Laserfiche WebLink
Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; (Left) Bureau of Economic Analysis and Bloomberg Finance L.P. as of September 2024. (Right) U.S. Census <br />Bureau and Bloomberg Finance L.P., as of August 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 />CITY OF REDWOOD CITY <br />For the Quarter Ended September 30, 2024 <br />Market Update <br />Fed Chair Powell: “…if you look at the growth in economic activity data—the [September] retail sales data [and] <br />second quarter GDP—all of this indicates an economy that is still growing at a solid pace.” <br />$11,000 <br />$12,000 <br />$13,000 <br />$14,000 <br />$15,000 <br />$16,000 <br />$17,000 <br />2008 2010 2012 2014 2016 2018 2020 2022 2024BillionsU.S. Real Personal Consumption Expenditure <br />4.4% <br />3.2% <br />1.6% <br />3.0% <br />2.0% <br />1.4% <br />1.8% <br />0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />4.0% <br />4.5% <br />5.0% <br />Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 2025 <br />U.S. GDP Forecasts <br />Annualized Rate <br />Actual Range Median of Forecasts <br />Personal Consumption <br />is the main driver of <br />GDP and accounts for <br />69% of overall GDP <br />Pre-pandemic <br />trend <br />Consumer Activity Remains Solid <br />6.A. - Page 23 of 65 <br />32