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6.A. - Page 19 of 37 <br />REDWOOD CITY <br />5% <br />Attachment A <br />For the Quarter Ended March 31, 2019 <br />Fed Expects No Rate Hikes in 2019 <br />Fed Participants' Assessments of `Appropriate' Monetary Policy <br />• Mar -19 FOMC Projections <br />Mar -19 Median <br />4% 1i Fed Funds Futures <br />3% <br />2% <br />1% <br />0% <br />---------- <br />---------------------- <br />Dec '18 <br />2.25-2.50% <br />Sept '18 <br />2.00-2.25% <br />Jun '18 <br />1.75-2.00% <br />Mar'18 <br />1.50-1.75% <br />Dec'17 <br />1.25-1.50% <br />Jun '17 <br />1.00-1.25% <br />Mar'17 <br />0.75-1.00% <br />Dec'16 <br />0.50-0.75% <br />Dec'15 <br />0.25-0.50% <br />------------------------------------------------------------------- <br />---------------------------------------------------------- - <br />---------------------- <br />---------------------------------------------------------- - <br />---------------------- <br />-------------------------------------------------------------------------------- <br />------------- NI.�-------------------------------------------------------------------- <br />--------Fed-expects <br />---------------------- <br />------- Fed expects no more -----------------------------------r----------------------- <br />- -- ----- <br />--- ----------------------- <br />hikes in 2019 <br />------------------------------------------------------------r - <br />-------------------- <br />------------------------------------------------------------- --- <br />-------- ---------------- <br />2019 2020 2021 Longer Term <br />Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members' judgement of the midpoint of the appropriate target range for the federal funds rate at each <br />year-end. Fed funds futures as of 3/20/19. <br />Market Update <br />PFM Asset Management LLC 28 <br />---------- <br />---------------------- <br />------------------------------------------------------------------ <br />------------------ <br />• <br />• <br />-------------------------------------------------------------------- <br />--------- ♦---------- <br />00 <br />0 <br />•• ••• <br />•••• <br />------------------------------------------------------------------- <br />--- • <br />------------------------------------------------------------ <br />-- •••••• <br />------�-------------------------------------------------- <br />---------------------- <br />------------- NI.�-------------------------------------------------------------------- <br />--------Fed-expects <br />---------------------- <br />------- Fed expects no more -----------------------------------r----------------------- <br />- -- ----- <br />--- ----------------------- <br />hikes in 2019 <br />------------------------------------------------------------r - <br />-------------------- <br />------------------------------------------------------------- --- <br />-------- ---------------- <br />2019 2020 2021 Longer Term <br />Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members' judgement of the midpoint of the appropriate target range for the federal funds rate at each <br />year-end. Fed funds futures as of 3/20/19. <br />Market Update <br />PFM Asset Management LLC 28 <br />