{"id":50377,"date":"2019-06-19T11:25:00","date_gmt":"2019-06-19T15:25:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50377"},"modified":"2025-10-17T11:27:01","modified_gmt":"2025-10-17T15:27:01","slug":"june-19-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50377","title":{"rendered":"June 19, 2019"},"content":{"rendered":"

The FOMC statement<\/a> was of interest:<\/p>\n

Information received since the Federal Open Market Committee met in May indicates that the labor market remains strong and that economic activity is rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending appears to have picked up from earlier in the year, indicators of business fixed investment have been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed.
…<\/b>
The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased.
…<\/b>
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Voting against the action was James Bullard, who preferred at this meeting to lower the target range for the federal funds rate by 25 basis points.<\/p>\n<\/blockquote>\n

In an implementation note<\/a> they stated:<\/p>\n

The Committee directs the Desk to continue rolling over at auction the amount of principal payments from the Federal Reserve’s holdings of Treasury securities maturing during each calendar month that exceeds $15 billion, and to continue reinvesting in agency mortgage-backed securities the amount of principal payments from the Federal Reserve’s holdings of agency debt and agency mortgage-backed securities received during each calendar month that exceeds $20 billion. Small deviations from these amounts for operational reasons are acceptable.<\/p>\n<\/blockquote>\n

This represents a change from the previous implementation note<\/a>:<\/p>\n

The Committee directs the Desk to continue rolling over at auction the amount of principal payments from the Federal Reserve’s holdings of Treasury securities maturing during each calendar month that exceeds $30 billion, and to continue reinvesting in agency mortgage-backed securities the amount of principal payments from the Federal Reserve’s holdings of agency debt and agency mortgage-backed securities received during each calendar month that exceeds $20 billion. Small deviations from these amounts for operational reasons are acceptable.<\/p>\n<\/blockquote>\n

So ‘Quantitative Tightening’ has been loosened! The NYT notes<\/a>:<\/p>\n

The decision to hold rates steady came despite ongoing pressure from President Trump, who on Monday suggested he might demote<\/a> Mr. Powell if the central bank did not move toward easing rates.<\/p>\n

Investors seemed to find little new information in the Fed\u2019s policy statement at 2 p.m. Shortly after the central bank announced its decision to leave rates unchanged, the S&P 500 was up 0.3 percent. Yields on government bonds \u2014 which are closely tied to monetary policy \u2014 declined, with the yield on the 10-year Treasury note falling to 2.04 percent.
…<\/b>
The central bank is independent of the White House and Mr. Trump appointed Mr. Powell as its head, but the president regularly criticizes the central bank for lifting rates too many times last year. Mr. Trump ramped up those attacks this week, saying that Fed policy was putting the United States on an uneven playing field and hinting that he could consider the unprecedented move of attempting to demote Mr. Powell.<\/p>\n

\u201cThey\u2019re going to be making an announcement pretty soon, so we\u2019ll see what happens,\u201d Mr. Trump said, when asked by a reporter whether he would try to strip Mr. Powell of his chairmanship. \u201cI want to be given a level playing field, and so far I haven\u2019t been.\u201d<\/p>\n

A Fed spokesperson noted that the chairman can only be removed \u201cfor cause.\u201d Mr. Powell said in a \u201c60 Minutes\u201d interview earlier this year that \u201cthe law is clear that I have a four-year term. And I fully intend to serve it.\u201d<\/p>\n<\/blockquote>\n

Canadian headline inflation jumped<\/a>:<\/p>\n

Canadians may be feeling a price pinch as inflation rose to 2.4 per cent in May from the same month one year ago, led by higher prices for food.<\/p>\n

That compares to a rise of two per cent in April, according to Statistics Canada’s consumer price index (CPI) released Wednesday.<\/p>\n

Year-over-year prices rose in all eight categories of the index, with notable increases in food prices, up four per cent in the 12 months leading up to May 2019 after increasing three per cent in April.
…<\/b>
But that headline inflation number is notoriously volatile, easily skewed by individual factors. So the data agency also comes up with a so-called “core” inflation rate by tabulating the average of three other sub-rates with a lot of sectors stripped out.<\/p>\n

The core inflation rate came in at 2.1 per cent, the highest on record since 2012.<\/p>\n<\/blockquote>\n

Despite this, the Five-Year Canada Yield<\/a> was down 1bp to 1.31%; but preferreds had a good day. Fergal Smith writes in the Globe<\/a>:<\/p>\n

At 4:07 p.m., the Canadian dollar was trading 0.7 per cent higher at 1.3281 to the greenback, or 75.30 U.S. cents.<\/p>\n

The currency, which was boosted on Tuesday by the revival of trade talks between the United States and China, touched its strongest level since June 12 at 1.3282.<\/p>\n

The price of oil, one of Canada\u2019s major exports, fell despite a larger-than-expected decline in U.S. crude inventories. U.S. crude oil futures settled 0.3 per cent lower at $53.76 a barrel.<\/p>\n

Canadian government bond prices were lower across a steeper yield curve, with the two-year down 1 cent to yield 1.408 per cent and the 10-year falling 11 cents to yield 1.435 per cent.<\/p>\n<\/blockquote>\n

PerpetualDiscounts now yield 5.65%, equivalent to 7.34% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.44%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now an incredible 390bp, a widening from the 380bp reported June 12<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6269 %<\/td>\n1,900.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6269 %<\/td>\n3,487.5<\/td>\n<\/tr>\n
Floater<\/td>\n6.23 %<\/td>\n6.51 %<\/td>\n67,839<\/td>\n13.20<\/td>\n3<\/td>\n-0.6269 %<\/td>\n2,009.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0284 %<\/td>\n3,319.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.60 %<\/td>\n72,445<\/td>\n4.21<\/td>\n7<\/td>\n-0.0284 %<\/td>\n3,964.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0284 %<\/td>\n3,092.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n-8.68 %<\/td>\n75,004<\/td>\n0.08<\/td>\n7<\/td>\n0.1125 %<\/td>\n2,941.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.65 %<\/td>\n60,191<\/td>\n14.33<\/td>\n26<\/td>\n0.3881 %<\/td>\n3,055.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.60 %<\/td>\n5.47 %<\/td>\n164,587<\/td>\n14.60<\/td>\n70<\/td>\n0.4086 %<\/td>\n2,041.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.31 %<\/td>\n6.00 %<\/td>\n79,978<\/td>\n8.02<\/td>\n27<\/td>\n0.3929 %<\/td>\n3,062.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.09 %<\/td>\n4.91 %<\/td>\n46,986<\/td>\n2.51<\/td>\n4<\/td>\n0.3743 %<\/td>\n2,324.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n4.05 %<\/td>\n199,088<\/td>\n1.84<\/td>\n16<\/td>\n0.1045 %<\/td>\n2,578.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.99 %<\/td>\n4.20 %<\/td>\n156,043<\/td>\n2.53<\/td>\n3<\/td>\n0.2239 %<\/td>\n2,636.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.40 %<\/td>\n7.74 %<\/td>\n98,502<\/td>\n8.11<\/td>\n22<\/td>\n0.1140 %<\/td>\n2,104.5<\/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\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
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.75
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 10.63
\nEvaluated at bid price : 10.63
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 10.82
\nEvaluated at bid price : 10.82
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.62
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.60
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 18.19
\nEvaluated at bid price : 18.19
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 20.72
\nEvaluated at bid price : 20.72
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 16.92
\nEvaluated at bid price : 16.92
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 13.30
\nEvaluated at bid price : 13.30
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 15.75
\nEvaluated at bid price : 15.75
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.10
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 17.64
\nEvaluated at bid price : 17.64
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 11.92
\nEvaluated at bid price : 11.92
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 21.72
\nEvaluated at bid price : 21.97
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.62
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 16.93
\nEvaluated at bid price : 16.93
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
EMA.PR.F<\/td>\nFixedReset Disc<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 16.74
\nEvaluated at bid price : 16.74
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.41
\nBid-YTW : 9.05 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.06
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.44
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.23
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.55
\nBid-YTW : 9.73 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 20.34
\nEvaluated at bid price : 20.34
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.02
\nBid-YTW : 7.62 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 13.34
\nEvaluated at bid price : 13.34
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.88
\nBid-YTW : 9.21 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 12.85
\nEvaluated at bid price : 12.85
\nBid-YTW : 5.67 %<\/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.G<\/td>\nDeemed-Retractible<\/td>\n349,312<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.22
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n183,556<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n88,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 20.34
\nEvaluated at bid price : 20.34
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n70,862<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n68,201<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset Disc<\/td>\n47,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.28
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
There were 52 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
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 18.64 – 19.15
\nSpot Rate : 0.5100
\nAverage : 0.3005<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 18.64
\nEvaluated at bid price : 18.64
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 13.55 – 14.10
\nSpot Rate : 0.5500
\nAverage : 0.3546<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.55
\nBid-YTW : 9.73 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.75 – 21.48
\nSpot Rate : 0.7300
\nAverage : 0.5352<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.86 – 22.30
\nSpot Rate : 0.4400
\nAverage : 0.2674<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.86
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n

NA.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 21.10 – 21.59
\nSpot Rate : 0.4900
\nAverage : 0.3282<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-19
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.05 – 18.51
\nSpot Rate : 0.4600
\nAverage : 0.2988<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.05
\nBid-YTW : 7.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The FOMC statement was of interest: Information received since the Federal Open Market Committee met in May indicates that the labor market remains strong and that economic activity is rising at a moderate rate. Job …<\/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-50377","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50377","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=50377"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50377\/revisions"}],"predecessor-version":[{"id":50378,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50377\/revisions\/50378"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}