Federal funds rate could top 4% by year-end

Economy, inflation to fuel more interest-rate gains

Mortgage rates are up again, moving steadily toward 6 percent, in lockstep as always with the 10-year T-note, itself marching toward 4.3 percent.

In a week without economic data, China’s currency revaluation and London terror got the ink, but the Fed was the real story – and will continue to be.

China caught the markets unprepared on Thursday morning, a measure of its bankers’ increasing skill. If you’ve got something big to do, don’t fool around like a politician with leaks and preliminaries – just do it.