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As Expected, No Surprises from Yellen, but Bonds Improve; Q&A Still to Come
Posted to: Micro News
Wednesday, May 7, 2014 10:17 AM

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Bond markets are improving after the release of Fed Chair Yellen's prepared remarks.  They could just as easily have moved in the other direction as there were no surprises in the prepared remarks.

This wouldn't be the place for surprises though.  If anything serves as a more significant inspiration for financial markets, it's more likely to come during the Q&A that follows her reading of the speech.  Keep in mind, she's talking to United States Congressional Representatives, so most of the questions will be politically self-serving and hold no guarantee of soliciting actionable replies from Yellen.  It does happen sometimes though.

Treasuries are at the best levels of the morning, down a whopping 1.3bps (read: not really whopping) to 2.584.  Fannie 4.0s are up 2 ticks at 105-10 and Fannie 3.5s are up 2/32nds as well to 102-05.

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