{"id":52462,"date":"2026-08-19T22:09:04","date_gmt":"2026-08-20T02:09:04","guid":{"rendered":"https:\/\/prefblog.com\/?p=52462"},"modified":"2026-08-19T22:09:04","modified_gmt":"2026-08-20T02:09:04","slug":"august-19-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52462","title":{"rendered":"August 19, 2026"},"content":{"rendered":"

The US Treasury is resurrecting Operation Twist<\/a>:<\/p>\n

The Treasury Department made a surprise move Wednesday after bond yields hit their highest levels in almost two decades, doubling its planned purchases of longer-term bonds and easing pressure on the market.<\/p>\n

Bonds rallied, driving yields lower, after the announcement, providing some relief after a sell-off earlier this week sent yields around the globe to their highest levels in years.
…<\/b>
The Treasury Department said it will at least double the size of buybacks from September to early November, focusing on longer-dated bonds from 10-year to 30-year Treasuries, according to a statement.<\/p>\n

The 30-year yield dropped nine basis points to 5.2% after the announcement, providing short-term reprieve. The drop comes one day after the 30-year yield rose above 5.3%, hitting its highest level since 2007.<\/p>\n

Buybacks from the Treasury Department are a standard operation in bond markets, but the timing of the announcement after a major sell-off highlights the Trump administration\u2019s sensitivity to the rise in yields.<\/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>\n0.5397 %<\/td>\n2,650.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5397 %<\/td>\n4,991.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.45 %<\/td>\n5.61 %<\/td>\n30,981<\/td>\n14.45<\/td>\n3<\/td>\n0.5397 %<\/td>\n2,876.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0315 %<\/td>\n3,654.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.89 %<\/td>\n59,666<\/td>\n2.58<\/td>\n5<\/td>\n0.0315 %<\/td>\n4,364.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0315 %<\/td>\n3,405.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n5.53 %<\/td>\n44,848<\/td>\n6.77<\/td>\n12<\/td>\n0.1389 %<\/td>\n3,083.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.51 %<\/td>\n5.60 %<\/td>\n39,324<\/td>\n14.49<\/td>\n21<\/td>\n-0.3888 %<\/td>\n3,423.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.51 %<\/td>\n5.83 %<\/td>\n93,496<\/td>\n14.03<\/td>\n17<\/td>\n0.2234 %<\/td>\n3,411.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.35 %<\/td>\n5.42 %<\/td>\n42,409<\/td>\n14.65<\/td>\n20<\/td>\n0.0814 %<\/td>\n3,360.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2234 %<\/td>\n4,165.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.91 %<\/td>\n4.22 %<\/td>\n80,983<\/td>\n2.11<\/td>\n31<\/td>\n-0.0934 %<\/td>\n2,667.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2234 %<\/td>\n3,487.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.18 %<\/td>\n4.79 %<\/td>\n51,188<\/td>\n1.93<\/td>\n14<\/td>\n0.3094 %<\/td>\n3,297.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-4.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.54
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Prem<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.76
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.67
\nEvaluated at bid price : 22.91
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.53
\nEvaluated at bid price : 23.85
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.85
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.46
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.97
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Prem<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.42
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Premium<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n2.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.37
\nBid-YTW : 5.49 %<\/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.F<\/td>\nFixedReset Prem<\/td>\n48,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n30,884<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.05
\nEvaluated at bid price : 22.28
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n29,459<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.67
\nEvaluated at bid price : 22.91
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n28,620<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.81
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n27,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n27,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.61
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
There were 8 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
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.02 – 24.87
\nSpot Rate : 1.8500
\nAverage : 1.3707<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.02
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.81 – 24.90
\nSpot Rate : 1.0900
\nAverage : 0.6274<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.54
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n

ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.92 – 26.00
\nSpot Rate : 1.0800
\nAverage : 0.6626<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 24.66
\nEvaluated at bid price : 24.92
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 24.10 – 24.80
\nSpot Rate : 0.7000
\nAverage : 0.4925<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

BN.PF.F<\/td>\nFixedReset Prem<\/td>\nQuote: 25.26 – 26.09
\nSpot Rate : 0.8300
\nAverage : 0.6482<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.65 – 24.64
\nSpot Rate : 0.9900
\nAverage : 0.8254<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-19
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.65
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The US Treasury is resurrecting Operation Twist: The Treasury Department made a surprise move Wednesday after bond yields hit their highest levels in almost two decades, doubling its planned purchases of longer-term bonds and easing …<\/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-52462","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52462","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=52462"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52462\/revisions"}],"predecessor-version":[{"id":52463,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52462\/revisions\/52463"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}