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Well, if Trump loses his trade war and tips the US into a recession, he’s got his excuse prepared:
Donald Trump lashed out at the U.S. central bank on Wednesday, accusing the Federal Reserve’s interest rate policy with holding back the economy from winning a trade war he is trying to wage with China.
In a series of tweets on Wednesday, U.S. President Donald Trump blamed the central bank for not initiating interest rate cuts that are “bigger and faster” for the current turmoil in financial markets.
…
“Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much (and that I was right!). They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW,” he said.
TXPR closed at 599.18, down 1.11% on the day. Volume was 2.63-million, second only to July 19 in the past 30 days.
CPD closed at 11.96, down 1.24% on the day. Volume of 267,654 was the highest of the past thirty days, edging out July 31‘s 258,950.
ZPR closed at 9.56, down 1.54% on the day. Volume of 242,011 was the highest of the past 30 days, trouncing July 18‘s volume of 177,940.
Five-year Canada yields were up 1bp to 1.23% today.
PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.33%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) remains at an amazing 390bp, the same as that reported July 31.
| 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 | 0.0448 % | 1,927.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0448 % | 3,537.4 |
| Floater | 6.20 % | 6.26 % | 39,142 | 13.47 | 4 | 0.0448 % | 2,038.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2088 % | 3,332.3 |
| SplitShare | 4.67 % | 4.85 % | 71,645 | 4.08 | 7 | -0.2088 % | 3,979.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2088 % | 3,105.0 |
| Perpetual-Premium | 5.61 % | -16.33 % | 56,432 | 0.09 | 7 | 0.0336 % | 2,990.7 |
| Perpetual-Discount | 5.45 % | 5.57 % | 59,043 | 14.54 | 25 | 0.1287 % | 3,135.4 |
| FixedReset Disc | 5.57 % | 5.15 % | 161,307 | 15.09 | 69 | -1.5689 % | 2,067.8 |
| Deemed-Retractible | 5.24 % | 5.95 % | 59,666 | 7.91 | 27 | -0.1675 % | 3,111.0 |
| FloatingReset | 4.10 % | 4.47 % | 36,135 | 2.39 | 4 | -0.6772 % | 2,322.6 |
| FixedReset Prem | 5.16 % | 4.06 % | 156,903 | 1.86 | 17 | -0.2865 % | 2,587.7 |
| FixedReset Bank Non | 1.98 % | 4.05 % | 84,953 | 2.41 | 3 | -0.1253 % | 2,653.2 |
| FixedReset Ins Non | 5.39 % | 7.58 % | 90,393 | 8.04 | 22 | -1.1943 % | 2,116.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.A | FixedReset Disc | -4.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.02 % |
| TRP.PR.B | FixedReset Disc | -4.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 10.65 Evaluated at bid price : 10.65 Bid-YTW : 5.71 % |
| TRP.PR.A | FixedReset Disc | -3.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 6.11 % |
| IAF.PR.G | FixedReset Ins Non | -3.72 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.40 Bid-YTW : 7.06 % |
| TRP.PR.C | FixedReset Disc | -3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 11.12 Evaluated at bid price : 11.12 Bid-YTW : 5.98 % |
| RY.PR.M | FixedReset Disc | -3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 5.20 % |
| IFC.PR.C | FixedReset Ins Non | -3.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.45 Bid-YTW : 8.09 % |
| RY.PR.J | FixedReset Disc | -2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.19 % |
| MFC.PR.N | FixedReset Ins Non | -2.90 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.39 Bid-YTW : 8.62 % |
| BIP.PR.A | FixedReset Disc | -2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 6.44 % |
| BMO.PR.Y | FixedReset Disc | -2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 5.05 % |
| NA.PR.W | FixedReset Disc | -2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 5.32 % |
| BAM.PR.Z | FixedReset Disc | -2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.02 % |
| BMO.PR.T | FixedReset Disc | -2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 5.02 % |
| IFC.PR.A | FixedReset Ins Non | -2.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.40 Bid-YTW : 9.72 % |
| CM.PR.R | FixedReset Disc | -2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.27 % |
| TD.PF.A | FixedReset Disc | -2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 4.96 % |
| PWF.PR.P | FixedReset Disc | -2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 12.92 Evaluated at bid price : 12.92 Bid-YTW : 5.26 % |
| BAM.PF.F | FixedReset Disc | -2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.90 % |
| TD.PF.E | FixedReset Disc | -2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.08 % |
| NA.PR.E | FixedReset Disc | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.27 % |
| TRP.PR.D | FixedReset Disc | -2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 15.37 Evaluated at bid price : 15.37 Bid-YTW : 5.94 % |
| BMO.PR.D | FixedReset Disc | -2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.08 % |
| BMO.PR.W | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.81 Evaluated at bid price : 16.81 Bid-YTW : 5.00 % |
| NA.PR.C | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.37 % |
| HSE.PR.E | FixedReset Disc | -2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.54 % |
| HSE.PR.G | FixedReset Disc | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.47 % |
| CM.PR.P | FixedReset Disc | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 5.18 % |
| NA.PR.G | FixedReset Disc | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 5.13 % |
| TD.PF.D | FixedReset Disc | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.07 % |
| BAM.PF.B | FixedReset Disc | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.03 % |
| TRP.PR.E | FixedReset Disc | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 15.01 Evaluated at bid price : 15.01 Bid-YTW : 5.85 % |
| TD.PF.B | FixedReset Disc | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.97 % |
| EMA.PR.F | FixedReset Disc | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.79 Evaluated at bid price : 16.79 Bid-YTW : 5.64 % |
| BAM.PF.G | FixedReset Disc | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.06 Evaluated at bid price : 17.06 Bid-YTW : 5.95 % |
| HSE.PR.C | FixedReset Disc | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.26 % |
| CM.PR.O | FixedReset Disc | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.98 Evaluated at bid price : 16.98 Bid-YTW : 5.23 % |
| RY.PR.S | FixedReset Disc | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.77 % |
| BMO.PR.E | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 4.98 % |
| MFC.PR.M | FixedReset Ins Non | -1.67 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.05 Bid-YTW : 8.19 % |
| BNS.PR.I | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 4.88 % |
| BAM.PR.T | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.93 % |
| HSE.PR.A | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 5.98 % |
| PWF.PR.T | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.18 % |
| TRP.PR.F | FloatingReset | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 13.16 Evaluated at bid price : 13.16 Bid-YTW : 6.89 % |
| BMO.PR.C | FixedReset Disc | -1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 22.24 Evaluated at bid price : 22.65 Bid-YTW : 4.92 % |
| IAF.PR.I | FixedReset Ins Non | -1.56 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.20 Bid-YTW : 7.00 % |
| SLF.PR.I | FixedReset Ins Non | -1.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.81 Bid-YTW : 7.36 % |
| CU.PR.C | FixedReset Disc | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 16.53 Evaluated at bid price : 16.53 Bid-YTW : 5.32 % |
| SLF.PR.G | FixedReset Ins Non | -1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.40 Bid-YTW : 9.74 % |
| TD.PF.J | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 4.86 % |
| TD.PF.K | FixedReset Disc | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 4.98 % |
| MFC.PR.J | FixedReset Ins Non | -1.37 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.65 Bid-YTW : 7.89 % |
| MFC.PR.I | FixedReset Ins Non | -1.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.10 Bid-YTW : 7.53 % |
| BIP.PR.F | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 21.39 Evaluated at bid price : 21.70 Bid-YTW : 5.94 % |
| BMO.PR.S | FixedReset Disc | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.10 % |
| RY.PR.Z | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.73 Evaluated at bid price : 17.73 Bid-YTW : 4.85 % |
| MFC.PR.Q | FixedReset Ins Non | -1.24 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.06 Bid-YTW : 7.58 % |
| CM.PR.Y | FixedReset Disc | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 23.04 Evaluated at bid price : 24.64 Bid-YTW : 4.93 % |
| BIP.PR.C | FixedReset Prem | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 23.46 Evaluated at bid price : 24.76 Bid-YTW : 5.79 % |
| SLF.PR.J | FloatingReset | -1.12 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.25 Bid-YTW : 10.70 % |
| RY.PR.H | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 4.80 % |
| SLF.PR.C | Deemed-Retractible | -1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.77 Bid-YTW : 6.84 % |
| SLF.PR.E | Deemed-Retractible | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.87 Bid-YTW : 6.83 % |
| NA.PR.S | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.41 Evaluated at bid price : 17.41 Bid-YTW : 5.29 % |
| CM.PR.T | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 22.96 Evaluated at bid price : 24.40 Bid-YTW : 4.70 % |
| PWF.PR.A | Floater | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 11.49 Evaluated at bid price : 11.49 Bid-YTW : 6.03 % |
| CU.PR.I | FixedReset Prem | 1.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 2.72 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.G | Perpetual-Discount | 101,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.37 % |
| TRP.PR.D | FixedReset Disc | 95,750 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 15.37 Evaluated at bid price : 15.37 Bid-YTW : 5.94 % |
| BAM.PF.F | FixedReset Disc | 79,590 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.90 % |
| MFC.PR.M | FixedReset Ins Non | 58,425 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.05 Bid-YTW : 8.19 % |
| RY.PR.H | FixedReset Disc | 37,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 4.80 % |
| CM.PR.Y | FixedReset Disc | 35,152 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-07 Maturity Price : 23.04 Evaluated at bid price : 24.64 Bid-YTW : 4.93 % |
| There were 39 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.C | FixedReset Disc | Quote: 11.12 – 11.75 Spot Rate : 0.6300 Average : 0.4151 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 17.45 – 18.20 Spot Rate : 0.7500 Average : 0.5456 YTW SCENARIO |
| NA.PR.G | FixedReset Disc | Quote: 20.31 – 20.83 Spot Rate : 0.5200 Average : 0.3306 YTW SCENARIO |
| IAF.PR.I | FixedReset Ins Non | Quote: 20.20 – 20.74 Spot Rate : 0.5400 Average : 0.3628 YTW SCENARIO |
| TD.PF.A | FixedReset Disc | Quote: 17.10 – 17.67 Spot Rate : 0.5700 Average : 0.4137 YTW SCENARIO |
| HSE.PR.E | FixedReset Disc | Quote: 18.20 – 19.01 Spot Rate : 0.8100 Average : 0.6549 YTW SCENARIO |