{"id":49283,"date":"2018-04-19T20:53:00","date_gmt":"2018-04-20T00:53:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49283"},"modified":"2025-08-13T20:55:34","modified_gmt":"2025-08-14T00:55:34","slug":"april-19-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49283","title":{"rendered":"April 19, 2018"},"content":{"rendered":"

The strength of US institutions was on display again today, as the New York Fed published a blog post titled Will New Steel Tariffs Protect U.S. Jobs?<\/a>:<\/p>\n

\n

We argue that the new tariffs are likely to lead to a net loss in U.S. employment, at least in the short to medium run.
…<\/b>
Research on markup adjustments more generally shows that a 10 percent increase in competitor prices leads to a 5 percent increase in domestic prices. With a 25 percent tax on imported steel, local steel producers can increase their markups and prices, and still stay competitive relative to foreign-produced inputs. This is the so-called protection that tariffs confer. <\/p>\n

However, firms that are dependent on steel and aluminum inputs\u2014both importers and non-importers\u2014will face higher prices. Downstream domestic producers will have to increase their prices or reduce markups, which makes them uncompetitive relative to competing imports. Similarly, U.S. exporters that need steel or steel-related inputs will face higher input costs and will have to either increase export prices or reduce their profit margins. These effects could lead to lower employment in these steel-intensive industries and possibly plant shut downs. Researchers estimate that the number of jobs in steel-intensive industries, which they define as industries with steel inputs of at least 5 percent of total, is around 2 million\u2014for example, manufacturers of auto parts, motorcycles, and household appliances.<\/p>\n<\/blockquote>\n

\"steelproduction\"<\/a>
Click for Big<\/i><\/div>\n

I can’t imagine either Poluz or Carney authorizing the publication of anything like that! Canada is poorly served by its bootlicking class.<\/p>\n

The 10-Year Treasury yield increased by 4bp today<\/a>, which some blame on the commodity markets<\/a>:<\/p>\n

\n

The recent weeks of sanctions, tariff dust-ups and tight oil supplies that jolted commodities prices higher have now got equities and Treasuries investors on the run, according to Weeden & Co.<\/p>\n

Unlike in February, when optimism over global growth sent Treasury yields higher, this time it\u2019s the price pressure from rising metals, Weeden\u2019s Michael Purves wrote in a note to investors Thursday.<\/p>\n<\/blockquote>\n

\"treasuries_180419\"<\/a>
Click for Big<\/i><\/div>\n

Five year Canada yields were higher as well, closing at 2.16%<\/a> … this should have been good news for FixedResets but, perversely, they got hit today along with everything else.<\/p>\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-0.7463 %<\/td>\n2,969.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.7463 %<\/td>\n5,449.4<\/td>\n<\/tr>\n
Floater<\/td>\n3.36 %<\/td>\n3.58 %<\/td>\n95,928<\/td>\n18.35<\/td>\n4<\/td>\n-0.7463 %<\/td>\n3,140.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0874 %<\/td>\n3,151.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.61 %<\/td>\n4.58 %<\/td>\n78,070<\/td>\n5.10<\/td>\n5<\/td>\n0.0874 %<\/td>\n3,763.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0874 %<\/td>\n2,936.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n-7.68 %<\/td>\n75,734<\/td>\n0.09<\/td>\n11<\/td>\n-0.2323 %<\/td>\n2,873.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.38 %<\/td>\n5.42 %<\/td>\n64,749<\/td>\n14.79<\/td>\n24<\/td>\n-0.3042 %<\/td>\n2,949.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.31 %<\/td>\n4.73 %<\/td>\n160,597<\/td>\n5.65<\/td>\n104<\/td>\n-0.3088 %<\/td>\n2,510.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.13 %<\/td>\n5.73 %<\/td>\n85,238<\/td>\n5.65<\/td>\n28<\/td>\n-0.2035 %<\/td>\n2,945.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.03 %<\/td>\n2.90 %<\/td>\n32,205<\/td>\n3.59<\/td>\n11<\/td>\n-0.1406 %<\/td>\n2,762.8<\/td>\n<\/tr>\n<\/table>\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
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 19.47
\nEvaluated at bid price : 19.47
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.45
\nEvaluated at bid price : 22.77
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.31
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.80
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.09
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 16.49
\nEvaluated at bid price : 16.49
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 17.64
\nEvaluated at bid price : 17.64
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.57
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.66
\nEvaluated at bid price : 23.21
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.92
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.10
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 16.97
\nEvaluated at bid price : 16.97
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 21.68
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.03 %<\/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
TD.PR.S<\/td>\nFixedReset<\/td>\n89,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n66,000<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.91
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n58,890<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n58,016<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.03
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n44,258<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
EIT.PR.B<\/td>\nSplitShare<\/td>\n43,343<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2025-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
There were 25 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
BAM.PF.E<\/td>\nFixedReset<\/td>\nQuote: 22.77 – 23.10
\nSpot Rate : 0.3300
\nAverage : 0.2098<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.45
\nEvaluated at bid price : 22.77
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 23.21 – 23.45
\nSpot Rate : 0.2400
\nAverage : 0.1522<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 22.66
\nEvaluated at bid price : 23.21
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

TRP.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 19.47 – 19.71
\nSpot Rate : 0.2400
\nAverage : 0.1574<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-04-19
\nMaturity Price : 19.47
\nEvaluated at bid price : 19.47
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n

BAM.PF.H<\/td>\nFixedReset<\/td>\nQuote: 25.76 – 25.97
\nSpot Rate : 0.2100
\nAverage : 0.1312<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n

CU.PR.I<\/td>\nFixedReset<\/td>\nQuote: 26.00 – 26.26
\nSpot Rate : 0.2600
\nAverage : 0.1829<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset<\/td>\nQuote: 24.57 – 24.80
\nSpot Rate : 0.2300
\nAverage : 0.1545<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.57
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The strength of US institutions was on display again today, as the New York Fed published a blog post titled Will New Steel Tariffs Protect U.S. Jobs?: We argue that the new tariffs are likely …<\/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-49283","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49283","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=49283"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49283\/revisions"}],"predecessor-version":[{"id":49284,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49283\/revisions\/49284"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}