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2025Longer Term20260%1%2%3%4%5%Fed Participants’ Assessments of ‘Appropriate’ Monetary PolicyJun-25 FOMC ProjectionsMar-25 MedianJun-25 Median20273.0%2 cuts1 cuts1 cutFed’s Latest “Dot Plot” Shows Divergent Views0 Cuts2 CutsFed Chair Powell : “[W]ith uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction.”Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of June 2025. For the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.comCITY OF REDWOOD CITY177.A. - Page 23 of 6333