{"id":51546,"date":"2026-02-12T20:19:18","date_gmt":"2026-02-13T01:19:18","guid":{"rendered":"https:\/\/prefblog.com\/?p=51546"},"modified":"2026-02-12T20:19:18","modified_gmt":"2026-02-13T01:19:18","slug":"february-12-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51546","title":{"rendered":"February 12, 2026"},"content":{"rendered":"

The New York Fed has released a Staff Report by Natalia Emanuel and Emma Harrington titled The Payoffs of Higher Pay: Labor Supply and Productivity Responses to a Voluntary Firm Minimum Wage<\/a>:<\/p>\n

What are the returns to firms of paying more? We study a Fortune 500 firm\u2019s voluntary firm-wide $15\/hour minimum wage, which affected some warehouses more than others. Using a continuous difference-in-differences design, we find that a $1\/hour pay increase (5.5 percent) halves worker departures, reduces absenteeism by 18.6 percent, and increases productivity (boxes moved per hour) by 5.7 percent. These productivity gains fully defrayed increased labor costs, offsetting the firm\u2019s incentive to mark down wages. We develop a simple model that connects efficiency-wage incentives and monopsony power, showing how these forces can counterbalance each other to keep wages closer to workers\u2019 marginal revenues.<\/p><\/blockquote>\n

Yup. In most cases, sweating your labour is false economy.<\/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>\n0.1236 %<\/td>\n2,496.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1236 %<\/td>\n4,734.2<\/td>\n<\/tr>\n
Floater<\/td>\n5.77 %<\/td>\n6.03 %<\/td>\n57,748<\/td>\n13.82<\/td>\n3<\/td>\n0.1236 %<\/td>\n2,728.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0392 %<\/td>\n3,677.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.48 %<\/td>\n82,171<\/td>\n3.03<\/td>\n5<\/td>\n0.0392 %<\/td>\n4,392.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0392 %<\/td>\n3,426.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.69 %<\/td>\n5.61 %<\/td>\n533,064<\/td>\n14.12<\/td>\n7<\/td>\n0.0627 %<\/td>\n3,064.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.60 %<\/td>\n5.66 %<\/td>\n52,219<\/td>\n14.38<\/td>\n27<\/td>\n0.6823 %<\/td>\n3,385.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.93 %<\/td>\n5.95 %<\/td>\n111,608<\/td>\n13.76<\/td>\n28<\/td>\n0.1141 %<\/td>\n3,178.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.45 %<\/td>\n5.53 %<\/td>\n67,129<\/td>\n14.53<\/td>\n22<\/td>\n0.4431 %<\/td>\n3,338.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1141 %<\/td>\n3,780.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.97 %<\/td>\n4.46 %<\/td>\n85,282<\/td>\n2.38<\/td>\n20<\/td>\n-0.0959 %<\/td>\n2,656.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1141 %<\/td>\n3,248.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.29 %<\/td>\n5.47 %<\/td>\n74,446<\/td>\n14.39<\/td>\n14<\/td>\n0.0646 %<\/td>\n3,125.9<\/td>\n<\/tr>\n<\/table>\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.H<\/td>\nPerpetual-Discount<\/td>\n-6.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.08
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.70
\nEvaluated at bid price : 22.99
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.26
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.30
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n3.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n4.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n30.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.68
\nBid-YTW : 5.57 %<\/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>\n148,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 20.82
\nEvaluated at bid price : 20.82
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n76,340<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n37,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 23.27
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n32,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n27,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.33
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n16,656<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.26
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
There were 7 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.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.40 – 24.40
\nSpot Rate : 2.0000
\nAverage : 1.4583<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

BN.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.50 – 26.50
\nSpot Rate : 1.0000
\nAverage : 0.6050<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n

BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 23.00 – 23.95
\nSpot Rate : 0.9500
\nAverage : 0.7102<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 22.33
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n

FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.20 – 22.70
\nSpot Rate : 0.5000
\nAverage : 0.3213<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 23.85 – 24.75
\nSpot Rate : 0.9000
\nAverage : 0.7348<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-12
\nMaturity Price : 23.58
\nEvaluated at bid price : 23.85
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nInsurance Straight<\/td>\nQuote: 25.42 – 25.92
\nSpot Rate : 0.5000
\nAverage : 0.3523<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.42
\nBid-YTW : -6.16 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The New York Fed has released a Staff Report by Natalia Emanuel and Emma Harrington titled The Payoffs of Higher Pay: Labor Supply and Productivity Responses to a Voluntary Firm Minimum Wage: What are the …<\/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-51546","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51546","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=51546"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51546\/revisions"}],"predecessor-version":[{"id":51547,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51546\/revisions\/51547"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}