When it comes to interest rates, it's the economy, stupid – not that other thing. Rates bumped up briefly on Wednesday (apparently in relief that we did not have a replay of the '00 non-decision), but are up for real today, looking as though they will stay up and are at immediate risk to go higher. It could be worse: damage from early-morning word of 337,000 new jobs in October was limited because many jobs were temporary, or not tied to economic acceleration. However, the economy is less likely to stall than it had seemed. The job numbers guarantee another .25 percent hike in the Fed's rate next Wednesday, from 1.75 percent to 2 percent. The bond market had assumed that the Fed would pause its quarter-point dripping at or near 2 percent, and that assumption is now very much in doubt; the Fed's post-meeting statement may make painful reading. Thus far the Fed's hikes have merely flattened the yield curve: short-term rates have risen dutifully, but long-term ones are still where t...
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