Industry NewsMarkets & Economy

Watch out for that light at the end of the tunnel

Commentary: Projections that economy is turning around are still just that

Perhaps the U.S. and global economies are turning the long-expected corner, but that turn is still in forecasts, not current data.The gold market suddenly believes the greatest economic danger is past, crashing 30 bucks today. Yet, the NFIB survey of small business is stumbling along in recession. The 10-year T-note continued to creep its way upward, at 2.03 percent this week, the highest in 10 months. Hardly a rocket ride, but disquieting. Two other explanations for market movements: (1) what we have here is just another false-recovery party or (2) -- queasiest of all -- the Fed is losing its ability to hold down long-term rates. In a week dominated by speeches, let them speak. President Obama's State of the Union, a time warp to the Great Society: "Our government shouldn't make promises it cannot keep -- but we must keep the promises we've already made." In at least half of the households listening, the last dozen years have failed economic expectations, and grown-ups ha...