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1.4%1.6%1.8%1.8%0%1%2%3%202520262027LongerRunChange in Real GDPMar ProjectionsJun Projections3.0%2.4%2.1%2.0%0%1%2%3%4%202520262027LongerRunPCE InflationMar ProjectionsJun ProjectionsFed’s Updated Summary of Economic ProjectionsSource: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve, latest median economic projections as of June 2025.4.5%4.5%4.4%4.2%0%1%2%3%4%5%6%202520262027LongerRunUnemployment RateMar ProjectionsJun Projections3.9%3.6%3.4%3.0%0%1%2%3%4%5%202520262027LongerRunFederal Funds RateMar ProjectionsJun ProjectionsFed Chair Powell : “[T]hink of it as the least unlikely path in a situation like this where uncertainty is very high.”For the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.comCITY OF REDWOOD CITY167.A. - Page 22 of 6332