Midday Commentary: JPMorgan preferreds flat; market quiet ahead of Fed statement

By Aleesia Forni

Virginia Beach, Jan. 29 -JPMorgan Chase & Co.'s recent preferred stock issue was flat in trading on Wednesday as the market focuses on the conclusion of the two-day Federal Open Market Committee meeting.

"Things are quiet before the Fed statements today," a market source said.

JPMorgan Chase sold its $850 million issue of $25-par fixed-rate perpetual preferred securities on Thursday with a 6.7% dividend.

The issue was quoted at $24.75 bid early Wednesday.

"I have not seen any offerings," a trader noted at midday.

On Tuesday, the notes traded between $24.65 and $24.75, a trader said.

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