Long-term rates slid suspiciously last week — still in-range, but an up-trend based on Fed threats has stopped dead. Markets got little new data to chew on, core consumer price indices, if anything, dipping (up only 0.1 percent in September), housing starts and sales continuing a slow-ish pattern.
- Many in markets mention a trading pause caused by politics, but the Fed's own words tell a different story.
- Vice-Chair Stanley Fischer named four elements of economic "drag": a slower economy; then demography, workforce and aging; lower investment; and a slower outside world.
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