{"id":51540,"date":"2026-02-11T21:03:39","date_gmt":"2026-02-12T02:03:39","guid":{"rendered":"https:\/\/prefblog.com\/?p=51540"},"modified":"2026-02-12T09:45:59","modified_gmt":"2026-02-12T14:45:59","slug":"february-11-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51540","title":{"rendered":"February 11, 2026"},"content":{"rendered":"

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

US job growth was historically weak last year. And US job growth was significantly stronger than expected at the start of this year.<\/p>\n

In the January jobs report released Wednesday \u2013 a Schr\u00f6dinger\u2019s cat of employment snapshots \u2013 the seemingly opposed dynamics both held true.<\/p>\n

The US economy added an estimated 130,000 jobs last month, and the unemployment rate ticked down a tenth of a percentage point to 4.3%, according to new Bureau of Labor Statistics data.
…<\/b>
Health care and social assistance drove the lion\u2019s share of last month\u2019s employment gains, with an estimated 123,500 jobs added.<\/p>\n

That was followed by the 34,000 jobs gained in professional and business services, including employment services, administrative and other white-collar roles. Construction, likely helped by unseasonably warm weather at the start of the month, added 33,000 jobs.<\/p>\n

Many other sectors, notably government (-42,000 jobs), either shed jobs or reported very weak gains.<\/p><\/blockquote>\n

… and …<\/a>:<\/p>\n

The Employment Cost Index, which measures changes in wages and benefits, rose 0.7% during the last three months of 2025, marking the slowest quarterly increase since 2021, BLS data showed.<\/p><\/blockquote>\n

The markets reacted a bit<\/a>:<\/p>\n

The Canadian dollar edged lower against its U.S. counterpart on Wednesday as stronger-than-expected U.S. \u2060jobs \u200bdata reduced expectations for Federal Reserve interest rate cuts, offsetting higher oil prices.<\/p>\n

The loonie was trading 0.1% lower at 1.3560 per U.S. dollar, or 73.75 U.S. cents, after moving in a range of 1.3505 to \u200b1.3618.
…<\/b>
Canadian bond yields moved lower across a flatter curve. The 10-year was down 2.4 basis points at 3.338%, while the gap between it and the equivalent U.S. rate widened by 5.5 basis \u200bpoints to 83.8 basis points in favor of the U.S. note.<\/p><\/blockquote>\n

PerpetualDiscounts now yield 5.66%, equivalent to 7.36% interest at the standard conversion factor of 1.3x. Long corporates<\/a> continue to yield 4.92% on 2026-2-11. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at the 245bp reported February 4<\/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>\n-0.0988 %<\/td>\n2,493.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0988 %<\/td>\n4,728.3<\/td>\n<\/tr>\n
Floater<\/td>\n5.78 %<\/td>\n6.03 %<\/td>\n55,952<\/td>\n13.83<\/td>\n3<\/td>\n-0.0988 %<\/td>\n2,724.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1257 %<\/td>\n3,676.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.48 %<\/td>\n83,696<\/td>\n3.03<\/td>\n5<\/td>\n0.1257 %<\/td>\n4,390.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1257 %<\/td>\n3,425.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.70 %<\/td>\n5.60 %<\/td>\n552,411<\/td>\n6.76<\/td>\n7<\/td>\n-0.0057 %<\/td>\n3,063.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.64 %<\/td>\n5.66 %<\/td>\n50,857<\/td>\n14.38<\/td>\n27<\/td>\n-0.6059 %<\/td>\n3,362.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.94 %<\/td>\n5.95 %<\/td>\n112,619<\/td>\n13.73<\/td>\n28<\/td>\n0.0641 %<\/td>\n3,174.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.47 %<\/td>\n5.56 %<\/td>\n67,872<\/td>\n14.49<\/td>\n22<\/td>\n-0.3391 %<\/td>\n3,324.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0641 %<\/td>\n3,776.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.96 %<\/td>\n4.32 %<\/td>\n85,917<\/td>\n2.39<\/td>\n20<\/td>\n-0.1799 %<\/td>\n2,658.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0641 %<\/td>\n3,244.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.29 %<\/td>\n5.47 %<\/td>\n75,297<\/td>\n14.46<\/td>\n14<\/td>\n0.1108 %<\/td>\n3,123.9<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-24.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-4.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Prem<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.59
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.64
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.52
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.33
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n8.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.69
\nEvaluated at bid price : 23.99
\nBid-YTW : 5.47 %<\/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
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n51,068<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n44,905<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 21.62
\nEvaluated at bid price : 22.04
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n44,179<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n41,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.15
\nEvaluated at bid price : 23.45
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n38,910<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 22.65
\nEvaluated at bid price : 22.91
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Prem<\/td>\n30,821<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
There were 24 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
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 16.60 – 21.89
\nSpot Rate : 5.2900
\nAverage : 2.8356<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n

GWO.PR.Y<\/td>\nInsurance Straight<\/td>\nQuote: 20.00 – 21.04
\nSpot Rate : 1.0400
\nAverage : 0.6102<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 23.88 – 24.75
\nSpot Rate : 0.8700
\nAverage : 0.5538<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.61
\nEvaluated at bid price : 23.88
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 22.87 – 23.48
\nSpot Rate : 0.6100
\nAverage : 0.3752<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 22.62
\nEvaluated at bid price : 22.87
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.16 – 24.88
\nSpot Rate : 0.7200
\nAverage : 0.5177<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.92
\nEvaluated at bid price : 24.16
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n

BIP.PR.F<\/td>\nFixedReset Prem<\/td>\nQuote: 25.60 – 26.18
\nSpot Rate : 0.5800
\nAverage : 0.3918<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-11
\nMaturity Price : 23.59
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Jobs, jobs, jobs! US job growth was historically weak last year. And US job growth was significantly stronger than expected at the start of this year. In the January jobs report released Wednesday \u2013 a …<\/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-51540","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51540","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=51540"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51540\/revisions"}],"predecessor-version":[{"id":51545,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51540\/revisions\/51545"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}