Our year in review, and forward-looking summary involve the following primary themes: Hardwood lumber, log and timber prices are likely to remain near their current cycle-lows, for many species, for the next six to twelve months, due primarily to softening domestic housing construction (elevated interest rates) and sluggish demand from China, our largest single foreign purchaser of hardwood lumber and logs.  Episodic, spot market opportunities will surface during that same timeframe, according to local markets. The elevated monetary base, our relatively slow net labor force growth, and already-low unemployment can cause our current economy to react more slowly to Fed monetary tightening, compared to that of past decades. GDP growth and employment have both remained relatively strong amid several rounds of Fed rate increases. And, compared to other world currencies, the U.S. dollar continues to hold up well. Challenges abound. And, the themes described here point to resilience and opportunity.

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