Lisa Cook got some more high-profile support today:
Federal Reserve Governor Lisa Cook has the support of every living former chair of the central bank’s powerful Board in her legal battle with President Donald Trump, who tried to fire her last month based on unproven allegations of mortgage fraud, according to an amicus brief filed to the Supreme Court Thursday.
An appeals court earlier this month kept Cook in her post through a preliminary injunction while her lawsuit challenging Trump’s firing attempt moves forward — just days before the central bank’s September policy meeting. The administration appealed that decision, and is now being considered by the nation’s highest court.
In response to the appeal, Cook on Thursday said firing her would be a “death-knell” for central bank independence, urging the Supreme Court to deny the administration’s emergency request to remove her while the litigation proceeds through the lower courts.
Former Fed chairs Alan Greenspan, Ben Bernanke and Janet Yellen warned against overturning the injunction, stating that it would “threaten” the Fed’s independence of politics and “erode public confidence in the Fed.” The brief was also signed off by some Republicans who once served in high-ranking government roles, such as former Treasury Secretary Henry Paulson and former Council of Economic Advisers Chair Glenn Hubbard.
I have updated the FFN.PR.A and FTN.PR.A posts with the yields as of 2025-9-23.
| 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 | 6.64 % | 7.10 % | 32,518 | 13.33 | 1 | 0.0000 % | 2,458.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2287 % | 4,590.3 |
| Floater | 6.29 % | 6.55 % | 62,229 | 13.17 | 3 | -0.2287 % | 2,645.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0595 % | 3,640.4 |
| SplitShare | 4.81 % | 4.53 % | 63,869 | 3.37 | 6 | -0.0595 % | 4,347.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0595 % | 3,392.0 |
| Perpetual-Premium | 5.55 % | 1.94 % | 86,438 | 0.08 | 4 | 0.0497 % | 3,078.5 |
| Perpetual-Discount | 5.62 % | 5.72 % | 45,764 | 14.26 | 28 | -0.1579 % | 3,342.2 |
| FixedReset Disc | 5.92 % | 6.10 % | 126,868 | 13.64 | 32 | 0.0868 % | 3,024.2 |
| Insurance Straight | 5.55 % | 5.58 % | 55,740 | 14.53 | 18 | 0.1869 % | 3,259.4 |
| FloatingReset | 5.00 % | 5.02 % | 46,910 | 15.48 | 1 | 0.0400 % | 3,767.2 |
| FixedReset Prem | 5.67 % | 5.10 % | 118,961 | 2.84 | 21 | -0.0130 % | 2,624.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0868 % | 3,091.3 |
| FixedReset Ins Non | 5.26 % | 5.45 % | 59,941 | 14.48 | 15 | 0.1376 % | 3,044.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.B | FixedReset Disc | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 22.24 Evaluated at bid price : 22.76 Bid-YTW : 6.10 % |
| BN.PR.M | Perpetual-Discount | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.90 % |
| PWF.PR.L | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 22.10 Evaluated at bid price : 22.38 Bid-YTW : 5.78 % |
| BN.PF.C | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 5.86 % |
| FTS.PR.M | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 22.75 Evaluated at bid price : 23.80 Bid-YTW : 5.55 % |
| MFC.PR.J | FixedReset Ins Non | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 23.51 Evaluated at bid price : 25.11 Bid-YTW : 5.40 % |
| ENB.PR.T | FixedReset Disc | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 22.05 Evaluated at bid price : 22.50 Bid-YTW : 6.16 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FFH.PR.G | FixedReset Prem | 360,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 23.94 Evaluated at bid price : 24.98 Bid-YTW : 5.27 % |
| RY.PR.M | FixedReset Disc | 61,146 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-24 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : 3.11 % |
| ENB.PR.B | FixedReset Disc | 57,201 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.43 % |
| ENB.PR.H | FixedReset Disc | 51,960 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-25 Maturity Price : 21.76 Evaluated at bid price : 22.01 Bid-YTW : 5.84 % |
| CU.PR.I | FixedReset Prem | 40,800 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 3.52 % |
| TD.PF.A | FixedReset Disc | 38,708 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : 4.86 % |
| There were 10 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 |
| BN.PF.H | FixedReset Prem | Quote: 25.11 – 25.90 Spot Rate : 0.7900 Average : 0.4405 YTW SCENARIO |
| BN.PF.B | FixedReset Disc | Quote: 22.76 – 23.66 Spot Rate : 0.9000 Average : 0.5825 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 22.22 – 23.48 Spot Rate : 1.2600 Average : 1.0115 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 22.11 – 23.25 Spot Rate : 1.1400 Average : 0.9639 YTW SCENARIO |
| BN.PR.M | Perpetual-Discount | Quote: 20.25 – 20.93 Spot Rate : 0.6800 Average : 0.5628 YTW SCENARIO |
| POW.PR.B | Perpetual-Discount | Quote: 23.55 – 24.00 Spot Rate : 0.4500 Average : 0.3373 YTW SCENARIO |