Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were mixed, but remained consistent with moderate growth in the near term. Consumer confidence fell in January. Motor vehicle sales picked up. Home prices were still falling in November. Construction spending improved in December (likely reflecting mild weather). The January Employment Report was stronger than expected, helped by mild weather. Nonfarm payrolls rose by 243,000 and the two previous months were revised a net 60,000 higher (note that payrolls fell by 2.689 million in January before seasonal adjustment).

The unemployment rate fell to 8.3%, from 8.5% in December and 9.1% a year ago, due largely to a drop in labor force participation. The employment/population ratio held steady at 58.5%, little changed over the last two years. The Household Survey results noted that 206,000 people were not able to work during the January survey period due to adverse weather, vs. a 425,000 average over the last five Januarys (this figure is not directly comparable to the payroll numbers, but it gives you an idea of the magnitude of the weather impact).

In his testimony to the House Budget Committee, Fed Chairman Bernanke noted that the recovery has been “frustratingly slow” and remains vulnerable to shocks. He said “the outlook remains uncertain” and needs to be monitored closely. Bernanke said that the federal budget deficit will decrease as the economy recovers and tax revenues rebound. However, even after economic conditions return to normal, “the nation will still face a sizeable structural budget gap.” And then, even if discretionary spending were cut to zero, we would still have a deficit. When asked if the Fed’s dual targeting system implied that the Fed would tolerate higher inflation in the short term in order to push unemployment lower, Bernanke said that the Fed will not seek to raise inflation.

Next week, the economic calendar thins out considerably. Bernanke testifies on Tuesday, but this is expected to be a repeat of what he gave the House Budget Committee. The markets typically don’t pay much attention to the monthly trade data, but the December figures have some implications for GDP revisions.

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 2/3/2012

S&P Sector Performance (YTD) – 2/3/2012

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business February 2nd, 2012.

©2012 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The Federal Open Market Committee left short-term interest rates unchanged and did not embark on another round of asset purchases. No surprise there. However, the FOMC lengthened the period it expects to keep rates exceptionally low: the FOMC “currently anticipates that economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014” (vs. the previous “through mid-2013”).

Keeping to its dual mandate (price stability and maximum sustainable employment) the Fed adopted an explicit inflation target (inflation in the PCE Price Index at 2% per year) and a soft target for employment (currently, an unemployment rate between 5.2% and 6.0%). In the post-meeting press briefing, Chairman Bernanke said that officials were still debating whether to increase the Fed’s asset purchases.

The economic data were mixed . Real GDP rose at a 2.8% annual rate in the advance estimate for 4Q11 – not far from expectations (+3.0%), but two-thirds of that was in inventories. Consumer spending rose at a moderate 2.0% annual rate, but business fixed investment advanced at a meager 1.7% pace (vs. +15.7% in 3Q11). Durable goods orders exceeded expectations in December, boosted by a further increase in aircraft orders – ex-transportation, orders were mixed across industries. New home sales disappointed, edging down in December. The dovish Fed stance pushed bond yields back down and weakened the dollar, but generated some confusion for the equity markets, as investors pondered why the Fed needed to extend the expected period of low short-term interest rates.

Next week, the January economic data will start to flow in. The focus should be on the Employment Report. Seasonal adjustment will be an important factor (as the economy typically loses more than 2.5 million jobs prior to adjustment). December’s increase in delivery personnel (up 42,200 after seasonal adjustment) should unwind in January. Note that the payroll figures will incorporate annual benchmark revisions, which are expected to lift the March 2011 level of payrolls by about 192,000 (or +0.1%).

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 1/27/2012

S&P Sector Performance (YTD) – 1/27/2012

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 26th, 2012.

©2012 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The data remained consistent with moderate economic growth in the near term. Industrial production rose 0.4% in December, but was held back by a 2.7% decline in the output of utilities (a function of moderate temperatures) – manufacturing output rose 0.9%, partly reflecting a rebound from a soft November. Residential construction figures were mixed, with an improving trend in single-family housing starts and building permits, but softness in the multi-family sector (which is volatile).

Note that seasonal adjustment may have exaggerated the impact of mild weather. The Consumer Price Index was unchanged for a second consecutive month in December, up 3.0% year-over-year (vs. +1.5% in 2010). Ex-food & energy, the CPI rose 0.1%, up 2.2% in 2011 (vs. a historic low of +0.8% in 2010).

Next week, the focus is expected to be on the Fed policy statement and Chairman Bernanke’s press briefing. However, Friday’s GDP estimate has some market-moving potential. The Fed is expected to leave monetary policy unchanged. A number of Fed officials have spoken in recent months about the possibility of another round of asset purchases, which would be made more effective by enhanced communications from the Fed. We’re about to get such enhancements. In addition to releasing the four-times-per-year projections of GDP growth, unemployment, and inflation, the Fed will begin publishing its forecasts of the federal funds rate target.

There’s always a lot of uncertainty in the advance GDP estimate. Investors should focus on the key components (consumer spending and business fixed investment) and the story behind those components. However, market participants rarely look behind the headline figure, which will be revised in February, and again in March, and again in July when annual benchmark revisions are incorporated. GDP growth is expected to have been moderately strong in 4Q11 (somewhere between 2.5% and 3.5%).

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 1/20/2012

S&P Sector Performance (YTD) – 1/20/2012

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 19th, 2012.

©2012 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic calendar was thin. Retail sales disappointed in December, rising just 0.1%. However, sales rose 0.3% if one excludes the 1.6% decline in gasoline sales (which reflected lower gasoline prices). In addition, November sales were revised slightly higher. Auto dealership sales advanced 1.5% last month. Sales of building materials rose 1.6%. Core retail sales, which exclude autos, building materials, and gasoline, slipped 0.2%, but still advanced at a somewhat fast pace in 4Q11. Jobless claims rose sharply, but it’s not unusually to see large week-to-week swings this time of year (due to the difficulties in seasonal adjustment).

Expectations for Europe varied, with some concern about the pace of reforms in Greece and rumors of possible downgrades of European sovereign debt. A three-day weekend may have limited the amount of risk-taking in the U.S., weakening share prices.

Next week, many of the mid-month economic reports (CPI, industrial production, residential construction) will be important, but none is likely to alter the bigger picture and figures could be distorted by the seasonal adjustment. Attention will turn toward next week’s monetary policy decision, where the Fed will begin publishing projections for the federal funds rate target.

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 1/13/2012

S&P Sector Performance (YTD) – 1/13/2012

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 12th, 2012.

©2012 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were generally better. The ISM manufacturing and non-manufacturing indices each picked up in December, although levels remained consistent with only moderate economic growth. The December Employment report was moderately strong. Nonfarm payrolls rose by 200,000 (vs. a median forecast of +150,000), but was likely boosted by the seasonal adjustment (unadjusted payrolls fell by 219,000). The two previous months were revised a net 12,000 lower. Private-sector payrolls rose by 212,000. State and local government continued to shed jobs (-14,000), but the pace of decline has been moderating as tax revenues improve.

The unemployment rate fell to 8.5%, from a revised 8.7% in November and 9.4% a year ago. The broader unemployment rate (U-6), which includes discouraged workers and part-time workers who would rather half full-time employment, fell to 15.2%, vs. 15.6% in November and 16.6% a year ago. The employment-population ratio held steady at 58.5%, vs. 58.3% a year ago.

The minutes of the December 13 FOMC meeting indicated that officials will begin publishing forecasts of the federal funds target rate for the next few years and provide a narrative describing the key factors underlying those assessments as well as qualitative information on expectations about the Fed’s balance sheet. “A number of members indicated that current and prospective economic conditions could well warrant additional policy accommodation, but they believed that any additional actions would be more effective if accompanied by enhanced communication about the Committee’s longer-run economic goals and policy framework.”

Equity investors began the year with some degree of optimism. However, concern about Europe continued to weigh against market sentiment.

Next week, the economic calendar thins out. The retail sales report should be the highlight. Sales are expected to have risen moderately in December (not weak, but not especially strong either). With a thinner economic calendar, Europe may be more of a concern for U.S. investors. European Central Bank officials will meet on Thursday and they are widely expected to lower short-term interest rates for a third consecutive month.

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 1/6/2012

S&P Sector Performance (YTD) – 1/6/2012

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 5th, 2011.

©2011 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Good news on the home front was offset somewhat by concerns about developments overseas as the broad market finished a volatile year essentially unchanged from where it began.

Consumers were generally upbeat, with the Conference Board’s monthly consumer confidence index for December rising to 64.5, up from a 55.2 reading in November and reaching levels last seen in the spring. That confidence, aided by deep discounting and extended hours from retailers, translated into better than expected holiday sales. A shopping center trade group said revenues rose about 3.8% in November and December from a year ago.

Other domestic indicators also were positive. The Labor Department’s four-week average of unemployment claims fell to its lowest level since June 2008, manufacturing activity in the Midwest remained steady in December after rising sharply in November, and a national index of pending home sales index rose to its highest level in more than 18 months.

News from abroad was less encouraging. Demand for Italian government debt at Thursday’s auction was weaker than expected, sending the euro to its lowest level against the yen in 10 years and an 11-month low against the dollar. The European currency has dropped about 3.8% in December, with investors worrying that one or more of the major economies in the 17-nation currency bloc may have their credit ratings cut. Meanwhile, Chinese manufacturing activity declined for the second consecutive month in December. With Europe struggling and the U.S. recovery proceeding very slowly, China’s economy has become increasingly important to the global outlook.

Going into the New Year, the U.S. economy is showing signs of momentum. The first week brings reports on manufacturing, construction spending, factory orders, jobless claims, and, on Friday, the unemployment rate.

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 12/30/2011

S&P Sector Performance (YTD) – 12/30/2011

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 22nd, 2011.

©2011 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were mixed. Real GDP growth rose at a 1.8% annual rate in 3Q11 (revised down from +2.5% in the advance estimate and +2.0% in the 2nd estimate), with a downward revision to consumer spending growth. Personal income and spending rose modestly in November. Inflation–adjusted consumer spending (70% of GDP) appears to remain on track for a 2.5% to 3.0% annual pace in 4Q11. However, real disposable income was down 0.1% from a year ago. Residential construction and new home sales improved, helped by the seasonal adjustment.

Jobless claims continued to trend at a moderately low level, reflecting fewer-than-normal seasonal layoffs in manufacturing and construction. Existing home sales rose 4.0% in November, but benchmark revisions significantly reduced the level of reported sales back to 2007. Congress finally got around to extending unemployment insurance benefits and the payroll tax reduction, but only for two months.

The European Central Bank saw strong demand for its Long-Term Refinancing Operation (which allows banks to borrow for up to three years at the overnight rate). The influx of liquidity should help ease strains within Europe’s banking system, but didn’t do much for long-term interest rates. The Italian 10-year yield again flirted with 7%, a level which casts doubt about the country’s ability to roll over its existing debt.

Next week, market activity should be relatively quiet between the holidays. The consumer confidence figure could have some impact if we get a surprise. The calendar will heat up again in the first week of the new year, with a renewed focus on the job market (seasonal adjustment may make the payroll numbers look better than they really are).

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 12/23/2011

S&P Sector Performance (YTD) – 12/23/2011

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 22nd, 2011.

©2011 Raymond James Financial Services, Inc. member FINRA / SIPC.

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were mixed, but stock market participants were generally willing to embrace the good news and ignore the bad. Retail sales rose less than expected in November, but previous figures were revised higher, making it about a wash. The Fed’s regional manufacturing surveys (New York and Philadelphia) were stronger than expected in December, but these surveys don’t measure actual activity.

Industrial production weakened last month and results varied across industries. Initial claims for unemployment insurance benefits fell further, but seasonal adjustment is difficult, making the numbers suspect in December. The Consumer Price Index was flat, up 0.2% ex-food & energy, moderating in recent months after stronger gains earlier this year. Pipeline inflation pressures continued to recede.

Views about Europe remained unanchored. Italy’s 10-year yield, a key indicator of stress in Europe, which had fallen last week, headed higher again. In the U.S., Congress reached an agreement on a budget for the current fiscal year, averting a government shutdown, and also made progress on extending unemployment insurance benefits and the payroll tax reduction. The 10-year Treasury yield fell below 1.85% in Friday, suggesting more concern about downside economic risks.

Next week, the data focus will be on the housing sector. November figures really aren’t all that critical, but seasonal adjustment could add some noise. The National Association of Realtors will benchmark lower existing home sales back to 2007 (that is, sales have been overestimated in the last few years, as many had suspected). The third estimate of 3Q11 GDP growth may be revised slightly higher. Friday’s personal income and spending figures for November will help fill in the GDP picture for 4Q11. Europe is expected to remain an important concern for U.S. investors.

Indices

Consumer Money Rates

Currencies

Commodities

Bond Rates

Treasury Yield Curve – 12/16/2011

S&P Sector Performance (YTD) – 12/16/2011

Economic Calendar

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business December 15th, 2011.

©2011 Raymond James Financial Services, Inc. member FINRA / SIPC.

Paris, TN – The Paris-Henry County Chamber of Commerce, in cooperation with the USDA, will offer “Small Business Basics,” six classes designed to serve as a guide to small business development and entrepreneurship. The classes will be open to anyone interested in small business and entrepreneurship, including startups and existing businesses.

Sam Mahan, FirstBank, and Jennifer Hayden, Hamilton-Ryker, will serve as co-chairs and facilitators for the sessions. Mahan said “Last year’s classes were a tremendous success. We had sixteen graduates, equally divided between start-ups and existing businesses.”

Hayden added that “The Chamber is so grateful for USDA’s support as we encourage entrepreneurship.”

Cost is $50.00, which will be refunded with no absences. Classes will meet at the Paris-Henry County Chamber of Commerce, 2508 East Wood Street, Paris, Tennessee 38242, from 6:30pm-8:30pm on Tuesday nights, January 10th – February 14th, 2012. All materials will be provided.  

An application is available at www.paristnchamber.com, or by calling 731.642.3431 or visiting the Chamber office at 2508 East Wood Street, Paris,TN 38242.