The explosion in long-term interest rates is abating today, but the warning from markets remains stark and bleak.

In one week the 10-year T-note blew from the 3.2s to the 3.7s, now 3.5 percent but far from the 2.5 percent to 3 percent range of Thanksgiving through April. An origination fee bought a four-something-percent mortgage until Wednesday, then 5.25 percent at the top, back toward 5 percent now.

Optimists and worrywarts found what they wished in economic data.

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