MARCH MEETING OUTCOMES 1.0 Implied probability FOMC minutes CPI/Resignation of Governor Ferguson/Moskow’s remarks 0.9 0.8 0.7 4.75% 0.6 0.5 Initial claims 0.4 4.50% 0.3 Durable orders 0.2 5.00% 4.25% 0.1 0.0 Nov-28 Dec-10 Dec-22 Jan-03 Jan-15 Jan-27 Feb-08 Feb-20 MAY MEETING 0.9 OUTCOMES Implied probability FOMC minutes 0.8 CPI/Resignation of Governor Ferguson/ Moskow’s remarks 0.7 Initial claims 0.6 0.5 4.75% 0.4 5.00% 0.3 Durable orders 0.2 0.1 0.0 Jan-09 4.50% 4.25% Jan-15 Jan-21 Jan-27 Feb-02 Feb-08 Feb-14 Feb-20

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Transcript MARCH MEETING OUTCOMES 1.0 Implied probability FOMC minutes CPI/Resignation of Governor Ferguson/Moskow’s remarks 0.9 0.8 0.7 4.75% 0.6 0.5 Initial claims 0.4 4.50% 0.3 Durable orders 0.2 5.00% 4.25% 0.1 0.0 Nov-28 Dec-10 Dec-22 Jan-03 Jan-15 Jan-27 Feb-08 Feb-20 MAY MEETING 0.9 OUTCOMES Implied probability FOMC minutes 0.8 CPI/Resignation of Governor Ferguson/ Moskow’s remarks 0.7 Initial claims 0.6 0.5 4.75% 0.4 5.00% 0.3 Durable orders 0.2 0.1 0.0 Jan-09 4.50% 4.25% Jan-15 Jan-21 Jan-27 Feb-02 Feb-08 Feb-14 Feb-20

MARCH MEETING OUTCOMES 1.0

Implied probability 0.9

0.8

FOMC minutes CPI/Resignation of Governor Ferguson/Moskow’s remarks 4.75% 0.7

0.6

0.5

0.4

4.50% 0.3

0.2

0.1

0.0

Nov-28 4.25% Dec-10 Dec-22 5.00% Jan-03 Initial claims Durable orders Jan-15 2005 Jan-27 Feb-08 Feb-20

MAY MEETING OUTCOMES 0.9

Implied probability 0.8

0.7

FOMC minutes CPI/Resignation of Governor Ferguson/ Moskow’s remarks Initial claims 0.6

0.5

4.75% 0.4

5.00% 0.3

Durable orders 0.2

0.1

4.25% 4.50% 0.0

Jan-09 Jan-15 Jan-21 Jan-27 Feb-02 2005 Feb-08 Feb-14 Feb-20