{"id":43997,"date":"2022-08-10T19:05:40","date_gmt":"2022-08-11T00:05:40","guid":{"rendered":"https:\/\/prefblog.com\/?p=43997"},"modified":"2022-08-10T19:05:40","modified_gmt":"2022-08-11T00:05:40","slug":"august-10-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43997","title":{"rendered":"August 10, 2022"},"content":{"rendered":"<p>US inflation was <a href=\"https:\/\/www.nytimes.com\/live\/2022\/08\/10\/business\/inflation-cpi-report\">down a little this month<\/a>:<\/p>\n<blockquote><p>Inflation cooled in July as gas prices and airfares fell, a welcome reprieve for consumers and economic policymakers but not yet a conclusive sign that price increases are turning a corner.<\/p>\n<p>The Consumer Price Index climbed 8.5 percent in the year through July, compared with 9.1 percent the prior month, a bigger slowdown than economists had projected. After stripping out food and fuel costs to get a sense of underlying price pressures, prices climbed by 5.9 percent through July, matching the previous reading.<\/p>\n<ul>\n<li>On a monthly basis, the price index did not move at all in July. That\u2019s because fuel prices, airfares and used cars declined in price, offsetting increases in rent and food costs.<\/li>\n<li>Core inflation was also slower than economists had expected on a monthly basis, climbing by 0.3 percent. In June, that figure was 0.7 percent.<\/li>\n<li>Today\u2019s report is probably welcome news at the White House and the Federal Reserve, both of which have been waiting for inflation to decelerate.<\/li>\n<li>But it\u2019s easy to overstate how much July\u2019s slowdown matters. Inflation is still abnormally high. The decline owed in large part to gas prices, and they can always jump again.<\/li>\n<li>There are some real reasons to believe inflation will slow in the months ahead: Supply chain pressures, for instance, show signs of easing.<\/li>\n<li>But there are also reasons to worry. Wage growth remains rapid. And housing costs, particularly rents, continue to climb, which could keep inflation high for some time.<\/li>\n<\/ul>\n<\/blockquote>\n<p>This was reflected in the <a href=\"https:\/\/www.newyorkfed.org\/research\/policy\/underlying-inflation-gauge\">New York Fed&#8217;s underlying inflation gauge<\/a>:<\/p>\n<blockquote>\n<ul>\n<li>The UIG &#8220;full data set&#8221; measure for July is currently estimated at 4.7%, a 0.1 percentage point decrease from the current estimate of the previous month.<\/li>\n<li>The &#8220;prices-only&#8221; measure for July is currently estimated at 5.9%, a 0.1 percentage point decrease from the current estimate for the previous month.<\/li>\n<li>The twelve-month change in the July CPI was +8.5%, a 0.6 percentage point decrease from the previous month.\n<ul>\n<li>-For July 2022, trend CPI inflation is estimated to be in the 4.7% to 5.9% range, a similar range to June, but with its lower and upper bounds both 0.1% lower.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p>PerpetualDiscounts now yield 6.03%, equivalent to 7.84% interest at the standard equivalency factor of 1.3x. <a href=\"https:\/\/www.bmo.com\/gam\/ca\/advisor\/products\/etfs?fundUrl=\/fundProfile\/ZLC#fundUrl=%2FfundProfile%2FZLC\">Long corporates<\/a> now yield 4.73%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained at the 310bp reported  <a href=\"https:\/\/prefblog.com\/?p=43946\">August 3<\/a>.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>HIMIPref\u2122 Preferred Indices<br \/>\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong><br \/>\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>\nCurrent<br \/>\nYield<br \/>\n(at bid)<\/td>\n<td>Median<br \/>\nYTW<\/td>\n<td>Median<br \/>\nAverage<br \/>\nTrading<br \/>\nValue<\/td>\n<td>Median<br \/>\nMod Dur<br \/>\n(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>1.0563 %<\/td>\n<td>2,482.4<\/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>1.0563 %<\/td>\n<td>4,761.2<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>6.37 %<\/td>\n<td>6.46 %<\/td>\n<td>54,697<\/td>\n<td>13.20<\/td>\n<td>2<\/td>\n<td>1.0563 %<\/td>\n<td>2,743.9<\/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>-0.0232 %<\/td>\n<td>3,474.8<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.89 %<\/td>\n<td>5.80 %<\/td>\n<td>39,788<\/td>\n<td>3.08<\/td>\n<td>8<\/td>\n<td>-0.0232 %<\/td>\n<td>4,149.6<\/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>-0.0232 %<\/td>\n<td>3,237.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/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>0.9609 %<\/td>\n<td>2,890.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.89 %<\/td>\n<td>6.03 %<\/td>\n<td>73,759<\/td>\n<td>13.83<\/td>\n<td>35<\/td>\n<td>0.9609 %<\/td>\n<td>3,151.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>4.70 %<\/td>\n<td>5.86 %<\/td>\n<td>118,425<\/td>\n<td>14.08<\/td>\n<td>59<\/td>\n<td>0.2710 %<\/td>\n<td>2,514.1<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.85 %<\/td>\n<td>5.97 %<\/td>\n<td>87,763<\/td>\n<td>13.91<\/td>\n<td>19<\/td>\n<td>0.6641 %<\/td>\n<td>3,077.3<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>7.09 %<\/td>\n<td>7.29 %<\/td>\n<td>37,951<\/td>\n<td>12.12<\/td>\n<td>2<\/td>\n<td>0.0313 %<\/td>\n<td>2,597.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.08 %<\/td>\n<td>4.06 %<\/td>\n<td>114,879<\/td>\n<td>1.87<\/td>\n<td>6<\/td>\n<td>0.3482 %<\/td>\n<td>2,606.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/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>0.2710 %<\/td>\n<td>2,569.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>4.65 %<\/td>\n<td>6.09 %<\/td>\n<td>54,915<\/td>\n<td>13.92<\/td>\n<td>14<\/td>\n<td>0.8717 %<\/td>\n<td>2,622.4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\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>TD.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-3.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.42 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.29<br \/>\nEvaluated at bid price : 21.58<br \/>\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n<tr>\n<td>MIC.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.40<br \/>\nEvaluated at bid price : 21.40<br \/>\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.S<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.60<br \/>\nEvaluated at bid price : 22.00<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.W<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.40<br \/>\nEvaluated at bid price : 21.40<br \/>\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 12.93<br \/>\nEvaluated at bid price : 12.93<br \/>\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.I<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.73<br \/>\nEvaluated at bid price : 23.90<br \/>\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 23.51<br \/>\nEvaluated at bid price : 23.84<br \/>\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.44<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.65<br \/>\nEvaluated at bid price : 20.65<br \/>\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.39<br \/>\nEvaluated at bid price : 23.25<br \/>\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.84<br \/>\nEvaluated at bid price : 23.12<br \/>\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 12.90<br \/>\nEvaluated at bid price : 12.90<br \/>\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.13<br \/>\nEvaluated at bid price : 21.13<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.29<br \/>\nEvaluated at bid price : 22.56<br \/>\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 19.94<br \/>\nEvaluated at bid price : 19.94<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.35<br \/>\nEvaluated at bid price : 20.35<br \/>\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 23.31<br \/>\nEvaluated at bid price : 23.59<br \/>\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.19<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>1.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.05<br \/>\nEvaluated at bid price : 20.05<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 19.73<br \/>\nEvaluated at bid price : 19.73<br \/>\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.44<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.40<br \/>\nEvaluated at bid price : 20.40<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 24.00<br \/>\nEvaluated at bid price : 24.25<br \/>\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.60<br \/>\nEvaluated at bid price : 20.60<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.52 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.72<br \/>\nEvaluated at bid price : 22.10<br \/>\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.66 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.82<br \/>\nEvaluated at bid price : 22.11<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.S<\/td>\n<td>Insurance Straight<\/td>\n<td>1.80 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.75<br \/>\nEvaluated at bid price : 22.05<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.86 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 18.10<br \/>\nEvaluated at bid price : 18.10<br \/>\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.50<br \/>\nEvaluated at bid price : 21.50<br \/>\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PF.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.59 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 19.40<br \/>\nEvaluated at bid price : 19.40<br \/>\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.62 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 20.75<br \/>\nEvaluated at bid price : 20.75<br \/>\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>3.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 19.75<br \/>\nEvaluated at bid price : 19.75<br \/>\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.Q<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>3.41 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.10<br \/>\nEvaluated at bid price : 22.75<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>4.65 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 22.21<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>9.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.52<br \/>\nEvaluated at bid price : 21.85<br \/>\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\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 \/>\nTraded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>94,680<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 17.77<br \/>\nEvaluated at bid price : 17.77<br \/>\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>72,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 14.25<br \/>\nEvaluated at bid price : 14.25<br \/>\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset Disc<\/td>\n<td>48,332<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 17.65<br \/>\nEvaluated at bid price : 17.65<br \/>\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>33,262<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 17.50<br \/>\nEvaluated at bid price : 17.50<br \/>\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>32,499<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.10<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>31,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 16.07<br \/>\nEvaluated at bid price : 16.07<br \/>\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 20 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\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>CCS.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 21.25 &#8211; 23.50<br \/>\nSpot Rate  :  2.2500<br \/>\nAverage  :  1.3137<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.25<br \/>\nEvaluated at bid price : 21.25<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 22.10 &#8211; 23.25<br \/>\nSpot Rate  :  1.1500<br \/>\nAverage  :  0.8004<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.72<br \/>\nEvaluated at bid price : 22.10<br \/>\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 21.00 &#8211; 21.74<br \/>\nSpot Rate  :  0.7400<br \/>\nAverage  :  0.5018<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 19.71 &#8211; 20.55<br \/>\nSpot Rate  :  0.8400<br \/>\nAverage  :  0.6062<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 19.71<br \/>\nEvaluated at bid price : 19.71<br \/>\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.25 &#8211; 24.90<br \/>\nSpot Rate  :  0.6500<br \/>\nAverage  :  0.4168<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 24.00<br \/>\nEvaluated at bid price : 24.25<br \/>\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 19.77 &#8211; 20.45<br \/>\nSpot Rate  :  0.6800<br \/>\nAverage  :  0.4841<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-08-10<br \/>\nMaturity Price  : 19.77<br \/>\nEvaluated at bid price : 19.77<br \/>\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>US inflation was down a little this month: Inflation cooled in July as gas prices and airfares fell, a welcome reprieve for consumers and economic policymakers but not yet a conclusive sign that price increases 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