The Federal Reserve party in Jackson Hole this week is another example of sounding as smart as possible while still flailing into the wind on policy decisions.
I actually put more blame on Yellen. Her PhD does stand for piled high and deeper! PR acquired more prime property which at first look appears to be accretive. BTW, who actually understands bonds? It's Greek to me, and I was on a three way with a lady from Cantor and my bond trader with a customer at my desk listening in. I stopped the conversation and in my deep voice said: my client needs 8.125%, is our conversation over? More Greek... client got what I pushed for.
Garrett, can you explain a bit more detail about the 3 fundamental Fed Tools you mentioned? I kind of understand the moving parts, but would to hear a deeper explanation if possible. Thanks!!
I actually put more blame on Yellen. Her PhD does stand for piled high and deeper! PR acquired more prime property which at first look appears to be accretive. BTW, who actually understands bonds? It's Greek to me, and I was on a three way with a lady from Cantor and my bond trader with a customer at my desk listening in. I stopped the conversation and in my deep voice said: my client needs 8.125%, is our conversation over? More Greek... client got what I pushed for.
Garrett, can you explain a bit more detail about the 3 fundamental Fed Tools you mentioned? I kind of understand the moving parts, but would to hear a deeper explanation if possible. Thanks!!
This will be my subject tomorrow.
Thanks!!!