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6.B. -Page 17 of 41 <br />For the Quarter Ended September 30, 2020 <br />REDWOOD CITY QUARTERLY MARKET SUMMARY Fixed Income Management <br />Economic Snapshot <br />Unemployment Rate <br />Sep'20 <br />7.9% <br />11.1% <br />3.5% <br />Unemployment Rate (left) vs. Change in Non-farm Payrolls (right) <br />Change In Non -Farm Payrolls Unemployment Rate <br />lowmSep'20 <br />16.0% 10,0OOK <br />Change In Non -Farm Payrolls <br />Sep'20 <br />661,000 <br />4,781,000 <br />JE <br />14.0% 5,000K <br />12.0% ------ ------------------� 0 <br />Average Hourly Earnings (YoY) <br />Sep'20 <br />4.7% <br />4.9% <br />3.1% <br />10.0% 5-OOOK <br />8.0% <br />Consumer Price Index Core (YoY) <br />Sep'20 <br />1.7% <br />1.2% <br />2.4% <br />6.0% 10-OOOK <br />rude Oil Futures (WTI, per barrel) <br />Sep 30 <br />$40.22 <br />$39.27 <br />$54.07 <br />4.0% 15-OOOK <br />Personal Income (YoY) <br />Aug '20 <br />4.7% <br />7.8% <br />3.5% <br />2.0% 20-OOOK <br />Gold Futures (oz.) <br />Sep 30 <br />$1,888 <br />$1,801 <br />$1,466 <br />0.0% 25-OOOK <br />Initial Jobless Claims (week) <br />10/10/20 <br />898,000 <br />1,408,000 <br />218,000 <br />Sep'17 Mar'18 Sep'18 Mar'19 Sep'19 Mar'20 Sep'20 <br />Real GDP (QoQ SAAR) <br />2020 Q2 <br />-31.4% <br />-5.0%1 <br />1.5% z <br />ReaIGDP (QoQ) <br />Note: YoY = year -over -year, QoQ = quarter -over -quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas <br />Intermediate crude oil. <br />Source: Bloomberg. <br />10% <br />1 <br />5% <br />GDP Personal Consumption (QoQ SAAR) <br />2020 Q2 <br />-33.2% <br />-6.9% <br />3. <br />0% <br />-5% <br />-10% <br />Retail Sales (YoY) <br />Sep'20 <br />5.4% <br />2.2% <br />3.8% <br />-15% <br />71 <br />-20% <br />-25% <br />ISM Manufacturing Survey (month) <br />Sep'20 <br />55.4 <br />-30% <br />35% <br />Existing Home Sales SAAR (month) <br />Aug '20 <br />6.00 mil. <br />4.70 mil. <br />5.41 mil. <br />Jun'17 Dec'17 Jun'18 Dec'18 Jun '19 Dec'l9 Jun'20 <br />Personal Consumption Expenditures (YoY) <br />Aug'20 <br />1.4% <br />0.9% <br />1.4% <br />Consumer Price Index <br />CPI (YoY) Core CPI (YoY) <br />lowmSep'20 <br />4% <br />Consumer Price Index (YoY) <br />1.4% <br />0.6% <br />JE <br />3% <br />Consumer Price Index Core (YoY) <br />Sep'20 <br />1.7% <br />1.2% <br />2.4% <br />2% <br />rude Oil Futures (WTI, per barrel) <br />Sep 30 <br />$40.22 <br />$39.27 <br />$54.07 <br />1% <br />' <br />0% <br />Gold Futures (oz.) <br />Sep 30 <br />$1,888 <br />$1,801 <br />$1,466 <br />Sep'17 Mar'18 Sep'18 Mar'19 Sep'19 Mar'20 Sep'20 <br />1. Data as of First Quarter 2020. <br />2. Data as of Second Quarter 2019. <br />Note: YoY = year -over -year, QoQ = quarter -over -quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas <br />Intermediate crude oil. <br />Source: Bloomberg. <br />PFM Asset Management LLC <br />T <br />