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Economic Update    Market volatility has intensified as financial conditions tighten and global central banks pursue monetary policies to combat persistently high inflation and maintain financial market stability.Labor markets and consumer balance sheets remain strong;however,inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending. Corporate earnings have generally performed better than expected,but warnings are growing along with wider credit spreads.While evidence of slowereconomic conditions has begun to mount,we expect the Federal Reserve to continue to raise rates until a sustainable improvement in inflationary conditions has been achieved.Over the near-term,we expect financial market volatility to remain intensified and conditions tighter with persistent inflation, geopolitical risk,and the Fed's hawkish monetary policy. As expected at the November 2nd meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 75 basis points for the fourth consecutive time to a range of 3.75 –4.00%,the highest level since 2008.Federal Reserve Chairman Powell reiterated that the risks of pausing too soon outweigh the risks of slower economic growth.He commented that rates would likely reach higher levels than projected and that policy would need to remain restrictive for some time.We believe the FOMC will continue to implement restrictive monetary policy until inflationary pressures subside but will look for an opportunity to slow the pace of rate hikes as economic growth moderates. In October,yields rose across the curve.The 2-year Treasury yield increased 20 basis points to 4.49%,the 5-year Treasury yield rose 14 basis points to 4.23%, and the 10-year Treasury yield gained 22 basis points to 4.05%. The spread between the 2- year Treasury yield and 10-year Treasury yield remainedinverted at -44 basis points at October month-end versus -45 basis points at September month-end.The spread was a positive 106 basis points one year ago.The spread between 3-month and 10-year treasuries inverted by -2 basis points in October compared to a positive 56-basis point spread in September. The shape of the yield curve indicates that the probability of recession is increasing. 3