MBS Day Ahead: Today Does Absolutely Nothing For Bigger Picture

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Posted To: MBS Commentary

All too many lookers on–myself included–have made far too much of today's Jackson Hole speech from Fed Chair Yellen (11am ET, we're led to believe). I'm here to make amends for that. It's not that Yellen's speech can't or won't matter. Indeed some of the craziest, most revelatory market movements have followed this weekend in Wyoming. Rather, this particular weekend cannot possibly be sufficiently revelatory to provoke extreme movement in the bigger picture. Past revelations have had to do with big picture shifts in Fed policy. I ask you: what big picture shift can we possibly have in an environment where inflation is absent and major foreign economies are still actively engaged in QE and other forms of rate repression? Sure, job creation is strong, but where is…(read more)

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