Cohn or Yellen? Bond Traders Say Same Difference
- Treasury yields contained by low inflation, investors predict
- Cohn, whose fate rattled Wall Street, seen in lead for Fed
Key Takeaways From Jackson Hole
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Bond traders are betting that no matter who’s leading the Federal Reserve come February, policy makers won’t stray from the path they’ve been laying out for months.
With Janet Yellen coming off what may have been her final address as Fed chair at the central bank’s annual Jackson Hole gathering, investors are starting to look ahead to who might follow her. The clear front-runner, judging by a survey of economists: White House adviser Gary Cohn, whose fate roiled markets this month when rumors swirled that he’d resign over President Donald Trump’s response to a violent white-supremacist rally. Once it became clear he was staying put, markets settled down.