News and Information from Bond Buyer

The U.S. Department of Labor is apparently close to finishing its work on establishing a fiduciary standard for those who give retirement planning advice, Employee Benefit News reports. The Labor Department has proposed a change to the definition of fiduciary under the Employee Retirement Income Security Act that would expand the scope of those who become fiduciaries.

The overall economy grew for the fifty-third straight time, while the manufacturing sector expanded for the fifth consecutive month, the Institute for Supply Management reported Friday.

St. Louis Federal Reserve Bank President James Bullard said Friday that although the labor market has improved in the past year, the central bank's policy making committee wanted to be sure the progress was sustainable before deciding to pullback on its asset purchase program.

The two components of monetary policy, forward guidance and the asset purchase program are viewed by the markets "as tied closely together," while the Fed sees them as separate, according to Federal Reserve Bank of St. Louis President and CEO James Bullard, who said Friday the Fed needs to figure out how to sync the two perceptions.

Philadelphia Fed President Charles Plosser said Friday that the Federal Reserve should put a total target size on quantitative easing and so disentangle issues of exit from interest rate policy.

Indicator Last Report Forecast Actual Initial Jobless Claims Oct. 19: 350,000 Oct. 26: 340,000 Oct. 26: 340,000 Continuing Claims Oct. 12: 2.850M Oct. 19: 2.870M Oct. 19: 2.881M Chicago PMI Sept.: 55.7 Oct.: 55.0 Oct.: 65.9

Monday, November 4 Issuer St Description Amount

Monday, November 4 Issuer St Description Amount

Week Of November 4 Issuer St Description Amount

Friday, November 1 Issuer St Description Amount

ARKANSAS

ALABAMA

Government

Investor demand improved, despite the continuation of outflows from municipal bond mutual funds for a 23rd consecutive week, at $503 million for the week of Oct. 30.

The tax-exempt market finished on a quiet note Thursday after a seven day rally pushed yields lower by nearly 20 basis points.

The Virginia Supreme Court issued a ruling Thursday that allows the Elizabeth River Tunnels project to move forward as a tolled facility.

Long-term municipal bond volume for October trailed 2012 issuance for the third straight month, much as it has throughout the year, falling 28% over the same period in 2012.

Groups active in the municipal market are urging federal agencies to exempt tender option bonds and nonprofit and state agency student loan organizations from risk retention rules imposed by the Dodd-Frank Act.

Wayne County, Mich., centered on Detroit, was downgraded to Standard & Poor's lowest investment grade rating in its third downgrade from a major ratings agency in three months.