k liquidity yoy 50 WORLD EQUITIES YOY 20 Fed.pfn fx r!se ... .1u pier I,exfxl_nrhsI 10 — -- 10 20 _w wait 30 40 50 20041 20101 Jana Skeethapard Daises Sit 35i 30i 25I 20 isl Si ° I 20081 20131 J World equities yoy vs. components of liquidity yoy 10 -10 50 —FX Othe s ks ex Res