מכלול הגורמים צפויים להוביל להתמתנות בעלייה במחירי הדירות בישראל בשנה הקרובה

סקירת מאקרו שבועית של אלכס זבז'ינסקי, כלכלן ראשי מיטב דש: אם האינפלציה בארה"ב הנה אמיתית, כפי שאנו מעריכים, המדיניות המוניטארית תצטרך להיות מרסנת יותר לעומת תחזיות ה-FED
עיקרי הדברים
מכלול הגורמים צפויים להוביל להתמתנות בעלייה במחירי הדירות בישראל בשנה הקרובה.
פיגור האינפלציה בישראל אחרי המדינות האחרות מתרכז בסעיפי ההלבשה וההנעלה, התחבורה, המזון והחינוך.
בחודש דצמבר חלה האטה בצמיחה בעולם, בעיקר במגזר השירותים.
הנתונים הכלכליים בארה"ב ממשיכים להיות חזקים.
השווקים לא מאמינים שהאינפלציה בארה"ב תתמיד.
ה-FED כנראה "נצי" יותר בתוכניותיו ממה שהוא מציג.
אם האינפלציה בארה"ב הנה אמיתית, כפי שאנו מעריכים, המדיניות המוניטארית תצטרך להיות מרסנת יותר לעומת תחזיות ה-FED.
קשה להסיק מסקנות ברורות מביצועי שוק המניות האמריקאי כולו או הסקטורים השונים בתקופות של עליית ריבית ראשונה שהיו בעבר.


ישראל.
עליית מחירי הדירות צפויה להתמתן
להערכתנו, עלייה במחירי הדירות בישראל צפויה להתמתן בשנה הקרובה בהשפעת הגורמים הבאים:
העלאת מס רכישה צפויה להוריד קניות המשקיעים, כפי שקרה אחרי מהלך דומה ב-2015.
הממשלה מזרזת משמעותית שיווק קרקעות. מספר היתרי בנייה בחודשים אפריל-ספטמבר עלה ב-30% לעומת התקופה המקבילה ב-2019 (תרשים 1).
מחירי הדירות עלו בשנה האחרונה ב-10.3%. מאז 2010 קצב עליית מחירי הדירות נבלם ברמות של כ-10% (תרשים 2).
תרשים 1


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ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-25% ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 4). ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½, ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-5.7%, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ 2006.
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ן¿½ן¿½ן¿½ן¿½: ן¿½ן¿½ן¿½ן¿½, , ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
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ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½?
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 5).
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ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
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ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-8.4% ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½"ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 8).
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ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ - ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 7).
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 6). ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ 7


ן¿½ן¿½ן¿½ן¿½: Bloomberg, OECD, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 8




ן¿½ן¿½ן¿½ן¿½.

ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½
ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 9). ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 10). ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ 9


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 10



ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ (IHS Markit ) ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 11), ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ 2020 (ן¿½ן¿½ן¿½ן¿½ן¿½ 12).

ן¿½ן¿½ן¿½ן¿½ן¿½ 11


ן¿½ן¿½ן¿½ן¿½ן¿½ 12


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'

ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 13).
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 14). ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ 13


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 14




ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 15). ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-70 (ן¿½ן¿½ן¿½ן¿½ן¿½ 16).
ן¿½ן¿½ן¿½ן¿½ן¿½ 15


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 16



ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-FED, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½?
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½:
ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½?
ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½?
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½?
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ "ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½" ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½:
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-5 ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-0.1% ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ 2023 ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½-1.4% ן¿½ן¿½-1.5% ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-5 ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-3.0% ן¿½-2.7%.
ן¿½-FED ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-2023 ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½-2024 (ן¿½ן¿½ן¿½ן¿½ן¿½ 17). ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ 2.5%. ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½-2024 ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 18).
ן¿½ן¿½ן¿½ן¿½ן¿½ 17


ן¿½ן¿½ן¿½ן¿½: Bloomberg, FED, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 18



ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ן¿½ "ן¿½ן¿½ן¿½" ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 19). ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ 3.5%, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ 2023 ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 20). ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.

ן¿½ן¿½ן¿½ן¿½ן¿½ 19


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 20



ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ GS, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-FED ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 21). ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½"ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½/ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½: ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½-FED ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½"ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ 1.4% ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ 0.9%.

ן¿½ן¿½ן¿½ן¿½ן¿½ 21


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'

ן¿½-ECB ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½
ן¿½-ECB ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½-FED ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ 2008 (ן¿½ן¿½ן¿½ן¿½ן¿½ 22). ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-ECB ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½.

ן¿½ן¿½ן¿½ן¿½ן¿½ 22


ן¿½ן¿½ן¿½ן¿½: Bloomberg, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½'
ן¿½ן¿½ן¿½ן¿½ן¿½ 23




ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½-S&P 500 ן¿½ן¿½ן¿½ן¿½ ן¿½-1.9% ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½-Nasdaq ן¿½ן¿½ן¿½ן¿½ ן¿½-5.5% ן¿½ן¿½-Russell 2000 ן¿½-11% ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½-S&P 500, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ S&P 500 ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ – ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ - ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 23).
ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½"ן¿½ ן¿½-FED ן¿½ן¿½ן¿½ 1994, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½.


ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½-1983, ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ S&P 500 ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½-2015. ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ (ן¿½ן¿½ן¿½ן¿½ן¿½ 25).
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½"ן¿½, ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½. ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ "ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½" ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½, ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½-90% ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ 5.8% (ן¿½ן¿½ן¿½ן¿½ן¿½ 24).

ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½:
ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½- ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½ן¿½.
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