A coulda-been-worse inflation report Friday gave us a morning-only breather, rates rising again now, as they will continue to do. Bonds and mortgages on Wednesday broke through crucial levels: the 10-year T-note through 4.42 percent to 4.49 percent (higher Friday), lowest-fee mortgages through 6 percent to 6.125 percent (a move which Freddie Mac's survey won't "discover" until later this week). The overall September Consumer Price Index rose 1.2 percent, the largest single-month gain in 14 years, now a 4.7 percent year-over-year increase. However, the "core" rate, excluding volatile food and energy prices, rose only .1 percent – just 2 percent YOY, down from 2.4 percent YOY in July. Some have misunderstood the Fed, seeing it in a jawbone offensive against inflation, but not inten...
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