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The Fed’s Latest “Dot Plot <br />Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the <br />midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2024. <br />For the Quarter Ended March 31, 2022 <br />Market Update <br />For the Quarter Ended December 31, 2024 <br />MarketUpdate <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy <br />Dec-24 FOMC Projections <br />Dec-24 Median <br />Sep-24 Median <br />2027202620242025 Longer Term <br />2 cuts 2 cuts 1 cuts 3.0% <br />Fed Chair Powell: “You see a slower path … meaningful progress to get inflation down to [2.5%] … we have the <br />labor market forecast as being in good shape, we are also mindful that it is … very gradually cooling” <br />The longer-term <br />neutral rate has <br />drifted up from <br />2.5% in Dec ’23 <br />to 3% currently <br />PFM Asset Management | pfmam.com <br />CITY OF REDWOOD CITY <br />16 <br />6.A. - Page 22 of 60 <br />27