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On the supply side of the U.S. preferred stock market, issuers held off during July, waiting to see if the Fed was going to deliver the expected interest rate reduction on July 31 (which it did).
On the demand side, expecting a rate drop, market participants had already bid up the price of existing income securities (since they pay a higher dividend than those to be issued after the anticipated rate drop on July 31).
As the month came to a close, the average market price for all U.S.-traded preferred stocks was $25.72, up $0.45