Vanguard's Economic and Market Overview

Vanguard's forecasts for year-end 2022 Economic growth Headline inflation Monetary policy Unemployment rate United States ~1.5% 7%-7.5% Canada Mexico ~4% ~6.5% 3.25%-3.75% ~3% 3%-3.5% ~5.5% -2% -5% 8%-9% ~3.5% Euro area 2%-3% ~8%-8.5% 0.5%-0.75% ~7% United Kingdom 3.5%-4% -10% 2.25%-2.5% ~4% China ~3% <2.5% 2.75% ~5.5% Australia 3%-3.5% ~7% ~2.5% ~4% Notes: Figures related to economic growth, inflation, monetary policy, and unemployment rate are Vanguard forecasts for the end of 2022. Growth and inflation are comparisons with year-end 2021; monetary policy and unemployment rate are absolute levels. Source: Vanguard, as of June 30, 2022. V 17 | For institutional use only. Not for distribution to retail investors.

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