{"id":52185,"date":"2026-07-14T22:27:20","date_gmt":"2026-07-15T02:27:20","guid":{"rendered":"https:\/\/prefblog.com\/?p=52185"},"modified":"2026-07-14T22:27:20","modified_gmt":"2026-07-15T02:27:20","slug":"july-14-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52185","title":{"rendered":"July 14, 2026"},"content":{"rendered":"

Another new 52-week high from the TXPR price index today of 713.43, beating the mark of 713.15 set yesterday. <\/p>\n

Gas prices had a marked effect on US inflation<\/a>:<\/p>\n

The pace of price hikes slowed sharply last month, helped by a steep decline in gas prices as tensions eased in the Middle East.<\/p>\n

Annual inflation measured 3.5% in June, compared to 4.2% in May, according to Consumer Price Index data released Tuesday by the Bureau of Labor Statistics.<\/p>\n

However, that\u2019s well above where it stood before the war with Iran broke out in February, when prices were rising at a 2.4% annual rate. Economists polled by FactSet had expected the pace of inflation to slow to 3.8% in June.<\/p>\n

On a monthly basis, prices fell by 0.4%, after increasing by 0.5% in May. That marked the largest monthly decline in prices since April 2020.<\/p><\/blockquote>\n

Elisabeth Buchwald reports:<\/p>\n

For the past few months, Americans\u2019 paychecks were essentially being wiped out by inflation. That\u2019s because inflation was growing at a faster rate than wages, a result of slowing wage growth combined with ramped-up inflation stemming from the war with Iran.<\/p>\n

But Tuesday\u2019s Consumer Price Index report showed that on an annual basis, prices are rising at 3.5%, which is equal to the annual rate average hourly earnings are growing, per the June employment report.<\/p><\/blockquote>\n

Elisabeth Buchwald takes issue with Warsh:<\/p>\n

In his testimony before the House Financial Services Committee on Tuesday, Federal Reserve Chairman Kevin Warsh claimed that \u201cinterest rates don\u2019t favor one class of people versus another.\u201d<\/p>\n

\u201cThey don\u2019t favor those that have financial assets more than folks that are living off their bi-monthly paychecks,\u201d he went on to say.<\/p>\n

That\u2019s not quite true.<\/p><\/blockquote>\n

John Towfighi reports<\/p>\n

This morning\u2019s better-than-expected inflation report prompted a shift in expectations for Fed policy: Markets are now pricing in a 17% chance that the Fed raises interest rates in July, down from a 42% chance one day ago, according to CME FedWatch.<\/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>\n-0.0234 %<\/td>\n2,637.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0234 %<\/td>\n4,967.3<\/td>\n<\/tr>\n
Floater<\/td>\n5.48 %<\/td>\n5.59 %<\/td>\n38,823<\/td>\n14.55<\/td>\n3<\/td>\n-0.0234 %<\/td>\n2,862.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1668 %<\/td>\n3,631.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.96 %<\/td>\n64,140<\/td>\n2.68<\/td>\n5<\/td>\n0.1668 %<\/td>\n4,336.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1668 %<\/td>\n3,383.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.70 %<\/td>\n-1.37 %<\/td>\n55,467<\/td>\n0.09<\/td>\n7<\/td>\n-0.0000 %<\/td>\n3,074.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.60 %<\/td>\n42,318<\/td>\n14.48<\/td>\n27<\/td>\n0.2392 %<\/td>\n3,400.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.63 %<\/td>\n5.84 %<\/td>\n99,210<\/td>\n14.04<\/td>\n19<\/td>\n0.3706 %<\/td>\n3,377.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.42 %<\/td>\n5.49 %<\/td>\n51,387<\/td>\n14.63<\/td>\n20<\/td>\n0.2836 %<\/td>\n3,317.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3706 %<\/td>\n4,123.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.90 %<\/td>\n4.57 %<\/td>\n78,940<\/td>\n2.27<\/td>\n29<\/td>\n0.1066 %<\/td>\n2,662.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3706 %<\/td>\n3,452.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n5.27 %<\/td>\n51,364<\/td>\n3.10<\/td>\n14<\/td>\n0.1328 %<\/td>\n3,255.6<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.82
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.47
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 19.83
\nEvaluated at bid price : 19.83
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 21.09
\nEvaluated at bid price : 21.09
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.56
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 22.25
\nEvaluated at bid price : 22.52
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 22.95
\nEvaluated at bid price : 23.22
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n3.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n4.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.17
\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
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n103,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.32
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n80,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.92
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Prem<\/td>\n20,043<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
GWO.PF.A<\/td>\nPerpetual-Premium<\/td>\n19,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2035-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n17,860<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 23.26
\nEvaluated at bid price : 24.28
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n14,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-08-13
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : -0.48 %<\/td>\n<\/tr>\n
There were 3 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
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.47 – 25.96
\nSpot Rate : 0.4900
\nAverage : 0.3100<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.47
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.60 – 24.69
\nSpot Rate : 1.0900
\nAverage : 0.9127<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.60
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n

PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.82 – 23.60
\nSpot Rate : 0.7800
\nAverage : 0.6144<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.82
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n

IFC.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 24.20 – 24.72
\nSpot Rate : 0.5200
\nAverage : 0.4023<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 23.90
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n

BN.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 21.20 – 22.00
\nSpot Rate : 0.8000
\nAverage : 0.6846<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.45 – 21.97
\nSpot Rate : 0.5200
\nAverage : 0.4086<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-07-14
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another new 52-week high from the TXPR price index today of 713.43, beating the mark of 713.15 set yesterday. Gas prices had a marked effect on US inflation: The pace of price hikes slowed sharply …<\/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-52185","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52185","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=52185"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52185\/revisions"}],"predecessor-version":[{"id":52186,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52185\/revisions\/52186"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}