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by CareyBot

In a considerable achievement, Treasury and mortgage rates held last week's improvement: the 10-year T-note near 3.5 percent, mortgages 5.375 percent. To have held during one of the thinnest trading weeks of the year, in which a butterfly wing-beat can blow up any market; in the week before the Treasury's next borrowing wave ($109 billion new cash next week); stock market antigravity; and interpretation of all incoming data as "recovery" -- quite an achievement. That last upward force on rates -- anticipation of recovery -- is the most powerful of all at the end of any recession cycle. The decline in long-term rates from two tries at 4 percent 10-year T-notes since May, and trading now as though headed for lower -- that pattern says that real players in actual markets d...