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Source: Bloomberg Finance L.P., as of June 30, 2025. U.S. Treasury Yield Curve Steepens4.29%3.72%3.80%3.99%4.23%4.77%3.00%3.50%4.00%4.50%5.00%5.50%6.00%YieldMaturityU.S. Treasury Yield Curve1 Year RangeJune 30, 2025March 31, 20253mo 2yr 5yr 7yr 10yr 20yr 30yrFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.comCITY OF REDWOOD CITY187.A. - Page 24 of 6334