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Source: Bloomberg Finance L.P., as of March 31, 2026.Treasury Yields Reach 8-Month High3.00%3.25%3.50%3.75%4.00%Dec-25Jan-26Feb-26Mar-262-Year U.S. Treasury YieldDecember 31, 2025 – March 31, 2026Feb 5thWeak labor market data+42 bpsFeb 28th– March 31st U.S. and Israeli strikes In Iran result in the closure of the Strait of HormuzJan 9thUnemployment rate beats expectations and falls to 4.4%City of San LeandroFor the Quarter Ended March 31, 2026Market UpdatePFM Asset Management | pfmam.com9Resolution No. 2026-064Page 9 of 60