Janet Yellen did some modest sabre-rattling:
Federal Reserve Chair Janet Yellen said the ongoing improvement in the U.S. economy would warrant another interest rate increase “in the coming months,” stopping short of giving an explicit hint that the central bank would act in June.
“It’s appropriate — and I’ve said this in the past — for the Fed to gradually and cautiously increase our overnight interest rate over time,” Yellen said Friday during remarks at Harvard University in Cambridge, Massachusetts. “Probably in the coming months such a move would be appropriate.”
…
“The economy is continuing to improve,” she said in a discussion with Harvard economics professor Gregory Mankiw. She added that she expects “inflation will move up over the next couple of years to our 2 percent objective,” provided headwinds holding down price pressures, including energy prices and a stronger dollar, stabilize alongside an improving labor market.Several regional Fed presidents, ranging from Boston Fed President Eric Rosengren to San Francisco’s John Williams, have in recent weeks urged financial market participants to take more seriously the chances of a rate hike in the next two months, pointing to continued signs of steady if unspectacular growth in the U.S. economy and the waning of risks posed by global economic and financial conditions.
HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
Ratchet | 4.64 % | 5.62 % | 10,825 | 17.16 | 1 | 0.7328 % | 1,706.1 |
FixedFloater | 6.51 % | 5.65 % | 17,890 | 16.89 | 1 | 3.5461 % | 3,106.0 |
Floater | 4.34 % | 4.46 % | 42,921 | 16.43 | 4 | 1.6321 % | 1,790.8 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0489 % | 2,832.8 |
SplitShare | 4.94 % | 5.18 % | 80,930 | 3.92 | 7 | -0.0489 % | 3,314.9 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0489 % | 2,586.4 |
Perpetual-Premium | 5.74 % | -14.32 % | 86,088 | 0.09 | 6 | 0.1375 % | 2,607.2 |
Perpetual-Discount | 5.44 % | 5.54 % | 106,458 | 14.53 | 33 | 0.2040 % | 2,697.2 |
FixedReset | 5.15 % | 4.65 % | 165,326 | 7.42 | 88 | 0.4436 % | 1,989.5 |
Deemed-Retractible | 5.10 % | 5.61 % | 129,747 | 4.99 | 33 | 0.1107 % | 2,691.2 |
FloatingReset | 3.17 % | 4.99 % | 25,906 | 5.26 | 17 | 0.0215 % | 2,108.1 |
Performance Highlights | |||
Issue | Index | Change | Notes |
PWF.PR.Q | FloatingReset | -3.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 12.52 Evaluated at bid price : 12.52 Bid-YTW : 4.33 % |
IAG.PR.A | Deemed-Retractible | -1.79 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.90 Bid-YTW : 6.65 % |
HSE.PR.B | FloatingReset | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 5.46 % |
BMO.PR.T | FixedReset | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 4.41 % |
BNS.PR.R | FixedReset | -1.27 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.35 Bid-YTW : 4.60 % |
CIU.PR.C | FixedReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 4.47 % |
MFC.PR.M | FixedReset | -1.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.51 Bid-YTW : 6.88 % |
BAM.PF.G | FixedReset | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 4.84 % |
TRP.PR.F | FloatingReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 4.53 % |
BAM.PF.E | FixedReset | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 4.88 % |
BAM.PR.X | FixedReset | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 14.02 Evaluated at bid price : 14.02 Bid-YTW : 4.89 % |
BAM.PF.A | FixedReset | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 19.29 Evaluated at bid price : 19.29 Bid-YTW : 4.98 % |
BMO.PR.Q | FixedReset | 1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.26 Bid-YTW : 5.98 % |
TRP.PR.G | FixedReset | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 4.88 % |
TRP.PR.H | FloatingReset | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 10.45 Evaluated at bid price : 10.45 Bid-YTW : 4.37 % |
BAM.PF.B | FixedReset | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 5.03 % |
TD.PF.D | FixedReset | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.48 % |
NA.PR.Q | FixedReset | 1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.15 Bid-YTW : 4.08 % |
BAM.PR.B | Floater | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 10.73 Evaluated at bid price : 10.73 Bid-YTW : 4.46 % |
BAM.PR.K | Floater | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 4.51 % |
HSE.PR.E | FixedReset | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 5.68 % |
BAM.PF.F | FixedReset | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 4.83 % |
BIP.PR.B | FixedReset | 2.30 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.19 Bid-YTW : 5.22 % |
IFC.PR.A | FixedReset | 2.58 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.91 Bid-YTW : 9.16 % |
BNS.PR.Y | FixedReset | 2.60 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.51 Bid-YTW : 5.58 % |
BNS.PR.Z | FixedReset | 2.72 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.41 Bid-YTW : 5.98 % |
BAM.PR.Z | FixedReset | 3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.99 % |
BAM.PR.T | FixedReset | 3.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.08 % |
BAM.PR.G | FixedFloater | 3.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 5.65 % |
BAM.PR.C | Floater | 3.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 4.51 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TRP.PR.J | FixedReset | 91,027 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 4.88 % |
TD.PF.G | FixedReset | 86,663 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.12 Bid-YTW : 4.59 % |
BNS.PR.G | FixedReset | 58,250 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 4.76 % |
BAM.PF.H | FixedReset | 57,633 | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.07 Bid-YTW : 4.18 % |
BAM.PR.M | Perpetual-Discount | 43,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-05-27 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 5.80 % |
MFC.PR.F | FixedReset | 41,095 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.85 Bid-YTW : 10.01 % |
There were 23 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
GWO.PR.M | Deemed-Retractible | Believe it or not, the actual quote for GWO.PR.M, sold to me at an enormous price by the Exchange, was 25.55-55.13, 8×2. See the picture below for proof! I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers.
Quote: 25.55 – 27.55 YTW SCENARIO |
PWF.PR.T | FixedReset | Quote: 21.56 – 22.67 Spot Rate : 1.1100 Average : 0.6563 YTW SCENARIO |
BAM.PF.G | FixedReset | Quote: 20.01 – 20.87 Spot Rate : 0.8600 Average : 0.5903 YTW SCENARIO |
CM.PR.Q | FixedReset | Quote: 20.06 – 20.65 Spot Rate : 0.5900 Average : 0.3605 YTW SCENARIO |
PWF.PR.Q | FloatingReset | Quote: 12.52 – 13.39 Spot Rate : 0.8700 Average : 0.6542 YTW SCENARIO |
BAM.PR.Z | FixedReset | Quote: 19.50 – 19.95 Spot Rate : 0.4500 Average : 0.3057 YTW SCENARIO |