Economic Calendar December 2016 MONDAY 28

TUESDAY 29 nd 8:30 Real GDP (3Q16, 2 est.) 10:00 Consumer Confidence (Nov)

Auction: 13- & 26-wk bill Auction: 4-week bill 5 6 10:00 ISM Non-Manf Survey (Nov) 8:30 Trade Balance (Oct) 8:30 Productivity (3Q16, revised.) 10:00 Factory Orders (Oct)

WEDNESDAY 30 8:15 ADP Payroll Est. (Nov) 8:30 Pers. Income/Spending (Oct) 9:45 Chicago PMI (Nov) 10:00 Pending Home Sales (Oct) 2:00 Fed Beige Book

THURSDAY 1 December 8:30 Jobless Claims (11/26) 9:45 Markit US Manf. (Nov, final) 10:00 ISM Manf. Survey (Nov) 10:00 Const. Spending (Oct) TBD Motor Vehicle Sales (Nov)

7 10:00 JOLTS (Oct)

8 9 8:30 Jobless Claims (12/3) 10:00 UM Cons. Sent. (m-Dec) 10:00 Qrtrly Services Survey (3Q16)

BOC Monetary Policy Decision

Auction: 13- & 26-wk bill 12 2:00 Treasury Budget (Nov)

Auction: 13,26-week bill Auction: 3,10-year (r) note 19

Auction: 4- & 52-week bill 13 6:00 Small Business Opt. (Nov) 8:30 Import Prices (Nov)

Auction: 4-week bill Auction: 30-year bond (r) 20 BOJ Monetary Policy Decision

Auction: 13- & 26-wk bill Auction: 4-week bill 26 Kwanzaa 27 10:00 Consumer Confidence (Dec)

Christmas Holiday

ECB Monetary Policy Decision Annc: 3-, 10-yr note, 30-yr bond 14 15 8:30 Producer Price Index (Nov) 8:30 Jobless Claims (12/10) 8:30 Retail Sales (Nov) 8:30 Consumer Price Index (Nov) 9:15 Industrial Production (Nov) 8:30 Philly Fed Index (Dec) 10:00 Business Inventories (Oct) 8:30 Empire State Manf. (Dec) 2:00 FOMC Policy Statement 8:30 Current Account (3Q16) 2:00 Fed Econ Projections 8:30 Real Earnings (Nov) 2:30 Yellen Press Briefing 10:00 Homebuilder Sent. (Dec) BOE Monetary Policy Decision 21 Winter Solstice 22 10:00 Existing Home Sales (Nov) 8:30 Jobless Claims (12/17) 8:30 Durable Goods Orders (Nov) rd 8:30 Real GDP (3Q16, 3 est.) 8:30 Personal Income Personal Spending (Nov) 10:00 Leading Indicators (Nov) Auction: 5-year TIPS (r) 28 29 10:00 Pending Home Sales (Nov) 8:30 Jobless Claims (12/24) 8:30 Adv. Econ Indicators (Nov)

FRIDAY 2 8:30 Employment Report (Nov)

(markets closed) Auction: 4, 13, 26-wk bill; 2-yr note Scott J. Brown, Ph.D., (727) 567-2603, [email protected]

16 8:30 Building Permits Housing Starts (Nov) Quadruple Witching

23 10:00 New Home Sales (Nov) 10:00 UM Cons. Sentiment (Dec) SIFMA: early bond close

30 College Football Semis (1/31) 9:45 Chicago PMI (Dec) SIFMA: early bond close

Auction: 2-yr FRN (r) & 5-yr note

Auction: 7-year note

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc. (RJA) as of the date stated above and are subject to change. Information has been obtained from third-party sources we consider reliable, but we do not guarantee that the facts cited in the foregoing report are accurate or complete. Other departments of RJA may have information that is not available to the Research Department about companies mentioned in this report. RJA or its affiliates may execute transactions in the securities mentioned in this report that may not be consistent with the report's conclusions. JAclien isR Th h trasb

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Economic Calendar January 2017 MONDAY 2

New Years Day (Observed)

TUESDAY 3 9:45 Markit US Manf. (Dec, final) 10:00 Const. Spending (Nov) 10:00 ISM Manf. Survey (Dec)

WEDNESDAY 4 2:00 FOMC Minutes (Dec 13-14)

THURSDAY FRIDAY 5 6 Epiphany 8:30 Employment Report (Dec) 8:15 ADP Payroll Est. (Dec) 8:30 Trade Balance (Nov) 8:30 Jobless Claims (12/31) 10:00 ISM Non-Manf Survey (Dec) 10:00 Factory Orders (Nov)

(markets closed) Auction: 4, 13, 26, & 52-week bill 10 6:00 Small Business Opt. (Dec) 10:00 JOLTS (Nov)

9

Auction: 13- & 26-wk bill 16

Auction: 4-week bill & 3-year note 17 8:30 Empire State Manf. (Jan)

Martin Luther King, Jr. Day (market closed) 23

Auction: 4-, 13-, & 26-week bill 24 10:00 Existing Home Sales (Dec) 9:45 Markit US Manf. (Jan, flash)

Annc: 3-, 10-yr note, 30-yr bond 12 8:30 Jobless Claims (1/07) 8:30 Import Prices (Dec)

11

Auction: 10-year note (r) 18 8:30 Consumer Price Index (Dec) 8:30 Real Earnings (Dec) 9:15 Industrial Production (Dec) 10:00 Homebuilder Sent. (Jan) 2:00 Fed Beige Book BOC Monetary Policy Decision 25

Auction: 13- & 26-wk bill Auction: 4-week bill & 2-year note Auction: 2-year FRN & 5-year note 30 NHL All-Star Game (1/29) 31 1 February 8:30 Personal Income 8:30 Empl. Cost Index (4Q16) 8:15 ADP Payroll Est. (Jan) 9:45 Chicago PMI (Jan) Personal Spending (Dec) 9:45 Markit US Manf. (Jan, final) 10:00 Pending Home Sales (Dec) 10:00 CB Consumer Confidence (Jan) 10:00 Const. Spending (Dec) 10:00 ISM Manf. Survey (Dec) 2:00 FOMC Policy Statement (no Yellen press conference) BOJ Monetary Policy Decision TBD Motor Vehicle Sales (Jan) Auction: 13- & 26-wk bill Auction: 4- & 52-week bill Annc: 3-, 10-yr note, 30-yr bond Scott J. Brown, Ph.D., (727) 567-2603, [email protected]

Auction: 30-year bond (r) 19 8:30 Jobless Claims (1/14) 8:30 Building Permits Housing Starts (Dec) 8:30 Philly Fed Index (Jan) ECB Monetary Policy Decision Auction: 10-Year TIPS 26 8:30 Jobless Claims (1/21) 8:30 Adv. Econ Indicators (Dec) 10:00 New Home Sales (Dec) 10:00 Leading Indicators (Dec)

13 8:30 Producer Price Index (Dec) 8:30 Retail Sales (Dec) 10:00 Business Inventories (Nov) 10:00 UM Cons. Sent. (mid-Jan)

20

Inauguration Day

27 Chinese New Year (1/28) 8:30 Real GDP (4Q16, adv. est.) 8:30 Durable Goods Orders (Dec) 10:00 UM Cons. Sentiment (Jan)

Auction: 7-year note Australian Open Finals (1/28-29) 2 Groundhog Day 3 Wear Red Day 8:30 Jobless Claims (1/28) 8:30 Employment Report (Jan) 8:30 Productivity (4Q16, prelim) 10:00 Factory Orders (Dec) 10:00 ISM Non-Manf Survey (Jan) BOE Monetary Policy Decision

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc. (RJA) as of the date stated above and are subject to change. Information has been obtained from third-party sources we consider reliable, but we do not guarantee that the facts cited in the foregoing report are accurate or complete. Other departments of RJA may have information that is not available to the Research Department about companies mentioned in this report. RJA or its affiliates may execute transactions in the securities mentioned in this report that may not be consistent with the report's conclusions. JAclien isR Th h trasb

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Economic Calendar February 2017 MONDAY TUESDAY WEDNESDAY 30 NHL All-Star Game (1/29) 31 1 February 8:30 Personal Income 8:30 Empl. Cost Index (4Q16) 8:15 ADP Payroll Est. (Jan) 9:45 Chicago PMI (Jan) Personal Spending (Dec) 9:45 Markit US Manf. (Jan, final) 10:00 Pending Home Sales (Dec) 10:00 CB Consumer Confidence (Jan) 10:00 Const. Spending (Dec) 10:00 ISM Manf. Survey (Dec) 2:00 FOMC Policy Statement BOJ Monetary Policy Decision (no Yellen press conference) TBD Motor Vehicle Sales (Jan) Auction: 13- & 26-wk bill Auction: 4- & 52-week bill Annc: 3-, 10-yr note, 30-yr bond 6 Super Bowl LI (2/05) 7 8 8:30 Trade Balance (Dec) 10:00 JOLTS (Dec)

THURSDAY FRIDAY 2 Groundhog Day 3 Wear Red Day 8:30 Jobless Claims (1/28) 8:30 Employment Report (Jan) 8:30 Productivity (4Q16, prelim) 10:00 Factory Orders (Dec) 10:00 ISM Non-Manf Survey (Jan) BOE Monetary Policy Decision 9 8:30 Jobless Claims (2/04)

Auction: 13- & 26-wk bill 13

Auction: 4-week bill & 3-year note Auction: 10-year note Auction: 30-year bond 14 Valentine’s Day 15 16 6:00 Small Business Opt. (Jan) 8:30 Consumer Price Index (Jan) 8:30 Jobless Claims (2/11) 8:30 Real Earnings (Jan) 8:30 Producer Price Index (Jan) 8:30 Building Permits 8:30 Retail Sales (Jan) Housing Starts (Jan) 8:30 Empire State Manf. (Feb) 8:30 Philly Fed Index (Feb) 9:15 Industrial Production (Jan) 10:00 Business Inventories (Dec) 10:00 Homebuilder Sent. (Feb) Auction: 13- & 26-wk bill Auction: 4-week bill Auction: 30-year TIPS 20 NBA All-Start Game (2/19) 21 22 23 9:45 Markit US Manf. (Feb, flash) 10:00 Existing Home Sales (Jan) 8:30 Jobless Claims (2/18) 2:00 FOMC Minutes (Jan 31 - Feb 1) Presidents Birthday (markets closed) Auction: 4, 13, 26-wk bill & 2-yr note 27 28 Mardi Grad nd 8:30 Durable Goods Orders (Jan) 8:30 Real GDP (4Q16, 2 est.) 10:00 Pending Home Sales (Jan) 8:30 Adv. Econ Indicators (Jan) 9:45 Chicago PMI (Feb) 10:00 CB Cons. Confidence (Feb)

Auction: 13- & 26-wk bill Auction: 4- & 52-week bill Scott J. Brown, Ph.D., (727) 567-2603, [email protected]

Auction: 2-yr (r) FRN & 5-yr note Auction: 7-year note 1 March Ash Wednesday 2 8:30 Pers. Income/Spending (Jan) 8:30 Jobless Claims (2/25) 9:45 Markit US Manf. (Feb, final) 10:00 Const. Spending (Jan) 10:00 ISM Manf. Survey (Feb) 2:00 Fed Beige Book TBD Motor Vehicle Sales (Feb) BOC Monetary Policy Decision Annc: 3-, 10-yr note, 30-yr bond

10 8:30 Import Prices (Jan) 10:00 UM Cons. Sent. (mid-Feb)

17 10:00 Leading Indicators (Jan)

24 10:00 UM Cons. Sentiment (Feb)

3 10:00 ISM Non-Manf Survey (Feb)

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc. (RJA) as of the date stated above and are subject to change. Information has been obtained from third-party sources we consider reliable, but we do not guarantee that the facts cited in the foregoing report are accurate or complete. Other departments of RJA may have information that is not available to the Research Department about companies mentioned in this report. RJA or its affiliates may execute transactions in the securities mentioned in this report that may not be consistent with the report's conclusions. JAclien isR Th h trasb

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Economic Calendar March 2017 MONDAY

TUESDAY

WEDNESDAY THURSDAY 27 28 Mardi Grad 1 March Ash Wednesday 2 nd 8:30 Durable Goods Orders (Jan) 8:30 Real GDP (4Q16, 2 est.) 8:30 Pers. Income/Spending (Jan) 8:30 Jobless Claims (2/25) 10:00 Pending Home Sales (Jan) 8:30 Adv. Econ Indicators (Jan) 9:45 Markit US Manf. (Feb, final) 9:45 Chicago PMI (Feb) 10:00 Const. Spending (Jan) 10:00 CB Cons. Confidence (Feb) 10:00 ISM Manf. Survey (Feb) 2:00 Fed Beige Book TBD Motor Vehicle Sales (Feb) Auction: 13- & 26-wk bill Auction: 4- & 52-week bill BOC Monetary Policy Decision Annc: 3-, 10-yr note, 30-yr bond 6 7 World Baseball Classic begins 8 9 10:00 Factory Orders (Jan) 8:30 Trade Balance (Jan) 8:15 ADP Payroll Est. (Feb) 8:30 Jobless Claims (3/04) 8:30 Productivity (4Q16, revised) 8:30 Import Prices (Feb) 10:00 Qrtrly Services Survey (4Q16) Auction: 13- & 26-wk bill Auction: 4-week bill & 3-year note 13 Daylight Savings (3/12) 14 6:00 Small Business Opt. (Feb) 8:30 Producer Price Index (Feb)

Auction: 13- & 26-wk bill Auction: 4-week bill 20 Spring Equinox 21 8:30 Current Account (4Q16)

Auction: 13- & 26-wk bill 27

Auction: 4-week bill 28 8:30 Adv. Econ Indicators (Feb) 9:45 Chicago PMI (Mar) 10:00 CB Cons. Confidence (Mar)

Auction: 10-year note 15 8:30 Consumer Price Index (Feb) 8:30 Real Earnings (Feb) 8:30 Retail Sales (Feb) 8:30 Empire State Manf. (Mar) 10:00 Business Inventories (Jan) 10:00 Homebuilder Sent. (Mar) 2:00 FOMC Policy Statement 2:00 Fed Econ Projections 2:30 Yellen Press Briefing

ECB Monetary Policy Decision Auction: 30-year bond 16 8:30 Jobless Claims (3/11) 8:30 Building Permits Housing Starts (Feb) 8:30 Philly Fed Index (Mar) 10:00 JOLTS (Jan)

3 10:00 ISM Non-Manf Survey (Feb)

10 8:30 Employment Report (Feb)

17 St. Patrick’s Day 9:15 Industrial Production (Feb) 10:00 Leading Indicators (Feb) 10:00 UM Cons. Sent. (mid-Mar)

BOE Monetary Policy Decision BOJ Monetary Policy Decision

22 World Baseball Classic ends 23 10:00 Existing Home Sales (Feb) 8:30 Jobless Claims (3/18)

29 10:00 Pending Home Sales (Feb)

FRIDAY

Auction: 10-year TIPS (r) 30 8:30 Jobless Claims (3/25) rd 8:30 Real GDP (4Q16, 3 est.)

24 8:30 Durable Goods Orders (Feb) 9:45 Markit US Manf. (Mar, flash)

31 8:30 Personal Income Personal Spending (Feb) 10:00 UM Cons. Sent. (Mar)

Auction: 13, 26-wk bill & 2-yr note Auction: 4, 52-week bill & 5-yr note Auction: 2-yr FRN (r) & 7-yr note Scott J. Brown, Ph.D., (727) 567-2603, [email protected] © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc. (RJA) as of the date stated above and are subject to change. Information has been obtained from third-party sources we consider reliable, but we do not guarantee that the facts cited in the foregoing report are accurate or complete. Other departments of RJA may have information that is not available to the Research Department about companies mentioned in this report. RJA or its affiliates may execute transactions in the securities mentioned in this report that may not be consistent with the report's conclusions. JAclien isR Th h trasb

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Economic Calendar April 2017 MONDAY TUESDAY 3 MLB begins (4/02) 4 9:45 Markit US Manf. (Mar, final) 8:30 Trade Balance (Feb) 10:00 Const. Spending (Feb) 10:00 Factory Orders (Feb) 10:00 ISM Manf. Survey (Mar) TBD Motor Vehicle Sales (Mar) Auction: 13- & 26-wk bill 10

WEDNESDAY 5 8:15 ADP Payroll Est. (Mar) 10:00 ISM Non-Manf Survey (Mar) 2:00 FOMC Minutes (Mar 14-15)

Auction: 4-week bill Annc: 3-, 10-yr note, 30-yr bond 11 Passover 12 Stanley Cup Playoffs begin 13 6:00 Small Business Opt. (Mar) 8:30 Import Prices (Mar) 8:30 Jobless Claims (4/08) 10:00 JOLTS (Feb) 8:30 Producer Price Index (Mar)

BOC Monetary Policy Decision Auction: 13, 26-wk bill & 3-yr note Auction: 4-wk bill & 10-yr note (r) Auction: 30-year bond (r) 17 Easter (4/16) 18 Taxes Due 19 8:30 Empire State Manf. (Apr) 8:30 Building Permits 2:00 Fed Beige Book 10:00 Homebuilder Sent. (Apr) Housing Starts (Mar) 9:15 Industrial Production (Mar) Auction: 13- & 26-wk bill 24

THURSDAY 6 8:30 Jobless Claims (4/01)

Auction: 4-week bill 25 10:00 Consumer Confidence (Apr)

SIFMA: early bond close 20 8:30 Jobless Claims (4/15) 8:30 Philly Fed Index (Apr) 10:00 Leading Indicators (Mar)

FRIDAY 7 8:30 Employment Report (Mar)

14 NBA Playoffs begin (4/19) 8:30 Consumer Price Index (Mar) 8:30 Real Earnings (Mar) 8:30 Retail Sales (Mar) 10:00 Business Inventories (Feb)

Good Friday (markets closed) 21 Earth Day (4/22) 9:45 Markit US Manf. (Apr, flash) 10:00 Existing Home Sales (Mar)

Auction: 5-year TIPS Admin Professionals Day 27 28 Arbor Day 8:30 Jobless Claims (4/22) 8:30 Empl. Cost Index (1Q17) 8:30 Durable Goods Orders (Mar) 8:30 Real GDP (1Q17, adv. est.) 9:45 Chicago PMI (Apr) 8:30 Adv. Econ Indicators (Mar) 10:00 Pending Home Sales (Mar) ECB Monetary Policy Decision BOJ Monetary Policy Decision Auction: 13- & 26-wk bill Auction: 4, 52 week bill & 2-yr note Auction: 2-year FRN & 5-year note Auction: 7-year note 1 May 2 3 4 5 Cinco de Mayo 8:30 Employment Report (Apr) 8:30 Personal Income TBD Motor Vehicle Sales (Apr) 8:15 ADP Payroll Est. (Apr) 8:30 Jobless Claims (4/29) Personal Spending (Mar) 2:00 FOMC Policy Statement 8:30 Trade Balance (Mar) 9:45 Markit US Manf. (Apr, final) (no Yellen press conference) 10:00 Factory Orders (Mar) 10:00 Const. Spending (Mar) 26

Auction: 13- & 26-wk bill Scott J. Brown, Ph.D., (727) 567-2603, [email protected]

Kentucky Derby (5/06)

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc. (RJA) as of the date stated above and are subject to change. Information has been obtained from third-party sources we consider reliable, but we do not guarantee that the facts cited in the foregoing report are accurate or complete. Other departments of RJA may have information that is not available to the Research Department about companies mentioned in this report. RJA or its affiliates may execute transactions in the securities mentioned in this report that may not be consistent with the report's conclusions. JAclien isR Th h trasb

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863