Jerome H. Powell, the Federal Reserve chair, signaled on Thursday that the central bank will continue raising interest rates in order to convince the American public that it is serious about bringing soaring price growth back to normal levels, further cementing market expectations of another aggressive rate increase this month.
“The longer inflation remains well above target, the greater the risk that the public sees higher inflation as the norm,” Mr. Powell said in a moderated discussion with Peter H. Goettler, the president and chief executive of the Cato Institute in Washington. “History cautions strongly against prematurely loosening policy.”
| 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 | -0.1521 % | 2,522.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1521 % | 4,838.6 |
| Floater | 7.27 % | 7.43 % | 56,953 | 11.89 | 2 | -0.1521 % | 2,788.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -6.9436 % | 3,214.6 |
| SplitShare | 5.29 % | 5.92 % | 34,715 | 3.17 | 8 | -6.9436 % | 3,838.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -6.9436 % | 2,995.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0270 % | 2,807.7 |
| Perpetual-Discount | 6.07 % | 6.24 % | 57,754 | 13.48 | 35 | 0.0270 % | 3,061.7 |
| FixedReset Disc | 4.74 % | 6.46 % | 90,925 | 13.22 | 58 | -0.1242 % | 2,496.7 |
| Insurance Straight | 6.11 % | 6.12 % | 80,217 | 13.76 | 19 | -0.0854 % | 2,946.0 |
| FloatingReset | 7.81 % | 8.00 % | 35,239 | 11.44 | 2 | 0.0934 % | 2,609.5 |
| FixedReset Prem | 5.10 % | 4.49 % | 115,218 | 1.79 | 6 | 0.0197 % | 2,599.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1242 % | 2,552.1 |
| FixedReset Ins Non | 4.79 % | 6.77 % | 55,262 | 13.07 | 14 | -0.0855 % | 2,548.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| EIT.PR.A | SplitShare | -52.49 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 11.71 Bid-YTW : 65.56 % |
| BIP.PR.A | FixedReset Disc | -2.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 8.14 % |
| TRP.PR.G | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 7.19 % |
| PWF.PR.P | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 7.69 % |
| IFC.PR.C | FixedReset Disc | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.23 % |
| ELF.PR.H | Perpetual-Discount | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 6.21 % |
| GWO.PR.N | FixedReset Ins Non | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 7.19 % |
| MFC.PR.F | FixedReset Ins Non | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 7.47 % |
| RY.PR.S | FixedReset Disc | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 23.11 Evaluated at bid price : 23.55 Bid-YTW : 6.04 % |
| PWF.PR.S | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.25 % |
| ELF.PR.F | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.23 % |
| BAM.PR.N | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.22 % |
| BMO.PR.Y | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.83 Evaluated at bid price : 22.10 Bid-YTW : 6.27 % |
| TRP.PR.E | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.85 % |
| MFC.PR.N | FixedReset Ins Non | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.15 % |
| BMO.PR.T | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.36 % |
| GWO.PR.T | Insurance Straight | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.21 % |
| MIC.PR.A | Perpetual-Discount | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.53 % |
| CU.PR.E | Perpetual-Discount | 2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.01 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.J | FixedReset Disc | 53,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 23.90 Evaluated at bid price : 24.51 Bid-YTW : 6.18 % |
| TD.PF.B | FixedReset Disc | 43,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 6.50 % |
| NA.PR.C | FixedReset Disc | 37,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 5.63 % |
| TD.PF.E | FixedReset Disc | 28,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.82 Evaluated at bid price : 22.10 Bid-YTW : 6.43 % |
| PWF.PR.E | Perpetual-Discount | 28,150 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 21.94 Evaluated at bid price : 22.17 Bid-YTW : 6.29 % |
| BMO.PR.E | FixedReset Disc | 25,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-09-08 Maturity Price : 23.91 Evaluated at bid price : 24.35 Bid-YTW : 6.15 % |
| There were 6 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| EIT.PR.A | SplitShare | Quote: 11.71 – 23.00 Spot Rate : 11.2900 Average : 6.0428 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 18.60 – 24.43 Spot Rate : 5.8300 Average : 3.3662 YTW SCENARIO |
| CM.PR.P | FixedReset Disc | Quote: 20.00 – 22.00 Spot Rate : 2.0000 Average : 1.5679 YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | Quote: 19.75 – 20.99 Spot Rate : 1.2400 Average : 0.9161 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 20.46 – 22.00 Spot Rate : 1.5400 Average : 1.2811 YTW SCENARIO |
| ELF.PR.F | Perpetual-Discount | Quote: 21.60 – 22.50 Spot Rate : 0.9000 Average : 0.6413 YTW SCENARIO |