US inflation numbers came out today:
The Consumer Price Index climbed 4 percent in the year through May, slightly less than the 4.1 percent economists had expected and the slowest pace in more than two years. In April, it had climbed 4.9 percent.
…
After stripping out food and fuel prices, the closely watched measure of “core” prices picked up 5.3 percent in May compared with a year earlier. That was slightly higher than the 5.2 percent economists had expected, but lower than 5.5 percent the previous month.Still, there were lingering signs that inflation has staying power. Fed officials also monitor month-to-month changes in prices, particularly for the core index, to get a sense of the recent trends in inflation. That figure continued to pick up at an unusually quick pace in May.
…
Rents were up 8.7 percent in May from a year earlier, the Labor Department said Tuesday, down slightly from the 8.8 percent increase in April. That might not sound like much, but it’s the first time the year-over-year rate of rent increases has fallen in roughly two years. Over the past three months, rents have risen at their slowest rate since early 2022.
… and I still have no time!
| 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 | -3.5088 % | 2,124.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -3.5088 % | 4,075.5 |
| Floater | 11.06 % | 11.47 % | 44,858 | 8.34 | 1 | -3.5088 % | 2,348.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3612 % | 3,296.1 |
| SplitShare | 5.09 % | 7.72 % | 41,570 | 2.21 | 6 | -0.3612 % | 3,936.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3612 % | 3,071.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4758 % | 2,643.1 |
| Perpetual-Discount | 6.45 % | 6.65 % | 41,125 | 12.95 | 31 | 0.4758 % | 2,882.2 |
| FixedReset Disc | 5.84 % | 8.37 % | 85,472 | 11.27 | 63 | 0.3274 % | 2,137.2 |
| Insurance Straight | 6.39 % | 6.48 % | 56,039 | 13.29 | 19 | 0.2063 % | 2,816.5 |
| FloatingReset | 11.48 % | 11.09 % | 26,096 | 8.80 | 2 | 0.8008 % | 2,349.7 |
| FixedReset Prem | 6.97 % | 7.01 % | 309,610 | 3.76 | 1 | -0.0397 % | 2,319.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3274 % | 2,184.6 |
| FixedReset Ins Non | 6.05 % | 7.66 % | 88,691 | 11.73 | 9 | 0.2656 % | 2,345.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.B | Floater | -3.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 11.47 % |
| IFC.PR.F | Insurance Straight | -3.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 6.56 % |
| BN.PF.G | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 10.57 % |
| PVS.PR.I | SplitShare | -1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.06 Bid-YTW : 8.49 % |
| PVS.PR.J | SplitShare | -1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 7.92 % |
| BIP.PR.B | FixedReset Disc | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 21.27 Evaluated at bid price : 21.56 Bid-YTW : 8.94 % |
| PWF.PR.H | Perpetual-Discount | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 21.62 Evaluated at bid price : 21.87 Bid-YTW : 6.68 % |
| BMO.PR.F | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 23.44 Evaluated at bid price : 24.00 Bid-YTW : 7.48 % |
| BN.PF.I | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 9.22 % |
| CM.PR.T | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 22.68 Evaluated at bid price : 23.25 Bid-YTW : 7.54 % |
| FTS.PR.G | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 8.20 % |
| TD.PF.L | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 22.60 Evaluated at bid price : 23.16 Bid-YTW : 7.56 % |
| MFC.PR.K | FixedReset Ins Non | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 7.83 % |
| FTS.PR.H | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 9.72 % |
| CM.PR.Y | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 23.22 Evaluated at bid price : 23.74 Bid-YTW : 7.64 % |
| TD.PF.B | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 8.29 % |
| BMO.PR.S | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 8.38 % |
| TD.PF.A | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 8.24 % |
| BN.PF.J | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 7.98 % |
| TD.PF.C | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.28 % |
| SLF.PR.J | FloatingReset | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 11.09 % |
| RY.PR.Z | FixedReset Disc | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 8.33 % |
| POW.PR.C | Perpetual-Discount | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 6.49 % |
| MFC.PR.M | FixedReset Ins Non | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.81 % |
| PWF.PR.K | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.65 % |
| CCS.PR.C | Insurance Straight | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.39 % |
| BIP.PR.A | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 9.98 % |
| MIC.PR.A | Perpetual-Discount | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.75 % |
| SLF.PR.E | Insurance Straight | 3.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 6.09 % |
| BN.PF.B | FixedReset Disc | 3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.23 Evaluated at bid price : 16.23 Bid-YTW : 9.82 % |
| PWF.PR.L | Perpetual-Discount | 5.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.83 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.Y | FixedReset Disc | 42,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 8.38 % |
| FTS.PR.M | FixedReset Disc | 38,270 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 9.06 % |
| TD.PF.C | FixedReset Disc | 36,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.28 % |
| BN.PF.B | FixedReset Disc | 35,335 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.23 Evaluated at bid price : 16.23 Bid-YTW : 9.82 % |
| CM.PR.S | FixedReset Disc | 32,057 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 7.43 % |
| TRP.PR.D | FixedReset Disc | 31,180 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 15.52 Evaluated at bid price : 15.52 Bid-YTW : 9.81 % |
| There were 15 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.C | FixedReset Disc | Quote: 18.16 – 22.72 Spot Rate : 4.5600 Average : 3.6784 YTW SCENARIO |
| IFC.PR.C | FixedReset Disc | Quote: 17.25 – 18.49 Spot Rate : 1.2400 Average : 0.7615 YTW SCENARIO |
| BN.PF.A | FixedReset Disc | Quote: 19.03 – 20.00 Spot Rate : 0.9700 Average : 0.6242 YTW SCENARIO |
| BN.PR.M | Perpetual-Discount | Quote: 17.50 – 18.35 Spot Rate : 0.8500 Average : 0.5670 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 19.65 – 21.00 Spot Rate : 1.3500 Average : 1.0694 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 20.68 – 21.68 Spot Rate : 1.0000 Average : 0.8085 YTW SCENARIO |