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Morning Commentary: Preferreds quiet after Fed remarks; Morgan Stanley preferreds move up
By Christine Van Dusen
Atlanta, July 16 – The preferred stock market was quiet on Wednesday morning after Federal Reserve chairwoman Janet Yellen’s Tuesday remarks had market-watchers wondering whether rates could rise sooner than expected.
“For the most part, things are really quiet and bonds are relatively flat,” a trader said.
In trading, Morgan Stanley’s floating-rate series A noncumulative preferred stock traded Wednesday morning at $20.85, up 19 cents on 33,378 shares traded.
Goldman Sachs Group Inc.’s floating-rate noncumulative preferred stock, series A, was spotted at $20.31, up 15 cents on 29,731 shares traded.
And Deutsche Bank Contingent Capital Trust III’s 7.6% trust preferred securities moved down 7 cents to $27.64 on 19,666 shares traded.
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