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For the Quarter Ended March 31,2026 <br />Market Update <br />2.4%2.3%2.1%2.0% <br />0% <br />1% <br />2% <br />3% <br />2026 2027 2028 Longer <br />Run <br />Change in Real GDP <br />Dec Projections Mar Projections <br />4.4%4.3%4.2%4.2% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2026 2027 2028 Longer <br />Run <br />Unemployment Rate <br />Dec Projections Mar Projections <br />2.7% <br />2.2%2.0%2.0% <br />0% <br />1% <br />2% <br />3% <br />4% <br />2026 2027 2028 Longer <br />Run <br />PCE Inflation <br />Dec Projections Mar Projections <br />3.4%3.1%3.1%3.1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />2026 2027 2028 Longer <br />Run <br />Federal Funds Rate <br />Dec Projections Mar Projections <br />Fed’s Updated Summary of Economic Projections <br />Fed Chair Powell: “The economic effect could be bigger, they could be smaller … We just don’t know. People are <br />writing down what seems to make sense to them but have no conviction.” <br />Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Federal Reserve, latest median economic projections, as of March 2026. <br />CITY OF REDWOOD CITY <br />PFM Asset Management | pfmam.com 17 <br />7.C. - Page 23 of 71 <br />39