Job gains hike real estate rates

Presidential election has little immediate effect on markets

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.