Signs of economic bottom, a wild stock market and relentless Treasury borrowing combined to send long-term rates to six-week highs: The 10-year T-note jumped 30 basis points to 4.7 percent, and no-point mortgages reached 5.5 percent. A crowd of spinners in expensive suits (Larry Kudlow in front) tried to sell bottoming data as recovery, preying on hopes for an end to the Great Recession. The authentic debate is about the shape of recovery: will U.S. gross domestic product "V," like old times? Are we stuck in "L" or "W" futures? Or "V" with a limp and wandering right-side? Stocks took off again on news that sales of existing homes had risen for a third-straight month, to 4.9 million annual from 4.5 million bottom. At 2005 peak, 7.5 million homes sold, essentially none distressed; at least one-third of today's sales are distressed, the fraction rising. We will soon get some news of rising prices, but that will merely reflect downside ov...
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