Federal Reserve Chairman Ben Bernanke’s extraordinary speech on Monday instantly knocked 10-year Treasurys below 3.35 percent, where they have stayed. Lowest-fee mortgages are 5 percent.
Economic data increased the tilt in markets toward concern for the recovery. Retail sales flattened to a 0.2 percent gain in October (ex-autos), breaking an apparent up-trend. New claims for unemployment insurance were unchanged at 505,000 last week, but held improvement from early fall.