{"id":50014,"date":"2025-09-08T22:39:36","date_gmt":"2025-09-09T02:39:36","guid":{"rendered":"https:\/\/prefblog.com\/?p=50014"},"modified":"2025-09-08T22:40:08","modified_gmt":"2025-09-09T02:40:08","slug":"september-8-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50014","title":{"rendered":"September 8, 2025"},"content":{"rendered":"

The SURVEY OF CONSUMER EXPECTATIONS<\/a> came out today:<\/p>\n

August Survey: Inflation Expectations Up at Short-Term Horizon; Consumers\u2019 Job Finding Expectations Drop to Series Low<\/b><\/p>\n

Median inflation expectations ticked up 0.1 percentage point (ppt) to 3.2 percent at the one-year-ahead horizon and were unchanged at 3.0 percent at the three-year-ahead and at 2.9 percent at the five-year-ahead horizon.<\/p>\n

The mean perceived probability of finding a job if one\u2019s current job was lost fell markedly by 5.8 ppt to 44.9 percent, the lowest reading since the start of the series in June 2013.
\nMean unemployment expectations\u2014or the mean probability that the U.S. unemployment rate will be higher one year from now\u2014increased by 1.7 ppt to 39.1 percent. The mean perceived probability of losing one\u2019s job in the next 12 months ticked up by 0.1 ppt to 14.5 percent.<\/p>\n

The median expected growth in household income remained unchanged for the second consecutive month at 2.9 percent in August. Median household spending growth expectations increased by 0.1 ppt to 5.0 percent.<\/p><\/blockquote>\n

And the Fed has a new high-profile defender<\/a>:<\/p>\n

\nWhile many CEOs have stayed silent during President Donald Trump\u2019s attacks on the Federal Reserve, hedge fund billionaire Ken Griffin is speaking out about the dangers.<\/p>\n

Trump risks \u201cstoking both higher inflation and higher long-term rates\u201d by undermining the independence of the Fed<\/a>, Griffin co-wrote in an op-ed in The Wall Street Journal<\/a> on Sunday titled \u201cTrump\u2019s risky game with the Fed.\u201d<\/p>\n

\u201cThe president\u2019s strategy of publicly criticizing the Fed, suggesting the dismissal of governors and pressuring the central bank to adopt a more permissive stance towards inflation carries steep costs,\u201d wrote Griffin, CEO of Citadel; and Anil Kashyap, a professor at the Chicago Booth Business School and a consultant to the Chicago Fed\u2019s research department.<\/p>\n

The duo warns that history shows how this strategy can backfire<\/a>, including the Nixon-era pressure on the Fed in the 1970s that set the stage for the Great Stagflation crisis.
…<\/b>
The warning represents a rare reprimand from a CEO at a time when many business leaders have tried to steer clear of publicly criticizing the president and others have gone out of their way to curry favor<\/a>. Big bank CEOs publicly defended Fed independence<\/a> this summer, while avoiding criticizing Trump directly.<\/p>\n

Griffin, who has said he voted for Trump in last November\u2019s election, has repeatedly slammed the administration\u2019s trade war<\/a>.<\/p><\/blockquote>\n

LCS.PR.A closed at 11.94 today, +3.38%<\/a>, erasing over half of Friday’s loss<\/a> … and providing a textbook illustration of the term “market impact”. But fear not, investment professional bonus fans! Friday’s trading will have resulted in a selling price for the position not very far from the VWAP on that day; therefore the trading was perfect; the trader and the portfolio manager (assuming these are different people) have nothing to be blamed for … even assuming the boss notices.<\/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>\n6.69 %<\/td>\n7.12 %<\/td>\n40,969<\/td>\n13.33<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,459.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0500 %<\/td>\n4,674.5<\/td>\n<\/tr>\n
Floater<\/td>\n6.50 %<\/td>\n6.88 %<\/td>\n54,047<\/td>\n12.60<\/td>\n3<\/td>\n0.0500 %<\/td>\n2,694.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1524 %<\/td>\n3,638.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.64 %<\/td>\n59,413<\/td>\n3.41<\/td>\n6<\/td>\n0.1524 %<\/td>\n4,345.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1524 %<\/td>\n3,390.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.49 %<\/td>\n4.92 %<\/td>\n72,023<\/td>\n14.04<\/td>\n3<\/td>\n-0.1190 %<\/td>\n3,073.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.67 %<\/td>\n43,329<\/td>\n14.32<\/td>\n28<\/td>\n0.4623 %<\/td>\n3,387.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n6.03 %<\/td>\n113,985<\/td>\n13.56<\/td>\n32<\/td>\n0.1843 %<\/td>\n3,037.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.46 %<\/td>\n5.44 %<\/td>\n54,407<\/td>\n14.68<\/td>\n18<\/td>\n0.0245 %<\/td>\n3,316.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.07 %<\/td>\n4.48 %<\/td>\n42,203<\/td>\n0.14<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,811.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.66 %<\/td>\n5.15 %<\/td>\n122,405<\/td>\n2.43<\/td>\n21<\/td>\n-0.0130 %<\/td>\n2,627.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1843 %<\/td>\n3,104.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n5.42 %<\/td>\n68,998<\/td>\n14.56<\/td>\n15<\/td>\n0.0845 %<\/td>\n3,056.2<\/td>\n<\/tr>\n<\/table>\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
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 21.04
\nEvaluated at bid price : 21.04
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.36
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 23.33
\nEvaluated at bid price : 24.63
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 22.90
\nEvaluated at bid price : 24.05
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 22.34
\nEvaluated at bid price : 22.61
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n2.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n3.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.26 %<\/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
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n87,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n68,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.59
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n39,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 12.89
\nEvaluated at bid price : 12.89
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n36,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 20.08
\nEvaluated at bid price : 20.08
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n36,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.01
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Prem<\/td>\n29,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
There were 10 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.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.15 – 25.00
\nSpot Rate : 0.8500
\nAverage : 0.5696<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

RY.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.01 – 25.50
\nSpot Rate : 0.4900
\nAverage : 0.2764<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 24.69
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.00 – 25.64
\nSpot Rate : 0.6400
\nAverage : 0.4265<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 23.42
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 21.04 – 21.80
\nSpot Rate : 0.7600
\nAverage : 0.5476<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 21.04
\nEvaluated at bid price : 21.04
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n

PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 25.90 – 26.90
\nSpot Rate : 1.0000
\nAverage : 0.8059<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.36 – 21.98
\nSpot Rate : 0.6200
\nAverage : 0.4570<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-08
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.36
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The SURVEY OF CONSUMER EXPECTATIONS came out today: August Survey: Inflation Expectations Up at Short-Term Horizon; Consumers\u2019 Job Finding Expectations Drop to Series Low Median inflation expectations ticked up 0.1 percentage point (ppt) to 3.2 …<\/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-50014","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50014","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=50014"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50014\/revisions"}],"predecessor-version":[{"id":50016,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50014\/revisions\/50016"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}