Long-term interest rates rose this week, 10-year Treasurys to 3.69 percent and mortgages toward 5.125 percent. The drivers: economic data not as weak as could have been, $74 billion in fresh Treasury borrowing next week, and the ever-closer conclusion to Fed purchases of mortgage-backed securities. The Northeast-centered media assume that their weather determines the course of national economic activity, and the loss of another 36,000 jobs in February was just a snow distortion. Nevermind that the U.S. Bureau of Labor Statistics counts you with a job if you were on a payroll, whether you got to work or not. Legitimate good news: preliminary retail sales figures were up, and weather really does suppress shopping. As observed here before, we still have no national consensus about ...
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