1. Sources: Capital Group, Bank for International Settlements, Organisation for Economic Co-operation and Development, National Institute of Economic and Social Research. Actual data as of the third quarter of 2021; forecast through the second quarter of 2026. Index, 1971 = 0. Financial cycle data incorporates home prices and the stock of private-sector debt in the economy. Figures on the Y axis provide a scale to illustrate the magnitude of fluctuations in the financial cycle.
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