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6.A. - Page 17 of 49 For the Quarter Ended December 31, 2020 <br />QUARTERLY MARKET SUMMARY Fixed Income Management <br />Economic Snapshot <br />Unemployment Rate <br />Dec '20 <br />6.7% <br />7.8% <br />3.6% <br />Unemployment Rate (left) vs. Change <br />in Non -Farm Payrolls (right) <br />40% <br />_CPI (YoY) Core CPI (YoY) <br />ri Change In Non -Farm Payrolls <br />Unemployment Rate <br />30% <br />GDP Personal Consumption (QoQ SAAR) <br />2020Q3 <br />41.0% <br />Consumer Price Index (YoY) <br />16.0% <br />10,000K <br />Change In Non -Fa rr�y <br />Dec '20 <br />-140,000 <br />711,000 <br />184,000 <br />14.0% <br />5,000K <br />i <br />5.6% 0% <br />Consumer Price Index Core (YoY) <br />Nov'20 <br />1.6% <br />12.0% - - - - - - - - -------- - - - - - <br />- 0 <br />Average Hourly Earnings (YoY) <br />Dec '20 <br />5.1% <br />4.7% <br />3.0% <br />10.0%8.0 /° <br />5-0o0K <br />Personal Income (YoY) <br />Nov'20 <br />3.8% <br />6.4% <br />$61.06 <br />6.0% <br />4.0% <br />2.0% <br />10-0OOK <br />15-000K <br />20-OOOK <br />40% <br />Existing Home Sales SAAR (month) <br />Nov'20 <br />6.69 mil. <br />6.57 mil. <br />0.0% <br />25-OOOK <br />Initial Jobless Claims (week) <br />1/2/21 <br />787,000 <br />849,000 <br />220,000 <br />Dec'17 Ju '18 Dec'18 Jun'19 <br />Dec'19 Jun'20 Dec'20 <br />Real GDP (QoQ SAAR) <br />2020Q3 <br />33.4% <br />-31.4%1 <br />2.6% Z Ictal GDP (QoQ) <br />Consumer Price Index <br />40% <br />_CPI (YoY) Core CPI (YoY) <br />30% <br />GDP Personal Consumption (QoQ SAAR) <br />2020Q3 <br />41.0% <br />Consumer Price Index (YoY) <br />20% <br />1.2% <br />1.4% <br />10% <br />Retail Sales (YoY) <br />Nov'20 <br />4.1% <br />6.1% <br />5.6% 0% <br />Consumer Price Index Core (YoY) <br />Nov'20 <br />1.6% <br />1.7% <br />-10% <br />2% <br />- <br />-20% <br />ISM Manufacturing Survey (month) <br />Dec '20 <br />60.7 <br />55.4 <br />-30% <br />$40.22 <br />$61.06 <br />40% <br />Existing Home Sales SAAR (month) <br />Nov'20 <br />6.69 mil. <br />6.57 mil. <br />5.53 mil. Sep'17 Mar'18 Sep'18 Mar'19 Sep'19 Mar'20 Sep'20 <br />Personal Consumption Expenditures (YoY) <br />Nov'20 <br />1.1% <br />1.4% <br />1.6% <br />Consumer Price Index <br />_CPI (YoY) Core CPI (YoY) <br />4% <br />Consumer Price Index (YoY) <br />Nov'20 <br />1.2% <br />1.4% <br />3% <br />Consumer Price Index Core (YoY) <br />Nov'20 <br />1.6% <br />1.7% <br />2.3% <br />2% <br />- <br />1% <br />Crude Oil Futures (WTI, per barrel) <br />Dec 31 <br />$48.52 <br />$40.22 <br />$61.06 <br />0% <br />Gold Futures (oz.) <br />Dec 31 <br />$1,895 <br />$1,888 <br />$1,523 <br />Dec'17 Jun'18 Dec'18 Jun '19 Dec'19 Jun '20 <br />1. Data as of Second Quarter 2020. <br />2. Data as of Third Quarter 2019. <br />Note: YoY = year -over -year, QoQ = quarter -over -quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil. <br />Source: Bloomberg. <br />PFM Asset Management LLC Zfl <br />