News and Information from Bond Buyer

Short term municipal bonds, after posting negative returns in December, may still have value as an alternative to staying in cash while waiting for the Federal Reserve Board to raise interest rates.

The median level of state reserves declined by 21.5% in fiscal year 2014 and is expected to decline further this fiscal year, according to the Pew Charitable Trusts.

Contrary to the assertion in a Bond Buyer article that the 2010s may turn out to be the decade of the municipal bankruptcy, it is remarkable how few muni bankruptcies were sought in the wake of the most severe fiscal crisis to hit local governments since the Great Depression.

In a farewell speech to the Texas Legislature that some saw as a prelude to another presidential campaign, Gov. Rick Perry highlighted his accomplishments after a record 14 years in office but did not mention prospects for a weakening economy.

The Puerto Rico governor signed a bill amending an oil tax rise bill, opening the way for potential inflation adjustments to the oil tax.

The University of Michigan's preliminary January consumer sentiment index reading was 98.2, compared to the final December 93.6 and the preliminary December 93.8, according to market sources.

Tom Wolf will inherit a host of economic problems, sliding credit ratings and a thorny political situation when the Democrat takes office Tuesday as Pennsylvania's 47th governor.

The municipal bond market on Friday is looking ahead to the many new issues coming to market in the holiday-shortened trading week while traders keep watch as yields of top-rated munis continue to decline.

Industrial production dipped 0.1% in December, the Federal Reserve reported Friday.

The New York region's service sector activity "grew moderately," according to the Federal Reserve Bank of New York's January Business Leaders Survey, released Friday.

Jan. 16, 2015 Far West: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alaska Aaa/AAA/AAA 0.14 1.08 1.83 2.59 California Aa3/A/A 0.16 1.14 1.99 2.84 Hawaii Aa2/AA/AA 0.15 1.15 1.97 2.72 Idaho Aa1/AA+/AA+ 0.14 1.19 1.98 2.76 Montana Aa1/AA/AA+ 0.14 1.16 1.97 2.75 Nevada Aa2/AA/AA+ 0.17 1.2 2.01 2.79 Oregon Aa1/AA+/AA+ 0.14 1.11 1.87 2.64 Washington Aa1/AA+/AA+ 0.14 1.17 1.98 2.8 Wyoming NR/AAA/NR 0.14 1.15 1.88 2.64

1/15/2015 1/8/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 0 0 0 0 California 10 893,470 8 834,370 59,100 Hawaii 0 0 0 0 0 Idaho 0 0 0 0 0 Montana 0 0 0 0 0 Nevada 0 0 0 0 0 Oregon 2 429,960 3 412,070 17,890 Washington 11 1,551,255 8 1,689,755 ?138,500 Wyoming 0 0 0 0 0

Tuesday, January 20 Issuer St Description Amount

Tuesday, January 20 Issuer St Description Amount

Friday, January 16 Issuer St Description Amount

ALABAMA

ALABAMA

The pension lawsuit brought against New Jersey Gov. Chris Christie last year is now in the hands of a judge following a five-hour hearing on Jan. 15.

Government

The recently announced move by Mercedes-Benz to relocate its U.S. headquarters to Atlanta is credit positive for Atlanta and Fulton County, Moody's Investors service said Jan. 15.