Long-term interest rates have fallen in dramatic fashion in the last 24 hours, the 10-year Treasury-note to 3.51 percent and low-fee mortgages to 5.25 percent.

Inflation freaks and dollar bears caved in, as no data supported their theories. "Green shooters" were confounded by a rise in new claims for unemployment insurance to 627,000, halfway back to the April peak, and their hopes do not square with Warren Buffet’s description of the economy as "a wreck."

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