News and Information from Bond Buyer

The University of Michigan's final December consumer sentiment index reading was 82.5, compared to the preliminary December 82.5, the final November 75.1, and the preliminary November 72.0, according to market sources.

The Federal Open Market Committee's decision to begin tapering its asset purchasing program in January was the proper decision, Federal Reserve Bank of Richmond President Jeffrey Lacker said in a television interview Monday.

November personal income was up 0.2%, personal consumption expenditures grew 0.5% (its best gain since June), and core PCE prices rose 0.1% for a 1.1% gain over the year.

The Chicago Fed National Activity Index for November gained to positive 0.60 from a revised negative 0.07 reading in October, while the three-month moving average (CFNAI-MA3) improved to positive 0.25 from a revised positive 0.12 in October, the Federal Reserve Bank of Chicago reported Monday.

Monday, December 23 Issuer St Description Amount

Monday, January 6 Issuer St Description Amount

Week Of December 23 Issuer St Description Amount

Dec. 23, 2013 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.19 1.37 3.09 4.53 Delaware Aaa/AAA/AAA 0.15 1.22 2.75 4.18 Maine Aa2/AA/AA 0.19 1.29 2.89 4.3 Maryland Aaa/AAA/AAA 0.17 1.22 2.75 4.18 Massachusetts Aa1/AA+/AA+ 0.19 1.3 2.95 4.41 New Hampshire Aa1/AA/AA+ 0.19 1.31 2.89 4.33 New Jersey Aa3/AA+/AA+ 0.24 1.38 3.04 4.5 New York Aa2/AA/AA 0.21 1.28 2.85 4.34 Pennsylvania Aa2/AA/AA 0.17 1.33 3.02 4.44 Rhode Island Aa2/AA/AA 0.25 1.5 3.2 4.68 Vermont Aaa/AA+/AAA 0.17 1.27 2.81 4.23 Dist. of Columbia Aa2/A+/AA+ 0.22 1.43 3.12 4.66 Puerto Rico Baa3/BBB+/BBB+ 7.17 9.12 9.85 8.93

12/20/2013 12/13/2013 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 0 $0 0 $0 $0 Delaware 0 0 0 0 0 Maine 0 0 0 0 0 Maryland 0 0 0 0 0 Massachusetts 2 87,252 4 688,800 -601,548 New Hampshire 0 0 0 0 0 New Jersey 2 15,940 1 9,814 6,126 New York 1 22,500 6 259,578 -237,078 Pennsylvania 1 25,000 11 438,220 -413,220 Rhode Island 0 0 2 43,875 -43,875 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

GEORGIA

GEORGIA

Day Indicator Last Report Forecast Monday Personal Income Oct.: -0.1% Nov.: +0.4% Monday Consumption (PCE) Oct.: +0.3% Nov.: +0.4% Monday Core PCE Oct.: +0.1% Nov.: +0.1% Monday Michigan Sentiment Nov.: 75.1 Dec.: 83.4 Monday Current Conditions Nov.: 88.0 Dec.: n/a Monday Expectations Nov.: 66.8 Dec.: n/a Tuesday Durable Goods Oct.: -2.0% Nov.: +1.3% Tuesday ex-Transportation Oct.: -0.1% Nov.: +0.5% Tuesday New Home Sales Oct.: 444,000 Nov.: 443,000 Thursday Initial Claims 12/14: 379,000 12/21: n/a Thursday Continuing Claims 12/7: 2.884M 12/14: n/a

Light issuance and the Federal Open Market Committee's decision to taper its bond-buying program drove the municipal market on the pre-holiday week.

Moody's Investors Service has placed $6.6 billion of the California Department of Water Resources bonds on review for upgrade.

Detroit's federal bankruptcy judge urged the appellate court to reject an appeal of his recent rulings on the city's eligibility for Chapter 9 and declined to recommend an expedited appeal process.

Government

CHICAGO – The Detroit City Council approved two of three measures needed to advance plans for a partially bond-financed $650 million downtown development that includes a new hockey arena and entertainment district.

Municipal bond trading desks, thinned by pre-holiday absences, made enough end-of-year moves Friday to strengthen yields at the long end of the curve.

Moody's Investors Service put the bond ratings of the Puerto Rico Electric Power Authority and the University of Puerto Rico on a review for a downgrade.

Puerto Rico Gov. Alejandro García Padilla is proposing three measures to strengthen the commonwealth's and its municipalities’ finances.