Financial Frances made landfall in New York at 8:30 this morning. Right, wrong, or subsequently to be revised, high winds from the Labor Department brought word of new jobs added to payrolls. Not a lot of them – 144,000 in August, and another 59,000 found washed up on the beach from June and July – but enough to lift interest rates. Mortgages are rising toward 6 percent; the 10-year T-note is trading at 4.29 percent, decisively out of its 4.08 percent-4.18 percent gloomy-pleasure range; and the more dramatic 3.3 percent-to-3.5 percent move in the 5-year indicates unanimous expectation of another .25 percent from the Fed at its meeting in three weeks. That move, from 1.5 percent in the overnight cost of money to 1.75 percent, had been considered hostage to today's job data. ...
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