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REDWOOD CITYFor the Quarter Ended March 31, 2017 Market Update2017 PFM Asset Management LLCOn the Horizon: Higher RatesThe Federal Open Market Committee (the “FOMC”) indicated on March 15ththat it expects economic conditions to evolve in amanner that will warrant gradual increases in the federal funds rate.According to the “dot plot”, Fed officials are expecting to see three rate hikes in 2017, which is aligned with current marketexpectations.When Will the Next Rate Hike Occur?Meeting3/31/175/3/1713%6/14/1757%7/26/1763%9/20/1780%11/1/1782%12/31/1789%1/31/1889%Market Implied Total Number of Rate Hikes Expected in 20170%5%10%15%20%25%30%35%40%123456Source: Bloomberg and Federal Reserve, as of 03/31/17.166.1.A. - Page 27