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Yield Curve <br />3.00% <br />2.00% <br />1.00% <br />0.00% <br />Treasury Bills <br />®I year ago 3 months ago —current <br />At the December Federal Open Market Committee meeting, the Fed increased the target rate to 1.25% to <br />1.50%. Although the rate remained unchanged at the January meeting, strong momentum from 2017 is <br />continuing into 2018. Continued economic growth, positive assessments of the labor market and rising <br />consumer confidence are fueling expectations of three to four rate increases in 2018 with the first likely to <br />occur in March. While staff continues to monitor rates and economic conditions, the strategy for the <br />portfolio will, as always, focus on laddering to pick up yield along the curve and maintaining a constant <br />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 />OA IS) <br />In summary, we will 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 />