MBS Day Ahead: If They Were Smart, Congress Should Ask Powell This Question

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Posted To: MBS Commentary

Today brings a 2nd day of congressional testimony with Fed Chair Powell, this time before the House Financial Services Committee. The economic IQ varies widely among those committee members. While we'll no doubt hear some hilariously bad or irrelevant questions, there's always a chance that a thought-provoking question elicits a relevant response from Powell. If I were a member of the House FSOC (shudder), I would have been left wanting yesterday with respect to Powell's treatment of the balance sheet question. He basically "got away" with saying "we're now in a position to evaluate the appropriate timing and approach for ending the balance sheet run-off" without being pressed further. Why press further? Because the end of the balance sheet run-off is hugely…(read more)

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