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2.4%2.3%2.1%2.0%0%1%2%3%2026 2027 2028 LongerRunChange in Real GDPDec ProjectionsMar Projections4.4%4.3%4.2% 4.2%0%1%2%3%4%5%6%2026 2027 2028 LongerRunUnemployment RateDec ProjectionsMar Projections2.7%2.2%2.0% 2.0%0%1%2%3%4%2026 2027 2028 LongerRunPCE InflationDec ProjectionsMar Projections3.4%3.1% 3.1% 3.1%0%1%2%3%4%5%2026 2027 2028 LongerRunFederal Funds RateDec ProjectionsMar ProjectionsFed’s Updated Summary of Economic ProjectionsFed Chair Powell: “The economic effect could be bigger, they could be smaller … We just don’t know. People are writing down what seems to make sense to them but have no conviction.”Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Federal Reserve, latest median economic projections, as of March 2026.City of San LeandroFor the Quarter Ended March 31, 2026Market UpdatePFM Asset Management | pfmam.com7Resolution No. 2026-064Page 7 of 60