{"id":52550,"date":"2026-09-08T19:55:06","date_gmt":"2026-09-08T23:55:06","guid":{"rendered":"https:\/\/prefblog.com\/?p=52550"},"modified":"2026-09-08T19:55:36","modified_gmt":"2026-09-08T23:55:36","slug":"september-8-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52550","title":{"rendered":"September 8, 2026"},"content":{"rendered":"<p>The New York Fed released the <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce#\/\">August Survey of Consumer Expectations<\/a>:<\/p>\n<blockquote><p><b>August Survey: Inflation Expectations Tick Down at Medium-Term, Remain Unchanged at Short- and Longer-Term Horizons; Unemployment<br \/>\nExpectations Deteriorate<\/b><\/p>\n<ul>\n<li>Median inflation expectations decreased by 0.1 percentage point (ppt) to 3.2 percent at the three-year-ahead horizon and were unchanged at 3.6 percent and 3.0 percent, respectively, at the one-year and five-year-ahead horizons.\n<li>Gas price growth expectations increased again in August, rising by 1.7 ppt to 4.6 percent.\n<li>Mean unemployment expectations\u2014or the mean probability that the U.S. unemployment rate will be higher one year from now\u2014increased by 1.6 ppt to 44.4 percent, its highest reading since April 2020. The mean perceived probability of finding a job if one\u2019s current job was lost decreased by 0.8 ppt to 45.4 percent.\n<li>The mean perceived probability of losing one\u2019s job in the next twelve months decreased by 0.4 ppt to 13.8 percent, its lowest reading since February 2026. The mean probability of leaving one\u2019s job voluntarily, or the expected quit rate, in the next twelve months increased by 0.9 ppt to 19.5 percent, above the series\u2019 12-month trailing average of 18.4 percent.<\/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>-1.2400 %<\/td>\n<td>2,759.0<\/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>-1.2400 %<\/td>\n<td>5,195.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.24 %<\/td>\n<td>5.40 %<\/td>\n<td>31,503<\/td>\n<td>14.76<\/td>\n<td>3<\/td>\n<td>-1.2400 %<\/td>\n<td>2,994.3<\/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>-0.2586 %<\/td>\n<td>3,623.1<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.66 %<\/td>\n<td>4.45 %<\/td>\n<td>55,730<\/td>\n<td>2.55<\/td>\n<td>4<\/td>\n<td>-0.2586 %<\/td>\n<td>4,326.7<\/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>-0.2586 %<\/td>\n<td>3,375.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.65 %<\/td>\n<td>5.54 %<\/td>\n<td>69,626<\/td>\n<td>6.40<\/td>\n<td>9<\/td>\n<td>-0.1141 %<\/td>\n<td>3,071.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.53 %<\/td>\n<td>5.63 %<\/td>\n<td>39,774<\/td>\n<td>14.40<\/td>\n<td>21<\/td>\n<td>0.2323 %<\/td>\n<td>3,419.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.63 %<\/td>\n<td>5.98 %<\/td>\n<td>88,358<\/td>\n<td>13.85<\/td>\n<td>21<\/td>\n<td>-1.5752 %<\/td>\n<td>3,384.1<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.46 %<\/td>\n<td>5.49 %<\/td>\n<td>46,806<\/td>\n<td>14.58<\/td>\n<td>19<\/td>\n<td>-0.1519 %<\/td>\n<td>3,293.5<\/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>-1.5752 %<\/td>\n<td>4,132.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.90 %<\/td>\n<td>4.03 %<\/td>\n<td>79,166<\/td>\n<td>2.06<\/td>\n<td>27<\/td>\n<td>-0.0695 %<\/td>\n<td>2,677.4<\/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>-1.5752 %<\/td>\n<td>3,459.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.19 %<\/td>\n<td>4.36 %<\/td>\n<td>50,909<\/td>\n<td>1.91<\/td>\n<td>14<\/td>\n<td>-0.0961 %<\/td>\n<td>3,291.7<\/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>BN.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>-22.81 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 8.17 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-5.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 22.90<br \/>\nEvaluated at bid price : 24.00<br \/>\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-4.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 22.38<br \/>\nEvaluated at bid price : 22.81<br \/>\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>-3.65 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 23.12<br \/>\nEvaluated at bid price : 23.51<br \/>\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.B<\/td>\n<td>Floater<\/td>\n<td>-3.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 14.50<br \/>\nEvaluated at bid price : 14.50<br \/>\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Insurance Straight<\/td>\n<td>-2.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 20.56<br \/>\nEvaluated at bid price : 20.56<br \/>\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 23.85<br \/>\nEvaluated at bid price : 24.10<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.E<\/td>\n<td>FixedReset Prem<\/td>\n<td>-1.58 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-11-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.73<br \/>\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.R<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 21.10<br \/>\nEvaluated at bid price : 21.10<br \/>\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.K<\/td>\n<td>Floater<\/td>\n<td>-1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 14.70<br \/>\nEvaluated at bid price : 14.70<br \/>\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Insurance Straight<\/td>\n<td>1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-10-08<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.46<br \/>\nBid-YTW : -19.62 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.94 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2030-03-20<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.19<br \/>\nBid-YTW : 4.92 %<\/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: 2056-09-08<br \/>\nMaturity Price  : 22.07<br \/>\nEvaluated at bid price : 22.30<br \/>\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.73 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 24.68<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>4.50 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 20.90<br \/>\nEvaluated at bid price : 20.90<br \/>\nBid-YTW : 5.40 %<\/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>BILP.PR.A<\/td>\n<td>FixedReset Prem<\/td>\n<td>357,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2031-10-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.27<br \/>\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>55,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-10-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.17<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>49,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 22.90<br \/>\nEvaluated at bid price : 24.00<br \/>\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>31,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 24.22<br \/>\nEvaluated at bid price : 24.48<br \/>\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.H<\/td>\n<td>SplitShare<\/td>\n<td>14,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-10-08<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.03<br \/>\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.A<\/td>\n<td>FixedReset Prem<\/td>\n<td>13,900<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.24<br \/>\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 3 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>BN.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 20.00 &#8211; 26.08<br \/>\nSpot Rate  :  6.0800<br \/>\nAverage  :  4.1719<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 8.17 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 22.81 &#8211; 24.02<br \/>\nSpot Rate  :  1.2100<br \/>\nAverage  :  0.7581<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 22.38<br \/>\nEvaluated at bid price : 22.81<br \/>\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 24.00 &#8211; 25.68<br \/>\nSpot Rate  :  1.6800<br \/>\nAverage  :  1.4060<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 22.90<br \/>\nEvaluated at bid price : 24.00<br \/>\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 23.51 &#8211; 24.40<br \/>\nSpot Rate  :  0.8900<br \/>\nAverage  :  0.6266<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 23.12<br \/>\nEvaluated at bid price : 23.51<br \/>\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 21.52 &#8211; 22.25<br \/>\nSpot Rate  :  0.7300<br \/>\nAverage  :  0.4717<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-09-08<br \/>\nMaturity Price  : 21.25<br \/>\nEvaluated at bid price : 21.52<br \/>\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.E<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 26.73 &#8211; 27.45<br \/>\nSpot Rate  :  0.7200<br \/>\nAverage  :  0.4996<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-11-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.73<br \/>\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The New York Fed released the August Survey of Consumer Expectations: August Survey: Inflation Expectations Tick Down at Medium-Term, Remain Unchanged at Short- and Longer-Term Horizons; Unemployment Expectations Deteriorate Median inflation expectations decreased by 0.1 &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-52550","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52550","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=52550"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52550\/revisions"}],"predecessor-version":[{"id":52552,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52550\/revisions\/52552"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}