Today’s Survey of Consumer Expectations shows assertions of slowing inflation are not universally accepted:
July Survey: Inflation Expectations Up at Short- and Longer-Term Horizons, Unchanged at Medium-Term
Median inflation expectations increased to 3.1 percent from 3.0 percent at the one-year-ahead horizon and to 2.9 percent from 2.6 percent at the five-year-ahead horizon. Expectations remained steady at 3.0 percent at the three-year-ahead horizon.
Households’ perceptions about their current financial situation compared to a year ago and expectations about their year-ahead financial situation both improved. Smaller shares of respondents reported that their households are worse off than a year ago or are expecting to be worse off a year from now.
The mean expected probability that the U.S. unemployment rate will be higher one year from now dropped 2.3 percentage points (ppt) to 37.4 percent, the lowest reading since January 2025. However, the mean perceived probability of losing one’s job in the next twelve months increased by 0.4 ppt to 14.4 percent.
Perceptions of credit access compared to a year ago deteriorated slightly, with the net share of households reporting that it is easier versus harder to get credit decreasing. Conversely, expectations for future credit availability improved, with the net share of respondents expecting it to be easier versus harder to obtain credit a year from now increasing slightly.
For more details:
Press Release: Inflation Expectations Tick Up; Consumers More Optimistic about Taxes and Their Financial Situations
| 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 | 6.92 % | 7.37 % | 35,841 | 13.06 | 1 | -0.3115 % | 2,391.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2029 % | 4,599.7 |
| Floater | 6.61 % | 6.90 % | 42,093 | 12.64 | 3 | -0.2029 % | 2,650.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1232 % | 3,682.3 |
| SplitShare | 4.75 % | 4.23 % | 48,844 | 2.40 | 7 | -0.1232 % | 4,397.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1232 % | 3,431.0 |
| Perpetual-Premium | 5.83 % | -2.43 % | 115,218 | 0.08 | 2 | 0.1596 % | 3,058.7 |
| Perpetual-Discount | 5.61 % | 5.74 % | 43,436 | 14.27 | 30 | -0.1724 % | 3,335.5 |
| FixedReset Disc | 5.62 % | 6.18 % | 115,318 | 13.30 | 37 | -0.6049 % | 3,023.0 |
| Insurance Straight | 5.50 % | 5.61 % | 61,177 | 14.45 | 18 | 1.3491 % | 3,285.5 |
| FloatingReset | 5.28 % | 5.33 % | 35,978 | 14.88 | 1 | 0.0808 % | 3,735.6 |
| FixedReset Prem | 5.88 % | 5.05 % | 116,055 | 2.55 | 17 | -0.2253 % | 2,629.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6049 % | 3,090.1 |
| FixedReset Ins Non | 5.31 % | 5.62 % | 72,376 | 14.18 | 15 | -1.6716 % | 3,015.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.N | FixedReset Ins Non | -15.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 15.46 Evaluated at bid price : 15.46 Bid-YTW : 6.81 % |
| MFC.PR.Q | FixedReset Ins Non | -9.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.45 Evaluated at bid price : 23.00 Bid-YTW : 6.14 % |
| BN.PR.T | FixedReset Disc | -9.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.04 % |
| BN.PR.R | FixedReset Disc | -6.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.77 % |
| SLF.PR.G | FixedReset Ins Non | -3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.08 % |
| FTS.PR.M | FixedReset Disc | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.48 Evaluated at bid price : 23.30 Bid-YTW : 5.91 % |
| BN.PF.E | FixedReset Disc | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.42 % |
| MFC.PR.F | FixedReset Ins Non | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.95 % |
| BN.PF.F | FixedReset Disc | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.28 Evaluated at bid price : 22.92 Bid-YTW : 6.40 % |
| ENB.PR.J | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.98 Evaluated at bid price : 22.37 Bid-YTW : 6.41 % |
| TD.PF.I | FixedReset Prem | -1.03 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.49 % |
| NA.PR.G | FixedReset Prem | -1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-16 Maturity Price : 25.00 Evaluated at bid price : 26.39 Bid-YTW : 5.17 % |
| NA.PR.C | FixedReset Prem | -1.00 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.60 Bid-YTW : 4.01 % |
| RY.PR.S | FixedReset Prem | 1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 4.17 % |
| GWO.PR.P | Insurance Straight | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 23.97 Evaluated at bid price : 24.22 Bid-YTW : 5.64 % |
| GWO.PR.Q | Insurance Straight | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.73 % |
| MFC.PR.C | Insurance Straight | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.33 % |
| IFC.PR.C | FixedReset Ins Non | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 23.14 Evaluated at bid price : 23.65 Bid-YTW : 5.78 % |
| SLF.PR.C | Insurance Straight | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.42 Evaluated at bid price : 21.68 Bid-YTW : 5.18 % |
| GWO.PR.G | Insurance Straight | 3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.80 Evaluated at bid price : 23.08 Bid-YTW : 5.70 % |
| MFC.PR.B | Insurance Straight | 4.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.45 % |
| GWO.PR.H | Insurance Straight | 9.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.80 Evaluated at bid price : 22.04 Bid-YTW : 5.56 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.G | FixedReset Disc | 88,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.25 Evaluated at bid price : 22.95 Bid-YTW : 6.32 % |
| GWO.PR.P | Insurance Straight | 42,024 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 23.97 Evaluated at bid price : 24.22 Bid-YTW : 5.64 % |
| MFC.PR.B | Insurance Straight | 40,446 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.45 % |
| CM.PR.S | FixedReset Prem | 34,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 25.70 Evaluated at bid price : 25.70 Bid-YTW : 5.36 % |
| SLF.PR.E | Insurance Straight | 27,164 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.32 % |
| PWF.PR.Z | Perpetual-Discount | 26,508 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-08-07 Maturity Price : 22.09 Evaluated at bid price : 22.44 Bid-YTW : 5.77 % |
| There were 8 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| GWO.PR.N | FixedReset Ins Non | Quote: 15.46 – 18.49 Spot Rate : 3.0300 Average : 1.6303 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 23.00 – 25.50 Spot Rate : 2.5000 Average : 1.3943 YTW SCENARIO |
| BN.PR.T | FixedReset Disc | Quote: 18.30 – 20.32 Spot Rate : 2.0200 Average : 1.1461 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 25.10 – 26.10 Spot Rate : 1.0000 Average : 0.6175 YTW SCENARIO |
| BN.PR.R | FixedReset Disc | Quote: 19.10 – 20.62 Spot Rate : 1.5200 Average : 1.2834 YTW SCENARIO |
| FTS.PR.M | FixedReset Disc | Quote: 23.30 – 24.00 Spot Rate : 0.7000 Average : 0.4677 YTW SCENARIO |