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The Fed’s Latest “Dot Plot <br />Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Federal Reserve; Bloomberg Finance L.P .. Individual dots represent each Fed members’ judgement of the <br />midpoint of the appropriate 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 />CITY OF REDWOOD CITY <br />For the Quarter Ended September 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 />Sep-24 FOMC Projections <br />Sep-24 Median <br />Jun-24 Median <br />2027202620242025 Longer Term <br />2 cuts 4 cuts 2 cuts 0 cuts ~2.9% <br />Fed Chair Powell: “There’s nothing in the [dots] that suggests the committee is in a rush to get this done.” <br />6.A. - Page 25 of 65 <br />34