All long-term rates have risen gradually since the Fed's pause at 5.25 percent, the 10-year T-note from a 4.89 percent bottom to 4.96 percent, mortgages edging up from 6.5 percent. Some of this rise is a natural rebound from a straight-line decline. A more ominous upward push has come from the Revolt of the Old Guys, a most unusual group saying the Fed's pause is a mistake. Beyond mistake: delusional. On Monday, the day before the pause, Martin Feldstein, certified old-hand, calm, disciplined, finalist for Fed chairman, wrote an editorial for the Wall Street Journal. Couched in the polite language of policy-making economists, Feldstein demolished Fed Chair Ben Bernanke's rationale for a pause, swinging a velvet wrecking ball three times. One. "Waiting for more data before deciding to rai...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.