{"id":49953,"date":"2025-09-02T19:59:45","date_gmt":"2025-09-02T23:59:45","guid":{"rendered":"https:\/\/prefblog.com\/?p=49953"},"modified":"2025-09-02T19:59:45","modified_gmt":"2025-09-02T23:59:45","slug":"september-2-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49953","title":{"rendered":"September 2, 2025"},"content":{"rendered":"

The Institute for Supply Management (ISM) survey came out today<\/a>:<\/p>\n

U.S. manufacturing contracted for a sixth straight month in August as factories dealt with the fallout from the Trump administration\u2019s import tariffs, with some manufacturers describing the current business environment as \u201cmuch worse than the Great Recession.\u201d<\/p>\n

The Institute for Supply Management (ISM) survey on Tuesday also showed some manufacturers complaining that the sweeping import duties were making it difficult to manufacture goods in the United States. President Donald Trump has defended his protectionist trade policy, which has raised the nation\u2019s average tariff rate to the highest in a century, as necessary to revive a long-declining U.S. industrial base.<\/p>\n

That was reinforced by government data showing spending on the construction of factories dropped in July and was down 6.7 per cent from a year ago. A U.S. appeals court ruled last Friday that most of Trump\u2019s tariffs were illegal, adding more uncertainty for businesses.
…<\/b>
The ISM said its manufacturing PMI edged up to 48.7 last month from 48.0 in July. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 10.2 per cent of the economy. Economists polled by Reuters had forecast the PMI would rise to 49.0.
…<\/b>
Tariffs continued to dominate commentary from manufacturers. Some makers of transportation equipment said conditions were worse than the 2007-09 recession, adding \u201cthere is absolutely no activity\u201d and \u201cthis is 100 percent attributable to current tariff policy and the uncertainty it has created.\u201d Some viewed the conditions as consistent with \u201cstagflation.\u201d<\/p>\n

Some electrical equipment, appliances and components producers complained that \u201c\u2018made in the USA\u2019 has become even more difficult due to tariffs on many components.\u201d They said the \u201cadministration wants manufacturing jobs in the U.S., but we are losing higher-skilled and higher-paying roles.\u201d Others reported that because of the lack of \u201cstability in trade and economics, capital expenditures spending and hiring are frozen.\u201d<\/p>\n

Manufacturers of computer and electronic products said \u201ctariffs continue to wreak havoc on planning and scheduling activities,\u201d adding that \u201cplans to bring production back into (the) U.S. are impacted by higher material costs, making it more difficult to justify the return.\u201d<\/p>\n

Food, beverage and tobacco products manufacturers warned that everything made of organic sugar was \u201cabout to get significantly more expensive\u201d because of a 50 per cent tariff on imports from Brazil and the U.S. Department of Agriculture\u2019s elimination of the specialty sugar quota.<\/p><\/blockquote>\n

Markets are in a bit of a tizzy<\/a>:<\/p>\n

France\u2019s 30-year government bond yields hit their highest levels in more than 16 years on Tuesday at around 4.5%, while yields on 30-year German bonds hit a fresh 14-year high at about 3.4%. In the UK, 30-year gilt yields notched their highest mark since 1998, as investors looked warily ahead to the government\u2019s autumn budget plans.
…<\/b>
The U.S. 30-year yield was up 5.1 basis points at 4.96%, while benchmark 10-year Treasury yields rose 4.5 bps to 4.27%. Canada\u2019s 10-year yield rose 7 basis points to 3.44%, although that was well within trading ranges of the past month.
…<\/b>
Europe\u2019s broad Stoxx 600 share benchmark was down 1.5%. The S&P 500 was down 0.69%, the Dow Jones industrial average lost 0.55%, and the Nasdaq fell 0.82%.<\/p>\n

The S&P\/TSX composite index ended up 0.2% at 28,615.62, eclipsing Friday\u2019s record closing high.<\/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>\n6.74 %<\/td>\n7.17 %<\/td>\n37,899<\/td>\n13.29<\/td>\n1<\/td>\n1.2384 %<\/td>\n2,443.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4029 %<\/td>\n4,624.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.57 %<\/td>\n6.90 %<\/td>\n44,769<\/td>\n12.59<\/td>\n3<\/td>\n-0.4029 %<\/td>\n2,665.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0462 %<\/td>\n3,653.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.29 %<\/td>\n54,796<\/td>\n3.43<\/td>\n6<\/td>\n0.0462 %<\/td>\n4,363.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0462 %<\/td>\n3,404.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.52 %<\/td>\n4.93 %<\/td>\n68,357<\/td>\n13.99<\/td>\n3<\/td>\n-0.4108 %<\/td>\n3,057.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.71 %<\/td>\n43,847<\/td>\n14.25<\/td>\n28<\/td>\n0.0599 %<\/td>\n3,352.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.82 %<\/td>\n6.20 %<\/td>\n126,571<\/td>\n13.36<\/td>\n32<\/td>\n0.0824 %<\/td>\n3,032.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.51 %<\/td>\n5.51 %<\/td>\n53,924<\/td>\n14.64<\/td>\n18<\/td>\n-0.4888 %<\/td>\n3,285.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.16 %<\/td>\n4.36 %<\/td>\n41,513<\/td>\n0.16<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,809.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.67 %<\/td>\n5.13 %<\/td>\n121,452<\/td>\n2.44<\/td>\n21<\/td>\n-0.1021 %<\/td>\n2,623.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0824 %<\/td>\n3,100.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.29 %<\/td>\n5.61 %<\/td>\n69,822<\/td>\n14.34<\/td>\n15<\/td>\n-0.5057 %<\/td>\n3,029.7<\/td>\n<\/tr>\n<\/table>\n\n\n\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.P<\/td>\nInsurance Straight<\/td>\n-5.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-3.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-3.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.66
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 23.44
\nEvaluated at bid price : 25.46
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.04
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.79
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
BN.PF.K<\/td>\nRatchet<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.00
\nEvaluated at bid price : 16.35
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.51 %<\/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
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n116,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 20.32
\nEvaluated at bid price : 20.32
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Prem<\/td>\n78,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n63,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Prem<\/td>\n35,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n33,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.21
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n30,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
There were 7 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.P<\/td>\nInsurance Straight<\/td>\nQuote: 23.00 – 24.29
\nSpot Rate : 1.2900
\nAverage : 0.8447<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.55 – 21.55
\nSpot Rate : 1.0000
\nAverage : 0.5840<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nInsurance Straight<\/td>\nQuote: 21.70 – 23.50
\nSpot Rate : 1.8000
\nAverage : 1.4516<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.90 – 22.90
\nSpot Rate : 1.0000
\nAverage : 0.6805<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.61 – 24.50
\nSpot Rate : 0.8900
\nAverage : 0.5803<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.61
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.90 – 25.65
\nSpot Rate : 0.7500
\nAverage : 0.4487<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-02
\nMaturity Price : 23.38
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Institute for Supply Management (ISM) survey came out today: U.S. manufacturing contracted for a sixth straight month in August as factories dealt with the fallout from the Trump administration\u2019s import tariffs, with some manufacturers …<\/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-49953","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49953","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=49953"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49953\/revisions"}],"predecessor-version":[{"id":49954,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49953\/revisions\/49954"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}