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Fed Chair Powell: "[T]he top third [of earners] accounts for way more than a third of the consumption ... So it’s a good <br />question how sustainable that is." <br />3.3% <br />1.9% <br />-0.6% <br />3.8% <br />4.3% <br />-6% <br />-4% <br />-2% <br />0% <br />2% <br />4% <br />6% <br />8% <br />2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 <br />U.S. Real GDP Contributors and <br />Detractors <br />Personal Consumption Fixed Investment <br />Private Inventories Net Exports <br />Gov't Expenditures <br />2% <br />4% <br />6% <br />8% <br />2020 2021 2022 2023 2024 2025 <br />Wage Growth by Income Quartiles <br />Atlanta Fed Wage Growth Tracker <br />Lowest quartile Highest quartile <br />K-Shaped Economy <br />Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bloomberg Finance L.P. and Bureau of Economic Analysis, as of September 2025 (left). Federal <br />Reserve Bank of Atlanta, as of September 2025 (right). <br />City of San Leandro <br />For the Quarter Ended December 31, 2025 <br />Market Update <br />PFM Asset Management | pfmam.com 6 <br />Exhibit A <br />Resolution No. 2026-060