How ’bout that US inflation number, eh? The Consumer Price Index rose 9.1 percent from a year ago, a 40-year high that defied expectations of moderating price pressures. Food, rent and gasoline were among the …
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July 12, 2022
The CMHC is predicting a decline in house prices: Canada Mortgage and Housing Corp., which was criticized in 2020 for sticking to a pessimistic outlook for housing prices early in the pandemic, is revising its …
July 11, 2022
The New York Fed has released its June 2022 Survey of Consumer Expectations: Inflation Median one-year-ahead inflation expectations increased to 6.8%, from 6.6% in May, marking a new series high. In contrast, median three-year ahead …
July 8, 2022
Jobs, jobs … whoopsy!: The Canadian economy posted a surprise loss of jobs in June, the first monthly decline that was not associated with tighter public-health restrictions since the outset of the pandemic. Overall employment …
July 7, 2022
The New York Fed has updated its Global Supply Chain Pressure Index (GSCPI): Global supply chain pressures declined in June, continuing the decrease we observed for May. The June decline was mostly due to a …
Research : Pricing of Straight Perpetuals and DeemedRetractibles
There was a good run-up in the pricing of DeemedRetractibles from late 2011 to early 2012. In this essay I look at relative changes in price and attempt to discern what factors were determined relative …
July 6, 2022
PerpetualDiscounts now yield 6.10%, equivalent to 7.93% interest at the standard equivalency factor of 1.3x. Long corporates now yield 5.23%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 270bp …
July 5, 2022
Sorry this is so late, but I went to see Harry Potter and the Cursed Child last night. It was a great show and I endorse it completely. Loaded with very well done special effects …
July 4, 2022
Peter Misek of Framework Venture Partners takes us down memory lane: Let’s revisit the past. In 1993, the new Chrétien government was ripe with ideas for pumping stimulus into the country. Its problems were familiar: …
MAPF Portfolio Composition : June 2022
Turnover remained low at 4% in June. Market volumes have been very low for quite some time, having never really recovered from the usual summer decline. Sectoral distribution of the MAPF portfolio on June 30, …