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At their June meeting, the Fed increased the target rate by 25 basis points to1.00% to 1.25%, marking the <br />third increase since December 2016. Although the Fed kept rates unchanged at the September FOMC <br />meeting, several factors, including a strong labor market, domestic and global economicgrowth,have <br />increased expectations of an additionalrate hike in December. At this time, three rate hikes are projected <br />in 2018.Staff will continue to monitor rates and economic conditions,and the strategy for the portfolio <br />will,as always,focus on ladderingto pick up yield along the curve and maintaininga constant cash flow <br />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 />