The New York Fed’s Survey of Consumer Expectations came out today:
November Survey: Inflation Expectations Steady at All Horizons; Consumers Are More Pessimistic About Their Financial Situations
- Median inflation expectations remained unchanged at the one-year-ahead horizon at 3.2 percent, holding steady at 3.0 percent at the three- and five-year-ahead horizons.
- Perceptions about households’ current financial situations deteriorated notably, with a larger share of respondents reporting that their households were worse off compared to a year ago and a smaller share reporting they were better off. Expectations about year-ahead financial situations also deteriorated slightly, with a smaller share of respondents reporting that their households are expecting to be better off a year from now.
- Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—improved slightly, decreasing by 0.4 percentage point to 42.1 percent.
- Perceptions of credit access compared to a year ago deteriorated, with a decrease in the net share of respondents who expect that credit will be easier to obtain a year from now.
| 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 | 0.6144 % | 2,423.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6144 % | 4,595.0 |
| Floater | 5.94 % | 6.23 % | 62,244 | 13.49 | 3 | 0.6144 % | 2,648.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4081 % | 3,661.8 |
| SplitShare | 4.77 % | 4.26 % | 70,682 | 2.11 | 5 | -0.4081 % | 4,373.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4081 % | 3,412.0 |
| Perpetual-Premium | 5.70 % | 5.69 % | 72,453 | 14.00 | 7 | -0.1757 % | 3,080.2 |
| Perpetual-Discount | 5.61 % | 5.65 % | 49,323 | 14.38 | 26 | -0.5077 % | 3,373.3 |
| FixedReset Disc | 5.87 % | 6.12 % | 103,564 | 13.42 | 31 | -0.0642 % | 3,107.1 |
| Insurance Straight | 5.56 % | 5.57 % | 60,475 | 14.57 | 21 | -0.8831 % | 3,265.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0642 % | 3,696.3 |
| FixedReset Prem | 5.91 % | 4.96 % | 102,675 | 2.25 | 20 | 0.0788 % | 2,656.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0642 % | 3,176.1 |
| FixedReset Ins Non | 5.26 % | 5.58 % | 83,583 | 14.36 | 13 | 0.4191 % | 3,116.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.D | Insurance Straight | -8.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 19.44 Evaluated at bid price : 19.44 Bid-YTW : 5.74 % |
| CU.PR.H | Perpetual-Discount | -7.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 21.83 Evaluated at bid price : 22.07 Bid-YTW : 5.99 % |
| BN.PF.E | FixedReset Disc | -5.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 21.39 Evaluated at bid price : 21.70 Bid-YTW : 6.42 % |
| CU.PR.G | Perpetual-Discount | -2.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 5.67 % |
| SLF.PR.C | Insurance Straight | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 5.30 % |
| GWO.PR.L | Insurance Straight | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.68 % |
| PVS.PR.L | SplitShare | -1.51 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-01-07 Maturity Price : 26.00 Evaluated at bid price : 26.10 Bid-YTW : 0.78 % |
| FTS.PR.J | Perpetual-Discount | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 22.10 Evaluated at bid price : 22.32 Bid-YTW : 5.35 % |
| MFC.PR.B | Insurance Straight | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.39 % |
| BN.PR.B | Floater | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 12.78 Evaluated at bid price : 12.78 Bid-YTW : 6.23 % |
| POW.PR.B | Perpetual-Discount | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 24.05 Evaluated at bid price : 24.30 Bid-YTW : 5.58 % |
| BN.PF.G | FixedReset Disc | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 22.96 Evaluated at bid price : 24.36 Bid-YTW : 6.02 % |
| BN.PF.B | FixedReset Disc | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 22.97 Evaluated at bid price : 24.08 Bid-YTW : 6.06 % |
| MFC.PR.J | FixedReset Ins Non | 2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 23.50 Evaluated at bid price : 24.95 Bid-YTW : 5.68 % |
| SLF.PR.G | FixedReset Ins Non | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.68 % |
| MFC.PR.N | FixedReset Ins Non | 3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 23.08 Evaluated at bid price : 24.62 Bid-YTW : 5.31 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FFH.PR.I | FixedReset Disc | 159,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.79 % |
| CU.PR.F | Perpetual-Discount | 108,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 5.47 % |
| FTS.PR.H | FixedReset Disc | 96,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.93 % |
| PWF.PR.P | FixedReset Disc | 88,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.12 % |
| BN.PF.M | FixedReset Prem | 50,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 5.27 % |
| CU.PR.K | Perpetual-Discount | 42,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-08 Maturity Price : 24.59 Evaluated at bid price : 24.98 Bid-YTW : 5.63 % |
| There were 12 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 |
| SLF.PR.D | Insurance Straight | Quote: 19.44 – 21.80 Spot Rate : 2.3600 Average : 1.3427 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 22.07 – 24.34 Spot Rate : 2.2700 Average : 1.3060 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 21.90 – 24.90 Spot Rate : 3.0000 Average : 2.3414 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 21.70 – 23.69 Spot Rate : 1.9900 Average : 1.4377 YTW SCENARIO |
| CU.PR.J | Perpetual-Discount | Quote: 21.10 – 23.15 Spot Rate : 2.0500 Average : 1.6264 YTW SCENARIO |
| ENB.PF.G | FixedReset Disc | Quote: 22.20 – 24.00 Spot Rate : 1.8000 Average : 1.4284 YTW SCENARIO |