{"id":46272,"date":"2024-01-16T21:16:32","date_gmt":"2024-01-17T02:16:32","guid":{"rendered":"https:\/\/prefblog.com\/?p=46272"},"modified":"2024-01-16T21:16:32","modified_gmt":"2024-01-17T02:16:32","slug":"january-16-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46272","title":{"rendered":"January 16, 2024"},"content":{"rendered":"

Inflation isn’t quite dead yet<\/a>:<\/p>\n

Some closely watched measures of consumer price growth unexpectedly rose at an accelerated rate in December, showing that inflation is proving tough to tame and potentially complicating matters for the Bank of Canada as it considers when to lower interest rates.<\/p>\n

The Consumer Price Index (CPI) rose at an annual pace of 3.4 per cent last month, up from 3.1 per cent in November, Statistics Canada said Tuesday in a report. This result was heavily influenced by what economists refer to as base effects: a tumble in gasoline prices a year ago created an unflattering base for year-over-year comparisons \u2013 hence the increase in the annual inflation rate.<\/p>\n

Although this uptick was in line with expectations on Bay Street, several measures of core inflation \u2013 which strip out volatile movements in the CPI \u2013 raised eyebrows among financial analysts. The Bank of Canada\u2019s preferred measures rose at an average annual rate of 3.65 per cent, from 3.55 per cent in November. Analysts were expecting a reading of 3.35 per cent.<\/p>\n

In particular, housing prices continue to be a source of financial strain. They rose 6 per cent in December from a year earlier. Rents are generating lots of inflationary pressure, as people \u2013 including a surge of international students and other temporary residents \u2013 vie for units in short supply.<\/p><\/blockquote>\n

Shock and consternation followed<\/a>:
\nPre-inflation-announcement market:<\/p>\n

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

Post-inflation-announcement market:<\/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>\n0.5727 %<\/td>\n2,206.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5727 %<\/td>\n4,231.1<\/td>\n<\/tr>\n
Floater<\/td>\n11.04 %<\/td>\n11.23 %<\/td>\n42,216<\/td>\n8.64<\/td>\n2<\/td>\n0.5727 %<\/td>\n2,438.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1143 %<\/td>\n3,410.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.94 %<\/td>\n7.44 %<\/td>\n47,794<\/td>\n1.98<\/td>\n7<\/td>\n-0.1143 %<\/td>\n4,072.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1143 %<\/td>\n3,177.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0163 %<\/td>\n2,672.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.43 %<\/td>\n6.54 %<\/td>\n52,282<\/td>\n13.16<\/td>\n34<\/td>\n0.0163 %<\/td>\n2,914.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.67 %<\/td>\n7.37 %<\/td>\n109,999<\/td>\n12.34<\/td>\n59<\/td>\n0.4584 %<\/td>\n2,313.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.29 %<\/td>\n6.46 %<\/td>\n71,061<\/td>\n13.26<\/td>\n20<\/td>\n0.2580 %<\/td>\n2,880.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n10.61 %<\/td>\n10.88 %<\/td>\n33,721<\/td>\n8.84<\/td>\n5<\/td>\n-0.7478 %<\/td>\n2,555.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.89 %<\/td>\n6.38 %<\/td>\n145,654<\/td>\n3.36<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,529.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4584 %<\/td>\n2,364.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.52 %<\/td>\n7.08 %<\/td>\n93,461<\/td>\n12.64<\/td>\n14<\/td>\n-0.0300 %<\/td>\n2,573.9<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FFH.PR.C<\/td>\nFixedReset Disc<\/td>\n-3.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 8.23 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Disc<\/td>\n-2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 8.73 %<\/td>\n<\/tr>\n
FFH.PR.F<\/td>\nFloatingReset<\/td>\n-2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 16.51
\nEvaluated at bid price : 16.51
\nBid-YTW : 11.33 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 7.62 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 16.23
\nEvaluated at bid price : 16.23
\nBid-YTW : 8.59 %<\/td>\n<\/tr>\n
FFH.PR.D<\/td>\nFloatingReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 10.44 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 22.18
\nEvaluated at bid price : 22.75
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 7.89 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.37
\nEvaluated at bid price : 19.37
\nBid-YTW : 7.21 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 11.43
\nEvaluated at bid price : 11.43
\nBid-YTW : 11.23 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.14
\nEvaluated at bid price : 19.14
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 14.37
\nEvaluated at bid price : 14.37
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n3.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.83
\nEvaluated at bid price : 19.83
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n3.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.90
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n4.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n5.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 7.33 %<\/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
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n262,917<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n144,306<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n51,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.60
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n45,630<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 16.67
\nEvaluated at bid price : 16.67
\nBid-YTW : 8.87 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n44,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 20.02
\nEvaluated at bid price : 20.02
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n40,929<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 14.37
\nEvaluated at bid price : 14.37
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
There were 16 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
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 18.90 – 24.50
\nSpot Rate : 5.6000
\nAverage : 3.2885<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.76 – 22.12
\nSpot Rate : 2.3600
\nAverage : 1.3369<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.76
\nEvaluated at bid price : 19.76
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n

FFH.PR.D<\/td>\nFloatingReset<\/td>\nQuote: 20.30 – 22.61
\nSpot Rate : 2.3100
\nAverage : 1.3080<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 10.44 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 20.56 – 21.78
\nSpot Rate : 1.2200
\nAverage : 0.7631<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 20.56
\nEvaluated at bid price : 20.56
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n

RY.PR.H<\/td>\nFixedReset Disc<\/td>\nQuote: 19.83 – 20.99
\nSpot Rate : 1.1600
\nAverage : 0.7645<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.83
\nEvaluated at bid price : 19.83
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n

BN.PF.I<\/td>\nFixedReset Disc<\/td>\nQuote: 19.55 – 20.38
\nSpot Rate : 0.8300
\nAverage : 0.5650<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-01-16
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 8.73 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Inflation isn’t quite dead yet: Some closely watched measures of consumer price growth unexpectedly rose at an accelerated rate in December, showing that inflation is proving tough to tame and potentially complicating matters for the …<\/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-46272","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46272","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=46272"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46272\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}