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Fed’s Updated Summary of Economic Projections <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 />Source: Federal Reserve Chair Jerome Powell Press Conference; Federal Reserve. As of September 2024. <br />For the Quarter Ended September 30, 2024 <br />Market Update <br />4.4% <br />3.4% <br />2.9%2.9%2.8% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2024 2025 2026 2027 Longer <br />Run <br />Federal Funds Rate <br />June Projections Sept Projections <br />2.3%2.1%2.0%2.0%2.0% <br />0% <br />1% <br />1% <br />2% <br />2% <br />3% <br />3% <br />4% <br />4% <br />2024 2025 2026 2027 Longer <br />Run <br />PCE Inflation <br />June Projections Sept Projections <br />4.4%4.4%4.3%4.2%4.2% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2024 2025 2026 2027 Longer <br />Run <br />Unemployment Rate <br />June Projections Sept Projections <br />2.0%2.0%2.0%2.0%1.8% <br />0% <br />1% <br />2% <br />3% <br />4% <br />2024 2025 2026 2027 Longer <br />Run <br />Change in Real GDP <br />June Projections Sept Projections <br />Fed Chair Powell: “These median projections are lower than in June, consistent with projections for lower inflation <br />and higher unemployment, as well as the change to balance of risks.” <br />6.A. - Page 26 of 65 <br />35