Many have asked me what Yellen will do with the Quarterly Refunding Announcement (QRA) next week. So much so, that I commented on Twitter that this must be the most watched catalyst in all of macro — all but ensuring that it has little relevance (here). Considering we have the BOJ decision tomorrow night, PCE Friday, QRA Monday and its composition Wednesday, PMI/ISM Manufacturing Wednesday, the FOMC on Wednesday, and NFP and ISM Services next Friday, it really says something that Yellen’s bonds are the one ring to rule them all.
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