InternationalMarkets & Economy

Stocks are up, rates rising — what’s next?

  • The U.S. 10-year T-note now just a hair under 2.00 percent, mortgages to 4.00 percent. A little more than half of the January-February rate drop has now un-dropped.
  • Different central banks have different tools still available. Europe can stumble for a long time, but Japan is nearing an end.

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There are times when confusion is so deep that it’s a relief. Relax. Freedom from the struggle to understand. Just watch the show. U.S. stocks are up now for four straight weeks. Oil is pushing $40, stocks tracking in perfect correlation. The U.S. 10-year T-note now just a hair under 2.00 percent, mortgages to 4.00 percent. A little more than half of the January-February rate drop has now un-dropped. The European Central Bank has a fancy new headquarters in Frankfurt, but staff members are already stealing the plumbing. Mario Draghi was seen last week dragging two sinks and many meters of piping, then throwing the whole mess at assembled media, bankers, ad markets. No one was injured. Most are still puzzled. How is it possible to launch so many emergency measures on a single morning without hitting anything? But perhaps we misunderstand Draghi’s purpose. During the Great Depression, shantytowns of the homeless were called “Hoovervilles.” If you’re the head ...