olatility of real economic data was extremely low. Volatility of the Business Cycle: IP and Claims Annual VolatlIty of YoY Changes 50% 45% 40% Volataly of these 2 Wheaton has very 35% quickly returned to levels last seen in the 1970s. The 'Crud I.loderatco' is over. 30% 25% 20% 15% 10% 0%r