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The Fed’s Latest “Dot Plot” Shows <br />Only One Rate Cut In 2024 <br />Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropria te target range for the federal funds rate at each year-end. <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 />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy <br />Jun-24 FOMC Projections <br />Jun-24 Median <br />Mar-24 Median <br />2024 Longer Term20252026 <br />1 cut 4 cuts 4 cuts 2.7% <br />6.B. - Page 25 of 65 <br />39