GS Policy Rate Forecast

• Australia 3.00 Hike in Q4 2009 (50bp, and then increments of 50bp every quarter till Q3 2010, 25bp in Q4 2010)

• Canada 0.25 Hike in Q3 2010 (75bp, and then another 50bp in Q4 2010)
• Euroland 1.00 Hike in Q3 2010 (25bp, and then another 25bp in Q4 2010)
• Japan 0.10 Unchanged
• New Zealand 2.50 Hike in Q2 2010 (25bp, then another 50bp in Q3 2010, 50bp in Q4 2010)
• Norway 1.25 Hike in Q4 2009 (50bp, and then increments of 50bp every quarter till 2010)
• Sweden 0.25 Hike in Q3 2010 (75bp, then 100bp in Q4 2010)
• Switzerland 0.38 Unchanged
• UK 0.50 Hike in Q1 2010 (100bp, then 50bp hike every quarter)
• USA 0.15 Unchanged