{"id":50139,"date":"2025-09-25T21:10:12","date_gmt":"2025-09-26T01:10:12","guid":{"rendered":"https:\/\/prefblog.com\/?p=50139"},"modified":"2025-09-25T21:10:27","modified_gmt":"2025-09-26T01:10:27","slug":"september-25-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50139","title":{"rendered":"September 25, 2025"},"content":{"rendered":"

Lisa Cook got some more high-profile support<\/a> today:<\/p>\n

\nFederal Reserve Governor Lisa Cook has the support of every living former chair of the central bank\u2019s powerful Board in her legal battle with President Donald Trump, who tried to fire her last month based on unproven allegations of mortgage fraud, according to an amicus brief filed to the Supreme Court Thursday.<\/p>\n

An appeals court earlier this month kept Cook in her post through a preliminary injunction while her lawsuit challenging Trump\u2019s firing attempt moves forward \u2014 just days before the central bank\u2019s September policy meeting<\/a>. The administration appealed that decision<\/a>, and is now being considered by the nation\u2019s highest court.<\/p>\n

In response to the appeal, Cook on Thursday said firing her would be a \u201cdeath-knell\u201d for central bank independence, urging the Supreme Court to deny the administration\u2019s emergency request to remove her while the litigation proceeds through the lower courts.<\/p>\n

Former Fed chairs Alan Greenspan, Ben Bernanke and Janet Yellen warned against overturning the injunction, stating that it would \u201cthreaten\u201d the Fed\u2019s independence of politics and \u201cerode public confidence in the Fed.\u201d The brief was also signed off by some Republicans who once served in high-ranking government roles, such as former Treasury Secretary Henry Paulson and former Council of Economic Advisers Chair Glenn Hubbard.<\/p><\/blockquote>\n

I have updated the FFN.PR.A<\/a> and FTN.PR.A<\/a> posts with the yields as of 2025-9-23.<\/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>\n6.64 %<\/td>\n7.10 %<\/td>\n32,518<\/td>\n13.33<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,458.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2287 %<\/td>\n4,590.3<\/td>\n<\/tr>\n
Floater<\/td>\n6.29 %<\/td>\n6.55 %<\/td>\n62,229<\/td>\n13.17<\/td>\n3<\/td>\n-0.2287 %<\/td>\n2,645.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0595 %<\/td>\n3,640.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.53 %<\/td>\n63,869<\/td>\n3.37<\/td>\n6<\/td>\n-0.0595 %<\/td>\n4,347.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0595 %<\/td>\n3,392.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n1.94 %<\/td>\n86,438<\/td>\n0.08<\/td>\n4<\/td>\n0.0497 %<\/td>\n3,078.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.62 %<\/td>\n5.72 %<\/td>\n45,764<\/td>\n14.26<\/td>\n28<\/td>\n-0.1579 %<\/td>\n3,342.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.92 %<\/td>\n6.10 %<\/td>\n126,868<\/td>\n13.64<\/td>\n32<\/td>\n0.0868 %<\/td>\n3,024.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.55 %<\/td>\n5.58 %<\/td>\n55,740<\/td>\n14.53<\/td>\n18<\/td>\n0.1869 %<\/td>\n3,259.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.00 %<\/td>\n5.02 %<\/td>\n46,910<\/td>\n15.48<\/td>\n1<\/td>\n0.0400 %<\/td>\n3,767.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.67 %<\/td>\n5.10 %<\/td>\n118,961<\/td>\n2.84<\/td>\n21<\/td>\n-0.0130 %<\/td>\n2,624.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0868 %<\/td>\n3,091.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.26 %<\/td>\n5.45 %<\/td>\n59,941<\/td>\n14.48<\/td>\n15<\/td>\n0.1376 %<\/td>\n3,044.3<\/td>\n<\/tr>\n<\/table>\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
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.76
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.38
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 20.83
\nEvaluated at bid price : 20.83
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 22.75
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 23.51
\nEvaluated at bid price : 25.11
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 22.05
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.16 %<\/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
FFH.PR.G<\/td>\nFixedReset Prem<\/td>\n360,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 23.94
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n61,146<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.06
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n57,201<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 20.23
\nEvaluated at bid price : 20.23
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n51,960<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 21.76
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Prem<\/td>\n40,800<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n38,708<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.06
\nBid-YTW : 4.86 %<\/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
BN.PF.H<\/td>\nFixedReset Prem<\/td>\nQuote: 25.11 – 25.90
\nSpot Rate : 0.7900
\nAverage : 0.4405<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n

BN.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 22.76 – 23.66
\nSpot Rate : 0.9000
\nAverage : 0.5825<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.76
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.22 – 23.48
\nSpot Rate : 1.2600
\nAverage : 1.0115<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.22
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 22.11 – 23.25
\nSpot Rate : 1.1400
\nAverage : 0.9639<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 21.87
\nEvaluated at bid price : 22.11
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n

BN.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.25 – 20.93
\nSpot Rate : 0.6800
\nAverage : 0.5628<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.55 – 24.00
\nSpot Rate : 0.4500
\nAverage : 0.3373<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-25
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Lisa Cook got some more high-profile support today: Federal Reserve Governor Lisa Cook has the support of every living former chair of the central bank\u2019s powerful Board in her legal battle with President Donald Trump, …<\/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-50139","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50139","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=50139"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50139\/revisions"}],"predecessor-version":[{"id":50140,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50139\/revisions\/50140"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}