Housing really is turning

Commentary: Policymakers could do more to overcome difficulties ahead

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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.