• In very odd behavior, long-term rates have continued in a narrow band, trending ever-so-slightly down.
  • This slide began two weeks ago, all through the week prior to release of April payrolls. Nobody trades that way.
  • So we wait to see how the world responds to Fed tightening into a world in which every other central bank is in full-scale stimulus panic.

Long-term rates have continued in a narrow band, but in very odd behavior have trended ever-so-slightly down. The 10-year T-note today trades at 1.70 percent, the lowest since the April 7 top at 1.93 percent, and lowest-fee mortgages are sliding under 3.75 percent. Why odd? This slide began two weeks ago, all through the week prior to release of April payrolls.

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