{"id":44486,"date":"2022-12-08T21:52:07","date_gmt":"2022-12-09T02:52:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=44486"},"modified":"2022-12-08T21:52:07","modified_gmt":"2022-12-09T02:52:07","slug":"december-8-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44486","title":{"rendered":"December 8, 2022"},"content":{"rendered":"

BoC deputy governor Sharon Kozicki took pains to confirm<\/a> the interpretation of yesterday’s rate hike announcement<\/a>:<\/p>\n

The Bank of Canada could pause interest rate hikes as early as next month as it shifts to a more \u201cdata-dependent\u201d approach to monetary policy, although the bank is still prepared to be \u201cforceful\u201d if necessary, deputy governor Sharon Kozicki said on Thursday.<\/p>\n

\u201cWe are moving from how much to raise interest rates to whether to raise interest rates,\u201d Ms. Kozicki said in a speech to the Urban Development Institute of Quebec in Montreal.<\/p>\n

She was speaking the day after the central bank delivered another 50-basis-point rate hike, lifting the benchmark lending rate to 4.25 per cent, the highest level since early 2008.<\/p>\n

After seven consecutive rate hikes, which have dramatically increased the cost of borrowing for Canadians over the past nine months, the bank is preparing to step back to assess the impact of its aggressive tightening on inflation and the broader economy.<\/p>\n

\u201cIf we are surprised on the upside, we are still prepared to be forceful. But we recognize that we have raised interest rates rapidly and that their effects are working their way through the economy,\u201d Ms. Kozicki said, according to the prepared text of her speech.<\/p>\n

The next rate decision on Jan. 25 will be based on incoming data, she said. Markets expect the bank to stand pat at 4.25 per cent next month.
\n…<\/b>
\n\u201cThe largest shifts in spending have been in the most interest-sensitive areas, suggesting our monetary policy actions are working to rebalance supply and demand,\u201d Ms. Kozicki said.<\/p><\/blockquote>\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>\n-1.3339 %<\/td>\n2,417.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.3339 %<\/td>\n4,635.8<\/td>\n<\/tr>\n
Floater<\/td>\n8.98 %<\/td>\n9.18 %<\/td>\n45,185<\/td>\n10.10<\/td>\n2<\/td>\n-1.3339 %<\/td>\n2,671.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5948 %<\/td>\n3,271.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.20 %<\/td>\n7.87 %<\/td>\n50,853<\/td>\n2.76<\/td>\n8<\/td>\n-0.5948 %<\/td>\n3,906.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5948 %<\/td>\n3,048.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2668 %<\/td>\n2,658.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.41 %<\/td>\n6.54 %<\/td>\n99,016<\/td>\n13.08<\/td>\n35<\/td>\n0.2668 %<\/td>\n2,898.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.43 %<\/td>\n7.38 %<\/td>\n96,906<\/td>\n12.30<\/td>\n62<\/td>\n0.1343 %<\/td>\n2,213.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.41 %<\/td>\n6.51 %<\/td>\n103,751<\/td>\n13.22<\/td>\n20<\/td>\n0.2937 %<\/td>\n2,802.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.33 %<\/td>\n9.73 %<\/td>\n44,853<\/td>\n9.82<\/td>\n2<\/td>\n-0.4176 %<\/td>\n2,516.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.35 %<\/td>\n6.02 %<\/td>\n403,548<\/td>\n4.19<\/td>\n2<\/td>\n0.2785 %<\/td>\n2,377.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1343 %<\/td>\n2,262.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.45 %<\/td>\n7.48 %<\/td>\n51,398<\/td>\n12.44<\/td>\n14<\/td>\n0.0534 %<\/td>\n2,304.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-2.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 12.35
\nEvaluated at bid price : 12.35
\nBid-YTW : 8.26 %<\/td>\n<\/tr>\n
PVS.PR.H<\/td>\nSplitShare<\/td>\n-2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.15
\nBid-YTW : 7.98 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 9.29 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 16.88
\nEvaluated at bid price : 16.88
\nBid-YTW : 7.97 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 23.97
\nEvaluated at bid price : 24.35
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 12.66
\nEvaluated at bid price : 12.66
\nBid-YTW : 7.86 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 7.52 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 15.78
\nEvaluated at bid price : 15.78
\nBid-YTW : 8.05 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 15.32
\nEvaluated at bid price : 15.32
\nBid-YTW : 8.20 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 15.59
\nEvaluated at bid price : 15.59
\nBid-YTW : 9.73 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.62
\nEvaluated at bid price : 21.62
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 16.92
\nEvaluated at bid price : 16.92
\nBid-YTW : 7.63 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.54
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 17.37
\nEvaluated at bid price : 17.37
\nBid-YTW : 7.45 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.28
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 16.11
\nEvaluated at bid price : 16.11
\nBid-YTW : 8.36 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 11.15
\nEvaluated at bid price : 11.15
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 16.58
\nEvaluated at bid price : 16.58
\nBid-YTW : 8.32 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 8.20 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 12.70
\nEvaluated at bid price : 12.70
\nBid-YTW : 8.11 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n2.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.45 %<\/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
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n108,020<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n93,518<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 17.51
\nEvaluated at bid price : 17.51
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n60,218<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n48,249<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 17.68
\nEvaluated at bid price : 17.68
\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n46,840<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.85
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n46,529<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
There were 61 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
TD.PF.K<\/td>\nFixedReset Disc<\/td>\nQuote: 20.00 – 21.25
\nSpot Rate : 1.2500
\nAverage : 0.7814<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n

BAM.PF.H<\/td>\nFixedReset Disc<\/td>\nQuote: 24.33 – 25.30
\nSpot Rate : 0.9700
\nAverage : 0.5936<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.33
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 21.82 – 22.80
\nSpot Rate : 0.9800
\nAverage : 0.6239<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.82
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 17.22 – 18.22
\nSpot Rate : 1.0000
\nAverage : 0.6799<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n

PVS.PR.G<\/td>\nSplitShare<\/td>\nQuote: 22.96 – 23.90
\nSpot Rate : 0.9400
\nAverage : 0.6809<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.96
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.30 – 23.00
\nSpot Rate : 0.7000
\nAverage : 0.4439<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-12-08
\nMaturity Price : 21.85
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

BoC deputy governor Sharon Kozicki took pains to confirm the interpretation of yesterday’s rate hike announcement: The Bank of Canada could pause interest rate hikes as early as next month as it shifts to a …<\/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-44486","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44486","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=44486"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44486\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}