The TXPR price index set a new 52-week high today of 698.02, a step beyond the old mark of 697.68 set 2026-01-09.
Jerome Powell has released an extraordinary statement regarding Trump’s latest intimidation attempt:
Good evening.
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.
This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.
This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.
I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.
Thank you.
Good for you, Mr. Powell!
Tiff Macklem has indicated his support of Powell:
Macklem, who also spoke in Powell’s defence back in September as pressure mounted from the Trump administration, said in a statement Monday that the Fed chair “reflects the very best in public service” and has his “full support.”
“Chair Powell is doing a very good job under difficult circumstances, guiding the Fed to take monetary policy decisions based on evidence, not politics,” Macklem said in a media statement.
…
Macklem said the independence of central banks is critical to delivering price stability and gives monetary policymakers the space to take difficult decisions that benefit the economy, “free from short-term political interference.”A bipartisan group of former Fed chairs and top economists on Monday compared the Trump administration’s actions to moves made in more impoverished countries.
The “media statement” does not appear to be on the Bank of Canada website.
| 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 | 0.1265 % | 2,440.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1265 % | 4,626.6 |
| Floater | 5.90 % | 6.12 % | 53,450 | 13.74 | 3 | 0.1265 % | 2,666.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0314 % | 3,673.4 |
| SplitShare | 4.75 % | 4.54 % | 78,990 | 3.11 | 5 | 0.0314 % | 4,386.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0314 % | 3,422.7 |
| Perpetual-Premium | 5.63 % | -0.80 % | 87,663 | 0.09 | 9 | 0.0132 % | 3,106.7 |
| Perpetual-Discount | 5.51 % | 5.54 % | 46,719 | 14.57 | 25 | -0.0422 % | 3,431.1 |
| FixedReset Disc | 5.85 % | 5.96 % | 105,756 | 13.86 | 29 | 0.0767 % | 3,175.6 |
| Insurance Straight | 5.45 % | 5.50 % | 53,689 | 14.58 | 22 | -0.1652 % | 3,337.3 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0767 % | 3,777.7 |
| FixedReset Prem | 5.92 % | 4.19 % | 87,266 | 2.19 | 19 | 0.1851 % | 2,669.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0767 % | 3,246.1 |
| FixedReset Ins Non | 5.26 % | 5.41 % | 78,546 | 14.48 | 14 | 0.1193 % | 3,144.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.P | Insurance Straight | -3.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 23.51 Evaluated at bid price : 23.78 Bid-YTW : 5.72 % |
| PWF.PR.T | FixedReset Disc | -3.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 22.85 Evaluated at bid price : 23.75 Bid-YTW : 5.60 % |
| ENB.PR.F | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 6.41 % |
| MFC.PR.N | FixedReset Ins Non | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 22.79 Evaluated at bid price : 23.90 Bid-YTW : 5.45 % |
| CCS.PR.C | Insurance Straight | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.59 % |
| MFC.PR.F | FixedReset Ins Non | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 5.71 % |
| FTS.PR.F | Perpetual-Discount | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 5.22 % |
| ENB.PF.E | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 22.20 Evaluated at bid price : 22.81 Bid-YTW : 6.12 % |
| NA.PR.K | FixedReset Prem | 1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.31 Bid-YTW : 3.87 % |
| ELF.PR.F | Insurance Straight | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 23.24 Evaluated at bid price : 23.54 Bid-YTW : 5.65 % |
| IFC.PR.C | FixedReset Ins Non | 1.26 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 4.22 % |
| MFC.PR.Q | FixedReset Ins Non | 1.71 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 5.22 % |
| BN.PR.Z | FixedReset Disc | 4.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 23.63 Evaluated at bid price : 25.11 Bid-YTW : 5.87 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| NA.PR.S | FixedReset Prem | 66,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.98 Bid-YTW : 4.77 % |
| BN.PF.M | FixedReset Prem | 58,500 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 26.34 Bid-YTW : 4.62 % |
| ENB.PF.K | FixedReset Prem | 54,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-01 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 5.90 % |
| ENB.PF.A | FixedReset Disc | 51,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 22.31 Evaluated at bid price : 22.93 Bid-YTW : 6.18 % |
| ENB.PF.E | FixedReset Disc | 28,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-12 Maturity Price : 22.20 Evaluated at bid price : 22.81 Bid-YTW : 6.12 % |
| CU.PR.K | Perpetual-Premium | 24,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2035-03-01 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 5.60 % |
| There were 13 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.PR.B | Floater | Quote: 12.85 – 14.17 Spot Rate : 1.3200 Average : 0.7343 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 22.85 – 24.50 Spot Rate : 1.6500 Average : 1.1419 YTW SCENARIO |
| GWO.PR.P | Insurance Straight | Quote: 23.78 – 24.78 Spot Rate : 1.0000 Average : 0.5773 YTW SCENARIO |
| BN.PF.M | FixedReset Prem | Quote: 26.34 – 27.34 Spot Rate : 1.0000 Average : 0.5980 YTW SCENARIO |
| PWF.PR.T | FixedReset Disc | Quote: 23.75 – 24.75 Spot Rate : 1.0000 Average : 0.6420 YTW SCENARIO |
| MFC.PR.N | FixedReset Ins Non | Quote: 23.90 – 24.75 Spot Rate : 0.8500 Average : 0.4932 YTW SCENARIO |