I want to share with you the latest edition of the Texas Family Office Association (“TFOA”) monthly economic update. The attached report includes a wealth of data and exhibits on the state of the USA economy and selected States. I’ve pasted below 10-Year expected returns for all asset classes and this month’s economic release calendar for your ease of reference. I hope you’ll find this useful…

1. Source: U.S. Bureau of Economic AnalysisSource: U.S. Bureau of Labor Statistics
USA Gross Domestic Product
USA Price Data
The Texas Family Office Association
TFOA Monthly Report January 2019
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 1
(T) 713-581-0448 © Texas SFO Association, LLC 2019

2. Monthly Economic Report
Source: U.S. Bureau of Labor Statistics
USA Employment & Unemployment Data
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 2
(T) 713-581-0448 © Texas SFO Association, LLC 2019

3. Monthly Economic Report
Source: U.S. Bureau of Labor Statistics
This summary is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon
in connection with any offer or sale of securities. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in
no way are warranted by us as to accuracy or completeness.
USA Unemployment Rate by State (November 2018)
California Unemployment Rate (November 2018)
New York Unemployment Rate (November 2018)
12-mth Change in Unemployment Rate (November
Florida Unemployment Rate (November 2018)
Texas Unemployment Rate (November 2018)
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 3
(T) 713-581-0448 © Texas SFO Association, LLC 2019

4. Monthly Economic Report
Source: U.S. Bureau of Labor Statistics
This summary is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in
connection with any offer or sale of securities. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in no
way are warranted by us as to accuracy or completeness.
USA Twelve Month Change in Employment Across Various Industrial Sectors
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 4
(T) 713-581-0448 © Texas SFO Association, LLC 2019

5. Monthly Economic Report
Source: Federal Reserve System Yields in percent Per Annum
USA Selected Interest Rates (January 4th, 2019 )
Headquarters: Marc J. Sharpe
3640 Lake Street msharpe@hfoatx.com
Houston, TX 77098 Page 5
(T) 713-581-0448 © Texas SFO Association, LLC 2019
04-Jan-19
Selected Interest Rates
Yields in percent per annum
2018 2018 2019 2019 2019
Instruments Dec Dec Jan Jan Jan
28 31 1 2 3
Federal funds (effective) 1 2 3 2.40 2.40 2.40 2.40 2.40
Commercial Paper 3 4 5 6
Nonfinancial
1-month 2.42 2.5 2.5 2.5
2-month n.a. n.a. 2.54 2.51
3-month n.a. n.a. 2.57 2.56
Financial
1-month n.a. 2.42 2.39 2.39
2-month n.a. n.a. 2.57 2.51
3-month n.a. 2.67 2.69 2.64
Bank prime loan 2 3 7 5.5 5.5 5.5 5.5 5.5
Discount window primary credit 2 8 3 3 3 3 3
U.S. government securities
Treasury bills (secondary market)
4-week 2.35 2.4 2.36 2.38
3-month 2.35 2.4 2.37 2.36
6-month 2.42 2.5 2.45 2.41
1-year 2.51 2.54 2.52 2.42
Treasury constant maturities
Nominal 9
1-month 2.39 2.44 2.4 2.42
3-month 2.4 2.45 2.42 2.41
6-month 2.48 2.56 2.51 2.47
1-year 2.57 2.63 2.6 2.5
2-year 2.52 2.48 2.5 2.39
3-year 2.5 2.46 2.47 2.35
5-year 2.56 2.51 2.49 2.37
7-year 2.63 2.59 2.56 2.44
10-year 2.72 2.69 2.66 2.56
20-year 2.89 2.87 2.83 2.75
30-year 3.04 3.02 2.97 2.92
Inflation indexed 10
5-year 1.04 1 1 0.88
7-year 1.01 0.99 0.98 0.88
10-year 0.99 0.98 0.96 0.88
20-year 1.11 1.09 1.07 1.01
30-year 1.21 1.21 1.19 1.14
Inflation-indexed long-term
average 11
1.17 1.17 1.15 1.1