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REDWOOD CITYFor the Quarter Ended March 31, 2017 Market Update2017 PFM Asset Management LLCFlattening Yield CurveYields remained range-bound at the beginning of the quarter before rising strongly in anticipation of the March FOMC rate hike.Yields on the short-end of the curve ended the quarter higher, reflecting the rate hike, while long-term yields generally heldsteady.0.0%0.5%1.0%1.5%2.0%2.5%3M6M1Y2Y3Y5YU.S. Treasury Yield CurveMarch 31, 2017December 31, 2016Yield Curve HistoryMaturity 12/31/16 03/31/17 Change1-Mo.0.42 0.73+0.313-Mo.0.50 0.75+0.256-Mo.0.61 0.90+0.291-Yr.0.81 1.02+0.212-Yr.1.19 1.26+0.073-Yr.1.45 1.49+0.045-Yr.1.93 1.92-0.01Source: Bloomberg, as of 03/31/17.186.1.A. - Page 29