Trump mouthed off about the Fed again:
U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.
“My biggest threat is the Fed,” he said, according to excerpts released before the interview with “Trish Regan Primetime” airs. “I put a couple of other people there I’m not so happy with too but for the most part I’m very happy with people.”
I suspect that this is more of an attempt to buy political insurance in the event of an economic downturn than a serious move to undermine Fed independence. But what do I know?
| 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 | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.8769 % | 3,187.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.8769 % | 5,849.0 |
| Floater | 3.41 % | 3.60 % | 38,760 | 18.32 | 4 | 1.8769 % | 3,370.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0873 % | 3,223.3 |
| SplitShare | 4.62 % | 4.69 % | 53,772 | 4.72 | 5 | -0.0873 % | 3,849.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0873 % | 3,003.4 |
| Perpetual-Premium | 5.62 % | -1.85 % | 60,411 | 0.21 | 12 | -0.0565 % | 2,914.2 |
| Perpetual-Discount | 5.53 % | 5.67 % | 71,199 | 14.42 | 21 | 0.0294 % | 2,963.7 |
| FixedReset Disc | 4.19 % | 5.04 % | 141,118 | 15.43 | 45 | 0.3189 % | 2,594.8 |
| Deemed-Retractible | 5.28 % | 6.68 % | 63,683 | 5.26 | 27 | -0.2365 % | 2,929.8 |
| FloatingReset | 3.57 % | 3.73 % | 40,694 | 5.57 | 4 | 0.5101 % | 2,869.1 |
| FixedReset Prem | 4.88 % | 4.26 % | 230,906 | 2.83 | 34 | 0.2921 % | 2,567.7 |
| FixedReset Bank Non | 3.12 % | 3.40 % | 73,118 | 0.35 | 8 | 0.0815 % | 2,576.4 |
| FixedReset Ins Non | 4.38 % | 5.42 % | 101,292 | 5.36 | 22 | 0.4714 % | 2,555.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.F | Deemed-Retractible | -1.77 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 6.28 % |
| SLF.PR.B | Deemed-Retractible | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 7.61 % |
| BAM.PR.X | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.12 % |
| MFC.PR.M | FixedReset Ins Non | 1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 5.99 % |
| MFC.PR.Q | FixedReset Ins Non | 1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.87 Bid-YTW : 5.72 % |
| TD.PF.B | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 22.82 Evaluated at bid price : 23.44 Bid-YTW : 4.91 % |
| SLF.PR.H | FixedReset Ins Non | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.55 Bid-YTW : 6.47 % |
| BAM.PR.M | Perpetual-Discount | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 5.86 % |
| IFC.PR.A | FixedReset Ins Non | 1.53 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.57 Bid-YTW : 7.20 % |
| PWF.PR.Q | FloatingReset | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 3.73 % |
| BAM.PR.C | Floater | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 18.07 Evaluated at bid price : 18.07 Bid-YTW : 3.61 % |
| BAM.PR.K | Floater | 2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 3.60 % |
| BAM.PR.B | Floater | 3.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 3.60 % |
| TD.PF.J | FixedReset Prem | 3.94 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.63 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.I | FixedReset Disc | 182,126 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 23.14 Evaluated at bid price : 24.98 Bid-YTW : 4.75 % |
| BAM.PR.N | Perpetual-Discount | 100,707 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.88 % |
| PWF.PR.K | Perpetual-Discount | 84,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.70 % |
| CM.PR.R | FixedReset Prem | 72,487 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 4.21 % |
| TRP.PR.D | FixedReset Disc | 72,228 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-16 Maturity Price : 22.02 Evaluated at bid price : 22.61 Bid-YTW : 5.23 % |
| TD.PF.J | FixedReset Prem | 69,616 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.63 % |
| There were 44 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.F | Deemed-Retractible | Quote: 23.85 – 24.32 Spot Rate : 0.4700 Average : 0.3445 YTW SCENARIO |
| W.PR.J | Perpetual-Discount | Quote: 24.78 – 25.10 Spot Rate : 0.3200 Average : 0.2016 YTW SCENARIO |
| EIT.PR.B | SplitShare | Quote: 25.00 – 25.32 Spot Rate : 0.3200 Average : 0.2100 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 20.00 – 20.31 Spot Rate : 0.3100 Average : 0.2124 YTW SCENARIO |
| POW.PR.A | Perpetual-Premium | Quote: 24.83 – 25.06 Spot Rate : 0.2300 Average : 0.1489 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 21.80 – 22.20 Spot Rate : 0.4000 Average : 0.3192 YTW SCENARIO |