{"id":52595,"date":"2026-09-16T19:23:33","date_gmt":"2026-09-16T23:23:33","guid":{"rendered":"https:\/\/prefblog.com\/?p=52595"},"modified":"2026-09-16T19:23:33","modified_gmt":"2026-09-16T23:23:33","slug":"september-16-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52595","title":{"rendered":"September 16, 2026"},"content":{"rendered":"

The FOMC tightened today<\/a>:<\/p>\n

The Federal Open Market Committee approved the following statement for release by a 12 \u2013 0 vote:<\/p>\n

The Committee decided to raise the target range for the federal funds rate by 1\/4 percentage point to 3-3\/4 to 4 percent, in support of the Federal Reserve’s dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.<\/p>\n

Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.<\/p>\n

Inflation remains elevated. Today’s policy action will support a timelier return to the Committee’s 2 percent goal. The Committee will deliver price stability.<\/p><\/blockquote>\n

… and the dot plot<\/a> suggests there will be more to come … and not just for a little while:<\/p>\n

<\/a><\/div>\n

Equities didn’t like it<\/a>:<\/p>\n

Before the Fed\u2019s announcement, the three major U.S. stock indexes had \u200cbeen gaining ground, \u200bwith a chips rebound, giving the tech-heavy Nasdaq \u200cthe edge. Earlier in the session, robust U.S. retail sales data suggested consumers were still spending, despite an affordability squeeze due to rising \u200bprices, particularly at the gasoline pump.<\/p>\n

The war in the Middle East expanded \u2060as Saudi warplanes pounded Yemen while Iran-backed Houthi fighters launched drones and missiles at Saudi cities in a signal \u2060of Iran\u2019s extended reach in the widening conflict.<\/p>\n

Even so, oil prices dipped after reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about supply \u200bdisruptions. Crude is up over 20% in the last 2-1\/2 weeks. Front-month WTI settled down 3.2% and Brent crude settled down 2.7%.<\/p>\n

The Dow Jones Industrial Average fell 631.33 points, or 1.21%, to 51,461.78, the S&P 500 lost 33.59 points, or 0.44%, to 7,552.14 and the Nasdaq Composite lost 3.15 points, or 0.01%, to 25,978.43.<\/p>\n

The S&P\/TSX Composite Index ended down 90.8 points, or \u20600.3%, \u200bat 35,491.27, its lowest closing level since July 31.
…<\/b>
Six of the 10 major TSX sectors notched gains, led by a 1.9% advance \u2060for utilities as yields on \u200blong-dated bonds eased. Short-term U.S. bond yields, however, did rise following the Fed announcement and press conference, signaling a market pricing in more rate hikes ahead. Fed policy decisions having a greater immediate impact on the shorter end of the bond curve.<\/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>\n0.0221 %<\/td>\n2,794.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0221 %<\/td>\n5,262.1<\/td>\n<\/tr>\n
Floater<\/td>\n5.17 %<\/td>\n5.20 %<\/td>\n31,084<\/td>\n15.23<\/td>\n3<\/td>\n0.0221 %<\/td>\n3,032.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1494 %<\/td>\n3,632.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.65 %<\/td>\n4.41 %<\/td>\n55,993<\/td>\n2.53<\/td>\n4<\/td>\n0.1494 %<\/td>\n4,337.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1494 %<\/td>\n3,384.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.75 %<\/td>\n5.83 %<\/td>\n75,010<\/td>\n14.03<\/td>\n9<\/td>\n-0.0715 %<\/td>\n3,018.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.72 %<\/td>\n5.82 %<\/td>\n42,482<\/td>\n14.12<\/td>\n21<\/td>\n0.0843 %<\/td>\n3,305.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.63 %<\/td>\n6.28 %<\/td>\n84,664<\/td>\n13.43<\/td>\n21<\/td>\n-0.2115 %<\/td>\n3,385.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.65 %<\/td>\n5.65 %<\/td>\n49,519<\/td>\n14.37<\/td>\n19<\/td>\n-0.4814 %<\/td>\n3,185.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2115 %<\/td>\n4,133.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.96 %<\/td>\n4.66 %<\/td>\n82,110<\/td>\n2.03<\/td>\n27<\/td>\n-0.1404 %<\/td>\n2,648.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2115 %<\/td>\n3,460.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n5.50 %<\/td>\n55,349<\/td>\n1.88<\/td>\n14<\/td>\n-0.5306 %<\/td>\n3,256.7<\/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\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-5.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-5.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 23.29
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n-2.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 14.53
\nEvaluated at bid price : 14.53
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.24
\nEvaluated at bid price : 20.24
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 23.06
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 22.44
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.59
\nEvaluated at bid price : 20.59
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Prem<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-04-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.48
\nEvaluated at bid price : 20.48
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 19.76
\nEvaluated at bid price : 19.76
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Prem<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 15.04
\nEvaluated at bid price : 15.04
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n6.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.91
\nEvaluated at bid price : 20.91
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n8.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.00 %<\/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
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n34,140<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 23.08
\nEvaluated at bid price : 23.75
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Prem<\/td>\n28,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BILP.PR.A<\/td>\nFixedReset Prem<\/td>\n26,975<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
GWO.PF.A<\/td>\nPerpetual-Premium<\/td>\n17,505<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 24.45
\nEvaluated at bid price : 24.84
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n10,925<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.48
\nEvaluated at bid price : 20.48
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n10,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
There were 0 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
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\nQuote: 19.00 – 20.50
\nSpot Rate : 1.5000
\nAverage : 1.0009<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 22.80 – 24.20
\nSpot Rate : 1.4000
\nAverage : 0.9151<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.65 – 25.65
\nSpot Rate : 1.0000
\nAverage : 0.6614<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 23.29
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

ENB.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 23.91 – 24.50
\nSpot Rate : 0.5900
\nAverage : 0.3485<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.91
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nInsurance Straight<\/td>\nQuote: 20.88 – 21.88
\nSpot Rate : 1.0000
\nAverage : 0.7685<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-16
\nMaturity Price : 20.88
\nEvaluated at bid price : 20.88
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

NA.PR.G<\/td>\nFixedReset Prem<\/td>\nQuote: 26.40 – 27.28
\nSpot Rate : 0.8800
\nAverage : 0.6651<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The FOMC tightened today: The Federal Open Market Committee approved the following statement for release by a 12 \u2013 0 vote: The Committee decided to raise the target range for the federal funds rate by …<\/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-52595","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52595","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=52595"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52595\/revisions"}],"predecessor-version":[{"id":52597,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52595\/revisions\/52597"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}