{"id":51297,"date":"2025-01-15T14:28:00","date_gmt":"2025-01-15T19:28:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51297"},"modified":"2025-12-24T14:29:09","modified_gmt":"2025-12-24T19:29:09","slug":"january-15-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51297","title":{"rendered":"January 15, 2025"},"content":{"rendered":"

The US inflation numbers<\/a> had something for everyone!<\/p>\n

\n

Consumer prices rose more quickly in December, the latest sign that the Federal Reserve\u2019s fight against inflation may have stalled.<\/p>\n

The Consumer Price Index rose 0.4 percent from November, and was up 2.9 percent from a year earlier, the Labor Department said on Wednesday. It was the fastest one-month increase in overall prices since February, driven in part by another sharp rise in the price of eggs and other groceries.<\/p>\n

The \u201ccore\u201d measure of inflation, which strips out volatile food and fuel prices to give a better sense of the underlying trend, was more encouraging: The index rose 3.2 percent from a year earlier after three straight months of 3.3 percent gains. Forecasters had not expected core inflation to slow.
…<\/b>
Inflation in housing \u2014 by far the biggest monthly expense for most families, and one of the most stubborn categories of consumer prices \u2014 has finally begun to ease: Shelter prices were up 4.6 percent in December from a year earlier, the smallest 12-month increase in nearly three years.<\/p>\n<\/blockquote>\n

PerpetualDiscounts now yield 6.03%, equivalent to 7.84% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> yielded 4.62% on 2025-1-14 and since then the closing price of ZLC changed from 15.02 to 15.19, a total return of +1.13%, implying a decrease in yields (assuming that the “Duration” of 12.66 reported by BMO is Modified Duration) of about 9bp to 4.53%. Therefore, the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened slightly (and perhaps spuriously) to 330bp from the 325bp reported January 8<\/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>\n0.4729 %<\/td>\n2,330.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4729 %<\/td>\n4,470.3<\/td>\n<\/tr>\n
Floater<\/td>\n7.48 %<\/td>\n7.76 %<\/td>\n32,682<\/td>\n11.65<\/td>\n4<\/td>\n0.4729 %<\/td>\n2,576.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0149 %<\/td>\n3,638.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.49 %<\/td>\n46,468<\/td>\n0.16<\/td>\n8<\/td>\n0.0149 %<\/td>\n4,344.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0149 %<\/td>\n3,390.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3314 %<\/td>\n2,902.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.92 %<\/td>\n6.03 %<\/td>\n58,809<\/td>\n13.88<\/td>\n32<\/td>\n0.3314 %<\/td>\n3,164.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.33 %<\/td>\n6.64 %<\/td>\n98,696<\/td>\n12.84<\/td>\n50<\/td>\n0.4954 %<\/td>\n2,855.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.89 %<\/td>\n5.98 %<\/td>\n66,505<\/td>\n13.94<\/td>\n21<\/td>\n0.6707 %<\/td>\n3,076.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.27 %<\/td>\n6.41 %<\/td>\n40,110<\/td>\n13.28<\/td>\n3<\/td>\n-0.2882 %<\/td>\n3,425.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.69 %<\/td>\n5.50 %<\/td>\n162,890<\/td>\n3.36<\/td>\n12<\/td>\n0.2203 %<\/td>\n2,588.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4954 %<\/td>\n2,918.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.12 %<\/td>\n6.06 %<\/td>\n74,361<\/td>\n13.70<\/td>\n14<\/td>\n0.6158 %<\/td>\n2,949.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-4.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-4.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-3.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.41
\nEvaluated at bid price : 20.41
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.67
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 17.83
\nEvaluated at bid price : 17.83
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 6.77 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 12.45
\nEvaluated at bid price : 12.45
\nBid-YTW : 7.76 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.30
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 22.36
\nEvaluated at bid price : 23.08
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 23.80
\nEvaluated at bid price : 24.52
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 22.04
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.06
\nEvaluated at bid price : 21.06
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 17.67
\nEvaluated at bid price : 17.67
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n3.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.67
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n7.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 18.73
\nEvaluated at bid price : 18.73
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n22.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 19.84
\nEvaluated at bid price : 19.84
\nBid-YTW : 5.66 %<\/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
NA.PR.W<\/td>\nFixedReset Prem<\/td>\n306,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.92
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n79,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.06
\nEvaluated at bid price : 20.06
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n61,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n59,781<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 22.36
\nEvaluated at bid price : 23.08
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n54,850<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 16.68
\nEvaluated at bid price : 16.68
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n50,084<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
There were 17 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
BN.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 21.70 – 24.60
\nSpot Rate : 2.9000
\nAverage : 1.5889<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.70
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.50 – 24.96
\nSpot Rate : 2.4600
\nAverage : 1.7444<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 19.00 – 20.71
\nSpot Rate : 1.7100
\nAverage : 1.3250<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 20.50 – 21.70
\nSpot Rate : 1.2000
\nAverage : 0.8170<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.00 – 21.96
\nSpot Rate : 0.9600
\nAverage : 0.7164<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 20.65 – 21.70
\nSpot Rate : 1.0500
\nAverage : 0.8099<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-15
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The US inflation numbers had something for everyone! Consumer prices rose more quickly in December, the latest sign that the Federal Reserve\u2019s fight against inflation may have stalled. The Consumer Price Index rose 0.4 percent …<\/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-51297","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51297","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=51297"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51297\/revisions"}],"predecessor-version":[{"id":51298,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51297\/revisions\/51298"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}