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6.F. - Page 20 of 39 <br />REDWOOD CITY <br />5% <br />4% <br />3% <br />2% <br />1% <br />0% <br />For the Quarter Ended December 31, 2018 <br />Market Update <br />FOMC "Dot Plot" — A Fourth 2018 Rate Hike in December <br />Fed Participants' Assessments of "Appropriate" Monetary Policy <br />December 2018 <br />• Dec -18 FOMC Projections <br />Dec -18 Median <br />Fed Funds Futures <br />------ I -------------------------- <br />I <br />--------------------------------------------------------------------------- <br />------------------------------------ <br />I <br />----------------------------------------------------�---- <br />2018 2019 2020 2021 Longer Term <br />Source: Federal Reserve and Bloomberg. Individual dots represent each Fed membersJudgementofthe rridpoint of the appropriate target range forthe federal funds rate at each year-end. Fed <br />funds futures as of 12/19/2018. <br />PFM Asset Management LLC 1418 <br />N <br />N <br />-- - - - - - -- •--- - - - - - - <br />--------.----. <br />----- <br />N• <br />--------------N--N-N---------------N-N--- <br />---------------------------N-N-N-N <br />• <br />--- ------ <br />NN•NN <br />• <br />----------------- ------ ------------------------------- <br />Dec'18 <br />2.25-2.50% <br />----------- ----------------------- <br />1-- <br />Sept'18- <br />2.00-2.25% <br />-------N -- --------------------------------------------------- <br />------- <br />Jun ' 18 <br />1.75-2.00% <br />Mar'18 <br />1.50-1.75% <br />-------------------------------------------------------- <br />Fed expects 2-morehikes_in------------------- <br />---------- <br />------------------------- <br />Dec'17 <br />1.25-1.50% <br />------- 2019.---------------------------- <br />------------------------- <br />Jun'17 <br />1.00-1.25% <br />Marl 7 <br />0.75-1.00% <br />--------------------------------------------- <br />-------- <br />I <br />Dec ' 16 <br />0.50-0.75% <br />------------------------------------------------------------ <br />------ ------------------------------------------ <br />Dec ' 15 <br />0.25-0.50% <br />2018 2019 2020 2021 Longer Term <br />Source: Federal Reserve and Bloomberg. Individual dots represent each Fed membersJudgementofthe rridpoint of the appropriate target range forthe federal funds rate at each year-end. Fed <br />funds futures as of 12/19/2018. <br />PFM Asset Management LLC 1418 <br />