{"id":33828,"date":"2016-11-01T21:11:50","date_gmt":"2016-11-02T02:11:50","guid":{"rendered":"http:\/\/prefblog.com\/?p=33828"},"modified":"2016-11-01T21:11:50","modified_gmt":"2016-11-02T02:11:50","slug":"november-1-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33828","title":{"rendered":"November 1, 2016"},"content":{"rendered":"<p>Today&#8217;s top news story is that <a href=\"http:\/\/www.wsj.com\/articles\/places-most-unsettled-by-rapid-demographic-change-go-for-donald-trump-1478010940?mod=e2fb\">people lash out when disturbed by change<\/a>:<\/p>\n<blockquote><p>In this western Wisconsin enclave and other pockets of the rural Midwest, Mr. Trump\u2019s pledge to build a wall along the Mexican border and prioritize jobs for American workers has struck a chord with some whites uneasy over rapidly changing demographics. They said they are worried illegal immigrants are crowding schools and unfairly tapping public assistance, problems they believe Mr. Trump would fix.<\/p>\n<p>The Journal identified the epicenter of this shift using the diversity index, a tool often used by social scientists and economists. It measures the chance that any two people in a county will have a different race or ethnicity. In 244 counties, that diversity index at least doubled between 2000 and 2015, and more than half those counties were in the cluster of five Midwestern states. The analysis excludes tiny counties that produce numeric aberrations.<\/p>\n<p>Traditional immigrant gateways like Los Angeles, Miami and Queens, N.Y., draw a far greater number of Latino and other minority residents, but because they have long been melting pots, their diversity has barely changed over the past 15 years.<\/p>\n<p>In 88% of the rapidly diversifying counties, Latino population growth was the main driver. In about two-thirds of counties, newcomers helped expand the overall population. In the remaining third, the population fell despite an influx of new arrivals, which magnified the shift for locals as their peers died or moved away.<\/p><\/blockquote>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/11\/diversityChanges.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/11\/diversityChanges-300x192.jpg\" alt=\"diversityChanges\" width=\"400\" height=\"256\" class=\"alignnone size-medium wp-image-33831\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/11\/diversityEffects.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/11\/diversityEffects-300x153.jpg\" alt=\"diversityEffects\" width=\"400\" height=\"204\" class=\"alignnone size-medium wp-image-33832\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0231 %<\/td>\n<td>1,714.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0231 %<\/td>\n<td>3,132.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>4.37 %<\/td>\n<td>4.53 %<\/td>\n<td>42,743<\/td>\n<td>16.33<\/td>\n<td>4<\/td>\n<td>0.0231 %<\/td>\n<td>1,805.2<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1057 %<\/td>\n<td>2,906.3<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.82 %<\/td>\n<td>4.67 %<\/td>\n<td>41,885<\/td>\n<td>2.06<\/td>\n<td>6<\/td>\n<td>0.1057 %<\/td>\n<td>3,470.7<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1057 %<\/td>\n<td>2,708.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.35 %<\/td>\n<td>4.65 %<\/td>\n<td>72,266<\/td>\n<td>0.40<\/td>\n<td>23<\/td>\n<td>-0.0326 %<\/td>\n<td>2,702.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.10 %<\/td>\n<td>5.11 %<\/td>\n<td>92,398<\/td>\n<td>15.29<\/td>\n<td>15<\/td>\n<td>-0.0084 %<\/td>\n<td>2,925.7<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.83 %<\/td>\n<td>4.24 %<\/td>\n<td>180,649<\/td>\n<td>6.88<\/td>\n<td>93<\/td>\n<td>0.0052 %<\/td>\n<td>2,106.9<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.03 %<\/td>\n<td>4.66 %<\/td>\n<td>117,303<\/td>\n<td>1.12<\/td>\n<td>32<\/td>\n<td>-0.2417 %<\/td>\n<td>2,804.6<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.86 %<\/td>\n<td>3.49 %<\/td>\n<td>40,906<\/td>\n<td>4.93<\/td>\n<td>12<\/td>\n<td>0.2742 %<\/td>\n<td>2,289.9<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>-2.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 13.25<br \/>\nEvaluated at bid price : 13.25<br \/>\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>-1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 11.95<br \/>\nEvaluated at bid price : 11.95<br \/>\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>-1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 18.13<br \/>\nEvaluated at bid price : 18.13<br \/>\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 13.51<br \/>\nEvaluated at bid price : 13.51<br \/>\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 21.70<br \/>\nEvaluated at bid price : 22.00<br \/>\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 15.95<br \/>\nBid-YTW : 9.24 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 12.27<br \/>\nEvaluated at bid price : 12.27<br \/>\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 19.82<br \/>\nEvaluated at bid price : 19.82<br \/>\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 21.44<br \/>\nEvaluated at bid price : 21.78<br \/>\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.D<\/td>\n<td>FloatingReset<\/td>\n<td>1.60 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 19.05<br \/>\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>1,463,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-02-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.76<br \/>\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.H<\/td>\n<td>FixedReset<\/td>\n<td>170,496<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.75<br \/>\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>131,398<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.68<br \/>\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>112,295<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.65<br \/>\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>102,160<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 18.92<br \/>\nEvaluated at bid price : 18.92<br \/>\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>91,096<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 18.82<br \/>\nEvaluated at bid price : 18.82<br \/>\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 41 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.K<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 16.35 &#8211; 17.00<br \/>\nSpot Rate  :  0.6500<br \/>\nAverage  :  0.5307<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 16.35<br \/>\nBid-YTW : 8.66 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.15 &#8211; 25.43<br \/>\nSpot Rate  :  0.2800<br \/>\nAverage  :  0.1796<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.15<br \/>\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 14.39 &#8211; 14.70<br \/>\nSpot Rate  :  0.3100<br \/>\nAverage  :  0.2218<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 14.39<br \/>\nEvaluated at bid price : 14.39<br \/>\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 13.25 &#8211; 13.51<br \/>\nSpot Rate  :  0.2600<br \/>\nAverage  :  0.1767<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 13.25<br \/>\nEvaluated at bid price : 13.25<br \/>\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.52 &#8211; 24.75<br \/>\nSpot Rate  :  0.2300<br \/>\nAverage  :  0.1598<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.52<br \/>\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 13.51 &#8211; 13.75<br \/>\nSpot Rate  :  0.2400<br \/>\nAverage  :  0.1714<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-11-01<br \/>\nMaturity Price  : 13.51<br \/>\nEvaluated at bid price : 13.51<br \/>\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Today&#8217;s top news story is that people lash out when disturbed by change: In this western Wisconsin enclave and other pockets of the rural Midwest, Mr. Trump\u2019s pledge to build a wall along the Mexican &hellip;<\/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-33828","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33828","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=33828"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33828\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}