MBS RECAP: Lots of Sound and Fury, But Little Significance

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Posted To: MBS Commentary

"Full of sound and fury, signifying nothing" That's one of my favorite lines from some old book I read, or maybe it was a play (hint: it was a play!), because it operates so well outside Macbeth's lamentation of the futility of life. In our case, it often serves to highlight a different sort of futility –the one where market-watchers attempt to ascribe meaning to every little up and down (and especially to the bigger ups and downs). In market-watchers' defense, this is often a worthwhile endeavor as there is often a solid enough collection of evidence for connections between events and market movement. Other times, attempting to find such connections amounts to square pegs in round holes . Today is one of those times. My friends over at BMO Capital Markets already put…(read more)

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