{"id":32992,"date":"2016-04-28T23:00:20","date_gmt":"2016-04-29T04:00:20","guid":{"rendered":"http:\/\/prefblog.com\/?p=32992"},"modified":"2016-04-28T23:00:20","modified_gmt":"2016-04-29T04:00:20","slug":"april-28-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32992","title":{"rendered":"April 28, 2016"},"content":{"rendered":"

The FOMC release kept policy hikes on hold<\/a>:<\/p>\n

Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. Growth in household spending has moderated, although households’ real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft. A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.
…<\/b>
Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1\/4 to 1\/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.
…<\/b>
Voting against the action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate to 1\/2 to 3\/4 percent.<\/p><\/blockquote>\n

This has been interpreted as dovish<\/a>:<\/p>\n

Treasuries trimmed losses from earlier in April after the central bank\u2019s policy-setting Federal Open Market Committee finished a meeting this week by opting against raising interest rates. The statement suggested officials are still looking for the signs of growth, inflation and global stability to justify a move.<\/p>\n

“We read the April FOMC statement as slightly dovish,\u201d according to a report Morgan Stanley issued Thursday by analysts including Matthew Hornbach, the head of global interest-rate strategy in New York. \u201cWe see it increasingly unlikely that the Fed will be able to deliver a rate hike at the June FOMC meeting.\u201d<\/p><\/blockquote>\n

… and the US economy is no great shakes<\/a>:<\/p>\n

The U.S. economy expanded in the first quarter at the slowest pace in two years as American consumers reined in spending and companies tightened their belts in response to weak global financial conditions and a plunge in oil prices.<\/p>\n

Gross domestic product rose at a 0.5 percent annualized rate after a 1.4 percent fourth-quarter advance, Commerce Department data showed Thursday. The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year.<\/p>\n

Shaky global markets and oil\u2019s tumble resulted in the biggest business-investment slump in almost seven years, and household purchases climbed the least since early 2015, the data showed. While Federal Reserve officials on Wednesday acknowledged the softness, they also indicated strong hiring and income gains have the potential to reignite consumer spending and propel economic growth.<\/p><\/blockquote>\n\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>\n4.76 %<\/td>\n5.78 %<\/td>\n12,114<\/td>\n16.97<\/td>\n1<\/td>\n-1.1838 %<\/td>\n1,657.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.46 %<\/td>\n5.59 %<\/td>\n19,918<\/td>\n17.03<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,127.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.51 %<\/td>\n4.67 %<\/td>\n50,357<\/td>\n16.10<\/td>\n4<\/td>\n0.4069 %<\/td>\n1,723.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0857 %<\/td>\n2,813.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n5.02 %<\/td>\n69,366<\/td>\n2.52<\/td>\n6<\/td>\n-0.0857 %<\/td>\n3,291.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0857 %<\/td>\n2,568.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.77 %<\/td>\n-10.74 %<\/td>\n84,066<\/td>\n0.09<\/td>\n6<\/td>\n0.0329 %<\/td>\n2,594.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.53 %<\/td>\n5.58 %<\/td>\n97,559<\/td>\n14.52<\/td>\n33<\/td>\n0.1158 %<\/td>\n2,645.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.12 %<\/td>\n4.87 %<\/td>\n170,829<\/td>\n13.90<\/td>\n88<\/td>\n0.1105 %<\/td>\n1,997.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.18 %<\/td>\n5.64 %<\/td>\n125,867<\/td>\n5.07<\/td>\n33<\/td>\n0.2042 %<\/td>\n2,653.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.17 %<\/td>\n4.94 %<\/td>\n26,358<\/td>\n5.34<\/td>\n17<\/td>\n0.1757 %<\/td>\n2,086.0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\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
BNS.PR.F<\/td>\nFloatingReset<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.01
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
PVS.PR.E<\/td>\nSplitShare<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.18
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.19
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 14.04
\nEvaluated at bid price : 14.04
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 18.03
\nEvaluated at bid price : 18.03
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.70
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.21
\nEvaluated at bid price : 19.21
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 11.90
\nEvaluated at bid price : 11.90
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.59
\nEvaluated at bid price : 19.59
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.86
\nBid-YTW : 10.64 %<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 11.41
\nEvaluated at bid price : 11.41
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.70
\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.15
\nBid-YTW : 9.96 %<\/td>\n<\/tr>\n
GWO.PR.O<\/td>\nFloatingReset<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.65
\nBid-YTW : 10.69 %<\/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
TRP.PR.J<\/td>\nFixedReset<\/td>\n149,856<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n32,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 23.52
\nEvaluated at bid price : 23.79
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n27,403<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.04
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n25,190<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n23,855<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 23.62
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n23,746<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
There were 26 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
HSE.PR.B<\/td>\nFloatingReset<\/td>\nQuote: 10.35 – 12.00
\nSpot Rate : 1.6500
\nAverage : 0.9162<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 10.35
\nEvaluated at bid price : 10.35
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 14.70 – 15.50
\nSpot Rate : 0.8000
\nAverage : 0.4786<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.70
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n

HSE.PR.G<\/td>\nFixedReset<\/td>\nQuote: 19.75 – 20.68
\nSpot Rate : 0.9300
\nAverage : 0.6217<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n

BNS.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 19.01 – 19.75
\nSpot Rate : 0.7400
\nAverage : 0.5294<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.01
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 21.71 – 22.15
\nSpot Rate : 0.4400
\nAverage : 0.3148<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.71
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n

TD.PF.B<\/td>\nFixedReset<\/td>\nQuote: 19.40 – 19.75
\nSpot Rate : 0.3500
\nAverage : 0.2267<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-28
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The FOMC release kept policy hikes on hold: Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to …<\/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-32992","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32992","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=32992"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32992\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}