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Fed Chair Powell: “We feel like the framework calls to balance the risks. We feel where we are now is on the <br />higher borderline of restrictive versus not restrictive, we feel like that is the right place to be.” <br />2026 2027 2028 <br />The Latest Fed “Dot Plot” <br />Longer Term <br />3.1%1 cut 1 cut 0 cuts <br />Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Federal Reserve; Bloomberg Finance L.P. Individual dots re present each Fed members’ judgement of the <br />midpoint of the appropriate target range for the federal funds rate at each year -end. As of March 2026. <br />For the Quarter Ended March 31,2026 <br />Market Update <br />Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy5% <br />4% <br />3% <br />2% <br />1% <br />0% <br />CITY OF REDWOOD CITY <br />PFM Asset Management | pfmam.com 18 <br />7.C. - Page 24 of 71 <br />40