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PFM Asset Management LLCFor the Quarter Ended December 31, 2021MarketUpdateFor the Quarter Ended December 31, 2021MarketUpdate© PFM Asset Management LLC |pfmam.comSource: Federal Reserve and Bloomberg, as of 12/31/2021. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. FOMC Accelerates Asset Purchase Tapering and Prepares for Rate Lift-off0%1%2%3%4%Fed Participants’ Assessments of ‘Appropriate’ Monetary PolicyDec-21 FOMC ProjectionsDec-21 MedianFed Funds Futures2024The market does not expect that the Fed will get to their longer-term neutral rate forecasts2021Longer Term20222023For the Quarter Ended December 31, 2021Market Update© PFM Asset Management LLC pfmam.com|REDWOOD CITY156.A. - Page 21 of 4725