Technology is having its effect! The relative price of services is rising, but the price of ‘stuff’ is falling:
But another form of progress has led to what some economists call the “Walmart effect”: falling prices for a huge array of manufactured goods.
Since the 1980s, for instance, the real price of a midrange color television has plummeted about tenfold, and televisions today are crisper, bigger, lighter and often Internet-connected. Similarly, the effective price of clothing, bicycles, small appliances, processed foods — virtually anything produced in a factory — has followed a downward trajectory. The result is that Americans can buy much more stuff at bargain prices.
Many crucial services, though, remain out of reach for poor families. The costs of a college education and health care have soared.
Click for Big
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| 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 | -0.0936 % | 2,153.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0936 % | 3,951.2 |
| Floater | 3.54 % | 3.66 % | 47,795 | 18.14 | 4 | -0.0936 % | 2,277.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0313 % | 3,024.3 |
| SplitShare | 4.70 % | 4.34 % | 71,515 | 1.61 | 5 | -0.0313 % | 3,611.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0313 % | 2,818.0 |
| Perpetual-Premium | 5.32 % | -0.63 % | 73,804 | 0.09 | 22 | -0.1669 % | 2,780.1 |
| Perpetual-Discount | 5.06 % | 5.10 % | 105,359 | 15.31 | 14 | 0.0746 % | 3,010.7 |
| FixedReset | 4.44 % | 4.05 % | 228,724 | 6.56 | 94 | -0.3091 % | 2,333.1 |
| Deemed-Retractible | 5.00 % | 4.88 % | 142,542 | 3.50 | 31 | -0.0328 % | 2,890.8 |
| FloatingReset | 2.52 % | 3.07 % | 52,023 | 4.49 | 10 | -0.0885 % | 2,528.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.A | FixedReset | -2.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.77 Bid-YTW : 8.05 % |
| SLF.PR.G | FixedReset | -1.95 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.10 Bid-YTW : 8.88 % |
| BAM.PF.G | FixedReset | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 22.44 Evaluated at bid price : 23.03 Bid-YTW : 4.33 % |
| RY.PR.M | FixedReset | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 21.99 Evaluated at bid price : 22.39 Bid-YTW : 4.05 % |
| BAM.PR.X | FixedReset | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.34 % |
| PWF.PR.P | FixedReset | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 4.02 % |
| TRP.PR.K | FixedReset | -1.14 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.98 Bid-YTW : 4.24 % |
| PWF.PR.E | Perpetual-Premium | -1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : -10.77 % |
| TRP.PR.A | FixedReset | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 19.13 Evaluated at bid price : 19.13 Bid-YTW : 3.96 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.A | FixedReset | 183,365 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 3.88 % |
| BMO.PR.L | Deemed-Retractible | 150,150 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-24 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 3.86 % |
| PWF.PR.P | FixedReset | 79,601 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 4.02 % |
| PWF.PR.K | Perpetual-Discount | 67,018 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-02 Maturity Price : 24.12 Evaluated at bid price : 24.37 Bid-YTW : 5.10 % |
| BMO.PR.M | FixedReset | 56,800 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.71 Bid-YTW : 3.11 % |
| BNS.PR.H | FixedReset | 43,520 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.37 Bid-YTW : 3.62 % |
| There were 26 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.M | FixedReset | Quote: 21.52 – 21.94 Spot Rate : 0.4200 Average : 0.2654 YTW SCENARIO |
| RY.PR.A | Deemed-Retractible | Quote: 25.22 – 25.53 Spot Rate : 0.3100 Average : 0.1749 YTW SCENARIO |
| BAM.PR.X | FixedReset | Quote: 16.55 – 17.03 Spot Rate : 0.4800 Average : 0.3699 YTW SCENARIO |
| MFC.PR.J | FixedReset | Quote: 22.71 – 23.02 Spot Rate : 0.3100 Average : 0.2078 YTW SCENARIO |
| TRP.PR.B | FixedReset | Quote: 14.26 – 14.63 Spot Rate : 0.3700 Average : 0.2758 YTW SCENARIO |
| PWF.PR.E | Perpetual-Premium | Quote: 25.35 – 25.65 Spot Rate : 0.3000 Average : 0.2066 YTW SCENARIO |