There is new, nonrecession data here, more elegant pretending in Europe -- now can-kicking at two-week intervals -- and fear has left markets. For now. September retail sales rose 1.1 percent over August, and the small-business National Federal of Independent Business survey also found conditions in September slightly improved. In direct result, 10-year Treasury notes are trading up from 1.7 percent just two weeks ago to 2.25 percent, a two-month high. Mortgage rates have risen accordingly, pressing to 4.375 percent. Some self-correction is in play as mortgage refi demand is now shut off altogether, but the Treasury is a continuous seller of paper that the Fed's Operation Twist is unable to offset. This last week the Treasury auctioned $66 billion in long-term notes and bonds, a...
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