Fed: More interest-rate hikes imminent

Bond-market weakness exerts pressure

Bond market conditions changed abruptly for the worse, the 10-year rising from 4.12 percent to 4.27 percent Friday, mortgages moving toward 6 percent.

The shift is not yet a total breakdown: in the last year the 10-year has been in a wide, sloppy range from 4 percent to 4.4 percent; having tested the bottom for the last 45 days, a move back to the middle is routine. However, bonds reacted to news in unusual ways, suggesting that something bigger than range-wandering is going on.