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6.A. - Page 20 of 49 <br />REDWOOD CITY <br />• Coronavirus <br />For the Quarter Ended December 31, 2020 <br />Markets Weigh Massive Policy Support Against Economic Challenges <br />• Resurgence in fourth quarter due to <br />colder weather <br />• Initial distribution of vaccines <br />• Economy <br />• Recovery continues <br />• Big business built liquidity cushion <br />• Consumers generally in good shape to drive <br />future spending <br />• Impact of pandemic not felt evenly <br />• Markets <br />• Markets rally after presidential election <br />• Fed committed to strong accommodation <br />• Additional fiscal stimulus on the way <br />Market Update <br />small business ,, <br />pandemic <br />vaccine <br />monetary policy � <br />stimulus <br />W <br />demander <br />election <br />. <br />coronavirus <br />0 <br />r.L <br />Fedi <br />3 <br />E <br />N <br />3 <br />o i <br />recovery <br />p <br />o <br />U <br />— <br />L <br />r. o unemployment <br />PFM Asset Management LLC 28 <br />