Rates rose a little Friday morning, mortgages still in reach of 3.50 percent, in reaction to news which should have blown us into orbit. As reported, the U.S. has created more than a half-million jobs in 60 days — 292,000 in June, 255,000 in July.
- If the Fed had no reason to be concerned about the outside world, these job figures and inflation approaching 2 percent would have the Fed in continuous rate hikes.
- But the Fed has every reason to worry about the world.
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