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<br />The overnight rate set by the Fed continues to remain stable. The most current overnight rate was set on <br />June 29th at 5.25%. With that said, our main focus is to continue to ladder the portfolio. <br /> <br />At the end of the fourth quarter, the City's portfolio consisted of 52% of the portfolio maturing overnight <br />(see graph below). 35% of the City's portfolio matures in one year and 13% of the City's portfolio matures in <br />12-24 months. <br /> <br />By Investment Maturity <br /> <br />13% <br /> <br />35%. .52% <br /> <br />I · Overnight <br /> <br />. 1-12 Months <br /> <br />012-24 Months I <br /> <br />Currently, the 3-month T-Bill is at 5.02%; 2-year, at 4.77%; 5-year, at 4.68%; and, the 20-year is at 4.95% <br />(see yield curve below). <br /> <br /> Yield Curve <br />5.50% <br />4.50% <br />3.50% <br />2.50% <br />1.50% <br />0.50% , <br />0 5 10 15 20 <br /> - 3 months ago - current <br /> <br />The overnight rate is currently at 5.25%. We will continue to focus on laddering the portfolio to maintain a <br />constant cash flow and a liquid position. <br /> <br />2 <br />