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Ne V or W or July 19, 2010 William B. Greiner, CFA President and Chief Investment Officer Scout Investment Advisors william.greiner scout-ia.com UMB 2010 Economic Outlook GDP GROWTH: 2.8% UNEMPLOYMENT: 9.2% INFLATION: 1.0% FED FUNDS RATE: 0.5% Outlook and Summary In January of 2008, we postulated that the U.S. economy was on the verge of recession, and excesses had been built in our system. These excesses included: Too much leverage (debt) in the system Too muc.

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