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6.A. - Page 19 of 44 <br />REDWOOD CITY <br />0.03 <br />0.025 <br />0.02 <br />0.015 <br />0.01 <br />For the Quarter Ended June 30, 2019 <br />Market Update <br />Fed's Pivot on Monetary Policy Has Market Expecting Multiple Rate Cuts <br />Fed Funds Target Rate <br />(mid -point) r <br />Fed Chair Jerome Powell has identified downside risks which may <br />derail economic growth and warrant a change in monetary policy: <br />• slowing momentum in major foreign economies <br />• government policy issues such as trade, the debt ceiling, and Brexit <br />• weak inflation <br />0.005 <br />Dec ' 17 <br />Dec '18 <br />Dec'19 <br />Source: Federal Reserve and Bloomberg. Fed funds futures as of each respective meeting date: 12/19/2018, 3/20/2019, and 6/19/2019. <br />December'18 Fed Funds Futures <br />March '19 Fed Funds Futures <br />June '19 Fed Funds Futures <br />Dec '20 <br />Dec '21 <br />PFM Asset Management LLC 23 <br />