US inflation news is pretty good:
The cost of living in the U.S. climbed in July at the slowest pace in five months, indicating price pressures remain limited even as the economy picks up.
The consumer price index increased 0.1 percent, matching the median forecast of 80 economists surveyed by Bloomberg, after rising 0.3 percent the prior month, a Labor Department report showed today in Washington. Stripping out volatile food and fuel, the so-called core measure also climbed 0.1 percent, less than projected.
…
Overall consumer prices rose 2 percent in the 12 months ended July, following a 2.1 percent year-over-year advance the prior month. The core measure increased 1.9 percent from July 2013, the same as in the prior 12-month period.The Fed’s 2-percent inflation goal is based on the Commerce Department’s price gauge that is tied to consumer spending. That measure climbed 1.6 percent in the 12 months through June.
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts down 3bp, FixedResets gaining 3bp and DeemedRetractibles off 2bp. Volatility was non-existent. Volume was very low.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3470 % | 2,621.7 |
| FixedFloater | 4.17 % | 3.41 % | 26,137 | 18.57 | 1 | 0.0000 % | 4,158.4 |
| Floater | 2.93 % | 3.06 % | 45,371 | 19.54 | 4 | -0.3470 % | 2,711.1 |
| OpRet | 4.05 % | -1.57 % | 93,067 | 0.08 | 1 | 0.0792 % | 2,723.9 |
| SplitShare | 4.23 % | 3.81 % | 69,606 | 3.95 | 6 | 0.1920 % | 3,137.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0792 % | 2,490.7 |
| Perpetual-Premium | 5.49 % | -1.23 % | 84,269 | 0.08 | 19 | 0.0041 % | 2,437.2 |
| Perpetual-Discount | 5.23 % | 5.17 % | 112,476 | 15.18 | 17 | -0.0277 % | 2,595.8 |
| FixedReset | 4.29 % | 3.60 % | 189,805 | 8.63 | 76 | 0.0319 % | 2,566.4 |
| Deemed-Retractible | 4.99 % | 2.39 % | 101,108 | 0.36 | 42 | -0.0180 % | 2,557.6 |
| FloatingReset | 2.64 % | 1.99 % | 89,009 | 3.75 | 6 | 0.1510 % | 2,525.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| No individual gains or losses exceeding 1%! | |||
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.M | FixedReset | 248,365 | Recent new issue. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 3.90 % |
| BMO.PR.W | FixedReset | 204,517 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-08-19 Maturity Price : 23.14 Evaluated at bid price : 25.00 Bid-YTW : 3.63 % |
| ENB.PR.Y | FixedReset | 126,759 | Nesbitt crossed three blocks: 57,300 and 37,600 at 24.05 and 15,800 at 24.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-08-19 Maturity Price : 22.74 Evaluated at bid price : 23.91 Bid-YTW : 4.01 % |
| MFC.PR.B | Deemed-Retractible | 103,628 | RBC bought 15,000 from anonymous at 23.20 and crossed 59,300 at 23.30. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.20 Bid-YTW : 5.55 % |
| IFC.PR.A | FixedReset | 96,943 | RBC crossed 90,900 at 24.00. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 4.13 % |
| BAM.PF.F | FixedReset | 65,728 | RBC crossed 35,000 at 25.55; Scotia crossed 25,000 at the same price. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-08-19 Maturity Price : 23.32 Evaluated at bid price : 25.54 Bid-YTW : 4.23 % |
| There were 15 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.D | Perpetual-Discount | Quote: 22.06 – 22.35 Spot Rate : 0.2900 Average : 0.2023 YTW SCENARIO |
| PWF.PR.A | Floater | Quote: 20.00 – 20.34 Spot Rate : 0.3400 Average : 0.2594 YTW SCENARIO |
| SLF.PR.C | Deemed-Retractible | Quote: 22.64 – 22.90 Spot Rate : 0.2600 Average : 0.1816 YTW SCENARIO |
| RY.PR.E | Deemed-Retractible | Quote: 25.50 – 25.79 Spot Rate : 0.2900 Average : 0.2149 YTW SCENARIO |
| GWO.PR.H | Deemed-Retractible | Quote: 24.20 – 24.40 Spot Rate : 0.2000 Average : 0.1286 YTW SCENARIO |
| IAG.PR.A | Deemed-Retractible | Quote: 23.14 – 23.49 Spot Rate : 0.3500 Average : 0.2949 YTW SCENARIO |