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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended June 30, 2025 <br />Multi-Asset Class Management <br />-1.00% <br />0.00% <br />1.00% <br />2.00% <br />3.00% <br />4.00% <br />5.00% <br />6.00% <br />Jun '21 Jun '22 Jun '23 Jun '24 Jun '25 <br />Fed Target Rate BOJ Target Rate <br />ECB Target Rate Bank of England Target Rate <br />0 <br />20 <br />40 <br />60 <br />80 <br />100 <br />Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 <br />WHAT WE’RE WATCHING <br />• The Federal Reserve (Fed) held rates flat again in the second quarter and it continues to <br />maintain a ‘wait-and-see’ approach until more supportive data points to a clearer path <br />regarding the impacts of tariffs. The latest Fed projections continue to forecast two <br />quarter-percentage-point rate reductions by the end of 2025. Outside of the U.S., the <br />European Central Bank (ECB) cut rates twice in the second quarter, bringing rates near <br />neutral as inflation fell within targets. <br />• U.S. consumer sentiment, as measured by the University of Michigan survey of <br />consumers, recovered after a precipitous drop in March and April, but still remains <br />relatively gloomy, and down significantly from December 2024 levels, as consumers <br />remain cautious about the risks of both an economic slowdown and further increases in <br />inflation. Consumer spending, which drives more than two-thirds of the economy, has <br />seen a slight pullback, falling 0.1% month-over-month, in May. <br />• Continued geopolitical risk and trade relations remain areas of concern for the markets. <br />Conflict in the Middle East has the potential to impact energy prices, a consequence that <br />we briefly saw before the ceasefire between Israel and Iran. Trade deals have not been <br />finalized with a variety of important partners, and while continued trade negotiations <br />may clear up some of the tariff uncertainty in the third quarter, many questions have not <br />yet been resolved and their possible effects on inflation remain unclear. <br />Global Central Bank Rates <br />Source: Bloomberg. <br />U.S. ISM Manufacturing & Services PMI <br />Source: Bloomberg. <br />40 <br />45 <br />50 <br />55 <br />60 <br />65 <br />70 <br />Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 <br />Manufacturing Services <br />University of Michigan Consumer Sentiment <br />Source: Bloomberg. <br />2.3 <br />Resolution No. 2025-133 Exhibit A Page 6 of 26