Deputy Seminar, Denver, CO

Foreign Exchange: Trading Partners (Source: Board of Governors of the Federal Reserve System)

120

110

100

90

80

70

60

Jul-03

Jul-06

Jul-09

Jul-12

Jul-15

Oct-02

Apr-04

Oct-05

Apr-07

Oct-08

Apr-10

Oct-11

Apr-13

Oct-14

Apr-16

Oct-17

Jan-02

Jan-05

Jan-08

Jan-11

Jan-14

Jan-17

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018

Foreign Exchange: US/China (Source: Board of Governors of the Federal Reserve System)

8.5

8.0

7.5

7.0

6.5

6.0

5.5

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018