News and Information from Bond Buyer

The administration wants tax reform to be passed by August, while hundreds of groups press lawmakers to preserve full muni tax exemption.

The Chicago Board of Education approved an amended $5.4 billion fiscal 2017 budget that trims spending to plug about half of a $215 million budget gap created by a gubernatorial veto.

Municipal market participants saw some deals reach the market, as top-shelf muni bond yields were slightly lower, according to traders.

Threats to the future of the North American Free Trade Agreement and the cross-border commerce it facilitates could reverberate through the trade-oriented West Coast economy.

The Treasury Department said it will auction $20 billion year bills on Feb. 28.

The Treasury Department said Thursday it will auction $34 billion 91-day bills and $28 billion 182-day discount bills Monday.

Manufacturing activity in the Federal Reserve Bank of Kansas City's region "expanded further with continued strong expectations" in February, according to the bank's monthly manufacturing survey, released Thursday.

Issuers of revenue bonds are beginning to fully understand how interest rate risk works and how they are affected by rising interest rate risk.

Indicator Last Report Forecast Actual Initial Claims 2/11: 238,000 2/18: 230,000 2/18: 244,000 Continuing Claims 2/4: 2.077M 2/11: 1.988M 2/11: 2.060M

Muni yields were slightly lower to start the day on Thursday, as the primary municipal bond market is set to see the bulk of the week's new issuance hit the screens, led by issuers in Alabama and Delaware.

The Chicago Fed National Activity Index for January dropped to negative 0.05 from an upwardly revised positive 0.18 in December, first reported as positive 0.14, while the three-month moving average (CFNAI-MA3) dipped to negative 0.03 from an upwardly revised negative 0.02 in December, first reported as negative 0.07, the Federal Reserve Bank of Chicago reported Thursday.

Feb. 23, 2017 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB/BBB 2.21 3.82 4.62 5.17 Indiana Aaa/AAA/AA+ 0.86 1.63 2.49 3.23 Iowa Aaa/AAA/AAA 0.86 1.62 2.47 3.21 Michigan Aa1/AA-/AA 0.91 1.71 2.59 3.35 Minnesota Aa1/AA+/AAA 0.87 1.6 2.41 3.12 Missouri Aaa/AAA/AAA 0.86 1.57 2.38 3.12 Nebraska NR/AAA/NR 0.86 1.65 2.54 3.31 North Dakota Aa1/AA+/NR 0.89 1.68 2.57 3.31 Ohio Aa1/AA+/AA+ 0.88 1.63 2.53 3.29 South Dakota Aaa/AA+/AAA 0.88 1.65 2.57 3.33 Wisconsin Aa2/AA/AA 0.88 1.66 2.54 3.31

2/21/2017 2/14/2017 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 5 $83,135 11 $113,925 -$30,790 Indiana 5 48,900 7 126,375 -77,475 Iowa 7 101,625 5 58,880 42,745 Michigan 8 142,170 9 79,845 62,325 Minnesota 22 160,280 17 141,885 18,395 Missouri 7 42,035 6 150,310 -108,275 Nebraska 2 99,875 2 99,875 0 North Dakota 0 0 0 0 0 Ohio 4 118,470 5 271,420 -152,950 South Dakota 1 3,965 1 3,965 0 Wisconsin 23 328,205 13 196,240 131,965

FLORIDA

Thursday, February 23 Issuer St Description Amount

Thursday, February 23 Issuer St Description Amount

Week Of February 21 Issuer St Description Amount

CONNECTICUT

Government

A plan that would raise taxes to fund Indianapolis Public Transportation Corporation’s expansion of bus services throughout Indianapolis is headed to the Marion County City-County Council for a vote Monday.