{"id":46199,"date":"2023-12-22T20:25:54","date_gmt":"2023-12-23T01:25:54","guid":{"rendered":"https:\/\/prefblog.com\/?p=46199"},"modified":"2023-12-22T20:25:54","modified_gmt":"2023-12-23T01:25:54","slug":"december-22-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46199","title":{"rendered":"December 22, 2023"},"content":{"rendered":"

A bit of good news on US inflation<\/a>:<\/p>\n

The Federal Reserve\u2019s preferred measure of prices fell last month, another sign that inflation is easing and that Americans should benefit from reduced interest rates and get relief from painful price shocks in 2024.<\/p>\n

Friday\u2019s report from the Commerce Department showed that U.S. consumer prices slid 0.1 per cent last month from October and rose 2.6 per cent from November, 2022. The month-over-month drop was the largest since April, 2020, when the economy was reeling from the COVID-19 pandemic.<\/p>\n

Excluding volatile food and energy prices, so-called core inflation last month rose 0.1 per cent from October and 3.2 per cent from a year earlier.<\/p>\n

The numbers show somewhat more progress against inflation than economists had expected. Inflation is steadily moving down to the Fed\u2019s year-over-year target of 2 per cent and appears to be clearing the way for Fed rate cuts in 2024. That, in turn, could translate into lower rates on everything from mortgages to credit cards.<\/p><\/blockquote>\n

… and Merry Christmas, everyone!<\/p>\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-0.4454 %<\/td>\n2,159.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4454 %<\/td>\n4,142.1<\/td>\n<\/tr>\n
Floater<\/td>\n11.28 %<\/td>\n11.37 %<\/td>\n55,015<\/td>\n8.60<\/td>\n2<\/td>\n-0.4454 %<\/td>\n2,387.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0106 %<\/td>\n3,377.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.97 %<\/td>\n7.46 %<\/td>\n57,583<\/td>\n1.75<\/td>\n8<\/td>\n0.0106 %<\/td>\n4,033.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0106 %<\/td>\n3,147.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2415 %<\/td>\n2,539.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.77 %<\/td>\n6.96 %<\/td>\n63,928<\/td>\n12.58<\/td>\n33<\/td>\n0.2415 %<\/td>\n2,769.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.89 %<\/td>\n7.86 %<\/td>\n126,418<\/td>\n11.71<\/td>\n60<\/td>\n0.3112 %<\/td>\n2,211.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.63 %<\/td>\n6.80 %<\/td>\n80,815<\/td>\n12.85<\/td>\n19<\/td>\n0.3019 %<\/td>\n2,728.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n10.68 %<\/td>\n10.86 %<\/td>\n37,503<\/td>\n8.93<\/td>\n3<\/td>\n0.0952 %<\/td>\n2,473.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.91 %<\/td>\n6.73 %<\/td>\n176,229<\/td>\n12.57<\/td>\n1<\/td>\n-0.1964 %<\/td>\n2,532.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3112 %<\/td>\n2,260.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.71 %<\/td>\n7.38 %<\/td>\n90,316<\/td>\n12.37<\/td>\n14<\/td>\n0.6986 %<\/td>\n2,490.6<\/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\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 13.55
\nEvaluated at bid price : 13.55
\nBid-YTW : 8.22 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 9.63 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.00
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 19.26
\nEvaluated at bid price : 19.26
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.76
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BN.PF.H<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 9.07 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 8.20 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 8.23 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.97
\nEvaluated at bid price : 18.97
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.01
\nEvaluated at bid price : 17.01
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.07
\nEvaluated at bid price : 18.07
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 16.37
\nEvaluated at bid price : 16.37
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.18
\nEvaluated at bid price : 17.18
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 13.95
\nEvaluated at bid price : 13.95
\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.41
\nEvaluated at bid price : 18.41
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.72
\nEvaluated at bid price : 17.72
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 16.72
\nEvaluated at bid price : 16.72
\nBid-YTW : 9.85 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 8.62 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n3.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n12.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.42
\nEvaluated at bid price : 17.42
\nBid-YTW : 7.25 %<\/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
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n187,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 15.16
\nEvaluated at bid price : 15.16
\nBid-YTW : 9.12 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n36,743<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 8.23 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n29,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 7.73 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n25,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 8.20 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n20,696<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.66
\nEvaluated at bid price : 17.66
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n15,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
There were 12 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
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 17.30 – 20.00
\nSpot Rate : 2.7000
\nAverage : 1.4985<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 21.90 – 23.12
\nSpot Rate : 1.2200
\nAverage : 0.7291<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 18.51 – 19.40
\nSpot Rate : 0.8900
\nAverage : 0.6532<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset Disc<\/td>\nQuote: 18.60 – 19.24
\nSpot Rate : 0.6400
\nAverage : 0.4557<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 18.41 – 19.16
\nSpot Rate : 0.7500
\nAverage : 0.5667<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.41
\nEvaluated at bid price : 18.41
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 18.60 – 19.49
\nSpot Rate : 0.8900
\nAverage : 0.7361<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-22
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 7.93 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

A bit of good news on US inflation: The Federal Reserve\u2019s preferred measure of prices fell last month, another sign that inflation is easing and that Americans should benefit from reduced interest rates and get …<\/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-46199","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46199","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=46199"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46199\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}