No. These are annual rates. The actual change in the fourth quarter was approximately 6.9/4 = 1.725% and the actual change in the first quarter was approximat

No. These are annual rates. The actual change in the fourth quarter was approximately 6.9/4 = 1.725% and the actual change in the first quarter was approximately -1.4/4 = -0.35%, for a total change of approximately 1.725-0.35=1.375% in the two quarters. That's an annual rate of approximately 1.375*2 = 2.75%. (All calculations approximate, but close given that the percentages are all fairly small.)