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Fed’s Updated Summary of Economic Projections <br />For the Quarter Ended March 31, 2022 <br />Market Update <br />Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Federal Reserve. As of December 2024. <br />For the Quarter Ended December 31, 2024 <br />MarketUpdate <br />4.4%3.9%3.4%3.1%3.0% <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 />Sept Projections Dec Projections <br />2.4%2.5% <br />2.1%2.0%2.0% <br />0% <br />1% <br />2% <br />3% <br />2024 2025 2026 2027 Longer <br />Run <br />PCE Inflation <br />Sept Projections Dec Projections <br />4.2%4.3%4.3%4.3%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 />Sept Projections Dec Projections <br />2.5% <br />2.1%2.0%1.9%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 />Sept Projections Dec Projections <br />Fed Chair Powell: “These median projections are somewhat higher than in September, consistent with the <br />firmer inflation projection.” <br />PFM Asset Management | pfmam.com <br />CITY OF REDWOOD CITY <br />15 <br />6.A. - Page 21 of 60 <br />26