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6.A. - Page 24 of 46 <br />REDWOOD CITY <br />For the Quarter Ended June 30, 2020 <br />Market Update <br />Fed's June Economic Projections Indicate Long Recovery Ahead <br />Change in Real GDP <br />10% <br />10% <br />5% 5.0% <br />3.5% 8% <br />1.8% <br />• 6% <br />0% <br />• 4% <br />-5% <br />: 2% <br />-6.5% <br />-10% <br />0/o o <br />2020 2021 <br />2022 : Longer <br />' Run <br />PCE Inflation <br />3% : 3% <br />2% 1.6% 1.7% 2.0% 2% <br />1 % 0.8% 1 % <br />0% 0% <br />2020 2021 2022 : Longer <br />Run <br />Source: Federal Reserve, economic projections as of June 2020. <br />Unemployment Rate <br />9.3% ; <br />2020 2021 2022 Longer <br />Run <br />Federal Funds Rate <br />• 2.5% <br />2020 2021 2022 : Longer <br />Run <br />PFM Asset Management LLC 30 <br />