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5.1% <br />4.1% <br />3.1%2.8% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2024 2025 2026 Longer <br />Run <br />Federal Funds Rate <br />March Projections June Projections <br />2.6%2.3%2.0%2.0% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2024 2025 2026 Longer <br />Run <br />PCE Inflation <br />March Projections June Projections <br />2.1%2.0%2.0%1.8% <br />0% <br />1% <br />2% <br />3% <br />4% <br />2024 2025 2026 Longer <br />Run <br />Change in Real GDP <br />March Projections June Projections <br />Fed’s Updated June Projections Reflect <br />Stable Economic Expectations for 2024 <br />© PFM Asset Management LLC | pfmam.com <br />For the Quarter Ended March 31, 2022 <br />California Affiliated Risk Management Authorities Market Update <br />Source: Federal Reserve, latest economic projections as of June 2024. <br />For the Quarter Ended June 30, 2024 <br />Market Update <br />4.0%4.2%4.1%4.2% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2024 2025 2026 Longer <br />Run <br />Unemployment Rate <br />March Projections June Projections <br />6.B. - Page 26 of 65 <br />40