CURRENCIES THE LEDGER 2022's economic outlook Recent forecasts from the Conference Board's U.S. Economic Outlook paint a picture of an improving economy-with some inflation and supply chain challenges. 10 8.1% 2 4 6 8 5.4% 4.0% 3.5% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2020 2021 2022 2023 3.1% 2.9% 1.8% 1.4% 2020 2021 2022 2023 " The current inflation spike is really a consequence of supply constraints meeting very strong demand, and that is all associated with the reopening of the economy, which is a process that will have a beginning, a middle and an end. " -Jerome Powell, Federal Reserve chairman, on a Sept. 28 panel -4 -3 -2 -1 1 2 3 4 5 6 7.5% 3.3% 2.7% 2020 2021 2022 2023 -3.8% -4 -3 -2 -1 1 2 3 4 5 6 7 8 5.5% 3.5% 2.9% 2020 2021 2022 2023 -3.4% 12 Q ICBA Independent Banker Q January 2022 PERCENT PERCENT PERCENT PERCENT Source: The Conference Board U.S. Economic Outlook, 2020-2023 D C U O O N K T N E C S S M B A T R M U L P S A E O E T S R M Y C N S E U N O P E N O I T N T B A D I A R P L F N T D N G E L G I E L E R D A C O V E P P E L R E S S C U R O O R O L A P E R T