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6.A. - Page 17 of 44 <br />REDWOOD CITY <br />Some Economic Data Shows Signs of Weakening <br />Inflation (Core PCE YoY) <br />2.5% <br />2.0% <br />1.5% <br />inflation continues to lag <br />the Fed's 2% target <br />1.0% <br />May'16 Nov'16 May'17 Nov'17 May'18 Nov'18 May'19 <br />NFIB Small Business Optimis <br />110 <br />105 <br />100 Small business \ <br />optimism is waning <br />95 <br />90 <br />May'16 Nov'16 May'17 Nov'17 May'18 Nov'18 May'19 <br />Source: Bloomberg as of 6/30/2019. <br />1.6% <br />1.2% <br />0.8% <br />0.4% <br />AAIAV <br />0.0% <br />-0.4% <br />-0.8% <br />May'16 Nov'16 May'17 Nov'17 May'18 Nov'18 May'19 <br />For the Quarter Ended June 30, 2019 <br />Market Update <br />Durable Goods Orders <br />orders slump as business <br />investment slowed <br />ISM Manufacturing <br />65 <br />60 <br />55 <br />50 V ' <br />recent trade conflicts taking <br />45 toll on manufacturing sector <br />40 <br />May'16 Nov'16 May'17 Nov'17 May'18 Nov'18 May'19 <br />PFM Asset Management LLC 21 <br />