{"id":49791,"date":"2025-08-26T20:05:33","date_gmt":"2025-08-27T00:05:33","guid":{"rendered":"https:\/\/prefblog.com\/?p=49791"},"modified":"2025-08-26T20:05:33","modified_gmt":"2025-08-27T00:05:33","slug":"august-26-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49791","title":{"rendered":"August 26, 2025"},"content":{"rendered":"

Lisa Cook is fighting Trump’s attempt to fire her<\/a>:<\/p>\n

Federal Reserve Governor Lisa Cook\u2019s attorney, Abbe Lowell, announced on Tuesday he is filing a lawsuit to challenge President Donald Trump\u2019s attempt to fire her on Monday evening.<\/p>\n

\u201cPresident Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,\u201d he said in a statement sent to CNN.<\/p><\/blockquote>\n

Matt Egan at CNN puts Trump in dubious company<\/a>:<\/p>\n

In 1970, President Richard Nixon tapped Arthur Burns, one of his top economic aides, to lead the Fed.<\/p>\n

Even though Burns was known as an inflation fighter, historians say Nixon successfully pressured his handpicked Fed chief to juice the economy with low rates to boost his political fortunes.<\/p>\n

A review of telephone conversations \u201cclearly reveals that President Nixon pressured Burns, both directly and indirectly\u2026to engage in expansionary monetary policies prior to the 1972 election,\u201d according to a 2006 paper<\/a> published in the Journal of Economic Perspectives. \u201cRichard Nixon demanded and Arthur Burns supplied an expansionary monetary policy and a growing economy in the run-up to the 1972 election.\u201d
…<\/b>
More recently, Turkish President Tayyip Erdogan fired his country\u2019s central bank chief in 2021 and installed a loyalist<\/a>. As the Turkish central bank slashed interest rates at Erdogan\u2019s behest, the Turkish lira crashed and inflation blew past 80%.<\/p><\/blockquote>\n

To my surprise, markets yawned at the impending tussle<\/a>:<\/p>\n

Canada\u2019s main stock index closed up on Tuesday as strong bank earnings and higher gold prices helped boost shares, even as oil prices slid and concerns deepened about the U.S. Federal Reserve\u2019s independence. Wall Street also ended higher.
…<\/b>
The index also benefited from gold prices, which rose to a more than two-week high as investors took refuge in safe-haven yellow metal after fears that U.S. President Donald Trump would infringe on the independence of the Federal Reserve.<\/p>\n

Trump fired Fed Governor Lisa Cook over alleged improprieties in obtaining mortgage loans. Spot gold was trading at 3,390.52 per ounce, up 0.71% at 4:13 p.m. ET, which lifted the mining-companies-tracker materials index, with almost 12.5% weight on the TSX, up 1.41% at market close.
…<\/b>
The U.S. two-year Treasury yield, which closely tracks expectations for Fed action, slipped to 3.68% from 3.73% late Monday.<\/p><\/blockquote>\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>\n36,264<\/td>\n13.09<\/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>\n-0.1011 %<\/td>\n4,623.1<\/td>\n<\/tr>\n
Floater<\/td>\n6.57 %<\/td>\n6.93 %<\/td>\n40,436<\/td>\n12.56<\/td>\n3<\/td>\n-0.1011 %<\/td>\n2,664.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0283 %<\/td>\n3,650.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.30 %<\/td>\n52,528<\/td>\n2.37<\/td>\n7<\/td>\n0.0283 %<\/td>\n4,358.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0283 %<\/td>\n3,401.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.80 %<\/td>\n3.20 %<\/td>\n69,822<\/td>\n0.08<\/td>\n2<\/td>\n0.0595 %<\/td>\n3,071.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.60 %<\/td>\n5.70 %<\/td>\n42,529<\/td>\n14.32<\/td>\n30<\/td>\n-0.4107 %<\/td>\n3,343.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.71 %<\/td>\n6.21 %<\/td>\n123,128<\/td>\n13.38<\/td>\n36<\/td>\n0.0505 %<\/td>\n3,014.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.45 %<\/td>\n5.58 %<\/td>\n55,329<\/td>\n14.41<\/td>\n18<\/td>\n-0.4095 %<\/td>\n3,316.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.26 %<\/td>\n5.34 %<\/td>\n39,543<\/td>\n14.85<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,747.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.89 %<\/td>\n5.08 %<\/td>\n117,767<\/td>\n2.46<\/td>\n17<\/td>\n0.0640 %<\/td>\n2,625.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0505 %<\/td>\n3,081.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.29 %<\/td>\n5.61 %<\/td>\n74,350<\/td>\n14.31<\/td>\n15<\/td>\n0.1265 %<\/td>\n3,028.7<\/td>\n<\/tr>\n<\/table>\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.C<\/td>\nInsurance Straight<\/td>\n-9.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-8.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-4.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.71
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n-1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 23.43
\nEvaluated at bid price : 25.46
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.82
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.82
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 2.02 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 21.57
\nEvaluated at bid price : 21.57
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n3.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n4.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.66 %<\/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
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n251,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n61,697<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.79
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n58,570<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n56,008<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 22.13
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
PVS.PR.M<\/td>\nSplitShare<\/td>\n27,950<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2031-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
BEP.PR.G<\/td>\nFixedReset Ins Non<\/td>\n26,338<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
There were 19 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
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.05 – 22.99
\nSpot Rate : 2.9400
\nAverage : 1.9065<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 19.71 – 21.90
\nSpot Rate : 2.1900
\nAverage : 1.2362<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

BN.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.75 – 21.13
\nSpot Rate : 1.3800
\nAverage : 0.8767<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.15 – 23.50
\nSpot Rate : 1.3500
\nAverage : 0.9541<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 21.82 – 22.95
\nSpot Rate : 1.1300
\nAverage : 0.8050<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.82
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.00 – 18.22
\nSpot Rate : 2.2200
\nAverage : 1.9153<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-26
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Lisa Cook is fighting Trump’s attempt to fire her: Federal Reserve Governor Lisa Cook\u2019s attorney, Abbe Lowell, announced on Tuesday he is filing a lawsuit to challenge President Donald Trump\u2019s attempt to fire her on …<\/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-49791","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49791","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=49791"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49791\/revisions"}],"predecessor-version":[{"id":49792,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49791\/revisions\/49792"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}