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Markets Reflect a “Soft Landing” <br />Source: Bloomberg, ICE BofA Indices, and S&P 500 as of June 28, 2024. <br />Green = wider spreads/higher dividend yield and Red = tighter spreads/lower dividend yield. Gradient color based on 1st and 3rd quartile of data series over the past 20 years. <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 />Investment Universe Pricing <br />Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Median, <br />20-Year <br />Investment <br />Grade Spreads 149 151 126 136 119 118 97 85 86 118 <br />High Yield <br />Spreads 587 543 479 458 405 403 334 312 318 449 <br />S&P 500 <br />Dividend Yield 1.70%1.85 1.76%1.68%1.55%1.61%1.49%1.36%1.33%1.94% <br />Cooling Inflation <br />+ <br />Labor Market Normalization <br />+ <br />Moderating Spending <br />=Market Prices Reduce <br />Recession Risk <br />and Reflect “Soft Landing” <br />Lower Prices/Cheaper | Higher Prices/More Expensive <br />6.B. - Page 24 of 65 <br />38