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Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Federal Reserve, latest median economic projections, as of December 2025. <br />Fed Chair Powell: "[T]he baseline [expectation] would be solid growth next year" ... "[We] feel like we have made <br />progress this year in nontariff-related inflation." <br />1.7% <br />2.3% <br />2.0%1.9%1.8% <br />0% <br />1% <br />2% <br />3% <br />2025 2026 2027 2028 Longer <br />Run <br />Change in Real GDP <br />Sep Projections Dec Projections <br />2.9% <br />2.4% <br />2.1%2.0% 2.0% <br />0% <br />1% <br />2% <br />3% <br />4% <br />2025 2026 2027 2028 Longer <br />Run <br />PCE Inflation <br />Sep Projections Dec Projections <br />4.5%4.4%4.2% 4.2% 4.2% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />2025 2026 2027 2028 Longer <br />Run <br />Unemployment Rate <br />Sep Projections Dec Projections <br />3.6%3.4%3.1% 3.1%3.0% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />2025 2026 2027 2028 Longer <br />Run <br />Federal Funds Rate <br />Sep Projections Dec Projections <br />Fed’s Updated Summary of Economic Projections <br />City of San Leandro <br />For the Quarter Ended December 31, 2025 <br />Market Update <br />PFM Asset Management | pfmam.com 7 <br />Exhibit A <br />Resolution No. 2026-060