The bond rally (and hence, mortgage rally) that began last Friday has grown from short-term correction to something deeper and perhaps more durable. T-bonds reached 4.11 percent, down from last week's post-July high at 4.42 percent, and mortgages are slightly under 5.75 percent. Other markets made huge moves also, all confirming the bond rally: gold is off $22/oz.; oil is still in the low-$40s; and the dollar is in a continuing rally against all currencies. There was not enough domestic economic data to account for these mass reversals, though there was a modest confirmation of last week's poor job numbers: new claims for unemployment insurance are in a sustained rise, have crossed the 350,000/week barrier and reached a 10-week high. The fingerprints of international fundamentals are a...
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