MBS RECAP: Data and Auction Pass Without Trace. Bring on Yellen

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Posted To: MBS Commentary

Whether or not Yellen actually says something that moves markets on Friday is unimportant. Maybe she will. Probably she won't. Either way , we just need her speech to come and go so bond markets can move on with their lives. And here's another curveball: i t's not necessarily that Yellen's speech is the focal point of all of the recent bond market indecision as much as it happens during a particularly indecisive time of year. If you emailed every market participant every day of the year, you'd get more "out of office" responses this week than on any other non-holiday week. Traders who were actually in the office today did very little in terms of carrying out bigger-picture goals. Bonds were perfectly unchanged from the overnight session and experienced only slightly…(read more)

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