Economy in need of political stimulus

Weak market growth may keep lid on further rate hikes

The mortgage market has held all of last week’s gains, and low-fee, 30-year fixed-rate deals are still near 6 percent. The 10-year T-note remained rock steady in a 4.45 percent-4.47 percent range.

This stability after such a big gain is remarkable in itself, and astonishing in that the bulk of the rate drop was caused by weakness in a single monthly employment report, the most notoriously unreliable of data series, and at the beginning of a “measured” but presumably merciless round of Fed tightening.