Today's news of slowing job and wage growth has mortgages in retreat from another run towards 7 percent, and the 10-year T-note down to 5.01 percent from a 5.2 percent May high. A Fed pause at its June 29 meeting is again a medium probability. The employment numbers provide substantial support for Federal Reserve Chair Ben Bernanke. In the last month he made plain his belief in a soon-ahead inflation-dampening economic slowdown, and his desire not to overdo the Fed's 2-year, 16-hikes-so-far campaign. For his pains he has been widely criticized as an inflation-fighting pantywaist. News that May payrolls and wages grew by only one-third of forecast is exactly what he needed. The purchasing managers confirmed a May cooling, down from 57.3 to 54.4, and commodity prices backed down -- a...
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