Rates up again. The 10-year T-note on Friday was 4.6 percent, up .25 percent in two weeks, the driver behind the rise in mortgages from just above 6 percent to just above 6.25 percent. The driver behind the 10-year is a matter of debate and some mystery. All through this sharp rise in long-term rates -- now on a par with the post-2001 highs -- the bond market has behaved worse than the economic data would indicate. Bonds always tend to drop in price and rise in yield at news of inflation, or news of a strengthening economy (the traditional precursor of inflation); and gain in price and drop in yield upon lower/slower news. Two weeks ago bonds got another in a string of housing-slowdown report, exactly the thing that should help bonds, and they faded anyway. The GDP report for the end of 20...
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