{"id":41241,"date":"2020-08-14T20:53:25","date_gmt":"2020-08-15T01:53:25","guid":{"rendered":"http:\/\/prefblog.com\/?p=41241"},"modified":"2020-08-14T20:53:25","modified_gmt":"2020-08-15T01:53:25","slug":"august-14-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41241","title":{"rendered":"August 14, 2020"},"content":{"rendered":"

Inflation expectations are normalizing<\/a>:<\/p>\n

The U.S. bond market\u2019s gauge of investor inflation expectations this week rose to six-month highs, bolstered in part by data showing higher producer and consumer prices in July.<\/p>\n

The yield spread, or inflation breakeven rate, between five-year Treasury Inflation Protected Securities (TIPS) and regular five-year Treasuries hit 1.565% on Thursday, the highest since February.<\/p>\n

U.S. 10-year and 30-year breakevens touched 1.6618% and 1.7105% on Wednesday and Thursday, respectively. Both levels were six-month peaks.<\/p>\n

Breakeven rates pared some of that move Friday as they came off their highs.<\/p><\/blockquote>\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>\n0.0405 %<\/td>\n1,602.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0405 %<\/td>\n2,940.2<\/td>\n<\/tr>\n
Floater<\/td>\n5.21 %<\/td>\n5.28 %<\/td>\n63,075<\/td>\n14.98<\/td>\n3<\/td>\n0.0405 %<\/td>\n1,694.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0988 %<\/td>\n3,500.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.67 %<\/td>\n4.48 %<\/td>\n42,124<\/td>\n3.25<\/td>\n8<\/td>\n-0.0988 %<\/td>\n4,179.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0988 %<\/td>\n3,261.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n4.70 %<\/td>\n84,317<\/td>\n4.03<\/td>\n4<\/td>\n0.0992 %<\/td>\n3,098.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.45 %<\/td>\n5.64 %<\/td>\n77,754<\/td>\n14.38<\/td>\n31<\/td>\n-0.0508 %<\/td>\n3,351.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.66 %<\/td>\n4.45 %<\/td>\n122,886<\/td>\n15.96<\/td>\n67<\/td>\n-0.1238 %<\/td>\n2,026.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.23 %<\/td>\n5.32 %<\/td>\n90,184<\/td>\n14.58<\/td>\n27<\/td>\n-0.0108 %<\/td>\n3,285.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.90 %<\/td>\n2.01 %<\/td>\n42,122<\/td>\n1.44<\/td>\n3<\/td>\n-0.0450 %<\/td>\n1,775.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.27 %<\/td>\n4.18 %<\/td>\n229,891<\/td>\n0.92<\/td>\n11<\/td>\n0.1597 %<\/td>\n2,612.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.95 %<\/td>\n2.46 %<\/td>\n107,266<\/td>\n1.44<\/td>\n2<\/td>\n-0.3618 %<\/td>\n2,839.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.85 %<\/td>\n4.63 %<\/td>\n95,872<\/td>\n15.79<\/td>\n22<\/td>\n-0.3161 %<\/td>\n2,052.4<\/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
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-35.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 11.98
\nEvaluated at bid price : 11.98
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-4.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 16.87
\nEvaluated at bid price : 16.87
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-4.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 17.62
\nEvaluated at bid price : 17.62
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 8.74
\nEvaluated at bid price : 8.74
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 11.86
\nEvaluated at bid price : 11.86
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 12.26
\nEvaluated at bid price : 12.26
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 8.45
\nEvaluated at bid price : 8.45
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 23.24
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n19.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.55
\nBid-YTW : 4.19 %<\/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
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n104,840<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.50
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n73,105<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n51,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.85
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n34,941<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n26,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.35
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n25,050<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
There were 18 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: 11.98 – 18.91
\nSpot Rate : 6.9300
\nAverage : 3.7469<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 11.98
\nEvaluated at bid price : 11.98
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.87 – 18.05
\nSpot Rate : 1.1800
\nAverage : 0.7627<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 16.87
\nEvaluated at bid price : 16.87
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 18.72 – 20.37
\nSpot Rate : 1.6500
\nAverage : 1.2969<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.80 – 23.50
\nSpot Rate : 0.7000
\nAverage : 0.4656<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.90 – 18.59
\nSpot Rate : 0.6900
\nAverage : 0.5075<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.50 – 16.25
\nSpot Rate : 0.7500
\nAverage : 0.5912<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-08-14
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Inflation expectations are normalizing: The U.S. bond market\u2019s gauge of investor inflation expectations this week rose to six-month highs, bolstered in part by data showing higher producer and consumer prices in July. The yield spread, …<\/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-41241","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41241","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=41241"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41241\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}