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Fed Chair Powell: “We feel like the framework calls to balance the risks. We feel where we are now is on the higher borderline of restrictive versus not restrictive, we feel like that is the right place to be.”202620272028The Latest Fed “Dot Plot”Longer Term3.1%1 cut1 cut0 cutsSource: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of March 2026. Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy5%4%3%2%1%0%City of San LeandroFor the Quarter Ended March 31, 2026Market UpdatePFM Asset Management | pfmam.com8Resolution No. 2026-064Page 8 of 60