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REDWOOD CITY <br />12% <br />10% <br />For the Quarter Ended December 31, 2017 <br />Market Update <br />Inflation Remains Lackluster Despite a Strong Labor Market <br />Unemployment Rate (U-3) Core CPI (YoY) <br />Core PCE (YoY) <br />4% <br />2% <br />,-IV <br />6% <br />4% <br />2% <br />0% 0% <br />M M O N M "t In O rl— M M O N M "t In O r,— M O O N M 4_ U O r,- <br />- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - <br />> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > <br />O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O <br />Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z <br />Source: Bloomberg, as of November 2017. <br />C: <br />O <br />co <br />4- <br />c <br />PFM Asset Management LLC 17 <br />