Believers in "V"-shaped recovery gave it up this week, as did many hoping for any near-term recovery at all. The 10-year T-note broke cleanly through its post-May 3.28 percent low, taking mortgages below 5 percent, also for the first time since spring.

The manner in which the bond market cascaded said more than the fact. There was no new, single-piece, trend-changing report, just the cumulative weight of news describing an end to the May-July bright interval, and the beginning of an economic flattening or outright stall sometime in August.

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