Wow. Catch you up, first, in case you spent the week inadvertently locked in an airliner commode. The 10-year T-note at one point traded at 2.03 percent, down by one-third in three weeks, the largest percentage move ever.Standard & Poor's might have studied Kafka: "In a battle between you and the world, bet on the world." Dear S&P: If you want to write a letter to the editor critical of U.S. politics, fine. If you want respect as a credit-rater, act like it.The Fed's Open Market Committee made one of the three most important announcements in its history (the other two: former Fed Chair Paul Volcker's decision, in October 1979, to let interest rates go as high as necessary to defeat inflation; and the QE1 announcement at Thanksgiving 2008). Aside from the conditional commi...
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