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					Figure 1. UND1X: outcome and forecasts in the main scenario. Annual percentage change Sources: Statistics Sweden and the Riksbank. UND1X, outcome Forecast, Inflation Report 2005:2 Forecast, Inflation Report 2005:1 0.79 1.16 1.11 0.72 0.99 0.8 0.72 0.76 0.75 0.86 1.21 0.82 1.34 1.29 1.62 2.66 2.85 2.67 2.59 2.77 3.13 2.81 2.77 3.1 3.18 3.07 3.15 2.55 2 1.98 2.21 2.07 1.7 2.14 1.85 2 2.49 3.18 2.85 2.22 1.89 1.98 2.17 2.05 2.04 1.75 1.79

jan/00 feb/00 mar/00 apr/00 maj/00 jun/00 jul/00 aug/00 sep/00 okt/00 nov/00 dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03

dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05 jun/05 jul/05 aug/05 sep/05 okt/05 nov/05 dec/05 jan/06 feb/06 mar/06 apr/06 maj/06 jun/06 jul/06 aug/06 sep/06 okt/06 nov/06 dec/06 jan/07 feb/07 mar/07 apr/07 maj/07 jun/07

1.6 1.02 -0.05 0.26 0.81 1.27 0.92 0.97 0.88 0.89 1.2 0.82 0.69 0.45 1.11 0.5 0.39 0.18

0.69 0.44 1.11 0.5 0.39 0.18 0.58 0.4 0.43 0.36 0.23 0.7 0.83 1.1 0.74 0.95 1.04 1.06 1.01 1.13 1.14 1.26 1.25 1.23 1.26 1.32 1.39 1.44 1.48 1.51 1.57

1.2 0.82 0.69 0.44 0.73 0.29 0.07 -0.25 0.11 0.09 0.17 0.19 0.04 0.45 0.54 0.76 0.83 1.06 1.25 1.4 1.45 1.53 1.61 1.66 1.73 1.77 1.83 1.85 1.91 1.96

Figure B2. UND1X inflation: outcome and forecasts until June 2008 under the assumptions of a repo rate path in line with impli Annual percentage change Source: Statistics Sweden and the Riksbank.

Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03

UND1X, outcome forward ratesrepo rate Implied Constant 0.8 1.2 1.1 0.7 1 0.8 0.7 0.8 0.8 0.9 1.2 0.8 1.3 1.3 1.6 2.7 2.9 2.7 2.6 2.8 3.1 2.8 2.8 3.1 3.2 3.1 3.2 2.6 2 2 2.2 2.1 1.7 2.1 1.9 2 2.5 3.2 2.8 2.2 1.9 2 2.2

Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07

2.1 2 1.7 1.8 1.6 1 0 0.3 0.8 1.3 0.9 1 0.9 0.9 1.2 0.8 0.7 0.4 1.1 0.5 0.4 0.2

0.2 0.6 0.4 0.4 0.4 0.3 0.7 0.9 1.1 0.8 1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.5 1.5 1.6 1.6 1.6 1.6 1.7 1.7

0.2 0.6 0.4 0.4 0.4 0.2 0.7 0.8 1.1 0.7 1 1 1.1 1 1.1 1.1 1.3 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.6

Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08

1.7 1.7 1.7 1.7 1.7 1.8 1.8

s of a repo rate path in line with implied forward rates and with a constant repo rate.

Figure 3. Yields on 10-year government bonds in Sweden, Germany and the United States and the Swedish differential to Germany Per cent Source: The Riksbank.

2003/01/01 2003/01/02 2003/01/03 2003/01/06 2003/01/07 2003/01/08 2003/01/09 2003/01/10 2003/01/13 2003/01/14 2003/01/15 2003/01/16 2003/01/17 2003/01/20 2003/01/21 2003/01/22 2003/01/23 2003/01/24 2003/01/27 2003/01/28 2003/01/29 2003/01/30 2003/01/31 2003/02/03 2003/02/04 2003/02/05 2003/02/06 2003/02/07 2003/02/10 2003/02/11 2003/02/12 2003/02/13 2003/02/14 2003/02/17 2003/02/18 2003/02/19 2003/02/20 2003/02/21 2003/02/24 2003/02/25 2003/02/26 2003/02/27 2003/02/28 2003/03/03 2003/03/04 2003/03/05 2003/03/06 2003/03/07

Sweden (left scale) 4.71 4.80 4.86 4.86 4.84 4.78 4.79 4.78 4.83 4.80 4.80 4.79 4.70 4.67 4.67 4.65 4.66 4.57 4.55 4.59 4.55 4.57 4.56 4.59 4.51 4.52 4.53 4.49 4.50 4.53 4.49 4.44 4.47 4.49 4.50 4.47 4.43 4.44 4.41 4.37 4.43 4.44 4.48 4.46 4.43 4.42 4.38 4.35

United States (left scale) scale) Germany (left Swedish-German differential (right scale) 3.82 4.19 0.52 4.03 4.32 0.48 4.02 4.33 0.53 4.05 4.31 0.55 4.01 4.28 0.56 4.02 4.24 0.54 4.17 4.26 0.53 4.14 4.28 0.50 4.12 4.28 0.55 4.08 4.27 0.52 4.06 4.27 0.53 4.08 4.26 0.52 4.02 4.18 0.52 4.00 4.16 0.51 3.97 4.13 0.53 3.92 4.13 0.52 3.94 4.11 0.55 3.94 4.04 0.54 3.97 4.02 0.53 3.97 4.05 0.54 4.02 4.04 0.51 3.97 4.08 0.49 3.97 4.06 0.49 4.00 4.09 0.50 3.93 4.02 0.49 4.00 4.02 0.50 3.95 4.03 0.50 3.93 4.00 0.49 3.97 4.01 0.49 3.96 4.02 0.52 3.91 3.97 0.52 3.89 3.93 0.51 3.96 3.99 0.48 3.96 3.98 0.50 3.95 3.99 0.51 3.88 3.92 0.54 3.85 3.90 0.53 3.88 3.93 0.51 3.85 3.89 0.52 3.82 3.89 0.48 3.77 3.90 0.53 3.74 3.96 0.48 3.69 3.92 0.56 3.68 3.89 0.57 3.65 3.89 0.54 3.63 3.88 0.54 3.65 3.88 0.50 3.64 3.83 0.52

2003/03/10 2003/03/11 2003/03/12 2003/03/13 2003/03/14 2003/03/17 2003/03/18 2003/03/19 2003/03/20 2003/03/21 2003/03/24 2003/03/25 2003/03/26 2003/03/27 2003/03/28 2003/03/31 2003/04/01 2003/04/02 2003/04/03 2003/04/04 2003/04/07 2003/04/08 2003/04/09 2003/04/10 2003/04/11 2003/04/14 2003/04/15 2003/04/16 2003/04/17 2003/04/18 2003/04/21 2003/04/22 2003/04/23 2003/04/24 2003/04/25 2003/04/28 2003/04/29 2003/04/30 2003/05/01 2003/05/02 2003/05/05 2003/05/06 2003/05/07 2003/05/08 2003/05/09 2003/05/12 2003/05/13 2003/05/14 2003/05/15 2003/05/16 2003/05/19 2003/05/20 2003/05/21 2003/05/22 2003/05/23 2003/05/26

4.32 4.36 4.36 4.50 4.56 4.58 4.65 4.77 4.73 4.83 4.78 4.74 4.78 4.70 4.68 4.64 4.59 4.66 4.75 4.77 4.85 4.81 4.81 4.71 4.77 4.80 4.77 4.74 4.70 4.69 4.68 4.67 4.72 4.68 4.67 4.66 4.73 4.70 4.65 4.61 4.65 4.65 4.54 4.51 4.49 4.44 4.46 4.42 4.39 4.33 4.26 4.26 4.23 4.20 4.16 4.16

3.56 3.58 3.59 3.75 3.70 3.84 3.91 3.99 3.96 4.11 3.97 3.94 3.93 3.93 3.90 3.81 3.83 3.92 3.91 3.94 3.98 3.94 3.90 3.94 3.97 4.02 3.99 3.94 3.96 3.97 3.99 3.97 3.98 3.93 3.89 3.90 3.93 3.84 3.84 3.93 3.89 3.79 3.68 3.68 3.68 3.64 3.61 3.52 3.53 3.42 3.49 3.36 3.40 3.32 3.33 3.38

3.81 3.81 3.83 3.96 4.02 4.15 4.12 4.22 4.18 4.28 4.21 4.19 4.20 4.14 4.13 4.05 4.03 4.11 4.17 4.18 4.26 4.24 4.21 4.14 4.20 4.23 4.20 4.18 4.15 4.14 4.14 4.13 4.16 4.11 4.10 4.12 4.14 4.09 4.08 4.08 4.08 4.08 3.97 3.95 3.93 3.90 3.90 3.90 3.88 3.82 3.76 3.76 3.73 3.70 3.64 3.61

0.51 0.54 0.53 0.54 0.54 0.44 0.53 0.55 0.55 0.55 0.57 0.54 0.58 0.56 0.54 0.59 0.56 0.55 0.58 0.59 0.59 0.57 0.59 0.57 0.57 0.57 0.57 0.56 0.55 0.54 0.54 0.53 0.56 0.57 0.57 0.53 0.59 0.61 0.57 0.54 0.57 0.57 0.57 0.56 0.56 0.54 0.56 0.51 0.52 0.51 0.50 0.49 0.50 0.50 0.52 0.55

2003/05/27 2003/05/28 2003/05/29 2003/05/30 2003/06/02 2003/06/03 2003/06/04 2003/06/05 2003/06/06 2003/06/09 2003/06/10 2003/06/11 2003/06/12 2003/06/13 2003/06/16 2003/06/17 2003/06/18 2003/06/19 2003/06/20 2003/06/23 2003/06/24 2003/06/25 2003/06/26 2003/06/27 2003/06/30 2003/07/01 2003/07/02 2003/07/03 2003/07/04 2003/07/07 2003/07/08 2003/07/09 2003/07/10 2003/07/11 2003/07/14 2003/07/15 2003/07/16 2003/07/17 2003/07/18 2003/07/21 2003/07/22 2003/07/23 2003/07/24 2003/07/25 2003/07/28 2003/07/29 2003/07/30 2003/07/31 2003/08/01 2003/08/04 2003/08/05 2003/08/06 2003/08/07 2003/08/08 2003/08/11 2003/08/12

4.13 4.29 4.25 4.21 4.26 4.16 4.17 4.09 4.18 4.12 4.07 3.99 3.98 3.89 3.89 4.04 4.17 4.19 4.19 4.20 4.19 4.23 4.39 4.40 4.42 4.36 4.45 4.53 4.45 4.49 4.48 4.40 4.41 4.42 4.36 4.46 4.52 4.57 4.54 4.57 4.58 4.55 4.59 4.52 4.59 4.55 4.63 4.64 4.69 4.68 4.65 4.66 4.63 4.58 4.62 4.64

3.42 3.43 3.34 3.37 3.41 3.33 3.30 3.35 3.35 3.28 3.19 3.21 3.17 3.12 3.17 3.26 3.36 3.34 3.37 3.31 3.25 3.40 3.55 3.55 3.52 3.55 3.54 3.66 3.70 3.74 3.72 3.67 3.66 3.63 3.73 3.98 3.92 3.92 4.00 4.21 4.13 4.11 4.17 4.18 4.28 4.45 4.31 4.41 4.39 4.29 4.39 4.27 4.22 4.27 4.36 4.43

3.66 3.78 3.72 3.73 3.76 3.66 3.68 3.60 3.70 3.59 3.57 3.52 3.52 3.46 3.47 3.54 3.69 3.70 3.68 3.68 3.68 3.65 3.80 3.84 3.81 3.80 3.86 3.91 3.93 3.97 3.97 3.92 3.92 3.92 3.88 3.99 4.03 4.09 4.04 4.06 4.07 4.03 4.07 3.99 4.11 4.07 4.13 4.19 4.18 4.14 4.16 4.14 4.09 4.02 4.09 4.08

0.47 0.51 0.49 0.48 0.50 0.51 0.49 0.49 0.47 0.48 0.49 0.46 0.45 0.43 0.42 0.50 0.48 0.48 0.50 0.52 0.51 0.58 0.59 0.57 0.61 0.56 0.59 0.61 0.52 0.52 0.51 0.48 0.49 0.50 0.48 0.47 0.48 0.49 0.50 0.51 0.51 0.52 0.52 0.53 0.48 0.47 0.50 0.45 0.51 0.54 0.49 0.52 0.54 0.56 0.53 0.56

2003/08/13 2003/08/14 2003/08/15 2003/08/18 2003/08/19 2003/08/20 2003/08/21 2003/08/22 2003/08/25 2003/08/26 2003/08/27 2003/08/28 2003/08/29 2003/09/01 2003/09/02 2003/09/03 2003/09/04 2003/09/05 2003/09/08 2003/09/09 2003/09/10 2003/09/11 2003/09/12 2003/09/15 2003/09/16 2003/09/17 2003/09/18 2003/09/19 2003/09/22 2003/09/23 2003/09/24 2003/09/25 2003/09/26 2003/09/29 2003/09/30 2003/10/01 2003/10/02 2003/10/03 2003/10/06 2003/10/07 2003/10/08 2003/10/09 2003/10/10 2003/10/13 2003/10/14 2003/10/15 2003/10/16 2003/10/17 2003/10/20 2003/10/21 2003/10/22 2003/10/23 2003/10/24 2003/10/27 2003/10/28 2003/10/29

4.69 4.74 4.74 4.78 4.80 4.75 4.75 4.76 4.71 4.73 4.71 4.71 4.72 4.72 4.80 4.85 4.87 4.78 4.78 4.82 4.80 4.75 4.68 4.76 4.78 4.79 4.75 4.72 4.68 4.67 4.65 4.65 4.60 4.65 4.52 4.55 4.66 4.73 4.75 4.76 4.80 4.83 4.79 4.84 4.89 4.92 4.89 4.94 4.92 4.88 4.86 4.88 4.90 4.98 4.94 4.94

4.56 4.46 4.53 4.46 4.37 4.44 4.50 4.48 4.53 4.48 4.54 4.42 4.47 4.54 4.61 4.60 4.51 4.35 4.43 4.36 4.28 4.32 4.25 4.27 4.27 4.18 4.16 4.16 4.22 4.21 4.14 4.09 4.00 4.08 3.94 3.93 4.00 4.20 4.17 4.26 4.24 4.29 4.26 4.27 4.35 4.40 4.46 4.39 4.39 4.35 4.25 4.32 4.24 4.26 4.18 4.30

4.18 4.21 4.16 4.18 4.17 4.18 4.20 4.19 4.18 4.18 4.21 4.18 4.20 4.22 4.32 4.38 4.36 4.31 4.29 4.29 4.26 4.28 4.16 4.18 4.20 4.19 4.18 4.16 4.12 4.09 4.12 4.08 4.03 4.05 3.99 3.98 4.11 4.21 4.17 4.19 4.20 4.24 4.20 4.28 4.29 4.34 4.30 4.33 4.31 4.28 4.25 4.27 4.28 4.30 4.29 4.31

0.51 0.53 0.58 0.60 0.63 0.58 0.55 0.57 0.53 0.55 0.50 0.53 0.52 0.50 0.48 0.47 0.51 0.47 0.49 0.52 0.54 0.46 0.52 0.59 0.58 0.60 0.57 0.56 0.56 0.57 0.53 0.56 0.57 0.59 0.53 0.56 0.55 0.52 0.57 0.56 0.60 0.59 0.59 0.55 0.60 0.58 0.59 0.61 0.61 0.60 0.61 0.61 0.62 0.68 0.65 0.63

2003/10/30 2003/10/31 2003/11/03 2003/11/04 2003/11/05 2003/11/06 2003/11/07 2003/11/10 2003/11/11 2003/11/12 2003/11/13 2003/11/14 2003/11/17 2003/11/18 2003/11/19 2003/11/20 2003/11/21 2003/11/24 2003/11/25 2003/11/26 2003/11/27 2003/11/28 2003/12/01 2003/12/02 2003/12/03 2003/12/04 2003/12/05 2003/12/08 2003/12/09 2003/12/10 2003/12/11 2003/12/12 2003/12/15 2003/12/16 2003/12/17 2003/12/18 2003/12/19 2003/12/22 2003/12/23 2003/12/24 2003/12/25 2003/12/26 2003/12/29 2003/12/30 2003/12/31 2004/01/01 2004/01/02 2004/01/05 2004/01/06 2004/01/07 2004/01/08 2004/01/09 2004/01/12 2004/01/13 2004/01/14 2004/01/15

4.98 4.95 4.98 4.96 4.98 5.05 5.10 5.07 5.06 5.04 4.99 4.93 4.90 4.92 4.91 4.92 4.89 4.96 4.96 4.98 5.00 4.99 5.05 5.04 5.02 5.00 4.95 4.88 4.92 4.89 4.92 4.82 4.84 4.82 4.76 4.74 4.76 4.74 4.74 4.74 4.74 4.74 4.75 4.78 4.78 4.77 4.80 4.83 4.78 4.73 4.72 4.60 4.58 4.58 4.65 4.62

4.35 4.30 4.34 4.30 4.36 4.41 4.44 4.44 4.44 4.40 4.27 4.22 4.20 4.14 4.24 4.15 4.16 4.23 4.19 4.25 4.29 4.33 4.39 4.38 4.40 4.37 4.23 4.27 4.35 4.32 4.24 4.24 4.26 4.21 4.18 4.13 4.14 4.17 4.26 4.19 4.17 4.15 4.24 4.26 4.25 4.31 4.37 4.38 4.27 4.25 4.26 4.08 4.09 4.01 4.00 3.97

4.36 4.32 4.40 4.35 4.37 4.45 4.50 4.47 4.47 4.47 4.42 4.36 4.34 4.32 4.36 4.35 4.32 4.40 4.41 4.39 4.45 4.47 4.49 4.46 4.44 4.46 4.36 4.35 4.38 4.34 4.38 4.29 4.31 4.32 4.26 4.26 4.29 4.27 4.24 4.25 4.25 4.25 4.26 4.29 4.30 4.31 4.32 4.33 4.27 4.24 4.23 4.14 4.13 4.14 4.17 4.14

0.63 0.63 0.58 0.61 0.60 0.60 0.60 0.60 0.58 0.56 0.57 0.57 0.56 0.60 0.55 0.57 0.57 0.55 0.55 0.58 0.55 0.52 0.56 0.58 0.57 0.54 0.59 0.53 0.55 0.54 0.54 0.53 0.52 0.50 0.50 0.48 0.46 0.47 0.50 0.49 0.49 0.49 0.49 0.49 0.49 0.48 0.48 0.50 0.49 0.49 0.48 0.46 0.45 0.44 0.48 0.48

2004/01/16 2004/01/19 2004/01/20 2004/01/21 2004/01/22 2004/01/23 2004/01/26 2004/01/27 2004/01/28 2004/01/29 2004/01/30 2004/02/02 2004/02/03 2004/02/04 2004/02/05 2004/02/06 2004/02/09 2004/02/10 2004/02/11 2004/02/12 2004/02/13 2004/02/16 2004/02/17 2004/02/18 2004/02/19 2004/02/20 2004/02/23 2004/02/24 2004/02/25 2004/02/26 2004/02/27 2004/03/01 2004/03/02 2004/03/03 2004/03/04 2004/03/05 2004/03/08 2004/03/09 2004/03/10 2004/03/11 2004/03/12 2004/03/15 2004/03/16 2004/03/17 2004/03/18 2004/03/19 2004/03/22 2004/03/23 2004/03/24 2004/03/25 2004/03/26 2004/03/29 2004/03/30 2004/03/31 2004/04/01 2004/04/02

4.59 4.63 4.61 4.62 4.64 4.58 4.62 4.64 4.63 4.72 4.71 4.71 4.67 4.65 4.62 4.58 4.57 4.58 4.59 4.54 4.49 4.51 4.48 4.45 4.52 4.52 4.53 4.50 4.50 4.50 4.48 4.48 4.48 4.56 4.55 4.41 4.34 4.34 4.34 4.28 4.29 4.27 4.28 4.25 4.26 4.25 4.23 4.26 4.18 4.16 4.20 4.28 4.26 4.27 4.27 4.42

4.03 4.03 4.06 4.02 3.96 4.07 4.13 4.08 4.19 4.17 4.13 4.15 4.10 4.11 4.17 4.08 4.06 4.11 4.03 4.05 4.05 4.05 4.04 4.05 4.03 4.09 4.04 4.03 4.01 4.04 3.97 3.98 4.04 4.05 4.02 3.85 3.77 3.72 3.73 3.70 3.77 3.76 3.68 3.71 3.76 3.77 3.72 3.70 3.71 3.74 3.83 3.89 3.90 3.84 3.88 4.14

4.14 4.16 4.14 4.16 4.15 4.09 4.17 4.15 4.15 4.27 4.24 4.22 4.22 4.20 4.18 4.15 4.14 4.14 4.16 4.12 4.10 4.11 4.09 4.07 4.13 4.13 4.13 4.08 4.07 4.09 4.05 4.06 4.07 4.12 4.10 3.99 3.93 3.91 3.93 3.90 3.90 3.88 3.92 3.88 3.89 3.89 3.87 3.89 3.86 3.85 3.87 3.95 3.95 3.94 3.96 4.07

0.44 0.47 0.47 0.46 0.49 0.49 0.45 0.49 0.48 0.45 0.47 0.50 0.45 0.45 0.44 0.43 0.43 0.44 0.42 0.42 0.39 0.40 0.39 0.38 0.39 0.39 0.40 0.42 0.42 0.41 0.43 0.42 0.40 0.44 0.45 0.42 0.41 0.43 0.41 0.37 0.39 0.38 0.36 0.36 0.37 0.37 0.36 0.37 0.32 0.31 0.33 0.33 0.31 0.33 0.30 0.34

2004/04/05 2004/04/06 2004/04/07 2004/04/08 2004/04/09 2004/04/12 2004/04/13 2004/04/14 2004/04/15 2004/04/16 2004/04/19 2004/04/20 2004/04/21 2004/04/22 2004/04/23 2004/04/26 2004/04/27 2004/04/28 2004/04/29 2004/04/30 2004/05/03 2004/05/04 2004/05/05 2004/05/06 2004/05/07 2004/05/10 2004/05/11 2004/05/12 2004/05/13 2004/05/14 2004/05/17 2004/05/18 2004/05/19 2004/05/20 2004/05/21 2004/05/24 2004/05/25 2004/05/26 2004/05/27 2004/05/28 2004/05/31 2004/06/01 2004/06/02 2004/06/03 2004/06/04 2004/06/07 2004/06/08 2004/06/09 2004/06/10 2004/06/11 2004/06/14 2004/06/15 2004/06/16 2004/06/17 2004/06/18 2004/06/21

4.48 4.45 4.45 4.47 4.47 4.47 4.57 4.58 4.58 4.54 4.52 4.60 4.63 4.61 4.65 4.66 4.66 4.63 4.61 4.60 4.56 4.57 4.56 4.64 4.72 4.70 4.69 4.74 4.79 4.74 4.69 4.71 4.75 4.72 4.70 4.75 4.71 4.67 4.63 4.66 4.70 4.74 4.74 4.75 4.76 4.75 4.73 4.72 4.72 4.75 4.76 4.71 4.71 4.73 4.69 4.69

4.21 4.15 4.16 4.19 4.21 4.23 4.35 4.36 4.40 4.34 4.40 4.46 4.43 4.38 4.46 4.44 4.39 4.50 4.54 4.51 4.50 4.57 4.58 4.60 4.77 4.79 4.75 4.81 4.86 4.77 4.69 4.73 4.77 4.70 4.76 4.74 4.72 4.66 4.60 4.66 4.68 4.70 4.74 4.71 4.78 4.76 4.77 4.81 4.80 4.84 4.87 4.69 4.72 4.68 4.71 4.69

4.10 4.08 4.05 4.07 4.07 4.07 4.15 4.15 4.16 4.11 4.11 4.16 4.17 4.16 4.18 4.19 4.19 4.19 4.19 4.17 4.15 4.16 4.16 4.20 4.29 4.30 4.29 4.33 4.35 4.32 4.28 4.29 4.34 4.32 4.30 4.35 4.33 4.33 4.28 4.32 4.38 4.36 4.38 4.39 4.40 4.38 4.37 4.38 4.40 4.42 4.42 4.36 4.37 4.39 4.34 4.34

0.38 0.36 0.40 0.40 0.40 0.40 0.42 0.43 0.42 0.43 0.40 0.44 0.47 0.44 0.47 0.47 0.46 0.43 0.42 0.43 0.41 0.41 0.40 0.43 0.43 0.40 0.40 0.41 0.44 0.42 0.41 0.42 0.41 0.40 0.40 0.40 0.38 0.33 0.35 0.34 0.36 0.38 0.36 0.36 0.36 0.36 0.37 0.34 0.32 0.33 0.34 0.35 0.34 0.34 0.34 0.35

2004/06/22 2004/06/23 2004/06/24 2004/06/25 2004/06/28 2004/06/29 2004/06/30 2004/07/01 2004/07/02 2004/07/05 2004/07/06 2004/07/07 2004/07/08 2004/07/09 2004/07/12 2004/07/13 2004/07/14 2004/07/15 2004/07/16 2004/07/19 2004/07/20 2004/07/21 2004/07/22 2004/07/23 2004/07/26 2004/07/27 2004/07/28 2004/07/29 2004/07/30 2004/08/02 2004/08/03 2004/08/04 2004/08/05 2004/08/06 2004/08/09 2004/08/10 2004/08/11 2004/08/12 2004/08/13 2004/08/16 2004/08/17 2004/08/18 2004/08/19 2004/08/20 2004/08/23 2004/08/24 2004/08/25 2004/08/26 2004/08/27 2004/08/30 2004/08/31 2004/09/01 2004/09/02 2004/09/03 2004/09/06 2004/09/07

4.69 4.69 4.66 4.68 4.71 4.73 4.67 4.67 4.59 4.59 4.58 4.58 4.54 4.55 4.52 4.57 4.56 4.57 4.51 4.51 4.53 4.58 4.57 4.56 4.58 4.60 4.64 4.61 4.55 4.53 4.52 4.51 4.47 4.39 4.40 4.38 4.39 4.38 4.35 4.37 4.37 4.36 4.43 4.41 4.46 4.47 4.42 4.42 4.42 4.40 4.39 4.38 4.40 4.47 4.47 4.47

4.72 4.70 4.65 4.65 4.75 4.69 4.58 4.56 4.46 4.47 4.48 4.48 4.47 4.46 4.45 4.47 4.48 4.48 4.35 4.35 4.45 4.47 4.45 4.43 4.49 4.61 4.59 4.57 4.48 4.45 4.43 4.42 4.41 4.22 4.25 4.29 4.27 4.25 4.24 4.27 4.20 4.24 4.24 4.23 4.28 4.28 4.27 4.22 4.23 4.18 4.12 4.12 4.22 4.29 4.27 4.24

4.36 4.36 4.30 4.32 4.36 4.37 4.31 4.32 4.26 4.26 4.27 4.24 4.24 4.24 4.22 4.27 4.26 4.26 4.20 4.20 4.21 4.29 4.25 4.25 4.27 4.28 4.30 4.28 4.21 4.20 4.19 4.18 4.15 4.07 4.08 4.06 4.09 4.07 4.05 4.08 4.07 4.08 4.07 4.07 4.12 4.11 4.08 4.06 4.07 4.06 4.02 4.04 4.07 4.14 4.13 4.14

0.32 0.33 0.37 0.35 0.34 0.35 0.35 0.35 0.33 0.33 0.32 0.33 0.31 0.31 0.30 0.31 0.30 0.31 0.31 0.31 0.31 0.29 0.32 0.31 0.31 0.32 0.34 0.34 0.34 0.33 0.33 0.32 0.32 0.32 0.32 0.32 0.30 0.31 0.30 0.29 0.30 0.28 0.35 0.34 0.34 0.36 0.35 0.36 0.35 0.34 0.36 0.34 0.33 0.32 0.33 0.33

2004/09/08 2004/09/09 2004/09/10 2004/09/13 2004/09/14 2004/09/15 2004/09/16 2004/09/17 2004/09/20 2004/09/21 2004/09/22 2004/09/23 2004/09/24 2004/09/27 2004/09/28 2004/09/29 2004/09/30 2004/10/01 2004/10/04 10/5/2004 10/6/2004 10/7/2004 10/8/2004 10/11/2004 10/12/2004 10/13/2004 10/14/2004 10/15/2004 10/18/2004 10/19/2004 10/20/2004 10/21/2004 10/22/2004 10/25/2004 10/26/2004 10/27/2004 10/28/2004 10/29/2004 11/2/2004 11/3/2004 11/4/2004 11/5/2004 11/8/2004 11/9/2004 11/10/2004 11/11/2004 11/12/2004 11/15/2004 11/16/2004 11/17/2004 11/18/2004 11/19/2004 11/22/2004 11/23/2004 11/24/2004 11/25/2004

4.49 4.43 4.39 4.40 4.38 4.39 4.39 4.36 4.37 4.38 4.35 4.27 4.32 4.28 4.26 4.31 4.31 4.35 4.35 4.3 4.305 4.33 4.285 4.28 4.24 4.255 4.22 4.215 4.225 4.27 4.21 4.2 4.2 4.16 4.15 4.14 4.235 4.23 4.245 4.235 4.185 4.175 4.23 4.21 4.2 4.155 4.14 4.115 4.09 4.095 4.115 4.11 4.08 4.065 4.065 4.055

4.17 4.20 4.19 4.14 4.13 4.17 4.07 4.11 4.06 4.04 3.99 4.02 4.03 3.99 4.01 4.09 4.13 4.19 4.17 4.175 4.226 4.246 4.136 4.109 4.059 4.021 4.061 4.047 4.036 3.986 3.999 3.976 3.978 4.006 4.087 4.054 4.025 4.056 4.083 4.074 4.179 4.222 4.23 4.245 4.183 4.192 4.213 4.131 4.115 4.209 4.184 4.188 4.196

4.14 4.09 4.05 4.07 4.06 4.06 4.06 4.03 4.01 4.01 3.99 3.95 3.97 3.94 3.94 3.99 3.99 4.02 4.03 3.999 3.988 4.017 3.944 3.956 3.912 3.911 3.889 3.893 3.881 3.911 3.856 3.867 3.859 3.823 3.823 3.833 3.895 3.872 3.909 3.897 3.841 3.9 3.895 3.872 3.869 3.818 3.777 3.773 3.747 3.774 3.807 3.786 3.759 3.743 3.794 3.773

0.35 0.34 0.34 0.33 0.32 0.32 0.33 0.33 0.36 0.36 0.36 0.32 0.34 0.34 0.32 0.31 0.32 0.33 0.32 0.301 0.317 0.313 0.341 0.324 0.328 0.344 0.331 0.322 0.344 0.359 0.354 0.333 0.341 0.337 0.327 0.307 0.34 0.358 0.336 0.338 0.344 0.275 0.335 0.338 0.331 0.337 0.363 0.342 0.343 0.321 0.308 0.324 0.321 0.322 0.271 0.282

11/26/2004 11/29/2004 11/30/2004 12/1/2004 12/2/2004 12/3/2004 12/6/2004 12/7/2004 12/8/2004 12/9/2004 12/10/2004 12/13/2004 12/14/2004 12/15/2004 12/16/2004 12/17/2004 12/20/2004 12/21/2004 12/22/2004 12/23/2004 12/27/2004 12/28/2004 12/29/2004 12/30/2004 1/3/2005 1/4/2005 1/5/2005 12/24/2004 1/6/2005 1/7/2005 1/10/2005 1/11/2005 1/12/2005 1/13/2005 1/14/2005 1/17/2005 1/18/2005 1/19/2005 1/20/2005 1/21/2005 1/24/2005 1/25/2005 1/26/2005 1/27/2005 1/28/2005 1/31/2005 2/1/2005 2/2/2005 2/3/2005 2/4/2005 2/7/2005 2/8/2005 2/9/2005 2/10/2005 2/11/2005 2/14/2005

4.045 4.08 4.045 4.04 4.09 4.04 4 3.955 3.96 3.88 3.87 3.865 3.815 3.785 3.84 3.875 3.815 3.825 3.825 3.815 3.82 3.83 3.91 4.025 3.95 3.935 3.98

3.895 3.87 3.865 3.865 3.83 3.815 3.795 3.81 3.77 3.815 3.81 3.775 3.78 3.805 3.825 3.775 3.77 3.735 3.74 3.755 3.71 3.69 3.695 3.66 3.63 3.65 3.69

4.23 4.326 4.351 4.365 4.41 4.256 4.226 4.226 4.12 4.172 4.155 4.153 4.128 4.078 4.189 4.201 4.189 4.168 4.201 4.216 4.298 4.296 4.33 4.255 4.218 4.293 4.291 4.22 4.267 4.273 4.275 4.244 4.238 4.167 4.22 4.191 4.177 4.167 4.146 4.126 4.202 4.202 4.214 4.146 4.134 4.144 4.147 4.167 4.081 4.054 4.021 3.986 4.089 4.09 4.075

3.766 3.811 3.789 3.782 3.826 3.762 3.711 3.679 3.658 3.621 3.605 3.597 3.593 3.537 3.562 3.607 3.591 3.628 3.631 3.594 3.611 3.672 3.695 3.677 3.632 3.654 3.658

0.279 0.269 0.256 0.258 0.264 0.278 0.289 0.276 0.302 0.259 0.265 0.268 0.222 0.248 0.278 0.268 0.224 0.197 0.194 0.221 0.209 0.158 0.215 0.348 0.318 0.281 0.322

3.609 3.59 3.596 3.597 3.559 3.556 3.543 3.535 3.526 3.576 3.572 3.546 3.543 3.562 3.595 3.55 3.543 3.533 3.546 3.563 3.494 3.483 3.473 3.44 3.44 3.464 3.491

0.286 0.28 0.269 0.268 0.271 0.259 0.252 0.275 0.244 0.239 0.238 0.229 0.237 0.243 0.23 0.225 0.227 0.202 0.194 0.192 0.216 0.207 0.222 0.22 0.19 0.186 0.199

2/15/2005 2/16/2005 2/17/2005 2/18/2005 2/21/2005 2/22/2005 2/23/2005 2/24/2005 2/25/2005 2/28/2005 3/1/2005 3/2/2005 3/3/2005 3/4/2005 3/7/2005 3/8/2005 3/9/2005 3/10/2005 3/11/2005 3/14/2005 3/15/2005 3/16/2005 3/17/2005 3/18/2005 3/21/2005 3/22/2005 3/23/2005 3/24/2005 3/29/2005 3/30/2005 3/31/2005 4/1/2005 3/25/2005 3/28/2005 4/4/2005 4/5/2005 4/6/2005 4/7/2005 4/8/2005 4/11/2005 4/12/2005 4/13/2005 4/14/2005 4/15/2005 4/18/2005 4/19/2005 4/20/2005 4/21/2005 4/22/2005 4/25/2005 4/26/2005 4/27/2005 4/28/2005 4/29/2005 5/2/2005 5/3/2005

3.69 3.685 3.715 3.815 3.86 3.9 3.845 3.89 3.905 3.87 3.89 3.94 3.925 3.87 3.83 3.825 3.89 3.89 3.925 3.93 3.87 3.87 3.845 3.855 3.87 3.825 3.84 3.825 3.82 3.805 3.745 3.71

4.102 4.16 4.185 4.264 4.291 4.268 4.289 4.27 4.383 4.373 4.383 4.383 4.315 4.314 4.395 4.526 4.473 4.548 4.518 4.549 4.512 4.47 4.509 4.529 4.645 4.59 4.601 4.579 4.552 4.486 4.454 4.603 4.646 4.464 4.472 4.428 4.488 4.476 4.434 4.358 4.372 4.318 4.245 4.278 4.219 4.193 4.3 4.253 4.259 4.271 4.231 4.152 4.204 4.192 4.17

3.507 3.539 3.567 3.656 3.696 3.698 3.684 3.735 3.71 3.697 3.733 3.781 3.756 3.688 3.676 3.711 3.757 3.783 3.771 3.774 3.707 3.668 3.679 3.695 3.732 3.687 3.734 3.705 3.698 3.676 3.625 3.589

3.69 3.685 3.68 3.665 3.705 3.68 3.675 3.63 3.63 3.58 3.57 3.555 3.555 3.54 3.495 3.475 3.445 3.42 3.4 3.39 3.38 3.385

3.588 3.596 3.584 3.545 3.584 3.558 3.541 3.516 3.529 3.492 3.463 3.444 3.463 3.471 3.469 3.45 3.453 3.416 3.405 3.397 3.404 3.377

0.183 0.146 0.148 0.159 0.164 0.202 0.161 0.155 0.195 0.173 0.157 0.159 0.169 0.182 0.154 0.114 0.133 0.107 0.154 0.156 0.163 0.202 0.166 0.16 0.138 0.138 0.106 0.12 0.122 0.129 0.12 0.121 0.121 0.121 0.102 0.089 0.096 0.12 0.121 0.122 0.134 0.114 0.101 0.088 0.107 0.111 0.092 0.069 0.026 0.025 -0.008 0.004 -0.005 -0.007 -0.024 0.008

5/4/2005 5/6/2005 5/9/2005 5/10/2005 5/11/2005 5/12/2005 5/13/2005 5/16/2005 5/17/2005 5/18/2005 5/19/2005 5/20/2005 5/23/2005 5/24/2005 5/25/2005 5/26/2005 5/27/2005 5/30/2005 5/31/2005 6/1/2005 6/2/2005 6/3/2005 6/6/2005 6/7/2005 6/8/2005 2005/06/09

3.45 3.505 3.48 3.395 3.355 3.375 3.325 3.315 3.315 3.26 3.285 3.325 3.315 3.285 3.255 3.305 3.295 3.32 3.255 3.21 3.195 3.115 3.12 3.125 3.07 3.075

4.192 4.266 4.288 4.21 4.2 4.174 4.133 4.119 4.088 4.113 4.127 4.062 4.033 4.033 4.088 4.083 4.077 4.032 3.987 3.892 3.901 3.977 3.956 3.907 3.937 3.95

3.417 3.438 3.415 3.355 3.321 3.329 3.299 3.312 3.304 3.279 3.302 3.377 3.334 3.306 3.287 3.318 3.325 3.328 3.27 3.23 3.212 3.211 3.214 3.163 3.12 3.125

0.033 0.067 0.065 0.04 0.034 0.046 0.026 0.003 0.011 -0.019 -0.017 -0.052 -0.019 -0.021 -0.032 -0.013 -0.013 -0.008 -0.015 -0.02 -0.017 -0.096 -0.094 -0.038 -0.05 -0.05

States and the Swedish differential to Germany.

Figure 4. Monetary policy expectations in the euro area and the USA according to implied forward rates and Fed Funds futures Per cent Note. Fed Funds futures are priced in terms of the average key rate during the respective month. Source: The Riksbank.

Adjusted dates Fed funds 1/1/2003 1.25 1/2/2003 1.25 1/3/2003 1.25 1/6/2003 1.25 1/7/2003 1.25 1/8/2003 1.25 1/9/2003 1.25 1/10/2003 1.25 1/13/2003 1.25 1/14/2003 1.25 1/15/2003 1.25 1/16/2003 1.25 1/17/2003 1.25 1/20/2003 1.25 1/21/2003 1.25 1/22/2003 1.25 1/23/2003 1.25 1/24/2003 1.25 1/27/2003 1.25 1/28/2003 1.25 1/29/2003 1.25 1/30/2003 1.25 1/31/2003 1.25 2/3/2003 1.25 2/4/2003 1.25 2/5/2003 1.25 2/6/2003 1.25 2/7/2003 1.25 2/10/2003 1.25 2/11/2003 1.25 2/12/2003 1.25 2/13/2003 1.25 2/14/2003 1.25 2/17/2003 1.25 2/18/2003 1.25 2/19/2003 1.25 2/20/2003 1.25 2/21/2003 1.25 2/24/2003 1.25 2/25/2003 1.25 2/26/2003 1.25 2/27/2003 1.25 2/28/2003 1.25 3/3/2003 1.25

Fed funds 9 June 2005 Fed funds 3 March 2005 Refi 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75

Refi 9 June 2005

3/4/2003 3/5/2003 3/6/2003 3/7/2003 3/10/2003 3/11/2003 3/12/2003 3/13/2003 3/14/2003 3/17/2003 3/18/2003 3/19/2003 3/20/2003 3/21/2003 3/24/2003 3/25/2003 3/26/2003 3/27/2003 3/28/2003 3/31/2003 4/1/2003 4/2/2003 4/3/2003 4/4/2003 4/7/2003 4/8/2003 4/9/2003 4/10/2003 4/11/2003 4/14/2003 4/15/2003 4/16/2003 4/17/2003 4/18/2003 4/21/2003 4/22/2003 4/23/2003 4/24/2003 4/25/2003 4/28/2003 4/29/2003 4/30/2003 5/1/2003 5/2/2003 5/5/2003 5/6/2003 5/7/2003 5/8/2003 5/9/2003 5/12/2003 5/13/2003 5/14/2003

1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25

2.75 2.75 2.75 2.75 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50

5/15/2003 5/16/2003 5/19/2003 5/20/2003 5/21/2003 5/22/2003 5/23/2003 5/26/2003 5/27/2003 5/28/2003 5/29/2003 5/30/2003 6/2/2003 6/3/2003 6/4/2003 6/5/2003 6/6/2003 6/9/2003 6/10/2003 6/11/2003 6/12/2003 6/13/2003 6/16/2003 6/17/2003 6/18/2003 6/19/2003 6/20/2003 6/23/2003 6/24/2003 6/25/2003 6/26/2003 6/27/2003 6/30/2003 7/1/2003 7/2/2003 7/3/2003 7/4/2003 7/7/2003 7/8/2003 7/9/2003 7/10/2003 7/11/2003 7/14/2003 7/15/2003 7/16/2003 7/17/2003 7/18/2003 7/21/2003 7/22/2003 7/23/2003 7/24/2003 7/25/2003

1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

7/28/2003 7/29/2003 7/30/2003 7/31/2003 8/1/2003 8/4/2003 8/5/2003 8/6/2003 8/7/2003 8/8/2003 8/11/2003 8/12/2003 8/13/2003 8/14/2003 8/15/2003 8/18/2003 8/19/2003 8/20/2003 8/21/2003 8/22/2003 8/25/2003 8/26/2003 8/27/2003 8/28/2003 8/29/2003 9/1/2003 9/2/2003 9/3/2003 9/4/2003 9/5/2003 9/8/2003 9/9/2003 9/10/2003 9/11/2003 9/12/2003 9/15/2003 9/16/2003 9/17/2003 9/18/2003 9/19/2003 9/22/2003 9/23/2003 9/24/2003 9/25/2003 9/26/2003 9/29/2003 9/30/2003 10/1/2003 10/2/2003 10/3/2003 10/6/2003 10/7/2003

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

10/8/2003 10/9/2003 10/10/2003 10/13/2003 10/14/2003 10/15/2003 10/16/2003 10/17/2003 10/20/2003 10/21/2003 10/22/2003 10/23/2003 10/24/2003 10/27/2003 10/28/2003 10/29/2003 10/30/2003 10/31/2003 11/3/2003 11/4/2003 11/5/2003 11/6/2003 11/7/2003 11/10/2003 11/11/2003 11/12/2003 11/13/2003 11/14/2003 11/17/2003 11/18/2003 11/19/2003 11/20/2003 11/21/2003 11/24/2003 11/25/2003 11/26/2003 11/27/2003 11/28/2003 12/1/2003 12/2/2003 12/3/2003 12/4/2003 12/5/2003 12/8/2003 12/9/2003 12/10/2003 12/11/2003 12/12/2003 12/15/2003 12/16/2003 12/17/2003 12/18/2003

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

12/19/2003 12/22/2003 12/23/2003 12/24/2003 12/25/2003 12/26/2003 12/29/2003 12/30/2003 12/31/2003 1/1/2004 1/2/2004 1/5/2004 1/6/2004 1/7/2004 1/8/2004 1/9/2004 1/12/2004 1/13/2004 1/14/2004 1/15/2004 1/16/2004 1/19/2004 1/20/2004 1/21/2004 1/22/2004 1/23/2004 1/26/2004 1/27/2004 1/28/2004 1/29/2004 1/30/2004 2/2/2004 2/3/2004 2/4/2004 2/5/2004 2/6/2004 2/9/2004 2/10/2004 2/11/2004 2/12/2004 2/13/2004 2/16/2004 2/17/2004 2/18/2004 2/19/2004 2/20/2004 2/23/2004 2/24/2004 2/25/2004 2/26/2004 2/27/2004 3/1/2004

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

3/2/2004 3/3/2004 3/4/2004 3/5/2004 3/8/2004 3/9/2004 3/10/2004 3/11/2004 3/12/2004 3/15/2004 3/16/2004 3/17/2004 3/18/2004 3/19/2004 3/22/2004 3/23/2004 3/24/2004 3/25/2004 3/26/2004 3/29/2004 3/30/2004 3/31/2004 4/1/2004 4/2/2004 4/5/2004 4/6/2004 4/7/2004 4/8/2004 4/9/2004 4/12/2004 4/13/2004 4/14/2004 4/15/2004 4/16/2004 4/19/2004 4/20/2004 4/21/2004 4/22/2004 4/23/2004 4/26/2004 4/27/2004 4/28/2004 4/29/2004 4/30/2004 5/3/2004 5/4/2004 5/5/2004 5/6/2004 5/7/2004 5/10/2004 5/11/2004 5/12/2004

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

5/13/2004 5/14/2004 5/17/2004 5/18/2004 5/19/2004 5/20/2004 5/21/2004 5/24/2004 5/25/2004 5/26/2004 5/27/2004 5/28/2004 5/31/2004 6/1/2004 6/2/2004 6/3/2004 6/4/2004 6/7/2004 6/8/2004 6/9/2004 6/10/2004 6/11/2004 6/14/2004 6/15/2004 6/16/2004 6/17/2004 6/18/2004 6/21/2004 6/22/2004 6/23/2004 6/24/2004 6/25/2004 6/28/2004 6/29/2004 6/30/2004 7/1/2004 7/2/2004 7/5/2004 7/6/2004 7/7/2004 7/8/2004 7/9/2004 7/12/2004 7/13/2004 7/14/2004 7/15/2004 7/16/2004 7/19/2004 7/20/2004 7/21/2004 7/22/2004 7/23/2004

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

7/26/2004 7/27/2004 7/28/2004 7/29/2004 7/30/2004 8/2/2004 8/3/2004 8/4/2004 8/5/2004 8/6/2004 8/9/2004 8/10/2004 8/11/2004 8/12/2004 8/13/2004 8/16/2004 8/17/2004 8/18/2004 8/19/2004 8/20/2004 8/23/2004 8/24/2004 8/25/2004 8/26/2004 8/27/2004 8/30/2004 8/31/2004 9/1/2004 9/2/2004 9/3/2004 9/6/2004 9/7/2004 9/8/2004 9/9/2004 9/10/2004 9/13/2004 9/14/2004 9/15/2004 9/16/2004 9/17/2004 9/20/2004 9/21/2004 9/22/2004 9/23/2004 9/24/2004 9/27/2004 9/28/2004 9/29/2004 9/30/2004 10/1/2004 10/4/2004 10/5/2004

1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

10/6/2004 10/7/2004 10/8/2004 10/11/2004 10/12/2004 10/13/2004 10/14/2004 10/15/2004 10/18/2004 10/19/2004 10/20/2004 10/21/2004 10/22/2004 10/25/2004 10/26/2004 10/27/2004 10/28/2004 10/29/2004 11/1/2004 11/2/2004 11/3/2004 11/4/2004 11/5/2004 11/8/2004 11/9/2004 11/10/2004 11/11/2004 11/12/2004 11/15/2004 11/16/2004 11/17/2004 11/18/2004 11/19/2004 11/22/2004 11/23/2004 11/24/2004 11/25/2004 11/26/2004 11/29/2004 11/30/2004 12/1/2004 12/2/2004 12/3/2004 12/6/2004 12/7/2004 12/8/2004 12/9/2004 12/10/2004 12/13/2004 12/14/2004 12/15/2004 12/16/2004

1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.25 2.25 2.25

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

12/17/2004 12/20/2004 12/21/2004 12/22/2004 12/23/2004 12/24/2004 12/27/2004 12/28/2004 12/29/2004 12/30/2004 12/31/2004 1/3/2005 1/4/2005 1/5/2005 1/6/2005 1/7/2005 1/10/2005 1/11/2005 1/12/2005 1/13/2005 1/14/2005 1/17/2005 1/18/2005 1/19/2005 1/20/2005 1/21/2005 1/24/2005 1/25/2005 1/26/2005 1/27/2005 1/28/2005 1/31/2005 2/1/2005 2/2/2005 2/3/2005 2/4/2005 2/7/2005 2/8/2005 2/9/2005 2/10/2005 2/11/2005 2/14/2005 2/15/2005 2/16/2005 2/17/2005 2/18/2005 2/21/2005 2/22/2005 2/23/2005 2/24/2005 2/25/2005 2/28/2005

2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

3/1/2005 3/2/2005 3/3/2005 3/4/2005 3/7/2005 3/8/2005 3/9/2005 3/10/2005 3/11/2005 3/14/2005 3/15/2005 3/16/2005 3/17/2005 3/18/2005 3/21/2005 3/22/2005 3/23/2005 3/24/2005 3/25/2005 3/28/2005 3/29/2005 3/30/2005 3/31/2005 4/1/2005 4/4/2005 4/5/2005 4/6/2005 4/7/2005 4/8/2005 4/11/2005 4/12/2005 4/13/2005 4/14/2005 4/15/2005 4/18/2005 4/19/2005 4/20/2005 4/21/2005 4/22/2005 4/25/2005 4/26/2005 4/27/2005 4/28/2005 4/29/2005 5/2/2005 5/3/2005 5/4/2005 5/5/2005 5/6/2005 5/9/2005 5/10/2005 5/11/2005

2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 3.00 3.00 3.00 3.00 3.00 3.00 3.00

2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.595 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 2.775 3.035 3.035 3.035 3.035 3.035 3.035 3.035

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

5/12/2005 5/13/2005 5/16/2005 5/17/2005 5/18/2005 5/19/2005 5/20/2005 5/23/2005 5/24/2005 5/25/2005 5/26/2005 5/27/2005 5/30/2005 5/31/2005 6/1/2005 6/2/2005 6/3/2005 6/6/2005 6/7/2005 6/8/2005 6/9/2005 6/10/2005 6/13/2005 6/14/2005 6/15/2005 6/16/2005 6/17/2005 6/20/2005 6/21/2005 6/22/2005 6/23/2005 6/24/2005 6/27/2005 6/28/2005 6/29/2005 6/30/2005 7/1/2005 7/4/2005 7/5/2005 7/6/2005 7/7/2005 7/8/2005 7/11/2005 7/12/2005 7/13/2005 7/14/2005 7/15/2005 7/18/2005 7/19/2005 7/20/2005 7/21/2005 7/22/2005

3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25

3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.035 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.065 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290 3.290

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.07 2.07 2.07 2.07 2.07 2.07

7/25/2005 7/26/2005 7/27/2005 7/28/2005 7/29/2005 8/1/2005 8/2/2005 8/3/2005 8/4/2005 8/5/2005 8/8/2005 8/9/2005 8/10/2005 8/11/2005 8/12/2005 8/15/2005 8/16/2005 8/17/2005 8/18/2005 8/19/2005 8/22/2005 8/23/2005 8/24/2005 8/25/2005 8/26/2005 8/29/2005 8/30/2005 8/31/2005 9/1/2005 9/2/2005 9/5/2005 9/6/2005 9/7/2005 9/8/2005 9/9/2005 9/12/2005 9/13/2005 9/14/2005 9/15/2005 9/16/2005 9/19/2005 9/20/2005 9/21/2005 9/22/2005 9/23/2005 9/26/2005 9/27/2005 9/28/2005 9/29/2005 9/30/2005 10/3/2005 10/4/2005

3.25 3.25 3.25 3.25 3.25 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.57 3.57

3.290 3.290 3.290 3.290 3.290 3.290 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.405 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.590 3.590

2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.07 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08

10/5/2005 10/6/2005 10/7/2005 10/10/2005 10/11/2005 10/12/2005 10/13/2005 10/14/2005 10/17/2005 10/18/2005 10/19/2005 10/20/2005 10/21/2005 10/24/2005 10/25/2005 10/26/2005 10/27/2005 10/28/2005 10/31/2005 11/1/2005 11/2/2005 11/3/2005 11/4/2005 11/7/2005 11/8/2005 11/9/2005 11/10/2005 11/11/2005 11/14/2005 11/15/2005 11/16/2005 11/17/2005 11/18/2005 11/21/2005 11/22/2005 11/23/2005 11/24/2005 11/25/2005 11/28/2005 11/29/2005 11/30/2005 12/1/2005 12/2/2005 12/5/2005 12/6/2005 12/7/2005 12/8/2005 12/9/2005 12/12/2005 12/13/2005 12/14/2005 12/15/2005

3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.65 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69

3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.590 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.700 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775

2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.08 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09

12/16/2005 12/19/2005 12/20/2005 12/21/2005 12/22/2005 12/23/2005 12/26/2005 12/27/2005 12/28/2005 12/29/2005 12/30/2005 1/2/2006 1/3/2006 1/4/2006 1/5/2006 1/6/2006 1/9/2006 1/10/2006 1/11/2006 1/12/2006 1/13/2006 1/16/2006 1/17/2006 1/18/2006 1/19/2006 1/20/2006 1/23/2006 1/24/2006 1/25/2006 1/26/2006 1/27/2006 1/30/2006 1/31/2006 2/1/2006 2/2/2006 2/3/2006 2/6/2006 2/7/2006 2/8/2006 2/9/2006 2/10/2006 2/13/2006 2/14/2006 2/15/2006 2/16/2006 2/17/2006 2/20/2006 2/21/2006 2/22/2006 2/23/2006 2/24/2006 2/27/2006

3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.72 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8

3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775 3.775

2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09

2/28/2006 3/1/2006 3/2/2006 3/3/2006 3/6/2006 3/7/2006 3/8/2006 3/9/2006 3/10/2006 3/13/2006 3/14/2006 3/15/2006 3/16/2006 3/17/2006 3/20/2006 3/21/2006 3/22/2006 3/23/2006 3/24/2006 3/27/2006 3/28/2006 3/29/2006 3/30/2006 3/31/2006 4/3/2006 4/4/2006 4/5/2006 4/6/2006 4/7/2006 4/10/2006 4/11/2006 4/12/2006 4/13/2006 4/14/2006 4/17/2006 4/18/2006 4/19/2006 4/20/2006 4/21/2006 4/24/2006 4/25/2006 4/26/2006 4/27/2006 4/28/2006 5/1/2006 5/2/2006 5/3/2006 5/4/2006 5/5/2006 5/8/2006 5/9/2006 5/10/2006

3.8

2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09

5/11/2006 5/12/2006 5/15/2006 5/16/2006 5/17/2006 5/18/2006 5/19/2006 5/22/2006 5/23/2006 5/24/2006 5/25/2006 5/26/2006 5/29/2006 5/30/2006 5/31/2006 6/1/2006 6/2/2006 6/5/2006 6/6/2006 6/7/2006 6/8/2006 6/9/2006 6/12/2006 6/13/2006 6/14/2006 6/15/2006 6/16/2006 6/19/2006 6/20/2006 6/21/2006 6/22/2006 6/23/2006 6/26/2006 6/27/2006 6/28/2006 6/29/2006 6/30/2006 7/3/2006 7/4/2006 7/5/2006 7/6/2006 7/7/2006 7/10/2006 7/11/2006 7/12/2006 7/13/2006 7/14/2006 7/17/2006 7/18/2006 7/19/2006 7/20/2006 7/21/2006

2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.09

7/24/2006 7/25/2006 7/26/2006 7/27/2006 7/28/2006 7/31/2006 8/1/2006 8/2/2006 8/3/2006 8/4/2006 8/7/2006 8/8/2006 8/9/2006 8/10/2006 8/11/2006 8/14/2006 8/15/2006 8/16/2006 8/17/2006 8/18/2006 8/21/2006 8/22/2006 8/23/2006 8/24/2006 8/25/2006 8/28/2006 8/29/2006 8/30/2006 8/31/2006 9/1/2006 9/4/2006 9/5/2006 9/6/2006 9/7/2006 9/8/2006 9/11/2006 9/12/2006 9/13/2006 9/14/2006 9/15/2006 9/18/2006 9/19/2006 9/20/2006 9/21/2006 9/22/2006 9/25/2006 9/26/2006 9/27/2006 9/28/2006 9/29/2006 10/2/2006 10/3/2006

2.09 2.09 2.09 2.09 2.09 2.09 2.09 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.10 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11

10/4/2006 10/5/2006 10/6/2006 10/9/2006 10/10/2006 10/11/2006 10/12/2006 10/13/2006 10/16/2006 10/17/2006 10/18/2006 10/19/2006 10/20/2006 10/23/2006 10/24/2006 10/25/2006 10/26/2006 10/27/2006 10/30/2006 10/31/2006 11/1/2006 11/2/2006 11/3/2006 11/6/2006 11/7/2006 11/8/2006 11/9/2006 11/10/2006 11/13/2006 11/14/2006 11/15/2006 11/16/2006 11/17/2006 11/20/2006 11/21/2006 11/22/2006 11/23/2006 11/24/2006 11/27/2006 11/28/2006 11/29/2006 11/30/2006 12/1/2006 12/4/2006 12/5/2006 12/6/2006 12/7/2006 12/8/2006 12/11/2006 12/12/2006 12/13/2006 12/14/2006

2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.11 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.12 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.13 2.14

12/15/2006 12/18/2006 12/19/2006 12/20/2006 12/21/2006 12/22/2006 12/25/2006 12/26/2006 12/27/2006 12/28/2006 12/29/2006 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

2.14 2.14 2.14 2.14 2.14 2.14 2.14 2.14 2.14 2.14 2.14

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forward rates and Fed Funds futures.

Refi 3 March 2005

2.036771911 2.041520846 2.043104316 2.044687963 2.046271745 2.04785562 2.05260739 2.054191223 2.055774942 2.057358504 2.058941869 2.063690361 2.065272519 2.066854272 2.068435577 2.070016394 2.074755496 2.076333941 2.077911691 2.079488702 2.081064933 2.085788531 2.087361227 2.088932936 2.090503614 2.092073222 2.096776611 2.098342696 2.09990791 2.101472243 2.103035686 2.107720573 2.109280357 2.110839202 2.112397098 2.113954036 2.118619007 2.120172017 2.12172402 2.123275008 2.124824971 2.129468608 2.131014372 2.132559063 2.13410267 2.135645184 2.140266073 2.141804119 2.143341024 2.144876778

2.146411372 2.151008096 2.152537952 2.1540666 2.155594029 2.157120231 2.161691373 2.163212568 2.164732486 2.166251119 2.167768456 2.172312601 2.173824662 2.175335379 2.176844743 2.178352744 2.182868475 2.18437093 2.185871973 2.187371721 2.188870293 2.193358957 2.19485283 2.19634553 2.197837058 2.199327413 2.203791449 2.205277121 2.206761622 2.208244955 2.209727119 2.214166606 2.215644102 2.217120432 2.218595596 2.220069595 2.224484611 2.225953956 2.22742214 2.228889162 2.230355023 2.234745644 2.236206866 2.237666929 2.239125835 2.240583583 2.244949889 2.246403013 2.247854982 2.249305798 2.250755459 2.255097527

2.25654258 2.257986481 2.259429232 2.260870833 2.265188741 2.266625748 2.268061607 2.269496319 2.270929886 2.275223713 2.2766527 2.278080543 2.279507243 2.280932801 2.285202624 2.286623617 2.288043471 2.289462184 2.29087976 2.295125658 2.296538683 2.297950572 2.299361326 2.300770944 2.304992995 2.306398079 2.30780203 2.309204849 2.310606537 2.314804819 2.316201987 2.317598026 2.318992937 2.320386749 2.324561775 2.325951319 2.327339801 2.328727221 2.330113583 2.334266329 2.335648471 2.337029563 2.338409605 2.339788601 2.343919322 2.345294147 2.346667933 2.348040682 2.349412397 2.353521347 2.354888939 2.356255504

2.357621045 2.358985563 2.363072997 2.364433441 2.365792871 2.367151288 2.368508694 2.372574866 2.373928246 2.375280625 2.376632003 2.377982382 2.382027545 2.383373947 2.384719359 2.386063783 2.38740722 2.39143163 2.392771138 2.394109668 2.395447223 2.396783802 2.400787712 2.402120411 2.403452145 2.404782914 2.406112721 2.410096385 2.41142236 2.412747382 2.414071451 2.41539457 2.419358243 2.420677578 2.421995972 2.423313426 2.424629942 2.428573878 2.429886659 2.43119851 2.432509433 2.43381943 2.437743883 2.439050194 2.440355587 2.441660065 2.442963628 2.446868853 2.448168778 2.449467798 2.450765914 2.452063129

2.455949379 2.457243004 2.458535735 2.459827575 2.461118525 2.464986055 2.466273464 2.467559992 2.46884564 2.470130411 2.473979475 2.475260753 2.476541161 2.477820703 2.479099379 2.482930231 2.484205462 2.485479837 2.486753356 2.488026022 2.491838917 2.493108187 2.494376611 2.495644193 2.496910934 2.500706126 2.501969518 2.503232079 2.504493808 2.505754708 2.50953245 2.510790051 2.512046831 2.513302792 2.514557937 2.518318484 2.519570378 2.520821462 2.522071741 2.523321214 2.527064821 2.528311091 2.529556566 2.530801245 2.532045132 2.535772053 2.537012785 2.538252734 2.5394919 2.540730285 2.544440773 2.545676053

2.54691056 2.548144297 2.549377266 2.553071576 2.554301487 2.555530638 2.556759161 2.557987186 2.56166832 2.5628944 2.564120005 2.565345139 2.566569808 2.570241062 2.571463912 2.572686318 2.573908285 2.575129818 2.578791856 2.580011696 2.581231125 2.582450146 2.583668764 2.587322247 2.588539299 2.58975597 2.590972266 2.59218819 2.595833781 2.597048265 2.598262401 2.599476192 2.600689644 2.604328005 2.605540142 2.606751962 2.60796347 2.609174669 2.612806463 2.614016475 2.615226201 2.616435646 2.617644814 2.621270703 2.62247881 2.623686662 2.624894265 2.626101623 2.62972227 2.630928693 2.632134893 2.633340874

2.634546642 2.638162711 2.63936767 2.640572438 2.641777019 2.642981418 2.64659357 2.647797286 2.649000843 2.650204245 2.651407497 2.655016394 2.656219089 2.657421655 2.658624099 2.659826424 2.663432729 2.664634623 2.66583642 2.667038126 2.668239745 2.671844121 2.673045435 2.674246684 2.675447873 2.676649006 2.680252115 2.68145307 2.682653992 2.683854885 2.685055753 2.688658259 2.689859075 2.69105989 2.692260708 2.693461533 2.697064097 2.698264996 2.699465925 2.700666889 2.701867891 2.705471176 2.706672378 2.707873642 2.709074972 2.710276373 2.713881041 2.715082768 2.716284588 2.717486505 2.718688525 2.722295239

2.723497711 2.724700308 2.725903033 2.727105892 2.730715315 2.731918754 2.733122348 2.734326102 2.735530022 2.739142816 2.740347441 2.741552254 2.742757258 2.74396246 2.747579288 2.74878532 2.749991572 2.751198047 2.752404751 2.756026275 2.757233937 2.758441848 2.759650015 2.760858442 2.764485325 2.765694836 2.766904629 2.768114708 2.769325079 2.772957984 2.774169564 2.775381459 2.776593672 2.777806207 2.781445796 2.782659668 2.783873885 2.785088452 2.786303373 2.789950309 2.791166692 2.792383453 2.793600595 2.794818123 2.798473067 2.799692184 2.800911709 2.802131647 2.803352002 2.807015618 2.808237688 2.809460198

2.810683153 2.811906557 2.815579507 2.816804751 2.818030468 2.81925666 2.820483333 2.824166279 2.825394919 2.826624062 2.827853713 2.829083876 2.832777482 2.834009738 2.835242529 2.836475859 2.837709733 2.84141466 2.842650754 2.843887413 2.845124643 2.846362448 2.85007936 2.851319512 2.85256026 2.853801612 2.855043569 2.858773128 2.860017558 2.861262617 2.86250831 2.863754642 2.86749751 2.86874644 2.86999603 2.871246285 2.872497211 2.876254051 2.877507701 2.878762044 2.880017083 2.881272823 2.885044298 2.886302889 2.887562205 2.888822248 2.890083025 2.893869797 2.89513355 2.896398059 2.897663328 2.898929361

2.902730371 2.903997352 2.90526425 2.906531065 2.907797795 2.911597471 2.912863857 2.914130154 2.915396362 2.916662481 2.9204603 2.921726 2.9229917 2.9242573 2.9255227 2.9293186 2.9305837 2.9318487 2.9331135 2.9343783 2.9381721 2.9394365 2.9407008 2.9419649 2.943229 2.9470206 2.9482842 2.9495478 2.9508112 2.9520745 2.9558638 2.9571266 2.9583894 2.959652 2.9609146 2.9647014 2.9659635 2.9672254 2.9684872 2.9697489 2.9735333 2.9747945 2.9760556 2.9773165 2.9785774 2.9823591 2.9836194 2.9848796 2.9861397 2.9873996 2.9911787 2.9924381

2.9936973 2.9949565 2.9962155 2.9999917 3.0012501 3.0025084 3.0037666 3.0050246 3.0087979 3.0100553 3.0113126 3.0125698 3.0138268 3.017597 3.0188535 3.0201097 3.0213659 3.0226219 3.0263889 3.0276443 3.0288995 3.0301545 3.0314094 3.0351732 3.0364275 3.0376816 3.0389355 3.0401893 3.0439497 3.0452028 3.0464558 3.0477086 3.0489613 3.0527182 3.0539701 3.0552219 3.0564736 3.057725 3.0614783 3.0627291 3.0639797 3.0652301 3.0664803 3.0702299 3.0714795 3.0727288 3.0739779 3.0752269 3.0789727 3.080221 3.081469 3.0827169

3.0839646 3.0877065 3.0889534 3.0902001 3.0914467 3.092693 3.0964309 3.0976765 3.0989219 3.100167 3.101412 3.1051458 3.10639 3.107634 3.1088777 3.1101213 3.1138508 3.1150936 3.1163362 3.1175785 3.1188207 3.1225458 3.1237871 3.1250282 3.1262691 3.1275098 3.1312305 3.1324703 3.1337099 3.1349493 3.1361885 3.1399046 3.1411429 3.142381 3.1436188 3.1448564 3.1485679 3.1498046 3.1510411 3.1522774 3.1535134 3.1572202 3.1584553 3.1596901 3.1609248 3.1621592 3.1658611 3.1670945 3.1683278 3.1695608 3.1707935 3.1744904

3.1757222 3.1769537 3.1781851 3.1794161 3.1831079 3.184338 3.1855678 3.1867974 3.1880268 3.1917133 3.1929417 3.1941698 3.1953976 3.1966252 3.2003064 3.201533 3.2027593 3.2039853 3.2052111 3.2088869 3.2101117 3.2113362 3.2125604 3.2137844 3.2174546 3.2186775 3.2199002 3.2211225 3.2223446 3.2260093 3.2272303 3.228451 3.2296714 3.2308916 3.2345505 3.2357696 3.2369884 3.2382069 3.2394252 3.2430782 3.2442953 3.2455122 3.2467287 3.247945 3.2515921 3.2528072 3.254022 3.2552366 3.2564508 3.2600918 3.2613049 3.2625177

3.2637302 3.2649424 3.2685773 3.2697883 3.270999 3.2722094 3.2734195 3.2770481 3.278257 3.2794656 3.2806739 3.2818819 3.2855041 3.2867109 3.2879173 3.2891235 3.2903293 3.293945 3.2951496 3.2963539 3.2975578 3.2987615 3.3023705 3.3035729 3.304775 3.3059767 3.3071782 3.3107805 3.3119806 3.3131804 3.3143799 3.3155791 3.3191746 3.3203725 3.32157 3.3227672 3.323964 3.3275526 3.3287481 3.3299433 3.3311382 3.3323327 3.3359143 3.3371074 3.3383003 3.3394928 3.3406849 3.3442593 3.3454501 3.3466405 3.3478306 3.3490204

3.3525875 3.3537759 3.3549639 3.3561515 3.3573388 3.3608986 3.3620845 3.36327 3.3644552 3.36564 3.3691923 3.3703757 3.3715587 3.3727414 3.3739237 3.3774684 3.3786493 3.3798298 3.3810099 3.3821896 3.3857267 3.386905 3.3880829 3.3892604 3.3904376 3.3939668 3.3951425 3.3963178 3.3974927 3.3986673 3.4021886 3.4033617 3.4045343 3.4057066 3.4068784 3.4103918 3.4115621 3.4127321 3.4139017 3.4150709 3.4185761 3.4197437 3.420911 3.4220778 3.4232443 3.4267413 3.4279063 3.4290709 3.4302351 3.4313989 3.4348882 3.4360506

3.4372126 3.4383742 3.4395355 3.443017 3.4441768 3.4453361 3.4464951 3.4476538 3.4511274 3.4522845 3.4534412 3.4545976 3.4557535 3.4592192 3.4603736 3.4615277 3.4626813 3.4638346 3.4672921 3.4684439 3.4695952 3.4707462 3.4718967 3.4753461 3.4764951 3.4776437 3.4787919 3.4799397 3.4833808 3.484527 3.4856728 3.4868183 3.4879633 3.491396 3.4925394 3.4936825 3.4948251 3.4959673 3.4993916 3.5005322 3.5016724 3.5028122 3.5039516 3.5073673 3.508505 3.5096423 3.5107793 3.5119158 3.5153228 3.5164577 3.5175921 3.5187262

3.5198598 3.5232581 3.52439 3.5255216 3.5266527 3.5277833 3.5311728 3.5323018 3.5334304 3.5345585 3.5356862 3.5390668 3.5401928 3.5413184 3.5424436 3.5435683 3.5469398 3.5480628 3.5491854 3.5503075 3.5514292 3.5547917 3.5559116 3.5570311 3.5581502 3.5592689 3.5626221 3.563739 3.5648554 3.5659714 3.567087 3.570431 3.5715448 3.5726581 3.573771 3.5748834 3.578218 3.5793286 3.5804388 3.5815486 3.5826578 3.585983 3.5870905 3.5881975 3.589304 3.5904101 3.5937257 3.59483 3.5959338 3.5970372 3.5981401 3.601446

3.602547 3.6036476 3.6047477 3.6058474 3.6091436 3.6102414 3.6113387 3.6124355 3.6135319 3.6168182 3.6179127 3.6190068 3.6201003 3.6211934 3.6244698 3.625561 3.6266517 3.6277419 3.6288317 3.6320981 3.6331859 3.6342733 3.6353601 3.6364465 3.6397028 3.6407872 3.6418712 3.6429547 3.6440377 3.6472837 3.6483648 3.6494453 3.6505254 3.6516049 3.6548407 3.6559183 3.6569954 3.658072 3.6591481 3.6623735 3.6634476 3.6645212 3.6655944 3.666667 3.6698819 3.6709525 3.6720226 3.6730922 3.6741613 3.6773656 3.6784327 3.6794993

3.6805654 3.6816309 3.6848246 3.6858881 3.6869511 3.6880136 3.6890756 3.6922585 3.6933184 3.6943778 3.6954367 3.6964951 3.6996671 3.7007234 3.7017792 3.7028344 3.7038892 3.7070502 3.7081029 3.709155 3.7102066 3.7112576 3.7144077 3.7154566 3.7165051 3.717553 3.7186003 3.7217392 3.7227845 3.7238292 3.7248733 3.725917 3.7290447 3.7300861 3.7311271 3.7321675 3.7332074 3.7363237 3.7373615 3.7383986 3.7394352 3.7404713 3.7435763 3.7446102 3.7456435 3.7466763 3.7477086 3.7508021 3.7518321 3.7528616 3.7538906 3.754919

3.7580008 3.759027 3.7600526 3.7610777 3.7621022 3.7651724 3.7661947 3.7672164 3.7682376 3.7692582 3.7723166 3.773335 3.7743527 3.77537 3.7763866 3.7794332 3.7804475 3.7814612 3.7824743 3.7834868 3.7865205 3.7875304 3.7885397 3.7895484 3.7905565 3.7935769 3.7945824 3.7955873 3.7965915 3.7975951 3.8006021 3.8016032 3.8026036 3.8036033 3.8046025 3.8075959 3.8085925 3.8095884 3.8105836 3.8115782 3.8145581 3.81555 3.8165414 3.8175321 3.8185221 3.8214882 3.8224756 3.8234623 3.8244484 3.8254338 3.8283861 3.8293689

3.830351 3.8313324 3.8323132 3.8352515 3.8362296 3.837207 3.8381838 3.8391598 3.8420841 3.8430575 3.8440302 3.8450022 3.8459736 3.8488836 3.8498523 3.8508202 3.8517875 3.8527541 3.8556498 3.8566137 3.8575769 3.8585394 3.8595012 3.8623824 3.8633415 3.8642998 3.8652575 3.8662145 3.8690812 3.8700354 3.8709888 3.8719416 3.8728937 3.8757458 3.8766951 3.8776437 3.8785915 3.8795387 3.882376 3.8833203 3.884264 3.8852069 3.8861491 3.8889715 3.8899109 3.8908495 3.8917875 3.8927247 3.8955321 3.8964664 3.8974001 3.898333

3.8992652 3.9020574 3.9029867 3.9039153 3.9048432 3.9057703 3.9085473 3.9094715 3.910395 3.9113177 3.9122397 3.9150014 3.9159205 3.9168388 3.9177564 3.9186733 3.9214195 3.9223334 3.9232465 3.924159 3.9250706 3.9278012 3.9287099 3.9296179 3.9305251 3.9314315 3.9341464 3.9350499 3.9359526 3.9368545 3.9377557 3.9404548 3.9413529 3.9422503 3.943147 3.9440429 3.946726 3.9476188 3.9485109 3.9494022 3.9502928 3.9529598 3.9538473 3.954734 3.95562 3.9565052 3.959156 3.9600381 3.9609194 3.9618 3.9626797 3.9653143

3.966191 3.9670668 3.9679419 3.9688162 3.9714344 3.9723056 3.9731759 3.9740455 3.9749143 3.977516 3.9783817 3.9792465 3.9801106 3.9809738 3.9835589 3.984419 3.9852783 3.9861368 3.9869945 3.9895628 3.9904172 3.9912709 3.9921238 3.9929759 3.9955273 3.9963762 3.9972243 3.9980715 3.9989179 4.0014524 4.0022956 4.003138 4.0039795 4.0048203 4.0073376 4.0081751 4.0090118 4.0098476 4.0106826 4.0131828 4.0140145 4.0148454 4.0156755 4.0165047 4.0189875 4.0198135 4.0206386 4.0214629 4.0222863 4.0247517 4.0255718 4.0263911

4.0272095 4.0280271 4.0304749 4.0312892 4.0321026 4.0329152 4.0337269 4.0361578 4.0369672 4.0377761 4.0385846 4.0393926 4.041814 4.0426203 4.0434261 4.0442315 4.0450365 4.0474486 4.0482518 4.0490546 4.0498569 4.0506587 4.0530617 4.0538618 4.0546615 4.0554607 4.0562595 4.0586533 4.0594503 4.0602469 4.0610431 4.0618388 4.0642234 4.0650174 4.0658109 4.066604 4.0673967 4.0697721 4.0705631 4.0713536 4.0721437 4.0729333 4.0752996 4.0760875 4.0768749 4.077662 4.0784485 4.0808057 4.0815906 4.082375 4.083159 4.0839426

4.0862907 4.0870725 4.0878539 4.0886349 4.0894154 4.0917545 4.0925333 4.0933117 4.0940896 4.0948672 4.0971972 4.097973 4.0987484 4.0995233 4.1002978 4.1026188 4.1033916 4.104164 4.104936 4.1057075 4.1080195 4.1087893 4.1095587 4.1103277 4.1110962 4.1133993 4.1141661 4.1149325 4.1156985 4.1164641 4.1187582 4.119522 4.1202855 4.1210485 4.1218111 4.1240963 4.1248572 4.1256176 4.1263777 4.1271373 4.1294136 4.1301715 4.130929 4.1316861 4.1324428 4.1347103 4.1354652 4.1362198 4.1369739 4.1377276 4.1399863 4.1407383

4.1414899 4.1422411 4.1429919 4.1452417 4.1459908 4.1467395 4.1474877 4.1482356 4.1504766 4.1512228 4.1519685 4.1527139 4.1534588 4.1556911 4.1564343 4.1571772 4.1579196 4.1586616 4.1608851 4.1616254 4.1623654 4.1631049 4.163844 4.1660588 4.1667962 4.1675333 4.1682699 4.1690061 4.1712122 4.1719467 4.1726809 4.1734146 4.1741479 4.1763454 4.177077 4.1778083 4.1785391 4.1792695 4.1814584 4.1821871 4.1829155 4.1836435 4.184371 4.1865512 4.1872771 4.1880026 4.1887277 4.1894524 4.191624 4.1923471 4.1930697 4.193792

4.1945138 4.1966768 4.197397 4.1981168 4.1988362 4.1995552 4.2017097 4.202427 4.203144 4.2038605 4.2045767 4.2067226 4.2074372 4.2081513 4.208865 4.2095783 4.2117158 4.2124275 4.2131388 4.2138496 4.2145601 4.2166891 4.217398 4.2181065 4.2188145 4.2195222 4.2216428 4.2223488 4.2230545 4.2237597 4.2244646 4.2265767 4.22728 4.2279829 4.2286853 4.2293874 4.2314911 4.2321916 4.2328916 4.2335913 4.2342905 4.2363859 4.2370836 4.2377809 4.2384778 4.2391742 4.2412613 4.2419562 4.2426507 4.2433448 4.2440385 4.2461172

4.2468093 4.247501 4.2481923 4.2488833 4.2509537 4.2516431 4.252332 4.2530206 4.2537088 4.2557709 4.2564575 4.2571437 4.2578295 4.258515 4.2605689 4.2612527 4.2619362 4.2626193 4.2633019 4.2653476 4.2660287 4.2667095 4.2673898 4.2680697 4.2701072 4.2707856 4.2714636 4.2721412 4.2728184 4.2748477 4.2755234 4.2761987 4.2768736 4.2775481 4.2795692 4.2802422 4.2809147 4.2815869 4.2822587 4.2842717 4.284942 4.2856118 4.2862813 4.2869504 4.2889553 4.2896229 4.29029 4.2909568 4.2916232 4.2936201 4.2942849 4.2949494

4.2956135 4.2962772 4.298266 4.2989282 4.29959 4.3002514 4.3009124 4.3028932 4.3035527 4.3042118 4.3048706 4.3055289 4.3075017 4.3081585 4.308815 4.3094711 4.3101268 4.3120916 4.3127458 4.3133996 4.314053 4.314706 4.3166629 4.3173144 4.3179656 4.3186163 4.3192667 4.3212157 4.3218646 4.3225131 4.3231612 4.323809 4.32575 4.3263963 4.3270421 4.3276877 4.3283328 4.3302659 4.3309096 4.3315528 4.3321957 4.3328382 4.3347635 4.3354045 4.3360452 4.3366855 4.3373254 4.3392428 4.3398812 4.3405193 4.3411569 4.3417942

4.3437039 4.3443397 4.3449752 4.3456102 4.3462449 4.3481468 4.34878 4.3494129 4.3500454 4.3506775 4.3525716 4.3532022 4.3538325 4.3544624 4.3550919 4.3569783 4.3576064 4.3582341 4.3588614 4.3594884 4.3613669 4.3619923 4.3626173 4.3632419 4.3638662 4.3657366 4.3663593 4.3669817 4.3676036 4.3682252 4.3700876 4.3707077 4.3713273 4.3719466 4.3725655 4.3744199 4.3750373 4.3756543 4.3762709 4.3768871 4.3787335 4.3793482 4.3799626 4.3805765 4.3811901 4.3830285 4.3836406 4.3842523 4.3848636 4.3854745 4.387305 4.3879144

4.3885234 4.3891321 4.3897404 4.3915629 4.3921697 4.3927761 4.3933821 4.3939877 4.3958024 4.3964065 4.3970102 4.3976136 4.3982166 4.4000234 4.4006249 4.401226 4.4018268 4.4024271 4.404226 4.4048249 4.4054234 4.4060215 4.4066193 4.4084103 4.4090066 4.4096025 4.410198 4.4107931 4.4125763 4.41317 4.4137632 4.4143562 4.4149487 4.4167241 4.4173151 4.4179058 4.4184961 4.419086 4.4208536 4.4214421 4.4220302 4.4226179 4.4232052 4.424965 4.4255509 4.4261364 4.4267215 4.4273063 4.4290583 4.4296416 4.4302245 4.4308071

4.4313892 4.4331336 4.4337143 4.4342946 4.4348746 4.4354542 4.4371908 4.4377689 4.4383467 4.4389241 4.4395011 4.44123 4.4418056 4.4423808 4.4429556 4.4435301 4.4452514 4.4458244 4.446397 4.4469693 4.4475412 4.4492548 4.4498253 4.4503954 4.4509651 4.4515345 4.4532404 4.4538083 4.4543759 4.4549431 4.4555099 4.4572083 4.4577736 4.4583387 4.4589033 4.4594676 4.4611584 4.4617212 4.4622837 4.4628458 4.4634076 4.4650908 4.4656511 4.4662111 4.4667707 4.4673299 4.4690055 4.4695633 4.4701208 4.4706779 4.4712346 4.4729027

4.473458 4.4740129 4.4745675 4.4751218 4.4767823 4.4773351 4.4778875 4.4784396 4.4789914 4.4806444 4.4811947 4.4817446 4.4822942 4.4828435 4.484489 4.4850368 4.4855843 4.4861314 4.4866782 4.4883163 4.4888616 4.4894066 4.4899512 4.4904954 4.4921261 4.492669 4.4932115 4.4937536 4.4942954 4.4959186 4.496459 4.4969991 4.4975387 4.4980781 4.4996939 4.5002318 4.5007694 4.5013066 4.5018435 4.5034519 4.5039874 4.5045225 4.5050573 4.5055917 4.5071928 4.5077258 4.5082584 4.5087907 4.5093227 4.5109165 4.511447 4.5119773

4.5125071 4.5130366 4.5146231 4.5151512 4.515679 4.5162064 4.5167335 4.5183127 4.5188383 4.5193637 4.5198887 4.5204133 4.5219852 4.5225085 4.5230314 4.523554 4.5240762 4.5256408 4.5261617 4.5266822 4.5272023 4.5277222 4.5292795 4.529798 4.5303161 4.5308338 4.5313512 4.5329014 4.5334174 4.5339331 4.5344485 4.5349635 4.5365064 4.5370201 4.5375333 4.5380463 4.5385589 4.5400947 4.5406059 4.5411168 4.5416274 4.5421376 4.5436662 4.5441751 4.5446836 4.5451918 4.5456996 4.5472211 4.5477276 4.5482337 4.5487395 4.549245

4.5507593 4.5512634 4.5517672 4.5522706 4.5527737 4.554281 4.5547827 4.5552841 4.5557852 4.5562859 4.5577861 4.5582855 4.5587845 4.5592832 4.5597816 4.5612747 4.5617717 4.5622684 4.5627648 4.5632607 4.5647454 4.5652393 4.5657327 4.5662255 4.5667178 4.5681917 4.568682 4.5691718 4.569661 4.5701497 4.5716128 4.5720994 4.5725856 4.5730712 4.5735563 4.5750085 4.5754915 4.575974 4.576456 4.5769375 4.5783788 4.5788582 4.5793371 4.5798154 4.5802933 4.5817237 4.5821994 4.5826747 4.5831494 4.5836236 4.5850431 4.5855152

4.5859868 4.5864579 4.5869284 4.5883369 4.5888054 4.5892733 4.5897408 4.5902077 4.5916052 4.59207 4.5925343 4.5929981 4.5934613 4.5948478 4.595309 4.5957696 4.5962297 4.5966892 4.5980648 4.5985222 4.5989792 4.5994356 4.5998915 4.6012559 4.6017097 4.602163 4.6026157 4.6030679 4.6044213 4.6048714 4.605321 4.60577 4.6062185 4.6075609 4.6080072 4.6084531 4.6088984 4.6093432 4.6106745 4.6111172 4.6115593 4.6120009 4.612442 4.6137622 4.6142011 4.6146396 4.6150775 4.6155149 4.6168238 4.6172591 4.6176938 4.618128

4.6185616 4.6198594 4.6202909 4.6207219 4.6211524 4.6215823 4.6228689 4.6232967 4.6237239 4.6241507 4.6245769 4.6258522 4.6262763 4.6266998 4.6271228 4.6275452 4.6288093 4.6292296 4.6296494 4.6300686 4.6304873 4.6317402 4.6321567 4.6325727 4.6329882 4.6334031 4.6346447 4.6350575 4.6354697 4.6358814 4.6362926 4.6375228 4.6379318 4.6383403 4.6387482 4.6391556 4.6403745 4.6407798 4.6411844 4.6415886 4.6419922 4.6431998 4.6436012 4.6440021 4.6444025 4.6448023 4.6459985 4.6463961 4.6467932 4.6471898 4.6475858 4.6487706

4.6491645 4.6495578 4.6499505 4.6503427 4.6515161 4.6519061 4.6522956 4.6526846 4.653073 4.6542349 4.6546211 4.6550068 4.6553919 4.6557765 4.656927 4.6573094 4.6576912 4.6580725 4.6584533 4.6595922 4.6599708 4.6603488 4.6607263 4.6611032 4.6622307 4.6626054 4.6629796 4.6633532 4.6637263 4.6648422 4.6652131 4.6655834 4.6659532 4.6663224 4.6674268 4.6677938 4.6681603 4.6685262 4.6688916 4.6699844 4.6703476 4.6707102 4.6710722 4.6714337 4.6725149 4.6728742 4.673233 4.6735912 4.6739488 4.6750184 4.6753738 4.6757287

4.676083 4.6764367 4.6774947 4.6778462 4.6781972 4.6785476 4.6788975 4.6799437 4.6802914 4.6806385 4.680985 4.681331 4.6823655 4.6827093 4.6830525 4.6833951 4.6837372 4.68476 4.6850999 4.6854392 4.6857779 4.6861161 4.6871272 4.6874631 4.6877985 4.6881333 4.6884675 4.6894669 4.6897989 4.6901304 4.6904612 4.6907916 4.6917792 4.6921072 4.6924347 4.6927617 4.6930881 4.6940639 4.694388 4.6947116 4.6950346 4.6953571 4.696321 4.6966412 4.6969609 4.6972799 4.6975985 4.6985506 4.6988668 4.6991825 4.6994976 4.6998122

4.7007524 4.7010647 4.7013764 4.7016876 4.7019982 4.7029266 4.7032349 4.7035426 4.7038498 4.7041565 4.7050729 4.7053773 4.705681 4.7059843 4.7062869 4.7071914 4.7074918 4.7077916 4.7080908 4.7083895 4.7092824 4.7095793 4.7098757 4.7101718 4.7104675 4.7113523 4.7116464 4.7119402 4.7122336 4.7125266 4.7134033 4.7136948 4.7139859 4.7142766 4.7145669 4.7154356 4.7157244 4.7160128 4.7163008 4.7165885 4.7174491 4.7177352 4.718021 4.7183063 4.7185913 4.7194439 4.7197274 4.7200105 4.7202931 4.7205755 4.7214201 4.7217009

4.7219813 4.7222613 4.722541 4.7233777 4.7236558 4.7239335 4.7242109 4.7244879 4.7253166 4.7255921 4.7258672 4.7261419 4.7264162 4.727237 4.7275098 4.7277823 4.7280544 4.7283261 4.7291389 4.7294091 4.7296789 4.7299483 4.7302174 4.7310223 4.7312898 4.731557 4.7318238 4.7320902 4.7328873 4.7331522 4.7334167 4.7336809 4.7339447 4.7347338 4.7349961 4.735258 4.7355196 4.7357807 4.736562 4.7368217 4.737081 4.7373399 4.7375984 4.7383718 4.7386289 4.7388856 4.7391419 4.7393978 4.7401634 4.7404178 4.7406719 4.7409256

4.7411789 4.7419367 4.7421885 4.74244 4.7426911 4.7429418 4.7436917 4.743941 4.7441898 4.7444383 4.7446865 4.7454286 4.7456753 4.7459215 4.7461674 4.746413 4.7471473 4.7473914 4.7476351 4.7478784 4.7481213 4.748848 4.7490894 4.7493305 4.7495712 4.7498116 4.7505305 4.7507694 4.7510079 4.751246 4.7514838 4.752195 4.7524313 4.7526672 4.7529028 4.753138 4.7538415 4.7540752 4.7543086 4.7545416 4.7547742 4.75547 4.7557012 4.755932 4.7561624 4.7563925 4.7570806 4.7573092 4.7575374 4.7577653 4.7579928 4.7586732

4.7588993 4.759125 4.7593503 4.7595753 4.7602481 4.7604716 4.7606947 4.7609175 4.76114 4.7618051 4.762026 4.7622467 4.7624669 4.7626868 4.7633443 4.7635627 4.7637808 4.7639985 4.7642159 4.7648657 4.7650817 4.7652972 4.7655124 4.7657272 4.7663695 4.7665829 4.7667959 4.7670085 4.7672208 4.7678556 4.7680664 4.7682769 4.7684871 4.7686968 4.769324 4.7695323 4.7697403 4.7699479 4.7701552 4.7707748 4.7709807 4.7711861 4.7713912 4.771596 4.7722081 4.7724114 4.7726144 4.772817 4.7730192 4.7736238 4.7738246 4.7740251

4.7742252 4.774425 4.7750221 4.7752204 4.7754184 4.775616 4.7758132 4.7764028 4.7765987 4.7767942 4.7769893 4.777184 4.7777662 4.7779595 4.7781525 4.7783452 4.7785375 4.7791122 4.779303 4.7794935 4.7796837 4.7798735 4.7804408 4.7806292 4.7808172 4.7810049 4.7811922 4.7817521 4.781938 4.7821236 4.7823088 4.7824937 4.7830461 4.7832296 4.7834127 4.7835954 4.7837778 4.7843229 4.7845039 4.7846846 4.7848649 4.7850448 4.7855825 4.7857611 4.7859393 4.7861171 4.7862946 4.786825 4.787001 4.7871768 4.7873522 4.7875272

4.7880503 4.7882239 4.7883972 4.7885701 4.7887427 4.7892585 4.7894297 4.7896005 4.789771 4.7899412 4.7904496 4.7906184 4.7907868 4.7909549 4.7911226 4.7916237 4.7917901 4.7919561 4.7921217 4.792287 4.7927811 4.7929456 4.7931102 4.7932749 4.7934397 4.7939344 4.7940994 4.7942645 4.7944297 4.794595 4.7950913 4.7952568 4.7954225 4.7955882 4.795754 4.7962519 4.7964181 4.7965843 4.7967506 4.796917 4.7974166 4.7975833 4.7977502 4.797917 4.798084 4.7985855 4.7987529 4.7989203 4.7990878 4.7992554 4.7997589 4.7999269

4.800095 4.8002631 4.8004314 4.8009369 4.8011055 4.8012743 4.8014432 4.8016122 4.8021197 4.8022891 4.8024586 4.8026282 4.8027979 4.8033076 4.8034777 4.803648 4.8038183 4.8039888 4.8045008 4.8046717 4.8048427 4.8050139 4.8051851 4.8056995 4.8058712 4.806043 4.806215 4.806387 4.8069039 4.8070764 4.8072491 4.8074219 4.8075948 4.8081142 4.8082876 4.8084612 4.8086348 4.8088086 4.8093307 4.809505 4.8096794 4.809854 4.8100287 4.8105535 4.8107287 4.8109041 4.8110796 4.8112552 4.8117829 4.811959 4.8121353 4.8123118

4.8124884 4.813019 4.8131962 4.8133735 4.8135509 4.8137285 4.8142621 4.8144403 4.8146186 4.8147971 4.8149757 4.8155124 4.8156916 4.815871 4.8160505 4.8162302 4.8167702 4.8169504 4.8171309 4.8173115 4.8174923 4.8180355 4.8182169 4.8183985 4.8185802 4.8187621 4.8193087 4.8194912 4.8196739 4.8198568 4.8200398 4.8205899 4.8207736 4.8209575 4.8211415 4.8213257 4.8218794 4.8220643 4.8222493 4.8224346 4.82262 4.8231773 4.8233634 4.8235497 4.8237362 4.8239229 4.824484 4.8246713 4.8248589 4.8250467 4.8252346 4.8257995

4.8259882 4.826177 4.8263661 4.8265553 4.8271241 4.8273141 4.8275043 4.8276947 4.8278852 4.8284581 4.8286494 4.828841 4.8290327 4.8292246 4.8298016 4.8299943 4.8301872 4.8303803 4.8305736 4.8311548 4.8313489 4.8315433 4.8317378 4.8319325 4.832518 4.8327136 4.8329093 4.8331053 4.8333015 4.8338914 4.8340884 4.8342857 4.8344831 4.8346808 4.8352751 4.8354737 4.8356724 4.8358714 4.8360706 4.8366695 4.8368695 4.8370698 4.8372703 4.8374711 4.8380746 4.8382762 4.8384781 4.8386802 4.8388825 4.8394908 4.839694 4.8398975

4.8401011 4.8403051 4.8409182 4.841123 4.8413281 4.8415334 4.841739 4.842357 4.8425635 4.8427703 4.8429772 4.8431845 4.8438075 4.8440157 4.8442241 4.8444328 4.8446417 4.8452699 4.8454798 4.84569 4.8459003 4.846111 4.8467444 4.846956 4.8471679 4.84738 4.8475924 4.8482311 4.8484445 4.8486582 4.8488721 4.8490863 4.8497304 4.8499456 4.8501611 4.8503768 4.8505928 4.8512424 4.8514594 4.8516767 4.8518943 4.8521122 4.8527673 4.8529862 4.8532054 4.8534248 4.8536446 4.8543054 4.8545262 4.8547472 4.8549686 4.8551902

4.8558568 4.8560795 4.8563025 4.8565258 4.8567494 4.8574218 4.8576465 4.8578714 4.8580967 4.8583222 4.8590005 4.8592272 4.8594542 4.8596814 4.859909 4.8605933 4.860822 4.861051 4.8612803 4.8615098 4.8622003 4.8624308 4.862661 4.8628911 4.863121 4.8638094 4.8640384 4.8642672 4.8644959 4.8647243 4.8654084 4.865636 4.8658634 4.8660906 4.8663176 4.8669973 4.8672235 4.8674494 4.8676752 4.8679007 4.8685762 4.8688009 4.8690255 4.8692498 4.8694739 4.8701451 4.8703684 4.8705915 4.8708144 4.8710371 4.8717039 4.8719258

4.8721475 4.872369 4.8725902 4.8732528 4.8734733 4.8736935 4.8739136 4.8741334 4.8745725

Figure 5. Monetary policy expectations in Sweden according to money market instruments. Per cent Source: The Riksbank.

1/2/2003 1/3/2003 1/7/2003 1/8/2003 1/9/2003 1/10/2003 1/13/2003 1/14/2003 1/15/2003 1/16/2003 1/17/2003 1/20/2003 1/21/2003 1/22/2003 1/23/2003 1/24/2003 1/27/2003 1/28/2003 1/29/2003 1/30/2003 1/31/2003 2/3/2003 2/4/2003 2/5/2003 2/6/2003 2/7/2003 2/10/2003 2/11/2003 2/12/2003 2/13/2003 2/14/2003 2/17/2003 2/18/2003 2/19/2003 2/20/2003 2/21/2003 2/24/2003 2/25/2003 2/26/2003 2/27/2003 2/28/2003 3/3/2003 3/4/2003 3/5/2003 3/6/2003 3/7/2003 3/10/2003 3/11/2003 3/12/2003

Implied forward rates 9Repo rate 3 March 2005 Implied forward rates June 2005 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75

3/13/2003 3/14/2003 3/17/2003 3/18/2003 3/19/2003 3/20/2003 3/21/2003 3/24/2003 3/25/2003 3/26/2003 3/27/2003 3/28/2003 3/31/2003 4/1/2003 4/2/2003 4/3/2003 4/4/2003 4/7/2003 4/8/2003 4/9/2003 4/10/2003 4/11/2003 4/14/2003 4/15/2003 4/16/2003 4/17/2003 4/22/2003 4/23/2003 4/24/2003 4/25/2003 4/28/2003 4/29/2003 4/30/2003 5/2/2003 5/5/2003 5/6/2003 5/7/2003 5/8/2003 5/9/2003 5/12/2003 5/13/2003 5/14/2003 5/15/2003 5/16/2003 5/19/2003 5/20/2003 5/21/2003 5/22/2003 5/23/2003 5/26/2003 5/27/2003 5/28/2003 5/30/2003 6/2/2003 6/3/2003 6/4/2003

3.75 3.75 3.75 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5

6/5/2003 6/6/2003 6/10/2003 6/11/2003 6/12/2003 6/13/2003 6/16/2003 6/17/2003 6/18/2003 6/19/2003 6/23/2003 6/24/2003 6/25/2003 6/26/2003 6/27/2003 6/30/2003 7/1/2003 7/2/2003 7/3/2003 7/4/2003 7/7/2003 7/8/2003 7/9/2003 7/10/2003 7/11/2003 7/14/2003 7/15/2003 7/16/2003 7/17/2003 7/18/2003 7/21/2003 7/22/2003 7/23/2003 7/24/2003 7/25/2003 7/28/2003 7/29/2003 7/30/2003 7/31/2003 8/1/2003 8/4/2003 8/5/2003 8/6/2003 8/7/2003 8/8/2003 8/11/2003 8/12/2003 8/13/2003 8/14/2003 8/15/2003 8/18/2003 8/19/2003 8/20/2003 8/21/2003 8/22/2003 8/25/2003

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75

8/26/2003 8/27/2003 8/28/2003 8/29/2003 9/1/2003 9/2/2003 9/3/2003 9/4/2003 9/5/2003 9/8/2003 9/9/2003 9/10/2003 9/11/2003 9/12/2003 9/15/2003 9/16/2003 9/17/2003 9/18/2003 9/19/2003 9/22/2003 9/23/2003 9/24/2003 9/25/2003 9/26/2003 9/29/2003 9/30/2003 10/1/2003 10/2/2003 10/3/2003 10/6/2003 10/7/2003 10/8/2003 10/9/2003 10/10/2003 10/13/2003 10/14/2003 10/15/2003 10/16/2003 10/17/2003 10/20/2003 10/21/2003 10/22/2003 10/23/2003 10/24/2003 10/27/2003 10/28/2003 10/29/2003 10/30/2003 10/31/2003 11/3/2003 11/4/2003 11/5/2003 11/6/2003 11/7/2003 11/10/2003 11/11/2003

2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75

11/12/2003 11/13/2003 11/14/2003 11/17/2003 11/18/2003 11/19/2003 11/20/2003 11/21/2003 11/24/2003 11/25/2003 11/26/2003 11/27/2003 11/28/2003 12/1/2003 12/2/2003 12/3/2003 12/4/2003 12/5/2003 12/8/2003 12/9/2003 12/10/2003 12/11/2003 12/12/2003 12/15/2003 12/16/2003 12/17/2003 12/18/2003 12/19/2003 12/22/2003 12/23/2003 12/29/2003 12/30/2003 1/2/2004 1/5/2004 1/7/2004 1/8/2004 1/9/2004 1/12/2004 1/13/2004 1/14/2004 1/15/2004 1/16/2004 1/19/2004 1/20/2004 1/21/2004 1/22/2004 1/23/2004 1/26/2004 1/27/2004 1/28/2004 1/29/2004 1/30/2004 2/2/2004 2/3/2004 2/4/2004 2/5/2004

2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75

2/6/2004 2/9/2004 2/10/2004 2/11/2004 2/12/2004 2/13/2004 2/16/2004 2/17/2004 2/18/2004 2/19/2004 2/20/2004 2/23/2004 2/24/2004 2/25/2004 2/26/2004 2/27/2004 3/1/2004 3/2/2004 3/3/2004 3/4/2004 3/5/2004 3/8/2004 3/9/2004 3/10/2004 3/11/2004 3/12/2004 3/15/2004 3/16/2004 3/17/2004 3/18/2004 3/19/2004 3/22/2004 3/23/2004 3/24/2004 3/25/2004 3/26/2004 3/29/2004 3/30/2004 3/31/2004 4/1/2004 4/2/2004 4/5/2004 4/6/2004 4/7/2004 4/8/2004 4/13/2004 4/14/2004 4/15/2004 4/16/2004 4/19/2004 4/20/2004 4/21/2004 4/22/2004 4/23/2004 4/26/2004 4/27/2004

2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

4/28/2004 4/29/2004 4/30/2004 5/3/2004 5/4/2004 5/5/2004 5/6/2004 5/7/2004 5/10/2004 5/11/2004 5/12/2004 5/13/2004 5/14/2004 5/17/2004 5/18/2004 5/19/2004 5/21/2004 5/24/2004 5/25/2004 5/26/2004 5/27/2004 5/28/2004 6/1/2004 6/2/2004 6/3/2004 6/4/2004 6/7/2004 6/8/2004 6/9/2004 6/10/2004 6/11/2004 6/14/2004 6/15/2004 6/16/2004 6/17/2004 6/18/2004 6/21/2004 6/22/2004 6/23/2004 6/24/2004 6/28/2004 6/29/2004 6/30/2004 7/1/2004 7/2/2004 7/5/2004 7/6/2004 7/7/2004 7/8/2004 7/9/2004 7/12/2004 7/13/2004 7/14/2004 7/15/2004 7/16/2004 7/19/2004

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

7/20/2004 7/21/2004 7/22/2004 7/23/2004 7/26/2004 7/27/2004 7/28/2004 7/29/2004 7/30/2004 8/2/2004 8/3/2004 8/4/2004 8/5/2004 8/6/2004 8/9/2004 8/10/2004 8/11/2004 8/12/2004 8/13/2004 8/16/2004 8/17/2004 8/18/2004 8/19/2004 8/20/2004 8/23/2004 8/24/2004 8/25/2004 8/26/2004 8/27/2004 8/30/2004 8/31/2004 9/1/2004 9/2/2004 9/3/2004 9/6/2004 9/7/2004 9/8/2004 9/9/2004 9/10/2004 9/13/2004 9/14/2004 9/15/2004 9/16/2004 9/17/2004 9/20/2004 9/21/2004 9/22/2004 9/23/2004 9/24/2004 9/27/2004 9/28/2004 9/29/2004 9/30/2004 10/1/2004 10/4/2004 10/5/2004

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

10/6/2004 10/7/2004 10/8/2004 10/11/2004 10/12/2004 10/13/2004 10/14/2004 10/15/2004 10/18/2004 10/19/2004 10/20/2004 10/21/2004 10/22/2004 10/25/2004 10/26/2004 10/27/2004 10/28/2004 10/29/2004 11/1/2004 11/2/2004 11/3/2004 11/4/2004 11/5/2004 11/8/2004 11/9/2004 11/10/2004 11/11/2004 11/12/2004 11/15/2004 11/16/2004 11/17/2004 11/18/2004 11/19/2004 11/22/2004 11/23/2004 11/24/2004 11/25/2004 11/26/2004 11/29/2004 11/30/2004 12/1/2004 12/2/2004 12/3/2004 12/6/2004 12/7/2004 12/8/2004 12/9/2004 12/10/2004 12/13/2004 12/14/2004 12/15/2004 12/16/2004 12/17/2004 12/20/2004 12/21/2004 12/22/2004

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

12/23/2004 12/27/2004 12/28/2004 12/29/2004 12/30/2004 1/3/2005 1/4/2005 1/5/2005 1/7/2005 1/10/2005 1/11/2005 1/12/2005 1/13/2005 1/14/2005 1/17/2005 1/18/2005 1/19/2005 1/20/2005 1/21/2005 1/24/2005 1/25/2005 1/26/2005 1/27/2005 1/28/2005 1/31/2005 2/1/2005 2/2/2005 2/3/2005 2/4/2005 2/7/2005 2/8/2005 2/9/2005 2/10/2005 2/11/2005 2/14/2005 2/15/2005 2/16/2005 2/17/2005 2/18/2005 2/21/2005 2/22/2005 2/23/2005 2/24/2005 2/25/2005 2/28/2005 3/1/2005 3/2/2005 3/3/2005 3/4/2005 3/7/2005 3/8/2005 3/9/2005 3/10/2005 3/11/2005 3/14/2005 3/15/2005

1.93 1.93 1.93 1.93 1.93 1.93 1.93 1.94 1.94

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3/16/2005 3/17/2005 3/18/2005 3/21/2005 3/22/2005 3/23/2005 3/24/2005 3/29/2005 3/30/2005 3/31/2005 4/1/2005 4/4/2005 4/5/2005 4/6/2005 4/7/2005 4/8/2005 4/11/2005 4/12/2005 4/13/2005 4/14/2005 4/15/2005 4/18/2005 4/19/2005 4/20/2005 4/21/2005 4/22/2005 4/25/2005 4/26/2005 4/27/2005 4/28/2005 4/29/2005 5/2/2005 5/3/2005 5/4/2005 5/6/2005 5/9/2005 5/10/2005 5/11/2005 5/12/2005 5/13/2005 5/16/2005 5/17/2005 5/18/2005 5/19/2005 5/20/2005 5/23/2005 5/24/2005 5/25/2005 5/26/2005 5/27/2005 5/30/2005 5/31/2005 6/1/2005 6/2/2005 6/3/2005 6/6/2005

1.94 1.94 1.94 1.94 1.94 1.95 1.95 1.95 1.95 1.95 1.96 1.96 1.96 1.96 1.96 1.96 1.97 1.97 1.97 1.97 1.97 1.97 1.97 1.98 1.98 1.98 1.98 1.98 1.98 1.98 1.98 1.99 1.99 1.99 1.99 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.01 2.01 2.01 2.01 2.01 2.01 2.01 2.02 2.02 2.02 2.02 2.02 2.02 2.03

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

6/7/2005 6/8/2005 6/9/2005 6/10/2005 6/13/2005 6/14/2005 6/15/2005 6/16/2005 6/17/2005 6/20/2005 6/21/2005 6/22/2005 6/23/2005 6/24/2005 6/27/2005 6/28/2005 6/29/2005 6/30/2005 7/1/2005 7/4/2005 7/5/2005 7/6/2005 7/7/2005 7/8/2005 7/11/2005 7/12/2005 7/13/2005 7/14/2005 7/15/2005 7/18/2005 7/19/2005 7/20/2005 7/21/2005 7/22/2005 7/25/2005 7/26/2005 7/27/2005 7/28/2005 7/29/2005 8/1/2005 8/2/2005 8/3/2005 8/4/2005 8/5/2005 8/8/2005 8/9/2005 8/10/2005 8/11/2005 8/12/2005 8/15/2005 8/16/2005 8/17/2005 8/18/2005 8/19/2005 8/22/2005 8/23/2005

1.83 1.83 1.83 1.83 1.83 1.82 1.82 1.82 1.82 1.82 1.81 1.81 1.81 1.81 1.81 1.80 1.80 1.80 1.80 1.80 1.79 1.79 1.79 1.79 1.79 1.79 1.78 1.78 1.78 1.78 1.78 1.77 1.77 1.77 1.77 1.77 1.77 1.76 1.76 1.76 1.76 1.76 1.75 1.75 1.75 1.75 1.75 1.74 1.74 1.74 1.74 1.74 1.74 1.73

2.03 2.03 2.03 2.03 2.04 2.04 2.04 2.04 2.04 2.04 2.05 2.05 2.05 2.05 2.05 2.05 2.06 2.06 2.06 2.06 2.06 2.06 2.07 2.07 2.07 2.07 2.07 2.08 2.08 2.08 2.08 2.08 2.08 2.09 2.09 2.09 2.09 2.09 2.10 2.10 2.10 2.10 2.10 2.11 2.11 2.11 2.11 2.11 2.12 2.12 2.12 2.12 2.12 2.13 2.13 2.13

2 2 2

8/24/2005 8/25/2005 8/26/2005 8/29/2005 8/30/2005 8/31/2005 9/1/2005 9/2/2005 9/5/2005 9/6/2005 9/7/2005 9/8/2005 9/9/2005 9/12/2005 9/13/2005 9/14/2005 9/15/2005 9/16/2005 9/19/2005 9/20/2005 9/21/2005 9/22/2005 9/23/2005 9/26/2005 9/27/2005 9/28/2005 9/29/2005 9/30/2005 10/3/2005 10/4/2005 10/5/2005 10/6/2005 10/7/2005 10/10/2005 10/11/2005 10/12/2005 10/13/2005 10/14/2005 10/17/2005 10/18/2005 10/19/2005 10/20/2005 10/21/2005 10/24/2005 10/25/2005 10/26/2005 10/27/2005 10/28/2005 10/31/2005 11/1/2005 11/2/2005 11/3/2005 11/4/2005 11/7/2005 11/8/2005 11/9/2005

1.73 1.73 1.73 1.73 1.73 1.73 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.71 1.71 1.71 1.71 1.71 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.68 1.68 1.68 1.68 1.68 1.68 1.68 1.68 1.68 1.67 1.67 1.67 1.67 1.67 1.67 1.67 1.67 1.67 1.67 1.66 1.66 1.66

2.13 2.14 2.14 2.14 2.14 2.14 2.15 2.15 2.15 2.15 2.16 2.16 2.16 2.16 2.17 2.17 2.17 2.17 2.18 2.18 2.18 2.18 2.18 2.19 2.19 2.19 2.19 2.19 2.20 2.20 2.20 2.20 2.21 2.21 2.21 2.22 2.22 2.22 2.22 2.23 2.23 2.23 2.23 2.24 2.24 2.24 2.24 2.24 2.25 2.25 2.25 2.26 2.26 2.26 2.27 2.27

11/10/2005 11/11/2005 11/14/2005 11/15/2005 11/16/2005 11/17/2005 11/18/2005 11/21/2005 11/22/2005 11/23/2005 11/24/2005 11/25/2005 11/28/2005 11/29/2005 11/30/2005 12/1/2005 12/2/2005 12/5/2005 12/6/2005 12/7/2005 12/8/2005 12/9/2005 12/12/2005 12/13/2005 12/14/2005 12/15/2005 12/16/2005 12/19/2005 12/20/2005 12/21/2005 12/22/2005 12/23/2005 12/26/2005 12/27/2005 12/28/2005 12/29/2005 12/30/2005 1/2/2006 1/3/2006 1/4/2006 1/5/2006 1/6/2006 1/9/2006 1/10/2006 1/11/2006 1/12/2006 1/13/2006 1/16/2006 1/17/2006 1/18/2006 1/19/2006 1/20/2006 1/23/2006 1/24/2006 1/25/2006 1/26/2006

1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64

2.27 2.27 2.28 2.28 2.28 2.28 2.29 2.29 2.29 2.30 2.30 2.30 2.31 2.31 2.31 2.31 2.31 2.32 2.32 2.32 2.33 2.33 2.34 2.34 2.34 2.34 2.34 2.35 2.35 2.35 2.36 2.36 2.37 2.37 2.37 2.37 2.37 2.38 2.38 2.39 2.39 2.39 2.40 2.40 2.40 2.40 2.41 2.41 2.42 2.42 2.42 2.42 2.43 2.43 2.43 2.44

1/27/2006 1/30/2006 1/31/2006 2/1/2006 2/2/2006 2/3/2006 2/6/2006 2/7/2006 2/8/2006 2/9/2006 2/10/2006 2/13/2006 2/14/2006 2/15/2006 2/16/2006 2/17/2006 2/20/2006 2/21/2006 2/22/2006 2/23/2006 2/24/2006 2/27/2006 2/28/2006 3/1/2006 3/2/2006 3/3/2006 3/6/2006 3/7/2006 3/8/2006 3/9/2006 3/10/2006 3/13/2006 3/14/2006 3/15/2006 3/16/2006 3/17/2006 3/20/2006 3/21/2006 3/22/2006 3/23/2006 3/24/2006 3/27/2006 3/28/2006 3/29/2006 3/30/2006 3/31/2006 4/3/2006 4/4/2006 4/5/2006 4/6/2006 4/7/2006 4/10/2006 4/11/2006 4/12/2006 4/13/2006 4/14/2006

1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.67 1.67 1.67 1.67 1.67 1.67 1.67 1.67 1.67

2.44 2.45 2.45 2.45 2.45 2.45 2.46 2.46 2.47 2.47 2.47 2.48 2.48 2.48 2.49 2.49 2.50 2.50 2.50 2.50 2.50 2.51 2.51 2.52 2.52 2.52 2.53 2.53 2.53 2.54 2.54 2.55 2.55 2.55 2.55 2.56 2.56 2.57 2.57 2.57 2.57 2.58 2.58 2.59 2.59 2.59 2.60 2.60 2.60 2.60 2.61 2.61 2.62 2.62 2.62 2.62

4/17/2006 4/18/2006 4/19/2006 4/20/2006 4/21/2006 4/24/2006 4/25/2006 4/26/2006 4/27/2006 4/28/2006 5/1/2006 5/2/2006 5/3/2006 5/4/2006 5/5/2006 5/8/2006 5/9/2006 5/10/2006 5/11/2006 5/12/2006 5/15/2006 5/16/2006 5/17/2006 5/18/2006 5/19/2006 5/22/2006 5/23/2006 5/24/2006 5/25/2006 5/26/2006 5/29/2006 5/30/2006 5/31/2006 6/1/2006 6/2/2006 6/5/2006 6/6/2006 6/7/2006 6/8/2006 6/9/2006 6/12/2006 6/13/2006 6/14/2006 6/15/2006 6/16/2006 6/19/2006 6/20/2006 6/21/2006 6/22/2006 6/23/2006 6/26/2006 6/27/2006 6/28/2006 6/29/2006 6/30/2006 7/3/2006

1.67 1.67 1.68 1.68 1.68 1.68 1.68 1.68 1.68 1.68 1.68 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.71 1.71 1.71 1.71 1.71 1.71 1.71 1.71 1.72 1.72 1.72 1.72 1.72 1.72 1.73 1.73 1.73 1.73 1.73 1.73 1.74 1.74 1.74 1.74 1.74 1.74 1.74 1.75 1.75

2.63 2.63 2.64 2.64 2.64 2.65 2.65 2.65 2.66 2.66 2.66 2.67 2.67 2.67 2.67 2.68 2.68 2.69 2.69 2.69 2.70 2.70 2.70 2.71 2.71 2.71 2.72 2.72 2.72 2.72 2.73 2.73 2.74 2.74 2.74 2.75 2.75 2.75 2.75 2.76 2.76 2.76 2.77 2.77 2.77 2.78 2.78 2.78 2.78 2.79 2.79 2.80 2.80 2.80 2.80 2.81

7/4/2006 7/5/2006 7/6/2006 7/7/2006 7/10/2006 7/11/2006 7/12/2006 7/13/2006 7/14/2006 7/17/2006 7/18/2006 7/19/2006 7/20/2006 7/21/2006 7/24/2006 7/25/2006 7/26/2006 7/27/2006 7/28/2006 7/31/2006 8/1/2006 8/2/2006 8/3/2006 8/4/2006 8/7/2006 8/8/2006 8/9/2006 8/10/2006 8/11/2006 8/14/2006 8/15/2006 8/16/2006 8/17/2006 8/18/2006 8/21/2006 8/22/2006 8/23/2006 8/24/2006 8/25/2006 8/28/2006 8/29/2006 8/30/2006 8/31/2006 9/1/2006 9/4/2006 9/5/2006 9/6/2006 9/7/2006 9/8/2006 9/11/2006 9/12/2006 9/13/2006 9/14/2006 9/15/2006 9/18/2006 9/19/2006

1.75 1.75 1.75 1.75 1.76 1.76 1.76 1.76 1.76 1.77 1.77 1.77 1.77 1.77 1.78 1.78 1.78 1.78 1.78 1.79 1.79 1.79 1.79 1.79 1.80 1.80 1.80 1.80 1.80 1.81 1.81 1.81 1.81 1.81 1.82 1.82 1.82 1.82 1.82 1.83 1.83 1.83 1.83 1.83 1.84 1.84 1.84 1.84 1.84 1.85 1.85 1.85 1.85 1.85 1.86 1.86

2.81 2.81 2.81 2.82 2.82 2.83 2.83 2.83 2.83 2.84 2.84 2.84 2.84 2.85 2.85 2.85 2.86 2.86 2.86 2.87 2.87 2.87 2.87 2.87 2.88 2.88 2.88 2.89 2.89 2.89 2.90 2.90 2.90 2.90 2.91 2.91 2.91 2.91 2.91 2.92 2.92 2.92 2.92 2.93 2.93 2.93 2.93 2.94 2.94 2.94 2.94 2.95 2.95 2.95 2.95 2.96

9/20/2006 9/21/2006 9/22/2006 9/25/2006 9/26/2006 9/27/2006 9/28/2006 9/29/2006 10/2/2006 10/3/2006 10/4/2006 10/5/2006 10/6/2006 10/9/2006 10/10/2006 10/11/2006 10/12/2006 10/13/2006 10/16/2006 10/17/2006 10/18/2006 10/19/2006 10/20/2006 10/23/2006 10/24/2006 10/25/2006 10/26/2006 10/27/2006 10/30/2006 10/31/2006 11/1/2006 11/2/2006 11/3/2006 11/6/2006 11/7/2006 11/8/2006 11/9/2006 11/10/2006 11/13/2006 11/14/2006 11/15/2006 11/16/2006 11/17/2006 11/20/2006 11/21/2006 11/22/2006 11/23/2006 11/24/2006 11/27/2006 11/28/2006 11/29/2006 11/30/2006 12/1/2006 12/4/2006 12/5/2006 12/6/2006

1.86 1.86 1.87 1.87 1.87 1.87 1.88 1.88 1.88 1.88 1.89 1.89 1.89 1.89 1.90 1.90 1.90 1.90 1.91 1.91 1.91 1.91 1.91 1.92 1.92 1.92 1.92 1.92 1.93 1.93 1.93 1.94 1.94 1.94 1.94 1.95 1.95 1.95 1.95 1.95 1.96 1.96 1.96 1.97 1.97 1.97 1.97 1.97 1.98 1.98 1.98 1.98 1.99 1.99 1.99 1.99

2.96 2.96 2.96 2.96 2.97 2.97 2.97 2.97 2.98 2.98 2.98 2.98 2.98 2.99 2.99 2.99 2.99 2.99 2.99 3.00 3.00 3.00 3.00 3.00 3.00 3.01 3.01 3.01 3.01 3.01 3.01 3.02 3.02 3.02 3.02 3.02 3.02 3.03 3.03 3.03 3.03 3.03 3.03 3.04 3.04 3.04 3.04 3.04 3.05 3.05 3.05 3.05 3.05 3.05 3.06 3.06

12/7/2006 12/8/2006 12/11/2006 12/12/2006 12/13/2006 12/14/2006 12/15/2006 12/18/2006 12/19/2006 12/20/2006 12/21/2006 12/22/2006 12/25/2006 12/26/2006 12/27/2006 12/28/2006 12/29/2006

2.00 2.00 2.00 2.01 2.01 2.01 2.01 2.02 2.02 2.02 2.02 2.02 2.03 2.03 2.03 2.04 2.04

3.06 3.06 3.06 3.06 3.06 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.08 3.08 3.08 3.08 3.08

Figure 6. SEK/TCW exchange rate. Quarterly average, index 18 November 1992 = 100 Note. Outcome represents daily rates and forecasts refer to quarterly averages. Source: The Riksbank.

1/3/2000 1/4/2000 1/5/2000 1/6/2000 1/7/2000 1/10/2000 1/11/2000 1/12/2000 1/13/2000 1/14/2000 1/17/2000 1/18/2000 1/19/2000 1/20/2000 1/21/2000 1/24/2000 1/25/2000 1/26/2000 1/27/2000 1/28/2000 1/31/2000 2/1/2000 2/2/2000 2/3/2000 2/4/2000 2/7/2000 2/8/2000 2/9/2000 2/10/2000 2/11/2000 2/14/2000 2/15/2000 2/16/2000 2/17/2000 2/18/2000 2/21/2000 2/22/2000 2/23/2000 2/24/2000 2/25/2000 2/28/2000 2/29/2000 3/1/2000 3/2/2000 3/3/2000 3/6/2000 3/7/2000 3/8/2000 3/9/2000

SEK/TCW outcomeForecast, Inflation Report 2005:1 124.19 124.26 124.31 124.48 124.71 125.04 124.73 124.99 124.73 124.51 124.17 124.26 124.45 124.38 124.57 124.37 123.96 124.15 124.5 124.49 125.79 125.17 124.49 123.72 123.41 123.44 123.19 123.37 123.38 123 123.38 124.18 124.16 124.17 123.94 124.3 124.03 123.99 123.62 123.78 122.92 123.19 123.19 123.28 123.95 123.58 123.31 123.78 123.82

3/10/2000 3/13/2000 3/14/2000 3/15/2000 3/16/2000 3/17/2000 3/20/2000 3/21/2000 3/22/2000 3/23/2000 3/24/2000 3/27/2000 3/28/2000 3/29/2000 3/30/2000 3/31/2000 4/3/2000 4/4/2000 4/5/2000 4/6/2000 4/7/2000 4/10/2000 4/11/2000 4/12/2000 4/13/2000 4/14/2000 4/17/2000 4/18/2000 4/19/2000 4/20/2000 4/21/2000 4/24/2000 4/25/2000 4/26/2000 4/27/2000 4/28/2000 5/1/2000 5/2/2000 5/3/2000 5/4/2000 5/5/2000 5/8/2000 5/9/2000 5/10/2000 5/11/2000 5/12/2000 5/15/2000 5/16/2000 5/17/2000 5/18/2000 5/19/2000 5/22/2000 5/23/2000 5/24/2000 5/25/2000 5/26/2000

123.41 123.15 122.85 123.08 123.08 122.85 122.75 122.55 122.36 122.28 122.15 121.79 120.83 121.23 121.49 121.84 121.91 122.05 121.81 121.69 121.41 121.15 121.48 121.67 121.72 121.99 122.28 121.95 121.65 121.63 121.66 121.66 121.67 121.15 121.65 121.11 120.88 120.93 120.5 120.96 121.24 121.16 121.33 121.7 122.03 122.21 122.13 122.1 121.65 121.42 121.52 123.2 122.94 122.97 122.68 123.14

5/29/2000 5/30/2000 5/31/2000 6/1/2000 6/2/2000 6/5/2000 6/6/2000 6/7/2000 6/8/2000 6/9/2000 6/12/2000 6/13/2000 6/14/2000 6/15/2000 6/16/2000 6/19/2000 6/20/2000 6/21/2000 6/22/2000 6/23/2000 6/26/2000 6/27/2000 6/28/2000 6/29/2000 6/30/2000 7/3/2000 7/4/2000 7/5/2000 7/6/2000 7/7/2000 7/10/2000 7/11/2000 7/12/2000 7/13/2000 7/14/2000 7/17/2000 7/18/2000 7/19/2000 7/20/2000 7/21/2000 7/24/2000 7/25/2000 7/26/2000 7/27/2000 7/28/2000 7/31/2000 8/1/2000 8/2/2000 8/3/2000 8/4/2000 8/7/2000 8/8/2000 8/9/2000 8/10/2000 8/11/2000 8/14/2000

123.34 122.93 122.88 122.24 121.83 121.96 121.62 121.52 121.75 121.79 121.07 120.75 119.66 120.25 120.57 120.92 120.46 120.59 121.37 121.65 121.81 122.91 122.75 123 122.72 122.64 122.79 122.76 123.25 123.54 123.57 123.3 122.34 122.41 122.51 122.48 122.82 123.37 123.32 123.36 123.5 122.94 123.01 123.92 124.43 124.96 124.51 124.89 124.86 124.44 123.79 123.46 123.28 123.49 123.56 123.08

8/15/2000 8/16/2000 8/17/2000 8/18/2000 8/21/2000 8/22/2000 8/23/2000 8/24/2000 8/25/2000 8/28/2000 8/29/2000 8/30/2000 8/31/2000 9/1/2000 9/4/2000 9/5/2000 9/6/2000 9/7/2000 9/8/2000 9/11/2000 9/12/2000 9/13/2000 9/14/2000 9/15/2000 9/18/2000 9/19/2000 9/20/2000 9/21/2000 9/22/2000 9/25/2000 9/26/2000 9/27/2000 9/28/2000 9/29/2000 10/2/2000 10/3/2000 10/4/2000 10/5/2000 10/6/2000 10/9/2000 10/10/2000 10/11/2000 10/12/2000 10/13/2000 10/16/2000 10/17/2000 10/18/2000 10/19/2000 10/20/2000 10/23/2000 10/24/2000 10/25/2000 10/26/2000 10/27/2000 10/30/2000 10/31/2000

123.56 124.12 124.48 124.4 124.38 124.23 124.16 123.94 124.24 124.75 125.17 125.14 124.89 124.11 124.36 124.87 125.02 124.77 124.55 125.47 125.25 125.52 125.42 125.4 125.71 125.52 125.76 125.98 125.84 126.14 126.2 126.63 127.05 127.05 126.95 127.53 127.64 127.37 127.44 127.81 128.3 128.57 128.27 127.78 128.01 127.85 128.47 127.81 128.65 127.83 127.87 128.27 128.66 127.96 127.79 127.92

11/1/2000 11/2/2000 11/3/2000 11/6/2000 11/7/2000 11/8/2000 11/9/2000 11/10/2000 11/13/2000 11/14/2000 11/15/2000 11/16/2000 11/17/2000 11/20/2000 11/21/2000 11/22/2000 11/23/2000 11/24/2000 11/27/2000 11/28/2000 11/29/2000 11/30/2000 12/1/2000 12/4/2000 12/5/2000 12/6/2000 12/7/2000 12/8/2000 12/11/2000 12/12/2000 12/13/2000 12/14/2000 12/15/2000 12/18/2000 12/19/2000 12/20/2000 12/21/2000 12/22/2000 12/25/2000 12/26/2000 12/27/2000 12/28/2000 12/29/2000 1/1/2001 1/2/2001 1/3/2001 1/4/2001 1/5/2001 1/8/2001 1/9/2001 1/10/2001 1/11/2001 1/12/2001 1/15/2001 1/16/2001 1/17/2001

127.53 127.64 127.9 128.26 128.56 128.34 128.57 128.67 129.15 129.31 129.22 129.55 129.87 129.78 130.42 129.96 130.04 130.53 130.49 129.83 129.73 130.12 129.08 127.99 127.22 126.9 127.59 127.42 127.13 126.53 127.17 127.05 127.17 128.11 128.81 128.29 128.55 129.34 129.57 129.57 129.89 129.56 129.24 129.31 129.74 130.13 129.55 129.36 129.88 130.3 129.76 128.93 128.56 129.02 129.74 129.71

1/18/2001 1/19/2001 1/22/2001 1/23/2001 1/24/2001 1/25/2001 1/26/2001 1/29/2001 1/30/2001 1/31/2001 2/1/2001 2/2/2001 2/5/2001 2/6/2001 2/7/2001 2/8/2001 2/9/2001 2/12/2001 2/13/2001 2/14/2001 2/15/2001 2/16/2001 2/19/2001 2/20/2001 2/21/2001 2/22/2001 2/23/2001 2/26/2001 2/27/2001 2/28/2001 3/1/2001 3/2/2001 3/5/2001 3/6/2001 3/7/2001 3/8/2001 3/9/2001 3/12/2001 3/13/2001 3/14/2001 3/15/2001 3/16/2001 3/19/2001 3/20/2001 3/21/2001 3/22/2001 3/23/2001 3/26/2001 3/27/2001 3/28/2001 3/29/2001 3/30/2001 4/2/2001 4/3/2001 4/4/2001 4/5/2001

129.78 129.13 130.02 130.23 129.98 130.46 130.18 129.54 129.22 129.01 129.69 129.88 130.09 129.89 129.66 129.94 130.14 130.6 131.05 132.14 131.36 131.19 131.45 131.88 131.96 132.74 133.04 132.27 131.91 131.96 131.93 131.59 131.96 131.43 131.62 131.66 131.9 133.01 133.72 133.95 133.51 133.93 134.05 133.95 134.59 135.77 134.74 134.09 133.98 134.83 135.49 134.32 134.52 134.7 134.83 133.98

4/6/2001 4/9/2001 4/10/2001 4/11/2001 4/12/2001 4/13/2001 4/16/2001 4/17/2001 4/18/2001 4/19/2001 4/20/2001 4/23/2001 4/24/2001 4/25/2001 4/26/2001 4/27/2001 4/30/2001 5/1/2001 5/2/2001 5/3/2001 5/4/2001 5/7/2001 5/8/2001 5/9/2001 5/10/2001 5/11/2001 5/14/2001 5/15/2001 5/16/2001 5/17/2001 5/18/2001 5/21/2001 5/22/2001 5/23/2001 5/24/2001 5/25/2001 5/28/2001 5/29/2001 5/30/2001 5/31/2001 6/1/2001 6/4/2001 6/5/2001 6/6/2001 6/7/2001 6/8/2001 6/11/2001 6/12/2001 6/13/2001 6/14/2001 6/15/2001 6/18/2001 6/19/2001 6/20/2001 6/21/2001 6/22/2001

133.44 133.29 133.15 132.91 132.48 132.75 132.75 133.83 133.34 133.05 133.28 134.19 134.31 134.58 134.05 133.54 133.95 133.98 134.22 134.24 133.92 134.31 133.97 134.11 133.23 132.71 133.23 132.84 133.55 133.18 133.15 132.78 133.24 134.56 134.25 134.76 134.71 134.71 135.09 136.28 137.11 137.73 137.78 137.85 138.95 138.46 138.51 138.71 137.23 136.9 136.79 134.11 134.74 135.98 136.24 136.37

6/25/2001 6/26/2001 6/27/2001 6/28/2001 6/29/2001 7/2/2001 7/3/2001 7/4/2001 7/5/2001 7/6/2001 7/9/2001 7/10/2001 7/11/2001 7/12/2001 7/13/2001 7/16/2001 7/17/2001 7/18/2001 7/19/2001 7/20/2001 7/23/2001 7/24/2001 7/25/2001 7/26/2001 7/27/2001 7/30/2001 7/31/2001 8/1/2001 8/2/2001 8/3/2001 8/6/2001 8/7/2001 8/8/2001 8/9/2001 8/10/2001 8/13/2001 8/14/2001 8/15/2001 8/16/2001 8/17/2001 8/20/2001 8/21/2001 8/22/2001 8/23/2001 8/24/2001 8/27/2001 8/28/2001 8/29/2001 8/30/2001 8/31/2001 9/3/2001 9/4/2001 9/5/2001 9/6/2001 9/7/2001 9/10/2001

135.7 136.98 137.28 136.7 137.38 137.95 137.72 137.4 137.49 138.28 138.63 137.88 137.97 137.99 137.18 136.61 136.92 136.9 136.78 137.3 137.7 137.77 137.88 137.48 137.01 136.93 137.14 137.1 135.98 135.2 135.34 135.49 134.98 134.8 134.89 135.12 135.35 135.27 135.77 136.39 137.99 138.07 137.94 138.03 137.27 137.26 137.46 138.1 138.72 139.57 139.97 140.23 140.1 139.38 140.04 140.65

9/11/2001 9/12/2001 9/13/2001 9/14/2001 9/17/2001 9/18/2001 9/19/2001 9/20/2001 9/21/2001 9/24/2001 9/25/2001 9/26/2001 9/27/2001 9/28/2001 10/1/2001 10/2/2001 10/3/2001 10/4/2001 10/5/2001 10/8/2001 10/9/2001 10/10/2001 10/11/2001 10/12/2001 10/15/2001 10/16/2001 10/17/2001 10/18/2001 10/19/2001 10/22/2001 10/23/2001 10/24/2001 10/25/2001 10/26/2001 10/29/2001 10/30/2001 10/31/2001 11/1/2001 11/2/2001 11/5/2001 11/6/2001 11/7/2001 11/8/2001 11/9/2001 11/12/2001 11/13/2001 11/14/2001 11/15/2001 11/16/2001 11/19/2001 11/20/2001 11/21/2001 11/22/2001 11/23/2001 11/26/2001 11/27/2001

140.83 140.79 141.01 140.85 141.63 142.35 142.09 143.16 146.07 145.65 144.35 145.18 143.99 142.58 142.52 142.9 143.17 142.65 142.65 142.75 141.32 141.43 139.99 139.87 139.39 139.25 138.54 139.04 139.55 139.8 139.86 139.22 139.22 139.14 139.35 141.01 140.63 140.55 140.17 139.81 139.76 139.04 138.48 139.25 138.93 138.38 138.08 137.99 138.52 138.43 138.5 138.83 138.61 138.2 137.78 138.17

11/28/2001 11/29/2001 11/30/2001 12/3/2001 12/4/2001 12/5/2001 12/6/2001 12/7/2001 12/10/2001 12/11/2001 12/12/2001 12/13/2001 12/14/2001 12/17/2001 12/18/2001 12/19/2001 12/20/2001 12/21/2001 12/24/2001 12/25/2001 12/26/2001 12/27/2001 12/28/2001 12/31/2001 1/1/2002 1/2/2002 1/3/2002 1/4/2002 1/7/2002 1/8/2002 1/9/2002 1/10/2002 1/11/2002 1/14/2002 1/15/2002 1/16/2002 1/17/2002 1/18/2002 1/21/2002 1/22/2002 1/23/2002 1/24/2002 1/25/2002 1/28/2002 1/29/2002 1/30/2002 1/31/2002 2/1/2002 2/4/2002 2/5/2002 2/6/2002 2/7/2002 2/8/2002 2/11/2002 2/12/2002 2/13/2002

139.08 139.38 140.42 140.31 139.72 138.35 137.77 137.43 137.13 137.81 137.97 137.66 139.17 138.3 138.8 139.06 139.58 139.33 140 140.16 140.16 139.2 137.08 136.81 136.84 135.53 135.38 135.25 134.99 135.95 135.71 134.57 134.42 135.17 135.41 135.88 136.42 135.98 135.62 135.94 136.23 135.98 136.35 136.74 136.25 135.98 135.71 135.95 136.33 136.58 135.86 136.31 136.49 136.34 136.54 136.18

2/14/2002 2/15/2002 2/18/2002 2/19/2002 2/20/2002 2/21/2002 2/22/2002 2/25/2002 2/26/2002 2/27/2002 2/28/2002 3/1/2002 3/4/2002 3/5/2002 3/6/2002 3/7/2002 3/8/2002 3/11/2002 3/12/2002 3/13/2002 3/14/2002 3/15/2002 3/18/2002 3/19/2002 3/20/2002 3/21/2002 3/22/2002 3/25/2002 3/26/2002 3/27/2002 3/28/2002 3/29/2002 4/1/2002 4/2/2002 4/3/2002 4/4/2002 4/5/2002 4/8/2002 4/9/2002 4/10/2002 4/11/2002 4/12/2002 4/15/2002 4/16/2002 4/17/2002 4/18/2002 4/19/2002 4/22/2002 4/23/2002 4/24/2002 4/25/2002 4/26/2002 4/29/2002 4/30/2002 5/1/2002 5/2/2002

135.81 135.58 135.79 135.72 135.72 135.07 135.04 134.32 134.2 134.19 134.06 134.52 133.89 133.89 133.59 133.88 134.12 134.23 134.57 134.76 134.65 134.48 133.92 133.57 132.63 132.8 132.89 132.89 132.85 133.29 133.37 133.61 133.61 133.29 133.85 133.83 133.4 134.03 134.17 134.35 134.36 134.15 134.65 135.34 134.91 135.14 135.07 135.94 135.54 135.59 136.01 135.76 135.8 136.17 136.2 136.55

5/3/2002 5/6/2002 5/7/2002 5/8/2002 5/9/2002 5/10/2002 5/13/2002 5/14/2002 5/15/2002 5/16/2002 5/17/2002 5/20/2002 5/21/2002 5/22/2002 5/23/2002 5/24/2002 5/27/2002 5/28/2002 5/29/2002 5/30/2002 5/31/2002 6/3/2002 6/4/2002 6/5/2002 6/6/2002 6/7/2002 6/10/2002 6/11/2002 6/12/2002 6/13/2002 6/14/2002 6/17/2002 6/18/2002 6/19/2002 6/20/2002 6/21/2002 6/24/2002 6/25/2002 6/26/2002 6/27/2002 6/28/2002 7/1/2002 7/2/2002 7/3/2002 7/4/2002 7/5/2002 7/8/2002 7/9/2002 7/10/2002 7/11/2002 7/12/2002 7/15/2002 7/16/2002 7/17/2002 7/18/2002 7/19/2002

136.15 136.09 137.52 136.7 136.7 136.75 137.25 136.04 135.62 135.51 135.28 134.92 134.39 133.83 133.85 133.87 134.17 134.01 133.93 133.28 132.87 132.74 133.24 133.33 133.46 134.41 134.09 133.4 133.29 133.24 133.44 132.26 131.97 131.85 131.61 131.38 131.38 130.98 131.86 131.5 131.32 131.39 131.39 132.27 132.54 132.94 133.03 133.46 134.47 134.66 133.87 133.99 134.65 134.41 134.21 135.22

7/22/2002 7/23/2002 7/24/2002 7/25/2002 7/26/2002 7/29/2002 7/30/2002 7/31/2002 8/1/2002 8/2/2002 8/5/2002 8/6/2002 8/7/2002 8/8/2002 8/9/2002 8/12/2002 8/13/2002 8/14/2002 8/15/2002 8/16/2002 8/19/2002 8/20/2002 8/21/2002 8/22/2002 8/23/2002 8/26/2002 8/27/2002 8/28/2002 8/29/2002 8/30/2002 9/2/2002 9/3/2002 9/4/2002 9/5/2002 9/6/2002 9/9/2002 9/10/2002 9/11/2002 9/12/2002 9/13/2002 9/16/2002 9/17/2002 9/18/2002 9/19/2002 9/20/2002 9/23/2002 9/24/2002 9/25/2002 9/26/2002 9/27/2002 9/30/2002 10/1/2002 10/2/2002 10/3/2002 10/4/2002 10/7/2002

136.75 137.5 138.34 136.48 136.26 134.46 134.35 134.56 135.91 136.77 136.96 136.2 135.12 135.3 134.95 134.74 134.3 134.31 133.9 133.91 133.93 133.69 133.07 133.45 133.59 132.77 132.7 132.74 133 133.59 134.44 134.54 134.87 134.62 133.93 133.9 134.08 133.18 133.87 133.97 132.76 132.52 132.31 132.02 131.77 131.32 131.82 133.23 132.62 132.02 132.9 132.06 131.53 131.74 132.1 132.18

10/8/2002 10/9/2002 10/10/2002 10/11/2002 10/14/2002 10/15/2002 10/16/2002 10/17/2002 10/18/2002 10/21/2002 10/22/2002 10/23/2002 10/24/2002 10/25/2002 10/28/2002 10/29/2002 10/30/2002 10/31/2002 11/1/2002 11/4/2002 11/5/2002 11/6/2002 11/7/2002 11/8/2002 11/11/2002 11/12/2002 11/13/2002 11/14/2002 11/15/2002 11/18/2002 11/19/2002 11/20/2002 11/21/2002 11/22/2002 11/25/2002 11/26/2002 11/27/2002 11/28/2002 11/29/2002 12/2/2002 12/3/2002 12/4/2002 12/5/2002 12/6/2002 12/9/2002 12/10/2002 12/11/2002 12/12/2002 12/13/2002 12/16/2002 12/17/2002 12/18/2002 12/19/2002 12/20/2002 12/23/2002 12/24/2002

132.97 132.75 132.76 132.16 131.89 131.53 131.67 132.16 132.06 131.77 132.33 132.93 132.77 132.49 131.88 132.05 131.64 131.75 131.28 132.16 132.2 131.76 131.98 131.54 131.32 131.09 131.04 131.4 131.36 131.05 130.92 131.04 130.58 130.37 130.67 130.86 131.08 131.29 130.53 130.5 130.54 130.76 130.86 130.74 130.82 131.3 130.96 131.06 131.31 131.29 130.72 130.67 131.03 131.04 131.41 131.25

12/25/2002 12/26/2002 12/27/2002 12/30/2002 12/31/2002 1/1/2003 1/2/2003 1/3/2003 1/6/2003 1/7/2003 1/8/2003 1/9/2003 1/10/2003 1/13/2003 1/14/2003 1/15/2003 1/16/2003 1/17/2003 1/20/2003 1/21/2003 1/22/2003 1/23/2003 1/24/2003 1/27/2003 1/28/2003 1/29/2003 1/30/2003 1/31/2003 2/3/2003 2/4/2003 2/5/2003 2/6/2003 2/7/2003 2/10/2003 2/11/2003 2/12/2003 2/13/2003 2/14/2003 2/17/2003 2/18/2003 2/19/2003 2/20/2003 2/21/2003 2/24/2003 2/25/2003 2/26/2003 2/27/2003 2/28/2003 3/3/2003 3/4/2003 3/5/2003 3/6/2003 3/7/2003 3/10/2003 3/11/2003 3/12/2003

131.24 131.24 131.54 131.19 131.43 130.71 130.91 130.34 130.39 130.02 130.3 130.52 130.9 131.07 131.08 131.21 131.44 131.17 130.91 130.87 131.7 131.55 131.28 131.04 131.23 130.84 130.63 131.36 131.28 131.22 131.11 130.28 129.97 130.06 129.92 129.81 129.24 129.02 129.32 129.48 129.31 129.08 129.14 129.34 128.89 128.73 129.05 129.42 130.01 129.54 129.36 129.85 130.1 130.03 130.76 130.74

3/13/2003 3/14/2003 3/17/2003 3/18/2003 3/19/2003 3/20/2003 3/21/2003 3/24/2003 3/25/2003 3/26/2003 3/27/2003 3/28/2003 3/31/2003 4/1/2003 4/2/2003 4/3/2003 4/4/2003 4/7/2003 4/8/2003 4/9/2003 4/10/2003 4/11/2003 4/14/2003 4/15/2003 4/16/2003 4/17/2003 4/18/2003 4/21/2003 4/22/2003 4/23/2003 4/24/2003 4/25/2003 4/28/2003 4/29/2003 4/30/2003 5/1/2003 5/2/2003 5/5/2003 5/6/2003 5/7/2003 5/8/2003 5/9/2003 5/12/2003 5/13/2003 5/14/2003 5/15/2003 5/16/2003 5/19/2003 5/20/2003 5/21/2003 5/22/2003 5/23/2003 5/26/2003 5/27/2003 5/28/2003 5/29/2003

130.65 130.08 130.27 130.84 130.21 130.01 130.02 130.54 130.95 130.68 130.74 130.27 130.3 129.87 130.38 130.03 129.92 129.86 129.5 129.07 129.04 128.9 128.85 128.98 128.98 128.9 128.85 128.61 128.17 128.03 127.89 127.98 128.36 128.18 127.6 127.65 127.36 126.97 126.8 126.73 126.78 127.29 127.56 127.49 127.73 127.7 127.36 127.21 127.16 126.96 126.8 126.89 127.17 126.77 126.38 126.63

5/30/2003 6/2/2003 6/3/2003 6/4/2003 6/5/2003 6/6/2003 6/9/2003 6/10/2003 6/11/2003 6/12/2003 6/13/2003 6/16/2003 6/17/2003 6/18/2003 6/19/2003 6/20/2003 6/23/2003 6/24/2003 6/25/2003 6/26/2003 6/27/2003 6/30/2003 7/1/2003 7/2/2003 7/3/2003 7/4/2003 7/7/2003 7/8/2003 7/9/2003 7/10/2003 7/11/2003 7/14/2003 7/15/2003 7/16/2003 7/17/2003 7/18/2003 7/21/2003 7/22/2003 7/23/2003 7/24/2003 7/25/2003 7/28/2003 7/29/2003 7/30/2003 7/31/2003 8/1/2003 8/4/2003 8/5/2003 8/6/2003 8/7/2003 8/8/2003 8/11/2003 8/12/2003 8/13/2003 8/14/2003 8/15/2003

126.21 126.18 126.05 125.82 125.74 125.99 125.89 126.06 125.74 125.83 125.55 125.64 125.34 125.48 125.83 125.81 126.64 127.15 127.4 127.86 127.57 127.6 127.63 127.55 127.58 127.88 128.31 127.58 126.92 127.16 127.31 127.28 127.14 127.54 128.58 128.88 128.95 128.82 127.89 127.47 127.49 127.16 127.35 127.45 128.25 128.94 128.55 127.99 127.75 127.82 127.99 128.52 128.55 128.49 128.09 128.37

8/18/2003 8/19/2003 8/20/2003 8/21/2003 8/22/2003 8/25/2003 8/26/2003 8/27/2003 8/28/2003 8/29/2003 9/1/2003 9/2/2003 9/3/2003 9/4/2003 9/5/2003 9/8/2003 9/9/2003 9/10/2003 9/11/2003 9/12/2003 9/15/2003 9/16/2003 9/17/2003 9/18/2003 9/19/2003 9/22/2003 9/23/2003 9/24/2003 9/25/2003 9/26/2003 9/29/2003 9/30/2003 10/1/2003 10/2/2003 10/3/2003 10/6/2003 10/7/2003 10/8/2003 10/9/2003 10/10/2003 10/13/2003 10/14/2003 10/15/2003 10/16/2003 10/17/2003 10/20/2003 10/21/2003 10/22/2003 10/23/2003 10/24/2003 10/27/2003 10/28/2003 10/29/2003 10/30/2003 10/31/2003 11/3/2003

129.01 129.54 129.22 129.01 129.62 129.81 130.32 129.65 129.46 129.03 128.59 128.99 128.68 128.22 127.82 127.57 127.57 127.46 126.79 126.73 127.17 126.83 126.47 125.84 126.54 126.19 125.74 124.44 124.22 124.64 124.44 124.56 125.98 125.04 125.11 124.69 124.4 124.17 124.42 124.69 125.01 124.61 124.82 124.51 125.34 126.1 125.85 125.46 125.51 125.69 126.26 126.1 125.64 125.6 126.28 126.54

11/4/2003 11/5/2003 11/6/2003 11/7/2003 11/10/2003 11/11/2003 11/12/2003 11/13/2003 11/14/2003 11/17/2003 11/18/2003 11/19/2003 11/20/2003 11/21/2003 11/24/2003 11/25/2003 11/26/2003 11/27/2003 11/28/2003 12/1/2003 12/2/2003 12/3/2003 12/4/2003 12/5/2003 12/8/2003 12/9/2003 12/10/2003 12/11/2003 12/12/2003 12/15/2003 12/16/2003 12/17/2003 12/18/2003 12/19/2003 12/22/2003 12/23/2003 12/24/2003 12/25/2003 12/26/2003 12/29/2003 12/30/2003 12/31/2003 1/1/2004 1/2/2004 1/5/2004 1/6/2004 1/7/2004 1/8/2004 1/9/2004 1/12/2004 1/13/2004 1/14/2004 1/15/2004 1/16/2004 1/19/2004 1/20/2004

126.51 126.42 126.03 125.38 125.35 125.57 124.99 124.72 124.55 124.61 124.62 124.49 124.58 124.27 124.48 124.88 125.13 125.36 125.32 124.95 124.86 124.24 124.14 123.84 123.42 123.42 123.42 124.28 123.84 124.05 124.43 124.27 124.82 124.85 124.75 124.79 125.1 125.03 124.88 124.68 124.56 124.41 124.41 123.99 124.45 124.83 124.71 124.67 124.6 124.68 125.06 125.95 125.92 126.36 126.24 125.71

1/21/2004 1/22/2004 1/23/2004 1/26/2004 1/27/2004 1/28/2004 1/29/2004 1/30/2004 2/2/2004 2/3/2004 2/4/2004 2/5/2004 2/6/2004 2/9/2004 2/10/2004 2/11/2004 2/12/2004 2/13/2004 2/16/2004 2/17/2004 2/18/2004 2/19/2004 2/20/2004 2/23/2004 2/24/2004 2/25/2004 2/26/2004 2/27/2004 3/1/2004 3/2/2004 3/3/2004 3/4/2004 3/5/2004 3/8/2004 3/9/2004 3/10/2004 3/11/2004 3/12/2004 3/15/2004 3/16/2004 3/17/2004 3/18/2004 3/19/2004 3/22/2004 3/23/2004 3/24/2004 3/25/2004 3/26/2004 3/29/2004 3/30/2004 3/31/2004 4/1/2004 4/2/2004 4/5/2004 4/6/2004 4/7/2004

125.37 124.8 125.4 125.82 125.79 125.55 126.09 126.46 126.78 126.19 126.2 126.21 125.21 124.87 125.06 125.01 125.42 125.11 125.86 126.06 125.9 125.97 125.95 126.17 126.3 126.83 126.98 126.99 127.37 127.57 128.05 127.43 126.41 126.27 126.16 126.32 126.84 127.33 127.56 127.37 127.88 128.06 127.82 127.47 127.71 128.74 128.78 128.63 128.69 128.5 128.54 127.97 128.17 128.05 128.36 127.75

4/8/2004 4/12/2004 4/13/2004 4/14/2004 4/15/2004 4/16/2004 4/19/2004 4/20/2004 4/21/2004 4/22/2004 4/23/2004 4/26/2004 4/27/2004 4/28/2004 4/29/2004 4/30/2004 5/3/2004 5/4/2004 5/5/2004 5/6/2004 5/7/2004 5/10/2004 5/11/2004 5/12/2004 5/13/2004 5/14/2004 5/17/2004 5/18/2004 5/19/2004 5/20/2004 5/21/2004 5/24/2004 5/25/2004 5/26/2004 5/27/2004 5/28/2004 5/31/2004 6/1/2004 6/2/2004 6/3/2004 6/4/2004 6/7/2004 6/8/2004 6/9/2004 6/10/2004 6/11/2004 6/14/2004 6/15/2004 6/16/2004 6/17/2004 6/18/2004 6/21/2004 6/22/2004 6/23/2004 6/24/2004 6/25/2004

127.5 127.83 127.74 127.99 127.83 128.02 128.14 127.87 127.62 127.23 127.33 127.07 127 127.05 126.93 126.93 127.14 126.89 126.73 126.32 126.38 127.35 127.64 127.26 127.05 127.18 127.14 126.51 126.45 126.13 126.17 126.25 126.76 126.27 125.92 126.17 126.18 126.56 126.6 126.8 126.69 126.43 126.2 126.43 127.62 127.37 127.37 127.12 127.35 127.52 127.27 127.19 127.38 127.67 127.44 127.16

6/28/2004 6/29/2004 6/30/2004 7/1/2004 7/2/2004 7/5/2004 7/6/2004 7/7/2004 7/8/2004 7/9/2004 7/12/2004 7/13/2004 7/14/2004 7/15/2004 7/16/2004 7/19/2004 7/20/2004 7/21/2004 7/22/2004 7/23/2004 7/26/2004 7/27/2004 7/28/2004 7/29/2004 7/30/2004 8/2/2004 8/3/2004 8/4/2004 8/5/2004 8/6/2004 8/9/2004 8/10/2004 8/11/2004 8/12/2004 8/13/2004 8/16/2004 8/17/2004 8/18/2004 8/19/2004 8/20/2004 8/23/2004 8/24/2004 8/25/2004 8/26/2004 8/27/2004 8/30/2004 8/31/2004 9/1/2004 9/2/2004 9/3/2004 9/6/2004 9/7/2004 9/8/2004 9/9/2004 9/10/2004 9/13/2004

126.89 126.68 126.81 127.11 126.97 127.05 127.23 126.93 126.87 127.01 127.34 127.32 127.18 127.04 127.22 127.18 127.3 127.03 127.29 127.65 127.71 127.58 128.22 128.17 128.18 128.11 127.92 127.93 127.63 127.37 127.1 127.06 127.42 127.44 127.53 127.76 127.64 127.6 127.41 127.37 127.16 127.03 127.08 126.75 126.65 126.69 126.6 126.49 126.32 126.56 126.63 126.51 126.27 126.15 125.67 125.64

9/14/2004 9/15/2004 9/16/2004 9/17/2004 9/20/2004 9/21/2004 9/22/2004 9/23/2004 9/24/2004 9/27/2004 9/28/2004 9/29/2004 9/30/2004 10/1/2004 10/4/2004 10/5/2004 10/6/2004 10/7/2004 10/8/2004 10/11/2004 10/12/2004 10/13/2004 10/14/2004 10/15/2004 10/18/2004 10/19/2004 10/20/2004 10/21/2004 10/22/2004 10/25/2004 10/26/2004 10/27/2004 10/28/2004 10/29/2004 11/1/2004 11/2/2004 11/3/2004 11/4/2004 11/5/2004 11/8/2004 11/9/2004 11/10/2004 11/11/2004 11/12/2004 11/15/2004 11/16/2004 11/17/2004 11/18/2004 11/19/2004 11/22/2004 11/23/2004 11/24/2004 11/25/2004 11/26/2004 11/29/2004 11/30/2004

125.71 126.01 126.31 125.77 125.34 124.91 125.05 124.73 124.79 125.03 124.99 124.82 124.76 124.11 124.7 124.63 124.63 124.71 124.88 124.87 125.11 125.29 125.54 125.39 125.1 124.92 124.79 124.97 125.14 124.63 124.05 123.87 124.29 124.39 124.36 124.67 124.5 124.72 124.87 124.75 124.97 124.28 123.56 122.94 122.88 122.88 122.99 122.83 122.89 122.88 122.78 122.28 122.12 121.99 121.84 122.06373

12/1/2004 12/2/2004 12/3/2004 12/6/2004 12/7/2004 12/8/2004 12/9/2004 12/10/2004 12/13/2004 12/14/2004 12/15/2004 12/16/2004 12/17/2004 12/20/2004 12/21/2004 12/22/2004 12/23/2004 12/24/2004 12/27/2004 12/28/2004 12/29/2004 12/30/2004 12/31/2004 1/3/2005 1/4/2005 1/5/2005 1/6/2005 1/7/2005 1/10/2005 1/11/2005 1/12/2005 1/13/2005 1/14/2005 1/17/2005 1/18/2005 1/19/2005 1/20/2005 1/21/2005 1/24/2005 1/25/2005 1/26/2005 1/27/2005 1/28/2005 1/31/2005 2/1/2005 2/2/2005 2/3/2005 2/4/2005 2/7/2005 2/8/2005 2/9/2005 2/10/2005 2/11/2005 2/14/2005 2/15/2005 2/16/2005

122.32095 122.81359 122.43224 121.53802 121.60135 122.44581 122.76607 123.1795 122.47703 122.25769 122.72246 122.38587 123.04038 122.3342 122.25974 122.87965 122.74254 122.69099 122.62722 121.95765 121.88935 122.26702 122.47267 122.00871 123.01896 123.15047 123.19529 123.18481 123.6448 123.3798 123.81632 123.56392 123.84984 123.76322 123.78419 123.73435 123.87149 124.18785 124.15713 124.27332 124.37219 124.41664 124.52272 124.77768 124.55606 124.28827 124.22047 124.60527 124.58653 124.80093 124.70998 124.73313 124.7149 124.63831 124.21659 124.19443

124.4728395

2/17/2005 2/18/2005 2/21/2005 2/22/2005 2/23/2005 2/24/2005 2/25/2005 2/28/2005 3/1/2005 3/2/2005 3/3/2005 3/4/2005 3/7/2005 3/8/2005 3/9/2005 3/10/2005 3/11/2005 3/14/2005 3/15/2005 3/16/2005 3/17/2005 3/18/2005 3/21/2005 3/22/2005 3/23/2005 3/24/2005 3/29/2005 3/30/2005 3/31/2005 4/1/2005 4/4/2005 4/5/2005 4/6/2005 4/7/2005 4/8/2005 4/11/2005 4/12/2005 4/13/2005 4/14/2005 4/15/2005 4/18/2005 4/19/2005 4/20/2005 4/21/2005 4/22/2005 4/25/2005 4/26/2005 4/27/2005 4/28/2005 4/29/2005 5/2/2005 5/3/2005 5/4/2005 5/5/2005 5/6/2005 5/9/2005

124.53984 124.48469 124.86009 124.4082 124.32228 123.84538 124.02136 123.79622 123.82148 124.15695 123.80041 123.92943 123.52196 123.68133 123.51755 123.61289 123.46106 123.67396 123.98716 123.94059 124.13067 124.4934 124.87676 124.94331 124.71091 124.72232 125.00671 125.21377 125.33352 125.7021 125.95628 126.0561 125.74357 125.44054 125.77018 125.69598 125.50827 125.58865 125.9211 125.98107 125.79824 126.16011 126.00441 125.81739 125.69294 125.75345 125.59562 125.63787 125.74393 126.24726 126.67674 126.95826 126.1109 126.06936 125.96549 126.39993

123.9373114

5/10/2005 5/11/2005 5/12/2005 5/13/2005 5/16/2005 5/17/2005 5/18/2005 5/19/2005 5/20/2005 5/23/2005 5/24/2005 5/25/2005 5/26/2005 5/27/2005 5/30/2005 5/31/2005 6/1/2005 6/2/2005 6/3/2005 6/7/2005 6/8/2005 6/9/2005 7/1/2005 10/1/2005 1/1/2006 4/1/2006 7/1/2006 10/1/2006 1/1/2007 4/1/2007 7/1/2007 10/1/2007

126.59612 126.5542 126.82335 127.0322 127.09121 127.10757 126.97799 126.60524 126.57238 126.59305 126.52158 126.58166 126.96534 126.95508 126.87358 127.10033 127.05263 127.20508 127.01574 127.09384 127.84584 128.05753 123.2658119 122.8745242 122.5525291 122.5271302 122.5018414 122.5107089 122.5144984 122.4999766 122.4855035 122.4710786

r to quarterly averages.

Forecast, Inflation Report 2005:2

126.71

125.99 124.87 124.14 123.63 123.52 123.45 123.38 123.29 123.20 123.13

Figure 7. Share price developments in Sweden, the United States and Germany. Index, 2 January 2002 = 100 Source: The Riksbank.

2002-01-02 2002-01-03 2002-01-04 2002-01-07 2002-01-08 2002-01-09 2002-01-10 2002-01-11 2002-01-14 2002-01-15 2002-01-16 2002-01-17 2002-01-18 2002-01-21 2002-01-22 2002-01-23 2002-01-24 2002-01-25 2002-01-28 2002-01-29 2002-01-30 2002-01-31 2002-02-01 2002-02-04 2002-02-05 2002-02-06 2002-02-07 2002-02-08 2002-02-11 2002-02-12 2002-02-13 2002-02-14 2002-02-15 2002-02-18 2002-02-19 2002-02-20 2002-02-21 2002-02-22 2002-02-25 2002-02-26 2002-02-27 2002-02-28 2002-03-01 2002-03-04 2002-03-05 2002-03-06 2002-03-07 2002-03-08 2002-03-11

OMX 100.00 104.16 104.45 103.86 101.33 101.16 99.57 100.70 97.24 96.13 94.37 95.85 95.18 94.24 94.61 94.90 96.00 94.85 94.27 92.28 90.70 93.95 94.24 94.32 93.40 92.49 93.05 92.68 94.15 94.26 94.08 93.92 92.53 91.26 89.85 89.81 91.12 90.26 91.14 91.96 94.41 94.14 95.23 98.91 98.41 97.84 99.42 100.13 98.83

S&P 500 100.00 100.92 101.55 100.89 100.52 100.04 100.16 99.21 98.59 99.27 97.65 98.63 97.65 97.30 96.94 97.71 98.05 98.15 98.13 95.32 96.44 97.88 97.19 94.78 94.40 93.84 93.55 94.94 96.30 95.91 96.87 96.69 95.63 94.72 93.82 95.09 93.62 94.39 96.08 96.08 96.12 95.85 98.02 99.93 99.26 100.70 100.25 100.83 101.18

DAX30 100.00 101.98 102.92 101.24 101.33 102.33 101.17 100.81 98.03 97.95 96.45 99.33 98.99 97.98 97.52 99.79 99.93 99.66 99.71 98.27 97.64 98.72 98.51 96.34 95.42 92.86 93.98 93.47 95.48 94.41 95.39 96.13 93.98 94.16 92.08 92.39 93.75 91.72 94.00 94.66 95.87 97.39 98.52 101.34 101.01 102.10 102.18 103.53 103.17

2002-03-12 2002-03-13 2002-03-14 2002-03-15 2002-03-18 2002-03-19 2002-03-20 2002-03-21 2002-03-22 2002-03-25 2002-03-26 2002-03-27 2002-03-28 2002-03-29 2002-04-01 2002-04-02 2002-04-03 2002-04-04 2002-04-05 2002-04-08 2002-04-09 2002-04-10 2002-04-11 2002-04-12 2002-04-15 2002-04-16 2002-04-17 2002-04-18 2002-04-19 2002-04-22 2002-04-23 2002-04-24 2002-04-25 2002-04-26 2002-04-29 2002-04-30 2002-05-01 2002-05-02 2002-05-03 2002-05-06 2002-05-07 2002-05-08 2002-05-09 2002-05-10 2002-05-13 2002-05-14 2002-05-15 2002-05-16 2002-05-17 2002-05-20 2002-05-21 2002-05-22 2002-05-23 2002-05-24 2002-05-27 2002-05-28

97.46 97.56 96.48 96.44 96.71 95.76 94.82 94.89 97.38 96.14 95.01 95.21 95.94 95.62 95.30 94.98 94.23 93.60 94.17 92.97 92.78 93.30 91.78 92.23 92.93 95.34 95.72 93.63 92.54 88.38 87.79 85.03 84.41 86.24 85.35 85.82 85.82 85.82 83.59 82.95 83.88 85.94 85.12 84.29 84.87 85.83 86.29 85.13 85.76 85.13 84.50 82.67 82.78 83.05 82.80 82.16

100.94 99.95 99.86 101.00 100.94 101.35 99.76 99.91 99.48 98.03 98.60 99.13 99.37 99.33 99.30 98.45 97.47 97.55 97.23 97.46 96.81 97.90 95.58 96.22 95.49 97.72 97.52 97.38 97.45 95.94 95.35 94.67 94.53 93.21 92.27 93.27 94.09 93.93 92.96 91.17 90.89 94.30 92.93 91.37 93.06 95.03 94.49 95.11 95.84 94.56 93.52 94.05 95.01 93.86 93.46 93.06

101.92 101.34 101.94 104.34 104.82 105.53 103.64 103.33 103.66 102.72 104.14 103.31 104.27 103.71 103.16 102.60 102.04 101.52 101.62 100.07 99.88 101.72 99.60 100.12 101.14 103.06 102.50 101.43 101.84 100.32 100.06 99.44 97.41 96.36 96.42 97.06 96.26 95.47 93.90 93.83 93.65 96.66 95.45 93.63 95.62 97.04 97.47 96.99 96.73 95.96 95.68 94.42 93.53 93.80 95.00 94.18

2002-05-29 2002-05-30 2002-05-31 2002-06-03 2002-06-04 2002-06-05 2002-06-06 2002-06-07 2002-06-10 2002-06-11 2002-06-12 2002-06-13 2002-06-14 2002-06-17 2002-06-18 2002-06-19 2002-06-20 2002-06-21 2002-06-24 2002-06-25 2002-06-26 2002-06-27 2002-06-28 2002-07-01 2002-07-02 2002-07-03 2002-07-04 2002-07-05 2002-07-08 2002-07-09 2002-07-10 2002-07-11 2002-07-12 2002-07-15 2002-07-16 2002-07-17 2002-07-18 2002-07-19 2002-07-22 2002-07-23 2002-07-24 2002-07-25 2002-07-26 2002-07-29 2002-07-30 2002-07-31 2002-08-01 2002-08-02 2002-08-05 2002-08-06 2002-08-07 2002-08-08 2002-08-09 2002-08-12 2002-08-13 2002-08-14

80.98 79.17 79.28 79.12 77.91 78.42 77.43 76.03 76.73 76.29 74.54 74.77 73.25 74.52 74.96 73.43 70.09 69.10 68.12 70.92 70.63 71.48 73.03 73.20 71.64 69.47 70.46 73.22 73.34 72.70 70.91 67.80 67.64 66.06 66.29 68.74 68.36 65.65 62.73 60.55 57.84 60.68 58.19 63.56 63.95 65.03 63.66 62.46 59.77 60.82 60.88 62.26 62.15 62.46 62.42 61.25

92.46 92.20 92.42 90.13 90.13 90.93 89.13 88.99 89.27 87.78 88.36 87.43 87.23 89.74 89.82 88.34 87.15 85.66 85.97 84.54 84.31 85.79 85.72 83.89 82.11 82.62 84.14 85.65 84.61 82.52 79.72 80.31 79.80 79.50 78.04 78.47 76.35 73.42 71.00 69.08 73.05 72.63 73.86 77.85 78.19 78.95 76.62 74.85 72.28 74.44 75.93 78.42 78.69 78.27 76.58 79.64

93.10 90.81 91.89 90.52 88.19 88.16 88.80 87.79 87.39 87.71 85.87 85.06 81.89 85.15 84.36 82.86 80.78 80.53 78.53 79.97 77.99 81.03 83.37 83.07 79.82 78.72 81.01 85.28 84.51 83.13 79.71 78.35 78.58 74.43 75.67 77.86 77.98 74.01 70.20 66.86 69.08 66.95 68.06 73.40 73.76 70.36 68.58 67.18 63.38 67.86 65.90 69.97 71.52 69.36 70.04 68.27

2002-08-15 2002-08-16 2002-08-19 2002-08-20 2002-08-21 2002-08-22 2002-08-23 2002-08-26 2002-08-27 2002-08-28 2002-08-29 2002-08-30 2002-09-02 2002-09-03 2002-09-04 2002-09-05 2002-09-06 2002-09-09 2002-09-10 2002-09-11 2002-09-12 2002-09-13 2002-09-16 2002-09-17 2002-09-18 2002-09-19 2002-09-20 2002-09-23 2002-09-24 2002-09-25 2002-09-26 2002-09-27 2002-09-30 2002-10-01 2002-10-02 2002-10-03 2002-10-04 2002-10-07 2002-10-08 2002-10-09 2002-10-10 2002-10-11 2002-10-14 2002-10-15 2002-10-16 2002-10-17 2002-10-18 2002-10-21 2002-10-22 2002-10-23 2002-10-24 2002-10-25 2002-10-28 2002-10-29 2002-10-30 2002-10-31

62.84 62.35 62.85 62.77 64.61 67.77 65.66 64.63 64.76 63.65 62.86 63.17 62.90 60.46 60.47 60.28 61.65 61.31 61.98 64.00 62.29 61.48 61.33 60.71 58.36 57.53 57.14 54.77 54.28 55.21 57.78 57.03 53.54 54.46 55.70 54.68 53.90 51.54 50.69 50.58 52.20 55.54 55.29 59.13 57.88 59.04 60.02 60.29 59.62 58.00 59.75 59.53 60.63 58.64 60.26 61.43

80.56 80.44 82.34 81.19 82.22 83.37 81.48 82.10 80.96 79.49 79.49 79.34 77.69 76.04 77.37 76.14 77.42 78.20 78.77 78.76 76.81 77.06 77.17 75.65 75.30 73.04 73.21 72.20 70.95 72.72 74.04 71.65 70.61 73.43 71.70 70.93 69.33 68.01 69.16 67.27 69.62 72.34 72.87 76.32 74.48 76.14 76.59 77.92 77.09 77.61 76.43 77.74 77.10 76.40 77.14 76.71

69.71 70.07 72.98 71.67 73.56 74.29 72.80 71.96 73.24 70.04 69.62 70.61 68.64 64.64 65.15 63.80 66.29 65.21 66.46 68.17 65.07 63.92 63.12 62.55 59.43 57.20 58.30 55.42 54.64 56.34 57.44 55.51 52.66 54.49 55.66 53.50 51.63 50.73 49.87 49.41 51.98 55.74 54.20 57.97 57.22 60.33 60.17 62.43 60.02 57.35 58.77 58.99 60.84 57.47 59.21 59.96

2002-11-01 2002-11-04 2002-11-05 2002-11-06 2002-11-07 2002-11-08 2002-11-11 2002-11-12 2002-11-13 2002-11-14 2002-11-15 2002-11-18 2002-11-19 2002-11-20 2002-11-21 2002-11-22 2002-11-25 2002-11-26 2002-11-27 2002-11-28 2002-11-29 2002-12-02 2002-12-03 2002-12-04 2002-12-05 2002-12-06 2002-12-09 2002-12-10 2002-12-11 2002-12-12 2002-12-13 2002-12-16 2002-12-17 2002-12-18 2002-12-19 2002-12-20 2002-12-23 2002-12-24 2002-12-25 2002-12-26 2002-12-27 2002-12-30 2002-12-31 2003-01-01 2003-01-02 2003-01-03 2003-01-06 2003-01-07 2003-01-08 2003-01-09 2003-01-10 2003-01-13 2003-01-14 2003-01-15 2003-01-16 2003-01-17

60.38 62.88 64.24 63.31 61.82 62.02 61.65 63.62 64.29 65.84 65.20 66.60 65.19 65.63 68.25 68.89 68.06 66.77 69.47 70.16 69.11 68.58 67.22 67.10 66.30 66.11 65.17 65.07 65.24 64.05 64.16 64.17 62.32 60.77 61.07 61.25 61.07 60.65 60.23 59.81 59.39 59.25 60.11 60.98 61.84 62.44 62.37 62.31 60.64 61.06 61.83 62.36 63.19 62.63 62.64 61.22

78.03 78.67 79.28 80.00 78.17 77.49 75.88 76.47 76.43 78.31 78.80 77.98 77.66 79.17 80.87 80.59 80.79 79.10 81.31 81.20 81.09 80.93 79.74 79.47 78.51 79.00 77.25 78.33 78.37 78.08 77.03 78.85 78.20 77.18 76.58 77.58 77.72 77.29 77.17 77.05 75.81 76.16 76.20 77.46 78.73 78.69 80.46 79.93 78.80 80.33 80.33 80.22 80.69 79.52 79.21 78.10

60.19 63.29 63.73 62.74 60.01 58.56 57.85 59.26 58.32 60.64 60.70 61.21 60.99 61.10 62.85 63.16 62.74 60.70 63.64 63.91 63.14 64.28 62.39 63.15 61.33 61.00 58.30 60.25 60.78 59.18 58.52 60.96 59.72 57.48 56.32 57.51 57.07 56.30 55.54 54.78 54.01 55.01 56.36 57.70 59.05 58.82 60.04 59.20 56.92 57.77 57.76 58.21 58.93 57.99 58.08 55.51

2003-01-20 2003-01-21 2003-01-22 2003-01-23 2003-01-24 2003-01-27 2003-01-28 2003-01-29 2003-01-30 2003-01-31 2003-02-03 2003-02-04 2003-02-05 2003-02-06 2003-02-07 2003-02-10 2003-02-11 2003-02-12 2003-02-13 2003-02-14 2003-02-17 2003-02-18 2003-02-19 2003-02-20 2003-02-21 2003-02-24 2003-02-25 2003-02-26 2003-02-27 2003-02-28 2003-03-03 2003-03-04 2003-03-05 2003-03-06 2003-03-07 2003-03-10 2003-03-11 2003-03-12 2003-03-13 2003-03-14 2003-03-17 2003-03-18 2003-03-19 2003-03-20 2003-03-21 2003-03-24 2003-03-25 2003-03-26 2003-03-27 2003-03-28 2003-03-31 2003-04-01 2003-04-02 2003-04-03 2003-04-04 2003-04-07

61.96 61.11 60.11 59.82 59.37 57.14 56.36 56.08 57.63 57.40 57.88 55.74 57.22 56.97 56.10 54.85 56.35 56.84 56.98 57.59 59.34 59.97 59.02 57.66 57.45 57.00 55.44 55.15 55.74 56.46 56.64 55.64 55.22 54.99 54.30 53.58 52.96 51.94 54.15 55.96 58.15 58.29 58.91 59.36 60.48 58.79 58.78 58.48 57.53 57.11 55.00 55.46 57.72 57.77 58.01 60.43

77.49 76.87 76.07 76.85 74.60 73.40 74.35 74.86 73.15 74.11 74.51 73.46 73.06 72.59 71.86 72.40 71.81 70.90 70.79 72.31 73.01 73.72 73.19 72.50 73.46 72.11 72.62 71.67 72.51 72.85 72.30 71.19 71.87 71.20 71.79 69.93 69.35 69.65 72.05 72.17 74.72 75.04 75.69 75.85 77.59 74.85 75.76 75.34 75.22 74.78 73.46 74.35 76.29 75.90 76.11 76.21

55.03 54.59 53.31 53.46 51.80 50.14 50.66 51.33 51.08 52.11 52.19 51.94 51.69 50.24 48.72 49.04 49.82 48.76 48.46 50.72 51.37 51.96 49.77 49.14 50.23 48.73 47.10 46.43 47.63 48.27 48.31 47.39 47.33 46.19 46.08 44.13 43.68 41.74 44.61 45.54 47.13 48.97 49.55 49.35 51.44 48.28 49.95 48.87 48.96 47.76 45.92 46.42 49.06 48.69 50.29 53.22

2003-04-08 2003-04-09 2003-04-10 2003-04-11 2003-04-14 2003-04-15 2003-04-16 2003-04-17 2003-04-18 2003-04-21 2003-04-22 2003-04-23 2003-04-24 2003-04-25 2003-04-28 2003-04-29 2003-04-30 2003-05-01 2003-05-02 2003-05-05 2003-05-06 2003-05-07 2003-05-08 2003-05-09 2003-05-12 2003-05-13 2003-05-14 2003-05-15 2003-05-16 2003-05-19 2003-05-20 2003-05-21 2003-05-22 2003-05-23 2003-05-26 2003-05-27 2003-05-28 2003-05-29 2003-05-30 2003-06-02 2003-06-03 2003-06-04 2003-06-05 2003-06-06 2003-06-09 2003-06-10 2003-06-11 2003-06-12 2003-06-13 2003-06-16 2003-06-17 2003-06-18 2003-06-19 2003-06-20 2003-06-23 2003-06-24

59.31 59.16 58.04 58.08 58.13 59.54 59.34 59.54 59.63 59.73 59.82 60.51 60.48 59.82 61.70 62.65 62.70 62.54 62.38 62.99 63.16 61.91 60.81 61.68 61.97 62.95 62.44 62.47 62.28 60.64 60.00 59.14 59.75 59.94 59.53 60.35 61.62 61.71 61.80 62.29 61.49 62.10 62.11 63.54 63.43 63.32 64.12 64.76 63.60 64.25 65.06 65.50 64.77 64.32 63.87 63.08

76.06 75.00 75.48 75.20 76.67 77.15 76.20 77.39 77.32 77.25 78.93 79.59 78.93 77.84 79.23 79.49 79.41 79.36 80.55 80.24 80.92 80.51 79.70 80.84 81.85 81.61 81.35 81.99 81.78 79.74 79.65 79.97 80.70 80.82 81.61 82.40 82.55 82.24 83.45 83.75 84.14 85.41 85.75 85.54 84.52 85.29 86.39 86.48 85.62 87.53 87.61 87.48 86.15 86.23 85.01 85.17

52.44 51.80 50.88 51.54 52.35 53.42 53.25 54.66 55.05 55.43 55.82 56.07 54.51 53.46 55.52 54.68 55.24 55.55 55.86 56.37 57.38 56.08 53.84 55.15 54.77 54.26 54.56 55.73 55.62 53.04 52.82 52.61 53.31 52.50 52.60 53.44 54.28 54.05 55.46 56.98 56.28 57.28 56.52 58.13 57.52 58.37 58.92 59.66 58.71 60.49 60.89 61.22 60.11 59.96 58.99 59.56

2003-06-25 2003-06-26 2003-06-27 2003-06-30 2003-07-01 2003-07-02 2003-07-03 2003-07-04 2003-07-07 2003-07-08 2003-07-09 2003-07-10 2003-07-11 2003-07-14 2003-07-15 2003-07-16 2003-07-17 2003-07-18 2003-07-21 2003-07-22 2003-07-23 2003-07-24 2003-07-25 2003-07-28 2003-07-29 2003-07-30 2003-07-31 2003-08-01 2003-08-04 2003-08-05 2003-08-06 2003-08-07 2003-08-08 2003-08-11 2003-08-12 2003-08-13 2003-08-14 2003-08-15 2003-08-18 2003-08-19 2003-08-20 2003-08-21 2003-08-22 2003-08-25 2003-08-26 2003-08-27 2003-08-28 2003-08-29 2003-09-01 2003-09-02 2003-09-03 2003-09-04 2003-09-05 2003-09-08 2003-09-09 2003-09-10

63.43 63.51 64.46 63.85 62.75 63.65 64.63 64.76 66.31 66.09 65.63 64.97 65.37 66.51 66.62 66.06 65.62 66.39 66.23 66.01 65.68 66.75 66.41 67.60 67.32 67.86 68.60 68.30 68.20 68.55 67.09 66.76 67.02 67.02 68.19 69.02 69.48 69.07 70.31 71.18 71.20 71.98 71.73 70.86 70.15 70.65 70.88 70.45 71.89 72.21 73.42 73.42 73.58 73.90 73.18 71.98

84.47 85.38 84.55 84.40 85.07 86.06 85.37 86.18 86.99 87.28 86.80 85.63 86.44 86.94 86.64 86.09 85.02 86.03 84.77 85.58 85.62 85.01 86.49 86.30 85.68 85.52 85.77 84.89 85.12 83.61 83.75 84.36 84.66 84.92 85.77 85.22 85.78 85.80 86.58 86.81 86.63 86.89 86.00 86.06 86.32 86.33 86.85 87.30 87.90 88.51 88.88 89.03 88.46 89.35 88.61 87.55

59.22 60.00 59.69 59.62 58.25 60.00 60.01 59.97 61.70 61.91 61.50 60.53 61.58 62.87 62.66 62.71 61.66 62.32 60.85 61.43 61.17 62.47 62.14 63.27 63.46 63.48 64.57 63.66 63.04 63.65 62.49 61.68 61.69 61.82 62.60 62.92 63.92 63.75 64.93 64.88 64.81 66.00 65.70 64.79 63.97 64.48 64.66 64.51 66.11 66.04 67.52 67.91 66.79 66.79 67.41 66.54

2003-09-11 2003-09-12 2003-09-15 2003-09-16 2003-09-17 2003-09-18 2003-09-19 2003-09-22 2003-09-23 2003-09-24 2003-09-25 2003-09-26 2003-09-29 2003-09-30 2003-10-01 2003-10-02 2003-10-03 2003-10-06 2003-10-07 2003-10-08 2003-10-09 2003-10-10 2003-10-13 2003-10-14 2003-10-15 2003-10-16 2003-10-17 2003-10-20 2003-10-21 2003-10-22 2003-10-23 2003-10-24 2003-10-27 2003-10-28 2003-10-29 2003-10-30 2003-10-31 2003-11-03 2003-11-04 2003-11-05 2003-11-06 2003-11-07 2003-11-10 2003-11-11 2003-11-12 2003-11-13 2003-11-14 2003-11-17 2003-11-18 2003-11-19 2003-11-20 2003-11-21 2003-11-24 2003-11-25 2003-11-26 2003-11-27

72.13 72.41 72.53 73.23 73.16 73.10 72.44 70.80 70.65 69.82 69.29 69.88 69.15 68.12 68.78 68.52 71.03 71.00 70.85 71.23 72.29 71.63 72.72 73.36 73.89 73.24 73.28 73.64 73.06 71.40 72.17 72.75 73.86 74.73 74.31 74.52 74.19 74.73 74.38 73.53 74.08 74.77 74.28 73.80 74.15 75.04 75.84 74.19 73.90 73.09 72.73 72.46 73.72 73.57 73.22 74.13

88.03 88.22 87.89 89.14 88.85 90.03 89.75 88.58 89.12 87.42 86.89 86.33 87.17 86.26 88.18 88.36 89.19 89.58 90.00 89.53 89.96 89.90 90.53 90.89 90.65 90.94 90.01 90.47 90.59 89.23 89.53 89.11 89.30 90.66 90.77 90.67 91.00 91.72 91.22 91.09 91.63 91.21 90.68 90.64 91.67 91.66 90.97 90.38 89.56 90.28 89.52 89.66 91.12 91.27 91.67 91.66

65.47 64.94 65.09 65.99 65.92 66.87 66.25 63.98 63.14 61.23 61.58 61.55 61.52 60.29 61.64 60.66 63.29 63.03 62.12 62.85 64.46 64.26 65.50 65.50 66.10 66.23 65.10 65.89 66.27 64.62 64.74 63.92 65.11 66.40 66.93 67.38 67.68 69.32 69.27 68.82 69.12 70.02 69.35 69.05 69.39 69.71 70.30 68.02 67.87 67.61 67.35 67.43 69.18 69.11 68.73 69.33

2003-11-28 2003-12-01 2003-12-02 2003-12-03 2003-12-04 2003-12-05 2003-12-08 2003-12-09 2003-12-10 2003-12-11 2003-12-12 2003-12-15 2003-12-16 2003-12-17 2003-12-18 2003-12-19 2003-12-22 2003-12-23 2003-12-24 2003-12-25 2003-12-26 2003-12-29 2003-12-30 2003-12-31 2004-01-01 2004-01-02 2004-01-05 2004-01-06 2004-01-07 2004-01-08 2004-01-09 2004-01-12 2004-01-13 2004-01-14 2004-01-15 2004-01-16 2004-01-19 2004-01-20 2004-01-21 2004-01-22 2004-01-23 2004-01-26 2004-01-27 2004-01-28 2004-01-29 2004-01-30 2004-02-02 2004-02-03 2004-02-04 2004-02-05 2004-02-06 2004-02-09 2004-02-10 2004-02-11 2004-02-12 2004-02-13

73.83 74.63 74.71 74.79 75.24 74.87 74.04 74.12 74.03 74.18 74.19 74.68 73.77 72.81 73.74 74.31 74.29 75.46 75.77 76.09 76.40 76.72 76.44 76.77 77.10 77.42 77.43 76.89 76.34 77.81 78.15 78.37 78.70 79.42 79.90 80.80 81.23 80.64 80.13 80.84 81.05 81.32 81.11 80.74 80.05 80.96 80.55 80.47 80.24 80.86 82.60 83.07 83.89 84.07 83.39 82.79

91.65 92.68 92.37 92.21 92.64 91.93 92.61 91.82 91.72 92.77 93.03 92.50 93.11 93.23 94.33 94.28 94.65 94.92 94.75 94.83 94.91 96.09 96.10 96.30 96.15 96.00 97.19 97.32 97.55 98.03 97.16 97.62 97.10 97.91 98.04 98.71 98.67 98.62 99.39 99.07 98.86 100.06 99.08 97.73 98.22 97.96 98.32 98.39 97.56 97.74 98.97 98.71 99.21 100.27 99.78 99.23

69.34 70.74 70.52 71.75 71.73 71.12 70.47 71.20 70.73 71.44 71.46 71.74 71.57 71.23 71.66 72.17 71.77 72.26 72.49 72.72 72.94 73.17 73.40 73.73 74.06 74.39 74.71 74.70 74.13 74.89 74.35 73.97 73.98 75.07 75.32 76.11 76.64 76.02 76.60 76.64 76.70 76.24 76.34 76.64 75.63 74.94 75.19 74.92 74.39 74.14 74.69 75.69 75.91 76.11 76.10 74.91

2004-02-16 2004-02-17 2004-02-18 2004-02-19 2004-02-20 2004-02-23 2004-02-24 2004-02-25 2004-02-26 2004-02-27 2004-03-01 2004-03-02 2004-03-03 2004-03-04 2004-03-05 2004-03-08 2004-03-09 2004-03-10 2004-03-11 2004-03-12 2004-03-15 2004-03-16 2004-03-17 2004-03-18 2004-03-19 2004-03-22 2004-03-23 2004-03-24 2004-03-25 2004-03-26 2004-03-29 2004-03-30 2004-03-31 2004-04-01 2004-04-02 2004-04-05 2004-04-06 2004-04-07 2004-04-08 2004-04-09 2004-04-12 2004-04-13 2004-04-14 2004-04-15 2004-04-16 2004-04-19 2004-04-20 2004-04-21 2004-04-22 2004-04-23 2004-04-26 2004-04-27 2004-04-28 2004-04-29 2004-04-30 2004-05-03

83.59 84.09 84.05 84.79 84.11 84.56 82.96 83.35 83.79 83.88 84.63 85.77 86.38 86.07 86.17 86.30 84.93 84.79 82.07 82.76 81.71 82.10 83.27 81.62 81.90 79.62 80.51 80.08 81.49 81.64 83.08 82.66 82.93 84.70 85.67 86.62 86.21 86.26 86.49 86.53 86.56 86.60 85.80 85.40 85.67 86.04 87.11 86.05 87.47 86.50 86.03 85.81 83.89 83.33 82.36 82.89

99.72 100.20 99.75 99.34 99.09 98.82 98.65 99.05 99.15 99.16 100.11 99.52 99.69 100.02 100.19 99.35 98.78 97.33 95.85 97.05 95.65 96.19 97.32 97.20 96.11 94.87 94.74 94.51 96.06 95.96 97.21 97.60 97.54 98.05 98.89 99.64 99.44 98.78 98.67 98.93 99.18 97.81 97.70 97.76 98.26 98.37 96.84 97.35 98.72 98.78 98.34 98.57 97.21 96.47 95.90 96.78

75.16 75.63 75.62 76.48 75.22 75.13 73.71 73.78 74.01 74.20 74.87 75.72 75.19 76.34 76.20 76.57 75.49 74.70 72.11 72.31 70.37 70.59 71.96 70.68 70.53 68.87 68.86 68.81 70.40 70.59 71.68 71.54 71.22 72.48 74.01 74.77 74.29 73.89 73.90 74.26 74.62 74.97 73.89 73.74 74.20 74.01 74.66 74.01 74.61 75.38 75.78 75.93 74.68 73.41 72.84 73.19

2004-05-04 2004-05-05 2004-05-06 2004-05-07 2004-05-10 2004-05-11 2004-05-12 2004-05-13 2004-05-14 2004-05-17 2004-05-18 2004-05-19 2004-05-20 2004-05-21 2004-05-24 2004-05-25 2004-05-26 2004-05-27 2004-05-28 2004-05-31 2004-06-01 2004-06-02 2004-06-03 2004-06-04 2004-06-07 2004-06-08 2004-06-09 2004-06-10 2004-06-11 2004-06-14 2004-06-15 2004-06-16 2004-06-17 2004-06-18 2004-06-21 2004-06-22 2004-06-23 2004-06-24 2004-06-25 2004-06-28 2004-06-29 2004-06-30 2004-07-01 2004-07-02 2004-07-05 2004-07-06 2004-07-07 2004-07-08 2004-07-09 2004-07-12 2004-07-13 2004-07-14 2004-07-15 2004-07-16 2004-07-19 2004-07-20

82.69 83.70 81.39 81.25 78.35 79.87 78.28 80.30 79.74 78.55 79.15 80.60 80.36 80.13 80.50 79.74 79.92 80.71 80.96 80.49 80.02 80.73 81.21 82.35 83.27 83.05 82.56 82.49 82.56 81.44 82.04 82.47 82.14 81.86 81.77 81.44 82.95 83.80 83.90 84.01 83.84 83.87 83.85 83.59 83.26 82.34 82.21 82.33 81.63 80.37 81.21 81.75 80.38 80.90 80.04 80.33

96.96 97.13 96.48 95.15 94.15 94.87 95.03 94.96 94.89 93.89 94.53 94.28 94.33 94.71 94.87 96.40 96.56 97.11 97.06 97.08 97.10 97.43 96.71 97.21 98.77 98.92 97.98 98.42 97.94 97.46 98.04 98.17 98.04 98.30 97.89 98.25 99.08 98.79 98.25 98.15 98.40 98.80 97.77 97.46 97.07 96.67 96.85 96.05 96.37 96.51 96.58 96.26 95.84 95.39 95.34 96.02

72.88 73.46 71.30 70.99 68.96 70.15 68.81 69.69 69.25 68.35 68.98 70.47 69.86 69.73 70.38 69.65 70.37 71.16 70.96 71.30 70.26 70.70 71.07 71.88 72.87 72.90 72.51 72.93 72.80 71.60 72.30 72.59 72.27 72.53 72.34 71.23 71.54 72.66 72.77 73.79 73.79 73.49 73.17 72.51 72.45 71.53 71.27 71.34 71.16 70.59 70.79 70.70 69.76 69.74 69.13 69.59

2004-07-21 2004-07-22 2004-07-23 2004-07-26 2004-07-27 2004-07-28 2004-07-29 2004-07-30 2004-08-02 2004-08-03 2004-08-04 2004-08-05 2004-08-06 2004-08-09 2004-08-10 2004-08-11 2004-08-12 2004-08-13 2004-08-16 2004-08-17 2004-08-18 2004-08-19 2004-08-20 2004-08-23 2004-08-24 2004-08-25 2004-08-26 2004-08-27 2004-08-30 2004-08-31 2004-09-01 2004-09-02 2004-09-03 2004-09-06 2004-09-07 2004-09-08 2004-09-09 2004-09-10 2004-09-13 2004-09-14 2004-09-15 2004-09-16 2004-09-17 2004-09-20 2004-09-21 2004-09-22 2004-09-23 2004-09-24 2004-09-27 2004-09-28 2004-09-29 2004-09-30 2004-10-01 2004-10-04 2004-10-05 2004-10-06

82.06 80.28 80.30 79.50 80.72 81.01 81.71 82.09 81.55 81.59 81.00 81.58 79.67 78.92 79.85 78.49 78.17 78.01 78.81 79.12 79.94 80.08 79.83 81.60 81.31 82.08 82.78 83.00 82.80 82.30 83.30 83.41 83.69 83.78 83.58 83.33 82.59 83.12 84.41 84.04 84.20 84.10 84.32 84.11 84.21 84.35 83.96 83.82 83.32 83.43 85.29 84.79 86.15 87.31 87.30 86.87

94.74 94.99 94.07 93.89 94.82 94.87 95.30 95.41 95.84 95.24 95.15 93.59 92.14 92.25 93.45 93.17 92.08 92.22 93.48 93.68 94.85 94.51 95.12 94.89 94.94 95.69 95.71 95.94 95.19 95.63 95.78 96.85 96.45 96.78 97.11 96.67 96.86 97.34 97.50 97.72 97.03 97.30 97.74 97.19 97.80 96.44 95.99 96.14 95.57 96.14 96.55 96.53 97.99 98.31 98.25 98.91

70.31 68.92 68.86 68.04 69.16 69.03 70.53 70.64 70.04 70.31 69.33 69.43 67.59 66.92 67.47 66.71 66.33 66.13 67.07 67.19 67.57 67.51 67.32 68.40 68.38 68.70 69.49 69.83 69.61 68.64 69.22 69.51 70.12 70.49 70.52 70.43 69.83 70.46 71.68 71.58 71.47 71.87 72.31 72.13 72.37 71.48 70.82 70.90 70.25 70.40 71.09 70.59 72.44 73.13 73.41 73.43

2004-10-07 2004-10-08 2004-10-11 2004-10-12 2004-10-13 2004-10-14 2004-10-15 2004-10-18 2004-10-19 2004-10-20 2004-10-21 2004-10-22 2004-10-25 2004-10-26 2004-10-27 2004-10-28 2004-10-29 2004-11-01 2004-11-02 2004-11-03 2004-11-04 2004-11-05 2004-11-08 2004-11-09 2004-11-10 2004-11-11 2004-11-12 2004-11-15 2004-11-16 2004-11-17 2004-11-18 2004-11-19 2004-11-22 2004-11-23 2004-11-24 2004-11-25 2004-11-26 2004-11-29 2004-11-30 2004-12-01 2004-12-02 2004-12-03 2004-12-06 2004-12-07 2004-12-08 2004-12-09 2004-12-10 2004-12-13 2004-12-14 2004-12-15 2004-12-16 2004-12-17 2004-12-20 2004-12-21 2004-12-22 2004-12-23

86.92 86.70 86.85 86.07 87.00 86.23 85.75 85.67 86.96 85.75 85.40 84.43 82.45 82.91 84.26 84.70 84.40 85.47 86.94 87.28 86.77 87.28 87.51 87.44 87.73 88.42 89.19 89.22 88.86 89.98 89.91 88.92 88.30 88.64 88.68 89.33 89.32 89.60 89.30 90.12 90.55 89.43 88.95 89.63 89.00 87.93 88.53 88.69 88.79 88.57 88.89 87.57 88.30 88.62 89.30 89.14

97.92 97.18 97.38 97.16 96.45 95.55 95.98 96.48 95.55 95.58 95.83 94.90 94.81 96.23 97.47 97.64 97.88 97.91 97.91 99.01 100.61 101.00 100.89 100.81 100.71 101.63 102.55 102.52 101.80 102.36 102.50 101.36 101.95 101.93 102.35 102.38 102.42 102.07 101.66 103.18 103.09 103.16 103.08 101.94 102.44 102.99 102.89 103.81 104.22 104.42 104.20 103.43 103.46 104.40 104.75 104.80

73.32 72.81 72.85 71.92 72.10 71.45 71.12 70.99 71.88 70.94 71.33 71.35 69.89 70.03 71.24 71.80 71.81 72.76 73.21 73.24 73.28 73.68 73.78 73.71 74.15 74.90 75.13 74.97 74.66 75.86 75.77 74.98 74.78 74.59 74.80 75.44 75.33 75.20 74.82 75.90 76.45 76.32 76.05 76.39 76.18 75.26 75.70 76.51 76.72 76.41 76.77 75.84 76.37 76.42 76.91 77.09

2004-12-24 2004-12-27 2004-12-28 2004-12-29 2004-12-30 2004-12-31 2005-01-03 2005-01-04 2005-01-05 2005-01-06 2005-01-07 2005-01-10 2005-01-11 2005-01-12 2005-01-13 2005-01-14 2005-01-17 2005-01-18 2005-01-19 2005-01-20 2005-01-21 2005-01-24 2005-01-25 2005-01-26 2005-01-27 2005-01-28 2005-01-31 2005-02-01 2005-02-02 2005-02-03 2005-02-04 2005-02-07 2005-02-08 2005-02-09 2005-02-10 2005-02-11 2005-02-14 2005-02-15 2005-02-16 2005-02-17 2005-02-18 2005-02-21 2005-02-22 2005-02-23 2005-02-24 2005-02-25 2005-02-28 2005-03-01 2005-03-02 2005-03-03 2005-03-04 2005-03-07 2005-03-08 2005-03-09 2005-03-10 2005-03-11

89.13 89.13 88.88 88.99 89.13 89.48 89.83 90.53 89.53 89.70 89.86 91.00 89.84 88.22 88.58 89.22 89.83 89.64 89.63 88.52 88.31 87.41 88.44 88.51 89.13 88.34 89.08 90.11 90.59 90.12 90.77 91.99 91.66 92.39 90.78 92.12 91.95 92.55 91.85 91.80 91.06 91.41 91.14 91.20 91.50 92.49 92.50 92.75 93.29 93.17 94.21 93.76 93.20 93.18 92.10 92.65

104.58 104.35 105.10 105.09 105.10 104.96 104.11 102.89 102.52 102.88 102.73 103.08 102.45 102.86 101.97 102.58 103.08 103.58 102.59 101.80 101.14 100.79 101.19 101.68 101.72 101.45 102.30 103.01 103.34 103.05 104.19 104.07 104.12 103.23 103.67 104.39 104.46 104.80 104.82 103.99 104.06 103.31 102.55 103.13 103.94 104.91 104.24 104.83 104.80 104.83 105.84 106.12 105.61 104.53 104.73 103.93

76.95 76.80 77.28 77.02 77.17 77.50 77.82 77.80 77.21 77.99 78.27 78.10 77.21 76.32 76.38 76.74 76.98 77.08 76.98 76.53 76.41 76.15 76.73 76.37 76.41 75.98 76.94 77.39 77.69 77.43 78.47 78.96 79.05 78.72 78.52 79.35 79.32 79.60 79.00 79.02 78.84 78.72 78.18 77.95 77.84 78.64 78.67 79.27 79.45 79.08 79.99 80.07 79.50 79.12 78.44 78.85

2005-03-14 2005-03-15 2005-03-16 2005-03-17 2005-03-18 2005-03-21 2005-03-22 2005-03-23 2005-03-24 2005-03-25 2005-03-28 2005-03-29 2005-03-30 2005-03-31 2005-04-01 2005-04-04 2005-04-05 2005-04-06 2005-04-07 2005-04-08 2005-04-11 2005-04-12 2005-04-13 2005-04-14 2005-04-15 2005-04-18 2005-04-19 2005-04-20 2005-04-21 2005-04-22 2005-04-25 2005-04-26 2005-04-27 2005-04-28 2005-04-29 2005-05-02 2005-05-03 2005-05-04 2005-05-05 2005-05-06 2005-05-09 2005-05-10 2005-05-11 2005-05-12 2005-05-13 2005/05/16 2005/05/17 2005/05/18 2005/05/19 2005/05/20 2005/05/23 2005/05/24 2005/05/25 2005/05/26 2005/05/27 2005/05/30

92.91 93.51 91.95 92.10 91.81 91.32 92.06 92.40 92.56 92.56 92.56 92.63 92.44 92.55 93.54 93.16 94.20 94.83 94.70 95.04 95.18 94.64 95.13 95.67 94.22 92.85 92.97 92.88 93.14 94.42 94.44 93.74 90.95 89.89 90.05 90.68 91.02 90.89 90.89 92.05 92.36 91.96 91.56 92.55 93.13 93.09 93.23 93.90 94.32 94.26 94.23 94.26 94.09 94.92 94.99 95.36

104.52 103.73 102.89 103.08 103.03 102.52 101.48 101.55 101.45 101.57 101.70 100.93 102.32 102.24 101.58 101.86 102.31 102.55 103.16 102.30 102.30 102.87 101.66 100.64 98.96 99.25 99.84 98.51 100.46 99.78 100.64 99.75 100.15 99.01 100.19 100.65 100.56 101.82 101.56 101.44 102.09 101.00 101.42 100.41 99.95 100.95 101.66 102.68 103.15 103.00 103.39 103.41 103.06 103.72 103.82 103.51

78.97 79.34 77.92 78.04 78.25 77.69 78.13 78.07 78.55 78.55 78.55 78.70 78.62 78.64 79.09 78.51 78.89 79.19 79.17 79.37 79.29 78.86 79.47 79.40 77.64 75.66 75.69 75.22 75.49 75.98 76.41 76.17 75.10 74.63 74.53 75.16 75.54 75.87 76.38 76.58 76.25 75.51 75.39 75.78 75.84 75.60 75.42 76.71 77.12 77.13 77.92 77.74 77.61 78.40 78.55 79.18

2005/05/31 2005/06/01 2005/06/02 2005/06/03 2005/06/06 2005/06/07 2005/06/08 6/9/2005

95.19 95.58 94.90 94.62 94.97 95.32 95.70 95.46

103.19 104.12 104.30 103.58 103.71 103.69 103.46 104.01

78.83 80.01 80.10 79.71 79.46 80.68 80.52 80.60

Figure 8. Real interest rate with 5-year and 3-month maturity respectively and real TCW exchange rate. Per cent and index, 18 November 1992 = 100 Note. When calculating real interest rates, inflation expectations have been taken from the National Institute of Economic Rese Sources: The National Institute of Economic Research, Prospera and the Riksbank.

jan/97 feb/97 mar/97 apr/97 maj/97 jun/97 jul/97 aug/97 sep/97 okt/97 nov/97 dec/97 jan/98 feb/98 mar/98 apr/98 maj/98 jun/98 jul/98 aug/98 sep/98 okt/98 nov/98 dec/98 jan/99 feb/99 mar/99 apr/99 maj/99 jun/99 jul/99 aug/99 sep/99 okt/99 nov/99 dec/99 jan/00 feb/00 mar/00 apr/00 maj/00 jun/00 jul/00 aug/00

Real interest rate 5-year rate scale) (left scale) (right scale) Real interest (leftTCW exchange rate Real 3-month 3.09 2.49 119.14 3.31 2.56 121.12 3.87 2.96 123.46 3.97 2.86 122.52 3.81 2.82 123.41 3.62 2.78 123.72 3.24 2.29 122.20 3.42 2.40 122.02 3.30 2.33 119.07 3.32 2.56 119.03 3.44 2.83 120.54 3.27 3.05 121.52 3.17 3.34 123.76 3.03 3.16 125.48 2.90 3.31 123.22 3.11 3.40 121.32 3.10 3.32 120.74 2.82 3.13 123.45 2.80 2.94 124.49 2.79 3.12 127.39 2.75 3.02 128.60 2.73 2.80 131.63 2.39 2.92 131.88 2.06 2.45 134.07 1.81 2.47 129.44 1.89 2.34 128.12 2.02 2.33 129.44 1.72 1.97 130.00 1.99 1.92 131.15 2.47 1.77 129.72 2.79 1.91 129.00 3.07 1.80 128.94 3.27 1.85 127.52 3.51 1.93 128.54 3.06 2.08 128.75 3.15 1.81 129.00 3.57 1.67 130.31 3.70 2.10 129.53 3.38 1.96 128.31 3.30 2.39 127.45 3.25 2.06 127.37 3.07 2.24 127.07 3.23 2.13 129.50 3.02 2.50 130.48

sep/00 okt/00 nov/00 dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03 dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04

2.85 2.78 2.83 2.70 2.66 2.61 2.51 2.51 2.82 3.03 3.08 2.77 2.64 2.50 2.39 2.80 2.91 3.08 3.36 3.36 3.25 3.07 2.86 2.63 2.51 2.50 2.46 2.30 2.15 1.89 1.90 2.03 1.68 1.44 1.76 2.10 2.07 2.20 2.33 2.19 1.89 1.75 1.53 1.75 1.97 2.03 1.88 1.85 1.91 1.76 1.61 1.34

1.94 2.19 2.18 2.47 2.57 2.61 2.30 1.94 2.11 1.77 2.21 2.48 2.01 1.30 1.71 1.91 1.14 1.47 1.59 1.75 1.79 2.05 2.20 2.04 2.07 1.87 1.61 1.26 1.05 1.11 0.92 1.03 0.92 0.72 0.78 0.41 0.53 0.93 0.50 0.62 0.61 0.54 0.34 0.49 -0.18 -0.04 0.10 0.31 0.04 0.22 0.46 0.74

131.65 133.99 135.45 133.64 136.39 138.19 139.86 139.66 139.62 143.04 143.87 142.76 147.47 146.27 144.12 143.80 141.58 141.51 138.97 139.90 140.26 137.66 139.58 139.71 137.81 136.41 135.91 135.75 135.49 133.76 134.05 133.15 131.20 130.86 132.56 134.20 131.34 129.75 129.88 129.16 130.48 131.84 133.11 133.51 132.69 133.55 134.00 134.37 131.89 131.01 130.14 129.25

jan/05 feb/05 mar/05 apr/05 maj/05

1.16 1.13 1.23 1.01 0.85

0.55 0.49 1.47 0.59 0.33

130.58 132.40 131.66 133.77 135.08

xchange rate. National Institute of Economic Research's HIP surveys for the three-month rate, and from Prospera for the five-year rate. The interest rates

the five-year rate. The interest rates refer to treasury bill

Figure 9. GDP in the United States, euro area, United Kingdom and OECD total. Annual percentage change Sources: Bureau of Economic Analysis, Eurostat, OECD and the Office for National Statistics.

mar-99 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 sep-01 dec-01 mar-02 jun-02 sep-02 dec-02 mar-03 jun-03 sep-03 dec-03 mar-04 jun-04 sep-04 dec-04 mar-05

Euro area OECD United States United Kingdom 1.92 2.59 4.24 2.76 2.16 3.02 4.42 2.64 2.87 3.31 4.43 2.61 3.97 3.92 4.70 3.24 4.10 4.21 4.08 4.09 4.40 4.60 4.85 4.39 3.58 3.83 3.52 4.03 3.04 2.86 2.24 3.03 2.71 2.22 1.86 2.58 1.90 1.10 0.59 2.36 1.64 0.60 0.35 2.14 0.92 0.40 0.23 2.13 0.59 0.69 1.19 1.61 0.89 1.48 1.48 1.50 1.12 2.18 2.49 1.89 1.21 2.17 2.28 1.99 0.90 1.77 1.91 2.08 0.39 1.56 2.34 2.07 0.50 2.03 3.51 2.15 0.92 2.80 4.39 2.63 1.54 3.67 5.04 2.91 2.07 3.74 4.83 3.48 1.83 3.32 3.99 3.07 1.50 3.01 3.91 2.94 1.35 3.66 2.74

Figure 10. Investment in the United States, euro area, United Kingdom and OECD total. Annual percentage change Sources: Bureau of Economic Analysis, Eurostat, OECD and the Office for National Statistics.

mar-01 jun-01 sep-01 dec-01 mar-02 jun-02 sep-02 dec-02 mar-03 jun-03 sep-03 dec-03 mar-04 jun-04 sep-04 dec-04 mar-05 jun-05

OECD Euro area United States United Kingdom 1.31 2.54 1.64 5.55 -1.00 1.08 -2.88 5.19 -2.09 -0.80 -3.82 2.93 -3.58 -2.04 -6.65 -2.81 -3.49 -2.67 -7.07 -0.86 -2.52 -3.48 -5.77 1.55 -1.42 -2.55 -4.64 3.30 0.62 -0.34 -2.12 6.76 0.31 -0.75 -0.44 3.95 1.55 0.53 3.07 2.06 3.10 0.63 7.37 0.93 4.51 1.08 10.31 2.30 5.77 1.05 10.86 4.61 6.31 1.60 11.60 6.59 5.51 1.82 9.36 6.85 4.91 1.19 9.35 4.50 0.96 9.58 4.24

Figure 11. Manufacturing output in the United States, euro area, United Kingdom and OECD total. Annual percentage change Sources: Eurostat, Federal Reserve, OECD and the Office for national statistics.

Jan-98 Feb-98 Mar-98 Apr-98 May-98 Jun-98 Jul-98 Aug-98 Sep-98 Oct-98 Nov-98 Dec-98 Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01

Euro area 6.319532 6.220751 6.074394 4.100735 5.663996 3.814926 3.911415 2.411894 3.377111 1.640591 2.199125 0.140571 1.316073 -0.1182 0.235925 0.406765 -0.02136 1.660596 0.9543 2.365846 2.423401 3.206841 4.175142 5.388187 3.098382 5.637439 5.445598 5.54371 7.540318 4.700179 5.304065 6.313688 5.117782 4.629726 4.984072 5.368852 5.401219 4.246868 3.520698 1.353535 0.258218 1.831907 -0.59844 0.088933

OECD 4.7527 4.089471 3.349067 2.862574 2.709936 1.79402 1.321877 1.287412 1.315357 0.751225 0.654379 0.38089 0.814067 0.933362 1.685515 1.608871 2.236699 2.806789 3.337682 3.606735 3.721735 4.181975 5.450211 6.157849 5.00646 5.569892 5.507432 6.419172 6.573917 6.15873 5.796949 5.871867 4.881611 4.55347 3.873818 3.227124 2.553061 1.711143 0.36489 -1.03549 -2.12257 -2.44219 -3.51034 -3.47628

United States United Kingdom 7.909499 0.511771 6.79178 1.130524 6.541199 2.167183 6.975609 2.268041 7.084803 1.129363 6.11101 1.230769 5.226624 0.202634 6.150809 1.025641 4.913826 1.129363 4.876479 0.408163 3.950888 0.615385 3.816411 0.615385 3.951225 0.509165 4.182334 0 4.313793 -0.10101 3.892671 -0.40323 4.111028 0.609137 4.495535 0.607903 5.357296 1.314459 4.065709 2.030457 4.045506 1.928934 4.441427 2.235772 5.194418 2.956167 5.965666 2.54842 5.207014 1.621074 5.199433 3.252033 5.434364 2.831143 5.913093 2.631579 5.852142 2.21998 5.853153 3.222558 4.701801 1.297405 3.73267 0.995025 4.425911 1.095618 2.73442 0.894632 2.122455 0.693069 0.904807 1.888668 0.014058 1.994018 -0.99689 0.295276 -1.90196 -0.09833 -2.79192 -0.59172 -3.87552 -0.98717 -4.44301 -2.73171 -4.36553 -2.06897 -4.14715 -1.18227

Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05

-0.78334 -1.82142 -3.70987 -3.81175 -2.86106 -3.2923 -2.22484 -0.33885 -0.77266 -0.61283 0.230785 -0.70096 0.519688 0.796532 2.053472 0.252729 1.24067 1.495101 0.220529 0.44 -1.27783 -1.54152 0.530584 -0.41758 -1.16325 1.150345 0.796892 2.117576 0.34871 1.045088 1.80036 1.573078 3.660633 3.59596 2.380004 1.906949 3.520773 1.246044 0.889416 1.145453 1.975774 0.531915 0.108076

-3.87867 -4.68254 -5.35167 -5.33241 -3.63927 -3.26457 -2.02989 -0.84315 -0.18326 0.194135 1.37071 1.056844 1.976203 2.373022 3.030936 2.529 2.510894 2.070393 1.370993 0.276611 -0.408 -0.13257 0.172834 -0.10153 0.821834 1.96218 2.079529 2.976251 2.803644 2.96146 3.630262 4.934614 5.653421 5.340549 4.932508 4.563472 3.733521 2.831788 2.802345 2.682372 3.071773 2.659574

-5.01371 -4.88993 -5.25096 -5.02618 -3.43407 -2.99604 -2.14194 -1.55917 -0.82458 0.497047 0.76787 0.823595 1.353867 1.252073 1.844576 1.382797 0.882452 1.191138 0.197584 -1.08721 -1.23679 -1.67069 -0.95006 -1.00138 -0.25891 0.402297 1.311163 1.971836 2.102966 3.05492 3.219329 4.745385 5.375775 4.709756 4.804007 4.983353 3.936909 4.562608 3.808907 4.443185 4.000954 3.412686 3.853299 3.086215

-1.47783 -3.34975 -3.83481 -4.58537 -4.30108 -4.12169 -3.64173 -2.48016 -0.69791 -4.91474 -2.31388 -2.69192 -2.3 -1.42712 -0.71575 -0.2045 -1.1236 -0.10235 -0.81716 -1.52594 -2.81124 2.637131 0.411946 -0.40984 -0.30706 1.861427 0.514933 0 0.826446 -0.40984 0.514933 1.756198 2.066116 1.541624 0.820513 0 -0.41068 -1.52284 -0.10246 0.204918 -0.30738 -0.41152 -1.84426 -1.92893

Figure 12. PMI in manufacturing: United States, euro area and United Kingdom. Index Sources: Institute for Supply Management and NTC Research Ltd.

Jan-98 Feb-98 Mar-98 Apr-98 May-98 Jun-98 Jul-98 Aug-98 Sep-98 Oct-98 Nov-98 Dec-98 Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01

50 Euro area United States United Kingdom 50 53.8 51.7 50 55.58 52.9 50.5 50 56.26 52.9 51.51 50 57.33 52.2 48.98 50 56.48 50.9 48.31 50 55.9 48.9 47.08 50 54.96 49.2 43.84 50 53.92 49.3 44.5 50 51.69 48.7 45.97 50 49.4 48.7 41.8 50 47.55 48.2 41.55 50 47.3 46.8 43.24 50 48.19 50.6 44.73 50 49.33 51.7 46.33 50 50.25 52.4 47.96 50 51.22 52.3 49.16 50 51.39 54.3 50.51 50 52.44 55.8 51.58 50 53.7 53.6 52.54 50 54.48 54.8 53.09 50 55.55 57 54.08 50 57.09 57.2 54.25 50 57.32 58.1 53.34 50 57.59 57.8 56.23 50 55.69 56.7 52.11 50 57.06 55.8 50.4 50 59.09 54.9 51.28 50 60.47 54.7 50.95 50 59.67 53.2 51.48 50 59.37 51.4 50.72 50 58.8 52.5 51.35 50 58.2 49.9 51.6 50 56.89 49.7 51.37 50 55.53 48.7 50.04 50 54.58 48.5 51.53 50 53.46 43.9 50.9 50 52.93 41.4 52.22 50 52.32 41.1 50.79 50 51.19 42.6 49.3 50 49.23 43.1 47.44 50 48.51 41.9 46.57 50 47.83 43.9 47.72 50 47.27 44.7 47.23

Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05

50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50

47.51 45.95 42.94 43.6 44.12 46.31 48.56 49.95 50.75 51.68 51.78 51.59 50.83 48.9 49.15 49.42 48.42 49.35 50.1 48.42 47.84 46.86 46.66 48.05 49.14 50.09 51.32 52.15 52.41 52.54 52.47 53.26 53.95 54.71 54.44 54.65 53.85 53.13 52.38 50.43 51.43 51.87 51.9 50.4 49.19 48.7

48.3 47.7 40.5 45 46.7 49.1 53.2 54.9 54 55.2 55.8 51.4 50.9 51.7 50.1 49.6 52.5 52.8 49.9 46.4 46.1 49.8 50.4 52.5 55.6 55.1 57.7 61.3 62.1 62.8 62.1 62.3 62.3 62.6 61.2 61.6 59.6 59.1 57.5 57.6 57.3 56.4 55.3 55.2 53.3 51.4

46.39 46.62 46.53 45.55 45.29 47.4 49.58 50.91 53.04 53.16 50.95 49.22 51.27 50.16 49.94 49.22 48.26 48.35 48.7 46.53 48.93 49.4 50.03 51.45 52.74 53.85 54.26 53.85 55.06 55.87 52.93 53.21 55.02 56.32 54.96 56.29 53.1 52.48 53.03 54.77 52.99 51.28 50.95 51.26 49.06 47.29

Figure 13. Economic indicators for the euro area. Index and annual percentage change respectively Sources: European Commission and OECD.

Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05

European Commission (left scale) OECD (right scale) 92.8 -0.735 94.4 0.423159 96.7 1.74387 96.7 2.895566 97.5 3.489799 96 3.602956 93.7 3.28267 93.2 3.689143 95.3 4.07736 93.6 4.514838 92.3 3.845613 91.2 2.869506 91.4 2.002654 91.5 1.149904 89.4 0.321162 91.2 -0.51041 91.3 -0.34303 91.3 0.102978 92.3 1.214181 94.2 2.156268 96 3.171497 96.7 3.853152 98.7 4.388869 97.4 4.745401 98.3 5.009663 98.8 5.440804 98.7 5.920999 99.8 6.163783 100.2 5.813316 99.6 5.29678 100 4.670796 100.9 4.105812 100.9 3.280043 101.5 2.621231 100.9 2.191847 100.2 1.922216 100.8 1.755517 98.8 1.404836 97.5 0.862512 96.5 0.461371 96.1

Figure 14. Oil prices, outcome and forecasts. USD Sources: International Petroleum Exchange and the Riksbank.

Jan-97 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Jul-97 Aug-97 Sep-97 Oct-97 Nov-97 Dec-97 Jan-98 Feb-98 Mar-98 Apr-98 May-98 Jun-98 Jul-98 Aug-98 Sep-98 Oct-98 Nov-98 Dec-98 Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00

Oil price, outcome Inflation Report 2005:1 Forward rates, 15-day average up 2005 Forecast, Forecast, Inflation Report 2005:2 average up to 3 March to 9 June 2005 Forward rates, 15-day 24 21 19 18 19 18 18 19 18 20 19 17 15 14 13 13 14 12 12 12 13 13 11 10 11 10 13 15 15 16 19 20 22 22 25 26 25 28 27 23 28 30 29 30 33

Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05

31 33 25 26 28 24 26 28 28 25 26 26 20 19 19 19 20 24 26 25 24 26 27 28 28 24 28 31 33 30 25 26 28 28 30 27 30 29 30 31 31 34 33 38 35 38 43 43 50 43 40 44

Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07

45 53 51 48

45 46 45 44 43 43 42 42 42 42 41 41 41 40 40 40 40 39 39 39 39 39 38 38 38 38 38 38 38 38 37 37 37 37 37

45 48 48 48 48 48 47 47 47 46 46 45

48 50 49 49 49 48 48 48 48 47 47 47 47 46 46 46 46 45 45 45 45 45 45 45 44 44 44 44 44 44 44 43

48 51 52 53 53 53 53 53 53

44

52

43

52

42

51

41

51

p to 9 June 2005

Figure 15. CPI excluding energy and food in the euro area, the USA and the OECD. Annual percentage change Source: OECD.

Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02

Euro area United States OECD 1.37 2.40 3.82 1.37 2.10 3.58 1.36 2.08 3.57 1.17 2.19 3.55 1.17 2.02 3.54 1.07 2.07 3.43 1.16 2.08 3.53 1.06 1.90 3.52 0.97 2.01 3.40 0.97 2.07 3.38 1.07 2.05 3.38 1.06 1.94 3.37 1.07 2.00 3.58 0.96 2.16 3.56 0.86 2.44 3.65 1.05 2.32 3.53 0.87 2.43 3.42 0.96 2.49 3.42 0.86 2.48 3.52 0.96 2.60 3.40 0.96 2.59 3.29 1.06 2.52 3.17 1.05 2.58 3.16 1.53 2.58 3.16 1.24 2.63 3.05 1.06 2.73 3.14 1.44 2.66 3.02 1.71 2.61 3.11 1.99 2.55 3.21 1.89 2.70 3.31 1.80 2.71 3.20 1.71 2.69 3.29 1.99 2.63 3.38 2.17 2.63 3.37 2.17 2.79 3.36 2.26 2.74 3.26 2.36 2.56 3.25 2.55 2.61 3.24 2.53 2.43 3.23 2.33 2.53 3.12 2.52 2.53 3.11 2.52 2.26 2.91 2.43 2.20 2.81 2.42 2.36 2.80

Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05

2.33 2.31 2.32 2.21 1.85 1.84 1.83 2.01 1.74 1.72 1.64 1.64 1.82 1.73 1.71 1.61 1.73 1.80 1.79 1.88 1.88 1.87 1.79 1.96 1.77 1.87 1.78 1.86 1.60 1.42 1.59 1.30

2.25 2.24 1.97 1.92 1.92 1.74 1.69 1.47 1.58 1.53 1.52 1.30 1.20 1.30 1.09 1.15 1.14 1.25 1.61 1.77 1.71 1.86 1.75 1.71 1.97 2.01 2.17 2.17 2.27 2.35 2.35 2.20

2.69 2.68 2.58 2.58 2.39 2.28 2.27 2.27 2.17 2.17 2.07 1.97 1.87 1.87 1.68 1.68 1.68 1.77 1.85 1.85 1.85 1.94 1.94 1.93 2.02 2.02 2.11 2.11 2.11 2.01 2.00 1.90

Figure 16. International producer prices of manufactured products and oil and metal price index: outcome and forecasts. Annual percentage change Sources: IMF, OECD and the Riksbank. Note. The broken lines represent the Riksbank’s forecasts.

Mar-81 Jun-81 Sep-81 Dec-81 Mar-82 Jun-82 Sep-82 Dec-82 Mar-83 Jun-83 Sep-83 Dec-83 Mar-84 Jun-84 Sep-84 Dec-84 Mar-85 Jun-85 Sep-85 Dec-85 Mar-86 Jun-86 Sep-86 Dec-86 Mar-87 Jun-87 Sep-87 Dec-87 Mar-88 Jun-88 Sep-88 Dec-88 Mar-89 Jun-89 Sep-89 Dec-89 Mar-90 Jun-90 Sep-90 Dec-90 Mar-91 Jun-91 Sep-91 Dec-91 Mar-92

International producer prices (left scale) forecast International producer prices, metal price index, forecast Oil and metal price index (right scale) Oil and 8.53 -2.50 8.39 -8.38 9.07 -7.06 8.87 -14.66 8.17 -16.21 6.66 -7.14 5.76 -3.93 5.65 -7.30 3.87 -4.27 3.60 -2.40 3.77 1.78 3.55 -2.14 4.70 1.45 5.01 -2.74 4.40 -10.44 4.34 -8.33 4.22 -8.33 3.65 -7.89 2.68 -3.90 1.33 0.05 -0.96 -29.88 -2.74 -44.40 -3.20 -44.01 -2.90 -37.93 -1.27 3.34 0.50 37.78 1.76 45.84 2.25 26.82 2.22 2.47 2.73 4.08 3.27 -13.13 3.77 -14.53 4.91 10.73 5.30 7.42 4.35 14.39 3.79 23.41 2.39 2.36 1.41 -14.18 2.20 34.80 3.04 45.42 2.50 1.25 2.17 8.26 1.46 -23.98 0.43 -31.84 0.77 -11.68

Jun-92 Sep-92 Dec-92 Mar-93 Jun-93 Sep-93 Dec-93 Mar-94 Jun-94 Sep-94 Dec-94 Mar-95 Jun-95 Sep-95 Dec-95 Mar-96 Jun-96 Sep-96 Dec-96 Mar-97 Jun-97 Sep-97 Dec-97 Mar-98 Jun-98 Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05

1.42 0.97 0.81 0.90 0.49 0.42 0.42 0.49 0.61 1.42 2.12 2.96 3.11 2.69 2.02 1.11 0.46 0.08 0.36 0.25 0.65 1.30 0.96 0.32 -0.18 -1.03 -1.72 -1.61 -0.70 0.75 2.51 4.26 4.64 4.66 4.28 2.38 1.68 -0.03 -1.77 -1.29 -1.18 -0.48 0.71 1.63 0.36 0.35 0.47 0.33 2.39 3.22 3.76 3.64

3.64

4.66 3.47 -3.72 0.70 -10.13 -18.81 -19.71 -18.97 -5.44 8.69 18.87 28.46 15.61 1.96 1.65 2.39 3.68 12.94 21.62 10.58 -3.97 -5.32 -14.27 -28.83 -25.77 -27.95 -32.58 -17.14 13.03 42.20 74.55 97.98 52.03 35.60 18.00 -3.13 -1.21 -15.35 -30.25 -17.25 -5.62 5.01 29.29 37.13 5.00 7.40 13.23 10.90 35.85 41.31 41.46 36.64

36.64

Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

2.76 2.02 1.74 1.83 1.77 1.80 1.67 1.53 1.49 1.57 1.61

31.01 15.33 7.51 -2.03 -6.97 -6.18 -5.88 -5.36 -4.80 -4.32 -3.80

ndex: outcome and forecasts.

Figure 17. GDP for the United States and euro area. Annual percentage change Sources: Eurostat, US Department of Commerce and the Riksbank.

2000 2001 2002 2003 2004 2005 2006 2007 2008

Euro area Euro area, forecast IR forecast IR 2005:2 States, forecast IR forecast IR 2005:2 Euro area, 2005:1 States United United United States, 2005:1 3.7 3.7 1.7 0.8 0.9 1.9 0.7 3.0 2.0 2.0 2.0 4.4 4.4 4.4 1.7 1.3 3.7 3.7 2.3 2.0 3.5 3.4 2.3 2.3 3.2 3.2 2.5 2.5 3.1 3.1

Figure 18. Swedish export market growth. Annual percentage change Note. The results series is an aggregate of the real goods imports for the countries that make up the Swedish export market. T Sources: NIESR and the Riksbank.

Mar-85 Jun-85 Sep-85 Dec-85 Mar-86 Jun-86 Sep-86 Dec-86 Mar-87 Jun-87 Sep-87 Dec-87 Mar-88 Jun-88 Sep-88 Dec-88 Mar-89 Jun-89 Sep-89 Dec-89 Mar-90 Jun-90 Sep-90 Dec-90 Mar-91 Jun-91 Sep-91 Dec-91 Mar-92 Jun-92 Sep-92 Dec-92 Mar-93 Jun-93 Sep-93 Dec-93 Mar-94 Jun-94 Sep-94 Dec-94 Mar-95 Jun-95 Sep-95 Dec-95

Swedish export marketHistorical average 1994-2003 (7.4%) Forecast growth Historical average 1985-2003 (6.4%) 7.9 6.4 8.0 6.4 6.7 6.4 8.5 6.4 5.5 6.4 8.0 6.4 10.0 6.4 5.0 6.4 6.7 6.4 4.3 6.4 4.3 6.4 10.8 6.4 4.4 6.4 7.9 6.4 6.5 6.4 4.4 6.4 9.6 6.4 8.2 6.4 6.4 6.4 5.7 6.4 6.0 6.4 4.6 6.4 3.1 6.4 2.9 6.4 2.0 6.4 1.3 6.4 2.9 6.4 2.9 6.4 5.9 6.4 4.6 6.4 5.0 6.4 3.6 6.4 -0.6 6.4 1.4 6.4 1.7 6.4 4.9 6.4 8.6 7.4 6.4 10.3 7.4 6.4 12.0 7.4 6.4 12.3 7.4 6.4 11.8 7.4 6.4 10.3 7.4 6.4 7.9 7.4 6.4 6.6 7.4 6.4

Mar-96 Jun-96 Sep-96 Dec-96 Mar-97 Jun-97 Sep-97 Dec-97 Mar-98 Jun-98 Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

8.0 6.2 7.7 8.3 6.8 11.8 11.7 11.7 13.6 8.8 8.0 5.2 2.0 4.0 5.5 8.9 12.9 13.3 12.1 11.4 6.8 2.1 -1.5 -3.0 -1.9 3.8 6.5 6.5 7.2 2.6 3.1 4.8

4.8

9.0

6.0

6.7

6.8

7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4

6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4

ake up the Swedish export market. The broken red line represents the Riksbank’s forecast.

Figure 19. GDP: outcome and forecasts for calendar-adjusted and seasonally adjusted series. Quarterly and annual changes in per cent Source: Statistics Sweden and the Riksbank. GDP, quarterly changes Forcast IR 2005:2annual changes 2005:2 GDP, Forecast IR 1.050367 2.862438 1.554964 4.06157 1.083569 4.291311 1.292905 5.074818 1.265463 5.29848 0.828994 4.54575 0.443338 3.88359 0.653005 3.227324 0.105549 2.044939 -0.18949 1.01417 0.713164 1.28553 0.238215 0.868133 0.810022 1.577972 0.910232 2.69717 0.603138 2.584976 1.268645 3.639531 0.359464 3.176327 1.400384 3.677487 0.877397 3.960128 0.768649 3.446843 1.420326 4.54034 0.511709 3.624146 1.479438 4.242579 1.475868 4.974179 0.877309 4.412134 1.592407 5.53477 0.67715 4.700422 -0.05591 3.119965 0.162585 2.389351 -0.0676 0.716318 0.354165 0.393207 0.867868 1.32114 0.51088 1.673463 0.664732 2.418558 0.182614 2.243479 0.209782 1.576418 0.377697 1.441824 0.283916 1.058067 0.666012 1.545689 0.985204 2.331448 1.03748 3.004073 0.70236 3.433867 0.582738 3.348304 0.191497 2.536024 0.279487 1.766789 0.649274 0.649274 1.713142 0.670003 1.801388

mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05 jun/05 sep/05

dec/05 mar/06 jun/06 sep/06 dec/06 mar/07 jun/07 sep/07 dec/07

0.739797 0.780791 0.720566 0.715411 0.710329 0.656387 0.625765 0.621873 0.61803

2.358498 2.870195 2.94306 2.989494 2.959368 2.832274 2.735485 2.640071 2.546002

Figure 20. Confidence indicators for manufacturing and its components. Seasonally adjusted balance Source: NIER. Manufacturing, total Investment Consumption goods industry Intermediate goods industry industry goods -15 -18 -24 -7 -18 -20 -26 -5 -25 -24 -31 -10 -32 -34 -37 -20 -35 -44 -36 -19 -41 -52 -37 -28 -42 -50 -42 -26 -39 -42 -39 -27 -34 -41 -31 -26 -31 -34 -27 -23 -34 -38 -29 -27 -40 -41 -40 -29 -28 -31 -26 -23 -21 -25 -16 -19 -15 -17 -8 -16 -5 -5 3 -8 0 6 3 -11 8 17 9 -2 13 17 20 1 18 25 29 1 13 17 18 1 3 3 10 -6 -2 -7 5 -7 -3 -17 15 -6 -12 -22 -4 -12 -16 -21 -11 -14 -12 -13 -12 -8 -11 -8 -15 -9 -2 -1 2 -4 1 3 -2 3 4 5 7 -1 5 2 11 6 3 -2 9 4 4 -7 16 2 -4 -20 6 0 -15 -20 -16 -2 -16 -18 -14 -3 -6 -6 -3 -2 0 3 -3 -1 8 7 12 0 12 10 17 2 9 7 13 3 9 6 17 3 -6 -4 -7 0 -16 -15 -27 -2 -21 -21 -29 -8 -22 -24 -29 -8

mar/90 jun/90 sep/90 dec/90 mar/91 jun/91 sep/91 dec/91 mar/92 jun/92 sep/92 dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01

dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05 jun/05

-18 -11 -10 -12 -11 -6 -20 -10 -4 0 1 2 3 -9

-19 -10 -4 -7 -8 -7 -24 -15 -10 -4 -4 0 1 -8

-22 -16 -21 -21 -16 -5 -20 -4 4 12 8 9 4 -7

-7 -3 2 -2 -6 -5 -10 -8 -4 -8 0 -7 5 -11

Figure 21. New orders in export industry and exports of goods: outcome and forecast. Balance and annual change in per cent Note. The dashed bar represents the Riksbank’s forecast for the second quarter. Sources: NIER, Statistics Sweden and the Riksbank. Outcome for new orders from export markets markets according to NIER (right scale) (left scale) Expected new orders according to National Accounts, (right scale)adjusted Outcome from export according to NIER seasonally Forecast 56 39 8.740025 25 40 13.76978 23 31 14.68906 -8 35 10.21524 -31 4 5.375159 -18 -6 -2.27044 -13 5 -6.35218 -3 -11 -3.23289 -4 6 0.311339 10 22 2.347747 -12 19 3.13506 -10 4 0.518181 -5 7 1.927288 -19 12 3.905965 9 2 7.12746 19 30 6.940709 36 40 8.719038 32 29 12.73843 24 31 7.451159 19 37 10.01178 1 26 3.943123 10 0.984966

jan/00 apr/00 jul/00 okt/00 jan/01 apr/01 jul/01 okt/01 jan/02 apr/02 jul/02 okt/02 jan/03 apr/03 jul/03 okt/03 jan/04 apr/04 jul/04 okt/04 jan/05 apr/05

Figure 22. Households’ debt ratio and interest ratio. Per cent of disposable income Sources: Statistics Sweden and the Riksbank. Debt ratio (left scale) Interest ratio after tax (right scale) 98.12684 4.365985 96.92133 4.951513 96.62792 5.109048 97.20747 5.316531 98.80279 5.465868 99.22808 5.806904 100.9175 5.74839 101.9615 5.735515 103.5999 5.652893 102.6869 5.865867 102.6204 5.74448 101.9424 5.638639 103.3978 5.536354 102.7178 5.568113 103.7835 5.653158 103.2683 5.675589 105.3529 5.696734 104.4032 6.183149 102.2318 6.246004 100.916 6.357969 103.0716 6.449265 102.6797 6.432625 105.897 6.448158 107.5465 6.398811 112.8238 6.372007 111.9339 6.469417 113.1495 6.519846 115.552 6.620307 120.7264 6.710574 121.0811 6.946721 124.1669 7.158922 128.2879 7.363085 135.3593 7.540896 129.1656 8.097652 130.1294 8.282587 129.9696 8.411965 135.8684 8.629354 131.9943 8.79672 127.2142 8.743925 128.155 8.849416 124.7571 8.791123 117.1689 11.28145 115.2245 10.90807 110.997 10.47181 107.9528 10.10986 106.9688 10.03485 104.943 9.809581

dec/80 mar/81 jun/81 sep/81 dec/81 mar/82 jun/82 sep/82 dec/82 mar/83 jun/83 sep/83 dec/83 mar/84 jun/84 sep/84 dec/84 mar/85 jun/85 sep/85 dec/85 mar/86 jun/86 sep/86 dec/86 mar/87 jun/87 sep/87 dec/87 mar/88 jun/88 sep/88 dec/88 mar/89 jun/89 sep/89 dec/89 mar/90 jun/90 sep/90 dec/90 mar/91 jun/91 sep/91 dec/91 mar/92 jun/92

sep/92 dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05

101.9459 99.4768 95.49071 93.6503 92.13339 93.51536 93.1968 92.70909 92.47197 90.92641 90.33899 88.70261 88.79065 88.39571 88.80499 88.91091 89.8775 91.22752 92.26023 93.33649 93.89251 94.93013 95.39919 96.51585 97.64511 98.25423 98.83805 99.8111 100.7557 102.7757 103.2607 104.7769 105.3697 106.1248 105.723 105.8638 105.6672 106.4299 107.0826 108.8628 108.9383 109.8738 112.0263 114.2966 116.229 116.825 117.8449 120.4579 121.9024 124.3962 125.3011

9.592035 9.422067 8.243014 7.855737 7.554236 7.56238 7.208456 7.142256 7.128235 7.048173 6.686058 6.668113 6.655081 6.635001 6.192654 5.814888 5.523583 5.27901 5.197155 5.05291 4.978072 4.888528 4.782675 4.750222 4.615549 4.482072 4.266683 4.160854 4.154636 4.263505 4.348143 4.33096 4.288595 4.315294 4.277707 4.255562 4.21462 4.093679 4.081071 4.208602 4.245152 4.174314 4.166293 3.957676 3.864083 3.913202 3.785536 3.629146 3.635008 3.623027 3.545682

Figure 23. Household consumption growth and saving ratio: outcomes and forecasts. Annual percentage change and share of disposable income Note. The broken line and bars represent the Riksbank’s forecasts. Sources: Statistics Sweden and the Riksbank. Consumption growth Saving ratio, old definition Forecast Saving ratio, Inflation Report 2005:2 Forecast jan/80 jan/81 jan/82 jan/83 jan/84 jan/85 jan/86 jan/87 jan/88 jan/89 jan/90 jan/91 jan/92 jan/93 jan/94 jan/95 jan/96 jan/97 jan/98 jan/99 jan/00 jan/01 jan/02 jan/03 jan/04 jan/05 jan/06 jan/07 -0.59305 0.877358 -2.12303 1.797913 3.267738 5.262678 5.365192 2.627167 1.203194 -0.4581 1.055504 -1.33588 -3.54192 1.872254 1.059992 1.635995 2.670701 2.969877 3.798449 4.949465 0.41118 1.408577 1.534816 1.836129 1.6 2.5 3.2 6.62 3.29 3.82 3.36 3.1 1.83 -2.78 -4.83 -4.75 -0.19 3.27 7.88 9.95 7.71 6.49 4 1.03 0.02 -1.23 -1.7 4.01 5.72 4.81

11.58308 10.22434 8.997743 6.645856 4.063018 3.092318 2.048061 3.088013 8.342857 9.011149 8.601253 8.365364 8.365364 9.036733 8.94918 7.674561

Figure 24. Household consumption expenditure Sources: Statistics Sweden and the Riksbank. Källa: SCB och Riksbanken Consumption of goods of services excluding housing Consumption 2.8207 4.843426 0.535866 3.878505 1.110901 3.997574 2.058732 4.195197 1.315063 2.492882 2.267407 4.584645 0.693342 3.571093 0.445269 2.125387 -0.03724 3.312923 0.100194 2.492921 1.841404 4.002035 0.771569 2.214107 1.05859 3.949366 6.17734 6.287923 1.006001 3.556332 2.800203 4.493583 1.505166 3.26787 0.177297 5.170684 5.079888 7.87707 5.378157 7.9202 5.693102 5.925055 4.466028 5.944187 3.625506 6.212083 6.314988 5.748735 4.362292 6.946589 6.082494 5.656449 5.878907 6.468519 -1.49383 4.546182 1.879974 4.440567 0.379393 3.43353 1.584889 2.646461 2.037159 0.745615 0.288498 0.985165 1.27047 1.433474 2.14878 1.419777 4.002332 1.060437 3.18164 1.862681 3.004131 -1.10953 2.862077 0.046486 1.522439 -0.4946 2.384253 2.122655 2.142002 0.805452 2.503888 -0.16329 2.800859 1.139656 1.375662 -0.45382

mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05

Figure 25. Number of employed in the business sector. Balance and annual percentage change Sources: NIER, Statistics Sweden anf the Riksbank. Hiring plansaccording to NIER's business tendency survey (left scale) scale) Number of employed according to National Accounts (right -13 -1.38889 -6.9 -2.33318 -3.5 -1.1005 0.3 -1.73031 3 1.628153 6.2 2.050394 8.6 2.873987 5.5 3.145871 -1.8 3.235022 3.3 3.185314 8.1 2.138252 14.6 2.33987 16.4 3.077556 20.7 4.120849 22.5 3.703054 23 4.500845 14.7 4.425902 2.1 1.971861 -3.4 2.228384 -13 0.725859 -9.8 -0.18065 -5.9 0.027526 -5.5 -0.66817 -9.7 -0.54645 -12.8 -0.93273 -18.1 -0.46438 -25.4 -0.80919 -20.6 -0.84478 -17.7 -1.20148 -9.2 -1.10934 -8.7 -0.31557 -2.4 -0.29785 -2.9 0.199125

mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05 jun/05 sep/05 dec/05

Figure 26. Number of employed, 1000s of persons. Seasonally adjusted quarterly data Sources: Statistics Sweden and the Riksbank. Inflation Report 2005:2 Inflation Report 2005:1 Inflation Report 2005:1 Forecast in Inflation Report 2005:2 Forecast in 4237.2 4236.86 4235.7 4235.79 4241.3 4241.52 4242 4242.1 4248 4247.44 4242.8 4243.11 4241.8 4242.06 4243.5 4243.73 4236.6 4235.62 4246.7 4247.15 4230.3 4230.66 4220.4 4220.86 4211.5 4209.9 4210.8 4211.39 4220.1 4220.67 4209.9 4210.45 4210.45 4211.7 4211.7 4217.82 4217.9 4227.94 4228.7 4239.57 4236.9 4252.29 4243 4268.45 4249.1 4284.46 4255.3 4300.31 4263.4 4316 4272.7 4327.66 4284.1 4338.04 4295.5 4347.15 4306.9 4355.41

mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05 jun/05 sep/05 dec/05 mar/06 jun/06 sep/06 dec/06 mar/07 jun/07 sep/07 dec/07

Figure 27. Actual and trend productivity growth in the business sector since 1980. Annual percentage change Sources: Statistics Sweden and the Riksbank. Business sector Forecast -0.34679 3.478889 -0.10043 1.360623 0.224403 1.663917 2.284592 2.508125 0.781226 0.920782 2.956568 3.948983 6.879401 4.839971 3.261437 3.474694 1.055082 1.5398 1.371821 -1.01106 3.280254 1.792327 0.732305 3.651503 -1.41963 3.382068 3.136436 0.733183 2.555997 -0.5468 -1.35662 -0.64843 1.420299 1.817049 1.410039 1.730669 0.653705 2.525216 0.560288 2.132349 1.474827 -0.11169 6.126301 -0.43002 2.34942 2.873094 2.997506 HP trend 2.173445 2.171941 2.175033 2.183871 2.198174 2.217145 2.238774 2.260755 2.280858 2.297058 2.306464 2.305416 2.29073 2.260342 2.214987 2.156924 2.088987 2.01478 1.937169 1.858661 1.781354 1.705426 1.631985 1.562175 1.496574 1.437086 1.38375 1.337811 1.301565 1.276889 1.266416 1.271609 1.292301 1.327091 1.374665 1.434019 1.504171 1.584325 1.67315 1.769893 1.87313 1.981671 2.094083 2.207637 2.32203 2.435286 2.545477

mar/81 jun/81 sep/81 dec/81 mar/82 jun/82 sep/82 dec/82 mar/83 jun/83 sep/83 dec/83 mar/84 jun/84 sep/84 dec/84 mar/85 jun/85 sep/85 dec/85 mar/86 jun/86 sep/86 dec/86 mar/87 jun/87 sep/87 dec/87 mar/88 jun/88 sep/88 dec/88 mar/89 jun/89 sep/89 dec/89 mar/90 jun/90 sep/90 dec/90 mar/91 jun/91 sep/91 dec/91 mar/92 jun/92 sep/92

mean 1981-1990 1.715856 1991-1994 2.819994 1995-2000 3.20493 2001-2004q3 3.041963 2005-2007 2.333333

dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05 jun/05 sep/05

1.363353 3.061524 4.784531 3.906038 3.003157 3.443252 2.386557 4.583391 3.308676 3.621935 4.634071 2.558341 3.185293 0.80079 1.61973 3.171043 2.625912 4.811698 4.566174 4.060008 5.604739 2.07817 3.396762 3.82398 1.661197 2.691468 -0.08546 1.848399 3.735403 3.011732 5.216755 5.897323 2.382867 0.319828 0.205091 -0.77602 1.174005 5.701266 3.606344 4.479069 4.106171 3.098898 3.9428 4.474536 3.433212 4.154607 3.409128 4.300498 3.045945 3.574699

2.650992 2.750538 2.842071 2.923804 2.995201 3.056368 3.107433 3.148775 3.180332 3.202948 3.21753 3.225222 3.228013 3.227415 3.224868 3.220273 3.212535 3.200561 3.182938 3.159265 3.130005 3.096169 3.060235 3.02398 2.989335 2.958675 2.933484 2.915041 2.902697 2.895148 2.891639 2.891503 2.89551 2.906293 2.926094 2.955526 2.993487 3.036486 3.080001 3.121205 3.157672 3.187898 3.211004 3.226088 3.232731 3.231321 3.22236 3.206898 3.186064 3.161651

dec/05 mar/06 jun/06 sep/06 dec/06 mar/07 jun/07 sep/07 dec/07

2.6

2.3

2.1

Figure 28. Capacity utilisation in industry according to Statistics Sweden and the NIER. Per cent, seasonally adjusted Sources: NIER and Statistics Sweden. Statistics Sweden,current capacity utilisation in industry NIER, actual manufacturing 87.8 87.7 86.7 87.7 85.5 84.1 83 82.8 82.4 82.3 82.2 81.3 82.3 82.6 84.1 85.4 86.8 88.2 88.8 90 89.7 89.8 89.4 88.2 87.9 85.11 87.4 83.84 88 84.15 87.9 84.8 86.8 84.52 87.9 85.57 87.1 84.82 88.6 85.67 89.2 86.12 90.2 85.35 90.2 84.97 88.7 84.43 88.3 82.04 88.9 83.34 89.2 84.36 89.6 83.04 90.6 87.4 90.1 87.21 90.3 86.6 90.1 84.4 89.1 83.18 87.9 82.63 87.1 82.45

mar/90 jun/90 sep/90 dec/90 mar/91 jun/91 sep/91 dec/91 mar/92 jun/92 sep/92 dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01

dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/05 mar/05

87.7 86.7 87.3 87.6 87.9 88.3 88.7 89.3 89.7 90.6 90.8 91 90.9 90

83 83.17 82.9 82.95 83.35 83.61 82.49 83.17 83.79 84.43 85.47 85.92 86.05 86.45

Figure 29. Labour shortages in different businesses in the services sector. Seasonally adjusted balance Source: NIER. Hauliers mar/91 jun/91 sep/91 dec/91 mar/92 jun/92 sep/92 dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 2 2 1 1 -1 0 2 1 2 2 1 7 8 7 12 11 11 10 15 9 7 6 5 10 11 19 17 23 23 21 26 23 28 34 45 36 47 42 37 42 35 31 20 28 42 31 Non-durable goods trade services trade companies Other business Durable goods Computer 21 14 10 9 11 13 12 12 18 20 27 29 33 34 42 45 40 42 38 40 38 41 39 40 47 50 48 58 56 57 61 60 60 59 62 63 67 68 62 58 43 35 30 29 28 24 31 19 7 16 23 26 24 25 35 55 59 61 64 66 75 79 78 79 81 86 82 83 87 85 84 82 86 90 89 90 82 81 93 73 83 80 82 84 69 64 47 28 24 28 21 19

0 -1 0 1 0 -1 4 6 5 7 1 7 6 4 10 9 7 45 27 20 17 13 6 7 8 7 10

4 7 2 10 8 7 10 10 10 10 12 8 11 14 8 19 21 16 18 11 9 10 6 9 7 7 8

dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/05 mar/05 jun/05

34 16 7 10 9 12 7 10 11 14

12 4 2 2 3 3 3 2 2 2

24 12 12 13 12 12 15 15 21 23

8 6 5 5 4 5 5 2 4 4

16 10 10 17 20 24 30 34 42 30

Figure 30. Econometric estimates of the output gap. Per cent of potential GDP Note. UC is the Unobserved Components method, HP stands for the Hodrick-Prescott filter and PF is the production function a Sources: Statistics Sweden and the Riksbank. UC -3.67295 -3.31182 -3.26566 -3.29346 -3.55758 -3.97288 -4.00319 -4.11024 -3.95693 -3.44169 -2.94079 -2.00257 -1.78417 -1.04084 -0.6727 -0.36629 0.302008 0.377495 0.939078 1.469778 1.486881 2.124152 2.232693 1.98103 1.931067 1.897329 1.791428 1.863991 1.778953 1.753398 1.432619 1.265494 0.978244 0.68732 0.562703 0.453795 0.384378 0.328132 0.28271 0.152942 0.100653 HP 1.080542 1.317317 1.141514 1.147351 0.583033 -0.30005 -0.30579 -0.80605 -0.75805 -0.62968 -0.82286 -0.37082 -0.83177 -0.26858 -0.22644 -0.29212 0.291027 -0.01718 0.645514 1.321566 1.426633 2.261544 2.217139 1.468141 0.96289 0.251406 -0.01749 0.243364 0.166141 0.256064 -0.12285 -0.46605 -0.63609 -0.89635 -0.77511 -0.33759 0.15029 0.3038 0.335427 -0.02693 -0.307 PF 0.563158 0.219821 0.740791 0.245769 0.095873 -0.02581 -0.3918 -0.69203 -0.7783 -0.79516 -0.58834 -0.03397 -0.00447 0.123282 -0.21997 0.083284 0.519495 0.415643 0.865272 1.010261 0.593684 0.481277 0.774026 0.306038 0.573136 0.670396 0.570102 0.38481 0.099597 0.345047 0.050045 -0.14808 -0.20198 -0.58714 -0.48041 -0.60253 -0.7936 -0.94034 -0.94982 -0.81893 -0.93076

mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05

r and PF is the production function approach.

Figure 31. Nominal hourly wages in business sector. Annual percentage change Sources: National Mediation Office and the Riksbank. Manufacturing Construction ther business sector O Business sector, total 5.972467 3.450633 5.569633 5.496467 5.620567 4.1065 5.541067 5.422533 5.714567 4.7422 5.4893 5.4932 5.313267 4.288467 5.2293 5.1629 4.951267 3.743033 5.0042 4.8561 3.947567 3.3085 4.374733 4.113 4.0148 3.4781 4.2642 4.094633 4.099533 3.820633 4.2739 4.165233 4.259767 3.940133 4.268167 4.2316 4.497067 3.9445 4.223333 4.292533 4.394133 3.6664 4.095367 4.1581 4.266067 3.586467 3.994867 4.049833 4.429 3.1516 4.130533 4.1368 4.269833 2.969733 4.046467 4.0159 3.975667 2.539167 3.929333 3.803467 3.9788 2.719 3.827867 3.768167 4.059767 3.034733 3.860267 3.846967 4.528267 3.659433 3.8691 4.083 4.223067 3.8952 3.802867 3.962367 4.259267 3.920767 3.886833 4.023267 4.2173 3.790233 4.090967 4.105267 4.318033 4.044533 4.221433 4.2378 4.216567 4.357467 4.2458 4.2468 3.984067 4.452233 4.1924 4.1446 3.594 4.704133 3.971233 3.9116 3.470867 4.712667 3.762333 3.7556 3.069267 4.925633 3.524467 3.505467 2.584867 4.687267 3.457933 3.272133 2.051033 4.684433 3.407033 3.0537 1.734767 4.232933 3.5389 2.9658 1.837133 4.121967 3.739767 3.099567 1.759733 3.6759 3.630267 2.9671 1.785733 3.479667 3.544633 2.91 1.889 3.332233 3.5 2.907633 2.2251 3.495333 3.548333 3.070433 2.6176 3.904567 3.452533 3.2007 3.153 3.901967 3.262767 3.289033 3.525867 3.863433 3.212867 3.391267 3.921533 3.701867 3.1514 3.482767 4.121833 3.811833 3.446533 3.725067 3.956933 3.88 3.492033 3.697767 4.386067 4.239 3.834867 4.0731 4.3912 4.1012 3.513367 3.887033 4.635833 4.190433 3.5393 3.997533 4.461067 4.3477 3.342067 3.8446 4.191733 4.5319 3.3425 3.767533 3.866133 4.1177 3.2966 3.584033

jan/97 feb/97 mar/97 apr/97 maj/97 jun/97 jul/97 aug/97 sep/97 okt/97 nov/97 dec/97 jan/98 feb/98 mar/98 apr/98 maj/98 jun/98 jul/98 aug/98 sep/98 okt/98 nov/98 dec/98 jan/99 feb/99 mar/99 apr/99 maj/99 jun/99 jul/99 aug/99 sep/99 okt/99 nov/99 dec/99 jan/00 feb/00 mar/00 apr/00 maj/00 jun/00 jul/00 aug/00 sep/00 okt/00 nov/00

dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03 dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05

3.4343 3.025733 3.2133 3.4133 3.956233 4.174 4.110133 3.9848 3.995033 4.0805 4.008267 3.808333 3.822567 3.963367 4.0701 4.3839 4.300867 4.4844 4.155733 4.140933 3.8632 3.8714 4.001267 4.280967 4.410333 4.288933 3.752533 3.098467 2.942033 2.977933 3.328633 3.3449 3.4326 3.173433 3.115233 3.059333 3.111467 3.207633 3.120633 2.822467 2.670633 2.748333 2.9275 3.090467 3.050967 3.3414 3.411233 3.4133 3.2428 2.985267 3.034767 3.4411

3.3565 2.822967 2.916833 3.398633 4.028133 4.567167 4.768433 5.1966 5.1691 5.204133 5.042033 5.414533 5.678833 5.544233 5.098333 4.659967 4.269967 4.180333 3.868833 3.721467 3.648133 3.605733 3.352967 3.032167 2.819367 3.249067 3.5069 3.7692 3.785767 3.5499 3.651333 3.551033 3.941633 3.931333 4.1705 4.000633 3.932133 3.4992 3.390933 3.059267 2.909933 2.653667 2.4897 2.278067 2.2285 2.207667 2.4033 2.3996 2.580733 2.972633 3.172067 3.5265

3.437867 3.656 3.937633 4.128867 4.171133 4.198233 4.104167 4.230667 4.3173 4.5673 4.6 4.641 4.573767 4.4704 4.2182 4.0589 3.911833 3.980133 3.823333 3.9023 3.883567 3.803433 3.748667 3.605533 3.605333 3.5038 3.446467 3.342567 3.306367 3.2793 3.295333 3.262867 3.164233 3.055933 3.045267 3.131867 3.1804 3.351633 3.362467 3.280933 2.947633 2.8902 2.9432 2.970133 2.9268 2.943033 2.9634 2.877633 2.6804 2.673633 2.708333 2.973

3.428267 3.3662 3.606833 3.8352 4.0886 4.217433 4.1553 4.219767 4.272367 4.4514 4.434533 4.4194 4.403967 4.38 4.232733 4.208833 4.064967 4.1594 3.9352 3.967067 3.859767 3.811233 3.802333 3.784367 3.811 3.7409 3.5513 3.296567 3.226067 3.203533 3.332333 3.310333 3.307267 3.158233 3.150967 3.173233 3.214267 3.3168 3.287667 3.118667 2.856733 2.827533 2.904567 2.957067 2.9145 3.0152 3.0643 3.012533 2.851867 2.794933 2.846567 3.162933

Figure 32. Unit labour costs in the business sector, 2000-2007. Annual percentage change Källor: SCB och Riksbanken Productivity 4.829013 2.707027 2.055323 4.052327 0.230216 4.468315 3.724295 3.702394 3.702394 2.607125 2.252117 2.095209 Unit labour costs -0.2519 1.611527 1.340737 0.061934 4.583784 -0.83505 0.666013 -0.70479 0.593637 1.49038 1.858446 Wage costs 4.564951 4.362178 3.423617 4.116771 4.824553 3.595957 4.415113 2.971512 2.971512 3.216239 3.776062 3.992593

jan/97 jan/98 jan/99 jan/00 jan/01 jan/02 jan/03 jan/04 jan/05 jan/06 jan/07

Figure 33. Actual CPI inflation and households’ and companies’ expectations of inflation one year ahead. Annual percentage change Källor: Konjunkturinstitutet och SCB. Anm. Kurvorna har förskjutits framåt 12 månader för att motsvara den tidpunkt som inflationsförväntningarna avser. Figure 33. Actual CPI inflation and households’ and companies’ expectations of inflation one year ahead. CPI Households, Statistics Sweden Households, NIER CompaniesTolerance level Tolerance level Target jan/00 0.4 0.8 0.6 1 3 2 feb/00 0.9 0.8 1 3 2 mar/00 1 0.8 1 3 2 apr/00 0.7 0.9 0.6 1 3 2 maj/00 1 1 1 3 2 jun/00 0.8 1.2 1 3 2 jul/00 0.8 1.1 1 1 3 2 aug/00 0.9 1.2 1 3 2 sep/00 0.9 1.2 1 3 2 okt/00 1 1.3 1.5 1 3 2 nov/00 1.3 1.3 1 3 2 dec/00 1 1.6 1 3 2 jan/01 1.5 1.9 1.6 1 3 2 feb/01 1.4 1.8 1 3 2 mar/01 1.7 2.1 1 3 2 apr/01 2.6 1.6 1.6 1 3 2 maj/01 2.8 1.9 1 3 2 jun/01 2.7 1.7 1 3 2 jul/01 2.7 1.9 1.7 1 3 2 aug/01 2.9 1.5 1 3 2 sep/01 3 2 1 3 2 okt/01 2.5 1.8 1.7 1 3 2 nov/01 2.5 1.7 1 3 2 dec/01 2.7 1.6 1 3 2 jan/02 2.7 1.5 1.9 1 3 2 feb/02 2.6 1.4 1 3 2 mar/02 2.7 1.8 1 3 2 apr/02 2.3 2 1.5 1 3 2 maj/02 1.8 1.9 1 3 2 jun/02 1.8 2.4 1 3 2 jul/02 2 2.1 2.2 1 3 2 aug/02 1.8 1.8 1 3 2 sep/02 1.7 2 1 3 2 okt/02 2.3 2.3 1.9 1 3 2 nov/02 2 2 1 3 2 dec/02 2.1 1.8 2.7 1 3 2 jan/03 2.7 2.6 1.8 1 3 2 feb/03 3.3 2.4 1 3 2 mar/03 3 2.5 1 3 2 apr/03 2.2 2.5 1.9 1 3 2 maj/03 1.8 2.5 1 3 2 jun/03 1.6 2.2 1 3 2 jul/03 1.7 2.1 1.8 1 3 2 aug/03 1.6 2.2 1 3 2 sep/03 1.5 2.3 1 3 2 okt/03 1.3 2.2 1.6 1 3 2

nov/03 dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05 jun/05 jul/05 aug/05 sep/05 okt/05 nov/05 dec/05 jan/06 feb/06 mar/06 apr/06 maj/06

1.3 1.3 0.7 -0.4 -0.2 0.2 0.6 0.4 0.6 0.5 0.5 0.8 0.4 0.3 0 0.7 0.1 0.3 0.1

2.3 2.4 2.6 2.5 2.5 2.4 2.3 2.1 1.9 2.3 2.2 1.8 2.2 2.1 1.99 1.92 1.93 1.64 2.17 2.02 1.91 1.72 2 1.8 1.57 1.26 1.44 1.48 0.5 1.37 1.56

1.7

1.6

0.9

1.2

1.2

1.1

1.3

1.5

1.2

0.8

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

ne year ahead.

onsförväntningarna avser. ne year ahead.

Figure 34. Different agents’ expectations of inflation two years ahead. Per cent Note. The horizontal lines at 2, 1 and 3 per cent, respectively, are the Riksbank’s inflation target and the tolerance limits for the Source: Prospera Research AB. Labour market organisations market agents Purchasing Money managers 2.8195 2.8 2.5 1 2.55 2.55 2.2 1 1.9 1.8 2 1 1.55 1.592 1.8 1 1.65 1.808 1.7 1 1.6 1.8275 1.7 1 1.9 2.0805 1.9 1 2.15 2.298 2.157 1 1.9 2.05 1.878 1 1.6 1.75 1.463 1 1.6185 1.881 1.223 1 1.3 1.35 1.1 1 1.05 1.2 0.9 1 1.1 1.25 1 1 1.35 1.75 1.5 1 1.55 1.95 1.6 1 1.75 2 1.9 1 1.85 2.1 1.8 1 1.9 2 1.8 1 2 2.15 1.8 1 1.9 2.15 1.8 1 1.9 2.15 1.9 1 1.9 2.15 1.9 1 2.7045 2.7 2.2 1 2.6 2.7 2.2 1 2.55 2.7 2.4 1 2.35 2.5 2.1 1 2.25 2.5 2.1 1 2.3725 2.5 2.1 1 2.5 2.55 2.1 1 2.2365 2.4 2 1 2.15 2.5 2.1 1 1.95 2.35 1.9 1 1.85 2.15 1.9 1 1.85 2.2 2 1 2 2.2 2 1 1.85 1.95 1.8 1 1.65 1.7 1.6 1

mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04 dec/04 mar/05 jun/05

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

arget and the tolerance limits for the annual change in the CPI.

Figure 35. UND1X: outcome and forecast in March Inflation Report. Annual percentage change Sources: Statistics Sweden and the Riksbank. UND1X, outcome Forecast, Inflation Report 2005:1 1.02 -0.05 0.26 0.81 1.27 0.92 0.97 0.88 0.89 1.2 1.2 0.82 0.82 0.69 0.69 0.45 0.44 1.11 0.73 0.5 0.29 0.39 0.07 0.18 -0.25

jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05

Figure 36. Different measures of underlying inflation. Annual percentage change Note. The alternative measures are calculated on the basis of CPI divided into around 70 subgroups. UND24 is weighted togeth Sources: Statistics Sweden and the Riksbank. UND24 Trim85 Non-energyUND1X UND1X 1.56 1.83 0.95 1.34 1.52 1.77 1 1.29 1.74 1.89 1.52 1.62 1.99 2.64 1.99 2.66 2.28 2.83 2.14 2.85 2.34 2.64 2.27 2.67 2.39 2.56 2.31 2.59 2.49 2.79 2.38 2.77 2.67 3.05 2.87 3.13 2.68 2.64 2.92 2.81 2.75 2.76 2.98 2.77 2.78 2.76 3.19 3.1 2.77 2.78 3.38 3.18 2.81 2.95 3.38 3.07 2.88 2.84 3.27 3.15 2.8 2.7 2.82 2.55 2.65 2.54 2.61 2 2.59 2.44 2.57 1.98 2.54 2.46 2.6 2.21 2.37 2.27 2.45 2.07 2.1 1.95 2.13 1.7 2.2 2.62 2.18 2.14 2.03 2.35 1.92 1.85 2.06 2.33 1.76 2 2.25 2.61 1.58 2.49 2.27 2.72 1.79 3.18 2.2 2.39 1.67 2.85 2.05 1.65 1.6 2.22 1.85 1.29 1.28 1.89 1.74 1.35 1.24 1.98 1.82 1.6 1.41 2.17 1.77 1.54 1.26 2.05 1.81 1.52 1.5 2.04 1.56 1.26 1.13 1.75 1.56 1.29 1.04 1.79 1.6 1.19 1.02 1.6 1.35 1.08 0.95 1.02 0.76 0.03 0.49 -0.05 0.84 0.3 0.59 0.26 0.83 0.81 0.76 0.81 0.85 0.96 0.9 1.27 0.86 0.91 0.81 0.92 0.65 0.85 0.69 0.97 0.6 0.8 0.66 0.88 0.57 0.69 0.58 0.89 0.63 0.75 0.8 1.2

jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03 dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04

nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05

0.41 0.36 0.15 0.61 0.25 0.24 0.23

0.59 0.6 0.32 0.76 0.3 0.23 0.24

0.65 0.64 0.53 1.02 0.43 0.18 0.26

0.82 0.69 0.44 1.11 0.5 0.39 0.18

subgroups. UND24 is weighted together using weights adjusted for the historical standard deviation for the deviation between the annual rate

he deviation between the annual rate of increase in the total CPI and the respective subgroup over the past 24 months. In trim85 the 7.5 per

ast 24 months. In trim85 the 7.5 per cent highest and lowest yearly price changes each month have been excluded.

Figure 37. UNDINHX excluding electricity and food and estimate of the output gap. Annual percentage change and per cent of GDP Sources: Statistics Sweden and the Riksbank. UNDINHX excluding6-quarter lag (left scale) scale) HP gap, electricity and food (right 1.1 1.147351 1.79 0.583033 1.66 -0.30005 2.16 -0.30579 2.15 -0.80605 1.89 -0.75805 2.21 -0.62968 1.63 -0.82286 2.64 -0.37082 2.61 -0.83177 2.37 -0.26858 2.22 -0.22644 0.96 -0.29212 0.74 0.291027 0.87 -0.01718 1.33 0.645514 2.51 1.321566 3.08 1.426633 3.52 2.261544 3.53 2.217139 3.42 1.468141 3.23 0.96289 2.97 0.251406 2.94 -0.01749 2.69 0.243364 2.64 0.166141 2.7 0.256064 2.48 -0.12285 2.4 -0.46605 2.44 -0.63609 2.42 -0.89635 2.27 -0.77511 2.2 -0.33759

jan/97 apr/97 jul/97 okt/97 jan/98 apr/98 jul/98 okt/98 jan/99 apr/99 jul/99 okt/99 jan/00 apr/00 jul/00 okt/00 jan/01 apr/01 jul/01 okt/01 jan/02 apr/02 jul/02 okt/02 jan/03 apr/03 jul/03 okt/03 jan/04 apr/04 jul/04 okt/04 jan/05

Figure 38. Price expectations in the non-durables sector. Balance Source: NIER. Price expectations in the non-durables sector -7 0 16 -5 1 42 -3 -10 -2 6 16 15 38 14 7 23 5 14 17 9 30 18 21 2 2 4 23 16 9 25 16 -2 4 7 3 0 -4 -14 -16 -32 -53 -54

jan/95 apr/95 jul/95 okt/95 jan/96 apr/96 jul/96 okt/96 jan/97 apr/97 jul/97 okt/97 jan/98 apr/98 jul/98 okt/98 jan/99 apr/99 jul/99 okt/99 jan/00 apr/00 jul/00 okt/00 jan/01 apr/01 jul/01 okt/01 jan/02 apr/02 jul/02 okt/02 jan/03 apr/03 jul/03 okt/03 jan/04 apr/04 jul/04 okt/04 jan/05 apr/05

Figure 39. UNDINHX: outcome and forecasts in the main scenario Annual percentage change Sources: Statistics Sweden and the Riksbank. UNDINHX, Forecast, Inflation Report 2005:2 outcome Forecast, Inflation Report 2005:1 0.63 0.5 0.41 0.5 0.43 0.4 0.63 0.66 0.61 0.87 1.18 1.24 1.83 2.12 2.69 3.19 3.53 3.61 3.88 4.26 4.4 4.38 4.38 4.44 4.83 4.46 4.25 3.79 3.38 3.19 3.07 2.77 2.63 2.69 2.47 2.65 2.92 3.73 3.57 3.45 3.26 3.32 3.41 3.44 3.68 3.4 3.38

36526 36557 36586 36617 36647 36678 36708 36739 36770 36800 36831 36861 36892 36923 36951 36982 37012 37043 37073 37104 37135 37165 37196 37226 37257 37288 37316 37347 37377 37408 37438 37469 37500 37530 37561 37591 37622 37653 37681 37712 37742 37773 37803 37834 37865 37895 37926

37956 37987 38018 38047 38078 38108 38139 38169 38200 38231 38261 38292 38322 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234

3.09 2.38 1.52 1.58 1.68 1.73 1.7 1.61 1.56 1.28 1.28 1.18 1.14 1.09 1.53 0.94 0.79 1.04

1.14 1.09 1.53 0.94 0.79 1.04 1.02 1.09 1.03 1.07 1.06 1.12 1.18 1.3 1.05 1.56 1.79 1.62 1.78 1.75 1.76 1.83 1.87 1.83 1.87 1.89 1.94 2.01 2.07 2.07 2.16

1.23 1.13 1.1 1.09 1.08 0.82 0.7 0.68 0.75 0.83 0.86 0.95 0.98 1.03 1.06 1.19 1.54 1.86 2 2.15 2.27 2.29 2.31 2.33 2.44 2.53 2.58 2.58 2.62 2.69

Figure 40. Non-oil UNDIMPX: outcome and forecasts in the main scenario. Annual percentage change Sources: Statistics Sweden and the Riksbank. Non-oil UNDIMPX, outcome Report 2005:2 Forecast, Inflation Forecast, Inflation Report 2005:1 -0.76 -0.17 -0.32 -0.84 -0.28 -1.28 -1.66 -0.81 -1.46 -1.63 -1.11 -1.09 -1.03 -1.29 -0.83 0.06 -0.03 0.43 0.21 -0.21 0.88 1.01 1 1.5 0.99 1.59 1.53 0.81 0.8 0.93 1 0.94 0.32 0.48 0.47 0.03 0.65 0.7 0.5 0.21 -0.22 -0.58 -0.35 -0.96 -0.68 -1.29 -1.74

jan/00 feb/00 mar/00 apr/00 maj/00 jun/00 jul/00 aug/00 sep/00 okt/00 nov/00 dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03

dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05 jun/05 jul/05 aug/05 sep/05 okt/05 nov/05 dec/05 jan/06 feb/06 mar/06 apr/06 maj/06 jun/06 jul/06 aug/06 sep/06 okt/06 nov/06 dec/06 jan/07 feb/07 mar/07 apr/07 maj/07 jun/07

-1.56 -1.69 -2.48 -2.22 -1.86 -1.69 -1.93 -1.98 -1.75 -1.53 -0.97 -1.33 -1.42 -2.11 -1.54 -2.02 -2.36 -2.62

-2.02 -2.36 -2.62 -2.59 -2.47 -2.41 -2.72 -2.47 -1.85 -1.78 -1.08 -1.23 -1.21 -0.78 -0.4 -0.34 0.09 0.11 0.36 0.21 0.2 0.23 0.4 0.48 0.48 0.48 0.58 0.56

-1.32 -1.92 -1.47 -1.97 -2.02 -2.05 -1.78 -1.51 -1.44 -1.35 -1.25 -0.88 -1.04 -0.27 -0.36 -0.19 0.05 0.19 0.04 0.28 0.49 0.6 0.58 0.49 0.56

Figure 41. UND1X: outcome and forecasts in the main scenario. Annual percentage change Sources: Statistics Sweden and the Riksbank. UND1X, outcome Forecast, Inflation Report 2005:2 Forecast, Inflation Report 2005:1 0.79 1.16 1.11 0.72 0.99 0.8 0.72 0.76 0.75 0.86 1.21 0.82 1.34 1.29 1.62 2.66 2.85 2.67 2.59 2.77 3.13 2.81 2.77 3.1 3.18 3.07 3.15 2.55 2 1.98 2.21 2.07 1.7 2.14 1.85 2 2.49 3.18 2.85 2.22 1.89 1.98 2.17 2.05 2.04 1.75 1.79

jan/00 feb/00 mar/00 apr/00 maj/00 jun/00 jul/00 aug/00 sep/00 okt/00 nov/00 dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03

dec/03 jan/04 feb/04 mar/04 apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05 jun/05 jul/05 aug/05 sep/05 okt/05 nov/05 dec/05 jan/06 feb/06 mar/06 apr/06 maj/06 jun/06 jul/06 aug/06 sep/06 okt/06 nov/06 dec/06 jan/07 feb/07 mar/07 apr/07 maj/07 jun/07

1.6 1.02 -0.05 0.26 0.81 1.27 0.92 0.97 0.88 0.89 1.2 0.82 0.69 0.45 1.11 0.5 0.39 0.18

0.69 0.44 1.11 0.5 0.39 0.18 0.58 0.4 0.43 0.36 0.23 0.7 0.83 1.1 0.74 0.95 1.04 1.06 1.01 1.13 1.14 1.26 1.25 1.23 1.26 1.32 1.39 1.44 1.48 1.51 1.57

1.2 0.82 0.69 0.44 0.73 0.29 0.07 -0.25 0.11 0.09 0.17 0.19 0.04 0.45 0.54 0.76 0.83 1.06 1.25 1.4 1.45 1.53 1.61 1.66 1.73 1.77 1.83 1.85 1.91 1.96

Figure 42. Total factor productivity in the business sector. Annual percentage change Sources: OECD and the Riksbank. HP trend 0.071599 0.092094 0.115783 0.146738 0.188876 0.24452 0.312806 0.393922 0.486749 0.589446 0.699045 0.812969 0.927212 1.03888 1.144586 1.239801 1.320524 1.383203 1.42774 1.454685 1.465794 1.46307 1.446972 1.418399 1.378428 1.326806 1.263092 1.187684 1.100737 1.00325 0.896308 0.781039 0.659704 0.535552 0.412434 0.293714 0.181352 0.077455 -0.01621 -0.09711 -0.16225 -0.20897 -0.23414 -0.23597 -0.2138 -0.16765 -0.09897 TFP growth 3.723421 -5.0777 -0.1306 -2.40474 -4.91012 1.930073 -1.78437 -0.75607 -1.31877 1.218095 -1.59048 2.591636 0.140346 -0.78771 1.987735 1.958716 6.845994 2.421827 3.356615 1.849947 -1.00663 2.170827 1.728137 -0.70546 1.073135 2.670673 0.876811 2.53561 1.236574 1.078844 2.699748 2.369454 1.62 -0.2429 -1.83681 0.531489 -0.36839 1.323546 0.706378 -0.65879 0.650704 -2.4058 -2.00562 -1.37088 -2.43955 -0.31203 -0.60956

mar/80 jun/80 sep/80 dec/80 mar/81 jun/81 sep/81 dec/81 mar/82 jun/82 sep/82 dec/82 mar/83 jun/83 sep/83 dec/83 mar/84 jun/84 sep/84 dec/84 mar/85 jun/85 sep/85 dec/85 mar/86 jun/86 sep/86 dec/86 mar/87 jun/87 sep/87 dec/87 mar/88 jun/88 sep/88 dec/88 mar/89 jun/89 sep/89 dec/89 mar/90 jun/90 sep/90 dec/90 mar/91 jun/91 sep/91

dec/91 mar/92 jun/92 sep/92 dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04

-0.00926 0.099626 0.224597 0.363243 0.513221 0.672321 0.837629 1.004139 1.165833 1.317766 1.454649 1.572842 1.670766 1.747666 1.805109 1.846308 1.874503 1.892407 1.902889 1.908238 1.909352 1.906612 1.899479 1.88571 1.864659 1.835891 1.800132 1.758527 1.711772 1.660836 1.606339 1.549449 1.490928 1.431579 1.373053 1.317649 1.268506 1.229232 1.202746 1.191203 1.194956 1.212222 1.239776 1.27379 1.311765 1.352013 1.392875 1.43299 1.470176 1.502445 1.528687 1.548245

-2.02272 1.202347 0.325327 0.582624 -0.61646 -2.67746 -0.77725 2.719421 0.61517 3.956012 4.753399 2.88886 5.388214 4.380887 1.846334 1.007546 2.119586 0.966067 -0.32279 1.081528 0.436862 -0.81886 4.451001 2.229909 3.717494 2.505159 1.086998 2.189726 1.156871 2.535092 0.962494 1.60602 2.854822 2.467029 2.714413 2.071084 0.162559 0.010879 -1.68202 -2.22717 -1.11107 0.24519 3.369207 2.568287 1.361385 1.826488 0.079809 1.745827 2.870025 2.230412 2.648226 2.799834

dec/04 1.561161 3.142046

Figure 43. Capital intensity in the business sector. Annual percentage change Sources: OECD and the Riksbank. HP trend 1.794875 1.716805 1.640638 1.566137 1.493097 1.42147 1.351452 1.283522 1.218379 1.156755 1.099268 1.046306 0.997982 0.954207 0.914718 0.879096 0.846857 0.817575 0.791023 0.767263 0.746589 0.729403 0.716076 0.706897 0.702136 0.702137 0.707433 0.718784 0.73713 0.763461 0.798682 0.84349 0.898318 0.96325 1.037935 1.121487 1.212473 1.309045 1.409123 1.510594 1.611384 1.70944 1.802592 1.888458 1.964522 2.028291 2.077571 Change in capital intensity 1.277677 1.509055 1.68697 1.822231 1.880755 1.875897 1.699811 1.341655 1.032294 0.789303 0.658951 0.725427 0.719513 0.700059 0.813679 0.974341 1.163074 1.27694 1.167409 0.93725 0.69552 0.604584 0.67793 0.829202 1.002913 1.069597 0.989771 0.801709 0.599518 0.43454 0.370857 0.290268 0.198269 0.108433 0.163026 0.459518 0.837934 1.257769 1.471615 1.543807 1.42392 1.372178 1.585041 1.92776 2.440146 2.847148 2.926704

mar/80 jun/80 sep/80 dec/80 mar/81 jun/81 sep/81 dec/81 mar/82 jun/82 sep/82 dec/82 mar/83 jun/83 sep/83 dec/83 mar/84 jun/84 sep/84 dec/84 mar/85 jun/85 sep/85 dec/85 mar/86 jun/86 sep/86 dec/86 mar/87 jun/87 sep/87 dec/87 mar/88 jun/88 sep/88 dec/88 mar/89 jun/89 sep/89 dec/89 mar/90 jun/90 sep/90 dec/90 mar/91 jun/91 sep/91

dec/91 mar/92 jun/92 sep/92 dec/92 mar/93 jun/93 sep/93 dec/93 mar/94 jun/94 sep/94 dec/94 mar/95 jun/95 sep/95 dec/95 mar/96 jun/96 sep/96 dec/96 mar/97 jun/97 sep/97 dec/97 mar/98 jun/98 sep/98 dec/98 mar/99 jun/99 sep/99 dec/99 mar/00 jun/00 sep/00 dec/00 mar/01 jun/01 sep/01 dec/01 mar/02 jun/02 sep/02 dec/02 mar/03 jun/03 sep/03 dec/03 mar/04 jun/04 sep/04

2.110676 2.126456 2.124122 2.103081 2.062863 2.003271 1.924849 1.829523 1.720892 1.604056 1.484926 1.369165 1.261386 1.16477 1.081033 1.010513 0.952392 0.904949 0.865893 0.832845 0.803694 0.776803 0.751157 0.72643 0.703004 0.681868 0.664416 0.652125 0.646334 0.648142 0.65839 0.677744 0.706659 0.745332 0.793598 0.850715 0.915334 0.985551 1.059065 1.133433 1.20626 1.275321 1.338694 1.394933 1.443195 1.483215 1.515129 1.539508 1.55712 1.568959 1.5763 1.580348

2.694811 2.437945 2.320926 2.537828 3.25339 4.209262 4.603941 4.233643 3.012043 1.213637 -0.19895 -0.91813 -1.08807 -1.03473 -0.77336 -0.43063 0.03935 0.764333 1.291661 1.597003 1.795828 1.876528 1.888999 1.693883 1.351727 0.817586 0.438968 0.272832 0.228226 0.37312 0.318474 0.265709 0.12434 -0.17146 -0.18467 -0.03225 0.278158 0.758798 1.13492 1.407566 1.686997 2.042085 2.300407 2.320882 2.081497 2.185766 1.823343 1.906358 2.003064 1.459388 1.501415 1.265248

dec/04 1.582262 1.042437

Figure 44. UND1X inflation with uncertainty bands Annual percentage change Note. The uncertainty bands show the 50, 75 and 90 per cent chances of UND1X inflation being within the respective range. Th Sources: Statistics Sweden and the Riksbank. 90%U jun/00 jul/00 aug/00 sep/00 okt/00 nov/00 dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03 dec/03 jan/04 feb/04 mar/04 75%U 50%U UND1X, outcome forecast UND1X, 50%Ö 0.8 0.72 0.76 0.75 0.86 1.21 0.82 1.34 1.29 1.62 2.66 2.85 2.67 2.59 2.77 3.13 2.81 2.77 3.1 3.18 3.07 3.15 2.55 2 1.98 2.21 2.07 1.7 2.14 1.85 2 2.49 3.18 2.85 2.22 1.89 1.98 2.17 2.05 2.04 1.75 1.79 1.6 1.02 -0.05 0.26 75%Ö 90%Ö

apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05 jun/05 jul/05 aug/05 sep/05 okt/05 nov/05 dec/05 jan/06 feb/06 mar/06 apr/06 maj/06 jun/06 jul/06 aug/06 sep/06 okt/06 nov/06 dec/06 jan/07 feb/07 mar/07 apr/07 maj/07 jun/07

0.18 0.18 -0.04 -0.06 -0.17 -0.35 0.05 0.12 0.31 -0.12 0 -0.01 -0.09 -0.27 -0.2 -0.24 -0.18 -0.24 -0.33 -0.36 -0.36 -0.36 -0.38 -0.41 -0.46 -0.48

0.18 0.25 0.04 0.04 -0.06 -0.23 0.2 0.29 0.5 0.1 0.25 0.28 0.23 0.1 0.19 0.16 0.24 0.19 0.12 0.12 0.13 0.15 0.15 0.14 0.12 0.12

0.18 0.29 0.09 0.11 0.02 -0.12 0.32 0.43 0.68 0.3 0.49 0.55 0.54 0.46 0.56 0.55 0.65 0.61 0.56 0.57 0.61 0.64 0.67 0.68 0.68 0.71

0.81 1.27 0.92 0.97 0.88 0.89 1.2 0.82 0.69 0.44 1.11 0.5 0.39 0.18

0.18 0.58 0.4 0.43 0.36 0.23 0.7 0.83 1.1 0.74 0.95 1.04 1.06 1.01 1.13 1.14 1.26 1.25 1.23 1.26 1.32 1.39 1.44 1.48 1.51 1.57

0.18 0.87 0.7 0.74 0.68 0.56 1.04 1.18 1.45 1.11 1.33 1.43 1.47 1.42 1.57 1.6 1.74 1.76 1.76 1.83 1.92 2.01 2.1 2.18 2.24 2.34

0.18 0.91 0.75 0.81 0.77 0.67 1.16 1.33 1.62 1.31 1.56 1.69 1.75 1.75 1.91 1.96 2.12 2.15 2.17 2.25 2.37 2.48 2.59 2.69 2.79 2.91

0.18 0.98 0.83 0.9 0.88 0.79 1.3 1.49 1.81 1.51 1.79 1.95 2.05 2.08 2.25 2.32 2.5 2.55 2.59 2.7 2.83 2.97 3.1 3.23 3.35 3.51

being within the respective range. The broken line represents the forecast in the main scenario. The horizontal lines at 2, 1 and 3 per cent, re

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

izontal lines at 2, 1 and 3 per cent, respectively, are the Riksbank’s inflation target and the tolerance limits for the annual change in the CPI.

its for the annual change in the CPI.

Figure 45. CPI inflation with uncertainty bands. Annual percentage change Note. The uncertainty bands show the 50, 75 and 90 per cent chances of CPI inflation being within the respective range. The b Sources: Statistics Sweden and the Riksbank. 90%U jun/00 jul/00 aug/00 sep/00 okt/00 nov/00 dec/00 jan/01 feb/01 mar/01 apr/01 maj/01 jun/01 jul/01 aug/01 sep/01 okt/01 nov/01 dec/01 jan/02 feb/02 mar/02 apr/02 maj/02 jun/02 jul/02 aug/02 sep/02 okt/02 nov/02 dec/02 jan/03 feb/03 mar/03 apr/03 maj/03 jun/03 jul/03 aug/03 sep/03 okt/03 nov/03 dec/03 jan/04 feb/04 mar/04 75%U 50%U CPI, outcome forecast CPI, 50%Ö 0.84 0.8 0.87 0.87 0.97 1.31 0.98 1.5 1.39 1.66 2.63 2.84 2.71 2.67 2.85 2.99 2.49 2.47 2.66 2.71 2.59 2.71 2.27 1.84 1.84 2 1.8 1.72 2.33 2.04 2.08 2.66 3.32 2.97 2.16 1.78 1.65 1.66 1.57 1.53 1.27 1.31 1.27 0.72 -0.4 -0.16 75%Ö 90%Ö

apr/04 maj/04 jun/04 jul/04 aug/04 sep/04 okt/04 nov/04 dec/04 jan/05 feb/05 mar/05 apr/05 maj/05 jun/05 jul/05 aug/05 sep/05 okt/05 nov/05 dec/05 jan/06 feb/06 mar/06 apr/06 maj/06 jun/06 jul/06 aug/06 sep/06 okt/06 nov/06 dec/06 jan/07 feb/07 mar/07 apr/07 maj/07 jun/07

0.08 0.05 -0.13 -0.15 -0.28 -0.42 -0.05 0.02 0.35 -0.04 0.08 0.08 0.03 -0.12 -0.08 -0.15 -0.08 -0.12 -0.18 -0.18 -0.27 -0.25 -0.26 -0.26 -0.28 -0.29

0.08 0.12 -0.05 -0.05 -0.17 -0.3 0.1 0.18 0.55 0.18 0.34 0.37 0.36 0.25 0.31 0.25 0.34 0.32 0.28 0.29 0.23 0.26 0.28 0.29 0.29 0.31

0.08 0.16 0.01 0.01 -0.08 -0.19 0.22 0.33 0.72 0.38 0.57 0.64 0.66 0.61 0.67 0.63 0.74 0.74 0.71 0.75 0.7 0.75 0.79 0.83 0.85 0.9

0.22 0.58 0.42 0.62 0.53 0.53 0.76 0.39 0.28 -0.03 0.69 0.13 0.26 0.08

0.08 0.45 0.31 0.34 0.26 0.17 0.6 0.73 1.14 0.82 1.04 1.14 1.18 1.16 1.25 1.23 1.36 1.38 1.38 1.44 1.41 1.5 1.56 1.63 1.69 1.76

0.08 0.74 0.61 0.64 0.57 0.49 0.94 1.08 1.5 1.19 1.42 1.53 1.59 1.57 1.68 1.69 1.84 1.88 1.91 2 2.01 2.12 2.22 2.33 2.42 2.53

0.08 0.78 0.67 0.71 0.66 0.6 1.06 1.22 1.67 1.39 1.64 1.78 1.88 1.9 2.02 2.04 2.22 2.28 2.32 2.43 2.46 2.59 2.72 2.84 2.96 3.1

0.08 0.85 0.75 0.81 0.77 0.72 1.2 1.38 1.85 1.59 1.87 2.04 2.17 2.23 2.37 2.41 2.6 2.68 2.74 2.87 2.92 3.08 3.22 3.37 3.52 3.68

g within the respective range. The broken line represents the forecast in the main scenario. The horizontal lines at 2, 1 and 3 per cent, respe

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

ntal lines at 2, 1 and 3 per cent, respectively, are the Riksbank’s inflation target and the tolerance limits for the annual change in the CPI.

or the annual change in the CPI.

Figure B1. Harmonised unemployment in a sample of countries 2000–2004 index (2000 = 100) Sources: Eurostat and the Riksbank. Denmark Germany Finland Sweden United Kingdom Norway United States 100 100 100 100 100 100 100 97.7 102.8 92.9 87.5 92.6 105.9 120.0 104.5 113.9 92.9 87.5 94.4 114.7 145.0 127.3 125.0 91.8 100.0 90.7 132.4 150.0 122.7 131.9 89.8 112.5 87.0 129.4 137.5

2000 2001 2002 2003 2004

Figure B2. Number of unemployed in a sample of countries 2000–2004, index (2000 = 100) Index 2000 = 100 Note: Sweden (adj.) is the adjusted number of employed, where sickness absence has been excluded. This series was created Källa: Eurostat. Denmark Germany Finland Sweden United Kingdom Norway United States Sweden (adj) 2000 100 100 100 100 100 100 100 100 2001 100.29 100.45 101.50 101.90 100.83 100.28 99.92 101.76 2002 99.93 99.86 102.43 102.05 101.61 100.38 99.13 101.65 2003 99.00 98.88 102.43 101.85 102.57 99.77 99.14 101.41 2004 99.07 99.20 102.56 101.33 103.49 99.96 100.23 101.29

en excluded. This series was created using Statistics Sweden’s AKU statistics, while other data are from Eurostat’s database. Sweden (adj)

m Eurostat’s database.

Figure B3. Number of employed in relation to the population aged 15–64 in 2000–2004 Note: Data for the United States are collected from the Bureau of Labor Statistics and show the number of employed as a perce Sources: Bureau of Labor Statistics, Eurostat, Statistics Sweden and the Riksbank. Denmark Germany Finland Sweden United Kingdom Norway United States Sweden (adj) 100 100 100 100 100 100 100 100 99.9 100.3 101.3 101.4 100.3 99.6 98.9 101.2 99.5 99.7 101.3 100.8 100.3 99.1 97.4 100.5 98.4 99.2 100.7 99.9 100.4 97.4 96.7 99.7 99.2 99.8 100.6 98.8 100.1 96.9 96.7 99.0

2000 2001 2002 2003 2004

w the number of employed as a percentage of the population aged 16 and over taken from the Current Population Survey. Sweden (adj.) is th

Sweden (adj)

Population Survey. Sweden (adj.) is the difference between the num

Figure B4. Number of persons employed and the number of persons employed predicted by the regression model 1995 Q1-200 Thousands of persons Note: The predicted path of employment is based on a regression where the quarterly change in the number of persons employ Sources: Statistics Sweden and the Riksbank.

Mar-95 Jun-95 Sep-95 Dec-95 Mar-96 Jun-96 Sep-96 Dec-96 Mar-97 Jun-97 Sep-97 Dec-97 Mar-98 Jun-98 Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05

Fitted values from employment from regression Actual regression Forecast 3976.7 3965.3 3992.5 4004.8 4007.3 4000.6 4003.1 3980.4 4017.9 3993.5 4010.0 3960.7 4009.7 3952.9 4019.1 3948.6 4014.1 3921.0 4023.3 3911.0 4054.6 3926.8 4057.1 3925.2 4076.7 3941.3 4076.0 3955.5 4106.4 3993.7 4116.1 4021.4 4117.3 4045.7 4137.6 4072.6 4141.1 4066.7 4146.9 4083.6 4159.1 4107.3 4175.0 4155.4 4196.3 4153.5 4220.8 4209.8 4243.4 4237.1 4241.6 4235.4 4251.1 4241.9 4245.9 4241.6 4243.6 4245.1 4230.6 4238.4 4221.1 4242.3 4200.6 4241.8 4192.9 4234.5 4205.1 4243.9 4199.9 4231.4 4191.9 4216.6 4188.4 4207.7 4195.8 4211.4 4213.9 4221.9 4235.2 4235.2 4235.2 4250.4 4257.7 4261.2

by the regression model 1995 Q1-2005 Q3.

nge in the number of persons employed in Sweden is explained by quarterly changes in GDP in the United States and the United Kingdom in

ed States and the United Kingdom in earlier periods. This regression

Figure B5. Inflation according to CPI, UND1X and UND1X excluding energy. Annual percentage change Note. The inflation measures are calculated according to a new method, 12-month change in per cent. Sources: Statistics Sweden and the Riksbank.

CPI Jan-95 Feb-95 Mar-95 Apr-95 May-95 Jun-95 Jul-95 Aug-95 Sep-95 Oct-95 Nov-95 Dec-95 Jan-96 Feb-96 Mar-96 Apr-96 May-96 Jun-96 Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96 Jan-97 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Jul-97 Aug-97 Sep-97 Oct-97 Nov-97 Dec-97 Jan-98 Feb-98 Mar-98 Apr-98 May-98 Jun-98 Jul-98 Aug-98 2.5 2.6 2.6 2.9 2.8 2.6 2.5 2.3 2.1 2.2 2.2 2.1 1.6 1.3 1.4 1 0.8 0.5 0.4 0.1 0 -0.2 -0.4 -0.2 -0.1 -0.2 -0.3 -0.1 0.1 0.6 0.6 1.1 1.5 1.5 1.5 1.6 0.7 0.6 0.3 0.1 0.3 0 -0.1 -0.6

UND1X UND1X excluding energy 2.5 2.6 2.5 2.7 2.5 2.7 2.7 2.8 2.6 2.8 2.6 2.9 2.5 2.8 2.3 2.7 2.2 2.4 2.2 2.4 2.3 2.4 2.1 2.4 2.5 2.7 2.3 2.4 2.4 2.5 2.2 2.2 2.1 2 1.9 1.8 1.9 1.8 1.7 1.6 1.4 1.1 1.5 1 1.3 1 1.6 1.1 0.9 0.5 0.7 0.3 0.6 0.3 0.8 0.8 0.8 0.8 1.4 1.2 0.9 0.9 1 0.7 1.5 1.6 1.5 1.7 1.5 1.7 1.5 1.8 1 1.3 1 1.3 0.7 1 0.4 0.7 0.8 1.2 0.5 0.8 0.7 0.9 0.9 1.4

Sep-98 Oct-98 Nov-98 Dec-98 Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02

-1.2 -1 -1.1 -1.2 -0.2 -0.1 0.1 0.1 0.1 0.4 0.2 0.7 1 0.9 0.9 1.3 0.4 0.9 1 0.7 1 0.8 0.8 0.9 0.9 1 1.3 1 1.5 1.4 1.7 2.6 2.8 2.7 2.7 2.9 3 2.5 2.5 2.7 2.7 2.6 2.7 2.3 1.8 1.8 2 1.8 1.7 2.3 2 2.1

0.3 0.4 0.3 0.3 1.2 1.3 1.6 1.5 1.3 1.7 1.4 1.6 2 1.8 1.7 2 0.8 1.2 1.1 0.7 1 0.8 0.7 0.8 0.8 0.9 1.2 0.8 1.3 1.3 1.6 2.7 2.9 2.7 2.6 2.8 3.1 2.8 2.8 3.1 3.2 3.1 3.2 2.6 2 2 2.2 2.1 1.7 2.1 1.9 2

0.7 0.7 0.7 0.7 1.7 1.9 2 1.9 1.6 1.9 1.6 1.6 1.9 1.8 1.7 1.7 0.4 0.5 0.4 0.3 0.4 0.1 0.1 0.4 0.2 0.3 0.5 0.6 0.9 1 1.5 2 2.1 2.3 2.3 2.4 2.9 2.9 3 3.2 3.4 3.4 3.3 2.8 2.6 2.6 2.6 2.4 2.1 2.2 1.9 1.8

Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05

2.7 3.3 3 2.2 1.8 1.6 1.7 1.6 1.5 1.3 1.3 1.3 0.7 -0.4 -0.2 0.2 0.6 0.4 0.6 0.5 0.5 0.8 0.4 0.3 0 0.7 0.1 0.3

2.5 3.2 2.8 2.2 1.9 2 2.2 2.1 2 1.7 1.8 1.6 1 0 0.3 0.8 1.3 0.9 1 0.9 0.9 1.2 0.8 0.7 0.4 1.1 0.5 0.4

1.6 1.8 1.7 1.6 1.3 1.2 1.4 1.3 1.5 1.1 1 1 0.9 0.5 0.6 0.8 0.9 0.8 0.7 0.7 0.6 0.8 0.7 0.6 0.5 1 0.4 0.2

Figure B6. Inflation on goods and services adjusted for oil, energy and mortgage interest rates. Annual percentage change Note. The inflation measures are calculated according to a new method Source: The Riksbank.

Goods Jan-95 Feb-95 Mar-95 Apr-95 May-95 Jun-95 Jul-95 Aug-95 Sep-95 Oct-95 Nov-95 Dec-95 Jan-96 Feb-96 Mar-96 Apr-96 May-96 Jun-96 Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96 Jan-97 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Jul-97 Aug-97 Sep-97 Oct-97 Nov-97 Dec-97 Jan-98 Feb-98 Mar-98 Apr-98 May-98 Jun-98 2.7 2.7 2.8 2.9 3.0 2.8 2.5 2.6 2.6 2.6 2.6 2.6 -0.1 -0.6 -0.3 -0.5 -0.7 -0.8 -1.1 -1.7 -2.5 -2.7 -2.8 -2.7 0.0 -0.2 -0.4 0.2 0.2 0.7 0.5 1.1 2.3 2.6 2.6 2.7 2.0 1.9 1.7 1.2 1.3 0.7

Services 3.4 3.6 3.5 3.5 3.5 3.5 3.4 3.0 2.6 3.1 3.3 3.0 4.5 4.4 4.3 4.0 3.6 3.7 3.6 3.8 3.6 3.3 3.2 3.3 1.4 1.2 1.5 1.8 1.9 2.1 2.1 2.2 2.6 2.5 2.5 2.5 2.3 2.3 2.0 1.8 2.2 1.9

Jul-98 Aug-98 Sep-98 Oct-98 Nov-98 Dec-98 Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02

1.0 0.0 -0.9 -0.8 -0.7 -0.6 0.4 0.4 0.6 0.3 0.1 0.9 0.4 0.7 1.1 1.2 1.1 1.0 0.2 0.6 0.4 0.3 0.7 0.1 0.1 0.7 0.1 -0.1 0.3 0.5 0.2 0.0 0.6 1.2 1.3 1.6 1.5 1.4 2.2 2.5 2.5 2.7 2.9 3.0 2.9 1.9 1.5 1.4 1.5 1.4 0.8 0.7

1.9 1.9 1.7 1.7 1.4 1.5 2.2 2.4 2.5 2.8 2.6 2.5 2.3 2.4 2.3 2.0 2.0 2.1 1.1 0.7 0.8 0.7 0.5 0.5 0.7 0.6 0.5 0.9 1.2 1.1 1.8 2.2 2.6 2.8 2.9 3.0 3.3 3.5 3.0 2.7 2.8 2.7 3.0 3.0 2.7 2.8 2.8 2.9 2.8 2.6 3.1 3.3

Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05

0.5 0.2 0.7 1.0 0.9 0.7 0.3 0.1 0.3 0.0 0.5 0.0 -0.3 -0.3 -0.4 -1.1 -1.0 -0.8 -0.6 -0.7 -1.1 -1.1 -1.0 -0.8 -0.8 -0.9 -1.1 -0.2 -1.1 -1.5

3.1 3.2 3.2 3.2 3.1 3.1 2.9 2.9 3.1 3.1 3.2 3.0 2.9 2.7 2.7 2.6 2.6 2.6 2.7 2.7 2.8 2.7 2.5 2.4 2.3 2.4 2.2 2.3 2.0 1.8

Figure B7. Goods prices in the consumer segment. Annual percentage change Note. The inflation measures are calculated according to a new method. Source: The Riksbank.

34700 34731 34759 34790 34820 34851 34881 34912 34943 34973 35004 35034 35065 35096 35125 35156 35186 35217 35247 35278 35309 35339 35370 35400 35431 35462 35490 35521 35551 35582 35612 35643 35674 35704 35735 35765 35796 35827 35855 35886 35916 35947

Inhemska varor Imported goods 1.80 3.60 1.60 3.80 2.30 3.30 2.20 3.50 2.70 3.30 2.20 3.40 1.40 3.60 1.70 3.50 1.90 3.20 2.00 3.20 2.10 3.00 2.20 3.00 -2.10 1.80 -2.50 1.20 -2.40 1.70 -2.40 1.30 -3.10 1.60 -2.90 1.20 -1.90 -0.40 -2.50 -1.00 -3.20 -1.80 -3.50 -2.00 -3.80 -1.90 -3.40 -1.90 0.40 -0.30 0.80 -1.20 0.20 -0.90 0.80 -0.50 1.50 -0.90 1.90 -0.40 1.10 -0.10 1.90 0.40 3.60 1.20 4.00 1.30 4.20 1.20 4.20 1.30 4.60 -0.20 4.10 -0.10 4.00 -0.40 3.40 -0.70 3.10 -0.40 2.90 -1.20

35977 36008 36039 36069 36100 36130 36161 36192 36220 36251 36281 36312 36342 36373 36404 36434 36465 36495 36526 36557 36586 36617 36647 36678 36708 36739 36770 36800 36831 36861 36892 36923 36951 36982 37012 37043 37073 37104 37135 37165 37196 37226 37257 37288 37316 37347 37377 37408 37438 37469 37500 37530

3.10 0.80 -0.70 -0.30 0.00 -0.10 1.20 1.30 1.50 0.90 0.70 1.00 -0.10 1.20 1.70 1.60 1.70 1.50 0.80 1.10 0.80 1.20 1.30 1.30 1.60 1.60 1.60 1.30 1.20 1.60 1.50 1.40 2.00 2.20 2.80 2.60 2.70 3.20 3.30 4.00 3.90 4.20 5.10 4.40 4.50 3.50 2.50 2.20 2.40 2.20 1.80 1.40

-0.80 -0.60 -1.10 -1.30 -1.30 -1.10 -0.30 -0.20 -0.20 -0.10 -0.30 0.90 0.70 0.20 0.70 0.90 0.60 0.60 -0.40 0.30 0.10 -0.30 0.20 -0.90 -1.10 -0.10 -1.00 -1.10 -0.50 -0.40 -0.70 -0.90 -0.30 0.50 0.30 0.90 0.60 0.10 1.40 1.50 1.50 1.60 1.20 1.90 1.60 0.70 0.80 0.80 0.90 0.90 0.10 0.30

37561 37591 37622 37653 37681 37712 37742 37773 37803 37834 37865 37895 37926 37956 37987 38018 38047 38078 38108 38139 38169 38200 38231 38261 38292 38322 38353 38384 38412 38443

0.70 0.40 0.20 0.80 0.70 0.80 0.40 0.70 0.90 1.10 1.60 1.20 1.40 1.10 0.90 0.40 0.30 0.40 0.60 0.50 -0.10 -0.50 -0.70 -0.70 -0.60 -0.50 -0.20 1.10 -0.40 -0.60

0.30 0.10 1.00 1.10 1.00 0.70 0.20 -0.40 -0.10 -0.70 -0.20 -0.90 -1.50 -1.30 -1.40 -2.20 -1.90 -1.60 -1.50 -1.60 -1.80 -1.50 -1.30 -0.80 -1.00 -1.10 -1.70 -1.20 -1.70 -2.10

Figure B8. Effects of shift to cheaper countries, in foreign currency. Annual percentage change Source: The Riksbank.

. Alternative import priceSubstitution effect effect Import price without substitution 1.8 2.2 -0.4 0.6 1.2 -0.5 -0.3 0.4 -0.7 -0.4 0.4 -0.7 -0.6 0.1 -0.7 -1.6 -0.8 -0.8 -1.1 -0.3 -0.8 -0.8 0.1 -0.8 -2.1 -1.2 -0.8 -1.3 -0.4 -0.9 -2.3 -1.4 -1 -4.2 -3.4 -0.8 -4.3 -3.5 -0.8 -3.5 -2.8 -0.7 -1.3 -0.6 -0.7 1.2 2 -0.8 2.4 3.5 -1.1 3.6 4.9 -1.4 3 4.6 -1.6 1.1 2.8 -1.6 1.7 3.3 -1.6 -0.5 1.3 -1.8 -1.8 0 -1.9 -3.6 -1.9 -1.7 -4 -2.6 -1.3 -2.7 -1.6 -1.1 -2.1 -1.3 -0.9 -0.4 0.8 -1.2 1.2 2.6 -1.3 -0.1 1.5 -1.6 -0.6 1.3 -2 0.1 2.3 -2.2 -0.5 1.7 -2.2 1.1 3.3 -2.2 1.7 4.3 -2.6 2.2 4.1 -1.9

Mar-96 Jun-96 Sep-96 Dec-96 Mar-97 Jun-97 Sep-97 Dec-97 Mar-98 Jun-98 Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04

Figure B9. Effects of shift to cheaper countries, in Swedish kronor. Annual percentage change Source: The Riksbank.

Jan-96 Apr-96 Jul-96 Oct-96 Jan-97 Apr-97 Jul-97 Oct-97 Jan-98 Apr-98 Jul-98 Oct-98 Jan-99 Apr-99 Jul-99 Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04

Alternative import priceSubstitution effect effect Import price without substitution -8.30 -8.00 -0.30 -14.40 -14.00 -0.40 -10.60 -10.10 -0.50 -2.80 -2.10 -0.70 0.80 1.50 -0.80 4.40 5.30 -1.00 1.80 2.90 -1.10 1.90 2.90 -1.00 -2.20 -1.40 -0.70 -4.10 -3.50 -0.60 1.10 1.40 -0.40 3.00 3.60 -0.60 -1.90 -1.20 -0.70 1.00 1.90 -0.90 -1.80 -0.90 -0.90 -3.30 -2.40 -0.80 1.30 2.30 -1.10 0.30 1.60 -1.30 4.20 5.70 -1.50 5.10 6.70 -1.60 8.10 9.80 -1.70 9.80 12.00 -2.20 8.00 10.60 -2.60 3.50 5.80 -2.20 -2.40 -0.90 -1.60 -4.70 -3.60 -1.10 -6.40 -5.80 -0.60 -6.30 -5.30 -1.00 -1.90 -0.60 -1.20 -4.80 -3.20 -1.60 -5.40 -3.30 -2.10 -5.00 -2.50 -2.60 -3.70 -0.90 -2.80 -0.60 2.40 -3.00 -0.20 3.30 -3.50 0.30 3.00 -2.70

Figure B10. Repo rate assumptions: Implied forward rate curves, 15-day averages as at 1 June 2005 and 23 February 2005 (as Per cent Source: The Riksbank.

Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08

Repo rate (outcome) Constant repo rate forward2005:2 Inflation Report 2005:1 Implied forward rates, Inflation Report rates, Implied 3.7 3.4 2.8 2.8 2.6 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 1.9 2.0 2.0 1.8 2.0 2.1 1.8 2.0 2.2 1.8 2.0 2.3 2.0 2.0 2.5 2.1 2.0 2.6 2.3 2.0 2.8 2.5 2.0 3.0 2.6 2.0 3.1 2.8 2.0 3.2 2.9 2.0 3.4 3.1 3.5 3.2 3.6 3.3 3.7 3.4 3.8

June 2005 and 23 February 2005 (as in Inflation Report 2005:1) and constant repo rate.

Figure B11. Measures of the output gap in 2004-2007 under the assumption of a repo rate path in line with implied forward rate Per cent of potential GDP Source: The Riksbank.

Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

Potential growth 2% growth 2.25% Potential Potential growth 2.5% -1.15 -1.15 -1.15 -1.10 -1.10 -1.10 -1.00 -1.00 -1.00 -0.90 -0.90 -0.90 -1.20 -1.26 -1.33 -1.19 -1.31 -1.44 -1.14 -1.33 -1.52 -1.05 -1.30 -1.55 -0.65 -0.96 -1.27 -0.37 -0.75 -1.12 -0.10 -0.54 -0.98 0.13 -0.37 -0.87 0.20 -0.36 -0.92 0.27 -0.35 -0.98 0.35 -0.34 -1.02 0.45 -0.30 -1.05

path in line with implied forward rates.

Figure B12. UND1X inflation: outcome and forecasts until June 2008 under the assumptions of a repo rate path in line with imp Annual percentage change Source: Statistics Sweden and the Riksbank.

Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03

UND1X, outcome forward ratesrepo rate Implied Constant 0.8 1.2 1.1 0.7 1 0.8 0.7 0.8 0.8 0.9 1.2 0.8 1.3 1.3 1.6 2.7 2.9 2.7 2.6 2.8 3.1 2.8 2.8 3.1 3.2 3.1 3.2 2.6 2 2 2.2 2.1 1.7 2.1 1.9 2 2.5 3.2 2.8 2.2 1.9 2 2.2

Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07

2.1 2 1.7 1.8 1.6 1 0 0.3 0.8 1.3 0.9 1 0.9 0.9 1.2 0.8 0.7 0.4 1.1 0.5 0.4 0.2

0.2 0.6 0.4 0.4 0.4 0.3 0.7 0.9 1.1 0.8 1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.5 1.5 1.6 1.6 1.6 1.6 1.7 1.7

0.2 0.6 0.4 0.4 0.4 0.2 0.7 0.8 1.1 0.7 1 1 1.1 1 1.1 1.1 1.3 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.6

Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08

1.7 1.7 1.7 1.7 1.7 1.8 1.8

ns of a repo rate path in line with implied forward rates and with a constant repo rate.

Figure B13. CPI inflation: outcome and forecasts until June 2008 under the assumptions of a repo rate path in line with implied Annual percentage change Sources: Statistics Sweden and the Riksbank.

Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03

CPI, outcome Implied forward ratesrepo rate Constant 0.4 0.9 1.0 0.7 1.0 0.8 0.8 0.9 0.9 1.0 1.3 1.0 1.5 1.4 1.7 2.6 2.8 2.7 2.7 2.9 3.0 2.5 2.5 2.7 2.7 2.6 2.7 2.3 1.8 1.8 2.0 1.8 1.7 2.3 2.0 2.1 2.7 3.3 3.0 2.2 1.8 1.6 1.7 1.6 1.5

Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08

1.3 1.3 1.3 0.7 -0.4 -0.2 0.2 0.6 0.4 0.6 0.5 0.5 0.8 0.4 0.3 0.0 0.7 0.1 0.3 0.1

0.1 0.4 0.2 0.2 0.2 0.1 0.5 0.6 1.2 0.9 1.1 1.3 1.4 1.4 1.5 1.4 1.6 1.6 1.6 1.7 1.7 1.8 1.8 1.8 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.0

0.1 0.5 0.3 0.3 0.3 0.2 0.6 0.7 1.1 0.8 1.0 1.1 1.2 1.2 1.2 1.2 1.4 1.4 1.4 1.4 1.4 1.5 1.6 1.6 1.7 1.8

Feb-08 Mar-08 Apr-08 May-08 Jun-08

2.1 2.1 2.1 2.1 2.2

f a repo rate path in line with implied forward rates and with a constant repo rate.


				
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