Market Action

September 8, 2026

The New York Fed released the August Survey of Consumer Expectations:

August Survey: Inflation Expectations Tick Down at Medium-Term, Remain Unchanged at Short- and Longer-Term Horizons; Unemployment
Expectations Deteriorate

  • Median inflation expectations decreased by 0.1 percentage point (ppt) to 3.2 percent at the three-year-ahead horizon and were unchanged at 3.6 percent and 3.0 percent, respectively, at the one-year and five-year-ahead horizons.
  • Gas price growth expectations increased again in August, rising by 1.7 ppt to 4.6 percent.
  • Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—increased by 1.6 ppt to 44.4 percent, its highest reading since April 2020. The mean perceived probability of finding a job if one’s current job was lost decreased by 0.8 ppt to 45.4 percent.
  • The mean perceived probability of losing one’s job in the next twelve months decreased by 0.4 ppt to 13.8 percent, its lowest reading since February 2026. The mean probability of leaving one’s job voluntarily, or the expected quit rate, in the next twelve months increased by 0.9 ppt to 19.5 percent, above the series’ 12-month trailing average of 18.4 percent.
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
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 -1.2400 % 2,759.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.2400 % 5,195.7
Floater 5.24 % 5.40 % 31,503 14.76 3 -1.2400 % 2,994.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2586 % 3,623.1
SplitShare 4.66 % 4.45 % 55,730 2.55 4 -0.2586 % 4,326.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2586 % 3,375.9
Perpetual-Premium 5.65 % 5.54 % 69,626 6.40 9 -0.1141 % 3,071.0
Perpetual-Discount 5.53 % 5.63 % 39,774 14.40 21 0.2323 % 3,419.4
FixedReset Disc 5.63 % 5.98 % 88,358 13.85 21 -1.5752 % 3,384.1
Insurance Straight 5.46 % 5.49 % 46,806 14.58 19 -0.1519 % 3,293.5
FloatingReset 0.00 % 0.00 % 0 0.00 0 -1.5752 % 4,132.0
FixedReset Prem 5.90 % 4.03 % 79,166 2.06 27 -0.0695 % 2,677.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.5752 % 3,459.2
FixedReset Ins Non 5.19 % 4.36 % 50,909 1.91 14 -0.0961 % 3,291.7
Performance Highlights
Issue Index Change Notes
BN.PR.Z FixedReset Disc -22.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 8.17 %
BN.PF.E FixedReset Disc -5.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 22.90
Evaluated at bid price : 24.00
Bid-YTW : 6.11 %
IFC.PR.A FixedReset Ins Non -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 22.38
Evaluated at bid price : 22.81
Bid-YTW : 5.71 %
ENB.PR.F FixedReset Disc -3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 23.12
Evaluated at bid price : 23.51
Bid-YTW : 6.31 %
BN.PR.B Floater -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.48 %
GWO.PR.I Insurance Straight -2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 5.49 %
GWO.PR.P Insurance Straight -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.60 %
BMO.PR.E FixedReset Prem -1.58 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.73
Bid-YTW : 3.68 %
GWO.PR.R Insurance Straight -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.70 %
BN.PR.K Floater -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 5.40 %
GWO.PR.M Insurance Straight 1.84 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-10-08
Maturity Price : 25.00
Evaluated at bid price : 25.46
Bid-YTW : -19.62 %
MFC.PR.N FixedReset Ins Non 1.94 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.19
Bid-YTW : 4.92 %
PWF.PR.K Perpetual-Discount 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.61 %
POW.PR.G Perpetual-Discount 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.68 %
GWO.PR.Y Insurance Straight 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.40 %
Volume Highlights
Issue Index Shares
Traded
Notes
BILP.PR.A FixedReset Prem 357,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 5.46 %
IFC.PR.C FixedReset Ins Non 55,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-10-30
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 4.85 %
BN.PF.E FixedReset Disc 49,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 22.90
Evaluated at bid price : 24.00
Bid-YTW : 6.11 %
PWF.PR.E Perpetual-Discount 31,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 24.22
Evaluated at bid price : 24.48
Bid-YTW : 5.68 %
PVS.PR.H SplitShare 14,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-10-08
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 3.42 %
BN.PF.A FixedReset Prem 13,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.24
Bid-YTW : 4.88 %
There were 3 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.Z FixedReset Disc Quote: 20.00 – 26.08
Spot Rate : 6.0800
Average : 4.1719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 8.17 %

IFC.PR.A FixedReset Ins Non Quote: 22.81 – 24.02
Spot Rate : 1.2100
Average : 0.7581

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 22.38
Evaluated at bid price : 22.81
Bid-YTW : 5.71 %

BN.PF.E FixedReset Disc Quote: 24.00 – 25.68
Spot Rate : 1.6800
Average : 1.4060

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 22.90
Evaluated at bid price : 24.00
Bid-YTW : 6.11 %

ENB.PR.F FixedReset Disc Quote: 23.51 – 24.40
Spot Rate : 0.8900
Average : 0.6266

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 23.12
Evaluated at bid price : 23.51
Bid-YTW : 6.31 %

SLF.PR.C Insurance Straight Quote: 21.52 – 22.25
Spot Rate : 0.7300
Average : 0.4717

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-09-08
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 5.16 %

BMO.PR.E FixedReset Prem Quote: 26.73 – 27.45
Spot Rate : 0.7200
Average : 0.4996

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.73
Bid-YTW : 3.68 %

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