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6.A. - Page 26 of 49 <br />REDWOOD CITY <br />8% <br />6% <br />4% <br />2% <br />0% <br />-2% <br />For the Quarter Ended December 31, 2020 <br />Market Update <br />Fed Expects Economy to Recover Further in 2021 <br />Change in Real GDP Unemployment Rate <br />Fed projection <br />actual 4.2% <br />-2.4% <br />-4% <br />2018 2019 2020 2021 2022 2023 <br />Source: Federal Reserve, economic projections as of December 2020. <br />10% <br />8% <br />6% <br />4% <br />2% <br />0% <br />2018 2019 2020 2021 2022 2023 <br />Fed projection <br />6.7% <br />PFM Asset Management LLC 34 <br />