US inflation news was not encouraging:
The Consumer Price Index Report, released by the Bureau of Labor Statistics on Wednesday, showed that overall prices rose 0.6 percent, the largest monthly increase in five months. Compared with the same time last year, prices were 3.7 percent higher.
The bulk of the increase stemmed directly from energy prices, which have shot higher this year because of the war with Iran.
…
Gasoline prices, which in late September rose to nearly $4.50 a gallon, surged 9.1 percent for the month. That accounted for more than half of the overall monthly increase in prices. Gas prices are up 34.2 percent over the past year.Fuel oil prices, used for heating in many homes in the Northeast, have also shot higher, rising 15.3 percent in September, or 74.2 percent on an annual basis. Higher fuel costs have boosted airfares, which were up 1.2 percent in September, or 22.4 percent over the year.
Food prices were flat for the month, but over the past 12 months have risen 2.5 percent.
“Core” inflation, which excludes volatile energy and food prices, edged higher as well, but by a smaller magnitude. Over the course of September, these prices were up only 0.3 percent. Over the past year, they were up 2.6 percent.
…
Average hourly earnings, adjusted for inflation, fell 0.5 percent in September, and were down 0.7 percent from a year earlier. It was the sixth straight month of year-over-year declines in real earnings.
This had a fleeting effect on Treasuries:
US Treasuries rallied sharply on Wednesday afternoon, reversing an earlier selloff spurred by the latest hot inflation report and leaving yields on most maturities lower for the day.
The turnaround highlighted an increasingly vigorous debate in the market, centering on accelerating consumer price data on the one hand and a string of comments from Federal Reserve officials on the other suggesting that the central bank is not in a rush to hike rates further to try to tame stubborn inflation.
…
On Wednesday morning, trader bets on the probability of a rate hike at the Fed’s October 27-28 meeting rose to around 40% from just 22% ahead of the data. But by late afternoon, bets for a hike this month fell back to about 33%, according to LSEG data.
…
The 2-year US Treasury yield, which typically moves in step with interest rate expectations for the Fed, rose 0.9 basis points to 4.802% after earlier touching 4.9521%, its highest level since September 29.The yield on the benchmark US 10-year Treasury note fell 2.7 basis points to 5.19% after hitting 5.3293% in morning trading.
The yield on the 30-year bond fell 4.2 basis points to 5.521%, eying its fourth straight day of declines. Earlier it had risen to 5.6277%.
The effect on equities was less fleeting:
Hotter-than-expected U.S. inflation data sent the Nasdaq to a sharply lower close on Wednesday, with worries about more interest rate hikes from the Federal Reserve pummeling shares of Oracle, CoreWeave and other AI stocks sensitive to higher borrowing costs.
…
The S&P 500 declined 1.11% to end the session at 7,718.94 points, its biggest one-day drop since July 29.The Nasdaq declined 1.88% to 26,692.87 points, its biggest daily drop since July 23. The Dow Jones Industrial Average declined 0.09% to 51,621.48 points.
Canada’s S&P/TSX Composite index also closed in the red, with a loss of 1.11%.
…
After hitting a record high last week, the S&P 500 remains up almost 13% in 2026, with most of that gain fueled by AI-related stocks. The median S&P 500 stock has gained 4% in 2026, and over 200 of the index’s components are in negative territory.
| 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 | 0.0000 % | 2,777.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 5,230.1 |
| Floater | 5.28 % | 5.33 % | 27,431 | 14.97 | 2 | 0.0000 % | 3,014.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0240 % | 3,611.9 |
| SplitShare | 4.80 % | 5.31 % | 54,308 | 2.45 | 5 | -0.0240 % | 4,313.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0240 % | 3,365.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7202 % | 3,007.2 |
| Perpetual-Discount | 5.82 % | 5.88 % | 51,118 | 14.08 | 32 | -0.7202 % | 3,235.8 |
| FixedReset Disc | 5.71 % | 6.13 % | 88,555 | 13.32 | 24 | 0.0473 % | 3,361.6 |
| Insurance Straight | 5.76 % | 5.83 % | 66,091 | 14.15 | 19 | -1.0401 % | 3,126.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0473 % | 4,104.6 |
| FixedReset Prem | 6.00 % | 4.42 % | 77,820 | 1.96 | 24 | -0.1068 % | 2,630.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0473 % | 3,436.3 |
| FixedReset Ins Non | 5.61 % | 5.46 % | 50,102 | 4.31 | 13 | -0.6535 % | 3,248.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| POW.PR.H | Perpetual-Discount | -6.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 23.05 Evaluated at bid price : 23.35 Bid-YTW : 6.19 % |
| MFC.PR.F | FixedReset Ins Non | -5.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 5.95 % |
| MFC.PR.L | FixedReset Ins Non | -3.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 23.03 Evaluated at bid price : 24.01 Bid-YTW : 5.98 % |
| GWO.PR.P | Insurance Straight | -2.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 22.73 Evaluated at bid price : 23.02 Bid-YTW : 5.91 % |
| PWF.PR.F | Perpetual-Discount | -2.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.92 % |
| GWO.PR.Q | Insurance Straight | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.46 Evaluated at bid price : 21.72 Bid-YTW : 5.97 % |
| PWF.PR.Z | Perpetual-Discount | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.45 Evaluated at bid price : 21.71 Bid-YTW : 5.94 % |
| GWO.PR.Z | Insurance Straight | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 23.89 Evaluated at bid price : 24.26 Bid-YTW : 5.91 % |
| BN.PR.M | Perpetual-Discount | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.12 % |
| BN.PR.N | Perpetual-Discount | -1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.07 % |
| PWF.PR.L | Perpetual-Discount | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.27 Evaluated at bid price : 21.54 Bid-YTW : 5.93 % |
| BN.PF.C | Perpetual-Discount | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.03 % |
| CU.PR.K | Perpetual-Discount | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 23.75 Evaluated at bid price : 24.10 Bid-YTW : 5.88 % |
| POW.PR.B | Perpetual-Discount | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 22.86 Evaluated at bid price : 23.13 Bid-YTW : 5.81 % |
| BN.PF.D | Perpetual-Discount | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 6.06 % |
| SLF.PR.E | Insurance Straight | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.67 % |
| PWF.PR.R | Perpetual-Discount | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 22.91 Evaluated at bid price : 23.18 Bid-YTW : 5.94 % |
| SLF.PR.C | Insurance Straight | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 5.62 % |
| MFC.PR.B | Insurance Straight | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.68 % |
| PWF.PR.E | Perpetual-Discount | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 22.89 Evaluated at bid price : 23.16 Bid-YTW : 5.95 % |
| FTS.PR.J | Perpetual-Discount | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.69 % |
| GWO.PR.L | Insurance Straight | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 23.60 Evaluated at bid price : 23.87 Bid-YTW : 5.96 % |
| NA.PR.K | FixedReset Prem | -1.20 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.01 Bid-YTW : 3.35 % |
| SLF.PR.D | Insurance Straight | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 5.62 % |
| MFC.PR.C | Insurance Straight | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 5.68 % |
| FTS.PR.H | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 6.00 % |
| PWF.PF.A | Perpetual-Discount | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.75 % |
| FTS.PR.M | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 4.76 % |
| BN.PR.T | FixedReset Disc | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 22.92 Evaluated at bid price : 23.71 Bid-YTW : 6.13 % |
| POW.PR.G | Perpetual-Discount | 2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 23.24 Evaluated at bid price : 23.54 Bid-YTW : 5.97 % |
| CU.PR.G | Perpetual-Discount | 7.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.58 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.Q | Insurance Straight | 168,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.46 Evaluated at bid price : 21.72 Bid-YTW : 5.97 % |
| BN.PF.G | FixedReset Disc | 99,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 24.81 Bid-YTW : 6.00 % |
| PWF.PR.F | Perpetual-Discount | 95,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.92 % |
| SLF.PR.E | Insurance Straight | 89,282 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-14 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.67 % |
| IFC.PR.G | FixedReset Ins Non | 50,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.68 Bid-YTW : 4.52 % |
| There were 7 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.H | Perpetual-Discount | Quote: 23.35 – 25.00 Spot Rate : 1.6500 Average : 0.9162 YTW SCENARIO |
| GWO.PR.Q | Insurance Straight | Quote: 21.72 – 23.70 Spot Rate : 1.9800 Average : 1.3395 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 24.01 – 25.12 Spot Rate : 1.1100 Average : 0.6744 YTW SCENARIO |
| PWF.PR.F | Perpetual-Discount | Quote: 22.20 – 23.35 Spot Rate : 1.1500 Average : 0.8576 YTW SCENARIO |
| GWO.PF.A | Perpetual-Discount | Quote: 24.75 – 25.24 Spot Rate : 0.4900 Average : 0.3245 YTW SCENARIO |
| CU.PR.K | Perpetual-Discount | Quote: 24.10 – 24.70 Spot Rate : 0.6000 Average : 0.4622 YTW SCENARIO |