OpinionMarkets & Economy

Despite the economic upswing, are Americans dissatisfied?

The global economy is doing things for which we have no frame of reference

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

Quiet on the surface, still. The 10-year T-note opened last week at 2.39 percent and is finished at 2.32 percent. Mortgages remain stuck at 4.125 percent. The Dow set another record high, ho-hum, beginning Monday at 21,386, ending at 21,621 -- the gain entirely within 15 minutes of the release of Chair Yellen’s peaceful semi-annual testimony to Congress. The US 10-year T-note now has no trend. Good economic data will push rates up, and poor news will push down. New economic data supported any mid-range opinion which you may like. If you think we’re slowing, you could find that. If you think we're at growth-on-trend -- 2 percent GDP -- the data could make the case for that, too. The one set of data beyond argument: Inflation is tapering well short of the Fed’s 2 percent target. Yellen still argues that suppressed inflation is “transitory,” as she has during her entire four-year term. She also still argues that unemployment as low as it is sooner or later will m...