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Day Indicator Last Report Forecast Monday Construction Spending Feb.: -0.5% March: +0.3% Monday ISM Manufacturing March: 51.8 April: 51.4 Wednesday ADP Employment Report March: +200,000 April: +195,000 Wednesday International Trade Feb.: -$47.1B March: -$41.5B Wednesday Productivity Q4: -3.2% Q1: -1.3% Wednesday Unit Labor Costs Q4: +3.3% Q1: +3.0% Wednesday Factory Orders Feb.: -1.7% March: +0.6% Wednesday ISM Non-Manufacturing March: 54.5 April: 54.7 Thursday Initial Claims 4/23: 257,000 4/30: 260,000 Thursday Continuing Claims 4/16: 2.130M 4/23: 2.135M Friday Nonfarm Payrolls March: +215,000 April: +200,000 Friday Private Payrolls March: +195,000 April: +190,000 Friday Unemployment Rate March: 5.0% April: 5.0% Friday Avg Work Week March: 34.4 April: 34.5 Friday Avg Hourly Earnings March: +0.3% April: +0.3% Friday Consumer Credit Feb.: +$17.2B March:+$16.0B

Government

The Securities and Exchange Commission on Friday approved Municipal Securities Rulemaking Board amendments to facilitate moving the municipal securities industry to a two- instead of three-day settlement cycle.

Some investors in Harvey, Illinois debt report being stiffed on a bond payment, though the city has not made any disclosures through the EMMA system.

As Puerto Rico faces bond defaults on Monday and July 1 without legislative relief from Congress, analysts say new litigation is increasingly likely.

Top rated municipal bonds finished steady to stronger on Friday, according to traders, who once again looked ahead to a healthy new issue slate. Total volume for the upcoming week is estimated by Ipreo at $8.17 billion.

Columbia University recently issued $50 million in green bonds through the Dormitory Authority of the State of New York (DASNY) that will fund construction of a new science center for the Ivy League school’s Manhattanville campus, Gov. Andrew Cuomo announced Friday.

A Corps of Engineers study assessing storm and flood risks is credit positive for Florida’s local governments because it will prioritize projects eligible for federal funds, Moody's Investors Service said Friday.

Most Americans surveyed in a new poll would support replacing the gasoline tax with road user fees.

A broad ruling by the Colorado Court of Appeals in a case of a developer’s egregious fraud has sent lawyers to the state’s General Assembly for legislation to protect existing special districts that issue tax-exempt bonds.

Long-term municipal bond volume declined in April for the eighth consecutive month, as a rise in new-money issuance could not make up for a steep drop in refundings.

The developer of New Jersey’s long-stalled American Dream project in the Meadowlands may turn to tax-exempt bonds from an out-of-state conduit issuer for the shopping and entertainment complex.

Top rated municipal bonds were steady to stronger at mid-session, according to traders, who they once again look ahead to a healthy new issue slate. Total volume for next week is estimated by Ipreo at $8.17 billion, up from a revised total of $7.25 billion sold this week, according to Thomson Reuters.

Demand for municipal bonds has been so strong in 2016 that not even the arrival of income tax season could put a stopper on the flow of money into the industry.

The municipal bond market is taking a day to digest this week’s beefy new issue calendar, which was dominated by large healthcare deals.

As Pennsylvania lawmakers debate Gov. Tom Wolf's proposed $32 billion fiscal 2017 spending plan, many municipal analysts view the state's prospects in a negative light.

Apr. 29, 2016 Far West: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alaska Aa1/AA+/AAA 0.68 1.22 1.97 2.91 California Aa3/AA+/A+ 0.59 1.07 1.84 2.71 Hawaii Aa2/AA/AA 0.61 1.11 1.84 2.81 Idaho Aa1/AA+/AA+ 0.56 1.08 1.83 2.8 Montana Aa1/AA/AA+ 0.56 1.09 1.84 2.82 Nevada Aa2/AA/AA+ 0.6 1.12 1.86 2.85 Oregon Aa1/AA+/AA+ 0.58 1.05 1.74 2.69 Washington Aa1/AA+/AA+ 0.6 1.12 1.85 2.83 Wyoming NR/AAA/NR 0.56 1.06 1.75 2.71

4/28/2016 4/21/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 $0 0 $0 $0 California 21 1,363,035 19 1,354,090 8,945 Hawaii 0 0 0 0 0 Idaho 0 0 0 0 0 Montana 0 0 1 64,645 -64,645 Nevada 0 0 0 0 0 Oregon 0 0 1 38,365 -38,365 Washington 7 1,324,265 3 514,485 809,780 Wyoming 0 0 0 0 0