Business Outlook: All Eyes on the Central Bank

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?$ZWl`wTwQҞ3Oiv(c-<- q?iaZP)@c"4QhQN4(bzڝ:Ӏq@Xf=iqpJ{nG~?ʪ*L>NOґ/eS\X8jR5(b??ʹ՗H ?D| p?ito#*5h#"!:+ c~Kkj^ mUA吁[lH)# G#[dUF 9=SW1Ts%-KE{Ւi+zFrGZhwwi|׀@C goq>en[ye| &2\xfH is>r'0fxZžԮKe$F7Hg>[ )K򿳘:c2ǵ΋oMe{n,ɑH Vќ}׮3Py3pErO-^H!!c,2=ͲxL[TE.fu˟pi=έ;ȵGF >bq9]Y G7Јp,??/Ͽ{:0kU<1if] x֌2ۛkw6oD0AxN[gTg|K'-J\mbF=OޭMKx[RA@nю<^{}[R0w@H#Z3E`Mf,-/f#NH/Q{J~hr:ĶWJZգa.NWf>lgc:O~^>vBX+.Z̖vOcI8falX!bE 6`u ;a98!}F_@ 0UXcI&hh9[ CIz*)&o ȑ&7=(fҊ\׽eZ5Ž8PXg //]_O5b m_Ɠ{/Wa$U:*c~Tk|R FԎ_X 1?zc*3"$'p ז'21?TJSwGS0疴?VJ.m.>^uLкu\fju4b)>΁AFzя~idъx)sAATaN;Ea)i1E`cю( I҃.2"eyh#EU48%}=EHT* G()]($cPiQ&xpiݩsFP;x}ZZdӶ6)wzR@>P !wG)c4`R.E ] ׵ W&bN3UzQ0GZx\tj4KDEUfs? o\EEX̊:g.}㊹߈qUV1'".NzS$)[zoxSGA67̀rPh|گs\nV<cS=FC>D)@n}>O*6?5ͣ:7F d9|(eILE){OpP_d#07̽Za2E/n{‹2D?6mvZBjsnQR0Ü|*t،LE|9y}܊t5ScѾͧ~iX54Pڮ<@|cHQݡY'AN̞d!ka5!IԤ ?LRy1_W2j0ae!ߙ7uK R.C uuA xF͕% }6 Q/&Z#x K'ZoAlH^B9cX/BcHalvqVJX\ڜ?(t z6?{>i' ڻXR?bߌPܥXn?j4`u`0ܷ&lRjSʊ;R ? ғE% ȮcJſ|o *-1\iRIX,h@5#"|r?I?)=q^X&N8xHC9YN~i\IEӴuTohB+,'Ҩv7ڎ xBζt74֢۟Γ٬dnRtTg8B')e@ Ӧd}-=Rћћ/RI?휏 '/PRw}0In$# \.AUb9h?o W{{V?0mҰ<=mt]n,C!?6>iXJƤ$4}mc*2,T4ćڞַ 40\gYՕY'R2&ҾNێ3[KGQS 71idH{!Rѵ;FmMfAgtI1݅SN\@]9\0-JϏ+R?(랸,1x=+fYX3*rH^)ВRf8׌~!P:2RiJ6Um Ď>#m[Di<oQilx}r#O_N#IЁUpaѪgi4]/"{S `u!4X,'֊3FscуF(9Fy挏Z'%)>":QiO(LR)b z vhZB8iC@ fiǽ38T ԋEIKM;҂(\\њC@=(Qx1K җg?ZPi.?gnqR=)҃E䋊Jn\`t8 \@vh\vkɜ+o׭Kj'9O? >$跶Z< !]w}+|O}ib'承ǽD'jxw$Y,3Fn?O5l5xsfi83(9{6f19y_$xjo+?q;6k_NNYYKZ󟁑Lx[q'l*ndkg/ބd8ȧ_&?HmZ aV?Bf(vYI?2Ws Wct%g5!uFeHӥΠ4qUZY Rm+N=8{ 趺z\nd)2囀? ɮmBJ߷xgV,7a/ޤAmH|%޷Ϗ(*[<ݦS2@*m2smݿ># An_E~X0i<lC3sr槛7>%#wGv=G(s,_Ok%{Ibٴ vn{zv&Q{jUSe,Sk7S#_OxR R;ӻ=(N'f)9mɸp:s@?Zmr6ŏ2aznACrvFwrX<9M_W""' O=>jt >^"%4Ո\o4+>_]S)82k2gwlc #y4F-Vjy}]58e/o?;Zݥq{rxڤ#ӿ>RDoQt{=gxK ֣|ZKxJsGWm ԫkG}~Աwu-ěUBB]o(u؂1+#—K}6ZG!7v#p0{vϔ)_N1'/yP"$X<ƹ/D*( Jƣ~Fܑga;8$qϰZ> uсH\_g*ݟzrM\G-M: TL8$?cX+ Xm Ζ}Ud@b3Nn/u$~.~Bwx)x~_H+ ωbZpfYw4F!刢PSyH@bj C*IDQmZohHb 苟𨴛<5.q3.OSĜcs[: cB w >{Hִ.8ʲpѰYOb4]] :%-?&7olߩ\${m'N:teymd؁/}CPx,o?iH^ɦKze1oH;) bCϥs/<20Vo3w'U8ۅ^Z7ipaFTZ'U j sԨQJߡ[ePVfO)(ᔂ"`m?;;Z}-H~r7%RCcn 5RM*L߷' ?Ulf~Dv2޷'zmc;j!8ɵf8ӌ]N(ɦsPiqSwR.:{SsAoʀyFiSA4J7P!IHZf4JLџZ`:3vqBy3JøL8oʜ9EDt3җ5j7Qa\4g]X9KwiAr@isҢ8;Qaܓ4Z0iï>Өh\E0/,;i3Eq4Z,$7 \fL,\Ȣøמ6z~vy AB1N9f6$[OhZ]΍ 庺{?xfE؁$Y'+Z+XC)\߁1tm?Iq[]ϮiCkR{ljjq-g'~$<)ПvmZwm4qђ 4ZAzk?|YC[Ak+f^Ǩ?-:Kc5$wd]`gzfSP*VCW|l}&N|.^,o>cֽj) V $j\pG5IK%?O2wqq[T % t0Q@dS t}1ҮOf\  L}rj1FoC/3Ww1Eblm/7q d/ 9V,ZBFLs0?U#b`j>P9%4‰Bd_\ṽَw/lauk;#suM#䑂'%AbƠ 1AŸ߅g* C(W2f^Z5g|\~eV><%\zV`\f⑦/]fu2_)/`x|7dGm j7 #~/{pCJsn8Q3+Ow 2.qML@Q4wdO).U,FN@^$c=S8={Up@uN @Ld|v>H'ޥB|2|;e@HFy@>Xq˂@%=N1yW y>\YbmiS"Zgcܪh7IhIb!SO8?.n#;uPnW5Ep" =vfg=H?fU[$  %IqF;X!x >+OuO&ź޳O2h 6aG b֬I{iGÏnS[Kck@^ DDkӌ0Z\~ݳ9+_-'R$%nn,couD` `biؗ+ tuk4-{.GWAĉ(O+~+Xnm|3 H42\b*@[ՉM?4ԙ+Ϧi)q\ϨM-J,Cg֣M.sG(s!٠fѼs.QH4BsAoJnw(6;4ԙɣ>rFM! R1E㉣u7".?u&jnGJ39BQMgҋRzi;E䙠ґn<#7Hri۸CirzUrFsz'>Qsg; {@J]¢ԹJ. B3ZvfLXzz4av*{S,84Tw4>bRš>+@aޣr]bMԻ,JrRԄQGzv $ g7PMGF}ù&I9A4XWOnԙL'Hh\z*1Kz, cU4i"0Uy!t ~DlS1JWG$ .pҹs` ȧs(:u{FJ4 R?o} J|^&$:LIQgjZ^CL?xFA?iͱQEx`E۴R~S/SjUGePN;Զi%Max8PM34 ̊\Eqԙ曑I).?<ўiёJqf4S\p4gS3Z3Jqњi޽za\4SsI,G9dHIv9Zu;4Bi4ú 78q߉&Z,Cj3M-@4X.:L'\ihUg`}*o[&+cTm(?J<\~Njvp=FhbM gσRnpsYw;1.J]tEHJ F=9 E$-w0?b(zQas3<3Kq֔{85\aE:9GHO.EE9Cx'4ѿQęޛ9(sK1.hz,Ĵfvh\gPf4)`yɦE94`\Zv&jini3,QE&x$I`$‹fQw4ě E]X9 4c44X9zP[}!oj,ęMtbMƌEqER1.M4S7}h va3ߚ`$$ɦnwX|HM3wsgFAQvEbLJ3QvzRBsIҰ\qӂ9F]ҵcP@ g)XϷi9bTUgR0yV3@5fDq@ӏJM!"^3JHZM[Zv Sw oOtcS5p=+'d݇ Eui\ĴF#R2H2hz ;qS]Y`g 9FhsfD=A#b\G֝,vzP)_jv M3>S2ih8Pi`iAdӔLwH'JCO(Y rP)UɑN\}*$>XY*L" N1 j@fiXnIDN);qjv,H\b9$h;H: *;±?9_9,4\9ثGJ,2)Þ٩R<|ZKdT'';T} 6\1IǸE?jo4bKi#FW?+qw֓#]}=a 2zdΔicǸAWOr~gT٨F76~F3Ҏ+Ej*۽jX)NS-֧OflSrHJ{"4ϛNm5?;THg:QO1 6HIZ-LIi4ǓFi>I\9FW֏® :B:4MaTةFQաȩapZ3֌!iNr+Q}HO5q##aޚ{(;3HJfIwJq?7w4bCב&x3<s⎽)=(p( )*x%e4Ԋ{GқRvď'~xQ+mVf69'Lƺ.etXCJŎq}1xx&CIYO'nJRn*ʬM5=fԬ崃l2Ogk/WXU*i^[:2EFePk~(xXL}v֪DP*#\~wi"F 3I5?b/tɮ"C###NQ3ѥ86|;qxKJ/@\џ0Pƭ e{c̠Xٰp1Yrܞ|՝BƦ./E2}G'mvKe/2@$.l?7UF@V$1zF}->D:d\2p@$e#"L\+:ĝ3Wդ[k8njv9']T5Ev7L3ץ\ʛJK\o1NKM2Qz@:+2>x[$=J::ZSa1Y?xb&dY9ᑣ+E sR.q6GK\Ც0pz׊CxK-*GE.)s;t\SN[t’kW^Q\Jv5J~2,sXHlY}GchWjh%J[[hߏU1;k}Ek,e{+Is~e-,Td}G\\O%kgA}E2p03n*X._ƹ/>tuO #[u], * RkI+rԐRQ;dd=b#K5ͼ>RmU8*ΏsV6*L0G=: 3Nޅ65dғDc5~~@P1gh߮7njPAlʂHSƬ?J.1̙GXzE5v ;=_~[Z-2D8⒧~Eq8Nt[Ǥ\]Amqj![s)Nq&dy2IǗp5-[Z/4{Y4*+|#,oEZVv(:l2HHÓZpPɮ.]˄E}[Tдu-UG,Tw&_P?> qZsB[BQWHÓ֫_Id{[FEO/FkӤv\kI6:T؈eȮ0qmI4p,.AyrjkMNjQ]pQ}qvjB q%ׇ{{o,K>ϵkxCOaifKi@zJqWqQn/M+bHmT~$퉽n-Wd#Ejok^D@Da9G1YLZL\ !6zeCПN ?\ƺN^$AIɞ=ڪTNkk +eX@ `a92%{0rNk_K]>{Um@?S\Tom̥JWcw4ĊCR^a9'W=':sjg5K9T_F\_/|Z~?㩫6ݟCIȡ?h%[%K W2}z+~zDӍԕ&׍l<[e-ẑc\p?{x#@#6Q?{{^"G/qӦ[:Q_qC y5JۙX5%fEM2EjrB^@kS;z.qz$a4S+qY?w?zm\s+zt/nջǏ4=W76ZV~u"9̬?pxۉo%Lΰ|^N~եWV]'wG"rQ+VjqtM_Lu YX%H]QF ~jjZidΩ<3}thl.J>jCF%k <4nF>GȸcufVtEڇYvS׍H:zeڦ8R 8ϩۀ=b̝6LO4C>`yFLf\5Kx9Uɯ5]KTWLmR89Bi8YѮ=6r..Y?"n7cڡ7NIuM7ؠy7ZšTyGJJ~ll)dF_0$7*LIS guZH%OnFVČ1&YJ8(Hǥe[/oo8_뚿]UX/X+;@x>%[E|X^$~`.R+LZtyȤ[M+iVn;fI1uEk7ZFwy裓 io LCG|5oŀ-uHS_n}jDa"60=< 3 εa ѱWU*AOZs."OX]Hm5>id`wǰ= kBOMZ]'+N>JXa,Zpœf_HK3F&kiIo%(b=`%uYSduTa=g=gƪ{P 쳟ZE[Ro~r{L:>?cG(%hp03ԟǏoxQ޶:@%C*3ҽCde'|G{%yţV19?ճCZfqi .o#O-^U֚|@C5:}|`}3^Rr.0{?μK~ƠcIdaP9}JPjqz5osh!ӡ0Ӵ#.?HC*,tG@էymx&3N@ʾx}-7Rm1ɷ'~#X @5Js(OmJq֐^I'`7 0x"N=BAiehc k¾F@jK1å̧!"_Z?S*^<& >cJK&$1ǫpKQ%TOW;Yi2!E0 !*Àx^îV}NK S:3 c$: 1TB+̪R+e̺Z̓c#)}zYT+=LyFm<,b{u0@xלm9=-bΞ[T} hSX޽7eUsZ_ <xjE>4+v'i:A]56Ylw;%g$z梤➍qu>+?W+ t`?S^Ǯ[|%#ټsRLF qЎ5rnf @{e`9|wS8 P֤zlI&%_jجE8Γ5UҔQhsҖH|/F q8(ʞ>-BsFխXW; 2QXU^㵻t~yX}'&</վY eϡ'ԑ^E)~Cp\O?>i2MuJ)OxNz w{to~Nrͻ[CaE6*$݇lgWMvSy".b->z.l~lkǥ]izΞ5J}Fko2id8Pw0/E^:WoJ/œK ~`BǕO8P ڿj'-kP%F\ Xw ǿ6C+P~ſԧ8O%|Jt 3vL+EB̹p8σ-LĈ.=;?%GǮ,K'NGS]EW]7㞲hvE eP~23R1൜ZWT+%U|&cYJg"pil'wbzF)(aa:y3Ⱦ5i6_լ#ݺܼj0NlԚFxp>NG\6I,FI]T$SE$$vd*\Q  zI!5Y,;gԱ5d_WpmnR~:_I~hˀ ^"m墰-Ǣ?Pc2vf:2GئL pa"1SsBy&7 I5uWZ\\`" Gz-'?/A(v<8˭ZV? ,M$5?%o?nNăQve-jӯfPGy"(!`(8cIxRG/%̒13\$҅Zt绽~NV|W#<ELfXgRBo|}G?\pn9 GW'|klqQC,UVS>3|>U?$Fl*@l'lr=pTJ/.?_yizN;_?#|O)> |cr&<Џ=~ €~/#^y?<ؚ骔׮;7q#yǟ~ZPGZߎ:Şq6r{enƘsOG>"I4{ XCnP<fb9m߇~~*S̐cgq9jhy_K 'Q+s4)5UjN)lB ڻ<엒j``NtXpKEy}1ʘ&#^\{♫VMκC[;Jð+3k?P FZ[1V#YgqO~VzmKJ3\j(LJ2c }J2m8 zb;AY@ՁjNOrt| y:6x?W|H]u <(O*A'iT֝nD. Wwrp^9qOJkROS߼_su3X.0"}{u=.<7pw(SϡGԊ 3F$*z`w++}[e.r8"p8\9RQ7y%7k~>5A‹m:`d rv[.ҥ3[< VO\-IN}J{s$~Pۈڋ*=+-OE%Hmy]VrCKp9[|mv-EC[ub0ڭ|g;95b|Xcㄓ_֢z֍q+R'-bKIR9pߥt )or 2?0OY?h7Jnu/ÆNZ×%467+v +[|Fs%y]KUuk,QH 3\ H.y c׼t+xCK %%A$ M+KӼ=&%G#wf=}Ɓ{{4ݶı`O D2r=lE9aM4d F'j0n$EĒQȬs矊S4=dF>]miS Ƹz{B1ҤPT+W]pᢔl0?WY !wg <Q+}*u +Ft9TIˆ8Ň:JJ)檜Rm+K~4({ѴU'|]kZ|zF! `@Rmv9//(* T r}zԣR *s~*6i<ۑC׽kwv"<9mhw؈Ʊ?ǵ<]?F_:$eETC(l`8:ƼYuw\L䑤,OS*W ތ:q/mV_ x}N,a @pxWz/>tMRHUvlNw zW+}AQ帕,yb{ʜ5hS)IznqV:ܿ.H؇].2;YGA uzKYCM[1Ʒ%?tr}XV ԊMXt$F_vC8S22kyw.4_I, ya|^c}n;X5_OҵY5{ۍ[Wl\ 8B8q..<ӎzZޭGS/^i=ўwXc RE{2]j\켨.۟c;dWWr^Z+,Stv0Y6QYip-:{{Wk>h0>Ey?%pI {ޟ?zj#Sb Tx۸=TK#Ko{0$z0=GXOdU9+{6 $}VX; gK^TymL- xL)G'S.rV }\Z4rWb* l``cW1|-ѵ+o5CWݦ'sұ:4 JOe$lz}W!|)h;+A?BMkGJ4NiعPŭ0ǮAn \3Lv(=qWg;RO ɦ[)rZnzq]׋<'x FO q<Ydm. ăk3nr=3 RRRIgR3;AF?1c'w_6uI}4_=vto %aaUǣP4u[,@]g@}wY#Ҕ<3|%kjt NKC>ա ig:KFr"_ٗwpX]ѱݸgВuIc}nDZ>Xr;3˨K9U} ?uh*Un=u)s>1kv3ZE)Y5. 6i4_lK,ʹ`8?tZ߀?j7̱ۭVпE$z֖EeҴX&Ln8fE\M9PT U]I5#y]0*}sW&_z5ȝOgW=ONvl^!h97eDE Yy7+<6=A?je?)w/ɪDLr~$us]q<*gM9ݤnKl:uW62D?]4ZƯuD @#E^(葹k}GX&AZp0Zڜ`}@3\4cw/ jځuhMgh~8w~_J>;rt- F- }'?^,{<3[5G5UqaE:XgQTKLA6dgo1%U>0IOJKXk^_\\d%p=Hϡw;u'>TSRZ4mA6%rscz'/i*pI~$<)Hrxfʞ>˜fW<׿jC<)ȌO")>HWB-kE*rww Rqv" @/s< yUjҁp54e ]V[F\;O$ItƂd9Y#2Pwң^(:.w*9NU[ZMKi*N_6x&3EvܣH}'OYs|7^旋;1ч>0J2O58hiՖE2]Z۠.l)#AZ?㽪A)k;O"mDVE9~?+4-$ӹI%}zXiFN{;+|ğ@B [-u+WZ./YMjH[J7K`"Iu lS57(!0Ogb)Emv+] L嶇ywD-PDۘ˂Nx< WO5!1\GGocO-ÈFKya$rqҺ'RJ7k&)ZڒʚΆ9V['#mR^)TWp(mҰ5 xcY^OowHcH}HiN}F@UKy"s)Sy:44i<#](AQWXt P0jGۗҜ䟵K=W4;HҖ(HE9? cR1Oҏ3mj4Vb2Lz ԞRMIn!652Cb껅&ER2H!9=k^{=B5uB?޹?DAȆyF|'5jS)Rz.\ҜjEn _]il;c(ܕ$ O1wW0̷>`u= u~(ҴWcwp88cSt? |s\^0*&`Mԋ+4fwtXdg"-v$yMbSWRƜHO'I'4MQK'Px?^g f{UQ5d`П,g z$[~"]@jڎύ$a#\j?Z<;M;7m>Xx$#gבG<~z6,EcQ[3ϩWxAI5MGQ3-dʒO^f|F[ܠ > ҄;cdq*4mhjqؒqY~}+/⁨͠_?UcU_Jծ'~W_SX9j xZ oW=*Gp~Y5xԡЌ<=ZɥFҡS ]yV9L~fsâ &EO|Or\>.3q|t,r8Tk # V P!NG=}~U*µHTnk()^<ஏ%)=4ݷ*?{SD>_=MWѬti0~ff9gnǹ̠WZB#<㞋MvUq xr?`vF߃cZxI[vĄXU=|Q4,2!XpsZeX!bOUJK>UE~$֊@6:o_-t zkw]YOx?5Χ*+ZV9ũ2ܲ0|b>m5!#e: ) ,K2,@R>=wzV%WEIJZGkӾ~[<;۴z`zic2-;LB ;J_2lM{FKjPOT2^yֲ'"zPXU04Z|#@JIOjNU GHv0֩,R+E46{AU'uc>xaS3(Hʆň!3ڤ8AV.nP4sB鱃1"6◴qv* cRk J)MOK;rlN+TiTlBƝ@l Pp^zrp}j''ϸTuKq֡74l 1RaU.(2}K,H1 n65Sg {SԆ4n>l~F5f'u8lPEjWsT4RZ~ ROQaL4pxQR)&71iT |L/nj9ZB5οJGVU\׈f1J!uFo0,C>8 ?B/A(<<[(9E_aP@) RcL|āUpjOʢ,˻af mER:1-D~!^sSql6VV J\p)HY۔p:pǥCbRۗv6ժ8"ggQ0?)|T2i]ɕ¶:Ԉ|St06%NI}i`r݃QƉ'h'\f9I̽YyFsڠpH*a'O-9{ԚA ҋ RxUBةKEu$iD?.Rk'֥YRj=(٥>{ĢqS$ BF},V=8>rI\0w)ҩhC\5^rI9GaV6)]lWy=<SVh\HO[֜hoxQJIKR'SML*Z.,jPATPM{FH£ 6e]zIF[&G(X41Jh(oZ] $M'~4EU8=.Q%3}804q捴)(4ƘXL(bmUċO($M1 qQOz9Gt.&@qK}h(KQvQF}hPi٤&Ҹf>sL00iTz⥤8KDEP:+M%IL"k%?w!Iq@_JjMg ҭ<ZN{(cT950E){MR[ (3Le<!j8iC5!9xIS_Rj>'զ)ڠC>ǨE-٘$'IS] (TsO=^Aҧoy1cf'rw3Qմ[2yNU3r=zvzգ ֫C s87gaG"]<8_qUQ%̾}VRMYľ1i:#d-}܍Bpvc\ZiO Eu'5OUSssUYx'MRMMn/i5;!ȼFq5W֏{iNJ{gں@ơ.hE=1 O5Or~G]ZAFvHڜۍ`⡸Pqi7zW5Et@FJicL Hڜs\׋[kַX%ndp3C`A}O|1)6W&RSBŪXE gܗ/ڒ@f8cg׽Z#6Z6C2btطC\Ծ/Xڭ֢K,<ۉ2힙aTwfr3@>ƼRKZT777tVFbM]ɭi׺޾;f)^:s%M?MkG>.uy ۩Zd+GqOxrU.$|w >dCۊK ѽu~'^k/ş]7N2o&A۫/^"ĺ d' ##q=o'_] ˅r7џ ?h lfW{L5 ZKLhb c+:ym8LaUo3x{KZ}+;%x7Hxfy U؜ɯA.报݋}K-7zu`ϛ%y?^9@Ԥ-ed#! "H4@g2Ԑp3ZSW9+:(oƉuY ڣ<аc8v^ h) cp#>ueZi:ۤ7 g$>p: +mf- @b[qN~j$Zj#I5}OT&i Ž, (b 8]^#еy%xqW5kZ<Ӵ7P+op-\? |uzQ4^kSKƍwjyӜ"|C^A65NjJ^1s Elnk ۵ SJj!j~`Ӻ2C>rEfI;1{hh;Upx4h=1Kٱ{d_,=i⨙5^N/pfO4KwgҨ҉qGEΧdSPN2c.RZ<:TFqI󣕓lqF2jp 4XsıMbSE\SK e&;Ub\LRnQS0[;1`J*1~S\4&!׮E1\lA TF)3ȣ ͢n)a"/\{R#WC҃vkg^ib8ďjwzޏkغ3(*Iǥjh#Jfu ǖ.I9WEjGQ"2:F2G}S5mÑ?35j)[ז cb $Oa[C×Wugiƶnp۵Zx\2^Oq Dp"Us IޮӓIՔ7koZ^A++ݹGW5x/:Hlp|rG^u)ƴE\s ~O?*p\p2=V<=4aey]̳JF7+`KJUe(򽆡Ϗ Wa<J \j:Ůߍ?V|웕מ=ug4sB$|-X<彽7ڥ}G= {LQJ*ȗ3`*JZ`'Ҁ}3HIr0z׶RXjc=Hj'dY"WNڗNaTڙnqɭ:iPavrxaJ4ZuQEᲞ8^th :p9>?k:lWVZ-t.ch$y뵾+O\l{MV TOĞV4$-g(̍&N}ϋt 5CFbqV\NkaM9I+;7Yfk-e]YY%]$2=j[8^+-%VbǰD4 Hߺe1L60V6ǜJmb=rZxCXӣ,5Ef%LyA #8' 3'dRUh9d~wE1KIأ?kijVQ"KctIvQ`>p *=Eue)z3K9olC) |)hsܯu;x'b ,xס($*Rve#gvf { LH1dשY8H5kA:=W}Ɠk+/΋p&3AbGoz'>-W<Ӿʘ*]Tؕ␍Zhȥ6xۊ^HE #ΫڜUqҗb9oJn & )ƠS { 'qO,~ʃ O^Տ$SXB4 U-OO LT󖩙dS ƵF){FLg~t,okDɎSK"} fU@ q{֓0=3MMJejO`ҋcG5qJb9fQCT5qa?╡9TX3ҞR[NTܵ@cb#oj.>B8sK޹wVzmZ[DwJpʧ Оye8^LQ]-#{W)xkgFkN{W[8TVMXf=RwGj?!Q S1L3H*B&biõRހ (8hxzxvJPxb'Zw}jp8 V)HJ+X N 1UJ)JEUj@E.RfF\Vy&؊VɆ)ޕx\ѡW@zg3ڰ|%xα16#=LM:r:ajՏ4c蔕6Mbh[W̊8+x%tsv{&nFEUbn;w=(3q晑i`Z,%'LQ/z,%"=h $Pj֒IUd(\4^:EvĻ5{Hln^LgRvL%vnyqĻH[&JfM!4+)&i3Epǭqڌ 1*(&tXQMϽ8Zcsڗ؝(Q,h'ޓ#֋ $ 3 i(\~i3a4EqMn4(P=)M7JCS@P(4v)1ޒ) - f`4,5bR\P:RtHzgSwPցTzSCgҰ/b@ @ѴRu VuȑhN]yPk>K3cZ<"խkR%3Ԃq.%Vn&!s{~cy˶CRuwmc4`^[|)H1cW=.c+2*@ן־Gk S}i"Y"|&Hc(>_t+*2s5Ŋ{)rϬAԑZ $1z:}6FًCfͩZDp5s% M$i%eDQpدOZXxǞ(Jö gET}²(H "|=GO\gq:H _µs+Ǵ_3O^yWau>y45}CI ;'i'EaFQ׋熏;z R\D[nZÅ;tFUab!K$“pr1+6-Y2EYqY6ynj oJkG'6#<49/疸^/5;$$3ZXshYb֩Fb9^ mmt.ᷚI&&\? o2O}c_鎵˥yS&;2lSvFWd9Ɠ2Z,t̖3۞5ཤ3mmR]XȥnYv0Ok36bIvfT"V#a­G)#q^[yQ+8ҊX#ֵ؞0GbK\-n9bݢg_ހ}j7ˍA;U7Zjݓ^kVl<un֥-5NpGX^m .c'ޢHl5H8\#A"k;5Tɹi=N qOgZv={vϹkIfy-C>C(nE7R'k2W{CH6Jeq?Rx+WHDQX=Ɓp./-"p=3>OGx^Ih'h&X87Q]e=} @$u4E13Vp0yHڻ mNre'p Zq832_3]&T,5>+aW>в!oq&/szx*N.m,6zI+Öƣ!^Bk}:ne֢c#5ZoG{;kO$jt%Y>g$Msm<y7 f69,Gkin :cd1w?sD]4ݗcFΘ8aǷM«S򪱫VVd֦in&Ic9]@:''" ivͅX98&?ϥw 8oϡՊizv x˙Yس1$ֿwX;1+ӞͭM]6*ZG\u?CfRQ1.䲆W7Hr:sJ~$/5xjYp'qm֠/ ^I0`1lcwFsC;;;&uRfU#s׷)o'&Z";oQp¨urM&mZ:;Wg }np{$WA [rpE8K[/:ٰ%d(AnVu|緽6\Q̵,)( Ƨí[6ˁ#5=ԘFr>`+1ko%ˇDyg{5 Ļz׸Va@&I[upgn98^W&'5"ܫ\ ,2Ok^(Tϕ q ݥ Kϯ^km]Hħ0dT7qIWzfE5i$nۏN +2R\J嚱.b985K$``ۀIÌVM`M܄}3BS%ά)"hM uqLTmgT" +5a䪲(dsU%\JY.nĨI0qOZK./屘VC|ihFڳ/nn4\1U1=sV.y>hW8c"P72澶ic3QVM`)mzgNUΠaj?in&Icr\frN z|K탦is˩$H0c3InI=*#|*RF_{)\Dۣe/ۃyuI{iWO:IKQ׌si5 5X&[goi>fkܹ̅\+ng|().+^^CKPL2>o 5c3ڭϑtl{ΩOMpO0NhQS%c1ǘNerpjH 5rCE8EnJYRLQv$k~ qI|6Ҕ;nOOS[eIHG_J.u.P2Gn8$)"j"u%|:tR8oҵ/Z9X|}+t>+/Y# DGs/iorPpYrz wJKϠ/Q溑'VU#޻y)L0HMUڮIǨcYjtF)hir\>>Q34jSt=\`1Ӿ.E Snp0;ֽzm#u;>`[2Z =j$?h1Wq'6#A#Aת}V=4wTRq=*ΟEvG$,嬭~Y 3c^/_D]G2@8$q~2v}L]׃i ɮc`h֓$VyR7 \zSfhIX0꬘8kiGs*8洋Lͦ{u0$s2J`?}r*xmgR_Y[WR! g=3{֭} 琤s(#obWn̈O).?{kt?c W1d9s'v2:oI7[JgjVC+rc@T$Z~V@cBc g^"n;}ڄUMķ4mjicR,eXIzZ7a&Iap{ĜwX/.m.HU3X~u«K7QCS+$mnyyc-]ńmȱbU fjVO?(hTZ7:Y0Pтz:zw7L60MU5s!2~ͪ"j{ƪ=@$kxm$6(AW&^fXIjor,p;SrO^k)u|HUvv̿w5oWA18[54REr-OJHVu# iV18o #9mwi:Jtv$g?_μ~OTa{>5]*Myifڣ>Dx?{qU3PNAi{JɧYn̑ ͊ǚFd]@ڿ n+x>a'!F8F׷뾇,01K=sό/%cT _18~xJm.ͅX$AAidҸ}GTeҌs*ΖSJMB/4vZM^@A.Itn;JƜjraEG=H9Jgv*X6b Xgd_=!-$1ܬ˸ZYDBI#sc֭8ܠyg|c~$8JҾѴ{ffHؼ>Q# ^kiaλN3fԢґ!I9 [WE%xIUvO ?VIY V#dN|Fco4:k00.=U5 'yI{ݝy$}j_) |/ttZFeoʽW6f]ufI#WL8Hjp޶4i )WqFJ/SJUb7!}=A`y.q}j~.iz4־w$_.9~&n|3TN҈*Le_ =AA^k%.{z/-mOCUԴQogu,v)+"DPޘ2] T4`bxÚwH7{Y$@QNF~\2,W}Mj 79'Q]\$;ٍdDF$l'μZ]> ԊzrGѾcHW6[?[X =bGPiFlOcp%bF$~Uf3؜dŶ=(0V޽O^x?F rê'¹ ;S7_5j ykko㶴+n|Duc֒FV"3n|+?,uK#[#nt=G\nhVI55#̙~cgHF+a}Ma 7V5bz[]]׍8zʲߙ׏x"Zрތ:gWڌ6I4ᶎW'\F]O"j1QFtv\ډ).<=O"mJLmU #&ӂO=,>"IjxdF*s #9DuC}z6@sҾ}ҔtkShׄx⎳h-gf %G>_SW!̽@1POa gka\ˈÔ^8y>զmxK4A3m$NnX I'P~UTztBTu]iQvofHp9Ͽ֩۶I~ B02}+i<[bW<Wr($5&7'Ԙ>!&~q*=ŤmGtu#0?*/f`L#$N.e#a>&GZ@T4NGd`7+4 A<ђ>w5ĖwvP1ȲFޅNGa%Ϋae%e(6\qb`k-k7aU'ױBN;>,i7jpa;qwG\Yn<5i7r)}0;>D*C8[Z ygZOl ylxFO>µUPJcMԞn$[7)FݟʸvlJ3^sqd ÷cwZ]_:h<Һ'^CˎTdu\\gC+Y21#1w2p̹ܧS?Ҕ̡dNnf=hR{խtyX }F-;Pg]ߐƺiד,Nx!rppF،^E_i\5)p#~5Gͯ' 9R=5EAٴxƽxFGl1D?tϖ(jsN< ^Jkiw=/X&"?28sxJnaz]']oèZ~&TU)h08Ya* ҂R*1֭xipj$S/?0'8*y@W'zi<4rNoC8W~דxjG ;f? $ :qt("ك!Vq$4-is,¹Gzt"=Qy?ʽOj|LOL9;svk- :*rxagHL8WLYӘ{q]UNTjl̰5-QngDő1V۟ʯ؛Ȃ$2K+7<v /5?$n]Z.YdIhֻ WSlT*:ʋR>.2ɦ4)2dw v]NjOZF4D6d㑃.v\+B0xVSgǻIᖸ;5k|HWG_>kKqnñzZ]T{XĚuńedOZShqwvFz׭&wm/&tDOA}kLjf,y`sbd $#9FmWNazqdT"Y讀XV;$y6¾l!#]t^+cK[6#K"4 szW 9{ڝ3plK]GuWHkWÔL1+5"՞k=z(b,4O+e݋1&vTƇm98^O[L f>:Exe BP dqk> A8kI9qOV5`>=kάkZix# `$?G+żzf+ q$wWZe^"*p;dkVsk,sWc'=[a[Qv9Q^<3=O siSB{X6&е@-zIXǙaǧ)-X'RLpsxrR#Sn+hAJ H5hH=3ҹi%S{Dpgs~<ڼ:[ /N7`w?Υİ۱wс+mFs=?*s 99zzܕaoKL| z ^_HtaGWGkvs]o=&nX–2~s:Rx"N'sNo~$Gە#>CVW7|Gj2鸒YkH~>O̙Rl>fڋEi}fN~ce8e'8Ru+}$05W@Y0pCZVY+YSg(;wm=;JG45l!79eg ldW&[nAF~[DPiou4?*JAr?:ҜS]f`S)ix<)ܔBYo80g.!ڍ2X'f,oqǠ皦hya;$yL<'`a+?1-V; xJ!g#qc製zhTנv44cʏRO<צ @y*dz8|4efyMsaae4 t9ӏ]7(#<;Z@,hy=G{[X$ 㓌`5\v=025݄ʤ98qEFJpxi/nˋWyд,T\*{q$$˱IFIƋ+܎*]?QZv+!y  s!u$j8YlqULmu.9Y<Fb0~O)ǣxśf\֧۳/Z>[܀巜A'Wez$w |(r|+i\ wH$=X-ԙHa8=Ez孝77Z|mF/b~5e[##+eNݴE(A`{_ܮκP䂏bL ԛQnk$Fxm~0f,ID;Erˣ5ޙlN|XA\z]]kOFMe6ӏ ri5m7װTo"6(3t>@J^N b\;ѣmW$3ll^Li5Břr ƭG::~YPS`!γm$Qy"D,Y烒p?#@nJ %xn{f[\f,wic B<=vX̮=w msq98TOc ☿(s,xZrKI?Tw d7_ \SD8n;t |\,vM>ԩQkc>-I5qp$>Yܣm5F.TJ5, qIˑ^mpNqW?. 6q9/RUR).[y!^LqZ;+>2ӯk1u!\n3kqK8F)9p=Jþu{Ŗrc_m~>&/%"wy0G=ki7 4[{m-'G/˻o8?JNJ̝]C){&pÐ]W>G^u`A5:.nQqq,w$/ҩ&FHWeaQ>ޭ8=z>uOφo휾tV7i>ycjWDmF F8϶>o-&(Dܶ{,^VwI v2]&}QqV.4ϗ|)}[ķhP`0*GLHO>m5;gkg[$Nr7#8=y qҔ%8!%'cos`A-S^ MSG1-ǰ>ޱ6 e9Qː=x:MFH9TyvOJד,NE^2A]=M/h'w#OZSs' (9sa~?sO˅m3\@#ƒx)(שz}4D$A*rLvd^,Nܪ[02ɀ.6>ֶb9X\)U%b[+>*Y]xjR17K.q?\T.ST8#dߓ&s?m^J|-ND@>Xka/CI".vgұܱ, [95XȬYXpjƓ[Pn#Ck8Q=I5#:'qeq Y g?{KBB)AL? ^-B. ֽŚe4ڴ3u= r֧2;UYحKt`R.Rsz񫩙/Ѳ^<#WJE𞡬jUed鯬.Si apy'G֧ .y [pS^Ԛ^!!#+$!ͨGYeq?6ô=_zzr!Q0+FUeV!$zנj+6j:_%X/uԮ\e$cXy+F%0n?U;T8e 2j>uit@%AW7ZFLsI }r^G1wk!WXsWPĊ&`q_F~Ygq%<018nta*Cd3_@c ++=J-A ,IAI_Z}m!oe)Y#^{ -G:8xِ{GKRz3/4wG95^3׵Sf cZI#D囀=^;h1ϭz'A_p^pzk~LcJϨWZ_W|,Tݖ]AO.~P#S }ccEn:kM[vƍ£Zo5Ӭui6?r?qPxMNҡ[*B XXM՝N#B\-`y'iX)`+ӎehK!YK`g27 DH2[WȚozF5Vq0p}9fa$o'sLZl{96>(ER{^3q5ycI9Xs r.^ЙT=歭C6uthvp ~smUY-T,;ާwǥ&h&mL[ir >#-䷸!~bf1=m,K;vN3װmo8OAיSQN(g {w໴RkaEb/d'K|_i\-@tGDbQ) ҡ\zkEVV;O5jvJ}f \N-VdFǯ5 W6מUK1-2t 9*ÂVދzvl(>gN:u)('dg}txdd;xv>|pN'9suvW›ibܓ:F~k+~u?#)x%;0'<}=bv R>lxʇ<=8:<_xlLc_Xx;Q?ԅ&վPc?Sm7jYoqtlQsh؇1;l oJ+r73sGCd฿3ymU=Y9&zr]x^/4tk{AG;kFbJ)+&)Q򎾉c Aԃן^_1:\QHYZIy#Sklt[Ks m3M,)MO~uPU e^>[ۿv 9IE$;j±x`GZzm 9/ȾMoLGrƹnHly|Gi hZ5B~Y;GU?hKaFӣUNg(Mg Q*YN)HᕲH <@omeyil덼q\?T?SZCn/oЇfkx !eKTzcċko$kL~o1nS8?v_%'R@%BIv8?Kz - pyRj7rw䍈p2AOj[Ent@n 7r0FG|VE׊dc`1DvbF,f'9&"&`vpO·Ҫ7Cռon7|E'?ajel|'ޓ-#F8ZL~uz <2@ Ү(L+olJg>i JGFyENh61pAz|Y6~!GK '+77^ HQq8f@=@f|E7jtFg<=LCo;+I!!Az}?j1Mee o95OkB-7Oʾvwc08taŎ(")dv'ss:T%6acbcfc@lgtWhvٷBa7l]Waf{U5$<5nn1R{c^,Blyt.%Ymeޝ]xaWȣ9?ۓk_b$i g 98yE=7F9($t'OʻV.W >gʮy@v+C@Tд;O vtW |MosRIijk,08X#=O}k49efgܤ%TtOXJXF.}u$k9cF7 :z;+[\L ]Y8eVVT\Я!a͵C `EA{IVGRccr1_@]ZZ!wd ?A֬cjZ˻J {HA+y|>_RHb fܹ'ö>gڳASJЄ\ >ޣiɊs8V.kL}6+1ZD:n}IeQ2>lR3f ʼzƱ'y;P k ◉mb&8Uڊ2FH[G|! l;6Wsijj OVVUQRZ׃fϑ,~?TY^VQ$j`qK%3 Ď}?u τH4m> z3b$|ؓZ |a%In7;r}sT-&odo$T;?ʖG* +"0*ÌЊ+>gً[,Lv9@= ڂK?"TBaBsy?o]kDvdh䘀7t+]p&GIEe2⸸PSE!#a.Yr:WY/&lh ry|i+m2.V*)s԰?+μ}{;ٚX]3 wϭzoI(ښeUH=Sq*V̀r1=LOqPƫ,.3$O{#5,z(s^|JM6k=&G-8MéAs.k_@2]"* {+%1>;XExG[g+8YF\^xeTUfg9 +&>cӉ7$K5Yq*38|wñ7q mPF*1{-fH SnS ¼F%!zH͌4q퀣 kOYQZePcڰ ?yw5~[crAGZM~0}mUf=`lv'z.TŞ3אk!'R541'kr[w3-(-g$m+W ȅ&W=qh}]Z(̱brƋI?{wit2[lduqlՋyX^$bDX :n>b+&ӥaX #dyIlz<-^-#Yğk;p?ߟxƋH5s©?=~. ^;K:4B9v` 54mIG]]e%1۞IZhՌպ6# :~C 21uۜa keHwYܰ EhQk:ODAk1u u?ƭFX@9eWY@g0tֱO2qM xGZԵ6vS?Aa3کSX֮> ھq qi"\]"ݴgc/~UK808ۭq}Q9sSKح|u=* 92?³ye;uǸU; }y@3] u#یR5đh䑂+gĞDRA$J#fb3Y`}8Zdi+#'۵Nc{/9b,DN&#=3Jwh=QKE$O+3@%Tdu4]w*}jD5GhxwI]FPs,rHVkjo/j:ܛ^BP iHS])W j)|< >&7ٗT秦sLzc̡d讹6hǖI:F5vkQ5 I ZacAEY|;vȯHWr֗q$p3=#7u\Fz5x?PÓzg~[z.$SU݃;|gX?Υ9c-#X?,?,? g?$1q\ -ij姸s#6{ZzS4,986 v*ڎ838/:B`Ʒ[/F2_\~>SK8[AϏ+sJ{yWqSQX [=d?jHkt3<7Lׯm/X]AThD9ۓ;T[6U٘q,I?GChyk O#9[eUrs5+JJNmybNI?^~NG j/s-$tuh˜ [Cz.ͻI@ ǡ|kc-mwOxko|vǘɏcYb)T} ќF[}M|n0~cm$W2[ys9hbРF6ČXs2y m85|E͟lM[P,drx<;Ҵi5')u<}:tx*29ȮIQڰ/e-pN=)+%F:JnB;Mm?+a~t}YYOx?ɩ^A(](hX 8y8W[`nASH9 Ejix&>3sGyIК\m 9h+=)2 _QhQޱ'?Z wi[-iaeαbcNym,9? gUi,l=Tcf5 AFW?">{ 8nVcIb1JgETzRO` *8<ҷ'k8XBY֠>i]UG8M#FbI@c\'֜sgɵ؂cY1A /=hW-c}+̎܀ŽG=8޺ GNAtZ'@p235\u;72!dٴnv%7c=cxB7|Cuqxǁ,4G$]ɒI,cJ*G|W1L<9]\,pFS&|edBTmNEnqFnu͌;| u=W9Xjkiwf^[CpvJ~;~}h8I0ߏY-%X1c_ӿxSNҾYA WYVSWM{$rZm'R a@u~Gk=nռU?k9W BɭSN' Y>mOwږ ČvBGizVR*+eH(wKOJO.t[&#<k>xRFzwJҵOefsú9S; [–7(Hc?p8O#M|JHh]dx mgP&NGh0(Nzb10!&fӮ,eZ0:zW6Jmeb<}}㋽6_ ֋swv n>\I=xq%;>J.^k }cP $ PܜknJ3 rNO_yx"LӭaV@3AھBTjt)wYz 4=K[yhm<Oǟ~)etV{w'9\qڲQ#^4rۗ…rpZ輯~-sR]"XM½eOVa=1,0.ݱ5#ԗtq9E! ʵ/iSj5s##Fg$ccx(4ۋ;+xz;~'oz5\-"C.p7@fiv_ n4%W y 9UcּQ+g,bJD5Yĭ?^[zMWU[ 4Jcw^S?w歈PGnkӅqu+G[zֺ2s-, kGNU`Ba)m #\BOץB˵F#k33dr95xJZ'rOQ2t5U 2k[+#ʅw`&wxPgCԚuUK<։%I,5?^4[#Έ|Ҍg>dɶgO>OdIAXZg ?M[n2EcH?mL~!uDKiq8~+;\ZZM=pѦaCݱݺc;f#GǑF8k֩ Z,p)ԅG b(q85 0Tkf:E\$c;r?< Xm,q׭uғSgXM֧2$c|9e_}QEɑ$&輶E7pOW2DžϷzw.\Gm 3A湍MA>Jyқ\ 1a r#{UXFfk原h3spǞ;+߼3-Hn %B7TQuX|Бq/}k{M>%42Jzc#Z쎺oj񝮑YOm>/)^@'ۿ#ӵ}; in8#0OEx'峟΅Dqo˥^Y8;jo6ـl ~W3vkmpʗ1H- O\X;.֊c8&^Z8%1OKB1U/C2=Aj |Bڸ/>EơH[Ih+_C!wc*-r }wNymu Iu sFqW:?3XZ3?*~ % #gmkBIasJȘBňfd;*?׈)]/> # T 8}k>Է"ZšIGbz|ui0#|-sGV?O+sSiIx/5$px\\꬐T85i>p /`,CRFg?t|\@XaV4q`Wl©gw{{ o41$nh:cZ嵌@fcO+O _n˷E;xZʭUOsJtQ':"{641&Пֹ;fgvlQh8k<cZ4/i?QׇWV)662?ڦxغySWgK1wze\S;! $vsq VR+v8L6 orM}!&goKtP;rI?ξMaO==+VιojI%)+gZ*\U#g]#=[=m՟JY~lө Y{,+Rk <Zӏ,NZ^Vnd8?Zo lgHI?Q^8=OYֳV2irHIֵC(ǥbn OO5ͺ 7bcSx;W $qE%Dd ^ 7bDx9QkdΣw =YcDi<2Aռcu/Jͭ2:$# 1s875; U#_&JİU$>՗"MOupIҲ5'l?Wf$~sY7/ȜϚĥ`&;mь l#$gkN^][nq?ȡR8+{WMivcJYi8=8g\랽ޏ:Zvf }s\#&>$-U,+XnW;AR,͆XTgѫY/{;֞Xx]=FA95xoNmբ3EwO)st4i֖n*@0N8L_s:W|^5khƏtVB%0Jssx|EwEܧ%WK_x |?҇;-JM Q67 ,Zƈ{џd%*:o-㞽v \9woǖv$==W/ Դ,v>V #Gi-]̕v~dLTص6uɔZ疲>hf䏤4trq2TP]jF^9H%T z{ֳMjPw"c]hps7_HT"-L?kiQ9F/*t#L/'k=RuN 䑟>.xm7Dy.0Sw)5{I#w[<{\-܏ 95c!:r+"F}hؐ! tEXd4-VUU~)qa1YJ4z(JTsZ5]+۪X+O25DkK ]ޙ8y0999ޛfk}Oo]x>hIqq >:|rs",*~c8Zyl:VPxWxS Lj?8{׊_ɨ\q)dneVzhyY՟'PAo=Dk*KX:_o8tc)yV,>dzehު]Dc귾ybvƿ5{tc ~W,vwbPf%-Kډ `Oj2l.Wt3\(}TrG*i py<׫t!~YS?G E*cK!!pV. m8=+Uq\DAYb2?ylu-,D#+ިXAZӫ60gR^څ ,zZ`05pNH\v!xxZ{d7d.iJ!#|)tQsk8ULX hcgFݎ: no.'eBW/L2Y?LrVum\qʺ̃2Ǯ+bґS>eb.!aE l#\m֬i!B%_0?9)˖I{Z| o\O3` QoW2IdmtꚚ*>cEŒP? d"8~s";؃S,-xiC2ȫ܁A>FI4+\ n#09$F9z .A8I k?gK5kVhذg_=ZN v{1eK]E_h%3Đ20:~]wcIu;x Qs5q$r@"{Eefm3d0=+F.A!lQl^MyzZݳ_.ڸ{py9_fhm? 8`%FqBy'?ZKDލgE9#1KgQ}g[Qv6 }oڝ.mK8 Br`w dzI<\I<֕:Ŵ|K[RZ U<7nX0]4hvluzλ>A#8R+dMo \8yU 8bqc47l.H,1v0#ֶg 0c}(pz˹h~ KW]K%Kʧx_?r׶V4\i9IIǹqE43'ʡDU,+w c hxWs- $$ڭϨ^jfгs!!$ԎOzoZɊ6Uޑq(85oλkz3G^0 WBɎJcG\uSl8(/EM"OȒ\?,hB>ǸVX56w5Ϥ:T}|A&a7U{{P۸:bG-6ck}>"l5D)#m>Ze$Kl#pHn4h%BDeUӜh}?yJUeӡUmIkz{:J%ShߓW:2RKSގ".<[woߑVW_7N 폘Wy#Cn7y1E+ѲvqkҧOE-J\1V.>w!Ga1bE *ݥ\pS=*ʎW(?U%Aj>&7p Q~*c!}<'~ouR|#U@I'Ӛgiw!.4boE)b 'D݅zN=IA-"BmB1c {^'kxZnp|~=O\71$yסVK#72e*9a\ !vAxv;vv-G!ݜu⵬ X9q]|Gڣݧڃsw8:íc=Μd?( ֭f)e)"5cvZ {k5+=rq?:8mX/(۫~kMeJ7t=|7,SIjK \ 7J7'Н{_P7R#*3qk>k(5ՅaOF#Rs9)gqgIn?c.OXGo_:УPdZ : ?_Jh~|ՖV[W|n]|DaS,-#ڿ7p|TN?Xu"p,qi>!eqۨJ;SW# cڤ*$K+!#S~JkD!$:223֬CU$9SUk k,h9 ,>\'i5<7i,c ᇽ|o^A#- ;adƾKKE"$9=s^.-˞cS2zG12L*^JXwRFk;8W.^hܒ񏻎zu?;\Om .ME PU 7Q8/쵹 ԮVًDz qEBY6Fsٶ0~lg>}P3,6ѴzVm7 : ~!BzTmYEx-UnC` *TF-OHT w*_2p9[tGFnͰv_6R;~k^W0ج$S8>kkth>pcpߎ\c8a'r=hft{>NѪ\j>8[xZ ;:q|EۥyނOje~O*ǙV|m44/*2P$ZӴunG.[Ym3N.f޹c?xnֲs 2Ilg*}1M֨+'ګ*Pd?1aH 6U]-yJM%q#רq8dŵӔ C`ʾ}I އ%C16z)l0>8ЧΦ|m.Ğ#,-xfNj.dIFI8ס~;mx^׊7eq dlV2sP~Y3Ijv3nk\l"{R;[̋Q֭Jv5.|d󊠰=NjnE܌4$[`RrB*f@S<~ k3X 0߈Ag|C7zͷqnqk3ͨ[ϧWQ2xYnal+۩8ʺ/7&`^ ܙpE{x4{k↵c[Mww-ܛcr\ts_gu % VUp =x5%$jΉt#d9 KAkڭ֣sefIߎ_?;ZKw3쮨 } b$6Ǘ2嘓}͗jd J]9=wyAC8v>T_/ge_an>WO_µ,?]ˬABs⹻I9dSCTR_AG9f?iy?޳5>ӴC~jkMpJ>r(ۺ5g62C%S8;Ƽ\7? <9ǓYv ?\ӵGaEl]^ydE$7>d\8; k~#ӵvէ՚[ Af ¼`Fshcwia}=˞8܁"gzƒPC,V6 oTj]܊oOW;}<"&.1.{,QNM XaUaåA$Րuv77:uα' ~%ACݪoBjfjg8?RN֚a6z チֽji㰖8+ ZgQٿ{/2&[$VӓGiڑ{}bX-7Ã'l,]SZբӡyk; 2@=j?⺼ݳ:|~51fvr76rIٖZ+-b.෕I{3 ER ruӥVdA 3[EIlqm+.wtC`o&`>r!.yl 轾23hј Бs'aD}{WѠV%#eyapJ]W HܨnXp "#V߁uW7 r=JԜӇ즤{ 峣 =#Ug10Q5ǜU$;Du-&t'E I,r#,07g?9ڸia䟾zq7gϗ%qt9eckIcC8_w[?M2WĄ۝7:ƶsQ½8;WJu[i-d60"Z|gH9x׮RV`Ճ1PT>l[²m$^TZd ;U_W|l1?{B+DP8 s9q]>&8vLfFAU,JGӌEuLVkGUWB8F֎ύ4#JC@?=&Kk"X$_|zs\ biYzSg;P9ǧQWg,|.k5w#8)kvp#UORe&W{]sR^m:+ О?LTpI j.a&?Ļ_t?A]t(*4cF:3uIخ+W  8#W_4+kAWɏ3u}'H_1JOp.J QȊH.5֯jg!O,#z++\JQ~Q_4Cul]/PM1vTMK$2KB x~-ޠgM>$:UGL/Pjch9}wZ|Kl"ag ƻf[k4Y+mtaƷDd"j)0S5x͆urlk&Aʱq]F)1JэXf[i1۫$p[p=VfqxJNw7v=_Ixjk FжFF<?Co.E@ w?J_xQVW4.. P; q3b@*v&٧37POvE{ˇW O7y$Z6k(7 GK[q%eBNke3r'ҹ}T"1 MM}B30Bdwȋ@I!%Eԯc\6ctvڿ9_j,`n̪O\ݔLl)|_S"cʐLFp=}3"JŽ#^C%cx' ]"أyB[aᄃF+}qxb KY&E4;#Qrsc޼{]F 6X# `7>֮kt'"v5skF"c;qwƱ6Ospb/qڹۦO$dsj,iArq)ףg;ZfX tw74/1R)z6aH52+jq,PRBEdUtrXqZi:W;c A @= AE3Faz+5`(6 #׵ F%`KW]A}hyX?¼ `WeLyG[9 q/^c\>l&q 5xBy.\rWU#ׯZf"p -rԳdCƺ ?xv 6:[mnm6T7aѶ9 T6N-g5fs|(RiR}M䞜T(rY'dK4ftUkD?<@hHHsW.Ͳ1SsmϯUdڿߤ\rFs5,!#z"9%s nPq,xF+*$db|}j>IױxZ,ue$=YOڕ'Uv1Z}RiJď]_k{-2Ы4 t9<LjDhfeΘT 0IaQOc:#JI靤XJR4B0.ya 7,ִ'~<$;UM  pz5Ͱ|K36?{#*+ļ;|B *yL*۫0I&X)d#fv7=<~o٧"xǰaКt\,ڹķ5„P}PR$BYyh@)g&CؿS'{q8.nژPKj)coES?Fa,?Pr*Oi [\k-۷D9.;mb\l= #Y(1Œ};qۓđ@W+hيc޺Y"$bcFWmz-ѲԠ6#ie5=qIb1Oz/ufѢIXlq*^V&$a\1EO1W2[9& H>z[O/˟~xY.Kȭ]u mvܱԢX/4$隿V1A,g-G`Ŕ{Y(=?)z.eP`W_/qeR 7$r +["^IzXnn/L`hj.F{ү|q 88=O?e}Oި\r?B?ZgnfɢfxEmsESXԑА?_8a Ec?^l cwtIbH<ZuB|p9?P̴X*]ɖ`gI?V}mo[kK9 8Њۋ̇R9( &WQ  6[|G2#Ҋ)H}NI1z" BIResv+M 0W=Y6oN)Ei%#8<ܢOGJ([aĘgڻ=wW 1BWq yΝh[ۑgm9톯,[I`AQEu?52k\lYbxO=fdf-(Wj_Y<|}*/c)ዜER(ah'y gV,XjxQPޥC i@pp9x庶y<(Ķv <9| c:Jcn$,}Oz(if$Frpk-2(cN 7"=EI#$Ʀmd#T)u 늽I+&*.!v)n[I<5U@tՇ5|8c ΂I? Eh>]mJEr>?$Z8v%ܞQSOT7IM=J#zv@:E=/ sohd Xz*Xz/jF1GkVܘ=G4QZck3yڕݸU7ckKG;BUlV"{f$lcTȩ4ZMKԱ֊(5iZ==NVRTO 0(lt7(>BazpzohTC J@a)SM%աW@qREb{Fr˶f6adr9}I7e.p0s#Ee^oc/CpxX2g?tOw&؎0?\QE}m T#'!enͼN"kySf3xWd֗8i; ӮM3~O݁+ZhQIw5K[x &, dgѿ2Ƞ] '?E[\;uS$ߒ;I#4ɑxSEmXٗdŘ9u2YH 袈 i;H"[` /8(6iPy\ϝLJ,r[Vs)뤶fIм2 0G`e E9"N-ϸk]̐($
Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/08/RTSJDA7-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

BY Christopher Dembik 

September will be a busy month for investors given that nearly thirty main central bank meetings are scheduled this month. Since the Bank of England’s (BoE) last policy announcement, the total monthly amount in official global Quantitative Easing (QE) has reached almost 200 billion dollars, which corresponds to the cost of the war in Syria since 2011, according to official estimates. More than ever, central banks are the main actors of financial markets. In this context, the attention of investors will logically turn to the European Central Bank’s (ECB) meeting on September 8 and to the Bank of Japan (BoJ) and the Federal Reserve (FED) meetings on September 21.

Wait and Pray for the BoJ
Market expectations are low depending upon the BoJ’s next move. The timid measures unveiled in July prove that the central bank does not have much room left to act in the current monetary policy framework. The BoJ is already buying more than 90 percent of the country’s newly issued debt and it owns around 55 percent of the Japanese ETF. The next step for the central bank will depend upon when the report on the impact of the current monetary policy will be submitted to the government, which should happen by the beginning of October. Until then, no new measures are expected by the BoJ. The report could, however, open the door for implementing “helicopter money” in the medium or long term. It could consist of, for instance issuing sovereign perpetual bonds with no maturity dates that could be purchased by the central bank. This idea has especially been advanced by Ben Bernanke, former chairman of the FED.

Arguments for Rate hike in the U.S.
Expectations are, however, high concerning the FED meeting. Several FOMC members have confirmed in recent weeks that a rate hike is still possible in September, despite the disappointing GDP figure for the second quarter. The latest economic indicators for the labor market are quite good, with almost 255,000 new jobs created in July which is well-above the consensus (180,000). In addition, the increase of nearly 0.3 percent of the average hourly earnings makes a strong case for hiking rates next month. Finally, the Atlanta FED “GDPNow” forecast points to an economic growth of 3.7 percent in the third quarter, versus 3.6 percent according to the initial estimation. It is obvious that the Fed will certainly wait for more data concerning the months of July and August in order to have a more complete picture of the U.S. economy. However, it is clear that if the Fed still wants to raise rates this year, the best window of opportunity is September.

No Time for the ECB to Rest on its Laurels
Finally, the market also expects an evolution of the ECB monetary policy. Governor Mario Draghi has hinted that the ECB will conduct a review of the impact of monetary policy in September, which will likely take into consideration the effect of the corporate bond buying program that was launched two months ago. There is a 100 percent chance that it will open the door to further easing. For September, the most likely scenario is that the ECB extends QE by March 2007 to six or nine months, but we cannot rule out further deposit rate cuts. In the longer term, it is very likely that the amount of corporate bond purchase will be increased in order to lower further borrowing and investment costs for large companies. This is one of the most logical evolutions of monetary policy. Besides, this is what the BoE has decided to do by buying corporate bonds up to 10 billion pounds per month.

Long rumored and oft-discussed, QE infinity is a reality. The likely interest rate hike that the FED may decide in September will not fundamentally change anything. Global credit conditions are the loosest they have ever been. The average yield on global government bonds, all maturities included, is currently around 0.7 percent, which is well-below its 10-year average of 2.30 percent. The downward trend will probably continue for a few more years, which also means more debt in the meantime. As an economist, I am certain that there won’t be a smooth exit from global QE. The day it happens (if it ever does), investors will be facing the biggest bear market in the history of financial markets.

 

Social Streams

Comments

comments

Facebook Comments

Post a comment