{"id":51816,"date":"2026-04-21T20:10:47","date_gmt":"2026-04-22T00:10:47","guid":{"rendered":"https:\/\/prefblog.com\/?p=51816"},"modified":"2026-04-21T20:10:47","modified_gmt":"2026-04-22T00:10:47","slug":"april-21-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51816","title":{"rendered":"April 21, 2026"},"content":{"rendered":"

David Berman wrote a piece in the Globe today extolling preferred shares<\/a>:<\/p>\n

When you start constructing a portfolio that will generate cash in your retirement \u2013 or hey, you just like the idea of steady income today \u2013 preferred shares may be worth a look.<\/p>\n

They beckon with yields north of 5 per cent, which is significantly better than current yields on government bonds and guaranteed investment certificates (GICs).<\/p>\n

And when held in a taxable account, the distributions from preferred shares receive favourable treatment from the government.<\/p><\/blockquote>\n

Kevin Warsh had his confirmation hearing<\/a> for the Fed chair today:<\/p>\n

Kevin Warsh faced searching questions at his Senate confirmation hearing Tuesday. Democrats and even at times Republicans challenged his complicated finances, his relationship to President Donald Trump and what often seems like a wide-eyed endorsement of the promise of artificial intelligence. But one core issue for Warsh went all but unquestioned: his plan for what he calls \u201cregime change\u201d at the Federal Reserve.
…<\/b>
Warsh would break that status quo. He declined at the hearing to commit to continuing with regular press conferences, which the Fed has held since the financial crisis. He would abandon forward guidance, the Fed\u2019s way of signaling to the markets where it wants interest rates to go. He would even move away from the Fed\u2019s preferred measure of inflation, the core personal consumption expenditure measure, which he dismissed as a \u201crough swag as to what was going on\u201d with prices. \u201cWe don\u2019t have to do a rough swag any more.\u201d<\/p>\n

These ideas aren\u2019t just window dressing for Warsh. They are how he brings down the long-term interest rates that trouble Americans in the form of higher mortgage and credit-card rates. Warsh believes markets have driven those rates up in response to muddled policy from the Fed, including the recent spike in inflation after Covid \u2014 but going much further back, too. The Fed, he argues, has lost credibility.<\/p><\/blockquote>\n

Well, he’s entitled to his opinions. But when I think of my mental list of American institutions that have lost credibility over the past fifteen months … the Fed ain’t there.<\/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>\n0.2617 %<\/td>\n2,493.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2617 %<\/td>\n4,728.2<\/td>\n<\/tr>\n
Floater<\/td>\n5.81 %<\/td>\n5.97 %<\/td>\n26,921<\/td>\n13.95<\/td>\n4<\/td>\n0.2617 %<\/td>\n2,724.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2764 %<\/td>\n3,664.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.57 %<\/td>\n61,574<\/td>\n2.87<\/td>\n5<\/td>\n0.2764 %<\/td>\n4,375.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2764 %<\/td>\n3,414.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.85 %<\/td>\n-6.44 %<\/td>\n60,476<\/td>\n0.08<\/td>\n1<\/td>\n-0.0396 %<\/td>\n3,028.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.67 %<\/td>\n5.72 %<\/td>\n52,177<\/td>\n14.31<\/td>\n34<\/td>\n0.7340 %<\/td>\n3,341.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.79 %<\/td>\n5.91 %<\/td>\n113,177<\/td>\n13.84<\/td>\n27<\/td>\n0.2467 %<\/td>\n3,252.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.54 %<\/td>\n5.60 %<\/td>\n54,684<\/td>\n14.42<\/td>\n22<\/td>\n0.7818 %<\/td>\n3,280.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2467 %<\/td>\n3,869.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.97 %<\/td>\n4.42 %<\/td>\n97,172<\/td>\n1.95<\/td>\n21<\/td>\n0.0916 %<\/td>\n2,657.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2467 %<\/td>\n3,325.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.11 %<\/td>\n5.26 %<\/td>\n79,930<\/td>\n14.55<\/td>\n14<\/td>\n0.4740 %<\/td>\n3,236.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.58
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.24
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
IFC.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.97
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 24.50
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.55
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 24.60
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 23.25
\nEvaluated at bid price : 24.05
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 23.71
\nEvaluated at bid price : 25.69
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.43
\nEvaluated at bid price : 22.69
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n3.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.68
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n4.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n4.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n5.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n5.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n6.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 23.53
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.59 %<\/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
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n101,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n100,702<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Discount<\/td>\n89,222<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 24.60
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n35,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 23.59
\nEvaluated at bid price : 23.86
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n31,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.96
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n26,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
There were 10 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: 23.45 – 24.45
\nSpot Rate : 1.0000
\nAverage : 0.6971<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.45
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.37 – 26.37
\nSpot Rate : 1.0000
\nAverage : 0.7439<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 0.56 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 21.02 – 21.67
\nSpot Rate : 0.6500
\nAverage : 0.4664<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nInsurance Straight<\/td>\nQuote: 24.50 – 25.09
\nSpot Rate : 0.5900
\nAverage : 0.4880<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.65 – 21.99
\nSpot Rate : 0.3400
\nAverage : 0.2459<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n

GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 22.50 – 23.34
\nSpot Rate : 0.8400
\nAverage : 0.7584<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-04-21
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

David Berman wrote a piece in the Globe today extolling preferred shares: When you start constructing a portfolio that will generate cash in your retirement \u2013 or hey, you just like the idea of steady …<\/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-51816","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51816","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=51816"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51816\/revisions"}],"predecessor-version":[{"id":51817,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51816\/revisions\/51817"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}