The explosion in long-term interest rates is abating today, but the warning from markets remains stark and bleak. In one week the 10-year T-note blew from the 3.2s to the 3.7s, now 3.5 percent but far from the 2.5 percent to 3 percent range of Thanksgiving through April. An origination fee bought a four-something-percent mortgage until Wednesday, then 5.25 percent at the top, back toward 5 percent now. Optimists and worrywarts found what they wished in economic data. Conference Board Consumer Confidence Index rose from the 25.3 pit in February to 54.9 in May. However, a normal-growth economy has a 100-125 confidence reading. Orders for durable goods jumped 1.9 percent in April, but only offset the downward revision for March. New unemployment claims held 623,000 -- off from the 66...
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