{"id":52471,"date":"2026-08-21T20:44:44","date_gmt":"2026-08-22T00:44:44","guid":{"rendered":"https:\/\/prefblog.com\/?p=52471"},"modified":"2026-08-21T20:44:44","modified_gmt":"2026-08-22T00:44:44","slug":"august-21-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52471","title":{"rendered":"August 21, 2026"},"content":{"rendered":"<p>The Boston Fed has published a paper by Philippe Andrade, Omar Barbiero and Alvaro Silva titled <a href=\"https:\/\/www.bostonfed.org\/publications\/current-policy-perspectives\/2026\/how-much-did-labor-productivity-gains-offset-inflation-impacts-2025-tariffs\">How Much Did Labor Productivity Gains Offset the Inflationary Impact of the 2025 Tariffs?<\/a>:<\/p>\n<blockquote><p>In 2025, the average realized tariff on U.S. imports rose from about 2.5 percent to about 10 percent. The resulting increase in U.S. firms\u2019 input costs had the potential to raise inflation significantly and explain why inflation remained significantly above the Federal Reserve\u2019s 2 percent target last year.  <\/p>\n<p>On the other hand, as the tariffs took hold, U.S. workers\u2019 productivity grew, which could have helped companies reduce their costs and thereby mitigate inflationary pressures from the tariffs. To study the extent to which productivity gains may have offset the tariff-driven cost increases, the authors construct measures of sectoral increases in input costs induced by the new tariffs and compare them with sectoral labor productivity gains.<\/p>\n<p>Key Takeaways:<\/p>\n<ul>\n<li>In 2025, the sectors that were more affected by tariffs relative to other sectors experienced significantly greater labor productivity growth, mitigating the cost increases induced by the new trade policy.\n<li>The sectors that were more exposed to tariffs also experienced a decline in the labor share\u2014the proportion of a sector\u2019s value-added that\u2019s allocated to worker compensation\u2014implying relatively higher profits and return to capital in these sectors.\n<li>Mapping production costs to aggregate core inflation indicates that on net, tariffs and labor productivity gains contributed an estimated 0.5 percentage point to core PCE inflation in 2025. Wage growth added another 1.9 percentage points.\n<li>If these cost components\u2019 combined contribution to inflation was only 2.4 percentage points, then tariffs alone may not explain the persistence of 3 percent core PCE inflation last year.<\/ul>\n<\/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>0.1627 %<\/td>\n<td>2,665.6<\/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>0.1627 %<\/td>\n<td>5,019.8<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.42 %<\/td>\n<td>5.62 %<\/td>\n<td>30,738<\/td>\n<td>14.44<\/td>\n<td>3<\/td>\n<td>0.1627 %<\/td>\n<td>2,892.9<\/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>-0.6620 %<\/td>\n<td>3,629.9<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.80 %<\/td>\n<td>4.24 %<\/td>\n<td>60,170<\/td>\n<td>2.60<\/td>\n<td>5<\/td>\n<td>-0.6620 %<\/td>\n<td>4,334.8<\/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>-0.6620 %<\/td>\n<td>3,382.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.65 %<\/td>\n<td>5.54 %<\/td>\n<td>54,731<\/td>\n<td>6.76<\/td>\n<td>12<\/td>\n<td>-0.2744 %<\/td>\n<td>3,073.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.54 %<\/td>\n<td>5.61 %<\/td>\n<td>39,418<\/td>\n<td>14.46<\/td>\n<td>21<\/td>\n<td>0.0190 %<\/td>\n<td>3,404.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.56 %<\/td>\n<td>5.89 %<\/td>\n<td>92,551<\/td>\n<td>13.98<\/td>\n<td>17<\/td>\n<td>-0.7690 %<\/td>\n<td>3,379.4<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.38 %<\/td>\n<td>5.46 %<\/td>\n<td>43,354<\/td>\n<td>14.56<\/td>\n<td>20<\/td>\n<td>-0.2465 %<\/td>\n<td>3,346.0<\/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>-0.7690 %<\/td>\n<td>4,126.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.92 %<\/td>\n<td>4.71 %<\/td>\n<td>80,525<\/td>\n<td>2.11<\/td>\n<td>31<\/td>\n<td>-0.0487 %<\/td>\n<td>2,659.6<\/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>-0.7690 %<\/td>\n<td>3,454.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.22 %<\/td>\n<td>5.30 %<\/td>\n<td>51,321<\/td>\n<td>13.88<\/td>\n<td>14<\/td>\n<td>-0.9093 %<\/td>\n<td>3,273.5<\/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>FTS.PR.K<\/td>\n<td>FixedReset Disc<\/td>\n<td>-9.76 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.00<br \/>\nEvaluated at bid price : 22.27<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.96 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 21.01<br \/>\nEvaluated at bid price : 21.01<br \/>\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.Q<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-2.70 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.72<br \/>\nEvaluated at bid price : 25.25<br \/>\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.90<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.H<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.92<br \/>\nEvaluated at bid price : 23.25<br \/>\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-2.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.19<br \/>\nEvaluated at bid price : 24.71<br \/>\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-2.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.80<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.E<\/td>\n<td>FixedReset Prem<\/td>\n<td>-1.75 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.84<br \/>\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.F<\/td>\n<td>FixedReset Prem<\/td>\n<td>-1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2029-01-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.66<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.67 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.49<br \/>\nEvaluated at bid price : 25.25<br \/>\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.49 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 21.51<br \/>\nEvaluated at bid price : 21.77<br \/>\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.53<br \/>\nEvaluated at bid price : 23.80<br \/>\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.33<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-03-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.60<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.G<\/td>\n<td>Perpetual-Premium<\/td>\n<td>-1.16 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 24.47<br \/>\nEvaluated at bid price : 24.71<br \/>\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.71<br \/>\nEvaluated at bid price : 23.00<br \/>\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 21.59<br \/>\nEvaluated at bid price : 21.85<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.04<br \/>\nEvaluated at bid price : 24.45<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>1.53 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 21.70<br \/>\nEvaluated at bid price : 21.95<br \/>\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2030-04-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.G<\/td>\n<td>FixedReset Prem<\/td>\n<td>1.91 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2030-07-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.56<br \/>\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.07<br \/>\nEvaluated at bid price : 22.30<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 21.34<br \/>\nEvaluated at bid price : 21.34<br \/>\nBid-YTW : 5.66 %<\/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>IFC.PR.C<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>82,887<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.13<br \/>\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.M<\/td>\n<td>FixedReset Prem<\/td>\n<td>43,050<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2029-12-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.24<br \/>\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n<tr>\n<td>FFH.PR.K<\/td>\n<td>FixedReset Prem<\/td>\n<td>42,500<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.30<br \/>\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>31,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2029-12-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.86<br \/>\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.J<\/td>\n<td>SplitShare<\/td>\n<td>11,290<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-02-28<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.05<br \/>\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.Y<\/td>\n<td>FixedReset Disc<\/td>\n<td>10,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.66<br \/>\nEvaluated at bid price : 23.38<br \/>\nBid-YTW : 5.97 %<\/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>FTS.PR.K<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 22.27 &#8211; 24.58<br \/>\nSpot Rate  :  2.3100<br \/>\nAverage  :  1.2900<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 22.00<br \/>\nEvaluated at bid price : 22.27<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.Q<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 25.25 &#8211; 26.25<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.7193<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.72<br \/>\nEvaluated at bid price : 25.25<br \/>\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.31 &#8211; 26.00<br \/>\nSpot Rate  :  0.6900<br \/>\nAverage  :  0.4428<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-09-20<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.31<br \/>\nBid-YTW : -2.11 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 23.80 &#8211; 24.50<br \/>\nSpot Rate  :  0.7000<br \/>\nAverage  :  0.4881<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.53<br \/>\nEvaluated at bid price : 23.80<br \/>\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.E<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.84 &#8211; 26.47<br \/>\nSpot Rate  :  0.6300<br \/>\nAverage  :  0.4644<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.84<br \/>\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 24.00 &#8211; 24.70<br \/>\nSpot Rate  :  0.7000<br \/>\nAverage  :  0.5383<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-08-21<br \/>\nMaturity Price  : 23.64<br \/>\nEvaluated at bid price : 24.00<br \/>\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Boston Fed has published a paper by Philippe Andrade, Omar Barbiero and Alvaro Silva titled How Much Did Labor Productivity Gains Offset the Inflationary Impact of the 2025 Tariffs?: In 2025, the average realized 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