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6.B. - Page 19 of 46 <br />REDWOOD CITY <br />30% <br />20% <br />10% <br />0% <br />-10% <br />-20% <br />-30% <br />-40% <br />-50% <br />For the Quarter Ended March 31, 2020 <br />Market Update <br />Economists Expect a Significant, Immediate Downturn in the U.S. Economy <br />Range Average <br />-4% <br />-30% <br />Q1 '20 Q2 '20 <br />U.S. GDP Forecasts <br />14% <br />Q3'20 <br />9% <br />5% <br />5% <br />Due to the uncertainty regarding the continued spread and <br />duration of the novel coronavirus, forecasts for economic <br />growth vary greatly among economists. Some expect a sharp <br />contraction followed by a quick rebound, and others forecast a <br />more protracted contraction followed by a gradual recovery. <br />Q4'20 <br />Q1 '21 <br />Q2'21 <br />Source: Bloomberg. Forecasts made from 3/25/2020 through 4/3/2020 by ING Group, Morgan Stanley, Deutsche Bank, Goldman Sachs Group, Barclays, JPMorgan Chase, UBS, TD Bank, and Wells Fargo. <br />PFM Asset Management LLC 77 <br />