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6.A. - Page 23 of 44 <br />REDWOOD CITY <br />0.50% <br />0.40% <br />0.30% <br />0.20% <br />0.10% <br />For the Quarter Ended June 30, 2019 <br />Market Update <br />Short -Term Credit: Yield Curve Inversion Spills into Money Market Space <br />Yield Spread on <br />6 -month Commercial Paper over T -Bill <br />3.00% <br />2.80% <br />2.60% <br />2.40% <br />2.20% <br />11 bps <br />2.00% <br />Money Market Yield Curves <br />CD/CP (12/31/18) <br />Treasuries <br />0.00% 1.80% <br />Jun '18 Sep'18 Dec'18 Marl 9 Jun '19 1 2 3 4 5 6 7 8 9 10 11 12 <br />Maturity in Months <br />Source (left): Bloomberg as of 6/30/2019. Source (right): PFM Trading Desk, as of 7/11/2019. 6 -mo CP yield spread based on Al/P1 rated CP index. <br />PFM Asset Management LLC 27 <br />