Posted To: MBS Commentary
The financial world is abuzz yet again with Greek debt deal headlines. And yet again, they are almost completely meaningless . Before you say to yourself “but they can’t be completely meaningless if the headlines are moving markets and if so many people are talking about it!” hear me out. As I’ve said time and again (as recently as yesterday ), headlines and economic releases provide cover for markets to move where they’re going to move. This morning’s Greece-related headlines were a great way to explain rampant overnight weakness in European bonds, but there’s one small problem: there was no corresponding movement in Greek debt yields! ( show this chart to the next person that tells you Greece is a big market mover these days) Don’t believe everything you…(read more)
Via:: MBS MID-DAY: Another Chance to Almost Completely Disregard Hyperfocus on Greece