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Sources: U.S. Bank: Stock Market Under The Trump Administration | U.S. Bank (usbank.com); Bloomberg Finance L.P. and Bureau of Economic Analysis as of November 2024 (top right). Bloomberg <br />Finance L.P. as of December 2024 (bottom right). <br />For the Quarter Ended March 31, 2022 <br />Market Update <br />For the Quarter Ended December 31, 2024 <br />MarketUpdate <br />Election & Potential Policy Implications on the Fed <br />Tariffs <br />Regulation <br />Taxes <br />Immigration <br />Lower taxes viewed as positive for growth but negative for the deficit <br />Uncertainty surrounding the scope and scale of <br />tariff policy and viewed as inflationary <br />Tighter border policy may have adverse <br />impacts on the labor market <br />Easing regulation is generally viewed as <br />positive for growth <br />-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0% <br />Other Durable Goods <br />Telephones & Eq <br />IT Eq <br />Photographic Eq <br />Autos & Parts <br />Sports Eq <br />Video and Audio Eq <br />Durable Goods <br />Goods <br />MoM % Change In Real Consumption <br />Average August to October Nov-24 <br />An increase in <br />durable goods <br />spending may <br />be partially <br />attributed to a <br />pull forward of <br />spending prior <br />to tariffs <br />0 <br />50 <br />100 <br />150 <br />200 <br />250 <br />Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 <br />Word Count of S&P500 Companies <br />Mentioning Tariffs <br />PFM Asset Management | pfmam.com <br />CITY OF REDWOOD CITY <br />13 <br />6.A. - Page 19 of 60 <br />24