MBS Day Ahead: Markets Want to Hear it From Yellen

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Posted To: MBS Commentary

Picture it: a smoky lounge, the vaguely distinctive clinking of ice cubes in cocktail glasses, a mellow jazz band, and a tantalizing performance of " Do Nothing Till You Hear From Me ." In this particular metaphor, we're not graced with the dulcet tones of Ella Fitzgerald. Rather, it's Janet Yellen (don't worry, she's more charismatic as a lounge singer). If Yellen's uninhibited subconscious could sing, the lyrics would be strikingly similar in parts. Let's take the first few bars with my translations added in parenthetically: Someone told someone and someone told you (Dudley, Lockhart said hawkish stuff and then TV stations and newswires told you about it.) But they wouldn't hurt you, not much (Don't worry too much about what those dudes are saying…(read more)

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