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PFM Asset Management LLC <br />REDWOOD CITY <br />For the Quarter Ended March 31, 2018 <br />0.00% <br />0.50% <br />1.00% <br />1.50% <br />2.00% <br />2.50% <br />3.00% <br />3.50%Mar '08Mar '09Mar '10Mar '11Mar '12Mar '13Mar '14Mar '15Mar '16Mar '17Mar '182-Year Treasury Yield <br />Past 10 Years <br />Source: Bloomberg, as of 3/31/2018. <br />Market Update <br />The 2-year Treasury yield continued to move higher throughout the first quarter of 2018, increasing 38 basis points (0.38%) to <br />2.27%, levels not seen since 2008. <br />The first quarter marked the seventh straight quarterly rise in the 2-year yield as the U.S. economy remained strong and the <br />Federal Reserve continued on its path of quantitative tightening, raising the federal funds target rate by 25 basis points to a <br />range of between 1.50% to 1.75% at its March meeting. <br />Short-Term Treasury Yields Continue to Rise <br />0.50% <br />1.00% <br />1.50% <br />2.00% <br />2.50% <br />3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 <br />2-Year Treasury <br />Past Year <br />12 6.1.B. - Page 18