ࡱ> vxYZ[\]^_`abcdefghijklmnopqrstuk Abjbj/}}ݤlLLLLLLL`8ʣf`FF\\\\x $ <L\\LL\\cL\L\:,LL4\: z#s`2V~ 4y0* Ժ"4``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eign EXchange), =5 <5=55 80% 2A5E A45;>: A>AB02;ONB A?5:C;OB82=K5 >?5@0F88, 8<5NI85 F5;LN 872;5G5=85 ?@81K;8 >B 83@K =0 @07=8F5 20;NB=KE :C@A>2. 3@0 MB0 ?@82;5:05B <=>65AB2> CG0AB=8:>2, :0: D8=0=A>2KE >@30=870F89, B0: 8 8=48284C0;L=KE 8=25AB>@>2. @8G8=K 2?>;=5 ?>=OB=K; 2>B : ?@8<5@C, D@070 87 >4=>9 AB0BL8 2 6C@=0;5 FUTURES (=3;8O, 8N=L 1996 3.): "3@0<>B=K9 B@5945@ <>65B ?>;CG8BL 1>;55 1 000 000 4>;;0@>2 2 3>4 2 2845 70@?;0BK 8 :><8AA8>==KE". 1J5<K >?5@0F89 <8@>2>3> 20;NB=>3> @K=:0 ?>AB>O==> @0ABCB. -B> A2O70=> A @0728B85< <564C=0@>4=>9 B>@3>2;8 8 >B<5=>9 20;NB=KE >3@0=8G5=89 2> <=>38E AB@0=0E. 654=52=K9 >1J5< :>=25@A8>==KE >?5@0F89 2 <8@5 A>AB02;O; 2 A5@548=5 1998 3>40 1 B@8;;8>= 982 <8;;80@40 4>;;0@>2 !( (=0 4>;N ;>=4>=A:>3> @K=:0 ?@8E>48;>AL ?>@O4:0 32% 4=52=>3> >1>@>B0, LN->@: >1<5=820; >:>;> 18%, 35@<0=A:89 @K=>: - 10%). ?5G0B;ONI8< O2;O5BAO =5 B>;L:> A0< ?> A515 >1J5< >?5@0F89, => 8 B5 B5<?K, :>B>@K<8 >B<5G5=> @0728B85 @K=:0: 2 1977 3>4C 4=52=>9 >1>@>B A>AB02;O; ?OBL <8;;80@4>2 0<5@8:0=A:8E 4>;;0@>2, 70 45AOBL ;5B >= 2K@>A 4> 600 <8;;80@4>2 8 4>AB83 >4=>3> B@8;;8>=0 4>;;0@>2 1992 3>4C. =52=>9 >1J5< >?5@0F89 =081>;55 :@C?=KE <564C=0@>4=KE 10=:>2 4>AB8305B <8;;80@4>2 4>;;0@>2. "8?8G=K5 >1J5<K A45;>: 2 <5610=:>2A:>9 B>@3>2;5 A>AB02;ONB 10 <8;;8>=>2 4>;;0@>2. A;54AB285 2KA>G09H8E B5<?>2 @0728B8O 8=D>@<0F8>==KE B5E=>;>389 2 ?>A;54=85 420 45AOB8;5B8O A0< @K=>: 87<5=8;AO =5C7=0205<>. :@C65==0O =5:>340 >@5>;>< :0AB>2>9 B08=AB25==>AB8 ?@>D5AA8O 20;NB=>3> 48;5@0 AB0;0 ?>GB8 <0AA>2>9. ?5@0F88 A 20;NB>9, 1K2H85 =5402=> ?@828;53859 B>;L:> =081>;55 :@C?=KE 10=:>2-<>=>?>;8AB>2, B5?5@L O2;ONBAO >1I54>ABC?=K<8, 1;03>40@O A8AB5<0< M;5:B@>==>9 B>@3>2;8.  A0<8 :@C?=59H85 10=:8 B0:65 G0AB> ?@54?>G8B0NB B>@3>2;N 2 M;5:B@>==KE A8AB5<0E 8=48284C0;L=K< 42CAB>@>==8< >?5@0F8O<. 0 4>;N M;5:B@>==KE B>@3>2KE A8AB5< A53>4=O ?@8E>48BAO 11% >1I53> >1>@>B0 @K=:0 FOREX.  ?>A;54=85 3>4K G@572KG09=> @0AH8@8;8AL 2>7<>6=>AB8 CG0AB8O 2 @K=:5 FOREX 4;O =51>;LH8E D8@< 8 G0AB=KE ;8F. ;03>40@O A8AB5<5 <0@652>9 B>@3>2;8, 2KE>4 =0 @K=>: 4>ABC?5= ;8F0<, @0A?>;030NI8< =51>;LH8< :0?8B0;><. @>:5@K, ?@54>AB02;ONI85 CA;C38 <0@652>9 B>@3>2;8, B@51CNB 2=5A5=8O 70;>3>2>3> 45?>78B0 8 40NB 2>7<>6=>ABL :;85=BC A>25@H0BL >?5@0F88 :C?;8-?@>4068 20;NB =0 AC<<K 2 40 - 50 @07 1>;LH85, G5< 2=5A5==K9 45?>78B. 8A: ?>B5@L 2>7;0305BAO =0 :;85=B0, 0 45?>78B A;C68B >15A?5G5=85<, AB@0ECNI8< 1@>:5@0. K=>: FOREX AB0=>28BAO 4>ABC?=K< ?>GB8 :064><C, 8 >3@><=>5 :>;8G5AB2> @07=KE D8@< AB@5<OBAO ?@82;5GL : =5<C 45=L38 :;85=B>2.  8A. 1.1. @8<5@ 20;NB=>9 ?>78F88 ?> H259F0@A:><C D@0=:C @8 MB>< 2?>;=5 @50;L=>9 O2;O5BAO B>@3>2;O 20;NB>9 ?@8 =0;8G88, A:065< 5000 4>;;0@>2, B0: :0: <=>385 10=:8, 1@>:5@A:85 :>=B>@K 8 48;8=3>2K5 F5=B@K ?@54;030NB A2>8< :;85=B0< ":@548B=>5 ?;5G>", 1;03>40@O :>B>@><C, 8=25AB>@ A =51>;LH8<8 A@54AB20<8 AB0=>28BAO CG0AB=8:>< @K=:0 FOREX: 2;>682 5000 4>;;0@>2, <>6=> A>25@H0BL A45;:8 =0 AC<<K 1>;55 100 000. @82;5:0B5;L=>ABL @K=:0 FOREX 4;O 8=48284C0;L=KE 8=25AB>@>2 A2O70=0 :>=5G=> 65, 2 ?5@2CN >G5@54L A 2>7<>6=>ABLN 1KAB@>3> ?>;CG5=8O 1>;LH8E 4>E>4>2. 59AB28B5;L=>, 3@0D8:8 42865=89 20;NB ?>:07K20NB, GB> C40G=> 70:;NG5==0O A45;:0 O2;O5BAO MDD5:B82=K< 8=25AB8F8>==K< @5H5=85<. 0 @8AC=:5 1.1 ?@54AB02;5= 3@0D8: H259F0@A:>3> D@0=:0, 87>1@065==K9 2 A>>B25BAB288 A B5E=8:>9 O?>=A:8E ?>4A25G=8:>2. 064K9 AB>;18: (A25G0) =0 MB>< 3@0D8:5 87>1@0605B 480?07>= 42865=8O 20;NBK 2 B5G5=85 >4=>3> G0A0. >A:>;L:C :=830 ?@54=07=0G5=0 ?@5645 2A53> 4;O @01>B0NI8E =0 @K=:5 FOREX B@5945@>2 8 4;O B5E, :B> CG8BAO MB>9 @01>B5, <K AG8B05<, GB> G8B0B5;L 7=0:>< A ?@8=OBK<8 2 B5E=8G5A:>< 0=0;875 A?>A>10<8 ?>AB@>5=8O @K=>G=KE 3@0D8:>2, :>B>@K5 4;O B5E, :B> A =8<8 =5 2AB@5G0;AO, <>3CB ?>:070BLAO =5?@82KG=K<8 8;8 =5C4>1=K<8, => =0 A0<>< 45;5 O2;ONBAO A0<K< C4>1=K< 3@0D8G5A:8< 8=AB@C<5=B><. >MB><C 2?>;=5 >?@0240==>, GB> =5:>B>@K5 3@0D8:8 20;NB=KE :C@A>2 2 :=835 1C4CB ?@54AB02;5=K 2 B>< 2845, :0: MB> ?@8=OB> C B@5945@>2 2 B5E=8G5A:>< 0=0;875. "@5945@ 2 40==>< A;CG05 :C?8; 100 000 4>;;0@>2 70 D@0=:8, 8A?>;L7>202 =0 MB> 152300 D@0=:>2, B0: :0: F5=0 4>;;0@0 1K;0 1.5230 D@0=:>2 70 4>;;0@. '5@57 53 G0A0 >= ?@>40; MBC 65 AC<<C 4>;;0@>2, => ?>A:>;L:C F5=0 4>;;0@0 70 MB> 2@5<O ?>4=O;0AL 4> 1.5410 D@0=:>2 70 4>;;0@, >= 25@=C; AC<<C 2 154100 D@0=:>2. 07=8F0 AC<<K ?5@2>=0G0;L=> 70B@0G5==KE D@0=:>2 8 AC<<K, ?>;CG5==>9 2 8B>35, A>AB02;O5B 1800 D@0=:>2; 5A;8 ?5@525AB8 8E 2 4>;;0@K (?> :C@AC 1.5410), B> ?>;CG05BAO @57C;LB0B 40==>9 >?5@0F88 2 1168 4>;;0@>2. ;O B>3> GB>1K 2K?>;=8BL ?>4>1=CN >?5@0F8N =0 B5E CA;>28OE, :>B>@K5 ?@54>AB02;ONB :;85=B0< 1@>:5@K, D0:B8G5A:8 4>AB0B>G=> 8A?>;L7>20BL 45?>78B 25;8G8=>9 2 1000 4>;;0@>2. >MB><C MDD5:B82=>ABL >?5@0F88 A>AB02;O5B 116 ?@>F5=B>2 70 420 A =51>;LH8< 4=O. 8:0:><C 4@C3><C 284C 187=5A0 ?>4>1=0O >B40G0 =54>ABC?=0. >=5G=>, B>B, :B> =0G8=05B 70=8<0BLAO >?5@0F8O<8 =0 20;NB=>< @K=:5, 4>;65= OA=> ?>=8<0BL, GB> MB8 >?5@0F88 O2;ONBAO 2KA>:>@8A:>20==K< 187=5A><. @><5 2>7<>6=>AB8 ?>;CG5=8O 1>;LH8E 4>E>4>2 >=8 =5ACB 8 2>7<>6=>ABL 1>;LH8E C1KB:>2, 0 ?@8 070@B=>< ?>4E>45 - 8 ?>;=>3> @07>@5=8O. 07=0G5=85 @K=:0 FOREX :0: <5AB0 ?@8<5=5=8O ;8G=>9 D8=0=A>2>9, 8=B5;;5:BC0;L=>9 8 ?A8E8G5A:>9 A8;K 2>2A5 =5 2 B><, GB>1K ?KB0BLAO ?>9<0BL B0< ?B8FC AG0ABLO. =>340 :><C-B> MB> C405BAO, => =5 =04>;3>. ;02=>5 4>AB>8=AB2> 20;NB=>3> @K=:0 2 B><, GB> B0< <>6=> 4>18BLAO CA?5E0 8<5==> A8;>9 A2>53> 8=B5;;5:B0. @C3>5 206=>5 A2>9AB2> 20;NB=>3> @K=:0, :0: MB> =5 AB@0==K< ?>:065BAO - 2 53> AB018;L=>AB8. 064K9 7=05B GB> >A=>2=>5 A2>9AB2> D8=0=A>2>3> @K=:0 - 53> =5>6840==K5 ?045=8O. > 2 >B;8G85 >B D>=4>2>3> @K=:0 FOREX =5 ?0405B. A;8 0:F88 >15AF5=8;8AL - B> MB> :@0E. A;8 65 >1@CH8;AO 4>;;0@, B> MB> 2A53> ;8HL >7=0G05B GB> 4@C30O 20;NB0 AB0;0 A8;L=55; =0?@8<5@ 85=0, :>B>@0O 70 =5A:>;L:> <5AOF52 2 :>=F5 1998 3>40 AB0;0 =0 G5B25@BL 4>@>65 ?> >B=>H5=8N : 4>;;0@C. @8G5< 1K;8 >B45;L=K5 4=8, :>340 ?045=85 4>;;0@0 87<5@O;>AL 45AOB:0<8 ?@>F5=B>2 (4;O A@02=5=8O, 2 ?@82545==>< 2KH5 ?@8<5@5 87<5=5=85 :C@A0 A>AB028;> 1,2%). > @K=>: =8:C40 =5 C?0; B>@3>2;O ?@>4>;60;0AL :0: 2A5340. <5==> 2 MB>< 70:;NG05BAO CAB>9G82>ABL @K=:0 8 A2O70==>3> A =8< 187=5A0: 20;NB0 - 01A>;NB=> ;8:284=K9 B>20@ 8 1C45B B>@3>20BLAO 2A5340. 0;NB=K9 @K=>: O2;O5BAO :@C3;>ACB>G=K<, >= =5 A2O70= A >?@545;5==K<8 G0A0<8 @01>BK 18@6, B>@3>2;O ?@>8AE>48B <564C 10=:0<8, =0E>4OI8<8AO 2 @07=KE G0ABOE 75<=>3> H0@0. >4286=>ABL 20;NB=KE :C@A>2 B0:>20, GB> 87<5=5=8O 25;8G8=>9 2 ?@>F5=BK ?@>8AE>4OB 25AL<0 G0AB>, ?>72>;OO A>25@H0BL ?> =5A:>;L:> >?5@0F89 :064K9 45=L. A;8 8<5BL >B@01>B0==CN =0456=CN B5E=>;>38N B>@3>2;8, <>6=> A45;0BL 87 =55 187=5A, A :>B>@K< ?> MDD5:B82=>AB8 =5 A@02=8BAO =8:0:>9 4@C3>9. 540@>< :@C?=59H85 10=:8 ?>:C?0NB 4>@>3>5 M;5:B@>==>5 >1>@C4>20=85 8 A>45@60B HB0BK 2 A>B=8 B@5945@>2 B>@3CNI8E =0 @07;8G=KE A5:B>@0E 20;NB=>3> @K=:0. 0G0;L=K5 70B@0BK =0 2E>645=85 2 MB>B 187=5A A53>4=O >G5=L =525;8:8. 59AB28B5;L=>, ?@>9B8 ?5@2>=0G0;L=>5 >1CG5=85, ?@8>1@5AB8 :><?LNB5@, :C?8BL 8=D>@<0F8>==K9 A5@28A 8 AD>@<8@>20BL 45?>78B AB>8B =5A:>;L:> BKAOG 4>;;0@>2; =0 B0:85 45=L38 =8:0:>9 @50;L=K9 187=5A =5 A>740HL. @8 871KB:5 ?@54;>65=89 CA;C3 2 MB>9 >1;0AB8 =09B8 =0456=>3> 1@>:5@0 - B0:65 2?>;=5 @50;L=>5 45;>. AB0;L=>5 7028A8B >B A0<>3> B@5945@0. 0: 2 =8:0:>9 4@C3>9 >1;0AB8 45OB5;L=>AB8 A53>4=O, 745AL 2A5 7028A8B >B 0A ;8G=>. ;02=>5, GB> ?>B@51C5B @K=>: 4;O CA?5H=>9 @01>BK - =5 :>;8G5AB2> 45=53, A :>B>@K<8 K 2>945B5 2 =53>. ;02=>5 - MB> A?>A>1=>ABL ?>AB>O==> :>=F5=B@8@>20BLAO =0 @01>B5 ?> 87CG5=8N @K=:0, ?>=8<0=8N 53> <5E0=87<>2 8 8=B5@5A>2 CG0AB=8:>2; MB> =5?@5@K2=>5 A>25@H5=AB2>20=85 A2>8E B>@3>2KE ?>4E>4>2 8 48AF8?;8=0 ?@8 8E @50;870F88. 8:B> =5 4>AB83 CA?5E0 =0 MB>< @K=:5, 84O =0?@>;>< A> A2>8< :0?8B0;>< =0?5@525A. K=>: A8;L=55 ;N1>3>, >= A8;L=55 4065 F5=B@0;L=KE 10=:>2 A 8E >3@><=K<8 70?0A0<8 20;NB=KE @575@2>2. 0@>4=K9 35@>9 20;NB=>3> @K=:0 6>@46 !>@>A 2>2A5 =5 ?>1548; 0=: =3;88, :0: 4C<0NB <=>385; >= ?@028;L=> ?@54C3040;, GB> 2 A;>682H8EAO ?@>B82>@5G8OE 52@>?59A:>9 D8=0=A>2>9 A8AB5<K 5ABL 4>AB0B>G=> ?@>1;5< 8 8=B5@5A>2, :>B>@K5 =5 404CB C45@60BL DC=B. "0: 8 ?>;CG8;>AL. 0=: =3;88, ?>B@0B82 >:>;> 20 <8;;80@4>2 4>;;0@>2 =0 ?>445@60=85 :C@A0 DC=B0, 1@>A8; 53>, ?@54>AB0282 @K=:C. K=>: @07>1@0;AO A MB>9 ?@>1;5<>9, 0 !>@>A ?>;CG8; A2>9 <8;;80@4. >MB><C F5=B@0;L=K5 10=:8 =5 ?@>AB> :><0=4CNB @K=:><, >ACI5AB2;OO A2>8 20;NB=K5 8=B5@25=F88, >=8 4C<0NB& . 0?@8<5@, Alan Greenspan, ?@54A540B5;L $545@0;L=>9 575@2=>9 !8AB5<K !( (Federal Reserve System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orex, >= 2A5 65 O2;O5BAO G0ABLN 1>;LH59 A5;5==>9, 8 <=>3>5 ?@>8AE>4OI55 2 =59, >:07K205B 2;8O=85 =0 20;NB=K5 :C@AK. 7<5=5=8O 2 M:>=><8:5 B>@3CNI8E AB@0=, ?>;8B8G5A:85 2K1>@K, @53C;8@CNI85 459AB28O D8=0=A>2KE 2;0AB59, B5 65 ?@8@>4=K5 :0B0:;87<K - 2A5 MB> A:07K205BAO =0 20;NB=KE :C@A0E.  5A;8 >4=8 87 MB8E A>1KB89 =52>7<>6=> ?@542845BL, B> 4@C385 O2;ONBAO 2?>;=5 ?;0=>2K<8 (=0?@8<5@, 2@5<O ?C1;8:0F88 M:>=><8G5A:8E =>2>AB59 @0A?8A0=> =0 <5AOFK 2?5@54) 8;8 2?>;=5 ?@>3=>78@C5<K<8. !;54>20B5;L=>, 5A;8 ?>AB@>8BL @07C<=K5 8 A2>52@5<5==K5 ?@>3=>7K, B> <>6=> ?@542845BL 8 1C4CI85 42865=8O 20;NB=KE :C@A>2, 87 :>B>@KE C65 872;5GL A2>N 2K3>4C. 535=40@=K< ?@8<5@>< ?@028;L=>3> ?>=8<0=8O, A2>52@5<5==>3> ?@542845=8O 8 C40G=>3> 8A?>;L7>20=8O A;>682H59AO A8BC0F88, 2>H54H8< 2 8AB>@8N 8 D>;L:;>@ 20;NB=>3> @K=:0, O2;ONBAO >?5@0F88 . !>@>A0, 8A?>;L7>202H53> =07@5202H55 ?045=85 1@8B0=A:>3> DC=B0 ( 8A. 1.2.).  8A. 1.2. @0D8: 1@8B0=A:>3> :C@A0 DC=B0 ?> >B=>H5=8N : =5<5F:>9 <0@:5 5704>;3> ?5@54 MB8< DC=B ?>2B>@=> 2>H5; 2 52@>?59A:CN A8AB5<C @53C;8@>20=8O 20;NB=KE :C@A>2, >1J548=82HCN 548=K< <5E0=87<>< >A=>2=K5 52@>?59A:85 20;NBK. >@>B:> 3>2>@O, A<KA; <5E0=87<0 @53C;8@>20=8O (European Rate Mechanism, ERM) 70:;NG0;AO 2 B><, GB> =07=0G0;8AL (8<5==> =07=0G0;8AL) =5:>B>@K5 F5=B@0;L=K5 >1<5==K5 :C@AK ?> :064>9 ?0@5 20;NB, 8 >B MB8E =07=0G5==KE :C@A>2 20;NB0 =5 <>3;0 >B:;>=8BLAO 1>;55 G5< =0 7040==>5 :>;8G5AB2> ?@>F5=B>2. "0:8< >1@07>< 20;NB=K5 :C@AK E>48;8 2=CB@8 A2>8E :>@84>@>2, 872820OAL =5:>B>@>9 7<559 (>B G53> 8 2AN A8AB5<C @53C;8@>20=8O =07K20;8 currency snake). A;8 >1KG=KE <5E0=87<>2 45=56=>3> @53C;8@>20=8O (?@5645 2A53> - ?@>F5=B=KE AB02>:) F5=B@0;L=K< 10=:0< =5 E20B0;> 4;O ?>445@60=8O 20;NB 2 MB8E :>@84>@0E, B> ?@8<5=O;8AL ?@O<K5 20;NB=K5 8=B5@25=F88: =0 3@0=8F5 20;NB=>3> :>@84>@0 :064K9 87 42CE F5=B@0;L=KE 10=:>2 4>;65= 1K; ?>:C?0BL 8;8 ?@>4020BL A2>N 20;NBC ?@>B82 20;NBK ?0@B=5@0, GB>1K A:>@@5:B8@>20BL :C@A, 703=02 53> 2=CB@L :>@84>@0. !;CG8;>AL B0:, GB> (:0: B5?5@L C65 4;O 2A5E >G5284=>) DC=B 2>H5; 2 MBC 20;NB=CN A8AB5<C A> A;8H:>< 2KA>:8< >1<5==K< :C@A>< ?> >B=>H5=8N : 4@C38< 20;NB0<. > >B=>H5=8N : =5<5F:>9 <0@:5 53> :C@A 1K; CAB0=>2;5= =0 C@>2=5 2,95 <0@>: 70 DC=B. @5<O 1K;> 4;O 2@>?K =5;53:>5, ?>A;5 >1J548=5=8O 5@<0=88 8 4@C38E 8725AB=KE A>1KB89 2> <=>38E M:>=><8:0E 1K;> =5<0;> ?@>1;5<.  =3;88 M:>=><8:0 B0:65 =0E>48;0AL =0 =86=59 AB0488 M:>=><8G5A:>3> F8:;0, A>?@>2>6405<>9 2KA>:>9 8=D;OF859 ( 8A. 6.1.) 8 2KA>:8<8 ?@>F5=B=K<8 AB02:0<8 ( 8A. 1.3.), ?045=85< ?@>872>4AB20 ( 8A. 1.4.), 2KA>:>9 157@01>B8F59 ( 8A. 1.5.) 8 B.4., GB> E>@>H> 284=> 87 ?@82>48<KE 3@0D8:>2.  8A. 1.3. @8B0=A:85 ?@>F5=B=K5 AB02:8  8A. 1.4. @><KH;5==>5 ?@>872>4AB2> 5;8:>1@8B0=88  8A. 1.5. #@>25=L 157@01>B8FK 2 5;8:>1@8B0=88 K?>;=OO >3>2>@5==K5 >1O70B5;LAB20 ?> @53C;8@>20=8N 20;NB=KE :C@A>2, F5=B@0;L=K5 10=:8 ?>B@0B8;8 =5<0;> 20;NBK; 1>;LH5 2A5E, 45AOB:8 <8;;80@4>2 4>;;0@>2, 87@0AE>4>20; C=45A10=: (Bundes Bunk - F5=B@0;L=K9 10=: 5@<0=88), ?>A:>;L:C DC=B =5?@5@K2=> ?040; ?@>B82 =5<5F:>9 <0@:8.  8B>35 0=: =3;88 (Bank of England, ) 8AG5@?0; 2A5 2>7<>6=>AB8 2K?>;=OBL >1O70B5;LAB20 ?> ?>445@60=8N :C@A0 DC=B0 2 A>>B25BAB288 A B@51>20=8O<8 52@>?59A:>3> <5E0=87<0 @53C;8@>20=8O. 0;L=59H89 ?>4J5< ?@>F5=B=KE AB02>: 1K; =52>7<>65= - >=8 8 B0: C65 =0E>48;8AL =0 A;8H:>< 2KA>:>< C@>2=5, A>74020O 4>?>;=8B5;L=K5 ?@>1;5<K 2 M:>=><8:5, 2 G0AB=>AB8 C25;8G820O 157@01>B8FC. >MB><C 2 :>=F5 :>=F>2 0=: ?@8=O; =587156=>5 @5H5=85 - ?@54>AB028; @K=:C @53C;8@>20BL :C@A0 DC=B0, :>B>@K9 A@07C 2A;54 70 MB8< @57:> C?0;, 8 =3;8O 2KH;0 87 52@>?59A:>3> <5E0=87<0 @53C;8@>20=8O >1<5==KE :C@A>2. @028;L=>5 ?>=8<0=85 ACB8 A8BC0F88 8 ?@542845=85 55 8AE>40 ?>72>;8;8 !>@>AC 2>2@5<O A45;0BL 25@=K5 AB02:8 ?@>B82 DC=B0 8 70@01>B0BL A2>9 <8;;80@4 4>;;0@>2. $C=40<5=B0;L=K9 0=0;87 2 ?@8<5=5=88 : 20;NB=><C @K=:C 87CG05B <564C=0@>4=K5 M:>=><8G5A:85, D8=0=A>2K5 8 ?>;8B8G5A:85 D0:B>@K, 8E 2708<>A2O7L 8 2;8O=85 =0 ?>2545=85 20;NB=KE :C@A>2. "0:8< >1@07><, >= 2848B B>, G53> =5B =0 3@0D8:0E. !53>4=O 5I5 =5B, => 702B@0 C65 ?>O28BAO 8 AB0=5B ?@54<5B>< B5E=8G5A:>3> 0=0;870; ;N1>5 42865=85 F5=K ?>;CG8B B>340 A2>5 3@0D8G5A:>5 8AB>;:>20=85, :>B>@>5 <>6=> 1C45B 8A?>;L7>20BL 2 ?@>3=>70E 8 4;O >B:@KB8O ?>78F89. > C65 ?>A;5702B@0.  5A;8 ?@028;L=> 8 2>2@5<O 8AB>;:>20BL A>1KB8O, ?@>8AE>4OI85 70 3@0D8:>< A53>4=O, B> 702B@0 C65 <>6=> ?>;CG8BL ?@81K;L. ?>;=5 @57>==K9 2>?@>A: 2>7<>6=> ;8 B>@3>20BL =5 7=0O 8 =5 87CG0O DC=40<5=B0;L=>3> 0=0;870? ?@545;5==> <>6=> A:070BL, GB> 40. G5=L <=>385 B0: 8 45;0NB. 7>18;85 C2;5:0B5;L=> (8=>340 8 702;5:0B5;L=>) =0?8A0==>9 ;8B5@0BC@K ?> 20;NB=><C 48;8=3C, :06CI0OAO ?@>AB>B0 >A=>2=KE ?@8=F8?>2 B5E=8G5A:>3> 0=0;870 8 4>ABC?=>ABL :><?LNB5@=KE A5@28A>2, ?0:5B>2 B5E=8G5A:>3> 0=0;870, ?>445@6820NI8E 25AL<0 4@C65AB25==K9 480;>3 A ?>;L7>20B5;5< (?>GB8 :064K9 87 :>B>@KE AG8B05B A51O :><?LNB5@=K< ?@>D5AA8>=0;><) - 2A5 MB> ?>72>;O5B ;53:> 8 1571>;57=5==> ?@>9B8 ABC?5=8 ?5@2>=0G0;L=>3> >7=0:><;5=8O A ?@54<5B>< 8 A@07C 65 ?@8ABC?8BL : ?@0:B8G5A:8< >?5@0F8O<. K205B GB> ?>B>< G5;>25: ?>?0405B 2 ?>;>AC =5C40G, :>340 2A5, :065BAO, ?>=8<05HL ?@028;L=>, 2A5 7=05HL 8 C<55HL 2 A>>B25BAB288 A ;CGH8<8 <5B>48:0<8, 0 C1KB:8 A;54CNB 70 C1KB:0<8, B>340 >= =0G8=05B 8A:0BL ?@8G8=K 2> 2A5<: >128=OBL 2 ?;>E>< A5@28A5 48;8=3>2K9 F5=B@, 1@>:5@0 - 2 =5:>@@5:B=>< :>B8@>20=88 20;NB, >1>A=>2K205B :>=F5?F8N > B><, GB> 25AL MB>B 187=5A - ?8@0<840 4;O >1<0=0 =0@>40 8 B.4. 54:> C :>3> 2 B0:>< A>AB>O=88 E20B05B >1J5:B82=>AB8 A?@>A8BL A51O - 0 70G5< >= ?@8H5; =0 MB>B @K=>:, 8 G5AB=> >B25B8BL - GB>1K >B=OBL C 4@C38E 45=L38. ( MB>9 A2O78 <>6=> 2A?><=8BL @5:;0<C 87 6C@=0;0 A>;40B C40G8, 7>2CI53> 65;0NI8E ?>?KB0BL A2>5 AG0ABL5 2 @5<5A;5 =05<=8:0: "K A<>65B5 >1J5E0BL 25AL <8@, C2845BL 25;8:>;5?=K5 <5AB0, ?>7=0:><8BLAO A 8=B5@5A=K<8 ;N4L<8 8 C18BL 8E". >340 0A 7>2CB 2 20;NB=K9 48;8=3. 0< 254L B>65 ?@54;030NB C2845BL 25;8:>;5?=K9 8 >3@><=K9 <8@ D8=0=A>2KE @K=:>2, ?>7=0:><8BLAO A 8=B5@5A=K<8 ;N4L<8 8 >B=OBL C =8E 45=L38.) A;8 K A59G0A ?>:C?05B5 20;NBC 2 @0AG5B5 =0 2K3>4=CN A45;:C, B> C405BAO 0< MB> A45;0BL ;8HL ?>B><C, GB> :B>-B> 0< MBC 20;NBC ?@>405B; 8 ?;0=K =0 MB8 45=L38 C =53> ?@O<> ?@>B82>?>;>6=K5 0H8<.  24@C3 >= 87CG8; :0:85-B> AB>@>=K 687=8 @K=:0 ;CGH5 8;8 7=05B GB>-B> > @K=:5, 2 G5< K C?CAB8;8 2>7<>6=>ABL 2>2@5<O @07>1@0BLAO; =5 70:;NG05BAO ;8 2 MB>< 53> ?@58<CI5AB2>? :50= 8=D>@<0F88, >:@C60NI59 20;NB=>3> B@5945@0, =5>1JOB5=; 8<5==> 8=D>@<0F8O O2;O5BAO >1J5:B>< 8 8=AB@C<5=B>< B>@3>2;8 =0 A>2@5<5==KE 20;NB=KE @K=:0E (:0: A:070=> 2 >4=>< CG51=8:5, "currency trader is information trader"). A;8 K =5 2848B5 :0:CN-;81> G0ABL MB>3> >:50=0, B> C?CI5==K5 0<8 2>7<>6=>AB8 =5 ?@>AB> 25;8:8; 5I5 EC65 B>, GB> K > =8E =8:>340 =5 C7=05B5.  DC=40<5=B0;L=K9 0=0;87, <8<> :>B>@>3> K ?@>H;8, MB> E>@>H89 20@80=B B0:>9 C?CI5==>9 2>7<>6=>AB8. I5 >4=> A>>1@065=85 8<55B A<KA; ?@825AB8 2 A2O78 A B5<, GB> MB0 :=830 04@5A>20=0 8<5==> @>AA89A:><C =0G8=0NI5<C B@5945@C. 3> 70@C156=K9 :>=:C@5=B <>65B 1KBL A 45BAB20 2>>@C65= 5A;8 =5 7=0=85<, B> >ICI5=85< @K=>G=>9 0B<>AD5@K, ?@>AB> ?>B><C GB> >= 2 =59 6825B. = <>65B 1KBL MB><C >1CG5=, :@><5 B>3> 2 :>;;5465, 8 : 53> CA;C30< 2A5340 F5;K5 10B0;L>=K 0=0;8B8:>2, :>=AC;LB0=B>2 8 :=86=K5 ?>;:8 A?5F80;L=KE 1N;;5B5=59 8 6C@=0;>2. K=>G=>5 2>A?@8OB85, M:>=><8G5A:89 "74@02K9 A<KA;" <>3CB 1KBL 4;O =53> 5AB5AB25==K<8 8 2?>;=5 4>AB0B>G=K<8 4;O B>@3>2;8 =0 20;NB=>< @K=:5 157 >A>1>9 4>?>;=8B5;L=>9 A?5F80;L=>9 ?>43>B>2:8 (B5< =5 <5=55, 8=>AB@0==K5 CG51=8:8 ?> 20;NB=><C 48;8=3C =5 >3@0=8G820NBAO >@30=870F859 20;NB=>3> 48;8=30 8 B5E=8G5A:8< 0=0;87><, DC=40<5=B0;L=K9 0=0;87 70=8<05B 2 =8E 7=0G8B5;L=>5 <5AB>; ACI5AB2CNB 8 >B45;L=K5 @C:>2>4AB20 ?> =5<C). >AA89A:89 65 =0G8=0NI89 B@5945@ @K=>G=>9 8=BC8F859, "M:>=><8G5A:8< 74@02K< A<KA;><" =5 >1;0405B, B0: :0: =8 M:>=><8:8, =8 @K=:0, =8 =0AB>OI59 @K=>G=>9 AB0B8AB8:8 =8:>340 =5 2845;, 0 M:>=><8G5A:>5 ?>2545=85 =5 O2;O5BAO 2@>645==K<. >MB><C =04> CG8BLAO, =8G53> ;CGH53> =8:B> =5 ?@84C<0;. 7CG5=85 DC=40<5=B0;L=>3> 0=0;870 - MB> 2 1>;LH>9 AB5?5=8 ?@>AB> 87CG5=85 A0<>3> @01>G53> <5AB0 20;NB=>3> B@5945@0, 53> B>@3>2>3> 70;0, @0A?>;>65==>3> A@07C 2> 2A5E G0A>2KE ?>OA0E 75<=>3> H0@0. 0;> :B> A53>4=O 8<55B 4>AB0B>G=K9 687=5==K9 >?KB 4;O B>3> GB>1K A2>1>4=> >@85=B8@>20BLAO 2 B><, GB> ?@>8AE>48B 2 MB>< B>@3>2>< 70;5, 2> 2A5E 53> C3>;:0E.  7=0BL MB> =04>, 8 7=0BL 4>AB0B>G=> 45B0;L=>, ?>25@E=>AB=>3> ?@54AB02;5=8O, 8=BC8F88 BCB =54>AB0B>G=>. ">B, :B> >B:07K205BAO B@0B8BL 2@5<O =0 87CG5=85 B>9 AB>@>=K 687=8 20;NB=KE @K=:>2, GB> ?@>E>48B 70 M:@0=0<8 <>=8B>@>2, ?> :>B>@K< 153CB 3@0D8:8 20;NB=KE :C@A>2, B>B ?@>AB> 405B D>@C 8 >B405B 45=L38 4@C38<. @O4 ;8 :B> 1C45B 2 A>AB>O=88 >F5=8BL 53> 4CH52=CN 4>1@>BC. @><5 B>3>, =04> ?@028;L=> ?>=8<0BL, GB> 20;NB=K9 @K=>: MB> B>;L:> G0ABL D8=0=A>2>3> @K=:0. 7-70 B>3> GB> 4@C385 :><?>=5=BK D8=0=A>2>3> @K=:0 2 AB@0=5 >BACBAB2CNB (3>AC40@AB25==K5 F5==K5 1C<038, 0:F88 8 :>@?>@0B82=K5 >1;830F88 8 B.4.) 8<5==> @01>B0 20;NB=>3> B@5945@0 AB0;0 548=AB25==> 4>ABC?=>9 4;O 8=48284C0;L=>3> 8=25AB>@0 2 >AA88; MB> 548=AB25==0O 2>7<>6=>ABL A59G0A 2 >AA88 C2845BL @K=>: 8 ?@8=OBL 2 =5< CG0AB85. 0;NB=K5 A?5:C;OB82=K5 >?5@0F88 <>3CB ?@8=5AB8 1>;LH>9 4>E>4 2 :@0BG09H55 2@5<O, => >=8 65 2> 2A5< <8@5 A?@0254;82> AG8B0NBAO A0<K<8 A;>6=K<8 8 @8A:>20==K<8. 45AL 2 =081>;LH59 AB5?5=8 B@51C5BAO 8=B5;;5:B, 7=0=8O, 48AF8?;8=0 8 2 B> 65 2@5<O A?>A>1=>ABL : B2>@G5A:>9 @01>B5. ">B, :B> A>AB>O;AO :0: 20;NB=K9 B@5945@ A<>65B @01>B0BL =0 ;N1>< @K=:5; B0: C6 ?>;CG8;>AL, GB> =0G8=0BL ?@8E>48BAO A A0<>3> A;>6=>3>. 5A:>;L:> =5>1E>48<KE 70<5G0=89 > 40==>9 :=835. =0 A>74020;0AL :0: G0ABL CG51=>3> ?>A>18O =0;87 8 ?;0=8@>20=85 >?5@0F89 =0 20;NB=KE @K=:0E 8 2E>48B 2 CG51=CN ?@>3@0<<C, >ACI5AB2;O5<CN ForexClub (3. ;0482>AB>:). @54=07=0G5=0 4;O ?5@2>=0G0;L=>3> 87CG5=8O <5B>4>2 A>F80;L=>-M:>=><8G5A:>9 AB0B8AB8:8 8 0=0;870 DC=40<5=B0;L=KE D0:B>@>2 2 ?@8<5=5=88 : <564C=0@>4=><C 20;NB=><C @K=:C Forex. 284C B>3>, GB> 2 =0AB>OI55 2@5<O =0 @CAA:>< O7K:5 =5B =8 >4=>9 :=838 ?> DC=40<5=B0;L=><C 0=0;87C, 02B>@ 2845; A2>N 7040GC 2 B><, GB>1K ?@54AB028BL =0 >1I54>ABC?=>< C@>2=5 >A=>2=K5 <0:@>M:>=><8G5A:85 8=48:0B>@K, 8A?>;L7C5<K5 20;NB=K<8 B@5945@0<8 2> 2A5< <8@5, AB0@0OAL @0A:@KBL 8E M:>=><8G5A:89 A<KA;, ?@028;0 8AB>;:>20=8O, 0 70B5< =0 A?5F80;L=> ?>4>1@0==KE ?@8<5@0E 87 =5402=59 687=8 20;NB=KE @K=:>2 ?>:070BL 8E A2O7L A 2>7<>6=K<8 @50:F8O<8 B@5945@>2.  :=835 ?@82545=> <=>3> 3@0D8:>2, ?>:07K20NI8E A>AB>O=85 8 @0728B85 >A=>2=KE M:>=><8: <8@0 8 ?@8<5@>2 682>9 @50:F88 @K=:0 =0 ?@>8AE>482H85 2 A0<>5 =5402=55 2@5<O A>1KB8O. > 2?>;=5 ?>=OB=K< ?@8G8=0< >A=>2=K< 8AB>G=8:>< ?@8 =0?8A0=88 :=838 1K;8 @C:>2>4AB20 4;O 20;NB=KE B@5945@>2, 8740==K5 2 !(, ?>MB><C <=>385 ?@8<5@K :>=:@5B=KE M;5<5=B>2 D8=0=A>2>9 ?>;8B8:8 8;;NAB@8@CNBAO =0 0<5@8:0=A:>< <0B5@80;5, => 2 F5;>< >=0 >E20BK205B <5B>4K 0=0;870 DC=40<5=B0;L=KE D0:B>@>2, ?@8<5=O5<K5 ?@8 B>@3>2;5 ;N1>9 20;NB>9 =0 @K=:5 FOREX. 1JOA=OO >?@545;5=8O 8 A<KA; M:>=><8G5A:8E 8=48:0B>@>2, <K 25745 AB0@0;8AL ?@82>48BL 8E 0=3;89A:85 =08<5=>20=8O 8 CA;>2=K5 >1>7=0G5=8O, ?>A:>;L:C A8AB5<K ?>AB02:8 M:>=><8G5A:8E 40==KE 2 @50;L=>< 2@5<5=8 - 0=3;>O7KG=K5 8 7=0:><AB2> A> A?5F80;L=>9 B5@<8=>;>3859 O2;O5BAO >1O70B5;L=K<. ;O C4>1AB20 G8B0B5;59 2 :>=F5 :=838 ?@54AB02;5=K 0=3;>-@CAA:85 C:070B5;8 A?5F80;L=KE D8=0=A>2KE B5@<8=>2, 8A?>;L7C5<KE 2 :=835 (=0 AB@0=8F5, 345 B0:>9 B5@<8= 2AB@5G05BAO 2?5@2K5, >= 2K45;5= 68@=K< H@8DB><) 8 B5E M:>=><8G5A:8E 8=48:0B>@>2, :>B>@K5 2 =59 ?@54AB02;5=K. =830 ?@54CA<0B@8205B 420 C@>2=O >A2>5=8O <0B5@80;0: 0) >1I55 >7=0:><;5=85 A ?@8@>4>9 20;NB=>3> @K=:0 8 D0:B>@0<8, 2;8ONI8<8 =0 53> ?>2545=85, 1) ?>;CG5=85 :>=AB@C:B82=KE =02K:>2 0=0;870 DC=40<5=B0;L=KE 40==KE. >MB><C, A CG5B>< 2>7<>6=KE @07;8G89 2 C@>2=5 ?>43>B>2;5==>AB8 G8B0B5;59, 1>;55 A;>6=K9 <0B5@80; 2K45;5= >B45;L=> (>B<5G5= 2 B5:AB5 :=838 7=0G:>< () 8 ?><5I5= 2 :>=F5 A>>B25BAB2CNI8E ?0@03@0D>2; >= ?@54=07=0G5= 4;O B5E, :B> 65;05B =0CG8BLAO A0<>AB>OB5;L=> 2K?>;=OBL >1@01>B:C M:>=><8G5A:8E 40==KE, 2KO2;OBL 8E 2708<>A2O78, AB@>8BL ?@>3=>7K, 2 B>< G8A;5 A ?@8<5=5=85< <0B5<0B8G5A:8E <5B>4>2 8 ?0:5B>2 B5E=8G5A:>3> 0=0;870. AB0;L=K5 <>3CB ?@>?CA:0BL MBC G0ABL :=838, ?@>G89 <0B5@80; >B =55 =5 7028A8B. 2. 564C=0@>4=K9 20;NB=K9 @K=>: 8 >A=>2=K5 <8@>2K5 20;NBK A;8 AD>@<C;8@>20BL ?> 2>7<>6=>AB8 B>G=>5 >?@545;5=85, B> <564C=0@>4=K9 20;NB=K9 @K=>: FOREX (Foreign Exchange Market) ?@54AB02;O5B A>1>9 A>2>:C?=>ABL >?5@0F89 ?> :C?;5-?@>4065 8=>AB@0==>9 20;NBK, 8 ?@54>AB02;5=8N AAC4 =0 :>=:@5B=KE CA;>28OE (AC<<0, >1<5==K9 :C@A, ?@>F5=B=0O AB02:0) A 2K?>;=5=85< =0 >?@545;5==CN 40BC. A=>2=K<8 CG0AB=8:0<8 20;NB=>3> @K=:0 O2;ONBAO: :><<5@G5A:85 10=:8, 20;NB=K5 18@68, F5=B@0;L=K5 10=:8, D8@<K, >ACI5AB2;ONI85 2=5H=5B>@3>2K5 >?5@0F88, 8=25AB8F8>==K5 D>=4K, 1@>:5@A:85 :><?0=88; ?>AB>O==> @0AB5B =5?>A@54AB25==>5 CG0AB85 2 20;NB=KE >?5@0F8OE G0AB=KE ;8F. FOREX - A0<K9 1>;LH>9 @K=>: 2 <8@5, >= A>AB02;O5B ?> >1J5<C 4> 90 % 2A53> <8@>2>3> @K=:0 :0?8B0;>2. "KAOG8 CG0AB=8:>2 MB>3> @K=:0 - 10=:8, 1@>:5@A:85 D8@<K, 8=25AB8F8>==K5 D>=4K, D8=0=A>2K5 8 AB@0E>2K5 :><?0=88 - 2 B5G5=85 24 G0A>2 2 ACB:8 ?>:C?0NB 8 ?@>40NB 20;NBC, 70:;NG0O A45;:8 2 B5G5=85 =5A:>;L:8E A5:C=4 2 ;N1>9 B>G:5 5<=>3> H0@0. 1J548=5==K5 2 548=CN 3;>10;L=CN A5BL A?CB=8:>2K<8 :0=0;0<8 A2O78 A ?><>ILN A>25@H5==59H8E :><?LNB5@=KE A8AB5<, >=8 A>740NB >1>@>B 20;NB=KE A@54AB2, :>B>@K9 2 AC<<5 70 3>4 ?@52KH05B 2 10 @07 >1I89 3>4>2>9 20;>2>9, =0F8>=0;L=K9 ?@>4C:B 2A5E 3>AC40@AB2 <8@0 (?@8G5<, F8D@0 27OB0 87 CG51=8:0 5-;5B=59 402=>AB8). ;O G53> =5>1E>48<> ?5@5<5I5=85 B0:8E >3@><=KE 45=56=KE <0AA ?> M;5:B@>==K< :0=0;0<? 0;NB=K5 >?5@0F88 >15A?5G820NB M:>=><8G5A:85 A2O78 <564C CG0AB=8:0<8 @07;8G=KE @K=:>2, =0E>4OI8<8AO ?> @07=K5 AB>@>=K 3>AC40@AB25==KE 3@0=8F: <563>AC40@AB25==K5 @0AG5BK, @0AG5BK <564C D8@<0<8 87 @07=KE AB@0= 70 ?>AB02;O5<K5 B>20@K 8 CA;C38, 8=>AB@0==K5 8=25AB8F88, <564C=0@>4=K9 BC@87< 8 45;>2K5 ?>574:8. 57 20;NB>>1<5==KE >?5@0F89 MB8 206=59H85 284K M:>=><8G5A:>9 0:B82=>AB8 =5 <>3;8 1K ACI5AB2>20BL. > 45=L38, A;C60I85 745AL 8=AB@C<5=B><, A0<8 AB0=>2OBAO B>20@><, B0: :0: A?@>A 8 ?@54;>65=85 ?> >?5@0F8O< A :064>9 20;NB>9 2 @07;8G=KE 45;>2KE F5=B@0E <5=O5BAO 2> 2@5<5=8, 0 A;54>20B5;L=> <5=O5BAO 8 F5=0 :064>9 20;NBK, ?@8G5< <5=O5BAO 1KAB@> 8 =5?@54A:07C5<K< >1@07><. 564C=0@>4=>5 20;NB=>5 CAB@>9AB2> A53>4=O >A=>2K205BAO =0 @568<5 ?;020NI8E 20;NB=KE :C@A>2: F5=C 20;NBK >?@545;O5B ?@5645 2A53> @K=>:. >MB><C 20;NB=K9 :C@A B> ?>4=8<05BAO 225@E (20;NB0 4>@>605B), B> ?0405B 2=87. =0G8B, <>6=> :C?8BL 20;NBC 45H52;5 8 G5@57 =5:>B>@>5 2@5<O ?@>40BL 55 4>@>65, ?>;CG82 ?@8 MB>< ?@81K;L. 564C=0@>4=0O 20;NB=0O A8AB5<0 ?@>H;0 1>;LH>9 ?CBL 70 BKAOG5;5B8O 8AB>@88 G5;>25G5AB20, => =5A><=5==> A53>4=O 2 =59 ?@>8AE>4OB 87<5=5=8O A0<K5 8=B5@5A=K5 8 @0=55 =5<KA;8<K5. 20 3;02=KE 87<5=5=8O >?@545;ONB =>2K9 >1;8: <8@>2>9 20;NB=>9 A8AB5<K: 0) 45=L38 ?>;=>ABLN >B45;5=K B5?5@L >B :0:>3> 1K B> =8 1K;> <0B5@80;L=>3> =>A8B5;O; 1) <>I=K5 8=D>@<0F8>==K5 8 B5;5:><<C=8:0F8>==K5 B5E=>;>388 ?>72>;8;8 >1J548=8BL 45=56=K5 A8AB5<K @07=KE AB@0= 2 548=CN 3;>10;L=CN D8=0=A>2CN A8AB5<C, =5 ?@87=0NICN 3@0=8F. 0=LH5 2A5 1K;> 4>AB0B>G=> ?@>AB> 8 ?>=OB=>: ";N48 381=CB 70 <5B0;;".  B5?5@L 45=L38 - =5 B>;L:> =5 <5B0;;, => 4065 8 =5 B5 3@5NI85 27>@ 75;5=K5 1C<06:8. 0AB>OI85 45=L38, 4286CI85 AC4L10<8 ;N459, AB0;:820NI85 AB@0=K 8 =0@>4K, @07@CH0NI85 8<?5@88 8 A>740NI85 =>2K5, A53>4=O MB8 45=L38 - ?@>AB> F8D@K =0 M:@0=0E :><?LNB5@>2. %>@>H> MB> 8;8 =5B - =5 ?@54<5B DC=40<5=B0;L=>3> 0=0;870, => D8=0=A>2K9 @K=>: ?;0=5BK A53>4=O B0:>2 8 =04> CG8BLAO =0 =5< @01>B0BL. 564C=0@>4=K9 20;NB=K9 @K=>: 2 B>< 2845, :0: <K 53> 7=05<, 2>7=8: ?>A;5 1973 3>40, => =0G0;> 53> =>259H59 8AB>@88 1K;> ?>;>65=> ;5B>< 1944 3>40 2 0<5@8:0=A:>< :C@>@B=>< 3>@>4:5 @5BB>=-C44A. AE>4 B>@>9 8@>2>9 2>9=K C65 =5 2K7K20; A><=5=89 8 A>N7=8:8 70=O;8AL ?>A;52>5==K< D8=0=A>2K< CAB@>9AB2>< ?;0=5BK.  B> 2@5<O :0: M:>=><8:8 2A5E 254CI8E 3>AC40@AB2 ?>A;5 2>9=K 4>;6=K 1K;8 >:070BLAO 2 @C8=0E ;81> 2 B8A:0E 2>5==>3> ?@>872>4AB20, M:>=><8:0 !( 2KE>48;0 87 2>9=K =0 ?>4J5<5.  B0: :0: 8 ?>1548B5;8, 8 65@B2K, 8 ?>15645==K5 =C640;8AL 2 ?8I5, B>?;825, AK@L5 8 >1>@C4>20=88, 0 40BL 2A5 MB> 2 4>AB0B>G=>< :>;8G5AB25 <>3;0 B>;L:> 0<5@8:0=A:0O M:>=><8:0, B> 2>7=8:0; 2>?@>A, G5< 4@C385 AB@0=K 70 MB> 1C4CB ?;0B8BL. >A;5 2>9=K >=8 <0;> GB> 8<5;8 87 B>3>, GB> <>3;> 708=B5@5A>20BL !(; 7>;>B>9 70?0A C !( 8 B0: 1K; A0<K< 1>;LH8<, <=>385 65 AB@0=K 2@O4 ;8 8<5;8 53> 2>>1I5. @8 ;N1KE ?>?KB:0E =0;048BL B>@3>2;N G5@57 >1<5= 20;NB F5=0 =0 4>;;0@ ?> ?@8G8=5 2KA>:>3> A?@>A0 =0 0<5@8:0=A:85 B>20@K =587156=> 4>;6=0 1K;0 ?>4=OBLAO 4> B0:>3> C@>2=O, GB> 2A5 ?@>G85 20;NBK >15AF5=8;8AL 1K 8 ?@8>1@5B5=85 0<5@8:0=A:8E B>20@>2 AB0;> =52>7<>6=K<. ! 4@C3>9 AB>@>=K, MB> <>6=> 1K;> AG8B0BL GL59 C3>4=> ?@>1;5<>9, :@><5 !>548=5==KE (B0B>2, => 4>AB0B>G=>5 G8A;> ;N459 ?>=8<0;>, GB> 8<5==> B0:>9 ?>4E>4 8 ?@825; :> B>@>9 8@>2>9 2>9=5. >A;5 5@2>9 8@>2>9 2>9=K <5@8:0 C<K;0 @C:8, >AB0282 <564C=0@>4=CN >B25BAB25==>ABL =0 4>;N 4@C38E AB@0=. 8@ 8A?KBK20; A8;L=K9 4>;;0@>2K9 3>;>4, 7>;>BK5 70?0AK AB@0= ?5@5B5:0;8 2 !(, ?@>G85 20;NBK >15AF5=820;8AL. AB5AB25==K5, => =540;L=>284=K5 ?@>B5:F8>=8ABA:85 @5H5=8O 87>;8@>20;8 M:>=><8:8 4@C3 >B 4@C30 8 M:>=><8G5A:89 =0F8>=0;87< ;53:> ?5@5H5; 2 48?;><0B8G5A:85 >B=>H5=8O 8 ?5@5@>A 2 2>9=C. ;O ?@54>B2@0I5=8O ?>A;52>5==>3> :>;;0?A0 20;NB D8=0=A>2K9 D>@C< 2 @5BB>=-C44A5 A>740; @O4 D8=0=A>2KE 8=AB8BCB>2, 2 B>< G8A;5 564C=0@>4=K9 0;NB=K9 $>=4. ?5@2>=0G0;L=> ?@54AB02;O2H89 A>1>9 >1J548=5==K5 20;NB=K5 @5AC@AK, :C40 2A5 AB@0=K (=> 2 <0:A8<0;L=>9 AB5?5=8 !() 2=>A8;8 A2>N 4>;N, 8 >B:C40 :0640O AB@0=0 <>3;0 1@0BL 4;O ?>445@60=8O A2>59 20;NBK. ;O 0<5@8:0=A:>3> 4>;;0@0 1K;> 70D8:A8@>20=> 7>;>B>5 A>45@60=85 (35 4>;;0@>2 70 B@>9A:CN C=F8N), 0 ?@>G85 20;NBK 1K;8 ?@82O70=K : 4>;;0@C 2 >?@545;5==>< A>>B=>H5=88 (D8:A8@>20==K5 >1<5==K5 :C@AK). > ?>A;52>5==K9 A?@>A =0 4>;;0@ >:070;AO 2KH5 2A5E >6840=89. =>385 AB@0=K ?@>4020;8 A2>N 20;NBC 4;O ?>:C?:8 4>;;0@>2 =0 ?@8>1@5B5=85 0<5@8:0=A:8E B>20@>2. <5@8:0=A:89 M:A?>@B =0<=>3> ?@52>AE>48; 8<?>@B (@>A;> ?>;>68B5;L=>5 A0;L4> B>@3>2>3> 10;0=A0), 45D8F8B 4>;;0@>2 2 <8@5 =0@0AB0;. 5AC@A>2 $ =5 E20B0;> =0 708<AB2>20=8O AB@0=0< 4;O ?>445@60=8O 8E 20;NB. B25B>< =0 MB8 ?@>1;5<K 1K; 0<5@8:0=A:89 ?;0= 0@H0;;0, ?> :>B>@><C 52@>?59A:85 AB@0=K ?@54>AB028;8 !>548=5==K< (B0B0< ?5@5G5=L =5>1E>48<KE 4;O ?>4J5<0 8E M:>=><8: <0B5@80;L=KE @5AC@A>2, 0 !( ?5@540;8 8< (=5 2709<K) >1J5< 4>;;0@>2, 4>AB0B>G=K9 4;O ?@8>1@5B5=8O C:070==>3>. -B8 4>;;0@K ?@54>B2@0B8;8 4520;L20F8N 4@C38E 20;NB, A?>A>1AB2>20;8 =>2><C @>ABC 0<5@8:0=A:>3> M:A?>@B0, >B:@K20O 4;O =53> 2A5 =>2K5 @K=:8. <5@8:0=A:>5 ?@8ACBAB285 2> 2A5E G0ABOE A25B0 G5@57 @0AE>4K =0 A>45@60=85 2>5==KE 107, 0<5@8:0=A:85 G0AB=K5 8=25AB8F88 2 187=5A 2@>?K (?@8>1@5B5=85 52@>?59A:8E D8@< 8;8 CG0AB85 2 =8E), 0:B82=>ABL 0<5@8:0=A:8E BC@8AB>2, B@0B82H8E 45=L38 ?> 2A5<C A25BC, ?>AB5?5==> =0?>;=8;8 4>;;0@0<8 8=>AB@0==K5 10=:8 2 :>;8G5AB20E, 1>;LH8E =5>1E>48<>3>.  :>=F5 50-E 3>4>2 52@>?59A:89 187=5A C65 =5 =C640;AO 2 ?@56=5< :>;8G5AB25 0<5@8:0=A:8E B>20@>2, 8<5; 1>;55 ?@82;5:0B5;L=K5 2>7<>6=>AB8 8=25AB8@>20=8O, G5< 4>;;0@>2K5 45?>78BK, 8 ?>B><C =5 65;0; 45@60BL 871KB>: 4>;;0@>2. =0G0;5 0<5@8:0=A:>5 07=0G59AB2> 3>B>2> 1K;> 2K:C?0BL 4>;;0@K, >?;0G820O 8E CAB0=>2;5==K< 7>;>BK< A>45@60=85<, =5 4>?CA:0O ?045=8O :C@A0 4>;;0@0 ?> >B=>H5=8N : 4@C38< 20;NB0<. > ?>B>: 7>;>B0 87 !( ?@825; : C<5=LH5=8N 242>5 7>;>B>3> 70?0A0 0 =0G0;5 60-E 3>4>2. =>AB@0==K5 F5=B@0;L=K5 10=:8 4;8B5;L=>5 2@5<O B0:65 ?>445@6820;8 :C@A 4>;;0@0 ?> >B=>H5=8N : =0F8>=0;L=K< 20;NB0<, A:C?0O 87;8H:8 4>;;0@>2, ?@54;0305<K5 =0A5;5=85<, G0AB=K<8 10=:0<8 8 187=5A><. !8AB5<0 D8:A8@>20==KE >1<5==KE :C@A>2 ?@>45@60;0AL 4> =0G0;0 70-E 3>4>2.  MB><C 2@5<5=8 !( C65 =5 8<5;8 1;03>?@8OB=>3> B>@3>2>3> 10;0=A0; 4@C385 AB@0=K ?@>4020;8 <5@8:5 2A5 1>;LH5, 0 ?>:C?0;8 C =55 2A5 <5=LH5. >;;0@K, >B :>B>@KE 87102;O;8AL 70 @C156><, >A540;8 2 8=>AB@0==KE F5=B@0;L=KE 10=:0E 15A?5@A?5:B82=K< =52>AB@51>20==K< 3@C7><.  B5G5=85 =5A:>;L:8E ;5B !( A>?@>B82;O;8AL =587156=>9 4520;L20F88 4>;;0@0 8 =5 A>3;0H0;8AL =0 CAB0=>2;5=85 A2>1>4=> ?;020NI8E 20;NB=KE :C@A>2, => ?>A;5 @O40 ?@>1;5< 2 =0G0;5 70-E >=8 >B:070;8AL >B 7>;>B>3> A>45@60=8O 4>;;0@0, :C@A :>B>@>3> A B5E ?>@ >?@545;O5BAO @K=>G=K< A?@>A>< 8 ?@54;>65=85< (free floating - A2>1>4=> ?;020NI89 :C@A). &5=0 7>;>B0 2K@>A;0 : 1980 3>4C ?>GB8 4> 750 4>;;0@>2 70 B@>9A:CN C=F8N (A =0G0;0 1975 3>40 0<5@8:0=FK ?> 70:>=C ?>;CG8;8 2>7<>6=>ABL ?@8>1@5B0BL 7>;>B> :0: >1J5:B 8=25AB8@>20=8O).  :>=F5 70-E 3>4>2 4>;;0@ C?0; 4> A2>53> ?>A;52>5==>3> <8=8<C<0, 0 40;L=59H0O 53> 8AB>@8O - G5@540 27;5B>2 8 ?045=89. A5 >A=>2=K5 <8@>2K5 20;NBK A59G0A =0E>4OBAO 2 B0:>< @568<5 A2>1>4=>3> ?;020=8O, :>340 8E F5=0 >?@545;O5BAO @K=:><, 2 7028A8<>AB8 >B B>3>, =0A:>;L:> 40==0O 20;NB0 =C6=0 4;O ?@8>1@5B5=8O B>20@>2, 8=25AB8F89 8 <563>AC40@AB25==KE @0AG5B>2. >=5G=> 65, MB> ?;020=85 =5 O2;O5BAO ?>;=>ABLN A2>1>4=K<; 2 :064>9 AB@0=5 ACI5AB2C5B F5=B@0;L=K9 10=:, >A=>2=>9 7040G59 :>B>@>3>, 2 A>>B25BAB288 A 70:>=>< O2;O5BAO >15A?5G5=85 AB018;L=>AB8 =0F8>=0;L=>9 20;NBK. 564C=0@>4=K9 20;NB=K9 @K=>: FOREX >1J548=O5B 2A5 <=>65AB2> CG0AB=8:>2 20;NB>>1<5==KE >?5@0F89: D878G5A:8E ;8F, D8@<K, 8=25AB8F8>==K5 8=AB8BCBK, 10=:8 8 F5=B@0;L=K5 10=:8. ;02=K<8 20;NB0<8, =0 4>;N :>B>@KE ?@8E>48BAO >A=>2=>9 >1J5< 2A5E >?5@0F89 =0 @K=:5 FOREX, O2;ONBAO A53>4=O 4>;;0@ !( (USD), 52@> (EUR), O?>=A:0O 95=0 (JPY), H259F0@A:89 D@0=: (CHF) 8 1@8B0=A:89 DC=B AB5@;8=3>2 (GBP). > ?>O2;5=8O 20;NBK 52@> 1>;LH0O 4>;O @K=:0 ?@8E>48;0AL =0 =5<5F:CN <0@:C (DEM). >;;0@ !( (USD), :0: <K 2845;8, AB0; 254CI59 <8@>2>9 20;NB>9 ?>A;5 B>@>9 8@>2>9 2>9=K. !53>4=O 4>;;0@ O2;O5BAO C=825@A0;L=K< ?;0B56=K< A@54AB2>< 2 <564C=0@>4=K< 187=5A5, 20;NB>9-C1568I5< ?@8 @07;8G=KE D8=0=A>2KE 8 ?>;8B8G5A:8E :@878A0E 2 4@C38E AB@0=0E, 0 B0:65 >1J5:B>< <564C=0@>4=KE 8=25AB8F89, 1;03>40@O 1>;LH><C >1J5<C 2KA>:>=0456=KE F5==KE 1C<03 - 3>AC40@AB25==KE 4>;3>A@>G=KE >1;830F89 !(. #25@5==>ABL 2 AB018;L=>AB8 0<5@8:0=A:>9 M:>=><8G5A:>9 8 D8=0=A>2>9 A8AB5<K, 2 B>< GB> 2A5 4>E>4K ?> 3>AC40@AB25==K< 4>;3>2K< F5==K< 1C<030< 1C4CB A2>52@5<5==> 2K?;0G5=K, =5 @5:2878@>20=K 8 =5 >1;>65=K =5>6840==K< =0;>3><, ?@82;5:05B =0 MB>B @K=>: :0: G0AB=KE 8=>AB@0==KE 8=25AB>@>2, B0: 8 8=>AB@0==K5 ?@028B5;LAB20.  ?>A;54=85 3>4K =51K20;K9 @>AB 45<>=AB@8@C5B @K=>: 0<5@8:0=A:8E 0:F89, ?@8BO3820NI89 >3@><=K5 :0?8B0;K 8=>AB@0==KE 8 2=CB@5==8E 8=25AB>@>2, GB> A;C68B 4>?>;=8B5;L=K< 8AB>G=8:>< A8;K 4>;;0@0. ! A5@548=K 80-E 3>4>2 0<5@8:0=A:85 0:F88 AB0;8 1>;55 2K3>4=K< 20@80=B>< 2;>65=8O 45=53, G5< 7>;>B>: 0:F88 @>A;8, 0 F5=0 7>;>B0 ?040;0.  ?5@8>4 65 ?>A;5 1993 3>40 0<5@8:0=A:85 0:F88 @0ABCB =0AB>;L:> 1KAB@>, GB> C65 =5 B>;L:> =57028A8<K5 M:A?5@BK, => 8 >D8F80;L=K5 ;8F0 =5>4=>:@0B=> 2KA:07K20;8 >?0A5=8O, GB> F5=K 0:F89 G@57<5@=> 702KH5=K 8 8E ?045=85 <>65B >:070BLAO A;8H:>< @57:8< 8 ?@825AB8 : D8=0=A>2><C 8 M:>=><8G5A:><C :@878AC. >;;0@ 70=8<05B, ?> @07=K< >F5=:0<, 4>;N >B 50 4> 61 ?@>F5=B0 2 <564C=0@>4=KE @575@20E F5=B@0;L=KE 10=:>2, A>AB02;ONI8E 2 AC<<5 4> 1 B@8;;8>=0 4>;;0@>2. = O2;O5BAO >1I5?@87=0==>9 107>2>9 20;NB>9 ?@8 :>B8@>2:5 4@C38E 20;NB. >;;0@ CG0AB2C5B 2 :0G5AB25 >4=>9 87 AB>@>= 2 87% 2A5E B@0=70:F89 =0 @K=:5 FOREX (?> 40==K< =0 >:BO1@L 1998 3>40). 7 2A5E >1<5=>2 O?>=A:>9 95=K =0 4>;N 0<5@8:0=A:>3> 4>;;0@0 ?@8E>48;>AL 87%; 4;O =5<5F:>9 <0@:8 MB>B ?>:070B5;L A>AB02;O; 64%, 0 4;O :0=04A:>3> 4>;;0@0 - 98%. ;O 8;;NAB@0F88 =5402=59 8AB>@88 :C@A0 4>;;0@0 <K ?@82>48< =0 @8AC=:5 2.1. 3@0D8: 8=45:A0 4>;;0@0. A;54AB285 B>3> >A>1>3> ?>;>65=8O, :>B>@>5 70=8<05B 4>;;0@ =0 <8@>2>< @K=:5, ?@8=OB> F5=K 2A5E 4@C38E 20;NB 2K@060BL ?> >B=>H5=8N : 4>;;0@C. &5=0 95=K 2K@0605BAO :>;8G5AB2>< 95=, :>B>@K5 40NB 70 >48= 4>;;0@; F5=0 DC=B0 2K@0605BAO :>;8G5AB2>< 4>;;0@>2, :>B>@K5 40NB 70 >48= DC=B. > 4;O 4>;;0@0 MB> >7=0G05B, GB> >= 8<55B AB>;L:> F5=, A:>;L:> ACI5AB2C5B 20;NB, 8 :>340 >4=0 53> F5=0 @0AB5B, 4@C30O <>65B ?040BL. ;O ?>;CG5=8O >1J5:B82=>9 E0@0:B5@8AB8:8 F5=K 4>;;0@0 <>6=> 8A?>;L7>20BL CA@54=5==K9 A CG5B>< >1J5<>2 <564C=0@>4=>9 B>@3>2;8 :C@A 4>;;0@0 ?> >B=>H5=8N : >A=>2=K< <8@>2K< 20;NB0< (1>;55 ?>4@>1=> A<KA; MB>3> 8=45:A0 1C45B @0AA<>B@5= 2 ?0@03@0D5 3), :>B>@K9 8 ?>:07K205B, GB> 4>;;0@ 2 =0AB>OI55 2@5<O C25@5==> >?@024K205B 70O2;5=8O 0<5@8:0=A:8E D8=0=A>2KE 2;0AB59 > B><, GB> A8;L=K9 4>;;0@ ?@>4>;605B >AB020BLAO >A=>2>9 ?>;8B8:8 !(. 0 @8AC=:5 2.2. ?>:070= 3@0D8: >A=>2=>3> D>=4>2>3> 8=45:A0 !(, 8=45:A0 >C-6>=A0, ?>:07K20NI53> 48=0<8:C @>AB0 F5= =0 0:F88 254CI8E 0<5@8:0=A:8E ?@><KH;5==KE :>@?>@0F89. >765 <K 25@=5<AO : MB><C 3@0D8:C ?@8 0=0;875 A8BC0F88 =0 20;NB=>< @K=:5 ;5B>< 1999 3>40.  8A. 2.1. @0D8: 8=45:A0 0<5@8:0=A:>3> 4>;;0@0  8A. 2.2. @0D8: 0<5@8:0=A:>3> D>=4>2>3> 8=45:A0 >C-6>=A0  8A. 2.3. @0D8: :C@A0 O?>=A:>9 95=K /?>=A:0O 95=0 (JPY) ?@>H;0 A;>6=K9 ?CBL >B ?>A;52>5==>3> C@>2=O 360 95= 70 4>;;0@, >?@545;5==>3> 0<5@8:0=A:>9 >::C?0F8>==>9 04<8=8AB@0F859, 4> :C@A0 >:>;> 80 95= 70 4>;;0@ 2 1995 3., ?>A;5 G53> 55 C@>25=L 2=>2L ACI5AB25==> ?>=878;AO 8 >?OBL A8;L=59H8< >1@07>< C:@5?8;AO 2> 2B>@>9 ?>;>28=5 1998 3>40. ;02=>9 >A>15==>ABLN D8=0=A>2>9 A8BC0F88 2 A53>4=OH=59 /?>=88 O2;ONBAO G@572KG09=> =87:85 :@0B:>A@>G=K5 ?@>F5=B=K5 AB02:8; ?@0:B8G5A:8 >=8 A53>4=O ?>445@6820NBAO 0=:>< /?>=88 =0 =C;52>< C@>2=5. >MB><C >G5=L 1>;LH85 >1J5<K A15@565=89 8 A@54AB2 ?5=A8>==KE D>=4>2 8 4@C38E 8=25AB>@>2 1K;8 2;>65=K 2 70@C156=K5 F5==K5 1C<038, ?@5645 2A53> - 2 0<5@8:0=A:85 3>AC40@AB25==K5 >1;830F88 8 2 52@>?59A:85 0:B82K. !CI5AB25==> CABC?0O 4>;;0@C 2 :0G5AB25 @575@2=>9 20;NBK 8 8=AB@C<5=B0 <564C=0@>4=KE @0AG5B>2, 95=0 B5< =5 <5=55 O2;O5BAO >4=>9 87 3;02=KE 20;NB =0 <564C=0@>4=KE D8=0=A>2KE @K=:0. @8B0=A:89 DC=B (GBP). @8B0=A:89 DC=B 1K; 254CI59 <8@>2>9 20;NB>9 4> 5@2>9 8@>2>9 2>9=K; ACI5AB25==> >A;0182 A2>8 ?>78F88 2 <562>5==K9 ?5@8>4, >= >:>=G0B5;L=> CABC?8; ;845@AB2> 4>;;0@C ?>A;5 B>@>9 8@>2>9 2>9=K, ?@8G8=>9 G5<C 1K;8 5AB5AB25==K5 ?@>1;5<K 2 ?>AB@0402H59 >B 2>9=K M:>=><8:5, 0 B0:65 8 ?>4@K2 4>25@8O : 20;NB5 2A;54AB285 <0AA8@>20==KE D0;LH82><>=5B=8G5A:8E 4825@A89 ?@>B82 =55 A> AB>@>=K 5@<0=88 2> 2@5<O 2>9=K.  8A. 2.4. @0D8: :C@A0 1@8B0=A:>3> DC=B0 > 50% B@0=70:F89 A CG0AB85< DC=B0 8<5NB <5AB> =0 @K=:5 >=4>=0. 0 3;>10;L=>< @K=:5 >= 70=8<05B >:>;> 14%. >GB8 25AL MB>B >1J5< ?@8E>48;AO =0 4>;;0@ 8 =5<5F:CN <0@:C. LN-9>@:A:85 10=:8 ?@0:B8G5A:8 ?@5:@0I0NB :>B8@>20BL GBP 2 ?>;45=L. $C=B >G5=L GC2AB28B5;5= : 40==K< ?> @K=:C B@C40 8 8=D;OF88 2 =3;88, 0 B0:65 : F5=0< =0 =5DBL (2 CG51=8:0E ?> 20;NB=><C @K=:C >= 4065 E0@0:B5@87>20;AO :0: petrocurrency).  :><<5=B0@8OE A>1KB89 =0 @K=:5 FOREX DC=B >1>7=0G05BAO ;81> :0: cable, ;81> pound. 5@2>5 =0720=85 >AB0;>AL A B5E 2@5<5=, :>340 =081>;55 >?5@0B82=K<8 40==K<8, ?>;CG05<K<8 2 2@>?5 87 <5@8:8, 1K;8 B5;53@0<<K, ?5@540==K5 ?> B@0=A0B;0=B8G5A:><C ?>42>4=><C :015;N. Cable 8A?>;L7C5BAO, :0: ?@028;>, 2 :>B8@>2:5 GBP : USD, a pound - ?@8<5=O;>AL 2 :>B8@>2:0E DC=B0 : =5<5F:>9 <0@:5. (259F0@A:89 D@0=: (!). 1J5<K A45;>: A CG0AB85< H259F0@A:>3> D@0=:0 ACI5AB25==> <5=LH5, G5< A 4@C38<8 @0AA<>B@5==K<8 20;NB0<8. > >B=>H5=8N : =5<5F:>9 <0@:5 >= G0AB> 83@0; @>;L 20;NBK-C1568I0 (=0?@8<5@, 2 A;CG05 :@878A>2 2 >AA88). > 40==K< ?@54K4CI8E ;5B, :C@A D@0=:0 >1=0@C6820; 1>;55 A8;L=K5 :>;510=8O, G5< :C@A =5<5F:>9 <0@:8; => 2 ?>A;54=55 2@5<O MB> =5 8<5;> <5AB0. $C=:F8O D@0=:0 :0: 20;NBK-C1568I0 (safe-haven) 2 1999 3>4C A8;L=> A>:@0B8;0AL 87-70 2>5==>3> :>=D;8:B0 =0 0;:0=0E.  8A. 2.5. @0D8: :C@A0 H259F0@A:>3> D@0=:0 ! ?>O2;5=85< 52@> 2>;0B8;L=>ABL (87<5=G82>ABL) :C@A0 D@0=:0 ?> >B=>H5=8N : 52@> AB0;0 =0<=>3> <5=LH5, G5< 1K;0 2>;0B8;L=>ABL D@0=:0 ?> >B=>H5=8N : =5<5F:>9 <0@:5. (259F0@A:89 0F8>=0;L=K9 0=: (SNB) ?@>2>48B ?>;8B8:C, =0?@02;5==CN =0 :>>@48=8@>20=85 D8=0=A>2KE CA;>289 2 (259F0@88 8 52@>-@538>=5; 2 G0AB=>AB8, 2 45=L A=865=8O ?@>F5=B=KE AB02>: 2@>?59A:8< &5=B@0;L=K< 0=:>< 25A=>9 MB>3> 3>40, SNB G5@57 20 <8=CB >1JO28; > A=865=88 A2>59 ?@>F5=B=>9 AB02:8. %>BO >A=>2=0O G0ABL >1<5=>2 ?@>8AE>48B A CG0AB85< 4>;;0@0, B5< =5 <5=55 =5:>B>@K5 =54>;;0@>2K5 @K=:8 B>65 8<5NB 7=0G8B5;L=CN 0:B82=>ABL. 7 AC<<0@=>3> >1J5<0 =54>;;0@>2>3> @K=:0 @0=LH5 >:>;> 98% ?@8E>48;>AL =0 =5<5F:CN <0@:C. >A;5 ?>O2;5=8O 52@> >1J5<K =0 <=>38E @K=:0E C<5=LH8;8AL 8 ?>:0 5I5 2 ?>;=>9 <5@5 =5 2>AAB0=>28;8AL. 5<5F:0O <0@:0 (D) 70=8<0;0 2B>@>5 <5AB> ?>A;5 4>;;0@0 ?> 55 4>;5 2 <8@>2KE 20;NB=KE @575@20E (>:>;> 25%).  >B=>H5=88 AB018;L=>AB8 :C@A0, =0 <0@:C A8;L=> 2;8O;8 A>F80;L=>-?>;8B8G5A:85 D0:B>@K 2 >AA88, A :>B>@>9 5@<0=8O =081>;55 B5A=> A2O70=0 M:>=><8G5A:8<8 8 ?>;8B8G5A:8<8 >B=>H5=8O<8, 8 MB> 2;8O=85 ?5@540;>AL =>2>9 20;NB5 52@>, B0: :0: 5@<0=8O ?@54AB02;O5B 7=0G8B5;L=CN G0ABL M:>=><8:8 >48==04F0B8 3>AC40@AB2, >1J548=82H8E A2>8 20;NB=K5 A8AB5<K. >20O 20;NB0 52@> (EUR), ?>O282H0OAO 1 O=20@O 1999 3>40, >1J548=8;0 11 52@>?59A:8E =0F89 2 A0<K9 <>I=K9 M:>=><8G5A:89 1;>: <8@0, =0 4>;N :>B>@>3> ?@8E>48BAO ?>GB8 ?OB0O G0ABL 3;>10;L=>3> 2K?CA:0 B>20@>2 8 CA;C3 8 <8@>2>9 B>@3>2;8.  A>AB02 52@>-@538>=0 (Euro-area) 2E>4OB 2AB@8O, 5;L38O, 5@<0=8O, @;0=48O, A?0=8O, B0;8O, N:A5<1C@3, 845@;0=4K, >@BC30;8O, $8=;O=48O 8 $@0=F8O, 70=8<0NI85 B5@@8B>@8N 2365000 :2. :<. A =0A5;5=85< 291 <8;;8>=>2 G5;>25: (4;O A@02=5=8O - 2 !( 269 <8;;8>=>2, 2 /?>=88 - 126).  8A. 2.6. @0D8: :C@A0 >1I552@>?59A:>9 20;NBK 52@> (4> 1 O=20@O 1999 3>40 87>1@065= 3@0D8: ECU) !C<<0@=K9 20;>2>9 2=CB@5==89 ?@>4C:B () 2 1997 3. A>AB02;O; 5,55 B@8;;8>=>2 ECU (ECU-European Currency Unit), 8;8 6,51 B@8;;8>=>2 4>;;0@>2 !(, 2 B> 2@5<O :0:  !( 1K; 6,85 B@8;;8>=>2 ECU, 0 /?>=88 - 3,71 B@8;;8>=>2. -:A?>@B A>AB02;O5B 10 % >B  52@>-@538>=0.  1997 3>4C AC<<0@=K9 M:A?>@B =0 25% ?@52>AE>48; 0<5@8:0=A:89 8 242>5 /?>=A:89. 5@<0=8O A>AB02;O5B 4> 30% M:>=><8:8 2@>?K; 2 AC<<5 5@<0=8O, $@0=F8O 8 B0;8O A>AB02;ONB >:>;> 70% M:>=><8:8 52@>-@538>=0. !@54=89 ?>:070B5;L 8=D;OF88 ?>B@518B5;LA:8E F5= 2 >:BO1@5 1998 A>AB02;O; 1,0%; >A=>2=K5 ?@>F5=B=K5 AB02:8 1K;8 A=865=K 11 52@>?59A:8<8 F5=B@0;L=K<8 10=:0<8 4> 3,0 % >A5=LN 1998 3>40. !@54=89 C@>25=L 157@01>B8FK A>AB02;O; : =0G0;C 1999 3>40 10,8 %, <5=OOAL >B 18,2 % 2 A?0=88 4> 2,2 % 2 N:A5<1C@35. 0BA:0O :@>=0 8 3@5G5A:0O 4@0E<0, O2;ONI85AO 1;8609H8<8 :0=4840B0<8 =0 ?@8A>548=5=85 : 52@>, @53C;8@CNBAO A 1.01.99 <5E0=87<>< ERM-2. -B> >7=0G05B, GB> >?@545;5=K F5=B@0;L=K5 >1<5==K5 :C@AK MB8E 20;NB : 52@>: 7.46038 Danish crowns/euro 8 353.109 Greek drachma/ euro, 0 3@0=8FK 4>?CAB8<>3> 480?07>=0 87<5=5=8O :C@A0 4;O :@>=K >1@07CNB :>@84>@ H8@8=>9 2,25% >B F5=B@0;L=>3> :C@A0, 8 4;O 4@0E<K H8@8=0 :>@84>@0 15%.  A;CG05 2KE>40 20;NBK 70 ?@545;K 20;NB=>3> :>@84>@0 A>>B25BAB2CNI89 =0F8>=0;L=K9 &5=B@0;L=K9 10=: 4>;65= ?@54?@8=OBL 20;NB=CN 8=B5@25=F8N 4;O :>@@5:B8@>2:8 :C@A0. 0?@8<5@, 480?07>= 4;O 8=B5@25=F89 ?> :@>=5: buy 7.29252, sell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b) >B=>H5=85 3>AC40@AB25==>3> 4>;30 :  =5 4>;6=> ?@52KH0BL 60%. ;81> >=> 4>;6=> ?>A;54>20B5;L=> C<5=LH0BLAO, AB@5<OAL : C:070==><C C@>2=N. 3. @8B5@89 :>=25@35=F88 ?@>F5=B=KE AB02>:, >7=0G0NI89. GB> =0 ?@>BO65=88 ?@54H5AB2CNI53> 3>40 A@54=85 4>;3>A@>G=K5 ?@>F5=B=K5 AB02:8 (long-term rates) =5 4>;6=K ?@52>AE>48BL 1>;55 G5< =0 2% ?@>F5=B=K5 AB02:8 B@5E 3>AC40@AB2 A =081>;LH59 AB018;L=>ABLN F5=. @>F5=B=K5 AB02:8 87<5@ONBAO =0 >A=>25 ?>:070B5;59 4>;3>A@>G=KE 3>AC40@AB25==KE >1;830F89 8;8 0=0;>38G=KE ?5==KE 1C<03, A CG5B>< @07;8G89 2 =0F8>=0;L=KE >?@545;5=8OE. 4. #A;>285 CG0AB8O 2 2@>?59A:>< >1<5==>< <5E0=87<5 (ERM) 2 B5G5=85 42CE ;5B 4> ?5@5E>40 : 20;NB5 EURO, 2 G0AB=>AB8, 2 MB>B ?5@8>4 =5 4>;6=> 1KBL 4520;L20F88 :@>AA-:C@A0 20;NBK ?> >B=>H5=8N : 20;NB0< 4@C38E 3>AC40@AB2-CG0AB=8:>2. @82>48<0O =865 B01;8F0 A>45@68B 40==K5 ?> ?>;>65=8N AB@0=-CG0AB=8F =0 8N;L 1998 3>40, :>340 ?@8=8<0;>AL >:>=G0B5;L=>5 @5H5=85 > A>AB025 AB@0=-CG0AB=8F 20;NB=>3> A>N70. =D;OF8O >A45D8F8B / >A4>;3/  >;3>A@>G=K5 % AB02:8  1997 1998 1997 1998 1997 1998  Germany 1.6 1.7 3.0 3.0 62.0 62.5 6.1 France 1,6 1.9 3.1 2.9 58.0 58.5 6.1 Italy 2.2 2.3 3.1 2.9 124.3 121.5 8.6 Spain 2.2 2.3 3.3 3,9 68.2 67.5 8.0 Netherlands 2.4 2.6 2.2 1,9 74.3 72.4 6.0 Belgium 1.8 2.3 2.9 2.8 127.0 123,5 6,3 Austria 1.7 2.1 3.2 2.9 68.3 68.3 6.2 Finland 1.1 1.8 1.8 1.0 58.6 57.0 7.9 Portugal 2.7 2.8 3.0 2.9 64.4 63.6 7.9 Ireland 2.2 2.6 1.5 1.3 71.9 67.4 7.1 Luxemburg 2.2 2.2 0.5 0.9 8.8 9.2 6.3  A;54CNI59 B01;8F5 ?@54AB02;5=K 7=0G5=8O :@>AA-:C@A>2 >48==04F0B8 20;NB ?> >B=>H5=8N : 52@>, 70D8:A8@>20==K5 =0 31 45:01@O 1998 3. !CI5AB2CNB AB0=40@B=K5 <564C=0@>4=K5 >1>7=0G5=8O 20;NB, :>B>@K<8 ?>;L7CNBAO 2 >?5@0F8OE =0 20;NB=KE @K=:0E.  8=D>@<0F8>==>9 A8AB5<5 REUTERS :064K9 >1J5:B ?>;CG05B A2>9 A?5F80;L=K9 :>4 (RIC - Reuters Information Code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ritish Pound GBP @O=A:89 DC=B Canadian Dollar CAD 0=04A:89 4>;;0@ French Franc FRF D@0=FC7A:89 D@0=: German Mark DEM 5<5F:0O <0@:0 Italian Lira ITL B0;LO=A:0O ;8@0 Japanese Yen JPY /?>=A:0O 95=0 United States Dollar USD <5@8:0=A:89 4>;;0@ New Zealand Dollar NZD >2>75;0=4A:89 4>;;0@ Australian Dollar AUD 2AB@0;89A:89 4>;;0@ Belgian Franc BEF 5;L389A:89 D@0=: Portuguese Escudo " >@BC30;LA:>5 MA:C4> Danish Krone DKK 0BA:0O :@>=0 Dutch Guilder NLG 845@;0=FA:89 3C;L45= Euro EUR 48=0O 52@>?59A:0O 20;NB0 52@> Singapore Dollar SGD !8=30?C@A:89 4>;;0@ Finnish Mark FIM D8=A:0O <0@:0 Greek Drachma GRD @5G5A:0O 4@0E<0 Spanish Peseta ESP A?0=A:0O ?5A5B0 Hong Kong Dollar HKD >=:>=3A:89 4>;;0@ Swiss Franc CHF (259F0@A:89 D@0=: Austrian Schilling ATS 2AB@89A:89 H8;;8=3 Irish Punt IEP @;0=4A:89 DC=B DE5@<0=8OITB0;8OFR$@0=F8OUS!(GB5;8:>1@8B0=8OJP/?>=8OEU118A?>;L7C5BAO 4;O >1>7=0G5=8O 11 AB@0=, >1J548=82H8E A2>8 20;NBK (2@>-@538>=) 3. 'B> B0:>5 20;NB=K9 :C@A >A;5 B>3> :0: @5BB>=-C44A:>5 A>3;0H5=85, @53C;8@>202H55 20;NB=K5 :C@AK 2 ?>A;52>5==K9 ?5@8>4, ?@5:@0B8;> A2>5 ACI5AB2>20=85, >A=>2=K5 <8@>2K5 20;NBK ?>;CG8;8 1>;LHCN A2>1>4C 2 B>< A<KA;5, GB> 8E :C@AK AB0;8 2 7=0G8B5;L=>9 AB5?5=8 >?@545;OBLAO @K=:>< =0 >A=>25 A?@>A0 8 ?@54;>65=8O ?> MB8< 20;NB0< :0: 8=AB@C<5=B0< B>@3>2;8, 8=25AB8F89 8 D>@<8@>20=8O <564C=0@>4=KE @575@2>2. '5< 65 2K720=K AB>;L A8;L=K5 87<5=5=8O 20;NB=KE :C@A>2, :>B>@K5 =01;N40NBAO A B5E ?>@, 2 G5< 8E ?@8G8=K 8 :0: 8E 8AB>;:>2K205B M:>=><8G5A:0O =0C:0? A=>2=K< ?>=OB85<, A>740==K< 4;O >1JOA=5=8O 20;NB=KE :C@A>2 O2;O5BAO ?0@8B5B ?>:C?0B5;L=>9 A?>A>1=>AB8, ! (purchasing power parity -   ), 4;O D>@<C;8@>2:8 :>B>@>3> >1KG=> ?@82;5:0NB B0: =07K205<K9 70:>= >4=>9 F5=K: F5=0 B>20@0 2 >4=>9 AB@0=5 4>;6=0 1KBL @02=0 F5=5 B>20@0 2 4@C3>9 AB@0=5; 0 ?>A:>;L:C MB8 F5=K 2K@060NBAO 2 @07=KE 20;NB0E, B> A>>B=>H5=85 F5= 8 >?@545;O5B :C@A >1<5=0 >4=>9 20;NBK =0 4@C3CN. CABL Pd - 2=CB@5==OO F5=0 (domestic price) 40==>3> B>20@0, a Pf - 53> F5=0 70 @C156><, 2 A>A54=59 AB@0=5 (foreign price). -B8 F5=K ?@54AB02;ONB A>1>9 :>;8G5AB20 20;NB, =0F8>=0;L=>9 4;O 40==>9 AB@0=K 8 8=>AB@0==>9, :>B>@K5 40NB 70 548=8FC B>20@0 2=CB@8 AB@0=K 8 70 @C156><. B=>H5=85 F5= 8 1C45B B5< :C@A><, ?> :>B>@><C >4=C 20;NBC AB0=CB >1<5=820BL =0 4@C3CN @048 ?@8>1@5B5=8O 40==>3> B>20@0. A;8 1K 2A5 >1<5=K 1K;8 A2O70=K B>;L:> A MB8< >4=8< B>20@><, B> MB> 8 1K; 1K >1<5==K9 :C@A, S=Pd/Pf >?@545;ONI89 F5=C >4=>9 548=8FK 8=>AB@0==>9 20;NBK 2 548=8F0E 2=CB@5==59 (=0F8>=0;L=>9) 20;NBK. A;8 Toyota AB>8B 2 /?>=88 3,10 <8;;8>=>2 95=, 0 2 !( MB0 <>45;L ?@>405BAO 70 23700 4>;;0@>2, B> MB> >7=0G05B, GB> A>>B=>H5=85 4>;;0@0 8 95=K @02=> S=3100000/23700=130.80 95= 70 4>;;0@ > A 4@C3>9 AB>@>=K, :064K9 ?>=8<05B, GB> 2K1>@ <>45;8 02B><>18;O 45;> >G5=L =5?@>AB>5 8 40==0O <>45;L <>65B ?;>E> ?@>4020BLAO 2 !( ?@>AB> ?> B>9 ?@8G8=5, GB> 0<5@8:0=FK ?@54?>G8B0NB 0=0;>38G=K5 <>45;8 A2>53> ?@>872>4AB20. ">340 F5=0 02B> 1C45B 70=865==>9, 0 130.8 95= 70 4>;;0@ >:065BAO A;8H:>< 2KA>:>9 F8D@>9. 2B><>18;L, =025@=>5 =5 A0<K9 ;CGH89 B>20@ 4;O A@02=5=8O 20;NB, ?>B><C GB> A =8< A2O70=> A;8H:>< <=>3> 8=48284C0;L=KE ?@54?>GB5=89 8 =5M:>=><8G5A:8E A>>1@065=89.  ;8B5@0BC@5 C?><8=05BAO A>2A5< ?@>AB>9 A?>A>1 A@02=5=8O ?>:C?0B5;L=>9 A?>A>1=>AB8 20;NB - ?> F5=5 30<1C@35@0, :>B>@K9 O2;O5BAO AB0=40@B=K< ?@>4C:B>< 8 A2O70= A C=825@A0;L=K< =01>@>< 8AE>4=>3> AK@LO. > A =8< B0:65 =5 2A5 <>65B 1KBL ?@>AB>: 5A;8 30<1C@35@ 2AN4C AG8B05BAO =081>;55 ?@>AB>9 8 =54>@>3>9 70:CA:>9, B> ?@8 ?>O2;5=88 2 >A:25 >= 2 ?5@2K5 3>4K H5; 70 45;8:0B5A, 8 A@02=5=85 F5= 30<1C@35@0 2 @07=KE AB@0=0E 2@O4 ;8 A>>B25BAB2>20;> B>340H=5<C :C@AC @C1;O; 0 2 =5:>B>@KE AB@0=0E 53> 8 2>2A5 =5 54OB. ?>;=5 ?>=OB=>, GB> ?>4>1=>5 >?@545;5=85 >1<5==>3> :C@A0 O2;O5BAO A8;L=> C?@>I5==K<, >=> ?@8=8<05B 2 @0AA<>B@5=85 B>;L:> >48= B>20@ 8 =5 CG8BK205B <=>3>3>, GB> 8<55B <5AB> 2 459AB28B5;L=>AB8.  =0 A0<>< 45;5 ?@>8AE>48B B>@3>2;O <=>65AB2>< B>20@>2, 8 =5 B>;L:> B>20@0<8, => 5I5 8 @07;8G=K<8 CA;C30<8 (:>B>@K5 5I5 A;>6=55 A@02=820BL ?> 8E F5=0< 2 @07=KE AB@0=0E). >MB><C 1>;55 @50;8AB8G=K9 20@80=B 70:>=0 >4=>9 F5=K A@02=8205B >1I85 C@>2=8 F5= 2 42CE AB@0=0E =0 3@C??C B>20@>2 8 CA;C3. $>@<C;0 4;O >?@545;5=8O >1<5==>3> :C@A0 >AB05BAO B>9 65 A0<>9, => ?>4 Pd 8 Pf ?>=8<0NBAO C65 A@54=85 F5=K =5:>B>@>3> =01>@0 B>20@>2 8 CA;C3 (?>B@518B5;LA:>9 :>@78=K). "0:>5 >?@545;5=85 >1<5==>3> :C@A0 =07K20NB 01A>;NB=K< 20@80=B>< ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (absolute version of purchasing power parity). @8<5=O5BAO B0:65 4@C30O D>@<0 >?@545;5=8O >1<5==>3> :C@A0 G5@57 F5=K B>20@>2 ?> @07=K5 AB>@>=K 3@0=8FK. ;O 1>;LH8=AB20 7040G, A2O70==KE A >F5=820=85< B5=45=F89 M:>=><8G5A:8E ?@>F5AA>2 206=> =5 A0<> 7=0G5=85 >1<5==>3> :C@A0, 0 53> 87<5=5=85, ?@>8AH54H55 2 B5G5=85 =5:>B>@>3> 2@5<5=8 ?>4 2;8O=85< @07;8G=KE D0:B>@>2. A;8 >1>7=0G8BL ?@>F5=B=>5 87<5=5=85 F5= B>20@>2 (8;8 A>>B25BAB2CNI8E ?>B@518B5;LA:8E :>@78=) G5@57 Pd 8 Pf A>>B25BAB25==>, B> 2K720==>5 8<8 87<5=5=85 (2 ?@>F5=B0E) 20;NB=>3> :C@A0 1C45B @02=> S= Pd-Pf -B> 5ABL D>@<C;0 >B=>A8B5;L=>3> 20@80=B0 ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (relative version of purchasing power parity). A;8 C?><8=02H89AO 2KH5 30<1C@35@ ?>4>@>60; 2 >A:25 =0 5%, 0 2 !( =0 1%, B> MB> >7=0G0;> 1K 87<5=5=85 @C1;52>3> :C@A0 4>;;0@0 =0 4 %. > :@09=59 <5@5 >4=> ?@0:B8G5A:>5 ?@8<5=5=85 :>=F5?F88 ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 2 @50;L=>9 D8=0=A>2>9 ?>;8B8:5 8725AB=> 2 8AB>@88 20;NB=KE @K=:>2. -B> A>3;0H5=85 Plaza Accord A5=BO1@O 1985 3>40, :>340 0<5@8:0=A:89 4>;;0@ 1K; @5H5=85< >;LH>9 OB5@:8 (G5) 4520;L28@>20= ?> >B=>H5=8N : 95=5 8 52@>?59A:8< 20;NB0< (B> 5ABL 53> :C@A 1K; CAB0=>2;5= =0 1>;55 =87:>< C@>2=5). 57C;LB0B MB>3> A>3;0H5=8O, :0: AG8B05BAO =K=5, >B=N4L =5 A>2?0; A B5<, GB> >B =53> >6840;>AL. 7 <=>3>>1@078O M:>=><8G5A:8E 8=48:0B>@>2, =0 ?5@2K9 273;O4, A0<CN ?@O<CN 8 =5?>A@54AB25==CN A2O7L A 20;NB=K< :C@A>< 4>;65= 8<5BL B>@3>2K9 10;0=A (Trade Balance), ?>A:>;L:C >= ?@54AB02;O5B A>1>9 @07=8FC <564C AC<<0@=K< M:A?>@B>< 8 8<?>@B>< AB@0=K, Trade Balance = Export - Import A;8 M:A?>@B ?@5>1;0405B 2 AB@C:BC@5 2=5H=59 B>@3>2;8 AB@0=K, B> MB> >7=0G05B 871KB>G=>5 ?>ABC?;5=85 8=>AB@0==>9 20;NBK 2 AB@0=C, A;54>20B5;L=>, @>AB A?@>A0 =0 =0F8>=0;L=CN 20;NBC 8 @>AB >1<5==>3> :C@A0 MB>9 20;NBK,  =0>1>@>B, ?@8 45D8F8B5 B>@3>2>3> 10;0=A0 (:>340 >1J5< 8<?>@B0 1>;LH5, G5< >1J5< M:A?>@B0) =0F8>=0;L=0O 20;NB0 4>;6=0 A;015BL.  459AB28B5;L=>AB8 65, :0: <K C2848< ?>765, 2708<=>5 2;8O=85 B>@3>2;8, >1<5==KE :C@A>2, 8=D;OF88 8 ?@>F5=B=KE AB02>: =0AB>;L:> ?5@5<5H8205B 2A5 D0:B>@K, GB> A2O7L <564C =8<8 AB0=>28BAO A>25@H5==> =5>G5284=>9. > ?>@>9 M:>=><8G5A:85 D0:B>@K 8 =0AB@>5=85 @K=:0 AE>4OBAO 2>548=> 2 B0:>9 AB5?5=8, GB> ?C1;8:0F8O 8=48:0B>@0 2K7K205B <3=>25==CN 8 >4=>7=0G=CN @50:F8N.  >A5=8 1999 3>40 >B=>H5=85 20;NB=>3> @K=:0 : 0<5@8:0=A:><C 4>;;0@C 1K;> 25AL<0 =0?@O65==K<: ?@>4>;602H85AO C65 4;8B5;L=>5 2@5<O A?5:C;OF88 > ?5@5>F5=5==>AB8 0<5@8:0=A:>3> @K=:0 0:F89 (:>B>@K9 B0: 8 =07K20;8 ?C7K@5< - bubble) 8 >?0A5=8O 53> @57:>3> ?045=8O, 0:B82=K9 2K2>4 O?>=A:>3> :0?8B0;0 A 0<5@8:0=A:>3> D8=0=A>2>3> @K=:0, A>AB>O2H85AO ;5B>< 420 ?>2KH5=8O ?@>F5=B=KE AB02>: FED 8 >6840=85 1C4CI8E ?>2KH5=89, 2A5 MB> >A>15==> 70>AB@8;> 2=8<0=85 =0 5I5 >4=>9 ?>AB>O==>9 ?@>1;5<5 - 0<5@8:0=A:>< B>@3>2>< 45D8F8B5, :>B>@K9 >?OBL 65 B>;L:> =5402=> 4>AB83 =>2>3> @5:>@4=>3> C@>2=O 70 2AN 8AB>@8N !(. !8BC0F8O 5I5 1>;55 >1>AB@O;0AL 2708<>>B=>H5=8O<8 95=K 8 4>;;0@0; 0=: /?>=88, 2A5 ;5B> 1>@>2H89AO A ?@56452@5<5==K< (A 53> B>G:8 7@5=8O) @>AB>< :C@A0 95=K, =8G53> =5 A<>3 A45;0BL, =5A<>B@O =0 2>A5<L ?@54?@8=OBKE 8< 70 G5BK@5 <5AOF0 20;NB=KE 8=B5@25=F89. >?KB:8 0=:0 ?>;CG8BL ?>445@6:C 2 MB>9 1>@L15 A> AB>@>=K 07=0G59AB20 !( =8G53> =5 4020;8, 0 =0 8=B5@25=F88, :>B>@K5 >= >ACI5AB2;O; 1 >48=>G5AB25, @K=>: A<>B@5; A?>:>9=>, :064K9 @07 >?OBL ?>4=8<0O :C@A 95=K, :>B>@0O 1K;0 =C6=0 8=>AB@0==K< 8=25AB>@0< 4;O ?@8>1@5B5=8O @0ABCI8E O?>=A:8E 0:F89. > 2B>@=8: 21 A5=BO1@O A>AB>O;>AL 70A540=85 ><8B5B0 ?> 45=56=>9 ?>;8B8:5 0=:0 /?>=88, >B :>B>@>3> 2A5 640;8 :0:8E-;81> =>2KE @048:0;L=KE <5@ ?> >3@0=8G5=8N @>AB0 95=K. > 0=: /?>=88 70O28;, GB> 53> D8=0=A>20O ?>;8B8:0 >AB05BAO ?@56=59, ?>A;5 G53> @K=>: C:@5?8;AO 2 C25@5==>AB8, GB> 8=B5@25=F88 <>6=> =5 >?0A0BLAO, 0 B5, :B> =0:0=C=5 0:B82=> ?>:C?0;8 4>;;0@ 2 >6840=88 87<5=5=89 ?>;8B8:8 0=:0 /?>=88 8 A>2<5AB=KE 459AB289 !( 8 /?>=88 =0 20;NB=>< @K=:5, 1K;8 25AL<0 @07>G0@>20=K 8 2K=C645=K ?@>4020BL :C?;5==K9 4>;;0@ A C1KB:0<8. >MB><C :>340 ?>765 2 B>B 65 45=L 21 A5=BO1@O 1K;8 >?C1;8:>20=K 40==K5 ?> 8=>AB@0==>9 B>@3>2;5 !( 70 8N;L 1999 3>40 8 >:070;>AL, GB> 45D8F8B 2=5H=59 B>@3>2;8 >?OBL 2K@>A 4> @5:>@4=>9 25;8G8=K, @50:F8O @K=:0 1K;0 ?@>AB>9 8 >4=>7=0G=>9 - 4>;;0@ 1KAB@> 8 A8;L=> C?0; ?> >B=>H5=8N :> 2A5< >A=>2=K< 20;NB0<. 0 @8AC=:0E 3.1 8 3.2 ?>:070=K 3@0D8:8, =03;O4=> ?@54AB02;ONI85 @50:F8N 20;NB=>3> @K=:0 =0 MB8 40==K5.  8A. 3.1. @0D8: O?>=A:>9 95=K; @50:F8O =0 8B>38 70A540=8O 0=:0 /?>=88 (BOJ meeting) 8 40==K5 ?> 2=5H=59 B>@3>2;5 !( (US foreign trade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wd(i) 8 wf(i) - ?@>F5=B=K5 25A0 i-3> B>20@0 (CA;C38) 2 ?>B@518B5;LA:8E :>@78=0E 2=CB@8 AB@0=K 8 70 @C156><, 345 8=45:A i =C<5@C5B B>20@K 8 CA;C38. 5;8G8=K Pd 8 Pf, ?@54AB02;ONI85 >1I85 C@>2=8 F5= 2 42CE AB@0=0E, 2KG8A;ONBAO 2 2845 2725H5==KE AC<< Pd =  wd(i)* Pd(i), Pf= wf(i)*Pf(i), 0 8E >B=>H5=85 405B :C@A >1<5=0 20;NB. $>@<C;0, O2;ONI0OAO 01A>;NB=K< 20@80=B>< ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (absolute version of purchasing power parity), Pd = S * Pf, B5?5@L B>G=55 >?@545;O5B 20;NB=K9 :C@A, ?>A:>;L:C >E20BK205B ?@54AB028B5;L=CN 2K1>@:C B>20@>2, CG8BK20NICN A>AB02 ?>B@51;5=8O 2 :064>9 AB@0=5. ?@>G5<, : =59 <>6=> B0:65 ?@54JO28BL <=>65AB2> ?@5B5=789. >-?5@2KE, =5 ACI5AB2C5B 42CE AB@0=, ?@>872>4OI8E 01A>;NB=> >48=0:>2K5 B>20@K 8 CA;C38; 2K18@0O 65 @07=K5 =01>@K (?>B@518B5;LA:85 :>@78=K), <>6=> ?>;CG8BL 8 <=>65AB2> >1<5==KE :C@A>2. > 2B>@KE, >=0 =5 CG8BK205B B@0=A?>@B=K5 @0AE>4K, 2E>4OI85 2 F5=C B>20@0, B0<>65==K5 ?;0B568 8 B.4.  =0:>=5F, >=0 =5 @0AA<0B@8205B @07;8G=K5 8=48284C0;L=K5 >A>15==>AB8 B>20@=KE @K=:>2, =0?@8<5@, B>@3>2K5 <0@:8 (>4=0 8 B0 65 <>45;L 02B><>18;O <>65B 8<5BL 2 @07=KE AB@0=0E >G5=L @07=K5 F5=K ?@>AB> ?> ?@8G8=5 @07=>3> >B=>H5=8O : 8<5=8 D8@<K). A5 MB> 45;05B A@02=5=85 20;NB ?> ?0@8B5BC ?>:C?0B5;L=>9 A?>A>1=>AB8 25AL<0 CA;>2=K<, E>BO ?@>2545==K5 8AA;54>20=8O ?>:070;8, GB> 2 4>;3>A@>G=>< ?;0=5 >1<5==K5 :C@AK A;54CNB B5=45=F88 !, => >B:;>=5=8O >B ?0@8B5B0 <>3CB 1KBL 25AL<0 7=0G8B5;L=K<8. B=>A8B5;L=K9 20@80=B ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (relative version of purchasing power parity) ?>;CG05BAO 87 ?@82545==K9 2KH5 D>@<C;K 01A>;NB=>3> 20@80=B0, 5A;8 2 =59 2<5AB> 01A>;NB=KE 7=0G5=89 25;8G8= 8A?>;L7>20BL 8E ?@>F5=B=K5 87<5=5=8O. @54?>;>68<, GB> Pd(t) - C@>25=L F5= 2=CB@8 AB@0=K 2 =5:>B>@K9 ?5@8>4 2@5<5=8 t, 2K1@0==K9 2 :0G5AB25 107>2>3>, 0 Pd(t+T) - C@>25=L F5= ?> ?@>H5AB288 2@5<5=8 " (=0?@8<5@, " MB> 3>4). 1>7=0G8< S, Pd, Pf >B=>A8B5;L=K5 87<5=5=8O 70 2@5<O >B t 4> t+T 25;8G8=, A>>B25BAB25==>, >1<5==>3> :C@A0, 2=CB@5==8E F5= 2K1@0==>9 ?>B@518B5;LA:>9 :>@78=K 8 70@C156=KE F5=, S(t+T) - S(t) Pd(t+T) - Pd (t) S =         , Pd =          , S(t) Pd (t) Pf(t+T)-Pf(t) pf=         Pf(t) (?@8 65;0=88 <>6=> 2K@078BL >B=>A8B5;L=K5 87<5=5=8O 2 ?@>F5=B0E, C<=>682 MB8 4@>18 =0 100). A;8 ?>4AB028BL MB8 87<5=5==K5 7=0G5=8O 2 D>@<C;C 4;O 01A>;NB=>3> 20@80=B0 ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8, S(t+T) = Pd (t+T) / Pf (t+T) 2KG5ABL >BAN40 S(t)=Pd(t)/Pf(t) 8 A45;0BL A>>B25BAB2CNI85 ?@5>1@07>20=8O, B> D>@<C;0 4;O >B=>A8B5;L=>3> 20@80=B0 ! 1C45B 2K3;O45BL A;54CNI8< >1@07><: S=Pd-Pf. 0?@8<5@, 5A;8 2=CB@5==85 F5=K 70 3>4 2K@>A;8 =0 2,5 ?@>F5=B0 (Pd = 2,5%), 0 F5=K 70 @C156>< 2K@>A;8 =0 1,2% (Pf = 1,2%), B> MB> 4>;6=> >7=0G0BL, GB> :C@A =0F8>=0;L=>9 20;NBK ?> >B=>H5=8N : 8=>AB@0==>9 C?0; =0 d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apan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t G8A;>2>5 7=0G5=85 =5:>B>@>3> M:>=><8G5A:>3> ?0@0<5B@0 (F5=K, >1J5<0 2K?CA:0 8 B.4.) 2 <><5=B 2@5<5=8 t (45=L, <5AOF, :20@B0;, 3>4). 5:>B>@K9 <><5=B, 2K1@0==K9 2 :0G5AB25 =0G0;0 87<5@5=89, <K >1>7=0G05< t = 0, 0 70B5< AG8B05< 2@5<O F5;K<8 548=8F0<8: t = 1,2, 3,... .5;8G8=C 87<5=5=8O ?0@0<5B@0 % 70 ?@><56CB>: 2@5<5=8 >B t 4> t+1 >1>7=0G8< Xt=Xt+l-Xt. A;8, =0?@8<5@ Xt 87<5@O5B 2K?CA: ?@>4C:F88 70 <5AOF t, B> Xt - ?@8@>AB 2K?CA:0 70 <5AOF t+1, 5A;8 Xt - F5=0, B> Xt - 87<5=5=89 F5=K, 8<52H55 <5AB> 2 B5G5=85 <5AOF0 t+1. G5=L G0AB> =0A 8=B5@5AC5B =5 A0<0 25;8G8=0 87<5=5=8O ?0@0<5B@0 X, 0 =0A:>;L:> MB> 87<5=5=85 25;8:> ?> >B=>H5=8N : 8<52H5<CAO 7=0G5=8N; B>340 <K 8A?>;L7C5< ?@>F5=B=K5 25;8G8=K 87<5=5=89: (Xt+l/Xt-l)100(%). 1I5?@8=OB0O D>@<0 ?@54AB02;5=8O ?@>F5=B=KE 87<5=5=89 - 3>4>2K5 ?@>F5=BK (annualized). @54?>;>68<, 20;NB=K9 :C@A % 87<5=8;AO 70 <5AOF A 1.6205 4> 1.6510, %1 = X1  %0 = 0.0305; 2 ?@>F5=B=>< 2845 MB> 1C45B ( X1 / X0 - 1 )100 = 1.88 %. 0 A:>;L:> 87<5=8BAO 20;NB=K9 :C@A :>=FC 3>40, 5A;8 MB>B B5<? 1C45B A>E@0=OBLAO :064K9 <5AOF? B25B 405BAO 8725AB=>9 D>@<C;>9 A;>6=KE ?@>F5=B>2: ( 1 + ( X1 / X0 - 1 ))12 - 1 = 0.25076 8;8 25.08 %. -B> >7=0G05B, GB> 565<5AOG=K9 ?@8@>AB =0 1.88 % M:2820;5=B5= 3>4>2><C @>ABC 25.08 %, B> 5ABL 25.08% - MB> 8 5ABL 1.88 565<5AOG=KE ?@>F5=B>2, ?@54AB02;5==K5 2 2845 3>4>2KE ?@>F5=B>2 (annualized). 0AA<>B@8< ?@8<5@ ?5@5AG5B0 :20@B0;L=>3> ?>:070B5;O: ?CABL @>AB  70 ?5@2K9 :20@B0; A>AB028; 1.9%; :0:>2 1C45B 3>4>2>9 @>AB ?@8 A>E@0=5=88 MB>3> B5<?0? > D>@<C;5 A;>6=KE ?@>F5=B>2 8<55<, ( 1 + 0.019 )4 - 1 = 0.07819, 8;8 7.82 %. @8 0=0;875 M:>=><8G5A:8E 40==KE A;54C5B 8<5BL 2284C, GB> <=>385 8=48:0B>@K M:>=><8G5A:>9 AB0B8AB8:8, ?C1;8:C5<K5 2 8=D>@<0F8>==KE A8AB5<0E, ?@>E>4OB ?@5420@8B5;L=CN >1@01>B:C, =0?@02;5==CN =0 C40;5=85 A57>==>9 7028A8<>AB8 (seasonality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seasonally adjusted) (=0 @8AC=:5 13.3. B>B 65 ?>:070B5;L ?@>406 =>2KE 02B><>18;59 ?@54AB02;5= 4;O 8;;NAB@0F88 2 A57>==> A3;065==>< 2845, B> 5ABL ?>A;5 A57>==>3> 2K@02=820=8O). >;55 ?>4@>1=> A <5B>40<8 A57>==>9 >1@01>B:8 M:>=><8G5A:8E 2@5<5==KE @O4>2 <>6=> ?>7=0:><8BLAO ?@8 =5>1E>48<>AB8 ?> :=835 -44>CA0 8 !BM=AD8;40, C:070==>9 2 A?8A:5 ;8B5@0BC@K. B45;L=> @O4>< A ?>:070B5;5< ?@8 ?C1;8:0F88 C:07K205BAO, : :0:><C ?5@8>4C >B=>A8BAO 53> 7=0G5=85:  -<5AOF, Q - :20@B0;, Y - 3>4. '0AB> 1K205B B0:, GB> ?C1;8:C5<>5 7=0G5=85 ?>:070B5;O ?@82>48BAO 2 2845 53> >B=>H5=8O : 7=0G5=8N MB>3> ?>:070B5;O 70 A>>B25BAB2CNI89 ?5@8>4 ?@54K4CI53> 3>40; B>340 >=> 1C45B A>?@>2>640BLAO <5B:>9 Y/Y. !>>B25BAB25==> - Q/Q >7=0G05B :20@B0;L=K5 40==K5 ?> >B=>H5=8N : ?@54K4CI5<C :20@B0;C, 0 / - 40==K5 70 <5AOF ?> >B=>H5=8N : ?@54K4CI5<C <5AOFC. =>385 M:>=><8G5A:85 ?>:070B5;8 >B=>AOBAO A@07C : 1>;LH>9 3@C??5 >1J5:B>2, =0?@8<5@ 8=45:A ?>B@518B5;LA:8E F5= 5ABL 87<5=5=85 F5= =5:>B>@>9 2K1@0==>9 3@C??K B>20@>2 8 CA;C3 (?>B@518B5;LA:>9 :>@78=K). >AB@>5=85 B0:8E 8=45:A>2 >ACI5AB2;O5BAO A;54CNI8< >1@07><: ?CABL p0(l),p0(2),...,p0(N) F5=K B>20@>2 8 CA;C3 2 =0G0;L=K9 <><5=B 2@5<5=8 ;81> 2 ?@54K4CI89 ?5@8>4, 0 pl(l),pl(2),...,pl(N) 8E F5=K G5@57 t = 1 8 ?CABL q0(l),q0(2),.. q0(N), ql(l),ql(2),...,ql(N) A>>B25BAB2CNI85 :>;8G5AB20 B>20@>2 8 CA;C3, 2E>4OI8E 2 ?>B@518B5;LA:CN :>@78=C 2 =0G0;L=K9 <><5=B 2@5<5=8 8 G5@57 2@5<O t = 1. ">340 2 :0G5AB25 8=45:A0, ?>:07K20NI53> 87<5=5=85 F5= ?>B@518B5;LA:>9 :>@78=K 70 2@5<O t, <>65B 1KBL 27OB> >B=>H5=85 pl(l)*ql(l) + pl(2)*ql(2) +...+pl(N)*ql(N) I =                        . p0(l)*q0(l) + p0(2)*q0(2) +...+p0(N)*q0(N) "0:85 8=45:AK B0:65 70?8AK20NB 8 2 ?@>F5=B=>< 2845. @82545==K9 2KH5 8=45:A CG8BK205B :0: 87<5=5=85 F5=, B0: 8 87<5=5=85 A>AB020 ?>B@518B5;LA:>9 :>@78=K (8=45:A 00H5). !CI5AB2CNB 8=45:AK (=07K205<K5 8=45:A0<8 0A?59@5A0), :>B>@K5 AB@>OBAO 8AE>4O 87 ?@54?>;>65=8O > =587<5==>AB8 A>AB020 ?>B@518B5;LA:>9 :>@78=K: pl(l)*q0(l) + pl(2)*q0(2) +...+pl(N)*q0(N) I =                         . p0(l)*q0(l) + p0(2)*q0(2) +...+p0(N)*q0(N) -B8 8=45:AK 87<5@ONB B>;L:> 2;8O=85 ?@>8AH54H8E 87<5=5=89 2 F5=0E. =>385 8A?>;L7C5<K5 2 AB0B8AB8:5 20;NB=KE @K=:>2 8=45:AK AB@>OBAO ?> B0:8< D>@<C;0<, 8=>340 A B5<8 8;8 8=K<8 87<5=5=8O<8. 0?@8<5@, G0AB> ?@8<5=ONBAO B0: =07K205<K5 @50;L=K5 ?>:070B5;8 M:>=><8:8. !<KA; 8E A>AB>8B 2 B><. GB> D8:A8@CNBAO F5=K =0 =5:>B>@K9 <><5=B 2@5<5=8, 0 >1J5< 2K?CA:0 (8;8 A>AB02 ?>B@518B5;LA:>9 :>@78=K) 87<5=O5BAO 2 B5G5=85 40==>3> ?@><56CB:0 2@5<5=8. 50;L=K9 ?>:070B5;L CG8BK205B @>AB >1J5<>2 2K?CA:0 (?>B@51;5=8O), 0 @>AB F5= =0 =53> =5 >:07K205B 2;8O=8O, B> 5ABL, @50;L=K5 ?>:070B5;8 A2>1>4=K >B 8=D;OF88.  :0G5AB25 ?@8<5@0 @50;L=>3> ?>:070B5;O ?@82545< @50;L=K9 . A;8 ?@54?>;>68BL, GB> A>AB02 2K?CA:0 2 M:>=><8:5 >AB05BAO =587<5==K<, 0 <5=O5BAO ;8HL >1J5< 2K?CA:0 B>20@>2 8 >:07K205<KE CA;C3, B> @50;L=K9  4;O ?@><56CB:0 2@5<5=8 t 1C45B AG8B0BLAO ?> D>@<C;5 GDPt real = p0(l)*qt(l) + p0(2)*qt(2) +... +@0(N)*qt(N) = p0(i)*qt(i), 345 F5=K p0(i) 27OBK 4;O =5:>B>@>3> ?5@8>40 2@5<5=8, 8<5=C5<>3> 107>2K< (2 AB0B8AB8:5 !(, =0?@8<5@, G0AB> 8A?>;L7C5BAO 2 :0G5AB25 107>2>3> ?5@8>40 1982-9 3>4). 0 A0<>< 45;5 :>=5G=> 65, A>AB02 2K?CA:0 2 M:>=><8:5 2 B5G5=85 =5A:>;L:8E ;5B =5 >AB05BAO =587<5==K<, ?>MB><C @07@01>B0=K A>>B25BAB2CNI85 AB0B8AB8G5A:85 <5B>4K 4;O CG5B0 53> 87<5=5=89. @8 ?C1;8:0F88 M:>=><8G5A:8E ?>:070B5;59 2 8=D>@<0F8>==KE A8AB5<0E 4;O >1>7=0G5=8O @50;L=KE ?>:070B5;59 8A?>;L7C5BAO A?5F80;L=K9 A8<2>; !; =0?@8<5@, @50;L=K9  !( 1C45B >1>7=0G0BLAO USGDP/C.  >B;8G85 >B @50;L=>3> , B0:>9 65 ?>:070B5;L, @0AAG8BK205<K9 2 459AB2CNI8E F5=0E, =07K205BAO =><8=0;L=K< : GDPt = pt(l)*qt(l) + pt(2)*qt(2) +...+ pt(N)*qt(N), 0 >B=>H5=85 =><8=0;L=>3>  : @50;L=><C =>A8B =0720=85 45D;OB>@0  (8;8 implicit deflator GDP); GDPt defl =        GDPt real 5D;OB>@ O2;O5BAO >4=8< 87 ?>:070B5;59 8=D;OF88, B0: :0: >= ?>:07K205B, 2 :0:>9 AB5?5=8 @>AB  ?@>8AE>48B 87-70 C25;8G5=8O F5=. ;87:8< ?> AB@C:BC@5 : 8=45:A0<, AB@>OI8<AO =0 >A=>25 ?>B@518B5;LA:>9 :>@78=K, O2;O5BAO B0: =07K205<K9 8=45:A 4>;;0@0. >A:>;L:C =0 <564C=0@>4=>< 20;NB=>< @K=:5 2A5 20;NBK ?@8=OB> :>B8@>20BL ?@5645 2A53> ?> >B=>H5=8N : 4>;;0@C, B> =5 OA=>, GB> 65 O2;O5BAO F5=>9 A0<>3> 4>;;0@0. 4=8< 87 ?>:070B5;59 C@>2=O 4>;;0@0 O2;O5BAO 53> CA@54=5==K9 :C@A ?> >B=>H5=8N : >A=>2=K< <8@>2K< 20;NB0<; ?@8G5< CA@54=5=85 45;05BAO A 25A0<8, ?@>?>@F8>=0;L=K<8 >1J5<0< B>@3>2;8 !(, >ACI5AB2;O5<K< 2 MB8E >B45;L=KE 20;NB0E. A;8 >1>7=0G8BL G5@57 Pi :C@AK 4>;;0@0 ?> >B=>H5=8N : >A=>2=K< 20;NB0< (GBP, EUR, CHF, JPY, AUD 8 B.4.), ?@54AB02;5==K5 2 2845 :>;8G5AB20 548=8F 20;NBK 70 >48= 4>;;0@, B> D>@<C;0 4;O 8=45:A0 4>;;0@0 (trade weighted dollar index) 1C45B 2K3;O45BL A;54CNI8< >1@07>< USDIndex=wl*Pl + w2* P2 + w3*  + ... . <5==> MB>B 8=45:A ?@54AB02;5= =0 @8AC=:5 2.1. 4;O 8;;NAB@0F88 8AB>@88 :C@A0 0<5@8:0=A:>3> 4>;;0@0. 0 @8AC=:5 4.1. 8=45:A 4>;;0@0 ?@54AB02;5= 1>;55 45B0;L=K< 3@0D8:><, >B=>AOI8<AO : 1999 3>4C.  8A. 4.1. =45:A 0<5@8:0=A:>3> 4>;;0@0, 1999 3>4 =0;>38G=K5 8=45:AK ?C1;8:CNBAO 8 4;O 4@C38E 20;NB; >=8 1>;55 B>G=> >BA;56820NB M:>=><8G5A:>5 7=0G5=85 20;NB=>3> :C@A0, B0: :0: >=> >?@545;O5BAO =5 AB>;L:> A0<>9 25;8G8=>9 >1<5==>3> :C@A0, => ?@5645 2A53> - B5< >1J5<>< B>@3>2;8, :>B>@K9 >ACI5AB2;O5BAO A 8A?>;L7>20=85< 40==>9 20;NBK. 0 3@0D8:5 ( 8A. 4.2.) ?@82545= 2725H5==K9 A CG5B>< >1J5<>2 B>@3>2;8 8=45:A 1@8B0=A:>3> DC=B0. ! 25A=K 1999 3>40 =0G0; ?C1;8:>20BLAO ?>4>1=K9 8=45:A 4;O =>2>9 20;NBK 52@>.  MB>9 A2O78 1>;LH>9 8=B5@5A ?@54AB02;O5B A;54CNI89 :><<5=B0@89, >?C1;8:>20==K9 2 A5@548=5 D52@0;O 1999 ?@8 >1AC645=88 ?@8G8= 8 ?>A;54AB289 =5>6840==> A8;L=>3> ?045=8O 52@> A =0G0;0 3>40.  B><C 2@5<5=8 52@> C65 CA?5;0 C?0ABL =0 6% ?> >B=>H5=8N : 4>;;0@C A =0G0;0 3>40 8 @074020;>AL <=>3> C?@5:>2 2 04@5A @C:>2>48B5;59 52@>?59A:>9 D8=0=A>2>9 ?>;8B8:8, =5 >15A?5G820NI8E 4>;6=CN AB018;L=>ABL 20;NBK, => 0=0;8B8:8 ?@82>48;8 @0AG5BK, ?>:07K20NI85, GB> A=865=85 4>;;0@>2>3> :C@A0 52@> >B=N4L =5 >B@0605B AB>;L 65 1>;LH8E M:>=><8G5A:8E ?>A;54AB289 MB>3> ?045=8O 4;O 52@>-@538>=0. 59AB28B5;L=>, 2 @57C;LB0B5 >1J548=5=8O 20;NB 2=5H=OO B>@3>2;O A>AB02;O;0 >:>;> 10% AC<<0@=>3> 20;>2>3> 2=CB@5==53> ?@>4C:B0 >48==04F0B8 AB@0= 52@>-@538>=0, MB> 2 2 - 3 @070 <5=LH5, G5< 1K;> 2 A>>B25BAB288 A 8=48284C0;L=>9 AB0B8AB8:>9 MB8E AB@0= 4> >1J548=5=8O 20;NB. %>BO ?040NI0O 20;NB0 8 45;05B 8<?>@B=K5 F5=K 1>;55 2KA>:8<8, => 7=0G8B5;L=0O G0ABL 2=5H=59 B>@3>2;8 4;O >48==04F0B8 AB@0= ?@52@0B8;0AL 2> 2=CB@5==NN, ?>MB><C A8;L=>5 ?045=85 4>;;0@>2>3> :C@A0 52@> =5 ?@8G8=8;> AB>;L 1>;LH8E ?@>1;5<, :0: MB>3> <>6=> 1K;> 1K >6840BL.  8A. 4.2. =45:A 1@8B0=A:>3> DC=B0 -B> E>@>H> 1K;> 284=> A ?><>ILN MDD5:B82=>3> >1<5==>3> :C@A0 (8=45:A0) 52@>, CG8BK20NI53> B>@3>2;N 52@>-@538>=0 A 16 4@C38<8 AB@0=0<8: >= C?0; 70 B> 65 2@5<O 2A53> =0 1,3%. "0:8< >1@07>< ?>4B25@640;0AL >1>A=>20==>ABL ?>78F88 2@>?59A:>3> &5=B@0;L=>3> 0=:0 (&), :>B>@K9 B>340 CB25@640;, GB> ?045=85 52@> =5 C3@>605B AB018;L=>AB8 F5= 2 52@>-@538>=5. ;O 20;NB=>3> B@5945@0 MB> <>3;> A;C68BL A83=0;>< : B><C, GB> =0 >G5@54=>< 70A540=88 & =5 87<5=8B ?@>F5=B=K5 AB02:8 (> G5< 0=: 8 ?@54C?@5640; @K=:8), 0 >BAN40 A;54>20;>, GB> 52@> ?@>4>;68B A2>9 E>4 2=87. 03;O4=K9 ?@8<5@ B>3>, GB> ?>72>;ONB C2845BL 8=45:AK! B45;L=> =5>1E>48<> >AB0=>28BLAO =0 >4=>< 87 206=59H8E 8=48:0B>@>2 20;NB=>3> @K=:0 - 0<5@8:0=A:>< 8=45:A5 D>=4>2>3> @K=:0, 8725AB=>< 2> 2A5< <8@5 :0: 8=45:A >C-6>=A0. >4>1=> <=>38< 4@C38< 8=45:A0< D>=4>2>3> @K=:0, >= ?@54AB02;O5B A>1>9 CA@54=5==CN F5=C =5:>B>@>3> 2K1@0==>3> =01>@0 0:F89. > 2 MB>< 8=45:A5 8A?>;L7C5BAO 8=B5@5A=K9 8 ?>CG8B5;L=K9 ?@85<, A2O70==K9 A CG5B>< 87<5=5=8O A>AB020 A?8A:0 MB8E 0:F89. 0?@8<5@, ?@><KH;5==K9 8=45:A >C-6>=A0 (DJI - Dow Jones Industrial) 2KG8A;O5BAO 4;O 3@C??K 0:F89 30 :@C?=KE ?@><KH;5==KE :>@?>@0F89, :>B>@K5 0:B82=> 8 CAB>9G82> B>@3CNBAO =0 LN-9>@:A:>9 D>=4>2>9 18@65. > A>AB02 MB>9 3@C??K B@84F0B8 2@5<O >B 2@5<5=8 <5=O5BAO: ?@>8AE>4OB A;8O=8O :>@?>@0F89, ;81> :0:>5-B> 0:F8>=5@=>5 >1I5AB2> <>65B 87-70 M:>=><8G5A:8E ?@>1;5< >B>428=CBLAO =0 2B>@>9 ?;0= 8 53> 0:F88 1C4CB 2KG5@:=CBK 87 A?8A:0 871@0==KE, :C40 2>945B 4@C30O :><?0=8O. 'B>1K ?>OA=8BL 8A?>;L7C5<K9 2 8=45:A5 >C-6>=A0 ?@85<, @0AA<>B@8< 745AL 2<5AB> 30 B>;L:> 3 0:F88 A 8E 2G5@0H=8<8 18@652K<8 F5=0<8:  = 25,  = 18, ! ==47. !@54=OO F5=0 A>AB028B 30, 55 8 ?@8<5< 2 :0G5AB25 =0G0;L=>3> 7=0G5=8O 8=45:A0, A>>B25BAB2CNI53> 70:@KB8N 702B@0H=53> 18@652>3> 4=O. > =0 A;54CNI89 45=L ?>ABC?8;0 8=D>@<0F8O, GB> 0:F8>=5@=>5 >1I5AB2> () ! A;8;>AL A 4@C38< 0:F8>=5@=K< >1I5AB2>< 8 =>2>5  2K?CAB8;> 0:F88 D A F5=>9 D == 17. A;8 2 :0G5AB25 8=45:A0 =0 <><5=B =0G0;0 =>2>3> @01>G53> 4=O 27OBL =>2CN A@54=NN F5=C 0:F89, B> ?>;CG8BAO A:0G>: 8=45:A0, B0: :0: (  +  + D ) / 3 = 20. ;O B>3> GB>1K 871560BL ?>4>1=KE =5>?@0240==KE A:0G:>2, ?>ABC?0NB A;54CNI8< >1@07><: AC<<0 F5= =>2KE 0:F89 45;8BAO =5 =0 8E :>;8G5AB2>, 0 =0 =5:>B>@K9 7=0<5=0B5;L x, :>B>@K9 2K18@05BAO 87 CA;>28O, GB> 8=45:A >B:@>5BAO A53>4=O A B5< 65 7=0G5=85<, A :>B>@K< >= 70:@K;AO 2G5@0: (  +  + D ) / x = 20, >B:C40 ?>;CG05<, x = (25 + 18 + 17 ) / 30 = 2,0 . -B> 7=0G5=85 x D8:A8@C5BAO 8 8A?>;L7C5BAO 70B5< 2 :0G5AB25 7=0<5=0B5;O 4> B5E ?>@, ?>:0 =5 ?@>87>945B =>2>5 87<5=5=85 2 A>AB025 0:F89 8=45:A0. @8 MB><, 7=0G5=85 7=0<5=0B5;O x (divisor) O2;O5BAO A0<> ?> A515 8=48:0B>@>< D>=4>2>3> @K=:0 8 ?C1;8:C5BAO 2 A@54AB20E <0AA>2>9 8=D>@<0F88 =0@02=5 A 8=45:A0<8 >C-6>=A0.  8A. 4.3. @><KH;5==K9 8=45:A >C-6>=A0, 8 D>=4>2K9 8=45:A S&P 500 =45:A >C-6>=A0 O2;O5BAO, ?> 2A5>1I5<C ?@87=0=8N, MDD5:B82=K< 8=48:0B>@>< 48=0<8:8 ?>2545=8O D>=4>2>3> @K=:0 !(; >= =03;O4=> ?>:07K205B 8<5==> 42865=8O @K=:0, 87<5=5=85 53> =0AB@>5=89. > 5ABL C =53> 8 =5:>B>@K5 =54>AB0B:8 - A0<0 ?> A515 25;8G8=0 8=45:A0 =5 >B@0605B F5= 0:F89, E>BO 8 AB@>8;0AL 2 2845 A@54=59 F5=K: => 254L =5B 0:F89, B>@3CNI8EAO ?> 11000$!  B><C 65 :>;8G5AB25==K9 A>AB02 0:F89, 2E>4OI8E 2 A?8A>: 8=45:A0 25AL<0 =525;8:, >A>15==> ?> A@02=5=8N A 87>18;85< =08<5=>20=89 0:F89, >1@0I0NI8EAO =0 D>=4>2>< @K=:5 !(. 7-70 MB>3> 53> ?>2545=85 <>65B 4020BL 8A:065==CN :0@B8=C @0728B8O @K=:0 2 F5;><. -B> 40;> >A=>20=85 1K2H5<C ?@54A540B5;N $545@0;L=>9 575@2=>9 !8AB5<K Volcker'y ?@8 >G5@54=>< >1AC645=88 2>7<>6=>9 C3@>7K, :>B>@CN ?@54AB02;O5B ?5@5>F5=5==K9 @K=>: 0<5@8:0=A:8E 0:F89 4;O M:>=><8:8 !(, 70<5B8BL, GB> AC4L10 0<5@8:0=A:>9 M:>=><8:8 7028A8B >B 50 0:F89, 87 :>B>@KE ?>;>28=0 =8:>340 =5 4>:;04K20;8 > :0:8E-;81> ?@81K;OE. >MB><C 4;O 1>;55 >1J5:B82=>3> >F5=820=8O 48=0<8:8 D>=4>2>3> @K=:0 ?@8<5=ONB @07=K5 8=45:AK, 2 G0AB=>AB8 2 !( H8@>:> @0A?@>AB@0=5= 8=45:A Standard and Poors 500 (S&P500), :>B>@K9 >BA;568205B 500 0:F89 >A=>2=KE :>@?>@0F89 ?@>872>4AB25==>3> A5:B>@0 8 53> 7=0G5=85 @02=> A@54=52725H5==>9 F5=5 MB8E 0:F89. =0G5 3>2>@O, 4;O 2KG8A;5=8O S&P500 8A?>;L7C5BAO B0 65 D>@<C;0, ?> :>B>@>9 AG8B0;AO B>@3>2> 2725H5==K9 8=45:A 4>;;0@0, => 2 :0G5AB25 Pi 15@5BAO F5=0 0:F88, a wi -55 :0?8B0;870F8O, B> 5ABL 2K@065==0O 2 4>;;0@0E F5=0 B>3> :>;8G5AB20 0:F89 i, :>B>@K5 >1@0I0NBAO =0 @K=:5. 0 @8AC=:5 4.3. 8=45:AK >C-6>=A0 8 S&P500 87>1@065=K @O4>< 4;O A@02=5=8O. 865 2 :0G5AB25 8;;NAB@0F88 AB0B8AB8:8 D>=4>2>3> @K=:0 ?@82545=K 3@0D8:8 0=3;89A:>3> D>=4>2>3> 8=45:A0 FTSE 8 O?>=A:>3> D>=4>2>3> 8=45:A0 NIKKEI. BA;56820=85 ?>2545=8O D>=4>2KE 8=45:A>2 O2;O5BAO >1O70B5;L=>9 G0ABLN 0=0;8B8G5A:>9 @01>BK 20;NB=>3> B@5945@0, ?>A:>;L:C A?@>A =0 0:F88, =><8=8@>20==K5 2 :>=:@5B=>9 20;NB5, <>65B >G5=L A8;L=> A:070BLAO =0 :C@A5 MB>9 20;NBK. "0:, ;5B>< 1999 3>40 4065 ?>AB>O==K5 8=B5@25=F88 0=:0 /?>=88, =0 :>B>@K5 >= ?>B@0B8; 1>;55 20 <8;;80@4>2 4>;;0@>2, =5 A<>3;8 >AB0=>28BL C:@5?;5=8O 95=K, ?>A:>;L:C >4=8< 87 A8;L=59H8E 459AB2>202H8E 2 MB> 2@5<O D0:B>@>2 1K; 2KA>:89 A?@>A =0 O?>=A:85 0:F88. 0 @8AC=:5 4.5. E>@>H> 284=>, :0: A =0G0;0 1999 3>40 O?>=A:85 0:F88 ?@5:@0B8;8 70BO6=>5 ?045=85 8 =0G0;8 @0AB8 2 F5=5. =25AB>@K 87 2@>?K, 5;8:>1@8B0=88 8 !( :>=25@B8@>20;8 7=0G8B5;L=K5 AC<<K 2 95=C A F5;LN ?@8>1@5B5=8O O?>=A:8E 0:F89, 8 MB> ?>AB>O==> ?>4=8<0;> :C@A 95=K ?> >B=>H5=8N : 4>;;0@C.  8A. 4.4. @8B0=A:89, 8=45:A D>=4>2>3> @K=:0 FTSE  8A. 4.5. /?>=A:89 8=45:A D>=4>2>3> @K=:0 Nikkei 5. 5=L38 8 ?@>F5=B=K5 AB02:8 A5 459AB28O 3>AC40@AB25==KE @53C;8@CNI8E >@30=>2, 0 2 >A>15==>AB8, F5=B@0;L=KE 10=:>2, 2;8ONI85 =0 D8=0=AK 8 45=56=>5 >1@0I5=85, O2;ONBAO 206=K<8 D0:B>@0<8 4;O 20;NB=KE :C@A>2. &5=0 20;NBK >?@545;O5BAO ?@5645 2A53> A?@>A>< 8 ?@54;>65=85<, A2O70==K<8 A MB>9 20;NB>9 =0 <564C=0@>4=>< @K=:5. >MB><C >1<5==K5 :C@AK >A=>2=KE 20;NB A>740NBAO @K=:><, => C F5=B@0;L=KE 10=:>2 5ABL F5;K9 @O4 8=AB@C<5=B>2, A ?><>ILN :>B>@KE >=8 <>3CB ACI5AB25==> ?>2;8OBL =0 20;NB=K5 :C@AK. @8<5=ONB MB8 8=AB@C<5=BK F5=B@0;L=K5 10=:8, 8AE>4O 87 F5;59 A2>59 D8=0=A>2>9 ?>;8B8:8 (3;02=0O 87 :>B>@KE - AB018;L=>ABL =0F8>=0;L=>9 20;NBK) 8 B>9 :>=:@5B=>9 A8BC0F88, :>B>@0O >?@545;O5BAO A>AB>O=85< M:>=><8:8, :>=:C@5=B=K< ?>;>65=85< AB@0=K =0 <8@>2>< @K=:5 8 ?>;8B8G5A:8<8 D0:B>@0<8. >MB><C @K=:8 2A5340 >G5=L 2=8<0B5;L=> A;54OB =5 B>;L:> 70 M:>=><8:>9, => 8 70 AB0B8AB8:>9 D8=0=A>2 >A=>2=KE B>@3CNI8E AB@0=, ?KB0OAL ?@54C3040BL ?> =8< 459AB28O F5=B@0;L=KE 10=:>2. =0:><AB2> A ?>;>65=8O<8 =0C:8 > 45=L30E 8 ?>=8<0=85 A<KA;0 ?>;8B8:8, ?@>2>48<>9 D8=0=A>2K<8 2;0ABO<8, O2;O5BAO >1O70B5;L=K< 4;O :064>3> B@5945@0, 65;0NI53> >A<KA;5==> ?;0=8@>20BL A2>N @01>BC =0 20;NB=>< @K=:5. =48:0B>@K 45=56=>9 AB0B8AB8:8 >;8G5AB2> 45=53, =0E>4OI8EAO 2 >1@0I5=88 (Money Supply), 5ABL >48= 87 ACI5AB25==KE D0:B>@>2, D>@<8@CNI8E 20;NB=K9 :C@A. 71KB>: >4=>9 20;NBK A>740AB ?>2KH5==>5 ?@54;>65=85 55 =0 <564C=0@>4=>< 20;NB=>< @K=:5 8 2K7>25B A=865=85 55 :C@A0 ?> >B=>H5=8N : 4@C38< 20;NB0<. !>>B25BAB25==>, 45D8F8B 20;NBK, ?@8 =0;8G88 A?@>A0 =0 =55, ?@82545B : @>ABC :C@A0. >:070B5;O<8, 87<5@ONI8<8 :>;8G5AB2> 45=53 2 >1@0I5=88, O2;ONBAO B0: =07K205<K5 45=56=K5 03@530BK (Monetary Aggregates), :>B>@K5 CG8BK20NB :>;8G5AB2> 45=53 @07=KE 284>2, E0@0:B5@87CO 8 A>AB02 45=53 (AB@C:BC@C 45=56=>9 <0AAK). !0<8 45=56=K5 03@530BK >?@545;ONBAO =5A:>;L:> ?>-@07=><C 2 @07;8G=KE AB@0=0E, => >1I89 8E A<KA; ?@8 MB>< 2?>;=5 0=0;>38G5=. K, :0: >1KG=>, @0AA<>B@8< 745AL 20@80=B, ?@8=OBK9 2 0<5@8:0=A:>9 10=:>2A:>9 A8AB5<5, 345 D>@<8@CNBAO 40==K5 ?> G5BK@5< 45=56=K< 03@530B0<: - Ml - =0;8G=K5 45=L38 2 >1@0I5=88, =0E>4OI85AO 70 ?@545;0<8 10=:>2, 4>@>6=K5 G5:8, 45?>78BK 4> 2>AB@51>20=8O, ?@>G85 G5:>2K5 45?>78BK; - 2 = Ml + =5G5:>2K5 A15@530B5;L=K5 45?>78BK, A@>G=K5 2:;04K 2 10=:0E, >4=>4=52=K5 >?5@0F88 , >4=>4=52=K5 4>;;0@>2K5 45?>78BK @57845=B>2 !(, A@54AB20 =0 AG5B0E 2708<=KE D>=4>2; - M3 = 2 + :@0B:>A@>G=K5 3>AC40@AB25==K5 >1;830F88, >?5@0F88 , 52@>4>;;0@>2K5 45?>78BK @57845=B>2 !( 2 70@C156=KE D8;80;0E 0<5@8:0=A:8E 10=:>2.  8A. 5.1. 5=56=K5 03@530BK 1, 2, M3, !(  !( 8A?>;L7C5BAO 5I5 >48=, 1>;55 H8@>:89 45=56=K9 03@530B, => AG8B05BAO, GB> >A=>2=K< ?>:070B5;5<, A8;L=> :>@@5;8@>20==K< A 20;NB=K<8 @K=:0<8, O2;O5BAO 2, ?>MB><C 40;L=59H85 ?>4@>1=>AB8 <K >?CA:05<. 0==K5 ?> 45=56=K< 03@530B0< !( ?C1;8:CNBAO 565=545;L=>; >1KG=> 2 G5B25@3. 3@530B Ml A 1970 ?> 1983 3.3. A;C68; >A=>2=K< >@85=B8@>< 45=56=>9 ?>;8B8:8 $545@0;L=>9 575@2=>9 !8AB5<K (0 4> B>3> >@85=B8@>< 1K;8 10=:>2A:85 :@548BK), B0: :0: AG8B0;>AL, GB> Ml =081>;55 B5A=> :>@@5;OF8>==> A2O70= A M:>=><8G5A:>9 0:B82=>ABLN. > 70B5< 7=0G8B5;L=>5 C<5=LH5=85 @>;8 3>AC40@AB20 2 D8=0=A>2>< @53C;8@>20=88 8 @>AB ?@>F5=B=KE AB02>: ?@825;8 : >A;01;5=8N :>@@5;OF88  1 A M:>=><8G5A:>9 0:B82=>ABLN 8 8=D;OF859.  @57C;LB0B5 FED ?5@5:;NG8;AO =0 2 2 :0G5AB25 F5;52>3> >@85=B8@0, ?>A:>;L:C, 2:;NG0O AG5B0 1@>:5@A:>-45=56=KE >?5@0F89, 45=56=KE D>=4>2 8 :@0B:>A@>G=K5 45?>78BK, >= 1>;55 B5A=> A2O70= A 2>7@>AH59 M:>=><8G5A:>9 8 D8=0=A>2>9 0:B82=>ABLN. > A5@548=K 1980-E 3>4>2 2 8<5; 2KA>:CN :>@@5;OF8N A =><8=0;L=K< . @C385 45=56=K5 03@530BK 2 3>@074> <5=LH59 AB5?5=8, G5< Ml, M2 <>3CB A;C68BL >@85=B8@>< 4;O 0=0;8B8:>2 20;NB=KE @K=:>2. ;8O=85 40==KE ?> 45=56=K< 03@530B0< =0 20;NB=K5 F8:;K >F5=8205BAO ?@5645 2A53> G5@57 8E A2O7L A> AB048O<8 M:>=><8G5A:8E F8:;>2 (?>4@>1=> >A=>2=K5 ?>=OB8O F8:;8G5A:>3> ?>2545=8O M:>=><8G5A:8E 8=48:0B>@>2 @0AA<0B@820NBAO 2 ?0@03@0D5 7). >2545=85 @07;8G=KE 45=56=KE 03@530B>2 2 M:>=><8G5A:>< F8:;5 2?>;=5 0=0;>38G=>: 2A5 >=8 ?>:07K20NB <0:A8<0;L=K5 B5<?K @>AB0 ?5@54 =0G0;>< A?040 8 <8=8<C<K @>AB0 2 :>=F5 A?040. > MB>9 ?@8G8=5 03@530B M2 =0?@8<5@, 2:;NG5= 2 A>AB02=>9 8=45:A >?5@560NI8E 8=48:0B>@>2. A5 03@530BK 8A?KBK20NB =081>;LH89 @>AB =0 AB0488 2>AAB0=>2;5=8O; M2 2 A@54=5< 8<55B >48= B5<? @>AB0 2 AB0488 A?040 (@5F5AA88) 8 2 AB0488 @>AB0. @>F5=B=K5 AB02:8 8 >48= 87 8=48:0B>@>2 M:>=><8:8 8 D8=0=A>2 =5 8<55B 4;O >BA;56820=8O 48=0<8:8 20;NB=KE @K=:>2 B0:>3> 7=0G5=8O, :0: ?@>F5=B=K5 AB02:8. @>F5=B=K9 48DD5@5=F80; (Interest Rate Differential), B> 5ABL @07=>ABL ?@>F5=B=KE AB02>:, 459AB2CNI8E ?> 42C< 20;NB0< - MB> 3;02=K9 D0:B>@, =5?>A@54AB25==> >?@545;ONI89 >B=>A8B5;L=CN ?@82;5:0B5;L=>ABL ?0@K 20;NB, 0 A;54>20B5;L=>, 8 2>7<>6=K9 A?@>A =0 :064CN 87 =8E. 0 45=56=>< @K=:5 :064>9 AB@0=K 459AB2C5B <=>3> 284>2 ?@>F5=B=KE AB02>:: AB02:0 ?>4 :>B>@CN :><<5@G5A:85 10=:8 70=8<0NB 45=L38 C F5=B@0;L=>3> 10=:0 (>D8F80;L=0O ?@>F5=B=0O AB02:0. Official Interest Rate); AB02:8, ?>4 :>B>@K5 10=:8 70=8<0NB 45=L38 4@C3 C 4@C30 (AB02:8 <5610=:>2A:>3> 708<AB2>20=8O - Interbank Offered Rate); ?@>F5=B=K5 AB02:8, >?@545;ONI85 4>E>4=>ABL 3>AC40@AB25==KE F5==KE 1C<03 (Government Bonds Yields); ?@>F5=B=K5 AB02:8, ?>4 :>B>@K5 10=:8 2K40NB :@548BK A2>8< :;85=B0< (Lending Rates); ?@>F5=B=K5 AB02:8, ?>4 :>B>@K5 :><<5@G5A:85 10=:8 ?@82;5:0NB 45=L38 2 45?>78BK (Deposit Rates). A5 MB8 AB02:8 B5A=> A2O70=K <564C A>1>9 8 2 :>=5G=>< AG5B5 >?@545;ONBAO B>9 >D8F80;L=>9 ?@>F5=B=>9 AB02:>9, :>B>@CN CAB0=02;8205B F5=B@0;L=K9 10=:. ;03>40@O ?@>7@0G=>AB8 3@0=8F 4;O D8=0=A>2KE :0?8B0;>2, 8=25AB>@ A53>4=O <>65B 2K18@0BL =081>;55 2K3>4=K9 20@80=B 2;>65=8O A2>8E 45=53. >MB><C, 5A;8 O?>=A:89 8=25AB>@ (8=25AB8F8>==0O :><?0=8O, ?5=A8>==K9 D>=4 8;8 AB@0E>20O :><?0=8O) 8<55B A@54AB20 2 B@8;;8>=K 95= 8 <>65B ?>;CG8BL 4>E>4 ?> =8< 2 2845 ?@>F5=B>2 ?> 45?>78BC 2 O?>=A:>< 10=:5, 2 @07<5@5 A:065<, 0,1% 3>4>2KE, B> MB>B 8=25AB>@ :>=5G=> 65 ?@54?>GB5B 4>;;0@>2K9 45?>78B ?>4 5,5% ?@>F5=B>2 3>4>2KE 2 0<5@8:0=A:>< 10=:5, ;81> 65 >= :C?8B 0<5@8:0=A:85 3>AC40@AB25==K5 >1;830F88, ?> :>B>@K< B0:65 2K?;0G8205BAO 2KA>:89 4>E>4 (?@8G5< 30@0=B8@>20==>, GB> >A>15==> 206=> 4;O B0:8E AB@C:BC@ :0: ?5=A8>==K5 D>=4K, :>B>@K5 =C640NBAO 8<5==> 2 2KA>:>=0456=KE 8AB>G=8:0E 4>E>4>2, 87 :>B>@KE >=8 2K?;0G820NB 1C4CI85 ?5=A88). ;O =03;O4=>AB8 2 B01;8F5 =865 ?@82545=K 25;8G8=K ?@>F5=B=KE AB02>:, 459AB2>202H85 2 A>>B25BAB2CNI8E AB@0=0E ?> >A=>2=K< <8@>2K< 20;NB0< 2 8N;5 1999 3>40.  MB>9 B01;8F5 Bid (?5@2K9 AB>;15F) >1>7=0G05B ?@>F5=B=CN AB02:C, ?>4 :>B>@CN 10=:8 ?@82;5:0NB A@54AB20 2 45?>78BK, Ask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eposits-Majors RICBidAskRIC BidAskUSDOND=55,12EUR=1,02281,0233USDTND=5,15,2EUROND=2,482,58USDSND=5,095,19EURTND=2,542,68USDSWD=5,075,17EURSWD=2,532,6USD1MD=5,085,2EUR1MD=2,612,66USD2MD=5,135,25EUR2MD=2,522,65USD3MD=5,25,3EUR3MD=2,632,68USD6MD=5,55,6EUR6MD=2,582,6USD1YD=5,685,78EUR1YD=2,862,98CHF=1,56781,569GBP=1,5751,576CHFOND=0,430,81GBPOND=4,624,75CHFTND=0,861,11GBPTND=4,784,93CHFSWD=0,971,07GBPSWD=4,95CHF1MD=1,011,15GBP1MD=5,055,15CHF2MD=1,061,19GBP2MD=5,055,15CHF3MD=1,181,28GBP3MD=5,125,22CHF6MD=1,511,61GBP6MD=5,125,22CHF1YD=1,681,78GBP1YD=5,355,45JPY=122,27122,32JPYOND=0,010,13JPYTND=0,030,06JPYSWD=0,020,12725AB=>, GB> 2 ?>A;54=85 3>4K :C@A 4>;;0@/95=0 >?@545;O;AO 1>;LH>9 @07=8F59 ?@>F5=B=KE AB02>: 2 /?>=88 8 !(. ;03>40@O >G5=L =87:8< ?@>F5=B=K< AB02:0< 2 /?>=88, O?>=A:85 D8=0=A>2K5 AB@C:BC@K 8<5;8 2>7<>6=>ABL 708<AB2>20BL 1>;LH85 >1J5<K 95=K ?>4 >G5=L <0;K5 ?@>F5=BK (=865 0,5% 3>4>2KE) 8, :>=25@B8@CO 8E 2 4>;;0@K, ?@8>1@5B0BL 3>AC40@AB25==K5 F5==K5 1C<038 !(, 8<5NI85 2KA>:CN 4>E>4=>ABL (1>;55 5% 3>4>2KE). "0:85 =0?@02;5==K5 =0 872;5G5=85 4>E>40 >?5@0F88 ?@825;8 : A8;L=><C A=865=8N :C@A0 95=K ?> >B=>H5=8N : 4>;;0@C : A5@548=5 1998 3>40 (4> 147 95= 70 4>;;0@ A<. 8A. 2.3.).  F5;>< 2;8O=85 ?@>F5=B=KE AB02>: =0 20;NB=K5 :C@AK 4>AB0B>G=> >4=>7=0G=>: G5< 2KH5 ?@>F5=B=K5 AB02:8 ?> 40==>9 20;NB5, B5< 2KH5 55 >1<5==K9 :C@A. > 5ABL <=>3> >1AB>OB5;LAB2, :>B>@K5 45;0NB CG5B ?@>F5=B=KE AB02>: =5>G5284=K< 8 >B=N4L 4065 =5 ?@>ABK< 45;><. >-?5@2KE, =5>1E>48<> ?@8=8<0BL 2> 2=8<0=85 =5 A0<8 ?> A515 ?@>F5=B=K5 AB02:8, 0 @50;L=K5 ?@>F5=B=K5 AB02:8, CG8BK20NI85 8=D;OF8N (A<. ?0@03@0D 6), ?>A:>;L:C ACI5AB2C5B A8;L=0O A2O7L <564C 20;NB=K< @K=:>< 8 @K=:0<8 3>AC40@AB25==KE F5==KE 1C<03 (8=AB@C<5=B>2 A D8:A8@>20==K< 4>E>4><), >G5=L GC2AB28B5;L=K<8 : 8=D;OF88. A;8 8=D;OF8O 2 40==>9 AB@0=5 =0G8=05B @0AB8 2KA>:8<8 B5<?0<8, MB> >15AF5=8205B 3>AC40@AB25==K5 >1;830F88, B0: :0: 4>E>4 ?> =8< 2K?;0G8205BAO D8:A8@>20==K9, 70@0=55 CAB0=>2;5==K9, 0 8=D;OF8O MB>B 4>E>4 <>65B ?@>AB> AJ5ABL. @8 ?5@2KE 65 ?@87=0:0E 2KA>:>9 8=D;OF88 @K=:8 3>AC40@AB25==KE >1;830F89 =0G8=0NB =5@2=8G0BL, 0 5A;8 8=>AB@0==K5 8=25AB>@K AB0=CB A1@0AK20BL >1;830F88, B> 2>7=8:=5B 871KB>: 40==>9 20;NB5 =0 FOREX'e, 87-70 G53> 55 :C@A C?045B. >-2B>@KE, @K=>: 6825B >6840=8O<8 206=KE A>1KB89 8 3>B>28BAO : =8<, 0 =5 B>;L:> @5038@C5B =0 C65 A25@H82H85AO D0:BK. A;8 A:;04K205BAO >?@545;5==>5 <=5=85, GB> ?@>F5=B=K5 AB02:8 ?> 40==>9 20;NB5 1C4CB ?>4=OBK, B> 48;5@K =0G=CB ?>4=8<0BL 55 :C@A 2 >6840=88 53> 1C4CI53> ?>2KH5=8O.  @K=>: 4;8B5;L=>5 2@5<O <>65B 1KBL 2 MB>< >?B8<8AB8G5A:>< =0AB@>5=88 ?> 40==>9 20;NB5, 1;03>40@O G5<C CA?55B AD>@<8@>20BLAO 55 2>AE>4OI89 B@5=4. >340 65 =0:>=5F ?>2KH5=85 AB02>: A>AB>8BAO =0 A0<>< 45;5, 20;NB0 >:065BAO C65 2 ?5@5:C?;5==>< A>AB>O=88, 0 ?>A:>;L:C D0:B>@ 402;5=8O =0 =55 :25@EC C65 >B?0; ?>A;5 A>AB>O2H53>AO ?>2KH5=8O AB02>:, ?5@2>9 @50:F859 =0 D0:B8G5A:>5 8E ?>2KH5=85 <>65B 1KBL ?045=85 :C@A0, B> 5ABL ?@O<> >1@0B=0O @50:F8O.  MB> B5< 1>;55 25@>OB=> ?> B>9 ?@8G8=5, GB> B0:>9 >B:0B 2=87 A;C68B E>@>H59 2>7<>6=>ABLN >B:@KBL =>2K5 4;8==K5 ?>78F88 ?> 20;NB5 (B> 5ABL :C?8BL 55). @8<5@=> B0: 8 @072820;8AL A>1KB8O ?> 1@8B0=A:><C DC=BC 2 8N=5 1999 3>40, A B>9 ;8HL @07=8F59, GB> @5GL H;0 > ?>=865=88 AB02>:.  MB><C 2@5<5=8 0=: =3;88 (Bank of England, ) C65 =5A:>;L:> @07 ?>=860; ?@>F5=B=K5 AB02:8 8 ?C1;8G=> 70O2;O;, GB> A;8H:>< 2KA>:89 :C@A DC=B0 O2;O5BAO ?@8G8=>9 A=865=89; 45;>2>9 F8:; 2 =3;88 =0E>48;AO 2 AB0488 A=865=8O, :0: ?@54?>;030;>AL, 1;878 =86=53> C@>2=O, 8 ?> M:>=><8G5A:8< 40==K< 1K;> 284=>, GB> A;8H:>< A8;L=K9 DC=B =0=>A8B CI5@1 1@8B0=A:8< M:A?>@B=K< >B@0A;O<. @><5 B>3>, A =0G0;0 1999 3>40 0:B82=> >1AC640;8AL ?5@A?5:B82K 2E>645=8O =3;88 2 2@>?59A:89 -:>=><8G5A:89 8 D8=0=A>2K9 A>N7 (Economic and Monetary Union, EMU); AG8B0;>AL, GB> >=> 4>;6=> A>AB>OBLAO 4>AB0B>G=> A:>@>, ?@8G5< DC=B 4>;65= 2>9B8 2 52@> =0 C@>2=5, ACI5AB25==> 1>;55 =87:><, G5< B>B, 345 >= B>@3>20;AO 25A=>9 1999 (?><=8B5 1992-9!). >MB><C 402;5=85 =0 DC=B :=87C 1K;> A8;L=K< 8 4;8B5;L=K<. >340 65  10 8N=O ?>=878; A2>N AB02:C @5D8=0=A8@>20=8O A 5,25% 4> 5,0%, B> ?>A;5 :>@>B:>3> >B:0B0 2=87 2=CB@8 >4=>3> G0A0, DC=B 4>2>;L=> M=5@38G=> ?>H5; 225@E ( 8A. 5.2.). 07C<55BAO, ?>B>< 2A5 2AB0;> =0 A2>8 <5AB0, B5< 1>;55 GB> @K=>: B>340 >6840; ?>2KH5=8O ?@>F5=B=KE AB02>: ?> 4>;;0@C (:>B>@>5 8 A>AB>O;>AL 2 8N;O), B0: GB> ?@>F5=B=K9 48DD5@5=F80; 4>;65= 1K; 87<5=8BLAO =5 2 ?>;L7C DC=B0.  8A. 5.2. !=865=85 ?@>F5=B=KE AB02>: 0=:0 =3;88 ( rates), 10 8N=O 1999 3. 3@0D8: 1@8B0=A:>3> DC=B0 ">B D0:B, GB> @K=>: 4;8B5;L=>5 2@5<O >6840; 8<5==> ?>=865=8O ?@>F5=B=KE AB02>: ?> DC=BC, <>6=> 1K;> 5I5 @0=LH5 ?>4B25@48BL B0:65 87CG5=85< :@82KE 4>E>4=>AB8 3>AC40@AB25==KE F5==KE 1C<03 ( 8A. 5.3.). "0:85 :@82K5 (Yield Curves) AB@>OBAO 4;O 3@C??K >4=>@>4=KE D8=0=A>2KE 8=AB@C<5=B>2 A D8:A8@>20==>9 ?@>F5=B=>9 AB02:>9 (>1;830F89), :>B>@K5 8<5NB >48=0:>2K5 ?0@0<5B@K 8 >B;8G0NBAO B>;L:> A@>:>< 2K?CA:0, 0 A;54>20B5;L=> 8<5NB @07=>5 2@5<O 4> ?>30H5=8O. @820O 4>E>4=>AB8 87>1@0605B 4>E>4=>ABL 40==>3> B8?0 8=AB@C<5=B>2 :0: DC=:F8N >B 2@5<5=8 4> ?>30H5=8O. 725AB=>, GB> 4>E>4=>ABL F5==>9 1C<038 A D8:A8@>20==>9 ?@>F5=B=>9 AB02:>9 A2O70=0 >1@0B=K< >1@07>< A 55 @K=>G=>9 F5=>9: G5< 2KH5 F5=0, B5< =865 4>E>4=>ABL, ?>;CG05<0O 2;045;LF5< 1C<038. A;8 @K=>: >68405B 2 1C4CI5< A=865=8O ?@>F5=B=>9 AB02:8, B> >= AG8B05B, GB> 1C4CI85 2K?CA:8 F5==KE 1C<03 1C4CB 8<5BL <5=LHCN ?@>F5=B=CN AB02:C (8 404CB <5=LH89 4>E>4), ?>MB><C B5 F5==K5 1C<038, :>B>@K5 >1@0I0NBAO =0 @K=:5 A59G0A 8 8<5NB 4>AB0B>G=> 1>;LH>9 A@>: 4> ?>30H5=8O, AB0=>2OBAO 1>;55 ?@82;5:0B5;L=K<8 8 A?@>A =0 =8E ?>2KH05BAO, 0 A;54>20B5;L=>, 8E 4>E>4=>ABL ?0405B. 0 AG5B MB>3> C<5=LH05BAO A?@>A (8 ?0405B F5=0) =0 >1;830F88 B0:>3> 65 B8?0, A@>: :>B>@KE 8AB5:05B @0=LH5, B0: GB> 4>E>4=>ABL 8E @0AB5B. "0:8< >1@07><, 2 >6840=88 ?>=865=8O ?@>F5=B=KE AB02>: ?@020O G0ABL :@82>9 4>E>4=>AB8 >?CA:05BAO ?> A@02=5=8N A ;52>9 55 G0ABLN, :@820O ?@8>1@5B05B 2>3=CBK9 E0@0:B5@: 2 B0:>< 2845 >=0 =07K205BAO 8=25@B8@>20==>9. >;55 @0A?@>AB@0=5==K9 284 :@82>9 - 2K?C:;K9 :25@EC - A>>B25BAB2C5B >6840=8N ?>2KH5=8O 8;8 AB018;L=>AB8 ?@>F5=B=KE AB02>:. 8AC=>: 8 ?>:07K205B, GB> C65 A A5=BO1@O 1997 3. :@82K5 4>E>4=>AB8 ?> 1@8B0=A:8< >1;830F8O< 1K;8 8=25@B8@>20=K (8 >AB020;8AL 8=25@B8@>20==K<8 25A=>9 1999 3.).  8A. 5.3. @82K5 4>E>4=>AB8 4;O 1@8B0=A:8E 3>AC40@AB25==KE F5==KE 1C<03; ?> 3>@87>=B0;8 >B;>65=> 2@5<O 4> ?>30H5=8O (;5B), :@82K5 A=OBK A 8=B5@20;>< 2 :20@B0; A O=20@O 1997 ?> 8N=L 1998 3. K20NB 8 A;CG08, :>340 @K=>: 845B ?@>B82 F5=B@0;L=KE 10=:>2, :0: MB> A;CG8;>AL 2 A5=BO1@5 1992 8 ;5B>< 1993 3.3., :>340 52@>?59A:85 F5=B@0;L=K5 10=:8 ?>B5@O;8 >3@><=K5 45=L38, ?KB0OAL ?>445@60BL :C@AK A2>8E 20;NB, =5A<>B@O =0 C65 2KA>:85 ?@>F5=B=K5 AB02:8. K=>: @5H8;, GB> MB8 ?@>F5=B=K5 AB02:8 =0E>48BAO =0 A;8H:>< 2KA>:>< C@>2=5 8 8E @>AB 2K720= =5 M:>=><8G5A:8<8 ?@8G8=0<8, 0 8A:CAAB25==> AD>@<C;8@>20==K<8 ?>;>65=8O<8 52@>?59A:>3> M:>=><8G5A:>3> 8 D8=0=A>2>3> A>N70. K=>: 2 B0:>9 A8BC0F88 1>;LH5 ?>25@8; DC=40<5=B0;L=K< M:>=><8G5A:8< 40==K<. @>F5=B=K5 AB02:8 F5=B@0;L=KE 10=:>2 K=>G=K5 ?@>F5=B=K5 AB02:8 ?> :@548B0<, ?> 45?>78B0< 8 B.4. =5 2>7=8:0NB A0<8 A>1>9 2 @K=>G=>9 AB8E88.  :064>9 AB@0=5 CA;>28O :@548B>20=8O 8 ?@>F5=B=K5 AB02:8 =0 45=56=>< @K=:5 @53C;8@CNBAO F5=B@0;L=K< 10=:><.  B01;8F5 =865 ?@82545=K 459AB2CNI85 7=0G5=8O >A=>2=KE >D8F80;L=KE AB02>: ?> 3;02=K< <8@>2K< 20;NB0< =0 A5@548=C A5=BO1@O 1999 3>40. D8F80;L=K5 ?@>F5=B=K5 AB02:8 ?> =5:>B>@K< 20;NB0< !B@0=0 @>F5=B=0O AB02:0(@54K4CI55)0B0 ?>A;54=53> 87<5=5=8OU.S Federal funds Discount rate5.25% (5.00) 4.75% (4.50)Aug 24, 99 Aug 24, 99Japan Discount rate o/night call rate target0.50% (1.00) 0.15% (0.25)Sept 8, 95 Feb 12, 99Euro zone Refinancing tender Marginal lending rate Deposit rate 2.50% (3.00) 3..5% (4.5) 1.5% (2.0) Apr 8, 99 Apr 8, 99 Apr 8, 99U.K Repo rate5.25% (5.00)Sept 8, 99Canada Bank rate4.75% (5.00)May 4, 99Switzerland Discount rate0.50% (1.00)Apr 8, 99Sweden Repo rate Lending rate Deposit rate2.90% (3.15) 4.25% (4.75) 2.75% (3.25)Mar 25, 99 Feb 12, 99 Feb 12, 99Australia Cash rate4.75% (5.00)Dec 2, 98Denmark Discount rate Repo rate2.75% (3.25) 2.85% (2.90)Apr 9, 99 June 17, 99Norway Deposit rate O/N lending rate6.00% (6.50) 8.00% (8.50)June 16, 99 June 16, 99Greece 14-day depo rate Lombard rate12.00% (12.25) 13.50%' (15.50)Jan 13, 99 Jan 13. 997 B01;8FK 284=>, GB> F5=B@0;L=K5 10=:8 8A?>;L7CNB 2 :0G5AB25 A2>8E 8=AB@C<5=B>2 @07;8G=K5 284K ?@>F5=B=KE AB02>:. 8A:>=B=0O AB02:0 (discount rate) E0@0:B5@87C5B CA;>28O, =0 :>B>@KE F5=B@0;L=K9 10=: (&) ?@54>AB02;O5B :><<5@G5A:8< 10=:0< 45=56=K5 A@54AB20. A;8 :><<5@G5A:89 10=: 70=O; C & AC<<C S A 48A:>=B=>9 AB02:>9 d (%), B> MB> >7=0G05B, GB> D0:B8G5A:8 :><<5@G5A:89 10=: ?>;CG8; 2 A2>5 @0A?>@O65=85 AC<<C (1 - d/100 )*S, a 25@=5B >= F5=B@0;L=><C 10=:C AC<<C S. 1KG=> 48A:>=B=0O AB02:0 CAB0=02;8205BAO 2 ?@>F5=B0E 3>4>2KE, A;54>20B5;L=>, :>340 @5GL 845B > :>=:@5B=>< A@>:5 708<AB2>20=8O, A:065< 2 " 4=59, B> ?>;CG05<0O AC<<0 @0AAG8BK205BAO ?> D>@<C;5 dT (1 -         ) S. 100*360 @>F5=B=K5 AB02:8 (interest rate) <5610=:>2A:>3> 708<AB2>20=8O 2> <=>38E AB@0=0E O2;ONBAO >A=>2=K< 8=AB@C<5=B>< ?>;8B8:8 F5=B@0;L=KE 10=:>2. =8 =>AOB @07=K5 =0720=8O, => >1I89 A<KA; 8E 70:;NG05BAO 2 B><, GB> ?>4 B0:85 ?@>F5=B=K5 AB02:8 :><<5@G5A:85 10=:8 70=8<0NB 4@C3 C 4@C30 A@54AB20 =0 :>@>B:>5 2@5<O 4;O @53C;8@>20=8O A2>8E 10;0=A>2. B;8G85 ?@>F5=B=>9 AB02:8 >B 48A:>=B=>9 70:;NG05BAO 2 A?>A>15 =0G8A;5=8O AC<<: 5A;8 10=: 708<AB2>20; C 4@C3>3> 10=:0 AC<<C S ?>4 3 ?@>F5=B>2, B> >= 25@=5B AC<<C (1 + r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iscount rate. Federal funds rate, Treasury bill rates, Treasury notes rates, Treasury bond rates. !>>B25BAB25==>, 2 @CAA:>< ?5@52>45: 8A:>=B=0O AB02:0, !B02:0 ?> D545@0;L=K< D>=40<, !B02:8 ?> :07=0G59A:8< 25:A5;O<, !B02:8 ?> :07=0G59A:8< >1O70B5;LAB20<, !B02:8 ?> 3>AC40@AB25==K< >1;830F8O< !( @>F5=B=K5 AB02:8 2 MB>9 F5?>G:5 @0ABCB A;520 =0?@02>. 8A:>=B=0O AB02:0 FED (Discount rate) - A0<K9 A8;L=K9 8=AB@C<5=B 8 : 55 87<5=5=8N FED ?@815305B @54:>; 70 2AN 8AB>@8N FED, A 1934 3>40, 48A:>=B=0O AB02:0 <5=O;0AL 114 @07 (?>A;54=55 87<5=5=85 A 4,5 4> 4,75% 3>4>2KE A>AB>O;>AL 24 023CAB0 1999 3>40). >;55 381:89 <5E0=87< C?@02;5=8O >ACI5AB2;O5BAO G5@57 AB02:C ?> D545@0;L=K< D>=40< (Federal Funds Rate) - ?@>F5=B=CN AB02:C, ?> :>B>@>9 10=:8, G;5=K $545@0;L=>9 @575@2=>9 A8AB5<K B>@3CNB 4@C3 A 4@C3>< :@0B:>A@>G=K<8 :@548B0<8 D545@0;L=KE D>=4>2. A;8 48A:>=B=0O AB02:0 CAB0=02;8205BAO 2KAH8< @C:>2>4OI8< >@30=>< - !>25B>< C?@02;ONI8E FED, B> AB02:0 ?> D545@0;L=K< D>=40< =0E>48BAO 2 :><?5B5=F88 ><8B5B0 ?> >?5@0F8O< =0 >B:@KB>< @K=:5 (Federal Open Market Committee, FOMC).  :>=5G=>< AG5B5, 4>E>4=>AB8 D8=0=A>2KE 8=AB@C<5=B>2 >?@545;ONBAO @K=:><, => ?@>F5=B=K5 AB02:8 F5=B@0;L=>3> 10=:0 40NB A8;L=59H89 >@85=B8@ 4;O 2A5E ?@>G8E AB02>:, GB> ?>4B25@6405BAO =01;N405<>9 >G5=L A8;L=>9 :>@@5;OF859 <564C Federal Funds Rate 8 4>E>4=>ABO<8 3>AC40@AB25==KE >1;830F89, 2 >A>15==>AB8 - :@0B:>A@>G=KE. 0 42CE @8AC=:0E =865 ?@54AB02;5=0 >1I0O 48=0<8:0 FED Funds 8 3@0D8: 4>E>4=>AB8 3>AC40@AB25==KE F5==KE 1C<03 !( =0 ?@8<5@5 10-;5B=8E >1;830F89.  8A. 5.4. @>F5=B=K5 AB02:8 ?> D545@0;L=K< D>=40< !(  8A. 5.5. @0D8: 4>E>4=>AB8 10-;5B=8E 3>AC40@AB25==KE >1;830F89 !( (10-year Treasury bonds rates) ( A=>2=K5 ?>;>65=8O :>;8G5AB25==>9 B5>@88 45=53 >;8G5AB2> 45=53, =0E>4OI8EAO 2 >1@0I5=88, B5A=> A2O70=> A ?>B@51=>ABLN 2 =8E 4;O >15A?5G5=8O B>@3>2>3> >1>@>B0, :@548B0, 8=25AB8F89, <564C=0@>4=KE @0AG5B>2. !B@5<;5=85 : CAB>9G82>AB8 M:>=><8G5A:>3> @0728B8O B@51C5B ?>445@60=8O 45=56=>9 <0AAK 2 >?@545;5==>9 ?@>?>@F88 : ?@>872>48<><C >1J5<C B>20@>2 8 CA;C3, B0: :0: =0@CH5=85 ?@>?>@F89 2545B : <=>38< ?@>1;5<0<. -B> A>>B=>H5=85 ?@>?>@F8>=0;L=>AB8 ?@8=OB> 70?8AK20BL 2 2845 C@02=5=8O, =07K205<>3> >A=>2=K< C@02=5=85< :>;8G5AB25==>9 B5>@88 45=53:  * V =  * Q, 345  - >1J5< 45=53 2 >1@0I5=88, V - A:>@>ABL >1@0I5=8O 45=53, Q - >1J5< 2K?CA:0 2 M:>=><8:5 (@50;L=K9 ),  - A@54=89 C@>25=L F5= 2 AB@0=5. ;O CAB0=>2;5=8O A2O78 25;8G8=K  A >1<5==K< :C@A>< ?>;57=> A@02=8BL 420 B0:8E C@02=5=8O, 70?8A0==KE 4;O 42CE AB@0=; 5A;8 8=45:A>< f >1>7=0G8BL ?>:070B5;8 4;O 8=>AB@0==>9 M:>=><8:8, 0 8=45:A>< d - 4;O =0F8>=0;L=>9 M:>=><8:8, B> 87 42CE ?>;CG5==KE C@02=5=89 Mf*Vf=Pf*Qf, Md*Vd=Pd*Qd <>6=> A>AB028BL 2K@065=85 4;O >1<5==>3> :C@A0 42CE 20;NB, Pd Md Qf Vd S =   =      , Pf Mf Qd Vf 2K@065==>3> 2 :>;8G5AB25 548=8F =0F8>=0;L=>9 20;NBK 70 >4=C 548=8FC 8=>AB@0==>9 20;NBK. -B> ?@>AB>5 C@02=5=85 =03;O4=> ?>:07K205B, GB> 87<5=5=85 A>>B=>H5=8O Md/f >1JQ<>2 45=56=>9 <0AAK 2 42CE AB@0=0E (?@8 A>E@0=5=88 4@C38E ?0@0<5B@>2 >1@0I5=8O 45=53) 5AB5AB25==K< >1@07>< 2;5G5B 87<5=5=85 2708<=>3> :C@A0 42CE @0AA<0B@8205<KE 20;NB. ">G=> B0:65, :0: ?@8 2K2>45 >B=>A8B5;L=>3> 20@80=B0 ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (?0@03@0D 3), 8 745AL <>6=> ?5@59B8 : >B=>A8B5;L=K< 87<5=5=8O< 25;8G8= (8<52H8< <5AB> 70 =5:>B>@K9 ?@><56CB>: 2@5<5=8 >B t 4> t + "); 5A;8 AG8B0BL, GB> 87<5=ONBAO B>;L:> ?>:070B5;8 45=56=>9 <0AAK, 0 87<5=5=8O<8 ?@>G8E ?0@0<5B@>2 ?@5=51@5GL (Q=0, V=0), B> ?>;CG8< A2O7L >B=>A8B5;L=>3> 87<5=5=8O >1<5==>3> :C@A0 A >B=>A8B5;L=K<8 87<5=5=8O<8 >1J5<>2 45=56=>9 <0AAK: S = Md - Mf; 745AL M(t+T) - M(t) dM =           M(t) (A>>B25BAB25==>, 4;O d 8 4;O f). A;8, =0?@8<5@, 45=56=0O <0AA0 ?> 52@> 70 =5:>B>@K9 ?5@8>4 2K@>A;0 =0 4,5%, 0 ?> 4>;;0@C =0 8,0%, B> MB> >7=0G05B, GB> :C@A 52@>/4>;;0@ 4>;65= 70 MB>B ?5@8>4 87<5=8BLAO (2K@0AB8) =0 S = Mf - Md = 8,0 - 4,5 = 3,5%; (2 40==>< A;CG05 <K ?5@5AB028;8 A;0305<K5 2 D>@<C;5, ?>A:>;L:C 52@> :>B8@C5BAO 2 2845 ":>;8G5AB2> 4>;;0@>2 70 1 52@>"). 040G0. ;O B5E G8B0B5;59, :B> 8<55B 4>ABC? : 8AB>@8G5A:8< 40==K< ?> 45=56=K< 03@530B0< (G5@57 A8AB5<C Reuters 8;8 4@C3>3> ?>AB02I8:0 M:>=><8G5A:>9 AB0B8AB8:8), ?@54;0305BAO ?>AB@>8BL A>>B25BAB2CNI85 3@0D8:8 ?>:070B5;59  8 >F5=8BL ?> =8< B5<?K @>AB0  4;O >A=>2=KE 20;NB. ! ?><>ILN ?@82545==>9 2KH5 D>@<C;K =09B8 >F5=:8 >B=>A8B5;L=>3> 87<5=5=8O >1<5==KE :C@A>2 2K1@0==KE ?0@ 20;NB, >1CA;>2;5==>3> @>AB>< 45=56=>9 <0AAK. @>F5=B=K9 48DD5@5=F80; ;02=K9 D0:B>@, ?@O<> 8 =5?>A@54AB25==> >?@545;ONI89 :C@A >4=>9 20;NBK ?> >B=>H5=8N : 4@C3>9 - MB> @07=>ABL 2 ?@>F5=B=KE AB02:0E, 459AB2CNI8E ?> 42C< 20;NB0< (Interest Rate Differential). CABL :;85=B 10=:0 8<55B 1 <8;;8>= 52@>, :>B>@K5 =0 A@>: 3 <5AOF0 >A2>1>645=K 87 >1>@>B0 D8@<K 8 <>3CB 1KBL @07<5I5=K 2 45?>78B 4;O ?>;CG5=8O 4>E>40. @8 MB>< ?@54?>;>68<, GB> ?@>F5=B=K5 AB02:8 ?> 52@> 2.65 ?@>F5=B0 3>4>2KE, 0 ?> 4>;;0@C 459AB2CNB 1>;55 2KA>:85 AB02:8 2 5.28 ?@>F5=B>2. ">340, :>=25@B8@>202 52@> 2 4>;;0@K, <>6=> ?>;CG8BL 1>;LH89 4>E>4. >?CAB8<, A53>4=OH=89 :C@A 52@> EUR= 1.0400$. A;8 @07<5AB8BL AC<<C 1 <8;;8>= 52@> 2 45?>78B, B> G5@57 3 <5AOF0 1C45B ?>;CG5=0 AC<<0 2.62 90 1 +   *     = 1,00655 <8;;8>=>2 52@>. 100 360 A;8 65 :>=25@B8@>20BL 1 <8;;8>= 52@> 2 4>;;0@K ?> :C@AC EUR 8 @07<5AB8BL 8E 2 4>;;0@>2K9 45?>78B, B> 1C45B ?>;CG5=0 AC<<0 5.28 90 EUR (1 +   *   ) = 1,04 * 1,0132 = 1,053728 <;=. $ 100 360 A;8 1K :C@A 52@> 70 MB8 3 <5AOF0 >AB0;AO 1K B5< 65 EUR= 1.0400$, B> @57C;LB0B 2B>@>3> 20@80=B0 2 52@> @02=O;AO 1,0132, 0 @07=>ABL AC<<K, ?>;CG5==>9 >B :>=25@B0F88 ?>;CG5==KE 4>;;0@>2 =0704 2 52@>, 8 ?>;CG5==>3> 2 ?5@2>< 20@80=B5 @57C;LB0B0, 1,0132 - 1,00655 = 0,00665 <8;;8>=>2 = 6650 52@>, A>AB02;O;0 1K 2K3>4C >B ?5@52>40 52@> 2 4>;;0@ 8 4>;;0@>2>9 45?>78B=>9 >?5@0F88, ?>;CG5==CN 70 AG5B @07=>AB8 2 ?@>F5=B=KE AB02:0E ?> 4>;;0@C 8 ?> 52@>.  1>;55 >1I5< A;CG05, :>340 8=25AB>@ A@02=8205B 420 20@80=B0: 1. @07<5I5=85 AC<<K S 2 =5:>B>@>9 20;NB5 ?>4 i1 ?@>F5=B>2 3>4>2KE 8 2. :>=25@B0F8O MB>9 AC<<K 2 4@C3CN 20;NBC A @07<5I5=85< 2 45?>78B ?>4 i2 ?@>F5=B>2 3>4>2KE =0 A@>: 2 t 4=59, B> @07=8F0 <564C @57C;LB0B0<8 MB8E 42CE 20@80=B>2 A>AB028B 25;8G8=C, ?@>?>@F8>=0;L=CN ?@>F5=B=><C 48DD5@5=F80;C (U - i2) (Interest rate Differential): S(il-i2) t /36000 >E>4=>AB8 3>AC40@AB25==KE F5==KE 1C<03 A=>2=>5, GB> =04> ?>=8<0BL ?@8 0=0;875 2708<>A2O78 20;NB=>3> @K=:0 8 @K=:>2 3>AC40@AB25==KE F5==KE 1C<03 - MB> B>, GB> 3>AC40@AB25==K5 F5==K5 1C<038 O2;ONBAO D8=0=A>2K<8 8=AB@C<5=B0<8 A D8:A8@>20==K< 4>E>4><, 0 >BAN40 A;54C5B, GB> 8E 4>E>4=>ABL >1@0B=> ?@>?>@F8>=0;L=0 8E @K=>G=>9 F5=5. >AC40@AB25==K5 >1;830F88 2K?CA:0NBAO =0 =5:>B>@K9 7040==K9 A@>: (>= <>65B A>AB02;OBL >B 1 4> 30 ;5B), ?> ?@>H5AB288 :>B>@>3> >1;830F88 2K:C?0NBAO ?> 8E =><8=0;L=>9 F5=5 (=><8=0; - F5=0, =0?8A0==0O =0 >1;830F88).  B5G5=85 A@>:0 >1@0I5=8O >1;830F88 ?> =59 2K?;0G8205BAO ?@>F5=B=K9 4>E>4, 2 A>>B25BAB288 A CAB0=>2;5==>9 ?@>F5=B=>9 AB02:>9. >E>4, :>B>@K9 ?>;CG8B 2;045;5F >1;830F88, 7028A8B >B F5=K, ?> :>B>@>9 >= 55 :C?8;. A;8 =><8=0; >1;830F88 >1>7=0G8BL ?>B, ?@>F5=B=K5 2K?;0BK ?> >1;830F88 int, 0 F5=C 55 ?@8>1@5B5=8O @, B> 4>E>4 >B >1;830F88 ?>A;5 55 ?>30H5=8O A>AB028B (1 + int)*nom - @. 1KG=> 8A?>;L7CNB E0@0:B5@8AB8:C >1;830F88, =07K205<CN 4>E>4=>ABL (Yield), :>B>@0O @02=0 >B=>H5=8N 4>E>40 ?> >1;830F88 : F5=5 55 ?@8>1@5B5=8O: Yield = ((1 + int)nom - @) / @ = (1 + int)nom / @ -1. A;8 F5=0 ?>:C?:8 >1;830F88 @02=0 55 =><8=0;C, B> 4>E>4=>ABL A>2?0405B A ?@>F5=B=>9 AB02:>9 ?> >1;830F88; G5< 1>;LH5 F5=0 ?>:C?:8 >1;830F88, B5< <5=LH5 55 4>E>4=>ABL. A;8 @K=>: 645B ?>2KH5=8O ?@>F5=B=KE AB02>: F5=B@0;L=>3> 10=:0, B> >= >68405B, GB> =>2K5 2K?CA:8 >1;830F89 1C4CB 8<5BL 1>;55 2KA>:CN ?@>F5=B=CN AB02:C int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eal Interest Rates), :>B>@K5 2 >B;8G85 >B >1KG=KE (=><8=0;L=KE, Nominal Interest Rates) ?@>F5=B=KE AB02>: CG8BK20NB >15AF5=820=85 45=53, ?@>8AE>4OI55 87-70 >1I53> @>AB0 F5=. >AB 8=D;OF88 C<5=LH05B @50;L=CN ?@>F5=B=CN AB02:C, ?>A:>;L:C 87 ?>;CG5==>3> 4>E>40 =04> 2KG5ABL =5:>B>@CN G0ABL, :>B>@0O ?@>AB> ?>945B =0 ?>:@KB85 @>AB0 F5= 8 =5 405B =8:0:>3> @50;L=>3> C25;8G5=8O ?>;CG05<KE 1;03 (B>20@>2 8;8 CA;C3). @>AB59H89 A?>A>1 D>@<0;L=>3> CG5B0 8=D;OF88 8 A>AB>8B 2 B><, GB> 2 :0G5AB25 @50;L=>9 ?@>F5=B=>9 AB02:8 @0AA<0B@820NB =><8=0;L=CN AB02:C i 70 2KG5B>< :>MDD8F85=B0 8=D;OF88 @ (B0:65 7040==>3> 2 ?@>F5=B0E), r=i-p >;55 B>G=CN A2O7L ?@>F5=B=KE AB02>: 8 8=D;OF88 405B D>@<C;0 $8H5@0. > 2?>;=5 ?>=OB=K< ?@8G8=0< @K=:8 3>AC40@AB25==KE F5==KE 1C<03 (?@>F5=B=K5 AB02:8 ?> B0:8< 1C<030< D8:A8@CNBAO =0 <><5=B 8E 2K?CA:0 2 >1@0I5=85) O2;ONBAO >G5=L GC2AB28B5;L=K<8 : 8=D;OF88, :>B>@0O <>65B ?@>AB> C=8GB>68BL 2K3>4C >B 2;>65=89 2 ?>4>1=K5 8=AB@C<5=BK. ;8O=85 65 8=D;OF88 =0 @K=:8 3>AC40@AB25==KE F5==KE 1C<03 ;53:> ?5@5405BAO B5A=> A2O70==K< A =8<8 20;NB=K< @K=:0<: A1@>A >1;830F89, =><8=8@>20==KE 2 =5:>B>@>9 20;NB5 crs, ?@>87>H54H89 ?> ?@8G8=5 @>AB0 8=D;OF88, ?@82545B : 871KB:C =0 @K=:5 =0;8G=KE A@54AB2 2 MB>9 20;NB5 crs, 0 A;54>20B5;L=>, : ?045=8N 55 >1<5==>3> :C@A0. @><5 B>3>, C@>25=L 8=D;OF88 5ABL 206=59H89 ?>:070B5;L 74>@>2LO M:>=><8:8, 0 ?>B><C >= BI0B5;L=> >BA;568205BAO F5=B@0;L=K<8 10=:0<8. !@54AB2>< 1>@L1K A 8=D;OF859 O2;O5BAO ?>2KH5=85 ?@>F5=B=KE AB02>:. >AB AB02>: >B2;5:05B G0ABL =0;8G=KE A@54AB2 87 45;>2>3> >1>@>B0, B0: :0: D8=0=A>2K5 0:B82K AB0=>2OBAO 1>;55 ?@82;5:0B5;L=K<8 (8E 4>E>4=>ABL @0AB5B 2<5AB5 A ?@>F5=B=K<8 AB02:0<8), 1>;55 4>@>38<8 AB0=>2OBAO :@548BK; 2 8B>35 :>;8G5AB2> 45=53, :>B>@K5 <>3CB 1KBL C?;0G5=K 70 2K?CA:05<K5 B>20@K 8 CA;C38, ?0405B, 0 A;54>20B5;L=> A=860NBAO 8 B5<?K @>AB0 F5=. 7-70 =0;8G8O MB>9 B5A=>9 A2O78 A @5H5=8O<8 F5=B@0;L=KE 10=:>2 ?> AB02:0< 20;NB=K5 @K=:8 ?@8AB0;L=> A;54OB 70 8=48:0B>@0<8 8=D;OF88. >=5G=>, >B45;L=K5 >B:;>=5=8O 2 C@>2=OE 8=D;OF88 (70 <5AOF, :20@B0;) =5 2K7K20NB @50:F88 F5=B@0;L=KE 10=:>2 2 2845 87<5=5=89 AB02>:; F5=B@0;L=K5 10=:8 A;54OB 70 B5=45=F8O<8, 0 =5 >B45;L=K<8 7=0G5=8O<8. "0:, =87:0O 8=D;OF8O 2 =0G0;5 1990-E 3>4>2 ?>72>;O;0 FED 45@60BL 48A:>=B=CN AB02:C =0 C@>2=5 3%, GB> 1K;> ?>;57=> 4;O 2>AAB0=>2;5=8O M:>=><8:8. > 2 8B>35 8=48:0B>@K 8=D;OF88 ?5@5AB0;8 1KBL 4;O 20;NB=KE @K=:>2 ACI5AB25==K<8 >@85=B8@0<8. >A:>;L:C =><8=0;L=0O 48A:>=B=0O AB02:0 1K;0 <0;>9, 0 55 @50;L=K9 20@80=B 2>>1I5 4>AB83 0,6%, B> 4;O @K=:>2 MB> >7=0G0;>, GB> 8<55B A<KA; B>;L:> 42865=85 8=45:A>2 8=D;OF88 225@E. 8AE>4OI89 B@5=4 ?> 48A:>=B=>9 AB02:5 !( 1K; =0@CH5= B>;L:> 2 <05 1994, :>340 FED ?>4=O; 55 2<5AB5 A> AB02:>9 ?> D545@0;L=K< D>=40< 2 ?>@O4:5 C?@5640NI8E <5@ 1>@L1K A 8=D;OF859. @0240, ?>4J5< AB02>: B>340 =5 A<>3 ?>445@60BL :C@A 4>;;0@0. A=>2=K<8 ?C1;8:C5<K<8 ?>:070B5;O<8 8=D;OF88 O2;ONBAO 8=45:A ?>B@518B5;LA:8E F5= (consumer price index), 8=45:A F5= ?@>872>48B5;59 (producer price index), 8 45D;OB>@  (GDP implicit deflator). 064K9 87 =8E 2KO2;O5B A2>N G0ABL >1I59 :0@B8=K @>AB0 F5= 2 M:>=><8:5, 0 @8AC=:5 6.1. ?@82545= 4;O 8;;NAB@0F88 3@0D8: @>AB0 ?>B@518B5;LA:8E F5= 2 5;8:>1@8B0=88 70 ?>A;54=85 12 ;5B. 0 MB>< @8AC=:5 ?@54AB02;5=0 =5?>A@54AB25==> AB>8<>ABL =5:>B>@>9 ?>B@518B5;LA:>9 :>@78=K; B5<? @>AB MB>9 AB>8<>AB8 :>@78=K 8 5ABL >1KG=> ?C1;8:C5<K9 8=45:A ?>B@518B5;LA:8E F5=. 0 3@0D8:5 B5<? @>AB0 87>1@0605BAO =0:;>=>< ;8=88 B@5=40, 24>;L :>B>@>9 845B >A=>2=0O B5=45=F8O @>AB0 F5=. %>@>H> 284=>, GB> ?>A;5 ?@5>4>;5=8O ?@>1;5< 1992 3>40, :>B>@K5 ?@825;8 : 2KE>4C =3;88 87 52@>?59A:>3> 45=56=>3> A>N70, >ACI5AB2;5==K5 ?@5>1@07>20=8O 2K25;8 M:>=><8:C =0 8=CN ;8=8N @>AB0, ?> :>B>@>9 @>AB F5= (=0:;>= ?@02>9 ;8=88 B@5=40) =0<=>3> <5=LH5, G5< 1K; : :>=F5 ?@54K4CI53> 45AOB8;5B8O 8 2 >A>15==>AB8 - 2 91-92 3>40E.  8A. 6.1. >B@518B5;LA:85 F5=K 2 5;8:>1@8B0=88  8A. 6.2. @0D8: 1@8B0=A:>3> DC=B0; ?>2KH5=85 AB02>: 0=:0 =3;88 8 A5=BO1@O 1999 8 @50:F8O =0 A;CE8 > =>2>< ?>2KH5=88. @8<5@ 459AB289 F5=B@0;L=>3> 10=:0, >A=>20==KE =0 53> ?>78F88 2 >B=>H5=88 8=D;OF8>==KE ?@>F5AA>2, 8 2K720==>9 8<8 @50:F88 20;NB=>3> @K=:0 ?@82545= =0 @8AC=:5 6.2., 345 ?@54AB02;5= 3@0D8: :C@A0 1@8B0=A:>3> DC=B0 ?> >B=>H5=8N : 4>;;0@C. >AL<>3> A5=BO1@O 1999 3. A>AB>O;>AL 70A540=85 ><8B5B0 ?> 45=56=>9 ?>;8B8:5 0=:0 =3;88 (Bank of England Monetary Policy Committee). 8:B> 87 M:A?5@B>2 =5 ?@54A:07K20; B>340 ?>2KH5=8O ?@>F5=B=KE AB02>:, ?>A:>;L:C O2=KE ?@87=0:>2 8=D;OF88 M:>=><8G5A:85 8=48:0B>@K =5 ?>:07K20;8, 0 :C@A DC=B0 8 B0: >F5=820;AO 87;8H=5 2KA>:8<. @0240, =0:0=C=5 70A540=8O 1K;> <=>3> :><<5=B0@852 > B><, GB> ?>2KH5=85 AB02>: 0=:0 =3;88 2 1999 3>4C 8;8 2 =0G0;5 2000 =587156=>. > =0 40==>5 70A540=85 =8:B> 53> =5 ?@>3=>78@>20;. >MB><C @5H5=85 0=:0 ?>4=OBL >A=>2=CN A2>N ?@>F5=B=CN AB02:C =0 G5B25@BL ?@>F5=B0 O28;>AL 4;O 2A5E =5>6840==>ABLN, GB> 8 ?>:07K205B ?5@2K9 @57:89 27;5B :C@A0 DC=B0. !2>5 @5H5=85 0=: >1JOA=O; AB@5<;5=85< ?@54C?@548BL 40;L=59H89 @>AB F5=, ?@87=0:8 :>B>@>3> CA<0B@820; 2 ?5@53@5B>< @K=:5 68;LO, A8;L=>< ?>B@518B5;LA:>< A?@>A5 8 2>7<>6=>AB8 8=D;OF8>==>3> 402;5=8O A> AB>@>=K >?;0BK B@C40, B0: :0: 157@01>B8F0 2 =3;88 =0E>48;0AL =0 4>2>;L=> =87:>< C@>2=5. %>BO =5 8A:;NG5=>, GB> =0 @5H5=85 0=:0 ?>2;8O;> =5704>;3> ?5@54 MB8< >ACI5AB2;5==>5 ?>2KH5=85 AB02>: FED. B>@>9 ?>4J5< 3@0D8:0 =0 A;54CNI89 45=L 2K720= 0:B82=K< >1AC645=85< =0 @K=:5 B5<K > =587156=>AB8 2A:>@5 =>2>3> ?>2KH5=8O AB02>: (rate hike - =0 @K=>G=>< A;5=35 >1KG=>5 >1>7=0G5=85 4;O ?>2KH5=8O AB02>: F5=B@0;L=KE 10=:>2); =0H;>AL, :0: 284=>, <=>3> 65;0NI8E =5 >?>740BL :C?8BL DC=B, ?>:0 >= =5 ?>4>@>60; 5I5 1>;LH5. 045=85 :C@A0 DC=B0 2 :>=F5 =545;8 >1CA;>2;5=> @50:F859 =0 40==K5 ?> 0<5@8:0=A:>9 8=D;OF88, > G5< @5GL 1C45B 2?5@548. ( =D;OF8O 8 ?@>F5=B=K5 AB02:8 !2O7L 8=D;OF88 A CA;>28O<8 45=56=>3> >1@0I5=8O <>6=> ?@>45<>=AB@8@>20BL, 8AE>4O 87 >A=>2=>3> C@02=5=8O B5>@88 45=53, 5A;8 70?8A0BL 53> 4;O >B=>A8B5;L=KE 87<5=5=89 2E>4OI8E 2 =53> 25;8G8=:  + V =   + Q, 345 dM = M/, M = M(t+T) - M(t) 5ABL 87<5=5=85 25;8G8=K  70 =5:>B>@K9 ?@><56CB>: 2@5<5=8, 8 0=0;>38G=> >?@545;ONBAO >AB0;L=K5 5. >?CAB8<, GB> B5<? ?@8@>AB0  70 4>AB0B>G=> 4;8B5;L=K9 ?5@8>4 2@5<5=8 A>E@0=O5BAO ?>AB>O==K<, B> 5ABL Q = A = const, 0 A:>@>ABL >1@0I5=8O 45=53 =5 <5=O5BAO, V = 0, B>340 @>AB F5= 405BAO A>>B=>H5=85<   =  - A, :>B>@>5 ?>:07K205B, GB> 2 MB8E CA;>28OE @>AB F5= (8=D;OF8O) ?>;=>ABLN >?@545;O5BAO @53C;8@CNI8<8 459AB28O<8 F5=B@0;L=>3> 10=:0 G5@57 87<5=5=85 45=56=>9 <0AAK.  459AB28B5;L=>AB8, :>=5G=> 65 ?@8G8=K 2>7=8:=>25=8O 8=D;OF88 4>AB0B>G=> A;>6=K 8 <=>3>G8A;5==K, @>AB 45=56=>9 <0AAK - ;8HL >4=0 87 =8E. ;8O=85 8=D;OF88 =0 ?@>F5=B=K5 AB02:8 >?8AK205BAO 8725AB=K< 2 <0:@>M:>=><8:5 MDD5:B>< $8H5@0, A<KA; :>B>@>3> <K ?>OA=8< 745AL ?@>ABK<8 2K:;04:0<8. @54?>;>68<, 87<5=5=85 F5= 70 =01;N405<K9 ?5@8>4 A>AB028;>  , B> 5ABL, F5=0 =5:>B>@>3> =01>@0 B>20@>2 8 CA;C3 87  AB0;0  + P. >MDD8F85=B>< 8=D;OF88 =07>25< 25;8G8=C >B=>A8B5;L=>3> 87<5=5=8O @ =  / , ">340 87<5=5=85 F5= <>6=> ?@54AB028BL 2 2845  ->  +   = (1+@). @54?>;>68<, =5:>B>@0O AC<<0 S =0 B>B 65 ?5@8>4 1K;0 8=25AB8@>20=0 ?>4 ?@>F5=B=CN AB02:C i (:>B>@0O =07K205BAO =><8=0;L=>9 ?@>F5=B=>9 AB02:>9, nominal interest rate), B> 5ABL, AC<<0 S ?@52@0B8BAO 70 B>B 65 ?5@8>4 2 S -> S(l + i).  =0G0;5 @0AA<0B@8205<>3> ?5@8>40 (?> AB0@K< F5=0<) =0 AC<<C S <>6=> 1K;> ?@8>1@5AB8 :>;8G5AB2> B>20@0 Q=S/P. 50;L=>9 ?@>F5=B=>9 AB02:>9 =07K20NB ?@>F5=B=CN AB02:C 2 @50;L=>< 87<5@5=88, B> 5ABL >?@545;5==CN G5@57 ?@8@>AB >1J5<0 B>20@>2 8 CA;C3.  A>>B25BAB288 A MB8< >?@545;5=85<, @50;L=0O ?@>F5=B=0O AB02:0 3 40AB 70 B>B 65 @0AA<0B@8205<K9 ?5@8>4 87<5=5=85 >1J5<0 Q, Q -> Q(l + r). !>1@02 2A5 ?@82545==K5 A>>B=>H5=8O, ?>;CG8<, S(l + i) 1 + i Q(l + 3) =     = Q         , P(l + @) 1 + @ >B:C40 ?>;CG05< 2K@065=85 4;O @50;L=>9 ?@>F5=B=>9 AB02:8 G5@57 =><8=0;L=CN ?@>F5=B=CN AB02:C 8 :>MDD8F85=B 8=D;OF88, r=(l+i)/(l+p)-l. -B> 65 C@02=5=85, 70?8A0==>5 2 =5A:>;L:> 8=>< 2845, l+i=(l+r)(l+p), E0@0:B5@87C5B 8725AB=K9 2 <0:@>M:>=><8:5 MDD5:B $8H5@0. 040G0. !@02=8BL @50;L=K5 ?@>F5=B=K5 AB02:8 ?> >A=>2=K< 20;NB0< (0<5@8:0=A:89 4>;;0@, 1@8B0=A:89 DC=B, 52@>, O?>=A:0O 95=0) 2 =0G0;5 1999 3>40 8 2 A5@548=5 1999 3>40.  B01;8F5 ?@82545=K A>>B25BAB2CNI85 =><8=0;L=K5 AB02:8 8 8=D;OF8O =0 >15 C:070==K5 40BK. 5>1E>48<> ?> D>@<C;5, A2O7K20NI59 @50;L=CN ?@>F5=B=CN AB02:C A =><8=0;L=>9 AB02:>9 8 8=D;OF859, A45;0BL 2KG8A;5=8O 8 70?>;=8BL 420 ?>A;54=8E AB>;1F0 B01;8FK ><8=. AB02:0=D;OF8O 50;L=0O AB02:00G0;> 99!5@548=0 990G0;> 99!5@548=0 990G0;> 99!5@548= 99USA4.765.561.681.96UK6.385.181.352.75EU-112.52.630.790.87Japan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conomic Cycle), 8=0G5 =07K205<K9 187=5A-F8:; (Business Cycle), O2;O5BAO 5AB5AB25==>9 D>@<>9 @0728B8O (@>AB0) M:>=><8:8. 0AA<0B@820O 48=0<8:C M:>=><8G5A:>3> @0728B8O, 2K45;ONB B@8 >A=>2=KE D07K: - @5F5AA8O (Recession) 5ABL A=865=85 45;>2>9 0:B82=>AB8, ?045=85 ?@>872>4AB20, C@>2=O 70=OB>AB8 8 4>E>4>2, @07;8G0NB ?> AB5?5=8 ?045=8O M:>=><8:8 - :@878A 8 45?@5AA8N; - 2>AAB0=>2;5=85 (Recovery) MB> ?>4J5< M:>=><8G5A:>9 0:B82=>AB8, @>AB @K=>G=>9 :>=JN=:BC@K, 2>7@0AB0=85 2K?CA:0 ?>A;5 53> ?045=8O, 8<52H53> <5AB> 2 ?5@8>4 @5F5AA88, 4> ?@56=8E C@>2=59; - @0728B85 (Expansion) - ?@>4>;65=85 @>AB0 M:>=><8:8 ?>A;5 AB0488 2>AAB0=>2;5=8O, :0: ?@028;>, 4> 4>AB865=8O =>2>3> <0:A8<C<0 2K?CA:0, ?@52>AE>4OI53> 4>AB83=CBK9 2 ?@54K4CI5< F8:;5; AB048O expansion 8=>340 <>65B 2:;NG0BL =5A:>;L:> F8:;>2, :>B>@K5 2 MB>< A;CG05 8<5=CNBAO F8:;0<8 @>AB0 (growth cycles). 064K9 M:>=><8G5A:89 8=48:0B>@ B0: 8;8 8=0G5 45<>=AB@8@C5B F8:;8G5A:>5 ?>2545=85. 04> B>;L:> CG8BK20BL 8=48284C0;L=K5 >A>15==>AB8 F8:;>2 MB8E 8=48:0B>@>2, @0AA<0B@820BL 8E A>>B=>H5=8O ?> 2@5<5==K< ?0@0<5B@0< 8 ?> 25;8G8=5 ?5@5?04>2.  7028A8<>AB8 >B ?@8@>4K 8=48:0B>@>2 8 8E A2O78 A >1I59 M:>=><8G5A:>9 48=0<8:>9, ?@8=OB> 2K45;OBL ?@>F8:;8G5A:85 8=48:0B>@K (E>4 :>B>@KE A>2?0405B A >1I8< =0?@02;5=85< M:>=><8G5A:>3> @>AB0 - ?@81K;8 :>@?>@0F89 @0ABCB =0 ?>4J5<5 M:>=><8:8), ?@>B82>F8:;8G5A:85 (:>B>@K5 =0?@02;5=K ?@>B82 >1I53> @>AB0 - 157@01>B8F0 @0AB5B :>340 M:>=><8:0 ?0405B) 8 0F8:;8G5A:85 (?>2545=85 :>B>@KE <0;> <5=O5BAO 2=CB@8 F8:;0). @0B:0O :;0AA8D8:0F8O ?> MB><C A2>9AB2C =5:>B>@KE ?>:070B5;59 ?@82545=0 2 B01;8F5 >A:>;L:C 8=48:0B>@K A>740NBAO 4;O 2KO2;5=8O 8 CG5B0 >A>15==>AB59 8<5==> @07;8G=KE AB>@>= M:>=><8G5A:8E ?@>F5AA>2, 8E ?>2545=85 B0:65 8<55B A2>N A?5F8D8:C.  G0AB=>AB8, 206=> 7=0BL, 8<55B ;8 :>=:@5B=K9 8=48:0B>@ A2>9AB2> >?5@560BL >1ICN 48=0<8:C 8;8 >= 70?074K205B ?> A@02=5=8N A >A=>2=K< E>4>< M:>=><8G5A:>3> F8:;0. > MB><C ?@87=0:C =081>;55 8725AB=K5 8=48:0B>@K :;0AA8D8F8@CNBAO, :0: ?>:070=> =865.  8A. 7.1. -:>=><8G5A:89 F8:;  !( ACI5AB2C5B A?5F80;L=0O =5?@028B5;LAB25==0O 8AA;54>20B5;LA:0O >@30=870F8O, 0F8>=0;L=>5 1N@> M:>=><8G5A:8E 8AA;54>20=89 (NBER - National Bureau.of Economic Research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leading)0?074K20NI85 8=48:0B>@K (lagging)!>2?040NI85 8=48:0B>@K (coinciding);8B5;L=>ABL @01>G59 =545;8 '8A;> =>2KE ?@54?@8OB89 0G0;0 68;8I=KE AB@>8B5;LAB2 =45:AK D>=4>2>3> @K=:0 @81K;8 :>@?>@0F89 7<5=5=85 45=56=>9 <0AAK 7<5=5=8O 2 70?0A0E '8A;5==>ABL =5@01>B0NI8E 4;8B5;L=K9 A@>: 0AE>4K =0 =>2K5 ?@54?@8OB8O 8 A@54AB20 ?@>872>4AB20 #45;L=K5 @0AE>4K =0 70@?;0BC !@54=85 ?@>F5=B=K5 AB02:8 :><<5@G5A:8E 10=:>2 #@>25=L 157@01>B8FK @><KH;5==>5 ?@>872>4AB2> 8G=K5 4>E>4K &5=K ?@>872>48B5;59 D8F80;L=K5 ?@>F5=B=K5 AB02:8 0O2:8 =0 @5:;0<C!:>;L:>-=81C4L C1548B5;L=>9 >1I59 B5>@88 M:>=><8G5A:8E F8:;>2 =5 ACI5AB2C5B, :0: =5B 8 548=AB20 <=5=89 ?> ?>2>4C ?@8G8=, 8E ?>@>640NI8E.  :0G5AB25 >A=>2=KE D0:B>@>2, O2;ONI8EAO ?@8G8=>9 M:>=><8G5A:8E :>;510=89, 2 @07;8G=KE M:>=><8G5A:8E B5>@8OE @0AA<0B@820NBAO, =0?@8<5@, -8<?C;LA=K5 2>7459AB28O =0 M:>=><8:C, M:>=><8G5A:85 H>:8, :0: B> - B5E=>;>38G5A:85 A42838, >B:@KB85 =>2KE 8AB>G=8:>2 AK@LO, A8;L=K5 87<5=5=8O <8@>2KE F5= =0 8AB>G=8:8 AK@LO, ?>;8B8G5A:85 H>:8; -=570?;0=8@>20==K5 C25;8G5=8O 70?0A>2 AK@LO, 8=25AB8F89 2 ?@>872>4AB2>; -B@C4>2K5 >B=>H5=8O, 1>@L10 ?@>DA>N7>2 70 30@0=B88 70=OB>AB8 8 >?;0BK B@C40. /A=>, GB> CG5B ?>4>1=KE O2;5=89 =5 <>65B 1KBL ?@>ABK< 45;><. ;02=>5, GB> 402=> 8 E>@>H> ?>=OB> - F8:;K 5ABL O2;5=85 =587156=>5, ?>@>6405<>5 2=CB@5==8<8 ?@8G8=0<8, =0E>4OI8<8AO A@548 =5>BJ5<;5<KE 4286CI8E A8; M:>=><8G5A:>3> @0728B8O. >MB><C >BA;56820=85 8 ?@>3=>78@>20=85 ?0@0<5B@>2 F8:;8G5A:>3> @0728B8O M:>=><8:8 2> 2A5E F828;87>20==KE AB@0=0E 2K?>;=O5BAO :0: 206=59H0O 3>AC40@AB25==0O DC=:F8O. . 5OB5;L=>ABL $545@0;L=>9 575@2=>9 !8AB5<K !( ?> @53C;8@>20=8N M:>=><8G5A:>9 0:B82=>AB8 O2;O5BAO C1548B5;L=K< ?@8<5@>< B>3>, GB> A 8=D;OF859 <>6=> 1>@>BLAO, 8 A=8782 55 4> @07C<=KE ?@545;>2, ?@52@0B8BL 187=5A-F8:;K 2 =5:>B>@K5 ?;02=K5 2>;=K M:>=><8G5A:>3> @>AB0.  !>548=5==KE (B0B0E 187=5A-F8:;K 8 8=D;OF8O CA:>;L70;8 >B :>=B@>;O 2 60-E 8 70-E 3>40E, B0: :0: ?>B@518B5;8 8 187=5A 8A?>;L7>20;8 2A5 1>;LH5 705<=KE A@54AB2 4;O D8=0=A8@>20=8O ?>:C?:8 4><>2, 02B><>18;59, B>20@>2 4;8B5;L=>3> ?>;L7>20=8O, 4;O @0728B8O ?@>872>4AB20, ?@8>1@5B5=8O >1>@C4>20=8O 8 70?0A>2. >2K5 2>;=K 708<AB2>20=89 ?>@>640;8 @>AB @0AE>4>2 (A?@>A =0 B>20@K 8 CA;C38), 70 :>B>@K< =5 <>3;> ?>A?5BL ?@>872>4AB2>, 8 F5=K 2 @57C;LB0B5 ?>4=8<0;8AL. 08<AB2>20=8O A> AB>@>=K ?>B@518B5;59 8 187=5A0 2A5340 1K;8 E0@0:B5@=>9 G5@B>9 0<5@8:0=A:>9 M:>=><8:8, >@85=B8@>20==>9 =0 ?>B@518B5;O, 3;02=>9 4286CI59 A8;>9 :>B>@>9 O2;O5BAO ?>B@518B5;LA:89 A?@>A. @>F5=B=K5 AB02:8 5ABL =5 GB> 8=>5 :0: F5=0 45=53. !?@>A =0 45=L38 @0AB5B 8 ?@>F5=B=K5 AB02:8 ?>2KH0NBAO 2 B5G5=85 ?5@8>40 M:>=><8G5A:>3> @>AB0, :>340 187=5A 8 ?>B@518B5;8 8A?KBK20NB ?>2KH5==CN =C64C 2 45=L30E. ;O D8=0=A8@>20=8O @0AE>4>2 8A?>;L7CNBAO 2A5 8AB>G=8:8: B5:CI85 A15@565=8O, ?@>4060 D8=0=A>2KE 0:B82>2 (F5==KE 1C<03), 708<AB2>20=8O 2 10=:0E.  B5G5=85 A?040 MB0 0:B82=>ABL A=8605BAO, => ?> <5@5 ?5@5E>40 M:>=><8:8 : 2>AAB0=>2;5=8N 8 ?>A;54CNI5<C @>ABC, 45=L38 AB0=>2OBAO >?OBL 2A5 1>;55 4>ABC?=K<8, A15@565=8O @0ABCB, D8=0=A>2K5 0:B82K 0::C<C;8@CNBAO, 4>;38 2K?;0G820NBAO. > <5@5 B>3> :0: 4>ABC?=K5 D8=0=A>2K5 @5AC@AK ?@52KH0NB A?@>A =0 =8E, ?@>F5=B=K5 AB02:8 ?040NB. "0:>2 5AB5AB25==K9 E>4 45;>2>3> F8:;0 2 M:>=><8:5. > 2 :>=F5 60-E 3>4>2 G0AB=K5 708<AB2>20=8O 4>AB83;8 @5:>@4=KE C@>2=59 8 @>A;8 2> 27@K2=>< B5<?5 (>1J5< :@548B0 C420820;AO :064K5 ?OBL ;5B), 70 :>B>@K< ?@>872>4AB2C =8:>340 =5 C3=0BLAO. A;54AB285 MB>3> @07@K20, 708<AB2>20=8O 8 :@548B =5 @>A;8 <>=>B>==>, => 8<5;8 E0@0:B5@ ?5@8>48G5A:8E ?>4J5<>2, A>?@>2>6402H8EAO A?040<8. E @>AB ?@82>48; : 8=D;OF88 8 ?>4J5<C ?@>F5=B=KE AB02>:, B> 5ABL C25;8G5=8N AB>8<>AB8 :@548B0, GB> A=860;> 0:B82=>ABL 705<I8:>2 8 ?>B@518B5;LA:85 @0AE>4K, 0 MB> 2;5:;> 70 A>1>9 A=865=85 ?@>872>4AB20 8 ?5@5E>4 M:>=><8:8 2 A?04. <5H0B5;LAB2> FED 2 MB8 F8:;K 45;>2>9 0:B82=>AB8 A F5;LN A3;048BL 8E 87;8H=5 :@CBK5 27;5BK 8 ?045=8O ?@82>48;> B>;L:> : CEC4H5=8N. !;54AB285< >3@0=8G5=8O :@548B=>9 M:A?0=A88 =0 ?8:5 F8:;0 (4;O A=865=8O 8=D;OF88) 1K;> B>, GB> =587156=>5 ?045=85 AB0=>28;>AL 1>;55 :@CBK<, 0 A?04 70BO6=K<. @548B=K5 ?>A;01;5=8O 2 AB0488 A?040 4;O 0:B82870F88 708<AB2>20=89 8 AB8<C;8@>20=8O M:>=><8G5A:>9 0:B82=>AB8 G5@57 ?>B@518B5;LA:89 A?@>A @0A:@CG820;8 ?>A;54CNI89 1C<.  A :064K< F8:;>< 8=D;OF8O 8 ?@>F5=B=K5 AB02:8 27;5B0;8 2A5 2KH5. FED ?>;>68; :>=5F 15-;5B=59 MA:0;0F88 8=D;OF88 8 F8:;8G5A:>9 =5AB018;L=>AB8 2 1981 - 82 3.3., =04>;3> 70<>@>782 2KA>:85 ?@>F5=B=K5 AB02:8. -:>=><8:0 1K;0 2 A>AB>O=88, 1;87:>< : :>;;0?AC. >340 65 FED >B?CAB8; E20B:C, ?@52@0B82 >G5=L 2KA>:85 ?@>F5=B=K5 AB02:8 2 ?@>AB> 2KA>:85, <0=8O 708<AB2>20=89 =5 25@=C;0AL. >@<0;L=K9 1578=D;OF8>==K9 @>AB M:>=><8:8 ?@>4>;68;AO 4> :>=F0 80-E 3>4>2, :>340 2>9=0 2 5@A84A:>< 70;825 ?@825;0 : :@878AC ?>B@518B5;LA:>3> A?@>A0, A=8782 708<AB2>20=8O 8 @0AE>4K 8 ?>3@C782 M:>=><8:C 2 A?04 1990 - 91 3.3. !53>4=O 045:20B=>5 >F5=820=85 M:>=><8G5A:>3> F8:;0, >BA;56820=85 8=D;OF88 8 A2>52@5<5==>5 MDD5:B82=>5 ?@8<5=5=85 @53C;8@CNI8E 2>7459AB289, ?@5645 2A53> 87<5=5=89 ?@>F5=B=KE AB02>:, O2;O5BAO 70A;C3>9 FED 2 >15A?5G5=88 4;8B5;L=>3> ?5@8>40 ?>ABC?0B5;L=>3> M:>=><8G5A:>3> @>AB0. &8:;8G5A:89 E0@0:B5@ M:>=><8G5A:>3> @>AB0 8 A>>B25BAB2CNI85 :>;510=8O ?@>F5=B=KE AB02>: 8<5;8 1K <5AB> 8 157 FED, => 53> A2>52@5<5==K5 <5@K @5H8B5;L=> 87<5=8;8 E0@0:B5@ 187=5A-F8:;>2 2 !( ?>A;5 B>@>9 8@>2>9 2>9=K. >A;52>5==K5 0<5@8:0=A:85 F8:;K AB0;8 1>;55 ?@>4>;68B5;L=K<8, G5< 1K;8 @0=55; D07K A?040 70<5B=> :>@>G5, 0 2>AAB0=>2;5=8O - 4;8B5;L=55. <?;8BC4K ?>A;52>5==KE F8:;>2 <5=LH5 ?> 25;8G8=5, 2 G5< O2=> ?@>A<0B@8205BAO @53C;8@CNI0O @>;L 3>AC40@AB20 2 M:>=><8:5: !@54=OO 25;8G8= @>AB0 2 F8:;5 !@54=OO 25;8G8=0 ?045=8O 2 F8:;5 >2>5==K5 30,1 % 14,1 % >A;52>5==K5 20,9% 2,5% AB0B8, ?> 0<5@8:0=A:>9 AB0B8AB8:5, F8:;K @>AB0, O2;ONBAO 4>2>;L=> @54:8<8 - 2 ?>A;52>5==K9 ?5@8>4 82 % ?8:>2 A>?@>2>640;8AL @5F5AA859. 5?@5AA8O 2>>1I5 4>AB0B>G=> @54:>5 O2;5=85, 70 ?>A;54=85 200 ;5B A@54=89 8=B5@20; <564C 45?@5AA8O<8 - 30-60 ;5B, 2 A2O78 A G5< 1K;0 4065 @0728B0 :>=F5?F8O >H81>: ?>:>;5=89 (5A;8 AG8B0BL 30 ;5B ?5@8>4><, >B2545==K< >4=><C ?>:>;5=8N). ;8O=85 FED =0 B5<?K 42865=8O M:>=><8:8 ?> 187=5A-F8:;C >ACI5AB2;O5BAO G5@57 ?@>2545=85 42CE 284>2 45=56=>9 ?>;8B8:8. 1. -:A?0=A8>=8ABA:0O 45=56=0O ?>;8B8:0 (Expansionary Policy, Easy Money Policy) ?@>2>48BAO =0 AB0488 A?040 M:>=><8:8 8 8<55B F5;LN 55 AB8<C;8@>20=85. =0 70:;NG05BAO 2 B><, GB> FED A=01605B 10=:8 2 871KB:5 45=56=K<8 @5AC@A0<8, :>B>@K5 <>3CB 1KBL 8A?>;L7>20=K 4;O =54>@>38E :@548B>2, @0AH8@ONI8E ?>B@518B5;LA:89 A?@>A, 0 B0:65 8=25AB8F88 2 187=5A. ;O MB>9 F5;8 FED 2K:C?05B 3>AC40@AB25==K5 F5==K5 1C<038, C25;8G820O B5< A0<K< 10=:>2A:85 45=56=K5 @5AC@AK; ?@>F5=B=K5 AB02:8 ?> 10=:>2A:8< :@548B0< C<5=LH0NBAO, @0AB5B AC<<0 2K40205<KE :@548B>2 8 >1J5< 45=56=>9 <0AAK 2 >1@0I5=88, GB> 2 8B>35 ?@82>48B : @>ABC ?>B@518B5;LA:>3> A?@>A0. !8<2>;8G5A:8 ?@8=OB> ?@54AB02;OBL MBC ?>A;54>20B5;L=>ABL 2708<>A2O759 2 2845 F5?>G:8: -:A?0=A8>=8ABA:0O 45=56=0O ?>;8B8:0: FED 2K:C?05B 3>AC40@AB25==K5 F5==K5 1C<038 ( 0=:>2A:85 @575@2K (( @>F5=B=K5 AB02:8 (( 0=:>2A:85 708<AB2>20=8O (( 5=56=0O <0AA0 (( !?@>A ( 2. 3@0=8G8B5;L=0O 45=56=0O ?>;8B8:0 (Contractionary Policy, Tight Money Policy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ross Domestic Product, GDP) - >1I89 ?>:070B5;L AC<<K 4>102;5==KE F5==>AB59, A>740==KE 70 >?@545;5==K9 ?5@8>4 2A5<8 ?@>872>48B5;O<8, 459AB2CNI8<8 =0 B5@@8B>@88 AB@0=K.  O2;O5BAO >1>1I0NI8< 8=48:0B>@>< A8;K M:>=><8:8 (8;8 =0>1>@>B, 55 A;01>AB8 2 ?5@8>4K A?04>2). 3> A2O7L A 20;NB=K< :C@A>< 2A5340 >G5284=0 8 4>AB0B>G=> =5?>A@54AB25==0 - G5< A8;L=55 @0AB5B , B5< :@5?G5 =0F8>=0;L=0O 20;NB0. ;O 20;NB=KE @K=:>2 MB> >48= 87 3;02=KE 8=48:0B>@>2. 50:F8O =0 ?C1;8:0F8N =5 B>;L:> ?>:070B5;59 @>AB0 >A=>2=KE M:>=><8:, => 8 8E 8A?@02;5==KE (CB>G=5==KE) 7=0G5=89 1K205B 25AL<0 7=0G8B5;L=>9. ?@545;5=85 , 8725AB=>5 ?> CG51=8:0< <0:@>M:>=><8:8, 405B 53> 42>9=CN 70?8AL ?> :><?>=5=B0< ?>B@51;5=8O 8 4>E>40: GDP = ! + I + G + NE = PI + PR, 345 ! - ?>B@51;5=85 (consumption), I - 8=25AB8F88 (investment), G - 3>AC40@AB25==K5 @0AE>4K (government spending), NE - B>@3>2K9 10;0=A (NetExports = exports -import), PI - ;8G=K5 4>E>4K (personal income), PR - 4>E>4K (profits) A>1AB25==8:>2.  AG8B05BAO :0: 2 =><8=0;L=>< 2845 (2 B5:CI8E F5=0E), B0: 8 2 F5=0E D8:A8@>20==>3> ?5@8>40 (@50;L=K9 , Real GDP). B=>H5=85 =><8=0;L=>3>  : @50;L=><C 5ABL 45D;OB>@  (Implicit Price Deflator), >= B0:65 ?C1;8:C5BAO 2 :0G5AB25 >4=>3> 87 ?>:070B5;59 8=D;OF88. @><5 , 8A?>;L7C5BAO B0:65 1;87:89 : =5<C ?> A<KA;C ?>:070B5;L 20;>2>3> =0F8>=0;L=>3> ?@>4C:B0 (Gross National Product, GNP), :>B>@K9 CG8BK205B AC<<0@=>5 ?@>872>4AB2> B>20@>2 8 CA;C3 @57845=B0<8 40==>9 AB@0=K, =57028A8<> >B B>3>, 345 >=8 =0E>4OBAO, 2 ?@545;0E =0F8>=0;L=KE 3@0=8F 8;8 70 @C156><. 0==K5 ?>  2K?CA:0NBAO 565:20@B0;L=>; >1KG=>5 2@5<O 2KE>40 4;O !( - 20-5 G8A;> <5AOF0, A;54CNI53> 70 >:>=G0=85< :20@B0;0.  B5G5=85 ?>A;54CNI8E 42CE <5AOF52 ?C1;8:CNBAO CB>G=5==K5 (?5@5A<>B@5==K5 - revised) 7=0G5=8O ?>:070B5;O. 0==K5, >B=>AOI85AO : ?>;>28=5 3>40, <>3CB CB>G=OBLAO 4> B@5E ;5B A?CABO. @8 0=0;875 48=0<8:8 M:>=><8G5A:8E F8:;>2 2 B5@<8=0E  A;54C5B CG8BK20BL O2;5=8O A0<KE @07=KE <0AHB01>2, >B >G5=L 4>;3>A@>G=KE, :0: 45<>3@0D8G5A:85 D0:B>@K 8;8 <8@>2K5 2>9=K, 4> 1>;55 :@0B:>A@>G=KE ?@8G8=, 2K7K20NI8E 48A10;0=AK 2 M:>=><8:5.  8A. 8.1. @0D8:8  !( (B@8;;8>=K 4>;;0@>2) 8 45D;OB>@0  @82545< >B45;L=K5 E0@0:B5@8AB8:8, A2O70==K5 -A ?>:070B5;5< M:>=><8G5A:>3> @>AB0 =0 ?@8<5@5 !(.  !>548=5==KE (B0B0E 2 1991 3>4C @0AE>4K =0 ;8G=>5 ?>B@51;5=85 A>AB02;O;8 68,5% =><8=0;L=>3>  (2 F5=0E B5:CI53> 3>40), 70@?;0B0 =05<=KE @01>B=8:>2 A>AB02;O;0 59,7% (B> 5ABL, >A=>2=CN G0ABL AB0B59 4>E>40). 564C 1947 3. 8 1992 3. @50;L=K9  @>A 2 A@54=5< 70 :20@B0; 2 B5<?5 3,1% 3>4>2KE; 2 ?>A;54=55 45AOB8;5B85 MB>3> ?5@8>40 (83-92 3.3.) B5<? A>:@0B8;AO 4> 2,9%. $0:B>@0<8 70<54;5=8O AG8B0NBAO <54;5==K9 @>AB 2 MB>B ?5@8>4 G8A;5==>AB8 =0A5;5=8O AB0@H8E 2>7@0AB=KE 3@C?? (>A=>2=>3> 8AB>G=8:0 ?>B@518B5;LA:>3> A?@>A0) 8 =01;N40NI55AO A>:@0I5=85 >1J5<>2 70?0A>2 2 =5A5;LA:>E>7O9AB25==>< A5:B>@5, 2A;54AB285 A>25@H5=AB2>20=8O B5E=>;>389 <5=546<5=B0.  ?>A;52>5==K9 ?5@8>4 2K45;ONB 452OBL M:>=><8G5A:8E F8:;>2 2 B5@<8=0E .  B5G5=85 AB0489 A>:@0I5=8O MB8E F8:;>2 A@54=55 3>4>2>5 ?045=85 A>AB02;O;> 3,4% (<0:A8<0;L=>5 ?045=85 9,9% 3>4>2KE >B<5G5=> 2 1980 3.). !@54=OO 4;8B5;L=>ABL @5F5AA88 - B@8 :20@B0;0.  B5G5=85 AB0489 2>AAB0=>2;5=8O @50;L=K9  @>A 2 A@54=5< B5<?5 5,9%, 70<54;OOAL 4> 3,8% =0 AB048OE expansion; 2>AAB0=>2;5=85 2 1990-1991 3.3. 1K;> ACI5AB25==> A;0155, G5< 2 ?@54K4CI8E F8:;0E. ;8O=85 40==KE ?>  =0 20;NB=K9 @K=>: 2A5340 O2;O5BAO ACI5AB25==K<. =>340 >=> =5 2K@065=> O2=>, 5A;8 ?C1;8:C5<K5 F8D@K =5 1K;8 =5>6840==K<8 8 C65 CGB5=K (48A:>=B8@>20=K) @K=:><. > ?>@>9 >=> <>65B ?@8=OBL A0<CN @57:CN D>@<C, :>340 2KE>4OB 40==K5, ACI5AB25==> >B;8G0NI85AO >B ?@>3=>7>2 8 O2;ONI85AO 4;O @K=:0 A2>53> @>40 H>:><. 5402=89 ?@8<5@ B0:>3> @>40 - ?C1;8:0F8O =5>6840==> 2KA>:8E 7=0G5=89 ?>  /?>=88 70 ?5@2K9 :20@B0; 1999 3>40. 0: C65 >B<5G0;>AL 2KH5, E0@0:B5@=>9 G5@B>9 A8BC0F88 2 /?>=88 2 1999 3>4C 1K;> =0;8G85 <=>38E ?@>1;5< 2 M:>=><8:5 8 D8=0=A>2>< A5:B>@5, 5I5 =5 ?@5>4>;5==0O >?0A=>ABL 45D;OF88, 2KA>:0O 157@01>B8F0. 8AC=>: 8.2. ?>:07K205B 70<5B=K9 A?04 @>AB0 M:>=><8:8 A 1992 3>40, 0 =0 @8AC=:5 8.3. E>@>H> 284=> ?>;>65=85 =0 @K=:5 B@C40 /?>=88. >>1I5 3>2>@O, 157@01>B8F0 =0 C@>2=5 4,5% AG8B05BAO 2 4@C38E AB@0=0E >G5=L =87:>9, => /?>=8O A 55 B@048F8>==>9 A8AB5<>9 ?>687=5==>9 70=OB>AB8 =5 2845;0 B0:>9 157@01>B8FK C65 <=>385 3>4K.  B><C 65 A;54C5B >1@0B8BL 2=8<0=85 =0 2KA:07K20=85 1K2H53> ?@54A540B5;O FED Volcker'a, :>B>@K9, :><<5=B8@CO A>AB>O=85 O?>=A:>9 M:>=><8:8 25A=>9 1999 3>40 A:070;, GB> O?>=A:85 4,5% M:2820;5=B=K 9,0%, 5A;8 AG8B0BL 157@01>B8FC ?> 0<5@8:0=A:8< AB0=40@B0<.  8A. 8.2. @0D8:  /?>=88 (B@8;;8>=K 95=)  8A. 8.3. #@225=L 157@01>B8FK 2 /?>=88  8A. 8.4. @0D8: :C@A0 O?>=A:>9 95=K ?> >B=>H5=8N : 4>;;0@C. 50:F8O =0 40==K5 ?>  /?>=88 70 ?5@2K9 :20@B0; 1999 3. (10 8N=O) 8 425 8=B5@25=F88 0=:0 /?>=88 (10 8 14 8N=O) :F88 O?>=A:8E :>@?>@0F89 ?>A;5 ?@>4>;68B5;L=>3> ?045=8O =0G0;8 @0AB8 2 F5=5 2 1999 3>4C, ?>A:>;L:C <564C=0@>4=K5 8=25AB>@K AG8B0;8 O?>=A:85 0:F88 =54>>F5=5==K<8 8 640;8 <><5=B0, GB>1K =0G0BL 8E 0:B82=K5 ?>:C?:8. >AB>O==> @0ABCI89 B>@3>2K9 45D8F8B !(, 8 ?@5645 2A53> 45D8F8B 2 B>@3>2;5 8<5==> A /?>=859, >6840=85 =0G0;0 ?045=8O 0<5@8:0=A:8E 0:B82>2 -2A5 MB> 45;0;> D8=0=A>2K5 @K=:8 =5@2=K<8 2 >6840=88 ?>ABC?;5=8O ?>;>68B5;L=KE 40==KE ?> /?>=88. ?C1;8:>20==K9 2 =0G0;5 8N;O 8=45:A 45;>2>3> >?B8<87<0 TANKAN, A;C60I89 4;O 0=:0 /?>=88 >@85=B8@>< 2 53> 45=56=>9 ?>;8B8:5, =5 ?>:070; O2=KE 87<5=5=89 : ;CGH5<C, E>BO 8 <>3 1KBL ?@>G8B0= :0: 4>AB0B>G=> =0456=K9 A83=0; B>3> GB> ?045=85 >AB0=>28;>AL.  B0:>9 2>B A8BC0F88 10 8N=O 1K;8 >?C1;8:>20=K 40==K5, ?>:0702H85 @>AB  /?>=88 70 ?5@2K9 :20@B0; 1999 3>40 =0 >G5=L 2KA>:>< C@>2=5 1,9%, G53> =8:B> =5 >6840; 8 =5 ?@>3=>78@>20;. %0@0:B5@=>, GB> =0:0=C=5 A>>1I5=85 > 2KA>:>< ?>:070B5;5 1K;> >?C1;8:>20=> 2 >4=>9 87 F5=B@0;L=KE O?>=A:8E 3075B =0 ?5@2>9 ?>;>A5. 50:F8O @K=:>2, 604=KE 4> ?>;>68B5;L=KE O?>=A:8E =>2>AB59, 2K@078;0AL 2 CA8;5=88 :C@A0 95=K (?@5645 2A53> ?> >B=>H5=8N : 4>;;0@C, => B0:65 8 ?> >B=>H5=8N : 52@>). :B82=>ABL 8=>AB@0==KE 8=25AB>@>2 ?> ?@8>1@5B5=8N O?>=A:8E 0:F89 ?>;CG8;0 =>2K9 AB8<C;, GB> 5I5 1>;55 ?>2KH0;> A?@>A =0 95=C 8 ?>4=8<0;> 55 :C@A. > ACI5AB25==>5 C:@5?;5=85 95=K 2 B>B <><5=B 1K;> ?@56452@5<5==K< ?> <=5=8N 0=:0 /?>=88, AG8B02H53> @>AB :C@A0 95=K >B@8F0B5;L=K< D0:B>@>< 4;O O?>=A:>9 M:>=><8:8; 2 G0AB=>AB8, A8;L=0O 95=0 A>74020;0 ?@>1;5<K 4;O M:A?>@B=KE >B@0A;59 /?>=88, ?>4@K20O :>=:C@5=B=>ABL 8E B>20@>2 =0 0780BA:8E @K=:0E. 0=: C65 ?@54C?@5640; > A2>59 3>B>2=>AB8 ?@8=OBL @5H8B5;L=K5 <5@K ?@>B82 G@57<5@=>3> CA8;5=8O 95=K. 'B> >= 8 A45;0;, >ACI5AB282 8=B5@25=F8N, =5A:>;L:> A=8782HCN :C@A 95=K. > ?>A:>;L:C @K=:8 =5 >AB0=>28;8AL =0 MB>< 8 A?@>A =0 95=C, ?>445@60==K9 A> AB>@>=K 8=>AB@0==KE 8=25AB>@>2, ?>:C?02H8E O?>=A:85 0:F88, ?@>4>;60; @0AB8, B> 0=: 2 ?>=545;L=8: 14 8N=O ?@54?@8=O; 5I5 1>;55 <>I=CN 8=B5@25=F8N, A=8782HCN :C@A 95=K 4> C@>2=O 1>;55 120 95= 70 4>;;0@ 8 AB02HCN =0G0;>< F5;>9 A5@88 8=B5@25=F89 O?>=A:>3> F5=B@0;L=>3> 10=:0 2 8N=5 - 8N;5. ( 040G0. 040G0 4;O G8B0B5;59, 8<5NI8E 4>ABC? : 40==K< M:>=><8G5A:>9 AB0B8AB8:8 G5@57 :0:CN-;81> 8=D>@<0F8>==CN A8AB5<C. ;O ?@54A:070=8O 2>7<>6=>3> 1C4CI53> ?>2545=8O 20;NB=KE :C@A>2 G@572KG09=> 206=K< O2;O5BAO ?>:070B5;L , ?@54AB02;ONI89 A>1>9 >A=>2=CN <5@C >1J5<0 ?@>872>48<KE 2 M:>=><8:5 B>20@>2 8 CA;C3. @0D8:8  ?> >A=>2=K< AB@0=0< 4>ABC?=K, => >1J548=5==0O AB0B8AB8:0 ?> 2@>-11 (>48==04F0B8 AB@0=0<, >1J548=82H8< A2>8 20;NBK 2 548=CN 52@>) B>;L:> =0G0;0 D>@<8@>20BLAO 2 1999 3>4C, ?>MB><C 4;O A@02=8B5;L=>3> 0=0;870 B5=45=F89 ?>:0 =5B 3@0D8:0 , A>>B25BAB2CNI53> 20;NB5 52@>. @54;0305BAO ?>AB@>8BL 53>, 8AE>4O 87 8<5NI8EAO 3@0D8:>2 ?> 5@<0=88, $@0=F88 8 B0;88. 725AB=>, GB> MB8 B@8 M:>=><8:8 A>AB02;ONB 70% M:>=><8:8 2@>-11, ?>MB><C >A=>2=K5 B5=45=F88 =0 AC<<0@=>< 3@0D8:5 1C4CB >B@065=K 4>AB0B>G=> 4>AB>25@=>. 'B>1K ?>AB@>8BL AC<<0@=K9 3@0D8:, =5>1E>48<> A;>68BL  B@5E AB@0=, => ?@8 MB>< CG5ABL, GB> MB8 ?>:070B5;8 2K@065=K 2 A2>8E =0F8>=0;L=KE 20;NB0E (=5<5F:0O <0@:0 - DEM, D@0=FC7A:89 D@0=: - FRF, 8B0;LO=A:0O ;8@0 - ITL). ;O ?5@52>40 7=0G5=89 2 548=CN 20;NBC 52@> =5>1E>48<> @0745;8BL :064K9 ?>:070B5;L =0 A>>B25BAB2CNI89 :C@A =0F8>=0;L=>9 20;NBK ?> >B=>H5=8N : 52@>, 70D8:A8@>20==K9 2 =0G0;5 1999 3>40: 1 52@> = 1,95583 DEM 6,55957 FRF 1936,21 ITL -B8 >?5@0F88 =5>1E>48<> 2K?>;=8BL =04 A>>B25BAB2CNI8<8 <0AA820<8 2 Excel, ?@>AC<<8@>20BL 8 :>=25@B8@>20BL ?>;CG5==K9 D09; A ?><>ILN ?@>3@0<<K DownLoader 2 ?0:5B MetasStock. >AB@>82 3@0D8:8  4;O !(, 5;8:>1@8B0=88, /?>=88 8 2@>-11, 2K45;8BL >A=>2=K5 B5=45=F88 =0 MB8E 3@0D8:0E 8 >F5=8BL 2>7<>6=K5 ?>A;54AB28O =01;N405<>9 48=0<8:8 4;O 1C4CI53> ?>2545=8O :C@A>2 >A=>2=KE 20;NB. 9. =48:0B>@K ?@>872>4AB25==>3> A5:B>@0 @><KH;5==>5 ?@>872>4AB2> >:070B5;L >1J5<0 ?@><KH;5==>3> ?@>872>4AB20 (Industrial Production, IP) 87<5@O5B 2K?CA: ?@>872>4AB25==KE ?@54?@8OB89 ?@><KH;5==>AB8, 4>1K20NI8E >B@0A;59 8 M=5@3>A=0165=8O. /2;O5BAO 206=K< 4;O 20;NB=>3> @K=:0, B0: :0: 8<55B ?@O<>5 2;8O=85 =0 2A5 ?>:070B5;8 @>AB0 M:>=><8:8, 0 A;54>20B5;L=>, B5A=> A2O70= A D8=0=A>2>9 ?>;8B8:>9. >AB IP >7=0G05B C:@5?;5=85 M:>=><8:8 2 F5;><, 2 B>< G8A;5 CA8;5=85 ?>78F89 AB@0=K 2 <8@>2>9 M:>=><8:5, GB> 4>;6=> ?>2;5GL 70 A>1>9 CA8;5=85 :>=:C@5=B>A?>A>1=>AB8 B>20@>2 MB>9 AB@0=K =0 <8@>2KE @K=:0, 0 7=0G8B, @>AB 55 B>@3>2>3> 10;0=A0 8 :C@A0 =0F8>=0;L=>9 20;NBK.  AB0B8AB8:5 !( CG5B ?@>872>4AB20 2545BAO ?> ?@54?@8OB8O<, A3@C??8@>20==K< ?> 255 >B@0A;O<. > 40==K< =0 1992 3., ?@>872>4AB2> ?@><KH;5==>9 ?@>4C:F88 A>AB02;O;> 84,6% 2A53> ?@>872>4AB25==>3> A5:B>@0, 4>1KG0 7,3%, M=5@3>A=0165=85 8,1%. FED @0AAG8BK205B B0:65 A2>9 ?>:070B5;L - 48DDC78>==K9 8=45:A ?@>872>4AB20 (production diffusion index), :>B>@K9 @025= ?@>F5=BC >B@0A;59 (87 A?8A:0 255), 345 70 ?@>H54H89 <5AOF ?@>872>4AB2> 2>7@>A;>. =45:A IP ?C1;8:C5BAO 565<5AOG=>, 2 @09>=5 15 G8A;0. >:070B5;L IP O2;O5BAO ?>=OB=K< 8 =0456=K< >@85=B8@>< 4;O >BA;56820=8O 45;>2>3> F8:;0. > AB0B8AB8:5 !( (1948 -1992 3.3.), ?@><KH;5==>5 ?@>872>4AB2> 2 AB0488 @5F5AA88 ?040;> 2 A@54=5< B5<?5 0,8% 2 <5AOF, 0 ?>4J5< 2 recovery A>AB02;O; 0,9% 2 <5AOF 8 =0 AB0488 @>AB0 (expansion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e ;CGH85 ?>78F88 >:070;8AL C ?@02OI59 !>F80;-45<>:@0B8G5A:>9 ?0@B88, 2>73;02;O5<>9 :0=F;5@>< (@545@><. 3 F5;><, A8BC0F8O 1K;0 25AL<0 =5@2=>9, ?>MB><C :>340 ?>O28;8AL ?@>3=>7K > B><, GB> 40==K5 ?> ?@><KH;5==><C ?@>872>4AB2C 5@<0=88 2K94CB 2KH5, G5< @0=55 >6840;>AL, @K=>: >E>B=> 8< ?>25@8; 8 :C@A 52@> AB0; 70<5B=> ?>4=8<0BLAO, GB> E>@>H> 284=> =0 3@0D8:5 ( 8A. 9.2). > ?>A;5 2KE>40 40==KE >:070;>AL, GB> ?@><KH;5==>5 ?@>872>4AB2> 5@<0=88 2 8N;5 2K@>A;> ;8HL =0 1.0% ?> A@02=5=8N A 8N=5<, 2 B> 2@5<O :0: >6840;8 1 ,"/>, 0 =5:>B>@K5 M:A?5@BK ?@>3=>78@>20;8 8 2,0%. 2@> >B@5038@>20;0 <3=>25==K<, E>BO 8 =51>;LH8< ?045=85<, => 2 F5;>< >B=>H5=85 : 20;NB5 C @K=:0 >AB020;>AL >?B8<8AB8G5A:8<, >A=>20==K< =0 ?>A;54=8E 40==KE ?> 4@C38< AB@0=0< 52@>-@538>=0. 4=0:> ?>A;54CNI89 2KE>4 =87:8E 40==KE ?> 20;>2><C 2=CB@5==5<C ?@>4C:BC ?>;>68; =0G0;> ACI5AB25==><C ?045=8N :C@A0 52@>, 5I5 1>;55 CA8;5==><C 2KH54H8<8 2 ?OB=8FC 10 A5=BO1@O 40==K<8 ?> F5=0< ?@>872>48B5;59 2 !(, =0 >A=>25 :>B>@KE @K=>: C:@5?8;AO 2 C25@5==>AB8, GB> >?0A=>3> ?045=8O :C@A0 4>;;0@0 2 1;87:>5 2@5<O =5 1C45B.  8A. 9.2. @0D8: :C@A0 52@> ?> >B=>H5=8N : 4>;;0@C. 50:F8O =0 40==K5 ?> ?@><KH;5==><C ?@>872>4AB2C (DEIP)u 20;>2><C 2=CB@5==5<C ?@>4C:BC (DEGDD) 5@<0=88, 8 =0 ?>:070B5;L - PPI !(. A?>;L7>20=85 ?@>872>4AB25==KE <>I=>AB59 >:070B5;L 8A?>;L7>20=8O ?@>872>4AB25==KE <>I=>AB59 (Capacity Utilization, CAPU) ?@54AB02;O5B A>1>9 >B=>H5=85 >1I53> ?@><KH;5==>3> 2K?CA:0 : 25;8G8=5 AC<<0@=>9 ?@>872>48B5;L=>AB8 (?>B5=F80;L=>3> >1J5<0 2K?CA:0) >B@0A;59. 06=>5 7=0G5=85 4;O 20;NB=>3> @K=:0 MB>B 8=48:0B>@ 8<55B 2A;54AB285 53> B5A=>9 A2O78 A 48=0<8:>9 45;>2>3> F8:;0, 1;03>40@O :>B>@>9 >= 2 A;>6=K5 <><5=BK >6840=8O 87<5=5=89 2 ?>;8B8:5 F5=B@0;L=KE 10=:>2 AB0=>28BAO 4;O @K=:0 4>?>;=8B5;L=K< >@85=B8@><, ?>4A:07K20NI8< 2>7<>6=K5 1C4CI85 @5H5=8O &. 725AB=>, GB> >?B8<0;L=K9 @568< DC=:F8>=8@>20=8O M:>=><8:8 A>>B25BAB2C5B C@>2=N CAPU >:>;> 81,5%; 7=0G8B5;L=K5 >B:;>=5=8O >B >?B8<0;L=>3> C@>2=O >7=0G0NB =0@CH5=85 A10;0=A8@>20==>AB8 8 ?> =8< <>6=> 845=B8D8F8@>20BL ?@81;860NI85AO ?5@8>4K A?040 8;8 2>AAB0=>2;5=8O. 0?@8<5@, 2KA>:>5 7=0G5=85 CAPU > 85% <>65B >7=0G0BL ?5@53@52 M:>=><8:8, ?>A;5 G53> =587156=> =0ABC?8B @>AB 8=D;OF88; ?>MB><C B0:85 7=0G5=8O CAPU <>3CB ?@54A:07K20BL 70@0=55 87<5=5=8O 2 45=56=>9 ?>;8B8:5 F5=B@0;L=>3> 10=:0 (?>2KH5=85 >D8F80;L=KE ?@>F5=B=KE AB02>:).  8A. 9.3. >:070B5;L 8A?>;L7>20=8O ?@>872>4AB25==KE <>I=>AB59 2 !( >:070B5;L CAPU ?C1;8:C5BAO 565<5AOG=> >4=>2@5<5==> A 40==K<8 ?> ?@><KH;5==><C ?@>872>4AB2C. 0: ?@028;>, >= ?@8=8<05B 1>;LH85 7=0G5=8O 2 recession (2 A@54=5< 80,3%), G5< 2 recovery (2 A@54=5< 78,8%), B0: :0: @0==8< AB048O< 2>AAB0=>2;5=8O ?@8ACI0 =87:0O 703@C65==>ABL ?@>872>4AB25==KE <>I=>AB59. 0 AB0488 expansion 2 A@54=5< CAPU = 84% 8 4>AB8305B <0:A8<C<0 2 85,4% (=01;N40;AO 8 ?8: =0 C@>2=5 89,2%). <55BAO 2?>;=5 7=0G8<0O AB0B8AB8G5A:0O :>@@5;OF8>==0O A2O7L <564C CAPU 8 @>AB>< F5=. 865 ?@54AB02;5=0 AB0B8AB8:0 (=0 >A=>25 40==KE ?> !(, 1977 - 1992 3.3.) A>>B=>H5=89 CAPU 8 8=45:A0 F5= ?@>872>48B5;59. &8D@K 2 =86=59 AB@>:5 A>>B25BAB2CNB <5AOFC A 70?074K20=85< =0 1 3>4 >B <5AOF0, : :>B>@><C >B=>A8BAO A>>B25BAB2CNI89 ?>:070B5;L CAPU (2A5 40==K5 2 ?@>F5=B0E). CAPU8685848382,58281,58180.580PPI7,56,96,45,85,55,24,94,74.44,1 79,57978,57877763,63,53,23,02,41,81 0:07K =0 B>20@K 4;8B5;L=>3> ?>;L7>20=8O >:070B5;L 70:07K =0 B>20@K 4;8B5;L=>3> ?>;L7>20=8O (Durable Goods Orders) >E20BK205B AB0B8AB8:C ?@>872>4AB25==KE 70:07>2 =0 B>20@K 4;8B5;L=>3> ?>;L7>20=8O A@>:>< 687=8 1>;55 3 ;5B (02B><>18;8, <515;L, E>;>48;L=8:8, N25;8@=K5 8745;8O 8 B.4.). 0:07K ?> >B@0A;O< 45;OBAO =0 4 >A=>2=KE :0B53>@88: <5B0;;>>1@01>B:0 (primary metals), <0H8=>AB@>5=85, M;5:B@8G5A:>5 >1>@C4>20=85 8 B@0=A?>@B. ;O 8A:;NG5=8O 2;8O=8O =0 AB0B8AB8:C 1>;LH8E ?> >1J5<C 2>5==KE 70:07>2 AB0B8AB8:0 2545BAO >B45;L=> defense / nondefense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recovery.  A@54=5< >= @0AB5B =0 1,5% 2 <5AOF 2 recovery (?> 0<5@8:0=A:>9 AB0B8AB8:5 70 I960 -1992 3.3.) 8 =0?>;>28=C <5=LH8< B5<?>< 2 expansion. >:070B5;8 >1J5<0 70?0A>2 >:070B5;8, E0@0:B5@87CNI85 48=0<8:C 70?0A>2 8 8E A>>B=>H5=85 A >1J5<0<8 ?@>406 (Business Inventories and Sales) B0:65 O2;ONBAO ?>;57=K<8 >@85=B8@0<8, 1;03>40@O 8E O2=> 2K@065==>9 F8:;8G5A:>9 48=0<8:5. AB>G=8:0<8 40==KE ?> =8< O2;ONBAO ?@>872>48B5;8 B>20@>2, >?B>2K5 8 @>7=8G=K5 B>@3>2FK. C1;8:CNBAO 2 2845 B@5E ?>:070B5;59: 70?0AK, ?@>4068 8 >B=>H5=85 70?0A>2 : @50;870F88 (Inventories to Shipments Ratio, INSR) 565<5AOG=>, G5@57 6 @01>G8E 4=59 ?>A;5 2KE>40 40==KE ?> B>20@0< 4;8B5;L=>3> ?>;L7>20=8O. Inventories 8 INSR O2;ONBAO 70?074K20NI8<8 8=48:0B>@0<8 45;>2>3> F8:;0. 0?0AK @0ABCB 1KAB@55 2 AB0488 A?040, G5< 2 2>AAB0=>2;5=88. 8AC=>: 9.5. 45<>=AB@8@C5B C65 C?><8=02HCNAO @0=55 CAB>9G82CN 70:>=><5@=>ABL A=865=8O C@>2=O 70?0A>2 2 M:>=><8:5 !(.  8A. 9.5. >:070B5;L >B=>H5=8O 70?0A>2 : @50;870F88, !( 10. =48:0B>@K 8=D;OF88 5<=>385 M:>=><8G5A:85 8=48:0B>@K <>3CB ?> AB5?5=8 A2>59 7=0G8<>AB8 4;O 20;NB=KE @K=:>2 A@02=8BLAO A ?>:070B5;O<8 8=D;OF88. "@5945@K ?@8AB0;L=> A;54OB 70 ?>2545=85< F5=, B0: :0: A@54AB2>< 1>@L1K A 8=D;OF859, : :>B>@><C ?@81530NB F5=B@0;L=K5 10=:8, O2;O5BAO ?>2KH5=85 ?@>F5=B=KE AB02>:, 0 >=> 459AB2C5B :0: C:@5?;ONI89 D0:B>@ =0 20;NB=K9 :C@A. @><5 B>3>, C@>25=L 8=D;OF88 87<5=O5B @50;L=K5 7=0G5=8O ?@>F5=B=KE AB02>:. K=:8 3>AC40@AB25==KE >1;830F89 ?> MB>9 ?@8G8=5 >G5=L GC2AB28B5;L=K : 40==K< ?> 8=D;OF88, 0 ?@8 8E 25AL<0 7=0G8B5;L=>< >1J5<5, ?5@5@0A?@545;5=85 45=56=KE ?>B>:>2, 2K720==>5 42865=8O<8 MB8E @K=:>2, =5?@5<5==> A:07K205BAO =0 20;NB=KE :C@A0E. 0: 8 2 A;CG05 4@C38E 8=48:0B>@>2, @50:F8O 20;NB=KE @K=:>2 =0 40==K5 ?> 8=D;OF88 7028A8B >B AB0488 187=5A-F8:;0, =0 :>B>@>9 =0E>48BAO 40==0O M:>=><8:0. A;8 =0 AB0488 @>AB0 ?>O2;ONBAO ?@87=0:8 8=D;OF88, F5=B@0;L=K9 10=: <>65B ?@8=OBL C?@5640NI85 <5@K, =5A:>;L:> ?>2KA82 >D8F80;L=CN ?@>F5=B=CN AB02:C.  MB>< A;CG05 3;02=K< D0:B>@>< A B>G:8 7@5=8O 20;NB=>3> @K=:0 1C45B C25;8G82H89AO 2 ?>;L7C 40==>9 20;NBK ?@>F5=B=K9 48DD5@5=F80; 8 :C@A 20;NBK ?>4=8<5BAO. !>2A5< 8=0O @50:F8O 1C45B :>340 8=D;OF8O =0G8=05B CA:>@OBLAO =0 A0<>9 25@E=59 AB0488 45;>2>3> F8:;0, :>340 @50;L=K< O2;O5BAO ?5@53@52 M:>=><8:8, 3@>7OI89 BO65;K< A?04><.  MB>< A;CG05 2 >B25B =0 @>AB 8=D;OF88 F5=B@0;L=K9 10=: B0:65 ?>4=8<5B AB02:8 A F5;LN >E;0645=8O 0:B82=>AB8, => @50:F8O @K=:0 1C45B ?@O<> ?@>B82>?>;>6=>9. >=8<0O, GB> 2?5@548 A?04 2 40==>9 M:>=><8:5, A2O70==K9 A =587156=K< ?045=85< :C@A>2 0:F89, >1J5<>< 8=25AB8F89, ?@>1;5<0<8 A 2=5H=59 B>@3>2;5, B@5945@K =0G=CB ?@>4020BL MBC 20;NBC, 0 B0:65 8 ?@>G85 A2O70==K5 A =59 0:B82K, B0: GB> A;54AB285< AB0=5B ?045=85 55 :C@A0. 5:>B>@K5 ?@8<5@K @50:F88 20;NB=>3> @K=:0 =0 40==K5 ?> 8=D;OF88 ?@54AB02;5=K 2 :=835. A=>2=K<8 ?>:070B5;O<8 8=D;OF88 2> 2A5E AB@0=0E O2;ONBAO 8=45:A ?>B@518B5;LA:8E F5= 8 8=45:A F5= ?@>872>48B5;59. =45:A ?>B@518B5;LA:8E F5= =45:A ?>B@518B5;LA:8E F5= (Consumer Price Index, CPI) - >A=>2=>9 ?>:070B5;L 8=D;OF88, >= 87<5@O5B 87<5=5=85 F5= B>20@>2 8 CA;C3, 2E>4OI8E 2 D8:A8@>20==CN ?>B@518B5;LA:CN :>@78=C, >E20BK20NICN B>20@K 8 CA;C38 ?>AB>O==>3> A?@>A0 (?@>4C:BK ?8B0=8O, >45640, B>?;82>, B@0=A?>@B, <548F8=A:>5 >1A;C6820=85 8 B.4.). =45:A ?>B@518B5;LA:8E F5= AB@>8BAO >1KG=> =0 >A=>25 2K1@0==>9 :>@78=K B>20@>2 8 CA;C3. A;8 Pi (0) -F5=0 i-3> B>20@0 (CA;C38) 87 ?>B@518B5;LA:>9 :>@78=K 2 D8:A8@>20==K9 <><5=B 2@5<5=8 (107>2K9 ?5@8>4), a Pi (t) - 53> F5=0 2 <><5=B 2@5<5=8 t (A59G0A), 8 wi - 25A, ?@8A2>5==K9 40==><C B>20@C 2 ?>B@518B5;LA:>9 :>@78=5 (AC<<0 2A5E 25A>2 @02=0 1), B> 8=45:A <>65B 8<5BL 284 I =  wi Pi (t) / Pi (0). K1>@ A>AB020 ?>B@518B5;LA:>9 :>@78=K O2;O5BAO =5?@>AB>9 7040G59, 8 >A=>2K205BAO =0 A?5F80;L=KE AB0B8AB8G5A:8E 8AA;54>20=8OE, ?>A:>;L:C >= 4>;65= >B@060BL B8?8G=K9 4;O 40==>9 AB@0=K A>AB02 ?>B@51;O5<KE 1;03, 87<5=5=85 F5= =0 :>B>@K5 459AB28B5;L=> >1J5:B82=> ?>:07K20;> 1K =0?@02;5=85 ?@>8AE>4OI8E M:>=><8G5A:8E ?@>F5AA>2.  !(, =0?@8<5@, AB0B8AB8:0 >E20BK205B 19000 @>7=8G=KE B>@3>2KE D8@< 8 57000 4><0H=8E E>7O9AB2 2 :0G5AB25 ?@54AB028B5;L=>9 2K1>@:8 87 ?@8<5@=> 80% =0A5;5=8O AB@0=K.  A>AB025 ?>B@518B5;LA:>9 :>@78=K 44,1% ?@54AB02;ONB B>20@K, 0 55,9% - CA;C38. 284C B>3> GB> F5=K =0 ?@>4C:BK ?8B0=8O 8 M=5@3>=>A8B5;8 ?>425@65=K =081>;LH8< 87<5=5=8O< (:0: F8:;8G5A:8<, B0: 8 ?> ?@8G8=5 @07;8G=KE M:>=><8G5A:8E H>:>2), >B45;L=> B0:65 ?>AB02;O5BAO 8=48:0B>@ CoreCPI, 2 :>B>@>< 87 A>AB020 :>@78=K 8A:;NG5=K ?@>4C:BK ?8B0=8O 8 8AB>G=8:8 M=5@388 (CPI EX FOOD&ENERGY). CPI ?C1;8:C5BAO 565<5AOG=>, >1KG=> 2 45AOBK9 @01>G89 45=L <5AOF0. A=>2=0O D>@<0 2K?CA:0 - 25;8G8=0 87<5=5=89 ?> >B=>H5=8N : ?@54K4CI5<C <5AOFC, :0: 4;O CPI, B0: 8 4;O CoreCPI. 0: ?@028;>, >B:;>=5=8O =0 0,2 >B >68402H53>AO 7=0G5=8O 1K205B 4>AB0B>G=>, GB>1K 2K720BL 70<5B=CN @50:F8N 20;NB=>3> @K=:0. A=>2=K5 >A>15==>AB8 ?>2545=8O CPI 2 187=5A-F8:;5: - =081>;LH0O 2>;0B8;L=>ABL (87<5=G82>ABL) 8<55B <5AB> 4;O F5= =0 ?@>4C:BK ?8B0=8O 8 8AB>G=8:8 M=5@388, 2>;0B8;L=>ABL F5= 1>;LH5 4;O B>20@>2 (345 2:;04 foods&energy A>AB02;O5B 4> 50%), G5< 4;O CA;C3 (345 2:;04 foods&energy =5 ?@52>AE>48B 6%); - 8=D;OF8O 2 AD5@5 CA;C3 70?074K205B >B 8=D;OF88 =0 B>20@=>< @K=:5 ?@8<5@=> =0 6 - 9 <5AOF52; - 8=D;OF8O 8<55B A2>9 A>1AB25==K9 F8:;, 70?074K20NI89 ?> >B=>H5=8N : >1I5<C F8:;C @>AB0 M:>=><8:8.  8A. 10.1. =45:A ?>B@518B5;LA:8E F5=, !( =45:A F5= ?@>872>48B5;59 =45:A F5= ?@>872>48B5;59 (Producer Price Index, PPI) - 8=45:A A D8:A8@>20==K< =01>@>< 25A>2, >BA;56820NI89 87<5=5=8O 2 F5=0E, ?> :>B>@K< ?@>40NB A2>8 B>20@K =0F8>=0;L=K5 ?@>872>48B5;8 =0 >?B>2>< C@>2=5 @50;870F88. PPI >E20BK205B 2A5 AB0488 ?@>872>4AB20: AK@L5, ?@><56CB>G=K5 AB0488, 3>B>2CN ?@>4C:F8N, 0 B0:65 2A5 A5:B>@0: ?@><KH;5==>ABL, 4>1KGC, A5;LA:>5 E>7O9AB2>. &5=K 8<?>@B=KE B>20@>2 2 =53> =5 2E>4OB, => >:07K20NB 2;8O=85 =0 =53> G5@57 F5=K 8<?>@B8@C5<KE AK@LO 8 :><?;5:BCNI8E. "0:8< >1@07><, 3;02=>5 >B;8G85 53> >B 8=45:A0 ?>B@518B5;LA:8E F5= 2 B><, GB> >= >E20BK205B B>;L:> B>20@K, => =5 CA;C38, 8 =0 >?B>2>< C@>2=5 8E @50;870F88. =45:A F5= ?@>872>48B5;59 2 !( >A=>20= =0 2K1>@:5 87 3400 B>20@>2 ?> 40000 CG0AB=8:>2; 25A0 >A=>2=>9 3@C??K B>20@>2 2 A>AB025 8=45:A0: 24% ?@>4C:BK ?8B0=8O. "/> B>?;82>, 7% 02B><>18;8, 6% >45640. 0: 8 @0=55: CorePPI = (PPI EX FOOD&ENERGY). A;8 ?>B@518B5;LA:85 F5=K 8<5NB A2>9AB2> 2A5340 @0AB8, B> F5=K ?@>872>48B5;59 <>3CB 8<5BL 8 ?5@8>4K 2?>;=5 70<5B=>3> ?045=8O. >:070B5;L PPI ?C1;8:C5BAO 565<5AOG=> 2 45AOBK9 @01>G89 45=L <5AOF0. "8?8G=K5 A2>9AB20 PPI 2 M:>=><8G5A:>< F8:;5: - 1>;55 2>;0B8;5=, G5< CPI (food&energy A>AB02;ONB 2 =5< >:>;> 36%, 0 2 CPI ?@8<5@=> 23%); - 8<55B A>1AB25==K9 F8:;, 70?074K20NI89 >B=>A8B5;L=> >1I53> M:>=><8G5A:>3> F8:;0, 0=0;>38G=K9 F8:;C CPI; - ?8:>2K5 7=0G5=8O PPI (2K@065==>3> 2 ?@>F5=B0E 3>4>2KE) >1KG=> 70?074K20NB =0 3 - 6 <5AOF52 >B >1I8E ?8:>2 M:>=><8G5A:>9 0:B82=>AB8, 0 <8=8<C<K 53> 70?074K20NB >B <8=8<C<>2 M:>=><8G5A:>9 0:B82=>AB8 =0 9 <5AOF52; - G0I5 2A53>, M:AB@5<C<K PPI 8 CPI 4>AB830NBAO 2 >4=>< :20@B0;5 8 ?>GB8 2A5340 C40;5=K =5 40;55, G5< =0 :20@B0;.  8A. 10.2. =45:A F5= ?@>872>48B5;59, !( I5 >4=8< ?>:070B5;5< 8=D;OF88 O2;O5BAO C65 @0AA<0B@8202H89AO @0=55 45D;OB>@ . >A:>;L:C >= ?C1;8:C5BAO =0 565:20@B0;L=>9 >A=>25, CPI 8 PPI 40NB 1>;55 @0==85 >F5=:8 87<5=5=8O F5=.  :0G5AB25 ?@8<5@0 2;8O=8O 40==KE ?> 8=D;OF88 =0 20;NB=K5 :C@AK, @0AA<>B@8< 3@0D8: 4>;;0@>2>3> :C@A0 1@8B0=A:>3> DC=B0 2 ?5@8>4 A 9 ?> 17 A5=BO1@O 1999 3>40 ( 8A. 10.3), 345 ?@>O28;8AL ?@>B82>@5G82K5 =0 ?5@2K9 273;O4 @50:F88 20;NB=>3> @K=:0 =0 40==K5 ?> @>ABC F5=.  B5G5=85 MB>9 =545;8 1K;8 >?C1;8:>20=K 40==K5 ?> 0<5@8:0=A:8< F5=0< ?@>872>48B5;59 8 ?>B@518B5;LA:8< F5=0<, 0 B0:65 =5?>A@54AB25==> 8<5NI85 >B=>H5=8O : F5=0< 1@8B0=A:85 40==K5 ?> @K=:C B@C40. ;O ?>;=>BK ?A8E>;>38G5A:>9 :0@B8=K ?@>8AE>482H53> ?>;57=> ?>A<>B@5BL 5I5 @07 =0 @8AC=>: 6.2, 345 ?>:070=0 @50:F8O =0 =5>6840==>5 ?>2KH5=85 AB02>: 0=:>< =3;88 8 A5=BO1@O. >@0;L=K9 CI5@1, =0=5A5==K9 MB8 @5H5=85< :><<5=B0B>@0< 8 0=0;8B8:0< (=8:B> 87 =8E =5 ?@54A:07K20; ?>2KH5=8O AB02>:, 2A5 C25@5==> ?@>3=>78@>20;8 8E =587<5==>ABL =0 MB>< 70A540=88) 5I5 =5 1K; 701KB.  B5G5=85 =5A:>;L:8E 4=59 ?@>4>;60;8AL C?@5:8 2 04@5A 0=:0, :>B>@K9 ?@>2>73;0H05B ?@8=F8? >B:@KB>AB8 A2>59 D8=0=A>2>9 ?>;8B8:8 8 CB25@6405B, GB> 53> @5H5=8O >A=>20=K =0 M:>=><8G5A:8E 8=48:0B>@0E; => 8=48:0B>@K, ?> >1I5<C <=5=8N, =0:0=C=5 70A540=8O 0=:0 =5 ?>:07K20;8 >?0A=>AB8 8=D;OF88. 1840 1K;0 B5< 1>;55 25;8:0, GB> 8<5==> 0=: =3;88 :><<5=B0B>@K AB028;8 2 ?@8<5@ 2@>?59A:><C &5=B@0;L=><C 0=:C, AB5?5=L >B:@KB>AB8 2 ?>;8B8:5 :>B>@>3> =5 CAB@08205B >1>7@520B5;59 (& =0?@8<5@, =5 ?C1;8:C5B ?@>B>:>;>2 A2>8E 70A540=89 8 =5 AG8B05B >1O70B5;L=K< ?@>2>48BL ?@5AA-:>=D5@5=F88 4;O 6C@=0;8AB>2 ?>A;5 70A540=89).  >A=>25 >B=>H5=8O 20;NB=>3> @K=:0 : 0<5@8:0=A:>9 8=D;OF88 ;560;0 C?><8=02H0OAO @0=55 =5CAB>9G82>ABL ?>;>65=8O 4>;;0@0 8 0<5@8:0=A:>3> D8=0=A>2>3> @K=:0 2 F5;>< 2 1999 3>4C. 20 ?>2KH5=8O AB02>: FED, >ACI5AB2;5==KE ;5B><, A45;0;8 >G5=L 0:BC0;L=K< 2>?@>A > 25@>OB=>AB8 A;54CNI53> ?>2KH5=8O (70A540=85 FED >6840;>AL 5 >:BO1@O). @8 MB>< =>2>5 ?>2KH5=85 @0AF5=820;>AL 1K @K=:>< :0: ?@87=0=85 F5=B@0;L=K< 10=:>< ?5@53@5B>AB8 M:>=><8:8 8 ?5@5>F5=5==>AB8 0<5@8:0=A:8E 0:F89, 0 A;54>20B5;L=> - A;01>AB8 4>;;0@0. 0==K5 ?> 0<5@8:0=A:>9 8=D;OF88 2 A5=BO1@5 1K;8 ?>A;54=8<8, ?C1;8:C5<K<8 ?5@54 70A540=85< 5 >:BO1@O, ?>MB><C 2=8<0=85 : =8< 1K;> >A>15==> ?@8AB0;L=K<, GB> ?>4B25@640;>AL <0AA>9 ?@>3=>7>2 8 :><<5=B0@852.  8A. 10.3. C@A DC=B/4>;;0@, A5=BO1@L 1999 3>40; @50:F8O =0 40==K5 ?> 8=D;OF88 ?C1;8:>20==K5 2 ?OB=8FC 10 A5=BO1@O 40==K5 ?> F5=0< ?@>872>48B5;59 ?>:070;8 8E @>AB 2 023CAB5 =0 0,5% ?> A@02=5=8N A 8N;5<, GB> 1K;> 2KH5 ?@>3=>78@>202H8EAO 0,3%; => ?@8 MB>< Core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ore PPI @0AA<0B@820;0AL :0: G@57<5@=0O; ?> A;>20< >4=>3> B@5945@0, @>AB F5= =0 =5DBL MB> B>65 8=D;OF8O, 157 =5DB8 2A5 @02=> =5 >1>9B8AL.  A@54C 15 A5=BO1@O 2KH;8 40==K5 ?> ?>B@518B5;LA:8< F5=0<: @>AB CPI 2 023CAB5 =0 0,3% (:0: 8 2 8N;5), 0 Core CPI =0 0,1% (=865 8N;LA:8E 0,2); F8D@K 2?>;=5 A>>B25BAB2>20;8 ?@>3=>70<. =5=85 @K=:0 A:;>=8;>AL : B><C, GB> FED AB02:8 =5 87<5=8B. >;;0@ ?>:070; C<5@5==>5 C:@5?;5=85 ?> >B=>H5=8N : 52@>?59A:8< 20;NB0<. > =0 A;54CNI89 45=L 2KH;8 40==K5 ?> @K=:C B@C40 5;8:>1@8B0=88, ?>:0702H85 @>AB A@54=59 >?;0BK B@C40 8 A=865=85 157@01>B8FK. >A:>;L:C 65AB:89 @K=>: B@C40 8<55B ?@O<K< ?>A;54AB285< @>AB F5=, @K=>: @5H8;, GB> 2?>;=5 25@>OB=K< O2;O5BAO 2 1;87:>< 1C4CI5< =>2>5 ?>2KH5=85 AB02>: 0=:0 =3;88 8 :C@A DC=B0 =5<54;5==> ?>4=O;AO. 11. 564C=0@>4=0O B>@3>2;O $C=:F8>=8@>20=85 20;NB=>3> @K=:0 8 48=0<8:0 :C@A>2 20;NB B5A=> A2O70=K A <564C=0@>4=K< A>B@C4=8G5AB2>< 2 >1;0AB8 B>@3>2;8, :C;LBC@=KE >1<5=>2, <563>AC40@AB25==KE 2708<>459AB289, A <564C=0@>4=K<8 8=25AB8F8O<8.  D8=0=A>2>< ?;0=5 >B@065=85 B>3> <5AB0, :>B>@>5 70=8<05B 40==0O AB@0=0 2 3;>10;L=>9 <8@>2>9 AB@C:BC@5, 2K@0605BAO 55 ?;0B56=K< 10;0=A><, ?@54AB02;ONI8< A>1>9 8B>3 <564C=0@>4=KE D8=0=A>2KE B@0=70:F89 @57845=B>2 MB>9 AB@0=K. ;0B56=K9 10;0=A (Balance of Payments) B0:8< >1@07><, D8:A8@C5B A>>B=>H5=85 2A5E >A=>2=KE 284>2 <564C=0@>4=KE 2708<>459AB289: <564C=0@>4=CN B>@3>2;N, 42865=85 :0?8B0;>2, <564C=0@>4=K5 CA;C38 (BC@87< 8 4@.), <563>AC40@AB25==K5 @0AG5BK.  4>;3>A@>G=>9 ?5@A?5:B825 :>=:C@5=B=>ABL 40==>9 AB@0=K >?@545;O5BAO 55 =0F8>=0;L=K<8 @5AC@A0<8, 8=4CAB@80;L=>9 107>9, ?@>D5AA8>=0;L=>9 :20;8D8:0F859 @01>G59 A8;K, AB@C:BC@>9 F5=.  :>=5G=>< AG5B5, =5>G5284=K9 E0@0:B5@ 2708<>A2O78 MB8E D0:B>@>2, 5I5 1>;55 >A;>6=5==K9 B5:CI8<8 ?>;8B8G5A:8<8 @50;8O<8 45;05B A2O7L A0<>3> ?;0B56=>3> 10;0=A0 A 48=0<8:>9 :@0B:>A@>G=KE 20;NB=KE :C@A>2 =5 AB>;L O2=>9, GB>1K 53> 0=0;87 4020; B@5945@C :>=:@5B=K5 >A=>20=8O 4;O ?@8=OB8O @5H5=89. >MB><C 20;NB=K9 @K=>: >1KG=> :>=F5=B@8@C5B 2=8<0=85 =0 >A=>2=>9 A>AB02=>9 G0AB8 ?;0B56=>3> 10;0=A0 - B>@3>2>< 10;0=A5. ">@3>2K9 10;0=A (Merchandise Trade Balance, ") 5ABL @07=8F0 <564C AC<<>9 M:A?>@B0 8 AC<<>9 8<?>@B0 B>20@>2 40==>9 AB@0=>9. ">@3>2K9 10;0=A >B@0605B ?@5645 2A53> :>=:C@5=B>A?>A>1=>ABL B>20@>2 40==>9 AB@0=K 70 @C156><. = B5A=> A2O70= A C@>2=5< :C@A0 =0F8>=0;L=>9 20;NBK, ?>A:>;L:C 1>;LH0O ?>;>68B5;L=0O 25;8G8=0 B>@3>2>3> 10;0=A0, 53> ?>;>68B5;L=>5 A0;L4> (?@5>1;040=85 M:A?>@B0 =04 8<?>@B><) >7=0G05B ?@8B>: 2 AB@0=C 8=>AB@0==>9 20;NBK, GB> ?>2KH05B :C@A =0F8>=0;L=>9 20;NBK. B@8F0B5;L=0O 25;8G8=0 B>@3>2>3> 10;0=A0 (45D8F8B B>@3>2>3> 10;0=A0 - 8<?>@B ?@5>1;0405B =04 M:A?>@B><) >7=0G05B =87:CN :>=:C@5=B>A?>A>1=>ABL B>20@>2 40==>9 AB@0=K =0 2=5H=8E @K=:0E; MB> 2545B : @>ABC 2=5H=59 704>;65==>AB8 8 ?045=8N :C@A0 =0F8>=0;L=>9 20;NBK. ! 4@C3>9 AB>@>=K, A0<8 ?> A515 87<5=5=8O :C@A0 =0F8>=0;L=>9 20;NBK 2;8ONB =0 @57C;LB0BK <564C=0@>4=>9 B>@3>2;8, 0 A;54>20B5;L=> 8 =0 B>@3>2K9 10;0=A. @8 =87:>< :C@A5 =0F8>=0;L=>9 20;NBK B>20@K MB>9 AB@0=K ?>;CG0NB 4>?>;=8B5;L=>5 ?@58<CI5AB2> ?5@54 :>=:C@5=B0<8 =0 2=5H=8E @K=:0E, GB> 2545B : @>ABC M:A?>@B0. 0>1>@>B, 87-70 @>AB0 :C@A0 =0F8>=0;L=>9 20;NBK F5=K =0F8>=0;L=KE B>20@>2 =0 2=5H=8E @K=:0E 2K@0ABCB, GB> ?@82545B : 8E 2KB5A=5=8N 1>;55 45H52K<8 B>20@0<8 4@C38E AB@0=. >=OB=> ?>MB><C, GB> <=>385 459AB28O F5=B@0;L=KE 10=:>2 ?> A=865=8N :C@A>2 =0F8>=0;L=KE 20;NB 2K720=K 8<5==> AB@5<;5=85< >15A?5G8BL :>=:C@5=B=K5 ?@58<CI5AB20 =0F8>=0;L=K< M:A?>@B5@0<.  ?5@2>9 ?>;>28=5 1999 3>40 MB> 1K; >48= 87 206=59H8E D0:B>@>2 >A;01;5=8O 1@8B0=A:>3> DC=B0 8 52@>, 0 B0:65 ?@8G8=0 <=>3>:@0B=KE 8=B5@25=F89 0=:0 /?>=88, AB@5<82H53>AO ?@54>B2@0B8BL ?@56452@5<5==>5 A8;L=>5 C:@5?;5=85 95=K ?@>B82 4>;;0@0.  8A. 11.1. 1J5< M:A?>@B0 !( (2 <8;;8>=0E, 4>;;0@>2)  8A. 11.2. 1J5< 8<?>@B0 !( 0==K5 ?> B>@3>2><C 10;0=AC ?C1;8:CNBAO 565<5AOG=>, >1KG=> =0 3-9 =545;5 <5AOF0. $>@<0 ?@54AB02;5=8O 40==KE - A A57>==K< 2K@02=820=85<, :0: 2 =><8=0;L=KE, B0: 8 2 D8:A8@>20==KE F5=0E. 57C;LB0BK B>@3>2;8 3@C??8@CNBAO ?> H5AB8 >A=>2=K< :0B53>@8O< B>20@>2 (?@>4C:BK ?8B0=8O, AK@L5 8 ?@><KH;5==K5 70?0AK, ?>B@518B5;LA:85 B>20@K, 02B><>18;8, A@54AB20 ?@>872>4AB20, 4@C385 B>20@K) 8 ?> B>@3>2;5 A >B45;L=K<8 AB@0=0<8. 1KG=> 20;NB=K9 @K=>: A<>B@8B =0 B>@3>2K9 10;0=A AB@0=K 2 F5;><, 0 =5 =0 >B45;L=K5 42CAB>@>==85 10;0=AK B>@3>2;8 A @07;8G=K<8 AB@0=0<8. > 5ABL 8 8A:;NG5=8O: B>@3>2K9 10;0=A !( A /?>=859 402=> O2;O5BAO ?@54<5B>< >B45;L=>3> @0AA<>B@5=8O 87-70 B@048F8>==> 1>;LH>9 25;8G8=K 53> 45D8F8B0 8 ?>@>6405<KE 8< ?>;8B8G5A:8E ?@>1;5<, B>@3>2KE A0=:F89 8 B.4. @8<5@>< 2708<>A2O78 >1<5==KE :C@A>2 8 B>@3>2>3> 10;0=A0 O2;ONBAO :>>@48=8@>20==K5 459AB28O @C:>2>4AB20 ?OB8 >A=>2=KE 8=4CAB@80;L=KE 3>AC40@AB2 - 8AB>@8G5A:>5 A>3;0H5=85 Plaza Accord, LN->@:, !5=BO1@L 1985 3>40.  B>B ?5@8>4 0<5@8:0=A:89 4>;;0@ 1K; =0 @5:>@4=> 2KA>:>< ?>A;52>5==>< C@>2=5 ?@>B82 52@>?59A:8E 20;NB 8 O?>=A:>9 95=K. <5@8:0=A:85 M:A?>@B5@K =0E>48;8AL 2 =52K3>4=KE CA;>28OE 87-70 2KA>:8E F5= A2>8E B>20@>2 =0 <564C=0@>4=KE @K=:0E.  :0G5AB25 A?>A>10 2K@02=820=8O B>@3>2>3> 48A10;0=A0 2K1@0;8 4520;L20F8N 4>;;0@0, GB> 8 2K?>;=5=> 1K;> ?CB5< A>>B25BAB2CNI8E 87<5=5=89 ?@>F5=B=KE AB02>:. 4=0:> MDD5:B >B ACI5AB25==>3> A=865=8O :C@A0 4>;;0@0 (?@>B82 95=K 8 =5<5F:>9 <0@:8 4>;;0@ 2 B> 2@5<O >?CAB8;AO 242>5) =0 B>@3>2K9 10;0=A >:070;AO <8=8<0;L=K<: =5A:>;L:> 2K@>2=O2H8AL : 1990-<C 3>4C, B>@3>2K9 10;0=A C?0; 4> ?@56=8E C@>2=59 2 1993, ?>A:>;L:C 8<?>@B 2 !( @>A B>340 ?@52>AE>4OI8<8 B5<?0<8.  8A. 11.3. ">@3>2K9 10;0=A !( 0 A0<>< 45;5, =5A<>B@O =0 >G5284=CN 206=>ABL B>@3>2KE 40==KE, 8E 8=B5@?@5B0F8O A B>G:8 7@5=8O 20;NB=KE :C@A>2 =5 O2;O5BAO ?@>ABK< 45;><. 1J5<K M:A?>@B0 8 8<?>@B0 2 >B=>H5=88 8E M:>=><8G5A:>3> 7=0G5=8O =5 @0AA<0B@820NBAO @02=>?@02=K<8. -:A?>@B 8<55B 1>;55 =5?>A@54AB25==>5 2;8O=85 =0 M:>=><8G5A:89 @>AB AB@0=K, ?>MB><C D8=0=A>2K5 @K=:8 ?@840NB 40==K< ?> M:A?>@BC 1>;LH55 7=0G5=85. ! 4@C3>9 AB>@>=K, @>AB 8<?>@B0 <>65B >B@060BL A8;L=K9 ?>B@518B5;LA:89 A?@>A 2=CB@8 AB@0=K, 0 <>65B 8<5BL A<KA;, =0?@8<5@ C25;8G5=8O >1J5<0 70?0A>2 AK@LO, 8 2 MB8E A;CG0OE M:>=><8G5A:85 ?>A;54AB28O 1C4CB @07=K<8. @>B82>@5G82>ABL @50:F89 20;NB=KE @K=:>2 =0 B>@3>2K5 40==K5 2 ?5@2CN >G5@54L A2O70=0 A ?@54AB02;5=85< @K=:0 > B><, O2;O5BAO ;8 A0< ?> A515 :C@A 20;NBK ?@54<5B>< >A>1>3> 2=8<0=8O @C:>2>48B5;59 45=56=>9 ?>;8B8:8 8;8 =5B. A;8 4>;;0@ =0E>48BAO 2 F5=B@5 2=8<0=8O D8=0=A>2KE 2;0AB59, B> ?@8 @>AB5 45D8F8B0 8 ?045=88 M:A?>@B0 @K=:8 @5H0B, GB> :C@A 4>;;0@0 4>;65= C?0ABL, GB>1K >1;53G8BL ?@>1;5<K M:A?>@B5@>2. =D;OF8>==K5 ?>A;54AB28O B0:>3> >68405<>3> 42865=8O :C@A0 1C4CB >B@8F0B5;L=K<8 4;O CG0AB=8:>2 @K=:>2 F5==KE 1C<03 A D8:A8@>20==K< 4>E>4>< (3>AC40@AB25==KE >1;830F89). A;8 =0G=5BAO ?5@5@0A?@545;5=85 A>AB020 8=25AB8F8>==KE ?>@BD5;59, B> MB> 70B@>=5B 8 >1<5==K9 :C@A. > 5A;8 :C@A 4>;;0@0 8 8=D;OF8O =5 O2;ONBAO A59G0A ?5@2>>G5@54=>9 ?@>1;5<>9, B> A0< ?> A515 D0:B, GB> M:A?>@B C?0;, <>65B B>;:=CBL <=>385 0:F88 2=87 (0:F88 M:A?>@B=KE :>@?>@0F89), 0 F5=K =0 >1;830F88 ?>4=OBL. "0:8< >1@07>< >4=8 8 B5 65 M:>=><8G5A:85 40==K5 <>3CB 2K720BL ?@O<> ?@>B82>?>;>6=K5 ?>A;54AB28O 4;O 20;NB=>3> @K=:0.  >B;8G85 >B 4@C38E @O4>2 M:>=><8G5A:>9 AB0B8AB8:8, 40==K5 ?> B>@3>2><C 10;0=AC =5 8<5NB 2K@065==>9 :>@@5;OF88 A> AB048O<8 45;>2>3> F8:;0, ?>A:>;L:C =0 2=CB@5==NN M:>=><8G5A:CN 48=0<8:C AB@0=K =0;030NBAO M:>=><8G5A:85 F8:;K 4@C38E AB@0=, :>B>@K5 8<5NB A2>8 >A>15==>AB8 ?> D075 8 0<?;8BC45 87<5=5=89. @8 0=0;875 B>@3>2KE 40==KE =04> CG8BK20BL B0:65 O2=> 2K@065==CN 8E A57>==CN 7028A8<>ABL, E>@>H> 284=CN =0 ?@82545==KE 2KH5 3@0D8:0E.  8A. 11.5. 50:F8O =0 40==K5 ?> B>@3>2><C 45D8F8BC !(, 21 A5=BO1@O 19993. @8<5@ @50:F88 20;NB=>3> @K=:0 =0 40==K5 ?> 2=5H=59 B>@3>2;5 ?>:07K205B @8AC=>: 11.5., 345 87>1@065= 3@0D8: :C@A0 52@> ?> >B=>H5=8N : 0<5@8:0=A:><C 4>;;0@C. 0 >B=>H5=85 @K=:0 : B>@3>2K< 40==K< 745AL =0;>68;8AL >1AB>OB5;LAB20, A45;02H85 53> @50:F8N 5I5 1>;55 @57:>9.  B5G5=85 2A53> ;5B0 1999 3., 0=: /?>=88 2 >48=>G5AB25 ?@>B82>AB>O; =0 @K=:5 C:@5?;5=8N :C@A0 95=K, => ?>AB>O==K9 A?@>A =0 =55 A> AB>@>=K <564C=0@>4=KE 8=25AB>@>2, B>@>?82H8EAO CA?5BL 2;>68BL 45=L38 2 O?>=A:85 0:F88, ?>4=8<0; :C@A 95=K ?@>B82 4>;;0@0. @><5 B>3>, ACI5AB25==K9 2:;04 2 @>AB 95=K 2=>A8;8 ?@>4068 O?>=A:8<8 8=25AB>@0<8 52@>-0:B82>2, :>B>@K5 >=8 0:B82=> ?>:C?0;8 >A5=LN 1998 3>40, 2 0B<>AD5@5 ?@5C25;8G5==>3> >?B8<87<0 ?5@54 70?CA:>< =>2>9 20;NBK 8 2 ?@>F5AA5 AB@5<8B5;L=>3> 87102;5=8O >B 4>;;0@>2KE 0:B82>2 ?@8 @5?0B@80F88 95=K. 04564K O?>=A:8E 8=25AB>@>2 =0 @>AB 52@> =5 >?@0240;8AL 8 25A=>9 1999 3>40, 2> 871560=85 5I5 1>;LH8E C1KB:>2, >=8 AB0;8 A1@0AK20BL ?@8>1@5B5==K5 @0=55 52@>?59A:85 3>AC40@AB25==K5 >1;830F88, 0 B0:65 AB@0E>20BL (E5468@>20BL) A2>8 ?>425@65==K5 @8A:C ?>78F88 2 52@>. A5 MB> 2=>A8;> 4>?>;=8B5;L=K9 D0:B>@ 2 ?045=85 52@> 8 5I5 1>;55 C:@5?;O;> 95=C. 4=8< 87 <>B82>2 0:B82=>3> 2<5H0B5;LAB20 0=:0 /?>=88 2 20;NB=K9 @K=>: 8 1K;> AB@5<;5=85 ?>445@60BL O?>=A:>3> 8=25AB>@0 8 M:A?>@B5@0 ?5@54 =587156=K<8 C1KB:0<8 ?> ?@8G8=5 @57:8E 87<5=5=89 20;NB=KE :C@A>2.  A5=BO1@N <=>385 >D8F80;L=K5 ;8F0, @C:>2>48B5;8 D8=0=A>2>9 ?>;8B8:8 8 M:>=><8ABK AG8B0;8, GB> 4;O @50;L=>3> >3@0=8G5=8O @>AB0 95=K 0=:C /?>=88 A;54C5B ?@8=OBL 1>;55 @5H8B5;L=K5 <5@K ?> 40;L=59H59 45=56=>9 M:A?0=A88. "0:CN ?>78F8N 70=8<0;> 8 <8=8AB5@AB2> D8=0=A>2 /?>=88. > 0=: /?>=88, ;8HL =5402=> ?>;CG82H89 =57028A8<>ABL 2 ?@>F5AA5 ?>A;54=8E D8=0=A>2KE @5D>@<, >I5B8=820;AO ?@>B82 ;N1KE ?>?KB>: 402;5=8O =0 =53>. 5@54 21 A5=BO1@O, :>340 A>AB>O;>AL >G5@54=>5 70A540=85 ><8B5B0 ?> 45=56=>9 ?>;8B8:5 0=:0 /?>=88, @K=:8 1K;> C25@5=K 2 B><, GB> 0=: 2A5-B0:8 ?>945B =0 @50;L=K5 =>2K5 <5@K, B5< 1>;55, GB> 2 MB> 2@5<O 70<5AB8B5;L <8=8AB@0 D8=0=A>2 /?>=88 =0E>48;AO 2 !(, C15640O @C:>2>4AB2> 07=0G59AB20 ?>445@60BL /?>=8N 2 55 ?>?KB:0E ?>4=OBL :C@A 4>;;0@0 ?> >B=>H5=8N C 95=5. 4=0:> MB8 ?>?KB:8 70:>=G8;8AL =8G5< (2 7=0G8B5;L=>9 <5@5 ?>B><C, GB> !( B0:65 E>B5;8 C2845BL A=0G0;0 @50;L=K5 <5@K ?> 87<5=5=8N 45=56=>9 ?>;8B8:8 2 /?>=88), 0 0=: /?>=88 21 A5=BO1@O 70O28;, GB> >ACI5AB2;O5<0O 8< A =0G0;0 1999 3>40 ?>;8B8:0 ?>445@60=8O ?@>F5=B=KE AB02>: =0 =87:>< C@>2=5 8 >15A?5G5=8O 45=56=>3> @K=:0 4>AB0B>G=>9 ;8:284=>ABLN A>>B25BAB2C5B 8=B5@5A0< M:>=><8:8 8 O2;O5BAO 045:20B=>9. >2KE <5@ =5 ?>A;54>20;>. >A;5 MB>3>, @K=>:, ACI5AB25==> ?>4=O2H89 :C@A 4>;;0@/95=0 2 >6840=88 70A540=8O 0=:0, =5<54;5==> AB0; ?@>4020BL 4>;;0@.  ?>A;5 ?C1;8:0F88 2 MB>B 65 45=L, 21 A5=BO1@O 40==KE ?> 2=5H=59 B>@3>2;5, ?>:0702H8E, GB> B>@3>2K9 45D8F8B !( 2K@>A 4> =>2>3> @5:>@4=>3> <0:A8<0;L=>3> C@>2=O, 5I5 =52840==>3> 2 8AB>@88, :C@A 4>;;0@0 C?0; ?> >B=>H5=8N :> 2A5< >A=>2=K< 20;NB0<. 50:F8N @K=:0 ?> :C@A0< 4>;;0@/95=0 8 DC=B/4>;;0@ <K 2845;8 =0 @8AC=:0E 3.1., 3.2., 0 745AL ?@54AB02;5=0 =5 <5=55 2K@078B5;L=0O :0@B8=0 ?> :C@AC 52@>/4>;;0@. 12. !B0B8AB8:0 70=OB>AB8, @K=>: B@C40 !>AB>O=85 @K=:0 B@C40 O2;O5BAO >A=>2=K< D0:B>@>< @0728B8O M:>=><8G5A:8E ?@>F5AA>2, 0 ?>:070B5;8 70=OB>AB8 - MB> 206=59H85 8=48:0B>@K M:>=><8G5A:>9 48=0<8:8, =0 :>B>@K5 20;NB=K5 @K=:8 A<>B@OB 2A5340 >G5=L 2=8<0B5;L=>. =0;87 70=OB>AB8 2 M:>=><8G5A:8 @0728BKE AB@0=0E O2;O5BAO 0:BC0;L=>9 7040G59 A>F80;L=>-M:>=><8G5A:>9 AB0B8AB8:8; 2 !( >=0 :0: =8345, 8<55B 45B0;L=> ?@>@01>B0==CN AB@C:BC@C ?>:070B5;59 8 3>AC40@AB2> @0AE>4C5B =5<0;K5 A@54AB20 =0 55 A1>@ 8 0=0;87. "@5945@K 20;NB=KE @K=:>2 2=8<0B5;L=> >BA;56820NB >A=>2=K5 8=48:0B>@K 70=OB>AB8: C@>25=L 157@01>B8FK, 70=OB>ABL 2 ?@>872>4AB25==>< A5:B>@5, A@54=89 C@>25=L 70@01>B:0, 4;8B5;L=>ABL @01>G59 =545;8 8 4@.. A>1CN 7=0G8<>ABL 4;O 20;NB=KE @K=:>2 ?@8>1@5B0NB 40==K5 ?> 70=OB>AB8 2 ?5@5E>4=KE AB048OE M:>=><8:8, ?@8 ?5@5E>45 >B @5F5AA88 : 2>AAB0=>2;5=8N 8;8 =0>1>@>B - ?@8 70<54;5=88 M:>=><8G5A:>3> @>AB0. K @0AA<>B@8< 745AL =5:>B>@K5 87 ?>:070B5;59 70=OB>AB8 8 >A=>2=K5 ?@028;0 8=B5@?@5B0F88 8E ?>2545=8O 2 M:>=><8G5A:>< F8:;5. ;O >?@545;5=8O C@>2=O 70=OB>AB8 2 AB0B8AB8:5 !( 87<5@ONBAO 425 =57028A8<KE E0@0:B5@8AB8:8: - ?>:070B5;L >@30=87>20==>9 70=OB>AB8 (establishment employment), >A=>20==K9 =0 40==KE ?;0B56=KE 254><>AB59 > 70@?;0B5 2 =5A5;LA:>E>7O9AB25==>< A5:B>@5 (Non-farm Payrolls); - ?>:070B5;L A0<>AB>OB5;L=>9 70=OB>AB8 (household employment), ?> @57C;LB0B0< ?5@A>=0;L=>3> >?@>A0 (2K1>@:0 2 60000 G5;>25:, ?@8G5< s 2K1>@:8 =5 <5=O5BAO =0 A;54CNI89 <5AOF) A@548 3@0640=A:>3> =0A5;5=8O, 2:;NG0O A5;LA:>E>7O9AB25==KE @01>G8E 8 G0AB=KE ?@54?@8=8<0B5;59; 70=OBK< AG8B05BAO B>B, :B>: a) ?>;CG0; 70@?;0BC 2 B5G5=85 MB>9 =545;8 8;8 1K; 70=OB 2 A>1AB25==>< 187=5A5 (self-employed); b) =5 @01>B0; ?> C2068B5;L=>9 ?@8G8=5 (1>;57=8, >B?CA:, B@C4>2>9 :>=D;8:B), => 8<5; @01>G55 <5AB>/187=5A 57@01>B=K< AG8B05BAO B>B, :B> ?@54?@8=8<0; ?>?KB:8 =09B8 @01>BC 2 B5G5=85 ?@54K4CI8E G5BK@5E =545;L. A;8 ?>:070B5;L payrolls 87<5@O5B G8A;> @01>G8E <5AB, B> ?>:070B5;L household - G8A;> 70=OBKE ;N459. E 4>;3>A@>G=0O 48=0<8:0 A>2?0405B, => 2 :@0B:>A@>G=>< ?;0=5 >=8 <>3CB 84B8 4065 2 ?@>B82>?>;>6=KE =0?@02;5=8OE. #@>25=L 157@01>B8FK (Unemployment Rate, UNR) AG8B05BAO 2 2845 >B=>H5=8O UNR=(LF-EF)/LF, 345 LF - @01>G0O A8;0 (Labor Force), a EF  G8A;5==>ABL 70=OBKE (Employed Force).  8A. 12.1. #@>25=L 157@01>B8FK 2 !( @8 0=0;875 70=OB>AB8 8A?>;L7CNBAO @07;8G=K5 <5B>4K 2 B>< G8A;5, 0=:5B8@>20=85. @54CA<>B@5=0, =0?@8<5@ B0:0O :0B53>@8O, :0: Discouraged Workers (?>B5@O2H85 =04564C, >15A:C@065==K5 @01>B=8:8), MB> 5ABL % A@548 157@01>B=KE B5E, :>B>@K5 >B25G0NB =0 2>?@>AK E>B8B5 ;8 8<5BL @01>BC - 40, 8I5B5 ;8 @01>BC - =5B, AG8B05B5 ;8, GB> =5B 4>ABC?=>9 4;O 0A @01>BK - 40; Discouraged Workers =5 CG8BK20NBAO :0: G0ABL @01>G59 A8;K (=5 2:;NG0NBAO 2 LF). 0==K5 ?> 70=OB>AB8 ?C1;8:CNBAO 565<5AOG=>, 2 ?5@2CN ?OB=8FC <5AOF0. A=>2=>5 A2>9AB2> 48=0<8:8 2 187=5A-F8:;5: UNR O2;O5BAO >?5@560NI8< 8=48:0B>@>< =0 ?8:0E M:>=><8G5A:>3> F8:;0 8 70?074K20NI8< - =0 <8=8<C<0E. UNR @0AB5B ?>A;5 =0G0;0 recovery, B0: :0: Discouraged Workers 0:B82878@CNBAO 8 C25;8G820NB G8A;5==>ABL LF, >?5@560O @>AB G8A;0 70=OBKE. !B0B8AB8:0 B0:65 ?>:07K205B, GB> household employment @0AB5B 1KAB@55 2 AB0488 recovery, G5< 2 ?5@8>4 @>AB0 (expansion). "0:65 2 =0G0;5 2>AAB0=>2;5=8O household employment @0AB5B 1KAB@55, G5< payrolls, B0: :0: 70=OB>ABL 2 A>1AB25==>< 187=5A5 ?@8 MB>< ?>4=8<05BAO 1KAB@55, G5< C25;8G8205BAO =09< =0 @01>BC D8@<0<8. >:070B5;L 70=OB>AB8 Payrolls >E20BK205B >:>;> 500 >B@0A;59 (=5A5;LA:>E>7O9AB25==KE) 2K1>@:>9 2 340000 D8@<, 40==K<8 ?> >?;0B5, G8A;5==>AB8 8 @01>G8< G0A0<. ;O 8;;NAB@0F88 - =5:>B>@K5 40==K5 ?> 70=OB>AB8 ?> >B@0A;O< 2 !( (1992 3>4): B>20@=>5 ?@>872>4AB2> 21,6% 2 B>< G8A;5: 3>@=>4>1K20NI85 0,6% AB@>8B5;LAB2> 4,2% ?@>872>4AB25==K5 16,8% AD5@0 CA;C3 78,4% 2 B>< G8A;5: G0AB=K5 61,3% 3>AC40@AB25==K5 17,1% 2 B>< G8A;5 D545@0;L=K5 A;C61K 2,7% Payrolls O2;O5BAO 70?074K20NI8< 8=48:0B>@><, >= @0AB5B 2 expansion 1KAB@55, G5< 2 recovery. 071@>A <564C<5AOG=KE payrolls (<5@0 2>;0B8;L=>AB8) 2 recovery 1>;LH5, G5< 2 @5F5AA88 8 =0 AB0488 @>AB0.  AB0B8AB8:5 !( AG8B05BAO B0:65 48DDC78>==K9 8=45:A 70=OB>AB8 (Employment Diffusion Index, EDI): EDI = (% >B@0A;59, 2 :>B>@KE 70=OB>ABL 70 ?5@8>4 2K@>A;0) - (% >B@0A;59, 2 :>B>@KE 70=OB>ABL 70 ?5@8>4 =5 87<5=8;0AL)/2 > A<KA;C 8=48:0B>@0, 7=0G5=85 EDI < 50 >7=0G05B ?@87=0: @5F5AA88. <55BAO >G5=L B5A=0O A2O7L 8=48:0B>@>2 70=OB>AB8 A 4@C38<8 206=K<8 ?>:070B5;O<8 M:>=><8G5A:>3> @0728B8O. "0:, A2O7L 157@01>B8FK A 87<5=5=85<  E0@0:B5@87C5BAO 70:>=>< C:5=0, M<?8@8G5A:8 >B:@KBK< =0 >A=>25 0=0;870 AB0B8AB8G5A:8E 40==KE ?> !( (70 ?5@8>4 50-80-E 3.3.), 0 70B5< >1>A=>20==K< 8 B5>@5B8G5A:8 2 <0:@>M:>=><8G5A:8E 8AA;54>20=8OE.  8AE>4=>9 D>@<5, ?@8<5=8B5;L=> : !(, 70:>= C:5=0 3;0A8B: (87<5=5=85 @50;L=>3> >1J5<0 ) = 3% - 2*(87<5=5=85 C@>2=O 157@01>B8FK), 8=0G5 3>2>@O - :064K9 ?@>F5=B @>AB0 157@01>B8FK =0 420 ?@>F5=B0 C<5=LH05B B5<? @>AB0 . 5:>B>@K5 4@C385 A>>1@065=8O, 284=K5 87 MB>3> A>>B=>H5=8O: ?@8 D8:A8@>20==>9 157@01>B8F5 B5<? @>AB0  A>AB02;O; 1K 3% 2 3>4; C@>25=L 157@01>B8FK, A>>B25BAB2CNI89 =C;52><C @>ABC , @025= 1,5%. @85=B8@>< 2 D8=0=A>2>9 ?>;8B8:5 FED 2 B5G5=85 4;8B5;L=>3> 2@5<5=8 O2;O;AO ?>:070B5;L NAIRU, A2O7K20NI89 157@01>B8FC A 8=D;OF859. NAIRU - MB> ?>? accelerating inflation rate of unemployment - C@>25=L 157@01>B8FK, A>2<5AB8<K9 A =58=D;OF8>==K< @>AB><. @8 A;8H:>< =87:>< C@>2=5 157@01>B8FK (B> GB> 2 !( =07K205BAO tight labor market - 65AB:89 @K=>: B@C40) =0G8=05BAO >?5@560NI89 @>AB 70@01>B=>9 ?;0BK, ;N1K5 <0=52@K 2 187=5A5 (87<5=5=85 B5E=>;>389, A>740=85 =>2KE D8@< 8;8 @0AH8@5=85) A2O70=K A @>AB>< >?;0BK =05<=>3> B@C40 (A;>6=> =09B8 A2>1>4=KE :20;8D8F8@>20==KE @01>B=8:>2), 4>?>;=8B5;L=K<8 @0AE>40<8 =0 ?>2KH5=85 :20;8D8:0F88 8 B.4.; 2A5 MB> C25;8G8205B A515AB>8<>ABL, 0 A 4@C3>9 AB>@>=K, C25;8G8205B @0A?>;0305<K9 4>E>4 =0A5;5=8O - 2A5 2545B : @>ABC F5=. >MB><C =5:>B>@K9 5AB5AB25==K9 C@>25=L 157@01>B8FK O2;O5BAO 1;03>?@8OB=K< D0:B>@>< =58=D;OF8>==>3> @>AB0. > 40==K< 4;O !(, 2 1992 3., ?@8 B>340H=5< C@>2=5 157@01>B8FK UNR = 7,4%, 25;8G8=0 NAIRU >F5=820;0AL 2 5,5%. 7 <=>65AB20 ?>:070B5;59 @K=:0 B@C40, >B<5B8< 5I5 ?@>4>;68B5;L=>ABL @01>G59 =545;8 (Average Work Week) 8 A@54=5G0A>2CN >?;0BC B@C40 (Average Hourly Earnings). @>4>;68B5;L=>ABL @01>G59 =545;8 <>65B A;C68BL >4=8< 87 8=48:0B>@>2 187=5A-F8:;0, ?>A:>;L:C 2 =0G0;L=K9 ?5@8>4 A?040 M:>=><8G5A:>9 0:B82=>AB8 >=0 8<55B A2>9AB2> C<5=LH0BLAO: D8@<K ?@54?>G8B0NB A>:@0I0BL @01>G89 45=L, => A>E@0=OBL :04@K.  8A. 12.2. !@54=5G0A>20O >?;0B0 B@C40 2 !( ($/G0A) !@54=5G0A>20O >?;0B0 B@C40 ( 8A. 12.2) 2 A5@548=5 1999 3>40 1K;0 A@548 3;02=KE >@85=B8@>2 FED, 2=8<0B5;L=> A;5482H53> 70 2A5<8 2>7<>6=K<8 ?@87=0:0<8 =0G8=0NI59AO 8=D;OF88. >AB >?;0BK B@C40, >?5@560NI89 ?@>872>48B5;L=>ABL, A83=0;878@>20; 1K >1 >?0A=>AB8 @>AB0 F5=, GB> 4;O @K=:0 B>340 A;C68;> ?>4B25@645=85< 3>B>2=>AB8 FED ?>4=OBL AB02:8 ?> D545@0;L=K< D>=40<. @82545< B0:65 2 :0G5AB25 8;;NAB@0F88 5I5 >48= 70A;C6820NI89 2=8<0=8O ?>:070B5;L Labor Force Participation Rate, ?>:07K20NI89, :0:>9 ?@>F5=B =0A5;5=8O AB0@H5 16 ;5B, 2E>48B 2 :0B53>@8N Labor Force ( 8A. 12.3).  8A. 12.3. @0D8: ?>:070B5;O Labor Force Participation Rate, !( 13. =48:0B>@K ?>B@518B5;LA:>3> A?@>A0. !CI5AB2CNB A?5F80;L=K5 8=48:0B>@K, E0@0:B5@87CNI85 3>B>2=>ABL ?>B@518B5;59 B@0B8BL 45=L38 =0 ?@8>1@5B5=85 @07;8G=KE 1;03. 5:>B>@K5 87 B0:8E 8=48:0B>@>2 8<5NB 206=>5 7=0G5=85 4;O 20;NB=KE @K=:>2 B0: :0: 2KA>:89 ?>B@518B5;LA:89 A?@>A AB8<C;8@C5B ?>4J5< ?@>872>4AB20 2> <=>38E >B@0A;OE 8 <>65B A;C68BL >A=>2>9 M:>=><8G5A:>3> @>AB0. 0>1>@>B, A;01>ABL ?>B@518B5;LA:>3> A?@>A0 8;8 53> A=865=85 O2;ONBAO A83=0;>< 8 <>3CB 1KBL ?@8G8=>9 A?040 2 M:>=><8:5. @85=B8@COAL =0 MB8 ?>:070B5;8, F5=B@0;L=K5 10=:8 <>3CB <5=OBL ?@>F5=B=K5 AB02:8 8;8 8A?>;L7>20BL 4@C385 @KG038 D8=0=A>2>9 ?>;8B8:8, GB> =5?>A@54AB25==> A:07K205BAO =0 20;NB=KE :C@A0E. K @0AA<>B@8< 745AL =5:>B>@K5 =081>;55 ?>?C;O@=K5 87 8=48:0B>@>2 ?>B@518B5;LA:>3> A?@>A0, A2O70==KE A 68;8I=K< AB@>8B5;LAB2>< 8 @K=:>< 68;LO, A ?>:070B5;O<8 @>7=8G=>9 B>@3>2;8, 0 B0:65 8=45:A ?>B@518B5;LA:8E =0AB@>5=89. 8;8I=>5 AB@>8B5;LAB2> 8 @K=>: 68;LO =48:0B>@K 68;8I=>3> AB@>8B5;LAB20 8 @K=:0 68;LO 2 :0G5AB25 :><?>=5=B>2 ?>B@518B5;LA:>3> A?@>A0 <>3CB ?@8>1@5B0BL 4;O 20;NB=>3> @K=:0 1>;LH>5 7=0G5=8O 2 ?5@5E>4=K5 ?5@8>4K M:>=><8G5A:8E F8:;>2, 2 A@54=5< 65 8E 2>;0B8;L=>ABL 8 7028A8<>ABL >B <=>38E A;CG09=KE D0:B>@>2, 2?;>BL 4> ?>3>4K, 45;0NB 8=B5@?@5B0F8N 4>AB0B>G=> A;>6=>9. > : ;5BC 1999 3>40, =0?@8<5@, 2A5 8=48:0B>@K ?>B@518B5;LA:>3> A?@>A0 2 !( @0AA<0B@820;8AL 20;NB=K< @K=:>< A0<K< 2=8<0B5;L=K< >1@07><, ?>A:>;L:C FED 2845; 2 40;L=59H5< @>AB5 ?>B@518B5;LA:>3> A?@>A0 8AB>G=8: 8=D;OF88, 2 1>@L15 ?@>B82 :>B>@>9 1K; 3>B>2 ?>4=OBL ?@>F5=B=K5 AB02:8. @><5 B>3>, 0<5@8:0=A:85 @C:>2>4AB20 ?> M:>=><8G5A:>9 AB0B8AB8:5 ?>4G5@:820NB, GB> 8<5==> 68;8I=>5 AB@>8B5;LAB2> 1K;> B>9 4286CI59 A8;>9, :>B>@0O ?>4=8<0;0 0<5@8:0=A:CN M:>=><8:C 87 2A5E @5F5AA88 ?>A;5 B>@>9 8@>2>9 2>9=K. !B0B8AB8:0 68;8I=>3> AB@>8B5;LAB20 8 @K=:0 >BA;568205BAO =0 2A5E 53> MB0?0E: - ?>;CG5==K5 @07@5H5=8O =0 68;8I=>5 AB@>8B5;LAB2> (Building Permits); - =0G0BK5 AB@>8B5;LAB20 (Housing Starts); - 7025@H5==K5 AB@>8B5;LAB20 (Housing Completions); - ?@>4068 =>2KE 8 ?@>4068 ACI5AB2CNI8E >4=>A5<59=KE 4><>2 (New and Existing one-family Home Sales); - AB@>8B5;L=K5 @0AE>4K (Construction Expenditures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ashington Post, 345 ?@82>4OBAO A>>1@065=8O 2 ?>;L7C B>3>, GB> FED =5 1C45B ?>4=8<0BL AB02:8 =0 70A540=88 5 >:BO1@O. >A;5 70A540=8O 24 023CAB0 >1JO2;5==0O ?>78F8O FED 70:;NG0;0AL 2 B><, GB> AB02:8 >AB0=CBAO =587<5==K<8 4> :>=F0 1999 3>40, 5A;8 B>;L:> =5>6840==> A8;L=K5 M:>=><8G5A:85 8=48:0B>@K =5 87<5=OB MB> <=5=85 F5=B@0;L=>3> 10=:0. > 8=D;OF8O, :0: ?>:070;8 ?>A;54=85 40==K5, =0E>48BAO =0 <8=8<0;L=>< 70 33 3>40 C@>2=5 8 ?@>G85 8=48:0B>@K B0:65 =5 40NB >A=>20=8O A><=520BLAO 2 =5:>B>@>< B>@<>65=88 M:>=><8G5A:>9 0:B82=>AB8, :>B>@>5 ?>72>;8B 871560BL 8=D;OF8>==>3> 402;5=8O 8 ?>;>68B5;L=> A:065BAO =0 AB018;L=>AB8 D8=0=A>2KE @K=:>2. "0:0O :0@B8=0 ?>4B25@6405BAO, 2 G0AB=>AB8, 2KH54H8<8 2 ?OB=8FC 17 A5=BO1@O 40==K<8 ?> AB@>8B5;LAB2C 68;LO.  B5G5=85 =5A:>;L:8E ?>A;54=8E ;5B =87:85 ?@>F5=B=K5 AB02:8, 2KA>:0O C25@5==>ABL ?>B@518B5;O, >A=>20==0O =0 M=5@38G=>< @>AB5 F5= 0:F89, 8 >BACBAB285 ?@>1;5< A ?>8A:>< @01>BK @0A:@CG820;8 68;8I=K9 1C< 2 !(. 5A<>B@O =0 @>AB ?@>F5=B=KE AB02>: ?> 68;8I=K< :@548B0<, ?@>8AH54H89 ?>A;5 ?>4J5<0 AB02>: FED MB8< ;5B><, :>;8G5AB2> =0G0BKE AB@>8B5;LAB2 68;KE 4><>2 2 023CAB5 2K@>A;> =0 0,4%, ?>4=O2H8AL 4> 3>4>2>3> B5<?0, A>>B25BAB2CNI53> 1,676 <8;;8>=>2 2 3>4; 2 B>65 2@5<O, G8A;> @07@5H5=89 =0 AB@>8B5;LAB20 C?0;> =0 1,8% (3>4>2>9 B5<? 1,612 <8;;8>=>2). >4>1=>5 A>>B=>H5=85 <>65B >1JOA=OBLAO B5<, GB> AB@>8B5;8 >6840NB 2A?;5A:0 0:B82=>AB8 ?>:C?0B5;59 4><>2, :>B>@K5 ?>A?5H0B : <5AB=K< 035=B0< ?> =542868<>AB8 A59G0A, =5 4>6840OAL =>2KE ?>2KH5=89 AB02>: FED. "0:8< >1@07><, 2>7=8:05B ?0@04>:A0;L=0O =0 ?5@2K9 273;O4 A8BC0F8O, :>340 C25;8G5=85 ?@>F5=B=KE AB02>: ?>2KH05B 0:B82=>ABL 2 68;8I=>< AB@>8B5;LAB25. > A?5F80;8ABK >6840NB A?040 2 :>;8G5AB25 =0G0BKE AB@>8B5;LAB2 40;55 2 MB>< 3>4C 8 2 =0G0;5 A;54CNI53> 3>40 (?@>3=>78@C5BAO C@>25=L >:>;> 1,512 <8;;8>=>2). >7=8G=0O B>@3>2;O 1J5<K @>7=8G=>9 B>@3>2;8 (Retail Sales, RS) - >48= 87 ?>:070B5;59 ?>B@518B5;LA:8E @0AE>4>2; ?>MB><C 2 :0G5AB25 8=48:0B>@0 ?>B@518B5;LA:>3> A?@>A0 8 C25@5==>AB8 ?>B@518B5;O, >= <>65B A;C68BL >@85=B8@>< 4;O 20;NB=>3> @K=:0 2 ?>2>@>B=KE B>G:0E M:>=><8G5A:>3> F8:;0. A>15==> 1>;LH>5 7=0G5=85 B0:85 8=48:0B>@K 8<5NB 4;O >BA;56820=8O M:>=><8:8 !(, B0: :0: ?>B@518B5;LA:89 A?@>A O2;O5BAO 55 3;02=>9 4286CI59 A8;>9. A;8 ?>B@518B5;L 8<55B 1>;LH89 @0A?>;0305<K9 4>E>4, B> 1>;LH5 B>20@>2 1C4CB ?@>872>48BLAO, 0 B0:65 8<?>@B8@>20BLAO.  :0G5AB25 8;;NAB@0F88 <>6=> ?@825AB8 A>AB02 @>7=8G=KE ?@>406 ?> AB0B8AB8:5 !( =0 1992 3.  48=0<8:5 187=5A-F8:;0 @>7=8G=0O B>@3>2;O O2;O5BAO A>2?040NI8< 8=48:0B>@><. >;0B8;L=>ABL 2 187=5A-F8:;5 =525;8:0, => A8;L=> 2K@065=0 A57>==0O 7028A8<>ABL. "0:, >A>1K<8 <5AOF0<8 2 :064>< 3>4C O2;ONBAO 45:01@L 8 A5=BO1@L. >4>2K5 40==K5 ?> @>7=8G=>9 B>@3>2;5 2A5340 2 A@54=5< @0ABCB, <5AOF : <5AOFC 65 <>3CB 1KBL 8 ?>4J5<K 8 ?045=8O 2 B5G5=85 >4=>3> 187=5A-F8:;0. >;57=>9 B0:65 1K205B 8=D>@<0F8O ?> >B45;L=K< :><?>=5=B0< @>7=8G=KE ?@>406, =0?@8<5@ ?> B>@3>2;5 02B><>18;O<8.  8A. 13.2. 0==K5 ?> @>7=8G=>9 B>@3>2;5, !( @>4068 3@C7>2KE 8 ;53:>2KE 02B><>18;59 A;54AB285 2>7@>AH59 8=B5@=0F8>=0;870F88 >B@0A;8 (0<5@8:0=A:85 02B><>18;8 A>18@0NBAO 70 ?@545;0<8 !(, 0 O?>=A:85 8 35@<0=A:85 02B><>18;8 ?@>872>4OBAO =0 B5@@8B>@88 !(, 87 4 367 752 02B><>18;59 ?@>40==KE 2 !( 2 1991 3., 712 672 A>AB02;O;8 8=>AB@0==K5), 0 B0:65 87-70 2;8O=8O @07=>>1@07=KE ?5@5<5==KE D0:B>@>2, ?@O<0O 8=B5@?@5B0F8O MB>3> A5:B>@0 A B>G:8 7@5=8O 20;NB=KE @K=:>2 =5 2A5340 ?@>AB0, => :0: F8:;8G5A:89 8=48:0B>@K 40==K5 ?> ?@>4060< 02B><>18;59 (New Cars, NCAR), 0 B0:65 2 >B45;L=>AB8 - ?> ?@>4060< 3@C7>2KE 8 ;53:>2KE 02B><>18;59 (Car and Truck Sales, C&TS) <>3CB 1KBL ?>;57=K< >@85=B8@>< 4;O 20;NB=>3> B@5945@0. >:070B5;8 ?@>406 =>2KE 02B><>18;59, 0 B0:65 ?> >B45;L=>AB8 3@C7>2KE 8 ;53:>2KE 02B><>18;59, >1KG=> 2K3;O4OB :0: >?5@560NI85 8=48:0B>@K, => 2 ?>A;54=85 3>4K 2 !( 254CB A51O :0: coinsident 8=45:AK; 8<5NB O2=> 2K@065==CN A57>==CN F8:;8G=>ABL. !@54=89 B5<? @>AB ?@>406 ?0AA068@A:8E 02B><>18;59 2 AB0488 2>AAB0=>2;5=8O A>AB02;O5B >:>;> 1,5% 2 <5AOF, 2 expansib >:>;> U,2/o; 3@C7>28:>2 - 2 recovery 0,9%, 2 expansion 0 3%  5F5AA88 ?@>4068 3@C7>28:>2 <>3CB 4065 @0AB8 8 2A5340 AB0=>2OBAO 1>;LH5, G5< ?@>4068 ;53:>2KE 02B>.  F5;><, 2 90-E 3>40E E0@0:B5@=>9 G5@B>9 0<5@8:0=A:>3> @K=:0 O2;O;AO >?5@560NI89 @>AB ?@>406 3@C7>28:>2; 4065 B0:>9 B@048F8>==K9 ?@>872>48B5;L ;53:>2KE 02B><>18;59 :0: Crysler, A53>4=O 45;05B ?@5645 2A53> 3@C7>28:8. !8;L=CN :>=:C@5=F8N 0<5@8:0=A:8< D8@<0< 2 !( A>AB02;ONB O?>=A:85 ?>AB02I8:8 3@C7>2KE 02B><>18;59 Nissan, Toyota, Isuzu. 0 @8A. 13.4. 4;O 8;;NAB@0F88 ?@82545= 3@0D8: B>3> 65 ?>:070B5;O ?@>406 =>2KE 02B><>18;59, => 2 A57>==> A3;065==>< 2845.  8A. 13.3. 0==K5 ?> ?@>4060< =>2KE 02B><>18;59 NCAR, !(  8A. 13.4. @0D8: 8=48:0B>@0 NCAR !( A A57>==K< 2K@02=820=85< =45:AK =0AB@>5=8O ?>B@518B5;O  !( B@8 ?>AB02I8:0 AB0B8AB8G5A:8E 40==KE ?@54;030NB A2>8 ?>:070B5;8, 87<5@ONI85 3>B>2=>ABL 8 C25@5==>ABL =0A5;5=8O B@0B8BL 45=L38 =0 ?@8>1@5B5=85 @07;8G=KE 1;03 2 1;8609H5< 1C4CI5<: 1) 8G830=A:89 C=825@A8B5B - 8=45:A =0AB@>5=89 ?>B@518B5;O (University of Michigan's Consumer Sentiment Index); 2) Conference Board - 8=45:A C25@5==>AB8 ?>B@518B5;O (Consumer Confidence Index); C@=0; ABC News and Money - >?@>A <=5=89.  8A. 13.5. =45:A C25@5==>AB8 ?>B@518B5;O, !( >:070B5;8 AB@>OBAO =0 >A=>25 @07;8G=KE >?@>A>2 <=5=89 =0A5;5=8O ?> ?>2>4C CA;>289 A53>4=OH=53> 4=O 8 1;8609H53> 1C4CI53> (>B 6 4> 12 <5AOF52) - =0A:>;L:> >=8 1;03>?@8OB=K 4;O @5H5=8O D8=0=A>2KE ?@>1;5<, ?@8>1@5B5=8O ?@54<5B>2 4;8B5;L=>3> ?>;L7>20=8O, B@C4>CAB@>9AB20 8 B.4. 7 ?>;CG5==KE >B25B>2 B8?0 ;CGH5/EC65 AB@>OBAO ?>:070B5;8 2 2845: 1) 100 + % ;CGH5 - % EC65; 2) ;CGH5 / (;CGH5 + EC65); ;CGH5 - EC65 (4-=545;L=>5 A@54=55). E20BK205<K9 8=45:A0<8 ?5@8>4 (8 A>>B25BAB25==>, ?5@8>48G=>ABL ?C1;8:0F88) - >B =545;8 4> <5AOF0. =45:AK =0AB@>5=89 ?>B@518B5;59 O2;ONBAO >?5@560NI8<8 8=48:0B>@0<8; <8=8<0;L=K5 7=0G5=8O >=8 ?@8=8<0NB 2 @5F5AA88, =5A:>;L:> 1>;LH85 2 A@54=5< 7=0G5=8O - 2 recovery 8 <0:A8<C<K 2 expansion. =8 8A?KBK20NB 2;8O=85 >G5=L <=>38E D0:B>@>2, ?@8G5< E0@0:B5@ A0<>3> MB>3> 2;8O=8O <5=O5BAO: 8=>340 ?>B@518B5;8 1>;LH5 >701>G5=K 8=D;OF859, G5< 157@01>B8F59, 70B5< MB> A>>B=>H5=85 <5=O5BAO 8 B.4. 0: >@85=B8@K 4;O 20;NB=KE @K=:>2 MB8 8=48:0B>@K ?@8>1@5B0NB =081>;LH55 7=0G5=85 2 ?5@8>4K =0F8>=0;L=KE :@878A>2 (=5DBO=K5 :@878AK, :@0E D>=4>2>3> @K=:0 2 1987 3., 2>9=0 2 5@A84A:>< 70;825 1991 3., ?@57845=BA:85 2K1>@K 8 B.4.) 14. =48:0B>@K 45;>2>3> F8:;0 0: A:070=> 2 >4=>< 0<5@8:0=A:>< CG51=8:5 ?> 20;NB=><C 48;8=3C, ?5@2K9 A>25B ?> DC=40<5=B0;L=><C 0=0;87C, :>B>@K9 40NB =0G8=0NI5<C 20;NB=><C B@5945@C: !;548 70 ?@>F5=B=K<8 AB02:0<8. !:070BL MB> ;53G5, G5< A45;0BL, B0: :0: F5=B@0;L=K5 10=:8 >B=N4L =5 A?5H0B @0A:@KBL A2>8 =0<5@5=8O, 40 8 2>>1I5 AB@5<OBAO :0: <>6=> @565 <5=OBL A2>8 >A=>2=K5 ?@>F5=B=K5 AB02:8. ;8O=85 87<5=5=8O AB02>: =0 20;NB=K5 :C@AK <>65B 1KBL >G5=L 4;8B5;L=K<, B0: :0: M:>=><8G5A:0O A8AB5<0 >1;0405B 1>;LH>9 8=5@F8>==>ABLN 8 4;O ?>;CG5=8O ?>;=>3> MDD5:B0 >B 87<5=5=8O AB02>: 4>;6=> ?@>9B8 4>AB0B>G=>5 2@5<O, 2 B5G5=85 :>B>@>3> F5=B@0;L=K9 10=: >F5=8205B @50:F8N M:>=><8:8 =0 =>2K5 CA;>28O. > @K=>: =5 B>;L:> @5038@C5B =0 ?@>8AH54H85 87<5=5=8O; B@5945@K AB0@0NBAO ?@54C3040BL 459AB28O F5=B@0;L=KE 10=:>2, GB>1K 70@0=55 =0G0BL ?>:C?0BL 8;8 ?@>4020BL 20;NBC, ?>:0 MB> 5I5 <>6=> A45;0BL ?> A0<><C 2K3>4=><C :C@AC.  @57C;LB0B5 =0 @K=:5 <>65B AD>@<8@>20BLAO ?@5>1;040NI55 <=5=85 8 B>340 2 >6840=88 87<5=5=8O ?@>F5=B=KE AB02>: @K=>: 1C45B 42830BL 20;NBC >G5=L 4>;3> 2 >?@545;5==>< =0?@02;5=88. >B 8 ?>;CG05BAO, GB> 2AO 687=L B@5945@0 ?>4G8=5=0 @8B<C 42865=89 ?@>F5=B=KE AB02>:.  ?@028;L=K9 A?>A>1 =5 A;54>20BL 2 E2>AB5 @K=>G=>9 B>;?K, 0 ?@54C304K20BL 2>;=K, A>AB>8B 2 >BA;56820=88 M:>=><8G5A:8E F8:;>2, ?>A:>;L:C 8<5==> >=8 A53>4=O >?@545;ONB ?>;8B8:C 254CI8E F5=B@0;L=KE 10=:>2. A5 @0AA<>B@5==K5 =0<8 M:>=><8G5A:85 8=48:0B>@K B0: 8;8 8=0G5 45<>=AB@8@CNB F8:;8G5A:>5 ?>2545=85, A;54>20B5;L=>, :064K9 <>65B 1KBL ?@8<5=5= (8 ?@8<5=O5BAO) 4;O 0=0;870 F8:;>2, => ACI5AB2CNB 8=48:0B>@K, A?@>5:B8@>20==K5 A 548=AB25==>9 F5;LN - =081>;55 O2=> ?>:07K20BL F8:;8G5A:CN 48=0<8:C M:>=><8G5A:8E ?@>F5AA>2 8 =0456=> ?@54A:07K20BL ?>2>@>B=K5 B>G:8 F8:;>2. K @0AA<>B@8< 745AL 420 2840 B0:8E 8=48:0B>@>2, E>@>H> ?>=8<05<KE A B>G:8 7@5=8O 20;NB=KE @K=:>2. ?5@560NI89 M:>=><8G5A:89 8=48:0B>@ 284C B>3>, GB> <=>385 M:>=><8G5A:85 8=48:0B>@K ?>:07K20NB M:>=><8G5A:85 F8:;K, => :064K9 ?>-A2>5<C, 5AB5AB25==>9 O2;O5BAO ?>?KB:0 A:>=AB@C8@>20BL 87 =5A:>;L:8E 8=48:0B>@>2 >48=, :>B>@K9, 1;03>40@O >1>1I5=8N (CA@54=5=8N) 1C45B ;CGH5 ?@54A:07K20BL F8:;K, G5< :064K9 2 >B45;L=>AB8. !>AB02=>9 >?5@560NI89 8=48:0B>@ (Leading Economic Indicator, LEI) >1J548=O5B 4;O MB>9 F5;8 11 8=48:0B>@>2: 1. !@54=OO 4;8B5;L=>ABL @01>G59 =545;8 2 ?@>872>4AB25==>< A5:B>@5. 2. !@54=55 =545;L=>5 :>;8G5AB2> 70O2;5=89 =0 2K?;0BC 3>AC40@AB25==>3> AB@0E>20=8O ?> 157@01>B8F5. 3. >2K5 ?@>872>4AB25==K5 70:07K =0 ?>B@518B5;LA:85 B>20@K 8 <0B5@80;K (2 F5=0E 1982 3>40). 4. -DD5:B82=>ABL ?>AB02>: (4>;O D8@<, A@>:8 2K?>;=5=8O ?>AB02>: 4;O :>B>@KE 2>7@0AB0NB). 5. >=B@0:BK 8 70:07K =0 A@54AB20 ?@>872>4AB20 8 >1>@C4>20=85 (2 F5=0E 1982 3>40). 6. >;CG5==K5 @07@5H5=8O =0 68;8I=>5 AB@>8B5;LAB2>. 7. 52K?>;=5==K5 ?@>872>4AB25==K5 70:07K ?> B>20@0< 4;8B5;L=>3> ?>;L7>20=8O (87<5=5=85 70 <5AOF, F5=K 1982 3>40). 8. 7<5=5=85 F5= =0 AK@L5 8 <0B5@80;K. 9. $>=4>2K9 8=45:A S&P500 (A@54=5<5AOG=K9). 10. 5=56=K9 03@530B 2 2 4>;;0@0E 1982 3. 11. =45:A ?>B@518B5;LA:8E >6840=89 (University of Michigan's Consumer Expectations Index). !0<> 7=0G5=85 8=45:A0 LEI AB@>8BAO 87 MB8E :><?>=5=B 2 2845 2725H5==>3> A@54=53>, LEI =  wi *Ii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expansion, 0 2 recovery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diffusion index) AB@>8BAO ?> @57C;LB0B0< >?@>A0 1>;LH>3> G8A;0 CG0AB=8:>2, :064K9 87 :>B>@KE >B25G05B =0 2>?@>A B8?0 "C;CGH8;8AL ;8 CA;>28O 0H53> 187=5A0 2 ?;0=5: =>2KE 70:07>2, F5=, @K=:0 B@C40, A@>:>2 2K?>;=5=8O 70:07>2, =>2KE M:A?>@B=KE 70:07>2 8 B.4."; ?@8 MB>< >= 2K18@05B >48= 87 B@5E 20@80=B>2 >B25B0: "40", "=5B", "157 87<5=5=8O". =0G5=85 48DDC78>==>3> 8=45:A0 2KG8A;O5BAO 4;O :>=:@5B=>3> 2>?@>A0 :0: AC<<0 DI = (% >B25B82H8E "40") + 0,5 *(% >B25B82H8E "157 87<5=5=8O"); 2KG8A;82 B0:85 48DDC78>==K5 8=45:AK 4;O :064>3> 2>?@>A0, 8E 70B5< CA@54=ONB, ?>;CG0O A>AB02=K5 A@54=85 8=45:AK B8?0 PMI 8;8 TANKAN. =8 25AL<0 MDD5:B82=> >BA;56820NB 48=0<8:C M:>=><8G5A:>3> F8:;0, O2;OOAL >?5@560NI8<8 ?>:070B5;O<8: =0G0;> ?045=8O 8=45:A0 ?>A;5 ?5@8>40 @>AB0 ?@54A:07K205B ?5@5E>4 187=5A-F8:;0 87 AB0488 @>AB0 (expansion) 2 A?04 (recession), a @072>@>B :25@EC ?>A;5 ?045=8O ?@54A:07K205B =0G0;> 2>AAB0=>2;5=8O (recovery). "5A=0O :>@@5;OF8O 48DDC78>==KE 8=45:A>2 A M:>=><8G5A:>9 48=0<8:>9, >F5=5==0O ?> <=>3>;5B=8< AB0B8AB8G5A:8< 40==K<, ?>72>;O5B 8A?>;L7>20BL 8E 4065 4;O ?@>3=>78@>20=8O 1C4CI8E 7=0G5=89  (?> :@09=59 <5@5 =0 :20@B0; 2?5@54). "0:85 8=45:AK ?C1;8:CNB A53>4=O ?>GB8 2A5 AB@0=K >;LH>9 !5<5@:8, =0?@8<5@ 2 =3;88 >=8 AB@>OBAO A 1991 3>40. 5@<0=A:89 PMI =0G0; 2KE>48BL A 1998 3>40, >= 2:;NG05B >17>@ 350 :><?0=89 ?> A;54CNI8< ?OB8 2>?@>A0<: 2K?CA: (output), =>2K5 70:07K (new orders), 70=OB>ABL (employment), 2@5<O ?>AB02:8 70:07>2 (supplier's delivery times), 70:C?:8 B>20@=KE 70?0A>2 (stocks of goods purchases). ! 1999 3>40 2KE>48B 8 >1J548=5==K9 PMI ?> 52@>-@538>=C, >E20BK20NI5<C 11 3>AC40@AB2 A 548=>9 20;NB>9 52@> (EU PMI). 081>;55 <>I=K9 >E20B AB0B8AB8:8 187=5A0 (?> 34 000 CG0AB=8:0<) >ACI5AB2;O5BAO 0<5@8:0=A:8< 8=45:A>< PMI =0F8>=0;L=>9 0AA>F80F88 NAPM (National Association of Purchasing Managers), :>B>@K9 2545BAO A 1931 3>40; B>;L:> HB0B A>B@C4=8:>2, >15A?5G820NI8E AB0B8AB8:C, A>AB02;O; 4> 300 G5;>25:. >4@>1=> AB@C:BC@C 8 A2>9AB20 8=45:A>2 45;>2>3> >?B8<87<0 <K @0AA<>B@8< =0 ?@8<5@5 0<5@8:0=A:>3> 8=45:A0 Purchasing Managers' Index (PMI), NAPM. 17>@ 0<5@8:0=A:>9 0AA>F80F88 NAPN ;560I89 2 >A=>25 55 8=45:A0 PMI, 2:;NG05B 2>?@>AK, =0 :>B>@K5 CG0AB=8:C 0=:5B8@>20=8O ?@54;0305BAO >B25B8BL - 87<5=8;8AL ;8 CA;>28O 53> 187=5A0 70 ?@>H54H89 <5AOF : ;CGH5<C (>B25B "higher), : EC4H5<C (lower), 8;8 >AB0;8AL 157 87<5=5=8O (unchanged) 2 >B=>H5=88 A;54CNI8E D0:B>@>2: - 70=OB>ABL (employment), - F5=K (commodity prices), - 2@5<O 4>AB02:8 (vendor deliveries), - ?@>872>4AB2> (production), - 70?0AK (inventories), - =>2K5 70:07K :;85=B>2 (new orders from customers), - =>2K5 M:A?>@B=K5 8 8<?>@B=K5 70:07K (new export and import orders), - =0:>?82H85AO =58A?>;=5==K5 70:07K (order backlogs, MB>B ?C=:B 22545= 2 1993 3>4C ?> ?@54;>65=8N =K=5H=53> ?@54A540B5;O $545@0;L=>9 575@2=>9 !8AB5<K .@8=A?M=0). > :064><C ?C=:BC 0=:5BK >?@545;O5BAO 48DDC78>==K9 8=45:A (?@>F5=B >B25B82H8E "higher ?;NA ?>;>28=0 ?@>F5=B0 >B25B82H8E unchanged), 0 70B5< 87 =8E AB@>8BAO 2725H5==0O AC<<0, ?@54AB02;ONI0O A>1>9 CA@54=5==K9 8=45:A PMI; 2 1994 3>4C D>@<C;0 4;O PMI 2K3;O45;0 A;54CNI8< >1@07><: PMI = 0,30 E DI(new orders) + 0,25 E DI(production) + 0,20 E DI(employment) + + 0,15 E DI(deliveries) + 0,10 E DI(inventories) =B5@?@5B0F8O 8=45:A0 PMI. A=>2=>5 A2>9AB2> PMI - >?5@560NI89 8=48:0B>@ 45;>2>3> F8:;0. K45;ONB 4;O 8=B5@?@5B0F88 @O4 >A=>2=KE C@>2=59 8=48:0B>@0: - F8:;8G5A:89 <0:A8<C< 8 F8:;8G5A:89 <8=8<C<; - 50% - C@>25=L; - 44% - C@>25=L. A;8 ?>A;5 ?5@8>40 @>AB0 PMI @072>@0G8205BAO 2=87, B> MB> ?@54A:07K205B @072>@>B 45;>2>3> F8:;0 2=87. 0>1>@>B, 5A;8 ?>A;5 ?045=8O PMI, 4>AB83=C2 <8=8<C<0, @072>@0G8205BAO =025@E, B> MB> O2;O5BAO ?@87=0:>< 1C4CI53> 2>AAB0=>2;5=8O. > 40-;5B=59 AB0B8AB8:5 !(, PMI ?@54A:07K205B <0:A8<C<K F8:;>2 @>AB0 2 A@54=5< 70 7 <5AOF52 8 <8=8<C<K F8:;>2 @>AB0 - 70 3 <5AOF0.  8A. 14.2. <5@8:0=A:89 8=45:A 45;>2>3> >?B8<87<0 N    I 045=85 PMI =865 C@>2=O 50 ?@54A:07K205B @5F5AA8N 2 A@54=5< 70 420 <5AOF0, 0 ?045=85 =865 44 2A5340 ?@54A:07K205B 01A>;NB=>5 A=865=85 M:>=><8G5A:>9 0:B82=>AB8. 8=8<C<K, 4>AB8302H85AO PMI 2 AB048OE A?040, 2 A@54=5< A>AB02;ONB 35, 0 ?>A;5 @072>@>B0 >B <8=8<C<0 >= 2 A@54=5< 70 4 <5AOF0 4>AB830; C@>2=O 44, GB> 2A5340 A>2?040;> A <8=8<C<>< M:>=><8G5A:>3> F8:;0.  F5;><, PMI =0456=> ?@54A:07K205B ?>2>@>B=K5 B>G:8 F8:;>2 @>AB0 (B> 5ABL F8:;8G5A:8E 87<5=5=89 =0 AB048OE @>AB0 M:>=><8:8), => A 53> ?><>ILN A;>6=> >B;8G8BL F8:; @>AB0 >B >1I53> 3;>10;L=>3> M:>=><8G5A:>3> F8:;0 (?> AB0B8AB8:5 !( ?>A;5 B>@>9 8@>2>9 >9=K, 82% 2A5E ?8:>2 45;>2>3> F8:;0 A>?@>2>640;8AL @5F5AA859, B> 5ABL F8:;K @>AB0 - O2;5=85 4>AB0B>G=> @54:>5).  8AA;54>20=8OE AB0B8AB8:>2 4>:070=0 >G5=L A8;L=0O :>@@5;OF8>==0O A2O7L PMI A B0:8<8 ?0@0<5B@0<8 M:>=><8:8 :0: ?@><KH;5==>5 ?@>872>4AB2> 8  2 F5;><. 0?@8<5@, A 2KA>:>9 AB5?5=LN B>G=>AB8 =0 >A=>25 40==KE 70 1980-1992 3.3. 1K;0 2K2545=0 D>@<C;0, A2O7K20NI0O 7=0G5=85 PMI A ?>:070B5;5< ?@><KH;5==>3> ?@>872>4AB20 (IP - industrial production) G5@57 420 <5AOF0: IP = 0,52 E PMI[-2] - 23,4; 87 =55, 2 G0AB=>AB8 284=>, GB> 7=0G5=85 PMI = 45,9 A>>B25BAB2C5B AB018;L=><C ?@><KH;5==><C ?@>872>4AB2C (1 =0). =0;>38G=0O D>@<C;0 ?>:07K205B A2O7L PMI A ?>:070B5;5<  G5@57 :20@B0;: GDP = 0,317 E PMI[-1] - 13,9. B<5G05BAO B0:65, GB> 48DDC78>==K5 8=45:AK F5= Dl(prices) O2;ONBAO >?5@560NI8<8 8=48:0B>@0<8 ?>2>@>B=KE ?C=:B>2 2 8=D;OF8>==>< F8:;5. !;54C5B 70<5B8BL, GB> ?@8 GB5=88 8=45:A>2 45;>2>3> >?B8<87<0, K <>65B5 2AB@5B8BL >B@8F0B5;L=K5 7=0G5=8O, E>BO >?@545;5==K5 2KH5 8=45:AK 70254><> >3@0=8G5=K 480?07>=>< [0,100]. -B> A2O70=> A B5<, GB> =5:>B>@K5 AB0B8AB8G5A:85 >@30=870F88 ?>;L7CNBAO =5A:>;L:> 8=K< >?@545;5=85< 8=45:A0, 0 8<5==>, >=8 15@CB NPR (net percentage rising), @02=K9 ?@>F5=BC >B25B82H8E "higher <8=CA ?@>F5=B >B25B82H8E lower, :>B>@K9 A2O70= A DI >G5284=K< A>>B=>H5=85< NPR = 2 E (DI - 50). =45:AK B8?0 PMI O2;ONBAO 565<5AOG=K<8 8 ?C1;8:CNBAO 2 ?5@2K9 @01>G89 45=L <5AOF0. A:;NG5=85 -O?>=A:89 TANKAN - 565:20@B0;L=K9. /?>=A:89 8=45:A O2;O5BAO 8A:;NG5=85< B0:65 8 2 B>< >B=>H5=88, GB> >= A>7405BAO =5?@>D5AA8>=0;L=>9 0AA>F80F859 187=5A0, :0: 2 4@C38E AB@0=0E, 0 3>AC40@AB25==K< >@30=>< - &5=B@0;L=K< 0=:><, 8 O2;O5BAO >D8F80;L=> >1JO2;5==K< >@85=B8@>< 2 ?@8=OB88 @5H5=89, :0A0NI8EAO 45=56=>9 ?>;8B8:8. >MB><C ?C1;8:0F8O O?>=A:>3> 8=45:A0 TANKAN 2A5340 O2;O5BAO A>1KB85< =0 20;NB=KE @K=:0E. !2>9AB20 8=45:A>2 45;>2>3> >?B8<87<0 >1JOA=ONB, ?>G5<C @K=:8 A B0:8< 2=8<0=85< 64CB <><5=B0 8E ?C1;8:0F88, 0 B0:65 ?>:07K20NB, GB> A1>@ 8 0=0;87 AB0B8AB8:8 8=45:A>2 PMI <>65B 40BL >G5=L <=>3> ?>;57=>9 8=D>@<0F88 4;O B@5945@0. 15. $C=40<5=B0;L=K5 40==K5, ?A8E>;>38O @K=:0 8 ?@8=OB85 @5H5=89 K ?>=8<05< DC=40<5=B0;L=K9 0=0;87 :0: 87CG5=85 A>1KB89, ?@>8AE>4OI8E 70 @0<:0<8 3@0D8:>2 :>B8@>2>: 20;NB=KE :C@A>2, => 2;8ONI8E =0 MB8 20;NB=K5 :C@AK. ;8OBL 65 =0 20;NB=K5 :C@AK <>65B, 2>>1I5 3>2>@O, 2A5 =0 A25B5, 2?;>BL 4> ?>3>4K. 0AA:07K20NB, GB> 4;O B@5945@>2 ?> 8B0;LO=A:>9 ;8@5 ?>;57=> 1K;> >@85=B8@>20BLAO =0 ?@>3=>7K <5B5>@>;>3>2: ?@8 E>@>H59 ?>3>45 ?>B>: BC@8AB>2 C25;8G8205BAO, 8 ?>60;C9AB0 - >1<5==K9 :C@A ;8@K @0AB5B! '5< =5 DC=40<5=B0;L=K9 D0:B>@ 20;NB=>3> @K=:0.... "5?5@L :>=5G=>, =0 52@>?59A:CN ?>3>4C <>6=> =5 >1@0I0BL 2=8<0=8O; E>BL 2 G5<-B> B@5945@0< AB0;> ;53G5. 'B>1K =5 A20;820BL 2A5 2 >4=C :CGC, ?@8=OB> :;0AA8D8F8@>20BL DC=40<5=B0;L=K5 D0:B>@K =0 G5BK@5 :0B53>@88: M:>=><8G5A:85 D0:B>@K, D8=0=A>20O ?>;8B8:0, ?>;8B8G5A:85 A>1KB8O, :@878AK. A=>2=>5 2=8<0=85 <K C45;O5< 2 :=835 M:>=><8G5A:8< D0:B>@0< 8 =5:>B>@K< M;5<5=B0< D8=0=A>2>9 ?>;8B8:8. <5==> >=8 8 O2;ONBAO 3;02=K< ?@54<5B>< 87CG5=8O 2 DC=40<5=B0;L=>< 0=0;875, ?>B><C GB> 8<55BAO =5?>A@54AB25==0O ?@8G8==>-A;54AB25==0O A2O7L <564C M:>=><8:>9 8 D8=0=A>2K<8 @K=:0<8. 0;NB=K9 B@5945@ 4>;65= E>@>H> ?>=8<0BL ?@8@>4C MB>9 A2O78 8 A<KA; >A=>2=KE D8=0=A>2>-M:>=><8G5A:8E 8=48:0B>@>2. AB0;L=>5 - 45;> B5E=8:8, B>G=55 - B5E=8G5A:>3> 0=0;870. @0D8:8 M:>=><8G5A:8E 8=48:0B>@>2, :0: 8 ;N1K5 3@0D8:8 8<5NB A2>8 B5=45=F88, ;8=88 8 C@>2=8 ?>445@6:8 8 A>?@>B82;5=8O, A2>8 2708<=K5 :>@@5;OF88. =0G8B, >=8 ?>4;560B B0:><C 65 @071>@C, :0: : 3@0D8:8 20;NB=KE :C@A>2, A ?><>ILN 8=AB@C<5=B>2 B5E=8G5A:>3> 0=0;870. >;>68B5;L=K< <><5=B>< 745AL O2;O5BAO B>, GB> M:>=><8G5A:85 40==K5 8 >A=>2=K5 D8=0=A>2K5 ?>:070B5;8 ?C1;8:CNBAO H8@>:>, ?> :@09=59 <5@5, 4;O >A=>2=KE AB@0= A @K=>G=>9 M:>=><8:>9, 8 ?C1;8:CNBAO 2 70@0=55 =07=0G5==>5 2@5<O. 865 4;O ?@8<5@0 ?@82545= =51>;LH>9 D@03<5=B @59B5@>2A:>3> C:070B5;O ?> >;LH>9 !5<5@:5, :>B>@K9 2 ?>;=>< 2845 A>45@68B 3@0D8: 2KE>40 M:>=><8G5A:8E 8=48:0B>@>2 =0 =5A:>;L:> =545;L 2?5@54, 0 B0:65 405B ?@>3=>7K >68405<KE 7=0G5=89 (AB>;15F, >1>7=0G5==K9 1C:2>9 F), ?>AB@>5==K5 =0 >A=>20=88 >?@>A>2 ?@>D5AA8>=0;L=KE D8=0=A>2KE 0=0;8B8:>2 8 48;5@>2 D8=0=A>2KE @K=:>2. F02Aug 0800 EllPMIJULN/F PCTN'A50.4Q2Aug l400 US NAPMJULN/F PCTWA57.002Aug 1400 US CONCTRUC SPNDG (SA)JUNN/F PCTN/A0.902Aug N/A US CARSJUNN/F MLNN'AN/A03Aug 1400 US LEAD INDICATORSJUN+0.3 !"N/A+0.303Aug 1400 US GDP (FINAL)JUNN/F MLNWA.66904Aug 0500 JPN LEAD INDICATORSJUNN/F PCTWA61.1R04Aug 0830 UK PMI SERVICES SVYJULN/F PCT#/56.604Aug 1400 US FACTORY ORDERS SAJUN+0.7 PCT#/+1.104Aug 1400 US NAPM (non-mfg)JUN55.7 PCTWA57.005ug 0800 GER UNEMPLOYMENTJULN/F PCTWA10.105Aug 0830 UK INDUSTRIAL PRODJUNN/F PCTWA+0.105Aug 1000 E11 UNEMPLOYMENTJUNN/F PCTWA10.305Aug 1400 US PRODUCITVITY (PREL)JUN+2.6 PCTWA+3.505Aug N/A GER MANU NEW QRDS SAJUNN/F PCTWA+0.106ug 0700 ITA IND. PROD NSA(Y/Y)JUNN/F PCTWA-0.706Aug 1230 US AVERAGE HRLY EARNSJUL-+0.3 !"WA+0.406Aug 1230 US AVG WORKWKJULN/FWA+34.506Aug 1230 US PAYROLL EMPLOYJUL191.9KN/A 268K06Aug 1230 US UNEMPLOYMENTJUL4.3 PCTWA 4.30 >A=>25 ?@54H5AB2CNI59 8AB>@88 8 ?@>3=>7>2 @K=>: A>7405B A2>5 <=5=85 >1 >68405<KE 7=0G5=8OE 8=48:0B>@>2, 87 :>B>@>3> 8 A;54C5B =0AB@>5=85 @K=:0 ?> :064>9 20;NB5 - 42830BL 55 225@E 8;8 65 2=87. -B> <=5=85 C :064>3> B@5945@0 <>65B 1KBL >A=>20=> =0 8< ;8G=> 2K?>;=5==>< 0=0;875 3@0D8:>2 M:>=><8G5A:8E 40==KE, ;81> 65 =0 A>?>AB02;5=88 8 8=BC8B82=>< 2725H820=88 <=5=89 @07=KE M:A?5@B>2 8 :><<5=B0B>@>2. CGH5 2A53>, 5A;8 C B@5945@0 5ABL A2>O A>1AB25==0O >F5=:0, 8AE>4O 87 :>B>@>9 >= A<>B@8B =0 4@C385 <=5=8O. > 3;02=>5 ?@8 0=0;875 8 ?@8=OB88 @5H5=89 =0 >A=>25 DC=40<5=B0;L=KE 40==KE MB> 2A5-B0:8 ?>=8<0=85 <=5=8O @K=:0. 1A>;NB=> B>G=KE ?@>3=>7>2 2 M:>=><8:5 =5 1K205B, 8 5A;8 @50;L=> >?C1;8:>20==K5 40==K5 ACI5AB25==> >B;8G0NBAO >B B>3>, GB> >6840; @K=>:, B> >= =5 >AB0=5BAO : MB><C @02=>4CH=K<. ">340 8 =0G8=05BAO M=5@38G=K9 E>4 3@0D8:0 20;NB=>3> :C@A0, 8 : MB><C =04> 1KBL 3>B>2K<. 064K9 8=48:0B>@ 8<55B A2>N 5AB5AB25==CN A2O7L A ?>2545=85< 20;NB=KE :C@A>2, ?@>AB> 2 A8;C A2>53> M:>=><8G5A:>3> A>45@60=8O. >MB><C <>6=> 157 B@C40 ?@54AB028BL A515 B01;8FC A @5:><5=40F8O<8 B0:>3> B8?0: 5A;8 8=48:0B>@ B0:>9-B> 2K@>A, B> :C@A 20;NBK ?>4=8<5BAO. > =0 A0<>< 45;5, 1C45B ;8 8<5BL <5AB> 8<5==> B0:0O @50:F8O @K=:0, 8;8 =5 1C45B @50:F88, ;81> ?@>87>945B ?@O<> >1@0B=>5, 7028A8B >B B>3>, :0: @K=>: ?@8H5; : A53>4=OH=5<C 53> A>AB>O=8N, :0:>2K 2>A?@8OB8O B@5945@0<8 ?@>8AE>4OI8E A>1KB89 8 8E >6840=8O =0 1C4CI55. >@>G5 3>2>@O, 2A5 >?@545;O5BAO =0AB@>5=85< @K=:0. ABL >1I0O AE5<0 ?@8G8==>-A;54AB25==KE A2O759, 0 5ABL :>=:@5B=K5 =0AB@>5=8O, :>B>@K5 2 MBC AE5<C C:;04K20NBAO (B>340 @50:F8O @K=:0 1C45B "=>@<0;L=>9"), ;81> 65 ?@>B82>@5G0B 59 (B>340 ?@>8AE>48B 1>;55 @57:0O =5AB0=40@B=0O @50:F8O @K=:0). !E5<0 MB8E A2O759 2?>;=5 5AB5AB25==0, >=0 87>1@065=0 2 B01;8F5. 68405<>5 2;8O=85 M:>=><8G5A:8E 40==KE =0 D8=0=A>2K5 @K=:8 %0@0:B5@ M:>=><8G5A:8E 40==KE (=>2>AB59) ?> :>=:@5B=59 M:>=><8:5!8;L=K5 (2KH5 >68402H8EAO)!;01K5 (=865 >68402H8EAO} K=>:#A;>28O 187=5A0=D;OF8O#A;>28O 187=5A0=D;OF8O>AC40@AB25==K5 F5==K5 1C<038(((($>=4>2K9 @K=>:((((0;NB=K9 @K=>: (:C@A =0F8>=0;L=>9 20;NBK)((((I5 @07 ?>4G5@:=5< ?A8E>;>38G5A:CN ?@8@>4C 2>A?@8OB8O @K=:>< M:>=><8G5A:8E 40==KE, :>B>@>5 2=>A8B >B:;>=5=8O 2 ?@82545==CN 2KH5 B01;8FC (8 157 ?@028;L=>3> ?>=8<0=8O :>B>@>3> =52>7<>6=0 @50;L=0O B>@3>2;O ?> DC=40<5=B0;L=K< 40==K<): 2 <><5=B ?C1;8:0F88 B>3> 8;8 8=>3> 8=48:0B>@0 A0<>5 206=>5 7=0G5=85 8<55B =5 G8A;5==0O 25;8G8=0 MB>3> 8=48:0B>@0, 0 B> - =0A:>;L:> MB0 25;8G8=0 >B;8G05BAO >B >6840=89 @K=:0. A;8 2KH54H89 ?>:070B5;L 2?>;=5 A>2?0405B A >6840=85< @K=:0, B> >= :0: ?@028;>, C65 8 CGB5= @K=:>< (48A:>=B8@>20=) 2 42865=88 F5=K. A>1>9 @50:F88 20;NB=KE :C@A>2 =0 >?C1;8:>20==>5 7=0G5=85 <>65B 8 =5 1KBL, =5A<>B@O =0 >1ICN M:>=><8G5A:CN 7=0G8<>ABL ?>:070B5;O (, 8=D;OF8O 8 B.4.). > 5A;8 @K=>: >6840; >4=>3>, 0 2KH;8 A>2A5< 4@C385 F8D@K, B> @50:F8O @K=:0 =0 ACI5AB25==K5 M:>=><8G5A:85 8=48:0B>@K 1C45B >1O70B5;L=>, 8 >G5=L G0AB> - 25AL<0 M=5@38G=0O. 0 2AO:89 A;CG09 70<5B8<, GB> <=5=85 @K=:0 <>65B 2>2A5 =5 A>2?040BL A >?C1;8:>20==K<8 ?@>3=>70<8. @>D5AA8>=0;87< B@5945@0 8 70:;NG05BAO 2 C<5=88 >B;8G0BL >4=> >B 4@C3>3>, 0 B0:65 2 ?>=8<0=88 B>3>, :0:85 8<5==> D0:B>@K O2;ONBAO 8<5==> A59G0A >?@545;ONI8<8 4;O 20;NB=KE @K=:>2. 06=>ABL B>3> 8;8 8=>3> 8=48:0B>@0 4;O @K=:0 =5 >AB05BAO @07 =02A5340 7040==>9.  7028A8<>AB8 >B A;>682H59AO A8BC0F88, >B ?@>1;5< 2 M:>=><8:0E 8 =0 D8=0=A>2KE @K=:0E, :0:>9-B> 8=48:0B>@ 2KE>48B =0 ?5@2K9 ?;0= 8 =5:>B>@>5 2@5<O >AB05BAO 2 F5=B@5 2=8<0=8O B@5945@>2. !?5:C;OF88 ?> ?>2>4C >68405<KE 7=0G5=89 MB>3> 8=48:0B>@0 <>3CB 42830BL :C@A 20;NBK 2 :0:CN-B> AB>@>=C 704>;3> 4> 2KE>40 40==KE, 0 ?>A;5 ?C1;8:0F88 :C@A <>65B @57:> C9B8 2 ?@>B82>?>;>6=>< =0?@02;5=88 =0 F5;K5 ?@>F5=BK ;8HL 87-70 B>3>, GB> >?C1;8:>20==>5 7=0G5=85 8=48:0B>@0 >B;8G0;>AL >B ?@>3=>7>2 =0 4>;8 ?@>F5=B0. > ?>B>< F5=B@ 2=8<0=8O @K=:0 A428305BAO : 4@C38< 8=48:0B>@0< (8;8 : 4@C38< 20;NB0<), 0 =0 MB>B ?>:070B5;L @K=>: =5 ?@>O2;O5B ?>GB8 =8:0:>9 @50:F88. %>BO >= <>65B ?>:07K20BL 8 1>;LH85 >B:;>=5=8O >B ?@>3=>7>2, <55BAO A:>;L:> C3>4=> ?@8<5@>2, :>340 M:>=><8G5A:85 ?0@0<5B@K, 1K2H85 4>;3>5 2@5<O 2 F5=B@5 2=8<0=8O @K=:>2, 24@C3 B5@ONB 4;O =8E 2AO:89 8=B5@5A 8 8E <5AB> 70=8<0NB 4@C385. -B> 5AB5AB25==> 8 =587156=>, 254L @K=:8 ?@54AB02;ONB A>1>9 682>9 >@30=87<, 2 687=8 :>B>@>3> <=>3>5 <5=O5BAO. ;02=0O F5;L MB>9 :=838 -?><>GL B@5945@C @07>1@0BLAO 2 ?@8@>45 >A=>2=KE M:>=><8G5A:8E 8=48:0B>@>2, 0 4;O CA?5E0 2 ?@8<5=5=8O MB8E 7=0=89 : ?@0:B8G5A:>9 B>@3>2;5 =5>1E>48<> 8<5==> =5?@5@K2=>5 =01;N45=85 70 687=LN @K=:0, 70 53> ?@>1;5<0<8, 87<5=5=8O<8 2 =0AB@>5=8OE 8 @50:F8OE. 1 MB>< =04> ?><=8BL! KE20G5==K9 87 @K=>G=>3> :>=B5:AB0 M:>=><8G5A:89 ?>:070B5;L <>65B =5 B>;L:> =5 40BL ?>;57=>9 8=D>@<0F88, => 457>@85=B8@>20BL B@5945@0: A:065<, 2 CG51=8:5 4;O B@5945@>2 8;8 2 :=835 ?> <0:@>M:>=><8:5 =0?8A0=>, GB> 5A;8 B0:>9-B> ?>:070B5;L I @0AB5B (I(), B> :C@A 20;NBK ?0405B. #28452 =0 M:@0=5 MB> A0<>5 I(, B@5945@ 1KAB@> ?@>405B 87@O4=CN AC<<C 40==>9 20;NBK 8 ?>;CG05B C1KB>:, ?>B><C GB> :C@A 20;NBK ?>A;5 MB>3> M=5@38G=> ?>4=8<05BAO. >G5<C MB> ?@>8AE>48B? 0 =0?@8<5@ ?>B><C, GB> 70 =5A:>;L:> 4=59 4> ?C1;8:0F88 ?>:070B5;O I =0 @K=:5 1K;> <=>3> A?5:C;OF89, :><<5=B0@852 8 >?@>A>2 <=5=89, ?>:0702H8E, GB> 2A5 C25@5=K 2 @>AB5 40==>3> 8=48:0B>@0, B0: GB> 2 B5G5=85 MB8E 4=59 :C@A 20;NBK ?>AB5?5==> ?040;, ?>B><C GB> 2 >6840=88 8<5==> B0:8E 40==KE B@5945@K ?@>4020;8 20;NBC.  ?>A;5 2KE>40 40==KE, ?>4B25@482H8E >6840=8O, <=>385 C65 2K?>;=8;8 A2>8 ?;0=K 8 B5?5@L @50;87CNB ?@81K;8, ?>:C?0O ?> =87:>9 F5=5 20;NBC, :>B>@CN >=8 @0=LH5 CA?5;8 ?@>40BL 4>@>3>. 0AA>2K5 ?>:C?:8 20;NBK :>=5G=> 65 ?>4=8<CB 55 :C@A 8 2?>;=5 4>AB0B>G=> 4;O B>3> GB>1K >15A?5G8BL C1KB>: B><C, :B> =5 A;548; 2A5 MB> 2@5<O 70 ?>2545=85< @K=:0. 0AA<0B@820O 2 :=835 @07;8G=K5 8=48:0B>@K, <K 8;;NAB@8@>20;8 8E ?@8<5@0<8 B>3> :0: @K=:8 @5038@>20;8 =0 M:>=><8G5A:85 40==K5 8 ?@>8AE>482H85 A>1KB8O. 45AL <K @0AA<>B@8< 4;O 8;;NAB@0F88 @0AAC645=89 > ?A8E>;>388 ?@8=OB8O @5H5=89 2 DC=40<5=B0;L=>< 0=0;875 5I5 =5A:>;L:> 682KE <><5=B>2 87 =5402=59 687=8 @K=:>2, GB>1K ?>:070BL, :0: MB> ?@>8AE>48B =0 A0<>< 45;5. "@8 3;02=KE F5=B@0 2=8<0=8O D8=0=A>2KE @K=:>2 2 1999 3>4C - MB> AC4L10 0<5@8:0=A:>3> D>=4>2>3> @K=:0, =>20O 20;NB0 52@> 8 O?>=A:0O 95=0. K=>: 0<5@8:0=A:8E 0:F89 2 ?@54K4CI85 B@8 3>40 @>A =52840==K<8 2 8AB>@88 B5<?0<8. 4=>3> 273;O40 =0 8A. 2.2. 4>AB0B>G=>, GB>1K ?>=OBL @07=8FC 2 ?>2545=88 0<5@8:0=A:8E 0:F89 4> 1996 3>40 8 ?>A;5. #65 2 :>=F5 1996 3>40 ?@54A540B5;L $545@0;L=>9 575@2=>9 !8AB5<K A.Greenspan 2KA:070; >?0A5=8O > B><, GB> @K=>: 0<5@8:0=A:8E 0:F89 O2;O5BAO ?5@53@5BK<, F5=K =0 =8E O2=> 702KH5=K. > @0725 <>6=> A@02=8BL B>340H=89 C@>25=L >C-6>=A0 A A53>4=OH=8<. @30=87>20==K9 ?> AB0=40@B=><C AF5=0@8N F8:; D8=0=A>2KE :@878A>2 (=0G02H89AO 2 1997 3>4C A> AB@0= 788 8 ?@>:0B82H89AO 70B5< ?> 0B8=A:>9 <5@8:5 8 >AA88), 70:0=G8202H8EAO :064K9 @07 B5<, GB> :>@@C<?8@>20==0O ?@02OI0O =0F8>=0;L=0O M;8B0 A ?><>ILN :@548B>2 $ ?5@5:0G820;0 <8;;80@4K 4>;;0@>2 87 =0F8>=0;L=KE M:>=><8: 2 D8=0=A>2K9 @K=>: !(, G@572KG09=> 1;03>?@8OB=> >B@078;AO =0 F5=0E 0<5@8:0=A:8E 0:F89, 2K7202 8E 1C@=K9 @>AB. 5:>B>@K5 ?@>1;5<K, 2>7=8:H85 2 G0AB=>AB8, ?>A;5 023CAB>2A:>3> 1998 3. 45D>;B0 >AA88, 1K;8 A=OBK A2>52@5<5==K<8 459AB28O<8 FED, >:0702H53> ?@O<CN ?>445@6:C (2;820=85 3,6 <8;;80@4>2 4>;;0@>2) >4=><C 87 :@C?=59H8E 0<5@8:0=A:8E E546-D>=4>2 LTCM, ?>?02H5<C =0 3@0=L @07>@5=8O 2 @57C;LB0B5 ?@8<8B82=KE 459AB289 =0 @072820NI8EAO D>=4>2KE @K=:0E, 0 B0:65 A8;L=> A=8782H53> >A5=LN 1998 3>40 ?@>F5=B=K5 AB02:8 (B@5<O 42865=8O<8 =0 0,75% 3>4>2KE; =57=0G8B5;L=>ABL MB>9 F8D@K =5 4>;6=0 22>48BL 2 701;C645=85, B0: :0: 4065 G8AB> D>@<0;L=>, MB> >7=0G0;> =5 <5=55 0,75 : 5,5 = 15% A=865=8O ?@82;5:0B5;L=>AB8 3>AC40@AB25==KE >1;830F89 !(, 0 7=0G8B, ?5@5>@85=B8@>20;> ?>B>:8 4>;;0@>2 =0 0:F88). 5A?@5F545=B=K9 @>AB F5= =0 0:F88 A>740; MDD5:B 1;03>45=AB28O: :0: 8725AB=>; =5 <5=55 50% 4><0H=8E E>7O9AB2 2 !( 2>2;5G5=K 2 CG0AB85 =0 D>=4>2>< @K=:5, O2;ONBAO 2;045;LF0<8 B5E 8;8 8=KE ?0:5B>2 0:F89. 0 <5=55 G5< B@8 3>40, B>;L:> 1;03>40@O @>ABC 0:F89, 8E A>1AB25==>ABL <>3;0 ?>4=OBLAO 2 F5=5 2 2 - 3 @070. ;O >@85=B8@>20==>9 =0 ?>B@518B5;O M:>=><8:8 !( MB> O28;>AL A8;L=59H8< 4>?>;=8B5;L=K< AB8<C;><, B0: :0: 8=B5=A82=K9 A?@>A =0 B>20@K 4;8B5;L=>3> ?>;L7>20=8O (E>;>48;L=8:8, <515;L, 02B><>18;8 8 B.4.) 8 68;8I=>5 AB@>8B5;LAB2> 40;8 <>I=K9 8<?C;LA : @>ABC ?@>872>4AB20 2> <=>38E >B@0A;OE.  2 =0G0;5 1999 3>40 2 4>:;045 A.Greenspan'a 1K;> >B<5G5=>, GB> B>B 65 MDD5:B 1;03>45=AB28O AB0; C65 A8;L=59H8< D0:B>@>< @>AB0 187=5A0, ?>A:>;L:C <=>65AB2> ;N459 ?>;CG8;8 2>7<>6=>ABL 2;>68BL A2>8 :0?8B0;K, ;8G=> 8;8 >1J548=82H8AL A 1;87:8<8, 2 A>740=85 A>1AB25==>3> 45;0 (4>?>;=8B5;L=K9 D0:B>@ ?>2KH5=8O 70=OB>AB8!).  8A. 16.1. @><KH;5==K9 8=45:A >C-6>=A0, 7997- 1999 3. 3. 4=0:>, ;8H5==K9 8AB>G=8:0 ?@8;820 :0?8B0;>2, D>=4>2K9 @K=>: =5 <>65B 28A5BL 2KA>:> A0< ?> A515. 5 C4828B5;L=>, GB> 1999 3>4 =0G0;AO A >?0A5=89, 2KA:070==KE (?@8G5<, B0:8<8 25AL<0 02B>@8B5B=K<8 ;N4L<8, :0: 70<5AB8B5;L ?@54A540B5;O $545@0;L=>9 575@2=>9 !8AB5<K A.Rivlin 8 <8AB5@ 5= E.Sakakibara, 70<5AB8B5;L <8=8AB@0 D8=0=A>2 /?>=88 ?> 8=>AB@0==K< 45;0<) > B><, GB> 0<5@8:0=A:89 D>=4>2K9 @K=>: ?@54AB02;O5B A>1>9 ?C7K@L, :>B>@K9, 5A;8 ;>?=5B, <>65B >1@CH8BL 8 M:>=><8:C. A.Rivlin 2 O=20@5 1999 3. CB25@640;0, GB> F5=K =0 0<5@8:0=A:85 0:F88 =5 >?@024K20NBAO =8:0:8<8 @07C<=K<8 >6840=8O<8 ?@81K;59 :>@?>@0F89.  1K2H89 ?@54A540B5;L FED Volcker 70<5B8;, GB> AC4L10 M:>=><8:8 7028A8B >B 50 0:F89, 87 :>B>@KE 50% =8:>340 =5 4>:;04K20;8 > :0:8E-;81> ?@81K;OE. >765 ?@0240, =5:>B>@K5 87<5=8;8 <=5=8O, AG8B0O, GB> 2 >A=>25 @>AB0 ;568B A>25@H5=AB2>20=85 B5E=>;>389, 2 G0AB=>AB8 8=D>@<0F8>==KE. > :0: 1K B> =8 1K;>, =5CAB>9G82>ABL =0@0AB0;0, =5 ?@5:@0I0;AO ?>B>: :><<5=B0@852 > B><? GB> ?5@53@5B0O M:>=><8:0 !( 4>;6=0 ?5@59B8 2 AB048N 70<54;5=8O, ?@>1;5<K A B>@3>2K< 45D8F8B>< @>A;8 2<5AB5 A 45D8F8B><, B>;L:> <=>3>:@0B=K5 8=B5@25=F88 0=:0 /?>=88 C45@6820;8 4>;;0@ >B >120;0 ?@>B82 95=K, 0 M:>=><8:0 2@>?K ?>A;5 ?@5:@0I5=8O 2>9=K 2 .3>A;0288 8 @5H5=8O =587156=KE ?@>1;5< ?5@5E>4=>3> ?5@8>40 2>7=8:=>25=8O 52@>, >15I0;0 2K9B8 87 @5F5AA88 8 =0G0BL 4>3>=OBL 0<5@8:0=A:CN. A5 MB8 D0:B>@K =0?@02;5=K ?@>B82 4>;;0@0 8 0<5@8:0=A:8E 0:B82>2, GB> 8 ?@>45<>=AB@8@>20; @K=>: ?>A;5 ?>2KH5=8O AB02>: FED. A;8 ?5@2>3> 8N;O 1K;0 2?>;=5 >G5284=0O @50:F8O =0 ?>2KH5=85 AB02>: ( 8A. 16.2), :C@A 4>;;0@0 ?>4=8<0;AO (E>BO 8 =5 >G5=L 4>;3>), B> ?>A;5 2B>@>3> ?>2KH5=8O AB02>: 24 023CAB0 2A;54 70 =5:>B>@K< CA8;5=85< 4>;;0@0 =0G0;AO >1@0B=K9 ?@>F5AA.  8A. 16.2. >2KH5=85 AB02>: FED 1 8N;O 1999 3., 3@0D8: 1@8B0=A:>3> DC=B0 K=>: >6840; =>2KE ?>2KH5=89 AB02>:, :>B>@K5 A45;0NB 0<5@8:0=A:85 0:B82K <5=55 ?@82;5:0B5;L=K<8, 0 2A;54AB285 8E O2=>9 ?5@5>F5=5==>AB8, A?04 <>65B 1KBL =5 ?@>AB> >B:0B><, => =0AB>OI8< >120;><. "5< 1>;55, GB> @O4>< 2 87>18;88 =0E>48;8AL =54>@>385 O?>=A:85 8 52@>?59A:85 0:F88 8 >1;830F88.  8B>35, 2 B5G5=85 2A53> ;5B0 1999 3>40 @K=>: >F5=820; ;N1K5 ?@87=0:8 @>AB0 8=D;OF88 8;8 70=OB>AB8 A !( A B>G:8 7@5=8O 2>7<>6=KE ?>2KH5=89 AB02>: FED, 8 4065 =>2K5 ?>4B25@645=8O A8;K M:>=><8:8 2>A?@8=8<0;8AL ;8HL :0: ?@81;865=85 : 1C4CI5<C A?04C, 2 8B>35 :C@A 4>;;0@0 C?0; : =0G0;C 023CAB0 =0 =5A:>;L:> ?@>F5=B>2 ?> 2A5< G5BK@5< >A=>2=K< 20;NB0<, 8 ?> A>>1I5=8O< 0=0;8B8:>2, <=>385 8=25AB8F8>==K5 D>=4K 0:B82=> ?5@5>@85=B8@>20;8 B>340 A2>8 ?>@BD5;8 2 AB>@>=C O?>=A:8E 8 52@>?59A:8E 0:B82>2, 0 MB8 ?5@5B>:8 :0?8B0;>2 2=>A8;8 4>?>;=8B5;L=>5 402;5=85 =0 4>;;0@ : =87C.  8A. 16.3. >2KH5=85 AB02>: FED, 24 023CAB0 I999 3., 3@0D8: 1@8B0=A:>3> DC=B0  8A. 16.4. >2KH5=85 AB02>: FED 24 023CAB0 19993., 3@0D8: 52@> 8AC=>: 16.3 ?>:07K205B >?5@560NICN @50:F8N @K=:0 2 >6840=88 70A540=8O FED; @K=>: 70@0=55 1K; =0AB@>5= =0 B> GB> ?>2KH5=85 AB02>: A>AB>8BAO, 8 4>;;0@ C65 C:@5?;O;AO. >A;5 ?>ABC?;5=8O 8=D>@<0F88 > ?@8=OB>< @5H5=88 3@0D8: ?@>4>;68; =5:>B>@K9 E>4 2 AB>@>=C C:@5?;5=8O 4>;;0@0, 0 70B5< =0G0;AO 4;8B5;L=K9 E>4 2 ?@>B82>?>;>6=CN AB>@>=C. 5A<>B@O =0 ?>2KH5=85 AB02>:, :C@A 4>;;0@0 ?040;. @8<5@=> B0:8< 65 1K; E>4 A>1KB89 8 =0 @K=:5 52@>/4>;;0@ ( 8A. 16.4). /?>=A:0O 95=0 ;5B>< 1999 3>40. @54AB02;5==K5 =865 B@8 3@0D8:0 ( 8A. 16.5, 16.6, 16.7) 2<5AB5 A @8AC=:>< 8.4. ?>:07K20NB C?>@=>5 =565;0=85 95=K ?040BL ?@>B82 4>;;0@0, =5A<>B@O =0 ?@>2545==K5 ;5B>< =5A:>;L:> ?>4@O4 8=B5@25=F89 0=:0 /?>=88, AB>82H8E 5<C, ?> 8<5NI8<AO A2545=8O<, =5 <5=55 37 <8;;80@4>2 4>;;0@>2. 0 @8AC=:5 16.5 ?>:070= 3@0D8: 95=K 2 B> 2@5<O, :>340 0=: /?>=88 >ACI5AB28; <0AA8@>20==K5 ?>:C?:8 4>;;0@0 ?@>B82 95=K ?@8 ?>A@54=8G5AB25 2@>?59A:>3> &5=B@0;L=>3> 0=:0. -DD5:B >B MB>9 8=B5@25=F88 1K; 25;8:, :C@A 95=K C?0; 1>;55 G5< =0 B@8 ?@>F5=B0.  8A. 16.5. =B5@25=F8O 0=:0 /?>=88 18 8N=O 1999 3, :C@A 95=K !;54CNI0O 8=B5@25=F8O 1K;0 >ACI5AB2;5=0 2 >B25B =0 ?>2KH5=85 AB02>: FED, ?>A;5 :>B>@>3> :C@A 4>;;0@0 ?> >B=>H5=8N : 95=5 AB0; ?040BL. > <=5=8N 0=:0 /?>=88, H8@>:> 8< >1JO2;5==><C, CA8;5=85 95=K B>340 1K;> ?@56452@5<5==K<, >=> =5 A>>B25BAB2>20;> C@>2=N 5I5 B>;L:> =0<5G02H53>AO 2>AAB0=>2;5=8O 2 M:>=><8:5 /?>=88, =0=>A8;> CI5@1 O?>=A:8< M:A?>@B=K< >B@0A;O< 8 O?>=A:8< 8=25AB8F8>==K< 8=AB8BCB0<.  A>>B25BAB288 A MB>9 70O2;5==>9 ?>78F859. 0=: /?>=88 8 ?@54?@8=O; 20;NB=CN 8=B5@25=F8N 4;O >3@0=8G5=8O @>AB0 :C@A0 95=K.  8A. 16.6. >2KH5=85 AB02>: FED I 8N;O 8 8=B5@25=F8O 0=:0 /?>=88; 3@0D8: :C@A0 4>;;0@/95=0  8A. 16.7. /?>=A:0O 95=0 ;5B>< 1999 3>40 -DD5:B >B MB>9 8=B5@25=F88 1K; =5A:>;L:> <5=LH5. G5< >B ?@54K4CI59, ?>A:>;L:C =0AB@>5=8O @K=:0 >=0 =5 87<5=8;0: 8=>AB@0==K5 8=25AB>@K 2:;04K20;8 7=0G8B5;L=K5 A@54AB20 2 O?>=A:85 0:F88, >?0A0OAL >?>740BL : MB><C 2K3>4=><C 8=25AB8F8>==><C ?@>5:BC. :F88 O?>=A:8E :>@?>@0F89 4>;3>5 2@5<O 1K;8 =54>>F5=5==K<8, 8E @>AB =0G0;AO A@02=8B5;L=> =5402=>, B>;L:> 2 1999 3>4C. B0: GB> ?@8B>: 8=>AB@0==KE 45=53 ?>4AB53820; MB>B @>AB, GB> ?@82;5:0;> =0 MB>B @K=>: =>2K5 45=L38, 0 95=0 2A5 @>A;0. 8AC=>: 16.7 ?>:07K205B MB>B ?@>F5AA A =5A:>;L:> 1>;55 3;>10;L=>9 B>G:8 7@5=8O; =0 =5< E>@>H> 284=>, :0: 95=0 C:@5?;O5BAO ?@>B82 4>;;0@0, =5A<>B@O =8 =0 GB>. >20O 20;NB0 52@>: ?5@2K5 H038. @C3>9 25AL<0 ?>CG8B5;L=>9 8;;NAB@0F859 @0728B8O ?@>F5AA>2 =0 <8@>2>< D8=0=A>2>< @K=:5 8 8E A2O759 A 20;NB=K<8 :C@A0<8 O2;O5BAO 8AB>@8O A >BAB02:>9 <8=8AB@0 D8=0=A>2 5@<0=88 O.Lafontein'a. > 2@5<5=8 ?>O2;5=8O =0 A25B =>2>9 20;NBK 52@>. ?@>F5=B=K5 AB02:8 >48==04F0B8 52@>?59A:8E F5=B@0;L=KE 10=:>2 =0E>48;8AL =0 548=>< C@>2=5 2 3% 3>4>2KE. #AB0=>2;5= MB>B 548=K9 C@>25=L 1K; A>3;0A>20==K<8 459AB28O<8 F5=B@0;L=KE 10=:>2 2 =>O1@5 1998 3>40 8 ?> >F5=:0< =5:>B>@KE :><<5=B0B>@>2, MB> A>3;0A>20==>5 459AB285 <>65B 1KBL 70=5A5=> 2 A?8A>: 25AL<0 ?@>D5AA8>=0;L=> 2K?>;=5==KE @5H5=89 D8=0=A>2>9 ?>;8B8:8. %>BO ?>B>< 1K;> <=>3> :><<5=B0@852, GB> =8G53> >A>15==>3> MB> 42865=85 A>1>9 =5 ?@54AB02;O5B 8 2A5<8 70@0=55 >6840;>AL, => 0=0;87 @K=>G=KE C@>2=59 MB>3> >6840=8O =5 ?>4B25@640;; ACBL 45;0 A:>@55 2A53> 2 B><, GB> 8<5==> B>340 MB>3> =8:B> 8 =5 >6840; - 548=K9 2@>?59A:89 &5=B@0;L=K9 0=: 4>;65= 1K; =0G0BL DC=:F8>=8@>20BL A O=20@O 1999 3>40.  8A. 16.8. BAB02:0 <8=8AB@0 D8=0=A>2 5@<0=88 .0D>=B5=0 8 ?5@2K9 2>AE>4OI89 :0G0; =0 3@0D8:5 52@> (<0@B 1999 3.) 0: 1K B> =8 1K;>, A <><5=B0 CAB0=>2;5=8O 548=KE 52@>?59A:8E AB02>: >=8 ?>?0;8 ?>4 >3>=L :@8B8:8 A> AB>@>=K =5:>B>@KE 52@>?59A:8E <8=8AB@>2 D8=0=A>2, 2 G5< >A>15==> CA5@4AB2>20; <8=8AB@ D8=0=A>2 5@<0=88 O.Lafontaine, =0AB>9G82> B@51>202H89 40;L=59H53> A=865=8O AB02>: 2 :0G5AB25 4>?>;=8B5;L=>3> AB8<C;0 70=OB>AB8 8 M:>=><8G5A:>3> @>AB0 2 2@>?5. 2@>?59A:89 &5=B@0;L=K9 0=: (&) >:070;AO 2 A;>6=>< ?>;>65=88: A >4=>9 AB>@>=K, A=865=85 ?@>F5=B=KE AB02>: 459AB28B5;L=> >?@024K20;>AL E>4>< M:>=><8G5A:>3> F8:;0 2 2@>?5, A 4@C3>9 AB>@>=K, ?>;CG0;>AL, GB> ?5@2>5 @5H5=85 2 A2>59 8AB>@88 0=: A45;05B ?>4 ?@O<K< =068<>< A> AB>@>=K ?>;8B8:>2. 57028A8<>ABL F5=B@0;L=KE 10=:>2 >B A2>8E ?@028B5;LAB2 C65 402=> O2;O5BAO 4;O 2A53> <8@0 4>:070==K< D0:B>@>< AB018;L=>AB8 D8=0=A>2, A45@6820=8O 8=D;OF88 8 >1I53> 4>25@8O : 20;NB5. ;O & 65 4>:070B5;LAB2> 53> =57028A8<>AB8 AB0;> ?@8=F8?80;L=K< 45;><, B5< 1>;55, GB> 52@> A A0<>3> =0G0;0 8A?KBK20;0 A8;L=>5 402;5=85 2=87 87-70 ?@>1;5< 2 @O45 52@>?59A:8E AB@0= (2 >A>15==>AB8 A 157@01>B8F59) 8 O2=>3> @0AE>645=8O 2 B5<?0E @>AB0 2 2@>?5 8 !(. !=865=85 ?@>F5=B=KE AB02>: >F5=820;>AL @K=:>< B>340 :0: =587156=>5, => ?>4 ?@O<K< 402;5=85< ?>;8B8:>2 0=: =0 =53> ?>9B8 =5 <>3 (2 8AB>@88 8725AB=K A8BC0F88, :>340 F5=B@0;L=K9 10=: ?>4=8<05B ?@>F5=B=K5 AB02:8 8<5==> ?>B><C, GB> ?@028B5;LAB2> B@51C5B 8E A=878BL) 8 B@8 <5AOF0 4>:07K20;, GB> 4;O 1>@L1K A 157@01>B8F59 =04> =5 AB02:8 A=860BL, 0 CAB@0=OBL 70:>=>40B5;L=K5 10@L5@K, >3@0=8G820NI85 <0=52@ @01>G59 A8;K 2 2@>?5 8 >ACI5AB2;OBL 4@C385 @5D>@<K =0 @K=:5 B@C40. '5< 4>;LH5 4;8;>AL ?@>B82>AB>O=85 <564C <8=8AB@0<8 D8=0=A>2 8 0=:><, B5< A8;L=55 @K=>: 4028; 20;NBC 2=87, C25@5==K9 2 B><, GB> 2 :>=F5 :>=F>2 AB02:8 ?@845BAO C@570BL.  8A. 16.9. >30B0O A>1KB8O<8 =545;O, <09 1999, 3@0D8: :C@A0 52@>/4>;;0@ 0:>=G8;>AL 2A5 MB> =5>6840==>9 4;O 2A5E >BAB02:>9 0D>=B5=0 A ?>AB0 <8=8AB@0 D8=0=A>2 11 <0@B0, :>B>@CN @K=>: @0AF5=8; :0: A=OB85 ?>=860NI53> 402;5=8O =0 20;NBC 8 2 @57C;LB0B5 ?> 52@>, 2?5@2K5 A 55 ?>O2;5=8O =0 A25B, AD>@<8@>20;AO 2?>;=5 CAB>9G82K9 2>AE>4OI89 :0=0;; =0@CH5= :>B>@K9 1K; B>;L:> A =0G0;>< =0B>2A:8E 1><10@48@>2>: 2 .3>A;0288.  B5G5=85 2A59 MB>9 2>9=K 52@> =0E>48;0AL ?>4 402;5=85< 2=87, => :064>5 A>>1I5=85, 4065 A;CE, > 2>7<>6=>AB8 ?@5:@0I5=8O 2>9=K A@07C 65 4020;8 8<?C;LA ?> 52@> =025@E.  AB02:8 & A=878; 8 0?@5;O, 8 A@07C =0 ?>;?@>F5=B0. =B5@5A=> B>, GB> :>340 2 8N;5 52@> =0:>=5F-B> ?@5>4>;5;0 70BO6=>5 ?045=85 8, >BB>;:=C2H8AL >B >?0A=>3> A>A54AB20 A 4>;;0@>2K< ?0@8B5B><, ?>4=O;0AL, B> >:070;0AL >=0 8<5==> =0 C@>2=5 =86=59 3@0=8FK MB>3> :0=0;0.  2 70:;NG5=85, =0 @8AC=:5 16.9 ?@54AB02;5=0 >4=0 >G5=L A>45@60B5;L=0O, 1>30B0O A>1KB8O<8 =545;O 87 687=8 52@>.  ?>=545;L=8: :C@A 52@> @57:> ?>4=O;AO 1>;55 G5< =0 ?@>F5=B, 4> 1.0841, ?@8G5< 7=0G8B5;L=0O G0ABL MB>3> E>40 1K;0 A45;0=0 70 20 <8=CB, ?>A;5 A>>1I5=89 > 2>7<>6=>AB8 <8@=>3> @07@5H5=8O :>A>2A:>3> :>=D;8:B0 8 =0G0;5 2K2>40 N3>A;02A8E 2>9A:. > 70B5< ?>A;54>20;8 :><<5=B0@88, > B><, GB> !( 8 =3;8O 70O28;8 > =54>AB0B>G=>AB8 MB8E <5@ 4;O C4>2;5B2>@5=8O B@51>20=89 " 8 > ?@>4>;65=88 1><10@48@>2>:. 0G0;AO >B:0B 52@> 2=87, ?@>4>;60NI89 >1ICN B5=45=F8N ?045=8O 20;NBK.  A@54C, ?>A;5 =5:>B>@>9 :>=A>;840F88, :C@A 52@> :@CB> C?0; =0 80 ?C=:B>2 ?>A;5 A>>1I5=8O >1 >BAB02:5 ?@5<L5@-<8=8AB@0 >AA88 ..@8<0:>20. 0@80=B B0:>3> @0728B8O A>1KB89 >1AC640;AO, => >BAB02:0, ?@82O7K205<0O : >1AC645=8N >A4C<>9 >AA88 8<?8G<5=B0 ?@57845=B0, >6840;0AL ?> :@09=59 <5@5 =0 A;54CNI89 45=L. >;8B8G5A:0O =5AB018;L=>ABL 2 >AA88 ?>4@K205B :C@A 52@> 87-70 B5A=KE D8=0=A>2KE 8 B>@3>2KE (0 B0:65, =5A><=5==>, 8 ?>;8B8G5A:8E) >B=>H5=89 >AA88 A 5@<0=859, :@C?=59H59 M:>=><8:>9 52@>-@538>=0. -B> A2>9AB2> 52@> 2 ?>;=>9 <5@5 C=0A;54>20;0 >B >A=>2=>9 A2>59 ?@54H5AB25==8FK - =5<5F:>9 <0@:8.  40==>< A;CG05 @K=>: >4=>7=0G=> @0AA<0B@820; >BAB02:C @8<0:>20 :0: D0:B>@, >B@8F0B5;L=K9 4;O @5D>@<8@>20=8O M:>=><8:8 >AA88, ?>MB><C @50:F8O =0 C:07 >1 >BAB02:5 @8<0:>20 1K;0 A:>@>9 8 @57:>9, E>BO 8 =5?@>4>;68B5;L=>9. >A;54>202H85 =5?>A@54AB25==> 70 A>1KB85< :><<5=B0@88 >1AC640;8 ?045=85 52@> 2 A2O78 A 48=0<8:>9 M:>=><8:8 2@>?K 8 !(, 0 =5 A A>1KB8O<8 2 >AA88. "5< 1>;55, GB> C65 G5@57 =5A:>;L:> G0A>2 =>20O >BAB02:0, =0 MB>B @07 A5:@5B0@O 0<5@8:0=A:>3> 07=0G59AB20 . C18=0, 2K720;0 ?045=85 4>;;0@0 ?> >A=>2=K< 20;NB0<. !0<0 ?> A515 =>2>ABL =5 1K;0 ?>;=>9 =5>6840==>ABLN, B0: :0: 2>7<>6=>ABL MB0 C65 >1AC640;0AL 2 ?5G0B8, => 2A5 65 2 <><5=B 2KE>40 A>>1I5=8O :C@A 4>;;0@0 C?0;.  A0<>< :>=F5 =545;8 40==K5 ?> 0<5@8:0=A:>9 8=D;OF88 2K720;8 5I5 >4=C @57:CN @50:F8N @K=:0: 8=45:A ?>B@518B5;LA:8E F5= !( 70 0?@5;L ?>:070; =5>6840==> 2KA>:89 @>AB 2 0,7%. ;O A@02=5=8O - 2 <0@B5 1K;> 0,2%, 0 ?@>3=>7K =0 >A=>20=88 >?@>A>2 M:A?5@B>2 ?@54A:07K20;8 =5 1>;55 0,4%. %>BO >A=>2=>9 @>AB F5= A2O70= 1K; A ?@>8AH54H8< ?5@54 B5< @>AB>< F5= =0 =5DBL, => 8 >A=>2=>9 ?>:070B5;L Core CPI, 8A:;NG0NI89 87 A>AB020 ?>B@518B5;LA:>9 :>@78=K ?@>4C:BK ?8B0=8O 8 M=5@3>=>A8B5;8, B0:65 ?>4=O;AO =0 0,4% (0.1% 2 <0@B5). A=>2=>9 A<KA; :><<5=B0@852 2 MB>9 A2O78 A>AB>O; 2 B><, GB> 459AB285 D0:B>@>2, 1;03>?@8OB=> A:07K202H8EAO =0 A8;L=>< =58=D;OF8>==>< @>AB5 M:>=><8:8 !( (<8@>2>9 D8=0=A>2K9 :@878A 8 ?045=85 F5= =0 =5DBL), C65 70:>=G8;>AL. >4J5< F5= =0 =5DBL 8 =0G0;> 2>AAB0=>2;5=8O 2 4@C38E <8@>2KE M:>=><8:0E, 2 B>< G8A;5 2 788, 2K7>25B >1I89 @>AB F5=, B0:65 8 2 !(. A5 <=5=8O A2>48;8AL : B><C, GB> FED 2A:>@5 4>;65= 1C45B ?>4=OBL AB02:8, 0 MB> @0AF5=820;>AL :0: D0:B>@, >B@8F0B5;L=K9 4;O 0<5@8:0=A:8E D8=0=A>2KE 0:B82>2. "0: GB> F5=K =0 0<5@8:0=A:85 0:F88 8 >1;830F88, 0 70>4=> A =8<8 8 :C@A 4>;;0@0 >:070;8AL ?>4 402;5=85< :=87C. B25BK : @0AG5B=K< 7040G0<. 040G0 ?0@03@0D0 3. 57C;LB0BK ?@82545=K 2 B01;8F5, 25@E=OO ?>;>28=0 :>B>@>9 A>45@68B @0AAG8B0==K5 ?> D>@<C;5 >B=>A8B5;L=>3> ! ?@>F5=B=K5 87<5=5=8O SS :C@A>2 20;NB ?> >B=>H5=8N : 4@C3 4@C3C =0 =0G0;> 1999 3., 0 2 =86=59 ?>;>28=5 ?@54AB02;5=K @57C;LB0BK @0AG5B0 4;O A5@548=K 1999 3. 5>1E>48<> CG5ABL, GB> :C@AK 20;NB ?> >B=>H5=8N 4@C3 : 4@C3C ?8HCBAO 745AL 2 AB0=40@B=>9 ?@8=OB>9 =0 @K=:5 FOREX D>@<5: :>;8G5AB2> 4>;;0@>2 70 DC=B, 4>;;0@>2 70 52@>, 95= 70 4>;;0@, DC=B>2 70 52@>, 95= 70 DC=B, 95= 70 52@>. >;;0@ $C=B 2@> 5=0 >;;0@ - 0.33 0.89 1.09 $C=B -0.79 - 0.56 -0.76 2@> 1.09 1.88 - -0.2 5=0 - 2.25 -3.04 -1.16 040G0 ?0@03@0D0 6. !B@0=0 50;L=0O AB02:0 0G0;> 99 !5@548=0 99 USA 1.15 1.22 UK 2.14 0.65 EU-11 0.96 0.94 Japan -0.23 0.45 @54<5B=K9 C:070B5;L &8D@K C:07K20NB =><5@ ?0@03@0D0, 345 40==K9 B5@<8= >?@545;5= 8;8 2?5@2K5 2AB@5G05BAO 2 :=835 1A>;NB=K9 20@80=B ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (absolute version of purchasing power parity) 3 0=: =3;88 (Bank of England, ) 1, 5 0=: /?>=88 (Bank of Japan, BOJ) 3 0;>2>9 2=CB@5==89 ?@>4C:B,  (Gross Domestic Product, GDP) 8 0;>2>9 =0F8>=0;L=K9 ?@>4C:B (Gross National Product, GNP) 8 >;0B8;L=>ABL(87<5=G82>ABL) 10 >4>2K5 ?@>F5=BK (annualized) 4 5=56=K5 03@530BK (Monetary Aggregates) 5 5D;OB>@  (Implicit Deflator GDP) 6, 10 8A:>=B=0O AB02:0 (Discount Rate) 5 8DDC78>==K9 8=45:A (Diffusion Index) 14 8DDC78>==K9 8=45:A 70=OB>AB8 (Employment Diffusion Index, EDI) 12 >E>4=>ABL 3>AC40@AB25==KE F5==KE 1C<03 (Government Bonds Yields) 5 2@>?59A:89 <5E0=87< @53C;8@>20=8O >1<5==KE :C@A>2 (European Rate Mechanism, ERM) 1 5AB:89 @K=>: B@C40 (Tight Labor Market) 12 025@H5==K5 AB@>8B5;LAB20 (Housing Completions) 13 0:07K =0 B>20@K 4;8B5;L=>3> ?>;L7>20=8O (Durable Goods Orders) 9 0:>= >4=>9 F5=K 3 0:>= C:5=0 12 0=OB>ABL A>3;0A=> 254><>AB59 > 70@?;0B5 2 =5A5;LA:>E>7O9AB25==>< A5:B>@5 (Non-farm Payrolls) 12 =45:A >C-6>=A0 (Dow Jones Index) 4 =45:A =0AB@>5=89 ?>B@518B5;O, ?C1;8:C5<K9 8G830=A:8< C=825@A8B5B>< (University of Michigan's Consumer Sentiment Index) 13 =45:A ?>B@518B5;LA:8E F5= (Consumer Price Index, CPI) 10 =45:A F5= ?@>872>48B5;59 (Producer Price Index) 10 =45:A C25@5==>AB8 ?>B@518B5;O (Consumer Confidence Index) 13 =48:0B>@K ?@>F8:;8G5A:85, ?@>B82>F8:;8G5A:85 8 0F8:;8G5A:85 7 =48:0B>@K >?5@560NI85 (leading), 70?074K20NI85 (lagging), A>2?040NI85 (coinciding) 7 A?>;L7>20=85 ?@>872>4AB25==KE <>I=>AB59 (Capacity Utilization, CAPU) 9 >;8G5AB2> 45=53 2 >1@0I5=88 (Money Supply) 5 @82K5 4>E>4=>AB8 3>AC40@AB25==KE F5==KE 1C<03 (Yield Curves) 5 0G0BK5 68;8I=K5 AB@>8B5;LAB20 (Housing Starts) 13 ><8=0;L=K5 ?@>F5=B=K5 AB02:8 (Nominal Interest Rates) 6 3@0=8G8B5;L=0O 45=56=0O ?>;8B8:0 (Contractionary Policy, Tight Money Policy) 7 ?5@560NI89 A>AB02=>9 8=48:0B>@ (Leading Economic Indicator, LEI) 14 @30=87>20==0O 70=OB>ABL (Establishment Employment) 12 B=>A8B5;L=K9 20@80=B ?0@8B5B0 ?>:C?0B5;L=>9 A?>A>1=>AB8 (Relative Version of Purchasing Power Parity) 3 1J5< ?@><KH;5==>3> ?@>872>4AB20 (Industrial Production, IP) 9 1J5<K @>7=8G=>9 B>@3>2;8 (Retail Sales, RS) 13 B=>H5=85 70?0A>2 : @50;870F88 (Inventories to Shipments Ratio INSR) 9 D8F80;L=0O ?@>F5=B=0O AB02:0 (Official Interest Rate) 5 0@8B5B ?>:C?0B5;L=>9 A?>A>1=>AB8 ! (Purchasing Power Parity, PPP) 3 ;0B56=K9 10;0=A (Balance of Payments) 11 >:070B5;L A0<>AB>OB5;L=>9 70=OB>AB8 (Household Employment) 12 >B@518B5;LA:0O :>@78=0 4 >;CG5==K5 @07@5H5=8O =0 68;8I=>5 AB@>8B5;LAB2> (Building Permits) 13 @>4068 =>2KE 8 ACI5AB2CNI8E >4=>A5<59=KE 4><>2 (New and Existing one-family Home Sales) 13 @>4068 02B><>18;59 (New Cars, NCAR), 3@C7>2KE 8 ;53:>2KE 02B><>18;59 (Car and Truck Sales, C&TS) 13 @>F5=B=K9 48DD5@5=F80; (Interest Rate Differential) 5 50;L=K5 ?@>F5=B=K5 AB02:8 (Real Interest Rates) 6 50;L=K9  (Real GDP) 8 5F5AA8O (Recession) 7 !57>==0O 7028A8<>ABL (Seasonality) 4 !57>==> 2K@02=5==K5 40==K5 (SA, Seasonally Adjusted) 4 !@54=5G0A>20O >?;0B0 B@C40 (Average Hourly Earnings) 12 !@54=OO ?@>4>;68B5;L=>ABL @01>G59 =545;8 (Average Work Week) 12 !B@>8B5;L=K5 @0AE>4K (Construction Expenditures) 13 ">@3>2K9 10;0=A (Trade Balance) 3, 11 #@>25=L 157@01>B8FK (Unemployment Rate, UNR) 12 &8:;K @>AB0 (Growth Cycles) 6 '8A;5==>ABL @01>G59 A8;K (Labor Force) 12 '8A;5==>ABL 70=OBKE (Employed Force) 12 -:>=><8G5A:89 F8:; (Economic Cycle), 187=5A-F8:; (Business Cycle) 7 -:A?0=A8>=8ABA:0O 45=56=0O ?>;8B8:0 (Expansionary Policy, Easy Money Policy) 7 BundesBunk (&5=B@0;L=K9 10=: 5@<0=88) 1 CoreCPI, CorePPI (8=45:AK EX FOOD&ENERGY) 10 Expansion, AB048O @>AB0 45;>2>3> F8:;0 7 Federal Reserve System, FED ($545@0;L=0O 575@2=0O !8AB5<0, F5=B@0;L=K9 10=: !() 1 Federal funds rate, FedFunds, ?@>F5=B=0O AB02:0 <5610=:>2A:>3> 708<AB2>20=8O D545@0;L=KE D>=4>2 5 FOREX - FOReign EXchange (<564C=0@>4=K9 20;NB=K9 @K=>:) 1 Free Floating, A2>1>4=> ?;020NI89 :C@A 2 FTSE 0=3;89A:89 D>=4>2K9 8=45:A 4 Deposit Rates ?@>F5=B=K5 AB02:8, ?>4 :>B>@K5 :><<5@G5A:85 10=:8 ?@82;5:0NB 45=L38 2 45?>78BK 5 Discouraged Workers 12 Interbank Offered Rate, AB02:8 <5610=:>2A:>3> 708<AB2>20=8O 5 J-:@820O 3 Lending Rates, ?@>F5=B=K5 AB02:8, ?>4 :>B>@K5 10=:8 2K40NB :@548BK A2>8< :;85=B0< 5 NAIRU, Non Accelerating Inflation Rate of Unemployment (<8=8<0;L=K9, =5CA:>@ONI89 8=D;OF8N C@>25=L 157@01>B8FK) 12 NIKLKEI, O?>=A:89 D>=4>2K9 8=45:A 4 PMI, 8=45:A 45;>2>9 0:B82=>AB8, 2K?CA:05<K9 =0F8>=0;L=>9 0<5@8:0=A:>9 0AA>F80F859 NAPM (National Association of Purchasing Managers) 14 Rate hike, ?>2KH5=85 ?@>F5=B=KE AB02>: F5=B@0;L=K< 10=:>< 6 Recovery, AB048O 2>AAB0=>2;5=8O M:>=><8G5A:>3> F8:;0 7 TANKAN, 8=45:A 45;>2>9 0:B82=>AB8, 2K?CA:05<K9 0=:>< /?>=88 14 Trade Weighted Dollar Index, 8=45:A 4>;;0@0 4 Treasury bills. Treasury notes, Treasury bonds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rumkin N. Guide to Economic Indicators. - M.E.Sharpe Inc,New York, London, 1990 Frumkin N. Tracking America's Economy. - M.E.Sharpe Inc, New York, London, 1992 Grabbe J.O. International Financial Markets. - Prentice Hall, Engl. Cliffs, New Jersey, 1994 Holden K., Peel D.A., Thompson J.L. Economic forecasting: an introduction. - Cambridge Univ. Press, 1990 Klopfenstein G., Stein J. Trading Currency Cross Rates. - J. Wiley & Sons, New York e.a., 1995 Luca C. Trading in the Global Currency Markets. - Prentice Hall, Engl. Cliffs, New Jersey, 1994 Makridalds S., Wheelwright S.C. Forecasting Methods for Management. - J. Wiley & Sons, New York e.a., 1989 Niemira M.P., Zukovski G.F. Trading the Fundamentals (The trader's complete guide to interpreting economic indicators & monetary policy). - IRWIN, Chicago e.a., 1994 Rothstein N.H. (ed.) The Handbook of Financial Futures. A Guide for Investors and Professional Financial Managers. -McGraw-Hill Book Company, New York e.a., 1984 Van Horn J.C. Financial Market Rates and Flows. - Prentice Hall, Englewood Cliffs, New Jersey, 1994  PAGE 45 "  8 < `dVZ N Z`&("((;2;fApABB,CfDpDɼɸɸɸɸɸɸɸɯɯɧɯ5mHnHu CJmH sH 56CJOJQJCJmHnHuCJ5CJOJQJ6CJOJQJ6CJOJQJmH sH 6CJOJQJ5CJ CJ(OJQJ5CJB"$ 8 `$`a$ $<5$9Da$$7<5$9D`7a$AA8 ``V xNZ0$7<5$9D`7a$0b(f"(~.49L@BB,CH\MrSlXpXX$a$5$9D$7<5$9D`7a$pDtD~DDDDDDGGdSnSlXnXXllnlxluy$&8ʆΆԆ؆fƚȚNd2<LN޷rvn~~FJVX`d jAU jU jkU jdU6CJCJmHnHu jU CJmH sH CJ5CJmH sH 5CJMXc$jnuy}4f:ƚ~ܧ֮>LP޷<5$9D$7<5$9D`7a$~@ $<a$ $<5$9Da$$7<5$9D`7a$d48@BFHVbfvxFX  t;;>>NNNN@UJURWXWjWpWWWWWWWX XXXXXXXX 5>*CJ55mHnHu5CJmHnHu j&CJCJmHnHu CJmH sH 5CJmH sH 5CJCJI($$.&)2Z7;AI~Q`VXb^Fc0gnppq qqqqq4tx $<5$9Da$$7<5$9D`7a$XXXnppppq q qqqqqqqqxxxx4|6|8||F~L~ @BLNXZdfԁށ.4:@DFHR z$DFL jU5CJmH sH 5CJ CJmH sH  jTUj6CJU jCJU6CJ j^UmH sH CJ 5>*CJ5>*CJmH sH Fx4|8||$Ȕ̔D2«ήZ:5$9D$7<5$9D`7a$ȒʒҒȔʔ̔*04:<LN^`hT`bnpxީ«ԫ֫ήҮZ^ȵ̵Եֵ޵~ظ: B*CJph5CJmH sH 5CJCJmHnHu j&6CJ j&CJ6CJmH sH 6CJ jU CJmH sH CJH:<>PRhrtq$$If(4|r`H `x$4 (a($<$5$9DIfa$ Ļ 78@efm¼ϼ%&/TU^"<J"DFdtv>NPl|~.>@hxj CJmH sH B*CJmH phsH CJ B*CJphB*CJmHnHphuU»Ļλлڻܻ$<$5$9DIfa$ H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a( !%&+,1267$<$5$9DIfa$ 78?@DH99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(DEIJNOSTYZ_`de$<$5$9DIfa$ eflmqH99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(qrvw{|$<$5$9DIfa$ H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a($<$5$9DIfa$ ¼μϼӼH99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(ӼԼؼټݼ޼$<$5$9DIfa$ H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(   $%$<$5$9DIfa$ %&./3H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(3489=>BCHINOST$<$5$9DIfa$ TU]^bH99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(bcghlmqrwx}~$<$5$9DIfa$ H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a($<$5$9DIfa$ H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(½ƽǽ˽̽нѽֽ׽ܽݽ$<$5$9DIfa$ H99*$<$5$9DIfa$$<$5$9DIfa$$$If(ִ`@H `0$    4 (a(  "$<$5$9DIfa$ "$.H:::$7<5$9D`7a$$$If(ִ`@H `0$    4 (a("DFdtv>NPl|`lhhx\D$$If(40  4 (a($<$5$9DIfa$|~.>@hxz|j@htt$7<5$9D`7a$$<$5$9DIfa$D$$If(40  4 (a(j24>Z`brt~.68PR^,68NPZ~46DNTZ 5CJCJ5CJmH sH  CJmH sH \@`\F4~f$<$5$9DIfa$$7<5$9D`7a$ 4>@NRX~(*48>f 026HJNXZ^~<BFxz0V ",55mHnHu B*CJphB*CJmH phsH  CJmH sH CJ5CJmH sH 5CJQ"028HJPXZ`~<>,0 L,P$<$5$9DIfa$B$$If(0tt<4 (a(>@Bx~f\  Z 5$9D$7<5$9D`7a$,PRTX  >BJN2z.0  VXdfjn    j-U:CJ5CJmHnHu5CJ5CJmH sH  CJmH sH CJS          & V H""""D#Z(x+z++........//////00011111111112 222629:X:\:l:n:|:~::::5CJmH sH 5CJmHnHu CJmH sH  j&5CJ jCJU jtU5CJCJ6CJmH sH 6CJLHD#Z(x++/000262X39J=>?P???$<5$9D`a$$<5$9D^`a$$7<5$9D`7a$::::::;<<<<<<<`=b=h=l=r=v=> ?0?4?P????rAtAvAxAzA|AAAAAAAAAAAAAAAABBBBBBBvCzCCCDDDEEI&I(IBIFI\I^IfIzI|IIIIB*CJmH phsH B*CJmHnHphu B*CJph 5>*CJ CJmH sH CJ5CJmH sH 5CJM???@rAAABBDDEEI&IBI\I$<$5$9DIfa$$7<5$9D`7a$$<5$9D^`a$$<5$9D`a$\I^IfIpIzI|IIIIIIIIIIIII<8DH$<$5$9DIfa$U$$If(F8 8 |    4 (a(IIIIIIIJJ,KPNRPRTR"S$STTUU UUUUUUUUUUUUV VpVrVzVWXXXXXXYpYYYYYY[0[2[6[D[H[f[\]]]^^^^^^p``ϰϰ 5CJH*5CJmHnHu CJmH sH 5CJmH sH 5CJ55mHnHu B*CJphCJB*CJmHnHphuB*CJmH phsH EIJJJ,KPUzVWXYY[f[]^^gxm:qTsstDt|ttuv$7<5$9D`7a$```j>jjjjjjjjjRnTnlnnn pppp6p8p:pprrTsstDt|t~ttttttttttttttttttttuuvwz{΁&(>@^prvxІچ|56CJmH sH  CJmH sH CJ5CJ5CJmH sH XvwRwwxzvzz{{΁^ˆR֑ڑ<5$9D$7<5$9D`7a$$<5$9D^`a$‡ևڇ܇އ`~~<@Rԑ֑ؑڑ<JОҞҤ4:@FHRThʭҭ "P5CJmHnHumH sH  jU6CJ j`U CJmH sH CJ5CJ5CJmH sH P<JҞЫ P~`d5$9D $<5$9Da$$7<5$9D`7a$~бұ.0rtx  ~ʽֽؽڽܽ*,.28xV^`bd׶׮55mHnHuj6CJUmH sH  jtCJUmH sH 6CJmH sH 6CJ j`U CJmH sH 5CJmH sH 5CJ5CJmHnHuCJDVr2,F`($<$5$9DIfa$$5$9D$7<5$9D`7a$V rvxzBFjnrt,lptx6DFP6CJmH sH 6CJ j1[U CJmH sH 5CJmH sH 5CJCJV"(,26<@(  %&.26HIQV[mnv{  (-2DEJQW5CJmH sH B*CJmHnHphuB*CJmH phsH 5CJ CJmH sH CJSshm$If}$$If(4r +}RS4 (a($<$5$9DIfa$  %&.2pa[aaaapa[$If$<$5$9DIfa$$$If(ֈO +}SRRS4 (a( 26>CHIQV[cha[$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$ hmnv{a[a$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$ [$$If(ֈO +}SRRS4 (a($<$5$9DIfa$$If a[a$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$   (-2[$$If(ֈO +}SRRS4 (a($If$<$5$9DIfa$ 2:?DEJQW\bha[$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$ Whiqv{ "$:<LV`fhln    $ 2 @ F H X b l r t           B*CJphB*CJmHnHphu5CJmH sH B*CJmH phsH Uhiqv{pa[aaaapa[$If$<$5$9DIfa$$$If(ֈO +}SRRS4 (a( a[$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$ a[a$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$  &0:<LV`p[$$If(ֈO +}SRRS4 (a($<$5$9DIfa$$If pza[a$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$     $ 2 @ [\$$If(ֈO +}SRRS4 (a($If$<$5$9DIfa$ @ B D F H X b l n p r aX[$If$$If(ֈO +}SRRS4 (a($<$5$9DIfa$ r t          pXa[aaaapXa[$If$<$5$9DIfa$$$If(ֈO +}SRRS4 (a(      `pX'a_QQQ$7<5$9D`7a$$$If(ֈO +}SRRS4 (a($<$5$9DIfa$   `(246R"b"d"j"l"|"~""""'''((h(~))** *"*.*0*$6&67;D<>d???????? @@%@@@K@L@W@X@@@@@@@AB*CJmHnHphu5CJmH sH  B*CJph jJU6CJmH sH 6CJ jU5CJ CJmH sH CJ5CJmH sH B*CJmH phsH D''h(+$6(67;D<=>d???? $5$9DIf $<5$9Da$$7<5$9D`7a$5$9D?? @%@3@@@L@W@X@GU$$If(F >      4 (a( ($5$9DIfU$$If(F >      4 (a(X@n@@@@@@@@@@AAA*A5A6AAALA\U$$If(F >      4 (a( ($5$9DIfAAVAWAnA{AAAAAAAAAA8BaBBBBBBBB CCCRCmCCCCCCCDDE E"E*E,E^F`FFFNGPG^G`GdGfGGG8IIHIXI\I^IbIrIIIIIIIҿҿҿҿҿҿεҿҵCJmHnHu5CJmHnHu CJmH sH 5CJmH sH 5CJCJ5CJ B*CJph5CJmH sH B*CJmH phsH B*CJmHnHphuDLAVAWAnA{AAA;U$$If(F >      4 (a( $5$9DIfU$$If(F >      4 (a( ($5$9DIfAAAAAAAAAAB8BFBTBaBmByB| ($5$9DIfU$$If(F >      4 (a( $5$9DIfyBBBBBBB;U$$If(F >      4 (a( $5$9DIfU$$If(F >      4 (a( ($5$9DIfBBBBC CCC0CRC`CmCzCCCCCCCU$$If(F >      4 (a( ($5$9DIfCCCD8I>IbIrI^NjNNNR}k}}k}$7<5$9D^`7a$$<5$9D^`a$$7<5$9D`7a$U$$If(F >      4 (a( ($5$9DIf IlMnM|M~M^NjNNNNNRR,StTTUUU"U$U,U2UUUUUHWWWWWWWWYYRZ`ZbZjZlZxZzZZZZd\r\t\~\\\]]]]B^D^F^^^F_N_P_`_b_l_n_x_|_~___ccվ j&CJ6CJmH sH j6CJU6CJ jeqCJU5CJmH sH 5CJmHnHu5CJ CJmH sH CJKRR,StTTB^F^^^|___ccdg*CJ5CJ5CJmH sH  CJmH sH CJVvnnnnnlppqqt"uvnzzz{{| |||&$<5$9D`a$$<5$9D^a$$7<5$9D`7a$$<5$9D^`a$|||}}ʀ̀*.28\։܉(26‹"$.Ώ֏ .V^`pr|֔ؔ,.02468$&,.6CJ55mHnHuCJmHnHu CJmH sH CJ5CJ5CJmH sH S*8\‹.ΏЏҏ ,8™`ңTX\7`75$9D$7<5$9D`7a$.ҥإJP2BDNPZRTVX8@BFHVXhjvx \^` "46:<DHNRZ^dfhjlnvxz|,6~ j&CJ5CJmH sH  jgIU6CJ jU CJmH sH 5CJCJT\`<TvRp>LTt:dPrn~$<5$9D^`a$$7<5$9D`7a$~ vTVRZp>LLNPTt "&.:<>@FJ`dPrLn~ $&2ϷķķB*CJmHnHphuB*CJmH phsH  B*CJph 5>*CJ5CJmHnHu5CJmH sH 5CJ6CJCJ CJmH sH H~,@Xl j$$If(4\S S4 (a($<$5$9DIfa$ ]lNNNNNNN$<$5$9DIfa$$$If(֞S3 BSnn4 (a(]hNNNNNNN$<$5$9DIfa$$$If(֞S3 BSnn4 (a(  "$]pNNNNNNN$<$5$9DIfa$$$If(֞S3 BSnn4 (a($&2<FP\^`]xNNNNNNN$<$5$9DIfa$$$If(֞S3 BSnn4 (a(2\`fj26FHRVd|,DV\Pp|~*HJp <lnpTV6B*CJph jjCJU6CJ CJmH sH 5CJmH sH 5CJ55mHnHuCJ B*CJphB*CJmHnHphuH`bdfd,]OOOOOOOO$7<5$9D`7a$$$If(֞S3 BSnn4 (a( hBlp.TV8$<$5$9DIfa$D$$If(40>J 4 (a($<$5$9DIfa$$7<5$9D`7a$&({{{{{{{{{ <$5$9DIfh$$If(\3 >334 (a($<$5$9DIfa$D@| 24.$IfU$$If(F F> N     4 (a($<$5$9DIfa$$7<5$9D`7a$2@x4.`b &!"!""&&X(^(8++*,B,z//X0\000000000000001123836R6X6666666776787:7Z7\7^7оооооо箴稴箴箴 jCJ jCJ jCJ5CJ5CJmH sH 5CJmHnHu5CJ CJmH sH mHsH B*CJphCJ6B*CJmH phsH 6B*CJphB.vLz V$7<5$9D`7a$U$$If(F F> N     4 (a($<$5$9DIfa$!|'8++*,,j/X0Z56R667`7p7=>>&?~?????@@8E5$9D$7<5$9D`7a$^7l7n7p7t7777777777888899>>> ?"?$?&?L?N?P?x?z?|??????????????@@@\BdBFFZG^GbGGHH H0Hڿ曙55mHnHu j)U6CJ jU 5>*CJ6CJmH sH  j&6CJmH sH  jCJ jCJ5CJ5CJmH sH 5CJ5CJmHnHu CJmH sH  jCJCJ<8EFFZG\G^GGLMMO@TXXYbfllllplll nsz$<a$ $<5$9Da$5$9D$7<5$9D`7a$0H2H@HDHJHLHLLMMMMMMMMM N2NFNlNNNNNNNN>OJOLOXO~OOOOOOOOOPPPPPPQ0Q@QBQLQNQ^QbQRRRRRRRRRRRUUWWXXXYaaffjjjjjjl6CJ j^U CJmH sH 5CJmHnHuCJ5CJmH sH 5CJSlllllnlplll nr$r"$&PVΈЈ҈ڈ,L`r*04Ȍ$&:>BDX\DJܓX\^pܲ55mHnHu5CJmHnHu5CJmH sH 5CJ 5>*CJ j&CJ CJmH sH j/ 6CJUCJ jCJU6CJ jUCz"Έ,,.0j֔BLZ $<5$9Da$5$9D$7<5$9D`7a$(V^`bL`Ȫʪ*<p|npȹ̹,0췮6B*CJmH phsH 6B*CJphB*CJmHnHphu j CJU5CJmH sH 5CJ6CJmH sH  j\ UCJmHnHu CJmH sH CJ6CJ j U?>&,28>HNX^hn$<$5$9DIfa$$7<5$9D`7a$np$$If( px l `TH<&,,,,4 (a(pxȹ$<$5$9DIfa$ ȹʹ$$If( px l `TH<&,,,,4 (a(ʹֹ̹ܹSh$$If(ֈ7?GOW s 74 (a($<$5$9DIfa$$7<5$9D`7a$  ",.0aSQS$7<5$9D`7a$$$If(ֈ7?GOW s 74 (a($<$5$9DIfa$   Vdj~prtv2B* $:<@BTV`dlp"8 4DFPR\`fh"$(  JLjnV55mHnHu j\ U6CJ jf| U CJmH sH CJ5CJ5CJmH sH Rrv*" jVd( 5$9D$7<5$9D`7a$V6:@BFHPR^dj(*V`bn  Vfhrt~lr(.2:<H24l     j  j^ U jV U6CJ j. U CJmH sH CJmHnHu5CJCJ5CJmH sH Q ,2lz6  l $l$)1 15$9D$7<5$9D`7a$$l$<$R$T$^$`$n$x$1 1 1x1z1|1179 9"9.9>>>&?COOOh"hhh0q4qNqPqdqhqrr r"r*r,r>&?CKOOOjZhhhhh.opBrtZuwxBybyz5$9D$7<5$9D`7a$rrrrrLsNstt:uBuDuTuZu\u"w2wwwxxxxxyyyBybyjynyyyyyyyyyyyyyyyzzz zTzP{R{h{j{x{4}J}L}Z}~~JN΀*:fx́΁ ,.> 6CJ j( U CJmH sH CJ5CJ5CJmH sH Xz zTz}>ڄ^"P(܉b&d$<5$9D^`a$$<5$9D^`a$$<5$9D`a$$7<5$9D`7a$5$9D >NЇhЈ҈܈܉f&hjt‘Ƒȑڒܒ|ΘИؘژ"02>@PV46TZ&,&(24NPXZ " j6 U jm U5CJmH sH 5CJCJ CJmH sH XdV48z $.t>FJV5$9D$7<5$9D`7a$"$*02:FH\«ȫ.0̯ίHVXntv "$,.8>@BZ\jFHJ46`f,2$* j U5CJmH sH 5CJ5CJmHnHu CJmH sH CJ55mHnHu6CJmH sH 6CJMV Fn&HD6:0nv $ & F<5$9Da$ $<5$9Da$$5$9D$7<5$9D`7a$ F|H6<>FHJRV BRbdjl"&26@68:0$mH sH  mHnHuj6CJU6CJmH sH  jU:CJ CJmH sH 6CJ j{kU5CJmH sH 5CJCJJ$02FH^  ",.:v.`8<Bx Pdh"x|<ۺۺۺۺ5CJ55mHnHu5CJmHnHu6CJ j]fU5CJmH sH CJ CJmH sH CJmHnHu 5mH sH mH sH I.R`8:<x$ dxn $ & F<5$9Da$$7<5$9D`7a$5$9D<>@Bnt |"(D| ~       pz8.!@!T!f!l!n!!"%%%%%%%&6&F&H&J&L&\&^&h&&&&&&&&&'''5CJ6CJ jU5CJmH sH CJmHnHuCJ CJmH sH Vn|"D |   8#*--.b...6//1B35$9D$7<5$9D`7a$''((((((())))*)*****+ ++++$+&+d+l+,,--T-f------.$.&.6.d.~.........6/////////// 000(011222233B3V3X3Z33333B4v4l55CJmHnHu5CJmH sH 5CJCJ CJmH sH VB33B4l555 688b9?A(BCCDrHHLZN\N^NNSTZT\._5$9D$7<5$9D`7a$l5n55555888^9`9b9???,@4@AAAAAAAABB(BCCCCC8DDJDRGTGZG\G^GdGfGzG|GGGG HHn4 (a( $5$9DIf 8_:_<_______@`H`J``````aaTa^a`ataaaabbbbb b(b2b4bzb|bbbbbbbbbbbcc cc^chcjcccc&d0d2d~dddddde eeelevexeeeeeee6B*CJmH phsH 6B*CJph B*CJphB*CJmH phsH mH sH B*CJmHnHphuN_______ `(`8`@`H`J`n`v`yy{$$If(rFy>n4 (a( $5$9DIfv`````````aa6a>aNaTayy{$$If(rFy>n4 (a( $5$9DIfTa^a`aaaaaaabb b(b2b4byyy{$$If(rFy>n4 (a( $5$9DIf4btb|bbbbbbbbbcc@cHcyy{$$If(rFy>n4 (a( $5$9DIfHcXc^chcjcccccccdd d&dyy{$$If(rFy>n4 (a( $5$9DIf&d0d2dvd~ddddddddde eyyy{$$If(rFy>n4 (a( $5$9DIf eNeVefelevexeeeeeeef"fyy{$$If(rFy>n4 (a( $5$9DIf"f*f0ffxffffffffyymm $5$9DIf{$$If(rFy>n4 (a( $5$9DIf e0fffffffgg^uvv"v$vJvLvXvvvvvvvwwwww w w*w,w.w0w2w4w6w8w:wn4 (a( $5$9DIf v$vJvLvXvxvvvv $$Ifa$W$$If(4F/ /     4 (a($<$5$9DIfa$vvvvww wtttkk $$Ifa$$<$5$9DIfa${$$If(r/ / 4 (a( w w*w.w2w6w:w@RTV~֫  :<>Rįڹ4(.HJ j6CJU jFU jIU j>U6CJmH sH  j U6CJ jbmU CJmH sH 5CJCJM4 TXpVZB $<5$9Da$5$9D$7<5$9D`7a$TVXRTVhjl^hVXZBb~6>@FLR" $ \ |    n x >x $(BFfp~r  *,8 56CJCJmHnHu>*CJ 5>*CJ5 jU jLqU CJmH sH 5CJCJ j!U6CJ6CJmH sH JBb~` 2" $ \ X   >x$Bf$<5$9D^`a$5$9D$7<5$9D`7a$rBZVN&Xh$7<5$9D`7a$8@BJLX~&(8:HLR8Lfhx*:<Dfht&x&(02DHNfhrt~lz|| CJmH sH CJa*:<FHRV\ "68B 0>^rJTVb,:<Hh~  $ B D b       !!! !"!.!|!!!!CJ CJmH sH ahN|jRhb 8!!""###x$$8%%&*'''>($7<5$9D`7a$!!!!!!" ""*",":"<">"@"T"""""""#f#z#|##########F$X$Z$n$%% %.%%%%%%%%%%%%%%%& &"&*&.&6&~&&&&&&&&&&&&&&&*'b'j'l'|'~'''''''' (6(v(z(~((( CJmH sH CJa((()p)~))))))))***$*R*`*b*x******$+.+0+:+p+++++++++ , ,,@,B,R,T,d,,-2-@-~-----------------f.t.v......./8/>/L/N/^///////:0H0J0T00:1<1J1L1T1CJ CJmH sH a>(())*R***F++,,-h--f..///0(11d2L334"556$7<5$9D`7a$T111111d2n2r2x2z2222222222L3Z3333333333344 4"484444"525556J6V6X6f66666666777777"7F79 9D===D>E>>>AAAAAAAAAAA0JCJmHnHu0JCJj0JCJU CJmH sH CJmHnHuCJS6l67 7"7F7,88H99:^;;4<<D==E>> ?k??6@@~AAA$7<5$9D`7a$AAAAAA $7<`7a$- 000PA .!S"S#S$S% PdDd "990  # AbhdT^Cd+<DdDnqaV ҨK)ނ&ME.0 hf Rj&O `19zv=9 wgz|~!`[p_/EG֚+.Ii 9pFweۯkϝn_u6BXRx%_?+E] O?`Nxgk (5wG >tş'z_9lx? ZGrvݺ .XSMZ`}D#KXodF6/,K$Gzez׬с'ǃgAkޥ^x.K`}/U_I>)M.u(wnkӷ_+/\|O/W`50LcWձ$/&[R7֜Ïϲz|$R*e} U%NY]!W!K)_.ԑ:$HGB[O?MJ1mP@2YAR!6 Y#e*i`T Y@@c$SDVgAERY#+s)#Ga)4#;H"يaDdcv>9]#UDZ7})U;)bO{QUGȚLI 9.!fFwI1:ol>Si!)#G |nDaˬf>B&-'Sv@VH\Pl|@) e =R# li V[`ʑUX{tӭ&_L*m)aqܶ6GG53NYb6 fdHy}Ϡ:2XKF5iWC@B&$E37OFǦ:xHֵF^Muwd`@[-F{d V]e}G_dCȖ,zWxtFWW 9~Ⱥ,ISzg*G6$O$ƅEm$,)g#"iBd^@07MJ,_K" Xu,wu!5 E ')C}x!QS tڳv.VK|Q71k5 Cø>nu4HNyV0tęLVa}DzN>D}0u\܉"9 ZI.߃r󳧎PBNHwXv?NɅ@J][3Sdi]x?qc!Y&!鮍86Sq49C!#yo,Ҽ yLޞY yor\S|;!GۈeY; ʊ j@BZ; WYcDaiXH jl[Hh\級lԮRˉsllڭXg]O$o6rBBERV0$dn#A~yݾ޸D6E>{2G*}Od5  @xuݖzIA 2F܄uܨ_D@MrmU:1Iu(@JjȿsQȷIPZ6ɐwѺ E`#E$߮4jxT~6xCRڵbiV[jH,1P@n;IAHn#!W9#E eEr#Y۲,w呤|H䲴–dIS ې!e o#[b>"J2HĚ4n ߢ}s}ݻK<Αݮz3<#F_$ac6  ܑٖDDQِj YGZۮSRRMsih͐d$@KSō`02|\HN,GWV.H@Jޞ3 y\r\r\r\Db{>COШV _ }G`qwF<ї)7Kwʉgғ=uN~?J+? Zo.|/Oy#G}OXv9;F~ǿWA{_xDž+x~u+'O "ީ$UW{TuLoM]i ʆz~4p}"X7a!+ )4t [VwUx? *j^f٥ H8|H^]U:8Hj!-8'K1mHsJV1P+)-ˋR6٥pRJ+U {{[z eD=VGu<ZyZ70?K=$-`#yǣg2H4E${u4JF- =_ {Z8D"!A|*}4fI#F2y`H:m'&"uC~b 5Uw8HN #ws#8dmɐTu4b!#"ɑ2BBw]U dO:OIWM@R y2Q |]DoOɟGqH!Yn+7>jnOG'zTH}H IRʭHSM&Gz.9N*1 i !ۦˑ۪~I, ѻ2 j $/}m\:keI?2KF'CȊ I `gG'u@2l4dd@qjq$"l‘r"U dr$e' U12Lc>HYŘ#ۈA=%0' 9׼RC1yph !6"c0x헣s_"C!rXWpҴ,wO٧ϐeQV_IjfdSGuYʡtđ-9} oS+32FM0N&"YuuI TiawHőf v i-=HB?bHR #cV8naO Iw[R#[H һxuӗeH!5USQ8wF,szbiW<6)έ}Mmq$*Tdo h*%k ?mHDDʃ29g#%ǧ-3f":\\'|lfNBH2Eu= Ϟo=# gFֹV#Me@v0Yu,è=H5ǒ>:`=&8Rd_6K YdVB{Z#ٰ 89Hmx1>RoW=H!wNƓ3CbCGZՕ NT7=j&# 6wiHAf^w` 8tmR ɆqAbdH4`[2|& o "'Џmr!( v$EҌ/Ȯ&1k5 p$ޓxoaѻʲӡ1 ٮw䑼i`ͩCd44$.LUD$ Y#2!I/0ɑ;I@U5i|8`X@FGmxnb=UZǒx HScȃ6U6Ȗ3ܑ?hEAykWPՓH6mGxB0k#ڳ}rR&njHY@^[)侪H*:fK)y,'v$E#ӄi΃TFz+Tu& |>:Eidj# b __;Bܣ4EڤkԎ=?bGܳ!|W]m= H&aG˨uh]z<2wec䰝yl#Tm%M69L_D 5ɬG*BB4@JIҬRq l ,HE,e<[mɚ^ߋEАs e{ b) oYdʖ#^(3,HHY<wc|H?%ֺv1{3 >2}jhmGHA**='H,rw .T,FdBRBw|_]|u`XյKqAZ 6wt^G'܍=HπlHF5lq$ߵv>9㑭DMתQdHPcg4/"WDBȰ{O!1 .r/~Ggdžt=&G %ً?,F ɶlG Z#qҋԪ 9>57?D Dǻ'ʑT05"Sd4rCMz%$!TM;AJHpE#xIϤWns8xܻH&)cj0wd3Իh[$ "; Udoɀ@$YpT$1@G"gɜH)IW׏,H$Ho!%RI6D yjn?ey&DdAkEpdmrB0 TW2_D=' )"U kcR0FvCO;HȐ odmr1EvmreQ6 i yދ|-+2z'{^RF꡴?25t؏]]c/$C6䁅l.$'r5LD"' 񌑾ʏҌ|Z٧R5trׇ| 3eGR#}>( !ЍrF%!cIb"8GBYd79d M{e!Jd$eJ"dsЊӓ#9$hBÑuD" ?}=dBv$-2t&IHQhԂ{qYՕ!H©"Iu.FTu%0[&DT7mrM9P]?Aw錓L_bH_Ldu9}m2']A>eS CVUW !tb$Anˁ6Ez#9BHlL8}t<* O<!=فE0?Q_70vIĝ&"֑'^Nu"")vpq1]~q_%4 rU]jTIV]t]6}xf`2}H$t$_xLj\$ȓ:A y0Fjq ԏ|{^U& )u<ہ}jsx]9RGȍHkSBn+O)͊x,d@JtPr(pfyv{WH]OxZvƳ܎'iAF;mŎ9!Z=4iTuHD/90Hxd6G"cCg܍Fmzۤ&e+AA6NsE?-\D2`#j&L6J7 E*x8絪xCܩM4 $A8dĭdz$C mEz#ϼ3$=D!xH6 b~1Mgya'QC77$#]lP G>$.^ir-w@=GgoEF}|g)[~d% d]ZG G!=BjE2`I?qKxnrۤf!i8֤،ᴮːoY49ҰNҺfc/z$'.u"k:L k  F#ۤQoՕxT*2\] wޢ6\|d|$U~ ">ÑV$u R8!AB?HrD>:Hr|}r|c-eRg`|,drX$IHݞhNB\=7W#6!$8@"R26֑dIzt+ r#5_Ghm֔5ߑɦZD /LBH@ҙ!Mi㹫&!d c$%?2OsIG^MZI.rrZ>R4m͗N2v$dcjBHiȟjD#7x 1~dI"⎁^u&B;2U$;i摔?DQ H8iuF'&Aj3xmfCzݎdy]F!+QorBZAbI̍Fd'+=&tkHiw)#9ޕ{W+lAIk^lH'9r_ D2]VWH>ڍݑ_myD9NRd_):ioUɅ|H"BOldTZ' յtq>QHTGNdx@&WWt~D1|4CǓw@: Pқ ]sVHj'1MuɒN3#K,DFv877RBBi#ٱ,lBKt& kj'wdh,o2Jr+k$zwV5R#@s8"U&OTYGfu٫*so]bGNxn9UG$d1꺵Imd8 2!32Nɝ\"566x\f; q蒢Mb ;.يx,ͤHV2/,;9]$Ȁ%#~XxH\ΐES812K&tD6? n݌H@ey,c,I褌Uq@ۻfEڍE{NxxsWQTST2 1!#"%2H6R= lS LBQYȞ?wMV$c7=ɐ[6 F2C2`!t2)ʚ28ɑfH&BO 'v<"CK&dՕ+ИS@f85Tb' 3CB;bRFZ@c&CVWהH:_{adBF/oqﺗ Ի҉{HyH>C"a ]$t :x6ő$ΆLNv6#d,ėR !Q>liҺЌ^40%5}V<;b{F!"WH%v\[|dB$;KrPs>Fh7byH;Aתo # őd`#&.  gLH2&#}_ftcBld&/(#ҔY2n@qz׾HXيkY]MC3$#kIy\][HgLuY![9F튃H @0sd]NMe|Ⱥ@6r SF2m2G>Eޭ5C")"ć럀QolmH};G~2ɪ=VHFF3_L]]mb!7cwH:F"F oHE|N$UuN煄|@:Xʁܜ5kr"uvWB-%kzi#:w$xhF dm鑑|YFuc]3" l{$nni숗H\f!UW%)!Ď5I UW%C$w- ENǙһF!a,#)7|DgvTͬw15KKukgҺH$FT]B!f!ۺNœV= E܉o%R}Jֻ;c< ;hd!G ~cҁ6)2!D"fy>sN P]mQ F= w"i#5Ⱦ>8IK@>$Eg!QUW/Ru& y=\): j@xCu#, !Fi-) ڳ3i"csW~s|eE'r+'#Yc.Tp9 , )on]M#C6rĐY$-5suz=Bl^ZRoٴSi,dˋdj46s `-&69bCa+i&!pd['"~WCzWȋ5jCBH~m  w-0Ődd 6R\!zĄ0٥%d<}>5LZ"^ #Eu]gYVZwȑm繻y]M߻dt6]G;ܽj-G ?ҰpƐE#9bvtuk|&d!$D&Uy8'RD퉤̏H0'u..HD0{:5i'8ɐlY-/yyy9mR#y:ȍ:Z #w<#_$ƺ=`_,uՕ#w^YH6G!#T"3&H Is!G-.rkOfH9U*1]Y䝍b! !uIql #+'BFN#H6gH"TיF ;;c$u@ giuYs :hU,m Iw\Ȑh4H%FB?Hi))wetv`75-<ݮBμwDvcH+e{qu#g7 )ٍ@brXmR5ɇ]wEH8/5[S"YϫpB 2rrC6MӃ.F:-)RDKeQ]} ^$kYM\d#Q"Hb!MTmV)D^ڜFfeD4$8ϐ4 'HIm:5dҐ۬w%i@XmR2i_ SI:ҕhWSC ޶?5rK6BСTGN^lL_NT!1@voG X·*ȸHHRy#i#X$UN2܎'rmd,Hy22;20V 7K\x R΋liH (xmd;}$0KqQBHCO`;&{~oi!EZ _x4R·ZʐBA*TNFfHG5'9qugDvIWM]$ɌlŬ0͒Oh,ya+6ZglAVA^Amr:ci䣅U<*IH;fʭcVM-&iuzy\sЎYMSE: ]!cVrdVGz ȋ y5AI#VYBCCFكTq2u, Y!Av=H%4Gf!iC+I~N /g@v!w#uSε5%L;!B4sđA& Kk{^hĤYV'gI,։QaXYeV?Y- djpDBgP"WW4isv@EYIDZY"[lgy1ܴvHɑ瓳ESVRxʏ*syԑ{IQw^ȍ dHZՕڤQɁ:/G.JnuŐZ.dBK]8uldad`Y:Jt#q\dwGR[CJrjGR.RTW VﺄlZM'T4i]wDEzZV & m"YIF&E`BQTՕ'Y9aAQqlҙ#=%y<dޕE߅r5#9!w?R"k>kc4 :,)rس":eڤLӻS@Hʒgu*Gv !4sL>L0kMPK2MJJ@V uAz "vmˑE /rG ?I#۾@PrF#ID$diH"'fD6|9 6ɐpUgxH2_npa[#Y"oe XyH!5NNFRs)Oȸ󣧉82M*T.0PՏOŐ:ԬH X~]2#/Iiɽ9~Wu0H> IZ]Lf8 #N9F׀ PqPւ p_@2?dtG12|!rH̆Y lOv$G$AL9$MhHsbH_2ԬrT S@f\3Afػ1s&苎Y5RDJP Y #BͿT@)ԑ̌*=whdֻV)Bdޡn.l5U$"YNӣCsFŐi_Js?{R]O6ymoLɷY!Cf)zH*F]_uIչMlHx8V'KmɃŐisWBHͭ@ȼ49%8nJF$jnA$L9|LDz9ާrpّr/g$Rﱤ[~JlɀHt<li:Ȣky ől("gfOPy8W],(%Y;Hu8&s!u'n !LH I,ҭݸ<Av߿<ơ23,d5; rL%ɀLH!ZըJ%9"n>SH{r>yfud ҉d5$&4%MK#ߍ3ɇ "H0CǓiL>a8 9.E" M>lE_(IO~dpfU]ߗ}32Gu}q!Q[!ahYq2 n!3n)\Nd(R,d=G0NN?RY$JvkkʷtzW)j2CVUhɀ|8s$ *d@V3G<䬪kޕU:}!0=28)%F+%Y" Bk9 d:Wd0AO9}9d{& gI3{Ns'\S-2" !yK<Ond ,d5"GYHfZ~FL;txOb$dɀ1GdY2 @5vݲ!Kiazd˙ԫ]Fd6}@$2{$K4 gdn$9^̐y^LBVf:Nj4 5̼$&xhHЪG6kݛ9ܕM>Ow>]ƃfdeJA+`>UF^)rkj$f웚ޢXǓy8㤸:}H3Fjq>ʐ#۵́au58Q3G:P)"٨EmrM}|g.g]o>'VYri./O6Ƿ2' IF,uFM9䬑ލCf;N\:-dKDv:qO潮n(DE{ݑH꟪gb#96iI4c#0r\V1wrrOH_f FD,9RN3PlYxJL  )zWpH|玜8ٟ5g4,62))//2_dzCH欪 sCtG9q .vB^AdxZ%Or^iLәUݹɠf d r$AjHd2]=Fh}%Cu.:N0eCk*U,d/rᇐ(CHrs/MdzH&˿#i#jR<11Z5>bՊA1]w9& ;gd]^]!!=e)r# VY Y2UV \yF2rDz*'N2]$ U׽e[BѧG>ABBHʑrr" !dU1_uk+zH 򨠔-34> rַWk@N H#y!5_ by)M^ԐX+i3$[$ON$ yaI3TSKЧ Iօ:skqGj;EuM]KAl+ !uՐH 2I}"A< Cǿgx!i:c|U<F^d9uN; weȯ& !?2\"{|vMC2zIu+sG,djv6i!kѴ7k"WCTШꚘȘ2wA9\5J 2_d#5>dmrSICܑ,{hYS"l&WGh "SD$3K ȹVצm=_g?[Z ٙ+GIE ބQCUF% UJCHz5=$[QFr[6*D~5*K5d,9n2&M@֘ ے42dxdsdHFԐRXʆy:O@>Ow̑a}#͚W3ѫH_]uQy2r~O1{y臿mE;jt#&[9&MGCQRWɆL<ۤܤ-)inޜ[gȗB[]xؤʈJqH9 rz+MwPB>vCxȇIqLBzSCr1" lO,$GvLX)z)F#7yƃ2T;%oIK@XJ$!O6Y,jj6':L&2n4=h^׶s#MI l$R!I WW6u6CNx-}E%(CzhȑD)Y6t<rCiR&!kF"`x<*Sp UT;g14սH |?x+7/YݗX$d@ [*Uo_KLfK# IvH" ]y1c$E9?H35ri94xbHd]# k?Ҥn0dy'FC]O[97r<)I#H^]T]S {# 47@념&i9HY7v3Uґ Ȑ,]AF] DmPŎ]A*"KPJQ$޳vd^@j_ʔ$!Grd#kjx?Jn2JBk6 d<)"za@^-Ի2$ bf9uowHGA>49H^IPU\ː!YRiM$iޱ7q3dd0(OdCgSS6N $gradL)4ddo-5dYF"=)]-:H h䆷-~$  Hx=5L_t~3[kY\Hٍs?i!lvݟ2E.IjTV߈F:mr8A~J/OFWW! HgCnH~g]AB}1 t^V.:v#ӟ9/$aH4#i!!2`4Ir}BB '#e 9xaXLaMD=NZHHcdu#뤞|5\HZm)'[Nuˋ m M:HcnUD^`ra E,g In!a4Ҋ$^&rL&96DH6vF|ƒ Isd$eJ,)h)$IJ= Yd#),HeC(q$aV{Q|O #7'yk d!(k">ӹ;đ-F.@4획4m2l=>$^I$^h\lܵS呔q2EN]՚,d"~2-D!M#iVT5Yt*7X^P ڏEmǑm E6\.$#y$!!: .$P[jL$>ju<ԃdDܑ#eٸ`!M~B$$in! rn# ؔyް|ȊDal!o`ܔ+cd8Wd"!dH`# 8 Z) ˂T׎I69bJeE_!`B!R#Dҋg Фy"[oIB Yu].$!티7o79H쉅xِd@'~aȋl$@Gu|H8m'wNdZ[`ɀŹd;@'|D",> zZV]-6I8HI <v+l$->?@Dس?Lُt,"Mzwłq Hb4p [ԀEۑŐ]EIF.qi!DKBhݖEۃ8R#+2zr& ꄆdƢ!几dAJOpq#I`ȗ(.t:QF"2~$ G,XB:C"8d!ۖ挐ydoV\"zΉN$, M@/wDDxv5?ҴOF" DrUǓ˘Ȇ 1mr#OBb#O+I/r,8t !#"tYX{u:MF$ȡd!\,8ITDX\i#0WWl):HAeFR&R"H.lxN482Oyl]Y^$BG_HJHsrzWQO /z$;h]}HI\BeBuG|~?|i1IWfA6tpL{mY:CNf ˌ'.l(.PIDBcB3.[U 8mb$77_?4OAN؃nUEbܲ"e,rt iXӀT4rKz~\z@Or#y*@]y*@΀ƿ,WI//2K2 -kǘ\%xIS-iΏ[R_z<ȥMΐVS<uu0Zr`rnƟr+Y7SpҪ"ǺHqc+4EާI9Et]KŶwxXQ9Rn!=GUD$!AɯQҥtő㑽%GQr~DWW~UF~!1'mxlJ"ECpe{1*#2=ee$ApIxT ɔmYrpEe+]lH6⑮k# U#t"]*#r9DӀCWy"t"韅,i&N$<}V9C.i)Z]ѼyGޏGKk&ۼ_)!{)In^9nˀ,MF.G1wǃKGE>ryB#J+eNm|cdOlm(Yi"l{m2rxc"^FV~$9FMNJI叓Q6ceBfAFF2je?JhЏOӔVk(d9u(8U1NY6w RRيxmH^idT3q2#R|akI@zH K % ;NF""^K5G!~xbIu vRXu#^;xmJRƨ Uxu=~˭R'D L܎'pHѱnOSD6_ŲD〽o{b}~ʧ1%p \W2x * zK?10[?hGyyeY~<-7.ڹ_dUgAIR]jZg\ #/ʛv'γFɛOU.8WK k'dD}+=2kW2 /[wzcMw:?~[W*7OfWEqB¾K5k' G矤#r9Ӣ3䪔3䪔DjgEL)9S > '{Fj5-^am!'L 2kԬami22J1 '֐c]Vp W9RCmyƐ5ûDMX] t oU G{! 4ḨU??Ej|-]F4D#w ;lvBZ;O.CCv(D굩qN.t]wD(tQ.򲤙UQHjzO{H,C/F"t_3A 뵤x=UwYo E򲤛T?7^R!þB"2$=y߳V!5ӗ}'rˇ985ReoFo u<֪~Α%+C}aAm?h]C+v_bm;Po |!C"a(GP{#UV}(=>{h÷!7ҽ_+?Q5f_7undHŇT8A4H߇T:)=4" RЇדߢt{?)T #[adsF!"C|@7ȡI_MIh#H5=Jփ#moҷ#5UaE!}$![#z HHuҫ 5|? CT텐ԑdHXAk[E R$H{~dkW޻ !7ڤ~Yd,)E #V1w\^] ~-4t_082X] #r4u))lǑ-Xd8 yW+(4=z*ZR"v' y3$BbH>fMwTeeXz? m"ً@@>ǐz`; &,V &Y,nIC֬ʗcV#/ɣp$[!$#HS]٨X'gȮC ;&<6]Q@,/D"o!kxؚa$װoU:&2xd@^a‘$O0~0K$br11CH*Y:<&MFȗCaBYdZv{J‘?xm,IQR t<E \!*o!CG̡f”';@Zz`u>/I@$5[}76k{ƻ^HVFw4 {^'/M"4$5Y= 2nϧj-w~;P߿arIZm\x ܑڕ@2#{_a^]=wŨ6߹A^c:@7;00@?vUiC.I&jzx}~dWz`IERi5ۑ}C޵$ d]~C ![+U DBz!wCH#kmg+Lv#)_cvG6jV \x82ṡ‘51n!etS2$Մw%"Fr$[[ 8C~Bmy$,ѭP$7PmS'.CxBЧko& ajt`Tؘ1Đ!yp4CF_>WX{ِw͘ғnMH-W Gr[4 $!s"Ӏg(vu}-eLKRSDN<0[H,G7?h_}oU}u}@3|&Lݿ:"{/Guv> ~ ^l%mN޽O+"]u Ч<ۙjN!z81|9T[pWO"ȍ}չ,? x Z'-r׆O#;]nTơ\~/^wl쏿a_|=g_tS/B.ToL ye޾(d!dFnk!xKo?/=뼓?w O[gFZn-"_DVddj%ηC=Tɯty\n:S1I['>e~ѿKX["wf*I>J/L"eT4 K_ΐR8CH9H4 i@~\rE4 Or*i@69<: IENDB`?Dd"'*0  # Ab>fWGCJ]T>0en>fWGCJ]TPNG  IHDRD"gAMA|Q pHYs.#.$7䩱>`IDATx}p_O帶Q9BSwn *@$9rV ħ:^qD)VDAha(IY$8n$/Wcxr4=|!H}|||||$ckZkiwZڽv/KkiZڽv/KkiZڽv/KkiZڽΨ7&M|sxJ͵WzN?Fp{t׿M$0 Ms8BzW>Co.ԇ|[ޅtM+N>|{wUt.ߡxp-R[!w[;LygHH7=~VOLgĝh>oц7_ eJ]7te˦u,$=}u間.*m˞3/Ϙ"4P9,~sx{Nԇrq!svo(hd-7M᮶q>Q RWl8v^)&N_oNelp9<3k$6CN9vEB+>8op!x|~aId?iIЧWDw"|鰇wt@Hq]s86#Km:mE_phG{HuPGe(pꨪU w%M.i. ·!p&&5R*V/<!%E۳bqN!FIZ١%#sXzIwû@V 8зxID?@!YghCӡIFK͞>1/U, ^?F>!) tHzb)!#P@EП,5r_ ڷ"#]TQ Gfbʡ#)# &5$w-LёjH?xRa@+q+l:w : ؿXk7V?^zTMMŶteX#CbW-鐔-) @%'c+TJT pΒ^ zzeISk8QȒvz4!s#'quɗn=r_+jJo-Kz!7-[Rvsn#>I:K9u"<ʽ pTt@U*["QT *u×XRTGݟFjr&SB:8C1ET(cHGJ/bzՖ~6;>-Ud8XH:zґܫs7ݒtK]˽Hj5`lR;gq߳QƖ߫v?-M3Z`_rmIw/޾sbOEgmͽx,9=Mmr{@?cIRudƖ{j;:w?БT`mͩRʉCKQvDR͖;^[*X],E5\+ { ʽFiR怤=\&F*"AJeIAҾSѕgmhBRR!w KXR诠#t-<#T/03kNɹCmtx\G2D}&&h8+ &.?1cڞ.Sx  q=Tܯ~}']|87D] 4yR0hdz{sIMwHi`[)P^[)-=w? <,'*=W-z8_uCJ'Y*4 jiRRKKQ3oHkJXKVTZui-]KBMv!Qun^RڮtoRR 0m߶ۘ8hm>:gWLlD>K2ڣ(%TH #, X_>/ݒ=A`,5ĎI_gsRQ6+מGl'H#5̇4+.Bh%wO!-)HDҫ6P^ #7p΃ #lxښ+G^L ~S3B1u!I`gݞqa{TcHX ]i]).&7c@$K=lQR 4yw{7230꿮C;S_ %?{RgON4hzy_ޗ:$qIQLuh8{RIgp2-ND5 4ʽw^DjWvprt*| ބ"M*dtqdYN\ȆUQ cLgO [:R >˜/1=%5l%e I睒)WOfs+=ėHzowN9*-@ְwSM<'.^xJ $݁>49A jۍ)mtY).B6ՑkiH3{%Z(K*n[=`dL?h ~WQ{?<= ?p[߈}x6ZyCܿ?}뇠~2L7zGس ӗu();D(ճ6ܿ :?@[ۗ=}[~@o31JK99ks`sއvAf$Kx>Ӷ C sh_pŦk[r78/Ol)o]:.e;$7_s+ʤ=7w<=34oCHIiMO99{O(7Ox>Z_>$66sH L58Dz0 dHńI @(YzaI !~q:X~LԻ%HZo%MHJ08T hX"BqB%=́6S_:kmkD+AzĖjf» Rҗ(">f5<ŠPrI-;mRz$a!5"%ZZL"}IH֐rT9KaJW)/˽$ftzdKnilXxed=1M6vG+V Izʔp-4]K[V+] +#]ISrYo_yIlZqWJkiSc)-)tG6tuS"uH*t?TduI#[6 HAg+:+!HJvHJLT. )=ݛ:ѽ^#{)C\i R#Xs$$Ǵ5.M*)&&3H֤=#6>Som𿯌4DR;%M,U&:%MDjcZǴReeC[[: fv%3q3Yoz~i`3|?M- ~5Jq3>z˖*13֛^t6iX:qҝ [Tpݭ|4SAio?.S]\CT#j߃NEӐtb*99CiծfK󭴴 SМǰRl3x6Ruwxe֞ҥ8|RYGHݸ4`cSA)aHJJqLGA)qǤ&%b8 n((c6N WF*DHFIЬNT\TO9yWUSKHIѬjHs:ۀ*t^ fidGVJC4j./BH:e T ;cr&TidLm3}oxih˲Hܫ GNLRS~;=JJKB2H/3Ց%=nT,=#[S$/FV!́4U I;Sh4N=BiW! WjpFzkaHKp=?+oF.e^54i乵,TA](IMҨI8U .ŲZSA&Pfi\L3HiimTLi4e~Ѧt74{&> B#&ERhT\ 0^PٶK`OSn~UJO`n AQ4Y^]P4\M]3mf({RqKfI?Ski xPHjo49B.W, G RUw C~\&ɑv6H#bJ 풪1])y9؞_K+mo4"NBNx Ir8it+-)kl!3Hd.~۟IG?ur G9 $SnK'Kȳ W"^=n0)!iRW2!K^9(=ZtXʴc^%J#S)Tot{#[IimxkضO*K#M4UJ-FHz1Ij`{ siR"y,tGR8'7*~٭p+U#f6MIuҷpLsJ" @I̥h7;rY"n?A M'ӥqCVRdWPN@R>)I@2@ɏw ۝x< #f &OS}fIRJ6%(͒)]k2ŸoKIgY6yLi罤H^"Y:A?5k})nD뒳k|֒ l*OJFHGܜ"K鐛|THޏ[6Q9`Oz kO8@==vx۰4*w4AnLS,OҥY/KG FJ;R_|}cRkIy>]CHCSdn#T9Nv{Y~-]]O Eror-aA|r.T_yCw?)5b0 U KOh P%R G$vcWj]c4m-R?<K*J^JH_z 4T nn鄐JǑdrK dl)} _ $)Lfo/p o]N&+muGq߀H-8 #BtFJKܺTlT%tK&B^JSr1ˊԍGk i_f~Q6V ],TE}敎ȏ2"鰅R g.XHfRB~+6(,SL1}0FtHf< H()n5HrWe+T̰ԧدIgKI7Z\L@W퐎Jb' mxB*%|lJO'V{PdONZ`%O(ť'a'UA1Փ,zFi4DfR-GI'Y_Ki?a(gf|cJ 8{H>9Q)꤇ 8 j.g&EQ7AJG0ô.R"!MXa4ER1ZzT)|ukIO4{"*Eb773HY=R'1]P/b{7cbbp1tγH5RI8Ҥܛi06Vl)([v ep{'MȽLi̤ $. Ɔd{oeIJc emd "RmRz7|50cHI;/8;,Rz)nbz7̔^$fĴFJ()~'v.E^-R*Kkdq)?/'d-Ҙi.A:R(Is n?=uJ\1&+imJ{R{ ŕcc<㦞r'Vw+擎Ĩ HjSM[Rɕ J29R:|,SQnVH1[""̕#'|Pz?sTqPܵ7XyUK3^-!Ԙ5Tӿ&¼Rnݓܐ%-H7F ,=!dzj4"Bѕt ,#bJ)Z% }{Lw-6H*&JG?P vlԻUʗ>[pYIajLckH&iDLOlmT\ ~:C_I%˕EP8I56T:nt?AzJKd;R,U܉Ί?V95$ϛ-i)Xf͑F29ၽ6JD怌1Z ){)uKqk56Tԑfd1MLKfˤg,Vl)1&«픂RK1R:?dR171K_&pL_hL77j;Sݖ:o O*-u2' l4ImjX"T(HKNվ^*-ub:[`s){GX%3Hvu_*dže~(JV1HqFԖTih%p$4o?P*YOCtk͖C҂#vr)2m2R5ꎧߵSR՘_!iԽ]Vv5IugLjI*Վ)!FIW+JLHNWG+ t7Ct)bLGiAfR+eVsɽ\RR1u@nLQ#WtSJvBbHWD4Ցv^짫#rAe5[ fzx'p-4<$S-AH*p7fJUNLҵbɪ˽KeR:RRD +W]K"5HW'*8` *?ziݫ#kZ6HrrA+.UODi%1]vN*TYKҵt-mTZFkiR1ՑV{H;S~Fd--/ NٚZνkiRP)G/T1+cLkTZژ.PO/LS*jM&)T{3JrתwAl吂9uUj9TN(=*] c+#-?H+U2M+_:4$.-( 4_ Y&˞8!,0D2lW)7T/=2Ytqʖ vERJ3f+9(J#ZStRRXNVqbCRiwJK~zۙsNLܐ~4NZIL3IJ\_Z"Uʏ)Z4VGZR[Ҕ:Ki1&wa?=\e)$*YBK$Yt;϶vKH%.KQew+ _`U"{'H*q%9i\LgLsnNEvAHZ~ZI_P!2d]dXV}#BRwcx{rOl^J t,i;N$J_oTo#:|>Fj..jsщɶ޸2!XI>a{ro=%R_w[+a _XP,3!S TxM!ҲBT/#,%=,XHreP |,iK_:OS銦_*U!jԪ9RaenRKOeUlT~iuRx#F&?v| )IUT! ǴRHK'I'5HBʘ>DYیXHd~V6-GMP:i5%R`K,R9tNZ_k--5{ʽf3>vH*tBMX;Bx*ٖI#_LJĆWIɽyeՓPL$)'5nEu^*JA)%ŕMJZCJ~}^9YVFH5B*R-i\myL7^\,g aaczDIso u>tEQ7c!j" ,{Kɍ)O*.eƹח*A)(Ij"^:\).4;KlFL+1#HͿ៑UnpZT(E:3l!%7:ʒd < ( }"zClp.Cb4R;Rٿ&Q4%s~K+f?:bݻ~Bp2F%a$ 4 ![B𰽝 ILxLNi1I[QtR%-?UZKLP鴔i:n%H K{+OڥwbHKJU^'͋Js>dfr+風4iܒC̴uҜ'Tp IRHBHZqfEoi)S4ҊH5K혢s! 3+=FXiŹWI:J TmҜl),XIҜ$,ԙ{ Ks6*XH{!58K+>%ҁ@]yvV #>~bO\.$ F*EJފK LiGRt@JνXV{v!0u?Z*ic% iikZXmte*EZ`͡R֣A'ԑ/!]8X 'cQP ?&H!TWE]t#åުXl>bnBW~*:lfbO*DKcVhDReefI]j&J5[ZZ2JVK RJH,'FHkyU8eieoRkMνZ03mk1Q< Rk?S.{n:2.5LRKf\pq?ʥ*9v@j/RIqEksob:s#'mQ&ĕ:|f^HYJ:? QI{Kw])< H~mA1eI(RDis\{lR$C)ͬ.JewJSӜHԝҼל`3CNߘ6JF^qݓ v Ԓܛ*{>heٛ&u#|ߓKK[aicJ=v:tmw;:QԭCys| 8i{nu׻ؖJqT&b: hc+ӷp?Mz:V\$;*c)uR8_)ҦI |#ЖT4TiЖDJ$|}unU, j`eB4TshtS5RGbG(l vp K[çS>X7 mn]1 UD"&o풔1%iX _ , 진T<.wHJvyb76?Xj?Uj QP1݄~"~?%z望[܋asu^*KqϕBR\Z_"QҤ;VR Jb?MQRR5t3,Jڂ;MSP )E-y+t-eJNԌR+Xs٦XLBZ]$gϨ۽Ru帜  .0;#IJ 4:R$zw' &Ic4[MRqӥH:Yt3r2r]lbk)-5+қXؒ߶cӤKǙӬ?GLӐtZl!R@L!H92{;:ʩ+:^ %Wc"Mٽ+XRrk"q:L1i1>LSG,'wJ̀ŏ٥,R*8qrj(BZx#RH"] ΒRMQpg?ShK>Vi4R :VbBQzL^W.Cjd&›qH;ޕTk"_0IIp'%]e%=mP1RSEjEOOm~3S=> ǽ=Nz|xq8=:=CeL_Oa鏈W~ uqhyqgc|/~mn~yךIyכ\OKׯ>ږ UrޟCi 'LKdۘ/7|Fs-s'67*GO8ocP !^\{kb<<5Em8;|5K=~"o^6Y?gnԒj=CBҡ8t7 q- TKr<)%jx'&vg\V:OB_*ycZtA/;IEtf/tS`xʫwtmZ6/57OI_xK9/J Epׂ?^F* 1N ϠTWE99$t)iRx+ IMf,Qj-{l!%X]np_HPœ̽2)o;!KŰJɟѕz=:{~*i-,=T 'WO{ˣrkpnjTLǤЗrI{ o5&T6u= %f}UL//ծxUIJtʽIRDZWȣ/-xB'H{sJP}mt@JGHKHu݋BMGbbmA`nďqtcyg@EiHoWИbn$E: dIdvscOB=<(ؾyגzGB !*P}IB:AQW v*h3c6i(^yRH̝צxMNĒz]S$Լ_j<GI#SQo+ft43}Kg SoTڑ5,<)S}O;޽y<>}Mt/tOiX|%epI!tJJoݫT'`6WƾTΞ{Qem͑u_溜E@]oK!{1Uc7LXE_ ^֠/( %IN٘ȽwH%F $?j($M^׮_p̽&ν/Nom1b>+n{CRӸǍG'c2֋=}?~s!B+'{8{-C+Mr^=XtCmΕ;SW42Jw{*ɉ+5 T؛H0Ba#A}8x^}O:F^nF'Ctgs]:䠉H`\Ke#郔THh)?}pLlH~K|{;=k`GM SxO"|̯jP%uI,=L)dZiٴv/iKKW&N |{3{?(yᏌ3-=4١~o'}ߓޱǿ?LDh>}[|e!Coyy|}|%}{k:I{?;^/~iFlnLbMcjG!,h^g~]o/ާ?S.1s{D_u~OߝINyў":c2baugvuP1^nU,XfJH,%*m?;mo #vF?7ֻćG޼unӻj _ͯy9"˯pCg p|g_AZHYф;s%{ސw(xȔcUg' v>>x 5fQ:sI[t-`ZK+#]t2թ῱2ɽkiқ+#]w-^Zt-^=/s8IENDB`c:Dd! AB0  # Ab9I`9n9I`PNG  IHDRgAMA|Q pHYs.#.$7䩱9DIDATxka`j{l+ˈWz'p.hk-$я1'ZI$v7z406ç@V 'ο>[Q2|'HXVs ltþREGMvڻivubQ@M¶V ZaC+h?VX ZaC+h?° 0ѹ|g|ixffB9!dj3ҏ NLY|_)OH =Uzŧnŋ+ ccCw Տ0/ut"[kүMj|;;G2r>!4_th%Qv.QFU"'\UWG '.>Y\͑n"o&/|2Gݺ'o.Owo;ލϚ*߳{<4Ž`ԽGW^yǧCl~1ɑAdfA?E7G[ߺ+P,h* &. p kZaC+Loo) U"?5]L΂7O$Bf ٶM;iw$4>Zf*t+&l6 =N& %-5T8[ @Ť6iA|#%U:,GݘTzם?,!>1P'B~)[@?][筪-P ɑ%.5tx9Iz eʰ{£{HZ* ] %S׈pm!> G(B p$j E"qeAùV.)fcIwgSDx }QvP(B"CP.8$Q" Xx?'užPw%_ a =PNK"[(3ND#<xȪWH*qTƏIYu"y DozwpޕN*D UytU"ήQI ~ y`:UPd6a!K;@,]isT:7]!>CgD8v8Oh#KZ5oK7p ݞqd5+Lt!yB1zyx5 jqyH&{8;>EqiQ#ᩆI:8t+| v!ǩZA@(Cl:a/Q)I/=`$ {ba~ DxDӢ~Rk5o\p/nTmP,Bܶ#RK DGU"}WDqS:Ȣvc>)ͫ ߂_=2 >QWMI}K a!pn+ )6^8/p{k) rr@Q1^~a!BRiC毀Pn Z!O!۸Z VX{acl6uQ7\[y8ay< Fu`ʋ0a|UB\Շ%%F2i:Rڇg@F'yϙ³c%=4iFRipZ;y8a9*O` ȨB+l;hBUM>.D^a m/.%Ӹ⶙CXBUP+=k^=d2 WB~kO:!!ܪoShVPRYˆ+3 NR9i8,uRsm!S؟ӯ;=t!Xt B.26#8 Τd)VHuiU"R) cl)=c5C;h4- CC|0 p鼷"K5,(aU6܂$/B.(:ǩU%\u)]ѩ84H!N&-Q aU[h P QMmP8@}vMD-zhy(?# AQ($dp*=8];Bvp1`͇ RnzYRf4;%Zhг&G9R # Oؾ }*[a(4| e H;O:wB@}[h Pޗe}mK;<2IgiN1BEXB 9B0!z(+$5@xL&ziB´^>J| _ B0ڱg +o %rJB}n` {;IhPrbr 2“Bi£߿'WDl+!BRG2! (%,&BL+OW%\HOHںPc %Kh4`MBr+0B;D> ªo6a֩to)$ } J)| »a TOCYZHl qh7㄃k.;Mz0.>dAH) i{.P ”[(@8e eAT-o7pޢB0}0wS GL xvaX""4@!;( ev)BOX0dPӄc!hs +d'ʗr 06 TJK0aHSB ",^6|T/bsŤҰ84J$\V0 ՆrÐe^([(N@K2x)k3~UhHu(aBKh8,}g-HXH XZKaH_" l!ȿuWQ/eV [auBD 24GDh'TZa}sEMŠF~!N!fNFBVXTN[n9+oR5SK**T//dmG(5]ȼ>!Sc7S3ʹa,d_K?mA݄N]f XaSЄB?>8GzR<5I8 amx> x Fauj%fx2c3xfCHjoΩAJPI/4%{ Zaj!`T(l8T@Mr&$硑<0I^.k'L=n݄qhMzʨ*xJoVUa6>H=aԝ_(Mք[<I*PTca>o:wEHR< ^]K/)L[1p" ,aڣE< N"3)\$H”m ҔH!aqX0p #GvIR&mV9GiB5M$FO0]ջ4Pzü}è79tlV!i^`KN0U":|U6~*} J1}r ip*')-۝E [a+@*%BklJ.2gv \ooK;#!L.LsM,0N0Q G:AU K )P6^X|hu?#ah:a0{`$ a>z-a~a3 K f̈[(N8&4Oq٪I0'HCnue3sѭp4Za5iㅳ PiqyFU M: az$^S*B#8!Paqhz ^8-D;B)^8yL |Jx4A p 4dj,5QJ b:a|qhWL#_845 G %(A[TXZR0 r؞zrګ>)VXiG y#, JU !Jڶ0_΄De:) VxR\qXO!.!4k)(VxZpP&[FD=>0PW͌lflGT*Ɏ*069apa{fNPC0'Rii B8"2Dΰ/vp}N( lpYپ ש &7-"o…FfUH'$V \a`IАUBr}RVk,$r'^XT}qQu.R .\$L1p0$L3EwxlS'h_k@* SVP7!/E uKWPUh%*4* KyH[6oŃ ֐f\ذEat@`J:LS qMs+v 4_JL1EatͻBR v\ٽ]$3& $”9M'\W֝X0vd 0a`IaL}2| c5Ci3֢B'R80Q%ɇJ˜bxTaL*0ya4~6EaU㠓˜ t مWƥ: X:T5Iv &sBo~HɛP]*Mf^ʫ& aB)1(8,<,YXja mО-I7dC?KôB)1N"4B[/H SPl-ɟJKrb=F!89j[axl:>_ILcI%L?@ϥ YYc-B8acz'5L!DiCB^?kj#4,f,a(SH>&(*3 Έ"e/kI?\ I,HZ8Dega+dUBXyQ/@ڋP%n&}(@XfMG QL<ܴx"%Ίᐽ@aba^J m8I2"F&eX\ \6!( W1B^k 00SX^ QGF 3% t%RpEiW8LܥRIK/itVo% #z+XL9Mycj:S)DH+LN{a)-Ljr0a` l~*m8_opȵTfVBJ+3ZBD8),8L'7^Tl¡&HBBKP+06M1BGyg d,D8CB]:VF %NI ueBS[X FAr)ŜBX0}LH #ݫT&"q+ MLvKA*Jzs =% ˻2offZq(9lZ0C*~DKhV"?pyXh5- z8oBv*M&?]a}>´tݸ^hdĽ0s˜aڜf]vfha"p`LNB݄ެ&yȩpe OӤ_U1e z0NK!?:am8KPa`[ZO>Uaix|!Lwy wRstB-c^ZUZӾϟěqb)Diai9ʟx -/՟aD4Q6ZhӘQgr@B'Ha&x>SiB2-WbfHeyкy!&1s ҆tAipZ+afQ+a8/4Za+,!̹haGaRÛTJ3zIALfe QrA=ُ,aA5Өja4VȞSira婴raqhd٭A]SiY‚Cm_a r',}KBzaCr'/tKRiq!V$,:.f\/0[i]X3<.F d&G0wI] H2mPz$C$G-',VB a9 wB~06y03R-% 3Sa-)Ba⎤jK}hBqw:;҄ b*Cyq?ߑ&aBVm'owN[.;يpRvW%BN=aI$0K3YuneMs9!i6m baYS, )$bY[X-pq|aI{d4Oi 06\8}ai9Ҽ8d [RxXRߌM6?/,)lO8ZXy^4n_؞VXCaYàjaqXPv% lkR)G-<8柇 4Q!D,6] ?ʫ z.yBAӅ]/*(586^Xf/TGMLǟ{jG yzI(a˕&ynįLX8 kuM: 6l$RXT+M *4@< 뛛~-Vh OlPZ;Za=+U RL_0oB4RhvBC"Mwf龍Q3iL.LnQxxaOhD!Bl;ոVWSO_BH!jpd]ЛP^c섺FwOPi{ %5^8ߌEa!C<|wSS̽5J:bp}I I5k*^K/1Mԕ}y.9WWQyXЭt)V4C(B^`5B1M 9 6 wXɈ}uCx\aOatad^j7ǡoFiLh -BO4t}8 1r3h YJ0a04f.ˆT5CGHa` ˆ8t dBNs!y+w:R̈́Եi0y㾸æ3PA;){XD  : PcayH)ߎr֓LiyNa aM:̴&qH Am0lh)hs_BzG ;v7!W!s*Z7gf i C!lN?W{AOp!3=`&!\*jJ )0=,V+3 z6r=SPaNV+YBo2 \ ? YSေܛZa7s*T F8p*0#^F D@ nN]Jd@ 9ӌ-aB`|[jC!FpK—"' [S!k eh7k!+lC8R8#d[CK)t 4<[Q:k!gq_al}F6n< ?Bo/}©!xW׶Yv* S g+-4 )S΄â! %ֶJC}8]- C !]= &1-2nS4%\ešE*DZȽ%pcC A"20+}J?K/B+꾚7B/ vm2>WX򼱵: 5l%<`CJ؄s>aG@ۂTB(FY(o'+0!E*ȝj'^5B<}0ƦXp6+ t2'P( t׻γk*4'$1"gX gU\YM s( '0{!աʸXv3nbxY |ԼiRD2yCG W6!CqQnU8[c[Uo q"΄FVrJ7uJMȺ'ys+ܴ(7!q.\>km}*sڛHe0مyn %&fqB aD*ݮpSm+Of#4V(~7O(ڿ2WK׵!^{*r<,V}Ӆf߂j Υ\8m^ An<т @^rɂ'Iן$L&0DJ$d>Ӯ_E= aja0C` a´;Q}"ѧy¼*(^LJiW"Cd= =a^7%~BrSϗWIBCd3Op^wRۮ$΋֋Bs>7>'dܙ~G_A 3?^87)BoH\FW6A{ @$BZwzU{|bZ-MsNC..S?],ykVxǧsy/>Iyw_tg[!lF` T۹&cso5uȿoQ'_;o ل >̇p>7[GӉ~7_ÿ3;su[h]ϾИ(">FA' }S/aHVCT8_0U*TWHU$ R) d {~atajOu!M%@wQGMudI]BwBOCx**5/ DwDٷ_zԸ>u)J؍Uh!֣Ž#z6!|@ 3ZvjʴR j]PyRw7=/(2s[]v_,;`yQ5Xysj?9pW wVCMzѽ{aܦ*t0ܩԽq`+. ׄ=w9`\_2@Q…g~ӯw1{|p!nG4FG!칳`7™XqH tf<_Ɲtl?pNY[+TP©O9%EPGf߳Y)\z+!ZSB: PO/| !JWp/>yJ.D\0 f*UtZ74nG%WwQBʾy$ ;tL)QTjF oJ{] w'N)n ZHUPA -ܡSGR=A0-_U > ~PWjrdAÕۨTu_R*,z`.{}!Hni_OP4yl+D 9Js+DJhv,፥GT`s0ɭשF4즡9M) [wWOu;Zx6%\,/ÅZEZ%Bx7qt,!h!;͔%Ĺ[HOA ow_QZpNCJ} _)2<3JW^F!4xcij»r0zT#8=8J-~QK>TnMi|gD·qxf 3!=(*BH> / SzR糅BU88?A qN/B {jbQt3!Mt#4p<Ռo }*?' !zpdۓhJ'ĺ0ɶi ?'QaOOO^"7 &_w}sG>u񖰾Orb}K5|?x߿{(vx+[׿Le of[?"tsNhzKe{ʓ{׬gg|o0>>||g}7s~neXfh oICtn"C9÷Z1/t$/9ɉpj?aC# ݃KH>tgZ f/u~dZba-toO1̏Yv%q|ؿ%y|׹}n5 ?VX ZaC+h?- IENDB`bDd!GG0  # Ab9b`tq4X@QdEdabn b`tq4X@QdEdaPNG  IHDR _qgAMA|Q pHYs.$.#eaIDATxm$ysgyƾWjk)9ȇJUZZ ,$? Adʯ,$ZA˭Y-f c**A@ ճl2K~H)mFICsk5uRS]==μsy|=rtp)شqɮ:K.߼W>_uy p%y9sZ _2U _Wet/~8o~6:A)^A~=埮T? L38v/~5}So P0 R_`=d?9I/7n =7ǯR R{ZgT{ so-vjecӀ*_Mm6y(B gծq|+ iBۇkhyp<v,Jɽ?,[oeOO?okgPuuKL~矖aʖ/s !)^}9oLU1ڄJYS3\5d'w7F7~oke|s!9W0W7CrsХV14%E,%N>Jt<4E@ѷW_ٵC >Bя^hK>|w84P+̲ؗFG{G-{[_JNdz}{Wv@Nq}~bgD捊 #񪧮^{o7nA `o XhG|%~F<^Ȕ& WӴToKUoӦ櫟\xLwΙն>ۯ:>R|o6o; JO mz ٧SQ8WڎJ4dׁhBj[He'KW 0 +u0%^뼚iV^+ sZ@ڢ/—FTԪ0gi{C{ xžjhDh6SToV@C#T>e>(ԣwEVb؃?qX"*w՟?EY`U%`|b GZmI2xnE{3Z`@T]heie-&,UOTb4D QR5PM7̭P"dTY(-gx)zV DvJr}O5Iv;u> x8֪u}JՑVƩ?pb*tX`WU% ?`.I*B=h v42p"]Ur=`̀O:Ċ"#VwpH51P`l1 > L5"yb @fKʚEHa(0@:A~Ah3%L6br$UOӴH~.844Ԫ5uvEb]|5W@*׀bdtuydPD`.(!`h캥аr TŦ_8`(/fUZE_K-luD4Neި*`?~&<JZ/_ 8jwr@tO[B;\*r X6F̘n`@==#6fL3  6bNW>CSX*g[huDIj' PM܏ ч"N9"RD->~`s(<t:&z b"l @B481Hv@W (xVbzb4bS-G JqU0l3`C3LãV:D 8*gǻH'ErpVd zE}vрF xh!hp:p)_Xh_i5F8y@mj[QC,@_."cET720@y֣*0GUOJu4xbM &@ ZQ@'MQyluA G`kɈ'0Ԁ;KFTNA 8k VDj`ZU؉KN% ^ # @ 0$m)qnW~%` Ѐ'vٯc by 0_( FZ*(DPDcl:]ټ"Fg.i~n/-zY 84v:ʊRAH; Y@YK`+`u0b?t 7fhv,Xp]M0@5neh@8V d1f,?ǭL;Հz",̃l>\rX+`#Q{ YYDK&6x+ ߞgh`ץBc{JcS<R'&@!5xğ*8*t䫞,sk8\^JآCAȀ9S"jHZe Pz}@,["ykzn68[CN~Z PsבV,9)ho ѲM`N幨+WdzmlQ8BU';zOnY2Rn@unf`DSj$gbu 8YW-k4H/!|#r9@G[83"[ף?Z倡p{> ``<[NN4`6חͧՉD;mui 0PF}iȨv@C 6㻗: ld !H4$D$ "A[1+($ Oi՚u { 8udAVTZQ{/])$`HS W \ оx$XF -'&๶yp@27V%G]֓&`˺yf !`r)w,4\ \3F&KːiG~C! gK<$4QU@.bM+M|c2J=h<2A0%~+5ZQ@ρ*<^pQ̀W~6dlt~h7"рIWVcUW w'. _3Q@m@W?lQxV$l Vp?( 0t졈J .#uA&FD}+lQ!Uq9ҟ0D72eW`Ԍ.VW@bTm He FӚMs>e$ ^s:]:h۠/o$v@C3x6#( ,d.S{d`Z;q@ѲH.4 +Z -ra:Z GJϕ/b9_$q x3*wA95.VcTM!8gdEр;Q/PVG(4g>Sa0T8is X 뜌dZr%੮`: Y-|1|SO"j:3 ~:(/ItL1i']w+LI>{gJLZ`.Np6,d/ ؼecMbwE 0Ѐom# ݲ٩ #Fƃ*@]PD[^X_Y8}D%{m((-uKF,2d%paO>t-_M,ȮN>cOcbrT['(0@g" XǃURjj|0p\fOr2IaSrnLv(M'ʈN'Ud,ՀfrQwbE5@>/MM`Ѯ"h"QxLxX\"`s5)C_`bjs5vԀ[ݽ J, &:f@C 37z\OŮD|tE _&Bl>}WRiQ3BT~^t'wM= Q5h=4DkxҽyT 6d^+λ hhZ]K+EtSN@V:w.PUaX*<g4W_p P%~hhd"zk1 H4`')5`@Z x`R&6Ԙ4e`hP27V Z]K΀0I0 U M@xQp\`RSz*pd^h(SԇG=18ϴTW@] X:Ht$_lz2 p@n ŗTSܵŢ 4}sr.`"+CH4 _@ը Ȗc s K<ҏ!E% ȊC@ #ET;j?@PD:\xxWv/ڟh h1Ѫu0*%{W+Wh@'Y L_|Bvpl^DR/n0"Kψ.T$c~ $2r22Ce/0Sꘀ‰]{+QE4jrDaO:=!yh,uN*r@rУR.m0l6["PQC f:,4`?`-'Z`ۀ~,,R_  yMq~I4(>VBw $V@iFd1鰟 ЀtA%5 9OC\:B^ L@e2U xe:J*ĺ3 UW@)nZUJs<Z2EUt: yJ)\YkRPh@0/U>/I]"ࠫrū @Np97`ԷLrt.͔rxIyNB2PH62 Ԃ Ja+` /M48R(y0sͪg+v! O7rMIv'#(:(ߵ4آHhp o @#_*Ǭ{~3j1S.m44djj]d:xV58$] P+xPtGA1YYDϪ! IDgXDF e]G6㴊:ͬbA@Pqef H.n &,>5 Xa 0aަ WO`> 'b^P.$Ld`݀4@j\ Zll0Z3&6gU&`׋h= J (UW̌sw&RITT_|q2q@ F|^e ɰd(4αm+i5 d94OXLfg1@j!SQ2޷y% 6{;Qd(ܾ9XkdJo0(06N X_Y,H.+,# 8WA T $2)@]D<:xP!`V `_|n¶ hp"֌ KJ%*A#sMl i@CUTE4T%:3H33`뛠) (h433&r` &lo(j:D?u=WF&[s0ՀpأL:(X)q paH>I+/>1h@8~dZآ5:&C%`8LsG[9Ojqgo*~:uNFF1WHRiHt `8ZWL-RTF?uZD;A0# ,"f}sC#p:S{EUo9xL.$:UIp#-gNxrd#*n$9vPlbmdVN*c˝N*E ^0e=rͽWFUEgUuǃUllT>贺daE4$δO%Fi\d Q5 @T2U:3x~ @\":AVDg.ed@'J!3cL$&/IH/A`Jf]D=E'zE63' `.eGsF܎U2  ᚩbk]>S^G.E0>W&PDHH!!u F`sjrK%>`fXJ7;k>ՀYDx>m =@leM[TEd" o*<}AXX\`{'j9hL;@JPȈ>"^H8 ;E4g܋x!K{9 vz1\*_`i!3jN&0'A_h// рcX\dI9.6r.^5`Sx%0Q H4 M3Ԁb ]s=T3 QLPdh 0"=3 6^pwQ =u0 >ƕMuN0(6 U L{|**MVtI*WXKUup3EDk9}ef4|Jgz4`/qVKd<ѱ P 9V |}0vE j/`NvB۫٢J+?C Ԭ \e(`u4- 1\M GڏCDAKNTLT%Lw\{)8pi#jP@x g(*Z008 Bd3>Χ=2Vǃ `8`Nఉz#PiXO|(ŇN(xu˺ZD V@Vf a7r9h/G품ߙ|WbAnNs2 봪 H4ayR.[+("n@ _CL5;+TKkE;}@2SUhfY o`{h\^Iَ3g;*@p3=9z`a]L>r`kg=Uke3qiǪT 4/ _jN{cesGX2uKsbx# :^ڰ-t8 3KD. hdρ,m9:P]hSi=`E\Oĺ7ΫQ 66?Et >e<آIֺ/|2hwђXf2 &]M GK&G0bZU_` ٦h/V Ncg@U7c+:Sh#X t[٢wv? çZM,ith4XKNIp0\ :#rhŔ"Ѐ1Qy/hBesPD >Km@y7!-dʐܬMt_gthqr\~Q:>PA*)ُhejq<$D#%8vak+Nu0\W orK\-~>`hD a 7c2@x rp3=`"zq/kfndX"`Ug{}nbs9b5c سըk ;) lQZ 7ǃ=u`~][TNqdTXUx0l~f _kV\72,jlyq}p&ןIh^D9 @Ӫ:N0vZ׀4Z)7Kma3$ h@#:h @:`H4^öQ%,~-l-CT~|A)h: M*/^g[-'`/\Nླi׌IgV>gmn_^ˢ,Xh(ԭA|fe"`h[,ئv@PD6@'NQH*@|<<  4KA pUBS S@._(r4Wu=զ.ލWD@;Xtl}wm@S?hL)qEWI/A آ=~ cG@-Y"쒘s!xP `x!S^9 4.*R^7F[Y-N9K[ -'piu0e;L,0$ moРNQ rt4SՑ XAλW@v̶p:_P`5>`Gɶ|8VY'~~yCVu霾35+/< K|ْ=;枊&h@JC}ٝl2 s xx \>ԓRZff@(!HxvMW|hM&t4X aխ(SXU3n-]d:6wx? uIgu@ ✃VGx]|tnJjOVf`t>"?#'IRQU6evAҒyLn꥝`05݄P mZ*цw{֦,܌mHN6t@'f@֛wk:l ǁX`/Ea ̭dOOvvu]®N j7SYq@>Py\P_Ic62Jz#cO͎q@k"Z-4 }.RZMp~`Rj΀?PfҶV;:Sgq~D(X_o&;v 8c ’<S Fs][ YÂ&..xJ?`}a}<Zݭn+-AU`l<4ܔA(%d#Pڷ/ kG̗w5;4_d2Y+D?ý}2>Ӏ*KE-gu|~&H) ;Puo62I-I+6wҩ Itqd!bPVc,(/zH% V/2jHV Hَa#`m,X) E# C@  VyX@PDW.. FU:}xaU ;E0U 9?AU> A)@>cD x`ۘZ叕?ECѷnY$ڐ8 P_~IpkOf{5z[Sg[&/]Ũj  `fs1p~$]=9tdX: (x]bϤ+ŋP^%ϫ J -nKٍm? hdCVrp|Ua @[r?.X`x(8425`NtR%`5:XS;`?E,U@>u`lN9ʤhr}h}OYjc{XTB֫Pl+$ } ga5I]oTcC$MШx:nDTCs۟W#; %6Ѐý.?W_>+;go:kŋKjZ/B2їT N埮@CI P/]= x"``=ٮP#рگ-hwDg+ N)c'@hBmN Z2aŴ kUe)?/؇ ^hшCEHWfس=EU`FNV~3Ű52F\RgXvQCD5[ji Na9}GS4,kqG7VViw &+/uF[ؾNVn6ZW 0&3_p`:ۢ(` n!1HM5#@2EU D٢cR3yC`Z=I/N*O`xfqթ0AVhHE_/F&d_t6A!8 7E Q@'kTL\$T^w"~ݒXpWPu{ t'WP`(U+mS1iQUOVYh7{ݱ: P٢KnڷϹjb9`sKC4/X $W0cFsX-‣ (c׀g 0$2#w8?>tHi~ 4L:%vVp +#sVZ}"J%oh>'!r<p$b5d#ÊR͗EOoҊiEp!RT0Ʉwdp^pb$[ kO*> _&OB&Eu0l&`(oabHYs74 Hh4!-YDهCa>L0  Hh7TgN1 o~ 5x›D"'~Z :6VJيuH:#yT4dܯ U!Ț?h2EA2I&O4Y0'N* :e7J#̛E4ET66 Quoq-ƃoo942&74`n;`A1?_?-5Y-~##'hc0#! 8׵-.&h,Y&CA00eV@AdAM@qӴ%~H^@62D+F:\^ 2}na Kq*Pv֡[Q|C\`^|}_UjDUO sˣӳClVGv@DʖRրbZvrZeL 1ks X@ `S 0瀑3`~:E PD֋Y;6 p( Ȝm{0@]Y%:8ifO&jޅ+ o J-ꉵ2,W8\A IP#Xxr2"e|& &cL%X#;T})75$p" _5 kdĄx!'ۋB9E4fnEs Z Z~ %t±f$簛 Şѵ:f4AhJ*u)7ꀆQpdWkL5)Ua e Xw@X_-s{^/@2Sx%꾨LB_Igw RDh(C=w8V>C#U@x]FfwpɢhP@@,puQxux1  р\N}w@N`mG?c ȋn'o[(8*r 7xQ4`^ P0@620S!/~5VM]HS;`T'lkA 0jkj0_0րjIݬ! xmUs>ʥ=b.P:8Tf GjG,((]4`39=@hl F]TC /;ѝrh6V).;] 7*^NFX /TZlrY06W_5MаuH~j4 5 2Z 3,Sm xYDYjJ LG Q<30B=UQ@ZD M3gs <F=nb #$ܳ ."juSu𨬃}7J3Eu_g@y":k^P \J@G<:-%fUK- 'b֛v`%<"@Ųn xIRb_^Q 55`b9ᎌHug*TZ$glKz=c9z 5f 6^` flS@_:6K 9e˺eau+u0sY:Rg(}X+CzOWgP<':hpX.VK|ֺ ֔fk^8k#ZDfmFt8|K)Q AUPBiT @j6A7*<׀LuZ* -8<Հut:`"a2gԽm pcna@9,l psV^j3E{`xWiS HjVvqRLgYS(E1M݅8olk֣$k= 0[GS4Io+p(n"uzgG\nvtZudl<-kDNWd⩨E|O =*åQD@;@cC$ #nJ1߯ﺤ.]5TG@M.cP(YnQwj7QZdE߾kV)@O?qÖQoT,E| nAX@DU- xw ;j6>Ⱦd>$$׀`S/nh] eՅV162Dm\h4DhĶ!bTEY/0bK[e|/[!U4ߺם7V1`<26E>ㅧ TP5,ЯTWWpXJ~EU`=J>M&,k RN<N`ˑKDq$m|YX&.@hYj ;d93@pPECLݜw<`^f@hH{qZY:xeMh탹X a dhB@Ae+Z:62GE0@Mp@@٘pof5@Ct\x+>\ _8 WؖByE%##ɮxY)j7ؿXixac6)2@}BݻE8[huo[sqX623wh0BmUq@> O뀍 &]M5|mEu#ÿd?H[ԚfYt(>5\I؍!uPe,Y[\M,^uOCXQqou۠=<0e'LW׀v 0Aлm;.u L\c&Z >i@' ha}]>G|o}$ ) 9# H4(s2_S3@<ZMj(VGHXF.$ A;5u&nnީ0AE_JWbowvp%K]^-X#; >_ nցŴ+.N4》n@ #M+ן#Fv6hXl') xg{dR{p%tldvG^Z2./w]v K S]IVh~t܌WL\_v#; 8E!GZ/jN6jaUM +P:RaNl 9kuNFZ|;naNAklrZumL_v:Nݑw.2״ݭc;F/ qEqŰb|!NX7g;{#i!dh8[ . >N2BX?u 6ÜUM Hpj4Q& Uh|Rt~[R)PwQ>.쒤_S_)j?)4 ztEMS]ώn? 08>9(ET~AC<@hp(>w| BZ xx0O @z/s[yIvM`,)^NX% T=/i&)9"{Pd$ ?2/ OH~v438>!el4]%9IQ*63Aj2ػF~vy0S(2g4IYQǔ>((0e*S,{s>jKl/79NG0%Py/}Lb0OSe{!<$ߒeA1d&i Q@zoPuv졟$幟Nm23yldڣ{&u XU{]G;o ;>e12 7|:U~G4E,I'GoSgn=w'{q`9z,YM)#9Gs03z yVK[w|LTRO?,9)oofi.gg38{P4 #t[9o<2Zه{G&Kof9HR`F 9xJ?A󜷢Gm&PFqޞLnNmEAE XՀ*I`e?~~!L|FrF>xiÈ~ J;Lқ:%,[dZр>|>/PԌx% e+%>+9VlE>,a >ky0>kE'CRrvTv,tk$,4IK=G,xL"[ETMcw m[ pt`L R@9&+eF8{X$ր{Aӗ?;: 9>v˼x2#uq7ܣMg0$e8aQPM>XX 0^P>r4`{R+tg|-sC xFN`z hC0 li(C_Td>[~bQb[QiGG}f\E`LjԔ0bI$Ɠtt.<.[QΏˆ}TTEX|]Gr@jn<#u%`.ߑgel+rX ~|X|iYR{*Ys% Ho?aFT ೡ @D,D=r0$ =wJ3{yd6L I*ENyH+[p8 l5jQ{5-Ԁ図0eG0bE ( C2^F#PAXnDn L!`g,md[>Q2$=dD#Pe()ww޸< ii7:xVZлCu>+/a>IIA?a4 t"F%,=x 36*-`tC`{ƃ% 1aRzQS>*$l fQ2IOX2[N:dLHI",&YtM* XFL(s0-و>`@R9Z,ӜH~> Oǥt҉R_si)p^4dhas|8)Osy5mda^4J@ Mg!IP >/jث%bmfmovLA>`6`m+ 6 HV'@h}m^5D={LɋX&?ys_~v0` Qga4u{so,~Yg`_Oc.aowz}t_y/?ܫ=~ѧ;vpẕn￱GMtp}_?}lJ7Gk_dQVk {Φr.ڒٵ/p_=ԟ_B2i~爽O |0 `=N4ZG# 23 Si3AaxQ0$h^%(T?~~W>[MG䔶2ȼ\iƍϫ^b /g7lkW?\ ?Wo< ̨!я~6ϞgS;tB|{<cFG\X9/7?/対gNJJi43xtgj] hG\ucj~4ꛍDw-_y@zB^"wPć}S~ fi)Oo[*{') O-X}TRʱM_+#}羽 6gSB4%?wMJXhi^oC2݃OKQluy p%K]./w]^uy rp%K]./w]>ӌIENDB`@Dd!YY0  # AbO@Z{3 Su.o+@An#@Z{3 Su.oPNG  IHDRYwgAMA|Q pHYs.#.$7䩱?IDATx_}`^/"Z!ë(6Ԟ$t$=Y# 'K yXm5sT(a__rVe GSJU&b7:ටd_X,$zLhm[wM5;gKqW5Tivֺf.3pbG޸+kxqS|#t|S/3N]B` Vn;&?)2M]O>nu?Z;ug x:B}wfoܹ. Khabt"ѶnxA70x]]O={7{YZLNԙ:љtz":C좖휉:hI}. -A2Ӷ:h}pZ̎)S ].μ-n!0杻+"h- 6sY; /Ntc޽-ܻ";I7u -$bCtXcl-C;@GAV%k .̑$;Kt>3]n@m}%<1Q8%Ӆ]3Z,vD1[T'2k==:s'CBG ¦xo$JuvW`e ѝQݡ*:əP:6UݑZdZLw}H bW@[B[}V(aCR> Tw`JsD^`% !vN`-_uT/.jٺ^鎘MHrQPw\]Rk$SV5tuќ)btuG' U #ev+M;.}k {Չv tPa@ 9W yR Lw a3]99mhDZ,D5mzG =uթ" 9Չvp 靁S 2DGvZ̍[{E^uYΔD$҃@3i:_1A$2X $C&<4N&)9o&if@<.;n@f,B C/?wt$Η;{/#b'Eځ*rI"|t^+]e6UYujPWN]A.\2f^sRVD7B*Mk]}+VT5qϬl[Μ_hl|`؞cտ =.] wI_.pA ꮳVDu,Mm6*ڍ$gZ{ndں6U ]]b\BgzSu[׷uoYάnk:PG̽}$ӝ+Tg6: ]Wokh2wCtI#t@Ύp:E'_itD7VO͓-`40;nHtjѽLtnnJǾHl)>̩{[Qmu}`4yt/npn:Q4:?0Lɫ!:TV4 @:>V!աIw}FPGUTwΪS&Cuu05o7K*5ݨDLCZwЉյON'w-NS3%Mг=|CTI i1#|6ɥ:F:$Mg1e(LgÓiC0]b7c ϐ̩ȮNtAW_8Ġ Pz_PzwTUT0ZpnIg¸-WWص04Mͩ☲h"tH\U3j[nyu6CGSu%|r0Oj;-EfjVeױsu{\kvlefT~̺Ui:㧚;.|9:V,qEdžkC6sGϟڳa yjݻȧwn|vlL{_Q>9ƿ3]_$g0XWC7{29x ]q~>|[r$|i.ߍx3=sz>"< ,uǺTnWûB+J wi;𤽙aɖ1S߳Qq% >ILo*<ǿŧ_d13o5?ֿxë?u=!-IS.^O\\;Wg?@X#ѝy{^2[ w0J7b"ӹ.s]/맗Lw<}J;n%M}wv nUr9n<{ g֥͏p9Kq7Ȧt)LKj4yɳWi^:-m՝X/\wq\cP;tQ ˅i;-C:d+Ձ]XJ{'ޔ%;I6>l n=MRҶ[]ο5cPR~o/dGN%SZL*'&SJ}91rZђ:_E.#^Smc\Y)˹I\_E).(:_J:vSء:{N'Dϕrrqi_%_L :dss^l+)uR.aDb|{r7~g {t A$&ЩmDmatɱ:ߋZN ፝t:!3kSBШn `AF;I7ƗQ%_CH}z0y`E$#Vn,oo>kJ] DGuэPwֵN<+֑ ən{{SxPضuyt]rۙNu:L_: moolo#o-ΏD:ߕy;UXѶ uf$#x$jƷ1؂V9`|W^uߓS@_va9S+P AZb[xsm7v# "uw!5 ~ڇH}/lA#d8tޜ [U#N~Иyt*Yc=ݗct.N Gn2IA6}J,tHLA$viF?vн;W7;^qt|c ! t20uꤙ}sr+RE39 #Z=/Z5s{n C~l> #l:$TG*Nc7H^!:NNsu6s$^u(K 2٫<4"FMTmnmtctݟёP#;IHRB< GFt&&mSU0rbt[_-u`m'H:J s+8*b(/e$hڼOL(Dt}"֬mC Þ90|n1M4J =EGKc&^#aD3i\JtE| : m?n|K [Wfq//+GCaW>6W(Ϸ (@7->k T'iUՑ M*ta!B뿿K֙<̅pJ ǧ!Λuu['|a{u&30c,t],3?ws9Q:sZV''r-G-Ȗ3[o3nIDQɣ"uLTnK<2D*x"bI@q:!{&UT;Չ+LSP'Gjt* pA;gȿ߻"71;9ɸ}'-pnG(yu.X@8*!ZpHtHE;Aq U 7vOŶ-d:[ ѺWc#`#5xt~]dmEWG6Lw8ކǤ[J";c9p*Oo6k1:'BNFT7n8ē~B vRbuu&RP/ f\͙ݶIu ȪUAnW }ye:;vَZ%,ҶΥK(֑;މs&t>!Sn@j+)DytZeVx:4'?yC{0N /NBz]'vGҡf:6MgytNZ]]]S|՛)%|n87$6ouܮ%J,4ccו8Z :ƺ%K w]rdPN׬J)suEUC`HlH=RsPu,]efEI%";^{R /t%BWZC:m̵p 9wm*uhٱK)k"ԲktFLنLTq1_]KJ=u)hR|Rӽ$)VRBow)%O.eMPK]ʇ&iɛ*uJu eZt]IׁbǴsHr)4ˎ̻%餕r ̮>A` ͙sR%xfʹPrL{PCk?tZ%KKKR\dХ_nU+e2πVLάN.n.)KAXd*Yt|3\*cLNL+_WM){3$וӪ鸖*Z) Ȳp B(] r̵n%:lCrek`y:2nC\G2ꥃ?J̜̭F-.g 3Y)'Lq}otyAV~])g/]kY.o\s=94s=Jʚ1wεߨr::ybUWVl]WqԕuA9ʊ]~ϦXYy_dz)-NVoT=~tkȼuf3t\Nܺ\ˀ >g%d*>=+e~iֺwЗyJ }b\:Eǥ^3]g.U8sά.lӸߊxV.3yxTxcwI윿NQ:ϙZxzw '~#wrUdžnQѳ[m ѧn 7=g)q1ो̙y;~sp>8NqEf+z?Btc8L,eI~)SwrIxx>xPf͹:WIϹ=o+RT⧊;s[ ˙3w{SwSq߇O+V+ܿ6}8_! <#; "K PUt+aCP&WǵUx u2_]+RS* w?+:niBMO[bt<{3yloxx>@QݎO,UxǮh· v&w].69w)Z}!g=E )pjY5vuVQC|A3umguSd) tJtg\uP}~fxT}zWx Ca T5]GD$+4??n_hq9џPؕ+UslYB*p4/4tRt^k@9mkPVB Sr5tR9:5v렻yY#rDwE&Ѻ-fx"v/B`t,p6]41:ZoY}܇|Rd8>ٺҺUl]pu\5< g#)u| T8*ue]ߚm_}ܕ3>z/Qt;K=bW K u63i\']k%r4eoJ69KOqtZWN.]}?R.s[V:&2wnKV.k8;4#uYtY/e\ &t^tٶW2.3mgIsDwԭ*vw<]]ƫ%_rS[tI3)̌RyPҧlѥJY.kINx\.SC:r$UIKe*VzfefEusEwi:eJd QE3/n9 11YiqwdҕMY<%W\й#LOn~/I1h 汻NKhdrqUM]d<.Àj2v1LwzfY`PEN2vz35rʠ+pG'qсF2t//[\:]t֕{d A. X] ,o򑐤4ZeXj[.ff.n֦2|qTq93E—-/cur5uX].XKXեn_KKՉuyz3RK]f։Ա[jeIwDRW,ZUu-^US:O>^]fuu7d]cI'.Ws>]8-MTS~(XyfK}V.9rʮ#.0 tHSK]R˼6]*aWhSC-tZFuH\?Zr4TYL;mh&TіKQ.9~]u{IMSڛF6b֙0.>vz4KیЁxĮGvD$-._}cbˢ)emK:zF5tR^0L(UR6Dt*jmcySQ]ʞ.)YNj.ewMu)I4]&龩T_ɛY ]s_I^jӸ.A5uN΃KY'3ԥJ8{M[5ҝSU6R׎ZQRsZkWu%+щtn|]oM]D҉Yu+DSzh%%F6Lw=C]mdfC3A&(%9kL'6Z4\c%*tIM*bfrRg ̖椤wET{n:sfn5b9ǚG&Ѻ4oKftvUJTR7餧I+ҥH%=H(TYj?IXUS%'I0eEݯWS=)rfBXY*uѩ.E_8]4!J3*՝ޥѥz02=tᇉ#iԛ".fJF]*]'ݬ:)iT]Eu:@ZΛ3:XC-)7:qWوN1BKQ/}nt|WM7F'.;;%jU"hhjtr+;mbA]} Q+*]^Z;|sfj(WS2fwby*VӲ~Z#D ],OTubʫw4%݁ԅ*U%5rcsD7]xt(wʬ -UJU^#I :1TJelbK~faY:3zjOORKjMՙkZ7SNƵ/@a:eպpqmyպt BZ'(uӉQ:x/^}#:?N]Х}KMuҪu ' uAwVKjdaU g-&rNoUO?CF~Ft}f>ja$Vj[\?~.L\]ǍxRB&(N;孛f=Y.{J  ϟ塿l6,v :7xʪe4>I6>N39elȧ JQ:U}]x64eC פֿNcG8EoYBu,x֭k]1zrJRڜ:)e:*!+yuu*kh_, u:Kf%ܺs(CW$6Z3f.S?*r;K TMJur.S?*bfۋ|ZWOZWW]&(]}*X:gV=еqmME5ḋSޡ:-JWzZݵrٺH]V&Ezj./F.وJNթ6ϮU`9FwїQDB[*fztKz)YbW?ڿRnժ̌#RWs;PnNʦ]v]bZPpkʂ`d)N ?F봵I {Sn.t mi6F:GNctjĚBAX몘S>nZxzC^F:-uձ>(]rfX< շ T:5v!ta ҅ BU:t$uŧ+uuIɺQ:nyPW-N(ń6)v=4iuuu5># u] vun,u5;JumBo E)Gj] әbun?Ni: eQj1.oc>qoSk]_ϛS=Xq:Fg> ?`xz{mu{+JW̥ۜbt(/g $<4 Ԁ4IyZ)#-&k]2^|yuhS&<:‚.kNM2κ o\x8|l0ۙuΙ!G p=脙Β&tt>u6FfQ]sl盩s/&Dj3ߡ:蚙3s`cu(B׌νq@m CF5f09U:uΙI.jN ucuV$uek=fzq ^ȫ}B+,]^|^`Y2K[gQp?WX<+\4d^.9ϼF|%VJ~8 t` dեL}H{ŧq5"uES]G8] [.QwY+)/=.ŷzd}iW);@bq.>C `n1w,R]Q\]|K ų KoȔӐ!^҆ufɮ KaqKkgf露OEX]XꅼJ)I.*IY2S3S.8q7x?Vwz.{Uvg޽0B$?WfNZxĂ |O[xlCk?'g1o|B4}ukd]L(yɻo7]:p|cz[x}ХG 1w['$ߧz߸N7?/O0>uK~8 )0˙QugaI_۽޼g'#v7+%;z_xxGIߊ׉vsOǞxKG&d7^o 84I[;|M߾Pz HJes1TwǮS/-isǯ XZOln15)v8ĵ(U r{0RigTܟnep-s<[kym$ 2]~ז/j?6?Z2Z2xt􋻠 }7F;YClHDTLmc6lt{#OMC0g; 6S_O߳=^0[f0u"N1 XB^ {Sx ]d&:]aGglWg:B߳{FHԉoc3l侲S.&ppYϱzuC Mr;.<>ѧ|C::ЂnAFޛș`tutnh}-ywutpC<2b>ݡ_ןn:9; ANvtߏI,gvu}eQ_v=IkKؙ[x@Bl :#swt{tG>݃hyNXW'}Ɏ]^d-֡X\2Ŏ\HrWfxu*}E-ۺٹnj뎬O -GדN:ˡOuȣR݈.6Nd&[}u0pc70M;~6O?uaKȱYgiC[2":6ٺs};Iw==MFWgtn:Ԛxtv@vt5gGѱM;gTkzOr_2:('j>F Tنn:!GgTe(u >kna}ȫYc9>w;~4 O w+,Z[ !cA~'ȏWZ !7v#q}V^dY]ptvΤ# \qGXJhVf㾦X-Чغ}0nooڳ,Ǒ=d^9:`vF\h=n;:;vx@t޸EtfV{[4?uJjulK;STA;~W'Y/Z>ڛq{7FGk ڽa S$L\Y;-UF?L7qu:OwT'9-/}{%LL$mɈױ̙v9st]@'P]ۀIt8)vՙ&Ku}QМ9JƁhTw:ua^}CGG*Y8=Rd:e eU[4v[t{߽"Y,gc.Z9OtڥʐTGLsώ͙<i]dX)Wws^$gں=ۥ{ gY.U 4! E,vIoH2nYv;NYnZE>T'53m"A*: p|ѧ9DZ<:ubc v_ }¤su'/UC['ؙ=  d֨?lJԲuڐ.qG~$U2}vKdV{}=$Lקh sbwP["z1Ž;ÜS?>)Ů}K&Dj['owhhڼNomۡsZݾ[JϷc d߫N3Q:N -Dۙ*}hiWw;Q6ղvC‹ ^.ՙ9̧ :]{mYuuNGufmuhLI[E{O1uTCCD[Kc:3%1NuvvLׅݽAwZ]3iݛBy^'~dY'Lu}E;[wzIg;ȸ$a'ca [V'Qɗ8> č _.gAcW'F~ ٺS6:-k.a}@b'CAݵb+IϐN :5,g^st*sc'8:`YQ 3Et0)xZƗ:݀7vV5uN,auv$i)$^R#tءjYm ۱c`` TGZdtew[\X}9:&y: ۤ0:D[Nuq1H~%:Ct;DgՉ'w~O*wgs I!l0#uLw%2'Oі3Enu] 'vjU.: z_"=oSMpSnSJKM x,x>PNG  IHDR7gAMA|Q pHYs.$.#eSrIDATx]H~ v5Ysn5*Wȷz1ZGC#?3{{`ت3ZdM7[\s8zW8ú.Vgc؀ד l6͜Zl#d&#Mk;v+?І9x)ܗk/qʼmn6aX+ѕͭ/GW6on6ne֯mnm|)[R~lK͕mƗ5l-Ɇэ!'S5xۧr$u_$W%IB}zBېӏn(t2Ȼo}x>mߗߟ~E&YRH4]*+նfԿ?''_>H+J݄Gϐ+v?r?A B:gF8_W,\%z&ۑUe.=(WJr6ƩoHsɍ-)pO_]eg/)_^EHsBpyV3f7OY0OEzu"a<5\ƌ^:k;lUR ylcZդxAF29.zFkĨvV0oIkWj{闃w:&? VD2O:eϞde/ܗj~wceRd׃clEMςOxǍq9R 9؂?06) ?{>k1_!KqY7y1'2w4EcSKRYY2iWxَ"JfK:sFx LY=yz~\d! =}W`D$ːH!I,`Y7qFZ5=;^@'gՒhX&c $g7:䳌ܕ4xu|1K_Ae@F Gh6HaWv :9T Z<׺WT*;Gw$U2<Gd22TK2+%x{PCTdnLDz2!ʞ쮚݃F dd"gƕHqØ]yE21ZAL "jG*@ȶ̑H+At*B&ftEFe}"=eޑL,@+u,I 41t$B&l BdTvx ,s߶{LdxA~k 8Yuvι ;HH6JBe$f_MgH(3Pv], k"S{$uNu(xlb9<ҐenWw0ːusLd 8X}.u4w] R^sM,L*3xyHP )tndjN3+HǍ{0dzjTNvne32ofԂd .sC^L91ݠ6v*L6"dN$h6B"1ɡ z%y fXe> g–gNXfaE ̚W}.exbb 3Od@ g GX2տ 2 .,HWR^`$\px0,)B#w͹ 3\$e 1F:De;$fL d(2+{A̐uČ He[;l]f1#뭸g Xd[*]_]}9A$*%F#n{1`kI99wUuKq"c8dT}WR 6IeFG %k1uLwFL$6 bX&.=2t Yt%̓0:51EF]dy&wɣtL_+t,+;x#1q&N'k3F_'4˔̥2$ADeuo2OZX憲F*; ,L5,<⠿LipI6W/,h/p^ ;G?v>4}X$3S`^hWgCnK3 6"mms/UFG[DZzZMOXټ>eJLq= Mnl-_{)[R~sl͇#Vj*u`0tA_';<-Q̷q$_WYc5т]'?m|'mD6 wl>P}r ZFXiD&dFWβ&N6w5Zq&ssH%!?2K:t.=BkzxYv.r !Q=xLQ;(SB~;je# t{$b毕 A*d-lL dd%^' \ ,3^r$$=55Kv.nzz62x~H,S3Β]Z3YNXm~^֦mlsڸUsedd/g67fk Izc~s 8W%r^D@ޓ-i;8gnxJw#/ѿunx[3T?? GP!8UNK]|ܖخ;[y=/ow$ܐa0 ӓu+9پ)my#D$> MF_V®ȿknI1ӿ1ްk7Dt]_B|ziO>!uxHWN˜[&+/Iw=4.7~]=f}<.k? ;Ȍ?n|Vg7%eOkLk$Rk}:1K3ٸVz.SQ-" LRVgJ~ݯ󒔴]nD?K "eE+^&%1m gYYVjyf ב3 sld=mKz$_rNVI6Α! jtKIP;ו=F'{ =*p~LSʳbD / SL=Cy5LZ%cƵ5FYٸ'brUe^'<EVoeKbm4)ID i;WN@<ZeǗdރ%|3J1{t]K2x*ʬ2%yTf*dj|u;zO]9ٓƘ̏$,\k7F{[e*gb=W]e*{:"Ci"s~?\ D,,c2}gudepcfb3 e#z1;OFׁ2EiLfՋ٨D̘7vP<p}.S_WyqftURДPjvR83S.OHYσ2\AT{bG}s.ӗCKVTR~qyWU33dkݾV/fuh]q,W/f5dCDGT{C+,] [Fk#ʎ !૸ۭZëZ>8IDv&qSul ݝC*Se" .RR,&sUI6쮥vc2Jg㞋u@b;ƬH*W",:x|JGk.Se$hA gՐH| ˍco/gv+A(X|@Ū2.{ERqce39#]E .{ڤlKYLE+Vat3e_͔]#2ep#eDyLNG| e~\ld|?[{F< e2 ~2>fٸn2tbYFe.(˺lp5P!f2!TS?l,O:h?G:4ISeN:UJu+5әoa%Tkye>llf#(k'&Jk_Y.1qmܥ藔K~VZ.Kj{ 6WVF6@ Ј,!3l񵱞̫3wbbٺe3occFd^%2odhSRV1z]eًJq6!Ռ?ZOcl,켙 ;AŲKSc2KVAnt6IN6 25q-*[H6e`=dL6:ogޝr+Yd&Jly2Vѳd핑ybg}̐-6,l{ζ^f?3bR.Mdʒ?[ٰ\ma2c&ϼU K"d,f,-#Wc?,Rv`8#-<5"e zh6ށˑTČ^~2āH#V(c>^YP+/@1c>*2{2=]e9md # 28ی~Gd0Y?!sd+ۋ BY I ]w@lgHd}fi@ ̯!kg)٠Ϧq$WZȘs٣7MɍdK%agD2kわgccُ;*"\l@!̧WOQv|+;~)S*&t# ydoiYq]a7mTD 9^L͗Ug{ fv"oϋh}Ӄ1! VfOiN](?*ClXE6-ĭ d#,*m2vǂeVOz?!;2% d~,v3.fv\6";%~f.Ag{WjTlYO,x +cT]QALM^i2KjR|{RldL ex56ŷ)r`"EQx-YSeZH̺#a'9O1FeQ'foe{2'3,c6󇲇ud?,E֙ q#KˆȮY*HFd~C t.4_uI OF+&)@jʸ]Imgcy>.z|m-Q"fb(Z??&gbT[KʰyV, d~ TfkٲW(f͗d\-'e'"Yl20H?ꗭ%dey5eiOh߸ꗐ)LE{F5e̘M'0T=@c6Ai3Q2l1x=I'&&efzO/f4֏LEiLd>&lTe"bb2h釲Ҳ`~DLdbY~VZ+X6;U$ylPu=#x\ _/no6 ϩue^gi?Kp6boH|2uLO@SY6=&cdV" Ql|QBvδe>\DvA//1{7,DʾmDP}-nmٷoe b~vP1 5}%d S*; A\$ڄ{~ͯb瑍G"fp3?$ءzl{gգHXGSe5ud'C"CPC1D͏ , bC8fS-,@bƜ? r2:H6 գ613i fS2qmYhPخyеY%^+dcnEcvk,F*sA\ٮcɆQq͕ Ylje 58NZ?# HT^T62 %8?h<ґżlejlbXe4Lr5+/jf=%Iz6FWM2lBL6b;kzY eLDB@p2-##̜ J_.Jf2>gubFNcԘ&fԖ^(Zd &3ke@v!0 [a6:LL}"s gɎHCq@"H?~V=fcF$,GfUF燜'ly]_Dd~;'lgUm5LOT0bzF<fco&sqmỶŬ6b"{PvaD3:q2@7Fvj6< y(fØ,3/3~3 ̠@ QR4o߇T6!=͗+6#{6(Iud* tOSn%c ew;^HdH.PqU eFP^Ry*cşٶ */n+.{e^ CT֠۹q(X12=ܷlN L2&8FYNHwlg#ז | Rc3f1 d_ds97/-C3+HilD},;Tv-~⸓2W tȥs g#ډ bFeLս:JPO&ۼQ?ߕe̓Y?2nLƤÄl %~NAwٸY_l,)3C ܧUpĴ[A6 D7r?SAz-tWQܛL2'de%sh^3b26fUΘ,CF+i*t~ gR/sY"OZ>.-d$fOG]B&/VS(4)&YY]gios1SZ^2'.4YL*nj 8[M W;2dH?1s}Γ2C]Fgơ^ q)ᙂg "@6e!93JdJO:#z l&/Ը d3dxׂ;ͳʔtf2XOfc)ezlbeŲ+Ȓ_ؘn?y%!d R[t?CXO)D6L jc]8geȘlVltgi~mIJ]F^7f2VNT\/!_b' 1Wb1 bl<גMŲ0X '_Mhɤ>!LUThdFa/).YOޞϔͮ3XV ;YWx ̥e˺^dwp.SZ/ dsRLXمȀ&gnb8]V2'Cx>_b?l2:xe}Kdi]Y~y2z+NY331XNvL{&^^V9d+av?J111 s2/@]~l˩ nq#7,1k]Ưy֑yLý沋B-Q+SV|@uA?2;}beQl%92/>2R#IvuP^7~MchQy hp63Y^/'eC*K; 4)e'4Α%*Y(Ƶeի~-+̣^˒] :(<.O\N MdԬ ơ,Âc6DEDYØ jѕ-g92%ȪF2>0u#~y~eU `~P`z'e\Z;f_,T(O@,-3dzٵ#:٨+O/. faKbxI$3ˆ%f _*S*ɢl"r ؘ}TSVJxbe+VbuNRanjɂjWĊƙcN_A(1[mnՕ)5dJJ$:IQ rq12jP=|sWm$+;f1KOdiP3ᛠԜ5*|12J|CW`)FO䒲~V2fAB)zs̗/Zmsgޝehdv"f>bd5B`^ X+Spo(+ylg1KI}Oj˔J~/HYx=PVYU} +(GIiڒի)k &eiW~eւdz(skdjiYAXd2#E^6d֛=ay]RI6̖uf2)ch/'KW uA(ɷeĬ]YhD"yjVK*c22U 'H&d3#O[g Vll 4UrsRV6+J_lDzej^6֕M2ee8'jɨHP̮3qvAUdN~VSyO OkRՒ a-3 L--Rfl-ȦMd~5OZAYsW5F,5fA6ʄ3,;e: AN*“'JNz8q\ݪ,+ cjIvÍ"e} d++~g \Y&4+)SNRdZ23]L_L-w6OU Y #sLHlpٴĄ,BًڲUIF+S*Ĭo11s:h^zs6e~˺D#Zf*jGQ4Uۏxe6J6V.Hf֑ v" #.CdE++!7C&dJ:#"f]LHdj|2dE˫l~m .ZT[R;Ņ̭* V0eӱ+Rf7lO݈J>t}a1Ejl⛃UU.HF"wW ffū&@zC*xDɦϖ ߁1VyvduPY)dOW[RbgHV*1zcHe@VFZFPϒd+&sFFb2ӹ`t5_;ӪL$!0OWFstlQQ6+2rܪ5_l*C[2OOY9_db+֗ޱjNr#Jlx`-f>%^1nkcLvzd^cfc6N4+Ojezn#*)"fXU$^ݪ ѪZ6rko?묎g17;VU\6Ϋ* +NٍeEXElvV6* oBʵy =}x):}fG"ߧfV'Ydl d^(nC c2,gL'gMǍcl>2$X6Ug:{pUeuש#ٟ1 2wCd1@VWV-٧ Zae2PۑUl/@RS!S2,辴92mBX]Y=eoOVpjre &&2MeO,)u'og7e 16H̐ j{ XjʤYՇ˗Uӥ@%4J2=ݙ2)Wu+dRm禿ǞN=u~2TjɴL BT<ȗZ)ِyՎۓ"sĬ,6zo73Li"+Y[X3ɏOŲˠHϔha{bh"s<[_6]LmGbفJ1HXReնAdWC^ɗA2Gĉ>܇yovvԕdzye'$ ,)AqʸWwUd<,+f]`h$+`j*;[%Q>3 ٓu9*IكU?W&P벿l]f2Z{1l$;a>Zmv`Om?=$+FW.gW^pq씽`vz1d5T=[vReRjՋe d0Gv^eRRJĬ4fg ۯ+<[-˜nl77 +c'S-f,Y<88Q; "SW: /2e/}TjP-"Kd%b5.K/%bPAqGi؃>)bgɬiTV*NssS*ƍd=YERvAdld|?#~2a=Ṿ.l  fl ^ d.ӛgN X-%bly]21e,1 }WhKcf.@ɪm-8[Vm}l~v/&*TdFʼLlBYr7:[S⫞pةvߩ0*yѸUًdf]Y.&SPfLeq\lPY+Цd$Z/@ [TPy~blwےj^Ş5YgfjϜ M-,~LoԎf#@x82e5JO` e ʌYiL~2R7%Kd#bPW&f~#L6eVNJ/bf 3ne -1(1yLN%eY3MD3oW=1^ᾼ1ApØ'[d,4|3y]1Y|v1.TU@%;]Y|T1c`,ДgcqʪǬXc֩*VAVlNTZf7;ܤ5X#SMG:F,MbʜFfCĮ,3$0E+K,&UfcAU%k\Z^e1sVddcf]9d7Ud f+)'ɤ,,k`\31tTnu*\+3A(Hvfc)9zvae 4YZL[ɔ)}"vQe+Hdv IϒL$?q1D&d&S2dU ?~_v cveҿ.Ӆ,}j1S 22 #ToA Cd& dΘ gWF1Sv cg.+":¤p+f/@q2g&"3x&J˳BL+/SF5Ɂ Lld㲃],˜dֺ27-cH15fİ.2gd˲fʼ%+&UNLNp%DΙڨWN,-r)F E^[Dec2IU~f8fs$#ec ik_ N"scg#L,b~)$lL]|e$kc(ړ B^|ւ,=1U*sYY13C٨Ȟ+H(({5dSeQ2ȩu"#13^k"f+)SBdwdNȾxU, #&:Gִ?,:W Eza?#O˜qב"3Z5쐑tK8f~{\f@l3{eQL[, 5dJgBF 2 e Bv[ 7C ~O#ˀV(f'cW(Dʢ18!Mm:iLiAټyK ẼܹhK etxpX^"1 QpK$C=-D`+8{(ٔYPxEI2)!ɹ"{j(>SD_ `&IѼ 10z% 1 eoTeg={~I43&{L%(3-5f"ߐ+Z}EɌ+**2S]Ρlqol&{4/0 bn"\ez3Wde"eȴe٭gclʴd\6/}޿TLђ:.Nږlt²=Py2z,\%Z-D2vUQDAٸ` Ƅ[0 dzK^,21$!rږ%c&ftą,g]ʠ(-QYd6BV_sLe bƷRfMeu~S.zl)2c&&~'rdj)8fҭ%صAWH֟@=>eeJ4r,l'믦Pma2P$L:?Jdu&ݼ-6JrZ2F[Bdqz2u럱,HeWjl*WG払1K,Da$ۭ-$j|ٲc8kYM^躱ҲO_왢IٲW"3<֗촱kL*ZFFFbfՖx.^R/VS[]Սr+_Cwd#rS/_&*ů=2f BdFdLZ=}_ ^Rlr1e  e;evlGڸ,XR{)[H>%7LF׺9[R"1ȬՒʪHqYߘ=ue>Q,g- eo PaO̒.Mfd5+wgdcQOel&w/sP\x6jBe 2YƸʢs ˕D'!p1Kq!2p$=O`в gxP,,gsYk٘&L@"e>,(IO\UYtGlϺ!7bK-˼蕄&vI] kFejtT}oce,Wg+s3D?L=8M-@&"3eKg3S[,VW ~e&6JYpiZ'葀~Ŷ]Z=yv&M{c&-k/E]FF.[~̴Vdr3i;ERd=^̓ڑLO^ɕ "k?flC,ϖ$ Z\ML3dI*@L_̽ ڨl?[[3c1;o>\,IVBd72\\MWڗ9Yne1 lˑ"cqY2̕X!k92z?Cm;SF6Rd ۖi1KV?#YΔi.W4K>y)/~RYR$Cd#wNT!U5emlLȸBA@ćXlD6e]Sd21fUֹoVY lbn+2Y{1/UXݟeʔe&OcZg-o VQ6ULLւ2e;PDt^VA([쥬l, W^+>?;fpeE p~j uj-XgemJ̴-Sv]/9 2-DN@, @>~|ڕպnv]xDXYJ#XҲ =_0N9goH-Y|Q}Y=-²qTN6oD՚'1:8ϖ5hl< J{  53eeɒi<:d%eZX Ȯ({,dϊy7YԒ٘ZrI /O'̾W%Yf{x?xRN|_4a-6,cNw #b J3,./;ߛ<{ob4%Oe,^ActKTh\}LmM0'*ZbFdN3R%q(QK<\qě3ڸ 0@9Y֯!1/[6(Qd.>2lA]5_?: 8K;0"`A-^Bpm|yJN˅gg9$I RG7nIRKYܐbn~oF'Bԗ~'$zzqRhy9z[]֔:~$I?ؖ>GY6#!37Kv[e|@+|$Wgݸ&jFj%s3qK cnϐsBϕDf۳p-_N=a+3O0럽sg /پ^/])k !=!!'KLF{~~ɞ{;fv+YR7*MͤF]R{yGbw"K.?2e9wJk3v))ЉO帄lNvi\c~'1󥁋&cM7b%%?=ujG_RlT#{eHr5vp]b2,ŚiPRv\ ]St[$6fx$.WS3bp'U>/ͥt z4[=n|((iە -m{:ւG#ٕmQWP,-EeʴY&%ɾss,]/WAfZ֮˚v⊏?͐Կ] ~-i_팴w?dCY,KlKg_/ݣޠ3R}aygXIENDB`<Dda fe0  # AbX<^LqB;4<3n,<^LqB;PNG  IHDR&gAMA|Q pHYs.$.#e;IDATx}pFeg-J9^7=%W^5}r/Ɓ ^kѢzNW:72/@E mO8 $GPM#roYs=gÙGjvvH>>Jɖނ%l [ %hi +ZZŠ%hi +ZZŠ%hi +ZZM]!'y*ۏ^?v%g:waǧ_ιk2}w[63j았H_>$+T~j{KfE~$]a\s+Ϭl ]g:[| I U<+/Kg$jM6>GX=nL8~t^0gٗj y\ ܮdU&p1ʬV5ju""I7=+hffC %AYb9ņXiY& W?Ab+_BtzG͊Uq):fk}f8[b}W{iُ-1n9 Y췦J꥓gʭҭ83μB%F+=BIʊlF}%K^J +m[VIÎBޚl?0ioM)-N>%`BO3%h*&;# b_vf1\Q!_ڱdTMIݴTڔfK kq ìYIi5J+KIݷAml╫mo9kuCo0\faxM:EUӅT ̦ra 0Da5 9E|rgih [$`=n,+]3/o>[R!M_Ύ֤Kiqͪuy1k;;FL0U2,a 3 Zw A1< omߔ)lo< $+4b[,+nCFA>j4UZt`*5NCwaM1X򊘓}dVĒS%1f;l^<X5_XEL>6]c] Ij1viˁ5iFu?bEN* !Xs1  ս`E[nĆa^V<{fE+ F+`,+ƅmaN6s-xa* yV9TVs`X 8̔i }Ú"KMVcl? +*t/@$Xyj^V` ;+݄]VUT Z#^`J0MkypdG4/ .^NV?GeUKV7֠uBV8mgF0;N*R2VdD#iV fƖy6ؙsIUCb0ں>IrXEma& k+V)Fr0+,Br`p[xPX8S_E` Ѻ‰ؖ1fg0هYU9`~&vdW~[F(#H`(V̢-bj* VSZ{;Ky`TU](+.X+J 0E(촻1lv()*Q1?Ca-su_(I>A9ϬXM>2;[{LPWtb?M7ݱKic7yb$57kpOÆ6Ԅf9ix:/-lhṠnA`7KDVbǯH #f6"8uv \ݻ ,/+uO`QXq"ֶ6Iv=i+ѸmPbNl[?yŞtS!ۆ$c^j$rYG&g!pW~KfZ;U8ተг/N+B/TM>گދWx\Paɻ*]ɸj:1Ʊbxڕהn->r㱳EW|n6\t_)q^8No)Y \c?*5e@gjI 7+V'keZ`?69fWgX?  U]e_S'qn^& _1Z;'cS:Q;N}%:G|ꏹ|[9bWoNX ,t }( ’J"ބq"@3J8lJ0eJ6r>z/@2?,m g؉w1G~bxJF=o R8BfڏMJʊ餽`bcΊܧWƲO{3X b*Ī."ؠG"^,b{iPf(c$oa4XYqnn `UEޏUB0 L(uaX^c+PqI{r.aKð1]S`?f`4bV2"O,1)yo|I-3lS0R*͊6=X0#zO"cG}}F}â߼hSX{ ~oj4K[ 7`\AQ0ȟyB::S ֖*{~<̺d[ >8~oyЈvDaZQmzm#ֹfEgObb0fŦkQXHHufkǽaW+pFڬMv]X'nM/+2͊ ~爗1'+fŜ`}Ɋ־痱S cMSYU<+jD)F:> fM"Mt̄,فq`1#u^waRž 鵉TmEb*a&0bԬf r)0VyLt6 t8 pyLaYgf0;a칤V,f#2ϊ]ů&=~;,5`4 F?-琷pV7)2isv,,Py`_GOd}J&͊`8xeZnb.o" 6- knߡ0 |ndQ0DVLYa(c(1ח-5xHB?4 )ߧt%z^ ^AA}kA2~ت 0VyPVEu`R}N4+na*0a] " . uYXHKT+cMC"_X/ N1hktGl>oH85Ni'0n*UatVzCPa{pa1ݧ$,0uoݢỰgC~Xi9U6X=#QS<L #B]/4?4ìF`ĐD;l;}L`(5M#oB? La&`4 %S`Qe̟$^>L X$ΕFz)aԬ ɊtX!TXQ<?H00e HpAa#Y,} V26=bُ=90ҖZt|pu? 6 鰲F V|r`ϊK )vh1;hH>TޥRra ֔kgڍ}ݽv`mK "W ,bˊ8+]V,9tYCkYd02ȊeA9,gQXT2VpH_QaGlL҈a#vl6 ,BSl`C afNU{!a1TP1*& :(̡w&Ú;fE wB1+#b#]f Y#S)Q-a80T,儍VzXY1}F"JÖ;h!V$ь0M%l #1,mB RZX J'.+@%k祬b ;zaJ>DYMl<6ƕ E6Y`"_\#T{̳V؋~m0XE _&t0`oZ85XV|գ80C G ߻)!Fk%13f`{vm4n /#G%JIa:Qo}( ; +Of+c" = ޞBuOw7J´I00xiLb5&DlCx1$% 0$|lr UyX!;++޽Ŭ}Κ#WDaN:!حΟR짦T!+Yu&fE[i)a#Lk5VC/Og#O]3&XUńACJg&oѳ(Ѱ7ϊh&btD^ ,+ Y݃N$r6c 3b00tXw*m2:`0T=QD.ŀ=b`"vo:fZEqNjYoE׊p;h$#640'+±4X&F~=Gyaֽ=L'DaUz8W0Ce#}c`Vw߱Xv8Xw*̨IM!;=2P㐌 (,?ɧ)Bhq:(L\M?n{=T0Xo:l8q+a`I3gQ+2؍pkq# 06`:tS S)Q,*)}`ń) v*| h1E,y}9WȖoPu c#VHio1:3 I7`;TG`ӶOL`VG`GH.ٚ'-<+:DY'8$% a'.L?JCN&˿ఞkm0260(X'#dl2v[ID鬇 a` nad,ljDWZb0C2'e00g_V0'b`e<\Xh.iaf ͊TALZ1csl(L#\𰣤`"TDxl{{e9zz̹ !hRIr؜%,|z# 6MQay!zVͻ !#~=wNB(+LM&aK#`g$ֽ-ax$-"BD,c)) o̪%l K&R%b͊KX0TRga׊Aؼ]VսZVXx ,aYd,^V~ܫ=c”' rd>"X04]|x`vLݭ/60}{ð"Y|L08Y11؛UŃ+`Kgבw`cN4PJPyؠ1Dן\uO`acҐrDlɜ/u"A'U6L*cyI{)qdz;6N%aPaI9G(+& kp#*wIfE/TϊB@m= Z֤ 9: ÚOhCx0T̊d< f&3#oBnNygB0; -+2S%Ó`p%- s#&8`@Xiڏ-鼝",*kJ3A€`攮"6KsbRYagż`͊0 Sݧ˫V4Mg K:b`pWvRrFI`x/4!ǐ8g> 08K˩ÒZA uuW:Z>,$#CXR+D mi,`y1Oi_]I~ 9e UVX('1f>0`({`hFɕXYLi&hW 2C1]YgŲN% +j@J v0,SVZ0Y1+XjYE #v-XMi*NVVqkj egŴ\II0,Ðu.:w=H05O1Xj0` WȘz`%KSDN0lY08fJ Hk 9 V C|V006N6Cb3{XY1[~,e+0JUy}X}RҹLrWuZl ҇ZV %+%iLN ar2RZ!W!]kbJ08bÞ0k=KG.0,C~ԂSMH#&]|W=K^\`2F`ѥE€ {Ĕ1r{` ۬>VV/Yko)+{LVh i>u`{%u k F i)ze< PCTMe`Mݢ_~LWoCiA+^Nز >ض{Å`F,_#sٗ:STdLdOe 'gE'ϔ*܄'PaV K5b>x!j61b‹X3MXb˜F%hTeĊKe*`fia! &zMjIJ&+35J \NYYfm/ałۉ/TݢZˣ1ng0bsyRXF0K0$_f{Ke.IelꉰLaY~xdaaY1AS<ey߃?6b=)/b֦I#L{? |g\X6re,~o. "K;b1.aH2ɊX's2l$/5%Ll`,+N0mEF `z0x}#Ξ[ߐ6 VCmiӇtN.0)K)bGYLAR*caONH)B)cd,ᬘ3fPy(n#/ɭcZճ)쳕J0 ye,'U%- ;a ТʢXN0:*%LwȲ' ;X)2vt9aƳPzX(pc + `:҄]2«MvBj(Xxa,X< 5bfDD;$6p0z`Iz0"L dVTX09OXx݉s SJ Ë/bzR` &,_V-axq~v @V |mO`#z€`6dwbPV-!.) Su!a w諍\a#u]ZXWuYt ´f` C0I%4]Õ.aI1qapf~ ~V d-,caY-aF`SLf+%%=)2ŅZfLY<>Sy؟ەRRztüYiroPUJ Rܛ;$y& D -d-]aTd0bbJ44od°SCv)aX5eEdEL[Exij*CkIf>$ ' {MEшmo$[>*6,c͢@gK2+Y>pb2њ1uI"s,-(lX(0lyy/=lc[?'C_v[ 5A&&`xHy\ZyF`+āaV>91۬CtZm~ʹWz}f Q0$9Lam`l`5yh,`Ҍ0k,Ì}5o6kĺh珬h0Vlw.T V?M}d M1Yƶhc綥= :c`*YpNc`ňXY*n{ >GNX4r;?yb+Xn/ޱ밗s_)}!+4e݃palnXͩ&=H1MI`tHv!\D}yvDҪ :bJud"V "æE̿L'lD-OаizDe.2¶3GxpWM Ȱ2V ]CYdXdjQL,S[9H=;,*b|:SӈSHGIlfqo4ŎXmC016'¤/vÞ{~c/o0`)"$L=M i9z0kb'6amQQhҤt(Yf*yolA055+D;JgHӳUqS$xEL4 fۙ+^0i 4`m,a)Y?4of !t˘ p@)*bl`Zd MԊrz f0nIhe "a>/+9kw׋ZuL]uq32p\VX*h3Şӎ=Ğ0ie0`odfttiĻ4G抆鳮4GXe $sz27+iÆ IiCi26~ GiIH71.2-TfDsfh2,҂`?66w߁cMۊ )p4)b#'ol[Ϻ7 g&u Nܵ32bPB0w`zL];Xelo$jk[eJ Ȝ)jޟyf8⃬8IRE'䷥YKLNK4)T'_P֒$@?vNWgd%HN~GkD[e:_j-]Si\=X'mrX/8/G9g'/?Vk]ERs bWs:,ϱ-O|rW% |6ˏ[6oŞ?;VNBWZh$}qdЋ 8gNJmy[f$@iapG y G#/0l+ބFx|$natO{ Aw;G`ye֚jÀAM}xj WnKR|8##!0̺̪Ƅ)ǚf#Ӭw0 I&sxy}p6 }`0    8~c{3ڭ{^(BlU֎97.̮5k, (?I8+bi]E EBldMg~HXhX=pa6jL7aK`]! QYQ=A)0o.,^Jtoa1g)Q> 6 ʊd>7TdEoŒC!X߷ѪZ =_Fߛ[_(VBk`*cZgڻ3mJö`8VO`s݇{`uD?wgZmUr4a0ޞw`~U!mT ۫[ m0kռ/?3Vm`kO|Unp3ϭ۟1`ˁ)|n{?Sb+[>MFkm0+[ao7.y;3ح hҪ?t "=z̝NFWRtշmE||e5ƽ gr֦üy쮤Mi4N,c4fTe Q n~: Tu?ĉXvFU`QXÛ֡F)ycY?b`Ćad#Nh ̏54(EleL 5{sZm̮Qسձ0jh0{{iuZm 3ceP-R$=0fPi-閉` pP;` VmhY/ؑ1qC`]on/6L!Zlyv@ء=zē9t?6cc0/į2,h >k }t`MRJa~VanqX7anf`/3ؠP!+RXW ĵqsai2X۾5f<+֊CC0Zjz.my"Vo ʊfDSC0R_߆Am6ϊ_ӈm\0LvUì l$`)򰃰-ӵIU_`ؤ oo / wɺMkذohZ>c=8мyoLPi(}EAV[隷yȡn}AUK~mj]%}odu|]oBšY}xyfWh) 20`\%5Fxg7 X>T"&#;,m+B4|w߀UC[U ~3i~JE?A j]4V( < "| of\A6<1L.`BcH#q~ L1/fZŠ%h)7ޤ N3|}_Nd/w|<7j?z]ݪIut6mK"[ʵRg*s] N5: <1-]a}ML̏>Ӌt\acT*W̿)ӽ@7``l^u{}yxҕzO=YiT-.Ƙ̪ ]qhk<?>[#:@w>t_weu޼A_96wm:}w IFW}EV7 tΆr՟g}ǽi b#9 > id_/ pg< *z<>|N25-aEKKXV--aEKe ҄VTVز--#VTVXibia͊\7/|THIENDB`ADd"!RP0  # Ab@({t67RkJ||o@ng@({t67RkJ||PNG  IHDRC]gAMA|Q pHYs.#.$7䩱?IDATx]l$}jgZ {g@/'% YC|9 YC"[-%hy` œF~7h #ڦؕcnvo_Հ 8\tWa+]ӕJto7]tMWw //}쿟53L$i^i|_^o]J e7&Su607l֗ל"t:n ed_2Z}7B6z ]itn_|IK1 _J7-ꍮLtkXFFA_;>WU7??x5BӟђMi021m(&'_ϹUoj6>ګo6( cG0K-W~} yj]ѡFYLB3gN3iߤ1}s.gAˊƵ?EEj㯱W@KKmgCb7Dc6 I{&;MaK慄g5Ztش d4 Bt\"K%E%D'vFuXvt HTw$2quMCo,v蠧@NJ;HnMQdںCOuHuH]MNE[Y`dKcYKgtc'D5-[7 S7׵݉oc!w=Pڍx 54!;0nlNXE{݋[Twm<}}g2Oub3e2`J&ALGcgxo{05 XΊL--St#;nա]2eWn56u;_חSZ2X7mvbw:iIc'{%.hع10,%NA'2vζCVT[G{sm`OS>4['Y#1ѝwt.];vtGN:~ΘΞaWqK"|nU&= XeLTcSPtGuz{u/cKݰt7.uЉl3ǪNhɤ8ЭnX٪wP`i:wGt4@thbtGPPwIGh:Ɩn2jUl6f%S5 ÐN@dNfG I%SQ CeUzzg47J t)ҍC0xDy+KשcGDSvVӬG޷>T#OaSI띟֡VΫBy]=^WTU&w$GE:oTyxT^s S鱛VnPwMϣy zͺp2lLW1J^^tj4v{+ݕVJWԑԪSnJ4zgKwgeM7Y f;PNlKۻSN>Y_5Y9-ݿO'u({E~YVfWtk KV]4&cseuNuc_H/ Bg vDׯ61aKcB#r6G$Q׋2VSCĎ|2 U! K-n ե^ԻK#`Zߴt Z:Ny1-vY+7Ղlbt<ݭ8b%G)V2ՙi{yb>y]OKtz ^6Gl3dȷ0?s#N헳nKe/M:Q5*s֠h 뮅]cnZOm4S }ɚH_Ta[ec3Ϟ dE:8g?%OgYK7M]S'bSOYQXk CБV~;"ƪLg6j醎+}vzR|֪<:"y?Yo2W,aesFΌ\j9SMW"=))zfbBfR2k]MTGC%uר[DbuyGbsquNt WGx]9k;5[~mq2 \wBu::8(3#p\)b ЅT02ro9B\\IJұiPݡ#ϣAi{ri Uޏ讎('n׍v[BuNiD E3YԌq6'v&b:,-b.Q{[:{tbIGb^YϧbX6sB-ةwz4t':7v!m3޼o: y:렽 EXet:CChφbnBA'Y3̒m&WO^VŘ~ӭ ta 8S^QǞȚANxm:IGt$f͘zg#0#:2|(NӁ]`eUOtd:?u&lYhX~ɄsHD݆ ^; :,[49lQ.xX{mIDӼG1,u[2M:2ݑ[n׹w3y#mNtL `9SNVt"eObGx}cx`ʩSzR2t8ز:sd} X\`:y,Z;:aj;)G`::?cg|"^T<5P|{ܳt]["C%^n3byrT#{m0#ڛW3Cm羊N3ccXDLUgw/T{.XtcDtTɚ,4{ ]S&;ҮI쐑Ya99' }{&ϰwؓOgб;eԑŝK=:,/FQ]'1DtDatOȣNŮj-={jjX׭zW5AU> LSj=lU3̄:K'[*m>da/td:%f<:gϮo1$UI-~VL9)m>['zVo]\RgNk3.˶sIlԉ}Uu$1L5]pQnر3n5hb:~hԱ%uKe.E'Y|y6~jKx'Wd>+L:JLG)V(Fu]5wv˥bt \%uzKfھyouv uIO/|:rkb6d^tN?@ZjOa7h]rmXA]rIAd҅dH9մ%N6۴n~0 6δC%tR7\獝C7[ +Kp[e:׍E٣-ݛuzV{#[7E%TEVX.m Y7nNu$HnVRw <6E…Qbغi`vy—\@'1t݈".Gpgu E@Sn qnQ]'ФaȞ}vC7;d@3ܵtCUI VŊU FX:^a0:ޅWupu(G:E]VEK.D6ᤓEY"69V+L|!gC޵KaT9: :ȽH!H+.d^Čw:@Hmon⽓d鈌BBtmeԻ6u7=)R{:p-'N7wUǗEzuSZй8{bhH-/ ŏf'-]%o=Fu΋9Z聾t)L,- 5]LIY:.1v:i䈕eju1yu؏nn.H ]LLש-Et(UMt-TG+uf̯Ag}(3v'!_G3u56JoUGx3]|+3[ҭ B%+3 W Ox:gu; c^S'>>fѶt ܎]]6/N:q:S# Lw%5?y|!%5wfJU_HjЅ*(T]`,w=OtUCGi:bύ:±J&bHu{2/S֕z5~@ο!2wЦ1\:C%t:i:vNk:.t_'+Z9Kkz'u۱strߪ*n.@n]b+灍7=k1_KzxWyIB;3Cp&(1, _'1LwެӱtIbcyt|r|7T&F`HX `#~=]):u4լò_HmѝPk䦧7cV̆t\ք\63q迲cm%nL*d/֪[s%[E߄NMwfNM]P_ZMpۮ:otN3P`Mq3ŕL5qkV6cu-(8]ru$$0) CHr,;LܝLtI `#Id*6w.MwJ s].BuJT"\tz'rSY]d$)3iM}pnIlK:>%t !vWFzu\o.e0[f#qyuopgGwUptl;^T{C.83D0t^울0Na C13 v4szn*xqeWSY$.˞tZUInrTM%e]Wǿc/jD矓יP!f.X%Y:7J'ķ:$IɌ Q\BjO~s&-%@D茎zwXBvt&}I:h<;Yys.r1"[7mXnш8}:Ud0dFnfa}":-Ntu_YYwP~LzzWTptu_zU ͛ѱQ;ԱYzntJkt8Fl%hcbVSu+.yͱ3 ~D͠4d5N1Xt|)[_M):ƕ̮0ӌzwӹ]ži'wrǙuV6 Z*SgL-͔K΍_i=͉nֱVeMֻt ]>7;hعeVe: <1˩uI 7g: :aFuf3:ș#Pٻv&%I~K̔5&#:;#ytt>a/v:RT; !g`)]5_cg:-NW"v fN+yt'b'ծ3]VEnB'qLGuJQ]B7vIlƋFt Aq]i%@b.ddp_U]\]nUZ\98;/S2 jUVPҬ͋.FwMf߻S*{Ĕ̢ӓϝ;-w m#+_2șy.w zWUac/??Ρ?]Po2Rɟ=~쓌EtuF:#0DYݼ:|N fُΏ]^atPF5;ᡔL\@Gg`܁Rm:v'pfYQ\D83AY%gĹŰI]zW6vn Ma o /ë.tN7C tDιo*j.0̈.N)[ץ +PǮt ؝_l%ZgnwApspZx:7{$? uンN3ytNA7*/5 ɝ u ;[q>.dzV輒Y݌i~3SQgdB­J? L]+dt bt՞k4Ův:G\2Yw Pq~ެ].y^PQmOJf|$acZD3*^/ :)[;!:XN%_CuA͉R:*ouc'NÉ,7.bWU'fӷI:Y.rGt$hY]GHS u\=ww(tnsr^UZ2WH$W7w | dܖD2d{,HuxwUywz:H*%G'3?܆輫]ݎؑB<;$ҪбM zWY7n;:G+%3ͼUQwdE}Yg+u'Uی־%NP>vql9:\Ky@)6vpZrtb.ݧUyG ՝TpO"D*UK&dvMgCj=&_tSmwdmJ%ه2ɺ''V*;1wȣϛ."/ݢ%$獪7L0:U5Du/dVҴosO&UIt3Qepw}EvP{9sfӪymTm+9tn*'eFmo}#nU'`ހ`Su^Tv8[OiB':ᚰ;DObu"(9S*mөq'brT'-da:ii:I F',v߄ˬnz:{?jN{[n}V@7Nߣ:Q:砱R}K[W@v~Z:o;YN^x:-Ew]؄t}թ;mL qnZ[}ѱ ,uj#ա:[q:a=s`tӑtyI*Z2::K7t鴸VEV,˵H\Iu mftv[qA1ˁ_uν:C׻7jft:jKwVeS-[GPt0iFg9C:XsX{!_gnI4Ӓ;tx{]IXD=7=+zÖFꬒ%ػP#\2gɺuFcϖ9V}z֪NdM:Ԧ>?oz:;0I~+ 3ddqNtY=v1X6Qܦ}adQud:Vzgf=!w;C#Pn#RYZ9YG.?rĜ>-ZpO~u3u9bW$:U{|fׇuKNxj9c'C::%^Y:hw٦tJ;:;us_/T[Yd.c7 <Ǜơ?:%mG{qC:7vBN9RuKaعr+gt)C_cVgӖ͗ٺ؍s n)St*\]vtHtK%i m$X2o\{@TV z3:':?v0ZU;v/x8Fu #wZU9Mbyebp,] #*:˱uwVfuVvF9t] %c03gq]ǨZ7P[uu9t;Lյ G\m@w~cK$U9qk$HޡBuru^ռ.p=:{+:zo.J{EutE85;.R<]Ԡ I5ڪTؤRJ൵Zi!vw; ] wSBWc `+bWl ջbQkj Btֻ`Z:YWg+6Rhd].p(K] КJf]\d%S/+E'vA]R%$-vfuk&ݺBqj\kКrя@WH+h/7a?y%޵ӉxRU dP\VݽeӺyS:ut4[֬#:+qC3A :g9{-]J&a_'cxLX/sLԒбDM|Qݢ, >+_arR_t "+S?5;Od;|ɬ5vI t1;#vJe:YeuFt't%N::]:Rw=nޥynv΢E:UuLK߭CnWЍR:kfZoΉQ`m: -9ɚhd. r:Ո:бhOӕ[ݠɧ# Zue-6y{|I&,|q.uM4٘AVHqЃtև?"tGNl ]*+. l:ʢTVq?h][{|p]-9ޚOwtPoZsX*6`*YYЁ e ]tSt`]@`I6unT,vƸO:ۺҟlon}$`YZztK''k̥:ܣٺpn*PWɔo4N^jfǙf;u5ST)tlSg]'VtQ07d3ǬtRm:L$Fo g^:o$*\Ww[OnUWW\{30e {_:,]^kK/VW[N>zY Uu}O'ף3nNV::sWgp虎"dn @wYvtY>;u:u{Wgux K''/X̭IZiKlD+uQwtrZWk(Cץݗ]Pk:v@SKBVJ:fuA:hSdF:vѡa:7gq@a{3RKV띑ڪѡvuɓ^+;kU#`z8Ϧ%RDPB.ұhýU Vq{:aMu8Iuf`Q{)V+ Xt3!p{?tưbtdKIkP_D Įib}VX'Zk&@w͵ԥ .^ykl 1vօ"ȄeÏXGEb=JwΚӉCu8vyQ3Szs'{L"jm_00]dXТ;wuA׉LgHz4l7a0]7̺t Ft5%މwdz:(j]jU;\._ْY2]u][%SKftḿU0]a*W0 VOmM_8Snر5s_uW7[aքN^ UiIZlUй.xmCI|K RA,Zwc[3;8H6Sj^8:a|障ɼy]m{qmc!:U׵߹NG+$/5h361j[ N*)u]ͯtR{ItݝG.r;BĒ9l0Kt*Ҡuuh]bkCw*Zשկk7Uӵ_2E]ت`:̦nQn/kSg~*dbMV;֭M:$PGFOtP.4qx:\nX9kGptHӍ[ԉ%@D(3f":vdmtUg#)r!cF#p;v LJ]y˴g(t"]4u|=nD[-QﲳZ",?7۟CN"ѐ2DԻ]d#"D貿쌔nw(d3Q]f^8}TΧh 8]"#d)fwќLjgS;rrgn#zIX(:skI9(k9b'b$Ff"%3{)cǎ|+*7#/?.md90LHrSDDCvs #tc }9'Iw"6/߀ORt|*P2AR~.iJp_? nwW Q`hVQtfn\F#4z/zFt޽$}=wDb߼ǜ͈пy{z}<:ߘ~l|55K poŠ>dm`._*M} ?jnvz}ց9X~Yi;vkegs?Jyn|#ѵy7}dٲׅG#7C>_+ӿo]V:ߍW虜sRGJ&l;'5$dA;BOr]uL=ᖘgl!r͓Rd8җT dS-oh27B aPM NZy8][bcbߘS  Q2[sٖ:ߐTRh:*SZb40 |RtnNRa`t[8uK9{)n˧t!^D]hSZEb"G7p &WB_+q5+uṛ*ЙH̫wdKmuy݂dqd˪TT3Ԉ;yxۼׅ~'&Ց6L^mU7"#^"[Ft,NRБHcX=ctB_2H.åt0y~%*z73u$[eֻ9μ.)*7"ulA oTtRw9ݔMzw@!)p8K| ޑDK{}2!u7։2-I occd~Fh3; a.)ܾs=y}txgcNbSx}dme]qۛlpG [?*8p@K&yۈɼn$LeH#Gb;\P82L ,;Nu5DQva>DG@NuS^G 4"狀̣%Uf&7ǝfjsCCYi<mtWju&t+:tKVc˶t ?C׬Q6 L}xB:X~ ?sk;h[x~ÿ~3}_ֵڬ ^ftmɡ{2_h#lƬ:>Oo~]n- C: v6Mn\{/N?Tx5/7?y^'fM&SoO {47h=}O>z)X?Y?bo3w0]}He`6˿hfwtܼp64P]7s֜_=COG7?zHO^wۿk!-bգk_st4dդ?}YJ4yo7]tMW&N)CnIENDB`2HDd wu0   # A bGXe+?._B/XG&UnGXe+?._B/XPNG  IHDR!]gAMA|Q pHYs.#.$7䩱GIDATxߏ$} 4=ޡ5X;x `<qy4|>43a$qhaؐY,AMC?&Kdsr23~寊,v,v:2+>̌4ND%?7a(}4=4~mٍ1~~O7[M-~xii‰0%^]rNHm6|"0|wG:}7q ;oo 5}ʻn$/G^1yQV L^3 ?mQ>z"_uge9ߢox_E47wpդ-k9Cؠ(M/i'K毬oz|o# Ӯ/1s5"[w:}<)κ{m&:{|u' 5!2RQ8R3#Tp_37,#zMB/ L\mL4{Yst]h=đzȏPtF5ciF4G#5 ;qMzh0 1\åS'Nqh(g`N 1PcHi&aTh"EPbpbTxq)GQS(HPE=3&㒮A2|{'czbErs፱cP:F''c)n( -y}=EĨ"FF Ũ{e}A=8o:v٣8t?{eHS\P2y=?qQsPRKQ~ ȡN#z@JΗC`̢/ESԙK"DgZD&}֏AݦJP$RO4)};_:}2nҏ'G*gi 'yF;hu G |i(Hu2'r~,0YaG8y>֟8.F5 #MeQxOw1꽧F) uԣGC=IQO)_RT^1&c3)QPDzFQpwЖ Mm[}d{ˍcnxys<85UH:04 74WL_ƇFm ~S5A,5:(4qĨQ@gs\b;rFMƄ|GES QϩjEy#\%(of(xGE] hEaE`LPԘFS7L뚋l C)+r&uB70+|p57Q/W$>x֘ND$¾0Y⟳u&<9Vkb Zj(PS[Mz*RCIz{]zYAm%<ߵCz⚘&eXA5P$R Ze(( e"|\p3e;O;pSd#d/gt,bh{x0Pq0<2^l[` | P]0TTp[ \6uڠ8CDvD*FY: G}`z8F}4( M!"00ʙL uDI Pܘ*YC:C-n"aoYwBN-F;-~h`lg'Q:u¨ȞmOH> Em 5D&.7_bF}u+4 8( 9_,ʸnCc(d.NBj~f{E}2#+d(R :>  'qJ߽Ac,ЌD(]t |¨pMR6xFGg04TG=;zu ( 4Xƨͅw5Am0 2& B9܍Pq{f<}"C\ 5F5qޜmoh @qeSXCS4A?i(p@ӝPCIW~(QZPCHP3; ~PfיНZmAɼjE9q.'!QάG/^!Oh[dVo71Bt}|y;MzGo_7I<%h߆#࿻_}LN\>GƄqS8E4h}0x'}wh8y+ HP]iw@ݬ:PNEFi6#0&/>2yc q\{/Y 2 ]㝷nbh%k/V4oFd`yeq~ߠ[ymN&-ԛGottz?xE ^-}E-onx%nȡs M< GIm=)5 e8R8 {a.y$DgXo4wP㬡.=:j(ÿ=\0jcH%Qm wZL-=}v~ Gʰ4JtyjTO#EP5vHQ6;zrQV.Re1*ԭ=^Vp:p}ӧM2lBB~Z`(ܤ/M&-~!\/S(@ў)rOq)K[?Jzdh#>4bSF*C OPOsH}%CTE]\)P8RO.cԒ ZQF _AOQ7)|Q'e5)QO6ݳ(CFVh~%BmI#MֽS1!Fm'N=¨w) E7[nx[~d&0#{&9l8J҃^e/>3 L\eiﭓKB+5)alH)MY$U(DRUHm:F͋Q"wT(QB0_1j7y(jQE4HڈEE *ԑ H>5d/e"kuN" *k (W&+DYGxZ"5ӆAщku&졮;>CuMmjCLPm 4@(:Nj;T5CwelSTHg1uD * jfo 8 wTB:כ"`  Tᠾy(ߧ wBu*x-z@kTu3 Q›x̡GCTGe ZP߰3G;+QߎeybT=ܡ2R CCq?x-*T8ʺJC$V5SFSH}FjQ孟stMPH1z\R̠^J"+sL'@PHՈ9T ,kY:,Fݣe(z< . Q£'-~TCשnQ( ܛԳh[Q[P+R *g|^t?|Ǡ18QWů侮?(-*PzTP*o ?ǨQˏzlG)Mmi'qzP$#Ec-U=ȒoG{2{*So)= p G հ34\Tyɠiޢ nR~}BA 0jT4ǢG*B}@eT@?P̓KQ/tAHge T6#}CQ ([b_(CEG-re5R=FY Pޠ" FezBRTS fF|QwP7PeQ?Qyxzɦ&ոcMu!|+s׽Ab&L JY@m"B=A]ԊԲ?wuS%?fR>G>ꂙc,~*ԢOu*wA.zqͭ-mؔnu+"ߡM]F-z4=@|0$|ՙRzդ)E_:WTEy,RA1j@IP%Z*^=ZH-kP( >FjT_(uJP=D%5Y2owI8P?gEэ=s9.}D[b 3\8]jaHCg`Pg5ώP֪5(AE*BwZCU9]sXYOP{e(f(~E"; ) r J#ŠlL2,TQCCBQ˟.Ҁ "y=/~zjH>CD!ԠwFF:zV>U򾈲HſCD #(OFQe^ԑRZHPVތ0* |ب塣@Qz9ԖEҎ$uV=CD*^4'JP0P^EP:DV~AZbsZD r4 J9A_ *q"QOPhTrj&)BůHXSB2 mCjBّ Q, QOfEczʺ;#Տ& f@ո#T?AvU4R %F*SY}SF)!Eي ԟ:K Dk}?F*E-kȋ%7v٣SB95䑚'o$S*Wry/=4w QxB*˝kXTP)yC1NPƨzOu*JjjO)u<^yA'G}QjKTrK,ٟ@E ^j&bRHCb<^<*O1ӞPP=4CZW` F82)J9 mO67_@Uň?-6Vrce|eU A:>eSPu^l?U HP>긡`S2V90-㵒! vhR޼\D*kZ:EY<^&2BFJyKm'zQ鋃D ō\AUr4NzU GV[btҰQk̫U*z1`~ P/;j(+o OOJx[9>#ʪbKUY!UEZ:/DQIC!=P+jBɢL:zPe!-o(!+5S^$#?.*Cc9)1#7,3).uV9keґ'Q8VKP/OmK1J>] dCfXrM/@UjBmz,E&w ɡp1E3 W TIs2= ?Yz 6B *(l. "{~Ȣo[$(+B]".9/Nr+)SEjsɠPTHCYrZ@3 ?/Fo:ZH"5#at J?"Tv.IjM;vKP):˫(=pI.RkZ蛶) D(]EdH2T2FZjG C/P7 :  HQkUfEE)A}ob+sAC 9t EM/j@`? ]%߽ gƑwd9JS22 #Pner3DIo6H62z4 `G(qn\q7mC#%YSӽI_-I7|Qs2RJ hh "ԇ3(EVTPX–fG7 Ry86EH?5?Fe~WPj.Gt.2%yP_(ZHFS۩(:+~je 2@"F募tr EiHdJƣ:C S֏>uZEAe!rP:?*B9@H%'Cͥ(=_3] e\JbLQa Ѕ'5*D3S&G%7*E/x@"< db,͟jKQz:M:/ QsfwTM:mJԩ wvVk& &݊^o@e &9'HV&_sEg-BS1J֤w)%lENu0mY ҂cG ~i *y?mF)5!9SIvg1*=?)o3z|hȇP #P6$LA Tڽ.-~yiFvZ~"l'Y0EOQ]HfQG}eYE/ɿQiUHSi FӖќTE{6 $h|i(&K ĦَQх'&&j E9jNvBV&]jRD1EՓHyi(A?EdEj[ԜfZߒ(j쎒?*[),R ʪ֥Q*/{U唢FYI/$x($ *4Tdp_q%)S%_:%o@u T7uLFQʳ"gU7R巖_VC+o0<=-CjIT/UGJU%R ]e^Z -~MV^yP^HO2BkT^vG[k?aIyD2L.BSUqV#U#RPOBLQVjSTFB -B-c#뢪שB6EUx|s~j. @HOaEԚ+~”PJ(~ \bUA(Onůr /Af @"SfX%P"[&uT@]"@ =TXE冀&}S3S'dP[AzjTPQo[6r̽4Rm6%(WyNST"je2[FyHD}mLUa\ˢfTPTA!l^`Fp~Q ys(N֏nouxGe}3LOY ʝ[PϺBuP( Xˠ&2T֩V#f+C]nH=5S(T U9ufaYPXOZ#zcP'i뷮jE&cQ|ߏEm( m4Rr5V(b jGy:PDІ%T)\2TñY!jXv)± U5gPfaB9?k@(oy!AP@e@W 'q@HhkE',M6i+~OO=R[oFReGs>e?1FԜfҢPNmӆN1jP|Seߏ4KONZQLRjN~ؤ7_-~nW~#+~F7tp~$#UNJn4Ÿ"kZZCUSxM_7|H;+~UQIx.Qu*Tk*CJGC 6շ@bj_s+թ[wG%O QU[%2,~ɠT@kRcЦ׌TET)P\fy'*~ie(DH[3re eUAq- DBS5kun5Tzrxu֯>'{B HeOxڬ6PvwngRT}cȺiu"j(p3uֹV;P\;&ף΁Q E[?u~%fD(!E%2~-~(uFtB1(5d i'|8O d40 hEy7rZn(FPF6_'D5K *4M9t,?gCPeD*ek@Ԩ Q5mP(Fgđ[8TP iOG-POɣpC?ɲ0COuB0c4 wwd8/Ee|d(_`rb"H). 3݃яJGsu*wp(adMDb>|" PF5,~KPg %4 *wJ>yۻsOZO"R%͇CpCu xpů HrԚ2K̃lH.zJS V]Gq/bmթ6@=?H7)&TJ(5#xaPz_:E#@E Ƿ[@bH%GY;ppP$T(.Y# -]:QY?4RT@QiVԪ*4UNwlPHY ԯDْ~uQթ,!?slt!b@Rt@IM wG}E j@eQ{(~SÔ6N"pfrJWC1w@6&=9fFʌO.Q?7Pn%#e(aPD*8+~ h#EygzZ?~BI"xgQD 2E ʗ P3ٹʎ2T1{F-j)Ekf(BY-Zh(DTgT #5 @z3TsZ?T넰Q @ka8zU7RM9+P_2euJBs2ZQ F[?~^PG/;|Ǒ" Yd!F*3[Qڛt&ylzyJ>6NoE&7'(7Y頎Q3"O Fgn)DY=E,Eޣ_[PE7m;Ev)fT eۻP*"97/^u[МZE2TO(:푸 3A5C?<[e*Dz\"QAy>1S@mjE{/H(&:E/-KWl< ԾPT|&%J[K"Ţ*\%l%H:DQ}E<)5@6.w : ?E6vQ+ԩy:3 O~="54mgk1t)z%Q\ģ~4B w\I'j(] 1;ٞPV{vM*<M̵|?VUO/S@щk mX(EX_H}iGJc7I#R#]жY~s(:GIP:ԤOQG?쥓lCɂͦP(:Ā>:ED2HQܮ P~PVM5oj Y1 \rɔ uΗHM(j_YiEYjI{BMAp(k?Ф{׍[*~tgu>{(~[E;glҋѸe\&EX!0,ʌQN[ PGѻmo9d 8!.@L;ZҟoPԈL C5:PQqNQ]v`PqN8OA{DB=:(I;dP!q|A&9T!fySb.ܴ?؅&ѷ:/& ͞k"bh'!,@PvP: P{J2:u}dX=\P$RQJO:.N7ِӱ&YNlH=Al;A OsMP?V@&+Cކ(:HTO+Tl:e]t#߮<7v E%Ti6wPѤeP)bZD5-~ILB9̣ RAeC8M*M[̍Px?>ڵ C8BnwAZW'l0ʬ2Qi~hSTYCNʶ9lBr@S7'd'wVGJFqJZf] (HуăDewk.~ݠ~jQzv"G䆏 HfF W7|O"PNm5u o 2BLCC^ թQY: PM #u(GW >Sz6xHչ/;T$ܕsz(;AFeT'$]A=NӋz}@+ \4%/jCS7r/XfDOh-%wI:Ӆ(GY:> JZQB~d9*NN1aep%7@~j)-_#*)uj'BLz]t(6ȡU"4/~T V-n2t IHT$V ~Kuj 7pY./~N: F $TG/dn2=g/!-(%?K+q0$c%Y_`88+IEp+y]Dm.E~?޷wlһJju!J4=Iz\$$JAbo.zU?!K;q` ߕZ P!A9H1;1|;~G  &\gp-[VkUny>KQV =K[2ʵd11gӨ.i]ٿ3,"ݦ?n0̉{'e_Vt-ȉ9Zeo@/8~qL{n+;l;EOo5m;fFW(u^7?`BknYjYkFt;ylw&hO]c禐ѯQ3K?Jep~3є?琟 3vxmPG-76^& |w&tW6C9 Tr}aqc@gߵW%wBUKozpd7qEuRqIENDB`IDd] eg0   # A  b=I2Xm\49IXnI2Xm\49PNG  IHDR]gAMA|Q pHYs.#.$7䩱HIDATx]}p긊 +hd+/q@ZJpy0roSAo 65^x"%$r k8AloYmFZ@b#s}$aZJUlVU*~L)'YWdhL\.aAKR 6}u'x`JiSe ~8[Oa?''x_se?/N [>8In&s:^§w?@ѭ $ݱ$>}o>ϭ}F_e)|BcW ZӋكrk^M^?J7ǐ]g"??#$yoItgɾb6)0 ^FAӓ~6t ZP6lnx#8Ec/GeQl?Aݖx~1fq v&/FMZ-6چA"l xxH0_(bP`5"0W(:9̡E%O|+v)h"{Ja(YA;°~G,|B[A+40c7g= 'L_mX,6!{;ǰ+8PXd7u:ňFe0 `avFfa]\q@aGGW 4N`0Exxcf<0 Dl< H"p#f W҈>r#l= rX`ֈi {- Ɠqر׭[4 qĦ >`-k4-Y"YFR쌭?]ax~8)޼7߻f߲lt hQ$;?Y6߿I`wq'ÿ`_wFOF { ,$i%0kt\v`u]ǰ6bi#6R=p݈`n  v10f0Ií"YEXH"v#\ Ak}-iϏBu,G[6HsQ n;s ÙGc!ݎaYQau`aXu}W$ wn;#oDz#|٤k xwœc1{Na#rncؽfQv] 6Y9 Yw&YnIx&01|~ax$n}кlW,108!붅w[ķpKr#a~$ݏGI)iڂ+9,vahn-K`s A#v& 'L9{Ia| ssx:="!r0B\~(f`?|a8b_1*nJ`{R,r9-69 9[nt",,|HafyY c7ɡfN@b!'0rĂh Z9\AԱ8z-rw5st߿ +.`8TZmDko9rBmÆ8b9߂ae{))}*6_vf3w6 4-} 0!5h 8'KwlPEq–o)AZ.0lEq {-}CIĆEqF`F=[77(oQؔDG1 \7ÆW) #߹:,R 9{{"=Eyg߃_x 7)sG [,[x:toC-6KaoCv [(`aDԱ ;6ܦ[=q_r~U 8 tWܥCzL>;o[wKS) FB ;0M܃!Ê)tO0e{ Ώ]>WXw6bCۈ]†}m~haNH3?x"^CfORK|G#[?ٿc=vAn|R3o|70[?aNɄ B?rղFGgHXqkQq2ޛӯxxk$}p'q›7p>]%bwɜxMo <3JWv(!Ya:okOIlݳ_WO^_wB1:Lg7ޤv!')zyg+ɧcp.OLߤna-|*{a)4Cov.ay#dŧܟrϞmCXʏXw-5lsߠ… "f,<,_床՛P_=.v3c{?:  ʭ6(0 X/kSӺ_,K-².U;C] c `3BLuXaxk'ݖ/ .cp*e َBvS.JXv\{ŢAnpUuZBh;&\U !8`#E>_VW au3c{}B:$0|Ns;K*,3{Mc`<7F~0Oml?Q#Ly]%L[WM`ϏUN0e:BnkTY~ i:gr> 70kưv-qӈ (jձ^E aސa㽅 am<5bƃ[j|?zCC;!À!(`l2.=`:[X5A#V)* wM$ :vRU:V9K`a{{sQ/K WDC9 +O#l#48,N`*N bgz6̉}/D,xp:uLgfa~x`.l>ÂqCla;-̡Nr]cOD<:pC!EhfZ?s溰9" QE0þKXoR{ #wZeQ<6`EL`{.EVl9i<4@?aH6a1vF=Şֱ #0Rac'#M.U[Ja4{ز0{G*5u,zaIQ EӸ/- ;ܐYQtݶ8*RL`@I01Z!HGk\Ad׃ӈ`=9/ւ8u:Ϟ&Nd<,҇ #WΝ{r0G0k Ώz*g@6;}- a ۵B%cٮ0:HL7Vq0@`Kk>,Ԅ$weԌX_Xq yQ\W"#E1pW}C"D2bq2G񨆅6 v{H0g0YL`,(Ճ*3cjՊص+بs=*GU md;zGt$؎,b%lZ`{x\Ea  U E=z sȓ,`^yT.aK%Csȓ9\ϣr: M#v{_a`+=GXqXcX0@5Â9Iէ=r;Vye%7xoaSa:Vy!a`J؛ÃU^Ma`ø|>(CT}FAyR1 {0UeN1q7,Np%l$Fu Nk45a0`94P9{Gy7+]Xes?$HѤY4ݿf2b+ϟ)bIQ>yUg> 4y `9lcJ1OɼK-z25 \P ։Δ;h;Қq0tKa lQXcW{0(_p`\BS{x&LtZ9s㫋MM}j׎agKXH_Qlx$^HQd/7X[?Lh#,rڵChayXŵVgMy.w尊dyQ( {;q[w{C<(by Xձ o{w`3!тA~2,ɲvԳD{ҾvFntD̗¢>7-3>aQlczz"a P}(p S^?V[b5,\}+C ٍ[>l0Wz7[rUr)&0w0v,1RLI`K xa%lJ A(yk<$1Y&>|ZY$ԍGà XK]_VBwx5 UT\–0D%{Tj@R~i^3@X* $}J`h $0x3XVS.W(+@VsMCYQd#kH1IZlLkH1)g`$b;& "bu`1kI!U4jֻ/ڂnFEq_aw5`,}y{3(!^.JTEq[^AEٵX(mʭE؊yQ8{Vs䘿@P [ &6 ǥCĆ ؎`o<VQi]mCU\|+"X ۿB UUr0~kl`>ňdV1 DmҢgZ;тEX( wpv1_1#> B؅_/ ϓ_\x*D1 `Fb؅Z'#y̑췽'0aϥ˴`N,ll\rI"Ŧ3\1ضH"(`^Vr;F 06vV1f64#DFFF.Y)‚an_`ˆE9-㤎}C'EN/n"U sD0ၺE `X 1엵a#Z}g~6 X~W0æ޽ /#f6vS@"q#HQ\npP\4l s0X3b%,/yuaLka[PpN`zu!lЄ72 Rfl7ț3`:yrX 5[Vm6Ip0̈́d_ ]Ê X59H(Ǩ ڂ俥)lҍZ[ſ0Ѝf6om)jEl}M~My`v;T#Oa^9bi"dNGPa`3Yza 6,Ha3&Tu=np-G¼:0G uK^'a-&0<5lF1{?Xtzc#fyɌulqQdTlO` snQ`'-a|;Fw|6`ưBӀ*(6VqT-XDň5c^k[p/P߬E i-P|䊡A\IJƣl]tQ(-wXX€ D-$mDcc:&5y& QLs/cG 8FcyQܠF ]XI`3,F"`G3X9<K&*E ˻Ƭu ͢:6%|< 206VYs ’q =G\|~FvR,)6&g=0հ)y'W/GYXpC**Xma syqR JEa>-5*8bGv ly=i<11C,anuy M m@9biQ:da`"l 3^,Ա,F5Ѐ%N0[rE$]:1,U:.\>@G͊/^V6c>w=_C#E҅3GLW@qp_q,lv0ansJւy̾;%C-0 Sq1)t5 2+u`s9bBYFlt̳j(̂80'*d `fX82Xi10&b^SX4g,baK>"հGpa°y9) m{$b5. XXH1dT [$GJrJ6<, gQc>b an[m1y O*θ1X0p| 3H}`yQ\esg a3)G[F,`D' 0YC|' -&Eu[jbx1cdRXBՇ5BXRa4b[1.V!,i<`I`%lis0c9c 9Zݠ,9#cC#F-_Mma5bU4I: lzM_a#qEQ_g3*Gqq &Eݩb؉.l1`f}2 E19u쀅= 0ջ-%*ɴ/sRq, 0(bd@]Av$ED&~)=q"X$]iP)MqrI:Ʉ_)[EXK"V<>MM'ƼOatw 0(n aE19t0k_bR(2_Ja@ \_6q]W@qlVvQՁA FXƃc4GU3b4b5(EavQ `P&I"YvDNp v` GiІ̡4bG4vv s4ap%<7ۼQװ'`f=i<9@>6M "DۈVnWK3#@yϧ,Y.̸U"&nڣF1R,YfP0m-ݓ2c"a1+[X^«g(²C }fDb^Iw40N_' ,â]P:fB9u s7,[,`o`4Ԃ8 E1sKZC6bg "}yчmjo[ֱ >w5`$Gd.`(]vramd;0bDPai!5X-XP{` C* myFJgx`p͢T5}`p[X~ltyˆb`lH"sYQT &cR3cت+4~(DV ց:}rK(Ջ[]K105,X3cH_=MsFx$7ѦG0Օ %Ʉ0rqRb%L1~S[/%3cĤ5 yv2GH;(ZEѭjrs/Y:e)b'䊿ul>Yֱ$bm `+!L18LġWكif#Cض(lt`\YG4 k -zljGhE+Uf3[Wj ˰rs`'7ca̰$zQ-k{Eq * 9a5XA(:Ɋs¶+Q2OV[y FbÜVamQ 7)ܷa]V̫eX%ݢÖ`\QL"6 jj60liL{Lx8ua:ƶ-Eiva'וa3vő(:Eq$0-du Hxa:0 @i`ii3y}DElE]Lfτ&(-j<#K0&x]D̩ eV|&RgYkV[*`wS;4G8o;b̶6_W[xmXNݐY|G0f[+0953!aQ&ڏef0/0,DzVaѳf)Sx0ɕJ cYbJۊىKP:´4! $x,Ђ #vg "~35eE2i m,``1i4[fv̴' ҌzUsK[",R&1l#XuL*f\0)LQ]_Na`EI1Gϙ}5E9J;KЇ5i/Na+ ?ţT;X`NrN>(` "esF`gv [X+6]@+pra՝Eq=N1b컪E#l ut`P *X}߬K:LӰ>lVbyj"`؆0 _u_~P"oVqsݗچEQQᄂ+')ŰJ#&?^Հ2،#5!_&uMؔy #uU"7V1E/2G|3%IfZو }Q &c몈 bvk0w)쭋1y[0E az_mNk<`&1Q:o< `yQd"qaHx-),@簰lU׎D +)aļNBNuwgE :0瑮e~8,vX*Vâ tv5ZcCSZE,l1)LV㋄1+nLM+G=Ճ0&b33$ߥrn0XrN'Q#E 9,BPEZ+VX|)#n0F d[$? Gh.ڑb {M4s vFk1T}X1UbN`' k)<ϬXPw) K`S:bcl~i²(AAϓyL`ż*`Q!C}Y²FC^|f L*%=mQ%Lf-p5"vxdKœfE:k@ ` ``~ֱ"s0 _HZ؎5 uKXNP9ꨆ|!D`cIriM'^ծ0),pʈM`^s-E5lQ5a0|V/b*).0@`Yula)Lq$xc4׀"xd0U`&`)`FEѨFlZ( i&܎5Bز vv1LXXCj<.a$ ~6zEg0ݛ+w ( 6: 俐! ;ލRЇEF0QjjLQ`eEQul $0gbKXT1VddN;0qE M"fr!00ʎa]m`ԍJg0:j=z0e:k 4l&| T1+yNz0 t3h$wM`VU:[E%A`#lPƣ0z譧05Qs`]qf2O66V :5\*2b:u fpݺŧ{ aAMز0HX*5kq(̕NĚ{0aOS-V`U&賥Wœa"E*X+=ELSX^۞c@*:)V(iV\ܕBmW0Ok /(CSsuaaPT _Q &oR\(~s&$]a/`&*h$c[m7>U6K] ~5\yřI |wu`Ɂ]X:Fj4Xtlw0J`VQ:yXr0 Rg՝`t0i]us&UDEXӪS&I2`oa M w 3:LrZo`6A`$"b̻S[EY0U;F<6TMŪ&+f0Yk 1̰(-ԍG0G k\$EzqL{\P0IبakL|jagH*VPNָIj`mmd9(JFQuz"f4b`Y bvC .agaQa`Sݱ>¢2 1n6`Q 3ئ #B0w0A"q_Q#Q;n֡(axBs-,>r!ًo:1Α"YV}@v[R/1}Dev,‹b-([(n J:3P1K(:{e^VeX{>^Yy&c4<}GL , k+bݸ&b(#iLXn+vT Ѐ&wMj ֑&l?"amD Fzfx%#mߘ7/= mk°|nm ["%YTZ" |j1U[Т87cE K`K6;o<"vg0.b^L3 =c llփ}Лɗ`K^$e!. 47 I^46,:C s Q3^`ݥ0,b{K"ů@T{9 A$0oكo ,NaAߝMR1NzA`a` "nRd ,J` !Xsֱ>,B{*nXl[Y}ylaڰW,afgl3X(ֻrD 7= C ,/$}Dܺz0PxKa`/(uKlw .+mQl/M?كNpd}a$Gi+~b+a/:ִU,PO`t6C[{B$Ε ᔬ ؼ/s ;R N[Տv?E:;X*FNVQ۲sB^sߛVqA`^},‚a,ڌiSxaVq&؎{AgE(/U:9,ֱ0m Lp/ava0}sX ;v_Ɋ眧>A#m<C2z ڣ;,X2~Q:nf?a !lj2.GvtF`~]_Q"J` V;6(2b#2{Oa5PaU^{O>9Ƿܩwoaa]7z 4֭S..bv  IoHo0ﰣ'XV4S5ivZǾ!;;Ӣؤ5RȜ>N`=ۈbFtr\ cTo*/A|x/n $bi_m V>#$j3X!-rn+a@ KL=epI\j.H;YPO0+JX:uT?L+¸ t׾:VA|ub,bIsoRׅ)jXH;= TI':I?V S`O*Ӭ0u*RE]*i'v:Ɨ%Wàm5I+K@jÔuL0RgZɭ2 .U].La:_'uڤRSr^Zc(MSkkluAQTJSvyRfPA_v~Հq5=&_K̝d\&tI" |"Uzϲ3-ӳ7oл Ξ 6%Oį[+44_f}mY/?u™:#esϚX˿dIײ}n}9xKow>ey?E>XWe ZXRx20W{}|+{(V<0?Wn~uy cocC菦Oyxuͭѭo- ,_5J|r -mwcGn+R7&_tIE{<_v~O0;9ї ,C*"6َ7++ט -. GGzt~p'EfoY?d(g1 _b ?8Zp&`au5b2ǓWgѕOE4Sv W,l~-e=ȗ[G= (WVqda,Iv{"@: @6*W,fN#U B`ls!b#qc}zfM6d(8֎bí 6]p:pty/rW-/ً,8*gIG,la`8s0߻{l5q[l'Gh.?}hx0guf~ vKG! d1m͍sl'rCHw}RGI!+@6 co&b,E)7c=~XhsIi R ?W\O9}?U - UILb;_9MfNLm09 ݍ<\yB`Y ,:OY.pOHsz{t@$~,k=nفg)'sre0{tܟ?I5db]=/D!vtϢ;tb0t~wfzI!pdMoq|/z@"dؼrӤj%|żV?mAق¥ d9";/|6FaEU7;K%/lWL`/\I[<'d+մ%!o5煴E\?F}63"WL ) 'cM[5t Z -]†.aCKK%lh6-`ڊq9IENDB`FDdwv0   # A  b6F=4oW+`Fn F=4oW+`PNG  IHDRTGw]TgAMA|Q pHYs.#.#x?vEIDATx]}pz9*DK{M|/yȇN?z7zМ5Yj.粴rAk1H1\/ZIJ}GV+^WM?NUH.>|q\y'ϸ]Ioɳoa|I{s3s۪Xz=?$klI, !' ?5gҀ{KJץt{ɗui?gGVVGї@Z4omy \J2/wUAx=>njWɁ[F?>u}\`y?|c}Z2{HR}% PA{>AU_s%8R픇!y(  esOu_hE)%Q(bEG]O7B^"M.'NlEuҥ]41y@rP:~<.~Ub}c£taMڽFQ>)~ۊ>h@YB P4R@(yI=KN~+ބwާŏ^E~@QpdD4JxخUlFQ;|E J% t'[' 2TZB(P.~5mEE)EZx Zhc JP_(ۋ0q(D* GA|<ڔ;(Q@ol@E\;l+7ٻt~'IߔiTe}{MXeBdףOQd)(z5^)2lE(oHd26$yK'd8(< "S)4N N>teCKR"%9u@]`u'RNA+)(=zH!X#mPC!I:({&it6醌Jƽ~#h a&~>{YqCS!(Uф?m4OHr R FNqI 0r,p U*\5PzR6yG)pRj?PpP&L\ GFPn&~bS(>jmښ3ԪD6Qڡ!Cck`BP]L Cmg3!Tɗ-b,e [%#%EmْΠ.v<ٷҁXݘW{}'fr[BY)t4Ԧh@zFR&Z4 DEgKOIclEbc,u6m Q$RC 6mBbHQI4R6|#ua*N& (NG E(D6EPMNxwQ>5o*{N0E ώ>( HE쾆gVM)`D3>b_llؐtZEڟ&etKPN7 'ࣤH1if38|3zGԻ0]( {[#0k[jÑ~taXo+XT_WŏԐ JѕN F#cv`X= +[t/ '5EwATm/& wfY}Ka PkpEbv$.&4SŒ6ɑ2;@cAiPblJh+ u8ސQe.5x_05\i|ڸն !mR9{>@@ vjE UfcK6կ|4wP֌ ݆`inYBPNSc uE=u%yO|lބ!W:#UY9a0b;ɖTR>mݣݥ(uh 3eE7 P`ۄDԀ "%1رHB ]P;OP/$R],ŷA_/ʟ!Cf3yÛĎթ`teS}?)a"N)V(R oQ o T<ɑZ)Z*V%=CJzZ2=vb6g߹s2=%ROo/>c4\S˩B|2nKxG=Ao Jo\*7s|ݒZKWܿIG˕$ u̗SE矻ʽ䟿뤓vș]X`o5:xPHgqJ%mg#'9W.C_ϦU~&+mSKy㒤1Jc냿IbE*> yH xQvsQHlʶ*sRr9 NMz5eBi.>y)uOp?-HqHA%)>%yLI)u*X0 L#R -/~ܳU 9?@Z`5M^Fr;^NQ8yi ʊթTrJ)9JQ' W/Ђjeem ;9ˠRVe#NP(N-Z&(K'/bWS~t<%[)@]HNq1.P'RT0?R\kKR?V$_} 0?J4~'{yF߀[P*.R=LFQx>[qeߤ)?#((*5>P`;,pߏK(NqilM|([|p/u;U*RiPC!)|,jB-5:RqjE59M&E Ew6A4-eꔩƷ2jv#u*BuHJlH^-D Ջj MxCQՅ:ynՎR[@Ey^Uvm(PiϷMvPVT)6:ԩTP&UHnnZۤ%&Bu R)*r>֏_XGTTbHePyůԘTm YJ$3ԁ@TZ?;?>wwuB2Q(~T}i:꜡,nI`Hy7švo2R TgP"neͥ:PmOsxd#CP]JTՃߐLIdCqGQt7vUż=HP~)sޅ"|ן<"jG VE >6{NbEF ԮʬSj3wCPT\[Q6_ap0rCq~޷%@;{υZoҝ?~H<'_ng8skW%Yݟ:D@ʨ3[7ԙ:ڹH A}c($յWNE=:H*fH<0c -)(@ΗCUS3Tj E^kNՊj" ߟ" Ӝ&}-Q)XNu2RUԴuJDCqvU%KR[AU墚H71ACU[v-R"PڨSHP҂&IՋ@ͳ"jlT:#Z& CE54IP3TT)ţDlU1Gu$z;5vJ4jM[?L;to1Pcj@MFQ3)`EU uD3Pг/BQ2>keZAmxpKQ|9) HֲN5DG{ JHC=kP5BރuB;P ~Ee[ 7.=vPV:ZjAQUάgɰ֯s(Vpn5@ "5x_Pb P֎Z 8;ŠuZզc"!wju^Zfosro owH6‹^X}':0ԧgE/6&٨u}nߩ6RI$QJ0>()Ee*&Rm(YVmrn`dJ{u1{`45jS J)*ܡUNY вFԜdCGP u)\ornůh<8nH@A+>qCZᅕG uMN_[ gZ @S!vCME@6RLꈔi3(^"ykD-ȦGU;Bm~A#^XyN SFtvax-M:/+~p BF[;wW$j%ԥS @m7P3cg4ɞNUaSu)6CY}(ۉT- Cn# GkCy{}Qr״ו܍osPjbQCѡe(CUC P LU! M 67)(5jA`9㻛 E "Q~Z2&(oh!THۇiu9Uޣ.(RA >CyI4my%Q`D==8Ǫ{ʡR#e [EThšܙLEvTvJ<mu*5St7PcE59۾) 5t&PvKM 2]:G}R 0öQ|ya衆pQr(u }1„4E-fA,NdFj6SQ?M8*wҗ@ 5*u[PN:V:go Q l\7TH(%V]@ GMԠTK5s"e"4~hͨѤQCWcuQZIBу%jE7 REj=QK|:Esɟ}ť:QT k~Z:U5*npi]=rLBQ%>թnF=ю;ʭ ;RF-7NKzf Aʭ[ [v( @ jW :R,2[9AJn.jg7O{_.KRg#"0=R? \ӏM#u=PzģIKEVX+dD^(3_z5v֗]RܞO6j4ReweրjN)!NfZB A%$|ӷMDUPw"*S:EP5{'X+UP- NSߙUEz"oFPe6Ew#5("ӚA-!jH-z~Z Jڪ2@ 0]EPZ}jOBlW@PJU ;28J-UP_yTż.wK[厽7RumK~e6mK5t֋?(UwBYPg)(qygՁbQQK."5 Hb_vK.ZЗA fQgz;o@"}¡׊)M"P 7*OP/|$,Nr`B@^lJE"9F wCB+:UCi%4*^؍_*HU]@ P?H`C 6%_;Rz.EE)%P-?uEY .B^ (gU^3Qq}RJICdׂ4Av PTZ4N,Op5դ;#DE8(/ZFAVPvyT<5#I»BbUT0 ^t oA,%d^i&RJc(@P!2&S(n cNzYTf(C8 2S`UT䢸!ܚQrTI~Ć}xDQV}lzôXjP^yI0Ԫe9i]{ tܙT#  1Cu:(jVՎ2##gx:ŶP!ԁ,NAA( (2h EթCp(*N*d/2 Ps{5x.f@\Ca3(bG9w>ĖB.:JBe9m.Cw;@x4E $Wg 9({]#d>R⨴H!v= MO>P׋j1)DԒ/N TAwH"m$zKX<.~+NJŢ5ԯ$+ȅ. A>6\[RjB<5ӱ&})@%O79LJܟ2%QġujS :kC]'q(0Tb6jlwQQ:Q S߹P]uR/J 3)SP C!zw#P`BY=9]0leEU\*Pj5&))5'RUQ &QCw,/rַ`ro31j!=xIB**`f:*%)xBf:]e!XD>VD[UQuJ(*wwDfT En(N'$y~!lJ'Ӊl|F\v4ɕ:qT")M%(*܆BS?J(P֯+PVwPN瓪(@#7܆bm?PuATN]C]a*)Dtg:QoH‚f-.(j·EjfrS E$*B!ʩ@Cvea8*>v0Gl@ѹ罆"u :sS\Cx>*jGAQx B+j7)O UBi]@?w**\ZFε]ѲH7\ÀG*$[Lz@'| >GNp)秷% L< ͣ.^p!EjP+*'=[(JDG~rW/*s_cgwQ3RQ $\x<*?1ռHv]DEgoI//8=%aX#4J!#: g%qg(!)I_ `PݤCg/BiyN7"U0͊).?7hQ=OEkKμnx*@RQ$,@eL lďiQCq\ j7*6x{(Z2&Ati˝eD}WIw7( nW ];s_壴P_&T ډHEib[P딍ih6a& I`(RF| oO 5C;(ޑ!"vqT7P~*9 *^<=!g π}(X^l.?p#"`c)W}uP`b5OtZ,XPiT&PAC]p=z.QJI &碀jG-Q*6阠&ˡ7]9Gg35NHzeTtҟyG1k!ߛK  PG=HBMН; gz[ P&^T:ES1Iuo;EyZ$P?/d Z%_)$:ShC1Q@zeՉ!ˣH#SCX Cr$+e(- Q49(/R8fQRm(\Z?ƱeP5CY^tTTw6Qer.HGur-ԁvQ5)O:BJy(r:) %.S\C,RI?:Yw_:~eTEvw̦(C4*QO[%u*Z|TϾ.TrF*{Ñ+Ly1P}"6 (ƶPSaw6TrPtGPJ]FomR۩I(]TѱI q:j7Nue m8W]PK+R8l7 [+XF,Ȃ FPӕ2kC)wlXMGQD&Tߏ0*ur_Od32bSǯ`¨pjFQ+Y5DY{8umBTvz 9(?EIAMBRs4R%3N{ّ45#UNђ5i!^!^PQ͟I,emx2  kgԇfs9+)P-~E ]zPU&`. L~7Q4ہ^. FUEߒyuY"9_rƛT}TgІQJJ6PxQ7 `U{Y T(j(JLu*X>T2ތ_;Z#}-m%&j-R KdG*4?(x8-IE؎i63~T%z<);_UsDT8 eQ.*9} Eس'.:-SbJ ezPYPT~6ΓNYq4\I)]ɳ<}G=D/|sw!)iYu D=R1TB._()K%@q md '.K-`'2YUN-ʯS^N?z|T~.7JTr*|TJN*8/)LDVOXR 8NpТSe%4\.IljOq^mƒ+]~CtS| ԩQv*gJ6iu*}$?P%'x:Wx;YNqv8OnJ=gۛ/IRsd_7YX+__~e ؖ$__~h R#)vOƾ›tS"It{Hz^h].9I{%>]JW7?>.YwjP61sgchr,4}ҷP|j[?ksO7>WS$mSVݦbw/i{oT݄G2e ߬O6d T+fS銿P[5%"sMguwkc_t?WүIvKRe7"秖FeK)H&*J9^P^B{UTΗq0ڎKɢ}"uM;ӎ+K+(~vwM΃n^Џ%Y"=7/P*xsWYzjI,f2($MߠgWe+sQܴ s=@ЯXJ59EJϋTi u3EYmvMK @9 `; EJ(dTpv⺏3PnY" F1@ U_w`f:`;PAxT4%u!tPGjSmo~ *bQx2|i,B؏PHJP<pQ騇(8?$"'W_HFE#5 :ODQJ98Cd{D0b׹`._2R*;~L">wK1zvW Pv E#5ױ2?Fʼli02r#dAi |oCqbЖ-etn]}0KɏҚu .m,o]Xy2qwl f$.ҧ,e͈&HOK%Ҧ8(yj Ět(} vnܐv-77#wYjEٯyMك=x$߻KF(JPo(y+~,R哋Lzw=i׹#(jG =ԃ}eRv9< mhxCgipQ@"*CgoA!>~軨o{?#y$ُ3Ԁa0T_?KC5L#(> ^v~:P12{>$oEPz࣮P_ץq&Zir#<inAD5?R^ZqDԻjhpOr.›^CA˫S=u#'w8>j29Sݹ){ HJWOHLVv%5uQZQB^H7IA@s#שs#"۩{ zH܍n#@>j'y NҼHq)u)4o҃:eӃtP|,Gv#EPoAMu͏T:u5M=o(CI7BPl-$!Slp\(7"aحSd[w<ɡHk;0R̳lԡE*@M8Ի!|&)/~gq#uBz&Kʃ]ݨ <59|⭻. *{YGEͱף d7 ɞ+~>\6:eEh͒Fvd>?P;GqU}* P}N\P[nt V6̚[BOyؔ n?^YA}A%r llK A "([i (mzځ:QW}=CsG_sQEPd?f%H|=5>p(@vYH u@I}oE?}|:W.MGyv_a}u 壂uF;PP$aE!o^l});y179/|O86Nȯu-u? ?CeYc6uŞoz>{_,; Ƹm B^7Axth/9n,yC,zLFXswܺ0)u%ϒW#PBۯ{O.ҋV+/~3xrWϾ|noH{ [n3ÿsШ+޾!?,$}>sWlO7fI:/(7}ל|I/{m,YFRr_|?w+V_!cǽiJ7_bgX>;r[?quFW'fvz/s (SuIENDB`GDd] XW0   # A  bFnRaJ.xpF-nhFnRaJ.xPNG  IHDRJ1=ogAMA|Q pHYs.#.$7䩱EIDATx$}^ښd/[ k/ &4ZG䜓  ܅p.wp.E#pWl rMijg$!S}uVlS}mi5Wuќw힚uu5О)FA܇g7Uyo3(a2h`pu;K?wo߹0b?oB;wLgbu&G{FoYsBc m7\aj [j\^n+lk#g_~<zͻ;ZpK/|J5\[k¾'2,*` O]o:n.=gbgdOss`>gqnوwTC>ӻrt7371CO ORQS ̀~ODa\GƧMATPo3z"]~`h0~ =vS$`wƷ60Xo¦aU/POeth-LC { fz0\73`Ϥ0Paq0RK uZ <0,C.{lKa904Sq( Fa# [X7\U*?0ށL뻃Œ[GF{g^ӖCfw>Ak 2KE.O` ,>ͥ9f. ~^G]] 0E'}ss S~2Lqa&U0у y(Q lţ^yMڰƷRC^%މ+X[¶6`mkW+Xۚn &Xŝv`-!@S$:KR项E0]9цQPO"w_@(5MRQ<7~|L`@c]&# cfmL`> m\M0t݃!1m7p ̺ثmT?#na72/TT4WqEfrNf؆i@BR]ΌQa_eEv6<3ɏ#cZh]Xe1 D /\[qq> G5G9w!a~wۑ!^HnLg3,2w{'oQhݽM0{{7\W+W k^W2pNY;Gl؝5v<صk0y Mw}י;̃.Ob?{U(9k/ _B~V\v~oyCY^\_~wA5d}Pd#s \gv~& Eڟ%B'kpٌ=s /=o%c`9 -[̶XK^Q{ZF=ᕦMgi [~yxge§ KMf^W4`|^` T$m>mHR_cN; ,w9},rܰԘ1$RWp[[zJM?>/y_H iN_IOŵa${i&<: S lmW>v cC``5$m%T̿ߩ rq>88 cK!e"ywӠ nE/KO`_N(b-=W91Ž`Ɖ>k4&h"&"'o)L WlE;xOECV-02#6V~y !p0bՔ@Qyqkl[S񻍇#4 [x fa&X>s̡胺/-f&PXքyUk]),uư.5/8FRaVTԴF`% g8ZSY ְ^*!ȈN[!NEA?b\I0MIPw1k"+]rcoemjĮ`!aܶ"`rOoD2+?)v~@QXwckW,&f u,XLS ӓº#}L~J@>E'<2_ N;ư.4b5ݨz% cXNJ F0^dK_V`{;v,ya kCЬ K CTCa\X}/A|}¦SQ.h*6V`{;Q:3wӚaR00X}z050u,燙<q9P ` 9 hCނa2`!ؑxx-FL[8YTA}pӰ(\ql_X ּ@PΠhpeF T` wO[A;`syi>"0ɯ=?ŠGVB0ߌ3= la O`08{mшI`*|W}ք v# "3`/`n3o`ٳaroЯ8&"#Ri؀9?b;[` "0 #մT5`UEh<( Sqgy8k8ֆ}# ۽wxP= ^IE[㪢 nT<`UŠ<[]|LyS_78lm$!ք>F1Lgd/ aSpYC{~SEWPlxA^.ׂ_"XmzHjgMKžy Yd}NѪ5TDÆs|pa( kfa0A{97 SÎ飂c}ׂƊU&ց}-Mcp%>Y8ba5Ǡ \r5'6˿`UM08 ^s#B;qJHĬ9~5L3w ;_VJa% 3ܧ8_d.WZ`ĸXU Ya:復0gmMO߽kd.irȗ m ;ѽ)XKU0ws46@Y09ޔ[?}ΟeäaVtt|Xy}a2S-0Ir#1Ys`\uk\օ& o#jNqQy8mM`-} m+ ^Gȣu3G'mIgF F`5 `dH:XB+X%0 ҚV& ô"e0q8b|̰!XذWElR ∹gUYS0wXTdc:T (4bOa!Xh~#XCBU n$8b  V.uj{ /L"6g=:``-*h` jV!&fجm0;b 7;ކ R16f8'l`u~G`{LTPؑ *ar^ܧo?,50U7ba<^,SWTAUD *bן,0>{3`xG/-g5`˛VQ0x8U14+p؂eu°1lc`$b!U 5¤0ރE°z*Wa`İwp3@%C  éhp@h+b6 IcA0KMES4° {QTEE#0>iQ ?=R!a!T d=Ga0{-i*RsANldELE ޥ}$bh D `_}@amfG z1 30JEmY{Da]ɽ]0A{\S* RAH*" 3`#\00*R?\XCE,Az%SV0>L]07bRF^nd*Z0:Ȓ}(ApN‚aqLbC⇥=XCr?=3i*:U,qw}1p-/ G8=g:N^Uy7b +R,k a?f1{H5^f98rz"RV1rG+78&ۣ{YFX<}ꪊTEKY# `R>f 0x"fS>; xk`[<X#Sqvy08!.*X [< }8rVHyaK-: lؔ> kr]oe}V(,k*ݮ s:,"Y~d>B0د*5RNJfN؃p*`gNќn==baqTo*?&S KRa9aNvZ]&x|KL SwiU f]0N8b`/c4.kLw`0ـ"֙y0*yç$ {3O=[V]01uN_Ě`K 3<:8b}la % ǎp:!X5C*H`ra};;l>*`?9_:رFsU#}l2?`)x,[ hFF(-b4DZRъāYRXTa[\>Y 0M۷lH- ɕÀRy>q#1sZ+ 6k`*殊# {5lHU[h1TL/<VY0;b}A,lF`V>i.9䯊<93܍4*RX7p.gU縏再qLʽ kZLR&0'1ue/ԈDXrԽY `°= xpYaxS72o>Z@zt,یimZR~؅=XfT i(&bcT@#CðKcԿi"Uщ5l^„0v[9P{dvkHY>l#k؄ƣ|&V X{*’# 01ZJcrTrڴ°ƍ<2}x1 @f>( COŲ`5bwևLma7j4DB`&Nε3Kٰ0cOvNE{ܻX" D́W7lE{wMo# e\b۠ţjf3W 6Sv^)֊ f6XKGk&,`aki:R j.ETlaTAa"m&φ vi&o%LeX$Cm᪸Vm+,+`ۙ[Ǯ`́q54E" K| h[ vO>#Ńo3,*۝?֥"LŲE0qat<2W@`5־"iMSIZ֝e)mqYxÆYKKUU9  &-sl0 +s&"%w|In] ش4 ä4*E&IYa2\] cx/NI*0%jW*+`oo) o+a`: V@XTXe}L~+a1*ûͩD_ KUm@O /VŪ`m&D ́AP %bcNE#X0`񍫡qIi54mJe*q aXlU,& ` jNZbI38 \KIE,>WQmm0lq}``s-)-dXlql[aRa0s-&n+Llk5ƷV%}NX;$ǤT*'L*9<6 sSqT,w~XN-) ZiA_ Lvh),ϩfqH^?,wݸgyF(s#=6yU ɰ.8W2,r?@[1پT4AnLv` ov&K`mLfwnr`s`n X*.lg{*m&F4-iEZXIhMauXu`N񘼂aY0XHؖ``|cքz#&;P$D K>I/垜lxr,0шʝB`XU;$0F(c\0T,ijP+ac6HX*tc {шmgذT-RTV Q]иJTL-cIW*aa&2ѓ(L"iaS&V1H`|,쥊Sl!{t )\F#ƾ[-(B '`حVVL CIo v>V >fP!tTC") q#~lU6M`”c1"9@cv_]*ls0`?]U"T `6v^M,g\hufR؇^z 1 UaI0+bdY`T,VX=\*ElBtUr#VpZoAp" m։ce=+U#0}01.+埶l*=NȊ\E`ܻ6шU>l`Nb l}k("VP-N b&`ٯ$dk32b NK=0~aG L@a&p%.p`!T,vak$80\~us|d~efև0+= mfor_0  6.fMc۝Ja3(0!Ǥ#s/11ș m<I)0.fЪ>fj`&ݴacf^I05 D1Â-Y͕Φafuk!3`k𥔈_MtԂ$b &]M蜇l6`>r`7D抪{~`) +%SSу}z }[fa 8~ Bz`0EHHEJLLE ǟU~zu 1,vRZf1{V;GT++aDSQft\[5` }6;`1Comsw`PN,؎x'012Ϡ\0݃!)P,-ju0;Q߅ آ0hu6TS݇M)UF.df1i [^@Vi*:``1ڂu4#F"&ucZ<׉-N"!IP*M.~jpc6#”0|&W30A'bkVET47͞i2Y#I@`*{KU#vYha.Fng |= 6l. ;d>f;0S`׆1"s}u0w (yL<,0ӃY=!;b #r`͂qan)*Qa8VxU1)>b,9+K*Mp*pas]]ES !h}OWt3 6,μ0% scKX<S`Rcss]+u>XaK.Ur_L@HyLր٩Nz5`O[I!=TEC(Lx|0 Gy`a*YVy%鴥+Vq̪y"K* HئaC\T݆ .cYQ]jn #h*aդ":~_<Д @lA`a c>n`GL"J=ց77V^''F>>@;ecR 3?1JaB*LJ_ !ME 㪅  >/,4e80r0<`8mށ:`F2L*"hĆ `_%F#; &0) ,}0B aN lc|-eL/97&`0FMah"=L){|*#> ERcE3\8xPwtl~>T%Lg b;|0D&V$k0#{aOfWc}+m_$bC{l50} S|3WơTT#`$bى`Bj}Kw[6&v*~0Hxb3a=KT}u}0榢Ys[R"rMp>b9>TNjETYR* 2 s1=%~&k 05Ċ}!10i! )1.= +U x$ӹc3s"FU0%30Ha6rUT>a2LU0#' `(ACv0,VF,3?*a|HŚ8R>؄jXт)}.R<9k C.[Y`tc IU6x  |Opc3ݕ4,XOU0*1ɂb7l(Doj 6tIJ~/͑{ZAgL_OYe97NGr#o|`KÎ\,-/xy7Ui>P0H8ZU킑BiU~^S`dLK(T&p`=cbXfQliލ)`ş㫢1aEU˜$h*rMp*hgXڊj.ǖ!0M{{%0|M=01b͜N01;_Z SS=@kaXR1)%Tl>Ic>I( ޠU# 6T0%vz}/"ĥ ]Ucu*Y U-6=CaD`4W*HYh1{Pa^kaaie}HEgHEa 1U򌷀U҆TA8PC#6&]ij`5 RP, 8Fl1%x;5*g':t`p 8Yً@I6v $L; $ăI0cPa*V1 $bmw' mV6vSq AAV?IR1W3pIS@qe`]:<&ܞ2bp?KLǎi*0I2]ﳨ 9垎<0LX%׶NUV"6[ 3\aR#`h{7G4[ fg"3?,p*S_4a$\<2:0w`U"X 3}0!(DȻ>;r° iO}xQ! my} 3q8f&"5?ȅ lgI'|t"+{f o Q=|N=s|UU0_0N:w@'Eg!' v}8yS0 >0#B0A$HM;al؅8jX2l}_Đ Ea0`=m&^ ޠ؁TntS.00م (30>ߡa`d6Y\XȯNŤY2bVU ;0Ƌ*X߁Uz 2aV*Aa{\8mq (lT"[qU<܏T `2NWL}l %brJӓ#DNV -Sw*0*:V êRe l) ōL7v |0̞C(>QmhiX0~Ǵ=2y >j{8؋vܛ f >br{dzLX},ØزQ,DZ$ LȧbsyaC szd6KY_zhTXE"0QìI+aUF"v#=DlTL]Px7<A:TSDa0n`ȹ+2(MeNxMc݈SWǴ0UpRAa?>(M//af&U+%VZ*R0qsa;JXR11<j. >#fE^f%DLk,|8>#v5ʄu-X+` v? T v`-1~e#a- So>r`!`8Xxurth0" aB,X;{U2vfI0\:&0]1`6 aG] 6`1 [ L_fy26a ,KU W!lςqq*V*1`1aد&9Ɗa|~I3  c`sZ>/whcyxϣ(N7#GL6AE0z9CY>t4 YaJ׬[1@% hAa߂)5m &.c{ :`^$ `eXƆM$baxXK(32,Ca`̀eME DUXWm!*OhK*f+_K-{י{Ux5fݰh8 &'ΪEN}Vo5fo1;[ {O1)gNCDNV ek#qy`|zMNq&-pzBikcaXVbMD?"ן=RI_b-4]`n5ߓkd;Ǒvע0>wdǗJ8 ~} ' r#YDe&.<}^~ʗG_ ;>o)CpOf_c6k&v2?7wd2Z{+?.\ɚ_Aa:Y[ZƸIm;t iN37xDa_Lz^{7IT[_GJ$OOi+&:7TByA~s>LiQ__B=ppq?ꇻH*ӻP Wk#UFt^Wܧ3o{?^q-7'O.ϗ{qKޮ`mkWU$9RCD&! .AOΖ ]fr"ȍ47㸷9EPgx/_ lBBs^g' ": \{g[x8 Zىgw?)7Rˣd eH ޽baN.s//7fη"rc<w4A)L[]H; ÌL`N [*f` 5ֱracdvLw*7nRXf0|J° z) )à &f5ca:.lWP;HdEw {wk=ϘGHV*}ffpápK35L #06k2o_aX(!$0u? 4>9_9Yt{<;Ό<~r>_ΟS7M.u8wb3:;⼸&` 7)tҍK}c@0( (sC`U=l>;yvpau| M.1/fx0~ Áscn948Cg1iGwL3LƔFLn|6nUa/bb>>{_zl401y1Ch I?d5\sac|NsLt1}QNS Y7R=G#-TYE tؔp3wY`ڂƾ .8I!9&l|滙!7GxIF0NbϑK < L]e|#=ދؔ1L6 C\M/a+`^UĻ ycC$>b=lYFLhDء 1lxm1H>83 PL(3KKAXkg$M@`<|:<O"ǝ B01>FaJTdQ3P8bx, &-0l#, 9ͣ0gv\\A l70 l殔C-1,80_XO4 3z8b@U4pB05#^S`^`S!&N3aW< {*c(XGD*5]s|*@U< #SCw"a3x#am&y`/b .6"x>0*aZ4bsr[62Ö ؆= q0MaCtÆ4p`y}FQ@#†6wSQKu0|X+:ޕa6?G`nanRq.`_ C1NFf|%ccaL"Ⱥ`^\Ϡ`uϠmbԙ:)n >Cy h3hkt}va|h߅-(}qP'.b_4D€(x{^UߜT=gv,Xh2ǵ 7}f,Aa{ ;!OHe gw 0e??ҝͻEbV)|fQv{_~a6ײ_KtW0  kOQ,H=ȵan71EzI8<njϵd6ւ9O'/Qǭ'^$ GfG/rC.Rj¿2Z9NE%{=h~KY+p:uJWN]*rSWʩ e7a_ڔTzԫӳתC|wBq|)j 2 %MA3zO@c\u^.dzR3 $Oyo T_B_|ӓMAm YaDS)=G p#Vkߡ?jsYΧgMlRiFي2e~/o ~d!~Jܯ?QAE g Up:򔕼|m*PlE4_<.^O'%%v_Rbz^oA[<]X,k?W—JiŔ Efp0pQn ?hT>U8EUWKeUuզPٺ+l iU9X9 s\Z$pׅ3/\Ϝ{쏿{or;z7,=v[yWs W哆+ 4L]L9̴Urꚾ |{Db}qM}@],W)*}ҧ_sܦ[;snǕ 9pYrz.EW2] X,W m@25#.^ƴiCUv/u(dU \66=~];T2n@DF(&w\qW.PEzv-SiMY_UsU^UɦdY/!`."%sס!w m8'7Mi.jE9w.D6>ݵK,\x.\C}Wl^OmPޗ%IxoMF;h!lvYe[(sӫNl3V5uυdH;9Z幜\סGT펺s,\v}p|D,QWky* a& WU*`M\†e;muHg}}*BUU $3ۗ*m_D\[ݬtԖRmputk̵F%־[.EUg*Bkd-V][5k<(ea[ҕwq !$P.ol t/(^3_GyQU6<됇\̵I6Ou:J[U ^2lo<\\bve~isWS su+ׁ,ٸ߭UGA咨`P0pA[j&]o5z\/"Y_KRp}PUUETps=u6s.< !e_-~+϶EWVqU7$|~ "&~Ð&ҍ~UZ1!.Kol,moh2qU7df.Z Y.եϲ|tHESP᫪j"\'#6Cő g21[Wwo!w*0lnfY.~.<݌bt7"x魵erqW:ӗ1۠+Ev-$ErƵX]w,E9uUN](ZNo?VKR-Z#zU*sL2S]3=nzU) Um+'bO\"*vYF-:Fm>BB6-\6s>[V 3(L"T1]}]r="%rY帢Q \{k+EUwA,JkssrVU#Wcz%u=Z-}=.+}]Cyvˮ4(mwZl lq!\7ok箊mC\5Yj6xI\Բ+m~cMք5"׿TۇG.y6_,UЖ;MsC4UlʮUbӎc؝!s)&sVKﲝMyn6n'p޵R so{l# ˁ x\meމc@|ҕWH%ֲ쪫QSbJrstsDW|$B mfݦb]^ٙ0J/+}}]Ʃ`Gڅ?gح#BWS(|sw]Ur*WYZ:u䑇L_~J7b7r?N2}7)7uJWM2}n=p3Ȝ\w6BnՕ*^hMAXm O׾-X)ЬG[ޖͿؙ7~^ ހߞ=߻5_fR?S}ܪ-Zٗ/Tկ×{7 Lpe? 60Olv;ݦPa*?gXX>a _FeKQ?c~EHO'w}v'ȿ߀Gvݟ y?_X!b]? W?5$&7Oh}|gg*!TOv'`qs_0wEǣvgZ٠ʨf.( = g^3Oo>١i6]X3e5*](p o wXY |׋KᲹK SD"v:k,$l \UpU.ۋwk[/W ?s-ʠd|߅|j׳ru3o ] $K/.]*VNBW?H\}U~czWl2оR67_¡ |)]_ E]$4/w\%g.]9_jsQ䒸:k u?ox.;c\j]+/t"s)񔬮/t~LNbUg1P(}1}2x杧(b~#no4_8 \]ENP(W؊?t˾aɕI.^XSxV)][*j\_ֽºKg.`NG1)+kZr\ gׅ9Cuow|cys=) >.=p\]S 9J"r|=~10CṒ/]W۽x'kTwsumgE4 r`Y6WЅJẔkK2:^|_\j/^.L(..?Z-:0Z.k6 о# nk{+mC}V\n~\%!<_v5+z7 n^%E]:*bˮ .*ܱ(~Cؾgr*`~#_]'yfYw#%\J>պ.|.Ge%p+0Kܕ8vw?q]Z+qxep9^Kc;[BBi.n%~ep53ڗv3K :Ju afsC,3++-[?uf-pU>W~-pל.J\gW\og냩\x.v|T\L3'jvSomHB9]4Wexz|~ϗe9գ%Ҏ-iJIwMؾH.' M<]]VJRbx\4e1m?ŲwaJsm\;&] \頿}xUGsKRXtBwNU6UǓp] D.xRVҾr\<ʵFMFnB]շ2Rrh gn\ufs) .p]t˽ۼW -EvR\EKoԥe<ty^`(S\y+43.]ҹCpH^eW$)$VQWJו)\R B\y ^N;fr!o$Jᒺf/p~q>"qxrNs}1&K =r[dKt4C8^(mJMK7tP.Vږv9u55"qwO?Şfx!3R J./] >\ƥ@د!9OsU/}1y w6c[v>^ncUۗw25ft"㺰\]fϥp[BTw%}C%ZqVrP+o/$%'qᲙQ.dugrb 2XKPsWeyplW7wUU\WSt k'5NPUrr6[ۇV.YT^.赐v;e1W R[KKto-[Btik_9Tߥ,ky]"]C%68^Q.y*6.cmpUBڎWV+eR j1&?p)V / a ]ZJhKsD\r›/x.Yko|tS\Jz]5z>8`4ƧU \\82,^y y9k!kk񂿲u0 8krsbgBvݘ+~c9]>=OWy8ʵ–F ??KM-|aC+}S]ʉ\6EkoRRJßB:c>s_tapk*&|mXF\,^Se?…쫸δ.\`W~W~1LLBxMu9t%ܾS/^9V?,&sa2)mu]]suG\} .ݙk/\%0,\>\_ ]xϤf]m㾴PW8u(-ĵ<׹̵uKרUפ=wtk \sIMpIs=@B[kBze>ƅ2]^$0WuuJkoୱ\B] ̥Qtϵ6ڵyolr5svxݭ lwΙ:|K^Ep;{ϻ5 uڸ~n l_mX 5;$/ |9|]nf?wZMo_xZ.j>w!hM98)ub% ]W+nC{O/uϢaw߰]!JstٮXDK ^[Ez."<آаA㲳6eϗ6xMB[!wI)\JxuVjtRG: ]h.5{b;ˬDp]0n q]F}S| 4KMf\Ί6sei_J\63aEJ/F9zz.kNljQrm_:N"YTyP&t+z_]:ۏ^^Fזq"q1\pK׾n3Ksqetk7/K??{8h9 a~ձu2V)͌$+(3ٻnl=C:۝f/pz)ԅgʜ>3uk!LނxV}cxx.7J:ofyC6K: |FMD.w:K]kg.>R7Bf sgu٤^2־oY8)qK*+pTs.L6妺~  ;˲XÞKNt]Os .7ٕBp+5^?q{$h\&⚢}pvkHb}RSx%󰤮a |5+jteW-WƦK_.L.DqW%K spː](SDWhW`.%u)FjX."#\q6-ȪYoڔyO:&RBWA_ Hm\>-+/ᅣʭ -K0!-.:ڵ{~:݅+MpG6yQ/.NrmgpPx]0Fb7Èlu֨xhEJ貑ʿ}o3cktXVzF\JbO.wހȒv[sߖf?q%c\~6盛 րf+ed]+2a;KP+}Y, nu-"C\QպraYR ^[ C\p!ؒBC yشfU}\VZK2\t/IB j| k_կxF.ټU8W#s$ \]浯*=$^u8.sK|*t50wp*ZI\㬮ܟ=ݵ*}z)+t!.x8#:q)qx}>W \eJ3L:Y #6aF+\sF-IW0Mm s6#w <C-KFo(!\gȮK~-[ECY}F$^66J$^w~]LwsjEsF<="!wd^]-X~E$+7qYb]u%x.W\\pyǔ6{ǯ2ztyJ!+Tin.86=Ju]\njỠp- .L[]m͔"ljԾx^X.\wzQVP<qɸdULυsI; E;6zئr\C׾zՖx]0G\dsdb]z\F\ͶjX"gN#.)c.),ⲋ!lG \4{^.(Gࢰc y\&fa\4ҎFaղ<ץ0'(l&Ab#.y)^\m4C"5W"+;]p$R/6& ;tR\< \kll;QEi$^0-R_.mf g[Pl*t.~Tr6еdj.y=eUF]ar5淯z_'K6%ȮQ!w!ccmx!zwĕRg8A^b[CnB^w]˖bks. wٹԸ ]0־"+AUa+K놮 e`R|s?\w/.[]SS22,h־Xl[ެiR]!&◟ ,^w!]FĕT6]ѰcESJKG|xv)sFWwFx1p׹ ]8#׼/Mwyǘk)\WUFɥr\ "KqliI\]Ul"5KIrE+*'t%?.{bJE\:qٟ@:wR),lɛr\^'}Z syBKIx_K O/pE\x0UdUX(RZ;zsmU6 2uu$BtX[,.o .\j\N :me7\w^﮻ XѶՕyGT|NZ]p)̥_]{Jw/7Wzl\f*kM-t߲ epSoqpn ~Uj/.6^ÎMjUuwK*ݝ"˜dj]oH zEc5H證: FmZ=%wdIo3Fz-t[ 7z.;<#.\ߢ;?.!U 2[fUh+tOZF=n\;vլ8xE\/OjRp0Ws"s-x&&v\ E vrxN]Ұ͵M6ϱs4L]a%DrrE?^ky-qM6DW^la5cWsML*\kIW%Rf4BK꒔92̥Oc4/Ѷ!y/%j “O,vre.+l+L5Ʒ\)]|OJCqr?oB]yT8%t%^)+|.L4^"ľǦc/KYR̮  :W1ʏ %#.K]RRF:} /ܦM%/ ] twE+zHGU=,Q]hy?w4<.,;zw]]k%~l[Խ.]U\s>^^v+(p-O2:fSK/hw'ryXʢB"MqW?,eaK{*E񞓵yo,h)].FKbtu\UamW6i\dzp%Ϳr(`jj?n U,ۚp5aW';aÿ(+˚D#T+O '_]7?2\0]M<5A_'BJ};>(l^tC\o\s0?ΠB~)Cf]\(_*U2B|lQM\.'k.?E'oJ -'+c_rb7LjSGޫ_A#a>ۄ/wΈ=@/؟JGc留K_AkdW?7퇝&(+Tﳯqal?MuKwg|)dU t?O-KҫOգng$t4s .H%8GyηWWǟGsc7aDyU~[.[7q|/wwB2߅e `NPKz,;_,xt|:5wﻇȯѫ⣣W1.,coUB`ĆԆlzD?/~W0Y"ͻR3(ӜPD] boKR"=VOUzUvMd؊=OءT[̭RHڒ5ߖiP7 .7L祤{kwi W7ݥBBք鏂ߓ_hl0-loV;ZPoS2zJPcChR%*/bpVњ 9Ԕ7a6+v8Uv웁W m;eA<֯˭c: RGv~7 {\XH/ l ѐ]^Cg0i]pv`< \ 8vM6zO;jwcRc.|;.6p3C YD0f6k`81ٸ1>Gmzp%_{QKT;}Z]; GZc ab^ \Nڶt:Ѓw#wi0pН> ^=lQ+Zg0On/^-$S{j9k_Y]{4s]/ yrW+ҾW$^-\jX=eD_t*zb".fXorq]H5$fo|6妋c'7Dq)mu.gC"ghKAb_>>F;&8&4E{.vH2j+ūM@q%.w2 BPGM%u8;_q\YQױs9"Q9vhrg#ǐip#Jˌ$0s\bK Ɵ(mT] yUrlrƯPIh_+xɬ1 .E=rwd;1'HrUo.G˴X%i{c e(]/E"?c/^a(k]넟`Sz Yo ݦPAxeA@U ?yS' |PV~q]_ʮ_?+\ "}yïŶ& PsÿŲs5,v[ zS տ f8KG“" –ׂ?֞4.Dd$GM5Z1y!z kPn geQ1+8$k1G// {𷬂'*4AxH>+ M*l>嚠Uk tC?d]{~ͬjiYq_H+ t!^ͤW A@W`>->cg,\g.÷n O *cj_eGl^.sp=y]x~)%uҿl^I,D ys2SWʩ\Ur*W9uZv5v9uUN]*reuؗlRIENDB`zDd 0  # A bX0q:%"*nX0q:%"PNG  IHDRw=gAMA|Q pHYs.$.$* [IDATx흿I{sG@]BN"mYmp.$@WSYx($gJx嗎g/%#n^xiY?;0ٿ3#vorP|˳:'!?"?+P##>1#C%FgT&?2`$! pvo୉Ery[yI,g͋byp&pY;0`p)%!?c!?|h^LXh^b9x1;qc#g˃ y|Xhq#1L({͋O?Rq<`ǣ4x7;:"y1ӼMuGlc Jbbxzg$/JOKWj7/2qㅊWtxH^˧Ϙߊ5\ߏEʕlo#o!?G_~qY#+I| ŋceHy<1EOpkO7%+?5_d%SFm\eD`j?qgT_.֘?bGE^z˱,x) xB/?/yqO#x ̇wy呡o!G fwm0+%d{Y3y%bLӼ ~"GDyy`^3h偻tֈdoȁ[*jg;C8bP3Āy%>;OwNZPNaaOc<oy N~zfͻzN"iI]vk|R$7"el]R菂 3i yAxH9Xg;od$́Fvޫp2<$֏ &-J6aM?Ob<_ZR|^ xzhO <2 aRһ뚼\uڝ=ë Hÿ\Z#BG&z?1H:_f#> %|S7<@s$ZkfT#VßM+dN3?ĞjE{7Tcc DOڵ^6sF"QC`ʞe&_e^`??d\%`WzI(#ǤuO1gș7f̛y3oͼu~'\}~E}_߾lxt7p=gI}L DfX %>f̛y3oͼ7fWfXwN\ؑV zVBlUdzDyYVUb#u]3W'u)IG]?o4.vo),_;yNĻ>KWbMv8}%qɵɁUεOF2Mnu)ٷ&7[qV<|##E/(!9NIkB{]лV1 A 6jhl &q1AqWL;rI=۱uo·ߙPyxco]''5~X{]o}HxX9=| 9z )|s Hn,R8@ 7л bl?\~OW'/?N^(=dko/=!B{>:}l&DWurOCYWuG=#WxGz:%jk-H?gLܡ Y[zq !4J*zP]R1J PbΨ"PC7R4 Q:4.(wrF徝Ԙ e((.PD;QNfB- "$ 4e;_@ #Հ_uQC84%̺-(hM1jp( eKrE^T2oK=^H蟡)Bz΁S3RO*ύ!TuP0@RuP*w$H.B :G e qH;2T̛ P`~i-(AI$J;eo&~\ktQJk-A] k((Hu$HG[<^"%dP@\J"QDJz (,8޵E8V.:= Q=iN TTjw0l*io:g :ߠC¨qKRH {t QC17wQ>#%^jSף0QTvQ"F)Ns?R5A'dnnB=w(s)6([QdDy(#@AUUL宎Q(N}tA wvjNuEbRsm(]qP;7qޜ@ˀ#U_dIa* [XZܓu#gK5`kG=??%tYGK6>$I{B𞯋bA5@ TOzב8꼌Pn>`5# c {mB3v_jQ$KlprB FQY.~pRBӥԄBkH+)Uv% êEmQ<6բ(.U+ NM[Qn6Mt2): %<#(i6KP^g^P-G%Ryu\ yEjl>dJ5TZS̛ Cq~蚦™4 Fo®>YPեNx:B(j#ԔBg;e̠W;@EeOԩ4n0@9D8RTux~A܇GVg=c+N -e75q;(s[}oK6FZ]s|AI@6;Ǔ~Qh+ 4ǚe^3)JɰPOՅPBbPu.݅nUMDK( jP&a"y(mTmꔏ2sBjObk&pIY#+JHHA|rn3v^5 V4A,m6uEUo{s+3Zm(|i -P9Q.$]&]{T?(U+SZR&UT=/KzJ9*.zu*U: ,~[T-BջaޡE15MS$q"Gx?s_o#6)G#:vNJʟN~eC+ǜ+9 ژ45}K&#o.o X`;;E# WQv)|:~`d^h7iB"[Uvw 'Z /]a:1F &5"Wduw wΟI$9F2E8zɊF̟^c S:(VY.z\9+\zAC'xKă ͗? ,l Or'`覆 '%T>;0f~?RjuJo8>syw7 o*9:oz bCE~ ,C'O|xe}2ǧt_+*񑒜w'{?]oeL5Z9MT050YRn;s]E2b-%G p((bw~Pu@mS 4J;sH885:w)c%jBL%w̡q~ ~$:EU%7;M1Bj` 2ӡd Ma$T)j8j:eB1rgGU(etӠXT*M:BAQ@Ӡ /5LNb^(-)Q=H1pM"e3^rAD1UF[rSo!v*ZhBQWMug%j//Su*'[ F)mSiNP1P|_vQI]CB>Ąߛ@ YPJB 4M0(pFpP~c \K>bN)um[ZYEuṢ1[@* #R4#9~91 b{K)KQQARFZJPCYkIQ8RpYomP0MEꅠC$ɄsZ$"E0 ^fF~PVjq·Qo(e@7%iH8RգW(37,%:5ȡY_$V1JP@q PjMT.(n3yTu\PA@3:_t*P-Rȑ9'TpCsDUlA&jꢤ7RmE̲QP oʽr{*{^4OЪG? ~IHgDUM2e/c"R7W6Y}&/RҋԋN qs%4:EPe?u PzӪ;aԲlP( QSePC*sJoP*UeAy* Z6@R?8+ltsQY2WH8[JDPx!ӭl k7j"TTo͕FŏnHjTe(L' n^:_Pj9T( A$G5Ej[|Q~txipܢFyDi)' %W|/MEPCW*P`j`@ vhRiUIСPLE" ?TyUEJ]uW2T\BQίD%jfnU>#PS^"eoKHKCQ픱!VujBfPEzx|J]ը2)Q/ʢGhHnAYV5zRTMQbuS9.%]+}iJE-uHE_sBOdu)jviQe6QCTFIjePe~(I/3RF^&HQ(@Ty=QFJ JSj*3RAV~ bRK:{g-(oQI:Uj$RYPe6\թlR!1Mȃ)PK|@PRP .#RjH7DWp. JK.E+7TdGCJm(JAڤ]ӠoLpHy,ن(Q;1)W)~q(a T/M("s&Y@HuPC j_.uoE^Ǹd+`t C-NϦFr[xR ,u v-*MZ4RP4~ysk(P_uQ%0/UB~(Tb3ĭ)2迕𶀵2Ta5wFDQÞw:(DYjBəQ*NW ^Q~J/]A힆P@"QC[|CȦܨ/+$/  QP[̈́GJϛPZ9Q('場׶{ѡ=?)P}+"H-PFcM%ZYĀ@5e P;o&򟢐 ( ܠP6,N(CoBAM(/4"[n(QcVPP5z(R@ ࠦ!o) qQR 1h ]i˱ AY!nV nQR`5;/1(gT0EA古\(*FQHj XS8 Sˋ_F>|Fz D-TB(缵BM]q| E>^ۥcAfTR.aJT(3Rb#5A[~'(*R%ƣ `-@+g}Sė0"N *Hޫ22H=Ta= B rs"4*BQTQ{3 @)$\0.QH&IWQ7ID eGP3UբN "(LE;j2D]? {6)GcTQL5,e8.[ Pp *ຑnokŢ%h %Q<gUJ g-+JKan=Xj/DQRZ AKP"%RotHs(BُQꂛb rY Pyթ6 B)eHu`~ Tjyp( O{ObzZQ8#54D29bi(|I=җD*Bٸ>JPfKe(扚hiiBU'^&1~}(2RR( NCmV:9YYmPZ‹|QztrA&#s1r|Tut';q(Tz( ʫNE/1 IZj= ΫtLs=@Y8gpF^$X.|՛k,.J^YQ*~*8vj)Jɂ(t((]ĸC'#ԡ?ERP/C*q>jQ} EKYBҝ9.s!!v ]'1 ϫ(~qc98(}[>(z@D#5>RtWZP[> }ҁǫݴ <iuz0}NBՕ$$T(-=j܊G ֠ҍre@8KGBusG AaTyQŭH1(_U.6 ^Ę ]@.vCUC1)*ZT J \J)@Q3F*%CkWkrC)zD*:ZW%(*QPk_zT)7O` -)AlԀGZ*T9N*z )ԓJ_uTٌBItY z& rS.~TpqHQZ'@6D+~堂_Qak "9A(/җB(~sHdPjEys塔T4r"䖊(5UJ 7/#{բ"7惲*Eq!FPoǠWh|CԩoaT㕉Qyl0Sh:⮪ۢ6G9W#T{[T7TBf -1 p7Hq2 }?fQ @/W&'(BqQ)w_ >_VQsQ&⡡8%v=Ug 4gD6aԪ բNT4 p3l GSFbE ܢEe+~)EAS\ů.荖[TuhJR6MA{P nQ(~ٶSJߢdTueSxDLqbe`&Jx*gڢ2%n >(.[h:7&\4QŏK5H"XI[T(m[-`ԪoMP >T2_=QGeCQHP5FG98|nVS֏BeK$RT=#GjRTQzxA@Qv75S5Akc^[|&yw5(ݚ5107(bP FOH/u^Ug6>ƨDjDEjU߯.HMuꂲ[T PU6Nlҽ9Gy>(wV.(62>inkP61fṼa"*-ԽըNM"EdsR΄ޞ.Mwf)T#g8z[[l}MY}^p=yb+-AiC)ꄢ qaި>R>B1:Ug7#(8mWlWݴ.^%5A-kPJQ0 t k)5([;=IM7IG)Ꜩf;-~;"xakuWT\Q}V㚢U1S=<_i4!?JO }Apj|_|W. Yn Nл'OЙ>/oϽ]N B;Zפ5}}1˯#7axؿ|ɅpU L???uZ>C~z@?)x,{љ:Kr!7t}?7PZ;/={D/VfcSO'"?PC $ 0:+t׋0H kbDWK_qj:h7O_\, ou|B~Txg{,Tt]4扆⾚;U29(RKJJ[T];-j-W6*DCɂ\ fd\vjFw64 A%x O?P !6^^8Ys:]Ջ[sDn/^uuKėO<@o.VYn;?|zFx?so3ܦNR=Bov{7߸MAD!d CJ]oZHҥj\%m8(;?`vrgq۟# VƂǾ R ϜyuGkPu@(j6=IENDB`XDdP"340  # AbW;H>ubN!`W<nXW;H>ubN!PNG  IHDR&Z!()gAMA|Q pHYs.#.$7䩱VIDATx,}79D"^?01@:p2l$Bd(cDE==KaӦi8, N ;5$Jbqv9QvWwu{;3U﷪{6W>n>9KAF~lIov>C52th>>_@ۿ+Oxo>|Gv~?7I?,qñ Go~5s+D?:y _ 7z(Ox75u'ON6vO5]v^|-xsS /dWܛ;葲?_ggD ^~/N~Aٴ>3E'Nj3poaZ-ܳ"_?eaS`Jbާ{?/zOk ְ@ߺx;$@dyX ʧߣ*rM,?S'.fwʟHogEO,O/~N~6+P;{j>mc/j"/S“?Џ>'^o~kA5yGoz GO\-ܬ<_>F)69;dzxτ?3qgkǞ!t'-!;O;Y#Fˣ&ᯁgySՋSfnOqNzbQɌ }7wo#-~ 2h?z#Qwq}?Og^nA7gDž:)k2id\ha 3d9e>@:xn.\XC LWlԏ-:& gy Sr܄P,e{QLZ.,6dJ岹a˥Q{n=t}(ׂ (݆N(hP.=(3.Kk6}KR:\)wMɓZG+:[kP. Il1dn^.Yh/RΚI14fGҨ?Qmr٢9'EzMO<{k7JIe{Rz?I,v{ޔɥlO鬯2t})AѦU DM /eN/fo! c+ڨ2.:}ˌS"F١$dŊzӃ>^FUisǙId4ܗ(Y:-<NfPRe\AwMLOz*/O'D;fJ>Q.e֎` ƅd$|uJd8ql(72 Wޅ(3L! smԊ?bs>.M2Yp)SL9ifQ:[4e}&M);Ƕ9!e27ſ}i}R=`Yv)NF1~9rjSJZmǦ0ws'_\J禇{+_(*™2r/_vZHHCYIXaAY&gi岴 E~%C'`A(gWr(.18%溜m:+奢y҄b7;E;o~%[Ci'iEYM$%&\ y2 (%ƬYeT=%v01\Q0gj+Ӽi^R6_P6coWRrbHf_RMGR_.A.!eRR>nFt}(Sʺm攗ipNye[Jo%N^nRX *IcX}4]>"t') sJ_Y(1 ;ulJ9%EI>JMl0wRz )/MV^N]6lzPҮT.QKI7q`c5Ce]Yד$܈ CJ,`Xoyi(suѵu> [Ub-`oƝf%iTޜPR%s(Qn4L㗨Arڒ9e&KuV7͏uKXPRv(V6?{"Q ˖Ҡ?ݔP,ro_6i7 #P˔+wrhy2\Gᅙ(\ݒQ*neS)CvJ|u<_}rSf 巷N6]hyYcRqшOǔLnLMތޘrnDIST-rʥ*ӔQ)[B[=>QSK)ߨf:ﻥaG($`.F_Fh8]-6W?GnEsG(yqc,qNYtOrY&e$ִ/Cǣ&ru)SCF 7BbvBnIgek)3qӈ 6SBF;sb|{2t(S5ؘ}.L )DN(xP&kLQ3Jbl޺5L%KLI&a]8I OѤ}14@T^4J(iKJ>ޝD*_Phsi ~Ln,w}vK`g6J}sty %+-Rq2KYsTm04U#|9LPi 5Ӎs4Ԯ?/t[*ZQz%Q|.qL/e6<4={)9.#2*r!}]lEU'eB ӡr`JRΆbPKbS?!\(SlR-3T)!T,|/rn}˥<BZE,y iI~H%kB]Ɋ ߵȯ\3UBJ9Sv ~emfLyɂN` $u'PSF W(#iFYTt(jhv?js2PJqrJi"eH.=6r:k߂R*M9"4&I( 9Sx%>/]eP<4:,bg|E)♧h]IRɨ% ca_Fri+*Ώ-ok`j#ulockSz.1%ϬCi[3krRV,N]NJO]);tWCoN7`E˕w kO%r)-s*eJ¤ XFEV?RH)-ƶI3ʚL9 Fh8nPQRN3lk,HY/Vc#"<[*@IheE㼙ۺ%CS@EPVVZ ?.?KkܯէpZleOʕhǾR9r/k,(e<(moZ`6RbW2nHdJK#5sǿ$!_Ki}نq{+SU&S2S5[' )/)Pjm)Ϭ1&%-}jh}+aRM-:(u ֌wPJyilP΋ɉjϖV¨eU(*I/lT `˭ATRIs$$Hi—rtRΊ_[L9C^uJy)t%[H [PGx6;J`- v£,kGJ./oJtN95Pj3Ld]pѥQַWM@m $#FY<9+RȞ?"ZJJ1Xo^Z˥;De@ҌR\|#z`Fw v.bP([^.-dEYvsyx_U(]PG(HRnT eP 0e l[c~ S]J),2!{;QP..5?0 X[4C͍2() ǎ5ǞRfr $ae;(~$ 4B)X JWyH Q>SƌtZl֤ؖw rݍS䯗)N0R ]R(*ږɂ\9(km1ܥ$[Yk8 3e2~|S7>0R./]U۔n}r{F5%]F-({H , @ZA e`f)pԥm|v>>?MN׬\>r}BfukOOI:\ɥr cޢ2_bڢRѬ2Pb}V)~qWL9R(߹ӥJdp[):(+|RV6acE~}ANYB)[[ɲ|>{J>S4-kcЦO ;Dh(<S"]qPNĝݔː m|X,T(jS3rِ24$zMnSQro2q0RF:]F>ױxGN1OܝR:]j)G름G@ [8)R,]|P:?P~ZA)zeLGr2eJrfx<Ô} c eIi^ʔQϏt?L&|eB-pZSvR,RѕK!ZJwEk|KEQfΔ) ePYU$1יCf-(e`B%%Dܖ9eʠYAY2Yڴy3q`tVU(,{Q[Xb)UuDZ1zQ*K#>",Ǫ:?v)y^(oi*4I^󜛓;-(W|Q35@[J-L9q4Z\.Q0e(;)ka PO) ޏK.&Jw%g7F-ŦƓ9#wKU_d̀{Tā<֍2q]QsHb+ْʥin%˕RSk5;Ƥ=-ƨv5S;I)K].ԶKʰ,%ev)`\LZPf-Am2.<$&B%x )YLاP.-yYc4Ե/We颰@in6o_*NtMɤe =d\Z(Rk.RJǢ]^H}:\1\=D9 |Xy~Z+!]ʊ/"_? ļ*EC؈SO|J(U(prQ^&)qӗP}"ӉX9"S~,LZTA'2p)[@'#X,oa]fPO9C[!b [2Xl5M(dDy(-H)rK(QҹPTb;,({%Yu--2(XM\V([lon{s.Yrr3GebJdJ%YPPÌdh.D4-vᅥG;^.[4o://uxX/-%?"'F'7ZآUjg것VI){-_ rI(sYH>m1dqq_TeI,W%+z-@ʥxO ]n& BT>J[=6Jݗ)hfqӥ%#:JwUrcambXqI^Hd-(͔e-;ܟ%u)+GSڇImB=/SNJ:RBuysuB؟R٧l$P~Tqʑǚ(UDYt8?Q>V(A}Z)A/.3S ~ .P|T[b]HLhʥ`v]cWrI(]NRlPҦXd~uъ$S 8K%sZ.EroM2rb/KcJX : ݚgkӣΪ&?VX}ɳtRF< {r,~(k̏-=859#[1g}bŦy4Fl\fѼКHf\,]bWJ*D]f{J6ؒ4FhY=%w)=lGi.oASJŦpf]lp+y4g{XfJʑN(rI:N)6,WDkLsJ.1%w[S ~r%^waj%)Grv7lK=e4'cP"Ihw %^(eL9%Fi۲R}21QZ-?I}gjh_g2ey'5/cWN7;rɉ%2Ώ+0xC#%!wA4ahbce) [S.' K,lKXr) e 7Vt% t-NyPWE@Smz)CJ9(7..u /t.”KʬBY=r52$)+R5X#RY)vX P2emMRWΌA噉R'1 i)\.Ř9%+Y$.7FS@ Rre (xJ$RWQf0m4@'ɠm&|(?4{A b>qj(eI%;fʘQ9˔*SIB$P.aKJ\Nmss 9lɘҚ)O=.@}Қr9kDLF[˲\eJ|BpJE|YɄ}r;_2^Qr")A L9(f Jl]1b30re!sۆzeTPɐFI 5)޷lV.qIhHch"q _t9eNֿeycr3RcAm(ʓݼK(qݓ+Ŕm .`wJ p ʶRG﯑i=@SJYcdHU IS]U$VD 4L9s< l؅ZU"ǓAR6#9)9mL9!.[O-R&c/f[/EӀ+S!6P.M簠-Ƅ0PҠ\3Yju;ˁs2(:t(獇W4唁>wJy3~d@y$_M(R)'eQ"d*xDږt~,Y/|~9%2_jQA@2uulNG$^EBZ&t :h ʅ SKX z5rR2XG9醲8{?6ʰD(A=%2ӟY)#J 诛SP~,V0-TLoc9r(/9>):c}c4ھhoA\/SHkghā&Ne(QSX$'{@U[H)FVՍQܩI?n'+U$ eYJˌgJP.Qul|>Wk6SFcBYytKyBihQ8.)k[WoTa#7'I}?夋F|`.NӺl_(Ź~s0R5[Ԙү[lDX3Dȟc/g"6}ڀkB ȳ ߉J*e9lI(nCLԅ&l)jeo{A]QY 2#t>_~>*PV:5Tjn'Z;yQC96SZWr ٪/Q˔ElDaNQ[I9Plv"Ӑr1,ed,OlKi' ePNS΋ʣa P.'4b[CSBQRWʠmC(K|)ѥx !3c tB)eQlK{:!]1ƣPC k)G5IStʜiO0;6DmwT֔RʦKyR_[7Q J.NcJ(kX']_/-MYecœ4Kg#St#W'VJ@o8Q/y4`M3cisk1ӗL*-ӛlg ~j :.K)_g0{YPV,Se ei[TͩH)RȲnr PhETIYiWRul+J~j)umX ʙ8)ʙ.U u9'%hRWJi%zr9orZJ(PS:Keb˷ytIفÛʓ$i)̚>я $)s Y3яLrԌ2qʻ([aHg4Ǣ.+\(c^*Y*)'pE#MՈO\Q&33s7J`|a922%Y.R*?B)],܄7;"%}R i>Jl9塔L]=N(瘲K<_cʊC.g_P.iRYkaM0.;}*(oAW؈2`_`Rj_rXGY3RJ1ZaVUJK<ZJM e;?և28r~ctU@MLLq(>Lj߬UG PT(5GAT߅,J$0S.F4V%ٺPN)%i?FL$?#yL(S~lr+s5p<̀XlF D,\J:1RjS/xuk $J:GL /zJaz1K*<ʁ1>\yNг\6,pRqP-fۀ{*rZZ/KJ +, uCOZݔXP uBuURwFKty^f0](vL)̞ 2^A)#yN?P.)D{QΏu?֬K!Z祸du)Pt6QvD\xP:[He++ yf~`S+o_g> :S=I"eƉR{㈰ -B6TZt@9%HaB鬃+Uw~XllCBj/žK&SwKYu?&J$o@?b$>.Ҽ EgLD26I1Q3~ۉ > 8ΜZ&](KMVdʚYNv #e(ֻ( I.'Mum2[:T g֤.X(Z.[h=e`6}p[OR{Gҹ[)q4t( Ð*e"S6Eǒظ@5 vJn%S6l(Z`j7ixaC. %@ir#&~ݏ5J"^0Sr)1"%D&iKw{C+A!!s=%?[Ȕ1m:J-^Mfl%(+/_WC;\2jwt8Cvtogt9_۴\K˫{JArhK˥.)%bǛe=x`ݔv뷰X:E%)M1(W I}M-Z%_uNQg-~l,жߋlhMCL۷_(06L]IFoX)"<[ 0U+l2 ,nb~`lGiAP94>% 4XzҾ1\k݁^m:d*=9M?$kTd=-/J?ʛۨKȋr wMWޣlBҷ|ΥX_JFwQ+)#+2Okq]!7J`h_e7Q;c ~ d}ؑ-O<YLiqߖD )R.9~H(k|pd& d;@&&eN\_[cS e|#eg/%zr]cߣlJ鴬o))/guGxIFQ?.[,Ϸ=E3ҪP:4Ҵ~brb[PM:.eU~Z$ݗ4\eP# (R?]6|;$R42edMeDVQQZ}||U2Rڧ-5U w1*$j)}J{Wr=6MyyuGQnTl?򂎑k Vt"Q*#25ɶ kKe+R .-FegcR6&XUoE~"ϱ-,rj1eV"cH/B)W,>k^/νR\IfSJU ]Q_o/e0;r (;r]s[(Lt,ZBإ.G1L;<\%IeoC'9(.kXY#pʥOV-:6$PzLTı-}uJBٕ).V~ I)W5#VW.טe1{"[:Th/7,T ,"Xq^Syh[*UPn# )u|ӂ2mI`]5A bV/S]ʖArYCxR\lrݏ]P{x\_.Q˱{@m&K#eӷ=a_čZpRPJ1JʁxvН*ԉwkF(ra7NriL*rhCd!},pk_uqQr |n!Rg_|\Jg[eI1AVo`v*b'h+ )f5g5 [ \Nui}1\ۊ攋A%D-)۫ߍ--Q;8v.Ţ,pɵĜk]%PhoBIj)c[&Q|D>$Ya$lҌ,3#\R|e>E3q&Ye(Lx:u۾c$k!<X6Ob ߾% <)7h2p4Y)CbGi0?SBY9r9Jd뢛Jzozܢor @܃RgIU./-e|%(eZOѓsfR]#cIň3%QlOBatKDwUeʁnxZz3F#I|dʪj.`YKفhb$e$ŰQϏ5%ؾ\X).n2bW\rǁg]娻*?ɔ\>v>LS)cYR[l/#V-e\o_Hɂ`ak:Bc&-0#=VD?Pɒ번Qc:eAD'.㗣؊[ ulzSJ0fʥDi-e_ E˥esߧ(QJGdk_n@&v.raNk@:V4XI [{SnȞRK-/SZ~_l)aYkDT`+HiODa3鳐%OSOJCɲT˥@[_[{RSB @/BlY,'TDK󞣱-ϝV# ¤Kl=.#O%YaZ.]V(@wq*wP}BYY`Jyץ|%_mqZ f:t qʲZ{d%y2((gr(grNKm):g }Ք5}.#cT`@.]lYۗLYoRےr wi)SyYBKW(uɀQ)ϝ2cO)$Ke#טFJM 0'?/sJRJ[ a 2%),4X!0eAhB $",_KyR'ƌɔ oYC)]dߺG)7V ׵}y?ձ${;V ]6JR ].ʬ3O SnqK#}t/r"J:5tS잎r`[V@Ũ$bݣUJ`UÃqA) ^اyW/ObtxL([;>a cKy2$d4KuS JX)X_Kȍ4`W0ve[\tSw+Ŝl;9y͍rkP.%^hDyy$Xe8KG9lJ GIVCJJ t#H1 +h1CmJw3~}(6¤}'<9)}/e1KЌrzm1bKYh\ذ_֕r!9fGuls\2?nJ뵴FlX\;2>&sxTt*CcCP^Vl#Xc4LL9bz6Ҿ&FZa׀ rd |(&X'qo0oݘg-F(F/4jЌ266nusrR+{/5fsJr \\ʥ):>X{WGM_uv#׀-X e6"W:QhF0pUZr#Sh5M?3h3Q" 5bWTQ!Y)(ayZɏ5RZy/ּmrd?~*]F^߽5S5 ώ|¿\zhTzPZſ\)E#ܻUK6jqr ty}(ut*uAi-5I}jJEFx>wv6i~:Ouv^$hY Q7אҐ\ZcEK92ym.]kҮ߇ cgt'2}9h|_)94~@yeWo{˫#XWeߓhEL([X@'@_.#Shcr+;iENV&*([ ?6nF龍 IYcW-}y`DLRtd (ױbK~.W ϩIJ7ߧÃ)eZSRngNyt%&]vlj%?٧y)P]ҿs/œSi~]"\5:uW`zO]Kl̚,ۣv^sγ?(FJ8IK^Xad?v/ UKaViȉJۅ,ƥ)ZGh kЏzCg G<|~9ko}^9VV/ի_!s&ptOgz#S~ӽ~ ^'d9~/Fvz/1EYSG?[Q=Tz?s^PK9ÃN>]ލ[6Iu^QCݠn)+ p*!>~4ѧ{n||-zWL ugz3K)kF;7%HO.gI WClw!˦x&L(7ṟOj&'ɓ2PB)3W@ܴRNR.$=)y9*r(u] ;̫Rd1Ȥ쳘vA1btoQ~xBݗҦB^S8}V8 t 48YMwIz4f8'E7iDoҊ&I?$Y9g4<1}僛Mvv:<0OoI) 0/#@(,;,KfO)\o)e$vEA=By&5"Iv.I 8S(?C)w)PJ`xN Jy} _qa/nR˻sAc ''=-f@Hש-~={w㘝,#H`wqO˞7ܡ,S\.b$$)8 wɉ0 ~ooJ)CB9Sd)CRngKNI $*3\NFRDy'r9$>,H}eXG g2G0 "3o2#NR(RxB򘽾Qx !I߿G ØR3=H kxrLNO=R+2))L)ee(g)QU(8ePpB#$k=xLu}D2]r(߿OB3Rg1X)D .ANJJ€cp)Yܣ!∫lVwatUp9R(,NR5*8d=X%@bd˘*RØL.P.I}Q#@9%\/g*e(c6-6#q)wXT$휒Ţ %%N*/ESIrʐ$XN-D)0YBY RN[l)ٍ$=Fy𕇿K)%}hM ê.,({Bl;wT8xx8,PP],j}~yK@IUSDr)Ny~"10bǴ0U$a咛}>c%1YLO1]$PRʇTIR،P2x݇b.SgxQqQ.IIH$R~qj"\Q;w?JG&fb6{(^J$RN Cf} xJuRD}Y >aYeӐR^J)?(d6ݡ;I=%=12f&L %ʨUr8,2!Fg!IrVPާy=N)h[{{(>\rʲMj,vQF{(0@:BN!;Y +i32oEF9ϒ 5iy'd\hۗ9R*\f9e|Jק7>x3Rfd闃#|"}(іEԣ;aL}ra JYX;>!2oRGbLY=V B9e~lҮ@:uenMߥXĺb3X^CZ8ITz҆-1[ k,HMm=qA$WJJr\4}6}x%n?+mH^r(i?b"2zQNAхI)>Yʚ9ƕ}x2%SJd)7wڻ-N i'/gOIB[/F3<])1 Jq!iBnC9Vd?"~eQ^O DRRFJ_+cv9E(y0Rq`,)yPlB$}S귂RN)|e~!3%0QVJwwJT[]Rz2g/ JZHJʗRNWtؙRNҳPEJ %t^Liץ |; 26(3FWJ{RSQ(Zy<^'Λ#<g⬺eJ3G^pq5=AyuXD(%2|s{75ҟ/D޵~p6wN2;§=쏸t#Q^_o==o[x&wj&"u`-^UD#yƱԃ$}Ռv)3oHsn}>Z݅c~o6կo2O^ۑ+x_[!B5(:?!ߕ')ڳz/{>uiOfOL~N&|X-gX&ĵmcu}{AJ=< w?7p*{{7&hW,봋(rOV 3_}_Dsﲯ#Ih?+h[(oڡ|_%y>wp:`/To^j4ƁP]WpG) }·j@?u?Eُ첫U1gNA}e݇M%͹rM(W:1IENDB`tuDd] ef0  # AbtA3z"ztD`ntA3z"zPNG  IHDRb 4gAMA|Q pHYs.#.$7䩱tUIDATxםY5QIk"ozh1gt{={;0k<-pHFu;5= [{c3pCɞքFV\Lg0Jhfb~X$l-G~O}~(0gp1`1 1/!>̖֢!>̖΢!>SڋO .?hh0K<BU>|Xt l9/kO=(;ۿ?~h pk9۫y@`Oy#N!osPj1?HHʼ&19ޙ+p}v<~㟖 nX.(@aIPO*)͍ӡk[yqolD>;e\pgf ?ɗޮ O$`CTkv#7ˠ~&r4}/w5]t)"Og}`E`)>`QIVY<X 'W*jf3)zpMXZbV V˦= hlkjcPQf*Bs)s]Q`Xiub05KY5S9͏3fUNe4`P-x2SXf"qLQ+ 0~L B0xtR6}:1,4řRT h * ҙ TJgU[BOLZy.`;wvCɻ這`&e* =7|jXXL COn'8Sʪ v613"l E DL-v$ؿ*`>$8DF/)@0qgGx="2>$hZJvD1Rc4'Ja 1B0x`\]ͨ9=`YLACYg/#[f0̞.X:q,H7]S~I9em0ĆjQXR]QxLQs| }a3]8{=l0Ue >`{n1Ld iGcxbUDE!ګQch]?خVc>!K6[ղvT69i,끙k"=0\\_l3)Oy;FIS<50.EXe-- ̈́)24)t@V$K{`ʺZmwmesX51Ym̹a5V9.Br6cLExV9(甌`ɣrUEf$ayXD`G#2>` "Uܦ[X8P=ݲd $6t;)jV$lQ`ܒEv JAekh״v 4`y5@9`,M>P qM37lxv 6QPXM(M|SYkz~Z.8Ƹ` 0[%6 ꏫ[.Vohp-;k{X R0}]`$j#+ <9{3;ie#+Q`#"(ȘO9X8`y1+f LrU9BsD S=y+Ҷ2X9`FS,v}-v!H~bPz,Hq£B'DE=SwaAf+he`27#p^oQ.l@xP Q XcBy*%:P[ ~GZYڮ{{n\+x&.sZ#'X0],m]M+_кp%gF`ګwz T:taضV0;'} ael+υt׺@yGX"cSK"6k TUl0YeǸ`ph赎NDE+tnaOƽhd{Obq=Ь``l'C2G0 v*/:eEil  }/caN7W=|X!iΡ406E"h0]% HLa#|kT$V?+lWKPX͢~rIOhCvxZ|E% ZӿqR=XzIsrV,,Z}`>|xЄ)fz= EqB&4N!8V^tK/yz)<"9S_Ylc~`p|L>Ҋض@%+d8+$SZXl>,V''u h,X#YYwQOW# VaO^`B* Gqy`nV耕1)p`KI-K0sְZ>0u(X_ɣPv6`sD0<'RƉ=t}6XpJ/-,QH`Rc'EJO`d$ a_>ٵ9.B @g"*M`jE ]ض~`W]0Q4O: X7 .P`99LyIM?0E[`c,i^ aDyIs+fe1vi]SfrJTcc4}fn=XUJmK=)%vռh CHTber'yvL0 6;` օ Шӌi=GR{6Hw6%l[c @|L3r`MJ>bՈf mb.S1r_U GIUW"ܑ`,`BܜT4 _Oc L%AU\  =)/ ;H0NBU1L[oXJzr>md#J*E5*};+RۀRCXvK9Ξ17f ý%\}ҵyj,0vG `O/J& &Ԍ1 23jv^1%ӘixnGOL/n+⃢B14 j48c'^8X*sD\qS"MS}`20*1r|,&& vs405|cC9"ӺݣF1ROX1|`d>`xZP{)2LIj~N?5GmE[)O~ulV\!026zu7RAg!E* B7xf|rR`{گt__3h0)s^cF`$܎l!XXhh0|qiÖ j THqS} F_d1Ԙt+1!|0ˣaz 0MY ;G 4 UhVA@ 9 Fi,0*)NLʔSD9hhX`LѢ]Vrepҗa+&m&T|f<0Z{[)q׶}3\S>gq@`m0\؁B`Ko?ßILRYn j.cL!F΁Ѭ<.[(hf8`~>)&Ơ#T;8 ʮw`w}K٦h%1t(щp!,iv71}?ۀƒ1Xlꂡ):MdY~060fT?4# +ikZ; *?\. &U٤Z$#Ԙ-kM1uJ1ScǮZO(V17Xy1FW,cGc,  f7j`ѪL[&4v|_<;` I0`5>.B_-G)P8` X޿/ oqM|j"O PX<½9vbQтimmy v=r|M0(( ɠFoІk`EY$8f5vE1`N>ZlS~ZSXgz`a20聍 %B%8f"JI|͹`k`JsLK-e`-9vLV16,hi1 zժZ`]r 0kqE`NR'_(`;g$ h{lƇ\M^( Ū"k>0[X2% Uaax}EV`Mi \-;XaHOd5䪭m4Oiۙ/Cs/I0prC5x{QV*9``>&^{ޗ(|JNYE/8GgA%n}"oL"9/j6VL4;>j)rT:oKW-t m{3Us}O)߶Dd0^]9uyWcs0 y_]b9LBGVRG.ק/fbE[c}='lƬ]."6 jQ֡U \͐V]w-czW`WUzR\#xsq׸+]ث2D[49N[ĭo*d[1Qq5Fa ɠ_ LNIk.X<1N V;*tVxZ.`)-ǥ[t,HOf`yjӵ vh.SۋF:UhKP(XW 0&Lq_#3"rg{PMv}s1 pOk5UFu 2x:6P{6At1\0SgY(;W0Lh(Ϯ w p}Uc-hB͔JqKr5fL &tSHwX` /L[;>LNә.My D@0o"f~g>+"Gߣ5\:ꁡ2nJ h3 FŦ(V>j Cb>2%w2[lT⣜4 N3#;+8`WV̗d8k,ș#RA*a_}|)`Op(|[(ۅvQ)dQBk<0N Xwr̛FձkZ(T\F|p;v6`j?_hkǜ<ЕrIfwE3\\t~:E7u9> `_Ocf*472x071wd]~@kaUG~EGC;.q[̧)4V L&&k%huLn>)bK]ڔs>VL[VҨϢ?oc0ʆVV4bc~?&8uI=(^>;YZ}He?6덹|AmHS`.| -_c*5ҾMp%*;( w&~\Z{44]Z)sN3Jc .Vֆ T[7ث҅/8yXɢ'XVreM~}b؅-eE gmCE0Q+ҧ1m+4R&KB(oss-Qyi\X{M;XNy*ڬ " 1Ju} WH˱(2VMNa%Ƞq4ie(OVƲ700VJ:|s)RhR>p2 ?Y N"BNAqq*1zb^hțFA1}ƺ8xCH :pM:^ۍbMEY}i0Xf]q 8Cd#$ͩJuǰB`"`Rwa`TWǂo m/.r_gt~[3i;v!lc2k)RF{KF}7˸[b8WrDST`2Ѯ#vϫ0z$z(1o׈z4ބoRv^eN} Xc) Bx6y"-S=tccE` n`}ߔLUb>tk*_| '갷۴J>|*x't>; ?Tt y>րʱ$I)̚+P>TJmv$rH0mn` N≨ ݯ}>8Lq EBE!8 iZX^vPp4t͒3F}=xMO L@Gԍ`0Ns`Yfk!Kc 7@s+W'uXR0'5ӛ6ŗھae͠7[[o`[`5vR&w]g6XJɪ׋A`]x̎ɏ>Cߧ}&5IlW) ؕ&`t0TvT~xocIwhQd;gok@kWݸ`WwC!Kv ;O8.HM5|W} {I`` gZ%}x7JSX|S  nj?s;qL 1kelS\sB?2bv`A `N5q\X&ہ r^Ο0O CY&}l`\5_mxƞY1ؠZ/~fo`F Vw|,춸[=0+U$kBBS$gQ‚$j `d "Hu9 S _K{ |>y ]E<%Md7g Ծ}Nm2m:+`;Y\038 Jxo[r%ẻ 0م>00]`]\}|R>f80"ی"A/QHiJI7$X5 A>>ȥ[p 2Qq}L Ej+WWX`o!1z3lAuYVL855 N x`R;S}lOe>h @uoVs  },exeE~> W56*H6f #>U ?o/+ض>@kϨǺ.D*q{tLڹ_sɆ1_ȈMGv.vi V%XY}S\`R 0;l݉a`tĤ9 wpᅌXY@5_[l-L; aKVL?vmy(} Faښ؇)-c50cnk^;Zi%0 A`0F}5"}/ߒI`D V[f X)_3 :LE҈H% r*iMCd}"j`ɻz)ZÖN 4!X1ErD MbhR {-jfmo.i+},2=`ڵv+"]$```e} ?\$x4q_f0J,?L%{)6ڑ=ߔc(.Ka&u#|,(r(.ީ߹P?%G?zruqjij&Q 0Ag?h|CTm{`(R;RcwqRm-%"5fl q6X))#"tUw (; £xm03S- E{B8TVNā&uxqVXXi3]՜ïz+ z`5nm06L1lW:ϹsC4X9!"כuoStR{1U 1<Ǻ0AW>eLHRV[LQǷB`~F4` 3t̥`m(JE NH FŅ1@N-PK7 2sL >ɘ@:i.T~}KCCbmevɠjp/{wtвz.hz=d  :N.m8-]i.;Ԛ# 1wETx BN7 3 N3oԢ {7#nS=~1S[7X/ۇ;>-`K&F`TW6z`؍|Loχp}>4>Hѝ$p⯀a:[ D0++F"(ezI, Kgh$JE#oK|졨=; occ,l!òTN # %&b*0T`2 {7v=X>&v`n8,7T`8@}.jא)0'1&} z%,|1\r0YkHԮqd><e* a8>`83v-~(S }߃K-Ptp|ga| p Y`ECeA|L " |+θK`![ݥ }_1닢K`R6R,Jc7E,M5+k,T}Nާ﹀%XV,_e[ 2bC],mm<`ÁY<cW{r5&': أ3l0_WԸ+y$gsd۟ߡ5?0XG^Yoil#ڰMd1|;-65beVi<`*v3Σ` rIi3y`q%Xr> Y7jfOxS= e|F*%X40Ɩ `>|>6\^^X֛#fi3`/ݏc2pOj63"174L<1 ?0g0.1|"LqRF$ IVHGh; `jBHbL)M5@c|`MLKK|787Dwzs{K CX=I}`3-z7@hSr#5˔]0uS\E$gWlKSD"՝aJwpn S5^XO _x7mS4$(M68x0wEU3pC ½ٛ ` &^Xc|0*LfB?MZ$10<ħce3D'D~'`0|{`!4rQ %$X"wIbEQM:* {fTX,j t:\l|; x?N>VD ӓZBc.vYTh 0m2XS;07lcZ]pU2Tz`wIə.ꘝ!)N ۮH$cwcT|޼{i֋̘ -**:$C6`W:`@ay=b'M-mTwɀ^'4EZ~.bSbƎsbd@x6ŷbYӰ7+- )]ޔ@l :?ͷe~k +)#uRlNK‡,PcM"#il r5kv-0bD띲,Kk+R%$'D1J,\zwKv}Ll9 X b ܓ`5GS Rm>.`YQN)jO'[&Oٍ}7wpp{aK]QG!K&x3;#Dj` 6},v0L]f&X:5zwcݝpAY#c- &j6Xz^`. `w$X hL<0F/ec`46Ź)qwzld``^`c&,sKlߖ);)qڹoMub%A?i`170՝\R`%~0XXOKO0x2{9`!l46E 6jKfo?pOҡk|NI='Nr%?&Mq~`S (~-Fo`*y+KB?s|}[X>f}4֎cG,!\%}amRg 5Š?' ;[*`.|61X|d)k8*9Q-|L&?"|2{c9C0s%3;rFق;;&5}`YXdYqN`J'j㌃|br`&x< Lu>3VBI#Ȝ\"},\٘%Xp  ̄[ƒ++y$ %*y SXfP!l"5 u Jb !%8c0 Sl,6Q`3iFӘ7[ߗwHBzd5`#4yI,/ElLfWl`ٻiWK; _9%Ӣϝɜ[VH0;K&:!v>f|Թ$tp4XE&p`Cˊ?cS-9#$؟4uc[>K@c"m)230X'NzB)Xu|ފVcLvC& ם1dT38L{vs㤘o L4BjPf=`v`wGMjBFcӅ{Eh 07˟e!/3c~ƔMm$2$skker}>6pAO~ -v Y6a7 hڋˌ{f863nqMa)M1ý5E˱ .qؒOF&`eh;:`CKf]"1`&|,} lBSq `B7]in-)<ڣ5{h>FBfk;1L1U-ڕhvs3 :|ȔwH]A f9D"3uP\\ecgخVwLu1zǎj&07iSÒITevxcctʞZ>&LDӲ:`dV?DjkϒQ{ ;"ە`M逅oi 믌L\ 1 4Ӛ=k0OSB0liyOȜдv81K 0q?o<3[0 ڤ. 0c/[$ǨZ&p'5C0!vǒQF0}n ~]|z`'ADdN`>6|<>Ƽ?DON|J8X -> `CKi{3nku_B0"L#*u:(Y_(~`<(Wa"عiEmxk"hQttЄ)~R倝WI'sN{ѕ=GA3&}<ҴȖAU% f`/L`aB0U|=ӘcyOO~g/zmya &-+jV{un zVMpl0rsoBc8蓚./=81`|4f\^&wF9&X:~1 *#u◈[y|=.OB*n[p.A8q5 /*Bcp h & `] VQ`X{{` "`jaxE.`Rc0EÕQmNض+Fj,0m\0BF3%ؔH1hP3Z8|>s大 )e6`m/Y]~eTRi .@.N-LqxQ>0غ8@A`P9i[>'`cfmPx=N F;NjiaƎ^>3@a}ȴ~Aۭ84 L m9`&2MuQ`9RfVA% o ԟs}X`7BU>F%nL6Gcds>@? F:?^Hl)F. >SޖN|"`s1`‽:$CM<07%(fγ!zsHuh4Y6M)Sح#"f4p)5/pqYUi V $AczvMmeQ4>0mSXU"YGj foӧy>; 炭`w{ȣVY_>`1\a䃅gɨ1 VqP0lٗG9XYDcJa]5ay6<3kv_cސƁf ۃ"`LҀkGYn6MGc^{ 'rp,k.VC?X[>jk$9)4k 3EQ^fVV oF N`cмIJ#u Pke bB((Rc}+:#6X) M `=>shæ1b\`cG*{PȢư*X Vf%)8/m!`$x!ؿ`#t/11j# ~CS4&E&-`";>:ؐeQ`'nJ l5uPe$E/6{8|y^dS%6uKLul-P0C1U{dA"M#XVY;̉+9_6X[K:Mwj``ktX|bc`Vp!`|,VV=,? ÷;z>0!"voRv%K`k=240:0mG+iܨ<)f`{4stw[)>[Ԋv`:ChR0+ScoK08`X[Gx͢ Oʤ`3cKl_CY63)c+ؘ`EP?, |Vz0{!,`+Zi>ބN,.k\8*ZȝIٮtZynn%94v #0{?)cw4cXz Kffbo0{ϚeVffSH5)XR`Mh[{~IG8~؍E6յEq2EYqSiU}x5F:q|,jMgUD'<5>hh4jc^;S@L,GVmjlءw]- W3҂~>3J0O` F& s0E`7&1Kq}F =Pr5v? ;Ę"xXiQfhQX+tیkº;x{xo[Qϓ%qtט`g@7|Ypw7LӤ``۸'T8G#Sa5CnDHc&_f=ub6r;03yiQ}`3fEEg`9EckpK=ovZXxC}ڄ3@W4cOY6)?q$<5r vJs!ئL+`᛽V k1`|Tc'24T 0x6Xc違`Ԁ陂}JsN @˸`fݖ3Lc!>Vv[eC#.VL3f 7>\T[|>֔cMN7[^G0b?#sOR j6$>ؓA:I# INMUkA9dHvI{ m3*ՠeK0aCyX Qu/)FXzs.|lMqa`(R yV(C 끩3%epo:hMO.RҪ,ˑ? zP>-7oQbBL]4{> ɨ@1*_<N>PFŦc o:`eb쳠4GN`Z`^xe?`sLw* َCH0b=Mwܨ`[m?9 hr;M-0OcU|aǜN0S֩LoE@HL.1*%E#l)Ʉu+5ݽ]$VyGE`S-]нRs@!ux.ܛ5XƊ!0~ s;`Ι}`kOƂ`ˍW쭍pr] d2)v/wU{`UT\jWr)924!^'ė7н6#|lʩX'c;=m F>Ý)b1No "Jƨȅ,a \gWZ)K1T+3"N6{` DXQYEFE6nϽ),;w#up|#IlDc{{7"CK16*H11n=c1>V!S{{,{N?2q`4ޱjF[`~S<47i٨õ#*d&xhQF9X9|l1`>Ð=t!bJ 7EoXg?Xkv>VlT>}_e(0:GHS]Q/|K`>6  S4v/=Xq/%>Vso/-fEHCys1wgln`bO e\9Zh)AA2 NKؚ!^@*?QK mzL4<ԅESe凬~͘5X)% #?k`KC ipۧuō cXa}s`v [|lt(O㟸(XlS<= o~V+?kљ2,Ji20~[KkWL_:Wzyʱ.< t2+1xH?[M0H757*0l\!{پK,ƬdO}`X=WŃEǬSExO9WV,0@ո`ۉ>0b|PXnF.ع`\Zp_8p 2$%f|08^-+X0'Ɩ5\aKc73PduMܗvbi";`*|sW*8'5Sk0 ոbRP[jK6 /\Z`;|̤cE9`my.v?l[):d`ckWc_b]z gC_w}J2OL\|0t%;xEM ,4zOw:)J0Gc<XfH$iTr|i<U$FX8ji/VKdxcvw./?^;)cy,FMgj;`3s#<'/jyg?9_ZՀgy& )r?XF$K{|"J F:oca+,ހȱL}3se_cGuX̩F,  o< !6ع ʿ (0>sXck#DiL8gwR[a0{y!ǟQ %%t^}H@0C=!|l?|kީmNdЭ5o0PV:k,-rߙ1N k3gZ@ۅQ;^۽N6ј7XkGKJVj;Nla( ֚;X#tXi5wk1`U6A3 hBD>Vj yZSJ@c}`ޜ9-Sa1=)c55Nf=kP](iEod@5{<{WS'fhi @C6VG e| L7[uv|ػ)F5|llS{UeXH@}Rm njqJ~j@#R)!jc4aCuOc-ydM 5v3<<0gX2Pۓ59^LXW6 s/Bpָ`v>a`,훙Ƕn"1|loH_o=OC<z>&T?*;n ߔ;,uInה WCyif9hcճg'kKǢ6=0'>6ircMT[}(Z/u: Xh9Όg0S+0o)jwm`['+XI.T][U᭿5Aƚo'צ,フInlohZ̽2&c|$`.&YDjod1`#i3{tX4&,6$ Nf.ld>A~2Ɩ 5(L . 3QE̐`=`^e)>'9RX) Mf~t`|B4'[)Iq@0<`L61E EpuBSD?:˛waȨvԒ}]$"=#e\$-?(+Zj1xhd`eՒh f=O>V+x%1EWMfy/GG ,/2X*Lj0i{ATmB.Ie}`[-k4`6nɂ {B96X}`"* V,3Oey ;`9$ 0 kd>v'|/X S Z]0LVs1 [x^{`%1^ ͗(~u9Shyr, iдM_Ƀm0E2tw:r&Pjw(~5yeu2vL=R\ Xe>`- VcAk 3O`MpHU#Ńo}l#iQL]g&cw?6 )갨p~5ܩФbd`)?酸Xe ,0GՊy($``1Al`d*\W؜8k~4`{W6'X t` c7t![ X *1كu Fb/Xn{^ &wMצIWuɃK c1<ҵ[tޣ"ՖҎ ufbD/4ּCZV<|LpKM xޟMUXYJ~`LQENF{NC` ;Z5`PPۗ`/| ~ vs`ÃG3$0w Vb>7)f>gicu`F|M}+qP{A6w(f3a#/u{PKʩd!`=Vʙwjkնvٳl;Xh@V_da0ٶz Xmv4X <'ҫj`gZ2Y[d+iKTJ/f޷0[ +D9M̿=l Q.TZUZoT?XyGUٰ5Xa+l,rSKof`WRjGPcV2`&_/&cgvV۫1-llʓ_I`ڦ1u`h]1Jf3 0 ūfl[Vb{i3CY{uG\O1 ǵM vfsƾ ʪ{14)_,QdL@c'A9'tg6Y_Dm9HI0ViDT˟ح1vSr`uw4`g^Di y>SӃ)'J; i"ըp|`Jm/ј(R33 R/R-eL< Q6VS5_Nmmz`:=X_tΝ+RKN0Bv_;50Q>f1&)4={^>=rQ+ 0A}ìQE YlұZc)Gs+Gi.kH0 ?L9k'0QQDC!^βQyҲN`[;q"Gֽ6sL n$VD02ľBcӁeD0$κo1#XJqkӌV%93 _|(lsRc< ITf(T\)okl, x$t>͘QӭU`jd) j}SӜ='+4Y`kv`W0cA_il7S,JiXCv{hL <.cR4j k (Ou*OLK0i`S!A0ǞZX)`߹04K \ũip!E4o ,SXߤQ7d3tA>V'Ӂ1xH1E)8C9\0^o`;~*Lq%A0Q[XT!O/Oj&|LV^/s_'9%ƲM>D[g1`<?xF 2W3f>Ƶـ S?WS5זi-SM8F).ZYցaLsJ#  fS1ؾ݁0=-_0/cG`wC0^T/5L(wm0ez0,ضe E)r.bʊ L>CL]s4E+ ,;S?(mw]Bc:g%k!/,V,ou JV1VO}L&5>VRc52hlm:؇;p+y|W.>f tt4XHnXGXLu:0Gch\-DM/$5 ;S$ߛF}z{J @,0Dw|92I%| W;>6Uҁuk{Y43kCW>6āTMBcHjlݶĞqku;xL] ڮ8jqrKFc;92Y鮁 b5ŸS''1v '|`Ib_g(se2|)f`<ђGlM-Q( _̝:Gܨ8`cӃmS!tІ*4`r{kB&1Ϡ YpTE*4#8m? ^ ž0F\0'ܗЧI+ؗUk)k\&0fees> SP 5uCW}hg*-8$ ,o h,]q/:h Ƨc|}R}1>0@^Y1V NrTq1DxQƪG~)㟵`ΆȒ>l|l ZyKz"MqQwW,Uδ , ,}f4K A17M 1{rDE:sʣ!N 5 ؓ=0QRz#i/}K|+\g.oQxBnkܼ^}{_ WwΜ^(\/%s)_72٣Ž9u80~[@[ʅ֕nnw~K_Ӻ J{:t%w ׅtۯ|'?~ ow܅}xg_ܼ[_~py}BtІ^S8;rױϺsuy~}\l]" 37U~[q] kcSJD)qo}ۯA|e(+-TY1EH_/i56)BBhwoz6nyf4jYg#TK!d:M5BDeeK7LS1մ 6iGt%E㤄6#N|ӍrWJaFT6& X>03§  nZe<<=2`)6N#6 Q Cr#`*i9s uWbx.P~25,V`x 4܁lf;CI*`w3K +i$tzg OWkUִ g)}, c"F½ZwB3 KGzgmCLB<:$V݃rii  0:MǴ0X#7 i;Jvf`в_ e73 )LZ B #W.Ey9"#a biإbZΌ_jvCi3W5e#]$Ej2v ac`v(0 [nWȮIlNS{i'. g43fU dH\t{;`~ lAzkl}o{OUGc/e왶K |V2*ueD(k瀔_u dFu{/Tգ='h.X`IBfxŇ`U#yT`5" 39}&(4fn)V;`*[Q|%.ц4wV([?? UY5 5Ϟ}kh/7 +sAd܀zz[9iv+Fm`ONC~adJ+Tqj]7Wֶk g003Ïx]/QcV=#W8? iL{~0:ګD \S} {!XvRZ(0%O 0],{lM{V^H,Rmj| `՟ZS9  t>l[5)_텟(0Lq/g)Cئr5 rFW17B`{lui,t)lBȡjLzo3W Y[za'+k/=u%`U@Ek[\e Be ʊ,vL5G>֨q*3#6B`O, B`Sw`]Ћ7b]BVa` n;FW65HoVb?X5 cXh~˯5J[a`^ `po>}`j; fLF)c|c#\SVfP' {r塕M+6K_H"v呀T}m>ӂ;0FiŌifl0圲rTלP6.=hy/x4ڍ@!xϔz %Xs+Rmd FTvΥJײka0*JELI7=f^zY6Um5l#㟖v|4, W7W3*q_  ii+U?@z`qjrװʨnvP]{53@c=^"fBg%4dZO|EmKTYiX ],+re5~n:ȵ|7yh3h;AfA?>* hl;GW63% -VgVLИ%~3AOVsQۆfG75yĽQ;dkyBl|Sl$>y&6YdMcWM&6SH'8 hͬ Lv QRN(#eqP؉ԿU$Ö=E;Gm 6k9ܯ@M<i8zizw&`l`HW_1/1!Ae٩Ky~%Mo m+<'_wdSY>a8x0,,,QaPT\a$/]vM!u _~NdGbJԂ1 NuYIENDB`{;Dd!<FE0  # Ab:q I,P2-*.ˉ<:n:q I,P2-*.ˉTo~_|anz_+Uo|/yt3d 2|O~>ǽUgx7)j5s?lr_Yѕ5l285϶x[UPQ\aswA/SQ\H#1^k|q/xoӧ?j~SMRt.7:U&${ <-yɷM~mѴ6@6"PμM%lQ,}h(2ka 7YGtVl!; Z'ݍuA&f [0P>Ot@(hM",h ,,d$ؖb@ YOcawZa *Xd$+%hG(e@ ҈@rꤢ4o tH)}X $T͘GudEuШ@` /R3&j{QqAN6!{4@2 RzN Dq`4f(c!n &@)P\`p< `Ӡ);>E0 2@ƤNY3Aq ͢tpBTAxf# Jn;&| +XGFb񀇘I]ݾ(i#v풖=;浚a)McɅ d( 4ɍ ioCd_xv ([Z' ly@i4$m !9%-XhCq-h&mz@M2jкE^}-q T#4<$Uuۍ`YT29r,O gp,`th`X󀆂w܄rZEki P٧@x`Z%CI@;LXEj RyU>2Iu$* h=07/H |-ړ-f_ Y1 dmi_tLE@i>E-,Zg<W9:;dqF;6`:}dmۛ`(yɚ $}Q(YZXɘ i_Gv0EuuЁdo@Z;6 D|1z%Lu9>Yg[;dW2L"X 9@^BHv,ō С,XP?G P-l]CTT`ˢC\Oy'靧" cgMH vp[j ,qnB-lAK>s7Gl5)/YpJ@l}oWj˜ Xf S &+R}XIsP, )쒚 ~(z⥒Y{XJh偕ϢK   L&'pHҔ,2qk&dG_;Vˢ6RvѳHf@AY Y0 (R5*CrP6ڽA(f@ղVץD Zj4e˶{%Tٓ>V^YH-'Ed֑ڻ5?'>B;=wf'Aʘβ-63tŤ oHş=~^JNy˵TLp<V-9J):SX2|`M-WE-=g"LLE3Sq'SPepbS2.w L˧3wrCƲhہcF~eK]288-f"/A#\p,"@#,pHs'bR`o<\>יZJ6!͵3 ;ܔ{B/r/'u'2$`-{uc2{obFAmCq\ 542\; O*<uځ` fkr-ھezC*ށl.j{7N^VH7@6H>:2hDJRG9DXTT(DΓζ|g_4uy)Ά VUR1m>vPTH.K1j]"@ 㮩7dl1O U $k\U:h3^7.T.Vvɢǀۗ}v}?3=PE$j޸!Ձ 2pt@2itAG Sށ| Ee£@5%nPXs%Mj`тi5/6W %Az2hc|M#,,e*d1gzUD.P#*iQ)PwڛdB-J_r lvT0ТrNgԔiwԻ C!?|QPa!3α'#[DaȜ22*:g7W`&+,zs<עsעX4v?0zBscٿǮiۤ+ 6 y}^CFq?b>OF-ų x#8.qE"@P~,xo>EAܩRCG}4ˢ*@56ӑf5^YΣApJ>Z U-8pKp`k Ϣ:"ѝ z3ljh(<аkQpȷ7 )GY>ʎ-@6%X% h@DӀF6 V`#Pm|8PfEņB&%ٗEi@"ȆN5T8j XYb{5^0@1XYWH;Ċ 3Ŋ`-DzhS,r@[U-`|X~rՁj T pi@< h?'l-\1`ŒhJ%%dI@(608{M TK` dDI5* ԗ%tZ. Pf D@(i%t>V T%۫oςE` $`"Y¤bGCle\^7l',j ԓg%9U&,{H`z%.P,' Yw@d5het  :Lt''E-c@5 س$M$0;cBE0Pa@{Ӏn D >?20J&XՁO*w$p3!Tg;KlvNM]@y @=Ъ64E*YcZ踨H`&X]jEp, U;@@}<!?5-&pEdB^2H;´̕ ͢mt>5)P(P_44+PYIcՎl}V %;pK`8Ei$̢f"coկ: )0W`fY4iP2Pf"|+Y4 E`fmtX% (FI=)Ɓ_wHA`+#1- DY'h',)4P?XK ZgarE4rlc fNՁibtՖt Y4Kƀ1`7qP,:%p[pXuK\2(d V xZ9jQ?:0AHK lU@wxg^pk{OfK=:Yc(== V)) )eIdՆ@kQeYYK\uX3-`Ddl>n[O8O+@5&`> mH,K@[H`t PEEPvҽ?9Kj'Pd V'ePk '& k@H`+kZ1ϻь@BL9|(:f@^Nj1 /ZFz@dEOTpiQ 1iG4;9Bg"fQK"6Tm&4=phw  }@FH'2`jS wASɗjɢo=mgZXDv+ EG T7g"{8m忙XӁYڮn-O=&I.БYȦ1a κp@RubXBs'X 0\t L0⥪]/Ł +goǐzb@`@G:*IGp ert٠AE̢+%pi \%tga"Whq >3+vX :r@s..6w]tL1@'YFp '*%P( L%|s&0=qzhot+N`nMiw͘ۊ#0iSDpwьP"5tۑrsejp G|an`2R8|QmE]Ā=Y ԲH-Ze  F3@shGC [`Nh_,kIeE;b5>f}G҂N|M7$ dŁ6R7P!0 l<6dC2wr ݑAZ@6EyUk Y4wGF4 T%fӰ@ j&*2śD֧y@cܖ逖@@X ,Kfs͓#"0{{f m3Q潠@8Z,Zy`k !%'#]d)J8]_{ '-IZtA VŁSvdNّ'N &hɅ̢Li+i0ԗL|$WQ)kR3@J&A-A zO20~,n`@ N7&er7thUPxPmEfcC?AQLˠ.pڃ.PfQ d% >ߙ ؖ/S]?,jA,:3p^G x&qܓ_ۑ i-:xw)$2q ]GpAKԔG `{F`Y>#p,i0V{/>M^b2?/!p4'p]ݧrEUNՁzi@N׆ |R,hV_q^qŊ_)@>*ۖ,4 pȺ37t =zrߧ'x}:@TQDhsK:=k_@ihg#ZI`cq̄@R5JhªQCJa'P8pYRgHH0t=T?.XaEG;AǢ~:88_PWa9[eҚ4=(c3%]Vp wKGmYcJ^^)N:RRPp ےؔ1~#e#e\4`ʎE h*CgRbReW$R  ³ܾ5w4ҀYT.n8c@%-%\.$t# ӠۭVsj? ?V"{D.m2@g. dm=hFvuuDR|Zq` 6p4^غw,Kʢc뮺{Hz26{/=xIIJ}_Eq`W+Z.pK Ҏk`cWDƭҮv -8 HS_\-d= +xmzdɾXUw+X:z( * >PX򮘛 XXOf^Ig .梲7f[2nQ.I2Xu*E+ p^pR \I9EJ"﷍^El18[;hYIp* tjjv]LN_Fe{Zl01A-0w%5Tґ<8e-qn9m)M5+0ءn_mArGn:yT)~+'p/iڥs#(%99*Z@;(s^EL>|ɋ, 0V g辷hX*0Gd9ҝ΀^ Ӭep4ne@NF B oGwqi ƨ90gtg8CgEG@hI!hX@9mveŎ YjvJ #.ˢ85|ffm[ 8`@;拠Z -lANXP Q`gpHyzJNATEFii|e]R G/`ה!hDYO f_ N9uXe{JhѮ \F̜E [|ͫ-H\ɪ)6G@6Y])Y lvO~ĀТ]A"Yt@: c#ٯ3@5T@~w-fp!tN,zz;amo#~AkeUvd"NpEx: 5ӿ9[;Ov3` ^~@xyy: a20Ri@Bx"?s~!'}D^ px-ht @] Yzr4U$oLFg5=vTzwhLxlsXq>hɟ M#;ن+Sbi4y}@43-n'@SiJ.æmE `Awm )uF #ǭ(H>O%:6īvo_0p'>姻,x@̀;28qP''$ml@R: k5MH)C|,:<)9 &c:ɵ4M >bBOyՒrDu2MzHxqKy>{YJ$ˠ*q3Lh(/)ESSc}LHEH{jROl=`,jdf\ԏ8J60 3_Vl;ziwx-SGH`jJ-mπ `*,9`R# `C/`ҧ(iɴ)!l6FC܌O?2'Y4aӤt܆pR37和IO3$|{4`#&"9A /\ǁ˶rI)I )ؤ2W zr+lA"x>Cܨ#*dmdF__m:K`R!_UMT3vfv֛!ՐWg%]>޼o߼4+y\X},_Z\/ ϻ,fPqn{4nܷzyDQr:̴t3i;_[+5p߃{}tƕ*^>N8`V$OQpZlۼ|[y}7W*F4?~Eև3l 3 5}nob}^g\]h\V1[VE=UsΐlDWB\'UM~oRI!_W~ɯ.Zm$N("ӓg^:k_nܟ<.T74ˡ&@ zl̇n-ņq5mw X~MtJ'r.`ǡ d[lڗ 'CW~!Cvmaw* (bpkn>h0`:u@<{|@Dn! ykF@Uǀdd]dUW+8MblȴS |= * {~mx"Hк8Ui߂vݽKw~2;4x/Cv!qDp|`?¾( dYo,vn例mߓKDcП\0v :#z)VN4Ydz5 @g< v힅;7P G`3bY=`oHiEbYZ?e (pZ1`׹Mgu.͢0u{s h֍z~c7:4uenW^=;dW m*)Lv)I']㸕Y; xJ\{}m#~T]`ۄm6Ԧ,jI=8dۛ:s4G"@ u(_!&uaHv[Z{۬]Y-;,-E{ hW6 n&,ʚ HoٻZ d?tppXlۛ u(eݒ"^_{e>ܸua -ly}oCxgE^ +xIY28jJfMyD(}l t+ b]oY Ix~Յ~Up=]# l\#8 :! lEU25)Rɴ'za wAdy^spFЬٵiFYw(7HAˢHAy<7Z= & Fz}B@D`pk/䝻.kM,jzװaӸ?^='HyZ hT)Խvֶ,IE`oɊ\`p(bku{Ƴtt"&z{ ˀm5@Քi,j7PQ n'F@{- b4WlYi;$.^k[$5?>F* ~Hbr7ƃng: 쏀\ʆL΢ACpuT2&`"+0͢*.{ L(ZDh.E-Ī+hҁ$"|Y7۷@ 陭n[HT Mހ<\n\ijMtZ^%Q6m J$n6ـmCWmZ^Swɚj=S1 ٬.ps{Џ$)H]tkm{m/n;R%Y>/Hiu @F})ӻ Z {G@ jȨ57e4LktTL_aHJo#L h5bYTu< "#ds5{(}="DO @"O5Yd:=cL .dvۻir6:@iڦ-hV';u:@CD&jT(FDPPw7 hj80ɖ ۤIRCRw7d@" |:ҁl tP*a@ jl=8DV}v hτTf@ ([R yLzSS 4ۑCa ?h2љMҩy'1B' =`EDPرqKf@dZI@lh[3E3[dQ4n^uL'EϦdQϐ3ζem"`~=~|z_= Tpϋ;H!Y_d-MN^oS"80=@ߧ3n? ̒V_h<_d/m.:ΣǨǗ3yܨwoԟ^E"L`y/ţ@'YKqsU _ziIpz[j`=yr^MP ɤ~*cOo4z8?u+[7ƷP- &n@}2sӱ?[k}oyq3L󼷰QFɾ_ƾb 7?=Be$X[*h Rxԓaa۷,ZP\0÷يMGUN eb/IENDB`BJDd=0  # AbI,Uq1TA=I3nI,Uq1TA=PNG  IHDRPt~$gAMA|Q pHYs.#.#x?vI#IDATx$}RZ~zz" 3 qe2z|'>$F6rK .~7xMC t.b#DV׳smb6%=ʤ;sq{R?fLuOĽ3==oUuuwu5k,p_o}?'gӞ&N~ˇɷ1>{H_w?y%&¥_6`N~Z~uRJk7GP7_7kU:9@}{p#揿fpz7̡O>t-Xu+7{ ttpzFUԾ_W޿ vp#}_OMOi_&9$"/#rv O:God<>-ɓ;ff8l.\|J#v#"+tRdcӍV QNwW ]cc"#iD|PA SyvbQXާ,Ro-!R*Tt;!*"Q?@?.bWuEG (&GE~_Q-c1Tlp5Y۷AǾfV6а;w\ض>-i.n¾b8[Ҏ njJg^HKZvPtػvQ\J_ miۜ](qzX' @p쐦x8P=Zu+ 8@t\T`s ۷w]$m"PdȃzEXj#NيD6p0/=XQNgL) IO$,XcDf>HO)n}))R .G76ў ^gdw(=>76;Ⱦ%D 'PT,%"EbAO&}X(59׼+JPKǨ#X9HDv3!"TΕQ$Rwp0@4U=G/[О`:لFoW#oߢ *|[3Q7@gi0c"LnV}k)C5αa<1r=9_@O'Gf;ߠ&Q&vyKE.Oo(vI`(|PԄ=[iJ S;lEa0 S6^޹FOypWDoզHpkE/"& Zg1S?CԊ>CoX1{WvP8< Ȃ^[EpB MeFP CO5S4h茊 |DDCػ-M F Q1"g2"8WMN[4\7hCLҎz4R{feDw7SWZQ0G%"@EoEΦS&]d`..!\M[!SM:zυ~2eM%RgBwHʝiz[Eu{l<};DXuDm|.wH D>Q+Zsoll&p5Ov?N{ܘs'{;woSf`n79`W;ۣg(UO0" [!w#.W"Om{{':>HhTz&?=ɟODډ/FDgsKgY/c.VѼ1ƿ}L9 O^Ox[I)i;o^3'w FTh8>Nw.x:ٿz~Kao]'k|Mg4Rv~KW?ρ_~&Yɘ=W OR|ߘZdKqa:*ԂRrQDQ4Ke+֑v\W9Q# kLd9lXe-1^"qDvrh)QeHR7)dՙxr\:bOswOEQnE$D'\/OG5E -@Zz*$Fysq:ERR~r1ER_{.r-RwzdjbٞsrR*G.+֙HOu5Wٯ3EiIѵQvÖaf#>Zj9@3yR|YI-h~Y슢"eEIZ7'$z5<ѴbMPͺ}~_S| ][<1\hDBXtCh^iócÿ:IuYpf߄"&K;4[@;`QQ-' :rćvIOUbunuƆNDc9H_ E>PRGϩ09*1T"Ӝ9VH{uH%6"G"ңr86_&")6罟<6I_z'^Q Q3.)'IXKkzn(#/>h=n> )u׏ E R1%G鏤j"ChQGV(D(& JV]:ӜQ+<1Xjz"nYTfT9QQJD^}&:gHzP4ʾ]1B, NPG{E e?|MD" {_}죉}8mY=p,wTQS}} V"FӖ0@OCAo:ddP =;_ D:V9Rȧ1.і bQӌV9([Ĉl*Rc+6wq b􀊬m͊E". NǺ]*:ÏaTꂏ [%[W4h?;؂zdH2dY?~l pH'*&oyD |l2@ Pthcq6hOPd}O_اH_:g-E}^;?#})دD-jP$I :E6LaD EZ9I[#lȆ3Dgv,R}R_bQR-hEG}8G=_jxa$oVt^p<~GG@Tt9"z%\VKW,ĈQD`z_wHh k+C]En(OJ=3l.u%,u(81^(mwH'|&rF=4oLD:o{to]P:umܦ\)gNI0y(< #V=lpǦaNZZnD"K"zG?ل`81Խ(NygHYhtI:,B;[wXY•:4;ob=E#"P^I,a&t 3Ţ^)i6#yt DN%QyА;FCFS!&ȘԢӵGDV9ѩĢ[j *iMg>[du.P3-s2RLt ssf7YBDb,&u]FDB:'iMg^XE דBd`ә-it6虨P\SحF9}&_䬝h*oGRFܲPQ^}hvډ+k#:DQN$pa.y;.urze=-wP0Mg>3슈at27ԑ">F-Ej+[;dD -1MmԣjmDxBĵ!Fߟߧ""9 Z:#0Hn6d*S=#='$ҥW`yh"cowнp" |`"Ә"(& f^[dR#yPvaN5X.jZ!r1Z$r!lRBzESNzAz$WF⾾N$oSWKJ."8ɃH~}c8A^NH|E_"_~'L:O^D%H,u-] HcQEs-ҋH_}g"n TF"Sk"Nt>Z&x:I,ȘJtgnh-D=|f"=Ej9ZG %D矌R"H[:[F\zDm"i@nӀ%E NGEKFȗOrډ~J]J$axUNiPȽ4`I67ub9ʋwRR",K(iM Qa"bKywy5gˉ\o=Ѽ'}i5|oj'usE9c@WGS K#EFOQ\Թrc!zCCM DDE#7jZ!2HGa +禴""OYp&ʟ/-r%)JRz1GDaˉ"a,ʯG ˕~p(Fav f D *L_`J+dJ瑱%D1 tϽDHK& T_!-D FJWߦ1G1w[ܜ=A_ex# \_eȌtaGR"Nuj\t4KSd*1@ňӞHNrr:ÁmB"ny\V$3ʈ`HKb.6R`j#ZD0C ‹ʔ:|@&,Q+D"C>!ҲWmFDR 9lx8c"N񢂖!}b@E]0eh4NQz#sQORNjr1jh\Z$[=Z鬷BTPҝkFb4ju[#jCC٫2D|3"H?FD>Q(-SIJǨ_FtѸ^jv ꑚ-r\E6ԉYEˋcqƹG|"OVeJ'e'u&=*.1FZ?sui+˃ L GMDIxeD;7F^eWzݣ͞9Z^=ʀJ#"2'1t/K2P#d$$QHz41m.q12fwa ]NDV%Ejܝ٢,|6l1һѝ0Gd&nDJ *ڄ"+?MkZZ(TiȒU(6l^ķ i\IvcyJtĊ'xFDZ+Jډ&3V[E]OD\oB~?jX{T>c{D|(m-ބ" JV@$u ~"&%-AnH`:r=kP,//̉Dں87Y-{h W6!HWK" `,Ja{Ԧ1A2?Իwi3%kLƢ"9ԡfϞaaQtj"84%D!R֬+uY{ ꯡ-u ZFNL<4C%%D9FqEFHDl ؙxP$B%DCI"/DFR~vHHR=1q\KDѫhTI$|CfE :RwB$t>!raz{a'uKgk&rqh*HmCg@†ÈpXqc*zXH`誓qx>DZR'ԕ`NVStDN'Z0%EӖtXh$(6'+$Woir$:krk)GUE "mVJE#iPHTPR\T EBkD@ ebۧ b%ҖAu#bT(_$-9b095z3/ Q#2Dw+E[^N3PQ_~[UI'Qx[0gRKj䖣yeD#^d7)Re+)2H%Ω"z$fVLj1n, #%iTn9ׅ"Q5.2D"c1(C,AYCso5)Ȫ,f!zJK$2D­\|A"UDUH*Q7<f"ILo##-DEh Ocb"KHBQ%Kݚ12b%bhl9ȆݲfBDlݰo|#2EE;H&7@EȈʕ:%&zA#-2E()Th:D {(U*u{\b#VPtiQxh\QZˈ@$x" FxK3MΨAP"tE ɦW~ňDUMލb="22kĢbS9Dsr&:=tR -FB"5#j4F>M+&N1Q(D( %DK],M:O/`T*Fâp4i\4r~!hA"cgDRUYbd1~=|! n#)hf[]:/+ѓ+_JFђ-=**rIt,h`z4mK'gVKާue+uq[GXi{c[2UQ4쭁>͖=ZY3˴u)&h?E#϶FTHE" 57`HdaѴt~nbdPӢ~$7_׻A{sQ=O[B3Y WGsGwo'"|"MĈk͝I󟊀"UXq" ;/BeDii֋sSn" ;PXIPsSoA_TDbX&Y"MF3$z]jKHa^HjLny2qj1Sm⢏1d'EFH8Sǘ@\+sUnoX|Rb&E3VwŨڴCj0rp, RlPP^+:8л .^`Ϟ#6eԣ:NmUÂ2ŢY=( Sj]hmzGUNpTMdPdDV&HGCN4e=ry_]4MEWIdc<"ȋ֊Rg-#*uKwj"[K1At&ncUJ1:3I= =rk"4N4X[*FGOv* ?D6GyZ5{BDVJ6-"@cFZ%aODTKbrˉgWMne]SM ,|N"&rh,tOGo,S2EQѣzdMCcTHmJ4S`L;DeXɤZ6G6\r<ڰH]0: <$,(qNU*QE&/"-'Vh_)L"H"(sMqGi%ԕe K[N2F9DL^6FK &ʏ(PV)ҖYUDk$BˊH`~eoDYB$x ES9QE"O VU2DݔD\٪S1t)+zA:Q0#/BY}9Mhv'va؅Y}=a!"ܛE+rL/;_"mv|*ӽ9R-Cm<;#B!MP,*vuq_pjf|҇P\IOņHgWg'Mz$Dc:$G%J}9וrUi PbuterS]!R[`H轖$Nhe1h?[4SEEĢ=-9J$AAh2|k8Uw`XTɈWe!QO-wءmAE V!:#OE<%E#Y]GԇZS\ϧW Lb`\ r62 'zh.rYNѬD nbEưY5~cv{Z)"{חg_7ˁף ?IR.ͫ7#\?Y-G4Ia,6#$E}Nk̴tuA샘YԭJ4;StaTV,۽ SɻVA4DwjPD-YVE셙EjcFͰ OVDO4Հ ~Wꒉ-u%gujpm]2Eu | bsEBO6QrV*$L-f3"9cE(Kd,!U *b"7sE:nCIW|EĕDDq*kL&-R5$k`9~&Z,ZH(leDQ *.J(R+z~t9R43Eiѐ "nL1,+:֡"L#P4ѣ[HSe$~u#nN,FV"yѾ"T5)۝(F"75!(y_UpE%KD~{,]fJ#YZlN MqPWu-֛, xRB@V ȑSTRt'eD\qHTuXcڦHK-S9ڗQT/#v4[y ,iнN+- bxIo5ml"2y+7"TEOSHg D$癗Tk"Oo6=#y@,FKDݫ5DE4>ȹ|\F.k__(qqEirKT%2k$8[ ҰPVD2 #Q"/fhz4Z0Fl0-Q^0Zd+aӂCDfa7?04tKq3DxQ1RweeG^TkxA]Ėt3CF]ȇA8!RsEK:7NAW M(c(*XEac͉`X}j3Я"(-5#hҧzPm9OTs[ץ^v.qQQewEH4dF"sˋjn7h(%v{c%1C=)2ҢIsu$QXRwPS+'# iZߴS+F(cŢ>݁e=@97%{GGoT~5~ -(Nqq"AD-#J<$G35+ʈQ4qL3k2T-C@j^J`ĴO QmcNbQ,YY䅢enp"_W!ɜ  S-_zJG`DFjLQƽ-)4#UD9/Fѡ@bmmVW-DD$k>ʿuڌCK遈?0roZGu&;":}HoOO3K]3"` c[蝣(Rp18^:FC)E _;"{αTEKBE1 EO !ʺdr,((&ճέԉ=5<*xPE JT&Ś=<>rP4t\ں6DGCY* mLD򈖺BjT}jL"7%񟪫t>wXTo/H\tTKԇB(53*zN[¶EO SsG&(rI@נnH5Չ|$*rY ;i ۚzC q$("o~CDuu{ bt:w$~(ZQ[7>7DZh]TI$Hg#"BQ z&6{N(C>ĵ]g &WL#(qpm_/P\HeL@+%I%:xBQ͑UEt=Ğ'zWXV("ൌHzTV"^!Wկ+|Aѐh-!#YDB(q?_Mh-CD2(2#Rtĕ)DBn KɃ0c&2$ șPHk(*NykNzȥ"#/d[fEW0;,誾u) "PVuhhND3dS1~öpl5m Fz$HlPDj 2#yV&P,FJTwId 4 u ʊf2D^(BOnhPV4J2D5/Ym~F^d7XEs"fXr+52T1 nVƨPΜC%^4$"":%ݩ ,ryK]Op( 6RIYRD/DFZ.8#M#s/jeM@_FM"ċ#N"Q1&zG5*'RרHR9'U}m몈TpoD=䋼>C%xי)5xQ1*aD[&PgDEGmS΋Vꈈim/z<#+]Fn2FY"ӧ6QY% Dv;cLmD1j O\ȼFcN Y-"MBQd)"m )jW=96 0"C4ƭGkDd]HĨ]ae/e@>ihdpV剬K Q2E=}l1IׁngHMqeP0:_gO$r2.ݚ9vXIfϗzi E|'8!y\bO#xQ5[EXh-TY16L /ut>Khb?3'2Ută/NwFIw.I|+qo×QNT)-bFf8SK4+F8SGGE GGG{|_zRnT.WE\=*Wţmy k떪G|.%Z|ݓR"sLq\2.3X1NvdjA*2i:GKJ#kKe[,EhľsBťQNʕ:s2Zrqy,-G܇G1XO(~:g}[_+w>hk:_?r،W {}kt *ѨoRw//هӧ?h~KVo d ;zJmɾ3bς_R/?'S7_ZEt6}=7=[aomLFMuGމӣg:&x|T"fi7XoWoG~Kz,Փy7ZRoA3L,K"xgG"k]:y{ҏzfDuCc|Ӿ';ǟ ͪtFKCx&ZLTGM^lKzϣJ,>9\ì(Zp#fSĜ:s,*X\B$2]}t*d;a')r>$?.shdo1 -ĢeK|GϜ$X g ~5-p$}z' kvY܎8 4즲WgE'%~e>+{pr &^ǃ6(s E) %8 2Dgܻc dAj RuドKٛwgr4i{$rdNrih %E(=1c%\2Ǽ'W, [#"3)=&ٜ&s1\h1*_b4y^=^d&\YLDbO+Lj4\=ElIѾd':`FVZE\=ҙN[͔#FLH;uYQie  )W{\r"J؍FdݼQL]f o }=a}}`r)+]Fd?{'e.q}/4f냭 ˊ6+HWHヤ̔{%? 'Y-Q I6Ys!f&Q؃D@3hi JR1bz0{X2SELK4"?Y("(Pel^x֛jIljD.;j11rS1bfM3"3cDw R .$D">ۯ{ʊA`VDLHpR{X<lG ;iQJ:`61 ESeD z]^V(rdߛR}hWe6M}*۽֘#~)/*.uD3<$=5|9)g=fB/%odS#Ό̶):Ǣˊ8UF4tcNrGW=|2#8;tBv["W`U :&w)7]q<3s#)Vb1}=&u?kqa'Ƃ珿qfCT/>/LD֐r¼ ;@.b|nf=jKo1:[njkM簴2DKG\9DtA]tnfqE8bywWO*!`4цa'+?oj[?2ic3?:<UJo?ݎN Cqǥ>ԭ.eʼn~r?vϻ#wnBiG'_ꋟyUŸNI7V$7!Wݵy?C@IENDB`IDd! ??0  # Ab,I^\B]}Iu[nI^\B]}PNG  IHDR'gAMA|Q pHYs.$.$* HIDATxm$Y߫[coͲa|}ēJP T}ar%o O≧{SqGp89'7^ ^ykO~UџQp nHnΩ.>E ¸}uO(SmCĔ + ^<>AKgۓ _ѣdϗKѧl|GxLW&_xϼ ?>~s>X1Ԍ_<+HPCw9&KK>]_| ?GCAl*._О +AT ;uxqT7"lx ?v뿃odlDWՅm aS鷜)Z=޿7^?O.+/>0Wh &6!'}? |ЊD,ϓzchBŧ:>8*13^q~ msO?_3>xYݝ;]=*`Hux ~Zq@ F )ׂ*w@1ԋ,mZ9r"0|pᓟ\__D! ۃPDؖ-'|dD3v~^3Bو,Nlߙ ^ .X(/jցmB(+.Myo"Kˋ`rKʋ̄:|EJغ'ӊ{U":踮?w4#s(@Pʉ(юŞ-NŮ#Dބj vb  V%!<@ *9"wB\&b%y̏z[tf8DG,m  FvȟmDU!ke;?Xu6~wL 򖨝֋l "fXbQj+ԜVI-M\3JB3b%="2=Wp3PX*EՀm g=xrZ _^(CE330~6;3Ӹ}jFMum(}dqn]fNմQcjM(bE*ltD-}cŮ؈ 5(hyՏdG;ЙW]G/<wUvIv'J]cs-umBi?BmTըnc Yn2->D"[ ;Rzkx %"@YwEU_zO1YA[[PxyOy'v6cJ+?;dpIN &O^Η q䉫!dAD q<{| ])7 V9 Mme?k@%3i?q[7%*EqVQqzcP[HFTوNE^b,}GfUl3)]LWk%wډW4'@bc1c Dq$ ΰͬиz{4-t>,qMĭ5+ŇXIϡDaRR^3l(3+4(IJ"wzH<{Kb+jNU+u2mFJq:DB]oNZo#g;xBEt4'T ؅S3l3#0BmTzTTd6YPYm5pIIpzD#Ѹ)1/3VІXIr#҇QXlEQK ۨb!?!ƴXlbnQS:"jǻ-@Q/~ D EZZ1CPFfaq zWiIM` &KIP1~jo!j,Di ˋ:fuhQ:T@Duq[eē#v<#zF wq1Dߋ\"oбv3Z1O^Z51aoOsE^DRDV?m0?X^|&B fRj%2c虱Jԩ8\ N)_f9r\tDKtbÈbn#sXDuE|8_%Nnt&yV" u LHʋ4YnÀMh"/6@aJ ]R£<%**l~ܞC7,L8ʋ&0`~asqf~(qh/G>>"n"rM(t=}!vBOFE3umJ̺9/U>}[g*@yusNCJAd7/rG(mUC/V+._\NwFIp7Zp /Lmѐ˵(L| "j\¤uC.b*k7t6b $ b*'ԪXĉ3 "+D/n,ubM ԐȽbˋuFg_WkMga `X~{Xʰ$:" >LG[y+Ug3&?6b6]!%R۪ >Įر{ ;Fx{C^]Cd_"M.D ؘXT:6G hVG 68|0$Z])NĊ%_8U ؘ1aӍ"+-JKnڹmpP8#s{Z,2NOw4l刏Qs߻6T'9 Ԏ"5'ID:1Q'w$ t3X b SwF->35cP垧 _"y-`:M2rw |&4>:צ]t`aD-| D,`FT"*Mbsx^6M$S ='xI3-a:ib4D3іZ|؄Wvb~C j&kĖ&Tjȴ%;&yQqP"4% ^ke,m|UQ/4kEJ7BtbPi6V釱媟U"ggrwVf5_8`"KQtypۻ7Aɭhľ&͗\"lU`+[6_83u$;v;/Z 1M6,!n ֞RV byQx<l#~vn&2^k%jfwZy@MwXB8\JDq梎V"ʥ:n#"WIhbAaSuC N^?Uˑ0 "M9OBgpK7B _sn"JwMRp;:+Ll%DwfpBo _W5KWGB çq(f *-O 3ۂx0)B)-؍vߨ~,G:asR媆H"E왿+hE5y؍ǸqLyQdD|&;staa]=ȫ#I%H%" 8f#K l6}T"Z>H><l G>,u12)mM8ZlʖH8ĜyY+2mJ\q T}vYeB'}W;VY/N,{د)ZD4G|*$N*^M :tW].tZKRvք2b3t.#u#8^mʷgmmL8NhxQղ_86[Z曶T*~|dkJ,`"s|y"b-]a?W oӁ5b/sߗ(?w4X9)%6]=S_vub6*_TRqdHjW.D591ԥ|PYv\Z0O ^ϐȒ$'AŢGLz-(&kD0]Dϥ)-jNY/F'WXB,pG,ZܼԂBxNFˆ4̔_ YzTseh_KT~]VfJ[#*L7mT-s{ɥd8D!WibU?nn`^$@GT>اrBGd]3L,̤qMX'|2"*}7xcq = F;iT@%M)b 5 bhQtBXGfVP,1& ޡP,ְJS4X.$o+{ 5CG%G47FU-Y{lw7vͪT| `V/ &bF6y2lemy {F:"KJ۫Uܐ.Sc7<7;2o\ɈvJ#Ta brݸ5KKȀVZ\9aIϹ̉6m#u0ZJ%e@*Fy{ޞ%,EVv(~_c] c`9+*z\O[ʇӍ' &ǭipQ [$]lq~3E H4TNn8΋R5av/:M{j<րXt4O&]}JWˏxwl_X|< ڢσث?gu/r {ռ*Qx~DoU^j _+o."h8477m[ΉhHӟhKE,Awm)b;/kKHb ]h9][Bte|j½mT&+HISǛ;>2cd4ĥ7|;ӤXFe3Ǥ+ĻF ؛DXū5ZHƳ`3 Z1G឵M8'r9Om$+L }=; "淥q"r#V4 ]-vʋSD'AD=ӵdo^L[ q"TeM &IʼnÊ`#< 5WIË&ӈ 4e krU97]ۈi ntT'Ѿ$G:/Ju|rfb5l3-`wQ-R$:!tX>QKOֈ섚cbKO晈{4FSpdg7Jv,ugJ#1yzBU}4yH "w`S<"= uS QR QU^ՋIýf^J#EVϹ)b:Laf8EC.>E3%gu>Ev^dw"SUpŸ֮EP&yɭw$W>#/7}' 7" #yNssCu`[)k=ֲ/!F紌A-F3g4CyQF~Vm!C"wKVGs#r4V-'k?qG4!O8ԂJL;ڙqO<{ W2Kԩ(PQC di$Q9|؇d%Ջ<;X6 "~,hrڨو^*KDk4 "wM EO~.CY o_ur۷!:? b5Vy)VO!#B~dBKXomGoBNCVJmy:/JXts"_vNE )]ƒu*/f; [>J`jI[mTk܎_N؇ӅE8Q^C0dS+z9ߨ=o;GivXͨW1N΋eݐd֣WE-((zbT`* 0/;0:V^l2kͬw>y5 LϷiQrm&_g/tvH/#y[:JF,F@"DDk,m ؤ HfDb/\ }#\ΰo >98\ȃ*i `r5P?,v;8бRmr t +':6~-1{[ 1{!D̞f$nOCl{9ݘf#"6q|ޓ mN#BtwLZm ؼŘT`!"ֽE,m JmTNznFyRAbQjFL-`C,5a^d)v-3%uG "kl%q h M*#&ߞN0;AcM"6>H剎nC'7kCՅXi&C6oYJHz F;vjLElx֩ XS]A"cDQGaGoSq M#yY!f9-2}=Dlv4SP/Ƴ,{ꐱX5vy/A<\# =AKQ徍ɸΚ0 >(WMҢT DXkao@[/;DO.M*]/*1M#mK8C9uFZ7(~OC<g /Dq-q`\/B< 9Fyb7ۨ&joQ{KAd\.l%Yc7"D8D4+_,-n6v'/r(4Ҷæ^<}]VMt6iBL 6Pjg;&#`.FU[/ 6=RVޘ0|Ei4ix"56< ‰_D >-s"&'Ԕ{%&M\p:1AHV,ͫbNu)GG);s+֙*d` 5?"Kf$"f)no#B֦xXIVa4T[XM]}]/YC8ei@lֱviBS{l&TԡbcЇ_u#ZOl*zWgj@Uɋ[J,FԹwu  Ů>., g3uLqQFsVQg'U'fxۨ u7daUzPC7 >DVB56 \rn)QyNC,?؆(QoLVX H'4'D'pv ڲB(Miu$aG`$D z$Չ4?|~{*DQQD?thSs" DA$0*A>DRG)$wewqBk,.w}!;æewwq4@&LĄdL .FM]j*/H:M`[ 6*aҔr{}AI;x?J*1lbkapAM^"UHew߻;vGL6Wݦ,yP}D=+?t^H27V:g0SQ%M !# mB4mUhS *^T=ͭO8!x^Dab-}ȟG…y|hO>N`fhQ"TxWg٬9D˚<GDT6VMF쯸_ 3kDܰ pn*AQ lQ?  M`[>NJ[ZʒhDc%*D 1I9)1O(/Z8L2P/Bđ4&>vKnr2!QYQ +Cs?ZliՏsuEuSPьw}F1iͪq"ua݈_j>DOY]{\ķ>b_tcNQ[>}dl3X|@t*npv%"r( `[/nwÇȒ9mʻlbu [пVΰтy?/@<F,It/Vb o;]O]a?/.V AyѼ۾s'IfED3<ѕ\[{}X/8XV^t&_WP!hn.>JkZ.ErC(c7pa*V7%i0:ޥ[KV^)5N.lхx΂1ǒ[JB w$wא{YVg=/ϋ3Ot˂tq{d;_<):׵t }ϟ[ѻ> 7ȇs!/җD} iWv0}3~ɼɹ h avn;$R$C˹]+(wi?l:"~qMʁA\]bW&E#:Svi\H lmt W-`gQ4QT`xoME2Q{OriI34mֱ(*3TxX0r Ñ4K;'$"n1-QPLv"v4"ݫe=.}ὃE;qTךi!D-݉}Sm3օt.gOM`[{a24w3V:0鋑?;FHBȓiN*PtIswGQmh'Va-߭"o+/QitU:ݱDI1DA6*ߦ6DuL(Fڊ"1DP_ztʒo!mʛ+Pin(Di<>X#+0lኚd `gl Vlq8^UH/IsN?,nh,yI}6S~7DG1ɇY 8CQc7:Uuį<ɁȺlVu$g?ѺDTu㹈xq&u'/؈Wiˣ4ZrdH5rE[6lp_k~_a}}vI"]lE4{^ `cjxwC/bn2B3pkuR| ^5BOD4+r]8qĘe2lYG6Ċ$ì_;{3 QidF:#yQNJ4x*qWtqtqt.UF l6j ƒŰQ 8bc2OͷQ\a ELyQ lasE(+mmuxq7jt4"_6+nFԚDrӁ_@<x" ZfOvޗ "§*ցm01U7R-`'AB|-sjImt:|wɈD(J^+3/vȡFo) Q͋D4+ѺyUFmb<6{G-*LyXD:M`[ ٨X Fo&[̯@Pu`;vS"5`[D3QyƴCō̋]VDM3 yGG+ ᦶ6č3lZǚLj/b-j)|H/ gLCT<\^ Æn,` ńGTx=P9c7΋Ws^lBg_wMwAgQk:#MXKGkI^NQaЍl̴˰8oB,N%Q;Oib"J_i:M`[.ȋByXVżb\~9=tɹWozSK9"ʓ.ޏċ}*O,(/[vG1>,܌\ E7?F#bŷw^!(6=K$áuRޱb^s_?u\~>BM x`yRo'Kn}Qw^|Aܥ+OW˽29^Ђ:GEd3\g =B?.h'2~REm4g#A:3xj̰f0tDDg `Sc7M%j"[B[w(z̍la3X~$|X/1 g!QB j5G,z΋(m35V`hYOvpey?GnDw&v^BDw\?iҏܼ˕³1&xJ^t}6E'sGRG`M;C ԑ:Q'JؚLQs$Wv U' ׽wEIerGʐ+DM!J\z}VC!O'&<%WرתFD]yj(Dq=lp{n #:qD"ўXUٖl1D˖,b2h ܧC=Ԧ'}=;t}y~޺u]}wXAiLU%uiU!x|82w[&3;:7HLG$5_5Ύaq3bX\7sf Nq 7JQ N"ī7n+ 9b(Bō<(=EsXP  ɈWno!PAr(DR"Q!(u6I q"%Ź{Ø#48r_1| q$MkDWpoeĢ{ֈ1)GBDjaC(tFŐ\w{!lJB %0yFrp#ā"~^?q%*VTReC8b=D$b/CD~5L'I7on?FJFcl" "DԜqNE蹤VFḘ5һVVxC*$Q-#{ G3{بa #n$O-R=yȽ&.bXc!ₔ!%B\n{xUE֋ m"uF$x6<7H;yQ^GH!"mì Һ MN&bP.IKO%KD2*nrEfPy9ȋ2=6BN7ϒ?a/s;ɠ S[]!NFop.B$^ Em2$n^tFZ^\,H ?E=eG= ףNJTupRʶBt4H;?" $bBOFo ?&_,] OA>iDnLiL3%z!ўNxL(n`ߝp41ѪHՎQtk`gЮ~v+VBDRʤ{dŌ I syLyVBa,jx 䮲+a0Hx _|giɤ.y@[6| { |=6^ ~ijs#nB OݲX(!>Bw)- %TD\,J↙PȋYc XSWaOn ˞?!I8y|a t<.i"yoK&P@܄mhNiwDK{'щˏ߽pLq?}Y]{B* lD<]o!<(+Ou7>v\8ƛN~嗛47I\uߟ¥p#}gput72wY2GM.].{{лhwF c:o=@~pwӧoE^ VaQdlG~"VFuqTb*mZxzhx<6WZ|A~=+'/Q?ڻ"~Z9z龍я}RYkWk2jjtyxUh0Կt]?EsKE˛>'W_+j-IVK[zsg}Z'.3}s/7ᇞЄ.mLD,9Dr!UR4ȵhum7nqntn *isHik[ŏ]G;$ueU|H}a#-O s+ق~Mተ*L=n?_/\JF=o^&YAk?~3r. ?޷?xn9ߠy{G>Vv^G ] ;.jףC۫||ͯDGY:nPn}[ Dˈ(htIENDB`iMDd PZY0  # AbLAxXs꿒oJcL%nLAxXs꿒oJcPNG  IHDR\gAMA|Q pHYs.$.$* LJIDATx$}1:]̊y]T%*`8·>X>%%IUÎ'ܞa?D+b$w |E%*6abkp߾{tLLt ݟ}{D/~8nQ$IUq ZJP >?oJoW K“5w&Gn]_ߐdxb^ P$T}ADF4\<1,g*sU/MRYHZJVi&TjҶFIA>2{ǔ:mLV/5?{߳&kIuzDýߖ6$Kw/g 7ʦ#~x#l=x\}{~-BMIDrMO(>~J.k@T[ lɞ 6kMcvu m&06Tհ۾rt.Ax7֤*~I5EYuq[#6%u*h˨NztBmvٰcm5x7&`~ iZϓMC}ʴс wkMG>A5ݤ3-cNߢr{HVrDYl6_ Mߦv`өzYA6ޥmHlR5dž+C-x>f7@!fl](Т/ku͉I/m[UhKln27;K޴eAʿyyc%ǶlW.]XWT6dWooom>ۖwյummn۞: [2z2m6]]SV'7ȵkD |T;m{lRFmc4N[`ۚئmlꚶI6!bzhW݇!ȍ*Kn#zMXئ"/mAT$y޸q[a\ٴMؠql5}е]jems$owE捹l6 MzA6_qxQTm0\]Ϧ̶c`㒳 mXXצ7h˵AJwl96I5TȘ1n62*K Vߡ-wIyܠN:fbQ!fIx{sIߤZ 3nkPzfM[ۻ ?˷i26L^ų=I-ԛۦM[]q.Uȓ2tV2z 6IF:ٷuīcہ: m)P'a{a}ayұ Wj(= & ]؆6My5knT.^'"1ۚk{86U6N nx{?6m&㗝vɦ6 .p7v70ԋbBz6tl#|ulΫD81- #]KHkltk]Qtw̥Sвm˩mU'M,nw-hEn lKvv!{д%76#ɪX6c޸ Vvht^[]9,6%H"W躴I|`Ң֦lmuƓ;lGco:*bo}RfV_d<><O#]Z]jeJTi1[}k,r,ka3-,# >s/a9 %ȐTϦgM,90|ul/~:tl'{2Χ`;Mc"l' -IʟҚ)cC *#Q2Y`NMxLVvWxڜ 8Kۼyrmd*+CaJ+1emĤ!m% uEm[].Y6Ķ2ǭ22\'߷o+f)H}%[סTuhȅ5ڔ*ϐ n3kۜbRɵՌO@HnG}]{':s( etBŭ{߳5t{ %U],T9G2v[lElD.qk!l: vi6#?' l.g+[2آq+ڨ3[gÅ3VkIsx%A'6b"6R>dVeϱ]ٌ+nh_:hdSt:Ŷ\+zWۮMNm}fFmfkF5f9bIv0}\[gy?2E-ZZfk4+뽾]Sj0&2L!nۅ"tWS5_kcCnN6֫[uذU@)ͪY5CkCښkmFOQ, #Mo6J$X[̡)' {س ,ۊY޷V>`q+gKl+s޷o+ff=<S )_Iw? 3fJR$˽<#w^?'T+ACV|SvЏ"z|E*c$ХٖSIy(.nZ _R)-r R+m0¬nO^#%ig3 RNoӷ[ -0rq`G~[U_~HmZ FWh"Mo_IDT?oѫ"xm'RH{EJk*YMkft0mL]OBR" R&أy,ZSЌDH~ +՟d-Sa6d`;H u&ݣMA?-QѸOz t&*=@kM8M ot!zKN$.s^29E1i6MDd%z@.M/Ӡ[.K.0zFڴ Fldk%Bά!nR[U;"ly-V ٪6,UB`[t{ rق^A2Ev~m99 }Yy.-چ#67n䓋\'΂my2O/MZLz ~.םJ \m~l5[=Mc۾"ll{wSO6ubd6Z> d(l-Z<9涷Mn;4n ocgG%lmqS'q2~g f6ζجٚb"'۱:Y_g. Gd[q[m̶)wK[fu2b[d$n+ؘ+mZ{ZH};"67+)OMu)cmAvs[^%@q|ek0dgIlj'ۀU1fqEM2-`Է&m*-m_>Ŷl"m{2Ki{Z޴lJ\{-Mko`Bl2 \ ۀbVbs]ԅr6le*l߄Gꤦ) 6Rdۚ0㊡L*rݸ% nmW'3aF ( XBMI<)6%6jn6֖G{,idxwk%6e'nJ z(+qu|$XR~}2&bHܲ%4+۸_ľj{-[B;jpmrI%Y..բ<,ߖ! .䌹R [V*DUmoErIԖ!M=i+t˶5]U݉_oV Wds&nc#UX1Fe~6rGnR}}a=DϣR ݑZمHgml%ШlSJu ˳EK:9K539Sm1q ۆ~Rbⶒ6v0nNul6)nb)ͯEۢ@gl#756[kVbm=nwrF6em-Vgk&޷Mez?O:6m*+,eJ7'3eZ'̶Fj1nN7Iu2m/c4ĕ|96XNiSse]'3d 7/nx! ^ڙL*_y↔b3f;I fJ':9cq% E;g4St?(Tz9[.}f8v`gS'sQV'Sھ;-e5~A tm_cll?mf˪e@i%!I%C[TzJϬKVɕUJ\*0zf}@6\ê"Av-\B$=l*u'-cs60LlWg]6+.6|lRڸyܖY.l=[65gpQ$\[f}wؖb;jU͉Ei$}"x3˱AN!n( %p6ڼmt %7K))u2m>0R]Y$fif[ڸ~[߶mV:-ۮm4ʙٴT6'nmfIb6y{+7C#;?[涥䆑 -f:an֞Nwmq'YTT^-MHevk2lgU'[3%!\-ACl) 5aLC)|Z`d7-SmZWINmodwY'粍ko}N.f Z.Ym+D;vlPEϧ]XiY Joc{l ۵ؖT'moˬNeַUnlkl83[~۠73twrkeuw3ڤl}׆g+-_ti+f+5m\{kԯy.r6m4}ej#5m LF`HN*VqKZ`mjvL6,YO!w ;Sȴ=ܾ s2J_McS)a6wLqlJk,O>smGYڐ2k̉$5mO6{u2mA!r Kl끍=%ƭaL3% 0{}$miz`D&m;47ӨZUKmHܒfcD5TE1 qӦʉ7l#˵v^~ݭuf\a؎'8/DZj7td$e7؎zf֭'؂=r6^ĵ:8Or-y,vڤaͳe޲V}ro>Kf`{$m~<ɶSul[-c1:o 6iܲQEپvC{lYt; :v TOō8vlɔwl0Imw^v$=hmғ&iIl?{\򲡴Mpm$UwQwqK<ۅ+/6.\:m)}wJԖtob*[CjOͻcR /}7֚R&GQUyoo9nÞM6-uG`SmLձ:i)s2.KhUQ[O軝7SmX->]O`~N7fM&YN6)aMnc'⧃:ln;ْI7~5fYR&׈zF$6M vڦIeu46^{mns'=>2dCN}gmYooMod6wr䇢kxܜOuv)c[Io\uolմC V'6 .!;N6+~V M#١E؄=--Le9.Y'NlzGL-7v&˓)nqNemؼ#dvur~cӅmSG!3+K޸-s[p\2n"n}7lڄ轸 pn aK7g\bsY[+ȓnܞ̧NR2V%O4aۉoޱd/n'ks6A^' ߆vWF͵5C6յ \^Sl)lo3,wU߈z6*nɴ-ڪWh nFd\mWNf;QcloE>$fVNܺ9`(1n-6sMw*7aՍڰ7i۵)=l*٦'i`:\B6+9}7[3SgdXb앳M٧q7 sߗ`\rZ̆ozζּ{IqC`{lзնq96˱UbM#bcq؆EזsަɮEN܎V6eT񫷳:)b\[,lu|ڎr_ JfooMuoi+TqL%RL{[OQ<ﮏ#:I[&-&6uld}u䒔mej&^8jd cmbl%ilVYmZ$[\d'v{yquh:9)n\:ykw;R蔾;2w{ْDٮ)u2[?9qXm[K5sʓ`k˰{889m:92X۸72%_P1ɾ 噲ݽp\Z7\2 hVIB y뤞6+g<6v+iyl+KheƮX1mb.m U)mmB.t!ڛ{Hg;R]Mm%=w1eKX-T5MKsV=nIoM^ ٽ`f[)H[I[֦m:96TQ-q.)-\RpR)ۊ%+o+qyfi]8LmM-me-e-i%O.VMJYmIf#n{ljIm,Oj[Y+oܬ9d1me[mVvSmUX͓)Ď9_o%V_֚CϦ L\ZZ!9h}, {݌mk]J`BTA5qfOɞJ I%[j n3n.9If*oy`b6nuUܵ3"OBұ4[m^"mckSziNvOFmۻ6}7 0>^e7-vwG̢ym& 4Uֆ2'f9^X.$:]͹U6v] ]ekZmv|͵z۞Yf:T\l! TKbCq?qzfƁcLl Inflco)lCoc;AoyPEö4ngq#6xRv65EYWKt3q M탂m4h>a,mLֵQ{'S!7o4$jU 3rm㴵UðMMi٦o8f/Pz@*63X[wuwc^l3ֱ &ѣɎ3eU@N[fzOm+"ְz} *Q3j+eoӦ /,m\Nk1B rMU O!- b:lE?Rڼ(շ~Nj+f.BInS7V::R2]j4鞉wշ"6VX[OɮX16Nz &MV:ؒYY-mmqNu i#%Q=ulڮFmIƓԡ+_{#4q`k˓V!l-:V.hO\-6nꈭmf[^֍NdM'ۊK#6 EٸX\7/Elr16ˎI&Y/ڊqN:OԢS9G.(?,ml,l&QFmlXP' Ī1d5ŭTq $UG[ڛ9*"j fImhom6p&uRum*LYJ[:3kkeR{Ao{6-nm,nNb gSN*M ي7S!Or[ùC*_6I~Rc~S\BM%u!O -x2n+UN 0抳q{%V)mتBGISc.7ŷAtV\R uN[I\DZua]sUk7[Affg8Mo,^sk[ [ačz nSFJ[9mKJj:>`+vDdV>clEߦي7˷ Jg 6K m>[d>;6uumMclX.~.N6ǭb7`6t6 lW-3YNeⶫoF)NɅOۤii77;]/86ȓq¶7'nBlNPpZ})c{slЭJRy.)j;13nUR?TV[*g:Mjoֽq\ReyI2b)p[ŷ5d7V:YzTd+oTf(~lT6J9mu ިmDq/[fgUJ 9~1_2fM㶶DmjqmIX(.{,ncmE_@[[.][d6%-6n%zhȶNo;ج72Nƭ^֤6ݽNo\ŭȹ?N륳uQW˖KLl7.Oz{H*֌y\[sw[g#JmǭH%A{+>f&7w†7a\޷f -MF[N׿#n٦Kl *ɧۚlq .--qߝ ne5KxPռZE7@*VͻR/*3y%fTNoFw\> lՇqs~oкF{T=[)x[qd`kx6CōC;Mr lA v/|[cspmkG5]=qF}$6mHMmV\.:Q;d+n¥tZ%{ZVMچ卛>,a{sEͻ\끭7'`V6ei}C6*Jӆsf)Lyh}KF6RħG#ٺOߓ^aqoSOؿ},~HPǿ!IOIrzsߺ"- zpJ`^=žT(ݷJ>3+jˎm'Snɇ6;?D{/EX:_嚔_<owlt+VW*ow)tז[z$٧>gG7!̤~wB ?'qaIH-OSL_Q#I8όOJ;GGԙ};pAmgC|CKtd.=uJߐq] 97rs`q.'6m1` g6o_6|nIEqI6l2ɄրEvn-v56 Mؗ'ڶ7n51^X4nHbtգlD omٺ6:bYuuNaq;걶(HkmLjo̕Ɠ͞eݞ7m dv8Xoo*91&O/b> za[x<'3e6ioH]oN{c}@g-U{; nۛ բ[۴[:Fq}@f$,`[I-bB.uaۚX'[ПBeymQ> tmnڜ:*f(ng uE r*]ت%Q- 4b4ɞ6٩9p5bnڼy64jcHW'Z(%܆:@eGí{Ou\}I{뷙iV%ɿMw, UFmfpm=g̥_pm%G䈯{/>>sӿbRM=89ï_zބ'#J^x{w;}Z̋/}c/=Ͻ_Mןĵׯ{:4&$乇=sܙg_: u GF?slD>>?~wTu{ |>g+{Ljhu^RTj5}}ikQo+e)SJ-y+vbT!#c?~D4EANGu3VUÔ~Ժ:;Oϒ Ho$"y {xۖhU\ f|ß1C6 ]BāUyX$M^m Il׊:؇ ;:AW|ξǕ:f*Mॉ* V]lSW6ȚrA; óYl~y\Q2m͒Ү`3*zfM \[űy5jÒʾfL,K֖De}; 6URԦLFכкx6ӳa$֮0ިm[%gu/JfC*ZWoF{P.[ʺ{gZdo}KlͻlKa}]m/f gﶅѮK܇Y⥊J`+7REX%ek] Bӷtl?i4^Tm$j]v_c'lΞ;A(ؙ& V^QUq㣸laTt%8q>Um?`m6~LmkY J߆4?|;ǧdA &mhD6ɋ$4[~j{a*z&[?Aeؠ :Eۼ& .fM%,`C=li lN:D mpD$ۛ\ٞAlrIMo!͂QE֨lC:bk3[7%ܶ&O`dg,y62j;# =ǭ/1MY >Hl˴!lt 9[s[/l>7m=}qJʢm%=~:ZZ[ln8mצCWՍ[_:Mno*K`p.ikQؿ9 na(NkMBca[#7ftʩ-Fyt'lw6'# luEп1Yn[o$n{rM[틂Fmh/lIl[ ܦa\"&%~4O:A.جlfm_ho-f \2Ye~)1O1:⛮aqcIM RUq&wԫ|u#b h/b;Q\U1%!nw1:e6$mtfJmoCeQi;ؼ7:u|?}R^UKF&cnkK+j=:AFjz(tz |ơr42w@$ L-/'|'X%q:Xa+u0"ZÃA-MI9Fˬq;9?!wϷ]֘ġc[rEN7ToWcudoNr(Hot}| +80J³娭raʱzʕ+k7&qo΅.Ó_?ŹlK3 cܼ^ 6RΧZ+g0:|$IϾWMY;=sg*swGIX$G)cv{A:ws1s}/Ix=>#Or7]ۍ*޻Ư>\nx?xQqWu4u_2K,ols2):!I83,zG.^T89g+_:hP蹿G> zT?=; jW=j?8-:S\~Ǘ[mz nT[`wF˹J&qZ3׾vV˺)LUJahu"ֺxȗW֤Wg3}ok ?h;4yɁ c_y X39q-`&9~0^K=Y_\ӝAm 5+ڛN?#0XŮc1˛. k{!Y?ŕ "7X3G xhXn,~Zaa[(`!VؾC.0B$>C²L~L+oytWD~ J)oD^/QpOKQOc%IcuK8k2w5by*h-k-Q}=+ bV%+?'2r=nPkۑg](`j"O&|OZ].HK'܏;4|u9 o1hK>Jb(: pЧԀ2;8P n`הt'S)(tK"'5QkaX;k!ߝR.a1α8v}?_!@|fE89ꋘXH Z`8ٜ҃FZz>kX]x $R %tq-a}P\`l1*Ec(b᥵ŷ*IrKX'vΞ~Kx>޹xx|Q2TFe&oC)5ǃGGw8CdN`||Z*/}`t?#>:}jVihj")=J"FgǟS.B| Xm0 Y`oSz]C^10`A&AXk46$aV`'˛VO V詃\[.%R P)_B,`Dvfnav_8לH݊b}hpl}2dWaUpo$v?0NʕfȝIo'igQM(!g0S~ /$~==vEb"BMHVژ.We  ~k @s|SS5|.Gt\6݅B M}fLOϓ~+Sܯ;}>{ǾG7DpHY7rwKX޾=#<;EW_<ܬ<+sɟ%o5%JYo5vUBXB-|l}plճ'ql{֍4w|)˶ڡk @)!&ً͋g= 9(Yбsb_ $8CVJD)Xcʏ"1rf[9<1-UbIq^k\U }եOM)M4TYq"~EJ1=5Xfyꡊk+A?Nr>$xVbi>e[7$tx " } !W!څg2 }Bk >ɖ>֧[ !a iQ&%G~ jee7asXʃL(b,dR|.gi r5 ڱv6 hX7ŲWB<7Qמ]#߂{E+M/ iVח:n Ot5LaLXl+Db-۲]6jA/=$_fٺbL aLrj[?%:$4"؅ک3?O ]VXB.z j^\ڻi ,Y [kBH5{UlaaB:X_+9N{؀y͟Gu*AJhz dX汪. 35ErmSl1Ћ"-{ۊ%-B k-;1y[UFR& ,("geʳ#lв rֵ 1F,$K6Xز-eRy -ONְK,vZPVvb$-VBRfXĕh`[J|ΫHx AJhfiw!t5; 3gu,fJQ򊢔2 yx%/&7+9IM[zn b+D3` SrmfTssj,*f LJPJa+x,?W%Ͳ !R6*ExWtY`[[ ֤ vU؟;花`ENbYbKҰئ28H R&|i5XX $`Y[EX s{NjN~`.PKlFBJy^ h& +<,ȯRvaޥcAP]oP0Acr\.(p0%lRgPoô jdl9[,,å[79m+L8;)2$'k7^z[ɻSo#GO¾0xj;|j2/T*~\~sSpK~Ul+)pە]ȽPťV M>=:t3W@T |+ыˣѵ?]tE{)ûP. C4ṃVz;-NF1Ss' گDt;yAɉ >9jwqZ SC蓇dV>D$v(Л/i?{tQw^9PݸX!*(XҞX^+b,12\@XrH$%}yk| |nYӦm h齯pe"p~ QBP[R$)-vV0ΰ18C!xME߭.Ƣ.QbTVol2r*oYP4nl}+5a1eS闪Xxlh.a5;3MbQA)}FP)a`QQ:fYPBcU˄X &HG,Bl RŒv};ߖzs:4ȹCxӞi|x=`5=ԝ|ˈ$”#f9]I k $+@Ϸ`XUvͷk;c[K܋. E.eBDM,AXqpcȍ<m;1o֍[8 N6bK=tK X(pi%7V$-5ׅ qw$# V 1V%`dW i,dOAodo[{h졡:1AX\b5O3< ),\ʀlj+n)a+! \ ckΫXra~cƛse.>h a+X FVKJK7a}B <,L VK) vcaɨ,m2Ұ&l&ta8ud $C.],ϫX)XM E\kfUJBc,x0=JȆ V+ʌ+i9%/@~Fkڅl[bA2Pʥ?/'Sg.9%BƅTX|-v`l&rBFXIaeeWHIg3$7crCT PJ.[IF"ՔVJ&+vtߪMu+[ǫGC҅l[;_eDet:m-Lj]2n`U#k9V+&&,ExG mZу:X U_hV.ؖPy)XS5::+SMk&uOЖa‚xc\XZα:[1Q d<F=ל7:GZ`A%B3%qZOږ2jYP÷[_ ,=+ #su eXTOj%2cT_*X bKB^c LJ(Bh[ H,A@/_!.*7'"Tf߅Q4q,:@ZI{)uz>Sǃ;ƊaVLK]7񃯀e{ogG~HRs0Rzx\9H '^*(v +X/P:w|>Ll9^ /$^\@1oܹhK`p&w'hJr;^J$SSSӇAƂ}{vwPc+~Xpnr,\(`[-y%NC*8u5xӅ(r|~{z8n7o|MM}i"W`5x-{Ri:;wUnBCoP_|)x.9ki>O p݁;_rc5*-k!N*/.UYIٖ'zR*%76eAk~}GspjpS5Lk/F;џح-%גɥ(vR`YH ֊ԶRͼEcv}d2y9a*BjR)J݅/2SwŪıEe.aU |kK4cE(,PdI;8lP ^!J$R)4d&X58n`SB1^ ǣhC=z +ӪbɰP&/W5c$ dSjcky OSlK.>&My8U˸Hŗ(ཊҊRD2 XZ",[󐛅| o 81W* Ü˼`yUz9ss%tE;Ŷ01%dU%Xs| a*Rm/RvKpzLmp](AI"%ϔp"ye`[)`?Xɕ>G@J_ ,bHݬUYOږQ;j+p0K%\+H</,~H]֬e,Wċ%a[)VJTIc6%0qzz e "u*!Yy , W㹗Y%}.ִzA ij0Re(Td9(x'8ʎ!Vb!L V:RJǑ)E'+_}@ VQ 9նX氺RlKkb4loXVcqbyFmP&bXPzlkec8: =JlԳ>X5H6ai3 :KQw,$<2f g2Gu|GUe6^߶%)̷V\@oq A,r|`xVj`[2ʴsn[|GCP8/Ŝ& JsK- .g2dHpV?fbĂJDz"g<-z~/FX+tarն XD8F20meݯ^ E*VeEfՓV/V̈x?9͒|K2 j95J2ύt2bMzs)Iq9|)9Itc"%ܓVIGm 1bĒ?VZ&lC׷BeV+r;U;maQ#2!K7 -OXn|.ћX#VoG5qRmaUgܶ:GPc, X c/fׂFQ+e5,jxX]ȎyG K쬋j RKbRS,X9^H-*4钚 ϥ= -2-zLŒ AUOMU|f= ݩa'$eŠ'Yp6 mkQd'ٺX`[5X:20`2.pa XlRwy`X.sӇ''LKPa ٬o,d/*@)tIr8X~ci,K"XfKi R;1[L!Q 􊀃p)\*Xy[`[2b)o1_yX=T!V.a[>m1d/%X7Hj!7X\, %<,,f"f[XoQXJliLKH %UAX9cQl<ŠIٍb+/=ck,)ad/e!,#`ޔCp:1^"sH&̫XlX# HpwqET Q.[yYgv̻5fX`f}&n|_ї^mQNonF%~ȷyuɚ}BiZWG'ę}B(uOw?&,TxX]"]M%^?yiWЖkVj;m9MXʼnOFF B scd|?ձGʄJI 85,@iO69޳XVҼCv,XP&Ļ|Xw<-}-1#kGʄ[9#,O#Xkͨsՙ\obŐdoU'xA$.52'1ٌ["Z {S^I e1La}K,:7 S+Dz#,S?wU 0)qf,('-"Zu޶z3'Ws97ǹʼ4p]Rޔcyu2ml:\U:OxكInMü,O*gcI HaֶlcA8w w(9$d:+枏¼*K,gn ʄt+aa&,$qOtqT$TFf `ڼ.;كKOcMpNJQ$/ȶowebR'hfeŶ2Ҷ 16X.prcԱRDX{/op9a,a +cJai5Z0܃`ln]q}Ň&W:~|jeb$hYiVH"Ru5q ڇXCu`KQng<7&4\:>s^_y 0v#cnJj3iXyµ|^&KpLk;7I|4@c+^==\9U!I_O:}"7tOwݑբ*Ɣ8RldX1*4/-8w.P\juEZ腂,gx]_D*Wb;ҷ>Ow.;m`UIYg+EzJ466.``fjrgr 7ݳfe,4g:²{m1w3b1ƕ\& U_ {+KԱxPVXՊ. EF }QbMXVJh~wcpkUI`TlBaV85KVmkͱ6!kʤ;\J7elR¥ &MFѤ=R䔴VIHֽs82"Wb+.αX,[8B'ɸ P䏭rwA 5X z%p2bQ!Xl<*cʶw&oyQPDIndV;˶E y1y%.s Xsrł?,F uU``ŵeR6x)_DU,BɷXq|pV*VRǚװԔpr c,!XRT-[gbiy?J^,WZe5Tǖ4˄}<9UJjmdtakb) r e6ݢ.4W#>#/sՅ1c]{׆ԝXm^o-`Bpm%E, FЙ4[c%*i4E <-> Ϻ]>G+8[oZZ,D~fЋmsc;==g} F/F|ע߼X4zBHoġ!p%0&IJ$yJ^5AFܡ潋~"X|zu9h|NB#U56fϠ'"?TR4x犯JZ4\Fbxgʑi.Av:3]R< a17rض JbkΓݖ] V}A)Ž_oENxx(  {O3p'npu!c˃b cץ+7 ju, |6Si,zTs 'Rj) -gr՝SL",\% sCr!sBI8 8V`.T&i^Ode,D0-,XeXsUmPs<84a}=#7+HP(qY6=`uk 2,GѰS9^152iݾc m]hPӲBM:*(,-Xغ-1-KRgغF:ow>'Ũci(9{"(,l[׮u#ȹ[c=RGpdZ,hD|\FwmK)<J%ğ6KcuRh`y"{9Ybv9o XJo$GduEX-b)<8h`a!qlMcm X"F3x6.Sl-q]X,ynQw7`D'i-X%BASGXjbc[E]1+@R=i+?CSX1aɀ97嫬R$VV%z-j`X:X^Kj%]IB=YF/< D.Rبkbjwzك6e2 I-9?$b "ὮY]Zh+VUѰ 2c'1Mo{rԸ'/[hpn!p8xZFcюTL4%d:XQU(E^2cػR >H :F[cIj*jSaaHbp^|w:uF<ȯU,aiۉMQBc JiW?cKAxq:uF,Qk.ŸEH^?WQS{239k5Ux-ǻ4̯Yg*0#f6p}+ ,"/4V `[+N{)a&%y_ƺ}(ɝ9]Z; Y_Gp֍ԍB^L2,S<g96i++fi1 e!Ka )4jէ mˈ8Ɗt%DX!VB#'C rh {bRsJ.=zܸS+4~gׇ #,ETNB$۬ ;_EY|,"տ6<ϙ]S * <y9O( kv:C xq9w2),](Z1#Zxʠ8So7b˶XE:#qޑ8sa1+4#u]I<:L)0|>߬]pX^G`:Bnlp/e!ČXsV6OՎ{l"*vb*[wO ,`V!7 JD LQz!aB)a řԱZ,oX LX`uxǯ`c/K\W KC>9Xu,E V2Xwva8 `تHZGIbxg_XX Q6̠['ζ]buw-CfIElI.[ JY8aeSe\ v+OLpb^t4+#,jy߾wH-ȫo$gP[޹701rzO[In%2~&0׾ʡVpW4, ȉ3{ vWh> >#rW)%VzpF }HAM #߹v}Zܶ~3|oyJ7o8t;"c L !Ygzie>p]"7$CmnkkƗZ)]JŴޭ%|20y[z.9)OS#Eata)vxge;F9fѝMFK0KuQ})X|]J m=erȶ ZŖ,B X,6B=*'!T0-saX{_W-g~~)[[xʏ0,+a[FX9L[n4% ٖeՔPK2P0/+X $T} +=0E a-E[o8JDͶ"dUP_(s,XEeNJ^|V 3vbl+c)qI-KJ@@P2qIS {#;֝",e%$TaM JVe]3me뺯KTC^W b -a)hWηcqD ˸݉`U_֨]ȷR D ImV ;_49ֈ5c8x[ @?axfcʪ!KSuJu\ w)X^R OUֶz-u%B,VXe&/n'`"HIFX C^q;;m[]j U[y-Έ5ǖt,sܪLD$5X55-ֶlc-bohk.VK q[F*![-<#V۔yzUUUBrc2X8/.`0:$ږ KϷp0qzLCX,5~;6a2ce=:u&[#Ru,t=s,OoX)v_ť'/1:UX owG0޻[-F[=ony~_UϫqY_<cű(rz*޶6gyf}17R>D4<F.9n'++GL#_e7^ { #w>}q]Xw!ɵJre??s̩W@%ŧ/]T-o]Q(kG6 Pnx\:M&Loʇtٙ>|elK/c|H ,s(a).{wܔmB!"sXXxJ mK;dܔ7p6WG3S^=0!EwPՔZ&$Qe@wvL8S.RkŕSF薫)!+Nqa.o5ȕJ)eu']ߢb[+V>bAClXRV&m YԀo_y{B9RD^U2(a]i<1uaR+d$ږ+[%mL`L'my J{n7Wq-E^& eeeɎWjOH O%koedoԷXz ƒ )7P"E]=ɈRHöS, xk{6FU*mLR%3֓f[1IIV*F'пA} BYm|&ؽ+K`)\ ɯڟ,,n'p%Д 0^ X9L[%[*V%AI%IbVBYŖmcH2T%d +-@˫ޜV";"cILTMu[H-q,) &3X9LXS,sEYV@bXiնȊcYKzNjgc-7vwJE+TM2*Bq&)]:OBaN ʋY[%bRF,照.$&b*V_gG c :](<9ǢEDX9+b:( @]tA͈V#Y%c5qgw˄X\  `H2!bU,27:Z7M1;⪇TvǐK:1e*I2 Ja!iIFWVG?[J_{.yd-Z:ᦄ ح(9Hdaի2 atۺ BJƫX;&n;ݯ/Х?Í5SLzj6SfS;2s_ ^~ܰ7Xhi`x9xql#3ǧ48sH`S~9P?+/W}TRwpq0畎U%ewxף;P8#ҡӳN:Ɲ#d/6AMMzll*9dԍ7z^ Vß]G$O>4pQDf2jo71g*EK24E\Lޮ{QUZ_93*dQdvmY_z 8$ \trou2U,h%cJh*k,b%Tԁe䥱8 + V_b %x+%ztl)X;/uҫEZXC<ӀyRHQ-[αbRK,TBMbzwvY բ.trF,zd[K/^庢YOq`z"Hڸ. J "YO?Q;|KI2R3`y/ %{b9wE9 #,u2 -j,'^5d^,#ϴ2Yb[yN Vўi˶,r*"UF#^-R% iq-MPg ,ec`(!UHѾڢ[a5IUZeX1X$ hJ`1bzR]ݵTf[*lYM.h,[&e5ⴇJWh8#lsCm,rfxX\? <&c,*X1L %{z5b|+窆iz誖(jGna!K, 42L56,*%=&R]^PBKʕ4RQ6%$C [&Ȥzb-+)y5}V[iXl8֎PBݨ JX4%`POY KІ._'? }wz'%|/uK^ ogT懷P}WFOt B1Pzx +\D]ЙHN?84sT8\W,,./%xz$oyf?:|@Lc}OG{S;~˃RnJ 8~v yS>3P'{]i"X sߪ;7ǚBz5X Hw!N26Nz wږUs\¶"6E(fĎ aH5,03HbbՌD))!kR|+z"bTj2A dVJ)ﰖn#m\(`STti„R0e1q0'l˄QXmi?wb4&5yU,ڸ-2%p$#E EhK]RuE}`t[h*TjǏeVB5Ece"ӤccQ VHh)<5,˘ Xe إpy \7*R+!~ J6L9XT%4`΀7W|[%iשމz"j`[JPCӌ pL1(ȇpm*`Kam[ZJc%9sX08ǢB0Vmv3քEҥg/(,+kĊº+![;ʄ,jl7b7vJCK%Diz*C1ѶT+验 +)<`XԙfU-,FkPccѿ7T{,d[6"6a-Ԝ|aՌݲRtq11VKeB% Xw EnN`q&,/9aoM7 e%H|-aG5mma&,ªIksۘ(_hT7g?jX옯%Z`W΢j%-R֥jBMbn9־F:,."Y OPNR K{g6 Xm1ֶrXm w)X;YK mbu!ɠȌ ^ .vX`[.25XS |%e j8Fnm-C- W0%[.y2bUmb-g[V+NcbU$cc,N]#$,>V3 Q+^M2RUSZ>%D%8w*!lk՘oU]!$o/ߔ1`iJ|ar\u\CѾ>bul0fZkS{6bPLkX]h'S`K1iq&cմebe-lG\bi-`~ވ |mm-ck`iAwۥmp"3`ήO-B[4ajƜRЪ3E Q?Pֶjj,ǝbc˪LHcɍ:XDuaMX;G4n9E/3qPtRgiJ@Vp\7.,k4U7p[y*܁ǖ-U,ـE=#Vmr&ӵ".E8tm 5XZev.n"7nRKJ~0큢8vԞJ LSڗBlk{gVB sV KlҤlgPl 4m5ư,ݡ:gd#Cd MK$wE'tѬmU%T8z8H75E+X۲24g1ZȺ1v "vU϶XJ2 73}@h ;OX4mjfT3,va=jgdJ($JWuͶ%??rՠ19,$d糎k] !OcYvE U`l$3E'EdӾ4V[=5xBK$'Oq>=^9ʔoq,s8&J(NnKbۡ֋hBUS^r70hD-m`kkݴq., l y[{ =uK1[e,R%Y}>N2=Xa:F9ʔsX~Ý3 ߁p~#Y8w'~}Jwf9_%%8=i&ޑ_ 쥱7`bԾb[K!CӇ`of|whPxuzr0~0Б6f v9>k{Wv/6*ťb2t$<տ2LJ)?N^W'wW<3>0O!)/WG/MX2W^{֭ 0q2Ȼѧcp2`rremA Ћ'WVM:8Xԧ░L^hi/UVm؜677Aޘ><~x0xzc6OO&}.pa;>zˠC`;%T2؛ vXaEk7:껴6߶KB9$g6'ړܷDž#`)%yĿ**l*߂{&t Zſy֌DQWz C,X$þe6:6#<%64 N*!NÌXzv2Hږa܎]]b)m>Z1gQxj0D}F#ǩkjoLc5h`[)D;\X V.s︹R!Ena˱P brN[/C%vk5JJ{X|2JD8!(_@}+L%na$<|'6B9pk'#cRbRhh.?37 ƀ0G ];BX0Ӄ`,M 9@? t}{{ܟپ F. \!L` n.-P"Ћ^=GƙS=RN0ZFEXoڑdLOܹqa_Wr(<-GJRGkKw—cdrevb3Μ:`@`~+W')k%+ 'I &Sӟ6@OG:v.ކjiZLzU”ZU8(|2pc;v4DeNҚuo~{ZʈC0pSt!tпsWqcZ@U 1&-hԙ^st$im+9bɶZkP-Nv jgU.ɝn^cJمi끇ֽ+וm˄V.n')f SKbGRUoXS Q[Xm[)h`ȷ X͗ )ǫΫt'ԶFX>0|)5<}b6딣X V)q RXޯ:n[ V#ΰiќ:rd[ĥvr۲]C|7kw:,U tFۊaZ6d&,Uy[JhŪo[BU0yuElKdVс9&&,[B"|܉}VPdomm)X~v +gYԍt»eM,lvqh rmbնeJVxvjEb!ұ\-R|ÁqlY,<@90?!U \p@cϢ8wI`j L >? 15od/B|Z|rm_?B``_X_3{ݮaa&%~{$o =/V##KQ$5┐QX̏a>ׅd(^K~dzȡq<>q7Ma{ȰhkяC /ߺ{7 ߜ>~(zQ2;0q_ ߈kx$p_9s..|C0*G[Ns0xҗ*d=`X3P,^ٿb(?NF:Q4.rUXu/To׌ja\`Ӻ{5ҥKT G<7o-~J?x/x®uudp}{!ܸ}ߜRpLpGobuښwV#}Y9ݶfX+/޵m&3YXZpe7.CcmCTl(U5 u[}N.yAۢ vc.I M4na XO% |SCBV0t- fBP0B_ߚ'X +`"mf-thU fVB+,~Jyh}ճf󭮖 M.1 g,, OIF[),ŗ:&e\lv]]+`BX([n`ʎ-P3<'Lhp6mEd-&,CAǛd(΢_ԵYaG$[zdV X<}x-}̩mZtlJheNcvQ^(U8P2Owޘjo;×0`=X#,坪r> rSBm=,l_zXM&p}VE Kk3A6ؖ"0<}5ŶEMkcIN+덐bF2]B2eX XjiLe,b[* aŠܶ I-$c:o[ +J3n҈}Xkjq%RI[e$cNnVRo:Ƣ0u;l XN,l+b[eaElw޶[%O^_k[5U T[ j-ǪY9ږXl]-c*b[E.>\G.JA{\9ń5̢O\*'yŸ[7o~ڌ ,AP~j@$7eEJNm+nuܾ>z4h k7@09<\l[i?B>>p9u^xjrge%]iyTa3%;+W.[ L#_,BgpX`Pe]Xkaھ}[JrP8npwEWH;౿G" r5XOq؀{zYsa ^+Iʝ[UhZRTpZRw\J$I ȜCA(c3}1号˩VoRrSBȌY\}N3@<1Xͺ^c]I?q(ֹOfl} Җa3~,os K)r]ݧ^qiz:6o +ȩ[',4GXvX75x%$oh?b+GDb&By2)-O j^υF,\xXjA? +Z@XqWcRDz:s}Kcܿ'n@yo}pV*Y,)ؚ0ϱR1(kUX KP(X!qB%Dl(+=eR:2W+5\jEE춆Xy.-GD =g1u$o$Aj/,L\8泡}ra:q 8Ga$CvsP} uX^^>y„uYig&ww 퓠4w%g B?_}$}J&pi4]z#*}1Li'K ,inHPbgoTgOu8Kz9#,qu|9,Aqcp5D Y;,w#t) Auc,7Fh MX7X7nhu1< W$Xa&[Bh*FΛ iqbX9U aOCt,AM2bIXk!ѱo3e֪r,|<_p>FdD:f XL+K2 J jJSNX!/} 1SqYuJ j_1Q4`lz m($!EVSG2 8Pla ?W.,daM?vׅ*hP{lt;}Tblj]p^l_Vkֺo7u. +GWn 򏃽IЧXWbwphp1v "M><7/W$rDsg~v%zν;Tz8c~NY }JX%av`s ~ (^e4$=Vp^mwX ,U/煗E?%!6=,ymAz=4ܑx$Ds`C|WtA鐥kx/ڻ rw4\4灑_'Z7_^ZOɾ'ҡ9X>TZbvdn6nƿEɳ/S,9}2:⣭ˉS쯯gCַva;& sN~9%N1.7!|ąHtr΃?s 4Ag)U{Ú ~zI/5Ht}JWss =)3/@.J?66- [sR]ok3 꽆l ^nwXޝ* c#$@jb,?jjД=œ߀1Y";W/3(ƹNJ#[okRM?y/AU.ϨCw +}Kcfd^e"\$A }EV2[nB~Ѐ _צ V`Acj=ኘSXSmzFj ml[u^5V=b4Be;է}^*׾%G1>* pR[~]5 XS_`=c` zi{jc0T<՟5;TWP "lś63Jb5=Y^rnj(ށq`<)]]4:zu"EOLL)3=IENDB`@Dd PZZ0  # Ab1@mE}l wh$.Ǟ @qn@mE}l wh$.ǞPNG  IHDR\gAMA|Q pHYs.$.$* ?IDATx}pxj3x\i?7^;n?*lB >m7fF1ET?$$h8LAQs[Gr߿z|/>^K_! _%MZw>#{NNO,wWkN+qk]np_yOϿ ?|5|٪mˑ\~N2-^tx<Ꙏ_綮r?jecaE;][!pWn/;idi#WtoeR>:_b '˹~o<s91bfG'M_9K7>F'zCmkRښlzrP . I dmY=vm-on[|Qlfu̿*`Mo3]<6N{Kݒ\ӥ>bsAE~qA}l ^}Cn춉{dTN4$?ͱ3X"[+T"Ol-kakdήU(K3J8aj/V@]<0k-3m$cvۥE`WM`82m P܅ϊܶۦs6c*uubCܖ0R)3".wN16PMͱݣ6Ɍۖ8Tn6eptE7E}7=vm@P6b<`m_6PwHGVPy97cSn:8b# #j:@lGU[m,dHOڷӆm$qY6dHK/yozMr%9Wh8bu6K HW'!Vxū-뷨MI]bprsɴȰ2mϵ;Fs"6M ݆mq p{n5Aن,6U#֦ ]Ͱx?-*wI7hdI@l;H䕜q+_Ǭ͊hD"bmE ۳Be7;!L:'6ӨBIS 9ģ7'[#Fan_To`y'o[Dy6Ӻ|6`P OQ;W}ԱuA~[mYwY`k@;qabk%V>iUD6PN\زؚܾ5!PN6'tL^Bz-}N_qmS:P1l3ZVflp˻ZՓ"@4ns}r o >6s}nd^_}跭Q1SRbF_B{km#amӥ /mAq[Ddl'96Hlz_>}ݴaeYU}Llr{жl[-<3me}Qu!p2޷Rm_|<=~anu^^gxr+1fc6tw\o13e,S;~1ŭo[mnaJ? ߵ]޶&R|=+?7tfDsz`L_/ȡT7~/_g:i{_&:Zپy ` iƕ8A|Zx~}'lYiE:[LoyrH}ҿV^75G߉]o;\JZ_侲O4GoF9}FqpгpCdږ='t^nfVT6m̷ x#|qS,S{# ++-ӎe\ͯʶq"ۖUڷ~ئ]U@(c?V'l0۶"R;gYIKy_e*7WJ\_u-66B|+oyY]yS39 8.6օm<ܖ{/|uIVc+*|Q2hv(ئ[~ͱ/'J.?nز$hĭ]M~m߶\+`FmB%N6 h6 ϓE|g_Njd+^#6^J)۾T۠J[dsm(*O63fqr[D۷~U<)c;/2`z O\{=lF:[O]rl-m#ۦqiigX`mӽM0@^ M4^~-JĶF<6 "03cśf#Qǁ msmZC[DXYFm4]+mŴgL_/dmؤdi'-c絉umyҸl|R6])zљ]LUOSu5Mum8 6Nl~PT:I~|@*nfK"iIo[@naP+ݿmdM A;)rlȲAq׀$dۦ@bhvXq% lج$Mǽo6 dg̺OdY wI_yn<)bo3)ďqÂ'XĪlm8g%KM{JՌ#Oҧ,m ,Z3pb^$ۜ~&'ϵ,MY|Bln'iKHi#KFm@Dݣ-2n@Z-ӠZ mBvpy |ٰ-)j1m:sb|mm@/H&֐cӞIyc@AfIhdbzұ=ͨuc0af4`Mv{vR?\5MMFDMfĶGmơt+~CQz>` *lbmO Kp_2{mHN&DIoViGݯ6smj{hK9 mUi:ۅoپhCWmle۲m:6?y\'o˛V_[TuW4Vu kc l ڶ'+K%z'k*h۵OhU,qKyT[Aۮ]]raK<>4v}eXmd[ɂlfyҰqm߯ m+n*omVvۭŭ ۫.-59n ۅ͝ʬKc;e%&71OVm+3OVm[A܎l5&Vж㺩mPqUԓq-_TvuIEK^6ϕۤl؏nTvk{KUمml ڤl/g)V1*VaV]3eڤjmBl?(jUe&]/_RuܨmruImTq6~ [긕llRmPޚk0hM#+9nrܣ!&=ң<[MMtjb+0Of+*n3mUՓ}*(nڣD= 64nMoMdVJl5i.ۅͱU3paKoL5,O&nutV3$Oj$M\C6]8 m=Y[qmZɓ$5-olú-YyKdNVhd/^Ժdw5 plp mO-BvQ"z%kbέ_&Omm?NǝZ؎tN(g˱b!OƖ7PgK1T`[`!O&ʟ(QiJZs˜۟I&f WmSSےm\}]5i<&sDm'Eԓx\V[l[1JlXػ~%Uܩȸ Ud[My+v'_–?Ӗ(n-\:LDؾR_[L1-~Ǝزo mGX$,:~[Eyj+oic==ݔdSV`?'kߒَ\]+W7K\ck=5%mʇVVˊ[qKf%zIh]RMK2߾Y-̆ l.7nq6zwi al4?V=6 6)l|:Qg?-tmC`yD[dymmlv"lO)6mBFlChX-F|N!6clntK`xn>[ol&%yڢd O \s\mP-8Y8o!-4nq^i6XCӶTc3؜ӭd鶯l9M^ap6;0[ħ0myӬq$cA16)dQ@'3pdx'n#6S"cKJ%+oYlR luoD[yq.;#1F(Wk$6 [$Ut7PmMw)q6lq8Wb,)}Y/[ Jag;ʴ) 6Afڢ9kӢmr6-fRV]2Jt6.)!n.[7dIdxG\hsJLnfO"ꒌqKm?*,o1rf/)a#FyimB %p俬B)֓SX@H(#/./"K<)]!\6g6c,Ԗ%ߟX<$<"m62}~iq"[X! ٮupv[XmȧsMDl^۲wbl3_Db~p73LȔGK$Ҧj'瞫blEIl2D.ٶ{g[ `0O"lANI/a#ߛf [؉6:F7Mp[cm ͻA19m445;s7lsc c X>6O)]@\a6}s'^r,(+m߁'9lrﷹch-&!\ }6OVcjۭmI9lQdq y;9ڂ.$([6{̼l3~E-eb4Es8_/ 9b맴ykm<3NmwMw6b~Ɩ46cL\,φIt>+&ɨ{8^ ?3}3.`Pآ'%T$f-|j (nB$5U8S- n)/ږm2TW}{aǭ([k|JxCEy`eq }spȸEڂ{ Ix mO-{,m󜀫T}-Was\+#U`M&j/xPs۩jGG٘mҺy@knWRL$ϓ EMa7&O<]-"n-ĦӾ}ېIlsqx[kWeә!ʓɱ=`{g~6'+S1 S[k@ek }w?ʴ|blIUp㖡u`[q/Q6tqS˰-ްlFQ6;QE- ַAN|m}A]u0h/h[b[`3l,}!qy >2bٴK5@ !kn7ghԤ,3IFSrMYAZ4P[tVb< fh+6n8&,C۰=~imwî{ѿn4:=1CN<d=Ѵp[t=i[ x)AbqhSm4Ni{QFR\mܻ)F%$φf9zr}9pٲH Q'rD J͵(;DWܲ"cyAI7-{&Q#-$g~?KY= Akg?3ͦbl޸%Kt-ꑶвǜ7ͥBPg"%6)M-Hs/ anSň7#lH[kc9lQ=n6Uy+-1 -ZT6^[k'!Afq}ysE+rewvgs7wfvz'ňG3"lqC+ɓE4-@*;LJx;jH[/}݂xmJva{PXl6smSHMlQ5exI [JOm[D^?0Ҽ󽦰-Vc 90٢'kB0bj/|=B h^5ux%)d-8pKX6!|5_g"(n12>S-°Jsam9ih3hղl~;I S͗&ϐRcNXݐ<IװYWb'Hx [rJE{ )f̑{sG6 w`i=؅JK$0"ٻ4 -\pHrާ |NU'aL[Yo8ڧ&!u7,'{{4w^":<6 ILLbR٤PۯR`[/M֓|¸)τlm;ŜmtIiY='*iLm,ls Բw%ok].Jw=rFԶi RmvOVX6|U`m9slV)(na6z6)M 4[r=7ǽ6dDĴ5 ip{KVfͶ!ho? c[aeY)v /+&Zz-o6nQR$]:{7F{` Eʌ[9pE66ONoʹ)[2mb c)fD̥u!h<=nq3loc3(,r)1`K$OvfR)9,v{jK2M (zSQvͨ ThdSlm;;`2ؒ,O=DŦMJo򶆶!æ+Cj&%mì6wyl*?UmjMucx5V2Oق)oy6 ;ޟږ'A6W܀ϫ,vd {Z(Kނ'oh2gzoۙuyF(鳹r)Ay+=t҅5YM?{ʼm#IrF9%Vw~qClUZ';?-i|66+˂l>/-95]HBٿD3O6ަrz*Vm抛Z6Vu#v7 ięW%9 f$]9plUm;)ˆAmIlk&> 5Li^ۤ5MVw6/ڰtpd^tig}QP9wpq- Hh gND%7=sB3 f&u2qB[,/yҵ|s-4y Aw`"'eeHW BTO ~c֖eia}l;!l-ogwD''S?)[7g+'O,[06FTA$%kN 3æ2?ҧ-qt2X[T V>> (} IX[{R'opcm67+_se@^俁>ֿ?L ?Ahg>|!dʒٲ1Ŧ+n.vi w/q|/pO3V$<> [c tȞ\D>{yxJ:o'g dq;}oʥn/ v8nw|+Q$K-~~d3sէnung;v~w 's{𫯌zWNmcNй/`w^3sŤ z&7^QS?|~C;6ۦs" !NpnD)>c/4g:GGP DziրclL>Zt.cN&ѡ-f`1 ֲ?aY&3yrMtUjmQ}}:A;\st G::x*TAW <U\)w=lsƆy9?-ƆYm6Nk͐Mj탛NpӹfsTzu@DZqn2is]qŬJlvI؜Q 06]Bf˱sH3/ؔa[/6ڰNvADy l]}}.os~⸅dm:dC;>\R"xٹMwf"0}eq(jwCf#qs>?~j?cy|SO"Trf(*9vGdlNe#رqcÃ[CN>"lMmu콛*;9;ξ!wܜWE~].86_2Q<9:dlڮ:qeҖ6-6#&8;Jj{GfiLe{$~Yhc no޴B3eC)cl.M&cc'!S&+mӯonH^exmBt&'H=)86.1qSZ+'^wD4,6fZ3Od>B7@2es^vKlsYn&Mb7oy?$&ڹ͕'1f^v=&m9b@ȳ60w̻>plecFiy1ycɳe&hMtU8Il6?9ӹ}9+n#,Sl=W\6& I[mQyrژG2HqsX+bژ2!g?TmN] l*;}697M)%5lGԨSq}D8hP,ڄ/mN o̸9㓤b6L9'ꢸ]7&f6i3uMs'64cKNk!c6O} )L !op3hf;5[J[IP&ij']O,lk|4*86!q{ {mT:`M9AwT05ڦ%pimi NM՟ld6$6;-ۂ֦m7iTĵaN [aoHۭmomeq ̆uԢ a#?b;B;xް~M̦s-9Fzȶj1YJXcow>[ڶpUڎ֓LǩM5HHyvm6V 6;nadm:HGlܶFvn،涉Zfmc3.*@-q@mpDꒉ6 bl*_7*m ۮݾQz۴ Gj=6eScw_[7zʻi3 Pvն6>Oy3ƕxsÆcC ]lElPrIܖmV[v1ڷ1sczslzvEMh{;dv`l\[mH%pd܃Xųi۵m|E/90m@'ؖ\ #Qm+mڟl/ǹ~ *i#cyZڭÓq[vdT$68wLjٸ1Vq. dG&鍑zB׷ı&uR-e-m6d'}C莛9>Ӧxֵl:P~cK)<ի/0ߐ]D3] -p]9**oAQ5\QmM/uGfŸV9ɓIkW-Ȫ ;/<8W>Om*cuo:Ov8}wg˝ڗz%h7߆wA{ort[\j-=ٽ+| ka+2Auo^R8,߽cȝĥOicW{wH܍K~ؚWlTXӟ_3VnQ[#?L/qJ>UٖI'G8d_T~C3ݦνZOsCNj7KY_F62k$ _" 0j6 `4 df8FLӣӧ+WW}k^G v(`NόPG5pG΃TKg7UȮl)zPԍrgEV^4dûSK%U[}gG\(9Z1 Y߻#A΍ڏD.Maݗ4%%+2+ ]ɠ|Y$ս@0sx]=lw+-dBDBs9+b#⚇Wi/DOFXGx? +F S];8%]ë0 ( Ph]IëKlf= <,~ѓK,[Q7dU誟Ao9&9x<=JPm sɀ%x,nSWd/ zjQ̂WЫDn˃ >=!`iVa9p1{nB5@I7dd(ڤr FD2_~Єl=(^(!K-/ʕXCtUQhLd%O3L d&(Ȱ6 T2QѨi,;i CtWda8(ZMd^% vA4fAZHEho>&ӵ'Xp9J7Ai?_aA"z"J5 4\\$w (D,d_d$-gyMI8x)r+8Ix-V}l^?Zo#N삒At@=R >ɾ6芖/!dX]"F(YI0vE)#]Ef8Cpp:m+f)ZRPgBL-gUR^du vF !CKtSFD+ZjM̎-6vKvMBG*h#1`mL YT"Ͱ;OsFuu"\Ad"~OOuR%11Q [ {D ϢPF!jք hCl! dl\bwK-64^^ (|3 {/LR8637&[N,ldxv\z^yQ7"i\+ ߨic[ņ'm^ 0 gY^`t0YiBhp+4Xq *c6A^0`M3\K B~2 ARTUOXP,%Athstny`஽UK.pKsͲr@V[[ni,*o\'w?:ϻ$P߰1})@U9\}ғ.68hOfژ Ͽ@>5;VoLKRVml>mU'S1CIj]!|2^Ȅ*.29TxxW2iJ>sƓ|d]gtӯ<ugr!DdIX*bvf2~̱mS8T=U2ܦ|Q&<"_ɪh+j7&9ᡝ7` SeS߸ w MLQ3P[%j]G`Q_63xHE20d=9]d ~\ku?38dhxLdAY碜>eŏd'F&d^ ,@6 sIlw>ӓl}3F7s! jt$4IvÕs̥;[ۓsVv[|9IdBaЧ w̌o*YK2ܦ#ɣdxoC'URB&%;YhsLG~v#&SW)2~dzlJԌxd3ff; (UDv<>[M>g'G.ndqj>C9)2 Y=lzd;ipnj;F\{YaY=ߥZfѱ6;.#Pq8icnU.V+ݹs& d(*L#)D|%FD| joK+ژ(Gr:@>i%'$[~}BόdHvL12X!KI8uA6>v;#K 衈g>ghA9؍B6k~ȏlρjmp~d7;%QݦuJ6[3C-qdی2d77`!ڸ"Jܡ|} VLM1kC6/L Ưn2UF#ϕ>t1$ q3r}(!9=JZk}&d[O_(o B$˓#Kt+oVNd5m#dG&mǘġ__"A$\{p +q0ɵgݠ9%IKq-SGڸމL&ǽ+!3fkЂc7w}d!k5enK5&F\$/|v[׿~j7 2!"lGqnA+d=#S؂l"t ?jGVŘm\!XDl9?W8 aYl2q{> ,Y8=,yd6+=VyZd2Y'Q*`g^6/ٺe0Ou,$gllK{NSF"C2H~%e C.>-Ʃv#%#i6Eҧ}&<Y}U?d[bagfkLH,?}Y.6d dFf X9░e|v*BEZleȘN˔,d;BozO܂X %ao63:Nݎ,{=7نmQ}^\vd;icU旌Sc2If3,i![Yu's;d+ ӯxhc~v^2woń/3rf0;j7cT+dj7%HsrFf/ %Qq%<&;`"d c3N&;qCʯl +aB'll$Ӷ<))Arr8 bk>CU2C r*j@V)NY0my:ni\!ǎ@(#diȎF,>{z wZEAh}>` ߞcD#ρD)ɠ|k_~AAvieb׌hW#ԎBO/@Iy} 7 dkuE:F Z,b` 1A vԺoUuk MCIY5U,. Tټ"f8^ևUm;Ր[2loM-ciF> d% Igh#@',9Xd'p= $6Y Ֆ," cN4{=,6Un 9Տ *3U~Hv9flc4ڈ\mUf/Z:ua/sw@&G\f'PP]N ?k2HG,'o zYـe #i֧{Px$]V/N<M<1ĤHw#OR<"lG,?d^ȃQyiH3AdX6#m$s,!8d+p}@ϖu((TriNYT#K LDG: 诡LvJq+@&9NŮU2knQ[oF''D{nI{@TXdE6ee ˨ndu1~dlt,2tE溇Mb-QN$i3Șȭ{Q3)F-dci62>n9NKvb7N+^v9mLR(Qe^CYֶ}f%ӵϪalJv+r|x(d+d.@j- $LӈLhJF,[N3X'G$;AQ&+c2W>;)i*|'"62rdS;_#K͸Pv erׯ,93Yk dj\%3XFF ~V&:!Tp\^ɏ\YV@vdq*AD>{@')ȶ'FvRƇ> dȒo_ ~Y'wljjڟ̝Oؿ6BYzkݐ%[N$ۖ+Lq(biy&cgD@R"e7*q>ۉLHJs\AoB8&SBAwX,f2Uf~}ugJ YE 5|v`2%JY+t#qn2s>;3ŕ|6jd[ȖTY7;80mQVJff@=H20GNvIn7f,_U9Q,jek${H{'} I,Yj8Nf9ڭ}W'2kb9XMd7ig.dKj`mGsY+l nVl|ׇLI:#%d)w"aIy}F&v]eֆ̱ߙl̘U6di[!G!+O*+T{ ih>Бr(kƌf.dcMNe2pi)&,܅!*#ɔ|:%s2ّ,]V zکUr?ߨV= 83gLd)@n=6,;qGMu?肌ZV;Jw%٪ҴFfu1"4U#W/kfhLniVvḵOd3&\3~NPdd8_O9gL[U(Yu:xlΔ uJdR)U AݨʖIR+yVTb{,12մJ)d dedۤ2xD2wDZUH)4;.i3 諼'kNA\kf2Ŵ|d@ 8`nUh/N2UndVdK"3ᄎ) rFϔZ$ʕ*Y5}Q8厸 VB2Nx'ֶ1j 0bp=v()ֲj763%Inhx$}YҜiޕ婖U28NlC?j'dQq)ȝG?S4(Aol,Y mH-N,zFWjS Nl"䳓& 2[ߥL!:;զ)dJYC-.'oɆv"SmuMdݸu빹y@6Lٴk2nUpgCʀf\ )xpF ;3#Ӗ J$]Gy(+.azLg,-5GMmO9u0N}HƩGvOCJv#E\  X9d Lqt,}W"v#}NHdWٝBnj,R=٨niV)YBTZ!#dǔ}& ڈ_;f?2!J16.4a#Ǘ%idXk>yO hl2̀7خ =Cl2Vf2eNwAJCfA4#fܺJ9b,#CҒ|rVR 2C2ouEɔkc8wdfdBf^5(:YLR;Iݱ3D#h> q2lZ-8vcNAh)7,ZE 噅&kl(ۍ%p>60-#K4 +XGV_<$]/DDa#%d:|KiIw}JJ[2# +pLTY|lr>㳬Lv+Ȃ dg&d0<. GrI> sF&II&r>+*7'B+nRyC1&Г!l Nl@,-\q=&ֻ!t#Sgdqa˞5jD|X!Ev^+A4b"?L&y3ݨ&d˦4+~elS}F/f@S4-3Db$l~@2RFV>;鎌dP&Ksq|b'gQ+Bb{ּdz#4$dQ0dWOv~#8W(Y#UhB?lznT'[)dNre>s @s#[#4;Y2͊ s=v!Y #[ꮟ"nd+f/~#3uRf[2roYF廴&coNTR‰@ PqmfuHq{$JϾR g@˓+R'}AXSt[%J%QXog&m,+ q)Q[}Zw u-2ٍ߄_ԏ=@LN*؍Ln2!-OL6a3ΔLRYU_xPs>KZ='sd|6 T'kF]Y˝,ғgf2Ud 5mf2]l/&,+CdCsg7G]]v [2 _@-$2ؑ,jxΔ%BŖ0rjfLq>KZQmԑlfFfqdkN&ۍc 1(BNג\ﶡ`(dK}ӻ0FUqi ÕD6;,;Sƕ"Ҽ+1m2cMR[ڑA3' T 4,'@fb{'YF4KɎ$dQC i&-(Sy0daڗ[lgVFmL!!H~nyx À5UlL}]p 'tٱ= Y%4q1aʔ2~[2vrldԑqALLd+;Glto3( ##agDWs4ӑL6f7zLYVӌU]Xz(vݸ6׬tW%Ϫm&q\WZȊdϟTEJkgnJf6lFj>ll+Տ-@!q_HMS,{?i8" lj8|R!S+Z&Yri ?qrsK!qd) ld?kQ}-SJ0*C?ܲ < ʕ y-;-OfimC$૶JDok~}[ш>Moڒtq6Vٗگ?3 rwGc}ձJUjr%i~^6.md&EhGHz^6Gۉ,h"d"I j4[FeLihTHWqg!~6ZJnL|7h>ۉ Yw93UftT7('o,嬎Lg“9@׺#Ò22Ob&rom:8''f#{ ֡ IZpl2:s֝OCFV?gWP =unֹL'SDgSNudMsdY9؍25YFgQgNɐL&F؃A7 x-O,^'t㻛*66ڍ%r %Nm-D\gsZJG3Fai47%w<{[>IDMlk2X{}X.D"[}V%}RE|yb|rnI˷pMd#odLAf3E뜌jVB!cRA|N?2sք AmՔ|5#Fe>K6j D.kZr'KD\PvK6lSd!%Kn%[׷`2/BeFU? dJWgMz`j\kRaTҬF6Y}F #N|i3!6,8I=Zȶ{$z֗fYe̻S2۾MZG-7P%.+5}dkJSVI3u,l~НTۊ,68paXRR)&j̈hߏ͛y%fFm"/ dNݪտY%k;?DeC1%7k׻s9Ds,@|'KkJ&2J& PuWA gA|P@F<=GBKRS, ژю^&^JӘTgAO}Z<"A?jɄ3NvڸdN[ P.1[q9%u4)Z-Qt_d!u+WBڄ,UV@P$Ӿ>}I(nN, Fk^%#jl5@kI>ZUF l#%5L$Ld`_i6&<ɲIZ#d~l]4\ս-LC6vުdoJ۟@,Bo˼WɊSh 26a}x6qP, ViiɐSLFK2VC7)YQ h[zx/XDʋL>_Wb!0.,d+]i\̓Tn^ u4U[~+ǥ3N dzփM!! Y^YAnٽp2"?U',dmkTN^b%i6\eM3e7dFilm%#&llFnPUGQSkZɀgrnUWɸ9XbL.wn K(هuE3ɔ.eDdR슒]&5k̋LRgd{FB6\$-d;N[)j,͒DQ-{AdӲ@ךL}JwS#:0[vYɔ ZcmZ|յUZB:!khuVq-+,萬if%S ;D@m,DqEVkz[ EEv'3mqg;z2utcɸv4>jd ǀŎԜdp2uODRPyW=1|G2[L?F2s V2+Ȫ ݈ YĦdV2ucP# A)$OCjga1)}jdn.3ΔhrRZ$fnTe'g^Uɔxۙ~RGAf)Af_K@O} $9in-ԯgՆ=~If3\IEk4 Z)8ѥ}fyȆ&/Ih>hgqxzBہNFJ}Md#{-s=~-IM_d H\ F'~=!S>P\1iU0tR%PW/y1{^O¦Q6}w&8P&@/*utIjԏ]8Q4~Fx(373 Y+Tp> 1ao'@"[w$kd& w̨6~Xn2~yM81sa; Q(4t ͆uP;ȵEߜ(@ԋ؆}!u`^m$ɯip9ϖ#Ub5~ű|L顩dQ R85ͷi,X>[wm5d=-Վ~N~rth{}L?s܊ _sblxޗ0FLm'F$=Gbf9TĊ ъnG>Yt+!kcײJD֪P Xo-&0t!Ӗa"mȰht6. j[l_y$S2ɦ$4%wCS)YEh%ŚٖWj" =ւu7 K冨dBUdErCIFZLj6҉6 !LAڍ`Iw.KVd8{7Q64 codVБ-ùэ2H6?l~#^Ja34JƢf>?g)y`!$&Op yx\p1(|Kjc BDS#{jc/AO#~9j#.uYyNYiyTplj~?!ʿf9֐Yf.!gؽ*Z=M;♋]6EW.}t=iW>3 ^;?q_AVd>EtJTF% ldѮdi\%.8 2'2" zS'N*YHF{L3FFd =dDq81RU4Ws!+dROf{ Gp, dZ7RSlV6 k'ғ!Y"r],g#C7 Y3ΕR֍ dwTH'b)ERoDFYu>ُh|AFoR*Ze>df#A QrG,R*=5dW ɺeҒ%9hd%+2 dH.' q=čfk=؟CaSXub7dPGVv|R&p!+7 vg\_0鷉\~|J0V;UDlFVE6dFh:ϑK0Ә3F -bk)cˬ:VV9_r2f)!nF`2J .XJv'oF2)f's2/Atdq$](%x:,Rd'nY-^3I4ɍ ]gE "k)w4tOUoCdfJV5 \}`RеsߵNB:bl7Zl>o2s[2 6}6~Jۍ5HiT-Zljd CJji%cYlA#u.Vv|Ug3@e!J󌲊@obOǤFw[0.]Hb W҇5eނH>uhQms%I2FJ}ы(!jǥ59RrT!Kc6.\U4 2jrZ˴Z4ddkjZZY3\KG) q K)Qla %4ddDNIg FK]4ktl};tY #k*#ey_*d ͸4uKJг:dBĞ(W"FԏsoAb#뻒lF~7o%ON8BmXlψ6*#KxL!g,/XkMb@g2d0fn ZĘh؍.c:9\/U%2f.{&%1?$RQUsQxu2(v:'JDg~ #zѓ>$?@=4e>T];S"ҭyf#U5bxNp榙 ѝdZ?]xH@KFKٹG&:5t&U(z "rdOKIАN,ZH>nE;X= Vy#CPK =2boG4B*ֽippegx=j4?c! Iio"ͥeg#,큓K 9B%Xi?NF\0JIF+. 5u냩 dKN4:!k-˽#2p O#-@]lͪjyHNE@+賠aXB"TBͥsN}ƣv*%ҐJ@3mJr6d2jnRG2(>' udꮉ d c D#~XnNnBJ`͠+㓻Fc#Lf餬me/j8tdsb=X_Y1u5p#:I-Ϥً~_w4dl }9$Fݑ)X8[ˊIhg B9ncAߴv;B, Ad.+~l'[c M cjv -WADDJvnqvYm+}.{,25>}PA&7JOUyٍ.~gsgsY؍jSQ!AKgJÍ̺CL&h32_4 G2eo ; !d7dgY떓lmFdPFNl47d^;Fi~} ګ}Rb?d%~˧5X4?oRЁEv5y=r`ѷ]w:(dPw;0)6v#{r$kڙC+WfO*ژ3XK>C֕BF<M5G 4{kc85>$;UPJl Zٍ^>h܋?=&M{n"kw Ƭ.3h&)>3?- ;PAs>ګ=1i\E%(;SB\ˎK=7 f.Eoʪ F0DUzlg>%m&޶'(Ȏ:?Q766i-'͢cq_b'˵LɈ;bGCc R,t;x:d. 3Xg9<FY=7Q:VSref$kYwZ5}:8Kʺ*h XzJ{c[>k`HQ-v#iك aFņDU ;7aE:.ڸߕu](iȔ+'$Md/)SsJVtdyC!h=P fq(?fr=:aNc鵝h@9s *Js wLA:IKﴳHVB=܍l&drn4YD"Fޱgj<hjFKU2G%oy(;vWrGb~*F(d|DҲ` kiޕS|F[ Y6'C3[ΚўA$Nuwf]7d_5~,!H2DlIpt,k\{:+!^ ؑkˈٺRd#-F!!MepIJ׽+>J9SHSvIڨe5K>λhB re fa9,_pG,q#fbf"ZdDi^.aBҏ^ WLmI$"eHF IHoh0dF'm;&c&$!qHB熲dū?0L;c+$Kwr_!5Pۿ[Ǔ1jd@td=O\5ٟ$:ÕXM|e#!)Ԙ'8~#n民%s=ř oYVt_*D565dg_/eW;$ ?WyL775yo[2i;-i|x@5,8v vK1\'L+A\Tk\Cl3d>' ,g"`YǭNSgi9χu/@S(WaB ir>sXj2SbE=>A6?_D,/dhޗث?OΗ\#KK/?;wᔾass1'˱%6]MЯa q"嫷/{{pwz2UٟC ?qʿނRwwkpz3WwQa3pR~G4b&kL3z4{?:󈵊_#[l.6;vl9U"X{|P/b""&L4AdY;2jcOyVo?sEq N1ɔ (8,/>۸Z]5r]ݢ·E/b(VK9Kּ.ywf4qspM5XS`N^?8Nn^dP;͉ 7ktΘ Kt it#f{Y!$mj x i9d *ȞP{LE`Mi00ȆVV4&)ً3ӏ=CsГΟ<ϘEA҂l\c9.& `D# rI5\za]>d?YAֻ鰙OOF5} J%KYd7 Z-MY Eioc c.gdW~4fFKxq( ]B 2VDYpUёq]ŀ5/83yPyq4Z?]<"hY=1d#Nv%!fH 2nÒYD:o%8?,c>>8镛p4(٤ KW8}6l+X:`md^O&)'c/.dF(%)Os5U'=ӂ,vJtޟ+%Ko*֐"eIdVpȆZBYvA +b3'4& m#i蕋ǬM%dA!%KYZbgx 8kO.Y*BF,R"0b &{гsN63fRȰ}...)U$8T Rdd1!55#,jW\VuPh<`"l4d)3fX)a>c8*Ȱ r 2 Ȉ ۍcFߧГ@З=z d:9Mx2qrs}Ӓ5Ehyb&^*lr 50lX zYPUp:nAXh#+^fh=x}q Yx1c,}j7BR?,~EYZ '#ǗW!k ֊y/Ȱ4dJ•ͥWΝ a2N%6~q[l^ CEקʅ,PɈ6bd> +,6hpǹhy5,=yi#ɇ~Ivq>EtҤt&ig=vDirpX\|#v+_=g/?Kit_@G`?;{~| `W OG m `93 )[{/=}߳6oG-2߯[[q9mϰMoFOCR'} _`37}OwM^Fi4Cx7nѹ7?,6_%@:~߮ugəd#:2{G!ҾIGk0no7|MGO> bSoӃ^!ƃ[MHu&$lpfmO<ɥM^oxJ|r׼ imoM61 CJm$2OKUٶ<ۆl-l|# srεE@Ϧ lاue0'X]"am;ԶLmjl5uH|AT M/MڴI=v}6$U A0ę;Gl˱Ne虳v%9ԶlF^mlRfMRͳmbsd6򒵁 ۖVtaۘI[ Pz9,W!6Lrf&o 65&;&mR>[FL $vl-y6K#灍t϶I&$f lmm$;ȳqe^()dh٭[A;} l36,v}oIĆV Htm.M{%IhԊWFlgR[؜\\v1ͱMu6T09s|+!5;zϟ t3 | |Uf Q@k<rޑ18[p<03DRm'c$HxH!~TblhQ&[mZl/zF)iE%Txe+,4Ԭ (4zɕy,۹h̓$)^ևFڠo7bxϷxDF 4[ ij{OVgNmB uWS*!Rj1Ѷbrl'b.h@ݦcJw[.+)vwd+16Kw9Ɯ@'M}_G=Ҽ W8l74)ޮlW+[3Õ06<öY7w1v z٫F"[`X <)p޸<0?ͶBzh7W't[}GݹE:S+_`JѽOx7_;'jz]˯{xQ>5m4UP&29xg?c/mg;rݼ 4rCy'x_䴷/'߇ޏ+zNe?`v޳i`ck^_13G>㋏_oIzGd,Sdpb5|J,~#Dwz}=γu U` 8p#FzN[dS&'EB5 yo4cpqi}b~ޢgŌ!b3\ Φh:9g3mPy#u2xSb7.[֣ˏ\ GSe@ҏ,=6ɠ"mIZwER=J(sa<[$'om]msن/þ-⮷h4_ws1P W-5|4|-o~fv;mkkobl$c$6ȆsnUp]gS lݟ}Sc[24s6+ebF 6Kgk3{`:<''i_$ }889=wmoIfCfߔ[l}(\|Q*T;g]9_2nt5C[fo|ش3O9t!}dԽ笳8M7l$lEm"6׳g4{̆-WEe; mY%G2ξiM!6خ;KmjvS m.-gߴ'N'Hk%[| :خCgށ[&9ZЦf`kʳ[ұz*_Q-Kom2zV6Sp@ bCf[p KD lmj$mP{#Iq6jw]Ll|n:`ڶ6AҍU5umxuղm<ќݡir=[tw۵:F$m ;XznPlQGb%mhtlm z u\6]7 tOViѵ75ed-m /Ǯ8n VgU8K>b@6 76Rx6AЦSu2l$M2[7hciHlüٖxm6'fBՊ4MޣmlГPl6uh;.ƱOoM hD2S?a/$MV=zD;Ãx;9IGm7h5wEҤ= m/21>{g#iҾؼag%zlQgs8c#m^bmz@$)XAz%![Xe}Uflz{o'H`ĸԔclAlЧfew:$nlҤJ|6ͻi2[غ, .m߁+mg1in`m ,qnA~͌9`!{{(_-%T%&1o=D;kT,*\y} q6Nj7g,M^K mܳam ,CD Gd}^mLZ]Vxnz$NKv@Ŵ FM_lNAW 8 '[IcOܣ҇9.xe󀹋eٴ)lI/K{vKI6x:cɩwa4s˔vm2lS)YKzs\6Hwo]h=js:LSȽ|ʟ 1ƤB 4 :* ӻ?y6֒9Rlؖ?6-f6jx:)6\-mc[RV?9ovq;oR݌FU O{I~f6GHo RV,xjr6w`s6PW[Ÿ wdxl.>F,M֝oМs7o74B5MظCאjcLr'Qw g4dz ؘǶ9$$TGfZ9śg{vp 0- | (PT9X?VFUbc24Gm2]w-WpO3nȞHk 7i_ay o|iȥ6o3mP}mi!?KjA۰|3F6B[Β1c2޲`?R/|٤>qRk YoM!Чk!dԀ3i0`s+enѮdkc6Dls>a?析VzѹB2Mj΄-RF$tILlc'̶Im[fDqM?QB1l[xt(CzYHl0ƆA<6olm @[+y^{bC$>*'=2^Ps'H".,7#Ko3e?LW3{}0-Qɴ[iHZC4/$pfܐI& ;mcWmmgfe(MfrLד;uC}dlPU8|%3^I)*Q::m;dKGmz1j6m@s{Ws>S;hNk(ږ >i'V[$}{r7|8:D^o)'oBmY/~qQe }zlYk'8 rY{2Ms[/[ KYoB5Ӗ;MTf: *@Z^ݗm3$޼6ayIMH&*M-hdd_+͌w8dڡpqvl0S[S/g.i˘ɖu jlۥ-ؙCYkoY4ϖx|gF dT#[sv2-c|elZmj~xx/J{mQ}3-okTAN9Ƅ'l4f66C[Ţ@[UUwc:,AQ阐k\]-S|'#[ΒЊC]dGUo"dc ѧ.McCkM59}lH VɇD*uK2Ħ66H $MfX7Nkb[SR':Dn6=]]mRV1,ԣ[Mmm ^5eTSK~IcwIj3mFo#W<^akM7'wRRnkaxemd[6{:MyMxȸȮmŠ1&57tlsmw]P(vuq˭WrGBRs!UmK׃l#bm=b aU$/4MLa6\8Xr92OlL3[${u =dwK("Y-'ߒksKmFٶ{ȵ@A@}ca6l[{W/q Mݶv˭6E{7l''% $qf"o) &]\NJv|舅^LH[h TW'\ي$[B (_R5wQ-XE*eD:*P[˄]/tg~gîUu+t,Vu e%;%v7/va 0 UBir8%'66\x[ƌLQ!jlV@UV[ i LÑؖ!3j*[g6lhC؊gi_&V͕K=ٴYrM9J*[Rj&fZ%ی[ybךV}xWͳܙlś_J+)_o5o%%?{5f6iR̭x[Q`dϮMV^ΌٵG+&T1/ʵEx)ʦ{g6kdYև7|mQL(5@ @CiEʊ7sYyA&kd+ l)2](z;fa%%f:xm&mټP ӛr7S҇oRv{#]X¶>V=O&`>w O.B7I*=/=7är&#\m[p6mmb[8eN"xm7r~t>6w:`0$ S3[Mtv%6u4)|~Kk4Yd^,_[Yl-V!#v\MY7 L11/(>Mq_vo5o5rhZ6(j@ y ,6l |.`d;?Z/7R)"V7 +;_0~uLiwaSEˊה a3@tgI aʿBirXbaX& :Ԡ6Y_f3m튵M4쓬jA>T6,Pl/3h Ŗo~&jv*l& 5z؊{m~*c)UfJ寗|hC4b`U 85rMa;ytD#hU-o V 7^y6aZ-֖|6Q*Oa8,ڌ/",)&jm/hT-g6Dln Зb+6,͖oN8649բX۰Ȓm/FWdWMJND?VJP4)ٖ;M6-}۞hR-w>l4ѤT[S[m.Ae]rlmʷ}Yx3޴EJ ʵz(hP=Ѡ \y-Tm0dO4(NoBh[v{Aeؼ4)T[2=鶜} [N$VQ.[x{U4'Ʈy էx[]Fx:Esll{9^Es&ئ(j0G-EfdIMWCkb96hd[4Ԭэ SPD͖;n[$6gmuM&2;ٖ1G-o.3ɖs\k1[ MKV&r^oШŴUl-D_oj^ &2߈mbo3lC%\.Ooծ.{_1&vO0MM =|Bs,ߴ)p[Ѭymkx6l3i-uAmk*lC%'l~lɾhI6|d5KM&&1~4ƖO_mFmQvimTђ[ .i%1po. kק>76ծ|hsu.[ȉcw4i6҂%M#ɶNF'b;԰)%*z>];6r@ 6;63j9lH^LȬagqzclz?`6qAnsl֯GEۺMHw$Ryn"ld%ZYņfٶFfKhDy _m_5MQYhCfwѤmm:7o,Je5@[{I64Y~Bl.eJfMyմ>U`^ڲ%'WUko&˲p/d{m.IHu|tmVya6oڪl5$ݖ5/Ar͖(5/ōe:-g]T:YRQ[ٗe;6cՎd[:qkʳm?[㋶m m,B|]pC>1ҶkgV[뭁yɂ*'y]g*,}lʀM&ٲś&˳AUgsgO=-c4D:-ڷplM21|>!oplu_hX4zKehp5 l[Z$Ex[~ ń5\1f[#b~e[SmLew3lc,e@ol]r_69;Q]xt8|#VL6e'܈2[ xM=@m|>4fe}A6^kkO>ll}6g>LK[ل|6:[x,I'1GmII._/I.|IШhj{5)m  5r\l<ٌGU-fvl-l˲G[8ljcN5<z㴹M&9Ҥۀ'lq6Cru.IlImSQaSEk kń[Fx#M>m ⲵEj6MryIl 7d`o e2L.3 4ټ;͙},Ma ! AfٖVFx!K>iAДiB!K}ڢO$[]Ddΐ!ldʙl)gE$jSmMJf&VIX86Yl3`+BVغI JS,ņw7inhHHM.Dao@ʶ&t=CZmKCZTj]QHK3lC3lk9müO<[r3gm[-5vekBH5x#ZIu!i6KϷ.n~~=i2D[6lƭEҼqm~4EZ]?cڐ2o\@ k8){v t}S/|~ylg6ٸV0}wD-ԖJe4)\R:HHpێvqJ@46n V0 <Ox4/M?,㓸$b㻢ӯ7 лxƄhԹN p1fcu=FmS^$_NH1b3̱2|"[Oaڇ1Flsn=zӹM_ی=Fddko9~ڶZT l'c6<y6.uv"lEol|a-|T'\o|akȡm .[!bKbK5hLYEB$N("+NH$X ֝"ԭON8r;4b{zFaQl]/GfҷO/'Im PpI_3.١w>TuS߼mwWd ? _{ϿsG\,?׷n`ݒ0Xx^~}no װ{V?{ci ƂfdbXA Em0@Xk|7o[Ovh'0 _nW~^b?#/]N]zJ~mdxk]{7>i-|y[uxR?HLQ\š}=! 칏|LoR[.>?9!IvB %j;6xl/NN;/ætۋl  pNoAi/?lC`,Glx$^И&d' _`0=EoBCQP.bGlZ|=m }[öa[/4u]/e.FV囬QԆKI-7Xias;8fu6'Tg6Rmk>Jvlu'Br4۝m1ɶ.uz7N[cjۭt[>> dS-oKrȶc:Asv09l}{#l9rAhm]Z #Tcu@·m@ m68>--E5M 6BDIz"[a| T7B6x` y%6W&H&R!gVB6(IyFF'-~v#dZa?.q|X ?.k0hh?㳅oϧ`B~^}"|d}Bd'CюוÓi#>Z GllVf֋Yݴ!%x>hݽ`չv,~h1wC3'~C=զٜ1,ڿ*?<=h%F쐮ALhtd'XMpᝐmo7dY3Flꆳ'\M 6 95b,%dsd0. Ʀ9v@{.uAFI'TuP4"lW5ܯjdpMV \5|d0aZvC)th]Y \-ܻI"x=#ZU/'/h6|P0WjIJ FtMMЩl l͸o5#r[>,ەa,ەam h%>Ff"5f>6Y(2,e:˒l@Ά>Odv2f32[Esv jCs wȉ˶eyom @}mvئubJZPNJs=I0P zǛWZu]98`cP5l _쪶{ڨN oU4FҤPlrl> ś3 )h䲡^lo֦9K6't`&MK$s9w7[֦`[ulfSH:S lS`U@t]eĦ: M¦Lm@25,l+’VsgiI!{h,pguK}j!WРdGfwd϶Il-vWTRvZRY[ , bHݡmcdcIm{6ZDR˹x́Hm׽xsKlu7j[# WҎK/js4q[z#/6"9rFo`e,^fq9j[!i8ڶoȤ| 6,`egx6($\wiؠlHudK٬;`(;$\6JYU  -2,cX)ط$ؓI9ڮZWs;@7@RH[^?ٜ% _S:mJRI|A@t6$?ih7IޢIKf6ۇ=W!qSPێ[z v޹Mdĉ}Rrlxepe]ٚ~mG=:= n;O;aϛdwi[O`>:1Y1<@_=}}m:/:o>h?~ CpN:ktsԽv? 97|sQkCrJei1oX̲Vu.i,~u9MO\_\iƦ\~d^ 0A"uīu}?;ߋ]=jS'3\uw'?L`c.WCĵt#z*c~?iz5IENDB`NDdpss0  # AbM>s)Yx5Ocj[MInSM>s)Yx5OcjPNG  IHDRB)#gAMA|Q pHYs.#.$7䩱LIDATx$}S핱Z p F` r^i$X_q@>$9b[{ҺC!8e 8+Qlc+dHqީަ895WuWunrw>ong/ucӾq~jc˞&ǂO&/C'cz>Swnutooٴ?v p?oZ[B>/Ԋ< *3kMP"6\?[y +P{=@Pޯj+CEhLdmIU֮dy-$