Convergence of events moves interest rates

Commentary: Debt is a sideshow in European crisis

A group of colleagues asked me two weeks ago what interest rates were going to do. I answered in an authoritative voice, "They’ve been in the same place for seven months — it’ll take an earthquake to move them."

Ahem. The opinion was correct, but I was clueless about the proximity of the quake. An "F" for that.

In one week the Fed announced no MBS-buying QE3, U.S. economic data improved, and Europe re-re-floated Greece.