Auto-Tune is also becoming a popular effect in EDM, driven in part by the rise of trap music. In trap, the Auto-Tune effect is used for a synthesized wailing sound, similar to a sound from a vocoder.
The United States, Canada, and the United Kingdom have indicated that they will tolerate a period of lower inflation until mid-2020. The United Kingdom recently stated that it would not tighten until prices rise above 2 percent in the fourth quarter of 2019. Canada, by contrast, is pursuing an inflation target of 1.5 percent, implying a 2.5 percent year-on-year inflation rate in 2019. The United States has raised interest rates twice since the Great Recession ended in 2009 and may lift rates as early as the second quarter of 2020. In the meantime, the Federal Reserve has added more than $4.2 trillion to its balance sheet, which is 13 percent of the entire global stock of government debt. The increase of $2.9 trillion in U.S. Treasury debt issuance has been offset by a decline of $1.3 trillion in Federal Reserve holdings.
On a regional basis, tightening is even more pronounced. The leaders of the advanced economies, as defined by the IMF, are the United States, Canada, the United Kingdom, and the euro area. As of March, these advanced economies accounted for 71 percent of global GDP, and their leading central banks announced, on average, an increase in interest rates of just under 150 basis points. Within this group, the United Kingdom — which accounts for 16 percent of the world’s GDP — had the largest increase, of 360 basis points. The United States had the second largest rise, of 150 basis points, while the euro area increased its rate by 50 basis points. Thus, there is no doubt that the region of the world that is best placed to withstand shocks in the global economy is the advanced economies.
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