Long-term interest rates plunged this week as any hopes for a V-shape recovery gave way to L-shape reality. A 10-year Treasury auction drew three times as many bids as bonds offered, the yield to 3.3 percent from 4 percent last month taking mortgages under 5.25 percent. The best chance for a run back into the fours: a big break in stocks. Inflation bets sank with rates: oil broke $60 for the first time since April; gold is $912 vs. $980 in May. Most of this sentiment shift has been follow-through from last week's trend-breaking job news; the rest more "L" data just like it: The Reuters/University of Michigan preliminary index of consumer sentiment fell in July for the first time since February, to 64.6 percent, compared with 70.8 in June. The Institute for Supply Management service-sector survey crept to 47 in June from 45, still short of growth-marking 50. The consumer-credit contraction slowed from a fatal -7.8 percent in April to -1.5 percent in May. The "w...
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