In the general chaos Friday, oil in the largest single-day spike ever, near $140/bbl, Dow off 394 points, the only market that did not move was credit. Mortgages are still near their 90-day high, 6.375 percent, and the 10-year T-note is still in its trading range at 3.92 percent. Long-term rates have held in belief that economic rebound, or inflation, or a weak dollar would force the Fed to raise its rate, and soon. OK, group: a show of hands, please. We've got a million homes in foreclosure right now, delinquencies rising fast; we shed 45,000 jobs in May; gasoline is on the way to five bucks, $100 per fill-up; the purchasing managers' indices were zero-growth for May; overall vehicle sales in May fell 14 percent; credit ratings were cut for Merrill, Lehman, Morgan, WaMu, Wachovia, Ambac, MBIA, MGIC, and PMI, all with negative outlook, and you think the Fed should raise the cost of money? Really? I suppose a case could be made for quick suicide by Fed bullet instead of al...
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