Posted To: MBS Commentary
I've waited until the day itself to abbreviate the Fed's Jackson Hole symposium with the beloved "J-Hole." Pretty impressive considering how much fun it is to type/say "J-Hole." For instance, if anything happens today that's bad for bonds, we can say in a resigned, sarcastic tone: "way to go J-Hole…" Conversely, if it's bond-market-positive, we could genuinely exclaim "way to go, J-Hole!" But I think that the chances of either outcome are slim . There are general reasons and schedule-specific reasons. With the schedule in mind, consider that Draghi doesn't even begin his speech until the 3pm bond market close. To be fair, 3pm is the traditional closing bell, tied to CME pit trading. There will still be another 2 hours of electronic…(read more)
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