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At theirJune meeting, the Fed increased the target rate by 25 basis points to1.00% to 1.25%, marking the <br />third increase since December 2016.Another rate increase is not anticipated until December 2017,or <br />possibly not until 2018, as a reflection of a slower growth in the economy than expected. Staff will continue <br />to monitor rates and economic conditions,and thestrategy for the portfolio will,as always,focus on <br />ladderingto pick up yield along the curve and maintaininga constant cash flow and liquid position. <br />2 Year T-Note <br />8.00% <br />6.00% <br />4.00% <br />2.00% <br />0.00% <br />In summary, wewill continue to invest the City’s funds in conservative investments, as authorized by the <br />Public Funds Investment Act, always keeping in mind Safety first, and then Liquidity and lastly Yield. <br />3 <br /> <br />