All the scratchin' and itchin' out there doesn't have anything to do with bug bites. Nope, markets have the burr-under-the-saddle, sat-on-a-tack fidgets because nobody can figure out what happened to the economy in June. The people can't figure it out, but the bond market says that it can, and has: the 10-year T-note fell to 4.36 percent today, down .12 percent overnight to a three-month low. The lowest-fee mortgage packages are now crossing under 6 percent, quotes appearing at 5.875 percent, as the whole "long end" of the yield curve has dropped a half percent from the peak of the Fed fright one month ago. The economic optimists (many, if not most, associated with the stock market) insist that June was just a breather, a healthy pause after a screaming spring. They dismiss the decline...
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