MBS Day Ahead: No, Bonds Don’t Care About Impeachment (Or Much Else, For Now)

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Posted To: MBS Commentary

My 12-year old emails me from the next room when he's doing homework sometimes. It only happens a few times a year and only when it's really serious. Last night it was to ask if I was aware that "they" might impeach Trump today. Without trying to be too dismissive, I effectively said 'yes, only about 1439 times in the last week.' "Isn't that crazy? Isn't that a big deal?" he said. I'll tell you the same thing I told him. Impeachment is always the sort of thing that sounds like a big deal because the word is associated with the removal of the president from office. But actual removal relies on votes that don't exist in the senate. Those votes have never existed and they never will. Because of that, market participants (most of who are not stupid…(read more)

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