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Source: Bloomberg Finance L.P., as of December 31, 2025. <br />3.25% <br />3.50% <br />3.75% <br />Sep-25 Oct-25 Nov-25 Dec-25 <br />2-Year U.S. Treasury Yield <br />September 30, 2025 – December 31, 2025 <br />Nov 20th <br />Nonfarm payrolls <br />mixed <br />Dec 5th <br />September CPI subdued <br />Consumer confidence rises <br />for the first time in 5 months <br />Dec 10th <br />Chair Powell notes <br />inflation excluding tariffs <br />nears Fed’s 2% target <br />Oct 10th <br />Government <br />shutdown enters <br />second week <br />Oct 29th <br />Hawkish comments from <br />Chair Powell at FOMC <br />press conference <br />Nov 19th <br />FOMC Minutes <br />highlight policy <br />uncertainty <br />Treasury Yields Range Bound As Volatility Wanes <br />City of San Leandro <br />For the Quarter Ended December 31, 2025 <br />Market Update <br />PFM Asset Management | pfmam.com 9 <br />Exhibit A <br />Resolution No. 2026-060