2024 Supervisors Symposium

Internal Use Only

Real GDP Annualized Growth

10 20 30 40 50 60 70 80 90

GDP Growth Is Solid

2.8

3.0

3.2 1.6

4.4

2.5

2.8

3.4

2.7

7.4

0.3

-1.0

3.5

6.4

5.6

4.4

35.2

2.8

4.8

3.4

-5.5

2.5

2.5 0.6

3.3 2.1

Change in Real GDP, Annualized Growth -20 -10 0

-28.1

2018

2019

2020

2021

2022

2023

2024

3

Internal Use Only

Inflation Rates Are Down from Lofty Levels...But Remain Above Target

12

Food Inflation

10

8

CPI less food & energy

6

Core Inflation has Improved

4

CPI All Items

Inflation Rate (%)

2

Fed Tightening Begins

0

-2

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24

Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23

Sep-24

May-16

May-17

May-18

May-19

May-20

May-21

May-22

May-23

May-24

4