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Fed Chair Powell: “[I]f we have a long period of much higher gas prices, that is going to weigh on consumption…Meanwhile, the economy is solid… It’s just we don't know what the effects of this will be.”U.S. Growth Forecasts Remain Steady-0.6%3.8%4.4%0.5%2.4%1.8%1.9%2.0%-6%-4%-2%0%2%4%6%8%2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 2026Q4U.S. Real GDP Contributors and DetractorsPersonal ConsumptionFixed InvestmentPrivate InventoriesNet ExportsGov't ExpendituresForecast RangeForecast MedianSource: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Bloomberg Finance L.P. and Bureau of Economic Analysis, as of December 2025 (left). Survey responses after March 27, 2026, included in Median and forecast range. Shading represents the central 80% of the forecasts (right).City of San LeandroFor the Quarter Ended March 31, 2026Market UpdatePFM Asset Management | pfmam.com6Resolution No. 2026-064Page 6 of 60