Ten-year Treasury yields are bouncing close to 5 percent, holding mortgages in familiar terrain just above 6.5 percent. Stocks worldwide have had a horrible month, all commodities except oil have cracked (gold the leader, today $614 vs. last month’s $728 high), and odds are improving that interest rates have topped.

Watching the immediate impact of news on markets told a very different story this week than the media did.

The week opened with a speech by Federal Reserve Chair Ben Bernanke, who at last discovered the Fed Phrasebook.

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