The week in financial markets: no recognizable housing cycle

The Fed has already made cash the most expensive in ten years, but no sector reports that loans are harder to get

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The Fed has been oh-so-gradually pushing up on the cost of money, an overnight rate, but only this week has that up-pushing (from “underneath” as traders would say) moved long-term rates, specifically the 10-year T-note, which defines mortgages and a lot else.