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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended June 30, 2017Market UpdateInflation Trend ReversesSource: Bloomberg, as of 6/30/17. Post-election period is 11/08/16-1/20/17, post-inauguration period is 1/20/17-6/30/17.1.50%1.70%1.90%2.10%2.30%2.50%2.70%Sep '16Dec '16Mar '17Jun '1710-Year Treasury Yield949698100102104Sep '16Dec '16Mar '17Jun '17Dollar Index1.40%1.60%1.80%2.00%2.20%Sep '16Dec '16Mar '17Jun '17Market Expectation for Inflation Over Next 5 YearsElectionElectionElection0.0%0.5%1.0%1.5%2.0%2.5%May '12 May '13 May '14 May '15 May '16 May '17Inflation Measures(YoY)Core CPICore PCEFed's Long Term Inflation Target176.1.C. - Page 29