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Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Bloomberg Finance L.P., as of Septembe r 30, 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: “…we’re recalibrating policy down over time to a more neutral level. And we’re moving at the pace <br />that we think is appropriate given developments in the economy… The economy can develop in a way that would <br />cause us to go faster or slower…” <br />4.76% <br />3.64% <br />3.5% <br />4.0% <br />4.5% <br />5.0% <br />30-Jun 31-Jul 31-Aug 30-Sep <br />2-Year U.S. Treasury Yield <br />June 30, 2024 – September 30, 2024 <br />-112 bps <br />Dovish Fed Press Conference <br />Weak ISM Manufacturing <br />Weak Payrolls <br />Fedspeak prior to blackout period <br />calling for policy easing <br />Yields Reprice Lower In Anticipation of Fed Cuts <br />6.A. - Page 24 of 65 <br />33