Columbus Consolidated Government
Investment Report
May 2007
INVESTED PORTFOLIO
May 2007 May 2006 April 2007 Change
Total Invested $129,040,775 $121,640,628 $128,796,154 244,621
Avg. Yield 5.62% 4.85% 5.62% .00
Avg. Maturity 3.52 3.33 3.59 -.05
Spread/5-year Treas +77 bps -18 bps +111 bps -34 bps
OVERALL PORTFOLIO
May 2007 May 2006 April 2007 Change
Total Invested $196,419,786 $179,441,231 $196,175,166 244,620
Avg. Yield 5.49% 4.87% 5.50% -.01
Avg. Maturity 2.31 2.26 2.36 -.05
Spread/2-yearTreas +59 bps -16 bps +91 bps -32 bps
PORTFOLIO HIGHLIGHTS
Georgia Fund I interest rate was 5.2769%, down from 5.2921% in April.
CB&T Now interest rate was 4.90%, unchanged from April. (fed funds ? 35 bps)
MONTHLY ECONOMIC HIGHLIGHTS
The Federal Reserve will hold its next meeting June 27 and 28. The target for
the federal funds rate is at 5.25%, where it has stood since last June.
The Commerce Department revised the nation?s economy (GDP) from 1.3% to 0.6%,
the worst showing since a 0.2% increase in the fourth quarter of 2002.
The Labor Department reported the consumer-price index (CPI), a measure of
inflation on the retail level, rose 0.4% in April and 2.6% from a year
earlier. Core prices rose only 0.2% and lowered the year-to-year rise in core
to 2.3% from 2.5%. This downward trend should reassure Fed policy makers that
sluggish growth is having the desired effect of cooling inflation, making it
likely rates will remain unchanged in the near future.
The Labor Department reported the producer-price index (PPI), a measure of
inflation at the wholesale level, rose 0.7% in April, following a 1.0% rise in
March. The core, excluding food and energy, was unchanged. The Fed should be
pleased core inflation pressures continue to recede at the producer level.
The Conference Board Consumer Confidence Index rose to 108.0 in May, up from a
revised 106.3 in April. Both present situation and expectations components
rose.
Nonfarm payroll employment increased by 157,000 in May. The unemployment rate
was unchanged at 4.5%. Average hourly earnings rose by 6 cents or 0.3% over
the month. In Columbus, our unemployment rate was 4.7% in April, down from
4.8% in March.
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