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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended March 31, 2026 <br />Multi-Asset Class Management <br />THE ECONOMY <br />• U.S. real gross domestic product (GDP) grew at a seasonally adjusted annualized rate <br />of 0.7% in the fourth quarter. This modest growth rate largely reflects the temporary <br />effects of the government shutdown in October-November 2025 rather than a material <br />deterioration in underlying private demand, and consumers continue to support growth. <br />Real final sales to private domestic purchasers (the sum of consumer spending and gross <br />private fixed investment) increased 1.9% during the quarter. <br />• The U.S. labor market saw an uneven start to the year, with 178k jobs added in <br />March following a sharp drop in February and a moderate gain in January. The overall <br />unemployment rate remained relatively stable, edging down to 4.3%, though part of the <br />decline reflects workers leaving the workforce rather than an acceleration in hiring. Initial <br />jobless claims ended the quarter at 202k (week ending March 28), near a two-year low, <br />with continuing claims declining to approximately 1.8 million. Overall, there has been no <br />meaningful increase in layoffs, consistent with a “low-hire, low-fire” environment. <br />• Inflation moderated in the first two months of the quarter. Headline inflation (CPI) <br />increased 2.4% year-over-year (YoY) in February, the lowest level since May 2025. This <br />moderating trend may encounter near-term pressure, as markets are pricing higher March <br />inflation readings amid rising energy prices related to the conflict in the Middle East. <br />U.S. Unemployment and Monthly Average Continued Claims <br />Source: Bloomberg. <br />U.S. GDP Growth <br />Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate fore- <br />casted estimates. <br />1,600 <br />1,650 <br />1,700 <br />1,750 <br />1,800 <br />1,850 <br />1,900 <br />1,950 <br />2,000 <br />0% <br />2% <br />4% <br />6% <br />8% <br />Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 <br />Th <br />o <br />u <br />s <br />a <br />n <br />d <br />s <br />3.8% <br />4.4% <br />0.7% <br />2.4%1.8%1.9%2.0% <br />-2% <br />-1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 <br />2021 2022 2023 2024 2025 2026 <br />Qo <br />Q <br />% <br /> <br />C <br />h <br />a <br />n <br />g <br />e <br />, <br /> <br />S <br />A <br />, <br /> <br />A <br />n <br />n <br />u <br />a <br />l <br />i <br />z <br />e <br />d <br />Source: Bureau of Labor Statistics. <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />9% <br />10% <br />Mar-22 Mar-23 Mar-24 Mar-25 <br />Yo <br />Y <br />% <br /> <br />C <br />h <br />a <br />n <br />g <br />e <br />Core CPI CPI <br />U.S. Inflation Rate <br />Seasonally Adjusted (SA) <br />2.2 <br />Exhibit A <br />Resolution No. 2026-070 Page 5