Rates on U.S. Treasuries and municipal bonds decreased over the past 6 months. The 10-year U.S. Treasury rate fell by 73 basis points to 2.5%, while the 10-year "AAA" rated municipal bond rate declined by 75 basis points to 1.93%. Current municipal bond rates remain below their historical averages, with 30-year "AAA" rates 141 basis points lower than the 20-year average. Municipal bond funds saw inflows of $787 million over the past week as tax-exempt bond issuance increased by $7.63 billion.

1. 1
Municipal Market Data & U.S. Treasury Data (6 Month Comparison)
U.S. TREASURY RATES
Oct 05, 2018 Apr 05, 2019 Change
10 Year U.S. Treasury 3.23% 2.50% -73 bp
30 Year U.S. Treasury 3.41% 2.90% -50 bp
MMD RATES
Oct 05, 2018 Apr 05, 2019 Change
10 Year "AAA" MMD 2.68% 1.93% -75 bp
30 Year "AAA" MMD 3.35% 2.70% -65 bp
30 Year "BBB" MMD 4.18% 3.48% -70 bp
Prepared by George K. Baum & Company As of April 05, 2019
 Some improved manufacturing data from both China and domestically along with a positive employment report for March were
a catalyst for a rise in equities. The economy added 196k jobs, average hourly earnings grew 0.3% MoM and the
unemployment rate held steady at 3.8%. The DJIA ended the week at 26,424, up 496 points.
 The yield curve inversion continued to reverse course last week with the 3M T‐bill closing at 2.43% while the 10 YR Treasury
closed at 2.50%, up 3 and 9 basis points, respectively. Fed funds futures now point to a 54% chance that the Fed will adjust its
target rate down by the end of the year, down from 70% the previous week.
 One‐month LIBOR was down two basis points resetting at 2.47% on Friday. The SIFMA Index reset down 2 basis points to
1.48%. SIFMA is now 60% of one‐month LIBOR.
Headlines

2. 2
Current Municipal Market Data
Maturity "AAA" "AA" "A" "BBB"
5-year 1.64% 1.70% 1.96% 2.35%
10-year 1.93% 2.05% 2.29% 2.68%
20-year 2.52% 2.72% 2.95% 3.30%
30-year 2.70% 2.90% 3.13% 3.48%
Prepared by George K. Baum & Company As of April 05, 2019
Historical Fixed Rate Analysis
UST Rates 'AAA' MMD Bond Buyer Indices
Data 10-Year 30-Year 10-Year % UST 30-Year % UST 20 GO 25 Rev
Spot Rate 2.50 2.90 1.93 77.3 2.70 93.0 3.88 4.35
1-Mo Prior 2.63 3.01 2.06 78.3 2.89 95.9 4.09 4.56
1-Yr Prior 2.77 3.02 2.43 87.6 2.96 98.0 3.90 4.38
5 Yr Avg 2.34 2.92 2.10 89.6 2.91 99.8 3.74 4.17
10 Yr Avg 2.50 3.32 2.28 91.2 3.38 101.6 4.00 4.57
Historical Data Since April 1999 (20 Years)
Min 1.36 2.10 1.31 96.4 1.95 92.9 2.80 2.98
Max 6.77 6.70 5.37 79.4 6.04 90.2 6.09 6.48
Avg 3.56 4.19 3.13 87.8 4.11 98.2 4.44 4.92
Prepared by George K. Baum & Company As of April 05, 2019
 Rates continue to be lower than historical averages. To date, 30 Year ‘AAA’ MMD is 141 basis points below the 20 year
historical average.
Today’s Capital Markets

3. 3
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
1 5 10 15 20 25 30
%
Maturity As of April 05, 2019
'AAA' MMD
'AA' MMD
'A' MMD
'BBB' MMD
Current Market "MMD" Yield CurveCurrent MMD Yield Curve
 The Current MMD yield curve continues to remain positively sloped.
Long Term Fixed Interest Rates

4. 4
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1 5 10 15 20 25 30
%
Maturity April 2018 to Present
Apr 05, 2019
Mar 08, 2019
Oct 05, 2018
Apr 06, 2018
Historical 'AAA' MMD Yield Curve
Long Term Fixed Interest Rates
 Since March 16, 2018, 30 Year ‘AAA’ MMD rates have decreased 26 basis points.

5. 5
Long Term Fixed Interest Rates
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
%
April 1999 to Present
UST 2 Yr
UST 5 Yr
UST 10 Yr
UST 30 Yr
20 Year Historical U.S. Treasury Data

6. 6
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
%
April 1999 to Present
10 Yr 'AAA' MMD
10 Yr 'AAA' MMD Avg
10 Yr UST
10 Yr UST Avg
10 Yr UST to MMD %
Current Market "MMD" Yield Curve20 Year Historical 'AAA' MMD & U.S. Treasury Data
 10 Year U.S. Treasuries and 10 Year ‘AAA’ MMD remain highly correlated at 97%.
Long Term Fixed Interest Rates

7. 7
0.00
2.00
4.00
6.00
8.00
10.00
12.00
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
%
August 1986 to Present
BB 25 Rev Bond Index
Average (5.61%)
Current (4.35%)
Current Market "MMD" Yield CurveHistorical Bond Buyer 25 Revenue Bond Index
 The Bond Buyer 25 Revenue Bond Index is currently at 4.35% compared to the average of 5.61%.
Long Term Fixed Interest Rates

8. 8
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
%
April 2009 to Present
SIFMA Swap 30 Yr
SIFMA Swap 20 Yr
SIFMA Swap 10 Yr
67% 1M LIBOR Swap 30 Yr
67% 1M LIBOR Swap 20 Yr
67% 1M LIBOR Swap 10 Yr
Current Market "MMD" Yield Curve10 Year Hist Swap Rates: 10, 20, 30 Yr SIFMA & 67% of 1M LIBOR
 The 30 Year SIFMA swap rate decreased 4 basis points, while the 30 Year 67% of 1M LIBOR swap rate decreased 5 basis
points from the prior week.
Long Term Swap Rates

9. 9
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
%
April 1999 to Present
SIFMA Index
67% of 1M LIBOR
SIFMA Index
Current Market "MMD" Yield Curve20 Year Variable Rate History: 67% of 1M LIBOR & SIFMA DataCurrent Market "MMD" Yield Curve20 Year Variable Rate History: 67% of 1M LIBOR & SIFMA Data
 The SIFMA Index set at 1.48, down 2 basis points from the prior week.
Short Term Variable Interest Rates

10. 10
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
1 5 10 15 20 25 30
%
Maturity As of April 05, 2019
BBB
SIFMA Swap Rate
67% of 1M LIBOR Swap Rate
Current Market "MMD" Yield CurveCurrent Market 'BBB' MMD Yield Curve & Swap Rates
 Current 30 Year 67% of 1M LIBOR swap rates and 30 Year SIFMA swap rates are showing much lower rates than Current
‘BBB’ rates in the market.
Current ‘BBB’ MMD & Variable Interest Rates

11. 11
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
%
April 1999 to Present
SIFMA Index
1M LIBOR
BB 25 Rev Index
UST 10 Yr
20 Year Historical Benchmark Rates
 The following data shows the divergence between current variable and fixed rate indices.
Historical Benchmark Rates

12. 12
0
50
100
150
200
250
300
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Spread
(bps)%
April 1999 to Present
30 Yr 'BBB' MMD Spread
30 Yr 'A' MMD Spread
30 Yr 'AA' MMD Spread
30 Yr 'AAA' MMD
Current Market "MMD" Yield Curve20 Year Historical 'AAA' MMD Tax -Exempt Credit Spread Data
 Current Tax Exempt Credit Spreads are 20, 43, and 78, basis points for ‘AA’, ‘A’, and ‘BBB’ respectively
‘AAA’ MMD Tax-Exempt Credit Spreads

13. 13
($4,000)
($2,000)
$0
$2,000
$4,000
$6,000
$8,000
2014 2015 2016 2017 2018 2019
$000's
April 2014 to Present
5 Year Historical Municipal Bond Fund Flow Changes
 Municipal Bond Funds increased by $787 Million from the prior week
Municipal Bond Fund Flow Changes

14. 14
Money Market Fund Flow Changes
Tax Exempt Money
Market Funds
increased $890
Million from the prior
week.
Money Market Funds
increased $1.44
Billion from the prior
week.
$(70,000)
$(50,000)
$(30,000)
$(10,000)
$10,000
$30,000
$50,000
2014 2015 2016 2017 2018 2019
$000's
April 2014 to Present
5 Year Historical Money Market Fund Flow Changes
$(10,000)
$(5,000)
$-
$5,000
$10,000
$15,000
2014 2015 2016 2017 2018 2019
$000's
April 2014 to Present
5 Year Historical Tax-Exempt Money Market Fund Flow Changes

15. 15
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Dec 2015 Jun 2016 Dec 2016 Jun 2017 Dec 2017 Jun 2018 Nov 2018
$ Millions
December 2015 to Present
Historical Tax-Exempt Bond Issuance
 Tax Exempt Bond Issuance increased by $7.63 Billion from the prior week.
Tax Exempt Bond Issuance

16. 16
George K. Baum & Company does not endorse, guaranty or approve, and assumes no responsibility for, the content, accuracy,
reliability, or completeness of the information contained in the following presentation. The information in the following presentation
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