Three battles are under way: Treasury borrowing vs. interest rates; slower economic decline vs. bottom; and banks vs. everybody else.

Total Treasury new-cash borrowings this week and next: $171 billion, a tad high (the 2009 two-week average: $75 billion). The Fed on March 18 said it would buy $300 billion in Treasurys this year — many thought in an effort to control Treasury interest rates, specifically holding the 10-year under 3 percent. Not so: the 10-year is trading at 3.16 percent today.

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