{"id":45425,"date":"2023-06-27T22:55:15","date_gmt":"2023-06-28T03:55:15","guid":{"rendered":"https:\/\/prefblog.com\/?p=45425"},"modified":"2023-06-27T22:55:15","modified_gmt":"2023-06-28T03:55:15","slug":"june-27-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=45425","title":{"rendered":"June 27, 2023"},"content":{"rendered":"

Inflation fell today, but not uniformly<\/a>:<\/p>\n

Canada\u2019s inflation rate fell to 3.4 per cent in May \u2013 the lowest it\u2019s been since June 2021.
\n…<\/b>
\nStatistics Canada reported Tuesday the slowdown was largely due to lower gasoline prices compared to a year ago.<\/p>\n

However, the long-awaited decline in food inflation has yet to come through in Canada. Grocery prices were up nine per cent on an annual basis, showing little improvement from April.<\/p><\/blockquote>\n

And so the markets were dovish<\/a>:<\/p>\n

The annual rate, which benefited from a comparison to last May\u2019s strong price increases, is the slowest since June 2021 and broadly in line with the Bank of Canada\u2019s expectation that inflation would cool to around 3% by mid-2023.<\/p>\n

The average of two of the Bank of Canada\u2019s core measures of underlying inflation, CPI-median and CPI-trim, came in at 3.9% compared with 4.3% in April.<\/p>\n

The Canadian dollar and bond markets had minimal reaction to the 830 am ET inflation data, with the five-year government bond yield last quoted at 3.723%, well below the 15-year high of 3.896% last week. The five-year bond yield influences fixed mortgage rates as well as some guaranteed investment certificate terms. The Canadian dollar dipped slightly against its U.S. counterpart following the data but soon recovered.<\/p>\n

Interest rate probabilities based on trading in swaps markets now show about a 57% chance that Bank of Canada will hike rates by another quarter of a percentage point at its next policy meeting on July 12. That\u2019s down from about 64% prior to the data.<\/p><\/blockquote>\n

Pre-CPI<\/p>\n

<\/a><\/div>\n

Post-CPI<\/p>\n

<\/a><\/div>\n

After intensive calculations, the Toronto Exchange has determined the ex-Dividend date for BNS.PR.J:<\/p>\n

<\/a><\/div>\n

So I guess they’ll be paying a lot of overtime:<\/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>\n-0.0876 %<\/td>\n2,202.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0876 %<\/td>\n4,223.7<\/td>\n<\/tr>\n
Floater<\/td>\n10.67 %<\/td>\n10.79 %<\/td>\n42,156<\/td>\n8.97<\/td>\n1<\/td>\n-0.0876 %<\/td>\n2,434.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2570 %<\/td>\n3,246.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.17 %<\/td>\n8.64 %<\/td>\n49,247<\/td>\n2.18<\/td>\n6<\/td>\n-0.2570 %<\/td>\n3,876.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2570 %<\/td>\n3,024.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2229 %<\/td>\n2,563.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.66 %<\/td>\n6.87 %<\/td>\n39,662<\/td>\n12.68<\/td>\n31<\/td>\n0.2229 %<\/td>\n2,795.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n8.50 %<\/td>\n82,147<\/td>\n11.17<\/td>\n63<\/td>\n-0.3522 %<\/td>\n2,115.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.61 %<\/td>\n6.70 %<\/td>\n54,579<\/td>\n12.97<\/td>\n19<\/td>\n-0.2741 %<\/td>\n2,720.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n11.40 %<\/td>\n10.94 %<\/td>\n29,796<\/td>\n8.87<\/td>\n2<\/td>\n0.3779 %<\/td>\n2,371.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.99 %<\/td>\n7.14 %<\/td>\n245,795<\/td>\n12.19<\/td>\n1<\/td>\n-0.0795 %<\/td>\n2,313.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3522 %<\/td>\n2,162.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.40 %<\/td>\n7.95 %<\/td>\n90,682<\/td>\n11.62<\/td>\n9<\/td>\n0.0368 %<\/td>\n2,305.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.60
\nBid-YTW : 8.38 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 20.98
\nEvaluated at bid price : 20.98
\nBid-YTW : 9.23 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 8.90 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 13.60
\nEvaluated at bid price : 13.60
\nBid-YTW : 9.94 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 8.42 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.85
\nBid-YTW : 7.52 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 14.81
\nEvaluated at bid price : 14.81
\nBid-YTW : 10.94 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 19.53
\nEvaluated at bid price : 19.53
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n5.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n7.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 6.98 %<\/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
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n61,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 10.30
\nEvaluated at bid price : 10.30
\nBid-YTW : 10.88 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n50,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 8.52 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n42,150<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 13.52
\nEvaluated at bid price : 13.52
\nBid-YTW : 9.98 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n29,804<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.48
\nEvaluated at bid price : 17.48
\nBid-YTW : 8.76 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n27,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 8.53 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n14,800<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.27
\nBid-YTW : 9.40 %<\/td>\n<\/tr>\n
There were 7 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
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.15 – 17.60
\nSpot Rate : 1.4500
\nAverage : 0.8634<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 16.15
\nEvaluated at bid price : 16.15
\nBid-YTW : 8.98 %<\/td>\n<\/tr>\n

BMO.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 17.75 – 18.99
\nSpot Rate : 1.2400
\nAverage : 0.7169<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 8.50 %<\/td>\n<\/tr>\n

CM.PR.O<\/td>\nFixedReset Disc<\/td>\nQuote: 17.22 – 18.00
\nSpot Rate : 0.7800
\nAverage : 0.4748<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 8.52 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 17.35 – 18.00
\nSpot Rate : 0.6500
\nAverage : 0.4446<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 8.42 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 17.41 – 18.35
\nSpot Rate : 0.9400
\nAverage : 0.7360<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.41
\nEvaluated at bid price : 17.41
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 17.48 – 18.00
\nSpot Rate : 0.5200
\nAverage : 0.4288<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-06-27
\nMaturity Price : 17.48
\nEvaluated at bid price : 17.48
\nBid-YTW : 8.76 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Inflation fell today, but not uniformly: Canada\u2019s inflation rate fell to 3.4 per cent in May \u2013 the lowest it\u2019s been since June 2021. … Statistics Canada reported Tuesday the slowdown was largely due to …<\/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-45425","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45425","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=45425"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45425\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}