Long-term Treasury rates have remained stable, the 10-year Treasury note in a band between 3.6 percent and 3.75 percent for a whole month. However, mortgages are beginning to "vibrate," trying to find an appropriate level as the Fed stops buying: in just the last week rates have moved between 4.875 percent and 5.125 percent. Treasurys are getting buying support from the slow-motion chaos in Europe. Germany has at last refused to help to Greece, saying it's an International Monetary Fund problem and not the European Union's, thereby putting the rest of the "Club Med" dominoes on notice. Germany never has graded better than a "C" for playing well with others. France today expressed dismay at Germany's IMF proposal. Although dismay is a French specialty, it is correct: If Europe cannot look after its own, "union" is a fantasy. As so often during fracture of a collective effort, all members overestimate their individual advantage, Ge...
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