10CPI20242024 20242024 20242 20111290 Z0017101 1...................................................................................1 1.1.............................................................................................11.2.............................................................................................1 2............................2 1............................................................................................................22............................83.2024...................................................................................................11 3....................................................14 1.1.1..................................................................12.1.1WEI%..............................22.1.2:3FOMC........32.1.3GDP%.................................................32.1.4.................................42.1.5%.......................................................52.1.62024330.3......................62.1.7202433.8%......................................................62.1.8...............................................62.1.9202425.3%%....................................72.1.10.............................................72.1.113.........................................................82.1.12CPICPI%.......................................................92.1.13CPICPI%.......................................................92.1.143CPI.......................................................................92.1.151990CPI%...............................................................................................................................102.1.161990PCE%...............................................................................................................................102.1.17%112.1.18EURUSD25Delta......................................................................................................122.1.1920243......................................133.1.1PMI%................................................14 3.1.2IMF......................................15 1. 1.1 2024202420242024 20242 1.2 2. 2024 1. GDP1.5%3FOMC2024 GDP1.4%2.1% 3FOMC 2023GDP2023GDP2.2%0.15%0.25%0.79% 2023 3 3330.321.4384%19122.925.621-22.2 33.8%0.3%20216 202425.3% / 2. 2023 CPICPI3CPI 33CPI2.1%-1.9%1.1%2.3%CPICPICPI63 PPMPPMPPM2024 3.2024 320242024 61If the GoverningCouncils updated assessment of the inflation outlook, the dynamics of underlyinginflation and the strength of monetary policy transmission were to further increaseits confidence that inflation is converging to the target in a sustained manner, itwouldbe appropriate to reduce the current level of monetary policyrestriction.22025HICP2% 2024EURUSD25Delta 20243191201681020070%0.1%2YCC0%3ETFsJ-REITs20242024 3. PMI20241 IMF20243.1%100.220253.2%IMF2024FOMC20241.4%2.1%2024 / 136310008400 8888 910www.nanhua.net603093