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6.13. - Page 18 of 39 <br />REDWOOD CITY <br />For the Quarter Ended September 30, 2019 <br />Market Update <br />The OECD Follows World Bank & IMF in Lowering Growth Projections <br />The world growth outlook was cut to 2.9% for 2019, <br />down from the 3.2% projection from 4 months ago. <br />• This rate is the slowest pace since the global <br />financial crisis. <br />"The global economy has become <br />increasingly fragile and uncertain, <br />with growth slowing and downside <br />risks continuing to mount." <br />-OECD, 9/19/19 <br />OECD GDP Growth Projections <br />September 2019 <br />Region <br />World <br />2.9% <br />i <br />3.0% <br />U.S. <br />2.4% <br />2.0% <br />China <br />6.1% <br />5.7% <br />United Kingdom <br />1.0% <br />0.9% <br />Euro Area <br />1.1% <br />1.0%4 <br />Germany <br />0.5% N <br />0.6% F <br />France <br />1.3% <br />1.2% <br />Italy <br />0.0% <br />0.4% <br />Japan <br />1.0% t <br />0.6% <br />Canada <br />1.5% t <br />1.6% <br />Source: The Organization for Economic Co-operation and Development. Arrows indicate change from prior projection. <br />PFM Asset Management LLC <br />