{"id":49536,"date":"2025-08-20T22:22:33","date_gmt":"2025-08-21T02:22:33","guid":{"rendered":"https:\/\/prefblog.com\/?p=49536"},"modified":"2025-08-21T12:07:50","modified_gmt":"2025-08-21T16:07:50","slug":"august-20-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49536","title":{"rendered":"August 20, 2025"},"content":{"rendered":"

There’s some more commentary on the spectacle of free-enterprise, freedom-loving, double-entry-bookkeeping rugged American types kow-towing to Trump<\/a>:<\/p>\n

The orthodoxy manifested itself in familiar ways. Groups that claimed the mantle of individual liberties would decry new legislation. Talk radio and podcasts would mock unnamed bureaucrats for ham-fisted overreach. And powerful business lobbies were quick to denounce \u2014 in press releases and even lawsuits \u2014 regulations or taxes they saw as government overreach.<\/p>\n

But when faced with President Donald Trump\u2019s efforts to seize control of private enterprise \u2014 such as his recent arrangement to have the US pocket a portion of Nvidia\u2019s sales to China, his social media outbursts at individual executives, his moves to take a stake in Intel, and his use of executive powers to cajole banks and law firms he perceives as insufficiently loyal \u2014 those same groups have gone quiet.<\/p>\n

Take the US Chamber of Commerce, the largest business advocacy group in the country.<\/p>\n

Last year, the Chamber sued a federal consumer watchdog group for attempting to cap credit card late fees at $8 a month, claiming the agency \u201cexceeded its statutory authority.\u201d In 2023, it sued the Biden administration over provisions for Medicare price negotiations in the Inflation Reduction Act, claiming the move would consolidate \u201cunfettered and unchecked power\u201d to the department of Health and Human Services.<\/p>\n

But under Trump\u2019s second term, the Chamber has had little to say publicly about Trump\u2019s aggressive meddling in the private sector.<\/p>\n

Similarly, the Business Roundtable, another DC-based lobbying group that represents hundreds of chief executives, has rarely been shy about denouncing what it sees as presidential overreach in the form of taxes and environmental regulations. This year, though, the group has been largely MIA on the MAGA shift toward a style of capitalism that more closely resembles the autocratic regimes of Russia and China.<\/p>\n

Both groups have criticized Trump\u2019s trade war, warning that tariffs hurt American businesses. But neither has spoken out about the president\u2019s more direct assault on free enterprise.<\/p>\n

Neither the Chamber of Commerce nor the Business Roundtable responded to multiple requests for comment.<\/p><\/blockquote>\n

And now Trump’s going after another Fed governor<\/a>:<\/p>\n

President Donald Trump on Wednesday called on a top policymaker at the Federal Reserve to resign, after one of his allies alleged that she committed mortgage fraud.<\/p>\n

In a letter dated August 15, Federal Housing Finance Agency director Bill Pulte urged the Justice Department to investigate a pair of mortgages taken out in recent years by Fed Governor Lisa Cook.<\/p>\n

On Wednesday, Trump referenced those allegations on his social media platform, writing that \u201cCook must resign, now!!!\u201d<\/p>\n

But Cook pushed back on calls to resign, saying she would not be pushed out of the Fed.
…<\/b>
In the letter, which Pulte posted on social media, he alleged that Cook, a Biden appointee, \u201cfalsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.\u201d<\/p>\n

Pulte refers to a mortgage Cook took out in June 2021 to purchase a property in Ann Arbor, Michigan, which stipulated it would be her primary home address for at least a year, according to the letter. Cook then took out another mortgage in Georgia two weeks later, Pulte said, also declaring that property as her primary home address. Cook\u2019s Georgia home was later listed as a rental, according to Pulte.<\/p>\n

\u201cThere can be no mortgage fraud. This came across our desk, and it\u2019s my duty to report it,\u201d Pulte said. \u201cIt wouldn\u2019t matter if she were a Republican or a Democrat. It is what it is.\u201d<\/p><\/blockquote>\n

I’d like to know exactly what is meant by ‘this came across our desk’. How? I mean, these are banking documents; in what manner did they cross Pulte’s desk? Did they become public as a result of Cook’s governorship and were found by a dedicated Republican dirt patrol? Or was the process more … complex?<\/p>\n

One way or another, stay tuned! This is getting dirty.<\/p>\n

PerpetualDiscounts now yield 5.72%, equivalent to 7.44% interest at the standard conversion factor of 1.3x. Long corporates<\/a> now yield 5.03%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 240bp, a sharp narrowing from the 255bp reported August 13<\/a>.<\/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>\n6.88 %<\/td>\n7.35 %<\/td>\n35,105<\/td>\n13.06<\/td>\n1<\/td>\n0.3125 %<\/td>\n2,398.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0254 %<\/td>\n4,599.7<\/td>\n<\/tr>\n
Floater<\/td>\n6.61 %<\/td>\n6.94 %<\/td>\n40,783<\/td>\n12.56<\/td>\n3<\/td>\n0.0254 %<\/td>\n2,650.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0168 %<\/td>\n3,690.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.74 %<\/td>\n4.12 %<\/td>\n52,085<\/td>\n2.36<\/td>\n7<\/td>\n0.0168 %<\/td>\n4,407.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0168 %<\/td>\n3,438.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.83 %<\/td>\n3.02 %<\/td>\n96,055<\/td>\n0.08<\/td>\n2<\/td>\n0.0000 %<\/td>\n3,055.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.72 %<\/td>\n44,041<\/td>\n14.28<\/td>\n30<\/td>\n-0.3897 %<\/td>\n3,335.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.64 %<\/td>\n6.25 %<\/td>\n117,911<\/td>\n13.23<\/td>\n37<\/td>\n0.1018 %<\/td>\n3,008.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.44 %<\/td>\n5.57 %<\/td>\n56,555<\/td>\n14.47<\/td>\n18<\/td>\n-0.0194 %<\/td>\n3,322.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.26 %<\/td>\n5.33 %<\/td>\n34,826<\/td>\n14.87<\/td>\n1<\/td>\n0.0403 %<\/td>\n3,747.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.89 %<\/td>\n5.11 %<\/td>\n117,372<\/td>\n2.48<\/td>\n17<\/td>\n0.0068 %<\/td>\n2,627.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1018 %<\/td>\n3,075.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.26 %<\/td>\n5.66 %<\/td>\n66,903<\/td>\n14.29<\/td>\n15<\/td>\n-0.7049 %<\/td>\n3,046.7<\/td>\n<\/tr>\n<\/table>\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
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-7.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-5.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 20.26
\nEvaluated at bid price : 20.26
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-3.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.51
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.66
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 23.48
\nEvaluated at bid price : 25.07
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 23.50
\nEvaluated at bid price : 25.00
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n2.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 22.49
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.73 %<\/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>\n75,827<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Prem<\/td>\n30,091<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n27,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n16,470<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 21.92
\nEvaluated at bid price : 22.31
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n13,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.93
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n13,140<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
There were 4 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
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.26 – 21.72
\nSpot Rate : 1.4600
\nAverage : 0.9420<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 20.26
\nEvaluated at bid price : 20.26
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.60 – 22.30
\nSpot Rate : 1.7000
\nAverage : 1.2451<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.00 – 21.78
\nSpot Rate : 1.7800
\nAverage : 1.4131<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.40 – 23.20
\nSpot Rate : 1.8000
\nAverage : 1.5225<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.75 – 24.30
\nSpot Rate : 0.5500
\nAverage : 0.3600<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n

BN.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 22.51 – 23.00
\nSpot Rate : 0.4900
\nAverage : 0.3377<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-20
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.51
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s some more commentary on the spectacle of free-enterprise, freedom-loving, double-entry-bookkeeping rugged American types kow-towing to Trump: The orthodoxy manifested itself in familiar ways. Groups that claimed the mantle of individual liberties would decry new …<\/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-49536","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49536","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=49536"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49536\/revisions"}],"predecessor-version":[{"id":49540,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49536\/revisions\/49540"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}