Overseas forces driving puzzling rise in interest rates

Commentary: Despite investors' fears, central banks won't tolerate inflation

The sustained rise in long-term rates in January has stabilized for the moment, and its causes are becoming clear.

Mortgages have risen from 3.50 percent or below in the prior five months to roughly 3.75 percent, and the almighty 10-year T-note from a centerline near 1.75 percent to almost 2 percent.

The rise has been puzzling.