APRIL 14, 2026
City of Commerce
Investment Strategy Update
PRESENTED BY:
NICK VACCARI, CTP – REGIONAL DIRECTOR,
ADVISORY SERVICES
Economic Update
Fed Funds
3 SOURCE: BLOOMBERG AS OF 4/10/26
• With the Iran conflict, Fed Funds
futures are bouncing between a
slight chance of a hike later this
year to a slight chance of a cut.
• The Federal Reserve last
lowered the Fed Funds rate at
the December 2025 meeting by
.25% and held the rate steady at
the January and March 2026
meetings.
• The Fed’s “Dots” project one
.25% cut this year, as of the
March 2026 FOMC meeting.
-75
-50
-25
0 25
12/31 1/7 1/14 1/21 1/28 2/4 2/11 2/18 2/25 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 5/13 Basis Points
Project Fed .25% Cuts/Hikes to Dec 2026 25 Basis Point Hike Fed On Hold
1 Cut
2 Cuts
3 Cuts
Inflation
4 SOURCE: BLOOMBERG AS OF 4/10/26
• Inflation declined considerably
from the pandemic highs of
2022 (CPI YoY 9.1%).
• However, inflation remains
above the Federal Reserve’s
target 2% target and has
increased due to the sharp rise
of gasoline prices.
• Inflation expectations one year
ahead have increased materially
due to the Iran conflict pushing
energy prices higher.
9.1 3.3
0 1
2 3
4 5
6 7
8 9
10 Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
Apr-26
Percent
CPI YOY
5.4 3.1
0 1
2 3
4 5
6 Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
Apr-26
Percent
1-Year Forward Expected CPI
Growth
5 SOURCE: BLOOMBERG AS OF 4/1/26, SHADED AREAS ARE RECESSIONS, Y-AXIS CUT OFF DUE TO COVID EXTREMES • Consumer spending comprises
about 70% of GDP.
• The Retail Sales metric is one of
the most comprehensive looks
at consumer spending.
• The data through March 2026
shows that consumers continue
to spend at a fairly robust pace,
especially the upper-income
households.
3.5%
0 0.1
0.2 0.3
0.4 0.5
0.6 0.7
0.8 0.9
1 -15%
-10%
-5%
0%
5%
10%
15%
20%
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Monthly Nominal Retail Sales - YoY % Change
Employment
6 SOURCE: BLOOMBERG AS OF 4/1/26, SHADED AREAS ARE RECESSIONS Y-AXIS CUT OFF DUE TO COVID EXTREMES • Many economists consider the
range of full employment
between 4.5% and 5.5%.
• The unemployment rate has
climbed from the cycle low of
3.4% (Apr 2023) to 4.4% as of
February 2026.
• Jobless claims are extremely
low and show the “no hire, no
fire” aspect of the current labor
market.
0 0.1
0.2 0.3
0.4 0.5
0.6 0.7
0.8 0.9
1 150
200
250
300
350
400
450
500
550
600
650
700
750
1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 Thousands
Weekly Initial Jobless Claims - 4 Week Average
Yields
7 SOURCE: BLOOMBERG AS OF 4/10/26
• Intermediate-term interest rates
peaked in October of 2023, with
the 2-year Treasury hitting a
cycle high of 5.22%.
• Even though interest rates have
declined with lower job growth,
they are still materially higher
than the average the past +20
years.
• Meeder believes it’s still an
opportune time to lock in
interest income stability with
purchases of intermediate-term
to longer-term securities.
3.78%
2.0%
3.63%
0%
1%
2%
3%
4%
5%
6%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fed Funds and 2 Year Treasury Yields Past +20 Years
2Y 2Y Avg Yield Fed Funds Mid Rate
Portfolio Review
Your Portfolio
Cash $85,622,806
Securities $60,804,414
Total Portfolio $146,427,220
Your Securities
Weighted Average Maturity 2.51 years
Weighted Average Yield 3.86%
Estimated Annual Income $2,347,050
Your Asset Allocation
Your Maturity Distribution
Current Portfolio
City of Commerce portfolio as of 3/31/2026
YIELD AND INTEREST INCOME INFORMATION IS ANNUALIZED. ALL YIELD INFORMATION IS SHOWN GROSS OF ANY ADVISORY AND CUSTODY FEES AND IS BASED ON YIELD TO MATURITY AT COST.
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.
34%
3%
9% 13%
12%
29%
US Treasuries
US Government Agencies
Commercial Paper
MBS
ABS
Corporate Bonds
9 12,772,325
10,030,726
12,717,183
13,801,368
11,482,811
21% 16% 21% 23% 19%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
0-1 year 1-2 years 2-3 years 3-4 years 4-5 years
Disclosures
10 Meeder Public Funds, Inc. is a registered investment adviser with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. Registration with the SEC does not imply a certain level of skill or training. The opinions expressed in this presentation are those of Meeder Public Funds, Inc. The material presented has been derived from sources considered to be reliable, but the accuracy and completeness cannot be guaranteed.
Past performance does not guarantee future results. Opinions and forecasts are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security. Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. Any forecast, projection, or prediction of the market, the economy, economic trends, and fixed-income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Meeder Public Funds, Inc. cannot and does not claim to be able to accurately predict the future investment performance of any individual security or of any asset class. There is no assurance that the investment process will consistently lead to successful results. The investment return and principal value of an investment will fluctuate, thus an investor’s shares, or units, when redeemed, may be worth more or less than their original cost.
Meeder Public Funds
6125 Memorial Drive
Dublin, OH 43017
901 Mopac Expressway South,
Building 1, Suite 300
Austin, TX 78746
120 North Washington Square
Suite 300
Lansing, MI 48933
111 West Ocean Blvd, 4th Floor
Long Beach, CA 90802
222 Main Street, 5th Floor
Salt Lake City, UT 84101
10655 Park Run Drive, Suite 120
Las Vegas, NV 89144
250 Fillmore Street, Suite 150
Denver, CO 80206
meederpublicfunds.com
866.633.3371
MeederInvestment.com
FOR INFORMATIONAL PURPOSES ONLY. SEE IMPORTANT DISCLOSURES AT THE END OF THE PRESENTATION.
Disclosures