{"id":52819,"date":"2026-11-12T21:33:42","date_gmt":"2026-11-13T02:33:42","guid":{"rendered":"https:\/\/prefblog.com\/?p=52819"},"modified":"2026-11-12T21:33:42","modified_gmt":"2026-11-13T02:33:42","slug":"november-12-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52819","title":{"rendered":"November 12, 2026"},"content":{"rendered":"

The Fed released a tentative schedule<\/a> for FOMC meetings in 2027 today; there will be seven rate-setting meetings and one “dedicated to the discussion of broad monetary policy strategy issues”. This contrasts to eight rate-setting meetings in 2026<\/a>.<\/p>\n

Catarina Saraiva of Bloomberg wrote about this possibility last week<\/a>:<\/p>\n

Chairman Kevin Warsh, who has promised to enact sweeping change at the Fed, said that by 2028 the Fed would use two of its eight annual meetings to discuss broad strategy instead of voting on interest rates.<\/p>\n

It’s the first change to the Fed calendar since the early 1980s, when it moved to eight meetings from 12. Though investors have raised worries that a new schedule could disrupt markets, defenders have dismissed those concerns and said it will give policymakers back time \u2014 used in the past to deliberate special topics \u2014 that it lost through a series of incremental changes.
…<\/b>
It harkens back to the years before the financial crisis, a time familiar to Warsh, who was a Fed governor from 2006 to 2011. In those years, six of the Fed’s eight annual meetings were single-day affairs reserved mostly for talking about the economy and monetary policy, and voting on interest rates. The two remaining gatherings included a second day to wrestle with larger economic themes.
…<\/b>
The Fed could keep to its current cadence of one meeting every six-to-seven weeks, and simply designate two as non-voting sessions. Or it could completely revamp the schedule, with the six voting meetings evenly spaced out every two months and two special-topic meetings tucked in around them.<\/p>\n

Richmond Fed President Tom Barkin on Thursday praised the idea of scheduling meetings every two months.<\/p>\n

“I really don’t like having FOMC meetings and then walking out and getting a jobs report on Friday,” Barkin said of the current calendar. “If you did it every two months, then you could, in fact, have the full suite of data twice in a row and make decisions based on two cycles of data.”<\/p><\/blockquote>\n

Meanwhile, bonds got thumped<\/a>:<\/p>\n

The \u200bDow Jones Industrial Average fell 189.40 points, or 0.36%, to 52,297.09, the S&P 500 lost 26.98 points, or 0.35%, to 7,592.40 and the Nasdaq Composite lost 100.10 points, or 0.39%, to 25,366.09.<\/p>\n

The S&P\/TSX Composite Index ended down 274.53 points, or 0.75 per cent, at 36,137.19, extending the choppy pattern of recent days after the index posted on Monday the highest \u200bclosing level in two months.
…<\/b>
Canada\u2019s 10-year yield rose 7.7 basis \u2060points to 3.794 per cent, tracking moves in US Treasuries. U.S. crude oil futures settled 2.55 per cent higher at $88.74 a barrel, which helped lift energy in Toronto by 0.8 per cent.
…<\/b>
Markets are completely pricing in a December rate hike of at least 25 basis points \u2060by the U.S. Federal Reserve, with a 15-per-cent chance of a 50-basis-point increase, according \u200bto CME FedWatch.<\/p>\n

Comments from multiple Fed officials earlier this week suggested the U.S. central bank was open to a more aggressive path of \u2060rate hikes as price pressures worsen.<\/p>\n

Cleveland Fed President Beth Hammack said on Thursday she does not believe the central bank needs to shift to more aggressive rate hikes to \u200ccombat inflation, while San Francisco Federal Reserve President Mary Daly said she thinks the central bank will likely need to raise interest rates further \u200bto deal with elevated inflation, but did not suggest any urgency.<\/p><\/blockquote>\n

The Canada 5-year<\/a> closed at 3.55%, up about 10bp on the day. <\/p>\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>\n0.1372 %<\/td>\n2,750.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1372 %<\/td>\n5,180.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.63 %<\/td>\n5.72 %<\/td>\n44,010<\/td>\n14.29<\/td>\n1<\/td>\n0.1372 %<\/td>\n2,985.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0199 %<\/td>\n3,618.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.90 %<\/td>\n5.38 %<\/td>\n48,010<\/td>\n3.24<\/td>\n6<\/td>\n0.0199 %<\/td>\n4,321.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0199 %<\/td>\n3,371.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.77 %<\/td>\n4.41 %<\/td>\n41,779<\/td>\n0.08<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,042.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.73 %<\/td>\n5.83 %<\/td>\n44,046<\/td>\n14.12<\/td>\n33<\/td>\n-0.5313 %<\/td>\n3,286.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.71 %<\/td>\n6.15 %<\/td>\n88,658<\/td>\n13.49<\/td>\n22<\/td>\n0.4418 %<\/td>\n3,349.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.65 %<\/td>\n5.74 %<\/td>\n56,750<\/td>\n14.23<\/td>\n20<\/td>\n-0.1148 %<\/td>\n3,189.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4418 %<\/td>\n4,090.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.00 %<\/td>\n5.34 %<\/td>\n69,008<\/td>\n2.26<\/td>\n28<\/td>\n0.0533 %<\/td>\n2,611.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4418 %<\/td>\n3,424.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.65 %<\/td>\n5.62 %<\/td>\n47,493<\/td>\n14.18<\/td>\n13<\/td>\n-0.1348 %<\/td>\n3,226.5<\/td>\n<\/tr>\n<\/table>\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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-10.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.54
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 21.63
\nEvaluated at bid price : 21.63
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 22.69
\nEvaluated at bid price : 22.93
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n3.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 21.23
\nEvaluated at bid price : 21.23
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n7.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.81
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n<\/table>\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
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n26,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.39
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n26,231<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 21.22
\nEvaluated at bid price : 21.22
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Prem<\/td>\n23,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n17,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.37
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
PVS.PR.N<\/td>\nSplitShare<\/td>\n11,000<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2033-09-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.02
\nBid-YTW : 5.37 %<\/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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.71 – 21.20
\nSpot Rate : 2.4900
\nAverage : 1.4329<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.54 – 23.54
\nSpot Rate : 1.0000
\nAverage : 0.6682<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.54
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

BN.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 25.40 – 26.19
\nSpot Rate : 0.7900
\nAverage : 0.5112<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 22.55 – 23.50
\nSpot Rate : 0.9500
\nAverage : 0.7585<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 22.93 – 24.90
\nSpot Rate : 1.9700
\nAverage : 1.7837<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 22.69
\nEvaluated at bid price : 22.93
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n

BIP.PR.F<\/td>\nFixedReset Prem<\/td>\nQuote: 25.26 – 25.86
\nSpot Rate : 0.6000
\nAverage : 0.4315<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-11-12
\nMaturity Price : 23.64
\nEvaluated at bid price : 25.26
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Fed released a tentative schedule for FOMC meetings in 2027 today; there will be seven rate-setting meetings and one “dedicated to the discussion of broad monetary policy strategy issues”. This contrasts to eight rate-setting …<\/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-52819","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52819","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=52819"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52819\/revisions"}],"predecessor-version":[{"id":52820,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52819\/revisions\/52820"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}