{"id":50563,"date":"2025-11-07T20:39:09","date_gmt":"2025-11-08T01:39:09","guid":{"rendered":"https:\/\/prefblog.com\/?p=50563"},"modified":"2025-11-07T20:39:09","modified_gmt":"2025-11-08T01:39:09","slug":"november-7-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50563","title":{"rendered":"November 7, 2025"},"content":{"rendered":"

Jobs, jobs, jobs<\/a>!<\/p>\n

The Canadian economy enjoyed a burst of hiring activity for the second consecutive month in October, offsetting summer job losses and bolstering calls that the Bank of Canada is done cutting interest rates for now.<\/p>\n

The labour market added 67,000 jobs last month and the unemployment rate fell to 6.9 per cent from 7.1 per cent, Statistics Canada said Friday in a report. Financial analysts were expecting a small loss of 5,000 positions.
…<\/b>
The odds are slim that the Bank of Canada will cut interest rates at its next decision on Dec. 10. Interest rate swaps, which capture market expectations of monetary policy, are pricing in a 5-per-cent chance of a reduction next month, down from 13-per-cent odds on Thursday, according to Bloomberg data.
…<\/b>
There were, however, some weak spots in Friday\u2019s report. The entirety of October\u2019s job gains were in part-time work, and most industries shed positions during the month. Statscan noted that from January to October, employment in goods-producing industries has fallen by 54,000, largely because of losses in construction and manufacturing.<\/p><\/blockquote>\n

Fitch doesn’t think much of the federal budget<\/a>:<\/p>\n

Combined with sizable non-budgetary financing needs (mainly support of enterprise crown corporations), the higher deficits will substantially increase general government gross debt (GGGD), which we forecast to reach 91.8% of GDP in 2025 from 88.6% in 2024, before accelerating to 98.5% by 2027, nearly double the forecast \u2018AA\u2019 median of 49.6%.
…<\/b>
However, despite the government\u2019s Comprehensive Expenditure Review and substantial increase in capital expenditure, the budget only proposes to cut CAD60 billion in spending over five years, the bulk of which comes from civil service reductions of around 10%. Key social programs established under former Prime Minister Justin Trudeau, such as PharmaCare, will be protected.<\/p>\n

Provincial operating transfers are left untouched, and the provinces stand to gain from the government\u2019s investment priorities\u2014both directly, through higher capital transfers for key infrastructure projects, and indirectly, through economic activity triggered by expanded investments. However, rising central government debt could weigh on provincial debt metrics Fitch tracks, particularly if near-term economic gains fail to materialize.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0255 %<\/td>\n2,419.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0255 %<\/td>\n4,588.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.95 %<\/td>\n6.23 %<\/td>\n56,473<\/td>\n13.54<\/td>\n3<\/td>\n0.0255 %<\/td>\n2,644.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2035 %<\/td>\n3,694.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.73 %<\/td>\n4.45 %<\/td>\n65,255<\/td>\n3.26<\/td>\n5<\/td>\n0.2035 %<\/td>\n4,411.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2035 %<\/td>\n3,442.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n-11.83 %<\/td>\n75,224<\/td>\n0.09<\/td>\n6<\/td>\n0.0391 %<\/td>\n3,124.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.42 %<\/td>\n5.48 %<\/td>\n46,461<\/td>\n14.59<\/td>\n25<\/td>\n-0.3326 %<\/td>\n3,451.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.75 %<\/td>\n5.87 %<\/td>\n109,803<\/td>\n13.78<\/td>\n30<\/td>\n-0.0488 %<\/td>\n3,110.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.38 %<\/td>\n5.42 %<\/td>\n57,707<\/td>\n14.72<\/td>\n21<\/td>\n-0.7777 %<\/td>\n3,377.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0488 %<\/td>\n3,700.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.86 %<\/td>\n4.70 %<\/td>\n106,211<\/td>\n2.34<\/td>\n21<\/td>\n-0.0405 %<\/td>\n2,644.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0488 %<\/td>\n3,179.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.17 %<\/td>\n5.28 %<\/td>\n59,275<\/td>\n14.52<\/td>\n15<\/td>\n-0.0086 %<\/td>\n3,101.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-11.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-11.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-5.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-3.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 23.39
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.78
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.32
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.24
\nEvaluated at bid price : 21.24
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 24.09
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 23.73
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n5.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 19.77
\nEvaluated at bid price : 19.77
\nBid-YTW : 5.81 %<\/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
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n103,020<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-07
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n75,591<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 24.07
\nEvaluated at bid price : 24.97
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n68,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n54,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n50,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n33,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
There were 8 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.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.70 – 23.15
\nSpot Rate : 3.4500
\nAverage : 1.9578<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 19.71 – 22.49
\nSpot Rate : 2.7800
\nAverage : 1.8829<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 21.05 – 22.40
\nSpot Rate : 1.3500
\nAverage : 0.8566<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.35 – 24.90
\nSpot Rate : 1.5500
\nAverage : 1.0673<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 17.60 – 18.41
\nSpot Rate : 0.8100
\nAverage : 0.4927<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-07
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

BN.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.62 – 26.62
\nSpot Rate : 1.0000
\nAverage : 0.7036<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.62
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Jobs, jobs, jobs! The Canadian economy enjoyed a burst of hiring activity for the second consecutive month in October, offsetting summer job losses and bolstering calls that the Bank of Canada is done cutting interest …<\/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-50563","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50563","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=50563"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50563\/revisions"}],"predecessor-version":[{"id":50564,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50563\/revisions\/50564"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}