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0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy <br />Dec-25 FOMC Projections <br />Sep-25 Median <br />Dec-25 Median <br />Fed Chair Powell: “[I]t is very unusual to have persistent tension between the two parts of the mandate… But it <br />is not like the normal situation where everyone agrees on the direction and what to do. It is more spread out.” <br />2025 20272026 2028 <br />The December Fed “Dot Plot” <br />Longer Term <br />3.0%1 cut 1 cut 0 cuts <br />Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of <br />the midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2025. <br />City of San Leandro <br />For the Quarter Ended December 31, 2025 <br />Market Update <br />PFM Asset Management | pfmam.com 8 <br />Exhibit A <br />Resolution No. 2026-060