Mortgage rates are up again, moving steadily toward 6 percent, in lockstep as always with the 10-year T-note, itself marching toward 4.3 percent. In a week without economic data, China's currency revaluation and London terror got the ink, but the Fed was the real story – and will continue to be. China caught the markets unprepared on Thursday morning, a measure of its bankers' increasing skill. If you've got something big to do, don't fool around like a politician with leaks and preliminaries – just do it. The fact of the action was miniscule: a 2 percent increase in the value of the yuan. The portent is enormous: this revaluation is the first of many, many to come, and the event triggered a one-day wave of bond selling, receding and stabilizing on Friday. This first revalu...
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