MBS Week Ahead: Jackson Hole Week Begins With Weakest Trend Since 2009

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Posted To: MBS Commentary

By the end of this week–and quite possibly for the next several weeks–you'll be tired of hearing about Jackson Hole . I know I'm already tired of writing about it, but alas… what else is there to write about? My lamentation captures the essence of the current bond market disease. It could easily be adapted to: "what else is there to trade about?" In this day and age, there are only 2 major market movers: the "herd mentality" surrounding global growth concerns (e.g. Brexit panic in late June) and monetary policy. The latter is a broad topic, encompassing simple rate-setting policy, bond-buying programs, forward guidance, and the market's horse-trading of all of the above. With that in mind, Jackson Hole takes on a high level of importance, because it is perhaps…(read more)

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