{"id":47603,"date":"2024-11-19T19:53:21","date_gmt":"2024-11-20T00:53:21","guid":{"rendered":"https:\/\/prefblog.com\/?p=47603"},"modified":"2024-11-19T19:53:21","modified_gmt":"2024-11-20T00:53:21","slug":"november-19-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47603","title":{"rendered":"November 19, 2024"},"content":{"rendered":"

Canadian inflation is reported to have ticked up a little<\/a> in October:<\/p>\n

The Consumer Price Index rose at an annual rate of 2 per cent in October, up from 1.6 per cent in September, Statistics Canada said Tuesday in a report. Financial analysts were expecting an upturn to 1.9 per cent.<\/p>\n

The inflation rate was guided higher by less flattering year-over-year calculations for gasoline prices and hefty increases in property taxes. On a monthly basis, the CPI rose 0.4 per cent.
…<\/b>
But Tuesday\u2019s report also showed that core measures of inflation \u2013 which strip out volatile movements in the CPI \u2013 heated up last month, an unwelcome development. This could prompt the BoC to shift back to rate cuts of a quarter-percentage-point after its half-point reduction in October.
…<\/b>
Property taxes rose 6 per cent in October, year-over-year, up from 4.9 per cent in 2023 and the largest increase since 1992. Statscan makes an annual update to its property tax numbers in every October CPI report.<\/p>\n

How market bets and economist views for future BoC rate cuts have shifted after today\u2019s inflation data<\/p>\n

Over all, housing inflation is trending lower. Shelter prices rose 4.8 per cent in October, year-over-year, compared with 5 per cent in September. Mortgage interest cost increases are slowing as the BoC cuts interest rates, and rents rose by an annual 7.3 per cent, down from 8.2 per cent in September. Still, national rents have jumped 25 per cent since the end of 2019, underscoring the financial headwinds facing millions of Canadians.<\/p><\/blockquote>\n

… and then<\/a>:<\/p>\n

Implied probabilities in swaps markets now suggest a 72 per cent chance of a 25 basis point cut on Dec. 11, and a 28 per cent chance that the bank will follow up with another jumbo 50 basis point cut, according to LSEG data.<\/p>\n

Just prior to the inflation data, markets were pricing in 61 per cent odds of the 25 basis point cut.<\/p><\/blockquote>\n

<\/a>
Pre-Announcement<\/div>\n
<\/a>
Post-Announcement<\/div>\n

Interesting to see that the projected 2025-12-10 rate has ticked up to 2.81% from 2.78%.<\/p>\n

Fairfax issues single-handedly lifted the market today, following reported reports<\/a> (thanks, IrateAR<\/i>!) that FFH will be issuing an LRCN-like sub-debt issue. We’ll see what gets reported tomorrow.<\/p>\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>\n0.5104 %<\/td>\n2,160.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5104 %<\/td>\n4,143.3<\/td>\n<\/tr>\n
Floater<\/td>\n8.81 %<\/td>\n9.34 %<\/td>\n30,611<\/td>\n10.02<\/td>\n4<\/td>\n0.5104 %<\/td>\n2,387.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5372 %<\/td>\n3,611.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.97 %<\/td>\n61,446<\/td>\n2.12<\/td>\n6<\/td>\n-0.5372 %<\/td>\n4,312.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5372 %<\/td>\n3,364.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2400 %<\/td>\n2,816.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.11 %<\/td>\n6.28 %<\/td>\n47,474<\/td>\n13.47<\/td>\n31<\/td>\n0.2400 %<\/td>\n3,071.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.49 %<\/td>\n6.88 %<\/td>\n91,259<\/td>\n12.60<\/td>\n58<\/td>\n1.0107 %<\/td>\n2,691.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.96 %<\/td>\n6.12 %<\/td>\n59,710<\/td>\n13.65<\/td>\n21<\/td>\n0.7645 %<\/td>\n3,037.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.90 %<\/td>\n6.77 %<\/td>\n33,191<\/td>\n12.72<\/td>\n2<\/td>\n8.3092 %<\/td>\n3,151.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.39 %<\/td>\n5.54 %<\/td>\n169,957<\/td>\n3.70<\/td>\n7<\/td>\n-0.3247 %<\/td>\n2,590.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.0107 %<\/td>\n2,750.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.20 %<\/td>\n6.28 %<\/td>\n72,253<\/td>\n13.40<\/td>\n14<\/td>\n0.5046 %<\/td>\n2,826.4<\/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
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-4.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.51
\nEvaluated at bid price : 20.51
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
PVS.PR.G<\/td>\nSplitShare<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 21.74
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 19.92
\nEvaluated at bid price : 19.92
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 11.43
\nEvaluated at bid price : 11.43
\nBid-YTW : 9.34 %<\/td>\n<\/tr>\n
FFH.PR.M<\/td>\nFixedReset Disc<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 22.97
\nEvaluated at bid price : 24.15
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.64
\nEvaluated at bid price : 20.64
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.18
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 21.69
\nEvaluated at bid price : 22.10
\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 18.91
\nEvaluated at bid price : 18.91
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Disc<\/td>\n4.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.65
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
FFH.PR.D<\/td>\nFloatingReset<\/td>\n5.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 24.61
\nEvaluated at bid price : 25.13
\nBid-YTW : 6.77 %<\/td>\n<\/tr>\n
FFH.PR.C<\/td>\nFixedReset Disc<\/td>\n6.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 24.13
\nEvaluated at bid price : 25.05
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
FFH.PR.F<\/td>\nFloatingReset<\/td>\n11.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 19.84
\nEvaluated at bid price : 19.84
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n13.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
FFH.PR.E<\/td>\nFixedReset Disc<\/td>\n13.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n14.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n18.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.40 %<\/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
FFH.PR.D<\/td>\nFloatingReset<\/td>\n228,320<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 24.61
\nEvaluated at bid price : 25.13
\nBid-YTW : 6.77 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n117,604<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.87
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n100,846<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n100,742<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n87,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n75,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 15.48
\nEvaluated at bid price : 15.48
\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n
There were 22 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
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.39 – 25.88
\nSpot Rate : 1.4900
\nAverage : 0.8468<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.39
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

PVS.PR.K<\/td>\nSplitShare<\/td>\nQuote: 24.00 – 25.10
\nSpot Rate : 1.1000
\nAverage : 0.6038<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 18.22 – 19.00
\nSpot Rate : 0.7800
\nAverage : 0.5584<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 18.22
\nEvaluated at bid price : 18.22
\nBid-YTW : 7.93 %<\/td>\n<\/tr>\n

BN.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 22.91 – 23.45
\nSpot Rate : 0.5400
\nAverage : 0.3619<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 22.37
\nEvaluated at bid price : 22.91
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n

BN.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 20.51 – 21.34
\nSpot Rate : 0.8300
\nAverage : 0.6641<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 20.51
\nEvaluated at bid price : 20.51
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n

BN.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 19.42 – 19.94
\nSpot Rate : 0.5200
\nAverage : 0.3922<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-11-19
\nMaturity Price : 19.42
\nEvaluated at bid price : 19.42
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Canadian inflation is reported to have ticked up a little in October: The Consumer Price Index rose at an annual rate of 2 per cent in October, up from 1.6 per cent in September, Statistics …<\/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-47603","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47603","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=47603"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47603\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}