The subpoenas served on Powell have been quashed:
A federal judge has quashed subpoenas the Justice Department had issued against Federal Reserve Chair Jerome Powell, according to court documents unsealed Friday.
The ruling is a major blow to President Donald Trump, who has repeatedly criticized Powell for not lowering interest rates and urged the Justice Department to investigate the outgoing chair.
US District Judge James “Jeb” Boasberg wrote in the new opinion that a “mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning.”
“On the other side of the scale, the Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual,” Boasberg said.
…
Powell had stayed mostly mum in the face of Trump’s attacks, but just a few days after he was served with a subpoena in early January, the Fed chief released a remarkable video calling out the investigation as an affront to the Fed’s independence.
Powell’s response was discussed 2026-1-12 and the international response on 2026-1-13.
Meanwhile, the US 25Q4 GDP was pretty awful:
The U.S. economy, hobbled by last fall’s 43-day government shutdown, advanced at an unexpectedly sluggish 0.7-per-cent annual rate from October through December, the Commerce Department reported Friday in a big downgrade of its initial estimate.
Growth in gross domestic product – the nation’s output of goods and services – was down sharply from 4.4 per cent in last year’s third quarter and 3.8 per cent in the second. And the fourth-quarter number was half the government’s first estimate of 1.4 per cent; economists had expected the revision to go the other way – and show stronger growth.
Federal government spending and investment, clobbered by the shutdown, plunged at a 16.7-per-cent rate, hacking 1.16 percentage points off fourth-quarter growth.
For all of 2025, GDP grew 2.1 per cent, solid but down from an initial estimate of 2.2 per cent and from 2.8 per cent in 2024 and 2.9 per cent 2023.
In the fourth quarter, consumer spending grew at a 2-per-cent clip, down from 3.5 per cent in the third quarter and the 2.4 per cent the government had initially estimated. Business investment, excluding housing, increased at a healthy 2.2-per-cent pace, likely reflecting money being poured into artificial intelligence, but the increase was down from 3.2 per cent in the third quarter and from the 3.7-per-cent advance in the Commerce department’s initial estimate.
Exports fell at a 3.3-per-cent annual rate in the fourth quarter, a bigger drop than the government first estimated.
And the Canadian jobs number was horrendous:
Canada’s economy unexpectedly shed 83,900 jobs in February, driving the unemployment rate up to 6.7 per cent and showing the extent to which trade uncertainty is continuing to weigh heavily on the country’s labour market.
The rise in unemployment was fuelled by a significant drop in full-time jobs, which plunged by 108,000 last month, Statistics Canada said Friday in a report. The number of workers in the private sector fell by 73,000, while part-time employment held steady from January.
The largest decline in jobs was seen in wholesale and retail trade, which lost 18,000 jobs last month, a decline of 0.6 per cent. This sector has been struggling for months, shedding a cumulative 52,000 positions since October. Manufacturing and construction also took a hit, with a combined 21,200 jobs lost in those industries last month.
| 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 | -0.3459 % | 2,486.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3459 % | 4,715.4 |
| Floater | 5.79 % | 5.99 % | 55,702 | 13.99 | 3 | -0.3459 % | 2,717.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0708 % | 3,669.9 |
| SplitShare | 4.76 % | 4.06 % | 81,952 | 0.94 | 5 | 0.0708 % | 4,382.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0708 % | 3,419.5 |
| Perpetual-Premium | 5.70 % | 5.78 % | 78,809 | 14.04 | 7 | 0.1193 % | 3,072.4 |
| Perpetual-Discount | 5.64 % | 5.72 % | 45,393 | 14.25 | 28 | 0.0464 % | 3,354.6 |
| FixedReset Disc | 5.90 % | 5.99 % | 125,844 | 13.73 | 27 | -0.1551 % | 3,191.4 |
| Insurance Straight | 5.51 % | 5.58 % | 57,230 | 14.54 | 22 | -0.1333 % | 3,300.9 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1551 % | 3,796.5 |
| FixedReset Prem | 5.98 % | 4.44 % | 84,305 | 2.03 | 21 | -0.3616 % | 2,653.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1551 % | 3,262.2 |
| FixedReset Ins Non | 5.29 % | 5.54 % | 85,731 | 14.29 | 14 | -0.0859 % | 3,127.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.G | FixedReset Ins Non | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.94 % |
| SLF.PR.H | FixedReset Ins Non | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.14 Evaluated at bid price : 22.80 Bid-YTW : 5.64 % |
| MFC.PR.M | FixedReset Ins Non | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 23.05 Evaluated at bid price : 24.40 Bid-YTW : 5.55 % |
| GWO.PR.I | Insurance Straight | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.47 % |
| BIP.PR.E | FixedReset Prem | -1.48 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 5.84 % |
| CCS.PR.C | Insurance Straight | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.40 Evaluated at bid price : 22.66 Bid-YTW : 5.52 % |
| ENB.PR.J | FixedReset Disc | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.29 Evaluated at bid price : 22.76 Bid-YTW : 6.31 % |
| FTS.PR.F | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.53 % |
| BN.PF.A | FixedReset Prem | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 23.46 Evaluated at bid price : 25.00 Bid-YTW : 6.05 % |
| MFC.PR.B | Insurance Straight | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.33 % |
| MFC.PR.C | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 5.23 % |
| PWF.PR.P | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 5.96 % |
| MFC.PR.N | FixedReset Ins Non | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.81 Evaluated at bid price : 23.90 Bid-YTW : 5.54 % |
| BN.PR.K | Floater | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 13.03 Evaluated at bid price : 13.03 Bid-YTW : 6.00 % |
| CIU.PR.A | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.68 % |
| ENB.PR.F | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.27 Evaluated at bid price : 22.60 Bid-YTW : 6.21 % |
| POW.PR.G | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 24.60 Evaluated at bid price : 24.85 Bid-YTW : 5.72 % |
| BN.PF.B | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 23.24 Evaluated at bid price : 24.63 Bid-YTW : 5.82 % |
| ENB.PR.Y | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 21.48 Evaluated at bid price : 21.84 Bid-YTW : 6.24 % |
| BN.PF.F | FixedReset Disc | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 23.13 Evaluated at bid price : 24.55 Bid-YTW : 5.97 % |
| TD.PF.I | FixedReset Prem | 1.97 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.46 Bid-YTW : 3.09 % |
| BN.PF.E | FixedReset Disc | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.61 Evaluated at bid price : 23.50 Bid-YTW : 5.84 % |
| MFC.PR.J | FixedReset Ins Non | 2.74 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 5.09 % |
| GWO.PR.Y | Insurance Straight | 3.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.47 % |
| IFC.PR.C | FixedReset Ins Non | 3.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 24.24 Evaluated at bid price : 24.80 Bid-YTW : 5.75 % |
| CU.PR.H | Perpetual-Discount | 6.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 23.53 Evaluated at bid price : 23.80 Bid-YTW : 5.55 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.M | FixedReset Prem | 88,350 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 4.44 % |
| ENB.PR.J | FixedReset Disc | 53,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.29 Evaluated at bid price : 22.76 Bid-YTW : 6.31 % |
| CU.PR.G | Perpetual-Discount | 40,051 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 5.64 % |
| ENB.PR.T | FixedReset Disc | 31,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 22.80 Evaluated at bid price : 23.70 Bid-YTW : 6.05 % |
| NA.PR.S | FixedReset Prem | 25,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.16 Bid-YTW : 4.80 % |
| BN.PF.C | Perpetual-Discount | 23,280 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-13 Maturity Price : 20.79 Evaluated at bid price : 20.79 Bid-YTW : 5.85 % |
| There were 5 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 |
| POW.PR.B | Perpetual-Discount | Quote: 23.90 – 24.90 Spot Rate : 1.0000 Average : 0.6267 YTW SCENARIO |
| PWF.PR.R | Perpetual-Discount | Quote: 24.07 – 24.80 Spot Rate : 0.7300 Average : 0.4882 YTW SCENARIO |
| PWF.PR.E | Perpetual-Discount | Quote: 24.10 – 24.68 Spot Rate : 0.5800 Average : 0.3718 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 22.66 – 23.90 Spot Rate : 1.2400 Average : 1.0373 YTW SCENARIO |
| ENB.PR.J | FixedReset Disc | Quote: 22.76 – 23.58 Spot Rate : 0.8200 Average : 0.6205 YTW SCENARIO |
| BN.PR.T | FixedReset Disc | Quote: 20.10 – 21.86 Spot Rate : 1.7600 Average : 1.5708 YTW SCENARIO |