Definite signs of a false recovery
Commentary: It's time to curb federal spending
By Lou Barnes, Friday, June 12, 2009.
Flickr image by manitou2121.Interest rates stabilized at the conclusion of $65 billion in new Treasury borrowing this week, mostly by sales of long-term bonds.
"Stability" is a relative term: All long-term rates have risen roughly 1 percent in just six weeks, and a further run-up will undercut any economic recovery. The question is whether current prospects for recovery justify this rate-surge, or is this surge already unsustainable? If the latter, what's the chance for a reversal, especially in mortgages?
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