{"id":51593,"date":"2026-02-27T21:30:11","date_gmt":"2026-02-28T02:30:11","guid":{"rendered":"https:\/\/prefblog.com\/?p=51593"},"modified":"2026-02-27T21:30:11","modified_gmt":"2026-02-28T02:30:11","slug":"february-27-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51593","title":{"rendered":"February 27, 2026"},"content":{"rendered":"

Canada’s GDP fell in 25Q4<\/a>, but it’s not as bad as it sounds:<\/p>\n

Statistics Canada reported a fourth-quarter contraction in real gross domestic product Friday that economists argue conceals some promising details in underlying economic data.<\/p>\n

Statscan said Friday that real GDP declined 0.6 per cent on an annualized basis in the fourth quarter, falling short of expectations for flat growth from the Bank of Canada and most economists.<\/p>\n

Statscan said the main culprit was businesses drawing down their inventories \u2013 in other words, selling off goods or materials that weren\u2019t reproduced in the quarter.
…<\/b>
StatCan said a rise in household spending and increased government capital spending \u2013 particularly on weapons systems \u2013 gave the economy a lift in the quarter. Business investment, meanwhile, declined thanks to weakness in residential activity.
…<\/b>
Last quarter\u2019s contraction came after real GDP growth of 2.4 per cent in the third quarter, which Statscan revised down slightly from initial estimates. The economy also shrank in the second quarter as tariffs took full effect in the economy, but Statscan also revised that decline to 0.9 per cent from previous estimates of a steeper 1.8 per cent contraction.
…<\/b>
StatCan said real GDP rose 1.7 per cent in 2025 overall, cooling from 2-per-cent growth in each of the previous two years and marking the slowest pace of annual growth since 2016, outside the COVID-19 pandemic.<\/p><\/blockquote>\n

And the US PPI caused shock and consternation<\/a>:<\/p>\n

U.S. producer prices accelerated in January, with the cost of goods outside the volatile food and energy category increasing by the most in more than 3\u00bd years as businesses passed on import tariffs and raised prices at the start of 2026.<\/p>\n

The stronger-than-expected increase in the Producer Price Index reported by the Labour Department on Friday reinforced economists\u2019 expectations that the Federal Reserve would not resume cutting interest rates before its June 16-17 meeting.<\/p>\n

The PPI was boosted by a widening in margins, including for professional and commercial equipment wholesaling as well as apparel, footwear and accessories retailing.
…<\/b>
In the 12 months through January, the PPI increased 2.9 per cent after rising 3 per cent in December. The moderation in the year-on-year producer inflation rate reflected the dropping out of last year\u2019s high readings from the calculation.<\/p>\n

Core PPI rose 0.8 per cent last month after gaining 0.6 per cent in December. Core producer inflation increased 3.6 per cent on a year-over-year basis. The report was delayed by a brief shutdown of the federal government that ended early this month.<\/p>\n

Services prices jumped 0.8 per cent in January, reflecting a 2.5 per cent increase in trade services, which measure changes in margins received by wholesalers and retailers. Margins for professional and commercial equipment wholesaling surged 14.4 per cent, indicating businesses were passing on tariffs.
…<\/b>
The PPI report contributed to a stock market drop on Wall Street. The dollar slipped against a basket of currencies. U.S. Treasury yields mostly fell. <\/p><\/blockquote>\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>\n0.2736 %<\/td>\n2,485.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2736 %<\/td>\n4,713.1<\/td>\n<\/tr>\n
Floater<\/td>\n5.80 %<\/td>\n6.08 %<\/td>\n59,857<\/td>\n13.72<\/td>\n3<\/td>\n0.2736 %<\/td>\n2,716.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1028 %<\/td>\n3,652.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.31 %<\/td>\n74,165<\/td>\n3.02<\/td>\n5<\/td>\n0.1028 %<\/td>\n4,361.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1028 %<\/td>\n3,403.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n5.56 %<\/td>\n415,567<\/td>\n14.11<\/td>\n7<\/td>\n0.0340 %<\/td>\n3,081.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.68 %<\/td>\n51,128<\/td>\n14.34<\/td>\n27<\/td>\n0.7389 %<\/td>\n3,400.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n5.70 %<\/td>\n124,572<\/td>\n14.00<\/td>\n28<\/td>\n-0.1906 %<\/td>\n3,196.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.43 %<\/td>\n5.55 %<\/td>\n64,823<\/td>\n14.48<\/td>\n22<\/td>\n0.1948 %<\/td>\n3,348.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1906 %<\/td>\n3,801.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.94 %<\/td>\n4.21 %<\/td>\n88,294<\/td>\n2.47<\/td>\n20<\/td>\n0.1683 %<\/td>\n2,670.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1906 %<\/td>\n3,266.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.23 %<\/td>\n96,681<\/td>\n14.98<\/td>\n14<\/td>\n-0.0092 %<\/td>\n3,139.4<\/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
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-4.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.16
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 22.44
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 23.64
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 20.83
\nEvaluated at bid price : 20.83
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.45
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n28.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 5.71 %<\/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.M<\/td>\nFixedReset Ins Non<\/td>\n135,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 23.27
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n113,729<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 23.24
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n106,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n71,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n66,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 22.58
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
GWO.PR.Z<\/td>\nInsurance Straight<\/td>\n44,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 24.74
\nEvaluated at bid price : 25.15
\nBid-YTW : 5.75 %<\/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.R<\/td>\nFixedReset Disc<\/td>\nQuote: 21.30 – 22.48
\nSpot Rate : 1.1800
\nAverage : 0.7524<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.20 – 26.15
\nSpot Rate : 0.9500
\nAverage : 0.5583<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 23.64
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.50 – 26.50
\nSpot Rate : 1.0000
\nAverage : 0.6400<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 23.75 – 24.87
\nSpot Rate : 1.1200
\nAverage : 0.7867<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 24.80 – 25.80
\nSpot Rate : 1.0000
\nAverage : 0.6691<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 24.47
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.80 – 22.75
\nSpot Rate : 0.9500
\nAverage : 0.6447<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-27
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Canada’s GDP fell in 25Q4, but it’s not as bad as it sounds: Statistics Canada reported a fourth-quarter contraction in real gross domestic product Friday that economists argue conceals some promising details in underlying economic …<\/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-51593","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51593","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=51593"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51593\/revisions"}],"predecessor-version":[{"id":51594,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51593\/revisions\/51594"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}