FTN Financial Main Street Advisors relies on the accuracy of the data provided by Ada County to compile this report.
Yes:50% limit, maximum maturity 5 years. Domiced in the United State, must fall withing FDIC limit. Deposit Accounts in State/Federal Credit Unions
Collateralized Business Market Banking Accounts/Time Deposits-State Depositories
Yes:No limit, maximum maturity 5 years.
Yes:
U.S. Federal Agencies
Idaho Diversified Bond Fund (DBF)
Idaho Local Govt Investment Pool
30% limit,15% issuer limit, maximum maturity 90 days, allowable collateral at 102% of investment, transacted with Federal Reserve Primary Dealers with rating of A-1, P-1, or F1
Idaho Public Corporations
Repurchase Agreements
Municipal Securities
20% limit, 5% issuer limit, rated A or better by 2 of 3 rating agencies (S&P, Moody's, or Fitch).
Money Market Funds
Yes:
Yes:No limit, maximum maturity 5 years.
Maturity Limits
Parameters In Compliance
Yes
Investment Ratings At time of purchase, all investments must have an A (S&P), A2 (Moody's), or A (Fitch) rating or better. Yes
Maturities of investments must not exceed 5 years, unless unanimous consent of the Board of County Commissioners is given.
Weighted Average Maturity Weighted Average Maturity (WAM) must be less than 3 years.
U.S. Treasuries
Ada County
50% Limit, 50% issuer limit for State of Idaho Bonds. 20% limit, 10% issuer limit for Idaho Counties, Cities, Districts, and Education bonds.
70% limit, rated AAA (S&P), Aaa (Moody's), or AAA (Fitch).
No limit, issuer limit 50%, maximum maturity 5 years.
12/31/2018
Yes:
Yes:
Yes:
Yes:
Yes:
70% limit.
Yes:
30% limit.
Item / Sector
4.1%
3
Historical Book Values
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Avg
Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for
unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must
be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.
*ICE BofAML Index (option adjusted spread vs. Treasury) *ICE BofAML Index (option adjusted spread vs. Treasury)
AAA Rated ABS (R0A1) CMO Agency 0-3Yr PAC (CM1P)
Source: ICE BofAML Indices
12/31/18
Current Spread is 55 Current Spread is 56
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
No
v-0
4
No
v-0
5
No
v-0
6
No
v-0
7
No
v-0
8
No
v-0
9
No
v-1
0
No
v-1
1
No
v-1
2
No
v-1
3
No
v-1
4
No
v-1
5
No
v-1
6
No
v-1
7
No
v-1
8
Bas
is P
oin
ts
Spread: AAA Asset Backed vs Treasury
-150
-100
-50
0
50
100
150
200
250
300
No
v-0
4
No
v-0
5
No
v-0
6
No
v-0
7
No
v-0
8
No
v-0
9
No
v-1
0
No
v-1
1
No
v-1
2
No
v-1
3
No
v-1
4
No
v-1
5
No
v-1
6
No
v-1
7
No
v-1
8
Bas
is P
oin
ts
Spread: 0-3Yr Agency CMO vs Treasury
33
Economic and Market Update
Source: Bloomberg
12/31/18
-37.8
-22.3-20.2
-17.3-15.7
-13.5 -12.6-11.3 -10.7
-6.5 -6.4-5.0
-0.5
0.6 0.7 1.3 1.8 1.93.9 4.6
7.5
(45)
(40)
(35)
(30)
(25)
(20)
(15)
(10)
(5)
0
5
10
Per
cen
t
Selected Sector Quarterly Total Returns
34
Economic and Market Update
Source: Bloomberg
12/31/18
-19.6
-17.6
-14.8-13.8 -13.1 -13.1
-11.2
-8.5
-6.0-4.6
-3.7 -3.3-1.8 -1.6 -1.4
0.11.0 1.2 1.5 1.7
7.1
(25)
(20)
(15)
(10)
(5)
0
5
10
Per
cen
t
Selected Sector Year-Over-Year Total Returns
35
Economic and Market Update
Sources: Bloomberg, FTN Main Street
12/31/18
2.45
2.55
2.65
2.75
2.85
2.95
3.05
3.15
3.25
9/3
0/1
8
10
/3/1
8
10
/6/1
8
10
/9/1
8
10
/12
/18
10
/15
/18
10
/18
/18
10
/21
/18
10
/24
/18
10
/27
/18
10
/30
/18
11
/2/1
8
11
/5/1
8
11
/8/1
8
11
/11
/18
11
/14
/18
11
/17
/18
11
/20
/18
11
/23
/18
11
/26
/18
11
/29
/18
12
/2/1
8
12
/5/1
8
12
/8/1
8
12
/11
/18
12
/14
/18
12
/17
/18
12
/20
/18
12
/23
/18
12
/26
/18
12
/29
/18
Per
cen
t
5 Year Treasury Note Yield
Powell Says Interest Rates are "a Long Way
From Neutral".
President Trump Bemoans that Powell "Almost Looks Happy
Raising Rates"
FOMC Minutes Show Desire of Some to Take Policy to
Restrictive Territory
Hurricane Michael Makes Landfall
Very Strong Jobs Report Boosts
Confidence
Dovish Statements by Fed Chair and FOMC
Members Spark Concerns
Fed Leaves Rates Unchanged With
Dovish Undertones
Bullard Suggests Delaying December Hike and
Nonfarm Payrolls Miss Estimates
Hopes of Progress With US/China Trade
Deal
Fed Raises Rates But Dot Plot
Projects Slower Rate Increases
Two UK Cabinet Ministers Resign Over Brexit Deal
Yields Fall on Domestic and Global Growth
Concerns
36
Economic and Market Update
Sources: Bloomberg, FTN Main Street
12/31/18
21,300
22,300
23,300
24,300
25,300
26,300
27,300
9/3
0/1
8
10
/3/1
8
10
/6/1
8
10
/9/1
8
10
/12
/18
10
/15
/18
10
/18
/18
10
/21
/18
10
/24
/18
10
/27
/18
10
/30
/18
11
/2/1
8
11
/5/1
8
11
/8/1
8
11
/11
/18
11
/14
/18
11
/17
/18
11
/20
/18
11
/23
/18
11
/26
/18
11
/29
/18
12
/2/1
8
12
/5/1
8
12
/8/1
8
12
/11
/18
12
/14
/18
12
/17
/18
12
/20
/18
12
/23
/18
12
/26
/18
12
/29
/18
Dow Jones Industrial Index
Volatility HitsMarket on Global
ScaleFed President
Williams Signals December Rate Hike
Coming
Stock Markets Experience Worst Christmas Eve Ever,
Entering Bear Market Territory
Midterm Results Point to Democrats Taking Control
of House
Strong ADP and ISM Non-Manuf. Reports
German Economy Contracts in Q3
President Trump and Xi Agree to Pause US-
China Trade WarJay Powell States
Interest Rates Near Neutral Rate
Market Fears Fed Going too Far
Dow Swings 900 Points, Turning Negative on Trump's Tariff Talk
Nonfarm Payrolls and Wage Growth
Miss Best Holiday
Shopping in SixYears Leads to
Market Rebound
37
Disclosure
This report represents the opinions of FTN Financial Main Street Advisors, LLC and should not be considered predictive of any future market performance. Opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered investment advice or a recommendation of any particular security, investment strategy, or investment product.
Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results, while changes in any assumptions may have a material effect on projected results. Ratings on all securities are subject to change.
FTN Financial Group, FTN Financial Capital Markets, FTN Financial Portfolio Advisors and FTN Financial Municipal Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FTSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FTSC is a member of FINRA and SIPC—http://www.sipc.org/.
FTN Financial Municipal Advisors is a registered municipal advisor. FTN Financial Portfolio Advisors is a portfolio manager operating under the trust powers of FTB. FTN Financial Main Street Advisors, LLC is a registered investment advisor. None of the other FTN entities including, FTN Financial Group, FTN Financial Capital Markets, FTN Financial Securities Corp or FTN Financial Capital Assets Corporation are acting as your advisor and none owe a fiduciary duty under the securities laws to you, any municipal entity, or any obligated person with respect to, among other things, the information and material contained in this communication. Instead, these FTN entities are acting for their own interests. You should discuss any information or material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.
FTN Financial Group, through FTB or its affiliates, offers investment products and services. Investment Products are not FDIC insured, have no bank guarantee and may lose value.
