{"id":51216,"date":"2025-12-08T20:45:28","date_gmt":"2025-12-09T01:45:28","guid":{"rendered":"https:\/\/prefblog.com\/?p=51216"},"modified":"2025-12-08T20:45:28","modified_gmt":"2025-12-09T01:45:28","slug":"december-8-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51216","title":{"rendered":"December 8, 2025"},"content":{"rendered":"<p>The New York Fed&#8217;s <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce#\/\">Survey of Consumer Expectations<\/a> came out today:<\/p>\n<blockquote><p>November Survey: Inflation Expectations Steady at All Horizons; Consumers Are More Pessimistic About Their Financial Situations<\/p>\n<ul>\n<li>Median inflation expectations remained unchanged at the one-year-ahead horizon at 3.2 percent, holding steady at 3.0 percent at the three- and five-year-ahead horizons.\n<li>Perceptions about households\u2019 current financial situations deteriorated notably, with a larger share of respondents reporting that their households were worse off compared to a year ago and a smaller share reporting they were better off. Expectations about year-ahead financial situations also deteriorated slightly, with a smaller share of respondents reporting that their households are expecting to be better off a year from now.\n<li>Mean unemployment expectations\u2014or the mean probability that the U.S. unemployment rate will be higher one year from now\u2014improved slightly, decreasing by 0.4 percentage point to 42.1 percent.\n<li>Perceptions of credit access compared to a year ago deteriorated, with a decrease in the net share of respondents who expect that credit will be easier to obtain a year from now.<\/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>0.6144 %<\/td>\n<td>2,423.3<\/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>0.6144 %<\/td>\n<td>4,595.0<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.94 %<\/td>\n<td>6.23 %<\/td>\n<td>62,244<\/td>\n<td>13.49<\/td>\n<td>3<\/td>\n<td>0.6144 %<\/td>\n<td>2,648.1<\/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>-0.4081 %<\/td>\n<td>3,661.8<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.77 %<\/td>\n<td>4.26 %<\/td>\n<td>70,682<\/td>\n<td>2.11<\/td>\n<td>5<\/td>\n<td>-0.4081 %<\/td>\n<td>4,373.0<\/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>-0.4081 %<\/td>\n<td>3,412.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.70 %<\/td>\n<td>5.69 %<\/td>\n<td>72,453<\/td>\n<td>14.00<\/td>\n<td>7<\/td>\n<td>-0.1757 %<\/td>\n<td>3,080.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.61 %<\/td>\n<td>5.65 %<\/td>\n<td>49,323<\/td>\n<td>14.38<\/td>\n<td>26<\/td>\n<td>-0.5077 %<\/td>\n<td>3,373.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.87 %<\/td>\n<td>6.12 %<\/td>\n<td>103,564<\/td>\n<td>13.42<\/td>\n<td>31<\/td>\n<td>-0.0642 %<\/td>\n<td>3,107.1<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.56 %<\/td>\n<td>5.57 %<\/td>\n<td>60,475<\/td>\n<td>14.57<\/td>\n<td>21<\/td>\n<td>-0.8831 %<\/td>\n<td>3,265.6<\/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>-0.0642 %<\/td>\n<td>3,696.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.91 %<\/td>\n<td>4.96 %<\/td>\n<td>102,675<\/td>\n<td>2.25<\/td>\n<td>20<\/td>\n<td>0.0788 %<\/td>\n<td>2,656.0<\/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>-0.0642 %<\/td>\n<td>3,176.1<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.26 %<\/td>\n<td>5.58 %<\/td>\n<td>83,583<\/td>\n<td>14.36<\/td>\n<td>13<\/td>\n<td>0.4191 %<\/td>\n<td>3,116.7<\/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>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>-8.95 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 19.44<br \/>\nEvaluated at bid price : 19.44<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-7.96 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.83<br \/>\nEvaluated at bid price : 22.07<br \/>\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-5.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.39<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.72 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 20.01<br \/>\nEvaluated at bid price : 20.01<br \/>\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-2.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.06<br \/>\nEvaluated at bid price : 21.06<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.L<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.97 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 24.64<br \/>\nEvaluated at bid price : 24.90<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.L<\/td>\n<td>SplitShare<\/td>\n<td>-1.51 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-07<br \/>\nMaturity Price  : 26.00<br \/>\nEvaluated at bid price : 26.10<br \/>\nBid-YTW : 0.78 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 22.10<br \/>\nEvaluated at bid price : 22.32<br \/>\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.33<br \/>\nEvaluated at bid price : 21.60<br \/>\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 12.78<br \/>\nEvaluated at bid price : 12.78<br \/>\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 24.05<br \/>\nEvaluated at bid price : 24.30<br \/>\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.50 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 22.96<br \/>\nEvaluated at bid price : 24.36<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.60 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 22.97<br \/>\nEvaluated at bid price : 24.08<br \/>\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 23.50<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 19.35<br \/>\nEvaluated at bid price : 19.35<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>3.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 23.08<br \/>\nEvaluated at bid price : 24.62<br \/>\nBid-YTW : 5.31 %<\/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>FFH.PR.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>159,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.16<br \/>\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>108,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 20.73<br \/>\nEvaluated at bid price : 20.73<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.H<\/td>\n<td>FixedReset Disc<\/td>\n<td>96,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 18.70<br \/>\nEvaluated at bid price : 18.70<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>88,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 19.00<br \/>\nEvaluated at bid price : 19.00<br \/>\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.M<\/td>\n<td>FixedReset Prem<\/td>\n<td>50,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2031-01-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>42,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 24.59<br \/>\nEvaluated at bid price : 24.98<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 12 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>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 19.44 &#8211; 21.80<br \/>\nSpot Rate  :  2.3600<br \/>\nAverage  :  1.3427<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 19.44<br \/>\nEvaluated at bid price : 19.44<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 22.07 &#8211; 24.34<br \/>\nSpot Rate  :  2.2700<br \/>\nAverage  :  1.3060<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.83<br \/>\nEvaluated at bid price : 22.07<br \/>\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.F<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 21.90 &#8211; 24.90<br \/>\nSpot Rate  :  3.0000<br \/>\nAverage  :  2.3414<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.61<br \/>\nEvaluated at bid price : 21.90<br \/>\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 21.70 &#8211; 23.69<br \/>\nSpot Rate  :  1.9900<br \/>\nAverage  :  1.4377<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.39<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.10 &#8211; 23.15<br \/>\nSpot Rate  :  2.0500<br \/>\nAverage  :  1.6264<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.10<br \/>\nEvaluated at bid price : 21.10<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 22.20 &#8211; 24.00<br \/>\nSpot Rate  :  1.8000<br \/>\nAverage  :  1.4284<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-08<br \/>\nMaturity Price  : 21.79<br \/>\nEvaluated at bid price : 22.20<br \/>\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The New York Fed&#8217;s Survey of Consumer Expectations came out today: November Survey: Inflation Expectations Steady at All Horizons; Consumers Are More Pessimistic About Their Financial Situations Median inflation expectations remained unchanged at the one-year-ahead &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-51216","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51216","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=51216"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51216\/revisions"}],"predecessor-version":[{"id":51217,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51216\/revisions\/51217"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}