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Sources: Bloomberg Finance L.P., March 31, 2026, Federal Reserve Bank of New York as of December 2025, and Bureau of Economic Analysis as of December 2025. <br />Factors Shaping the Economic Outlook <br />For the Quarter Ended March 31,2026 <br />Market Update <br />▸Geopolitical uncertainty <br />▸Higher energy prices <br />▸Net new job creation near zero <br />▸Increasing retail credit card <br />balances <br />▸Rising student loan <br />delinquencies <br />▸Stable Fed Policy <br />▸Core inflation stable but above <br />target <br />▸Stabilizing credit card <br />delinquencies <br />▸Above-average tax refunds <br />▸Resilient consumer spending <br />▸Positive real disposable <br />personal income growth <br />▸Corporate fundamentals <br />PositiveNeutralNegative <br />0% <br />2% <br />4% <br />6% <br />8% <br />10% <br />12%200320052007200920112013201520172019202120232025Credit Card Delinquencies <br />90+ Days <br />$50 <br />$60 <br />$70 <br />$80 <br />$90 <br />$100 <br />$110 <br />Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 <br />Price of Oil <br />WTI crude oil futures, $/barrel <br />0% <br />1% <br />2% <br />3% <br />4% <br />5%1Q '242Q '243Q '244Q '241Q '252Q '253Q '254Q '25Personal Consumption <br />Quarter-Over-Quarter Change <br />CITY OF REDWOOD CITY <br />PFM Asset Management | pfmam.com 16 <br />7.C. - Page 22 of 71 <br />38