Long-term interest rates plunged this week as any hopes for a V-shape recovery gave way to L-shape reality. A 10-year Treasury auction drew three times as many bids as bonds offered, the yield to 3.3 percent from 4 percent last month taking mortgages under 5.25 percent. The best chance for a run back into the fours: a big break in stocks. Inflation bets sank with rates: oil broke $60 for the first time since April; gold is $912 vs. $980 in May. Most of this sentiment shift has been follow-through from last week's trend-breaking job news; the rest more "L" data just like it: The Reuters/University of Michigan preliminary index of consumer sentiment fell in July for the first time since February, to 64.6 percent, compared with 70.8 in June. The Institute for Supply Managem...
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