Bond traders will be in for a volatile few days if Kevin Warsh is selected as the next leader of the Federal Reserve, or it could be smooth sailing in the $14.1 trillion Treasuries market if President Donald Trump taps Jerome Powell or Janet Yellen. Strategists at Nomura Holdings Inc. give each scenario 40 percent odds, in part based on leadership changes at the Fed over the past four decades. But while a Powell or Yellen nomination would nudge two-year Treasury yields lower by only two basis points in the following week, Warsh, seen as the front-runner, would spur a 15 basis-point increase, the steepest climb since early March.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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