{"id":51371,"date":"2026-01-09T20:17:43","date_gmt":"2026-01-10T01:17:43","guid":{"rendered":"https:\/\/prefblog.com\/?p=51371"},"modified":"2026-01-09T20:18:36","modified_gmt":"2026-01-10T01:18:36","slug":"january-9-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51371","title":{"rendered":"January 9, 2026"},"content":{"rendered":"

The TXPR price index set a new 52-week high of 697.68, edging the old mark of 697.57 set yesterday.<\/p>\n

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

Statistics Canada says a boost in the number of people looking for work in December drove the unemployment rate higher at the end of the year.<\/p>\n

The agency said the economy added 8,200 jobs last month, topping economists\u2019 expectations.<\/p>\n

The unemployment rate rose to 6.8 per cent in December, Statscan said, up from 6.5 per cent in November.
…<\/b>
Average hourly wages rose 3.4 per cent year-over-year in December, cooling from 3.6 per cent in November.<\/p><\/blockquote>\n

And in the US<\/a>:<\/p>\n

The American labor market has entered 2026 in respectable shape, continuing to muddle through challenges even as it loses strength.<\/p>\n

Employers continued to hire modestly in December and the unemployment rate declined, federal data showed on Friday, but hiring across 2025 was the weakest in five years, driven in part by government staffing cuts and tumultuous public policy.<\/p>\n

Employers added 50,000 jobs in the last month of 2025 and the unemployment rate fell to 4.4 percent, the data showed. Average hourly earnings grew at 0.3 percent on a monthly basis in December and 3.8 percent on an annual basis, an acceleration compared with previous months.
…<\/b>
Excluding health care and social-assistance sectors that added about 700,000 jobs last year, private-sector job growth for the year was just over 20,000, said Samuel Tombs, the chief U.S. economist at Pantheon Macro, a research firm.<\/p><\/blockquote>\n

And now it’s time for … PrefLetter weekend<\/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>\n0.0253 %<\/td>\n2,436.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0253 %<\/td>\n4,620.7<\/td>\n<\/tr>\n
Floater<\/td>\n5.91 %<\/td>\n6.13 %<\/td>\n53,188<\/td>\n13.73<\/td>\n3<\/td>\n0.0253 %<\/td>\n2,663.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2665 %<\/td>\n3,672.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.39 %<\/td>\n74,990<\/td>\n3.12<\/td>\n5<\/td>\n-0.2665 %<\/td>\n4,385.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2665 %<\/td>\n3,421.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n-1.09 %<\/td>\n91,025<\/td>\n0.09<\/td>\n9<\/td>\n0.0307 %<\/td>\n3,106.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.51 %<\/td>\n5.53 %<\/td>\n46,064<\/td>\n14.59<\/td>\n25<\/td>\n0.1446 %<\/td>\n3,432.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.85 %<\/td>\n5.97 %<\/td>\n109,408<\/td>\n13.84<\/td>\n29<\/td>\n0.2850 %<\/td>\n3,173.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.44 %<\/td>\n5.51 %<\/td>\n53,755<\/td>\n14.63<\/td>\n22<\/td>\n0.0472 %<\/td>\n3,342.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2850 %<\/td>\n3,774.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.93 %<\/td>\n4.24 %<\/td>\n88,267<\/td>\n2.20<\/td>\n19<\/td>\n-0.1085 %<\/td>\n2,664.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2850 %<\/td>\n3,243.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.26 %<\/td>\n5.44 %<\/td>\n78,004<\/td>\n14.57<\/td>\n14<\/td>\n0.2483 %<\/td>\n3,140.5<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-4.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.68
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n-2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.28
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.51
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.52
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 19.08
\nEvaluated at bid price : 19.08
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-02-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : -17.61 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-02-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : -28.57 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Premium<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-02-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : -7.50 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.08
\nEvaluated at bid price : 24.66
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 24.20
\nEvaluated at bid price : 24.49
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.52
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 21.63
\nEvaluated at bid price : 22.06
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 24.04
\nEvaluated at bid price : 24.59
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.58
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n3.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n5.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n9.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.53 %<\/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
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n147,145<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 19.08
\nEvaluated at bid price : 19.08
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n68,343<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.52
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n65,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.21
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n48,755<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 24.04
\nEvaluated at bid price : 24.59
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n39,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n25,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 19.74
\nEvaluated at bid price : 19.74
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
There were 11 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
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 24.00 – 25.15
\nSpot Rate : 1.1500
\nAverage : 0.7731<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.68
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 22.81 – 23.70
\nSpot Rate : 0.8900
\nAverage : 0.5382<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.81
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n

NA.PR.K<\/td>\nFixedReset Prem<\/td>\nQuote: 28.01 – 29.01
\nSpot Rate : 1.0000
\nAverage : 0.6989<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.01
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n

PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 25.80 – 26.60
\nSpot Rate : 0.8000
\nAverage : 0.5807<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.10 – 25.87
\nSpot Rate : 0.7700
\nAverage : 0.6059<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-09
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 26.01 – 26.57
\nSpot Rate : 0.5600
\nAverage : 0.4017<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The TXPR price index set a new 52-week high of 697.68, edging the old mark of 697.57 set yesterday. Jobs, jobs, jobs! Statistics Canada says a boost in the number of people looking for work …<\/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-51371","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51371","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=51371"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51371\/revisions"}],"predecessor-version":[{"id":51372,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51371\/revisions\/51372"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}