All long-term rates have risen gradually since the Fed’s pause at 5.25 percent, the 10-year T-note from a 4.89 percent bottom to 4.96 percent, mortgages edging up from 6.5 percent.
Some of this rise is a natural rebound from a straight-line decline. A more ominous upward push has come from the Revolt of the Old Guys, a most unusual group saying the Fed’s pause is a mistake. Beyond mistake: delusional.
On Monday, the day before the pause, Martin Feldstein, certified old-hand, calm, disciplined, finalist for Fed chairman, wrote an editorial for the Wall Street Journal.