{"id":49702,"date":"2025-08-25T20:06:24","date_gmt":"2025-08-26T00:06:24","guid":{"rendered":"https:\/\/prefblog.com\/?p=49702"},"modified":"2025-08-25T20:41:24","modified_gmt":"2025-08-26T00:41:24","slug":"august-25-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49702","title":{"rendered":"August 25, 2025"},"content":{"rendered":"

Trump has crossed a bright line<\/a>:<\/p>\n

President Donald Trump on Monday said he has fired Federal Reserve Governor Lisa Cook, according to a letter addressed to her posted on his social media \u2014 the first such instance in the central bank\u2019s 111-year history.<\/p>\n

The move itself is unprecedented represents a significant escalation of the president\u2019s battle against the Fed, which he has blamed for taking too long to lower interest rates.<\/p>\n

Cook has recently come under fire by Trump and members of his administration for allegedly committing mortgage fraud. The Justice Department has said it plans to investigate those allegations first raised by Federal Housing Finance Director Bill Pulte.<\/p>\n

The Fed did not immediately respond to CNN\u2019s inquiry.<\/p>\n

It\u2019s unclear whether Trump has the legal authority to fire Cook over these allegations. The law specifies that a president may only remove members of the Fed\u2019s board \u201cfor cause\u201d \u2013 though what merits a for-cause firing has not been explicity defined.<\/p><\/blockquote>\n

This situation was discussed on August 20<\/a> and August 21<\/a>. <\/p>\n

It will be most interesting to see what the Treasury market makes of this tomorrow morning!<\/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>\n6.83 %<\/td>\n7.30 %<\/td>\n36,396<\/td>\n13.10<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,413.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1012 %<\/td>\n4,627.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.57 %<\/td>\n6.91 %<\/td>\n40,448<\/td>\n12.59<\/td>\n3<\/td>\n0.1012 %<\/td>\n2,667.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1413 %<\/td>\n3,649.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.26 %<\/td>\n50,390<\/td>\n2.37<\/td>\n7<\/td>\n-0.1413 %<\/td>\n4,357.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1413 %<\/td>\n3,400.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.81 %<\/td>\n3.99 %<\/td>\n70,232<\/td>\n0.08<\/td>\n2<\/td>\n-0.0397 %<\/td>\n3,069.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.69 %<\/td>\n43,141<\/td>\n14.35<\/td>\n30<\/td>\n0.2647 %<\/td>\n3,357.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.63 %<\/td>\n6.21 %<\/td>\n114,664<\/td>\n13.28<\/td>\n37<\/td>\n0.4055 %<\/td>\n3,013.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.42 %<\/td>\n5.53 %<\/td>\n55,912<\/td>\n14.47<\/td>\n18<\/td>\n-0.1041 %<\/td>\n3,330.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.26 %<\/td>\n5.34 %<\/td>\n39,343<\/td>\n14.85<\/td>\n1<\/td>\n-0.0804 %<\/td>\n3,747.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.90 %<\/td>\n5.14 %<\/td>\n117,166<\/td>\n2.46<\/td>\n17<\/td>\n-0.2735 %<\/td>\n2,623.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4055 %<\/td>\n3,080.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.30 %<\/td>\n5.61 %<\/td>\n68,820<\/td>\n14.29<\/td>\n15<\/td>\n-0.7708 %<\/td>\n3,024.9<\/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
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-14.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 15.46
\nEvaluated at bid price : 15.46
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-4.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-3.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.92
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.86
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n3.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 20.66
\nEvaluated at bid price : 20.66
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n5.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n9.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 23.41
\nEvaluated at bid price : 25.25
\nBid-YTW : 5.98 %<\/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
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n129,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 23.31
\nEvaluated at bid price : 23.59
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n79,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n69,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n52,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n51,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n41,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 23.93
\nEvaluated at bid price : 24.17
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
There were 15 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.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.46 – 18.25
\nSpot Rate : 2.7900
\nAverage : 1.5813<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 15.46
\nEvaluated at bid price : 15.46
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 23.06 – 24.44
\nSpot Rate : 1.3800
\nAverage : 0.8380<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 24.99 – 25.99
\nSpot Rate : 1.0000
\nAverage : 0.5301<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.30 – 22.30
\nSpot Rate : 1.0000
\nAverage : 0.6505<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 22.12 – 22.98
\nSpot Rate : 0.8600
\nAverage : 0.5148<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 21.88
\nEvaluated at bid price : 22.12
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.26 – 19.90
\nSpot Rate : 1.6400
\nAverage : 1.3581<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-25
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Trump has crossed a bright line: President Donald Trump on Monday said he has fired Federal Reserve Governor Lisa Cook, according to a letter addressed to her posted on his social media \u2014 the first …<\/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-49702","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49702","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=49702"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49702\/revisions"}],"predecessor-version":[{"id":49725,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49702\/revisions\/49725"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}