{"id":41180,"date":"2020-07-30T01:15:28","date_gmt":"2020-07-30T06:15:28","guid":{"rendered":"http:\/\/prefblog.com\/?p=41180"},"modified":"2020-07-30T01:15:28","modified_gmt":"2020-07-30T06:15:28","slug":"july-29-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41180","title":{"rendered":"July 29, 2020"},"content":{"rendered":"

There were no real surprises in the FOMC statement<\/a>:<\/p>\n

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.<\/p>\n

The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.<\/p>\n

The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1\/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.<\/p>\n

The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.<\/p>\n

To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor developments and is prepared to adjust its plans as appropriate.<\/p>\n

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.<\/p><\/blockquote>\n

Powell’s a bit nervous<\/a>:<\/p>\n

\u201cThe path forward for the economy is extraordinarily uncertain and will depend in large part on our success in keeping the virus in check,\u201d Mr. Powell said at a news conference following the Fed\u2019s two-day meeting, noting that infections have surged since late June and the \u201cpace of recovery looks like it has slowed.\u201d<\/p>\n

Mr. Powell said policymakers needed more data before drawing firm conclusions about the scope of the pullback, but he noted that debit and credit card spending were slowing and labor market indicators suggested that recent job gains might be weakening. More than 14 million people who held jobs in February are no longer employed, Mr. Powell said, warning that it will take a while for workers in certain industries, like restaurants, hotels and travel, to find new jobs.<\/p>\n

\u201cThere\u2019s probably going to be a long tail where a large number of people are struggling to get back to work,\u201d he said, adding that the Fed was \u201cnot even thinking about thinking about thinking about\u201d raising rates.
…<\/b>
While the Fed took no major actions on Wednesday, Mr. Powell\u2019s comments underlined both the peril ahead for American workers and the reality that interest rates are likely to be very low \u2014 making money cheap to borrow \u2014 for an extended period of time. Stock prices climbed following his remarks as investors took heart in the Fed\u2019s patient stance.<\/p><\/blockquote>\n

Meanwhile US stimulus talks are going nowhere<\/a>:<\/p>\n

The prospects for a quick agreement between the Trump administration and congressional Democrats on a new round of aid for the ailing economy faded on Wednesday, as President Trump undercut his own party\u2019s efforts to negotiate a deal and a top White House official declared that a lifeline to unemployed workers would run out as scheduled at week\u2019s end.<\/p>\n

With negotiations barely started to find a middle ground between Republicans\u2019 $1 trillion plan and Democrats\u2019 $3 trillion package, Mr. Trump poured cold water on the entire enterprise, saying that he would prefer a bare-bones package that would send \u201cpayments to the people\u201d and protect them from being evicted.<\/p>\n

\u201cThe rest of it, we\u2019re so far apart, we don\u2019t care,\u201d Mr. Trump said before leaving the White House for an event in Texas. \u201cWe really don\u2019t care.\u201d
…<\/b>
The breakdown reflects a predicament for Republicans that has placed Mr. Trump in a difficult negotiating position. After the enactment of nearly $3 trillion in pandemic-related stimulus in the spring, many Senate Republicans are opposed to additional deficit spending to fuel the economy, meaning that any agreement would need to attract significant support from Democrats to clear Congress.<\/p><\/blockquote>\n

As previously noted, monetary and fiscal policy should work in tandem, but loose monetary policy helps the rich get richer, while loose fiscal policy makes them poorer. So guess what policy mix is favoured by those who run the country!<\/p>\n

PerpetualDiscounts now yield 5.65%, equivalent to 7.34% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 2.85%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened slightly (and perhaps spuriously) to 450bp from the 445bp reported July 22<\/a>. We are now slightly above the pre-2020 record of 445bp briefly touched in 2008<\/a>.<\/p>\n\n\n\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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-2.5731 %<\/td>\n1,622.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-2.5731 %<\/td>\n2,977.2<\/td>\n<\/tr>\n
Floater<\/td>\n5.15 %<\/td>\n5.13 %<\/td>\n61,069<\/td>\n15.27<\/td>\n3<\/td>\n-2.5731 %<\/td>\n1,715.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1362 %<\/td>\n3,477.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n4.86 %<\/td>\n56,186<\/td>\n3.74<\/td>\n7<\/td>\n-0.1362 %<\/td>\n4,152.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1362 %<\/td>\n3,240.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.18 %<\/td>\n4.87 %<\/td>\n75,705<\/td>\n4.07<\/td>\n1<\/td>\n-0.1183 %<\/td>\n3,078.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.53 %<\/td>\n5.65 %<\/td>\n79,716<\/td>\n14.36<\/td>\n35<\/td>\n0.0564 %<\/td>\n3,303.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.67 %<\/td>\n4.41 %<\/td>\n148,555<\/td>\n15.88<\/td>\n75<\/td>\n0.3023 %<\/td>\n1,996.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.27 %<\/td>\n5.39 %<\/td>\n95,255<\/td>\n14.48<\/td>\n27<\/td>\n-0.0414 %<\/td>\n3,255.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.37 %<\/td>\n2.54 %<\/td>\n35,968<\/td>\n1.48<\/td>\n4<\/td>\n0.6742 %<\/td>\n1,763.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.41 %<\/td>\n3.63 %<\/td>\n349,531<\/td>\n0.96<\/td>\n3<\/td>\n0.5012 %<\/td>\n2,614.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.95 %<\/td>\n2.05 %<\/td>\n102,364<\/td>\n1.48<\/td>\n2<\/td>\n0.1209 %<\/td>\n2,840.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.89 %<\/td>\n4.63 %<\/td>\n96,998<\/td>\n15.53<\/td>\n22<\/td>\n-0.5395 %<\/td>\n2,021.2<\/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\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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-16.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 15.32
\nEvaluated at bid price : 15.32
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-15.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 15.40
\nEvaluated at bid price : 15.40
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-5.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 8.03
\nEvaluated at bid price : 8.03
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-3.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
W.PR.M<\/td>\nFixedReset Disc<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.63
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 13.80
\nEvaluated at bid price : 13.80
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 8.51
\nEvaluated at bid price : 8.51
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
BIP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
PVS.PR.G<\/td>\nSplitShare<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.63
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 17.02
\nEvaluated at bid price : 17.02
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Disc<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.51
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.30
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 8.48
\nEvaluated at bid price : 8.48
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 24.07
\nEvaluated at bid price : 24.36
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.85
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.03
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 16.25
\nEvaluated at bid price : 16.25
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
PVS.PR.H<\/td>\nSplitShare<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.72
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 13.65
\nEvaluated at bid price : 13.65
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 15.82
\nEvaluated at bid price : 15.82
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 15.34
\nEvaluated at bid price : 15.34
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 13.45
\nEvaluated at bid price : 13.45
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Disc<\/td>\n2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.00
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 16.25
\nEvaluated at bid price : 16.25
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 12.05
\nEvaluated at bid price : 12.05
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n4.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n5.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 10.10
\nEvaluated at bid price : 10.10
\nBid-YTW : 5.23 %<\/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
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n111,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Disc<\/td>\n73,614<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 22.94
\nEvaluated at bid price : 24.20
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n69,785<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.55
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Disc<\/td>\n66,929<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n61,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n58,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 13.65
\nEvaluated at bid price : 13.65
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
There were 42 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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 15.32 – 18.50
\nSpot Rate : 3.1800
\nAverage : 1.8523<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 15.32
\nEvaluated at bid price : 15.32
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.40 – 18.44
\nSpot Rate : 3.0400
\nAverage : 1.9364<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 15.40
\nEvaluated at bid price : 15.40
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.99 – 25.00
\nSpot Rate : 1.0100
\nAverage : 0.6106<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 23.58
\nEvaluated at bid price : 23.99
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.00 – 23.00
\nSpot Rate : 1.0000
\nAverage : 0.6197<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

BAM.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 23.03 – 24.00
\nSpot Rate : 0.9700
\nAverage : 0.6463<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.03
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n

TD.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 17.02 – 18.89
\nSpot Rate : 1.8700
\nAverage : 1.5618<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-29
\nMaturity Price : 17.02
\nEvaluated at bid price : 17.02
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There were no real surprises in the FOMC statement: The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment …<\/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-41180","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41180","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=41180"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41180\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}