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Recent Economic Data Points to Moderation <br />PFM Asset Management LLC <br />© PFM Asset Management LLC | pfmam.com <br />For the Quarter Ended March 31, 2022 <br />California Affiliated Risk Management Authorities Market Update <br />For the Quarter Ended June 30, 2024 <br />Market Update <br />Source: Bloomberg, as of 7/5/2024. <br />-60 <br />-40 <br />-20 <br />0 <br />20 <br />40 <br />60 <br />80 <br />Dec-22 Jun-23 Dec-23 Jun-24 <br />Citi Surprise Index <br />Line delineating positive and negative surprise <br />Negative Surprise <br />Inflation - Cooling <br />Labor - Moderating <br />GDP Growth - Slowing <br />Positive Surprise <br />Inflation - Hot <br />Labor - Robust <br />GDP Growth - Strong <br />The Citi Surprise Index measures various economic readings relative to market expectations. <br />•A positive reading means that data releases have been greater than market expectations <br />•A negative reading means that data releases have been less than expected <br />6.B. - Page 19 of 65 <br />33