Bond yields rose slightly this week in a long-overdue correction from straight-line decline, but not enough to move mortgages above 6.5 percent for low-fee deals. A bigger rate rise was intercepted at mid-week by declines in price in the whole commodity complex. Oil has broken to $67, natural gas to $5.71 (60 percent below last winter's spike), wholesale gasoline to $1.63 (retail gas should fall below $2.50 in a month or so), and gold may shortly fall below $600. Oil patch people still say that energy markets are vulnerable on the upside, but I have to believe that the last year's high prices are at last affecting both consumption and supply. Basic economic data continues to be good: the purchasing managers' service-sector numbers were fine, and there was no increase in this week's claims...
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