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REDWOOD CITY <br />U.S. Real GDP <br />QoQ,SAAR <br />6% <br />4% <br />2% <br />0% r <br />Current Economic Conditions <br />2.9% <br />T T 1 <br />-2% <br />2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 <br />Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 <br />3.0% <br />2.5% <br />2.0% <br />1.5% <br />1.0% <br />For the Quarter Ended June 30, 2018 <br />Market Update <br />rn <br />n <br />v <br />c,Q <br />CD <br />Inflation Measures (YoY) <br />eD <br />Core CPI <br />0.5% Core PCE <br />Fed's Long Term Inflation Target <br />0.0% <br />May '13 May '14 May '15 May '16 May'17 May '18 <br />Unemployment Rate Consumer Confidence <br />8% 140 <br />7.5% 130 <br />7% 120 <br />6.1% 110 <br />6% 100 <br />5.3% 4.9% 90 <br />5% 80 /`^� �•• <br />4.3% 4.0% 70 - v <br />4% 60 <br />50 <br />3% 40.............................................................. <br />Jun'l3 Jun'l4 Jun'l5 Jun'l6 Jun'l7 Jun'18 May -13 May -14 May -15 May -16 May -17 May -18 <br />Source: Bloomberg, data available as of 6/30/18. SAAR is seasonally adjusted annualized rate. <br />PFM Asset Management LLC <br />12 <br />