The Fed's announcement of extraordinary intervention triggered ordinary responses in the markets: stocks had a nice moment; inflation mono-maniacs blew up gold and oil, and ran from the dollar; the 10-year Treasury note dropped from 2.95 percent to 2.52 percent in seconds; and briefly mortgages made it to 4.75 percent without fee. All are reversing. The net mortgage gain: The plague of origination fees since December may give way, but rates are where they were, just under 5 percent, propped by unlimited demand. If the response has been tepid, did the Fed do the right thing? Absolutely. More, please (per Pimco's Bill Gross: We need double or triple). Here's the problem: For more than a year, the markets have seen the Fed as the only branch of government responding to a first-class economic emergency. No matter what the Fed does, it cannot put out the fire by itself. It must have help from all engines of government, and from us. It still does not have that help. Last year our...
by Amber Taufen | Apr 26
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