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6.B. - Page 21 of 46 <br />REDWOOD CITY <br />For the Quarter Ended March 31, 2020 <br />Market Update <br />Interest Rates Plunge; Likely to Stay Ultra -Low Through the Crisis <br />US Treasury Yield Curve 3 -Year Treasury Yield <br />—March 31, 2020 December 31, 2019 <br />2.5% 5% <br />2.0% <br />1.5% <br />1.0% <br />V <br />0.5% 0.37% <br />i <br />0.07% <br />0.0% <br />3 1 2 3 4 5 <br />M Y Y Y Y Y <br />Maturity <br />Source: Bloomberg as of 3/31/2020. <br />4% <br />3% <br />With the significant decline in interest <br />rates across the curve, Treasury <br />holdings have appreciated in value. <br />10 <br />Y <br />0% — <br />Jan -10 <br />Jan -15 <br />0.29% <br />Jan -20 <br />PFM Asset Management LLC 79 <br />