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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended September 30, 2025 <br />Multi-Asset Class Management <br />THE ECONOMY <br />• In the second quarter, U.S. real gross domestic product (GDP) grew at a seasonally <br />adjusted annualized rate of 3.8%, marking the strongest growth since Q3 2023. This <br />rebound in growth was supported by an uptick in consumer spending and business <br />investment. While the data still points to some moderation in activity compared to <br />last year, the slowdown may not be as severe as originally feared. <br />• The U.S. unemployment rate ticked up over the quarter, rising to 4.3% in August. <br />The latest initial jobless claims ended the quarter slightly lower at 218.0k (for the <br />week ending September 20) after an early September spike, while the outstanding <br />claims also fell to approximately 1,926.0k signaling layoffs remain subdued despite <br />broader signs of labor market cooling. The other side of the “low-hire, low-fire” <br />environment can be seen in the duration of unemployment, with 25.7% of the job <br />seekers experiencing unemployment for more than six months, the highest share <br />since February 2022. <br />• Inflation accelerated in the third quarter. Headline inflation (CPI) grew at a year- <br />over-year (YoY) rate of 2.9% in August, the highest rate since January, as prices of <br />food and energy rose while core CPI, which excludes volatile food and energy, grew <br />at 3.10% on an annual basis. <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 fore- <br />casted estimates. <br />0 <br />500 <br />1,000 <br />1,500 <br />2,000 <br />2,500 <br />3,000 <br />3,500 <br />0% <br />2% <br />4% <br />6% <br />8% <br />10% <br />Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Thousands 3.8% <br />1.7% <br />1.2%1.5% <br />1.9% <br />-2% <br />-1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8%Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22021 2022 2023 2024 2025 2026QoQ% 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 />Sep-21 Sep-22 Sep-23 Sep-24YoY% ChangeCore CPI CPI <br />U.S. Inflation Rate <br />Seasonally Adjusted (SA) <br />2.2 <br />Exhibit A <br />Resolution No. 2025-166 Page 5