Last week saw a mixture of both good and bad economic news which led both the corporate and municipal markets on a downward path. The Treasuries performed well thanks to a decline in the monetary aggregates. The prime rate had moved up to 11 1/2 percent and the Fed nudged the Federal Funds rate slightly higher two Fridays ago. As a result, last week began on a gloomy note. Two weeks ago, I pointed out that although long-term rates may have peaked for 1978, several events could raise long rates again. During the past week, a few of these events occurred. On Tuesday, the consumer price index was released and showed that inflation was running at an annual rate of 9.6 percent. On Wednesday came the news that the trade deficit had widened more than anticipated and, finally, the index of leading economic indicators showed that the economy was still perking along. This economic information took its toll on the corporate market which saw the triple -- A Michigan Bell issue fail at a return of 9.16 percent. The issue was freed up to trade on the open market the next day, falling in price to return 9.27 percent.A $100 million industrial issue which was offered on a 9.80 percent basis was only three-fourths sold by the end of the week. A further event which would help push long municipal rates higher was the build-up in housing authority bonds which is expected to continue through December. The fact that so much of the heavier calendar is in housing bonds greatly hurt their sales last week. In fact, many housing authority issues were repriced with anywhere from 10 to 25 one-hundredths more yield because of the various factors already mentioned. The returns on the long maturities of various housing issues ran from 7.10 to 7 3/4 percent. This backing up of rates in the housing area offers the investor opportunities to purchase value. However, with the complexity that exists in the housing bond area, the investor should be thoroughly familiar with any issue he intends to purchase and not just buy yield. Generally speaking, an insured single-family program will offer good protection but each issue should be carefully evaluated and understood before being purchased. Watch the December municipal calendar for these sales. The bright spot in the week was the announcement that farm prices had fallen and also that the monetary aggregates had declined. The latter especially helped the Treasury market see higher prices. The fact that the Federal Reserve purchased coupon securities during the week helped to lift the Treasury market when it was in danger of moving lower. The Treasury will auction a one-year bill on Wednesday. It will be issued in miniumums of $10,000, and subscriptions my be entered at the U.S. Treasury or any of the Federal Reserve banks or their branches no later than 1:30 p.m. With the federal funds rate bouncing around 10 percent, short rates can be expected to continue to move higher. Recently the brokerage community has begun to issue "Unit Investment Trusts" consisting of Eurodollar certificates of deposits of major worldwide banks. The term of the trust is 6 months and offers a net annualized return of 10.48 percent. These units sell at a calculated price that includes a sales charge and may include accrued interest. This cost may come to slightly more than $1,000 and enables the individual investor to benefit from the higher short-term interest rates that would otherwise be unavailable.