta)11(nti)10(a)0(l )11(ri)10(sks)10( t)10(o)0( )11(the )11(ec)11(onom)5(y)]TJ 0 -1.473 TD -0.003 Tc 0.028 Tw [(f)11(r)0(om)6( )11(dri)11(v)1(in)13(g ou)13(t )11(the )11(re)12(ma)12(ini)11(ng i)11(n)2(fl)11(at)11(ion)13( to)12(o q)13(u)2(ic)12(kly)100(.)5( I)11(n)2( t)11(h)2(e)]TJ 0 -1.462 TD -0.005 Tc -0.003 Tw [(c)10(u)0(rr)9(ent )11(env)10(i)-2(r)9(o)-1(nment)9(,)3( th)11(ere)10(f)-2(or)9(e, )11(the )11(pat)9(h)0( f)9(o)-1(r)9( monet)9(a)-1(r)9(y)-1( po)10(li)9(cy)]TJ T* [(i)9(n)0( th)11(e int)9(e)-1(r)9(m)-7(e)10(d)0(ia)10(te t)9(e)-1(rm)4( woul)9(d hav)10(e)-1( to)10( be gr)9(adua)10(l. )]TJ 3.297 -1.473 TD -0.015 Tc 0.051 Tw [(S)11(u)1(ch an )-11(e)11(ffo)11(rt m)5(i)-1(ght re)11(quir)10(e)0( )-11(t)10(h)1(e nume)11(ric)11(al inf)10(l)-1(at)10(ion)]TJ -3.297 -1.462 TD 0.007 Tc -0.004 Tw [(g)12(oal)10( to)11( so)11(meti)10(mes)10( be a)11(b)1(ov)11(e t)10(h)1(e l)10(o)0(ng)12(-t)10(er)10(m)-6( g)12(oal)10( f)10(o)0(r )11(a pe)11(ri)10(od)]TJ T* 0.006 Tc -0.003 Tw [(o)10(f)-2( )11(ti)9(me, )11(but)9( t)9(h)0(e)10(n)0( t)9(o)-1( )11(tr)9(en)11(d d)11(o)-1(wnwa)10(rd )11(to)10(war)9(d)0( t)9(h)0(e)10( l)9(o)-1(ng)11(-t)9(erm)]TJ 0 -1.473 TD -0.015 Tc 0.04 Tw [(go)11(al. In pra)11(c)0(tic)11(e, this)10( )-11(means)10( that ev)11(en though the)11( )-11(i)10(n)1(ter)10(m)-6(ed)12(i-)]TJ 0 -1.462 TD -0.016 Tc 0.008 Tw [(a)10(t)-2(e pol)9(i)-2(cy goa)10(l)-2( would cha)10(nge, the under)9(l)-2(yi)9(ng str)9(ategy)10( )-11(a)10(nd the)]TJ T* -0.003 Tw [(l)9(o)-1(ng-t)9(e)-1(rm goal)9( of pri)9(ce s)9(t)-2(abi)9(lit)9(y would r)9(e)-1(m)-7(a)10(in the)10( )-11(s)9(a)-1(me.)]TJ 3.297 -1.473 TD 0.007 Tc 0.435 Tw [(Th)12(is)10( gra)11(dual)10( an)12(d fo)11(rwar)10(d-)10(loo)11(k)1(i)10(ng st)10(ra)11(te)11(gy i)10(s)]TJ -3.297 -1.462 TD -0.004 Tw [(e)11(s)-1(s)10(e)0(nt)10(ia)11(ll)10(y )11(the)11( co)11(ur)10(se )11(th)12(at )11(th)12(e F)12(e)0(de)11(ral)10( Re)11(se)11(rve)11( ha)11(s )11(bee)11(n)1( f)10(o)0(l)10(-)]TJ T* 0.095 Tw [(l)10(o)0(wi)10(ng ove)11(r the)11( )-11(pa)11(st)10( )-11(s)10(e)0(v)11(e)0(ra)11(l ye)11(ars)10(.)4( Int)10(e)0(gr)10(al)10( )-11(t)10(o)0( thi)10(s)-1( co)11(urs)10(e)]TJ 0 -1.473 TD 0.073 Tw [(h)12(ave)11( bee)11(n)1( i)10(n)1(cr)10(ea)11(se)11(d ef)10(fo)11(rt)10(s )11(towa)11(rd )11(gre)11(a)0(t)10(e)0(r)10( tr)10(ans)10(p)1(ar)10(en)12(cy i)10(n)]TJ 0 -1.462 TD 0.006 Tc 0.271 Tw [(t)9(h)0(e c)10(o)-1(nd)11(uct)9( of mon)11(e)-1(t)9(a)-1(r)9(y)-1( pol)9(i)-2(c)10(y)98(. The a)10(nnou)11(n)0(ce)10(m)-7(e)10(nt o)10(f)]TJ T* -0.004 Tc -0.015 Tw [(ch)-10(a)-11(n)1(g)-10(e)-11(s i)-12(n)1( p)-10(o)-11(li)-12(cy)-11( at)-12( th)-10(e)-11( co)-11(n)-10(c)0(l)-12(u)1(s)-12(i)-1(o)-11(n)-10( of)-34( )-11(F)-31(e)0(d)-10(e)-11(ra)-11(l O)-7(p)-10(e)-11(n)-10( )11(M)-17(a)0(r)-12(k)-10(et)]TJ 0 -1.473 TD 0.007 Tc -0.004 Tw [(Co)11(m)5(m)-6(i)10(t)-1(t)10(e)0(e)11( \(F)12(O)-7(M)5(C\))10( m)5(eet)10(in)12(gs )11(is)10( evi)10(de)11(nce)11( of)10( the)11(s)-1(e)11( ef)10(fo)11(rt)10(s.)]TJ ET 1 1 1 rg 320.68 746.4 248.4 -676.44 re f* BT 10.92 0 0 10.92 356.56 739.116 Tm 0 0 0 rg 0.095 Tw [(Wha)11(t)-1(, th)12(en, migh)12(t be so)11(m)-6(e)11( )-11(o)11(f)-1( th)12(e )-11(a)11(d)1(va)11(nt)10(age)11(s)-1( of)]TJ -3.297 -1.462 TD -0.003 Tc 0.028 Tw [(f)-11(u)-9(rt)-11(he)-10(r)-11( in)-9(c)-10(r)0(e)-10(a)-10(sin)-9(g)-9( t)-11(r)0(a)-10(n)-9(sp)-9(a)-10(r)0(e)-10(n)-9(cy)-10( b)-9(y)-10( c)-10(o)1(m)-16(m)-5(it)-11(ti)-11(n)-9(g)2( )-11(th)-9(e)-10( F)-9(e)-10(de)-10(ra)-10(l)]TJ T* 0.008 Tc 0.138 Tw [(R)-6(e)-10(se)-10(rv)-10(e to)-10( an)-9( )11(e)-10(x)-10(p)2(l)-11(i)0(c)-10(it in)-9(fl)-11(at)-11(io)-10(n g)-9(o)1(a)-10(l)0(?)-10( )11(F)-9(o)-10(r on)-9(e,)-6( w)-6(e)1(r)-11(e)1( th)-9(e)]TJ 0 -1.473 TD -0.003 Tc 0.193 Tw [(F)-20(e)-21(d)-8(e)-10(ra)-10(l)-11( R)-6(e)-10(se)-10(rv)-10(e )-11(to)-10( f)-11(o)1(r)-11(m)-5(a)-10(l)0(i)-11(z)1(e)-10( i)-11(ts )-11(st)-11(ra)-10(te)-10(g)-9(y)1( )-11(b)-9(y)1( a)-10(n)-9(n)-9(o)1(u)-9(n)-9(c)1(i)-11(n)-9(g)]TJ 0 -1.462 TD 0.007 Tc 0.073 Tw [(spe)11(c)0(i)10(f)-1(i)10(c)0( i)10(n)1(t)10(e)0(rm)5(e)11(d)1(ia)11(te)11( an)12(d lo)11(ng-)10(te)11(rm)5( go)11(al)10(s f)10(o)0(r)10( pr)10(ic)11(e s)10(t)-1(a)11(b)1(il)10(-)]TJ T* -0.026 Tw [(it)10(y)88(,)15( it)10( m)5(i)-1(gh)12(t r)10(e)0(du)12(ce u)12(n)1(ce)11(rt)10(ai)10(nty)11( abo)11(u)1(t )11(pol)10(i)-1(c)11(y)88(. )11(Mo)11(re)11(ove)11(r)54(,)4( t)10(h)1(e)]TJ 0 -1.473 TD -0.003 Tc 0.215 Tw [(F)-9(e)-10(d)-9(e)1(r)-11(a)1(l)-11( R)-6(e)-10(se)-10(rv)-10(e )-11(co)-10(u)-9(l)0(d)-9( c)-10(l)0(a)-10(r)0(i)-11(f)0(y)-10( w)-6(h)-9(y )-11(sp)-9(ec)-10(if)-11(ic)-10( p)-9(o)-10(lic)-10(y)-10( mo)-10(ve)-10(s)]TJ 0 -1.462 TD 0.007 Tc -0.015 Tw [(were)11( m)5(a)0(de)11( at)10( s)10(p)1(ec)11(if)10(ic)11( t)10(i)-1(m)5(e)0(s)10(,)4( wi)10(th )11(ref)10(e)0(r)10(e)0(n)12(ce )11(to )11(it)10(s )11(num)5(er)10(ic)11(al)]TJ T* -0.002 Tc 0.005 Tw [(i)-10(n)-8(te)-9(rme)-9(d)-8(ia)-9(te)-9(-)-10(t)1(e)-9(r)1(m g)-8(o)-9(al)-10(.)]TJ 3.297 -1.473 TD 0.006 Tc 0.063 Tw [(In )11(addi)9(ti)9(on)11(, an)11( ex)10(pli)9(c)-1(i)9(t)-2( )11(commit)9(m)4(ent)9( t)9(o)-1( pr)9(i)9(ce )11(st)9(a-)]TJ -3.297 -1.462 TD -0.003 Tc 0.05 Tw [(b)-9(i)-11(li)-11(ty)-10( a)-10(n)2(d)-9( )-11(sp)-9(ec)-10(if)-11(ic)-10( n)-9(u)-9(m)-5(e)-10(r)0(i)-11(c)1(a)-10(l)0( )-11(go)-10(a)-10(l)0(s)-11( fo)-10(r)-11( in)-9(f)-11(l)0(a)-10(t)0(i)-11(o)1(n)-9( c)-10(o)-10(u)2(l)-11(d)-9( h)-9(e)1(l)-11(p)]TJ T* 0.007 Tc -0.015 Tw [(loc)11(k)1( in)12( low i)10(n)1(f)10(l)-1(at)10(i)10(o)0(n ex)11(pec)11(t)-1(a)11(t)-1(i)10(o)0(ns)10(, ma)11(ki)10(ng fu)12(tur)10(e)0( i)10(n)1(fl)10(at)10(io)11(ns)]TJ 0 -1.473 TD -0.003 Tc 0.05 Tw [(a)-10(n)-9(d)-9( )11(d)-9(i)0(s)-11(i)0(n)-9(f)0(l)-11(a)-10(tio)-10(n)-9(s)0( le)-10(ss)-11( )11(l)-11(i)0(k)-9(e)-10(ly)89(.)-6( La)-10(s)-11(tly)78(,)-6( )11(I)-11( )11(b)-9(e)1(l)-11(i)0(e)-10(v)-10(e)1( th)-9(a)-10(t)0(,)-6( )11(w)-6(e)-10(r)-11(e)1( th)-9(e)]TJ 0 -1.462 TD 0.007 Tc 0.018 Tw [(Fede)11(ra)11(l Re)11(ser)10(v)0(e)11( to)11( mo)11(ve)11( to t)10(h)1(e)11( ar)10(ti)10(cul)10(a)0(t)10(i)-1(o)11(n)1( of)10( suc)11(h)1( a)11( st)10(rat)10(-)]TJ T* 0.15 Tw [(egy)99(,)4( )11(publ)10(ic)11( d)12(i)-1(s)10(c)0(us)10(si)10(on )11(and)12( e)11(val)10(uat)10(i)10(o)0(n )11(of)10( mone)11(ta)11(ry)11( po)11(li)10(cy)]TJ 0 -1.473 TD 0.006 Tc 0.03 Tw [(woul)9(d )-11(b)11(e)-1( dir)9(e)-1(c)10(t)-2(e)10(d)0( )-11(t)9(o)-1( a ti)9(ght)9(er)64(, les)9(s)-2( co)10(nt)9(ent)9(i)-2(o)10(u)0(s fr)9(amewo)10(r)-2(k)]TJ 0 -1.462 TD 0.007 Tc -0.026 Tw [(tha)11(n)1( tha)11(t)-1( whi)10(c)0(h c)11(u)1(rr)10(ent)10(l)-1(y)11( exi)10(st)10(s.)15( )-11(Th)12(is)10( )-11(i)10(s)10( )-11(b)12(eca)11(use)11( the)11( )-11(p)12(e)0(r)10(f)-1(or)10(-)]TJ T* -0.003 Tc 0.226 Tw [(m)-16(a)1(n)-9(c)-10(e o)-10(f)0( th)-9(e F)-9(e)1(d)-9(e)-10(ra)-10(l R)-6(e)-10(se)-10(rv)-10(e i)-11(n)2( fu)-9(l)-11(fil)-11(li)-11(n)-9(g)2( it)-11(s mo)-10(n)-9(e)1(t)-11(a)1(r)-11(y)]TJ 0 -1.473 TD -0.004 Tc 0.084 Tw [(r)-12(e)-11(sp)-10(on)-10(s)-12(i)-1(b)-10(i)-1(l)-12(i)-1(t)-12(i)-1(e)-11(s)-1( w)-7(o)-11(ul)-12(d)-10( )11(b)-10(e)-11( )11(t)-12(h)1(e)-11( is)-12(su)-10(e,)-7( w)-7(h)-10(il)-12(e th)-10(e)-11( )11(g)-10(o)-11(al)-12(s w)-7(o)0(u)-10(l)-12(d)]TJ 0 -1.462 TD 0.006 Tc -0.003 Tw [(be u)11(n)0(ambi)9(guou)11(s)-2( a)10(nd we)10(ll)9( es)9(ta)10(bli)9(s)-2(h)11(e)-1(d.)]TJ 3.297 -1.473 TD -0.003 Tc 0.061 Tw [(T)-7(h)-9(e)-10( in)-9(st)-11(it)-11(u)-9(t)0(i)-11(o)1(n)-9(a)-10(l f)-11(r)0(a)-10(m)-5(e)-10(w)-6(or)-11(k t)-11(o)-10( imp)-9(l)-11(eme)-10(n)-9(t s)-11(u)-9(ch)-9( a)]TJ -3.297 -1.462 TD 0.007 Tc -0.015 Tw [(st)10(rat)10(e)0(g)12(y)0( i)10(s)-1(, )11(of)10( co)11(ur)10(se,)15( a )11(que)11(st)10(ion)12(.)4( I)10( be)11(li)10(eve)11( t)10(h)1(at)10( t)10(h)1(e )11(ma)11(nda)11(te)]TJ T* -0.003 Tc 0.017 Tw [(f)-11(o)-10(r p)-9(ric)-10(e)-10( )11(s)-11(t)0(a)-10(b)-9(il)-11(it)-11(y i)-11(s)0( of)-11( su)-9(ff)-11(ic)-10(ie)-10(n)-9(t)0( im)-16(po)-10(r)-11(t)0(a)-10(n)-9(ce)-10( to)-10( )11(s)-11(o)-10(ci)-11(et)-11(y t)-11(h)2(a)-10(t)]TJ 0 -1.473 TD 0.018 Tc 0.018 Tw [(i)-12(t)-1( s)-12(h)1(o)-11(u)1(l)-12(d)1( )-11(be)-11( s)-12(e)0(t )-11(by)-11( t)-12(h)1(e)-11( le)-11(gi)-12(sla)-11(tiv)-11(e )-11(pr)-12(oc)-11(ess)-12(.)4( )-11(W)73(e)-11(re)-11( su)-9(ch)-9( a)-11(n)]TJ 0 -1.462 TD 0.194 Tw [(a)-11(p)1(p)-9(r)-1(o)-11(a)0(c)-11(h)1( )-11(to)-11( b)-9(e)0( f)-12(o)0(rma)-11(l)-1(i)-12(zed)-9(,)-7( th)-9(e )-11(Fe)-11(de)-11(ra)-11(l R)-7(e)-11(ser)-12(v)0(e)-11( c)-11(o)0(u)-9(l)-1(d)]TJ T* 0.019 Tc 0.258 Tw [(a)-10(r)0(t)-11(i)0(cu)-8(la)-10(te its)-11( )11(st)-11(rat)-11(e)1(g)-8(y)1( as it cu)-8(rre)-10(nt)-11(ly)-10( )11(d)-8(oes)-11( )11(u)-8(n)2(d)-8(e)1(r)-11( )11(th)-8(e)]TJ 0 -1.473 TD 0.007 Tc 0.27 Tw [(H)-17(u)-20(m)-17(p)-20(hr)10(ey)11(-H)5(awk)12(i)-1(ns)10( l)10(a)0(w)81(,)4( or)10( Con)12(g)1(re)11(ss)10( m)5(i)-1(gh)12(t c)11(h)1(oo)11(se )11(to)]TJ 0 -1.462 TD 0.006 Tc 0.326 Tw [(rep)11(l)-2(a)10(ce )11(the)10( Humphr)9(ey)10(-Hawki)9(ns)9( l)9(a)-1(w)80(.)3( The)10( f)9(unda)10(m)-7(e)10(nt)9(al)]TJ T* 0.019 Tc 0.061 Tw [(p)-8(o)-10(int)-11( is t)-11(h)2(a)-10(t)0( o)-10(n)2(c)-10(e)1( n)-8(u)-8(m)-5(eri)-11(c)1(a)-10(l)0( in)-8(fla)-10(tio)-10(n)-8( go)-10(als)-11( w)-6(e)1(re)-10( se)-10(t,)-6( it)]TJ 0 -1.473 TD 0.018 Tc 0.128 Tw [(w)-7(o)-11(ul)-12(d b)-9(e)0( lo)-11(gi)-12(ca)-11(l an)-9(d u)-9(s)-1(e)-11(f)-1(u)-9(l)-1( to)-11( )11(c)-11(r)-1(e)-11(a)0(te)-11( som)-17(e)0( ki)-12(nd)-9( of)-12( )11(a)-11(n)]TJ 0 -1.462 TD 0.007 Tc 0.106 Tw [(i)-23(n)-10(s)-23(t)-12(i)-12(t)-1(ut)10(i)10(o)0(na)11(l f)10(r)-1(a)11(m)-6(e)11(w)4(or)10(k fo)11(r t)10(h)1(e)11( Fede)11(ra)11(l Re)11(se)11(rv)11(e t)10(o)0( r)10(e)0(por)10(t)]TJ T* -0.004 Tw [(it)10(s pr)10(og)12(res)10(s)-1( )11(in m)5(e)11(et)10(ing)12( it)10(s m)5(o)0(n)12(e)0(t)10(a)0(ry)11( pol)10(i)10(cy g)12(oal)10(s.)]TJ 12.48 0 0 12.48 356.56 210.161 Tm (T)Tj 9.96 0 0 9.96 364.24 210.125 Tm 0.005 Tc (HE)Tj 12.48 0 0 12.48 377.56 210.161 Tm 0 Tc 0 Tw ( N)Tj 9.96 0 0 9.96 390.4 210.125 Tm 0.01 Tc [(EE)12(D)]TJ 12.48 0 0 12.48 408.76 210.161 Tm ( )Tj 9.96 0 0 9.96 411.88 210.125 Tm 0.004 Tc (FOR)Tj 12.48 0 0 12.48 430.72 210.161 Tm 0.01 Tc ( D)Tj 9.96 0 0 9.96 442.96 210.125 Tm 0.001 Tc [(EBA)-7(T)10(E)]TJ 12.48 0 0 12.48 472.96 210.161 Tm ( )Tj 9.96 0 0 9.96 476.08 210.125 Tm (ON)Tj 12.48 0 0 12.48 491.08 210.161 Tm 0 Tc ( M)Tj 9.96 0 0 9.96 504.64 210.125 Tm [(ONETAR)-8(Y)]TJ 12.48 0 0 12.48 551.2 210.161 Tm ( )Tj -15.596 -1.288 TD (P)Tj 9.96 0 0 9.96 363.52 194.045 Tm 0.004 Tc (OLICY)Tj 12.48 0 0 12.48 391.84 194.081 Tm 0 Tc ( S)Tj 9.96 0 0 9.96 400.6 194.045 Tm 0.003 Tc [(TR)7(ATEGY)]TJ 10.92 0 0 10.92 320.56 179.076 Tm -0.004 Tc -0.015 Tw [(I a)11(m)-6( )11(ple)11(a)0(se)11(d t)10(o)0( s)10(h)1(ar)10(e t)10(h)1(ese)11( t)10(h)1(ought)10(s )11(w)-7(i)10(th)12( you)12(, enc)11(o)0(ur)10(aged )11(as)]TJ 0 -1.462 TD 0.051 Tw [(I )11(am)5( by)11( f)10(avo)11(rabl)10(e )11(dev)11(e)0(lo)11(pme)11(n)1(ts)10( i)10(n)1( m)5(o)0(n)12(e)0(ta)11(ry )11(pol)10(i)-1(c)11(y)0( a)11(nd )11(the)]TJ T* -0.015 Tc 0.007 Tw [(c)-11(r)-12(ed)-10(i)-12(b)-10(il)-12(it)-12(y)-11( )11(I be)-11(l)-12(i)-1(e)-11(v)-11(e)0( th)-10(e)-11( )11(F)-10(e)0(d)-10(e)-11(r)-12(a)0(l)-12( )11(R)-7(e)-11(se)-11(r)-12(v)0(e)-11( )11(h)-10(a)-11(s ea)-11(r)-12(n)-10(ed)-10( )12(thes)10(e )22(past)]TJ 0 -1.473 TD 0.215 Tw [(seve)11(ral y)11(ears)10( in cont)10(r)-1(ol)10(lin)12(g pric)11(es whil)10(e encour)10(a)0(gin)12(g)1( b)-42(o)-44(t)-34(h)]TJ 0 -1.462 TD 0.018 Tc 0.061 Tw [(g)-9(r)-1(o)-11(w)-7(th)-9( o)-11(f)-1( t)-12(h)2(e)-11( re)-11(al)-12( e)-11(con)-9(o)-11(m)-6(y )-12(an)-9(d )-12(fin)-9(an)-9(ci)-12(al )-12(sy)-11(ste)-11(m)-6( s)21(t)32(a)22(b)23(i)32(l)21(-)]TJ T* -0.004 Tc 0.04 Tw [(ity)99(. 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