MBS Day Ahead: How Much Do We Really Care About Brexit?

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Posted To: MBS Commentary

Top line, bottom line: Brexit is a big deal. Without the Brexit referendum in mid-2016, US bond yields never would have revisited all-time lows. It's important to remember that London is big player in financial market history. The London Stock Exchange was founded in 1571 or 1698, depending on how you look at it, and it became the first regulated exchange in history in 1801. With that date roughly coinciding with the proliferation of the telegraph, this was arguably the birthplace of modern financial markets. To this day, London is ranked as the 2nd biggest financial center behind New York. It's importance is only amplified due to the closer relationships between the two cities. The UK has long been the English-speaking base camp for US-based traders who participate in European markets…(read more)

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