MBS Day Ahead: Even Small Victories Matter

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Posted To: MBS Commentary

Today's key event will be the fielding of questions by Fed Chair Powell at the semi-annual congressional testimony. Sometimes known as the Humphrey Hawkins speech (because it used to be required by the Humphrey Hawkins Act), the sitting Fed Chair reports to Congress twice a year in Feb and July (3 times if you count November's annual economic outlook testimony–not related to Humphrey Hawkins). Today is that day for Powell –at least when it comes to the House. He'll be at the Senate on Thursday, but any major revelations are typically uncovered in the first round. Markets largely expect Powell to be a carbon copy of Yellen . His prepared remarks for today's testimony are already out and they don't suggest any change to that assessment. Still, markets will always be on guard…(read more)

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