Economic events overseas have a similar feel to a merger of two black holes

  • Chaotic global markets have been caused by events overseas, and there is no sign of domestic recession in any indicators except those which rely on stocks.
  • Panic out there pushes global money to U.S. bonds and even MBS for safety and to find some yield.
  • What might rescue the outside world? And if no rescue, at what point might outer waves of gravity hurt us?

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Markets have found a patch of stability today, the U.S. 10-year Treasury trading at 1.72 percent, which has pulled 30-fixed no-point mortgages down into a range near 3.625 percent. At these levels, only about 0.25 percent above the all-time lows at the end of 2012.