{"id":23121,"date":"2013-09-20T20:38:10","date_gmt":"2013-09-21T00:38:10","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23121"},"modified":"2013-09-20T20:38:10","modified_gmt":"2013-09-21T00:38:10","slug":"september-20-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23121","title":{"rendered":"September 20, 2013"},"content":{"rendered":"

We’re getting a good start on October tapering chatter<\/a>:<\/p>\n

Federal Reserve Bank of St. Louis President James Bullard, a voter on policy this year who has backed record stimulus, said a small tapering of bond buying is possible next month after the Fed made a close call this week in deciding not to slow purchases.<\/p>\n

\u201cThat was a borderline decision\u201d after \u201cweaker data came in,\u201d Bullard said today on Bloomberg Television\u2019s \u201cBloomberg Surveillance\u201d with Tom Keene and Sara Eisen. \u201cThe committee came down on the side of, \u2018Let\u2019s wait.\u2019\u201d<\/p>\n

Bullard called October a \u201clive meeting,\u201d because \u201cit\u2019s possible you could get some data that change the complexion of the outlook and could make the committee be comfortable with a small taper in October.\u201d<\/p><\/blockquote>\n

Meanwhile, political games in Washington<\/a> may have an effect:<\/p>\n

The U.S. House voted to finance the federal government through Dec. 15 and choke off funding for President Barack Obama\u2019s health-care law, setting up what could be a prolonged showdown with the Senate and White House.<\/p>\n

House Republicans said they wouldn\u2019t accept Senate Majority Leader Harry Reid\u2019s plan to remove the health-care language from the bill next week and warned of a temporary government shutdown after the fiscal year ends Sept. 30.<\/p>\n

\u201cWe\u2019ll add some other things that they hate and make them eat that, and we\u2019ll play this game up until either Sept. 30, Oct. 3, somewhere in between,\u201d said freshman Representative Richard Hudson, a North Carolina Republican. \u201cAt that point Harry Reid\u2019s going to realize we\u2019re serious and hopefully at that point, he\u2019ll begin to negotiate with us.\u201d<\/p><\/blockquote>\n

Inflation continues to be the least of our worries<\/a>:<\/p>\n

Canada\u2019s inflation rate slowed for the first time in four months in August, approaching the bottom of the central bank\u2019s target band, on lower costs for mortgage interest and prescription drugs.<\/p>\n

The consumer price index rose 1.1 percent in August from a year ago, following July\u2019s 1.3 percent pace, Statistics Canada said today from Ottawa. The core rate, which excludes eight volatile products, slowed to 1.3 percent from 1.4 percent.<\/p>\n

Bank of Canada Governor Stephen Poloz, who sets policy to keep price gains in the middle of a 1 percent to 3 percent range, has said inflation will remain below 2 percent until mid-2015. The central bank\u2019s key lending rate has been 1 percent for three years, the longest pause since the 1950s, and economists surveyed by Bloomberg predict Poloz won\u2019t raise borrowing costs until the second half of 2014.<\/p><\/blockquote>\n

I must tell you about my wonderful new flashlight I purchased a few days ago from Baby Point Hardware<\/a><\/p>\n

\"\"<\/a>
Click for big<\/i><\/div>\n

The light source is a 3×8 grid of halogen lamps; it’s powered by 3 AA batteries. The light is very bright and by itself is reason to be impressed. There’s a magnet on the back – so I’ve got mine stuck to my fridge – and there’s also a plastic fold-out hook (like the hook on a clothes hanger) for hanging it somewhere convenient. What I find very impressive is that the halogen bulbs are recessed behind a cover that has a lens in front of each bulb. When you shine the light at a wall, it doesn’t make a diffuse rectangular pattern as one might expect, it makes a circular pattern just like a regular single-light-source flashlight would. I think this is really great engineering and – best of all – it only cost ten bucks and change!<\/p>\n

My only complaint is that there is no manufacturer information on the case – the only clue is a logo for “Lightway”. However logical the name “Lightway” might be for a flashlight, it doesn’t help much with Google searches, which bring up a lot of Christian ministries but not a single flashlight manufacturer.<\/p>\n

What a great time to be alive! Even little things like flashlights are being improved out of all recognition!<\/p>\n

In markets, Canadian equity volume was huge<\/a> as some tech firm did what tech firms do best.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 24bp, FixedResets off 2bp and DeemedRetractibles gaining 2bp. The Performance Highlights table is longer than might be expected, but with mixed contents. Volume was very low.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0894 %<\/td>\n2,594.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.21 %<\/td>\n3.53 %<\/td>\n29,924<\/td>\n18.25<\/td>\n1<\/td>\n1.5766 %<\/td>\n3,941.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.61 %<\/td>\n2.86 %<\/td>\n64,699<\/td>\n20.09<\/td>\n5<\/td>\n0.0894 %<\/td>\n2,800.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.63 %<\/td>\n2.39 %<\/td>\n68,254<\/td>\n0.52<\/td>\n3<\/td>\n-0.3207 %<\/td>\n2,634.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.61 %<\/td>\n58,475<\/td>\n4.07<\/td>\n6<\/td>\n0.0554 %<\/td>\n2,947.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3207 %<\/td>\n2,409.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.84 %<\/td>\n5.83 %<\/td>\n122,767<\/td>\n3.73<\/td>\n2<\/td>\n0.2561 %<\/td>\n2,269.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.58 %<\/td>\n138,725<\/td>\n14.32<\/td>\n36<\/td>\n0.2369 %<\/td>\n2,347.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.92 %<\/td>\n3.67 %<\/td>\n239,866<\/td>\n3.48<\/td>\n85<\/td>\n-0.0260 %<\/td>\n2,461.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.13 %<\/td>\n4.68 %<\/td>\n196,317<\/td>\n6.91<\/td>\n43<\/td>\n0.0191 %<\/td>\n2,371.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 22.38
\nEvaluated at bid price : 22.64
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.56
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 2.22 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 22.81
\nEvaluated at bid price : 22.55
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.12
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n50,841<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n31,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.38
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n21,942<\/td>\nDesjardins bought 19,900 from anonymous at 24.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n21,915<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.78
\nBid-YTW : 2.81 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n19,725<\/td>\nRBC crossed 17,800 at 26.04.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.99
\nBid-YTW : 2.61 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n16,588<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n
There were 21 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.63 – 25.94
\nSpot Rate : 0.3100
\nAverage : 0.2265<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-01-27
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.63
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

TRI.PR.B<\/td>\nFloater<\/td>\nQuote: 22.64 – 22.99
\nSpot Rate : 0.3500
\nAverage : 0.2667<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 22.38
\nEvaluated at bid price : 22.64
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n

SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.34 – 22.60
\nSpot Rate : 0.2600
\nAverage : 0.1811<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.34
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n

ENB.PR.T<\/td>\nFixedReset<\/td>\nQuote: 23.84 – 24.08
\nSpot Rate : 0.2400
\nAverage : 0.1713<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.84
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n

BAM.PR.J<\/td>\nOpRet<\/td>\nQuote: 26.35 – 26.63
\nSpot Rate : 0.2800
\nAverage : 0.2119<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.35
\nBid-YTW : 2.39 %<\/td>\n<\/tr>\n

ENB.PR.H<\/td>\nFixedReset<\/td>\nQuote: 23.32 – 23.60
\nSpot Rate : 0.2800
\nAverage : 0.2163<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-20
\nMaturity Price : 22.45
\nEvaluated at bid price : 23.32
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

We’re getting a good start on October tapering chatter: Federal Reserve Bank of St. Louis President James Bullard, a voter on policy this year who has backed record stimulus, said a small tapering of bond …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-23121","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23121"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23121\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}