The financial market news this week was the markets themselves: their reactions to the increasing threat of inflation and to the Fed's management of the threat. The net effect for us: long-term rates rose to five-year highs, the 10-year T-note's 5.19 percent taking mortgages to 6.75 percent. Going higher. Trading since the Fed's meeting on Tuesday has not been a pretty sight. A 16th straight hike (to 5 percent cost of money and 8 percent prime) was a given; the only variable was what the Fed would say in conclusion. One clause and one sentence had all the content. "...Inflation expectations remain contained" was followed by this redundant horror: "The Committee judges that some further policy firming may yet be needed to address inflation risks but emphasizes that the extent ...
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