Daily Note | August 22, 2024 | MVF Tender, Preferreds, Saba Barreling into Pioneer Munis

Markets are looking up small after the first down day in 8 yesterday.  We shouldn't see much in the way of volatility as the market is largely waiting for Powell's Jackson Hole speech later this week.

The Fed Funds futures are currently pricing in a 100% chance of a cut next month but there is a split as to whether it will be 25 bps or 50 bps.  Right now…