Fed's Projections Substantially Below Ours Coming Into 2018

We Believe We'll Deliver 3% or Higher Growth

Still Confident We Can Deliver 3% Growth in 2019

Think Will See Rebalancing out of Bonds Into Equities

We Are in Close Contact With Fed on Treasury Issuance

Fed Simply Reinvesting Assets at a Lower Rate

Downsizing Balance Sheet Now Gives Fed Capacity to Respond to Weakness Later

We're Comfortable With Treasury Supply, Not as Worried as Markets Appear