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6.B. - Page 19 of 39 <br />REDWOOD CITY <br />2.5% <br />For the Quarter Ended September 30, 2019 <br />Market Update <br />The Federal Reserve Cut Rates in July and September <br />The Fed cited "...weak global growth ... trade policy uncertainty... and muted inflation..." <br />2.0% <br />Fed Funds Target Rate <br />(mid -point) <br />1.5% - <br />1.0% <br />0.5% <br />Marl 7 Marl 8 <br />Source: Federal Reserve and Bloomberg. <br />The market expects <br />further rate cuts. <br />Marl 9 <br />•'' •'' 9/30/19 Fed Funds Futures <br />*4 <br />Mar'20 <br />Mar'21 <br />Mar '22 <br />PFM Asset Management LLC 69 <br />