Investor Presentaiton

Fed monetary tightening is working, but they will be cautious.. Private-sector monthly payroll Personal-consumption-expenditures price index growth, three-month average* 800,000 7.5% 600,000 5.0 400,000 2.5 FED INFLATION TARGET 200,000 0 -2.5 2022 '23 2018 "19 *20 21 "22 "23 *Seasonally adjusted W WISCONSIN SCHOOL OF BUSINESS UNIVERSITY OF WISCONSIN-MADISON TOGETHER FORWARD® JAMES A. GRAASKAMP CENTER for REAL ESTATE Change from year earlier Annualized rate over six months Annualized rate over three months Source: Wall Street Journal, September 11, 2023.

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