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S.B. - Page 22 of 59 <br />REDWOOD CITY <br />2.5% <br />2.0% <br />1.5% <br />1.0% <br />0.5% L— <br />Dec ' 16 <br />For the Quarter Ended December 31, 2019 <br />Market Update <br />The Fed Signals It Is Likely on Hold for an Extended Period of Time <br />Federal Reserve Target Overnight Rate <br />target rate (mid point) <br />t2018 <br />13 � <br />Market Projection <br />"As long as incoming information about the economy <br />remains broadly consistent with [the current <br />2017 economic] outlook, the current stance of monetary <br />policy likely will remain appropriate." <br />— Fed Chair Jerome Powell <br />December 11, 2019 <br />Dec '17 <br />Source: Bloomberg. Market Projection as of December 31, 2019. <br />Dec '18 <br />Dec 19 <br />Dec '20 <br />PFM Asset Management LLC 311 <br />