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REDWOOD CITY <br />FOMC "Dot Plot" — December 2017 <br />For the Quarter Ended December 31, 2017 <br />Market Update <br />Fed Participants' Assessments of "Appropriate" Monetary Policy <br />5% <br />• Dec -17 FOMC Projections-------------------------� -------------------- <br />-------- ----------------------- <br />-------------------- <br />Dec-17 Median <br />------- ----------------------F-------------------- <br />4 %•• � <br />Fed Funds Futures <br />I <br />------------------------------------------------------------------------- <br />• I <br />-------------------------------------------------------------------------f-------- ------ <br />-------------------------------------------------------------------------------------------------------- -- <br />3% I ••••.s <br />•N • <br />--------------------------------------------------------------------------- - ------------------------I �••••� <br />------------------------------------------------------ •----------- ---------------------------------- <br />N• •• • <br />--------------------------------------------------------------------------------- • <br />• • I <br />2% <br />Historyof------------------- ------ ---- --------------------------------------------- <br />• • r <br />• Rate Hikes----------- ---------------------------- ----------------F-- <br />Dec'17 1.25-1.50% ----•••••--------------------- -- -- ------ -- - --- ----------�- <br />•• • <br />1 % Jun '17 1.00-1.25% Fed expects 3 morerate hikes in 2018 <br />Marl 7 0.75-1.00% <br />Dec '16 0.50-0.75% <br />0 /o Dec'15 0.25-0.50% <br />0 <br />2017 2018 2019 2020 Longer Term <br />Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members' judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. Fed funds <br />futures as of 12/13/17. <br />PFM Asset Management LLC 19 <br />