{"id":50536,"date":"2025-11-03T21:25:30","date_gmt":"2025-11-04T02:25:30","guid":{"rendered":"https:\/\/prefblog.com\/?p=50536"},"modified":"2025-11-03T21:25:30","modified_gmt":"2025-11-04T02:25:30","slug":"november-3-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50536","title":{"rendered":"November 3, 2025"},"content":{"rendered":"<p>The Boston Fed has released a working paper by lizabeth Llanes, Jeffrey P. Thompson, and Alice Henriques Volz <a href=\"https:\/\/www.bostonfed.org\/publications\/research-department-working-paper\/2025\/do-the-rich-really-save-more\">Do the Rich Really Save More? Answering an Old Question Using the Survey of Consumer Finances with Direct Measures of Lifetime Earnings and an Expanded Wealth Concept<\/a>:<\/p>\n<blockquote><p>To address the question of whether the \u201crich\u201d\u2014typically identified as households with high levels of lifetime income or earnings\u2014save a greater share of their income compared with less affluent households, this paper includes direct measures of lifetime earnings, the full range of assets that low- and middle-income households depend on to finance their retirement, and data that include sufficient samples of households that are in the extreme upper tails of the wealth or income distribution. Specifically, the authors use the 2022 Survey of Consumer Finances (which oversamples high-net-worth households) in combination with direct estimation of lifetime earnings (LE) to explore wealth-to-lifetime-earnings ratios\u2014the cumulative impact of saving over time\u2014across the lifetime earnings distribution. In addition, they use an expanded measure of wealth that includes the asset value of defined benefit pensions and Social Security.<br \/><b>&#8230;<\/b><\/p>\n<ul>\n<li>As indicated by wealth-to-LE ratios, the rich do indeed save more than households further down the LE distribution. In general, elevated wealth-to-LE ratios are consistently observed only in the top one or two deciles of the lifetime earnings distribution.\n<li>When the analysis includes defined benefit assets, which are excluded from most of the previous research, wealth-to-LE ratios rise even higher in the top half of the LE distribution.\n<li>Adding the asset value of Social Security benefits, however, pulls these ratios up disproportionately across the bottom half of the LE distribution.\n<li>When accumulated capital gains are excluded from the measure of wealth, wealth-to-LE ratios remain elevated in the top decile of LE distribution and are flat over most of the distribution.<\/ul>\n<\/blockquote>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0764 %<\/td>\n<td>2,419.0<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0764 %<\/td>\n<td>4,586.8<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.96 %<\/td>\n<td>6.22 %<\/td>\n<td>60,846<\/td>\n<td>13.56<\/td>\n<td>3<\/td>\n<td>-0.0764 %<\/td>\n<td>2,643.4<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4236 %<\/td>\n<td>3,694.4<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.73 %<\/td>\n<td>4.18 %<\/td>\n<td>68,751<\/td>\n<td>3.27<\/td>\n<td>5<\/td>\n<td>0.4236 %<\/td>\n<td>4,411.9<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4236 %<\/td>\n<td>3,442.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.65 %<\/td>\n<td>-7.66 %<\/td>\n<td>80,934<\/td>\n<td>0.09<\/td>\n<td>6<\/td>\n<td>0.2096 %<\/td>\n<td>3,115.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.41 %<\/td>\n<td>5.50 %<\/td>\n<td>47,593<\/td>\n<td>14.62<\/td>\n<td>25<\/td>\n<td>0.5442 %<\/td>\n<td>3,457.7<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.74 %<\/td>\n<td>5.89 %<\/td>\n<td>114,334<\/td>\n<td>13.81<\/td>\n<td>30<\/td>\n<td>0.4988 %<\/td>\n<td>3,118.2<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.36 %<\/td>\n<td>5.37 %<\/td>\n<td>55,203<\/td>\n<td>14.73<\/td>\n<td>21<\/td>\n<td>0.2610 %<\/td>\n<td>3,390.0<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4988 %<\/td>\n<td>3,709.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.86 %<\/td>\n<td>4.69 %<\/td>\n<td>111,407<\/td>\n<td>2.35<\/td>\n<td>21<\/td>\n<td>0.2603 %<\/td>\n<td>2,644.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4988 %<\/td>\n<td>3,187.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.18 %<\/td>\n<td>5.30 %<\/td>\n<td>58,253<\/td>\n<td>14.53<\/td>\n<td>15<\/td>\n<td>1.3934 %<\/td>\n<td>3,095.8<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.65<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.65<br \/>\nEvaluated at bid price : 21.90<br \/>\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.L<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.74 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 24.64<br \/>\nEvaluated at bid price : 24.90<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.16<br \/>\nEvaluated at bid price : 24.50<br \/>\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.65<br \/>\nEvaluated at bid price : 23.92<br \/>\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-12-03<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.86<br \/>\nBid-YTW : -29.35 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.05<br \/>\nEvaluated at bid price : 24.50<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.G<\/td>\n<td>FixedReset Prem<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-11-16<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.69<br \/>\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.G<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-12-03<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.35<br \/>\nBid-YTW : -7.66 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.E<\/td>\n<td>FixedReset Prem<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-11-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.00<br \/>\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.64<br \/>\nEvaluated at bid price : 23.46<br \/>\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.11<br \/>\nEvaluated at bid price : 21.11<br \/>\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.R<\/td>\n<td>Insurance Straight<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.19<br \/>\nEvaluated at bid price : 22.47<br \/>\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Q<\/td>\n<td>Insurance Straight<\/td>\n<td>1.53 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.69<br \/>\nEvaluated at bid price : 23.96<br \/>\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Z<\/td>\n<td>Insurance Straight<\/td>\n<td>1.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2034-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.81<br \/>\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.S<\/td>\n<td>Insurance Straight<\/td>\n<td>1.58 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 24.13<br \/>\nEvaluated at bid price : 24.38<br \/>\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.77 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.51<br \/>\nEvaluated at bid price : 21.88<br \/>\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.K<\/td>\n<td>SplitShare<\/td>\n<td>1.78 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2029-05-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.80<br \/>\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.83 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.04<br \/>\nEvaluated at bid price : 23.31<br \/>\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.R<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.85 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 24.55<br \/>\nEvaluated at bid price : 24.80<br \/>\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.88 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 24.68<br \/>\nEvaluated at bid price : 24.99<br \/>\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.93 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.10<br \/>\nEvaluated at bid price : 21.10<br \/>\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.44<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.R<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 20.23<br \/>\nEvaluated at bid price : 20.23<br \/>\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.88 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.93<br \/>\nEvaluated at bid price : 22.48<br \/>\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.98 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.89<br \/>\nEvaluated at bid price : 24.20<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>3.85 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.76<br \/>\nEvaluated at bid price : 24.30<br \/>\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>4.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.00<br \/>\nEvaluated at bid price : 22.52<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>5.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 20.18<br \/>\nEvaluated at bid price : 20.18<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.I<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>11.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-09-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.60<br \/>\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.E<\/td>\n<td>FixedReset Prem<\/td>\n<td>69,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-11-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.00<br \/>\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>57,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 21.63<br \/>\nEvaluated at bid price : 22.05<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>52,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.38<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.X<\/td>\n<td>FixedReset Disc<\/td>\n<td>42,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 20.12<br \/>\nEvaluated at bid price : 20.12<br \/>\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>40,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 20.18<br \/>\nEvaluated at bid price : 20.18<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>28,400<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2034-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.84<br \/>\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 7 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan='3'>See <a href='https:\/\/prefblog.com\/?p=13456'>TMX DataLinx: &#8216;Last&#8217; != &#8216;Close&#8217;<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.84 &#8211; 39.53<br \/>\nSpot Rate  :  13.6900<br \/>\nAverage  :  7.5035<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2034-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.84<br \/>\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 23.45 &#8211; 24.50<br \/>\nSpot Rate  :  1.0500<br \/>\nAverage  :  0.6842<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.65<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.L<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 26.01 &#8211; 27.01<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.7445<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2030-06-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.01<br \/>\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.Z<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.38 &#8211; 24.17<br \/>\nSpot Rate  :  0.7900<br \/>\nAverage  :  0.6117<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 23.11<br \/>\nEvaluated at bid price : 23.38<br \/>\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.L<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 24.90 &#8211; 25.91<br \/>\nSpot Rate  :  1.0100<br \/>\nAverage  :  0.8381<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 24.64<br \/>\nEvaluated at bid price : 24.90<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>CCS.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 23.20 &#8211; 24.00<br \/>\nSpot Rate  :  0.8000<br \/>\nAverage  :  0.6311<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-11-03<br \/>\nMaturity Price  : 22.93<br \/>\nEvaluated at bid price : 23.20<br \/>\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Boston Fed has released a working paper by lizabeth Llanes, Jeffrey P. Thompson, and Alice Henriques Volz Do the Rich Really Save More? Answering an Old Question Using the Survey of Consumer Finances with &hellip;<\/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-50536","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50536","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=50536"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50536\/revisions"}],"predecessor-version":[{"id":50537,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50536\/revisions\/50537"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}