The Best Chair in the House
The chief executive officer of the U.S. central bank and the primary policymaker guiding American monetary policy, interest rates, and financial regulation
Who is the Fed Chair?
This Person is required to manage assets with "undivided loyalty," prioritizing the public's interests above their own or any third party.
What is a fiduciary?
The U.S. Federal Reserve concluded 2025 with three rate cuts, bringing the target range for the fed funds rate to this level.
What is 3.5% to 3.75%?
California Government Code 53600.5 states that these are the objectives when investing public funds (in order of precedence).
What are Safety, Liquidity, and Return/Yield?
This economic indicator measures the total value of final goods and services produced within a country.
What is Gross Domestic Product (GDP)?^
The acronym CSMFO stands for what organization?
What is California Socierty of Municipal finance Officers?
The two main mandates of the Fed?
What is Unemployment and Price Stability? Alan Greenspan?
The name of the California State-managed pool?
What is LAIF?
This 2020 pandemic caused the Fed to cut interest rates from 2.25 - 2.5% down to 0 to 0.25%
What is Covid?
This is the standard maximum maturity for fixed-income securities.
What is 5 years?
A single company or entity that is the sole provider of a particular product or service, possessing complete control over supply, prices, and high barriers to entry.
What is a monopoly?
When a government spends more money than it collects in revenue in a single fiscal year.
What is a budget deficit?
When the Fed raises/lowers insterest rates, the rate they adjust is called
What is Fed Funds/Overnight Rate
The document that outlines permitted investments, diversification requirements, and risk controls for public funds.
What is an investment policy statement (IPS)?
This recession started in 2007, and was started by predatory lending for subprime mortgages.
What is the Financial Crisis/Great Recession?
The maximum maturity of this security was recently changed from 270 days to 397 days effective January 1, 2026.
What is Commercial Paper
This term describes two consecutive quarters of negative GDP growth.
What is a recession?
Outside of of investment income these are the two primary methods governments generate revenue.
What are taxes and fees?
The Chair of the Federal Reserve.
Who is Jerome Powell?
The most common and also considered a risk-free type of asset in municipal portfolios.
What is a U.S. Treasury?
This severe economic downturn that started in 1929?
What is the Great Depression?
This is the percentage of collateral that banks must pledge for public deposits over the FDIC limit.
What is 110%?
This term describes an economy where large business and high-income earners experience vastly diverging outcomes compared to small businesses and service workers, visually resembling a specific letter of the alphabet.
What is a K-shaped economy?
This independent board sets the financial accounting and reporting standards for state and local governments.
What is the GASB (Governmental Accounting Standards Board)?
The Federal Reserve regularly meets this many times per year.
What is eight times per year?
Public fund managers schedule investment maturities based on this forecast of revenues and expenditures.
What is a cash flow projection (or cash flow analysis)?
If it were a county, California is the world’s ___ largest economy.
What is the 5th?
Under 53601 (f), these types securities/instrumentalities are issued by agencies like Fannie Mae or Tennessee Valley Authority.
What are Government-Sponsored Enterprises (GSE's)?
The Feds preferred gauge to monitor inflation.
What is Personal Consumption Expenditures (PCE)?
The total value of all outstanding U.S. government debt recently surpassed this significant milestone in early 2026.
What is $40 trillion?