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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 />CITY OF REDWOOD CITY <br />For the Quarter Ended September 30, 2024 <br />Market Update <br />Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Average Cutting Cycle represents the a verage change in the Fed Funds Rate for the first 10 months of a cutting <br />cycle back to 1988. Market Implied Fed Funds as of September 30, 2024. Bloomberg Finance L.P. CPI inflation and Nonfarm payro lls from Bureau of Labor Statistics and Bloomberg Finance L.P. <br />Fed Chair Powell: “[I]f we’d have gotten the July [jobs] report before the [July FOMC] meeting would we have cut, well we <br />might have.” <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2021 2022 2023 2024 2025 <br />Federal Funds Rate <br />Fed Funds Upper Bound Market Implied Fed Fund Rates Median FOMC Projections Average Cutting Cycle <br />Dec-22 <br />CPI Inflation <br />6.5%Dec-23 <br />CPI Inflation <br />3.4% <br />Aug-24 <br /> CPI Inflation <br />2.5% <br />Dec-21 <br />CPI Inflation <br />7.0% <br />The Fed Begins the Cutting Cycle With 50bps <br />6.A. - Page 18 of 65 <br />27