No loans in 'Wonderland'

Flickr image by Robert Whitehead.

In a considerable achievement, Treasury and mortgage rates held last week's improvement: the 10-year T-note near 3.5 percent, mortgages 5.375 percent.

To have held during one of the thinnest trading weeks of the year, in which a butterfly wing-beat can blow up any market; in the week before the Treasury's next borrowing wave ($109 billion new cash next week); stock market antigravity; and interpretation of all incoming data as "recovery" -- quite an achievement.

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