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THE COLORADO INCOME INDEX

 (IN PERCENTS)
 Week Ending Previous Net
 01/14/94 Week Change(+)
 SHORT TERM
 Prime Rate 6.00% 6.00% ---
 Money Market Mutual Funds 2.75% 2.78% -.03%
 Bank Money Market Savings 2.26% 2.29% -.03%
 Bank Interest Bearing Check. Acct. 1.54% 1.55% -.01%
 3 Month Treasury Bills 3.00% 3.10% -.10%
 3 Month Bank Cert. Of Dep. 3.05% 3.10% -.05%
 6 Month Treasury Bills 3.20% 3.30% -.10%
 1 Year Treasury Bills 3.45% 3.55% -.10%
 INTERMEDIATE TERM
 2 Year Cert. Of Dep. 3.95% 4.10% -.15%
 5 Year Cert. Of Dep. 4.90% 5.15% -.25%
 5 Year Treasury Notes 5.00% 5.15% -.15%
 10 Year Treasury Notes 5.00% 5.80% -.80%
 5 Year Zero Coupon Bonds 5.11% 5.35% -.24%
 10 Year Zero Coupon Bonds 5.97% 6.20% -.23%
 5 Year Finance Co. Notes 5.60% 5.80% -.20%
 10 Year Finance Co. Notes 6.20% 6.25% -.05%
 U.S. Backed GNMA Bonds 6.15% 6.20% -.05%
 LONG TERM
 20 Year Zero Coupon Bonds 6.81% 6.95% -.14%
 30 Year Treasury Bonds 6.20% 6.34% -.14%
 30 Year A-rated Indust. Bonds 7.15% 7.20% -.05%
 30 Year A-rated Utility Bonds 7.10% 7.15% -.05%
 TAX EXEMPT MUNICIPAL BONDS - COLORADO
 5 Year A-rated Gen'l. Oblig. 3.90% 4.00% -.10%
 10 Year A-rated Gen'l. Oblig. 4.40% 4.45% -.05%
 15 Year A-rated Gen'l. Oblig. 5.00% 5.10% -.10%
 20 Year A-rated Gen'l. Oblig. 5.20% 5.25% -.05%
 30 Year Aa-rated Housing Rev. 5.65% 5.70% -.05%
 30 Year A-rated Hospital Rev. 5.65% 5.75% -.10%
 The above rates, gathered and supplied by Piper Jaffray Inc. (442-1888), are representative rates available from banks, savings institutions and broker/dealer firms in the area. Rates may vary according to locality, size of purchase and rating. They do not include issues that are subject to alternative minimum tax and do not reflect transaction charges, if any. The figures for investments with maturities shorter than a year reflect annualized rates of return.
 PIPER JAFFRAY INCOME INDEX
 MARKET COMMENTARY
 WEEK ENDING 01/14/94
 The bond market staged a strong rally this week following the excellent report on the inflation front. With the December CPI report on Thursday, inflation for all of 1993 came in at 2.7%. Analysts are predicting even better inflation news for '94 with the possibility that it could be as low as 2.5% for the year.
 The 30-year Treasury due February 2023 closed Thursday to yield 6.20%, down from 6.34% last week.
 /CONTACT: Fixed Income Marketing, Rich Johnson, 612-342-6662/
 -0- 1/14/94
 /CONTACT: Judy Milbauer Morke, 612-342-6541, or Suzanne Oney, 612-342-6543, both of Piper Jaffray/
 (PJC)


CO: Piper Jaffray Companies, Inc. ST: Colorado IN: FIN SU: ECO

DS -- MN002B -- 1198 01/14/94 11:18 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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