Interest rates and the market prices of existing income securities (preferred stocks and bonds) typically move in opposite directions (rates up, prices down). But since the Fed started lowering rates last August, the market prices of U.S.-traded preferred stocks have defied gravity by continuously increasing right along with the upward rate pressure. That finally changed during November. During the month, the average market price of U.S.-traded preferred stocks finally succumbed and fell by $0.32 per share, ending the month at...
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