{"id":52761,"date":"2026-10-28T21:17:36","date_gmt":"2026-10-29T01:17:36","guid":{"rendered":"https:\/\/prefblog.com\/?p=52761"},"modified":"2026-10-28T21:17:36","modified_gmt":"2026-10-29T01:17:36","slug":"october-28-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52761","title":{"rendered":"October 28, 2026"},"content":{"rendered":"

The Fed stood pat today<\/a>:<\/p>\n

The Federal Open Market Committee approved the following statement for release by a 10 \u2013 2 vote:<\/p>\n

The Committee decided to maintain the target range for the federal funds rate at 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 strong 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. The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.<\/p>\n

Voting against the monetary policy action were Lisa D. Cook and Beth M. Hammack, who preferred to raise the target range for the federal funds rate by 1\/4 percentage point at this meeting.<\/p><\/blockquote>\n

I am pleasantly surprised to learn that there are whispers about Social Security<\/a> during the mid-terms in that southern place:<\/p>\n

Republican senators rarely endorse raising taxes, especially from under the lights of a debate stage. But Senator Roger Marshall, the Kansas incumbent seeking re-election, said he supported the idea to strengthen Social Security.<\/p>\n

\u201cI would eliminate the cap altogether,\u201d Mr. Marshall said in a debate last Wednesday, referring to the $184,500 income ceiling on payroll taxes, the dedicated tax that finances the social insurance program. That means higher earners would be subject to taxes on a larger share of their income. His Democratic opponent, Adam Hamilton, supported raising the cap \u2014 though he wasn\u2019t yet sure by how much.
…<\/b>
Many Senate candidates in battleground states have clung to expected party lines and broad pledges to protect the program. But a growing number of Republican candidates, including Mr. Marshall, have said they\u2019re open to the idea of subjecting more earned income to Social Security taxes. They join sitting Republican lawmakers including Senator Bernie Moreno of Ohio and Representatives Tom Cole of Oklahoma and Lloyd Smucker of Pennsylvania.
…<\/b>
Social Security is financed through workers\u2019 payroll taxes, a dedicated tax of 6.2 percent of earnings paid by both employees and employers (for a total of 12.4 percent). It\u2019s applied to the first $184,500 of earnings in 2026 \u2014 that\u2019s known as the taxable maximum, which rises with average wages.
…<\/b>
In a recent analysis<\/a> of 41 Senate candidates in competitive races (there are 35 races total), 20 candidates have endorsed raising or eliminating the cap, according to Jon Schwabish, an economist who focuses on retirement and tax policy issues and the founder of PolicyViz, a data analysis firm.
…<\/b>
Eliminating the payroll cap altogether \u2014 without providing any corresponding rise in benefits to individuals paying more in taxes \u2014 would close about 58 percent of the financing gap over the next 75 years, according to Social Security\u2019s projections<\/a>, though other estimates vary. (Providing higher benefits<\/a> to people who pay more in tax wouldn\u2019t go quite as far in narrowing the gap.)
…<\/b>
Raising taxes is not the only way to bolster the program: benefit reductions, slowing the cost-of-living adjustments, raising the retirement age or collecting other taxes are other options, some of which were also mentioned in recent political ads, debates or on candidates\u2019 websites.<\/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-0.0340 %<\/td>\n2,766.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0340 %<\/td>\n5,208.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.30 %<\/td>\n5.36 %<\/td>\n25,564<\/td>\n14.89<\/td>\n2<\/td>\n-0.0340 %<\/td>\n3,001.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1361 %<\/td>\n3,615.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n5.35 %<\/td>\n59,146<\/td>\n2.42<\/td>\n5<\/td>\n0.1361 %<\/td>\n4,317.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1361 %<\/td>\n3,368.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0097 %<\/td>\n3,037.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.76 %<\/td>\n5.83 %<\/td>\n50,210<\/td>\n14.10<\/td>\n32<\/td>\n0.0097 %<\/td>\n3,268.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.71 %<\/td>\n6.19 %<\/td>\n84,057<\/td>\n13.31<\/td>\n25<\/td>\n0.0034 %<\/td>\n3,361.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.71 %<\/td>\n5.78 %<\/td>\n65,421<\/td>\n14.22<\/td>\n19<\/td>\n-0.5504 %<\/td>\n3,153.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0034 %<\/td>\n4,103.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.04 %<\/td>\n5.06 %<\/td>\n75,151<\/td>\n1.92<\/td>\n24<\/td>\n0.0897 %<\/td>\n2,612.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0034 %<\/td>\n3,435.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.65 %<\/td>\n5.74 %<\/td>\n46,903<\/td>\n13.95<\/td>\n13<\/td>\n-0.4385 %<\/td>\n3,226.4<\/td>\n<\/tr>\n<\/table>\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.G<\/td>\nInsurance Straight<\/td>\n-7.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-4.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n-3.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.67
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.55
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.36
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Discount<\/td>\n2.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.43
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n7.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.31
\nEvaluated at bid price : 22.58
\nBid-YTW : 5.50 %<\/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.N<\/td>\nFixedReset Disc<\/td>\n39,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.82
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
BILP.PR.A<\/td>\nFixedReset Prem<\/td>\n21,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.06
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n18,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
PVS.PR.N<\/td>\nSplitShare<\/td>\n15,100<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2033-09-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n14,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n13,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
There were 2 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.G<\/td>\nInsurance Straight<\/td>\nQuote: 21.15 – 22.83
\nSpot Rate : 1.6800
\nAverage : 1.1621<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.00 – 21.20
\nSpot Rate : 2.2000
\nAverage : 1.7758<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.00 – 24.00
\nSpot Rate : 1.0000
\nAverage : 0.5853<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.80 – 26.00
\nSpot Rate : 4.2000
\nAverage : 3.8283<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.67 – 23.75
\nSpot Rate : 1.0800
\nAverage : 0.7179<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.67
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n

IFC.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 23.25 – 24.49
\nSpot Rate : 1.2400
\nAverage : 0.8995<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-10-28
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Fed stood pat today: The Federal Open Market Committee approved the following statement for release by a 10 \u2013 2 vote: The Committee decided to maintain the target range for the federal funds rate …<\/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-52761","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52761","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=52761"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52761\/revisions"}],"predecessor-version":[{"id":52762,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52761\/revisions\/52762"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}