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REDWOOD CITY <br />California <br />*32 i.5% <br />details on next page <br />For the Quarter Ended June 30, 2018 <br />Market Update <br />GDP Growth by State (Q1 2018) <br />Source: U.S. Department of Commerce. In addition to California, the states with the highest <br />GDP growth and lowest GDP growth are noted above. <br />PFM Asset Management LLC <br />13 <br />