Chapter 2 Financial markets

2.26 P/E for US corporations; forward-looking for S&P 500, based on annualised quarterly earnings for national accounts data. P/E

Rising value denotes an appreciating currency. 3

Executive Board January 20041.

TABLE 2 : LIQUIDITY EFFECTS - GOVERNMENT BONDS AND TREASURY BILLS - OCTOBER 2018. Accumulated effect on liquidity from 1 January,

TABLE 2 : LIQUIDITY EFFECTS - GOVERNMENT BONDS AND TREASURY BILLS - MAY 2018. Accumulated effect on liquidity from 1 January,

TABLE 2 : LIQUIDITY EFFECTS - GOVERNMENT BONDS AND TREASURY BILLS - JUNE 2019. Accumulated effect on liquidity from 1 January,

TABLE 2 : LIQUIDITY EFFECTS - GOVERNMENT BONDS AND TREASURY BILLS - JULY 2017. Accumulated effect on liquidity from 1 January,

2) Projections for 2003 are based on an exchange rate at the same level as the average for September until the end of the year and preliminary inflation and wage growth