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PFM presents conservative portfolio; committee discusses cadence for future briefings
Summary
PFM Asset Management presented the city’s portfolio through March 31, 2025, noting a high allocation to Treasuries, short duration and recent yield volatility tied to trade and Fed uncertainty. Committee discussed meeting cadence and the possibility of adding commercial paper for modest additional yield.
Angie Hughes and Chris Harris of PFM Asset Management briefed the Audit & Finance Committee on the city’s investment performance through March 31, 2025, and provided a supplemental market update covering economic and policy developments through April and May 2025.
Chris Harris characterized the major market theme as heightened uncertainty from trade policy and Federal Reserve decisions. He described how effective tariff rates rose sharply earlier in spring 2025, elevated inventories distorted first‑quarter GDP components and markets were pricing in two quarter‑point cuts by the Fed later in the year. He noted the…
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