Counting Down to Warsh

While it may end up being a complete non-event, the bond market is counting the hours until Friday's Warsh appearance at Jackson Hole. There's nothing else on the calendar this week with any serious potential to upset the apple cart (and again, it's debatable that Warsh's speech is much more of a risk than random pre-weekend position squaring). But this is the bond market on Jackson Hole week, so the Fed Chair's speech is always a wild card simply because a few past examples have been relevant. In the meantime, bonds will take cues from fuel prices, corporate issuance, and any oversized tradeflows.