{"id":49829,"date":"2025-08-27T19:21:25","date_gmt":"2025-08-27T23:21:25","guid":{"rendered":"https:\/\/prefblog.com\/?p=49829"},"modified":"2025-08-28T13:06:58","modified_gmt":"2025-08-28T17:06:58","slug":"august-27-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49829","title":{"rendered":"August 27, 2025"},"content":{"rendered":"

To continue the Trump-Cook reporting from yesterday<\/a> … Janet Yellen has weighed in<\/a>:<\/p>\n

Former Federal Reserve Chair and Treasury Secretary Janet Yellen slammed President Trump on Wednesday for moving to fire Fed board of governors member Lisa Cook, calling his actions \u201cunlawful\u201d and \u201cdangerous.\u201d<\/p>\n

\u201cUS President Donald Trump\u2019s claim that he has \u2018fired\u2019 Federal Reserve governor Lisa Cook \u2018for cause\u2019 is not only unlawful. It is profoundly dangerous,\u201d she wrote in an opinion piece in the Financial Times.
…<\/b>
Yellen defended Cook in her article, saying she has done her job \u201cwith integrity.\u201d<\/p>\n

She also said Trump\u2019s attempt to fire her was motivated by \u201cintimidation.\u201d<\/p>\n

\u201cBy targeting Cook, Trump is sending a chilling message to every member of the Federal Reserve board and to the regional reserve bank presidents who take part in the Federal Open Market Committee: express disagreement with the president\u2019s views and you are next,\u201d she wrote.<\/p>\n

Yellen also said that Trump\u2019s move against Cook undermines the independence of the Fed, presents long-term inflation risks and lowers the value of the dollar.<\/p>\n

She cited instances of political capture of the monetary authority in different countries, including Germany, Hungary, Argentina and Turkey.<\/p>\n

\u201cThe names change, but the story is the same,\u201d she wrote.<\/p><\/blockquote>\n

As Assiduous Reader niagara<\/i> points out in a comment<\/a>, the US curve has steepened considerably since Trump took office, which is consistent with the market resisting a potential premature or overdone monetary easing.<\/p>\n

PerpetualDiscounts now yield 5.69%, equivalent to 7.40% interest at the standard conversion factor of 1.3x. Long corporates<\/a> continue to yield 5.03%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 235bp, a slight (and perhaps spurious) narrowing from the 240bp reported August 20<\/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>\n6.79 %<\/td>\n7.25 %<\/td>\n37,415<\/td>\n13.14<\/td>\n1<\/td>\n0.6192 %<\/td>\n2,428.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5564 %<\/td>\n4,648.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.54 %<\/td>\n6.92 %<\/td>\n41,998<\/td>\n12.58<\/td>\n3<\/td>\n0.5564 %<\/td>\n2,679.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0962 %<\/td>\n3,653.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.24 %<\/td>\n53,540<\/td>\n2.37<\/td>\n7<\/td>\n0.0962 %<\/td>\n4,363.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0962 %<\/td>\n3,404.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.81 %<\/td>\n1.95 %<\/td>\n88,762<\/td>\n0.08<\/td>\n2<\/td>\n-0.1389 %<\/td>\n3,067.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.59 %<\/td>\n5.69 %<\/td>\n42,026<\/td>\n14.32<\/td>\n30<\/td>\n0.1723 %<\/td>\n3,349.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.70 %<\/td>\n6.21 %<\/td>\n118,304<\/td>\n13.32<\/td>\n36<\/td>\n0.1736 %<\/td>\n3,020.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.44 %<\/td>\n5.47 %<\/td>\n56,370<\/td>\n14.55<\/td>\n18<\/td>\n0.1533 %<\/td>\n3,321.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.25 %<\/td>\n5.33 %<\/td>\n40,325<\/td>\n14.86<\/td>\n1<\/td>\n0.2012 %<\/td>\n3,755.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.88 %<\/td>\n5.06 %<\/td>\n120,184<\/td>\n2.46<\/td>\n17<\/td>\n0.1736 %<\/td>\n2,629.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1736 %<\/td>\n3,087.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.58 %<\/td>\n74,560<\/td>\n14.32<\/td>\n15<\/td>\n0.3350 %<\/td>\n3,038.9<\/td>\n<\/tr>\n<\/table>\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.B<\/td>\nInsurance Straight<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 23.55
\nEvaluated at bid price : 23.82
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 23.43
\nEvaluated at bid price : 24.80
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 14.19
\nEvaluated at bid price : 14.19
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 23.59
\nEvaluated at bid price : 26.00
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n5.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 20.88
\nEvaluated at bid price : 20.88
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n6.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n9.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.68
\nBid-YTW : 5.18 %<\/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
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n100,750<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n90,047<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n70,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n53,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n50,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 22.33
\nEvaluated at bid price : 22.72
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n45,676<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 24.65
\nEvaluated at bid price : 24.91
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
There were 17 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
BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.55 – 25.00
\nSpot Rate : 3.4500
\nAverage : 1.9779<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.05 – 22.90
\nSpot Rate : 2.8500
\nAverage : 2.3999<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

SLF.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.00 – 22.00
\nSpot Rate : 1.0000
\nAverage : 0.7221<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.18 – 23.50
\nSpot Rate : 1.3200
\nAverage : 1.1455<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.18
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.45 – 24.98
\nSpot Rate : 0.5300
\nAverage : 0.3629<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 20.17 – 20.70
\nSpot Rate : 0.5300
\nAverage : 0.3932<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-27
\nMaturity Price : 20.17
\nEvaluated at bid price : 20.17
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

To continue the Trump-Cook reporting from yesterday … Janet Yellen has weighed in: Former Federal Reserve Chair and Treasury Secretary Janet Yellen slammed President Trump on Wednesday for moving to fire Fed board of governors …<\/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-49829","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49829","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=49829"}],"version-history":[{"count":4,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49829\/revisions"}],"predecessor-version":[{"id":49883,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49829\/revisions\/49883"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}