• Pinch yourself as reminder that the U.S. is in uniquely good shape in a world of trouble elsewhere.
  • The greatest risk to the U.S. now is the Fed’s loss of face, and failure of Fed Chair Janet Yellen’s term.

The story lead for once is not China -- not directly. Overnight action by the Bank of Japan has pushed long-term U.S. interest rates down to the lowest levels since last April, the 10-year T-note to 1.92 percent, and mortgages 3.75 percent. Pinch yourself as reminder that the U.S. is in uniquely good shape in a world of trouble elsewhere. Our housing market is picking up gradually, home prices rising a few times the rate of inflation, unemployment so low the Fed is worried about it, and here arrives a new gift from outside. Lower rates! Without public warning, the Bank of Japan (BOJ) has joined the European Central Bank (ECB)--  and Swiss, Swedish and Danish central banks -- in the land of negative interest rates. Banks in Japan will be charged 0.1 percent on any funds left o...