Economic cheerleading is misleading

Commentary: Read between the lines of recovery hype

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Mortgage and long-term Treasury rates are falling suddenly today, as the U.S. Securities and Exchange Commission’s fraud charge against Goldman Sachs is tanking the stock market.

It couldn’t happen to a nicer bunch of people: The 10-year Treasury note has broken below recent 3.8 percent resistance to 3.77 percent, with mortgages headed toward 5 percent.

Interpreting new economic data is trickier than ever, even for professionals, as an odd confluence has tipped public sources into uniform economic cheerleading.