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For the Quarter Ended March 31, 2022 <br />Market Update <br />For the Quarter Ended December 31, 2024 <br />MarketUpdate <br />Source: FOMC Chair Jerome Powell Press Conference, December 18, 2024. Bureau of Labor Statistics, Bureau of Economic Analysis, and Bloomberg Finance L.P., as of November 2024. Data is seasonally <br />adjusted. Historical average unemployment rate calculated from January 1990-November 2024. <br />Fed Chair Powell: “Downside risks to the labor market do appear to have diminished … Inflation, we see that story <br />as still broadly on track.” <br />The Fed’s Dual Mandate <br />Nov-24 <br />2.7% <br />Nov-24 <br />2.8% <br />0% <br />2% <br />4% <br />6% <br />8% <br />10% <br />2021 2022 2023 2024 <br />Inflation <br />Year-over-Year Changes <br />CPI Core PCE Fed Target <br />Nov-24 <br />4.2% <br />3% <br />4% <br />5% <br />6% <br />2021 2022 2023 2024 <br />Unemployment Rate <br />Unemployment rate of 4.2% remains well <br />below the 25-year average of 5.7% <br />PFM Asset Management | pfmam.com <br />CITY OF REDWOOD CITY <br />12 <br />6.A. - Page 18 of 60 <br />23