{"id":51899,"date":"2026-05-07T19:50:43","date_gmt":"2026-05-07T23:50:43","guid":{"rendered":"https:\/\/prefblog.com\/?p=51899"},"modified":"2026-05-07T19:50:43","modified_gmt":"2026-05-07T23:50:43","slug":"may-7-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51899","title":{"rendered":"May 7, 2026"},"content":{"rendered":"<p>The New York Fed released the updated <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce#\/\">survey of Consumer Expectations<\/a>:<\/p>\n<blockquote><p><b>April Survey: Short-Term Inflation Expectations Rise at Short-Term, Remain Stable at Medium- and Longer-Term Horizons<\/b><\/p>\n<ul>\n<li>Median inflation expectations increased by 0.2 percentage point (ppt) to 3.6 percent at the one-year-ahead horizon and were unchanged at 3.1 percent and 3.0 percent at the three-year and five-year-ahead horizons, respectively, in April.\n<li>Median year-ahead gas price growth expectations dropped sharply by 4.3 ppts to 5.1 percent from a spike in March.\n<li>Median one-year-ahead earnings growth expectations increased by 0.3 ppt to 2.7 percent in April; however, mean unemployment expectations\u2014or the mean probability that the U.S. unemployment rate will be higher one year from now\u2014increased by 0.4 ppt to 43.9 percent, the highest reading of the series since April 2025.\n<li>Perceptions about credit access compared to a year ago and expectations for future credit availability both deteriorated, while the average perceived probability of missing a minimum debt payment over the next three months decreased by 0.9 ppt to 11.4 percent, the lowest reading in more than two years.<\/ul>\n<\/blockquote>\n<p>On the other hand, the 10-Year TIPS\/Nominals Break-Even Inflation Rate <a href=\"https:\/\/www.cnn.com\/2026\/05\/07\/economy\/fed-officials-iran-war\">hit a three-year high<\/a>:<\/p>\n<blockquote><p>[New York Fed President John] Williams in his Tuesday speech said inflation expectations remain \u201cwell anchored, despite the deluge of shocks.\u201d Key surveys from the University of Michigan, the New York Fed and the Conference Board show that to be the case. Kashkari, one of the dissenters at last month\u2019s Fed meeting, agreed in a statement on Friday, writing he\u2019s \u201csomewhat comforted by the fact that both market and survey measures of long-run inflation expectations appeared well anchored at our 2 percent target.\u201d<\/p>\n<p>But just on Tuesday, a market-based measure of long-term inflation expectations climbed to a three-year high. The 10-year inflation breakeven rate, which is the difference between the 10-year Treasury yield and the 10-year Treasury Inflation-Protected Security yield, reached 2.5%, the highest level since early 2023.<\/p>\n<p>\u201cThe longer inflation remains above 2%, the greater the risk that it becomes entrenched in expectations, making it harder to achieve the (Fed\u2019s) goal,\u201d Fed Vice Chair Philip Jefferson warned in March, shortly after the Iran war broke out.<\/p><\/blockquote>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1218 %<\/td>\n<td>2,525.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1218 %<\/td>\n<td>4,789.1<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.68 %<\/td>\n<td>5.85 %<\/td>\n<td>45,269<\/td>\n<td>14.11<\/td>\n<td>3<\/td>\n<td>0.1218 %<\/td>\n<td>2,760.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0157 %<\/td>\n<td>3,657.5<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.76 %<\/td>\n<td>4.59 %<\/td>\n<td>55,527<\/td>\n<td>2.83<\/td>\n<td>5<\/td>\n<td>-0.0157 %<\/td>\n<td>4,367.8<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0157 %<\/td>\n<td>3,408.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.78 %<\/td>\n<td>4.72 %<\/td>\n<td>53,420<\/td>\n<td>0.08<\/td>\n<td>3<\/td>\n<td>-0.0529 %<\/td>\n<td>3,042.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.63 %<\/td>\n<td>5.66 %<\/td>\n<td>50,347<\/td>\n<td>14.35<\/td>\n<td>30<\/td>\n<td>-0.1801 %<\/td>\n<td>3,347.1<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.59 %<\/td>\n<td>6.00 %<\/td>\n<td>99,329<\/td>\n<td>13.60<\/td>\n<td>24<\/td>\n<td>0.4050 %<\/td>\n<td>3,335.0<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.49 %<\/td>\n<td>5.56 %<\/td>\n<td>55,882<\/td>\n<td>14.46<\/td>\n<td>22<\/td>\n<td>0.4503 %<\/td>\n<td>3,285.3<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4050 %<\/td>\n<td>3,967.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.96 %<\/td>\n<td>4.31 %<\/td>\n<td>91,623<\/td>\n<td>2.33<\/td>\n<td>24<\/td>\n<td>0.0449 %<\/td>\n<td>2,660.7<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4050 %<\/td>\n<td>3,409.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.08 %<\/td>\n<td>5.35 %<\/td>\n<td>73,428<\/td>\n<td>3.24<\/td>\n<td>14<\/td>\n<td>0.3552 %<\/td>\n<td>3,253.7<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.44<br \/>\nEvaluated at bid price : 25.23<br \/>\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.74<br \/>\nEvaluated at bid price : 24.05<br \/>\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.97<br \/>\nEvaluated at bid price : 24.25<br \/>\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 24.52<br \/>\nEvaluated at bid price : 24.92<br \/>\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.22<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-06-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.15<br \/>\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 21.50<br \/>\nEvaluated at bid price : 21.50<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 21.01<br \/>\nEvaluated at bid price : 21.01<br \/>\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.R<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.64<br \/>\nEvaluated at bid price : 23.72<br \/>\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>2.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.10<br \/>\nEvaluated at bid price : 23.36<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.65 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.18<br \/>\nEvaluated at bid price : 22.89<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.F<\/td>\n<td>Insurance Straight<\/td>\n<td>3.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.66<br \/>\nEvaluated at bid price : 23.95<br \/>\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>3.68 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.46<br \/>\nEvaluated at bid price : 22.83<br \/>\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>3.77 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 20.63<br \/>\nEvaluated at bid price : 20.63<br \/>\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>18,485<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.30<br \/>\nEvaluated at bid price : 24.80<br \/>\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.T<\/td>\n<td>Insurance Straight<\/td>\n<td>14,964<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.93<br \/>\nEvaluated at bid price : 23.20<br \/>\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Z<\/td>\n<td>Insurance Straight<\/td>\n<td>10,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Option Certainty<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 0 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan='3'>See <a href='https:\/\/prefblog.com\/?p=13456'>TMX DataLinx: &#8216;Last&#8217; != &#8216;Close&#8217;<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.14 &#8211; 23.40<br \/>\nSpot Rate  :  0.2600<br \/>\nAverage  :  0.1831<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 22.87<br \/>\nEvaluated at bid price : 23.14<br \/>\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 25.23 &#8211; 25.58<br \/>\nSpot Rate  :  0.3500<br \/>\nAverage  :  0.2894<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.44<br \/>\nEvaluated at bid price : 25.23<br \/>\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Z<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 25.01 &#8211; 25.23<br \/>\nSpot Rate  :  0.2200<br \/>\nAverage  :  0.1731<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Option Certainty<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.B<\/td>\n<td>Floater<\/td>\n<td>Quote: 13.48 &#8211; 13.66<br \/>\nSpot Rate  :  0.1800<br \/>\nAverage  :  0.1384<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 13.48<br \/>\nEvaluated at bid price : 13.48<br \/>\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 21.27 &#8211; 21.64<br \/>\nSpot Rate  :  0.3700<br \/>\nAverage  :  0.3291<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 21.27<br \/>\nEvaluated at bid price : 21.27<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.G<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.33 &#8211; 25.49<br \/>\nSpot Rate  :  0.1600<br \/>\nAverage  :  0.1221<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-05-07<br \/>\nMaturity Price  : 23.62<br \/>\nEvaluated at bid price : 25.33<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The New York Fed released the updated survey of Consumer Expectations: April Survey: Short-Term Inflation Expectations Rise at Short-Term, Remain Stable at Medium- and Longer-Term Horizons Median inflation expectations increased by 0.2 percentage point (ppt) &hellip;<\/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-51899","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51899","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=51899"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51899\/revisions"}],"predecessor-version":[{"id":51900,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51899\/revisions\/51900"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}