Le resserrement monétaire important et rapide opéré par les grandes banques centrales et la perspective d’autres relèvements de taux à venir font craindre un excès de zèle dans la lutte contre l’inflation avec une réaction non-linéaire des agents économiques à une énième hausse. Plusieurs facteurs entrent en jeu : des esprits animaux négatifs, le niveau et les caractéristiques de la dette, la valorisation des actifs, les prêts bancaires, les marchés financiers. Ceci plaide pour une plus grande progressivité et, à un certain stade, marquer une pause tout en insistant sur le fait que le cycle de resserrement n’est pas terminé.
Lors de la conférence de presse qui a suivi la dernière réunion du Conseil des gouverneurs de la BCE, Christine Lagarde a très clairement indiqué que d’autres relèvements des taux suivraient. La semaine dernière, Jerome Powell, s’adressant au Congrès américain, a expliqué que l’on pouvait « assez raisonnablement s’attendre » à ce que la Réserve fédérale procède, cette année, à deux autres remontées des taux[1] tandis que la Banque d’Angleterre a pris de court les marchés en augmentant son taux directeur de 50 points de base. Le resserrement important et rapide de la politique monétaire, ainsi que la possibilité d’autres relèvements à venir posent la question de savoir où se situe la limite à ne pas dépasser.
Quand viendra la goutte qui fera déborder le vase ? Comme souvent, il est plus facile de poser la question que d’y répondre. J. Powell a tenté de le faire en filant la métaphore de la conduite d’un véhicule. Lorsque vous approchez de votre destination finale, vous quittez l’autoroute et empruntez les routes secondaires. Pour cela, vous devez ralentir. Cependant, l’état de la route et la vitesse appropriée sont plus faciles à évaluer que le rythme de la désinflation, qui dépend de la rapidité et de l’importance avec lesquelles les hausses de taux antérieures influencent la demande, l’emploi, les décisions de fixation des prix, etc.
Il est tout aussi difficile d’évaluer l’ampleur du resserrement monétaire nécessaire – ou, pour reprendre l’image de J. Powell, de décider de la vitesse la plus adaptée du véhicule. Le président de la Fed a, dans le passé, insisté sur la nécessité d’avoir des taux d’intérêt réels positifs sur l’ensemble de la courbe de taux, mais cela pose la question du point de référence. À cet égard, le taux d’intérêt neutre[2] fonctionne en théorie mais, dans la pratique, la fourchette d’estimations large, dont il est assorti, en limite la pertinence. On en arrive ainsi à la conclusion suivante : plus le resserrement cumulé est important au cours d’un cycle et plus le niveau des taux d’intérêt réels est élevé, plus le risque est grand que les agents économiques finissent par réagir de manière disproportionnée à une nouvelle hausse des taux.
Pourquoi cela pourrait-il se produire ? Plusieurs facteurs peuvent déclencher une telle réaction non linéaire (schéma 1). Le premier est une chute brutale de la confiance, c’est-à-dire la manifestation d’esprits animaux négatifs[3]. Cela pourrait refléter une hausse de l’incertitude des agents économiques face à l’avenir, due à des taux d’intérêt toujours plus élevés. Même s’ils ne souffrent peut-être pas (encore) personnellement de contraintes financières, cet accroissement de l’incertitude peut les conduire à se montrer plus prudents au moment de dépenser.
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fyv1c/Qs6l13N3lK0Ty52sManqDH/xO/w2Kx8v/Zl79uXc2ea+NNeVY2Whn91G524VXHyw8Q3eO+bCFDWJ78ycTHqby3f1mumua+TU5UnTFnukPJPuogEQQeyUw76NAhZ//ms+3jOfn864iK+lJTFjxvd5L+Vdbl/yVitPQojkvGHDicdDXu5m3jMAdxaf5tcwc0QcE4alEZ9b1uMzkXfXkPb2rcdEeNwIpiY0FpQuDm97jqtXNY6w7Zlj0jPD9k+1L/Vqalax6I0dfGvs5Xxv2tlMicvgm1f8ismr/8jcLV2baf6r5sdGp5iGpMN6+zsaxqAh40htPKS+I7z33mPccLgciOpkLAZ7C97l6b2T+O2YFC6bdwUfrjtpIaAj58rA6Sgnv+IQa0oWMio5hfNGn0fCGcmYcLB7/1bWMqt+UVs/BoVZwN3WFEUeVu77O1Pz1/LL6Zdz44SxDBpxKY8PTmfMkse4s2kkbnuX605VPLP+fa4Z9W3m95/DT8/axV879PnOHKsuhuzdws/WbuXcy2YwNOMaFu9r68rv6jXTXddI+8oT0DQkwU41cyHPy6biZVy19Odc99EaDvvMRA+5kJ9OHNLy4qbRXJLWHxMm+g27ms8W/ZTMRXdwZX8rBhYGpE2r79zrL+RgpQeIJKV/Wx1qHWwtq8Dfnk7XAePmwPpfYnryLn6y5xgGdhJj47A2zeHVzmMSFE6xL80ZZfxr1z+Z9spDPLizAA8xTJh1Lb/qVPNns76Rjc2PPaW3z4dxmBdf+Bamvz7DilofWGIZHG1rmAKoK7GU8eiqd1hT68Pa/xzumzCgjRjaOleNXRkMvO46jhkHeH7PIdyEMfzMy7ggzgruAyzfWwi1BeQ7/WCKYmBM+2pNapy7+PHqRzjnP//kk2MuTOGjufWcBZzdyeUaFZYW1Nd8hQ9gdNSJ9QYxDIkKAzwUlRW2PIWKZy0/+XwL5YQxdPJVXB1tacfedOVYnaIsaxwla1RwsNTRwrYN9uS+xp/2lmFYUrnq3NkktiPiTum2a6QD5YkENSVzISuKr8UmNGuKqWPp3lf4y95yIJzhycNaHHEY3X88GTEWwErcgFFMTRvP1LSxjIuNwASYYkZwXv8wmnfOHj5iGpe3WjA0H4wxkeviOzpSsjeV8ZcvN5DrMxGZeja3N8Ta/mPSjYwKShw+IIz+MTHHv2eKZ2CkFXBTVt3aMJaW9wUAaxKXNG8C8x7iwZXvsLoro9RMaVw3IhkzHoqKc8nq+BraLSDnA8Czied25OElmowJc+r7WHU1FucaFq/fRRURjBw6lKgT32/XuQqjn90K+KioqaAaP2v3bWG3F0xhkURh4MjfxAvHddi3ERnWVvJjIr3fYOY2XdcG+ytWcuvabVRx/Eje9i3XgqbBEwM4M/WERDZiArOTIoBKcgqOtrICP5v2v8XzBysxLIM5c3B7vrddOVbNyrKEM7jguImnzcxKm0i6FYzqPDbVtFbjeZTH13zE5jo/toHpjAvrmZ/Y7r9G2ihPJCQomQtJJsYMvZG/f+N+lk+bySWN/UmsZzBzQP0I1KKyo5w8bCGMy0aNJ9Xko2zPM4x98iZMjX+e+hX/KKoDUxKzRo0kmlpe272VPB/Ykufz8FmTm3XMDmfe4IX8a9wo4oHywnWsPOYCy3CunX81dzYNxDAxMjqDx85awE1BUrNVc2wjn5XUgSWNS8+cQHyHjkk3MorYUlKFQSTjMy7lvqYf9Agun7iQuf0s4DvKrqOVHdgXgHjunvNDXr/6bp4fnspIAEykJ4/mDLsZfGUcrOhgs5gpgW9N+jpXJkeA7wif5+zvwYlCA3Q+AHDxQU5DH6vkWdw+KKEbYvGwfNfrvJBXDWYLx6dX7T1X0QyKtAN+nO66+mPv+JLl+Y1noZLNe7bVz6PWVKPewk1Cc7azePyKX/DaJddyb2zjtEH9uDxlMJGAp7KQbKMDy7XE2M1bOQV4iebMaVfzcOP0RKbB/GLOQs60m/Ae28pbhW2MdDfyeHDVJ2Q5Dazm9vxcde1YNZVl9lHceM4CFjWUrdHR57J42igicZGXs66VLiz1aqo/ZfGGPdRgwdojv7A9c420XJ5IqFCfuYBpGM00vlmp4D/IS2893TR7d/3ooTnHf6xuM79643UKI8MxWQYy8+zv8d70Wyh2uBtmCjfjrVjDP3YcaOHRXKmcn9IfEw5yDmUf3yfCyOO/+ce4NTmFQSnjWWDaxbvF7/DbrHE8NTmF8TN+yNozKyh1ebGGxZEYbsVf9A6v7MphmbGDB1auYdaVCxg65GL+evt5LK524DVHkhgTidXI5R+7P+elZtll6/v2b55tOiRdOUbN19N8P/fzxy93cfXFUxmQfi7fX1fNsI4ckw40P7QdWxl/Wfchl6d+g1kJ5/DIbWfxk8pqnA1PLDDh4MDWd3ikvI2OPCfuy9ot/NrTjwFhFuyxZ/L/LpvIDY5yKjz2hidWuCncuZxn2lpnC7E3nm+oZueG/7C49MSpTVo4T/ip3PsCs9Zua7vfjmkwV131ey5ueqE/ybEmoLrbz0d71JSv5OUD5/Kr9ETmnnkRVTEd+G60tlIjl1+uXs3F113MyObZnKmd58oUQZTNDDib1dQW8UL2fr6TdiYRtdl8cOjYCRu1EGFvvXYlPqofMdhJHrGIR0dcyE+bf/d8RXyy6TPeNdq/XMvq+NfGlzhn0Pe4dcgMfnbzJL5TWY238fvkK+T91e+dNGHwiWoqlvHotrN4YUYap5x1rqvHytjBA//9hAmXX8r4MbfwzsirKHb4iI6JI9oM3opV/HHTjlP0RXOzdPvbvD1uBN8c2NoQkK5cMx0sx9uMtflnWyhPmhUVHS5rpVcpmQuYhtFMzV8yqo8bzVQ/euiEu2t7PLEmF8/ueYrdpfXPD5wxaDBDYmPwOUvJObyJf3z+Oo86W5gBPHoCMwdEgHsbn+aWnvCmi/dydpI3NYWhiaOZH2HmXUcVz6x+iPKSr/ODjAzG9h9Aciw4a4vYuXcnH325on52fAz2FvyL81873CyeRPBUcujIl2ze/THP1Hhp/nVrfd+ApoKhK8eo+XqOWwE79n/OqqpJXNpvHDfOqMPboWPS3pnVTx1bTfUnLHz1GE/MvIgFacMZFptInN9BUdFWvsh6h5/u2XeKx26dsC8ZI3k8cx8//+SXZB1qds4i/dRU5rIu5yN+vn7tCY/iOnXshqeSg0f2sWHbkhOeV9qohfOEn8joqHaMZgwjLraF5iD3gW4/H+1TylPbsvhu+lwGpl/MDdD+70YbFZ7lpW/z0JaJ/G1a6ldXgXGofeeq6fFUXhzuxkTaYEf2Y0Rln7ilY2RXOCA5ts1HepVXLOe8V3Lrn5k6fARD4xu/e1v4bNMrfDu3pEPLtcq7k9ve/QNFTc9mTQRnKTkHtrN00+v8uLitaY8aOfnPxte4/Iy7ua7/KdK5Lh8rg73Fb3DlkmNfPZs1Fmoqc1l/cA3PfLGMF9p8TGLjJnfzg5WrOPfqhQxtsbW7C9dMR8vxU0fbGHQL5cnBpnc7XtZKbzIZhtHmaTA9eVNvxSIiIiLSZxl3vdSpz6nPnIiIiEgIUzInIiIiEsKUzImIiIiEMCVzIiIiIiFMyZyIiIhICFMyJyIiIhLClMyJiIiIhDAlcyIiIiIhTMmciIiISAhTMiciIiISwpTMiYiIiIQwJXMiIiIiIUzJnIiIiEgIUzInIiIiEsKUzImIiIiEMCVzIiIiIiFMyZyIiIhICFMyJyIiIhLClMyJiIiIhDAlcyIiIiIhTMmciIiISAhTMiciIiISwpTMiYiIiIQwJXMiIiIiIUzJnIiIiEgIMxmGYbS5gMnEKRYRERERkS7oSr6lmjkRERGREKZkTkRERCSEKZkTERERCWFK5kRERERCmJI5ERERkRCmZE5EREQkhCmZExEREQlhSuZEREREQpiSOREREZEQZg10ACIinVHnrsVstuDxuokO73fS+x6fmwrHMQCi7DFEhkWftIzDVYPJZMYw/ITZwrGYVSSKSOhRySUiQc3ldeL3+7Fb7VjMVspqSiirLaGo8jB1Hgf5FfsAyCpe0aH1jkyYRpStH5H2aIbEjiAuMpG4yP4kxQ7BZrFT53ZgGP4Wk0ARkWCiZ7OKSFBxe134DT/htgjKakooqDjEgdJdHK7IYX9ZZq/EkBydTlr8WIbEjiAtcTQpCcNxeZ0YhkG4LaJXYhCRvqUr+ZaSOREJOKenDqvFhmH4yS7M4kDpLjLzl1HtLg10aE0ykuYzcfBM0hJHkxiTRK2rmqiwmECHJSKnCSVzIhJyXF4nJkwA5BRtZ2fhRtbnLQ1wVO2THJ3OlCHzmDx0NokxSThcNWqOFZEuUTInIiGjzuMgwhbJvuJdbD78WcgkcK1Jjk5nQfo1ZKTOAMBssmC1qDuyiHSMkjkRCXpOTx1mk5msvA18uvcNimr2BjqkbjdvxA2cPfJC4qL64/N7CbOGBzokEQkRSuZEJGh5fG4Mw2DjgZUsy3kpqPrB9ZSMpPlcMPYakmNT8Bk+JXUickpK5kQk6DT2ietLSdyJMpLms3DcdSTHDsEwDKwWW6BDEpEgpWRORIKG2+vCbg0jM3cVS3c+1yeTuBPNG3ED88Zcjs1i19QmItIiJXMiEhR8fi+FFXm8k/V8r80JFypi7IksHHUTc0Zd1JTwiog0UjInIgHl9NRhMVv4bM/7fJj9XKDDCWojE6Zx/dTv0y8iTgmdiDRRMiciAeP01FHjrOLVzU+pNq4Dbpz8M6YNn4vX59VUJiKiZE5Eep/X5wFg6+F1vLzlNwGOJjTNTF3ElZNva3p8mYj0XUrmRKRX+fw+/IaPj7a/ysoDrwQ6nJCWHJ3ObbPuJzq8nxI6kT5MyZyI9JrGyX+fW7NYzardJMaeyM3Tf8aIAaMxmy2BDkdEAkDJnIj0CvWP61m3nfUQYwadqfnoRPogJXMi0uO8Pi8VjmM8+fkPNXdcD1JCJ9I3dSXfMndzLCJyGnJ66pTI9ZLnN97PnsJtTQNMRERORcmciLSpsY+cErne05jQ+f2+QIciIiFAyZyItMrr82IxW3huzWIlcr3s+Y33c6AkG6enLtChiEiQUzInIq2yWqy8tP4JDXYIkBc3/YYaZ5USOhFpk5I5EWmR1+9l+c4lZBWvCHQofVa1u5Tn1z2E2WTG6/MGOhwRCVJK5kTkJC6vk4MlOXrOahAoqtnL21ue1yO/RKRVSuZE5DhenxcTJl7cpEd0BYv1eUvZkZ+J2+sKdCgiEoSUzInI8Uzw9pbnNeAhyLy+9QlcXic+v5pbReR4SuZEpEmdx0FRRR7r85YGOhQ5QbW7lA+3v4ymcBeREymZE5EmEbZIXs58PNBhSCvW5y2lqCIPj88d6FBEJIgomRMRoH7Qw478TIpq9gY6FGnD8t1vYLPYAx2GiAQRJXMiAkCYNZwPdr0Q6DDkFLKKV7AjP1O1cyLSRMmciKhWLsRsOrRCtXMi0kTJnIioVi7EZBWvIL8sF5fXGehQRCQIKJkT6ePcXhf5ZbmqlQsxXx5ejQlToMMQkSCgZE5E+PLw6kCHIB208sArgQ5BRIKEkjmRPs5uDSMzf1mgw5BOyCnajtNTF+gwRCTAlMyJ9GE+v5d9xbv0tIcQtbNwI2aTinGRvk6lgEgf5vI4yS3dE+gwpJN2Fq/Fbg0LdBgiEmBK5kT6sMiwaLJLvgx0GNJJ1e5S8styAx2GiASYkjmRPszjc7O/LDPQYUgXFFXmqd+cSB+nZE6kDyuuPNJ9K4u7m/sX3k1a49+Afejv+P2i13lg4Yvcv/BF7j9/MedGdkOzoOUq7lz0O2ZbgPAFXDL6AuK6vlagPuZHZ11F16fkTWbGjL9ze0oyEEHahOe4f8Kchr/P6nqgDQoqD+L3+7ptfSISeqyBDkBEAsPldVJUmdfj2/GVvMqj65bQrQ+f8mXy+eYCCn1AzEQmD4Od2cup6IZVe46+zZuOfDxdXpMZq9mO1dyz98zHaouIDFf7TZYAACAASURBVIvu0W2ISHBTMifShzk9joBs1xRzC9+Z/TUG+E3YrYf5dPUv+NTxNe689CaGePzg82GxNLxeHc/sWU9wUawfs9WGv3wJT62v49ypM9l+1E7y1NnERZr51sLxHNn7e/6Wm91sSxM4d9a9LIy34jcbHNn5IM/m5mBYruLOS28g2WVg8XsxWwtZtXYxn1SUYxt4JVcPWc+2Uh/TZz3BJfEmwIXbbMVRdhR7wiCsbj8201Ze+/QRsrzhDBn+C24fPwK/30pY+Rv8cd2rHOulY5lVvAK4t5e2JiLBSMmcSB/l9/vZW5LVfSuseIKHGqara/y75abKCIYNm0NiwZM8mLWNtAl/5JvDJ7NiJ0ABaz77IZ84Ihk3+QluGnMen2/aBviozX+Sx/dEcNH4Zg2q/lW8tXkKY8+Cl5Y9wcETtmRJuorzIzfwzIdPU5x0P/efeTHDcnMaliti3aof8onDTOq4P3HX2HmsXLfkhDV4KN37MH/cuwvL4F+zeJKH/3z0A7J8E7hk/s84e/AgsvLHsWBsPFtWfYultXO4+cLrOC/uXd46rpqwjoM77uAhANY0/C0i0j2UzIn0UR5ftzZ8tsoy4HruW3gFBgD7WPbpYrZXHCVswmWce3g3n+24g18DWK4Cw0GNywW4yC7Yj//M0aSwDfBQUXUIt7eApdsalm0HX+krPL+xhDwMcFUf39TbtC0orqnAH9viGnC4KjAAr6OMWi9U+QzgGBV1HlIB/Jv479qDlFbVAZXUev2dOEpd43DVqKlVpA9TMifSR/WL6K4hA21rsc9c/u942vwdvnH2X5iS/2/+mfUR5Sd+zlVFlx8j78ujIvwarh0znbSEFOKMnnhsWSWFzgzmZ9zC+MThJEe62NwDW2lLrbtayZxIH6bRrCISAJXkH/4tj33yODtjb+R7GXOxnLCENTKBSK+jSwmdZcBdfH/KVHyFf+OJDau7ZYDEScxzuWbutxlvbGLJ50+x2aGRpSLSu5TMiUgvCyM+6RImhoeBbxuZRZXERCU2JHNWrGYTMJgpqel4yvdS0untRJCaNApz4Rssyd9LVL8kIrppD47TbwqjTNv5aPtSjtiGMsCuYlVEepeaWUX6qKq6HqmnOslxfeaMCnZvfZgVlolccv63+Lrbi81ayKdrV+JmHphHc9mFrzLXaybc+yVL1qzBx4C2N1CzkwOmO7jtopn4Kt/l6XX/4SgAdeTlb6Ryxve5P8WKqfIgZbZzuHVWCU9u7MZJdqtWs6nubr554WtYKOJQTTRTZ/2K8s9+T2Gth6ET/sQj6Z/xl0//Qk9NBGOz6JFeIn2ZyTAMo80FTCZOsYiIhCCHq4bXMp9umNoiCFiu4s5LZrL9g3v5Qi2VHfLHqz4OdAgi0kVdybfUHiDSR1ksVtIHZAQ6DBER6SI1s4r0UUH3CCjfEp5ZeuI8b3IqIxOmBToEEQkw1cyJ9FER9ijSEkcHOgzpogFRg6lzB+ZJHiISHJTMifRh8VGJgQ5BumhI7AgwBToKEQkkJXMifVhUWAzJ0emBDkO6IC1xNBG2yECHISIBpGROpA9zeuoYO3B6oMOQLkhJGB7oEEQkwJTMifRhZpOZEYnjAh2GdFJG0ny8fm+gwxCRAFMyJ9KH2a1hjEqeGOgwpJMmDp6J1+cJdBgiEmBK5kT6OLPZwszURYEOQzphzKBJhNt65CFlIhJClMyJ9HGG4Wf8oLMCHYZ00MzURYTbNfBBRJTMifR5NoudCSnTiLFrmpJQMn7QWRiGP9BhiEgQUDInIjg9dSwcdVOgw5B2So5OZ0LKNGwWe6BDEZEgoGRORAi3RXDWiHmqnQsRl4y7BZfXGegwRCRIKJkTEQBMJpNq50JAY61cmDU80KGISJBQMiciQH3fOdXOBT/VyonIiZTMiUgTn9/HovF3BDoMaUVG0nzVyonISZTMiUiTCHsk04bPJSNpfqBDkRZclnELbq8r0GGISJBRMicix3F7XVyWcYuaW4PM1yfcTUxELHZrWKBDEZEgo2RORI5jt4bRLyJOza1BZGTCNOaMukjNqyLSIiVzInISuzWMacPn6jFfQSDGnsgtM3+s5lURaZWSORFpkdfn5aoptzMyYVqgQ+nTbp7+M8Ks4WpeFZFWKZkTkRZZLVZ8fh/XT/2++s8FyI2Tf8bwAaOUyIlIm5TMiUirwm0RxEbG8/1zf6+ErpfNG3EDk4bOwmK2BjoUEQlySuZEpE02i52Y8FjuOHtxoEPpM+aNuIFFk27GarEFOhQRCQFK5kTklMJtESTGJHPbWQ+phq6HNSZyXp8n0KGISIgwGYZhtLmAycQpFhGRPsLpqaPaWclTn/+IandpoMM57TRP5FQrJ9K3dCXfUjInIh3i9NRR46ziyc9/qISuG319wt3MHLlASZxIH6VkTkR6ldvrBEw8t2Yx+8syAx1OSIuxJ3LtpLsZM3gSVg12EOmzlMyJSK9ze12YTCY+2v4qKw+8EuhwQlJydDq3zbqf6PB+hNsiAh2OiASQkjkRCYjGTvp7Crfx+tYn1OzaATNTF3HVlNvx+X1K5EREyZyIBJbb68LldfLm5mfJKl4R6HCCWow9kZun/4y0AaPAMNRHTkQAJXMiEgR8fi8Ws5XM3FUs3fmcaulaMDN1EVdOvg0DgzBreKDDEZEgomRORIJGnduBxWzh4x2vqS9dg+TodG6cdg/Jcalg1D8qTUSkOSVzIhJUvD4PJpOJ8tpjvJf1Qp9tek2OTueScbcwIWUaHp8bm8Ue6JBEJEgpmRORoOTzezEMg6LKfJbvfqPPJHXJ0eksSL+GacPn4vI61aQqIqekZE5EgprL68RislBcVcDmQ5+fts2vzWvilMSJSEcomRORkODze/H6vXi8brYeXssXBz+gqGZvoMPqsnkjbmDK0HNISRiO01OnqUZEpMOUzElIqnFWYbPa8fm8WCzWTtViVNVVYLPYMZvN+HxeIsOieyBS6Qm1rmqiwmLIL8vly8OrycxfFlIjYGemLmL8oLMYPSgDwzAwmywa2BDkHK4aLBYrHq+bCHsklhaeuOFw1VDrribKHtNieeLze6lzO5rKLpU50l2UzEnQqnPXAibsVjsWsxWPz01x5REqHMeocJRS53GQX7Gvafn29qlKjk5nYFQqAJH2aIbEjqh/PXYoEfYohsQPA+qb9xqpySs4eX1evH4P4bYI8sty2V24hS+PrAy6GrsYeyLjk85uSuBMJjNen0e1cEHI7XXh9XmaEq2ymhLKaksoqjx8XJmTW57VoRuIGHsiw+MzAEiJO4MIWyTJsUNJiBpAQvQAoD4ZtFps2K1h3bxXcrpTMidBwef34m644wXIL8ulqDKPgsqDHKst6vXO740Fb0rcGQyKHUpybCqJMUm4vE78hp8IW2SvxiOn5vV5cXnriAqLocZZxcHSHAorD5Nd8mWvPwM2OTqdtPixjEycQFriaBJjkpqmXdEPdXBxeuowm8zYrWGUVhdzsDSbgsqDHK7I6dXvzciEaQyNG8Xg2LSm74zb68Ln9xJhj+q1OCQ0KZmTgKnzOLBZ7BiGn0Ol+8gt3ROQH972akzw0gdkkJY4mpSE4bi9LvyGXzUsQajxBqGxZvdI+SHKa0uocJRypPIADndNl28SRiZMI8rWj5S4M4iPTCQ5NpWk2CHYLHbq3A7A0A9xEGpspq9xVrGncCv7S3ews3htUDXVN9bmjkycwJhBk4gO79cUt8iJlMxJr3J7XU13wHsKt7C1YE3QJm+n0rzpbFTyRMxmi5rOgpzP78XlqW8+D7OFN/V78vjclNWU4PG52/y8xWwlwh5FXGRC02tVdRWE2eqb4dUcH7zqPA4ibJGUVhez5fAXQdkc35bk6HSmDJnH5KGz62t6G/ZHBJTMSS8I9UK0vUYmTGPmsIVkpM7AbLZgGH5N9CoSQM1HQO8p3Mqne984LcqexrkIxwyahM1qx2q2tjggQ/oOJXPSIxoLURMmsvI2sP7QspCtgeuMmamLmDr0PM5IGqfpJkR6WeMTM/LLcvli/0esz1sa6JB6TPOpbfSkkL5LyZx0q+aF6JeHV5+2E7y2V3J0OrPTLmHS0LN1By3SwxyuGiLDotmRn8ln+97pUzeQGUnzmT5sPhNSpjUdB+k7lMxJt2gsPPLLcvvUo5c6Yt6IG5g35nIiGzrEK6kT6R6NN5E78jP5YNcLp0VTamc1f5JIYx9lOf0pmZMuaSxE9xXv4q1tf+3ThWh7NU/qDANNFivSSV6fF0xQVJHHO1nP96mauFPJSJrPBWOvITkuFVTOnPaUzEmn+PxeDOoLUdXEdU5jUhdui1A/F5EOcnrq8PjcfLj95dO6T1xXzUxdxMUTbyTMGq5autOYkjnpMLfXhcvrVCHaDWLsiSwcdRNzRl2kqQZE2sHldRJmDSczdxVLdz4XVHPDBasYeyKLxt/BtOFz8fm96uJxGlIyJ+3W2P9iTc7HLMt5SYVoN0qOTufGafeoSUSkDY03km9uflatAZ2QkTSfq6f+j2rpTkNK5qRd3F4XVXUVvLr5KfVL6UEXj76Dc0dfgoGhCWgDrPlzXyWwvD4PAHsKt/H61id0I9kFMfZErp10N2MGT8KqGrrThpI5aVNjlfyanI95a8cTgQ6nT2ispRsUl6rmkAAprT5KduF26ty1nJE0jpSENNWWBojb68JkMvHR9lf7/FRH3WneiBtYNOlmfH4fFrMl0OFIFymZk1Z5fG4Mw+DlDX9Sk0YAfH3C3cwZdZH6uPQip6eOXUe2UVZz9LjXI+xRjE+ZfNxjvKTnub1OwMRzaxarRaAHjEyYxh1zHtDzpU8DSuakRU5PHdXOSv6x7mFNNxJAM1MXceXk21TY9oKDJfvYV7yrzWWS+g0hfdA4nYte0Ni148nPf6hm1R6UHJ3ObbPuJzYyXqPqQ5iSOTmJ1+9lT8FW9U0JEiMTpnH91O+rsO0hFY4yduZvoc5d267lbRYbwxLTSRtwRg9H1nc13kw+9fmPVAb1ghh7It8/9/fEhMfqRiVEKZmT43h9HvYUbuP5jfcHOhRpRoVt93N66thbuIviqiOd+ny/iDhGDZqgptdupkQuMFTGhDYlc3KcpVtfVCfjIKXCtvvkHzvI/qO78TSMkuyKIfFppCeP0wCJbqBELrBUxoQuJXPSRIlc8FNh2zUVjjJyCndQVVfRreu1WWyMHpRBctyQbl1vX+L1eSl3lCqRC7AYeyJ3nfsHdesIMUrmBK/Pw8o97/Fh9nOBDkXaQQldx3l9XvYW7eJI+cEe3U5C9EBGJY8nOjymR7dzuml8NNdj//2uErkgEGNP5Mfn/0WPGgwhXcm3zN0ciwSAz+9lT+E2JXIhpNpdX3tR46xqmLpB2lJUcYQvcpb3eCIHUFZzlPX7VrKvaHf9Q+DllLw+DxazhRfWP6ZELkhUu0t5Yf1jwFcTNsvpSzVzIc7pqSO/LJe/fHFPoEORTkiOTuf/5v8ei9mqST9bUeEoo6K27KTX69yObkvuIuxRDIkfdtLr4bYINbu202ubntZznoNQ48TCEvzUzNpHOT111DirNIdTiBuZMI3vnfdQoMMIORWOMjIPrOmWdSVED2RK2sxuWVdf4/a6yMrbwMtbfhPoUKQVt531EGckjVeXjiCnZtY+qLFZ49XNTymRC3H7yzJZvnMJXr+a9CS0NE4KvHSnungEs9e3PoHH58btdQU6FOkhSuZClcnEZ3ve1+NxThMfZj9HUUUeLvWfkxBit4bxXtYLuqEMctXuUt7c/Cx2a1igQ5EeomQuBLm8Tooq8jTg4TTzcubjmDCps7KEBLfXRWbuKj3zOURkFa9gR34mdW5HoEORHqBkLgSZTWZeznw80GFINyuq2cvn2R9gMpkCHYpIu6h5NbS8vvUJDbQ6TSmZCzEen5sN+1dQVLM30KFID/gw+znKakvVt0WCmsvr5PPsD9S8GmKq3aVsPLASj88d6FCkmymZCyFenwfDMFiW81KgQ5Ee9H7Wi+rbIkHL6/Pg9rrUzSNELct5STNUnIaUzIUQv+Hn4x2v6W74NJdVvIL8slzdPUtQMjBYv//TQIchnaTaudOTkrkQo+eu9g3Ld7+hR/BIUDIMg9W5SwIdhnSBaudOP9ZAByDt4/TUkZn7eaDD6Gb9SEu7nmEVr/J5RVUIrr/nZBWvoLT6FuIi+2O16DJtSXRYP6aNmNMt67Kabd2yntNdncfBzvxMtQ6EuGp3KTlF2zWR8GlENXMhItwWwRcHP+jFLQ5m9qy3+MN5t9K/+csRt3LPlW9x59DB3bCNaIYMmsPYftFtLDOKc2c/z3eHp/fQ+ptLZsaMv3N7SnInttX91u7/BAN/oMMIWlaLlbjIhG75Ex0eE+jdCQkRtkjWH1oW6DCkG3y27x0lcqcRJXMhwO11sa94V0BGsJrjpzEtorHWwkb/lGkM6bWZM8IYOPx2zuVTXs3tjX03YzXbsZqD47LIzF+mplYJKqXVxZqo/DSxvyyTamdloMOQbqL2mxCxq7C3C9AUkmPcHKvtz/iUkXyydw8wkmlDYimucJDYLwUowBRzI/9z9hUMwY/FmssnK37J53Uu7EN/x8MTUqk127H7D/DJqrcIn/xd5kSZwGriaPbjPL23EAhnyLjHeXiCF4/ZTFnO4zyTk4mbNKZOfYCrksLwmFO5eVQ2T+bsInnkg3x7dAo+7Ngq3+PZL17gyHFxN/9cJBFmH7lHAMKIH/wjvjMlA7PXjK1uGf9c/Tdy26j4am3feku1u5R9xbsY2n+kRrdKwNW6qtlTuCXQYUg3yi7cxviUaUTYIgMdinRRcFRBSJvs1jAy8wPQtGEcZduBXBKHzKpvao2YxfjoQ3xZWEl919kEJo66gLi83/KLT77Hq0WDOGfkmV993LWeFz/6Lq8ezMNIuoy55hX86eOb+NWGHSSOmM8IADyU7/819394Ew+u+oLIsdcy3QKmuCu4KHEvL3/yTR5ctYawsdcx0zKRmSP7s2v9HSz+8DG2RZ7D7ITjm1AtSTdz5cB9vPzxTfzq/f/jw2ONj8eaxPzxI8jd8B0Wf/xbMq0LuDClrabitvett+wqzMRvqKlVAi8qLIatBWsCHYZ0o+0F61X7f5pQMhcCSqqLer/DsSWFAREuyg6tYm/0dGZGR5M8dDqJxWtYW+ugX0wKdsrZk/MHXszegkENVa7ja60MRx75viKydv2NwxEDqDu2k1LAV/I0z254m0MA+HC4KjAAo7aQCgPARsKAkUSWbSPHZ2BUbeGAM57kmBLyKsMZN/pK0iwbeWv57bxeVtNsi2EMiEvGOLqJbD+AB6+/YcRWxDiGhR1hz7FjQA67S2obahdb0/a+9ZbdRzepX4sEBY/PrSbW00xW8QqsZjXQnQ50FoOc01PHodKc3t+w2YbV56TOl8m24m9w/pD5MCSavXsycTMLj9mGFQNHdQWxI+/hosFjSI0dgO9ge1ZeSUFFJdBazZiVmLBIwpJu5icLvwHYiIxwsJkiNmY+gi3jO9x24Qyytv6eNwsO8tUAezPhNisuVxW+E1cZFkukdTyLzn+RizFhtcfgbTNWA3en9q17FdXspcZZRXR4v97fuEgzxZVHTr2QhJz8slxSEoYHOgzpIiVzIWB/6Y7e32jUIOI8ZZT5S8g/cpCrJ9/ELNMelhSV4O1XhjNqEAOJJyLjF1wbu5uPt93PiqGLuanVFZqwmK2YgPbNbuSj4uAfeWjHxhNe384XW77DptzbuPPs+7nG82NeLylv9r6Z8LB+WODkhM6xmn8te4L25WTxjG33vvWsosp8httHYdEdtASIw1XDwdLsQIchPeBgaTYJUQOIDGvvqH8JRmpmDXLhtghKagt6fbsms43GxzF7i9ax1xyFpXgdWY3dt0w2bKQzLtnM7p3PsaEqmiExUa2srY78skLCBkymvmEzlsFxZ9B6T4068suKiEyaTioAYcRFpmJnGBOHziUeA3fFGrIdkSRERJzwuQLMA6cz2gym8GmM6tcwcKAqmyP2sWT0q1/eFJbGAEtbw3Lbu289r6jyMG7N1t7E5XU2/WnkcNVwpPwQ+WW55Jflsibn4xb/7Cve1bRMhaOs6fM+v5c6t4MaZ2jNR9ibjlQe6Ma1mbDH/T+++7U3WbzwJRZf+jLfT59Kzz0C3kZc0q1cMmjYCa+H0X/47/jV7BuOn4KpyWBmz3qxjamYTl6vfejveHTWVW2Ub8GlzHE00CFIN9CtfggIRD8VW/QAIqvXUwDgX8HbXzgY4FiPF6D6MKVhMxlo2cOXByu5eeZzLDZ7KCytJjztLu6s+zX/8By/Pm/BP3hr0APcefFLOAnDfOwN/rqh9c7U3oJ/8FbST/n2xS/hIZJw12e8tHIp9v438aOM/6XOa8Ve+wn/PFJ4wufe4NORP+PGhf8BcxUHK50Mzfgl19Y9wDtfnsn/zPknZ3rNRNlLWbfhft4tKWv26TrKaj0MnfAnHklfx7sHK1nYwr49s793m72PVB5gir97JscNNT6/F7fXTYS9frRdflkuRZV5lDtKya/Yx9HavG6ZsicjaT6R9miGxI4gLXE08VGJRIXF4PTUYTaZ+/xo4siwaBzumlMv2G4TuGDKPHw7f8wDh3Mx9fsu982/kTkHv+RzT088mcBK3IBZTGYnHxQe+urlyKu5fpTBylVvcazFzx1j175/c6y65XdbWq/n6Nu86cjH08ongs2x2iLCbOGBDkO6yGSc4pkeJpNJj/0IsP9bclGgQ5AAykiazw0z7iLM2jcKXIerBrstHMPwk12YRWHlYbJLvuz1m5rk6HTS4scyMnECYwZNIjq8H3VuBzaLvU8+laNbyyHLVdx5yUy2f3AvX/gAhpIxchJVB9/jUOQN7Zvu6POXIeMeFsZb8ZsNjux8kGdzczDMU7lw9t3HTYP0XMVc7p4xnwHUUOHcx+q1vyMr7q6TpyoyXcWdl95AssvAbvVQsPPPbEm+k4lHfsIzh/uzYPa9nBdTv96i3Y/wXNX53HPceh9iXeJiFg9ZzwPrPiCqcTokvwU7ZsLLX+Ln6z5i8IQ/cRN/r+9GctyxaD61koXKnN+3c0qmzouxJ/LrS1/qprVJV3Ql3+p7JVKIUadjAU77RM7hqiEyLJpqZyXZhdtYf2hZwEdOFtXspahmL+vzlsKW+uRuypB5DE8cwxlJ43B66jTSuLNihpLoLOBIU8fWw2TtPwwkkNE4JdCuPCZO/T2LRp7J5w19Zw3Xel787DWiR19L7MArWRi5gWc+fJripPu5/8yLGZabQ37y5cw1r+CPH/+T8gE/5RdT5jP0kz/z2sGxXyVQzODrs+unKnqlZBiLFtzLhSkf8MwRgHK2b7iPD+3XcnlYsx/WuAXMis7ixY8fY1/c3fx8xkWknbRevmpeNZ/DZZNHkbvhTl4pcZCY/gfuTWz7sHw1JdOj7I76DvfNu46Z+98kuWFKptfLxvP1C77N7IS3ThjJ33l6NNvpQclckPOc5n2lLHHXckX8Xt7J3XLygAUB6qcPgHsDHUa3a+zz5vG62VO4NSgSuLYU1ezlw+y9kF1fm3HO8KuYPHQ2cZEJeP1eJXbdon5KoFLHDgzCW53uyL3rSbCcQV5pCXkY4KqmvqSMICUhmbpj71MKUPI0z24YQCknjJ1vmKros2PHABe7S2rJ6JcCRwCjnKKqMup8z/Aqg5k9pOEzNQcotl3DguGTOZT7BA99Ur+9tNZ2JXIEycZ+Pj5WP0CryuU4xeCvximZPmw2JdOkpimZLh59JWkbX+Kt5Rvafzilz1AyJwFl6TeNs5K9vNdWMhe+gEuGmfkiezkVLf1fQkpjjVZJVSFf7P+ovuYrxFS7S/kw+zk+zH6OkQnTOO+MK5iQMq2phvF003s3lR2YEsiXR0X4NVw7ZjppCSnEGatbWKhxGqQTEu0OT1UEeN/jhVU2rp56L/cPzeSdDX/mS2cby1sjsXurqGr3nN+dnZJJRMmchILwiUweBjubkrkT/i8hoTHR2Ve8kw92vRCQZw33hP1lmezfmEnM1kQWjrqJs0bMw+vznFZJXa2rOwc/UD+IKnwOw2wmDh434KH9UwJZBtzF96cMZtfOv/HE3vO596zGd9o5DVJLUxVZ2ppI3MBd9RavrFzB8FEPcOu5d1G3/M/UtbUNWz/6mYF2J3SdnZJJ+jolc0Hu9HvUyvHPSI2wh2EpWd/wXgudf/dFccXU2cRFmvnWwvEc2beCsuHN/r/39/y9MJ2bzrmZUSYfZmsRq9b+kk8qTp8pJjKS5gc6hC7x+NzYLHYOlOw5rZK4E1W7S3lrxxMsy3mpKakzME6L/o5xkQndu0LfDvZWXMec0TNYs2M9PkzYI4cR6RhYPyVQ5nNsqEpidkwUVLe0gghSk0ZhLvwnS/L3Ejf0RiIopmkapLGTSWEtecQyOG4ApRUn9D2uyuaI/Qoy+kVwsKoOU1gaid5DlLQRsil8LjNjD7G++BC5edupGDuWBBOtD0SoyuaI6Xom9I8nqySWiUmDGuYC8+P0eImMSyYCcEYNIs7vpM5omJJp7HRSd2wkjzDiIgficJgZPXQY+YdXUV6xhmzHfIZHRABK5uQrSuaCXFLskFMvFEqO6xRcQeTwP/DL5Pq3Wu78ey9vbZ7C2LPgpca76LKkZv+PYviEHzK89BkWb1lH0rg/cdfY81m5bgmnU29Dl9cZckmB1+cFU/0gnneyng/q/nDdqXlSt2j8HUwbPhe319Xnpzc5Xg4rNr5I0ux7+HWKC6c5mij/Lj5a9cd2TndUR17+RipnfJ/7U6yYKg9SZjuHW2eV8OS6lqZB2k9xSS6m6T/iV0OdFO3+Ha99mXvyVEVlrcULEMPwCY9x6WQXHquFst2Ps8nnxHLceh/mH439RfyfsWz3Bdw542l+hQWP049RC+Ci6NAH7Ey9hfsvuhZ/w4jbbX7wdXJKJhElc9K7Dgtm1gAAIABJREFUTugU7PV5G95orfPvqTqVpzIqMYy8nO24qSO/aC81KUMZDO180kPwi7RH4/N5Q+pqdXtduLxOPtz+ckj2iesO1e5SXt7yG9YfWsYVGbcxKC5VT/FoxnB+wCuffnDyGzn38GCLUzney32Hv/qfr+JvPPHJ31pc97HNt7H5xBeLf8vi95u/sINHTpqPfQnPLF3S7P8FfLHuZr5o+HeL8Z603q/iPLL/Hh7YX/9v+9Dfsbjx3tz5AS//t4V1cZDNW/6HzVtOeHnLHSe/JtKMSpYQMDJh2ulTq9Fqp+DWOv+eSj+i7bGkZzzO/RMMMEcR42+pI3ToGhI7ApM5NB7W4vN7sZitZOVtYOnO5zTtAfV96v7wWSYXj76D88ZcimH4sYdYLSucZuWQNAn1bhxST8lckHO4ahgaN+r0KkRb7RTcSuffuFOt8Cib1/+Atyra7IocspJjh2LvQt9Jr8/bK5PcurxOTJh4cd3jDdOpSHMfZj/Hl0dWcuO0exjYb3CvNbvWOKuJDo/p0jrq3A6ibP26KaJuYp7E3HGjydv1GrntHmAQuO25Dx9fsxgsIu3R1DiriA4PsvMrHRIat/t9mNlsYXBsqzMZhZ6qbI6YRjKhfzyQ1qxTcGvPYz2VXHLLI0gfPJb6J60OZGDk6VUoJcemdLp5zuvzkpXX8zcCPr+XkqpCHvr4NiVybSiq2csfPvtfNh5YCTTvZtBzdh3ZQtGJAwA6ygTpAzK6J6DuYhrBuBFTGdzWI5absyzi9osfZkZnHwDbnu2FL+CS0Rc0u/8cSsboW5kSbuvkRnvekNgRWPrgE01ONzqDQS7cFkFa4uhAh9F9jusUbKK2pJjK/tdzT8YxHstqqfPvk+z+/+zdeXxU9b3/8dfsM0kmGxMyIYGEhISwhS1gBFRAQYSKXq1L0WpbLfZ6r712v7dX7bVa29va1mpvq/bntXrVurdiq4ICiorsS9gJkEASSEjInsx2zszvj5iYQPZMcmYmn+fj4eMhk5lzPhmGOe/zXZsOcEK3mjuWFaDWv8Uftp/3590vc2r+D3gwTUVntdB07HF+ffBjhv4yOfScMdkDvmNWVIVdJZuxW3tt2hwwRfVhNJj47NgHvLH/sSE7T6R5Y/9jlNef4LpZdw75ThKJ0UnsL2sdsOCMH9iEKrPBjDNuXDDL0oARo9E0tBe9C5ZNcpKdfjFUvswud2ju1jrYln8RGiTMhQGHPRm72REh449cnQYFn6/Lwb/+93lp7fudHrrgz10NTI4Ak0bPGdDFvi3INbjqGDcqa0hqU/0KAQKs2fM8G0+8NCTniGRbStdQ1Xya2wt+gEFvGLJliByxyZRUFw0q0Bn0RpxxPa3BNjx01i99sQyR2YZRf5R9QJfLGh3d2cOuMjZSxz/AnVMy8fuNWGpf47efvcy5wZzv/GWUip7i0+ivMysqBV3BU+TUvsMze5u4MsSWUUp3TJCJORFAulnDgE/1kp+2VOsyhAYmp+Sj1/Xvn2nHIAetNwPB5lO9+AN+nvr4pxLkBuF4zQ5+9cG/UN9Si9s3NGM+46MSMRlau/n2l+0ccJdrjDUWZ0x2MEvrp0SmTbmJCdV/5L/WfYX/XPsXSj8fu/bFskZf5cFNn2CZdBMFPXWn6udz+aQEdm/6Gg+tfZKjCVewMP78G6Z+nk+3iTd2fkpdy8f8ed03+VPxDg7uf5ZdLWfYueUufr71baInrGxdRmndN3iyJJorJl3Rh6EkQycrMT8C1zIdmSTMhYFAIMDklHytyxDDzG52MCF5cr8Gyp8f5GJt8UGf/OD2uQgEAjz18U8ja2KORhq91Tz+0fdodNcPWaBLjB7d/v8DDXRun4tZqYuCWVY/pTI2TuX46b2tLW5+3+dDKdqWNdrbYVmjhJ6XNfJv54PNj/JegwvUepqVrmY0BPF8QPsySpUdllGyj+u8Z+wwm5g0C5e3RcMKRLBI22oYMBstTEiejDMmO2JXzxcXyk9b2r57Ql+cH+QA7Nb4oM5mVf0qep2epz95SIJcEDV6q3nio+9zz2WPAgRtDJ2iKtS11ODzdx6vNZAuV6PexHhHLhwJSmkDYMNq9NLsOT/wDmRZo3rOuPNYnHc7UxzjcUZ5unh+MM8HobiM0oxx86RlLkJImAsTLZ4m5meskEHmI8ii3GvQ9bHxvKsgB1BeW0J5bQmxtngSo5NwxCYPeGsmRVUI4JcgN0TaAt23L/v1oMbQNbkbqWs+x9nGCmqaznb7vP4GOqPBGAI3lVaiLTa4YEfU7vY07Yb+Um649E6cZ17nzY/+zkWX3xGc84XRMkrOmGyS7E6tyxBBIt2sYSLKEsPczEXYzQ6tSxHDIC95MTZTVJ9a1LoLch01uOooqS5ix4lP+OjQu+w7tZOycyX96tYzGoy8sOUxCXJDqK3L1e1z9evvprrxLIfKC/no0LtsObaRw2cKewxybfrb5aptV2sxxbUGssZMx4CFhORpJOtgQMsaxc4iR7ePd/etodw0jiRzV5fCIJ6v/Xihs4zS/IwVQ9atL4afLhAIBHp8gk5HL08Rw8SrePjoyD9458jTWpcihtj3Fv6R5LjUXltn+hLkejI1bXafWmYU1cc7+/4ikx2GSVZiPndd8gA6dBgNva9Rtu/UTiobBr6WXF8/BwCN7noeeOemAZ9rMHT2r3HPJStI9IPBU0KlKYMUdSsvbnwd2/T/4JqU6M7LGnUcCqe/lBuX3MM0AzSffIM9o1Ywz2bGQAUnPclk2E7ywYf3scHlG/j59EtYdflqJunU1mWTPtuAc+Yj3JQSjd9fzAfbtpA682ZyDdovo/TT5a9gt8ZpcGbRncHkLQlzYURRffgDfh5+744IWaZEdCUveTFfn//DXp832CAHsHDS8l5b/9w+F8cqD/DMtvsGfB7RfwVjV3LTnLv79NyKuvL2btOB6mugU/0Kr+98esTuuRsJFmWuYkXeKlmSJMQMJm9JN2sYMRpM6HQ6lubcqnUpYghdnXc7HsXd6/MOle8dVJDry0xXt89Fk7uBV/fIWM3htqV0DTuKN+FVPL0+Nz56YOMgO+prl6viV5ifddWgzye0syj3Gq1LEEEmYS7MmAxmFuQs03i9JzFUlk9cTUL0KCy9bMR+qLxwUN1qAKNje18UwWqy8fLOJ6QlWCMv7n6EBlddr4HOarIRaxv8Th99CXQWoxVnXJps0B6mFmWuIsocLa1yEUbCXBhy+Vq4Jf+7WpchgswZk81lE1f0+iVbdq51hupg9baYsEdx88nR92TCg8Ze3vlEn9YaTIxOCsr5Tp3rZnuWDnQ6HV+efVdQzieGl7TKRSYJc2HIZorCGT+W5RNXa12KCKJb8r9LgN7HS8TYBj8DzmQwEWO1d/tzr+Kh0VUvS+GEgOM1O9hRvKnXmYeO2ODs9NGXUGjQG4kyR8t3UJhZPnE1ZqNFWuUikIS5MGXUG1mY+yWyEmVniEiwfOJqUuLH9tq9Cgx4nbiORsf2PNDdbLTwduFzgz6PCI41B55Gr9OjqN1v1t5x267BiI8e1afnBQIBLpu4QpZLChNtLf99+Y4R4UfCXBhT/So3z75HvkzDXF7yYpZMua5fd8uDHR+V0MMF2+1zUVZTTGHlhkGdQwRPo7ea9/a/ghrofut46Lxt10D19WbBaDARIMBtc3486HOKodfXln8RniTMhbG2Qc/yZRq+nDHZ3HLRv6H6e75In2+w46N6Gi9nNdl4ccdvBnV8EXwbT7yEV/GgqN2vSpYUO7gV/fu7l6/FaCUjKYdFmasGdV4xtJZPXI2zjy3/IjxJmAtzZqOF8Uk53DH3Ya1LEf1kNzu44+L7gAAGvaFfr42xDnzcXE8XbJ/q5VjlQdkDOERtPPwW/h5a5wa7RMmAbhICAa6adrMM+QhRWYn5LMz9EkYZJxfRJMxFAIPeSG7KdK6feq/WpYg+spsd3HPZo8Ta4jEP4G55MBftnpYkMRnMfHzs7wM+thhave3AMdglSvo6Xq4jo8EkQz5ClN3s4PaCH2hdhhgGEuYihNFgYkHOMunuCANtQc5ujevTkhNdsZps2MzRA3ptd12siqpQ3VgpY+VCXGHpVpo9jd3+fDBd8D3NcO6JDPkITavnPYTFaO11W0AR/iTMRZiVM26T5QJCWMcgZzXZBnWsWGv/W2B6WpJE8fvYferTQdXUkXncL3l05avcv/R57lv2Gj+7/N+ZbR1YeA1PJuKTv86KlPSgHnV90WtEW7oPXQNdosRmjh7UZ7J1yMdEGfIRIu6Y+zDJcakDvmEU4UXCXARalHu1fKGGoGAGOeh5Rmp3elqSxGqy8XHxm4Mp6QJq1cv897rbePi9u3mlbhJfypmNLqhnCGVG4pMuZuao4Kz/1qaiqYiqxopufz7QJUqCseiwQW8gN2W6fP9o7I65D5ObMl1a5EYQGREZgYwGE7ljZnDH3Id5dc9jshVTCMhKzOf2gh9gM0X3a7ZgTwayeHB3AVBRFSrqS4fws1LF4apKolKdmLAQPeb73D0rD72ix+Rax7Mf/4mS6Nu5e/5VJPl1mI2nWP/xA2zgxgseW9+YzOzZ93NdsgWf3kD90Ud5/OhODON+yc+mjqVZb8bsP8HaD3+PMv1XLIvzozea8Ne+yRM767nyktvI0anojRVs2vwT1tbFMP/ix1iRoAM8ePVGWmrOYk5Mwej1Y9Lt4ZX1v6BQSe/yvKrhOr71pVU4PQEMfgW98QybNj/EetPXuCkjhXi+w33OY3y8+WE+aul9n9W+2HNqMwuyl2EzR3X588To0f3e7m0gNwddMRpM7YHumW33BeWYou/agpwxCGsOivAhLXMRyqg3MiF5Cvdc9qjs46qxgrErWb3gfkwGc9CCHFy4HlhfBr53N17Op3o5dGZ3UOrqmgm7JfrzVrkZLJ6SSfHWu3novZ+zw3g5V6aNJz19AY7Tj/Pgum/wp1NxzB9/ERkXPDYTffy1LHMU8eLar/Lgpk+wTLqJgs8nAwc8W3j+3X/h5ZJSWhfwUGku+x0Pvvc/bG9SGTthJeOrn+Shdd/gyZJorph0Ba1tFz6qi37Cf75zKw/vOkpCfBVr3r2R/1r3MJt9ecwbk4Kuh/NCBZ9tupX7132DJ0tiuGLSIvRVT/JKyRnqSn7Lwx/cH7QgB3Ckale3QQ56X6Ik1hZP8nmttIOdCdtRx0Anho8EuZFLwlwEs5psxNni+c7iRykYu1Lrckak66fey01z7kavMwSla/V8iTFfLBI7K2MeCyctZ0Z6AakJGRdMkOhpSRKbOYojVbuCXl8rHebYa1iZ4aD87H68tsmkW8o5fO4ccJRDVc04YkdTWXcWy5iruSzeTPH+1fy08CMqLnhsOwlJWUTV7OWoGiDQsJsT7gSc9tb3NtBSSplaQeHBx/m0xQf4qGs4iVfZwJq9e3A4LJRW7sOLi7KKIprs42id26vS4qkjACgtNTQrjTSoAeAcdS4fYCSxh/MSaKHJ4wFcVDbV4R+id7LN8Zod+FRvtz8/P5iZDCZSEzKYmjabhZOWMzfrUqaNm93eHTvY8XJdkUA3vO6Y+zC5Y2ZIkBuhpJs1wpmNVlS/wk1z7ibLMZUXdz+idUkjgjMmm29c/J8kRrcu1RDMFrmOYq1x1DSd7RTUHPbROOytIc/tc1HdUElt87leu9GO1+wIen2GpJv50dLrMFvjofIZfn38KMQvJ8o4hZVXPM9ydBjNdpSSAK6yX/IH/d18Zd7/MKvs/3i28F1qL3jsQ+yWKCzJt/HvS78CmIiytbCzT9XEEmOOIzvvN9w3NQD6aOz+j/v6mwzivEPjZPUxxifldLlziNVkIzUhA7s1lvjoUd1Oemnrjg3GeLmuGA0mJqbk8b2Ff+TpzffLkI8hYDc7WD3vIZLjUmUtuRFM/uZHgLYv+7yxF5HheI6Xdz4xJBdu0Wr5xNVcNnEFrYsBD+0/sfjoUVBd1O3acVaTjbRRGaSNyujxOGU1xUNRXusEiM/exp71KD9KT6J9Rb2Wj/nzuscoOb+OUz/nV+X5XDnvXv41r5lHCjed95iPl/xqa9fl/m2dXmvu0xDCs+zc8m+8Uddx0/ox9LxTbftv0+V56d96z0FTUX+K1MQMbN18xial5vV6jKRYJ5UN5UEbL9cVk8HM6NgxfPuyX8t3T5C1jcW1mmwy2WGEk27WEcRstBBri+dfFz7MLTN/LAt8BpkzJpvvLfwjiyatRK8zDGgx4P5qGzfX0/ZcvWnxNFFRXxqskrrg49zJ9RRFz2dxUgI0HKHcPIm82NZuPZ0lgySDlYTkFUyzWkDdy46KeuzRTkZd8FgsZ2oqiEqew1gALMRHjaVvl7FiimttZI+Z9PnYvdGMjurrJBIPZQM+79AoqipksFtttnXHBnO8XFfMRgsx1ljuuuQBWQszSBZlruKuSx6QICcAaZkbcdrWHJo+roCJKdN5Z9+LbCldo3FV4c1udrA051YW5CzDq7iHtavDaDASa4sf8GKvAAaDEbevJYhVdUFZz/vHl3NnRgHGqg38bdd07lrwLNMVPdHmaj7b+iCbDNNYccXXuN6rYDKeYf3mD/FFfeO8xzbSUreLN5L/g28ufwEfUVg9H/LCxsc53msRVeze9zK583/Ag2kqOquFpmOP8+uDvb8SQDn9v12e91C3r3BTWVWMbs73+a9xbioO/Ywni4/0+S3rTbOvocdJEH1hNdlIjk0dkvGcXZ1LUX0sn/YVMh2TZab9ANnNDm6b82MyknIgEJAxcgIAXSAQ6PHeTqfT0ctTRJhS/QoBoKKulPcPvSYr/w/AosxVLJt6EzqdTrO747qWmgtmtvZHk7uB13Y+KX//Yei317036GO4fa5hCXMdeRUPHsXN6zufks9dPxSMXck/zbwD1a8OOsiL0DOYvCVhTuBTvZgMZspqiiXU9dGizFUsyr2GKHM0gcDQTXAYDqpf4fnPfiN/72EoGGFOK6pfIRAIUFJdxPPbH5FWuh44Y7K5fvo/k+HIBnRh/X0juidhTgSFhLredQxxwJBPcBguz376S/n7DkM/WfbSoFplQ4FHcaPX6dl6fANv7H9M63JCStsQjouyFqP4FWwmaY2LZBLmRFC1hbrqxko2H1/LxhMvaV2Sppwx2czPWMHczEUA6HWGiLsz/s6by7QuQQzAj5c8S5I9ResygsKnenH7XGw8/NaI/86B1hvHxbnXYjFZZYLDCCFhTgwJ1a+g+lUACku3suXkuhG1rEDB2JXMHreQCcmTcXlbInqMSuSGuRwum/8jpp7+Bf9TXATWy1mRrufTI+9T18OrzON+yUOpW7j/szfpfmle7UVSmANQVB9qQMWreEZsqGtr/TcbLRh0BpngMIIMJm9FVvOCCCqD3tjejTglLZ/88ZfS6K5ny/H17CrfSEVTkcYVBl/B2JVMSZlLjnMaBr2hPcxGcpCD1u6cyBuzZGH0+Du5jPWtQQ7AOo2Z6XCglzDnO/tXXm8pwzcsdYo2RoMJIyYMOgPLpt7E4txr2XNqM+uOvhCBn88vtHWnzs1chE6nQ4dOQpzoF2mZE/3W7Gkk2mKnurGSkuoj7Du9JWzHW9nNDqYkz2sPcHq9AUX1DfvsPq1pNWbOPO6X/CwvAzcBvIoes7eMSkMaKQYPfqOHQ9t/zEuVdSSM+T53z8pD7wWboYyPPnuQtXUxzL/4MZbF+dHrFXx6PTVHf8OTR3fgJYPZs+/numQLPr2B+qOP8vixaK5ddA8X2/U0tdRQXvQo/686n7vmXUsqfgzGYtZu+AkfuTydWuYY90t+NnUszXozZv8J1n70NE25/9752Ed3og77uwe/vGZNxHfBtXiaiLLEsL9sB9tPbgjb75qutN08Tk3Lj/jWf9E7aZkTwyra0rqmmcOeTLTVzoz0eQQC93Ky+hjF1YcpqzsWsl+4beEtyzGVdEcOSXYnXqV1A/S2NfhG2pY4HsWt6fkDje/yu4+epVp/FV9fsQp12938vrIB58Tf8b3M+bxe5eLaWePYt+lrrGmAsZMf45+z57N++17AR+3xn/HbooMQ+y/8aNGNzDm+g832a1nmKOLFtf/Noei7+dGimyg4/kPe2DmLSXPhhXWPUUIiebOXEF/6cx44WMq02Y+yMms6H52/wwMQ8Gzh+Q9fIWbijdjjruni2Dv5VIM0F+lBDiDKEgNAjnMauWNm4PZ+i8Nn9oTtsI+sxHwK0peSmzIDqzkK/whp/RdDa2RdtUTQdZxdNT4ph9SEDMxGMwb9DymrKaaivpTalmpNAp4zJpvR0WPJTsojPspBhiOHGGssXsWDovraLxJtIW6k8vv9RJljNDt/wFtPA4D/HA0eF3iaAA81robWDetjJ5LqO8YnDa1bcJVVHMOTP5E09gIqLZ661o0Qms9QF0gHTCQmZRFV8w5H1QCBht2ccM/AaT+/tbWWw0d/TXXLfgJYafB4uq+xpZQytQLvwT8yKvs3LO/q2J22CBPB1vbvNMYay9S0OcxIn4fb28LhM3s4Xr2fA5WbQ7IrtmPrf4YjB6s5qnPr/wi7eRRDQz5FImgMeiM28xcfqbTE8YyOHYPqV9sDnk/1UllfjtvnoqL+FPD5tkSfO9tc2qexeFmJ+USbWrdiGhXtJDGqdWP5DMdEdDo9qQnpQGurkz/gx2wwt4//MxstIz7AdaKD1LhMGModvQYr4Gsfvxbw+3rp0jRit0RhSb6Nf1/6FcBElK2FnRceFG9jHXFZ32XZmFzGxiWhnr9Z7ICPPfTykhdrcNbQ0BaEYqyxTEmdTd7Yi7jJeDfltScprjpEef0JSmoPaTKu1xmTTUbCJLIcU8lwTMRhT8areFD9CrbPlzQaaa3/YujJJ0oMqfNDk8lgJi1xPACjY8dgMVmZnXEpPtVLrC2+X8dW/QrNniYsJiv+gB+9To/lvP1Qz/+zuJDZYMYZN07rMnqmM9E2HFynN2HodWqCSl3Jb3n4/C7TTh+xBCblPcCNcYd4b+99bBj3ELf2qZhujj3MRkU728eTjWRtAQkgNSGdUTGjmR24FJs5qv3msaT6CC5fC2V1x/p8w9ibthvKtPgJ2ExRZDgmkhyXislgxuVtAQLttbV+D8oNpBg6EuaEZjqGNxv9Hy9i0Bv7HQDFhQx6I4nRSVqX0b2GI5SbrmVSrI2iBkhzTsBS+zfKgNQuX+CirKaCqElzGLt/G6VYiI8aTUtL6XnLjGQz2ann0I6n2dqQzHx7NDT2Vkxfjz30xsRloNcbhvmsoa/j5KW2m8fE6CQMBiOqqnQKv1WNZ/D4vhgz2rHHAMAZN67T8Swma6elYFo8TV0eV8a/ieEmYU4IQWJMUuguT+LfwN92zeLuS//MdC9YA4W88fEGFEZ1+xLl9P/yRvJ/8M3lL+AjCqvnQ17Y+DiHmg5wQreaO5YVoNav5e2Ser5U8DQP6X2cqW7EmvFtvuX6Kf/bQ8Nft8f2D8Hv3gNn3NgRN+t6oNqD1nlXvK7W6JuQPHnQxxViuMnSJEIIvIqHv+5+hi2la7QuRfSB3ezgp196QesyhBBBNJi8pQ9yLUKIMOQP+MlyTNW6DNFHU5LntS+pI4QQEuaEEFhNNnJTZmhdhuijKSlz8QeGuV9XCBGyJMwJIYDWZR6yEvO1LkP0QY5zmoyXE0K0kzAnhABaZ/ItnHCt1mWIXhSMXYlBZrEKITqQMCeEAFq7WnOc07CbHVqXInowe9xCVL8WO8EKIUKVhDkhRDudTkd+2lKtyxDdcMZkMyF5suxgIoToRMKcEKKdDh2Lcq/RugzRjRWTb8fla9G6DCFEiJEwJ4RoZzSYiDJHsyhzldaliPM4Y7KZmpaPzSS7CwghOpMwJ4ToJBAIsCj3Ghk7F2JWTL4dj+Lu/YlCiBFHwpwQohOjwYTVZGNpTt+2nRdDLy95MVPT8rEYrVqXIoQIQRLmhBAXMBnMLMhZhjMmW+tSBHB13u2y44MQolsS5oQQXfIqbm7J/67WZYx410+9l4ToUTKDVQjRLQlzQogumY1WUuLHsnziaq1LGbGyEvNZkLMMg96odSlCiBAmYU4I0S2D3siSKdfJNl8asJsd3Dz7HuleFUL0SsKcEKJHXsXD7QU/kNmtw+zGGfcSY42V7lUhRK8kzAkhemQ2WrCabKye95DWpYwY10+9l9wxM7CabFqXIoQIAxLmhBC9MhnMJMelcsfch7UuJeItylzFgpxlGGWcnBCijyTMCSH6xGQwkztmhgS6IbQocxUrZ9yGovq0LkUIEUYkzAkh+syoN5KbMl0C3RDIS17MVdNuRlF9GA0mrcsRQoQRXSAQCPT4BJ2OXp4ihBhhFNXH4TN7eWbbfVqXEhE6tshJkBNiZBpM3pKWOSFEvxkNJulyDRIJckKIwZKWOSHEgLl9Lhrd9Tzx0fdp9FZrXU7YuWXmj5kx7mIJcUKIQeUtCXNCiEHxKG68iofntvyK4zU7tC4nLNjNDm6b82PGJ+XI7g5CCEDCnBBCY17Fg9lo4f0Db/LOkae1LiekZSXmc3vBDzAbLViMVq3LEUKECAlzQoiQoPgVSqqO8vz2R6TbtQvXT72XBTnLUP2KtMgJITqRMCeECBkexY0OHe/tf4WNJ17SupyQkJWYz82z7yHWFi/bcwkhuiRhTggRUhTVh06n40xdKX8rfGbEjqWzmx2snLKa/PGXtndFCyFEVyTMCSFCUluA2V+2g38cfI6KpiKtSxo210+9l7mZiwgQkLFxQoheSZgTQmhCURUUv6/XDeE9ihuL0ToiQt2izFUszr0Wi8mKyWDWuhwhRJiQMCeE0MSh8kLONpSTNXoSaaMyen1+pIY6u9nB0pxbmZu5CJ1O1+cQV1FXzqlzx5mVMQ+jQSZECDGSSZgTQgy7irpy9pftbP9zcmwqk1Kn9ymUuH0urCYbZTXF7Dr1cdhOlMhLXsyc9MVMTcunxdNElCWmT69TVIVD5XupbCgHWt+aGRiqAAAgAElEQVS7aeNmD2WpQogQJ2FOCBF0ZedKcMQmd9mF6va52HrsQ3yqr9PjJoOJ6ekXER+V2KdzKKqCP6Ci0+k4cqaQA2e2saV0TVDqHypZifkUpC8lN2UGVnMUgYC/X92pdS01HCjbjcvb3Onx3JS8PrVuCiEik4Q5IUTQtQW2KWmzcdhHd/rZtuObaHDVdfvaDEc2E5yT+nU+r+IBaA92J6oPcujs9pDoii0Yu5Isx1RyU2YQY42l2dNItMXe7+OUVB3jWOXB7s8zYREx1guPW1HX2oLnjE/t9zmFEOFBwpwQYkgcKi+kvLaE1IQMsp2TMRqMHKs4REl17wEr1hbP5NSZXYaT3ngUN4FAAKvJRpO7gZLqo5yoPsipuqNDvsyJMyabjIRJZDmmkhKfTmpCOl7Fgz/g73WiR3fcPheFp7b3GICh9T3rOH6urTu2pvks83OWyLg6ISKYhDkhxJBw+1x8cuR9AGzmaFIT0ntsWTqfyWDq8+SInngUN36/H7PRjEFvpKapihZvEyXVRwAoqioEoNnX0GvYc8ZkMzp6LABp8ROwmaJwxo1r//0AWjxN6HQ6bOboQdUNra1qR84UXtAl3Z3UhAwmpeZ16o6dkDyZjKQJg65FCBG6JMwJIYZMW+vcYPRnckR/tHiaMBiMqKoC0OcJCB7FjU/xYjKa8SleYqyxQa0LLpzk0B+pCRnt77nJYJJWOSFGAAlzQogho6gKnx59v88tS93p7+SIcNbkbmTvqW0XTHIYCGmVE2JkGEze0ge5FiFEhDEajKQ7sgd9HJ/qY8eJTzhWcSgIVYWukqpjbDm2MShBzmQwkZYoM1yFED2TMCeE6FVaYgYmgykoxyqpLmLb8U00uRuDcrxQ4fa52FWypV9jCnuT7siW7lUhRK8kzAkhehWs1rk2Da46dhZ/Ql1LTdCOqaXqxrNsPfYhNU1ng3ZMaZUTQvSVhDkhRJ+kJWYEZXZnG5s5mhhL8CceaKGu+dygxxSeT1rlhBB9JWFOCNEnRoORrNG5QTve5NSZERNWJjgnEWuLD9rxpFVOCNEfEuaEEH3mjE8NSutcbkregBYTDmV54+YEbVyhtMoJIfpDwpwQol8G2zqXHJsakXuQWk02JqbkDfo40ionhOgvCXNCiH4ZTOuczRzNpNTpQa4odDjjU0lNGFwQk1Y5IUR/SZgTQvTblLSZA3rd9HFzIz6oZDsnD3j8nLTKCSEGIrK/VYUIE617gerR6/VYjNb2x6saz+DxuXt9vcVkJcme0v7ntr1MAwF/n7e46o/4qESSY1P7vVXV0YoDTE6dPuAN68OB0WAkc3Que05u6fdrpVVOCDEQsp2XEMNI9St4VS9mwxcbxtc0V1FRf4ry+hO0eJsori2k0Vs94HPYzQ7GJ+QRZY4hNS4TZ9w4EqOTSIxJag15AT8mvTlooaHJ3Yji91HXXIPL24LL19Ljemsmg4kpabNx2EcH5fyhprrxLAfKdvZ7qRLZg1WIkU32ZhUihDV7GrGYbAQCfk5WH6O4+jBldccorNww7LXkJS8mLX4C4x25pDsmoNPp8alebKaooJ/L7XPh9rm6DXmpCRlkOydHTHhRVIWiioOU15b0+LxYWzxGg5lYaxxGg4n46ESMetOwzO5V/Qoubwsmoxm/349P9WIxWTu1BnfU4mlC8StYTK0/9/jcQV2CRQjxBQlzQoQQRVVQ/D6sJhvVjZXsPvUpR6p2cbxmh9alXSArMZ8ZYxaQmzIThz2ZFk/TkHTLdtQx5AERsYl8k7uRvae2te/HmhgzGpPehN0Wh1FvJMYWi9VkG5bu5bbWXwJgM7eG9JqmKlq8TZRUHwHA5WuhrO5Yv46bndQ6Uzc+ykF81CgSoh1EW1oDaOswAV1QF5UWYqSRMCdECHD5WrCZotoD3K7yjVQ0FWldVp85Y7KZlbqImePmD1uwixQVdeVYzTZiLLHD3tLoVTz4A36sJhvNnkbO1JVSUX+KoqpCzjaXDvlnMCsxn6ToMaTGZZLhmEhyXComgxmXtwWzsXU4gRCidxLmhNCIoir4AyoAhaVbWV/0WlgFuO44Y7K5PPsG8sZeBIBep8cYpAVxxeA1exqJtthpcjdQUn2UE9UHOXR2e8h89rIS85mYNKu9O1+v0+NTfRE98UWIwZIwJ8Qw8yhuDHojdc3n2Hx8LRtPvKR1SUNmUeYqFuVeQ9TnXWjS0qKNtgAXji2/ecmLmTamgNyUGVjNUSgS7IS4gIQ5IYaJ6lcIBAJU1Jfx/qHXNJnEoJW85MUsnXwTzrhUQELdcPCpXnQ6PS5vM1uOrw+rANedrMR8CtKXtrf6GvQG+SwJgYQ5IYacovrQ6XTUNp/j7cLnRlSIO19e8mK+PPsuzEZLt7MgxeC4vC3YzFHsL9vB9pMbIvbztihzFbPGXUJa4njcPpe01okRTcKcEEPI5W3BoDfw3v5XIro7tb8WZa5i2dSbUP1q+6xJMTg+1UsgEGDbiY2sO/rCoNYbDCdZifksnHAtU9PyZeKNGLEkzAkxBDyKG4vRyo7iTaw58PSIubD2h93sYOWU1eSPvxTVr0h32QC1eJowGkwjLsSdzxmTzYrJt0uoEyOShDkhgsztc9HkbhjxXap91db1ajFaMRstWpcTNjyKG71Oz9bjG0Z0iDtfx1DXdlMlRKSTMCdEkCiqD6PBJK1xA2A3O7hxxr3kpkwHkKVMetDWirm/bAf/OPhc2E9qGCp5yYu5Ou927LY4CXQi4kmYEyII3D4XBr2BN3f9P7aUrtG6nLC1KHMVV027GdWvyoD2LngVDx7Fzes7n5JW3z5aPnE1C3O/RCDgxyyhTkQoCXNCDJJX8dDgquPlnU+E5LZb4SYrMZ+bZ99DXFQCJoNZ63JCQltrnLT6DowzJptb8r9LSvxYGZspIpKEOSEGwad6qawv5+nN98sFNojsZgf3XPYodmvciG+h8yhudOh4cevvpDVukJZPXM2SKdfJhBsRcSTMCTFAil/h8Ok9PLPtPq1LiVh3zH2YSWNmYtAbtC5FE17Fw9mG03KzEERZifmsXnA/Op1OWn5FxJAwJ8QAKKqPw2f2SpAbBnfMfZjclOkjblKEfMaGjrT8ikgjYU6IfpKL7PBrbaGbMSK6xtpmRa/Z87wsND3ERtLnSkS2weQtfZBrESLkqX5VgpwGntl2H4dO78GnerUuZUhJkBtebZ8rRfVpXYoQmpGWOTGiuH0ujlUekCCnoe8t/CMOuzMiu8YU1UeAAC9seUwmOgyzkdqVLyKHtMwJ0QdexU2ju55X9zymdSkj2tOb76fJ3YDb59K6lKBqa5F7d9/LEuQ08My2+zh8Zq+00IkRScKcGBFUvwLo+N/PfiYzCjXW6K3mmc8eRq/To6iK1uUEjXStaq8t0Pn9qtalCDGsJMyJEcGgN/Li1t/JtkkhoqKpiL/ufgajITIGrSuqj/cPvClBLgQ8s+0+Ttedwqt4tC5FiGEjYU5EPK/iYUfxJun6CjFbStewo3hT2He3un0uDp/ZyztHnta6FPG5pzffT4OrLuw/W0L0lYQ5EdHatul6cfcjWpciurDmwNP4VO/n3eDhx+1z0eRukHGYIabRW83LO58YsQtVi5FHwpyIaGajhbcLn9O6DNGNRm81r+98KmzXCDPoDby88wkZhxmCjtfs4MPDf0cJ0xsFIfpDwpyIWB7Fzf6yHdK9GuIKKzdwrPIgHsWtdSn9ovoVPjz8d47X7NC6FNGNd448TUVdadh9toToLwlzImLp0En3V5h4Y+8fsRitWpfRZz7VS01ztYyTCwMv7vgNep1c6kRkk0+4iEgtnia2ndgo3V9hoqKpiB3Fm8KmBcVkMPPKzt9rXYbog4qmIrYe3yCzW0VEkzAnIpLRYGLd0Re0LkP0w/qi18Kida6t+166V8PHG/sfw6O4I2pdQyE6kjAnIo5HcVNYulVa5cJMRVMR+8t24PK1aF1KjyxGK/84KJNqws3Gw2+hBiTMicgkYU5EHIvRyvqi17QuQwzAPw4+h80UpXUZ3XL5WthftkMWnw5DG0+8JF2tImJJmBMRxat4KKsplottmKpoKqKqsSJku8NspihplbtALBkZq7ksPlbrQnq15fh6fKpX6zKECDoJcyLi7Dr1sdYliEH47Pg6Avi1LuMCql/R7kbB9nW+e/UjXNRxDVz9VXz9S09wpc3U9WsMK7lz+c86v2ZIxJCasoBJsTFDfaJB+7j4TUwGs9ZlCBF0EuZERDEbLewoW6d1GWIQdpStC8kLrupXtbtRcB3kpHsck5OT2h8yOi8m23Ocoy5fNy8yYjSaCM/lmIdGo7ea/WU7pLtVRBz5dy4ihupXKK46KhMfwlyjt5qymmLSEsdrXUon2t4oHKCw0sftKdMxnP4AlUQmp6TTcuYflDCVyy7+IUsTjPj1AcoPPMhTxUcJdHq9hYQx3+fuWXnoFT0m1zqe/fhPFMfey31z4YV1j1HCGOZf/Aumlf87T5YX8K0vrcLpCWA2+jh94EF+X3ykw/EymD37fq5LtuDTR2HTqxSXd3+ekujbuXv+VST5dZiNp1j/8QOsb9Rm39QDZ7aR45ymybmFGCrSMicihlfxUlx9WOsyRBCUVB8JqVmtql/hWOVBDW8UmjhRWQzOeUzRA+SS69BzqqoIffJ1XBG1lSffuYWHth9mTPZy0i94/QwWT8mkeOvdPPTez9lhvJwr08b0cs5a9m29i4e2b6Ja7RwNDcm38U+jj/Hie7fyX3//Du+ca1sfsKvzjCc9fQGO04/z4Lpv8KdTccwfPxNdMN6WAdhSugaz0aLR2YUYGhLmRMSwmaM4UrVL6zJEEBRVFWIOoa7WULhRUKs2c5RxZMdGo4ufS46xiD1VNajVL/HMthcoJYDX00iXw/ttk0m3lHP43DngKIeqmnHEpvV8wkAtFQ01uCqf5OVTRzv8wEJSvJPA2e0c8QP4UPyBHs4zmsq6s1jGXM1l8WaK96/mp4Wbz2s5HF5lNcUhO8lGiIGQblYRUcJ+IVf9DC6dPJHSg69QHHpzAIZNYeUGDPofal1Gu5C4UfDvZf/Z27giOYdkcog6+zYH/QCl1Flv4MbcOWQkphEf6GJcnyWOKOMUVl7xPMvRYTTbUUoGWogeq8mIx9OA2qfzBHCV/ZI/6O/mK/P+h1ll/8ezhe9SO9DTB0FJ9RFG2ZMxGuQSKCKDfJJFxCirKQ7uAQ3X8a2rbye1pR4PVmIsDezb+RAvnj7Z9fOtK1g1Zx7n9v03a+saPn/sclak6/n0yPvU9eWcukwmZ85GPfQKQf5tema4jm+tKGDfP37IpxdcobVR3ViJw56sdRnttL9RqGJ/ZQVfmXANlxND0eEdKIAh6dvcM2sMBw/8iceKruCHc7t5ecvH/HndY3TKcPHzBliLHqslFgNcGOi6Og9Qdurn/Ko8nyvn3cu/5jXzSOGmC187TIqqCpmTuVCjswsRfNLNKiKC6leoazkX/AP7j/De+tt4eN0t/GJvNVOm/hMZXT4xgcmTriPTkMy8vGsY1fawdRoz06cQH/zKgkvdwUc73+RAiAQ5YGj+PgeovLabAD/MvGe2ctx+Efn2Co5WVQM2xibnoD/zGm+WFREdm4ytqxc2HKHcPIm82Naf6iwZJBl0oLTgNScx2qgDnIyK0uFRupsd28ZFWc1p9KPnMFEPOms+ObGWHs5jJSF5BdOsFlD3sqOiHnu0gyFfMaUHxbWFYbF1nBB9JS1zIiJ4VS91LUM5ON1HXfk2Ts0oINUwhtS5j7Eszo/eaMJf+yZP7PRy6ZhELD43BttlLEx4izfqZ3D97PnER+n52tIplBc9wTv6W/nmxDRUzJjq3+apT5+j/PxT6Saw7MrXWaaqGAxtM/8gdfwD3DklE7/fiKX2NX772cucYwzzL/68Fr2CT6+n5uhvePLoDtT4O7n7oisYFdBhNpTx0WcPsrZuXNczHw35XDa7gH0VW/iU686byfgIL3quGfYZihX1p3DGpRFj1X4xWpe3WesSWvkOUFzvZYJvJ7t9AcBFadk26i+6h/vSjOjqS6gxXcLXL67i8a2l1HjGs+zK17ik5FGe3lXM6gXPMl3RE22u5rOt9/FW1VrWl9/Hdcte4kq/CWPje/y5ooreZicop19jfdaPuWXpX0DfQEm9m3F5P+FG1/38bdd07up0ngfZZJjGiiu+xvVeBZPxDOs3b+x6bN8wkRnvItJImBMRQa/TU9NydohP0nHNLpXmssf5zWEby6aMZuyEJYw+/QQP7f6M5Mm/49u5V/D2Z2/yxs5ZTGpf+mEu1y8dxcEtq3m1ZgrXL/km8xPf4NWapvNOdJpPPvwea1uimDzzMW7NXchHO31cPimB3Zu+xprmBdx25U0sjH+LN+oAfNQe/xm/LToIsf/CjxbdyJzjJ3FlL8B04qc8WHSGSTN/y5fHTWW95YrPZz7+gcrk+7hv+nLSi49e0CXWOpPxR7xjvpFrrDntMxRfqkpn5eU/5Mq0D3gv9vMZioV7yZj6W746fiYbgjyw3WTUfhJEk7uBivpTWpfxucOs/fAa1nZ4RK37E4+t/VOXz3517SZebf/TVn5x+vxn1LBz9zfZufv8x9/kyTVv9lDHPtZ//BXWd/mzX3Rxnq4e01Z57UlSEy6c9ytEOJJuVhERfIqXc80VQ3gGC6PGFTC26RjHVQAfdQ0n8SobWLN3Dw6HhdLKfXhxUVZRRJN9HBcu/FBGab2VyRP/iQzDNt54/84ughwQaKHJ4wFqOXL6OP6EiaT5t/PB5kd5r8EFaj3NSsfZESotnjoCQKD5DHUBgPGMT/BysqqYALUcLHyY54sPoPRl5iN0nsl4Nk6TGYpFVYVBPNrAhUKgFMEXCIzgGUYi4kjLnIgI/qH6YtZPZsWS/2OxPoZoz1Ze/fQ5KhhFVqcnxRJjjiM77zfcNzUA+mjs/q52CjjNth2/wJR3N3dceRGFex7l9dMlPQYg1dNA6wpe9Zxx57E473amOMbjjPKwsz+/h3qMkkYAd+8zH8+n4QxFj88dEmObhrzVVwghBkHCnBA98R/kH+/3ZYbnWXZu+TfeqOtlzJi6j09338324jv41rz7uMH3A16t6j4CGaMSiVLKcOsv5YZL78R55nXe/OjvXHT5HX0o3oBB33mYeZ9nPp4vDGYoDqWhbfUNEefPvO40w9lCQvI3uD43n6TAbv72ye85JA1bQoQM6WYVYtCKKa61kT1m0ufjxkczOqqrQfvpTBt3KQkE8NZ9wpGWKBJtXc09NGLU64AxzBqbja+2iKrYWeTo9vHuvjWUm8aRZO7tn24xxbVmMp05rTUZJpBhT+7bzMfzhckMRTFI58+87jjD2bCCmwqmc3bPd/n5JglyQoQaaZkTYtCq2L3vZXLn/4AH01R0VgtNxx7n1wc/Rmk6wAndau5YVoDa8Akfu/K4Oe+fcSlGzM1rebb8TOdDBUooqlrJVVe9wqVeHVZlF29+8gmqt4Htrnv56pWvYKCCk00xzL74v6j98H/oesvwKnbve4Upl/w7P03zglnl1L6f8b/dzXzc1kOLon+DZjMUjfrQ+IrKTsqjsHKD1mX0k62bGdCxjM/+Cbdlp+DH3DqDdfNRZnWaef0ofzo1pXWG81kzzgU3Ml5vI/WiXzPm+BqKnDew0K4Do46KQ7/gD8f3abqjgxAjnS4QCPT4b1Cn09HLU4TQnMvbwsvbfx+GF1zRnUWZq7hy6o2aj5lz+VrYWbyJN/Y/pmkd/aa/gtuWfZm6T77TPgO6efM9vNGwkK9fdRWnN/6Ate55rLryVpSt/8ar/ju5r33mNZ27Wenw//Z7ue8iE6+s/RXH4u/lPz///yKtf99++t7CP5KWOF7rMoRoN5i8FRq3vUIMkl6vD9PWE9GdxKjRQzexpR/0ujAdjeLfzgebS6hucAEdZkDHTiTVd4KNLR7gQ17/pBpHSzPY+3jcphNUmm7g8vEzOVn8GA+v7f0loSgh2qF1CUIEjYQ5ERH8/kgcdj+yWU1RIRGkLEYrGY6JWpcxAH2ZAR3A27iPfi0Bp7zNc5tMfHn2D7lv3A7+tvX37HJ33dkfyqItfU2vQoQ+7b8phQgCmzk6TC+4ojvOuLGad7G2iY8a1fuTQo3+Um649JtMCWznzY+eYGdLhxsenQnTgA8cwNvwBi9tvJtnz6Ry7WXfZlKYXUmyEvO1LkGIoAqzf4JCdC8sL7iiW8lxqVqX0C7GGovdHGbdct3NgG44QrlpApNibYAOs30aYwy97N/Vgc56KRcnp6OjluLSfdRZk0js+8tDwrj4HNy+4G09J4TWpJtVRIy2C67suxj+nDHZmAyhs/OCV/EwJXkeW0rXaF1K3zV83M0M6If4265Z3H3pn5nuBauuiHc+PsrpjjOv69/iD9u66zq1M37qr/jSTA8+o4GaQ79he5iNchgTlyE7QIiIIrNZRcTwKh7+uvuZ8Lrgii4VjF3Jyulfw2aO0roUANw+F/vLtvPi7ke0LkUbnRYQ1rqYwfvp8lewW+O0LkOITgaTt6SbVUQMf8BPlmOq1mWIIJiSMhedLnT67qwmGxNTpmtdhgYSmDzjT/x0yVdIrT1ISQQEOWdMtgQ5EXGkm1VEjPYL7m6tKxGDleHIwWrq0/4Uw8ZujSMrMZ/jNTu0LmUY1XJwzzd5QOsygmhW6iK8igez0aJ1KUIEjbTMiYjSdsEV4SsrMZ8Ya1fboWmr2dNIQfpSrcsQg1SQdbkEORFxJMyJiCIX3PBXkL4Ur+LWuowLRFvs5I29SOsyxCDkJS+WLlYRkSTMiYgSbbGTmzJD6zLEIOSNvQhziKwvd74AARZlrtK6DDFAc9IXy5IkIiJJmBMRx2aOomDsSq3LEAOwKHMVgRDest2oN7Io9xqtyxAD4IzJZmpafsiNxRQiGCTMiYij+BXmZ12ldRliAOZlXYlRH7rzsgx6I1HmaGmdC0MrJt+OJwS774UIBglzIuJYjFbSEseTl7xY61JEP+QlLyY+KhFDCIe5NtI6F16yEvOZmpYfMtvDCRFsEuZERPKpXpZMukHrMkQ/LJl0A2og9BcyM+iNmI0Wrp96r9aliD66Nu8OGSsnIpqEORGRTAYzzrg0aZ0LE4syV5ESPzZsWk4sRisXZS3GGZOtdSmiF4syV+GMHytj5UREkzAnIpZOp+PLs+/SugzRC7vZEZbdlopf4Zb872pdhuiB3exg2dSbCOE5NUIEhYQ5EbEMeiMWo1W6w0LcyimrsZpsYTFWriObKYqU+LEsn7ha61JEN1bPe4gAAYyG8PpsCdFfEuZERDMbLSzIWSa7QoSovOTF5I+/FJPBrHUpA2LQG1ky5Tr5fIWg66feG1Zd90IMhoQ5EfG8ioebZ9+D3ezQuhTRgd3s4Muz78KreLQuZVC8iofVC+6Xz1cIKRi7kgU5y8KutVeIgZIwJyKe2WghxhrLjTOkuzWU3DjjXixGa9jvk2k2WtDpdNxz2aMS6EJAVmI+1826E0VVtC5FiGEjYU6MCFaTjdyU6bLYa4hYPnE1uWNmhH2Qa2MymLFb41g97yGtSxnRshLzWb3gflS/KuPkxIgiYU6MGEaDiZUzbpPxTRrLS17MkinXhfRODwNhNdlw2J3cMfdhrUsZkexmBzfPvgd/wC/LkIgRR8KcGFFUv8LqBfdLoNNIVmI+txbcG7FdYFaTjcljZkqgG2bOmGy+fdmvibHGSpATI5IuEAj0uAKPTqejl6cIEVbcPhd6nZ6nP3mI4zU7tC5nxGjrAtPpdGE7e7Wv3D4X1Y0VPL35fhq91VqXE9HaPlfSIifC3WDyloQ5MSJJoBteI/GC6/a5aHI38PhH35NAN0Tykhdza8G9qH51xHyuROSSMCfEAEigGx4jMci18SpuQCefsSGwfOJqlky5DkVVZLKDiAgS5oQYIAl0QysrMZ+7LnlgRLecqH4Fg97I+wfe5J0jT2tdTtizmx3cOONecsfMiLhJNGJkkzAnxCCofhV/QOXdfS+z8cRLWpcTMRZlrmLljNuk5eRzil+hpOooz29/RLpdBygrMZ/bC34QEesTCnE+CXNCDJKi+jAaTOwo3sSLux/Rupywd8vMHzNj3MVA65IwopVHcaNDx193P8OW0jValxNWrp96LwtyluFR3LJFl4hIEuaECBKv4uFsw2mZhThAzphsvnHxfxJnS5CWk24oqgI6qKgr5cUdv6GiqUjrkkJaXvJivjz7LmmNExFPwpwQQdQ2aF1aT/qnYOxK/mnmHUAAs7Sc9MqruDEbrXxy9D3WHX1Bbh7O44zJ5vrp/0yGIxudTif7rIqIJ2FOiCBraz2RMU69a7/oJuVAICDdqv3UNgnnvf2vyJhNvpjgMDUtnxZPE1GWGK1LEmJYSJgTYoi0jXH66Mg/ZCZiF5ZPXM1lE1egBlRspiitywlrPtWLx+dmw+G/saNs3Yi7gXDGZHN59g1MH1eAP+CXcXFixJEwJ8QQ8yhuGl31vF34HIWVG7QuR3Nt45jMRotcdIPMp3oJBAJsO7GRT0v+EfFj6rIS81k44VqmpuXL5AYxokmYE2IYqH6FQCBARX0Z7x96bUSGurzkxSyZdAPO+LHoQMYxDSGXtwWbOYpjlQfZeerDiBq/aTc7yE9byrysK3HYk3H7XCN2HUIh2kiYE2IYeRUPZqOFspriERPq2kNcXBpqQJXWk2HkVTwECOBTvBw+s4ctJ9eF7QLXBWNXMiVlLlPT8nH7XBj1JlmDUIjPSZgTQgMexY1Bb6Su+Rybj6+NuHFOba0ni3KvIcocjeJXJMRpzO1zYTSYcHtbKKk+yoEz2zhQuTlkP3fOmGwmjZ7D5JR8JiRPxqt4AGSJESG6IGFOCA0pqo8Arf9Gjpwp5MNjfwvblhNobYWbk76YiSl5qH4Vo94oM1RDkFfxoPpVbOYoqhsrKak+wvHq/ZTUHtJsnGLtWIMAABTlSURBVF1WYj7j4nPIdEwmw5FDjDWWFk8TZqNVWuCE6IWEOSFCRMeWk3DqEstKzKcgfSm5KTOwmqNQVJ+MYQozLm8zOp0eq8mGT/VSWV9ORX0ptS3VlNUdo9nXELTPYl7yYgCyk/KIj3KQEJ1EakI6ql/Bq3jR6/XSiitEP0mYEyIEtQW7QMDPkTOFnKg+yKGz20NidmJb91emYzITU/LQ6fQS4CKQR3EDoKpKp/XaqhrP4PG52/9cUn3kgtfGRzmIjxoFgE6nJ9piJz4qsfV4fgWPz41Or8dsMMtEGCGCQMKcECHOo7jbL6jNnkbO1JVSUX+KoqpCimsLh3TMkzMmm9HRY8lOysMZN46U+LFEW+y0eJowGIzSgiKEECFAwpwQYUb1K3hVLwTAZm5dbLe89iQubzMV9ada/1x/ghZvU6fXdZw529bV1SbKHENqXCYAGY6J6HR6UhPSgdZlLgIBv6ymL4QQIUrCnBARpMXThE6vR6/T41O86HX6HkNYi6cJf8CPyWjGH/Cj18l4JSGECDcS5oQQQgghwthg8pY+yLUIIYQQQohhJGFOCCGEECKMSZgTQgghhAhjEuaEEEIIIcKYhDkhhBBCiDAmYU4IIYQQIoxJmBNCCCGECGMS5oQQQgghwpiEOSGEEEKIMCZhTgghhBAijEmYE0IIIYQIYxLmhBBCCCHCmIQ5IYQQQogwJmFOCCGEECKMSZgTQgghhAhjEuaEEEIIIcKYhDkhhBBCiDAmYU4IIYQQIoxJmBNCCCGECGMS5oQQQgghwpiEOSGEEEKIMCZhTgghhBAijEmYE0IIIYQIYxLmhBBCCCHCmLEvT9LpdENdhxBCCCGEGIBew1wgEBiOOoQQQgghxABIN6sQQgghRBiTMCeEEEIIEcYkzAkhhBBChDEJc0IIIYQQYUzCnBBCCCFEGOtxNmtZWdlw1SF6kZaWpnUJQgghhAhB0jInhBBCCBHGJMwJIYQQQoSxPu0AIYQQQowcPmqLPuGdd7ZT6vIDemxjZnHl1ZeRm2Bqf5bacIKt769nc9E5FABjPONnLWLpZRNJMACo1G5/mafWnyHl8q9x+xzHF6eo3c5zT63nTMrl3HX7HBLUE7z721fZq3QoQxfNmFlXcPXiSZ8fD6CF07s38cGmQk631zaDRVdeQl6yDbo6DgB2pt94B1dlWvv/dvSltrbfx5zL1atXMiWmra2oq/fAzYl3n+HVvY0dDqjHljSRgiuXcFFaVDdlvMtvX91LpzJso5lYsIRlF43FCqCU8P4fX2FncwD9hKv51y9PIarzQXr/Xdqew3Ru/M5VZBq6qbeLz0Rv51drj/DRO++zvbSJAKCzpTLryhUszk3EwMBJy5wQQgjRgXr6M15/cyulbgsJzhScCRbcp3fw1l8+4qTn812RvKV88vpf2VRUA3YHKSkO7NRTvG0Nf9lQjGegJ9fZSHCmtB7P0MLpnf/gr9vP0npWP00H1vHy2j2c7lTbLt5949Mvaut0nLb/nCTYBnnJv6C2d3l7VzWd9onyHmH9h8dw9emAemwJyaSkOEmyG3BVHWLjqx9w2OXvpYwEnCkppCTZMbjOcnjjW7x3uDVo+StOcKT583ertIRyTze7WPX4Pvex3tM7eOvtPdR0eFGP51fL+OT1t9lW2oI1IZkUZwJWdzk733qDDSdbenmvehahLXN+3OfOUNFoYNRYJ/bBxF0hhBAjiIczh49wLmBl/PLbuSkvHqij8JU/807xQXYXF5Cea6P+wGa2nFUwj1/K1748k0QD0HSIt55Zw6Fd2zg4dxwz4wZwekMOS756FZkGUMs28NQL2zh78ATnCkbj8Feyd/MxvLokZt98M0vSoy+sLfvC4wRNh2MqJ9/nj3/ZyZmjpTTOcRDb/qQALQc+ZdusdC4bY+nlgNHkLPlKa2thoIbdf3mOtadOcazMTW52161zrWUs4atXZWJApX736zy1tphjxyrw5VqpPl5MU9sTPWWUVHjITu+iNbKn97kv9ba1wJ05zsnG2STG6gEflT2c33/mKPvOKejHL+eOm/KIwU9T4Zv84Z1j7Nl9ikvTc+ntHetOZLbMNR9h7Yuv8X5RC0YJckIIIfpBVdXzHoklc1Y+0+bOITfRCDRTdryCAPFMK5jUGuQAYiYwd4YDAhUcL2sedB2GlAzGG4GaWhpUoKmCkhoFEnOZPi7682fZyZg6ifG5E3HadAM4i0rt9hf5xS8e5bnt1X1+lTE2vkOAO0+gki0f7KH6/LexJ7o4MrJHA27O1fW1lcpAXEYmyYByro6mQC0nj9eCLp05c1LRUc+xkhp6bufr4n3uC2MM8bHnBYzezq+qdO791hOTOZ2Lps1hfm4iA/nb++JIEaeJ45s+4XjMDK68JAOb1uUIIYQII2ac/7+9e/2K6krzOP49daG4FDep4iYFyE25CAGjoowx4i0uJzft2J02yZru6Z4Xs2ZeZM2L+R/m5UzWdPf0jL3SufUYXZ20nTGI4q1RFAVRUYGCgiqggOJOAVVQVWdecAkgiMYOk+p5PmvxAqiz96kNrPNjn2fvk5lOOB7ar1ZS3TaMHw3G7L/icPkONsWHQsBNv8sLGjPJ5pAFx2qJNsWiwYur371qiHhWgdEhhlTQJcUTO3/l1xKVf5AfvnGQ0rSIJx2+AgWtTouCBp3uaSNBAHd3FwNoiEpJwLjwW6YsNsXrUbtvUNU4uMptyz+z0S7aXD5Yl0p+bipRBBhpttH/XZyEuwf7gB+ikkicqw9cpX9NYgYbwxUC7X/iq+q2meBozGb34b3s3BRPyIqdrW7tbrP6h2i+/DXn67uYVGeK/l7Y/wq7c2Jniv48XdyqqKC6ZRAfCrrYbMpe2ceL68Pxt5/jg1MPMJW/y/GSuNkGB6j75CMuuvI4+o8HSKedyn87xd352HuLzz+4Q2L5uxwviWG47hT/VeVASS7np2+XEDP3hzDawMlfV+JQLez52Q8oiZlL2n5GG37Pf1a2o0aUcOzn5VhWHK1JXA9vUlVVR+dk8pJ2hBBCBA8FQ8ZLvLmzn5PXWrl60sH9rK2U7y0le67QXfUwMR4ATRhhhoUBSIMhLAwNAcYnPM8dZPzOdmw+UCyJmLSgTnnxAGi1q8/E+Jup/KiP0LlrnZLE9iP72GRceqSGqOIf8c/FT3NCs2363bhcY/gji3h1S+Lic9GnsqM8jr5Pb9B2qQZr9v4n3LZcQB2hvaUPiMaSFPk0RwB+Rtrb6EXBaIlH33mbTlVDdM4G4s0e0g01NAx20DFcSnzsytfkpePMirNz4zRXfkZfqB+3a4AxfwwFrxaTpAEIMNFpe3L/hg3seXMnrpPXsF39nP+4n8W28j2UZT/f4gdYszA3jevmV/yxbghz/k5KTV5sdXeoP1tFXPwbFEUP0/CHL7js0JO+9SU2hAzQePMBl78Mw/SzfViepavILEq3ps7OyGkwWoxAAM+EBwDV2UTLYCFb43SAn1FbC50qwDADw9MwH8Im6LL1zvwxjjuw909jSdQ/1h2M8vCLj/kf6/MVLwohhPi+CMfy0lHeiblKxcU7dFurOd3eRMGhNzmUH/fcF94n8tuprThLU2AE+6MORgkjNc9CJDzbTJ86yVDPwmUIOsamnzNeLmlT8Y3QN+Qh27iwvk0hxLKVPfmPOH3/ARevb+L1FbPZJPba85xtUhnvbqPVNYU+eTP5SU+uHPPba6k420Rg3Elrax8BfSov5hvpvN5JACPpllg0+mlSLaE0WHtpaR9ha+y6pY2sOM4rCzA51PvN4g5lmtG+YTzZUYQygb1ltf41hFrKOPZONFcqLlPf3cK10x08KjjAW4cKeELeXNUahblRHG39qLo8dh3YSbpWJdc4xi+/6sDa6aZwupk6u4eIkld5fXcqOnxY6Oe31d10DfqeLcwZU8kvKSFm0Rc982EOtZdHbUO8GGdGUYexNnbP/vek4vcv+EX3Omm1edBHGtGODfLQ2s/OxKRl7mlP4/GbKCwvIr73Iucbn3FohBBCfA+FkVB4gPdyimisvsD5W3buf32B9clHKY4OJTxCA2OTTHoDED43N6Xim5pCRYMxPPTb1UCpQ9juDs1+oiHyhcMcKTahAEpYOBHA2PgkXmDlJQKAbm5bjW9zEqu1Oc1o6xVOnarl6pc1pP19OYufUWQka9dOMpq/pq32EtdzVoqhPoZs95l5tyHEZu9i//4tJKxyzuqQjZkhUtDF5vDS/nK2rhvknG0SNNmkJhqAEJLTzChWO52tTiaK1y0eryeM88q+2d7FP9pC1ak/cPtqBdfS3qM8oQ/bU/WvITShkAPvZfNC4zUqz9/Gcf8CZ9cn8vaq/a9sjcJcOOvMRnDaaGjoIbEkkbDc13g/F0DF2zzICGFkpcTNnpAO8453+acdM0f725+3/2kmJ3ygGAgLmaLvThO9L5pJGGyj0TmNTqfD7/MwMDIBhAEqU51ttPtDSdu2Be2lyzS3dTJYlkTcYyMdR/HRY4CH9nPPU74ohBDieyc0gfy9R4lWPuLjm508aB+huNiIyWyAERfdriny51dL+hjs7cePAbPJiGa+Hk1laso3s6/YXLt+P35A0ekWz/Tpijj2/kGSWv7IL754wPjIxHzRvCbahFkDI85uXL580v7P9qPQE5VZxObEei44nThH/Cx94KQSnUf5zvvYLjl41ATLx41vt/edrugY7x/KWDRugc46Wr0q0MyZf/0Xziz4nmqzYvfmscmgLGxkxXF+GtqoDF7cnMjtC04czjECtD9b/4QRn7+XH0Ur/OrjmzgeOBgrNq28qGQVa7QAIoy00l0UrPNirfqME5+eo84+OntbOsCk240fLYaQJ8VxlXH7A+rq6mY/HuBwLzNl7LbTOP+aRhxjfmCKyfFp0FrYtDEGRlpp7Z1ksM2KS42hYHseUUBgfmbOS29HF14lmcycHDI3hKG6Ougce5alOUIIIYJPAPejrzjxRT29nqUzSgo6rQaIICUzEYVh7tU8ZHDu0uC2cvNOPyiJZKZEABqM5ngi8DPY9IjO+fa89DY140IhIsm0eAEBABrCskvYEqcj0N7A/f7ZmBGeRGaKAcYfUnOvf0Fp1zSjHR30Ta3hcgPvCP0jflBCMOiXm8jQY9q6m9K4tUicc1uCaIm05FJUVDT7sZGkMAX8Xdi6PMsct8I4PxUvQ/1jgJZQg/p0/bsf8uWJM9T3LrMLn+4p6iCfYM1yvRK1kYM/jmF9dRVX7tzl4slmHu14nSNlyU/Zgp8x6w0uWpd8eek7GLNSUzX3okgK12ViifAwNuYHcyrFhSba7t7g3v06pm09qBFF5GRH01Pto3/IjR8T2sAAbc3DEJtHQrgRfaoJxerEandTVPBtNg4SQggRHDwMOLpxPbrHb5quEJsQM1/wT8gmCjKiAA3R+aVsrXVw03aOE7+8jdnITFG8T8u6baXkR89MTmjWF1KWeo8Kew2f/qqJhJhQ8AzTOzSJqs+grDh5+Yu4NonNLyRTc8HBzdoOig9lYiCWvLLNXHfcwlZxgg9umokJVfC5B3CNhVF07CccSps9fukCCPTEb/9rDm1aOvcTYLT+JL+o6Cbl4N9wvHhJbdlC820G8Ay7GJoEfWomlggNDC/3HpLZ9nIeDafv8p1Wlc9vCZLIloOHKTXNBYNpnOG/5cPr/bS29xPIsDw+1suO80rmFkBoUGd/hugzyEmZpuPWav278Gi76HI18vA3D7kSayZmbiEFEWQXpC0T6p/e2k7ShiZQsPdtcre0cOWrCuqun+Na6nHKjEa09DHq9gIrTbfqZlemLl3NuuRlSeX87fElNXP+aaY8KkSCkpBJbnQtNXeucxuFiJIskiLGMWrBNTWFD9D02Whxq2iSxrDXN0C/DwUvdms3kwXRst2JEEL8xQonrfwt3oqoovJaC0M9TmZqszay5/CBbx5TFZLG7rdeR3fhEjet/TjHAF0cWTtfZm9Z2jfbTCgmio8cYerrSmqa+uhxwsyjq3IpPbif4hWr3rWsK9xO4XUHDQ/vYd21gXyjBkPabt4+YuBCVS3WuWJ8XTSWghI2mhZc0pdZAMHY1DL9qPh9flQC+HyrLLFY1GYIsVnb2H+gaME2KUtpCMsuY292K2davvUzMVY3vyVIBhmLZgL1JORkEX3dxUhTG70vW0h67OBlxnnFi/zCBRAzu25s37+PF7RtfLZq/zaGXt7NO2+FU1lZQ8v8zy6O7D2vcDj/+SaKFFVVV5yX7ezsfK7Gv6Ey3dOGPTSVzJiZFaHTrWf59983YSp/lx9v6OB3J6roSX+Fnx8teCydPtPWJOZlwtxoA//960p6Nv+AfziwHtefPuWTGhcQS/EPj1Oe3LPg2EL8tZ/z4eWux5eVGwp44+8OkmlY7jfXQ/u5Dzl9N+Y72ZokJWVpRYIQQgghxFrNzKn93Dl3hiuDUWwozCU9WqWv0YpPMZGZEoUSm8WWjbWceVTFydO95KVHg7uH1gd+it57ldxn6cttp7GO+dkznTmLzZF+fPPJTE9CTg5xN1wMRG0kLyUUMBAeoYWJCTyBEbpb+lAXBTcPjqpPOFlnp83pITN9YWz34mp+iMPtZcA1BYziuF8P4dFYNmdhXraWQAghhBDiz2NtwpxipuS1w0yev0x9XTU2ZjYNLn71FbbG6wE9OfteY1/IJarv1VNtA5QIEvO2YAw8Y0Hnopo50BWuIzd3mGF0mEyRM6tf4ot57Vgy4+EJJCoAIYSFK+CawDPSidXpw5CXhWV+Bi6UpOwNRNTV09rmYk966oKBc+OovcRF51zhpBdrzSWsWNiTkYFZNg8WQgghxHdojW6ziuclt1mFEEIIsZy/wGezCiGEEEL8/yFhTgghhBAiiEmYE0IIIYQIYhLmhBBCCCGCmIQ5IYQQQoggJmFOCCGEECKISZgTQgghhAhiT9xnTgghhBBCfL/JzJwQQgghRBCTMCeEEEIIEcQkzAkhhBBCBDEJc0IIIYQQQUzCnBBCCCFEEJMwJ4QQQggRxCTMCSGEEEIEMQlzQgghhBBBTMKcEEIIIUQQkzAnhBBCCBHEJMwJIYQQQgQxCXNCCCGEEEFMwpwQQgghRBCTMCeEEEIIEcQkzAkhhBBCBDEJc0IIIYQQQUzCnBBCCCFEEPtfA52CHcDa0BQAAAAASUVORK5CYII=)
Le second facteur est le niveau et la structure de la dette des entreprises et des ménages. Le niveau élevé de la dette à refinancer peut accroître la sensibilité des entreprises à la hausse des taux d’intérêt. Il en va de même pour les ménages dont les crédits hypothécaires, assortis de taux variables ou de taux fixes mais ajustables, les rendent également très sensibles aux taux d’intérêt. Au Royaume-Uni, la banque d’Angleterre a calculé que « pour un quart de l’encours des emprunts hypothécaires, la période à taux fixe arriverait à son terme entre le T4 2022 et la fin 2023 ».[4] Cela signifie que, pour une bonne partie, l’impact des hausses de taux antérieures ne s’est pas encore fait sentir. Les relèvements de taux pèsent non seulement sur la demande de nouveaux prêts hypothécaires mais ils renchérissent aussi, avec le temps, le coût des prêts existants, ce qui renforce l’effet du resserrement monétaire sur l’économie[5].
Le troisième canal est celui de la valeur des actifs. Des taux d’intérêt élevés réduisent, toutes choses égales par ailleurs, la valeur actuelle nette des cash-flows futurs et, en fin de compte, ils devraient aussi entraîner des révisions à la baisse des projections de cash-flow. Ce phénomène devrait être progressif. En revanche, un bond de la prime de risque exigée, dû à une perte de confiance dans les perspectives et à un sentiment de plus forte incertitude chez les investisseurs, constitue un facteur susceptible de provoquer une réaction non linéaire soudaine[6]. Cela peut peser sur les dépenses via l’effet de richesse. En outre, la valeur des actifs remis en garantie d’un prêt diminue, ce qui peut limiter l’accès au crédit.
Ce phénomène relève du quatrième canal, celui du crédit bancaire. Les conditions d’octroi de prêt peuvent être durcies en raison de la baisse de la valeur du collatéral – c’est ce que l’on appelle également le mécanisme d’accélérateur financier – ou simplement parce que les banques sont plus inquiètes à l’égard des perspectives économiques et du risque associé à leur portefeuille de prêts. Enfin, le relèvement des taux directeurs peut renforcer l’aversion des investisseurs pour le risque et déclencher une remontée du rendement de la dette des entreprises et /ou réduire l’accès de ces dernières au marché obligataire.
Ces nombreux facteurs nous rappellent la tâche délicate qui est celle des banques centrales aux derniers stades d’un cycle de resserrement. Ils ne signifient pas que ces dernières doivent prendre des risques au vu de l’inflation et cesser de relever les taux, mais ils incitent à une plus grande progressivité, avec des hausses de taux plus modérées et moins fréquentes. Cela permettra de surveiller la réaction de l’économie tout en réduisant le risque d’un relèvement excessif des taux. Insister sur le fait qu’une pause ne signifie pas la fin du cycle de resserrement devrait permettre d’éviter que les anticipations d’inflation ne repartent à la hausse, en réaction à la prudence accrue de la banque centrale.
William De Vijlder