Since, then the terms of trade have fluctuated, but around a generally rising trend. We should expect this upward trend will continue in the foreseeable future. The Reserve Bank Index of Commodity Prices shows that commodity prices have already risen appreciably over the past couple of years (when measured in a neutral numeraire).
Congratulations to all of you, including you teachers who have been a part of the Minnesota Council’s programs over the years, but especially to Claudia Parliament, who has served as director for nearly 20 of those 50 years, and who has done so with absolute commitment and professionalism.