The TXPR Price Index set a new 52-week high today of 710.92, beyond the previous mark of 710.65 set yesterday.
Inflation in the US picked up:
High gas prices pushed up inflation again last month while adding to Americans’ financial strain: Households are saving at the lowest rate in nearly four years, a new report showed Thursday.
The Iran war’s oil price shock lifted the Federal Reserve’s preferred inflation gauge to 3.8% in April from 3.5% the month before, according to Commerce Department data.
The Personal Consumption Expenditures price index rose 0.4% on a monthly basis, slowing from a 0.7% increase in March.
Consumer spending, which powers about two-thirds of the economy, rose 0.5% in April – a seemingly resilient but slower pace than the 1% jump in March.
…
Consumers’ incomes were flat for the month; disposable (after-tax) income fell by 0.1%; and inflation-adjusted disposable income dropped by 0.5%.Americans continued to tap their piggy banks: Their personal saving rate (saving as a percentage of after-tax income) dropped to 2.6% in April, marking the lowest rate since June 2022, when inflation hit a four-decade high. At the start of the year, the savings rate was 4.3%.
…
The core PCE price index rose at a slower-than-expected rate of 0.2% for the month, but the annual rate moved higher to 3.3%.
The Boston Fed published a working paper by Justin Katz and Paul S. Willen titled The Effect of Land Supply for New Homes on Residential Investment and House Prices:
In recent years, the United States has experienced house price growth outpacing income growth, low supply of new housing units, and flat to negative growth in construction productivity. A large body of research argues that land-use regulations play a central role in explaining these patterns by constraining housing supply. This paper explores a hypothesis that complements the regulatory explanation: In many high-cost markets, large plots of buildable land are scarce, constraining the amount and efficiency of residential construction. Despite its importance for evaluating housing policy, little comprehensive research has studied this alternative explanation. This is partly because there is limited detailed historical parcel-level data on land available for residential development. The paper addresses this data challenge by using a parcel-level data set to measure the buildable-land distribution in New England and track its development from 2007 to 2021.
That suggests an overall strategy for the big corporations gobbling up residential properties for rental purposes … try to shade your purchases so you can combine them to make larger parcels. Could be valuable!
| 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 | 1.2631 % | 2,610.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.2631 % | 4,949.9 |
| Floater | 5.50 % | 5.77 % | 38,275 | 14.20 | 3 | 1.2631 % | 2,852.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0872 % | 3,636.2 |
| SplitShare | 4.79 % | 4.45 % | 51,689 | 2.80 | 5 | 0.0872 % | 4,342.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0872 % | 3,388.1 |
| Perpetual-Premium | 5.73 % | -3.35 % | 64,194 | 0.08 | 3 | 0.4092 % | 3,063.8 |
| Perpetual-Discount | 5.61 % | 5.68 % | 51,100 | 14.32 | 30 | -0.1029 % | 3,357.4 |
| FixedReset Disc | 5.62 % | 5.79 % | 93,730 | 13.91 | 24 | -0.1794 % | 3,318.5 |
| Insurance Straight | 5.47 % | 5.57 % | 48,913 | 14.43 | 22 | -0.3903 % | 3,293.0 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1794 % | 3,947.7 |
| FixedReset Prem | 5.98 % | 4.54 % | 83,776 | 2.30 | 24 | -0.2437 % | 2,653.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1794 % | 3,392.1 |
| FixedReset Ins Non | 5.05 % | 5.26 % | 81,252 | 2.12 | 14 | 0.1204 % | 3,272.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| NA.PR.C | FixedReset Prem | -4.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 23.77 Evaluated at bid price : 25.08 Bid-YTW : 6.59 % |
| BN.PR.T | FixedReset Disc | -4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.68 Evaluated at bid price : 22.10 Bid-YTW : 6.11 % |
| SLF.PR.D | Insurance Straight | -2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.24 % |
| SLF.PR.C | Insurance Straight | -2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 5.30 % |
| ENB.PR.F | FixedReset Disc | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 22.67 Evaluated at bid price : 23.00 Bid-YTW : 6.13 % |
| MFC.PR.C | Insurance Straight | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.35 % |
| BN.PR.N | Perpetual-Discount | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.89 % |
| MFC.PR.J | FixedReset Ins Non | -1.88 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 5.69 % |
| POW.PR.D | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 22.10 Evaluated at bid price : 22.32 Bid-YTW : 5.67 % |
| GWO.PR.H | Insurance Straight | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.66 % |
| NA.PR.K | FixedReset Prem | -1.39 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.67 Bid-YTW : 3.99 % |
| MFC.PR.B | Insurance Straight | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.76 Evaluated at bid price : 22.01 Bid-YTW : 5.37 % |
| BN.PR.K | Floater | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.77 % |
| PWF.PF.A | Perpetual-Discount | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.67 % |
| BN.PR.B | Floater | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 13.74 Evaluated at bid price : 13.74 Bid-YTW : 5.77 % |
| SLF.PR.G | FixedReset Ins Non | 2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.26 % |
| GWO.PR.R | Insurance Straight | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 21.76 Evaluated at bid price : 22.01 Bid-YTW : 5.53 % |
| MFC.PR.L | FixedReset Ins Non | 2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 23.52 Evaluated at bid price : 25.45 Bid-YTW : 5.28 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.A | FixedReset Prem | 208,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 4.41 % |
| CU.PR.C | FixedReset Disc | 51,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.76 % |
| MFC.PR.M | FixedReset Ins Non | 50,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 23.38 Evaluated at bid price : 25.25 Bid-YTW : 5.45 % |
| GWO.PR.P | Insurance Straight | 33,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-28 Maturity Price : 24.10 Evaluated at bid price : 24.36 Bid-YTW : 5.63 % |
| IFC.PR.C | FixedReset Ins Non | 33,113 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 1.30 % |
| TD.PF.I | FixedReset Prem | 30,755 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 4.05 % |
| 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.PR.T | FixedReset Disc | Quote: 22.10 – 23.50 Spot Rate : 1.4000 Average : 0.7714 YTW SCENARIO |
| IFC.PR.M | Perpetual-Discount | Quote: 25.01 – 26.01 Spot Rate : 1.0000 Average : 0.6892 YTW SCENARIO |
| MFC.PR.C | Insurance Straight | Quote: 21.45 – 22.25 Spot Rate : 0.8000 Average : 0.5553 YTW SCENARIO |
| MFC.PR.J | FixedReset Ins Non | Quote: 25.51 – 26.10 Spot Rate : 0.5900 Average : 0.3557 YTW SCENARIO |
| NA.PR.K | FixedReset Prem | Quote: 27.67 – 28.37 Spot Rate : 0.7000 Average : 0.4657 YTW SCENARIO |
| SLF.PR.D | Insurance Straight | Quote: 21.25 – 21.85 Spot Rate : 0.6000 Average : 0.3796 YTW SCENARIO |