Vanguard's Economic and Market Overview

Vanguard Investment Strategy Group's Vanguard Capital Markets Model Research Team Qian Wang, Ph.D. Global Head of VCMM Asia-Pacific Chief Economist Kevin DiCiurcio, CFA Team Leader Ben Vavreck, CFA Americas As of April 13, 2022. lan Kresnak, CFA Americas Daniel Wu, Ph.D. Americas Lukas Brandl-Cheng, M.Sc. Europe Alex Qu Asia-Pacific Vytautas Maciulis, CFA Americas Olga Lepigina, MBA Americas For institutional use only. Not for distribution to retail investors. de V | 31

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