Citi is out with some commentary on what the market reaction will likely be to Larry Summers' withdrawal from what many thought was a two-horse race for the Fed chairmanship.
Steven Englander of course sees "downward pressure on bond yields" and is willing to put a number on it: "[This] may be worth another 10-15 bps on the downside."
As for the dollar, Englander says it's "hard to see it as anything but negative for now."
Is a Yellen-run Fed a foregone conclusion? Maybe not: "This throws the field wide open between Janet Yellen, Donald Kohn, Roger Ferguson among others."