{"id":44703,"date":"2023-01-26T22:38:41","date_gmt":"2023-01-27T03:38:41","guid":{"rendered":"https:\/\/prefblog.com\/?p=44703"},"modified":"2023-01-26T22:38:41","modified_gmt":"2023-01-27T03:38:41","slug":"january-26-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44703","title":{"rendered":"January 26, 2023"},"content":{"rendered":"

Well, here’s a paper that will receive some attention! One of a long series, I’ll bet … The 2021\u201322 Surge in Inflation<\/a> by Oleksiy Kryvtsov, Jim MacGee and Luis Uzeda:<\/p>\n

The rise in inflation in 2021\u201322 sparked a growing literature and debate over the causes of the surge as well as the near- and medium-term path for inflation. This review offers three key messages. First, the exceptional nature of shocks resulting from the COVID-19 pandemic and geopolitical events drove the surge in inflation and the initial underestimation by many central banks of the extent of inflationary pressures. Second, the pandemic may have
\naccelerated structural changes in goods and labour markets, which are likely to put pressure on goods prices and wages in the medium and long term. Third, the resulting shifts in relative prices for goods, services and labour are unlikely to be large enough to threaten a return of inflation to target but may require somewhat higher interest rates than those in the decade before the pandemic.<\/p><\/blockquote>\n

My favourite chart is:<\/p>\n

<\/a><\/div>\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>\n1.0618 %<\/td>\n2,561.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.0618 %<\/td>\n4,912.3<\/td>\n<\/tr>\n
Floater<\/td>\n8.80 %<\/td>\n8.94 %<\/td>\n51,141<\/td>\n10.42<\/td>\n2<\/td>\n1.0618 %<\/td>\n2,831.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4403 %<\/td>\n3,414.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.92 %<\/td>\n6.44 %<\/td>\n60,011<\/td>\n2.82<\/td>\n7<\/td>\n0.4403 %<\/td>\n4,077.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4403 %<\/td>\n3,181.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2693 %<\/td>\n2,874.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.93 %<\/td>\n5.98 %<\/td>\n91,362<\/td>\n13.93<\/td>\n35<\/td>\n0.2693 %<\/td>\n3,134.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.36 %<\/td>\n7.06 %<\/td>\n93,952<\/td>\n12.66<\/td>\n62<\/td>\n0.1890 %<\/td>\n2,259.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.82 %<\/td>\n5.97 %<\/td>\n97,919<\/td>\n13.90<\/td>\n20<\/td>\n0.2263 %<\/td>\n3,087.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.74 %<\/td>\n10.10 %<\/td>\n43,835<\/td>\n9.43<\/td>\n2<\/td>\n0.0955 %<\/td>\n2,551.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.58 %<\/td>\n6.18 %<\/td>\n172,565<\/td>\n4.08<\/td>\n2<\/td>\n0.1978 %<\/td>\n2,388.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1890 %<\/td>\n2,309.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.41 %<\/td>\n6.89 %<\/td>\n52,727<\/td>\n12.79<\/td>\n14<\/td>\n0.6553 %<\/td>\n2,385.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.94
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.58
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.63
\nEvaluated at bid price : 19.63
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 12.02
\nEvaluated at bid price : 12.02
\nBid-YTW : 8.29 %<\/td>\n<\/tr>\n
PVS.PR.J<\/td>\nSplitShare<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2028-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 18.39
\nEvaluated at bid price : 18.39
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 17.46
\nEvaluated at bid price : 17.46
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.26
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 18.69
\nEvaluated at bid price : 18.69
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 14.57
\nEvaluated at bid price : 14.57
\nBid-YTW : 8.19 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 13.30
\nEvaluated at bid price : 13.30
\nBid-YTW : 8.97 %<\/td>\n<\/tr>\n
BN.PF.H<\/td>\nFixedReset Disc<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.63
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 17.94
\nEvaluated at bid price : 17.94
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 20.34
\nEvaluated at bid price : 20.34
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.65
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 17.42
\nEvaluated at bid price : 17.42
\nBid-YTW : 8.19 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 16.13
\nEvaluated at bid price : 16.13
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n3.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n4.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 11.44
\nEvaluated at bid price : 11.44
\nBid-YTW : 8.41 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n4.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n4.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n7.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.19
\nEvaluated at bid price : 19.19
\nBid-YTW : 6.27 %<\/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
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n40,278<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n39,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 8.17 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n26,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n18,615<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 18.14
\nEvaluated at bid price : 18.14
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n17,055<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.63
\nEvaluated at bid price : 19.63
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n14,758<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
There were 3 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
BN.PF.A<\/td>\nFixedReset Disc<\/td>\nQuote: 19.90 – 21.95
\nSpot Rate : 2.0500
\nAverage : 1.5664<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 7.46 %<\/td>\n<\/tr>\n

PVS.PR.H<\/td>\nSplitShare<\/td>\nQuote: 23.55 – 24.75
\nSpot Rate : 1.2000
\nAverage : 0.7242<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.55
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n

BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 17.90 – 18.75
\nSpot Rate : 0.8500
\nAverage : 0.5771<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n

RY.PR.O<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.94 – 23.76
\nSpot Rate : 0.8200
\nAverage : 0.5855<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.94
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

TD.PF.K<\/td>\nFixedReset Disc<\/td>\nQuote: 20.75 – 21.48
\nSpot Rate : 0.7300
\nAverage : 0.5442<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 18.20 – 19.00
\nSpot Rate : 0.8000
\nAverage : 0.6296<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-01-26
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Well, here’s a paper that will receive some attention! One of a long series, I’ll bet … The 2021\u201322 Surge in Inflation by Oleksiy Kryvtsov, Jim MacGee and Luis Uzeda: The rise in inflation in …<\/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-44703","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44703","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=44703"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44703\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}