Rates are up, decisively: mortgages are 6.375 percent, taken by the 10-year T-note blowout from five weeks in the four-sixties to 4.77 percent, very much at risk for further increases. The end of the standoff between the recession-coming and all-OK camps was a three-act play, beginning with an exchange between former Fed Chair Alan Greenspan and Bill Gross, PIMCO's bond impresario. Gross confessed that he had been wrong as a recession camper, and Greenspan described the three-year interest-rate outlook: "higher." Act II was a whispering affair, a conference of central bankers devoted to new-age financial-market risks. The net result of kabuki speeches: central bankers everywhere are aware that there is an ocean of cash sloshing around the world, creating mini-bubbles and suppressing reason...
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