{"id":48928,"date":"2025-07-31T19:35:02","date_gmt":"2025-07-31T23:35:02","guid":{"rendered":"https:\/\/prefblog.com\/?p=48928"},"modified":"2025-07-31T19:35:02","modified_gmt":"2025-07-31T23:35:02","slug":"july-31-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48928","title":{"rendered":"July 31, 2025"},"content":{"rendered":"

US inflation was announced today<\/a>:<\/p>\n

US consumers continued to spend in June, powering the economy in the process, despite tariff-related price hikes becoming more present on store shelves and online.
…<\/b>
The Personal Consumption Expenditures price index \u2014 the inflation gauge the Federal Reserve uses for its 2% target rate \u2014 rose 0.3% on a monthly basis, which lifted the annual rate to 2.6%, the highest since February.<\/p>\n

Economists were expecting PCE to rise 0.3% from 0.2% in May and accelerate on an annual basis to 2.5% from the initially reported 2.3% increase (May\u2019s annual inflation rate was revised upward to 2.4% in Thursday\u2019s report).<\/p>\n

The PCE price index was expected to heat up slightly in part because of rising gas prices, which had been falling for much of the year, as well as pricier goods from businesses passing along tariff-related costs to consumers.<\/p>\n

That was indeed the case, according to Thursday\u2019s report: Energy prices shot up 0.9% after falling 1% the month before. Goods prices rose 0.4%, the highest monthly rate since January (when prices bumped higher after holiday season discounts).<\/p>\n

Excluding energy and food, which tend to be quite volatile, the \u201ccore\u201d PCE index showed price hikes picked up speed in June, rising 0.3% from May (the fastest gain in four months), and holding at an annual rate of 2.8%<\/p><\/blockquote>\n

The TXPR price index set a new 52-week high today of 681.03 (the closing value), outpacing the 677.99 mark set yesterday. Readers who are not quite Assiduous enough might think that July has been a humdinger for performance, given the frequent new highs, but most of the improvements have been microscopic. The price index is up only 2.83% on the month – a good month, certainly, but not the hellzapoppin’ barn burner that the unwary might have been led to suspect.<\/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>\n0.2354 %<\/td>\n2,355.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2354 %<\/td>\n4,584.6<\/td>\n<\/tr>\n
Floater<\/td>\n6.78 %<\/td>\n6.86 %<\/td>\n45,879<\/td>\n12.69<\/td>\n2<\/td>\n0.2354 %<\/td>\n2,642.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0785 %<\/td>\n3,678.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.35 %<\/td>\n55,177<\/td>\n2.41<\/td>\n7<\/td>\n-0.0785 %<\/td>\n4,393.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0785 %<\/td>\n3,427.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5899 %<\/td>\n3,047.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.65 %<\/td>\n5.74 %<\/td>\n47,020<\/td>\n14.24<\/td>\n32<\/td>\n0.5899 %<\/td>\n3,323.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.54 %<\/td>\n6.25 %<\/td>\n126,775<\/td>\n13.24<\/td>\n40<\/td>\n0.0251 %<\/td>\n3,031.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.56 %<\/td>\n5.66 %<\/td>\n59,623<\/td>\n14.37<\/td>\n19<\/td>\n-0.1453 %<\/td>\n3,258.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.49 %<\/td>\n5.34 %<\/td>\n37,471<\/td>\n14.88<\/td>\n2<\/td>\n0.0942 %<\/td>\n3,724.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.72 %<\/td>\n4.87 %<\/td>\n111,120<\/td>\n2.95<\/td>\n16<\/td>\n0.1645 %<\/td>\n2,634.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0251 %<\/td>\n3,098.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.18 %<\/td>\n5.59 %<\/td>\n69,143<\/td>\n14.10<\/td>\n14<\/td>\n1.1570 %<\/td>\n3,087.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-4.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-3.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.78
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 21.93
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 24.43
\nEvaluated at bid price : 24.67
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 21.58
\nEvaluated at bid price : 21.84
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 23.39
\nEvaluated at bid price : 23.68
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.86
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.35
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n6.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n16.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.54
\nBid-YTW : 5.58 %<\/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
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n116,687<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 18.74
\nEvaluated at bid price : 18.74
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n108,083<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.44
\nEvaluated at bid price : 23.11
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BEP.PR.G<\/td>\nFixedReset Ins Non<\/td>\n65,942<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n29,629<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.44
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n26,550<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.60
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n25,829<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 23.44
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
There were 21 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
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.80 – 23.99
\nSpot Rate : 3.1900
\nAverage : 1.7601<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n

BN.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 23.30 – 24.69
\nSpot Rate : 1.3900
\nAverage : 0.8733<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.30
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.33 – 22.62
\nSpot Rate : 1.2900
\nAverage : 0.8131<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 24.00 – 25.00
\nSpot Rate : 1.0000
\nAverage : 0.5281<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 22.78
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nInsurance Straight<\/td>\nQuote: 20.65 – 22.09
\nSpot Rate : 1.4400
\nAverage : 0.9948<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 21.33 – 22.32
\nSpot Rate : 0.9900
\nAverage : 0.5740<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-31
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

US inflation was announced today: US consumers continued to spend in June, powering the economy in the process, despite tariff-related price hikes becoming more present on store shelves and online.…The Personal Consumption Expenditures price index …<\/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-48928","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48928","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=48928"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48928\/revisions"}],"predecessor-version":[{"id":48929,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48928\/revisions\/48929"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}