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5.13. - Page 17 of 59 <br />REDWOOD CITY <br />Major Moves in 2019 <br />3.25% <br />�N�rnd=ng <br />Federal.- .- <br />R=ngie # of Hikes/Cuts <br />2015 <br />0.00%-0.25% <br />0.25%-0.50% 1 hike <br />2016 <br />0.25%-0.50% <br />0.50%-0.75% 1 hike <br />2017 <br />0.50%-0.75% <br />1.25%-1.50% 3 hikes <br />2018 <br />1.25%-1.50% <br />2.25%-2.50% 4 hikes <br />2019 <br />2.25%-2.50% <br />1.50%-1.75% 3 cuts <br />75 <br />65 <br />55 <br />45 <br />35 <br />25 <br />Dec'18 Marl 9 <br />Source: Bloomberg, as of December 31, 2019. <br />Corporate Yield Spreads <br />1-3 Year A -AAA <br />Jun '19 Sep'19 Dec'19 <br />For the Quarter Ended December 31, 2019 <br />Market Update <br />U.S. Treasury Yield Curve <br />2.75% ■. ■'' <br />2.25% • <br />1.75% <br />1.25% <br />31 2345 <br />MYYYYY <br />3,300 <br />3,100 <br />2,900 <br />2,700 <br />2,500 <br />2,300 — <br />Dec '18 <br />December 31, 2019 <br />- ■ ■ December 31, 2018 <br />10 30 <br />Y Maturity Y <br />S&P 500 Price Change _ <br />Marl Jun '19 Sep'19 Dec'19 <br />PFM Asset Management LLC 26 <br />