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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended March 31, 2025 <br />Multi-Asset Class Management <br />THE ECONOMY <br /> ►In the fourth quarter, U.S. real gross domestic product (GDP) grew at seasonally <br />adjusted annualized rate of 2.4%, a deceleration from the 3.1% growth in Q3. While <br />the headline figure came in below expectations due to weak gross private domestic <br />investment, consumer spending continued to be robust. Outside the U.S., some <br />developed countries saw similar strength in growth such as Japan, which grew 2.2%; <br />while Europe continued to struggle with the Eurozone, growing 0.9% in the fourth <br />quarter. <br /> ►The U.S. unemployment rate rose to 4.2% in March remaining in the remarkably <br />stable range between 4.0% and 4.2% that we have seen for in the last six months. The <br />latest initial jobless claims ticked higher to 2.2k in March as layoffs generally remain <br />low, pointing to a relatively stable labor market despite a cooling outlook. The number of <br />job openings slipped to 7.6M in February, while the number of unemployed persons per <br />job opening remained at 0.9. <br /> ►Inflation remained sticky in the first quarter. Headline inflation (CPI) grew at a <br />year-over-year (YoY) rate of 2.8% in February, down slightly from the 2.9% reading in <br />December. Core CPI, which excludes volatile food and energy, slowed to 3.1% on an <br />annual basis, the lowest rate since April 2021. This cooling rate does not capture the full <br />impact of the new tariffs, which are expected to drive up prices in a transitory manner. <br />U.S. Unemployment and Monthly Average Continued Claims <br />Source: Bloomberg. <br />U.S. GDP Growth <br />Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate <br />forecasted estimates. <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />0 <br />1000000 <br />2000000 <br />3000000 <br />4000000 <br />5000000 <br />6000000 <br />Monthly Average Continued Claims (Insured Unemployment)Unemployment Rate (Left) <br />2.40% <br />1.18%1.50%1.63%1.80% <br />-2% <br />-1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8%Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42021 2022 2023 2024 2025QoQ% Change, SA, AnnualizedSource: Bureau of Labor Statistics. <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />9% <br />10% <br />Mar-21 Mar-22 Mar-23 Mar-24YoY% ChangeCore CPI CPI <br />U.S. Inflation Rate <br />Seasonally Adjusted (SA) <br /> For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public.2.2