{"id":49206,"date":"2025-08-12T20:39:36","date_gmt":"2025-08-13T00:39:36","guid":{"rendered":"https:\/\/prefblog.com\/?p=49206"},"modified":"2025-08-12T21:24:28","modified_gmt":"2025-08-13T01:24:28","slug":"august-12-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49206","title":{"rendered":"August 12, 2025"},"content":{"rendered":"

So, the US Inflation number<\/a> came out:<\/p>\n

The Consumer Price Index stayed steady at 2.7 percent compared to the same time last year. On a monthly basis, prices rose 0.2 percent from June. But an important gauge tracking consumer prices that strips out volatile food and energy prices accelerated more rapidly.<\/p>\n

\u201cCore\u201d C.P.I., which is closely watched by the central bank, jumped 0.3 percent over the course of the month, or 3.1 percent on a year-over-year basis. That is one of the largest monthly increases so far this year and represents the fastest annual pace in five months. In June, core inflation rose 0.2 percent from the previous month, or 2.9 percent from July 2024.
…<\/b>
Businesses have managed to avoid passing along price increases because of a strategy earlier in the year to stockpile goods that were likely to be subject to Mr. Trump\u2019s levies. Many companies have also sought to absorb the costs themselves in order to avoid driving away customers, some of whom are increasingly under financial strain.<\/p>\n

But the July data showed more businesses reaching a tipping point, left with little option but to raise prices following June\u2019s notable uptick. The biggest impact has so far been concentrated in categories such as furniture, appliances and other household wares, as well as recreation goods and footwear.<\/p>\n

In July, the broader household furnishings index rose 0.7 percent in June, following a 1 percent increase in June. Compared to the same time last year, those prices are up 2.4 percent. Recreation-related prices rose 0.4 percent. Some of the larger gains in July came in apparel and footwear, categories that are exposed to tariffs on countries around the world, including India, Vietnam and China. Prices on infants and toddlers apparel were up 3.3 percent in July. Footwear was up 1.4 percent.<\/p><\/blockquote>\n

Speaking of statistics, the new BLS honcho was named<\/a>:<\/p>\n

President Trump announced on Monday that he would nominate E.J. Antoni, an economist at the conservative Heritage Foundation, to lead the Bureau of Labor Statistics. Mr. Trump fired the previous commissioner of the agency after it reported weak job growth.<\/p>\n

Dr. Antoni, who would need to be confirmed by the Senate, has previously criticized the bureau and questioned its methods and reports. His nomination underscored Mr. Trump\u2019s attempts to place his own allies in control of a key repository of data about the nation\u2019s hiring, wages and prices.
…<\/b>
\u201cThere are better ways to collect, process, and disseminate data \u2014 that is the task for the next B.L.S. commissioner, and only consistent delivery of accurate data in a timely manner will rebuild the trust that has been lost over the last several years,\u201d Dr. Antoni posted on X last week.\u201cThere are better ways to collect, process, and disseminate data \u2014 that is the task for the next B.L.S. commissioner, and only consistent delivery of accurate data in a timely manner will rebuild the trust that has been lost over the last several years,\u201d Dr. Antoni posted on X last week.
…<\/b>
Kevin Hassett, the director of the White House National Economic Council, previously insisted the administration was \u201cabsolutely not\u201d trying to shoot the messenger on the heels of a poor jobs report.
…<\/b>
The agency has already seen quite a few departures. It employed about 2,300 people in September 2024, the most recent official data available, but about a third of top positions are currently vacant. And the White House has already weakened outside oversight of the agency\u2019s methods by dissolving an advisory panel of experts in January.<\/p>\n

Those changes, along with a diminished budget, will also make it difficult for Dr. Antoni to tackle what economists see as a legitimate problem at the bureau: shrinking survey coverage and declining response rates, which can exacerbate the kinds of large revisions that Mr. Trump cited as a reason for firing Dr. McEntarfer.<\/p>\n

In its budget request for 2026, the White House proposed decreasing the bureau\u2019s budget by $56 million.<\/p><\/blockquote>\n

The new spittle-licker promptly came up with a … surprising … idea<\/a>:<\/p>\n

President Trump’s nominee to lead the Bureau of Labor Statistics is suggesting that the agency suspend its monthly jobs report, an economic staple that is relied upon by the Federal Reserve and U.S. businesses to gauge the health of the economy. <\/p>\n

In an interview on Fox News Digital on Monday ahead of his nomination, E.J. Antoni criticized the monthly employment report as flawed and suggested it be replaced with “more accurate, though less timely, quarterly data.”
…<\/b>
“How on earth are businesses supposed to plan \u2014 or how is the Fed supposed to conduct monetary policy \u2014 when they don’t know how many jobs are being added or lost in our economy? It’s a serious problem that needs to be fixed immediately,” Antoni told Fox News Digital.<\/p>\n

He added, “Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data.”
…<\/b>
Responding to the BLS’ employment surveys is voluntary for businesses, while the federal government’s Office of Management and Budget directs the BLS to release “robust” data on basic economic indicators in a “timely” manner. But that’s become more challenging as fewer people and institutions respond to surveys, experts say.<\/p>\n

“Response rates have declined for nearly every top-tier government statistical survey over the last decade, a trend that accelerated during the pandemic,” Goldman Sachs economists wrote in an Aug. 11 research note.<\/p><\/blockquote>\n

He then promptly illustrated the administration’s penchant for thinking about things only after the tough-guy talk<\/a>:<\/p>\n

President Donald Trump\u2019s pick to head the Bureau of Labor Statistics, who previously proposed scrapping monthly jobs reports, is now backing off that idea, according to a report.
\nTrump tapped EJ Antoni, the chief economist at the conservative Heritage Foundation, for the role after firing the agency\u2019s last commissioner following her release of a poor July jobs report.
…<\/b>
He has since walked back on that proposal, CNN reported<\/a>. Antoni will continue to issue monthly jobs numbers if confirmed, Heritage Foundation economist Stephen Moore told CNN Tuesday.
…<\/b>
It\u2019s not immediately clear what may have changed his mind. The Independent has reached out to the Heritage Foundation for more information.<\/p><\/blockquote>\n

Just wait until these clowns find out that doing a good job costs money, spent largely on staff to negate the DOGE firings. Lots and lots of it. They’ll be so surprised that they’ll insist on getting a few Nobel prizes for discovering the concept.<\/p>\n

Incidentally, WordPress fans, it turns out that having an unbalanced number of ‘bolding’ formatting statements causes all sorts of peculiar things to happen with the layout. For the last ellipsis in the last blockquote, I had bold-ellipsis-bold instead of bold-ellipsis-unbold and this caused … problems that were not very obvious. Thanks, WordPress!<\/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>\n6.91 %<\/td>\n7.36 %<\/td>\n38,382<\/td>\n13.06<\/td>\n1<\/td>\n0.1250 %<\/td>\n2,394.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2291 %<\/td>\n4,603.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.60 %<\/td>\n6.91 %<\/td>\n38,754<\/td>\n12.61<\/td>\n3<\/td>\n0.2291 %<\/td>\n2,652.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0616 %<\/td>\n3,687.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.25 %<\/td>\n49,517<\/td>\n2.38<\/td>\n7<\/td>\n-0.0616 %<\/td>\n4,403.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0616 %<\/td>\n3,435.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.79 %<\/td>\n-5.26 %<\/td>\n112,112<\/td>\n0.08<\/td>\n2<\/td>\n0.0198 %<\/td>\n3,077.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.59 %<\/td>\n5.72 %<\/td>\n45,070<\/td>\n14.30<\/td>\n30<\/td>\n0.3870 %<\/td>\n3,346.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.58 %<\/td>\n6.14 %<\/td>\n119,010<\/td>\n13.37<\/td>\n37<\/td>\n0.0379 %<\/td>\n3,041.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.53 %<\/td>\n5.58 %<\/td>\n58,861<\/td>\n14.43<\/td>\n18<\/td>\n-0.4013 %<\/td>\n3,264.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.27 %<\/td>\n5.33 %<\/td>\n34,451<\/td>\n14.87<\/td>\n1<\/td>\n-0.2815 %<\/td>\n3,740.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.88 %<\/td>\n4.95 %<\/td>\n115,225<\/td>\n2.50<\/td>\n17<\/td>\n0.0410 %<\/td>\n2,631.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0379 %<\/td>\n3,109.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.20 %<\/td>\n5.53 %<\/td>\n70,324<\/td>\n14.26<\/td>\n15<\/td>\n1.0703 %<\/td>\n3,084.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-9.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.34
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 24.60
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.23
\nEvaluated at bid price : 21.23
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.68
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.10
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.63
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 23.90
\nEvaluated at bid price : 24.42
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 20.62
\nEvaluated at bid price : 20.62
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n6.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n10.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 23.51
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.49 %<\/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
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n208,374<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n171,440<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.89
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n142,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-09-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n62,425<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.87
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n51,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n40,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.95
\nEvaluated at bid price : 23.32
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
There were 8 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
GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 20.10 – 22.27
\nSpot Rate : 2.1700
\nAverage : 1.3263<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 26.25 – 27.25
\nSpot Rate : 1.0000
\nAverage : 0.6367<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 22.45 – 23.62
\nSpot Rate : 1.1700
\nAverage : 0.8408<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.59 – 21.75
\nSpot Rate : 1.1600
\nAverage : 0.8437<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 20.59
\nEvaluated at bid price : 20.59
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 23.06 – 24.37
\nSpot Rate : 1.3100
\nAverage : 1.0406<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.32 – 24.14
\nSpot Rate : 0.8200
\nAverage : 0.6743<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-12
\nMaturity Price : 22.95
\nEvaluated at bid price : 23.32
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

So, the US Inflation number came out: The Consumer Price Index stayed steady at 2.7 percent compared to the same time last year. On a monthly basis, prices rose 0.2 percent from June. But an …<\/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-49206","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49206","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=49206"}],"version-history":[{"count":14,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49206\/revisions"}],"predecessor-version":[{"id":49222,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49206\/revisions\/49222"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}