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Source: Bureau of Labor Statistics, Bureau of Economic Analysis, and Bloomberg. As of May 2024. <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 />© PFM Asset Management LLC | pfmam.com <br />Fed’s Preferred Inflation Measure Shows Progress <br />May-24 <br />3.4% <br />May-24 <br />2.6% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 <br />Core Inflation Measures <br />Year-Over-Year Changes <br />Core CPI Core PCE <br />Core CPI and PCE <br />strips out the volatile <br />food and energy <br />components. <br />Federal Reserve Inflation Target <br />6.B. - Page 20 of 65 <br />34