For bonds and mortgages, this has been a classic bad-news-is-good-news week. All of those certain that nobody, no matter how frightened, would put money into U.S. IOUs just got trampled by the in-rush. The 10-year Treasury note has traded under 3.4 percent resistance, and mortgages are sliding toward 4.75 percent, both tied with four-month lows. What's moving things: Middle East heebie-jeebies, of course, even though oil is flowing nicely; China is probably slowing, maybe a lot; and Japan's earthquake and tsunamis. Europe is in magnificent, oblivious denial as the euro experiment comes apart. Ireland paid 8.1 percent for two-year money this week, and Greece paid 16.4 percent, versus Germany's 1.7 percent. Leaders say the euro will be fine because it must be, harkening back to ...
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