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JOHN E. SILVIA is a Managing Director and the Chief Economist for Wells Fargo Securities. In 2010,he was recognized for the Best Inflation Forecast, the Best Overall Forecast, and the Best PersonalConsumption Expenditures Forecast by The Federal Reserve Bank of Chicago. AZHAR IQBAL is an Econometrician and Vice President at Wells Fargo Securities where he providesquantitative analysis to the Economics group as well as modeling and forecasting of macro andfinancial variables. He has spoken at the American Economic Association, Econometric Society, andother international conferences. SAM BULLARD is a Managing Director and Senior Economist at Wells Fargo Securities providinganalysis and commentary on financial markets and macroeconomic developments. SARAH WATT is an Economist with Wells Fargo Securities. She covers the U.S. macro economy,including labor market trends. She also works closely with senior members of her team to producespecial reports and regional economic commentary on several U.S. states. KAYLYN SWANKOSKI is an Economic Analyst at Wells Fargo Securities.