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Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2024 (left). Bureau of Economic <br />Analysis and Bloomberg Finance L.P., as of December 2024 (right). <br />For the Quarter Ended March 31, 2022 <br />Market Update <br />For the Quarter Ended December 31, 2024 <br />MarketUpdate <br />Fed Chair Powell: “I think it’s pretty clear we’ve avoided a recession. I think growth this year has been solid, it really <br />has…Again the U.S. economy has just been remarkable.” <br />Inflation and Growth Forecasted To Remain Stable <br />2.4% <br />2.6%2.7% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />Jun-24 Dec-24 Jun-25 Dec-25 <br />CPI Inflation (YoY) <br />Average Forecast Actual <br />3.0%3.1% <br />2.3% <br />1.9% <br />2.0%2.0%2.0% <br />0% <br />1% <br />2% <br />3% <br />4% <br />Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4' 25 <br />U.S. GDP Forecasts <br />Annualized Rate <br />Actual Range Median of Forecasts <br />PFM Asset Management | pfmam.com <br />CITY OF REDWOOD CITY <br />14 <br />6.A. - Page 20 of 60 <br />25