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REDWOOD CITYFor the Quarter Ended March 31, 2017 Market Update2017 PFM Asset Management LLCThe Sweet Spots of the U.S. Economy708090100110120130Mar '14 Mar '15 Mar '16 Mar '17Consumer Confidence0.0%0.5%1.0%1.5%2.0%2.5%Feb '14 Feb '15 Feb '16 Feb '17Personal Consumption ExpenditurePrice Index (YoY)465156Mar '14 Mar '15 Mar '16 Mar '17ISM ManufacturingPurchasing Manager Index16.016.517.017.518.018.5Mar '14 Mar '15 Mar '16 Mar '17U.S. Auto Sales(SAAR, millions)Source: Bloomberg, as of 03/31/17. SAAR is seasonally adjusted annualized rate.Highest since 2000Highest since 2012 Manufacturing recovered together with oil prices and better business prospects Auto sales may have plateaued after a strong run in 2016136.1.A. - Page 24