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Fed Chair Powell: “[I]f we have a long period of much higher gas prices, that is going to weigh on consumption… <br />Meanwhile, the economy is solid… It’s just we don't know what the effects of this will be.” <br />U.S. Growth Forecasts Remain Steady <br />For the Quarter Ended March 31,2026 <br />Market Update <br />-0.6% <br />3.8% <br />4.4% <br />0.5% <br />2.4% <br />1.8%1.9%2.0% <br />-6% <br />-4% <br />-2% <br />0% <br />2% <br />4% <br />6% <br />8% <br />2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 2026Q4 <br />U.S. Real GDP Contributors and Detractors <br />Personal Consumption Fixed Investment <br />Private Inventories Net Exports <br />Gov't Expenditures <br />Forecast Range Forecast Median <br />Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Bloomberg Finance L.P. and Bureau of Economic Analysis, as of December 2025 (left). Survey responses after March 27, 2026, <br />included in Median and forecast range. Shading represents the central 80% of the forecasts (right). <br />CITY OF REDWOOD CITY <br />PFM Asset Management | pfmam.com 15 <br />7.C. - Page 21 of 71 <br />37