{"id":44744,"date":"2023-02-02T20:33:33","date_gmt":"2023-02-03T01:33:33","guid":{"rendered":"https:\/\/prefblog.com\/?p=44744"},"modified":"2023-02-02T20:33:33","modified_gmt":"2023-02-03T01:33:33","slug":"february-2-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44744","title":{"rendered":"February 2, 2023"},"content":{"rendered":"

The IMF has published a piece in defence of globalization<\/a>:<\/p>\n

Today\u2019s surge in inflation grows out of the interplay of supply chain disruptions with large fiscal deficits. The pandemic, followed by Russia\u2019s invasion of Ukraine, upended supply chains and produced scarcities. Rich industrial countries responded to the shortages, inequalities, and social stress with large fiscal packages. In the ensuing spiral, increased spending led to more demand, which led to more shortfalls. Another vicious spiral may follow. Rising food and fuel prices could spark discontent, protests, even revolutions and government breakdowns around the world.<\/p>\n

The inflationary spiral may appear to herald a quite different world, split into competing blocs that pursue costly \u201cfriendshoring\u201d strategies of steering trade to friendly nations and regimes while attempting to hobble rivals. Large states rethink the benefits of globalization and attempt to protect what they see as vital or strategic resources. This adds up to a recipe for freezing global economic growth.
\n…<\/b>
\nAn initial globalization centered around the Industrial Revolution saw the exchange of manufactured goods from a few countries for commodities from many in the rest of the world. The 1970s created globalization through increasingly complex supply chains. The current crises are generating a different sort of globalization, shaped by information flows. There will be marked contrasts in the competence with which societies respond to the new data revolution. Today\u2019s globalization dynamic has the potential to create a revolution of system optimization, making the result of prior technical change cheaper and more accessible. In that sense, it is globalization that constitutes the real Inflation Reduction Act.<\/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>\n0.1486 %<\/td>\n2,591.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1486 %<\/td>\n4,969.5<\/td>\n<\/tr>\n
Floater<\/td>\n8.70 %<\/td>\n8.81 %<\/td>\n56,219<\/td>\n10.52<\/td>\n2<\/td>\n0.1486 %<\/td>\n2,863.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1258 %<\/td>\n3,426.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.91 %<\/td>\n6.46 %<\/td>\n54,066<\/td>\n2.80<\/td>\n7<\/td>\n0.1258 %<\/td>\n4,091.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1258 %<\/td>\n3,192.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1498 %<\/td>\n2,858.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.97 %<\/td>\n6.00 %<\/td>\n83,786<\/td>\n13.88<\/td>\n37<\/td>\n-0.1498 %<\/td>\n3,116.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.38 %<\/td>\n7.16 %<\/td>\n92,954<\/td>\n12.59<\/td>\n59<\/td>\n0.2840 %<\/td>\n2,263.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.79 %<\/td>\n5.94 %<\/td>\n92,430<\/td>\n13.97<\/td>\n20<\/td>\n0.3126 %<\/td>\n3,100.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.69 %<\/td>\n10.15 %<\/td>\n41,335<\/td>\n9.37<\/td>\n2<\/td>\n-0.0630 %<\/td>\n2,574.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.33 %<\/td>\n6.30 %<\/td>\n181,510<\/td>\n4.06<\/td>\n3<\/td>\n-0.0396 %<\/td>\n2,392.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2840 %<\/td>\n2,313.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.42 %<\/td>\n7.03 %<\/td>\n48,519<\/td>\n12.70<\/td>\n14<\/td>\n-0.0914 %<\/td>\n2,380.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-10.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 19.34
\nEvaluated at bid price : 19.34
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 8.41 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.61
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 11.60
\nEvaluated at bid price : 11.60
\nBid-YTW : 8.47 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 7.91 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 14.70
\nEvaluated at bid price : 14.70
\nBid-YTW : 8.36 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 15.62
\nEvaluated at bid price : 15.62
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 8.38 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.53
\nEvaluated at bid price : 20.53
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 7.65 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nInsurance Straight<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n4.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n5.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n30.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 18.31
\nEvaluated at bid price : 18.31
\nBid-YTW : 7.17 %<\/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
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n49,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n34,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.11
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n30,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n29,325<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n26,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 21.85
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n17,513<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.02
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
There were 8 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
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.34 – 21.90
\nSpot Rate : 2.5600
\nAverage : 1.4905<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 19.34
\nEvaluated at bid price : 19.34
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 20.55 – 21.99
\nSpot Rate : 1.4400
\nAverage : 0.8903<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n

CM.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 22.50 – 23.49
\nSpot Rate : 0.9900
\nAverage : 0.5756<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n

BN.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 16.40 – 17.10
\nSpot Rate : 0.7000
\nAverage : 0.4541<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 8.41 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.57 – 23.10
\nSpot Rate : 2.5300
\nAverage : 2.3046<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.21 – 21.32
\nSpot Rate : 1.1100
\nAverage : 0.9347<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-02-02
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The IMF has published a piece in defence of globalization: Today\u2019s surge in inflation grows out of the interplay of supply chain disruptions with large fiscal deficits. The pandemic, followed by Russia\u2019s invasion of Ukraine, …<\/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-44744","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44744","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=44744"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44744\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}