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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended June 30, 2017Market UpdateA Tale of Two MarketsSource: The WSJ Daily Shot, Bloomberg, as of 6/30/17.1.50%2.00%2.50%3.00%3.50%2,0502,1502,2502,3502,450Sep '16 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17Jun '17S&P 50010-Year U.S. TreasuryU.S. ElectionConflicting signals from the bond and equity markets:•Falling bond yields are reflecting a weakening outlook for inflation andpossibly economic growth in the U.S.•Equities are hitting new record highs supported by strong corporateprofits, but valuations are stretched.146.1.C. - Page 26