{"id":48130,"date":"2025-07-10T20:06:05","date_gmt":"2025-07-11T00:06:05","guid":{"rendered":"https:\/\/prefblog.com\/?p=48130"},"modified":"2025-07-10T21:09:44","modified_gmt":"2025-07-11T01:09:44","slug":"july-10-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48130","title":{"rendered":"July 10, 2025"},"content":{"rendered":"

The Trump news<\/a> keeps getting more and more bizarre and self-destructive:<\/p>\n

Just two weeks after President Donald Trump sent a handwritten letter to Powell demanding lower interest rates, Russell Vought, Trump\u2019s director of the Office of Management and Budget (OMB), accused Powell of breaking the law by failing to comply with government oversight regulations and lying to Congress about details of an approximately $2.5 billion planned renovation of the Fed\u2019s headquarters.<\/p>\n

\u201cThe President is extremely troubled by your management of the Federal Reserve System,\u201d Vought wrote in a letter he posted to social media Thursday. \u201cInstead of attempting to right the Fed\u2019s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.\u201d
…<\/b>
The latest criticism about the rising costs of the Fed\u2019s headquarters may signal the administration is laying the groundwork to justify firing Powell, said Ed Mills, a policy analyst at Raymond James.<\/p>\n

\u201cThe Supreme Court has made it very clear in their rulings that they would not support the president firing Powell,\u201d Mills said. \u201cSo they can either find a reason to fire him for cause, or you create enough of a negative environment that Powell says, \u2018it\u2019s no longer worth it, I\u2019m out.\u2019\u201d<\/p><\/blockquote>\n

If they actually do follow through with firing Powell, look for market yields to spike 100bp. Mind you, I suspect that this is all bluster that will come to nothing – it’s just to show the base what a he-man Trump is. Or it could all be intended as a distraction from the gutting of the civil service and the ongoing pogrom against migrants. Who knows?<\/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>\n-0.1575 %<\/td>\n2,337.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1575 %<\/td>\n4,550.5<\/td>\n<\/tr>\n
Floater<\/td>\n6.83 %<\/td>\n6.89 %<\/td>\n52,193<\/td>\n12.70<\/td>\n2<\/td>\n-0.1575 %<\/td>\n2,622.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2255 %<\/td>\n3,672.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.43 %<\/td>\n60,205<\/td>\n0.62<\/td>\n7<\/td>\n0.2255 %<\/td>\n4,385.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2255 %<\/td>\n3,421.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5110 %<\/td>\n2,982.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.77 %<\/td>\n5.88 %<\/td>\n46,557<\/td>\n14.09<\/td>\n32<\/td>\n-0.5110 %<\/td>\n3,251.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.66 %<\/td>\n6.19 %<\/td>\n118,150<\/td>\n13.24<\/td>\n40<\/td>\n0.0646 %<\/td>\n2,970.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.70 %<\/td>\n5.75 %<\/td>\n50,814<\/td>\n14.30<\/td>\n19<\/td>\n-0.0626 %<\/td>\n3,177.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.61 %<\/td>\n5.37 %<\/td>\n42,211<\/td>\n14.86<\/td>\n2<\/td>\n-1.0981 %<\/td>\n3,629.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.75 %<\/td>\n5.04 %<\/td>\n123,760<\/td>\n2.63<\/td>\n16<\/td>\n-0.2036 %<\/td>\n2,619.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0646 %<\/td>\n3,036.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.62 %<\/td>\n65,977<\/td>\n14.15<\/td>\n14<\/td>\n-1.1905 %<\/td>\n3,033.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-13.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-7.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-3.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-3.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.72
\nEvaluated at bid price : 20.72
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 17.61
\nEvaluated at bid price : 17.61
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.84
\nEvaluated at bid price : 20.84
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.53
\nEvaluated at bid price : 20.53
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 19.73
\nEvaluated at bid price : 19.73
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 21.67
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 19.09
\nEvaluated at bid price : 19.09
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 22.36
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.03
\nEvaluated at bid price : 20.03
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-09
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.38
\nBid-YTW : -6.50 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.46 %<\/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
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n147,402<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 23.24
\nEvaluated at bid price : 24.72
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Prem<\/td>\n142,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n107,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 17.58
\nEvaluated at bid price : 17.58
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n53,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n38,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n27,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 2.89 %<\/td>\n<\/tr>\n
There were 13 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\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.15 – 24.70
\nSpot Rate : 3.5500
\nAverage : 2.2789<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nInsurance Straight<\/td>\nQuote: 22.90 – 24.80
\nSpot Rate : 1.9000
\nAverage : 1.0520<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 19.55 – 21.00
\nSpot Rate : 1.4500
\nAverage : 0.9248<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n

BN.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.30 – 22.00
\nSpot Rate : 1.7000
\nAverage : 1.3463<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.05 – 21.10
\nSpot Rate : 1.0500
\nAverage : 0.7880<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.55 – 18.28
\nSpot Rate : 0.7300
\nAverage : 0.4939<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-10
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Trump news keeps getting more and more bizarre and self-destructive: Just two weeks after President Donald Trump sent a handwritten letter to Powell demanding lower interest rates, Russell Vought, Trump\u2019s director of the Office …<\/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-48130","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48130","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=48130"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48130\/revisions"}],"predecessor-version":[{"id":48132,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48130\/revisions\/48132"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}