US wholesale inflation picked up:
US wholesale inflation jumped in September to its highest level in more than four years, marking the second hotter-than-expected inflation reading this week and adding to concerns about the economy just weeks before the midterm elections.
The Producer Price Index rose 1.3% from the month before and 6.3% from the year before, according to Bureau of Labor Statistics data released Thursday morning. It’s a sharp upswing from August when wholesale prices rose 0.5% to an annual rate of 5.6%.
…
Energy prices, driven higher by geopolitical conflicts including the war with Iran, drove September’s increase, accounting for 80% of the 2.9% leap in goods prices. That’s the largest-ever monthly increase, according to BLS data that goes back to 2009.However, businesses are contending with price pressures beyond energy. Core PPI, which strips out food and energy, rose at 0.7%, its fastest rate in five months, lifting the annual rate to 5%, its highest since January 2023.
| 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 | 0.0339 % | 2,778.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0339 % | 5,231.8 |
| Floater | 5.28 % | 5.33 % | 27,133 | 14.97 | 2 | 0.0339 % | 3,015.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3041 % | 3,600.9 |
| SplitShare | 4.82 % | 5.20 % | 56,096 | 2.45 | 5 | -0.3041 % | 4,300.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3041 % | 3,355.2 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1532 % | 3,011.8 |
| Perpetual-Discount | 5.81 % | 5.85 % | 49,446 | 14.12 | 32 | 0.1532 % | 3,240.8 |
| FixedReset Disc | 5.72 % | 6.25 % | 85,026 | 13.36 | 24 | -0.1435 % | 3,356.8 |
| Insurance Straight | 5.73 % | 5.80 % | 65,872 | 14.21 | 19 | 0.4466 % | 3,140.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1435 % | 4,098.7 |
| FixedReset Prem | 6.01 % | 4.48 % | 77,290 | 1.95 | 24 | -0.1280 % | 2,626.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1435 % | 3,431.3 |
| FixedReset Ins Non | 5.60 % | 5.46 % | 49,368 | 4.30 | 13 | 0.0734 % | 3,250.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.J | Perpetual-Discount | -6.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.13 % |
| BN.PR.N | Perpetual-Discount | -3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 6.29 % |
| BN.PF.B | FixedReset Disc | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 23.33 Evaluated at bid price : 24.61 Bid-YTW : 6.28 % |
| BN.PF.E | FixedReset Disc | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 22.91 Evaluated at bid price : 24.00 Bid-YTW : 6.15 % |
| PWF.PF.A | Perpetual-Discount | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 5.85 % |
| POW.PR.I | Perpetual-Discount | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 24.12 Evaluated at bid price : 24.50 Bid-YTW : 5.79 % |
| IFC.PR.E | Insurance Straight | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 22.47 Evaluated at bid price : 22.73 Bid-YTW : 5.76 % |
| IFC.PR.M | Perpetual-Discount | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 24.12 Evaluated at bid price : 24.50 Bid-YTW : 5.65 % |
| POW.PR.C | Perpetual-Discount | 1.00 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-11-14 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : -1.49 % |
| PWF.PR.Z | Perpetual-Discount | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 21.69 Evaluated at bid price : 21.94 Bid-YTW : 5.88 % |
| BN.PR.M | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 6.05 % |
| CU.PR.D | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.63 % |
| POW.PR.G | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 23.54 Evaluated at bid price : 23.81 Bid-YTW : 5.91 % |
| POW.PR.B | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 23.15 Evaluated at bid price : 23.41 Bid-YTW : 5.74 % |
| GWO.PR.M | Insurance Straight | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 24.57 Evaluated at bid price : 24.82 Bid-YTW : 5.89 % |
| GWO.PR.Q | Insurance Straight | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 21.76 Evaluated at bid price : 22.01 Bid-YTW : 5.90 % |
| PWF.PR.E | Perpetual-Discount | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.86 % |
| MFC.PR.F | FixedReset Ins Non | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.82 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PVS.PR.N | SplitShare | 362,091 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2033-09-29 Maturity Price : 25.00 Evaluated at bid price : 24.77 Bid-YTW : 5.48 % |
| BN.PF.I | FixedReset Prem | 147,798 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.14 % |
| BN.PF.A | FixedReset Prem | 126,263 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.69 Bid-YTW : 5.43 % |
| BN.PF.M | FixedReset Prem | 98,912 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 5.50 % |
| BN.PF.J | FixedReset Prem | 98,187 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.93 % |
| MFC.PR.F | FixedReset Ins Non | 22,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-15 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.82 % |
| There were 6 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 |
| CU.PR.J | Perpetual-Discount | Quote: 19.70 – 21.90 Spot Rate : 2.2000 Average : 1.5014 YTW SCENARIO |
| PWF.PF.A | Perpetual-Discount | Quote: 19.31 – 20.60 Spot Rate : 1.2900 Average : 0.7997 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 21.95 – 23.20 Spot Rate : 1.2500 Average : 0.8778 YTW SCENARIO |
| BN.PR.N | Perpetual-Discount | Quote: 19.08 – 20.02 Spot Rate : 0.9400 Average : 0.6008 YTW SCENARIO |
| BN.PF.B | FixedReset Disc | Quote: 24.61 – 25.75 Spot Rate : 1.1400 Average : 0.8213 YTW SCENARIO |
| POW.PR.H | Perpetual-Discount | Quote: 23.55 – 25.00 Spot Rate : 1.4500 Average : 1.1954 YTW SCENARIO |