Housing really is turning

Commentary: Policymakers could do more to overcome difficulties ahead

In the absence of meaningful U.S. data, European Central Bank rattling of the printing press has taken away some of the fearful bidding for Treasurys (10-year T-note in four days from 1.49 percent to 1.72 percent), and mortgage rates have risen a little as well.

For us to return to interest rate lows or set new ones requires Armageddon over there or recession here.