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For the Quarter Ended December 31, 2021MarketUpdateU.S. GDP Rebounds from Pandemic For the Quarter Ended December 31, 2021MarketUpdate• Persistent damage to supply chains continues todisrupt the production and distribution network• Age-related impacts to labor force growth predatingthe pandemic• Return to more normal household income and savingtrends• Normalizing fiscal and monetary policiesGrowth is Expected to Moderate…Factors Driving Growth…• Better-than-expected corporate profit margins fuelingequity markets• Unprecedented accommodative monetary policy andfiscal stimulus• Access to COVID-19 vaccines and reduction ofpandemic-era lockdowns• Continued adaptation of all sectors of the economy tothe challenging health situation2.3%2.9%2.3%-3.4%6.0%5.2%2.2% 2.2%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%20172018201920202021 (Estimate)2022 (Forecast)2023 (Forecast)2024 (Forecast)Real U.S. GDPSource: International Monetary Fund, October 2021 World Economic Outlook© PFM Asset Management LLC |pfmam.comActualForecastFor the Quarter Ended December 31, 2021Market Update© PFM Asset Management LLC pfmam.com|REDWOOD CITY136.A. - Page 19 of 4723