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REDWOOD CITY <br />For the Quarter Ended March 31, 2018 <br />PFM Asset Management LLC <br />“Information…indicates that the labor market has <br />continued to strengthen…” <br />“Job gains have been strong in recent months, and the <br />unemployment rate has stayed low.” <br />Fed Seeks to Foster Maximum Employment and Price Stability <br />Source: Bloomberg, as of March 2018. FOMC March 21, 2018 meeting statement. <br />7.5% <br />6.7% <br />5.5% <br />5.0% <br />4.5% <br />4.1% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />9% <br />Mar '13 Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 <br />Unemployment Rate <br />0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />Feb '13 Feb '14 Feb '15 Feb '16 Feb '17 Feb '18 <br />Inflation Measures <br />(YoY) <br />Core CPI <br />Core PCE <br />Fed's Long Term Inflation Target <br />“On a 12-month basis, both overall inflation and inflation for items <br />other than food and energy have continued to run below 2 <br />percent.” <br />“Inflation on a 12-month basis is expected to move up in coming <br />months and to stabilize around the Committee’s 2 percent <br />objective over the medium term.” <br />Market Update <br />16 6.1.B. - Page 22