Another new 52-week high for the TXPR price index, as today’s high of 673.58 (the close was 673.35) eclipsed Friday’s mark of 673.26.<\/p>\n
Mohamed El-Erian, the former CEO of bond giant PIMCO, thinks Powell should surrender<\/a>:<\/p>\n \u201cThe attacks on Chair Powell are now extending to the whole institution. The longer Powell stays in power, the more that process will continue, fundamentally threatening the independence of the Fed,\u201d Mohamed El-Erian, the former CEO of bond giant PIMCO, told CNN in a phone interview on Tuesday.<\/p>\n El-Erian, elaborating on a post he made on X, acknowledged his view is outside the consensus and \u201cvery unpopular.\u201d But he noted that Powell will effectively become a \u201clame duck\u201d the moment Trump announces a replacement, something that could happen much earlier than in the past, and that Powell leaving now would spare the Fed from months of attacks.<\/p>\n \u201cThe first best is that Powell remains until May when his tenure ends and the administration stops attacking the Fed,\u201d he said in the interview. \u201cBut that\u2019s not going to happen. We are nowhere near the world of first bests.\u201d \u201cThis would be like saying when you\u2019re getting bullied, the best thing to do is cave in,\u201d Blinder said during a phone interview. \u201cI\u2019d much rather see \u2013 and this is what I expect \u2013 Powell to fight this until the end.\u201d<\/p>\n \u201cIf Powell steps aside, it creates a terrible precedent for the future,\u201d said Blinder, now an economics professor at Princeton University.<\/p><\/blockquote>\n I’m in Blinder’s camp on this one: surrender would mean that all the administration has to do is huff and puff to get what it wants. In the Frozen North, we went through all this in 1961 with the Coyne Affair<\/a>, which had a similar beginning with a mostly salutary aftermath:<\/p>\n On the positive side, responsibility for monetary policy was clarified\u2014something demanded by Louis Rasminsky as a condition for assuming the governorship, and which was subsequently endorsed by a Royal Commission (the Porter Commission) into the state of banking and finance in Canada. Legislative changes made it clear that the government was ultimately responsible for monetary policy, with the Bank of Canada responsible for the day-to-day conduct of policy. In the event of an irreconcilable policy disagreement, the government would issue a public directive to the Bank\u2014an act which would cause the governor to resign. The Porter Commission also concluded that the controversial pension increase awarded to Coyne was entirely justified. On the negative side, a chill descended over the Bank\u2019s communications strategy. Governor Rasminsky refrained from speaking publicly on economic issues for two years. As well, according to John Crow, governor of the Bank from 1987-94, the \u201ctrauma\u201d suffered by the Bank may have dampened its willingness to fight inflation during the 1960s and 1970s when inflationary pressures began to get out of control, and which later became so costly to subdue.<\/p><\/blockquote>\n And, of course, Assiduous Readers will remember my piece In this politicized climate, the Bank of Canada needs to be a lot better at communicating<\/a>!<\/p>\n
…<\/b>
Alan Blinder, the former No. 2 official at the Fed, told CNN that he \u201ccouldn\u2019t disagree more vehemently\u201d with El-Erian, who he knows and respects.<\/p>\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\n Index<\/td>\n Mean
Current
Yield
(at bid)<\/td>\nMedian
YTW<\/td>\nMedian
Average
Trading
Value<\/td>\nMedian
Mod Dur
(YTW)<\/td>\nIssues<\/td>\n Day’s Perf.<\/td>\n Index Value<\/td>\n<\/tr>\n \n Ratchet<\/td>\n 0.00 %<\/td>\n 0.00 %<\/td>\n 0<\/td>\n 0.00<\/td>\n 0<\/td>\n 0.4341 %<\/td>\n 2,345.9<\/td>\n<\/tr>\n \n FixedFloater<\/td>\n 0.00 %<\/td>\n 0.00 %<\/td>\n 0<\/td>\n 0.00<\/td>\n 0<\/td>\n 0.4341 %<\/td>\n 4,566.6<\/td>\n<\/tr>\n \n Floater<\/td>\n 6.81 %<\/td>\n 6.88 %<\/td>\n 50,667<\/td>\n 12.69<\/td>\n 2<\/td>\n 0.4341 %<\/td>\n 2,631.8<\/td>\n<\/tr>\n \n OpRet<\/td>\n 0.00 %<\/td>\n 0.00 %<\/td>\n 0<\/td>\n 0.00<\/td>\n 0<\/td>\n -0.1290 %<\/td>\n 3,678.6<\/td>\n<\/tr>\n \n SplitShare<\/td>\n 4.76 %<\/td>\n 4.24 %<\/td>\n 56,499<\/td>\n 2.44<\/td>\n 7<\/td>\n -0.1290 %<\/td>\n 4,393.0<\/td>\n<\/tr>\n \n Interest-Bearing<\/td>\n 0.00 %<\/td>\n 0.00 %<\/td>\n 0<\/td>\n 0.00<\/td>\n 0<\/td>\n -0.1290 %<\/td>\n 3,427.6<\/td>\n<\/tr>\n \n Perpetual-Premium<\/td>\n 0.00 %<\/td>\n 0.00 %<\/td>\n 0<\/td>\n 0.00<\/td>\n 0<\/td>\n 0.1412 %<\/td>\n 2,997.7<\/td>\n<\/tr>\n \n Perpetual-Discount<\/td>\n 5.74 %<\/td>\n 5.82 %<\/td>\n 45,865<\/td>\n 14.16<\/td>\n 32<\/td>\n 0.1412 %<\/td>\n 3,268.8<\/td>\n<\/tr>\n \n FixedReset Disc<\/td>\n 5.61 %<\/td>\n 6.26 %<\/td>\n 117,314<\/td>\n 13.25<\/td>\n 40<\/td>\n 0.2951 %<\/td>\n 2,998.4<\/td>\n<\/tr>\n \n Insurance Straight<\/td>\n 5.60 %<\/td>\n 5.68 %<\/td>\n 53,409<\/td>\n 14.38<\/td>\n 19<\/td>\n 0.4321 %<\/td>\n 3,235.5<\/td>\n<\/tr>\n \n FloatingReset<\/td>\n 5.58 %<\/td>\n 5.38 %<\/td>\n 41,541<\/td>\n 14.82<\/td>\n 2<\/td>\n -0.3329 %<\/td>\n 3,671.8<\/td>\n<\/tr>\n \n FixedReset Prem<\/td>\n 5.72 %<\/td>\n 5.09 %<\/td>\n 114,710<\/td>\n 2.59<\/td>\n 16<\/td>\n 0.0459 %<\/td>\n 2,634.2<\/td>\n<\/tr>\n \n FixedReset Bank Non<\/td>\n 0.00 %<\/td>\n 0.00 %<\/td>\n 0<\/td>\n 0.00<\/td>\n 0<\/td>\n 0.2951 %<\/td>\n 3,065.0<\/td>\n<\/tr>\n \n FixedReset Ins Non<\/td>\n 5.22 %<\/td>\n 5.65 %<\/td>\n 72,663<\/td>\n 14.18<\/td>\n 14<\/td>\n -0.7752 %<\/td>\n 3,062.1<\/td>\n<\/tr>\n<\/table>\n \n
\n Performance Highlights<\/strong><\/td>\n<\/tr>\n \n Issue<\/td>\n Index<\/td>\n Change<\/td>\n Notes<\/td>\n<\/tr>\n \n IFC.PR.A<\/td>\n FixedReset Ins Non<\/td>\n -6.67 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n\n MFC.PR.L<\/td>\n FixedReset Ins Non<\/td>\n -3.66 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n\n PWF.PR.Z<\/td>\n Perpetual-Discount<\/td>\n -1.81 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n\n MFC.PR.B<\/td>\n Insurance Straight<\/td>\n -1.33 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 20.72
\nEvaluated at bid price : 20.72
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n\n PWF.PR.S<\/td>\n Perpetual-Discount<\/td>\n -1.33 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n\n FTS.PR.J<\/td>\n Perpetual-Discount<\/td>\n -1.17 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n\n SLF.PR.D<\/td>\n Insurance Straight<\/td>\n 1.55 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 20.92
\nEvaluated at bid price : 20.92
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n\n ENB.PR.N<\/td>\n FixedReset Disc<\/td>\n 3.15 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 22.87
\nEvaluated at bid price : 23.88
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n\n IFC.PR.I<\/td>\n Insurance Straight<\/td>\n 4.78 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 23.63
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n\n PWF.PR.F<\/td>\n Perpetual-Discount<\/td>\n 5.31 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n\n BN.PR.R<\/td>\n FixedReset Disc<\/td>\n 8.20 %<\/td>\n YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-22
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n<\/table>\n