{"id":43918,"date":"2022-07-27T21:19:16","date_gmt":"2022-07-28T02:19:16","guid":{"rendered":"https:\/\/prefblog.com\/?p=43918"},"modified":"2022-07-27T21:19:16","modified_gmt":"2022-07-28T02:19:16","slug":"july-27-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43918","title":{"rendered":"July 27, 2022"},"content":{"rendered":"

There were no big surprises in the FOMC announcement<\/a> of a 75bp policy hike:<\/p>\n

Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.<\/p>\n

Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.<\/p>\n

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1\/4 to 2-1\/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.<\/p>\n

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.<\/p>\n

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Esther L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.<\/p><\/blockquote>\n

The NYT commented<\/a>:<\/p>\n

Mr. Powell\u2019s comments were precisely what stock investors wanted to hear.<\/b>
\nInvestors have worried about the Fed tipping the American economy into recession, so Wall Street on Wednesday honed in on signals that the Fed could slow its pace of interest rate increases in the future and that Mr. Powell is aware of early signs of a slowdown in the economy.<\/p>\n

The S&P 500 stock index ended the day up 2.6 percent, and the Nasdaq Composite posted its best day since April 2020. Markets can quickly change their tune, though, especially with new data on growth coming out Thursday. The last two times the Fed raised rates, the S&P 500 rallied on the day of the announcement but fell sharply the day after.<\/p><\/blockquote>\n

And there is good news from US politicians, at last. I’ve been hoping for this for years<\/a>:<\/p>\n

Dozens of former Republican and Democratic officials will announce on Wednesday a new national political third party to appeal to millions of voters they say are dismayed with what they see as America\u2019s dysfunctional two-party system.<\/p>\n

The new party, called Forward, will initially be co-chaired by former Democratic presidential candidate Andrew Yang and Christine Todd Whitman, the former Republican governor of New Jersey. They hope the party will become a viable alternative to the Republican and Democratic parties that dominate U.S. politics, founding members told Reuters.<\/p>\n

Party leaders will hold a series of events in two dozen cities this autumn to roll out its platform and attract support. They will host an official launch in Houston on Sept. 24 and the party\u2019s first national convention in a major U.S. city next summer.<\/p><\/blockquote>\n

Whether or not it gains any traction is another matter, of course, what with Americans so fond of hating each other. But we can hope!<\/p>\n

PerpetualDiscounts now yield 6.19%, equivalent to 8.05% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.84%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has skyrocketted to 320bp from the 265bp reported July 20<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(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>\n0.3426 %<\/td>\n2,437.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3426 %<\/td>\n4,675.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.48 %<\/td>\n6.53 %<\/td>\n37,911<\/td>\n13.12<\/td>\n3<\/td>\n0.3426 %<\/td>\n2,694.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1012 %<\/td>\n3,449.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.93 %<\/td>\n5.89 %<\/td>\n39,617<\/td>\n3.12<\/td>\n8<\/td>\n0.1012 %<\/td>\n4,119.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1012 %<\/td>\n3,214.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2725 %<\/td>\n2,823.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.04 %<\/td>\n6.19 %<\/td>\n72,929<\/td>\n13.66<\/td>\n34<\/td>\n0.2725 %<\/td>\n3,079.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.88 %<\/td>\n6.16 %<\/td>\n117,841<\/td>\n13.92<\/td>\n56<\/td>\n0.5172 %<\/td>\n2,414.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.00 %<\/td>\n6.08 %<\/td>\n90,176<\/td>\n13.78<\/td>\n18<\/td>\n0.4169 %<\/td>\n2,999.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n7.17 %<\/td>\n7.41 %<\/td>\n42,632<\/td>\n12.02<\/td>\n2<\/td>\n-0.1977 %<\/td>\n2,458.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.06 %<\/td>\n5.10 %<\/td>\n131,261<\/td>\n3.07<\/td>\n10<\/td>\n0.4746 %<\/td>\n2,574.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5172 %<\/td>\n2,467.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.98 %<\/td>\n6.67 %<\/td>\n56,937<\/td>\n13.10<\/td>\n14<\/td>\n0.5686 %<\/td>\n2,448.6<\/td>\n<\/tr>\n<\/tbody>\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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.60
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 13.07
\nEvaluated at bid price : 13.07
\nBid-YTW : 7.50 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 12.35
\nEvaluated at bid price : 12.35
\nBid-YTW : 7.79 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 13.80
\nEvaluated at bid price : 13.80
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.53
\nEvaluated at bid price : 19.53
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.23
\nEvaluated at bid price : 21.23
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Prem<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.81
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.99
\nEvaluated at bid price : 19.99
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 17.71
\nEvaluated at bid price : 17.71
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 23.39
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 17.94
\nEvaluated at bid price : 17.94
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n2.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n85,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset Disc<\/td>\n69,923<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n26,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n16,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 7.71 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n16,551<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n11,828<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.31
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
There were 1 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.35 – 23.00
\nSpot Rate : 3.6500
\nAverage : 2.0481<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n

RY.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 20.81 – 22.85
\nSpot Rate : 2.0400
\nAverage : 1.2293<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n

FTS.PR.H<\/td>\nFixedReset Disc<\/td>\nQuote: 13.43 – 14.40
\nSpot Rate : 0.9700
\nAverage : 0.5908<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 13.43
\nEvaluated at bid price : 13.43
\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.45 – 20.45
\nSpot Rate : 1.0000
\nAverage : 0.6358<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 18.45 – 20.00
\nSpot Rate : 1.5500
\nAverage : 1.1898<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 21.00 – 21.99
\nSpot Rate : 0.9900
\nAverage : 0.6659<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There were no big surprises in the FOMC announcement of a 75bp policy hike: Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate …<\/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-43918","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43918","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=43918"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43918\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}