Wealth Outlook 2024 - Slow then grow

15 Wealth Outlook 2024 | Our outlook Slow then grow FIGURE 4 YoY change in the Global Supply Chain Pressure Index versus the US Consumer Price Index (CPI) for goods (as opposed to services) Recession Global Supply Chain Pressure Index (YoY% change) US CPI: Goods (YoY% change) 2000 2020 2015 2010 2005 16 8 0 - 8 8 4 0 - 4 Source: Haver Analytics through October 31, 2023. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. Real results may vary. FIGURE 5 Change in the US money supply (“M2”) versus the change in federal deficit as a percentage of GDP 2020 2010 2000 1990 1980 1970 1960 -12 0 -6 6 12 30 0 10 20 -10 Recession Broad Money, M2 (YoY% change) Federal Deficit (% of GDP) Source: Haver Analytics through October 31, 2023