{"id":46356,"date":"2024-02-02T20:14:11","date_gmt":"2024-02-03T01:14:11","guid":{"rendered":"https:\/\/prefblog.com\/?p=46356"},"modified":"2024-02-02T20:14:11","modified_gmt":"2024-02-03T01:14:11","slug":"february-2-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46356","title":{"rendered":"February 2, 2024"},"content":{"rendered":"

Jobs, jobs, jobs<\/a>!:<\/p>\n

The United States produced an unexpectedly sizable batch of jobs last month, a boon for American workers that shows the labor market retains remarkable strength after three years of expansion.<\/p>\n

Employers added 353,000 jobs in January on a seasonally adjusted basis, the Labor Department reported on Friday, and the unemployment rate remained at 3.7 percent.<\/p>\n

The report also put an even shinier gloss on job growth for 2023, including revisions that added more than 100,000 to the figure previously tallied for December. All told, employers added 3.1 million jobs last year, more than the 2.7 million initially reported.<\/p><\/blockquote>\n

So bonds got hammered<\/a>:<\/p>\n

The U.S. added 353,000 jobs in January, blasting past analysts\u2019 estimates, while wage growth unexpectedly heated up, the Labor Department reported.<\/p>\n

The added signs of economic vigor made it more likely that the U.S. central bank will delay cutting its key policy rate until much later than many had hoped. Fed Chair Jerome Powell on Wednesday pushed back against the notion of a March rate cut.<\/p>\n

Financial markets are pricing in a 20.5% likelihood of a 25 basis point rate cut at the Fed\u2019s March meeting, down from 69.6% a month ago, according to CME\u2019s FedWatch tool.
…<\/b>
U.S. Treasury yields surged, with the 10-year Treasury yield marking its largest one-day advance since Sept. 2022.
…<\/b>
The 10-year Treasury note yield was up 16.3 basis points to 4.026%, one day after reaching a new 2024 low. On the week, however, the 10-year was still down 29.7 basis points, the largest weekly decline since the week of Dec. 11.<\/p>\n

Canadian bond yields were also sharply higher, with the closely watched five-year bond yield up 15 basis points.
…<\/b>
Implied interest rate probabilities in the swaps market, which capture bets for future monetary policy moves, now suggest only about a 25 per cent chance of a Bank of Canada rate cut at its April 10 meeting, down from 36 per cent prior the 0830 am ET jobs report. Earlier this week, prior to Canada releasing an unexpectedly strong gross domestic product reading, those odds were pegged at near 50-50.<\/p>\n

A 69 per cent chance of a quarter-point interest rate cut is now priced in for the June 5 policy meeting, down from 82 per cent. The market is putting near-zero odds on a cut at the bank\u2019s next meeting in March.<\/p>\n

The market is still pricing in BoC cuts totaling nearly a full percentage point by year-end.<\/p><\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(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>\n0.2128 %<\/td>\n2,275.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2128 %<\/td>\n4,364.5<\/td>\n<\/tr>\n
Floater<\/td>\n10.70 %<\/td>\n10.93 %<\/td>\n34,553<\/td>\n8.81<\/td>\n2<\/td>\n0.2128 %<\/td>\n2,515.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2517 %<\/td>\n3,417.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.93 %<\/td>\n7.10 %<\/td>\n49,196<\/td>\n1.93<\/td>\n7<\/td>\n-0.2517 %<\/td>\n4,080.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2517 %<\/td>\n3,184.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0777 %<\/td>\n2,692.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.38 %<\/td>\n6.54 %<\/td>\n50,916<\/td>\n13.15<\/td>\n34<\/td>\n-0.0777 %<\/td>\n2,936.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.57 %<\/td>\n7.49 %<\/td>\n120,898<\/td>\n12.22<\/td>\n59<\/td>\n0.0083 %<\/td>\n2,370.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.26 %<\/td>\n6.45 %<\/td>\n70,295<\/td>\n13.24<\/td>\n20<\/td>\n-0.4448 %<\/td>\n2,895.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n10.06 %<\/td>\n10.25 %<\/td>\n31,223<\/td>\n9.24<\/td>\n5<\/td>\n0.0666 %<\/td>\n2,670.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.89 %<\/td>\n6.41 %<\/td>\n173,792<\/td>\n3.32<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,534.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0083 %<\/td>\n2,423.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.37 %<\/td>\n7.00 %<\/td>\n101,367<\/td>\n12.59<\/td>\n14<\/td>\n0.2229 %<\/td>\n2,647.9<\/td>\n<\/tr>\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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-5.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 9.91 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.31
\nEvaluated at bid price : 17.31
\nBid-YTW : 8.92 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.95
\nBid-YTW : 7.56 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.32
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 7.94 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 18.92
\nEvaluated at bid price : 18.92
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.51
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 8.83 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.93
\nEvaluated at bid price : 17.93
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
FFH.PR.F<\/td>\nFloatingReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 10.75 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.45
\nEvaluated at bid price : 20.45
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 18.10
\nEvaluated at bid price : 18.10
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 7.92 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 8.84 %<\/td>\n<\/tr>\n
FFH.PR.C<\/td>\nFixedReset Disc<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 8.03 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Disc<\/td>\n3.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 8.31 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n4.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n7.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 14.07
\nEvaluated at bid price : 14.07
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n124,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n111,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 7.57 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n95,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n62,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 7.92 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n59,580<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.43
\nEvaluated at bid price : 20.43
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n52,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 7.93 %<\/td>\n<\/tr>\n
There were 17 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\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.F<\/td>\nFixedReset Disc<\/td>\nQuote: 18.25 – 22.00
\nSpot Rate : 3.7500
\nAverage : 2.2416<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 8.83 %<\/td>\n<\/tr>\n

GWO.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 17.10 – 18.40
\nSpot Rate : 1.3000
\nAverage : 0.7963<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n

BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 17.40 – 18.51
\nSpot Rate : 1.1100
\nAverage : 0.6718<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 9.91 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.55 – 21.00
\nSpot Rate : 1.4500
\nAverage : 1.0989<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n

BN.PF.H<\/td>\nFixedReset Disc<\/td>\nQuote: 21.12 – 22.60
\nSpot Rate : 1.4800
\nAverage : 1.1471<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 8.84 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 20.16 – 21.48
\nSpot Rate : 1.3200
\nAverage : 1.0817<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-02
\nMaturity Price : 20.16
\nEvaluated at bid price : 20.16
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Jobs, jobs, jobs!: The United States produced an unexpectedly sizable batch of jobs last month, a boon for American workers that shows the labor market retains remarkable strength after three years of expansion. Employers added …<\/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-46356","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46356","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=46356"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46356\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}