So, there was good inflation news from the US:
Inflation in the United States cooled in June for a third straight month, a sign the worst price spike in four decades is steadily fading and may soon usher in interest-rate cuts by the Federal Reserve.
In a better-than-expected report, consumer prices declined 0.1 per cent from May to June after having remained flat the previous month, the Labour Department said Thursday. It was the first monthly decline in overall inflation since May, 2020, when the economy was paralyzed by the pandemic.
And measured from one year earlier, prices were up 3 per cent in June, cooler than the 3.3-per-cent annual rate in May.
…
Also on Thursday, Mary Daly, a key Fed official, suggested the central bank should cut rates soon. Ms. Daly, president of the Fed’s San Francisco branch, said she believed slowing inflation and a cooling job market justify a reduction in interest rates. She did not address the specific timing of any rate cut.“I see it as likely that some policy adjustments will be warranted,” Ms. Daly said on a conference call with reporters.
Five-year Canadas are now at 3.44%.
| 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 | 1.2821 % | 2,184.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.2821 % | 4,190.2 |
| Floater | 10.62 % | 10.77 % | 88,548 | 8.98 | 2 | 1.2821 % | 2,414.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1372 % | 3,490.5 |
| SplitShare | 4.79 % | 6.67 % | 27,532 | 1.25 | 6 | -0.1372 % | 4,168.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1372 % | 3,252.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3534 % | 2,705.3 |
| Perpetual-Discount | 6.36 % | 6.50 % | 51,784 | 13.21 | 28 | 0.3534 % | 2,950.0 |
| FixedReset Disc | 5.15 % | 7.14 % | 111,942 | 12.36 | 49 | 0.5244 % | 2,625.7 |
| Insurance Straight | 6.14 % | 6.38 % | 61,478 | 13.38 | 21 | 0.3141 % | 2,908.6 |
| FloatingReset | 9.25 % | 8.95 % | 32,569 | 10.45 | 4 | -0.5500 % | 2,780.3 |
| FixedReset Prem | 5.83 % | 6.22 % | 264,879 | 3.95 | 8 | -0.0593 % | 2,533.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5244 % | 2,683.9 |
| FixedReset Ins Non | 5.10 % | 6.75 % | 100,887 | 13.15 | 14 | -0.1867 % | 2,786.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.A | FixedReset Ins Non | -8.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.39 % |
| PWF.PR.T | FixedReset Disc | -4.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 7.04 % |
| BN.PR.X | FixedReset Disc | -3.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 8.12 % |
| PWF.PR.G | Perpetual-Discount | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 6.55 % |
| SLF.PR.J | FloatingReset | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.95 % |
| MIC.PR.A | Perpetual-Discount | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 7.07 % |
| BN.PF.H | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 7.48 % |
| GWO.PR.N | FixedReset Ins Non | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 7.67 % |
| CU.PR.C | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.04 % |
| FFH.PR.G | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 17.71 Evaluated at bid price : 17.71 Bid-YTW : 8.19 % |
| TD.PF.E | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.08 Evaluated at bid price : 23.55 Bid-YTW : 6.46 % |
| FFH.PR.C | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 21.76 Evaluated at bid price : 22.20 Bid-YTW : 7.46 % |
| FFH.PR.K | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 7.69 % |
| BN.PR.K | Floater | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 11.43 Evaluated at bid price : 11.43 Bid-YTW : 10.82 % |
| IFC.PR.G | FixedReset Ins Non | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 22.22 Evaluated at bid price : 22.80 Bid-YTW : 6.66 % |
| BN.PR.B | Floater | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 11.48 Evaluated at bid price : 11.48 Bid-YTW : 10.77 % |
| NA.PR.S | FixedReset Disc | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 22.62 Evaluated at bid price : 23.64 Bid-YTW : 6.28 % |
| CCS.PR.C | Insurance Straight | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.38 % |
| PWF.PR.Z | Perpetual-Discount | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.33 % |
| IFC.PR.E | Insurance Straight | 1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 6.13 % |
| PWF.PR.F | Perpetual-Discount | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.47 % |
| BN.PR.Z | FixedReset Disc | 3.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 20.91 Evaluated at bid price : 20.91 Bid-YTW : 7.69 % |
| MFC.PR.I | FixedReset Ins Non | 3.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.06 Evaluated at bid price : 24.25 Bid-YTW : 6.49 % |
| PWF.PR.L | Perpetual-Discount | 4.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 6.54 % |
| TD.PF.D | FixedReset Disc | 6.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.26 Evaluated at bid price : 23.80 Bid-YTW : 6.36 % |
| PWF.PR.P | FixedReset Disc | 7.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 15.17 Evaluated at bid price : 15.17 Bid-YTW : 7.81 % |
| NA.PR.E | FixedReset Disc | 23.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 22.66 Evaluated at bid price : 23.56 Bid-YTW : 6.34 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.O | FixedReset Disc | 252,167 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.96 Evaluated at bid price : 24.92 Bid-YTW : 5.80 % |
| CM.PR.P | FixedReset Disc | 204,732 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.27 Evaluated at bid price : 24.00 Bid-YTW : 5.89 % |
| MFC.PR.M | FixedReset Ins Non | 101,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.75 % |
| TD.PF.C | FixedReset Disc | 97,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.17 Evaluated at bid price : 23.91 Bid-YTW : 5.92 % |
| TD.PF.B | FixedReset Prem | 85,119 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.96 Evaluated at bid price : 24.92 Bid-YTW : 5.75 % |
| RY.PR.J | FixedReset Disc | 68,718 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-11 Maturity Price : 23.39 Evaluated at bid price : 23.98 Bid-YTW : 6.35 % |
| There were 16 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.A | FixedReset Ins Non | Quote: 17.50 – 19.06 Spot Rate : 1.5600 Average : 1.0358 YTW SCENARIO |
| PWF.PR.T | FixedReset Disc | Quote: 20.60 – 22.00 Spot Rate : 1.4000 Average : 0.9122 YTW SCENARIO |
| MIC.PR.A | Perpetual-Discount | Quote: 19.31 – 19.90 Spot Rate : 0.5900 Average : 0.3829 YTW SCENARIO |
| POW.PR.G | Perpetual-Discount | Quote: 21.60 – 22.05 Spot Rate : 0.4500 Average : 0.2912 YTW SCENARIO |
| FTS.PR.J | Perpetual-Discount | Quote: 19.31 – 19.75 Spot Rate : 0.4400 Average : 0.2845 YTW SCENARIO |
| PWF.PR.G | Perpetual-Discount | Quote: 22.55 – 23.05 Spot Rate : 0.5000 Average : 0.3493 YTW SCENARIO |